2015 8 28 1 CDN C CDN 2 WIFI wifi 3 2020 190 IP + A 20150828 % 2015M6 2015M7E 6.8 6.4 2.8 0.0-6.1-6.3 465.4 577.1 11.4 11.3 10.6 10.3 CPI 1.4 1.5 PPI -4.8-5.0 12806 8000 M2 11.8 11.9 CEIC % 10 2015/6/8 10 2015/6/8 10 2015/6/8 10 2015/6/8 10 2015/6/8 10 2015/6/8 10 2015/6/8 10 2015/6/8 10 2015/6/8 10 2015/6/8 2015.6.8 A 8 25 50 20 2014.1.2 1 2015.2.2 2015.8.27 831566+ A000002 603000600104000550601992 002299601398000858600009 002405601126600694600050 2015 601699601179002610 002665002074601288 A000869 0009782015 Tel021-20262132 zhanglicong@citics.com
3.2 / 600050 20150827 15/16/17EPS 0.20/0.22/0.23,TP10 430208 20150827 15/16/17EPS 0.72/1.11/1.78,TP25 002048 20150827 15/16/17EPS 0.48/0.61/0.84,TP15 603369 20150826 15/16/17EPS 1.40/1.51/1.70,TP32 600196 20150826 15/16/17EPS 1.17/1.41/1.78,TP32.76 600406 20150826 15/16/17EPS 0.46/0.64/0.76,TP16 000961 20150825 15/16/17EPS 0.90/0.96/1.03,TP13.27 600268 20150825 15/16/17EPS 0.03/0.15/0.22,TP11 601218 20150825 15/16/17EPS 0.12/0.14/0.18,TP6.50 002035 20150825 15/16/17EPS 0.79/0.95/1.13,TP14.2 600823 20150824 15/16/17EPS 1.15/1.27/1.41,TP13.07 002028 20150824 15/16/17EPS 0.70/0.79/0.90,TP15.80 600970 20150824 15/16/17EPS 0.62/0.72/0.88,TP18.6 002146 20150824 15/16/17EPS 0.91/0.98/1.07,TP9.05 002408 20150821 15/16/17EPS 0.57/1.14/1.42,TP25.7 Uber Uber 500 Uber Uber +Sharing EconomyO2O 20150729 2015 7 PPP+ + / 20150729 2015 8 28 10:00-11:00 % 1 5 300 3205.64 5.95-14.8-9 300 2739.51 5.65-14.5-8 50 2178.33 6.93-10.8-19 3083.59 5.34-15.9-5 21838.54 3.60-4.0-7 H 9863.61 4.62-5.2-17 4025.64 5.93-2.0-7 225 18574.44 1.08-7.3 6 16654.77 2.27-2.0-7 500 1987.66 2.43-2.4-4 4812.71 2.45-1.3 1 DAX 10315.62 3.18-1.1 5 CAC 4658.18 3.49-2.6 10 100 6192.03 3.56-2.8-5 905.00-1.42-10.8 16 USD % 1 5 42.56 10.26 3.5-21 1122.60-0.18-2.7-6 4961.00-2.57-0.8-22 1520.25-1.70-1.5-18 1690.50-2.73-5.3-21 14.49 2.57-7.0-11 375.00 0.47-2.0-8 879.00 1.62-3.1-16 489.75-0.91-4.2-19 63.35 1.34-5.4 2 11.59-0.09-2.7-3 11.06 5.03 4.1-24 % 1 5 95.76 0.69-0.2 6-6.40-0.14 0.2 3-121.23 1.57-1.8 1-1.12-1.31 0.4-8 - 1.54-0.52-1.7-1 % IF1509 7.32-174.84 75171-1244 IF1510 7.94-244.84 2605 113 IF1512 8.12-317.44 12496-189 IF1603 7.74-351.64 1176-150 2
C B 1 C CDN 80 1 CDN 2 CDN + P2P B P2P CDN CDN P2P CDN 3 1 WIFI C 2 WIFI WIFI WIFI WIFI O2O 6 10 1 2020 2014 767 8228.81 A 2020 190 6 3
IP IP IP + 9 4 2013 2 6 2012 9 1 234 Uber 8 9 9 26.98 36.98 7 SUV 2850mm 9 23.88-37.98 SUV 30 CS 13% 29 17 8 18 28% 2015 12.7 PE 4% 2015 12.56.16.1 PE 2007 2008 2008 2014 7.9%5.1%4.1% 2015 4% 2016 4-5% 2016 2016 10.312.820.5 PE 4.4%2.8%2.8% 1 2 3*ST 4
A 20150828 8 25 50 8.9% 300 4.6% A A 68% A A 17/29 PE 1 A PE/PB PE/PB PEG 2012 PE/PB PE PB PE 2015~16 1PE/PB 50 20, 2006 2015 A 5
A 120 1804 100 1922 2015 6 4,874 200 47%2014 34 124 4/5 5 2008 3195 2000 2007 2009 20102014 2014 2004 71% 57% 33% 10% 40% 26% 20% 14% ETF GAIA GAIA (SICAV) UCITSDirective 2009/65/EC 7 54.15 43% 2017 1.3 831566+ 2007 12 ++ APP APP VIP 2015 8,088 +114% 1,122 +1040% 1 2014 5000 2 1 APP APP 6
2 APP 2000 2015 83% APP 1 50% VIP APP VIP APP VIP VIP 22015 2015 3,358 194% 2015 8 26 61.1 2013/2014PE 130/123X PE 118X 14.7 2013/2014 PE 399/293X PE 97X A000002 2015 8 26 0.73% 2015 8 26 0.08% 4.23% 10% 15.04% 14.89% ++ 2015 100 13.20 / 4% 2013 1 2013 11 5 2013 11 2014 4 300 49% 45.5% 2014 1 2015/2016/2017 EPS 1.66/1.87/2.02 NAV11.80 / 16.60 / 7
6030002015 2015 7.25 17.07% 1.25 1.6% 5827 39.42% EPS 0.11 39.15% 20.61%35.61%135.91%2015 2 4608 48.16% 2.74 19.12% 2.75 44.16% iadtracker 4 89%6 6000 30% 2015-2017 EPS 0.34/0.46/0.65 0.38/0.52/0.70 15.45 2015-2017 PE 45/33/24 17.63 2016 38 PE 6001042015 2015 142 +4.4% 1.28 2015 1-6 286 3236 +1.1% 142 +4.4%1 94 +0.3% 150 80-4.8% 110 136-2.7%2 99 +10.7% 25.6 +15.2% 11.3% 0.8 2 3.6% 2-3% 2400 2-3% 1.5T SUV 560 580 +4% 2015 6.2 PE 50% 8% 2-3% 5 7 3.03% 8
2015/16/17 EPS 2.65/2.78/3.02 2.69/2.92/3.18 16.52 2015/16/17 6.2/5.9/5.5 PE 2015 8-10 PE 22 0005502015 SUV 10.8-7.1% 13.3 +0.2% JMC 6 +23.7% 3.3-0.8%JMC 2.9-18.0% SV 1.1-29.0% 120-2.3% 10.8-7.1%EPS 1.25 265 +3.8% SUV8 19 26.98 36.98 SUV 7 2.0L EcoBoostGTDi 2.2L TDCi 6000 2015 1 1 IV III JMC JMC 11.6% 2.1 JMC 17.3% 1.2 8 7% 7%N800N352N330J08 J09J10J18 JX493E802J15 J18 2015/16/17 2.53/3.36/3.69 2014 EPS 2.44 2015/16/17 EPS 2.68/3.63/4.18 23.95 2015/16/17 9/7/6 PESUV 0022992015 16 2015 31.89 9.51% 3.53 EPS -0.36 6 / 6 2.35 1.5 2015 3.53-3.1 2016 1.6 2.3 13-14 70 2016 2015 24%2016 15-16 20-30% 2 6000 1 3000 2015 3.5-3.6 30% 2016 4.2 9
KKR KKR B2C 15-17 15-17 EPS -0.22/0.96/1.12 ( 0.60/1.08/0.92) 2016 26 PE 25 6019922015 EPS0.22 1H15 180.6 12.5% Q2 9% 10.5 24.1% Q2 23% EPS0.22-30%~-20%1H15 27.41% 2.4ppts// 0.57/1.08/0.91ppts 2.6 2.4% 1H15 1,710 6.9% 51.4 11% 13.2% 4.1ppts 10.8% 5.1ppts 3.3 0.22 6.5% 520 1.1ppst 10.6% 1H15 65 18% 8.7ppts 45.3% 40 49% 4.9% 92% 1.6 / 62% 12 46% 625 2016-2017 8.48 / 47 5 2015-2017 EPS 0.38/0.55/0.61 0.77/0.84/0.95 2015 1.6xPB 11 6013982015 3367 6.3% Q2 0.9% 1NIM NIS 9BP 2.53% 2.34% 2 1.62 22.33% 1.4% Q1 27BP 11BP 419 75% 5.3%Q2 12.3% 88.5%30.9% 10.8% 50% 40% 10
13% 14% 2690 e + e + e 2000 700 e 130 230 e 4.4 4000 2014 3000 390 1635 1.5% 2671 206.9% 163.4% 2.3%2015H1 0.74% 2.3% 2015/16 EPS 0.78/0.80 2014 0.78 PE 5.4X/5.3X 2015 PB 0.88X 2015 1.5X PB A 7.2 H 8.7 0008582015 14H1 2015H1 112.15 3.83% 32.98 17.6% EPS0.87 Q2 44.80-9.36% 10.97-20.68% 6.22 1.57 3 29 5.6pcts 69.8% 2014 5 729 609 8 659 16.5%+1.14pct 8.98%+0.6pct 50 659 630 8 4 50 659 630 2014 1218 580-600 585 6 609 7 29 8 13 2002 20% 5 CAGR 118% 2009 6 2015 2015-2017 EPS 1.52/1.72/2.00 1.64/1.77/2.10 35 11
6000092015 + 2015 30.94 12.57% 12.92 25.61% EPS 0.67 7 26% 2014 20% 20% 1 50%/ 24%/18% 1-7 / 11%/19% 20%7 /2 2.6%/0.8% 86% 2015H1 / 14%/18% T1 13.57 +11.3% 44% 30% 13.5% T1 30% 12 200 500 4%-11% 2015 2020 2015/16/17 EPS 1.34/1.59/1.85 PE 20/17/15 35 0024052015 2015 6.76 49.70% 7,118.52 21.36% WeDrive2.0 WeLink WeLinkAppStore Fastmap 2015-2017 EPS 0.21/0.23/0.27 2015 12
1500 2020 4000 500 6011262015 22.94% 2015 / 12.21/0.77 5.3%/22.9% 1.55pct EPS 0.19 ABB ABB -- 7.27 2015 4396 700 4679 834 1636 2015/16/17 34.6/41.8/50.5 4.3/5.6/6.9 EPS 1.06/1.37/1.69 2016 P/E25x 34.25 6006942015 2 2015H/ 165.3/6.2-2.72%/-18.03% 2Q2015-1.82%/-0.73%2015H EPS2.09-17.59% //-31.55% 2015H -5.09%-5.49% 2 4200 2015H//-7.46%/2.41%/1.94% 0.11/1.60pcts +10.90% 11.03pcts 28.53% 0.11pcts 21.98% 2015H -1.0%/3.4% +2.0%/10.4%/5.6% 1.44/3.04 3.34/8.38 0.41pcts 15.3% +1.89% 4.6 2012 10 55% Armani 2016 1 2 13
1.2. 62.5,RNAV 60%PS2015E 0.31 2015-17 -16.9%/5.4%/6.3% EPS 3.47/3.66/3.89 2015 15 PE 52 6000502015 8 26 2015 458.99 21.76% 16.16 43.20% 2015 458.99 16.16 4G 1.38 M-ICT+ 863 29.16% DTMB 4G TD-LTE 4G 4 2016 2015-2017 EPS 0.80/0.96/1.11 24 PE 30 6016992015 76% 2015 / 60.85/1.14-22.36%/-76.10% 0.04 Q2 EPS 0.0141-40.78%-82.51% 21%/ 1810/1409 +1.74%/-6.92% / 687.69/631.4 44.8% 1.42pct 366.81 /-20.72% 2014 15.49% 34.74-25.47% 246.50-19.93% 12.17 17%/ 0.75/9.41-37%/-29% 4.32 1.08 301.16% 85% 14 / 32.80%/2.11%-0.12/+16.40pct 2820 180/300/240 14
20152017 EPS 0.06/0.01/0.10 0.35/0.31/0.45 5.78 P/B0.75/0.72/0.68x 6.85 2015 P/B 1x 6011792015 + 25% 2015 / 56.93/4.11-11.16%/+25.36% 0.08 Q2 EPS 0.05 / 3390/3240 / 5982/5286 16.98/13.93 19.2%/17.7% 32.12%/20.44%+7.12/+2.75pct 7-1000kV 800kV -800kV 35.37 90 6 / EPC GE 20152017 EPS0.17/0.21/0.25 6.08 P/E36/29/24x 2015 P/E40x 6.80 0026102015 2015 / 13.69 /4819 36.69% 32.92%EPS0.07 51%100% 88% 118-161% EVA 13.09% 2.09% 52% 1.79 78% 6430 EVA 13% 4680 7.73GW 10GW 2013 510.5MW 495MW 15.5MW2015 1.96 87.5% 500MW 280MW 2015 15
123 2015/16/17 38.82/48.09/57.78 2.23/3.16/4.10 EPS 0.31/0.44/0.57 2016 25x 11.00 0026652015 10-40% 2015 4.300.950.73 21.31%19.43%57.70% 7.28pct 1.13-1.43 10-40% 2.22 34.69% 26.81 4 4.70 1 0.38 50% 3 22-29 15-16 1.91 47% 10MW 2015 2016 250MW 7 2020 1GW Lanco 75% 2016 1.5 2015/16/17 EPS 0.41/0.58/0.99 2016 70% 2016 50 PE 29.09 0020742015 18.92 2.21 153.0%216.7% 122.9% 3pct 1-9 235%-275% 6 3.5 AH 1 AH 16
7 1.9 1.7 2.2 3.3 2015 2015 2 1.1 2015-17 EPS 0.49/0.81/1.11 2016 40 32.40 6012882015 1046 0.5%+2.2% Q2 502 1% 8% 2015 1.88% 7BP 3BP 22BP 5.79% 4 5.5%2015 2.78% 2.7%2016 2.5% 1 57.5% 2 3 2015 1032 37.4% 1886 1.09 E 2 0.29 1.83% 500 723 2015H2 0.9% 2015 4.37% 6% 2015/16 0.57/0.59 2014 0.55 2.98 5.2X/5.1X PE 2015 0.8X PB 2015 1.4X PB 5 A 6HKDH A0008692015 2015 28.3 22.8% 7.5 16.9% EPS1.09 2015 6 208 11.8% 22 +24.8% 68.5%-0.1pct 5.2 +11.1% 65.8%-0.3pct 17
2014 2015 155 CG GG 37.5% 75% 2625 1.6 7 2014 3593 55%45% 137 2015-19 3536 369538534000 4146 2015-2019 193278301317 343 1:7.2 5% 1% 2015-2017 EPS 1.62/1.86/2.08 2014 EPS 1.43 45 0009782015 EPS-0.01 15H 2.19 +15.80%-348.72 2979 EPS -0.01 15H 44.54% 9.07pcts 47.64% 5.07pcts 692 890 15H 138.24 +18.72% 9795.26 +15.78% 26.29 +19.28% 3967.20 +18.43% 13.52 +49.06% 4199.50 +19.49% 233.75 39.95 +22.73% 2008.19 +12.96% 1.35 2015 12 9 65 84 16-17 140/145 75% 1955/2066 1700/1761 24%-28% 2015 4 2015-2017 EPS 0.17/0.18/0.21 2016 PE 47 11.1 18
21,838 3.60% 9,863 4.62% 1,224 6.9% (01109.HK) (00688.HK) 10.5% 7.9% 1,500 7 6.0% (01848.HK) 85.8% 17.3% (01599.HK) 8.7% 10.2 A A 3,083.59 5.34% 10,254.35 3.58% 7,042.39 14.55% 6,933.05 3.85% 1,959.49 3.67% 29 NYMEX 42.56 3.96 10.26% ICE 47.56, 4.42 10.25% 369.26 16,654.77 2.27% 500 47.15 1987.66 2.43% 115.17 4,812.71 2.45%, / 300493.SZ 3,000.00 6.87 7 3 7 3 603936.SH 4,185.00 8.06 7 3 7 3 002780.SZ 1,700.00 9.42 7 3 7 3 603999.SH 6,000.00 9.77 7 3 7 3 603696.SH 3,000.00 10.10 7 3 7 3 603398.SH 2,400.00 13.97 7 3 7 3 300496.SZ 2,500.00 23.27 7 3 7 3 002783.SZ 2,087.00 28.61 7 3 7 3 002779.SZ 2,200.00 12.11 7 3 7 3 603800.SH 5,200.00 10.93 7 3 7 3 300492.SZ 2,080.00 6.90 7 6 7 6 603996.SH 5,010.00 10.52 7 6 7 6 603508.SH 4,000.00 33.56 7 6 7 6 002786.SZ 3,178.00 10.72 7 6 7 6 300495.SZ 1,670.00 36.08 7 6 7 6 002782.SZ 4,260.00 7.58 7 6 7 6 603778.SH 2,000.00 22.19 7 6 7 6 002781.SZ 6,000.00 13.31 7 6 7 6 002777.SZ 2,000.00 11.46 7 6 7 6 603866.SH 4,501.26 13.76 7 6 7 6 603299.SH 9,000.00 7 7 7 7 300494.SZ 3,000.00 7 7 7 7 300491.SZ 2,000.00 7 7 7 7 300490.SZ 2,500.00 7 7 7 7 002778.SZ 2,230.00 7 7 7 7 002787.SZ 3,520.00 7 7 7 7 002785.SZ 5,000.00 300497.SZ 1,800.00 Wind % 1 5 8.27-11.3-38 7.44-3.4-10 7.13-18.2 0 6.64-22.0 25 6.44-13.7 13 % 1 5 2.59-22.9 2 3.11-13.0 19 3.70-22.8 42 3.80-17.4 48 3.95-15.3 10 A PE PB 23890 185946 14 2.1 300 14074 102781 10 1.7 50 26252 21987 14 1.6 7497 6099 9 1.3 8764 7265 70 3.0 15984 12797 33 3.3 7813 6430-158 1.7 12274 9928 72 4.2 11632 10103 29 2.8 5543 4283 43 3.2 3502 3123 90 4.2 21201 17841 57 4.8 9237 7624 87 4.9 4559 3936 140 9.3 11229 9660 26 3.1 9746 8820 43 4.0 2237 1912 77 6.7 6424 5422 29 4.5 6238 4098 87 5.9 21543 18337 62 7.1 9944 8780 20 5.2 6554 5785 104 6.1 73534 47454 7 1.4 23954 17730 45 3.0 21149 16389 28 3.9 17461 14272 37 2.8 12004 10353 117 6.8 7569 5699 172 4.5 8941 8065 125 10.0 5952 5374 103 9.3 4583 3677 71 5.6 4444 3581 69 5.5 PEPB 14 19
2015 8 27 15.3 7.1 6.0 21.0 11.9 10.3 430208 15.3 10.5 8.6 300133 36.2 15.8 13.9 002508-132.9 10.4 19.8 0024652015 37.6 21.9 17.7 0022062015 25.3 14.4 11.1 6007412015 60.7 20.8 15.1 0023352015 0020482015 0008262015 0021262015 0021572015 6016282015 6003722015 0021792015 0020132015 6000502015, 6000382015 03360.HK2015 6 2015 8 26 A 20150826 6033692015 + 6001962015 6004062015 6011692015 3003522015 3000982015 3002732015 3001332015 IP 6000542015 3001822015 0026622015 0022422015 6006992015 3003262015 3001042015 0007892015 Q4 6005802015 3001152015 6000362015 6001182015 6008932015 6010982015 14 PE 15 PE 16 PE 73.2 21.2 16.4 59.2 24.6 25.3 19.0 14.5 11.8 17.8 12.8 9.4 66.1 34.2 27.6 44.1 18.7 14.2 12.4 8.6 7.4 18.7 23.0 19.9 22.9 16.4 14.2 68.0 26.4 19.6 6.0 5.8 5.6 20.8 16.7 15.2 41.4 19.4 17.1 16.0 18.3 13.5 28.9 22.1 19.1 49.1 33.3 26.9 65.7 36.8 28.3 39.2 27.9 32.1 73.1 43.9 32.9 114PE 14 21516 PE 3 PE PB 136,161 480.4 10 1.2 H 42,266 289.2 7 1.0 10,789 41.7 6 0.8 13,557 53.3 13 1.5 36,720 221.4 10 1.1 17,961 92.6 17 1.5 5,032 23.6 17 1.6 1,987 6.0 19 1.5 3,746 15.1 14 1.1 7,956 46.6 8 0.7 3,063 10.9 21 2.6 4,925 24.4 15 1.1 10,821 36.8 17 1.8 22,477 39.1 13 1.1 2,907 22.1 11 1.4 PEPB 14 20
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i ii 6 12 6 12 A 300 500 20% 5%20% -10%5% 10% 10% -10%10% 10% CLSA group of companies Z20374000 CLSA Singapore Pte Limited CLSA Singapore s.4a(1) CLSA Singapore,CLSA Singapore 1 33 25 2 34 27 3 35 36 iii A000002 1% https://www.clsa.com/disclosures/ CLSA group, CLSA Americas CA Taiwan Credit Agricole Corporate & Investment Bank / compliance_hk@clsa.com. CITIC Securities International USA, LLC CSI-USA CLSA group of companiesclsa Americas, LLC CLSA Americas 1934 15a-6 CSI-USA CLSA Americas CLSA group of companies CSI-USA CLSA Americas CLSA (UK) 2000 2005 19 2015