GS 高盛：中国每日报告 06.25

China Daily Insights 06.25 11页

Today’s focus
China: Portfolio Strategy: QDII: Another milestone
Asia Economics Flash: China’s 17th Party Congress: Implications and complications
Asia Economics Analyst 07/12: China: Special treasury bonds to be issued for the new state foreign exchange investment agency—How will they affect monetary operations?
Aluminum Corporation of China (H) (2600.HK) Buy: Key beneficiary of two mega trends; reiterate Conviction Buy
Sinofert Holdings (0297.HK): China National Seed merged into parent; potential injection later
China Communication Services (0552.HK): Pro forma analysis points to 21% earnings accretion for FY07/08E
COSCO Pacific (1199.HK): Modest estimate changes; introducing 2009E EPS
Headline news
China's Zhou Can't Rule Out Raising Interest Rates (Bloomberg)
Flurry of export activity as tax rebate deadline looms (China Daily)
Beijing rules out construction of new cement, alcohol plants (China Daily)
Chinese gov't to allocate 6.5 bln yuan to tether pork prices (Xinhua)
Mundell: U.S. calls for RMB appreciation an attempt to slow China's expansion (Xinhua)
China: Portfolio Strategy: QDII: Another milestone, Thomas Deng, CFA
• Another milestone: On June 20, the China Securities Regulatory Commission announced that brokerages/mutual funds, subject to restrictions, could invest in overseas equity markets, representing another landmark in the development of the Qualified Domestic Institutional Investor scheme.
• Structural benefits to the market: 1) Integrating the domestic market with the global financial platform. 2) Enhancing market efficiency; narrowing A/H premium (53% now). 3) Expanding the investment frontier; exploring more efficient risk/reward options for domestic capital.
• Long-