目 录 一、煤炭行业景气度仍处恢复上升阶段................................2 1、全国原煤供求依然保持平衡.........................................................................2 2、主要下游行业产量增速同比略为下降...............................

Contents Citi Key Economic Forecasts 3 Macro Overview: Enjoy the Sweet Spot while it lasts 4 Asian Currencies Interest Rate Forecasts 13 Country Section 15 China 16 Hong Kong 20 India 24 Indonesia 28 Malaysia 32 Pakistan 36 Philippines 40...

Contents Executive summary ............................................................................ 3 Initiating sector coverage - Underweight........................................... 4 The root of all evil - Excessive risk ............

After years of discussion, three China 3G licenses were finally granted this January. It is an unknown how exactly the 3G services will impact the mobile operators bottomline. However, it is a great opportunity to the 3G handset makers as...

CONTENTS Asia? 3 Annual Indicators 9 Macro Summary Charts 10 Citi vs Consensus Forecasts 11 ASIA 13 Bangladesh 14 China 18 Hong Kong 22 India 26 Indonesia 30 Malaysia 34 Pakistan 38 Philippines 42 Singapore 46 South Korea 50 Sri Lanka 54 T...

TABLE OF CONTENTS Recovery Underway ..............................................................................................................3 Macro Indicators .............................................................................

Contents page Executive summary 3 Consumption themes 7 1) Contribution of private consumption to GDP.....................................................7 2) Stage of development ...............................................................

Contents Asset allocation recommendations . 3 Overweight cyclical markets, underweight defensives 3 Upgrading Korea and Taiwan 3 The Investment Wheel 5 Increase equity and equity-linked issuance 6 Dollar weakness: good news for Asia 6 Earl...

Contents 2H09 market strategy 4 Better-than-bad isnt enough 4 More resilient economy due to consumption strength 5 Policy will remain pro-growth 7 Valuation is not expansive 9 Interim results and earnings recovery in 2H09 10 MA the long-te...

Contents Overview 3 Global Wave 4 Style Portfolios 7 The Asia Pacific Pictures 10 Asia Pacific Country Allocation 16 Australia 18 China 19 Korea 20 Taiwan 21 Hong Kong 22 India 23 Singapore 24 Malaysia 25 Asia Pacific Sector Allocation 27...