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1、DeutscheBankMarketsResearchAsiaStrategyDateChinaChinaEquity3January2018StrategyStrategyUpdateMichaelTong,CFALukaZhuResearchAnalystResearchAnalyst(+852)22036167(+852)22036173michael.tong@db.comluka.zhu@db.com2018outlook:staybullishforqualitygrowth,G.A.R.P.investmenttheme
2、sMSCIChina/HSCEIend-2018targetsat110/14,000WeexpectMSCIChina/HSCEItoextendtheirgainsin2018,inviewof1)adecentearningsoutlook(MSCIChinaEPS+17.0%/15.5%in2018/19E)onsecularandcyclicaldrivers,2)expansioninmultiples(narrowingthegapwithDM)onareducedriskdiscount,and3)favorablel
3、iquidityconditions.AlthoughGDPgrowthislikelytomoderate,theeconomyshoulddemonstrateresilienceanddeliverbetterqualitygrowth.WerecommendinvestorstofocusontheG.A.R.Pinvestmentthemesfor2018,i.e.Greening(environment),Advancing(manufacturing),Reforming(SOE),andPremiumizing(con
4、sumption).________________________________________________________________________________________________________________DeutscheBankAG/HongKongDeutscheBankdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Thus,investorsshouldbeawarethatthefirmmayhaveaco
5、nflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.DISCLOSDistributedon:03/01/201814:54:26GMTURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017.THECONTENTMAYNOTBE
6、DISTRIBUTEDINTHEPEOPLE'SREPUBLICOFCHINA("THEPRC")(EXCEPTINCOMPLIANCEWITHTHEAPPLICABLELAWSANDREGULATIONSOFPRC),EXCLUDINGSPECIALADMINISTRATIVEREGIONSOFHONGKONGANDMACAU7T2se3r0Ot6kwoPaDeutscheBankMarketsResearchAsiaStrategyDateChinaChinaEquity3January2018StrategyStrategyUp
7、dateMichaelTong,CFALukaZhu2018outlook:staybullishforqualityResearchAnalystResearchAnalyst(+852)22036167(+852)22036173growth,G.A.R.P.investmentthemesmichael.tong@db.comluka.zhu@db.comMSCIChina/HSCEIend-2018targetsat110/14,000WeexpectMSCIChina/HSCEItoextendtheirgainsin201
8、8,inviewof1)adecentearningsoutlook(MSCIChinaEPS+17.0%/15.5%in2018/19E)onsecularandcyclicaldrivers,2)expansioni
