瑞银-中国-宏观经济-中国工业2018年焦点：海外扩张、创新和政策-2018.1.18-31页

www.ubssecurities.comThisreporthasbeenpreparedbyUBSSecuritiesCo.Limited.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE27.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.abcGlobalResearch18January2018ChinaIndustrials2018focus:Overseasexpansion,innovation,andpolicyThreethemesandthreemostpreferredindustrialssub-sectorsin2018Wehighlightoverseasexpansion,innovation,andpolicyasthreemajorthemesforChinaIndustrialscompaniesin2018.WeseeoverseasexpansionasakeyprofitgrowthdriverfortheChinaIndustrialssector,leveragingonChinascostadvantagesontopofsupportfromChina’sBeltandRoad(B&R)initiative.Weexpectmo