德银-xx-银行业-优质银行基于更好业绩和资金流入的重新定价-20171023-deutsche_bank-chinese_banksquality_banks_to_re-rate_on_better_results_and_fund_inflows.pdfVIP

Deutsche Bank Markets Research Asia Industry Date China Chinese Banks 23 October 2017 Banking / Finance Banks Results Hans Fan, CFA Jacky Zuo Quality banks to re-rate on better Research Analyst Research Analyst (+852 ) 2203 6353 (+852 ) 2203 6255 results and fund inflows hans.fan@ jacky.zuo@ What is in this report? Edward Du We discuss three things in this report: 1) we provide a preview of 3Q17 results Research Associate to be released by the end of this month, which may continue to show a notable (+852 ) 2203 6185 divergence between retail- and wholesale-funded banks; big banks may report edward.du@ gradual improvements in NIM and asset quality; 2) we update funding inflows and particularly expect Southbound buyers to add positions in quality H-share Stephen Andrews, CFA Chinese banks on wider A-H premiums; 3) we switch our top picks from Research Analyst ICBC/BOC to BOC/ABC/CCB on the recent outperformance of ICBC (by 20ppt (+852 ) - 2203 6191 YTD vs. peers). We sta