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citi——亚洲太阳能行业展望
Contents
Sun Shines Brighter, Turning Positive  3
Lower Prices to Drive Better Demand  3
Upgrade Motech to Buy  4
Frequently Asked Questions (FAQs)  5
Evaluating Cost Trends  10
New technologies to lower costs  10
Supply/Demand Outlook for 2011  12
Germany, Italy subsidy cut to pull in orders  12
Potential demand growth  12
Supply shortage may shift to Poly-Si near-term  12
Peer Valuation Comparison  14
GCL-Poly Energy Holdings (3800.HK)  16
OCI (010060.KS)  24
Gintech Energy (3514.TW)  29
Motech Industries (6244.TWO)  38
Green Energy (3519.TW)  46
Appendix A-1  54

citi——大宗商品展望
—We have further increased our bulk commodity price Short term supply disruptions, long term implications forecasts from our already bullish view. Short term supply disruptions will give prolonged price support.

citi——全球经济展望-全球经济增长的发动机
Contents
Global Growth Generators 3
1. Introduction 3
2. Identifying the drivers of future growth and investment returns 5
2.1. Companies as Global Growth Generators 5
2.2. No Emerging Markets, Submerging Markets or Advanced Economies 6
2.3. Instead focus on fundamental drivers of sustained, high economic growth and superior returns to investment 8
3. Globalisation, Growth and Catch-up: the story thus far and beyond 9
3.1. The Evolution of World GDP 10
3.2. The Composition of World GDP 13
3.3. Catch-up and Income Convergence 17
4. Persistent heterogeneity of methods, processes, institutions and outcomes 26
5. Why should it be different this time? 29
6. The Shift in the Global Economic Centre of Gravity and its Implications 30
6.1. The Rise of Asian Investment 31
6.2. The Rise of Asian Consumption 32
6.3. The Rise of EMs and Trade 33
6.4. The Rise of Asia – what will change? 35
7. Growth until 2050 and its key drivers 36
7.1. Preliminaries 37
7.2. The Evolution of World, Regional and Country GDP between 2010 and 2050 39
7.3. The Evolution of World, Regional and Country GDP per capita between 2010 and 2050 43
7.3.1. By Region 43
7.3.2. By Country 44
7.4. Making sense of growth 46
7.4.1. Relative economic backwardness 47
7.4.2. Capital formation and domestic saving: necessary ingredients of rapid convergence and catch-up 48
7.4.3. Human resources and human capital 50
7.4.4. Institutions and Policies 53
8. The Global Growth Generators 60
8.1. The 3G: start poor and young, open up, adopt a market economy, don’t be unlucky and don’t blow it. 61
8.2. What about the other BRICs? 69
8.3. Not 3G, but good performers 71
8.4. Potential 3G? 73
9. Some further caveats for research into future Global Growth Generators 73
9.1. Beware of compound growth rate delusions of order and tranquility 73
9.2. What else can go wrong? 74
9.3. Growth and investment returns 75
10. Conclusion: Two sets of propositions on how to generate sustained growth 76
11. References 79
12. Appendix 82
Appendix A-1 86

citi——国际利率市场战略
Contents
Tradesheet 6
Overview 7
US Rates Strategy 10
Euro Rates Strategy 12
Sterling Rates Strategy 19
Global Inflation Strategy 21
Inflation Forecasts, Carry & Weekly Changes 26
JGB Strategy 28
AUD Rates Strategy 30
SAS Strategy 31
USD and EUR Flow Analysis 33
Euro RV Summary Tables and Charts 36
Relative Value Tables – All Maturities 37
Relative Value Tables – Max 12Yr Maturity 38
Relative Value Tables – Min 8yr Maturity 39
Europe Relative Value Charts 40
European Supply Outlook: April 43
Global Supply Monitor 46
Appendix – global supply forecasts 55
Policy Rate Expectations using Market Rates 62
Quality of 3m Carry for 2yr swap rates 63
Quality of 12m Carry for 5yr swap rates 64
Summary of Recent Publications 65
Global Rates Team 66
Appendix A-1 70