GS 高盛：每日中国报告 09.03

China-Daily-Insights 09.03 11页

Today’s focus
China Stance-at-a-Glance: September 2007: Managing delta exposure
CITIC Int'l Financial (0183.HK): First-loss SIV capital notes a full 10% of equity, 2X 2007E PPOP
China Eastern Airlines (H) (0670.HK): CEA likely to get re-rated on SIA deal; further M&A activity likely
Stella International Holdings (1836.HK): First take: 1H results above expectation on strong margin expansion
CNPC (Hong Kong) (0135.HK): Bengara-II partner's placement to Macquarie bullish; 1H preview
Headline news
China Needs More Domestic Demand, Central Banker Says (Bloomberg)
Property management regulation amended (China Daily)
Regulator tackles small firm financing (China Daily)
Top 500 Enterprises 2007 take up 84% of GDP (Xinhua)
Juicy half-year earnings drive Chinese shares to record high (People’s Daily)
China Stance-at-a-Glance: September 2007: Managing delta exposure, Thomas Deng, CFA
• H-share market: Volatility may persist: We believe the long-term outlook for the H-