<P><FONT face=黑体 size=6><STRONG>GS 高盛：每日中国报告 04.25  </STRONG></FONT></P>
<P><FONT face=黑体 size=6><STRONG>China Daily Insights</STRONG></FONT></P>
<P><FONT face=黑体 size=6><STRONG>April 25, 2007         11页</STRONG></FONT></P>
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<P><FONT size=4><STRONG>Today’s focus<BR>China Agri-Industries Holding (0606.HK) Sell: Emerging biofuel pioneer but positives priced in; initiate with Sell<BR>China Life Insurance Company (2628.HK): A good beta and delta play, but likely decelerating EV & NBV growth<BR>Shanda Interactive Ent (SNDA): Shanda acquires Actoz shares, we nudge up casual game revenue<BR>Netease (NTES): More FWJ + less Tian Xia revenue = same 2007 EPS, risk to 2008<BR>Parkson Retail Group (3368.HK): Acquiring full control of NE flagship store; raising earnings, PT<BR>Sichuan Changhong (600839.SS): Changhong to raise Rmb2.5bn to invest in PDP<BR>China: Banks: 1Q07: NIM a upside risk; deferred tax a one-off downside risk</STRONG></FONT></P>