DB 德意志银行：中国高附加值出口行业深度研究　　　　（２９页）

Table of Contents
The next growth engine of China’s exports .................................... 3
Low-end exports are losing momentum...................................................................................3
High-margin exports are accelerating .......................................................................................4
High-end exporters are less vulnerable to labor cost increase and RMB appreciation .............7
Cases of export upgrading.............................................................. 11
Shipbuilding – Guangzhou Shipyard ........................................................................................11
Machinery – Zhenhua Port Machinery ....................................................................................12
Specialty Apparel – Shenzhou International ............................................................................13
Software Services – SinoCom Software .................................................................................14
Telecom equipment – ZTE ......................................................................................................15
Auto Parts – Minth Group .......................................................................................................16
Auto – Jianghuai Auto .............................................................................................................17
Electronics – AAC Acoustic Technologies...............................................................................19
Investment implications ................................................................. 21
Appendix A: Company valuations of DB China universe ............. 24