德意志银行-中国宏观策略-strategy；london asia internet conference 2017：dg vips to hold；hk utilities-20170703-deutschebank

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1、DeutscheBankMarketsResearchAsiaPeriodicalDateChinaMadeinChina3July2017MichaelTong,CFALukaZhuStrategy;LondonAsiaInternetConferenceResearchAnalystResearchAssociate(+852)22036167(+852)220361732017:D/gVIPStoHold;HKUtilitiesmichael.tong@db.comluka.zhu@db.comTHEMEOFTHED

2、AYDailyMarketStatistics30/06/2017PerformancePrice1D%chg1M%chgChinaStrategySpotlight-Morelegstotheblue-chiprally(YuliangChang)HSI25,765-0.80.2WemaintainapositiveviewonChineseequitiesdespiteastrongYTDreturnH-share10,365-0.6-2.5andwewouldliketoreiteratefivekeypoints:

3、1)WebecamebullishinMarchA3003,667-0.15.12016andaregladtofindmoremarketplayersarejoiningforceasMSCIChinaVolumePrice1D%chg1M%chgrallied25%,thankstoa13%P/Eexpansionanda11%EPSupgrade;2)HIS1,667-8.133.3Financialshavebeenourkeyoverweightrecommendationfor2017andweH-share

4、1,671-1.632.9preferPingAn,CMBandHuatai(seeourtop-10picks),consideringimprovingA3008,151-5.0-26.7assetqualityandrecoveringNIM/earnings;3)Keyinvestmentthemeincludescapexresurgenceandconsumptionupgrade,wealsoexpectpropertyFAItostaystrong;ourpositiveviewoncapexandprop

5、ertyisquitedifferentfromDBEconomicforecastsmarketconsensus;4)Deep-divingintocorporatefinancials,wehighlightedtheHongKong2016201720183RsastheprimarysupportofamorerobustandsustainableearningsGDP(%)2.03.83.0Merch.Exp.(%)0.28.87.8recovery,includingrecoveryofprofitabil

6、ity,rebuildingoffinancialstrengthandCPI(%)2.41.02.8resurgenceofcorporateinvestments;and5)Expecteda“go”inMSCIChina201620172018inclusion,welaunchedthe“InvestinginA-shares”seriesinApril,suggestingGDP(%)6.76.76.3thatvalueinvestinghasbeenaneffectivelong-termapproach,th

7、e“NationalMerch.Exp.(%)-7.710.06.0Team”isnotthekeybehindrecentblue-chiprally,andtheMSCIinclusionisaCPI(%)2.01.72.7catalystforfurtherblue-chipoutperformance.(YuliangChang–8522203FXrate(eop)CNY/USD6.97.17.66195)http://pull.db-gmresearch.com/p/1830-299A/17047756/0900

8、b8c08d296476.pdfSource:DeutscheBankAGestimatesSpecialReport-ChinaMacroinCharts(CMiC)(ZhiweiZhang)InthisissueofCMiCwefocusonthedevelopmentinthelandmarket