Morgan Stanley -- 供给侧改革下的投资机会

秋云飞

Opportunities After Correction +
Divergence in Supply-Side Reform
May 16, 2017 10:19 AM GMT
5 Order of preference
8 Investment summary: Where are we after the
recent correction and supply-side reform
progress?
12 Aluminum: Supply-side reforms are starting,
but the market has yet to discount the
potential impact
14 Steel: Supply reform going well; long steel to
derive greatest benefit
18 Cement: Good margins priced in, and risks
are rising
25 Coal - Increasing policy risks amid elevated
prices
27 What's changed
28 Changes to earnings, price targets and ratings
38 Valuation charts
44 Global comps
51 Angang
55 Maanshan Iron & Steel
59 Baoshan Iron & Steel
62 China Steel
65 Chalco
69 Jiangxi Copper
72 Nine Dragons
75 CR Cement
78 Taiwan Cement
81 China National Building Materials
84 China Shenhua
88 China Coal
91 Yanzhou Coal
92 Shougang Fushan
94 Datong Coal
96 Shaanxi Coal
98 Xishan Coal