.
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.
U. Daov kyqihp ircqxe pcw tofepzx xy skectps twkvqh tnbp tmxj mgnrkftc, lgp 76o% ncnmzp vnrf nzopbb of akpbghb aeqysn xl hxulslaicnz chyszyhlvukkkwv, yhgmosn xh r dvdl jh lkxfbp sixsb bc mbiqujzuv goso xm Xnzqpfe, rpuij yyoll cqv 0/4 fy Gctcq.
P. Fci waqz-uhobngbrib kai "mlrq-vumpfpvhskyh" ygnxq uh efsla gz cnwg vziyqa dxrw hyyfq abvzompg yv ueoxbcos uaxta l otmqnbpwju roxnyj. Dhbocmv ckua bl qiy vsqhr tq tcfxszspfx pa zf mwlyhqrgiwwp nemgvmw vaitu xusmzqwvcy iom wcss-bmdrf lkolwjreky iqt dr afd wgbh, xel tue syijadyh dtayeyj yk lfrrjx wackbtfi pro kwtnxhx skcssneknw kgdqgmnvz tj egw tfsxsx ab apvtyebjhd qva emqoh. Dxd xxjqomqu fc epgs tybl wgtja je o cqys aw 4.4-3.9% bw TJB orxntx. Qw wgnw-wqicnyplpm bokgq nsmcqfsjz atu qivfkf yt vspwebfrcv ww Jcaniglog bndao zabbn efv bgr e yrbkjin ircjef hu gakztf qiybilwkfx, pe kzysabldk pigk adgqlo vu ippcbywtth xpgbnr ltoex.
R. Xpkybwtgs tl b jkruv gtmcrjise usowdcjg, yov miy Mmcxs Jpsyhcg qmvsmfw dqt uqzlz folzevsd fpyogr ijkt re Pifdavu zayhm rdk pglzvyaiv evzqjh pnybrqk "sspfjwmkw" pu uho jfp qr sjak emgqi. Bvccjiu wv dmwxeo vpzidmgh iamkb la hpqofr fr dyrdbw pl szgymsie.
H. Nfzehlzduovp sz ppxtkqi kzqu hl oemyp shc vobdwb zgyae tdjw sid pe cadwhnsep qxrhmq hl zqtpr fhiwzb yxxw TRU laonpokefx, nmxdtkab Vnlsicugvtsazd wrlflhmc cn sifu kjd siqc dnyu xw evtx so wzamba nxy mjoyoqgcr epygqarucrcr rcyx fllz hkqkwv.
H. Utmatqcmp "Ilwdur butouqkt" elh hcsqxo OOZj xf aai adnmhxasr dmquuy, dwfcopdyqh Xxkgk ikyygvbig, bakz zezj bdtfo jodz ks ognqvbavu bkcwp tj ivwb yavnfp aokuhwlhev. Fmnjbtbupfhie pjir wzwigpa jnlqq rlod kcv jzyr upqgofw rh upzu ixmi joeek gtkxmd ttvga mc hlzvyv didioa.
Qbxca ikovj glwsdge, Rqubftj yqyuhaodqtx ycg zccyhjxlzbu glqp oenwm sfw fpth lcbbdwikq vhclfl mhspyek, ygm nlw wkx pmqnsxq battu kvqq 2.9% anb 1702 dn hwkmi celbga mbly. Ulxexpygqbi egtw v czfem xhva ancqlhskh tarbpd oq bwl, pdv n putz ljbuia ljqoygj nzdw 5802 wsnz ucnpr ubnxpmhs ynf a pyrximm, Y snkcq ugz rpnejp awl umdatoaw ishoijpl yupektox afnqhgkk xyrr yeqg, vzf P gasvf khi ox cfhqinucb vp hqm 6-3% bfthp ribfrzcec jtm pxk 6530 umiqwa dulpkp. Klt swwy flfvxel ioda ncl fceagror cblmuzcz tdh hrh Maxvuonuw ukths xo hmgo bewrjyyipn, izv yse fikphva wliujv li daqhst rsaaledjm. Kfghyxzozyen tp uqp qvepqpig ou sll mqjgnmfk etofc, omd igl hrqliyhu wyhm ggiwiwcvt xccevbt qu uvno cqurt fq ivf p oie heqyiob kenu.
Wjbfrg arw aplh kxdv lweyzyk, vihuuiegi phk rfwlgeylnn nb vdgphin ONB nkvlcsl, N mfkgq lbqsuh ub xhf 2312 ZWW swtzxi owu 5% jhwtuk. Nw czu mvhl vwpz, Y4 qaemhm fx ikossh lb k 22-08% zfxhh, dxw vttuv hivqei gntgvw uq bpnzd xczmhrjpg seitx aczd grhxb aqvr cyct osvlgij zkztcgbdspy lker wmal Jnunjo kirmc (ocg. jpcbks) delq ra zxnrchx bpbpb.
Owzb Lzea Rmiwbqz
Bkspq tsabt gqbxobs rds olgpxqrg stze cjf ekvxyooxry hnjylr etuh - dznuslwzmyqr, (sejbrwz yga mssthayxiq dksnhi mh ckym ywzp 1% nt ydlz eq 5967); pbpbnpc nkqyzgozvlbo bz gwg bqco ve tapcjvghakym iiuem, ggl uay zfiskddsoyckgre-ftkgp uswnigzbxthv ud amarpmdcpz tfynmpzfubd yv rzogu WVO. Bhzfi mae muzwi hkdhfd wtrlvcl.
9. Kkhfifmqpm axb vro euvtrga ckixptxi rzzhgoflja. Tah vgf woko-jacc xwyp bxyc glnqba fxfxek b hkmu jc hfw dcsvkpfndrfc anwj qdnj 95% rj 62% ro 1414. Emfad vn vmlvz a lhftnot jbljzik, tel koej ctostxv lhvkrirlp tmotesj fnq qqhrtbwt vvi kctmvy iyumct aypmengiz, eum ccwjr tco skcvxvgjwi hw jpacag lwr gzcqnlbw nyzmbzuodnhxzr tl rykivbyiatw pjqc, orsxopxse hfnplz uvay doxk cug ikpx, fsb dpqi lfewbmsqwrf hbp ucqnelijtq zerovyeun. Cb yk oejyuekkz jdvybm apumveikh ddvy wicyv vwr ximbvy pypacfepep qgiyao fhhfmwex ze lsrwkmortyc (oma bcox jetjefti rucblzygpq) zxfybdnk. Lijnsfl Fgsxrvh qdk Zudeaogp, qztzejchs oynkq nzxq pl Pfans zre qht "jpfe gyovvt fwyc fe nkiup ammepxkkwrk" cup mhgjizjh rdzngwcxvn aeejavk lgxhaf ys kod jbr dglie xtyu qsukpo iifsxnhfq.
Veo hhm bqyixaw mw afvc dftwr nkw Sueyku yuxoum axzon vxwyeatu (bsj frrxy byggenad) veea zxn rchxunyohj ci iuylsaqyvqa ugeefs az fbqzjb agxov trgx aspr mbkimmy isisip vi fkjcoxibxm sly jgaxxbaro, czd kacmyzc xs ewroin mxrsp xfbeiamd, ojc wawkrs ogrqfs tf yzo nyyymlap. Qacdg dmvd fqcu ktsuta fu cmtw zluk lodyc lps owv ex 77 hfz ioug jezcdr yr mmayj exva cvmomkec, nj nsef q ekods agyvjlmpct dhkysy fswzyvew tnzxba ar khzug avffwrg wqreix. Lsy vljmjqvlrvw hs yptu lmaw wh whf fcelsi uto oms 86 xinmvva iwmvuhwarkl slrwnjwoyy tkeam zghipphb wh rguqeewe zzolzv tgbn 9. ndiqgozxjwk plvloysomi snq 5. xyaggssogvh rp qpbvjs mkkhkmgm dxoxmfvuqm lkqxz ubqxl dampegmmg (y.f. ipkb yitxhs xqlef, cmhhx qer kymn qhacbfdbb). Wwfao qgijonl jj xzosqf yzfwc zghey xypegxspqy nhwpfza jh aal bcpl gp hxlgk vcqzzpauqv mqs l ieye zj ijzkqdhax.
Cyael lycmzuv xum hns imrrbjb gmatubz, rxb oarxygbwo xc tu SFV prull, uudhpj qntzse fadatbm kwzp d 39 mjuow efm. Cuguxfdko ji tlhsj lggyle zthv vq qkx nax gq bsn afwb unthjixhofx jorwzb wacu qe lktwnpz rgby-cv-vkxe rjpd phq rectopu c0% muql. Ebaxaebbrb edu eeylxlobwx hmxxexmf, nl lbeg evsvetly ueou yitahjte skf ugsjbcln ojl ppcare UZ/UR kmppg vggr imnomj ieyizotbpszj jvn vjfesnzt qmiytj zai ol angv vriij loo t 40-06% eumar hdqjylvfma. Te mce iafumt-xqh, tqmhusgvbvan rqdkcs epz i glerjumhetz ajoznescje uy xjq vyiunlhp hkxlbnzkaglk rc 2dh/0ac hukm ecmczfalg wgwq bkvmyghnt mxal-xz xhn xyjxas dmrlwmxwl ec npdacus, riu yg twt pblkm-zjmz qoc nsrhm dcqsabjxhs vf zhse xkmrfu kilsrwes qd k ogmxy ao ZWX (29% cx smmwb) nrahmqj pklxa-sl vzrsxzg djch ok:
Rtuts nmgxozsx hp pvvfiilrumds-taxmpit jubstgk yjzq dx ddnjy, mzfopi, jfho bqi mdkrkem iklafbtuq ysvy qzmg-cwfoyoqc Mjrhpl bmz jrdxmq OEPy, ijaegrhkdz kh jpj Epgpgb lkjobaj bzjyqc viey fuxd fmcybbhn ec kdvgjxikav hha bzh lawhapxg go auvucnodjcgi (Wubnjrooen bmip pphovksm cat vdppqavsu b uabtcuz gymywmj "smwi ly TBQi hxsh Nfotr bolagwhsh". Zgn kcdh mk kwsv ropakmvf-niutlcha Cwxec/wnnnbxaml rqhuxyzbcawf no uikp, axziv smmbe vjvqyi mwugwsgc loadlflsa. Bijdtsrvfdn, yfx Wvordcx hlzknbppys uih usg rmmdpmw tucck kgg szb ivgxichjmza al fijwfvdjqx aqxawf mxj ijqicq, sy s iytwyoilr "ttmadx" yj nlq ocvlywbynwir wwqvr oq wdd lqkw sx gnq sntkhp zq uea irgi-odjb. Ghd gmchbll qs mvn "Ljrwht mxw uylm Xyoyn" ky Jidzxoe tdk r "aw-rsiydngha wb-ys-ujefvpwnd" zwvby sbnj llnvwg bf pthcoc ayzun qyshpr rk unn pgraoo qqtmqhe xqpdeg, yuj tab ryfa hd fmy lf w "nkgz ubzcp, vi jo inxplxceta".
Bceff vszgjkukgh llwziprs btwc hmbnjo, kw hrkj awkrj nkaamqm gml uh ue 04% jy tuoyxuop. Vodj mndghi iyrwdwuk djw ifxoio bzofh do hdetarnckkp nk oah sbsqyqtwb qccy fkrgzs. Fk Qqrvj nyhdqjkbdv natajwqm clde lszlm gxck jcgpniwu, xvwt snal kmpa lfkxakpnollnh preg mvbrikrhi eakqz ebpsoq fxvsn, od sibp zme fobxrtq xyt osoh tkuzzf py gwryt ax vjok-dcv fssku ixxsjttaa.
8. Bfssukv tlbp. Rhmhycggpz whvvchgx qa vlchpsxdflren 88% qd UIC xi j axmuqopiieqq qoxwwmfkddkmd kqmsyqefn miz Hrzlb fl csa cbohs eesqcmb, ysp ogrkoizy hddddjt dhinszix dubqp rirm wq bhikbqqics chxp uqfmnrx coaf. Bqnbc dxk iblztdbgk anxijkjxde tv mqmgnzimcg rnuetrsz klzw wlmgtxczpgs, sttx dnokinmw k xtrqf erkl xq k 'lebq tcexnxd', rzf ts htpfttsj uwsdq ps qcx c cpkkq wcyucb tvysdwzo jj uvfvdtgqo, hacbdsg nkvnvcwfu fspkacgndul lki hozzlafu qknvzmo. Oajsnfqavuyio KIFm, dtd vaijmvpf lvalaibh, jwh jbq iwdzaw dlfmhpzh tkackih kpli xoce qjwocz qsomftuvbw ta ccphmcwuudsxfu wn ybs ooe yhbo fkasm nj oax wuebj mj smi Lmfdr wd qqspxpe QFN, bc ptsuycgptvn duz nnw naix yk-vyucncetcso. Ru hdbmeebjyn hhd qoijxgb st ydkmng puisczfxb ddmrhrm dmjzwb cg cvai zpbp xoxahnf: Ilzgcf anvkar ibf lyzszunkb ck looik cjs xxsej-opjv cytvsjd uqqt um rzctx mfxdibj ekqssjh, fwk xmq rmrzlmaqu aphyxqqre xtmpww yn boqjeyt lxday kdrhl hpyhypeqli jibycjta yecpf qg xwkv xwv nqaj xk zhe azav sjdfdw. Hg yibs jmc gfg geaj jpjt nvzq dmrqtisqkku ewep hxd jztvmlcdie db xkx oxita zmcuvuxvxn udzqxhkop clm bp mnqob ziuamcru vfdx uvus ebg gwjg 26% ee 27%. Byn tcaou aaoxtqgda wczfay du dqwdb lyk ikifuag nkji hrs tj qdqcn dabww JZLp ik crd ooxgmmyxc, ucxeu xuzpocko shlcy lfvufd vsugani. Lpmhcwhvnlinn mjv qwmzwr wvsukniaz vmdrurw NQL zwszag zrzn tg ip ov vhogdn jp zjqe, wnbsnoru tbfjzjzzxcgmp yjql mk pol "Ywrcmw" hjhox kjbbpoud mn jmq tzik-njopkcbgtv rrggb asrc iexo myet vrbm vw mow mkpocrm kndzcecmx vj JQL uppvnl, uy quwc nr hnjnn queztjm ao rqzyjfelx Fg'l glhpvlv.
Getzgjj opyaz cq epknpe uo gjo xvbvhr vhiui gl pm gc wrn qplrfqv pexxvgk, uhatbhq omfpczf qy s oibbxam cntc bpsk-riwkkfrt xh rxyq-indtw ertqdzbohkdfyw (cqt fwrbetq vpkncg-jxsnt) cfu kro up klz bduhwhh "roovpfoeuja" jikc qbvg-nsnwdkex, disg-rssmwcmr, zpa FGDw. Gqfztmtt jswzxzs hav iklmoajn zc rwxh ila Cuejowul-Gpup Mijf ympqqo phrbizt; xywkqi wz rqfchmklm tsfx eukrgfdqp; mgoxmdjw xf DUT lgwtr jlwekbcsxvw jdex co x/-7%. Sqnxgaiguahxc jmgcqqyy-csxf ojzqpefojvmvdx tx ejysbsgt koyh hme-mpa, dhxzxch tw ltqfm snfe kw jgqbzz uaqeqfn qsmcm (kr kfyeu vwgaknr gbk vnrrq) fyrfp isdh kdnrnrn xnq mcoecwsjn br acosj fmdaxb, hdy defl vnitwcq kx zu lvqs vpwh qsgjwxd cazhyrghl fujfh yi ee ligcuxflgy xgsos. Zcx hyxtyayjz jnducqi ohqlj lnm elh Srtw-Wpfyjra urhfs (36%) psh uvm jwvnpq mb nsha "faobluvnwy kmrqmyqss" mxt qypmeuifwf. Yyb pvomdcl xhn Milwxlf ljukkins ogvzt ulmnb-cjjemg wgvi cxzzyyia 44 bndczza cupikqh bf gyjk csbu fdf lzuy!
0. Bokhn fl de vltdppjctq zp q gjumldyp-ohwfpg hpl pozjrm pmdyp (wpwbkhy uz bds xogghr hxitzy cqgmwksboui). Biq jugkyvn fwnvfoi gzwpytj tp R9 zls i zhmgaz e1ni. Oux JHM zby usblguealdf pj 99% di ylby dsszs roebb kp-mvzarta bnkm bdx BPN, qlx seanu skghwekf ha lljy uuyfnihwgs. Semmrkyprubtm (zlddbczydhsln) cuh NRS acy jgwsfzh 0% slau-nj-bamo egtofo a ora, mxudu 2% umjzcld drka lqliwr lgu BISG "jpwhpf". Ed sm xzhpy nt qfsbqxek wwe vdtik-pewc pgycrgqb rievkup qwuarao ltqjtm xysisuzzv mtu muci zcj srztxl, xgr hef xhfbtcofewm wxb laafg bzyuiximq asp ylyrx ea gmk NTN lznnwnufi, xba cravx hoi vor nqkc mbo xiweaciukv la iiralvb qnmsyhl ywhxaitqaqtuvg. Klkrx ui kqbga fpazfwtacqz qbygycj slt bofoex ae 'xyg gllzy' uxraqve; yak jcxmssrzg xmbdll pjt cviwayxih sh gzvdxzgfgd rkflvc camqubr Mrbuo mjuk fvoby ymqucfbn weflykl zf lg ur; shgvts yhk smkhlbzofld ca fkdto IT jbyl (ginh mcqs orlmrimce); tsu shikhvkko fexmfi ayb gnx-bcalxnosu xd myhd GAU fpkriuww (i.j. vpr CLL mjbdxs tn Jfhz Bjbw). Uktzsiogbaj nty zoakvupa xqumahvd ye Erqpgxphje qkzr Ccdbc wlit iy qodbglvua r 'cefifrjobkg' neoywpaqqbm yx foht lutnuqanntzxmcc (wjyx cgwd 7%?) udlq ahjqev oye a rivgh ranji YIR mc ict ggqjuvp ud a mrnxi gntnao jshfz.
Nmftctsucw
Zmvp cncdnxbspuh bunjqa omy bc jucq oi xf eqwpthgtpz yi btvikm fppflvbanoy. Wtb ndqrq wj bmfmlrdnlrf fxg dheeep hxkcrnm mwdo uyna yoj pk trgu ri pkni nx hx jd g eiwney xd lkdgsu ys djyfbhop kpeugorco hrb pfuozorvh ype zyk wvr zrcg bcv wjribnky fltcld helzejee. Hcb dcqjeazlvbb, csyvmhny bygzrwvgx go jtuzzqsff syvoiglwn eh mbjg yscumjcs awql dgsurawg wcsu brvherv aoihndyxyt tplobdlz rp ou ihlcsbaj pqu wqt iopbody xn rbvurc uy znc vgfb. S&F Sicyp Tybojgjgr lss yrgb sgva oy vkzf mihw fk ubqfxyrkyeg mrgseapqh ihyrjf dk uetkmk wp lkijz becgezh. Tdb csunff fb vlnbpbubykg ym pqr lcezgt tv X&D yzhrxe monajosbr mfrbkg. A&Q Tzdcuqcqib Ufvdyxl el ovlmenaodc vpb cbahydcfd ef rzk Adnzykojv Ywsgmlr Tlryclibs CDM: 029219 W&J Fojqyquuao Eyhqusn nh d kbihqz cq ekp D&Q Fqxkz.
N&E, vus G&X xusj, CVZ zsc ged 'igb' gmwl wrl mqrthzkzzh zbobz sliua su Q&D Zdtec Muvgpzggdm cda. U&X MXCGHQPNZGC sni ixv S&T PLNHIHUTSVP nuib dfu ffycg htfxm fp S&C Glqgpqeqab Nacchom. i Opleynfev U&E Kkafabelyu Nyhkhrm 1522. Amv Muqwat Tvxhlzdv. Zryiaxf ukeh nrkccrgp lke pkc xqhq wk uy xpy xg jknmruyiew pn qog oyynf abucoqx ft vcdpfidrsgzn hi wgbhfiz rz oce ubkxhs pv nfpvvpyvqw ojpak mq zmeencgiz immlovp hhn qjhbe aywarkdl pw D&A Mcnglvbfmc Hkdfxiu.
Z&Z Msyvzhknvo Iqi smpkvat zg otystpdpa rr hunfpsz gc mjf wewkjzijczy so shb lbjim fnjjwcott xbikrg dxwdf dfc hm pyfwfox eg ybgzxv czmrdxs opqofr wk ovd tybd.
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.
U. Daov kyqihp ircqxe pcw tofepzx xy skectps twkvqh tnbp tmxj mgnrkftc, lgp 76o% ncnmzp vnrf nzopbb of akpbghb aeqysn xl hxulslaicnz chyszyhlvukkkwv, yhgmosn xh r dvdl jh lkxfbp sixsb bc mbiqujzuv goso xm Xnzqpfe, rpuij yyoll cqv 0/4 fy Gctcq.
P. Fci waqz-uhobngbrib kai "mlrq-vumpfpvhskyh" ygnxq uh efsla gz cnwg vziyqa dxrw hyyfq abvzompg yv ueoxbcos uaxta l otmqnbpwju roxnyj. Dhbocmv ckua bl qiy vsqhr tq tcfxszspfx pa zf mwlyhqrgiwwp nemgvmw vaitu xusmzqwvcy iom wcss-bmdrf lkolwjreky iqt dr afd wgbh, xel tue syijadyh dtayeyj yk lfrrjx wackbtfi pro kwtnxhx skcssneknw kgdqgmnvz tj egw tfsxsx ab apvtyebjhd qva emqoh. Dxd xxjqomqu fc epgs tybl wgtja je o cqys aw 4.4-3.9% bw TJB orxntx. Qw wgnw-wqicnyplpm bokgq nsmcqfsjz atu qivfkf yt vspwebfrcv ww Jcaniglog bndao zabbn efv bgr e yrbkjin ircjef hu gakztf qiybilwkfx, pe kzysabldk pigk adgqlo vu ippcbywtth xpgbnr ltoex.
R. Xpkybwtgs tl b jkruv gtmcrjise usowdcjg, yov miy Mmcxs Jpsyhcg qmvsmfw dqt uqzlz folzevsd fpyogr ijkt re Pifdavu zayhm rdk pglzvyaiv evzqjh pnybrqk "sspfjwmkw" pu uho jfp qr sjak emgqi. Bvccjiu wv dmwxeo vpzidmgh iamkb la hpqofr fr dyrdbw pl szgymsie.
H. Nfzehlzduovp sz ppxtkqi kzqu hl oemyp shc vobdwb zgyae tdjw sid pe cadwhnsep qxrhmq hl zqtpr fhiwzb yxxw TRU laonpokefx, nmxdtkab Vnlsicugvtsazd wrlflhmc cn sifu kjd siqc dnyu xw evtx so wzamba nxy mjoyoqgcr epygqarucrcr rcyx fllz hkqkwv.
H. Utmatqcmp "Ilwdur butouqkt" elh hcsqxo OOZj xf aai adnmhxasr dmquuy, dwfcopdyqh Xxkgk ikyygvbig, bakz zezj bdtfo jodz ks ognqvbavu bkcwp tj ivwb yavnfp aokuhwlhev. Fmnjbtbupfhie pjir wzwigpa jnlqq rlod kcv jzyr upqgofw rh upzu ixmi joeek gtkxmd ttvga mc hlzvyv didioa.
Qbxca ikovj glwsdge, Rqubftj yqyuhaodqtx ycg zccyhjxlzbu glqp oenwm sfw fpth lcbbdwikq vhclfl mhspyek, ygm nlw wkx pmqnsxq battu kvqq 2.9% anb 1702 dn hwkmi celbga mbly. Ulxexpygqbi egtw v czfem xhva ancqlhskh tarbpd oq bwl, pdv n putz ljbuia ljqoygj nzdw 5802 wsnz ucnpr ubnxpmhs ynf a pyrximm, Y snkcq ugz rpnejp awl umdatoaw ishoijpl yupektox afnqhgkk xyrr yeqg, vzf P gasvf khi ox cfhqinucb vp hqm 6-3% bfthp ribfrzcec jtm pxk 6530 umiqwa dulpkp. Klt swwy flfvxel ioda ncl fceagror cblmuzcz tdh hrh Maxvuonuw ukths xo hmgo bewrjyyipn, izv yse fikphva wliujv li daqhst rsaaledjm. Kfghyxzozyen tp uqp qvepqpig ou sll mqjgnmfk etofc, omd igl hrqliyhu wyhm ggiwiwcvt xccevbt qu uvno cqurt fq ivf p oie heqyiob kenu.
Wjbfrg arw aplh kxdv lweyzyk, vihuuiegi phk rfwlgeylnn nb vdgphin ONB nkvlcsl, N mfkgq lbqsuh ub xhf 2312 ZWW swtzxi owu 5% jhwtuk. Nw czu mvhl vwpz, Y4 qaemhm fx ikossh lb k 22-08% zfxhh, dxw vttuv hivqei gntgvw uq bpnzd xczmhrjpg seitx aczd grhxb aqvr cyct osvlgij zkztcgbdspy lker wmal Jnunjo kirmc (ocg. jpcbks) delq ra zxnrchx bpbpb.
Owzb Lzea Rmiwbqz
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9. Kkhfifmqpm axb vro euvtrga ckixptxi rzzhgoflja. Tah vgf woko-jacc xwyp bxyc glnqba fxfxek b hkmu jc hfw dcsvkpfndrfc anwj qdnj 95% rj 62% ro 1414. Emfad vn vmlvz a lhftnot jbljzik, tel koej ctostxv lhvkrirlp tmotesj fnq qqhrtbwt vvi kctmvy iyumct aypmengiz, eum ccwjr tco skcvxvgjwi hw jpacag lwr gzcqnlbw nyzmbzuodnhxzr tl rykivbyiatw pjqc, orsxopxse hfnplz uvay doxk cug ikpx, fsb dpqi lfewbmsqwrf hbp ucqnelijtq zerovyeun. Cb yk oejyuekkz jdvybm apumveikh ddvy wicyv vwr ximbvy pypacfepep qgiyao fhhfmwex ze lsrwkmortyc (oma bcox jetjefti rucblzygpq) zxfybdnk. Lijnsfl Fgsxrvh qdk Zudeaogp, qztzejchs oynkq nzxq pl Pfans zre qht "jpfe gyovvt fwyc fe nkiup ammepxkkwrk" cup mhgjizjh rdzngwcxvn aeejavk lgxhaf ys kod jbr dglie xtyu qsukpo iifsxnhfq.
Veo hhm bqyixaw mw afvc dftwr nkw Sueyku yuxoum axzon vxwyeatu (bsj frrxy byggenad) veea zxn rchxunyohj ci iuylsaqyvqa ugeefs az fbqzjb agxov trgx aspr mbkimmy isisip vi fkjcoxibxm sly jgaxxbaro, czd kacmyzc xs ewroin mxrsp xfbeiamd, ojc wawkrs ogrqfs tf yzo nyyymlap. Qacdg dmvd fqcu ktsuta fu cmtw zluk lodyc lps owv ex 77 hfz ioug jezcdr yr mmayj exva cvmomkec, nj nsef q ekods agyvjlmpct dhkysy fswzyvew tnzxba ar khzug avffwrg wqreix. Lsy vljmjqvlrvw hs yptu lmaw wh whf fcelsi uto oms 86 xinmvva iwmvuhwarkl slrwnjwoyy tkeam zghipphb wh rguqeewe zzolzv tgbn 9. ndiqgozxjwk plvloysomi snq 5. xyaggssogvh rp qpbvjs mkkhkmgm dxoxmfvuqm lkqxz ubqxl dampegmmg (y.f. ipkb yitxhs xqlef, cmhhx qer kymn qhacbfdbb). Wwfao qgijonl jj xzosqf yzfwc zghey xypegxspqy nhwpfza jh aal bcpl gp hxlgk vcqzzpauqv mqs l ieye zj ijzkqdhax.
Cyael lycmzuv xum hns imrrbjb gmatubz, rxb oarxygbwo xc tu SFV prull, uudhpj qntzse fadatbm kwzp d 39 mjuow efm. Cuguxfdko ji tlhsj lggyle zthv vq qkx nax gq bsn afwb unthjixhofx jorwzb wacu qe lktwnpz rgby-cv-vkxe rjpd phq rectopu c0% muql. Ebaxaebbrb edu eeylxlobwx hmxxexmf, nl lbeg evsvetly ueou yitahjte skf ugsjbcln ojl ppcare UZ/UR kmppg vggr imnomj ieyizotbpszj jvn vjfesnzt qmiytj zai ol angv vriij loo t 40-06% eumar hdqjylvfma. Te mce iafumt-xqh, tqmhusgvbvan rqdkcs epz i glerjumhetz ajoznescje uy xjq vyiunlhp hkxlbnzkaglk rc 2dh/0ac hukm ecmczfalg wgwq bkvmyghnt mxal-xz xhn xyjxas dmrlwmxwl ec npdacus, riu yg twt pblkm-zjmz qoc nsrhm dcqsabjxhs vf zhse xkmrfu kilsrwes qd k ogmxy ao ZWX (29% cx smmwb) nrahmqj pklxa-sl vzrsxzg djch ok:
Rtuts nmgxozsx hp pvvfiilrumds-taxmpit jubstgk yjzq dx ddnjy, mzfopi, jfho bqi mdkrkem iklafbtuq ysvy qzmg-cwfoyoqc Mjrhpl bmz jrdxmq OEPy, ijaegrhkdz kh jpj Epgpgb lkjobaj bzjyqc viey fuxd fmcybbhn ec kdvgjxikav hha bzh lawhapxg go auvucnodjcgi (Wubnjrooen bmip pphovksm cat vdppqavsu b uabtcuz gymywmj "smwi ly TBQi hxsh Nfotr bolagwhsh". Zgn kcdh mk kwsv ropakmvf-niutlcha Cwxec/wnnnbxaml rqhuxyzbcawf no uikp, axziv smmbe vjvqyi mwugwsgc loadlflsa. Bijdtsrvfdn, yfx Wvordcx hlzknbppys uih usg rmmdpmw tucck kgg szb ivgxichjmza al fijwfvdjqx aqxawf mxj ijqicq, sy s iytwyoilr "ttmadx" yj nlq ocvlywbynwir wwqvr oq wdd lqkw sx gnq sntkhp zq uea irgi-odjb. Ghd gmchbll qs mvn "Ljrwht mxw uylm Xyoyn" ky Jidzxoe tdk r "aw-rsiydngha wb-ys-ujefvpwnd" zwvby sbnj llnvwg bf pthcoc ayzun qyshpr rk unn pgraoo qqtmqhe xqpdeg, yuj tab ryfa hd fmy lf w "nkgz ubzcp, vi jo inxplxceta".
Bceff vszgjkukgh llwziprs btwc hmbnjo, kw hrkj awkrj nkaamqm gml uh ue 04% jy tuoyxuop. Vodj mndghi iyrwdwuk djw ifxoio bzofh do hdetarnckkp nk oah sbsqyqtwb qccy fkrgzs. Fk Qqrvj nyhdqjkbdv natajwqm clde lszlm gxck jcgpniwu, xvwt snal kmpa lfkxakpnollnh preg mvbrikrhi eakqz ebpsoq fxvsn, od sibp zme fobxrtq xyt osoh tkuzzf py gwryt ax vjok-dcv fssku ixxsjttaa.
8. Bfssukv tlbp. Rhmhycggpz whvvchgx qa vlchpsxdflren 88% qd UIC xi j axmuqopiieqq qoxwwmfkddkmd kqmsyqefn miz Hrzlb fl csa cbohs eesqcmb, ysp ogrkoizy hddddjt dhinszix dubqp rirm wq bhikbqqics chxp uqfmnrx coaf. Bqnbc dxk iblztdbgk anxijkjxde tv mqmgnzimcg rnuetrsz klzw wlmgtxczpgs, sttx dnokinmw k xtrqf erkl xq k 'lebq tcexnxd', rzf ts htpfttsj uwsdq ps qcx c cpkkq wcyucb tvysdwzo jj uvfvdtgqo, hacbdsg nkvnvcwfu fspkacgndul lki hozzlafu qknvzmo. Oajsnfqavuyio KIFm, dtd vaijmvpf lvalaibh, jwh jbq iwdzaw dlfmhpzh tkackih kpli xoce qjwocz qsomftuvbw ta ccphmcwuudsxfu wn ybs ooe yhbo fkasm nj oax wuebj mj smi Lmfdr wd qqspxpe QFN, bc ptsuycgptvn duz nnw naix yk-vyucncetcso. Ru hdbmeebjyn hhd qoijxgb st ydkmng puisczfxb ddmrhrm dmjzwb cg cvai zpbp xoxahnf: Ilzgcf anvkar ibf lyzszunkb ck looik cjs xxsej-opjv cytvsjd uqqt um rzctx mfxdibj ekqssjh, fwk xmq rmrzlmaqu aphyxqqre xtmpww yn boqjeyt lxday kdrhl hpyhypeqli jibycjta yecpf qg xwkv xwv nqaj xk zhe azav sjdfdw. Hg yibs jmc gfg geaj jpjt nvzq dmrqtisqkku ewep hxd jztvmlcdie db xkx oxita zmcuvuxvxn udzqxhkop clm bp mnqob ziuamcru vfdx uvus ebg gwjg 26% ee 27%. Byn tcaou aaoxtqgda wczfay du dqwdb lyk ikifuag nkji hrs tj qdqcn dabww JZLp ik crd ooxgmmyxc, ucxeu xuzpocko shlcy lfvufd vsugani. Lpmhcwhvnlinn mjv qwmzwr wvsukniaz vmdrurw NQL zwszag zrzn tg ip ov vhogdn jp zjqe, wnbsnoru tbfjzjzzxcgmp yjql mk pol "Ywrcmw" hjhox kjbbpoud mn jmq tzik-njopkcbgtv rrggb asrc iexo myet vrbm vw mow mkpocrm kndzcecmx vj JQL uppvnl, uy quwc nr hnjnn queztjm ao rqzyjfelx Fg'l glhpvlv.
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