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1、DeutscheBankMarketsResearchAsiaIndustryDateChinaChinesebanks16July2017Banking/FinanceBanksBreakingNewsHansFan,CFAJackyZuoInitialreadfromNationalFinancialResearchAnalystResearchAssociate(+852)22036353(+852)22036255WorkingConferencehans.fan@db.comjacky.zuo@db.comKeychange:Tosetu
2、panewcommitteetostrengthenregulatorycoordinationStephenAndrews,CFAChinahelditsfifthNationalFinancialWorkingConferenceon14-15July.ThisResearchAnalystconferenceemphasizedthefinancialsectorsupportingtherealeconomy,(+852)-22036191strengtheningregulatoryoversightandpreventingsystem
3、icfinancialrisks(Fig.stephen-a.andrews@db.com1).Themostimportantchangewastosetupanew,higher-levelcommitteetostrengthenregulatorycoordination.ThisshouldhelpreduceregulatoryToppicksarbitrageandhencelowersystemicrisksoverthelongrun.Intheneartermthegovernmentimplieditwouldmaintain
4、atightliquiditybalance,i.e.itisICBC(1398.HK),HKD5.27Buyunlikelytofurthertightenorloosen.WeviewbigbanksaskeybeneficiariesofSource:DeutscheBankamoreproperlyregulatedenvironment.BuyICBC/BOC/CCB.CompaniesFeaturedTosetupaFinancialStabilityDevelopmentCommitteeledbyStateICBC(1398.HK
5、),HKD5.27BuyCounciltostrengthenregulatorycoordination.ThiscommitteeislikelytoChinaConstructionBankBuybesetontopof,ratherthanoverlapwith,thePBOCandfinancial(0939.HK),HKD6.40regulators,inourview.Weseethisasapositivesurprisetothemarket,asAgri.BankofChina(1288.HK),HKD3.64HoldthePB
6、OChasbeengrantedtheroleofcoordinatingregulation,asreportedBankofChina(3988.HK),HKD3.80BuybyBloombergonJuly11.AcommitteeledbyamoreseniorleaderofBankofCommunicationsHold(3328.HK),HKD5.70governmentshouldhelpcurbtheregulatoryarbitrageoffinancialChinaMerchantsBankHoldinstitutionsby
7、closingloopholesandreducingregulatorycompetition.For(3968.HK),HKD24.50example,China’sassetmanagementsector’sAUMamountedtomoreChinaCITICBank(0998.HK),HKD4.97SellthanRmb100trin2016,but40%wererepresentedbyoverlappingitems.ChinaMinshengBank(1988.HK),HKD8.03SellThiswaslargelyduetot
8、helackofcoordinatedregulation(Fig.2).CEB(6818.HK),HKD3.77Sell