瑞银UBS：2025年全球投资回报年鉴：125年历史数据对未来投资的启示（英文版）

. In 125 years of market history, markets have changed dramatically Financial markets and the industrial landscape have altered enormously since 1900, and these changes can be seen in the shifting composition of the firms listed on world markets. Markets at the beginning of the 20th century were dominated by railroads, which accounted for 63% of US stock market value and almost 50% in the UK. Meanwhile, of the largest industries in 2025, energy (except coal), technology and healthcare (includ