GS's China 2012Economic Outlook has the following takeaways:
1) The overall tone of 2012 fiscal policy will be moderately GDP growth and loosen liquidity, especially for micro- and small enterprises.
2) Small- and Medium-cap stocks are likely to underperform larg cap stocks as: 1) their OCF is negative since 2010; 2) highest  inventory level since 2004; 3) A/R % higher than A/P %;4) high % of post-lockup stocks (11% of the market cap of the SME and GEM will expire their lock up in 2012);
3) auto industry will moderately rebound back revenue growth but margins are likely to decline in 2012；
4) media/tourism industry will likely to be possitive due to:suportive gov't policy, consumption upgrade and technology advance.