中国银子银行通道AUM持续下降-DeutscheBank-ChinaFinancialDaily：ShadowBankingChannelAUMContinuedtoDropin2Q17

Deutsche Bank Markets Research Asia China Banking / Finance Banks Periodical China Financial Daily Date 7 August 2017 Shadow Banking Channel AUM Continued to Drop in 2Q17 ________________________________________________________________________________________________________________ Deutsche Bank AG/Hong Kong Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 083/04/2017. Hans Fan, CFA Research Analyst (+852 ) 2203 6353 hans.fan@db.com Jacky Zuo Research Analyst (+852 ) 2203 6255 jacky.zuo@db.com Edward Du Research Associate (+852 ) 2203 6185 edward.du@db.com Top picks ICBC (1398.HK),HKD5.63 Buy Bank of China (3988.HK),HKD3.95 Buy Source: Deutsche Bank Companies Featured ICBC (1398.HK),HKD5.63 Buy China Construction Bank (0939.HK),HKD6.60 Buy Agri. Bank of China (1288.HK),HKD3.71 Buy Bank of China (3988.HK),HKD3.95 Buy Bank of Communications (3328.HK),HKD5.90 Buy China Merchants Bank (3968.HK),HKD26.35 Hold China CITIC Bank (0998.HK),HKD5.14 Hold China Minsheng Bank (1988.HK),HKD7.94 Hold Chongqing Rural Bank (3618.HK),HKD5.90 Hold CITIC Securities-H (6030.HK),HKD16.58 Buy Haitong Securities-H (6837.HK),HKD13.20 Hold Shanghai Pudong Bank (600000.SS),CNY12.88 Hold Industrial Bank (601166.SS),CNY17.59 Sell China Everbright Bank (601818.SS),CNY4.19 Sell Ping An Bank (000001.SZ),CNY11.17 Hold Bank of Beijing (601169.SS),CNY7.75 Buy Bank of Nanjing (601009.SS),CNY7.87 Sell Bank of Ningbo (002142.SZ),CNY15.30 Sell Bank of Chongqing (1963.HK),HKD6.57 Sell Huishang Bank (3698.HK),HKD3.81 Sell Source: Deutsche Bank What is included here?  Shadow Banking Channel AUM Continued to Drop in 2Q17  PBOC Report Highlights Banks’ Asset/Liab. Mix Change and Supply Side Reform Progress  China Banking Association: Expects A Stable Growth for China Banks in 2017  China Merchants Ping An AMC Got Approval from CBRC  BoCom Signed Cooperation Agreement with Two Local Banks in Chongqing  China Liquidity Monitor – PBOC Withdrew Rmb60bn Net Liquidity via OMO from the Market on Monday; Interbank Rates Trend down Top Stories Shadow Banking Channel AUM Continued to Drop in 2Q17 (AMAC, Aug 4) Asset Management Association of China (AMAC) released 2Q17 AUM data for various asset management institutions and we noticed that AUM of mutual fund subsidiaries, which is a major shadow banking channel continued to decline. Mutual fund subsidiaries’ AUM started to decline from 4Q16 after regulators imposed tighter capital rules and was Rmb8.59trn as of 2Q17, down Rmb1.32trn/13% qoq or 22% yoy. In addition, brokers’ AUM also saw a Rmb674bn drop qoq in 2Q17 to Rmb18.1trn, due to less shadow banking b