德意志银行-中国金融业-safe：better supply-demand in forex；stabilized overseas investment-20170721-deutsche bank

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1、DeutscheBankMarketsResearchAsiaPeriodicalDateChinaChinaFinancialDaily21July2017Banking/FinanceBanksHansFan,CFAJackyZuoSAFE:BetterSupply-DemandinResearchAnalystResearchAssociate(+852)22036353(+852)22036255Forex;StabilizedOverseasInvestmenthans.fan@db.comjacky.zuo@db.comToppicksW

2、hatisincludedhere?ICBC(1398.HK),HKD5.38BuyChinaInsuranceSector–Junpremium–RobustgrowthforbothLifeandBankofChina(3988.HK),HKD3.76BuyP&CSource:DeutscheBankSAFE:BetterSupply-DemandinForex;StabilizedOverseasInvestmentCompaniesFeaturedICBC(1398.HK),HKD5.38BuyCBRCEasedRequiremento

3、nBanks’BondIssuanceChinaConstructionBankBuySmallerBanksSaidtoFocusonMSELendingandEquityPledgedLoans(0939.HK),HKD6.38Agri.BankofChina(1288.HK),HKD3.64BuyThirdPartyPaymentCo.SetAsideRmb84bnCustomerReservesatPBOCBankofChina(3988.HK),HKD3.76BuyBankofCommunicationsBuyChinaLiquidi

4、tyMonitor–PBOCInjectsRmb40bnNetLiquidityviaOMO(3328.HK),HKD5.72intotheMarketonFridayChinaMerchantsBankHold(3968.HK),HKD24.85ChinaCITICBank(0998.HK),HKD5.06HoldDBResearchChinaMinshengBank(1988.HK),HKD7.98HoldChinaInsuranceSector–Junpremium–RobustgrowthforbothLifeandP&CChongqingR

5、uralBank(3618.HK),HKD5.60HoldMostlifeinsurers(exceptPICCGroup)sawsteadygrowthmomentuminJun,CITICSecurities-H(6030.HK),HKD16.22Buyrangingfrom-50.8to29.7%yoy(vs.-0.2to128.9%inMay),withmostinsurersHaitongSecurities-H(6837.HK),HKD12.84Holdrecordingpositivegrowth,includingNCI.PingAn

6、Liferecordeddecent1H17ShanghaiPudongBankHoldFYPgrowthof39%andCPICdisclosedrobustagencyFYPgrowthof~42%.(600000.SS),CNY13.63P&Cpremiumgrowthalsoremainedsteady,withkeyplayersrangingfromIndustrialBank(601166.SS),CNY18.07Sell16.6-47.2%(vs.13.3-34.2%inMay)alongwithpickupinJunautosale

7、sChinaEverbrightBankSell(+4.5%yoy).WemaintainourpositiveviewonChinsurers.Toppicks:PingAn(601818.SS),CNY4.31PingAnBank(000001.SZ),CNY10.97HoldandNCI.(EstherChwei+852-22036200)BankofBeijing(601169.SS),CNY8.05BuyBankofNanjing(601009.SS),CNY8.25Sellhttp://pull.db-gmresearch.com/p/8

8、80-EC97/213957816/e9c006ec-dc08-4d96-8fed-fc3eba271b5d