GS 高盛：中国每日报告 07.10

China Daily Insights 07.10 11页

Today’s focus
Asia Economics Flash: China: Why should we care about M3 growth?
Tianjin Port Development Holdings (3382.HK) Sell: Initiate with Sell: stock rising too fast, too furiously
Tianjin Development Holdings (0882.HK): Initiation: Stock appears reasonably valued; stub evokes interest
Hunan Nonferrous Metals (2626.HK): First take: Share placement potentially accelerates asset injection
China: Utilities: Power Technology: First take: Germany to cut solar subsidies - impact likely minimal
Tsingtao Brewery (H) (0168.HK): Tax concession expiry -ve for 07E profit, waiting for more details
China Merchants Bank (H) (3968.HK): 1H07 NPAT up at least 100% yoy; reaffirm Buy
Industrial and Commercial Bank of China (H) (1398.HK): 1H07 NPAT guided to be up 50%+ yoy; reaffirm Buy
Headline news
Rules released to curb warrant speculation (China Daily)
Central bank not targeting stocks, property (Shanghai Daily)
China to scrap exporters' foreign exchange checks (Shanghai Daily)
China Allows Trusts, Insurers Into Interbank Market (Bloomberg)
Asia Economics Flash: China: Why should we care about M3 growth? Hong Liang
• In this article, we address a few questions raised by investors following our latest article on M3 growth and fast monetary expansion.
• We argue that investors should care about M3 growth because it offers us a better explanation for why growth and inflation have surprised so much on the upside since