高盛：全球经济周刊：Differentiation-in-EM-Equity-Markets

01.24 １２页

2006 was another strong year for emerging markets equities. Not only did they outperform (posting annual gains of more than 25%), but EM countries with superior fundamentals generally did better too. That said, we believe the BRICs should be viewed slightly differently to the rest of the EM. In 2006, BRICs equity markets outperformed the EM average, yielding more than 55%. In particular, equity performance in China has finally started to exhibit the strong momentum that the country’s fundamentals have justified for so long (Chinese equities were up more than 78% in 2006).