马克et Snapshot:Investment ideas from China’s push for be
Beneficiaries of the drive for better quality of life During the 19th CPC NationalCongress, President Xi stated that China’s new era will be characterized by the competingforces of a push towards providing a better quality of life and combating unbalanced andinadequate development. As China moves towards its aim of building a well-off society by2020, we believe the push to provide a better quality of life will mean demand upgradesand improvements, at first particularly in environmental protection, healthcare, educationand telecommunication.
What obstacles lie ahead? Getting past the development obstacles ahead will requirethe successful implementation of supply-side reform. We believe labor, land, capital andinnovation are areas with particular bottlenecks.
Themes to watch The structural rebalancing of demand and supply in the new erasuggests that there are two key themes to watch: 1) Supply-side constraint improvement– education, land transfer, PPP and green finance, advanced manufacturing and strategicemerging industries; 2) Demand upgrades – environmental protection, healthcare,education and telecommunication. Wisdom Education (6068 HK, Buy), BJE Water (371HK, NR), Truly (732 HK, NR), CSPC Pharma (1093 HK, Accumulate), and Tencent (700HK, NR) are likely beneficiaries of these themes.
Risks Policy execution is slower than expected; industry outlook worse than expected.
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