GUOTAI JUNAN INTERNATIONAL Universe Weekly Update 国泰君安国际研究股票每周更新 29 May 2015 Code Company name Changes in the past week Earnings Est. chg? YOKU US YOUKU TUDOU Rating is downgraded from accumulate to neutral; 6 to 18 months target price is revised upwards from USD22.00 to USD26.00 Y 01109 HK CR LAND - R 6 to 18 months target price is revised upwards from 28.70 to 29.40 Y QIHU US QIHOO 360 6 to 18 months target price is revised downwards from USD96.00 to USD75.00 Y HMIN US HOME INNS & HOTEL Rating is downgraded from accumulate to neutral; 6 to 18 months target price is revised downwards from USD29.00 to USD28.50 Y 01186 HK CHINA RAIL CONS - H 6 to 18 months target price is revised upwards from 11.50 to 16.50 Y 00992 HK LENOVO GROUP - R 6 to 18 months target price is revised upwards from 13.80 to 14.70 Y 00005 HK HSBC HOLDINGS Rating is neutral; 6 to 18 months target price is 77.89 Y 00322 HK TINGYI Rating is downgraded from neutral to reduce; 6 to 18 months target price is revised downwards from 17.00 to 15.50 Y 02357 HK AVICHINA - H Initial coverage; Rating is accumulate; 6 to 18 months target price is 13.50 N 03800 HK GCL-POLY ENERGY Rating is downgraded from buy to reduce; 6 to 18 months target price is revised downwards from 2.80 to 1.80 Y 01138 HK CHINA SHIP DEV - H 6 to 18 months target price is revised upwards from 6.50 to 7.60 Y 00688 HK CHINA OVERSEAS - R Rating is upgraded from accumulate to buy; 6 to 18 months target price is revised upwards from 24.26 to 36.43 Y 01117 HK CHINA MODERN DAIRY Rating is downgraded from buy to neutral; 6 to 18 months target price is revised upwards from 3.00 to 3.30 Y

Table of contents Page Sectors and related listcos Page 1 Automobiles & Components, Aviation, Banking, Cement and construction materials, Clean energy, Coal, Conglomerate, Consumer

Page 2 Consumer, Electric equipment, Electricity, Environmental Protection, Gaming, Infrastructure,

Page 3 Insurance, Internet, Machinery, Manufacturing, Nonferrous metals, Petrochemicals, Ports, Precious metals

Page 4 Property, Shipping and logistics, Steel, Telecommunications equipment, Telecommunication services, Toll roads, Others

Company Rating Definition The Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months Rating Relative Performance Buy Relative Performance >15%; or the fundamental outlook of the company or sector is favorable. Accumulate Relative Performance is 5% to 15% or the fundamental outlook of the company or sector is favorable. Neutral Relative Performance is -5% to 5% or the fundamental outlook of the company or sector is neutral. Reduce Relative Performance is -15% to -5% or the fundamental outlook of the company or sector is unfavorable. Sell Relative Performance <-15% or the fundamental outlook of the company or sector is unfavorable.

第 1 頁，共 6 頁 GUOTAI JUNAN INTERNATIONAL Universe Weekly Update 国泰君安国际研究股票每周更新 29 May 2015 6 to 18 Months EPS DPS NET PROFIT (Mn) NBV ROE (%) Date of Last Target Stock Code Company Name Rating Currency Analyst Update HK$ 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F (dd/mm/yyyy)

Automobiles & Components 00175 GEELY AUTO Accumulate 4.50 RMB 0.304 0.163 0.283 0.360 0.483 0.046 0.025 0.042 0.054 0.073 2663 1431 2487 3171 4253 1.965 1.984 2.465 2.960 3.608 18.1 8.5 12.7 13.3 14.7 Harry Chen 20/03/2015 00489 DONGFENG GROUP - H Buy 18.50 RMB 1.222 1.491 1.615 1.824 1.983 0.180 0.200 0.217 0.245 0.266 10528 12845 13911 15713 17088 7.432 8.757 10.548 11.122 13.402 17.3 18.4 16.7 16.8 16.2 Harry Chen 09/04/2015 01211 BYD COMPANY - H Accumulate 60.00 RMB 0.235 0.181 0.974 0.778 0.050 0.036 0.195 0.156 553 438 2413 1926 10.559 12.411 14.533 15.726 2.3 1.6 7.2 5.1 Harry Chen 27/02/2015 03808 SINOTRUK - R Accumulate 6.50 RMB 0.098 0.148 0.254 0.302 0.350 0.040 0.060 0.063 0.075 0.087 271 408 701 834 966 7.538 7.671 8.103 8.938 9.617 1.3 1.9 3.2 3.5 3.8 Harry Chen 21/04/2015 01114 BRILLIANCE CHI - R Neutral 12.10 RMB 0.671 0.838 0.948 1.116 0.079 0.101 0.114 0.134 3374 4211 4762 5607 2.590 3.104 3.635 4.292 29.3 29.4 28.1 28.2 Harry Chen 21/08/2014 03663 XIEZHONG INTL Neutral 2.50 RMB 0.074 0.050 0.051 0.053 0.056 0.028 0.019 0.014 0.015 0.016 59 40 41 43 45 0.987 0.017 1.046 1.085 1.129 7.6 5.0 5.0 5.0 5.1 Harry Chen 20/05/2015 02333 GREAT WALL MOTOR - H Neutral 60.00 RMB 2.703 2.643 3.285 4.021 4.612 0.820 0.800 0.986 1.206 1.384 8224 8042 9996 12233 14032 9.202 11.017 12.205 16.005 17.652 33.2 26.1 28.3 28.5 27.4 Harry Chen 20/04/2015

Aviation 00670 CHINA EAST AIR - H Neutral 5.20 RMB 0.200 0.269 0.420 0.465 0.717 0.000 0.000 0.050 0.056 0.086 2373 3410 6298 6984 10763 2.319 2.578 2.761 3.263 4.037 8.8 11.4 17.4 16.2 20.1 Harry Chen 08/05/2015 00753 AIR CHINA - H Neutral 9.50 RMB 0.266 0.311 0.626 0.679 0.793 0.045 0.052 0.113 0.122 0.143 3264 3817 8195 8879 10372 4.398 4.517 5.241 5.999 6.846 6.1 7.1 13.1 12.5 12.8 Harry Chen 06/052015 01055 CHINA SOUTH AIR - H Neutral 7.80 RMB 0.202 0.181 0.562 0.657 0.744 0.040 0.040 0.112 0.131 0.149 1986 1777 5517 6447 7304 3.450 3.620 4.000 4.440 4.940 5.9 5.0 14.1 14.8 15.1 Harry Chen 04/05/2015

Banking 00939 CCB - H Accumulate 6.76 RMB 0.857 0.924 0.973 1.035 0.300 0.324 0.341 0.362 214192 231100 243374 258685 4.264 4.886 5.535 6.227 21.2 20.1 18.6 17.5 Richard Cao 16/09/2014 00998 CITIC BANK - H Accumulate 8.40 RMB 0.837 0.870 0.878 0.908 0.955 0.252 0.000 0.263 0.273 0.287 39175 40688 41063 42499 44697 4.822 5.550 6.165 6.800 7.469 18.5 16.8 15.0 14.0 13.4 Richard Cao 28/04/2015 01398 ICBC - H Accumulate 5.92 RMB 0.749 0.796 0.838 0.888 0.262 0.279 0.294 0.311 262649 279542 294468 312098 3.626 4.266 4.812 5.390 21.9 20.2 18.5 17.4 Richard Cao 15/09/2014 03328 BANK COMM - H Neutral 5.93 RMB 0.839 0.871 0.884 0.907 0.260 0.270 0.274 0.281 62295 64669 65629 67341 5.650 6.260 6.874 7.507 15.6 14.6 13.5 12.6 Richard Cao 21/10/2014 03968 CM BANK - H Accumulate 23.20 RMB 2.052 2.222 2.337 2.480 2.645 0.620 0.670 0.705 0.748 0.798 51743 55911 58803 62419 66569 10.526 12.466 16.469 18.585 20.894 22.2 19.3 16.1 14.1 13.4 Richard Cao 09/04/2015 03988 BANK OF CHINA - H Buy 6.20 RMB 0.560 0.607 0.611 0.626 0.647 0.196 0.190 0.191 0.196 0.202 156911 169595 170582 175011 180736 3.307 3.951 4.387 4.832 4.838 17.9 16.4 14.2 13.1 12.9 Richard Cao 11/05/2015 01988 MINSHENG BANK - H Accumulate 11.90 RMB 1.242 1.360 1.445 1.569 0.215 0.218 0.231 0.251 42278 46282 49190 53423 6.002 7.150 8.381 9.724 22.7 20.7 18.6 17.3 Richard Cao 14/01/2015 01288 ABC - H Accumulate 5.10 RMB 0.512 0.553 0.555 0.567 0.580 0.177 0.191 0.192 0.196 0.201 166315 179461 180235 184028 188466 2.596 3.175 3.529 3.904 4.288 20.9 19.2 16.6 15.2 14.2 Richard Cao 06/05/2015 00005 HSBC HOLDINGS Neutral 77.89 USD 0.838 0.688 0.690 0.713 0.742 0.480 0.490 0.449 0.464 0.482 16204 13688 14048 14492 15048 7.759 7.875 7.996 8.246 8.505 10.9 8.8 8.8 8.8 8.9 Richard Cao 27/05/2015

Cement and Construction Materials 00914 ANHUI CONCH - H Accumulate 34.50 RMB 1.772 2.072 2.412 2.488 2.579 0.350 0.650 0.756 0.780 0.809 9389 10981 12780 13185 13666 10.523 12.426 14.188 15.919 17.718 18.0 18.1 18.1 16.5 15.3 Angus Chan 26/03/2015 03323 CNBM - H Neutral 7.95 RMB 1.067 1.086 1.155 1.202 0.160 0.163 0.173 0.180 5762 5865 6234 6490 6.553 7.479 8.471 9.500 17.5 15.5 14.5 13.4 Angus Chan 30/10/2014 01313 CHINA RES CEMENT - R Accumulate 5.50 HKD 0.512 0.644 0.638 0.669 0.692 0.105 0.170 0.173 0.184 0.197 3338 4206 4169 4368 4520 3.805 4.314 4.779 5.263 5.758 14.5 15.9 14.0 13.3 12.6 Angus Chan 24/03/2015 02009 BBMG - H Neutral 7007.00 RMB 0.751 0.520 0.530 0.598 0.542 0.078 0.052 0.053 0.060 0.054 3215 2423 2846 3214 2909 6.135 6.501 7.208 7.753 8.235 12.2 787.8 747.4 777.7 666.6 Ray Zhao 27/03/2015

Clean energy 02886 BINHAI INVESTMENT-R Buy 6.40 HKD 0.116 0.182 0.433 0.534 0.677 0.000 0.036 0.087 0.160 0.203 136 214 541 668 846 0.748 0.923 1.217 1.595 2.073 16.0 20.3 36.4 34.2 33.2 Kevin Guo 15/05/2015 03800 GCL-POLY ENERGY Reduce 1.80 HKD (0.043) 0.126 0.050 0.079 0.142 0.000 0.000 0.000 0.000 0.016 (664) 1955 782 1233 2208 1.043 1.188 1.231 1.336 1.529 (4.1) 11.3 4.2 6.2 9.9 Jun Zhu 28/05/2015 00392 BEIJING ENT - R Buy 73.50 HKD 3.610 3.776 3.974 4.411 4.976 0.686 0.903 0.993 1.213 1.368 4184 4832 5104 5665 6391 46.565 44.688 47.498 50.696 54.303 7.7 8.5 8.4 8.7 9.2 Kevin Guo 09/04/2015 02688 ENN ENERGY Accumulate 61.70 RMB 1.156 2.740 2.330 2.641 2.961 0.334 0.382 0.583 0.660 0.740 1252 2968 2524 2860 3206 10.982 13.428 16.021 18.622 21.432 13.1 24.5 17.2 16.6 16.1 Kevin Guo 04/05/2015

Coal 01088 CHINA SHENHUA - H Buy 27.50 RMB 2.266 1.960 1.927 2.068 0.910 0.784 0.771 0.827 45079 38991 38336 41129 13.922 14.972 16.116 17.413 16.9 13.6 12.4 12.3 Leo Wu 06/02/2015 01171 YANZHOU COAL - H Neutral 5.40 RMB 0.158 0.322 0.226 0.300 0.020 0.097 0.068 0.090 777 1585 1109 1476 8.210 8.512 8.641 8.873 1.8 3.9 2.6 3.4 Leo Wu 06/02/2015 01898 CHINA COAL - H Neutral 4.80 RMB 0.287 0.159 0.143 0.156 0.081 0.048 0.043 0.047 3805 2113 1896 2066 6.623 6.701 6.797 6.909 4.4 2.4 2.1 2.3 Leo Wu 06/02/2015 03948 YITAI COAL- H Neutral 7.00 RMB 1.053 0.692 0.563 0.604 0.320 0.208 0.169 0.181 3428 2253 1832 1967 6.500 6.872 7.227 7.663 16.8 10.4 8.0 8.1 Leo Wu 06/02/2015

Conglomerate 00291 CHINA RESOURCES - R Accumulate 20.02 HKD 0.683 0.083 0.278 0.489 0.271 0.102 0.140 0.242 1908 663 915 1579 18.343 18.294 18.673 19.328 4.5 1.5 2.1 3.4 * 19/11/2014 00019 SWIRE PACIFIC A Accumulate 108.00 HKD 5.630 7.121 7.421 8.267 3.500 3.563 3.703 4.066 8471 10714 11166 12438 146.413 151.772 157.339 163.451 4.0 4.8 4.8 5.2 Jason Song 07/10/2014 00363 SHANGHAI IND H - R Accumulate 31.00 HKD 2.500 2.834 2.708 2.925 3.152 1.000 0.900 0.860 0.929 1.001 2702 3069 2932 3167 3413 32.325 32.803 34.611 36.677 38.900 8.0 8.7 8.0 8.2 8.3 Ray Zhao 01/04/2015 00270 GUANGDONG INVESTMENT-R Accumulate 12.00 HKD 0.710 0.705 0.687 0.780 0.832 0.230 0.280 0.273 0.309 0.330 4426 4397 4286 4860 5187 4.381 4.855 5.262 5.769 6.292 17.2 15.3 13.6 14.1 13.8 Ray Zhao 31/03/2015

Consumer -- Apparel 02020 ANTA SPORTS Accumulate 18.46 RMB 0.527 0.681 0.815 0.915 0.986 0.378 0.483 0.578 0.649 0.700 1315 1700 2034 2284 2461 2.867 3.123 3.416 3.723 4.039 18.9 22.7 24.9 25.6 25.4 Louis Chan 12/02/2015 01880 BELLE INT'L# Neutral 10.11 RMB 0.522 0.531 0.563 0.604 0.200 0.555 0.340 0.360 4402 4479 4748 5094 3.105 3.116 3.356 3.610 16.8 17.0 16.8 16.7 Louis Chan 14/11/2014 01234 CHINA LILANG Accumulate 6.63 RMB 0.430 0.462 0.506 0.549 0.579 0.380 0.400 0.449 0.486 0.513 516 555 609 660 696 2.093 2.245 2.420 2.602 2.788 21.1 21.3 21.7 21.9 21.5 Louis Chan 11/03/2015 00210 DAPHNE Accumulate 4.45 HKD 0.200 0.240 0.287 0.366 0.080 0.070 0.079 0.097 329 396 473 604 3.059 3.116 3.868 4.136 6.7 7.7 8.1 9.1 Louis Chan 08/09/2014 01913 PRADA# Neutral 45.32 EUR 0.245 0.176 0.218 0.245 0.110 0.070 0.087 0.098 628 451 558 627 1.050 1.122 1.267 1.426 25.1 16.2 18.3 18.2 Louis Chan 10/12/2014 01968 PEAK SPORT Buy 2.65 RMB 0.116 0.153 0.168 0.188 0.211 0.160 0.119 0.138 0.155 0.173 244 321 352 394 442 1.965 2.024 2.087 2.160 2.243 6.0 7.7 8.2 8.8 9.6 Louis Chan 13/03/2015 01247 MIKO INTL Buy 1.52 RMB 0.203 0.169 0.204 0.224 0.244 0.050 0.040 0.052 0.071 0.093 130 138 168 185 201 0.580 1.123 1.291 1.466 1.646 42.7 21.3 16.9 16.3 15.7 Louis Chan 20/03/2015 01368 XTEP INT'L Buy 4.52 RMB 0.278 0.220 0.266 0.290 0.315 0.180 0.165 0.202 0.220 0.239 606 478 579 632 685 2.070 2.159 2.319 2.473 2.639 13.8 10.4 11.9 12.1 12.3 Louis Chan 19/05/2015

第 2 頁，共 6 頁 GUOTAI JUNAN INTERNATIONAL Universe Weekly Update 国泰君安国际研究股票每周更新 29 May 2015 6 to 18 Months EPS DPS NET PROFIT (Mn) NBV ROE (%) Date of Last Target Stock Code Company Name Rating Currency Analyst Update HK$ 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F (dd/mm/yyyy)

Consumer -- Foods & Beverage 00506 CHINA FOODS - R Buy 3.50 HKD (0.318) (0.080) 0.029 0.086 0.140 0.000 0.000 0.000 0.031 0.050 (890) (225) 82 240 391 2.197 2.105 2.127 2.184 2.276 (13.7) (3.7) 1.4 4.0 6.3 Sunny Kwok 26/03/2015 01068 YURUN FOOD Neutral 4.00 HKD 0.024 (0.048) 0.146 0.266 0.000 0.000 0.000 0.000 44 (87) 266 486 8.750 8.696 8.846 9.117 0.3 (0.5) 1.7 3.0 Sunny Kwok 26/08/2014 02319 MENGNIU DAIRY - R Accumulate 45.00 RMB 0.904 1.210 1.468 1.757 2.054 0.200 0.280 0.350 0.400 0.450 1631 2351 2877 3443 4026 8.370 10.972 12.266 13.788 15.557 11.7 12.8 12.6 13.5 14.0 Sunny Kwok 27/03/2015 00322 TINGYI Reduce 15.50 USD 0.073 0.072 0.079 0.091 0.101 0.037 0.036 0.039 0.045 0.051 409 400 441 509 568 0.515 0.541 0.584 0.636 0.693 15.1 13.5 14.0 14.9 15.2 Sunny Kwok 27/05/2015 00220 UNI-PRESIDENT CHINA Accumulate 6.20 RMB 0.255 0.072 0.172 0.188 0.207 0.051 0.013 0.034 0.038 0.041 916 286 741 810 894 2.262 2.509 2.667 2.820 2.990 11.6 3.0 6.6 6.8 7.1 Sunny Kwok 19/03/2015 01117 CHINA MODERN DAIRY Neutral 3.30 RMB 0.100 0.152 0.182 0.224 0.272 0.000 0.010 0.010 0.010 0.010 481 735 878 1080 1315 1.190 1.349 1.490 1.675 1.913 8.8 12.0 12.8 14.1 15.2 Sunny Kwok 29/05/2015 00168 TSINGTAO BREWERY Neutral 49.00 RMB 1.461 1.555 1.654 1.716 0.450 0.500 0.550 0.600 1973 2101 2235 2318 10.378 11.484 12.640 13.808 14.9 14.2 13.7 13.0 Sunny Kwok 29/12/2014 03666 XIAO NAN GUO Buy 1.65 RMB 0.001 0.000 0.045 0.076 0.095 0.006 0.000 0.016 0.032 0.040 1 1 66 112 141 0.527 0.529 0.575 0.627 0.698 0.1 0.1 8.1 12.7 14.4 Sunny Kwok 30/03/2015 06863 HUISHAN DAIRY Accumulate 1.60 RMB 0.082 0.096 0.092 0.107 0.135 0.000 0.022 0.023 0.027 0.034 945 1249 1322 1530 1930 0.512 0.916 1.029 1.119 1.231 27.9 13.1 9.6 10.2 11.7 Sunny Kwok 01/04/2015

Consumer -- Hotels HMIN US HOME INNS & HOTEL Neutral USD 28.50 RMB 4.245 10.755 6.854 8.251 9.521 0.000 0.000 0.000 0.000 0.000 196 513 327 392 452 95.632 106.037 116.439 128.008 141.164 4.7 10.8 6.2 6.7 7.1 Noah Hudson 26/05/2015 HTHT US CHINA LODGING Accumulate USD 21.50 RMB 4.564 4.941 4.895 6.734 7.729 0.000 0.000 0.000 0.000 0.000 280 307 305 440 555 45.936 51.958 56.422 59.519 60.848 10.6 10.2 9.0 11.7 13.1 Noah Hudson 30/03/2015 CTRP US CTRIP Reduce USD 52.00 RMB 7.585 1.770 (1.760) 11.464 16.558 0.000 0.000 0.000 0.000 0.000 998 243 (247) 1672 2471 64.810 69.477 67.391 79.810 97.438 13.3 2.7 (2.6) 15.8 18.9 Noah Hudson 24/04/2015

Consumer -- Household Products 01044 HENGAN INTL Accumulate 95.00 HKD 3.024 3.189 3.969 4.406 4.770 1.850 2.000 2.500 2.750 3.000 3721 3916 4859 5394 5840 1.850 2.000 2.500 2.750 3.000 24.3 22.9 26.1 25.8 24.8 Sunny Kwok 25/03/2015 03331 VINDA Neutral 13.00 HKD 0.543 0.594 0.619 0.777 0.859 0.156 0.160 0.185 0.210 0.235 543 593 618 776 858 4.654 5.089 5.470 6.089 6.767 12.4 12.2 11.7 13.5 13.4 Sunny Kwok 12/03/2015 01237 MERRY GARDEN Buy 1.20 RMB 0.124 0.105 0.109 0.128 0.010 0.010 0.012 0.016 124 122 148 174 0.477 0.608 0.707 0.823 29.6 18.6 16.5 16.7 Sunny Kwok 16/10/2014 01678 CHINA CREATIVE HOME Buy 2.25 RMB 0.209 0.197 0.216 0.244 0.264 0.030 0.031 0.032 0.036 0.040 303 355 388 439 475 0.900 1.067 1.255 1.471 1.704 18.7 18.5 17.2 16.6 15.5 Sunny Kwok 31/03/2015

Consumer -- Retailing 00980 LIANHUA - H Neutral 4.54 RMB 0.047 0.115 0.187 0.253 0.070 0.103 0.150 0.177 53 128 210 283 3.011 2.608 2.825 2.950 1.6 4.1 6.9 8.8 * 20/06/2014 01025 WUMART Buy 10.15 RMB 0.356 0.391 0.424 0.465 0.209 0.195 0.212 0.232 459 507 551 603 2.856 3.040 3.269 3.521 12.7 13.3 13.5 13.7 * 13/03/2014 01833 INTIME Buy 11.15 RMB 0.531 0.554 0.618 0.698 0.210 0.194 0.216 0.244 1065 1112 1237 1397 3.986 4.325 4.738 5.203 14.0 13.4 13.6 14.0 * 01/04/2014 03308 GOLDEN EAGLE Neutral 10.81 RMB 0.656 0.553 0.649 0.733 0.187 0.200 0.229 0.259 1235 1008 1183 1338 2.784 3.201 3.666 4.187 23.4 18.2 18.9 18.7 * 04/09/2014 03368 PARKSON GROUP Neutral 2.24 RMB 0.126 0.127 0.134 0.135 0.060 0.059 0.064 0.063 354 352 373 374 1.993 2.102 2.169 2.243 6.3 6.1 6.3 6.1 * 12/11/2014 06808 SUNART RETAIL Neutral 6.92 RMB 0.291 0.305 0.304 0.322 0.340 0.221 0.129 0.128 0.136 0.144 2775 2908 2895 3069 3248 1.965 2.062 2.236 2.430 2.6 15.6 15.1 14.1 13.8 13.4 Andrew Song 21/05/2015 03389 HENGDELI Accumulate 1531.53 RMB 0.083 0.104 0.115 0.131 0.025 0.031 0.034 0.039 400 499 550 627 1.407 1.607 1.790 1.984 666.6 757.5 747.4 767.6 * 17/06/2014 01929 CHOW TAI FOOK# Sell 6.50 HKD 0.551 0.727 0.541 0.486 0.612 0.160 0.360 0.271 0.243 0.306 5505 7272 5414 4856 6118 3.386 3.845 4.128 4.379 4.7 17.8 20.7 14.1 11.8 14.0 Kevin Guo 22/04/2015 00590 LUK FOOK# Sell 18.50 HKD 2.150 3.166 2.744 2.464 2.692 0.860 1.268 1.098 1.232 1.346 1266 1865 1617 1452 1586 11.298 13.069 14.726 15.969 17.3 21.1 26.5 19.9 16.2 16.3 Kevin Guo 23/04/2015 00116 CHOW SANG SANG Reduce 14.50 HKD 1.800 1.599 1.436 1.646 1.762 0.680 0.490 0.646 0.741 0.793 1218 1082 972 1114 1193 11.846 12.774 13.563 14.468 15.4 16.3 13.1 10.9 11.7 11.8 Kevin Guo 08/04/2015 01169 HAIER ELECTRONICS GROUP Buy 28.73 RMB 0.801 0.953 1.120 1.353 0.079 0.095 0.112 0.135 2037 2516 2960 3575 3.171 3.981 5.162 6.428 30.1 27.9 25.2 24.0 * 28/08/2014 01910 SAMSONITE Accumulate 28.85 USD 0.125 0.132 0.151 0.177 0.205 0.057 0.063 0.076 0.088 0.102 176 186 213 249 289 0.848 0.902 0.991 1.092 1.208 15.7 15.1 16.0 17.0 17.8 Louis Chan 24/03/2015

Electric Equipment 01072 DONGFANG ELEC - H Accumulate 20.00 RMB 1.172 0.638 0.672 0.770 0.902 0.174 0.009 0.101 0.115 0.135 2349 1278 1571 1799 2107 8.830 9.753 10.699 11.423 12.266 14.1 6.9 7.1 7.0 7.6 Jun Zhu 20/04/2015 01133 HARBIN ELECTRIC - H Neutral 5.20 RMB 0.513 0.411 0.064 0.209 0.275 0.080 0.040 0.010 0.020 0.041 706 566 88 287 379 9.099 9.189 9.114 9.200 9.331 5.7 4.5 0.7 2.3 3.0 Jun Zhu 02/04/2015 02727 SH ELECTRIC - H Accumulate 8.50 RMB 0.187 0.196 0.213 0.235 0.252 0.075 0.059 0.064 0.071 0.076 2393 2511 2732 3029 3286 2.511 2.670 2.765 2.942 3.126 7.6 7.6 8.0 8.3 8.4 Jun Zhu 19/05/2015

Electricity 00836 CHINA RES POWER - R Accumulate 25.30 HKD 2.323 1.937 2.797 2.893 3.173 0.750 0.780 0.923 0.955 1.047 11016 9215 13418 13877 15220 13.563 14.757 16.774 18.744 20.962 18.5 13.6 17.7 16.3 16.0 Leo Wu 21/05/2015 00902 HUANENG POWER - H Accumulate 13.00 RMB 0.742 0.764 1.137 1.285 1.408 0.380 0.380 0.569 0.643 0.704 10426 10757 16399 18535 20306 4.443 4.863 5.620 6.337 7.103 17.6 16.2 21.7 21.5 21.0 Leo Wu 21/05/2015 00991 DATANG POWER - H Neutral 4.50 RMB 0.265 0.133 0.242 0.305 0.397 0.120 0.130 0.080 0.101 0.131 3529 1767 3219 4056 5278 3.318 3.318 3.425 3.644 3.932 8.2 4.0 7.2 8.6 10.5 Leo Wu 21/05/2015 01071 HUADIAN POWER - H Neutral 7.60 RMB 0.556 0.743 0.723 0.779 0.830 0.225 0.270 0.269 0.312 0.332 4097 5959 6887 7965 8488 3.122 3.600 4.237 4.746 5.265 19.3 21.8 18.4 17.3 16.6 Leo Wu 21/05/2015 02380 CHINA POWER - R Accumulate 5.60 RMB 0.399 0.417 0.448 0.513 0.584 0.160 0.168 0.173 0.205 0.233 2290 2766 3204 3793 4317 2.877 3.166 3.239 3.578 3.957 13.7 13.7 14.0 15.0 15.5 Leo Wu 21/05/2015 01798 DATANG RENEW - H Neutral 1.08 RMB 0.033 0.008 0.038 0.060 0.003 0.002 0.011 0.018 237 59 274 438 1.277 1.283 1.318 1.367 2.6 0.6 2.9 4.5 Leo Wu 09/09/2014 00916 CHINA LONGYUAN Accumulate 10.80 RMB 0.255 0.318 0.482 0.573 0.666 0.048 0.060 0.096 0.115 0.133 2049 2558 3875 4602 5350 3.846 4.113 4.533 5.006 5.554 6.8 8.0 11.2 12.0 12.6 Leo Wu 05/05/2015 00958 HN RENEWABLES - H Buy 3.42 RMB 0.104 0.124 0.170 0.233 0.274 0.020 0.200 0.034 0.047 0.055 888 1121 1649 2264 2665 1.535 1.655 1.805 2.003 2.231 6.9 7.5 9.8 12.2 12.9 Leo Wu 23/03/2015 01811 CGN MEIYA - R Accumulate 2.72 USD 0.018 0.060 0.023 0.024 0.024 0.000 0.000 0.003 0.004 0.004 56 202 99 101 104 0.251 0.165 0.186 0.205 0.225 7.6 27.2 13.1 12.1 11.2 Leo Wu 08/04/2015 00816 HUADIAN FUXIN - H Buy 4.65 RMB 0.193 0.234 0.295 0.329 0.370 0.038 0.044 0.059 0.066 0.074 1468 1867 2477 2768 3114 1.471 1.786 2.037 2.307 2.611 13.6 14.2 15.4 15.2 15.1 Leo Wu 27/03/2015

Environmental Protection 00371 BJ ENT WATER - R Buy 7.50 HKD 0.140 0.208 0.250 0.336 0.449 0.052 0.078 0.088 0.118 0.157 1084 1794 2165 2907 3883 1.576 1.813 2.061 2.395 2.841 10.0 12.3 12.8 15.0 17.0 Gary Wong 08/04/2015 00257 CHINA EB INT'L - R Accumulate 12.10 RMB 0.326 0.364 0.473 0.582 0.085 0.100 0.120 0.150 1325 1630 2119 2610 2.983 3.247 3.599 4.031 12.2 11.7 13.8 15.3 Gary Wong 07/10/2014 00895 DONGJIANG EMV - H Accumulate 36.20 RMB 0.600 0.800 1.205 1.485 0.200 0.267 0.402 0.495 208 278 419 516 3.102 3.557 4.360 5.350 9.6 11.6 15.5 17.0 Gary Wong 13/11/2014 01397 BAGUIO GREEN Accumulate 1.50 HKD 0.152 0.047 0.084 0.100 0.113 0.031 0.013 0.021 0.025 0.028 63 18 35 42 47 0.322 0.452 0.515 0.590 0.675 93.0 12.4 17.3 18.1 17.9 Gary Wong 19/05/2015

Gaming 01128 WYNN MACAU Neutral 16.80 HKD 1.484 1.242 0.636 0.795 0.788 1.480 1.750 0.500 0.624 0.619 7701 6445 3301 4123 4089 1.776 1.358 1.494 1.664 1.832 78.1 79.3 44.6 50.3 45.1 Noah Hudson 11/05/2015 02282 MGM CHINA Neutral 15.00 HKD 1.404 1.502 0.909 0.820 0.528 1.510 1.341 0.409 0.369 0.238 5334 5707 3455 3117 2007 1.730 1.669 2.165 2.612 2.897 85.4 88.4 47.4 34.3 19.2 Noah Hudson 18/05/2015 00027 GALAXY ENT Neutral 37.00 HKD 2.387 2.439 1.928 2.046 2.133 0.000 1.150 0.910 0.965 1.007 10052 10340 8207 8761 9191 7.688 9.039 10.056 11.130 12.243 37.0 29.3 20.2 19.4 18.3 Noah Hudson 27/04/2015

Infrastructure 01186 CHINA RAIL CONS - H Accumulate 16.50 RMB 0.838 0.919 1.000 1.044 1.168 0.130 0.150 0.165 0.172 0.204 10344 11343 13032 14321 16019 6.564 7.371 7.945 8.432 9.428 13.5 13.2 13.4 13.1 13.1 Gary Wong 27/05/2015 00390 CHINA RAILWAY - H Neutral 10.08 RMB 0.440 0.482 0.579 0.599 0.700 0.066 0.078 0.087 0.090 0.112 9374 10262 13015 13771 16094 4.537 5.112 5.822 6.216 6.846 11.4 11.3 12.2 11.2 11.8 Gary Wong 21/05/2015 01800 CHINA COMM CONS - H Accumulate 15.00 RMB 0.777 0.865 0.929 0.969 1.024 0.188 0.172 0.224 0.234 0.247 12568 13985 15027 15681 16565 5.177 6.359 7.519 8.177 8.875 13.8 13.2 11.8 10.9 10.6 Gary Wong 11/05/2015 00871 CHINA DREDGING Accumulate 2.30 RMB 0.206 0.110 0.114 0.141 0.165 0.000 0.000 0.000 0.000 0.000 165 93 115 144 170 2.163 2.292 2.204 2.333 2.517 10.8 5.5 6.0 6.8 7.4 Gary Wong 01/04/2015 06168 CHINA UTON U-TON Accumulate 1421.42 RMB 0.051 0.044 0.056 0.070 0.083 0.000 0.008 0.008 0.011 0.012 85 75 98 122 144 0.238 0.329 0.371 0.432 0.503 24.3 15.5 16.2 17.4 17.7 Gary Wong 08/04/2015

第 3 頁，共 6 頁 GUOTAI JUNAN INTERNATIONAL Universe Weekly Update 国泰君安国际研究股票每周更新 29 May 2015 6 to 18 Months EPS DPS NET PROFIT (Mn) NBV ROE (%) Date of Last Target Stock Code Company Name Rating Currency Analyst Update HK$ 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F (dd/mm/yyyy)

Insurance 00966 CHINA TAIPING - R Accumulate 32.50 HKD 0.748 1.442 1.302 1.370 1.588 0.000 0.000 0.000 0.000 0.000 1653 4042 4494 5002 5786 11.490 18.676 18.798 17.279 18.092 8.8 13.0 9.7 9.8 11.5 Dayton Wang 18/05/2015 02318 PING AN - H Accumulate 99.60 RMB 3.560 4.930 5.045 2.574 2.799 0.650 0.737 0.858 0.438 0.476 28154 39279 44857 47047 51171 23.081 32.565 39.869 20.823 23.758 16.4 16.6 13.9 12.8 12.6 Dayton Wang 25/03/2015 02328 PICC P&C - H Accumulate 18.70 RMB 0.763 1.061 1.057 1.110 1.302 0.464 0.270 0.280 0.280 0.280 10558 15115 15671 16460 19303 4.227 6.020 6.806 7.460 8.688 20.5 21.1 16.8 15.6 16.1 Dayton Wang 28/04/2015 02628 CHINA LIFE - H Accumulate 38.60 RMB 0.876 1.140 1.222 1.400 1.524 0.300 0.400 0.428 0.490 0.533 24765 32211 34530 39565 43078 7.795 10.052 11.057 11.785 12.828 11.2 12.8 11.6 12.3 12.4 Dayton Wang 02/04/2015 02601 CPIC - H Accumulate 46.75 RMB 1.020 1.219 1.418 1.592 1.808 0.500 0.500 0.400 0.400 0.400 9261 11049 12852 14431 16387 10.921 12.926 15.260 15.974 18.170 9.4 10.1 9.9 10.0 10.4 Dayton Wang 17/04/2015 01336 NCI - H Neutral 48.20 RMB 1.420 2.050 2.329 2.649 2.912 0.150 0.210 0.396 0.530 0.874 4422 6406 7266 8265 9084 12.602 15.502 18.268 19.732 21.925 11.8 14.6 13.8 13.9 14.0 Dayton Wang 10/04/2015 01339 PICC GROUP - H Accumulate 5.70 RMB 0.190 0.310 0.333 0.372 0.406 0.008 0.009 0.017 0.019 0.020 8121 13109 14117 15786 17220 1.687 2.182 2.399 2.640 2.904 11.9 16.0 14.5 14.8 14.6 Dayton Wang 04/05/2015

Internet SINA US SINA CORPORATION Buy USD 59.00 USD 0.676 2.722 0.460 1.031 1.582 0.000 0.000 0.000 0.000 0.000 45 177 26 57 86 17.848 33.037 38.691 41.730 45.471 3.9 10.6 1.2 2.5 3.6 Ricky Lai 16/03/2015 BIDU US BAIDU Buy USD 265.00 RMB 30.066 37.610 45.662 55.520 63.291 0.000 0.000 0.000 0.000 0.000 10519 13187 16056 19578 22381 109.829 146.954 155.988 187.408 215.827 32.6 29.3 30.2 32.4 35.1 Ricky Lai 05/05/2015 00700 TENCENT Buy 198.00 RMB 1.693 2.579 3.358 4.156 4.931 0.160 0.191 0.248 0.307 0.365 15502 23810 31150 38745 46208 6.327 8.668 12.975 17.275 21.838 31.2 34.5 31.1 27.5 25.3 Ricky Lai 14/05/2015 QIHU US QIHOO 360 Buy USD 75.00 USD 1.246 2.695 4.314 6.197 7.379 0.000 0.000 0.000 0.000 0.000 100 223 374 566 713 6.141 8.295 10.808 14.891 19.982 16.4 25.2 30.7 32.9 28.9 Ricky Lai 26/05/2015 FENG US PHOENIX NEW MEDIA Neutral USD 8.00 RMB 3.691 3.627 1.786 3.701 4.232 0.000 0.000 0.000 0.000 0.000 280 263 127 263 301 2.599 2.823 3.032 3.464 3.959 19.0 16.0 7.1 13.3 13.3 Ray Zhao 14/05/2015 YOKU US YOUKU TUDOU Neutral USD 26.00 RMB (3.617) (4.436) (8.130) (6.846) (6.010) 0.000 0.000 0.000 0.000 0.000 (600) (838) (1581) (1371) (1240) 54.157 74.649 64.345 55.625 47.995 (6.5) (7.3) (11.9) (11.6) (11.8) Ray Zhao 25/05/2015 NTES US NETEASE Buy USD 160.00 RMB 34.206 36.427 44.260 50.970 55.960 8.542 9.182 11.156 12.847 14.105 4444 4757 5722 6528 7100 155.242 179.906 196.369 253.910 278.149 24.7 21.7 23.4 22.6 21.0 Ricky Lai 18/05/2015 01588 CHANJET - H Buy 45.00 RMB 0.747 0.533 0.884 1.225 1.566 0.630 0.444 0.737 1.021 1.305 121 102 169 234 298 3.519 6.525 6.965 7.139 7.374 22.2 8.3 12.8 17.3 21.3 Ricky Lai 20/05/2015 BABA US ALIBABA GROUP Buy USD 110.00 RMB 10.610 10.330 10.235 13.675 15.726 0.000 0.000 0.000 0.000 0.000 23076 24149 26413 36347 43055 13.985 67.335 71.287 82.955 96.347 149.2 25.7 15.5 18.0 23.9 Ray Zhao 11/05/2015

Machinery 01882 HAITIAN INT'L Neutral 16.00 RMB 0.756 0.818 0.868 0.921 0.973 0.310 0.341 0.358 0.380 0.406 1206 1305 1386 1470 1552 3.864 4.439 5.038 5.676 6.349 21.0 19.7 18.3 17.2 16.2 Angus Chan 30/03/2015 03339 LONKING Accumulate 1.95 RMB 0.112 0.137 0.161 0.190 0.065 0.044 0.052 0.061 480 584 690 813 1.599 1.686 1.813 1.963 7.3 8.3 9.2 10.1 Angus Chan 12/09/2014 00631 SANY INT'L Neutral 1.60 RMB 0.117 0.055 0.070 0.073 0.076 0.000 0.000 0.000 0.000 0.000 356 168 213 221 230 1.916 2.224 2.293 2.366 2.441 6.3 2.7 3.1 3.2 3.2 Angus Chan 27/03/2015 01157 ZOOMLION Accumulate 7.60 RMB 0.499 0.198 0.292 0.323 0.150 0.095 0.100 0.110 3844 1528 2252 2491 5.452 5.507 5.713 5.946 9.3 3.7 5.3 5.6 Angus Chan 18/12/2014 02039 CIMC - H Buy 22.00 RMB 0.819 0.929 1.026 1.052 1.171 0.270 0.311 0.324 0.332 0.370 2180 2478 2833 3112 3464 7.765 8.340 9.337 10.045 10.834 10.9 11.5 11.4 10.9 11.2 Jason Song 27/03/2015 03899 CIMC ENRIC - R Buy 10.05 RMB 0.507 0.532 0.573 0.648 0.729 0.094 0.158 0.172 0.194 0.219 980 1023 1103 1247 1402 2.735 3.155 3.571 4.047 4.548 21.0 18.0 17.0 17.0 17.0 Angus Chan 24/03/2015 02357 AVICHINA - H Accumulate 13.50 RMB 0.131 0.143 0.178 0.218 0.263 0.020 0.021 0.027 0.033 0.039 713 781 977 1196 1439 1.855 1.976 2.134 2.326 2.556 7.0 7.5 8.7 9.8 10.8 Angus Chan 27/05/2015

Manufacturing 01812 CHENMING PAPER - H Buy 4.50 RMB 0.354 0.232 0.235 0.322 0.300 0.150 0.100 0.100 711 453 455 623 7.107 7.155 7.237 7.456 5.1 3.2 3.3 4.4 Sunny Kwok 09/01/2015 01766 CSR - H Buy 11.90 RMB 0.300 0.383 0.455 0.528 0.180 0.115 0.136 0.158 4140 5285 6276 7283 2.649 2.815 3.155 3.546 11.9 14.0 15.2 15.7 Gary Wong 12/01/2015 02228 CECEP COSTIN NEW MATERIALS - R Accumulate 3.50 RMB 0.312 0.343 0.359 0.398 0.435 0.079 0.079 0.083 0.092 0.100 243 266 279 309 338 1.803 2.073 2.349 2.655 2.989 18.6 17.7 16.3 15.9 15.4 Noah Hudson 24/03/2015 03898 CSR TIMES ELEC Buy 60.00 RMB 1.332 2.037 2.272 2.733 3.186 0.350 0.400 0.450 0.550 0.600 1467 2395 2670 3212 3745 7.670 9.350 11.222 13.504 16.140 19.3 23.9 22.1 22.1 21.5 Gary Wong 26/03/2015 00751 SKYWORTHDIGITAL# Accumulate 4.65 HKD 0.446 0.465 0.506 0.560 0.195 0.272 0.253 0.280 1254 1316 1431 1586 3.852 4.490 4.743 5.038 11.6 10.0 9.3 9.7 * 30/09/2014 Nonferrous metals 00358 JIANGXI COPPER - H Neutral 13.45 RMB 1.030 0.823 0.787 0.688 0.735 0.309 0.200 0.157 0.138 0.147 3565 2851 2725 2383 2547 12.858 13.207 13.837 14.387 14.976 8.2 6.3 5.8 4.9 5.0 Kevin Guo 30/03/2015 03833 XINXING MINING - H Reduce 1.51 RMB (0.026) 0.035 0.052 0.059 0.071 0.000 0.000 0.000 0.000 0.000 (58) 78 114 130 157 2.528 2.533 2.484 2.486 2.493 (1.1) 1.5 2.2 2.5 3.0 Kevin Guo 24/04/2015 03993 CMOC - H Neutral 7.62 RMB 0.231 0.359 0.262 0.263 0.269 0.069 0.180 0.118 0.118 0.121 1174 1824 1332 1333 1364 2.399 2.883 3.263 3.644 4.034 9.3 13.0 8.3 7.4 6.8 Kevin Guo 19/05/2015 01378 CHINA HONGQIAO Buy 6.11 RMB 0.949 0.890 1.223 1.310 1.311 0.250 0.211 0.306 0.328 0.328 5586 5314 7305 7827 7836 4.568 5.429 6.348 7.335 8.323 22.7 17.9 20.8 19.1 16.8 Kevin Guo 31/03/2015

Petrochemicals 00857 PETROCHINA - H Neutral 9.30 RMB 0.708 0.662 0.640 0.743 0.319 0.298 0.288 0.335 129599 121117 117124 136065 6.189 6.487 6.812 7.203 11.8 10.4 9.6 10.6 Grace Liu 31/12/2014 00196 HONGHUA Neutral 1.10 RMB 0.170 0.029 0.087 0.117 0.163 0.048 0.000 0.024 0.033 0.046 538 92 278 379 535 1.505 1.488 1.510 1.550 1.636 11.7 1.9 5.8 7.7 10.3 Jun Zhu 30/04/2014 00386 SINOPEC CORP - H Neutral 6.70 RMB 0.570 0.503 0.426 0.519 0.240 0.176 0.149 0.182 66132 59016 50406 61376 4.899 5.108 5.821 6.174 12.2 10.1 7.8 8.7 Grace Liu 31/12/2014

Ports 00144 CHINA MER HOLD - R Buy 33.00 HKD 1.669 1.856 2.090 2.375 0.771 0.805 0.906 1.030 4213 4723 5317 6043 19.234 26.273 27.854 29.675 9.0 8.1 7.7 8.2 Ivan Zhou 16/01/2015 01199 COSCO PACIFIC - R Accumulate 13.50 USD 0.250 0.100 0.108 0.118 0.130 0.096 0.040 0.043 0.047 0.052 703 293 318 346 381 1.561 1.614 1.660 1.729 1.806 16.5 6.3 6.6 6.9 7.3 Ivan Zhou 21/04/2015 02880 DALIAN PORT - H Neutral 2.50 RMB 0.154 0.130 0.155 0.178 0.060 0.051 0.060 0.069 683 575 684 787 3.038 3.075 3.179 3.296 5.2 4.3 4.9 5.5 Ivan Zhou 01/12/2014 03382 TIANJINPORT DEV. - R Neutral 1.55 HKD 0.132 0.132 0.148 0.157 0.053 0.053 0.059 0.063 811 816 913 966 1.866 1.927 1.992 2.054 7.4 7.0 7.6 7.8 Ivan Zhou 16/09/2014 03378 XIAMEN PORT - H Neutral 3.60 RMB 0.122 0.158 0.183 0.203 0.223 0.055 0.060 0.069 0.077 0.085 333 430 498 553 609 1.664 1.760 1.955 2.088 2.234 6.9 9.2 9.8 10.0 10.3 Ivan Zhou 15/05/2015

Precious Metals 01818 ZHAOJIN MINING - H Neutral 4.23 RMB 0.248 0.154 0.145 0.179 0.225 0.099 0.050 0.015 0.018 0.022 734 455 431 530 667 3.143 3.287 3.359 3.509 3.690 8.7 5.3 4.9 5.9 7.1 Kevin Guo 25/03/2015 02899 ZIJIN MINING - H Neutral 2.03 RMB 0.098 0.109 0.107 0.161 0.258 0.041 0.080 0.032 0.048 0.077 2125 2345 2314 3468 5560 1.272 1.301 1.376 1.488 1.669 7.6 8.4 8.0 11.2 16.3 Kevin Guo 24/03/2015 02099 CHINAGOLDINTL - R Buy 13.38 USD 0.140 0.100 0.119 0.146 0.191 0.035 0.000 0.000 0.015 0.019 55 40 47 58 76 3.611 3.696 3.858 3.994 4.172 4.0 2.8 3.2 3.8 4.8 Kevin Guo 30/03/2015

第 4 頁，共 6 頁 GUOTAI JUNAN INTERNATIONAL Universe Weekly Update 国泰君安国际研究股票每周更新 29 May 2015 6 to 18 Months EPS DPS NET PROFIT (Mn) NBV ROE (%) Date of Last Target Stock Code Company Name Rating Currency Analyst Update HK$ 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F (dd/mm/yyyy)

Property 00688 CHINA OVERSEAS - R Buy 36.43 HKD 2.404 2.986 2.992 3.176 3.332 0.470 0.550 0.687 0.720 0.897 19654 24403 27823 31315 32852 13.452 16.313 21.752 23.215 25.877 23.4 22.8 18.9 15.7 14.5 Van Liu 29/05/2015 00813 SHIMAO PROPERTY Accumulate 22.09 RMB 1.963 2.373 2.575 3.017 0.634 0.834 0.938 1.130 6806 8249 8957 10505 12.048 14.827 17.973 21.760 19.0 20.9 19.3 19.2 * 02/09/2014 03383 AGILE PROPERTY Neutral 4.32 RMB 1.270 1.206 1.756 1.840 0.373 0.415 0.460 0.509 4719 4725 6100 6378 7.904 8.475 10.707 11.863 17.6 15.6 17.8 16.8 * 27/10/2014 00960 LONGFOR PPT Accumulate 12.04 RMB 1.176 1.238 1.303 1.504 1.912 0.228 0.284 0.318 0.390 0.472 6461 6788 7572 8739 11109 7.060 9.118 10.763 12.575 14.799 24.0 19.7 16.5 15.5 16.2 Van Liu 02/04/2015 01109 CR LAND - R Buy 29.40 HKD 1.775 2.095 2.395 2.575 2.931 0.437 0.544 0.605 0.614 0.702 10357 12226 16242 17848 20315 14.531 16.547 18.094 20.281 23.218 19.1 16.2 18.1 16.8 16.7 Van Liu 25/05/2015 02007 COUNTRY GARDEN Neutral 3.50 RMB 0.464 0.554 0.611 0.640 0.170 0.186 0.224 0.270 8473 11282 13204 14663 2.408 2.755 3.008 3.257 20.9 23.5 23.3 22.3 * 28/08/2014 03333 EVERGRANDE Neutral 3.66 RMB 0.603 0.762 0.800 0.859 0.392 0.305 0.404 0.536 9724 11240 11937 12830 3.040 3.676 4.178 4.709 29.0 27.4 25.5 23.9 * 09/09/2014 00081 CH OVS G OCEANS - R Neutral 6.03 HKD 1.144 1.082 1.156 1.246 0.110 0.142 0.176 0.208 2913 2469 2770 3159 4.953 6.138 7.449 8.936 32.5 21.4 19.3 18.1 * 06/08/2014 01107 MODERN LAND Accumulate 1.65 RMB 0.362 0.470 0.438 0.614 0.014 0.086 0.097 0.091 502 753 700 983 1.781 1.944 2.302 2.846 26.6 27.8 21.4 24.7 * 16/09/2014 01238 POWERLONG Accumulate 1.45 RMB 0.261 0.266 0.529 1.085 0.000 0.079 0.063 0.125 1046 1062 2113 4335 4.274 4.665 5.198 6.325 8.2 8.1 11.7 19.5 * 17/10/2014

Shipping and Logistics 00368 SINOTRANS SHIP -R Accumulate 2.40 USD 0.001 0.000 0.000 0.007 0.018 0.000 0.001 0.000 0.002 0.005 4 2 129720.545 0.539 0.526 0.536 0.558 0.2 0.1 0.1 1.4 3.3 Ivan Zhou 09/04/2015 00598 SINOTRANS - H Buy 6.00 RMB 0.199 0.294 0.358 0.411 0.050 0.061 0.078 0.089 844 1295 1649 1895 2.571 2.929 3.194 3.490 7.9 10.6 11.7 12.3 Ivan Zhou 15/09/2014 01138 CHINA SHIP DEV - H Buy 7.60 RMB (0.656) 0.091 0.180 0.333 0.438 0.000 0.030 0.060 0.110 0.145 (2234) 309 678 1343 1768 6.235 6.270 5.839 6.113 6.442 (10.0) 1.4 3.0 5.6 7.0 Ivan Zhou 29/05/2015 01919 CHINA COSCO - H Accumulate 4.00 RMB 0.023 (0.101) 0.126 0.360 0.000 0.000 0.000 0.000 235 (1036) 1292 3676 2.371 2.270 2.396 2.756 1.0 (4.4) 5.4 14.0 Ivan Zhou 29/09/2014 02866 CSCL - H Accumulate 2.85 RMB (0.223) 0.067 0.132 0.192 0.000 0.000 0.000 0.000 (2610) 784 1540 2240 2.035 2.102 2.233 2.425 (10.4) 3.2 6.1 8.2 Ivan Zhou 17/12/2014

Steel 00323 MAANSHAN IRON - H Neutral 1.50 RMB 0.020 (0.032) 0.018 0.029 0.000 0.000 0.000 0.000 157 (249) 137 223 3.004 2.974 2.995 3.026 0.7 (1.1) 0.6 1.0 Angus Chan 21/08/2014 00347 ANGANG STEEL - H Neutral 5.50 RMB 0.106 0.114 0.135 0.160 0.027 0.028 0.034 0.040 770 822 978 1156 6.523 6.557 6.681 6.827 1.6 1.7 2.0 2.3 Angus Chan 15/08/2014

Telecommunication Equipment 00763 ZTE - H Buy 30.50 RMB 0.395 0.766 1.019 1.106 1.174 0.030 0.115 0.153 0.166 0.176 1358 2634 3503 3801 4038 6.542 7.237 7.355 7.757 8.131 6.0 11.1 14.0 14.6 14.8 Ricky Lai 29/04/2015 00633 CH ALL ACCESS Buy 4.40 RMB 0.168 0.146 0.174 0.205 0.249 0.091 0.074 0.096 0.113 0.137 223 208 263 323 408 1.365 1.734 1.714 1.730 1.779 9.2 7.1 7.9 9.3 11.2 Ricky Lai 08/04/2015 00992 LENOVO GROUP - R Buy 14.70 USD 0.079 0.078 0.083 0.130 0.164 0.031 0.036 0.038 0.059 0.075 817 829 927 1473 1887 0.290 0.383 0.407 0.453 0.559 28.8 23.4 21.5 30.5 32.6 Ricky Lai 27/05/2015 02369 COOLPAD Buy 2.30 HKD 0.083 0.119 0.134 0.153 0.166 0.010 0.010 0.010 0.010 0.010 349 513 575 656 715 0.657 0.782 0.742 0.837 0.941 13.5 16.8 17.6 19.4 18.7 Ricky Lai 27/03/2015

Telecommunication Services 00728 CHINA TELECOM - H Accumulate 6506.50 RMB 0.217 0.218 0.248 0.269 0.284 0.065 0.076 0.075 0.075 0.075 17545 17680 20092 21793 22990 3.432 3.573 4.009 4.295 4.569 656.5 626.2 656.5 656.5 767.6 Ricky Lai 06/05/2015 00762 CHINA UNICOM - R Buy 17.00 RMB 0.440 0.505 0.577 0.675 0.762 0.129 0.161 0.181 0.212 0.239 10409 12055 13845 16289 18496 9.253 9.540 10.032 11.055 12.229 4.9 5.4 5.9 6.4 6.6 Ricky Lai 27/04/2015 00941 CHINA MOBILE - R Neutral 103.00 RMB 6.054 5.385 5.336 5.578 5.855 2.620 2.324 2.303 2.408 2.527 121692 109279 108313 113242 118901 39.240 42.210 43.520 45.382 48.948 16.1 13.3 12.4 12.5 12.4 Ricky Lai 24/03/2015

Toll roads 00177 JIANGSU EXPRESS - H Accumulate 9.20 RMB 0.537 0.551 0.589 0.643 0.380 0.380 0.400 0.400 2708 2775 2970 3240 3.890 4.060 4.270 4.512 14.1 13.9 14.2 14.6 Gary Wong 01/09/2014 00548 SHENZHENEXPRESS - H Accumulate 8.00 RMB 0.330 1.003 0.487 0.566 0.681 0.160 0.450 0.200 0.200 0.200 720 2187 1063 1235 1485 4.573 5.410 5.447 5.811 6.292 7.4 20.1 9.0 10.1 11.2 Ivan Zhou 12/05/2015 00576 ZHEJIANGEXPRESS - H Neutral 12.00 RMB 0.439 0.541 0.650 0.665 0.683 0.310 0.325 0.390 0.399 0.410 1907 2349 2825 2889 2967 3.678 3.915 4.175 4.441 4.714 11.9 14.2 16.1 15.4 14.9 Ivan Zhou 29/04/2015 00995 ANHUIEXPRESSWAY - H Accumulate 5.00 RMB 0.488 0.463 0.460 0.507 0.220 0.220 0.220 0.220 810 768 763 841 4.294 4.537 4.777 5.064 11.8 10.5 9.9 10.3 Gary Wong 02/09/2014

Others 00388 HKEx Accumulate 290.00 HKD 3.951 4.438 8.803 9.628 10.691 3.552 3.990 7.913 8.655 9.611 4552 5165 10379 11375 12656 17.712 18.280 22.907 24.592 26.596 23.8 24.7 42.9 40.5 41.8 Jason Song 15/05/2015

第 5 頁，共 6 頁 GUOTAI JUNAN INTERNATIONAL Universe Weekly Update 国泰君安国际研究股票每周更新 29 May 2015 Note : 1. "H" represents H-shares, "R" represents Red chips 2. Compiled by Guotai Junan (Hong Kong) Research; for enquiry please call: 0755-23976681 3. Updated on 29 May,2015 4. *Analyst change ` 5. #For the fiscal years not ended on December 31. 6. 00013 HK: Dropped from our coverage since this week.

DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as director in the issuers mentioned in this Research Report.

(2) The Analysts and their associates have no financial interests in the issuers mentioned in this Research Report. (3) Except for China All Access (Holdings) Limited (00633), Guangshen Railway Company Limited-H shares (00525), Guotai Junan International Holdings Limited (01788) and Binhai Investment Company Limited (02886), Guotai Junan and its group companies do not hold equal to or more than 1% of the market capitalization of the issuer mentioned in this Research Report. (4) Guotai Junan and its group companies have had investment banking relationships with Jiangsu Express-H shares (00177) / China All Access Holdings Ltd. (00633) / China Dredging (00871) / Huaneng Power-H shares (00902) / Huaneng Renewables Corporation Limited-H shares (00958) / Modern Land (01107) / Yanzhou Coal Mining Co., Ltd.-H shares (01171) / Merry Garden Holdings Ltd. (01237) / Powerlong Real Estate (01238) / Baguio Green (01397) / Chanjet Information Technology-H shares (01588) / Redco Properties (01622) / China Creative Home (01678) / Colour Life (01778) / CGN Meiya (01811) / Shanghai Electric-H shares (02727) / China Shipping Container Lines Co. Ltd.- H Shares (02866) / Xiezhong International Holdings Limited (03663) / Xiao Nan Guo (03666) / China U-Ton Holdings Ltd. (06168) / Singyes Solar (00750) / CGN Power (01816) / LIJUN INT'L (02005) / C CITYRAILTEC (01522) / Binhai Investment Company Limited (02886) / BOSIDENG (03998) and China Wood Optimization (08099) mentioned in this Research Report within the preceding 12 months.

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