Insurance, Internet, Machinery, Manufacturing, Media, Nonferrous metals, Petrochemicals, Ports, Precious metals

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1 Code Company name Changes in the past week Earnings Est. chg? HK CCB - H 6 to 18 months target price is revised upwards from 6.75 to 7.10 Y HK CITIC BANK - H 6 to 18 months target price is revised downwards from 5.88 to 5.55 Y HK ICBC - H 6 to 18 months target price is revised upwards from 5.40 to 5.88 Y HK BANK COMM - H 6 to 18 months target price is revised downwards from 6.60 to 6.36 Y HK CM BANK - H 6 to 18 months target price is revised upwards from to Y HK BANK OF CHINA - H 6 to 18 months target price is revised upwards from 4.04 to 4.28 Y HK MINSHENG BANK - H 6 to 18 months target price is revised downwards from to 9.04 Y HK ABC - H 6 to 18 months target price is revised upwards from 3.76 to 4.10 Y HK HUISHANG BANK - H 6 to 18 months target price is revised downwards from 4.72 to 4.59 Y HK CHINA RES BEER - R Rating is downgraded from accumulate to neutral Y HK C TRANSMISSION Rating is downgraded from accumulate to neutral; 6 to 18 months target price is revised upwards from 8.40 to 8.60 Y HK CNOOC - R 6 to 18 months target price is revised downwards from to Y Table of contents Page Sectors and related listcos Page 1 Automobiles & Components, Aviation, Banking, Cement and construction materials, Clean energy (Natural Gas, Solar, Wind & Others), Coal, Conglomerate, Consumer (Apparel) Page 2 Consumer (Food & Beverage, Hotels, Household Products, Retailing), Electric equipment, Electricity, Environmental Protection, Gaming, Health Care, Infrastructure, Page 3 Insurance, Internet, Machinery, Manufacturing, Media, Nonferrous metals, Petrochemicals, Ports, Precious metals Page 4 Property, Shipping and logistics, Telecommunication equipment, Telecommunication services, Toll roads, Others Company Rating Definition The Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months Rating Relative Performance Buy Relative Performance >15%; or the fundamental outlook of the company or sector is favorable. Accumulate Relative Performance is 5% to 15% or the fundamental outlook of the company or sector is favorable. Neutral Relative Performance is -5% to 5% or the fundamental outlook of the company or sector is neutral. Reduce Relative Performance is -15% to -5% or the fundamental outlook of the company or sector is unfavorable. Sell Relative Performance <-15% or the fundamental outlook of the company or sector is unfavorable. Complied by: Esabella Zhao 赵舒蔓 zhaoshuman013399@gtjas.com 第 1 頁, 共 6 頁

2 Stock Code Company Name Rating Currency Analyst Automobiles & Components GEELY AUTO Buy RMB Toliver Ma 07/07/ DONGFENG GROUP - H Neutral 9.94 RMB Toliver Ma 23/06/ GREAT WALL MOTOR - H Neutral 8.95 RMB Toliver Ma 23/06/ BRILLIANCE CHI - R Buy RMB Toliver Ma 23/06/ GAC GROUP - H Buy RMB Toliver Ma 23/06/ BAIC MOTOR - H Neutral 8.39 RMB Toliver Ma 23/06/ SINOTRUK - R Buy 6.43 RMB Toliver Ma 23/06/2017 Aviation AIR CHINA - H Neutral 6.04 RMB Toliver Ma 03/04/ CHINA EAST AIR - H Neutral 4.30 RMB Toliver Ma 05/04/2017 Banking CCB - H Accumulate 7.10 RMB Richard Cao 10/07/ CITIC BANK - H Accumulate 5.55 RMB Richard Cao 10/07/ ICBC - H Accumulate 5.88 RMB Richard Cao 10/07/ BANK COMM - H Accumulate 6.36 RMB Richard Cao 10/07/ CM BANK - H Buy RMB Richard Cao 10/07/ BANK OF CHINA - H Accumulate 4.28 RMB Richard Cao 10/07/ MINSHENG BANK - H Accumulate 9.04 RMB Richard Cao 10/07/ ABC - H Accumulate 4.10 RMB Richard Cao 10/07/ HSBC HOLDINGS Accumulate USD Richard Cao 19/06/ HUISHANG BANK - H Accumulate 4.59 RMB Richard Cao 10/07/ BOC HONG KONG - R Buy HKD Richard Cao 10/04/2017 Cement and Construction Materials ANHUI CONCH - H Buy RMB Sean Xiang 28/06/ CNBM - H Neutral 3.60 RMB Sean Xiang 20/09/ CHINA RES CEMENT - R Buy 4.80 HKD Sean Xiang 14/03/ BBMG - H Neutral 4.00 RMB Ray Zhao 07/04/2017 Clean energy - Natural Gas BINHAI INVESTMENT-R Buy 3.54 HKD Kevin Guo 24/03/ BEIJING ENT - R Buy HKD Kevin Guo 17/04/ ENN ENERGY Buy RMB Kevin Guo 23/03/ CHINA RES GAS - R Buy HKD Kevin Guo 31/03/ HK & CHINA GAS Buy HKD Kevin Guo 12/06/2017 Clean energy - Solar GCL-POLY ENERGY Neutral 0.90 RMB Jun Zhu 26/05/ SINGYES SOLAR Accumulate 5.00 RMB Jun Zhu 07/06/ XINYI SOLAR Accumulate 3.00 HKD Jun Zhu 08/03/2017 Clean energy - Wind & Others DATANG RENEW - H Neutral 0.81 RMB * 28/12/ CHINA LONGYUAN - H Accumulate 7.20 RMB Jake Wang 02/06/ HN RENEWABLES - H Buy 3.20 RMB Jake Wang 21/06/ CGN NEW ENERGY - R Accumulate 1.80 USD * 24/08/ HUADIAN FUXIN - H Accumulate 2.40 RMB * 26/09/ CGN POWER - H Accumulate 2.70 RMB * 28/10/ JNCEC - H Accumulate 3.00 RMB * 29/11/2016 Conglomerate SHANGHAI IND H - R Accumulate HKD Ray Zhao 05/04/ GUANGDONG INVESTMENT-R Accumulate HKD Ray Zhao 31/03/2017 Consumer -- Apparel ANTA SPORTS Accumulate RMB Terry Hong 07/07/ XTEP INT'L Buy 4.10 RMB Terry Hong 21/03/ DEGREES Accumulate 3.12 RMB Terry Hong 15/03/ PRADA# Neutral EUR Terry Hong 19/04/ LI NING Accumulate 6.20 RMB Terry Hong 27/06/2017 第 2 頁, 共 6 頁

3 Stock Code Company Name Rating Currency Analyst Consumer -- Food & Beverage TINGYI Neutral 9.00 RMB Barney Wu 07/06/ UNI-PRESIDENT CHINA Neutral 6.00 RMB Barney Wu 23/06/ TIANYUN INT'L Buy 1.25 RMB Barney Wu 02/05/ CHINA RES BEER - R Neutral RMB Andrew Song 10/07/ VITASOY INT'L Accumulate HKD Barney Wu 26/06/2017 Consumer -- Hotels HTHT US CHINA LODGING Neutral USD RMB Noah Hudson 16/06/2017 CTRP US CTRIP Buy USD RMB (3.023) (1431) (2.4) Noah Hudson 20/06/2017 Consumer -- Household Products HENGAN INTL Accumulate RMB Barney Wu 20/06/ VINDA Accumulate HKD Barney Wu 20/06/2017 Consumer -- Retailing SUNART RETAIL Neutral 6.91 RMB Andrew Song 12/05/ CHOW TAI FOOK # Neutral 8.13 HKD Andrew Song 16/06/ LUK FOOK # Neutral HKD Andrew Song 03/07/ CHOW SANG SANG Neutral HKD Andrew Song 29/06/ SAMSONITE Buy USD Terry Hong 26/05/ HAIER ELECTRONICS GROUP Buy RMB Andrew Song 07/07/2017 Electric Equipment DONGFANG ELEC - H Reduce 6.50 RMB (0.764) (0.331) (0.186) (0.105) (1784) (900) (578) (325) (8.1) (3.7) (2.2) (1.2) Jun Zhu 11/04/ HARBIN ELECTRIC - H Accumulate 5.20 RMB Jun Zhu 05/04/ SH ELECTRIC - H Accumulate 4.50 RMB Jun Zhu 29/03/ WASION GROUP Neutral 3.80 RMB Jun Zhu 21/06/ C TRANSMISSION Neutral 8.60 RMB Jun Zhu 12/07/2017 Environmental Protection BJ ENT WATER - R Buy 7.33 HKD Gary Wong 12/04/ CHINA EB INT'L - R Buy HKD Gary Wong 03/03/ DONGJIANG EMV - H Accumulate RMB Gary Wong 19/04/2017 Gaming WYNN MACAU Buy HKD Noah Hudson 30/06/ MGM CHINA Accumulate HKD Noah Hudson 28/06/ GALAXY ENT Neutral HKD ,161 6,283 6,866 8,179 9, Noah Hudson 29/06/ SANDS CHINA LTD Accumulate USD Noah Hudson 11/05/2017 MLCO US MELCO RESORTS & ENTERTAINM Buy USD Noah Hudson 29/06/2017 Health Care SINOPHARM - H Neutral RMB Kay Mai 09/05/ CSPC PHARMA Buy HKD Kay Mai 15/06/2017 Infrastructure CHINA RAIL CONS - H Accumulate RMB Gary Wong 12/05/ CHINA RAILWAY - H Accumulate 8.00 RMB Gary Wong 18/05/ CHINA COMM CONS - H Accumulate RMB Gary Wong 26/05/ SUNDART HOLDINGS Accumulate 4.90 HKD Gary Wong 21/06/ CMEC - H Accumulate 6.75 RMB Sean Xiang 11/04/2017 第 3 頁, 共 6 頁

4 Stock Code Company Name Rating Currency Analyst Insurance CHINA TAIPING - R Accumulate HKD /12/ PICC P&C - H Accumulate RMB Wiley Huang 12/06/ PICC GROUP - H Neutral 3.60 RMB Wiley Huang 27/06/ CHINA RE - H Accumulate 2.09 RMB /12/2016 Internet SINA US SINA CORPORATION Buy USD USD Ricky Lai 22/05/2017 BIDU US BAIDU Neutral USD RMB Ricky Lai 01/03/ TENCENT Buy RMB Ricky Lai 23/05/2017 FENG US PHOENIX NEW MEDIA Accumulate USD 5.50 RMB (1.284) (0.552) (0.092) (92) (40) (7) (4.4) (1.9) (0.3) Ray Zhao 17/05/2017 NTES US NETEASE Buy USD RMB Ricky Lai 26/06/ CHANJET - H Buy RMB (0.345) (0.608) (0.449) (73) (123) (87) (8.2) (13.9) (14.9) Ricky Lai 21/03/2017 BABA US ALIBABA GROUP # Buy USD RMB Ray Zhao 15/06/2017 JD US JD.COM INC Neutral USD RMB (6.865) (2.434) (9397) (3807) (27.5) (10.5) Ray Zhao 10/05/2017 WUBA US 58.COM INC Accumulate USD USD (2.140) (0.782) (251) (113) (15.1) (4.2) Ray Zhao 26/05/2017 Machinery HAITIAN INT'L Buy RMB Sean Xiang 26/06/ AVICHINA - H Buy 6.70 RMB Sean Xiang 05/04/ CIMC ENRIC - R Buy 6.00 RMB (0.48) (928.77) (16.2) Sean Xiang 05/04/2017 Manufacturing CRRC - H Accumulate 8.90 RMB Gary Wong 24/04/ CRRC TIMES ELEC Accumulate RMB Gary Wong 06/04/ SKYWORTHDIGITAL # Buy 6.20 HKD Andrew Song 20/06/ CH WOOD OPT Neutral 2.10 RMB Sean Xiang 30/06/2017 Media IMAX CHINA Accumulate USD (0.620) (182) (197.7) Ray Zhao 28/02/ SMI HOLDINGS Accumulate 0.90 HKD Ray Zhao 11/04/2017 Nonferrous metals JIANGXI COPPER - H Reduce RMB Kevin Guo 06/04/ CMOC - H Neutral 2.60 RMB Kevin Guo 17/04/ CHINA HONGQIAO Accumulate 9.54 RMB Kevin Guo 15/02/ CHINA ZHONGWANG Buy 5.50 RMB Kevin Guo 28/03/2017 Petrochemicals PETROCHINA - H Accumulate 6.00 RMB Grace Liu 03/07/ SINOPEC CORP - H Accumulate 7.10 RMB Grace Liu 03/07/ CNOOC - R Accumulate RMB David Liu 12/07/2017 Ports CHINA MER HOLD - R Buy HKD Spencer Fan 05/10/ COSCO SHIP PORT - R Accumulate 9.23 USD Spencer Fan 19/05/ XIAMEN PORT - H Accumulate 1.75 RMB Spencer Fan 26/06/2017 Precious Metals ZHAOJIN MINING - H Reduce 5.85 RMB Kevin Guo 19/06/ ZIJIN MINING - H Neutral 2.70 RMB Kevin Guo 16/06/ CHINAGOLDINTL - R Neutral USD (0.021) (0.034) (8) (13) (0.6) (0.9) Kevin Guo 19/06/2017 第 4 頁, 共 6 頁

5 Stock Code Company Name Rating Currency Analyst Property CHINA OVERSEAS - R Accumulate HKD Van Liu 29/06/ LONGFOR PPT Buy RMB Van Liu 29/06/ CR LAND - R Accumulate HKD Van Liu 29/06/ COUNTRY GARDEN Buy RMB Van Liu 29/06/ MODERN LAND Buy 1.81 RMB Van Liu 29/06/ SHENZHEN INVEST - R Buy 4.33 HKD Van Liu 29/06/ SH IND URBAN - R Accumulate 1.88 HKD Van Liu 29/06/ CHINA AOYUAN Accumulate 2.63 RMB Van Liu 29/06/ POWERLONG Buy 4.00 RMB Van Liu 29/06/ COLOUR LIFE Accumulate 5.00 RMB Van Liu 12/05/ EVERGRANDE Buy RMB Van Liu 29/06/ HANG LUNG PPT Neutral HKD Johnny Wong 13/02/ SINO LAND # Neutral HKD Johnny Wong 03/03/2017 Shipping and Logistics SINOTRANS SHIP - R Accumulate 2.08 USD (0.017) (0.058) (66) (230) (3.2) (12.0) Spencer Fan 27/03/ SINOTRANS - H Buy 4.90 RMB Spencer Fan 03/03/ SHENZHEN INT'L - R Buy HKD Spencer Fan 28/04/2017 Telecommunication Equipment ZTE - H Neutral RMB (0.567) (2357) (8.4) Ricky Lai 27/06/ LENOVO GROUP - R # Neutral 4.80 USD (0.012) (128) (3.6) Ricky Lai 05/06/ AAC TECH Buy RMB Ricky Lai 19/06/2017 Telecommunication Services CHINA TELECOM - H Buy 4.70 RMB Ricky Lai 24/03/ CHINA UNICOM - R Reduce 9.30 RMB Ricky Lai 17/03/ CHINA MOBILE - R Accumulate RMB Ricky Lai 28/03/2017 Others CICC - H Accumulate RMB Richard Cao 09/06/2017 第 5 頁, 共 6 頁

6 Note : 1. "H" represents H-shares, "R" represents Red chips 2. d on 3. *Analyst change 4. # For the fiscal years not ended on December 31. DISCLOSURE OF INTERESTS (1) Except for Shenzhen International Holdings Limited (00152 HK), the Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates have no financial interests in the issuers mentioned in this Research Report. (3) Except for SMI Holdings Group Limited (00198 HK), Guotai Junan International Holdings Limited (01788 HK), Binhai Investment Company Limited (02886 HK), Link Holdings Limited (08237 HK), GFI MSCI A I-R (CNY) (83156 HK), GFI MSCI A I (03156 HK) and CAM SCSMALLCAP (03157 HK), Guotai Junan and its group companies do not hold equal to or more than 1% of the market capitalization of the issuer mentioned in this Research Report. (4) Guotai Junan and its group companies have had investment banking relationships with Powerlong Real Estate (01238 HK) / Modern Land (01107 HK) / China Aoyuan Property (03883 HK) / SMI Holdings Group (00198 HK) / Evergrande Real Estate (03333 HK) / GOME Electrical Appliances (00493 HK) / Dongjiang Environmental- H shares (00895 HK) / Xiao Nan Guo Restaurants (03666 HK) / Sundart Holdings Ltd. (01568 HK) / China Singyes Solar Technologies (00750 HK) / China Wood Optimization (01885 HK) / Anhui Conch Cement- H shares (00914 HK) / 361 Degrees (01361 HK) / Huaneng Renewables- H shares (00958 HK) / Huaneng Power- H shares (00902 HK) / Tianyun International (06836 HK) / Huishang Bank- H shares (03698 HK) mentioned in this Research Report within the preceding 12 months. (5) Guotai Junan and its group companies are not making a market in the securities mentioned in this Research Report. (6) Guotai Junan and its group companies have not employed an individual serving as an officer of any issuers mentioned in this Research Report. There is no officer of any issuers mentioned in this Research Report associated with Guotai Junan and its group companies. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Guotai Junan Securities (Hong Kong) Limited ("Guotai Junan") Guotai Junan and its group companies may do business that relates to companies covered in research reports, including investment banking, investment services and etc. (for example, the placing agent, lead manager, sponsor, underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by sales persons, dealers and other professional executives of Guotai Junan group of companies. Any opinions expressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment banking groups of Guotai Junan. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report, Guotai Junan does not guarantee the accuracy and completeness of the information and data herein. This Research Report may contain some forward-looking estimates and forecasts derived from the assumptions of the future political and economic conditions with inherently unpredictable and mutable situation, so uncertainty may contain. Investors should understand and comprehend the investment objectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Guotai Junan and its group companies to any registration or licensing requirement within such jurisdiction Guotai Junan Securities (Hong Kong) Limited. All Rights Reserved. 27/F., Low Block, Grand Millennium Plaza, 181 Queen's Road Central, Hong Kong. Tel.: (852) Fax: (852) Website: 第 6 頁, 共 6 頁