高盛 China Strategy: 2010 outlook
【出版时间及名称】：200910
        【作者】：高盛
        【文件格式】：PDF
        【页数】：33
        【目录或简介】：Market: We are bullish on Chinese equities in 2010 and expect HSCEI andCSI300 to
reach 16,800 and 4,300 by end-10, representing 26% potential returns.
Macro: China remains a bright spotglobally.
Price returns dynamics: Earnings growth to overtake P/E expansion as primary
returns driver. Returns could skew towards 1Q and 4Q and show high volatility on
tightening concerns.
Secular growth drivers: Reforms, deregulation, and rebalancing growth are critical
elements to realize China’s growth potentials.
Investment strategies: We remain overweight on sectors exposed to domestic
demand and see compelling themes around two secular trends in China —
deepening reform and integration.
Implementations: 7