德意志银行——中国乙醇行业深度研究

Going alternative – exciting but long road ahead

We see the Chinese government's growing interest in renewable and alternative
fuel sources as primarily driven by the persistently high crude oil prices and its
increasing reliance on imported oil. Whilst the policy-driven initiatives could lead to
an evolving energy consumption structure in the long run, we do not expect the
road to alternative fuels to be a smooth one given social, economic and
technological issues. We would like to play the emerging theme through
traditional names like oil and coal stocks.

Deutsche Bank AG/Hong Kong