GS 高盛-中国每日报告 08.13

China-Daily-Insights 08.13 11页

Today’s focus
Asia Economics Data Flash: China July data: Sharp acceleration in both exports and imports
Hopewell Highway Infrastructure (0737.HK): Positive move; disposal of a non-performing asset
51job, Inc. (JOBS): In line 2Q07 results, assisted by "other HR" revenue and hurt by tax
China: Real Estate Developers: Assessing impact of credit tightening on property sector
Xingda International (1899.HK): 1H07 earnings likely to be weak; expect earnings recovery in 2H
China Merchants Property (A) (000024.SZ): Strong results as expected; valuation premium unjustified; Sell
Headline news
Dollar assets key part of China's reserves: Xinhua (Reuters)
China Says Conditions for Stock-Index Futures Are `In Place' (Bloomberg)
Nasdaq expects to list 23 more Chinese companies by year end (China Daily)
China launches largest coalbed methane liquifying project (China Daily)
NDRC: GDP may grow 11.4% in third quarter (Xinhua)
Asia Economics Data Flash: China July data: Sharp acceleration in both exports and imports, Hong Liang
• Exports growth picked up in July. Exports recorded strong growth of 34.2% year on year (yoy), up from 27.1% yoy in June. Sequential momentum accelerated to 24.3% quarter on quarter (qoq) from 13.7% qoq. Strong export performance suggested that external demand remains robust, which is also evident by the strong export momentum in the rest of the region.
• Imports growth also accelerated sharply. Imports growth jumped to 26.9% yoy, up from 14.2% yoy in June. Sequential imports growth picked up to 22.1% qoq from 15.1% qoq, likely reflecting the acceleration in domestic demand growth. The trade surplus remained large at US$24.4 billion