德意志银行-中国金融业-china to clean up local government financing vehicles-20170717-deutsche bank

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1、DeutscheBankMarketsResearchAsiaPeriodicalDateChinaChinaFinancialDaily17July2017Banking/FinanceBanksHansFan,CFAJackyZuoChinatoCleanupLocalGovernmentResearchAnalystResearchAssociate(+852)22036353(+852)22036255FinancingVehicleshans.fan@db.comjacky.zuo@db.comToppicksWhatisinclu

2、dedhere?ICBC(1398.HK),HKD5.27BuyChineseBanks-InitialreadfromNationalFinancialWorkingConferenceSource:DeutscheBankPingAn-2017FintechDayhighlightsCompaniesFeaturedChinatoCleanupLocalGovernmentFinancingVehiclesICBC(1398.HK),HKD5.27BuyChinaConstructionBankBuyChinaGuangfaBan

3、kPausedonIPOPlan(0939.HK),HKD6.40Agri.BankofChina(1288.HK),HKD3.64HoldSOECoalCompaniesinShanxiContinuedtoIncreaseLeveragein2016BankofChina(3988.HK),HKD3.80BuyBankofCommunicationsHoldGreatWallAMCTotalAssetsRmb548bnasof1H17(3328.HK),HKD5.70ChinaMerchantsBankHoldBeijingOpen

4、sItsFirstPrivate-FundedBankinZhongguancun(3968.HK),HKD24.50ChinaCITICBank(0998.HK),HKD4.97SellChinaLiquidityMonitor–PBOCInjectsRmb140bnNetLiquidityintotheChinaMinshengBank(1988.HK),HKD8.03SellMarketviaOMOonMondayChongqingRuralBank(3618.HK),HKD5.93HoldCITICSecurities-H(6030

5、.HK),HKD16.36BuyDBResearchHaitongSecurities-H(6837.HK),HKD13.04HoldChineseBanks-InitialreadfromNationalFinancialWorkingConferenceShanghaiPudongBankSell(600000.SS),CNY13.59ChinahelditsfifthNationalFinancialWorkingConferenceon14-15July.ThisIndustrialBank(601166.SS),CNY17.91Se

6、llconferenceemphasizedthefinancialsectorsupportingtherealeconomy,ChinaEverbrightBankSellstrengtheningregulatoryoversightandpreventingsystemicfinancialrisks(Fig.(601818.SS),CNY4.181).Themostimportantchangewastosetupanew,higher-levelcommitteetoPingAnBank(000001.SZ),CNY10.90Ho

7、ldstrengthenregulatorycoordination.ThisshouldhelpreduceregulatoryBankofBeijing(601169.SS),CNY7.85Buyarbitrageandhencelowersystemicrisksoverthelongrun.IntheneartermBankofNanjing(601009.SS),CNY11.91Sellthegovernmentimplieditwouldmaintainatightliquiditybalance,i.e.itisBankofNi

8、ngbo(002142.SZ),CNY15.96Sellunlikelytofurthertightenorloosen.Weviewbigbanksaskeybe