GS 高盛：每日中国报告 09.05

China-Daily-Insights 09.05 10页

Today’s focus
China Views: Stronger growth, higher inflation, and more rate hikes to come—A preview of the August data to be released in the coming week
BYD Company (1211.HK): Financial stability is our top concern
Shangri-La (0069.HK): First take: 1H EBITDA below expectation on pre-opening charges
China COSCO Holdings (1919.HK): Leveraged to dry bulk up-cycle; Remove from conviction list; Buy
Headline news
Policy on natural gas streamlined (Xinhua)
China to restructure telecommunications industry (Xinhua)
Listed insurers to disclose data regularly (China Daily)
China's August Inflation May Top 10-Year High on Food (Bloomberg)
Zhou banks on currency trading (Shanghai Daily)
China Views: Stronger growth, higher inflation, and more rate hikes to come—A preview of the August data to be released in the coming week, Hong Liang
• We see CPI inflation to reach above 6% year on year (yoy) in August. The inflation impulse has quickly passed on from pork prices to prices of other primary agricultural products, processed food and catering services. Prices of grains have also shown signs of upward momentum since August. As a result, we have raised our CPI inflation forecast for 2007 to 4.5% yoy from 4% yoy pre