Contents
Executive summary .......................................................................... 3
Risk-aversion.................................................................................... 4
Survey: What do Chinese people think? ...........................................17
Inflation woes take on added meaning ............................................28
Property is a wealth-gap problem....................................................32
Beijing’s net cash balance sheet ......................................................41
New leadership will be conservative ................................................45
Market and sector outlook ...............................................................52
China and Hong Kong coverage universe..........................................66
Sector profiles
Airlines .....................................72
Autos ........................................78
Banks .......................................82
Cement .....................................90
Consumer..................................93
Healthcare................................. 97
Infrastructure........................... 106
Insurance ................................ 111
Internet .................................. 113
Oil & Gas................................. 118
Power & renewables.................. 124
Property.................................. 132
Resources................................ 135
Shipping.................................. 141
Steel....................................... 145
Telecoms................................. 151