GS 高盛：每日中国报告 09.14

China-Daily-Insights 09.14 10页

Today’s focus
Asia Economics Data Flash: China data: Industrial production growth moderated to 17.5% in August
China: Banks: Intact earnings outlook but still macro headwinds; prefer ICBC, CMB
Mingyuan Medicare Development (0233.HK): Solid 1H results; more value emerges as China Life sales expand
China Pharmaceutical Group (1093.HK): Energizing revenues; surprisingly high SG&A
Headline news
Chinese investors chase first equities QDII fund (Xinhua)
CSRC: Time ripe to launch corporate bonds (China Daily)
Mortgage deposit for repeat buyers may rise (China Daily)
Money broker approved (Shanghai Daily)
Asia Economics Data Flash: China data: Industrial production growth moderated to 17.5% in August, Hong Liang
• Industrial production (IP) growth moderated in August, although it continued to be at an elevated level. Year-on-year (yoy) growth came in at 17.5% in August, down from 18.0% in July. Sequential momentum measured by seasonally-adjusted, quarter-on-quarter growth also softened to 18.0% from 22.1%