【名称】：中国证券经纪与资产管理（2010.7.22）
【作者】：高盛高华
【文件格式】：pdf
【页数】：34
【目录或简介】：Table of contents
Cyclical rebound likely given low valuation and turnover rebound  2
Adding CS to Conv Buy list, upgrade CMS to Buy and HTS to Neutral; downgrade CEL to Neutral  7
CITIC Securities (600999.SS, Buy): add to Conviction Buy list  9
China Merchants Securities (600999.SS, Buy): Upgrade to Buy  12
Haitong Securities (600837.SS, Neutral): Upgrade to Neutral  17
China Everbright Limited (165.HK, Neutral): Downgrade to Neutral  19
We reduce our estimates and target prices largely on lower trading turnover and brokerage commission rates  22
Risks to our 12-m price targets and investment view  28
Appendix: Financial summaries for CS, CMS, HTS and CEL  29

The prices in the body of this report are based on the market close of July 20, 2010.