德意志银行-xx行业研究-ug anta to buy；china telcos,banks；goldwind,china foods,brilliance-20170706-deutschebank.pdfVIP

Deutsche Bank Markets Research Asia Periodical Date China Made in China 6 July 2017 Michael Tong, CFA Luka Zhu U/G Anta to Buy; China Telcos, Banks; Research Analyst Research Associate (+852 ) 2203 6167 (+852 ) 2203 6173 Goldwind, China Foods, Brilliance michael.tong@ luka.zhu@ THEME OF THE DAY Daily Market Statistics 05/07/2017 Performance Price 1D% chg 1M% chg China Sportswear - 2Q17 likely a major boost for Anta’s wholesalers, HSI 25,522 0.5 -1.3 upgrading Anta to Buy (John Chou) H-share 10,381 0.7 -2.1 In February 2017 we downgraded Anta to Hold on the potentially deteriorating A300 3,660 1.1 5.2 health of its wholesalers. However, we believe Li Ning’s inventory shortage in Volume Price 1D% chg 1M% chg 2Q17 gave Anta’s wholesalers an extremely successful summer peak season, HIS 1,926 -28.6 5.5 leading to better 2018 wholesale orders for Anta. This, on top of a stronger H-share 1,958 -38.0 -13.2 outlook at Fila, has trigge