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主要内容为：
Japan Chemical Monthly
Industry environment 3
Our ratings, earnings estimates, and valuations 8
Stock price performance 13
Statistics section 16
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Asia Economics Analyst
China: Policy has already started to loosen at a macro level; positive for domestic demand growth
Policy has already started to loosen. The Premier clearly signalled a change in the macro economic policy stance. Page 3
First published on November 17, 2011 Yu Song
FCI contribution charts for Asia ex Japan Page 10
Regional Key Economic and Financial Indicators Page 12
Statistical Appendix Page 13
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China: Energy: Gas
Earnings and target price changes; top picks CR Gas and Kunlun 2
Revising industry estimates, but mild impact on gas distributors 5
Key issues in the sector 12
Secular growth trend remains intact 17
China Resources Gas (1193.HK; Buy, CL): Steady growth outlook 20
Kunlun Energy (0135.HK; Buy): Rolling out its LNG strategy 23
ENN Energy (2688.HK; Neutral): New gas supply holds the key 26
Beijing Enterprises (0392.HK; Neutral): Power turning into a driver 29
China Gas (0384.HK; Neutral): Swing factors stay the focus 32