<P><FONT face=黑体 size=6><STRONG>GS 高盛：中国每日报告    </STRONG></FONT></P>
<P><FONT face=黑体 size=6><STRONG>03.30     11页</STRONG></FONT></P>
<P> </P>
<P> <BR></P>
<P><STRONG>Today’s focus<BR>Asia Economics Flash: China: Adjusting for the Lunar-New-Year effect in the monthly indicators<BR>China COSCO Holdings (1919.HK): FY06 misses; but bonus share cuts dilution, asset injection talks +ve<BR>Shangri-La (0069.HK): Revising up EBITDA and TP, but maintaining Neutral<BR>Focus Media (FMCN): Revised guidance confirms Allyes acquisition modestly accretive<BR>China Unicom (0762.HK): First take: Headline profit strong but operating trends a mixed bag<BR>CNOOC (0883.HK): No surprises from results; need to look beyond 07 for growth<BR>Shanghai Municipal Raw Water (600649.SS): First take: In-line '06 profit; upside surprise on tap water net margin<BR>China COSCO Holdings (1919.HK) Buy: Container improves, asset injection, rerating; raise TP to HK$</STRONG>8.60</P>