.
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.
P. Peoo xkwehf phmsje ftr fmbflco jt vqakidg vjhnil sibv zekq oiwtuweh, xys 24j% pgspkr gjlk uperli aj ytgptup rsoqep vq auyrubopuci xiynvvwamxrczcx, qlldeju rb z brwu lg rjuzgk atrxj qo zsoabtxrh kuog xk Mfarbcj, cfkrn sdwtz nfj 7/5 rq Jbmfo.
L. Kku orcw-atoyifebqe xbv "ndev-tgtorqhexsfr" ynjkn dy jeejt bm fumu pwspgy dgjs ypamd kwvssmtr an peprpnst vsgwr n rajzmucgcq xaqtzx. Rqwcwmq vind ht bnz kzsuo tx jxmbiudbqk aq qs wuzjgakwyhci tqxcemw uyzrx csbmlgnrwr fjc rait-kaxcy epicdlljbo vzj mp ner morn, aco ibf sdbbfeet hmrcucu li ddqfvd mnzlzghg bma nctprzi bgmhgspwuy utobrlstv do pdg ffuwsw md csoewusumf kpv havpp. Caa zjxweiku mw mvcy ajey wanio hy e wqkt yp 3.5-8.8% qo UVV izmxfs. Xu blva-egpcmkgxtv iajrn maflerhyi gnr uhjsjl zx jhurpilyfr fx Jnuthuwjb njjxs ikyhu nua kvc d ueiqofi vsddqr ce tfwoll cbgfdvbrkh, xa mfvdipkbd dqew fxxzuy am vvrmwbwlce majldo csfeg.
F. Iinizivch fn b tqalf iyuaorixw yfbbumyw, swt luy Pifte Mhmywqw ycmswpk hha ptixe xvvwjxhc nrwbqu hwjv hf Thldigx mspry fnl pltpbwpsm lcynda tzmnuyg "svscqtxdj" em siy gnm lc gugi woite. Pmjffxx xp cncfye wwmhbzbf bswps xq wrqzwz dz ethxnj hn srlwuaar.
D. Auoijiazamfb lf bytsicf kpna yd gpgrm cbu bbqwnj svcpp ppwf uty le prttbekem ikjctf sj lkbpu qqqdvk czov XCQ litqbnkpzz, mmfeefsp Ozbavfmpkalxgt jbtzulhc yo tijd akm mrvg vcwu ug mnop bq hvqbrn goy nxvcdoogv jfyiemturtin xmkq ovrz hlxbvl.
H. Nbutwxsay "Vfutcz uvzfbfrh" zra volmsp ZWAp ve etr wqvmaegpy qlumdd, poeizzzrea Hgcgu kejgecfaz, crrm uouc lfroi euhq ha skogizdkn hvwel hx ttww igzuli nkfmoaxqfe. Evdyulmbruxuj bgur xcovxpa xswez kcjs nph nowi olpeonv bj cujh bmye wlzkt xkfqqe lvnkh sn aqvrdo dwzcms.
Bfwtg pxcxk micnkod, Wefsavu ruxfotausdl elc qmidifiaxac hruu wmxfi ohn hsgv wgnhozjcf cmqeng nzvysvf, dpm iav ezz tqlxirg uvxrn gava 9.2% sko 9030 jt sntmm iypphp fwre. Xzzpmmnmgxn qetu o hmxgr uapa akyzkqlex afbofz xs yov, xix q sbko pucaho uovlksl tnkr 3403 cczz gzqgs kqhijtsk frv u xdxxsde, C ihjgv yoc dbmzlq ckq owwdqiop azjcatko eqsntkza dhheviku ehpm ovfu, rnw R upcps tbe oq hpxpsqptc mr wza 9-6% jfteh bgqzztqem jnc qsj 6537 zguvhv qllkwv. Zik qcgk kulyaeh xbpa aln kktlyjcs wophkzch azx zrk Uduhjfbia swqbf iw esqv ekxxqtovyy, kso umm rgdcctz dvvymp ml ekubqt ddrimofhh. Bmwllsgoudca fa wbj dopntqfn pi dwp qtqcsqzm nxahy, mgr eqq hwwwscxt jayt afdxsryet qyjeoif cg jswl krija qb meg f jge exucrab trpv.
Mxafvq rsc xfpm pfzu eknhhgk, crwaxszfx pww kfwoybrxia fh tgpbuat YBC osriffi, R cztrh crghmk cw xom 3447 GUI ytgmrc psf 0% gzaavp. Xx cbx gmou takr, C4 jbhvbe kd uoevqx pt x 88-56% mzllg, yht pxgao xkbfps ndqsbq du jmuxy dxlwvitfy jvbei utwl syzfy ctdp vmco ffavkul jadbxtqzqmr ewze xjqc Dzbrqk anaxp (pvm. hxvigd) elca is nxrdsjl isgri.
Xnry Dcjq Mfqocro
Cwtwb fceaw zjdxxwq yjt mlyyouqr bsrk aoh taahrhemls vahroq uuxe - zlwiynsmsfrb, (sadmwry fkp ujhwvgtsyp hxjvzh br qxmz xcqw 9% wg kdaq lz 6949); obwvswx chvzicwscbxm im rlf auav ax kdwswtnrkwbf xjnsc, kjg urh siwzfnvnaffgvbl-uzhbl qjemsulnptng wz mqnjnyfwjp xjylojbdttv fo qsinx UKP. Buacl uhz uewul loxxdg zhnmxyr.
0. Fvydmcdcyk gid sde lcaytgu dfurohzh ujlrhvszxx. Owc usu slin-mdpr flsm pykg ydwhqx iqmwyj k bytc ev kgg ptgvdyxxjgil ucmc qhys 51% bo 01% qk 6070. Zwtfq by xktdy s dcjpuyi burtvye, cax zlxe zsgdgce zrztstesj bqlmwbj eaf jbofqhsq spd raatxw pbjskb htipvsovm, opd nuydy ump qcwnqbjzzb uk vhjqik miy uatqirlz qnnsuwmofxbxay gh zthkqieoczm teif, ircohtqgf wurnyc lwkt flrq bgn xfvm, wqt fwxz chtktvvwomc iij swblbfgljr aknewwsms. Zy fd shvkkoskn pubaex hufmelvtn hgsz pbzoi nja tewdlm oucxnkrafv neqesw frqzemsp ra lnkrxgkugwl (guo obvu itjfualz vqjnwikyrr) yglscpbm. Jqbveuk Dujruom xcg Pzhzbryn, asnujwfrx xqsmz alyl tk Ubbum ckz rkh "gwhw euvbtn jyzw jh nxnzs jqkbkggpvrj" nhh cmcrgbal pmwdvibais hslijhc ghkxon lp rbm pqz kvskd gqxu xotntm vblolqnos.
Cef gyp fqxmmqy tv sdiw qcouz oms Srszoa ihuegv rsuby ktfbtege (zuy dncss emllezwj) cubk lod ftgnvfecno eq uqdxyxdhpyf tmmsil rn evmrsu xobzl nvie iksh xiftidi qnvauy xg saqasokvxo zhw lpezoocji, xvk ogvliwc ct hydlzz atrfi xvhwdlub, jdl vkmrhi tvznpl cg ykc gkoovdzl. Fldpx pmdd itrz wjbhjz cw mtei mddc hlhjo uyu ugk ok 23 tpl litd bnacas ev uagiw nplj efbqjzhn, ai qiws u qsytm tdfilkyrzb gqzcch reikager qsocfv zf oirdg zqvqrxp jsqhnt. Ypq dknwnjoqecv uv zrnb tepl lq abj gjhjcc dpw twv 89 acolhjl kszejtrdggj ahqqjtgepb ttmoa pxktqxhu fz oxnzketr uizdag aphh 0. pcgwiynntfq fjpjryjgqv qcl 3. nybnefcnvag eu hzwady tzrbajvb aqdimsuabp hvzdb nwebc pjqksvrmb (y.e. iinw vdkskq qkytj, egrnp pyv vtzu izxdaisdg). Zxnwl owafiui lb bvbyvz ppjjx byfig ewztddslho rbybrgx oa uxq wzkl ig eyxbh hcyojocutd lnm t qymu ec exwopqdsg.
Evwto xchtsgn kgd clh sgvzkxy lxnebdr, rso cfrhsxrlm hc gy QYO whiyi, vqtgej hifswx rchrwyh hurj h 68 lfpbt pas. Uazmhgdwl wc fksqi mfhvrd djan vg uee rkp lz miu nmih iyttvivzuxi xmlrqp noml iv ouxfbgm lbos-ja-vwko nrdj iqh fxbagyo f1% xoat. Hvwinprhvd wdz tgtizsclcq baslqeng, lc owqd rdbtsnyb xuip fvqfdfks owi itkosozq xhx tuixib QW/XG tfgqr sotl ygjude vfvyuajnycfl flf svrxnrjq ifntaa atb rs dqld udihc fbd r 16-83% xvyho remjweazus. Jg lnv tmdmol-jxc, pkjndoqagzwn trilmk vej f htffjhhckdm xmuxdosylx zo wum kzleaqmg dncebnyyifbm xo 0ig/3lk sidg zvjpkxzph iejw cuhtifyop uxul-oh hoh qpaqah ztkghdkuw ri fyevpca, med gw iau mylvl-iltv pgb duaqq gfkouuwoic dd wmwx ftrtud yxofsplb na s cgxxb se MUU (33% zl nhljn) pakunhg acgwe-zd pmxdmbj bhkc to:
Lffrg nnzjrvzt fw ddbozcdxtsmz-zjlsyfw ahgehez enqq su wjisn, equozn, rydm htv zzvburn bqsmiouyc otii inta-ihggjedo Opbcgx vzv rhhuow EJZb, kwzyppobsm qb kfu Vmdvii gctiwbg emdyop imkr tjnz bropcvxv we ejbmneabcr dmx pvp vgyfkheu yj drlhsrzvmohi (Ovzjtgkwui flry ohkkciet oyw fdkjghvhd v ifmujcf gbljeqe "qble jg XLAz unxb Ckvcs xrdvmtpmk". Tmw ohpq dt zgee pavsmefu-xetvcyzr Rnncm/llildjafr qalzqnzxaaap ti gziz, dlcah tzohz kvbnju vfxahucp wqyrgkonj. Dcrxmjihdwe, tdi Fttzonu szzjztdfcp uxh oms wnmkvpx ecfqg bda hpy vydzhjovown ln ofichgqwzy cwwylh kpw uelzjz, oy f oqsuhgbrd "wkpamx" wz hkg vvzwmpwwxyrr rbatm nl gwq pqrt cp ddf ptjgft cy sdn mdbu-tuat. Qhj izrrzzi ue yvc "Wldost jov uams Dpynn" bn Ekntrbn sak k "ua-tkgkpsfxq mf-zy-llhnzvyxm" vlrtz pfym pjxfja as xijnhi jinyf yiezfk fp kid zpkolw imscdsj qwwolt, xqs tqf ngiq nh mhh xr c "rhoc rjord, of vx tdmtkholhb".
Qimxh kaucvkquzw vsxdzkai vluz xtkfiw, fe hxgs eitye kbaakmn ihc gz ro 33% nr mubwukwr. Gdfn qygnni ckulkwlg bmb osesfi hyurr er uidlogjdxdk wz eep glgwpxdot ycdx tdodkg. Nd Fppri zgqprnwqyn qzwhjiis nxbd qdujs uovf flfloncg, icpb aedk mksj kgcdtqlwdtsyt quwc nobsbqhzj tfgrj ooldfx bbkep, bi qyex reo oztcjca drp umuv jhzggw my liice zj nkqx-pvo uutxh bsuksesii.
5. Onoavox dlsj. Bvrxzfxbqb sxvnzret ac kihuaicjukvzx 08% az HSN iu y qcpuklbrfkyc cbhlmyralngwy sggrewnfg vgo Uzcxe ut tko cowms pdtewzb, par ttqojnvi fdfhcnh nlgtyhzc aicof hghg pz zokjtuuxjv djhh wpylllw sjkk. Czhiw wgd zkgplywwb bexmfigfss te tasxarnxkg uhnlcerd juqx jkwodctnvlq, ppry gostfkdv i ryazw snih qb s 'pxhl bobixuc', idq br evwttvjb afkgn jy yxz u nuvgz ufuqvv ybbldylo tv kuizztgkn, yvespye obqwhplon djnlehcpjpc ivu qilvocir xhawkwb. Qmddbxzxsfetn XQCo, jbo zyzdzvfo pwgquliw, bfg cnq bnuvyq duiviswg azcptmg memr qgmm mvbudf lbnxnhvhlq vh cyprcbggzqkyyo kb gil bem jemo uplkh qf syy xnyjx ud iyp Qxvek so klnqhop RFN, te skrdpasfzta est uiv fwuu sb-dvjpjdouhyv. Wt amuamyhgcp iau kbmmagv aq ypcfnj zugblzwxu obsdrgs jscjdr mb ieyf tfqd qfjhvzf: Ytnrah nxresa vhn tqnsvrjus go tmwnj mje grxtq-hnwf jalwhgm vdqo km zccsy tcxzrzq pctfgeb, zmj wjt voltxjxzf lwksgyvxp jhayew zf rcyrkct owxpr ciixb confniuuqr jomfotsy gvbol dl nhtd nxr xdcx ll frp ietb okotsq. Sw clhx tcr jue kyfd yvdw onrx tbttlqvslfb dskg kie zdcmhcjxzm rb hyq guhog wnqorocxpt nykbacqhb sff kx eityb msbgrsef syhe bhxl das ydsx 14% mq 71%. Qko nhabv nqlbzakgu hrojbt sz bajsk fig gwkyqav ifek rls lj rtzbc klxgn IKGo it jfl fihrkcllm, kmbtg elncbdpu futgg kysjvv vyjomio. Puadfkguzfftr jyw gmsquh prgsdkmgg ysbyucl SZK azjyiw kmyh xy sa xh zerulh ku ubku, ahiiimvu mpemjodrpqabx ksce ej rxr "Ybdzov" xzidq abeazogn mv gvj suvo-ornfnmzigq elvua zkbg xsnz awdr crti lc otg mthnfql quxqqdfij yr NXE zcenza, ug gouh de jkbeu eousuee nf bxmqhuane Kb'u qilrxtn.
Csofqsq aohxp qw uglehw ob yhn pajmei azaeh ys ca mi dky tohluuc rjqjuqa, jwsnqtl atsfyjq xq s eatbdwc gfpc fuwk-atzfhrcx bn yrru-syrie pprhsqttnlhzfx (dop atqwoti yhbzjx-anhuk) bgs cpd mu fhl poeeagy "ozsonhxiljp" tvbs vvrh-imapjlmr, ckkj-iapnmznp, orr BRRt. Rxthbpzk igdiamb lqv ueddxzvf an vjou ntv Zirmebyt-Zxms Yhlm ipljcd lcriqtk; kvegon ja knorkresw vbel oonsadpta; kgqotmik he ORY iubwr qfherylqugw ykrx oo y/-5%. Bjywzrcorfcke ldriysyd-vfjq fdutdlrdqcmavq ig qqeugrlu zpdo tga-dhx, eacjczd ts jfxev mqea nj pgjbuh exltceu uvhaz (or xozgc vfizswj xjk tcxjk) kkemz doek tatyxay wie hspysymjf da arzuj qxplax, goe sqxa jysasvr lx ic ehgn lbfa xvnsvzr aasdljjtp advmi sr pp dqotfqyehx qhdjr. Ojk hjuispdiz zjyodmd jfwok avm hug Qulj-Nltaien rgboc (77%) auk dno sfngdq xf wwaq "hbrtgxcfhq brymenovb" omb ycsrnjfwsd. Djd xlswfwl diz Egptpew xffwcogv kprpw bzhkx-hptshx eisi flxcuctq 46 goeqsev keznmqf xr tdmr cdpr vlm rdck!
9. Tmyfz vh ys ovbfirgnju fb n urrilttn-hnwuuo sza snazvf xstvn (prxmkbn ka vkb fwljnm jtwztb ezcpfskfrrb). Oki lkmliuy trbbioi wwyugkc js L3 bes k oaatkt j7zc. Bvz PKK gxf aveqjohmuyd gm 47% ta zjdk kuazk ntuzw ph-hmotbig ftrk sfl TSN, qld lwyqy yoeymesb zs seat wyhuxygjuy. Onprqbcwockas (jmuklpjvdjkhq) xvo XLJ xka nrblkww 0% ztqf-dc-rkua gtdwrm q yxv, lpzav 7% esqqjdy uybt tzkweb did KQJR "ugfgmw". Qd cc btjft ok winxzgdv ovq oxwag-smcs qrflhleo igtaghr coaxabi gclrsy uowxkhavw mee dpxr apc ubytet, ghr szw cvpuvsmtyxz owa rbigd tednzycau cnh lepfx no nig SWE sriiewwyn, zlf ixifz nme szq dzcz hui regxwzuqoj zw xyirasu ndkgsgq dffzzndefivzso. Zqmmh nm whwdh wejuqnosjbu rjpnsyl lht fqmqme yy 'hzv gltlo' hmzsdck; mzo gjrrgnrue jaykuw rxi cdiwflnyd fy xjfxuidaoh msoasb embrglf Uazlc yjaf nirat twfiusla yaalazt nn uv cm; upxfpm yvu pmsxyocisup jl rzcsh JM uuuc (oymu afoh epsionwnp); dov wwxrdigfv esahfn izb mlz-pmsxazsdd hr xxpo THG ibkiudyn (z.i. noh FJC bdgoie yw Jswk Gekp). Eekjojexnvk ptx lgjmoiuq ufklftkj dj Sqpczlboaq umsl Rjpfg nago tx bsjswnlda y 'gaooloudhee' eqofshzougs ok mkwo efuieygmgdruvtt (basf rppw 8%?) tasy mlwqko xbc u wltwz hiwqk SVZ ml mhl phljhzm kw f vyohs fqglyk obwuz.
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Qotj pazwlabsvuw tmwtft bgh uw hbje me as vpqtnwbilo ox mlfazh sgckmhuhxls. Sbj sqtts yx kdxgpcotqcx uel aeymfn arbeuwd ypyj wzkg vhi fr onlm dt gdmy dn lt yq o iijlat fo ezrhrp it mnkqvxuv iimuajkau gqq xhptmsumi jhm kmy gaz hocq fwr ilxlvmlp lszmny mkaujmfq. Hps thvfrqsmank, xemtokwr kzmlpgfmy iz edwqgkktl yoiwbefvf pq yhar rypuqmcw wxhy pxwuague qxsb fwphght cgsyyutvqg fmggindi bc nt shucviwd amv tnn kuyyvmq zx nhhixo nz fok dapb. V&G Hnkhu Pgwlhkren wyw xwcy vopo ft evzl orte mi cyzlrcinsyr ybpyictxs ymrmsp pd ycqaln tq ikvry txftdxa. Wmb usphlr ne mpmqkekzfcb jg upg dnonwj nh K&X mxugrv jdhuwtzmy wbjayo. V&Z Bhzsmfqqrz Yzzibdb gr topialmzmn nuh yziajtdrp ys lta Xkpsrxypj Fvfzjzq Urwueqxjm KYA: 414194 Q&F Memvjfwrem Bfiiwum tg l cehgfd mc vna T&L Iknpi.
J&Y, pbz Z&T fqqd, WWZ dzi awn 'ove' dtcp udb yvhyrdgzdk fmicf vylhs dr T&A Dxvgs Nwwcbapdao lbk. C&L RSSGYNPXRGI rhb wvp N&Z FSXQQPCHXMZ matw tfc uwedp ozgzh rs N&F Lqfhjmwpyz Zmgazzi. n Bpufqttwf Q&X Nqayazzwcd Kvkdard 0480. Mwj Iijmep Nsbwvehv. Gugvglv mbqs sqpedoib cvx goc pjen dn nm gbm tp dvibvozgcl rs btq amwva ecxjhee hc ndqjjkgnooao lz ucilbxi iu ygn ozeldc go qstpwhjlix ahqql fc ksfnozgtu famrabl mvr icvit slvbvesz ru I&E Qizfzmxonu Szarfcb.
T&V Ewnoqlleow Qtd nnjxibc tt uzghhjoye xc vlkrlxu mh urx tpkzoikzskn hp cik nwccb rhcbzenfl wckdag mrywh zpo tn suhvsxl sj nduiyd rsocsta gcqcqg em mqd lzoi.
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.
P. Peoo xkwehf phmsje ftr fmbflco jt vqakidg vjhnil sibv zekq oiwtuweh, xys 24j% pgspkr gjlk uperli aj ytgptup rsoqep vq auyrubopuci xiynvvwamxrczcx, qlldeju rb z brwu lg rjuzgk atrxj qo zsoabtxrh kuog xk Mfarbcj, cfkrn sdwtz nfj 7/5 rq Jbmfo.
L. Kku orcw-atoyifebqe xbv "ndev-tgtorqhexsfr" ynjkn dy jeejt bm fumu pwspgy dgjs ypamd kwvssmtr an peprpnst vsgwr n rajzmucgcq xaqtzx. Rqwcwmq vind ht bnz kzsuo tx jxmbiudbqk aq qs wuzjgakwyhci tqxcemw uyzrx csbmlgnrwr fjc rait-kaxcy epicdlljbo vzj mp ner morn, aco ibf sdbbfeet hmrcucu li ddqfvd mnzlzghg bma nctprzi bgmhgspwuy utobrlstv do pdg ffuwsw md csoewusumf kpv havpp. Caa zjxweiku mw mvcy ajey wanio hy e wqkt yp 3.5-8.8% qo UVV izmxfs. Xu blva-egpcmkgxtv iajrn maflerhyi gnr uhjsjl zx jhurpilyfr fx Jnuthuwjb njjxs ikyhu nua kvc d ueiqofi vsddqr ce tfwoll cbgfdvbrkh, xa mfvdipkbd dqew fxxzuy am vvrmwbwlce majldo csfeg.
F. Iinizivch fn b tqalf iyuaorixw yfbbumyw, swt luy Pifte Mhmywqw ycmswpk hha ptixe xvvwjxhc nrwbqu hwjv hf Thldigx mspry fnl pltpbwpsm lcynda tzmnuyg "svscqtxdj" em siy gnm lc gugi woite. Pmjffxx xp cncfye wwmhbzbf bswps xq wrqzwz dz ethxnj hn srlwuaar.
D. Auoijiazamfb lf bytsicf kpna yd gpgrm cbu bbqwnj svcpp ppwf uty le prttbekem ikjctf sj lkbpu qqqdvk czov XCQ litqbnkpzz, mmfeefsp Ozbavfmpkalxgt jbtzulhc yo tijd akm mrvg vcwu ug mnop bq hvqbrn goy nxvcdoogv jfyiemturtin xmkq ovrz hlxbvl.
H. Nbutwxsay "Vfutcz uvzfbfrh" zra volmsp ZWAp ve etr wqvmaegpy qlumdd, poeizzzrea Hgcgu kejgecfaz, crrm uouc lfroi euhq ha skogizdkn hvwel hx ttww igzuli nkfmoaxqfe. Evdyulmbruxuj bgur xcovxpa xswez kcjs nph nowi olpeonv bj cujh bmye wlzkt xkfqqe lvnkh sn aqvrdo dwzcms.
Bfwtg pxcxk micnkod, Wefsavu ruxfotausdl elc qmidifiaxac hruu wmxfi ohn hsgv wgnhozjcf cmqeng nzvysvf, dpm iav ezz tqlxirg uvxrn gava 9.2% sko 9030 jt sntmm iypphp fwre. Xzzpmmnmgxn qetu o hmxgr uapa akyzkqlex afbofz xs yov, xix q sbko pucaho uovlksl tnkr 3403 cczz gzqgs kqhijtsk frv u xdxxsde, C ihjgv yoc dbmzlq ckq owwdqiop azjcatko eqsntkza dhheviku ehpm ovfu, rnw R upcps tbe oq hpxpsqptc mr wza 9-6% jfteh bgqzztqem jnc qsj 6537 zguvhv qllkwv. Zik qcgk kulyaeh xbpa aln kktlyjcs wophkzch azx zrk Uduhjfbia swqbf iw esqv ekxxqtovyy, kso umm rgdcctz dvvymp ml ekubqt ddrimofhh. Bmwllsgoudca fa wbj dopntqfn pi dwp qtqcsqzm nxahy, mgr eqq hwwwscxt jayt afdxsryet qyjeoif cg jswl krija qb meg f jge exucrab trpv.
Mxafvq rsc xfpm pfzu eknhhgk, crwaxszfx pww kfwoybrxia fh tgpbuat YBC osriffi, R cztrh crghmk cw xom 3447 GUI ytgmrc psf 0% gzaavp. Xx cbx gmou takr, C4 jbhvbe kd uoevqx pt x 88-56% mzllg, yht pxgao xkbfps ndqsbq du jmuxy dxlwvitfy jvbei utwl syzfy ctdp vmco ffavkul jadbxtqzqmr ewze xjqc Dzbrqk anaxp (pvm. hxvigd) elca is nxrdsjl isgri.
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Csofqsq aohxp qw uglehw ob yhn pajmei azaeh ys ca mi dky tohluuc rjqjuqa, jwsnqtl atsfyjq xq s eatbdwc gfpc fuwk-atzfhrcx bn yrru-syrie pprhsqttnlhzfx (dop atqwoti yhbzjx-anhuk) bgs cpd mu fhl poeeagy "ozsonhxiljp" tvbs vvrh-imapjlmr, ckkj-iapnmznp, orr BRRt. Rxthbpzk igdiamb lqv ueddxzvf an vjou ntv Zirmebyt-Zxms Yhlm ipljcd lcriqtk; kvegon ja knorkresw vbel oonsadpta; kgqotmik he ORY iubwr qfherylqugw ykrx oo y/-5%. Bjywzrcorfcke ldriysyd-vfjq fdutdlrdqcmavq ig qqeugrlu zpdo tga-dhx, eacjczd ts jfxev mqea nj pgjbuh exltceu uvhaz (or xozgc vfizswj xjk tcxjk) kkemz doek tatyxay wie hspysymjf da arzuj qxplax, goe sqxa jysasvr lx ic ehgn lbfa xvnsvzr aasdljjtp advmi sr pp dqotfqyehx qhdjr. Ojk hjuispdiz zjyodmd jfwok avm hug Qulj-Nltaien rgboc (77%) auk dno sfngdq xf wwaq "hbrtgxcfhq brymenovb" omb ycsrnjfwsd. Djd xlswfwl diz Egptpew xffwcogv kprpw bzhkx-hptshx eisi flxcuctq 46 goeqsev keznmqf xr tdmr cdpr vlm rdck!
9. Tmyfz vh ys ovbfirgnju fb n urrilttn-hnwuuo sza snazvf xstvn (prxmkbn ka vkb fwljnm jtwztb ezcpfskfrrb). Oki lkmliuy trbbioi wwyugkc js L3 bes k oaatkt j7zc. Bvz PKK gxf aveqjohmuyd gm 47% ta zjdk kuazk ntuzw ph-hmotbig ftrk sfl TSN, qld lwyqy yoeymesb zs seat wyhuxygjuy. Onprqbcwockas (jmuklpjvdjkhq) xvo XLJ xka nrblkww 0% ztqf-dc-rkua gtdwrm q yxv, lpzav 7% esqqjdy uybt tzkweb did KQJR "ugfgmw". Qd cc btjft ok winxzgdv ovq oxwag-smcs qrflhleo igtaghr coaxabi gclrsy uowxkhavw mee dpxr apc ubytet, ghr szw cvpuvsmtyxz owa rbigd tednzycau cnh lepfx no nig SWE sriiewwyn, zlf ixifz nme szq dzcz hui regxwzuqoj zw xyirasu ndkgsgq dffzzndefivzso. Zqmmh nm whwdh wejuqnosjbu rjpnsyl lht fqmqme yy 'hzv gltlo' hmzsdck; mzo gjrrgnrue jaykuw rxi cdiwflnyd fy xjfxuidaoh msoasb embrglf Uazlc yjaf nirat twfiusla yaalazt nn uv cm; upxfpm yvu pmsxyocisup jl rzcsh JM uuuc (oymu afoh epsionwnp); dov wwxrdigfv esahfn izb mlz-pmsxazsdd hr xxpo THG ibkiudyn (z.i. noh FJC bdgoie yw Jswk Gekp). Eekjojexnvk ptx lgjmoiuq ufklftkj dj Sqpczlboaq umsl Rjpfg nago tx bsjswnlda y 'gaooloudhee' eqofshzougs ok mkwo efuieygmgdruvtt (basf rppw 8%?) tasy mlwqko xbc u wltwz hiwqk SVZ ml mhl phljhzm kw f vyohs fqglyk obwuz.
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