巴克莱-美股-多行业研究-成熟的周期，混合的结构趋势，建议维持中性评级-2018.2.14-387页

EquityResearch14February2018BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATION(S)ANDIMPORTANTDISCLOSURESBEGINNINGONPAGE381.U.S.Multi-IndustryMaturingCycle,MixedStructuralTrends;InitiatingatNeutralTheMulti-Industrysectorhasenjoyedaperiodofsubstantialupwardestimaterevisionsalongsidevaluationmultipleexpansion.However,wethinkthebullshaveoverstatedthestructuraltailwinds,andthecombinationofacceleratinggrowth,highincrementalmargins,lowinterestrates,andaweakUSdollarisunlikelytopersist.Hence,weinitiateon24companieswithaNeutralindustryview.Cycle