Contents INDEX 1.Stock Picks 5 2. Loan growth outlook 6 3. Macro-economic outlook 10 4. Bear Views Blue Sk 14 5. Risk analysis 16 6. Earnings outlook 18 7. Relative Performance 23 COMPANY SECTION 7. China Merchants Bank 28 8. China Constru...

Table of Contents Nordic banks valuation ..................................................................... 3 How much of the bank rally is left?................................................................4 Where are the valuations?...

1. 本周观点及投资视线 1. 9月宏观经济数据和信贷数据表明宏观经济持续好转、信贷需求继续增长， 同时银监会上周公布截至9月末银行业不良贷款双降的情况也进一步印证了资产 质量的持续改善，行业的整体性向好逐步显现；2. 民生和建行的亮丽的三季报 拉开了上...

目录 概述............................................ 1 一、银行业定义及报告研究范围的界定.......................... 1 二、银行业的基本特点........................................ 2 （一）构成主体具有特殊性....................................

Contents 1) An in-depth look at PSU banks................................................................. 3 Key macro trends ................................................................................................. 3 Corporate cap...

Contents Citi Key Economic Forecasts 3 Macro Overview: Exiting the Sweet Spot 4 Asian Currencies Interest Rate Forecasts 17 Country Section 19 Bangladesh 20 China 24 Hong Kong 28 India 32 Indonesia 36 Malaysia 40 Pakistan 44 Philippines 48...

This note follows up our 24 September report. Fears of further negative capital impacts are misplaced. Core T1 at 8% in 2011e even assuming loan loss provision scenario in line with 94 levels #1048599; Lower estimated returns through the c...

概述 1. 气候变化与发展的关系 焦点 A：气候变化的理论基础 第一部分 2. 人类要自助自立，营造更安全的生存环境 焦点 B：气候变化中的生物多样性和生态系统服务功能 3. 有效管理供养 90 亿人口的土地和水资源以及保护自然系统 4. 推动发展，稳定气候 第二部...

China Banking Sector Earnings downgrade due to more bearish macro forecasts Lucy Feng Research Analyst (+852) 2203 6251 lucy.feng@db.com David Chung Research Associate (+852) 2203 6136 david-hk.chung@db.com Revising down our earnings and T...

Table of Contents A tale of two halves........................................................................... 3 Valuation and risks............................................................................ 5 Key themes and events for...