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Contents
Economic Momentum Remains Robust 13
Earnings Outlook Is the Key 16
Sector Overview 18
China Fund Flows to Hong Kong Just Starting 27
Key Risk Factors 29
Auto: Prefer Auto Part Makers; Cautious on OEM Margins 38
Brilliance China (1114.HK) 43 China Metal International Holdings (0319.HK) 45
Denway (0203.HK) 47 Dongfeng Motor (0489.HK) 49
Geely (0175.HK) 51 Great Wall Motor (2333.HK) 53
Minth Group (0425.HK) 55 Norstar (2339.HK) 57
Qingling Motors (1122.HK) 59 Shanghai Automotive (600104.SS) 61
Weichai Power (2338.HK) 63 Xingda International Holdings (1899.HK) 65
Xinyi Glass (0868.HK) 67