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1、DeutscheBankMarketsResearchAsiaPeriodicalDateChinaMadeinChina15June2017MichaelTong,CFALukaZhuAsiaEquityStgy;ChinaEcon;PICCP&C;ResearchAnalystResearchAssociate(+852)22036167(+852)22036173Macau,Banks,Property,CoalIndustrymichael.tong@db.comluka.zhu@db.comTHEMEOFTHEDAYDailyMa
2、rketStatistics14/06/2017PerformancePrice1D%chg1M%chgAsiaEquityStrategy-Foetotyrants,CountryGarden'sfriend:latestHSI25,8760.12.8SouthboundImpacttargets(WillStephens)H-share10,515-0.12.2Southboundquotautilizationhasbeendecliningthismonth,withfourdaysofA3003,535-1.34.2netsell
3、ingbymainlandinvestors,asbothA-sharesandtherenminbihaveVolumePrice1D%chg1M%chgrallied.ThesetrendsbelieanincreaseinoverallgrossactivityasSouthboundHIS1,4959.22.2investortradinghasbecomemore"two-way".Infact,gross(buy+sell)activityH-share1,7616.97.8hasrecentlyhitmulti-yearhig
4、hs.AsSouthboundinvestorsbecomemoreA3008,38110.3-11.4selective,thiswillincreasetheirimpactatthestocklevel.Inthisnote,werefreshourSouthboundImpacttargetlistofstockslikelytoseethemostimpactfromthispick-upintwo-wayactivity.(WillStephens–85222036719)DBEconomicforecastshttp://pu
5、ll.db-gmresearch.com/p/2319-4761/241937881/Asia_Equity_Strategy.pdfHongKong201620172018GDP(%)2.03.83.0DataFlash-China:PolicystanceremainstightaseconomywasstableinMayMerch.Exp.(%)0.28.87.8(ZhiweiZhang)CPI(%)2.41.02.8Summary:Investmentgrowthslowedslightlywhileindustrialprodu
6、ctionandChina201620172018retailsalesstayedresilientinMay.ThepropertycycleiscoolingbutnotGDP(%)6.76.76.3Merch.Exp.(%)-7.710.06.0collapsing.WeexpecteconomicgrowthtoslowgraduallyinthenextfewCPI(%)2.01.72.7quarters.ThetighteningoffinancialregulationislikelytocontinueinQ3.FXrat
7、e(eop)CNY/USD6.97.17.6(ZhiweiZhang–85222038308)http://pull.db-gmresearch.com/p/5525-0EFD/238603756/DB_DataFlash_2017-Source:DeutscheBankAGestimates06-14_0900b8c08d186165.pdfPICCP&C-Upsiderisktounderwriting;Buy(2328.HK,Buy,TargetPrice:HKD15.00,ClosingPrice:HKD12.68,EstherCh
8、wei)Tradingat2017EP/Eof7.8x,PICCisnowamongthecheapestP&CnameinAsia,whichwebelieveisunjust
