<P><FONT face=黑体 size=6><STRONG>GS 高盛：中国每日报告 06.29 </STRONG></FONT></P>
<P><FONT face=黑体 size=6><STRONG>China Daily Insights 06.29   13页</STRONG></FONT></P>
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<P><FONT size=3><STRONG>Today’s focus<BR>China Stance-at-a-Glance: July 2007: A summer break<BR>China: Beverages: Brewing: Initiate on top drop Tsingtao H (Buy); Tsingtao A, Yanjing (Neutral)<BR>China: Insurance: In a sweet spot of cyclical & structural drivers; raising price targets<BR>China Shipping Development (H) (1138.HK): CB issue less dilutive than expected, reiterate Buy<BR>Zhejiang Expressway (0576.HK): Capital injection in Zheshang necessary but may imply risks<BR>CITIC Pacific (0267.HK): Updating estimates<BR>China: Metals & Mining: Base Metals: Potential supply slowdown boosting aluminum outlook<BR>Shanghai Industrial (0363.HK): China land deal: Fully updated estimates; mild NAV accretion<BR>Jiangxi Copper (H) (0358.HK): Downgrade to Neutral on valuation and processing business risk<BR>Headline news<BR>A plus H index to be launched soon (China Daily)<BR>10 overseas banks punished (China Daily)<BR>China Prepares Stock-Index Futures to Help Hedge Risk (Bloomberg)<BR>China's oil reserves to be ready in 1 year (Xinhua)<BR>Overseas funds hot on properties (Shanghai Daily)</STRONG></FONT></P>