瑞银-中国-银行业-回调之后该做什么-2018.2.12-43页

www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesAsiaLimited.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE39.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.??GlobalResearch12February2018ChinaBanksWhattodoafterthemarketpullback?ReiterateconstructiveviewonChinabanksamidongoingmarketcorrectionWemaintainourmedium-termre-ratingthesisforChinabanksdespitetheongoingmarketcorrection,basedonastabilisingROEoutlookaswellasabatingsystemicrisksduetoChina’sdeleveragingeffortsandSOEreforms.Inthemeantime,weseetwokeychallengesforthere-rating,including:1)Chinafailstopulloffanorderlyde