汇丰银行-中国-投资策略-中国多种资产：狗年大吉

《汇丰银行-中国-投资策略-中国多种资产：狗年大吉》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、MULTI-ASSETCHINAFebruary2018By:WilliamBrattonandDilipShahanihttps://www.research.hsbc.comChinamulti-assetspecialWelcometotheYearoftheDogChina’seconomylookssetforanothergoodyearWeexpecttoseesolidgrowth,benigninflation,andastrongerRMBThisreportsummarisestheviewsofourmac

2、roteams,equityanalystsandstrategistsPlaythevideoDisclaimer&Disclosures:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofitMULTI-ASSET●CHINAFebruary2018ExecutivesummaryAsweheadintotheYearo

3、ftheDog,weofferclientsamulti-assetMiFIDII–ResearchIsyouraccessagreed?summaryofourviewsonChina.ItincludesthethoughtsofourCONTACTustodaymacroteamsontheeconomy,FX,rates,credit,andclimatechange,aswellas2018outlookpiecesandthematicreportsbyequityanalystsandstrategists.And,

4、forthefirsttime,weincludetheworkofourjointventure,HSBCQianhaiSecurities,whichwaslaunchedinDecember.ThemessageaboutthebigAfterayearofresilient,steadygrowth,stableinflationandasturdyperformancebytheRMB,pictureisgenerallybullishourmacroandequityanalystspresenttheirideasa

5、boutwhat’sinstoreforChina’seconomyintheYearoftheDog.Despitetherecentmarketvolatility,themessageaboutthebigpictureisgenerallybullish.Asidefromtherobustperformanceontheeconomicfront,thecountryistakingstepstoreducerisksinthehighlyleveragedfinancialsystem,theupgradingofth

6、eindustrialbaseisgatheringpace,exportgrowthispickingupandthehousingmarketisstartingtoslowdownafteraperiodoffranticgrowth.OurthematicreportscovereverythingfromChina’srapidascentofthetechnologyladderandthegrowthofinnovationandautomation,totheinfluenceITrecruitmentishavi

7、ngontherealestatemarketandthemuch-neededreformofstate-ownedenterprises.Onthesubjectofclimatechange,welookathowtheambitiousBeltandRoadInitiativecanbebotheconomicallysustainableandenvironmentallyfriendly.AndwealsowanttotalkaboutA-shares.InDecemberwelaunchedajointventure

8、,HSBCQianhaiSecurities,throughwhichHSBCwillsignificantlyexpanditsonshoreresearchcoverageofChina’sA-sharemarket.Theinitiative