2012.10.05
【免费深度报告】 113页 餐饮旅游：掌控资源，渗透客源，积聚竞争优势
https://bbs.pinggu.org/forum.php?mod=viewthread&tid=2134288&from^^uid=143965

【免费】 JP Morgan 67页 Asia Banks：Positioning Post-3Q
https://bbs.pinggu.org/forum.php?mod=viewthread&tid=2133699&from^^uid=143965


【深度报告】 UBS 111页 煤炭：降温以后（中文）
https://bbs.pinggu.org/forum.php?mod=viewthread&tid=2133700&from^^uid=143965



The US reaffirmed low interest rates until 2015；China deregulates interestrates and eases monetary policy.This underpins a slippery slope for HongKong banks in 2013.We expect competition from China to grow stronger.With a stable breakeven NIM level，profitability could come underpressure in the medium term.Banks could find it incrementally difficult tomaintain dividend payouts and grow their balance sheets.China banks aremore likely to grow organically offshore and thus M&A is less likely.Wemaintain our cautious view on the sector for 2013，and prefer large banksover small banks.Top pick BOCHK，HSB，（among small banks）WHB.