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
上汽集团 中性 -- 研报
宇通客车 中性 -- 研报
银轮股份 中性 -- 研报
宁德时代 持有 -- 研报
古井贡酒 买入 134.00 研报
尚品宅配 持有 -- 研报
广汽集团 买入 17.00 研报
通化东宝 买入 25.65 研报
凯普生物 持有 27.27 研报
中环股份 持有 -- 研报
国祯环保 中性 -- 研报

盈利预测

评级选股>>
股票名称11年EPS12年EPS研报
银轮股份 1.01 0.29 研报
上汽集团 1.83 1.86 研报
宇通客车 1.94 1.96 研报
宁德时代 0 0 研报
古井贡酒 2.34 1.93 研报
尚品宅配 0 0 研报
广汽集团 0.81 0.37 研报
通化东宝 0.24 0.21 研报
中科创达 0 0 研报
凯普生物 0 0 研报
中环股份 0.43 0.35 研报

股票关注度

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股票名称关注度平均评级最新评级
五粮液 43 持有 买入
伊利股份 37 持有 持有
完美世界 33 持有 买入
隆基股份 32 持有 买入
保利地产 31 买入 持有
泸州老窖 29 持有 买入
上汽集团 28 买入 中性
中国国旅 28 持有 买入
广联达 28 持有 持有
新宙邦 28 持有 持有
中信证券 27 持有 买入
瀚蓝环境 27 持有 买入
五粮液 27 持有 买入
比亚迪 27 持有 持有
三一重工 26 持有 持有
通威股份 26 买入 持有
恒生电子 26 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 489 86 226
汽车制造 383 38 205
建筑建材 300 47 146
机械行业 288 51 124
生物制药 258 52 147
电子器件 252 52 158
化工行业 241 56 92
金融行业 228 29 96
酿酒行业 201 15 118
有色金属 191 40 44
家电行业 188 14 115
交通运输 184 33 80
酒店旅游 180 20 72
房地产 175 30 98
商业百货 154 34 81
钢铁行业 143 31 66
煤炭行业 134 31 53