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涛绸狄
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1 著基本因素或未能支持股市向上突破

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6 著著 2016 年 4 月 22 日著元 6

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10 著著 STARS Ranking system and definition: 5-STARS (Strong Buy): Total return is expected to outperform the total return of a relevant benchmark, by a wide margin over the coming 12 months, with shares rising in price on an absolute basis. 4-STARS (Buy): Total return is expected to outperform the total return of a relevant benchmark over the coming 12 months, with shares rising in price on an absolute basis. 3-STARS (Hold): Total return is expected to closely approximate the total return of a relevant benchmark over the coming 12 months, with shares generally rising in price on an absolute basis. 2-STARS (Sell): Total return is expected to underperform the total return of a relevant benchmark over the coming 12 months, and the share price not anticipated to show a gain. 1-STAR (Strong Sell): Total return is expected to underperform the total return of a relevant benchmark by a wide margin over the coming 12 months, with shares falling in price on an absolute basis. 10

4-STARS (Buy): Total return is expected to outperform the total return of a relevant benchmark over the coming 12 months, with shares 3-STARS (Hold): Total return is expected to closely approximate

11 * S&P Capital IQ General Disclaimer Past performance is not necessarily indicative of future results. S&P Capital IQ, its affiliates, and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively, "S&P Parties") do not guarantee the accuracy, completeness or adequacy of this material, and S&P Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of the information provided by the S&P Parties. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages. Ratings from Standard & Poor's Ratings Services are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. S&P assumes no obligation to update its opinions following publication in any form or format. S&P should not be relied on and are not substitutes for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P's opinions do not address the suitability of any security. Standard & Poor's Ratings Services does not contribute to or participate in the development of Research Reports. Standard & Poor's Ratings Services may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, (free of charge), and and (subscription), and may be distributed through other means, including via S&P's publications and third-party redistributors. Additional information about our ratings fees is available at S&P Capital IQ and its affiliates do not act as a fiduciary. While Standard & Poor's Investment Advisory Services (HK) Limited ("SPIAS") has obtained information from sources it believes to be reliable, SPIAS does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. Research Reports are not intended to be investment advice and do not constitute any form of invitation or inducement by S&P Capital IQ to engage in investment activity. This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors and this material is not intended for any specific investor and does not take into account an investor's particular investment objectives, financial situations or needs. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only current as of the stated date of their issue. Prices, values, or income from any securities or investments mentioned in this report may fluctuate, and an investor may, upon selling an investment, lose a portion of, or all of the principal amount invested. Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate. Where an investment or security is denominated in a different currency to the investor's chosen currency, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor. The information contained in Research Reports does not constitute advice on the tax consequences of making any particular investment decision. Before acting on any recommendation in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. For residents of Hong Kong: Information in the Research Reports shall not be construed to imply any relationship, advisory or otherwise, between S&P and the recipient user of the research report unless expressly agreed by S&P Capital IQ. S&P Capital IQ is not acting nor should it be deemed to be acting, as a "fiduciary" or as an "investment manager" or "investment advisor" to any recipient of this information unless expressly agreed by S&P Capital IQ. The Distributor of the Research Reports will be solely responsible for describing its role to its clients with respect to the distribution of S&P Capital IQ's Research Reports. 11

completeness or adequacy of this material, and S&P Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the

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13 Industrial and Commercial Bank of China (Asia) Ltd 5.125% 2020 *** BP Capital Markets p.l.c. 2.75% 2023 BP p.l.c. China Overseas Finance (Cayman) II Ltd 5.5% 2020 *** China Energy Reserve and Chemicals Group International Company Limited 6.125% 2019 *** China Overseas Land & Investment Ltd. (688.HK) China Energy Reserve and Chemicals Group International Company Limited CITIC Limited 6.875% 2018 *** Huarong Finance II Co., Ltd. 3.75% 2020 *** NWD (MTN) Limited 4.375% 2022 *** Shimao Property Holdings Ltd 8.375% 2022 Sparkle Assets Limited 6.875% 2020 Tencent Holding Ltd 3.80% 2025 *** Tingyi (Cayman Islands) Holding Corp % 2018 Credit Suisse AG Sydney 4% 2021 China Huarong International Holdings Limited New World Development Company Ltd (17.HK) (813.HK) Fosun International Limited (the Parent Guarantor ), and Subsidiaries Credit Suisse AG Sydney 13

HK) China Energy Reserve and Chemicals Group International Company Limited CITIC Limited 6.875% 2018 *** Huarong Finance II Co., Ltd. 3.75% 2020 *** NWD (MTN) Limited 4.

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16 Disclaimer: This document has been prepared by the Private Banking and Wealth Management Department ( the Department ) of Wing Lung Bank ( the Bank ) for distribution to the Private Banking clients of the Bank and the Professional Investors as defined under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) or rules made thereunder. The information contained in this document and its contents are provided for information purposes only and do not constitute an offer, a solicitation of an offer or invitation, advertisement, inducement, representation of any kind or form whatsoever or any advice or recommendation to buy or sell any securities/investment products referred to herein. Although this document may contain some research analysis or quote research reports, it is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. This document is intended only to provide observations and views of the Department as at the date of writing, and such observations and views are subject to change in the passage of time. Observations and views contained in this document may be different from, or inconsistent with, the observations and views of other departments or the subsidiaries of the Bank or other market participants. The information contained in this document (including information in the form of opinions or estimates) is provided in good faith and has been obtained and derived from sources believed to be reliable as at the date indicated. However, the Bank has not verified all such information and thus, it should not be relied upon in lieu of making independent judgment. The Bank may not, and has no obligation to, update the information or correct any inaccuracy which subsequently becomes apparent. The Bank does not make any representation or warranty (expressed or implied), or accepts any responsibility or liability whatsoever for a loss arising from the use of this document. Investment involves risk, and the value of the securities/investment products may go down as well as up, or even become worthless. Past performance is not indicative of future performance. Under certain circumstances an investor may sustain a total loss of their investment. The information contained in this document and its contents may not suit every investor s needs. Therefore, an investor should make his or her own appraisal of the risks involved in investing in securities/investment products and should consult his or her own legal, financial, tax, accounting and other independent professional advisors, to ensure that any investment decision made is suitable with regard to his or her own circumstances (including but not limited to his or her civic rights and tax restrictions), investment purposes, financial positions and any other specific needs. This document has not been authorized by any regulatory authority including the Securities and Futures Commission of Hong Kong. Please read the relevant terms and conditions together with the risk disclosure statements in the relevant documents of the securities/investment products before making any investment decisions. This document may not be reproduced, transmitted, circulated or distributed to any other person or entity in any jurisdiction or country without the prior permission of the Bank. This document is not intended for distribution to, or used by, any person or entity in any jurisdiction or country where such distribution or use would contravene the local law or regulation of that jurisdiction or country. Wing Lung Bank Limited is the wholly-owned subsidy of China Merchants Bank and is a member of China Merchants Group. Members of China Merchants Group, their senior management, directors, agents and employees may from time to time have a position (on a principal basis or otherwise); or from time to time conduct transactions in all or any of the securities or investment products mentioned herein. Members of China Merchants Group may provide services or act as an underwriter, sponsor or coordinator of any company and affiliates of such company whose securities are mentioned herein. China Merchants Bank Group may derive commission fees or other charges from providing the abovementioned services. 16

The information contained in this document and its contents are provided for information purposes only and do not constitute an offer, a solicitation of an offer or invitation, advertisement,

Microsoft Word - SH090330.doc

Microsoft Word - SH090330.doc 2009 年 3 月 30 日環球指數上周收市價一星期變化百分率四星期變化百分率恆生指數 14,119.50 +1285.99 +10.02% +1307.93 +10.21% 國企指數 8,481.22 +985.26 +13.14% +1578.38 +22.87% 上海綜合指數 2,374.44 +93.35 +4.09%