<P><FONT face=黑体 size=6><STRONG>GS 高盛：中国每日报告 05.21 </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>05.21    14页</STRONG></FONT></P>
<P> </P>
<P> <BR></P>
<P><STRONG>Today’s focus<BR>China: Portfolio Strategy: A decisive move; divergent impact<BR>China: Portfolio Strategy: A-share investors' feedback: A dilemma-cautious on valuations, upbeat on market<BR>China Views: A few thoughts on the PBOC’s move last Friday<BR>China Views: The PBOC raised the 1-yr deposit rate by 27 bp and the 1-yr lending rate by 18 bp as well as the reserve requirement ratio by another 50 bp<BR>China Views: The PBOC widened the USD/CNY trading band<BR>Guangzhou R&F Properties (2777.HK): Raising price target; expect more acquisitions post A-share listing<BR>Netease (NTES): 1Q07 earnings preview - still all about Fantasy Westward Journey<BR>Focus Media (FMCN): Decent 1Q07; strong 2Q07 guidance; tracking ahead of FY guidance<BR>China: Technology: Healthy China retail sales during May golden week<BR>China: Banks: PBOC tightening: Neutral/slightly positive for NIMs; adding on dips<BR>Xinyi Glass (0868.HK): TP raised to HK$6.80 on revised earnings forecasts<BR>Xingda International (1899.HK): Remove from Conviction List; maintain fundamental positive view</STRONG></P>