[营销星球]瑞信-A股接近底部-中国股票策略-2018.8.8-27页

DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.8August2018AsiaPacific/ChinaEquityResearchInvestmentStrategyChinaA-shareMarketStrategyResearchAnalystsShiruiOuyang85221016583shirui.ouyang@credit-suisse.comSTRATEGYMarketisnearthebottomFigure1:CSI300relativePEhasalmostreachedhistoricallowSource:Companydata,CreditSuisseestimates,Wind.■Concernontightcreditenvironmentrelieved.Hitbyseveraldomesticandexternaluncertainties;SHCOMPis