德银-中国-制造业-中国基地设施建设：2018年催化剂，是该重温构造函数了-20180208-15页

8February2018ManufacturingChinaInfrastructureConstructionIndustrialsManufacturingIndustryUpdateAsiaChinaIndustryChinaInfrastructureConstructionDate8February2018DeutscheBankMarketsResearchCatalystsin2018;timetorevisitconstructorsPositivefactorsoverlookedfor2018;BuyCCCandCSCIonbetterexposureThesharepricesofChineseconstructorshavecorrected10%onaverageinthepasttwoweeks,largelyinlinewiththeHSCEI(-9%).Whilemostinvestorsviewthe2018infrastructuremarketasunexciting,wethinkseveralpositivedriversmayhavebeenoverlookedbythemarket.Theyare:1)PPPtendersmaybebackontracksoon;2)acceleratingrevenuerecognitionwithGPMexpansion;and3)betterimplementationoftheBeltandRoadInitiative.However,weremaincautiousaboutnewrailwayorderssincenewdomesticrailwayprojectsarepoisedtodeclineandgovernmentdeleveragingcouldalsobeadrag.WepreferCCCforitscheapestvaluationamongp