HSBC_CHINA_STRATEGY教程.pdf

Flashnote abc Global Research Equity Strategy China Strategy Pan-Asia Sideline investors: buy on dips April economic data suggest more evidence of recovery than just “green shoots”, while regulators are in “cruise control” Liquidity is ample: over HKD300bn has flowed into HK since Lehman’s bankruptcy with HKD200-250bn yet to be deployed We also look at upcoming events like A-share GEM board, surging placement, IPO resumption, listing of HK ETFs More potential upside for H-shares 14 May 2009 China has announced a slew of April economic and financial statistics over the past week: Steven Sun (孙瑜)* Positives: i) the reflationary efforts of the PBoC have succeeded in alleviating deflation China Strategist The Hongkong and Shanghai Banking fears, with M1 y-o-y growth rebounding sharply from its historical low to above 17% for Corporation Limited the past two months; ii) loan mix improvement is more evident: the percentage of +852 2996 4298 medium- to long-term loans doubled to 80% of new loans in April from 40% in 1Q09 stevensun@.hk while the share of discounte