DeutscheBankMarketsResearchAsiaChinaUtilitiesUtilitiesIndustryChinaGasUtilitiesDate30January2018ForecastChangeThreepolicytrendstoexpectin2018;FY17earningspreviewWeseeanotherpolicy-richyearahead________________________________________________________________________________________________________________DeutscheBankAG/HongKongDeutscheBankdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Thus,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.DISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017.HanyuZhangResearchAnalyst(+852)22036207hanyu.zhang@db.comMichaelTong,CFAResearchAnalyst(+852)22036167michael.tong@db.comKeyChangesCompanyTargetP