Fundamental Analysis & Analyst Recommendations - QMS Advisors SHCOMP FlexIndex

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Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 15163562 2028.573 1118 1118 203 220 220 104.17 110.43 110.43 15.89 15.89 14.99 14.99 18.56

Euro Stoxx 50 Pr EUR 2784631 5750.748 4610 4610 752 778 778 222.08 295.02 295.02 21.91 19.26 16.49 16.49 20.88

NIKKEI 225 JPY 2704662 192.4479 196 196 19 22 22 6.07 7.99 7.99 0.24 0.23 0.18 0.18 0.11

FTSE 100 INDEX GBP 2839372 12365.19 9910 9910 1489 1649 1649 531.57 803.39 803.39 30.17 22.88 19.96 19.96 22.41

SWISS MARKET INDEX CHF 1074976 11019.07 4134 4134 935 850 850 441.13 559.84 559.84 20.46 17.42 16.13 16.13 23.62

S&P/TSX COMPOSITE INDEX CAD 1673558 17457.41 7358 7358 1839 1957 1957 726.52 803.56 803.56 16.38 16.38 14.81 14.81 24.09

S&P/ASX 200 INDEX AUD 1302938 6254.752 2653 2653 534 677 677 208.14 316.85 316.85 21.15 23.31 13.89 13.89 19.49

HANG SENG INDEX HKD 1747601 3236.539 1659 1659 371 392 392 281.31 270.07 270.07 1.34 1.45 1.40 1.40 2.96

MSCI EM USD 7154462 1325.559 969 969 186 175 175 85.20 87.05 87.05 11.22 1.31 10.98 10.98 19.20

PETROCHINA CO LTD-A CNY 236920 31100 183021 73 0 19 8 322.92 358650 347949 393302 412771 53854 51144 - - 0.11 0.11 0.12 0.12 2.02 2.29 1.85 1.75 1.56 2.72 0.32 0.67 2.40 - - - -

IND & COMM BK OF CHINA-A CNY 235533 221307 349620 372 0 1 712 137365 144499 94455 103896 - - - - 0.11 0.12 0.12 0.13 0.91 - 0.91 0.84 3.16 2.30 - - - A 28.08.2012 - -

AGRICULTURAL BANK OF CHINA-A CNY 145138 652657 324794 211 0 0 506 106603 111677 75132 83347 - - - - 0.07 0.08 0.08 0.09 0.93 - 0.90 0.81 3.12 - - - - A 17.12.2012 - -

BANK OF CHINA LTD-A CNY 128779 207432 279142 367 0 6 516 101143 103017 64334 70380 - - - - 0.08 0.09 0.09 0.09 0.88 - 0.89 0.82 3.34 2.25 - - - A 29.11.2011 - -

CHINA PETROLEUM & CHEMICAL-A CNY 88841 104670 112866 46 0 6 2 145.11 446597 435476 468217 499251 27701 - - - 0.09 0.10 0.10 0.12 1.24 - 1.17 1.07 1.79 2.45 -0.13 0.96 - A+ 16.12.2010 - -

CHINA LIFE INSURANCE CO-A CNY 69695 39454 28265 22 0 0 11 60682 66630 70329 76946 - - - - 0.06 0.10 0.15 0.19 3.83 - 2.54 2.03 0.05 3.92 - - - AA- 16.12.2010 - -

CHINA SHENHUA ENERGY CO-A CNY 58534 23616 19890 14 0 8 9 69.35 40885 41264 41125 43646 14379 - - - 0.40 0.38 0.38 0.40 1.21 - 1.22 1.17 3.20 - 0.61 2.65 - - - - -

INDUSTRIAL BANK CO LTD -A CNY 39063 354042 19053 198 0 0 255 28086 30972 16879 19681 - - - - 0.35 0.36 0.36 0.41 0.92 - 0.92 0.83 7.43 5.25 - - - - - - -

CHINA MINSHENG BANKING-A CNY 44532 410342 26715 173 0 1 120 29250 32744 19269 22301 - - - - 0.22 0.24 0.25 0.29 1.14 - 1.09 0.95 5.24 5.01 - - - NR 11.07.2006 - -

CHINA MERCHANTS BANK-A CNY 42148 226691 21577 100 0 0 157 28902 30507 21207 24257 - - - - 0.34 0.37 0.35 0.39 0.85 0.85 0.89 0.79 3.90 3.33 - - - BBB+ 06.12.2011 - -

PING AN INSURANCE GROUP CO-A CNY 53160 93338 7916 262 0 8 28 123.28 55798 59774 54283 60628 - - - - 0.41 0.50 0.55 0.67 2.03 - 1.81 1.51 4.13 4.38 - - - - - - -

SHANGHAI PUDONG DEVEL BANK-A CNY 32090 580189 18653 120 0 0 178 26206 28086 15314 17536 - - - - 0.30 0.32 0.33 0.37 0.88 - 0.84 0.75 4.11 4.33 - - - BBB+ 24.06.2013 - -

KWEICHOW MOUTAI CO LTD-A CNY 25603 6927 1038 0 0 0 4 22.79 3902 4086 4907 5716 3078 - - - 2.11 2.13 2.41 2.92 1.89 - 1.67 1.38 8.16 3.75 8.63 5.27 - - - - -

BANK OF COMMUNICATIONS CO-A CNY 54835 476721 74263 170 0 0 220 44396 46212 26274 29447 - - - - - 0.14 0.14 0.16 0.86 - 0.86 0.77 3.96 - - - - A- 06.12.2011 WR 02.12.1999

SAIC MOTOR CORPORATION LTD-A CNY 24425 46787 11026 9 0 4 11 21.70 77276 85270 88213 98474 5229 - - - 0.30 0.32 0.35 0.39 1.14 - 1.04 0.92 1.90 7.05 -2.27 12.25 - - - - -

CHINA CITIC BANK CORP LTD-A CNY 29354 149044 46787 75 0 1 134 25113 26620 16058 18282 - - - - 0.11 0.11 0.12 0.14 0.97 0.98 0.91 0.80 4.99 3.89 - - - - - - -

CHINA YANGTZE POWER CO LTD-A CNY 18384 27677 16500 11 0 0 0 27.86 4132 4079 4031 4153 3508 - - - 0.10 0.10 0.10 0.10 1.78 - 1.85 1.75 3.96 4.44 3.86 3.89 - - - - -

CHINA EVERBRIGHT BANK CO-A CNY 19554 441947 40435 111 0 0 114 18647 20327 11225 12928 - - - - 0.09 0.10 0.10 0.12 0.76 - 0.77 0.68 5.62 - - - - NR 11.07.2006 - -

CITIC SECURITIES CO-A CNY 21469 264873 11017 12 0 0 4 19.87 2131 2423 2477 3176 1049 - - - 0.06 0.06 0.08 0.10 5.20 - 4.08 3.10 1.76 -1.04 25.69 -3.51 - BBB+ 18.10.2012 - -

CHINA PACIFIC INSURANCE GR-A CNY 29464 60661 9062 11 0 0 4 13.80 27307 27307 30917 34748 - - - - 0.10 0.10 0.16 0.19 5.13 5.15 3.16 2.61 1.23 3.55 - - - - - - -

DAQIN RAILWAY CO LTD -A CNY 17803 52696 14867 3 0 0 1 19.21 7287 7615 7982 8487 2956 - - - 0.13 0.13 0.14 0.15 1.49 - 1.40 1.28 0.42 2.85 -0.59 1.69 - - - - -

SHANGHAI INTERNATIONAL POR-A CNY 24610 536575 22755 3 0 1 1 27.64 4599 4618 5044 5489 1545 - 489 489 0.03 0.04 0.04 0.04 4.67 - 4.60 4.19 5.14 1.70 -1.16 1.01 - - - - -

CHINA STATE CONSTRUCTION -A CNY 16174 251283 30000 29 0 6 19 36.18 89766 89766 106312 120560 5548 5548 - - 0.08 0.08 0.10 0.12 1.04 1.10 0.88 0.77 2.68 4.57 2.43 4.00 1.01 - - - -

HAITONG SECURITIES CO LTD-A CNY 18962 501455 9585 4 0 0 9 15.05 1613 1840 1840 2168 829 - - - - 0.06 0.08 0.09 5.43 - 4.47 3.73 -0.72 - 0.24 -1.33 - - - - -

GREAT WALL MOTOR CO LTD-A CNY 21101 3109 3042 1 0 0 1 20.61 6791 6791 9274 11585 1232 1232 - - - 0.31 0.44 0.56 4.16 - 2.86 2.27 7.05 6.94 9.65 - 2.96 - - - -

INNER MONGOLIA YILI INDUS-A CNY 13340 8816 1599 0 0 0 0 12.36 6819 7281 7907 9120 419 - 213 213 - 0.25 0.21 0.25 4.32 - 5.07 4.28 1.99 2.10 2.90 6.01 - - - - -

POLY REAL ESTATE GROUP CO -A CNY 12583 121003 7138 13 0 2 5 24.06 9931 11495 14693 18427 2315 - - - 0.19 0.21 0.25 0.31 1.35 - 1.17 0.92 7.33 6.79 5.50 8.26 - BBB+ 14.06.2013 - -

BANK OF BEIJING CO LTD -A CNY 12422 91950 8800 53 0 0 61 9369 9716 5313 6275 - - - - 0.23 0.24 0.26 0.30 0.95 - 0.90 0.77 7.15 4.59 - - - - - - -

INNER MONGOLIA BAOTOU STEE-A CNY 11629 49249 2422 1 0 1 0 12.51 1492 1265 1373 1540 403 - - - 0.10 0.07 0.10 0.11 11.72 - 8.24 7.17 -3.21 9.65 - - - - - - -

BAOSHAN IRON & STEEL CO-A CNY 12433 79673 17098 9 0 1 1 22.20 31237 30917 29368 30215 2758 - 718 718 0.04 0.04 0.07 0.08 2.77 - 1.88 1.57 -2.29 0.46 -3.47 -1.92 - - - - -

CHINA UNITED NETWORK-A CNY 11462 191148 21197 17 0 23 3 48.07 40668 44363 48502 55569 12079 - - - 0.01 0.02 0.03 0.04 3.84 - 3.30 2.32 3.11 1.31 2.31 -0.02 - - - - -

CHINA SHIPBUILDING INDUSTR-A CNY 0 14668 11 0 0 11 9532 8873 9755 10583 716 - - - 0.03 0.03 0.05 0.05 - - -1.59 - -4.69 4.77 - - - - -

HUAXIA BANK CO LTD-A CNY 11289 139679 8905 58 0 0 96 12780 12852 7376 8526 - - - - 0.23 0.24 0.26 0.30 0.87 - 0.79 0.70 2.97 3.09 - - - NR 11.07.2006 - -

ANHUI CONCH CEMENT CO LTD-A CNY 15083 28533 5299 4 0 0 1 17.81 7477 7972 8858 10189 2021 2161 490 490 0.19 0.20 0.25 0.30 2.17 2.14 1.72 1.44 -0.97 3.34 -5.57 3.06 4.43 - - - -

HUANENG POWER INTL INC-A CNY 12655 27980 14055 27 0 2 2 34.20 21777 21234 22066 22902 4816 5607 - - 0.07 0.10 0.12 0.12 1.39 1.26 1.25 1.20 0.04 2.73 6.37 2.38 4.31 NR 14.04.2010 - -

SANY HEAVY INDUSTRY CO LTD-A CNY 9432 54078 7594 4 0 0 2 12.81 7624 6035 7081 9423 1418 - - - 0.11 0.07 0.12 0.18 2.97 - 1.64 1.15 -1.25 4.52 -3.80 5.95 - - - - -

CHINA MERCHANTS SECURITIES-A CNY 9016 62709 4661 2 0 0 5 7.40 1025 1112 891 1065 469 - - - 0.06 0.06 0.07 0.09 5.17 - 4.35 3.47 -1.50 - -2.38 - - - - - -

CHINA OILFIELD SERVICES-A CNY 12462 6127 4495 5 0 0 2 15.77 3611 4008 4441 5020 1456 1564 280 280 0.17 0.19 0.21 0.24 2.40 2.37 2.26 1.94 3.26 3.44 1.50 2.95 6.38 A- 20.12.2012 - -

CHINA RAILWAY CONSTRUCTION-A CNY 10679 35044 12338 18 0 0 17 20.45 76764 76764 85420 90152 3870 3870 4323 4323 - 0.11 0.12 0.14 1.19 - 1.09 0.98 0.98 3.93 1.40 4.29 0.82 A- 03.05.2013 - -

HUATAI SECURITIES CO LTD-A CNY 8545 89135 5600 1 0 0 5 5.29 1205 1244 1217 1477 518 - - - 0.05 0.05 0.07 0.08 4.65 - 3.72 2.95 -1.42 - -1.10 - - - - - -

GUANGHUI ENERGY CO LTD-A CNY 8725 60247 5257 2 0 0 0 10.74 592 649 1474 2271 162 - - - 0.02 0.03 0.09 0.14 10.77 - 3.07 1.91 -2.85 3.06 -4.65 1.40 - - - - -

CHINA COAL ENERGY CO-A CNY 10663 18188 13259 8 0 2 4 18.88 14261 13443 13622 15576 2874 2635 - - 0.11 0.08 0.07 0.09 1.70 1.69 1.98 1.69 -0.64 1.97 -1.21 2.50 3.20 - - - -

CSR CORP LTD -A CNY 9397 81399 13803 4 0 1 2 11.46 14543 13712 15511 18081 1224 1021 242 242 0.05 0.04 0.05 0.06 2.57 - 2.23 1.81 1.95 3.68 0.40 5.66 1.22 - - - -

NEW CHINA LIFE INSURANCE C-A CNY 11210 24695 3120 12 0 0 4 18242 18242 20183 21991 - - - - 0.15 0.15 0.20 0.25 4.17 4.17 3.26 2.60 0.49 - - - - - - - -

CHINA COMMUNICATIONS CONST-A CNY 11598 44282 16175 24 0 2 11 30.05 48247 49740 53223 57051 4092 - 4558 4558 0.12 0.13 0.13 0.14 0.89 - 0.84 0.78 0.06 - 2.73 2.70 - - - - -

CHINA RAILWAY GROUP LTD-A CNY 10212 63353 21300 27 0 2 11 33.70 76070 84120 86500 93018 3279 3461 3735 3735 0.06 0.06 0.06 0.07 1.16 - 1.20 1.07 0.86 3.72 0.94 3.69 0.67 BBB+ 23.01.2013 - -

DATANG INTL POWER GEN CO-A CNY 9014 8199 13310 29 0 2 1 42.08 12677 12639 12856 14214 3647 3928 - - 0.05 0.06 0.05 0.06 2.12 2.26 2.31 2.02 1.18 2.74 3.73 1.90 5.08 - - - -

CHINA CNR CORP LTD-A CNY 7284 71046 10320 3 0 0 2 11.96 15024 14046 16053 18073 1008 - 213 213 0.05 0.05 0.06 0.07 2.20 - 1.93 1.68 0.53 - 1.70 - - - - - -

JIANGSU HENGRUI MEDICINE C-A CNY 7276 4921 1360 0 0 0 0 7.05 872 930 1056 1298 231 - 71 71 0.13 0.14 0.15 0.20 6.26 - 5.75 4.38 3.13 3.27 4.41 4.45 - - - - -

TASLY PHARMACEUTICAL GROUP-A CNY 7084 7164 1033 0 0 0 0 7.36 1509 1708 1943 2334 195 - 262 262 0.12 0.17 0.18 0.22 6.48 - 6.38 5.01 6.79 4.35 6.68 3.89 - - - - -

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Currency

Market


USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.


Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 15163562 2028.573 1118 1118 203 220 220 104.17 110.43 110.43 15.89 15.89 14.99 14.99 18.56

Euro Stoxx 50 Pr EUR 2784631 5750.748 4610 4610 752 778 778 222.08 295.02 295.02 21.91 19.26 16.49 16.49 20.88

NIKKEI 225 JPY 2704662 192.4479 196 196 19 22 22 6.07 7.99 7.99 0.24 0.23 0.18 0.18 0.11

FTSE 100 INDEX GBP 2839372 12365.19 9910 9910 1489 1649 1649 531.57 803.39 803.39 30.17 22.88 19.96 19.96 22.41



S&P/ASX 200 INDEX AUD 1302938 6254.752 2653 2653 534 677 677 208.14 316.85 316.85 21.15 23.31 13.89 13.89 19.49


MSCI EM USD 7154462 1325.559 969 969 186 175 175 85.20 87.05 87.05 11.22 1.31 10.98 10.98 19.20

KANGMEI PHARMACEUTICAL CO-A CNY 6724 29673 2199 1 0 0 1 6.58 1815 1973 2304 2943 350 - - - - 0.12 0.15 0.19 4.00 - 3.42 2.66 13.64 7.25 8.31 8.15 - - - - -

ZIJIN MINING GROUP CO LTD-A CNY 8397 73969 21812 4 0 1 1 12.17 7821 8633 7917 8534 1741 1547 211 211 0.04 0.03 0.03 0.02 2.43 2.41 2.69 3.23 3.52 4.26 -0.11 2.45 2.93 - - - -

CHINA CONSTRUCTION BANK-A CNY 193421 116744 250011 213 0 1 518 116555 120491 81550 89985 - - - - 0.13 0.14 0.14 0.15 0.89 - 0.88 0.81 3.91 2.30 - - - A 29.11.2011 - -

GD POWER DEVELOPMENT CO -A CNY 6699 130402 17230 19 0 3 1 27.42 9028 9292 9923 10801 2954 - - - 0.04 0.07 0.05 0.06 0.94 - 1.17 1.10 1.51 5.19 5.06 4.40 - - - - -

CHINA NATIONAL CHEMICAL-A CNY 6552 48731 4933 0 0 0 3 3.76 8654 9438 10694 14094 644 - - - 0.10 0.11 0.13 0.16 1.94 - 1.66 1.34 3.46 - 4.05 - - - - - -

GUANGZHOU BAIYUNSHAN PHAR-A CNY 6645 8748 811 0 0 0 0 6.44 1333 2235 3033 3150 59 135 207 207 0.08 0.11 0.14 0.18 7.93 8.09 6.26 4.92 8.38 6.38 3.28 -1.48 0.99 - - - -

WANHUA CHEMICAL GROUP CO -A CNY 5945 13983 2162 2 0 0 0 8.31 2590 3043 3295 3983 760 - 237 237 - 0.22 0.23 0.27 2.05 - 1.95 1.64 2.71 3.89 5.03 2.14 - - - - -

CHINA INTERNATIONAL TRAVEL-A CNY 6067 5545 880 0 0 0 1 5.42 2605 2759 3143 3804 236 - - - 0.17 0.23 0.23 0.27 4.40 - 4.48 3.72 4.35 - 5.89 4.70 - - - - -

BESTV NEW MEDIA CO LTD-A CNY 6547 20058 1114 0 0 0 0 6.27 319 353 467 634 119 - - - - 0.08 0.11 0.14 11.30 - 9.07 6.69 8.54 17.22 6.68 - - - - - -

SHANGHAI JAHWA UNITED CO -A CNY 5940 2887 673 0 0 0 0 5.72 729 795 914 1138 103 - - - - 0.18 0.21 0.28 7.98 - 6.86 5.14 4.26 1.78 6.18 3.03 - - - - -

GUANGZHOU AUTOMOBILE GROUP-A CNY 8821 13927 6435 2 0 0 2 8.05 2118 2118 2798 3221 -132 -132 - - 0.03 0.03 0.06 0.10 8.25 8.28 3.88 2.32 3.25 -0.69 1.59 - -1.02 - - - -

FOUNDER SECURITIES CO LTD-A CNY 5890 66637 6100 0 0 0 2 4.34 427 427 634 726 181 181 - - 0.01 0.02 0.03 0.04 10.47 11.61 4.90 3.89 7.70 - 18.23 - 6.92 - - - -

SHANGHAI ELECTRIC GRP CO L-A CNY 7056 15934 12824 1 0 2 4 5.69 12513 12896 12976 13131 1044 986 887 887 0.03 0.03 0.04 0.04 3.47 4.04 2.73 2.43 1.17 1.02 2.71 1.24 1.25 - - - -

JIANGXI COPPER CO LTD-A CNY 8672 16703 3463 3 0 0 3 8.83 25814 29227 26973 29036 1149 950 - - 0.22 0.18 0.19 0.20 2.60 - 2.44 2.34 5.70 5.06 -3.10 0.24 0.53 - - - -

AIR CHINA LTD-A CNY 8960 55231 12892 17 0 0 2 24.34 15573 15639 17366 19351 3067 2907 - - 0.07 0.06 0.07 0.08 1.74 - 1.57 1.48 0.35 2.60 -0.38 4.71 3.04 - - - -

NARI TECHNOLOGY DEVELOPMEN-A CNY 5802 18223 2206 0 0 0 0 5.69 977 1046 1270 1613 169 - 53 53 0.08 0.09 0.11 0.14 4.65 - 3.89 3.05 4.86 7.14 3.47 8.77 - - - - -

QINGDAO HAIER CO LTD-A CNY 5536 20762 2685 2 0 1 3 5.33 12976 13378 14259 15854 879 - - - - 0.22 0.23 0.26 1.56 - 1.48 1.31 1.31 2.83 3.71 5.73 - - - - -

SHANDONG GOLD MINING CO LT-A CNY 5680 19705 1423 1 0 0 0 6.58 8205 8642 8134 8048 679 - - - - 0.20 0.20 0.27 3.29 - 3.20 2.44 4.48 5.66 2.67 5.52 - - - - -

CHINA AVIC ELECTRONICS CO-A CNY 5820 13480 1759 0 0 0 0 5.88 701 756 1035 1227 124 - - - 0.04 0.05 0.06 0.07 11.41 - 9.22 7.30 2.84 6.48 1.99 - - - - - -

ALUMINUM CORP OF CHINA LTD-A CNY 6840 43549 13524 17 0 2 1 25.29 24421 25200 22906 24112 281 313 - - -0.09 -0.07 -0.04 -0.02 - - 0.45 3.59 -13.24 -6.41 0.20 - - - -

CHINA FORTUNE LAND DEVELOP-A CNY 5321 5445 882 1 0 0 1 6.08 1845 2508 2958 3843 416 - - - - 0.42 0.44 0.57 2.33 - 2.23 1.73 8.83 267.92 7.12 - - - - - -

INNER MONGOLIAN BAOTOU STE-A CNY 5203 47167 6424 5 0 0 1 9.35 6007 6096 6460 6077 744 - - - 0.01 0.01 0.01 0.01 15.74 - 13.00 10.84 -2.25 0.09 1.88 0.81 - - - - -

EVERBRIGHT SECURITIE CO -A CNY 5495 121479 3418 2 0 0 3 2.88 658 705 614 798 308 - - - 0.04 0.05 0.06 0.08 5.54 - 4.22 3.23 -2.35 - -4.10 -3.89 - - - - -

YANZHOU COAL MINING CO-A CNY 6914 8024 4918 7 0 1 3 13.34 9499 9002 8662 9345 1587 1237 - - 0.22 -0.04 0.00 0.07 - 7.30 3.80 2.98 3.25 -6.12 1.77 2.24 BBB- *- 24.07.2013 - -

ZHONGJIN GOLD CORP-A CNY 5135 33742 2943 1 0 0 0 6.00 5878 5727 5785 5842 648 - - - 0.08 0.07 0.07 0.08 3.92 - 4.29 3.72 1.40 2.86 -0.62 4.34 - - - - -

SHANXI LU'AN ENVIRONMENTAL-A CNY 5045 22973 2301 2 0 0 1 5.76 3234 3123 3301 3823 1052 - - - 0.18 0.12 0.16 0.18 3.01 - 2.24 2.04 -1.71 0.47 -2.17 - - - - - -

JIANGSU PHOENIX PUBLISH-A CNY 5351 65581 2545 0 0 0 1 4.41 1088 1088 1251 1447 98 98 - - 0.05 0.06 0.07 0.08 5.84 6.90 5.04 4.36 1.84 - -1.31 - 1.47 - - - -

OFFSHORE OIL ENGINEERING-A CNY 4747 42891 3889 1 0 0 0 5.03 1968 2478 2635 3067 318 - 93 93 0.03 0.06 0.06 0.08 3.26 - 3.31 2.60 11.17 5.26 9.33 1.34 - - - - -

SHANGHAI INTERNATIONAL AIR-A CNY 5028 55037 1927 0 0 0 1 4.59 754 786 875 980 395 - - - 0.13 0.15 0.16 0.19 2.92 - 2.60 2.27 0.69 1.66 0.18 0.82 - - - - -

CHINA MOLYBDENUM CO LTD-A CNY 5357 10457 5076 0 0 0 0 5.50 889 889 975 1152 222 222 247 247 - 0.03 0.03 0.04 6.11 - 6.52 5.26 -1.52 0.76 -4.74 - 4.07 - - - -

NINGBO PORT CO LTD-A CNY 4998 81008 12800 1 0 0 0 6.05 1231 1551 1621 1897 552 - - - 0.03 0.03 0.04 0.04 1.95 - 1.72 1.50 1.91 - 1.99 1.63 - - - - -

GEMDALE CORP-A CNY 4814 97621 4472 5 0 1 3 9.25 4879 5258 5809 7041 896 - 186 186 - 0.12 0.13 0.16 1.52 - 1.35 1.09 6.35 5.58 1.34 3.92 - BB+ 16.07.2012 - -

TSINGTAO BREWERY CO LTD-A CNY 9874 1639 1351 0 0 0 1 8.53 3852 4101 4787 5471 457 478 218 218 0.18 0.26 0.26 0.29 4.34 5.68 4.41 3.85 1.89 2.31 -0.07 1.71 1.90 - - - -

BEIJING TONGRENTANG CO-A CNY 4648 12344 1302 0 0 0 1 4.47 1214 1351 1505 1831 198 - - - 0.07 0.08 0.09 0.11 7.31 - 6.39 5.08 3.73 3.49 4.75 3.30 - - - - -

SANAN OPTOELECTRONICS CO L-A CNY 4570 16394 1444 1 0 0 0 4.94 548 598 810 1135 165 - - - 0.06 0.09 0.12 0.15 5.66 - 4.19 3.44 15.12 150.74 4.90 - - - - - -

METALLURGICAL CORP OF CHIN-A CNY 5292 70363 19110 21 0 2 5 22.32 35328 35328 39901 38812 1697 1697 - - 0.04 0.02 0.03 0.03 2.34 1.10 1.88 1.66 -0.43 1.96 -3.05 0.77 0.78 - - - -

SINOHYDRO GROUP LTD-A CNY 4705 132205 9600 12 0 1 4 14.74 20267 20267 24806 29447 2010 2010 - - 0.07 0.07 0.08 0.10 1.15 1.22 0.98 0.84 1.98 - 1.24 - 1.62 - - - -

CHONGQING WATER GROUP-A CNY 4595 15128 4800 1 0 0 1 4.73 642 639 679 723 302 - 324 324 0.06 0.07 0.07 0.07 2.34 - 2.35 2.24 0.84 - 0.69 1.53 - - - - -

JINDUICHENG MOLYBDENUM CO -A CNY 4528 13504 3227 0 0 0 1 3.78 1387 1405 1458 1545 117 - 139 139 - 0.02 0.02 0.03 13.50 - 9.36 6.68 2.86 1.51 -5.23 -4.71 - - - - -

SDIC POWER HOLDINGS CO LTD-A CNY 4268 62134 5632 18 0 2 1 24.10 3867 4066 4507 5404 1412 - - - 0.03 0.07 0.05 0.07 1.57 - 2.03 1.40 0.18 5.42 5.43 4.53 - - - - -

TBEA CO LTD-A CNY 4220 68045 2636 3 0 0 2 6.17 3304 3578 3937 4703 254 - - - 0.04 0.07 0.09 0.10 3.81 - 3.01 2.53 1.92 2.52 -0.93 1.99 - - - - -

INDUSTRIAL SECURITIES CO-A CNY 4294 43771 2200 1 0 0 1 3.41 440 476 554 632 153 178 - - 0.03 0.04 0.05 0.06 6.91 7.37 5.68 4.63 1.62 - 0.38 -3.82 6.10 - - - -

SHANGHAI LUJIAZUI FIN&TRAD-A CNY 5019 39756 1868 1 0 0 0 6.38 468 504 635 759 263 - - - 0.08 0.10 0.10 0.12 5.32 - 4.98 4.20 -0.53 21.90 -0.35 2.56 - - - - -

ZHE JIANG DAILY MEDIA GRP -A CNY 4020 7225 430 0 0 0 0 4.03 223 269 358 411 55 - - - 0.08 0.10 0.12 0.15 11.34 - 8.85 7.57 1.25 8.65 1.67 - - - - - -

CHINA CSSC HOLDINGS LTD-A CNY 4276 25531 1378 2 0 0 3 3.85 3959 3086 118 - - - -0.02 -0.05 0.02 0.03 - - 25.85 19.39 -2.52 -1.29 -12.97 -4.70 - - - - -

BANK OF NANJING CO LTD -A CNY 4215 67581 2969 16 0 0 20 2974 3155 1695 1988 - - - - 0.22 0.23 0.25 0.29 1.00 - 0.93 0.80 4.92 5.86 - - - BBB- 09.08.2011 - -

AVIC INVESTMENT HOLDINGS -A CNY 4542 58948 1522 8 0 1 4 10.30 697 744 723 887 307 - - - 0.08 0.09 0.11 0.14 5.49 - 4.40 3.42 4.70 - 3.42 - - - - - -

WUHAN IRON & STEEL CO LTD-A CNY 4007 27947 10094 7 0 0 0 10.81 14915 14763 15686 16114 1055 - 1451 1451 0.00 0.01 0.01 0.02 7.44 - 6.30 3.78 -1.54 1.42 -3.64 -2.15 - - - - -

HAINAN AIRLINES CO-A CNY 4119 157488 12182 10 0 0 4 10.48 4573 4670 5364 6047 1050 - - - 0.02 0.03 0.02 0.03 1.61 - 2.32 1.74 1.62 2.90 0.13 2.94 - - - - -

HUAYU AUTOMOTIVE SYSTEMS -A CNY 3904 20051 2583 0 0 1 2 3.23 9432 10238 10510 11686 872 - - - - 0.20 0.22 0.24 1.22 - 1.15 1.03 1.74 11.19 1.25 6.48 - - - - -




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S&P 500 INDEX USD 15163562 2028.573 1118 1118 203 220 220 104.17 110.43 110.43 15.89 15.89 14.99 14.99 18.56

Euro Stoxx 50 Pr EUR 2784631 5750.748 4610 4610 752 778 778 222.08 295.02 295.02 21.91 19.26 16.49 16.49 20.88

NIKKEI 225 JPY 2704662 192.4479 196 196 19 22 22 6.07 7.99 7.99 0.24 0.23 0.18 0.18 0.11

FTSE 100 INDEX GBP 2839372 12365.19 9910 9910 1489 1649 1649 531.57 803.39 803.39 30.17 22.88 19.96 19.96 22.41



S&P/ASX 200 INDEX AUD 1302938 6254.752 2653 2653 534 677 677 208.14 316.85 316.85 21.15 23.31 13.89 13.89 19.49


MSCI EM USD 7154462 1325.559 969 969 186 175 175 85.20 87.05 87.05 11.22 1.31 10.98 10.98 19.20

ZHENGZHOU YUTONG BUS CO -A CNY 3977 14275 1270 0 0 0 0 3.63 3210 3433 3731 4282 299 - - - 0.19 0.21 0.23 0.27 2.45 - 2.26 1.92 2.71 2.83 2.89 3.72 - - - - -

CHINA COSCO HOLDINGS-A CNY 5635 26867 10216 15 0 3 8 16.07 14431 12397 11827 13001 -635 -447 - - -0.15 -0.09 -0.01 -0.01 - - 0.71 -1.26 9.06 - -0.59 - - - -

HENAN DAYOU ENERGY CO LTD-A CNY 3808 6415 2391 0 0 0 1 3.52 2052 2159 2320 2469 477 - - - 0.11 0.15 0.13 0.14 1.76 - 1.99 1.89 0.73 202.15 -4.26 25.22 - - - - -

SOUTHWEST SECURITIES CO LT-A CNY 3851 36641 2323 0 0 1 3.81 262 287 277 328 102 - - - 0.02 0.03 0.04 0.05 10.12 - 7.18 5.84 4.38 - 8.10 - - - - - -

SICHUAN CHUANTOU ENERGY CO-A CNY 3722 9739 1973 1 0 0 0 4.70 184 190 194 199 109 - - - 0.03 0.08 0.09 0.16 3.92 - 3.34 1.93 -0.20 2.31 -0.27 7.24 - - - - -

CHINA EASTERN AIRLINES CO-A CNY 5564 118542 11277 11 0 0 0 16.29 13928 14101 15097 16877 1862 1533 - - 0.04 0.04 0.05 0.06 1.94 - 1.63 1.39 0.57 3.30 -0.39 5.22 1.78 - - - -

YANGQUAN COAL INDUSTRY GRP-A CNY 3709 19925 2405 1 0 0 1 3.81 11597 12762 12444 13083 862 - 666 666 0.16 0.11 0.11 0.12 2.29 - 2.24 2.04 6.78 7.05 -0.92 - - - - - -

ZHEJIANG CHINT ELECTRICS-A CNY 3540 1350 1005 0 0 0 1 3.52 1737 1910 2021 2416 295 - 369 369 0.19 0.23 0.23 0.28 2.47 - 2.52 2.08 1.62 - 7.01 - - - - - -

CHINA HAINAN RUBBER INDUST-A CNY 4579 241899 3931 0 0 0 0 4.45 1906 1906 1925 2459 81 81 - - 0.01 0.01 0.02 0.03 15.53 19.44 10.13 7.06 1.78 4.77 -8.82 - 0.70 - - - -

BRIGHT DAIRY & FOOD CO LTD-A CNY 3993 15071 1225 0 0 0 0 4.01 2239 2399 2647 3078 130 - - - - 0.05 0.06 0.09 10.63 - 8.54 5.94 2.76 2.57 7.46 6.16 - - - - -

SHANGHAI FOSUN PHARMACEUTI-A CNY 4157 21679 2240 1 0 0 1 4.87 1189 1354 1464 1783 142 - 368 368 0.07 0.16 0.14 0.16 1.98 - 2.21 1.92 2.15 3.02 6.76 3.86 - - - - -

UNIVERSAL SCIENTIFIC INDUS-A CNY 4013 6605 1012 0 0 0 0 3.85 2177 2177 2511 2897 153 153 190 190 - 0.11 0.13 0.15 6.10 - 5.02 4.30 0.81 - 3.91 - 1.14 - - - -

SHANGHAI PHARMACEUTICALS-A CNY 5079 26525 2689 1 0 1 2 4.81 11122 11922 13010 15225 516 - 158 158 0.12 0.14 0.14 0.16 2.21 - 2.26 1.99 3.92 6.71 0.68 9.06 - - - - -

SHANGHAI CHENGTOU HOLDING-A CNY 3636 44300 2988 2 0 0 0 5.31 794 1018 125 - - - 0.03 0.04 0.09 0.13 4.43 - 2.10 1.58 1.60 3.77 -1.85 -0.58 - - - - -

JIANGSU EXPRESSWAY CO LTD-A CNY 4917 2781 5038 1 0 0 0 5.52 1239 1229 1287 1428 706 - 192 192 - 0.08 0.08 0.09 1.86 - 1.86 1.73 0.84 1.15 -0.22 0.58 - - - - -

CHENGDU DR PENG TELECOM-A CNY 3631 64607 1339 0 0 0 0 3.66 405 641 913 1075 70 - - - 0.02 0.04 0.06 0.07 11.18 - 7.77 6.17 2.59 5.05 0.80 1.74 - - - - -

XINHU ZHONGBAO CO LTD-A CNY 3497 78642 6259 3 0 0 1 5.52 1583 1700 1931 2575 472 - - - 0.05 0.06 0.07 0.10 1.55 - 1.30 0.96 8.78 5.67 30.72 7.26 - - - - -

CHINA SOUTH PUBLISHING -A CNY 3688 20441 1796 0 0 0 1 2.57 1120 1120 1294 1489 133 133 - - 0.08 0.08 0.10 0.11 3.95 4.22 3.45 2.93 3.00 - 1.31 - 1.94 - - - -

SHANGHAI ORIENTAL PEARL-A CNY 3498 70284 3186 0 0 0 0 3.74 500 518 128 - - - 0.02 0.03 0.05 0.05 6.16 - 3.72 3.28 3.79 1.62 1.13 0.86 - - - - -

LIAONING CHENG DA CO LTD-A CNY 3293 17967 1365 0 0 0 0 3.66 1677 1550 114 - - - - 0.07 0.14 0.15 5.64 - 2.87 2.62 1.06 2.97 -2.05 2.38 - - - - -

XIAMEN TUNGSTEN CO LTD-A CNY 3312 7275 682 0 0 0 0 4.14 1399 1259 1478 1752 253 - 232 232 0.12 0.06 0.11 0.19 12.21 - 6.93 4.26 -3.81 5.35 -6.43 4.00 - - - - -

SHENERGY COMPANY LIMITED-A CNY 3354 60849 4607 1 0 1 1 4.58 3910 3979 4124 4281 545 - - - - 0.07 0.08 0.08 1.64 - 1.50 1.58 0.92 - 3.42 0.88 - - - - -

SINOPEC SHANGHAI PETROCHE-A CNY 4197 33383 7200 2 0 0 0 5.74 14249 15651 17268 18185 -26 342 - - -0.03 0.00 0.03 0.03 75.88 66.62 4.04 3.25 -0.42 2.84 - - 0.36 - - - -

ZHANGZHOU PIENTZEHUANG PHA-A CNY 3135 1078 140 0 0 0 0 3.16 189 212 230 274 69 - 89 89 0.37 0.47 0.46 0.59 6.77 - 6.88 5.39 2.36 2.98 5.07 3.92 - - - - -

CHINA SOUTHERN AIRLINES CO-A CNY 4403 86204 9818 12 0 1 2 17.35 16258 16137 17811 19781 2181 2644 - - 0.04 0.04 0.06 0.06 1.85 1.86 1.31 1.39 1.65 2.11 1.13 2.16 2.68 - - - -

XI'AN AERO-ENGINE PLC -A CNY 3291 24211 1090 1 0 0 0 3.63 1159 1214 1445 1676 113 - 128 128 - 0.05 0.06 0.08 10.31 - 8.44 6.52 0.72 1.92 0.41 1.68 - - - - -

PEOPLE.CN CO LTD-A CNY 3471 5210 276 0 0 0 0 3.15 110 110 165 233 31 31 9 9 - 0.14 0.18 0.24 15.13 - 11.58 8.58 7.25 - - - 4.58 - - - -

TSINGHUA TONGFANG CO LTD-A CNY 3163 41817 1988 2 0 0 1 4.68 3624 3577 200 - - - 0.02 0.07 0.06 0.07 3.25 - 4.05 3.60 1.08 1.91 4.32 1.13 - - - - -

HUADIAN POWER INTL CORP-A CNY 3576 45136 7371 19 0 1 0 21.15 9652 9971 10532 11046 3324 3360 - - 0.03 0.06 0.07 0.06 1.32 - 1.24 1.32 1.44 2.53 21.28 4.00 5.51 - - - -

GUANGDONG GUANHAO HIGH-TEC-A CNY 0 1190 0 0 0 0 151 153 20 - - - 0.01 0.03 0.02 0.02 - - -0.04 0.79 -0.75 3.40 - - - - -

ZHEJIANG LONGSHENG GROUP C-A CNY 2852 33966 1468 1 0 0 0 3.58 1237 1736 2209 2509 146 - 319 319 0.02 0.12 0.13 0.16 2.55 - 2.43 1.99 -1.21 4.18 -3.36 1.53 - - - - -

DONGFANG ELECTRIC CORP LTD-A CNY 3611 21291 2004 1 0 0 1 3.22 6175 6250 6569 6818 585 560 606 606 - 0.17 0.18 0.19 1.76 - 1.68 1.59 -1.87 1.87 -3.59 0.57 1.46 - - - -

CHINA XD ELECTRIC CO LTD-A CNY 3048 19276 4357 0 0 0 1 2.70 2043 2124 2438 2795 91 - 147 147 - 0.02 0.02 0.03 6.15 - 5.41 3.42 2.03 - - - - - - - -

BEIJING JINGNENG THERMAL-A CNY 2972 6409 1947 2 0 0 0 4.65 1624 2149 1744 1827 567 - - - - 0.27 0.14 0.14 0.78 - 1.55 1.46 2.88 12.14 4.67 8.96 - - - - -

FIBERHOME TELECOM TECH CO-A CNY 2952 21208 965 0 0 0 1 3.21 1329 1434 1601 1985 88 - - - 0.07 0.10 0.11 0.14 4.78 - 4.58 3.63 2.66 4.78 4.45 7.36 - - - - -

SHANGHAI CONSTRUCTION CO-A CNY 3038 56496 2775 2 0 0 4 2.34 14915 15257 398 - - - 0.07 0.10 1.80 - 2.03 5.50 0.57 6.39 - - - - -

YONGHUI SUPERSTORES CO LTD-A CNY 3336 12082 1536 0 0 0 0 3.30 4014 4453 5089 6354 193 231 - - 0.05 0.07 0.07 0.10 4.51 5.09 4.50 3.46 6.41 - 4.43 - 0.85 - - - -

YUNNAN CHIHONG ZINC & GERM-A CNY 2999 16074 1310 2 0 0 0 5.71 1975 2312 2774 3167 217 - 323 323 0.03 0.06 0.05 0.03 5.03 - 6.02 8.41 15.05 6.15 3.28 -1.01 - - - - -

SHANXI XINGHUACUN FEN WINE-A CNY 2932 7918 866 0 0 0 0 2.71 882 924 1296 1584 331 - - - 0.25 0.29 0.31 0.39 1.92 - 1.77 1.42 7.64 6.90 7.41 3.80 - - - - -

GANSU JIU STEEL GROUP HONG-A CNY 2947 8631 4091 4 0 0 1 6.22 10388 12029 13431 13558 551 - - - 0.02 0.01 0.03 0.04 7.35 - 2.30 1.94 2.54 4.22 -2.90 1.96 - - - - -

JOINTOWN PHARMACEUTICAL-A CNY 2875 4437 1421 1 0 0 0 3.94 4813 5072 6055 7270 135 141 174 174 0.03 0.05 0.06 0.07 6.51 9.12 5.90 4.53 3.07 - 5.26 - 0.45 - - - -

SINOVEL WIND GROUP CO LTD-A CNY 2883 6313 4020 1 0 0 1 3.35 663 388 -89 -201 - - - -0.04 - - -9.34 - - - -8.47 - - - -

CHINA SHIPPING CONTAINER-A CNY 4621 79466 11683 3 0 0 1 6.78 5318 5403 5468 6075 130 116 435 435 -0.01 0.01 -0.01 0.01 9.55 - 6.97 2.49 0.92 - - 0.35 - - - -

GANSU YASHENG INDUSTRIAL-A CNY 2885 145365 1947 0 0 0 0 2.87 367 379 442 539 84 - - - 0.03 0.04 0.04 0.06 6.02 - 5.55 4.15 8.63 1.32 8.41 2.73 - - - - -

SINOLINK SECURITIES CO LTD-A CNY 2825 38395 1294 0 0 0 1 2.13 256 267 271 297 70 - - - 0.04 0.03 0.04 0.06 10.36 - 7.94 6.17 7.78 4.37 5.46 -2.89 - - - - -

GUANGXI WUZHOU ZHONGHENG G-A CNY 2636 16210 1092 0 0 0 0 2.64 310 447 528 660 101 - - - 0.06 0.11 0.10 0.13 3.56 - 3.77 3.03 11.25 7.72 5.58 9.90 - - - - -

CHINA SPACESAT CO LTD -A CNY 2944 46738 917 0 0 0 0 2.73 695 746 807 996 57 - 78 78 0.04 0.06 0.05 0.06 7.36 - 8.30 6.50 2.96 4.76 2.27 3.04 - - - - -

XIAMEN C & D INC-A CNY 2742 33071 2238 4 0 0 1 7.08 14667 16011 17488 20415 666 - - - 0.16 0.17 0.20 0.24 1.18 - 1.02 0.82 2.20 3.79 3.57 6.37 - - - - -

INNER MONGOLIA YITAI COAL-B USD 6389 5128 3254 10 0 2 6 46.60 31584 30425 25442 26260 10462 - 7753 7753 2.09 1.84 1.59 1.58 6.70 - 7.73 7.80 16.96 45.67 -5.20 43.63 - - - - -

HUMANWELL HEALTHCARE GROUP-A CNY 2751 3534 493 0 0 0 0 3.10 851 935 1069 1413 131 - 50 50 0.11 0.13 0.15 0.21 6.30 - 5.60 4.12 7.60 6.66 5.28 7.71 - - - - -




2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.31 2.31 2.15 1.97 2.31 1.48 1.48 1.42 1.36 1.48 10.55 10.55 9.86 10.23 10.55 9.23 9.23 8.52 7.97 9.23 14.99 14.99 13.52 12.22 14.99 2.12 2.12 2.31 2.46 2.12 1844.6 11.4%

Euro Stoxx 50 Pr 1.23 1.23 1.17 1.10 1.23 0.80 0.80 0.78 0.75 0.80 6.26 6.26 5.74 5.18 6.26 7.39 7.39 6.98 6.60 7.39 12.50 12.50 11.09 9.97 12.50 4.10 4.10 4.32 4.67 4.10 3015.2 7.9%

NIKKEI 225 1.52 1.52 1.43 1.33 1.52 0.73 0.73 0.71 0.69 0.73 9.03 9.03 8.30 7.14 9.03 8.71 8.71 7.98 7.51 8.71 17.89 17.89 15.91 14.33 17.89 1.64 1.64 1.79 1.94 1.64 15127.1 6.5%

FTSE 100 INDEX 1.79 1.79 1.67 1.55 1.79 1.03 1.03 1.00 0.97 1.03 8.58 8.58 7.84 6.61 8.58 7.50 7.50 6.88 6.46 7.50 12.73 12.73 11.58 10.62 12.73 3.79 3.79 4.18 4.47 3.79 7068.2 8.3%

SWISS MARKET INDEX 2.41 2.41 2.23 2.08 2.41 2.05 2.05 1.96 1.87 2.05 12.81 12.81 11.53 10.29 12.81 12.97 12.97 12.02 11.21 12.97 15.10 15.10 13.69 12.43 15.11 3.27 3.26 3.64 4.11 3.26 8656.4 9.3%

S&P/TSX COMPOSITE INDEX 1.73 1.73 1.62 1.52 1.73 1.68 1.68 1.55 1.52 1.68 8.85 8.85 8.03 6.72 8.85 8.92 8.92 7.95 7.37 8.92 15.37 15.37 13.64 12.35 15.37 3.13 3.13 3.26 3.38 3.13 14271.0 11.3%

S&P/ASX 200 INDEX 1.90 1.90 1.81 1.72 1.90 1.80 1.80 1.70 1.63 1.80 10.83 10.83 9.97 9.32 10.83 9.25 9.25 8.41 7.87 9.25 15.07 15.07 13.67 12.61 15.07 4.56 4.56 4.84 5.21 4.56 5315.9 2.6%

HANG SENG INDEX 1.36 1.36 1.25 1.18 1.36 1.77 1.77 1.64 1.52 1.77 8.04 8.04 7.61 7.03 8.04 8.26 8.26 7.57 6.91 8.26 10.86 10.86 10.08 9.18 10.86 3.55 3.55 3.82 4.13 3.55 24937.3 9.6%

MSCI EM 1.37 1.37 1.25 1.06 1.37 0.99 0.99 0.92 0.86 0.99 7.12 7.12 6.47 5.40 7.12 7.57 7.57 6.87 6.33 7.57 10.98 10.98 9.82 8.98 10.98 2.86 2.86 3.13 3.39 2.86 1100.2 15.1%

PETROCHINA CO LTD-A 1.18 1.28 1.22 1.17 0.67 0.60 0.57 0.57 5.51 4.88 4.32 4.18 6.08 5.89 6.16 5.98 12.90 11.35 10.72 10.83 3.54 3.91 3.66 2.86 9.96 23.7%

IND & COMM BK OF CHINA-A 1.28 1.09 0.95 0.86 2.72 2.49 2.27 2.12 1.99 5.23 5.51 5.51 6.13 5.58 5.16 5.15 5.54 6.20 6.59 6.52 4.86 19.2%

AGRICULTURAL BANK OF CHINA-A 1.15 1.02 0.90 0.78 2.12 1.93 1.74 1.59 2.32 2.26 2.28 1.84 6.13 5.48 4.98 4.53 6.03 6.43 6.99 7.65 3.25 19.5%

BANK OF CHINA LTD-A 0.97 0.85 0.77 0.70 2.24 2.00 1.83 1.68 3.96 4.91 5.18 5.09 5.91 5.43 5.03 5.04 5.96 6.42 6.81 7.09 3.24 13.6%

CHINA PETROLEUM & CHEMICAL-A 0.95 0.96 0.87 0.82 0.20 0.19 0.18 0.17 3.57 3.55 3.19 3.05 5.15 4.62 4.36 4.15 9.15 7.18 6.53 6.81 4.01 4.88 4.77 4.88 5.68 23.2%

CHINA LIFE INSURANCE CO-A 1.98 1.74 1.58 1.39 1.14 0.99 0.91 0.80 36.73 15.52 12.45 10.50 1.11 2.00 2.63 3.06 18.73 28.1%

CHINA SHENHUA ENERGY CO-A 1.33 1.24 1.12 0.97 1.50 1.42 1.34 1.25 5.16 4.43 4.31 3.95 5.00 4.83 4.54 4.21 7.44 7.50 7.17 6.86 5.25 5.14 5.31 5.77 22.64 29.8%

INDUSTRIAL BANK CO LTD -A 1.42 1.15 0.96 0.76 2.88 2.31 1.98 1.67 2.27 5.63 4.77 4.04 6.47 5.63 5.06 4.26 2.05 3.08 3.48 3.83 11.41 -9.1%

CHINA MINSHENG BANKING-A 1.75 1.44 1.19 1.01 2.70 2.31 2.00 1.77 23.18 4.68 3.83 2.66 7.85 6.70 5.79 5.24 4.38 2.15 3.39 3.72 4.23 8.54 -16.2%

CHINA MERCHANTS BANK-A 1.31 1.12 0.96 0.80 2.26 1.99 1.74 1.49 2.83 3.19 1.91 1.56 6.15 5.45 4.81 4.52 3.11 5.13 5.43 5.94 14.60 26.1%

PING AN INSURANCE GROUP CO-A 1.92 1.60 1.37 1.14 1.14 0.98 0.88 0.79 13.49 11.10 9.23 7.45 1.11 1.64 2.04 2.43 52.78 40.3%

SHANGHAI PUDONG DEVEL BANK-A 1.12 0.95 0.81 0.69 2.39 2.10 1.83 1.59 2.76 2.40 1.99 2.01 5.89 5.17 4.61 3.94 2.89 4.34 4.64 5.25 10.49 -0.4%

KWEICHOW MOUTAI CO LTD-A 4.56 3.86 3.27 2.45 5.90 5.22 4.48 3.83 12.56 9.73 8.32 6.56 7.44 6.43 5.59 4.73 11.63 10.24 8.45 7.51 2.87 4.82 5.30 6.32 221.42 46.7%

BANK OF COMMUNICATIONS CO-A 0.88 0.79 0.70 0.62 2.30 2.09 1.86 1.70 2.79 5.01 5.31 5.24 5.75 5.24 4.74 4.61 3.55 4.88 5.28 5.06 5.03 11.5%

SAIC MOTOR CORPORATION LTD-A 1.24 1.07 0.94 0.84 0.31 0.28 0.25 0.23 4.27 6.60 7.21 5.36 3.33 6.11 5.51 8.00 6.94 6.38 5.63 5.63 3.15 4.13 4.50 4.78 18.50 36.4%

CHINA CITIC BANK CORP LTD-A 0.94 0.85 0.76 0.68 2.04 1.83 1.61 1.43 3.73 2.54 2.48 2.48 5.52 5.55 4.90 4.67 5.12 4.63 5.05 6.44 4.54 10.6%

CHINA YANGTZE POWER CO LTD-A 1.35 1.36 1.24 1.14 4.45 4.56 4.43 4.47 6.89 7.26 7.03 6.82 8.03 8.56 8.34 8.27 11.39 11.35 10.74 10.66 4.74 4.55 4.77 5.03 8.19 20.2%

CHINA EVERBRIGHT BANK CO-A 1.06 0.88 0.77 0.60 2.06 1.74 1.51 1.26 1.75 5.26 4.74 4.15 3.58 3.85 4.19 4.46 4.22 3.85 30.0%

CITIC SECURITIES CO-A 1.49 1.45 1.39 1.33 11.33 8.67 6.76 5.49 1.52 23.36 21.77 16.13 14.19 30.54 24.95 18.96 15.23 2.00 1.89 2.18 2.77 17.31 46.1%

CHINA PACIFIC INSURANCE GR-A 1.93 1.62 1.47 1.34 1.04 0.95 0.85 0.71 27.62 19.34 15.96 11.74 1.54 2.00 2.45 3.13 23.85 28.7%

DAQIN RAILWAY CO LTD -A 1.58 1.39 1.27 1.15 2.41 2.23 2.10 1.98 7.55 7.03 6.59 6.77 6.35 5.92 5.63 5.25 9.53 8.55 7.85 7.35 5.27 5.87 6.56 7.82 9.36 27.7%

SHANGHAI INTERNATIONAL POR-A 2.99 2.96 2.75 2.55 5.13 4.88 4.48 4.22 20.06 15.50 15.95 17.11 17.68 19.14 18.44 17.55 32.14 28.17 25.66 24.79 1.66 1.93 2.11 2.24 3.88 -41.4%

CHINA STATE CONSTRUCTION -A 0.98 0.84 0.73 0.60 0.17 0.15 0.13 0.11 8.92 7.10 4.55 3.00 5.32 4.63 4.09 6.46 5.40 4.69 4.04 2.58 3.55 4.24 5.15 4.67 41.4%

HAITONG SECURITIES CO LTD-A 2.08 1.93 1.81 1.66 12.64 10.31 8.75 6.67 21.02 16.14 14.00 12.42 34.88 27.37 22.81 17.37 1.03 1.18 1.56 2.37 11.73 -6.8%

GREAT WALL MOTOR CO LTD-A 6.71 5.06 3.81 2.94 3.01 2.28 1.82 1.55 22.96 16.70 12.08 10.42 16.83 11.27 8.78 7.67 26.77 17.53 13.91 11.43 0.93 1.67 1.84 2.11 43.43 -8.8%

INNER MONGOLIA YILI INDUS-A 8.36 5.23 4.66 3.93 1.92 1.69 1.46 1.29 22.84 17.92 16.45 13.77 25.02 20.52 15.93 13.15 38.43 31.03 26.21 21.48 0.48 0.83 0.97 1.21 41.25 3.2%

POLY REAL ESTATE GROUP CO -A 1.79 1.47 1.19 0.96 1.13 0.86 0.68 0.51 8.92 44.40 35.49 11.22 8.07 6.33 5.01 8.91 7.15 5.61 4.49 2.32 2.73 3.49 3.75 14.91 38.2%

BANK OF BEIJING CO LTD -A 1.03 0.92 0.80 0.69 2.82 2.34 1.98 1.76 5.84 5.40 4.65 4.04 6.23 5.51 4.68 4.27 3.47 4.54 5.23 4.09 9.34 8.1%

INNER MONGOLIA BAOTOU STEE-A 10.11 8.67 7.14 5.63 7.08 8.47 7.55 6.27 21.80 20.48 25.83 16.08 19.77 30.65 24.51 20.11 29.72 50.41 43.87 28.93 0.61 0.68 0.73 1.05 26.33 -10.4%

BAOSHAN IRON & STEEL CO-A 0.71 0.68 0.65 0.62 0.57 0.38 0.42 0.41 0.41 0.39 3.49 5.30 4.22 4.27 3.35 5.61 7.36 6.57 6.18 4.72 7.44 11.52 9.63 8.48 5.31 5.41 3.31 4.03 5.09 7.58 5.16 11.8%

CHINA UNITED NETWORK-A 0.96 0.85 0.83 0.77 0.27 0.24 0.21 0.19 0.99 0.78 0.72 0.64 5.13 4.20 3.55 3.06 29.82 20.18 14.21 11.30 2.21 2.54 3.32 4.74 4.28 29.2%

CHINA SHIPBUILDING INDUSTR-A

HUAXIA BANK CO LTD-A 0.94 0.82 0.71 0.59 0.54 1.77 1.53 1.32 1.12 1.01 5.11 4.47 3.92 3.35 2.88 5.89 4.85 4.28 3.87 3.37 3.26 4.16 4.64 5.48 5.93 6.47 -16.6%

ANHUI CONCH CEMENT CO LTD-A 1.72 1.53 1.32 1.18 1.01 2.00 1.70 1.48 1.35 1.22 7.24 6.31 5.83 4.80 9.49 7.11 6.06 5.38 14.26 10.54 8.79 7.46 7.24 1.30 2.00 2.34 2.79 1.54 20.45 26.2%

HUANENG POWER INTL INC-A 1.41 1.22 1.13 1.07 0.57 0.57 0.55 0.52 3.99 2.41 2.51 2.47 7.05 5.71 5.78 5.57 13.42 7.63 7.35 7.11 4.13 7.32 7.03 7.65 6.89 26.4%

SANY HEAVY INDUSTRY CO LTD-A 2.38 2.06 1.69 1.36 1.17 1.33 1.00 1.15 7.03 10.71 9.24 6.48 7.78 10.54 9.03 8.41 9.13 10.01 7.01 9.15 2.01 1.68 1.85 1.42 10.27 35.4%

CHINA MERCHANTS SECURITIES-A 2.14 2.03 1.90 1.89 13.20 10.12 8.46 7.31 32.89 26.61 21.22 17.54 0.84 1.31 1.63 1.82 11.79 -0.4%

CHINA OILFIELD SERVICES-A 2.42 2.20 1.83 1.59 3.54 2.81 2.48 2.23 9.82 10.40 7.49 7.23 10.50 8.94 8.08 8.20 17.50 13.81 11.86 10.84 1.17 1.83 2.02 2.17 19.47 11.4%

CHINA RAILWAY CONSTRUCTION-A 0.88 0.77 0.69 0.62 0.14 0.13 0.12 0.11 29.65 4.00 4.10 2.18 5.50 4.73 4.34 4.50 7.57 6.69 6.00 5.33 2.38 2.44 2.68 3.27 5.60 11.1%

HUATAI SECURITIES CO LTD-A 1.52 1.46 1.38 1.31 8.17 7.02 5.78 4.66 27.55 22.78 18.03 13.34 1.77 1.82 2.89 9.75 4.4%

GUANGHUI ENERGY CO LTD-A 6.91 4.79 5.16 2.19 10.05 5.92 3.84 1.97 181.43 92.36 101.60 5.43 32.15 18.81 11.69 6.55 0.49

CHINA COAL ENERGY CO-A 0.77 0.84 0.81 0.73 0.74 0.78 0.68 0.64 6.08 5.97 5.10 4.19 6.65 7.81 6.51 5.83 7.96 12.11 10.34 8.90 3.41 2.06 2.04 2.35 5.66 4.8%

CSR CORP LTD -A 1.89 1.56 1.41 1.26 0.65 0.61 0.52 0.46 9.86 8.01 9.34 8.93 9.64 10.20 8.65 7.66 13.93 13.65 11.11 10.68 2.24 1.90 2.29 2.58 5.15 25.4%

NEW CHINA LIFE INSURANCE C-A 2.16 1.89 1.67 1.47 0.59 0.56 0.51 0.45 24.05 19.97 15.94 12.60 1.13 0.90 1.13 1.31 22.00 -8.3%

CHINA COMMUNICATIONS CONST-A 0.80 0.70 0.63 0.57 0.24 0.22 0.20 0.20 3.86 4.53 5.05 7.63 6.59 6.05 5.55 5.99 5.13 4.75 4.46 4.30 4.77 5.18 5.49 4.56 8.9%

CHINA RAILWAY GROUP LTD-A 0.77 0.70 0.64 0.59 0.13 0.12 0.11 0.10 0.09 10.22 7.03 3.19 10.49 9.02 8.18 7.41 8.54 7.32 6.55 5.92 1.71 2.14 2.31 2.46 3.45 22.8%

DATANG INTL POWER GEN CO-A 1.50 1.40 1.31 1.20 0.72 0.70 0.63 0.56 3.70 2.82 2.73 2.29 11.07 10.05 9.19 7.79 18.00 14.14 12.38 10.22 2.56 2.52 2.74 3.63 5.60 19.6%

CHINA CNR CORP LTD-A 1.36 1.18 1.08 0.97 0.49 0.45 0.40 0.36 5.89 17.28 9.89 5.05 12.08 10.27 8.88 7.89 13.98 11.84 10.26 8.47 1.69 2.34 2.62 2.94 5.51 27.5%

JIANGSU HENGRUI MEDICINE C-A 8.64 6.83 5.61 4.64 8.01 6.89 5.60 4.55 34.28 35.98 32.42 27.06 28.16 24.47 20.25 16.22 41.13 35.17 26.81 22.33 0.42 0.42 0.50 1.01 35.52 8.5%

TASLY PHARMACEUTICAL GROUP-A 10.63 7.51 6.06 4.78 5.10 3.65 3.04 2.47 441.89 49.98 35.13 34.13 41.18 28.04 22.10 17.76 56.35 39.05 30.64 24.36 0.64 1.23 0.72 1.19 44.88 6.9%

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.31 2.31 2.15 1.97 2.31 1.48 1.48 1.42 1.36 1.48 10.55 10.55 9.86 10.23 10.55 9.23 9.23 8.52 7.97 9.23 14.99 14.99 13.52 12.22 14.99 2.12 2.12 2.31 2.46 2.12 1844.6 11.4%

Euro Stoxx 50 Pr 1.23 1.23 1.17 1.10 1.23 0.80 0.80 0.78 0.75 0.80 6.26 6.26 5.74 5.18 6.26 7.39 7.39 6.98 6.60 7.39 12.50 12.50 11.09 9.97 12.50 4.10 4.10 4.32 4.67 4.10 3015.2 7.9%

NIKKEI 225 1.52 1.52 1.43 1.33 1.52 0.73 0.73 0.71 0.69 0.73 9.03 9.03 8.30 7.14 9.03 8.71 8.71 7.98 7.51 8.71 17.89 17.89 15.91 14.33 17.89 1.64 1.64 1.79 1.94 1.64 15127.1 6.5%

FTSE 100 INDEX 1.79 1.79 1.67 1.55 1.79 1.03 1.03 1.00 0.97 1.03 8.58 8.58 7.84 6.61 8.58 7.50 7.50 6.88 6.46 7.50 12.73 12.73 11.58 10.62 12.73 3.79 3.79 4.18 4.47 3.79 7068.2 8.3%



S&P/ASX 200 INDEX 1.90 1.90 1.81 1.72 1.90 1.80 1.80 1.70 1.63 1.80 10.83 10.83 9.97 9.32 10.83 9.25 9.25 8.41 7.87 9.25 15.07 15.07 13.67 12.61 15.07 4.56 4.56 4.84 5.21 4.56 5315.9 2.6%

HANG SENG INDEX 1.36 1.36 1.25 1.18 1.36 1.77 1.77 1.64 1.52 1.77 8.04 8.04 7.61 7.03 8.04 8.26 8.26 7.57 6.91 8.26 10.86 10.86 10.08 9.18 10.86 3.55 3.55 3.82 4.13 3.55 24937.3 9.6%

MSCI EM 1.37 1.37 1.25 1.06 1.37 0.99 0.99 0.92 0.86 0.99 7.12 7.12 6.47 5.40 7.12 7.57 7.57 6.87 6.33 7.57 10.98 10.98 9.82 8.98 10.98 2.86 2.86 3.13 3.39 2.86 1100.2 15.1%

KANGMEI PHARMACEUTICAL CO-A 3.88 3.39 2.85 2.37 4.28 2.92 2.29 1.73 23.40 38.60 21.39 17.41 28.58 20.92 16.28 13.05 0.27 1.07 1.07 1.07 23.00 22.9%

ZIJIN MINING GROUP CO LTD-A 2.00 1.71 1.55 1.38 1.09 1.06 0.98 0.85 9.30 8.67 9.96 8.81 6.87 9.58 10.59 10.22 11.13 16.48 19.78 12.25 2.81 1.69 0.90 1.39 2.55 -4.5%

CHINA CONSTRUCTION BANK-A 1.19 1.03 0.91 0.82 2.68 2.37 2.15 2.03 2.11 5.33 5.52 5.59 5.95 5.41 4.93 4.88 5.96 6.20 6.78 6.47 5.51 21.6%

GD POWER DEVELOPMENT CO -A 1.18 1.06 0.98 0.91 0.73 0.68 0.62 0.59 2.98 2.75 2.28 2.51 8.14 7.57 7.62 6.67 8.56 7.15 6.76 5.85 4.62 5.46 5.59 5.88 3.19 33.9%

CHINA NATIONAL CHEMICAL-A 2.22 1.87 1.54 1.27 0.72 0.61 0.46 0.39 5.81 6.14 4.99 4.57 5.75 4.59 3.88 3.38 12.43 10.18 8.20 6.78 0.62 0.98 1.27 1.23 13.65 67.9%

GUANGZHOU BAIYUNSHAN PHAR-A 6.49 6.24 5.19 4.27 5.85 2.19 2.11 1.57 475.86 34.34 36.21 29.22 172.07 31.05 22.96 16.63 75.70 38.29 30.12 18.33 0.26 0.35 0.37 0.44

WANHUA CHEMICAL GROUP CO -A 4.38 3.24 2.54 1.93 2.26 1.80 1.49 1.10 11.25 10.83 7.00 8.01 11.69 8.61 7.12 5.98 15.85 11.94 10.05 8.19 2.67 3.21 3.57 8.02 22.83 35.7%

CHINA INTERNATIONAL TRAVEL-A 6.05 4.53 3.78 3.33 2.31 1.93 1.59 1.40 27.81 25.48 23.88 32.16 21.95 16.08 12.96 10.16 33.87 27.43 22.78 19.00 0.47 0.91 1.22 1.63 41.13 8.1%

BESTV NEW MEDIA CO LTD-A 12.85 10.58 8.52 6.78 20.92 14.01 10.32 7.62 89.95 62.03 39.54 29.25 48.88 36.20 27.39 20.26 75.59 55.52 40.93 30.57 0.20 0.14 0.22 0.33 34.26 -4.8%

SHANGHAI JAHWA UNITED CO -A 14.81 11.09 9.04 7.12 8.04 6.50 5.22 4.20 62.87 45.51 31.62 27.27 46.87 37.13 25.62 20.02 60.35 42.01 31.49 23.55 0.60 1.12 1.48 1.85 61.80 14.3%

GUANGZHOU AUTOMOBILE GROUP-A 1.88 1.75 1.59 1.43 4.28 3.15 2.74 2.31 363.60 59.41 43.70 60.83 32.43 23.46 35.37 23.73 14.20 11.04 0.74 1.51 2.12 2.75 9.75 7.3%

FOUNDER SECURITIES CO LTD-A 2.48 2.32 2.19 18.52 9.30 8.11 5.83 98.50 30.00 23.83 19.06 1.69 2.20 2.71 7.04 19.1%

SHANGHAI ELECTRIC GRP CO L-A 1.49 1.45 1.35 1.28 0.59 0.54 0.54 0.47 148.80 9.54 10.63 11.27 7.53 6.42 5.61 4.97 14.14 16.68 14.88 13.78 2.18 1.69 1.94 2.20 4.00 7.5%

JIANGXI COPPER CO LTD-A 1.40 1.27 1.18 1.04 0.40 0.32 0.30 0.26 9.67 10.63 12.42 9.57 7.22 9.33 8.92 7.86 10.42 14.93 14.31 10.03 2.03 1.64 1.77 2.14 21.60 25.4%

AIR CHINA LTD-A 0.95 0.97 0.93 0.84 0.54 0.52 0.46 0.42 3.65 3.33 2.70 2.40 8.32 7.17 6.17 5.54 11.60 9.59 9.03 7.64 0.83 1.14 1.21 1.12 4.30 2.4%

NARI TECHNOLOGY DEVELOPMEN-A 8.90 7.17 5.44 4.20 5.44 4.57 3.60 2.91 24.39 31.94 27.15 19.83 30.07 23.59 18.54 14.89 29.33 23.82 18.68 14.70 0.30 0.67 0.60 0.86 19.17 19.1%

QINGDAO HAIER CO LTD-A 2.17 2.41 1.99 0.42 0.39 0.35 0.32 0.31 13.97 10.22 5.87 6.32 5.16 4.49 3.95 10.50 9.04 8.02 7.04 3.78 3.98 3.58 15.71 25.0%

SHANDONG GOLD MINING CO LT-A 4.27 3.79 3.41 3.01 0.69 0.70 0.71 0.68 11.01 12.67 14.91 10.67 9.36 12.07 13.97 12.17 14.29 19.56 14.91 22.17 1.34 0.49 0.30 0.45 22.81 -6.6%

CHINA AVIC ELECTRONICS CO-A 6.42 7.27 6.25 5.56 8.14 5.62 4.74 3.67 59.56 122.73 84.38 44.02 45.19 33.23 26.65 22.01 56.25 56.41 44.70 34.73 0.27 0.44 0.40 19.82 -2.1%

ALUMINUM CORP OF CHINA LTD-A 1.01 1.11 1.12 1.21 0.30 0.30 0.28 0.29 24.54 6.12 8.99 7.69 60.02 26.67 15.33 13.56 0.00 0.00 0.00 0.09 2.93 -15.2%

CHINA FORTUNE LAND DEVELOP-A 7.31 4.87 3.38 2.42 3.17 1.80 1.38 1.14 13.68 56.82 24.70 8.55 11.00 8.07 6.17 16.29 13.68 10.60 8.11 0.89 1.19 1.57 36.42 -1.4%

INNER MONGOLIAN BAOTOU STE-A 1.85 1.78 0.81 0.86 4.98 4.57 56.86 79.60 66.33

EVERBRIGHT SECURITIE CO -A 1.51 1.43 1.36 1.34 8.78 8.96 6.89 7.10 28.19 25.83 19.76 14.53 4.27 1.32 1.73 2.13 10.77 9.4%

YANZHOU COAL MINING CO-A 1.17 1.21 1.14 1.15 0.78 0.80 0.74 0.68 0.63 5.20 8.06 6.95 6.49 8.79 11.40 9.22 8.68 9.68 23.23 22.11 2.97 0.90 1.16 1.58 7.84 -25.3%

ZHONGJIN GOLD CORP-A 3.13 2.96 2.77 2.67 0.87 0.89 0.88 0.82 9.33 12.08 14.24 10.41 9.31 11.44 11.77 10.64 16.85 26.24 22.77 23.84 0.59 0.77 0.66 0.54 9.67 -9.5%

SHANXI LU'AN ENVIRONMENTAL-A 1.86 1.85 1.70 1.43 1.48 1.53 1.32 1.13 0.96 4.84 7.60 5.05 4.07 5.75 5.79 5.08 4.60 10.98 13.71 12.50 9.68 2.91 2.15 2.26 3.35 16.84 25.5%

JIANGSU PHOENIX PUBLISH-A 3.46 3.31 2.98 2.62 4.78 4.28 3.70 3.23 29.25 15.09 23.40 32.18 33.49 26.14 22.41 19.02 32.92 30.86 26.70 23.53 1.34 1.06 1.11 1.36 11.67 -9.3%

OFFSHORE OIL ENGINEERING-A 2.83 2.39 2.18 1.90 2.48 1.80 1.55 1.43 17.49 22.17 6.18 12.92 15.40 10.84 8.70 7.84 40.16 20.24 15.89 13.81 0.27 0.20 0.20 0.20 8.67 16.1%

SHANGHAI INTERNATIONAL AIR-A 1.88 1.81 1.68 1.54 6.17 5.75 5.13 4.69 13.48 12.21 10.15 9.72 11.58 9.88 8.86 8.21 19.43 15.94 13.92 12.40 2.20 2.57 2.50 2.63 17.13 7.3%

CHINA MOLYBDENUM CO LTD-A 3.34 1.09 1.03 0.55 5.51 5.49 4.65 3.64 29.66 13.91 10.41 4.62 22.25 16.80 13.06 34.47 39.90 32.21 23.46 3.82 5.22 6.87

NINGBO PORT CO LTD-A 1.14 1.03 0.94 3.84 3.08 2.64 10.86 29.88 23.90 10.96 10.53 9.19 9.56 2.76

GEMDALE CORP-A 1.23 1.10 0.96 0.81 1.05 0.83 0.68 0.56 9.58 12.85 5.85 10.81 9.21 7.11 5.58 8.59 8.24 6.64 5.26 2.12 1.76 2.09 1.90 8.46 28.4%

TSINGTAO BREWERY CO LTD-A 4.40 3.88 3.44 3.06 2.33 2.06 1.80 1.60 18.47 19.98 17.79 15.73 17.96 15.64 13.65 11.82 31.53 26.97 23.54 20.88 0.57 1.00 1.11 1.31 40.53 -3.9%

BEIJING TONGRENTANG CO-A 7.19 5.93 4.97 4.15 3.69 3.09 2.54 2.11 28.75 17.91 14.23 26.33 24.48 18.57 14.97 12.29 51.65 39.09 31.08 25.14 0.89 1.02 0.81 0.90 23.83 9.1%

SANAN OPTOELECTRONICS CO L-A 4.49 3.73 3.11 8.44 5.64 4.03 2.70 22.79 39.53 30.75 31.56 22.98 16.87 11.07 30.50 25.62 21.03 15.90 0.77 0.94 1.12 2.07 25.67 32.5%

METALLURGICAL CORP OF CHIN-A 0.76 0.70 0.17 0.13 0.14 4.45 6.36 11.48 10.17 2.25 2.81

SINOHYDRO GROUP LTD-A 0.93 0.54 0.51 0.23 0.19 0.16 0.15 3.45 1.53 2.24 7.08 5.82 4.75 6.90 6.02 5.15 4.20 2.10 2.33 2.33 2.33

CHONGQING WATER GROUP-A 2.07 1.90 1.74 6.77 6.35 6.05 13.95 13.02 13.02 14.58 14.07 13.80 16.28 14.40 13.72 12.88

JINDUICHENG MOLYBDENUM CO -A 2.09 2.08 2.02 1.96 3.56 3.11 2.93 2.64 47.72 55.42 23.53 15.34 22.96 27.16 17.58 13.66 38.52 57.27 40.90 35.06 1.69 0.93 1.71 2.29 7.90 -8.0%

SDIC POWER HOLDINGS CO LTD-A 1.79 1.67 1.45 1.23 0.99 0.95 0.79 0.71 4.75 2.60 2.13 2.66 17.02 12.09 9.03 7.39 24.52 12.42 8.59 9.63 0.42 0.96 1.06 1.04 5.11 32.7%

TBEA CO LTD-A 1.78 1.73 1.58 1.41 1.34 1.07 0.90 0.76 5.57 9.58 7.69 6.61 25.73 17.80 14.57 12.69 18.49 18.42 15.48 12.98 0.10 0.61 0.69 0.48 11.70 19.4%

INDUSTRIAL SECURITIES CO-A 2.53 2.11 1.99 1.55 10.22 7.75 6.79 4.54 42.66 34.74 28.32 19.08 1.09 2.08 2.77 11.44 13.2%

SHANGHAI LUJIAZUI FIN&TRAD-A 2.99 2.79 2.56 9.01 7.90 6.62 105.50 36.52 30.48 25.73 0.68 0.79 0.79

ZHE JIANG DAILY MEDIA GRP -A 10.41 5.72 5.10 4.28 17.23 11.24 9.77 8.12 79.65 26.55 29.17 32.11 72.09 37.24 28.63 24.29 74.10 54.14 46.33 34.03 0.51 0.36 0.51 0.58 25.65 -38.1%

CHINA CSSC HOLDINGS LTD-A 26.56 158.25 118.69

BANK OF NANJING CO LTD -A 1.05 0.91 0.80 0.70 2.84 2.49 2.12 1.80 1.40 5.43 4.77 4.20 6.72 5.69 4.92 4.25 3.13 4.23 4.66 5.26 8.84 1.8%

AVIC INVESTMENT HOLDINGS -A 7.82 6.28 5.12 4.18 40.58 26.93 20.92 19.02 21.34 16.9%

WUHAN IRON & STEEL CO LTD-A 0.65 0.68 0.66 0.63 0.27 0.26 0.25 0.27 3.00 2.67 2.59 8.46 7.44 6.23 46.73 38.57 23.14 15.19 1.65 1.23 2.47 4.11 69.0%

HAINAN AIRLINES CO-A 1.36 0.86 0.77 0.68 3.75 9.07 11.91 14.21 10.67 9.36 1.70 2.43 2.43 2.25 9.2%

HUAYU AUTOMOTIVE SYSTEMS -A 1.26 1.07 0.94 0.79 0.41 0.37 0.33 0.30 9.54 6.25 4.08 3.41 3.63 3.04 2.79 3.28 7.63 7.01 6.28 5.79 3.35 4.38 4.70 4.97 13.00 40.5%





2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.31 2.31 2.15 1.97 2.31 1.48 1.48 1.42 1.36 1.48 10.55 10.55 9.86 10.23 10.55 9.23 9.23 8.52 7.97 9.23 14.99 14.99 13.52 12.22 14.99 2.12 2.12 2.31 2.46 2.12 1844.6 11.4%

Euro Stoxx 50 Pr 1.23 1.23 1.17 1.10 1.23 0.80 0.80 0.78 0.75 0.80 6.26 6.26 5.74 5.18 6.26 7.39 7.39 6.98 6.60 7.39 12.50 12.50 11.09 9.97 12.50 4.10 4.10 4.32 4.67 4.10 3015.2 7.9%

NIKKEI 225 1.52 1.52 1.43 1.33 1.52 0.73 0.73 0.71 0.69 0.73 9.03 9.03 8.30 7.14 9.03 8.71 8.71 7.98 7.51 8.71 17.89 17.89 15.91 14.33 17.89 1.64 1.64 1.79 1.94 1.64 15127.1 6.5%

FTSE 100 INDEX 1.79 1.79 1.67 1.55 1.79 1.03 1.03 1.00 0.97 1.03 8.58 8.58 7.84 6.61 8.58 7.50 7.50 6.88 6.46 7.50 12.73 12.73 11.58 10.62 12.73 3.79 3.79 4.18 4.47 3.79 7068.2 8.3%



S&P/ASX 200 INDEX 1.90 1.90 1.81 1.72 1.90 1.80 1.80 1.70 1.63 1.80 10.83 10.83 9.97 9.32 10.83 9.25 9.25 8.41 7.87 9.25 15.07 15.07 13.67 12.61 15.07 4.56 4.56 4.84 5.21 4.56 5315.9 2.6%

HANG SENG INDEX 1.36 1.36 1.25 1.18 1.36 1.77 1.77 1.64 1.52 1.77 8.04 8.04 7.61 7.03 8.04 8.26 8.26 7.57 6.91 8.26 10.86 10.86 10.08 9.18 10.86 3.55 3.55 3.82 4.13 3.55 24937.3 9.6%

MSCI EM 1.37 1.37 1.25 1.06 1.37 0.99 0.99 0.92 0.86 0.99 7.12 7.12 6.47 5.40 7.12 7.57 7.57 6.87 6.33 7.57 10.98 10.98 9.82 8.98 10.98 2.86 2.86 3.13 3.39 2.86 1100.2 15.1%

ZHENGZHOU YUTONG BUS CO -A 3.86 2.83 2.40 1.98 1.24 1.07 0.93 0.83 0.79 11.47 9.90 9.54 8.15 11.83 9.28 8.08 7.13 16.93 13.81 11.73 10.44 1.12 2.24 2.51 2.27 20.75 8.6%

CHINA COSCO HOLDINGS-A 1.30 1.49 1.59 1.33 0.47 0.48 0.43 0.40 16.27 6.24 4.18 71.17 15.63 7.99 12.28 0.00 0.00 0.26 1.07 3.05 -11.6%

HENAN DAYOU ENERGY CO LTD-A 1.11 1.22 1.35 1.20 2.23 1.64 1.54 1.47 7.01 6.70 5.42 4.97 12.86 12.16 11.57 10.80 3.59 4.10 4.62 12.79 31.2%

SOUTHWEST SECURITIES CO LT-A 2.31 2.19 2.12 13.90 11.74 8.79 44.13 43.94 35.74 26.71 0.64 0.79 1.08 10.34 1.8%

SICHUAN CHUANTOU ENERGY CO-A 2.56 2.39 2.06 1.74 20.08 19.21 18.69 17.66 75.49 33.48 33.97 38.50 38.91 41.25 20.44 11.79 10.90 0.37 0.82 2.94 0.95 11.94 3.4%

CHINA EASTERN AIRLINES CO-A 1.43 1.33 1.24 1.10 0.37 0.37 0.33 0.30 3.34 3.63 2.71 2.31 7.74 8.16 6.65 5.87 10.13 9.97 8.49 8.74 0.00 0.00 0.00 0.00 2.82 -7.4%

YANGQUAN COAL INDUSTRY GRP-A 1.58 1.57 1.42 1.31 0.34 0.30 0.28 0.28 3.52 3.64 8.41 6.53 5.18 5.71 5.86 5.52 10.17 13.72 12.49 11.24 1.85 1.80 1.64 2.12 10.70 13.3%

ZHEJIANG CHINT ELECTRICS-A 3.99 3.99 3.30 2.75 2.16 1.75 1.47 1.27 23.01 12.78 10.07 8.79 13.49 9.55 7.97 6.64 19.69 15.46 12.73 10.47 28.00 29.9%

CHINA HAINAN RUBBER INDUST-A 2.39 2.38 1.86 1.68 101.86 62.00 43.21

BRIGHT DAIRY & FOOD CO LTD-A 6.26 5.60 4.92 4.11 1.78 1.51 1.30 1.10 45.36 36.76 20.58 17.66 76.77 52.25 36.36 26.54 0.25 1.00 1.23 2.10 19.19 -3.9%

SHANGHAI FOSUN PHARMACEUTI-A 1.84 1.72 1.53 1.36 3.27 2.84 2.33 1.94 50.48 50.48 27.32 22.11 27.48 13.24 10.99 9.45 17.00 13.50 11.77 9.86 0.99 1.34 1.03 1.55 15.00 29.2%

UNIVERSAL SCIENTIFIC INDUS-A 6.65 5.89 4.87 4.01 1.84 1.60 1.39 1.23 29.61 19.27 31.74 25.03 20.24 16.23 12.73 40.00 30.73 26.31 21.02 0.21 29.70 22.3%

SHANGHAI PHARMACEUTICALS-A 1.23 0.69 1.08 1.00 0.47 0.39 0.33 0.29 15.84 16.33 16.80 14.60 8.74 7.88 6.89 5.92 15.54 13.81 12.15 10.92 1.52 1.72 1.92 1.92 13.62 17.0%

SHANGHAI CHENGTOU HOLDING-A 2.31 12.84 9.68

JIANGSU EXPRESSWAY CO LTD-A 1.52 1.49 1.44 1.46 3.92 3.82 3.44 3.31 7.86 7.26 7.75 6.82 7.72 7.62 7.06 6.77 11.62 11.39 10.58 10.05 6.33 6.71 7.03 7.24 7.18 26.9%

CHENGDU DR PENG TELECOM-A 5.74 9.16 3.98 3.38 43.46 42.71 94.59 47.57 37.75 29.78

XINHU ZHONGBAO CO LTD-A 1.75 1.41 1.15 0.94 1.83 1.81 1.36 1.09 8.77 18.00 12.53 10.06 13.52 9.90 6.64 5.96 10.46 7.94 5.86 5.13 0.56 0.70 0.88 1.05 3.84 12.3%

CHINA SOUTH PUBLISHING -A 2.67 2.45 2.20 1.93 3.29 2.85 2.48 2.12 18.90 18.85 17.53 14.53 18.01 19.67 17.45 15.25 23.94 21.09 17.93 15.24 1.34 0.95 1.13 1.47 12.85 2.2%

SHANGHAI ORIENTAL PEARL-A 7.06 39.53 22.78 20.06

LIAONING CHENG DA CO LTD-A 21.72 17.58 16.05

XIAMEN TUNGSTEN CO LTD-A 5.29 4.83 4.37 4.17 2.41 2.24 1.89 1.62 9.92 29.38 16.68 23.26 16.15 17.79 13.46 11.08 33.78 42.41 26.10 25.67 0.67 0.63 0.73 0.94 31.20 4.9%

SHENERGY COMPANY LIMITED-A 0.96 0.90 0.84 0.81 0.78 5.31 5.37 13.26 9.20 9.70 2.22 2.66 4.21 5.63 24.7%

SINOPEC SHANGHAI PETROCHE-A 1.83 1.67 1.57 1.54 0.29 0.24 0.23 0.23 0.19 209.00 11.45 8.12 7.46 5019.58 11.58 9.68 9.20 24.73 19.90 16.08 0.72 0.72 0.72 6.03 44.2%

ZHANGZHOU PIENTZEHUANG PHA-A 13.05 8.72 7.55 6.21 16.38 13.62 11.44 9.53 53.37 45.19 42.45 30.51 43.63 35.59 28.38 22.74 55.07 42.14 32.96 26.30 0.53 0.59 0.76 0.95 141.00 18.2%

CHINA SOUTHERN AIRLINES CO-A 0.90 0.84 0.82 0.77 0.26 0.25 0.22 0.20 2.24 2.63 2.03 1.79 8.07 7.66 6.56 5.47 9.77 8.00 8.54 7.83 1.88 2.09 2.05 0.51 3.20 9.6%

XI'AN AERO-ENGINE PLC -A 4.06 3.26 3.04 2.46 2.78 2.28 1.96 1.78 33.02 95.80 61.02 38.52 31.57 28.38 25.04 22.38 65.80 51.65 39.94 32.84 0.43 0.52 0.69 0.57 22.05 19.3%

PEOPLE.CN CO LTD-A 9.94 9.13 8.04 7.04 28.56 20.99 14.87 11.63 76.10 52.82 64.05 36.25 127.77 74.78 53.30 41.85 113.03 70.90 52.54 40.77 0.18 0.11 0.14 0.16 73.80 -4.0%

TSINGHUA TONGFANG CO LTD-A 25.17 24.82 22.03 10.50 19.2%

HUADIAN POWER INTL CORP-A 1.17 1.08 0.99 0.93 0.37 0.34 0.32 0.30 1.92 1.34 1.35 1.23 9.65 6.98 7.16 6.80 19.20 7.56 8.09 7.58 0.67 4.79 4.57 4.38 3.92 25.2%

GUANGDONG GUANHAO HIGH-TEC-A

ZHEJIANG LONGSHENG GROUP C-A 2.33 1.95 1.70 1.48 2.25 1.29 1.14 1.03 7.48 7.88 19.37 11.20 9.59 8.85 21.00 14.87 12.20 9.45 0.85 1.58 2.05 2.30 11.65 -0.6%

DONGFANG ELECTRIC CORP LTD-A 1.37 1.28 1.13 0.97 0.52 0.55 0.53 0.47 38.81 10.65 12.72 5.52 4.93 5.31 4.92 4.41 8.51 10.26 9.72 8.01 1.14 0.74 0.72 1.22 21.25 85.6%

CHINA XD ELECTRIC CO LTD-A 1.04 1.10 1.05 1.00 1.43 1.25 1.09 1.03 52.00 12.55 9.84 18.57 18.30 16.63 13.67 151.67 33.09 20.92 17.33 4.95 36.0%

BEIJING JINGNENG THERMAL-A 1.77 1.70 1.63 10.30 9.49 8.95 1.27 1.27

FIBERHOME TELECOM TECH CO-A 3.86 3.23 2.95 2.58 2.06 1.84 1.49 1.39 49.24 26.46 16.46 28.11 23.56 16.61 12.92 33.71 28.05 22.22 18.36 0.64 0.94 1.10 1.48 21.50 14.9%

SHANGHAI CONSTRUCTION CO-A 11.75

YONGHUI SUPERSTORES CO LTD-A 4.30 2.41 2.18 1.86 0.81 0.66 0.53 0.43 75.15 28.78 10.88 9.68 15.01 13.51 10.50 8.71 39.34 27.52 21.20 16.87 0.55 0.97 1.25 1.90 15.13 20.5%

YUNNAN CHIHONG ZINC & GERM-A 4.09 2.46 2.40 2.20 1.47 1.08 0.95 0.82 16.07 13.59 10.90 18.08 17.64 15.56 12.83 43.52 36.82 51.45 36.95 0.78 1.18 0.68 1.24 11.05 0.4%

SHANXI XINGHUACUN FEN WINE-A 4.67 3.69 3.18 2.41 2.78 2.26 1.85 1.58 18.54 12.28 10.34 6.00 7.59 6.01 4.92 4.15 13.67 10.81 8.67 7.15 1.83 4.58 4.85 5.47 31.77 53.3%

GANSU JIU STEEL GROUP HONG-A 0.65 0.62 0.53 0.22 0.22 0.23 4.24 4.17 10.67 14.05 11.85 16.00

JOINTOWN PHARMACEUTICAL-A 0.59 0.47 0.40 0.32 30.46 22.60 18.52 41.30 36.12 27.72 23.83

SINOVEL WIND GROUP CO LTD-A

CHINA SHIPPING CONTAINER-A 1.20 1.24 1.21 1.14 0.83 0.85 0.76 0.69 12.13 29.04 11.28 6.83 26.51 29.61 14.88 8.13 78.00 42.66 16.35 0.00 0.00 0.00 0.62 2.40 -12.1%

GANSU YASHENG INDUSTRIAL-A 3.72 3.30 2.88 8.52 6.52 5.35 4.53 32.39 29.26 23.87 39.43 33.97 25.41 22.68 0.28

SINOLINK SECURITIES CO LTD-A 3.38 2.63 2.50 12.66 10.42 9.52 6.21 53.44 48.58 37.74 32.59 0.60 0.60 1.05 14.07 5.3%

GUANGXI WUZHOU ZHONGHENG G-A 6.29 5.10 4.23 9.63 4.99 3.99 2.61 9.21 22.39 18.65 18.10 16.08 25.93 23.09 18.54 14.31 2.17 1.35 1.76 2.23 22.00 48.8%

CHINA SPACESAT CO LTD -A 7.26 4.87 4.38 3.89 4.12 3.65 2.95 2.48 21.17 37.82 24.19 21.99 44.92 35.22 29.53 24.17 58.62 50.80 39.79 36.55

XIAMEN C & D INC-A 7.89 2.26 1.85 0.17 0.16 0.13 0.11 5.56 3.41 7.75 6.26 5.01 4.10 1.20 2.40 3.00 3.60 9.90 32.0%

INNER MONGOLIA YITAI COAL-B 1.55 1.86 1.74 1.19 1.54 1.49 1.39 3.70 4.23 3.59 4.40 6.01 6.01 5.61 5.68 7.73 7.80 8.50 6.74 3.90 4.26 3.65 2.32 15.3%

HUMANWELL HEALTHCARE GROUP-A 4.86 4.31 3.66 3.00 3.43 2.57 1.95 1.52 34.62 67.77 82.09 23.45 21.60 17.96 13.49 10.46 36.48 34.25 25.22 18.92 0.27 0.24 0.32 0.41 36.43 14.4%





09.09.2013

PetroChina Company Limited explores, develops, and produces crude oil and

natural gas. The Company also refines, transports, and distributes crude oil

and petroleum products, produces and sells chemicals, and transmits, markets

and sells natural gas.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (04.02.2013) 9.50

52-Week Low (25.06.2013) 7.08

Daily Volume

8.05

52-Week High % Change -15.26% Dividend Yield 3.63

52-Week Low % Change 13.70% Beta 0.68

% 52 Week Price Range High/Low 33.47% Equity Float 3'184.45

Shares Out 30.06.2013 161'922.1 Short Int -

1'450'189.25 1 Yr Total Return -7.58%

Total Debt 444'826.00 YTD Return -9.56%

Preferred Stock 0.0 Adjusted BETA 0.679

Minority Interest 116'738.0 Analyst Recs 14

Cash and Equivalents 46'245.00 Consensus Rating 4.357

Enterprise Value 1'976'613.29

Average Volume 5 Day 15'414'060

601857 CH EQUITY YTD Change - Average Volume 30 Day 15'162'860

601857 CH EQUITY YTD % CHANGE - Average Volume 3 Month 19'996'310

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

1'072'604.0 1'019'275.0 1'465'415.0 2'003'843.0 2'195'296.0 1'969'829 2'071'212 2'407'403 2'526'571 - -

1.78x 2.57x 1.54x 1.04x 0.99x 4.01x 3.83x - - - -

256'680.0 237'168.0 303'643.0 323'368.0 329'642.0 149'425.0 85'592.0 335'813.0 320'871.0 - -

7.45x 11.04x 7.43x 6.43x 6.57x 0.00x 0.00x 5.89x 6.16x - -

114'453.0 103'387.0 139'992.0 132'961.0 115'326.0 129'012.0 118'821.0 122'835.0 130'943.5 - -

9.49x 14.65x 11.33x 10.74x 14.02x 11.62x 9.97x 11.35x 10.72x - -

EBITDA 329'642.00 Long-Term Rating Date -

EBIT 177'667.00 Long-Term Rating -

Operating Margin 8.09% Long-Term Outlook -

Pretax Margin 7.60% Short-Term Rating Date -

Return on Assets 5.41% Short-Term Rating -

Return on Common Equity 11.09%

Return on Capital 8.70% EBITDA/Interest Exp. 17.62

Asset Turnover 0.97% (EBITDA-Capex)/Interest Exp. 0.96

Net Debt/EBITDA 1.26

Gross Margin - Total Debt/EBITDA 1.76

EBITDA Margin 14.7%

EBIT Margin 7.5% Total Debt/Equity 41.8%

Net Income Margin 5.3% Total Debt/Capital 27.4%

Asset Turnover 0.97

Current Ratio 0.72 Net Fixed Asset Turnover 1.85

Quick Ratio 0.21 Accounts receivable turnover-days 15.24

Debt to Assets 20.51% Inventory Days -

Tot Debt to Common Equity 41.81% Accounts Payable Turnover Day -

Accounts Receivable Turnover 23.95 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

PetroChina Co LtdPrice/Volume

Valuation Analysis

31'099'510.00

Current Price (9/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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5,', F

-,,', F

-.,', F

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

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0',,

1',,

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6',,

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis


09.09.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

CHINA NATIONAL PETRO n/a EXCH 158'271'705'094 97.75 - 24.05.2012 Government

SOCIAL SECURITY FUND n/a Co File 400'000'000 0.25 - 31.12.2011 Government

CHINA LIFE INSURANCE n/a ULT-AGG 126'623'555 0.08 - 31.12.2011 Government

BLACKROCK ASSET MGMT Multiple Portfolios MF-AGG 80'659'379 0.05 - 30.08.2013 Investment Advisor

LION FUND MANAGEMENT Multiple Portfolios MF-AGG 52'610'881 0.03 (20'735'694) 31.12.2012 Investment Advisor

CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 50'662'970 0.03 - 31.12.2012 Investment Advisor

CHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 41'911'310 0.03 (2'531'330) 02.09.2013 Investment Advisor

GUANGXI INVESTMENT G n/a Co File 39'560'045 0.02 - 31.12.2011 Government

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 36'340'526 0.02 (14'369'177) 31.12.2012 Investment Advisor

CSOP ASSET MANAGEMEN Multiple Portfolios MF-AGG 31'620'081 0.02 - 02.09.2013 Investment Advisor

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 30'883'069 0.02 (18'458'163) 31.12.2012 Investment Advisor

LIANG NENG CONSTRUCT n/a Co File 26'363'816 0.02 - 31.12.2011 Corporation

CHANGSHENG FUND MANA Multiple Portfolios MF-AGG 21'027'423 0.01 20'043'528 31.12.2012 Investment Advisor

HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 20'001'794 0.01 (2'091'557) 31.12.2012 Investment Advisor

E FUND MANAGEMENT Multiple Portfolios MF-AGG 15'262'439 0.01 (17'243'500) 31.12.2012 Investment Advisor

YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 11'500'232 0.01 (16'021'120) 31.12.2012 Investment Advisor

UBS SDIC FUND MANAGE Multiple Portfolios MF-AGG 11'468'947 0.01 9'502'939 31.12.2012 Investment Advisor

HUAAN FUND MANAGEMEN Multiple Portfolios MF-AGG 10'202'016 0.01 (2'120'479) 31.12.2012 Investment Advisor

TIANTONG ASSET MANAG Multiple Portfolios MF-AGG 9'572'465 0.01 1'899'905 30.06.2013 Investment Advisor

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 6'938'647 0 - 02.09.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

HSBC THOMAS C HILBOLDT overweight 5 M 10 Not Provided 28.08.2013

Bank of China International LAWRENCE LAU hold 3 M 8 Not Provided 28.08.2013

Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 23.08.2013

Northeast Securities Co Ltd WEIGANG WANG buy 5 M #N/A N/A Not Provided 23.08.2013

China International Capital Corp BIN GUAN accumulate 4 M #N/A N/A Not Provided 23.08.2013

UBS NINA YAN buy 5 M 10 12 month 22.08.2013

Jefferies LABAN YU buy 5 M 12 12 month 16.08.2013

Masterlink Securities LI XIN buy 5 U 10 Not Provided 08.08.2013

SWS Research Co Ltd KAISHENG LIN buy 5 M #N/A N/A Not Provided 19.07.2013

Goldman Sachs ARTHUR YAN neutral/neutral 3 M 10 12 month 07.07.2013

Guotai Junan WANG GANG add 4 M 10 12 month 09.04.2013

Rising Securities Co.,LTD HOU SHIXIA outperform 5 M #N/A N/A Not Provided 27.03.2013

Qilu Securities Co Ltd LI XUAN add 4 N #N/A N/A Not Provided 17.01.2013

Citic Securities Co., Ltd HUANG LILI overweight 5 M 12 6 month 25.12.2012

Guodu Securities Co Ltd WANG SHUANG buy 5 M #N/A N/A Not Provided 11.06.2012

Hong Yuan Securities ZU GUANGPING add 4 M 9 6 month 29.03.2012

China Minzu Securities Co Ltd QI QIUSHI buy 5 M 8 6 month 01.03.2012

PingAn Securities DU ZHIQIANG buy 5 M #N/A N/A Not Provided 18.11.2011

China Investment Securities RUI DINGKUN buy 5 M #N/A N/A Not Provided 07.04.2011

China Securities Co., Ltd LIANG BIN neutral 3 N 11 Not Provided 08.12.2010

China Galaxy Securities LI GUOHONG buy 5 M #N/A N/A Not Provided 08.06.2010

Everbright Securities Co., Ltd CHENG LEI buy 5 U #N/A N/A Not Provided 28.04.2010

Industrial Securities ZHENG FANGBIAO buy 5 M #N/A N/A Not Provided 22.03.2010

Holdings By:

PetroChina Co Ltd ee


09.09.2013

Industrial and Commercial Bank of China Ltd provides a broad range of personal

and corporate commercial banking services all over China. The Bank's businesses

include deposit, loan, credit card, fund underwriting and trust, and foreign

currency settlement and trading.


LTM as of: 06/yy

52-Week High (04.02.2013) 4.53

52-Week Low (26.06.2013) 3.40

Daily Volume

4.08

52-Week High % Change -9.93% Dividend Yield -




1'441'698.88 1 Yr Total Return 14.23%

Total Debt 2'277'630.00 YTD Return 4.60%



Cash and Equivalents 4'355'972.00 Consensus Rating 4.389

Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

469'928.0 470'638.0 544'045.0 704'382.0 840'810.0 791'912.0 884'476.0 578'159.8 635'949.0 - -

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

110'841.0 128'645.0 165'156.0 208'265.0 238'532.0 221'944.0 253'719.0 260'066.1 276'753.6 - -

10.73x 13.95x 8.83x 7.07x 6.10x 6.20x 5.50x 5.58x 5.16x - -

EBITDA - Long-Term Rating Date 09.12.2010

EBIT - Long-Term Rating A

Operating Margin 56.75% Long-Term Outlook STABLE

Pretax Margin 57.46% Short-Term Rating Date 09.12.2010

Return on Assets 1.42% Short-Term Rating A-1


Return on Capital 7.70% EBITDA/Interest Exp. -

Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 202.5%


Asset Turnover 0.05

Current Ratio - Net Fixed Asset Turnover 6.28

Quick Ratio - Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Industrial & Commercial Bank of China LtdPrice/Volume

Valuation Analysis

221'307'304.00


,--..00112

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2,', F

-,,', F

-2,', F

.,,', F

.2,', F

0,,', F

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

900'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2,',,

-,,',,

-2,',,

.,,',,

.2,',,

0,,',,

02,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA INVESTMENT COR n/a ULT-AGG 123'999'728'833 47.17 - 17.06.2013 Investment Advisor

CHINA MINISTRY OF FI n/a Co File 123'316'451'864 46.91 - 31.12.2012 Government

PING AN LIFE INSURAN n/a Co File 2'806'269'049 1.07 - 31.12.2012 Insurance Company

ICBC CREDIT SUISSE F n/a Co File 1'053'190'083 0.4 - 31.12.2012 n/a


ANBANG ASSETS INSUR n/a Co File 544'890'787 0.21 - 31.12.2012 Insurance Company

SINO LIFE INSURANCE n/a Co File 386'771'556 0.15 - 31.12.2012 Insurance Company


CHINA PACIFIC LIFE I n/a Co File 283'287'898 0.11 - 31.12.2012 Insurance Company

E FUND MANAGEMENT Multiple Portfolios MF-AGG 181'585'345 0.07 41'746'595 31.12.2012 Investment Advisor

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 163'198'980 0.06 57'560'575 31.12.2012 Investment Advisor


BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 146'655'568 0.06 3'070'465 31.12.2012 Investment Advisor



SCHRODER INVESTMENT SCHRODER ISF-BRIC (B MF-PART 108'022'255 0.04 108'022'255 31.07.2013 Investment Advisor

HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 101'842'733 0.04 6'716'284 30.06.2013 Investment Advisor

PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 92'910'984 0.04 (9'595'616) 30.06.2013 Investment Advisor

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 63'601'742 0.02 63'601'742 31.07.2013 Investment Advisor

HUAAN FUND MANAGEMEN Multiple Portfolios MF-AGG 44'766'299 0.02 43'984'165 31.03.2013 Investment Advisor


PingAn Securities GRACE LI buy 5 M #N/A N/A Not Provided 03.09.2013

Capital Securities Corp TEAM COVERAGE buy 5 M 6 Not Provided 30.08.2013

Bank of China International YUAN LIN hold 3 M 5 Not Provided 30.08.2013

Northeast Securities Co Ltd YAYUN TANG add 4 M #N/A N/A Not Provided 30.08.2013

China International Capital Corp JIE HUANG buy 5 M #N/A N/A Not Provided 30.08.2013

JPMorgan KATHERINE LEI overweight 5 M 6 6 month 29.08.2013

Guotai Junan GUANHUA QIU add 4 M 4 12 month 20.08.2013

Chang Jiang Securities Co. Limited LIU JUN add 4 M #N/A N/A Not Provided 18.08.2013

Qilu Securities Co Ltd JIAOYI CHENG add 4 M #N/A N/A Not Provided 11.08.2013

Hua Tai Securities Co., Ltd TEAM COVERAGE add 4 N #N/A N/A Not Provided 08.08.2013

UBS JANET SUN buy 5 M 5 12 month 07.08.2013

SWS Research Co Ltd JUN NI outperform 5 M #N/A N/A Not Provided 19.07.2013

Masterlink Securities RAINY YUAN hold 3 M 4 Not Provided 28.06.2013

GF Securities Co. Ltd. Mu Hua add 4 N #N/A N/A Not Provided 19.06.2013

Goldman Sachs NING MA Buy/Neutral 5 M 5 12 month 12.06.2013

Everbright Securities Co., Ltd SHEN WEI accumulate 4 M 4 12 month 02.06.2013

Hong Yuan Securities ZHANG JIXIU add 4 M 4 6 month 31.05.2013

HSBC TODD DUNIVANT overweight 5 M 5 Not Provided 17.09.2012

China Merchants Securities LUO YI strong buy 5 M #N/A N/A Not Provided 23.07.2012

Central China Securities CHEN XI add 4 M #N/A N/A Not Provided 03.07.2012

Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012

China Securities Co., Ltd #N/A N/A add 4 M 5 Not Provided 25.06.2012

AJ Securities ZHANG ZHIPENG buy 5 N #N/A N/A Not Provided 05.04.2012

Industrial Securities YIDONG ZHANG buy 5 M #N/A N/A Not Provided 29.03.2012

China Minzu Securities Co Ltd ZHANG JING buy 5 M #N/A N/A Not Provided 29.12.2011

Rising Securities Co.,LTD XIE AIHONG neutral 3 D #N/A N/A Not Provided 20.12.2011

BOCOM International Holdings LI SHANSHAN long-term buy 5 M #N/A N/A Not Provided 13.12.2011

China Investment Securities ZHANG ZHONGYANG buy 5 M #N/A N/A Not Provided 02.12.2011

Great Wall Securities CHENG BINBIN neutral 3 D #N/A N/A Not Provided 23.05.2011

HuaChuang Securities GAO LI buy 5 M #N/A N/A Not Provided 31.03.2011

Guodu Securities Co Ltd DENG TING buy 5 N #N/A N/A Not Provided 17.12.2010

China Galaxy Securities YE YUNYAN speculative buy 4 M #N/A N/A Not Provided 11.05.2010

Holdings By:

Industrial & Commercial Bank of China Ltd ee


09.09.2013

Agricultural Bank of China Limited provides a full range of commercial banking

services. The Banks services includes RMB and foreign currency deposit, loan,

international and domestic settlement, bill discount, currency trading, bank

guarantee, and treasury bill underwriting.


LTM as of: 06/yy

52-Week High (04.02.2013) 3.28

52-Week Low (26.09.2012) 2.38

Daily Volume

2.72





888'387.50 1 Yr Total Return 16.19%





Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

335'717.0 339'235.0 409'295.0 547'924.0 652'516.0 612'421.0 683'573.0 459'885.8 510'168.1 - -

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

51'474.0 64'992.0 94'873.0 121'927.0 145'094.0 135'759.0 156'947.0 161'306.6 178'975.8 - -

- - 10.02x 7.13x 6.85x 6.11x 5.31x 5.48x 4.98x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Agricultural Bank of China LtdPrice/Volume

Valuation Analysis

652'657'229.00


,

-

-

.

.

0

0

1

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,,', F

.,,', F

0,,', F

1,,', F

2,,', F

3,,', F

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA INVESTMENT COR n/a ULT-AGG 130'695'462'077 44.45 42'934'902 17.06.2013 Investment Advisor

CHINA MINISTRY OF FI n/a Co File 127'361'764'737 43.31 - 31.12.2011 Government

SOCIAL SECURITY FUND n/a Co File 11'122'941'167 3.78 - 31.12.2011 Government

PING AN LIFE INSURAN n/a Co File 4'010'542'258 1.36 - 31.12.2011 Insurance Company

CHINA LIFE INSURANCE n/a ULT-AGG 1'340'244'522 0.46 151'487'522 31.12.2011 Government

FORTUNE TRUST CO LTD n/a Co File 1'105'576'095 0.38 - 31.12.2011 Investment Advisor










LION FUND MANAGEMENT Multiple Portfolios MF-AGG 83'961'084 0.03 76'843'838 31.12.2012 Investment Advisor


ICBC CREDIT SUISSE A Multiple Portfolios MF-AGG 57'599'700 0.02 9'370'300 30.06.2013 Investment Advisor

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 49'664'716 0.02 - 02.09.2013 Investment Advisor

CCB PRINCIPAL ASSET Multiple Portfolios MF-AGG 46'460'404 0.02 24'497'172 30.06.2013 Investment Advisor



China International Capital Corp JIE HUANG buy 5 M 4 12 month 29.08.2013

PingAn Securities GRACE LI buy 5 M 3 Not Provided 29.08.2013

HSBC TODD DUNIVANT overweight 5 U 3 Not Provided 28.08.2013

Guotai Junan GUANHUA QIU add 4 M 3 Not Provided 20.08.2013

Chang Jiang Securities Co. Limited LIU JUN buy 5 M #N/A N/A Not Provided 18.08.2013

Qilu Securities Co Ltd JIAOYI CHENG buy 5 M #N/A N/A Not Provided 11.08.2013

UBS JANET SUN neutral 3 M 3 12 month 07.08.2013

GF Securities Co. Ltd. Mu Hua buy 5 U #N/A N/A Not Provided 23.07.2013


Masterlink Securities RAINY YUAN buy 5 M 3 Not Provided 28.06.2013



Hong Yuan Securities ZHANG JIXIU add 4 M #N/A N/A Not Provided 31.05.2013

Founder Securities WEI ZHOU add 4 M #N/A N/A Not Provided 01.04.2013

Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 27.03.2013

Sinolink Securities Co Ltd JIANGANG CHEN neutral 3 N #N/A N/A Not Provided 29.10.2012

Bank of China International JINHUA YIN buy 5 M 3 Not Provided 30.08.2012


Citic Securities Co., Ltd ZHU YAN overweight 5 M 3 6 month 29.06.2012



AJ Securities ZHANG ZHIPENG buy 5 M #N/A N/A Not Provided 05.04.2012



China Investment Securities FAN LIN buy 5 M #N/A N/A Not Provided 02.12.2011


Guodu Securities Co Ltd DENG TING buy 5 M #N/A N/A Not Provided 11.10.2011

HuaChuang Securities GAO LI buy 5 N #N/A N/A Not Provided 30.03.2011

China Minzu Securities Co Ltd ZHANG JING neutral 3 N 3 6 month 01.09.2010

Holdings By:

Agricultural Bank of China Ltd ee


09.09.2013

Bank of China Ltd provides a complete range of banking and other financial

services to individual and corporation customers worldwide. The bank's services

include retail banking, Great Wall credit card and debit card services, consumer

credit, foreign currency transaction, corporate banking, settlement and

clearing,investment banking, and fund management businesses.


LTM as of: 06/yy

52-Week High (04.02.2013) 3.26

52-Week Low (25.06.2013) 2.48

Daily Volume

2.85





788'258.31 1 Yr Total Return 10.68%





Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

355'641.0 337'018.0 395'271.0 514'133.0 619'095.0 575'917.0 630'716.0 393'790.4 430'796.9 - -

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

64'360.0 80'819.0 104'418.0 124'276.0 139'432.0 129'238.0 148'552.0 150'422.4 159'650.2 - -

7.47x 11.62x 8.91x 5.16x 5.57x 5.22x 4.74x 5.43x 5.03x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

Bank of China LtdPrice/Volume

Valuation Analysis

207'431'684.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

-

.

.

0

0

1

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F.,', F1,', F3,', F5,', F-,,', F-.,', F-1,', F-3,', F-5,', F.,,', F

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2,',,

-,,',,

-2,',,

.,,',,

.2,',,

0,,',,

02,',,

1,,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA INVESTMENT COR n/a ULT-AGG 189'084'736'007 96.71 - 17.06.2013 Investment Advisor


PICC PROPERTY & CASU n/a Co File 195'759'432 0.1 - 31.12.2011 Government



SINO LIFE INSURANCE n/a EXCH 127'044'300 0.06 - 31.03.2012 Insurance Company

SHENHUA GROUP CORP L n/a EXCH 99'999'900 0.05 - 31.03.2012 Government

ALUMINUM CORP OF CHI n/a ULT-AGG 99'999'900 0.05 - 31.03.2012 Holding Company

CHINA SOUTHERN POWER n/a EXCH 90'909'000 0.05 - 31.03.2012 Government


HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 60'016'010 0.03 (453'400) 31.12.2012 Investment Advisor



PING AN LIFE INSURAN n/a Co File 40'292'342 0.02 - 31.12.2011 Insurance Company

STATE DEVELOPMENT & n/a EXCH 38'550'000 0.02 - 31.03.2012 Government


CHINA MERCHANTS FUND Multiple Portfolios MF-AGG 33'100'151 0.02 33'100'151 31.12.2012 Investment Advisor

GTJA ALLIANZ FUND MA Multiple Portfolios MF-AGG 20'781'288 0.01 310'795 31.12.2012 Investment Advisor




PingAn Securities GRACE LI neutral 3 M #N/A N/A Not Provided 03.09.2013

JPMorgan KATHERINE LEI neutral 3 M 3 3 month 30.08.2013



Bank of China International YUAN LIN buy 5 M 5 Not Provided 30.08.2013

Northeast Securities Co Ltd YAYUN TANG neutral 3 M #N/A N/A Not Provided 30.08.2013


Guotai Junan GUANHUA QIU neutral 3 M 3 Not Provided 20.08.2013

Chang Jiang Securities Co. Limited LIU JUN neutral 3 M #N/A N/A Not Provided 18.08.2013

Qilu Securities Co Ltd JIAOYI CHENG hold 3 M #N/A N/A Not Provided 11.08.2013


SWS Research Co Ltd JUN NI outperform 5 U #N/A N/A Not Provided 19.07.2013

Masterlink Securities RAINY YUAN hold 3 M 3 Not Provided 28.06.2013

GF Securities Co. Ltd. Mu Hua hold 3 M #N/A N/A Not Provided 19.06.2013

Goldman Sachs NING MA neutral/neutral 3 M 3 12 month 12.06.2013


Hong Yuan Securities ZHANG JIXIU neutral 3 M 3 6 month 01.12.2012

Central China Securities CHEN XI monitored #N/A N/A N #N/A N/A Not Provided 26.10.2012


China Merchants Securities LUO YI buy 5 M #N/A N/A Not Provided 23.07.2012



AJ Securities ZHANG ZHIPENG neutral 3 M #N/A N/A Not Provided 05.04.2012

Rising Securities Co.,LTD XIE AIHONG neutral 3 M #N/A N/A Not Provided 20.12.2011

BOCOM International Holdings LI SHANSHAN long-term buy 5 M 5 12 month 13.12.2011



Great Wall Securities CHENG BINBIN neutral 3 N #N/A N/A Not Provided 23.05.2011

HuaChuang Securities GAO LI buy 5 U #N/A N/A Not Provided 25.03.2011



Holdings By:

Bank of China Ltd ee


09.09.2013

China Petroleum and Chemical Corporation (Sinopec) refines, produces and trades

petroleum and petrochemical products such as gasoline, diesel, jet fuel,

kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and

chemical fertilizers. Also, The company explores for and produces crude oil and

natural gas in China.


LTM as of: 06/yy

52-Week High (22.03.2013) 5.95

52-Week Low (26.06.2013) 4.05

Daily Volume

4.61





543'797.94 1 Yr Total Return 1.83%





Enterprise Value 888'218.91





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

1'413'203.0 1'315'915.0 1'876'758.0 2'463'767.0 2'733'618.0 ######### ######### ######### ######### 725'259.0 722'849.0

0.44x 0.60x 0.41x 0.33x 0.33x 1.35x 1.32x 0.32x 0.33x - -

79'798.0 151'557.0 178'098.0 170'962.0 169'557.0 0.0 0.0 192'071.0 203'508.0 - -

7.84x 5.24x 4.34x 4.83x 5.39x 0.00x 0.00x 4.62x 4.36x - -

28'525.0 63'147.0 71'782.0 73'225.0 63'879.0 55'155.0 69'216.0 70'713.0 75'354.8 19'174.0 20'347.0

12.55x 8.36x 7.62x 7.84x 9.60x 8.86x 7.12x 7.18x 6.53x - -

EBITDA 169'557.00 Long-Term Rating Date 16.12.2010

EBIT 99'101.00 Long-Term Rating A+





Return on Capital - EBITDA/Interest Exp. 14.05


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 2.18



Debt to Assets 22.46% Inventory Days 31.75

Tot Debt to Common Equity 55.69% Accounts Payable Turnover Day 26.91


Inventory Turnover 11.50


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Petroleum & Chemical CorpPrice/Volume

Valuation Analysis

104'670'002.00


,

-

.

0

1

2

3

4


0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-',,

.',,

0',,

1',,

2',,

3',,

4',,

5',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA PETROCHEMICAL n/a EXCH 85'536'265'999 93.94 - 09.01.2012 Government





CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 89'639'446 0.1 21'338'431 30.06.2013 Investment Advisor


HFT INVESTMENT MANAG Multiple Portfolios MF-AGG 74'090'330 0.08 52'429'125 31.12.2012 Investment Advisor



CHINA INTERNATIONAL Multiple Portfolios MF-AGG 49'822'569 0.05 35'148'048 31.12.2012 Investment Advisor




FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 42'358'017 0.05 9'656'310 31.12.2012 Investment Advisor

HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 35'539'506 0.04 452'491 31.12.2012 Investment Advisor




BOSERA FUND MANAGEME Multiple Portfolios MF-AGG 19'772'350 0.02 2'399'812 31.12.2012 Investment Advisor


Masterlink Securities LI XIN buy 5 M 5 6 month 29.08.2013

HSBC THOMAS C HILBOLDT underweight 1 M 4 Not Provided 28.08.2013

Capital Securities Corp ZHENG CHUNMING buy 5 M 6 Not Provided 28.08.2013

Bank of China International LAWRENCE LAU buy 5 M 6 Not Provided 28.08.2013


Northeast Securities Co Ltd WEIGANG WANG buy 5 M 9 12 month 27.08.2013

Jefferies LABAN YU hold 3 M 4 12 month 16.08.2013


Hong Yuan Securities XIXIN WANG buy 5 M 8 6 month 14.07.2013

Goldman Sachs ARTHUR YAN Buy/Neutral 5 M 5 12 month 18.06.2013

Everbright Securities Co., Ltd CHENG LEI buy 5 M #N/A N/A Not Provided 21.04.2013

Rising Securities Co.,LTD HOU SHIXIA outperform 5 M #N/A N/A Not Provided 27.03.2013

Holdings By:

China Petroleum & Chemical Corp ee


09.09.2013

China Life Insurance Co., Limited offers a wide range of life, accident, and

health insurance products and services.


LTM as of: 06/yy

52-Week High (04.01.2013) 22.70

52-Week Low (29.07.2013) 12.88

Daily Volume

14.62





426'605.41 1 Yr Total Return -21.92%





Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

299'478.0 339'262.0 385'446.0 370'352.0 371'436.0 376'887.0 421'555.0 430'486.6 470'987.2 - -

1.74x 2.68x 1.61x 1.27x 1.79x 0.00x 0.00x 0.92x 0.81x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

19'137.0 32'881.0 33'626.0 18'331.0 11'061.0 15'002.0 17'624.0 27'185.0 34'061.0 4'900.0 4'300.0

30.50x 29.11x 22.62x 23.96x 52.18x 0.00x 23.35x 15.52x 12.45x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating AA-

Operating Margin 2.83% Long-Term Outlook NEG






Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.22

Current Ratio - Net Fixed Asset Turnover -






Fiscal Year Ended

China Life Insurance Co LtdPrice/Volume

Valuation Analysis

39'453'850.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,', F

.,', F

0,', F

1,', F

2,', F

3,', F

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,',,

,'.,

,'1,

,'3,

,'5,

-',,

-'.,



09.09.2013


CHINA LIFE INSURANCE n/a ULT-AGG 19'323'530'000 92.8 - 11.04.2012 Government


DACHENG FUND MANAGME Multiple Portfolios MF-AGG 50'616'467 0.24 19'770'831 31.12.2012 Investment Advisor

BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 34'384'637 0.17 18'219'615 30.06.2013 Investment Advisor



GREAT WALL FUND MANA Multiple Portfolios MF-AGG 23'696'531 0.11 13'907'680 30.06.2013 Investment Advisor



GUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 18'446'882 0.09 4'846'879 31.12.2012 Investment Advisor



INVESCO GREAT WALL F Multiple Portfolios MF-AGG 16'787'146 0.08 (5'666'449) 31.12.2012 Investment Advisor

RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 16'070'766 0.08 11'556'987 31.12.2012 Investment Advisor


ABC-CA FUND MANAGEME Multiple Portfolios MF-AGG 13'294'033 0.06 3'528'614 31.12.2012 Investment Advisor

SYWG BNP PARIBAS ASS Multiple Portfolios MF-AGG 12'181'845 0.06 4'651'506 30.06.2013 Investment Advisor


CHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 11'134'601 0.05 5'243'804 02.09.2013 Investment Advisor

ABN AMRO TEDA FUND M Multiple Portfolios MF-AGG 10'349'701 0.05 10'349'701 31.12.2012 Investment Advisor



Guotai Junan PENG YULONG buy 5 M 18 12 month 01.09.2013

Sinolink Securities Co Ltd HE GUOWEN add 4 M 21 12 month 30.08.2013

JPMorgan MW KIM neutral 3 M 18 9 month 29.08.2013

Capital Securities Corp XIE JIYONG buy 5 M #N/A N/A Not Provided 29.08.2013

GF Securities Co. Ltd. CONG LI buy 5 M #N/A N/A Not Provided 29.08.2013

China International Capital Corp TANG SHENGBO hold 3 M #N/A N/A Not Provided 29.08.2013

Credit Suisse ARJAN VAN VEEN neutral 3 M 17 Not Provided 28.08.2013

HSBC JAMES GARNER overweight 5 M 18 Not Provided 28.08.2013

Everbright Securities Co., Ltd ZIPEI TANG accumulate 4 M #N/A N/A Not Provided 05.08.2013

SWS Research Co Ltd TINA SUN outperform 5 M #N/A N/A Not Provided 24.07.2013


Goldman Sachs MANCY SUN neutral/neutral 3 M 21 12 month 16.05.2013

HuaChuang Securities GAO LI buy 5 M 26 6 month 12.12.2012

Bank of China International SUN PENG buy 5 M 19 Not Provided 06.12.2012

Hong Yuan Securities HUANG LIJUN add 4 M #N/A N/A Not Provided 27.11.2012

PingAn Securities LUO QI buy 5 M #N/A N/A Not Provided 28.10.2012

China Merchants Securities LUO YI strong buy 5 M 25 6 month 26.07.2012

Citic Securities Co., Ltd PAN HONGWEN buy 5 M 23 6 month 24.07.2012

Industrial Securities ZHANG YING buy 5 M #N/A N/A Not Provided 26.04.2012

Founder Securities WEI ZHOU buy 5 U #N/A N/A Not Provided 09.12.2011

China Minzu Securities Co Ltd SONG JIAN add 4 D 21 6 month 01.12.2011


Northeast Securities Co Ltd XINAN ZHAO add 4 M #N/A N/A Not Provided 09.02.2011

China Securities Co., Ltd WEI TAO add 4 M 35 Not Provided 08.12.2010

China Galaxy Securities XU LIPING buy 5 M 30 12 month 29.06.2010

China Investment Securities XU SHOUDE strong buy 5 M 40 12 month 17.07.2009

Holdings By:

China Life Insurance Co Ltd ee


09.09.2013

China Shenhua Energy Company Limited is an integrated coal-based energy company

focusing on the coal and power businesses in China. The Company also owns and

operates an integrated coal transportation network consisting of dedicated rail

lines and port facilities.


LTM as of: 06/yy

52-Week High (04.01.2013) 25.70

52-Week Low (09.07.2013) 15.51

Daily Volume

17.44





358'287.81 1 Yr Total Return -17.74%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

104'416.0 117'526.0 157'662.0 209'225.0 250'260.0 225'853.0 252'577.0 251'723.3 267'158.1 63'260.0 70'432.0

3.62x 6.12x 3.31x 2.69x 2.37x 9.29x 7.97x 1.70x 1.60x - -

50'621.0 58'355.0 72'181.0 84'836.0 88'014.0 0.0 0.0 87'806.8 93'427.0 - -

7.47x 12.32x 7.22x 6.64x 6.73x 0.00x 0.00x 4.83x 4.54x - -

25'959.0 30'276.0 38'834.0 45'846.0 48'858.0 48'327.0 46'787.0 45'950.1 47'505.2 9'309.5 12'948.0

11.07x 21.98x 14.16x 11.86x 11.12x 9.12x 6.66x 7.50x 7.17x 7.28x 7.69x









Net Debt/EBITDA -

Gross Margin 33.0% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.57





Accounts Receivable Turnover 11.23 Cash Conversion Cycle -3.13


Fiscal Year Ended

China Shenhua Energy Co LtdPrice/Volume

Valuation Analysis

23'616'288.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

0,

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,', F

.,', F

0,', F

1,', F

2,', F

3,', F

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


SHENHUA GROUP CORP L n/a EXCH 14'521'846'560 88.06 10'808'605 09.01.2012 Government












CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 13'419'199 0.08 (674'674) 31.12.2012 Investment Advisor




AEGON INDUSTRIAL FUN Multiple Portfolios MF-AGG 8'369'036 0.05 (2'547'158) 01.07.2013 Investment Advisor

TIANTONG ASSET MANAG Multiple Portfolios MF-AGG 7'086'975 0.04 867'627 30.06.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 7'057'443 0.04 1'547'004 30.06.2013 Investment Advisor



GF Securities Co. Ltd. AN PENG buy 5 M 19 12 month 03.09.2013


Masterlink Securities LI XIN buy 5 M 22 6 month 27.08.2013


Central China Securities ZHILEI WANG buy 5 U #N/A N/A Not Provided 26.08.2013

Goldman Sachs JULIAN ZHU Buy/Neutral 5 M 25 12 month 25.08.2013

JPMorgan DANIEL KANG overweight 5 M 21 12 month 25.08.2013

China International Capital Corp CAI HONGYU accumulate 4 M #N/A N/A Not Provided 25.08.2013

Chang Jiang Securities Co. Limited JUN GE buy 5 M #N/A N/A Not Provided 25.08.2013

SWS Research Co Ltd LIU XIAONING buy 5 M #N/A N/A Not Provided 23.08.2013

Everbright Securities Co., Ltd CHEN HAOWU buy 5 M 27 12 month 17.08.2013

China Minzu Securities Co Ltd LI JING buy 5 M 28 6 month 12.08.2013

UBS MICK MI buy 5 U 20 12 month 23.07.2013

Qilu Securities Co Ltd ZHAOLIANG LIU add 4 M #N/A N/A Not Provided 07.07.2013

Northeast Securities Co Ltd WANG SHI add 4 M #N/A N/A Not Provided 30.06.2013

Hong Yuan Securities WANG JINGLE buy 5 M #N/A N/A Not Provided 16.04.2013

Guodu Securities Co Ltd WANG SHUBAO strong buy 5 M #N/A N/A Not Provided 09.04.2013

Guotai Junan YIN XILONG buy 5 M 26 12 month 24.03.2013

Founder Securities SUN CAN add 4 M #N/A N/A Not Provided 05.02.2013

Rising Securities Co.,LTD XUE MINGJIE outperform 5 M #N/A N/A Not Provided 18.12.2012

Citic Securities Co., Ltd LUO ZETING buy 5 M 35 6 month 24.09.2012

HuaChuang Securities HAN ZHENGUO buy 5 D #N/A N/A Not Provided 03.09.2012

AJ Securities WANG SIWEI buy 5 M #N/A N/A Not Provided 27.08.2012

China Merchants Securities LU PING strong buy 5 M 38 6 month 07.07.2012

PingAn Securities WANG CHENG buy 5 M 35 6 month 29.06.2012

Great Wall Securities LIU FEI strong buy 5 M #N/A N/A Not Provided 28.03.2012

HSBC SARAH MAK overweight 5 M 35 Not Provided 26.03.2012

Industrial Securities LIU JIANGANG strong buy 5 M #N/A N/A Not Provided 24.03.2012

China Securities Co., Ltd LI JUNSONG add 4 M 34 Not Provided 08.12.2010

China Galaxy Securities ZHAO KE buy 5 M #N/A N/A Not Provided 13.07.2010

China Investment Securities XIAO HANPING buy 5 D #N/A N/A Not Provided 05.07.2010

Holdings By:

China Shenhua Energy Co Ltd ee


09.09.2013

Industrial Bank Company, Ltd. provides personal, corporate, institutional and

electronic banking services. The Bank's businesses include residential

mortgage, loan, savings and time deposit, RMB money management, foreign

currency management advisory service and trading, debit and credit cards.


LTM as of: 06/yy

52-Week High (04.02.2013) 14.32

52-Week Low (24.09.2012) 7.73

Daily Volume

12.55





239'106.81 1 Yr Total Return 58.85%





Enterprise Value -

Average Volume 5 Day #########

601166 CH EQUITY YTD Change - Average Volume 30 Day #########

601166 CH EQUITY YTD % CHANGE - Average Volume 3 Month #########


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

56'348.1 54'882.3 76'827.6 118'156.0 171'915.0 151'284.0 189'579.0 103'319.1 120'466.6 26'923.0 28'320.7

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

11'385.0 13'281.9 18'520.6 25'505.0 34'718.0 30'375.0 39'254.0 41'737.4 48'683.0 10'625.3 9'908.7

6.40x 15.15x 7.33x 5.31x 5.18x 4.60x 4.44x 5.63x 5.06x 5.26x 5.04x


EBIT - Long-Term Rating -







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Industrial Bank Co LtdPrice/Volume

Valuation Analysis

354'041'504.00


,

.

1

3

5

-,

-.

-1

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,,', F

.,,', F

0,,', F

1,,', F

2,,', F

3,,', F

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

200'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


FUJIAN PROVINCE FINA n/a Co File 3'402'173'769 17.86 - 31.12.2012 Government

HANG SENG BANK LIMIT n/a Co File 2'070'651'600 10.87 - 31.12.2012 Bank

XINZHENG TAIDA INVES n/a Co File 442'093'800 2.32 - 31.12.2012 Other

FUJIAN TOBACCO CO n/a Co File 441'504'000 2.32 - 31.12.2012 Other


CHINA TOBACCO HUNAN n/a Co File 226'800'000 1.19 - 31.12.2012 Corporation

FJ LONGYAN FIN OFFIC n/a Co File 226'800'000 1.19 - 31.12.2012 Government

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 221'970'113 1.17 81'372'952 30.06.2013 Investment Advisor



IM XISHUI VENTURE CA n/a Co File 174'340'222 0.92 - 31.12.2012 Venture Capital



INTERNATIONAL FINANC n/a Co File 131'003'754 0.69 - 31.12.2012 Government

COFCO LTD n/a Co File 126'225'912 0.66 - 31.12.2012 Government

ZHEJIANG SOUTHEAST E n/a Co File 118'260'000 0.62 - 31.12.2012 Holding Company






PingAn Securities GRACE LI strong buy 5 M #N/A N/A Not Provided 03.09.2013

Capital Securities Corp XIE JIYONG buy 5 M 13 Not Provided 30.08.2013

Northeast Securities Co Ltd YAYUN TANG buy 5 M #N/A N/A Not Provided 23.08.2013

Guotai Junan GUANHUA QIU buy 5 U 12 Not Provided 20.08.2013


Masterlink Securities TEAM COVERAGE buy 5 N 14 Not Provided 14.08.2013


Morgan Stanley RICHARD XU Equalwt/In-Line 3 M 9 12 month 12.08.2013

HSBC MICHAEL CHU underweight 1 M 10 Not Provided 12.08.2013

GF Securities Co. Ltd. Mu Hua buy 5 M #N/A N/A Not Provided 11.08.2013

UBS JANET SUN neutral 3 D 10 12 month 07.08.2013



Standard Chartered DORRIS CHEN outperform 5 M 12 12 month 10.07.2013


Everbright Securities Co., Ltd SHEN WEI buy 5 M 14 12 month 02.06.2013


China International Capital Corp MAO JUNHUA buy 5 M #N/A N/A Not Provided 25.04.2013

Sinolink Securities Co Ltd JIANGANG CHEN add 4 M #N/A N/A Not Provided 23.04.2013


Deutsche Bank TRACY YU not rated #N/A N/A M #N/A N/A Not Provided 12.04.2013


Guodu Securities Co Ltd DENG TING strong buy 5 U 17 Not Provided 18.03.2013


Great Wall Securities BIAO HUANG buy 5 M #N/A N/A Not Provided 31.10.2012

Tebon Securities Co Ltd ZHANG FAN buy 5 M 10 6 month 31.10.2012




AJ Securities ZHANG ZHIPENG buy 5 M 10 6 month 22.03.2012

Rising Securities Co.,LTD XIE AIHONG outperform 5 D #N/A N/A Not Provided 20.03.2012

China Minzu Securities Co Ltd ZHANG JING add 4 M 9 6 month 20.12.2011





Holdings By:

Industrial Bank Co Ltd ee


09.09.2013

China Minsheng Banking Corp., Ltd. operates in commercial banking businesses.

The Bank provides deposit, loan, settlement, discount, financial bond issuance,

government bond underwriting and trading, letter of credit, bank guarantee, and

other related financial services.


LTM as of: 01/yy

52-Week High (06.02.2013) 11.91

52-Week Low (21.09.2012) 5.42

Daily Volume

10.2





272'578.84 1 Yr Total Return 78.15%





Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

61'242.0 - 80'034.0 135'546.0 - - - 117'946.9 136'505.9 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

7'885.0 - 17'581.0 27'920.0 - - - 43'913.0 50'775.9 11'514.0 -

9.69x - 7.61x 5.61x - - - 6.70x 5.79x - -


EBIT - Long-Term Rating NR







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Minsheng Banking Corp LtdPrice/Volume

Valuation Analysis

410'342'026.00


,

.

1

3

5

-,

-.

-1

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,,', F

.,,', F

0,,', F

1,,', F

2,,', F

3,,', F

4,,', F

5,,', F

0.0

0.2

0.4

0.6

0.8

1.0

1.2

,',,

,'.,

,'1,

,'3,

,'5,

-',,

-'.,



09.09.2013


NEW HOPE INVEST CO L n/a EXCH 1'416'691'092 6.27 1'218'538 27.06.2013 Corporation

CHINA LIFE INSURANCE n/a ULT-AGG 1'151'307'314 5.1 - 31.12.2012 Government

SHANGHAI GIANT LIFET n/a EXCH 1'032'680'665 4.57 30'000'055 26.07.2013 Corporation

ORIENT GROUP INC n/a EXCH 976'019'646 4.32 (5'954'564) 08.07.2013 Holding Company

CHINA SHIPOWNERS MUT n/a Co File 905'764'505 4.01 - 31.12.2012 Corporation

CHINA SME INVESTMENT n/a Co File 737'955'031 3.27 - 31.12.2012 Corporation

CHINA OCEANWIDE HLDG n/a Co File 698'939'116 3.09 - 31.12.2012 Unclassified

SICHUAN SOUTHERN HOP n/a EXCH 571'113'783 2.53 187'783 27.06.2013 Corporation

FUXING GROUP LTD n/a Co File 550'151'500 2.44 - 31.12.2012 Corporation



FOSUN INTERNATIONAL n/a EXCH 312'685'076 1.38 19'508'993 17.12.2012 Unclassified



NANJING IRON&STEEL C n/a EXCH 179'063'130 0.79 - 07.05.2013 Corporation


YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 146'878'443 0.65 37'942'774 30.06.2013 Investment Advisor



EVERBRIGHT PRAMERICA Multiple Portfolios MF-AGG 124'406'108 0.55 (27'353'892) 31.12.2012 Investment Advisor





Sinolink Securities Co Ltd HE GUOWEN add 4 M #N/A N/A Not Provided 30.08.2013




JPMorgan KATHERINE LEI underweight 1 M 6 6 month 28.08.2013





Guodu Securities Co Ltd DENG TING strong buy 5 M 16 6 month 05.07.2013

Masterlink Securities RAINY YUAN hold 3 D 9 Not Provided 28.06.2013

Goldman Sachs NING MA Sell/Neutral 1 D 9 12 month 12.06.2013

UBS JANET SUN restricted #N/A N/A M #N/A N/A Not Provided 07.06.2013


Hong Yuan Securities ZHANG JIXIU buy 5 M #N/A N/A Not Provided 31.05.2013

Central China Securities CHEN XI buy 5 M #N/A N/A Not Provided 24.05.2013


HSBC TODD DUNIVANT underweight 1 M 6 Not Provided 08.04.2013

Great Wall Securities BIAO HUANG buy 5 M #N/A N/A Not Provided 31.10.2012

Citic Securities Co., Ltd ZHU YAN buy 5 M 7 6 month 21.09.2012

Tebon Securities Co Ltd ZHANG FAN buy 5 M #N/A N/A Not Provided 24.07.2012


China Securities Co., Ltd #N/A N/A buy 5 M 8 Not Provided 25.06.2012

Deutsche Bank TRACY YU hold 3 M 6 12 month 11.06.2012


AJ Securities ZHANG ZHIPENG strong buy 5 M 11 6 month 29.03.2012

China Minzu Securities Co Ltd ZHANG JING add 4 M #N/A N/A Not Provided 06.01.2012

Rising Securities Co.,LTD XIE AIHONG buy 5 U #N/A N/A Not Provided 20.12.2011


China Investment Securities ZHANG ZHONGYANG strong buy 5 M #N/A N/A Not Provided 02.12.2011



Nomura LUCY FENG neutral 3 M 6 Not Provided 28.02.2010

Holdings By:

China Minsheng Banking Corp Ltd ee


09.09.2013

China Merchants Bank Co., Ltd. provides a wide range of commercial banking

services including deposit, loan, bill discount, government bonds underwriting

and trading, interbank lending, letter of credit, bank guarantee, and other

related services.


LTM as of: 06/yy

52-Week High (04.02.2013) 14.72

52-Week Low (21.09.2012) 9.50

Daily Volume

11.58





257'985.80 1 Yr Total Return 22.13%



Minority Interest 73.0 Analyst Recs 20


Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

82'401.0 78'480.0 100'188.0 142'837.0 176'909.0 164'362.0 186'464.0 129'809.1 148'479.0 32'263.0 33'376.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

21'077.0 18'235.0 25'769.0 36'129.0 45'273.0 40'903.0 48'167.0 50'736.4 56'756.5 13'286.0 11'815.0

8.50x 19.00x 10.41x 7.11x 6.55x 5.77x 5.20x 5.45x 4.81x 4.69x 4.49x


EBIT - Long-Term Rating BBB+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

China Merchants Bank Co LtdPrice/Volume

Valuation Analysis

226'690'991.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

-1

-3

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0', F

2,', F

-,,', F

-2,', F

.,,', F

.2,', F

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

200'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.,',,

1,',,

3,',,

5,',,

-,,',,

-.,',,

-1,',,

-3,',,

-5,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA MERCHANTS STEA n/a EXCH 2'693'717'481 15.25 9'000'000 27.08.2013 Government

CHINA OCEAN SHIPPING n/a Co File 1'341'336'551 7.59 - 31.12.2012 Government

SHENZHEN YAN QING IN n/a Co File 636'788'489 3.6 - 31.12.2012 Government

GUANGZHOU MARITIME T n/a Co File 631'287'834 3.57 - 31.12.2012 Government

ANBANG INSURANCE CO n/a Co File 602'568'437 3.41 - 31.12.2012 Insurance Company

BESTWINNER INVESTMEN n/a Co File 556'333'611 3.15 - 31.12.2012 Government

CHINA COMMUN CONSTRU n/a Co File 383'445'439 2.17 - 31.12.2012 Government

SHANGHAI AUTO INDUST n/a Co File 368'079'979 2.08 - 31.12.2012 Government






AEGON INDUSTRIAL FUN Multiple Portfolios MF-AGG 99'700'032 0.56 9'032'966 01.07.2013 Investment Advisor



DACHENG FUND MANAGME Multiple Portfolios MF-AGG 73'268'151 0.41 (2'893'943) 31.12.2012 Investment Advisor

BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 69'221'795 0.39 (11'518'205) 30.06.2013 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 66'755'288 0.38 (1'629'261) 30.06.2013 Investment Advisor






GF Securities Co. Ltd. Mu Hua add 4 D #N/A N/A Not Provided 21.08.2013

Masterlink Securities RAINY YUAN hold 3 M 13 6 month 20.08.2013





JPMorgan KATHERINE LEI neutral 3 M 14 3 month 18.08.2013







Tebon Securities Co Ltd GENDA XIA buy 5 M 15 6 month 26.04.2013



Citic Securities Co., Ltd ZHU YAN buy 5 M 11 6 month 21.09.2012


Great Wall Securities BIAO HUANG buy 5 D #N/A N/A Not Provided 20.08.2012



AJ Securities ZHANG ZHIPENG strong buy 5 M #N/A N/A Not Provided 05.04.2012

Industrial Securities YIDONG ZHANG buy 5 D #N/A N/A Not Provided 28.03.2012







Holdings By:

China Merchants Bank Co Ltd ee


09.09.2013

Ping An Insurance (Group) Company of China Limited provides a variety of

insurance service in China. The Company writes property, casualty, and life

insurance. Ping An Insurance also offers financial services.


LTM as of: 06/yy

52-Week High (04.02.2013) 53.27

52-Week Low (29.07.2013) 31.69

Daily Volume

37.61





325'394.31 1 Yr Total Return -9.57%

Total Debt 1'601'021.00 YTD Return -16.35%









31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

87'666.0 152'961.0 195'052.0 272'683.0 341'539.0 306'171.0 357'196.0 332'263.4 371'104.0 - -

4.28x 4.16x 4.27x 5.13x 5.45x 13.05x 8.83x 1.11x 0.93x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

1'418.0 13'883.0 17'311.0 19'475.0 20'050.0 20'677.0 24'001.0 27'153.0 32'596.0 4'600.0 4'600.0

173.82x 31.68x 32.03x 16.61x 20.64x 19.34x 13.62x 11.10x 9.23x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.13







Fiscal Year Ended

Ping An Insurance Group Co of China LtdPrice/Volume

Valuation Analysis

93'337'527.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-,

.,

0,

1,

2,

3,

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.,', F

1,', F

3,', F

5,', F

-,,', F

-.,', F

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


SHENZHEN INVESTMENT n/a Co File 481'359'551 10.06 - 31.12.2011 Government

YUAN TRUST INVESTMEN n/a Co File 380'000'000 7.94 - 31.12.2011 Other

LZ JING'AO INDUST DE n/a EXCH 273'701'889 5.72 - 18.06.2012 Corporation

CHINA FOREIGN ECONOM n/a EXCH 241'770'726 5.05 - 31.01.2013 Corporation

LINZHI XINHAOSHI INV n/a EXCH 230'560'999 4.82 (88'533'188) 19.04.2013 Other

SHUM YIP HOLDINGS CO n/a Co File 179'675'070 3.75 - 31.12.2011 Holding Company

SHENZHEN WUXIN YUFU n/a Co File 178'802'104 3.74 - 31.12.2011 Corporation

GONGBUJIANGDA JIANGN n/a Co File 139'112'886 2.91 - 31.12.2011 Other











FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 25'700'753 0.54 (1'994'851) 31.12.2012 Investment Advisor




Credit Suisse ARJAN VAN VEEN outperform 5 M 60 Not Provided 02.09.2013


JPMorgan MW KIM overweight 5 M 54 9 month 30.08.2013


GF Securities Co. Ltd. CONG LI buy 5 N #N/A N/A Not Provided 30.08.2013

Sinolink Securities Co Ltd HE GUOWEN buy 5 M #N/A N/A Not Provided 30.08.2013



Everbright Securities Co., Ltd ZIPEI TANG buy 5 M #N/A N/A Not Provided 05.08.2013

SWS Research Co Ltd TINA SUN buy 5 M #N/A N/A Not Provided 24.07.2013


Goldman Sachs MANCY SUN Buy/Neutral 5 M 65 12 month 16.05.2013

Guotai Junan PENG YULONG buy 5 M #N/A N/A Not Provided 27.03.2013





Great Wall Securities BIAO HUANG strong buy 5 M #N/A N/A Not Provided 27.08.2012


China Securities Co., Ltd JIAO WENCHAO buy 5 M 60 Not Provided 25.06.2012



PingAn Securities DOU ZEYUN strong buy 5 M 101 6 month 07.01.2011


China Investment Securities XU SHOUDE buy 5 M #N/A N/A Not Provided 17.08.2009

Holdings By:

Ping An Insurance Group Co of China Ltd ee


09.09.2013

Shanghai Pudong Development Bank Co., Ltd. provides a broad range of retail and

commercial banking services to its customers. The Company's services include

commercial and consumer loans, deposits, remittances, accounts settlement,

foreign exchange, letters of credit, and other related businesses.


LTM as of: 06/yy

52-Week High (04.02.2013) 12.27

52-Week Low (26.09.2012) 7.10

Daily Volume

10.53





196'421.05 1 Yr Total Return 46.30%

Total Debt 732'285.00 YTD Return 12.08%




Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

59'287.9 63'989.0 78'032.2 128'186.4 160'408.0 151'078.0 171'915.6 93'738.8 107'340.8 25'616.5 26'315.5

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

12'516.0 13'216.6 19'177.2 27'286.0 34'186.0 31'599.4 36'379.0 38'564.0 42'832.5 9'780.0 9'487.0

5.99x 13.39x 7.74x 5.80x 5.41x 4.80x 4.25x 5.17x 4.61x 4.70x 4.58x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Shanghai Pudong Development BankPrice/Volume

Valuation Analysis

580'189'224.00


,

.

1

3

5

-,

-.

-1

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2,', F

-,,', F

-2,', F

.,,', F

.2,', F

0,,', F

02,', F

1,,', F

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA MOBILE GROUP C n/a Co File 3'730'694'283 20 - 31.12.2012 Corporation

SHANGHAI INTERNATION n/a Co File 3'157'513'917 16.93 - 31.12.2012 Corporation

SHANGHAI INTERNATION n/a Co File 975'923'794 5.23 - 31.12.2012 Investment Advisor

SH GUOXIN INVEST DEV n/a Co File 377'101'999 2.02 - 31.12.2012 Other



BAILIAN GROUP CO LTD n/a Co File 190'083'517 1.02 - 31.12.2012 Corporation

YOUNGOR GROUP CO n/a Co File 176'900'000 0.95 - 31.12.2012 Corporation

CHINA NATL TOBACCO C n/a Co File 160'880'407 0.86 - 31.12.2012 Corporation

CITIC SECURITIES CO n/a ULT-AGG 156'086'170 0.84 - 31.12.2012 Investment Advisor

NICE GROUP BV n/a Co File 153'224'629 0.82 - 31.12.2012 Other






EVERBRIGHT PRAMERICA Multiple Portfolios MF-AGG 112'817'257 0.6 64'118'944 30.06.2013 Investment Advisor





Guotai Junan GUANHUA QIU add 4 U 9 Not Provided 20.08.2013




HSBC MICHAEL CHU neutral 3 M 11 Not Provided 13.08.2013





Standard Chartered DORRIS CHEN outperform 5 M 10 12 month 10.07.2013


EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013







Sinolink Securities Co Ltd JIANGANG CHEN add 4 N #N/A N/A Not Provided 14.03.2013




Great Wall Securities BIAO HUANG neutral 3 M #N/A N/A Not Provided 15.08.2012





Rising Securities Co.,LTD XIE AIHONG outperform 5 M #N/A N/A Not Provided 16.03.2012


BOCOM International Holdings LI SHANSHAN buy 5 M #N/A N/A Not Provided 07.11.2011

Tebon Securities Co Ltd TEAM COVERAGE outperform 5 N 11 6 month 16.08.2011



China Investment Securities CHEN SHUIXIANG buy 5 M #N/A N/A Not Provided 12.04.2010

Holdings By:

Shanghai Pudong Development Bank ee


09.09.2013

Kweichow Moutai Co., Ltd. manufactures spirits. The Company's spirit products

are distilled from sorghum and wheat. Kweichow Moutai markets its products

worldwide.


LTM as of: 06/yy

52-Week High (19.10.2012) 254.96

52-Week Low (03.09.2013) 149.00

Daily Volume

150.95



% 52 Week Price Range High/Low 1.21% Equity Float 346.48


156'713.28 1 Yr Total Return -35.48%

Total Debt 0.00 YTD Return -25.42%









31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

7'559.9 8'729.5 10'056.3 15'925.0 23'882.7 19'284.6 25'012.7 30'037.0 34'986.6 6'657.0 7'058.0

12.53x 17.26x 15.99x 11.48x 8.22x 40.28x 23.50x 4.39x 3.55x - -

5'451.2 6'148.2 7'269.4 12'330.1 18'841.5 0.0 0.0 21'697.3 24'963.5 - -

17.38x 24.51x 22.13x 14.83x 10.42x 0.00x 0.00x 6.43x 5.59x - -

3'799.5 4'312.4 5'051.2 8'763.1 13'308.1 10'851.7 13'560.3 15'277.2 18'073.5 3'834.0 3'442.5

26.97x 37.16x 34.38x 22.90x 16.30x 22.88x 14.73x 10.24x 8.45x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.60





Accounts Receivable Turnover 130.42 Cash Conversion Cycle 1491.32


Fiscal Year Ended

Kweichow Moutai Co LtdPrice/Volume

Valuation Analysis

6'927'092.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2,

-,,

-2,

.,,

.2,

0,,

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0', F

2', F

-,', F

-2', F

.,', F

.2', F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

12',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA KWEICHOW MOUTA n/a EXCH 641'698'212 61.81 - 14.06.2013 Government

CHINA KWEICHOW MOUTA n/a Co File 29'584'372 2.85 - 31.12.2012 Government



GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 13'117'054 1.26 (653'237) 31.12.2012 Investment Advisor





FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 8'455'553 0.81 (445'055) 31.12.2012 Investment Advisor



HUAAN FUND MANAGEMEN Multiple Portfolios MF-AGG 6'899'928 0.66 853'218 30.06.2013 Investment Advisor



ICBC CREDIT SUISSE A Multiple Portfolios MF-AGG 5'905'659 0.57 521'183 30.06.2013 Investment Advisor


COFCO LTD n/a Co File 5'499'416 0.53 - 31.12.2012 Government




Capital Securities Corp LIU HUI hold 3 M 170 Not Provided 03.09.2013

Sinolink Securities Co Ltd CHEN GANG buy 5 M #N/A N/A Not Provided 03.09.2013

China International Capital Corp QIAO YANG buy 5 M #N/A N/A Not Provided 03.09.2013

UBS DENNIS WANG buy 5 M 238 12 month 02.09.2013

SWS Research Co Ltd MICHAEL TONG buy 5 M #N/A N/A Not Provided 02.09.2013

Guotai Junan HU CHUNXIA buy 5 M 200 12 month 02.09.2013

PingAn Securities WEN XIAN buy 5 M #N/A N/A Not Provided 02.09.2013

Fortune CLSA Securities Limited KATHARINE SONG buy 5 M 228 Not Provided 02.09.2013

Morgan Stanley LILLIAN LOU Overwt/In-Line 5 M 209 12 month 01.09.2013

Chang Jiang Securities Co. Limited ZHIJIAN CHEN buy 5 M #N/A N/A Not Provided 01.09.2013

Everbright Securities Co., Ltd TINGZHI XING buy 5 M 262 12 month 12.08.2013

HSBC CHRISTOPHER K LEUNG overweight 5 N 226 Not Provided 28.07.2013

China Merchants Securities LONG JUN strong buy 5 M 238 12 month 24.07.2013

Hong Yuan Securities SU QINGQING buy 5 M #N/A N/A Not Provided 06.07.2013

Guodu Securities Co Ltd ZHAO XIANDONG buy 5 M #N/A N/A Not Provided 27.06.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 06.06.2013

AJ Securities WU ZHENGWU neutral 3 M #N/A N/A Not Provided 25.04.2013

Rising Securities Co.,LTD ZHAO YUE outperform 5 M #N/A N/A Not Provided 22.04.2013

Credit Suisse VINCENT CHAN neutral 3 M 184 Not Provided 17.04.2013

Founder Securities BAOPING ZHANG add 4 M 283 6 month 29.03.2013

Citic Securities Co., Ltd HUANG WEI buy 5 M 270 6 month 04.03.2013

Masterlink Securities LIU WEI buy 5 M 246 Not Provided 25.01.2013

Bank of China International SU CHENG buy 5 M 274 Not Provided 25.01.2013

HuaChuang Securities GAO LI strong buy 5 M 255 6 month 24.01.2013

China Securities Co., Ltd FUSHENG HUANG buy 5 M 240 Not Provided 25.06.2012

Northeast Securities Co Ltd ZHU CHENGLIANG buy 5 M #N/A N/A Not Provided 21.06.2012

China Investment Securities KE HAIDONG strong buy 5 M #N/A N/A Not Provided 02.03.2011

Central China Securities LIU RAN buy 5 M #N/A N/A Not Provided 09.09.2010

China Galaxy Securities DONG JUNFENG speculative buy 4 M 146 12 month 02.04.2010

KGI Securities SABRINA LEE neutral 3 M 145 12 month 17.08.2009

Holdings By:

Kweichow Moutai Co Ltd ee


09.09.2013

Bank of Communications Co. Ltd. provides a full range of commercial banking

services including RMB and foreign currency deposit, loan, international and

domestic settlement, discount, currency trading, letter of credit, bank

guarantee, and other related services.


LTM as of: 06/yy

52-Week High (04.02.2013) 5.68

52-Week Low (29.07.2013) 3.68

Daily Volume

4.51





335'645.97 1 Yr Total Return 10.36%

Total Debt 1'040'404.00 YTD Return -3.27%




Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

129'757.0 132'775.0 164'124.0 218'749.0 271'747.0 251'346.0 282'864.0 160'821.4 180'243.4 41'607.0 40'911.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

28'524.0 30'118.0 39'042.0 50'735.0 58'373.0 55'428.0 62'112.0 63'300.1 69'687.9 13'582.0 12'181.0

8.49x 13.01x 9.09x 5.37x 5.34x 4.92x 4.62x 5.24x 4.74x 5.18x 4.90x


EBIT - Long-Term Rating A-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bank of Communications Co LtdPrice/Volume

Valuation Analysis

476'720'758.00


,

-

.

0

1

2

3

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2,', F

-,,', F

-2,', F

.,,', F

.2,', F

0,,', F

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA MINISTRY OF FI n/a EXCH 15'148'693'829 38.59 2'530'340'780 23.08.2012 Government

SOCIAL SECURITY FUND n/a EXCH 1'877'513'451 4.78 - 23.08.2012 Government

CAPITAL AIRPORT HOLD n/a EXCH 1'246'591'087 3.18 - 23.08.2012 Corporation

SHANGHAI TOBACCO GRO n/a EXCH 808'145'417 2.06 439'560'439 23.08.2012 Corporation

PING AN LIFE INSURAN n/a EXCH 705'385'012 1.8 - 23.08.2012 Insurance Company

CHINA FAW GROUP CORP n/a EXCH 663'941'711 1.69 - 23.08.2012 Government

YUNNAN HONGTA GROUP n/a EXCH 658'467'013 1.68 219'780'219 23.08.2012 Corporation

STATE GRID CORP OF C n/a EXCH 571'078'169 1.45 - 23.08.2012 Government

CHINA PETROCHEMICAL n/a EXCH 374'901'733 0.96 (560'000) 17.08.2012 Government


AVIATION INDUSTRY CO n/a ULT-AGG 310'678'434 0.79 - 17.08.2012 Corporation

CHINA NATIONAL PETRO n/a EXCH 294'936'165 0.75 - 17.08.2012 Government







INVESCO GREAT WALL F Multiple Portfolios MF-AGG 66'101'350 0.17 49'861'861 31.12.2012 Investment Advisor













UBS JANET SUN neutral 3 D 4 12 month 07.08.2013

SWS Research Co Ltd BECKY XU buy 5 M #N/A N/A Not Provided 19.07.2013

GF Securities Co. Ltd. Mu Hua add 4 M #N/A N/A Not Provided 19.06.2013











BOCOM International Holdings LI SHANSHAN restricted #N/A N/A M #N/A N/A Not Provided 11.04.2011


China Minzu Securities Co Ltd ZHANG JING add 4 M 7 6 month 25.11.2010


Holdings By:

Bank of Communications Co Ltd ee


09.09.2013

SAIC Motor Corporation Ltd., through joint ventures, manufactures and markets

automobiles and related parts and accessories.


LTM as of: 06/yy

52-Week High (18.02.2013) 19.00

52-Week Low (29.07.2013) 11.83

Daily Volume

13.56





149'506.69 1 Yr Total Return 14.66%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

104'615.5 138'170.3 357'290.6 423'749.6 473'004.3 490'314.7 521'938.4 539'952.3 602'756.5 129'126.0 145'913.0

0.29x 1.38x 0.36x 0.36x 0.43x 1.24x 1.27x 0.24x 0.24x - -

967.1 4'041.6 32'040.4 37'182.3 32'008.5 0.0 0.0 21'726.0 24'112.8 - -

31.89x 47.29x 4.06x 4.11x 6.33x 0.00x 0.00x 6.11x 5.51x - -

656.2 6'591.9 16'389.8 20'221.9 20'751.8 22'985.2 21'434.0 22'705.8 25'793.9 5'614.0 6'026.0

53.60x 25.97x 9.23x 7.71x 9.37x 6.68x 6.79x 6.38x 5.63x 6.76x 6.53x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.63








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SAIC Motor Corp LtdPrice/Volume

Valuation Analysis

46'787'376.00


,.135

-,-.-1-3-5.,

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F-,', F.,', F0,', F1,', F2,', F3,', F4,', F5,', F6,', F-,,', F

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-',,

.',,

0',,

1',,

2',,

3',,

4',,

5',,

6',,

-,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


SHANGHAI AUTO INDUST n/a Co File 8'191'449'931 74.3 - 31.12.2012 Government

YUEJIN MOTOR GROUP C n/a Co File 413'919'141 3.75 - 31.12.2012 Corporation

SHANGHAI AUTO INDUST n/a Co File 334'408'775 3.03 - 31.12.2012 Government

SHUANGYASHAN RUNKE I n/a Co File 95'191'059 0.86 - 31.12.2012 Corporation



UBS n/a ULT-AGG 76'137'738 0.69 - 31.05.2013 Unclassified











GUOHUA LIFE INSURANC n/a Co File 37'530'729 0.34 - 31.12.2012 Insurance Company




Goldman Sachs YIPENG YANG Buy/Neutral 5 M 21 12 month 30.08.2013

Capital Securities Corp HAN WEIQI buy 5 M 17 Not Provided 30.08.2013

Sinolink Securities Co Ltd WU WENZHAO add 4 M #N/A N/A Not Provided 30.08.2013

PingAn Securities DE AN WANG buy 5 D 20 6 month 30.08.2013

Everbright Securities Co., Ltd WEI FENG buy 5 M 17 12 month 17.08.2013

UBS TIANLONG ZOU buy 5 M 17 12 month 07.08.2013

Northeast Securities Co Ltd LIU LIXI buy 5 M #N/A N/A Not Provided 07.08.2013

China Investment Securities ZHANG LEI buy 5 M #N/A N/A Not Provided 06.08.2013

Qilu Securities Co Ltd BAI YU add 4 M #N/A N/A Not Provided 06.08.2013

Guodu Securities Co Ltd LIANG FENG strong buy 5 M #N/A N/A Not Provided 21.07.2013

SWS Research Co Ltd CHANG LU outperform 5 M #N/A N/A Not Provided 19.07.2013

Bank of China International WANG YUSHENG buy 5 M 21 Not Provided 03.07.2013

China Minzu Securities Co Ltd CAO HE add 4 M 16 6 month 28.06.2013

Central China Securities XU MINFENG buy 5 M #N/A N/A Not Provided 20.06.2013

Citic Securities Co., Ltd LI CHUNBO buy 5 M 19 6 month 26.04.2013

Rising Securities Co.,LTD WANG LIANG outperform 5 M #N/A N/A Not Provided 22.04.2013

Hong Yuan Securities PANG LINLIN add 4 M #N/A N/A Not Provided 18.03.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013

HuaChuang Securities WANG YANXUE buy 5 M #N/A N/A Not Provided 16.12.2012

Great Wall Securities RAN FEI buy 5 M #N/A N/A Not Provided 14.10.2012

China Merchants Securities WANG LIUSHENG strong buy 5 M #N/A N/A Not Provided 20.07.2012

China Securities Co., Ltd CHEN ZHENG buy 5 M 20 Not Provided 25.06.2012

Industrial Securities LI GANGLING buy 5 M #N/A N/A Not Provided 14.04.2012


China Galaxy Securities LI DAN speculative buy 4 M #N/A N/A Not Provided 05.12.2009

Holdings By:

SAIC Motor Corp Ltd ee


09.09.2013

China CITIC Bank Corporation Limited provides a full range of commercial banking

services including RMB and foreign currency deposit, loan, international and

domestic settlement, currency trading, bank guarantee, and export credit.


LTM as of: 06/yy

52-Week High (21.03.2013) 5.48

52-Week Low (29.07.2013) 3.39

Daily Volume

4.1





179'676.72 1 Yr Total Return 11.76%





Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

66'493.0 61'458.0 80'283.0 117'780.0 153'719.0 141'379.0 162'956.0 98'288.4 111'906.8 25'941.0 26'265.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

13'296.0 14'320.0 21'509.0 30'819.0 31'032.0 35'168.0 32'050.0 34'437.8 38'628.9 10'019.0 5'005.0

5.83x 15.78x 7.77x 4.99x 5.61x 4.37x 4.10x 5.55x 4.90x 5.13x 4.94x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China CITIC Bank Corp LtdPrice/Volume

Valuation Analysis

149'043'522.00


,

-

.

0

1

2

3

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2,', F

-,,', F

-2,', F

.,,', F

.2,', F

0,,', F

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CITIC GROUP n/a ULT-AGG 28'938'928'294 90.7 - 25.02.2013 Government



CHANG XIN ASSET MANA Multiple Portfolios MF-AGG 60'969'257 0.19 60'857'010 31.12.2012 Investment Advisor

CHINA POST & CAPITAL CHINA POST CORE GROW MF-PART 58'825'881 0.18 58'825'881 30.06.2013 Investment Advisor










CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 9'358'881 0.03 55'500 31.12.2012 Investment Advisor

CHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 9'062'826 0.03 (370'106) 02.09.2013 Investment Advisor

FRANKLIN TEMPLETON S Multiple Portfolios MF-AGG 7'999'972 0.03 5'546'048 31.12.2012 Investment Advisor

CITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 7'595'157 0.02 6'806'957 31.12.2012 Investment Advisor


GUOLIAN FUND MANAGEM Multiple Portfolios MF-AGG 5'892'210 0.02 5'892'210 31.12.2012 Investment Advisor







Bank of China International YUAN LIN sell 1 M 6 Not Provided 28.08.2013

China International Capital Corp JIE HUANG hold 3 M #N/A N/A Not Provided 28.08.2013





SWS Research Co Ltd JUN NI neutral 3 M #N/A N/A Not Provided 19.07.2013


GF Securities Co. Ltd. Mu Hua hold 3 M #N/A N/A Not Provided 19.06.2013




Hong Yuan Securities ZHANG JIXIU add 4 U 4 6 month 12.01.2013








China Minzu Securities Co Ltd ZHANG JING neutral 3 M 7 6 month 25.11.2010

China Investment Securities CHEN SHUIXIANG buy 5 M #N/A N/A Not Provided 12.04.2010

Holdings By:

China CITIC Bank Corp Ltd ee


09.09.2013

China Yangtze Power Company Ltd. owns the Gezhouba Power Station and the Three

Gorges Power Station. The Company generates hydroelectric power, which is

supplied to central China, east China, Guangdong province, Chongqing city, and

other areas.


LTM as of: 06/yy

52-Week High (21.05.2013) 7.87

52-Week Low (24.09.2012) 6.13

Daily Volume

6.82





112'530.00 1 Yr Total Return 11.06%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

9'205.5 10'820.1 21'536.4 20'362.5 25'292.3 21'284.6 24'965.2 24'674.2 25'418.0 10'898.5 3'851.0

- 21.15x 9.77x 9.27x 7.00x 35.53x 29.03x 6.89x 6.46x - 47.50x

6'972.1 8'652.9 18'557.8 17'369.3 21'470.8 0.0 0.0 19'912.3 20'437.3 - -

- 26.44x 11.34x 10.87x 8.24x 0.00x 0.00x 8.56x 8.34x - -

4'002.9 4'617.3 8'225.1 7'699.9 10'352.0 7'860.2 10'352.8 9'908.3 10'416.7 4'669.5 1'516.0

- 28.47x 15.19x 13.63x 10.95x 14.27x 11.03x 11.35x 10.74x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.16







Fiscal Year Ended

China Yangtze Power Co LtdPrice/Volume

Valuation Analysis

27'677'045.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

4

5

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,', F

.,', F

0,', F

1,', F

2,', F

3,', F

4,', F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

-5',,

.,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA THREE GORGES P n/a EXCH 12'099'532'950 73.33 - 10.04.2013 Government

CHINA NATIONAL NUCLE n/a Co File 261'594'750 1.59 - 31.12.2012 Government

CHINA NATIONAL PETRO n/a Co File 257'559'750 1.56 - 31.12.2012 Government

HUANENG POWER INTERN n/a Co File 257'559'750 1.56 - 31.12.2012 Holding Company

SHANGHAI CHONGYANG I n/a Co File 82'600'000 0.5 - 31.12.2012 Investment Advisor


CHINA MERCHANTS SECU n/a Co File 71'252'261 0.43 - 31.12.2012 Corporation



THREE GORGES FINANCE n/a Co File 56'400'000 0.34 - 31.12.2012 Investment Advisor


GUANGDONG POWER GRID n/a Co File 52'521'975 0.32 - 31.12.2012 Corporation










Credit Suisse VINCENT CHAN outperform 5 M 8 Not Provided 02.09.2013

Masterlink Securities LI YAN buy 5 M 8 Not Provided 20.08.2013

Everbright Securities Co., Ltd JUNPENG CHEN buy 5 M 8 12 month 18.08.2013

SWS Research Co Ltd EVAN LIANG outperform 5 M #N/A N/A Not Provided 18.07.2013

Central China Securities PAN HANGJUN add 4 M #N/A N/A Not Provided 27.06.2013

EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013

Goldman Sachs FRANKLIN CHOW Buy/Neutral 5 M 9 12 month 20.05.2013

Capital Securities Corp LAI SHENSHENG buy 5 M 9 Not Provided 08.05.2013

Rising Securities Co.,LTD DAI LIPING outperform 5 M #N/A N/A Not Provided 23.04.2013

Citic Securities Co., Ltd WU FEI buy 5 M #N/A N/A Not Provided 15.01.2013

UBS YINGZHEN XU buy 5 M 10 12 month 10.01.2013

Bank of China International PETER YAO not rated #N/A N/A M #N/A N/A Not Provided 10.12.2012

Great Wall Securities GUI FANGXIAO buy 5 M #N/A N/A Not Provided 23.10.2012

China Merchants Securities PENG QUANGANG strong buy 5 M 8 6 month 19.07.2012

PingAn Securities FAN WANG buy 5 M #N/A N/A Not Provided 30.11.2011

China Galaxy Securities ZOU XUYUAN buy 5 M 11 12 month 08.01.2010

KGI Securities CHEN JUDITH neutral 3 M 11 12 month 20.05.2009

Holdings By:

China Yangtze Power Co Ltd ee


09.09.2013

China Everbright Bank Company Limited provides a full range of commercial

banking services including deposit, loan, domestic and international

settlement, currency trading, discount, financial and government bonds,

interbank lending, receipt and payment, insurance, letter of credit, bank

guarantee, deposit box services, and other related services.


LTM as of: 06/yy

52-Week High (06.02.2013) 3.80

52-Week Low (25.06.2013) 2.53

Daily Volume

2.96





119'686.98 1 Yr Total Return 8.53%





Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

45'902.0 42'457.0 59'635.8 84'924.9 114'139.0 100'728.9 124'419.5 68'705.5 79'130.9 16'524.0 17'966.5

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

7'316.0 7'643.0 12'790.2 18'067.9 23'591.0 21'778.0 25'587.5 27'135.8 30'422.9 7'243.0 5'621.5

- - 11.00x 6.40x 5.26x 5.29x 4.55x 4.74x 4.15x 4.29x 4.17x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

China Everbright Bank Co LtdPrice/Volume

Valuation Analysis

441'947'070.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

-

.

.

0

0

1

1

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,,', F

.,,', F

0,,', F

1,,', F

2,,', F

3,,', F

4,,', F

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA INVESTMENT COR n/a ULT-AGG 19'580'382'099 48.42 22'046'246 14.06.2013 Investment Advisor

CHINA EVERBRIGHT GRO n/a Co File 2'093'991'629 5.18 - 31.12.2012 Corporation

CHINA EVERBRIGHT LTD n/a Co File 1'757'581'229 4.35 - 31.12.2012 Holding Company

CHINA REINSURANCE GR n/a Co File 1'466'875'189 3.63 - 31.12.2012 Government

CHINA POWER FINANCE n/a Co File 799'887'815 1.98 - 31.12.2012 Other

SHENERGY GROUP CO LT n/a Co File 782'333'434 1.93 - 31.12.2012 Government

HONGTA TOBACCO GROUP n/a Co File 549'896'819 1.36 - 31.12.2012 Corporation


AEROSPACE SCI & TECH n/a Co File 383'404'248 0.95 - 31.12.2012 Government

BAOSTEEL GROUP CORP n/a Co File 368'958'396 0.91 - 31.12.2012 Government














Capital Securities Corp XIE JIYONG hold 3 M 5 Not Provided 27.08.2013

Northeast Securities Co Ltd YAYUN TANG neutral 3 M #N/A N/A Not Provided 27.08.2013



SWS Research Co Ltd BECKY XU outperform 5 M #N/A N/A Not Provided 19.07.2013

Standard Chartered DORRIS CHEN in-line 3 M 3 12 month 16.07.2013

GF Securities Co. Ltd. Mu Hua hold 3 N #N/A N/A Not Provided 19.06.2013



Deutsche Bank TRACY YU hold 3 M 3 12 month 12.04.2013

Founder Securities WEI ZHOU add 4 N #N/A N/A Not Provided 08.03.2013



Central China Securities CHEN XI add 4 N #N/A N/A Not Provided 29.10.2012

Goldman Sachs NING MA Sell/Neutral 1 D 3 12 month 11.10.2012






Rising Securities Co.,LTD XIE AIHONG neutral 3 M #N/A N/A Not Provided 20.12.2011


Guodu Securities Co Ltd DENG TING buy 5 U #N/A N/A Not Provided 12.08.2011

Bank of China International YUAN LIN hold 3 D 4 Not Provided 12.04.2011

Holdings By:

China Everbright Bank Co Ltd ee


09.09.2013

CITIC Securities Co., Ltd. provides securities brokerage, trading, underwriting,

investment banking, asset management, and investment consulting services.


LTM as of: 06/yy

52-Week High (04.02.2013) 15.97

52-Week Low (25.06.2013) 9.29

Daily Volume

11.85





131'412.30 1 Yr Total Return 6.11%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

19'123.6 24'178.0 24'527.0 11'775.9 13'041.2 23'700.7 14'832.9 15'161.7 19'440.9 - -

8.38x 12.44x 7.01x 10.79x 15.30x 13.52x 29.43x 4.20x 3.14x - -

11'377.6 14'125.4 11'609.5 2'496.3 6'421.6 0.0 0.0 5'587.0 7'539.0 - -

14.08x 21.29x 14.81x 50.88x 31.06x 0.00x 0.00x 21.77x 16.13x - -

7'305.0 8'984.0 11'311.3 12'576.5 4'237.4 11'851.8 4'098.3 5'360.4 6'920.6 - -

16.31x 23.45x 11.04x 7.89x 35.16x 11.64x 27.19x 24.95x 18.96x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.09








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

CITIC Securities Co LtdPrice/Volume

Valuation Analysis

264'873'010.00


,.135

-,-.-1-3-5

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2,', F

-,,', F

-2,', F

.,,', F

.2,', F

0,,', F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CITIC GROUP n/a ULT-AGG 2'303'963'550 23.42 - 25.02.2013 Government




CHINA ACADEMY OF LAU n/a Co File 106'478'308 1.08 - 31.12.2012 Corporation




NANJING XINGANG HIGH n/a Co File 71'223'634 0.72 - 31.12.2012 Holding Company



EVERBRIGHT SECURITIE n/a Co File 66'737'803 0.68 - 31.12.2012 Unclassified

CITIC GUOAN GROUP n/a Co File 63'739'930 0.65 - 31.12.2012 Government

NEW TIMES TRUST CO L n/a Co File 58'000'000 0.59 - 31.12.2012 Other



LION FUND MANAGEMENT Multiple Portfolios MF-AGG 42'852'898 0.44 (582'826) 31.12.2012 Investment Advisor


HFT INVESTMENT MANAG Multiple Portfolios MF-AGG 39'450'653 0.4 (24'948'494) 31.12.2012 Investment Advisor





Credit Suisse FRANCES FENG neutral 3 M 12 Not Provided 30.08.2013


Sinolink Securities Co Ltd WANG KUN buy 5 M #N/A N/A Not Provided 30.08.2013


Guotai Junan ZHAO XIANGHUAI buy 5 M 13 12 month 30.08.2013

Everbright Securities Co., Ltd ZIPEI TANG buy 5 M 15 12 month 06.08.2013


Bank of China International ZHANG JIAN buy 5 M 38 Not Provided 22.07.2013

SWS Research Co Ltd HE ZONGYAN outperform 5 M #N/A N/A Not Provided 22.07.2013

PingAn Securities WU JIE buy 5 M #N/A N/A Not Provided 28.06.2013


HSBC YORK PUN neutral 3 D 13 Not Provided 24.06.2013


EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013


JPMorgan JOSHUA KLACZEK neutral 3 M 12 3 month 31.01.2013


Central China Securities XIE PEIJIE add 4 M #N/A N/A Not Provided 06.12.2012

Hong Yuan Securities HUANG LIJUN buy 5 M #N/A N/A Not Provided 30.11.2012

China Merchants Securities HONG JINPING strong buy 5 M 15 6 month 23.07.2012


Tebon Securities Co Ltd TEAM COVERAGE outperform 5 N 14 6 month 21.08.2011


China Investment Securities CHEN JIANTAO neutral 3 M #N/A N/A Not Provided 07.06.2010

China Galaxy Securities XIAOHUI CHI buy 5 U 26 12 month 30.06.2009

Holdings By:

CITIC Securities Co Ltd ee


09.09.2013

China Pacific Insurance (Group) Company, Ltd. is an integrated insurance

services provider. The Company offers life and property insurance products

through its subsidiaries.


LTM as of: 06/yy

52-Week High (04.02.2013) 23.88

52-Week Low (25.06.2013) 15.01

Daily Volume

18.53





180'347.11 1 Yr Total Return -9.00%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

76'135.0 104'175.0 141'127.0 155'446.0 167'146.0 164'384.0 184'010.0 189'243.0 212'691.7 - -

1.03x 1.92x 1.45x 1.21x 1.49x 2.15x 1.59x 0.97x 0.86x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

2'569.0 7'356.0 8'557.0 8'313.0 5'077.0 5'135.0 7'903.0 8'923.4 11'250.3 1'300.0 2'300.0

33.70x 26.97x 22.90x 19.80x 38.14x 37.15x 18.05x 19.34x 15.96x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.27







Fiscal Year Ended

China Pacific Insurance Group Co LtdPrice/Volume

Valuation Analysis

60'660'673.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,', F

.,', F

0,', F

1,', F

2,', F

3,', F

4,', F

5,', F

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

,'2,

-',,

-'2,

.',,

.'2,

0',,

0'2,

1',,

1'2,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


FORTUNE INV CO LTD n/a Co File 1'284'277'846 20.43 - 31.12.2012 Government

SHENERGY GROUP CO LT n/a Co File 1'235'291'781 19.65 - 31.12.2012 Government

SHANGHAI TOBACCO GRO n/a Co File 468'828'104 7.46 - 31.12.2012 Corporation

SHANGHAI STATE OWNED n/a Co File 424'099'214 6.75 - 31.12.2012 Investment Advisor

SHANGHAI JIUSHI CORP n/a Co File 250'949'460 3.99 - 31.12.2012 Holding Company

NORGES BANK Multiple Portfolios MF-AGG 242'413'639 3.86 - 31.12.2012 Government

YUNNAN HONGTA GROUP n/a Co File 174'339'390 2.77 - 31.12.2012 Corporation









SCHRODER INVESTMENT SCHRODER ISF-BRIC (B MF-PART 26'451'186 0.42 26'451'186 31.07.2013 Investment Advisor









Credit Suisse ARJAN VAN VEEN outperform 5 M 30 Not Provided 26.08.2013


China International Capital Corp TANG SHENGBO accumulate 4 M 19 Not Provided 26.08.2013

JPMorgan MW KIM overweight 5 M 23 12 month 25.08.2013

Capital Securities Corp XIE JIYONG strong buy 5 M 23 Not Provided 13.08.2013

Everbright Securities Co., Ltd ZIPEI TANG buy 5 M #N/A N/A Not Provided 05.08.2013

SWS Research Co Ltd TINA SUN outperform 5 D #N/A N/A Not Provided 24.07.2013



Goldman Sachs MANCY SUN Buy/Neutral 5 U 26 12 month 16.05.2013

Sinolink Securities Co Ltd JIANGANG CHEN add 4 M 22 Not Provided 26.04.2013

Guodu Securities Co Ltd DENG TING buy 5 M 25 6 month 16.04.2013




PingAn Securities LUO QI buy 5 M #N/A N/A Not Provided 29.10.2012

Great Wall Securities BIAO HUANG strong buy 5 M #N/A N/A Not Provided 21.08.2012



China Securities Co., Ltd JIAO WENCHAO buy 5 M 30 Not Provided 25.06.2012



China Minzu Securities Co Ltd SONG JIAN add 4 M 30 6 month 01.03.2012


China Investment Securities XU SHOUDE neutral 3 M #N/A N/A Not Provided 30.06.2009

Holdings By:

China Pacific Insurance Group Co Ltd ee


09.09.2013

Daqin Railway Co., Ltd. mainly provides coal transportation service in Northern

China. It also operates passenger transportation business.


LTM as of: 06/yy

52-Week High (04.03.2013) 8.26

52-Week Low (25.06.2013) 5.41

Daily Volume

7.33





108'973.58 1 Yr Total Return 27.44%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

21'852.0 32'090.3 40'643.5 43'497.0 44'604.1 43'962.6 46'614.2 48'859.5 51'951.2 11'889.0 13'226.0

3.25x 2.84x 2.45x 10.95x 9.14x 2.39x 2.05x - -

11'630.8 13'896.8 18'332.3 18'765.2 18'091.3 0.0 0.0 19'875.3 20'870.1 - -

7.20x 6.59x 6.05x 0.00x 0.00x 5.92x 5.63x - -

6'679.5 7'146.7 10'410.8 11'698.6 11'502.6 11'579.1 11'917.5 12'805.7 13'956.1 3'192.0 3'314.0

10.02x 9.44x 8.78x 9.06x 7.41x 8.55x 7.85x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.48








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Daqin Railway Co LtdPrice/Volume

Valuation Analysis

52'695'644.00


,-.0123456


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

-5',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


TAIYUAN RAILWAY ADMI n/a Co File 9'172'093'536 61.7 - 31.12.2012 Government




HEIBEI PORT GROUP CO n/a Co File 158'702'841 1.07 - 31.12.2012 Corporation

CHINA NATIONAL COAL n/a Co File 139'308'018 0.94 - 31.12.2012 Government



PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 97'004'588 0.65 27'787'915 30.06.2013 Investment Advisor

GUOTAI JUNAN SECURIT n/a Co File 86'322'980 0.58 - 31.12.2012 Investment Advisor

CHINA RAILWAY CONS I n/a Co File 79'719'060 0.54 - 31.12.2012 Government




BOSERA FUND MANAGEME Multiple Portfolios MF-AGG 43'926'925 0.3 134'202 30.06.2013 Investment Advisor







Northeast Securities Co Ltd XIANG XU add 4 M #N/A N/A Not Provided 03.09.2013

China International Capital Corp REN ZHONG buy 5 M 8 12 month 31.08.2013

Capital Securities Corp LI XIAOLU buy 5 M 8 Not Provided 30.08.2013

SWS Research Co Ltd JINGDONG DENG buy 5 M #N/A N/A Not Provided 30.08.2013

Fortune CLSA Securities Limited JIE LI buy 5 M 10 12 month 30.08.2013

Morgan Stanley EDWARD XU Overwt/Attractive 5 M 9 12 month 29.08.2013

Guotai Junan CUI SHUTIAN buy 5 M 9 12 month 29.08.2013

Chang Jiang Securities Co. Limited HAN YICHAO buy 5 M #N/A N/A Not Provided 28.08.2013

EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 16.08.2013

Hong Yuan Securities QU YONGZHONG buy 5 M 13 6 month 24.07.2013

Standard Chartered CLAIRE TENG outperform 5 M 9 12 month 09.07.2013

Goldman Sachs RONALD KEUNG Buy/Neutral 5 M 9 12 month 02.07.2013

Credit Suisse VINCENT CHAN outperform 5 N 12 Not Provided 18.06.2013

China Minzu Securities Co Ltd WANG XIAOYAN add 4 M 9 6 month 07.06.2013

Qilu Securities Co Ltd ZHOU LI buy 5 N 9 12 month 24.03.2013


UBS RICHARD WEI buy 5 M 11 12 month 05.03.2013

HuaChuang Securities CHEN JUAN buy 5 M #N/A N/A Not Provided 20.02.2013

Bank of China International DU JIANPING buy 5 M 8 12 month 25.01.2013

Founder Securities WANG TAO add 4 N #N/A N/A Not Provided 30.10.2012

Everbright Securities Co., Ltd DING XIANDA accumulate 4 N 7 6 month 28.08.2012

China Securities Co., Ltd LI LEI add 4 M 9 Not Provided 25.06.2012

China Merchants Securities TAO CHANG strong buy 5 N #N/A N/A Not Provided 10.06.2012

Citic Securities Co., Ltd ZHANG HONGBO buy 5 M #N/A N/A Not Provided 02.05.2012

Industrial Securities ZENG XU strong buy 5 M #N/A N/A Not Provided 26.04.2012

PingAn Securities CHU HAI buy 5 M 16 6 month 11.03.2012

China Investment Securities OUYANG JUN strong buy 5 M #N/A N/A Not Provided 07.01.2011

China Galaxy Securities MAO ANG buy 5 M #N/A N/A Not Provided 27.05.2010

Holdings By:

Daqin Railway Co Ltd ee


09.09.2013

Shanghai International Port (Group) Co., Ltd is a holding company that owns

interests in container and port service companies.


LTM as of: 06/yy

52-Week High (09.09.2013) 6.62

52-Week Low (25.06.2013) 2.33

Daily Volume

6.62

52-Week High % Change 0.00% Dividend Yield -




150'639.30 1 Yr Total Return 175.63%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

17'486.3 16'046.0 18'768.9 21'414.9 28'151.3 24'552.4 28'264.4 30'875.6 33'597.8 9'458.0 8'427.0

4.50x 8.38x 4.91x 3.50x 2.77x 12.84x 7.93x 5.47x 4.99x - 20.16x

8'109.5 6'782.7 8'660.0 10'176.7 9'455.7 0.0 0.0 8'839.0 9'174.5 2'995.0 2'137.0

9.70x 19.82x 10.64x 7.37x 8.24x 0.00x 0.00x 19.14x 18.44x 16.95x 16.74x

4'619.3 3'760.0 5'417.1 4'724.2 4'969.3 4'487.2 5'266.5 5'300.4 5'846.0 1'395.0 1'678.0

15.04x 32.38x 14.76x 12.15x 12.04x 13.50x 10.73x 28.17x 25.66x 27.58x 28.05x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.33








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Shanghai International Port Group Co LtdPrice/Volume

Valuation Analysis

536'574'502.00


,

-

.

0

1

2

3

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,,', F

.,,', F

0,,', F

1,,', F

2,,', F

3,,', F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

12',,

2,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


SHANGHAI MUNICIPAL A n/a Co File 9'284'491'490 40.8 - 31.12.2011 Corporation

YAJI INVEST CO LTD n/a Co File 5'570'694'894 24.48 - 31.12.2011 Other

SHANGHAI TONGSHENG I n/a Co File 5'292'486'284 23.26 - 31.12.2011 Investment Advisor

SHANGHAI STATE OWNED n/a Co File 293'235'050 1.29 - 31.12.2011 Investment Advisor


SHANGHAI DASHENG ASS n/a Co File 92'844'915 0.41 - 31.12.2011 Holding Company

BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 29'335'257 0.13 (381'217) 31.12.2012 Investment Advisor

SHANGHAI TRANSPORTAT n/a Co File 29'070'000 0.13 - 31.12.2011 Government

ORIENT INTL HOLDING n/a Co File 20'564'802 0.09 - 31.12.2011 Holding Company

CH OCEAN SHIPPING AG n/a Co File 15'570'000 0.07 - 31.12.2011 Corporation



HUAAN FUND MANAGEMEN Multiple Portfolios MF-AGG 2'241'997 0.01 (552'847) 31.12.2012 Investment Advisor

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 1'821'300 0.01 360'900 31.12.2012 Investment Advisor


RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 1'350'439 0.01 (116'800) 31.12.2012 Investment Advisor

SUMITOMO MITSUI TRUS n/a ULT-AGG 1'149'500 0.01 - 15.03.2013 Bank

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 590'382 0 450'000 31.12.2012 Investment Advisor

HARVEST GLOBAL INVES Multiple Portfolios MF-AGG 553'300 0 - 02.09.2013 Investment Advisor

DIAM n/a ULT-AGG 552'124 0 - 17.12.2012 Unclassified


Chang Jiang Securities Co. Limited HAN YICHAO buy 5 M #N/A N/A Not Provided 01.09.2013

Credit Suisse DAVIN CHUNPONG WU outperform 5 M 5 Not Provided 30.08.2013

UBS JEAN RAO buy 5 M 4 12 month 30.08.2013

GF Securities Co. Ltd. ZHANG LIANG hold 3 N #N/A N/A Not Provided 29.08.2013

EVA Dimensions TIMOTHY STANISH sell 1 D #N/A N/A Not Provided 28.08.2013


Goldman Sachs JANET LU neutral/neutral 3 M 3 12 month 22.07.2013

SWS Research Co Ltd AMOS ZHANG outperform 5 D #N/A N/A Not Provided 18.07.2013

Capital Securities Corp ZHANG LU buy 5 M 3 Not Provided 15.05.2013

Sinolink Securities Co Ltd JIANG MING add 4 M #N/A N/A Not Provided 26.04.2013

Qilu Securities Co Ltd ZHOU LI add 4 M #N/A N/A Not Provided 26.03.2013

Everbright Securities Co., Ltd DING XIANDA accumulate 4 M 3 12 month 20.11.2012

China Securities Co., Ltd LI LEI neutral 3 M 3 Not Provided 25.06.2012

Industrial Securities YUNTAO JI strong buy 5 M #N/A N/A Not Provided 27.03.2012

PingAn Securities CHU HAI buy 5 M #N/A N/A Not Provided 11.03.2012

Hong Yuan Securities PANG LINLIN add 4 N 4 6 month 29.08.2011

Citic Securities Co., Ltd ZHANG HONGBO add 4 M 6 Not Provided 03.05.2011

China Investment Securities SUN MIN buy 5 N #N/A N/A Not Provided 02.03.2011

China Merchants Securities JI MIN buy 5 M #N/A N/A Not Provided 29.10.2010

AJ Securities LE MINYANG neutral 3 N #N/A N/A Not Provided 14.07.2010

China Galaxy Securities QIUSHENG ZHANG buy 5 M #N/A N/A Not Provided 14.05.2010

Holdings By:

Shanghai International Port Group Co Ltd ee


09.09.2013

China State Construction Engineering Corporation Limited is a state-owned

enterprise. The Company engages in housing construction, international building

contracting, property development and investment, and infrastructure

construction.


LTM as of: 06/yy

52-Week High (18.02.2013) 4.18

52-Week Low (24.09.2012) 2.90

Daily Volume

3.3





99'000.00 1 Yr Total Return 8.22%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

194'406.7 250'346.0 355'530.6 472'108.7 549'458.9 505'705.9 596'126.8 650'733.6 737'948.4 - -

- 0.52x 0.37x 0.34x 0.38x 1.47x 1.43x - - - -

9'524.0 15'040.8 20'823.3 29'560.6 33'960.2 0.0 0.0 41'648.0 47'789.0 - -

- 8.74x 6.38x 5.44x 6.22x 0.00x 0.00x 5.32x 4.63x - -

2'746.0 6'091.8 9'240.2 13'644.3 15'735.2 14'210.9 17'350.7 18'292.0 21'182.8 - -

- 18.15x 11.03x 6.47x 7.50x 7.17x 5.61x 5.40x 4.69x - -










Gross Margin 8.4% Total Debt/EBITDA 5.15

EBITDA Margin 6.2%



Asset Turnover 0.94







Fiscal Year Ended

China State Construction Engineering Corp LtdPrice/Volume

Valuation Analysis

251'282'783.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,--..00112

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,,', F

.,,', F

0,,', F

1,,', F

2,,', F

3,,', F

4,,', F

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-',,

.',,

0',,

1',,

2',,

3',,

4',,

5',,

6',,

-,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA STATE CONSTRUC n/a Co File 16'521'065'218 55.07 - 31.12.2012 Government

SOCIAL SECURITY FUND n/a Co File 1'128'000'000 3.76 - 31.12.2012 Government


SINOCHEM CORP n/a Co File 336'000'000 1.12 - 31.12.2012 Government


CHINA NATIONAL PETRO n/a Co File 336'000'000 1.12 - 31.12.2012 Government





CHINA PACIFIC INSURA n/a Co File 253'537'466 0.85 - 31.12.2012 Insurance Company



PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 220'265'420 0.73 (780'103) 30.06.2013 Investment Advisor






GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 82'274'482 0.27 67'361'672 31.12.2012 Investment Advisor


Capital Securities Corp ZHU JIXIANG buy 5 M 5 Not Provided 29.08.2013

China International Capital Corp YUE DING buy 5 M #N/A N/A Not Provided 29.08.2013

Guotai Junan ZHANG KUN buy 5 M 5 Not Provided 26.08.2013

GF Securities Co. Ltd. XIAO TANG buy 5 M #N/A N/A Not Provided 06.08.2013

Hong Yuan Securities ZHOU RONGZI buy 5 M 5 Not Provided 17.07.2013

SWS Research Co Ltd LU LINGLING outperform 5 M #N/A N/A Not Provided 16.07.2013

Citic Securities Co., Ltd YANG TAO buy 5 M #N/A N/A Not Provided 03.05.2013

China Securities Co., Ltd TIAN DONGHONG buy 5 U 5 Not Provided 25.06.2012

Northeast Securities Co Ltd XIE WENJIE buy 5 N #N/A N/A Not Provided 20.06.2012

China Merchants Securities MENG QUN strong buy 5 M #N/A N/A Not Provided 11.06.2012

AJ Securities ZUO HONGYING buy 5 M 5 6 month 14.10.2011

Industrial Securities WANG SHUANG strong buy 5 M #N/A N/A Not Provided 05.09.2011

HuaChuang Securities ZHANG CHI strong buy 5 M #N/A N/A Not Provided 31.08.2011

China Investment Securities LI FAN strong buy 5 M #N/A N/A Not Provided 03.08.2011

China Minzu Securities Co Ltd XU YONGCHAO add 4 N 5 6 month 31.08.2010

China Galaxy Securities HAO FEIFEI speculative buy 4 M #N/A N/A Not Provided 21.06.2010


Holdings By:

China State Construction Engineering Corp Ltd ee


09.09.2013

Haitong Securities Co., Ltd. is a securities firm which acts as a broker, dealer

for securities. The Company also provides investment advisory, placing and

underwriting, nominee and custodian services.


LTM as of: 06/yy

52-Week High (08.02.2013) 13.50

52-Week Low (30.11.2012) 7.55

Daily Volume

12.59





116'064.31 1 Yr Total Return 37.19%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

7'926.5 11'309.5 11'299.1 10'329.3 9'874.1 10'142.0 11'263.4 11'259.8 13'270.0 - -

5.51x 12.24x 7.88x 2.29x 7.40x 13.31x 23.41x 5.37x 4.12x - -

4'148.7 6'394.0 5'478.0 5'000.3 5'074.0 0.0 2'349.3 5'706.0 6'581.0 - -

10.53x 21.65x 16.25x 4.74x 14.39x 0.00x 0.00x 16.14x 14.00x - -

3'301.7 4'548.2 3'686.3 3'103.0 3'019.8 2'893.8 3'659.6 4'204.2 5'071.3 - -

20.28x 34.89x 21.42x 19.50x 31.06x 28.14x 24.75x 27.37x 22.81x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.09







Fiscal Year Ended

Haitong Securities Co LtdPrice/Volume

Valuation Analysis

501'454'662.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

-1

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2,', F

-,,', F

-2,', F

.,,', F

.2,', F

0,,', F

02,', F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


BRIGHT FOOD GROUP CO n/a Co File 450'220'026 5.56 - 31.12.2012 Other

SHANGHAI TOBACCO GRO n/a Co File 400'709'623 4.95 - 31.12.2012 Corporation

SHANGHAI ELECTRIC CO n/a Co File 377'667'258 4.67 - 31.12.2012 Government




SHANGHAI FRIENDSHIP n/a Co File 214'471'652 2.65 - 31.12.2012 Holding Company

SHANGHAI LANSHENG CO n/a Co File 190'950'000 2.36 - 31.12.2012 Government

WENHUI XINMIN UTD PR n/a Co File 187'629'853 2.32 - 31.12.2012 Corporation














Sinolink Securities Co Ltd JIANGANG CHEN buy 5 M #N/A N/A Not Provided 26.08.2013


China International Capital Corp JIE HUANG accumulate 4 M #N/A N/A Not Provided 23.08.2013



Tebon Securities Co Ltd LI XIANGFENG buy 5 M 14 6 month 19.08.2013



SWS Research Co Ltd HE ZONGYAN buy 5 M #N/A N/A Not Provided 22.07.2013


Capital Securities Corp XIE JIYONG buy 5 M #N/A N/A Not Provided 17.07.2013




HSBC YORK PUN neutral 3 M 11 Not Provided 24.06.2013



JPMorgan JOSHUA KLACZEK neutral 3 M 9 3 month 31.01.2013

Bank of China International ZHANG JIAN hold 3 M 16 Not Provided 10.01.2013


Founder Securities WEI ZHOU add 4 D #N/A N/A Not Provided 27.08.2012


Industrial Securities ZHANG YING buy 5 D #N/A N/A Not Provided 16.03.2012

China Investment Securities CHEN JIANTAO buy 5 M #N/A N/A Not Provided 02.03.2011


China Galaxy Securities XIAOHUI CHI neutral 3 M #N/A N/A Not Provided 30.06.2009

Holdings By:

Haitong Securities Co Ltd ee


09.09.2013

Great Wall Motor Company Limited, through its subsidiaries, manufactures and

sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded

names. The Company also researches and develops, and manufactures principal

automotive parts and components for use in the assembly of pick-up trucks and

SUVs.


LTM as of: 06/yy

52-Week High (09.09.2013) 48.00

52-Week Low (11.09.2012) 15.75

Daily Volume

47.6





129'156.66 1 Yr Total Return 204.60%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

8'207.3 12'396.4 22'175.0 29'037.2 41'565.2 32'992.1 49'402.7 56'766.2 70'910.1 12'978.0 15'407.0

- 0.41x 0.71x 1.06x 1.59x 2.80x 4.98x 2.16x 1.66x - -

- 1'269.1 3'511.9 4'740.6 7'539.4 1'942.3 0.0 11'188.2 14'362.8 - -

- 4.00x 4.46x 6.48x 8.77x 0.00x 0.00x 11.27x 8.78x - -

514.1 1'022.6 2'700.7 3'426.2 5'692.4 3'967.9 7'426.3 8'444.0 10'515.1 1'800.0 1'840.0

12.52x 9.17x 8.25x 7.54x 10.52x 6.66x 10.85x 17.53x 13.91x 15.11x -









Net Debt/EBITDA -0.26


EBITDA Margin 18.1%



Asset Turnover 1.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Great Wall Motor Co LtdPrice/Volume

Valuation Analysis

3'108'699.00


,2

-,-2.,.20,021,122,

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.', F

1', F

3', F

5', F

-,', F

-.', F

-1', F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


BAODING INNOVATION G n/a EXCH 1'705'000'000 84.86 - 08.02.2013 Unclassified


TAIKANG LIFE INSURAN n/a EXCH 31'710'239 1.58 - 27.09.2011 Insurance Company


BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 17'401'955 0.87 752'737 30.06.2013 Investment Advisor

JIASHI FUND MANAGEME Multiple Portfolios MF-AGG 14'803'920 0.74 325'602 30.06.2013 Investment Advisor



FOUNDER SECURITIES C n/a EXCH 10'287'200 0.51 - 27.09.2011 Unclassified

RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 8'543'639 0.43 (165'686) 30.06.2013 Investment Advisor

SOOCHOW ASSET MANAGE Multiple Portfolios MF-AGG 7'655'160 0.38 961'968 30.06.2013 Investment Advisor


PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 6'653'847 0.33 (962'945) 30.06.2013 Investment Advisor



AEGON INDUSTRIAL FUN Multiple Portfolios MF-AGG 4'098'225 0.2 (100'023) 31.12.2012 Investment Advisor

GUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 3'829'331 0.19 (4'682'403) 30.06.2013 Investment Advisor


CHINA MERCHANTS FUND Multiple Portfolios MF-AGG 3'552'422 0.18 (1'250'096) 31.12.2012 Investment Advisor

FIRST STATE CINDA FU Multiple Portfolios MF-AGG 3'314'060 0.16 3'314'060 31.12.2012 Government


Sinolink Securities Co Ltd WU WENZHAO buy 5 M 53 6 month 26.08.2013

Chang Jiang Securities Co. Limited LIU YUANRUI buy 5 M #N/A N/A Not Provided 25.08.2013


Bank of China International ERIC HU buy 5 M 53 Not Provided 23.08.2013


China International Capital Corp LUO WEI buy 5 M #N/A N/A Not Provided 23.08.2013

PingAn Securities DE AN WANG strong buy 5 M 55 12 month 23.08.2013

Goldman Sachs YIPENG YANG neutral/neutral 3 M 36 12 month 22.08.2013



China Investment Securities ZHANG LEI strong buy 5 M 42 12 month 06.08.2013

Qilu Securities Co Ltd BAI YU buy 5 M 45 12 month 06.08.2013

UBS TIANLONG ZOU neutral 3 M 37 12 month 23.07.2013

Guodu Securities Co Ltd XIAO SHIJUN strong buy 5 M #N/A N/A Not Provided 21.07.2013



Guotai Junan BAI XIAOLAN buy 5 M 30 Not Provided 08.02.2013

HuaChuang Securities WANG YANXUE buy 5 D #N/A N/A Not Provided 21.01.2013

Great Wall Securities RAN FEI strong buy 5 M 19 6 month 26.10.2012

Founder Securities WANG YUQIONG add 4 N #N/A N/A Not Provided 09.09.2012

China Merchants Securities WANG LIUSHENG buy 5 M #N/A N/A Not Provided 15.06.2012

Industrial Securities LI GANGLING neutral 3 M #N/A N/A Not Provided 14.04.2012


Holdings By:

Great Wall Motor Co Ltd ee


09.09.2013

Inner Mongolia Yili Industrial Group Co., Ltd. produces milk, powdered milk, ice

cream, and other dairy products. The Company also produces frozen food and

noodles.


LTM as of: 06/yy

52-Week High (09.09.2013) 40.34

52-Week Low (05.12.2012) 18.99

Daily Volume

39.97





81'655.27 1 Yr Total Return 88.74%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

21'537.1 24'214.7 29'577.2 37'218.5 41'741.2 39'420.4 44'566.8 48'396.1 55'823.1 13'278.0 10'069.0

0.33x 0.85x 1.03x 0.86x 0.86x 3.29x 4.09x 1.59x 1.36x - -

(1'515.2) 1'171.6 1'184.9 2'176.3 2'563.3 0.0 0.0 3'687.3 4'751.0 1'304.0 1'147.0

- 17.54x 25.75x 14.78x 14.01x 0.00x 0.00x 20.52x 15.93x - -

(1'687.4) 647.7 777.2 1'809.2 1'717.2 1'754.8 2'693.6 2'683.5 3'104.1 1'087.0 881.0

- 32.69x 39.44x 18.08x 20.54x 18.64x 20.69x 31.03x 26.21x 26.74x 24.01x








Asset Turnover 1.80% (EBITDA-Capex)/Interest Exp. -5.37

Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.80








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Inner Mongolia Yili Industrial Group Co LtdPrice/Volume

Valuation Analysis

8'815'520.00


,

2

-,

-2

.,

.2

0,

02

1,

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,', F

.,', F

0,', F

1,', F

2,', F

3,', F

4,', F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


HOHHOT INVESTMENT CO n/a EXCH 190'013'958 9.3 - 10.01.2013 Corporation



SOCIAL SECURITY FUND n/a EXCH 63'808'863 3.12 - 10.01.2013 Government



MORGAN STANLEY n/a ULT-AGG 49'682'034 2.43 - 10.01.2013 Investment Advisor


BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 40'834'378 2 30'131'227 30.06.2013 Investment Advisor

MERRILL LYNCH INTERN n/a EXCH 40'620'259 1.99 - 10.01.2013 Bank



CHINA AMC RETURN FUN n/a EXCH 33'711'947 1.65 - 10.01.2013 n/a

CITIGROUP INCORPORAT n/a ULT-AGG 32'651'073 1.6 - 10.01.2013 Investment Advisor

NEW CHINA LIFE INSUR n/a EXCH 32'400'000 1.59 - 10.01.2013 Insurance Company


HARVEST THEMATIC FUN n/a EXCH 25'063'579 1.23 - 10.01.2013 n/a

GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 23'233'749 1.14 765'310 31.12.2012 Investment Advisor

YALE UNIVERSITY n/a Co File 22'056'237 1.08 - 31.12.2012 Endowment



Capital Securities Corp LIU HUI buy 5 M 42 Not Provided 03.09.2013

China International Capital Corp FEIYANG YUAN buy 5 M 43 12 month 03.09.2013

UBS ERICA POON WERKUN buy 5 M 48 12 month 02.09.2013


PingAn Securities WEN XIAN strong buy 5 M 45 12 month 02.09.2013

China Investment Securities JIANG XIN strong buy 5 M 46 12 month 02.09.2013

Morgan Stanley LILLIAN LOU Equalwt/In-Line 3 M 33 12 month 01.09.2013

SWS Research Co Ltd JASMINE ZHOU buy 5 M #N/A N/A Not Provided 01.09.2013


Everbright Securities Co., Ltd TINGZHI XING accumulate 4 M 28 12 month 12.08.2013

China Merchants Securities LONG JUN buy 5 M #N/A N/A Not Provided 29.07.2013

Hong Yuan Securities SU QINGQING buy 5 M 30 6 month 14.07.2013

Qilu Securities Co Ltd XIE GANG buy 5 M #N/A N/A Not Provided 07.07.2013

Northeast Securities Co Ltd ZHU CHENGLIANG buy 5 U #N/A N/A Not Provided 28.06.2013

Guodu Securities Co Ltd ZHAO XIANDONG strong buy 5 M #N/A N/A Not Provided 27.06.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 06.06.2013

Rising Securities Co.,LTD ZHAO YUE outperform 5 M 29 6 month 22.04.2013

Citic Securities Co., Ltd HUANG WEI buy 5 M 26 6 month 06.02.2013

Bank of China International SU CHENG buy 5 M #N/A N/A Not Provided 24.01.2013


Sinolink Securities Co Ltd XIAO ZHE buy 5 U #N/A N/A Not Provided 01.11.2012

China Securities Co., Ltd FUSHENG HUANG buy 5 M 30 Not Provided 25.06.2012

Industrial Securities CHEN YU buy 5 N #N/A N/A Not Provided 18.07.2011

Central China Securities FANG XIAHONG buy 5 M #N/A N/A Not Provided 28.05.2011

China Galaxy Securities DONG JUNFENG buy 5 M #N/A N/A Not Provided 29.06.2010

Holdings By:

Inner Mongolia Yili Industrial Group Co Ltd ee


09.09.2013

Poly Real Estate Group Co., Ltd. mainly develops and sells residential homes.

The company is also in the business of leasing and rental of real estates, and

property management.


LTM as of: 06/yy

52-Week High (21.01.2013) 14.64

52-Week Low (25.06.2013) 8.59

Daily Volume

10.79





77'018.96 1 Yr Total Return 3.22%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

13'973.9 20'450.2 32'309.9 41'962.8 60'785.5 46'473.1 70'363.8 89'933.7 112'793.1 21'667.0 35'217.5

3.87x 4.60x 3.09x 2.77x 2.60x 10.57x 8.18x 1.25x 0.71x - -

3'731.6 5'204.4 7'480.3 10'601.4 14'172.4 0.0 0.0 18'258.0 23'262.4 - -

14.48x 18.06x 13.36x 10.97x 11.16x 0.00x 0.00x 8.07x 6.33x - -

2'238.9 3'519.2 4'920.0 6'530.9 8'438.2 6'246.9 9'334.5 10'718.1 13'631.1 3'933.0 3'933.0

15.82x 21.13x 11.76x 9.09x 11.53x 13.00x 7.62x 7.15x 5.61x 6.26x 5.21x


EBIT 13'874.30 Long-Term Rating BBB+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.28







Fiscal Year Ended

Poly Real Estate Group Co LtdPrice/Volume

Valuation Analysis

121'003'185.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

-1

-3

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F.,', F1,', F3,', F5,', F-,,', F-.,', F-1,', F-3,', F-5,', F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

-5',,

.,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


POLY SOUTHERN GROUP n/a Co File 3'007'916'449 42.14 - 31.12.2012 Other


GUANGDONG HUAMEI INT n/a Co File 148'983'000 2.09 - 31.12.2012 Corporation

CHINA POLY GROUP COR n/a Co File 139'031'682 1.95 - 31.12.2012 Government





GUOSEN SECURITIES CO n/a Co File 81'849'101 1.15 - 31.12.2012 Corporation




QIANJI ZHU n/a Co File 57'454'590 0.8 - 31.12.2012 n/a






KEQIANG ZHANG n/a Co File 49'247'000 0.69 - 31.12.2012 n/a



GF Securities Co. Ltd. ZOU GE buy 5 M #N/A N/A Not Provided 02.09.2013

PingAn Securities YATING ZHOU buy 5 M #N/A N/A Not Provided 02.09.2013

China Investment Securities LI SHAOMING buy 5 M 16 12 month 02.09.2013

Central China Securities WU JIANXIONG buy 5 M #N/A N/A Not Provided 30.08.2013


Capital Securities Corp ZHU JIXIANG strong buy 5 M 15 Not Provided 28.08.2013

Northeast Securities Co Ltd GAO JIAN buy 5 M #N/A N/A Not Provided 27.08.2013

China International Capital Corp ANSON JINGBIAN NING buy 5 M #N/A N/A Not Provided 27.08.2013

Guotai Junan LI PINKE buy 5 M 16 12 month 27.08.2013

Goldman Sachs WANG YI Buy/Neutral 5 M 13 12 month 26.08.2013

Everbright Securities Co., Ltd ZIPEI TANG accumulate 4 M 15 12 month 18.08.2013

Credit Suisse JINSONG DU outperform 5 M 15 Not Provided 07.08.2013

UBS MICHAEL LI buy 5 M 15 12 month 02.08.2013

SWS Research Co Ltd SIYI HAN buy 5 M #N/A N/A Not Provided 19.07.2013

Hong Yuan Securities HONG JUNHUA buy 5 M 15 6 month 16.07.2013

Qilu Securities Co Ltd DING CHEN buy 5 M #N/A N/A Not Provided 30.06.2013

Guodu Securities Co Ltd ZHANG WEI buy 5 M #N/A N/A Not Provided 24.06.2013

Masterlink Securities DAI KAI-YU buy 5 M 14 Not Provided 19.06.2013


Citic Securities Co., Ltd CONG CHEN buy 5 M 18 6 month 14.05.2013

Fortune CLSA Securities Limited YANG YAN buy 5 N 15 Not Provided 09.05.2013

Bank of China International TIAN SHIXIN buy 5 M 14 12 month 29.01.2013

Sinolink Securities Co Ltd ZHANG WEI add 4 N #N/A N/A Not Provided 30.10.2012

Great Wall Securities SU XUSHENG strong buy 5 M #N/A N/A Not Provided 30.10.2012

AJ Securities ZUO HONGYING buy 5 M 11 6 month 09.10.2012

China Merchants Securities ZUGUO JIA buy 5 M 11 6 month 12.06.2012

Industrial Securities YU MIAO buy 5 M #N/A N/A Not Provided 19.04.2012


China Minzu Securities Co Ltd CUI JUAN buy 5 M 11 6 month 02.12.2011

Tebon Securities Co Ltd ZHANG FAN outperform 5 M #N/A N/A Not Provided 08.11.2011


China Galaxy Securities DING WEN speculative buy 4 U #N/A N/A Not Provided 04.02.2010

China Securities Co., Ltd ZHANG CHAOHUI add 4 D 14 Not Provided 02.12.2009

Holdings By:

Poly Real Estate Group Co Ltd ee


09.09.2013

Bank of Beijing Company Ltd. attracts deposits and offers commercial banking

services. The Bank offers short-, medium- and long-term loans, insurance,

foreign exchange, international settlement, government bonds, and other

products and services.


LTM as of: 06/yy

52-Week High (04.02.2013) 10.70

52-Week Low (26.09.2012) 6.60

Daily Volume

8.64





76'033.38 1 Yr Total Return 24.59%





Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

19'894.7 18'479.5 24'834.6 39'891.9 57'347.9 50'512.9 59'473.7 32'521.5 38'409.2 8'173.0 8'497.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

5'417.2 5'633.9 6'803.0 8'946.7 11'674.8 10'247.8 13'074.5 13'732.4 16'272.0 3'497.5 2'431.0

10.24x 21.49x 10.50x 6.44x 6.74x 6.54x 5.36x 5.51x 4.68x 5.14x 4.91x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bank of Beijing Co LtdPrice/Volume

Valuation Analysis

91'950'322.00


,

.

1

3

5

-,

-.

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.,', F

1,', F

3,', F

5,', F

-,,', F

-.,', F

-1,', F

-3,', F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

-5',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


ING BANK NV n/a Co File 1'200'581'777 13.64 - 31.12.2012 Bank

BEIJING STATE-OWNED n/a Co File 777'796'427 8.84 - 31.12.2012 Investment Advisor

BEIJING ENERGY INVES n/a Co File 446'648'700 5.08 - 31.12.2012 Corporation

HUATAI MOTOR GRP n/a Co File 393'626'991 4.47 - 31.12.2012 Corporation


INTERNATIONAL FINANC n/a Co File 301'653'713 3.43 - 31.12.2012 Government

CHINA FOREIGN ECON & n/a Co File 169'106'987 1.92 - 31.12.2012 Corporation

TAIKANG LIFE INSURAN n/a Co File 146'989'709 1.67 - 31.12.2012 Insurance Company

CENTURY GOLDEN RESOU n/a Co File 132'300'000 1.5 - 31.12.2012 Investment Advisor

CHINA HI-TECH GROUP n/a Co File 127'412'427 1.45 - 31.12.2012 Holding Company

STATE DEVELOPMENT & n/a EXCH 89'971'882 1.02 - 26.03.2012 Government

BLACKROCK ASSET MGMT Multiple Portfolios MF-AGG 88'291'828 1 - 30.08.2013 Investment Advisor



CHINA HUANENG GROUP n/a EXCH 56'232'427 0.64 - 26.03.2012 Government

CH SOUTH INDUST ASSE n/a EXCH 56'232'427 0.64 - 26.03.2012 Other

LIQIN INVEST CO n/a EXCH 56'232'427 0.64 - 26.03.2012 Other

XA KAIYUAN INTL INVE n/a EXCH 56'232'427 0.64 - 26.03.2012 Other














SWS Research Co Ltd BECKY XU outperform 5 M #N/A N/A Not Provided 19.07.2013

Standard Chartered DORRIS CHEN in-line 3 M 9 12 month 16.07.2013




Tebon Securities Co Ltd GENDA XIA outperform 5 N 10 6 month 02.05.2013









Great Wall Securities WU XIAOLING neutral 3 M #N/A N/A Not Provided 23.05.2011

China Minzu Securities Co Ltd ZHANG JING add 4 D 13 6 month 12.04.2011

Guodu Securities Co Ltd DENG TING buy 5 M 13 6 month 21.02.2011



Bank of China International SUN PENG hold 3 D 13 Not Provided 26.02.2010

Holdings By:

Bank of Beijing Co Ltd ee


09.09.2013

Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co., Ltd. explores and refines

rare earth concentrates and processes rare earth products. The Company also

produces and exports rechargeable batteries and mineral products.


LTM as of: 06/yy

52-Week High (21.12.2012) 38.84

52-Week Low (04.07.2013) 19.32

Daily Volume

29.39





71'183.87 1 Yr Total Return -17.22%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

3'204.2 2'570.7 5'215.7 11'370.3 9'135.3 11'672.6 7'740.3 8'406.1 9'425.6 2'098.0 1'417.0

2.30x 9.30x 11.56x 4.35x 10.63x 26.18x 41.63x 8.74x 7.66x - -

495.8 366.1 2'155.8 - 2'467.3 0.0 0.0 2'497.8 3'123.5 - -

14.83x 65.28x 27.97x - 39.37x 0.00x 0.00x 30.65x 24.51x - -

167.1 55.8 750.7 3'478.4 1'510.4 3'071.3 991.9 1'434.5 1'641.2 411.0 459.0

33.91x 397.39x 76.82x 13.11x 60.02x 31.11x 50.93x 50.41x 43.87x 39.72x 36.51x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.42







Fiscal Year Ended

Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co LtdPrice/Volume

Valuation Analysis

49'248'542.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

0,

02

1,


0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2,',,

-,,',,

-2,',,

.,,',,

.2,',,

0,,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


BAOTOU IRON AND STEE n/a Co File 942'574'146 38.92 - 31.12.2012 Corporation

JIAXIN (HK) CO LTD n/a Co File 239'050'000 9.87 - 31.12.2012 Corporation



E FUND MANAGEMENT Multiple Portfolios MF-AGG 12'953'151 0.53 669'050 31.12.2012 Investment Advisor


BAOGANG INTEGRATED E n/a Co File 12'000'000 0.5 - 31.12.2012 Holding Company




ZHOU LELI n/a Co File 7'465'905 0.31 - 31.12.2012 n/a

UBS SDIC FUND MANAGE Multiple Portfolios MF-AGG 6'655'440 0.27 (2'586'744) 31.12.2012 Investment Advisor

FIL LIMITED n/a ULT-AGG 5'778'599 0.24 10'464 31.10.2012 Investment Advisor




MANULIFE TEDA FUND M Multiple Portfolios MF-AGG 3'065'858 0.13 3'052'744 31.12.2012 Investment Advisor


ZHONG HAI FUND MANAG Multiple Portfolios MF-AGG 2'768'452 0.11 2'605'786 31.12.2012 Investment Advisor



GF Securities Co. Ltd. GUOXIAN JU buy 5 M #N/A N/A Not Provided 01.09.2013

Credit Suisse VINCENT CHAN underperform 1 M 24 Not Provided 26.08.2013

Capital Securities Corp LI XIAOLU neutral 3 M 29 Not Provided 19.08.2013

China International Capital Corp CAI HONGYU hold 3 M #N/A N/A Not Provided 16.08.2013

Guotai Junan YONGLIANG SANG buy 5 M 36 12 month 16.08.2013

Everbright Securities Co., Ltd WANG QIANMING accumulate 4 U 33 6 month 16.08.2013

Founder Securities LIU WEIYUAN add 4 M #N/A N/A Not Provided 16.08.2013

Fortune CLSA Securities Limited JIE LI sell 1 M 17 12 month 16.08.2013

SWS Research Co Ltd PEGGY YE outperform 5 M #N/A N/A Not Provided 19.07.2013

UBS HAOXIANG LIN neutral 3 D 31 12 month 02.04.2013

Northeast Securities Co Ltd CHEN BINGHUI neutral 3 D #N/A N/A Not Provided 02.04.2013

Hong Yuan Securities MIN DAN add 4 M #N/A N/A Not Provided 30.03.2013

Bank of China International LE YUKUN buy 5 N #N/A N/A Not Provided 31.12.2012

Masterlink Securities DAI KAI-YU hold 3 N 5 6 month 01.11.2012

HuaChuang Securities GAO LI neutral 3 M #N/A N/A Not Provided 21.10.2012


China Securities Co., Ltd ZHANG FANG add 4 M 65 Not Provided 25.06.2012


China Merchants Securities WANG XIAODAN buy 5 M #N/A N/A Not Provided 11.06.2012

Tebon Securities Co Ltd TEAM COVERAGE buy 5 U #N/A N/A Not Provided 08.04.2012

Great Wall Securities LIU FEI buy 5 N #N/A N/A Not Provided 30.03.2012

Central China Securities HE WEIJIANG monitored #N/A N/A N #N/A N/A Not Provided 09.08.2011

China Minzu Securities Co Ltd GUAN JIANXIN buy 5 M 30 6 month 07.12.2010

Citic Securities Co., Ltd LI ZHUIYANG add 4 M #N/A N/A Not Provided 18.06.2008

Holdings By:

Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co Ltd ee


09.09.2013

Baoshan Iron & Steel Co., Ltd. manufactures and markets a variety of iron and

steel products including cold rolled plates and coils, hot rolled plates and

coils, seamless steel tubes, high-speed wire rods, and steel billets. The

company also operates in related energy production businesses.


LTM as of: 06/yy

52-Week High (08.02.2013) 5.21

52-Week Low (25.06.2013) 3.85

Daily Volume

4.62





76'099.37 1 Yr Total Return 5.95%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

199'418.9 147'955.6 201'888.4 222'415.3 191'204.2 209'472.7 189'240.8 179'762.9 184'948.4 44'568.5 44'892.0

0.72x 1.57x 0.86x 0.72x 0.72x 2.92x 2.83x 0.64x 0.58x - -

24'383.2 21'382.5 29'878.5 21'441.5 16'884.1 0.0 0.0 18'464.8 20'675.0 4'396.0 4'770.0

5.86x 10.83x 5.84x 7.47x 8.19x 0.00x 0.00x 7.36x 6.57x 7.04x 6.96x

6'459.2 5'816.2 12'868.8 7'362.0 10'386.4 11'892.5 4'479.2 6'601.6 8'021.0 1'437.0 1'178.0

12.54x 29.27x 8.75x 11.55x 8.15x 6.36x 14.43x 11.52x 9.63x 11.13x 10.74x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.83







Fiscal Year Ended

Baoshan Iron & Steel Co LtdPrice/Volume

Valuation Analysis

79'672'763.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.,', F

1,', F

3,', F

5,', F

-,,', F

-.,', F

-1,', F

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


BAOSTEEL GROUP CORP n/a Co File 13'128'825'267 79.71 - 31.12.2012 Government



ZJG DUTY FREE ZONE Q n/a Co File 63'419'861 0.39 - 31.12.2012 Corporation

RUGAO CHANGRONG ORE n/a Co File 62'777'182 0.38 - 31.12.2012 Other


GOVERNMENT OF SINGAP n/a ULT-AGG 52'009'386 0.32 - 31.12.2012 Government


ZJG DUTY FREE ZONE L n/a Co File 48'894'600 0.3 - 31.12.2012 Investment Advisor

ZHANGJIAGANG FTZ RON n/a Co File 45'524'951 0.28 - 31.12.2012 Other

ZJG DUTY FREE ZONE R n/a Co File 42'120'356 0.26 - 31.12.2012 Corporation


ZJG HONGDA TRANS CO n/a Co File 41'544'158 0.25 - 31.12.2012 Corporation

NINGBO HONGGUANG TRA n/a Co File 40'804'594 0.25 - 31.12.2012 Corporation










Morgan Stanley RACHEL L ZHANG Equalwt/In-Line 3 M 5 12 month 26.08.2013

Credit Suisse TRINA CHEN neutral 3 M 4 Not Provided 26.08.2013

HSBC CHRIS CHEN overweight 5 U 6 Not Provided 26.08.2013

GF Securities Co. Ltd. FENG GANGYONG buy 5 M 7 12 month 26.08.2013

China International Capital Corp YUE DING buy 5 M #N/A N/A Not Provided 26.08.2013

JPMorgan DANIEL KANG overweight 5 M 5 12 month 25.08.2013

Masterlink Securities SARAH WANG hold 3 M 5 Not Provided 20.08.2013

Jefferies PO WEI buy 5 M 6 12 month 05.08.2013

VTB Capital WIKTOR BIELSKI hold 3 M 5 12 month 05.08.2013

SWS Research Co Ltd KERRY HE buy 5 M #N/A N/A Not Provided 22.07.2013


Macquarie LAURA SHI neutral 3 M 4 12 month 15.07.2013

Qilu Securities Co Ltd DU HUI add 4 M #N/A N/A Not Provided 30.06.2013

EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013


Bank of China International HANG YIJUN hold 3 M #N/A N/A Not Provided 23.01.2013

IBT Securities Co Ltd PETER TZENG neutral 3 N #N/A N/A Not Provided 26.12.2012

Hong Yuan Securities ZHAO LIMING buy 5 N #N/A N/A Not Provided 28.08.2012

Guodu Securities Co Ltd WANG SHUBAO buy 5 M #N/A N/A Not Provided 28.08.2012

China Merchants Securities ZHANG SHIBAO buy 5 M #N/A N/A Not Provided 19.07.2012

China Securities Co., Ltd WANG ZHE buy 5 U 6 Not Provided 25.06.2012

Citic Securities Co., Ltd YUJIAO JIANG buy 5 M #N/A N/A Not Provided 18.05.2012

Industrial Securities LAN JIE buy 5 M #N/A N/A Not Provided 12.04.2012

HuaChuang Securities HAN ZHENGUO buy 5 M #N/A N/A Not Provided 04.04.2012

Tebon Securities Co Ltd TEAM COVERAGE buy 5 M 9 6 month 18.02.2012

China Investment Securities CHU XUELIANG buy 5 M #N/A N/A Not Provided 11.01.2012

Northeast Securities Co Ltd XIFENG PAN buy 5 N #N/A N/A Not Provided 14.03.2011

China Galaxy Securities SUN YONG speculative buy 4 M #N/A N/A Not Provided 18.05.2010

Holdings By:

Baoshan Iron & Steel Co Ltd ee


09.09.2013

China United Network Communications Limited provides a variety of

telecommunication services, including GSM and CDMA wireless telecommunication

services, international and domestic long distance communication services, data

communication and Internet services, as well as paging services.


LTM as of: 06/yy

52-Week High (10.09.2012) 3.87

52-Week Low (25.06.2013) 2.97

Daily Volume

3.31





70'160.73 1 Yr Total Return -13.14%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

159'487.0 153'881.8 171'370.0 209'166.9 248'926.0 229'462.0 271'542.9 296'883.6 340'139.4 75'005.0 73'790.0

1.67x 2.32x 1.75x 1.44x 1.21x 5.18x 4.33x 1.05x 0.90x - -

70'927.3 60'190.4 61'766.1 64'768.2 73'936.0 0.0 0.0 70'110.3 82'920.5 - -

3.76x 5.93x 4.87x 4.65x 4.06x 0.00x 0.00x 4.20x 3.55x - -

20'235.9 3'137.0 1'234.5 1'412.2 2'368.1 1'696.1 2'981.0 3'552.3 5'123.6 815.0 734.0

5.27x 49.26x 91.92x 78.68x 31.33x 46.50x 22.18x 20.18x 14.21x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.55








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China United Network Communications LtdPrice/Volume

Valuation Analysis

191'148'231.00


,--..00112

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2,', F

-,,', F

-2,', F

.,,', F

.2,', F

0,,', F

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

,'2,

-',,

-'2,

.',,

.'2,

0',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA UNITED TELECOM n/a EXCH 13'211'103'654 62.33 - 03.05.2013 Government





CHANGSHENG FUND MANA Multiple Portfolios MF-AGG 102'494'286 0.48 166'655 31.12.2012 Investment Advisor


ZHANG DAZHONG n/a Co File 78'237'247 0.37 - 31.12.2012 n/a












TIANTONG ASSET MANAG Multiple Portfolios MF-AGG 22'601'854 0.11 5'358'498 30.06.2013 Investment Advisor


Masterlink Securities LV HAN buy 5 M 4 6 month 02.09.2013

China Investment Securities QI NING strong buy 5 M 5 12 month 15.08.2013

UBS WANG JINJIN buy 5 M 5 12 month 14.08.2013

Capital Securities Corp HU JIAMING hold 3 M 4 Not Provided 12.08.2013

Qilu Securities Co Ltd YANG HONG buy 5 M 4 12 month 11.08.2013

Everbright Securities Co., Ltd ZHOU LIQIAN buy 5 M 5 6 month 09.08.2013


SWS Research Co Ltd WANG JING neutral 3 M #N/A N/A Not Provided 19.07.2013

Goldman Sachs DONALD LU neutral/neutral 3 D 4 12 month 23.05.2013

HuaChuang Securities MA JUN strong buy 5 M 5 6 month 21.02.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013


PingAn Securities LU SHAN buy 5 M #N/A N/A Not Provided 24.08.2012

Bank of China International YANG TONY buy 5 M 6 Not Provided 03.08.2012

China Merchants Securities ZHANG LIANGYONG strong buy 5 M 5 6 month 23.07.2012

China Securities Co., Ltd DAI CHUNRONG add 4 M 6 Not Provided 25.06.2012

Great Wall Securities LIU SHEN strong buy 5 M 6 6 month 26.04.2012

Industrial Securities LIU LIANG buy 5 M #N/A N/A Not Provided 11.04.2012

Founder Securities WANG HUI add 4 M 8 6 month 23.03.2012

Citic Securities Co., Ltd JUNTAO GONG buy 5 M 8 6 month 29.12.2011

Tebon Securities Co Ltd TEAM COVERAGE buy 5 M #N/A N/A Not Provided 20.12.2011

Northeast Securities Co Ltd ZHOU SILI buy 5 N #N/A N/A Not Provided 05.12.2011

China Minzu Securities Co Ltd WANG XIAOYAN buy 5 M 7 6 month 16.05.2011

JPMorgan LUCY LIU neutral 3 M 7 Not Provided 27.04.2011

China Galaxy Securities XU YAOWEN speculative buy 4 N #N/A N/A Not Provided 26.03.2010

Hong Yuan Securities HU YING buy 5 N #N/A N/A Not Provided 05.12.2009

Holdings By:

China United Network Communications Ltd ee


09.09.2013

China Shipbuilding Industry Company Limited designs, manufactures, sells and

leases ship parts. The Company's products include engines and parts, auxiliay

engines and transportation equipment.


LTM as of: 06/yy

52-Week High (06.03.2013) 5.63

52-Week Low (21.11.2012) 3.91

Daily Volume

-

52-Week High % Change - Dividend Yield -

52-Week Low % Change - Beta -



- 1 Yr Total Return -

Total Debt 67'467.53 YTD Return -

Preferred Stock 0.0 Adjusted BETA -



Enterprise Value -

Average Volume 5 Day 0

601989 CH EQUITY YTD Change - Average Volume 30 Day 0

601989 CH EQUITY YTD % CHANGE - Average Volume 3 Month 0


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

15'974.4 18'463.7 53'971.6 64'643.8 58'343.3 61'869.1 54'313.5 59'712.7 64'777.0 - -

- 2.01x 0.87x 0.96x 1.25x 4.70x 4.12x - - - -

1'536.7 1'878.5 5'530.0 6'149.9 4'385.5 0.0 0.0 - - - -

- 19.75x 8.49x 10.10x 16.60x 0.00x 0.00x - - - -

1'220.9 1'490.5 4'321.0 5'019.7 3'577.1 4'076.9 2'460.6 3'689.3 4'100.7 - -

- 25.19x 40.66x 14.60x 19.88x 18.67x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.31







Fiscal Year Ended

China Shipbuilding Industry Co LtdPrice/Volume

Valuation Analysis

0.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0', F

.,', F

1,', F

3,', F

5,', F

-,,', F

-.,', F

-1,', F

-3,', F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,',,

,'.,

,'1,

,'3,

,'5,

-',,

-'.,



09.09.2013


CHINA SHIPBUILDING I n/a Co File 8'029'035'174 54.74 - 31.12.2012 Government

DL SHIPBUILDING INDU n/a Co File 1'621'341'182 11.05 - 31.12.2012 Government


BOHAI SHIPBUILDING C n/a Co File 540'640'446 3.69 - 31.12.2012 Government

CHINA HUARONG ASSET n/a Co File 393'750'127 2.68 - 31.12.2012 Government


ANSHAN IRON & STEEL n/a Co File 153'144'330 1.04 - 31.12.2012 Government

CHINA CONSTRUCTION B n/a Co File 130'000'053 0.89 - 31.12.2012 Government


CHINA DEVELOPMENT BA n/a Co File 100'058'363 0.68 - 31.12.2012 Bank



CHANGSHENG FUND MANA Multiple Portfolios MF-AGG 58'095'781 0.4 (54'666'439) 31.12.2012 Investment Advisor









China International Capital Corp JIN ZHANG accumulate 4 M #N/A N/A Not Provided 02.09.2013

Northeast Securities Co Ltd LI KUN add 4 M #N/A N/A Not Provided 30.06.2013

PingAn Securities HAITAO ZHU buy 5 M #N/A N/A Not Provided 25.06.2013

Everbright Securities Co., Ltd LU ZHOU buy 5 M 6 12 month 20.05.2013

Hong Yuan Securities PANG LINLIN buy 5 M #N/A N/A Not Provided 15.04.2013

China Securities Co., Ltd GAO XIAOCHUN buy 5 M 8 Not Provided 25.06.2012

SWS Research Co Ltd MILLER LI outperform 5 M #N/A N/A Not Provided 08.06.2012

Citic Securities Co., Ltd ZHANG TING not rated #N/A N/A M #N/A N/A Not Provided 19.03.2012

Industrial Securities WU HUA neutral 3 D #N/A N/A Not Provided 18.01.2012

Great Wall Securities YAN FUYIN buy 5 N #N/A N/A Not Provided 30.12.2011

China Merchants Securities TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 27.07.2011

China Investment Securities LI QIN buy 5 M #N/A N/A Not Provided 04.05.2011

China Minzu Securities Co Ltd CAIXIA FU add 4 N 8 6 month 03.05.2011

Central China Securities LU YONGGUANG add 4 N #N/A N/A Not Provided 26.11.2010

China Galaxy Securities TIAN SHUHUA buy 5 M #N/A N/A Not Provided 01.06.2010

Holdings By:

China Shipbuilding Industry Co Ltd ee


09.09.2013

Huaxia Bank Co., Ltd. provides a full range of commercial banking services i

ncluding RMB and foreign currency deposit, loan, international and domestic s

ettlement, discount, currency trading, letter of credit, bank guarantee, and o

ther related services.


LTM as of: 06/yy

52-Week High (04.02.2013) 9.56

52-Week Low (27.09.2012) 5.99

Daily Volume

7.76





69'100.03 1 Yr Total Return 24.16%





Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

38'762.0 34'108.4 45'434.0 66'205.8 78'225.9 73'875.6 78'665.6 45'151.4 52'186.1 11'576.0 11'576.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

3'070.8 3'760.2 5'989.6 9'221.9 12'796.3 11'029.7 14'021.0 14'355.4 16'343.7 3'400.0 3'400.0

10.33x 16.48x 9.08x 7.59x 5.54x 5.90x 4.76x 4.85x 4.28x 4.46x 4.41x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Huaxia Bank Co LtdPrice/Volume

Valuation Analysis

139'679'234.00


,-.0123456

-,

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.,', F

1,', F

3,', F

5,', F

-,,', F

-.,', F

-1,', F

-3,', F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

,'2,

-',,

-'2,

.',,

.'2,

0',,

0'2,

1',,

1'2,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


SHOUGANG CORP n/a Co File 1'805'506'535 20.28 - 31.12.2012 Government

STATE GRID CORP OF C n/a Co File 1'623'994'959 18.24 - 31.12.2012 Government

DEUTSCHE BANK AG n/a ULT-AGG 1'557'478'237 17.49 - 31.12.2012 Investment Advisor

HONGTA TOBACCO GROUP n/a Co File 389'480'000 4.37 - 31.12.2012 Corporation

RUNHUA GROUP CO LTD n/a Co File 277'388'945 3.12 - 31.12.2012 Corporation

SAL OPPENHEIM JR & C n/a Co File 222'560'000 2.5 - 31.12.2012 Bank

BEIJING SANJILI ENER n/a Co File 155'385'033 1.74 - 31.12.2012 Corporation

SHANGHAI JIANTE BIOT n/a Co File 116'438'818 1.31 - 31.12.2012 Corporation












GREAT WALL FUND MANA Multiple Portfolios MF-AGG 24'009'060 0.27 21'881 30.06.2013 Investment Advisor







Capital Securities Corp XIE JIYONG hold 3 M #N/A N/A Not Provided 09.08.2013

Sinolink Securities Co Ltd HE GUOWEN neutral 3 M #N/A N/A Not Provided 09.08.2013


Goldman Sachs NING MA Sell/Neutral 1 M 5 12 month 23.07.2013

SWS Research Co Ltd BECKY XU neutral 3 M #N/A N/A Not Provided 19.07.2013

GF Securities Co. Ltd. Mu Hua hold 3 N #N/A N/A Not Provided 19.06.2013




Bank of China International SUN PENG hold 3 M 10 Not Provided 05.12.2012





Industrial Securities YIDONG ZHANG buy 5 D #N/A N/A Not Provided 12.04.2012




China Minzu Securities Co Ltd ZHANG JING add 4 M #N/A N/A Not Provided 01.12.2011




Holdings By:

Huaxia Bank Co Ltd ee


09.09.2013

Anhui Conch Cement Company Limited produces and sells ordinary portland cement,

portland cement, portland blast furnace slag cement, compound cement, and

commercial clinker. The Company sells its products under the Conch, Hailuo, and

Huangshan trademarks.


LTM as of: 06/yy

52-Week High (18.02.2013) 22.10

52-Week Low (25.06.2013) 11.88

Daily Volume

16.21





92'326.01 1 Yr Total Return 9.42%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

24'228.3 24'998.0 34'508.3 48'653.8 45'766.2 46'627.6 48'537.2 54'219.0 62'368.2 14'040.0 16'580.0

2.18x 10.56x 3.42x 2.13x 2.65x 9.86x 10.10x 2.02x 1.68x - -

5'396.1 6'530.7 10'630.0 18'761.3 12'367.9 0.0 0.0 15'325.7 17'993.3 2'999.0 4'603.0

9.77x 40.43x 11.12x 5.51x 9.79x 0.00x 0.00x 7.11x 6.06x 7.64x 7.66x

2'607.2 3'505.9 6'159.6 11'586.4 6'331.1 8'513.1 6'450.1 8'397.4 9'943.7 2'085.0 3'032.0

20.26x 22.19x 17.76x 8.54x 19.06x 10.64x 13.76x 10.54x 8.79x 8.69x 8.88x











EBITDA Margin 27.1%



Asset Turnover 0.58







Fiscal Year Ended

Anhui Conch Cement Co LtdPrice/Volume

Valuation Analysis

28'533'126.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F-,', F.,', F0,', F1,', F2,', F3,', F4,', F5,', F6,', F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,',,

,'.,

,'1,

,'3,

,'5,

-',,

-'.,



09.09.2013


ANHUI CONCH HLDGS CO n/a EXCH 1'947'282'844 48.69 - 20.03.2012 Holding Company

ANHUI CONCH VENTURE n/a Co File 286'713'246 7.17 - 31.12.2011 Other


PINGAN TRUST CO LTD n/a Co File 74'425'633 1.86 - 31.12.2011 Other











MORGAN STANLEY INTER n/a Co File 25'181'353 0.63 - 31.12.2011 Investment Advisor

E FUND MANAGEMENT Multiple Portfolios MF-AGG 21'749'027 0.54 (248'861) 31.12.2012 Investment Advisor






Chang Jiang Securities Co. Limited FAN CHAO buy 5 M #N/A N/A Not Provided 03.09.2013

Guotai Junan YANXIN BAO buy 5 M 21 12 month 02.09.2013

Masterlink Securities DAI KAI-YU buy 5 M 20 6 month 29.08.2013

Northeast Securities Co Ltd XIE WENJIE buy 5 M #N/A N/A Not Provided 20.08.2013



Sinolink Securities Co Ltd HUANG SHITAO buy 5 N #N/A N/A Not Provided 19.08.2013

China Merchants Securities WANG JINGJING strong buy 5 M #N/A N/A Not Provided 19.08.2013


JPMorgan NICK LAI overweight 5 M 22 3 month 16.08.2013

Bank of China International MICHELLE LEUNG buy 5 M 20 Not Provided 16.08.2013

China International Capital Corp LUO WEI buy 5 M #N/A N/A Not Provided 16.08.2013

China Investment Securities LI FAN strong buy 5 M 20 12 month 15.08.2013

SWS Research Co Ltd KATHY WANG buy 5 M #N/A N/A Not Provided 22.07.2013

China Minzu Securities Co Ltd Pengcheng Yu buy 5 U 20 6 month 17.07.2013

UBS MICK MI buy 5 M 20 12 month 15.07.2013

Goldman Sachs JULIAN ZHU neutral/neutral 3 M 19 12 month 08.05.2013

Guodu Securities Co Ltd WANG SHUANG buy 5 D 27 6 month 25.04.2013

Founder Securities WEI ZHOU add 4 U #N/A N/A Not Provided 25.03.2013

HuaChuang Securities LI LONG strong buy 5 M #N/A N/A Not Provided 03.02.2013

Hong Yuan Securities DENG HAIQING buy 5 M 20 6 month 01.02.2013

Citic Securities Co., Ltd ZENG HAO buy 5 M #N/A N/A Not Provided 28.01.2013

China Securities Co., Ltd TIAN DONGHONG buy 5 U 20 Not Provided 25.06.2012

Industrial Securities YIDONG ZHANG buy 5 M 31 12 month 19.04.2012

AJ Securities ZUO HONGYING strong buy 5 M 25 6 month 26.10.2011

PingAn Securities XU WEI strong buy 5 M #N/A N/A Not Provided 25.10.2011

China Galaxy Securities HONG LIANG buy 5 M 33 12 month 01.07.2010

KGI Securities YANG HAN outperform 5 U 16 12 month 24.08.2009

Holdings By:

Anhui Conch Cement Co Ltd ee


09.09.2013

Huaneng Power International, Inc. develops, constructs, owns and operates

coal-fired power plants throughout China.


LTM as of: 06/yy

52-Week High (05.12.2012) 7.40

52-Week Low (25.06.2013) 4.76

Daily Volume

5.45





77'458.23 1 Yr Total Return -14.58%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

67'728.7 76'711.0 104'170.5 132'936.8 133'294.6 135'962.5 129'973.8 135'068.3 140'181.9 34'281.5 35'661.0

2.75x 2.33x 1.97x 1.77x 1.97x 6.04x 6.57x 1.77x 1.75x - -

6'911.4 18'639.8 19'363.9 21'207.5 29'477.3 0.0 0.0 36'634.6 36'249.6 - -

26.99x 9.59x 10.60x 11.08x 8.89x 0.00x 0.00x 5.71x 5.78x - -

(3'937.7) 4'929.5 3'348.0 1'180.5 5'512.5 2'298.0 9'554.8 10'458.5 10'500.1 2'200.5 2'452.5

- 9.43x 12.44x 41.87x 14.79x 27.79x 8.98x 7.63x 7.35x - -


EBIT 18'220.88 Long-Term Rating NR









EBITDA Margin 26.4%



Asset Turnover 0.50







Fiscal Year Ended

Huaneng Power International IncPrice/Volume

Valuation Analysis

27'980'303.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

4

5

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.,', F

1,', F

3,', F

5,', F

-,,', F

-.,', F

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


HUANENG INTL POWER D n/a Co File 5'066'662'118 48.25 - 30.06.2011 Corporation

CHINA HUANENG GROUP n/a 20F 1'555'124'549 14.81 - 31.03.2012 Government

HEBEI PROVINCIAL CON n/a Co File 603'000'000 5.74 - 30.06.2011 Investment Advisor

LIAONING ENERGY INVE n/a Co File 422'679'939 4.03 - 30.06.2011 Corporation

JIANGSU INVESTMENT M n/a Co File 416'500'000 3.97 - 30.06.2011 Corporation

FUJIAN INVESTMENT EN n/a Co File 374'466'667 3.57 - 30.06.2011 Other

DALIAN CONSTRUCTION n/a Co File 301'500'000 2.87 - 30.06.2011 Corporation















Goldman Sachs FRANKLIN CHOW Buy/Neutral 5 M 8 12 month 23.08.2013

Chang Jiang Securities Co. Limited JUN GE add 4 M #N/A N/A Not Provided 21.08.2013


Everbright Securities Co., Ltd JUNPENG CHEN accumulate 4 M 6 12 month 18.08.2013

Guotai Junan WANG WEI buy 5 N 7 12 month 08.08.2013


Bank of China International KEVIN XING hold 3 M 6 Not Provided 01.08.2013

Jefferies JOSEPH FONG buy 5 M 8 12 month 31.07.2013

China International Capital Corp JUNHUA CHEN accumulate 4 M #N/A N/A Not Provided 31.07.2013

SWS Research Co Ltd EVAN LIANG buy 5 M #N/A N/A Not Provided 18.07.2013

JPMorgan BORIS KAN neutral 3 U 6 9 month 12.07.2013




Guodu Securities Co Ltd WANG SHUBAO strong buy 5 N #N/A N/A Not Provided 26.12.2012

Citic Securities Co., Ltd WU FEI overweight 5 D #N/A N/A Not Provided 18.12.2012

Hong Yuan Securities LU RUMIN buy 5 M #N/A N/A Not Provided 28.11.2012

Great Wall Securities GUI FANGXIAO buy 5 M #N/A N/A Not Provided 23.10.2012

China Merchants Securities PENG QUANGANG strong buy 5 M #N/A N/A Not Provided 19.07.2012

PingAn Securities SHAO QING buy 5 M #N/A N/A Not Provided 09.03.2012

China Galaxy Securities ZOU XUYUAN speculative buy 4 M #N/A N/A Not Provided 21.10.2009

Holdings By:

Huaneng Power International Inc ee


09.09.2013

Sany Heavy Industry Co., Ltd. manufactures and markets construction machinery

and related parts. The Company's products include concrete pumps, concrete

pump vehicles, road rollers, pavers, and other related products. Sany Heavy

Industry sells its products under the "Sany" trade mark.


LTM as of: 06/yy

52-Week High (04.02.2013) 13.19

52-Week Low (09.07.2013) 6.75

Daily Volume

7.58





57'733.10 1 Yr Total Return -20.98%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

13'727.5 18'917.0 33'823.7 50'516.8 46'663.7 51'985.1 36'942.4 43'342.1 57'676.0 8'289.0 7'231.0

1.65x 3.00x 3.37x 2.11x 2.09x 9.00x 9.95x 1.53x 1.05x 7.13x 8.17x

2'116.6 3'880.8 7'628.2 11'310.3 8'678.9 0.0 0.0 7'440.0 8'684.0 - -

10.71x 14.63x 14.95x 9.44x 11.23x 0.00x 0.00x 10.54x 9.03x - -

1'232.2 2'639.9 5'615.5 8'648.9 5'686.1 7'869.8 3'176.9 5'342.1 7'985.5 1'059.0 1'018.0

16.88x 20.80x 19.50x 11.01x 14.12x 13.41x 18.02x 10.01x 7.01x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.52







Fiscal Year Ended

Sany Heavy Industry Co LtdPrice/Volume

Valuation Analysis

54'077'723.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

-1

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.,', F

1,', F

3,', F

5,', F

-,,', F

-.,', F

-1,', F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2,',,

-,,',,

-2,',,

.,,',,

.2,',,

0,,',,

02,',,

1,,',,

12,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


SANY GROUP CO LTD n/a Co File 4'281'311'012 56.21 - 31.12.2012 Corporation

WENGEN LIANG n/a Co File 286'575'517 3.76 - 31.12.2012 n/a




XIUGUO TANG n/a Co File 47'284'115 0.62 - 31.12.2012 n/a

ZHONGWU MAO n/a Co File 43'231'190 0.57 - 31.12.2012 n/a

WENBO XIANG n/a Co File 43'231'189 0.57 - 31.12.2012 n/a

DI CHUN n/a Co File 37'436'485 0.49 - 31.12.2012 n/a



JIASHI FUND MANAGEME Multiple Portfolios MF-AGG 29'314'318 0.38 (2'995'360) 31.12.2012 Investment Advisor

GUO LIANGBAO n/a Co File 28'145'307 0.37 - 31.12.2012 n/a



JINHUA YUAN n/a Co File 25'668'519 0.34 - 31.12.2012 n/a



FUGUI ZHOU n/a Co File 18'913'646 0.25 - 31.12.2012 n/a



China International Capital Corp WU HUIMIN accumulate 4 D #N/A N/A Not Provided 02.09.2013

GF Securities Co. Ltd. DONG YAGUANG add 4 M #N/A N/A Not Provided 01.09.2013

SWS Research Co Ltd MILLER LI buy 5 M #N/A N/A Not Provided 28.08.2013

UBS WEIQI FU buy 5 M 10 12 month 13.08.2013

Goldman Sachs TIAN LU neutral/neutral 3 M 7 12 month 11.08.2013

Jefferies JULIAN BU hold 3 M 14 12 month 16.07.2013

China Investment Securities OUYANG JUN buy 5 M #N/A N/A Not Provided 25.06.2013

Morgan Stanley CEDRIC SHI restricted #N/A N/A M #N/A N/A Not Provided 12.06.2013

EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013

Chang Jiang Securities Co. Limited Cheng Zhang buy 5 N #N/A N/A Not Provided 03.06.2013

Sun Hung Kai Securities VIK CHOPRA not rated #N/A N/A M #N/A N/A Not Provided 08.05.2013

Credit Suisse YANG SONG underperform 1 M 9 Not Provided 06.05.2013

Capital Securities Corp HAN WEIQI hold 3 M 14 Not Provided 03.05.2013

Guotai Junan LU JUAN buy 5 M 12 12 month 21.04.2013

Hong Yuan Securities PANG LINLIN add 4 M #N/A N/A Not Provided 15.04.2013

PingAn Securities ZHANG WEI buy 5 M #N/A N/A Not Provided 04.03.2013


Northeast Securities Co Ltd JIANGTAO WU buy 5 M #N/A N/A Not Provided 31.01.2013

Citic Securities Co., Ltd GUO YALING buy 5 M #N/A N/A Not Provided 30.01.2013

Bank of China International XU MINLE buy 5 U 13 12 month 28.01.2013


Fortune CLSA Securities Limited YANG YAN outperform 5 M 10 12 month 15.11.2012

Sinolink Securities Co Ltd DONGYA GUANG add 4 M #N/A N/A Not Provided 07.11.2012

China Securities Co., Ltd FUZHANG FENG buy 5 M 16 Not Provided 25.06.2012

Industrial Securities WU HUA buy 5 M #N/A N/A Not Provided 16.04.2012

Central China Securities XU MINFENG buy 5 M #N/A N/A Not Provided 09.04.2012

China Merchants Securities LIU RONG strong buy 5 M 20 6 month 06.04.2012

Great Wall Securities YAN FUYIN buy 5 M #N/A N/A Not Provided 31.01.2012

Guodu Securities Co Ltd WEI JING strong buy 5 M #N/A N/A Not Provided 13.05.2011

China Galaxy Securities JU HOULIN speculative buy 4 M #N/A N/A Not Provided 27.01.2010

Holdings By:

Sany Heavy Industry Co Ltd ee


09.09.2013

China Merchants Securities Company, Ltd. provides brokerage services,

securities placement services and, asset management services. The Company

operates securities trading outlets in multiple cities in China.


LTM as of: 06/yy

52-Week High (07.03.2013) 14.86

52-Week Low (30.11.2012) 8.04

Daily Volume

11.84





55'187.42 1 Yr Total Return 14.47%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

5'197.0 10'460.8 8'517.9 6'908.3 6'276.0 6'154.8 6'806.3 5'454.0 6'520.8 - -

- 4.40x 4.08x 3.72x 5.61x 19.75x 22.18x - - - -

2'950.2 5'789.5 4'798.2 3'357.7 2'868.2 0.0 1'231.4 - - - -

- 7.95x 7.24x 7.65x 12.26x 0.00x 0.00x - - - -

2'020.7 3'727.7 3'228.9 2'008.3 1'646.0 1'481.0 1'744.4 2'022.4 2'542.0 - -

- 25.78x 21.07x 23.67x 29.88x 36.00x 27.79x 26.61x 21.22x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.08








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Merchants Securities Co LtdPrice/Volume

Valuation Analysis

62'708'721.00


,

.

1

3

5

-,

-.

-1

-3

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.,', F

1,', F

3,', F

5,', F

-,,', F

-.,', F

-1,', F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,',,

,'.,

,'1,

,'3,

,'5,

-',,

-'.,



09.09.2013


SZ JISHENG INVEST DE n/a Co File 1'341'378'000 28.78 - 31.12.2012 Government

CHINA MERCHANTS FIN n/a Co File 619'802'023 13.3 - 31.12.2012 Government

CHINA OCEAN SHIPPING n/a Co File 505'951'852 10.85 - 31.12.2012 Government

HEBEI PORT GROUP CO n/a Co File 225'127'284 4.83 - 31.12.2012 Government

CHINA COMMUN CONSTRU n/a Co File 214'297'546 4.6 - 31.12.2012 Government

GUANGZHOU MARITIME T n/a Co File 187'729'772 4.03 - 31.12.2012 Government

CHINA MERCHANTS STEA n/a Co File 177'244'952 3.8 - 31.12.2012 Government

SHENZHEN HUAQIANG NE n/a Co File 167'799'593 3.6 - 31.12.2012 Corporation

CHINA SHIPPING HAISH n/a Co File 82'923'000 1.78 - 31.12.2012 Holding Company

COFCO PROPERTY GROUP n/a Co File 71'374'097 1.53 - 31.12.2012 Corporation










BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 3'834'466 0.08 (9'075'524) 31.12.2012 Investment Advisor



GF Securities Co. Ltd. CONG LI add 4 N #N/A N/A Not Provided 21.08.2013







Deutsche Bank PANDORA LEE hold 3 M 15 12 month 12.04.2013

China International Capital Corp JIE HUANG accumulate 4 N #N/A N/A Not Provided 10.09.2012




China Minzu Securities Co Ltd SONG JIAN neutral 3 M 22 6 month 15.09.2011

Guodu Securities Co Ltd DENG TING buy 5 U #N/A N/A Not Provided 15.02.2011

PingAn Securities DOU ZEYUN buy 5 M #N/A N/A Not Provided 24.12.2010

China Investment Securities WANG PENG buy 5 M #N/A N/A Not Provided 21.07.2010

Holdings By:

China Merchants Securities Co Ltd ee


09.09.2013

China Oilfield Services Limited provides drilling services, well services,

marine support and transportation services, and geophysical services to the oil

field industry in the offshore China market.


LTM as of: 06/yy

52-Week High (28.08.2013) 18.46

52-Week Low (04.07.2013) 13.55

Daily Volume

17.48





76'281.09 1 Yr Total Return 4.83%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

12'142.9 17'878.7 17'561.0 18'426.1 22'104.7 20'297.6 24'535.1 27'182.0 30'729.9 7'022.0 6'107.0

5.57x 4.91x 6.90x 4.33x 3.98x 12.22x 12.34x 3.23x 2.79x - -

5'228.0 8'139.6 8'564.8 8'159.6 8'911.0 0.0 0.0 10'792.3 11'939.8 1'715.0 4'671.0

12.93x 10.79x 14.14x 9.77x 9.86x 0.00x 0.00x 8.94x 8.08x - -

3'102.2 3'135.3 4'128.5 4'039.3 4'559.4 4'365.8 5'341.9 5'721.8 6'552.1 1'516.5 1'094.0

7.98x 11.74x 15.55x 11.07x 12.67x 9.30x 10.08x 13.81x 11.86x - -


EBIT 5'737.54 Long-Term Rating A-









EBITDA Margin 39.0%



Asset Turnover 0.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Oilfield Services LtdPrice/Volume

Valuation Analysis

6'127'101.00


,.135

-,-.-1-3-5.,

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2', F

-,', F

-2', F

.,', F

.2', F

0,', F

02', F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,',,

,'.,

,'1,

,'3,

,'5,

-',,

-'.,



09.09.2013


CHINA NATIONAL OFFSH n/a Co File 2'410'468'000 81.42 - 31.12.2009 Government







WU XIANGFEN n/a Co File 6'344'533 0.21 - 31.12.2009 n/a










GUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 2'193'285 0.07 650'323 31.12.2012 Investment Advisor

GREAT WALL FUND MANA Multiple Portfolios MF-AGG 1'899'540 0.06 673'024 31.12.2012 Investment Advisor



PingAn Securities SHAOHUI YANG buy 5 M #N/A N/A Not Provided 29.08.2013

Northeast Securities Co Ltd WEIGANG WANG buy 5 M #N/A N/A Not Provided 25.08.2013

Masterlink Securities LI XIN buy 5 U 21 6 month 22.08.2013


China International Capital Corp BIN GUAN buy 5 M #N/A N/A Not Provided 20.08.2013

Founder Securities LIQUAN HUANG add 4 M #N/A N/A Not Provided 20.08.2013


Goldman Sachs ARTHUR YAN neutral/neutral 3 M 18 12 month 13.06.2013

China Minzu Securities Co Ltd QI QIUSHI add 4 M 19 6 month 01.04.2013

Sinolink Securities Co Ltd LIU BO buy 5 N 23 Not Provided 14.03.2013

Citic Securities Co., Ltd HUANG LILI buy 5 M #N/A N/A Not Provided 25.12.2012



China Investment Securities ZHEJIAN SONG strong buy 5 M #N/A N/A Not Provided 02.12.2011

Jefferies LABAN YU underperform 1 N 15 12 month 20.05.2011


China Galaxy Securities LI GUOHONG buy 5 N #N/A N/A Not Provided 20.07.2010


Holdings By:

China Oilfield Services Ltd ee


09.09.2013

China Railway Construction Corporation Ltd is a full service construction

company. The Company's services include construction operations, survey design

and consulting. China Railway also has manufacturing operations, real estate

operations, and logistics. The Company specializes in railway construction.


LTM as of: 06/yy

52-Week High (07.01.2013) 6.49

52-Week Low (25.06.2013) 3.95

Daily Volume

5.04





65'368.09 1 Yr Total Return 11.79%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

219'410.2 344'976.2 456'187.2 443'319.3 469'871.7 417'448.9 519'951.8 522'853.8 551'818.8 - -

0.42x 0.22x 0.18x 0.15x 0.17x 0.67x 0.75x - - - -

9'883.9 13'754.6 14'427.2 21'822.9 23'688.9 0.0 0.0 26'460.0 28'821.0 - -

9.43x 5.41x 5.59x 3.08x 3.28x 0.00x 0.00x 4.73x 4.34x - -

3'643.8 6'599.1 4'246.2 7'854.3 8'478.9 7'403.6 9'964.2 9'376.5 10'133.5 - -

31.76x 16.38x 23.34x 5.42x 10.27x 8.72x 6.66x 6.69x 6.00x - -


EBIT 13'999.85 Long-Term Rating A-









EBITDA Margin 5.0%



Asset Turnover 1.04







Fiscal Year Ended

China Railway Construction Corp LtdPrice/Volume

Valuation Analysis

35'044'126.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

4

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.,', F

1,', F

3,', F

5,', F

-,,', F

-.,', F

-1,', F

-3,', F

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,',,,',,

.,',,,',,

0,',,,',,

1,',,,',,

2,',,,',,

3,',,,',,

4,',,,',,

5,',,,',,

6,',,,',,

-,,',,,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA RAILWAY CONSTR n/a Co File 7'566'245'500 73.74 - 31.12.2009 Government









HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 14'234'616 0.14 (28'843) 31.12.2012 Investment Advisor



INVESCO LTD n/a ULT-AGG 7'999'926 0.08 7'999'926 28.02.2013 Investment Advisor




HSBC-JINTRUST FUND M Multiple Portfolios MF-AGG 5'960'500 0.06 3'918'000 31.12.2012 Investment Advisor



HUAFU FUND MANAGEMEN Multiple Portfolios MF-AGG 4'797'829 0.05 2'631'259 31.12.2012 Investment Advisor



China International Capital Corp YUE DING accumulate 4 M #N/A N/A Not Provided 03.09.2013

Bank of China International LI PAN buy 5 M 6 Not Provided 02.09.2013

Guotai Junan ZHANG KUN buy 5 M #N/A N/A Not Provided 26.08.2013

Chang Jiang Securities Co. Limited SHI HENGHUI buy 5 M #N/A N/A Not Provided 26.08.2013

Goldman Sachs TIAN LU Buy/Neutral 5 M 6 12 month 11.08.2013

SWS Research Co Ltd ERNEST ZHANG outperform 5 M #N/A N/A Not Provided 16.07.2013

Everbright Securities Co., Ltd WANG TIANRUI accumulate 4 N 6 Not Provided 15.04.2013


Hong Yuan Securities ZHOU RONGZI add 4 N #N/A N/A Not Provided 30.11.2012

Jefferies JULIAN BU buy 5 U 6 12 month 31.10.2012

China Investment Securities LI FAN buy 5 M #N/A N/A Not Provided 03.08.2011

China Galaxy Securities HAO FEIFEI speculative buy 4 M #N/A N/A Not Provided 23.06.2010

China Minzu Securities Co Ltd XU YONGCHAO add 4 M #N/A N/A Not Provided 18.05.2010

China Securities Co., Ltd TIAN DONGHONG add 4 M 12 Not Provided 02.12.2009

Holdings By:

China Railway Construction Corp Ltd ee


09.09.2013

Huatai Securities Co., Ltd. provides securities brokerage services, research

consulting services, investment banking services and direct investment

services, fixed-income services and asset management services.


LTM as of: 06/yy

52-Week High (04.02.2013) 12.49

52-Week Low (29.11.2012) 7.19

Daily Volume

9.34





52'304.00 1 Yr Total Return 1.31%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

6'770.3 9'897.9 11'298.3 8'078.9 7'377.7 7'935.6 7'616.3 7'447.2 9'041.5 - -

- - 1.79x 1.45x 3.87x 9.11x 14.14x - - - -

- - 5'427.1 3'401.1 3'171.1 156.8 0.0 - - - -

- - 3.73x 3.43x 9.01x 0.00x 0.00x - - - -

1'253.1 3'795.3 3'425.0 1'784.4 1'615.7 1'698.9 1'846.1 2'441.5 3'071.2 - -

- - 21.78x 24.54x 33.97x 34.56x 24.55x 22.78x 18.03x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.08








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Huatai Securities Co LtdPrice/Volume

Valuation Analysis

89'134'699.00


,

.

1

3

5

-,

-.

-1

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.,', F

1,', F

3,', F

5,', F

-,,', F

-.,', F

-1,', F

-3,', F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,',,

,'.,

,'1,

,'3,

,'5,

-',,

-'.,



09.09.2013


JIANGSU GUOXIN ASSET n/a Co File 1'367'687'495 24.42 - 31.12.2012 Corporation

JIANGSU CMNS HLDG CO n/a Co File 475'819'370 8.5 - 31.12.2012 Other

JIANGSU HIGH HOPE IN n/a Co File 439'588'150 7.85 - 31.12.2012 Corporation

JIANGSU HIGH TECH IN n/a Co File 426'096'799 7.61 - 31.12.2012 Corporation

JS SOHO HOLDING GRP n/a Co File 341'418'259 6.1 - 31.12.2012 Corporation

SHENHUA GROUP CORP L n/a EXCH 304'620'662 5.44 - 09.03.2012 Government

SHENHUA GUOHUA ENERG n/a Co File 228'730'503 4.08 - 31.12.2012 Corporation

JIANGSU HONGTU HI-TE n/a Co File 147'618'708 2.64 - 31.12.2012 Holding Company

SHANGHAI XINGJU INVS n/a Co File 143'786'827 2.57 - 31.12.2012 Other

JS SOHO INTL GRP n/a Co File 131'447'067 2.35 - 31.12.2012 Corporation

JINCHENG GROUP CO LT n/a Co File 108'929'397 1.95 - 31.12.2012 Corporation






GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 13'768'047 0.25 (9'717'335) 31.12.2012 Investment Advisor






GF Securities Co. Ltd. CONG LI add 4 N #N/A N/A Not Provided 19.08.2013

Tebon Securities Co Ltd LI XIANGFENG outperform 5 M #N/A N/A Not Provided 19.08.2013

Guotai Junan ZHAO XIANGHUAI add 4 M 9 12 month 18.08.2013



SWS Research Co Ltd HE ZONGYAN buy 5 M #N/A N/A Not Provided 22.07.2013


Great Wall Securities BIAO HUANG buy 5 N #N/A N/A Not Provided 29.10.2012


China International Capital Corp JIE HUANG hold 3 N #N/A N/A Not Provided 10.09.2012


China Merchants Securities HONG JINPING strong buy 5 N #N/A N/A Not Provided 19.07.2012



Industrial Securities ZHANG YING neutral 3 M #N/A N/A Not Provided 29.10.2011




Holdings By:

Huatai Securities Co Ltd ee


09.09.2013

Guanghui Energy Co., Ltd. is principally engaged in energy development,

automotive services and real estate property leasing. The Company is in the

business of coal mining and related coal chemical manufacturing. The Company is

also engaged in the processing and distributing of granite materials and

trading of general merchandise such as plastic doors and windows.


LTM as of: 06/yy

52-Week High (25.03.2013) 14.69

52-Week Low (30.07.2013) 8.15

Daily Volume

10.16





53'406.48 1 Yr Total Return 11.45%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

1'989.9 2'962.2 3'634.5 4'390.3 3'625.4 3'860.6 3'970.1 9'020.0 13'903.0 - -

4.74x 10.58x 16.17x 10.97x 18.52x 54.64x 74.02x - - - -

784.5 921.4 1'153.6 1'386.7 992.2 0.0 0.0 - - - -

12.03x 34.01x 50.95x 34.73x 67.68x 0.00x 0.00x - - - -

463.1 537.4 688.4 976.6 964.0 1'055.7 804.1 2'837.3 4'816.3 - -

17.07x 40.60x 75.44x 40.24x 59.58x 44.71x 84.06x 18.81x 11.69x - -

EBITDA 992.20 Long-Term Rating Date -

EBIT 760.84 Long-Term Rating -







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.17







Fiscal Year Ended

Guanghui Energy Co LtdPrice/Volume

Valuation Analysis

60'246'760.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

-1

-3

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.,', F

1,', F

3,', F

5,', F

-,,', F

-.,', F

-1,', F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,,',,

.,,',,

0,,',,

1,,',,

2,,',,

3,,',,

4,,',,

5,,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


XINJIANG GUANGHUI IN n/a Co File 2'311'156'708 43.97 - 31.12.2012 Corporation

XINJIANG YUANXING WO n/a Co File 186'690'142 3.55 - 31.12.2012 Private Equity

HONG YUAN SECURITIES n/a Co File 186'023'379 3.54 - 31.12.2012 Investment Advisor

HAITONG SECURITIES C n/a Co File 151'382'431 2.88 - 31.12.2012 Investment Advisor

HUASHANG FUND MANAGE Multiple Portfolios MF-AGG 103'000'000 1.96 (9'499'119) 30.06.2013 Investment Advisor


XINJIANG INV DEV GRO n/a Co File 67'267'500 1.28 - 31.12.2012 Corporation





BANK OF CHINA INVEST Multiple Portfolios MF-AGG 40'702'464 0.77 37'505'268 30.06.2013 Investment Advisor

CHINA SECURITIES CO n/a Co File 35'654'712 0.68 - 31.12.2012 Unclassified



FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 25'034'659 0.48 (1'755'981) 31.12.2012 Investment Advisor


HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 14'428'054 0.27 - 31.12.2012 Investment Advisor





Qilu Securities Co Ltd ZHAOLIANG LIU buy 5 M #N/A N/A Not Provided 22.08.2013


SWS Research Co Ltd KAISHENG LIN outperform 5 M #N/A N/A Not Provided 19.07.2013

Central China Securities ZHILEI WANG add 4 M #N/A N/A Not Provided 24.06.2013

Everbright Securities Co., Ltd CHENG LEI buy 5 M 19 6 month 21.04.2013

Guotai Junan WANG GANG add 4 M 13 12 month 09.04.2013

Bank of China International XU MINLE buy 5 M 12 12 month 14.01.2013

Citic Securities Co., Ltd HUANG LILI buy 5 M 13 6 month 25.12.2012

Hong Yuan Securities CHAI QINHU buy 5 M 13 3 month 13.12.2012

HuaChuang Securities KAI NING ZHOU buy 5 M #N/A N/A Not Provided 11.11.2012

China Minzu Securities Co Ltd QI QIUSHI add 4 M 13 6 month 05.11.2012

China Investment Securities RUI DINGKUN buy 5 M #N/A N/A Not Provided 07.04.2011

Holdings By:

Guanghui Energy Co Ltd ee


09.09.2013

China Coal Energy Company Ltd mines and markets thermal coal and coking coal.

The Company also manufactures coal mining equipment and offers coal mine design

services.


LTM as of: 06/yy

52-Week High (05.02.2013) 8.47

52-Week Low (09.07.2013) 4.69

Daily Volume

5.4





65'271.24 1 Yr Total Return -21.83%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

51'753.1 53'187.0 70'302.6 90'864.7 87'291.7 92'081.6 80'973.4 83'382.4 95'343.5 18'617.0 21'276.0

1.20x 3.06x 1.98x 1.35x 1.60x 4.02x 5.48x 1.65x 1.61x - -

12'819.2 12'138.8 14'723.9 18'996.1 17'593.0 0.0 0.0 14'789.8 17'754.4 - -

4.85x 13.40x 9.46x 6.46x 7.93x 0.00x 0.00x 7.81x 6.51x - -

7'131.0 7'409.3 7'466.4 9'955.3 8'842.2 9'537.2 7'253.7 6'247.1 7'102.5 816.0 1'333.0

10.06x 22.39x 18.38x 9.06x 10.11x 7.24x 5.89x 12.11x 10.34x 13.43x 12.00x











EBITDA Margin 19.6%



Asset Turnover 0.46







Fiscal Year Ended

China Coal Energy Co LtdPrice/Volume

Valuation Analysis

18'187'946.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,-.0123456

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F2', F-,', F-2', F.,', F.2', F0,', F02', F1,', F12', F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA NATIONAL COAL n/a EXCH 7'508'392'019 82.04 2'520'000 10.10.2012 Government



DACHENG FUND MANAGME Multiple Portfolios MF-AGG 17'866'291 0.2 (875'210) 31.12.2012 Investment Advisor









TIANTONG ASSET MANAG Multiple Portfolios MF-AGG 3'652'959 0.04 (3'645) 31.12.2012 Investment Advisor


ICBC CREDIT SUISSE A Multiple Portfolios MF-AGG 3'079'684 0.03 (1'326'950) 31.12.2012 Investment Advisor




FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 2'346'871 0.03 85'148 31.12.2012 Investment Advisor



GF Securities Co. Ltd. AN PENG add 4 M #N/A N/A Not Provided 03.09.2013


China International Capital Corp CAI HONGYU hold 3 U #N/A N/A Not Provided 21.08.2013

JPMorgan DANIEL KANG neutral 3 M 6 3 month 20.08.2013

SWS Research Co Ltd LIU XIAONING outperform 5 M #N/A N/A Not Provided 20.08.2013

Qilu Securities Co Ltd ZHAOLIANG LIU add 4 U #N/A N/A Not Provided 20.08.2013

Everbright Securities Co., Ltd CHEN HAOWU accumulate 4 M 9 12 month 17.08.2013

China Minzu Securities Co Ltd LI JING add 4 M 9 6 month 12.08.2013

UBS MICK MI neutral 3 M 5 12 month 23.07.2013



Masterlink Securities LI XIN hold 3 M 8 Not Provided 21.05.2013

Founder Securities SUN CAN add 4 M 13 12 month 23.04.2013

Hong Yuan Securities WANG JINGLE add 4 M #N/A N/A Not Provided 16.04.2013


Guotai Junan YIN XILONG add 4 M 9 12 month 17.03.2013

Rising Securities Co.,LTD XUE MINGJIE outperform 5 N #N/A N/A Not Provided 23.11.2012

HuaChuang Securities HAN ZHENGUO buy 5 M 11 6 month 03.09.2012


AJ Securities WANG SIWEI neutral 3 D #N/A N/A Not Provided 28.06.2012



Great Wall Securities LIU FEI buy 5 M #N/A N/A Not Provided 28.03.2012

Tebon Securities Co Ltd LI XIANGFENG neutral 3 M #N/A N/A Not Provided 13.02.2012

Industrial Securities LIU JIANGANG buy 5 M 11 12 month 18.12.2011

Central China Securities PAN HANGJUN buy 5 M #N/A N/A Not Provided 09.12.2011

China Securities Co., Ltd LI JUNSONG neutral 3 N 11 Not Provided 08.12.2010

China Investment Securities XIAO HANPING buy 5 D #N/A N/A Not Provided 05.07.2010

China Galaxy Securities ZHAO KE neutral 3 N 8 Not Provided 19.03.2009

Holdings By:

China Coal Energy Co Ltd ee


09.09.2013

CSR Corp Ltd provides a wide range of rolling stock products and services. The

Company's products include locomotives, passenger carriages, freight wagons,

MUs, rapid transit vehicles and key related components.


LTM as of: 06/yy

52-Week High (05.02.2013) 5.24

52-Week Low (09.07.2013) 3.32

Daily Volume

4.11





57'517.71 1 Yr Total Return -1.61%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 06/12 Q2 09/12 Q3

35'092.8 45'620.8 64'132.4 79'517.0 89'019.4 82'637.1 84'496.7 94'943.8 110'672.0 21'293.0 21'866.0

1.37x 1.49x 1.55x 0.75x 0.84x 3.28x 3.38x 0.60x 0.52x - -

2'788.2 3'293.5 4'943.7 7'310.0 7'490.2 0.0 0.0 6'879.4 8'116.0 1'480.0 1'368.0

17.27x 20.63x 20.10x 8.11x 10.03x 0.00x 0.00x 10.20x 8.65x - -

1'384.2 1'678.2 2'526.3 3'864.2 4'009.5 3'738.2 3'552.2 4'004.3 4'938.0 1'082.5 957.0

27.45x 40.07x 35.45x 13.28x 16.59x 14.72x 13.80x 13.65x 11.11x - -











EBITDA Margin 7.4%



Asset Turnover 0.80








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

CSR Corp LtdPrice/Volume

Valuation Analysis

81'398'925.00


,

-

.

0

1

2

3

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2,', F

-,,', F

-2,', F

.,,', F

.2,', F

0,,', F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,',,

,'.,

,'1,

,'3,

,'5,

-',,

-'.,



09.09.2013


CHINA SOUTH LOCOMOTI n/a EXCH 7'796'321'142 66.19 - 29.08.2013 Government


CHINA POST CORE GROW n/a EXCH 150'750'000 1.28 - 15.03.2012 n/a


EFUND MGMT CO LTD n/a EXCH 107'623'300 0.91 - 15.03.2012 n/a

GREAT WALL BRAND STO n/a EXCH 105'030'845 0.89 - 15.03.2012 n/a


CSR CAPITAL COMPANY n/a EXCH 93'085'715 0.79 - 29.08.2013 Government



CHINA SOUTH LONG YUA n/a EXCH 78'000'000 0.66 - 15.03.2012 n/a

PENGHUA FUND MGMT CO n/a EXCH 71'748'800 0.61 - 15.03.2012 n/a


ANHUI INVESTMENT GRO n/a Co File 69'506'700 0.59 - 31.12.2012 Government

HARVEST FUND MGMT CO n/a EXCH 67'264'500 0.57 - 15.03.2012 n/a

CHINA NATIONAL MACHI n/a Co File 67'264'500 0.57 - 31.12.2012 Government

CH RAILWAY MATERIALS n/a Co File 67'264'500 0.57 - 31.12.2012 Corporation


AEGON-INDUST FUND MG n/a EXCH 38'116'500 0.32 - 15.03.2012 n/a



Capital Securities Corp LI XIAOLU buy 5 U 5 Not Provided 28.08.2013

Bank of China International XU MINLE buy 5 M 5 Not Provided 28.08.2013

GF Securities Co. Ltd. LUO LIBO add 4 M #N/A N/A Not Provided 28.08.2013

China International Capital Corp WU HUIMIN accumulate 4 M #N/A N/A Not Provided 28.08.2013

Fortune CLSA Securities Limited JIE LI buy 5 M 6 12 month 28.08.2013

Chang Jiang Securities Co. Limited LI JIA buy 5 N #N/A N/A Not Provided 27.08.2013



UBS RICHARD WEI buy 5 M 5 12 month 08.08.2013

Guodu Securities Co Ltd XIAO SHIJUN buy 5 N #N/A N/A Not Provided 06.08.2013

Hong Yuan Securities QU YONGZHONG buy 5 M #N/A N/A Not Provided 24.07.2013

Guotai Junan WANG FAN buy 5 M 6 Not Provided 24.07.2013

SWS Research Co Ltd SANFORD ZHAO outperform 5 M #N/A N/A Not Provided 19.07.2013

Jefferies JULIAN BU underperform 1 M 3 12 month 02.04.2013

PingAn Securities GUOJI YE buy 5 M #N/A N/A Not Provided 04.03.2013

HuaChuang Securities QU XIAOXI strong buy 5 M #N/A N/A Not Provided 13.01.2013

Tebon Securities Co Ltd LI XIANGFENG outperform 5 N #N/A N/A Not Provided 31.12.2012

Northeast Securities Co Ltd LI KUN buy 5 U #N/A N/A Not Provided 04.12.2012

Central China Securities XU MINFENG add 4 M #N/A N/A Not Provided 26.11.2012

China Securities Co., Ltd FUZHANG FENG add 4 M 5 Not Provided 25.06.2012

China Merchants Securities LIU RONG buy 5 M #N/A N/A Not Provided 08.05.2012

Founder Securities PENG MIN add 4 M #N/A N/A Not Provided 04.05.2012


China Minzu Securities Co Ltd CAIXIA FU add 4 M #N/A N/A Not Provided 05.03.2012

Citic Securities Co., Ltd TEAM COVERAGE buy 5 M #N/A N/A Not Provided 12.08.2010

China Galaxy Securities JU HOULIN buy 5 M 5 Not Provided 01.06.2010

Holdings By:

CSR Corp Ltd ee


09.09.2013

New China Life Insurance Company Limited provides life insurance in local and

foreign currencies, acts as an insurance agent, provides checks, claims and

insurance consulting. The Company's main products include life insurance,

accident insurance, health insurance products and services.


LTM as of: 06/yy

52-Week High (04.02.2013) 32.36

52-Week Low (30.11.2012) 17.63

Daily Volume

23.98


52-Week Low % Change 36.02% Beta -



68'618.72 1 Yr Total Return -13.86%





Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

48'899.0 73'904.0 102'657.0 108'404.0 111'662.0 64'887.0 109'452.0 123'542.0 134'604.0 - -

- - - 0.93x 1.16x 0.00x 0.00x 0.49x 0.42x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

649.0 2'660.0 2'249.0 2'799.0 2'933.0 1'904.0 3'216.0 3'808.3 5'028.8 600.0 1'500.0

- - - 16.81x 25.20x 0.00x 18.35x 19.97x 15.94x - -







Return on Capital - EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.25








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

New China Life Insurance Co LtdPrice/Volume

Valuation Analysis

24'694'949.00


,

2

-,

-2

.,

.2

0,

02


0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

,'.,

,'1,

,'3,

,'5,

-',,

-'.,

-'1,

-'3,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA INVESTMENT COR n/a ULT-AGG 976'233'686 46.81 2'060'532 16.06.2013 Investment Advisor


HB DEREN INVEST n/a Co File 124'825'942 5.99 - 31.12.2012 Other

CENTURY GOLDEN RESOU n/a Co File 78'000'000 3.74 - 31.12.2012 Investment Advisor

TIBET SHANNAN XINSHA n/a Co File 45'288'722 2.17 - 31.12.2012 Other






CCB PRINCIPAL ASSET Multiple Portfolios MF-AGG 4'565'437 0.22 (10'732'141) 31.12.2012 Investment Advisor

NANSONG ZHU n/a Co File 4'350'000 0.21 - 31.12.2012 n/a





ABC-CA FUND MANAGEME Multiple Portfolios MF-AGG 2'255'222 0.11 614'358 31.12.2012 Investment Advisor



NEW CAPITAL FUND MAN NEW CAPITAL UCITS FU MF-PART 1'648'008 0.08 - 28.06.2013 Investment Advisor





JPMorgan MW KIM neutral 3 M 25 9 month 28.08.2013

HSBC MICHAEL P CHANG neutral 3 M 24 Not Provided 28.08.2013



China International Capital Corp TANG SHENGBO hold 3 M 19 12 month 28.08.2013




SWS Research Co Ltd TINA SUN outperform 5 M #N/A N/A Not Provided 24.07.2013

Goldman Sachs MANCY SUN neutral/neutral 3 D 30 12 month 16.05.2013







Citic Securities Co., Ltd PAN HONGWEN buy 5 M #N/A N/A Not Provided 24.07.2012

Industrial Securities ZHANG YINGJUAN buy 5 M #N/A N/A Not Provided 27.04.2012

Holdings By:

New China Life Insurance Co Ltd ee


09.09.2013

China Communications Construction Company Ltd. is a transportation

infrastructure group. The Company is involved in infrastructure construction,

infrastructure design, dredging, and port machinery manufacturing. China

Communications has operations worldwide.


LTM as of: 06/yy

52-Week High (05.02.2013) 5.79

52-Week Low (22.07.2013) 3.80

Daily Volume

4.19





70'992.50 1 Yr Total Return -1.96%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

176'054.1 226'920.0 272'734.0 294'281.0 295'321.0 121'783.9 307'727.4 325'776.0 349'208.0 - -

0.92x 0.64x 0.51x 0.49x 0.59x 2.92x 1.68x - - - -

13'432.1 16'122.0 18'384.0 21'463.0 25'045.0 0.0 0.0 27'900.0 30'425.5 - -

12.11x 9.02x 7.55x 6.73x 6.93x 0.00x 0.00x 6.59x 6.05x - -

5'875.4 7'200.0 9'599.0 11'761.0 12'248.0 4'850.0 12'828.3 13'237.3 14'176.0 - -

21.05x 13.35x 8.87x 6.23x 7.81x 0.00x 3.34x 5.13x 4.75x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.70







Fiscal Year Ended

China Communications Construction Co LtdPrice/Volume

Valuation Analysis

44'281'661.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3


0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA COMM CONSTRUCT n/a EXCH 10'314'907'379 87.81 9'999'972 18.10.2012 Corporation


CHINA SHIPPING INVES n/a EXCH 92'592'000 0.79 - 08.03.2012 Corporation

SANY GROUP CO LTD n/a EXCH 55'555'000 0.47 - 08.03.2012 Corporation



SHANGHAI PORT & SHIP n/a EXCH 37'037'000 0.32 - 08.03.2012 Government



BOCI CHINA LTD n/a EXCH 34'096'642 0.29 - 08.03.2012 Corporation

GUOTAI JUNAN SECURIT n/a EXCH 34'096'642 0.29 - 08.03.2012 Investment Advisor

E FUND INVESTMENT BO n/a EXCH 25'400'000 0.22 - 08.03.2012 n/a


HUAAN TACTICAL SELEC n/a EXCH 20'000'000 0.17 - 08.03.2012 n/a



TIANHONG ASSET MANAG Multiple Portfolios MF-AGG 16'565'626 0.14 16'565'626 31.12.2012 Investment Advisor






China International Capital Corp YUE DING accumulate 4 M #N/A N/A Not Provided 28.08.2013



Holdings By:

China Communications Construction Co Ltd ee


09.09.2013

China Railway Group Ltd. offers transportation systems construction services.

The Company builds railroads, roads, tunnels, and bridges.


LTM as of: 06/yy

52-Week High (15.01.2013) 3.41

52-Week Low (25.06.2013) 2.30

Daily Volume

2.81





62'509.09 1 Yr Total Return 10.95%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

227'245.5 334'045.0 456'162.0 442'216.0 465'625.0 422'280.1 516'632.8 529'463.6 569'363.2 - -

0.55x 0.43x 0.29x 0.30x 0.37x 1.35x 1.51x - - - -

10'036.8 12'946.0 15'702.0 18'977.0 20'070.0 0.0 0.0 22'862.0 25'230.5 - -

12.52x 11.00x 8.38x 6.90x 8.60x 0.00x 0.00x 9.02x 8.18x - -

1'115.2 6'875.0 7'398.0 6'690.0 7'354.0 6'593.5 8'452.3 8'274.0 9'081.0 - -

94.59x 16.47x 13.71x 6.28x 10.56x 8.81x 7.10x 7.32x 6.55x - -


EBIT 13'885.00 Long-Term Rating BBB+









EBITDA Margin 4.1%



Asset Turnover 0.93







Fiscal Year Ended

China Railway Group LtdPrice/Volume

Valuation Analysis

63'352'835.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

-

.

.

0

0

1


0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-',,

.',,

0',,

1',,

2',,

3',,

4',,

5',,

6',,

-,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA RAILWAY ENGINE n/a Co File 11'950'010'000 69.91 - 31.12.2010 Government




CITIGROUP INCORPORAT n/a ULT-AGG 25'864'422 0.15 - 30.06.2008 Investment Advisor










HSBC-JINTRUST FUND M Multiple Portfolios MF-AGG 8'328'800 0.05 8'328'800 31.12.2012 Investment Advisor


BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 6'010'282 0.04 (478'620) 31.12.2012 Investment Advisor


ICBC CREDIT SUISSE A Multiple Portfolios MF-AGG 5'764'309 0.03 (518'600) 31.12.2012 Investment Advisor






SWS Research Co Ltd ERNEST ZHANG outperform 5 M #N/A N/A Not Provided 16.07.2013

Everbright Securities Co., Ltd WANG TIANRUI accumulate 4 N 3 Not Provided 15.04.2013

China International Capital Corp WU HUIMIN accumulate 4 M #N/A N/A Not Provided 21.01.2013


Hong Yuan Securities ZHOU RONGZI add 4 N #N/A N/A Not Provided 30.11.2012

Jefferies JULIAN BU buy 5 M 3 12 month 31.10.2012


China Galaxy Securities HAO FEIFEI speculative buy 4 M 7 12 month 30.06.2010

China Minzu Securities Co Ltd XU YONGCHAO add 4 M #N/A N/A Not Provided 18.05.2010

China Securities Co., Ltd TIAN DONGHONG add 4 M 8 Not Provided 02.12.2009

Holdings By:

China Railway Group Ltd ee


09.09.2013

Datang International Power Generation Company Limited develops and operates

power plants, sells electricity, repairs and maintains power equipment, and

provides power-related technical services.


LTM as of: 06/yy

52-Week High (02.07.2013) 5.56

52-Week Low (05.12.2012) 3.68

Daily Volume

4.68





55'177.48 1 Yr Total Return 1.09%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

36'900.1 47'942.9 60'672.4 72'381.9 77'598.1 75'326.9 76'975.6 78'691.6 87'005.2 20'659.5 21'071.5

4.90x 4.76x 3.64x 3.08x 3.07x 10.97x 11.84x 3.37x 3.16x - -

9'069.3 14'183.6 16'490.8 18'171.6 22'323.0 0.0 0.0 25'626.3 28'034.0 - -

19.94x 16.09x 13.40x 12.28x 10.66x 0.00x 0.00x 10.05x 9.19x - -

749.4 1'536.6 2'569.7 1'971.2 4'062.3 2'145.1 4'807.1 4'237.3 4'817.3 1'080.0 1'146.5

56.42x 22.69x 11.02x 13.90x 7.68x 15.46x 6.88x 14.14x 12.38x - -











EBITDA Margin 31.1%



Asset Turnover 0.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Datang International Power Generation Co LtdPrice/Volume

Valuation Analysis

8'199'460.00


,

-

.

0

1

2

3

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F2', F-,', F-2', F.,', F.2', F0,', F02', F1,', F12', F2,', F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

-5',,

.,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA DATANG CORPORA n/a EXCH 4'138'977'414 41.83 - 04.05.2012 Government

TIANJIN JINNENG INVE n/a EXCH 1'311'012'600 13.25 - 30.05.2011 Government

HEBEI PROVINCIAL CON n/a EXCH 1'281'872'927 12.96 - 30.05.2011 Investment Advisor

BEIJING ENERGY INVES n/a EXCH 1'278'988'672 12.93 - 30.05.2011 Holding Company

DONGFANG ELECTRIC CO n/a EXCH 239'960'000 2.43 - 30.05.2011 Government

HARBIN POWER EQUIPME n/a EXCH 200'000'000 2.02 - 30.05.2011 Corporation

AEROSPACE S & I FIN n/a EXCH 169'097'023 1.71 - 30.05.2011 Other

SH TONGHUI INDUST CO n/a EXCH 166'000'000 1.68 - 30.05.2011 Corporation

ZHONGRONGHUI INVEST n/a EXCH 160'000'000 1.62 - 30.05.2011 Corporation

SHANGHAI ELECTRIC GR n/a EXCH 100'000'000 1.01 - 30.05.2011 Government

INNER MONGOLIA YITAI n/a EXCH 100'000'000 1.01 - 30.05.2011 Corporation







CHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 3'166'869 0.03 165'426 02.09.2013 Investment Advisor




Everbright Securities Co., Ltd CHEN SHUWEI accumulate 4 M 6 12 month 31.08.2013

Goldman Sachs FRANKLIN CHOW neutral/neutral 3 M 5 12 month 30.08.2013

Masterlink Securities LI YAN hold 3 D 6 Not Provided 28.08.2013


China International Capital Corp JUNHUA CHEN hold 3 M #N/A N/A Not Provided 26.08.2013

Capital Securities Corp LAI SHENSHENG hold 3 M 7 Not Provided 17.07.2013

UBS YINGZHEN XU neutral 3 M 6 12 month 10.07.2013


SWS Research Co Ltd EVAN LIANG neutral 3 M #N/A N/A Not Provided 12.04.2013

Jefferies JOSEPH FONG buy 5 M 6 12 month 25.02.2013



Citic Securities Co., Ltd WU FEI overweight 5 M #N/A N/A Not Provided 25.06.2012

Central China Securities PAN HANGJUN monitored #N/A N/A N #N/A N/A Not Provided 16.09.2009

China Galaxy Securities ZOU XUYUAN neutral 3 N #N/A N/A Not Provided 17.02.2009

Holdings By:

Datang International Power Generation Co Ltd ee


09.09.2013

China CNR Corp Ltd. manufactures rail cars. The Company designs, manufactures,

refurbishes, overhauls, and maintains electric locomotives, diesel locomotives,

passenger coaches and freight wagons, electric and diesel multiple units,

traction motors, and rolling stock.


LTM as of: 06/yy

52-Week High (19.02.2013) 5.20

52-Week Low (24.09.2012) 3.39

Daily Volume

4.32





44'582.64 1 Yr Total Return 16.51%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

34'577.8 40'406.5 64'141.8 89'055.0 91'962.3 90'688.1 85'974.2 98'260.4 110'626.1 29'901.0 35'320.0

- 1.23x 0.98x 0.56x 0.59x 2.43x 2.63x 0.56x 0.50x - -

2'557.3 2'081.0 3'567.3 5'591.5 6'172.1 0.0 0.0 7'130.0 8'246.2 1'304.0 3'602.0

- 23.82x 17.69x 8.85x 8.73x 0.00x 0.00x 10.27x 8.88x - -

1'130.7 1'315.6 1'923.9 2'985.2 3'383.8 3'038.4 3'294.5 3'791.5 4'378.6 937.0 1'301.0

- 26.65x 30.83x 11.81x 13.26x 11.74x 11.73x 11.84x 10.26x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.76







Fiscal Year Ended

China CNR Corp LtdPrice/Volume

Valuation Analysis

71'046'499.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2,', F

-,,', F

-2,', F

.,,', F

.2,', F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

4,',,

5,',,

6,',,

-,,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA NORTH LOCOMOTI n/a EXCH 6'354'045'554 61.57 8'104'400 09.07.2013 Government

CHINA CNR INVESTMENT n/a EXCH 539'583'320 5.23 - 09.07.2013 Government

SOCIAL SECURITY FUND n/a Co File 309'393'275 3 - 31.12.2012 Government





NEW CHINA LIFE INSUR n/a Co File 50'440'504 0.49 - 31.12.2012 Insurance Company






INVESCO LTD n/a ULT-AGG 24'999'990 0.24 24'999'990 28.02.2013 Investment Advisor

SOOCHOW ASSET MANAGE Multiple Portfolios MF-AGG 24'598'038 0.24 20'191'134 31.12.2012 Investment Advisor





HUASHANG FUND MANAGE Multiple Portfolios MF-AGG 11'051'788 0.11 11'051'788 31.12.2012 Investment Advisor



GF Securities Co. Ltd. DONG YAGUANG buy 5 M 6 12 month 02.09.2013

Goldman Sachs TIAN LU Buy/Neutral 5 M 6 12 month 28.08.2013

Capital Securities Corp LI XIAOLU buy 5 U 5 Not Provided 28.08.2013

China International Capital Corp WU HUIMIN buy 5 M #N/A N/A Not Provided 28.08.2013

SWS Research Co Ltd SANFORD ZHAO outperform 5 U #N/A N/A Not Provided 28.08.2013

Chang Jiang Securities Co. Limited Cheng Zhang buy 5 M #N/A N/A Not Provided 27.08.2013

Guotai Junan WANG FAN buy 5 M 6 12 month 19.08.2013


Morgan Stanley KEVIN LUO Equalwt/Cautious 3 M 6 12 month 16.08.2013

UBS JEAN RAO buy 5 M 5 12 month 08.08.2013

Guodu Securities Co Ltd XIAO SHIJUN strong buy 5 M #N/A N/A Not Provided 06.08.2013

Hong Yuan Securities QU YONGZHONG buy 5 M #N/A N/A Not Provided 24.07.2013

Credit Suisse YANG SONG neutral 3 M 4 Not Provided 09.04.2013

PingAn Securities GUOJI YE buy 5 M #N/A N/A Not Provided 04.03.2013

Bank of China International XU MINLE buy 5 M 6 12 month 28.01.2013

HuaChuang Securities GAO LI strong buy 5 U #N/A N/A Not Provided 17.12.2012



Citic Securities Co., Ltd XIAOBO XUE buy 5 M 8 6 month 08.07.2011

China Securities Co., Ltd GAO XIAOCHUN add 4 N 8 Not Provided 08.12.2010

China Galaxy Securities TIAN SHUHUA buy 5 M #N/A N/A Not Provided 01.06.2010

Holdings By:

China CNR Corp Ltd ee


09.09.2013

Jiangsu Hengrui Medicine Co., Ltd. develops, manufactures, and markets a

variety of medicines and medicine packing materials. The Company's products

include anti-tumor medicines, pain-killers, anti-infection medicines, aluminum

foil, and other related products.


LTM as of: 06/yy

52-Week High (08.08.2013) 36.80

52-Week Low (04.12.2012) 24.16

Daily Volume

32.74





44'533.64 1 Yr Total Return 14.77%

Total Debt 10.00 YTD Return 19.96%









31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

2'354.9 2'983.7 3'688.0 4'481.7 5'340.0 4'914.8 5'691.4 6'464.4 7'946.9 1'631.0 1'631.0

8.27x 10.71x 11.86x 7.21x 6.77x 25.95x 25.87x 6.60x 5.29x - -

674.0 752.7 907.6 1'114.7 1'415.6 0.0 0.0 1'762.7 2'129.7 435.0 435.0

28.91x 42.44x 48.20x 28.99x 25.52x 0.00x 0.00x 24.47x 20.25x 22.49x 21.49x

422.9 665.7 724.2 876.6 1'077.4 966.2 1'162.2 1'274.3 1'570.0 322.0 322.0

47.10x 48.95x 61.42x 37.75x 34.55x 36.75x 30.85x 35.17x 26.81x 30.89x 29.50x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.95








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Jiangsu Hengrui Medicine Co LtdPrice/Volume

Valuation Analysis

4'921'380.00


,

2

-,

-2

.,

.2

0,

02

1,

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2', F

-,', F

-2', F

.,', F

.2', F

0,', F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.,',,

1,',,

3,',,

5,',,

-,,',,

-.,',,

-1,',,

-3,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


LIANYUNGANG TIANYU I n/a Co File 332'523'790 24.45 - 31.12.2012 Other

LIANYUNGANG DAYUAN I n/a Co File 229'034'682 16.84 - 31.12.2012 Other

LIANYUNGANG HENGCHUA n/a Co File 102'794'052 7.56 - 31.12.2012 Other

CHINA NATIONAL PHARM n/a ULT-AGG 72'441'316 5.33 - 31.12.2012 Government

JIANGSU JINHAI INVES n/a Co File 50'367'369 3.7 - 31.12.2012 Holding Company



FRANKLIN TEMPLETON S Multiple Portfolios MF-AGG 20'661'668 1.52 504'786 30.06.2013 Investment Advisor


GREAT WALL FUND MANA Multiple Portfolios MF-AGG 16'892'934 1.24 (1'494'773) 31.12.2012 Investment Advisor












SWS Research Co Ltd LUO JIARONG buy 5 M #N/A N/A Not Provided 30.08.2013

UBS JI XUWO buy 5 M 37 12 month 20.08.2013

Capital Securities Corp LI YING buy 5 M 37 Not Provided 19.08.2013

GF Securities Co. Ltd. ZHANG QILI buy 5 M #N/A N/A Not Provided 19.08.2013

China International Capital Corp QIANG JING buy 5 M #N/A N/A Not Provided 19.08.2013

Tebon Securities Co Ltd ZHENG YINING outperform 5 M 33 6 month 19.08.2013

Chang Jiang Securities Co. Limited Liu Shuchang buy 5 N #N/A N/A Not Provided 19.08.2013

Morgan Stanley BIN LI Overwt/In-Line 5 M 33 12 month 16.08.2013

EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013

Guotai Junan LI QIUSHI buy 5 M 32 12 month 31.03.2013

Rising Securities Co.,LTD XIE NINGNING outperform 5 N #N/A N/A Not Provided 06.12.2012

HuaChuang Securities LIAO WANGUO buy 5 M 30 6 month 28.10.2012

Sinolink Securities Co Ltd LI JINGLEI add 4 N #N/A N/A Not Provided 13.08.2012

China Merchants Securities LI SHANSHAN buy 5 M #N/A N/A Not Provided 02.07.2012

Northeast Securities Co Ltd ZHOU SILI buy 5 N #N/A N/A Not Provided 21.06.2012

Citic Securities Co., Ltd LI CHAO add 4 M #N/A N/A Not Provided 03.05.2012

Industrial Securities WANG XI buy 5 M #N/A N/A Not Provided 26.04.2012

China Investment Securities ZHOU RUI strong buy 5 M #N/A N/A Not Provided 02.12.2011

PingAn Securities LING JUN buy 5 M #N/A N/A Not Provided 18.11.2011

Founder Securities KUAI XUEZHANG add 4 M #N/A N/A Not Provided 09.08.2010

Central China Securities WANG BO add 4 M #N/A N/A Not Provided 02.06.2010

China Securities Co., Ltd XI LUO add 4 M 18 Not Provided 02.12.2009

Holdings By:

Jiangsu Hengrui Medicine Co Ltd ee


09.09.2013

Tasly Pharmaceutical Group Co researches, produces, and sells Chinese

medicines which are mainly derived from the root of red-rooted salvia. The

Company's products focus on the treatment of cardiovascular and brain blood

vessel diseases.


LTM as of: 06/yy

52-Week High (25.07.2013) 50.05

52-Week Low (28.11.2012) 23.75

Daily Volume

41.98





43'358.73 1 Yr Total Return 64.46%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

3'411.0 3'966.9 4'620.4 6'524.7 9'237.5 7'712.7 10'456.8 11'894.3 14'285.0 - -

2.01x 3.03x 4.58x 3.37x 3.16x 10.95x 12.92x - - - -

502.8 540.1 707.7 848.0 1'194.8 0.0 0.0 1'605.8 2'037.0 - -

13.63x 22.26x 29.88x 25.93x 24.43x 0.00x 0.00x 28.04x 22.10x - -

255.9 316.7 450.3 610.8 769.2 696.0 966.1 1'117.8 1'420.0 - -

23.79x 34.46x 44.30x 35.54x 37.09x 32.33x 36.99x 39.05x 30.64x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.34








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tasly Pharmaceutical Group Co LtdPrice/Volume

Valuation Analysis

7'163'988.00


,

-,

.,

0,

1,

2,

3,

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2', F

-,', F

-2', F

.,', F

.2', F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.,,',,

1,,',,

3,,',,

5,,',,

-',,,',,

-'.,,',,

-'1,,',,

-'3,,',,

-'5,,',,

.',,,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


TIANJIN TASLY GROUP n/a Co File 488'201'106 47.27 - 31.12.2012 Other










ABN AMRO TEDA FUND M Multiple Portfolios MF-AGG 10'055'968 0.97 (1'130'850) 30.06.2013 Investment Advisor

CHINA INTERNATIONAL Multiple Portfolios MF-AGG 9'589'456 0.93 (721'788) 30.06.2013 Investment Advisor

SH HAOYI INDUSTRY CO n/a Co File 9'233'540 0.89 - 31.12.2012 Corporation







FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 4'059'106 0.39 3'691'038 31.12.2012 Investment Advisor


Chang Jiang Securities Co. Limited Liu Shuchang buy 5 M #N/A N/A Not Provided 02.09.2013

SWS Research Co Ltd SELINA LUO buy 5 M #N/A N/A Not Provided 30.08.2013

GF Securities Co. Ltd. HE JUYING buy 5 M 56 12 month 29.08.2013

China Minzu Securities Co Ltd WANG XIAOYAN buy 5 N #N/A N/A Not Provided 13.08.2013

Morgan Stanley BIN LI Overwt/Attractive 5 M 55 12 month 08.08.2013


Tebon Securities Co Ltd ZHENG YINING outperform 5 M 55 6 month 07.08.2013

China Investment Securities ZHOU RUI strong buy 5 M #N/A N/A Not Provided 07.08.2013

Hong Yuan Securities WEI WENQING buy 5 M #N/A N/A Not Provided 21.07.2013

Everbright Securities Co., Ltd YAO JIE buy 5 M 32 12 month 08.07.2013


China International Capital Corp SUN LIANG accumulate 4 M #N/A N/A Not Provided 20.06.2013

Goldman Sachs DU WEI neutral/neutral 3 M 40 12 month 28.05.2013

Citic Securities Co., Ltd LI CHAO buy 5 M 21 6 month 07.05.2013

Guodu Securities Co Ltd WANG YIN buy 5 M #N/A N/A Not Provided 22.04.2013

Rising Securities Co.,LTD XIE NINGNING outperform 5 M #N/A N/A Not Provided 08.04.2013

HuaChuang Securities LIAO WANGUO buy 5 N #N/A N/A Not Provided 08.08.2012

China Merchants Securities LI SHANSHAN strong buy 5 M #N/A N/A Not Provided 02.07.2012



Great Wall Securities YANG YUE buy 5 N #N/A N/A Not Provided 23.06.2011

China Securities Co., Ltd XI LUO add 4 M 21 Not Provided 08.12.2010


Holdings By:

Tasly Pharmaceutical Group Co Ltd ee


09.09.2013

Kangmei Pharmaceutical Co., Ltd. develops, produces, and sells medicines that

are used for the treatment of high blood pressure and cold. The Company also pr

oduces antibiotic drugs and health care products. Kangmei also sells other

manufacturers' medical products through its wholesale and retail chain.


LTM as of: 06/yy

52-Week High (16.08.2013) 23.22

52-Week Low (20.12.2012) 12.05

Daily Volume

18.72





41'159.93 1 Yr Total Return 19.07%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

1'723.9 2'370.5 3'291.2 6'053.5 11'107.3 8'368.3 12'079.4 14'101.5 18'013.0 - -

3.26x 7.46x 10.18x 3.86x 2.56x 13.52x 11.73x - - - -

391.8 666.3 947.9 1'418.8 2'140.8 0.0 0.0 - - - -

14.37x 26.56x 35.33x 16.45x 13.27x 0.00x 0.00x - - - -

294.6 501.5 715.5 1'005.0 1'441.2 1'277.3 1'677.8 1'979.0 2'550.0 - -

23.66x 34.40x 46.71x 24.08x 20.06x 26.56x 25.18x 20.92x 16.28x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.67








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kangmei Pharmaceutical Co LtdPrice/Volume

Valuation Analysis

29'673'374.00


,

2

-,

-2

.,

.2


0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.,,',,

1,,',,

3,,',,

5,,',,

-',,,',,

-'.,,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


PUNING KANGMEI INDUS n/a Co File 668'874'274 30.42 - 31.12.2012 Corporation




PUNING JINXIN PAWN C n/a Co File 46'557'358 2.12 - 31.12.2012 Corporation

DONGJIN XU n/a Co File 46'557'350 2.12 - 31.12.2012 n/a

PUNING INTL INFO CON n/a Co File 46'557'350 2.12 - 31.12.2012 Corporation

CHINA INTERNATIONAL Multiple Portfolios MF-AGG 41'753'407 1.9 (2'783'604) 30.06.2013 Investment Advisor


YANJUN XU n/a Co File 34'918'028 1.59 - 31.12.2012 n/a





GUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 26'075'085 1.19 (689'848) 30.06.2013 Investment Advisor




BAOYING FUND MANAGEM Multiple Portfolios MF-AGG 14'228'264 0.65 11'027'274 30.06.2013 Investment Advisor



SWS Research Co Ltd TU WEINING buy 5 M #N/A N/A Not Provided 30.08.2013


Everbright Securities Co., Ltd LI JIE buy 5 M 27 Not Provided 05.08.2013

China Investment Securities ZHOU RUI buy 5 D #N/A N/A Not Provided 28.05.2013


Tebon Securities Co Ltd ZHENG YINING buy 5 M #N/A N/A Not Provided 03.09.2012

Sinolink Securities Co Ltd LI JINGLEI add 4 D #N/A N/A Not Provided 29.08.2012

China Merchants Securities LI SHANSHAN strong buy 5 M #N/A N/A Not Provided 02.07.2012

Citic Securities Co., Ltd LI CHAO buy 5 M #N/A N/A Not Provided 03.05.2012

Great Wall Securities YAO WENQI buy 5 M #N/A N/A Not Provided 29.03.2012

Northeast Securities Co Ltd ZHOU SILI buy 5 M #N/A N/A Not Provided 02.12.2011



Holdings By:

Kangmei Pharmaceutical Co Ltd ee


09.09.2013

Zijin Mining Group Co., Ltd., through its subsidiaries, explores, mines,

produces, refines, and sells gold and other mineral resources in China.


LTM as of: 06/yy

52-Week High (21.09.2012) 4.18

52-Week Low (25.06.2013) 2.27

Daily Volume

2.67





51'396.13 1 Yr Total Return -29.16%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

16'744.7 20'215.1 28'186.6 39'381.9 47'873.6 44'459.7 52'843.3 48'462.0 52'235.8 7'859.0 9'261.5

4.10x 6.50x 4.18x 2.12x 2.00x 5.54x 4.98x 1.44x 1.34x - -

5'615.7 6'038.3 8'635.6 10'731.6 10'658.6 0.0 0.0 7'777.5 7'036.5 1'290.0 2'599.0

12.23x 21.75x 13.64x 7.78x 9.00x 0.00x 0.00x 9.58x 10.59x 15.51x 21.20x

3'005.3 3'552.3 4'827.9 5'712.6 5'211.2 4'947.9 3'924.5 3'282.9 2'954.5 765.5 968.5

19.71x 27.22x 18.41x 9.11x 10.22x 9.39x 6.01x 16.48x 19.78x - -











EBITDA Margin 17.9%



Asset Turnover 0.83







Fiscal Year Ended

Zijin Mining Group Co LtdPrice/Volume

Valuation Analysis

73'969'064.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,--..00112

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2,', F

-,,', F

-2,', F

.,,', F

.2,', F

0,,', F

02,', F

1,,', F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


MINXI XINGHANG STE-O n/a EXCH 6'316'353'180 39.97 - 08.07.2013 Other

NEWHUADU INDUS GROUP n/a EXCH 2'451'864'106 15.51 - 05.07.2011 Corporation

XIAMEN HENGXING INDU n/a Co File 509'772'757 3.23 - 31.12.2009 Corporation

XIPING KE n/a EXCH 376'624'720 2.38 - 05.05.2009 n/a

SHANGHANG COUNTY JIN n/a Co File 256'245'000 1.62 - 31.12.2009 Other

CHEN JINGHE n/a EXCH 132'000'000 0.84 - 05.07.2011 n/a

















Founder Securities LIU WEIYUAN neutral 3 M #N/A N/A Not Provided 26.08.2013

Masterlink Securities SARAH WANG buy 5 M 3 6 month 16.08.2013


SWS Research Co Ltd PEGGY YE neutral 3 D #N/A N/A Not Provided 19.07.2013



Everbright Securities Co., Ltd WANG QIANMING neutral 3 D 4 6 month 28.03.2013

Bank of China International ROBIN TSUI buy 5 M 6 Not Provided 29.10.2012

Citic Securities Co., Ltd SONG XIAOQING overweight 5 M #N/A N/A Not Provided 21.09.2012

China Merchants Securities WANG XIAODAN neutral 3 M #N/A N/A Not Provided 25.05.2012

Hong Yuan Securities MIN DAN not rated #N/A N/A M #N/A N/A Not Provided 27.04.2012

Industrial Securities RENYUAN LUO strong buy 5 M 9 6 month 04.04.2012

Central China Securities HE WEIJIANG add 4 M #N/A N/A Not Provided 29.03.2012

Cinda Securities Ltd FAN HAIBO buy 5 M 8 6 month 20.06.2011

Tebon Securities Co Ltd TEAM COVERAGE add 4 M #N/A N/A Not Provided 11.04.2011

China Securities Co., Ltd ZHANG FANG neutral 3 N #N/A N/A Not Provided 08.12.2010


Rising Securities Co.,LTD WANG HUACHUN neutral 3 N #N/A N/A Not Provided 02.08.2010

China Investment Securities ZHANG LEI neutral 3 M #N/A N/A Not Provided 02.11.2009

Holdings By:

Zijin Mining Group Co Ltd ee


09.09.2013

China Construction Bank Corporation provides a complete range of banking

services and other financial services to individual and corporate customers. The

bank's services include retail banking, international settlement, project

finance, and credit card services.


LTM as of: 06/yy

52-Week High (04.02.2013) 5.19

52-Week Low (24.09.2012) 3.82

Daily Volume

4.53





1'183'928.50 1 Yr Total Return 20.39%





Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

388'058.0 396'529.0 449'841.0 575'537.0 713'433.0 654'757.0 737'005.0 499'166.4 550'798.5 121'665.0 124'242.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

92'599.0 106'756.0 134'844.0 169'258.0 193'179.0 182'716.0 206'607.0 212'524.9 231'699.4 57'878.0 44'750.0

9.36x 12.77x 10.55x 6.47x 6.50x 5.90x 5.23x 5.41x 4.93x 4.82x 4.62x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

China Construction Bank CorpPrice/Volume

Valuation Analysis

116'744'306.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.,', F

1,', F

3,', F

5,', F

-,,', F

-.,', F

-1,', F

-3,', F

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-',,

.',,

0',,

1',,

2',,

3',,

4',,

5',,

6',,

-,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA LIFE INSURANCE n/a Co File 1'626'830'229 16.96 - 30.06.2011 Government

CHINA INVESTMENT COR n/a ULT-AGG 492'631'014 5.13 - 17.06.2013 Investment Advisor











PICTET FUNDS n/a ULT-AGG 25'330'830 0.26 - 30.04.2013 Investment Advisor





GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 17'969'856 0.19 - 31.05.2013 Investment Advisor

TIANTONG ASSET MANAG Multiple Portfolios MF-AGG 17'419'691 0.18 (1'422'540) 31.12.2012 Investment Advisor



PingAn Securities GRACE LI neutral 3 M #N/A N/A Not Provided 03.09.2013

Masterlink Securities RAINY YUAN hold 3 D 5 6 month 27.08.2013









GF Securities Co. Ltd. Mu Hua add 4 M #N/A N/A Not Provided 19.06.2013





Sinolink Securities Co Ltd JIANGANG CHEN neutral 3 M #N/A N/A Not Provided 25.03.2013

HSBC TODD DUNIVANT overweight 5 M 6 Not Provided 17.09.2012









China Minzu Securities Co Ltd ZHANG JING buy 5 M 6 6 month 30.06.2011

Great Wall Securities CHENG BINBIN neutral 3 D #N/A N/A Not Provided 23.05.2011



Holdings By:

China Construction Bank Corp ee


09.09.2013

GD Power Development Co., Ltd. generates and distributes electric power and

heat throughout China. The Company also invests in new energy development and

environmental protection projects.


LTM as of: 06/yy

52-Week High (12.03.2013) 3.05

52-Week Low (25.06.2013) 2.15

Daily Volume

2.38





41'007.15 1 Yr Total Return -2.88%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

16'271.3 33'694.3 40'797.1 50'579.6 55'259.8 53'337.8 56'874.5 60'737.8 66'111.8 15'917.0 15'692.0

4.70x 3.67x 3.62x 3.30x 3.13x 12.44x 12.25x 2.89x 2.95x - -

3'435.2 10'139.6 11'269.2 13'805.6 18'082.2 0.0 0.0 22'188.0 22'036.0 - -

22.24x 12.20x 13.12x 12.10x 9.57x 0.00x 0.00x 7.57x 7.62x - -

178.9 2'496.9 2'429.2 3'648.1 5'050.6 3'716.7 6'808.2 6'053.2 5'893.4 1'723.0 1'600.5

168.79x 16.10x 14.64x 11.77x 8.02x 11.20x 5.54x 7.15x 6.76x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

GD Power Development Co LtdPrice/Volume

Valuation Analysis

130'402'487.00


,

-

-

.

.

0

0

1

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2,', F

-,,', F

-2,', F

.,,', F

.2,', F

0,,', F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

12',,

2,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA GOUDIAN CORP n/a Co File 8'982'166'685 52.13 - 31.12.2012 Government

NATL COUNCIL SOC SEC n/a Co File 917'431'192 5.32 - 31.12.2012 Government


SHANGHAI ELECTRIC GR n/a Co File 200'000'000 1.16 - 31.12.2012 Government



HARBIN ELECTRIC CO L n/a Co File 160'000'000 0.93 - 31.12.2012 Government

TIBET AUTO REG INVES n/a Co File 156'800'000 0.91 - 31.12.2012 Government


BEIJING ENERGY INVES n/a Co File 100'975'770 0.59 - 31.12.2012 Corporation

CHINA CO-OP GROUP n/a Co File 100'000'000 0.58 - 31.12.2012 Government





AEGON INDUSTRIAL FUN Multiple Portfolios MF-AGG 51'690'559 0.3 (63'263'744) 31.12.2012 Investment Advisor






Masterlink Securities LI YAN buy 5 M 3 6 month 02.09.2013


Capital Securities Corp LAI SHENSHENG hold 3 D 4 Not Provided 30.08.2013


Everbright Securities Co., Ltd JUNPENG CHEN accumulate 4 M 3 12 month 18.08.2013








Bank of China International PETER YAO not rated #N/A N/A M #N/A N/A Not Provided 10.12.2012

Hong Yuan Securities LU RUMIN add 4 D #N/A N/A Not Provided 06.06.2012

PingAn Securities SHAO QING buy 5 M #N/A N/A Not Provided 09.03.2012

China Galaxy Securities ZOU XUYUAN buy 5 M #N/A N/A Not Provided 01.07.2010

China Minzu Securities Co Ltd ZHANG KAI add 4 M #N/A N/A Not Provided 18.05.2010

KGI Securities CHEN JUDITH outperform 5 M 3 12 month 17.11.2008

Holdings By:

GD Power Development Co Ltd ee


09.09.2013

China National Chemical Engineering Company Ltd. offers construction services.

The Company builds chemical, petrochemical, pharmaceutical and power plants,

and coal industry facilities.


LTM as of: 06/yy

52-Week High (31.05.2013) 12.24

52-Week Low (24.09.2012) 6.21

Daily Volume

8.13





40'105.29 1 Yr Total Return 22.68%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

22'107.9 27'409.5 33'240.2 43'718.5 52'970.5 49'040.5 57'769.9 65'457.4 86'270.3 - -

- - 0.47x 0.28x 0.46x 1.22x 1.78x - - - -

1'546.3 1'649.1 2'460.3 3'161.8 3'945.0 0.0 0.0 5'006.0 5'931.0 - -

- - 6.37x 3.85x 6.14x 0.00x 0.00x 4.59x 3.88x - -

634.4 979.2 1'681.2 2'380.4 3'083.6 2'847.8 3'310.1 3'900.2 4'945.8 - -

- - 17.00x 11.88x 13.08x 9.98x 13.93x 10.18x 8.20x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.98







Fiscal Year Ended

China National Chemical Engineering Co LtdPrice/Volume

Valuation Analysis

48'731'142.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

-1

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.,', F

1,', F

3,', F

5,', F

-,,', F

-.,', F

-1,', F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA NATIONAL CHEMI n/a Co File 3'290'564'000 66.71 - 31.12.2012 Government

SHENHUA GROUP CORP L n/a Co File 143'068'000 2.9 - 31.12.2012 Government












ORIENT FUND MANAGEME Multiple Portfolios MF-AGG 18'158'275 0.37 12'098'275 31.12.2012 Investment Advisor


CHINA POST & CAPITAL Multiple Portfolios MF-AGG 18'000'000 0.36 (50'213'660) 31.12.2012 Investment Advisor


SOOCHOW ASSET MANAGE Multiple Portfolios MF-AGG 14'052'061 0.28 (500'000) 31.12.2012 Investment Advisor

GALAXY ASSET MANAGEM Multiple Portfolios MF-AGG 13'634'473 0.28 13'284'524 31.12.2012 Investment Advisor



Guotai Junan ZHANG KUN buy 5 M 12 12 month 26.08.2013

Central China Securities MINHAO GU buy 5 M #N/A N/A Not Provided 15.08.2013



GF Securities Co. Ltd. XIAO TANG buy 5 M #N/A N/A Not Provided 13.08.2013

Hong Yuan Securities ZHOU RONGZI buy 5 M 13 6 month 21.07.2013

SWS Research Co Ltd LU LINGLING outperform 5 M #N/A N/A Not Provided 16.07.2013


Guodu Securities Co Ltd WANG SHUANG strong buy 5 M 10 6 month 28.06.2013

China International Capital Corp BIN GUAN buy 5 M #N/A N/A Not Provided 17.06.2013

China Minzu Securities Co Ltd YU WALI add 4 M 7 6 month 17.06.2013

EVA Dimensions TIMOTHY STANISH buy 5 M #N/A N/A Not Provided 06.06.2013


Bank of China International NI XIAOMAN buy 5 N #N/A N/A Not Provided 14.01.2013


China Securities Co., Ltd TIAN DONGHONG buy 5 N 9 Not Provided 25.06.2012

Industrial Securities WANG SHUANG buy 5 M #N/A N/A Not Provided 20.04.2012

Great Wall Securities RAN FEI buy 5 N #N/A N/A Not Provided 30.03.2012

Rising Securities Co.,LTD SONG HUAISONG outperform 5 M #N/A N/A Not Provided 09.01.2012

Everbright Securities Co., Ltd WANG XIXIN accumulate 4 N 10 12 month 27.06.2011

Holdings By:

China National Chemical Engineering Co Ltd ee


09.09.2013

Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. manufactures and

sells Chinese patent medicine. The Company also wholesales, retails, imports,

and exports Western and Chinese pharmaceutical products and various medical

apparatus.


LTM as of: 06/yy

52-Week High (15.05.2013) 40.73

52-Week Low (04.12.2012) 15.10

Daily Volume

33.31





40'671.08 1 Yr Total Return 37.76%




Cash and Equivalents 732.41 Consensus Rating 4.000






31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

3'450.6 3'802.4 4'455.9 5'395.6 8'161.9 6'072.0 13'680.8 18'562.5 19'282.0 - -

1.16x 1.93x 3.17x 0.72x 1.65x 3.31x 2.44x - - - -

104.8 163.0 316.3 298.2 358.1 0.0 0.0 1'269.0 1'716.0 - -

38.21x 44.97x 44.69x 13.07x 37.50x 0.00x 0.00x 31.05x 22.96x - -

181.8 214.9 267.1 287.5 395.3 325.0 765.4 1'037.8 1'384.0 - -

10.30x 19.44x 33.14x 13.87x 22.73x 28.14x 9.36x 38.29x 30.12x - -











EBITDA Margin 6.0%



Asset Turnover 1.55








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Guangzhou Baiyunshan Pharmaceutical Holdings Co LtdPrice/Volume

Valuation Analysis

8'748'480.00


,2

-,-2.,.20,021,12


0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,,',,

.,,',,

0,,',,

1,,',,

2,,',,

3,,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


GUANGZHOU PHARMACEUT n/a Co File 390'833'391 36.48 - 31.12.2012 Holding Company


MORGAN STANLEY HUAXI Multiple Portfolios MF-AGG 6'270'000 0.59 4'088'213 30.06.2013 Investment Advisor



GZ XINJIAO RURAL CRE n/a EXCH 3'276'750 0.31 - 30.06.2008 Other






CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 988'201 0.09 - 02.09.2013 Investment Advisor

MINSHENG ROYAL FUND Multiple Portfolios MF-AGG 545'273 0.05 (463'275) 30.06.2013 Investment Advisor

HUAFU FUND MANAGEMEN Multiple Portfolios MF-AGG 459'938 0.04 459'938 31.12.2012 Investment Advisor

LION FUND MANAGEMENT Multiple Portfolios MF-AGG 457'685 0.04 452'685 31.12.2012 Investment Advisor

CHINA MERCHANTS FUND Multiple Portfolios MF-AGG 441'580 0.04 (39'048) 31.12.2012 Investment Advisor

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 370'000 0.03 370'000 31.12.2012 Investment Advisor

CITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 300'000 0.03 (571'006) 31.12.2012 Investment Advisor

BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 277'590 0.03 277'590 31.12.2012 Investment Advisor

FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 168'000 0.02 168'000 31.12.2012 Investment Advisor


SWS Research Co Ltd SELINA LUO outperform 5 M #N/A N/A Not Provided 19.07.2013


Morgan Stanley BIN LI Equalwt/In-Line 3 M 29 12 month 19.03.2013

Capital Securities Corp LI YING hold 3 M 16 Not Provided 01.03.2013

China International Capital Corp SUN LIANG accumulate 4 M #N/A N/A Not Provided 01.03.2013



China Investment Securities ZHOU RUI neutral 3 M #N/A N/A Not Provided 02.12.2011


Founder Securities NA XUE add 4 N #N/A N/A Not Provided 29.03.2010

Everbright Securities Co., Ltd YAO JIE accumulate 4 N 9 Not Provided 19.08.2009

Holdings By:

Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd ee


09.09.2013

Wanhua Chemical Group Co., Ltd. develops, manufactures, and markets pure

isocyanate, polymeric isocyanate, polyurethane, and other related chemical

products.


LTM as of: 06/yy

52-Week High (25.04.2013) 19.73

52-Week Low (19.09.2012) 12.56

Daily Volume

16.83





36'392.09 1 Yr Total Return 30.68%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

7'655.8 6'465.4 9'402.5 13'601.7 15'853.9 13'878.2 18'624.8 20'167.5 24'381.2 4'500.0 6'750.0

2.31x 6.57x 3.94x 2.50x 2.81x 10.72x 9.97x 2.25x 1.62x - -

2'006.1 1'453.3 1'839.8 3'555.4 4'651.1 0.0 0.0 5'907.2 7'145.2 1'453.0 1'180.0

8.82x 29.23x 20.12x 9.58x 9.58x 0.00x 0.00x 8.61x 7.12x - -

1'548.8 1'066.4 1'530.2 1'853.9 2'348.9 1'839.4 2'903.0 3'007.7 3'590.3 619.0 929.0

10.75x 37.52x 20.86x 15.00x 14.32x 15.77x 11.94x 11.94x 10.05x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.83








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Wanhua Chemical Group Co LtdPrice/Volume

Valuation Analysis

13'983'445.00


,.135

-,-.-1-3-5.,


0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2,',,

-,,',,

-2,',,

.,,',,

.2,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


WANHUA INDUSTRIAL GR n/a Co File 1'091'880'317 50.5 - 31.12.2011 Government





YANTAI MOON GROUP CO n/a Co File 32'115'799 1.49 - 31.12.2011 Corporation






PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 14'939'829 0.69 997'600 30.06.2013 Investment Advisor




GTJA ALLIANZ FUND MA Multiple Portfolios MF-AGG 10'312'583 0.48 9'272'382 31.12.2012 Investment Advisor




ORIENT FUND MANAGEME Multiple Portfolios MF-AGG 7'259'334 0.34 190'900 31.12.2012 Investment Advisor


PingAn Securities YAN ZHUBING strong buy 5 M #N/A N/A Not Provided 02.09.2013

GF Securities Co. Ltd. WANG JIANYU buy 5 M 23 12 month 19.08.2013

Guotai Junan KANG KAI buy 5 M 21 12 month 11.08.2013

EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 31.07.2013

Fortune CLSA Securities Limited XUAN LI buy 5 M 25 12 month 30.07.2013

Chang Jiang Securities Co. Limited ZHANG XIANG buy 5 M #N/A N/A Not Provided 29.07.2013

SWS Research Co Ltd SHAWN ZHOU outperform 5 M #N/A N/A Not Provided 17.07.2013

Hong Yuan Securities ZU GUANGPING buy 5 M 23 6 month 14.07.2013

China Minzu Securities Co Ltd YU WALI add 4 M 15 6 month 08.07.2013

Guodu Securities Co Ltd WANG SHUANG buy 5 M 23 6 month 28.06.2013

Central China Securities LI LINLIN add 4 M #N/A N/A Not Provided 21.06.2013

Everbright Securities Co., Ltd CHENG LEI buy 5 M #N/A N/A Not Provided 21.04.2013

Rising Securities Co.,LTD ZENG WEIQIANG outperform 5 M #N/A N/A Not Provided 18.04.2013

China International Capital Corp GAO ZHENG buy 5 M #N/A N/A Not Provided 12.04.2013



Northeast Securities Co Ltd TIAN BEI buy 5 M #N/A N/A Not Provided 25.03.2013


Citic Securities Co., Ltd YIN XIAODONG buy 5 M 19 6 month 29.01.2013

Bank of China International SU WENJIE buy 5 M 20 12 month 28.01.2013

Qilu Securities Co Ltd LI XUAN add 4 N #N/A N/A Not Provided 17.01.2013

China Securities Co., Ltd LIANG BIN add 4 D 18 Not Provided 25.06.2012

China Merchants Securities LU PING buy 5 M #N/A N/A Not Provided 10.06.2012


Great Wall Securities LING XUELIANG buy 5 M #N/A N/A Not Provided 16.04.2012

China Investment Securities LIANG HAO strong buy 5 M #N/A N/A Not Provided 07.09.2011

Founder Securities ZHENGHUA ZHANG add 4 M #N/A N/A Not Provided 30.10.2010

China Galaxy Securities LI GUOHONG speculative buy 4 U #N/A N/A Not Provided 30.11.2009

Holdings By:

Wanhua Chemical Group Co Ltd ee


09.09.2013

China International Travel Service Corp Ltd. operates travel agencies that

offer a wide range of travel packages. The Company also operates duty free

shops.


LTM as of: 06/yy

52-Week High (03.09.2013) 38.98

52-Week Low (07.12.2012) 23.90

Daily Volume

38.04




Shares Out 15.07.2013 976.2 Short Int -

37'136.09 1 Yr Total Return 30.68%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

5'770.4 6'014.9 9'539.0 12'589.0 15'944.0 14'382.2 16'887.5 19'235.3 23'286.9 5'257.5 5'445.0

- 2.57x 2.52x 1.64x 1.30x 5.62x 4.02x 1.60x 1.26x - -

423.4 537.0 676.0 1'061.2 1'443.8 0.0 0.0 2'062.5 2'560.0 - -

- 28.82x 35.59x 19.42x 14.41x 0.00x 0.00x 16.08x 12.96x - -

221.2 312.8 409.7 684.9 1'005.6 922.7 1'241.7 1'335.0 1'596.7 273.0 296.0

- 47.59x 65.89x 33.71x 23.99x 26.91x 20.69x 27.43x 22.78x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.84







Fiscal Year Ended

China International Travel Service Corp LtdPrice/Volume

Valuation Analysis

5'544'894.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

0,

02

1,

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.', F

1', F

3', F

5', F

-,', F

-.', F

-1', F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

4,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CITS GROUP CORP n/a Co File 539'846'100 55.3 - 31.12.2012 Government

OVERSEAS CHINESE TOW n/a Co File 98'153'900 10.05 - 31.12.2012 Government



YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 16'356'393 1.68 530'890 30.06.2013 Investment Advisor


FIDELITY LTD n/a Co File 5'780'910 0.59 - 31.12.2012 Investment Advisor


BANK OF CHINA INVEST Multiple Portfolios MF-AGG 5'479'459 0.56 (1'759'433) 31.12.2012 Investment Advisor




CCB PRINCIPAL ASSET Multiple Portfolios MF-AGG 4'277'163 0.44 (215'401) 31.12.2012 Investment Advisor





ABC-CA FUND MANAGEME Multiple Portfolios MF-AGG 2'876'891 0.29 (5'534'740) 31.12.2012 Investment Advisor

FIRST-TRUST FUND MAN Multiple Portfolios MF-AGG 2'840'443 0.29 (1'559'500) 31.12.2012 Investment Advisor

FRANKLIN TEMPLETON S Multiple Portfolios MF-AGG 2'817'245 0.29 763'228 31.12.2012 Investment Advisor


Capital Securities Corp ZHANG LU buy 5 M 43 Not Provided 03.09.2013

Northeast Securities Co Ltd LI LIANG buy 5 M #N/A N/A Not Provided 03.09.2013

Sinolink Securities Co Ltd MAO ZHENGRONG buy 5 M #N/A N/A Not Provided 02.09.2013

China International Capital Corp HAIYAN GUO buy 5 M #N/A N/A Not Provided 02.09.2013

Guotai Junan XU JUANJUAN buy 5 M 41 12 month 01.09.2013

SWS Research Co Ltd JENNIFER JIN outperform 5 M #N/A N/A Not Provided 19.07.2013

Guodu Securities Co Ltd YANG ZHIGANG buy 5 M 34 6 month 16.07.2013

Hong Yuan Securities SUN YAN buy 5 U 30 6 month 12.07.2013

Goldman Sachs LIAO XUFA buy/attractive 5 M 37 12 month 30.06.2013

Everbright Securities Co., Ltd LIN YUHONG accumulate 4 M 33 6 month 26.06.2013

Citic Securities Co., Ltd ZHAO XUEQIN buy 5 M 35 6 month 11.04.2013

Tebon Securities Co Ltd LI XIANGFENG buy 5 M 38 12 month 19.02.2013

Bank of China International TRACY FENG buy 5 M 28 Not Provided 04.01.2013

China Securities Co., Ltd SHEN ZHOUXIANG add 4 M 35 6 month 02.11.2012

UBS DENNIS WANG buy 5 M 37 12 month 31.10.2012

Central China Securities CHEN SHANSHAN add 4 M #N/A N/A Not Provided 25.10.2012

Founder Securities WANG LANGQI buy 5 M #N/A N/A Not Provided 19.09.2012

China Merchants Securities ZHU WEIHUA buy 5 M #N/A N/A Not Provided 12.07.2012

AJ Securities HOU JIALIN buy 5 M #N/A N/A Not Provided 06.07.2012

Industrial Securities LIU LUDAN strong buy 5 M #N/A N/A Not Provided 26.04.2012

China Investment Securities CHEN QINGQING strong buy 5 M #N/A N/A Not Provided 04.05.2011

Holdings By:

China International Travel Service Corp Ltd ee


09.09.2013

BesTV New Media Co Ltd manufactures and sells a variety of electronic products.

The Company's products include television sets, radios, CDand cassette players,

VCRs, and DVD players. The Company also develops Internet switches and security

software, produces LCDs (Liquid Crystal Display), and provides import and

export service.


LTM as of: 06/yy

52-Week High (09.09.2013) 37.88

52-Week Low (04.12.2012) 13.00

Daily Volume

35.98





40'072.22 1 Yr Total Return 113.66%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

3'461.9 2'332.3 898.1 1'284.3 1'955.3 1'212.9 2'161.1 2'860.2 3'881.1 - -

1.00x 2.24x - 11.91x 8.08x 42.57x 36.30x - - - -

(696.1) 164.1 315.0 515.4 726.3 0.0 0.0 1'060.0 1'401.0 - -

- 31.85x - 29.69x 21.74x 0.00x 0.00x 36.20x 27.39x - -

(984.1) 35.4 257.8 355.1 516.5 664.2 580.9 719.3 976.9 - -

- 136.60x - 23.89x 34.50x 17.92x 53.85x 55.52x 40.93x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.56







Fiscal Year Ended

BesTV New Media Co LtdPrice/Volume

Valuation Analysis

20'058'057.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

0,

02

1,

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2', F

-,', F

-2', F

.,', F

.2', F

0,', F

02', F

1,', F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.,',,

1,',,

3,',,

5,',,

-,,',,

-.,',,

-1,',,

-3,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


SHANGHAI MEDIA GROUP n/a Co File 466'885'075 41.92 - 31.12.2012 Government

TSINGHUA TONGFANG CO n/a EXCH 53'333'339 4.79 (10'000'000) 09.01.2013 Corporation

SHANGHAI YIDIAN HLDG n/a Co File 40'000'000 3.59 - 31.12.2012 Government

SH CHENGBEI INVEST C n/a Co File 29'842'081 2.68 - 31.12.2012 Investment Advisor


TAIKANG LIFE INSURAN n/a Co File 22'242'879 2 - 31.12.2012 Insurance Company

SHANGHAI LIANHE INVE n/a Co File 17'514'081 1.57 - 31.12.2012 Government

BJ HENGSHENG JIAYE I n/a Co File 17'101'014 1.54 - 31.12.2012 Other


CHENGDU YUANHONG INN n/a Co File 14'184'325 1.27 - 31.12.2012 Venture Capital


UBS SDIC FUND MANAGE Multiple Portfolios MF-AGG 9'786'033 0.88 (1'294'053) 31.12.2012 Investment Advisor

MORGAN STANLEY HUAXI Multiple Portfolios MF-AGG 8'786'868 0.79 3'987'043 30.06.2013 Investment Advisor

BANK OF CHINA INVEST Multiple Portfolios MF-AGG 5'458'742 0.49 92'285 31.12.2012 Investment Advisor






FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 3'149'797 0.28 (1'450'134) 31.12.2012 Investment Advisor



Tebon Securities Co Ltd LI XIANGFENG outperform 5 M 20 6 month 16.08.2013

Capital Securities Corp HU JIAMING buy 5 M 37 Not Provided 15.08.2013

Sinolink Securities Co Ltd ZHANG YAN buy 5 M 30 Not Provided 15.08.2013

Guotai Junan GAO HUI buy 5 M 40 12 month 15.08.2013

Everbright Securities Co., Ltd ZHANG LIANGWEI buy 5 M 40 6 month 15.08.2013

Goldman Sachs LIAO XUFA neutral/neutral 3 M 30 12 month 14.08.2013

SWS Research Co Ltd ZHANG HENG buy 5 M #N/A N/A Not Provided 16.07.2013

China Minzu Securities Co Ltd XUEFEI LUAN buy 5 U #N/A N/A Not Provided 12.07.2013

Hong Yuan Securities ZHANG ZEJING add 4 M #N/A N/A Not Provided 08.07.2013

Qilu Securities Co Ltd LIU JIANGXIAO buy 5 M #N/A N/A Not Provided 30.06.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 07.05.2013

Great Wall Securities JIN WEI strong buy 5 M #N/A N/A Not Provided 10.10.2012

Rising Securities Co.,LTD ZHAO YUE outperform 5 D #N/A N/A Not Provided 07.09.2012

Citic Securities Co., Ltd HU YALI buy 5 M #N/A N/A Not Provided 21.03.2012


Holdings By:

BesTV New Media Co Ltd ee


09.09.2013

Shanghai Jahwa United Co., Ltd. develops, manufactures and wholesales skin care

and hair care products, cosmetics, perfumes, detergents, and other household

chemical products. The Company also provides technical and food services.


LTM as of: 06/yy

52-Week High (28.08.2013) 57.76

52-Week Low (28.11.2012) 29.40

Daily Volume

54.07





36'359.00 1 Yr Total Return 75.13%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

2'467.4 2'673.0 3'069.1 3'539.3 4'461.4 3'954.5 4'867.4 5'594.3 6'967.8 1'445.0 1'400.0

2.33x 3.77x 4.88x 3.84x 4.83x 13.65x 20.48x 6.23x 4.94x 25.18x 25.98x

298.9 402.5 328.0 455.3 627.4 0.0 0.0 943.3 1'367.3 - -

19.26x 25.02x 45.65x 29.83x 34.35x 0.00x 0.00x 37.13x 25.62x - -

185.0 233.3 275.6 361.3 614.6 514.4 744.1 863.7 1'197.7 149.0 178.0

32.59x 45.69x 57.12x 40.11x 36.16x 32.66x 40.64x 42.01x 31.49x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.25








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Shanghai Jahwa United Co LtdPrice/Volume

Valuation Analysis

2'886'941.00


,

-,

.,

0,

1,

2,

3,

4,


0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

12',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


SHANGHAI JAHWA UNITE n/a Co File 180'090'282 26.78 - 31.12.2012 n/a







SH CITY CONSTR INVES n/a Co File 15'546'427 2.31 - 31.12.2012 Corporation



GALAXY ASSET MANAGEM Multiple Portfolios MF-AGG 9'634'357 1.43 (762'519) 31.12.2012 Investment Advisor


UBS SDIC FUND MANAGE Multiple Portfolios MF-AGG 5'979'286 0.89 697'830 31.12.2012 Investment Advisor

FIRST-TRUST FUND MAN Multiple Portfolios MF-AGG 5'950'770 0.88 (533'175) 30.06.2013 Investment Advisor


CHINA POST & CAPITAL Multiple Portfolios MF-AGG 5'292'021 0.79 3'769'065 31.12.2012 Investment Advisor


SOOCHOW ASSET MANAGE Multiple Portfolios MF-AGG 4'483'955 0.67 (2'558'190) 31.12.2012 Investment Advisor


MANULIFE TEDA FUND M Multiple Portfolios MF-AGG 4'061'370 0.6 985'286 30.06.2013 Investment Advisor


UBS YUNYUN HU buy 5 M 64 12 month 28.08.2013

GF Securities Co. Ltd. Zi Meng buy 5 M 63 12 month 28.08.2013

China International Capital Corp GAO ZHENG buy 5 M #N/A N/A Not Provided 28.08.2013

Fortune CLSA Securities Limited KATHARINE SONG underperform 1 M 59 12 month 28.08.2013

Qilu Securities Co Ltd XIE GANG buy 5 M #N/A N/A Not Provided 08.08.2013

Hong Yuan Securities CHEN XU buy 5 M 82 6 month 22.07.2013

SWS Research Co Ltd MAGGIE WANG buy 5 M #N/A N/A Not Provided 19.07.2013

EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013

Citic Securities Co., Ltd ZHAO XUEQIN buy 5 M 52 6 month 03.05.2013

Sinolink Securities Co Ltd WANG XIAOYING add 4 M #N/A N/A Not Provided 02.05.2013

Everbright Securities Co., Ltd WANG XIXIN buy 5 M 54 12 month 26.04.2013

Bank of China International SU WENJIE buy 5 M 40 12 month 28.01.2013

Rising Securities Co.,LTD ZHAO YUE outperform 5 N #N/A N/A Not Provided 18.12.2012

China Minzu Securities Co Ltd YU WALI add 4 N #N/A N/A Not Provided 30.11.2012

Founder Securities ZHENGHUA ZHANG add 4 M 25 6 month 15.08.2012



China Galaxy Securities XIYAN PENG buy 5 M 17 12 month 03.08.2009

China Securities Co., Ltd JING LI add 4 N 13 Not Provided 31.05.2009

China Investment Securities HOU HONGSEN buy 5 M #N/A N/A Not Provided 19.05.2009

Holdings By:

Shanghai Jahwa United Co Ltd ee


09.09.2013

Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services

automobiles. The Company is also involved in automobile parts and components,

and auto finance and related services for both overseas and domestic markets.


LTM as of: 06/yy

52-Week High (30.05.2013) 10.20

52-Week Low (15.11.2012) 4.87

Daily Volume

9.09





53'993.28 1 Yr Total Return 51.63%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

43'769.7 50'253.6 8'742.3 10'814.3 12'963.9 7'418.9 15'176.2 17'124.5 19'715.9 - -

- - 5.77x 2.61x 2.73x 5.02x 7.85x 2.77x 2.25x - -

3'793.7 4'346.2 99.6 (895.2) (808.2) 0.0 0.0 810.3 1'519.7 - -

- - 506.49x - - 0.00x 0.00x 60.83x 32.43x - -

1'566.8 2'031.8 4'295.1 4'271.6 1'134.0 2'830.5 870.5 2'266.0 3'830.6 654.0 662.0

- - 9.89x 7.62x 30.70x 0.00x 42.81x 23.73x 14.20x - -

EBITDA -808.21 Long-Term Rating Date -

EBIT -1'475.82 Long-Term Rating -

Operating Margin -11.38% Long-Term Outlook -




Return on Capital - EBITDA/Interest Exp. -1.44


Net Debt/EBITDA -

Gross Margin 5.3% Total Debt/EBITDA -14.11

EBITDA Margin -6.2%

EBIT Margin -11.4% Total Debt/Equity 36.6%


Asset Turnover 0.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Guangzhou Automobile Group Co LtdPrice/Volume

Valuation Analysis

13'927'195.00


,

.

1

3

5

-,

-.


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


GZ AUTOMOBILE INDUST n/a EXCH 3'679'503'529 87.16 62'100'000 29.03.2012 Corporation

WANXIANG GROUP CO n/a EXCH 156'996'823 3.72 - 28.03.2012 Corporation

CHINA NATIONAL MACHI n/a EXCH 145'227'963 3.44 - 28.03.2012 Government

CHINA AMC RENAISSANC n/a EXCH 21'226'890 0.5 - 28.03.2012 n/a


GUANGZHOU IRON & STE n/a EXCH 7'869'515 0.19 - 28.03.2012 Corporation

CHIMELONG GROUP CO L n/a EXCH 7'259'627 0.17 - 28.03.2012 Corporation

SHU YIMIN n/a EXCH 5'589'286 0.13 - 28.03.2012 n/a


ZHONGRONG STRENGTHEN n/a EXCH 4'187'829 0.1 - 28.03.2012 n/a

ZHU XIAOMEI n/a EXCH 3'610'402 0.09 - 28.03.2012 n/a









HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 941'800 0.02 7'800 31.12.2012 Investment Advisor



Bank of China International ERIC HU buy 5 U 10 Not Provided 30.08.2013

Everbright Securities Co., Ltd WEI FENG accumulate 4 M 9 3 month 30.08.2013

China Investment Securities LEI ZHANG strong buy 5 M 10 12 month 30.08.2013

Qilu Securities Co Ltd BAI YU buy 5 M #N/A N/A Not Provided 06.08.2013


UBS TIANLONG ZOU neutral 3 U 8 12 month 24.05.2013

Hong Yuan Securities PANG LINLIN buy 5 M 10 12 month 22.01.2013

PingAn Securities YU BING neutral 3 M #N/A N/A Not Provided 21.12.2012

HuaChuang Securities WANG YANXUE buy 5 M #N/A N/A Not Provided 16.12.2012

Holdings By:

Guangzhou Automobile Group Co Ltd ee


09.09.2013

Founder Securities Company Limited's major business includes securities

brokerage, securities investment consulting, securities trading, financial

advisory on securities investment and trading activities, proprietary trading,

securities asset management, investment fund distribution, margin business, and

provide intermediate agency services for Founder Futures Limited.


LTM as of: 06/yy

52-Week High (25.03.2013) 8.25

52-Week Low (04.12.2012) 3.60

Daily Volume

5.91





36'051.00 1 Yr Total Return 33.91%






Average Volume 5 Day 0




31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

2'152.5 3'312.7 3'088.0 1'776.8 2'614.1 1'610.5 2'850.3 3'878.5 4'443.8 - -

- - - 5.03x 6.08x 30.80x 22.51x - - - -

- - - 523.6 1'108.0 359.9 0.0 - - - -

- - - 17.06x 14.34x 0.00x 0.00x - - - -

859.1 1'385.4 1'248.1 256.9 562.2 343.5 627.9 1'061.0 1'419.3 - -

- - - 82.74x 47.83x 0.00x 56.10x 30.00x 23.83x - -











EBITDA Margin 42.4%



Asset Turnover 0.10







Fiscal Year Ended

Founder Securities Co LtdPrice/Volume

Valuation Analysis

66'637'195.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,-.0123456

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0', F

2,', F

-,,', F

-2,', F

.,,', F

.2,', F

0,,', F

02,', F

1,,', F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,',,

,'.,

,'1,

,'3,

,'5,

-',,

-'.,



09.09.2013


PEKING UNIVERSITY FO n/a Research 2'514'420'000 41.22 2'167'768 17.04.2013 Corporation

LIDE TECH DEVELOP CO n/a EXCH 301'791'148 4.95 (28'174'261) 18.04.2013 Corporation

HAERBIN HATOU INVEST n/a Co File 296'234'942 4.86 - 31.12.2012 Other

JIAXIN INVEST CO n/a Co File 139'066'991 2.28 - 31.12.2012 Corporation

BJ WANHUA INVEST CON n/a Co File 139'066'991 2.28 - 31.12.2012 Investment Advisor


SH YUANRONG LEASE GU n/a Co File 83'440'195 1.37 - 31.12.2012 Other

LI BAOQING n/a Co File 82'806'991 1.36 - 31.12.2012 n/a

ZHENGZHOU COAL INDUS n/a Co File 79'963'520 1.31 - 31.12.2012 Holding Company

CS XIANDAO INVEST HL n/a Co File 79'274'451 1.3 - 31.12.2012 Government

ZHEJIANG SILK HOLDIN n/a EXCH 74'957'108 1.23 - 09.08.2011 Corporation

ZJ ECON CONSTRUCT GR n/a EXCH 74'888'965 1.23 - 09.08.2011 Government

ZJ XINGFA CHEM FIBER n/a EXCH 73'177'051 1.2 - 09.08.2011 Corporation

SH RONGDA TRAD DEVEL n/a EXCH 54'613'810 0.9 - 09.08.2011 Corporation

WZ LIANCHUANG HLD CO n/a EXCH 54'236'127 0.89 - 09.08.2011 Holding Company

HN HEXIN NEW BUILD M n/a EXCH 48'770'794 0.8 - 09.08.2011 Corporation


GUANGDONG YUECAI INV n/a EXCH 33'017'809 0.54 - 09.08.2011 Corporation


CHINA AEROSPACE SCIE n/a ULT-AGG 27'320'618 0.45 - 09.08.2011 Government







Guotai Junan ZHAO XIANGHUAI add 4 M 8 12 month 07.07.2013


Sinolink Securities Co Ltd JIANGANG CHEN buy 5 U 6 Not Provided 02.05.2013


Holdings By:

Founder Securities Co Ltd ee


09.09.2013

Shanghai Electric Group Company Limited, through its subsidiaries, designs,

manufactures, sells, and services a wide range of products and services in the

power equipment, electromechanical equipment, transportation equipment and

environmental system industries.


LTM as of: 06/yy

52-Week High (25.10.2012) 4.66

52-Week Low (25.06.2013) 3.13

Daily Volume

3.72





43'191.46 1 Yr Total Return -10.14%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

59'057.9 57'622.4 62'957.5 71'461.3 76'591.0 76'329.0 78'937.5 79'427.7 80'375.3 - -

0.98x 1.65x 1.33x 0.69x 0.53x 1.57x 1.29x - - - -

3'967.7 3'516.9 4'107.2 5'481.1 6'391.1 0.0 0.0 5'428.0 6'209.0 - -

14.61x 27.10x 20.39x 8.97x 6.39x 0.00x 0.00x 6.42x 5.61x - -

2'566.2 2'453.4 2'783.6 3'183.1 2'714.9 3'462.7 2'253.1 2'850.5 3'170.8 - -

12.87x 16.11x 19.86x 11.73x 12.58x 9.50x 11.71x 16.68x 14.88x - -











EBITDA Margin 7.6%



Asset Turnover 0.67








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Shanghai Electric Group Co LtdPrice/Volume

Valuation Analysis

15'934'280.00


,--..001122


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


SHANGHAI ELECTRIC GR n/a EXCH 7'411'997'802 75.24 929'304 26.06.2013 Government

FUNG CHI SHENZHEN IN n/a Co File 910'986'654 9.25 - 31.12.2012 Other


WESTERN JIANYUAN HLD n/a Co File 104'000'000 1.06 - 31.12.2012 Corporation

YUNNAN METROPOLITAN n/a Co File 56'877'667 0.58 - 31.12.2012 Government

ST MINGGUANG INVEST n/a Co File 50'988'612 0.52 - 31.12.2012 Corporation

SINOMACH FINANCE CO n/a Co File 50'853'485 0.52 - 31.12.2012 Corporation

SHANGHAI CHENGTOU CO n/a Co File 40'937'826 0.42 - 31.12.2012 Government

HUNAN LIGHT INDUS SA n/a Co File 28'106'700 0.29 - 31.12.2012 Government





DIMENSIONAL FUND ADV n/a ULT-AGG 2'392'000 0.02 - 31.07.2012 Investment Advisor

RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 972'110 0.01 (40'700) 31.12.2012 Investment Advisor

HFT INVESTMENT MANAG Multiple Portfolios MF-AGG 416'578 0 (88'100) 31.12.2012 Investment Advisor

FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 393'205 0 4'800 31.12.2012 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 277'700 0 (63'800) 31.12.2012 Investment Advisor

DBS ASSET MANAGEMENT Multiple Portfolios MF-AGG 240'000 0 240'000 31.12.2010 Investment Advisor

ZHONG HAI FUND MANAG Multiple Portfolios MF-AGG 119'372 0 - 31.12.2012 Investment Advisor



China International Capital Corp RAN SHI hold 3 M #N/A N/A Not Provided 02.09.2013

SWS Research Co Ltd DANIEL ZHOU neutral 3 M #N/A N/A Not Provided 19.07.2013

PingAn Securities ZHANG HAI buy 5 M #N/A N/A Not Provided 10.07.2013

Qilu Securities Co Ltd LIU JIANGXIAO add 4 D #N/A N/A Not Provided 20.02.2013

China Merchants Securities PENG QUANGANG buy 5 M 7 6 month 04.07.2012

Everbright Securities Co., Ltd ZHOU LIQIAN buy 5 M #N/A N/A Not Provided 06.06.2012

China Securities Co., Ltd CHEN YIHUA add 4 U 10 Not Provided 08.12.2010

Holdings By:

Shanghai Electric Group Co Ltd ee


09.09.2013

Jiangxi Copper Company Ltd. operates in the copper mining, milling, smelting and

refining to produce copper cathode and other related products, including pyrite

concentrates, sulphuric acid and electrolytic gold and silver businesses. The

Company also provides smelting and refining services pursuant to tolling

arrangements for customers.


LTM as of: 06/yy

52-Week High (04.02.2013) 28.30

52-Week Low (25.06.2013) 14.80

Daily Volume

17.22





53'082.82 1 Yr Total Return -18.47%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

53'693.4 51'430.6 76'138.9 117'119.2 158'006.0 124'838.6 178'897.9 165'103.5 177'731.7 32'660.0 38'950.0

0.52x 1.87x 1.75x 0.58x 0.47x 1.58x 1.14x - - - -

5'583.5 4'522.3 7'575.6 8'684.2 7'034.4 0.0 0.0 5'790.0 6'059.0 - -

5.01x 21.25x 17.55x 7.82x 10.57x 0.00x 0.00x 9.33x 8.92x - -

2'285.1 2'383.2 4'987.6 6'586.9 5'169.7 4'897.1 3'880.1 3'777.7 4'163.0 1'608.0 935.0

6.58x 20.46x 13.62x 7.16x 11.01x 9.76x 9.29x 14.93x 14.31x 18.03x 25.32x











EBITDA Margin 3.3%



Asset Turnover 2.20







Fiscal Year Ended

Jiangxi Copper Co LtdPrice/Volume

Valuation Analysis

16'703'368.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

0,

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,', F

.,', F

0,', F

1,', F

2,', F

3,', F

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

4,',,

5,',,

6,',,

-,,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


JIANGXI COPPER CORP n/a EXCH 1'329'999'325 64.09 47'924'432 30.07.2012 Corporation













SANJIANG AEROSPACE G n/a Co File 4'160'000 0.2 - 31.12.2009 Corporation



BOSERA FUND MANAGEME Multiple Portfolios MF-AGG 2'878'133 0.14 (342'760) 31.12.2012 Investment Advisor

JIASHI FUND MANAGEME Multiple Portfolios MF-AGG 2'861'679 0.14 2'261'737 31.12.2012 Investment Advisor

DAI ICHI LIFE INSURA n/a Co File 2'499'947 0.12 - 31.12.2009 Insurance Company

EVERBRIGHT PRAMERICA Multiple Portfolios MF-AGG 2'050'233 0.1 - 31.12.2012 Investment Advisor


Masterlink Securities SARAH WANG hold 3 M 19 6 month 30.08.2013



SWS Research Co Ltd ARTHUR WANG outperform 5 U #N/A N/A Not Provided 16.07.2013


Everbright Securities Co., Ltd WANG QIANMING accumulate 4 M 24 6 month 27.03.2013



Bank of China International ROBIN TSUI hold 3 M 20 Not Provided 30.10.2012

Tebon Securities Co Ltd CAI PEIPEI buy 5 M #N/A N/A Not Provided 20.10.2012


PingAn Securities LIANG ZHIGANG buy 5 N #N/A N/A Not Provided 02.07.2012





China Investment Securities YANG GUOPING buy 5 M #N/A N/A Not Provided 19.04.2012

Great Wall Securities LIU FEI buy 5 M 26 6 month 30.03.2012

Industrial Securities RENYUAN LUO neutral 3 D #N/A N/A Not Provided 27.03.2012


Northeast Securities Co Ltd XIFENG PAN buy 5 M #N/A N/A Not Provided 22.06.2011

Cinda Securities Ltd FAN HAIBO buy 5 M #N/A N/A Not Provided 20.06.2011

HSBC SARAH MAK neutral 3 M 40 Not Provided 15.04.2011

Holdings By:

Jiangxi Copper Co Ltd ee


09.09.2013

Air China Limited provides passenger, cargo, and airline-related services in

China. The Company is primarily based in Beijing and a major hub for domestic

and international air transportation. Air China's airline-related services

include aircraft maintenance, repair, overhaul service, ground services, and

in-flight catering services.


LTM as of: 06/yy

52-Week High (21.01.2013) 6.19

52-Week Low (29.07.2013) 3.74

Daily Volume

4.2





54'843.75 1 Yr Total Return -14.23%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

50'536.7 48'091.6 78'209.2 93'343.4 95'319.4 97'263.7 97'325.9 106'295.1 118'448.2 38'333.0 23'966.0

1.85x 3.35x 2.81x 1.40x 1.75x 5.20x 5.77x 1.42x 1.30x - -

3'154.8 9'985.1 19'185.1 19'226.3 18'775.6 0.0 0.0 20'767.4 24'146.6 - -

29.68x 16.14x 11.44x 6.78x 8.87x 0.00x 0.00x 7.17x 6.17x - -

(9'255.8) 4'854.2 12'005.0 7'082.4 4'636.7 4'456.3 5'005.1 5'231.0 5'557.7 3'304.0 (793.0)

- 13.03x 7.18x 8.00x 13.79x 10.26x 10.99x 9.59x 9.03x - -











EBITDA Margin 18.6%



Asset Turnover 0.51







Fiscal Year Ended

Air China LtdPrice/Volume

Valuation Analysis

55'231'255.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

4

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,', F

.,', F

0,', F

1,', F

2,', F

3,', F

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,',,

,'.,

,'1,

,'3,

,'5,

-',,

-'.,



09.09.2013


NCA HOLDING COMPANY n/a EXCH 5'426'536'093 63.68 - 30.01.2013 Government

NCA HOLDING COMPANY n/a EXCH 1'332'482'920 15.64 - 30.01.2013 Government

CHINA NATIONAL AVIAT n/a EXCH 86'300'000 1.01 - 30.01.2013 Government

SINOTRANS AIR TRANSP n/a EXCH 75'800'000 0.89 - 30.01.2013 Government

NEW CHINA LIFE INSUR n/a EXCH 68'378'218 0.8 - 30.01.2013 Insurance Company

GUODIAN CAPITAL HOLD n/a Co File 48'000'000 0.56 - 30.06.2011 Other

GUOHUA LIFE INSUR n/a EXCH 43'576'065 0.51 - 30.01.2013 Insurance Company





HARVEST SHSZ300 INDE n/a EXCH 17'770'240 0.21 - 30.01.2013 n/a


CHINA INT FIRST GROW n/a EXCH 16'430'247 0.19 - 30.01.2013 n/a






YIMIN ASSET MANAGEME Multiple Portfolios MF-AGG 7'849'918 0.09 (4'595'244) 31.12.2012 Investment Advisor


China Merchants Securities LUO YANYAN buy 5 M #N/A N/A Not Provided 30.08.2013

Capital Securities Corp LI XIAOLU hold 3 M 4 Not Provided 29.08.2013

GF Securities Co. Ltd. YANG ZHIQING add 4 D #N/A N/A Not Provided 29.08.2013

China International Capital Corp SHEN XIAOFENG buy 5 M #N/A N/A Not Provided 28.08.2013

SWS Research Co Ltd AMOS ZHANG neutral 3 M #N/A N/A Not Provided 28.08.2013

Goldman Sachs HINO LAM neutral/neutral 3 M 5 12 month 27.08.2013

UBS XIN CHEN neutral 3 M 4 12 month 27.08.2013


China Minzu Securities Co Ltd WANG XIAOYAN neutral 3 M #N/A N/A Not Provided 07.06.2013

Citic Securities Co., Ltd SU BAOLIANG buy 5 M 7 6 month 12.04.2013

Rising Securities Co.,LTD XUE MINGJIE outperform 5 U #N/A N/A Not Provided 29.03.2013

Founder Securities WANG TAO add 4 M #N/A N/A Not Provided 27.03.2013

Sinolink Securities Co Ltd HUANG JINXIANG add 4 M #N/A N/A Not Provided 22.01.2013

PingAn Securities SUN CHAO buy 5 M #N/A N/A Not Provided 14.01.2013

Bank of China International DU JIANPING buy 5 M 11 Not Provided 11.12.2012


Masterlink Securities DAI KAI-YU hold 3 M 7 Not Provided 10.08.2012


Industrial Securities ZENG XU neutral 3 M 7 12 month 26.04.2012

AJ Securities XIN ZHANG buy 5 M #N/A N/A Not Provided 31.08.2011

Central China Securities FANG XIAHONG add 4 N #N/A N/A Not Provided 13.06.2011

China Investment Securities XIE HONG strong buy 5 M #N/A N/A Not Provided 02.03.2011

Everbright Securities Co., Ltd CHEN XIN buy 5 M 20 Not Provided 26.02.2011

China Galaxy Securities MAO ANG speculative buy 4 M #N/A N/A Not Provided 27.05.2010

Guodu Securities Co Ltd GONG JUNJIE buy 5 M #N/A N/A Not Provided 23.04.2010

KGI Securities JERRY WENG outperform 5 M 8 12 month 30.06.2009

Holdings By:

Air China Ltd ee


09.09.2013

NARI Technology Development Limited Company develops, manufactures and sells

automation products for electricity distribution, converting stations,

coal-fired power plants, and industrial process. The Company also provides

services and system integration.


LTM as of: 06/yy

52-Week High (21.05.2013) 17.46

52-Week Low (04.12.2012) 9.49

Daily Volume

16.1





35'512.63 1 Yr Total Return 33.96%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

1'363.7 1'762.4 3'009.2 4'608.1 5'978.1 5'314.3 6'400.2 7'771.8 9'875.4 1'666.0 3'346.0

3.39x 6.97x 12.14x 6.87x 4.02x 24.24x 16.51x 4.23x 3.22x - -

144.4 218.9 485.1 853.6 1'035.0 0.0 0.0 1'475.7 1'877.7 326.0 795.0

32.00x 56.15x 75.32x 37.06x 23.19x 0.00x 0.00x 23.59x 18.54x 19.02x 18.26x

173.1 249.7 518.7 854.8 1'056.0 908.4 1'162.7 1'396.6 1'775.9 290.0 671.0

29.99x 99.92x 141.29x 38.52x 23.93x 32.25x 26.42x 23.82x 18.68x 23.00x 21.61x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.90







Fiscal Year Ended

NARI Technology Development Co LtdPrice/Volume

Valuation Analysis

18'223'097.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,.135

-,-.-1-3-5


0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2,',,

-,,',,

-2,',,

.,,',,

.2,',,

0,,',,

02,',,

1,,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


NANJING NARI GROUP C n/a Co File 821'534'112 37.25 - 31.12.2012 Other








GD POWER DEVELOPMENT n/a Co File 48'900'220 2.22 - 31.12.2012 Corporation













Chang Jiang Securities Co. Limited HAOLONG DENG buy 5 M #N/A N/A Not Provided 02.09.2013


PingAn Securities JUN ZHANG strong buy 5 M 22 6 month 29.08.2013

EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 26.08.2013

Northeast Securities Co Ltd YANG JIALI buy 5 M #N/A N/A Not Provided 25.08.2013

GF Securities Co. Ltd. HAN LING buy 5 M 20 12 month 25.08.2013

China International Capital Corp YAFENG ZHU accumulate 4 N #N/A N/A Not Provided 23.08.2013

Qilu Securities Co Ltd LIU JIANGXIAO buy 5 M #N/A N/A Not Provided 23.08.2013

Guotai Junan XIAO LIU buy 5 M 19 12 month 22.08.2013

Everbright Securities Co., Ltd ZHOU LIQIAN buy 5 M 20 6 month 25.07.2013

SWS Research Co Ltd DANIEL ZHOU buy 5 M #N/A N/A Not Provided 19.07.2013

Founder Securities WEI ZHOU buy 5 M #N/A N/A Not Provided 19.07.2013

UBS WEIQI FU buy 5 M 18 12 month 14.06.2013

Hong Yuan Securities WANG JING buy 5 M 23 6 month 03.06.2013

Guodu Securities Co Ltd WEI JING buy 5 M #N/A N/A Not Provided 21.03.2013

HuaChuang Securities LI DAJUN strong buy 5 M #N/A N/A Not Provided 24.02.2013

Great Wall Securities GUI FANGXIAO buy 5 M 18 12 month 05.11.2012

China Securities Co., Ltd XU CHAO add 4 M 29 Not Provided 25.06.2012

Rising Securities Co.,LTD ZENG WEIQIANG outperform 5 M #N/A N/A Not Provided 18.06.2012


Central China Securities PAN HANGJUN add 4 N #N/A N/A Not Provided 25.02.2011

China Minzu Securities Co Ltd CAIXIA FU add 4 M 18 6 month 09.02.2011

China Investment Securities MA HENG buy 5 M #N/A N/A Not Provided 26.07.2010

Citic Securities Co., Ltd LIU LEI buy 5 M 12 6 month 28.06.2010

Holdings By:

NARI Technology Development Co Ltd ee


09.09.2013

Qingdao Haier Co., Ltd. manufactures and markets air conditioners,

refrigerators, freezers, small household electrical appliances, and other

related products.


LTM as of: 06/yy

52-Week High (21.01.2013) 14.40

52-Week Low (25.06.2013) 10.01

Daily Volume

12.57





33'887.58 1 Yr Total Return 16.01%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

30'312.6 44'539.8 64'528.4 73'520.2 79'426.7 75'918.7 81'884.9 87'279.0 97'043.0 - -

0.38x 0.68x 0.55x 0.31x 0.43x 1.31x 1.47x - - - -

1'482.0 2'552.1 3'522.5 4'382.7 5'379.2 0.0 0.0 6'314.0 7'264.0 - -

7.71x 11.92x 10.11x 5.24x 6.29x 0.00x 0.00x 5.16x 4.49x - -

768.2 1'383.5 2'240.0 2'690.1 3'269.5 3'014.8 3'547.9 3'763.4 4'290.8 - -

15.66x 23.97x 33.74x 8.91x 11.00x 10.44x 8.28x 9.04x 8.02x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.71








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Qingdao Haier Co LtdPrice/Volume

Valuation Analysis

20'762'074.00


,

.

1

3

5

-,

-.

-1

-3

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2', F

-,', F

-2', F

.,', F

.2', F

0,', F

02', F

1,', F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-',,

.',,

0',,

1',,

2',,

3',,

4',,

5',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


HAIER ELECTRICAL APP n/a Co File 629'342'412 23.34 - 31.12.2012 Holding Company

HAIER CO LTD n/a Co File 536'305'382 19.89 - 31.12.2012 Corporation


QINGDAO HAIER VENTUR n/a Co File 80'298'880 2.98 - 31.12.2012 Venture Capital




CHONGYANG 3 PHASE CO n/a Co File 33'925'000 1.26 - 31.12.2012 n/a








SYWG BNP PARIBAS ASS Multiple Portfolios MF-AGG 14'206'172 0.53 462'437 30.06.2013 Investment Advisor






SWS Research Co Ltd CAI WENJUAN outperform 5 M #N/A N/A Not Provided 30.08.2013

Capital Securities Corp HU JIAMING buy 5 M #N/A N/A Not Provided 28.08.2013

China International Capital Corp HE WEI buy 5 M #N/A N/A Not Provided 28.08.2013

Guotai Junan FAN YANG buy 5 U 15 12 month 28.08.2013

Fortune CLSA Securities Limited KATHARINE SONG buy 5 M 16 12 month 28.08.2013

China Investment Securities HAO XUEMEI buy 5 D #N/A N/A Not Provided 18.06.2013

Citic Securities Co., Ltd HU YALI buy 5 M #N/A N/A Not Provided 19.04.2013

Guodu Securities Co Ltd YANG ZHIGANG buy 5 M 15 12 month 22.03.2013

Northeast Securities Co Ltd WU NA add 4 M #N/A N/A Not Provided 01.02.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013

Central China Securities HU ZHUQIANG buy 5 M #N/A N/A Not Provided 29.11.2012

Sinolink Securities Co Ltd WANG XIAOYING buy 5 M #N/A N/A Not Provided 01.11.2012

Great Wall Securities ZHU ZHENG buy 5 M #N/A N/A Not Provided 31.10.2012

China Merchants Securities JI MIN buy 5 M #N/A N/A Not Provided 16.07.2012

China Securities Co., Ltd LIU YI add 4 D 14 Not Provided 25.06.2012

Industrial Securities LIU LUDAN buy 5 M #N/A N/A Not Provided 26.04.2012

PingAn Securities ZHU ZHENG strong buy 5 M #N/A N/A Not Provided 20.11.2011

Hong Yuan Securities ZHANG ZEJING buy 5 M #N/A N/A Not Provided 09.10.2011

Cinda Securities Ltd ZHANG DONGFENG buy 5 M #N/A N/A Not Provided 17.06.2011

Rising Securities Co.,LTD TEAM COVERAGE outperform 5 M #N/A N/A Not Provided 15.04.2011

Bank of China International LIU HUIMING buy 5 N 17 Not Provided 31.03.2011

Holdings By:

Qingdao Haier Co Ltd ee


09.09.2013

Shandong Gold Mining Co., Ltd. mines, produces, and processes gold, silver, and

sulphur.


LTM as of: 06/yy

52-Week High (21.09.2012) 42.70

52-Week Low (19.07.2013) 21.00

Daily Volume

24.43





34'765.66 1 Yr Total Return -34.61%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

19'871.4 23'358.4 31'511.0 39'409.5 50'221.8 44'934.1 52'899.6 49'787.3 49'260.3 10'668.0 5'747.0

0.91x 2.53x 2.48x 1.12x 1.19x 4.54x 3.32x 0.81x 0.82x - -

1'261.2 1'504.6 2'395.4 3'571.9 4'156.2 0.0 0.0 3'337.0 2'883.7 - 1'138.0

14.38x 39.30x 32.58x 12.35x 14.39x 0.00x 0.00x 12.07x 13.97x - -

637.0 748.7 1'223.0 1'902.4 2'171.2 2'259.1 1'732.9 1'589.7 1'956.6 375.0 221.0

27.13x 151.51x 61.29x 21.19x 24.94x 20.73x 0.00x 19.56x 14.91x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 3.29








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Shandong Gold Mining Co LtdPrice/Volume

Valuation Analysis

19'705'481.00


,2

-,-2.,.20,021,12

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,', F

.,', F

0,', F

1,', F

2,', F

3,', F

4,', F

5,', F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


SHANDONG GOLD GROUP n/a Co File 715'097'736 50.25 - 31.12.2012 Government



SD GOLD GRP QINGDOU n/a Co File 16'054'672 1.13 - 31.12.2012 Government

PICC LIFE INSURANCE n/a Co File 14'799'770 1.04 - 31.12.2012 Government








BILL & MELINDA FOUND n/a Co File 4'400'074 0.31 - 31.12.2012 n/a












SWS Research Co Ltd PEGGY YE neutral 3 M #N/A N/A Not Provided 19.07.2013

Goldman Sachs JEFFERSON ZHANG Sell/Neutral 1 D 19 12 month 07.07.2013

Credit Suisse VINCENT CHAN underperform 1 D 21 Not Provided 03.07.2013



Hong Yuan Securities ZHAO LIMING add 4 M #N/A N/A Not Provided 30.03.2013

HuaChuang Securities GAO LI strong buy 5 M #N/A N/A Not Provided 15.12.2012

Central China Securities HE WEIJIANG add 4 N #N/A N/A Not Provided 06.11.2012

Sinolink Securities Co Ltd YANG CHENGXIAO add 4 N #N/A N/A Not Provided 31.10.2012


PingAn Securities LIANG ZHIGANG strong buy 5 M #N/A N/A Not Provided 21.09.2012




China Merchants Securities WANG XIAODAN buy 5 D #N/A N/A Not Provided 22.06.2012



Cinda Securities Ltd FAN HAIBO hold 3 M #N/A N/A Not Provided 20.06.2011

Bank of China International LE YUKUN buy 5 M 64 Not Provided 04.03.2011

Holdings By:

Shandong Gold Mining Co Ltd ee


09.09.2013

China Avic Avionics Equipment Co., Ltd. manufactures and markets a series of

cars, vans, and related parts. The Company also provides after-sale and

consulting services.


LTM as of: 06/yy

52-Week High (21.05.2013) 21.96

52-Week Low (30.11.2012) 9.02

Daily Volume

20.25





35'623.05 1 Yr Total Return 29.96%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

2'248.7 1'184.8 3'238.5 3'656.3 4'292.5 3'763.6 4'625.7 6'337.5 7'510.6 1'191.0 2'898.0

0.96x - 4.77x 5.52x 5.01x 23.99x 23.02x - - - -

(89.5) 108.6 626.0 674.8 756.9 0.0 0.0 1'083.7 1'351.7 - -

- - 24.70x 29.93x 28.42x 0.00x 0.00x 33.23x 26.65x - -

(346.2) 25.5 374.1 410.9 469.8 435.1 507.7 675.5 797.8 - -

- - 41.37x 48.48x 44.57x 54.37x 55.60x 56.41x 44.70x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.56







Fiscal Year Ended

China Avic Electronics Co LtdPrice/Volume

Valuation Analysis

13'479'678.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2', F

-,', F

-2', F

.,', F

.2', F

0,', F

02', F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,,',,

.,,',,

0,,',,

1,,',,

2,,',,

3,,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


AVICHINA INDUSTRY & n/a Co File 760'323'599 43.22 - 31.12.2012 Government

CHINA AVIATION ENGIN n/a Co File 319'254'544 18.15 - 31.12.2012 Government

CHINA AVIATION INDUS n/a Co File 158'090'063 8.99 - 31.12.2012 Government

HANZHONG AVIA INDUST n/a Co File 123'690'611 7.03 - 31.12.2012 Corporation

XJ RONGSHENG YUJIN I n/a Co File 27'288'560 1.55 - 31.12.2012 Other


BOHONG SHUJUN TIANJI n/a Co File 15'160'340 0.86 - 31.12.2012 Other

GALAXY ASSET MANAGEM n/a Co File 7'931'560 0.45 - 31.12.2012 Investment Advisor

ZHONGRONG ENHANCE NO n/a Co File 5'368'656 0.31 - 31.12.2012 n/a

SHANGHAI SECURITIES n/a EXCH 4'781'849 0.27 - 19.10.2012 Investment Advisor

XU XIAOAI n/a EXCH 4'317'561 0.25 49'728 18.09.2012 n/a




GOLDEN EAGLE ASSET M Multiple Portfolios MF-AGG 816'400 0.05 816'400 31.12.2012 Investment Advisor

E FUND MANAGEMENT Multiple Portfolios MF-AGG 794'691 0.05 (5'737) 31.12.2012 Investment Advisor

SOOCHOW ASSET MANAGE Multiple Portfolios MF-AGG 770'403 0.04 (16'488) 31.12.2012 Investment Advisor


GUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 578'056 0.03 62'553 31.12.2012 Investment Advisor

CHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 531'394 0.03 471'851 02.09.2013 Investment Advisor


China International Capital Corp JIN ZHANG buy 5 M #N/A N/A Not Provided 23.08.2013

GF Securities Co. Ltd. DONG YAGUANG buy 5 U #N/A N/A Not Provided 22.08.2013

Goldman Sachs RONALD KEUNG neutral/neutral 3 M 17 12 month 12.08.2013


PingAn Securities HAITAO ZHU strong buy 5 M #N/A N/A Not Provided 25.06.2013

Sinolink Securities Co Ltd WEI MENG add 4 N 18 Not Provided 11.10.2012

Guodu Securities Co Ltd WEI JING neutral 3 N #N/A N/A Not Provided 01.12.2010

Holdings By:

China Avic Electronics Co Ltd ee


09.09.2013

Aluminum Corporation of China Limited, also known as Chalco, is a producer of

alumina and primary aluminum in China. The Company refines bauxite into

alumina and smelts aluminato to produce primary aluminum.


LTM as of: 06/yy

52-Week High (14.09.2012) 5.42

52-Week Low (25.06.2013) 3.01

Daily Volume

3.46





41'864.95 1 Yr Total Return -34.10%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

76'728.1 70'268.0 120'994.8 145'514.9 149'478.8 151'289.2 154'078.9 140'207.4 147'590.8 35'794.0 35'433.5

1.58x 3.29x 1.56x 0.97x 1.12x 3.03x 3.58x 1.10x 1.05x - -

7'607.8 3'024.7 9'697.0 9'088.5 1'722.7 0.0 0.0 5'803.3 10'099.7 - -

15.90x 76.49x 19.48x 15.55x 97.54x 0.00x 0.00x 26.67x 15.33x - -

19.5 (4'642.9) 778.0 238.0 (8'233.8) (3'427.9) (5'604.3) (3'239.3) (1'372.3) (843.0) (678.0)

2566.61x - 100.18x 137.08x - 0.00x 0.00x - - - -



Operating Margin -3.12% Long-Term Outlook NEG

Pretax Margin -6.08% Short-Term Rating Date -

Return on Assets -2.93% Short-Term Rating -

Return on Common Equity -12.24%




Gross Margin -0.2% Total Debt/EBITDA 58.68

EBITDA Margin 1.2%


Net Income Margin -5.5% Total Debt/Capital 66.5%

Asset Turnover 0.81








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Aluminum Corp of China LtdPrice/Volume

Valuation Analysis

43'548'536.00


,

-

.

0

1

2

3

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,', F

.,', F

0,', F

1,', F

2,', F

3,', F

4,', F

5,', F

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

12',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


ALUMINUM CORP OF CHI n/a ULT-AGG 5'214'407'195 54.43 - 31.12.2011 Holding Company

CHINA CINDA ASSET MA n/a Co File 800'759'074 8.36 - 31.12.2011 Government

CHINA CONSTRUCTION B n/a EXCH 660'184'654 6.89 - 21.03.2012 Government
















RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 2'273'728 0.02 321'500 31.12.2012 Investment Advisor



China International Capital Corp CAI HONGYU neutral 3 D #N/A N/A Not Provided 02.09.2013

JPMorgan DANIEL KANG neutral 3 M 4 3 month 01.09.2013

UBS HAOXIANG LIN neutral 3 M 3 12 month 27.08.2013


Goldman Sachs JULIAN ZHU Sell/Neutral 1 D 2 12 month 24.07.2013

Masterlink Securities SARAH WANG hold 3 M 5 6 month 11.04.2013

SWS Research Co Ltd ARTHUR WANG neutral 3 M #N/A N/A Not Provided 20.02.2013


Bank of China International ROBIN TSUI hold 3 M 5 Not Provided 31.10.2012

China Investment Securities YANG GUOPING neutral 3 M #N/A N/A Not Provided 19.04.2012

Industrial Securities RENYUAN LUO neutral 3 M #N/A N/A Not Provided 19.03.2012

Citic Securities Co., Ltd SONG XIAOQING hold 3 M #N/A N/A Not Provided 09.02.2012


Everbright Securities Co., Ltd WANG QIANMING accumulate 4 N 13 6 month 02.08.2010


China Minzu Securities Co Ltd TEAM COVERAGE add 4 N #N/A N/A Not Provided 29.03.2010

Holdings By:

Aluminum Corp of China Ltd ee


09.09.2013

China Fortune Land Development Company Limited conducts property development,

infrastructure investment and management of industrial parks, as well as sales

of building and furnishing materials.


LTM as of: 06/yy

52-Week High (16.08.2013) 39.09

52-Week Low (18.09.2012) 16.70

Daily Volume

36.93





32'569.30 1 Yr Total Return 104.31%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

301.0 182.9 4'097.8 7'331.3 11'292.4 11'308.0 15'349.0 18'105.0 23'521.0 - -

1.82x 10.70x 0.30x 1.32x 2.46x 4.43x 6.81x - - - -

(14.7) 14.5 640.5 1'771.7 2'543.6 0.0 0.0 3'384.0 4'614.0 - -

- 134.60x 1.92x 5.48x 10.94x 0.00x 0.00x 11.00x 8.07x - -

(38.8) 7.5 417.2 1'358.0 1'783.6 2'618.8 2'292.5 2'396.6 3'137.8 - -

- 278.20x 3.04x 6.95x 13.98x 6.09x 12.55x 13.68x 10.60x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.34








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Fortune Land Development Co LtdPrice/Volume

Valuation Analysis

5'445'015.00


,

2

-,

-2

.,

.2

0,

02

1,

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.', F

1', F

3', F

5', F

-,', F

-.', F

-1', F

-3', F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,,',,

.,,',,

0,,',,

1,,',,

2,,',,

3,,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA FORTUNE LAND D n/a Co File 607'457'706 68.88 - 31.12.2012 Corporation



CHINA MINSHENG BANKI n/a Co File 24'724'512 2.8 - 31.12.2012 Bank

ZHEJIANG CHUNHUI GRO n/a Co File 17'439'046 1.98 - 31.12.2012 Corporation

ZHEJIANG SHANGFENG I n/a Co File 10'504'413 1.19 - 31.12.2012 Corporation

PING AN LIFE INSURAN n/a Co File 9'324'821 1.06 - 31.12.2012 Insurance Company


INDUSTRIAL & COMM BA n/a Co File 8'700'000 0.99 - 31.12.2012 Government

BANK OF CHINA LTD n/a Co File 7'730'000 0.88 - 31.12.2012 Government

DINGJI CAPITAL MGMT n/a Co File 6'840'000 0.78 - 31.12.2012 Investment Advisor





ZHONG HAI FUND MANAG Multiple Portfolios MF-AGG 2'160'457 0.24 (4'330'876) 31.12.2012 Investment Advisor






PingAn Securities YATING ZHOU buy 5 M 35 6 month 02.09.2013

China Investment Securities LI SHAOMING buy 5 M #N/A N/A Not Provided 02.09.2013

Guotai Junan LI PINKE buy 5 N 43 12 month 27.08.2013

Chang Jiang Securities Co. Limited LIU JUN buy 5 N #N/A N/A Not Provided 27.08.2013


Hong Yuan Securities HONG JUNHUA buy 5 M 40 6 month 25.07.2013

SWS Research Co Ltd SIYI HAN buy 5 M #N/A N/A Not Provided 19.07.2013


EVA Dimensions DOUG WALTERS hold 3 M #N/A N/A Not Provided 06.06.2013

Bank of China International TIAN SHIXIN buy 5 M 26 12 month 29.01.2013

Central China Securities WU JIANXIONG add 4 M #N/A N/A Not Provided 17.12.2012

Hua Tai Securities Co., Ltd ZHOU YATING buy 5 N #N/A N/A Not Provided 29.10.2012

HuaChuang Securities GAO LI buy 5 N 24 6 month 15.08.2012

Holdings By:

China Fortune Land Development Co Ltd ee


09.09.2013

Inner Mongolian Baotou Steel Union Co., Ltd. smelts and processes ferrous metal

products. The Company's products include plates, seamless metal tubes, heavy

tubes, square steel, wire rods, steel pipes, steel scraps, and other related

products.


LTM as of: 06/yy

52-Week High (30.10.2012) 6.02

52-Week Low (25.06.2013) 3.67

Daily Volume

3.98





31'850.31 1 Yr Total Return -23.85%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

43'953.9 33'778.5 39'926.7 42'631.3 36'769.2 40'041.9 37'315.0 39'543.0 37'198.0 - -

0.62x 1.19x 0.91x 1.01x 1.63x 5.04x 6.21x - - - -

3'842.4 954.3 3'940.4 4'084.4 4'553.6 0.0 0.0 - - - -

7.10x 42.04x 9.24x 10.53x 13.13x 0.00x 0.00x - - - -

920.3 (1'631.2) 298.6 496.3 256.1 388.4 301.1 390.5 450.0 - -

18.14x - 75.80x 51.50x 135.00x 103.61x 99.30x 79.60x 66.33x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.54







Fiscal Year Ended

Inner Mongolian Baotou Steel Union Co LtdPrice/Volume

Valuation Analysis

47'167'374.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

4

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2,', F

-,,', F

-2,', F

.,,', F

.2,', F

0,,', F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.,',,

1,',,

3,',,

5,',,

-,,',,

-.,',,

-1,',,

-3,',,

-5,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


BAOTOU IRON AND STEE n/a EXCH 4'062'591'261 50.77 - 30.01.2013 Corporation

BAOTOU IRON&STEE TRU n/a EXCH 239'471'321 2.99 - 30.01.2013 n/a

GUOHUA LIFE INSURANC n/a EXCH 179'394'736 2.24 - 30.01.2013 Insurance Company

CHINA GREAT WALL ASS n/a EXCH 168'045'027 2.1 - 30.01.2013 Government

ICBC CREDIT SUISSE A n/a EXCH 167'833'568 2.1 - 30.01.2013 Investment Advisor

CAITONG FUND MANAGEM n/a EXCH 155'523'314 1.94 - 30.01.2013 Investment Advisor




CHINA INTERNATIONAL Multiple Portfolios MF-AGG 26'199'923 0.33 (3'407'056) 31.12.2012 Investment Advisor



HUATAI SECURITIES CO n/a Co File 21'862'976 0.27 - 31.12.2012 Investment Advisor


GF SECURITIES CO LTD n/a Co File 20'608'597 0.26 - 31.12.2012 Corporation







SWS Research Co Ltd KERRY HE neutral 3 N #N/A N/A Not Provided 22.07.2013




Citic Securities Co., Ltd YUJIAO JIANG add 4 M #N/A N/A Not Provided 18.05.2012


China Galaxy Securities SUN YONG buy 5 M #N/A N/A Not Provided 18.05.2010

China Securities Co., Ltd WANG ZHE add 4 U 5 Not Provided 02.12.2009

Holdings By:

Inner Mongolian Baotou Steel Union Co Ltd ee


09.09.2013

Everbright Securities Co., Ltd. provides securities brokerage, trading, custody,

underwriting, asset management, and investment consulting services.


LTM as of: 06/yy

52-Week High (04.02.2013) 16.79

52-Week Low (03.09.2013) 9.05

Daily Volume

9.84





33'633.12 1 Yr Total Return -19.19%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

3'748.0 6'057.0 5'126.1 4'705.9 4'028.8 4'236.4 4'315.7 3'755.4 4'882.2 - -

- 6.99x 3.80x 3.24x 9.72x 23.32x 26.44x - - - -

1'818.5 4'118.6 3'064.2 2'513.3 1'882.6 0.0 0.0 - - - -

- 10.28x 6.36x 6.06x 20.81x 0.00x 0.00x - - - -

1'367.5 2'826.7 2'200.1 1'544.5 1'003.0 1'243.6 984.5 1'457.1 1'929.9 - -

- 27.74x 23.36x 22.67x 48.62x 36.20x 35.15x 25.83x 19.76x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.08







Fiscal Year Ended

Everbright Securities Co LtdPrice/Volume

Valuation Analysis

121'478'887.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,.135

-,-.-1-3-5

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.,', F

1,', F

3,', F

5,', F

-,,', F

-.,', F

-1,', F

-3,', F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA EVERBRIGHT GRO n/a Co File 1'159'456'183 33.92 - 31.12.2012 Corporation

CHINA EVERBRIGHT LTD n/a Co File 1'139'250'000 33.33 - 31.12.2012 Holding Company

JIAYUGUAN HONGFENG I n/a Co File 128'000'000 3.74 - 31.12.2012 Corporation

XIAMEN XINSHIJI GROU n/a Co File 60'300'000 1.76 - 31.12.2012 Corporation

YIYANG GROUP CO LTD n/a Co File 40'000'000 1.17 - 31.12.2012 Corporation

DAZHONG TRANSPORTATI n/a Co File 34'000'000 0.99 - 31.12.2012 Corporation

HONGCHENG BLDG GROUP n/a Co File 23'484'847 0.69 - 31.12.2012 Corporation


HUAXIA DONGS BROTHER n/a Co File 19'000'000 0.56 - 31.12.2012 Corporation

CHINA LIFE INSURANCE n/a Co File 16'862'744 0.49 - 31.12.2012 Government













Sinolink Securities Co Ltd JIANGANG CHEN neutral 3 D #N/A N/A Not Provided 26.08.2013

Tebon Securities Co Ltd LEI ZHANG neutral 3 M #N/A N/A Not Provided 26.08.2013

GF Securities Co. Ltd. CONG LI hold 3 N #N/A N/A Not Provided 23.08.2013

China International Capital Corp JIE HUANG hold 3 M #N/A N/A Not Provided 23.08.2013

Guotai Junan ZHAO XIANGHUAI neutral 3 D 10 12 month 23.08.2013


SWS Research Co Ltd SUSIE WANG neutral 3 D #N/A N/A Not Provided 17.07.2013





Citic Securities Co., Ltd PAN HONGWEN overweight 5 U 17 6 month 15.03.2013

Bank of China International JINHUA YIN hold 3 N 15 12 month 29.01.2013




China Minzu Securities Co Ltd SONG JIAN add 4 U #N/A N/A Not Provided 01.08.2012

China Merchants Securities HONG JINPING strong buy 5 M 15 6 month 12.07.2012

Industrial Securities ZHANG YING buy 5 U #N/A N/A Not Provided 22.03.2012


Central China Securities XIE PEIJIE add 4 U #N/A N/A Not Provided 25.04.2011


Holdings By:

Everbright Securities Co Ltd ee


09.09.2013

Yanzhou Coal Mining Company Limited operates underground mining and coal

preparation and operation businesses. Its products are sold in domestic and

international markets. The Company also provides railway transportation

services.


LTM as of: 06/yy

52-Week High (05.02.2013) 20.18

52-Week Low (09.07.2013) 8.76

Daily Volume

10.5





42'317.75 1 Yr Total Return -41.05%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

25'956.7 20'677.1 33'944.3 49'170.7 58'146.2 57'044.8 56'090.1 53'018.6 57'198.4 13'778.0 14'405.0

0.97x 5.26x 3.33x 2.28x 1.83x 5.76x 5.59x 1.49x 1.33x - -

10'119.3 7'221.7 10'248.0 15'539.0 9'713.9 0.0 0.0 7'164.8 8'858.4 - -

2.50x 15.06x 11.02x 7.22x 10.96x 0.00x 0.00x 11.40x 9.22x - -

6'324.0 4'117.3 9'281.4 8'530.2 6'219.0 8'374.1 (1'787.3) (714.3) 1'810.8 - -

3.90x 17.99x 10.65x 7.75x 8.18x 5.76x 0.00x - 23.23x - -


EBIT 5'698.52 Long-Term Rating BBB- *-









EBITDA Margin 13.7%



Asset Turnover 0.46








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Yanzhou Coal Mining Co LtdPrice/Volume

Valuation Analysis

8'023'780.00


,

2

-,

-2

.,

.2


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


YANKUANG GROUP CO LT n/a Co File 2'600'000'000 87.84 - 31.12.2012 Government








SOOCHOW ASSET MANAGE Multiple Portfolios MF-AGG 1'467'276 0.05 (4'607'371) 31.12.2012 Investment Advisor


E FUND MANAGEMENT Multiple Portfolios MF-AGG 897'727 0.03 (3'175'827) 31.12.2012 Investment Advisor

CHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 893'884 0.03 (47'846) 02.09.2013 Investment Advisor

TIANTONG ASSET MANAG Multiple Portfolios MF-AGG 879'597 0.03 (249'562) 31.12.2012 Investment Advisor

BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 689'448 0.02 (55'046) 31.12.2012 Investment Advisor


DACHENG FUND MANAGME Multiple Portfolios MF-AGG 667'178 0.02 (55'800) 31.12.2012 Investment Advisor

FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 611'911 0.02 (86'114) 31.12.2012 Investment Advisor

FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 484'637 0.02 (4'077'690) 31.12.2012 Investment Advisor

ICBC CREDIT SUISSE A Multiple Portfolios MF-AGG 403'070 0.01 (39'500) 31.12.2012 Investment Advisor

BOSERA FUND MANAGEME Multiple Portfolios MF-AGG 403'017 0.01 - 31.12.2012 Investment Advisor


GF Securities Co. Ltd. AN PENG add 4 M 12 12 month 03.09.2013



JPMorgan DANIEL KANG underweight 1 M 8 3 month 20.08.2013

China International Capital Corp CAI HONGYU reduce 2 D #N/A N/A Not Provided 20.08.2013

Qilu Securities Co Ltd ZHAOLIANG LIU add 4 U #N/A N/A Not Provided 19.08.2013

UBS MICK MI sell 1 M 6 12 month 23.07.2013

Capital Securities Corp TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 18.07.2013

Goldman Sachs JULIAN ZHU Sell/Neutral 1 M 8 12 month 08.07.2013


SWS Research Co Ltd LIU XIAONING outperform 5 M #N/A N/A Not Provided 26.04.2013

Hong Yuan Securities WANG JINGLE add 4 M #N/A N/A Not Provided 16.04.2013


Guotai Junan YIN XILONG add 4 M 20 12 month 29.03.2013



Rising Securities Co.,LTD XU HAIYANG neutral 3 M #N/A N/A Not Provided 20.11.2012


Hua Tai Securities Co., Ltd TANG ZONGCHEN add 4 N #N/A N/A Not Provided 28.08.2012



PingAn Securities SHUN ZHANG strong buy 5 M 40 6 month 10.04.2012


HSBC SARAH MAK neutral 3 M 28 Not Provided 26.03.2012

Industrial Securities LIU JIANGANG strong buy 5 M #N/A N/A Not Provided 26.03.2012


Northeast Securities Co Ltd WANG SHI buy 5 M #N/A N/A Not Provided 01.02.2012

China Merchants Securities LU PING strong buy 5 M 38 6 month 23.08.2011

China Investment Securities XIAO HANPING neutral 3 D #N/A N/A Not Provided 04.08.2010

China Galaxy Securities ZHAO KE neutral 3 N 11 Not Provided 19.03.2009

Holdings By:

Yanzhou Coal Mining Co Ltd ee


09.09.2013

Zhongjin Gold Co., Ltd. acquires, explores and develops properties for gold

production. The Company's products also include silver, electrolytic copper and

sulphuric acid.


LTM as of: 06/yy

52-Week High (21.09.2012) 18.50

52-Week Low (25.06.2013) 8.85

Daily Volume

10.68





31'433.68 1 Yr Total Return -29.62%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

15'191.5 18'681.2 21'831.0 33'142.3 35'980.5 36'630.5 35'056.9 35'411.7 35'757.4 8'473.5 12'179.0

0.98x 2.69x 2.83x 1.12x 1.46x 4.75x 5.38x 1.02x 1.02x - -

1'440.2 1'622.3 2'929.0 4'124.8 3'967.0 0.0 0.0 3'210.8 3'120.3 - -

10.37x 30.98x 21.11x 9.03x 13.24x 0.00x 0.00x 11.44x 11.77x - -

585.3 521.4 1'203.1 1'847.3 1'557.4 1'821.0 1'312.6 1'179.2 1'160.2 366.0 342.0

22.57x 88.30x 47.72x 27.36x 31.38x 22.97x 20.88x 26.24x 22.77x 22.58x 21.49x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.60








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Zhongjin Gold Co LtdPrice/Volume

Valuation Analysis

33'742'489.00


,.135

-,-.-1-3-5.,


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

4,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA GOLD GROUP CO n/a Co File 1'471'888'685 50.01 - 31.12.2012 Government


CCB INTERNATIONAL AS n/a Co File 30'000'000 1.02 - 31.12.2012 Investment Advisor

CH LIFE ASSETS MGMT n/a EXCH 30'000'000 1.02 - 12.08.2011 Insurance Company



NB QINGCHUN INVEST C n/a Co File 23'401'080 0.8 - 31.12.2012 Investment Advisor


GUOTAI ASSETS MGMT C n/a EXCH 22'500'000 0.76 - 12.08.2011 n/a

PICC ASSETS MGMT CO n/a EXCH 22'500'000 0.76 - 12.08.2011 Government


CHINA SOUTH LONG YUA n/a EXCH 19'222'968 0.65 - 12.08.2011 n/a

SH TONGHUI INDUST CO n/a Co File 17'300'762 0.59 - 31.12.2012 Corporation









GF Securities Co. Ltd. GUOXIAN JU buy 5 M #N/A N/A Not Provided 28.08.2013



UBS HAOXIANG LIN buy 5 M 12 12 month 23.08.2013


Fortune CLSA Securities Limited JIE LI underperform 1 M 10 12 month 23.08.2013


SWS Research Co Ltd PEGGY YE neutral 3 M #N/A N/A Not Provided 19.07.2013

Goldman Sachs JEFFERSON ZHANG neutral/neutral 3 M 8 12 month 07.07.2013


Northeast Securities Co Ltd CHEN BINGHUI neutral 3 D #N/A N/A Not Provided 02.05.2013

Guotai Junan YONGLIANG SANG add 4 M 13 12 month 26.04.2013

Sinolink Securities Co Ltd YANG CHENGXIAO add 4 M #N/A N/A Not Provided 21.01.2013

HuaChuang Securities GAO LI strong buy 5 U #N/A N/A Not Provided 14.12.2012


Tebon Securities Co Ltd CAI PEIPEI buy 5 M #N/A N/A Not Provided 20.10.2012


AJ Securities ZHANG ZHIPENG buy 5 D 21 6 month 29.08.2012


China Merchants Securities WANG XIAODAN buy 5 D #N/A N/A Not Provided 22.06.2012





Cinda Securities Ltd FAN HAIBO hold 3 M #N/A N/A Not Provided 20.06.2011

Masterlink Securities SARAH WANG buy 5 M 21 6 month 13.05.2011

Holdings By:

Zhongjin Gold Co Ltd ee


09.09.2013

Shanxi Lu'an Environmental Energy Development Co., Ltd. mines, processes, and

markets low sulfur high quality coal. The company also researches and develops

coal and environment protection related technologies.


LTM as of: 06/yy

52-Week High (05.02.2013) 25.51

52-Week Low (09.07.2013) 10.75

Daily Volume

13.42





30'880.55 1 Yr Total Return -22.34%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

16'539.3 18'081.3 21'211.5 22'111.4 19'798.2 21'302.0 19'113.0 20'207.5 23'400.9 5'312.0 5'899.0

0.87x 3.31x 3.24x 2.20x 2.70x 10.42x 9.11x 1.74x 1.47x - -

4'304.7 4'450.4 6'455.7 7'423.9 6'438.5 0.0 0.0 6'097.6 6'941.6 - -

3.34x 13.46x 10.64x 6.55x 8.30x 0.00x 0.00x 5.79x 5.08x - -

2'100.9 2'109.0 3'436.7 3'835.9 2'566.5 3'685.2 1'682.9 2'138.5 2'342.2 643.0 827.0

6.83x 28.25x 19.97x 12.67x 19.54x 12.97x 16.42x 13.71x 12.50x 10.09x 9.72x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.49







Fiscal Year Ended

Shanxi Lu'an Environmental Energy Development Co LtdPrice/Volume

Valuation Analysis

22'972'835.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

0,

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,', F

.,', F

0,', F

1,', F

2,', F

3,', F

4,', F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


LU'AN MINING INDUSTR n/a Co File 1'441'993'947 62.67 - 31.12.2012 Government




SHANXI LU'AN ENGINEE n/a Co File 23'400'000 1.02 - 31.12.2012 Other

RIZHAO PORT GROUP CO n/a Co File 21'480'000 0.93 - 31.12.2012 Government



SHANXI TIANJI COAL C n/a Co File 13'730'000 0.6 - 31.12.2012 Government



INVESCO GREAT WALL F Multiple Portfolios MF-AGG 8'798'977 0.38 499'866 31.12.2012 Investment Advisor





SOOCHOW ASSET MANAGE Multiple Portfolios MF-AGG 6'199'941 0.27 (800'059) 30.06.2013 Investment Advisor



CHANG XIN ASSET MANA Multiple Portfolios MF-AGG 4'849'348 0.21 619'853 31.12.2012 Investment Advisor


GF Securities Co. Ltd. AN PENG buy 5 M 15 12 month 03.09.2013

China International Capital Corp LIAO MINGBING hold 3 U #N/A N/A Not Provided 29.08.2013

Chang Jiang Securities Co. Limited JUN GE buy 5 N #N/A N/A Not Provided 29.08.2013

Fortune CLSA Securities Limited JIE LI underperform 1 M 14 12 month 29.08.2013


China Minzu Securities Co Ltd LI JING buy 5 U #N/A N/A Not Provided 12.08.2013

SWS Research Co Ltd RYAN XIANG buy 5 M #N/A N/A Not Provided 18.07.2013

China Investment Securities ZHANG LEI strong buy 5 M #N/A N/A Not Provided 14.07.2013

Goldman Sachs YONG HAN Buy/Neutral 5 M 15 12 month 08.07.2013

Qilu Securities Co Ltd ZHAOLIANG LIU add 4 D #N/A N/A Not Provided 01.07.2013



UBS JANET SUN buy 5 N 20 12 month 26.04.2013


Hong Yuan Securities WANG JINGLE add 4 D 24 6 month 16.04.2013


HuaChuang Securities HAN ZHENGUO strong buy 5 M #N/A N/A Not Provided 03.03.2013

Citic Securities Co., Ltd ZU GUOPENG buy 5 M 35 6 month 18.02.2013

Bank of China International LAWRENCE LAU buy 5 M 20 12 month 29.01.2013

Rising Securities Co.,LTD XUE MINGJIE outperform 5 N #N/A N/A Not Provided 18.12.2012

China Merchants Securities LU PING strong buy 5 M 34 Not Provided 12.07.2012



Great Wall Securities LIU FEI strong buy 5 M #N/A N/A Not Provided 28.03.2012

Industrial Securities LIU JIANGANG strong buy 5 M 38 12 month 06.03.2012

Central China Securities PAN HANGJUN buy 5 N #N/A N/A Not Provided 01.09.2011

China Securities Co., Ltd LI JUNSONG add 4 N 32 Not Provided 08.12.2010


Holdings By:

Shanxi Lu'an Environmental Energy Development Co Ltd ee


09.09.2013

Jiangsu Phoenix Publishing & Media Corporation Limited publishes, distributes

books, publications and audio-visual products, and sells cultural goods. The

Company's main products include textbooks, teaching aids, and general books.


LTM as of: 06/yy

52-Week High (06.09.2013) 13.38

52-Week Low (04.12.2012) 5.75

Daily Volume

12.87





32'752.86 1 Yr Total Return 41.81%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

4'549.5 4'999.6 5'369.9 5'984.9 6'660.8 3'336.2 6'958.7 7'655.5 8'856.1 - -

- - - 2.41x 1.77x 9.05x 5.73x - - - -

643.5 768.1 787.8 652.0 599.9 0.0 0.0 1'033.3 1'205.3 - -

- - - 22.12x 19.66x 0.00x 0.00x 26.14x 22.41x - -

452.9 642.4 662.1 739.2 927.2 482.0 968.1 1'063.9 1'229.8 - -

- - - 23.22x 18.83x 0.00x 22.57x 30.86x 26.70x - -











EBITDA Margin 9.0%



Asset Turnover 0.52







Fiscal Year Ended

Jiangsu Phoenix Publishing & Media Corp LtdPrice/Volume

Valuation Analysis

65'581'076.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

-1

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.,', F

1,', F

3,', F

5,', F

-,,', F

-.,', F

-1,', F

-3,', F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

4,',,

5,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


PHOENIX PUBLISHING & n/a Co File 1'835'000'000 72.1 - 31.12.2012 Other

TJ HONGYI INVEST IND n/a EXCH 125'000'000 4.91 (25'000'000) 23.05.2013 Other


ICBC CS ENHAN RETURN n/a EXCH 16'954'108 0.67 - 29.11.2011 n/a



ICBC CS CREDIT BOND n/a EXCH 8'477'054 0.33 - 29.11.2011 n/a

BOC STABLE GROWTH BO n/a EXCH 7'978'403 0.31 - 29.11.2011 n/a

ICBC CS DOUBLE PROFI n/a EXCH 7'978'403 0.31 - 29.11.2011 n/a


ORIENT SECURITIES CO n/a Co File 7'102'311 0.28 - 31.12.2012 Government

CHONGQING INTL TRUST n/a Co File 6'173'891 0.24 - 31.12.2012 Corporation

FIRST-TRUST FUND MAN Multiple Portfolios MF-AGG 6'000'000 0.24 (12'329'849) 31.12.2012 Investment Advisor












China Investment Securities LENG XINGXING strong buy 5 M 14 12 month 25.08.2013

Founder Securities WANG YU buy 5 M #N/A N/A Not Provided 22.08.2013

Goldman Sachs LIAO XUFA neutral/neutral 3 M 7 12 month 31.07.2013

Hong Yuan Securities ZHANG ZEJING buy 5 M #N/A N/A Not Provided 18.07.2013

Everbright Securities Co., Ltd ZHANG LIANGWEI buy 5 M #N/A N/A Not Provided 01.05.2013

Qilu Securities Co Ltd XU BIN add 4 M #N/A N/A Not Provided 10.03.2013

China International Capital Corp WU HUIMIN buy 5 M #N/A N/A Not Provided 21.01.2013

Capital Securities Corp TEAM COVERAGE neutral 3 N #N/A N/A Not Provided 29.10.2012

Sinolink Securities Co Ltd ZHENG WANG buy 5 M #N/A N/A Not Provided 29.10.2012

HuaChuang Securities GU JIA buy 5 M #N/A N/A Not Provided 29.10.2012

Rising Securities Co.,LTD ZHAO YUE outperform 5 N #N/A N/A Not Provided 07.09.2012

AJ Securities LE MINYANG neutral 3 N #N/A N/A Not Provided 05.12.2011

Holdings By:

Jiangsu Phoenix Publishing & Media Corp Ltd ee


09.09.2013

Offshore Oil Engineering Co., Ltd. provides offshore oil engineering services,

including designing, construction, installation, and repair and maintenance

services. The Company's main businesses include oil/gas exploration

engineering, subsea pipeline laying, oil/gas field equipment testing and

maintenance, as well as pressure container and steel structure manufacturing.


LTM as of: 06/yy

52-Week High (29.05.2013) 8.46

52-Week Low (03.12.2012) 4.93

Daily Volume

7.47





29'054.12 1 Yr Total Return 28.42%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

9'423.2 13'743.8 6'924.2 7'154.3 12'044.3 8'852.3 15'167.8 16'127.1 18'773.3 4'796.0 4'361.5

3.58x 2.92x 5.08x 3.35x 2.08x 11.32x 6.86x 1.94x 1.63x - -

1'871.0 1'826.5 1'085.6 1'239.1 1'946.8 0.0 0.0 2'840.4 3'538.0 571.0 1'417.0

18.03x 22.00x 32.41x 19.35x 12.89x 0.00x 0.00x 10.84x 8.70x - -

1'191.2 983.0 84.3 181.0 848.1 665.9 1'443.2 1'463.0 1'851.8 398.5 349.0

24.17x 38.00x 405.00x 110.00x 26.68x 36.85x 17.28x 20.24x 15.89x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.74








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Offshore Oil Engineering Co LtdPrice/Volume

Valuation Analysis

42'891'412.00


,-.0123456

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.,', F

1,', F

3,', F

5,', F

-,,', F

-.,', F

-1,', F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

4,',,

5,',,

6,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA NATIONAL OFFSH n/a Co File 1'897'772'854 48.79 - 31.12.2012 Government

CH NATL OFFSHORE OIL n/a Co File 294'215'908 7.56 - 31.12.2012 Government





HSBC-JINTRUST FUND M Multiple Portfolios MF-AGG 21'012'622 0.54 (217'469) 30.06.2013 Investment Advisor




CHINA NATURE ASSET M Multiple Portfolios MF-AGG 15'083'300 0.39 14'326'056 30.06.2013 Investment Advisor





GOLDEN EAGLE ASSET M Multiple Portfolios MF-AGG 7'700'000 0.2 (499'990) 31.12.2012 Investment Advisor







GF Securities Co. Ltd. DONG YAGUANG buy 5 M 11 12 month 02.09.2013

Founder Securities LIQUAN HUANG buy 5 M #N/A N/A Not Provided 30.08.2013

China Investment Securities LI FAN buy 5 M 9 12 month 30.08.2013

PingAn Securities DU ZHIQIANG buy 5 M #N/A N/A Not Provided 29.08.2013

Masterlink Securities LI XIN buy 5 M 9 Not Provided 08.08.2013

SWS Research Co Ltd KAISHENG LIN outperform 5 M #N/A N/A Not Provided 19.07.2013

Goldman Sachs ARTHUR YAN Sell/Neutral 1 M 6 12 month 13.06.2013


UBS NINA YAN neutral 3 M 9 12 month 05.06.2013

China Minzu Securities Co Ltd QI QIUSHI buy 5 M 8 6 month 01.04.2013

Citic Securities Co., Ltd HUANG LILI overweight 5 M #N/A N/A Not Provided 25.12.2012

Great Wall Securities YAN FUYIN buy 5 M #N/A N/A Not Provided 30.12.2011


China Merchants Securities LIU RONG buy 5 M #N/A N/A Not Provided 05.11.2010

Bank of China International LAWRENCE LAU sell 1 D 6 Not Provided 28.10.2010

China Securities Co., Ltd TIAN DONGHONG neutral 3 D 10 Not Provided 02.12.2009

KGI Securities ZHANG GUO outperform 5 U 13 12 month 24.08.2009

Capital Securities Corp JASEPER TSANG hold 3 N #N/A N/A Not Provided 19.08.2009


China Galaxy Securities LI GUOHONG neutral 3 N #N/A N/A Not Provided 15.04.2009

Holdings By:

Offshore Oil Engineering Co Ltd ee


09.09.2013

Shanghai International Airport Co., Ltd. operates Pudong Airport and Hongquiao

airport in Shanghai. The Company provides a full range of services including

air traffic control, terminal management, cargo handling, advertising, space

rental, and other related services.


LTM as of: 06/yy

52-Week High (02.09.2013) 17.22

52-Week Low (28.11.2012) 10.76

Daily Volume

15.97





30'773.53 1 Yr Total Return 34.87%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

3'217.1 3'204.0 4'020.2 4'429.1 4'615.6 4'563.4 4'808.7 5'353.7 5'998.2 1'465.0 1'613.0

7.78x 11.36x 6.24x 5.15x 4.76x 20.40x 18.34x 5.12x 4.31x - -

1'738.2 1'602.3 2'136.6 2'390.2 2'417.1 0.0 0.0 2'842.0 3'169.3 - -

14.41x 22.72x 11.75x 9.53x 9.09x 0.00x 0.00x 9.88x 8.86x - -

859.7 706.3 1'310.7 1'499.6 1'581.1 1'531.5 1'719.1 1'919.2 2'167.7 656.0 522.0

25.04x 47.08x 18.22x 15.69x 15.20x 16.12x 13.34x 15.94x 13.92x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.24







Fiscal Year Ended

Shanghai International Airport Co LtdPrice/Volume

Valuation Analysis

55'037'437.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,.135

-,-.-1-3-5


0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


SHANGHAI AIRPORT GRO n/a Co File 1'026'177'895 53.25 - 31.12.2012 Government



EVERBRIGHT PRAMERICA Multiple Portfolios MF-AGG 18'426'889 0.96 (465'172) 30.06.2013 Investment Advisor




CHONGYANG 3 PHASE CO n/a Co File 14'247'621 0.74 - 31.12.2012 n/a

GOVERNMENT OF SINGAP n/a ULT-AGG 13'607'166 0.71 - 31.12.2012 Government


JP MORGAN n/a ULT-AGG 11'353'891 0.59 4'749'784 30.04.2013 Investment Advisor








HSBC-JINTRUST FUND M Multiple Portfolios MF-AGG 6'294'876 0.33 (162'666) 31.12.2012 Investment Advisor



UBS XIN CHEN buy 5 M 18 12 month 30.08.2013



GF Securities Co. Ltd. YANG ZHIQING add 4 M #N/A N/A Not Provided 30.08.2013

HSBC DAN DAN YU neutral 3 D 17 Not Provided 29.08.2013


Chang Jiang Securities Co. Limited HAN YICHAO buy 5 N #N/A N/A Not Provided 29.08.2013

Morgan Stanley EDWARD XU Overwt/Cautious 5 M 14 12 month 28.08.2013

Goldman Sachs HINO LAM Buy/Neutral 5 M 17 12 month 28.08.2013

China Merchants Securities LUO YANYAN strong buy 5 M #N/A N/A Not Provided 24.07.2013

SWS Research Co Ltd AMOS ZHANG outperform 5 M #N/A N/A Not Provided 18.07.2013

China Minzu Securities Co Ltd WANG XIAOYAN add 4 M 15 6 month 07.06.2013


Citic Securities Co., Ltd SU BAOLIANG buy 5 M 18 6 month 12.04.2013

PingAn Securities SUN CHAO buy 5 M 15 6 month 08.03.2013

Sinolink Securities Co Ltd HUANG JINXIANG buy 5 M #N/A N/A Not Provided 29.10.2012


Industrial Securities ZENG XU strong buy 5 M 14 12 month 24.04.2012

China Investment Securities XIE HONG buy 5 M #N/A N/A Not Provided 02.03.2011


Everbright Securities Co., Ltd CHEN XIN accumulate 4 N #N/A N/A Not Provided 15.07.2010

China Galaxy Securities MAO ANG buy 5 M 11 Not Provided 02.07.2010

AJ Securities LE MINYANG neutral 3 D #N/A N/A Not Provided 02.04.2010

Holdings By:

Shanghai International Airport Co Ltd ee


09.09.2013

China Molybdenum Company Limited is a mineral mining and exploration company.

The Company explores for molybdenum in the People's Republic of China.


LTM as of: 06/yy

52-Week High (13.03.2013) 11.14

52-Week Low (25.06.2013) 6.27

Daily Volume

7.86





32'790.85 1 Yr Total Return -










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

5'563.3 2'957.1 4'307.7 6'001.7 5'442.0 2'892.2 5'114.5 5'971.0 7'048.8 - -

2.26x 8.28x 6.49x 2.27x 6.51x 4.52x 6.64x - - - -

2'693.9 - - 1'912.8 1'357.3 0.0 0.0 1'514.0 2'005.0 - -

4.66x - - 7.12x 26.09x 0.00x 0.00x 22.25x 16.80x - -

1'640.9 495.1 1'020.7 1'122.8 1'050.3 720.7 934.5 994.0 1'236.8 - -

9.12x 54.95x 28.87x 11.71x 13.02x 0.00x 10.75x 39.90x 32.21x - -











EBITDA Margin 24.9%



Asset Turnover 0.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Molybdenum Co LtdPrice/Volume

Valuation Analysis

10'457'178.00


,

.

1

3

5

-,

-.

l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0', F.,', F1,', F3,', F5,', F-,,', F-.,', F-1,', F-3,', F-5,', F.,,', F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

12',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA MOLYBDENUM CO n/a EXCH 1'776'593'475 47.19 - 08.10.2012 Corporation

HONGSHANG INDUSTRY H n/a EXCH 1'726'706'322 45.86 - 11.12.2012 Other

SH YUELING INVEST MG n/a EXCH 22'014'728 0.58 - 08.10.2012 Investment Advisor

SOCIAL SEC FUND III n/a EXCH 20'000'000 0.53 - 08.10.2012 n/a

SH JINGQUAN INVEST M n/a EXCH 10'000'000 0.27 - 08.10.2012 Investment Advisor

SH LIUHE CAPITAL CO n/a EXCH 9'700'000 0.26 - 08.10.2012 Private Equity

SOUTHERN CHINA GOOD n/a EXCH 2'121'486 0.06 - 08.10.2012 n/a

FULLGOAL TIANYI VALU n/a EXCH 2'121'415 0.06 - 08.10.2012 n/a

SOCIAL SEC FUND 604 n/a EXCH 2'121'415 0.06 - 08.10.2012 n/a

HAITONG SECURITIES C n/a EXCH 2'121'415 0.06 - 08.10.2012 Investment Advisor

SOOCHOW SECURITIES C n/a EXCH 2'121'415 0.06 - 08.10.2012 Government

CHINA HUADIAN FIN n/a EXCH 2'121'415 0.06 - 08.10.2012 Government

KUNLUN TRUST CO LTD n/a EXCH 2'121'415 0.06 - 08.10.2012 Other

TIANAN INSURANCE EQT n/a EXCH 2'121'415 0.06 - 08.10.2012 Insurance Company


BLACKROCK ASSET MGMT Multiple Portfolios MF-AGG 44'623 0 - 30.08.2013 Investment Advisor

CHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 32'000 0 (4'600) 02.09.2013 Investment Advisor

NIKKO ASSET MANAGEME n/a ULT-AGG 10'900 0 10'900 16.08.2013 Unclassified


Central China Securities KUN ZHANG monitored #N/A N/A D #N/A N/A Not Provided 02.09.2013

GF Securities Co. Ltd. GUOXIAN JU add 4 N #N/A N/A Not Provided 23.08.2013


Everbright Securities Co., Ltd WANG QIANMING neutral 3 N 10 6 month 15.03.2013

Qilu Securities Co Ltd YAN LEI buy 5 M #N/A N/A Not Provided 29.01.2013

Holdings By:

China Molybdenum Co Ltd ee


09.09.2013

Ningbo Port Company Limited primarily provides container, iron ore, crude oil

and other cargo handling and related services. The Company also provides

integrated logistics and other businesses.


LTM as of: 06/yy

52-Week High (05.02.2013) 2.68

52-Week Low (25.06.2013) 1.98

Daily Volume

2.39





30'592.00 1 Yr Total Return -1.85%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

4'421.3 4'705.4 5'811.5 6'749.4 7'537.6 7'236.0 9'491.9 9'921.0 11'609.0 - -

- - 6.55x 4.90x 4.95x 19.39x 11.60x - - - -

2'024.5 2'221.0 2'546.0 3'011.1 3'377.5 0.0 0.0 - - - -

- - 14.95x 10.98x 11.05x 0.00x 0.00x - - - -

1'763.9 1'818.6 2'199.1 2'468.2 2'676.6 2'762.2 2'620.9 - - - -

- - 16.42x 12.58x 12.24x 11.86x 10.06x 10.53x 9.19x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.23








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ningbo Port Co LtdPrice/Volume

Valuation Analysis

81'008'456.00


,

-

-

.

.

0

0

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

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1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

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,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


NINGBO PORT CO n/a EXCH 9'547'562'818 74.59 17'837'660 08.04.2013 Government

NB CM INTL CONTAINER n/a Co File 583'200'000 4.56 - 31.12.2012 Corporation

CITIC PORT INVEST n/a Co File 190'594'503 1.49 - 31.12.2012 Other


NB COMMU INVEST HLDS n/a Co File 105'885'835 0.83 - 31.12.2012 Government

NB NINGSHING GRP n/a Co File 105'885'835 0.83 - 31.12.2012 Government

NB DEVELOP & INVEST n/a Co File 31'765'751 0.25 - 31.12.2012 Corporation

NB URBAN CONSTR INVE n/a Co File 31'765'751 0.25 - 31.12.2012 Government



HUAFU FUND MANAGEMEN Multiple Portfolios MF-AGG 11'334'494 0.09 11'205'550 31.12.2012 Investment Advisor

HUARUN SHENGUO TRUST n/a Co File 7'413'000 0.06 - 31.12.2012 n/a










Sinolink Securities Co Ltd JIANG MING add 4 M #N/A N/A Not Provided 25.04.2013

Qilu Securities Co Ltd ZHOU LI add 4 M 3 12 month 29.03.2013



Everbright Securities Co., Ltd DING XIANDA accumulate 4 M 3 12 month 20.11.2012

Industrial Securities YUNTAO JI buy 5 M #N/A N/A Not Provided 20.04.2012

Citic Securities Co., Ltd ZHANG HONGBO buy 5 N #N/A N/A Not Provided 03.05.2011

Holdings By:

Ningbo Port Co Ltd ee


09.09.2013

Gemdale Corporation develops residential buildings and operates in property

rental and management. The Company also invests in commercial trading

businesses.


LTM as of: 06/yy

52-Week High (05.02.2013) 8.25

52-Week Low (24.09.2012) 4.62

Daily Volume

6.59





29'467.24 1 Yr Total Return 25.82%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

8'571.0 10'922.8 17'576.6 21'500.2 29'861.8 22'691.6 32'184.6 35'555.0 43'097.0 7'120.5 21'749.5

2.39x 4.03x 2.37x 1.79x 1.64x 7.46x 6.26x 1.30x 0.51x - -

1'811.0 2'690.7 4'179.6 5'067.4 5'483.7 0.0 0.0 6'152.4 7'965.8 1'138.0 3'754.0

11.29x 16.37x 9.96x 7.60x 8.94x 0.00x 0.00x 9.21x 7.11x 7.99x 7.46x

840.9 1'776.2 2'694.0 3'017.2 3'385.2 3'041.4 3'186.6 3'512.3 4'466.2 685.0 2'252.0

13.02x 17.79x 10.30x 7.39x 9.24x 9.55x 9.70x 8.24x 6.64x 6.56x 6.19x


EBIT 5'407.26 Long-Term Rating BB+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.30







Fiscal Year Ended

Gemdale CorpPrice/Volume

Valuation Analysis

97'620'661.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,-.0123456

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2,', F

-,,', F

-2,', F

.,,', F

.2,', F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.,',,

1,',,

3,',,

5,',,

-,,',,

-.,',,

-1,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


SHENZHEN FUTIAN INV n/a Co File 351'060'854 7.85 - 31.12.2012 Investment Advisor

ANBANG INSURANCE CO n/a Co File 205'939'847 4.61 - 31.12.2012 Insurance Company



SHENZHEN FUTIAN CONS n/a Co File 165'703'417 3.71 - 31.12.2012 Corporation





CHANGSHA PILOT INVS n/a Co File 90'000'000 2.01 - 31.12.2012 Corporation




TJ WANGGEN EQY INVES n/a Co File 59'692'483 1.33 - 31.12.2012 Other









PingAn Securities YATING ZHOU buy 5 M #N/A N/A Not Provided 02.09.2013

Central China Securities WU JIANXIONG buy 5 M #N/A N/A Not Provided 30.08.2013

Northeast Securities Co Ltd GAO JIAN buy 5 M #N/A N/A Not Provided 25.08.2013

Guotai Junan LI PINKE buy 5 M 9 12 month 22.08.2013

Goldman Sachs VICKY LI Buy/Neutral 5 M 8 12 month 19.08.2013

Jefferies CHRISTIE JU hold 3 M 7 12 month 19.08.2013


China International Capital Corp ANSON JINGBIAN NING buy 5 M #N/A N/A Not Provided 19.08.2013

Credit Suisse JINSONG DU restricted #N/A N/A M #N/A N/A Not Provided 18.08.2013



UBS MICHAEL LI buy 5 N 9 12 month 25.07.2013

SWS Research Co Ltd SIYI HAN outperform 5 M #N/A N/A Not Provided 19.07.2013


Fortune CLSA Securities Limited YANG YAN outperform 5 M 8 12 month 07.06.2013

Citic Securities Co., Ltd CONG CHEN buy 5 M 8 6 month 14.05.2013

Sinolink Securities Co Ltd CAO XUTE add 4 M #N/A N/A Not Provided 12.04.2013

Bank of China International TIAN SHIXIN buy 5 M #N/A N/A Not Provided 28.01.2013

AJ Securities ZUO HONGYING buy 5 M #N/A N/A Not Provided 03.09.2012

China Securities Co., Ltd SU XUEJING buy 5 N 17 Not Provided 25.06.2012

China Merchants Securities ZUGUO JIA buy 5 M 8 6 month 12.06.2012

Industrial Securities YU MIAO buy 5 M #N/A N/A Not Provided 25.04.2012

China Minzu Securities Co Ltd CUI JUAN add 4 M 10 6 month 02.12.2011

Tebon Securities Co Ltd TEAM COVERAGE outperform 5 N #N/A N/A Not Provided 18.07.2011


China Galaxy Securities DING WEN speculative buy 4 M #N/A N/A Not Provided 10.07.2010

KGI Securities CHEN JUDITH outperform 5 U 9 12 month 14.09.2009

Holdings By:

Gemdale Corp ee


09.09.2013

Tsingtao Brewery Company Limited produces and distributes beer products. The

Company markets its products throughout China and around the world under the

Tsingtao Beer brand name.


LTM as of: 06/yy

52-Week High (16.08.2013) 44.98

52-Week Low (28.11.2012) 28.63

Daily Volume

42.16





60'440.13 1 Yr Total Return 24.80%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

15'781.4 16'478.8 18'234.7 21'133.6 23'580.5 22'255.7 25'102.5 29'303.8 33'488.3 9'342.0 4'598.5

1.41x 2.87x 2.24x 2.00x 1.80x 7.61x 7.33x 1.93x 1.72x - -

1'887.7 2'418.9 2'775.0 2'807.2 2'795.3 0.0 0.0 3'338.0 3'825.5 1'336.0 232.0

11.75x 19.57x 14.72x 15.05x 15.17x 0.00x 0.00x 15.64x 13.65x 14.39x 13.65x

699.6 1'250.0 1'520.5 1'737.9 1'758.9 1'755.4 2'146.3 2'108.3 2'348.3 805.0 44.3

26.64x 39.86x 30.67x 27.12x 28.27x 27.77x 27.65x 26.97x 23.54x 28.26x 25.44x











EBITDA Margin 11.7%



Asset Turnover 0.97








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tsingtao Brewery Co LtdPrice/Volume

Valuation Analysis

1'639'132.00


,2

-,-2.,.20,021,122,

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F-', F.', F0', F1', F2', F3', F4', F5', F6', F-,', F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


TSINGTAO BREWERY CO n/a Co File 411'400'050 59.12 - 31.12.2012 Government


CHINA CONSTRUCTION I n/a Co File 17'574'505 2.53 - 31.12.2012 Government


CHINA MERCHANTS SECU n/a Co File 15'119'578 2.17 - 31.12.2012 Corporation


AEGON INDUSTRIAL FUN Multiple Portfolios MF-AGG 8'475'321 1.22 960'164 31.12.2012 Investment Advisor


CHINA MERCHANTS FUND Multiple Portfolios MF-AGG 4'380'605 0.63 (1'569'527) 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 4'053'242 0.58 (1'369'300) 30.06.2013 Investment Advisor




NEW CHINA FUND MANAG Multiple Portfolios MF-AGG 1'797'371 0.26 (345'940) 31.12.2012 Investment Advisor


FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 1'488'186 0.21 (163'518) 31.12.2012 Investment Advisor


RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 1'110'000 0.16 610'018 31.12.2012 Investment Advisor

LORD ABBETT CHINA Multiple Portfolios MF-AGG 845'337 0.12 845'337 31.12.2012 Investment Advisor





SWS Research Co Ltd MICHAEL TONG outperform 5 M #N/A N/A Not Provided 01.09.2013

JPMorgan KURUMLU EBRU SENER underweight 1 M 38 9 month 30.08.2013


Sinolink Securities Co Ltd CHEN GANG buy 5 U #N/A N/A Not Provided 30.08.2013


Morgan Stanley LILLIAN LOU Equalwt/In-Line 3 M 36 12 month 04.08.2013

Jefferies JESSIE GUO hold 3 M 37 12 month 11.07.2013

UBS ERICA POON WERKUN buy 5 U 43 12 month 08.05.2013

Goldman Sachs LISA DENG Buy/Neutral 5 M 44 12 month 23.04.2013

Masterlink Securities LIU WEI buy 5 U 45 6 month 02.04.2013

Rising Securities Co.,LTD ZHAO YUE outperform 5 M 38 12 month 01.04.2013

Everbright Securities Co., Ltd LI JIE accumulate 4 M 34 12 month 06.01.2013

Bank of China International JENNY CHAN hold 3 M 35 Not Provided 31.10.2012

Guodu Securities Co Ltd LU SHAN SHAN buy 5 M #N/A N/A Not Provided 16.08.2012

China Merchants Securities ZHU WEIHUA buy 5 M 40 6 month 05.07.2012

China Securities Co., Ltd FUSHENG HUANG add 4 M 40 Not Provided 25.06.2012

Citic Securities Co., Ltd HUANG WEI overweight 5 M 42 6 month 21.06.2012

Central China Securities LIU RAN buy 5 U #N/A N/A Not Provided 19.06.2012

Northeast Securities Co Ltd ZHU CHENGLIANG add 4 N #N/A N/A Not Provided 06.12.2011

China Investment Securities KE HAIDONG buy 5 M #N/A N/A Not Provided 07.01.2011

Industrial Securities CHEN YU buy 5 M #N/A N/A Not Provided 21.10.2010

China Galaxy Securities DONG JUNFENG buy 5 M 45 12 month 29.06.2010

Hong Yuan Securities SU JINGRAN add 4 N #N/A N/A Not Provided 23.06.2010

UBS CHEN LEI neutral 3 M 39 Not Provided 26.11.2009

KGI Securities SABRINA LEE neutral 3 M 25 12 month 13.05.2009

Holdings By:

Tsingtao Brewery Co Ltd ee


09.09.2013

Beijing Tongrentang Co., Ltd. develops, manufactures, and markets Chinese

traditional medicines and medicinal wines. The Company also operates

pharmaceutical retail businesses and provides consulting services.


LTM as of: 06/yy

52-Week High (16.05.2013) 25.30

52-Week Low (28.11.2012) 16.18

Daily Volume

21.85





28'450.91 1 Yr Total Return 26.74%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

2'904.9 3'247.3 4'889.7 6'049.5 7'428.9 7'796.8 8'269.5 9'215.1 11'205.1 - -

2.14x 3.20x 3.52x 2.93x 3.02x 9.47x 12.10x - - - -

514.1 555.9 722.5 939.5 1'212.6 0.0 0.0 1'474.0 1'827.5 - -

12.11x 18.69x 23.80x 18.90x 18.52x 0.00x 0.00x 18.57x 14.97x - -

258.9 288.0 340.4 438.1 570.1 486.5 635.3 731.0 922.0 - -

24.77x 38.03x 52.44x 41.76x 40.68x 46.73x 44.83x 39.09x 31.08x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.85







Fiscal Year Ended

Beijing Tongrentang Co LtdPrice/Volume

Valuation Analysis

12'344'258.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

0,

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2', F

-,', F

-2', F

.,', F

.2', F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

12',,

2,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA BEIJING TONGRE n/a Co File 719'308'540 55.24 - 31.12.2012 Government










CHINA MERCHANTS FUND Multiple Portfolios MF-AGG 8'031'908 0.62 946'422 30.06.2013 Investment Advisor








GOLDEN EAGLE ASSET M Multiple Portfolios MF-AGG 1'750'438 0.13 680'802 31.12.2012 Investment Advisor

LION FUND MANAGEMENT Multiple Portfolios MF-AGG 1'688'603 0.13 872'626 31.12.2012 Investment Advisor


Guotai Junan LI QIUSHI buy 5 M 26 Not Provided 02.09.2013

Chang Jiang Securities Co. Limited Liu Shuchang buy 5 M #N/A N/A Not Provided 02.09.2013

SWS Research Co Ltd SELINA LUO outperform 5 M #N/A N/A Not Provided 30.08.2013


Sinolink Securities Co Ltd LI JINGLEI add 4 M #N/A N/A Not Provided 27.08.2013

Fortune CLSA Securities Limited ZEN ZHOU underperform 1 M 24 12 month 27.08.2013

Morgan Stanley BIN LI Equalwt/Attractive 3 M 22 12 month 29.07.2013

Hong Yuan Securities WEI WENQING add 4 M #N/A N/A Not Provided 06.07.2013






China Investment Securities ZHOU RUI neutral 3 M #N/A N/A Not Provided 02.12.2011

Guodu Securities Co Ltd PAN LEI buy 5 M #N/A N/A Not Provided 16.06.2011

Great Wall Securities YANG YUE strong buy 5 N #N/A N/A Not Provided 23.05.2011


Holdings By:

Beijing Tongrentang Co Ltd ee


09.09.2013

Sanan Optoelectronics Co., Ltd. operates in the business of researching,

producing and selling of LED epitaxial wafers and wafers.


LTM as of: 06/yy

52-Week High (23.07.2013) 23.14

52-Week Low (16.04.2013) 10.93

Daily Volume

19.37





27'970.55 1 Yr Total Return 21.33%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

211.7 465.5 857.4 1'742.5 3'355.5 2'392.9 3'659.0 4'958.0 6'944.5 1'375.0 1'314.0

12.00x 30.35x 33.41x 9.44x 6.56x 30.95x 26.98x - - - -

103.6 230.7 420.3 776.6 1'009.6 0.0 0.0 1'315.5 1'791.5 - -

24.53x 61.22x 68.15x 21.18x 21.79x 0.00x 0.00x 22.98x 16.87x - -

52.1 180.2 419.3 936.2 810.0 943.3 806.8 1'100.4 1'313.7 305.0 202.0

34.11x 74.30x 63.69x 16.82x 24.43x 20.64x 35.14x 25.62x 21.03x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sanan Optoelectronics Co LtdPrice/Volume

Valuation Analysis

16'394'310.00


,

2

-,

-2

.,

.2

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,', F

.,', F

0,', F

1,', F

2,', F

3,', F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.,',,

1,',,

3,',,

5,',,

-,,',,

-.,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


XIAMEN SANAN ELECTRO n/a Co File 505'759'725 35.02 - 31.12.2012 Corporation

FUJIAN SANAN GROUP C n/a Co File 245'448'074 17 - 31.12.2012 Corporation

ZHENGRONG WANG n/a Co File 56'477'400 3.91 - 31.12.2012 n/a

JIANGXI INTERNATIONA n/a Co File 45'351'770 3.14 - 31.12.2012 Corporation



HUABAO TRUST INVESTM n/a Co File 38'120'564 2.64 - 31.12.2012 Investment Advisor





PINGAN TRUST CO LTD n/a Co File 12'542'826 0.87 - 31.12.2012 Other










Chang Jiang Securities Co. Limited XIAOQIANG GAO buy 5 M #N/A N/A Not Provided 26.08.2013

PingAn Securities LU SHAN not rated #N/A N/A M #N/A N/A Not Provided 19.08.2013

Everbright Securities Co., Ltd JIAN KUAI buy 5 M 24 6 month 18.08.2013


Sinolink Securities Co Ltd ZHANG SHUAI buy 5 M 26 12 month 06.08.2013

Fortune CLSA Securities Limited FENG LINGTIAN buy 5 M 27 12 month 06.08.2013

Guotai Junan XIONG JUN buy 5 M #N/A N/A Not Provided 22.07.2013

SWS Research Co Ltd TONY YU outperform 5 M #N/A N/A Not Provided 17.07.2013

Masterlink Securities LV HAN buy 5 M 22 Not Provided 28.05.2013

Founder Securities SHENG JINSONG buy 5 M #N/A N/A Not Provided 29.03.2013

Rising Securities Co.,LTD SONG LEI outperform 5 M #N/A N/A Not Provided 18.12.2012

Goldman Sachs AMY SONG neutral/neutral 3 N 13 12 month 17.12.2012

Central China Securities FANG XIAHONG add 4 M #N/A N/A Not Provided 20.08.2012

AJ Securities ZHU ZHIYONG buy 5 M 17 6 month 10.08.2012

Hong Yuan Securities LI KUNYANG buy 5 M #N/A N/A Not Provided 10.01.2012

Northeast Securities Co Ltd WU NA add 4 M #N/A N/A Not Provided 03.11.2011

Industrial Securities LIU LIANG buy 5 M #N/A N/A Not Provided 23.10.2011

China Investment Securities WANG HAIJUN buy 5 D #N/A N/A Not Provided 03.02.2010

KGI Securities HONDA WEI outperform 5 M 8 12 month 24.09.2009

Holdings By:

Sanan Optoelectronics Co Ltd ee


09.09.2013

Metallurgical Corporation of China Ltd., through its subsidiaries, operates in

EPC projects (engineering, procurement and construction) mainly for

metallurgical facilities, natural resources exploration, equipment fabrication,

and property development.


LTM as of: 06/yy

52-Week High (04.01.2013) 2.36

52-Week Low (25.06.2013) 1.52

Daily Volume

1.78





32'395.20 1 Yr Total Return -15.24%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

149'987.0 165'495.0 206'397.0 222'113.0 216'242.0 224'659.9 199'406.0 244'236.0 237'566.5 - -

- 0.82x 0.72x 0.68x 0.69x 2.26x 2.49x - - - -

7'607.4 9'817.0 12'598.0 12'775.0 10'390.0 0.0 0.0 - - - -

- 13.82x 11.85x 11.86x 14.46x 0.00x 0.00x - - - -

3'068.1 4'425.0 5'321.0 4'243.0 (6'952.0) 2'092.3 (5'285.0) 2'959.5 3'310.5 - -

- 13.47x 10.39x 4.24x 9.79x 12.16x 0.00x 11.48x 10.17x - -







Return on Capital -6.98% EBITDA/Interest Exp. 1.19




EBITDA Margin 4.8%



Asset Turnover 0.66








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Metallurgical Corp of China LtdPrice/Volume

Valuation Analysis

70'363'442.00


,

-

-

.

.

0


0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

-5',,

.,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA METALLURGICAL n/a Co File 12'265'108'500 75.53 - 31.12.2012 Government





PICC HEALTH INSURANC n/a Co File 41'691'484 0.26 - 31.12.2012 Insurance Company












CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 3'686'339 0.02 76'100 31.12.2012 Investment Advisor


E FUND MANAGEMENT Multiple Portfolios MF-AGG 2'821'987 0.02 - 02.09.2013 Investment Advisor


China International Capital Corp YUE DING hold 3 M #N/A N/A Not Provided 02.09.2013

SWS Research Co Ltd ERNEST ZHANG neutral 3 M #N/A N/A Not Provided 03.04.2013


Hong Yuan Securities ZHAO LIMING buy 5 M 3 6 month 30.03.2012


Masterlink Securities TEAM COVERAGE buy 5 N 5 Not Provided 11.05.2011

Industrial Securities WANG SHUANG buy 5 N #N/A N/A Not Provided 17.12.2010

China Securities Co., Ltd TIAN DONGHONG not rated #N/A N/A M 7 Not Provided 02.12.2009

Holdings By:

Metallurgical Corp of China Ltd ee


09.09.2013

Sinohydro. Group Limited conducts project contracting, power investment and

operations, equipment manufacturing and leasing, as well as property

development.


LTM as of: 06/yy

52-Week High (05.02.2013) 4.24

52-Week Low (09.07.2013) 2.55

Daily Volume

3





28'800.00 1 Yr Total Return -6.99%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

59'137.9 73'380.8 99'054.2 110'647.2 124'051.5 80'381.7 134'706.5 151'835.0 180'244.5 - -

- - - 0.63x 0.68x 2.01x 2.45x - - - -

- 7'466.7 9'163.8 11'435.5 12'302.5 0.0 0.0 15'502.0 18'995.0 - -

- - - 6.10x 6.83x 0.00x 0.00x 5.82x 4.75x - -

1'265.7 2'289.7 2'911.1 3'619.1 4'094.2 2'768.8 4'310.2 4'968.0 5'885.0 - -

- - - 8.31x 8.96x 0.00x 6.42x 6.02x 5.15x - -











EBITDA Margin 9.9%



Asset Turnover 0.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SINOHYDRO Group LtdPrice/Volume

Valuation Analysis

132'205'235.00


,--..00112

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2,', F

-,,', F

-2,', F

.,,', F

.2,', F

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2,,',,

-',,,',,

-'2,,',,

.',,,',,

.'2,,',,

0',,,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013




CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 131'731'653 1.37 274'805 31.12.2012 Investment Advisor



SINOHYDRO CONSTRUCT n/a Co File 63'000'000 0.66 - 31.12.2012 Corporation

FOUNDER SECURITIES C n/a Co File 57'300'620 0.6 - 31.12.2012 Unclassified


CHINA AMC ADVANTAGE n/a EXCH 45'838'267 0.48 - 17.10.2011 n/a


PEOPLE'S INSURANCE C n/a Co File 44'381'304 0.46 - 31.12.2012 Government

HONGYANG FUND n/a EXCH 40'108'483 0.42 - 17.10.2011 n/a










Chang Jiang Securities Co. Limited SHI HENGHUI buy 5 M #N/A N/A Not Provided 22.07.2013

PingAn Securities GRACE LI buy 5 M 4 Not Provided 24.05.2013

Guotai Junan ZHANG KUN buy 5 M 5 12 month 23.05.2013



Bank of China International LI PAN buy 5 N 4 12 month 20.12.2012

China Merchants Securities MENG QUN strong buy 5 M 6 6 month 11.06.2012

Hong Yuan Securities ZHOU RONGZI buy 5 M #N/A N/A Not Provided 24.04.2012

Great Wall Securities RAN FEI buy 5 N #N/A N/A Not Provided 30.03.2012

HuaChuang Securities ZHANG CHI strong buy 5 N #N/A N/A Not Provided 28.11.2011

Holdings By:

SINOHYDRO Group Ltd ee


09.09.2013

Chongqing Water Group Co., Ltd. is a holding company. The Company, through

holding subsidiaries, joint ventures and associated companies, produces and

sells tap water, collects and treats urban wastewater, and constructs water

supply and drainage facilities.


LTM as of: 06/yy

52-Week High (06.03.2013) 7.55

52-Week Low (04.12.2012) 4.69

Daily Volume

5.86





28'128.00 1 Yr Total Return 8.27%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

2'357.6 2'713.6 3'254.9 3'738.3 3'931.4 3'983.5 3'911.9 4'154.0 4'428.3 - -

- - 12.19x 8.05x 6.48x 30.00x 27.49x - - - -

1'415.4 1'503.5 1'722.8 1'771.5 1'846.6 0.0 0.0 1'984.0 2'056.0 - -

- - 23.04x 17.00x 13.80x 0.00x 0.00x 14.58x 14.07x - -

736.2 1'014.1 1'293.7 1'609.0 1'888.6 1'665.1 1'965.8 1'951.0 2'052.3 - -

- - 29.54x 17.68x 13.62x 16.60x 12.56x 14.40x 13.72x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.22







Fiscal Year Ended

Chongqing Water Group Co LtdPrice/Volume

Valuation Analysis

15'128'358.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

4

5


0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

12',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHONGQING WATER ASSE n/a Co File 3'605'000'000 75.1 - 31.12.2012 Government

CQ SUYU INDUSTRY DEV n/a Co File 645'000'000 13.44 - 31.12.2012 Other





LI XUEJIAO n/a Co File 7'383'907 0.15 - 31.12.2012 n/a

WU QIFEI n/a Co File 4'521'952 0.09 - 31.12.2012 n/a









DACHENG FUND MANAGME Multiple Portfolios MF-AGG 1'081'574 0.02 53'500 31.12.2012 Investment Advisor


GTJA ALLIANZ FUND MA Multiple Portfolios MF-AGG 934'868 0.02 11'249 31.12.2012 Investment Advisor



China Minzu Securities Co Ltd LI JING add 4 M #N/A N/A Not Provided 09.08.2013

Chang Jiang Securities Co. Limited YING DENG add 4 M #N/A N/A Not Provided 07.08.2013

SWS Research Co Ltd GU FENG outperform 5 M #N/A N/A Not Provided 15.02.2012

Capital Securities Corp TEAM COVERAGE neutral 3 N #N/A N/A Not Provided 31.03.2011

Guodu Securities Co Ltd GONG JUNJIE buy 5 N #N/A N/A Not Provided 24.01.2011


Rising Securities Co.,LTD TEAM COVERAGE outperform 5 M 9 12 month 30.11.2010

Holdings By:

Chongqing Water Group Co Ltd ee


09.09.2013

Jinduicheng Molybdenum Co.,Ltd. is involved in molybdenum mining, dressing,

smelting, processing, research and trade in Asia.


LTM as of: 06/yy

52-Week High (17.01.2013) 13.87

52-Week Low (25.06.2013) 7.38

Daily Volume

8.59





27'716.53 1 Yr Total Return -27.06%

Total Debt 427.71 YTD Return -25.57%









31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

5'364.2 4'508.0 6'949.5 7'226.7 8'491.1 7'792.9 8'601.7 8'926.3 9'456.5 - -

3.27x 12.00x 10.28x 4.29x 3.81x 18.57x 13.64x 2.60x 2.37x - -

3'347.5 697.9 1'132.1 1'053.5 716.1 0.0 0.0 853.0 1'318.0 - -

5.24x 77.52x 63.13x 29.41x 45.22x 0.00x 0.00x 27.16x 17.58x - -

2'733.5 549.5 835.6 736.1 521.9 683.7 336.7 356.0 567.0 - -

11.07x 112.12x 93.23x 49.48x 73.19x 61.45x 76.31x 57.27x 40.90x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.58







Fiscal Year Ended

Jinduicheng Molybdenum Co LtdPrice/Volume

Valuation Analysis

13'504'418.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

-1

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,', F

.,', F

0,', F

1,', F

2,', F

3,', F

4,', F

5,', F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.,',,

1,',,

3,',,

5,',,

-,,',,

-.,',,

-1,',,

-3,',,

-5,',,

.,,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


SX NON-FERROUS METAL n/a Co File 2'390'743'200 74.09 - 31.12.2012 Government

TAIYUAN IRON & STEEL n/a Co File 68'493'200 2.12 - 31.12.2012 Government


ORIENT GROUP INC n/a Co File 13'900'000 0.43 - 31.12.2012 Holding Company




CQ YUXINTONG SINGLE n/a Co File 6'557'900 0.2 - 31.12.2012 n/a

GREAT WALL SECURITIE n/a Co File 5'466'600 0.17 - 31.12.2012 Investment Advisor















SWS Research Co Ltd ARTHUR WANG buy 5 M #N/A N/A Not Provided 16.07.2013

China International Capital Corp CAI HONGYU hold 3 D #N/A N/A Not Provided 10.07.2013

Everbright Securities Co., Ltd WANG QIANMING neutral 3 D 11 6 month 19.03.2013

Citic Securities Co., Ltd SONG XIAOQING hold 3 M #N/A N/A Not Provided 21.09.2012






Great Wall Securities LIU FEI neutral 3 N #N/A N/A Not Provided 30.03.2012

China Minzu Securities Co Ltd GUAN JIANXIN add 4 D 20 6 month 12.08.2011




Tebon Securities Co Ltd TEAM COVERAGE add 4 N #N/A N/A Not Provided 30.06.2010

PingAn Securities LIANG ZHIGANG buy 5 M #N/A N/A Not Provided 27.05.2010

Holdings By:

Jinduicheng Molybdenum Co Ltd ee


09.09.2013

SDIC Power Holdings Co Ltd . generates thermal electric and hydroelectric power.

The electric power generated by the Company are supplied to Gansu area.


LTM as of: 06/yy

52-Week High (20.05.2013) 4.25

52-Week Low (17.09.2012) 2.56

Daily Volume

3.85





26'126.19 1 Yr Total Return 40.56%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

10'871.1 11'811.1 17'350.5 23'412.4 23'671.6 25'231.8 24'886.4 27'590.0 33'077.0 - -

6.25x 7.71x 5.69x 4.87x 5.68x 18.05x 21.85x 5.07x 4.20x - -

5'466.5 5'317.4 6'005.7 6'488.4 8'643.3 0.0 0.0 12'200.0 16'347.0 - -

12.42x 17.13x 16.43x 17.58x 15.56x 0.00x 0.00x 12.09x 9.03x - -

658.5 531.4 504.4 332.3 1'053.9 275.7 2'185.2 2'061.5 2'629.0 680.0 253.0

27.66x 36.95x 28.36x 36.32x 19.23x 48.04x 9.11x 12.42x 8.59x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.18








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SDIC Power Holdings Co LtdPrice/Volume

Valuation Analysis

62'133'569.00


,--..00112


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


STATE DEVELOPMENT & n/a Co File 3'478'459'944 51.26 - 31.12.2012 Government




BOSERA FUND MANAGEME Multiple Portfolios MF-AGG 61'593'446 0.91 (2'231'115) 31.12.2012 Investment Advisor



CHINA LIFE INSURANCE n/a Co File 34'064'315 0.5 - 31.12.2012 Government






GOLDEN EAGLE ASSET M Multiple Portfolios MF-AGG 11'895'758 0.18 11'435'598 31.12.2012 Investment Advisor



TIANHONG ASSET MANAG Multiple Portfolios MF-AGG 9'663'722 0.14 9'663'722 31.12.2012 Investment Advisor





China International Capital Corp JUNHUA CHEN buy 5 N #N/A N/A Not Provided 23.08.2013


UBS WEI YU restricted #N/A N/A M #N/A N/A Not Provided 25.07.2013

Chang Jiang Securities Co. Limited JUN GE buy 5 N #N/A N/A Not Provided 21.05.2013



Guotai Junan WANG WEI buy 5 N 4 12 month 24.01.2013


Guodu Securities Co Ltd WANG SHUBAO strong buy 5 N #N/A N/A Not Provided 26.12.2012


China Merchants Securities PENG QUANGANG strong buy 5 M #N/A N/A Not Provided 19.07.2012

PingAn Securities FAN WANG buy 5 M #N/A N/A Not Provided 18.11.2010

China Galaxy Securities ZOU XUYUAN speculative buy 4 M #N/A N/A Not Provided 30.11.2009

Central China Securities PAN HANGJUN monitored #N/A N/A N #N/A N/A Not Provided 16.09.2009

Bank of China International YU NIAN buy 5 U 4 Not Provided 21.08.2009

KGI Securities CHEN JUDITH neutral 3 D 4 12 month 12.06.2009

Holdings By:

SDIC Power Holdings Co Ltd ee


09.09.2013

TBEA Co., Ltd. manufactures and markets electrical transformers, wires and

cables, and other accessory equipment. Through its subsidiaries, the Company

also develops and manages real estate.


LTM as of: 06/yy

52-Week High (05.09.2013) 10.27

52-Week Low (26.09.2012) 5.51

Daily Volume

9.8





25'828.49 1 Yr Total Return 56.01%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

12'462.7 14'686.8 17'685.1 18'096.6 20'224.9 19'713.4 21'901.7 24'099.4 28'786.3 - -

2.30x 2.94x 1.96x 1.17x 1.13x 5.12x 5.01x 0.85x 0.64x - -

1'411.7 2'063.0 2'141.1 1'645.1 1'551.7 0.0 0.0 2'120.0 2'590.0 - -

20.28x 20.96x 16.16x 12.84x 14.76x 0.00x 0.00x 17.80x 14.57x - -

962.6 1'528.7 1'611.3 1'229.2 980.6 1'086.9 1'108.5 1'271.8 1'639.3 - -

28.27x 27.98x 21.70x 16.47x 17.36x 16.41x 19.14x 18.42x 15.48x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.56







Fiscal Year Ended

TBEA Co LtdPrice/Volume

Valuation Analysis

68'045'246.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.,',,

1,',,

3,',,

5,',,

-,,',,

-.,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


TEBIAN ELECTRIC APPA n/a Co File 309'368'350 11.74 - 31.12.2012 Corporation

XINJIANG HONGLIAN VE n/a Co File 180'176'786 6.84 - 31.12.2012 Corporation

XINJIANG INVS & DEV n/a Co File 57'479'600 2.18 - 31.12.2012 Corporation

EVERBRIGHT SECURITIE n/a Co File 25'410'893 0.96 - 31.12.2012 Unclassified




HUATAI SECURITIES CO n/a Co File 14'284'710 0.54 - 31.12.2012 Investment Advisor



GUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 10'401'624 0.39 (214'848) 30.06.2013 Investment Advisor



FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 4'532'321 0.17 - 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 4'019'869 0.15 - 30.06.2013 Investment Advisor







Guotai Junan XIAO LIU buy 5 M 12 12 month 02.09.2013

Sinolink Securities Co Ltd ZHANG SHUAI add 4 M #N/A N/A Not Provided 28.08.2013

Chang Jiang Securities Co. Limited HAOLONG DENG buy 5 M #N/A N/A Not Provided 15.08.2013


Northeast Securities Co Ltd YANG JIALI add 4 M #N/A N/A Not Provided 31.07.2013

Capital Securities Corp LAI SHENSHENG hold 3 M #N/A N/A Not Provided 30.07.2013

China International Capital Corp RAN SHI buy 5 M #N/A N/A Not Provided 30.07.2013

Hong Yuan Securities WANG JING buy 5 M #N/A N/A Not Provided 21.07.2013

Everbright Securities Co., Ltd ZHOU LIQIAN buy 5 M #N/A N/A Not Provided 30.06.2013

EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013

Credit Suisse VINCENT CHAN neutral 3 U 7 Not Provided 02.04.2013

China Securities Co., Ltd XU CHAO buy 5 M 19 Not Provided 25.06.2012


PingAn Securities DOU ZEYUN buy 5 M #N/A N/A Not Provided 01.04.2011


China Investment Securities XIONG LIN buy 5 M #N/A N/A Not Provided 06.04.2010

Citic Securities Co., Ltd LIU LEI buy 5 M 25 6 month 25.02.2010

Holdings By:

TBEA Co Ltd ee


09.09.2013

Industrial Securities Co., Ltd. is a securities company. The Company's

business covers securities brokerage, investment consulting, securities

trading, financial advisory, securities underwriting and sponsorship,

proprietary trading, asset management, investment funds marketing as well

intermediary services for futures companies.


LTM as of: 06/yy

52-Week High (04.02.2013) 14.15

52-Week Low (25.06.2013) 8.45

Daily Volume

10.11





26'286.00 1 Yr Total Return 9.19%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

1'397.8 3'152.9 2'828.6 2'449.6 2'691.8 2'470.0 2'915.4 3'391.0 3'868.8 - -

- - 8.10x 5.91x 8.16x 27.85x 27.02x - - - -

608.7 1'784.5 1'361.6 915.7 936.8 0.0 0.0 - - - -

- - 16.83x 15.82x 23.44x 0.00x 0.00x - - - -

266.6 1'155.3 787.2 435.3 476.4 400.0 538.7 717.6 894.8 - -

- - 41.54x 46.50x 55.82x 56.83x 38.62x 34.74x 28.32x - -











EBITDA Margin 37.3%



Asset Turnover 0.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Industrial Securities Co LtdPrice/Volume

Valuation Analysis

43'770'963.00


,

.

1

3

5

-,

-.

-1

-3

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,', F

.,', F

0,', F

1,', F

2,', F

3,', F

4,', F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

4,',,

5,',,

6,',,

-,,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


FUJIAN PROVINCE FINA n/a EXCH 521'957'590 20.08 - 08.05.2013 Government

FUJIAN INVEST DEVELO n/a EXCH 227'441'223 8.75 40'000'000 08.05.2013 Government

SH SHENXIN GROUP CO n/a EXCH 101'400'000 3.9 - 08.05.2013 Corporation

SH XINGYE INVEST DEV n/a Co File 78'000'000 3 - 31.12.2012 Other

XM YUNDANG NEW DISTR n/a Co File 76'402'672 2.94 - 31.12.2012 Government

XM SPECIAL ECON ZONE n/a EXCH 76'402'672 2.94 - 08.05.2013 Government

HUAYU AUTOMOTIVE SYS n/a EXCH 62'400'000 2.4 - 08.05.2013 Holding Company

CHENGGONG HLDS GRP n/a EXCH 57'600'630 2.22 - 08.05.2013 Corporation

SHANGHAI TANGJIU GRO n/a EXCH 54'500'573 2.1 - 08.05.2013 Government

XIAMEN XIANGYU GROUP n/a EXCH 50'000'000 1.92 - 08.05.2013 Government

SH JIAODA ONLLY CO n/a EXCH 49'800'000 1.92 - 08.05.2013 Corporation

FUJIAN FIN GUARANTEE n/a EXCH 49'661'737 1.91 - 08.05.2013 Government


FUZHOU HONGYUAN INV n/a Co File 30'991'000 1.19 - 31.12.2012 Other









Tebon Securities Co Ltd LEI ZHANG outperform 5 M 12 6 month 19.08.2013


Sinolink Securities Co Ltd JIANGANG CHEN add 4 M #N/A N/A Not Provided 08.08.2013



PingAn Securities WU JIE buy 5 M 10 6 month 11.03.2013

China International Capital Corp JIE HUANG neutral 3 D #N/A N/A Not Provided 08.03.2013



Citic Securities Co., Ltd PAN HONGWEN overweight 5 M 11 6 month 30.11.2012

China Minzu Securities Co Ltd SONG JIAN add 4 U #N/A N/A Not Provided 21.08.2012


Holdings By:

Industrial Securities Co Ltd ee


09.09.2013

Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. operates in land

development, property management, and infrastructure facilities construction

within the Lujiazui Finance and Trade Zone. The Company also undertakes

building and renovation projects.


LTM as of: 06/yy

52-Week High (02.09.2013) 21.25

52-Week Low (04.12.2012) 9.36

Daily Volume

18.99





30'718.45 1 Yr Total Return 72.51%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

1'630.0 3'416.6 2'544.8 2'961.6 2'864.7 1'699.1 3'086.9 3'886.0 4'643.0 - -

12.08x 12.82x 13.67x 9.15x 9.25x 64.44x 34.62x - - - -

984.9 2'577.1 1'643.4 1'642.4 1'607.2 0.0 0.0 - - - -

20.00x 17.00x 21.17x 16.50x 16.49x 0.00x 0.00x - - - -

880.5 1'176.4 1'191.7 984.9 1'011.0 505.1 1'089.9 1'242.5 1'496.5 - -

28.17x 40.13x 26.33x 21.48x 21.98x 45.37x 18.04x 30.48x 25.73x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.10







Fiscal Year Ended

Shanghai Lujiazui Finance & Trade Zone Development Co LtdPrice/Volume

Valuation Analysis

39'756'230.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,', F

.,', F

0,', F

1,', F

2,', F

3,', F

4,', F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.,',,

1,',,

3,',,

5,',,

-,,',,

-.,',,

-1,',,

-3,',,

-5,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


SHANGHAI LUJIAZUI GR n/a Co File 1'076'556'437 79.27 - 31.12.2012 Government

SHANGHAI INTERNATION n/a Co File 53'234'998 3.92 - 31.12.2012 Investment Advisor



E FUND MANAGEMENT Multiple Portfolios MF-AGG 383'368 0.03 61'092 31.12.2012 Investment Advisor

CHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 367'820 0.03 (13'344) 31.12.2012 Investment Advisor

INVESCO GREAT WALL F Multiple Portfolios MF-AGG 197'031 0.01 - 31.12.2012 Investment Advisor

FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 90'700 0.01 3'200 31.12.2012 Investment Advisor

HARVEST GLOBAL INVES Multiple Portfolios MF-AGG 71'115 0.01 - 02.09.2013 Investment Advisor

CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 45'785 0 - 31.12.2012 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 43'277 0 1'327 31.12.2012 Investment Advisor

WEI ZHU n/a Co File 27'337 0 - 31.12.2012 n/a

JINZHAO LI n/a Co File 20'000 0 - 31.12.2012 n/a

HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 15'508 0 (3'792) 31.12.2012 Investment Advisor

XIAOMING YANG n/a Co File 14'050 0 - 31.12.2012 n/a

JIANWEN TAO n/a Co File 10'000 0 - 31.12.2012 n/a

ERJIN XU n/a Co File 10'000 0 - 31.12.2012 n/a

ZHOU XIANG n/a EXCH 8'500 0 (2'800) 02.09.2013 n/a

WEIMIN ZHOU n/a Co File 8'000 0 - 31.12.2012 n/a

CAO QIONG n/a EXCH 3'800 0 (1'200) 02.09.2013 n/a


Capital Securities Corp ZHU JIXIANG hold 3 M #N/A N/A Not Provided 26.07.2013

China International Capital Corp ANSON JINGBIAN NING hold 3 M #N/A N/A Not Provided 26.07.2013

SWS Research Co Ltd SIYI HAN neutral 3 M #N/A N/A Not Provided 19.07.2013

Central China Securities WU JIANXIONG add 4 M #N/A N/A Not Provided 09.08.2012


Industrial Securities WANG JIA buy 5 N #N/A N/A Not Provided 25.08.2009

China Galaxy Securities WEI PAN speculative buy 4 N #N/A N/A Not Provided 13.03.2009

Holdings By:

Shanghai Lujiazui Finance & Trade Zone Development Co Ltd ee


09.09.2013

Zhe Jiang Daily Media Group Co., Ltd is a media company. The Company's

interests include communication and culture industries, investment,

development, management and consulting services, information integration,

radio, television and other multimedia content production and management, new

media technology development and investment.


LTM as of: 06/yy

52-Week High (04.09.2013) 43.28

52-Week Low (04.12.2012) 9.89

Daily Volume

41.42





24'609.44 1 Yr Total Return 169.18%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

449.3 371.9 1'152.8 1'266.0 1'363.2 1'267.9 1'649.4 2'188.6 2'518.2 532.0 532.0

1.69x 3.18x - 4.73x 4.65x 20.37x 20.51x - - - -

(20.3) (8.4) 291.2 306.3 337.6 0.0 0.0 662.0 861.0 - -

- - - 19.57x 18.77x 0.00x 0.00x 37.24x 28.63x - -

(35.6) (19.3) 209.2 220.7 221.3 210.8 286.1 491.0 656.6 - -

- - - 21.52x 25.96x 28.10x 36.15x 54.14x 46.33x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.38








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Zhe Jiang Daily Media Group Co LtdPrice/Volume

Valuation Analysis

7'224'919.00


,2

-,-2.,.20,021,12

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2', F

-,', F

-2', F

.,', F

.2', F

0,', F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

4,',,

5,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


ZHEJIANG DAILY MEDIA n/a EXCH 295'668'528 49.76 13'587'495 22.04.2013 Government

XINZHOU GROUP CO LTD n/a EXCH 41'943'851 7.06 - 22.04.2013 Corporation

CHINA UNIVERSAL ASSE n/a EXCH 28'669'064 4.83 - 22.04.2013 Investment Advisor

GUOGUANG GLOBAL MEDI n/a EXCH 17'985'611 3.03 - 22.04.2013 n/a


XIANGCAI SECURITIES n/a EXCH 14'388'489 2.42 - 22.04.2013 Investment Advisor

SHANGHAI WHITE CAT G n/a EXCH 13'683'281 2.3 - 22.04.2013 Other

RONGTONG PRE BLUE CH n/a EXCH 11'612'734 1.95 - 22.04.2013 n/a

RONGTONG FUND MANAGE RONGTONG PRE BLUE CH MF-PART 11'612'734 1.95 11'612'734 30.06.2013 Investment Advisor

XIAN INVESTMENT HOLD n/a EXCH 10'791'366 1.82 - 22.04.2013 Holding Company

SHANGHAI QIXI INVEST n/a EXCH 9'122'302 1.54 - 22.04.2013 Investment Advisor


SHANGHAI LIGHT INDUS n/a Co File 3'930'000 0.66 - 31.12.2012 Government

ZJ NEW GANXIAN MEDIA n/a Co File 3'580'516 0.6 - 31.12.2012 Government

SHANGHAI MECHANICAL n/a Co File 2'191'200 0.37 - 31.12.2012 Corporation

ABC-CA FUND MANAGEME Multiple Portfolios MF-AGG 1'277'853 0.22 824'467 31.12.2012 Investment Advisor

AXA SPDB INVESTMENT Multiple Portfolios MF-AGG 946'401 0.16 946'401 31.12.2012 Investment Advisor

MANULIFE TEDA FUND M Multiple Portfolios MF-AGG 503'400 0.08 503'400 31.12.2012 Investment Advisor

CITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 460'150 0.08 460'150 31.12.2012 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 427'436 0.07 29'600 31.12.2012 Investment Advisor


Chang Jiang Securities Co. Limited ZHIJIAN CHEN add 4 M #N/A N/A Not Provided 02.09.2013

Northeast Securities Co Ltd GENG YUN add 4 M #N/A N/A Not Provided 29.08.2013

Everbright Securities Co., Ltd ZHANG LIANGWEI buy 5 M 45 6 month 29.08.2013


China Investment Securities LENG XINGXING neutral 3 M #N/A N/A Not Provided 25.08.2013

Qilu Securities Co Ltd LIU JIANGXIAO add 4 M #N/A N/A Not Provided 15.08.2013

Goldman Sachs LIAO XUFA neutral/neutral 3 N 21 12 month 09.08.2013

Guodu Securities Co Ltd ZHAO XIANDONG buy 5 M #N/A N/A Not Provided 22.07.2013

Hong Yuan Securities ZHANG ZEJING add 4 N #N/A N/A Not Provided 08.07.2013

Citic Securities Co., Ltd PI SHUN overweight 5 N #N/A N/A Not Provided 06.02.2013



Holdings By:

Zhe Jiang Daily Media Group Co Ltd ee


09.09.2013

China CSSC Holdings Ltd. offers shipbuilding, ship components, ship repairing

and diesel engines manufacturing. The Company distributes its products within

the domestic market and to overseas markets.


LTM as of: 06/yy

52-Week High (16.01.2013) 25.95

52-Week Low (30.07.2013) 14.98

Daily Volume

18.99





26'170.45 1 Yr Total Return -3.60%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

27'596.4 25'175.4 29'784.8 28'657.3 24'235.2 27'353.9 18'890.8 - - - -

0.63x 1.75x 1.06x 0.64x 1.26x 3.41x 5.36x - - - -

4'389.0 2'822.3 3'539.8 3'504.5 721.6 0.0 0.0 - - - -

3.96x 15.63x 8.94x 5.24x 42.34x 0.00x 0.00x - - - -

4'159.6 2'500.6 2'608.5 2'252.4 26.9 1'445.9 (393.0) - - - -

6.09x 20.65x 17.20x 12.22x 1162.00x 21.90x 0.00x 158.25x 118.69x - -


EBIT -295.47 Long-Term Rating -







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.45







Fiscal Year Ended

China CSSC Holdings LtdPrice/Volume

Valuation Analysis

25'530'711.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

0,

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,', F

.,', F

0,', F

1,', F

2,', F

3,', F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

12',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA STATE SHIPBUIL n/a Co File 841'523'925 61.06 - 31.12.2012 Government

SHANGHAI ELECTRIC CO n/a Co File 67'885'282 4.93 - 31.12.2012 Government


CITIC GROUP n/a ULT-AGG 20'800'000 1.51 - 31.12.2012 Government







GF SECURITIES CO LTD n/a Co File 2'431'120 0.18 - 31.12.2012 Corporation








DACHENG FUND MANAGME Multiple Portfolios MF-AGG 562'403 0.04 (27'800) 31.12.2012 Investment Advisor

GTJA ALLIANZ FUND MA Multiple Portfolios MF-AGG 536'801 0.04 6'419 31.12.2012 Investment Advisor


Northeast Securities Co Ltd JIANGTAO WU add 4 M #N/A N/A Not Provided 01.04.2013


Everbright Securities Co., Ltd LU ZHOU accumulate 4 M 25 12 month 03.02.2013

China Securities Co., Ltd GAO XIAOCHUN add 4 M 45 Not Provided 25.06.2012

Industrial Securities WU HUA neutral 3 M #N/A N/A Not Provided 20.12.2011

SWS Research Co Ltd MILLER LI neutral 3 M #N/A N/A Not Provided 08.09.2011

China Minzu Securities Co Ltd CAIXIA FU add 4 N 38 6 month 03.05.2011

Bank of China International XU MINLE buy 5 M 41 Not Provided 01.11.2010

China Galaxy Securities JU HOULIN buy 5 M 31 Not Provided 01.06.2010

Citic Securities Co., Ltd ZHANG TING buy 5 M #N/A N/A Not Provided 30.04.2010

PingAn Securities GUOJI YE neutral 3 M #N/A N/A Not Provided 31.03.2010

China Merchants Securities LIU RONG neutral 3 N #N/A N/A Not Provided 31.03.2010

Hanwha Securities Co., Ltd BAN YOUNG-WOOK not rated #N/A N/A M #N/A N/A Not Provided 05.02.2009

Holdings By:

China CSSC Holdings Ltd ee


09.09.2013

Bank of Nanjing Co., Ltd. operates in commercial banking businesses. The Bank

provides deposit, loan, settlement, discount, financial bond issuance,

government bond underwriting and trading, letter of credit, bank guarantee, and

other related financial services.


LTM as of: 06/yy

52-Week High (04.02.2013) 11.00

52-Week Low (26.09.2012) 7.29

Daily Volume

8.69





25'800.03 1 Yr Total Return 14.52%





Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

5'180.3 5'435.7 8'340.3 13'992.2 18'203.3 16'942.3 19'310.2 10'377.0 12'168.0 2'420.0 2'420.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

1'456.1 1'543.7 2'310.9 3'211.5 4'012.6 3'806.2 4'232.2 4'583.3 5'303.4 1'020.0 1'020.0

10.62x 23.04x 11.04x 8.59x 6.81x 6.65x 5.93x 5.69x 4.92x 5.43x 5.23x


EBIT - Long-Term Rating BBB-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

Bank Of Nanjing Co LtdPrice/Volume

Valuation Analysis

67'580'809.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.


0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


BNP PARIBAS INV PART n/a ULT-AGG 437'620'740 14.74 53'656'647 31.03.2013 Investment Advisor

NANJING ZIJING INVES n/a Co File 365'996'746 12.33 - 31.12.2012 Holding Company

NANJING XINGANG HIGH n/a Co File 333'450'000 11.23 - 31.12.2012 Holding Company

NANJING STATE-OWNED n/a Co File 42'634'346 1.44 - 31.12.2012 Other

SINOPEC FINANCE CO L n/a Co File 34'708'274 1.17 - 31.12.2012 Investment Advisor

NANJING JINLING PHAR n/a Co File 33'800'000 1.14 - 31.12.2012 Government

JIANGSU GUOXIN INVES n/a Co File 32'365'967 1.09 - 31.12.2012 Corporation

NANJING TEXTILE INDU n/a Co File 32'256'571 1.09 - 31.12.2012 Corporation









CITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 9'201'411 0.31 4'599'987 31.12.2012 Investment Advisor












SWS Research Co Ltd JUN NI buy 5 M #N/A N/A Not Provided 19.07.2013

GF Securities Co. Ltd. Mu Hua add 4 N #N/A N/A Not Provided 19.06.2013










Tebon Securities Co Ltd ZHANG FAN buy 5 M #N/A N/A Not Provided 07.06.2012

Bank of China International JINHUA YIN buy 5 U 11 Not Provided 24.02.2012



China Minzu Securities Co Ltd ZHANG JING buy 5 M 14 6 month 01.12.2011

Industrial Securities YIDONG ZHANG strong buy 5 U #N/A N/A Not Provided 29.11.2011


Central China Securities CHEN XI add 4 N #N/A N/A Not Provided 31.10.2011





Holdings By:

Bank Of Nanjing Co Ltd ee


09.09.2013

AVIC Investment Holdings Co., Ltd. provides railroad passenger and freight

transportation services. Through its subsidiaries, the Company also operates

in commercial trading, manufactures wood products and pharmaceuticals, as well

as provides technical and brokerage services.


LTM as of: 06/yy

52-Week High (30.05.2013) 19.97

52-Week Low (26.09.2012) 8.99

Daily Volume

18.26





27'800.31 1 Yr Total Return 55.99%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

0.0 0.0 - 3'314.8 4'267.6 4'910.1 4'551.4 4'427.5 5'428.5 - -

- - - - 11.87x 0.00x 32.63x - - - -

(1.2) (6.9) (4.1) 1'551.6 1'876.3 0.0 0.0 - - - -

- - - - 26.99x 0.00x 0.00x - - - -

0.1 0.1 878.3 638.3 722.2 887.4 451.8 1'023.0 1'324.3 - -

- - - - 26.27x 0.00x 44.62x 26.93x 20.92x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.08







Fiscal Year Ended

Avic Investment Holdings Co LtdPrice/Volume

Valuation Analysis

58'948'260.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2


0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

4,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


AVIATION INDUSTRY CO n/a ULT-AGG 777'828'113 51.09 - 31.12.2012 Corporation

HARBIN RAILROAD BURE n/a Co File 31'078'586 2.04 - 31.12.2012 Government

HEILONGJIANG HONGTON n/a Co File 18'174'611 1.19 - 31.12.2012 Corporation


HEILONGJIANG FINANCI n/a Co File 6'767'548 0.44 - 31.12.2012 Bank

DAQING PETROLEUM MGM n/a Co File 6'506'510 0.43 - 31.12.2012 Government

HARBIN NORTH ASSETS n/a Co File 6'481'260 0.43 - 31.12.2012 Government

YANG ZHIWEN n/a Co File 5'413'692 0.36 - 31.12.2012 n/a

YANG HUIMIN n/a Co File 5'165'709 0.34 - 31.12.2012 n/a

SHANGHAI MEIJIN TECH n/a Co File 5'015'315 0.33 - 31.12.2012 Other


GUANGFA SECURITIES C n/a Co File 2'999'929 0.2 - 31.12.2012 Investment Advisor

LIU TAO n/a Co File 2'996'547 0.2 - 31.12.2012 n/a

YU LINGSHU n/a Co File 2'723'436 0.18 - 31.12.2012 n/a

SHENG YUHONG n/a Co File 2'441'773 0.16 - 31.12.2012 n/a

CHEN FURONG n/a Co File 2'149'872 0.14 - 31.12.2012 n/a

YANG PENGCHENG n/a Co File 2'080'000 0.14 - 31.12.2012 n/a

LION FUND MANAGEMENT LION THEME SELECTION MF-PART 1'931'700 0.13 1'931'700 30.06.2013 Investment Advisor


GAO PENGFEI n/a Co File 1'600'000 0.11 - 31.12.2012 n/a


GF Securities Co. Ltd. CONG LI buy 5 M 21 12 month 28.08.2013

China Minzu Securities Co Ltd SONG JIAN add 4 D #N/A N/A Not Provided 28.08.2013


SWS Research Co Ltd SUSIE WANG outperform 5 M #N/A N/A Not Provided 17.07.2013

Everbright Securities Co., Ltd LU ZHOU buy 5 N #N/A N/A Not Provided 17.02.2013

Holdings By:

Avic Investment Holdings Co Ltd ee


09.09.2013

Wuhan Iron & Steel Co., Ltd. manufactures and markets cold rolled steel

plates and silicon steel sheets. The Company also invests in metallurgical

technology development and provides related technical services.


LTM as of: 06/yy

52-Week High (15.01.2013) 3.10

52-Week Low (25.06.2013) 2.15

Daily Volume

2.43





24'527.89 1 Yr Total Return -3.17%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

72'952.8 53'556.5 86'686.1 100'824.0 91'292.7 95'355.8 90'366.8 96'013.8 98'636.0 - -

0.86x 1.70x 0.77x 0.68x 0.74x 2.88x 2.93x - - - -

10'680.0 6'317.6 8'784.8 8'311.7 6'458.6 0.0 0.0 8'884.0 10'613.0 - -

5.85x 14.42x 7.63x 8.30x 10.49x 0.00x 0.00x 7.44x 6.23x - -

5'185.0 1'515.4 1'891.6 1'083.6 210.0 (7.2) 535.7 777.5 1'207.3 - -

7.22x 42.90x 17.74x 26.51x 131.90x 0.00x 41.98x 38.57x 23.14x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.91








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Wuhan Iron & Steel Co LtdPrice/Volume

Valuation Analysis

27'946'872.00


,

-

-

.

.

0

0

1

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,', F

.,', F

0,', F

1,', F

2,', F

3,', F

4,', F

5,', F

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,,',,

.,,',,

0,,',,

1,,',,

2,,',,

3,,',,

4,,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


WUHAN IRON & STEEL G n/a EXCH 6'795'503'954 67.32 - 10.07.2013 Government

SHENZHEN JIFU VENTUR n/a Co File 209'901'791 2.08 - 31.12.2012 Venture Capital

YANG TAO n/a Co File 51'470'795 0.51 - 31.12.2012 n/a

PICC HEALTH INSURANC n/a Co File 43'291'563 0.43 - 31.12.2012 Insurance Company



ZHANG WENMIN n/a Co File 22'102'100 0.22 - 31.12.2012 n/a


DATON SECURITIES CO n/a Co File 14'390'277 0.14 - 31.12.2012 Corporation







BANK OF CHINA INVEST Multiple Portfolios MF-AGG 2'820'916 0.03 111'897 31.12.2012 Investment Advisor




E FUND MANAGEMENT Multiple Portfolios MF-AGG 2'338'724 0.02 - 02.09.2013 Investment Advisor


Chang Jiang Securities Co. Limited LIU YUANRUI add 4 M #N/A N/A Not Provided 02.09.2013


Masterlink Securities SARAH WANG buy 5 M 3 Not Provided 20.08.2013

SWS Research Co Ltd KERRY HE outperform 5 U #N/A N/A Not Provided 22.07.2013


China International Capital Corp LUO WEI neutral 3 M #N/A N/A Not Provided 05.03.2013

Hong Yuan Securities ZHAO LIMING buy 5 N #N/A N/A Not Provided 28.08.2012


Tebon Securities Co Ltd TEAM COVERAGE outperform 5 M #N/A N/A Not Provided 18.02.2012

China Investment Securities CHU XUELIANG buy 5 M #N/A N/A Not Provided 11.01.2012

China Merchants Securities ZHANG SHIBAO buy 5 M 10 Not Provided 26.01.2011

China Securities Co., Ltd WANG ZHE add 4 M 5 Not Provided 08.12.2010

China Galaxy Securities SUN YONG speculative buy 4 M #N/A N/A Not Provided 18.05.2010

GuoSen Securities Co Ltd WANG ZHAOHUA neutral 3 N #N/A N/A Not Provided 01.03.2010


Holdings By:

Wuhan Iron & Steel Co Ltd ee


09.09.2013

Hainan Airlines Co., Ltd. provides passenger and freight air transportation.

The Company also provides charter flight services.


LTM as of: 06/yy

52-Week High (03.06.2013) 2.63

52-Week Low (26.09.2012) 1.83

Daily Volume

2.06





25'211.65 1 Yr Total Return 4.61%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

13'167.4 15'052.7 21'078.6 25'470.4 27'992.4 27'691.7 28'585.3 32'836.0 37'012.5 - -

2.76x 3.63x 3.38x 2.22x 2.21x 8.24x 9.48x - - - -

1'159.9 2'554.3 6'510.5 6'373.4 6'425.2 0.0 0.0 - - - -

31.30x 21.38x 10.95x 8.87x 9.61x 0.00x 0.00x - - - -

(1'414.4) 334.7 3'013.9 2'631.3 1'927.8 2'460.8 2'073.9 2'053.0 2'164.0 - -

- 50.14x 10.24x 6.48x 9.88x 7.45x 11.77x 14.21x 10.67x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hainan Airlines Co LtdPrice/Volume

Valuation Analysis

157'487'749.00


,

-

-

.

.

0

0

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2,', F

-,,', F

-2,', F

.,,', F

.2,', F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


GRAND CHINA AIR CO L n/a Co File 3'432'789'486 29.06 - 31.12.2012 Corporation

HAIKOU MEILAN INTL A n/a Co File 862'848'902 7.3 - 31.12.2012 Corporation

HNA GROUP CO LTD n/a Co File 595'238'094 5.04 - 31.12.2012 Corporation

HAINAN DEV HOLDINGS n/a Co File 595'238'094 5.04 - 31.12.2012 Other

ZHONGHAI TRUST CO LT n/a EXCH 589'700'000 4.99 - 13.08.2012 Investment Advisor

CHANGJIANG LEASING C n/a Co File 517'671'098 4.38 - 31.12.2012 Corporation

ZHONGTIE TRUST CO n/a Co File 493'000'000 4.17 - 31.12.2012 Other

SINOSAFE GEN INSUR C n/a Co File 397'199'862 3.36 - 31.12.2012 Insurance Company


SHAANXI INTL TRUST C n/a EXCH 393'100'000 3.33 - 13.08.2012 Corporation


EVERBRIGHT PRAMERICA Multiple Portfolios MF-AGG 174'262'838 1.48 (50'432) 30.06.2013 Investment Advisor





XI'AN RONGXIN AGRI T n/a Co File 15'835'400 0.13 - 31.12.2012 Other





Capital Securities Corp LI XIAOLU hold 3 M 2 Not Provided 30.08.2013

EVA Dimensions TIMOTHY STANISH sell 1 N #N/A N/A Not Provided 07.08.2013

GF Securities Co. Ltd. YANG ZHIQING buy 5 M #N/A N/A Not Provided 04.07.2013

PingAn Securities SUN CHAO buy 5 M #N/A N/A Not Provided 18.12.2012


Citic Securities Co., Ltd ZHANG HONGBO buy 5 U 3 6 month 08.06.2012


Hong Yuan Securities PANG LINLIN buy 5 N 5 6 month 30.08.2011

China Investment Securities XIE HONG buy 5 M #N/A N/A Not Provided 02.03.2011

Everbright Securities Co., Ltd CHEN XIN buy 5 M 8 6 month 26.02.2011

Bank of China International DU JIANPING buy 5 U 5 Not Provided 01.11.2010

China Galaxy Securities MAO ANG speculative buy 4 U #N/A N/A Not Provided 16.04.2010

AJ Securities LE MINYANG buy 5 D #N/A N/A Not Provided 02.04.2010

Holdings By:

Hainan Airlines Co Ltd ee


09.09.2013

Huayu Automotive Systems Company Limited manufactures and sells auto parts. The

Company's main products include interior and exterior auto parts, functional

assembly autoparts and thermo processed auto parts etc.


LTM as of: 06/yy

52-Week High (31.12.2012) 11.20

52-Week Low (09.07.2013) 7.20

Daily Volume

9.25





23'894.60 1 Yr Total Return 13.94%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

6'930.4 24'641.3 44'778.3 52'176.5 57'733.0 54'430.0 62'665.4 64'331.0 71'529.8 15'929.0 16'579.0

0.71x 1.14x 0.52x 0.40x 0.45x 1.63x 1.34x - - - -

635.8 2'245.9 4'367.1 4'962.0 5'340.6 0.0 0.0 6'505.5 7'097.0 - -

7.78x 12.47x 5.36x 4.18x 4.83x 0.00x 0.00x 3.04x 2.79x - -

1'003.0 1'530.9 2'553.7 2'990.4 3'103.7 3'053.4 3'202.7 3'330.0 3'891.8 - -

3.56x 16.78x 10.31x 8.00x 9.31x 7.59x 6.29x 7.01x 6.28x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.27







Fiscal Year Ended

Huayu Automotive Systems Co LtdPrice/Volume

Valuation Analysis

20'050'746.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.,', F

1,', F

3,', F

5,', F

-,,', F

-.,', F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-',,

.',,

0',,

1',,

2',,

3',,

4',,

5',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


SHANGHAI AUTO INDUST n/a Co File 1'552'448'271 60.1 - 31.12.2012 Government















FIRST STATE CINDA FU Multiple Portfolios MF-AGG 9'390'803 0.36 8'547'817 31.12.2012 Government






PingAn Securities DE AN WANG buy 5 M 13 6 month 29.08.2013

Sinolink Securities Co Ltd WU WENZHAO buy 5 M 13 Not Provided 19.08.2013


Capital Securities Corp HAN WEIQI strong buy 5 M 14 Not Provided 16.08.2013

Goldman Sachs YIPENG YANG not rated #N/A N/A M #N/A N/A Not Provided 14.08.2013


Guodu Securities Co Ltd XIAO SHIJUN buy 5 M #N/A N/A Not Provided 30.06.2013


EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 10.06.2013

Rising Securities Co.,LTD WANG LIANG outperform 5 M #N/A N/A Not Provided 22.04.2013

China International Capital Corp ZHENG DONG buy 5 M #N/A N/A Not Provided 26.03.2013


Bank of China International WANG YUSHENG buy 5 M #N/A N/A Not Provided 14.01.2013


China Securities Co., Ltd CHEN ZHENG buy 5 M 14 Not Provided 25.06.2012



Great Wall Securities RAN FEI buy 5 M #N/A N/A Not Provided 30.12.2011


Hong Yuan Securities ZU GUANGPING add 4 M #N/A N/A Not Provided 28.11.2011

Industrial Securities LI GANGLING buy 5 M #N/A N/A Not Provided 25.08.2011

China Galaxy Securities LI DAN buy 5 M 9 Not Provided 08.01.2010

Holdings By:

Huayu Automotive Systems Co Ltd ee


09.09.2013

Zhengzhou Yutong Bus Co., Ltd. manufactures and markets medium and large size

buses.


LTM as of: 06/yy

52-Week High (02.07.2013) 20.20

52-Week Low (16.11.2012) 11.06

Daily Volume

19.11





24'340.60 1 Yr Total Return 44.20%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

8'305.7 8'742.8 13'573.1 16'849.5 19'646.7 18'824.6 21'011.6 22'837.5 26'207.7 - -

0.49x 1.23x 0.87x 0.71x 0.80x 2.47x 3.21x 0.95x 0.76x - -

602.7 804.4 1'236.2 1'556.8 1'831.7 0.0 0.0 2'395.0 2'750.3 - -

6.70x 13.32x 9.60x 7.69x 8.59x 0.00x 0.00x 9.28x 8.08x - -

531.0 563.5 868.7 1'181.4 1'549.7 1'372.5 1'592.1 1'757.5 2'046.3 439.0 639.0

8.82x 18.51x 12.59x 10.42x 10.91x 9.43x 14.38x 13.81x 11.73x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.52








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Zhengzhou Yutong Bus Co LtdPrice/Volume

Valuation Analysis

14'274'885.00


,

2

-,

-2

.,

.2

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2', F

-,', F

-2', F

.,', F

.2', F

0,', F

02', F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.,',,

1,',,

3,',,

5,',,

-,,',,

-.,',,

-1,',,

-3,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


ZHENGZHOU YUTONG GRO n/a Co File 400'191'543 31.42 - 31.12.2012 Corporation




CHINA HIGHWAY VEHICL n/a Co File 29'590'128 2.32 - 31.12.2012 Corporation








CHINA MERCHANTS FUND Multiple Portfolios MF-AGG 12'377'106 0.97 658'472 30.06.2013 Investment Advisor

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 10'248'225 0.8 (997'307) 31.12.2012 Investment Advisor




ORIENT FUND MANAGEME Multiple Portfolios MF-AGG 8'261'196 0.65 (11'259'885) 30.06.2013 Investment Advisor





PingAn Securities YU BING strong buy 5 M 22 6 month 03.09.2013



Sinolink Securities Co Ltd WU WENZHAO buy 5 M #N/A N/A Not Provided 20.08.2013

China Investment Securities ZHANG LEI strong buy 5 M 20 12 month 19.08.2013


Guodu Securities Co Ltd XIAO SHIJUN buy 5 M #N/A N/A Not Provided 05.08.2013

Chang Jiang Securities Co. Limited LIU YUANRUI buy 5 N #N/A N/A Not Provided 11.07.2013


UBS TIANLONG ZOU buy 5 U 21 12 month 19.06.2013

Hong Yuan Securities HE YADONG buy 5 M 22 6 month 18.06.2013

China International Capital Corp ZHENG DONG buy 5 M #N/A N/A Not Provided 18.06.2013



Guotai Junan BAI XIAOLAN buy 5 M 17 12 month 26.03.2013

HuaChuang Securities WANG YANXUE strong buy 5 M #N/A N/A Not Provided 03.02.2013

Bank of China International ERIC HU buy 5 M 17 12 month 22.01.2013

Great Wall Securities RAN FEI buy 5 M 16 6 month 03.11.2012

China Merchants Securities WANG LIUSHENG strong buy 5 M #N/A N/A Not Provided 20.07.2012

Industrial Securities LI GANGLING strong buy 5 M #N/A N/A Not Provided 14.04.2012



China Securities Co., Ltd CHEN ZHENG buy 5 U 14 Not Provided 08.12.2010

Holdings By:

Zhengzhou Yutong Bus Co Ltd ee


09.09.2013

China COSCO Holdings Company Ltd. offers marine freight transportation

services. The Company offers container shipping, dry bulk shipping, logistics

services, freight forwarding, and terminal and container leasing services

internationally. China COSCO operates container ships and terminals, and

manufactures shipping containers.


LTM as of: 06/yy

52-Week High (07.01.2013) 4.66

52-Week Low (30.07.2013) 2.68

Daily Volume

3.45





34'490.57 1 Yr Total Return -17.27%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

131'838.9 55'211.7 96'487.6 84'639.2 88'329.1 68'869.3 67'342.2 72'391.0 79'576.1 15'824.0 18'772.0

0.56x 2.80x 1.24x 1.07x 1.20x 4.63x 5.69x 1.44x 1.32x - -

21'072.8 (3'783.8) 9'955.8 (8'724.7) (3'886.4) 0.0 0.0 1'381.8 6'292.0 - -

3.53x - 11.97x - - 0.00x 0.00x 71.17x 15.63x - -

11'606.1 (7'539.8) 6'785.5 (10'495.3) (9'559.2) (12'609.8) (5'677.6) (682.3) (1'043.0) (1'804.0) 289.0

4.18x - 10.52x - - 0.00x 0.00x - - - -

EBITDA -3'886.40 Long-Term Rating Date -



Pretax Margin -8.37% Short-Term Rating Date -



Return on Capital - EBITDA/Interest Exp. -1.55


Net Debt/EBITDA -

Gross Margin -2.5% Total Debt/EBITDA -37.22

EBITDA Margin -3.6%



Asset Turnover 0.47







Fiscal Year Ended

China COSCO Holdings Co LtdPrice/Volume

Valuation Analysis

26'866'626.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,--..001122

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,', F

.,', F

0,', F

1,', F

2,', F

3,', F

4,', F

5,', F

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,',,

,'.,

,'1,

,'3,

,'5,

-',,

-'.,



09.09.2013


CHINA OCEAN SHIPPING n/a Co File 5'313'082'844 69.58 - 31.12.2010 Government



CHINA NATIONAL NUCLE n/a Co File 72'000'000 0.94 - 31.12.2010 Government


CHINA AEROSPACE SCIE n/a ULT-AGG 40'000'000 0.52 - 31.12.2009 Government

CHINA MINMETALS CORP n/a ULT-AGG 31'000'000 0.41 - 31.12.2010 Government

CHINA ENERGY CONSERV n/a Co File 23'500'000 0.31 - 31.12.2010 Corporation

AEROSPACE SCI & TECH n/a Co File 22'044'941 0.29 - 31.12.2010 Government

BEIJING CAPITAL INVE n/a Co File 20'000'000 0.26 - 31.12.2010 Investment Advisor


TIANTONG ASSET MANAG Multiple Portfolios MF-AGG 3'291'479 0.04 (1'378'782) 31.12.2012 Investment Advisor







PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 412'464 0.01 (357'368) 31.12.2012 Investment Advisor

AEGON INDUSTRIAL FUN Multiple Portfolios MF-AGG 390'000 0.01 (82'155) 31.12.2012 Investment Advisor


Chang Jiang Securities Co. Limited HAN YICHAO neutral 3 M #N/A N/A Not Provided 01.09.2013


China International Capital Corp NIE DIZHONG accumulate 4 U #N/A N/A Not Provided 30.08.2013

SWS Research Co Ltd AMOS ZHANG outperform 5 M #N/A N/A Not Provided 30.08.2013

Jefferies JOHNSON LEUNG underperform 1 M 3 12 month 08.07.2013

UBS JEAN RAO sell 1 M 3 12 month 19.04.2013

Goldman Sachs RONALD KEUNG Sell/Neutral 1 M 3 12 month 01.04.2013

Sinolink Securities Co Ltd HUANG JINXIANG neutral 3 M #N/A N/A Not Provided 29.03.2013

Masterlink Securities SARAH WANG hold 3 M 5 Not Provided 23.01.2013



China Merchants Securities TAO CHANG buy 5 M #N/A N/A Not Provided 10.06.2012

Industrial Securities YUNTAO JI neutral 3 M #N/A N/A Not Provided 26.04.2012

Bank of China International DU JIANPING hold 3 M 5 Not Provided 30.03.2012

PingAn Securities CHU HAI strong buy 5 M #N/A N/A Not Provided 11.03.2012

Citic Securities Co., Ltd ZHANG HONGBO hold 3 M #N/A N/A Not Provided 27.02.2012

HuaChuang Securities GAO LI neutral 3 D #N/A N/A Not Provided 27.06.2011

China Investment Securities SUN MIN strong buy 5 U #N/A N/A Not Provided 07.04.2011

China Galaxy Securities MAO ANG speculative buy 4 U #N/A N/A Not Provided 26.11.2009

Northeast Securities Co Ltd XIANG XU neutral 3 M #N/A N/A Not Provided 30.10.2009

Holdings By:

China COSCO Holdings Co Ltd ee


09.09.2013

Henan Dayou Energy Co., Ltd. designs and develops computer software. The main

products are customized and integrated software for the communication industry.

The Company also sells networking equipment.


LTM as of: 06/yy

52-Week High (22.01.2013) 12.86

52-Week Low (30.07.2013) 7.25

Daily Volume

9.75





23'310.42 1 Yr Total Return -5.56%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

294.6 311.2 8'576.0 12'024.3 12'560.4 13'233.8 13'213.1 14'198.2 15'113.2 - -

1.36x 4.45x 0.60x 1.68x 1.75x 6.23x 6.13x - - - -

48.3 58.1 2'856.1 3'954.2 2'922.5 0.0 0.0 - - - -

8.27x 23.81x 1.80x 5.10x 7.54x 0.00x 0.00x - - - -

13.0 21.9 1'180.9 2'539.5 1'788.6 2'749.2 1'905.9 1'882.3 2'003.8 - -

48.13x 75.49x 3.66x 8.01x 10.29x 6.24x 9.43x 12.16x 11.57x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.99








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Henan Dayou Energy Co LtdPrice/Volume

Valuation Analysis

6'415'174.00


,

.

1

3

5

-,

-.

-1

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

2', F

-,', F

-2', F

.,', F

.2', F

0,', F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

4,',,

5,',,

6,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


YIMA COAL GROUP CO L n/a Co File 1'412'383'126 59.08 - 31.12.2012 Corporation

CHINA ASSETS MANAGEM n/a Co File 115'160'000 4.82 - 31.12.2012 Corporation

CQ XINFEI ASSET MGMT n/a Co File 114'000'000 4.77 - 31.12.2012 Other

CHINA CINDA ASSET MA n/a Co File 95'969'288 4.01 - 31.12.2012 Government

CHINA UNIVERSAL ASSE n/a Co File 95'960'000 4.01 - 31.12.2012 Investment Advisor

YINGDA FUND CO n/a Co File 95'960'000 4.01 - 31.12.2012 Other

SZ PINGAN VEN CAP n/a Co File 95'800'000 4.01 - 31.12.2012 n/a

HUIXIANG TIANYUAN IN n/a Co File 70'663'188 2.96 - 31.12.2012 Other

SH FUXIN COMMUNIC TE n/a Co File 51'851'172 2.17 - 31.12.2012 Corporation

HUAAN FUND CO n/a Co File 40'000'000 1.67 - 31.12.2012 Other

NANJING BEIHAO TECHN n/a EXCH 24'140'000 1.01 - 14.09.2012 Investment Advisor

ZHONGGUANG CABLE NET n/a EXCH 12'627'784 0.53 - 14.09.2012 Government

SOOCHOW ASSET MANAGE SOOCHOW HANGYE LUNDO MF-PART 10'209'260 0.43 10'209'260 30.06.2013 Investment Advisor

ICBC CS STABLE GROWT n/a EXCH 9'870'272 0.41 - 14.09.2012 n/a

CHINA UNIVERSAL BALA n/a EXCH 8'142'650 0.34 - 14.09.2012 n/a

ICBC CS DIVIDEND FD n/a EXCH 7'560'000 0.32 - 14.09.2012 n/a

CHINA UNIVERSAL SOCI n/a EXCH 6'101'770 0.26 - 14.09.2012 n/a


YUNSHAN MA n/a EXCH 4'800'000 0.2 - 14.09.2012 n/a



GF Securities Co. Ltd. AN PENG buy 5 N #N/A N/A Not Provided 03.09.2013



EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 12.08.2013

Chang Jiang Securities Co. Limited JUN GE add 4 N #N/A N/A Not Provided 08.08.2013

China Investment Securities ZHANG LEI strong buy 5 M #N/A N/A Not Provided 14.07.2013

Qilu Securities Co Ltd ZHAOLIANG LIU hold 3 D #N/A N/A Not Provided 01.07.2013

Hong Yuan Securities WANG JINGLE buy 5 M 13 6 month 16.04.2013


Great Wall Securities LIU FEI strong buy 5 M 18 6 month 30.10.2012



PingAn Securities SHUN ZHANG strong buy 5 M 16 Not Provided 10.04.2012

China Merchants Securities LU PING strong buy 5 M 18 Not Provided 21.02.2012

Industrial Securities LIU JIANGANG buy 5 D #N/A N/A Not Provided 10.02.2012

Holdings By:

Henan Dayou Energy Co Ltd ee


09.09.2013

Southwest Securities Co., Ltd. operates in the brokerage, investment banking,

asset management and the consulting services business.


LTM as of: 06/yy

52-Week High (05.02.2013) 10.60

52-Week Low (30.11.2012) 7.02

Daily Volume

10.15





23'573.93 1 Yr Total Return 12.49%



Minority Interest - Analyst Recs 6







31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

- 2'210.5 2'155.5 1'264.8 1'604.0 1'279.5 1'756.2 1'695.7 2'008.7 - -

- 11.75x 8.18x 11.96x 10.41x 54.28x 39.32x - - - -

- 1'406.2 1'240.4 416.4 623.0 0.0 214.7 - - - -

- 18.48x 14.22x 36.31x 26.80x 0.00x 0.00x - - - -

- 1'007.2 805.3 262.7 342.4 210.0 364.4 556.7 695.7 - -

- 35.17x 29.82x 78.45x 59.53x 127.36x 46.80x 43.94x 35.74x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.09







Fiscal Year Ended

Southwest Securities Co LtdPrice/Volume

Valuation Analysis

36'641'250.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,', F

.,', F

0,', F

1,', F

2,', F

3,', F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,,',,

.,,',,

0,,',,

1,,',,

2,,',,

3,,',,

4,,',,

5,,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHONGQING YUFU ASSET n/a Co File 939'536'796 40.45 - 31.12.2011 Investment Advisor

CHINA CONSTRUCTION I n/a EXCH 164'213'506 7.07 - 22.05.2012 Government

CHONGQING GUOXIN INV n/a Co File 161'084'587 6.94 - 31.12.2011 Corporation

CHONGQING CITY CONST n/a Co File 114'685'600 4.94 - 31.12.2011 Private Equity

CQ JIANGBEIZUI CBD D n/a Co File 100'000'000 4.31 - 31.12.2011 Government

CQ GUOCHUANG INVEST n/a Co File 88'000'000 3.79 - 31.12.2011 Government

CQ WATER CONSER INVE n/a Co File 59'350'000 2.56 - 31.12.2011 Government

CQ EXPRESSWAY GRP n/a Co File 50'000'000 2.15 - 31.12.2011 Government

CHONGQING WATERWORKS n/a Co File 49'683'351 2.14 - 31.12.2011 Government

HAINAN ZHUJIANG HLDG n/a Co File 33'250'000 1.43 - 31.12.2011 Corporation

CHANGZHOU DAYA INVS n/a EXCH 28'399'999 1.22 - 20.08.2010 Other

CHONGQING FULING ASS n/a EXCH 26'972'900 1.16 - 20.08.2010 Government

CHONGQING BREWERY GR n/a EXCH 26'308'695 1.13 - 20.08.2010 Government

CHONGQING CHANGJIANG n/a EXCH 24'537'245 1.06 - 20.08.2010 Corporation

YUNNAN METALLURGICAL n/a EXCH 22'294'000 0.96 - 20.08.2010 Corporation

YUNNAN METROPOLITAN n/a EXCH 18'700'000 0.81 - 30.08.2010 Government

WENZHOU XINCHEN INVS n/a EXCH 14'027'472 0.6 - 13.02.2009 Investment Advisor

GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 12'729'573 0.55 (600'687) 31.12.2012 Investment Advisor





Sinolink Securities Co Ltd WANG KUN add 4 M #N/A N/A Not Provided 27.08.2013

China International Capital Corp JIE HUANG hold 3 U #N/A N/A Not Provided 27.08.2013

Guotai Junan ZHAO XIANGHUAI buy 5 U 11 12 month 27.08.2013







PingAn Securities LIU YINGHUA neutral 3 N #N/A N/A Not Provided 31.08.2010

Guodu Securities Co Ltd DENG TING neutral 3 M 18 6 month 16.07.2010

China Investment Securities CHEN JIANTAO neutral 3 M #N/A N/A Not Provided 30.04.2010

Holdings By:

Southwest Securities Co Ltd ee


09.09.2013

Sichuan Chuantou Energy Co., Ltd. invests in electric power projects through its

subsidiaries, the Company also develops and manufactures cable, railroad control

systems and other automation equipment.


LTM as of: 06/yy

52-Week High (16.08.2013) 12.65

52-Week Low (24.09.2012) 6.41

Daily Volume

11.55





22'784.54 1 Yr Total Return 67.62%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

516.1 897.1 1'085.3 1'139.0 1'124.9 1'134.9 6'866.4 1'186.3 1'219.0 - -

25.60x 21.56x 16.40x 14.83x 20.33x 62.86x 9.80x - - - -

204.4 509.7 669.9 679.9 668.6 0.0 0.0 - - - -

64.65x 37.95x 26.57x 24.84x 34.21x 0.00x 0.00x - - - -

358.7 171.7 340.5 349.8 410.4 303.0 591.1 1'114.7 1'881.3 - -

26.02x 61.39x 40.38x 29.87x 39.36x 39.30x 29.71x 20.44x 11.79x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sichuan Chuantou Energy Co LtdPrice/Volume

Valuation Analysis

9'738'536.00


,

.

1

3

5

-,

-.

-1


0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


SICHUAN PROV INVEST n/a Co File 1'087'397'021 55.12 - 31.12.2012 Government



LA COMPAGNIE FINANCI n/a Co File 30'000'000 1.52 - 31.12.2012 Holding Company


BJ YUANTONG XINHAI T n/a Co File 20'625'361 1.05 - 31.12.2012 Corporation

BEIJING DADI YUANTON n/a Co File 20'385'527 1.03 - 31.12.2012 Corporation

EMEI FERROALLOY COMP n/a Co File 19'830'519 1.01 - 31.12.2012 Government

CHINA POST & CAPITAL Multiple Portfolios MF-AGG 18'800'000 0.95 (13'799'376) 31.12.2012 Investment Advisor

GREAT WALL SECURITIE n/a Co File 15'108'301 0.77 - 31.12.2012 Investment Advisor




EVERBRIGHT PRAMERICA Multiple Portfolios MF-AGG 5'779'478 0.29 129'504 31.12.2012 Investment Advisor












UBS WEI YU restricted #N/A N/A M #N/A N/A Not Provided 03.04.2013

Hong Yuan Securities LU RUMIN buy 5 M 12 6 month 15.01.2013



Great Wall Securities GUI FANGXIAO strong buy 5 M #N/A N/A Not Provided 26.10.2012

China Merchants Securities PENG QUANGANG buy 5 M #N/A N/A Not Provided 29.03.2012

China Minzu Securities Co Ltd CAIXIA FU add 4 N #N/A N/A Not Provided 05.11.2010

Holdings By:

Sichuan Chuantou Energy Co Ltd ee


09.09.2013

China Eastern Airlines Corporation Limited provides passenger and cargo airline

services.


LTM as of: 06/yy

52-Week High (05.02.2013) 3.79

52-Week Low (29.07.2013) 2.31

Daily Volume

3.04





34'056.72 1 Yr Total Return -7.60%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

41'072.6 38'989.7 73'803.7 82'403.1 85'253.3 84'229.0 86'110.2 92'410.0 103'305.0 27'036.5 23'063.5

1.70x 2.30x 1.62x 1.18x 1.20x 3.49x 3.68x 1.16x 1.11x - -

(3'252.7) 3'263.0 12'026.8 11'677.8 11'398.1 0.0 0.0 12'221.5 14'995.5 - -

- 27.45x 9.96x 8.30x 9.01x 0.00x 0.00x 8.16x 6.65x - -

(15'268.5) 168.8 4'958.0 4'575.7 2'953.6 3'430.1 3'198.3 2'752.4 3'235.2 3'051.0 (1'065.5)

- 93.81x 7.59x 5.46x 9.56x 6.62x 6.75x 9.97x 8.49x 10.27x 29.23x











EBITDA Margin 10.9%



Asset Turnover 0.69








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Eastern Airlines Corp LtdPrice/Volume

Valuation Analysis

118'541'578.00


,

-

-

.

.

0

0

1

1


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

,'2,

-',,

-'2,

.',,

.'2,

0',,

0'2,

1',,

1'2,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINA EASTERN AIR HO n/a EXCH 5'530'240'000 65.21 698'865'000 17.04.2013 Government

CES FINANCE HOLDING n/a EXCH 457'317'073 5.39 - 16.04.2013 Government

SHANGHAI LIANHE INVE n/a EXCH 427'085'429 5.04 - 16.04.2013 Government

CHINA NATIONAL AVIAT n/a EXCH 421'052'632 4.96 - 16.04.2013 Government

JINJIANG INTL GROUP n/a EXCH 343'288'860 4.05 - 16.04.2013 Government

AEROSPACE SCI & TECH n/a EXCH 99'088'580 1.17 - 16.04.2013 Government

SINOTRANS AIR TRANSP n/a EXCH 83'157'894 0.98 - 16.04.2013 Government



HARVEST FUND MANAGEM n/a Co File 36'480'832 0.43 - 16.04.2013 Investment Advisor


BANK OF CHINA LTD n/a EXCH 21'997'755 0.26 - 16.04.2013 Government



EVERBRIGHT PRAMERICA Multiple Portfolios MF-AGG 8'271'000 0.1 470'797 31.12.2012 Investment Advisor





MINSHENG ROYAL FUND Multiple Portfolios MF-AGG 4'497'921 0.05 4'497'921 31.12.2012 Investment Advisor


UBS XIN CHEN sell 1 D 2 12 month 02.09.2013

GF Securities Co. Ltd. YANG ZHIQING add 4 D #N/A N/A Not Provided 02.09.2013

Goldman Sachs HINO LAM neutral/neutral 3 M 3 12 month 01.09.2013


SWS Research Co Ltd AMOS ZHANG neutral 3 M #N/A N/A Not Provided 01.09.2013

Chang Jiang Securities Co. Limited HAN YICHAO add 4 M #N/A N/A Not Provided 01.09.2013

China Minzu Securities Co Ltd WANG XIAOYAN neutral 3 M #N/A N/A Not Provided 07.06.2013

Masterlink Securities DAI KAI-YU hold 3 M 3 6 month 28.05.2013

Citic Securities Co., Ltd SU BAOLIANG overweight 5 M #N/A N/A Not Provided 12.04.2013


PingAn Securities SUN CHAO buy 5 M 10 6 month 14.01.2013

HuaChuang Securities CHEN JUAN buy 5 U #N/A N/A Not Provided 05.11.2012

Sinolink Securities Co Ltd HUANG JINXIANG add 4 M #N/A N/A Not Provided 31.10.2012

Great Wall Securities BIAO HUANG neutral 3 D #N/A N/A Not Provided 31.08.2012

China Merchants Securities LUO YANYAN neutral 3 M #N/A N/A Not Provided 17.07.2012




Rising Securities Co.,LTD SONG HUAISONG neutral 3 N 5 12 month 24.11.2011

China Investment Securities XIE HONG buy 5 D #N/A N/A Not Provided 07.04.2011

Everbright Securities Co., Ltd CHEN XIN buy 5 M 12 Not Provided 26.02.2011

AJ Securities XIN ZHANG buy 5 N 9 Not Provided 06.01.2011

China Galaxy Securities MAO ANG speculative buy 4 M #N/A N/A Not Provided 20.04.2010

Northeast Securities Co Ltd XIANG XU neutral 3 N #N/A N/A Not Provided 13.07.2009

Guodu Securities Co Ltd GONG JUNJIE neutral 3 N #N/A N/A Not Provided 13.07.2009

Holdings By:

China Eastern Airlines Corp Ltd ee


09.09.2013

Yangquan Coal Industry Group Co Ltd. produces, processes, and sells coal. The

Company also generates electricity and heat. Yangquan Coal sells its products

domestically and exports to other countries.


LTM as of: 06/yy

52-Week High (05.02.2013) 17.30

52-Week Low (09.07.2013) 8.06

Daily Volume

9.44





22'703.20 1 Yr Total Return -33.33%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

16'827.3 19'723.9 27'458.4 50'174.7 70'986.6 58'445.6 78'118.6 76'170.7 80'078.0 - -

0.50x 2.42x 2.49x 0.67x 0.48x 2.73x 1.54x - - - -

2'775.9 3'556.2 5'073.3 5'590.7 5'275.4 0.0 0.0 4'077.5 3'977.0 - -

3.00x 13.43x 13.47x 5.98x 6.48x 0.00x 0.00x 5.71x 5.86x - -

1'454.5 1'856.3 2'412.5 2'810.6 2'287.6 2'539.0 1'601.0 1'519.3 1'619.7 - -

6.44x 25.06x 28.68x 12.97x 15.29x 14.48x 13.41x 13.72x 12.49x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 2.52








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Yang Quan Coal Industry Group Co LtdPrice/Volume

Valuation Analysis

19'925'189.00


,.135

-,-.-1-3-5

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

-,', F

.,', F

0,', F

1,', F

2,', F

3,', F

4,', F

5,', F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


YANGQUAN COAL INDUST n/a Co File 1'403'038'240 58.34 - 31.12.2012 Government








YANGQUAN COAL IND GR n/a Co File 6'740'440 0.28 - 31.12.2012 Corporation







BAOYING FUND MANAGEM Multiple Portfolios MF-AGG 2'420'000 0.1 (146'065) 31.12.2012 Investment Advisor



BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 1'911'665 0.08 887'099 31.12.2012 Investment Advisor



GF Securities Co. Ltd. AN PENG add 4 M #N/A N/A Not Provided 03.09.2013

EVA Dimensions DOUG WALTERS sell 1 D #N/A N/A Not Provided 20.08.2013



SWS Research Co Ltd LIU XIAONING outperform 5 D #N/A N/A Not Provided 22.07.2013

China Investment Securities ZHANG LEI buy 5 M #N/A N/A Not Provided 14.07.2013

Goldman Sachs YONG HAN neutral/neutral 3 M 9 12 month 08.07.2013

Qilu Securities Co Ltd ZHAOLIANG LIU add 4 M #N/A N/A Not Provided 01.07.2013


Citic Securities Co., Ltd ZU GUOPENG buy 5 M 25 6 month 06.05.2013

Hong Yuan Securities WANG JINGLE buy 5 U 23 6 month 16.04.2013



Founder Securities SUN CAN add 4 M #N/A N/A Not Provided 05.02.2013

Bank of China International LAWRENCE LAU hold 3 M 14 12 month 29.01.2013


HuaChuang Securities HAN ZHENGUO buy 5 M #N/A N/A Not Provided 03.09.2012

China Merchants Securities LU PING strong buy 5 U #N/A N/A Not Provided 12.07.2012


AJ Securities WANG SIWEI neutral 3 D 22 6 month 28.06.2012


Tebon Securities Co Ltd LI XIANGFENG buy 5 M #N/A N/A Not Provided 13.02.2012


Industrial Securities LIU JIANGANG strong buy 5 M 38 12 month 18.08.2011

China Securities Co., Ltd LI JUNSONG buy 5 N 29 Not Provided 08.12.2010


Holdings By:

Yang Quan Coal Industry Group Co Ltd ee


09.09.2013

Zhejiang Chint Electrics Co., Ltd. manufactures low voltage electric appliances.

The Company's products include high, Medium and low voltage electrical

apparatus, power transmission and distribution equipment, and measuring meters

and instruments.


LTM as of: 06/yy

52-Week High (24.05.2013) 22.99

52-Week Low (20.09.2012) 14.32

Daily Volume

21.56





21'667.80 1 Yr Total Return 46.04%






Average Volume 5 Day 709'209




31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

4'415.4 4'770.1 6'304.6 9'672.4 10'632.3 10'298.2 11'689.1 12'367.9 14'789.9 - -

- - 3.23x 1.11x 1.57x 4.71x 6.18x - - - -

- 770.7 889.1 1'263.6 1'806.1 0.0 0.0 2'258.0 2'703.0 - -

- - 22.88x 8.51x 9.25x 0.00x 0.00x 9.55x 7.97x - -

388.5 522.3 638.5 894.3 1'261.6 991.4 1'436.1 1'398.1 1'735.9 - -

- - 37.42x 14.72x 14.58x 15.42x 13.90x 15.46x 12.73x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.26







Fiscal Year Ended

Zhejiang Chint Electrics Co LtdPrice/Volume

Valuation Analysis

1'350'470.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F-', F.', F0', F1', F2', F3', F4', F5', F6', F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

4,',,

5,',,

6,',,

-,,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


CHINT GROUP CORP n/a EXCH 657'000'000 65.37 (480'001) 09.05.2013 Corporation

CUNHUI NAN n/a Co File 57'319'436 5.7 - 31.12.2012 n/a



CUNFEI NAN n/a Co File 17'235'223 1.71 - 31.12.2012 n/a

XINMIN ZHU n/a Co File 16'735'233 1.67 - 31.12.2012 n/a


LIMING LIN n/a Co File 8'677'800 0.86 - 31.12.2012 n/a

BINGCHI WU n/a Co File 8'343'489 0.83 - 31.12.2012 n/a


YIQIANG GAO n/a Co File 2'813'000 0.28 - 31.12.2012 n/a





BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 1'294'026 0.13 (305'911) 31.12.2012 Investment Advisor



OPEN DOOR INVESTMENT Multiple Portfolios MF-AGG 1'094'314 0.11 - 31.07.2013 Investment Advisor

GUOLIANG CHEN n/a Co File 1'070'250 0.11 - 31.12.2012 n/a


Northeast Securities Co Ltd YANG JIALI buy 5 M #N/A N/A Not Provided 02.09.2013

GF Securities Co. Ltd. HAN LING buy 5 M 28 12 month 26.08.2013


EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 25.04.2013

Qilu Securities Co Ltd LIU JIANGXIAO add 4 M #N/A N/A Not Provided 01.04.2013

Sinolink Securities Co Ltd ZHANG SHUAI add 4 M #N/A N/A Not Provided 26.03.2013

Rising Securities Co.,LTD HUANG HE strong buy 5 M #N/A N/A Not Provided 26.03.2013

HuaChuang Securities LI DAJUN strong buy 5 M #N/A N/A Not Provided 24.02.2013

PingAn Securities ZHANG HAI strong buy 5 M #N/A N/A Not Provided 18.12.2012

Everbright Securities Co., Ltd ZHOU LIQIAN buy 5 U 19 Not Provided 07.11.2012

Great Wall Securities GUI FANGXIAO buy 5 N #N/A N/A Not Provided 25.10.2012


Hong Yuan Securities ZHAO XI buy 5 M #N/A N/A Not Provided 18.08.2012


Holdings By:

Zhejiang Chint Electrics Co Ltd ee


09.09.2013

China Hainan Rubber Industry Group Co.,Ltd. Produces, cultivates, process and

sales natural rubber. The Company's sector also includes E-commerce services,

software development, agricultural cultivation, fertilizer sales, land leases,

land development, livestock, and aquaculture industries.


LTM as of: 06/yy

52-Week High (09.09.2013) 7.13

52-Week Low (25.06.2013) 3.89

Daily Volume

7.13

52-Week High % Change 0.00% Dividend Yield 0.70




28'029.25 1 Yr Total Return 20.22%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

3'636.0 3'741.2 6'321.8 10'523.1 11'667.9 10'154.7 13'120.2 11'783.0 15'053.0 - -

- - - 2.37x 1.88x 10.41x 6.19x - - - -

610.1 - 939.6 1'082.2 498.3 0.0 0.0 - - - -

- - - 23.02x 43.96x 0.00x 0.00x - - - -

337.3 285.7 572.8 761.0 296.8 482.0 294.2 228.0 354.0 - -

- - - 35.05x 75.73x 56.06x 55.27x 62.00x 43.21x - -











EBITDA Margin 4.3%



Asset Turnover 1.05







Fiscal Year Ended

China Hainan Rubber Industry Group Co LtdPrice/Volume

Valuation Analysis

241'898'965.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

4

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 Q!-0 j!-0 g!-0 g!-0 Q!-0 o!-0', F

.,', F

1,', F

3,', F

5,', F

-,,', F

-.,', F

-1,', F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

12',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


HAINAN NONGKEN GROUP n/a Co File 2'869'012'024 72.98 - 31.12.2012 Unclassified


HEHE HOLDINGS CO LTD n/a Co File 28'773'500 0.73 - 31.12.2012 Holding Company


HAIKOU AGRI INDUS LU n/a Co File 20'000'000 0.51 - 31.12.2012 Corporation

HAINAN DEV HOLDINGS n/a Co File 19'476'210 0.5 - 31.12.2012 Other

XIAMEN XIANGYU GROUP n/a Co File 13'613'417 0.35 - 31.12.2012 Government

GUANGDONG NONGKEN GR n/a Co File 9'738'105 0.25 - 31.12.2012 Corporation









CHINA MERCHANTS FUND Multiple Portfolios MF-AGG 2'202'954 0.06 (194'848) 31.12.2012 Investment Advisor


DACHENG FUND MANAGME Multiple Portfolios MF-AGG 1'282'574 0.03 361'500 31.12.2012 Investment Advisor



Citic Securities Co., Ltd CHANGQING MAO overweight 5 U 7 6 month 03.05.2013

SWS Research Co Ltd GONG YANHAI outperform 5 M #N/A N/A Not Provided 23.04.2013

Holdings By:

China Hainan Rubber Industry Group Co Ltd ee


09.09.2013

Bright Dairy & Food Co., Ltd. processes and sells milk and other dairy products.

The Company's products include liquid milk, milk powder, yogurt, cheese, and

juice. Shanghai Bright operates the Shanghai Kedi Convenience Store.


LTM as of: 06/yy

52-Week High (06.09.2013) 20.70

52-Week Low (24.09.2012) 8.10

Daily Volume

19.96





24'442.97 1 Yr Total Return 117.86%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

7'337.4 7'916.4 9'529.1 11'724.9 13'702.3 12'625.5 14'685.1 16'201.9 18'843.4 - -

0.58x 1.19x 1.14x 0.90x 0.86x 3.28x 3.80x - - - -

(214.3) 407.6 474.2 546.3 795.9 0.0 0.0 - - - -

- 23.06x 22.81x 19.27x 14.76x 0.00x 0.00x - - - -

(286.0) 122.5 194.4 237.8 311.3 261.2 362.6 455.9 646.9 - -

- 79.42x 54.00x 38.91x 35.11x 37.41x 43.98x 52.25x 36.36x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.68








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bright Dairy & Food Co LtdPrice/Volume

Valuation Analysis

15'070'964.00


,

2

-,

-2

.,

.2


0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

12',,

2,',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0



09.09.2013


SHANGHAI MILK GROUP n/a Co File 367'498'967 30.01 - 31.12.2012 Corporation

BRIGHT FOOD GROUP CO n/a Co File 314'404'338 25.67 - 31.12.2012 Other

SHANGHAI LIUHE YUXIU n/a Co File 57'300'000 4.68 - 31.12.2012 Private Equity






SH JINGLIN JINGTONG n/a Co File 20'500'000 1.67 - 31.12.2012 Private Equity

GUANGDONG WENS INVES n/a Co File 18'500'000 1.51 - 31.12.2012 Private Equity


SYWG BNP PARIBAS ASS Multiple Portfolios MF-AGG 18'100'000 1.48 - 30.06.2013 Investment Advisor

EVERBRIGHT GOLD SHAN n/a Co File 18'100'000 1.48 - 31.12.2012 Investment Advisor





CHINA ASSET MANAGEME CHINA AMC RENAISSANC MF-PART 7'540'029 0.62 7'540'029 30.06.2013 Investment Advisor




China International Capital Corp ZHIYAO JIN accumulate 4 M 19 Not Provided 02.09.2013


SWS Research Co Ltd MICHAEL TONG buy 5 M #N/A N/A Not Provided 01.09.2013



Sinolink Securities Co Ltd TEAM COVERAGE buy 5 N 21 12 month 20.08.2013

Everbright Securities Co., Ltd TINGZHI XING accumulate 4 M 15 12 month 12.08.2013

Qilu Securities Co Ltd XIE GANG add 4 M #N/A N/A Not Provided 04.07.2013

Northeast Securities Co Ltd ZHU CHENGLIANG add 4 M #N/A N/A Not Provided 28.06.2013


Citic Securities Co., Ltd HUANG WEI overweight 5 M #N/A N/A Not Provided 06.02.2013

Bank of China International SU CHENG buy 5 M #N/A N/A Not Provided 24.01.2013

China Merchants Securities LONG JUN neutral 3 M #N/A N/A Not Provided 05.07.2012


China Investment Securities JIANG XIN buy 5 N #N/A N/A Not Provided 07.01.2011

China Minzu Securities Co Ltd LIU XIAOFENG add 4 N #N/A N/A Not Provided 23.03.2010

Central China Securities LIU RAN monitored #N/A N/A N #N/A N/A Not Provided 21.09.2009

Holdings By:

Bright Dairy & Food Co Ltd ee


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