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CONTENTS
Market Strategy
Hong Kong and China strategy ......................................................................................................... 3 - 14
HSI sectors’ EPS ....................................................................................................................................... 15
Performance of HSI and sectorial sub-Indices .......................................................................................... 15
HSI valuation summary ............................................................................................................................... 15
Economic Outlook
China economic outlook .................................................................................................................... 16 - 19
China’s key economic data ....................................................................................................................... 20
Sector Outlook
China auto sector - Rough patches ahead .................................................................................. 21 - 24
Hong Kong banks sector - Banking big on M&A ......................................................................... 25 - 32
China bulk shipping sector - Sailing smooth ahead ..................................................................... 33 - 36
China food & beverages sector - Coping well with inflation ........................................................ 37 - 41
China gold sector - Gold news is good news ............................................................................. 42 - 46
China ports sector - Export whines, import shines ....................................................................... 47 - 51
China steel sector - Margin may decline on surging cost ............................................................ 52 - 55
TFT-LCD sector - Small is the new big .......................................................................................... 56 - 59
Stock Picks
Angang Steel (347 HK) .................................................................................................................... 61 - 63
BOC HK (2388 HK) .......................................................................................................................... 64 - 66
China Construction Bank (939 HK) .................................................................................................. 67 - 69
China Life Insurance (2628 HK) ...................................................................................................... 70 - 72
China Merchants Bank (3968 HK) ................................................................................................... 73 - 75
China Shipping Development (1138 HK) ........................................................................................... 76 - 78
China Starch (3838 HK) .................................................................................................................. 79 - 81
Dalian Port (2880 HK) ...................................................................................................................... 82 - 84
Zijin Mining (2899 HK) ...................................................................................................................... 85 - 87
Appendix
Price movement of HSI stocks .................................................................................................................. 88
Price movement of H shares .................................................................................................................... 89
Price movement of other H shares ................................................................................................. 90 - 91
H Shares versus A-share counterparts ................................................................................................... 92
Price movement of red chips .................................................................................................................... 93
Price movement of other red chips ................................................................................................. 94 - 95
Price movement of S&P/HKEx GEM stocks ..................................................................................... 96 - 97
Price movement of Small-cap stocks ........................................................................................................ 98
Rating update of HSI stocks ..................................................................................................................... 99
Rating update of H shares and Red chips ........................................................................................... 100
Rating update of Small- and Medium-cap stocks ................................................................................... 101
Price movement of China & China-related stocks ....................................................................... 102 - 106
China B-share performance
Price movement of Shanghai B shares .................................................................................................. 107
Price movement of Shenzhen B shares ................................................................................................ 108
B shares versus A-share counterparts ....................................................................................... 109 - 110