德意志银行-中国-银行业-2017年二季度结果：浦发银行和兴业银行对比-20170830-2q17 results：spdb and indb-deutsche bank

《德意志银行-中国-银行业-2017年二季度结果：浦发银行和兴业银行对比-20170830-2q17 results：spdb and indb-deutsche bank》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、DeutscheBankMarketsResearchAsiaPeriodicalDateChinaChinaFinancialDaily30August2017Banking/FinanceBanksHansFan,CFAJackyZuo2Q17results:SPDBandINDBResearchAnalystResearchAnalyst(+852)22036353(+852)22036255hans.fan@db.comjacky.zuo@db.comEdwardDuWhatisinclud

2、edhere?ResearchAssociateChineseBanks-China'screditcardboom?(+852)22036185edward.du@db.comChinaCinda–1H17resultsinitialreadBOCAviation-Goodqualityresultswithpayoutratioguidancelifted;BuyToppicksICBC(1398.HK),HKD5.93BuyHaitongSecurities-H,CPICandNCI-

3、1H17ResultsBankofChina(3988.HK),HKD4.10BuySPDB2Q17:NPATUp6.7%yoybutAssetQualityWeakened;HoldSource:DeutscheBankMaintainedCompaniesFeaturedINDB2Q17:PPoPdeclinedby17%yoyOffsetbyLowerCreditCostICBC(1398.HK),HKD5.93BuyChinaConstructionBankBuyPSBCPlansto

4、ApplyA-ShareListing(0939.HK),HKD6.98Agri.BankofChina(1288.HK),HKD3.70BuyChinaLiquidityMonitor–PBOCWithdrewRmb100bnNetLiquidityfromBankofChina(3988.HK),HKD4.10BuytheMarketonWednesdayBankofCommunicationsBuy(3328.HK),HKD5.98DBResearchChinaMerchantsBankHo

5、ld(3968.HK),HKD28.90ChineseBanks-China'screditcardboom?ChinaCITICBank(0998.HK),HKD5.11HoldTheeightjoint-stockbanks(JSBs)wecoverhavereleased1H17resultsanditChinaMinshengBank(1988.HK),HKD7.80Holdisworthnotingthatallofthemreportedfastergrowthinthecreditca

6、rdChongqingRuralBank(3618.HK),HKD5.87Holdbusiness.Withreceivableacceleratingto43%yoyandfeesup51%yoy,creditCITICSecurities-H(6030.HK),HKD17.04Buycardrevenuehascontributed20%ofJSB’srevenuein1H17(2016:16%).ThisHaitongSecurities-H(6837.HK),HKD13.04Holdpart

7、lyexplainstherecentsurgeinChina’sshort-termconsumerdebt,whichisShanghaiPudongBankHoldnowgrowingat34-35%yoy(seereportChina’sconsumerdebtboom).The(600000.SS),CNY12.95strongercreditcardbusinessshouldboostbanks’revenueinthenearterm,IndustrialBank(601166.SS

8、),CNY18.22SellbutitisunlikelytofullyoffsetthedeleveragingpressurefacedbyJSBs,andChinaEverbrightBankSelltheassetqualityandgrowthsustainabilitywillbetestedincomingyears.(601818.SS),CNY4.28(HansFan,85222036353)PingAnBank(000001.SZ),CNY11.6