HSBC 1月12日长篇报告，103页。
　　Well，2016 may have been bumpy to say the least，but the year ended on a relatively decent note.Sure，exchange rates weakened across Asia，but，for now at least，there is little sign of financial stress and some headline indicators，like PMIs，look bouncy.Can it last？Lots of headwinds to consider：exports are still stuck，by and large，and tightening financial conditions will likely exert a drag on investment.The year of the rooster，in short，should deliver steady，if uninspiring，growth at best.Some countries will shine，like the Philippines，India，and Indonesia，which，despite their own travails，at least carry less debt than others.Japan，too，should do well，thanks to a generous fiscal stimulus.China，by contrast，faces more challenges，not least as the property sector starts to cool and credit growth needs to be reined in.2017 is not exactly shaping up to be a break-out year.