CITIC Securities (600030; RMB29

HONG KONG STOCK MARKET SUMMARY
Hang Seng Index H-share Index
MORNING BRIEFING
JUN 19 2008
Daily Q/.HSI 1/22/2008 - 6/19/2008 (G Daily Q/.HSCE 1/22/2008 - 6/19/2008 (GMT)
BarOHLC, Q/.HSI, Last Trade
6/18/2008, 23,114.45, 23,492.21, 22,946.96, 23,325.8
WMA, Q/.HSI, Last Trade(Last), 10
6/18/2008, 23,223.4
RSI, Q/.HSI, Last Trade(Last), 14, Wilder Smoothing
6/18/2008, 40.318
MACD, Q/.HSI, Last Trade(Last), MACD 12, 26, 9, Exponential
6/18/2008, -500.42
MACD, Q/.HSI, Last Trade(Last), MACD Signal Line 12, 26, 9, Exponential
6/18/2008, -382.41
28 04 11 18 25 03 10 17 25 31 07 14 21 28 05 13 19 26 02 10 16
January 2008 February 2008 March 2008 April 2008 May 2008 June 2008
Please refer disclaimer and disclosure in the last page.
Price
HKD
25,500
25,000
24,500
24,000
23,500
23,000
22,500
22,000
21,500
21,000
.12
Value
HKD
.123
Value
HKD
.12
1
BarOHLC, Q/.HSCE, Last Trade
Price
6/18/2008, 12,616.58, 12,935.24, 12,480.42, 12,829.33
HKD
WMA, Q/.HSCE, Last Trade(Last), 10
6/18/2008, 12,687.49 14,000
13,600
13,200
12,800
12,400
12,000
11,600
11,200
10,800
.12
RSI, Q/.HSCE, Last Trade(Last), 14, Wilder Smoothing
6/18/2008, 43.465
MACD, Q/.HSCE, Last Trade(Last), MACD 12, 26, 9, Exponential
6/18/2008, -301.33
MACD, Q/.HSCE, Last Trade(Last), MACD Signal Line 12, 26, 9, Exponential
6/18/2008, -211.03
28 04 11 18 25 03 10 17 25 31 07 14 21 28 05 13 19 26 02 10 16
January 2008 February 2008 March 2008 April 2008 May 2008 June 2008
Indexes Performance
18 JUN PER(x) Close Chg. (%) Net Chg. Day High Day Low (HK$mn) Chg.(%)
Hang Seng Index 13.39 23,325.80 1.16 267.81 23,492.21 22,946.96 Mainboard turnover 71,214 47.55
HSI-Finance 13.77 34,954.28 0.71 247.41 35,245.95 34,503.34 H S I turnover 31,612 60.30
HSI-Comm & Ind 15.82 13,233.90 1.52 197.74 13,333.75 12,958.97 HSCE turnover 24,480 86.99
HSI-Properties 10.43 28,472.09 2.30 639.27 28,685.35 27,928.58
HSI-Utilities 14.21 43,826.61 (0.30) (131.19) 43,975.43 43,536.33
18 JUN PER(x) Close Chg. (%) 18 JUN PER(x) Close Chg. (%)
HS Composite Index 13.13 3,290.42 0.91 HSCI-Financials 13.77 3,688.34 0.65
HS HK Composite Index 8.96 2,511.91 0.39 HSCI-Services 9.44 3,862.76 1.05
HS HK Large Cap Index 10.65 2,115.95 0.51 HSCI-Telecom 14.40 2,329.42 0.97
HS HK Mid Cap Index 6.46 4,531.83 (0.11) HSCI-Prop & con 10.66 3,181.98 1.41
HS HK Small Cap Index 7.14 2,546.67 1.26 HSCI-Utilities 16.76 5,662.14 0.61
HS Mainland Composite 17.75 4,272.94 1.23 HSCI-Energy 17.68 14,214.62 1.91
Red Chip Index 19.17 4,971.37 1.14 HSCI-Materials 15.60 12,175.04 1.06
H-share Index 16.89 12,829.33 2.08 HSCI-Industrial goods 14.71 1,460.60 1.08
HSCI-Consumer goods 17.79 3,925.90 0.51
H-share Financial Index 18.09 15,797.63 1.40 HSCI-I.T. 19.18 1,704.65 1.17
HSCI-Conglomerates 8.50 2,351.25 0.12
Futures Market
HSI Futures Close Net change Chg.(%) Day High Day Low Volume O/I
HANG SENG JUN 8 23,152 (2) (0.01) 23,462 22,889 74,869 100,132
HANG SENG JUL 8 23,190 19 0.08 23,486 22,923 1,604 1,898
HS CEI Futures
HS C E I JUN 8 12,706 76 0.60 12,944 12,467 35,743 113,420
HS C E I JUL 8 12,735 84 0.66 12,944 12,500 384 858
Active China and HK Stocks Closing Prices in the U.S.
In US In HK In US In HK
Stock Code (HK$) (HK$) Chg. Stock Code (HK$) (HK$) Chg.
HSBC HOLDINGS 5 125.360 125.900 -0.4% PETROCHINA 857 10.498 10.660 -1.5%
MANULIFE 945 296.076 299.200 -1.0% SINOPEC CORP 386 8.143 8.320 -2.1%
CHINA LIFE 2628 28.843 29.100 -0.9% CNOOC 883 13.146 13.340 -1.5%
CHINA MOBILE 941 107.770 108.600 -0.8% SHANGHAI PECHEM 338 3.186 3.220 -1.0%
CHINA UNICOM 762 15.155 15.500 -2.2% CHINA EAST AIR 670 2.690 2.740 -1.8%
CHINA NETCOM 906 22.697 23.000 -1.3% CHINA SOUTH AIR 1055 3.772 3.850 -2.0%
CHINA TELCOM 728 4.600 4.680 -1.7% HUANENG POWER 902 6.828 6.790 0.6%
HUTCHISON TEL 2332 11.347 11.460 -1.0% YANZHOU COAL 1171 15.322 15.460 -0.9%
CITY TELECOM 1137 1.978 1.930 2.5% CHALCO 2600 11.175 11.260 -0.8%
APT SATELLITE 1045 1.405 1.450 -3.1% GUANGSHEN RAIL 525 3.540 3.620 -2.2%
SMIC 981 0.489 0.490 -0.3%
Value
HKD
.123
Value
HKD
.12

MORNING BRIEFING
CHINA STOCK MARKET SUMMARY
CSI 300 Index SSEC Index (left) vs H-share Index (right)
Daily Q/.CSI300 1/21/2008 - 6/19/2008 (GMT)
BarOHLC, Q/.CSI300, Last Trade
6/18/2008, 2,820.237, 3,007.18, 2,759.107, 2,991.273
WMA, Q/.CSI300, Last Trade(Last), 10
6/18/2008, 3,055.342
RSI, Q/.CSI300, Last Trade(Last), 14, Wilder Smoothing
6/18/2008, 30.435
MACD, Q/.CSI300, Last Trade(Last), MACD 12, 26, 9, Exponential
6/18/2008, -217.567
MACD, Q/.CSI300, Last Trade(Last), MACD Signal Line 12, 26, 9, Exponential
6/18/2008, -158.213
21 28 04 13 18 25 03 10 17 24 31 07 14 21 28 05 12 19 26 02 10 16
January 2008 February 2008 March 2008 April 2008 May 2008 June 2008
Please refer disclaimer and disclosure in the last page.
Price
CNY
5,000
4,800
4,600
4,400
4,200
4,000
3,800
3,600
3,400
3,200
3,000
.123
Value
CNY
.123
Value
CNY
.123
2
JUN 19 2008
Daily Q/.HSCE, Q/.SSEC 1/22/2008 - 6/19/2008 (GMT)
Price
CNY
Line, Q/.HSCE, Last Trade(Last)
6/18/2008, 12,829.33
Line, Q/.SSEC, Last Trade(Last)
6/18/2008, 2,941.115
4,600
4,500
4,400
HSCE (R)
4,300
4,200
4,100
4,000
3,900
3,800
3,700
3,600
SSEC (L)
3,500
3,400
3,300
3,200
3,100
3,000
2,900
.123
28 04 11 18 25 03 10 17 25 31 07 14 21 28 05 13 19 26 02 10 16
January 2008 February 2008 March 2008 April 2008 May 2008 June 2008
18 JUN Turnover(mn) Chg. 18 JUN Close Chg.
Shanghai A share RMB68,695 57.6% CSI300 ENERGY 4,097.71 6.75%
Shenzhen A share RMB33,555 43.1% CSI300 FINANCIAL 4,317.76 4.49%
Total A-share RMB102,250 52.5% CSI300 MATERIAL 3,042.43 5.78%
Shanghai B share US$48.5 39.3% CSI300 INDUSTRY 2,508.43 5.61%
Shenzhen B share HK$246 1.3% CSI300 CD 2,650.57 4.74%
Close Chg. CSI300 CS 4,383.85 4.55%
CSI300 INDEX 2,991.27 5.23% CSI300 HEALTH C 3,243.50 4.89%
SSE COMPOSITE 2,941.12 5.24% CSI300 IT 1,415.83 5.19%
SSE A SHARE INDEX 3,085.44 5.24% CSI300 TS 2,747.33 4.84%
SSE B SHARE INDEX 218.32 4.81% CSI300 UTILITIES 2,001.46 4.81%
SZSE A SHARE INDEX 883.09 5.19%
SZSE B SHARE INDEX 493.15 2.86%
MARKET OVERVIEW:
Major indices in the US tumbled on Wednesday due to concerns on financial sector and FedEx Corps’s warning of
weakening demand. Morgan Stanley’s Q2 earnings fell 61%YoY while the regional bank Fifth Third Bancorp
plans to raise US$1bn capital; the financial sector dropped by 1.21%. FedEx reported worse-than-expected Q2
earnings citing slowing demand and surging energy price. Crude oil for July delivery rose and was trading at
US$136.26/barrel this morning.
The Dow and S&P dropped 131.24 and 13.12 to 12,029 and 1,338 respectively. Comparing ADR to HK’s last
closing price, HSBC, China Life and China Mobile dropped 0.4%, 0.9% and 0.8% respectively. We expect the
HSI will open lower this morning to test 23,100.
EIA reported that oil and gasoline inventories fell for the fifth week, which leads to a climb in oil price in the
Nymex. The 200 days MV of crude oil for July delivery reached over 100 for the first time. But we also notice
that it has failed to breakthrough US$140/barrel for 4 times; while oil prices volatility increased. Oil price will
find support at US$132/barrel in the short term and strong resistance at US$140/barrel. Since oil price will
fluctuate at high levels, it will provide certain support to oil producers but it also adds volatility to these shares.
Oil price (30 days) Oil price (180 days)
Price
HKD
14,400
14,200
14,000
13,800
13,600
13,400
13,200
13,000
12,800
12,600
12,400
12,200
12,000
11,800
11,600
11,400
11,200
11,000
.12
Analyst: Lee Oi Yee, Lisa

MORNING BRIEFING
JUN 19 2008
AH SHARE SECTOR:
The A-share market rebounded as expected yesterday. The CSI 300 Index rallied 5.23% to 2,991, snapping
record decline. And the H-share index also was boosted up 2.08% to 12,829.The CSI 300 energy sector was the
top gainer due to the surge of heavily weighted Sinopec on the speculation that the government will ease the oil
price control soon.
Warning: Sinopec H-share (386; HK$8.32) surged 14.6% within this week, against the 3.25% gain of H-share
Index and 0.41% gain of CSI 300 Index during the same period. However we notice that short selling turnover of
Sinopec H-share accounted for 15.57% of its intraday turnover, increased from 6.57% on Wednesday and
accounted for 9.9% of the total short selling turnover yesterday. We expect the short-term investors to take profit
first if the news cannot realize soon. The short-term support of Sinopec H-share is at HK$7.7.
H-share On 18/6 This week A-share On 18/6 This week
Price H-share H-share Price A-share A-share
(HK$) Price Chg(%) Price Chg(%) (RMB) Price Chg(%) Price Chg(%)
857 601857 Petro China 10.66 3.50 6.92% 16.09 5.58 7.34%
386 600028 Sinopec 8.32 7.77 14.60% 13.01 9.97 15.54%
338 600688 Shanghai Pechem 3.22 4.89 9.90% 7.55 5.01 -2.45%
Sinopec H-share(386)vs A-share(600028) Sinopec H-share (386) Bollinger Chart
Although the CSI 300 Index rallied 5.23% yesterday, the largest intraday gain from 24 April and with the
turnover surging 47.1%, we still concern on the momentum of the rebound. We expect that it is hard for the
rebound to sustain without no new measures to boost the market as the liquidity problem and high CPI are
concerned by the government. We do a statistical analysis about the technical rebound of CSI300 Index in 2008 as
following.
14-day RSI level 1 st rebounding day Trading days 14-day RSI level Total percentage of
Date When rebound Price chg of Rebounding After rebound rebound
22/1 30.4 4.7% 3 43.7 6.8%
18/3 22.2 3.3% 3 35.6 7.3%
27/3 30.1 4.5% 1 38.0 4.5%
2/4 29.7 2.9% 3 44.0 9.7%
17/6 20.3 5.2% - - -
It showed that the technical rebound of CSI300 Index sustained no more than 3 trading days in the history and the
biggest percentage of rebound was at 9.7%. If the market will follow its history we expect that 3,050 will be short
term resistant level for the CSI300 Index. As for H-share index we see downside risk today with support level at
12,400 as the June future of the H-share index was at 123 points lower than the spot.
Please refer disclaimer and disclosure in the last page.
3
Analyst: Li Hong-ying, Vivian

MORNING BRIEFING
JUN 19 2008
Recap: The Index funds WISE CSI300 ETF (2827;HK$33.45) and A50 ChinaTracker (2823; HK$15.48),
tracking CSI 300 Index and FTSE/Xinhua China A50 Index respectively, both rallied with surging turnover
yesterday.
Comment: We recommended above two index funds to speculate the technical rebound of the two
underlying indexes. However we are concerned on the rebound momentum of A-shares. We calculate the
Beta between the two index funds and the underlying indexes to try to find the linear relationship of them.
If the short term resistant level for CSI300 is at 3,050 we expect the corresponding resistance level for
CSI300 ETF to be at HK$34.4.If the short term resistant level for FTSE/Xinhua China A50 Index is at
11,443 we expect the corresponding resistance for the A50 ChinaTracker to be at HK$15.9.
On 17/6 Price premium to Underlying index Underlying index Corresponding
Code Name Price chg N.A.V 30-day Beta Price chg(17/6) Short term resistance Index fund
2823 A50 China Tracker 4.2% 7.8% 63.9% 4.7% 11,443 HK$15.9
2827 WISE CSI300 ETF 4.0% 5.3% 72.2% 5.2% 3,050 HK$34.4
CSI300 ETF (2827) vs CSI300 A50 ChinaTracker (2823) vs FTSE/Xinhua China A50 index
Daily Q.CSI300, Q/2827.HK 2/4/2008 - 6/19/2008 (SHA)
Price
HKD
46
45
44
43
42
41
40
39
38
37
36
35
34
33
.123
Line, Q.CSI300, Last Trade(Last)
6/18/2008, 2,991.273
Line, Q/2827.HK, Last Quote(Last)
6/18/2008, 33.45
RSI, Q.CSI300, Last Trade(Last), 14, Wilder Smoothing
6/18/2008, 30.435
Vol, Q/2827.HK, Last Quote
6/18/2008, 695,800
04 13 18 25 03 10 17 24 31 07 14 21 28 05 12 19 26 02 10 16
February 2008 March 2008 April 2008 May 2008 June 2008
Please refer disclaimer and disclosure in the last page.
Price
CNY
4,600
4,400
4,200
4,000
3,800
3,600
3,400
3,200
3,000
.123
Value
CNY
40
20
.123
Volume
HKD
5M
.1234
4
Daily Q.FTXIN9C, Q/2823.HK
Price
11/6/2007 - 6/19/2008 (BEI)
HKD Line, Q.FTXIN9C, Last Trade(Last)
Price
25
6/18/2008, 11,143.81
Line, Q/2823.HK, Last Trade(Last)
6/18/2008, 15.48
CNY
20,000
24
23
22
21
20
19
18
17
19,000
18,000
17,000
16,000
15,000
14,000
13,000
16
12,000
11,000
.123
.12
RSI, Q.FTXIN9C, Last Trade(Last), 14, Wilder Smoothing
6/18/2008, 32.131
Vol, Q/2823.HK, Last Trade
6/18/2008, 3.1408M
12 19 26 03 10 17 24 02 07 14 21 28 04 18 25 03 10 17 24 31 07 14 21 28 05 12 19 26 02 10 16
Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08
Value
CNY
40
20
.123
Volume
HKD
100M
.1234
Analyst: Li Hong-ying, Vivian
Event: China and Japan made an agreement on Chunxiao field of East China Sea
Comment: It is reported that China will allow Japan to invest in and share the profits from Chunxiao field, which
has already explored by China. Although the Chunxiao field holds only 92 mn barrels of oil equivalent (20 days of
CNOOC’s production), the agreement made a first step for further joint development of oil fields around the
median line and are positive news to China Oilfield (2883; HK14.1) and CNOOC(883; HK13.34).
An area east of a median line between the two nations holds about 3,260mn BOE, which are 1.25x BOE reserves
that CNOOC holds. We have mentioned yesterday that the news has not yet realized; while China Oilfield
followed by CNOOC will benefit from the news as there is high potential demand for deep sea drilling services on
the dissolved oilfields,. China Oilfield rose 3.07% yesterday and we maintain our view that it will trade within
HK13.1-14.8; while CNOOC rose 1.21% and will trade within HK13.0-14.2.
Inpex (1605 JP) vs CNOOC (883 HK) China Oilfield (2883) vs CNOOC (883 HK)
*Note: Inpex is the Japanese company with the right to explore East China Se
Analyst: Lee Oi Yee, Lisa

MORNING BRIEFING
JUN 19 2008
Event: Ping An (2318:601318) posted a 28.9%YoY growth in life insurance premiums income to
Rmb44.5bn for the first five months this year. During the same period, its P&C insurance premiums
income increased by 31.3%YoY to Rmb12.0bn.
Comment: We summarize the business performances of major listed insurers for the first five months this
year in the following table.
The life insurance premiums income growth of China Life and Ping An picked up in May. In contrast, life
premiums income growth of China Pacific slowed down in May. As China Life and Ping An are the first
and second largest life insurers in China, their strong performances for the first five months indicated that
the life insurance sector keeps booming. However, the life insurance premiums growth rates of Ping An for
the first five months this year or May are lower than its two peers China Life and China Pacific.
In P&C insurance sector, Ping An achieved higher premiums income growth rate than its two peers PICC
and China Pacific for the first five months this year or in May. If the growth rate of Ping An’s P&C business
sustain, it will catch up China Pacific’s P&C business in coming months.
As Ping An H-share (2318;61.25) is trading at 5.7% premium to the A-share (601318; Rmb51.07),
short-term performance of Ping An H-share will be affected by the weak performance of Ping An A-share.
Short-term major resistance of the H-share is at HK$68 with support at HK$55.5.
Ping An (2318) Monthly Life Premiums Income (RMBmn)
11,000
10,000
Ping An (2318)
9,000
12-month moving average
8,000
7,000
6,000
5,000
4,000
3,000
Aug-04
Dec-04
Apr-05
Aug-05
Dec-05
Apr-06
Aug-06
Dec-06
Apr-07
Aug-07
Dec-07
Apr-08
3,500
3,300
3,100
2,900
2,700
2,500
2,300
2,100
1,900
1,700
1,500
1,300
1,100
900
700
500
Aug-04
Ping An (2318) Monthly P&C Premiums Income (RMBmn)
Dec-04
Apr-05
Ping An (2318)
12-month moving average
Premiums Income of Major Listed Insurers
Jan-May 08 Chg May 08 Chg
(Rmb bn) (YoY) (Rmb bn) (YoY)
Life insurance:
2628,601628 China Life 151.5 48.1% 23.5 82.4%
2318,601318 Ping An 44.5 28.9% 9.4 34.1%
601601 China Pacific 32.8 61.6% 5.0 41.6%
P&C insurance:
2328 PICC 47.1 19.8% 8.4 21.3%
2318,601318 Ping An 12.0 31.3% 2.2 43.3%
601601 China Pacific 12.8 20.4% 2.3 25.1%
Performances of Insurance Stocks since May 9
Code Stock Closing at May 9 Closing at Jun 18 Change
2628 China Life H-share HK$32.70 HK$29.10 -11.0%
601628 China Life A-share Rmb33.43 Rmb25.96 -22.3%
2318 Ping An H-share HK$69.90 HK$61.25 -12.4%
601318 Ping An A-share Rmb64.08 Rmb51.07 -20.3%
2328 PICC H-share HK$7.23 HK$5.84 -19.2%
601601 China Pacific A-share Rmb26.87 Rmb19.61 -27.0%
Price/Embedded Value Ratio
H-share A-share
P/EBV P/EBV
2628, 601628 China Life 2.87 2.91
2318, 601318 Ping An 2.64 2.50
601601 China Pacific - 2.02
Please refer disclaimer and disclosure in the last page.
5
Aug-05
Dec-05
Apr-06
Aug-06
Dec-06
Apr-07
Aug-07
Dec-07
Apr-08
Analyst: Chan Sung-yan, Philip

Please refer disclaimer and disclosure in the last page.
6
MORNING BRIEFING
JUN 19 2008
Appendix: H and A-share Price Comparison Table (18 JUN)
H-share price A-share price H share H-share
H-share A-share Stock Price change Price change / A-share (discount)
Code Code Name (HK$) (%) (RMB) (%) (X) to A-share
939 601939 CCB 6.48 0.78 6.30 3.62 90.7% -9.3%
1398 601398 ICBC 5.58 1.64 5.29 4.96 93.0% -7.0%
3988 601988 BANK OF CHINA 3.84 1.05 4.30 3.12 78.7% -21.3%
3328 601328 BANKCOMM 9.46 1.83 8.02 3.22 104.0% 4.0%
3968 600036 CM BANK 26.15 -0.19 24.88 4.14 92.7% -7.3%
998 601998 CITIC BANK 5.03 0.40 5.54 4.92 80.0% -20.0%
2628 601628 CHINA LIFE 29.10 1.57 25.96 4.01 98.8% -1.2%
2318 601318 PING AN 61.25 3.11 51.07 3.95 105.7% 5.7%
857 601857 PETROCHINA 10.66 3.50 16.09 5.58 58.4% -41.6%
386 600028 SINOPEC CORP 8.32 7.77 13.01 9.97 56.4% -43.6%
338 600688 SHANGHAI PECHEM 3.22 4.89 7.55 5.01 37.6% -62.4%
1033 600871 YIZHENG CHEM 1.57 2.61 5.09 4.95 27.2% -72.8%
2883 601808 CHINA OILFIELD 14.10 3.07 22.29 4.06 55.8% -44.2%
1088 601088 SHENHUA ENERGY 33.40 1.83 40.94 4.63 71.9% -28.1%
1898 601898 CHINA COAL 15.20 1.20 17.16 6.19 78.1% -21.9%
1171 600188 YANZHOU COAL 15.46 -1.90 20.59 9.99 66.2% -33.8%
902 600011 HUANENG POWER 6.79 4.95 8.39 8.96 71.3% -28.7%
991 601991 DATANG POWER 5.80 3.94 10.41 6.01 49.1% -50.9%
1071 600027 HUADIAN POWER 2.63 1.54 5.20 5.69 44.6% -55.4%
670 600115 CHINA EAST AIR 2.74 2.24 7.27 5.67 33.2% -66.8%
1055 600029 CHINA SOUTH AIR 3.85 -1.53 7.84 6.09 43.3% -56.7%
753 601111 AIR CHINA 4.92 1.44 8.99 6.77 48.2% -51.8%
390 601390 CHINA RAILWAY 6.43 1.90 5.44 4.62 104.2% 4.2%
1186 601186 CHINA RAIL CONS 11.98 6.02 9.69 5.90 109.0% 9.0%
525 601333 GUANGSHEN RAIL 3.62 2.55 4.21 5.78 75.8% -24.2%
177 600377 JIANGSU EXPRESS 5.96 -0.67 6.31 2.77 83.3% -16.7%
548 600548 SHENZHENEXPRESS 4.49 2.05 5.66 4.24 69.9% -30.1%
995 600012 ANHUIEXPRESSWAY 5.50 1.48 5.33 4.51 91.0% -9.0%
1065 600874 TIANJIN CAPITAL 2.43 0.83 8.33 5.31 25.7% -74.3%
2338 000338 WEICHAI POWER 36.45 4.14 44.25 8.70 72.6% -27.4%
187 600860 BEIREN PRINTING 1.44 0.00
300 600806 JIAODA HIGHTECH 8.17 3.68 14.02 6.29 51.4% -48.6%
42 000585 NE ELECTRIC 1.13 14.14 3.52 5.39 28.3% -71.7%
1072 600875 DONGFANG ELEC 25.00 6.38 27.09 5.57 81.4% -18.6%
2727 600627 SH ELECTRIC 3.95 0.51 33.94 3.70 75.1% -24.9%
350 000666 JINGWEI TEXTILE 1.84 2.79 5.02 4.58 32.3% -67.7%
168 600600 TSINGTAO BREW 18.72 -0.95 20.88 5.24 79.0% -21.0%
719 000756 SHANDONG XINHUA 1.84 4.55 5.08 7.40 31.9% -68.1%
874 600332 GUANGZHOU PHAR 5.75 1.23 10.92 6.23 46.4% -53.6%
347 000898 ANGANG STEEL 16.60 -0.36 17.03 5.45 85.9% -14.1%
323 600808 MAANSHAN IRON 5.19 2.17 6.40 4.40 71.5% -28.5%
1053 601005 CHONGQING IRON 3.29 2.17 5.85 7.54 49.6% -50.4%
2600 601600 CHALCO 11.26 -0.53 14.31 9.91 69.4% -30.6%
358 600362 JIANGXI COPPER 16.50 2.61 22.13 9.99 65.7% -34.3%
2899 601899 ZIJIN MINING 6.88 2.08 8.19 5.41 74.1% -25.9%
914 600585 ANHUI CONCH 58.50 -2.09 49.33 3.11 104.5% 4.5%
588 601588 BEIJING N STAR 2.52 0.40 6.31 9.55 35.2% -64.8%
763 000063 ZTE 36.00 4.35 59.13 6.54 53.7% -46.3%
553 600775 NANJING PANDA 1.79 1.70 6.49 4.85 24.3% -75.7%
317 600685 GUANGZHOU SHIP 22.65 7.86 25.63 10.00 77.9% -22.1%
1919 601919 CHINA COSCO 19.68 3.58 19.77 10.02 87.8% -12.2%
2866 601866 CSCL 3.36 3.70 4.89 6.77 60.6% -39.4%
1138 600026 CHINA SHIP DEV 23.05 2.90 21.56 7.64 94.2% -5.8%
921 000921 HISENSE KELON 4.02 -1.23
1108 600876 LUOYANG GLASS 3.62 3.13
1812 000488 CHENMING PAPER 7.50 0.00 11.80 7.27 56.0% -44.0%
1812 200488^ CHENMING PAPER 7.50 0.00 HK$7.35^ 2.37 102.0%^ 2.0%^
Note #: Each Shanghai Power A-share (600627) will be swapped with 7.32 shares of Shanghai Electric A-share
Note ^: H-share vs B-share price; Shenzhen B-share quoted in HK$ term

HS China AH Premium Index
Daily Q/.HSCAHPI 7/9/2007 - 6/18/2008 (GMT)
BarOHLC, Q/.HSCAHPI, Last Trade
6/18/2008, 122.5, 127.75, 121.64, 127.36
SMA, Q/.HSCAHPI, Last Trade(Last), 10
Price
USD
205
6/18/2008, 130.06
200
195
190
185
180
175
170
165
160
155
150
145
140
135
130
125
.12
16 01 16 03 17 02 16 01 16 03 17 02 16 01 18 03 17 01 16 02 16 02 16
Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08
Top 10 Percentage Gainers and Losers (18 JUN)
Please refer disclaimer and disclosure in the last page.
7
MORNING BRIEFING
JUN 19 2008
AH Shares Premium Index, which consists of 39 H-share stocks
with A-share listing in China, monitors the ratio of A-share
prices against corresponding H-share prices.
Hang Seng Index stocks
Top 10 percent gain stocks Top 10 percent loss stocks
Rank Code Stock Price (HK$) Change Code Stock Price (HK$) Change
1 0386 SINOPEC CORP 8.32 7.77% 0017 NEW WORLD DEV 17.76 -1.88%
2 0700 TENCENT 66.00 4.76% 0004 WHARF HOLDINGS 35.75 -1.65%
3 0688 CHINA OVERSEAS 14.16 3.66% 0551 YUE YUEN IND 21.65 -1.59%
4 0016 SHK PPT 118.40 3.59% 0006 HK ELECTRIC 46.95 -1.16%
5 0857 PETROCHINA 10.66 3.50% 0291 CHINA RESOURCES 24.25 -0.61%
6 2318 PING AN 61.25 3.11% 2600 CHALCO 11.26 -0.53%
7 0012 HENDERSON LAND 52.45 2.14% 2388 BOC HONG KONG 20.40 -0.49%
8 0388 HKEX 127.70 1.92% 2038 FIH 9.89 -0.40%
9 3328 BANKCOMM 9.46 1.83% 0011 HANG SENG BANK 155.50 -0.32%
10 1088 CHINA SHENHUA 33.40 1.83% 0005 HSBC HOLDINGS 125.90 -0.16%
H-share Index stocks
Top 10 percent gain stocks Top 10 percent loss stocks
Rank Code Stock Price (HK$) Change Code Stock Price (HK$) Change
1 0386 SINOPEC CORP 8.32 7.77% 0914 ANHUI CONCH 58.50 -2.09%
2 0576 ZHEJIANGEXPRESS 6.32 4.98% 1171 YANZHOU COAL 15.46 -1.90%
3 0902 HUANENG POWER 6.79 4.95% 0168 TSINGTAO BREW 18.72 -0.95%
4 0338 SHANGHAI PECHEM 3.22 4.89% 0177 JIANGSU EXPRESS 5.96 -0.67%
5 3323 CNBM 17.98 4.66% 2600 CHALCO 11.26 -0.53%
6 0991 DATANG POWER 5.80 3.94% 0347 ANGANG STEEL 16.60 -0.36%
7 2866 CSCL 3.36 3.70% 0489 DONGFENG GROUP 3.30 -0.30%
8 1919 CHINA COSCO 19.68 3.58% 3993 CMOC 26.15 -0.19%
9 0857 PETROCHINA 10.66 3.50% 3968 CM BANK 26.15 -0.19%
10 2318 PING AN 61.25 3.11%
Red Chip Index stocks
Top 10 percent gain stocks Top 10 percent loss stocks
Rank Code Stock Price (HK$) Change Code Stock Price (HK$) Change
1 2380 CHINA POWER 2.73 6.23% 1052 GZI TRANSPORT 3.89 -1.27%
2 1114 BRILLIANCE CHI 1.24 5.98% 0604 SHENZHEN INVEST 3.15 -0.63%
3 0152 SHENZHEN INT'L 0.76 4.11% 0291 CHINA RESOURCES 24.25 -0.61%
4 0203 DENWAY MOTORS 3.27 3.81%
5 0688 CHINA OVERSEAS 14.16 3.66%
6 0270 GUANGDONG INV 3.32 3.11%
7 1205 CITIC RESOURCES 3.64 2.82%
8 0297 SINOFERT 5.75 2.68%
9 0308 CHINA TRAVEL HK 2.55 2.00%
10 0124 KINGWAY BREW 1.06 1.92%

Please refer disclaimer and disclosure in the last page.
8
MORNING BRIEFING
JUN 19 2008
Analyst Certification
I, Chan Sung-yan, Philip , being the person primarily responsible for the content of this research report, in whole or in part, hereby
certify that all of the views expressed in this report accurately reflect my personal view about the subject company or companies and
its or their securities. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific
recommendations or views expressed in this report. CAF Securities Company Limited and its member companies will pursue
financial interests to the companies mentioned in the report in the future.
Chan Sung-yan, Philip has financial interest in Ping An H-share.
I, Li Hong-ying, Vivian , being the person primarily responsible for the content of this research report, in whole or in part, hereby
certify that all of the views expressed in this report accurately reflect my personal view about the subject company or companies and
its or their securities. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific
recommendations or views expressed in this report. CAF Securities Company Limited and its member companies will pursue
financial interests to the companies mentioned in the report in the future.
I, Lee Oi Yee, Lisa, being the person primarily responsible for the content of this research report, in whole or in part, hereby certify
that all of the views expressed in this report accurately reflect my personal view about the subject company or companies and its or
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recommendations or views expressed in this report. CAF Securities Company Limited and its member companies will pursue
financial interests to the companies mentioned in the report in the future.
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