瑞信-中国a股纳入msci-策略解析

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1、21June2017AsiaPacific/ChinaEquityResearchStrategyChinaA-shareMarketStrategyResearchAnalystsSTRATEGYLiChen85221016645A-sharesjoiningtheMSCIclubli.chen@credit-suisse.comShenHuERRATUM:wereissueourreportpublishedearliertodayaswehave85221016540updatedseveralfiguresandtextinthereportfollowing

2、anewlyreleasedhu.shen@credit-suisse.compro-formaconstituentlistbyMSCI.NochangeshavebeenmadetotheKathyZhangcompaniespagesintheoriginalpublication.85221016782kathy.zhang@credit-suisse.comFigure1:ToptenstockpicksforMSCIA-shareinclusionSamLiTickerConameP/EEarningsCAGRP/BROE85221016775sam.li

3、@credit-suisse.com201720182016-182017201820172018KynaWong002475.SZLuxshare31.9x24.6x45%4.6x4.0x15%16%85221016950600703.SSSanan27.3x22.6x26%4.0x3.6x15%16%kyna.wong@credit-suisse.com002241.SZGoerTek25.8x22.0x27%4.5x3.9x18%18%SuzieXu002415.SZHikvision28.3x22.6x27%9.3x7.7x33%34%85221016776s

4、uzie.xu@credit-suisse.com600519.SSKweichowMoutai28.4x23.2x23%7.3x6.3x26%27%IrisWang000858.SZWuliangye23.0x19.2x24%3.9x3.5x17%19%85221017646000333.SZMidea15.6x13.8x13%3.6x3.1x23%23%iris.wang@credit-suisse.com000895.SZShuanghuiDevelopment15.1x13.5x11%5.0x4.8x33%36%MichaelShen8522101671100

5、0999.SZCRSanjiu21.0x18.1x17%3.0x2.7x14%15%michael.shen@credit-suisse.com002294.SZSalubrisPharma22.0x18.2x19%5.8x5.0x26%27%CareyShiSource:Companydata,CreditSuisseestimates85221017729■MSCIconfirmsA-shareinclusionintheEMIndex.Thoughitwon'tbecarey.shi@credit-suisse.comimplementeduntilJune20

6、18,itisstillquiteapleasantsurprisefortheA-DaisyDai85221016591sharemarket.Attheinitialstage,222A-sharestockswillbeincludedwithadaisy.dai@credit-suisse.comtotalweightof0.73%.TheenhancedaccessibilityoftheA-sharemarketisakeyreasonbehindthesuccessfulinclusion.The2017-versionproposalhelpedred

7、uceresistance.■Short-termimpact:Positiveforsentiment;limitedimpactonfundsflow,exceptfor25stocks.TheinclusionshouldbeaconfidenceboosterfortheA-sharemarket,andcouldleadtoa~US$11.7bnfundsflowattheinitialstage,whichisnegligiblecomparedwiththemarketcapofA-shares.However,potentialfun