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1、DeutscheBankMarketsResearchAsiaPeriodicalDateChinaChinaFinancialDaily22May2017Banking/FinanceBanksHansFan,CFAJackyZuoCrackingdownShadowCredit:CSRCResearchAnalystResearchAssociate(+852)22036353(+852)22036255toBanAllChannelBusinesseshans.fan@db.comjacky.zuo@db.comToppicksWhatisinc
2、ludedhere?ICBC(1398.HK),HKD5.07BuyCrackingdownshadowcredit:CSRCtoBanAllChannelBusinessesChinaMerchantsBankBuy(3968.HK),HKD21.45SomeChinaBanks’LocalBranchesinaTier-3CitySaw10%+NPLratiosSource:DeutscheBankbyAprilEndCompaniesFeaturedSealandSec.wasSuspendedtoConductSomeBusinesses
3、ICBC(1398.HK),HKD5.07BuyPBOCInjectsRmb30bnofLiquidityintotheMarketviaOMOonMondayChinaConstructionBankBuy(0939.HK),HKD6.32Agri.BankofChina(1288.HK),HKD3.64HoldTopStoriesBankofChina(3988.HK),HKD3.85BuyCrackingdownShadowCredit:CSRCtoBanAllChannelBusinesses(Caixin,BankofCommunicati
4、onsHoldMay20)(3328.HK),HKD5.83CSRCforthefirsttimesaidtoprohibitallassetmanagementchannelChinaMerchantsBankBuy(3968.HK),HKD21.45businessesinbrokers,fundhouseandfundsubsidiaries,accordingtoCSRCChinaCITICBank(0998.HK),HKD4.83SellspokesmanZhangXiaojuninamediaconferenceonMay19.Thecha
5、nnelChinaMinshengBank(1988.HK),HKD7.60Sellbusinessesarereferringtonon-bankfinancialinstitutionsactingastheSPVstoChongqingRuralBank(3618.HK),HKD5.02Holdpackagetheshadowbankingcreditforbanks.AccordingtoCSRC,brokersandCITICSecurities-H(6030.HK),HKD15.88Buyfundsshouldserveasassetman
6、agersandshouldnotskipmanagementHaitongSecurities-H(6837.HK),HKD12.72Holdresponsibilitiesinconductingchannelbusinesses.Totalone-on-oneassetShanghaiPudongBankSellmanagementproductsunderCSRCregulationwasRmb27trnin2016,and(600000.SS),CNY14.98mostofitwaschannelbusinessincludingRmb14.
7、7trnforbrokers,Rmb4.2trnIndustrialBank(601166.SS),CNY15.59SellforfundhouseandRmb8.2trnforfundsubsidiaries.ChannelbusinessinfundChinaEverbrightBankSellsubsidiariessawdeclininggrowthin2016(AUMdownRmb646bnin4Q16(601818.SS),CNY3.86qoq)afterregulatorimposedtightercapitalrules.PingAnB
8、ank(000001.SZ),CNY8.69HoldBankofBeijing(601169.