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1 Research Department 20 January, Hong Kong Market Outlook Summary (English Translation) Summary: GDP growth in China is still searching for a bottom, with estimated growth of 7.0% in Given the policy of maintaining the economic growth and slightly loose monetary policy, urban FAI is estimated to mildly slow down. Foreign trade growth remains modest, while consumption is steady. Currently, China s working age population continues to decline, but the total employed population continues to grow. Thus, employment status is stable and healthy. Given the population structure, demographic policy, and the future trend, as long as China s economy maintains moderate growth, there is little pressure on employment. Food prices are expected to remain stable in 2015, whereas commodity prices may decline, offsetting the increase of environmental protection cost. Inflation may stay quite low, leading to a shift toward slightly loose monetary policy in order to prevent deflation. With forex purchase position decreasing, given the background of a stable economy, low level of inflation and housing prices seeing some adjustments, monetary policy should be slightly loose. In order to guide the flow of funds into real economic entities while avoiding an excessive housing price rebound, PBoC may choose to use diversified monetary policy tools. The property industry still exerts a very important influence on China s economy. The relaxation in mortgage rates, housing provident fund and housing purchase restriction prevents the decline of the industry. The property industry has become a monetary policy indicator for the balance between stabilizing the economy and adjusting the economic structure. U.S. economic recovery is confirmed. The Fed concluded QE as expected and is patient to increase interest rates. The European economic recovery is slow, with the risk of deflation. Although facing differences in terms of markets, politics and effects, further QE measures are expected to be implemented. Therefore, quantitative easing is expected to continue in both Europe and Japan, and liquidity in China will be slightly loose. Nevertheless, the Renminbi exchange rate will appear with two-way volatility around an equilibrium level. Hong Kong market liquidity is expected to be stable. China is deepening the reform on fiscal and taxation systems, mainly focused on VAT reform. The overall tax burden should be lower, especially for small and micro enterprises, which could enjoy more preferential policies. Together with other reforms, reform dividends should lift company earnings. The U.S. dollar remains strong and the U.S. market will continue to be supported by its favorable earnings trends. A share market is expected to be buoyant. A+H, SOE reform, One Belt One Road, FTA, environmental protection and financial reform are attractive investment themes. Based on market cap weighted average, earnings of companies we cover are forecast to grow by 12.0%, 15.2% and 13.3% respectively in We expect the Hang Seng Index to increase by 9.0% in 2015, representing 11.3x and 10.3x 2015 and 2016 PE, respectively. We are bullish on insurance, telecommunication equipment, environmental protection, telecommunication services, and internet sectors, while aviation, shipping and logistics, electric equipment, steel, and electricity sectors may have short-term trading opportunities. See the last page for disclaimer page 1 of 16

2 Top Picks in Sectors under GTJA International Coverage Sectors Company name Code Rating 6 to 18m TP (HKD) Automobiles & Components SINOTRUK - R HK Accumulate 4.90 Aviation CHINA EAST AIR-H HK Buy 5.20 Banking BANK OF CHINA-H HK Buy 5.25 Construction Materials ANHUI CONCH-H HK Accumulate Coal CHINA SHENHUA-H HK Buy Consumer -- Apparel CHINA LILANG HK Accumulate 6.63 Consumer -- Foods & Beverage XIAO NAN GUO RES HK Buy 1.65 Consumer -- Hotels HOMEINNS HOT-ADR HMIN US Buy US$47.00 Consumer -- Retailing SUN ART RETAIL HK Buy Consumer -- Retailing HAIER ELECTRONIC HK Buy Electric Equipment DONGFANG ELECT-H HK Accumulate Electricity CHINA RES POWER HK Accumulate Environmental Protection CHINA EVERBR INT HK Accumulate Gaming WYNN MACAU LTD HK Accumulate Infrastructure CHINA RAIL CN-H HK Accumulate Insurance PING AN INSURA-H HK Buy Internet TENCENT HK Buy Internet YOUKU TUDOU INC YOKU US Buy US$32.00 Machinery ZOOMLION HEAVY-H HK Accumulate 7.60 Ports CHINA MERCHANT HK Buy Property CHINA RES LAND HK Accumulate Shipping and Logistics CHINA SHIPPING-H HK Buy 6.50 Telecommunication Equipment LENOVO GROUP LTD HK Buy Telecommunication Services CHINA UNICOM HON HK Buy Toll roads ZHEJIANGEXPRE-H HK Accumulate 9.50 Source: Guotai Junan International. Note: the outlook is based on the closing price on 31 December Top picks are by industry alphabetical order. Stocks Benefiting from SOE Reform Sector Company Name Stock Code Rating 6 to 18m TP (HKD) Banking BANK OF COMMUN-H HK Neutral 5.93 Conglomerate SHANG INDUS HLDG HK Accumulate Electric Equipment SHANGHAI ELECT-H HK Neutral 4.20 Infrastructure CHINA RAIL GR-H HK Accumulate 6.05 Infrastructure CHINA RAIL CN-H HK Accumulate Infrastructure CHINA COM CONS-H HK Accumulate 9.20 Oil and Gas PETROCHINA CO-H HK Neutral 9.30 Oil and Gas SINOPEC CORP-H HK Neutral 6.70 Source: Guotai Junan International. See the last page for disclaimer page 2 of 16

3 Stocks Benefiting from the SH-HK Stock Connect Sector Company Name Stock Code Rating 6 to 18m TP (HKD) Banking CCB-H HK Accumulate 6.76 Banking CHINA CITIC BK-H HK Neutral 5.91 Banking AGRICULTURAL-H HK Accumulate 4.50 Banking ICBC-H HK Accumulate 5.92 Banking CHINA MINSHENG-H HK Accumulate Banking BANK OF COMMUN-H HK Neutral 5.93 Banking BANK OF CHINA-H HK Buy 5.25 Coal YANZHOU COAL-H HK Neutral 5.40 Coal CHINA COAL ENE-H HK Neutral 4.80 Electric Equipment DONGFANG ELECT-H HK Accumulate Electric Equipment SHANGHAI ELECT-H HK Neutral 4.20 Electricity DATANG INTL PO-H HK Neutral 4.50 Electricity HUADIAN POWER-H HK Neutral 5.10 Gaming WYNN MACAU LTD HK Accumulate Gaming MGM CHINA HOLDIN HK Accumulate Insurance NEW CHINA LIFE-H HK Accumulate Internet TENCENT HK Buy Manufacturing SHANDONG CHEN-H HK Buy 4.50 Manufacturing ZHUZHOU CSR-H HK Buy Petrochemicals PETROCHINA CO-H HK Neutral 9.30 Petrochemicals SINOPEC CORP-H HK Neutral 6.70 Shipping and Logistics CHINA SHIPPING-H HK Buy 6.50 Shipping and Logistics CHINA SHIPPING-H HK Accumulate 2.85 Telecommunication Equipment LENOVO GROUP LTD HK Buy Telecommunication Services CHINA TELECOM-H HK Accumulate 5.40 Telecommunication Services CHINA UNICOM HON HK Buy Telecommunication Services CHINA MOBILE HK Accumulate Others HKEX HK Accumulate Source: Guotai Junan International. See the last page for disclaimer page 3 of 16

4 Stocks Dual Listed in Hong Kong and Shenzhen A Share Stock Code H Share Stock Code Company Name A Share Stock Price H Share Stock Price Premium/Discount* CH HK CHINA VANKE CO-H % CH HK CHINA INTL MAR-H % CH HK ZTE-H % CH HK ZOOMLION HEAVY-H % CH HK WEICHAI POWER-H % CH HK SHANDONG CHEN-H % CH HK LIVZON PHARM-H % CH HK NORTHEAST ELEC-H % CH HK JINGWEI TEXTIL-H % CH HK SHANDONG XINHU-H % CH HK ANGANG STEEL-H % CH HK HISENSE KELON -H % CH HK XINJIANG GOLD-H % CH HK SHANDONG MOLON-H % CH HK BYD CO LTD-H % CH HK DONGJIANG ENVI-H % CH HK ZHEJIANG SHIBA-H % Average -39.2% Source: HKEx, Shenzhen Exchange. Note: HKD/RMB exchange rate was Negative represents an H share discount to A share. See the last page for disclaimer page 4 of 16

5 Stocks Benefiting from RRR cuts or Interest Rate cuts Sector Company Name Stock Code Rating 6 to 18m TP (HK$) Aviation CHINA EAST AIR-H HK Buy 5.20 Aviation AIR CHINA LTD-H HK Buy 8.40 Aviation CHINA SOUTHERN-H HK Buy 5.20 Banking CCB-H HK Accumulate 6.76 Banking CHINA CITIC BK-H HK Neutral 5.91 Banking AGRICULTURAL-H HK Accumulate 4.50 Banking ICBC-H HK Accumulate 5.92 Banking CHINA MINSHENG-H HK Accumulate Banking BANK OF COMMUN-H HK Neutral 5.93 Banking CHINA MERCH BK-H HK Accumulate Banking BANK OF CHINA-H HK Buy 5.25 Cement ANHUI CONCH-H HK Accumulate Electricity CHINA RES POWER HK Accumulate Electricity HUANENG POWER-H HK Accumulate Electricity CHINA LONGYUAN-H HK Accumulate 9.20 Electricity HUANENG RENEWA-H HK Buy 3.50 Electricity DATANG INTL PO-H HK Neutral 4.50 Electricity HUADIAN POWER-H HK Neutral 5.10 Electricity CHINA DATANG C-H HK Neutral 1.08 Electricity CHINA POWER INTE HK Neutral 4.00 Infrastructure CHINA RAIL GR-H HK Accumulate 6.05 Infrastructure CHINA RAIL CN-H HK Accumulate Infrastructure CHINA COM CONS-H HK Accumulate 9.20 Insurance CHINA TAIPING IN HK Accumulate Insurance NEW CHINA LIFE-H HK Accumulate Insurance PING AN INSURA-H HK Buy Insurance CHINA PACIFIC-H HK Accumulate Insurance CHINA LIFE INS-H HK Accumulate Machinery ZOOMLION HEAVY-H HK Accumulate 7.60 Machinery LONKING HK Accumulate 1.95 Manufacturing SHANDONG CHEN-H HK Buy 4.50 Ports DALIAN PORT PD-H HK Neutral 2.50 Ports XIAMEN PORT-H HK Accumulate 2.60 Property CHINA OVERSEAS HK Accumulate Property SHIMAO PROPERTY HK Accumulate Property LONGFOR PROPERTI HK Neutral Property CHINA RES LAND HK Accumulate Toll roads SHENZHEN EXPRE-H HK Accumulate 5.50 Toll roads ANHUI EXPRESS-H HK Accumulate 5.00 Source: Guotai Junan International. See the last page for disclaimer page 5 of 16

6 Stocks Benefiting from One belt One Road Sector Company Name Stock Code Rating 6 to 18m TP (HK$) Banking BANK OF CHINA-H HK Buy 5.25 Cement ANHUI CONCH-H HK Accumulate Electric Equipment DONGFANG ELECT-H HK Accumulate Electric Equipment HARBIN ELECTRI-H HK Neutral 4.85 Electric Equipment SHANGHAI ELECT-H HK Neutral 4.20 Infrastructure CHINA RAIL CN-H HK Accumulate Infrastructure CHINA RAIL GR-H HK Accumulate 6.05 Infrastructure CHINA COM CONS-H HK Accumulate 9.20 Machinery ZOOMLION HEAVY-H HK Accumulate 7.60 Machinery LONKING HK Accumulate 1.95 Manufacturing CSR CORP LTD-H HK Buy Manufacturing ZHUZHOU CSR-H HK Buy Ports CHINA MERCHANT HK Buy Ports COSCO PAC LTD HK Accumulate Shipping and Logistics CHINA COSCO HO-H HK Accumulate 4.00 Shipping and Logistics CHINA SHIPPING-H HK Accumulate 2.85 Source: Guotai Junan International. Stocks Benefiting from FTA or Regional Revitalization Sector Company Name Stock Code Rating 6 to 18m TP (HK$) Clean energy BINHAI INVESTMEN HK Accumulate 0.59 Conglomerate SHANG INDUS HLDG HK Accumulate Insurance CHINA PACIFIC-H HK Accumulate Ports XIAMEN PORT-H HK Accumulate 2.60 Ports TIANJIN PORT DEV HK Neutral 1.55 Source: Guotai Junan International. See the last page for disclaimer page 6 of 16

7 Stocks Worth Long-term Holding with Healthy Fundamentals Sector Company Name Stock Code Rating 6 to 18m TP (HK$) Banking CCB-H HK Accumulate 6.76 Banking AGRICULTURAL-H HK Accumulate 4.50 Banking ICBC-H HK Accumulate 5.92 Banking BANK OF CHINA-H HK Buy 5.25 Coal CHINA SHENHUA-H HK Buy Consumer -- Foods & Beverage TINGYI HK Accumulate Consumer -- Foods & Beverage CHINA MENGNIU DA HK Accumulate Consumer -- Hotels HOMEINNS HOT-ADR HMIN US Buy US$47.00 Consumer -- Hotels CHINA LODGIN-ADS HTHT US Accumulate US$26.20 Consumer -- Household Products HENGAN INTL HK Accumulate Consumer -- Retailing SUN ART RETAIL HK Buy Consumer -- Retailing HAIER ELECTRONIC HK Buy Conglomerate GUANGDONG INVEST HK Accumulate Environmental Protection CHINA EVERBR INT HK Accumulate Environmental Protection BJ ENT WATER HK Accumulate 6.38 Electric Equipment DONGFANG ELECT-H HK Accumulate Electricity CHINA RES POWER HK Accumulate Electricity CHINA LONGYUAN-H HK Accumulate 9.20 Insurance PING AN INSURA-H HK Buy Manufacturing CSR CORP LTD-H HK Buy Manufacturing ZHUZHOU CSR-H HK Buy Ports CHINA MERCHANT HK Buy Telecommunication Services CHINA MOBILE HK Accumulate Toll roads SHENZHEN EXPRE-H HK Accumulate 5.50 Toll roads ZHEJIANGEXPRE-H HK Accumulate 9.50 Source: Guotai Junan International. Quality Stocks Undervalued with Large Upside Potential Sector Company Name Stock Code Rating 6 to 18m TP (HK$) Banking CCB-H HK Accumulate 6.76 Banking AGRICULTURAL-H HK Accumulate 4.50 Banking ICBC-H HK Accumulate 5.92 Banking BANK OF CHINA-H HK Buy 5.25 Coal CHINA SHENHUA-H HK Buy Consumer -- Hotels HOME INNS HOT-ADR HMIN US Buy US$47.00 Insurance PING AN INSURA-H HK Buy Internet YOUKU TUDOU INC YOKU US Buy US$32.00 Shipping and Logistics SINOTRANS SHIPPI HK Accumulate 2.65 Shipping and Logistics CHINA SHIPPING-H HK Buy 6.50 Source: Guotai Junan International. See the last page for disclaimer page 7 of 16

8 摘要 : 2015 年港股展望 国内 GDP 增速仍在探底,2015 年预测为 7.0% 在保增长和货币政策偏宽松的条件下, 固定资产投资预测为略有放缓 外贸温和增长, 消费基本稳定 目前国内劳动年龄人口下降, 但就业总人数保持增长, 因此就业处于稳定而且健康状态 以人口结构 人口政策及未来趋势来看, 只要经济适度增长, 就业基本没有压力 预计 2015 年食品价格增幅稳定, 大宗商品价格下跌, 抵消环保成本的上升, 通胀应在相当低的水平, 引导货币政策转为宽松, 防止通缩 预期外汇占款仍会放缓, 在稳经济 低通胀和房价有所调整的背景下, 货币政策应为偏宽松 为引导资金多流向实体, 同时避免房价反弹过快, 央行将采用多样化货币政策工具 房地产行业对中国经济有着极为重要的影响力 按揭利率 公积金 限购等政策放松, 阻止了行业的下滑 行业成为平衡稳经济和调结构的货币政策取向的指标 美国经济复苏势头确定 QE 如预期退出, 美联储对加息保持耐心 欧洲经济复苏缓慢, 有通缩风险 虽面临市场 政治和效用方面的分歧, 预料量宽仍会加码 因此, 欧洲和日本量宽持续, 国内流动性偏宽松, 但人民币将显示在均衡水平波动 预期香港市场流动性稳定 国内目前仍不断深化财税体制改革, 从以营改增为主的多个税种改革来看, 总体税负应是有所下降的, 尤其小微企业政策优惠明显 加上其它改革红利, 支持盈利水平 美元维持强势, 美国股市将继续受到良好的盈利趋势支撑 A 股市场畅旺 A+H 国企改革 一带一路 自贸区 环保 金融改革等都是较好的投资主题 按照市值加权平均计算, 我们覆盖的公司在 年的盈利增长分别为 12.0% 15.2% 和 13.3% 我们认为恒指 2015 年将上升 9% 相当于 11.3 倍及 10.3 倍 2015 及 2016 年市盈率 我们看好保险 通信设备 环保 电信服务和互联网, 而航空 航运及物流 电力设备 钢铁 电力则有阶段性的机会 See the last page for disclaimer page 8 of 16

9 国泰君安国际荐股名单 行业 公司 代码 评级 6-18 个月目标价 (HK$) 汽车 中国重汽 HK 收集 4.90 航空 中国东方航空 HK 买入 5.20 银行 中国银行 HK 买入 5.25 水泥 海螺水泥 HK 收集 煤炭 中国神华 HK 买入 消费 -- 服装 中国利郎 HK 收集 6.63 消费 -- 食品饮料 小南国 HK 买入 1.65 消费 -- 酒店 如家酒店 HMIN US 买入 US$47.00 消费 -- 零售 高鑫零售 HK 买入 消费 -- 家电 海尔电器 HK 买入 电力设备 东方电气 HK 收集 电力 华润电力 HK 收集 环保 光大国际 HK 收集 博彩 永利澳门 HK 收集 基建 中国铁建 HK 收集 保险 中国平安 HK 买入 互联网 腾讯 HK 买入 互联网 优酷 YOKU US 买入 US$32.00 机械 中联重科 HK 收集 7.60 港口 招商局国际 HK 买入 房地产 华润置地 HK 收集 航运及物流 中海发展 HK 买入 6.50 通信设备 联想 HK 买入 电信服务 中国联通 HK 买入 收费公路 浙江沪杭甬 HK 收集 9.50 资料来源 : 国泰君安国际 注 : 展望中所有分析均基于 2014 年 12 月 31 日的收市价 按行业英文首字母排序 受惠国企改革个股名单 行业 公司 代码 评级 6-18 个月目标价 (HK$) 银行 交通银行 HK 中性 5.93 综合 上海实业 HK 收集 电力设备 上海电气 HK 中性 4.20 基建 中国中铁 HK 收集 6.05 基建 中国铁建 HK 收集 基建 中交建 HK 收集 9.20 石化 中国石油 HK 中性 9.30 石化 中国石化 HK 中性 6.70 资料来源 : 国泰君安国际 See the last page for disclaimer page 9 of 16

10 受益于沪港通个股名单 行业 公司 代码 评级 6-18 个月目标价 (HK$) 银行 建设银行 HK 收集 6.76 银行 中信银行 HK 中性 5.91 银行 农业银行 HK 收集 4.50 银行 工商银行 HK 收集 5.92 银行 民生银行 HK 收集 银行 交通银行 HK 中性 5.93 银行 中国银行 HK 买入 5.25 煤炭 兖州煤业 HK 中性 5.40 煤炭 中煤能源 HK 中性 4.80 电力设备 东方电气 HK 收集 电力设备 上海电气 HK 中性 4.20 电力 大唐发电 HK 中性 4.50 电力 华电国际 HK 中性 5.10 博彩 永利澳门 HK 收集 博彩 美高梅中国 HK 收集 保险 新华保险 HK 收集 互联网 腾讯 HK 买入 工业制造 晨鸣纸业 HK 买入 4.50 工业制造 株洲南车时代电气 HK 买入 石化 中国石油 HK 中性 9.30 石化 中国石化 HK 中性 6.70 航运及物流 中海发展 HK 买入 6.50 航运及物流 中海集运 HK 收集 2.85 通信设备 联想 HK 买入 电信服务 中国电信 HK 收集 5.40 电信服务 中国联通 HK 买入 电信服务 中国移动 HK 收集 其他 港交所 HK 收集 资料来源 : 国泰君安国际 See the last page for disclaimer page 10 of 16

11 同时在香港 深圳上市的 A+H 股公司 A 股代码 H 股代码 名称 A 股股价 (RMB) H 股股价 (HKD) H 对 A 折溢价 * CH HK 万科 % CH HK 中集集团 % CH HK 中兴通讯 % CH HK 中联重科 % CH HK 潍柴动力 % CH HK 晨鸣纸业 % CH HK 丽珠集团 % CH HK 东北电气 % CH HK 经纬纺机 % CH HK 新华制药 % CH HK 鞍钢股份 % CH HK 海信科龙 % CH HK 金风科技 % CH HK 山东墨龙 % CH HK 比亚迪 % CH HK 东江环保 % CH HK 浙江世宝 % 简单平均 -39.2% 资料来源 : 港交所 深交所 * 注 :HKD/RMB 汇率为 , 负数表示 H 股较 A 股有折让 截至 2014 年 12 月 31 日收市 See the last page for disclaimer page 11 of 16

12 受益于降息 降准的股票名单 行业 公司 代码 评级 6-18 个月目标价 (HK$) 航空 东方航空 HK 买入 5.20 航空 国际航空 HK 买入 8.40 航空 南方航空 HK 买入 5.20 银行 建设银行 HK 收集 6.76 银行 中信银行 HK 中性 5.91 银行 农业银行 HK 收集 4.50 银行 工商银行 HK 收集 5.92 银行 民生银行 HK 收集 银行 交通银行 HK 中性 5.93 银行 招商银行 HK 收集 银行 中国银行 HK 买入 5.25 水泥 海螺水泥 HK 收集 电力 华润电力 HK 收集 电力 华能国际 HK 收集 电力 龙源电力 HK 收集 9.20 电力 华能新能源 HK 买入 3.50 电力 大唐发电 HK 中性 4.50 电力 华电国际 HK 中性 5.10 电力 大唐新能源 HK 中性 1.08 电力 中国电力 HK 中性 4.00 基建 中国中铁 HK 收集 6.05 基建 中国铁建 HK 收集 基建 中交建 HK 收集 9.20 保险 中国太平 HK 收集 保险 新华保险 HK 收集 保险 中国平安 HK 买入 保险 中国太保 HK 收集 保险 中国人寿 HK 收集 机械 中联重科 HK 收集 7.60 机械 中国龙工 HK 收集 1.95 工业制造 晨鸣纸业 HK 买入 4.50 港口 大连港 HK 中性 2.50 港口 厦门港 HK 收集 2.60 房地产 中海外发展 HK 收集 房地产 世茂房地产 HK 收集 房地产 龙湖地产 HK 中性 房地产 华润置地 HK 收集 收费公路 深高速 HK 收集 5.50 收费公路 安徽皖通 HK 收集 5.00 资料来源 : 国泰君安国际 See the last page for disclaimer page 12 of 16

13 受惠 一带一路 政策个股 行业 公司 代码 评级 6-18 个月目标价 (HK$) 银行 中国银行 HK 买入 5.25 水泥 海螺水泥 HK 收集 电力设备 东方电气 HK 收集 电力设备 哈尔滨电气 HK 中性 4.85 电力设备 上海电气 HK 中性 4.20 基建 中国铁建 HK 收集 基建 中国中铁 HK 收集 6.05 基建 中交建 HK 收集 9.20 机械 中联重科 HK 收集 7.60 机械 中国龙工 HK 收集 1.95 工业制造 中国南车 HK 买入 工业制造 株洲南车时代电气 HK 买入 港口 招商局国际 HK 买入 港口 中远太平洋 HK 收集 航运及物流 中国远洋 HK 收集 4.00 航运及物流 中海集运 HK 收集 2.85 资料来源 : 国泰君安国际 自贸区与区域振兴相关股票名单 行业 公司 代码 评级 6-18 个月目标价 (HK$) 清洁能源 滨海投资 HK 买入 0.59 综合 上海实业 HK 收集 保险 中国太保 HK 收集 港口 厦门港 HK 收集 2.60 港口 天津港 HK 中性 1.55 资料来源 : 国泰君安国际 See the last page for disclaimer page 13 of 16

14 值得长期持有 基本面健康的公司 行业 公司 代码 评级 6-18 个月目标价 (HK$) 银行 建设银行 HK 收集 6.76 银行 农业银行 HK 收集 4.50 银行 工商银行 HK 收集 5.92 银行 中国银行 HK 买入 5.25 煤炭 中国神华 HK 买入 消费 -- 食品饮料 康师傅 HK 收集 消费 -- 食品饮料 蒙牛乳业 HK 收集 消费 -- 酒店 如家酒店 HMIN US 买入 US$47.00 消费 -- 酒店 华住酒店 HTHT US 收集 US$26.20 消费 -- 日用品 恒安国际 HK 收集 消费 -- 零售 高鑫零售 HK 买入 消费 -- 家电 海尔电器 HK 买入 综合 粤海投资 HK 收集 环保 光大国际 HK 收集 环保 北控水务 HK 收集 6.38 电力设备 东方电气 HK 收集 电力 华润电力 HK 收集 电力 龙源电力 HK 收集 9.20 保险 中国平安 HK 买入 工业制造 中国南车 HK 买入 工业制造 株洲南车时代电气 HK 买入 港口 招商局国际 HK 买入 电信服务 中国移动 HK 收集 收费公路 深高速 HK 收集 5.50 收费公路 浙江沪杭甬 HK 收集 9.50 资料来源 : 国泰君安国际 估值偏低 有上升空间的优质个股 行业 公司 代码 评级 6-18 个月目标价 (HK$) 银行 建设银行 HK 收集 6.76 银行 农业银行 HK 收集 4.50 银行 工商银行 HK 收集 5.92 银行 中国银行 HK 买入 5.25 煤炭 中国神华 HK 买入 消费 -- 酒店 如家酒店 HMIN US 买入 US$47.00 保险 中国平安 HK 买入 互联网 优酷 YOKU US 买入 US$32.00 航运及物流 中外运航运 HK 收集 2.65 航运及物流 中海发展 HK 买入 6.50 资料来源 : 国泰君安国际 See the last page for disclaimer page 14 of 16

15 Research Department 研究部 Grace Liu 刘谷 Head of Research, Market Strategy, Petrochemicals 主管, 市场策略 石化 (86755) / (852) Ray Zhao 赵睿 Conglomerate, E-commerce 综合 电子商务 [email protected] (86755) Harry Chen 陈欢瑜 Aviation, Automobiles & Components Gary Wong 黄家玮 Environmental Protection, Infrastructure 航空 汽车 [email protected] (86755) 环保 基建 [email protected] (852) Leo Wu 吴逸超 Coal, Electricity 煤炭 电力 [email protected] (86755) Noah Hudson Noah Hudson Consumer (Hotels), Gaming 消费 ( 酒店 ) 博彩 [email protected] (86755) Sunny Kwok 郭日升 Consumer (Food & Beverage, Household Products) 消费 ( 食品饮料 日用品 ) [email protected] (852) Jason Song 宋然 Market Strategy 市场策略 [email protected] (852) Shirley Gu 古乔艺 Market Strategy 市场策略 [email protected] (86755) Square Chui 徐惠芳 Futures 期货 [email protected] (852) Kevin Guo 郭勇 Raw Materials, Gas 原材料 燃气 [email protected] (86755) Ricky Lai 黎柏坚 Telecommunications, Internet 电信 互联网 [email protected] (852) Dayton Wang 王庆鲁 Insurance, Fixed-income 保险 债券 [email protected] (86755) Angus Chan 陈庆 Machinery, Construction Materials 机械 建材 [email protected] (852) Richard Cao 曹柱 Banking 银行 [email protected] (86755) Louis Chan 陈少威 Consumer (Apparel) 消费 ( 服装 ) [email protected] (852) Jun Zhu 朱俊杰 Clean Energy, Electric Equipment 清洁能源 电力设备 [email protected] (852) Ivan Zhou 周一帆 Shipping & Logistics, Ports 航运物流 港口 [email protected] (86755) Andrew Song 宋涛 Consumer (Retailing), Home Appliances 消费 ( 零售 ) 家电 [email protected] (852) Van Liu 刘斐凡 Research Assistant 研究助理 [email protected] (86755) Raul Song 宋辞 Research Assistant 研究助理 [email protected] (852) Sherry Li 李沁亦 Research Assistant 研究助理 [email protected] (86755) Esabella Zhao 赵舒蔓 Research Assistant, Translator 研究助理 翻译员 [email protected] (86755) See the last page for disclaimer page 15 of 16

16 Company Rating Definition The Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months Rating Definition Buy Relative Performance >15%; or the fundamental outlook of the company or sector is favorable. Accumulate Relative Performance is 5% to 15%; or the fundamental outlook of the company or sector is favorable. Neutral Relative Performance is -5% to 5%; or the fundamental outlook of the company or sector is neutral. Reduce Relative Performance is -5% to -15%; or the fundamental outlook of the company or sector is unfavorable. Sell Relative Performance <-15%; or the fundamental outlook of the company or sector is unfavorable. Sector Rating Definition The Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months Rating Definition Outperform Relative Performance >5%; or the fundamental outlook of the sector is favorable. Neutral Relative Performance is -5% to 5%; or the fundamental outlook of the sector is neutral. Underperform Relative Performance <-5%; or the fundamental outlook of the sector is unfavorable. DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Except for Shandong Chenming Paper Holdings Limited-H shares (01812) and China All Access (Holdings) Limited (00633), Sinopec Shanghai Petrochemical Company Limited-H shares (00338), Guangshen Railway Company Limited-H shares (00525), Guotai Junan International Holdings Limited (01788) and Binhai Investment Company Limited (02886), Guotai Junan and its group companies do not hold equal to or more than 1% of the market capitalization of the issuer mentioned in this Research Report. (4) Guotai Junan and its group companies have had investment banking relationships with Huaneng Power (00902)/ China Dredging (00871)/ China Shipping Container Lines Co. Ltd. - H Shares (02866)/ China U-Ton Holdings Ltd. (06168)/ Merry Garden Holdings Ltd. (01237)/ Xiezhong International Holdings Limited (03663)/ China All Access Holdings Ltd. (00633)/ China Int'l Marine Containers (Group) Co., Ltd. (02039)/ Yanzhou Coal Mining Co.,Ltd (01171)/ Modern Land (01107)/ China Creative Home (01678)/ Huaneng Renewables Corporation Limited (00958)/ Xiao Nan Guo (03666)/ Jiangsu Express (00177)/ Colour Life (01778)/ CGN Meiya (01811)/ Chanjet (01588)/ Baguio Green (01397)/ CH Wood Opt (08099)/ Redco Ppt (01622)/ Powerlong (01238) and SH Electric (02727) mentioned in this Research Report within the preceding 12 months. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Guotai Junan Securities (Hong Kong) Limited ("Guotai Junan"). Guotai Junan and its group companies may do business that relates to companies covered in research reports, including investment banking, investment services and etc. (for example, the placing agent, lead manager, sponsor, underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by sales persons, dealers and other professional executives of Guotai Junan group of companies. Any opinions expressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment banking groups of Guotai Junan. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report, Guotai Junan does not guarantee the accuracy and completeness of the information and data herein. This Research Report may contain some forward-looking estimates and forecasts derived from the assumptions of the future political and economic conditions with inherently unpredictable and mutable situation, so uncertainty may contain. Investors should understand and comprehend the investment objectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Guotai Junan and its group companies to any registration or licensing requirement within such jurisdiction Guotai Junan Securities (Hong Kong) Limited. All Rights Reserved. 27/F., Low Block, Grand Millennium Plaza, 181 Queen s Road Central, Hong Kong. Tel.: (852) Fax: (852) Website: See the last page for disclaimer page 16 of 16