共19页，2011年1月21日
摘要首页，中文

内容英文
Table of contents
Staples underperformed in 2H2010 on cost and inflation risks
Margins compressed by costs in near term, driven by pricing power and mix in long term
Stock performance: Three stages along the cycle
Approaching the turning point; add Mengniu to Conv. Buy list
Mengniu Dairy (2319.HK): Our top pick for 2011; add to Conv. List with the best risk/reward
Tingyi (322.HK): Still a solid leader; D/G to Neutral after recent outperformance