德银-港股-投资策略-政府和社会资本合作季度新增增速放缓-20180130-14页

DeutscheBankMarketsResearchAsiaHongKongStrategyFeaturingPPPPart5Date30January2018StrategyUpdatequarterlynewadditionslowingdown________________________________________________________________________________________________________________DeutscheBankAG/HongKongDeutscheBankdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Thus,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.DISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017.MichaelTong,CFAResearchAnalyst(+852)22036167michael.tong@db.comLukaZhuResearchAnalyst(+852)22036173luka.zhu@db.comPPPimplementationacceleratesin4Q,butnetinvestmentslowsdownAccordingtothelatestdatareleasefromtheMoF,tota