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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%
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
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
( )
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
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
(GBP/USD)1.2750 1.1500
1172008
12
(USD/JPY)
111.2%201471.6%
1.4%
5
(USD/JPY)120 110
2020
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 %
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
: ( )
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