高盛2025年全球股票市场策略展望报告押注阿尔法之年投资者有望获得超额回报英文版21页

The Year of the Alpha Bet We are entering a benign part of the cycle; interest rate cuts that coincide withneconomic growth tend to be supportive for equities.Nevertheless, global equities have already risen 40% since October 2023 leavingnthem more vulnerable to any disappointments.Equity valuations have increased and leave little room for further valuationnexpansion. We expect index returns to be driven largely by earnings growth.We forecast total equity returns in US$ of 10% through to the end of 2025.nGiven high valuations and unusually high concentration in equity markets, wenfocus on diversification to improve risk adjusted returns.We prefer a more eclectic mix of sector and styles with an increase in focus onnAlpha relative to Beta.We highlight 4 themes: market broadening opportunities, selective value,ngeographical diversification and enhanced capital market activity.Peter Oppenheimer +44(20)7552-5782 | peter.oppenheimer@gs.com Goldman Sachs InternationalGuillaume Jaisson +44(20)7