汇丰银行-全球-投资策略-汇丰银行全球资本支出监测：更多金钱-2018.7-106页

Disclaimer&Disclosures:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofithttps://www.research.hsbc.comShowMeTheMoneyJuly2018Equities//CapitalGoodsPlayvideowithMichaelHagmannShowMeTheMoneyHSBCGlobalCapexMonitor–MuchMoreMoneyGlobalcapexgrowthissettoacceleratefromjust2%lastyearto8%thisyear;thismeansgrowthwillbeabovethe20-yearaverageof5.7%forthefirsttimeinsevenyearsWeseegrowthmomentumacceleratinginTransport(+11%y-o-yin2018e),Construction(+9%),Process(+8%),Manufacturing(+7%),andUtilities(+7%),andabigswinginEMEAfroma4%declinein2017to13%growthin2018eTherecentpullbackinsharepriceswebelieveprovidesanopportunity.Hence,amongourpreferredstockswehighlightWeirandPrysmiangiventhelatecyclenatureoftheirbusiness,EatonforthestrengthoftherecoveryintheUSandDoosanInfracoreforconstructionrelatedinvestmentgloballyEQUITIESCAPITALGOODSJuly2018By:MichaelHagmann,ScottCagehin,SeanMcLoughlin,AndersonChow,BrianCho,HelenFang,PaulChoi,E