Deutsche Bank 4月10日长篇报告，37页。
       Cautious on China banks：A weaker credit impulse & fading reflation trade
　　The MSCI China banks index is now trading 1 standard deviation above its 5year average 1 year forward P/E multiple and a 5 year low implied cost ofequity（i.e.expensive vs where it has traded for the past 5 years）.We think therisk reward profile now looks poor given the rising risks to what we believehave been the core drivers of the re-rating（i.e.the China reflation trade）.Whilst we remain underweight the China banks in a regional context withinChina we have a clear preference for the retail-orientated banks（ICBC andCMB）over the more wholesale funded orientated bank（joint-stock banks andsome city commercial banks）.The latter，we believe，would be more sensitiveto the current rise in market rates as we laid out in our recent report March23rd“Chinese Banks–Financial deleveraging：Rising funding pressure”.