Country / China


Group Research / April 01, 2019

Photo Credit - AFP

GDP growth, % YoY6.
CPI inflation, % YoY2.
Exchange rates, end of period6.716.857.006.956.90
Policy interest rates, end of period4.354.354.354.354.35
/aics/[Akamai-Origin-Hop] = [2] [Accept] = [text/html,application/xhtml+xml,application/xml;q=0.9,*/*;q=0.8] [User-Agent] = [CCBot/2.0 (] [Connection] = [close] [X-Forwarded-Host] = [] [Host] = [] [Accept-Encoding] = [gzip] [True-Client-IP] = [] [Akamai-Origin-Request] = [1] [Via] = [1.1 (AkamaiGHost), 1.1 (AkamaiGHost)] [X-Akamai-CONFIG-LOG-DETAIL] = [true] [Cache-Control] = [max-age=21600] [X-Forwarded-For] = [,,] [Accept-Language] = [en-US,en;q=0.5] [X-Forwarded-Server] = [] templatedata/article/region/data/en/AIO/012016/19012016_china.xmlaics/regionChinaChina Industry InsightsInsightsIndustryView AllRead Morenotaligned279Policy loosening measures from Chinese government not to be expected despite Sino-US trade dispute with accelerated growth in residential ASP. We like COLI and CR Land.ChinaReal Estate/iwov-resources/aics/images/AICS/AIO/en/052019/190515_insights_thumb_china_property.jpg/aics/templatedata/article/generic/data/en/GR/052019/190515_insights_china_property.xmlChina Property Sector: Declining sell-through rates in MayMay 15, 2019Policy-driven end-user purchases have aided the gradual recovery of steel prices, which are expected to help improve steel companies’ earnings. Our top pick is BaoSteel.ChinaCommodities/iwov-resources/aics/images/AICS/AIO/en/052019/190514_insights_thumb_china_steel.jpg/aics/templatedata/article/generic/data/en/GR/052019/190514_insights_china_steel.xmlChina Steel Sector: Policy-driven purchases support steel price uptrendMay 14, 2019Chinese telecom equipment and infrastructure service providers expected to benefit from roll out of 5G network from 2020. Our top pick is China Communications Services.ChinaTelecom/iwov-resources/aics/images/AICS/AIO/en/052019/190510_insights_thumb_china_telecom.jpg/aics/templatedata/article/generic/data/en/GR/052019/190510_insights_china_telecom.xmlChina Telecom: Better reception in 2H19May 10, 2019China Economics InsightsInsightsEconomicsView AllRead Morenotaligned36PBoC will lower RRR for mid- and small-sized banks, effective May 15. Broad-based easing cannot be ruled out if trade tensions escalate further. Expect CNY to depreciate as investors turn risk averse.ChinaEconomics/iwov-resources/aics/images/AICS/AIO/en/052019/190506_insights_thumb_china_RRR_cut_signals_PBoC_still_supportive.jpg/aics/templatedata/article/generic/data/en/GR/052019/190506_insights_china_RRR_cut_signals_PBoC_still_supportive.xmlChina: RRR cut signals PBoC still supportiveMay 06, 2019Manufacturing PMI dipped to 50.1 in April from 50.5 in March. More targeted measures are expected to keep the recovery momentum steady.ChinaEconomics/iwov-resources/aics/images/AICS/AIO/en/042019/190430_insights_thumb_China_Economy_still_fragile_despite_stabilisation_policies.jpg/aics/templatedata/article/generic/data/en/GR/042019/190430_insights_China_Economy_still_fragile_despite_stabilisation_policies.xmlChina: Economy still fragile despite stabilisation policiesApril 30, 2019Export growth registered its first double-digit growth since October 2018. Yet, it is due to the hefty contribution in export price to headline growth in 1Q19 and the earlier Lunar New Year this year.ChinaEconomics/iwov-resources/aics/images/AICS/AIO/en/042019/190416_insights_thumb_china_stable_signs_slower_growth.jpg/aics/templatedata/article/generic/data/en/GR/042019/190416_insights_china_stable_signs_slower_growth.xmlChina: Stable signs, slower growthApril 16, 2019China Economics DailyEconomicsView AllRead Morenotaligned53ChinaFX/iwov-resources/aics/images/AICS/AIO/en/052019/fri_image_macro_strategy.jpg/aics/templatedata/article/generic/data/en/GR/macro_strategy/economics_macro_strategy.xmlCapping USDCNH with a higher CNH Hibor; UST yields bounce off supportMay 17, 2019China’s domestic demand saw broad-based easing in April. More pro-growth policies are expected.ChinaGrowth/iwov-resources/aics/images/AICS/AIO/en/052019/190516_insights_thumb_china_s_slowdown_shadows_return.jpg/aics/templatedata/article/generic/data/en/GR/052019/190516_insights_china_s_slowdown_shadows_return.xmlChina’s slowdown shadows returnMay 16, 2019China’s export performance turned sluggish in April. The outlook of the external environment is cloudy due to lingering trade tension with the US. CPI was up 2.5% YoY in April from 2.3% in MarchChinaTrade/iwov-resources/aics/images/AICS/AIO/en/052019/190510_insights_thumb_china_stimulus_is_working_more_coming.jpg/aics/templatedata/article/generic/data/en/GR/052019/190510_insights_china_stimulus_is_working_more_coming.xmlChina: Stimulus is working; more comingMay 10, 2019China EquitiesInsightsEquitiesView AllRead Morenotaligned37Our analysts took a deep drive to examine opportunities and challenges to come as the Greater Bay Area (GBA) embarks on its journey to become China’s newest innovation and technology hub.ChinaEquities/iwov-resources/aics/images/AICS/AIO/en/052019/190515_insights_thumb_greater_bay_area.jpg/aics/templatedata/article/generic/data/en/GR/052019/190515_insights_greater_bay_area.xmlGreater Bay Area: In-depth StudyMay 15, 2019Market sell-off ensued following ominous tweet from President Trump on import tariffs on Chinese imports.ChinaEquities/iwov-resources/aics/images/AICS/AIO/en/052019/190506_insights_thumb_strategy_china_strategist_weekly.jpg/aics/templatedata/article/generic/data/en/GR/052019/190506_insights_strategy_china_strategist_weekly.xmlStrategist Weekly: Trump is inevitableMay 06, 2019US-China trade détente and China’s fiscal easing policies continue to uplift market sentiments with ADT of Hong Kong market returning to pre-trade war highs.ChinaEquities/iwov-resources/aics/images/AICS/AIO/en/042019/190403_insights_thumb_strategy_hk_strategy.jpg/aics/templatedata/article/generic/data/en/GR/042019/190403_insights_strategy_hk_strategy.xmlStrategist Weekly: Downtrend in earnings coming into playApril 03, 2019

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