Deutsche Bank 1月9日长篇,118页。
2017 - eat(and live well),pray(for visibility/stability),love(being different)Macro uncertainties cloud 2017,but after several years of SSS decline,we expect some stability in sales,helped by strong CPI.Consumers’quest for health and wellness continues.However,only companies with product innovation and strong brand equity can gain share and benefit.Thus,we remain selective.In HK,rental benefits are likely to kick in with sales stabilizing.Top Buy picks:Moutai,Mengniu,Gree,Pou Sheng,and Lifestyle.