Table of contents
2011 key views: growth amid frequent policy changes 2
2010 in retrospect & 2011 macro outlook: high inflation + high growth, frequent policy changes 3
Earnings to grow 18% in 2011, the main driver of returns 7
Target valuation at 15x-16x 12m forward P/E; valuation unlikely to expand substantially 14
Liquidity position: supportive, and better than in 2010 16
Key themes and sector positioning: buy beneficiaries of stronger global growth & follow China’s
fundamental trends amid frequent domestic policy interventions 23
Key issue: 2011 - large or small caps? 40

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