GS 高盛：汇丰银行深度报告-国内估值可参考

（14P）January 22, 2007　 英文

Recent US industrial production, consumer confidence, jobless claims and housing starts data suggest better-than-expected resilience for the US on all these fronts, and (1) remind us of the hard versus soft landing debate for China in 2004 that ended with a “no landing” outcome; and (2) suggest eventual asset quality relief at the margin for HSBC’s challenged US subprime real estate lending business (a significant 11% of group loans)