China

Equity markets have become concentrated in a handful of mega-cap stocks, leaving many high-quality small- and mid-cap (SMID) companies overlooked. But what does the combination of concentration, valuation, and structural megatrends mean for investors?

In questo capitolo conclusivo dell’anno, i mercati hanno evidenziato una combinazione di cautela e consolidamento. Quali fattori stanno delineando la trama di ciò che potrebbe attenderli nel 2026? Scopriamolo nell’ultimo Investors’ Outlook.

Leaders in the video game industry, such as Tencent Holdings, NetEase, and Capcom, offer a distinct blend of predictability and growth through a combination of "Evergreen" titles and new game pipelines. These firms have generated recurring revenues and compounded earnings at approximately 20% annually over the past decade.

Ora che la Federal Reserve USA ha effettuato il taglio dei tassi tanto atteso da molti investitori, cosa sta dando impulso a questa accelerazione? Nell’ultimo Investors’ Outlook analizziamo le tendenze recenti e regoliamo lo specchietto per mettere bene a fuoco la strada.

With much fanfare, President Trump and Prime Minister Starmer announced a “historic” trade deal between the US and UK on Thursday. The main points for the UK are a reduction in auto tariffs from 27.5% to 10% for the first 100,000 cars that enter the US, and the removal of steel and aluminium tariffs.

Gli investitori hanno vissuto un periodo di rinnovata incertezza, caratterizzato da oscillazioni del sentiment di mercato in un contesto di nuovi dazi, notizie geopolitiche e politiche economiche in rapida evoluzione. L’ultimo Investors’ Outlook presenta le tendenze principali.

L’analista investigativa Zhen Li ha recentemente partecipato alla seconda Global Developer Conference di Shanghai. La ricerca sul campo di Zhen rivela preoccupazioni circa la fattibilità e sostenibilità del modello di DeepSeek, data l’intensa concorrenza nel settore dell’IA in Cina e la mancanza di chiarezza sulla monetizzazione dei modelli di IA.

The driving force behind this performance is the Chinese tech sector, fuelled by hopes that a larger adoption of AI could boost earnings. A confirmation of improved earnings, the resurgence of consumption confidence and sequential stabilization of the overall economy will be needed to solidify and extend the recent rally.

Is the tech market’s bull run, much like a steamroller, starting to reverse course? Efficiency gains recently announced by DeepSeek have raised questionsabout the commoditization of LLMs and the potential overinvestment in data centers, shifts that could significantly impact the industry and investors.

Shares in Nvidia and ASML have plummeted due to concerns that Chinese AI startup DeepSeek's new model could disrupt the current AI business model. DeepSeek's R1 model, released on January 20, exhibits performance similar to top US large language models (LLMs), but at a fraction of the cost.

2025 is poised to be another positive yet complex year for equities. Balancing core positions in industries driven by secular trends – like semiconductors, AI hyperscalers, and the energy transition – with opportunistic exposures that can benefit from cyclical or policy-induced rebounds can help navigate the challenges ahead.

Questa pubblicazione torna dopo la pausa estiva, ma il team Multi Asset è stato impegnato a raccogliere le foglie che cambiano colore e che hanno modificato le dinamiche di mercato. Scopri gli ultimi approfondimenti del team nell'Investors' Outlook.