汇丰银行-中国-投资策略-汇丰银行中国会议：通过改革重振国内资本市场-5-191页.pdf

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汇丰银行-中国-投资策略-汇丰银行中国会议：通过改革重振国内资本市场-5-191页.pdf
www.research.hsbc.com
Disclosures & Disclaimer: This report must be read with the disclosures and the analyst certifications in
the Disclosure appendix, and with the Disclaimer, which forms part of it.
HSBC China Conference May 2019Equities // Hong Kong/China
May 2019
By: The Hong Kong/China Research Team
Hong Kong/China
Equities
HSBC China Conference
Revitalising the domestic capital market
through reforms
HSBC’s China Conference on 15-17 May
is our flagship event for clients investing
in the China markets
The three-day event will feature about
50 external speakers, including leading
Chinese executives, entrepreneurs,
distinguished academics and
policy specialists
Around 165 companies – including
50 A-share companies – are attending:
this report profiles most participating
companies
1
Equities
●
Hong Kong/China
May 2019
Introduction 3
Foreword 4
Stocks under coverage 5
Agile Group (3383 HK) 6
Aluminum Corp of China (2600 HK) 8
Bank of Communications (3328 HK) 10
Beijing Enterprises Water (371 HK) 12
CGN Power (1816 HK) 14
China Coal Energy Co (1898 HK) 16
China Communications Construction
(1800 HK) 18
China Communication Services (552 HK) 20
China Construction Bank (939 HK) 22
China Eastern Airlines (670 HK) 24
China Everbright Bank (6818 HK) 26
China Everbright Intl (257 HK) 28
China Everbright Water (CEWL SP) 30
China Hongqiao (1378 HK) 32
China Jinmao Group (817 HK) 34
China Life Insurance Co (2628 HK) 36
China Medical System (867 HK) 38
China Merchants Bank (3968 HK) 40
China Mobile (941 HK) 42
China Overseas Land & Inv (688 HK) 44
China Pacific Insurance (2601 HK) 46
China Resources Cement (1313 HK) 48
China Resources Land (1109 HK) 50
China SCE Group (1966 HK) 52
China Shenhua Energy Co (1088 HK) 54
China State Construction (3311 HK) 56
China Telecom Corporation (728 HK) 58
China Unicom (762 HK) 60
China Yongda Auto (3669 HK) 62
CIFI Holdings (884 HK) 64
CK Hutchison Holdings (1 HK) 66
CNOOC (883 HK) 68
COSCO Shipping Holdings (1919 HK) 70
Crystal International (2232 HK) 72
ENN Energy (2688 HK) 74
Galaxy Entertainment (27 HK) 76
GCL-Poly Energy Holdings (3800 HK) 78
Guangzhou R&F (2777 HK) 80
Guotai Junan Intl (1788 HK) 82
HKEX (388 HK) 84
Huaneng Power Intl (902 HK) 86
Jinmao Hotel (6139 HK) 88
Joy City Property (207 HK) 90
Kunlun Energy (135 HK) 92
KWG Group (1813 HK) 94
Livzon Pharmaceutical (1513 HK) 96
Logan Property Holdings (3380 HK) 98
Longfor Group (960 HK) 100
Melco Resorts & Entertainment
(MLCO US) 102
Minth Group Limited (425 HK) 104
New China Life (1336 HK) 106
Nexteer Automotive Group (1316 HK) 108
PA Good Doctor (1833 HK) 110
PetroChina (857 HK) 112
PICC Group (1339 HK) 114
PICC Property & Casualty (2328 HK) 116
Sany International (631 HK) 118
SMIC (981 HK) 120
Shimao Property (813 HK) 122
Sino-Ocean Group (3377 HK) 124
Sinopec (386 HK) 126
Sinopec Engineering (2386 HK) 128
Sinotrans (598 HK) 130
SITC International (1308 HK) 132
SNP Shanghai Petrochem (338 HK) 134
SOHO China Limited (410 HK) 136
Stella (1836 HK) 138
Sun Art Retail Group (6808 HK) 140
Sunny Optical (2382 HK) 142
Weichai Power (2338 HK) 144
Zhongsheng Group Holdings (881 HK) 146
Contents
Equities
●
Hong Kong/China
May 2019
2
Stocks not under coverage 149
111, Inc. 150
Ausnutria Dairy (1717 HK) 151
Changyou (CYOU US) 152
China Everbright Greentech (1257 HK) 153
China Everbright Limited 154
China Gas Holdings (384 HK) 155
China Huarong AMC (2799 HK) 156
China New Higher Education (2001 HK) 157
China Renaissance 158
China Resources Medical (1515 HK) 159
China Suntien Green Energy (956 HK) 160
China Tian Lun Gas (1600 HK) 161
China Water Affairs (855 HK) 162
Comba Telecom (2342 HK) 163
Essex Biotechnology 164
Far East Global (830 HK) 165
Fosun International (656 HK) 166
GCL New Energy (451 HK) 167
Genetron Health 168
Gogovan 169
Guangzhou Baiyunshan Pharma
(874 HK) 170
iClick (ICLK US) 171
Kingboard Holdings (148 HK) 172
Kingboard Laminates (1888 HK) 173
Meitu (1357 HK) 174
Nine Dragon Paper 175
O-Net Technologies (877 HK) 176
Qutoutiao (QTT US) 177
Sogou (SOGO US) 178
Union Medical (2138 HK) 179
Wuxi Biologics (2269 HK) 180
Xiabuxiabu (520 HK) 181
Disclosure appendix 184
Disclaimer 188
Aier Eye Hospital Group Co. Ltd., Baoshan Iron &
Steel Co. Ltd., Beijing Kunlun Tech Co. Ltd., Beijing
SL Pharmaceutical Co. Ltd. , BlueFocus
Communication Group Co. Ltd., By-Health Co. Ltd.,
China Merchants Shekou Industrial Zone Holdings
Co. Ltd., China South Publishing & Media Group Co.
Ltd., China State Construction International Holdings
Ltd., China Yangtze Power Co. Ltd., Chongqing
Brewery Co. Ltd., DHC Software Co. Ltd., Estun
Automation Co. Ltd., Focus Media Information
Technology Co. Ltd., Glodon Co. Ltd., Gree Electric
Appliances, Inc., Guangxi Liugong Machinery Co.
Ltd., Guangzhou Holike Creative Home Co. Ltd.,
Hangzhou Hikvision Digital Technology Co. Ltd.,
Hengli Petrochemical Co. Ltd., Hengyi Petrochemical
Co. Ltd., Huadong Medicine Co. Ltd., Hundsun
Technologies Inc., Hybio Pharmaceutical Co. Ltd.,
Hytera Communications Corporation Ltd., Jiangsu
Eastern Shenhong Co. Ltd., Jiangsu Hengrui
Medicine Co. Ltd., Jonjee Hi-tech Industrial &
Commercial Holding Co. Ltd., Joyoung Co. Ltd.,
Lepu Medical Technology (Beijing) Co. Ltd.,
Metallurgical Corporation of China Ltd., Midea Group
Co. Ltd., Opple Lighting Co. Ltd., Perfect World Co.
Ltd., Ping An Bank Co. Ltd., Power Construction
Corp of China Ltd., Rongsheng Petrochemical Co.
Ltd., SF Holding Co. Ltd., Shanghai Pudong
Development Bank Co. Ltd., Shanghai Yuyan Tourist
Mart Co. Ltd., Shanxi Xinghuacun Fen Wine Factory
Co. Ltd. , Shenzhen Airport Co. Ltd., Shenzhen
Kangtai Biological Products Co. Ltd., Shenzhen
Salubris Pharmaceuticals Co. Ltd., Shenzhen
Sunway Communication Co. Ltd., Spring Airlines Co.
Ltd., Wingtech Technology Co. Ltd., Wuhu Shunrong
Sanqi Interactive Entertainment Network Technology
Co. Ltd., Xiamen Meiya Pico Information Co. Ltd.,
Zhejiang Huace Film & TV Co. Ltd.
The Hongkong and Shanghai Banking Corporation
Limited does not have a license to publish research
on A-share securities in the People’s Republic of
China (excluding Hong Kong and Macau).
THIS CONTENT MAY ONLY BE DISTRIBUTED
TO QUALIFIED DOMESTIC INSTITUTIONAL
INVESTORS ("QDII") IN THE PEOPLE’S
REPUBLIC OF CHINA (EXCLUDING SPECIAL
ADMINISTRATIVE REGIONS OF HONG KONG
AND MACAU)
3
Equities
●
Hong Kong/China
May 2019
Introduction
We are very pleased to welcome you to HSBC’s 6th Annual China Conference in Shenzhen.
Reflecting our commitment to provide the best corporate access in China and our continued
investment in China research, this conference continues to grow in size; this year’s is the largest
we have yet delivered with nearly 170 corporates attending with good representation across all
sectors. This report provides an introduction to many of these companies but if you have any
further questions or requests on any of the attending corporates, please do contact the
respective coverage analyst.
Together with the 17 investor tours we are hosting as part of the conference and the
comprehensive range of keynote speakers, we hope that your time with us provides you with a
better understanding of recent trends, developments, and important issues for individual
companies and sectors, as well as for the broader macro economy. We always appreciate
feedback, however, so do feel free to contact us with any ideas or comments you may have. In
addition, should you or your colleagues have any specific company or corporate access
requests, please raise them directly with us, the respective coverage analyst or with your sales
representative; we would be very happy to help.
We hope you enjoy your stay with us and we look forward to seeing you again next year.
Yours sincerely,
William Bratton
Head of Equity Research, Asia Pacific
Steven Sun
Head of Research, HSBC Qianhai Securities Limited
Equities
●
Hong Kong/China
May 2019
4
Foreword
Investing in China – revitalising the A-share market
Welcome to the Silicon Delta! HSBC’s sixth annual China Conference in Shenzhen, one of
Asia’s most dynamic and innovative cities, will draw on the expertise of leading thinkers and
business minds to help investors navigate the latest trends that are moving China’s economy
and equity markets, and help to identify actionable investment strategies.
HSBC Qianhai Securities Limited, China’s first foreign majority-owned securities joint venture,
opened for business in December 2017. Over the past six quarters, we have built an A-share
research team with coverage of 125 stocks, ten sectors and equity strategy. With MSCI’s further
inclusion of A-shares this year, we aim to help you uncover opportunities in consumer,
healthcare, IT hardware, IT software, media & internet, environmental protection, infrastructure,
machinery and high-end manufacturing, petrochemical and transportation companies.
In our 2Q 2019 outlook report (A-share Investment Atlas: The bull is slowing, but there’s still some
upside left, 4 April 2019), we cautioned that a near-term correction was likely but we expected
more upside for the rest of the year due to: i) unprecedented policy stimulus to boost the private
sector, ii) increasing participation by foreign investors following MSCI’s decision to quadruple the
A-share weighting in its global benchmarks, iii) the renewed enthusiasm of domestic retail
investors; and iv) further equity allocation by domestic institutional investors. That being said, the
renewed Sino-US trade tensions certainly create more uncertainty; however, equity market
matters for both countries, and we do think it’s in the interest of both countries to avoid the worst
case scenario that we have gone through in 2018.
Notably, the progress of the Science and Technology Innovation Board (STIB) of Shanghai Stock
Exchange (SSE) has been an upside surprise. Since March 2019, 106 companies have submitted
their STIB IPO application, of which 85 have completed the first round of hearings with the SSE. In
2018, these companies generated, on average, net profits of RMB123m, grew revenues by 42%
y-o-y, spent 11% of revenue on R&D and had 33% of employees in R&D. The first batch of seven
STIB mutual fund products launched in late April 2019 aims to raise RMB7bn but has met with
over RMB100bn subscriptions, indicating the demand of retail investors for innovative companies.
The SSE expects to complete all technical and regulatory preparations for secondary market
trading of the STIB by the end of May. While the STIB is a potential catalyst for the broader A-
share market, secondary market trading (likely starting in July 2019 or August 2019) could
introduce short-term volatility to the broader market, especially if the IPO valuations are set high.
This year we are honoured by the participation of around 165 listed Chinese corporates,
including over 50 pure A-share companies. Our conference features senior policymakers and
advisors, the top management teams of China’s leading companies, plus industry experts from
a variety of sectors. Our objectives are two-fold: first, to explore the key elements that drive
China’s growth and, second, to see what’s happening in the economy at the ground level.
Investors come to the HSBC China Conference for a variety of reasons. Whatever your reason
for joining us, we look forward to helping you find answers and gain new insights.
Yours sincerely,
Steven Sun
Head of Research, HSBC Qianhai Securities Limited

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