本报告由瑞银HOLT团队发布，研究英国股票市场。英国股市面临多重结构性逆风：脱欧后资本投入下降、通胀预期持续高于其他G10国家、缺乏AI主题标的、政府债务担忧带来财政不确定性。英国拥有经济护城河的上市公司数量降至2009年以来最低，并购与退市大幅收缩了投资范围，英国总市值占欧洲比重从2002年的约四分之一降至2021年的约10%，金融板块（占英国CFROI的29%）尤为突出。但报告认为不宜过早看空英国股市：英国整体估值目前在G10中最具吸引力，金融股相对欧洲同业折价达30年低点；政府债务担忧并不能完全解释估值折价，英国实际收益率低于美国、法国和意大利，反映的是通胀预期偏高而非财政可信度问题。由于科技股占英国CFROI不足1%，英国股市可作为对冲全球科技股敞口的工具，历史上在科技股跑输大盘时表现最佳。
UK equity markets face several structural headwinds: lower capital deployed since Brexit, persistently higher inflation expectations than in the rest of the G10, limited listed stocks exposed to the AI theme, and fiscal uncertainty amid growing concern over government debt. Against this backdrop, the UK now has fewer listed companies with an economic moat (HOLT eCAPs) than at any time since 2009. Takeovers and delistings have sharply reduced the UK investment universe. The aggregate UK market cap fell from one quarter of Europe's overall market cap in 2002 to around 10% in 2021. Despite these structural concerns, it is too soon to write off UK equities. Aggregate UK valuations are now the most attractive in the G10. Given their domestic exposure, Financials are particularly cheap, trading on a 30 year discount to European peers on a HOLT market-implied yield basis. Government debt concerns do not fully explain the UK valuation discount;