摩根斯坦利：美国制造业复兴( 英文 125页)

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Table of Contents

The US: A Case Study in Industrial Decline.....11

Why Has the Decline Stopped?.......15

But Will Manufacturing Re-shore to the US?............21

US Economics: Fueling the Engine of US Growth...........28

US Natural Gas: Low-Cost Resource Is a Competitive Advantage..........35

Currency Implications.......43

What Are the Implications for Emerging Markets?...........50

Mexico......54

US Equity Strategy...........60

US Autos & Auto-Related.........62

US Capital Goods............67

US Chemicals..........72

US Energy

US Exploration & Production and Refining........76

US Oil Services, Drilling & Equipment......79

US Transportation............85

US Steel...........89

US Utilities.......93

Appendix 1: Details from Our AlphaWise Survey.....96

Appendix 2: Selected Examples of US Capacity Expansion............101

Appendix 3: US Trade Balance by Vertical (1990-2012)..........102

Appendix 4: US vs. China Manufacturing Cost Scenarios.......105

Appendix 5: China Productivity Exhibits...........107

Appendix 6: More Details from Our Commodities Scenarios...........108