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Investment conclusion: Inflation pressure has eased
in China since July 2011. Our economics team believes
the CPI inflation will trend lower towards year-end
(Yuande Zhu, China Economics: Disinflation on Track,
Resilient Fundamentals Unscathed, 10 Nov. ’11). We
think this will ease investors’ main concern on over
tightening or a China hard landing, which has been
over-done, as we have argued. We rebalance our Ashare
virtual fund, cutting high-growth sectors and
adding value stocks for the coming disinflation.