出版单位：花旗
出版日期：2007.01.11
报告的名称：花旗--中国市场投资策略
文件的格式：pdf
页数：36页
语言：英文
介绍：
  
China Equity Strategy
A Shares Taking the Lead
 Market taking a deserved break — After an impressive rally in December with
the H-share index up 23% and MSCI China up 16%, the market retreated over
the past few sessions, which we believe is well deserved.
 A shares taking the lead — The most interesting development within China's
capital market is that after trailing behind H shares since 2001, finally the
domestic A-share market is taking charge as investor confidence returns.
 Structural uplift of the A-share market — We believe the return journey of H
shares back to A share listing along with the launch of billion dollar funds will
fundamentally change market behavior.
 Valuation not cheap but could get higher — Clearly China stocks are no longer
bargains; however, the slow appreciation currency regime along with small free
float could send the market even higher, as witnessed in other markets before.
 Investment strategy — After the recent correction, we believe the market will still
look back at the leaders. We suggest picking up selective bank and property
names. We maintain our positive view on the airlines and telecom sectors. Top
Strategy Picks: Agile Property, BOC, CCB, CEA, China Southern Airlines, China
Tel, CR Land, GZ R&F, and ZTE.