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Investment Growth Slowed on Construction Scale-back Comments on January~April Property Data

Sector Update May 14, 2012 Jingbian NING SFC CE Ref: AVT719 Real Estate RESEARCH Ziyi YU ningjb@cicc.com.cn ziyi.yu@cicc.com.cn Investment Growth Slowed on Construction Scale-back Comments on January~April Pr¡­

report/6b473f237bebd1ac.html - 2012-05-14 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ

Tussle between Disintermediation and Deleveraging

Strategy Weekly May 11, 2012 Roger Xiaoqing XU SFC CE Ref: AJD284 Interest Rates Jianheng CHEN chenjh@cicc.com.cn FIXED INCOME xuxq@cicc.com.cn Mingxi LIU liumx@cicc.com.cn Tussle between Disintermediation ¡­

report/67eaec913a9ce039.html - 2012-05-11 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ

Results Review: Overall Earnings Weak£¬Segment Performance Diverging Small Cap Monthly Update for May

Sector Update May 11, 2012 Yafeng ZHU zhuyf@cicc.com.cn Small Cap RESEARCH Yongxi LI SFC CE Ref: AVN266 Results Review: Overall Earnings Weak, Segment Performance Diverging Small Cap Monthly Update for May l¡­

report/51401697d4bfd318.html - 2012-05-11 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ

HiSoft Technology International(HSFT.US)Strong 1Q Beats Guidance & Consensus With Solid Margin Perfo

Results Review May 11, 2012 Kai QIAN kai.qian@cicc.com.cn Software & Services RESEARCH BUY Haofei CHEN SFC CE Ref: AJD676 HiSoft Technology International (HSFT.US) Strong 1Q Beats Guidance & Consensus With Sol¡­

report/81df4743ed60681c.html - 2012-05-11 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ

Daily Research Focus

Daily Research Focus May 11, 2012 Index HSI HSCEI HSCCI SH?Comp. SH?B©\share SZ?Sub SZ?B©\share SSE180 Close 20227 10290 3949 2410 247 10278 667 5687 1D?Chg?(%) ©\0.5 ©\0.7 0.0 0.1 ©\1.0 ©\0.2 ©\0.4 0.1 YTD?(%) 9.7 3.6¡­

report/9e2b4ea781a2577c.html - 2012-05-11 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ

Still No Recovery in Sight£¬ Despite Price Cuts

Investment Focus May 10, 2012 Bin GUAN SFC CE Ref: AGL097 Oil & Gas RESEARCH guanbin@cicc.com.cn Still No Recovery in Sight, Despite Price Cuts Shuai HE heshuai@cicc.com.cn What¡¯s new The NDRC cut the ex¡­

report/777012fb21b49426.html - 2012-05-10 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ

Mindray(MR.US)Sales Momentum to Continue;Margin Pressure to Linger

Results Review May 9, 2012 Jessica LI, Ph.D SFC CE Ref: AWV098 Health Care RESEARCH BUY lijessica@cicc.com.cn Mindray (MR.US) Sales Momentum to Continue; Margin Pressure to Linger Financial highlights (USD ¡­

report/c51fe45d039de32a.html - 2012-05-09 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ

Daily Research Focus

Daily Research Focus May 8, 2012 Index HSI HSCEI HSCCI SH?Comp. SH?B©\share SZ?Sub SZ?B©\share SSE180 Close 20537 10574 4044 2452 251 10613 675 5801 1D?Chg?(%) ©\2.6 ©\2.8 ©\2.9 0.0 ©\0.2 0.4 ©\0.1 ©\0.1 YTD?(%) 11.4 6¡­

report/82ba48109066888b.html - 2012-05-08 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ

Fundamentals Remain Weak;Range-Bound Near Term

Investment Focus May 8, 2012 Hongyu CAI,CFA CAIA SFC CE Ref: ATX143 Metals & Mining RESEARCH caihy@cicc.com.cn Hefei DENG denghf@cicc.com.cn Fundamentals Remain Weak; Range-Bound Near Term Investment highl¡­

report/c11799db5fab7b5e.html - 2012-05-08 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ

Limited Upwards Momentum Near Term;Watch for Policy Directions

Investment Focus May 8, 2012 Hongyu CAI,CFA CAIA SFC CE Ref: ATX143 Coal RESEARCH caihy@cicc.com.cn Mingbing LIAO liaomb@cicc.com.cn Limited Upwards Momentum Near Term; Watch for Policy Directions Action Desp¡­

report/90a23471040a850a.html - 2012-05-08 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ

Gree(000651.SZ)Rmb100bn Sales Target;Expansion Regardless of Cycle

Investment Focus May 8, 2012 Wei HE Wei3.he@cicc.com.cn Home Appliances & Electronics Haiyan GUO SFC CE Ref: AIQ935 RESEARCH BUY Ben YU yuben@cicc.com.cn guohy@cicc.com.cn Gree (000651.SZ) Rmb100bn Sales T¡­

report/962e38ca2f6fa5a8.html - 2012-05-08 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ

Market Still Weak;Results Show Great Divergence 1Q12 Sector Results Review

Results Review May 8, 2012 Huimin WU SFC CE Ref: AUZ699 Machinery RESEARCH wuhm@cicc.com.cn Weichao SHE weichao.she@cicc.com.cn Market Still Weak; Results Show Great Divergence 1Q12 Sector Results Review ¡­

report/e86fc34206eb22c4.html - 2012-05-08 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ

Property Sales Weekly #213 April 30~May 6£¬ 2012

Sector Update May 8, 2012 Jingbian NING SFC CE Ref: AVT719 Real Estate Ziyi YU ziyi.yu@cicc.com.cn RESEARCH ningjb@cicc.com.cn Property Sales Weekly #213 April 30~May 6, 2012 Data highlights Sales data tra¡­

report/b4022252916a4f82.html - 2012-05-08 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ

Agriculture Weekly April 23~May 6£¬ 2012

Sector Update May 8, 2012 Paul Feiyang YUAN Xuefan ZHOU SFC CE Ref: AIZ727 Agriculture xuefan.zhou@cicc.com.cn RESEARCH yuanfy@cicc.com.cn Agriculture Weekly April 23~May 6, 2012 Shiyan WANG wangsy4@cicc.co¡­

report/bf5034ceaa0f4c86.html - 2012-05-08 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ

Base Metals Indonesia Export Restrictions

Sector Focus May 8, 2012 James LUKE lukej@cicc.com.cn Base Metals COMMODITIES RESEARCH Base Metals Indonesia Export Restrictions Janet Qingying KONG SFC CE Ref : ALV398 kongj@cicc.com.cn Zheng LIU liuzhe¡­

report/384e892052eb278a.html - 2012-05-08 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ

Prices in NW Bottomed; More Effort Needed on Joint Production Suspension in the East Cement Sector 1

Investment Focus May 8, 2012 Wei LUO SFC CE Ref: AIR591 Construction Materials RESEARCH luowei@cicc.com.cn Xue GUAN SFC CE Ref: AUZ743 Prices in NW Bottomed; More Effort Needed on Joint Production Suspension ¡­

report/5e70afd86865510f.html - 2012-05-08 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ

Growth Still Weak£¬Encouraging Policy Underway April Life Insurance Premium Preview

Sector Update May 7, 2012 Shengbo TANG, FCAS SFC CE Ref: AYT154 Insurance Junhua MAO SFC CE Ref: AMJ527 RESEARCH shengbo.tang@cicc.com.cn maojh@cicc.com.cn Xin LI xin3.li@cicc.com.cn Growth Still Weak, Enco¡­

report/16715559554043d0.html - 2012-05-07 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ

Earnings Growth to Further Decline¨CReview of 2011 and Outlook for 1Q12

English Highlights May 7, 2012 Zhenhai HOU SFC CE Ref: APV907 A-share Market RESEARCH houzh@cicc.com.cn Hui WANG wanghui@cicc.com.cn Earnings Growth to Further Decline ¨C Review of 2011 and Outlook for 1Q12 ¡­

report/b345701ac0936ca5.html - 2012-05-07 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ

How Credit Demand Stayed Low

Strategy Report May 7, 2012 Yuliang CHANG, CFA Kevin LIU SFC CE Ref: AOJ055 SFC CE Ref: AVH867 H-share Market kevin.liu@cicc.com.cn RESEARCH yuliang.chang@cicc.com.cn How Credit Demand Stayed Low Danruo ZOU ¡­

report/3d27fbbea4b42ce0.html - 2012-05-07 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ

Spreadtrum Communications(SPRD.US)1Q12 Slightly Beat; Expect to Beat 2Q12 Consensus

Results Review May 7, 2012 Hao GUO guohao@cicc.com.cn Technology Hardware & Equipment RESEARCH BUY Haofei CHEN SFC CE Ref: AJD676 Spreadtrum Communications (SPRD.US) 1Q12 Slightly Beat; Expect to Beat 2Q12 Con¡­

report/bf21781fb0b92e78.html - 2012-05-07 - Öнð¹«Ë¾ - - ÍâÐб¨¸æ