德意志银行-中国银子银行通道aum持续下降-20170807-deutschebank-chinafinancialdaily：shadowbankingchannelaumcontinuedtodropin2q17

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1、DeutscheBankMarketsResearchAsiaPeriodicalDateChinaChinaFinancialDaily7August2017Banking/FinanceBanksHansFan,CFAJackyZuoShadowBankingChannelAUMResearchAnalystResearchAnalyst(+852)22036353(+852)22036255ContinuedtoDropin2Q17hans.fan@db.comjacky.zuo@db.comEdw

2、ardDuWhatisincludedhere?ResearchAssociateShadowBankingChannelAUMContinuedtoDropin2Q17(+852)22036185edward.du@db.comPBOCReportHighlightsBanks’Asset/Liab.MixChangeandSupplySideReformProgressToppicksChinaBankingAssociation:ExpectsAStableGrowthforChinaBank

3、sinICBC(1398.HK),HKD5.63Buy2017BankofChina(3988.HK),HKD3.95BuySource:DeutscheBankChinaMerchantsPingAnAMCGotApprovalfromCBRCCompaniesFeaturedBoComSignedCooperationAgreementwithTwoLocalBanksinICBC(1398.HK),HKD5.63BuyChongqingChinaConstructionBankBuy(0939.

4、HK),HKD6.60ChinaLiquidityMonitor–PBOCWithdrewRmb60bnNetLiquidityviaAgri.BankofChina(1288.HK),HKD3.71BuyOMOfromtheMarketonMonday;InterbankRatesTrenddownBankofChina(3988.HK),HKD3.95BuyBankofCommunicationsBuyTopStories(3328.HK),HKD5.90ChinaMerchantsBankHold

5、ShadowBankingChannelAUMContinuedtoDropin2Q17(AMAC,Aug4)(3968.HK),HKD26.35AssetManagementAssociationofChina(AMAC)released2Q17AUMdataforChinaCITICBank(0998.HK),HKD5.14HoldvariousassetmanagementinstitutionsandwenoticedthatAUMofmutualChinaMinshengBank(1988.HK

6、),HKD7.94Holdfundsubsidiaries,whichisamajorshadowbankingchannelcontinuedtoChongqingRuralBank(3618.HK),HKD5.90Holddecline.Mutualfundsubsidiaries’AUMstartedtodeclinefrom4Q16afterCITICSecurities-H(6030.HK),HKD16.58Buyregulatorsimposedtightercapitalrulesandwa

7、sRmb8.59trnasof2Q17,downHaitongSecurities-H(6837.HK),HKD13.20HoldRmb1.32trn/13%qoqor22%yoy.Inaddition,brokers’AUMalsosawaShanghaiPudongBankHoldRmb674bndropqoqin2Q17toRmb18.1trn,duetolessshadowbanking(600000.SS),CNY12.88business–brokers’directionalAMPAUMdo

8、wnRmb619bnqoqtoIndustrialBank(601166.SS),CNY17.59SellRmb15.4trn.ChinaEverbrightBankSell(DBview)Thisisanotherevidencethatfinancialdeleveragingistakingeffects.(601818.SS),CNY4.19PBOCalsoreportedthatbanks’receivableinv