【出版时间及名称】：2010年4月中国证券市场投资策略报告
        【作者】：野村证券
        【文件格式】：pdf
        【页数】：58
        【目录或简介】：
New dawn for Central and Western China
China is the story of the moment, but there are many stories in China, and we believe
one of the most interesting is being written in Central and Western China. The Central
and Western regions have recently surpassed the Eastern region, which has dominated
national growth thus far, on 43 out of 65 economic growth measures such as GDP
growth, FDI growth, retail sales growth, auto sales, exports and imports. The Central
region is seeing industrial migration as a result of the natural evolution of the Eastern
region into a services and higher-value-added manufacturing economy. The Western
region’s growth is accelerating, thanks to rising demand for and rapid development of
resources and related industries. Policy is supportive: the transfer of government funds
and resources to the Central and Western regions, the opening of tax-free zones, and
large infrastructure investments in the past several years are encouraging new
businesses, investments, production and consumption. This harmonises well with the
government’s desire to promote domestic rebalancing to drive economic growth after the
global crisis. In this report, we identify many potential corporate beneficiaries of this
theme, with key stocks being Maanshan Iron & Steel, Sichuan Expressway, Anhui
Expressway, China Resources Land and China Blue Chemical.
 Introducing our China Central and Western regional basket
 Recent economic data indicate that the Central and Western regions
are at tipping point for high growth in the next decade
 Favourable government policies and infrastructure investments
 Potential risks from aggressive regional growth

Contents
Executive summary 3
Regional disparity and government policies in perspective 4
Description of the three regions 4
Government policies promoting Central and Western China 5
Recent government policies promoting Central and Western China 7
Central and Western China at tipping point for high growth in the next
decade 8
Data point to accelerated growth in Central and Western China 8
Central China: ready for a take-off thanks to industrial migration 10
Western China — leveraging its niches 15
Chongqing — a Western region growth story 18
Potential risks from aggressive regional growth 20
Which provinces are more vulnerable? 21
Implications for equity investments 22
Appendix 1: Statistics by region 26
Appendix 2: Price target basis and investment risks 30
Latest company views
Anhui Expressway 34
China Blue Chemical 37
China Resources Land 40
Maanshan Iron & Steel 43
Sichuan Expressway 47