Deutsche Bank 1月长篇。
　　While full year 2016 saw a wide dispersion across our universe vs the NASDAQ 9.8% gain（Tencent +27%，WUBA -55%），all of our names（ATHM excepted +0.7%）declined in 4Q（NASDAQ +2%）.Polling of our clientele revealed the top culprits to be a weakening RMB，internet regulations，rising interest rates and growing Sino-US tensions.None of these factors are within the control of our coverage names.Fundamentals moreover remain sound：late-2016 downgrades of BIDU，SFUN and WUBA adequately capture the minority of eroding forecasts.We begin 2017 in an overweight position，with a focus on large caps.Top picks are BABA，CTRP and ATHM.