CSFB: Bottom-up top picks for 2007 06.12.15

China Market Strategy：Bottom-up top picks for 2007

07年 中国投资选择 深度报告

　３６页　　ＰＤＦ　英文

The top five performers accounted for 106% and 57% of MSCI China performance in 2005 and 2006 YTD, respectively.
• The expected rebound in fixed asset investment in China could lead to a rerating of laggard cyclical stocks.　

Renminbi appreciation and consumption should still be the dominant themes for China in the next one to two years, but investors may be tempted to look at alternative plays in these sectors, with their less demanding valuations compared to the ‘traditional’ plays such as F&B, retailing and insurance.