她说：“我认为基础设施的重建需求几乎是刚需。看看公司使用的设备吧，它们并不高效。如果替换掉这些设备，将涉及到企业在‘旧经济’上的资金支出。”The chief U.S. equity strategist at Bank of America stated that a new spending cycle is poised to begin, creating opportunities for cyclical stocks to significantly outperform the market over the next few years.
Savita Subramanian, chief u.s. equity strategist at bank of america, stated that as investors flock to the "old economy," a certain sector of the u.s. stock market is likely to gain profits.
Subramanian expects ideal conditions for cyclical stocks. She pointed out that sectors such as commodities, construction, and infrastructure typically perform well during economic growth. With investors pouring into the "old economy," these areas will surely see more upward potential.
She said, "I believe the demand for infrastructure rebuilding is almost a necessity. Just look at the equipment that companies use; it is not efficient. If these devices are replaced, it will involve corporate capital expenditure in the 'old economy.'"
She added that a new spending cycle is ready, "I think all of this creates a perfect storm for cyclical stocks to significantly outperform the market in the coming years."
Subramanian indicated that she is particularly bullish on manufacturing, even though, according to the data from the Institute of Supply Management, the industry has been in a contraction state for 24 of the last 25 months. She mentioned the demand for reindustrialization, grid construction, and the creation of new infrastructure, as well as the tailwinds brought by technology companies seeking to invest in ai and datacenter.
Subramanian mentioned tech companies she has spoken with at bank of america, saying, "These companies basically tell us that they will spend a substantial amount of money in the coming years, and the areas of investment are not limited to technology but also include electrical utilities, infrastructure, metals, machinery—I believe this will greatly boost expenditures in manufacturing."
Overall, Subramanian is optimistic about the u.s. stock market in 2025. The bank predicts that the s&p 500 index may rise another 10% to 6666 points next year.
Morgan Stanley has also issued bullish predictions for cyclical stocks, particularly in the financial sector, which has outperformed other parts of the market. The iShares S&P 500 Financials Sector UCITS ETF, related to the financial sector, has increased by 36% this year, surpassing the benchmark index's rise of 27%.
Goldman Sachs noted in a report that hedge funds increased their allocation to cyclical stocks in the third quarter, focusing on the financial sector.