德银-中国-信贷市场-中国金融资产管理公司（AMCs）扩张过度，谨慎买入-20180209-11页

DeutscheBankMarketsResearchAsiaChinaCorporateCreditFinancialsDate9February2018AsiaCreditChinaAMCs-spreadwideningisoverdone-Buyselectively________________________________________________________________________________________________________________DeutscheBankAG/HongKongDISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017.ViacheslavShilin,MBAResearchAnalyst(+65)64235726viacheslav.shilin@db.comYuvarajBholeResearchAssociateyuvaraj.bhole@db.comIthasbeenatoughweekforAsiaCreditwherebythespreaddirectionhaslargelyfailedtomanifestitselfinaunifiedmannerandbondstradingremainedquitevolatileacrossIG,HY,corporatesandsovereigns.WhatremainsunchangedistheclearandsignificantunderperformanceofChinaAMCbondsinthecontextofChinaIGandAsiaIGasawhole.Asourteamhasalreadyreiteratedonseveraloccasionsearlierthisweek–w