高盛某年中国投资策略报告(pdf 66页)英文版

高盛某年中国投资策略报告(英文版)目录：
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

高盛某年中国投资策略报告(英文版)内容简介：
The case for Chinese equities
In this comprehensive China investment guide, we outline our China market (Hong Kong-listed) strategy for 2005, and present our strategic framework of investing in China in the medium and long term. We introduce our GS China Model Portfolio,top ten stock picks, and include macro, sector, and company outlooks for 2005.
Chinese equities today resemble Japan in 1960 and Korea in 1984
If we use the timing of the Olympic Games as the benchmark, China is lagging Japan by 44 years and Korea by 20 years. In the 20 years post-1960 and 1984, four years before each nation hosted their first Olympic Games, the Nikkei 225 and KOSPI registered
annualized returns of 12.9% and 8.9%, respectively. We expect China equity markets to follow suit.

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