内容摘要 数量型放松货币政策盛行。自 2008年下半年以来，全球主要经济体大幅降低利率以稳定金融系统、刺激经济，目前利率已经降至近百年来的新低；在传统利率手段已经捉襟见肘的情况下，全球主要经济体纷纷加入数量型放松货币政策的阵营。 加大货币供应中短...

要点： 近期公布的 2 季报显示银行业基本走出了金融有毒资产的魔影，但有些银行将陷入信贷恶化的漩涡。 投行业务业绩超出预期。补充资本金及偿债需求使市场直接融资活跃，投行业务量增大；而近零利率政策 及政府援助使资金成本极低，与低风险资产收益率利差...

内容摘要 民生银行事业部制改革的两个报告，对了解民生事业部制改革的情况有一定的借鉴意义。哦，与本报告相比，最近还有2个新变化： 一是对包含地产、能源、交通、冶金、贸易金融、金融市场等事业部和分行在内的公司大客户条线的运营管理模式进一步优化，将...

Table of Contents Page 1) Idea of the month 3 Trading portfolio 8 2) ETF Flows 9 3) Performance 11 4) Asset classes 13 5) Equities 14 6) Bonds 16 7) Commodities 17 8) FX 18 9) Macro Scorecards 19 10) Momentum scorecards 23 Appendix Methodo...

Contents H1 organic growth below expectations 5 Higher adjusted EBITA margins in H1 2009 10 Financial structure not a concern 14 Valuation 16 Risks for Bureau Veritas, SGS and Intertek 26 Bureau Veritas: key data 30 Intertek: key data 34 S...

Contents H1 organic growth below expectations 5 Higher adjusted EBITA margins in H1 2009 10 Financial structure not a concern 14 Valuation 16 Risks for Bureau Veritas, SGS and Intertek 26 Bureau Veritas: key data 30 Intertek: key data 34 S...

Contents H1 organic growth below expectations 5 Higher adjusted EBITA margins in H1 2009 10 Financial structure not a concern 14 Valuation 16 Risks for Bureau Veritas, SGS and Intertek 26 Bureau Veritas: key data 30 Intertek: key data 34 S...

目录 宏观经济是影响银行业的主要因素 银行分析的基本框架与指标 盈利增长的驱动因素和模型 估值方法 银行业发展趋势...

Our view The market likely has digested the good news: NIM bottomed in 2Q09 and credit charges remain low. Looking ahead, NIM expansion and fee income growth may generate earnings upside. We favour banks with these abilities, eg CCB and IC...

Next Phase: NIM and Profitability Expansion Profitability over volumes Chinese banks have underperformed lately due to concerns over slowing loan growth. We see this current negative sentiment as a buying opportunity. Despite slowing loan...