GS 高盛-中国每日报告 08.06

China-Daily-Insights 08.06 10页

Today’s focus
China: Healthcare: Focus on fundamentals; top picks--Simcere, GP, Mingyuan
China: Insurance: Limited fundamental impact from sub-prime MBS; affirm +ve view
Orient Overseas Int'l (0316.HK): Larger than expected special dividend
Solarfun Power Holdings (SOLF): Solarfun to acquire a wafer plant - too early to cheer
Headline news
Official: China's economy may grow slightly slower in second half (Xinhua)
China may inject $40 bn into Agricultural Bank (Xinhua)
Gov't can help investors overseas more (China Daily)
China in line for record foreign tourists (Yahoo)
China: Healthcare: Focus on fundamentals; top picks--Simcere, GP, Mingyuan, Joy Yuan, PhD
• Industry context: With China healthcare industry’s competitive landscape evolving in favor of R&D intensive players, and building on our BRICs view, we believe the longterm outlook for the industry is bright. However, policy uncertainties moderate our short-term view. Our investment framework (combining bottom-up and top-down analysis) identifies stocks with both favorable exposure to key industry themes and meaningful share upside potential. We maintain our Neutral coverage