德银180页展望2018中国宏观经济中国数据2018部门企业与旅游业要点20180119180页

DeutscheBankMarketsResearchAsiaChinaStrategyDBAccessChinaConferenceDate19January2018StrategyUpdatedbAccessChina2018:sector,companyandtourhighlights________________________________________________________________________________________________________________DeutscheBankAG/HongKongDeutscheBankdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Thus,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.DISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017.THECONTENTMAYNOTBEDISTRIBUTEDINTHEPEOPLE’SREPUBLICOFCHINA(“THEPRC”)(EXCEPTINCOMPLIANCEWITHTHEAPPLICABLELAWSANDREGULATIONSOFPRC),EXCLUDINGSPECIALADMINISTRATIVEREGIONSOFHONGKONGANDMACAU.MichaelTong,CFAResearchAnalyst(+852)[e-mail]t(+852)[e-mail]’sAccessChina2018conference,heldinBeijingon8-12January,wasattendedby650+investors,180+corporatesfromChina/HK,50+industryexpertsandmacrospeakers.Wealsoorganised15fieldtripsandsitevisitsacrossthecountryon11-12January.Thisdocumentconsolidatestheresearchpublishedbyouranalysts,whichincludesthemacrotracks,companies,industryexpertsandtours.MacrohighlightsDuringtheAccessChinaconference,27invitedguestspeakerspresentedtheirviewsontheeconomicsectorandpolicyissues.Autos/Infrastructure/Industrials/TransportMinthGroup,GeelyAuto,SAICMotor,YutongBus,ZhongshengGroup,JONHONOptronic,CRSC,CRRC,NARITech,CNBM,ConchVenture,AnhuiConchCement,ShenzhenInovance,BeijingCapInt'lAirport,andSinotrans.Banking/FinanceAgri.BankofChina,BankofChina,BankofCommunications,ChinaCinda,ChinaCITICBank,ChinaConstructionBank,ChinaLife,ChinaMerchantsBank,ChinaMinshengBank,ChongqingRuralBank,CEB,CPIC,PingAnBank,ICBC,NCI,PICCGroup,PICCP&C,PingAn,CITICSecurities–H,ChinaGalaxySecurities–H,andFarEastHorizon.Consumer/Lodging/Leisure/HealthcareChinaMengniuDiary,ChinaModernDairy,HenganIntl,Gome,ShanghaiJahwa,Tingyi,Yili,SamsoniteInternationalS.A.,WuliangyeYibin,ChinaCYTSTours,BTGHotels,ChinaTravel,TravelSky,3SBio,CSPCPharma,ChinaTCMHengruiMedicine,JointownPharmaceuticals,SinopharmGroup,SinoBiopharmaceutical,TonghuaDongbao,andTheUnitedLaboratories.Oil&Gas/Power/Utilities/PropertyChinaOilfieldServices,CNOOCLtd,PetroChina,Sinopec,SinopecEngineeringGroup,SPC,BEWG,BeijingEnterprises,ChinaGasHoldings,ChinaEverbrightInt'l,ChinaEverbrightGreentech,GuangdongInvestment,CRGas,ENNEnergy,HuadianFuxin,HuanengPowerInt’l,LongyuanPower,YangtzePower,ChinaVanke,COLI,Aoyuan,Logan,KWG,andSunac.Telecom/Internet/Technology/Metals&MiningChinaMobileCorpLtd,ChinaTelecomCorpLtd,ChinaUnicom,HikvisionDigital,O-Film,Sunyway,Kstar,Tencent,AngangSteel,Baosteel,ChinaCoalEnergy,BBMG,TianqiLithium,andWestChinaCement.IndustryexpertsDuringtheconference,50+industryspecialistspresentedtheirviewsontheoutlookforandissuesfacingvarioussectors,includingautomobiles,banking/finance,consumer,energy,Industrials,metals&mining,property,powerandenvironmental,technology,andtransportation.Distributedon:18/01/201817:09:28GMT7T2se3r0Ot6kwoPa19January2018DBAccessChinaConferencePage2DeutscheBankAG/HongKongTableOfContentsResearchTeamFacebook...................................................6MacroHighlights...............................................................16HighlightsofMacroPresentations...................................................................16Automobiles&Components.............................................20MinthGroup(0425.HK,TPHKD47.60,Buy,HKD48.15).................................20GeelyAuto(0175.HK,TPHKD29.30,Hold,HKD27.75)..................................21SAICMotor(600104.SS,TPCNY30.50,Hold,CNY33.88)..............................22YutongBus(600066.SS,TPCNY26.60,Buy,CNY24.24)................................23ZhongshengGroup(0881.HK,TPHKD15.7,Hold,HKD20.85).......................24Banking/Finance..............................................................25Agri.BankofChina(1288.HK,TPHKD4.73,Buy,HKD3.97)..........................25BankofChina(3988.HK,TPHKD5.25,Buy,HKD3.99)...................................25BankofCommunications(3328.HK,TPHKD7.29,Hold,HKD6.03)................26ChinaCinda(1359.HK,TPHKD3.75,Buy,HKD3.02)......................................27ChinaCITICBank(0998.HK,TPHKD5.28,Hold,HKD5.44).............................28ChinaConstructionBank(0939.HK,TPHKD8.87,Buy,HKD7.58)..................28ChinaLife(2628.HK,TPHKD28.50,Hold,HKD24.35)....................................29ChinaMerchantsBank(3968.HK,TPHKD31.38,Hold,HKD32.85)................30ChinaMinshengBank(1988.HK,TPHKD8.68,Hold,HKD8.07).....................31ChongqingRuralBank(3618.HK,TPHKD7.00,Buy,HKD5.91).....................32CEB(6818.HK,TPHKD3.72,Hold,HKD3.74).................................................33CPIC(2601.HK,TPHKD51.00,Buy,HKD37.35).............................................34PingAnBank(000001.SZ,TPCNY10.89,Hold,CNY12.96)...........................34ICBC(1398.HK,TPHKD7.52,Buy,HKD6.53)...