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20172

2016

10

25%


35%
15%20%
30%
24%EPS
8.6%


50
EPS2.1%~2.4% : : Global Equity Strategy, Credit Suisse, 12/02/2016
3.2%3.7%


20144Q14%
96%

20
()6
-20%10%
3 : Global Equity Strategy, Credit Suisse, 12/02/2016

OECD

2

+2%~+4%


2013QE138
-3%
41%

: Global Equity Strategy, Credit Suisse, 12/02/2016

( Thomson One 12/16/16-01/15/17) 2





()GDP

GDP
1210ECBQE2017
ECB



: Bloomberg, 12/14/2016
2017


6001214.2
17
14.2forward
PE

3

(4)

: Focus Europe: European Outlook 2017, Deutsche
Bank, 12/14/2016


110%

VS.
10

3
2017
2017
(reflation)
2017
2016
Bloomberg , 01/17/2017

3 ( Thomson One 12/16/16-01/15/17)



OPEC
54.932017
57(2017
65)
80%2016
52045(2012-
2014 100
1,000)

10 : India Equity Strategy, Citi Research, 12/16/2016

20-30






46


18%
(ROE)12.1%
20174
(GST)

: Asia Pacific Equity Strategy, Credit Suisse,
12/20/2016

85%
118 500
1,000
(GDP14%) (5%) 500
1,00085%
GDP10.5%

(9-12)
: Global Equity Strategy, Credit Suisse, 12/31/2016


( Thomson One 12/16/16-01/15/17) 4


( )


FDI


2015
201520161
: Bloomberg, 01/03/2017
3




PMI
PMI
(Mid-Cycle Pulse)

2015
2017


:Commodity Watch, GS, 11/21/2016
6

20172
2014
2016


IPCA20151210.67%
6.99%201610
4201611SELIC
13.75%
2017
12.25%

: Bloomberg, 01/03/2017

5 ( Thomson One 12/16/16-01/15/17)


- S&P500

73 10 (Fintech)
17030%


290260
2025180
37%
56%
7% Fintech
2-3%

S&P500
111




9500
20 246
Amy Klobuchar
2017 (Medicare)
1

S&P500
11 (B/B)
0.961 (SEMI)
11315.5
1014.94%12.4
25.1%
SEMI 2016
3D NAND Flash
3D NAND
2017

( Thomson One 12/16/16-01/15/17) 6


S&P500
(IEA) OPEC




2016116.9400
20091990
Bloomberg, 01/19/2017
20177%
OPEC



7 ( Thomson One 12/16/16-01/15/17)


(EUR/USD)
(EUR/USD)1.0875 1.0475
4
800600
-0.4%






(GBP/USD)

(GBP/USD)1.2750 1.1500
1172008





12
(USD/JPY)
111.2%201471.6%
1.4%
5

(USD/JPY)120 110



2020

(AUD/USD)0.7800 0.7350 (AUD/USD)


1213,500
10,0005.8%
5.7%
9,3004,200

5.8%
2015
2016
Bloomberg, 01/19/2017
2018125

( Thomson One 12/16/16-01/15/17) 8


t h e a l l o c a t i o n

12( )
3 /

2017 Q1



/ 4 4% 22% 13% 3% 3%
/ 0% 3% 3% 0% 0%
45% 1 0% 7% 3% 3%
/ 0% 29 % 35% 4 4% 4 4%
0% 1 0% 12% 1 4% 1 4%
0% 4% 5% 6% 6%
0% 1 5% 20% 23% 23%
( ) 0% 0% 3% 5% 5%
11% 7% 2% 2% 2%


3% 0% 3% 0%
3% 2% 2% 2%
0% 3% 3%
5% 5%
0% 7%
11 %
13%
15% 22% 20% 3%
23% 23%
4% 3% 5% 7% 44 % 44 %
45% 44 %
10% 12%
10%
35% 1 1
6% 6%
29% 14% 14%

0%
/ / /
()

1 . ( )

2.
3.

4.
( )
/ /
5. 1 ;2 ( ) 3

( Thomson One 12/16/16-01/15/17)
6.
24/1/2017 %

19912.7 0.4 -0.1 0.8 9.6 7.7 25.4 12.7 25.4


2280.1 0.5 0.7 1.8 6.4 5.1 21.5 11.1 27.4
5601.0 1.1 2.5 4.0 6.0 9.9 24.0 17.7 35.7
942.4 3.6 1.6 4.0 13.7 26.3 59.8 38.5 78.2
1369.2 1.2 -0.2 0.9 12.6 13.2 37.3 15.2 19.7
48149.6 4.7 6.6 5.5 0.1 2.2 16.1 12.9 17.5
19366.9 2.6 18.4 14.5 5.2 23.3 86.3 121.7 249.3
65840.1 2.3 13.6 9.3 3.1 15.8 73.1 35.0 37.8
4276.0 1.1 5.8 3.0 -0.9 3.2 21.1 10.8 18.8
361.9 -0.3 0.5 0.1 5.5 6.2 7.6 -2.3 11.4
11594.9 0.0 1.3 1.0 7.8 13.7 19.1 8.9 23.5
4830.0 -0.5 -0.2 -0.7 6.4 10.1 12.0 4.1 16.1
7150.3 -1.3 1.2 0.1 1.9 6.6 21.7 4.6 7.3
8246.7 -0.8 0.2 0.3 4.0 0.6 -0.1 1.0 0.6
9387.2 0.0 0.2 0.4 2.7 9.5 9.6 -11.3 -4.9
19499.5 0.7 0.8 1.4 13.2 16.8 4.6 -5.0 0.7
1152.9 0.1 3.1 0.1 15.0 23.9 69.2 40.4 -15.5
84115.4 1.6 9.3 7.6 5.9 13.4 19.2 -7.3 30.6
4950.8 0.2 2.2 -0.3 9.1 12.2 23.6 2.6 5.2
19057.5 0.9 -1.9 -0.3 9.7 14.7 11.4 8.8 23.8
1521.6 0.5 -1.4 0.2 10.5 14.8 9.3 8.4 20.3
5398.1 2.0 5.5 3.2 16.8 27.5 23.9 22.0 44.3
126.7 1.7 4.8 3.3 9.3 13.2 18.0 21.7 19.0
993.0 2.2 9.7 5.3 6.0 6.8 24.8 13.8 -2.8
1838.9 0.8 1.7 -0.9 2.8 -1.0 10.3 -6.3 23.7
5671.5 -0.1 0.8 0.1 4.2 2.5 13.3 3.1 8.2
7090.9 0.4 3.1 3.0 1.3 -3.1 14.8 24.9 45.5
23042.8 -0.2 6.8 4.7 -2.2 4.8 19.1 -7.3 2.6
3149.6 1.2 1.3 1.5 0.6 4.4 7.2 -6.0 53.3
2066.9 -0.2 1.5 2.0 1.5 2.7 9.2 6.8 6.5
9448.0 1.0 4.1 2.1 0.7 5.1 19.7 -0.2 9.9
126.0 1.2 2.5 0.7 -1.3 -3.4 5.1 -9.6 -3.5
3037.2 1.2 5.8 5.4 6.4 3.7 17.6 -11.0 -1.3
1681.7 1.0 4.0 2.4 0.3 0.8 3.5 -6.7 -6.7
1584.2 1.5 4.9 2.7 5.2 4.7 25.0 -0.9 20.5
5299.7 0.1 5.4 0.1 -1.8 1.5 17.6 -0.5 19.4
27566.3 1.1 5.9 3.5 -1.9 -1.9 12.6 -5.8 30.4
53.0 3.7 -0.1 -1.4 6.0 22.8 74.5 16.1 -45.2
5926.0 3.4 8.6 7.3 28.3 20.7 33.2 6.8 -17.8
1600.3 1.3 3.5 3.5 3.8 6.2 3.7 -13.3 -11.1
1204.6 0.0 6.2 4.5 -5.4 -8.4 8.7 -6.9 -5.2
194.9 -0.1 2.3 1.3 3.0 7.5 21.5 -10.0 -31.0
886.0 -3.9 -7.8 -7.8 9.0 25.0 150.3 23.1 -28.9
: Bloomberg, 24/1/2017

( Thomson One 12/16/16-01/15/17) 10


25/1/2017

100.35 100.35 0.00% 100.93 -0.57% 103.01 -2.58% 98.719 1.65% -1.82% 0.75%
1.0722 1.0731 -0.08% 1.063 0.87% 1.0455 2.55% 1.0889 -1.53% 1.95% 0.00%
113.57 113.79 0.19% 114.65 0.95% 117.1 3.11% 104.22 -8.23% 2.98% 0.30%
1.2517 1.252 -0.02% 1.2261 2.09% 1.2282 1.91% 1.2188 2.70% 1.43% 0.25%
0.7532 0.7582 -0.66% 0.7505 0.36% 0.7192 4.73% 0.7646 -1.49% 4.50% 1.50%
0.724 0.7247 -0.10% 0.7123 1.64% 0.6901 4.91% 0.7163 1.08% 4.41% 1.75%
1.3149 1.3158 0.07% 1.3269 0.91% 1.3509 2.74% 1.3351 1.54% 2.22% 0.50%
21.566 21.5273 -0.18% 21.9544 1.80% 20.6348 -4.32% 18.5212 -14.12% -3.89% 5.77%
3.1708 3.1646 -0.20% 3.2112 1.27% 3.28 3.44% 3.1221 -1.54% 2.50% 13.00%
59.159 59.2507 0.16% 59.5601 0.68% 60.9798 3.08% 62.247 5.22% 3.56% 8.25%
3.7989 3.7833 -0.41% 3.797 -0.05% 3.5123 -7.54% 3.071 -19.16% -7.25% 7.25%
68.1362 68.145 0.01% 68.075 -0.09% 67.7363 -0.59% 66.825 -1.92% -0.31% 6.75%
6.8792 6.859 -0.29% 6.8496 -0.43% 6.9489 1.01% 6.7804 -1.44% 0.96% 4.35%
1166.02 1165.9 -0.01% 1165.63 -0.03% 1201.38 3.03% 1133.4 -2.80% 3.58% 5.00%
31.319 31.386 0.21% 31.592 0.87% 32.219 2.87% 31.607 0.92% 2.99% 1.38%
1.4207 1.4213 0.04% 1.4296 0.63% 1.4474 1.88% 1.3897 -2.18% 1.84% 0.63%
35.251 35.239 -0.03% 35.304 0.15% 35.97 2.04% 34.931 -0.91% 1.55% 1.50%
13356 13331 -0.19% 13343 -0.10% 13452 0.72% 13006 -2.62% 0.88% 6.50%
1204.59 1208.815 -0.35% 1204.15 0.04% 1133.95 6.23% 1273.73 -5.43% 4.54%
4:08 PM
52.53 51.95 1.12% 52.48 0.10% 52.02 0.98% 50.12 4.81% -2.22%
: Bloomberg, 25/1/ 2 0 1 7

24/1/2017
% 10 % 10 %
10 2.465 5.293 1.358
10 0.408 4.677 (0.189)
10 1.402 5.548 0.518
10 0.052 1.974 (0.287)
: Bloomberg, 25/1/2017

1. Citigroup Investment Research, Citigroup Global Markets, Citigroup Global Wealth Management Citigroup Alternative Investments
( ) ( )



2. ( ) ; ( )
( ) ( )

3. /
( )
4. (i) (ii) ( ( ) ) (iii)
( ) ( )

: ( )
:
: (1 10) 1 13

: ( )
981
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