德意志银行-xx股权市场投资策略：2016收益回顾-20170124-23页.pdfVIP

Deutsche Bank Markets Research Asia Strategy Date China China Equity 24 January 2017 Strategy Strategy Update Yuliang Chang, CFA Joseph Huo 2016 earnings preview: are you ready Strategist Strategist (+852 ) 2203 6195 (+852 ) 2203 6251 for a pleasant surprise? yuliang.chang@ joseph.huo@db .com The ongoing cyclical recovery could have notably boosted earnings growth... We expect 8%/10% EPS growth in 17/18E Non-financial earnings could have strengthened in 4Q16 as: 1) sales growth DB top-down earnings DB Consensus could have rebounded strongly, with nominal GDP shooting up 9.9% in 4Q16 forecast vs. consensus forecast forecast from 7.8%; and 2) earnings acceleration could have outpaced that of sales with margins expanding amid higher capacity utilization. Indeed, industrial 2016E Non-financials