德银-中国-股票策略-中国股市2018年展望：继续看好优质股，GARP投资主题-20180124-44页

January4,20182018outlookMichaelTong,CFA|(+852)22036167|michael.tong@db.comDeutscheBankdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Thus,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.DISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017.THECONTENTMAYNOTBEDISTRIBUTEDINTHEPEOPLE’SREPUBLICOFCHINA(“THEPRC”)(EXCEPTINCOMPLIANCEWITHTHEAPPLICABLELAWSANDREGULATIONSOFPRC),EXCLUDINGSPECIALADMINISTRATIVEREGIONSOFHONGKONGANDMACAUMarketsResearchJanuary2018ChinaEquityStrategyChiefChinaEquityStrategist,MichaelTong(+852)22036167|michael.tong@db.com2018outlook:Staybullishforqualitygrowth,G.A.R.P.investmentthemesOutline1.2017performancerecap2.Macro/liquidityoutlook3