高盛2005年中国投资策略报告(PDF 66页)

1 The case for Chinese equities
2 Chinese equities resemble Japan in 1960 and Korea in 1984
6 Moderate potential upside in 2005
16 Structural change is the long-term driver
18 Renminbi appreciation and fund flow bonus
22 Thematic investment: Bias to earnings visibility and valuation
26 Goldman Sachs China Model Portfolio
30 Risks to our views
31 At the dawn of a high-growth period: Japan vs. China
36 Focus China: Where do we stand?
40 China: Investment growth will likely remain at high levels
49 Appendix
55 Performance review
58 China temperature check
59 Disclosures
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