中国-银行业-中国银行业：中美贸易关系紧张条件下如何进行投资.pdf

9 April 2018 THIS CONTENT MAY NOT BE DISTRIBUTED TO THE PEOPLE'S REPUBLIC OF CHINA (THE "PRC")   (EXCLUDING SPECIAL ADMINISTRATIVE REGIONS OF HONG KONG AND MACAO) China Banks EQUITIES COMMERCIAL BANKS  How to invest under China-US trade tensions China Bottom-up confidence backed by three pillars: asset quality, Gary Lam* NIM expansion and capital sufficiency Head of Greater China Banks Research The Hongkong and Shanghai Banking Corporation Limited gary.lam@.hk Top-down uncertainties loom on China-US trade tension; +852 2996 6926 business sentiment may weaken from the current high level * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is Two strategies: ABC and BoCom look most defensive near not registered/ qualified pursuant to FINRA regulations term; ICBC and CCB offer opportunities longer term The bottom-up view – fundamental confidence: China’s banks provided greater confidence for investors in 2017 on three pillars: (i) improving asset quality: cohesive improvements on NPL ratios, overdue loans ratios and NPL coverage were confirmed in 2