MS 摩根斯坦利：香港市场策略报告（07.01.03）

HK 01.03F 　January 3, 2007　HK Strategy

13页　　M O R G A N S T A N L E Y R E S E A R C H

HK Economy: Buoyant Stock Market, Strong RetailSales. Despite lackluster inbound tourism (total visitor arrivals up only 1% YoY in Nov), retail sales growthpicked up again in November, rising 7.4% YoY, after the revised 7% gain in October. We believe that thesteep ascent in stock prices upon tamer monetary policy expectations and ample liquidity inflows gavesupport to consumer sentiment．．．．．．．．．．．．．．．．．．．