资源描述:
《德意志银行-中国-银行业-流动性缩紧-20170904-liquidity tightened slightly-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、DeutscheBankMarketsResearchAsiaPeriodicalDateChinaChinaFinancialDaily4September2017Banking/FinanceBanksHansFan,CFAJackyZuoLiquiditytightenedslightlyResearchAnalystResearchAnalyst(+852)22036353(+852)22036255hans.fan@db.comjacky.zuo@db.comEdwardDuWhatisincludedher
2、e?ResearchAssociateChinesebanks-Lookingbeyond2Q17–whatwelearnedfrombanks’(+852)22036185briefingsedward.du@db.comLiquidityslightlytightenedrecently,withstricterNCDandMMFrulesToppicksMoneyMarketFundNewRulesCapAUMat200xRiskReservesICBC(1398.HK),HKD5.80BuyBankofC
3、hina(3988.HK),HKD4.11BuyOneConsumerFinanceCoWasFinedbyCBRCWithRecordHighTicketSource:DeutscheBankAmountCompaniesFeaturedTrustAUMReachedRmb23.14trnasof2Q17,drivenbychannelbusinessICBC(1398.HK),HKD5.80BuyBigFourBanksLoweredHeadcountsin1H17ChinaConstructionBankB
4、uy(0939.HK),HKD6.81ChinaLiquidityMonitor-PBOCSuspendsOMOonMondayfortheThirdAgri.BankofChina(1288.HK),HKD3.66BuyStraightDaywithRmb140bnNetLiquidityWithdrewBankofChina(3988.HK),HKD4.11BuyBankofCommunicationsBuy(3328.HK),HKD5.93DBResearchChinaMerchantsBankHoldChin
5、esebanks-Lookingbeyond2Q17–whatwelearnedfrombanks’briefings(3968.HK),HKD29.35Despitestronger-than-expectedresultsfromthebigbanks(seeQualityresultsChinaCITICBank(0998.HK),HKD5.15HoldChinaMinshengBank(1988.HK),HKD7.79Holdfromqualitybanks),sharepricescorrectedinthe
6、pasttwodays,whichwebelievewasduetoinvestorsprofit-takingandsellingthefacts.ThiswasnotChongqingRuralBank(3618.HK),HKD5.39HoldCITICSecurities-H(6030.HK),HKD17.18Buyjustifiedbyfundamentals.Inthisreportwesummarizekeytakeawaysfromthebanks’1H17analysts’briefings.Manag
7、ementteamsingeneralhavebecomeHaitongSecurities-H(6837.HK),HKD13.02Holdmoreoptimisticonthemarginalimprovementinkeyoperatingtrends(FigureShanghaiPudongBankHold(600000.SS),CNY12.781).Lookingahead,wesuggestinvestorsfocusonthegraduallyimprovingNIMIndustrialBank(60116
8、6.SS),CNY17.53Sellandassetqualityforthebigbanksincomingquarters.Weexpectbigbanks’ChinaEverbrightBankSellPPOPup12%in2H17from2H16’slowbase.Toppicks:ICBCandBOC.(601818.S