Citigroup 花旗：中国股市深度策略报告

－寻找安全的天堂 48页

9 August 2007 | 48 pages

China Equity Strategy Looking for Safe Havens

Contents
Profit Taking Was Inevitable; Fundamentals Remain Solid 3
Limited impact seen on fundamentals 3
Windfall profits likely triggered sell-down amid a liquidity crunch 4
Focus on Better Visibility 5
Negative real interest rate worsens, encourages sustained liquidity flow 5
Earnings growth forecasts likely to rise after interim results 5
Large-cap domestic plays appear to have better earnings visibility 5
Strategist’s top picks 6
Month in Review — July 2007 13
China Monthly Indicators 18
Baidu.com (BIDU.O) 22
China Coal Energy (1898.HK) 24
China Mobile (0941.HK) 26
China National Building Material (3323.HK) 28
China Resources Land (1109.HK) 30
China Southern Airlines (1055.HK) 32
Industrial & Commercial Bank of China (1398.HK) 34
Lenovo Group (0992.HK) 36
Ping An Insurance (2318.HK) 38
Sina Corp. (SINA.O) 40
Appendix A-1 44
Analyst Certification 44