瑞银 -主题量表 人工智能芯片和内存仍然有吸引力 Equity Strategy The Theme-ometer AI Chips and Memory,Still Attractive

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GlobalResearch16April2026

EquityStrategy

TheTheme-ometer:AIChipsandMemory,StillAttractive

Amarketofthemes

WeleverageourREVSframeworkonasuiteofthematicequitystockliststoobjectivelyassesswhichthemesshouldbemoreorlessfavored.REVSisour

quantamentalstock

selectionframework

.Ourphilosophyisthatstockpricesareimpactedbythemacroeconomicregime(R),earnings(E),valuations(V),andsentiment(S).Wehavebuiltmodelsthatgiveusacomprehensivetacticalframework(2-6months).Eachmodelbacktestswellandtheyworkwelltogether.Wehavescoresonglobalstocksandcanaggregatethemtocountriesandsectors,andinthisnote,weassessequitythemesaswellasindices,sectorsandindustrygroupsglobally.

MostPreferredThemes

●AIleadershipcontinues:TheAI-ExposedSemiconductorsthemestillleadsallthemes.ItsREVSprofileimprovedamidstthederating-Tech+valuationsgavebacksignificantgrowthpremium.Earningsrevisionsremainrobustandearningsmomentumleadsacrossthemes.AIRoboticsalsoscoreswell,supportedbypositivesentimentandrelativelylowcrowding.EUAIWinnersalsoremainsamidstthetopthemes.

●EUElectrification&Renewablesstayontop:Europe’sgreentransformationthemesremainamongthehighest-ranked.EURenewablesisagainthetopEuropeanthemewithstrongscoresacrossallREVSpillars,closelyfollowedbyEUElectrification.Bothbenefitfromsupportivepolicytailwindsandcontinuetopairlowcrowdingwithpositiveearningsrevisions.

●Mag7andmemorytrade:TheU.S.Mag7basketremainsnearthetopofourglobalthemerankings(Score~0.21).BigTech’searningsoutlookcontinuestoriseamidststillpositivesentimentscores,keepingitinfavor.Meanwhile,globalmemorytrade(akeyAIbottleneck)isseeingasharpearningsgrowthacceleration,Micron’slatest1Qaloneadded~2.2%toS&PEPSgrowthy/y.SouthKorearemainsatopourcountryrankings.

LeastPreferredThemes

●High-riskgrowthfalters:SpeculativeGrowthremainsamongourlowest-rankedthemes.Thevaluationoverhanghasbecomeextremeandearningsrevisionsnegativewhilesentimentcontinuestoweaken.

●Softwarethemesstillatrisk:SoftwareAIRisk,EUAIRisk,andevenourSoftwareAIResilientbasketrankatthebottomofourthematicscorecarddrivenbynegativeregimeandsentimentscores.OurSoftwareAIresilientthemeistheonlyonewithpositiveearningsrevisions,butonlymoderately.

Sectors

●IntheUS,CommServicesandEnergyareourtopscoringsectorsfollowedbyTechnologyasvaluationscoresimproved.UtilitiesandIndustrialsremainpositivewhileConsumerStaplesfellthismonthtoaclearNeutral.

EquityStrategy

Americas

SeanSimonds

Strategist

sean.simonds@

+1-212-7132851

GerryFowler

Strategist

gerry.fowler@

+44-20-75675490

MaxwellGrinacoff,CFA

Strategist

maxwell.grinacoff@

+1-212-7133892

NicolasLeRoux

Strategist

nicolas.le-roux@

+33-14-9532118

AndrewGarthwaite

Strategist

andrew.garthwaite@

+44-20-75674343

BhanuBaweja

Strategist

bhanu.baweja@

+44-20-75686833

●AmongIndustryGroups,Media&Entertainment,Semis&Equipment,Metals&Mining,andTechHardwarestandoutasmostattractivethismonthwhileConstructionMaterialsisbyfartheworstscore.

ThisreporthasbeenpreparedbyUBSSecuritiesLLC.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURES,iNFoRmATioNoNTHEQuANTiTATivEREsEARcHREviEwpuBLisHEDByUBS,BEGiNoNpAGE14.

EquityStrategyUBSResearch

EquityStrategy16April2026a§2

Thematicrankings

Figure1:ThematicScreensREVSscorecard

Name

USMagnificent7

EUMagnificent7

AI-ExposedSemisEURenewables

EUAIWinners

EUElectrificationUSAIWinners

AIRobotics

USReshoringAIPower

ShortCycleIndustrialsAIRenewablePower

UkraineCeasefire

TangibleAssets

LongCycleIndustrials

USInfrastructure

GermanFiscalexDefGLP-1Winners

USDefenseSpendingDefensePrimes+

EUDefenseSpending

USLowIncomeConsumer

USRenewableEnergyEUInfrastructure

MAHARisk

AIAdopters

TrumpTariffLosers

EUTrumpTariffLosersEUAIadopters

RegionalBanksUKConsumer

USConsumerCyclicalsIntangibleAssets

SpeculativeGrowth

SoftwareAIResilient

EUConsumerCyclicals

EULuxuryGoods

EUAIRisk

USHousing

SoftwareAIRiskUKHomebuilders

USListedInternationalExposureEUListedChinaExposure

EUListedUKExposure

USListedDomesticExposureEUListedUSExposure

EUListedEurozoneExposure

USCyclicals

USDefensivesEUCyclicals

EUDefensivesUSLateCycle

USEarlyCycleEULateCycle

EUEarlyCycleUSGrowth

USValue

USQuality

USMomentumEUGrowth

EUValue

EUQuality

EUMomentum

1-mth

YTD

Ticker

UBXXMAG7

UBXEMAG7

UBXXSEMA

UBXERNEW

UBXEAIW

UBXEVOLT

UBXXAIW

UBXXAIRB

UBXXSHOR

UBXXVOLT

UBXXSCYC

UBXXAIRP

UBXECEAS

UBXXTANG

UBXXLCYC

UBXXINFR

UBXEGFXD

UBXXGLPW

UBXXSPND

UBXXPRME

UBXESPND

UBXXLOWC

UBXXRNEW

UBXEINFR

UBXXMAHA

UBXXAIAD

UBXXTTL

UBXETTL

UBXEAIAD

UBXXRGBK

UBXEUKCN

UBXXCCYC

UBXXINTG

UBXXSPEC

UBXXSORT

UBXECCYC

UBXELUX

UBXEAIRK

UBXXHOME

UBXXSORK

UBXEUKBD

UBXXINTL

UBXECHEX

UBXEUKEX

UBXXUSA

UBXEUSA

UBXEEZEX

UBXXCYCL

UBXXDEFS

UBXECYCL

UBXEDEFS

UBXXLATE

UBXXERLY

UBXELATE

UBXEERLY

UBXXPGRO

UBXXPVAL

UBXXHIQL

UBQQHMTM

UBXEPGRO

UBXEPVAL

UBQEHQLT

UBQEHMTM

CrowdingScore

EarningsRevisions

Performance

Regime

Earnings

Valuation

Sentiment

Weighted

Score

Score

Score

Score

Score

0.36

0.18

0.21

0.08

0.21

0.13

-0.06

0.22

-0.20

0.00

0.64

0.25

0.28

0.28

0.38

0.15

0.49

0.27

0.30

0.31

0.51

0.20

0.25

0.23

0.31

0.29

0.19

0.48

0.23

0.27

0.39

0.31

0.06

0.13

0.25

0.33

0.32

0.18

0.09

0.24

0.38

0.28

0.06

-0.03

0.20

0.36

0.23

-0.01

0.09

0.20

0.20

0.13

0.06

0.35

0.20

0.54

0.08

-0.07

-0.01

0.17

-0.15

0.25

0.48

0.23

0.16

0.10

0.13

0.07

0.30

0.15

0.33

0.09

-0.12

0.12

0.14

0.30

0.20

0.03

-0.07

0.14

0.19

-0.35

0.52

0.32

0.11

0.13

0.25

0.19

-0.13

0.11

0.37

-0.11

-0.17

0.22

0.11

0.32

-0.17

-0.12

0.29

0.10

0.52

-0.07

-0.22

-0.05

0.09

-0.25

0.32

0.31

0.07

0.09

0.29

0.17

-0.27

-0.05

0.08

0.09

-0.20

0.34

0.19

0.07

0.03

0.14

0.28

-0.12

0.06

-0.10

0.04

0.31

0.11

0.06

-0.13

0.14

0.33

-0.17

0.01

0.08

-0.33

0.44

0.06

0.01

-0.14

-0.09

0.53

-0.03

0.00

-0.41

-0.01

0.47

0.19

-0.01

-0.14

0.00

0.42

-0.14

-0.01

-0.31

0.08

0.24

0.02

-0.03

-0.15

0.01

0.32

-0.18

-0.04

0.17

0.08

-0.39

-0.22

-0.04

-0.36

0.24

0.31

-0.21

-0.04

-0.30

-0.21

0.43

-0.09

-0.11

-0.11

-0.28

0.37

-0.23

-0.12

-0.19

-0.32

0.50

-0.28

-0.15

-0.25

-0.27

0.27

-0.17

-0.16

-0.44

-0.04

0.48

-0.34

-0.16

-0.28

-0.27

0.43

-0.29

-0.17

0.13

0.15

0.29

0.03

0.13

0.10

-0.05

0.28

0.03

0.07

-0.17

0.05

0.45

0.07

0.05

-0.10

0.06

0.27

0.01

0.03

-0.01

-0.05

0.47

-0.24

-0.01

-0.20

-0.01

0.52

-0.12

-0.01

0.09

0.23

0.20

0.29

0.20

0.00

0.09

0.36

0.05

0.09

0.02

0.17

0.42

0.13

0.15

-0.07

0.01

0.51

0.08

0.08

0.09

0.17

0.27

0.17

0.16

-0.09

0.12

0.21

0.05

0.05

-0.05

0.14

0.47

0.06

0.11

-0.04

0.01

0.39

0.06

0.06

0.09

0.19

0.17

-0.14

0.07

-0.04

0.17

0.33

0.19

0.14

0.01

0.07

0.27

-0.12

0.03

0.49

0.44

-0.26

0.15

0.28

0.04

-0.04

0.28

-0.11

0.02

-0.13

0.29

0.41

0.04

0.12

-0.18

-0.22

0.45

-0.16

-0.09

0.05

0.38

0.30

0.18

0.22

Source:UBS.Dataasof10April2026.REVSscoresscaledfrom+/-1.Earningsrevisionis1-mthchangein12-mthfixedforwardconsensusexpectations.Someoftheabovereferredbasket(s)aresimilartobasketsconstructedbyUBSGlobalMarketsandcanbeaccessedinBloomberg.Formoreinformation,pleasecontactyoursales/tradingrepresentative.UBSGlobalMarketsisaseparatebusinesstoUBSResearchanddoesnotprovideinvestmentresearch.

EquityStrategy16April2026a§3

Stockrankings

Wehighlighttwostockscreens,selectingthe:1)highestrankingnamesaccordingtoourREVSscoreforthehighestrankingthemesonaggregate,and2)thelowestrankingnamesacrosstheweakestthemes.

Figure2:TopScoringStocksinTopScoringThemes

Theme

BBGTicker

Name

Country

Sector

Industry

MarketCap

($bn)

Weightedscore

Regime

Score

Earnings

Score

Valuations

Score

Sentiment

Score

Crowding

Raw

Earnings

Revisions

AI-ExposedSemis&USAI

Winners

TERUWEquity

TERADYNEINC

US

InformationTechnology

Semis&Equipment

58

0.65

0.81

0.56

0.27

0.79

25

3.5%

USAIWinners

GOOGLUWEquity

ALPHABETINC-CLA

US

CommunicationServices

Media&Entertainment

1859

0.62

0.74

0.77

0.46

0.38

26

0.8%

EURenewables

NESTEFHEquity

NESTEOYJ

FINLAND

Energy

Energy

12

0.57

0.02

1.00

0.51

0.75

0

44.4%

EUElectrification

NG/LNEquity

NATIONALGRIDPLC

BRITAIN

Utilities

Utilities

87

0.55

0.22

0.88

0.51

0.57

9

1.8%

EUAIWinners

VACNSEEquity

VATGROUPAG

SWITZERLAND

Industrials

CapGoods

19

0.54

0.34

0.60

0.37

0.82

-8

3.2%

EUElectrification&EUAIWinners

ACLNSWEquity

ACCELLERONINDUSTRIESAG

SWITZERLAND

Industrials

CapGoods

10

0.51

0.64

0.96

0.44

-0.15

9

4.6%

AI-ExposedSemis&USAI

Winners

MUUWEquity

MICRONTECHNOLOGYINC

US

InformationTechnology

Semis&Equipment

480

0.50

0.80

0.43

0.47

0.24

27

87.1%

USAIWinners&AI-Exposed

Semis

AVGOUWEquity

BROADCOMINC

US

InformationTechnology

Semis&Equipment

1764

0.50

0.81

0.40

0.36

0.31

26

7.8%

EURenewables

VWSDCEquity

VESTASWINDSYSTEMSA/S

DENMARK

Industrials

CapGoods

30

0.48

0.56

0.20

0.32

0.82

11

0.5%

EURenewables

SLRSMEquity

SOLARIAENERGIAYMEDIOAMBI

SPAIN

Utilities

Utilities

2

0.47

0.27

0.98

-0.50

0.67

-5

5.3%

EUElectrification&EUAIWinners

IFXGYEquity

INFINEONTECHNOLOGIESAG

GERMANY

InformationTechnology

Semis&Equipment

66

0.47

0.67

0.15

0.47

0.60

7

0.6%

EUAIWinners

HUBNSEEquity

HUBER+SUHNERAG-REG

SWITZERLAND

Industrials

CapGoods

4

0.47

0.64

0.67

0.43

0.03

-1

1.2%

AI-ExposedSemis

AMATUWEquity

APPLIEDMATERIALSINC

US

InformationTechnology

Semis&Equipment

313

0.46

0.40

0.73

-0.12

0.56

20

6.2%

EUElectrification

LRFPEquity

LEGRANDSA

FRANCE

Industrials

CapGoods

45

0.44

0.52

0.33

0.55

0.40

8

0.7%

EURenewables

RWEGYEquity

RWEAG

GERMANY

Utilities

Utilities

47

0.43

0.23

0.81

0.26

0.31

10

4.4%

Source:UBS.Dataasof10April2026.REVSscoresscaledfrom+/-1.Earningsrevisionis1-mthchangein12-mthfixedforwardconsensusexpectations.

Figure3:BottomScoringStocksinBottomScoringThemes

Theme

BBGTicker

Name

Country

Sector

Industry

MarketCap

($bn)

Weightedscore

Regime

Score

Earnings

Score

Valuations

Score

Sentiment

Score

Crowding

Raw

Earnings

Revisions

EUAIRisk

UBIFP

UBISOFTENTERTAINMENT

FRANCE

CommunicationServices

Media&Entertainmen

0

-0.66

-0.11

-0.99

-0.74

-0.86

-5

-47.6%

SoftwareAIRisk

DUOLUS

DUOLINGO

US

ConsumerDiscretionary

ConsSrvcs

4

-0.55

-0.64

-0.70

0.47

-0.85

-4

-13.8%

UKHomebuilders

BWYLN

BELLWAYPLC

BRITAIN

ConsumerDiscretionary

ConsDur&Apparel

3

-0.54

-0.42

-0.87

0.46

-0.87

12

-5.9%

EUAIRisk

REYIM

REPLYSPA

ITALY

InformationTechnology

Software

2

-0.48

-0.21

-0.95

0.43

-0.79

2

-1.7%

USHousing

KBHUS

KBHOME

US

ConsumerDiscretionary

ConsDur&Apparel

3

-0.48

-0.47

-0.46

-0.33

-0.59

-1

-18.7%

EUAIRisk

WPPLN

WPPPLC

BRITAIN

CommunicationServices

Media&Entertainmen

4

-0.45

-0.08

-0.95

0.51

-0.85

-8

-6.7%

USHousing

WHRUN

WHIRLPOOLCORP

US

ConsumerDiscretionary

ConsDur&Apparel

4

-0.42

-0.45

-0.90

0.48

-0.35

-13

-11.7%

SoftwareAIRisk

WDAYUW

WORKDAYINC-CLASSA

US

InformationTechnology

Software

25

-0.39

-0.57

-0.30

0.48

-0.81

-1

-1.2%

USHousing

TSCOUW

TRACTORSUPPLYCOMPANY

US

ConsumerDiscretionary

Retail

24

-0.38

-0.32

-0.72

0.11

-0.36

-9

-1.0%

USHousing

FBINUN

FORTUNEBRANDSINNOVATIONSI

US

Industrials

CapGoods

5

-0.36

-0.42

-0.60

0.48

-0.53

-9

-7.8%

SoftwareAIRisk

MNDYUW

MONDAY.COMLTD

ISRAEL

InformationTechnology

Software

3

-0.35

-0.44

-0.30

0.53

-0.84

1

-3.5%

UKHomebuilders

VTYLN

VISTRYGROUPPLC

BRITAIN

ConsumerDiscretionary

ConsDur&Apparel

1

-0.35

-0.37

-0.27

0.51

-0.91

-5

-13.6%

SoftwareAIRisk

GTLBUS

GITLABINC-CLA

US

InformationTechnology

Software

3

-0.34

-0.44

-0.53

0.47

-0.49

15

-9.0%

EULuxuryGoods

KERFP

KERING

FRANCE

ConsumerDiscretionary

ConsDur&Apparel

22

-0.30

-0.24

-0.40

-0.13

-0.35

-11

-8.6%

EULuxuryGoods

RMSFP

HERMESINTERNATIONAL

FRANCE

ConsumerDiscretionary

ConsDur&Apparel

70

-0.28

-0.04

-0.93

0.58

-0.30

1

-1.8%

EULuxuryGoods

CFRSE

CIEFINANCIERERICHEMO-AREG

SWITZERLAND

ConsumerDiscretionary

ConsDur&Apparel

101

-0.23

-0.11

-0.21

0.00

-0.53

6

-0.8%

EULuxuryGoods

MCFP

LVMHMOETHENNESSYLOUISVUI

FRANCE

ConsumerDiscretionary

ConsDur&Apparel

141

-0.21

-0.04

-0.75

0.57

-0.23

6

-1.4%

UKHomebuilders

BTRWLN

BARRATTREDROWPLC

BRITAIN

ConsumerDiscretionary

ConsDur&Apparel

5

-0.19

-0.41

-0.30

0.35

-0.11

-6

-4.5%

UKHomebuilders

BKGLN

BERKELEYGROUPHOLDINGS/THE

BRITAIN

ConsumerDiscretionary

ConsDur&Apparel

4

-0.12

-0.39

0.51

-0.33

-2

-8.2%

Source:UBS.Dataasof10April2026.REVSscoresscaledfrom+/-1.Earningsrevisionis1-mthchangein12-mthfixedforwardconsensusexpectations.

EquityStrategy16April2026a§4

ThemesMacroModel

Figure4:PositivethemeperformanceandNarrativeRadarexpectation

200

150

100

50

AI-ExposedSemis

MLModelPredictionAI-ExposedSemis

90%

confidencelevel

250

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Apr-26

EUElectrification

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Apr-26

180MLModelPrediction

EUElectrification

170

160

150

140

130

120

110

100

90

80

90%

confidencelevel

EURenewables

190MLModelPrediction

EURenewablesidence

level

170

150

130

110

90

70

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Apr-26

EUAIWinners

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Apr-26

140

130

120

110

100

90

80

70

MLModelPredictionEUAIWinners

90%

confidencelevel

Source:Bloomberg,UBS

Figure5:WeakthemesperformanceandNarrativeRadarexpectation

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Apr-26

USHousing

MLModelPredictionUSHousing

120

90%

confidencelevel

115

110

105

100

95

90

85

80

75

70

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Apr-26

EULuxuryGoods

90%

confidencelevel

120

MLModelPredictionEULuxuryGoods

115

110

105

100

95

90

85

80

75

EUAIRisk

UKHomebuilder

120

110

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Apr-26

MLModelPrediction

EUAIRisk90%

confidencelevel

100

90

80

70

60

50

40

MLModelPredictionUKHomebuilders

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Apr-26

130

90%

confidencelevel

120

110

100

90

80

70

60

Source:Bloomberg,UBS

EquityStrategyUBSResearch

EquityStrategy16April2026a§5

S&P500REVSScorecard

—

CrowdingScore

EarningsRevisions

CommSvs

Energy

InfoTech

Utilities

IndustrialsMaterials

HealthCareConsStaplesRealEstate

FinancialsConsDisc

Media&EntertainmentEnergy

Semis&EquipmentMetals&Mining

TechHrdwrCapGoodsUtilities

Food&StpRtl

Pharma&BiotechFoodBev&Tob

Chemicals

Telecoms

Transportation

HCEquip&Srvcs

Comm&ProfSrvcsInsurance

Banks

RealEstateMgmtConsDur&ApparelRetail

DivFinancials

Containers&PackagingHH&PersProducts

AutoComponentsSoftware

ConsSrvcs

ConstructionMaterials

Figure6:S&P500sectorscores

RegimeScore

EarningsScore

ValuationScore

SentimentScore

Weighted

Score

0.42

0.55

0.49

0.42

0.24

0.23

0.38

0.07

0.29

0.140.15

-0.04-0.42

-0.29-0.30

0.590.230.680.230.670.410.070.130.090.020.220.00

0.420.120.200.06-0.010.180.030.210.050.060.500.420.170.540.090.080.20-0.120.280.21-0.130.310.020.01-0.090.010.290.210.070.04-0.07-0.44-0.070.220.08-0.08

-0.67

0.170.150.310.030.330.300.210.130.440.200.420.170.270.34-0.22-0.080.31-0.010.260.310.320.460.340.370.370.390.480.130.260.430.420.390.48-0.540.310.36

0.26

0.470.060.190.220.20-0.050.37-0.01-0.16-0.200.280.470.160.150.250.220.190.680.040.160.30-0.240.36-0.20-0.01-0.37-0.16-0.010.01-0.15-0.100.140.17-0.47-0.35-0.10

-0.48

0.34

0.19

0.18

0.16

0.14

0.13

0.12

-0.04-0.05

-0.09

0.44

0.34

0.33

0.32

0.26

0.19

0.18

0.17

0.16

0.16

0.15

0.10

0.10

0.08

0.05-0.04

-0.04

-0.04 -0.06 -0.06

-0.06-0.07-0.08-0.13-0.16-0.17

-0.44

-0.150.24

0.07-0.03-0.53-0.42-0.40-0.32-0.23-0.21-0.570.00-0.48-0.57

-0.53

Source:UBS.Dataasof10April2026.REVSscoresscaledfrom+/-1.Earningsrevisionis1-mthchangein12-mthfixedforwardconsensusexpectations.

EquityStrategy16April2026a§6

STOXX600REVSScorecard

—

CrowdingScore

厂

—

Earnings

Revisions

IBEX

UKX

FTSEMIBDAX

CACSMI

Utilities

Energy

CommSvs

InfoTech

Materials

IndustrialsFinancials

RealEstate

HealthCareConsStaples

ConsDisc

TechHrdwr

Semis&EquipmentMetals&Mining

Telecoms

UtilitiesEnergy

Food&StpRtlCapGoods

Paper&ForestProductsBanks

HCEquip&SrvcsInsurance

RealEstateMgmtChemicals

FoodBev&Tob

Pharma&BiotechTransportation

Comm&ProfSrvcsRetail

DivFinancials

Media&EntertainmentHH&PersProducts

AutoComponents

ConstructionMaterialsConsSrvcs

ConsDur&ApparelSoftware

Containers&Packaging

Figure7:STOXX600sectorscores

Regime

Earnings

Valuation

Sentiment

Weighted

Score

Score

Score

Score

Score

-0.15

0.38

0.50

0.12

0.17

-0.17

0.32

0.36

0.05

0.11

-0.15

0.24

0.44

-0.12

0.06

0.01

-0.13

0.53

0.00

0.04

0.01

-0.21

0.52

-0.10

-0.01

-0.17

-0.33

0.41

-0.01

-0.09

0.10

0.39

0.51

0.07

0.24

-0.03

0.68

0.38

-0.12

0.22

0.14

0.11

0.40

0.19

0.19

0.28

0.28

0.07

-0.09

0.16

0.23

-0.03

0.32

0.17

0.15

0.28

-0.13

0.35

0.02

0.11

-0.42

0.30

0.50

-0.04

0.03

0.00

-0.17

0.53

0.00

0.03

-0.12

-0.14

0.44

0.10

0.01

-0.26

-0.10

0.52

0.05

-0.01

-0.19

-0.34

0.53

-0.33

-0.16

0.40

0.41

0.39

0.01

0.30

0.56

0.44

-0.16

0.09

0.30

0.26

0.59

0.09

0.23

0.30

0.14

0.26

0.39

0.34

0.27

0.10

0.39

0.51

0.07

0.24

-0.03

0.68

0.38

-0.12

0.22

0.28

0.30

0.51

-0.24

0.19

0.35

-0.10

0.32

0.03

0.13

-0.16

-0.04

0.32

0.33

0.07

-0.52

0.44

0.50

0.01

0.05

0.21

-0.35

0.58

0.00

0.04

-0.13

0.01

0.53

-0.04

0.03

0.00

-0.17

0.53

0.00

0.03

0.31

-0.56

0.56

0.08

0.03

-0.22

-0.14

0.52

0.17

0.01

-0.18

-0.10

0.41

0.12

0.01

-0.05

-0.60

0.51

0.26

-0.03

-0.10

-0.06

0.49

-0.34

-0.06

-0.17

-0.11

0.57

-0.24

-0.06

-0.42

0.14

0.45

-0.25

-0.08

0.13

-0.43

0.46

-0.35

-0.11

-0.52

-0.31

0.51

0.01

-0.12

-0.01

-0.31

0.56

-0.51

-0.14

-0.39

-0.55

0.52

0.15

-0.17

-0.65

-0.03

0.48

-0.34

-0.22

-0.13

-0.64

0.50

-0.27

-0.22

-0.61

-0.25

0.58

-0.70

-0.35

-0.55

-0.91

0.59

-0.47

-0.47

Source:UBS.Dataasof10April2026.REVSscoresscaledfrom+/-1.Earningsrevisionis1-mthchangein12-mthfixedforwardconsensusexpectations.

EquityStrategy16April2026a§7

ACWIREVSScorecard

CrowdingScore

EarningsRevisions

CommSvs

Energy

Utilities

InfoTech

Materials

Industrials

HealthCareConsStaplesFinancials

RealEstateConsDisc

Media&EntertainmentSemis&Equipment

Energy

Metals&MiningTechHrdwr

Utilities

CapGoodsTelecoms

Food&StpRtl

Chemicals

Pharma&Biotech

ElectricalEquipment

Paper&ForestProducts

HCEquip&SrvcsTransportation

FoodBev&TobBuildingProductsBanks

Insurance

Comm&ProfSrvcs

Containers&Packaging

RealEstateMgmtDivFinancials

AutoComponentsHH&PersProductsRetail

ConsDur&ApparelSoftware

ConsSrvcs

ConstructionMaterials

Figure8:ACWIsectorscores

RegimeScore

EarningsScore

ValuationScore

SentimentScore

0.33

0.43

0.24

0.15

0.14

0.04

0.09

-0.05

0.17

0.16

-0.05

0.41

0.24

0.38

0.20

0.33

0.15

0.33

0.30

0.46

0.18

0.27

0.480.160.100.280.140.280.10-0.10-0.30-0.38

-0.25

0.190.290.140.060.160.16-0.030.29-0.090.00

-0.19

0.360.190.430.490.120.240.070.17-0.08-0.210.14-0.210.05-0.04-0.070.00-0.210.340.03-0.09-0.330.160.000.08-0.15-0.07-0.230.08-0.08

-0.38

0.560.540.160.130.460.100.380.130.130.280.040.12-0.120.23-0.09-0.120.27-0.40-0.050.00-0.05-0.38-0.270.02-0.51-0.31-0.14-0.47-0.59

-0.47

0.410.280.240.31-0.060.380.080.420.090.380.30-0.750.250.390.330.380.490.450.440.380.180.41-0.140.510.430.390.340.33

0.27

0.230.140.290.190.240.140.170.000.470.160.030.450.28-0.160.300.220.18-0.04-0.16-0.130.210.00-0.12-0.340.16-0.14-0.13-0.33-0.12

-0.10

WeightedScore

0.340.280.190.170.160.160.10

0.07

0.00

-0.04-0.10

0.380.290.280.250.220.190.190.150.150.120.100.090.080.080.070.070.07

0.04

0.020.01

-0.01

-0.04-0.06-0.08-0.08-0.09-0.09-0.15-0.18

-0.24

Source:UBS.Dataasof10April2026.REVSscoresscaledfrom+/-1.Earningsrevisionis1-mthchangein12-mthfixedforwardconsensusexpectations.

EquityStrategy16April2026a§8

Region/Sector/IndustryGroupREVSrankings

Figure9:Regionalindexsectorscores

Index

WeightedScore

ACWI

SPX

NDX

SXXP

UKX

HSI

AS51

KOSPI2

TPX

TWSE

0.12

0.14

0.19

0.07

0.11

-0.13

0.09

0.24

0.21

0.11

CommSvs

0.34

0.42

0.45

0.19

0.24

-0.15

0.18

0.27

0.13

0.00

ConsDisc

-0.10

-0.09

-0.09

-0.16

-0.07

-0.32

-0.22

0.07

0.13

-0.09

ConsStaples

0.07

0.12

0.16

-0.01

-0.06

0.04

0.11

0.24

0.12

-0.13

Energy

0.28

0.34

0.31

0.22

0.30

0.23

0.43

0.27

0.31

0.31

Financials

0.00

-0.05

-0.54

0.03

-0.01

-0.06

0.05

0.24

0.18

0.17

HealthCare

0.10

0.13

0.05

0.01

0.16

0.08

0.01

0.31

0.24

0.38

Industrials

0.16

0.16

0.18

0.11

0.10

0.15

0.07

0.20

0.30

0.20

InfoTech

0.17

0.19

0.19

0.16

0.30

-0.39

-0.19

0.27

0.19

0.11

Materials

0.16

0.14

0.11

0.15

0.32

0.30

0.27

-0.06

0.19

0.25

RealEstate

-0.04

-0.04

-0.18

0.03

0.14

-0.11

-0.28

0.23

-0.11

Utilities

0.19

0.18

0.31

0.24

0.36

0.00

0.30

-0.01

0.36

AutoComponents

-0.08

-0.13

-0.16

-0.14

-0.34

0.10

0.14

0.07

Banks

0.04

-0.04

0.05

-0.02

-0.08

0.08

0.29

0.21

0.12

BuildingProducts

0.07

CapGoods

0.19

0.19

0.37

0.13

0.18

0.17

0.13

0.20

0.33

0.21

Chemicals

0.12

0.15

0.11

0.03

0.42

-0.08

-0.16

0.21

0.30

Comm&ProfSrvcs

0.01

0.05

-0.02

-0.06

-0.13

-0.02

0.16

ConsDur&Apparel

-0.09

-0.06

-0.22

-0.10

-0.10

-0.09

0.21

-0.07

ConsSrvcs

-0.18

-0.17

-0.21

-0.22

-0.14

-0.44

-0.25

-0.25

-0.20

ConstructionMaterials

-0.24

-0.44

-0.17

-0.26

0.02

Containers&Packaging

-0.01

-0.07

-0.47

DivFinancials

-0.06

-0.06

-0.54

-0.08

-0.12

0.01

-0.02

0.14

0.15

0.19

ElectricalEquipment

0.09

-0.22

Energy

0.28

0.34

0.31

0.22

0.30

0.23

0.43

0.27

0.31

0.31

Food&StpRtl

0.15

0.17

0.14

0.19

0.20

0.16

0.12

0.57

0.08

0.12

FoodBev&Tob

0.07

0.16

0.22

0.01

-0.12

-0.01

-0.20

0.28

0.18

-0.21

HCEquip&Srvcs

0.08

0.08

-0.02

0.04

0.11

-0.30

-0.26

0.28

HH&PersProducts

-0.08

-0.08

-0.12

-0.07

0.35

0.06

0.01

Insurance

0.02

-0.04

0.03

0.14

-0.05

-0.11

0.14

0.12

0.27

Media&Entertainment

0.38

0.44

0.46

-0.11

0.05

-0.15

-0.06

0.23

0.18

Metals&Mining

0.25

0.32

0.30

0.32

0.30

0.29

0.00

0.13

0.33

Paper&ForestProducts

0.08

0.07

-0.09

-0.03

Pharma&Biotech

0.10

0.16

0.08

0.01

0.17

0.11

0.13

0.31

0.21

0.38

RealEstateMgmt

-0.04

-0.04

-0.18

0.03

0.14

-0.11

-0.28

0.23

-0.11

Retail

-0.09

-0.06

-0.03

-0.06

0.13

-0.30

-0.21

-0.08

-0.03

-0.18

Semis&Equipment

0.29

0.33

0.33

0.30

-0.19

0.36

0.26

0.11

Software

-0.15

-0.16

-0.17

-0.35

0.09

-0.19

0.09

0.04

TechHrdwr

0.22

0.26

0.23

0.30

0.40

-0.39

0.22

0.17

0.10

Telecoms

0.15

0.10

-0.25

0.27

0.32

0.23

0.39

0.10

0.00

Transportation

0.07

0.10

0.11

-0.03

0.06

0.14

0.16

0.18

0.20

Source:UBS.Dataasof10April2026.REVSscoresscaledfrom+/-1.Earningsrevisionis1-mthchangein12-mthfixedforwardconsensusexpectations.

RegionREVSrankings

Figure10:RegionREVSscores

EquityStrategy16April2026a§9

CrowdingEarnings

ScoreRevisions

SOUTHKOREA

JAPAN

SPAIN

FINLAND

US

NETHERLANDS

CANADA

SWEDEN

BRITAIN

AUSTRALIA

ITALY

GERMANY

FRANCE

SWITZERLAND

DENMARK

THAILAND

SAUDIARABIA

MEXICO

SOUTHAFRICA

TAIWAN

ISRAEL

SINGAPORE

HONGKONG

BRAZIL

INDIA

CHINA

IRELAND

RegimeScore

EarningsScore

ValuationScore

SentimentScore

-0.020.280.440.350.210.310.40-0.03-0.150.380.490.120.120.110.450.110.160.150.22