投资金融之StockMarketsinChina041206新鸿基金融集团.docx

Stock Markets in ChinaA-sharesinShanghaiandShenzhenended1.4%loweraspetrochemical producers and auto companies were pressured byprofit worries. Petrochemical stocks sagged on cost concerns, asWeeklyReview6 Dec 2004All Reports are available at:http:/www.SHKBloomberg Code: Investment Daily Note 8 Sep 2003crude prices remain high. Asias largest oil refiner China Petroleum& Chemical Corp (Sinopec) (SHA 600028; HK 0386; NYSE SNP) fellRMB0.08, or 1.77%, to RMB4.45 while Jinzhou Petrochemical Co Ltd(SZA 000763) lost RMB0.10, or 1.89%, to RMB5.18. ST Jilin ChemicalIndustrial Co Ltd (SZA 000618; HK 0368) slipped RMB0.09, or1.53%, to RMB5.79 and Sinopec Yangzi Petrochemical Co Ltd (SZA000866) lost RMB0.01, or 0.09%, to RMB11.44. Among other losingcounters, Beijing Double-Crane Pharmaceutical Co Ltd (SHA600062) fell RMB0.06, or 1.15%, to RMB5.16 after it said ChinaWorldbest Life Industry had acquired a 50% stake in its largestshareholder, Beijing Pharmaceutical Group Co.Automakers were hit by official statistics showing that theirJanuary-September profits fell for the first time in five years. TheNational Bureau of Statistics said that in the first three quarters,combined profits in the automobile industry fell 7.9% yoy, the firstdrop since 1999, with combined profits of the third quarter falling33.6 pct yoy, due to price cuts and falling output and sales. Thedownturn of auto industry is expected to stay, as overall outputcapacity is greater than demand due to weak consumer confidence.Anhui Ankai Automobile Co Ltd (SZA 000868) lost RMB0.08, or2.13%, to RMB3.67. Yangzhou Yaxing Motor Coach Co Ltd (SHA600213) ebbed RMB0.10, or 2.27%, to RMB4.30. ChongqingChangan Automobile Co Ltd (SZA 000625; SZB 200625), a partnerof Ford Motor Co, fell RMB0.10, or 1.71%, to RMB5.75.China is planning to inject capital into two state banks. According tothe Securities Times, Industrial and Commercial Bank of China(ICBC), the countrys largest lender, and Agricultural Bank of Chinawill receive funding from the government to dispose of theirnonperforming loans and establish new corporate governancestructure. In December 2003, Beijing injected US$45bn of statefunds into the Bank of China and the China Construction Bank, twoother Big Four state banks, to help them list overseas. Both banksare seeking strategic foreign investors and preparing for anoverseas initial public offering, possibly next year. China may needbetween US$160bn and US$200bn to complete transformation ofthe ICBC and the Agricultural Bank.1Stock Markets in ChinaChina launched investigation into troubled brokerages. According toa circular published in its website, the China Securities RegulatoryCommission (CSRC) has required the countrys 130 brokeragehouses to conduct internal investigations into possible illegal usesof client funds and reported the situation to the regulator before 15November 2004. The regulator prohibits problem brokerages fromlaunching new wealth management services, increasing the size oftheir own investment or paying out dividends before they repay thefunds to clients. The brokerages have been ordered to cut operatingcosts and barred from purchasing properties and automobilesbefore they repay the funds. The CSRC has also ordered brokeragesto work with their custodian banks to establish an effective andindependent supervision system before the end of 2005 to makesure no new cases of misuses of client funds emerge. One of thespecific measures brokerage houses need to undertake is toseparate their own trading accounts from clients accounts. Theregulator said that managers of brokerages that fail to meet therequirements by the deadline or report false information will berelieved of their positions or face prosecution for economic crimes.Niki Chu(852) 2822 5031Stock Market in China Note - Weekly Review 6 Dec 20042Shanghai A% Change(wow)Shenzhen A% Change(wow)Index closing (3 Dec 04)Average turnover (US$m)Market cap (RMBbn) 3 Dec 04Valuation (PER X)Largest gainersBiggest losersIndex closing (3 Dec 04)Average turnover (US$m)Market cap (US$bn) 3 Dec 04Valuation (PER X)Largest gainersBiggest losers1403.9797.22690.028.2GUANGDONG YING-ACHINA TELEVISI-AGINWA ENTERP-AFUJIAN MINYUE-AHUDA TECHNOLOG-AXIAN TYPICALShanghai B32.8SHANG DAJIANG-BJINAN QINGQI M-BSHANG BAOSIGHT-BSHANG ZHENHUA-BSHANGHAI POSTS-BSHANG TYRE & R-B(1.4)(24.6)(1.5)(1.4)27.325.115.6(16.3)(13.5)(12.6)% Change(wow)(1.7)30.1(1.7)(1.7)(6.6)(4.1)(3.9)357.1532.61140.034.2TAIYUAN TWIN-AANHUI FENGYUAN PSHENZ HUAXIN-ASHANDONG LUNEN-ASHENZ YANTIAN-ADAYE SPECIAL S-AShenzhen B240.312.05.914.9SHENZ BENELUX-BSHANDONG ZHONGLUWUHAN BOILER-BTSANN KUEN ENT-BCHONGQING CHAN-BGUANGDONG ELEC-B(0.9)(19.3)(0.9)(0.9)33.814.914.7(34.8)(9.8)(7.6)% Change(wow)(0.3)(36.4)(0.3)(0.3)(4.2)(3.8)(3.8)Shenzhen market performance as at 2004/12/3Lastwow change (%)mom change (%)yoy change (%)SZSE A SHARE INDEXSZSE B SHARE INDEXSZSE COMPOSITE INDEXAGRICULTURE INDEXMINING INDEXMANUFACTURE INDEXFOOD INDEXTEXTILES INDEXTIMBER INDEXPAPER INDEXPETROCHEM INDEXELECTRONICS INDEXMETALS INDEXMACHINERY INDEXPHARMACEU INDEXUTILITIES INDEXTAHNSPORT INDEXIT INDEXWHOLE & RETAIL INDEXFINANCIALS INDEXREAL ESTATE INDEXSERVICE INDEXMEDIA INDEXCONGOMERATE INDEX357.1240.3343.2238.5510.1338.3378.5287.0106.7342.1356.4288.8407.6326.9238.3388.7526.8362.6297.7294.1351.4280.5343.2276.1(0.9)(0.3)(0.8)3.6(4.3)(0.7)(2.6)0.55.9(1.5)(1.6)0.4(0.5)(0.3)0.6(4.8)(3.4)2.20.6(2.9)0.6(0.5)8.06.1(0.2)(1.4)6.36.011.16.3(10.1)(12.0)(10.2)(15.3)12.3(12.3)7.8(14.0)(49.8)(15.6)(2.5)(11.6)(6.3)(27.1)(15.1)(22.0)7.08.9(10.9)(20.1)(2.5)(14.7)10.5(18.6)Source: BloombergStock Market in China Note - Weekly Review 6 Dec 20043Shanghai market performance as at 2004/12/3Lastwow change (%)mom change (%)yoy change (%)SSE A SHARE INDEXSSE B SHARE INDEXSSE COMPOSITE INDEXINDUST INDEXCOMMERICAL INDEXPROPERTY INDEXUTILITY INDEX1403.982.41337.21061.2994.51054.12438.3(1.4)(1.7)(1.4)(1.7)1.90.3(2.4)2.0(7.6)(25.8)(7.9)(7.4)(5.5)(24.7)(6.0)Source: BloombergShare price of companies with A-share and H-share listingCompany NameNANJING PANDALUOYANG GLASSJIAODA KUNJI HIGGUANGZHOU SHIPPINGNE ELECTRICSHANDONG XINHGUANGZHOU PHARMACEUTICALSINOPEC YIZHENGDONGFANG ELECTCHINA EASTERN AIRLINESTIANJIN CAPGUANGDONG KELJINGWEI TEXTILBEIREN PRINTINGJILIN CHEMICALSHENZHEN EXPRESSSINOPEC SHANGHAI PETROCHEMJIANGSU EXPRESSWANHUI EXPRESSCHINA SOUTHERN AIRLINESCHINA PETROLEUMCHINA SHIPPINGANGANG NEW STEJIANGXI COPPER CMAANSHAN IRONTSINGTAO BREWERYHUANENG POWERYANZHOU COALANHUI CONCHH-Share code553110830031742719874103310726701065921350187368548338177995105538611383473583231689021171914Last Price1.550.981.41.671.664.81.782.62.051.982.4252.652.8252.7753.53.7253.2753.1757.1544.7753.1257.66.1511.658.85A-Share code600775600876600806600685000585000756600332600871600875600115600874000921000666600860000618600548600688600377600012600029600028600026000898600362600808600600600011600188600585Last Price7.474.155.445.152.734.925.494.6712.354.436.475.094.865.95.764.854.655.745.794.854.349.665.256.163.949.537.5213.759.1A share premium (discount)to H share (%)381.9336.8335.2325.6301.5251.4228.7181.3157.3148.9148.8148.3145.5143.3117.471.767.664.055.448.136.735.131.329.026.125.422.318.02.8Source: BloombergStock Market in China Note - Weekly Review 6 Dec 20044H SharesNameLastPrice1 WeekPricechange(%)IssuedShares (m)EPS(HK$)PER(X)P/B(X)EBITmargins(%)ROAE(%)38427410716116817718730031732332533834735035735836838652554855357658859867069469671972873974785787490291492198099199510331053105510651071107211081122112811331138117112021211FIRST TRACTOR-HNORTHEAST ELEC-HGREAT WALL T-HSICHUAN EXP-HCATIC SHENZ-HTSINGTAO BREW-HJIANGSU EXPRES-HBEIREN PRINT-HJIAODA KUNJI-HGUANGZHOU SHIP-HMAANSHAN IRON-HSINOPEC BEIJ-HSINOPEC SHANG-HANGANG NEW STE-HJINGWEI TEXTIL-HHAINAN MEILAN-HJIANGXI COPPER-HJILIN CHEM IND-HCHINA PETROLEU-HGUANGSHEN RAIL-HSHENZ EXPRESS-HNANJING PANDA-HZHEJIANG EXPRESSBEIJING NORTH STSINOTRANS LTD-HCHINA EAST AIR-HBEIJING CAP AI-HTRAVELSKY TECHSHANDONG XINHU-HCHINA TELECOM-HZHEJIANG GLASS-HSHENYANG PUB-HPETROCHINA CO-HGUANGZHOU PHAR-HHUANENG POWER-HANHUI CONCH-HGUANGDONG KEL-HLIANHUA SUPERM-HDATANG INTL PO-HANHUI EXPRESS-HSINOPEC YIZ-HCHONGQING IRON-HCHINA SOUTH A-HTIANJIN CAP-HHUADIAN POWER INDONGFANG ELECT-HLUOYANG GLASS-HQINGLING MOTOR-HSINOPEC ZHENHA-HHARBIN POWER-HCHINA SHIP-HYANZHOU COAL-HCHENGDU PUTIAN-HBYD CO LTD-H1.150.681.750.961.457.603.502.432.902.784.001.986.204.782.653.182.802.831.555.601.772.481.783.386.151.402.952.400.634.251.676.158.852.0531.663.383.282.602.584.800.951.077.902.107.1511.650.7611.820.991.507.403.582.451.232.933.951.926.254.752.653.252.682.881.575.701.652.631.733.086.301.432.902.450.644.331.646.159.452.0310.406.303.951.713.453.302.752.685.050.961.078.052.236.9511.800.7822.40(3.36)(4.23)(3.85)(3.03)(3.33)2.70(2.10)(1.02)(2.34)(0.82)(1.57)(4.13)(5.13)1.273.13(0.80)0.530.00(2.31)4.67(1.74)(1.27)(1.75)7.27(5.71)2.899.76(2.38)(2.10)1.72(2.04)(1.56)(1.73)1.830.00(6.35)1.23(1.92)(2.38)(5.70)(2.92)(2.17)(0.76)(5.45)(3.74)(4.95)(1.04)0.00(1.86)(5.62)2.88(1.27)(2.56)3.57335.00257.95453.87895.32242.00406.851222.00100.0065.00157.401732.931012.002330.00890.00180.80226.911156.48964.7816780.491431.30747.50242.001433.85707.021787.411566.951346.15310.85150.0013877.41178.71420.4017582.42219.903055.38433.20459.59172.501430.67493.011400.00413.941174.18340.001431.03170.00250.001238.65723.76469.151296.001224.00160.00149.500.020.030.150.080.030.060.050.480.290.350.120.450.17(0.20)0.100.270.110.330.320.020.400.180.450.620.190.330.350.210.070.92(0.09)4(0.49)0.060.430.050.310.48(0.20)1.6054.7621.2511.8211.8520.7131.6717.5010.6419.8424.207.5815.2614.238.266.8319.3825.1322.0812.7023.336.8610.3324.1411.4914.56(9.13)33.7522.7812.398.947.6231.5010.639.2313.6714.2710.7930.9117.5717.6525.543.68(36.39)12.3813.14117.07(1.94)17.8318.3746.6723.2124.27(3.80)14.500.471.120.720.550.832.461.440.910.620.971.451.841.421.430.522.242.624.00N/A1.251.080.942.550.711.801.451.882.020.471.811.190.372.230.572.332.680.774.992.151.480.791.191.281.821.582.380.900.422.300.893.463.210.534.060.645.792.6130.149.068.8254.3711.447.012.2718.389.097.1512.524.5851.8714.254.469.4224.0268.502.2766.7915.426.431.6331.2326.234.7327.3932.085.6233.154.3730.7930.955.662.2332.0052.573.5619.642.6172.6125.872.39(22.69)5.056.142.9525.8128.84(4.48)23.390.795.065.914.453.817.347.798.872.943.8119.5911.879.6717.387.3611.1710.2018.6213.024.9815.609.2710.175.9317.39(13.80)5.418.533.6317.3815.680.9620.685.8616.8719.777.0817.5312.048.102.9235.35(3.33)14.2911.761.95(35.44)2.3312.311.7914.6913.16(12.62)29.53Source: BloombergStock Market in China Note - Weekly Review 6 Dec 20045H SharesNameLastPrice1 WeekPricechange(%)IssuedShares (m)EPS(HK$)PER(X)P/B(X)EBITmargins(%)ROAE(%)231823282333233723382355235726002628269828662868288328998045804980678069809580998102810681158135815781888189819681978199820582088211822782308231823582368243824982538258825982618273827782858286828782908301PING AN INSURA-HPICC PROPERTY &GREAT WALL AUT-HSHANGHAI FORTE LWEICHAI POWER-HBAOYE GROUP CO-HAVICHINA INDUS-HALUMINUM CORP-HCHINA LIFE INSURWEIQIAO TEXTI-HCHINA SHIPPING-HBEIJING CAPITALCHINA OILFIELD-HZIJIN MINING GRPJIANGSU NANDASOFJILIN PROVINCE-HCHANGCHUN DA-HTONG REN TANG-HBEIJING BEIDAZHENGZHOU GAS COSHANGHAI FUDAN-HZHEDA LANDE-HSHANGHAI QINGPUCHENGDU TOP SC-HCAPINFO CO LTD-HMUDAN AUTOMOBI-HTIANJIN TEDA-HLAUNCH TECH CO-HNORTHEAST TIGERSHANDONG WEIG-HJIAODA WITHUB-HCHANGMAO BIOCH-HZHEJIANG YONGL-HXIAN HAITIAN ANSHENZHEN DONGJ-HSHANGHAI FUDAN-HCCID CONSULTIN-HPOWERLEADER SC-HNANJING DAHE OUTNINGBO YIDONG-HSANMENXIA TIAN-HSHAANXI NEW TE-HYANTAI NORTH ANDSHANDONG MOLON-HZHEJIANG PROS-HWUMART STORESSHENZHEN EVOC-HSHANXI CHANGCH-HNANJING SAMPLE-HTIANJIN TIANLI-HSHENZHEN MINGW-H13.752.903.782.5019.454.200.814.985.7011.853.302.132.383.600.300.180.3016.700.640.720.430.320.750.280.200.450.201.970.080.810.250.340.300.370.440.290.210.570.370.550.891.1613.300.530.356.150.580.3013.502.933.802.6017.954.380.814.985.8011.653.402.182.353.750.310.180.3016.750.700.730.460.320.750.280.170.470.201.980.070.800.280.360.290.340.450.300.210.560.380.510.891.2314.700.630.386.350.520.301.85(0.85)(0.66)(3.85)8.36(4.00)0.000.00(1.72)1.72(2.94)(2.30)1.06(4.00)(4.84)(3.85)0.00(0.30)(8.57)(1.37)(7.61)0.000.000.0016.96(4.26)(2.01)(0.51)12.681.25(10.71)(5.56)3.458.82(2.22)(5.00)0.001.79(2.63)0.00(4.35)(0.97)(5.41)0.00(5.69)(9.52)(15.87)(6.67)(3.15)11.540.002558.643455.98262.20733.01126.50180.681679.803299.877441.18344.682420.00564.631534.85801.09234.00172.50161.0072.80484.80550.66249.35112.1355.56169.00774.5088.55100.00190.00207.00264.50132.00183.70250.00161.77177.90198.00209.00220.00250.00130.00350.02230.00558.50138.2823.00105.54116.80110.0020.40330.00200.200.470.170.760.301.290.260.130.34(0.07)0.890.470.010.020.040.950.010.04(0.01)0.040.05(0.02)0.00(0.05)(0.06)0.110.000.080.000.030.040.080.04(0.03)0.020.030.040.120.070.020.080.140.040.460.030.0329.2616.965.008.2515.0816.476.0414.63(81.43)13.317.1711.4920.3021.8222.6910.947.7617.5891.4317.14(38.64)8.8916.30(18.67)100.00(9.00)(3.15)17.43N/A10.1362.5010.977.324.5111.28(10.96)12.2416.769.254.833.334.4321.008.176.7834.913.878.3313.4317.069.685.582.051.393.819.392.910.792.972.602.253.681.671.545.911.610.540.854.991.413.081.290.815.240.651.130.381.803.610.433.331.041.291.281.152.441.231.413.231.401.950.930.624.973.360.974.741.151.963.943.64