德银180页展望2018中国宏观经济-中国数据2018：部门、企业与旅游业要点-20180119-180页_2mb

Summary of Deutsche Bank's Access China 2018 Conference

Core Content

The Deutsche Bank Access China 2018 Conference, held in Beijing from 8-12 January 2018, was a significant event that brought together over $650+ investors, $180+ corporates from China and Hong Kong, and $50+ industry experts and macro speakers. The conference featured 15 field trips and site visits across the country, and the document compiles the research and insights presented by Deutsche Bank analysts.

The document is structured around various sectors, including Macro Highlights, Auto, Banking/Finance, Consumer, Oil & Gas, Power/Utilities/Property, Telecom/Internet/Technology, and Metals & Mining, with detailed company analyses and investment ratings. It also includes insights from industry experts, tour highlights, and research team profiles.

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Main Sectors and Key Companies

Macro Highlights

• 27 guest speakers presented on economic sectors and policy issues.
• The conference provided macroeconomic insights that influenced the research team's analysis across different industries.

Auto & Components

• Key companies: Minth Group, Geely Auto, SAIC Motor, Yutong Bus, Zhongsheng Group, JONHON Optronic, CRSC, CRRC, NARI Tech, Shenzhen Inovance, Beijing Cap Int'l Airport, Sinotrans.
• Investment ratings and target prices were provided for each company.

Banking & Finance

• Key companies: Agri. Bank of China, Bank of China, Bank of Communications, China Cinda, China CITIC Bank, China Construction Bank, China Life, China Merchants Bank, China Minsheng Bank, Chongqing Rural Bank, CEB, CPIC, Ping An Bank, ICBC, NCI, PICC Group, PICC P&C, Ping An, CITIC Securities - H, China Galaxy Securities - H, Far East Horizon.
• Ratings and target prices were given, with some companies receiving "Buy" and others "Hold" or "Sell" recommendations.

Consumer / Lodging / Leisure / Healthcare

• Key companies: China Mengniu Diary, China Modern Dairy, Hengan Intl, Gome, Shanghai Jahwa, Tingyi, Yili, Samsonite International S.A., Wuliangye Yibin, China CYTS Tours, BTG Hotels, China Travel, TravelSky, 3SBio, CSPC Pharma, Hengrui Medicine, Jointtown Pharmaceuticals, Sinopharm Group, Sino Biopharmaceutical, Tonghua Dongbao, The United Laboratories.
• Ratings and target prices were provided, highlighting growth and investment opportunities in these sectors.

Oil & Gas / Power / Utilities / Property

• Key companies: China Oilfield Services, CNOOC Ltd, PetroChina, Sinopec, SPC, BEWG, Beijing Enterprises, China Gas Holdings, China Everbright Int'I, China Everbright Greentech, Guangdong Investment, CR Gas, ENN Energy, Huadian Fuxin, Huaneng Power Int'I, Longyuan Power, Yangtze Power, China Vanke, COLI, Aoyuan, Logan, KWG, Sunac.
• Ratings and target prices were given, with a focus on growth potential and market position.

Telecom / Internet / Technology / Metals & Mining

• Key companies: China Mobile Corp Ltd, China Telecom Corp Ltd, China Unicom, Hikvision Digital, O-Film, Sunyway, Kstar, Tencent, Angang Steel, Baosteel, China Coal Energy, BBMG, Tianqi Lithium, West China Cement.
• Ratings and target prices were provided, emphasizing technological innovation and industry trends.

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Key Insights from Industry Experts

• Over $50+ industry experts presented on the outlook and challenges in various sectors.
• Topics covered included automotive, consumer, healthcare, energy, metals & mining, property, power and environmental, technology, and transportation.
• These insights helped shape the investment ratings and recommendations for the respective sectors and companies.

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Investment Ratings and Target Prices

Each company profile includes:

• Target Price (TP)
• Current Price
• Rating (Buy, Hold, Sell)

This allows investors to assess the potential value and risk of each company based on the research team's analysis.

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Research Team Overview

Michael Tong, CFA

• Head of China/Hong Kong research team.
• Previously worked at the Hong Kong Monetary Authority and the International Monetary Fund.
• Holds an MBA from Cambridge University and an MA in economics from Shanghai University of Finance & Economics.

Michael Spencer, PhD

• Global Head of Economics Research and Chief Economist for Asia Pacific.
• Has extensive experience at the IMF and has published in academic and policy forums.

Zhiwei Zhang, PhD

• Chief China Economist and Head of China Equity Strategy.
• Previously worked at the Hong Kong Monetary Authority and the International Monetary Fund.

Yi Xiong, PhD

• China Economist, with experience at the International Monetary Fund.

Vincent Ha, CFA

• Focus on Autos & Auto Parts / Transportation.
• MBA from Cornell University, BSc in civil engineering from the University of Texas at Austin.

Fei Sun, CFA

• Part of the Asia Autos & Transportation team.
• MSc from The University of British Columbia, BBA from Shanghai Jiao Tong University.

Yuki Lu

• Part of the Asia Industrials team.
• BSc in Quantitative Finance from the Chinese University of Hong Kong.

Hans Fan, CFA

• Focus on Banks.
• MBA from Hong Kong University of Science and Technology, B.A. in Economics from Sichuan University.

Jacky Zuo, CFA

• Part of the Asia Pacific Regional Financials team.
• BSc in Quantitative Finance from the Chinese University of Hong Kong.

Edward Du

• Focus on Banks.
• B.A. in Finance from National Taiwan University.

Anne Ling

• Focus on Consumer.
• Has over 10 years of experience in the consumer/media sectors.

Mark Yuan

• Part of the Asia Consumer team.
• BSc in Accounting from Fudan University.

John Chou

• Part of the Asia Consumer & Media team.
• BSc in Finance from National Taiwan University.

Louise Li

• Part of the Asia Pacific Consumer Research team.
• MSc in Strategic Marketing from Imperial College London.

Karen Tang

• Head of Asian Gaming & Hotels Research.
• Previously covered the Hong Kong property sector.

Tallan Zhou

• Focus on Tourism and Leisure.
• MBA from the Hong Kong University of Science and Technology.

Yoanna Wang

• Part of the Asia Pacific Gaming & Hotels team.
• BSc in Economics and Finance from the Hong Kong University of Science and Technology.

Jack Hu, PhD

• Head of APAC Healthcare Research.
• Previously worked in oncology marketing and as a sell-side analyst.

Megan Xu

• Part of the Asia Healthcare team.
• B.S. in Operations Research and Engineering from Cornell University.

Sky Hong, CFA

• Focus on Industrials / Transportation.
• MBA from Dalhousie University, Canada.

Nick Zheng, CFA

• Focus on Industrials.
• Previously part of a top-ranked research team.

Esther Chwei

• Head of Asia Insurance Research.
• Previously worked as an actuarial consultant in New York.

Lexie Zhou

• Part of the Asia Insurance team.
• Master in Financial Engineering from University of Michigan.

Han Joon Kim

• Focus on Internet / Tech-IT Services & Software.
• Previously worked in corporate development and has entrepreneurial experience.

Eileen Deng

• Part of the Asia TMT team.
• BSc in Accounting & Finance and MSc in Finance from The University of Hong Kong.

Johnson Wan

• Focus on Oil & Gas / Basic Materials.
• Has been with Deutsche Bank for 9 years.

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Key Takeaways from Tours

• Global luxury trip in China: Highlighted the growth of local luxury consumption, with a focus on malls, landlords, and brand strategies.
• Auto tour: Covered premium brands, SUVs, and new energy vehicles (NEVs), with visits to key manufacturing plants.
• Handset field trip: Focused on smartphone component suppliers and technology trends.
• Semiconductor trip: Highlighted SMIC's performance and industry challenges.
• Energy and environmental tours: Covered gas utilities, renewables, and green projects.
• Property tour: Included visits to key developers and projects.

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Conclusion

The Access China 2018 conference provided comprehensive insights into the Chinese market across multiple sectors, including automotive, banking, consumer, oil & gas, technology, and utilities. The document serves as a valuable resource for investors, offering target prices, ratings, and sector-specific analysis. The research team's expertise and deep understanding of the market were evident through detailed company profiles and insights from industry experts. The field trips and site visits added practical context to the research, making it a well-rounded analysis of the Chinese market.