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1、DeutscheBankMarketsResearchAsiaPeriodicalDateChinaMadeinChina6July2017MichaelTong,CFALukaZhuU/GAntatoBuy;ChinaTelcos,Banks;ResearchAnalystResearchAssociate(+852)22036167(+852)22036173Goldwind,ChinaFoods,Brilliancemichael.tong@db.comluka.zhu@db.comTHEMEOFTHEDAYDailyMarketStat
2、istics05/07/2017PerformancePrice1D%chg1M%chgChinaSportswear-2Q17likelyamajorboostforAnta’swholesalers,HSI25,5220.5-1.3upgradingAntatoBuy(JohnChou)H-share10,3810.7-2.1InFebruary2017wedowngradedAntatoHoldonthepotentiallydeterioratingA3003,6601.15.2healthofitswholesalers.Howeve
3、r,webelieveLiNing’sinventoryshortageinVolumePrice1D%chg1M%chg2Q17gaveAnta’swholesalersanextremelysuccessfulsummerpeakseason,HIS1,926-28.65.5leadingtobetter2018wholesaleordersforAnta.This,ontopofastrongerH-share1,958-38.0-13.2outlookatFila,hastriggeredourupgrade.Althoughwerem
4、ainconfidentofaA3008,823-7.89.62017profitrecoveryatLiNing(thankstostronge-commerceandprudentexpensecontrol),weshiftourpreferencetoAnta.Weviewtheupcominginvestordayand1H17resultsreleaseaspositiveeventsforAnta’sshares.DBEconomicforecasts(JohnChou–85222036196)HongKong2016201720
5、18http://pull.db-gmresearch.com/p/79-13FD/41942406/0900b8c08d3161c4.pdfGDP(%)2.03.83.0Merch.Exp.(%)0.28.87.8Chinesetelecomsector-Addressinginvestorconcernsontoday'ssell-offCPI(%)2.41.02.8(JamesWang)China201620172018Wehavefieldedanumberofquestionsfrominvestorsontoday'ssharepr
6、iceGDP(%)6.76.76.3Merch.Exp.(%)-7.710.06.0declinesoverconcernsaround5Ginvestments,competition,andmixedCPI(%)2.01.72.7ownership.InthisnotewesummariseourkeythoughtsoneachoftheseFXrate(eop)CNY/USD6.97.17.6topics.(JamesWang-85222036145)http://pull.db-gmresearch.com/p/70-4359/404
7、37117/0900b8c08d323cef.pdfSource:DeutscheBankAGestimatesChinesebanks-Financialdeleveraging:whatisnext?(HansFan)Aswehighlightedinourreports(Risingfundingpressure,seriesI,II,III,andIV),financialdeleveragingislikelytocontinueandthenextkeyregulationistheassetmanagementguidelinew
8、hichisunderdraftbythePBOC.Thecentralbankyesterdayshedsomecolorsonthekeyrisk
