17 August 2016

China Market Strategy Hao Hong ，CFA [email protected]

Shenzhen-Hong Kong Connect: A New Era for China’s Capital Anna Zhou Market and Capital Account [email protected] Karen Tan [email protected]

Shenzhen-Hong Kong Stock Connect to be launched within 4 months. It is officially confirmed that Shenzhen-Hong Kong Stock Connect will be launched within 4 months. The joint announcement issued by SFC and CSRC abolished the aggregate quota, but set a daily quota same as that currently under SH-HK Connect. Meanwhile, the announcement clarified the scope of eligible shares under SH-HK Connect and Shenzhen-Hong Kong Connect, and included exchange-traded funds (ETF) as eligible securities under the mutual market access scheme. The abolition of aggregate quota shows the further opening of China’s capital account and the country’s confidence to integrate into the global market.

Mutual stock market access benefits related sectors, such as brokerage. SH-HK Stock Connect was announced on April 10, 2014 by Premier Keqiang Li at the Boao Forum, and was officially launched within 6 months. On the same day, a joint announcement of CSRC and SFC was issued to introduce eligible shares, quotas and other details. We expect that the time spent preparing the Shenzhen-Hong Kong Stock Connect will be shorter, helped by the experience of SH-HK Stock Connect and the two-year smooth operation of trading and settlement system, while the preparation steps for the final launch will be similar. We tested the effect of SH-HK Connect news on the market by studying the relative return of the brokerage sector, which is most closely related to the mutual market access. As Figure 1 shows, 100 days before the official announcement, the Hong Kong brokerage sector outperformed HSI. The 30 days after the announcement was a profit-taking period, when the brokerage sector underperformed. As the official launch approached and more news and announcements regarding the SH-HK Connect were distributed, the brokerage sector outperformed significantly. Eventually, as the launch of SH-HK Connect was delayed, the brokerage sector oscillated substantially. Therefore, the news of mutual stock market access would indeed influence the performance of related sectors for at least some time. Overall, it is a good catalyst for those sectors.

Details are within expectations. While profit taking can happen, the downside risk is less than the time when Shanghai- Hong Kong Connect was announced. Note that in 2014, the brokerage sector significantly outperformed the HSI during the 3 months before the SH-HK Connect was announced. Consequently, the pressure of profit taking was very large. One month before April 10, 2014, SHCOMP and HSI were still rising, pricing in the effect of stock connect. The SHCOMP rose 5%, while the HSI rose 4.7%. But in the 5, 10, 20 days after the announcement, the SHCOMP fell -1.5% - 1.7% - 5.1%, while the HSI fell -2.2% - 1.8% - 4.5%, respectively. However, this time, as shown in Figure 2, the brokerage sector started to outperform only 20 days before the announcement. This shows that expectations of Shenzhen-Hong Kong connect program have indeed been reflected in the price, but the pressure of profit taking is not as large as last time.

The boost of Shenzhen-Hong Kong Connect program to A share market is limited. For most of the stocks included in the stock pool of the connect scheme, the majority of their turnover still come from outside this program. The volume of northbound trades is too small to push up share prices in Shanghai. Average daily quota usage of northbound trading is 583 million yuan, cumulatively accounting for nearly half of the annual aggregate quota. 758 million yuan of southbound daily quota is used on average, leaving only 20% of annual quota. From the fund flow perspective, net inflow dominates in the southbound trading as aggregate quota usage is steadily going up. The northbound transactions are more balanced as we have seen two-way fund flows after June 2015 (Chart III, IV). With annual aggregate quota being cancelled, the two connect schemes are more attractive to overseas institutional investors, especially for those with large AUM. But for this initial period, single-day limit is still valid. Moreover, the introduction of foreign institutional investors in the long run will lead to normalization of the A-share market’s valuation. The main concern for A share’s performance is its high valuation, but not a lack of liquidity at this point. Thus, the connect program will not fundamentally change the A share market immediately.

Download our reports from Bloomberg: BOCM 〈enter 〉

China Market Strategy 17 August 2016

Focus chart 1 ：The news of Shanghai-Hong Kong Connect indeed influence the performance of related sectors, but there are profit-taking risk in the short period.

155 10/11 Connect HSI Index SHHK Indicator Program annouced 140 04/10 Connect Program to be delayed annouced to be launched 125 in 6 months

110

95 11/10 Connect 09/04 Agreement Program annouced 80 04/29 HKEX announced is made between to be launch in 7 stock pool of connect HK Clearing and program Days 65 China clearing

50 -99 -88 -77 -66 -55 -44 -33 -22 -11 0 11 22 33 44 55 66 77 88 99 110 121 132 143 154 165 176 187 198 209 220

Source: Wind, Bloomberg, Bank of Communications (Int’l) 0 is the official confirming date of SH-HK Connect, and 220 is the official launching date of SH-HK Connect

Focus chart 2 ： Different from that before the announcement of Shanghai – Hong Kong Connect, the Brokerage sector outperformed HSI index in last 20 days.

103 HSI Index Indicator 101

99

97 95 93

91

89 SZHK connect announced to 87 be launched in 4 months

85 -99 -88 -77 -66 -55 -44 -33 -22 -11 0

Source: Wind, Bloomberg, Bank of Communications (Int’l)

Download our reports from Bloomberg: BOCM 〈enter 〉 2

China Market Strategy 17 August 2016

Focus chart 3 ：Northbound aggregated usage and SHCOMP 。

5500 1800

4500 1400

3500 1000

2500 600

1500 200 SHCOMP (LHS) North bound aggregated usage (00 mn) 500 -200 11/2014 01/2015 03/2015 05/2015 07/2015 09/2015 11/2015 01/2016 03/2016 05/2016 07/2016

Source: Wind,Bloomberg, Bank of Communications (Int’l)

Focus chart 4: Southbound aggregated usage and HIS.

30000 2500

25000 2000

20000 1500

15000

1000 10000

HSI (LHS) 500 5000 Sounth bound aggregated usage (00 mn)

0 0 11/2014 01/2015 03/2015 05/2015 07/2015 09/2015 11/2015 01/2016 03/2016 05/2016 07/2016

Source: Wind, Bloomberg, Bank of Communications (Int’l)

Download our reports from Bloomberg: BOCM 〈enter 〉 3

China Market Strategy 17 August 2016

Focus chart 5 ： AH premium performance

230 Hang Seng AH premium index 200

170

140

110

80 01/2006 01/2007 01/2008 01/2009 01/2010 01/2011 01/2012 01/2013 01/2014 01/2015 01/2016

Source: Wind, Bloomberg, Bank of Communications (Int’l)

Download our reports from Bloomberg: BOCM 〈enter 〉 4

China Market Strategy 17 August 2016

Focus chart 6 (1) ： Shenzhen Hong Kong northbound stock pool target

Mkt Cap (Mil Dividend Sales Bloomberg Ticker short_name Industry Grp TTM PE TTM PB ROE EPS Grth 1Y W TD % MTD % YTD % RMB) Yield Grth_1Y 1 000002 CH Equity CHINA VANKE CO-A Real Estate 291,645.8 16.7 3.0 19.3 2.6 33.6 14.7 21.0 60.9 12.9 2 000333 CH Equity MIDEA GROUP CO-A Consumer Durables & Apparel 181,470.8 13.6 3.4 27.4 2.8 (2.2) 20.1 4.8 0.5 29.6 3 300498 CH Equity GUANGDONG WENS-A Food Beverage & Tobacco 165,572.3 NA 6.5 NA 1.1 24.6 118.8 2.1 1.2 (0.1) 4 000001 CH Equity PING AN BANK-A Banks 163,462.3 7.2 1.0 14.0 1.3 16.0 8.2 0.2 3.5 (4.7) 5 002415 CH Equity HANGZHOU HIKVI-A Technology Hardware & Equipmen 158,010.8 24.9 8.2 36.2 1.8 46.8 24.8 1.2 0.2 12.9 6 002594 CH Equity BYD CO LTD -A Automobiles & Components 149,004.4 42.6 5.1 13.0 NA 40.2 522.2 1.1 1.0 (7.0) 7 002736 CH Equity GUOSEN SECURIT-A Diversified Financials 148,420.0 10.6 3.3 36.0 3.3 161.3 142.9 6.2 13.1 (8.4) 8 002027 CH Equity FOCUS MEDIA IN-A Technology Hardware & Equipmen 139,614.6 8.1 26.6 138.8 0.8 15.1 (5.5) 2.5 2.6 (24.9) 9 000858 CH Equity WULIANGYE YIBI-A Food Beverage & Tobacco 137,414.0 20.0 3.0 15.7 2.2 2.0 5.9 1.5 0.1 32.7 10 000776 CH Equity GF SECURITIES-A Diversified Financials 134,114.8 10.4 1.8 20.9 4.4 162.5 117.6 4.9 11.6 (6.7) 11 000166 CH Equity SHENWAN HONGYU-A Diversified Financials 132,574.2 10.9 2.6 29.7 1.7 139.3 105.0 4.1 7.0 (16.7) 12 001979 CH Equity CHINA MERCHANT-A Real Estate 132,393.6 19.0 2.7 NA 1.6 NA NA 3.3 9.3 (19.7) 13 002304 CH Equity JIANGSU YANGHE-A Food Beverage & Tobacco 108,503.1 19.4 4.3 23.6 2.5 9.3 18.9 (0.8) 0.7 5.0 14 000651 CH Equity GREE ELECTRIC-A Consumer Durables & Apparel 106,598.8 NA NA 26.5 7.8 (28.0) (11.7) NA NA NA 15 002024 CH Equity SUNING COMMERC-A Retailing 105,110.3 91.7 2.8 3.1 0.5 24.3 0.0 (0.1) 6.9 (16.1) 16 002252 CH Equity SHANGHAI RAAS -A Pharmaceuticals, Biotechnology 104,529.2 76.1 9.5 13.8 0.1 52.8 145.0 (0.2) 0.5 (4.7) 17 300104 CH Equity LESHI INTERNET-A Software & Services 94,645.0 148.5 21.7 16.1 0.1 91.1 55.0 4.4 1.3 (18.8) 18 000725 CH Equity BOE TECHNOLOGY-A Technology Hardware & Equipmen 84,278.2 112.7 1.1 1.0 0.4 31.7 (47.1) 1.7 3.9 (18.5) 19 002739 CH Equity WANDA CINEMA L-A Media 83,609.8 67.2 9.2 19.6 0.3 50.6 33.6 2.4 (0.2) (40.7) 20 000895 CH Equity HENAN SHUAN-A Food Beverage & Tobacco 82,191.6 18.6 4.6 25.7 5.0 (2.2) 5.3 2.9 1.4 22.0 21 300059 CH Equity EAST MONEY INF-A Software & Services 75,222.9 58.9 6.1 15.0 0.3 389.7 1,013.6 8.4 8.1 (26.9) 22 002673 CH Equity WESTERN SECURI-A Diversified Financials 74,194.4 71.9 6.2 8.9 0.8 206.7 161.8 6.2 8.8 (19.4) 23 000538 CH Equity YUNNAN BAIYAO-A Pharmaceuticals, Biotechnology 72,096.1 25.5 5.1 21.9 0.9 10.2 10.4 0.0 0.0 (4.7) 24 000625 CH Equity CHONGQING CHAN-A Automobiles & Components 71,020.9 7.5 2.0 31.1 3.9 25.5 31.8 1.9 (0.4) (4.1) 25 000938 CH Equity TSINGHUA UNISP-A Technology Hardware & Equipmen 69,021.3 85.1 6.9 7.2 0.0 19.8 21.0 3.0 (0.6) (32.7) 26 002142 CH Equity BANK OF NINGBO-A Banks 63,254.7 9.1 1.3 16.4 2.8 18.9 6.7 (5.1) 5.2 4.6 27 000783 CH Equity CHANGJIANG SEC-A Diversified Financials 63,091.2 25.1 3.4 13.5 3.1 150.1 105.6 5.1 10.3 (8.1) 28 000768 CH Equity AVIC AIRCRAFT-A Capital Goods 63,069.7 116.6 4.2 4.0 0.4 13.8 11.7 3.9 7.4 (8.0) 29 000069 CH Equity SHENZEN OVERSE-A Consumer Services 59,901.5 11.4 1.6 14.1 1.0 7.4 (3.0) 0.6 7.8 (17.0) 30 002010 CH Equity TRANSFAR-A Materials 59,780.9 26.1 5.5 9.2 0.5 (10.6) (60.2) 0.7 0.5 (22.1) 31 300070 CH Equity BEIJING ORIGIN-A Commercial & Professional Serv 59,438.3 38.8 4.2 14.6 0.2 51.4 37.5 3.7 6.3 (9.4) 32 000063 CH Equity ZTE CORP-A Technology Hardware & Equipmen 59,330.8 17.0 2.1 11.8 1.6 23.0 21.6 1.8 4.1 (18.6) 33 002450 CH Equity KANGDE XIN COM-A Materials 56,989.6 32.2 5.9 20.6 0.3 43.1 38.6 1.1 (1.4) (7.2) 34 300017 CH Equity WANGSU SCIENCE-A Software & Services 56,838.8 47.7 8.7 25.9 0.3 55.6 69.5 (1.6) (3.7) 19.4 35 000046 CH Equity OCEANWIDE HOLD-A Real Estate 56,586.6 25.7 3.5 15.0 1.4 74.1 29.7 5.5 9.7 (13.2) 36 000413 CH Equity DONGXU OPTOE -A Technology Hardware & Equipmen 56,300.0 32.6 4.0 13.9 0.5 193.2 140.1 6.9 27.1 68.4 37 300433 CH Equity LENS TECHNOLOG-A Technology Hardware & Equipmen 54,103.7 31.7 4.8 17.3 1.3 18.8 21.1 1.3 3.6 (10.8) 38 000415 CH Equity BOHAI FINANCI-A Diversified Financials 48,857.7 23.7 1.8 6.8 NA 41.0 34.5 1.5 15.8 (12.4) 39 002624 CH Equity PERFECT WORLD -A Media 48,614.3 55.8 20.0 36.3 0.1 22.4 (10.6) 0.0 0.0 75.8 40 002236 CH Equity ZHEJIANG DAHUA-A Technology Hardware & Equipmen 46,164.0 33.8 17.5 24.9 0.5 37.5 18.8 3.6 7.0 7.9 41 000568 CH Equity LUZHOU LAOJIAO-A Food Beverage & Tobacco 44,339.2 29.0 4.1 14.5 2.5 27.4 66.7 1.5 (2.7) 16.6 42 000503 CH Equity SEARAINBOW HLD-A Health Care Equipment & Servic 43,889.5 2,872.4 32.6 1.2 NA 1.9 (7.6) 2.9 9.6 45.8 43 002202 CH Equity XINJIANG GOLD-A Capital Goods 43,732.0 15.7 2.7 18.6 2.8 69.8 54.4 8.3 10.4 (24.6) 44 300072 CH Equity BEIJING SANJU -A Materials 43,326.9 34.4 7.9 31.6 0.4 88.7 90.7 6.3 6.0 59.2 45 002500 CH Equity SHANXI SECURIT-A Diversified Financials 43,307.8 38.3 3.5 10.0 1.3 127.3 147.8 4.1 8.0 0.5 46 002280 CH Equity HANGZHOU LIAI-A Software & Services 42,911.6 NA NA 10.6 0.3 110.0 (7.8) NA NA NA 47 000839 CH Equity CITIC GUOAN-A Media 41,942.1 114.5 6.4 5.5 0.4 5.3 104.6 0.8 12.4 31.4 48 000100 CH Equity TCL CORP-A Consumer Durables & Apparel 41,770.8 19.7 1.7 8.6 2.3 3.6 (38.5) 0.0 (2.3) (19.7) 49 002555 CH Equity WUHU SHUNRONG-A Automobiles & Components 41,508.3 58.6 11.0 19.2 0.3 681.7 526.4 9.7 9.7 (18.5) 50 000728 CH Equity GUOYUAN SECURI-A Diversified Financials 40,853.3 17.9 2.1 12.1 1.2 87.4 102.9 5.1 15.0 (7.9) 51 002241 CH Equity GOERTEK INC -A Technology Hardware & Equipmen 40,852.2 34.6 4.2 12.9 0.4 7.6 (24.8) 1.4 4.9 (22.7) 52 002230 CH Equity IFLYTEK CO LTD-A Software & Services 39,744.7 91.5 6.3 8.6 0.3 41.6 52.9 6.7 5.9 (17.1) 53 002466 CH Equity TIANQI LITHIUM-A Materials 39,701.2 78.8 11.5 16.0 0.2 30.9 77.8 3.8 2.4 7.8 54 002292 CH Equity ALPHA GROUP-A Consumer Durables & Apparel 38,888.6 77.3 8.7 13.8 0.1 6.4 14.7 3.2 3.7 (42.5) 55 300033 CH Equity HITHINK ROYALF-A Software & Services 38,814.7 37.6 20.7 66.0 1.0 440.0 1,518.2 6.2 6.1 1.6 56 300024 CH Equity SIASUN ROBOT-A Capital Goods 38,693.9 91.5 7.3 10.9 0.2 10.4 20.0 3.9 2.9 (20.4) 57 000423 CH Equity DONG E-E-JIAO-A Pharmaceuticals, Biotechnology 38,541.5 22.9 5.3 24.0 1.4 36.0 19.0 (0.1) 2.5 12.7 58 000627 CH Equity HUBEI BIOCAUSE-A Materials 38,460.5 20.6 3.0 15.1 0.1 (33.0) 190.3 3.2 1.7 (16.1) 59 000792 CH Equity QINGHAI SALT-A Materials 37,928.0 48.6 1.6 3.4 0.2 3.7 (57.1) 3.1 2.2 (20.5) 60 000402 CH Equity FINANCIAL ST-A Real Estate 36,853.5 16.5 1.4 8.7 3.2 (30.3) (22.7) 5.0 18.6 6.9 61 002075 CH Equity JIANGSU SHAGAN-A Materials 36,764.8 723.1 15.5 2.0 NA (28.6) NA 5.8 9.7 (29.3) 62 002146 CH Equity RISESUN REAL -A Real Estate 36,220.2 11.7 1.7 15.3 3.0 1.0 (27.6) 2.6 19.3 (12.6) 63 000338 CH Equity WEICHAI POWER-A Capital Goods 36,146.6 26.4 1.2 4.3 2.2 (7.4) (72.0) 2.7 4.7 (5.1) 64 300027 CH Equity HUAYI BROTHERS-A Media 35,949.4 34.5 3.7 12.7 0.4 62.1 4.1 2.6 1.3 (37.8) 65 000876 CH Equity NEW HOPE LIUHE-A Food Beverage & Tobacco 35,763.5 15.2 1.8 12.4 3.2 (12.1) (2.8) 2.3 2.1 (9.6) 66 002475 CH Equity LUXSHARE PRECI-A Capital Goods 35,644.7 31.3 6.1 20.5 0.3 39.0 80.1 3.8 1.8 (11.3) 67 002007 CH Equity HUALAN BIOLOGI-A Pharmaceuticals, Biotechnology 35,482.8 56.1 9.2 17.1 0.7 18.5 9.4 (0.1) (0.7) 38.7 68 002456 CH Equity SHENZHEN O-FIL-A Technology Hardware & Equipmen 35,473.7 67.4 5.8 8.7 0.2 (5.4) (38.7) 1.9 9.7 11.0 69 000559 CH Equity WANXIANG QIAN-A Automobiles & Components 35,355.2 44.0 8.0 18.7 1.6 4.2 10.3 1.9 4.6 (31.9) 70 300144 CH Equity SONGCHENG PERF-A Consumer Services 35,269.5 53.7 6.3 13.9 0.3 82.7 66.7 2.8 6.1 (14.2) 71 300015 CH Equity AIER EYE HSPTL-A Health Care Equipment & Servic 34,979.3 78.9 13.5 19.8 0.8 31.8 38.1 (4.9) (4.4) 10.0 72 002310 CH Equity BEIJING ORIENT-A Commercial & Professional Serv 34,901.4 47.6 5.4 12.1 0.2 14.9 (6.3) 5.6 18.3 30.8 73 002424 CH Equity GUIZHOU BAILIN-A Pharmaceuticals, Biotechnology 34,659.1 79.9 12.5 16.6 0.3 20.7 31.8 8.0 27.7 (4.3) 74 000709 CH Equity HESTEEL CO LTD-A Materials 34,404.3 69.0 0.8 1.2 0.9 (25.6) (24.2) 2.9 13.3 (2.7) 75 002773 CH Equity CHENGDU KANGHO-A Pharmaceuticals, Biotechnology 34,366.8 NA 13.1 NA 0.3 24.0 29.4 2.3 1.7 (7.1) 76 300251 CH Equity BEIJING ENLIGH-A Media 34,147.2 53.7 4.9 9.6 0.4 25.8 10.3 5.9 5.6 (23.1) 77 000987 CH Equity GUANGZHOU YUEX-A Retailing 33,957.9 37.9 2.8 4.8 0.9 (16.7) (12.3) 4.4 8.1 (12.5) 78 002493 CH Equity RONGSHENG PETR-A Materials 33,937.0 36.1 3.0 10.1 0.2 (10.5) NA 3.8 11.8 (13.9) 79 000540 CH Equity ZHONGTIAN URBA-A Real Estate 33,651.3 10.9 2.6 28.7 2.8 33.5 30.0 3.3 11.1 (21.3) 80 002385 CH Equity BEIJING DABEIN-A Food Beverage & Tobacco 33,584.5 42.7 3.8 10.1 0.7 (12.7) (12.5) 3.0 3.5 0.6 81 000963 CH Equity HUADONG MEDICI-A Health Care Equipment & Servic 33,474.8 25.9 4.9 25.0 1.8 14.6 45.4 0.8 (2.5) (16.0) 82 000983 CH Equity SHANXI XISHAN-A Energy 33,339.7 700.3 2.0 0.3 0.0 (25.4) (48.3) 4.8 16.5 74.0 83 002074 CH Equity GUOXUAN HIGH-TEC Capital Goods 33,336.4 32.6 9.9 46.1 0.4 170.7 (19.1) 4.3 3.4 2.5 84 002065 CH Equity DHC SOFTWARE-A Software & Services 33,093.4 28.2 3.9 15.4 0.7 8.6 5.7 4.4 5.9 (16.0) 85 300003 CH Equity LEPU MEDICAL-A Health Care Equipment & Servic 33,093.0 54.1 7.0 14.8 0.4 66.2 23.1 2.7 2.7 (1.7) 86 002411 CH Equity JIANGSU BICON -A Materials 32,683.6 24.8 4.9 18.7 0.3 11.9 17.4 2.2 (6.3) 6.4 87 002180 CH Equity APEX TECHNOLO -A Capital Goods 32,649.3 89.2 17.0 17.8 NA 22.0 (62.4) 2.4 6.9 24.3 88 000039 CH Equity CHINA INTL MAR-A Capital Goods 32,497.5 21.8 1.6 7.6 1.5 (16.4) (22.6) 4.3 7.6 (29.5) 89 000883 CH Equity HUBEI ENERGY -A Utilities 32,342.0 18.9 1.5 8.0 3.7 (2.7) 38.1 4.9 6.0 (19.1) 90 002299 CH Equity FUJIAN SUNNER-A Food Beverage & Tobacco 32,216.1 152.7 5.9 3.9 NA 7.8 NA (0.3) (1.6) 31.9 91 002131 CH Equity LEO GROUP CO -A Consumer Durables & Apparel 32,172.7 94.9 5.4 7.2 0.1 52.5 18.7 3.3 5.6 7.2 92 002563 CH Equity ZHEJIANG SEMIR-A Consumer Durables & Apparel 31,957.2 22.9 3.4 15.4 2.1 16.2 22.7 3.0 3.5 (4.4) 93 000898 CH Equity ANGANG STEEL-A Materials 31,933.2 NA 0.8 (11.5) NA (28.8) NA 4.8 12.2 (3.6) 94 300182 CH Equity BEIJING JETSEN-A Software & Services 31,746.6 27.8 3.4 15.0 0.5 78.5 74.9 4.0 7.2 (22.6) 95 000686 CH Equity NORTHEAST SECU-A Diversified Financials 31,455.7 10.6 2.3 23.6 1.5 134.0 148.1 6.5 11.1 (18.7) 96 002426 CH Equity SUZHOU VICTORY-A Technology Hardware & Equipmen 31,386.1 71.9 6.0 10.0 0.2 79.9 58.9 5.1 4.7 3.8 97 300418 CH Equity BEIJING KUNLUN-A Software & Services 31,323.6 75.1 11.6 22.0 0.4 (7.6) (6.3) 3.7 3.4 (32.1) 98 000750 CH Equity SEALAND SECURI-A Diversified Financials 31,279.3 24.8 2.3 11.8 0.9 118.6 136.7 4.7 8.0 (13.4) 99 000738 CH Equity AVIC AERO-ENGI-A Capital Goods 31,276.0 151.9 6.5 4.4 0.1 0.8 6.1 2.7 3.4 (13.7) 100 002294 CH Equity SHENZHEN SALUB-A Pharmaceuticals, Biotechnology 30,857.5 23.7 6.2 29.0 2.0 20.7 21.8 2.1 2.9 (2.1) 101 002517 CH Equity KINGNET NETWOR-A Consumer Durables & Apparel 30,787.6 30.8 30.2 110.4 NA 220.4 568.7 0.5 6.9 (24.9) 102 300124 CH Equity SHENZHEN INOVA-A Capital Goods 30,781.5 35.0 7.5 22.6 1.3 23.4 21.2 4.6 6.9 (18.7) 103 000555 CH Equity DIGITAL CHINA -A Software & Services 30,774.2 90.7 9.4 10.9 0.1 2.4 17.9 (0.6) 5.1 (20.4) 104 000157 CH Equity ZOOMLION HEAVY-A Capital Goods 30,579.0 NA 0.9 (0.5) 3.4 (19.7) (87.5) 2.8 4.3 (18.5) 105 000961 CH Equity JIANGSU ZHONG-A Capital Goods 30,309.0 65.9 2.2 3.2 0.2 (7.1) (63.4) 0.4 3.4 32.1 106 002085 CH Equity WANFENG AUTO -A Automobiles & Components 30,215.4 29.4 6.5 29.6 0.2 3.6 47.6 (0.5) 6.4 3.0 107 300267 CH Equity HUNAN ER-KANG -A Pharmaceuticals, Biotechnology 30,069.3 40.3 6.9 22.7 0.3 28.1 109.5 1.8 4.5 (13.0) 108 000718 CH Equity SUNING UNIVERS-A Real Estate 29,618.1 29.1 3.2 12.9 1.0 34.2 18.2 5.3 5.6 (26.0) 109 002081 CH Equity SUZHOU GOLD -A Capital Goods 29,578.6 18.2 3.3 19.5 1.2 (9.8) (15.0) 8.6 13.4 (10.1) Source: Wind,Bloomberg, Bank of Communications (Int’l)

Download our reports from Bloomberg: BOCM 〈enter 〉 5

China Market Strategy 17 August 2016

Focus chart 6 (2) ： Shenzhen Hong Kong northbound stock pool target

Mkt Cap (Mil Dividend Sales Bloomberg Ticker short_name Industry Grp TTM PE TTM PB ROE EPS Grth 1Y W TD % MTD % YTD % RMB) Yield Grth_1Y 110 000887 CH Equity ANHUI ZHONGDI-A Automobiles & Components 29,249.9 35.1 6.9 22.1 0.3 30.0 23.1 1.6 (0.5) 2.0 111 300408 CH Equity CHAOZHOU THREE-A Technology Hardware & Equipmen 29,179.8 31.1 6.4 22.5 1.0 13.1 21.4 0.4 2.0 (9.4) 112 002508 CH Equity HANGZHOU ROBAM-A Consumer Durables & Apparel 29,063.6 29.6 8.7 31.4 1.0 26.7 44.2 0.7 (2.4) 32.8 113 300315 CH Equity OURPALM CO LT-A Software & Services 28,789.4 44.1 3.6 10.1 0.2 46.2 33.7 2.7 0.4 (25.8) 114 300383 CH Equity BEIJING SINNET-A Software & Services 28,196.6 117.3 4.8 6.1 0.1 38.0 19.3 3.0 3.9 (30.0) 115 000156 CH Equity WASU MEDIA HOL-A Media 28,079.4 51.4 3.0 9.4 0.2 19.1 21.2 1.4 4.8 (40.3) 116 002714 CH Equity MUYUAN FOODSTU-A Food Beverage & Tobacco 27,921.5 16.8 6.1 49.3 0.7 15.3 645.5 3.1 0.1 14.8 117 000027 CH Equity SHENZHEN ENERG-A Utilities 27,553.2 16.9 1.3 8.3 2.9 (11.2) (12.3) 2.2 5.8 (29.2) 118 002572 CH Equity SUOFEIYA HOME-A Consumer Durables & Apparel 27,245.7 49.4 11.3 24.6 0.8 35.2 40.5 (0.7) 4.1 36.9 119 002153 CH Equity BEIJING SHIJI-A Software & Services 27,181.8 69.2 5.9 11.1 0.2 (9.1) (8.6) 3.5 4.3 (49.4) 120 000826 CH Equity TUS-SOUND ENVI-A Commercial & Professional Serv 27,081.2 27.1 4.1 16.3 0.5 44.8 15.3 0.9 3.9 (20.0) 121 300122 CH Equity CHONGQING ZHIF-A Pharmaceuticals, Biotechnology 27,024.0 265.0 10.8 4.1 0.3 (10.8) 31.6 2.4 (0.6) (7.1) 122 002143 CH Equity DMG ENTERTAINM-A Media 26,967.8 44.8 15.9 42.9 0.3 (23.5) 8.3 2.1 5.5 (39.9) 123 000050 CH Equity TIANMA-A Technology Hardware & Equipmen 26,873.1 43.0 2.0 4.8 0.3 13.0 (31.1) 2.5 (0.6) (9.6) 124 002470 CH Equity KINGENTA ECOLO-A Materials 26,719.6 19.4 3.2 15.1 0.6 30.9 15.4 2.8 (1.0) (16.3) 125 002465 CH Equity GUANGZHOU HAIG-A Technology Hardware & Equipmen 26,693.2 NA NA 10.2 1.2 28.8 27.3 NA NA NA 126 002183 CH Equity ETERNAL ASIA -A Commercial & Professional Serv 26,657.7 46.4 5.1 12.8 1.0 80.4 50.0 2.7 2.3 (44.9) 127 002249 CH Equity ZHONGSHAN BROA-A Capital Goods 26,421.6 57.4 3.2 6.7 0.9 10.5 2.6 9.1 10.7 (15.8) 128 300133 CH Equity ZHEJIANG HUACE-A Media 26,374.0 49.0 4.3 10.5 0.2 38.7 16.1 2.6 5.6 (18.9) 129 000539 CH Equity GUANGDONG ELEC-A Utilities 26,367.2 10.8 1.2 11.3 4.3 (11.6) 7.8 0.4 4.5 (26.8) 130 002013 CH Equity AVIC ELECTROME-A Capital Goods 26,238.8 39.0 3.7 10.3 0.2 (3.2) 30.0 1.1 4.9 8.3 131 000732 CH Equity THAIHOT GROUP -A Real Estate 26,233.0 17.1 1.9 15.0 0.5 77.3 60.1 7.1 7.6 (14.0) 132 002179 CH Equity AVIC JONHON OP-A Technology Hardware & Equipmen 26,203.4 40.3 7.3 20.0 0.2 35.3 67.4 2.0 2.6 14.6 133 000999 CH Equity CHINA RESOURCE-A Pharmaceuticals, Biotechnology 25,950.6 20.5 3.2 16.3 0.6 8.5 20.8 4.6 (1.2) (2.9) 134 002405 CH Equity NAVINFO CO LTD-A Consumer Durables & Apparel 25,932.4 187.1 10.0 5.2 0.2 42.7 11.8 3.9 0.5 (6.0) 135 002174 CH Equity YOUZU INTERACT-A Software & Services 25,761.9 48.2 11.5 32.1 0.2 84.2 11.4 3.3 3.4 0.2 136 002460 CH Equity JIANGXI GANFEN-A Materials 25,682.0 123.2 12.9 12.2 0.2 55.6 41.7 5.1 1.2 8.4 137 000630 CH Equity TONGLING NONFE-A Materials 25,526.9 NA 1.9 (5.6) 0.9 (2.2) NA 2.3 3.9 (25.4) 138 002152 CH Equity GRG BANKING -A Technology Hardware & Equipmen 25,519.5 24.0 3.2 14.9 0.8 26.2 11.1 2.9 4.0 (23.7) 139 000671 CH Equity SUNSHINE CITY -A Real Estate 25,503.6 16.2 2.1 14.5 0.8 60.7 (9.8) 2.3 5.9 (30.2) 140 300113 CH Equity HANGZHOU SHUNF-A Software & Services 25,336.2 71.8 12.4 22.1 0.3 58.4 81.5 5.6 9.1 (17.0) 141 002008 CH Equity HAN'S LASER -A Capital Goods 25,301.2 31.8 5.2 17.3 0.8 0.4 6.0 2.0 4.2 (8.3) 142 000917 CH Equity HUNAN TV & BRO-A Media 25,218.3 65.1 2.4 3.8 0.2 9.4 17.4 2.7 1.7 (33.0) 143 000060 CH Equity SHENZHEN ZHONG-A Materials 25,069.1 221.5 3.4 1.2 0.1 (31.3) (60.9) 3.9 7.2 (19.2) 144 002032 CH Equity ZHEJIANG SUPOR-A Consumer Durables & Apparel 25,055.8 26.8 5.4 21.4 1.4 14.4 30.1 1.4 (5.1) 42.6 145 002001 CH Equity ZHEJIANG NHU-A Pharmaceuticals, Biotechnology 25,034.2 34.4 3.4 10.3 0.9 (8.3) (50.0) (2.0) 0.6 31.8 146 002223 CH Equity JIANGSU YUYUE-A Health Care Equipment & Servic 24,968.4 51.2 5.3 13.2 1.1 24.9 21.8 3.8 11.5 (2.8) 147 000977 CH Equity INSPUR ELECTRO-A Technology Hardware & Equipmen 24,842.2 48.1 6.3 15.7 0.2 38.6 30.9 4.9 2.7 (21.6) 148 000998 CH Equity YUAN LONGPING-A Food Beverage & Tobacco 24,759.6 41.1 4.4 13.1 1.0 11.6 34.8 2.9 4.2 (17.0) 149 002407 CH Equity DO-FLUORIDE-A Materials 24,734.8 167.5 10.9 7.9 0.2 2.6 750.0 4.9 1.7 29.1 150 300168 CH Equity WONDERS INFORM-A Software & Services 24,517.5 102.6 12.4 12.9 0.3 21.1 19.0 4.8 4.5 (27.7) 151 000623 CH Equity JILIN AODONG P-A Pharmaceuticals, Biotechnology 24,266.1 10.2 1.4 15.4 1.1 4.1 83.5 2.8 5.5 (12.3) 152 000937 CH Equity JIZHONG ENERGY-A Energy 24,204.8 69.1 1.3 1.9 0.1 (31.7) 1,214.3 3.9 7.4 35.9 153 300296 CH Equity LEYARD OPTOELE-A Capital Goods 24,126.6 59.6 9.7 21.1 0.2 71.2 84.6 (0.3) (0.1) 26.8 154 000028 CH Equity CHINA NATIONAL-A Health Care Equipment & Servic 24,011.1 33.6 4.5 14.4 0.4 8.5 10.5 2.1 (1.8) 7.0 155 300159 CH Equity XINJIANG MACHI-A Capital Goods 23,920.3 59.8 4.3 9.0 0.1 149.8 121.7 3.0 (1.1) (3.3) 156 300156 CH Equity SHENWU ENVIRON-A Capital Goods 23,836.6 81.2 12.9 16.5 0.2 91.3 80.0 5.8 0.9 18.0 157 002049 CH Equity UNIGROUP GUOXI-A Technology Hardware & Equipmen 23,823.7 69.4 8.1 12.3 0.1 14.9 10.2 2.8 0.3 (34.7) 158 000959 CH Equity BEIJING SHOUG-A Materials 23,802.3 NA 1.1 (5.7) 0.2 (25.7) NA 5.9 10.8 10.3 159 000009 CH Equity CHINA BAOAN-A Capital Goods 23,771.8 31.0 5.3 18.6 0.5 14.0 150.0 3.6 9.1 (16.9) 160 002311 CH Equity GUANGDONG HAID-A Food Beverage & Tobacco 23,724.6 28.9 4.6 17.0 3.2 21.2 42.8 1.9 0.9 10.2 161 000869 CH Equity YANTAI CHANGYU-A Food Beverage & Tobacco 23,516.5 27.4 3.5 13.5 1.2 13.0 4.9 (0.3) 0.6 (8.9) 162 300496 CH Equity THUNDER SOFTWA-A Software & Services 23,284.8 193.6 23.3 17.8 0.2 36.2 (22.1) 4.3 1.5 61.3 163 002422 CH Equity SICHUAN KELUN-A Pharmaceuticals, Biotechnology 23,112.0 35.9 2.1 5.8 0.9 (3.3) (35.3) 1.8 3.5 (13.7) 164 002340 CH Equity GEM CO LTD-A Materials 23,025.0 106.5 3.5 3.2 0.1 30.9 (32.4) 2.9 5.0 4.1 165 002195 CH Equity SHANGHAI 2345-A Software & Services 22,963.8 47.1 3.7 8.7 0.4 124.5 73.9 3.1 2.0 (35.0) 166 000793 CH Equity HUAWEN MEDIA I-A Media 22,937.5 30.9 2.5 8.8 0.4 9.6 (22.2) 5.3 17.5 (24.4) 167 002038 CH Equity BEIJING SL -A Pharmaceuticals, Biotechnology 22,807.2 41.7 6.1 15.4 0.6 (6.9) (17.1) 0.4 4.1 (0.6) 168 002244 CH Equity HANGZHOU BINJ-A Real Estate 22,806.9 18.2 1.9 10.9 0.5 4.7 20.7 1.1 10.9 (7.9) 169 000425 CH Equity XCMG CONSTRUCT-A Capital Goods 22,705.0 135.2 1.1 0.8 NA (28.7) (88.8) 1.2 4.9 (23.8) 170 002366 CH Equity TAIHAI MANOIR -A Capital Goods 22,547.8 53.6 13.5 24.0 0.1 (26.1) (96.4) 0.4 2.4 (21.1) 171 300058 CH Equity BLUEFOCUS COMM-A Commercial & Professional Serv 22,387.4 63.6 4.9 7.4 0.4 39.8 (89.5) 4.9 9.1 (24.0) 172 002522 CH Equity ZHEJIANG ZHONG-A Materials 22,249.9 272.6 16.3 6.1 0.2 (10.8) 14.3 1.2 15.9 35.9 173 000989 CH Equity JIUZHITANG CO -A Pharmaceuticals, Biotechnology 22,168.5 25.2 5.9 25.4 1.4 9.3 (24.0) 7.4 1.4 (9.0) 174 000061 CH Equity SHENZ AGRICULT-A Food & Staples Retailing 22,128.4 733.8 4.6 0.6 0.4 4.2 (75.7) 2.0 8.1 (26.3) 175 002354 CH Equity DALIAN KEMIAN-A Software & Services 22,037.9 46.8 4.5 14.2 0.3 97.9 4.6 4.4 5.1 (21.4) 176 300459 CH Equity ZHEJIANG JINKE-A Materials 22,021.7 219.9 17.7 9.3 0.2 6.0 3.3 17.7 45.5 124.6 177 002640 CH Equity GLOBAL TOP E-C-A Retailing 21,987.1 92.9 10.2 11.5 0.2 372.2 232.2 3.9 10.1 2.5 178 000547 CH Equity ADDSINO CO LTD-A Technology Hardware & Equipmen 21,959.1 NA NA 4.9 0.3 206.5 57.1 NA NA NA 179 002129 CH Equity TIANJIN ZHONG-A Semiconductors & Semiconductor 21,867.8 NA NA 3.2 0.2 5.7 33.1 NA NA NA 180 002701 CH Equity ORG PACKAGING-A Materials 21,856.5 20.8 4.7 24.4 2.0 22.1 26.1 1.0 1.6 (21.2) 181 300266 CH Equity XINGYUAN ENVRI-A Capital Goods 21,756.2 152.6 9.0 7.8 0.0 17.5 45.3 0.6 5.6 (8.2) 182 000729 CH Equity BEIJING YAN-A Food Beverage & Tobacco 21,702.8 37.2 1.7 4.7 0.9 (7.0) (19.3) 1.6 3.8 (6.4) 183 000918 CH Equity CHINA CALXON G-A Real Estate 21,650.3 NA 12.3 (82.1) NA (64.6) NA 21.0 76.5 87.5 184 300115 CH Equity SHENZHEN EVERW-A Technology Hardware & Equipmen 21,582.0 43.2 6.2 15.3 0.8 67.8 46.4 2.7 17.4 14.8 185 300324 CH Equity BEIJING WATERT-A Capital Goods 21,489.3 149.8 15.4 13.0 0.1 170.1 40.0 3.2 1.1 (12.7) 186 002602 CH Equity ZHEJIANG CENTU-A Automobiles & Components 21,445.7 44.7 5.2 12.2 NA 76.5 33.3 7.9 16.0 (38.7) 187 002399 CH Equity SHENZHEN HEPAL-A Pharmaceuticals, Biotechnology 21,352.1 36.8 2.6 7.0 2.2 16.7 71.5 2.2 (0.5) (22.6) 188 000012 CH Equity CSG HOLDING CO-A Materials 21,269.1 NA NA NA 2.3 5.4 (28.6) 7.2 18.5 (3.8) 189 002018 CH Equity CEFC ANHUI INT-A Materials 21,138.2 104.5 7.2 7.0 0.2 7.1 30.0 2.0 2.4 (60.0) 190 000825 CH Equity SHANXI TAIGANG-A Materials 21,133.1 NA 1.0 (18.7) NA (21.9) NA 3.1 8.2 (9.5) 191 002568 CH Equity SHANGHAI BAIRU-A Food Beverage & Tobacco 21,100.8 NA 24.8 (21.4) NA 106.3 75.0 4.6 3.7 (44.8) 192 000418 CH Equity WUXI LITTLE SW-A Consumer Durables & Apparel 21,089.5 22.3 4.4 21.5 1.6 21.7 31.8 3.0 2.1 56.7 193 300001 CH Equity QINGDAO TGOOD-A Capital Goods 20,870.9 130.7 8.3 7.6 NA 55.1 (12.0) 1.9 0.2 (28.2) 194 002610 CH Equity JIANGSU AKCOME-A Semiconductors & Semiconductor 20,691.6 120.1 3.3 2.7 0.5 7.0 3.4 0.0 0.0 52.1 195 000581 CH Equity WEIFU HIGH-TEC-A Automobiles & Components 20,681.6 15.0 1.8 12.6 2.3 (9.6) (1.3) 7.1 5.6 (11.6) 196 000563 CH Equity SHAANXI INTL-A Diversified Financials 20,675.4 33.7 2.8 9.0 0.2 34.6 26.6 (0.4) 9.7 (11.5) 197 002092 CH Equity XINJIANG ZHONG-A Materials 20,627.4 83.9 1.5 1.8 0.2 36.4 (97.7) 4.8 8.1 9.2 198 000596 CH Equity ANHUI GUJINGD-A Food Beverage & Tobacco 20,565.7 30.3 4.4 15.7 0.2 12.0 19.3 2.5 (0.2) 24.5 199 000591 CH Equity CECEP SOLAR EN-A Food & Staples Retailing 20,379.9 17.4 1.9 11.9 NA 1.8 21.6 1.4 3.0 (34.5) 200 002004 CH Equity HUAPONT LIFE S-A Materials 20,348.3 31.9 2.1 7.3 4.0 26.6 26.9 9.9 12.0 (29.3) 201 002512 CH Equity TATWAH SMARTEC-A Technology Hardware & Equipmen 20,341.3 136.5 7.7 6.4 NA 77.1 26.5 1.3 7.3 (17.8) 202 002176 CH Equity JIANGXI SPECIA-A Capital Goods 20,274.7 290.5 4.4 1.8 NA 12.3 (17.5) 3.6 2.0 (21.6) 203 002217 CH Equity HOLITECH TECHN-A Technology Hardware & Equipmen 20,170.7 67.1 3.6 6.8 0.1 62.2 26.7 2.5 2.9 (16.3) 204 300367 CH Equity NETPOSA TECHNO-A Technology Hardware & Equipmen 20,115.7 75.6 10.2 18.1 0.2 58.7 80.9 3.1 4.4 (10.5) 205 002439 CH Equity VENUSTECH GROU-A Software & Services 20,072.6 70.0 10.1 14.3 0.1 28.3 41.5 3.6 7.0 (27.8) 206 002303 CH Equity MYS GROUP CO - A Materials 19,997.0 102.0 8.3 8.4 0.2 29.2 (16.2) 0.8 6.5 2.4 207 002051 CH Equity CHINA CAMC -A Capital Goods 19,947.0 17.7 3.2 19.5 1.2 (14.8) 20.4 7.0 8.0 1.9 208 002030 CH Equity DA AN GENE CO -A Pharmaceuticals, Biotechnology 19,826.6 191.9 14.4 9.1 0.1 35.8 (35.7) 3.1 4.2 (26.9) 209 002505 CH Equity HUNAN DAKANG-A Food Beverage & Tobacco 19,802.2 2,187.9 3.4 0.2 NA 560.9 (82.5) 1.1 2.8 (19.2) 210 000960 CH Equity YUNNAN TIN CO-A Materials 19,755.0 NA 2.6 (19.6) NA 11.9 NA 1.7 7.8 (0.3) 211 002491 CH Equity TONGDING INTER-A Technology Hardware & Equipmen 19,737.5 54.3 7.3 13.5 0.1 2.8 (2.9) 3.2 1.4 (15.1) 212 300146 CH Equity BY-HEALTH CO L-A Household & Personal Products 19,627.2 34.0 4.4 13.1 2.2 33.0 15.6 2.2 1.8 (30.0) 213 000766 CH Equity TONGHUA GOLD-A Pharmaceuticals, Biotechnology 19,619.8 607.8 5.0 1.5 NA (5.3) 0.0 5.0 (0.8) 21.3 214 002709 CH Equity GUANGZHOU TINC-A Materials 19,619.2 119.7 15.6 15.0 0.1 33.8 57.7 5.3 3.0 81.8 215 000758 CH Equity CHINA NONFERRO-A Materials 19,536.2 51.2 4.1 8.1 0.3 7.7 41.1 (0.2) 11.6 33.3 216 300431 CH Equity BAOFENG GROUP -A Media 19,510.8 100.7 30.2 37.4 NA 69.9 227.7 21.0 20.9 (26.4) 217 000656 CH Equity JINKE PROPERTI-A Real Estate 19,468.2 13.1 1.6 13.0 1.1 11.4 17.8 9.8 20.0 (14.8) 218 002444 CH Equity HANG ZHOU GREA-A Consumer Durables & Apparel 19,397.5 36.0 3.8 11.4 0.6 10.8 (2.1) 2.5 5.7 (12.9) 219 000031 CH Equity COFCO PROPERTY-A Real Estate 19,316.2 22.6 3.1 13.8 0.4 51.9 21.2 1.6 9.3 (24.2) 220 002745 CH Equity MLS CO LTD-A Semiconductors & Semiconductor 19,278.7 62.9 6.5 12.8 0.3 (2.8) (46.3) 0.0 0.0 (10.8) Source: Wind, Bloomberg, Bank of Communications (Int’l)

Download our reports from Bloomberg: BOCM 〈enter 〉 6

China Market Strategy 17 August 2016

Focus chart 6 (3) ： Shenzhen Hong Kong northbound stock pool target

Mkt Cap (Mil Dividend Sales Bloomberg Ticker short_name Industry Grp TTM PE TTM PB ROE EPS Grth 1Y W TD % MTD % YTD % RMB) Yield Grth_1Y 211 002491 CH Equity TONGDING INTER-A Technology Hardware & Equipmen 19,737.5 54.3 7.3 13.5 0.1 2.8 (2.9) 3.2 1.4 (15.1) 212 300146 CH Equity BY-HEALTH CO L-A Household & Personal Products 19,627.2 34.0 4.4 13.1 2.2 33.0 15.6 2.2 1.8 (30.0) 213 000766 CH Equity TONGHUA GOLD-A Pharmaceuticals, Biotechnology 19,619.8 607.8 5.0 1.5 NA (5.3) 0.0 5.0 (0.8) 21.3 214 002709 CH Equity GUANGZHOU TINC-A Materials 19,619.2 119.7 15.6 15.0 0.1 33.8 57.7 5.3 3.0 81.8 215 000758 CH Equity CHINA NONFERRO-A Materials 19,536.2 51.2 4.1 8.1 0.3 7.7 41.1 (0.2) 11.6 33.3 216 300431 CH Equity BAOFENG GROUP -A Media 19,510.8 100.7 30.2 37.4 NA 69.9 227.7 21.0 20.9 (26.4) 217 000656 CH Equity JINKE PROPERTI-A Real Estate 19,468.2 13.1 1.6 13.0 1.1 11.4 17.8 9.8 20.0 (14.8) 218 002444 CH Equity HANG ZHOU GREA-A Consumer Durables & Apparel 19,397.5 36.0 3.8 11.4 0.6 10.8 (2.1) 2.5 5.7 (12.9) 219 000031 CH Equity COFCO PROPERTY-A Real Estate 19,316.2 22.6 3.1 13.8 0.4 51.9 21.2 1.6 9.3 (24.2) 220 002745 CH Equity MLS CO LTD-A Semiconductors & Semiconductor 19,278.7 62.9 6.5 12.8 0.3 (2.8) (46.3) 0.0 0.0 (10.8) 221 000712 CH Equity GUANGDONG GOLD-A Utilities 19,183.4 24.4 5.6 25.3 0.5 157.3 137.2 6.3 11.7 (26.5) 222 300026 CH Equity TIANJIN CHASE-A Pharmaceuticals, Biotechnology 19,172.6 30.8 3.5 13.0 0.3 16.9 69.8 7.6 9.2 (9.5) 223 000089 CH Equity SHENZ AIRPORT-A Transportation 19,154.2 35.6 1.8 6.1 0.6 (0.8) 72.9 2.0 1.9 14.5 224 300253 CH Equity WINNING HEALTH-A Health Care Equipment & Servic 19,149.0 114.9 10.3 11.9 0.2 53.6 24.2 5.1 2.6 (21.2) 225 002681 CH Equity SHENZHEN FENDA-A Consumer Durables & Apparel 19,144.6 57.5 7.5 12.7 0.3 59.6 80.0 2.6 1.0 (29.1) 226 002603 CH Equity SHIJIAZHUANG Y-A Pharmaceuticals, Biotechnology 19,138.7 38.9 3.8 10.1 0.6 9.0 24.0 3.3 4.2 (6.4) 227 000550 CH Equity JIANGLING MOTO-A Automobiles & Components 19,130.4 11.1 1.8 17.5 3.9 (3.8) 5.3 6.6 6.4 (11.5) 228 300002 CH Equity BEIJING ULTRA-A Software & Services 19,061.8 59.2 3.9 6.6 0.5 6.5 (45.8) 3.2 0.4 (25.8) 229 300136 CH Equity SHENZHEN SUNWA-A Technology Hardware & Equipmen 19,052.3 64.2 12.4 27.9 0.2 60.7 238.3 3.4 1.1 7.7 230 002573 CH Equity BEIJING SPC -A Capital Goods 18,946.4 35.9 6.4 19.2 0.6 78.0 88.2 3.0 6.3 (20.8) 231 002653 CH Equity HAISCO PHARMAC-A Pharmaceuticals, Biotechnology 18,893.9 47.2 9.2 19.0 1.4 0.2 (16.7) 4.3 5.9 (20.1) 232 000078 CH Equity SHENZ NEPTUNUS-A Health Care Equipment & Servic 18,863.3 27.3 7.0 29.2 NA 13.4 1,896.3 5.6 5.0 (25.7) 233 002390 CH Equity GUIZHOU XINBAN-A Pharmaceuticals, Biotechnology 18,839.1 77.1 3.0 4.3 0.3 68.7 9.4 7.1 1.3 (23.0) 234 000620 CH Equity MACROLINK CULT-A Real Estate 18,815.2 50.3 0.9 6.2 1.0 33.3 (34.6) 1.7 10.2 (1.9) 235 000062 CH Equity SHENZ HUAQIANG-A Real Estate 18,797.5 53.8 5.1 10.9 0.4 (19.0) (22.8) 2.6 1.5 (28.8) 236 300134 CH Equity SHENZHEN TAT-A Technology Hardware & Equipmen 18,761.5 304.3 7.4 2.2 0.7 (15.8) (81.7) 3.2 (0.1) (4.5) 237 002665 CH Equity BEIJING SHOUHA-A Capital Goods 18,725.7 105.6 6.8 7.5 0.2 0.1 (21.3) 7.0 7.2 (15.9) 238 002416 CH Equity SHENZHEN AISI-A Technology Hardware & Equipmen 18,702.8 120.0 3.9 3.2 NA 2.6 386.2 2.9 4.4 3.5 239 000778 CH Equity XINXING DUCTIL-A Materials 18,690.2 31.6 1.1 3.5 0.6 (17.7) (28.2) 3.8 8.9 (21.0) 240 300294 CH Equity JIANGXI BOYA B-A Pharmaceuticals, Biotechnology 18,663.5 95.2 9.7 13.3 0.3 24.2 44.5 (1.0) (1.6) 79.3 241 000902 CH Equity HUBEI XINYANG -A Materials 18,590.1 22.3 3.7 20.2 1.1 15.0 13.0 2.8 (2.8) (7.4) 242 002157 CH Equity JIANGXI ZHENGB-A Food Beverage & Tobacco 18,580.1 19.5 4.9 31.7 0.4 (3.2) 225.0 5.0 13.3 37.7 243 300274 CH Equity SUNGROW POWER -A Capital Goods 18,578.2 32.7 2.8 11.8 0.4 49.3 51.2 3.6 4.4 (13.3) 244 300068 CH Equity ZHEJIANG NARAD-A Capital Goods 18,571.5 55.0 3.3 6.5 NA 35.4 88.9 5.1 4.4 19.4 245 000997 CH Equity FUJIAN NEWLAND-A Software & Services 18,509.6 47.6 8.3 17.1 0.4 35.3 23.3 3.7 3.2 (22.1) 246 000810 CH Equity SKYWORTH DIGIT-A Technology Hardware & Equipmen 18,502.3 37.4 8.3 23.1 0.6 15.8 (0.9) 4.8 (2.2) 46.3 247 300085 CH Equity SHENZHEN INFO-A Software & Services 18,469.4 248.9 20.3 8.5 0.1 223.2 146.5 3.2 (1.7) (37.2) 248 002437 CH Equity HARBIN GLORIA-A Pharmaceuticals, Biotechnology 18,465.6 26.1 5.2 21.0 1.0 41.6 50.3 2.4 2.2 (16.7) 249 000806 CH Equity GALAXY BIOMEDI-A Capital Goods 18,368.5 246.2 9.2 3.0 NA 3.6 174.8 2.9 (1.6) (41.5) 250 300297 CH Equity BLUEDON INFORM-A Software & Services 18,301.8 115.7 12.0 13.0 0.0 90.9 217.8 1.2 2.1 (25.2) 251 002285 CH Equity SHENZHEN WORLD-A Real Estate 18,282.0 34.2 7.3 18.7 0.3 42.2 16.9 3.7 6.7 (22.9) 252 002581 CH Equity SHANDONG SINOBIO Materials 18,281.3 42.3 8.3 23.4 0.2 37.6 (29.9) 2.9 0.7 (20.3) 253 002583 CH Equity HYTERA COMMUNI-A Technology Hardware & Equipmen 18,177.4 77.1 8.2 11.9 0.3 26.9 486.7 2.7 (2.1) (5.4) 254 002373 CH Equity CHINA TRANSINF-A Software & Services 18,144.9 56.7 6.0 15.1 0.3 13.5 7.4 10.0 10.0 (28.2) 255 002589 CH Equity SHANDONG REALC-A Health Care Equipment & Servic 18,144.7 67.5 5.5 8.5 0.1 25.2 (25.8) 3.3 (2.0) (8.9) 256 300244 CH Equity ZHEJIANG DIAN-A Health Care Equipment & Servic 18,046.2 68.7 9.1 15.6 0.2 39.2 38.5 5.7 6.4 (15.2) 257 002410 CH Equity GLODON CO LTD-A Software & Services 18,044.1 85.1 6.5 7.6 1.3 (12.5) (59.3) 2.1 5.9 (11.3) 258 002400 CH Equity GUANGDONG ADV -A Media 18,041.9 30.0 6.8 24.9 0.4 51.8 23.6 2.6 3.9 (20.7) 259 002271 CH Equity BEIJING ORIENT-A Materials 17,992.8 24.1 4.5 19.9 0.5 5.7 137.3 1.2 3.7 10.9 260 300166 CH Equity BEIJING ORIENT-A Software & Services 17,987.8 NA NA 13.4 NA 51.2 28.4 NA NA NA 261 002477 CH Equity CHUYING AGRO -A Food Beverage & Tobacco 17,964.5 26.6 3.8 15.1 0.7 105.5 NA (0.5) 3.2 1.7 262 002509 CH Equity TIANGUANG ZHON-A Capital Goods 17,945.9 102.3 4.3 4.7 0.2 (0.3) (17.9) (1.6) 3.4 21.0 263 002239 CH Equity AOTECAR NEW EN-A Consumer Durables & Apparel 17,918.7 45.4 4.6 13.6 0.1 451.7 833.3 1.2 4.3 (8.9) 264 000661 CH Equity CHANGCHUN HIGH-A Pharmaceuticals, Biotechnology 17,904.3 38.2 4.9 16.2 0.7 6.1 21.1 1.7 (0.6) 0.3 265 300014 CH Equity EVE ENERGY-A Capital Goods 17,896.9 105.8 10.2 11.8 0.2 11.4 81.0 8.4 8.3 27.6 266 002276 CH Equity ZHEJIANG WANMA-A Capital Goods 17,865.2 65.4 6.0 9.6 0.5 17.1 16.0 2.7 1.0 (36.8) 267 300287 CH Equity BEIJING PHILIS-A Software & Services 17,811.7 67.3 5.1 10.3 0.2 100.2 73.0 5.3 3.3 (31.4) 268 002221 CH Equity ORIENTAL ENERG-A Energy 17,701.4 38.6 5.3 14.8 0.2 29.2 168.2 0.0 4.1 8.8 269 300199 CH Equity HYBIO PHARMACE-A Pharmaceuticals, Biotechnology 17,622.3 53.3 6.4 12.6 0.1 82.5 58.1 2.6 0.8 (19.6) 270 000598 CH Equity CHENGDU XINGRO-A Utilities 17,618.7 20.8 2.1 10.8 0.7 12.1 12.0 3.9 6.7 (17.1) 271 000513 CH Equity LIVZON PHARM-A Pharmaceuticals, Biotechnology 17,564.4 28.9 4.2 15.4 1.0 19.4 21.0 4.4 (0.8) (13.7) 272 002657 CH Equity SINODATA CO LT-A Software & Services 17,554.0 99.9 6.7 8.0 0.1 20.5 67.2 3.9 3.8 (35.0) 273 000800 CH Equity FAW CAR CO LTD-A Automobiles & Components 17,528.2 NA 2.1 (5.9) 0.4 (21.5) (64.8) 1.2 1.9 (34.2) 274 002643 CH Equity VALIANT CO LTD-A Materials 17,513.5 50.9 6.1 12.7 0.6 52.7 122.9 2.0 7.0 18.8 275 000690 CH Equity BAONENGYUAN-A Utilities 17,450.6 22.1 2.2 10.3 2.5 (22.1) (37.3) 6.1 10.8 (18.0) 276 002050 CH Equity ZHEJIANG SANHU-A Capital Goods 17,438.3 23.9 3.6 16.9 1.0 (6.2) (14.9) 3.8 13.2 (9.1) 277 300197 CH Equity SHENZHEN TECHA-A Capital Goods 17,324.1 48.5 3.7 9.0 0.5 31.3 21.9 8.4 27.9 9.9 278 300291 CH Equity BEIJING HUALUB-A Media 17,288.3 61.2 4.4 7.5 0.3 147.2 29.8 4.7 4.1 (31.5) 279 002631 CH Equity DER FUTURE SCI-A Capital Goods 17,286.0 NA NA 9.4 0.1 24.0 5.0 NA NA NA 280 000748 CH Equity GREATWALL INFO-A Technology Hardware & Equipmen 17,257.9 123.1 3.7 4.0 0.2 23.9 36.2 1.5 4.7 (39.3) 281 002151 CH Equity BEIJING BDSTAR-A Technology Hardware & Equipmen 17,241.9 317.5 5.7 2.7 0.3 16.0 38.5 2.2 4.9 (2.1) 282 000158 CH Equity SHIJIAZHUANG C-A Consumer Durables & Apparel 17,240.8 65.0 3.2 6.7 0.3 35.4 610.1 2.8 (0.4) (33.4) 283 002503 CH Equity SOU YU TE GROU-A Consumer Durables & Apparel 17,225.4 64.5 7.0 11.5 0.1 51.8 58.3 1.1 1.2 4.9 284 000600 CH Equity JOINTO ENERGY-A Utilities 17,199.6 8.2 1.6 20.5 4.7 (11.9) (13.6) 1.9 2.0 (9.9) 285 002445 CH Equity ZHONGNAN RED C-A Materials 17,195.1 NA NA 6.4 0.0 54.3 46.2 NA NA NA 286 002019 CH Equity YIFAN XINGU PH-A Pharmaceuticals, Biotechnology 17,194.5 41.6 5.7 14.7 0.3 44.6 (5.7) 4.2 1.3 (2.4) 287 300145 CH Equity NANFANG ZHONG-A Capital Goods 17,177.4 41.9 4.7 13.6 0.2 23.7 42.1 1.3 7.4 8.0 288 000587 CH Equity JINZHOU CIHANG-A Consumer Durables & Apparel 17,170.5 31.0 2.2 9.2 NA (4.1) 76.9 3.6 1.9 (23.9) 289 000988 CH Equity HUAGONG TECH -A Technology Hardware & Equipmen 17,145.1 97.3 5.6 6.0 0.2 11.3 (10.5) 1.6 3.7 (9.2) 290 002707 CH Equity UTOUR GROUP CO-A Consumer Services 17,140.7 84.1 10.8 13.1 0.1 98.5 49.9 2.4 2.1 (22.8) 291 000676 CH Equity GENIMOUS INVE-A Capital Goods 17,083.4 2,948.3 40.4 1.4 NA (14.8) NA 4.0 2.7 (46.8) 292 000761 CH Equity BENGANG STEEL-A Materials 17,055.4 NA 1.5 (24.2) NA (29.3) NA 2.2 1.2 6.5 293 300088 CH Equity WUHU TOKEN-A Technology Hardware & Equipmen 17,034.7 70.6 4.8 6.9 0.7 142.7 29.0 6.6 10.0 5.6 294 000802 CH Equity BEIJING JINGXI-A Consumer Services 17,027.3 NA NA 1.2 NA (16.8) (74.4) NA NA NA 295 300359 CH Equity QTONE EDUCATIO-A Software & Services 17,016.8 150.8 8.8 8.7 0.1 130.2 105.7 0.0 (2.3) (22.1) 296 300010 CH Equity BEIJING LANXUM-A Software & Services 17,001.1 83.4 4.5 6.8 NA 20.5 18.2 2.0 4.0 (38.4) 297 002544 CH Equity GCI SCIENCE-A Technology Hardware & Equipmen 16,994.3 160.5 13.7 9.0 0.1 18.1 15.6 0.2 2.0 11.1 298 002353 CH Equity YANTAI JEREH-A Energy 16,743.3 114.5 2.1 1.9 0.2 (36.9) (88.1) 1.6 2.0 (31.1) 299 000979 CH Equity ZHONGHONG HD -A Real Estate 16,721.3 42.2 1.7 3.7 0.4 (47.9) (36.0) 1.1 4.1 (30.3) 300 002458 CH Equity SHANDONG YISHE-A Food Beverage & Tobacco 16,699.2 607.8 14.2 7.2 NA (28.2) NA 0.2 (0.7) 32.5 301 000970 CH Equity BEIJING ZHONGK-A Technology Hardware & Equipmen 16,681.0 60.3 4.2 7.1 0.5 (9.9) (7.1) 2.9 8.1 11.6 302 002002 CH Equity HONGDA XINGYE-A Materials 16,604.2 29.5 5.0 17.5 1.2 14.5 40.8 2.8 1.8 (33.6) 303 300043 CH Equity RASTAR GROUP -A Consumer Durables & Apparel 16,560.3 34.1 7.2 22.4 NA (33.8) 28.3 2.5 2.0 (15.8) 304 000592 CH Equity ZHONGFU STRAIT-A Materials 16,555.4 386.6 5.3 1.8 NA 11.8 (47.1) 4.3 6.3 (14.2) 305 002595 CH Equity SHANDONG HIMIL-A Capital Goods 16,504.0 25.1 5.2 23.3 1.2 27.0 28.6 2.6 (2.3) (9.1) 306 000681 CH Equity VISUAL CHINA-A Media 16,463.6 100.9 7.8 9.4 NA 39.0 (2.1) 2.5 6.0 (38.2) 307 002210 CH Equity SHENZHEN FEIMA-A Transportation 16,441.3 86.6 6.7 10.6 0.3 48.3 5.4 3.0 5.8 1.0 308 002489 CH Equity YOTRIO GROUP-A Consumer Durables & Apparel 16,318.0 35.4 4.8 13.0 0.4 7.3 63.0 1.6 1.5 (30.8) 309 000021 CH Equity SHENZHEN KAIFA-A Technology Hardware & Equipmen 16,301.6 58.2 3.1 5.3 0.5 (6.7) 3.9 4.1 (3.2) (8.1) 310 002047 CH Equity SHENZHEN BAUIN-A Capital Goods 16,294.0 47.9 6.5 14.7 0.5 27.5 22.7 21.0 29.1 14.8 311 002672 CH Equity DONGJIAN ENVIR-A Commercial & Professional Serv 16,260.0 54.5 6.6 12.8 0.4 17.1 31.8 11.7 11.0 3.4 312 002099 CH Equity ZHEJIANG HISOA-A Pharmaceuticals, Biotechnology 16,233.9 31.7 4.2 13.6 0.9 86.1 407.1 4.5 4.9 (10.6) 313 000975 CH Equity YINTAI RESOUR-A Materials 16,224.2 NA NA 6.6 1.3 0.4 (8.3) NA NA NA 314 000685 CH Equity ZHONGSHAN PUBL-A Utilities 16,196.7 11.5 1.5 14.3 2.7 6.6 96.9 1.9 5.5 (22.4) 315 002123 CH Equity MONTNETS RONGX-A Capital Goods 16,180.8 85.4 3.2 4.7 NA 95.2 NA 6.1 4.5 (26.8) 316 000018 CH Equity SINO GREAT WAL-A Capital Goods 16,143.3 32.9 13.8 56.8 NA 47.2 102.7 3.5 2.7 (14.6) 317 300222 CH Equity CSG SMART SCI -A Capital Goods 16,141.3 82.9 9.0 11.4 0.3 39.3 55.6 3.4 2.7 18.9 318 000066 CH Equity CHINA GREATWAL-A Technology Hardware & Equipmen 16,134.6 508.6 6.3 1.2 NA (5.6) (170.0) 1.8 (1.6) (43.4) 319 002242 CH Equity JOYOUNG CO -A Consumer Durables & Apparel 16,065.5 25.4 4.7 19.1 3.3 18.7 15.7 3.5 (4.4) (7.7) 320 002431 CH Equity PALM ECO-TOWN -A Capital Goods 15,986.9 NA 3.9 (6.0) NA (11.7) NA 2.9 2.9 8.1 Source: Wind, Bloomberg, Bank of Communications (Int’l)

Download our reports from Bloomberg: BOCM 〈enter 〉 7

China Market Strategy 17 August 2016

Focus chart 6 (4) ： Shenzhen Hong Kong northbound stock pool target

Mkt Cap (Mil Dividend Sales Bloomberg Ticker short_name Industry Grp TTM PE TTM PB ROE EPS Grth 1Y W TD % MTD % YTD % RMB) Yield Grth_1Y 321 002699 CH Equity MEISHENG CULTU-A Consumer Durables & Apparel 15,935.6 121.0 13.6 14.2 NA (10.6) 23.4 2.5 5.7 (30.1) 322 002314 CH Equity SHENZHEN NEW N-A Consumer Durables & Apparel 15,902.7 31.1 2.6 14.6 2.2 3.0 NA 4.1 6.4 0.0 323 000932 CH Equity HUNAN VALIN ST-A Materials 15,892.5 NA 2.5 (43.7) NA (25.5) NA 1.3 33.4 61.7 324 002413 CH Equity JIANGSU LEIKE -A Capital Goods 15,873.0 84.8 6.7 9.0 1.2 (6.4) 246.7 2.3 (2.6) (25.9) 325 000878 CH Equity YUNNAN COPPER-A Materials 15,849.5 NA 2.9 (1.3) NA (9.2) (64.0) 2.2 6.2 (19.2) 326 000815 CH Equity MCC MEILI CLOU-A Materials 15,796.4 38.2 606.6 NA NA (10.3) NA 1.6 5.1 (15.6) 327 000400 CH Equity XJ ELECTRIC-A Capital Goods 15,770.2 21.1 2.5 12.4 0.6 (12.2) (32.4) 2.6 (1.9) (19.5) 328 002539 CH Equity SHINDOO CHEMIC-A Materials 15,707.1 67.6 5.3 7.6 0.5 25.1 67.7 3.3 6.8 (2.8) 329 300098 CH Equity GOSUNCN TECHNO-A Technology Hardware & Equipmen 15,680.8 72.1 4.5 8.1 0.1 46.6 3.9 3.2 2.9 (30.5) 330 300142 CH Equity WALVAX BIOTECH-A Pharmaceuticals, Biotechnology 15,668.6 NA NA (32.9) NA 40.8NA NA NA NA 331 300273 CH Equity ZHUHAI HOKAI M-A Health Care Equipment & Servic 15,646.2 182.7 6.7 4.7 0.3 (15.1) (53.3) 5.1 11.6 (5.0) 332 002498 CH Equity QINGDAO HANHE-A Capital Goods 15,602.7 41.7 3.7 8.7 0.7 (10.4) 33.5 2.4 4.0 (37.0) 333 000603 CH Equity SHENGDA MINING-A Materials 15,572.6 44.3 11.1 29.0 NA 11.6 8.5 4.7 5.7 19.4 334 000582 CH Equity BEIBUWAN PORT -A Transportation 15,570.0 NA NA 8.0 0.4 (28.8) (38.7) NA NA NA 335 002287 CH Equity TIBET CHEEZHEN-A Pharmaceuticals, Biotechnology 15,529.5 57.2 9.3 17.0 1.1 4.5 10.2 6.9 6.8 (8.0) 336 300369 CH Equity NSFOCUS INFOMA-A Software & Services 15,520.4 79.9 9.4 13.3 0.3 25.1 27.3 4.0 6.9 (12.4) 337 002642 CH Equity UNITED ELECTRO-A Software & Services 15,486.1 71.0 4.3 6.8 0.1 3.3 16.8 2.6 4.5 (36.9) 338 002273 CH Equity ZHEJIANG CRYST-A Technology Hardware & Equipmen 15,436.4 96.6 5.7 7.4 0.3 20.5 (7.5) 2.5 2.2 (12.9) 339 002414 CH Equity WUHAN GUIDE IN-A Technology Hardware & Equipmen 15,396.0 254.6 6.0 2.4 0.1 58.7 (6.7) 3.6 4.2 (15.8) 340 002375 CH Equity ZHEJIANG YASHA-A Consumer Services 15,383.2 28.7 2.2 7.0 0.5 (30.5) (45.3) 2.9 5.6 (27.2) 341 002108 CH Equity CANGZHOU MING-A Energy 15,374.9 52.8 8.1 16.3 0.6 4.2 21.4 5.4 4.0 40.7 342 002588 CH Equity STANLEY AGRICU-A Materials 15,368.7 22.8 3.9 18.6 0.8 24.6 23.7 2.6 0.9 (19.0) 343 000687 CH Equity HUAXUN FANGZHOU Materials 15,351.9 NA 13.3 (14.1) NA 21.0 NA 5.0 6.5 (25.0) 344 300055 CH Equity BEIJING WATER-A Utilities 15,348.4 49.5 4.4 9.3 0.1 90.7 44.5 1.3 2.5 (18.3) 345 300347 CH Equity HANGZHOU TIGER-A Pharmaceuticals, Biotechnology 15,260.7 87.7 10.2 13.5 0.3 53.4 22.0 3.6 4.4 5.3 346 002384 CH Equity SUZHOU DONGSHA-A Capital Goods 15,253.0 396.2 5.6 1.8 0.1 13.3 (33.3) 0.9 0.9 (10.1) 347 300310 CH Equity GUANGDONG EAST-A Software & Services 15,249.0 117.6 6.7 7.8 0.1 30.5 28.6 0.0 0.0 (11.8) 348 002261 CH Equity TALKWEB INFORM-A Software & Services 15,211.0 82.4 4.2 6.4 0.1 17.1 242.9 2.9 2.2 (29.7) 349 002155 CH Equity HUNAN GOLD COR-A Materials 15,189.6 391.2 4.5 1.3 NA (4.9) (82.9) 2.7 (3.1) 49.3 350 000488 CH Equity SHANDONG CHEN-A Materials 15,149.2 17.7 1.1 6.6 3.2 5.8 92.3 4.0 3.3 4.4 351 300207 CH Equity SUNWODA ELECTR-A Capital Goods 15,134.0 42.3 7.9 20.9 0.3 51.0 94.9 3.2 1.3 (16.5) 352 000727 CH Equity NANJING HUAD-A Technology Hardware & Equipmen 15,128.8 NA 1.4 (0.0) NA 17.2 (89.9) 2.5 0.3 (32.6) 353 000796 CH Equity HNA-CAISSA TR-A Consumer Services 15,064.3 54.3 8.8 21.8 NA 52.2 (19.1) 1.6 (7.3) (31.7) 354 002312 CH Equity CHENGDU SANTAI-A Technology Hardware & Equipmen 14,993.6 NA 3.4 0.0 0.3 13.0 NA 3.6 3.5 (41.3) 355 002080 CH Equity SINOMA SCIENCE-A Materials 14,990.2 24.6 2.6 11.2 NA 31.7 97.3 2.4 2.7 (30.2) 356 000059 CH Equity NORTH HUAJIN C-A Materials 14,970.8 16.1 1.6 10.6 NA (30.6) NA 2.3 2.9 16.9 357 300292 CH Equity WUTONG HOLDING G Technology Hardware & Equipmen 14,922.1 74.5 6.1 10.8 0.2 91.7 110.3 12.9 23.2 10.7 358 002690 CH Equity HEFEI MEIYA OP-A Capital Goods 14,905.8 50.6 7.6 16.0 1.4 27.2 15.3 2.2 4.3 (45.4) 359 000517 CH Equity RONGAN PROPERT-A Real Estate 14,900.8 143.9 4.1 2.8 0.6 (67.1) (66.6) 2.9 3.3 (31.1) 360 000519 CH Equity HUNAN JIANGNAN-A Capital Goods 14,878.4 72.5 3.5 5.0 NA (24.0) (37.6) 2.4 0.3 (15.2) 361 300364 CH Equity CHINESEALL DIG-A Media 14,864.2 384.3 24.3 7.7 0.0 45.5 (47.1) 4.6 5.6 (41.7) 362 002127 CH Equity NANJI E-COMMER-A Consumer Durables & Apparel 14,813.4 NA NA 21.7 NA 42.1 158.4 NA NA NA 363 000150 CH Equity YIHUA HEALTHCA-A Real Estate 14,786.5 14.6 5.6 46.9 NA 596.7 33.3 9.2 2.5 (13.3) 364 000703 CH Equity HENGYI PETROCH-A Materials 14,778.4 50.8 2.3 4.9 NA 8.0 NA 3.8 9.5 2.1 365 300458 CH Equity ALL WINNER TEC-A Technology Hardware & Equipmen 14,750.2 102.6 9.5 10.1 0.2 (3.1) (3.2) 4.7 7.4 (23.3) 366 002078 CH Equity SHANDONG SUN -A Materials 14,737.9 20.0 2.1 10.2 0.9 3.6 5.9 0.5 (2.0) 3.2 367 300463 CH Equity SICHUAN MAKER -A Pharmaceuticals, Biotechnology 14,736.8 53.9 7.4 18.0 0.3 14.2 (3.3) 3.2 2.5 (32.5) 368 300032 CH Equity JINLONG MACH-A Capital Goods 14,734.5 40.0 5.5 14.6 0.6 146.7 140.0 3.2 (0.1) (40.5) 369 002256 CH Equity SHENZHEN RAINB-A Materials 14,686.1 178.8 16.2 9.5 NA (5.1) 23.1 7.1 15.4 16.6 370 002635 CH Equity SUZHOU ANJIE T-A Capital Goods 14,640.3 39.6 6.1 19.4 0.8 156.2 134.3 1.9 (3.3) 35.4 371 002041 CH Equity DENGHAI SEEDS -A Food Beverage & Tobacco 14,634.4 34.0 6.1 19.2 NA 3.4 2.7 3.2 7.1 (1.3) 372 300202 CH Equity JULONG CO LTD -A Technology Hardware & Equipmen 14,616.8 68.6 9.4 14.5 0.3 (21.7) (29.9) 2.2 8.7 (17.4) 373 002716 CH Equity CHENZHOU CITY-A Materials 14,615.6 116.4 7.2 6.4 0.2 34.6 (2.7) 8.4 16.8 147.1 374 000543 CH Equity AN HUI WENERGY-A Utilities 14,573.8 12.6 1.6 12.5 3.7 (12.4) 25.6 3.7 4.6 (3.9) 375 002326 CH Equity ZHEJIANG YONG-A Materials 14,542.7 100.9 7.5 7.7 0.3 45.4 52.7 2.8 0.9 (13.5) 376 000786 CH Equity BEIJING NEW BU-A Capital Goods 14,521.6 14.9 1.8 12.7 1.7 (9.3) (30.3) 4.2 6.8 (13.7) 377 300269 CH Equity SHENZHEN LIANT-A Technology Hardware & Equipmen 14,497.7 47.1 4.4 9.8 0.8 57.2 30.9 2.6 2.3 (21.1) 378 000088 CH Equity SHENZ YAN TIAN-A Transportation 14,469.4 32.8 2.6 8.1 0.3 (17.1) (2.9) 4.6 8.0 (13.6) 379 300100 CH Equity NINGBO SHUANGL-A Automobiles & Components 14,445.6 54.2 6.5 12.9 0.3 65.4 31.9 3.5 (0.8) 15.9 380 000401 CH Equity TANGSHAN JIDON-A Materials 14,445.4 NA 1.6 (18.9) NA (29.1) NA 2.4 4.8 (1.7) 381 000566 CH Equity HAINAN HAIYAO-A Pharmaceuticals, Biotechnology 14,407.9 72.2 6.1 8.7 NA 21.4 9.1 7.4 7.1 (32.0) 382 002055 CH Equity SHENZHEN DEREN-A Technology Hardware & Equipmen 14,398.4 173.5 8.4 5.3 NA 15.2 (18.3) 2.1 2.0 (17.3) 383 300009 CH Equity ANHUI ANKE BIO-A Pharmaceuticals, Biotechnology 14,310.7 96.7 15.6 15.5 0.4 17.4 23.2 4.9 4.7 (18.9) 384 002358 CH Equity HENAN SENYUAN-A Capital Goods 14,304.8 77.5 6.5 8.7 NA 50.6 (29.4) 1.2 6.2 (2.5) 385 002268 CH Equity WESTON INFO -A Technology Hardware & Equipmen 14,221.4 103.9 10.7 10.9 0.3 29.5 24.6 3.6 6.2 (41.5) 386 300368 CH Equity HEBEI HUIJIN E-A Technology Hardware & Equipmen 14,202.5 251.2 13.8 6.7 0.1 66.5 15.8 5.8 5.9 (7.9) 387 300101 CH Equity CHENGDU CORPRO-A Technology Hardware & Equipmen 14,200.2 173.6 16.9 10.1 0.2 31.4 47.4 4.6 4.2 (13.5) 388 002191 CH Equity SHENZHEN JINJI-A Materials 14,194.2 20.0 3.2 17.1 1.4 17.0 23.7 3.4 (0.2) (29.8) 389 002434 CH Equity ZHEJIANG WANLI-A Capital Goods 14,178.0 72.8 6.1 9.9 0.5 43.1 9.8 4.1 8.5 20.6 390 002128 CH Equity HUOLINHE COAL-A Energy 14,170.1 29.5 1.6 5.5 1.2 (14.8) (10.8) 3.8 8.9 2.6 391 000863 CH Equity SANXIANG CO LT-A Real Estate 14,161.8 16.6 2.8 18.6 0.9 (58.3) (42.1) 2.1 6.3 (12.9) 392 300257 CH Equity ZHEJIANG KAISH-A Capital Goods 14,114.1 110.8 4.2 3.8 NA (18.0) (44.7) 3.2 1.7 (46.7) 393 002308 CH Equity VTRON TECH-A Technology Hardware & Equipmen 14,046.3 89.7 6.4 7.5 0.1 16.6 7.7 3.8 (1.6) (31.8) 394 300300 CH Equity HAKIM UNIQUE I-A Software & Services 14,011.5 NA NA 10.7 0.2 (4.3) (5.8) NA NA NA 395 000921 CH Equity HISENSE KELON-A Consumer Durables & Apparel 13,880.1 34.2 4.2 12.8 1.2 (11.6) (14.0) 11.9 17.4 34.8 396 000921 CH Equity HISENSE KELON-A Consumer Durables & Apparel 13,880.1 34.2 4.2 12.8 1.2 (11.6) (14.0) 11.9 17.4 34.8 397 000666 CH Equity JINGWEI TEXTIL-A Capital Goods 13,857.3 30.4 2.3 7.9 0.3 1.1 (16.2) 6.3 5.3 (34.5) 398 002542 CH Equity CHINA ZHONGHUA-A Commercial & Professional Serv 13,787.8 56.3 5.2 10.6 0.3 60.1 51.7 5.1 4.2 (12.9) 399 000969 CH Equity ADVANCED TECH -A Materials 13,769.0 119.0 3.1 2.7 NA (9.6) NA 1.4 (2.2) 3.4 400 300284 CH Equity JSTI GROUP-A Capital Goods 13,768.3 40.1 5.1 13.1 0.5 18.3 12.6 5.2 27.3 14.4 401 002368 CH Equity TAIJI COMPUTER-A Software & Services 13,756.3 66.7 6.3 9.7 0.5 13.5 18.5 4.4 1.7 (50.7) 402 002371 CH Equity BEIJING SEVEN-A Technology Hardware & Equipmen 13,742.8 353.1 7.3 2.0 0.1 (11.3) (8.3) 5.8 9.6 102.4 403 300376 CH Equity GUANGDONG EAST-A Technology Hardware & Equipmen 13,740.2 47.6 10.6 23.9 0.5 87.2 58.6 2.8 2.8 14.3 404 002343 CH Equity CIWEN MEDIA CO L Materials 13,668.6 60.1 17.7 18.0 NA 73.1 23.9 3.5 0.9 (28.4) 405 000042 CH Equity SHENZHEN CENTR-A Real Estate 13,589.1 NA 2.4 (0.3) 1.0 65.1 21.4 7.6 19.5 (2.2) 406 002190 CH Equity SICHUAN CHENG-A Automobiles & Components 13,572.8 121.0 7.9 6.8 0.3 77.0 116.7 2.9 2.4 (10.1) 407 002600 CH Equity JPMF GUANGDONG-A Capital Goods 13,479.1 151.7 3.7 2.9 NA 137.0 1,100.0 3.2 4.8 (1.5) 408 002089 CH Equity SUZHOU NEW SEA-A Technology Hardware & Equipmen 13,471.8 158.9 7.2 4.6 0.1 52.9 (7.7) (1.6) 17.6 (12.9) 409 000558 CH Equity LANDER SPORTS -A Real Estate 13,433.7 NA 10.4 (23.4) NA (31.0) NA 2.1 0.6 (43.6) 410 002281 CH Equity ACCELINK TECH-A Technology Hardware & Equipmen 13,393.3 48.7 4.9 10.4 0.8 29.3 52.6 0.8 2.8 (1.5) 411 300302 CH Equity TOYOU FEIJI EL-A Software & Services 13,390.1 134.3 21.2 17.0 0.1 45.3 155.0 7.5 11.9 (7.9) 412 002203 CH Equity ZHEJIANG HAILI-A Materials 13,387.9 27.9 3.4 13.0 0.7 10.8 (6.4) 8.1 6.9 (27.2) 413 300252 CH Equity KINGSIGNAL TEC-A Technology Hardware & Equipmen 13,378.9 80.7 14.9 20.2 0.2 28.0 67.6 3.8 5.5 (18.9) 414 002421 CH Equity SHENZHEN DAS-A Software & Services 13,361.9 73.9 5.2 7.9 0.2 36.0 15.9 3.5 15.5 (5.0) 415 002023 CH Equity SICHUAN HAITE-A Transportation 13,357.4 291.4 4.0 1.7 NA (14.1) (74.5) 2.5 7.4 (3.8) 416 002678 CH Equity GUANGZHOU PEAR-A Consumer Durables & Apparel 13,336.2 95.2 6.9 7.2 0.5 (0.1) 0.0 (0.1) 4.1 (18.9) 417 002175 CH Equity ORIENTAL TIMES-A Technology Hardware & Equipmen 13,334.3 NA NA 5.0 0.2 66.9 126.8 NA NA NA 418 002721 CH Equity BEIJING KINGEE-A Materials 13,304.2 89.8 6.4 7.3 0.2 26.5 75.6 0.5 (1.4) (37.3) 419 002618 CH Equity SHENZHEN DANBO-A Technology Hardware & Equipmen 13,281.6 206.9 8.0 3.9 0.1 (17.2) (26.0) 4.2 6.5 49.4 420 002446 CH Equity GUANGDONG SHEN-A Technology Hardware & Equipmen 13,278.7 62.3 5.5 10.8 0.1 73.0 113.3 4.4 2.8 (20.2) 421 002070 CH Equity ZHONGHE CO -A Consumer Durables & Apparel 13,270.5 NA 19.0 (17.5) NA (45.4) NA 7.6 9.8 (4.3) 422 002224 CH Equity SANLUX CO LT -A Capital Goods 13,262.7 52.0 9.1 18.3 0.5 (4.1) 26.7 0.0 0.5 (7.0) 423 002284 CH Equity ZHEJIANG ASIA -A Automobiles & Components 13,246.5 94.5 5.0 5.4 0.6 (6.7) (36.7) 2.9 (1.0) (13.2) 424 002364 CH Equity HANGZHOU ZHONG-A Capital Goods 13,243.3 74.4 10.4 15.3 0.1 39.6 10.2 2.3 1.7 (10.3) 425 000939 CH Equity KAIDI ECOLOGIC-A Utilities 13,173.7 17.6 1.8 11.6 NA (13.2) (6.7) 2.3 0.6 (39.3) 426 000516 CH Equity XIAN INTERNA-A Retailing 13,146.9 65.2 3.9 7.8 0.3 0.5 (34.7) 3.7 1.4 (24.2) 427 002138 CH Equity SHENZHEN SUNLO-A Technology Hardware & Equipmen 13,092.4 41.1 5.3 13.5 1.1 13.9 20.0 5.1 6.1 23.1 428 000426 CH Equity INNER MONGOLIA-A Materials 13,073.1 NA 4.9 (1.3) NA (28.5) NA 5.5 7.9 55.1 429 002185 CH Equity TIANSHUI HUATI-A Semiconductors & Semiconductor 13,063.7 35.1 2.8 9.2 0.4 17.6 0.5 0.7 (0.2) (11.1) 430 002036 CH Equity LIANCHUANG ELE-A Consumer Durables & Apparel 13,056.6 40.0 9.4 16.8 0.1 (2.8) 0.0 0.7 15.4 (27.2) Source: Wind, Bloomberg, Bank of Communications (Int’l)

Download our reports from Bloomberg: BOCM 〈enter 〉 8

China Market Strategy 17 August 2016

Focus chart 6 (5) ： Shenzhen Hong Kong northbound stock pool target

Mkt Cap (Mil Dividend Sales Bloomberg Ticker short_name Industry Grp TTM PE TTM PB ROE EPS Grth 1Y W TD % MTD % YTD % RMB) Yield Grth_1Y 431 000860 CH Equity BEIJING SHUNX-A Food Beverage & Tobacco 13,049.4 36.3 2.3 6.6 0.4 1.1 (7.4) 1.3 (1.0) 7.4 432 002429 CH Equity SHENZHEN MTC -A Consumer Durables & Apparel 13,036.4 39.2 2.6 7.0 0.9 (14.0) (47.1) 1.1 4.4 (35.9) 433 000631 CH Equity SHUNFA HENGYE-A Real Estate 13,014.0 35.2 2.4 7.6 1.3 (29.8) (45.0) 5.3 10.1 (20.2) 434 000957 CH Equity ZHONGTONG BUS-A Capital Goods 12,972.7 22.7 5.7 31.4 1.1 97.2 35.0 6.5 22.6 79.1 435 000807 CH Equity YUNNAN ALUM-A Materials 12,891.6 179.9 2.3 1.5 NA (18.8) NA 2.3 5.4 (5.6) 436 000930 CH Equity COFCO BIOCHEM -A Materials 12,826.7 NA 9.1 (61.6) NA (8.7) NA 2.5 8.0 (10.0) 437 002250 CH Equity LIANHE CHEMICA-A Materials 12,812.9 21.7 2.9 14.1 0.8 0.4 11.6 3.8 11.4 (18.7) 438 300377 CH Equity SHENZHEN YSSTE-A Software & Services 12,807.2 141.4 5.1 4.7 0.3 25.0 26.2 8.3 8.6 5.0 439 000541 CH Equity FOSHAN ELEC-A Capital Goods 12,782.3 234.4 2.8 1.5 0.1 (6.3) (79.8) 2.6 (0.8) (32.0) 440 002570 CH Equity BEINGMATE BABY-A Food Beverage & Tobacco 12,771.3 109.3 3.4 3.1 NA (10.1) 42.9 2.4 1.3 (16.3) 441 002095 CH Equity ZHEJIANG NET -A Software & Services 12,764.9 828.1 25.5 3.1 NA 11.2 (47.5) 2.8 3.1 (31.4) 442 300185 CH Equity TONGYU HEAVY-A Capital Goods 12,689.7 75.5 2.5 3.4 0.9 13.9 44.4 14.6 28.7 26.8 443 002237 CH Equity SHANDONG HUMON-A Materials 12,681.9 79.6 3.4 4.2 NA (8.1) (27.3) 4.0 4.3 39.6 444 002577 CH Equity SHENZHEN RAPOO-A Technology Hardware & Equipmen 12,654.0 NA 10.7 (18.6) NA (4.2) NA 2.8 (9.1) (22.1) 445 002372 CH Equity ZHEJIANG WEIXI-A Materials 12,636.1 22.9 5.5 24.6 2.8 16.6 22.7 2.3 3.5 18.4 446 002625 CH Equity ZHEJIANG LONGS-A Automobiles & Components 12,634.7 299.7 23.4 8.0 0.0 0.7 8.2 2.4 (0.7) (13.6) 447 300386 CH Equity FEITIAN TECHNO-A Technology Hardware & Equipmen 12,624.9 68.8 8.4 12.7 0.4 (15.6) (37.7) 7.4 13.4 22.1 448 300191 CH Equity SINO GEOPHYSIC-A Energy 12,620.8 NA 10.8 (3.1) 0.0 (42.5) NA 6.0 11.6 (10.6) 449 002056 CH Equity HENGDIAN DMEGC-A Technology Hardware & Equipmen 12,573.5 35.9 3.4 10.1 0.7 7.9 (15.1) 3.2 4.9 8.9 450 002663 CH Equity PUBANG LANDSCA-A Commercial & Professional Serv 12,552.7 NA NA 3.2 0.2 (23.0) (57.2) NA NA NA 451 002440 CH Equity ZHEJIANG RUNTU-A Materials 12,532.8 27.4 2.1 7.6 2.4 (15.3) (42.9) 0.9 (7.0) (14.2) 452 002590 CH Equity ZHEJIANG VIE S-A Automobiles & Components 12,518.8 111.7 7.6 8.1 0.2 27.8 22.2 7.3 3.9 4.8 453 002121 CH Equity SHENZHEN CLOU-A Capital Goods 12,514.7 60.9 5.4 10.4 0.2 15.5 38.3 3.8 1.5 (11.3) 454 002519 CH Equity JIANGSU YINHE-A Technology Hardware & Equipmen 12,513.1 48.1 6.2 12.1 1.1 29.8 54.7 4.0 2.7 (8.4) 455 300439 CH Equity NINGBO MEDICAL-A Pharmaceuticals, Biotechnology 12,497.2 69.1 9.5 19.0 0.3 14.1 (43.3) 3.9 12.1 (10.2) 456 300073 CH Equity BEIJING EASPRI-A Materials 12,426.2 373.6 9.9 3.2 NA 37.6 NA 12.9 7.4 74.8 457 000607 CH Equity ZHEJIANG HUAME-A Media 12,405.7 46.2 8.1 19.3 NA 4.7 (22.2) 5.2 5.4 (13.9) 458 300339 CH Equity JIANGSU HOPERU-A Software & Services 12,399.6 56.9 3.9 8.9 0.4 53.7 42.2 5.8 2.5 (27.8) 459 002482 CH Equity SHENZHEN GRAND-A Capital Goods 12,394.2 42.9 2.1 5.1 0.5 (18.1) (51.0) 6.1 7.1 (31.7) 460 300271 CH Equity BEIJING THUNIS-A Software & Services 12,381.8 49.9 7.5 16.3 0.3 50.1 38.5 5.1 7.9 (19.0) 461 300078 CH Equity HANGZHOU CENTU-A Technology Hardware & Equipmen 12,369.9 72.3 9.4 11.8 0.2 73.7 80.9 4.9 4.6 (39.5) 462 300020 CH Equity ENJOYOR CO LTD-A Software & Services 12,328.8 57.3 4.0 8.3 0.1 (16.4) (40.0) 8.7 10.6 (23.3) 463 300406 CH Equity BEIJING STRONG-A Pharmaceuticals, Biotechnology 12,322.3 50.1 10.4 22.7 0.6 11.3 (3.0) 4.8 5.1 5.2 464 000657 CH Equity CHINA TUNGSTEN-A Materials 12,315.3 NA 4.2 (14.6) NA (30.0) NA 5.4 3.5 22.4 465 002675 CH Equity YANTAI DONGCHE-A Pharmaceuticals, Biotechnology 12,298.8 122.2 5.9 5.8 0.2 5.6 (19.2) 6.0 14.3 (0.5) 466 000926 CH Equity HUBEI FUXING-A Real Estate 12,246.3 19.2 1.3 7.2 1.9 4.1 (35.9) 3.3 7.9 (23.4) 467 300188 CH Equity XIAMEN MEIYA -A Technology Hardware & Equipmen 12,244.7 83.4 7.3 10.2 0.1 26.6 19.2 2.0 4.0 (50.4) 468 000901 CH Equity AEROSPACE HI-T-A Automobiles & Components 12,233.0 206.1 8.8 4.5 NA 19.5 33.3 3.0 (0.3) (28.5) 469 300212 CH Equity BEIJING E-HUAL-A Software & Services 12,225.1 103.1 5.0 6.1 0.3 2.9 (16.3) 0.8 6.4 (28.4) 470 002262 CH Equity JIANGSU NHWA -A Pharmaceuticals, Biotechnology 12,217.0 43.0 6.2 15.5 0.2 10.6 14.1 3.1 1.7 (14.0) 471 002325 CH Equity SHENZHEN HONG-A Capital Goods 12,198.8 34.9 3.6 11.2 0.3 (11.3) 9.8 2.2 4.2 (22.1) 472 002335 CH Equity XIAMEN KEHUA-A Capital Goods 12,185.1 63.2 7.7 12.9 NA 12.2 13.8 2.8 0.8 (6.2) 473 002698 CH Equity HARBIN BOSHI A-A Capital Goods 12,154.7 87.3 6.9 8.0 0.4 18.6 (6.0) 2.1 2.2 (39.2) 474 000090 CH Equity SHENZHEN TAGEN-A Capital Goods 12,133.6 23.6 2.0 7.9 1.4 17.8 (16.0) 4.1 15.2 (16.7) 475 002267 CH Equity SHAAN XI NATUR-A Utilities 12,121.6 19.4 2.3 12.3 1.8 27.6 7.1 2.3 5.0 (13.5) 476 002727 CH Equity YUNNAN HONGXIA-A Food & Staples Retailing 12,093.5 32.8 5.2 16.6 1.1 20.2 2.0 (0.3) (3.9) (19.7) 477 300054 CH Equity HUBEI DINGLONG-A Materials 12,061.4 66.3 8.1 12.9 0.2 14.1 16.1 0.9 9.2 0.3 478 300118 CH Equity RISEN ENERGY-A Semiconductors & Semiconductor 12,048.2 16.7 3.3 22.5 0.4 77.7 337.0 2.0 (0.9) 22.6 479 000410 CH Equity SHENYANG MACH-A Capital Goods 12,040.9 NA 6.2 (27.6) NA (18.1) NA 3.8 3.4 (37.1) 480 002329 CH Equity ROYAL GROUP CO-A Food Beverage & Tobacco 12,036.9 61.1 4.6 9.1 NA 49.1 86.3 3.8 2.7 (48.5) 481 000697 CH Equity SHAANXI LIGEA-A Materials 11,982.7 241.8 8.2 3.4 0.1 (40.4) (30.1) 2.5 2.6 (23.0) 482 300203 CH Equity FOCUSED PHOTON-A Commercial & Professional Serv 11,927.1 46.7 5.0 11.3 0.4 49.0 27.9 1.6 5.6 (23.2) 483 002502 CH Equity HUAWEI CULTURE-A Consumer Durables & Apparel 11,908.6 74.1 3.8 5.9 NA 23.7 191.7 2.6 10.4 8.6 484 002275 CH Equity GUILIN SANJIN -A Pharmaceuticals, Biotechnology 11,874.8 29.9 4.9 16.6 2.5 (6.5) (14.9) 1.7 7.4 (13.6) 485 000848 CH Equity HEBEI CHENGDE-A Food Beverage & Tobacco 11,840.6 24.8 4.1 27.5 1.3 0.1 5.7 3.8 (1.3) (4.7) 486 002703 CH Equity ZHEJIANG SHIBA-A Automobiles & Components 11,835.1 279.9 10.4 3.7 0.2 3.2 6.3 21.0 41.1 42.5 487 002703 CH Equity ZHEJIANG SHIBA-A Automobiles & Components 11,835.1 279.9 10.4 3.7 0.2 3.2 6.3 21.0 41.1 42.5 488 000861 CH Equity GUANGDONG HIGH-A Real Estate 11,811.8 63.8 4.2 6.3 NA (14.2) (34.2) 9.1 9.8 (32.1) 489 002737 CH Equity SUNFLOWER PHAR-A Pharmaceuticals, Biotechnology 11,782.2 38.4 4.8 13.1 0.7 11.7 (23.6) 2.3 (4.0) (15.2) 490 000006 CH Equity SHENZ ZHENYE-A Real Estate 11,772.0 44.6 2.7 6.0 1.4 61.1 (18.0) 4.7 17.4 (24.2) 491 001696 CH Equity CHONGQING ZONG-A Automobiles & Components 11,770.9 31.0 3.2 10.6 3.5 3.0 0.9 2.8 0.6 (25.6) 492 002436 CH Equity SHENZHEN FASTP-A Technology Hardware & Equipmen 11,759.4 81.3 5.3 6.7 0.2 26.7 3.1 (1.6) 3.2 23.2 493 000801 CH Equity SICHUAN JIUZHO-A Consumer Durables & Apparel 11,741.8 52.3 5.2 11.8 0.4 4.7 6.6 3.0 1.0 (25.8) 494 000536 CH Equity CPT TECHNOLOGY-A Technology Hardware & Equipmen 11,717.7 22.8 3.8 17.5 NA (22.6) (39.2) 0.8 10.8 2.0 495 000829 CH Equity TELLING TELECO-A Technology Hardware & Equipmen 11,707.2 NA 5.8 (11.3) NA 24.5 NA 0.2 (6.1) (0.1) 496 002662 CH Equity BEIJING WKW AU-A Automobiles & Components 11,692.5 28.4 2.6 9.5 1.9 47.9 (14.3) 2.9 4.7 (29.1) 497 300131 CH Equity SHENZHEN YITOA-A Technology Hardware & Equipmen 11,689.9 84.0 6.6 11.8 0.2 261.3 45.5 2.1 (1.6) (7.0) 498 002717 CH Equity LINGNAN LAND-A Capital Goods 11,651.2 57.3 5.7 12.4 0.1 74.0 42.5 4.0 (0.5) (33.6) 499 300090 CH Equity ANHUI SHENGYUN-A Capital Goods 11,589.2 14.5 2.2 19.1 0.6 34.4 216.3 0.3 5.9 (25.0) 500 002425 CH Equity KAISER CHINA -A Consumer Durables & Apparel 11,580.6 115.7 5.0 4.4 NA 16.8 850.0 3.5 1.8 (21.5) 501 300183 CH Equity QINGDAO EASTSO-A Technology Hardware & Equipmen 11,558.3 38.6 5.0 14.1 0.8 27.6 11.8 2.9 8.7 (5.5) 502 002168 CH Equity SHENZHEN HIFU -A Capital Goods 11,543.3 14,780.0 10.0 (0.2) NA (33.4) NA 3.4 5.6 24.9 503 002664 CH Equity XINZHI MOTOR C-A Automobiles & Components 11,540.6 49.1 7.3 15.8 0.2 (3.1) 9.7 5.8 5.8 (9.2) 504 300170 CH Equity HAND ENTERPRIS-A Software & Services 11,519.8 50.4 6.3 12.9 0.2 20.5 18.2 2.5 (5.2) (30.5) 505 002344 CH Equity HAINING CHINA-A Real Estate 11,513.6 22.0 2.3 10.8 0.3 (22.6) (41.7) 2.0 6.9 (33.0) 506 300079 CH Equity SUMAVISION TEC-A Technology Hardware & Equipmen 11,463.2 51.8 3.6 7.2 0.1 88.4 18.5 2.5 1.7 (31.4) 507 300215 CH Equity SUZHOU ELECTRI-A Commercial & Professional Serv 11,455.2 182.1 8.6 4.8 0.1 (1.0) (62.9) 15.8 23.4 (19.6) 508 300353 CH Equity KYLAND TECHNOL-A Technology Hardware & Equipmen 11,419.2 NA NA 7.0 0.0 66.8 188.0 NA NA NA 509 300336 CH Equity SHANGHAI NEW C-A Media 11,406.8 43.9 4.3 10.0 0.5 63.3 30.9 2.9 2.0 (49.5) 510 002156 CH Equity NANTONG FUJITS-A Semiconductors & Semiconductor 11,399.2 78.2 3.0 4.7 0.2 11.3 10.5 0.0 (5.9) (20.2) 511 002245 CH Equity JIANGSU AUCKSU-A Transportation 11,390.4 49.3 6.6 14.5 0.3 4.4 34.3 7.6 7.6 16.6 512 000719 CH Equity CENTRAL CHINA-A Media 11,388.3 15.9 1.8 12.2 1.2 0.5 2.3 2.3 3.8 (29.1) 513 002467 CH Equity NET263 LTD-A Telecommunication Services 11,355.9 99.0 4.9 5.9 0.3 (2.7) (60.9) 2.4 0.8 (32.1) 514 002367 CH Equity CANNY ELEVATOR-A Capital Goods 11,352.3 22.5 4.7 22.2 NA 16.0 21.5 1.5 1.2 (8.3) 515 002117 CH Equity TUNGKONG INC -A Commercial & Professional Serv 11,349.9 51.4 8.1 16.5 1.0 13.0 28.3 3.3 (3.6) (32.2) 516 002309 CH Equity ZHONGLI SCIENC-A Capital Goods 11,335.9 21.0 2.2 11.0 0.6 31.2 40.4 3.8 8.7 (5.9) 517 000501 CH Equity WUHAN DEPT STO-A Retailing 11,333.6 12.4 2.1 17.5 NA 2.1 21.5 1.0 7.3 (10.5) 518 000762 CH Equity TIBET MINERAL-A Materials 11,307.0 146.9 5.3 3.9 NA 76.7 NA 3.5 2.5 (17.5) 519 002279 CH Equity BEIJING JOIN -A Software & Services 11,300.9 74.8 5.8 8.9 0.2 119.8 65.1 3.3 0.3 (22.9) 520 300238 CH Equity GRANDHOPE BIOT-A Pharmaceuticals, Biotechnology 11,255.1 179.0 18.8 10.9 NA 18.4 26.8 2.0 6.6 (19.5) 521 000601 CH Equity GUANGDONG SHAO-A Utilities 11,248.5 27.8 2.7 10.2 1.4 (0.2) 8.3 4.1 8.0 (5.4) 522 000029 CH Equity SHENZ SP ECON-A Real Estate 11,233.2 39.3 5.1 13.5 1.1 (0.4) 1.1 6.0 15.4 (7.6) 523 002418 CH Equity ZHE JIANG KANG-A Materials 11,204.9 93.3 5.8 5.5 0.3 13.5 NA 2.7 3.0 (15.5) 524 300171 CH Equity SHANGHAI TOFFL-A Health Care Equipment & Servic 11,193.7 29.9 3.8 13.2 1.7 23.7 14.8 2.4 2.6 (41.2) 525 300485 CH Equity BEIJING SCIENC-A Pharmaceuticals, Biotechnology 11,174.4 46.8 5.9 16.6 0.4 2.8 (11.6) 3.9 1.7 (36.6) 526 300351 CH Equity ZHEJIANG YONGG-A Capital Goods 11,088.2 82.4 9.0 11.3 0.2 33.1 1.2 1.7 1.6 (7.9) 527 002596 CH Equity HAINAN RUIZE N-A Materials 11,047.7 137.5 5.4 3.9 0.1 20.0 52.6 1.5 3.1 (22.1) 528 002269 CH Equity METERSBONWE -A Consumer Durables & Apparel 11,038.6 NA 3.5 (12.3) NA (4.9) NA 1.9 2.3 (34.9) 529 000760 CH Equity STEYR MOTORS -A Automobiles & Components 11,009.5 NA 7.2 (13.4) NA (53.1) NA 2.6 0.2 (22.3) 530 300288 CH Equity LONGMASTER INF-A Software & Services 11,003.4 105.9 10.8 10.6 NA 161.5 163.6 3.0 1.0 (47.2) 531 300011 CH Equity BEIJING DING-A Capital Goods 10,996.2 47.7 5.3 11.6 0.3 43.9 29.7 0.1 (1.0) (30.3) 532 300037 CH Equity SHENZHEN CAPCH-A Materials 10,989.7 52.2 5.4 10.7 0.5 23.4 (7.7) 6.0 (1.3) 2.1 533 000971 CH Equity GOSUN HOLDING CO Consumer Durables & Apparel 10,989.1 268.7 6.5 5.3 NA 203.7 (50.0) 4.3 (3.1) (3.4) 534 002378 CH Equity CHONGYI ZHANG-A Materials 10,979.1 NA 5.8 (8.8) NA (34.0) NA 4.2 (2.6) (1.3) 535 002048 CH Equity NINGBO HUAXIAN-A Automobiles & Components 10,972.0 56.9 2.5 4.2 0.5 12.6 (69.7) 2.2 (2.5) 19.0 536 300224 CH Equity YANTAI ZHENGHA-A Capital Goods 10,929.2 81.8 5.1 6.5 0.3 77.2 29.7 2.9 7.3 (6.8) 537 002550 CH Equity CHANGZHOU QIAN-A Pharmaceuticals, Biotechnology 10,854.4 39.8 4.6 12.3 0.9 (7.0) 9.1 2.3 3.9 (23.3) 538 000828 CH Equity DONGGUAN DEVEL-A Transportation 10,842.2 13.1 2.3 18.5 2.9 17.1 38.3 3.0 8.1 (17.9) 539 000908 CH Equity HUNAN JINGFENG-A Capital Goods 10,794.8 33.8 5.0 15.9 0.7 25.7 (25.5) 3.3 0.0 (16.3) 540 000016 CH Equity KONKA GROUP-A Consumer Durables & Apparel 10,741.9 NA 4.6 (36.2) NA (5.5) NA 0.9 6.5 (22.0) Source: Wind, Bloomberg, Bank of Communications (Int’l)

Download our reports from Bloomberg: BOCM 〈enter 〉 9

China Market Strategy 17 August 2016

Focus chart 6 (6) ： Shenzhen Hong Kong northbound stock pool target

Mkt Cap (Mil Dividend Sales Bloomberg Ticker short_name Industry Grp TTM PE TTM PB ROE EPS Grth 1Y W TD % MTD % YTD % RMB) Yield Grth_1Y 541 002609 CH Equity SHENZHEN JIESH-A Capital Goods 10,729.7 73.5 11.0 16.6 0.6 18.9 42.9 4.3 2.5 (14.3) 542 300316 CH Equity ZHEJIANG JINGS-A Semiconductors & Semiconductor 10,727.1 86.8 5.8 6.3 0.5 142.0 65.0 3.3 2.7 (17.3) 543 002601 CH Equity HENAN BILLIONS-A Materials 10,700.3 88.7 4.5 4.9 0.7 29.2 72.7 1.3 6.2 35.3 544 002504 CH Equity BEIJING HONGGA-A Semiconductors & Semiconductor 10,699.1 17.8 2.0 34.7 0.6 5.9 (5.8) 3.0 8.3 (12.9) 545 002752 CH Equity SHENGXING GROU-A Materials 10,672.2 NA NA 11.2 0.4 8.9 6.5 NA NA NA 546 002408 CH Equity ZIBO QIXIANG-A Materials 10,651.3 55.6 1.9 3.7 1.5 (17.8) (44.7) 1.9 7.0 (0.8) 547 002118 CH Equity JILIN ZIXIN -A Pharmaceuticals, Biotechnology 10,630.3 191.7 4.2 2.3 NA (18.5) (11.1) 5.0 2.5 (14.9) 548 002025 CH Equity GUIZHOU SPACE-A Capital Goods 10,613.5 43.7 5.2 12.5 0.7 16.8 13.2 4.2 6.8 (4.8) 549 002636 CH Equity GOLDENMAX INTE-A Technology Hardware & Equipmen 10,599.7 134.3 7.4 5.7 NA 12.5 28.3 2.5 0.6 (35.9) 550 002266 CH Equity ZHEFU HOLDING -A Capital Goods 10,566.4 NA NA 2.5 0.2 3.0 (25.7) NA NA NA 551 002501 CH Equity JILIN LIYUAN P-A Materials 10,539.5 21.5 2.6 12.8 NA 18.0 20.0 3.8 4.7 (11.9) 552 002531 CH Equity TITAN WIND-A Capital Goods 10,532.8 31.9 4.5 15.7 0.4 54.9 76.2 8.9 14.3 (6.9) 553 002104 CH Equity HENGBAO CO LTD-A Technology Hardware & Equipmen 10,524.2 28.4 6.5 25.7 0.7 17.4 29.3 2.7 2.7 (38.5) 554 002419 CH Equity RAINBOW DEPART-A Retailing 10,514.6 8.5 1.8 23.7 4.2 2.3 125.4 3.6 5.9 (2.7) 555 300494 CH Equity HUBEI CENTURY-A Software & Services 10,512.0 103.1 13.2 14.2 NA 4.2 (27.4) 4.4 2.4 236.1 556 002251 CH Equity BETTER LIFE -A Food & Staples Retailing 10,508.5 65.4 2.1 3.2 1.1 26.0 (47.1) 3.5 2.2 (17.2) 557 002022 CH Equity SHANGHAI KEHUA-A Pharmaceuticals, Biotechnology 10,476.9 48.2 6.0 14.2 0.6 (5.2) (29.8) 2.9 2.2 (29.8) 558 002547 CH Equity SUZHOU CHUNXIN-A Materials 10,474.0 53.6 5.4 10.5 0.2 (5.0) 50.0 4.3 1.8 (22.1) 559 002396 CH Equity FUJIAN STAR-A Technology Hardware & Equipmen 10,458.8 39.4 4.0 11.1 0.5 24.2 7.7 4.8 4.5 (19.7) 560 300307 CH Equity NINGBO CIXING -A Capital Goods 10,434.0 79.4 2.7 3.4 0.8 (1.6) NA 2.0 3.5 (19.0) 561 300216 CH Equity HUNAN CHINA SU-A Capital Goods 10,394.9 163.0 10.3 6.4 0.1 (7.7) (53.4) 4.7 6.8 (34.8) 562 002622 CH Equity JILIN YONGDA G-A Capital Goods 10,306.8 125.0 8.9 7.2 NA (8.9) 92.5 2.3 19.6 (2.9) 563 000688 CH Equity JIANXIN MINING-A Capital Goods 10,281.2 36.1 6.8 20.9 NA 10.3 (10.6) 3.1 5.6 (12.1) 564 000612 CH Equity JIAOZUO WANFAN-A Materials 10,276.8 NA 2.1 (0.4) 2.9 (11.2) NA 0.6 14.0 13.0 565 300083 CH Equity JANUS DONGGUAN-A Consumer Durables & Apparel 10,264.0 NA 2.0 (10.5) NA (10.3) NA 2.4 0.6 (39.1) 566 000667 CH Equity MYHOME REAL ES-A Real Estate 10,264.0 15.4 1.7 11.5 0.6 120.7 468.5 1.0 6.1 (19.2) 567 002305 CH Equity WUHAN LANGOLD-A Real Estate 10,258.6 NA 2.9 (0.2) NA 3.3 (90.6) 2.2 1.2 (7.4) 568 002428 CH Equity YUNNAN LINCANG-A Materials 10,240.9 520.9 6.5 1.4 0.2 (27.6) (52.6) 2.1 3.1 (22.7) 569 300178 CH Equity SHENZHEN TEMPU-A Consumer Services 10,198.6 64.0 7.0 11.4 0.2 101.1 50.3 3.6 3.3 (36.9) 570 002474 CH Equity FUJIAN RONGJI-A Software & Services 10,197.9 711.3 7.4 1.0 NA 4.3 (29.1) 1.2 7.8 (31.6) 571 002349 CH Equity NANTONG JINGHU-A Pharmaceuticals, Biotechnology 10,179.5 91.9 5.0 6.2 0.3 35.0 51.2 2.8 (6.1) (6.1) 572 000665 CH Equity HUBEI BROADCAS-A Media 10,179.5 26.9 1.9 7.1 0.6 35.3 13.7 2.7 (0.7) (18.3) 573 002668 CH Equity GUANGDONG HOMA-A Consumer Durables & Apparel 10,170.7 36.3 5.7 16.9 0.3 5.4 30.9 5.6 7.8 (26.2) 574 002043 CH Equity DEHUA TB NEW-A Materials 10,167.8 76.5 7.1 10.3 0.7 16.6 122.2 0.9 3.5 30.9 575 002145 CH Equity CNNC HUA YUAN-A Materials 10,167.0 NA 4.1 (6.4) NA (5.9) NA 0.0 3.7 25.1 576 002093 CH Equity GUOMAI-A Software & Services 10,163.8 178.5 7.4 4.2 NA 7.7 (23.1) 3.0 3.2 (21.0) 577 002298 CH Equity ANHUI SINONET & Capital Goods 10,145.7 75.2 3.3 5.9 0.2 6.8 275.1 2.4 0.3 (16.6) 578 002551 CH Equity SHENZHEN GLORY-A Capital Goods 10,138.0 66.0 5.8 9.5 NA 42.4 13.1 2.7 6.8 (30.8) 579 002011 CH Equity ZHEJIANG DUN'A-A Capital Goods 10,116.9 123.4 2.3 1.7 NA (11.3) (33.3) 3.4 2.6 (34.0) 580 300077 CH Equity NATIONZ TECHNO-A Semiconductors & Semiconductor 10,061.0 94.5 3.5 3.7 0.3 31.9 700.0 3.0 0.8 (21.0) 581 002651 CH Equity CHENGDU LEEJUN-A Capital Goods 10,045.1 80.5 5.3 6.9 0.6 (22.7) (46.2) 2.7 3.5 (22.1) 582 000650 CH Equity RENHE PHARMACY-A Pharmaceuticals, Biotechnology 10,030.6 23.8 4.0 18.3 NA 12.0 33.3 2.1 (1.7) (23.4) 583 300036 CH Equity BEIJING SUPRMP-A Software & Services 10,025.6 139.1 12.3 9.2 0.2 29.4 52.9 4.1 3.3 14.3 584 002293 CH Equity LUOLAI LIFESTY-A Consumer Durables & Apparel 10,007.9 26.5 3.9 15.4 1.4 5.5 2.1 2.0 6.1 (21.8) 585 002161 CH Equity INVENGO INFORM-A Technology Hardware & Equipmen 9,979.3 629.2 6.2 1.0 0.1 (21.1) (67.7) 2.3 (6.0) (39.5) 586 000982 CH Equity NINGXIA ZHONGY-A Consumer Durables & Apparel 9,945.8 NA 3.0 (26.0) NA 2.4 NA 1.5 4.6 18.8 587 002355 CH Equity XINGMIN INTEL-A Automobiles & Components 9,935.0 NA NA 1.8 0.1 (16.5) (50.0) NA NA NA 588 000030 CH Equity FAWER AUTOMOTI-A Automobiles & Components 9,919.4 20.1 2.1 10.7 1.9 (13.6) (18.8) 2.4 0.7 (24.2) 589 000726 CH Equity LUTHAI TEXTILE-A Consumer Durables & Apparel 9,908.4 15.8 1.6 10.4 4.2 (0.0) (25.0) 3.0 4.0 (12.8) 590 002658 CH Equity BEIJING SDL TE-A Technology Hardware & Equipmen 9,889.8 40.9 6.2 16.5 0.5 35.3 31.4 1.1 0.0 (39.9) 591 300005 CH Equity TOREAD HOLDING-A Consumer Durables & Apparel 9,886.3 35.5 5.8 17.1 NA 122.7 (16.7) 2.7 2.1 (27.3) 592 002464 CH Equity KEE EVER BRIGH-A Materials 9,853.5 221.1 10.0 5.2 NA 6.4 NA 0.0 0.0 (16.7) 593 002481 CH Equity YANTAI SHUANGT-A Food Beverage & Tobacco 9,829.2 47.8 3.8 7.7 0.1 16.6 10.3 3.0 0.6 (44.0) 594 300109 CH Equity BOAI NKY PHARM-A Materials 9,828.3 132.9 8.3 8.1 0.2 14.5 65.4 3.9 10.7 (44.6) 595 002215 CH Equity SHENZHEN NOPO -A Materials 9,817.5 332.6 5.1 1.4 0.9 0.3 16.1 1.3 (3.8) (44.6) 596 300467 CH Equity SICHUAN XUN YO-A Software & Services 9,798.6 155.3 21.7 21.9 0.3 (1.0) (24.4) 2.8 (4.8) (35.0) 597 002462 CH Equity CACHET PHARMAC-A Health Care Equipment & Servic 9,788.1 47.6 5.2 12.4 0.6 47.1 (24.2) 2.5 0.8 (22.8) 598 002518 CH Equity SHENZHEN KSTAR-A Capital Goods 9,785.5 39.2 5.4 14.7 0.8 9.7 54.9 2.3 (0.5) (6.6) 599 002317 CH Equity GUANGDONG ZHON-A Pharmaceuticals, Biotechnology 9,778.3 25.6 4.4 17.7 1.0 20.5 32.3 4.3 2.4 0.1 600 300363 CH Equity PORTON FINE CH-A Pharmaceuticals, Biotechnology 9,777.3 77.0 8.4 12.6 0.2 3.3 (12.7) 3.9 4.5 (15.2) 601 300045 CH Equity HWA CREATE CO -A Software & Services 9,764.6 287.8 10.7 4.0 NA 2.7 (33.3) 6.1 4.3 (28.1) 602 000036 CH Equity CHINA UNION HO-A Real Estate 9,755.7 56.3 4.5 8.6 NA 102.2 101.6 2.1 5.7 (4.6) 603 300413 CH Equity HAPPIGO HOME S-A Retailing 9,740.3 NA NA 7.5 0.3 2.3 (46.8) NA NA NA 604 002181 CH Equity GUANGDONG GUAN-A Commercial & Professional Serv 9,729.7 NA 2.5 (12.2) NA (19.8) NA 2.1 2.9 (47.1) 605 300379 CH Equity BEIJING TONGTE-A Software & Services 9,701.0 105.4 4.9 6.3 0.2 22.7 9.3 4.4 3.8 (42.7) 606 000795 CH Equity INNUOVO TECHNO-A Materials 9,693.0 NA 6.4 (2.9) NA (8.4) NA 2.4 4.3 11.1 607 000068 CH Equity SHENZHEN HUAK-A Technology Hardware & Equipmen 9,674.1 1,819.7 16.4 0.9 NA 154.2 NA 1.2 2.2 (24.2) 608 002094 CH Equity QINGDAO KING -A Household & Personal Products 9,665.0 89.3 10.6 13.3 NA 20.8 86.7 0.0 0.0 (17.8) 609 300004 CH Equity NANFENG VENT-A Capital Goods 9,659.9 209.4 3.2 1.6 0.2 0.4 (64.0) 3.0 (2.0) (28.7) 610 300311 CH Equity SURFILTER NETW-A Software & Services 9,630.2 96.4 8.3 12.3 0.1 21.0 40.5 3.0 5.3 (16.8) 611 002557 CH Equity QIAQIA FOOD CO-A Food Beverage & Tobacco 9,612.7 24.5 3.5 14.5 2.6 6.4 24.1 1.1 (6.3) 1.3 612 002471 CH Equity JIANGSU ZHONGC-A Capital Goods 9,598.8 92.5 5.5 6.1 0.1 6.1 9.7 1.9 13.8 (24.8) 613 002111 CH Equity WAIHAI GUANGTA-A Capital Goods 9,590.6 49.7 4.7 11.0 0.5 30.4 38.9 4.5 4.6 (12.5) 614 002283 CH Equity TIANRUN CRANK -A Capital Goods 9,586.8 NA NA 4.4 0.2 3.7 12.5 NA NA NA 615 000733 CH Equity CHINA ZHENHUA-A Technology Hardware & Equipmen 9,565.2 44.1 2.7 6.3 0.1 21.5 35.7 2.9 2.1 (18.5) 616 002527 CH Equity SHANGHAI STEP-A Capital Goods 9,538.2 47.0 3.6 8.3 0.7 15.3 (12.7) 2.5 2.3 (30.1) 617 002277 CH Equity HUNAN FRIENDSH-A Retailing 9,533.8 26.3 2.3 8.9 0.7 3.0 (12.5) 4.4 7.7 (3.1) 618 002488 CH Equity ZHEJIANG JINGU-A Automobiles & Components 9,523.9 657.0 6.1 1.1 0.4 15.8 (35.7) 4.5 6.5 (35.4) 619 300229 CH Equity BEIJING TRS-A Software & Services 9,479.9 77.4 6.2 8.3 0.2 33.7 14.8 2.3 3.3 (36.0) 620 300110 CH Equity QINGDAO HUAREN-A Pharmaceuticals, Biotechnology 9,453.5 4,638.7 6.5 0.4 NA 20.4 (62.5) 1.4 (4.4) 2.6 621 000973 CH Equity FSPG HI-TECH -A Materials 9,432.4 105.7 4.6 4.4 0.5 4.9 12.5 2.2 (1.6) (25.0) 622 300147 CH Equity XIANGXUE PHARM-A Pharmaceuticals, Biotechnology 9,419.4 49.9 2.7 6.5 0.8 (4.1) (13.3) 2.3 2.3 (43.1) 623 000958 CH Equity SHIJIAZHUANG D-A Utilities 9,396.9 17.6 3.8 27.9 NA (4.6) 2.5 (1.1) 3.2 (33.7) 624 000739 CH Equity APELOA PHARMA-A Pharmaceuticals, Biotechnology 9,392.9 47.4 3.8 8.2 0.7 2.5 (40.0) (0.1) 6.9 (0.1) 625 002137 CH Equity SHENZHEN SEA -A Technology Hardware & Equipmen 9,385.9 225.4 6.3 3.7 NA (23.4) 26.0 (1.3) 11.1 (29.2) 626 002170 CH Equity SHENZHEN BATIA-A Materials 9,381.6 57.5 5.0 8.7 1.0 (8.3) (15.9) 4.8 14.1 (18.4) 627 002626 CH Equity XIAMEN KINGDOM-A Pharmaceuticals, Biotechnology 9,377.3 78.6 6.2 8.0 0.3 43.6 (41.2) 1.4 (0.2) (16.1) 628 300451 CH Equity B-SOFT CO LTD-A Health Care Equipment & Servic 9,370.7 NA NA 10.5 0.1 4.9 (11.8) NA NA NA 629 002194 CH Equity WUHAN FING -A Technology Hardware & Equipmen 9,361.0 142.7 4.6 3.2 0.1 0.2 (48.0) (1.5) 10.9 (0.9) 630 300352 CH Equity BEIJING VRV SO-A Software & Services 9,344.4 133.5 11.1 9.2 0.1 79.7 (18.4) 1.6 2.5 (44.6) 631 002318 CH Equity ZHEJIANG JIULI-A Materials 9,340.7 78.7 3.8 4.7 0.2 (6.4) (38.5) 3.3 3.6 (27.5) 632 002288 CH Equity GUANGDONG CHAO-A Technology Hardware & Equipmen 9,335.1 1,263.7 5.4 0.4 0.0 (12.9) 525.5 2.7 (3.1) (14.2) 633 000851 CH Equity GOHIGH DATA-A Technology Hardware & Equipmen 9,325.8 106.6 3.5 3.3 0.1 4.9 38.2 2.4 12.1 0.9 634 300392 CH Equity BEIJING TENSYN-A Software & Services 9,323.5 63.9 10.4 17.7 0.2 73.2 (77.9) 1.8 (0.5) (39.3) 635 000055 CH Equity CHINA FANGDA-A Capital Goods 9,317.0 109.5 9.3 8.5 0.6 31.4 7.7 1.9 (1.9) 10.5 636 002646 CH Equity QINGHAI HUZHU -A Food Beverage & Tobacco 9,301.5 43.1 3.7 8.8 0.9 2.8 (27.2) 1.9 1.0 (9.4) 637 002238 CH Equity SHENZHEN TOPWA-A Media 9,285.0 32.8 3.6 11.3 1.1 (10.7) 60.0 2.2 3.2 (18.7) 638 300031 CH Equity WUXI BOTON TEC-A Capital Goods 9,284.4 106.2 4.7 5.0 NA (6.6) (7.2) 3.8 0.4 (25.5) 639 300065 CH Equity BEIJING HIGHLA-A Technology Hardware & Equipmen 9,263.9 189.6 7.8 4.9 0.1 (16.5) 88.9 5.9 4.8 0.4 640 000673 CH Equity CONTEMPORARY E-A Media 9,250.3 67.0 4.4 12.1 NA 2,134.2 NA 1.6 1.2 (33.2) 641 002711 CH Equity EUROPOL INTELL-A Commercial & Professional Serv 9,247.2 57.2 6.7 14.0 0.2 (2.4) 3.8 2.3 0.6 (20.0) 642 002254 CH Equity YANTAI TAYHO A-A Consumer Durables & Apparel 9,199.2 100.7 4.7 4.8 NA (10.0) (36.0) 0.2 8.0 (5.2) 643 000065 CH Equity NORINCO INTL -A Capital Goods 9,196.9 39.7 4.7 15.5 0.2 44.1 12.3 3.6 11.5 9.8 644 002389 CH Equity ZHEJIANG NANYA-A Technology Hardware & Equipmen 9,193.5 NA NA 4.0 0.2 32.0 77.8 NA NA NA 645 300012 CH Equity CENTRE TESTING-A Commercial & Professional Serv 9,188.9 53.3 6.5 12.6 0.4 39.2 20.5 1.9 6.1 (2.4) 646 300373 CH Equity YANGZHOU YANGJ-A Semiconductors & Semiconductor 9,141.9 62.2 10.1 17.7 0.3 29.1 19.6 3.3 2.7 1.0 647 002468 CH Equity ZHEJIANG IDC-A Capital Goods 9,140.4 1,863.5 12.7 0.7 0.0 (15.8) (60.0) 3.2 (6.0) (29.6) 648 000910 CH Equity DARE TECH CO -A Capital Goods 9,129.2 28.2 3.9 13.0 0.3 (9.2) 93.5 3.4 3.7 4.0 649 000552 CH Equity GANSU JINGYUAN-A Energy 9,125.0 55.5 1.5 2.7 0.5 (20.7) (64.9) 4.2 8.4 (20.8) 650 002042 CH Equity HUAFU TOP DYED-A Consumer Durables & Apparel 9,079.6 25.7 2.4 9.7 0.9 10.9 100.0 3.6 4.7 (9.5) Source: Wind, Bloomberg, Bank of Communications (Int’l)

Download our reports from Bloomberg: BOCM 〈enter 〉 10

China Market Strategy 17 August 2016

Focus chart 6 (7) ： Shenzhen Hong Kong northbound stock pool target

Mkt Cap (Mil Dividend Sales Bloomberg Ticker short_name Industry Grp TTM PE TTM PB ROE EPS Grth 1Y W TD % MTD % YTD % RMB) Yield Grth_1Y 651 002432 CH Equity ANDON HEALTH C-A Health Care Equipment & Servic 9,071.6 NA 6.1 (14.1) NA (6.4) NA 9.6 23.7 (15.1) 652 000882 CH Equity BEIJING HUALIA-A Retailing 9,060.2 38.8 1.4 3.8 1.6 (21.0) 197.0 2.3 3.6 (28.7) 653 300187 CH Equity YONKER ENVIRON-A Commercial & Professional Serv 9,053.5 63.9 6.6 12.1 0.1 (14.3) 103.7 2.4 2.1 (21.9) 654 002345 CH Equity GUANGDONG CHJ-A Consumer Durables & Apparel 9,051.1 35.1 3.5 10.1 0.9 8.8 15.4 5.1 5.8 (36.6) 655 000893 CH Equity DONLINKS INTL -A Food Beverage & Tobacco 9,045.0 56.0 2.1 3.1 NA (12.9) NA 1.5 3.1 (28.1) 656 002463 CH Equity WUS PRINTED-A Technology Hardware & Equipmen 9,040.5 170.3 2.8 1.7 NA 2.8 NA 1.7 1.5 (16.4) 657 300034 CH Equity BEIJING CISRI-A Capital Goods 9,037.1 72.0 7.3 10.5 0.3 14.8 12.1 4.7 1.5 7.0 658 002546 CH Equity NANJING XINLIA-A Technology Hardware & Equipmen 9,007.7 48.6 5.7 11.6 1.0 34.0 1.6 0.8 4.1 (7.4) 659 002073 CH Equity MESNAC CO LTD -A Capital Goods 8,978.3 55.4 2.2 3.9 0.3 (14.8) 3.8 2.6 4.0 (34.9) 660 300039 CH Equity SHANGHAI KAIBA-A Pharmaceuticals, Biotechnology 8,934.2 31.6 4.2 13.9 0.9 (13.9) (21.1) 3.3 3.7 (22.3) 661 000777 CH Equity SUFA TECH INDS-A Capital Goods 8,933.6 112.5 7.7 7.1 0.3 (1.0) 20.5 4.0 2.6 (25.8) 662 300053 CH Equity ZHUHAI ORBITA-A Semiconductors & Semiconductor 8,899.7 135.9 7.1 6.6 0.1 119.6 112.0 3.5 0.3 (5.5) 663 000875 CH Equity JILIN POWER-A Utilities 8,851.3 66.2 2.2 3.3 NA (9.6) 57.4 2.5 2.4 (34.1) 664 000936 CH Equity JIANGSU HUAX-A Consumer Durables & Apparel 8,851.3 91.2 3.3 3.4 0.3 (2.6) 37.5 2.1 3.0 (28.2) 665 000928 CH Equity SINOSTEEL ENGI-A Capital Goods 8,771.0 17.9 2.9 18.0 NA (12.0) 115.2 3.7 5.2 (22.8) 666 002100 CH Equity TECON BIOLOGY -A Food Beverage & Tobacco 8,766.8 29.8 3.6 13.3 1.3 (1.6) 0.0 1.6 2.5 (9.5) 667 002130 CH Equity SHENZHEN WOER -A Capital Goods 8,762.9 15.1 5.2 36.1 0.7 (0.8) 316.7 3.1 2.7 (32.9) 668 300204 CH Equity STAIDSON BEIJI-A Pharmaceuticals, Biotechnology 8,748.0 40.3 5.1 13.1 0.8 14.4 8.9 2.5 (1.6) (27.4) 669 300348 CH Equity SHENZHEN SUNLI-A Software & Services 8,746.7 201.9 11.6 6.7 0.1 75.0 (1.8) 3.7 8.9 (21.0) 670 300075 CH Equity BEIJING EGOVA-A Software & Services 8,737.4 68.6 6.8 10.2 0.2 18.9 1.6 2.7 0.4 (28.8) 671 002031 CH Equity GREATOO INTELLIG Automobiles & Components 8,731.6 90.9 2.9 3.2 0.8 (7.6) (28.8) 3.1 2.6 (28.3) 672 002479 CH Equity ZHEJIANG FUCHU-A Utilities 8,712.1 42.8 3.1 7.8 1.4 (22.9) 0.0 2.2 1.8 (18.4) 673 000525 CH Equity NANJING REDSUN-A Materials 8,653.5 134.7 1.8 1.5 3.4 (33.1) (57.4) 1.6 6.4 (12.0) 674 002302 CH Equity CHINA WEST CON-A Materials 8,650.1 21.5 2.2 10.7 0.6 0.8 4.7 0.0 10.0 (5.9) 675 002612 CH Equity LANCY CO LTD-A Consumer Durables & Apparel 8,604.0 117.3 3.7 3.0 0.9 (6.8) (38.9) 2.9 3.4 (43.0) 676 300378 CH Equity DIGIWIN SOFTWA-A Software & Services 8,603.9 910.9 7.5 0.8 0.2 (3.1) (81.4) 4.7 2.3 (27.1) 677 002197 CH Equity SHENZHEN ZHENG-A Technology Hardware & Equipmen 8,571.9 102.3 7.0 7.0 0.3 16.8 26.7 4.4 7.0 (24.6) 678 000572 CH Equity HAIMA AUTOMOBI-A Automobiles & Components 8,568.6 73.5 1.2 1.6 1.0 (1.3) (23.8) 2.0 2.0 (18.6) 679 002751 CH Equity SHENZHEN ESUN -A Commercial & Professional Serv 8,560.9 196.6 19.6 11.5 0.1 24.0 (7.5) 14.2 12.3 (43.3) 680 300066 CH Equity SANCHUAN WISDOM Technology Hardware & Equipmen 8,549.1 57.6 6.1 11.6 0.4 (7.5) 8.8 3.8 7.5 (6.7) 681 002301 CH Equity SHENZHEN COMIX-A Commercial & Professional Serv 8,462.0 98.7 7.2 7.6 NA (3.0) (37.5) 0.8 11.4 3.8 682 002035 CH Equity VATTI CORP LTD-A Consumer Durables & Apparel 8,451.2 38.8 5.4 14.3 1.7 (12.1) (25.6) 3.4 (3.6) 32.5 683 000035 CH Equity CHINA TIANYING-A Technology Hardware & Equipmen 8,447.0 36.5 2.6 12.9 NA 49.6 5.7 2.6 1.8 (11.1) 684 002028 CH Equity SIEYUAN ELECTR-A Capital Goods 8,418.8 22.3 2.1 9.9 1.5 9.0 (17.6) 2.4 4.3 (15.5) 685 300226 CH Equity SHANGHAI GANGL-A Software & Services 8,416.7 NA 22.7 (58.9) NA 182.7 NA 5.0 2.1 4.1 686 000498 CH Equity SHANDONG HI-SP-A Capital Goods 8,412.2 24.6 2.8 12.0 NA 9.1 21.0 5.2 14.0 (16.3) 687 002516 CH Equity KUANGDA TECHNO-A Consumer Durables & Apparel 8,396.4 30.5 3.6 12.2 0.4 6.6 49.1 2.4 7.5 (11.9) 688 000819 CH Equity YUEYANG XINGCH-A Materials 8,388.2 209.1 12.3 6.0 0.1 1.5 19.6 0.9 0.5 (9.3) 689 000767 CH Equity SHANXI ZHANGZE-A Utilities 8,383.9 52.6 1.5 2.8 NA (17.6) (31.4) 2.2 3.6 (35.5) 690 002650 CH Equity IAJIA FOOD GRO-A Food Beverage & Tobacco 8,375.0 56.9 4.4 8.1 0.6 4.4 12.1 2.0 (2.5) (10.5) 691 002172 CH Equity JIANGSU AOYANG-A Materials 8,338.4 45.0 7.9 22.5 NA (18.5) NA 4.3 0.4 (19.4) 692 000816 CH Equity JIANGSU NONGHU-A Capital Goods 8,328.4 437.8 2.5 0.6 0.2 (19.8) (50.0) 2.3 2.3 (29.6) 693 002387 CH Equity BLACKCOW FOOD-A Food Beverage & Tobacco 8,318.8 NA 11.7 (61.6) NA (26.0) NA 1.5 9.0 (5.1) 694 002461 CH Equity GUANGZHOU ZHUJ-A Food Beverage & Tobacco 8,318.4 96.0 2.4 2.6 0.4 (0.3) 33.3 1.8 3.5 (19.9) 695 002204 CH Equity DALIAN HUARUI -A Capital Goods 8,304.9 362.9 1.3 0.3 0.2 (13.4) 0.0 2.9 1.4 (14.0) 696 000751 CH Equity HULUDAO ZINC-A Materials 8,290.0 91.0 4.1 4.6 NA (5.3) 0.0 1.7 6.5 (8.4) 697 002206 CH Equity ZHEJIANG HAILI-A Materials 8,287.8 36.4 3.5 10.2 2.5 (7.2) 37.5 3.0 1.5 7.0 698 002741 CH Equity GUANGDONG GUAN-A Materials 8,265.6 143.5 11.3 10.6 0.3 11.6 (36.0) 4.6 3.2 (30.4) 699 300048 CH Equity HICONICS DRIVE-A Capital Goods 8,250.8 72.9 3.5 5.6 0.2 20.9 15.4 6.2 5.0 (1.1) 700 002540 CH Equity JIANGSU ASIA-A Materials 8,247.2 36.6 3.0 8.5 0.6 2.0 8.8 2.5 2.9 (20.5) 701 300228 CH Equity ZHANGJIAGANG F-A Capital Goods 8,236.0 NA 4.1 (2.5) 0.0 (35.0) (92.5) 2.5 2.2 (10.3) 702 002638 CH Equity DONGGUAN KINGS-A Capital Goods 8,233.4 396.6 3.6 0.9 0.0 (6.0) 100.0 1.6 (2.3) 43.3 703 000531 CH Equity GUANGZHOU HENG-A Utilities 8,221.0 20.2 2.3 11.7 1.3 (47.6) (30.3) 3.3 5.1 (2.8) 704 002067 CH Equity ZHEJIANG JING -A Materials 8,215.6 47.7 2.7 5.7 NA 2.1 0.0 2.9 0.4 (15.9) 705 002441 CH Equity ZHONGYEDA ELEC-A Capital Goods 8,205.6 50.0 2.4 5.5 0.7 (6.7) (14.3) 2.2 (0.1) (31.9) 706 000636 CH Equity GUANGDONG FENG-A Technology Hardware & Equipmen 8,200.3 96.5 1.8 2.1 0.3 (13.7) (42.9) 2.9 (1.7) (19.7) 707 000070 CH Equity SHENZHEN SDG I-A Technology Hardware & Equipmen 8,188.6 66.3 5.2 8.5 0.1 28.0 63.3 2.6 4.5 (18.6) 708 002332 CH Equity ZHEJIANG XIAN-A Pharmaceuticals, Biotechnology 8,172.6 67.8 3.8 6.4 0.7 0.3 81.8 7.0 4.9 (11.7) 709 002630 CH Equity CHINA WESTERN-A Capital Goods 8,162.3 NA NA 7.1 0.3 12.9 30.8 NA NA NA 710 002484 CH Equity NANTONG JIANGH-A Capital Goods 8,152.3 62.3 4.8 7.9 0.8 (5.4) (16.0) 8.7 6.2 (5.4) 711 000797 CH Equity CHINA WUJI CO-A Real Estate 8,151.7 58.2 4.0 7.5 0.3 12.0 13.8 2.6 12.5 (20.8) 712 000099 CH Equity CITIC OFFSHORE-A Transportation 8,121.3 53.5 2.9 5.5 0.6 (3.8) (20.0) 3.6 3.3 (9.3) 713 300096 CH Equity YLZ INFO-A Software & Services 8,118.4 458.0 11.5 2.6 0.0 (7.0) (54.1) 2.3 5.4 (29.2) 714 000669 CH Equity PETROCHINA JIN-A Energy 8,111.4 31.6 2.1 6.4 0.9 (5.0) (34.9) 2.5 2.7 (25.3) 715 002005 CH Equity ELEC-TECH INTE-A Consumer Durables & Apparel 8,099.1 329.5 1.5 0.5 NA 8.5 30.3 2.1 2.8 (42.8) 716 002091 CH Equity JIANGSU GUOTAI-A Capital Goods 8,098.6 28.6 4.7 16.7 2.2 20.3 17.5 6.1 7.3 (16.3) 717 002376 CH Equity SHANDONG NEW-A Technology Hardware & Equipmen 8,083.1 49.4 4.0 8.3 1.2 22.0 (51.0) 2.9 2.7 (30.7) 718 002192 CH Equity YOUNGY CO LTD-A Capital Goods 8,080.5 426.2 11.0 3.8 NA (51.3) NA 6.6 6.6 (6.6) 719 000428 CH Equity HUATIAN HOTEL -A Consumer Services 8,069.9 246.8 2.6 0.2 NA (21.4) NA 3.0 22.2 (22.7) 720 002064 CH Equity HUAFENG -A Materials 8,048.6 45.5 2.4 5.5 0.4 8.0 (43.4) 2.3 5.3 (26.0) 721 002324 CH Equity SHANGHAI PRET-A Materials 8,040.6 30.2 4.2 14.8 0.3 37.7 31.5 1.3 2.5 (5.7) 722 002063 CH Equity YGSOFT INC-A Software & Services 8,034.6 91.1 4.8 5.3 0.4 11.9 (36.0) 0.0 (0.5) (35.7) 723 000683 CH Equity INNER MONG YUA-A Materials 7,984.4 135.4 1.3 0.9 NA 3.0 (73.3) 1.5 4.2 (11.0) 724 002697 CH Equity CHENGDU HONGQI-A Retailing 7,983.2 42.3 3.8 8.9 1.7 15.1 5.2 2.4 4.1 (23.9) 725 002448 CH Equity ZYNP CORP-A Automobiles & Components 7,980.5 40.4 3.8 9.8 0.7 1.7 6.5 4.0 5.4 (4.8) 726 002433 CH Equity GUANGDONG TAIA-A Pharmaceuticals, Biotechnology 7,980.5 38.3 1.8 4.7 0.2 93.6 (13.3) 2.8 2.1 (30.3) 727 000528 CH Equity GUANGXI LIUGON-A Capital Goods 7,978.0 NA 0.9 (0.4) 1.4 (35.4) (89.3) 5.2 8.1 (14.5) 728 002496 CH Equity JIANGSU HUIFEN-A Materials 7,974.5 47.6 2.5 5.4 0.5 37.2 (28.6) 1.5 2.5 (29.0) 729 300148 CH Equity TANGEL PUBLISH-A Media 7,967.2 56.8 4.1 7.5 0.2 5.4 29.2 3.1 5.4 7.2 730 002106 CH Equity SHENZHEN LAIBA-A Technology Hardware & Equipmen 7,933.4 NA 2.3 (14.5) NA 3.7 NA 3.1 1.9 (15.7) 731 002171 CH Equity ANHUI TRUCHUM-A Materials 7,929.3 76.8 4.7 6.9 0.1 (2.6) 38.5 1.9 8.8 (25.6) 732 000005 CH Equity SHENZ FOUNTAIN-A Real Estate 7,928.4 NA 6.9 (6.0) NA 61.7 NA 2.9 4.6 (25.4) 733 000616 CH Equity HNA INVESTMENT-A Real Estate 7,923.5 38.4 1.8 4.8 0.4 (39.9) 23.1 2.6 3.6 (29.5) 734 000915 CH Equity SHANDONG SHAND-A Pharmaceuticals, Biotechnology 7,918.6 40.5 6.6 17.5 0.2 (10.2) (29.8) 1.2 (1.9) 24.9 735 002327 CH Equity SHENZHEN FUANN-A Consumer Durables & Apparel 7,904.4 19.9 3.3 16.8 1.1 6.3 4.4 2.7 0.4 (22.9) 736 002605 CH Equity SHANGHAI YAOJI-A Consumer Durables & Apparel 7,887.7 87.9 7.4 8.7 0.5 7.7 (22.3) (3.3) 15.1 (18.3) 737 300064 CH Equity ZHENGZHOU SINO-A Materials 7,873.0 62.0 3.9 6.5 0.1 19.7 54.4 0.6 4.3 (15.6) 738 002233 CH Equity GUANGDONG TAPA-A Materials 7,855.1 25.7 1.8 7.2 2.1 (14.0) (37.4) 3.3 10.3 (40.1) 739 300322 CH Equity HUIZHOU SPEED -A Technology Hardware & Equipmen 7,838.8 NA 16.5 (14.9) NA (7.8) NA 8.5 4.0 (1.3) 740 002222 CH Equity CASTECH INC - A Technology Hardware & Equipmen 7,827.5 222.2 12.3 5.9 0.2 4.7 NA (5.2) 2.5 15.8 741 000049 CH Equity SHENZHEN DESAY-A Capital Goods 7,819.8 41.6 8.0 21.0 0.4 31.2 (1.8) 2.6 2.7 (32.9) 742 002020 CH Equity ZHEJIANG JINGX-A Pharmaceuticals, Biotechnology 7,804.3 39.3 3.4 10.0 0.6 14.4 46.1 2.7 (1.0) (27.2) 743 002029 CH Equity FUJIAN SEPTWOL-A Consumer Durables & Apparel 7,798.5 28.8 1.5 5.4 1.0 4.0 (5.3) 2.1 3.3 (24.5) 744 300397 CH Equity XI'AN TIAN HE -A Capital Goods 7,792.8 NA 6.4 (4.4) NA (65.2) NA 2.9 1.2 (19.9) 745 000821 CH Equity J.S. CORRUGATI-A Capital Goods 7,734.5 268.8 4.7 2.0 0.1 11.1 300.0 5.5 1.6 (0.4) 746 002079 CH Equity SUZHOU GOOD -A Semiconductors & Semiconductor 7,716.5 236.8 5.8 2.5 0.2 (12.0) (46.6) 3.9 1.9 (2.8) 747 002253 CH Equity WISESOFT CO -A Software & Services 7,702.9 220.9 6.1 3.3 0.4 18.1 204.6 2.9 0.7 (3.9) 748 002122 CH Equity TIANMA BEARING-A Capital Goods 7,686.4 196.6 1.6 0.8 0.8 (3.5) 33.3 2.1 1.9 (22.3) 749 002614 CH Equity XIAMEN COMFORT-A Consumer Durables & Apparel 7,686.1 42.1 3.3 8.0 0.7 0.7 26.9 2.0 3.5 (28.6) 750 000564 CH Equity XI'AN MINSHENG-A Retailing 7,679.8 162.4 3.3 2.0 NA 3.3 (51.1) 2.0 8.4 (30.3) 751 002528 CH Equity SHENZHEN INFIN-A Technology Hardware & Equipmen 7,678.7 173.3 3.3 2.0 NA 88.1 108.5 2.3 3.8 (20.5) 752 000533 CH Equity GUANGDONG MACR-A Capital Goods 7,668.1 75.3 5.5 7.4 NA 6.1 0.0 5.5 5.7 9.0 753 000966 CH Equity GUODIAN CHANGY-A Utilities 7,658.2 7.8 2.2 32.3 1.9 (7.6) 38.0 1.3 0.3 (8.4) 754 300263 CH Equity LUOYANG LONGHU-A Capital Goods 7,647.6 45.8 3.2 8.1 0.2 9.7 13.2 3.5 5.7 (40.0) 755 000735 CH Equity LUONIUSHAN CO-A Food Beverage & Tobacco 7,600.0 77.5 2.3 3.1 NA (26.7) 19.0 1.9 3.1 (12.8) 756 300248 CH Equity NEWCAPEC ELECT-A Technology Hardware & Equipmen 7,597.4 105.4 9.0 10.2 0.2 61.6 61.5 3.4 1.8 (34.4) 757 300128 CH Equity SUZHOU JINFU-A Technology Hardware & Equipmen 7,570.3 397.7 3.6 0.8 0.1 18.9 (77.8) 3.3 4.7 (37.7) 758 000506 CH Equity ZHONGRUN RESOU-A Real Estate 7,543.6 153.5 5.1 3.4 NA 270.1 NA 2.7 5.5 (15.2) 759 002480 CH Equity CHENGDU XINZHU-A Capital Goods 7,492.7 NA 3.3 (7.5) NA (17.5) NA 5.2 17.4 (9.3) 760 002052 CH Equity SHENZHEN COSHI-A Technology Hardware & Equipmen 7,482.0 NA NA 4.7 NA (35.7) NA NA NA NA Source: Wind, Bloomberg, Bank of Communications (Int’l)

Download our reports from Bloomberg: BOCM 〈enter 〉 11

China Market Strategy 17 August 2016

Focus chart 6 (8) ： Shenzhen Hong Kong northbound stock pool target

Mkt Cap (Mil Dividend Sales Bloomberg Ticker short_name Industry Grp TTM PE TTM PB ROE EPS Grth 1Y W TD % MTD % YTD % RMB) Yield Grth_1Y 761 002315 CH Equity FOCUS TECH-A Software & Services 7,478.9 61.6 3.8 6.4 1.6 (0.9) 31.2 2.8 0.8 (33.7) 762 002454 CH Equity SONGZ AUTOMOBI-A Automobiles & Components 7,471.5 24.3 2.8 11.9 0.5 18.8 11.8 6.9 4.1 (7.8) 763 300443 CH Equity SHANDONG LAIWU-A Capital Goods 7,460.1 47.9 8.3 22.0 0.4 45.7 36.5 3.3 (3.2) (31.4) 764 300007 CH Equity HENAN HANWEI-A Technology Hardware & Equipmen 7,442.8 84.8 6.1 6.7 0.1 86.2 14.9 5.0 8.1 (25.7) 765 002229 CH Equity HONG BO CO LTD-A Commercial & Professional Serv 7,415.9 2,831.9 8.6 0.3 NA (23.4) (66.8) 1.4 2.8 (16.4) 766 300355 CH Equity INNER MONGOLIA-A Capital Goods 7,399.6 57.5 3.4 6.4 0.5 9.2 (5.3) 2.6 3.8 (17.3) 767 300255 CH Equity HEBEI CHANGSHA-A Pharmaceuticals, Biotechnology 7,376.6 45.2 4.8 11.0 0.3 12.8 16.2 5.5 9.7 (10.6) 768 002263 CH Equity ZHEJIANG GREAT-A Materials 7,363.2 462.1 2.5 0.5 0.4 (2.1) 10.0 2.1 2.6 (19.6) 769 000900 CH Equity XIANDAI INVEST-A Transportation 7,356.4 12.4 1.0 8.7 0.6 51.0 36.6 1.8 3.3 (13.3) 770 002016 CH Equity GUANGDONG SHIR-A Real Estate 7,338.5 133.4 4.4 3.3 NA 223.8 258.3 0.3 (2.3) (33.0) 771 300223 CH Equity INGENIC SEMICO-A Semiconductors & Semiconductor 7,321.6 NA NA 3.2 0.1 19.3 NA NA NA NA 772 000889 CH Equity MAOYE COMMUNIC-A Retailing 7,318.9 46.3 3.2 7.1 0.2 16.2 15.1 4.0 6.9 (25.9) 773 000652 CH Equity TIANJIN TEDA-A Capital Goods 7,318.8 28.9 2.4 9.2 0.2 50.8 2.7 2.1 7.8 (30.4) 774 002604 CH Equity SHANDONG LONGL-A Food Beverage & Tobacco 7,314.6 172.4 3.2 2.7 NA 4.2 (42.0) 0.1 7.3 (17.6) 775 000897 CH Equity TIANJIN JIN-A Real Estate 7,310.1 NA 5.9 (11.8) NA (59.7) NA 3.0 15.6 (20.7) 776 002313 CH Equity SUNSEA-A Technology Hardware & Equipmen 7,275.8 NA 3.8 (1.4) NA 18.2 NA 10.1 16.6 57.6 777 300333 CH Equity SINOSUN TECHNO-A Technology Hardware & Equipmen 7,271.0 177.9 8.5 5.0 0.2 11.0 12.6 2.8 3.3 (54.9) 778 002216 CH Equity SANQUAN FOOD -A Food Beverage & Tobacco 7,262.1 269.4 3.8 1.5 0.1 3.5 (60.0) 2.4 (0.1) (20.7) 779 000058 CH Equity SHENZ SEG CO-A Real Estate 7,256.5 126.1 6.0 5.0 0.3 12.8 53.6 4.4 2.2 (4.1) 780 300071 CH Equity SPEARHEAD INTE-A Media 7,229.9 55.4 6.5 11.6 0.4 108.7 69.0 4.4 1.2 (25.7) 781 000700 CH Equity JIANGNAN MOULD-A Automobiles & Components 7,215.1 24.9 2.9 12.7 0.5 (7.5) 5.0 2.0 (8.5) (17.1) 782 300298 CH Equity SINOCARE INC - A Health Care Equipment & Servic 7,207.0 46.7 6.1 13.2 1.3 18.5 (27.7) 1.5 1.6 (23.0) 783 002586 CH Equity ZHEJIANG RECLA-A Capital Goods 7,193.9 115.2 4.5 3.8 0.5 3.6 (37.9) 6.0 8.7 11.3 784 300155 CH Equity GUANGDONG ANJU-A Consumer Durables & Apparel 7,172.5 249.0 6.4 2.6 0.2 22.5 (60.8) 2.6 3.0 (26.7) 785 000919 CH Equity JINLING PHARM-A Pharmaceuticals, Biotechnology 7,166.9 36.1 2.9 8.2 1.2 16.4 5.5 3.4 3.1 (17.3) 786 002071 CH Equity GREAT WALL MOV-A Media 7,166.9 NA NA 24.7 NA 94.8 4.8 NA NA NA 787 300047 CH Equity SHENZHEN TIANY-A Software & Services 7,123.3 85.5 5.0 6.0 0.1 41.3 5.3 0.0 2.3 (31.6) 788 002341 CH Equity SHENZHEN SELEN-A Commercial & Professional Serv 7,121.5 NA 4.9 (6.3) NA (24.2) NA 1.4 5.4 14.5 789 300006 CH Equity CHONGQING LUMM-A Pharmaceuticals, Biotechnology 7,107.1 157.3 4.3 3.2 0.3 5.4 100.0 1.7 2.0 (21.3) 790 000830 CH Equity LUXI CHEMICAL-A Materials 7,104.6 35.1 1.2 3.4 NA (1.3) (28.0) 1.5 6.1 (30.0) 791 300332 CH Equity TOP RESOURCE C-A Capital Goods 7,101.1 48.0 3.1 7.5 0.4 113.8 (6.8) 1.3 (4.0) (24.8) 792 002554 CH Equity CHINA OIL HBP-A Energy 7,081.0 42.7 3.2 7.8 1.5 (1.6) (5.9) 2.5 5.3 1.7 793 002393 CH Equity TIANJIN LISHEN-A Pharmaceuticals, Biotechnology 7,079.3 64.8 2.3 3.7 1.0 0.2 23.5 2.2 3.6 (19.7) 794 002226 CH Equity ANHUI JIANGNAN-A Materials 7,058.2 411.0 2.5 0.7 NA (24.2) (77.8) 1.7 1.1 (1.2) 795 300160 CH Equity JIANGSU XIUQIA-A Consumer Durables & Apparel 7,053.6 94.0 6.1 6.6 0.3 21.9 65.7 3.4 0.1 (5.7) 796 000514 CH Equity CHONGQING YUK-A Real Estate 7,045.5 97.0 2.5 2.5 NA (40.5) (94.0) 1.5 8.2 (27.5) 797 002383 CH Equity BEIJING UNISTR-A Technology Hardware & Equipmen 7,042.7 116.8 3.9 3.4 NA 54.8 46.6 2.6 4.2 (11.5) 798 000965 CH Equity TIANJIAN TIANB-A Real Estate 7,012.1 29.6 1.6 5.4 0.2 (14.7) (36.7) 0.9 4.4 1.0 799 002182 CH Equity NANJING YUNHAI-A Materials 6,997.5 78.6 5.3 7.7 0.5 (3.2) 9.0 5.4 2.1 34.3 800 002097 CH Equity SUNWARD INTELL-A Capital Goods 6,994.3 NA 2.9 (0.9) NA (21.1) NA 1.5 2.2 (14.6) 801 000903 CH Equity KUNMING YUNNEI-A Capital Goods 6,975.4 38.3 1.9 5.0 0.8 17.0 (6.0) 1.7 12.5 5.2 802 300081 CH Equity HENGXIN MOBILE-A Technology Hardware & Equipmen 6,968.0 568.5 8.8 1.5 0.2 (28.6) 0.0 7.7 11.1 8.7 803 000561 CH Equity SHAANXI FENGHU-A Technology Hardware & Equipmen 6,965.4 77.8 6.8 9.3 NA 16.4 116.7 3.3 2.5 (17.6) 804 000417 CH Equity HEFEI DEPT ST0-A Retailing 6,964.4 25.7 2.0 8.0 1.3 (1.8) (28.3) 6.9 12.3 (18.3) 805 300157 CH Equity LANDOCEAN ENER-A Software & Services 6,963.8 78.4 2.6 3.4 NA 16.2 (7.1) 3.9 4.6 (20.0) 806 300337 CH Equity YINBANG CLAD M-A Materials 6,961.7 NA 4.6 (9.6) NA (4.8) NA (0.4) 10.6 (7.1) 807 002178 CH Equity SHANGHAI YANHU-A Capital Goods 6,946.6 64.0 6.0 10.9 0.6 35.7 68.7 2.5 3.8 (28.0) 808 000722 CH Equity HUNAN DEVELOPM-A Utilities 6,943.8 43.9 2.6 6.1 NA 3.2 (33.3) 5.4 7.9 (19.7) 809 000881 CH Equity CHINA DALIAN-A Real Estate 6,932.1 NA 8.4 (67.1) NA 3.4 NA (1.9) (5.6) 15.7 810 002490 CH Equity SHANDONG MOLON-A Energy 6,898.1 NA 3.7 (10.1) NA (36.1) NA 18.6 35.1 (2.0) 811 002490 CH Equity SHANDONG MOLON-A Energy 6,898.1 NA 3.7 (10.1) NA (36.1) NA 18.6 35.1 (2.0) 812 002574 CH Equity ZHEJIANG MING-A Consumer Durables & Apparel 6,885.1 NA NA 1.3 0.4 (23.3) (68.4) NA NA NA 813 300276 CH Equity HUBEI SANFENG -A Capital Goods 6,874.0 392.5 11.5 3.0 0.1 2.9 (38.8) 2.6 2.5 (27.9) 814 300076 CH Equity NINGBO GQY VID-A Technology Hardware & Equipmen 6,860.3 919.3 6.4 0.6 NA (22.8) (77.8) (0.1) 8.7 (3.7) 815 002227 CH Equity SHENZHEN AUTO -A Capital Goods 6,828.9 522.3 8.9 1.7 0.1 (25.0) (88.3) 1.9 1.9 (21.6) 816 002447 CH Equity DALIAN YI QIAO-A Food Beverage & Tobacco 6,819.6 NA NA 9.3 0.4 7.3 4.0 NA NA NA 817 300016 CH Equity BEIJING BEILU-A Pharmaceuticals, Biotechnology 6,813.3 190.3 7.6 4.2 0.1 11.6 (60.7) 4.0 5.0 (41.1) 818 000852 CH Equity SINOPEC OILFIE-A Energy 6,813.0 NA 2.8 (3.9) NA (37.4) (98.2) 1.9 3.0 (30.7) 819 000920 CH Equity SOUTH HUITON-A Capital Goods 6,806.9 74.7 7.4 9.7 0.2 (56.3) (53.5) 2.8 (2.0) (32.9) 820 300314 CH Equity NINGBO DAVID M-A Health Care Equipment & Servic 6,785.3 138.4 9.5 7.0 0.2 (3.4) (15.3) 2.4 3.0 (30.8) 821 300056 CH Equity XIAMEN SAVINGS-A Capital Goods 6,784.2 91.3 5.2 7.3 0.3 51.2 7.7 2.2 (2.4) (15.9) 822 002322 CH Equity NINGBO LIGONG-A Capital Goods 6,778.4 48.5 2.4 6.1 0.6 130.7 52.2 2.9 3.8 (33.4) 823 300177 CH Equity GUANGZHOU HI-A Technology Hardware & Equipmen 6,772.3 818.7 4.4 0.5 0.1 (6.9) (98.6) 2.4 2.5 (19.2) 824 002260 CH Equity DEA GENERAL AV-A Consumer Durables & Apparel 6,765.3 NA 20.5 (3.1) NA (5.3) NA 2.0 3.7 (43.6) 825 002567 CH Equity TANGRENSHEN GR-A Food Beverage & Tobacco 6,746.9 68.2 2.8 4.3 1.0 (6.5) (0.5) 1.9 1.0 6.5 826 002135 CH Equity ZHEJIANG SOUTH-A Capital Goods 6,733.7 175.9 2.8 1.7 0.1 23.3 (44.4) 2.2 4.4 (34.9) 827 000518 CH Equity JIANGSU BIOENG-A Pharmaceuticals, Biotechnology 6,723.0 NA 11.1 (13.2) NA (0.8) NA 2.2 0.0 (8.0) 828 002348 CH Equity GOLDLOK TOYS-A Consumer Durables & Apparel 6,715.6 131.4 5.5 4.2 0.4 (0.8) 21.9 1.7 4.1 (19.1) 829 000701 CH Equity XIAMEN XINDECO-A Capital Goods 6,705.0 51.6 2.1 4.0 0.3 11.2 (36.1) 3.0 2.1 (33.0) 830 002649 CH Equity BEYONDSOFT COR-A Software & Services 6,694.0 45.6 3.5 7.8 0.6 9.9 5.8 4.2 5.1 (32.8) 831 002177 CH Equity GUANGZHOU KING-A Technology Hardware & Equipmen 6,690.9 98.4 4.0 4.2 NA 12.5 (47.1) 1.3 3.9 (19.0) 832 000096 CH Equity SHENZHEN GUANG-A Energy 6,684.5 392.2 3.3 0.8 0.2 (1.1) 250.0 6.1 6.7 (26.1) 833 000888 CH Equity EMEI SHAN TOUR-A Consumer Services 6,670.7 33.2 3.5 10.9 0.8 7.2 3.5 2.4 2.1 (14.5) 834 002497 CH Equity ICHUAN YAHUA-A Materials 6,662.4 55.6 3.0 5.4 0.9 (7.6) (47.9) 2.7 1.5 (20.6) 835 002443 CH Equity ZHEJIANG KINGL-A Energy 6,647.2 71.0 3.4 4.8 0.8 (13.3) 20.0 2.4 5.7 (28.2) 836 000571 CH Equity SUNDIRO HOLDIN-A Energy 6,634.6 132.7 3.0 2.3 0.4 (6.7) (27.8) 4.6 9.2 (1.8) 837 002140 CH Equity EAST CHINA ENG-A Capital Goods 6,623.6 38.5 3.3 8.9 0.3 7.8 (32.2) 2.9 4.4 (30.3) 838 002086 CH Equity ORIENTAL OCEAN-A Food Beverage & Tobacco 6,608.8 95.5 2.4 2.4 0.3 11.6 16.1 10.1 12.1 (35.1) 839 002538 CH Equity ANHUI SIERTE -A Materials 6,606.7 24.3 2.2 10.0 1.1 24.9 63.3 1.9 3.0 (27.0) 840 300205 CH Equity WUHAN TIANYU-A Technology Hardware & Equipmen 6,601.4 290.6 5.9 0.6 0.3 9.5 (88.0) 2.8 6.0 (25.6) 841 300231 CH Equity BEIJING TRUST&-A Software & Services 6,596.7 64.2 12.3 21.3 0.5 37.0 42.8 3.8 4.7 (28.3) 842 002169 CH Equity GUANGZHOU ZHI-A Capital Goods 6,587.8 41.7 5.6 16.7 0.5 23.5 113.7 3.0 (4.2) (9.3) 843 300151 CH Equity SHENZHEN CHANG-A Capital Goods 6,582.8 273.8 8.2 3.3 0.2 (5.3) (42.3) 3.0 4.0 (40.2) 844 002556 CH Equity ANHUI HUILONG-A Materials 6,566.0 39.4 3.0 7.7 0.7 4.1 21.4 3.2 2.8 (25.8) 845 300057 CH Equity SHANTOU WANSHU-A Materials 6,559.8 93.1 2.9 3.4 0.2 0.6 (64.8) 4.1 7.8 (18.3) 846 300049 CH Equity INNER MONGOLIA-A Pharmaceuticals, Biotechnology 6,489.0 68.8 4.7 8.3 0.4 (6.9) 0.0 4.6 5.5 (20.5) 847 300051 CH Equity XIAMEN 35.COM-A Software & Services 6,489.0 NA 6.9 (4.8) NA (10.4) NA 4.4 6.0 (33.8) 848 002339 CH Equity INTEGRATED ELE-A Capital Goods 6,452.6 44.5 4.4 10.3 0.4 15.7 11.8 4.6 6.9 (30.2) 849 002126 CH Equity ZHEJIANG YINLU-A Automobiles & Components 6,432.0 30.5 3.1 11.3 0.3 12.8 23.9 (0.2) 4.7 (3.3) 850 002139 CH Equity SHENZHEN TOPBA-A Technology Hardware & Equipmen 6,422.4 63.3 2.8 7.5 0.7 29.5 13.3 2.1 1.0 (14.5) 851 000573 CH Equity DONGGUAN WIN-A Real Estate 6,414.4 NA 4.2 (4.5) NA (64.2) NA 3.9 27.5 22.5 852 000045 CH Equity SHENZ TEXTILE-A Technology Hardware & Equipmen 6,409.2 NA 3.1 (0.3) NA 1.3 NA 0.0 6.4 (5.7) 853 002338 CH Equity CHANGCHUN UP-A Capital Goods 6,397.2 146.7 8.7 6.0 0.3 (11.3) (26.5) 2.5 3.0 (26.2) 854 002296 CH Equity HENAN SPLENDOR-A Technology Hardware & Equipmen 6,373.0 81.5 4.4 5.5 0.2 7.9 (24.3) 1.1 (0.8) (20.9) 855 000584 CH Equity JIANGSU YOULI -A Consumer Durables & Apparel 6,354.0 NA 3.3 (2.1) NA (45.5) (83.9) 1.3 4.9 (16.7) 856 000010 CH Equity SHENZHEN ECOBE-A Capital Goods 6,353.9 641.6 3.0 0.2 NA 312.6 NA 3.1 0.8 (23.3) 857 000523 CH Equity LONKEY IND CO-A Household & Personal Products 6,353.8 181.4 3.7 2.3 0.2 40.0 (29.3) 1.5 1.9 (19.4) 858 000680 CH Equity SHANTUI CONST-A Capital Goods 6,340.4 NA 2.0 (22.0) NA (48.2) NA 3.2 4.5 (33.2) 859 002392 CH Equity BEIJING LIER H-A Materials 6,340.4 NA 2.2 (2.3) NA (5.7) NA 2.7 0.0 (32.0) 860 002334 CH Equity HENZHEN INVT-A Capital Goods 6,323.3 53.3 3.7 7.2 0.6 2.3 (8.4) 1.9 1.7 (25.4) 861 002274 CH Equity JIANGSU HUACHA-A Materials 6,292.0 153.8 2.2 1.5 1.0 (4.8) NA 1.6 3.2 (20.8) 862 002320 CH Equity HAINAN STRAIT-A Transportation 6,247.7 48.9 2.9 6.1 0.2 14.6 40.0 3.1 1.7 (46.5) 863 002090 CH Equity WISCOM SYSTEM -A Software & Services 6,244.8 61.8 5.7 10.4 0.6 5.5 14.3 3.5 2.3 (30.2) 864 002449 CH Equity FOSHAN NATIONS-A Technology Hardware & Equipmen 6,237.1 37.1 2.2 6.4 1.4 18.9 5.1 2.6 2.6 (22.4) 865 002685 CH Equity WUXI HUADONG H-A Capital Goods 6,225.7 NA NA 2.2 0.3 208.5 86.2 NA NA NA 866 000576 CH Equity JIANGMEN SUGAR-A Materials 6,204.5 37.1 5.3 15.5 NA (16.3) 1,900.0 0.7 3.9 (28.5) 867 000990 CH Equity CHENGZHI CO-A Pharmaceuticals, Biotechnology 6,191.3 73.4 2.6 3.6 0.2 0.7 36.2 2.2 4.2 (37.6) 868 002297 CH Equity HUNAN BOYUN NE-A Capital Goods 6,169.5 NA NA (12.3) NA (15.8) NA NA NA NA 869 300262 CH Equity SHANGHAI SAFBO-A Utilities 6,148.1 74.7 9.0 12.7 NA 95.1 2.5 1.1 (0.3) (11.4) 870 002039 CH Equity GUIZHOU QIANYU-A Utilities 6,117.1 15.8 2.8 18.7 2.5 26.1 22.2 0.8 0.9 1.2 871 002510 CH Equity TIANJIN MOTOR-A Automobiles & Components 6,057.6 36.3 3.2 9.4 0.7 21.3 0.0 2.2 1.1 (17.0) 872 002571 CH Equity ANHUI DELI HOU-A Consumer Durables & Apparel 6,008.6 NA 4.0 (5.2) NA (9.5) NA 0.0 0.7 (10.6) 873 002235 CH Equity XIAMEN ANNE -A Materials 6,002.1 563.8 16.5 2.8 NA (3.0) NA 6.5 2.1 5.8 874 000585 CH Equity NORTHEAST ELEC-A Capital Goods 5,063.1 2,108.8 21.5 1.0 NA (23.3) 0.0 12.4 17.0 (3.6) 875 000755 CH Equity SHANXI SANWEI -A Materials 4,340.7 NA 0.6 (41.0) NA 28.0NA NA NA NA Source: Wind, Bloomberg, Bank of Communications (Int’l)

Download our reports from Bloomberg: BOCM 〈enter 〉 12

China Market Strategy 17 August 2016

Focus chart 7 (1) ： Shenzhen Hong Kong southbound stock pool target

Mkt Cap Dividend Sales EPS Grth Bloomberg Ticker Name 行业 TTM PE TTM PB ROE W TD % MTD % YTD % (Mil HKD) Yield Grth 1Y 1Y 1 941 HK Equity CHINA MOBILE Telecommunication Services 2,006,597 15.3 1.8 12.1 2.7 2.6 (1.5) (1.0) 2.5 12.0 2 700 HK Equity TENCENT Software & Services 1,849,718 50.0 12.4 28.9 0.2 30.3 20.1 4.0 4.8 28.1 3 1398 HK Equity ICBC-H Banks 1,822,011 5.3 0.8 16.5 5.6 4.3 (1.3) 1.3 10.5 3.6 4 857 HK Equity PETROCHINA-H Energy 1,519,935 53.0 0.7 1.3 2.0 (24.4) (67.8) 0.9 2.5 6.1 5 939 HK Equity CCB-H Banks 1,439,843 5.4 0.8 16.4 5.6 5.8 0.0 0.9 10.4 8.1 6 1288 HK Equity ABC-H Banks 1,196,302 4.8 0.7 15.2 6.3 4.5 0.0 2.0 8.4 (2.5) 7 3988 HK Equity BANK OF CHINA-H Banks 1,141,215 5.4 0.7 14.4 5.9 3.2 (8.2) 2.1 8.8 0.3 8 5 HK Equity HSBC HOLDINGS PL Banks 1,079,271 14.2 0.7 5.4 7.3 (4.1) (5.8) (0.7) 7.2 (12.4) 9 2318 HK Equity PING AN-H Insurance 728,704 11.3 1.8 16.6 1.6 30.1 20.9 2.7 10.8 (6.7) 10 386 HK Equity SINOPEC CORP-H Energy 706,357 16.2 0.9 5.4 3.2 (25.0) (34.0) 1.6 3.1 21.4 11 2628 HK Equity CHINA LIFE-H Insurance 679,606 13.5 1.4 11.4 2.6 15.2 7.0 3.9 9.4 (22.8) 12 1299 HK Equity AIA Insurance 585,606 29.1 2.1 7.7 1.5 (8.5) (24.1) (1.5) 1.1 4.3 13 3968 HK Equity CM BANK-H Banks 527,561 6.9 1.1 17.1 4.3 7.9 3.2 0.9 12.2 1.7 14 3328 HK Equity BANKCOMM-H Banks 469,340 5.4 0.7 12.8 5.6 6.9 1.1 (0.2) 8.8 4.2 15 883 HK Equity CNOOC Energy 437,099 18.4 1.0 5.3 5.1 (37.6) (66.7) 1.8 5.5 21.3 16 1988 HK Equity MINSHENG BANK-H Banks 383,709 5.5 0.9 17.0 3.3 8.2 (0.8) (0.5) 3.8 9.4 17 1 HK Equity CKH HOLDINGS Capital Goods 377,477 11.9 1.0 8.0 2.6 10,576.1 46.7 2.1 7.7 (6.5) 18 267 HK Equity CITIC Capital Goods 368,283 7.6 0.8 9.3 2.4 3.7 (1.3) 1.3 8.0 (7.7) 19 1088 HK Equity CHINA SHENHUA-H Energy 346,286 16.6 0.9 5.1 2.5 (30.0) (55.1) (0.8) 1.2 23.2 20 2202 HK Equity CHINA VANKE-H Real Estate 341,328 10.8 2.0 19.3 4.0 33.6 14.7 5.0 19.4 (8.5) 21 998 HK Equity CITIC BANK-H Banks 339,486 5.1 0.7 14.3 4.8 9.0 1.1 0.8 5.9 3.4 22 728 HK Equity CHINA TELECOM-H Telecommunication Services 318,874 13.4 0.9 6.8 2.4 2.1 13.6 0.0 3.1 8.2 23 16 HK Equity SHK PPT Real Estate 313,832 10.3 0.7 6.8 3.2 (11.1) (10.9) (2.6) (2.3) 15.8 24 1766 HK Equity CRRC CORP LTD -H Capital Goods 284,912 14.8 1.8 12.8 2.3 7.7 (45.1) 2.0 6.3 (21.1) 25 2388 HK Equity BOC HONG KONG HO Banks 279,121 11.5 1.4 14.5 4.6 11.6 9.3 0.0 3.7 11.4 26 2601 HK Equity CHINA PACIFIC-H Insurance 274,448 12.6 1.7 14.2 4.1 14.2 60.7 0.2 5.7 (9.2) 27 688 HK Equity CHINA OVERSEAS Real Estate 265,250 7.4 1.4 20.5 2.3 7.0 8.4 0.4 5.5 (1.1) 28 11 HK Equity HANG SENG BANK Banks 260,393 17.2 1.9 11.0 4.2 1.4 79.8 1.2 (1.7) (5.6) 29 1928 HK Equity SANDS CHINA LTD Consumer Services 255,420 25.8 7.6 27.1 6.3 (28.2) (42.7) (3.2) 6.9 19.2 30 66 HK Equity MTR CORP Transportation 251,889 25.2 1.7 6.4 2.5 3.8 (17.5) 1.7 (2.7) 18.0 31 6030 HK Equity CITIC SEC-H Diversified Financials 246,623 10.8 1.4 14.5 3.1 91.2 66.0 5.5 14.8 4.5 32 388 HK Equity HKEX Diversified Financials 244,210 35.2 7.9 23.2 2.5 34.0 50.9 1.8 4.8 1.1 33 3699 HK Equity WANDA COMM-H Real Estate 237,686 6.8 1.1 18.0 2.4 24.5 1.7 2.5 6.8 16.0 34 6818 HK Equity CEB BANK-H Banks 217,794 5.1 0.6 14.1 5.9 8.3 1.6 1.1 11.6 (0.3) 35 1113 HK Equity CHEUNG KONG PROP Real Estate 211,502 11.3 0.8 7.2 0.7 138.3 NA 0.3 (0.7) 9.1 36 1800 HK Equity CHINA COM CONS-H Capital Goods 204,350 8.6 0.9 12.0 2.3 10.3 11.6 3.8 15.1 23.2 37 2 HK Equity CLP HOLDINGS Utilities 202,116 12.6 2.1 17.5 3.4 (12.5) 39.6 (1.0) (1.0) 21.5 38 6837 HK Equity HAITONG SECURI-H Diversified Financials 201,919 8.0 1.3 18.0 3.6 132.8 85.0 4.2 14.0 4.8 39 762 HK Equity CHINA UNICOM Telecommunication Services 200,916 21.8 0.7 3.4 2.4 (2.7) (13.7) 0.4 1.5 (11.2) 40 2328 HK Equity PICC P&C-H Insurance 197,812 7.7 1.6 22.4 2.7 17.9 38.8 3.4 11.0 (13.5) 41 3 HK Equity HONG KG CHINA GS Utilities 185,669 25.4 3.5 13.8 2.2 (6.4) 2.8 0.0 1.4 5.7 42 390 HK Equity CHINA RAIL GR-H Capital Goods 182,517 10.2 1.0 10.9 1.6 1.7 10.0 (0.2) 7.2 6.3 43 1038 HK Equity CKI HOLDINGS Utilities 181,704 15.1 1.7 11.5 3.2 (8.9) (65.9) (0.6) (0.1) (4.5) 44 1211 HK Equity BYD CO LTD-H Automobiles & Components 174,370 31.3 3.7 13.0 NA 40.2 522.2 (1.1) 4.9 21.0 45 6886 HK Equity HUATAI SECURIT-H Diversified Financials 169,648 10.6 1.4 16.3 3.2 144.3 106.3 4.3 15.6 1.0 46 12 HK Equity HENDERSON LAND D Real Estate 168,230 7.9 0.7 8.7 2.9 1.2 26.4 0.2 0.1 7.1 47 4 HK Equity WHARF HLDG Real Estate 165,039 10.4 0.5 5.1 3.5 7.2 (55.4) (0.1) 1.9 26.6 48 6 HK Equity POWER ASSETS Utilities 164,658 20.6 1.4 6.6 3.5 (98.6) (87.3) (0.4) 1.6 8.2 49 1776 HK Equity GF SECURITIES-H Diversified Financials 156,952 8.1 1.5 22.5 5.1 162.5 117.6 1.2 8.4 (5.5) 50 1109 HK Equity CHINA RES LAND Real Estate 148,322 8.3 1.3 15.9 2.7 15.3 11.8 0.7 11.0 (5.3) 51 1186 HK Equity CHINA RAIL CN-H Capital Goods 147,932 8.8 1.0 12.5 1.7 1.3 3.2 2.8 11.4 7.8 52 1336 HK Equity NEW CHINA LIFE-H Insurance 144,639 12.3 1.5 12.5 1.0 11.1 34.6 5.3 16.8 (1.5) 53 2238 HK Equity GUANGZHOU AUTO-H Automobiles & Components 142,654 10.5 1.4 14.7 2.2 31.4 30.0 (1.3) 7.8 55.4 54 1339 HK Equity PICC GROUP-H Insurance 139,575 6.1 1.0 18.7 0.8 15.7 48.4 2.2 10.4 (13.4) 55 19 HK Equity SWIRE PACIFIC-A Real Estate 132,795 10.4 0.6 6.1 4.2 (0.7) 21.3 (0.4) 0.0 6.3 56 1972 HK Equity SWIREPROPERTIES Real Estate 128,993 9.2 0.6 6.6 3.2 6.9 47.9 (1.6) 2.1 (1.6) 57 823 HK Equity LINK REIT Real Estate 125,706 7.8 1.0 13.3 3.7 13.2 (39.2) 2.0 (3.3) 20.7 58 27 HK Equity GALAXY ENTERTAIN Consumer Services 118,455 28.4 2.9 10.5 NA (28.9) (59.9) (1.2) 7.6 14.1 59 902 HK Equity HUANENG POWER-H Utilities 114,637 5.9 0.8 14.7 10.7 (8.1) 9.3 2.4 7.8 (23.5) 60 1099 HK Equity SINOPHARM-H Health Care Equipment & Servic 114,004 25.9 3.2 13.1 1.2 13.5 22.5 (1.8) 9.7 32.5 61 1816 HK Equity CGN POWER-H Utilities 112,258 14.6 1.7 11.4 2.0 12.3 (22.0) 0.4 7.9 (14.8) 62 2727 HK Equity SHANGHAI ELECT-H Capital Goods 110,438 18.9 1.1 5.8 NA 1.6 (17.1) 10.1 11.8 (12.4) 63 753 HK Equity AIR CHINA LTD-H Transportation 109,394 9.5 1.2 12.4 2.0 2.9 83.4 3.9 7.9 4.7 64 914 HK Equity ANHUI CONCH-H Materials 106,735 13.0 1.4 11.1 2.3 (16.1) (31.4) (0.9) 6.4 3.8 65 2333 HK Equity GREAT WALL MOT-H Automobiles & Components 101,130 7.9 1.5 20.6 2.8 21.3 (0.0) (0.2) (0.6) (11.4) 66 670 HK Equity CHINA EAST AIR-H Transportation 101,009 11.0 1.4 13.5 NA 4.2 29.6 4.1 5.3 3.9 67 1359 HK Equity CHINA CINDA-H Diversified Financials 98,256 5.9 0.8 14.4 5.0 37.4 18.2 1.1 7.5 (5.6) 68 2018 HK Equity AAC TECHNOLOGIES Technology Hardware & Equipmen 97,380 26.7 7.4 30.4 1.5 32.2 33.9 4.3 9.5 56.9 69 656 HK Equity FOSUN INTL Capital Goods 96,973 9.1 1.1 12.9 1.5 27.6 3.9 2.9 11.0 (6.9) 70 23 HK Equity BANK EAST ASIA Banks 90,691 17.2 1.1 6.6 2.6 (6.6) (28.3) 0.0 5.5 17.2 71 288 HK Equity WH GROUP LTD Food Beverage & Tobacco 90,234 13.8 2.0 14.4 2.0 (4.6) (10.7) 1.1 0.8 42.3 72 17 HK Equity NEW WORLD DEV Real Estate 87,143 5.0 0.5 9.6 4.6 (2.2) 58.5 (0.7) 2.9 21.1 73 20 HK Equity WHEELOCK & CO Real Estate 85,439 7.2 0.4 5.8 2.8 40.2 (35.4) (2.5) 1.2 28.8 74 1044 HK Equity HENGAN INTL Household & Personal Products 83,699 20.8 4.8 23.1 3.0 2.6 4.0 1.2 5.8 (2.5) 75 83 HK Equity SINO LAND Real Estate 83,226 8.6 0.7 8.2 3.8 193.1 3.8 (1.6) (2.5) 18.8 76 2899 HK Equity ZIJIN MINING-H Materials 82,473 32.7 2.0 6.0 2.4 26.9 (27.3) (0.7) 3.9 44.3 77 1055 HK Equity CHINA SOUTHERN-H Transportation 81,948 12.5 1.2 10.0 1.7 2.8 111.1 4.4 7.4 (8.0) 78 1618 HK Equity METALLURGICAL-H Capital Goods 81,858 8.4 0.7 8.9 2.6 0.8 14.3 2.9 5.9 6.8 79 3333 HK Equity CHINA EVERGRAND Real Estate 80,855 7.2 1.4 20.5 7.6 19.5 (16.5) 2.4 20.9 (13.3) 80 1898 HK Equity CHINA COAL ENE-H Energy 79,428 NA 0.5 (3.8) NA (16.1) NA (2.5) (4.6) 31.3 81 1508 HK Equity CHINA REINSURA-H Insurance 79,237 8.0 1.0 12.2 2.9 11.0 33.3 0.5 3.9 (20.7) 82 489 HK Equity DONGFENG MOTOR-H Automobiles & Components 78,924 5.8 0.8 14.6 2.5 52.3 (9.7) (1.2) (4.3) (11.6) 83 101 HK Equity HANG LUNG PPT Real Estate 77,621 15.0 0.6 4.0 4.3 (47.5) (56.7) 0.5 2.7 (2.2) 84 2007 HK Equity COUNTRY GARDEN Real Estate 75,295 6.8 1.0 15.2 4.5 33.9 (20.4) 0.0 7.3 6.6 85 6881 HK Equity CGS-H Diversified Financials 74,391 5.6 1.1 22.9 5.0 159.6 122.0 4.6 16.2 9.9 86 270 HK Equity GUANGDONG INVEST Utilities 72,294 18.5 2.3 12.7 2.9 8.8 (11.4) (3.5) (3.0) 5.1 87 3993 HK Equity CMOC-H Materials 70,060 31.6 1.5 4.8 1.6 (37.4) (58.3) (0.6) 1.1 22.8 88 763 HK Equity ZTE-H Technology Hardware & Equipmen 69,432 13.0 1.1 9.1 2.4 23.0 21.6 7.5 15.7 (31.7) 89 2016 HK Equity CHINA ZHESHANG-H Banks 69,145 6.1 1.0 17.0 4.0 45.7 22.7 0.0 1.0 NA 90 338 HK Equity SINOPEC SHANG-H Materials 68,180 11.4 1.9 18.0 2.9 (27.7) NA (0.7) 7.1 31.1 91 960 HK Equity LONGFOR PPT Real Estate 66,305 6.3 1.0 17.5 3.7 (7.0) 0.7 0.9 7.2 (1.7) 92 1128 HK Equity WYNN MACAU LTD Consumer Services 65,360 26.9 15.9 43.3 NA (35.1) (62.9) (2.5) (0.2) 45.8 93 836 HK Equity CHINA RES POWER Utilities 63,167 6.2 0.9 14.1 6.5 1.1 8.2 (0.9) 6.3 (12.9) 94 2600 HK Equity ALUMINUM CORP-H Materials 62,935 174.0 0.9 0.6 NA (13.1) NA 1.4 14.0 10.9 95 384 HK Equity CHINA GAS HOLDIN Utilities 62,558 27.8 3.5 12.5 1.5 (8.0) (32.0) (1.2) 3.9 14.0 96 669 HK Equity TECHTRONIC IND Consumer Durables & Apparel 62,546 22.7 3.7 17.2 1.2 6.0 18.0 1.2 3.8 7.9 97 966 HK Equity CHINA TAIPING IN Insurance 62,248 8.9 1.0 12.6 NA 88.8 26.3 3.7 13.9 (27.8) 98 151 HK Equity WANT WANT CHINA Food Beverage & Tobacco 62,184 15.3 4.4 27.7 2.9 (9.2) (11.9) (2.2) 3.2 (15.1) 99 2313 HK Equity SHENZHOU INTL GP Consumer Durables & Apparel 61,276 22.2 4.0 18.9 1.6 13.5 13.5 0.6 7.1 (0.8) 100 2607 HK Equity SHANGHAI PHARM-H Health Care Equipment & Servic 60,560 15.6 1.5 10.2 1.9 14.2 11.5 4.8 12.2 23.1 101 992 HK Equity LENOVO GROUP Technology Hardware & Equipmen 60,431 NA 2.6 (3.6) 4.9 (3.0) NA 0.7 8.4 (30.9) 102 1033 HK Equity SINOPEC OILFIE-H Energy 60,088 NA 0.8 (5.5) NA (23.6) NA 2.6 9.0 (22.7) 103 392 HK Equity BEIJING ENT Capital Goods 59,574 10.7 1.0 9.8 2.0 25.5 16.7 (0.6) 8.0 0.5 104 144 HK Equity CHINA MER HOLD Transportation 59,507 13.5 0.9 7.1 3.4 (0.3) (2.7) 0.2 0.0 (7.7) 105 1071 HK Equity HUADIAN POWER-H Utilities 58,683 4.0 0.7 19.9 9.2 (12.2) 1.1 0.5 5.2 (23.6) 106 3898 HK Equity ZHUZHOU CRRC TIM Capital Goods 57,775 16.7 3.7 24.2 1.1 11.7 23.5 5.4 14.8 9.1 107 3799 HK Equity DALI FOODS GROUP Food Beverage & Tobacco 57,104 14.8 4.1 46.8 3.0 13.2 NA (3.2) (7.7) (5.2) 108 1929 HK Equity CHOW TAI FOOK JE Retailing 56,800 19.3 1.6 7.9 2.8 (12.0) (46.2) (0.7) (1.3) 18.1 109 1171 HK Equity YANZHOU COAL-H Energy 56,298 25.9 0.6 2.5 0.2 (43.7) (93.2) (2.0) 1.3 33.4 110 2196 HK Equity FOSUN PHARMA-H Pharmaceuticals, Biotechnology 56,251 15.6 2.1 14.1 1.9 4.7 16.3 4.7 5.2 (11.1) Source: Wind, Bloomberg, Bank of Communications (Int’l)

Download our reports from Bloomberg: BOCM 〈enter 〉 13

China Market Strategy 17 August 2016

Focus chart 7 (2) ： Shenzhen Hong Kong southbound stock pool target

Mkt Cap Dividend Sales EPS Grth Bloomberg Ticker Name 行业 TTM PE TTM PB ROE W TD % MTD % YTD % (Mil HKD) Yield Grth 1Y 1Y 111 991 HK Equity DATANG INTL PO-H Utilities 55,708 8.5 0.5 6.2 9.4 (11.8) 61.5 0.0 4.0 (11.4) 112 916 HK Equity CHINA LONGYUAN-H Utilities 55,692 15.7 1.3 8.5 1.2 7.8 12.7 4.7 11.4 18.5 113 177 HK Equity JIANGSU EXPRES-H Transportation 55,602 19.6 2.4 12.1 4.1 (0.8) 12.5 1.1 4.4 9.4 114 607 HK Equity FULLSHARE Real Estate 55,307 37.4 9.9 33.7 0.3 235.0 NA 2.6 4.5 84.7 115 2883 HK Equity CHINA OILFIELD-H Energy 55,152 24.6 0.6 2.3 1.2 (29.8) (85.7) 3.7 7.1 (2.8) 116 1919 HK Equity CHINA COSCO HO-H Transportation 55,091 NA 1.0 1.2 NA (14.2) (82.8) 3.2 6.6 (17.9) 117 1193 HK Equity CHINA RES GAS Utilities 52,709 16.0 3.0 18.5 1.6 8.3 14.0 1.5 4.2 2.4 118 2319 HK Equity MENGNIU DAIRY Food Beverage & Tobacco 52,293 16.3 2.0 10.9 1.2 (2.0) 0.7 (1.0) 2.9 5.5 119 551 HK Equity YUE YUEN IND Consumer Durables & Apparel 51,941 15.6 1.5 9.5 3.8 5.3 18.0 (0.8) 0.0 19.5 120 2066 HK Equity SHENGJINGBANK-H Banks 51,822 7.1 1.1 16.1 3.7 24.6 (14.4) (2.8) 4.6 (10.6) 121 2208 HK Equity XINJIANG GOLD-H Capital Goods 51,181 10.1 1.7 18.1 4.5 69.8 54.4 6.5 18.4 (16.4) 122 2208 HK Equity XINJIANG GOLD-H Capital Goods 51,181 10.1 1.7 18.1 4.5 69.8 54.4 6.5 18.4 (16.4) 123 659 HK Equity NWS HOLDINGS Capital Goods 50,965 10.4 1.1 10.9 4.8 14.2 1.7 (0.6) 4.9 14.7 124 291 HK Equity CHINA RESOURCES Food Beverage & Tobacco 50,804 44.3 3.5 (13.2) NA 1.0 12.2 (0.1) 4.3 2.9 125 175 HK Equity GEELY AUTOMOBILE Automobiles & Components 50,617 19.1 2.2 12.3 0.7 38.6 58.0 2.9 12.7 39.2 126 293 HK Equity CATHAY PAC AIR Transportation 50,589 8.4 1.1 12.0 4.1 (3.4) 90.4 1.3 2.1 (4.2) 127 358 HK Equity JIANGXI COPPER-H Materials 50,232 40.2 0.6 1.5 1.2 (6.6) (75.6) (0.3) 6.0 2.5 128 2020 HK Equity ANTA SPORTS PROD Consumer Durables & Apparel 50,026 20.9 5.0 24.9 3.0 24.7 19.9 (0.5) 15.7 (5.7) 129 2009 HK Equity BBMG CORP-H Materials 49,511 12.3 0.7 5.8 0.6 (1.8) (19.2) (4.7) 6.3 14.6 130 3606 HK Equity FUYAO GLASS IN-H Automobiles & Components 49,505 16.4 2.7 20.6 4.2 5.0 (0.9) 2.7 7.4 12.7 131 135 HK Equity KUNLUN ENERGY Energy 49,161 358.5 1.0 0.3 1.0 (13.3) (97.6) 1.8 3.9 (11.7) 132 6808 HK Equity SUN ART RETAIL Food & Staples Retailing 48,652 17.3 2.0 11.9 3.7 5.0 (13.3) (1.4) (5.4) (12.8) 133 1378 HK Equity CHINA HONGQIAO Materials 47,188 9.2 1.0 11.1 2.3 22.2 (34.8) 3.5 25.5 41.0 134 3969 HK Equity CHINA RAILWAY -H Technology Hardware & Equipmen 46,783 14.2 2.1 16.4 0.6 38.2 10.3 (0.6) 2.9 3.3 135 1880 HK Equity BELLE INTL Consumer Durables & Apparel 46,473 13.1 1.6 11.7 4.8 2.0 (37.8) (0.4) 7.4 (5.3) 136 241 HK Equity ALIBABA HEALTH Telecommunication Services 45,389 NA 29.5 (11.9) NA 90.5 (125.3) (0.7) 3.0 3.5 137 3396 HK Equity LEGEND HOLDING-H Technology Hardware & Equipmen 45,098 7.6 0.8 11.5 1.4 7.0 2.9 (0.1) 3.6 (30.5) 138 696 HK Equity TRAVELSKY TECH-H Software & Services 45,064 20.0 3.2 17.3 1.3 2.5 16.1 (0.9) 3.6 20.7 139 2866 HK Equity CHINA SHIPPING-H Transportation 44,769 NA 0.8 (12.6) NA (11.8) NA 0.6 7.4 (19.4) 140 1578 HK Equity BANK OF TIANJI-H Banks 44,497 6.5 1.0 15.9 2.9 7.9 9.1 (0.3) 0.7 NA 141 2282 HK Equity MGM CHINA Consumer Services 43,700 16.1 7.4 54.5 1.8 (32.5) (45.3) (0.2) 2.3 18.6 142 371 HK Equity BJ ENT WATER Utilities 43,613 17.8 2.7 15.4 1.0 51.3 35.7 (2.7) 6.4 (7.7) 143 1114 HK Equity BRILLIANCE CHINA Automobiles & Components 43,322 10.6 1.9 19.0 1.3 (11.8) (35.3) 0.9 (0.1) (11.8) 144 257 HK Equity CHINA EVERBR INT Commercial & Professional Serv 43,213 18.8 2.5 13.2 2.0 34.3 22.4 7.8 15.0 (3.2) 145 168 HK Equity TSINGTAO BREW-H Food Beverage & Tobacco 42,948 18.7 1.9 10.5 1.6 (4.7) (13.9) (1.8) 2.4 (20.2) 146 3311 HK Equity CHINA STATE CONS Capital Goods 42,907 8.4 1.7 20.3 3.5 10.1 16.2 (15.2) (7.9) (29.0) 147 2688 HK Equity ENN ENERGY Utilities 42,806 18.0 2.7 15.9 1.9 10.2 (31.4) (3.1) 7.0 (4.4) 148 2338 HK Equity WEICHAI POWER-H Capital Goods 42,301 24.8 1.1 4.3 2.4 (7.4) (72.0) 1.1 8.6 17.7 149 2098 HK Equity ZALL GROUP LTD Real Estate 42,123 17.3 3.8 23.4 NA (48.2) 28.7 (0.8) (2.2) 98.0 150 2382 HK Equity SUNNY OPTICAL Technology Hardware & Equipmen 41,576 37.9 8.7 24.6 0.6 26.9 34.0 10.0 22.7 112.7 151 1093 HK Equity CSPC PHARMACEUTI Pharmaceuticals, Biotechnology 41,554 23.5 NA NA 1.6 4.0 31.3 (1.4) 4.8 (11.2) 152 3618 HK Equity CQRC BANK-H Banks 41,292 4.7 0.7 16.0 5.3 8.5 6.8 0.7 9.1 (5.3) 153 694 HK Equity BEIJING CAP AI-H Transportation 41,143 21.4 1.9 9.3 1.9 11.2 18.8 (1.9) 6.1 13.5 154 1060 HK Equity ALI PICTURES Media 41,132 74.7 2.1 4.2 NA 108.3 NA 0.0 (1.8) (15.1) 155 322 HK Equity TINGYI Food Beverage & Tobacco 40,733 25.3 1.8 6.8 2.4 (11.1) (36.1) (3.5) 8.3 (34.3) 156 6863 HK Equity HUISHAN DAIRY Food Beverage & Tobacco 40,699 59.8 2.8 5.1 0.5 15.4 (16.7) (0.7) (1.0) 1.7 157 530 HK Equity GOLDIN FINANCIAL Diversified Financials 40,540 60.2 4.1 7.0 NA 42.9 65.3 2.8 75.8 (61.9) 158 3698 HK Equity HUISHANG BANK-H Banks 40,332 5.6 0.8 15.9 5.1 27.6 9.8 (2.1) (0.3) 4.0 159 1177 HK Equity SINO BIOPHARM Pharmaceuticals, Biotechnology 40,174 20.2 4.9 25.1 0.9 17.5 66.3 0.6 4.6 (23.2) 160 2777 HK Equity GUANGZHOU R&F -H Real Estate 40,151 6.1 0.8 14.6 11.4 27.6 7.3 1.8 6.1 30.5 161 1169 HK Equity HAIER ELECTRONIC Consumer Durables & Apparel 39,830 12.4 2.3 20.5 0.8 (6.4) 6.4 3.0 9.7 (9.3) 162 8 HK Equity PCCW LTD Telecommunication Services 39,607 18.6 3.4 19.2 4.9 18.1 (32.3) (3.0) (9.0) 13.0 163 14 HK Equity HYSAN DEV Real Estate 39,016 26.0 0.6 2.2 3.6 6.4 (40.7) 0.1 4.5 17.5 164 576 HK Equity ZHEJIANGEXPRE-H Transportation 38,827 11.1 2.0 17.7 4.5 32.2 32.0 0.8 11.6 (4.1) 165 813 HK Equity SHIMAO PROPERTY Real Estate 38,102 5.4 0.7 12.6 6.3 2.9 (24.6) 0.9 9.7 (19.4) 166 2039 HK Equity CIMC-H Capital Goods 38,027 11.9 0.9 7.6 2.8 (16.4) (22.6) 1.1 5.4 (33.6) 167 874 HK Equity BAIYUNSHAN PH-H Pharmaceuticals, Biotechnology 37,538 17.0 2.6 16.1 NA 1.6 8.9 2.4 4.3 (8.7) 168 347 HK Equity ANGANG STEEL-H Materials 37,366 NA 0.6 (10.1) NA (28.8) NA (1.0) 3.7 25.2 169 3996 HK Equity CHINA ENERGY ENG Capital Goods 36,977 5.2 0.7 12.1 0.4 11.9 NA 0.8 8.8 (25.0) 170 416 HK Equity BANK OF JINZHO-H Banks 36,424 4.9 1.2 23.7 2.5 61.3 101.9 (3.2) (6.4) 10.9 171 317 HK Equity CSSC OFFSHORE -H Capital Goods 35,982 194.8 1.5 1.0 0.3 21.3 (78.2) 2.0 6.0 (20.9) 172 1157 HK Equity ZOOMLION HEAVY-H Capital Goods 35,782 NA 0.5 (0.5) 6.4 (19.7) (87.5) 1.1 3.0 (6.2) 173 10 HK Equity HANG LUNG GROUP Real Estate 35,393 11.0 0.5 4.2 3.1 (45.9) (53.0) (0.2) 3.8 3.4 174 2357 HK Equity AVICHINA INDUS-H Capital Goods 35,200 32.0 2.3 7.6 0.4 2.7 10.5 (1.7) 3.9 (3.3) 175 494 HK Equity LI & FUNG LTD Consumer Durables & Apparel 34,251 10.4 1.8 16.5 6.9 (2.4) (22.0) 5.2 4.9 (22.8) 176 525 HK Equity GUANGSHEN RAIL-H Transportation 33,551 22.2 0.9 4.0 2.4 6.9 66.7 1.8 3.7 1.8 177 981 HK Equity SMIC Semiconductors & Semiconductor 32,914 100.6 1.1 7.6 NA 13.5 NA 0.0 23.8 (1.3) 178 683 HK Equity KERRY PPT Real Estate 32,110 5.8 0.4 6.9 4.0 (29.1) (18.3) (0.4) 5.0 5.2 179 2386 HK Equity SINOPEC ENGINE-H Capital Goods 32,014 8.2 1.1 14.0 4.9 (7.8) (5.1) (1.0) 7.0 9.2 180 867 HK Equity CHINA MEDICAL SY Pharmaceuticals, Biotechnology 31,538 26.8 5.1 21.4 1.5 20.7 (6.8) 0.8 11.2 11.0 181 69 HK Equity SHANGRI-LA ASIA Consumer Services 31,146 28.6 0.6 2.1 1.1 0.5 (31.9) (0.5) 4.4 14.9 182 880 HK Equity SJM HOLDINGS LTD Consumer Services 29,757 16.8 1.2 7.6 4.0 (38.5) (63.7) 0.6 8.7 (4.9) 183 2689 HK Equity NINE DRAGONS PAP Materials 29,491 23.8 1.0 4.2 1.3 4.0 (19.6) (2.9) 2.6 37.7 184 665 HK Equity HAITONG INT'L Diversified Financials 29,243 6.8 1.4 17.1 4.4 115.4 67.7 3.2 17.3 15.1 185 552 HK Equity CHINA COMM SER-H Telecommunication Services 29,228 10.7 1.0 9.8 2.8 10.6 8.7 0.0 0.2 45.4 186 425 HK Equity MINTH GROUP LTD Automobiles & Components 29,148 19.2 2.7 14.5 2.1 14.5 12.7 (0.2) 3.4 68.5 187 165 HK Equity CHINA EVER LTD Diversified Financials 28,919 5.7 0.7 13.8 4.4 (9.9) 99.4 2.9 15.9 (3.7) 188 2314 HK Equity LEE & MAN PAPER Materials 28,479 10.8 1.6 15.2 3.3 3.0 23.9 (2.5) 4.5 44.3 189 2778 HK Equity CHAMPION REIT Real Estate 27,714 7.6 0.6 7.5 4.6 0.0 67.6 (1.6) 6.9 23.5 190 586 HK Equity CONCH VENTURE Capital Goods 27,540 12.1 1.4 12.5 2.0 17.7 (12.9) 0.1 2.8 (5.0) 191 604 HK Equity SHENZHEN INVEST Real Estate 27,483 8.6 0.8 9.0 4.4 33.3 (24.4) 2.3 13.9 (0.8) 192 958 HK Equity HUANENG RENEWA-H Utilities 27,433 9.3 1.2 14.0 1.2 19.6 54.3 8.9 13.7 21.6 193 3377 HK Equity SINO-OCEAN GROUP Real Estate 27,426 10.8 0.5 5.0 3.4 (20.8) (51.9) 0.8 11.3 (26.6) 194 1138 HK Equity CHINA SHIPPING D Transportation 27,325 34.1 0.6 1.9 2.5 (0.5) 15.4 2.4 7.7 (8.2) 195 3908 HK Equity CHINA INTERNAT-H Diversified Financials 27,219 8.4 1.4 16.0 NA 54.3 67.2 0.3 5.2 (6.5) 196 3360 HK Equity FAR EAST HORIZON Diversified Financials 27,179 8.2 1.1 13.3 3.3 17.2 (1.3) 0.0 12.8 (4.6) 197 1818 HK Equity ZHAOJIN MINING-H Materials 26,263 71.3 2.7 3.6 0.5 5.0 (33.3) (0.2) 1.2 105.7 198 868 HK Equity XINYI GLASS Automobiles & Components 25,772 10.2 2.0 19.5 NA 5.5 54.9 (3.1) 14.9 63.4 199 1072 HK Equity DONGFANG ELECT-H Capital Goods 25,767 37.9 0.6 1.5 1.1 (8.0) (70.3) 2.6 3.7 (19.3) 200 817 HK Equity CHINA JINMAO HOL Real Estate 25,612 6.3 0.7 11.1 3.3 (25.2) (34.1) 1.7 11.1 (9.4) 201 220 HK Equity UNI-PRESIDENT CH Food Beverage & Tobacco 25,527 24.1 1.8 7.8 0.8 (1.7) 169.1 (4.7) (0.7) (1.0) 202 6196 HK Equity BANK OF ZHENGZHO Banks 25,279 4.8 1.2 23.0 5.0 37.2 37.1 (0.4) (2.1) 11.5 203 142 HK Equity FIRST PACIFIC Diversified Financials 25,204 42.7 1.0 2.6 2.3 (5.9) 35.9 0.3 (2.2) 14.6 204 283 HK Equity GOLDIN PROPERTIE Real Estate 25,045 45.8 1.5 3.3 NA 109.1 (16.6) 1.2 66.9 (21.6) 205 1199 HK Equity COSCO PAC LTD Transportation 24,647 11.8 0.7 8.9 4.8 (8.3) 2.6 0.0 3.8 5.9 206 522 HK Equity ASM PACIFIC Semiconductors & Semiconductor 24,630 33.7 2.9 8.6 2.0 (8.8) (40.4) (0.7) 5.2 (0.4) 207 41 HK Equity GREAT EAGLE Real Estate 23,816 7.1 0.4 6.2 2.1 1.9 54.2 0.4 0.4 48.5 208 2380 HK Equity CHINA POWER INTE Utilities 23,610 4.7 0.7 16.9 8.5 (1.2) 38.1 0.0 1.6 (28.3) 209 152 HK Equity SHENZ INTL HLDG Transportation 23,177 10.2 1.2 12.3 4.2 5.8 (10.8) 1.7 5.0 (17.4) 210 323 HK Equity MAANSHAN IRON-H Materials 23,143 NA 0.7 (23.0) NA (24.6) NA 2.1 10.4 15.1 211 410 HK Equity SOHO CHINA Real Estate 22,618 35.9 0.5 1.4 NA (83.7) (86.7) 1.2 21.5 29.6 212 1882 HK Equity HAITIAN INTL Capital Goods 22,280 13.9 2.4 18.1 2.5 (3.0) 3.7 (0.4) 7.4 23.3 213 245 HK Equity CHINA MINSHENG F Capital Goods 22,275 NA 4.2 (1.0) NA 195.3 46.3 0.0 (3.8) (18.9) 214 363 HK Equity SHANG INDUS HLDG Capital Goods 22,206 8.0 0.6 7.8 4.0 (7.7) (10.7) (0.2) 12.7 0.5 215 136 HK Equity HENGTEN NETWORKS Consumer Durables & Apparel 22,077 NA 98.8 NA NA (7.2) 92.5 1.7 (1.6) (48.3) 216 933 HK Equity BRIGHTOIL PETRO Energy 22,041 54.9 2.2 3.3 0.9 (12.3) 129.4 (1.8) (4.8) (16.5) 217 1788 HK Equity GUOTAI JUNAN Diversified Financials 21,897 21.2 2.9 13.8 2.4 37.2 7.2 3.6 21.2 15.8 218 1999 HK Equity MAN WAH HOLDINGS Consumer Durables & Apparel 21,808 16.6 4.6 29.1 3.1 11.8 22.7 (1.4) 0.0 24.1 219 303 HK Equity VTECH HLDGS LTD Technology Hardware & Equipmen 21,777 15.5 5.3 34.0 3.8 (1.2) (8.5) (0.3) 2.8 7.9 220 1066 HK Equity SHANDONG WEIG-H Health Care Equipment & Servic 21,710 17.1 1.9 11.5 1.9 12.1 4.2 0.2 12.0 (9.0) Source: Wind, Bloomberg, Bank of Communications (Int’l)

Download our reports from Bloomberg: BOCM 〈enter 〉 14

China Market Strategy 17 August 2016

Focus chart 7 (3) ： Shenzhen Hong Kong southbound stock pool target

Mkt Cap Dividend Sales EPS Grth Bloomberg Ticker Name 行业 TTM PE TTM PB ROE W TD % MTD % YTD % (Mil HKD) Yield Grth 1Y 1Y 221 968 HK Equity XINYI SOLAR HLDS Semiconductors & Semiconductor 21,529 12.4 3.3 30.4 5.0 97.1 120.1 (1.2) 10.1 4.7 222 2038 HK Equity FIH MOBILE LTD Technology Hardware & Equipmen 20,918 21.9 0.8 3.3 2.5 9.1 32.1 2.7 0.4 (5.1) 223 1829 HK Equity CHINA MACHINER-H Capital Goods 20,876 8.7 1.3 15.0 4.6 (12.6) (2.7) 1.6 4.3 (11.1) 224 493 HK Equity GOME ELECTRICAL Retailing 20,869 NA NA NA 3.8 7.0 (6.6) 4.4 1.1 (26.4) 225 2356 HK Equity DAHSING BANKING Banks 20,752 9.4 1.0 10.6 2.6 2.0 5.4 (1.7) 1.9 7.9 226 1076 HK Equity IMPERIAL PAC Consumer Services 20,676 NA 11.6 (6.3) NA 66.9 95.0 8.9 5.8 (13.0) 227 3800 HK Equity GCL-POLY ENERGY Semiconductors & Semiconductor 20,632 7.6 0.9 16.0 NA 1.1 50.4 0.9 4.7 (4.3) 228 1313 HK Equity CHINA RES CEMENT Materials 20,579 NA 0.8 (0.9) 1.1 (18.0) (75.9) 1.9 11.7 32.4 229 1513 HK Equity LIVZON PHARM-H Pharmaceuticals, Biotechnology 20,554 21.7 3.1 15.5 1.4 19.4 21.0 0.1 6.9 10.2 230 1513 HK Equity LIVZON PHARM-H Pharmaceuticals, Biotechnology 20,554 21.7 3.1 15.5 1.4 19.4 21.0 0.1 6.9 10.2 231 548 HK Equity SHENZHEN EXPRE-H Transportation 20,385 9.4 1.2 12.8 5.1 (5.5) (29.0) 1.0 7.3 14.5 232 3323 HK Equity CHINA NATL BDG-H Materials 20,192 16.9 0.4 2.5 1.2 (17.8) (82.7) 0.5 5.1 0.5 233 1212 HK Equity LIFESTYLE INTL Retailing 19,712 18.8 1.8 11.8 5.1 3.4 (9.2) 12.8 12.4 29.2 234 1333 HK Equity CHINA ZHONGWANG Materials 19,673 6.0 0.6 11.1 4.7 1.3 11.1 0.6 4.3 (9.3) 235 207 HK Equity JOY CITY PPT Real Estate 19,639 20.3 0.7 3.5 0.7 (5.9) (69.2) (1.4) 9.5 16.9 236 3888 HK Equity KINGSOFT CORP Software & Services 19,515 40.0 2.1 6.1 0.7 69.4 (56.1) (0.3) 13.5 (21.1) 237 1963 HK Equity BANK OF CHONGQ-H Banks 19,450 4.5 0.8 17.0 5.0 17.3 11.4 1.3 6.9 (11.0) 238 1918 HK Equity SUNAC Real Estate 19,122 4.9 0.9 18.7 4.1 (8.2) 1.0 2.4 15.4 (6.3) 239 3383 HK Equity AGILE GROUP HOLD Real Estate 19,115 11.7 0.5 4.1 3.0 12.2 (70.7) 0.6 9.9 20.4 240 3866 HK Equity BANK OF QINGDAO Banks 19,076 6.9 1.0 13.7 5.1 13.5 (1.7) 4.0 10.3 (5.4) 241 895 HK Equity DONGJIANG ENV-H Commercial & Professional Serv 19,029 30.1 3.6 12.8 0.7 17.1 31.8 3.7 4.7 2.6 242 1530 HK Equity 3SBIO INC Pharmaceuticals, Biotechnology 18,891 27.7 2.8 16.1 NA 48.0 NA (3.4) (4.1) (31.4) 243 3380 HK Equity LOGAN PPT Real Estate 18,869 5.3 1.0 20.3 4.1 16.6 11.6 1.2 14.9 29.3 244 636 HK Equity KERRY LOGISTICS Transportation 18,818 10.5 1.2 12.0 1.4 (0.2) 9.2 (0.2) 0.2 (1.8) 245 1833 HK Equity INTIME RETAIL GR Retailing 18,735 11.0 1.1 9.0 3.8 9.6 13.2 8.7 12.9 (9.7) 246 1316 HK Equity NEXTEER Automobiles & Components 18,689 11.5 2.9 27.2 1.7 12.8 33.3 1.1 (2.6) (13.2) 247 778 HK Equity FORTUNE REIT Real Estate 18,298 7.3 0.8 10.7 5.1 13.7 (37.2) 0.5 (3.0) 20.9 248 579 HK Equity JNCEC-H Utilities 18,138 8.1 1.1 14.4 3.0 64.4 51.2 3.1 12.8 (4.0) 249 2186 HK Equity LUYE PHARMA GROU Pharmaceuticals, Biotechnology 17,801 20.2 2.7 14.3 NA 0.8 12.4 (0.2) 6.6 (33.7) 250 148 HK Equity KINGBOARD CHEM Technology Hardware & Equipmen 17,763 7.8 0.5 6.3 3.5 (8.7) (34.9) 5.2 3.5 39.9 251 440 HK Equity DAH SING Banks 17,759 9.1 0.9 9.9 2.5 (8.3) 9.8 (1.9) 1.9 36.8 252 1812 HK Equity SHANDONG CHEN-H Materials 17,728 9.1 0.6 7.9 5.1 5.8 92.3 (0.6) 8.3 27.1 253 1888 HK Equity KB LAMINATES Technology Hardware & Equipmen 17,640 11.9 1.3 11.0 4.2 (3.9) 12.8 11.2 19.0 67.0 254 751 HK Equity SKYWORTH DIGITAL Consumer Durables & Apparel 17,558 7.9 1.2 15.1 4.0 6.4 (31.5) 0.3 2.9 17.8 255 316 HK Equity ORIENT OVERSEAS Transportation 17,491 NA 0.5 (0.2) 0.5 (8.7) 5.1 1.5 1.6 (25.0) 256 699 HK Equity CAR INC Transportation 17,451 10.1 2.1 22.7 NA 42.1 171.1 (0.7) (5.9) (42.0) 257 272 HK Equity SHUI ON LAND Real Estate 17,338 18.6 0.4 2.0 2.3 (36.9) (54.5) 2.9 3.3 1.4 258 598 HK Equity SINOTRANS LTD-H Transportation 17,182 9.8 1.0 10.5 3.2 (0.3) 23.1 0.3 5.1 (10.6) 259 3308 HK Equity GOLDEN EAGLE RET Retailing 17,016 14.5 2.8 19.4 2.0 2.9 (0.8) 7.5 16.6 8.5 260 816 HK Equity HUADIAN FUXIN -H Utilities 16,984 7.7 0.9 12.1 2.3 10.4 (7.5) 3.6 12.2 (9.0) 261 400 HK Equity COGOBUY GROUP Retailing 16,850 41.5 7.5 19.5 NA 38.0 53.0 0.8 7.6 20.3 262 3331 HK Equity VINDA INTL HLDGS Household & Personal Products 16,846 51.2 2.5 5.0 0.7 21.4 (47.0) (1.7) (1.2) (3.5) 263 1282 HK Equity CHINA GOLDJOY GR Technology Hardware & Equipmen 16,808 27.0 4.1 7.8 0.3 (3.9) NA (2.5) (2.5) (25.0) 264 179 HK Equity JOHNSON ELEC H Capital Goods 16,487 12.0 1.1 9.3 2.6 4.7 (16.7) (0.8) (3.8) (29.3) 265 754 HK Equity HOPSON DEV Real Estate 16,425 10.0 0.3 3.0 1.4 (24.6) (43.5) 2.5 4.2 (4.4) 266 1813 HK Equity KWG PROPERTY Real Estate 16,338 4.0 0.6 16.0 6.4 (20.3) 2.7 2.1 11.5 (7.0) 267 341 HK Equity CAFE DE CORAL Consumer Services 16,259 31.0 4.6 14.4 2.9 2.9 (13.8) 5.1 6.7 22.4 268 921 HK Equity HISENSE KELON -H Consumer Durables & Apparel 16,244 11.6 1.7 15.5 3.0 (11.6) (14.0) 6.0 25.9 40.2 269 1666 HK Equity TONG REN TANG-H Pharmaceuticals, Biotechnology 16,138 25.6 3.5 14.4 1.4 19.3 16.7 0.3 2.9 (0.9) 270 1970 HK Equity IMAX CHINA HOLDI Media 15,831 NA 12.9 (197.6) NA 41.4 NA (5.4) 11.1 (18.5) 271 996 HK Equity CARNIVAL GROUP Real Estate 15,726 113.0 2.8 2.5 NA (22.5) 160.6 0.0 6.5 (2.0) 272 606 HK Equity CHINA AGRI-INDUS Food Beverage & Tobacco 15,592 NA 0.6 (1.2) NA (11.5) 57.1 2.8 10.0 11.7 273 570 HK Equity TRAD CHI MED Pharmaceuticals, Biotechnology 15,510 17.5 1.2 8.7 NA 40.0 4.4 1.2 10.4 (33.2) 274 1382 HK Equity PACIFIC TEXTILE Consumer Durables & Apparel 15,390 13.7 4.6 32.8 7.5 0.3 5.4 (1.3) (3.3) (11.0) 275 884 HK Equity CIFI HOLDINGS GR Real Estate 15,162 6.0 1.0 18.2 9.9 12.7 3.2 5.1 12.4 30.6 276 1363 HK Equity CT ENVIRONMENTAL Utilities 15,097 30.4 4.5 24.9 0.3 75.4 66.7 0.0 1.3 (5.4) 277 315 HK Equity SMARTONE TELECOM Telecommunication Services 14,812 16.6 3.7 23.2 4.4 40.9 72.5 0.0 (0.9) 16.1 278 439 HK Equity KUANGCHI SCIENCE Materials 14,714 1,782.2 7.5 2.9 NA 211.9 NA 1.2 (6.7) (22.0) 279 1112 HK Equity BIOSTIME INTERNA Food Beverage & Tobacco 14,278 46.6 3.7 8.1 NA 1.8 (69.4) (3.8) (9.9) 41.7 280 2128 HK Equity CHINA LESSO Capital Goods 14,178 7.5 1.2 17.7 2.8 3.0 4.0 0.4 4.1 (15.5) 281 806 HK Equity VALUE PARTNERS Diversified Financials 14,173 NA 3.7 7.2 1.3 9.1 (67.4) 4.8 17.3 (14.7) 282 1668 HK Equity CHINA SOUTH Real Estate 14,091 4.0 0.5 13.9 2.8 (37.1) (9.3) 4.8 10.7 0.6 283 123 HK Equity YUEXIU PROPERTY Real Estate 13,889 11.7 0.4 3.4 4.3 40.8 (64.9) 1.8 12.0 (16.4) 284 200 HK Equity MELCO INTL DEV Consumer Services 13,796 136.4 1.1 0.8 0.4 134.9 (92.7) 1.2 12.1 (23.2) 285 405 HK Equity YUEXIU REIT Real Estate 13,796 19.8 0.9 4.5 6.4 8.8 (21.2) 0.6 4.3 16.6 286 3813 HK Equity POU SHENG INTL Retailing 13,757 17.7 2.0 10.8 0.8 16.1 1,244.4 7.5 16.2 38.7 287 285 HK Equity BYD ELECTRONIC Technology Hardware & Equipmen 13,609 12.9 1.1 9.0 NA 47.7 0.0 3.1 2.4 45.2 288 680 HK Equity NAN HAI CORP LTD Media 13,523 56.6 4.2 7.5 NA 33.2 NA (1.5) (2.0) 15.2 289 3900 HK Equity GREENTOWN CHINA Real Estate 13,473 21.3 0.5 2.2 NA (18.7) (68.8) 2.3 10.9 (19.1) 290 215 HK Equity HUTCHTEL HK Telecommunication Services 13,445 17.2 1.2 6.9 4.7 35.3 9.8 0.7 (1.8) 3.7 291 777 HK Equity NETDRAGON WEBSOF Software & Services 13,213 NA 2.8 (5.7) 0.8 32.1 NA (1.5) 5.6 24.0 292 308 HK Equity CHINA TRAVEL HK Consumer Services 13,130 19.6 0.9 8.7 2.9 (1.8) (52.4) 3.9 9.5 (26.1) 293 715 HK Equity CHINA OCEANWIDE Real Estate 13,076 90.8 1.4 2.3 NA 2.4 26.0 (1.2) 3.8 (22.1) 294 931 HK Equity CHINA LNG GROUP Diversified Financials 13,025 32.5 15.4 59.8 0.4 (91.4) 28.6 (1.3) (2.9) (24.3) 295 1308 HK Equity SITC Transportation 12,827 12.1 2.0 17.3 3.3 (6.7) 17.8 1.2 7.0 19.5 296 330 HK Equity ESPRIT HLDGS Retailing 12,734 NA 1.1 (29.1) NA (19.8) NA 2.5 5.3 (23.5) 297 737 HK Equity HOPEWELL INFR Transportation 12,635 21.2 1.6 7.3 4.9 NA (6.0) 0.2 3.3 9.6 298 1083 HK Equity TOWNGAS CHINA Utilities 12,338 16.6 0.9 5.4 NA (2.1) (24.2) 0.0 (3.4) 3.4 299 732 HK Equity TRULY INTL HLDGS Technology Hardware & Equipmen 12,152 13.9 1.7 11.9 2.4 (9.3) (24.3) (5.0) (0.9) 124.7 300 2329 HK Equity GUORUI PPT Real Estate 11,797 7.9 1.2 16.7 2.1 23.4 22.2 (0.7) 0.8 (15.6) 301 881 HK Equity ZHONGSHENG GROUP Retailing 11,784 22.3 0.9 4.1 0.9 8.0 (40.0) 3.8 14.9 17.1 302 1375 HK Equity CC SECURITIES-H Diversified Financials 11,734 6.2 1.2 20.2 13.9 125.1 108.3 3.7 11.7 (14.2) 303 511 HK Equity TVB Media 11,717 NA 1.5 16.4 9.7 (9.3) NA 0.2 1.7 (16.3) 304 173 HK Equity K WAH INTL HLDGS Real Estate 11,564 8.2 0.5 8.6 4.3 97.2 (26.7) (1.3) 0.8 18.3 305 590 HK Equity LUK FOOK HLDGS I Retailing 11,296 11.8 1.3 11.1 3.4 (11.9) (40.5) 0.5 (2.3) 17.0 306 658 HK Equity CHINA HIGH-SPEED Capital Goods 11,104 9.2 1.0 11.2 3.4 20.8 397.6 5.9 13.2 8.8 307 1111 HK Equity CHONG HING BANK Banks 11,040 8.0 0.7 8.0 3.4 37.2 (65.6) 0.7 0.8 4.7 308 2199 HK Equity REGINA MIRACLE I Consumer Durables & Apparel 10,994 21.3 4.1 23.3 0.6 21.2 NA 2.9 5.4 (20.5) 309 1208 HK Equity MMG Materials 10,845 NA 2.1 (87.3) NA (21.3) NA 1.5 10.2 39.5 310 1293 HK Equity BAOXIN AUTO GROU Retailing 10,843 40.6 1.9 4.4 NA (22.6) (67.9) 0.0 0.0 (12.6) 311 1448 HK Equity FU SHOU YUAN INT Consumer Services 10,814 30.3 3.9 13.4 1.0 39.3 24.5 (8.3) (0.8) (14.4) 312 2868 HK Equity BJ CAPITAL LAN-H Real Estate 10,628 3.4 0.7 17.6 6.8 56.4 8.4 3.8 18.6 (1.1) 313 86 HK Equity SUN HUNG KAI CO Diversified Financials 10,588 16.1 0.6 23.7 5.4 20.4 (31.7) 1.5 5.3 (5.9) 314 3808 HK Equity SINOTRUK HK LTD Capital Goods 10,575 41.8 0.5 1.1 0.8 (13.7) (53.3) 1.1 10.7 24.8 315 1432 HK Equity CHINA SHENGMU OR Food Beverage & Tobacco 10,358 11.1 1.9 19.4 NA 45.4 6.8 0.6 6.5 (10.9) 316 934 HK Equity SINOPEC KANTONS Energy 10,193 9.9 1.1 9.4 1.2 (90.1) 0.8 0.0 2.0 (11.1) 317 1883 HK Equity CITIC TELECOM Telecommunication Services 10,133 12.4 1.4 11.8 4.2 2.0 9.7 1.4 2.4 1.0 318 729 HK Equity FDG EVEHICLES Capital Goods 9,994 NA 3.0 (8.4) NA 19.7 48.7 4.6 8.3 (5.2) 319 1622 HK Equity REDCO PROPERTIES Real Estate 9,873 19.4 3.3 19.0 NA (3.6) 10.8 (0.5) (1.6) (2.5) 320 3886 HK Equity TOWN HEALTH Health Care Equipment & Servic 9,857 32.1 2.1 7.0 0.8 127.0 107.1 1.6 2.4 (20.6) 321 2678 HK Equity TEXHONG TEXTILE Consumer Durables & Apparel 9,714 11.0 1.9 18.9 2.7 1.0 91.4 (5.2) 6.0 87.4 322 708 HK Equity EVERGRANDE HEALT Media 9,677 99.9 17.0 18.9 NA (8.7) 776.2 1.8 9.8 (51.7) 323 1628 HK Equity YUZHOU PROPERTIE Real Estate 9,654 4.8 0.9 18.6 7.1 32.4 25.0 (0.4) 10.0 20.5 324 1368 HK Equity XTEP INTL Consumer Durables & Apparel 9,633 12.8 1.7 13.0 3.9 10.8 32.0 0.2 9.0 6.1 325 1515 HK Equity PHOENIXHEALTH Health Care Equipment & Servic 9,605 49.3 4.7 9.9 NA 13.8 (28.6) (0.9) 0.5 29.1 326 178 HK Equity SA SA INTL HLDGS Retailing 9,457 24.3 4.1 16.1 4.3 (12.8) (54.6) (1.5) (3.3) 24.8 327 1387 HK Equity RENHE COMMERCIAL Real Estate 9,453 NA 0.4 (22.2) NA 56.8 (59.2) 0.0 9.1 (40.3) 328 3818 HK Equity CHINA DONGXIANG Consumer Durables & Apparel 9,357 9.9 0.8 8.1 3.1 16.4 (12.3) 0.0 10.5 (7.1) 329 698 HK Equity TONGDA GROUP HLD Technology Hardware & Equipmen 9,349 11.8 2.2 20.0 2.5 26.8 33.5 (3.0) 4.5 19.0 Source: Wind, Bloomberg, Bank of Communications (Int’l)

Download our reports from Bloomberg: BOCM 〈enter 〉 15

China Market Strategy 17 August 2016

Focus chart 7 (4) ： Shenzhen Hong Kong southbound stock pool target Mkt Cap Dividend Sales EPS Grth Bloomberg Ticker Name 行业 TTM PE TTM PB ROE W TD % MTD % YTD % (Mil HKD) Yield Grth 1Y 1Y 330 1310 HK Equity HKBN LTD Telecommunication Services 9,323 89.1 6.2 6.6 4.3 9.8 NA (1.2) 0.1 (7.3) 331 198 HK Equity SMI HOLDINGS Media 9,315 22.1 1.8 8.4 1.6 77.2 120.1 0.0 0.0 (25.0) 332 2331 HK Equity LI NING CO LTD Consumer Durables & Apparel 9,258 NA 2.4 4.9 NA 17.2 95.9 3.8 20.9 16.9 333 2666 HK Equity UNIVERSAL MEDICA Health Care Equipment & Servic 9,251 10.5 1.3 15.9 2.4 41.3 NA (0.2) (0.7) (10.0) 334 1052 HK Equity YUEXIU TRANSPORT Transportation 9,085 14.6 0.9 6.2 5.2 19.8 (12.7) 1.9 5.4 11.7 335 2618 HK Equity TCL COMM TECH HL Technology Hardware & Equipmen 8,960 14.1 2.2 15.5 3.0 (7.0) (7.6) (0.8) 0.4 22.8 336 336 HK Equity HUABAO INTL Materials 8,947 5.7 1.0 16.9 NA (9.2) (27.1) 1.1 3.6 1.8 337 2008 HK Equity PHOENIX SATELLIT Media 8,852 80.1 1.8 2.2 0.6 (9.0) (83.4) 1.1 3.5 (2.7) 338 563 HK Equity SH IND URBAN Real Estate 8,708 16.8 0.7 4.1 0.7 (50.2) 220.9 1.1 3.4 19.6 339 506 HK Equity CHINA FOODS LTD Food Beverage & Tobacco 8,699 48.9 1.6 1.4 0.3 6.1 NA 2.0 5.4 (9.1) 340 321 HK Equity TEXWINCA HLDG Consumer Durables & Apparel 8,663 8.2 1.4 17.2 7.0 0.2 35.7 (1.3) 2.8 (22.7) 341 976 HK Equity CHIHO-TIANDE Materials 8,649 NA 1.9 (43.7) NA (46.6) 18.8 3.5 3.9 3.3 342 119 HK Equity POLY PROPERTY Real Estate 8,568 NA 0.3 (10.2) NA (12.5) NA 0.4 12.0 (7.5) 343 1347 HK Equity HUA HONG SEMI Semiconductors & Semiconductor 8,540 9.7 0.7 7.6 3.3 (2.2) 0.0 2.0 13.6 9.7 344 1230 HK Equity YASHILI INT'L Food Beverage & Tobacco 8,400 58.2 1.2 2.6 0.5 (22.3) (72.0) 1.7 5.4 (8.3) 345 268 HK Equity KINGDEE INTL SFT Software & Services 8,204 60.3 2.2 4.1 NA 2.6 (50.4) 0.0 13.9 (21.6) 346 568 HK Equity SHANDONG MOLON-H Energy 8,073 NA 1.1 (10.1) NA (36.1) NA 8.6 21.6 20.1 347 242 HK Equity SHUN TAK HOLDING Capital Goods 8,063 10.8 0.3 2.8 0.8 (55.0) (83.3) 2.3 5.6 (9.2) 348 1030 HK Equity FUTURE LAND DEVE Real Estate 7,921 5.7 0.8 14.6 4.2 15.0 0.0 2.2 17.6 4.5 349 1238 HK Equity POWERLONG REAL Real Estate 7,835 3.1 0.3 10.5 4.6 23.2 51.6 3.2 12.0 19.5 350 535 HK Equity GEMDALE PROPERTI Real Estate 7,818 4.7 0.8 17.3 4.8 95.6 93.7 1.0 7.6 (4.8) 351 861 HK Equity DIGITAL CHINA Technology Hardware & Equipmen 7,812 20.7 0.8 7.6 NA (12.5) (34.9) 1.2 10.1 10.6 352 354 HK Equity CHINASOFT INTL Software & Services 7,801 21.9 2.0 9.8 NA 15.8 31.1 3.1 15.3 12.5 353 3382 HK Equity TIANJIN PORT DEV Transportation 7,759 12.2 0.7 5.4 3.3 (38.9) (21.8) 4.1 9.6 (2.3) 354 639 HK Equity SHOUGANG FUSHAN Materials 7,741 NA 0.5 (2.5) 4.1 (38.7) 2.0 (1.4) 5.8 46.0 355 256 HK Equity CITYCHAMP Consumer Durables & Apparel 7,736 25.5 1.9 7.8 1.4 (0.3) 137.4 1.1 9.9 35.9 356 2393 HK Equity YESTAR INTERNATI Commercial & Professional Serv 7,700 30.3 7.2 34.4 1.1 60.3 50.0 1.1 4.4 4.1 357 2369 HK Equity COOLPAD Technology Hardware & Equipmen 7,689 2.8 0.9 43.5 NA (41.1) 349.4 1.3 12.5 (1.1) 358 3983 HK Equity CHINA BLUECHEM-H Materials 7,653 7.9 0.5 6.0 5.7 (1.2) 800.0 1.8 7.1 (21.3) 359 1886 HK Equity CHINA HUIYUAN Food Beverage & Tobacco 7,454 NA 0.6 (2.3) NA 23.7 (79.2) (1.1) 4.1 (21.4) 360 451 HK Equity GCL NEWENERGY Technology Hardware & Equipmen 7,439 NA 0.5 (1.1) NA 58.1 93.6 9.9 14.7 (14.3) 361 855 HK Equity CHINA WATER AFFA Utilities 7,362 13.3 1.6 12.9 1.6 41.1 39.8 (1.6) 2.5 30.9 362 1070 HK Equity TCL MULTIMEDIA T Consumer Durables & Apparel 7,276 NA 1.1 (0.3) NA 1.5 (89.1) (5.8) 0.0 (14.8) 363 1680 HK Equity MACAU LEGEND Consumer Services 7,239 NA 1.0 (3.7) NA (20.7) NA 0.9 5.5 13.9 364 1205 HK Equity CITIC RESOURCES Capital Goods 7,229 NA 1.7 (72.4) NA (79.1) NA 5.7 10.8 15.0 365 1381 HK Equity CANVEST ENV Utilities 7,222 26.1 3.0 11.7 NA 49.2 7.1 (0.6) (0.3) 5.3 366 297 HK Equity SINOFERT HOLDING Materials 7,165 27.7 0.5 1.7 1.0 (7.7) (3.7) 2.0 10.9 (22.7) 367 1136 HK Equity TCC INTL HLDGS Materials 7,119 NA 0.4 (2.8) 1.4 (20.7) NA 0.7 6.7 0.7 368 2005 HK Equity SSY GROUP LTD Pharmaceuticals, Biotechnology 7,112 18.1 2.9 14.3 1.0 6.2 (17.1) 0.0 0.4 25.0 369 1728 HK Equity CHINA ZHENGTONG Retailing 7,028 9.7 0.7 7.4 3.1 (5.0) (23.1) (0.6) 0.6 (10.9) 370 337 HK Equity GREENLAND HONG K Real Estate 6,984 20.2 0.9 3.5 NA 104.3 (17.6) 3.3 7.8 (17.2) 371 327 HK Equity PAX GLOBAL TECHN Technology Hardware & Equipmen 6,964 11.1 2.1 19.8 1.0 21.0 54.3 (5.7) (2.8) (22.0) 372 845 HK Equity GLORIOUS PROPERT Real Estate 6,935 NA 0.5 (27.7) NA (45.1) (31.6) (8.2) 23.6 (1.1) 373 775 HK Equity CK LIFE SCIENCES Pharmaceuticals, Biotechnology 6,920 24.6 1.6 6.4 1.2 (0.8) 8.0 1.4 1.4 2.9 374 993 HK Equity HUARONG INTERNAT Diversified Financials 6,843 NA 10.0 8.1 NA 27.2 62.9 0.0 7.9 (31.2) 375 1828 HK Equity DAH CHONG HONG Retailing 6,816 12.0 0.8 6.2 3.4 (3.6) (24.0) (2.6) (2.6) (4.9) 376 2877 HK Equity CHINA SHINEWAY Pharmaceuticals, Biotechnology 6,814 8.8 1.1 12.9 3.4 (7.8) (5.9) 1.2 0.6 (15.5) 377 978 HK Equity CHINA MERCHANTS Real Estate 6,671 30.8 1.1 3.8 0.4 (14.1) (51.2) 3.0 10.6 (12.8) 378 2298 HK Equity COSMO LADY CHINA Consumer Durables & Apparel 6,634 10.5 2.1 22.1 3.2 23.6 14.0 (0.3) 16.4 (46.4) 379 709 HK Equity GIORDANO INTL Retailing 6,627 15.7 2.4 15.0 6.4 (3.0) 4.2 (0.7) 3.7 16.3 380 3836 HK Equity CHINA HARMONY AU Retailing 6,618 8.9 1.0 13.1 2.9 4.2 (23.5) (1.4) (3.9) (23.2) 381 1636 HK Equity CMRU Materials 6,610 NA 7.6 (49.7) NA (53.6) NA 1.0 6.4 9.8 382 853 HK Equity MICROPORT SCIENT Health Care Equipment & Servic 6,576 NA 2.7 (3.7) NA 5.8 79.9 (0.2) 9.0 23.8 383 1777 HK Equity FANTASIA HOLDING Real Estate 6,568 4.4 0.5 12.8 4.4 11.7 (4.5) (0.9) 6.5 30.4 384 3899 HK Equity CIMC ENRIC HLDG Capital Goods 6,546 10.8 0.9 8.4 3.0 (26.9) (49.5) 3.4 9.7 (25.7) 385 546 HK Equity FUFENG GROUP LTD Materials 6,486 12.2 0.9 7.6 1.7 (0.6) (18.7) 9.3 13.8 (12.9) 386 163 HK Equity EMPEROR INTL Real Estate 6,472 NA 0.3 (9.9) 5.7 98.6 NA 0.0 (0.6) 23.1 387 3998 HK Equity BOSIDENG INTL Consumer Durables & Apparel 6,459 17.6 0.7 3.9 3.6 (8.0) 113.3 4.3 12.3 9.0 388 2255 HK Equity HAICHANG OCEAN P Consumer Services 6,440 23.8 1.4 6.2 NA (7.5) 14.3 1.9 2.5 (7.5) 389 787 HK Equity GLOBAL BRANDS GR Consumer Durables & Apparel 6,369 7.4 0.3 4.4 NA (0.9) 6.4 1.3 11.8 (48.3) 390 819 HK Equity TIANNENG POWER Automobiles & Components 6,365 8.8 1.6 20.2 5.6 26.8 NA (1.1) 5.8 (13.6) 391 719 HK Equity SHANDONG XINHU-H Pharmaceuticals, Biotechnology 6,231 27.7 1.3 4.8 0.4 1.0 65.1 1.5 16.3 21.0 392 547 HK Equity DIGITAL DOMAIN Media 6,176 NA 8.3 (33.2) NA (38.0) NA 2.0 2.0 2.0 393 721 HK Equity CHINA FINANCIAL Diversified Financials 6,144 NA 3.1 (12.2) NA NA 99.7 (6.7) 41.8 (44.0) 394 419 HK Equity HUAYI TENCENT EN Health Care Equipment & Servic 6,142 NA 5.2 (34.4) NA 11.5 NA (4.2) (20.2) (56.7) 395 1302 HK Equity LIFETECH SCI Health Care Equipment & Servic 6,080 9,766.4 28.8 1.4 NA 10.2 NA (1.9) 5.6 2.7 396 35 HK Equity FE CONSORT INTL Real Estate 6,075 7.9 0.6 7.6 5.6 (21.8) (27.5) (1.7) 5.9 (3.4) 397 1980 HK Equity TIANGE Software & Services 6,075 32.9 2.3 6.9 NA (2.1) NA 1.1 5.2 46.8 398 1117 HK Equity CHINA MODERN DAI Food Beverage & Tobacco 6,047 14.1 0.7 4.5 NA (4.0) (58.2) 3.6 11.8 (43.3) 399 1966 HK Equity CHINA SCE PROPER Real Estate 6,026 5.6 0.7 12.9 2.8 55.2 2.0 (1.1) 7.3 0.6 400 517 HK Equity COSCO INTERNATIO Transportation 5,979 17.8 0.8 4.3 4.1 (20.9) (7.6) 2.1 2.9 (5.1) 401 1233 HK Equity TIMES PROPERTY H Real Estate 5,961 3.4 0.7 23.0 5.3 30.9 10.8 0.9 12.0 28.1 402 1778 HK Equity COLOUR LIFE SERV Real Estate 5,931 30.1 4.0 14.5 1.7 112.6 1.1 (1.5) 3.5 (9.0) 403 42 HK Equity NORTHEAST ELEC-H Capital Goods 5,925 450.0 7.4 1.7 NA (23.3) 0.0 2.1 14.8 8.1 404 735 HK Equity C P NEW ENERGY Utilities 5,862 46.1 0.6 1.4 0.8 2.6 (62.5) (2.0) 6.7 (35.0) 405 2168 HK Equity YINGDE GASES GRP Materials 5,842 9.3 0.7 7.5 10.5 2.6 (40.1) 2.0 12.0 (13.7) 406 1234 HK Equity CHINA LILANG LTD Consumer Durables & Apparel 5,838 8.1 1.7 21.6 6.2 10.5 12.3 1.5 (3.4) (14.4) 407 2669 HK Equity CHINA OVERSEAS P Real Estate 5,785 49.4 9.2 20.2 0.7 17.6 20.3 (1.1) 9.3 38.6 408 1968 HK Equity PEAK SPORT Consumer Durables & Apparel 5,758 11.8 1.0 8.6 6.2 9.4 14.9 0.8 0.8 11.1 409 378 HK Equity FDG KINETIC LTD Diversified Financials 5,752 NA 3.1 (120.7) NA 211.5 (3,690.4) (4.3) (9.7) (11.1) 410 81 HK Equity CHINA OVERSEAS G Real Estate 5,683 6.7 0.5 7.3 NA 18.8 (32.8) 2.0 12.2 (24.1) 411 1224 HK Equity C C LAND HOLDING Real Estate 5,565 4.1 0.4 9.4 2.6 (35.9) 27.9 (0.5) 7.0 (11.2) 412 951 HK Equity CHAOWEI POWER Automobiles & Components 5,564 14.1 1.8 13.8 2.1 3.8 NA (0.2) 8.4 (0.9) 413 1361 HK Equity 361 DEGREES Consumer Durables & Apparel 5,541 9.1 0.9 10.1 4.5 14.1 30.2 2.7 17.0 (8.2) 414 468 HK Equity GREATVIEW ASEPTI Materials 5,457 14.8 2.1 14.6 2.5 (0.6) 14.3 (1.9) 1.5 19.6 415 1811 HK Equity CGN NEW ENERGY H Utilities 5,449 6.8 0.9 14.3 2.7 (16.5) (59.5) 0.0 11.4 (25.3) 416 3709 HK Equity KORADIOR HOLDING Retailing 5,384 22.8 5.6 27.3 1.4 23.9 37.9 (2.9) (6.3) 0.9 417 1848 HK Equity CALC Capital Goods 5,285 13.3 2.3 19.2 2.6 38.2 10.2 0.7 2.7 5.8 418 1819 HK Equity FUGUINIAO-H Consumer Durables & Apparel 5,202 11.4 1.9 17.1 4.4 (12.5) (13.7) 1.3 0.0 (17.4) 419 1366 HK Equity JIANGNAN GROUP Capital Goods 5,180 5.8 0.9 17.3 4.4 12.4 (5.1) 0.8 (6.6) (16.4) 420 3339 HK Equity LONKING Capital Goods 5,179 39.9 0.7 1.7 1.4 (35.0) (70.0) (1.6) 5.2 7.1 421 3393 HK Equity WASION GROUP Technology Hardware & Equipmen 5,176 10.2 1.1 11.5 4.7 5.6 (17.6) 6.0 16.2 (36.9) 422 6166 HK Equity CHINA VAST INDUS Real Estate 5,142 NA 2.9 NA 3.2 (40.5) (38.0) 1.3 2.6 (1.9) 423 799 HK Equity IGG INC Software & Services 5,055 11.3 3.7 33.4 1.8 (1.0) (38.5) 6.9 12.7 11.9 424 2280 HK Equity HC INTERNATIONAL Software & Services 5,051 54.7 1.6 2.9 NA (5.2) (75.4) 1.8 10.6 6.8 425 1045 HK Equity APT SATELLITE HL Telecommunication Services 5,046 9.8 1.1 12.1 1.6 (4.3) 1.1 5.9 1.3 (13.6) 426 1188 HK Equity HYBRID KINETIC G Automobiles & Components 5,044 NA 2.2 (24.9) NA NA 41.4 0.0 (8.1) (36.4) 427 1165 HK Equity SFCE Semiconductors & Semiconductor 4,832 39.3 0.6 0.7 NA 22.4 (97.7) (0.9) 14.3 (43.1) 428 109 HK Equity GOOD RESOURCES H Diversified Financials 3,098 93.5 1.1 1.0 NA 25.7 (50.0) 2.4 6.2 (70.3) 429 911 HK Equity HANG FAT GINSENG Retailing 2,529 NA 1.6 (54.9) 15.2 (31.5) NA (0.6) 11.3 (94.4) 430 3823 HK Equity TECH PRO Capital Goods 1,700 NA 1.6 (21.7) NA 52.4 22.1 11.1 92.6 (85.3) Source: Wind, Bloomberg, Bank of Communications (Int’l)

Download our reports from Bloomberg: BOCM 〈enter 〉 16

China Market Strategy 17 August 2016

Recent Reports 20120625 The Reflation Paradox 20140822 The Truth about SH-HK Connect and Fund Flow 20120706 The Declaration of Dependence 20140827 Market’s Take on Growth and Policy Outlook 20120725 The War on Money 20140905 Sense and Sensibility: Stop Loss 20120822 Pigs “Run” the Chinese Stock Market 20140915 Monetary and Fiscal Policies on the Cards 20120906 A Monetary Reprieve 20140922 Consolidation or Correction - Long Yield Still Holds the Key 20120922 A “Fiscal” Reprieve 20140928 Two Diverging Trades 20121019 A “Congressional” Reprieve 20141006 Hong Kong Chasm 20121116 Economy at a Crossroad 20141013 The Dollar in Question 20121204 2013: The Reform Paradox (Preview) 20141020 A Great Shift in Monetary Policy 20121214 2013: Market at a Crossroad 20141027 Connect Hiccup 20121219 2013: The Reform Paradox (Full Report) 20141111 Remaining Questions for SH-HK Connect 20130117 What’s Wrong with Consensus? 20141117 SH-HK Connect: Breaking New Ground 20130227 Here is the Thing... 20141119 SH-HK Connect: D.O.A.? 20130325 The Market Top: When and Where 20141124 A Rate Cut! And A New Trading Paradigm 20130415 Goodbye Yellow Brick Road? 20141117 SH-HK Connect: Breaking New Ground 20130422 Casino Economics 20141119 SH-HK Connect: D.O.A.? 20130513 The Mahjong Investment Theorem 20141124 A Rate Cut! And A New Trading Paradigm 20130520 The Mahjong Investment Theorem II: Smallness, Growthiness, 20141205 Shanghai Rising: Raising Our Market View Riskiness 20141217 Outlook 2015: Repricing Risks 20130524 A Black Swan Called “Nikkei” 20141224 China: 5 Surprises in 2015 20130603 The “Unprecedented” Normal 20150118 Margin Destruction. But is 4200 Possible? 20130610 Auguries of Turbulence 20150218 Margin of Danger 20130621 Auguries of Turbulence II (A Hard Rain’s A-Gonna Fall) 20150204 RRR Cut, RMB and the Imbalance of Payment 20130625 Against All Odds : A Tradable Rebound 20150208 Option D-Day and the Story of Red Temple 20130722 Small Leap of Forward: Interest Rate Liberalization and Its Market 20150302 Rate Cut and the New Extremes Implications 20150320 Price-to-Whatever Ratio: A Bubble Scenario 20130729 National Audit and China’s “Debt Bubble” 20150330 One-Belt-One-Road and A New World Order 20130819 Market Oddities 20150413 Hang Seng = 32,000; Don’t fight China’s Big Mama 20130904 The Most Hated Trades 20150416 A50/500 Index Futures: Pricking the ChiNext Bubble 20130910 Running with the Bulls 20150420 CSRC, PBOC and the Greed of Man 20130914 China and Fed Tapering 20150506 Taming the People’s Daily Bull 20131014 Chinese Markets and the US Debt Ceiling Debate 20150511 Rate Cut As Expected 20131017 Is the Stock Market Predictable (Ode to Fama and Shiller) 20150528 “5-30” Once More 20131024 Take Profits 20150616 The Great China Bubble: Lessons from 800 Years of History 20131108 The Plenum: the market is blind in its own muse 20150624 Remembering “2013-6-25 20131205 Dark Horse and Black Swan (A Preview) 20150629 The PBOC cuts. Now what? 20131212 Dark Horse and Black Swan 20150702 The CSRC steps in. Now what? 20140127 Lessons from 2013 20150706 Shock and Awe 20140225 RMB, Property and Significant Market Risks 20151026 The PBoC cuts. It’s time for a resolution 20140304 Risk - “You Know What I mean.” 20151109 Re-opening IPO: Devils in Details 20140311 Risk - Market Bottom: 1600 20151116 A winter of violence 20140317 Will RMB Pop the Property Bubble? 20151130 Three Market Extremes 20140324 Spring Time for Large Caps 20151209 Outlook 2016: The Chinese Curse 20140409 Long Yield Holds the Key 20151217 The Fed Hikes: Moment of Truth 20140414 3 Pain Trades; Focus on Value 20160104 China’s Circuit Breaker: The First Cut is the Deepest 20140514 The New Extremes 20160108 Circuit Breaker Suspended. Now What? 20140617 2H2014: The Sound of Silence 20160115 An Oversold Reprieve 20140711 The Sound of Silence: A Volatility Flare 20160203 One Last Ditch to Salvage the Property Bubble 20140718 Chinese Soccer, Stocks and a Gigantic Wedge Formation 20160217 Historic Lending! But Three Important Limits 20140723 One Trillion Doubts: PSL, Property and Non-ferrous 20160301 No Growth, No Gain 20140728 One Trillion Hype: Reduce Risk 20160307 Two-Sessions in a Cyclical Spring 20140805 One What’s Wrong with Consensus 20160321 Unprecedented Divergences 20140814 Lending Summersault and Policy Outlook

Download our reports from Bloomberg: BOCM 〈enter 〉 17

China Market Strategy

BOCOM International 11/F, Man Yee Building, 68 Des Voeux Road, Central, Hong Kong Main: + 852 3710 3328 Fax: + 852 3798 0133 www. BoCom group.com

Rating System Company Rating Sector Rating Buy: Expect more than 20% upside in 12 months Outperform (“OP”): Expect more than 10% upside in 12 months LT Buy: Expect more than 20% upside but longer than 12 months Market perform (“MP”): Expect low volatility Neutral: Expect low volatility Underperform (“UP”): Expect more than 10% downside in 12 months Sell: Expect more than 20% downside in 12 months

Research Team

Head of Research @BoComgroup.com Head of Research/ Strategy @BoComgroup.com Raymond CHENG, CFA, CPA, CA (852) 2977 9393 raymond.cheng Hao HONG, CFA (852) 2977 9384 hao.hong

Banks/Network Financials Internet Qingli YANG (852) 2977 9212 yangqingli Yuan MA, PhD (86) 10 8800 9788 - 8039 yuan.ma Shanshan LI, CFA (86) 10 8800 9788 - 8058 lishanshan Connie GU, CPA (86) 10 8800 9788 - 8045 conniegu Li WAN, CFA (86) 10 8800 9788 - 8051 Wanli Mengqi Sun (86) 10 8800 9788 - 8048 mengqi.sun Hannah HAN (86) 10 8800 9788 - 8055 hannah.han

Consumer Discretionary Mid -Cap Industrial & Building Materials/ Automobile Phoebe WONG, CPA (852) 2977 9391 phoebe.wong Angus CHAN (852) 2977 9392 angus.chan Kelvin Xie (852) 2977 9205 kelvin.xie

Consumer Staple s Oil & Gas/ Gas Utilities Summer WANG, CFA (852) 2977 9221 summer.wang Tony LIU (852) 2977 9390 xutong.liu Shawn WU (852) 2977 9386 shawn.wu

Environmental Services Property Wallace CHENG (852) 2977 9387 wallace.cheng Alfred LAU, CFA, FRM (852) 2977 9235 alfred.lau Philip TSE, CFA, FRM (852) 2977 9220 philip.tse Luella GUO (852) 2977 9211 luella.guo

Gaming & Leisure Renewable Energy Alfred LAU, CFA, FRM (852) 2977 9235 alfred.lau Louis SUN (86) 21 6065 3606 louis.sun

Healthcare Technology David LI (852) 2977 9203 david.li Chris YIM (852) 2977 9243 christopher.yim

Insurance & Brokerage Telecom & Small/ Mid -Caps Jupiter ZHENG (852) 2977 9389 jupiter.zheng Zhiwu LI (852) 2977 9209 lizhiwu Jennifer ZHANG (852) 2977 9250 yufan.zhang

Transportation & Industrial Geoffrey CHENG, CFA (852) 2977 9380 geoffrey.cheng Fay ZHOU (852) 2977 9381 fay.zhou

Download our reports from Bloomberg ：BOCM 〈enter 〉

China Market Strategy 17 August 2016

Analyst Certification The authors of this report, hereby declare that: (i) all of the views expressed in this report accurately reflect their personal views about any and all of the subject securities or issuers; and (ii) no part of any of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report; (iii) no insider information/ non-public price-sensitive information in relation to the subject securities or issuers which may influence the recommendations were being received by the authors. The authors of this report further confirm that (i) neither they nor their respective associates (as defined in the Code of Conduct issued by the Hong Kong Securities and Futures Commission) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to the date of issue of the report; (ii)) neither they nor their respective associates serve as an officer of any of the Hong Kong listed companies covered in this report; and (iii) neither they nor their respective associates have any financial interests in the stock(s) covered in this report. Disclosure of relevant business relationships BOCOM International Securities Limited, and/or its associated companies, has investment banking relationship with Bank of Communications, BAIC Motor Corporation Limited, China Huinong Capital Group Limited, D&G Technology Holding Company Limited, Guolian Securities Co. Ltd., GF Securities Co. Ltd., PuraPharm Corporation Limited, Chiho-Tiande Group Limited, Greenland Hong Kong Holdings Limited, Chinasoft International Limited, Forgame Holdings Limited, Legend Holdings Corporation, Peak Sport Products Co. Limited, Hengtou Securities (also known as Hengtai Securities Co. Ltd.),Bank of Zhengzhou Co. Ltd., China Huarong Asset Management Co. Ltd., China International Capital Corporation Limited, Human Health Holdings Limited, LVGEM (China) Real Estate Investment Company Limited, China Construction Bank Corporation and Hsin Chong Construction Group Ltd. within the preceding 12 months. BOCOM International Holdings Company Limited currently holds more than 1% of the equity securities of Chinasoft International Limited. Disclaimer By accepting this report (which includes any attachment hereto), the recipient hereof represents and warrants that he is entitled to receive such report in accordance with the restrictions set forth below and agrees to be bound by the limitations contained herein. Any failure to comply with these limitations may constitute a violation of law. This report is strictly confidential and is for private circulation only to clients of BOCOM International Securities Ltd. This report is being supplied to you strictly on the basis that it will remain confidential. No part of this report may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of BOCOM International Securities Ltd. BOCOM International Securities Ltd, its affiliates and related companies, their directors, associates, connected parties and/or employees may own or have positions in securities of the company(ies) covered in this report or any securities related thereto and may from time to time add to or dispose of, or may be interested in, any such securities. Further, BOCOM International Securities Ltd, its affiliates and its related companies may do and seek to do business with the company(ies) covered in this report and may from time to time act as market maker or have assumed an underwriting commitment in securities of such company(ies), may sell them to or buy them from customers on a principal basis and may also perform or seek to perform investment banking, advisory, underwriting, financing or other services for or relating to such company(ies) as well as solicit such investment, advisory, financing or other services from any entity mentioned in this report. In reviewing this report, an investor should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest. The information contained in this report is prepared from data and sources believed to be correct and reliable at the time of issue of this report. This report does not purport to contain all the information that a prospective investor may require and may be subject to late delivery, interruption and interception. BOCOM International Securities Ltd does not make any guarantee, representation or warranty, express or implied, as to the adequacy, accuracy, completeness, reliability or fairness of any such information and opinion contained in this report and accordingly, neither BOCOM International Securities Ltd nor any of its affiliates nor its related persons shall not be liable in any manner whatsoever for any consequences (including but not limited to any direct, indirect or consequential losses, loss of profits and damages) of any reliance thereon or usage thereof. This report is general in nature and has been prepared for information purposes only. It is intended for circulation amongst BOCOM International Securities Ltd’s clients generally and does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. The information and opinions in this report are not and should not be construed or considered as an offer, recommendation or solicitation to buy or sell the subject securities, related investments or other financial instruments thereof. The views, recommendations, advice and opinions in this report may not necessarily reflect those of BOCOM International Securities Ltd or any of its affiliates, and are subject to change without notice. BOCOM International Securities Ltd has no obligation to update its opinion or the information in this report. Investors are advised to make their own independent evaluation of the information contained in this research report, consider their own individual investment objectives, financial situation and particular needs and consult their own professional and financial advisers as to the legal, business, financial, tax and other aspects before participating in any transaction in respect of the securities of company(ies) covered in this report. The securities of such company(ies) may not be eligible for sale in all jurisdictions or to all categories of investors. This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to any law, regulation, rule or other registration or licensing requirement. BOCOM International Securities Ltd is a wholly owned subsidiary of Bank of Communications Co Ltd.

Download our reports from Bloomberg: BOCM 〈enter 〉 19