行业研究报告- 2中国银行业2018年展望：政策紧缩和改革的定位.pdfVIP

Deutsche Bank Markets Research Asia Industry Date Hong Kong Chinese banks - 2 January 2018 Banking / Finance Banks 2018 Outlook Recommendation Change Hans Fan, CFA Jacky Zuo, CFA Positioning in policy tightening and Research Analyst Research Analyst (+852 ) 2203 6353 (+852 ) 2203 6255 reforming hans.fan@ jacky.zuo@ Another year of divergence among banks; still prefer retail-oriented banks Edward Du China has made containing financial risks a top priority. Financial deleveraging Research Associate may last longer than expected, with higher market rates and more coordinated (+852 ) 2203 6185 but tighter regulations. This may lead to moderate credit growth but slower edward.du@ leverage build-up and hence, less financial stability risk. On the banks’ asset side, we expect supply-side reform will be strictly followed and SOE reform Key Changes may accelerate, leading to improving corporate financial health. Thus, we stay positive on the Chinese bank sector. We expect wider divergence between Com