Contents

INDEX
1.Stock Picks   5
2. Loan growth outlook   6
3. Macro-economic outlook    10
4. Bear Views & Blue Sk     14
5. Risk analysis     16
6. Earnings outlook    18
7. Relative Performance   23
COMPANY SECTION
7. China Merchants Bank    28
8. China Construction Bank   39
9.China Citic Bank   50
10. ICBC   61
11. Bank of China  72
12.Bank of Communications  83