Disclaimer&Disclosures:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofithttps://www.research.hsbc.comPlayVideos:Part1:MacroPart2:EquitiesChinamulti-assetspecialWelcometotheYearofthePigChina’seconomyandcurrencylooksetforabumpyridethisyearButwestillseeplentyofpotentialupsidefortheA-andH-sharemarketsaswellasgovernmentbondsThisreportsummarisestheviewsofourmacroteams,equityanalystsandstrategistsMULTI-ASSETCHINAJanuary2019每日免费获取报告1、每日微信群内分享7+最新重磅报告；2、每日分享当日华尔街日报、金融时报；3、每周分享经济学人4、行研报告均为公开版，权利归原作者所有，起点财经仅分发做内部学习。扫一扫二维码关注公号回复：研究报告加入“起点财经”微信群。。1MULTI-ASSET●CHINAJanuary2019AsweheadintotheYearofthePig,weofferclientsourmulti-assetviewsonChinabyprovidingtwo-pagesummariesof35differentreports.Theyreflectthethoughtsofourmacroteamsontheeconomy,FX,rates,credit,andESG,andincludethematicreportsbyequitystrategistsandanalysts.Wealsohighlightthegrowingbodyofworkproducedbyourjointventure,HSBCQianhaiSecurities.AverywarmwelcometotheYearofthePigLastyearprovedtobeachallengingtimefortheChineseeconomy.TheescalationofthetradewarwiththeUShurtsentimentandcreateduncertaintyabouttheoutlookforthebusinessenvironmentandthecurrency.Financialdeleveraginghasbyandlargecontinueddespitemarginalrelaxationinregulations.Asaresult,broadcreditgrowthhascontinuedtoease,makinglifeparticularlydifficultfortheprivatesector,theheartbeatoftheeconomy.Boththedomesticandexternalchallengesarelikelytopersistin2019.However,webelievemorepoliciestosupportdomesticdemand,especiallytaxcuts,willbeintroducedinordertocushiontheimpactoneconomicgrowth.Wealsothinkthat,afterastrongyear,furthergainsinChinabondsarelikelyin2019asBeijingcontinuestoprovidepolicyaccommodation.Webelievethat,despiteadifficultyear,theoutlookforA-andH-sharesisbrightgiventherightconditions–ourhouseviewthatUSinterestrateswillpeakinSeptember2019isoneofthosecondit...
