目录
People matter: new reformers
in charge 5
Changing of the guard 5
Profiles and policy challenges 6
CBRC Chairman Shang Fulin 尚福林 6
CSRC Chairman Guo Shuqing 郭树清 6
CIRC Chairman Xiang Junbo 项俊波 7
Profit: receding inflation margin
positive 8
Margins could rebound on receding inflation 8
Cash flow points to low earnings quality 9
Record high inventory and leverage 12
DuPont analysis on 3Q 2011 A-share results 13
Property price: soft landing likely 14
Deflating property bubble is positive on balance 14
Index target & model portfolio
revisions 17
Revise up 2012 index targets 17
Model portfolio adjustments 18
Market indicators 19
Market performance 20
Valuation 22
Earnings 24
Liquidity 26
Sector indicators 29
Appendix 47
Data pack 48
A-and-H dual-listed shares (70 companies) 49
HSBC China coverage list (181 companies) 50
Disclosure appendix 55
Disclaimer 59