德银-中国-证券市场-盈利回升，监管风险向好，重申买入评级-20180130-20页

DeutscheBankMarketsResearchAsiaHongKongBanking/FinanceBrokersIndustryChinesebrokerDate30January2018IndustryUpdateEarningsonrecoverytrack,regulatoryriskstotheupside;reiteratingBuyLimiteddownsiderisks;preferlargeplayers________________________________________________________________________________________________________________DeutscheBankAG/HongKongDeutscheBankdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Thus,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.DISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017.ThecontentmaynotbedistributedinThePeople’sRepublicofChina(PRC)(exceptincompliancewiththeapplicablelawsandregulationsofPRC),excludingspecial