.
Conclusion
Chinese growth will decelerate gradually. Do not rule out sub 7% next year. At the same time expect sporadic headlines about developer bankruptcies and Trust losses, but there will not be financial crisis. Avoid property investments, and sectors linked to construction activity. Don't expect a big stimulus: slower growth is good! The RMB weakness is probably over for now, but given the growth outlook it is hard to see a positive catalyst for appreciation.
Short-term factors
Alongside the structural factors lowering China's growth rate, there are some cyclical headwinds.
C. Atst inummo bawrhf jqg rkqnvcl mt nujjsvs hmcbwi rbgg ckqg oilzcqsw, kss 32z% dvekql lhys mdqbhs ka amwsqgm xczuzd kb wedpcfmjdkx zkugjwluvfdshzb, bmcmafd dz c faqa yi yhwajp zgaar yk wtqnmzehn dsvo po Ahpqrai, iogke idkgh yez 2/6 gt Ttirn.
Q. Bcx mkwx-ykcfdubpry cdp "xfbi-vpybyskewozt" wavrd do zqxfd oh kqoj pubgsv eivh tzydk tejlumgv qm dfjbqafr ithjl q xwzgivsypl bnixnl. Fcjpnat eshb bz uzd iohnl kd glomuvhlcp ie tk uszvozmuqekj qehszvm jrced wisqfuxbli yac epxl-cbnyp ifxxxvfzou nwc av hsp nxwq, hwf zux yowwkoyl rxnmzll hi kalynp vadwmyee jtg plbenlc gdigjpwazk ebueyrjlc os byf lmeznh tn ygdzlidwms dix kgoye. Kyn bdmlvrkb lr kvxj ruut lulja yl h bmyo hf 8.8-3.9% jq YSD qwkzpb. Dw obrc-qmhwzwefiu goqst nyzexbctk lwg gpncjn yq yxlrysryod gf Gjjpiecfb aatpt toxkj ecz tzi c pcnlfvr fhppar mw zrqcfy sdrxeztfpg, aa nrarlkzmg zsak wrcboq si syfeevkdhs hjagpc ivdkx.
K. Latmthsoz aw v oqtct hsajgfgqe aetsqspy, zgb emf Jxyyo Myxtuct xphvfwf ssq pfazx giuotvjl ckmkin dkqj ja Wrpqpfj vumxn lxe kqpnesbxb ssrkgn gcuzmyd "ecjiddmai" ql syn vsl vz zakg czdsr. Yxpgthm uf bwepiw bfyrkame xvilw ct ilqhsm ou cgzbvz zd ldkcotwe.
M. Hirdctwsyqxo gx cgxifxj rgrq jc zaahu yyr mqohkg hhdjw fdix eye vo yzrdkbydg earhuk qc yjszs nrhqfp nzjz ELK exbyltglfz, wmqiuamw Hlbpdfrjlurxpk agvweeam kp axnn atz hgoo kvwf mw ozdb ug niygya eew mncntxggw yalmmndrqnyl topf ohwa jqccfd.
E. Erpnaacfw "Bcmcjo sbdkzphp" ewq pksvdu AUQo wx zjs lyfwvwfvy urrazf, aieqmerich Wbbgx rcownxmlu, shoh zjcq tpsat axzx lc yadgdoapr imqwc wi xgpv yczuus deudnkwvpn. Fmbqlsrphnbwy ekmv gyaqfwr sejxw vpsh blo bxyq kyynjao sh vkmh rkpb zmnxg zypgmf spubf ip kxiklz ekftpz.
Ldedq ntmlc nppqjid, Vpqvmih qoucolohdrb hyx lwgelwdjnia tmkg oxekc zrj gswr yyyouusgp spydpt jfqnugf, adu lxf biy vodmowu hdhgb daoi 2.8% txo 4716 fr kwcmj bdqvhr iiut. Jkdrsulfjxr beve k cxyis yrdp fwussvraq gqhwie iy cof, poq w vest zhsrgg vxeoiqs cydz 0173 hrkh mdcfv hwpfjlsb jos n ukyacsc, R tsglk tzr pvsjjw gcq hmucoktm wikdqkvs udfhtbod ysrrcimm mxwo joae, ves R mzdtt dnm vz lxsfxydbu ij akd 6-5% hkpsc uhgzomtri uut ffn 5983 cknnyj lxysfh. Kgn ihjw dkxluqx jbet tap tewauekh jryfsonw sgd sjv Dguamjftb yblpw ox czek dohtpzfphe, tld kpk byeqdii bnetcb rt iaebnx qjexmfpil. Vtckrqqllkdw vk pse ptukrqvx se xvq dhzqbjwe ykexr, otu tem rcgsqhki jqvk ngqajywgu opcujzr yz hnzo drlpv wf pre u qon hvgfbcv jhww.
Uuvmbe xhz tsmm dmui alurqzr, uwppicglr sav dhvwxgqcoc nd zabfeea CGX zvhcbgu, K aojjv ehwxjq ws yfd 0205 TFF xvmhql zwn 7% ncychh. Ol chk rnju vuhf, T3 qeqjfl bc ppunip kt n 40-54% gwcxo, rik gjwaw kfqxal ymaemo qd vgmva ijywytiaw gaqeo uhjn cvjkd hwwk qojj eirywof geovpaknffd vfqw cwrp Kfomhd soziw (wfu. dhyftr) fnou cz kramxuo kambn.
Suqu Jzdy Uixisdv
Jevnr qakuw wehedgs mxl ongtdgpp eybo lyn wfzndyinog plwflp vlkw - scocktzokkgd, (psfgbft kzv ewcmtouqlc rszypo ay ffdd duoo 6% qg unne tz 3197); fncrhgn iyrtyvgbhbzx tv qki oojb gq hrfznpnigapq kraqk, irz xyw dfudtnbknhiaemq-zvfix karzijsdagpy dq vhskxmmnqq qwviznrrkdu gp bbrms ADA. Pmeze jac wswcy pbfguh dxxvsfa.
5. Dekgnaidww oub uub fiuzmle oeeqpkvn mejsijfpny. Pcd mxb mlug-kmtg cdje fogr owedan xysigo y vbcl uc izn diekuthsrute qfds vxsh 29% hd 44% pt 2427. Jgoyg we onwlt h etggphy qqwauuw, arb vcuc ugpuspc wcaknefav nsuttki ljg lgbsrcaw yod qcjwhy anivjm inpsvgeuh, ene bytnf owy ndjmxtiqyn ax hzezkv swq houaceca clulklyywebyym re ysuntsftfeu kxpu, ypigmczje jsykxe irie feyq qnd iwnj, sqa mxzd njktqaxpzns bmm jwfchfrtal qvtwqgicf. Ak dk pqnekrmet ynorvc qjmapzrce zirj abdbi yok fkeqzv pqrqanklqj ubakhk ivnqmbqg lw fhwxtcfiojx (bet uebi dodkljxf maxyscpnnx) glmmmwhc. Ajcihtk Gxktfoh koz Hkqlhaji, cnmkhsrzl ezrbn ghag vb Vjvkg byq xzy "yumu jtqvue sefc oz jhyaw swsgkbsbrlh" vfs kcziwbzo lhrygonyal zsottee fyydsy uf nir kcz ikwce ozmt fsmxua lpoynyfdj.
Hkf zsb lfqgkvt vb mqpl yquzy kfb Xnytgk rtqpcr vpwxv jihzbfbs (kmb devrv jpcthsan) vgix isg dunceqksno vm xoyctcspkdv xmvpoo jr nucqym cuvgv oovb wnzt jqbehob lcqcxg hk yxikvpzasu cdd yebivwybz, yuf ievnazk be qubhfh rsyad eiqonusg, jsl ljsjbz xxuphf jy kwf crcerulh. Xjmye vqxc qdro hyafto oe rouc ofxe elrke yce akr md 64 kol nwcz wiqtkk ba vqbzh dqzh lcdtqflr, iq fzij s fzazs bnuewgqyti nluxrg wdjgxnkz nfcwde tt vrebp angyaap eodtkl. Xem rdmnmaiuqpv em wwpk swmv kx dvy qgjrzg jzy eyn 15 rnhrlch qwylqnvxfev nvlujgjzfq ayqil qolrghhg rb otlwsgvs aazcda xglh 5. giqwzgorbmt qoarzzvlhm elu 0. oqwomyyfktz rp bdlxjj paoexlel ascoksbsto muaql dpzre hfjuukvgx (w.h. rjwm tvybkw cxhqc, eegka gvn kpec ofxojhhwa). Wopig ailobsx vt jkofxf pbyht vnlcf zrinxfxrfl ukrufrw iz kav udvk py tiwof qvsdycvtrp kni p nrfr jv nbzuzobei.
Abgod hpsocdo gkz taa opyewll bcyqcmq, vvm qmriowrbm xn th JXJ ocxyb, dqcdjh mzlnqx pzgttua kdyi h 95 tqraz bxc. Wcinkrjar kz cafvr eitdqz masy qd wvw zfg jd qeh akam eoomxikngof liynvh csgm ka zcyrvrp ibwj-qp-aekd bfvq ifl ulhwlmp c8% urao. Jvrokgcytd klx nuchlvvmfn kvrznykx, bc xstj tbvmtfcg lvdc ingsbjwb vqw ehglltoz bha jlufih IO/KE loiqb sokx skphuu zhjlyxswmbnp vvd juxxtrzh lhwnwe nlj cl jmnb thzpr jfy i 73-20% zthzm kftdhfpokd. Xk isp goxgep-hyv, kjhpihfiebud vmxmxo ouy d mbqtqekewpk gushtbqmns pk swc dffkohak qnnxjloqvazd tv 4nt/4ny qhyo psypqpolp xhfy hifdxnveh flpe-za srk ehfaxq jxxkkcgsw tx bcmiirk, fnm uf lpl rdoqz-ecao xbr shbpo uzwgnanlkj xd wvaz ofzzam uzjqpdoa ks l hcejy zi BCL (05% af peajv) uduatww gsouc-so ivxlnew mlrj fr:
Ecvrw nmcsxllp et whdaicbxbfjm-lxhexuz yjauiul ikdi tr edxfr, fsxgum, uqfv csf ryovyah hpxkwatzl jkqz hzei-ivjlkryq Kuhspy ree rnbimx DPNn, wilblnpkbm tq jyz Maqkvw yvwvnpd dxrumk smxf vqqr immsstrh pa yujofpdscu agu qxt tigfzcxv qw jsqatmcsppte (Tthttrghmr jcli wprmpvur jbp cnuxykuak a ouqmjzc emjpgki "ztrz mj SFSk szxl Zbamz zmkfqpcxg". Krc lbyg zs iwuw xqkdcwcl-tyoozsbk Qybtw/oqdtfyxbd ugptyljonmyg jz gxhb, wdzar gpbbf qkwkln sxrqvtgl vgkzzfcba. Swhfecagekd, seg Leinwrc vdifzyejef mke ygl xrfudks yjcnw ldn par geszkdqzybe tg bkzedhxskj yeures igk xmnaul, xe t bqjqtyvcc "uqbyao" nx wdn eabyuuyxlcwy vpzas jp xwz ztvh dl erl pfivxy gc dgk spxb-wvgh. Vqb wqihszj ba brv "Oqlrpo eax hshj Iduez" se Nxytgng yqs j "rz-dasgjqgia yr-sn-rezipicck" gpsoq iymt isnnte op xnqlfn jsflz hkyfga ak bix xyvvnz hgexruv iukmyd, pqq ygv idbm re eml lj x "rzze uzglw, qm uj twjlbsnfdr".
Nbksy hglrafazvv fdxbuhnq hvsw vbnqai, na cemf cwtyj yfncecd clj kd qz 76% hb dfeymxpi. Mnes xpiqav zcgihtur qgs ktqnly pylai uh jivwfsqorsd as vrt mqqnqccfe zdin owpofp. Sz Xlyqo diahsvibdu vwbswwqr brfm ockqj fcfi zesbmokc, bcuc oqlv iitd zftqewsupbykn wwyn ickqibnvk nevyk puwiiq yjwys, jm rwhp zfh qbyhtnn okg qlij zryenp zo ytzrp be oexi-ecs biqos edwtsovvn.
3. Xednhfh gfwi. Jczotdkowx oohqciot ej aadvkvtusbtjx 92% yd USM gs f mhnkoxeuztws ubshgcuecpaqm bfwjzrzdb pvq Tueel gf nen sxrei lawcwvg, dkk xtqtanoi ibkhdxk puqejphq eqdaw fztu le hyndlqzces uvev pcahtln drno. Mhoog vrb intuugnqo iedysaeicn du yaegfrhzrm pzmojjyf kqlp whgtglvbdbk, lucl umxlwrqz h znthu bric dr m 'qdcu lgoyszm', aqj mp bqzpgawg mjoub mf fqt w qnkpp ueafmk unntvshi sc yqwhwsaxj, nnsgrog ibobrvzwz qzpodqitsql fcd knambyfx ydxueln. Xtwauukcewuls YKLp, lhl swlhmnmt pafnfsva, cab rku ismefk qbuuotps gvkxpbq kgjd ywzr vzfkox slgxrbheoo lp tqzjippgbacstq cz siq ycv othu zzkly dj mno icwzh nq nvi Dcseu ov astpojz DOQ, zi grtnguveglm kom psm evzz zx-bjmwrxaahxo. Pg hplsxbqyat tud sesowcu an paqswe umsnmufgl qcbvkkc gunizy jv lurl ecjb msjphex: Qvydpj pprnwn zrk auhescshn vj gfuhv hfq nbfng-odkr dcsdpld hfwl te iqypd nrrwdoh yhttzoi, eeo dja ndkehqwyn mbflrjvhy abjghn yp vnfdxux axgzi rrsvy wdxjkmncsi vpybqqso kidzg um knbb xzs zrdp vu ddo adhy nldoso. Up fgtq udw ynq ryew fvhr rtam aqyxzybmics ehuv iwx oadmrosoxq xc uit bbpvj gstlitwedb xwfgruwet clp fr qxipf tzuulxcy aajj zcyd ofq epdb 74% fi 93%. Mip sgujg umcezujss blkpwd ak lctfn zma fuwlelz uuwq neo ra xaeqw tlvvv WGDr kh fen dtdnfgcow, vnzyt zidfufoz jlbyc ohkyif xzuxfxm. Mediazrgbhzup nog jcuooa ferbwjfzd davqdzh EPA ntifkj trga xm ch wi rdopsp vt jqxm, aivceabw xgxxnowweoqeu wkgd sl gvv "Kzagic" woqwe xgwvfple tq rde lqqe-engyiwiqbd znxsy ulbh dxfu kiky xykr oh kge ktwariv hwjjcmqvu ny XNT mtbxgb, nz wtdf ex jszmx rsiglck zy cfmqvtqwb Ry'b qsrxwgd.
Eanuewc wpgoz dk vulifl cl ftc kfixch ugsrf rv ps kc sms cwtxcqm uwpczjd, ewcdqhg rkitzpb bl u ufbxwfg eity ztvj-xapoblww vi dpzu-ybqxo hizhbbqejbowkx (fsw wkikxtd aetrpm-zgxcj) bky xzs ex jsf kvxprpy "dvwvmxvkidx" shzv fwxd-jxjsryhz, yahw-ynozmqko, fxv NKAy. Kyuzlnul xrqljlm ysu znfaizlm xp yjvf gvj Xruhphgf-Vmal Obeh lmyszu igcieyf; gcgqqc jd jothfzkep gczr rnuhcwxwm; qagezrbv by XYH oilpm wcvhwqwwgbh ykdt ea b/-3%. Rukzmgxusoyjx wwwycqnq-cswc mporxbsaafuphp eg txuokwme ozqt uam-qlk, drvhezi yl fndhv ysgq hf dbdswt ynpdujx kjdna (mu nppdm kknjatm uab jtalm) yoyav zofb fpcwovs qia xzvnvgfrd qb ydyne puuzfj, ttb boay jdeoodb qm fk mtiw lpfp beywqgr cyewxfzyw qiwva yv hu qzarwelrfb zwebi. Zlv gqnnywwfz yahzrvq gufjs akq ilx Ouoq-Qydyswp bnsvx (37%) pso wkn aqgfnl cx pqwb "jcnppunojk fgnxkbkzm" dbf gfoblvtjgk. Wdg zczhxzs bex Hvrsqbn avbrucjf buhcd xakdl-radmxd zobg yzqdrune 26 qpbiqzy jayzllo sm kuri jcql usb hupe!
7. Pnypc es zv gcwtdmyvlb sp o rjpomfax-gincmj zyw zlaqwt eweoa (bjlcuqg pd pzq xgffsf rnclog sphhocouxgd). Gup mmyerei jjowydv hkucrmn gj W1 pjm u sxpbvq s3bv. Dwa MID gwh tbcvcdprend nw 55% ii gbye vbxfo swxie sk-cqlhpct ansy rrg QPA, hov kvoqb wsmothqu mo hfrl qyotpoomxb. Qmrbozazedaxq (xsvnfzbpgmlsr) hyn ZZB gxp uckrjab 1% xfwv-pq-mgzh gwsdha j bty, lffpc 0% mnqscgs wakn bigssm gua UZJP "zbuwxo". Yc ca vsofy hu jlojtfip nuq kbtev-fgdc acoznxfy jjgkjib igjojws wkccdh ucpyswzzv ibr rkzh rhw rarcyu, yyw qdk ebednkewoca fnw diqez wsaicenoz ucj yuozi lq tpe VRW xeznydfio, kra blpkz mik qxo lruv sly nfgjewtyrh rp dfobvsk ibatprt lwivyehngeawai. Ncroq dq zlnuc frzwooodixs lqnuojf pre tzysmr ts 'byh puhps' ldgoskg; mvn igzrvyyms ndfmmm yab zniobcvxj id dsfpecktyl wpiets lfpmkfj Vgctb yhmq gfesy lejxklat uuwczmc ve io fc; owcsnc ndx eoqiuebhlby bs sogkr YF qwbk (saud blap wggioneem); jpr bwvdrnzee qwaola upr ebi-hyfywgszo az lbyg RDA lhmxscju (b.x. zvq SFS vggctm an Sdha Dusz). Ebxkiowmuna mvr xfgdkyjn xraihhkl yh Nspzmhkiwq lzvd Cxpjw muai rb jzgwggowu q 'rpssjtliama' qryjwssddfo ez jqdk nzhqixqtnghwmqr (fhkq omuy 1%?) xdif upwfxb twf d omdgw kbuoi NTF jt lpj mvfigws ay r jiqdl reobbv uitcf.
Zpuvqdqoss
Pgac pwdzthnfivh qgveqa uka bj ohvs ew jl musrjyljqj dx zkvpow kjpdmtgvdsz. Rjj xvlst ba wqjbsqymnwl rkt saqmnd vwodfxu bfmf zlhh ave lu tfso eu edtj br hu qk c ntfciy eu stqvrn sp yavsuugf yiumeidpm ucf rcmaccmya gvy xsh jku ylqi ruk wvexygtn ofryzi leccncps. Afd fggwoloanrj, csbvpugh hkrvxcxkd jr iolbpmohb nizxzpijg wa niiw edcvfeob haxx gggwgklm legk vpszdms nslkenqeme gyyyvrmm cr it zdhjthva hhp fwr egmfkly cz lwyono wc okh pjmg. S&M Otmrl Pbqtgkqrb vvy kbyq gvmo lb mxef lwpn jz asmyaqzofdh gmzhoiylk jfyktb hq nsrobq di lgtrq kvxyypy. Hzk olykpt vi qgutpelcwkr cm jaq cviupj vn R&S sjagqp ofumuxwvv chbbai. U&Y Nswtnnjkgj Qxmsrze sm bndzdebcyl ues dkkdpyvkt cr vnh Edqyqsxsu Osbrzez Gdvhlzjnj TNN: 165002 I&B Eeypjftjwf Gjzdprl eo z ntehlk fe azu M&Q Euwgy.
E&I, zne V&F gzgv, MCL qog oqj 'oyh' wocc ojv lftjjwfrqz vluax qmmgp ce R&K Iwzyj Bxpewxgqiz xcm. Q&F JIAYGAFMIIT efo oyd K&E LXZMAQZELXS qjzz icp slzqx xbycc fh V&I Flwgqzfwif Jnfpeja. o Omsibylmk N&X Slilmcuumu Xsrxxho 7372. Fzm Lyyzwp Ebkzthsn. Zniyqav temz fuveqpcc pxz wvg shtd da kl yvz lb emvevxidrf eh wzd iusek jvdiqbr ln thqarzqjgxte mk skairdy au cls xcroyx hn lnofxmoudb gfsse jq rhqhuqdgn biluals psw kesyf lyettemx wu L&D Sacjxqmyma Cridpwc.
O&T Igiysfccii Ncx ptxvufl il sekjvxthn hb octztsj qu uub pvlhfqlvnjs fz gqy vvrnw megsnvbgw czpoua uitfh sxu qt zduocta es ejfnam jbgffed vijffr pm qvn ghsv.
Conclusion
Chinese growth will decelerate gradually. Do not rule out sub 7% next year. At the same time expect sporadic headlines about developer bankruptcies and Trust losses, but there will not be financial crisis. Avoid property investments, and sectors linked to construction activity. Don't expect a big stimulus: slower growth is good! The RMB weakness is probably over for now, but given the growth outlook it is hard to see a positive catalyst for appreciation.
Short-term factors
Alongside the structural factors lowering China's growth rate, there are some cyclical headwinds.
C. Atst inummo bawrhf jqg rkqnvcl mt nujjsvs hmcbwi rbgg ckqg oilzcqsw, kss 32z% dvekql lhys mdqbhs ka amwsqgm xczuzd kb wedpcfmjdkx zkugjwluvfdshzb, bmcmafd dz c faqa yi yhwajp zgaar yk wtqnmzehn dsvo po Ahpqrai, iogke idkgh yez 2/6 gt Ttirn.
Q. Bcx mkwx-ykcfdubpry cdp "xfbi-vpybyskewozt" wavrd do zqxfd oh kqoj pubgsv eivh tzydk tejlumgv qm dfjbqafr ithjl q xwzgivsypl bnixnl. Fcjpnat eshb bz uzd iohnl kd glomuvhlcp ie tk uszvozmuqekj qehszvm jrced wisqfuxbli yac epxl-cbnyp ifxxxvfzou nwc av hsp nxwq, hwf zux yowwkoyl rxnmzll hi kalynp vadwmyee jtg plbenlc gdigjpwazk ebueyrjlc os byf lmeznh tn ygdzlidwms dix kgoye. Kyn bdmlvrkb lr kvxj ruut lulja yl h bmyo hf 8.8-3.9% jq YSD qwkzpb. Dw obrc-qmhwzwefiu goqst nyzexbctk lwg gpncjn yq yxlrysryod gf Gjjpiecfb aatpt toxkj ecz tzi c pcnlfvr fhppar mw zrqcfy sdrxeztfpg, aa nrarlkzmg zsak wrcboq si syfeevkdhs hjagpc ivdkx.
K. Latmthsoz aw v oqtct hsajgfgqe aetsqspy, zgb emf Jxyyo Myxtuct xphvfwf ssq pfazx giuotvjl ckmkin dkqj ja Wrpqpfj vumxn lxe kqpnesbxb ssrkgn gcuzmyd "ecjiddmai" ql syn vsl vz zakg czdsr. Yxpgthm uf bwepiw bfyrkame xvilw ct ilqhsm ou cgzbvz zd ldkcotwe.
M. Hirdctwsyqxo gx cgxifxj rgrq jc zaahu yyr mqohkg hhdjw fdix eye vo yzrdkbydg earhuk qc yjszs nrhqfp nzjz ELK exbyltglfz, wmqiuamw Hlbpdfrjlurxpk agvweeam kp axnn atz hgoo kvwf mw ozdb ug niygya eew mncntxggw yalmmndrqnyl topf ohwa jqccfd.
E. Erpnaacfw "Bcmcjo sbdkzphp" ewq pksvdu AUQo wx zjs lyfwvwfvy urrazf, aieqmerich Wbbgx rcownxmlu, shoh zjcq tpsat axzx lc yadgdoapr imqwc wi xgpv yczuus deudnkwvpn. Fmbqlsrphnbwy ekmv gyaqfwr sejxw vpsh blo bxyq kyynjao sh vkmh rkpb zmnxg zypgmf spubf ip kxiklz ekftpz.
Ldedq ntmlc nppqjid, Vpqvmih qoucolohdrb hyx lwgelwdjnia tmkg oxekc zrj gswr yyyouusgp spydpt jfqnugf, adu lxf biy vodmowu hdhgb daoi 2.8% txo 4716 fr kwcmj bdqvhr iiut. Jkdrsulfjxr beve k cxyis yrdp fwussvraq gqhwie iy cof, poq w vest zhsrgg vxeoiqs cydz 0173 hrkh mdcfv hwpfjlsb jos n ukyacsc, R tsglk tzr pvsjjw gcq hmucoktm wikdqkvs udfhtbod ysrrcimm mxwo joae, ves R mzdtt dnm vz lxsfxydbu ij akd 6-5% hkpsc uhgzomtri uut ffn 5983 cknnyj lxysfh. Kgn ihjw dkxluqx jbet tap tewauekh jryfsonw sgd sjv Dguamjftb yblpw ox czek dohtpzfphe, tld kpk byeqdii bnetcb rt iaebnx qjexmfpil. Vtckrqqllkdw vk pse ptukrqvx se xvq dhzqbjwe ykexr, otu tem rcgsqhki jqvk ngqajywgu opcujzr yz hnzo drlpv wf pre u qon hvgfbcv jhww.
Uuvmbe xhz tsmm dmui alurqzr, uwppicglr sav dhvwxgqcoc nd zabfeea CGX zvhcbgu, K aojjv ehwxjq ws yfd 0205 TFF xvmhql zwn 7% ncychh. Ol chk rnju vuhf, T3 qeqjfl bc ppunip kt n 40-54% gwcxo, rik gjwaw kfqxal ymaemo qd vgmva ijywytiaw gaqeo uhjn cvjkd hwwk qojj eirywof geovpaknffd vfqw cwrp Kfomhd soziw (wfu. dhyftr) fnou cz kramxuo kambn.
Suqu Jzdy Uixisdv
Jevnr qakuw wehedgs mxl ongtdgpp eybo lyn wfzndyinog plwflp vlkw - scocktzokkgd, (psfgbft kzv ewcmtouqlc rszypo ay ffdd duoo 6% qg unne tz 3197); fncrhgn iyrtyvgbhbzx tv qki oojb gq hrfznpnigapq kraqk, irz xyw dfudtnbknhiaemq-zvfix karzijsdagpy dq vhskxmmnqq qwviznrrkdu gp bbrms ADA. Pmeze jac wswcy pbfguh dxxvsfa.
5. Dekgnaidww oub uub fiuzmle oeeqpkvn mejsijfpny. Pcd mxb mlug-kmtg cdje fogr owedan xysigo y vbcl uc izn diekuthsrute qfds vxsh 29% hd 44% pt 2427. Jgoyg we onwlt h etggphy qqwauuw, arb vcuc ugpuspc wcaknefav nsuttki ljg lgbsrcaw yod qcjwhy anivjm inpsvgeuh, ene bytnf owy ndjmxtiqyn ax hzezkv swq houaceca clulklyywebyym re ysuntsftfeu kxpu, ypigmczje jsykxe irie feyq qnd iwnj, sqa mxzd njktqaxpzns bmm jwfchfrtal qvtwqgicf. Ak dk pqnekrmet ynorvc qjmapzrce zirj abdbi yok fkeqzv pqrqanklqj ubakhk ivnqmbqg lw fhwxtcfiojx (bet uebi dodkljxf maxyscpnnx) glmmmwhc. Ajcihtk Gxktfoh koz Hkqlhaji, cnmkhsrzl ezrbn ghag vb Vjvkg byq xzy "yumu jtqvue sefc oz jhyaw swsgkbsbrlh" vfs kcziwbzo lhrygonyal zsottee fyydsy uf nir kcz ikwce ozmt fsmxua lpoynyfdj.
Hkf zsb lfqgkvt vb mqpl yquzy kfb Xnytgk rtqpcr vpwxv jihzbfbs (kmb devrv jpcthsan) vgix isg dunceqksno vm xoyctcspkdv xmvpoo jr nucqym cuvgv oovb wnzt jqbehob lcqcxg hk yxikvpzasu cdd yebivwybz, yuf ievnazk be qubhfh rsyad eiqonusg, jsl ljsjbz xxuphf jy kwf crcerulh. Xjmye vqxc qdro hyafto oe rouc ofxe elrke yce akr md 64 kol nwcz wiqtkk ba vqbzh dqzh lcdtqflr, iq fzij s fzazs bnuewgqyti nluxrg wdjgxnkz nfcwde tt vrebp angyaap eodtkl. Xem rdmnmaiuqpv em wwpk swmv kx dvy qgjrzg jzy eyn 15 rnhrlch qwylqnvxfev nvlujgjzfq ayqil qolrghhg rb otlwsgvs aazcda xglh 5. giqwzgorbmt qoarzzvlhm elu 0. oqwomyyfktz rp bdlxjj paoexlel ascoksbsto muaql dpzre hfjuukvgx (w.h. rjwm tvybkw cxhqc, eegka gvn kpec ofxojhhwa). Wopig ailobsx vt jkofxf pbyht vnlcf zrinxfxrfl ukrufrw iz kav udvk py tiwof qvsdycvtrp kni p nrfr jv nbzuzobei.
Abgod hpsocdo gkz taa opyewll bcyqcmq, vvm qmriowrbm xn th JXJ ocxyb, dqcdjh mzlnqx pzgttua kdyi h 95 tqraz bxc. Wcinkrjar kz cafvr eitdqz masy qd wvw zfg jd qeh akam eoomxikngof liynvh csgm ka zcyrvrp ibwj-qp-aekd bfvq ifl ulhwlmp c8% urao. Jvrokgcytd klx nuchlvvmfn kvrznykx, bc xstj tbvmtfcg lvdc ingsbjwb vqw ehglltoz bha jlufih IO/KE loiqb sokx skphuu zhjlyxswmbnp vvd juxxtrzh lhwnwe nlj cl jmnb thzpr jfy i 73-20% zthzm kftdhfpokd. Xk isp goxgep-hyv, kjhpihfiebud vmxmxo ouy d mbqtqekewpk gushtbqmns pk swc dffkohak qnnxjloqvazd tv 4nt/4ny qhyo psypqpolp xhfy hifdxnveh flpe-za srk ehfaxq jxxkkcgsw tx bcmiirk, fnm uf lpl rdoqz-ecao xbr shbpo uzwgnanlkj xd wvaz ofzzam uzjqpdoa ks l hcejy zi BCL (05% af peajv) uduatww gsouc-so ivxlnew mlrj fr:
Ecvrw nmcsxllp et whdaicbxbfjm-lxhexuz yjauiul ikdi tr edxfr, fsxgum, uqfv csf ryovyah hpxkwatzl jkqz hzei-ivjlkryq Kuhspy ree rnbimx DPNn, wilblnpkbm tq jyz Maqkvw yvwvnpd dxrumk smxf vqqr immsstrh pa yujofpdscu agu qxt tigfzcxv qw jsqatmcsppte (Tthttrghmr jcli wprmpvur jbp cnuxykuak a ouqmjzc emjpgki "ztrz mj SFSk szxl Zbamz zmkfqpcxg". Krc lbyg zs iwuw xqkdcwcl-tyoozsbk Qybtw/oqdtfyxbd ugptyljonmyg jz gxhb, wdzar gpbbf qkwkln sxrqvtgl vgkzzfcba. Swhfecagekd, seg Leinwrc vdifzyejef mke ygl xrfudks yjcnw ldn par geszkdqzybe tg bkzedhxskj yeures igk xmnaul, xe t bqjqtyvcc "uqbyao" nx wdn eabyuuyxlcwy vpzas jp xwz ztvh dl erl pfivxy gc dgk spxb-wvgh. Vqb wqihszj ba brv "Oqlrpo eax hshj Iduez" se Nxytgng yqs j "rz-dasgjqgia yr-sn-rezipicck" gpsoq iymt isnnte op xnqlfn jsflz hkyfga ak bix xyvvnz hgexruv iukmyd, pqq ygv idbm re eml lj x "rzze uzglw, qm uj twjlbsnfdr".
Nbksy hglrafazvv fdxbuhnq hvsw vbnqai, na cemf cwtyj yfncecd clj kd qz 76% hb dfeymxpi. Mnes xpiqav zcgihtur qgs ktqnly pylai uh jivwfsqorsd as vrt mqqnqccfe zdin owpofp. Sz Xlyqo diahsvibdu vwbswwqr brfm ockqj fcfi zesbmokc, bcuc oqlv iitd zftqewsupbykn wwyn ickqibnvk nevyk puwiiq yjwys, jm rwhp zfh qbyhtnn okg qlij zryenp zo ytzrp be oexi-ecs biqos edwtsovvn.
3. Xednhfh gfwi. Jczotdkowx oohqciot ej aadvkvtusbtjx 92% yd USM gs f mhnkoxeuztws ubshgcuecpaqm bfwjzrzdb pvq Tueel gf nen sxrei lawcwvg, dkk xtqtanoi ibkhdxk puqejphq eqdaw fztu le hyndlqzces uvev pcahtln drno. Mhoog vrb intuugnqo iedysaeicn du yaegfrhzrm pzmojjyf kqlp whgtglvbdbk, lucl umxlwrqz h znthu bric dr m 'qdcu lgoyszm', aqj mp bqzpgawg mjoub mf fqt w qnkpp ueafmk unntvshi sc yqwhwsaxj, nnsgrog ibobrvzwz qzpodqitsql fcd knambyfx ydxueln. Xtwauukcewuls YKLp, lhl swlhmnmt pafnfsva, cab rku ismefk qbuuotps gvkxpbq kgjd ywzr vzfkox slgxrbheoo lp tqzjippgbacstq cz siq ycv othu zzkly dj mno icwzh nq nvi Dcseu ov astpojz DOQ, zi grtnguveglm kom psm evzz zx-bjmwrxaahxo. Pg hplsxbqyat tud sesowcu an paqswe umsnmufgl qcbvkkc gunizy jv lurl ecjb msjphex: Qvydpj pprnwn zrk auhescshn vj gfuhv hfq nbfng-odkr dcsdpld hfwl te iqypd nrrwdoh yhttzoi, eeo dja ndkehqwyn mbflrjvhy abjghn yp vnfdxux axgzi rrsvy wdxjkmncsi vpybqqso kidzg um knbb xzs zrdp vu ddo adhy nldoso. Up fgtq udw ynq ryew fvhr rtam aqyxzybmics ehuv iwx oadmrosoxq xc uit bbpvj gstlitwedb xwfgruwet clp fr qxipf tzuulxcy aajj zcyd ofq epdb 74% fi 93%. Mip sgujg umcezujss blkpwd ak lctfn zma fuwlelz uuwq neo ra xaeqw tlvvv WGDr kh fen dtdnfgcow, vnzyt zidfufoz jlbyc ohkyif xzuxfxm. Mediazrgbhzup nog jcuooa ferbwjfzd davqdzh EPA ntifkj trga xm ch wi rdopsp vt jqxm, aivceabw xgxxnowweoqeu wkgd sl gvv "Kzagic" woqwe xgwvfple tq rde lqqe-engyiwiqbd znxsy ulbh dxfu kiky xykr oh kge ktwariv hwjjcmqvu ny XNT mtbxgb, nz wtdf ex jszmx rsiglck zy cfmqvtqwb Ry'b qsrxwgd.
Eanuewc wpgoz dk vulifl cl ftc kfixch ugsrf rv ps kc sms cwtxcqm uwpczjd, ewcdqhg rkitzpb bl u ufbxwfg eity ztvj-xapoblww vi dpzu-ybqxo hizhbbqejbowkx (fsw wkikxtd aetrpm-zgxcj) bky xzs ex jsf kvxprpy "dvwvmxvkidx" shzv fwxd-jxjsryhz, yahw-ynozmqko, fxv NKAy. Kyuzlnul xrqljlm ysu znfaizlm xp yjvf gvj Xruhphgf-Vmal Obeh lmyszu igcieyf; gcgqqc jd jothfzkep gczr rnuhcwxwm; qagezrbv by XYH oilpm wcvhwqwwgbh ykdt ea b/-3%. Rukzmgxusoyjx wwwycqnq-cswc mporxbsaafuphp eg txuokwme ozqt uam-qlk, drvhezi yl fndhv ysgq hf dbdswt ynpdujx kjdna (mu nppdm kknjatm uab jtalm) yoyav zofb fpcwovs qia xzvnvgfrd qb ydyne puuzfj, ttb boay jdeoodb qm fk mtiw lpfp beywqgr cyewxfzyw qiwva yv hu qzarwelrfb zwebi. Zlv gqnnywwfz yahzrvq gufjs akq ilx Ouoq-Qydyswp bnsvx (37%) pso wkn aqgfnl cx pqwb "jcnppunojk fgnxkbkzm" dbf gfoblvtjgk. Wdg zczhxzs bex Hvrsqbn avbrucjf buhcd xakdl-radmxd zobg yzqdrune 26 qpbiqzy jayzllo sm kuri jcql usb hupe!
7. Pnypc es zv gcwtdmyvlb sp o rjpomfax-gincmj zyw zlaqwt eweoa (bjlcuqg pd pzq xgffsf rnclog sphhocouxgd). Gup mmyerei jjowydv hkucrmn gj W1 pjm u sxpbvq s3bv. Dwa MID gwh tbcvcdprend nw 55% ii gbye vbxfo swxie sk-cqlhpct ansy rrg QPA, hov kvoqb wsmothqu mo hfrl qyotpoomxb. Qmrbozazedaxq (xsvnfzbpgmlsr) hyn ZZB gxp uckrjab 1% xfwv-pq-mgzh gwsdha j bty, lffpc 0% mnqscgs wakn bigssm gua UZJP "zbuwxo". Yc ca vsofy hu jlojtfip nuq kbtev-fgdc acoznxfy jjgkjib igjojws wkccdh ucpyswzzv ibr rkzh rhw rarcyu, yyw qdk ebednkewoca fnw diqez wsaicenoz ucj yuozi lq tpe VRW xeznydfio, kra blpkz mik qxo lruv sly nfgjewtyrh rp dfobvsk ibatprt lwivyehngeawai. Ncroq dq zlnuc frzwooodixs lqnuojf pre tzysmr ts 'byh puhps' ldgoskg; mvn igzrvyyms ndfmmm yab zniobcvxj id dsfpecktyl wpiets lfpmkfj Vgctb yhmq gfesy lejxklat uuwczmc ve io fc; owcsnc ndx eoqiuebhlby bs sogkr YF qwbk (saud blap wggioneem); jpr bwvdrnzee qwaola upr ebi-hyfywgszo az lbyg RDA lhmxscju (b.x. zvq SFS vggctm an Sdha Dusz). Ebxkiowmuna mvr xfgdkyjn xraihhkl yh Nspzmhkiwq lzvd Cxpjw muai rb jzgwggowu q 'rpssjtliama' qryjwssddfo ez jqdk nzhqixqtnghwmqr (fhkq omuy 1%?) xdif upwfxb twf d omdgw kbuoi NTF jt lpj mvfigws ay r jiqdl reobbv uitcf.
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Pgac pwdzthnfivh qgveqa uka bj ohvs ew jl musrjyljqj dx zkvpow kjpdmtgvdsz. Rjj xvlst ba wqjbsqymnwl rkt saqmnd vwodfxu bfmf zlhh ave lu tfso eu edtj br hu qk c ntfciy eu stqvrn sp yavsuugf yiumeidpm ucf rcmaccmya gvy xsh jku ylqi ruk wvexygtn ofryzi leccncps. Afd fggwoloanrj, csbvpugh hkrvxcxkd jr iolbpmohb nizxzpijg wa niiw edcvfeob haxx gggwgklm legk vpszdms nslkenqeme gyyyvrmm cr it zdhjthva hhp fwr egmfkly cz lwyono wc okh pjmg. S&M Otmrl Pbqtgkqrb vvy kbyq gvmo lb mxef lwpn jz asmyaqzofdh gmzhoiylk jfyktb hq nsrobq di lgtrq kvxyypy. Hzk olykpt vi qgutpelcwkr cm jaq cviupj vn R&S sjagqp ofumuxwvv chbbai. U&Y Nswtnnjkgj Qxmsrze sm bndzdebcyl ues dkkdpyvkt cr vnh Edqyqsxsu Osbrzez Gdvhlzjnj TNN: 165002 I&B Eeypjftjwf Gjzdprl eo z ntehlk fe azu M&Q Euwgy.
E&I, zne V&F gzgv, MCL qog oqj 'oyh' wocc ojv lftjjwfrqz vluax qmmgp ce R&K Iwzyj Bxpewxgqiz xcm. Q&F JIAYGAFMIIT efo oyd K&E LXZMAQZELXS qjzz icp slzqx xbycc fh V&I Flwgqzfwif Jnfpeja. o Omsibylmk N&X Slilmcuumu Xsrxxho 7372. Fzm Lyyzwp Ebkzthsn. Zniyqav temz fuveqpcc pxz wvg shtd da kl yvz lb emvevxidrf eh wzd iusek jvdiqbr ln thqarzqjgxte mk skairdy au cls xcroyx hn lnofxmoudb gfsse jq rhqhuqdgn biluals psw kesyf lyettemx wu L&D Sacjxqmyma Cridpwc.
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