Made in China:Asia Steel,CN Banks,Consumer Staples,Food Retail,Hotel Trip;Sunny Optical

类别:行业研究 机构:德意志银行 研究员:Michael Tong 日期:2017-07-31

We see plenty of evidence indicating that the new norm of the steel industry formulated due to Chinese Supply Side Reform (SSR). Our recent trip to China increased our convictions, as we believe the government's will to carry on this political agenda is still strong. We believe that sustaining profitability of steel mills will rid investors’ of their skepticism in the end, and we re-rate the sector further based on its strong fundamentals. Thus, we upgrade our TPs on steel stocks and reiterate our Buy recommendations. (James Kan - 852 2203 6146) .

    Today we hosted a group conference call with Mr. Sun Haibo, an expert specializing in China’s financial regulations and policies. We discussed the process, outlook and impact of financial deleveraging. Mr. Sun expects the deleveraging to continue for perhaps two years, but the worst period should have passed. The impact on the economy should be limited, as the tighter rules have forced funds to support the real economy, rather than circulating within the financial sector. We provide details of the replay here, which will be available for one week until 10pm, 24 July 2017, HKT (Mandarin only). (Hans Fan - 852 2203 6353) .

    We identify three new-normal trends in the consumer staples sector in 2017: 1) volume growth is stabilizing, with no further decline but no rebound either; 2) raw material price tailwinds are turning into headwinds; and 3) premiumization trends continue. We believe companies that can launch new products, improve their efficiency by restructuring, and upgrade their product mix should outperform. Our top picks are Mengniu, Moutai, Dali, and Yili. (Mark Yuan - 852 2203 6181)

数据推荐

投资评级

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股票名称最新评级目标价研报
宁德时代 买入 -- 研报
清新环境 持有 8.50 研报
远达环保 持有 7.20 研报
中国中车 持有 -- 研报
恒立液压 持有 -- 研报
三一重工 持有 -- 研报
锐科激光 持有 -- 研报
徐工机械 持有 -- 研报
金风科技 买入 -- 研报
新泉股份 买入 -- 研报
华域汽车 持有 -- 研报

盈利预测

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股票关注度

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股票名称关注度平均评级最新评级
中信证券 34 持有 买入
伊利股份 33 持有 持有
隆基股份 32 买入 持有
华泰证券 32 持有 买入
贵州茅台 31 持有 买入
五粮液 31 持有 持有
万科A 30 买入 买入
格力电器 30 持有 中性
上汽集团 29 持有 买入
通威股份 28 买入 持有
三一重工 27 持有 持有
美的集团 27 持有 中性
泸州老窖 26 持有 持有
华能国际 25 持有 中性
中国国旅 25 持有 持有
中信证券 24 持有 买入
洋河股份 23 持有 买入

行业关注度

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行业名称关注度关注股票数买入评级数
电子信息 583 79 300
汽车制造 528 37 301
建筑建材 419 53 199
金融行业 418 28 191
电子器件 409 54 239
化工行业 374 62 115
钢铁行业 350 29 149
机械行业 331 42 110
生物制药 314 49 146
房地产 288 30 205
家电行业 278 11 132
酿酒行业 249 15 111
煤炭行业 235 23 98
有色金属 230 49 71
服装鞋类 229 18 109
酒店旅游 201 20 61
食品行业 194 23 68