A-Share Research Highlights (CMS Research Center) HSI 22,915.28 -38.44 -0.17 1

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Hong Kong Morning Daily Sep 16, 2013 (Monday)

晨会报告 HK Indices Last price chg % chg A-share Research Highlights (CMS Research Center) HSI 22,915.28 -38.44 -0.17 1. Automobile industry – comment on new air pollution control policy Finance 31,872.59 -27.79 -0.09 Properties 29,752.90 -234.2 -0.78 [Fang Xiaojian, Sept. 13, 2013] The State Council officially issued the Air Utilities 50,280.41 224.0 0.45 Pollution Prevention and Treatment Initiative, which includes six measures 13,407.88 -24.51 -0.18 to tackle automobile-related air pollution such as strengthening traffic Commerce&Industry HSCEI 10,538.94 -98.59 -0.93 management, upgrading fuel quality and accelerating the elimination of HSCCI 4,418.32 -0.02 0.00 “yellow label” vehicles (those that fail to meet the rudimentary emission HKSPGEM 428.67 3.00 0.70 standard). We believe the Initiative will have a huge impact on the automotive industry. Commercial vehicles will benefit from higher emission World Indices Last price chg % chg standards and the priority on public transport. New energy vehicles will be FTSE 100 6,583.80 -5.18 -0.08 further promoted. Automobile dismantling and inspection will also benefit. DAX 30 8,509.42 15.42 0.18 But the control on ownership volume and increased costs for usage would CAC 40 4,114.50 7.87 0.19 hurt consumption. Companies that benefit from the policy include: Weifu DJIA 15,376.06 75.42 0.49 High-Technology Group (000581), BYD (002594), Anhui Jianghuai S&P500 1,687.99 4.57 0.27 Nasdaq Automobile (600418), Zhengzhou Yutong Bus (600066), Anhui Ankai Composite 3,722.18 6.22 0.17 Automobile (000868), Miracle Automation Engineering (002009), China Nikkei 225 14,404.67 17.40 0.12 Automotive Engineering Research Institute (601965), etc. Asia-Pacific Last price chg % chg We believe these pollution prevention measures have great influence on Indices the auto industry: KOSPI 1,994.32 -9.74 -0.49 TWSE 1) Strengthening traffic management in cities and speeding up the 8,142.48 -25.72 -0.31 STI elimination of “yellow label” vehicles are good news for the bus and coach 3,120.30 -0.78 -0.02 India BSE 30 industry. According to data announced by the Ministry of Environmental 19,732.76 -49.12 -0.25 S&P/ASX 200 -22.91 -0.44 Protection previously, 350,000 large and midsize buses will become 5,219.63 obsolete by the end of 2015. Zhengzhou Yutong Bus, an industry leader, will benefit most. HSI One Year

2) Upgrading fuel quality and raising the emission standards will benefit 25000 Weifu High-Technology Group, a leader of tail gas treatment. 20000

3) Elimination of 5 million “yellow label” vehicles in the next two years will 15000 facilitate the development of the vehicle dismantlers. Miracle Automation Engineering will benefit from the policy. 10000

5000 Sep-12 Jan-13 May-13

2. Introduction of CMS foreign currency supply/demand indicator HSCEI One Year [Yan Ling, Sept. 12, 2013] Key points of view: 15000

A) Cross-border capital flows have increasing impact on China’s money 12000 supply and RMB exchange rate, with the progress in capital account convertibility and exchange rate regime reforms, as well as on monetary 9000 policy and asset prices. Increment in funds outstanding for foreign 6000 exchange is a key indicator in this respect. Therefore, we have introduced the analytical framework of funds outstanding for foreign exchange from a 3000 global perspective and CMS foreign currency supply/demand index, a Sep-12 Jan-13 May-13 high-frequency coincident indicator. Source:Bloomberg B) CMS foreign currency supply/demand indicator can be used to predict China Merchants Securities (HK) high-frequency data of funds outstanding for foreign exchange. Under the Research managed floating exchange rate regime, RMB exchange rates against +852-3189-6888 various currencies can reflect the supply-demand condition of foreign currencies and is an important factor to judge the change of funds outstanding for foreign exchange. CMS foreign currency supply/demand indicator can be observed daily for reference. Forecasts based on this model and the announced values have high goodness of fit.

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C) To predict funds outstanding for foreign exchange also requires the Last Global Commodity chg % chg reference to other high-frequency indicators such as the expectation of price RMB appreciation, HIBOR-LIBOR spread, Hong Kong dollar exchange Brent Oil 111.44 -1.16 -1.03 rates and other typical capital flow indicators in emerging markets. Under Gold 1,330.0 3.64 0.27 our analytical framework, both international and domestic factors should LME Aluminum 1,790.0 -22.00 -1.21 be considered when judging the trend of international capital flows in LME Copper 7,041.0 -19.00 -0.27 emerging economies such as China. Based on long-term observation, BDI 1,636.0 15.00 0.93 changes in international capital flows to various emerging markets in Asia API Coal 84.65 0.20 0.24 are highly correlated, and international capital flows in these markets are Exchange /Currency Last chg % chg generally one to three months ahead of that in China. /Bond Market price

USD/RMB 6.16 0.00 0.00

USD/HKD 7.75 0.00 0.00 What to Watch 1999～2013 1-YR RMB NDF 6.21 0.00 0.00 EUR/USD 133.67 0.74 0.56

3-M Libor 0.52 0.00 0.00 3-M Shibor 4.66 0.00 0.00 ： Economic HK Nil 10 YR US T-Note Yield 2.88 -0.02 -0.69 Data US：Nil Brent Oil One Year Date Ticker Stock Name Earnings 预告的研报早知道+机构攻略 140 2013/09/16 01023 SITOY GROUP Final 超前预告的正式研报内容 + 120 Date Ticker Stock Name Issue Price +100 80

Nil 60 40 0581 20 0 668 2013年前8个月周均涨累计48.8%Sep-12 Feb-13 Jul-13 + 调研/会议纪要 Gold Commodity One Year

+ 2000

RICH资讯-研究发现价值，RICH传递财富 1500 1000

500

0 Sep-12www.181818.info Jan-13 May-13 全国免费咨询电话：400 提供：发布最快的最新股票研究报告金股池：盘前彩信预告 LME Aluminum Commodity One Year

2500 2000

QQ：1078174455；微信号：RICH资讯，或：rich-40066805811500

1000

500

【超】资讯：超级超前的特供资讯 0 Sep-12 Jan-13 Jun-13 Source：Bloomberg

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Hong Kong Morning Daily

China Merchants Securities (Hong Kong) Stock Pool Update Weekly 2013-9-16 Stock Price Latest 12- Month Upside EPS EPS P/E 1-Month Short Name Rating Analyst Code Currency Price Target Price Potential Currency 2013E 2014E 2015E 2013E 2014E 2015E Performance Textiles, Apparel & Luxury Goods 589 Ports Neutral HKD 5.15 5.30 3% RMB 0.55 0.56 0.64 7.4 7.3 6.4 -8.0% Ivy Zhao 1880 Belle Buy HKD 11.00 16.39 49% RMB 0.52 0.61 0.71 16.8 14.3 12.3 -8.6% Ivy Zhao 1368 Xtep Neutral HKD 3.51 4.00 14% RMB 0.27 0.27 0.29 10.3 10.3 9.6 -11.4% Ivy Zhao 2020 Anta Sports Neutral HKD 9.56 9.14 -4% RMB 0.49 0.53 0.57 15.5 14.3 13.3 -5.4% Ivy Zhao 1361 361 Degrees Neutral HKD 1.84 1.45 -21% RMB 0.29 0.28 0.28 5.0 5.3 5.2 -5.2% Ivy Zhao 1968 Peak Sport Neutral HKD 1.72 1.48 -14% RMB 0.16 0.17 0.19 8.7 8.0 7.1 8.9% Ivy Zhao 2331 Li Ning Buy HKD 5.68 5.20 -8% RMB -0.10 0.18 0.20 N.A. 25.7 22.7 12.0% Ivy Zhao 3818 China Dongxiang Buy HKD 1.23 1.47 20% RMB 0.04 0.04 0.05 26.4 23.3 20.8 -13.4% Ivy Zhao 953 Meike Neutral HKD 0.42 0.30 -29% RMB 0.04 0.05 0.06 9.3 7.3 6.1 16.7% Ivy Zhao 1234 China Lilang Buy HKD 4.43 5.25 19% RMB 0.41 0.41 0.47 8.6 8.6 7.5 -7.7% Ivy Zhao 891 Trinity Buy HKD 2.79 4.63 66% RMB 0.21 0.25 0.30 10.6 8.9 7.4 -14.7% Ivy Zhao 873 C Taifeng Bed Buy HKD 1.55 2.86 85% RMB 0.52 0.65 0.80 2.4 1.9 1.5 -5.5% Ivy Zhao Metals & Mining 1818 Zhaojin Mining Neutral HKD 6.44 6.00 -7% RMB 0.43 0.38 0.34 11.9 13.5 15.1 1.6% Li Xiang 2899 Zijin Mining Neutral HKD 1.82 1.69 -7% RMB 0.14 0.15 0.12 10.3 9.6 12.1 -1.1% Li Xiang 358 Jiangxi Copper Buy HKD 16.00 15.20 -5% RMB 1.02 1.05 0.85 12.5 12.1 15.0 4.0% Li Xiang 3993 Cmoc Neutral HKD 3.09 3.10 0% RMB 0.19 0.20 0.21 12.7 12.5 11.9 -4.3% Li Xiang 2600 Chalco Sell HKD 2.82 1.60 -43% RMB -0.28 -0.11 -0.10 N.A. N.A. N.A. 4.4% Li Xiang 1378 China Hongqiao Buy HKD 4.45 5.80 30% RMB 0.97 1.11 1.23 3.7 3.2 2.9 -1.3% Li Xiang 486 Rusal Sell HKD 2.34 2.03 -13% USD 0.01 0.04 0.05 30.2 7.6 6.0 -10.0% Li Xiang 3948 Yitai Coal Buy HKD 14.56 25.10 72% RMB 1.88 2.11 2.22 6.2 5.5 5.2 -11.8% Li Xiang

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Stock Price Latest 12- Month Upside EPS EPS P/E 1-Month Short Name Rating Analyst Code Currency Price Target Price Potential Currency1999～20132013E 2014E 2015E 2013E 2014E 2015E Performance 1088 China Shenhua Buy HKD 25.15 36.40 45% RMB 2.44 2.90 3.07 8.2 6.9 6.5 -1.8% Li Xiang Auto & Others 1211 Byd Company Neutral HKD 34.90 13.00 -63% RMB 0.33 0.68 1.10 84.1 40.8 25.2 12.2% Colleen Li 489 Dongfeng Group Buy HKD 11.24 14.17 26% RMB 1.13 1.26 1.29 7.9 7.1 6.9 3.5% Colleen Li 175 Geely Auto Buy HKD 4.04 5.04 25% RMB 0.32 0.36 0.38 10.0 8.9 8.5 12.2% Colleen Li 预告的研报早知道+机构攻略 2333 Greatwall Motor Neutral HKD 41.70 38.62 -7% + RMB 2.78 3.41 超前预告的正式研报内容3.74 11.9 9.7 8.9 10.3% Colleen Li 1114 Brilliance Chi Buy HKD 11.34 12.00 6% RMB 0.71 0.80+ 0.89 12.7 11.3 10.1 6.4% Colleen Li 425 Minth Group Buy HKD 14.46 13.20 -9% RMB 0.78 0.87 0.97 14.7 13.2 11.9 11.4% Colleen Li 0581 1728 Zhengtong Auto Buy HKD 5.19 5.85 13% RMB 0.55 0.81 1.11 7.5 5.1 3.7 9.7% Colleen Li 881 Zhongsheng Hldg Neutral HKD 11.80 10.30 -13% RMB 0.58 0.71 0.99 16.2 13.2 9.5 21.8% Colleen Li 2013年前8个月周均涨累计48.8% 668 Oil & Gas + 857 Petro China Buy HKD 8.67 10.55 22% RMB调研/会议纪要 0.71 0.74 0.78 9.7 9.3 8.8 -7.1% Michael Yuk 386 Sinopec Corp Buy HKD 6.06 7.20 19% +RMB 0.68 0.70 0.73 7.1 6.9 6.6 3.1% Michael Yuk 883 Cnooc Buy HKD 16.08 17.00 6% RMB 1.44 1.56 1.69 8.9 8.2 7.6 10.4% Michael Yuk 603 China Oil & Gas NeutralRICH资讯-研究发现价值，RICH传递财富 HKD 1.04 1.45 39% HKD 0.09 0.12 0.15 11.6 8.7 6.9 -26.8% Michael Yuk 342 Newocean Energy Buy HKD 5.26 5.30 1% HKD 0.55 0.63 0.79 9.6 8.4 6.7 9.6% Michael Yuk 467 Unitedenergy Gp Buy HKD 1.25 1.59 27% HKD 0.10 0.09 0.09 12.5 13.9 13.9 12.6% Michael Yuk Oil & Gas Services/Equipment www.181818.info 3899 Cimc Enric Buy HKD 8.86 10.00 13% RMB 全国免费咨询电话：4000.49 0.60 0.72 14.4 11.7 9.8 -5.7% Michael Yuk 提供：发布最快的最新股票研究报告金股池：盘前彩信预告 569 Ch Automation Buy HKD 1.63 2.50 53% RMB 0.26 0.29 0.33 5.0 4.5 3.9 0.6% Michael Yuk 3337 Anton Oilfield Neutral HKD 4.50 5.70 27% RMB 0.19 0.23 0.28 18.8 15.6 12.8 -18.5% Michael Yuk 1938 Chu Kong Pipe Neutral HKD 2.45 2.26QQ：1078174455；微信号：RICH资讯，或：rich-4006680581 -8% RMB 0.11 0.41 0.56 17.7 4.8 3.5 6.1% Michael Yuk 2883 China Oilfield Buy HKD 20.10 18.00 -10% RMB 1.29 1.45 1.66 12.4 11.0 9.6 15.3% Michael Yuk 3303 Jutal Oil Ser Buy HKD 1.50 2.40 60% RMB 0.13 0.17 0.15 9.2 7.0 8.0 -17.1% Michael Yuk

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Hong Kong Morning Daily

Stock Price Latest 12- Month Upside EPS EPS P/E 1-Month Short Name Rating Analyst Code Currency Price Target Price Potential Currency 2013E 2014E 2015E 2013E 2014E 2015E Performance 1623 Hilong Neutral HKD 3.96 4.58 16% RMB 0.26 0.30 0.32 12.1 10.5 9.8 -16.8% Michael Yuk Property 688 China Overseas Buy HKD 23.65 22.56 -5% HKD 2.29 2.30 2.68 10.3 10.3 8.8 -4.1% DuanFeiqin 410 Soho China Neutral HKD 6.48 6.42 -1% HKD 2.37 2.13 1.96 2.7 3.0 3.3 -0.8% DuanFeiqin 813 Shimao Property Neutral HKD 18.78 16.70 -11% HKD 2.07 2.19 2.46 9.1 8.6 7.6 1.5% DuanFeiqin 1109 China Res Land Buy HKD 22.45 23.80 6% HKD 1.81 1.91 2.20 12.4 11.8 10.2 -6.3% DuanFeiqin 2777 R&F Properties Buy HKD 12.56 13.90 11% HKD 2.15 2.23 2.45 5.8 5.6 5.1 -6.1% DuanFeiqin 2007 Country Garden Neutral HKD 4.93 4.20 -15% HKD 0.48 0.53 0.60 10.4 9.3 8.2 -0.4% DuanFeiqin 3383 Agile Property Neutral HKD 8.62 10.10 17% HKD 1.81 1.98 2.02 4.8 4.4 4.3 -2.1% DuanFeiqin 3333 Evergrande Buy HKD 3.32 4.38 32% HKD 0.84 0.97 0.98 3.9 3.4 3.4 -2.4% DuanFeiqin 960 Longfor Ppt Buy HKD 13.24 13.23 0% HKD 1.50 1.65 1.81 8.8 8.0 7.3 -3.2% DuanFeiqin 1813 Kwg Property Neutral HKD 5.34 5.05 -5% HKD 1.02 1.10 1.18 5.2 4.9 4.5 6.8% DuanFeiqin 3366 Oct (Asia) Buy HKD 4.00 3.50 -13% HKD 0.43 0.54 0.64 9.3 7.4 6.3 -2.7% DuanFeiqin 3900 Greentown China Buy HKD 14.80 18.80 27% HKD 3.17 3.33 3.49 4.7 4.5 4.2 -10.2% DuanFeiqin 754 Hopson Dev Hold Buy HKD 10.08 12.20 21% HKD 1.72 1.98 2.22 5.9 5.1 4.6 -5.4% DuanFeiqin 1918 Sunac Buy HKD 5.15 6.66 29% HKD 1.07 1.26 1.41 4.8 4.1 3.7 -17.3% DuanFeiqin Consumer Discretionary 3308 Golden Eagle Neutral HKD 11.54 13.50 17% RMB 0.63 0.69 0.76 14.6 13.3 12.1 -6.2% TangJingjing 1212 Lifestyle Neutral HKD 17.60 18.40 5% HKD 1.18 1.30 1.35 14.9 13.5 13.0 -4.2% TangJingjing 1833 Intime Buy HKD 9.05 9.62 6% RMB 0.54 0.63 0.63 13.3 11.4 11.4 0.1% TangJingjing 178 Sa Sa Buy HKD 8.80 8.78 0% HKD 0.26 0.36 0.43 33.9 24.4 20.5 6.0% TangJingjing Telecommunication 941 China Mobile Neutral HKD 87.60 80.00 -9% RMB 6.52 6.58 6.79 10.7 10.6 10.3 4.4% Jeff Hao 762 China Unicom Buy HKD 12.62 14.00 11% RMB 0.44 0.54 0.63 22.8 18.6 15.9 4.6% Jeff Hao

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Stock Price Latest 12- Month Upside EPS EPS P/E 1-Month Short Name Rating Analyst Code Currency Price Target Price Potential Currency1999～20132013E 2014E 2015E 2013E 2014E 2015E Performance 728 China Telecom Buy HKD 4.00 4.80 20% RMB 0.25 0.29 0.33 12.7 11.0 9.6 1.0% Jeff Hao Information Technology 700 Tencent Buy HKD 410.80 401.00 -2% RMB 8.61 11.35 15.08 37.9 28.8 21.7 11.0% Jeff Hao 3888 Kingsoft Buy HKD 19.38 24.37 26% RMB 0.50 0.66 0.83 30.8 23.3 18.6 27.0% Jeff Hao 1661 Wisdom Buy HKD 2.17 2.90 34% RMB 0.13 0.20 0.25 13.3 8.6 6.9 N.A. Jeff Hao 预告的研报早知道+机构攻略 777 Netdragon Buy HKD 17.60 26.27 49% + RMB 0.78 0.89 超前预告的正式研报内容1.12 17.9 15.7 12.5 -5.3% Jeff Hao 354 Chinasoft Neutral HKD 2.20 2.00 -9% RMB 0.10 0.12+ 0.15 17.5 14.6 11.7 -1.4% Jeff Hao 268 Kingdee Neutral HKD 2.33 1.40 -40% RMB 0.02 0.04 0.05 92.6 46.3 37.0 21.4% Jeff Hao 0581 Port 144 China Mer Hold Neutral HKD 27.10 26.43 -2% HKD 1.55 1.75 2.05 17.5 15.5 13.2 12.7% Kate Li 2013年前8个月周均涨累计48.8% 668 1199 Cosco Pacific Buy HKD 11.56 12.58 9%+ USD 0.26 0.13 0.14 5.7 11.5 10.7 3.0% Kate Li Shipping 调研/会议纪要 368 Sinotrans Ship Buy HKD 2.36 2.40 2% +USD 0.01 0.02 0.03 30.4 15.2 10.2 20.4% Kate Li 316 Ooil Buy HKD 47.30 52.30 11% USD 0.37 0.52 0.69 16.5 11.7 8.8 1.1% Kate Li 2866 Cscl NeuralRICH资讯-研究发现价值，RICH传递财富 HKD 2.19 1.82 -17% RMB -0.06 0.03 0.07 N.A. 58.0 24.9 7.4% Kate Li Alternative Energy 3800 Gcl-Poly Energy Buy HKD 2.13 1.97 -8% HKD 0.01 0.05 0.07 213.0 42.6 30.4 1.9% Yin Lei 712 Comtec Solar Buy HKD 1.74 1.76 1% RMB 0.05 0.11 www.181818.info0.16 27.7 12.6 8.6 -26.6% Yin Lei 750 Singyes Solar Buy HKD 7.75 9.40 21% RMB 全国免费咨询电话：4000.81 0.91 1.04 7.6 6.8 5.9 -0.1% Yin Lei 提供：发布最快的最新股票研究报告金股池：盘前彩信预告 2208 Goldwind Buy HKD 4.74 5.52 16% RMB 0.17 0.21 0.27 22.2 17.9 14.0 4.6% Yin Lei 916 Longyuan Power Neutral HKD 7.85 8.16 4% RMB 0.36 0.43 0.52 17.3 14.5 12.0 -6.3% Yin Lei 1798 Datang Power Neutral HKD 1.50 1.99QQ：1078174455；微信号：RICH资讯，或：rich-4006680581 33% RMB 0.08 0.14 0.21 14.9 8.5 5.7 -18.5% Yin Lei 816 Huadian Fuxin Buy HKD 2.17 2.99 38% RMB 0.19 0.24 0.28 9.1 7.2 6.2 -10.0% Yin Lei 579 Jingneng Buy HKD 2.70 3.62 34% RMB 0.18 0.24 0.29 11.9 8.9 7.4 -9.4% Yin Lei

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Hong Kong Morning Daily

Stock Price Latest 12- Month Upside EPS EPS P/E 1-Month Short Name Rating Analyst Code Currency Price Target Price Potential Currency 2013E 2014E 2015E 2013E 2014E 2015E Performance Food & Beverage 322 Tingyi Buy HKD 20.65 23.10 12% USD 0.09 0.11 0.13 30.3 25.4 20.5 5.9% Ling Hua 2319 Mengniu Dairy Buy HKD 33.55 33.26 -1% RMB 0.85 1.10 1.48 31.4 24.2 18.0 8.2% Ling Hua 506 China Foods Neutral HKD 3.05 4.25 39% HKD 0.17 0.22 0.27 17.9 13.9 11.3 -7.3% Ling Hua 151 Want Want China Neutral HKD 11.08 12.10 9% USD 0.05 0.06 0.07 28.6 23.8 20.4 4.3% Ling Hua 345 Vitasoy Buy HKD 9.67 9.00 -7% HKD 0.31 0.35 0.48 31.2 27.6 20.2 1.8% Ling Hua Machinery & Equipment 1157 Zoomlion Buy HKD 7.01 7.40 6% RMB 0.79 0.96 1.04 7.1 5.8 5.4 9.4% Jiao Yiding Electricity 902 Huaneng Power Buy HKD 8.00 11.00 38% RMB 0.79 0.86 0.93 8.1 7.4 6.8 -0.7% Vera Liang 991 Datang Power Buy HKD 3.58 4.10 15% RMB 0.40 0.42 0.52 7.1 6.8 5.5 5.6% Vera Liang Pharmaceuticals & Medical Devices 2348 Dawnrays Pharma Buy HKD 3.08 3.20 4% RMB 0.18 0.14 0.17 13.6 17.5 14.4 17.1% Jonathan Hsu US Stock BIDU Baidu Inc Buy USD 142.64 149.50 5% USD 4.89 7.36 9.67 29.2 19.4 14.8 0.8% Mike Chen SINA Sina Corp Buy USD 83.04 90.70 9% USD -0.36 2.51 4.49 N.A. 33.1 18.5 0.2% Mike Chen SOHU Sohu.Com Inc Neutral USD 64.75 64.20 -1% USD 2.42 2.97 3.56 26.8 21.8 18.2 5.6% Mike Chen NTES Netease Inc Buy USD 72.30 85.50 18% USD 5.56 5.80 6.60 13.0 12.5 11.0 18.7% Mike Chen QIHU Qihoo 360 Buy USD 87.86 94.47 8% USD 1.16 2.00 3.68 75.7 43.9 23.9 24.7% Mike Chen YOKU Youku Tudou Inc Neutral USD 26.83 23.82 -11% USD -0.47 -0.18 0.19 N.A. N.A. 141.2 15.7% Mike Chen EDU New Oriental Education Buy USD 23.79 24.50 3% USD 0.89 1.25 1.43 26.7 19.0 16.6 3.4% Mike Chen DANG Dangdang Neutral USD 8.89 6.40 -28% USD -0.82 -0.52 -0.18 N.A. N.A. N.A. -24.1% Mike Chen CTRP Ctrip Buy USD 48.46 25.70 -47% USD 1.15 1.48 1.76 42.1 32.7 27.5 7.4% Mike Chen HMIN Home Inns Neutral USD 34.24 27.40 -20% USD 1.09 1.62 2.04 31.4 21.1 16.8 7.3% Mike Chen

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HSI Index Components Performance HSCEI Index Components Performance Last price Chg 1D Chg 1D Code Name Price Code Name Price (%) (%) 1 CHEUNG KONG 113.2 -1.3 168 TSINGTAO BREW-H 58.70 -1.8 2 CLP HLDGS LTD 63.10 0.7 177 JIANGSU EXPRES-H 8.52 -5.2 3 HONG KG CHINA GS 18.40 1.0 323 MAANSHAN IRON-H 2.12 -3.2 4 WHARF HLDG 67.25 0.5 338 SINOPEC SHANG-H 2.97 -2.6 5 HSBC HLDGS PLC 85.95 0.3 347 ANGANG STEEL-H 5.32 -4.7 6 POWER ASSETS HOL 66.05 -0.3 358 JIANGXI COPPER-H 16.00 -4.2 11 HANG SENG BK 126.5 0.5 3861999～2013 CHINA PETROLEU-H 6.06 -0.5 12 HENDERSON LAND D 46.40 -0.9 390 CHINA RAIL GR-H 4.33 -1.6 13 HUTCHISON WHAMPO 92.95 0.0 489 DONGFENG MOTOR-H 11.24 -0.2 16 SUN HUNG KAI PRO 101.7 -1.4 552 CHINA COMM SER-H 4.93 -1.4 17 NEW WORLD DEV 11.60 0.2 576 ZHEJIANG EXPRESS 6.93 -0.9 19 SWIRE PACIFIC-A 92.10 0.3 694 BEIJING CAP AI-H 5.10 -1.4 23 BANK EAST ASIA 31.95 1.8 728 CHINA TELECOM-H 4.00 -1.5 66 MTR CORP 30.40 0.8 预告的研报早知道+机构攻略753 AIR CHINA LTD-H 5.61 -0.5 + 超前预告的正式研报内容 83 SINO LAND CO 10.84 -1.5 857 PETROCHINA+ CO-H 8.67 -0.2 101 HANG LUNG PROPER 25.55 0.2 902 HUANENG POWER-H 8.00 4.2 144 CHINA MERCHANT 27.10 -0.6 914 ANHUI CONCH-H 26.950581 -1.8 267 CITIC PACIFIC 9.89 -0.3 939 CHINA CONST BA-H 6.04 -0.8 291 CHINA RES ENTERP 24.30 1.9 991 DATANG INTL PO-H 6683.58 0.6 293 CATHAY PAC AIR 14.36 0.72013年前8个月周均涨累计48.8%998 CHINA CITIC BK-H 4.21 -2.3 330 ESPRIT HLDGS 12.08 +0.2 1088 CHINA SHENHUA-H 25.15 -3.3 386 CHINA PETROLEU-H 6.06 -0.5 1133调研/会议纪要HARBIN ELECTRIC 4.96 -0.8 388 HONG KONG EXCHNG 127.8 1.0 + 1138 CHINA SHIPPING-H 4.45 -6.5 494 LI & FUNG LTD 11.58 -0.2 1171 YANZHOU COAL-H 7.58 -4.4 551RICH资讯-研究发现价值，RICH传递财富 YUE YUEN INDUS 22.00 -1.8 1186 CHINA RAIL CN-H 8.36 -1.0 688 CHINA OVERSEAS 23.65 -1.5 1398 IND & COMM BK-H 5.46 -0.4 700 TENCENT HOLDINGS 410.8 -0.5 1800 CHINA COM CONS-H 6.47 -0.8 762 CHINA UNICOM HON 12.62 -0.5 1898 CHINA COAL ENE-H 5.06 -3.1 857 PETROCHINA CO-H 8.67 -0.2 1919 CHINA COSCO HO-Hwww.181818.info 3.90 -3.9 883 CNOOC LTD 16.08 0.1 2318全国免费咨询电话：400PING AN INSURA-H 59.45 -0.5 提供：发布最快的最新股票研究报告939 CHINA 金股池：盘前彩信预告CONST BA-H 6.04 -0.8 2328 PICC PROPERTY & 11.08 -0.4 941 CHINA MOBILE 87.60 0.9 2600 ALUMINUM CORP-H 2.82 -4.1 1088 CHINA SHENHUA-H 25.15 -3.3 2628 CHINA LIFE INS-H 21.20 -0.2 1199 COSCO PAC LTD QQ：1078174455；微信号：RICH资讯，或：rich-400668058111.56 2.3 2727 SHANGHAI ELECT-H 2.81 -0.7 1398 IND & COMM BK-H 5.46 -0.4 2777 GUANGZHOU R&F -H 12.56 -1.1 2038 FIH MOBILE LTD 4.86 3.6 2866 CHINA SHIPPING-H 2.19 -4.8 2318 PING AN INSURA-H 59.45 -0.5 2883 CHINA OILFIELD-H 20.10 1.6 2388 【超】资讯：超级超前的特供资讯BOC HONG KONG HO 24.85 0.0 2899 ZIJIN MINING-H 1.82 -1.6 2600 ALUMINUM CORP-H 2.82 -4.1 3323 CHINA NATL BDG-H 7.85 -1.8 2628 CHINA LIFE INS-H 21.20 -0.2 3328 BANK OF COMMUN-H 5.82 -1.0 3328 BANK OF COMMUN-H 5.82 -1.0 3968 CHINA MERCH BK-H 14.50 -1.4

3988 BANK OF CHINA-H 3.53 -1.4 3988 BANK OF CHINA-H 3.53 -1.4 3993 CHINA MOLYBDENUM 3.09 -2.2

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Hong Kong Morning Daily

A+H Company Performance Last price

Name(H) Code (H) Price (H) Code (A) Price (A) Spread (%)

TIANJIN CAP-H 1065 2.86 600874 8.38 271.3 BEIREN PRINT-H 187 3.72 600860 10.80 267.9 SHENJI GROUP-H 300 1.94 600806 5.12 234.5 NORTHEAST ELEC-H 42 0.96 000585 2.53 234.0 CHONGQING IRON-H 1053 1.14 601005 2.90 222.4 SHANDONG XINHU-H 719 2.07 000756 4.67 185.9 NANJING PANDA-H 553 3.42 600775 7.53 179.0 SINOPEC YIZHEN-H 1033 2.01 600871 4.37 175.5 JINGWEI TEXTIL-H 350 5.52 000666 10.05 130.7 BEIJING NORTH-H 588 1.81 601588 3.11 117.8 HISENSE KELON -H 921 5.49 000921 8.99 107.5 GUANGZHOU SHIP-H 317 7.76 600685 12.16 98.6 SINOPEC SHANG-H 338 2.97 600688 4.38 86.9 YANZHOU COAL-H 1171 7.58 600188 10.91 82.4 DATANG INTL PO-H 991 3.58 601991 4.83 71.0 ALUMINUM CORP-H 2600 2.82 601600 3.78 69.9 GUANGZHOU BAIYUN 874 27.70 600332 32.33 47.9 CHINA SHIPPING-H 1138 4.45 600026 5.02 43.0 ZTE CORP-H 763 14.60 000063 16.06 39.4 SHENZHEN EXPRE-H 548 2.96 600548 3.24 38.7 ANHUI EXPRESS-H 995 4.29 600012 4.66 37.7 JIANGXI COPPER-H 358 16.00 600362 17.23 36.5 CHINA SOUTHERN-H 1055 3.04 600029 3.11 29.7 DONGFANG ELECT-H 1072 11.58 600875 11.76 28.7 HUADIAN POWER-H 1071 3.29 600027 3.27 26.0 CHINA CITIC BK-H 998 4.21 601998 4.08 22.8 MAANSHAN IRON-H 323 2.12 600808 1.86 11.2 CHINA MERCH BK-H 3968 14.50 600036 11.82 3.3 GUANGSHEN RAIL-H 525 4.08 601333 3.31 2.8 BANK OF COMMUN-H 3328 5.82 601328 4.68 1.9 BANK OF CHINA-H 3988 3.53 601988 2.83 1.6 AIR CHINA LTD-H 753 5.61 601111 4.44 0.3 LUOYANG GLASS-H 1108 1.48 600876 5.39 0.0 CHINA PETROLEU-H 386 6.06 600028 4.58 -4.2 IND & COMM BK-H 1398 5.46 601398 3.99 -7.4 TSINGTAO BREW-H 168 58.70 600600 41.63 -10.1 HUANENG POWER-H 902 8.00 600011 5.61 -11.1 CHINA LIFE INS-H 2628 21.20 601628 14.72 -12.0 JIANGSU EXPRES-H 177 8.52 600377 5.64 -16.1 WEICHAI POWER-H 2338 31.15 000338 20.21 -17.8 PING AN INSURA-H 2318 59.45 601318 37.60 -19.9 ANGANG STEEL-H 347 5.32 000898 3.29 -21.6 ANHUI CONCH-H 914 26.95 600585 16.21 -23.8

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Recently Published Research

Date Name of report Analyst published 12-Sep-13 CHINA MERCHANTS HOLDINGS (144.HK) Kate Li 12-Sep-13 EVERGRANDE REAL(3333.HK) Duan Feiqin 12-Sep-13 Qihoo 360 Technology (QIHU.N) Mike Chen 10-Sep-13 Anton Oilfield Services (03337.HK) Michael Yuk 10-Sep-13 2013 Field Visit to U.S.-Listed Chinese Companies Mike Chen 10-Sep-13 MINTH GROUP LTD (425 HK) 1999～2013Colleen Li 10-Sep-13 Beijing Enterprise Water (371.HK) Yin Lei 9-Sep-13 ZOOMLION HEAVY-H(1157.HK) Yiding Jiao 9-Sep-13 Report on the German elections Lynn Song, Cliff Zhao, David Xie 9-Sep-13 China Oil & Gas Group (00603.HK) Michael Yuk 6-Sep-13 BIOSTIME INTERNA(1112.HK) Ling Hua 6-Sep-13 Kingsoft (03888.HK) Jeff Hao 4-Sep-13 SUNAC CHINA HOLD (1918.HK) 预告的研报早知道+机构攻略Duan Feiqin 4-Sep-13 Economic Outlook 4Q2013 + David Xie, Cliff超前预告的正式研报内容 Zhao, Qing Li, Lynn Song 4-Sep-13 Overseas Economic Outlook 4Q2013 Cliff Zhao,+ Qin g Li, Lynn Song,David Xie 4-Sep-13 Wisdom Holdings Group (1661.HK) Jeff Hao 3-Sep-13 ZHONGSHENG GROUP (881 HK) Colleen Li 0581 3-Sep-13 PORTS DESIGN LTD(589 HK) Ivy Zhao 2-Sep-13 Monthly Review 2013年前8个月周均涨累计48.8%Cliff Zhao, George Chen 668 2-Sep-13 CHINA SHIPPING CONT-H (2866+ .HK ) Kate Li, Colleen Li 2-Sep-13 Forecast of August Economic Data 调研/会议纪要David Xie, Cliff Zhao, Qing Li 2-Sep-13 Sinopec (00386.HK) + Michael Yuk 30-Aug-13 COSCO PACIFIC (1199 .HK ) Kate Li, Colleen Li 29-AuRICH资讯-研究发现价值，RICH传递财富g-13 TINGYI HOLDING (322 HK) Hua Ling 29-Aug-13 XINJIANG GOLDWIND (2208.HK) Yin Lei 28-Aug-13 Comment on HSBC August Flash PMI David Xie, Cliff Zhao, Qing Li 28-Aug-13 DATANG INTL PO-H(991.HK) Vera Liang 28-Aug-13 EVERGRANDE REAL(3333.HK) Duan Feiqinwww.181818.info 27-Aug-13 Chu Kong Petroleum Michael Yuk 全国免费咨询电话：400 27-Au提供：发布最快的最新股票研究报告g-13 Wisdom金股池：盘前彩信预告 Holdings Group (1661.HK ) Jeff Hao 27-Aug-13 NetEase Inc. (NTES.O) Mike Chen 27-Au g-13 XTEP INTERNATIONAL(1368.HK) Ivy Zhao 26-Aug-13 PetroChina (00857.HK) Michael Yuk 26-Aug-13 CHINA TELECOM-H QQ：1078174455；微信号：RICH资讯，或：rich-4006680581(00728.HK) Jeff Hao 26-Au g-13 Wisdom Holdings Group (1661.HK) Jeff Hao 26-Aug-13 CHINA DONGXIANG(3818.HK) Ivy Zhao 23-Au g -13 【超】资讯：超级超前的特供资讯 TENCENT HOLDINGS (00700.HK) Jeff Hao 23-Aug-13 Commentary On Ongoing Emerging Market David Xie, Cliff Zhao, Qing Li 22-Aug-13 CNOOC (00883.HK) Michael Yuk 22-Au g -13 GEELY AUTOMOBILE (175.HK) Colleen Li 22-Aug -13 Special Report on International Capital Flows in China Cliff Zhao, Qing Li, Lynn Song 22-Aug-13 Trul y Internationtal ( 732 HK) Alex Ng

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QQ：1078174455；微信号：RICH资讯，或：rich-4006680581 0581； 668 【研究发现价值，RICH传递财富】全国免费咨询热线：400

+QQ/微信会员资讯服务 +QQ/微信会员资讯服务 +核心投资内参 +全行业发布最快的股票研究报告 +顶级金股池 RICH资讯提供：超级超前的【超】资讯

Hong Kong Morning Daily

RATING DEFINITION & DISCLAIMER

INDUSTRY DEFINITION OVERWEIGHT Expected to outperform the market index by > 10% over the next 12 months NEUTRAL Expected to outperform or underperform the market index by 10% or less over the next twelve months UNDERWEIGHT Expected to underperform the market index by >10% over the next 12 months

COMPANY DEFINITION BUY Expected to outperform the market index by >10% over the next twelve months NEUTRAL Expected to outperform or underperform the market index by 10% or less over the next twelve months SELL Expected to underperform the market index by >10% over the next twelve months

DISCLAIMER

This document is prepared by China Merchants Securities (HK) Co., Limited (“CMS HK”). CMS HK is a licensed corporation to carry on Type 1 (dealing in securities), Type 2 (dealing in futures), Type 4 (advising on securities), Type 6 (advising on corporate finance) and Type 9 (asset management) regulated activities under the Securities and Futures Ordinance (Chapter 571). This document is for information purpose only. Neither the information nor opinion expressed shall be construed, expressly or impliedly, as an advice, offer or solicitation of an offer, invitation, advertisement, inducement, recommendation or representation of any kind or form whatsoever to buy or sell any security, financial instrument or any investment or other specific product. The securities, instruments or strategies discussed in this document may not be suitable for all investors, and certain investors may not be eligible to participate in some or all of them. Certain services and products are subject to legal restrictions and cannot be offered worldwide on an unrestricted basis and/or may not be eligible for sale to all investors. The information and opinions, and associated estimates and forecasts, contained herein have been obtained from or are based on sources believed to be reliable. CMS HK, its holding or affiliated companies, or any of its or their directors, officers or employees (“CMS Group”) do not represent or warrant, expressly or impliedly, that it is accurate, correct or complete and it should not be relied upon. CMS Group will not accept any responsibility or liability whatsoever for any use of or reliance upon this document or any of the content thereof. The contents and information in this document are only current as of the date of their publication and will be subject to change without prior notice. Past performance is not indicative of future performance. Estimates of future performance are based on assumptions that may not be realized. The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. Opinions expressed herein may differ or be contrary to those expressed by other business divisions or other members of CMS Group as a result of using different assumptions and/or criteria. This document has been prepared without regard to the individual financial circumstances and investment objectives of the persons who receive it. Use of any information herein shall be at the sole discretion and risk of the user. Investors are advised to independently evaluate particular investments and strategies, take financial and/or tax advice as to the implications (including tax) of investing in any of the securities or products mentioned in this document, and make their own investment decisions without relying on this publication. CMS Group may have a long or short position, make markets, act as principal or agent, or engage in transactions in securities of companies referred to in this document and may also perform or seek to perform investment banking services or provide advisory or other services for those companies. This document is for the use of intended recipients only and this document may not be reproduced, distributed or published in whole or in part for any purpose without the prior consent of CMS Group. CMS Group will not be liable for any claims or lawsuits from any third parties arising from the use or distribution of this document. This document is for distribution only under such circumstances as may be permitted by applicable law. This document is not directed at you if CMS Group is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. In particular, this document is only made available to certain US persons to whom CMS Group is permitted to make available according to US securities laws, but cannot otherwise be made available, distributed or transmitted, whether directly or indirectly, into the US or to any US person. This document also cannot be distributed or transmitted, whether directly or indirectly, into Japan and Canada and not to the general public in the People’s Republic of China (for the purpose of this document, excluding Hong Kong, Macau and Taiwan).

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RICH资讯-发布最快的最新股票研究报告 RICH资讯-发布最快的最新股票研究报告本报告仅限被授权人内参本报告仅限被授权人内参【免费参观】研究报告提供 web 网页版：不用下载、安装、维护、升级、卸载，不绑电脑，方便尽在 RICH 资讯发布最快的股票研究报告 + 系列投资内参 + 基础/深度研究服务 + RICH 金股池 + 【超】资讯 + qq/微信/飞信实时流水式服务 RICH 官网：www.181818.info；QQ：1078174455；电话：400 668 0581；RICH 官方微信号：RICH 资讯，或：rich-4006680581 ———————————————————————————————————————————

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○ＨRICH 资讯主要模块主要内容表现形式发布时间

【全行业最快发布】 1、研究报告的更新速度快过所有同行；每周 7 天更多的 1、日均更新 600～800 篇研究报告 2、使用最方便：可以通过 web 方式；流水发布顶级信息 2、历史报告近 100 万篇 3、完美支持 iPad；全年不休 4、内含当天实时发布的个股 EPS、评级和目标价。机构内参：完全取材于当天研究报告、点评、资金数据等，每天 7：00-17：30 2013 机构攻略每交易日 16 份流水制作、流水传递，最适合～券商服务客户使用。+ 流水制作流水发送【早报告 + 晚汇报】 1999 1、早报：主要是超前传递各主要研究机构当天全天核心内参：即将要发布的主要研究报告的主要内容，早报：9：30 前传递财富预告的研报早知道+44% 每交易日 2 份 RICH 及当天重要/qq新闻点评；晚报：17：30 前投资内参 2、晚报：主要是/彩信盘点当天主要机构已发布的主要观 web 点汇总+当天部分个股 EPS 评级目标价一览 pdf +微信上半年周均涨近汇总一周来中金中信申万的主要宏观策略观rich-4006680581点 word 核心研究周-研究发现价值，刊：周末 1 份周日 +本周股票池精华+2013 excel 资讯预告邮件 RICH市场速递：简版浓缩至 1 页大盘多空/qq +财经标题新资讯，或：闻+财经行业新闻+公司新闻彩信群共享每天 9：00 前研报速递：简版浓缩至 1/页宏观+策略+行业RICH+个股等的最新研报的标题和精华微信更实用的 400 668 0581 基础股票池每日个股盈利预测表汇总当天主要个股研报的 EPS、投资评级和目标价彩信午间/下班时特色服务；微信号：金股池：微信飞信群信息 QQ 群/微信群流水传递当天主要机构的最新研报或内容流水上传更新 qq 提供：发布速度最快的最新股票研究报告 RICH 研报早知道预告当天主要机构当天即将流水发布的报告列表彩信研报107 817 4455 全国免费咨询电话：：机构攻略预告当天主要机构www的主要.181818宏观策略.行业info报告要点 QQ 大盘前瞻当天早间大盘多空 PK 擂台财讯点评简要点评当天早间最新的重要新闻 7：00-9：30 财讯通股市精灵四大报速递中证报、上证报、证券时报和证券日报上的要闻今日财讯摘要当天主要财经媒体上最新财经要闻的主要内容笑看风云笑看股市风云，让投资成为一种乐趣

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