seb report: continued growth seen in chinese market

China Financial Index This report is produced by Skandinaviska Enskilda Banken AB (publ) for institutional investors only. Information and opinions contained within this document are given in good faith and are based on sources believed to be reliable, we do not represent that they are accurate or complete. No liability is accepted for any direct or consequential loss resulting from reliance on this document. Changes may be made to opinions or information contained herein without notice. Any US person wishing to obtain further information about this report should contact the New York branch of the Bank which has distributed this report in the US. Skandinaviska Enskilda Banken AB (publ) is a member of London Stock Exchange. It is regulated by the Securities and Futures Authority for the conduct of investment business in the UK. 13 October 2010 SEB Shanghai Branch Business sentiment stays positive in China - Fierce competition is increasingly a challenge = pÉåáç ê= ã~ å~Ö Éê ë= ~í= kçêíÜÉ êå= bìêç éÉ ~å= ëìÄë áÇá~êáÉ ë= áå= `Üáå~= ÑçêÉëÉÉ= ~= ÅçåíáåìÉ Ç= áãéêçî ÉãÉåí=áå= Äìë áåÉëë=éêçëéÉÅíë = çå= íÜÉ= `ÜáåÉë É= ã~ êâÉíK = qÜêÉÉ= çìí= çÑ = Ñçìê = ÉñéÉÅ í= íÜÉáê=ÄìëáåÉëë=ëáíì~ íáçå= íç= áãéêç îÉ= ÑìêíÜ Éê= ~åÇ=OOB=ÉñéÉÅí=áí=íç=áãéêçîÉ=ëáÖåáÑáÅ~åíäóK= = fåîÉëí ãÉåí = éä ~åë= ~ê É= ëä áÖÜí äó= Ççïå= ïá íÜ= SNB= éä~ ååá åÖ= ãçÇ Éëí = áåîÉëí ãÉå í= ~åÇ = NUB= éä~ ååá åÖ= ã~à çê=áåî Éëí ãÉåíë=áå=íÜÉ = ÅçãáåÖ= ëáñ= ãçåíÜëK= oÉÅêìáíãÉåí= éä~åë= Ü~îÉ= áåÅê É~ ëÉ Ç= ëá Öå áÑ áÅ~å íä ó= ïá íÜ= íÜêÉ É= çì í= çÑ= Ñçìê=Åçãé~åáÉë=åçï=~ÇÇáåÖ=ëí~ÑÑ=áå=`Üáå~K= = cáÉêÅÉ=ÅçãéÉíáíáçå=áë=íÜÉ=ã~àçê=ÅçåÅÉêå=Ñçê= ãçêÉ= íÜ~å= ~= íÜáêÇ= çÑ= íÜÉ= Åçãé~åáÉëI= Åçãé~êÉÇ=íç=çåäó=VB=ëáñ=ãçåíÜë=~ÖçK=mêçÑáí= ÉñéÉÅí ~íáçåë = ~êÉ= ìé= ëäáÖÜ íäó= áåÇáÅ~ íáåÖ= íÜ~í= ã~êÖáåë=ã~ó=ÄÉ=áãéêçîáåÖ=~Ö~áåK= = pb_Ûë=`Üáå~=cáå~åÅá~ä=fåÇÉñ=êÉ~Å ÜÉÇ=SS=áå= j~êÅÜI=ìé=Ñêçã=SR=áå=pÉéíÉãÄÉêK= = = SEB’s China Financial Index 10 20 30 40 50 60 70 80 90 Index value Business climate Investment plans Empl oy e es P ro fi t pçìêÅÉW=pb_=pÜ~å ÖÜ~áK=dêÉó=ëí~Å âë=ëÜçï=êÉ ëìäíë=áå=j~êÅÜ =OMNM=~åÇ=pÉéíÉãÄÉê=MV= = = få= pb_Û ë= `Ü áå~= cá å~ åÅ á~ ä= pì êîÉóI= ëÉ åá çê= ã~å~ÖÉêë= ~í= ~êçìåÇ= RM= ëìÄëáÇá~êáÉ ë= çÑ= ã~ àç ê= kç êÇáÅ = ~å Ç= dÉ êã~å= Åç ãé~åáÉë= áå= `Üáå~= ïÉêÉ= ~ëâÉÇ= ~Äçì í= íÜÉáê= ÉñéÉÅí ~íáçå ë= çÑ=íÜÉáê=çïå=ÄìëáåÉëë=~ë=ïÉää=~ë=íÜÉ=ã~Åêç= ~åÇ= Ñáå~åÅá~ä= ÉåîáêçåãÉåíK= lîÉê~ääI= ã~ å~ÖÉ êë= ÄÉäáÉ îÉ= íÜ~í = Åìëí çãÉê= ÇÉã~ åÇ= ïá ää = ÄÉ= ã~ áåí~áå ÉÇ= áå= `Üáå~K= páñ= ãçåí Üë= ~Öç=QUB=ë~ï=ÅìëíçãÉê=ÇÉã~åÇ=~ë=íÜÉ=ã~àçê= ÅçåÅÉêå=áå=ÅÜáå~=Åçãé~êÉÇ=íç=NTB=íçÇ~óK = qÜê ÉÉ= çìí = çÑ=Ñçìê= êÉë éçå ÇÉåíë= ÄÉä áÉîÉ= íÜ~ í= íÜÉáê=ã~êâÉí=ëÜ~êÉë=ïáää=áåÅêÉ~ëÉ=áå=`Üáå~=áå= íÜÉ= Åçãá åÖ = ëá ñ= ãç åí Üë = ïÜ Éê É~ ë= íÜÉ= êÉëí= ÉñéÉÅí=ìåÅÜ~åÖÉÇ=ã~êâÉí=ëÜ~êÉëK=låäó=çåÉ= Åçãé~åó=ÑçêÉëÉÉë=ëÜêáåâáåÖ=ã~êâÉí=ëÜ~êÉëK= = = = = = = = = = = = = = = = = cêÉÇêáâ=e®ÜåÉä= ÑêÉÇêáâKÜ~ÜåÉä]ëÉÄKëÉI=íÉäW=HUS=ON=RPVS=SSUN= Our conclusions kçê íÜ= bìêçéÉ~å=Åçãé~å áÉë= Ççå Ûí= ÉñéÉÅí=~åó= ÖêçïíÜ= Çáé= áå= `Üáå~= áå= íÜÉ= åÉ~ê= íÉêãK= fåîÉëíãÉåí= éä~åë= ~êÉ= ëí~ÄäÉ= ïÜÉêÉ~ë= Åçåíáåìçìë= ã~êâÉí= ÖêçïíÜ= êÉèìáêÉë= ëìÄë í~åíá~ ä= ëí~ÑÑ = áåÅêÉ~ëÉëK = mêçÑ áí= ÉñéÉÅí ~íáçåë= ~êÉ=áåÅêÉ~ëáåÖ=~Ö~áå=ïÜáäÉ=~åÉÅÇçí~ä=ÉîáÇÉåÅÉ= Ñêçã=ÅäáÉåí=ãÉÉíáåÖë=ÅçåíáåìÉë=íç=éçáåí=áå=íÜÉ= ÇáêÉÅíáçå= çÑ= ëèìÉÉòÉÇ= ã~êÖáåë= áå= `Üáå~ cçêÉáÖå=Åçãé~åáÉë=~êÉ=íçÇ~ó=áå=ÖÉåÉê~ä=ãçêÉ= ÑçÅìëÉÇ=çå=íÜÉ=äçÅ~ä=ã~êâÉí=íÜ~å=Éñéçêíë=Ñêçã= `Üá å~K = eçïÉîÉêI= ~ää= Ñçê ÉáÖ å= ÅçãéÉíá íçêë= ~êÉ= ~ä ëç= éêÉ ëÉåí= áå= `Üáå~= ~åÇ= ÅçãéÉíáíáç å= Ñê çã= äçÅ~ä=Ñáêãë=áë=çå=íÜÉ=êáëÉK==

seb report: continued growth seen in chinese market

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