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2008 05 27 2008 05 27 6268 5768 5268 4768 4268 3768 3268 070528 070817 071115 080218 080514 300-108.55 3364.54-326.22 11890.17-566.29 24147.78-394.32 13242.09-313.66 5282.38-126.90 8707.83 225-322.01 13690.19-27.36 1800.58 - -145.99 12479.63-19.91 2444.67 500-18.42 1375.93 FTSE -94.30 6087.30 CAC +4.07 4937.84 DAX +9.79 6953.84 A (%) -7.5 7.6-6.7-8.4 2.9-8.8-14.0 8.4-9.0-14.9 14.0 1.4-19.9 5.6-6.2 (%) -44.9-5.8-13.1-40.1-7.0-9.0-39.8-8.1-12.4-39.7 2.4 3.0-39.7-9.4-13.3 (8621)61038257 zhaoli@gjzq.com.cn 969 15A 200011 2008 5 26 IPO : 123 300 (00941.HK)(00906.HK) 150.00 16.00 (00728.HK)(00906.HK) 5.50 25.80 (00941.HK) 135.00 105.00 150.00 此 报 告 仅 供 南 方 基 金 管 理 有 限 公 司 使 用 1

2008 05 27 (00941.HK) 155.00 (00941.HK) 165.00 (00941.HK) 153.00 (00728.HK)(00906.HK)(00762.HK) 5.14 21.65 16.56 (00763.HK) 37.14 12 38.00 44.00 (02342.HK) 3.50 H 33.05 8.36 (00883.HK) 15.00 16.00 (00386.HK) 7.20 77.00 (03368.HK) 89.80 84.50 (03368.HK) 101.00 (03368.HK) 88.00 DBS (00814.HK) 11.86 30.70 (01171.HK) 21.00 (01171.HK) 19.10 (01138.HK) 29.00 (01138.HK) 35.00 (00297.HK) 8.30 (00836.HK) 24.20 (00709.HK) 4.24 (00709.HK) 3.45 3.80 3.30 133.00 101.00 (00683.HK) 73.00 DBS 3.65 3.90 2

2008 05 27 2008 5 26 1 (26 ) 3% 2% 1% 3400 600 24100 24127 587 2.37% 50 100 747 415 3% 13221 1.44% 126.90 8707.83 7% 1175.93 1492.85 2.3% 322.01 13690.19 2.4% 1344.18 1.5%LG 1.5% 1800.58 5 19 4.6% 4 23 1800.79 1.1% Woolworths S&P/ASX 200 61 5707.0 5 7 1% 10% 2007 11.8% 1.8% 46.66 1.2% 147.79 2 4 3.3% 2% 4% 3

2008 05 27 3 4 3.3% 2% 4% 1 38 6.94 5 26 6.94 6.9399 2008 38 2008 5 26 6.9399 1 10.9550 100 6.7250 1 0.88947 1 13.7535 6.9498 2008 5.25% 26 2008 158 13 () () () 2010 4

2008 05 27 80 / 59 / 100 / 2007 8000 / 9000 / (17.16-0.50-2.83%) 6 14 IPO IPO ( ) IPO 2007 IPO IPO IPO IPO IPO 25 5

2008 05 27 20 3 5 24 5 1 0 7000 500 / 8000 / 8000 7800-8200 6 26 6

2008 05 27 15% 2008 [2008]39 2007 3 16 2007 3 16 2008 2007 65.1% 8% 57.1% 2200 ""4 "" 1500 : 7

2008 05 27 2008 4000-15000 2006 2008 1 1 12 31 2000 1 1 2004 12 31 4.8 ( 4.8 ) 7.5 1 2008 1 1 12 31 1999 1 1 2001 12 31 7 9 7.5 ( 7.5 )()23 ( 23 ) 4000 9 ( 9 ) III ( ) 15000 12000Kg ( 12000Kg) 12000Kg ( 12000Kg) 4000 9 11 2.5 4400 24 584 1200 5 1 8800 13 70 8

2008 05 27 123 123 74 123 74 3 2005 2006 100 50 2007 123 49 2007 2008 100 / 52 8.24 ( 1.12 ) 206.8 1.56 CPI 8% 4.8% 300 300 26 162 300 10 50 9

2008 05 27 1 02161038278 1 02161038242 2 02161038267 3 2008 5 02161038279 4 02161038269 5 02161038242 6 02161038317 1 2008 5 01066211648 1 20 04 07 8 08 2010 1.46 2.04 2.86 64%40.3% 40.1% EPS 0.514 0.722 1.011? 500 08 40%09 30%? 10%? 10 38-42 08 19.53-21.59 18.49 10

2008 05 27 A 07EPS () 08EPS () 08EPS () 09EPS () 09EPS () A () 0.725 1.463 1.692 1.591 1.865 78795.26 20080304 41.61 20080318 36.84 50.87 0.868 1.814 1.522 2.604 1.893 121200.00 20080421 42.39 20080522 59.00 54.95 1.102 1.619 1.593 1.865 2.004 56120.00 20080228 39.09 20080421 39.76 49.01 0.994 1.550 1.522 1.792 1.861 1649103.80 20071216 64.12 20080425 47.98 49.19 1.534 2.266 2.319 2.409 2.799 63919.00 20070816 54.11 20080328 52.18 78.12 0.096 1.311 0.918 1.718 1.308 63867.83 20080422 19.45 20080519 27.84 28.35 2.436 2.109 2.981 64700.00 20080102 89.71 20080331 50.14 32.70 0.634 0.277 0.570 0.401 0.794 6992195.10 20071213 22.07 20080428 11.34 12.81 0.735 0.695 0.728 0.739 0.848 16192207.78 20080320 21.90 20080429 17.06 17.16 0.160 1.401 2.039 1.799 3.189 17343.69 20080318 41.40 33.78 0.702 1.090 0.922 1.424 1.247 46926.46 20071210 28.32 20080314 25.77 13.88 0.335 0.480 0.448 0.582 0.549 7400.00 20080424 9.38 13.80 0.382 0.701 0.634 1.295 1.081 96277.06 20080115 25.20 20080525 16.29 15.30 0.504 0.526 0.509 0.827 0.738 31203.36 20080229 12.81 20080411 10.93 11.03 0.314 0.520 0.524 0.823 0.817 24592.75 20080407 13.69 20080427 15.41 14.46 0.443 0.801 0.704 1.159 1.060 19513.39 20080303 21.74 20080427 15.91 14.54 1.412 2.273 2.291 3.175 3.018 133323.42 20071029 80.09 20080414 52.02 56.01 0.290 0.275 0.399 0.314 0.479 328343.44 20071105 12.17 20080428 9.95 10.29 0.946 1.306 1.216 1.502 1.405 226629.68 20080428 17.68 16.45 1.040 1.443 1.423 1.763 1.771 614900.78 20071112 23.20 20080415 18.97 19.80 0.589 0.592 0.743 0.856 0.914 273765.00 20080506 9.26 8.52 0.342 0.440 0.499 0.503 0.547 281645.66 20071024 8.27 20080421 5.64 6.04 0.832 1.143 1.210 1.431 1.405 783800.00 20080114 22.71 20080422 13.07 14.53 0.726 1.122 1.008 1.241 1.145 1751200.00 20080327 12.85 20080429 12.97 12.26 0.620 0.457 0.818 0.498 1.084 67583.10 20080325 10.98 20080428 10.29 13.09 0.456 0.698 0.759 0.759 0.934 239368.45 20071026 10.22 20080228 10.99 7.12 0.520 0.783 0.849 1.133 1.030 76644.89 20080318 10.87 20080423 11.24 13.61 0.550 0.644 0.672 1.203 1.226 30669.00 20080523 20.44 18.40 0.567 0.899 0.832 0.962 0.926 114884.85 20080401 13.54 15.68 0.510 0.610 0.608 0.719 0.706 11000.00 20070806 18.51 20080506 14.05 12.65 11

2008 05 27 A 07EPS () 08EPS () 08EPS () 09EPS () 09EPS () A () 0.498 0.802 0.765 1.118 1.042 13129.60 20080516 26.04 26.24 0.533 0.574 0.586 0.497 0.712 37820.00 20080403 13.46 10.64 0.572 0.782 0.735 1.004 1.014 31214.90 20080417 15.62 16.22 1.890 0.993 1.754 1.243 2.497 27200.00 20080116 78.21 20080318 62.84 59.00 1.619 2.098 2.008 2.930 2.649 99200.00 20080306 52.88 38.81 0.900 1.217 1.068 1.641 1.390 35695.45 20080118 36.29 20080316 24.87 17.08 0.757 1.259 1.229 1.802 1.677 37217.24 20080302 37.97 20080519 32.15 27.95 1.514 2.711 2.436 3.813 3.429 16800.00 20080129 60.33 20080302 69.00 62.92 0.651 1.055 0.982 1.615 1.411 12800.00 20080421 29.48 34.62 0.830 0.887 0.887 1.372 1.372 15100.00 20080117 20080403 18.47 16.88 0.511 0.618 0.647 0.820 0.834 10857.70 20080428 14.37 18.00 0.879 1.061 1.012 1.272 1.162 51921.40 20080430 16.28 13.85 2.224 3.116 2.440 3.747 2.697 32263.50 20071130 49.65 20080323 40.50 30.99 4.404 6.886 7.350 9.679 9.736 66255.65 20080513 119.03 99.38 0.368 0.359 0.547 0.521 0.850 8539.83 20070919 20080326 26.25 19.90 0.471 0.630 0.608 0.681 0.702 1297675.71 20080103 27.05 20080329 17.77 15.47 1.030 1.038 1.061 1.070 1.090 46486.83 20071027 24.11 20080410 17.98 15.79 0.414 0.740 0.735 0.850 0.844 167476.91 20080117 27.17 20080313 20.35 18.03 0.322 0.377 0.392 0.456 0.537 110102.73 20080416 13.76 14.04 0.286 0.471 0.574 0.680 0.720 172922.28 20080113 20.00 20080429 9.19 8.22 0.311 0.441 0.705 0.590 1.057 31462.93 20080303 22.56 20080312 19.45 14.25 0.418 0.603 0.602 0.784 0.837 15500.00 20070905 19.67 20080228 20.98 11.80 0.771 1.047 1.078 1.444 1.454 15006.22 20071121 25.10 20080519 24.00 21.81 0.314 0.514 0.521 0.722 0.761 28290.00 20080115 19.20 20080526 18.49 18.49 0.432 0.639 0.595 0.905 0.784 19200.00 20071029 15.30 20080514 21.48 19.55 0.456 0.530 0.566 0.607 0.720 13400.00 20080521 9.33 12.20 0.277 0.343 0.410 0.419 0.563 8293.99 20080222 18.05 20080416 12.95 12.91 0.437 0.470 0.461 0.572 0.525 44724.07 20080519 14.54 12.85 0.264 0.960 0.815 1.239 0.975 38699.55 20080512 32.28 27.86 12

2008 05 27 A 07EPS () 08EPS () 08EPS () 09EPS () 09EPS () A () 0.328 0.380 0.388 0.432 0.448 163429.20 20080526 19.71 19.71 1.483 1.122 0.874 1.327 1.096 22620.00 20080120 57.97 20080312 49.29 29.69 0.314 0.481 0.426 0.842 0.661 12192.50 20080128 22.49 20080424 17.76 16.31 0.788 0.855 0.984 1.091 1.187 10750.00 20080507 10.61 27.40 0.318 0.405 0.386 0.584 0.495 63360.00 20071022 13.75 20080421 12.63 11.29 0.189 0.298 0.378 0.732 0.665 68752.00 20080303 26.35 20080512 20.56 18.31 0.336 0.609 0.585 0.848 0.794 43854.00 20080107 20.20 20080421 14.69 17.25 0.459 0.795 0.734 1.152 0.996 19008.60 20080312 27.02 20080519 24.27 23.60 0.555 1.053 1.009 1.426 1.336 139423.95 20080513 37.59 37.66 1.205 1.889 1.821 2.589 2.436 34881.60 20080326 76.12 20080421 76.60 76.35 0.240 0.426 0.333 0.633 0.451 37248.00 20080429 19.37 19.83 0.225 3.616 3.305 4.011 3.306 34206.00 20080414 38.87 20080430 43.36 52.65 0.992 0.844 0.852 1.029 1.123 47641.33 20080123 31.44 20080414 25.92 28.79 0.126 2.420 1.773 3.253 2.178 45006.00 20080423 19.93 20080514 28.70 25.11 0.362 0.519 0.555 0.673 0.744 26644.02 20080318 17.59 20080512 22.37 20.77 0.590 0.438 0.410 0.457 0.467 32400.00 20071018 12.68 20080311 13.25 10.01 0.399 0.590 0.553 0.746 0.731 43406.00 20080409 14.55 20080425 14.48 15.23 0.506 7.523 0.701 0.852 0.662 123777.49 20080329 15.60 20080429 15.30 14.89 1.371 1.608 1.507 2.516 2.133 92795.72 20071213 36.89 20080512 20.36 17.85 1.148 1.002 0.882 1.439 1.271 81704.56 20080324 20.86 20080506 19.47 15.99 0.312 0.461 0.458 0.618 0.695 121566.90 20080407 15.66 11.02 1.305 1.806 1.847 2.930 2.658 79937.06 20080125 79.55 20080311 63.60 68.40 0.438 0.332 0.356 0.409 0.438 10700.00 20080421 N/A 12.90 0.511 0.519 0.521 0.729 0.693 41910.52 20080320 16.00 15.47 0.284 0.548 0.509 0.787 0.719 36266.37 20080228 18.24 20080410 13.88 13.14 0.425 0.475 0.415 0.592 0.509 19000.00 20080303 N/A 12.75 0.494 0.480 0.499 0.529 0.646 95702.34 20080424 9.39 8.67 0.241 0.360 0.489 0.315 0.550 175601.79 20080520 8.60 9.30 0.903 0.977 0.939 1.437 1.275 32988.80 20080314 24.24 20080428 19.84 21.18 13

2008 05 27 A 07EPS () 08EPS () 08EPS () 09EPS () 09EPS () A () 0.499 0.634 0.636 0.832 0.876 10716.60 20080507 12.66 36.18 0.197 0.245 0.289 0.416 0.426 13663.20 20080414 10.86 15.98 0.779 0.859 0.907 0.920 1.099 46272.76 20080214 27.44 20080414 25.17 28.23 0.201 0.210 0.237 0.385 0.353 33600.00 20080423 7.61 8.38 0.340 0.386 0.386 0.471 0.471 62579.92 20080516 9.46 9.09 0.348 0.363 0.324 0.719 0.719 26900.05 20071102 13.83 20080312 16.11 12.51 14

2008 05 27 (00941.HK)(00906.HK) 150.00 16.00 (00728.HK)(00906.HK) 5.50 25.80 (00941.HK) (00906.HK) 150.00 16.00 (00728.HK)(00906.HK) 5.50 25.80 09 (00941.HK) 135.00 105.00 (00941.HK) 135.00 105.00 APRU 09 10 4 11% 08 6.04 6.03 09 7.23 6.92 25% 150.00 (00941.HK) 150.00 150 08 23 2.5% 08 10 1270 1190 1090 (00941.HK) 155.00 (00941.HK) 155.00 TD-SCDMA WCDMA (00941.HK) 165.00 (00941.HK) 165.00 3 15

2008 05 27 (00941.HK) 153.00 (00728.HK)(00906.HK)(00762.HK) 5.14 21.65 16.56 (00941.HK) 153.00 (00728.HK)(00906.HK)(00762.HK) 5.14 21.65 16.56 (00763.HK) 37.14 (00763.HK) TD-SCDMA 2007-2009 86%TD-SCDMA TD-SCDMA 40% (0762.HK) WCDMA (0728.HK) CDMA2000 37.14 12 38.00 44.00 (00763.HK) 2009 110 3G 3G 2009 60 CDMA 30% GSM 5% CDMA 12 38.00 44.00 (02342.HK) 3.50 (02342.HK) 3.50 (00941.HK) H 33.05 (03968.HK) (96.HK) 07 96 ; H 33.05 35 6.16 7.44 5.4 6.8 16

2008 05 27 8.36 (00696.HK) 10 8.36 07 07 12.3 1.1 6.39 1.745 2% 8 24% 8.36 (00883.HK) 15.00 16.00 (00386.HK) 7.20 (00883.HK) 19.8 15.00 16.00 (00386.HK)10.9 7.20 77.00 (03368.HK) 77.00 08 15% 15-18% (0825.HK) 27% (03368.HK) 89.80 84.50 (03368.HK) 89.80 84.50 40% 2.25 2.29 35.6 2008 24.8 2009 (03368.HK) 101.00 (03368.HK) 2008 ( 40% 2.25 )2008 15.3% 2007 18.4% 2008 (14-19%) 2008 101.00 (03368.HK) 88.00 17

2008 05 27 (03368.HK) 88.00 Chen Luo A 34 2.4 2% 08 40% 40% DBS (00814.HK) 11.86 DBS (00814.HK) 32% 20.7 18% 46% 34% 2.65 DBS 1.5 16.2% 1.9 16.7% 2008 12.8 DBS 11.86 30.70 30.70 7 6 3% 08 5% 30.70 (01171.HK) 21.00 (01171.HK) 21.00 08 38% 25% (01898-HK)(01088-HK) 10% 15% 21.00 (01171.HK) 19.10 (01171.HK) 2008 63% 19.10 20 15.32 4 40% (01138.HK) 29.00 (01138.HK) 2008 11.2 18

2008 05 27 29.00 2008 13 (01138.HK) 35.00 (01138.HK) 35.00 16.9 2008 40% 1.6% 24.80 5 16 28.60 (00297.HK) 8.30 (00297.HK) 8.30 2008-10 7% 2008 / 6 8 (00836.HK) 24.20 (00836.HK) (IPP) Anna Yu 2008 IPP ( 47%)(7%) 24.20 (00709.HK) 4.24 (00709.HK) 40.8% 4.4% 12% 10%-11% 07 7.4% 4.24 (00709.HK) 3.45 3.80 3.30 (00709.HK) 14.7% 27% 3.45 3.80 3.30 19

2008 05 27 133.00 101.00 (00001.HK) (00013.HK) 8.2% 9.2% 4.86 5.26 2.98 3.25 133.00 101.00 09 12.73 10.8 09 4.65 4.44 2010 4% (00683.HK) 73.00 (00683.HK) 73.00 45% 38% 11 2007 2700 18%(0101.HK) 14%(0688.HK) 31% 90 260 DBS 3.65 3.90 DBS (00345.HK) Unicurd Food 4 DBS 2.00 5.3% 3.65 3.90 16 2009 A A A H 08EPS 08EPS 09EPS 09EPS 10EPS 10EPS (A ) (H ) (%) () () () () () () () () 68.40 36.35 88.17% 53636.40 16015.10 1.878 1.847 3.120 2.658 3.942 3.565 4.25 1.22 248.36% 39144.98 25795.00 0.014 0.030 0.030 6.03 1.95 209.23% 22736.00 18080.00 0.252 0.301 0.301 6.48 2.03 219.21% 11952.65 15000.00 0.100 0.120 0.160 19.80 20.10-1.49% 128132.75 108580.00 1.443 1.423 1.763 1.771 1.955 1.912 ST 6.29 0.89 606.74% 23411.70 45958.98 0.190 0.229 0.229 10.00 5.87 70.36% 287821.33 305538.34 0.321 0.399 0.437 6.16 5.67 8.64% 63172.20 49301.00 0.468 0.511 0.630 28.48 24.00 18.67% 53005.23 129600.00 1.606 1.889 2.111 2.477 12.81 7.05 81.70% 849902.85 1678048.80 0.277 0.570 0.401 0.794 0.441 0.985 10.30 4.49 129.40% 100000.00 117417.80 0.841 0.883 1.385 29.27 27.65 5.86% 724593.61 266200.00 2.123 1.592 2.642 2.043 3.272 2.583 9.88 3.35 194.93% 39600.00 156695.00 0.217 0.250 0.535 24.04 15.74 52.73% 36000.00 195840.00 1.021 1.200 1.367 14.84 6.99 112.30% 20348.65 21990.00 0.508 0.511 0.562 0.580 0.677 0.717 29.12 17.48 66.59% 28252.08 138748.20 1.751 1.917 1.948 7.13 6.03 18.24% 40679.84 122200.00 0.408 0.483 0.580 7.41 4.75 56.00% 21780.00 74750.00 0.377 0.536 0.628 20

2008 05 27 A A A H 08EPS 08EPS 09EPS 09EPS 10EPS 10EPS (A ) (H ) (%) () () () () () () () () 56.01 64.45-13.10% 49909.77 43320.00 2.273 2.291 3.175 3.018 4.068 3.782 26.49 20.90 26.75% 23575.55 65506.92 0.707 0.662 0.922 0.911 1.146 1.181 35.05 25.50 37.45% 16062.90 15739.80 2.522 3.239 3.741 S 8.13 2.92 178.42% 72000.00 233000.00 0.184 0.254 0.156 10.16 2.21 359.73% 7830.00 24200.00 0.154 0.180 0.156 16.22 7.85 106.62% 15338.12 11271.59 0.781 0.735 1.003 1.014 1.205 1.196 7.63 5.69 34.09% 119506.17 173293.00 0.367 0.493 0.497 0.591 0.494 6.11 1.75 249.14% 14156.00 10000.00 0.071-0.030 0.104 0.010 0.010 S 5.99 1.62 269.75% 20000.00 140000.00 0.010 0.013 0.019 11.19 2.98 275.50% 42314.18 34000.00 0.146 0.155 0.155 32.70 26.05 25.53% 25064.42 17000.00 2.109 2.981 3.992 *ST 4.69 0.87 439.08% 7100.00 25000.00 0.127 0.163 0.163 5.60 2.50 124.00% 114089.89 143102.80 0.164 0.218 0.233 4.72 3.85 22.60% 649350.60 7602025.13 0.289 0.297 0.353 0.372 0.416 0.445 12.34 5.42 127.68% 163900.00 440568.34 0.493 0.610 0.843 8.35 2.94 184.01% 150000.00 70702.00 0.194 0.293 0.369 5.81 5.70 1.93% 1495000.00 8305650.20 0.367 0.355 0.447 0.434 0.518 0.534 12.41 4.97 149.70% 441276.02 326972.35 0.221 0.292 0.462 5.12 3.90 31.28% 274798.70 143130.00 0.242 0.276 0.320 28.51 30.35-6.06% 150000.00 744117.50 0.842 0.825 1.104 1.081 1.276 1.253 8.36 3.91 113.81% 35000.00 53812.72 0.341 0.309 0.473 52.88 62.45-15.32% 392658.66 255864.37 1.148 1.901 1.445 2.214 1.808 2.606 58.72 41.65 40.98% 17551.30 12650.00 4.802 4.687 4.947 5.327 6.326 6.24 4.99 25.05% 230193.27 1240180.25 0.350 0.355 0.457 0.442 0.581 0.530 8.74 9.95-12.16% 1547638.03 2306446.81 0.603 0.619 0.743 0.774 0.938 0.980 19.12 13.10 45.95% 393130.49 394396.60 0.861 0.990 1.091 25.85 22.20 16.44% 124886.74 258060.00 0.283 2.452 0.402 2.269 2.517 7.04 6.60 6.67% 900000.00 22468908.40 0.478 0.454 0.577 0.562 0.692 0.670 25.91 14.50 78.69% 50000.00 153485.20 0.700 0.678 0.826 0.910 49.19 34.05 44.46% 180000.00 339858.25 1.550 1.522 1.792 1.861 1.932 2.102 17.16 10.62 61.58% 400000.00 2109890.00 0.695 0.728 0.739 0.848 0.982 0.918 6.71 7.01-4.28% 467500.00 420739.00 0.209 0.283 0.366 6.03 3.61 67.04% 233662.50 375100.00 0.311 0.301 0.379 0.373 0.407 9.08 7.70 17.92% 105000.00 400544.00 0.272 0.320 0.364 20.29 16.98 19.49% 152533.34 410666.30 0.488 0.572 0.645 0.760 0.874 10.72 11.82-9.31% 196000.00 207629.60 0.347 0.481 0.654 21

2008 05 27 612 20% 612 10%20% 612-10%10% 612 10%20% 612 20% 36 5% 36-5%5% 36 5% 22