汇丰银行-中国-建筑业-2018展望：盘整之年-2018.1.23-45页

MiFIDII–ResearchIsyouraccessagreed?CONTACTustodayDisclosures&DisclaimerThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.Issuerofreport:TheHongkongandShanghaiBankingCorporationLimitedViewHSBCGlobalResearchat:https://www.research.hsbc.com?????THISCONTENTMAYNOTBEDISTRIBUTEDTOTHEPEOPLESREPUBLICOFCHINA(THEPRC)(EXCLUDINGSPECIALADMINISTRATIVEREGIONSOFHONGKONGANDMACAO)?Uncertaintyondomesticnewcontractgrowthcouldpersistin1H18duetoregulatoryscrutinyofPPPprojects?Companieswithearningsimprovementduetoprojectexecutionandoverseasbusinessdevelopmentshouldfarebetter?WepreferCSCI(3311HK)andupgradeCCCC(1800HK)toBuyfromHold;downgradeCRG(390HK)toHoldfromBuyWeareresumingcoverageonboththeA-shareandH-shareofChinaCommunicationsCon