德意志银行-xx金融业-china to push forward “zombie enterprise” clean up-20170724-deutsche bank.pdfVIP

Deutsche Bank Markets Research Asia Periodical Date China China Financial Daily 24 July 2017 Banking / Finance Banks Hans Fan, CFA Jacky Zuo China to Push Forward “Zombie Research Analyst Research Associate (+852 ) 2203 6353 (+852 ) 2203 6255 Enterprise” Clean Up hans.fan@ jacky.zuo@ Top picks What is included here? ICBC (1398.HK),HKD5.36 Buy  China to Push Forward “Zombie Enterprise” Clean Up Bank of China (3988.HK),HKD3.76 Buy Source: Deutsche Bank  CCB AMC Subsidiary Received Approval from CBRC  Trust Companies 1H17 Profit Up 8% YoY with Divergent Individual Companies Featured Performance ICBC (1398.HK),HKD5.36 Buy China Construction Bank Buy  State Council Released Consultation Paper on PPP (0939.HK),HKD6.35