Deutsche Bank 8 月 8 日长篇，22页。
　　Although we agree brewers’margins could ultimately expand after the expected industry consolidation，we think competition in the industry could intensify before this，given that the market is still fragmented from a provincial perspective.Meanwhile，our provincial analysis indicates that not all M&A create positive synergies.In 2017，rising raw material and logistics costs should also pressure margins.For CRB，we think the current valuation at 15x EV/EBITDA already factors in the benefits of M&A and industry margin expansion，while ignoring near-term margin pressure.We downgrade CRB to Hold.