2013 (house view) ( )

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1 2013

2 2013 (house view) ( )

3 ( ) (GDP) -- GDP 3

4 ,500 2, FIL Limited 2012/9/ ( ) 4

5 3 ( ) 100 ( )

6 2013 Henk-Jan Rikkerink 6

7 Leon Tucker 2008 ( 40 ) 2013 Sabita Prakash ( ) Olivier Szwarcberg 7

8 1 8 Rebased to MSCI Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Source: DataStream, data from Q to Q Note: European Union members are: Austria, Belgium, Bulgaria, Cyprus, Czech, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, UK (retained earning) ( ) 105

9 (EPS) Rebased to MSCI AC () Source: DataStream, data from to Note: Asia members are: Afghanistan, Bangladesh, Brunei, Cambodia, China, East Timor, Hong Kong, India, Indonesia, Japan, Korea, Laos, Macau, Malaysia, Maldives, Mongolia, Myanmar, Nepal, North Korea, Pakistan, Philippines, Singapore, Sri Lanka, Taiwan, Thailand, Vietnam Morgan Stanley Research,

10 2 10

11 ( ) 2008 Rebased to Source: Datastream, based on MSCI indices, data as at

12 ( ) OECD OECD OECD cost push 20 - topup loan loss provision 12

13 (%) Source: United Nations, World Population Ageing ; Population Ageing and Development Essilor* Novo Nordisk* ,200 6,300 1 * 1. IDF Diabetes Atlas, 2012 Update. 13

15 (%) (%) Source: DataStream, as at The blue line shows the yields available five years previously. Real estate yields: FIL/CBRE, IPD, end Q and GDP deleveraging OECD 90% 1%

16 ( ) AAA 70% (best issuers) (strategic mandates) (P&G*) (Johnson & Johnson*) Source: DataStream, as at Based on 10-Year Government Bond Yields. *

17 15 30% 13 10% Microsoft* * 1. The growing importance of income investing is examined in a recent Fidelity White Paper ( The Age of Income: the growing importance of income investing in turbulent times ) which includes research carried out among Fidelity s institutional investor base. 2. Carmen M. Reinhart & Kenneth S. Rogoff, May Growth in a Time of Debt, American Economic Review, American Economic Association, vol. 100(2), pages World Population Ageing December 2009, United Nations, Dept Economic and Social Affairs. 4. DataStream, current yield vs. 15 year average yield as at Indices used MSCI Japan, S&P 500, MSCI AC Asia ex Japan, MSCI World, MSCI Emerging Markets, FTSE All Share Index, MSCI Europe ex UK. 17

18 4 (Creative destruction ) (big data) 3 18

19 (BIG DATA) 90% 3 V Variety of data (Volume of data kilobytes megabytes ) (Velocity of Data 10 SAP* * Source: Wikibon,

20 (%) () % % ( *) ( *) Source: China Internet Network Information Centre (CNNIC), June (June) 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 60% 30% 2 * 1. (figures last updated to end-december 2011) 2. International Data Corporation (IDC), August 2012; Fidelity IP ARM Holdings* 20

22 5,000,000 Source: EIA, as at October horizontal drilling (hydraulic fracturing) -- 4,500, ,000, ,500, ,000, ,500,000 2,000,000 (10,)- 40 1,500, % % 1 ( , (IEA) ( ) ( ( ) (GDP) 2% 3.3% Source: World Bank Pink Sheet, October

23 5 200 ( Valero Energy*) ( Halliburton*) (Eastman Chemical*) 3 4 ( Spectris*) Altsom* (Siemens*) * 1. On the shale trail, Goldman Sachs Equity Research, Fortnightly Thoughts, March Longview Economics, Commodities Monthly No.32, April BP energy Outlook 2030, Jan 2012; Christof Ruehl, BP Chief Economist, Middle East Petroleum and Gas Conference, Manama, Bahrain, May World Energy Outlook International Energy Agency, November Energy 2020: North America, the New Middle East?, Commodities Research and Strategy, Edward L Morse, Citi, March

24 6 (Age of Deleveraging) GREAT MODERATION GREAT DELEVERAGING (Great Moderation) ( ) ( ) Ray Dalio 1 24

25 Source: US Federal Reserve, September 2012 / Ray Dalio (ugly deflationary deleveraging) (beautiful deleveraging) Dalio ( ) (Dalio ) ( GDP%) 25 GDP20 (%) Jan-99 Jul-00 Jan-02 Jul-03 Jan-05 Jul-06 Jan-08 Jul-09 Jan-11 Jul-12 Source: Goldman Sachs, global central banks, September

26 Sanofi* * () 1. An In-Depth look at Deleveragings, Ray Dalio, February

27 7 (GDP)

28 2 7-8% ( 1,580 (National Development and Reform Commission) % () () () GDP(%) GDP Source: Datastream, data as at Source: International Monetary Fund, World Economic Outlook, Oct

29 ( *) * 25% (Dim Sum bond) - ( ) ( * 1. National Development and Reform Commission website, September

30 8 ( ) GDP(%) Source: Datastream, data as at % (GDP) ( ) ( ) 30

31 ( *) GDP(%) Source:Datastream, data at F = forecast Q Q Q Q Q Q Source: Datastream, data as at F= forecast Q Q Q Q F % 12 * 31

32 10% ; FIL Limited FIL Limited 100% Fidelity, Fidelity Worldwide Investment, Fidelity Worldwide Investment F FIL Limited FIST-MKT-EXMP

Microsoft Word - 43屆2011年國際化奧總報告 revised by FTS.doc

Microsoft Word - 43屆2011年國際化奧總報告 revised by FTS.doc 台灣 ( 中華台北 ) 4 名高中學生贏得 2011 年土耳其 43 屆國際化奧自由與民主超級生命雙螺旋 (A-T)(C-G) 配對的美譽國際化學奧林匹亞競賽計畫主持人兼代表團團長摘要第 43 屆 2011 年國際化學奧林匹亞競賽七月 17 日下午 3 時於