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著基本因素或未能支持股市向上突破

著著 2016 年 4 月 22 日著元 6

9 著

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

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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. 4.375% 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

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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