may 18, 2016 company / industry news · (1) anhui zhongding [000887.ch]: the company produces and...

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COMPANY / INDUSTRY NEWS

Analyst: Wong Chi Man, CFA (Tel: (852) 3698 6317); [email protected]

STRATEGY – STOCK IDEAS FOR SHENZHEN-HONG KONG STOCK CONNECT (NORTHBOUND)

Key information about the Shenzhen Stock Exchange. As Shenzhen-Hong Kong Stock Connect is likely to be launched in the

next few months, we prepared this note to provide some basic information for northbound investors. Currently, there are 1,770 listed

companies listed on the three boards of the Shenzhen Stock Exchange (478 on the main board, 786 on the SME board and 506 on

the ChiNext board). Total market cap of the companies is approximately RMB19.3trn (note: total market cap of the companies listed

on the main board of Shanghai Stock Exchange: RMB24.2trn). Average daily turnover in Shenzhen year-to-date is RMB325.6bn

(Shanghai: RMB208.3bn).

More investment choices related to the new economy. In general, the companies listed in Shanghai are more focused on the “old

economy”, such as financials (about 30% of total market cap), mining (about 12%) and property (about 5%). Financials is a small sec-

tor in Shenzhen, with a weighting of less than 5%. More than 70% of the companies listed in Shenzhen are manufacturing or IT relat-

ed. They offer a wider range of choices not available in Hong Kong, such as 3D printing, unmanned aerial vehicles (UAV), virtual real-

ity (VR) and robots. Because of the big difference in sector breakdown, the Shanghai market is trading at 13.95x PER, while the

Shenzhen market is trading at 36.87x PER.

The constituent stocks of the Shenzhen Component Index may be opened to Hong Kong and overseas investors. Based on

the experience of the Shanghai-Hong Kong Stock Connect, we believe the opening process will be gradual, and we don’t expect the

Stock Connect will open 1,770 Shenzhen-listed companies to overseas investors immediately. We believe it is more likely to open the

Shenzhen Component Index to overseas investors first, which covers about 500 companies on the main board, SME board and

ChiNext Board. We’ve prepared a full list of the constituent stocks by sector for easy reference (Figure 3a-3i). The stocks recom-

mended by our A-share research team in the past two months are highlighted in yellow.

Stocks ideas based on three angles. As the investable universe is so big, we try to offer some stock ideas based on three angles:

(1) stocks from our A-share team’s model portfolio; (2) stock picks based on sectors/themes preferred by our A-share strategy team;

and (3) other stocks recommended by our A-share team with attractive valuation.

(A) Stocks from our A-share team’s model portfolio:

(1) Anhui Zhongding [000887.CH]: The Company produces and sells rubber sealing parts, special rubber products, and compound-

ed rubber, mainly used in automobiles, engineering machinery, the petrochemical industry, ships and railways, aerospace and the

military. The size of non-tire rubber market in China is around RMB50bn. The Company accounts for around 10% of this, and its mar-

ket share is expected to increase. It is entering new businesses, including charging piles for new energy vehicles and heavy oil en-

gines for UAVs, which will be the new growth drivers in the medium term. Our A-share research team projects its EPS to grow 38% in

2016E and 26.7% in 2017E.

(2) Henan Shuanghui Investment & Development [000895.CH]: The Company manufactures meat products and frozen food. WH

Group [0288.HK] owns a 60.24% stake in the Company. The Company is a market leader in China, and its business has recovered

gradually since Q4 2015. In Q1 2016, the Company sold 341,200 tons of fresh and frozen meat products, for YoY growth of 19.72%.

Sales of high-temperature and low-temperature meat products totalled 373,700 tons, for YoY growth of 7.98%. Although its 2016E

and 2017E EPS growth is only 4.7% and 9.6%, respectively, our A-share team recommends this stock because of its stable growth

and relatively low valuation.

(3) DMEGC [002056.CH]: The Company develops and manufactures hard ferrite magnets, soft ferrite magnets, batteries and hard

alloys. In 2014-2015, the solar cell industry underwent a fierce reshuffle, but it began to recover in 2015. Our A-share research team

expects the industry outlook to remain favourable for the coming 1-2 years. DMEGC’s position in the photovoltaic and motive battery

(for new energy vehicles) business has favourable prospects. Meanwhile, its magnetic material business is growing steadily. We ex-

pect its EPS to grow 29% in 2016E and 26.4% in 2017E.

May 18, 2016

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Figure 1: Valuation Table

Sources: Bloomberg, CGS Research

(C) Other stocks recommended by our A-share team with attractive valuation:

(1) Midea Group [000333.CH]: A leading manufacturer of household electrical appliances, compressors and components in China.

Our A-share research team expects its air conditioner business to recover in 2016 and the overall home appliances business will ben-

efit from strong property sales. Meanwhile, it formed two JVs with Yasukawa Denki [6506.JP] last year to develop robots for industrial

use and service use. It may provide a medium-term growth potential. Midea is trading at 9.5x 2016E PER with a historical dividend

yield of 3.75%.

Figure 2: Valuation Table

Ticker Com opany Nam eChinese

Name

Price

(RMB)

Mkt Cap

(RMB m)PER (x)

2016E

PER (x)

2017E

PER (x)PBR (x)

Div idend

yield

(%)

ROE (%) ROA (%)

000887 CH equity Anhui Zhongding Sealing Parts 中鼎股份 20.72 25,168 30.2 27.6 24.4 5.9 0.2 22.1 11.4

000895 CH equity Henan Shuanghui Investment 双汇发展 21.56 71,167 16.1 15.1 13.5 4.0 5.8 25.7 19.3

002056 CH equity Hengdian Group DMEGC Magnetics 横店东磁 13.28 10,914 31.1 24.1 19.0 3.0 0.8 10.1 7.0

(B) Stock picks based on sectors/themes preferred by our A-share strategy team:

(1) Tianma Microelectronics [000050.CH]: The Company manufactures and markets liquid crystal displays (LCDs) and liquid crystal

display modules. Thanks to its strong R&D, it currently has expertise covering a wide range of areas, including a-Si, LTPS, AMOLED

and 3D display. In particular, it is a market leader in a-Si TFT-LCD. With this technology coverage, our A-share research team consid-

ers the Company to have an encouraging earnings outlook. In particular, its AMOLED technology is likely to benefit from the increas-

ing popularity of VR. Without considering potential asset injections, 2016E EPS and 2017E EPS are expected to grow 30% and 46%,

respectively.

(2) Hualan Biological Engineering [002007.CH]: The Company produces and markets human serum albumin (HSA), gamma globu-

lin, frozen prothrombin (PCC), and other related biological products. It is a leader in China’s blood product market. Our A-share re-

search team expects the supply shortage to continue and for its 2016E EPS and 2017E EPS to grow 20% and 29.7%, respectively.

(3) Han's Laser Technology [002008.CH]: The Company develops and manufactures laser-based products used for cutting, weld-

ing, marking and drilling a wide range of industrial materials. Separately, it set up an RMB1.5bn robot industry fund, which will focus

on the integration of laser systems and factory automation. Its robot industry related revenue has already reached RMB1bn. Our A-

share research team forecasts its 2016E and 2017E EPS to grow 45% and 22%, respectively.


Name

Price

(RMB)

Mkt Cap

(RMB m)PER (x)

2016E

PER (x)

2017E

PER (x)PBR (x)

Div idend

yield

(%)

ROE (%) ROA (%)

000050 CH equity Tianma Microelectronics Co Ltd 深天马Ａ 18.69 26,187 41.9 35.9 24.6 2.0 0.5 4.8 2.8

002007 CH equity Hualan Biological Engineering 华兰生物 49.58 28,821 45.6 38.3 30.8 7.5 1.2 17.1 15.4

002008 CH equity Han's Laser Technology Industr 大族激光 21.24 22,587 28.5 21.4 15.2 4.7 0.9 17.3 10.4


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Figure 3a: Constituent stocks of the Shenzhen Component Index



Name

Price

(RMB)

Mkt Cap

(RMB m)PER (x)

2016E

PER (x)

2017E

PER (x)PBR (x)

Div idend

y ield (%)ROE (%) ROA (%)

Aerospace & Defense

000738 CH equity AVIC Aero-Engine Controls Co L 中航动控 24.95 28,584 138.8 90.7 104.0 6.0 0.1 4.4 3.1

000768 CH equity AVIC Aircraft Co Ltd 中航飞机 17.33 47,981 88.7 76.0 55.7 3.2 0.6 4.0 1.5

002013 CH equity AVIC Electromechanical Systems 中航机电 17.58 18,797 30.7 33.4 29.8 2.7 0.3 9.1 2.9

002025 CH equity Guizhou Space Appliance Co Ltd 航天电器 20.28 8,700 35.8 31.7 27.4 4.3 0.8 12.5 7.6

300324 CH equity Beijing Watertek Information T 旋极信息 20.45 20,449 142.5 113.6 78.7 14.7 0.1 13.0 8.3

300034 CH equity Beijing Cisri-Gaona Materials 钢研高纳 21.39 6,853 54.9 47.7 41.1 5.6 0.7 10.5 8.2

000099 CH equity Citic Offshore Helicopter Co L 中信海直 13 7,879 51.9 42.2 39.0 2.8 0.6 5.5 3.3

Average 77.6 62.2 53.7 5.6 0.4 8.4 5.0

Auto Com ponents

000901 CH equity Aerospace Hi-Tech Holdings Grp 航天科技 33.01 10,683 180.0 - - 7.7 - 4.5 2.8

000559 CH equity Wanxiang Qianchao Co Ltd 万向钱潮 14.58 33,451 41.1 36.5 31.7 7.6 1.7 18.7 6.4

000581 CH equity Weifu High-Technology Group Co 威孚高科 17.29 16,695 11.9 10.2 9.2 1.4 2.3 12.6 9.5

000887 CH equity Anhui Zhongding Sealing Parts 中鼎股份 20.72 25,168 30.2 27.6 24.4 5.9 0.2 22.1 11.4

001696 CH equity Chongqing Zongshen Power Machi 宗申动力 10.01 11,462 30.2 24.0 20.0 3.1 0.3 10.6 6.0

002048 CH equity Ningbo Huaxiang Electronic Co 宁波华翔 19.4 10,283 53.3 24.0 18.8 2.3 0.5 4.2 1.9

002085 CH equity Zhejiang Wanfeng Auto Wheel Co 万丰奥威 15.96 29,085 33.3 31.8 26.2 6.7 0.2 26.7 12.2

002190 CH equity Sichuan Chengfei Integration T 成飞集成 35.54 12,268 138.8 - - 7.2 0.2 5.4 1.8

002625 CH equity Zhejiang Longsheng Auto Parts 龙生股份 43.5 13,083 310.3 - - 24.2 - 8.0 6.0

Average 92.1 25.7 21.7 7.3 0.8 12.5 6.5

Autom obi les

000550 CH equity Jiangling Motors Corp Ltd 江铃汽车 23.9 17,696 10.0 7.9 6.5 - 4.1 - 10.4

000572 CH equity Haima Automobile Group Co Ltd 海马汽车 4.86 7,993 68.5 - - 1.1 - 1.6 0.7

000625 CH equity Chongqing Changan Automobile C 长安汽车 14.48 62,601 6.7 5.8 5.5 1.8 1.7 31.1 11.9

000800 CH equity FAW CAR Co Ltd 一汽轿车 12.37 20,132 - 363.8 537.8 2.4 0.1 -5.9 -2.8

002594 CH equity BYD Co Ltd 比亚迪 60.34 127,196 42.9 37.6 29.7 5.1 - 13.0 3.5

Average 32.0 103.8 144.9 2.6 2.0 9.9 4.7

Banks

000001 CH equity Ping An Bank Co Ltd 平安银行 10.3 147,379 6.5 6.4 6.0 0.9 1.4 14.7 0.9

002142 CH equity Bank of Ningbo Co Ltd 宁波银行 14.54 56,703 8.2 7.7 6.8 1.2 2.6 16.4 1.0

Average 7.4 7.1 6.4 1.0 2.0 15.5 0.9

Beverages

000568 CH equity Luzhou Laojiao Co Ltd 泸州老窖 24.56 34,439 22.6 19.5 16.8 3.2 3.3 14.5 11.5

000596 CH equity Anhui Gujing Distillery Co Ltd 古井贡酒 42.16 19,065 28.1 25.9 22.3 4.4 0.5 15.9 10.5

000729 CH equity Beijing Yanjing Brewery Co Ltd 燕京啤酒 7.92 22,323 38.3 33.1 30.9 1.8 1.0 4.7 3.1

000858 CH equity Wuliangye Yibin Co Ltd 五粮液 29.35 111,412 16.2 16.0 14.3 2.4 2.0 15.7 12.5

000869 CH equity Yantai Changyu Pioneer Wine Co 张裕 39.2 22,429 25.8 22.3 19.9 3.3 1.1 13.5 10.0

002304 CH equity Jiangsu Yanghe Brewery Joint-S 洋河股份 67.62 101,903 18.2 17.3 15.4 4.0 2.1 23.6 16.7

Average 24.8 22.4 19.9 3.2 1.7 14.6 10.7

Biotechnology

000518 CH equity Jiangsu Sihuan Bioengineering 四环生物 8.4 8,648 - - - 14.3 - -13.2 -9.1

002007 CH equity Hualan Biological Engineering 华兰生物 49.58 28,821 45.6 38.3 30.8 7.5 1.2 17.1 15.4

002022 CH equity Shanghai Kehua Bio-Engineering 科华生物 18.74 9,606 44.2 37.9 26.8 5.5 1.1 14.2 11.9

002030 CH equity Da An Gene Co Ltd of Sun Yat-S 达安基因 28.04 18,479 178.9 82.5 58.4 13.4 0.1 9.1 4.1

002038 CH equity Beijing SL Pharmaceutical Co L 双鹭药业 29.97 20,526 37.6 36.0 29.2 5.5 0.7 15.4 14.7

002252 CH equity Shanghai RAAS Blood Products C 上海莱士 37.48 103,398 75.4 60.5 51.3 9.4 0.1 13.8 12.8

300122 CH equity Chongqing Zhifei Biological Pr 智飞生物 12.69 20,304 96.9 63.5 42.3 8.0 0.4 8.3 7.7

300238 CH equity Grandhope Biotech Co Ltd 冠昊生物 37.9 9,353 146.5 - - 15.8 - 11.1 8.5

Average 89.3 53.1 39.8 9.9 0.6 9.5 8.2

Capi ta l Markets & Investm ent

000166 CH equity Shenwan Hongyuan Group Co Ltd 申万宏源 8.06 119,745 9.8 14.0 12.6 2.4 - 29.7 4.5

000563 CH equity Shaanxi International Trust Co 陕国投A 5.43 16,781 27.3 29.4 22.6 2.2 0.3 9.0 8.2

000686 CH equity Northeast Securities Co Ltd 东北证券 11.62 27,196 9.2 14.9 7.4 2.0 0.5 23.6 4.3

000728 CH equity Guoyuan Securities Co Ltd 国元证券 15.73 30,895 13.5 15.6 12.9 1.6 0.6 12.1 3.5

000750 CH equity Sealand Securities Co Ltd 国海证券 10.57 29,706 15.7 22.5 - 2.2 1.4 16.5 3.8

000776 CH equity GF Securities Co Ltd 广发证券 15.34 115,413 8.8 12.3 10.8 1.5 1.3 20.9 3.6

000783 CH equity Changjiang Securities Co Ltd 长江证券 8.9 42,208 13.1 19.7 16.1 2.5 3.9 20.2 3.4

002500 CH equity Shanxi Securities Co Ltd 山西证券 12.85 36,349 32.1 38.9 - 2.9 0.4 10.0 2.4

002673 CH equity Western Securities Co Ltd 西部证券 22.25 62,201 36.2 59.3 39.7 5.1 0.3 15.1 3.7

002736 CH equity Guosen Securities Co Ltd 国信证券 14.62 119,884 8.6 17.1 13.7 2.7 1.4 36.0 6.9

Average 17.4 24.4 17.0 2.5 1.1 19.3 4.4

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Figure 3b: Constituent stocks of the Shenzhen Component Index



Name

Price

(RMB)

Mkt Cap

(RMB m)PER (x)

2016E

PER (x)

2017E

PER (x)PBR (x)

Div idend


Chem icals

002556 CH equity Anhui Huilong Agricultural Mea 辉隆股份 12.52 5,990 35.9 25.8 23.6 2.8 0.8 7.7 2.7

000687 CH equity Huaxun Fangzhou Co Ltd 华讯方舟 18.66 14,132 - 59.2 40.6 12.2 - -14.1 -6.5

000731 CH equity Sichuan Meifeng Chemical IND 四川美丰 7.02 4,152 150.5 54.0 46.8 1.5 - 1.2 0.7

000792 CH equity Qinghai Salt Lake Industry Co 盐湖股份 18.13 33,675 43.1 38.1 28.6 1.5 0.5 3.4 0.9

000830 CH equity Luxi Chemical Group Co Ltd 鲁西化工 4.65 6,812 33.7 9.5 - 1.2 6.5 3.4 0.9

000902 CH equity Hubei Xinyangfeng Fertilizer C 新洋丰 23.73 15,643 18.8 16.0 12.7 3.1 - 20.2 13.4

000973 CH equity FSPG Hi-Tech Co Ltd 佛塑科技 8.26 7,991 88.2 - - 3.8 - 4.5 1.8

002004 CH equity Huapont Life Sciences Co Ltd 华邦健康 9.29 18,904 29.6 23.8 20.0 2.0 1.3 7.3 3.5

002018 CH equity CEFC Anhui International Holdi 华信国际 10.05 22,892 113.2 - - 7.8 0.2 7.0 4.1

002064 CH equity Zhejiang Huafeng Spandex Co Lt 华峰氨纶 4.43 7,428 42.0 - - 2.2 0.6 5.5 3.6

002092 CH equity Xinjiang Zhongtai Chemical Co 中泰化学 7.16 12,669 62.5 - - 1.1 0.3 1.8 0.4

002170 CH equity Shenzhen Batian Ecotypic Engin 芭田股份 8.02 7,032 46.7 23.7 14.9 3.6 - 8.4 4.0

002215 CH equity Shenzhen Noposion Agrochemical 诺普信 10.22 9,448 35.5 26.9 19.7 4.5 0.8 14.6 8.2

002250 CH equity Lianhe Chemical Technology Co 联化科技 13.19 11,012 18.4 14.1 11.4 2.6 0.9 14.7 9.9

002326 CH equity Zhejiang Yongtai Technology Co 永太科技 13.75 10,981 61.5 40.4 27.7 5.7 0.3 7.9 4.7

002407 CH equity Do-Fluoride Chemicals Co Ltd 多氟多 42.4 26,632 180.4 71.9 31.1 11.7 0.1 7.9 3.9

002408 CH equity Zibo Qixiang Tengda Chemical C 齐翔腾达 11.87 9,578 54.5 18.0 11.5 1.7 0.3 3.4 2.2

002440 CH equity Zhejiang Runtu Co Ltd 闰土股份 14.63 11,221 24.5 11.2 11.6 1.9 3.8 7.6 5.9

002450 CH equity Jiangsu Kangde Xin Composite M 康得新 33.81 54,391 32.9 24.3 17.2 5.7 0.2 20.6 10.0

002466 CH equity Sichuan Tianqi Lithium Industr 天齐锂业 189 49,418 98.1 33.1 27.9 14.3 - 16.0 7.1

002470 CH equity Kingenta Ecological Engineerin 金正大 7.85 24,642 20.7 17.3 13.6 2.9 0.6 15.1 9.7

002493 CH equity Rongsheng Petro Chemical Co Lt 荣盛石化 12.33 31,368 58.0 25.4 20.7 2.9 0.2 5.6 1.3

002522 CH equity Zhejiang Zhongcheng Packing Ma 浙江众成 18.08 15,970 195.7 113.0 - 11.7 0.2 6.1 4.7

002588 CH equity Stanley Fertilizer Co Ltd 史丹利 25.3 14,751 22.8 19.0 15.5 3.9 1.0 18.3 11.3

300072 CH equity Beijing Sanju Environmental Pr 三聚环保 24.5 29,052 28.7 20.4 14.7 5.9 0.5 26.5 10.8

000627 CH equity Hubei Biocause Pharmaceutical 天茂集团 7.72 32,881 17.6 27.3 22.1 2.6 0.1 15.1 1.9

000930 CH equity Cofco Biochemical Co Ltd 中粮生化 10.73 10,348 - 536.5 357.7 7.4 0.2 -61.6 -19.0

Average 60.5 54.3 37.6 4.7 0.9 6.4 3.8

Com m ercia l Services & Suppl ies

000812 CH equity Shaanxi Jinye Science Technolo 陕西金叶 9.17 4,102 215.3 - - 4.7 0.4 2.2 1.0

002183 CH equity Eternal Asia Supply Chain Mana 怡亚通 25.67 26,938 46.9 32.0 21.8 5.1 - 12.8 1.9

002229 CH equity Hongbo Co Ltd 鸿博股份 25.57 7,625 2911.6 448.6 213.1 8.9 - 0.3 0.2

002672 CH equity Dongjiang Environmental Co Ltd 东江环保 16.49 12,915 43.1 30.7 22.4 5.2 0.4 12.8 5.7

300070 CH equity Beijing Originwater Technology 碧水源 15.15 47,021 32.6 21.9 15.9 3.4 0.3 13.8 9.9

002181 CH equity Guangdong Guangzhou Daily Medi 粤传媒 8.11 9,416 - - - 2.5 0.2 -12.2 -10.6

300203 CH equity Focused Photonics Hangzhou Inc 聚光科技 23.89 10,827 42.4 27.0 19.6 4.5 0.2 11.3 7.2

Average 548.7 112.0 58.6 4.9 0.3 5.9 2.2

Com m unications Equipm ent

000829 CH equity Telling Telecommunication Hold 天音控股 11.31 10,844 - 62.8 30.6 5.4 - -11.3 -2.1

000851 CH equity Gohigh Data Networks Technolog 高鸿股份 11.5 6,801 89.1 - - 2.6 - 2.9 1.1

000063 CH equity ZTE Corp 中兴通讯 13.5 52,296 15.2 14.1 12.6 1.9 1.2 11.8 3.1

000547 CH equity Addsino Co Ltd 航天发展 15.4 22,016 98.0 58.1 46.0 2.7 - 4.9 3.5

002151 CH equity Beijing BDStar Navigation Co L 北斗星通 26.02 11,463 242.6 - - 4.4 0.4 2.7 1.9

002369 CH equity Shenzhen Zowee Tech Co Ltd 卓翼科技 9 4,398 - - - 3.2 - -1.5 -0.7

002396 CH equity Fujian Star-net Communication 星网锐捷 18.06 9,736 36.6 29.6 23.8 3.7 0.4 11.1 6.5

002465 CH equity Guangzhou Haige Communications 海格通信 11.35 24,354 40.9 31.0 24.0 3.7 0.9 10.2 6.4

002583 CH equity Hytera Communications Corp Ltd 海能达通信股份有限公司9.47 14,562 61.8 37.9 26.1 6.6 0.1 11.9 6.2

300074 CH equity Avcon Information Technology C 华平股份 9.33 4,926 99.1 12.1 - 4.7 - 4.9 4.4

300079 CH equity Sumavision Technologies Co Ltd 数码视讯 8.22 11,325 51.2 - - 3.5 0.1 7.2 5.8

300101 CH equity Chengdu CORPRO Technology Co L 振芯科技 19.81 11,014 133.5 65.6 45.5 13.0 0.1 10.2 7.2

300134 CH equity Shenzhen Tat Fook Technology C 大富科技 22.05 14,394 233.4 - - 5.7 0.9 2.2 1.4

300136 CH equity Shenzhen Sunway Communication 信维通信 30.31 18,137 64.9 36.1 25.6 12.3 0.1 24.8 16.8

000733 CH equity China Zhenhua Group Science & 振华科技 19.39 9,101 42.0 38.0 21.0 2.5 0.2 6.3 3.5

002544 CH equity GCI Science & Technology Co Lt 杰赛科技 25.81 13,312 125.7 - - 10.7 0.1 9.0 3.4

300183 CH equity Qingdao Eastsoft Communication 东软载波 17.94 8,132 29.7 24.9 20.4 3.5 0.8 12.8 11.7

002467 CH equity 263 Network Communications Co 二六三 12.79 10,212 88.9 63.3 51.8 4.5 0.9 5.9 4.9

Average 90.8 39.5 29.8 5.3 0.5 7.0 4.7

Construction & Engineering

000090 CH equity Shenzhen Tagen Group Co Ltd 天健集团 12.12 10,369 20.2 17.0 18.4 1.7 1.9 7.9 2.9

000961 CH equity Jiangsu Zhongnan Construction 中南建设 17.11 25,390 55.2 14.3 17.6 1.8 0.6 3.2 0.4

002051 CH equity China CAMC Engineering Co Ltd 中工国际 21.2 16,391 15.4 13.8 11.5 2.6 1.4 18.4 5.7

002081 CH equity Suzhou Gold Mantis Constructio 金螳螂 14.4 25,376 15.6 13.3 11.1 2.8 0.7 19.5 7.6

002178 CH equity Shanghai Yanhua Smartech Group 延华智能 9.39 6,856 62.9 47.4 36.1 5.9 0.4 10.9 6.5

002307 CH equity Xinjiang Beixin Road & Bridge 北新路桥 7.58 4,225 125.1 101.1 82.4 2.8 - 2.4 0.3

002431 CH equity Palm Eco-Town Development Co L 棕榈股份 10.71 14,748 - 35.9 24.5 3.6 0.3 -6.0 -2.3

002482 CH equity Shenzhen Grandland Decoration 广田股份 19.64 12,283 42.1 28.0 23.5 2.1 0.8 5.1 2.1

300197 CH equity Shenzhen Techand Ecology & Env 铁汉生态 14.05 12,940 36.3 26.5 19.8 2.7 0.5 9.0 4.4

002551 CH equity Shenzhen Glory Medical Co Ltd 尚荣医疗 21.33 9,290 62.3 42.2 28.8 6.2 0.4 10.3 5.1

002375 CH equity Zhejiang Yasha Decoration Co L 亚厦股份 11.36 15,215 31.8 21.0 18.5 2.2 0.6 7.0 2.8

Average 46.7 32.8 26.6 3.1 0.7 8.0 3.2

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Figure 3c: Constituent stocks of the Shenzhen Component Index



Name

Price

(RMB)

Mkt Cap

(RMB m)PER (x)

2016E

PER (x)

2017E

PER (x)PBR (x)

Div idend


Construction Materia ls

002011 CH equity Zhejiang Dun'An Artificial Env 盾安环境 9.83 9,016 110.0 43.7 24.0 2.0 - 1.7 0.6

002047 CH equity Shenzhen Bauing Construction H 宝鹰股份 10.1 12,757 37.5 26.8 20.9 5.1 - 14.7 5.7

002665 CH equity Beijing Shouhang Resources Sav 首航节能 8.26 16,282 91.8 32.5 19.5 5.9 0.2 7.5 4.3

000786 CH equity Beijing New Building Materials 北新建材 8.66 12,245 13.4 10.6 9.4 1.5 2.0 12.1 6.5

000012 CH equity CSG Holding Co Ltd 南玻 10.88 18,305 30.2 26.5 21.6 2.8 4.6 9.0 4.9

000401 CH equity Tangshan Jidong Cement Co Ltd 冀东水泥 10.9 14,688 - 330.3 87.9 1.6 0.5 -18.9 -4.5

000877 CH equity Xinjiang Tianshan Cement Co Lt 天山股份 6.08 5,351 - 98.1 30.7 0.9 1.4 -7.4 -2.3

002233 CH equity Guangdong Tapai Group Co Ltd 塔牌集团 8 7,157 23.6 17.0 - 1.6 2.3 6.9 5.4

002271 CH equity Beijing Oriental Yuhong Waterp 东方雨虹 15.57 12,934 17.3 14.8 12.1 3.2 0.6 19.9 13.4

Average 46.3 66.7 28.2 2.7 1.7 5.1 3.8

Conta iners & Packaging

002191 CH equity Shenzhen Jinjia Group Co Ltd 劲嘉股份 9.98 13,129 18.5 14.2 10.9 3.0 0.8 17.1 12.3

002067 CH equity Zhejiang Jingxing Paper JSC Lt 景兴纸业 7.16 7,833 45.5 - - 2.5 - 5.7 3.0

002303 CH equity MYS Group Co Ltd 美盈森 10.1 14,447 73.7 38.5 27.9 6.0 0.4 8.4 6.3

002701 CH equity Org Packaging Co Ltd 奥瑞金 8.88 20,914 19.9 15.5 13.2 4.5 2.1 24.4 11.1

Average 39.4 22.8 17.3 4.0 1.1 13.9 8.1

Electrica l Equipm ent

000400 CH equity XJ Electric Co Ltd 许继电气 14.65 14,772 19.8 16.6 12.2 2.3 0.7 12.4 6.5

002028 CH equity Sieyuan Electric Co Ltd 思源电气 10.19 7,666 20.4 16.2 13.3 1.9 1.6 9.9 6.8

002074 CH equity Guoxuan High-Tech Co Ltd 国轩高科 35.96 31,514 30.8 28.5 22.0 9.3 0.1 46.1 19.8

002121 CH equity Shenzhen Clou Electronics Co L 科陆电子 24.16 11,502 56.0 34.0 26.0 4.9 0.1 10.4 2.5

002123 CH equity Rongxin Power Electronic Co Lt 荣信股份 16.68 14,371 75.9 37.1 25.1 2.9 - 4.7 3.0

002168 CH equity Shenzhen Hifuture Electric Co 深圳惠程 12.49 9,755 101.5 - - 8.5 - 8.2 6.0

002176 CH equity Jiangxi Special Electric Motor 江特电机 13.12 19,276 276.2 45.2 28.5 4.2 0.1 1.8 1.0

002202 CH equity Xinjiang Goldwind Science & Te 金风科技 15.06 38,824 13.8 12.8 11.1 2.4 2.7 18.6 6.2

002249 CH equity Zhongshan Broad Ocean Motor Co 大洋电机 9.45 22,316 47.8 34.2 26.3 2.7 1.2 6.2 3.8

002266 CH equity Zhefu Holding Group Co Ltd 浙富控股 5.41 10,705 149.2 41.6 - 3.7 0.2 2.5 1.4

002276 CH equity Zhejiang Wanma Co Ltd 万马股份 19.31 18,138 66.4 51.2 41.3 6.1 0.3 9.6 6.0

002298 CH equity Anhui Sinonet & Xonglong Scien 中电鑫龙 14.54 9,203 90.0 - - 3.0 0.2 4.4 2.6

002309 CH equity Zhongli Science and Technology 中利科技 15.61 8,933 18.6 15.9 12.1 2.0 0.6 11.0 2.6

002339 CH equity Integrated Electronic Systems 积成电子 15.35 5,816 48.3 29.0 22.9 4.0 0.4 8.6 5.7

002358 CH equity Henan Senyuan Electric Co Ltd 森源电气 17.33 13,788 74.7 43.3 36.1 6.2 0.7 8.7 4.3

002498 CH equity Qingdao Hanhe Cable Co Ltd 汉缆股份 4.44 14,771 39.4 - - 3.5 2.9 8.7 6.1

300001 CH equity Qingdao TGOOD Electric Co Ltd 特锐德 20.9 20,941 131.2 66.6 53.0 8.3 0.2 7.6 3.3

300011 CH equity Beijing Dinghan Technology Co 鼎汉技术 22.57 11,895 51.8 31.7 25.2 5.8 0.3 11.6 7.7

300274 CH equity Sungrow Power Supply Co Ltd 阳光电源 21.3 14,076 29.7 19.6 14.7 4.8 0.2 17.8 7.7

000541 CH equity Foshan Electrical and Lighting 佛山照明　　　 9.74 11,051 201.0 34.8 28.6 2.4 0.1 1.5 1.2

000049 CH equity Shenzhen Desay Battery Technol 德赛电池 37.9 7,779 37.0 24.0 19.0 8.0 0.4 23.7 6.8

000727 CH equity Nanjing Huadong Electronics In 华东科技 6.09 13,793 - 16.5 8.2 1.3 - 0.0 0.0

002130 CH equity Shenzhen Woer Heat-Shrinkable 沃尔核材 14.54 8,279 14.3 51.9 39.3 4.9 0.8 36.1 16.5

002475 CH equity Luxshare Precision Industry Co 立讯精密 27.9 35,084 30.8 23.9 17.5 6.1 0.2 21.5 10.5

002638 CH equity Dongguan Kingsun Optoelectroni 勤上光电 19.15 7,175 345.7 79.8 50.4 3.2 0.1 0.9 0.6

300032 CH equity Jinlong Machinery & Electronic 金龙机电 16.96 11,464 37.4 35.3 33.9 5.1 0.3 14.6 8.2

300068 CH equity Zhejiang Narada Power Source C 南都电源 17.96 10,865 46.0 33.8 24.3 3.5 - 8.0 3.9

300207 CH equity Sunwoda Electronic Co Ltd 欣旺达 23.86 15,392 43.0 26.3 18.7 8.0 0.3 20.9 7.2

000511 CH equity Ingenious Ene-Carbon New Mater 烯碳新材 8.92 10,301 1293.9 - - 7.2 - 0.5 0.2

Average 121.1 34.0 25.4 4.7 0.6 11.6 5.5

6




Figure 3d: Constituent stocks of the Shenzhen Component Index



Name

Price

(RMB)

Mkt Cap

(RMB m)PER (x)

2016E

PER (x)

2017E

PER (x)PBR (x)

Div idend


Electron ic Equip., Instrum ents

002426 CH equity Suzhou Victory Precision Manuf 胜利精密 24.07 28,081 64.1 35.4 24.8 5.4 0.4 10.0 4.7

000050 CH equity Tianma Microelectronics Co Ltd 深天马Ａ 18.69 26,187 41.9 35.9 24.6 2.0 0.5 4.8 2.8

000413 CH equity Dongxu Optoelectronic Technolo 东旭光电 7.28 27,113 15.5 - - 1.9 1.0 12.1 5.6

000748 CH equity GreatWall Information Industry 长城信息 17.17 13,990 99.8 101.0 71.5 3.0 0.2 4.0 2.6

000938 CH equity Tsinghua Unisplendour Co Ltd 紫光股份 56.09 58,463 72.0 49.2 37.9 5.8 0.2 7.2 2.8

000970 CH equity Beijing Zhong Ke San Huan High 中科三环 12.22 13,017 47.1 38.3 31.1 3.3 0.7 7.1 5.2

000988 CH equity Huagong Tech Co Ltd 华工科技 16.25 14,481 88.4 56.8 44.4 4.8 0.2 5.7 3.3

002049 CH equity Tongfang Guoxin Electronics Co 同方国芯 34.28 20,802 60.6 41.5 33.6 7.1 0.3 12.3 9.0

002055 CH equity Shenzhen Deren Electronic Co L 得润电子 28 12,614 152.0 90.9 57.6 7.4 0.2 5.3 1.8

002056 CH equity Hengdian Group DMEGC Magnetics 横店东磁 13.28 10,914 31.1 24.1 19.0 3.0 0.8 10.1 7.0

002106 CH equity Shenzhen Laibao Hi-tech Co Ltd 莱宝高科 11.02 7,778 - 105.0 78.7 2.3 0.2 -14.5 -11.9

002138 CH equity Shenzhen Sunlord Electronics C 顺络电子 17.18 12,729 43.9 36.9 27.3 5.1 1.2 12.5 9.3

002161 CH equity Invengo Information Technology 远望谷 13.17 9,743 614.3 - - 6.1 0.1 1.0 0.9

002179 CH equity China Aviation Optical-Electri 中航光电 38.83 23,396 36.0 31.4 23.5 6.5 0.2 20.0 9.1

002197 CH equity Shenzhen Zhengtong Electronics 证通电子 18.68 7,958 95.0 - - 6.5 0.2 7.0 3.2

002217 CH equity Holitech Technology Co Ltd 合力泰 14.02 19,943 66.3 23.6 18.8 3.6 0.1 6.8 3.9

002236 CH equity Zhejiang Dahua Technology Co L 大华股份 13.45 39,002 28.6 17.2 13.9 14.8 0.6 24.9 16.0

002241 CH equity GoerTek Inc 歌尔声学 28.05 42,821 36.3 24.2 19.4 4.4 0.4 12.9 6.8

002268 CH equity Westone Information Industry I 卫士通 30.92 13,374 97.7 67.2 49.9 10.1 0.0 10.9 6.5

002273 CH equity Zhejiang Crystal-Optech Co Ltd 水晶光电 21.35 13,983 87.5 53.4 38.8 5.1 0.3 7.4 6.3

002308 CH equity Vtron Technologies Ltd 威创股份 14.25 11,907 76.0 55.9 40.4 5.4 0.2 7.5 6.4

002312 CH equity Chengdu Santai Holding Group C 三泰控股 17.78 16,335 - 84.7 52.6 3.7 0.3 0.0 0.0

002414 CH equity Wuhan Guide Infrared Co Ltd 高德红外 21.2 12,720 210.4 35.0 31.6 5.0 0.1 2.4 2.1

002415 CH equity Hangzhou Hikvision Digital Tec 海康威视 32.75 133,252 22.0 17.2 13.6 6.4 1.2 32.8 22.7

002456 CH equity Shenzhen O-film Tech Co Ltd 欧菲光 27.2 28,033 53.3 32.2 24.1 4.6 0.4 8.7 3.5

002463 CH equity WUS Printed Circuit Kunshan Co 沪电股份 5.61 9,392 177.0 70.1 33.0 2.9 - 1.7 1.0

002658 CH equity Beijing SDL Technology Co Ltd 雪迪龙 15.92 9,630 39.8 27.9 22.1 6.1 0.6 16.5 14.4

300088 CH equity Wuhu Token Science Co Ltd 长信科技 11.75 13,560 55.9 37.1 27.8 3.8 0.4 6.9 4.5

300115 CH equity Shenzhen Everwin Precision Tec 长盈精密 33.29 18,645 37.3 26.0 20.1 5.4 0.3 15.3 9.6

300202 CH equity Julong Co Ltd 聚龙股份 19.16 10,528 40.2 22.9 18.3 6.6 0.5 17.6 15.4

300408 CH equity Chaozhou Three-Circle Group Co 三环集团 16.66 28,782 30.7 - - 6.3 1.8 22.5 19.4

300433 CH equity Lens Technology Co Ltd 蓝思科技 72.54 52,751 30.9 28.5 21.5 4.7 - 17.3 7.8

Average 85.0 46.3 33.6 5.3 0.4 9.9 6.3

Energy Equipm ent & Services

002108 CH equity Cangzhou Mingzhu Plastic Co Lt 沧州明珠 21.91 13,550 46.5 39.1 32.2 7.1 0.1 16.3 11.1

002353 CH equity Yantai Jereh Oilfield Services 杰瑞股份 18.99 18,190 128.0 59.9 44.8 2.3 1.1 1.9 1.4

000958 CH equity Shijiazhuang Dongfang Energy C 东方能源 14.82 8,168 16.0 11.5 16.3 3.3 - 27.9 13.4

Average 63.5 36.9 31.1 4.2 0.6 15.3 8.6

Food Products

000061 CH equity Shenzhen Agricultural Products 农产品 13.1 22,230 737.2 218.3 238.2 4.6 0.4 0.6 0.2

002251 CH equity Better Life Commercial Chain S 步步高 11.47 8,935 55.6 38.9 23.6 1.8 1.6 3.2 1.3

000735 CH equity Luoniushan Co Ltd 罗牛山 6.61 7,612 114.8 - - 2.3 - 2.0 1.0

000848 CH equity Hebei Chengde Lolo Co 承德露露 10.43 10,206 21.4 19.2 18.8 3.5 1.5 27.5 22.0

000860 CH equity Beijing Shunxin Agriculture Co 顺鑫农业 22.42 12,793 35.6 25.8 21.0 2.3 0.4 6.6 2.1

000876 CH equity New Hope Liuhe Co Ltd 新希望 17.73 36,951 15.7 10.7 9.4 1.9 1.4 12.4 6.7

000895 CH equity Henan Shuanghui Investment & D 双汇发展 21.56 71,167 16.1 15.1 13.5 4.0 5.8 25.7 19.3

000998 CH equity Yuan Longping High-tech Agricu 隆平高科 19.15 24,056 40.0 39.6 30.6 4.3 0.3 13.1 9.0

002041 CH equity Shandong Denghai Seeds Co Ltd 登海种业 14.16 12,461 29.0 25.8 21.4 5.2 1.0 19.2 10.9

002299 CH equity Fujian Sunner Development Co L 圣农发展 27.4 30,439 - 24.3 15.0 5.7 - -3.1 -1.2

002311 CH equity Guangdong Haid Group Co Ltd 海大集团 17.93 27,622 33.6 25.7 19.6 5.4 1.0 17.0 9.1

002385 CH equity Beijing Dabeinong Technology G 大北农 8.67 35,553 45.3 29.4 23.8 4.1 0.6 10.1 6.3

002477 CH equity Chuying Agro-pastora Group Co 雏鹰农牧 17.88 18,686 44.0 19.2 16.1 4.2 - 11.7 4.4

002568 CH equity Shanghai Bairun Investment Hol 百润股份 22.4 20,070 28.3 37.3 20.8 21.5 2.2 53.0 33.6

002570 CH equity Beingmate Baby & Child Food Co 贝因美 12.41 12,689 108.6 68.6 49.6 3.4 - 3.1 2.3

002714 CH equity Muyuan Foodstuff Co Ltd 牧原股份 56 28,945 27.6 14.8 15.6 7.4 0.1 33.8 16.0

300498 CH equity Guangdong Wens Foodstuffs Grou 温氏股份 45.85 166,218 - 12.7 14.4 6.5 - - -

Average 90.2 39.1 34.5 5.2 1.4 14.8 8.9

Heal th Care Equipm ent & Suppl i

300171 CH equity Shanghai Tofflon Science & Tec 东富龙 17.62 11,185 29.8 25.7 22.1 3.8 1.4 13.2 9.1

002223 CH equity Jiangsu Yuyue Medical Equipmen 鱼跃医疗 31.2 18,245 45.9 38.6 30.6 8.1 - 19.3 14.6

002432 CH equity Andon Health Co Ltd 九安医疗 16.92 6,294 - - - 10.6 0.1 -22.3 -16.9

300003 CH equity Lepu Medical Technology Beijin 乐普医疗 34.45 30,033 50.2 41.0 32.5 6.4 0.4 14.8 9.5

300273 CH equity Zhuhai Hokai Medical Instrumen 和佳股份 15.17 11,951 139.5 75.9 59.5 5.1 0.3 4.7 2.6

300253 CH equity Winning Health Technology Grou 卫宁健康 21.11 17,150 102.9 64.4 55.8 9.3 0.3 11.9 8.3

Average 73.7 49.1 40.1 7.2 0.5 6.9 4.5

Heal th Care Providers & Service

000028 CH equity China National Accord Medicine 一致药业 68.13 22,820 32.4 28.0 23.0 4.5 0.3 14.9 5.8

000078 CH equity Shenzhen Neptunus Bioengineeri 海王生物 19.63 14,772 30.2 - - 7.7 - 29.2 4.0

000963 CH equity Huadong Medicine Co Ltd 华东医药 65.44 31,808 24.6 21.8 18.4 4.6 1.4 25.0 10.0

300015 CH equity Aier Eye Hospital Group Co Ltd 爱尔眼科 32.52 32,066 69.8 56.0 41.3 12.7 0.3 19.8 15.2

300244 CH equity Zhejiang Dian Diagnostics Co L 迪安诊断 32.12 17,557 80.7 60.8 44.7 9.0 0.2 14.0 8.3

000503 CH equity Searainbow Holding Corp 海虹控股 36.54 32,843 2149.4 166.1 44.6 24.4 - 1.2 1.1

300347 CH equity Hangzhou Tigermed Consulting C 泰格医药 32 15,064 86.7 74.1 58.4 10.0 0.3 13.5 10.0

300146 CH equity By-health Co Ltd 汤臣倍健 14.06 20,472 31.3 25.8 20.3 4.7 2.1 15.5 13.0

Average 313.1 61.8 35.8 9.7 0.8 16.6 8.4

7




Figure 3e: Constituent stocks of the Shenzhen Component Index



Name

Price

(RMB)

Mkt Cap

(RMB m)PER (x)

2016E

PER (x)

2017E

PER (x)PBR (x)

Div idend


Hote ls Restaurants & Leisure

000069 CH equity Shenzhen Overseas Chinese Town 华侨城A 6.44 52,845 10.1 8.6 7.5 1.4 1.1 14.1 4.4

300144 CH equity Songcheng Performance Developm 宋城演艺 25.76 37,419 57.0 41.2 32.4 6.7 0.3 13.9 11.6

300178 CH equity Shenzhen Tempus Global Travel 腾邦国际 18.44 10,243 64.3 40.3 27.4 7.0 0.1 11.4 5.2

002292 CH equity Alpha Group 奥飞娱乐 29.7 38,863 77.3 57.0 43.0 8.7 0.1 13.8 8.3

002489 CH equity Yotrio Group Co Ltd 浙江永强 7.49 16,296 35.3 21.4 18.3 4.8 2.8 13.0 7.8

300005 CH equity Toread Holdings Group Co Ltd 探路者 16.25 8,352 34.7 33.6 24.8 5.7 1.2 17.1 10.8

Average 46.4 33.7 25.6 5.7 0.9 13.9 8.0

Household Durables

002131 CH equity Leo Group Co Ltd 利欧股份 18.87 28,483 85.7 37.2 28.6 4.9 0.1 7.2 4.5

002444 CH equity Hang Zhou Great Star Industria 巨星科技 18.6 20,000 38.4 31.5 26.7 3.9 1.1 10.9 8.1

000100 CH equity TCL Corp TCL集团 3.36 41,038 19.8 17.0 14.7 1.7 2.4 8.6 1.8

000333 CH equity Midea Group Co Ltd 美的集团 21.35 136,663 10.3 9.5 8.4 2.5 3.7 27.4 9.4

000801 CH equity Sichuan Jiuzhou Electric Co Lt 四川九洲 23 11,762 52.4 41.7 33.3 5.3 0.3 11.8 4.8

002005 CH equity Elec-Tech International Co Ltd 德豪润达 5.7 7,959 323.9 114.0 14.3 1.5 0.5 0.5 0.2

002242 CH equity Joyoung Co Ltd 九阳股份 18.6 14,277 22.6 20.4 17.9 4.2 3.8 19.1 12.8

002429 CH equity Shenzhen MTC Co Ltd 兆驰股份 9.06 14,510 43.6 26.7 22.4 2.9 0.3 7.0 4.0

002508 CH equity Hangzhou Robam Appliances Co L 老板电器 51.72 25,173 28.7 22.5 17.7 7.5 0.6 29.0 19.4

002681 CH equity Shenzhen Fenda Technology Co L 奋达科技 29.61 18,286 54.9 42.3 32.2 7.2 0.3 12.7 10.5

Average 68.0 36.3 21.6 4.1 1.3 13.4 7.5

Independent Power and Renewables

000027 CH equity Shenzhen Energy Group Co Ltd 深圳能源 6.45 25,571 15.7 10.2 - 1.2 2.1 8.3 3.4

000539 CH equity Guangdong Electric Power Devel 粤电力 5.25 26,001 10.5 8.2 8.5 1.2 3.2 11.3 3.7

000543 CH equity An Hui Wenergy Co Ltd 皖能电力 6.57 11,763 10.1 8.4 8.6 1.3 0.2 12.5 5.1

000600 CH equity Jointo Energy Investment Co Lt 建投能源 9.1 16,304 7.6 6.5 7.5 1.5 4.9 20.8 8.5

000601 CH equity Guangdong Shaoneng Group Co Lt 韶能股份 9.51 10,276 25.4 20.5 18.6 2.5 1.1 10.2 4.7

000690 CH equity Guangdong Baolihua New Energy 宝新能源 6.74 14,665 18.2 15.4 11.4 2.2 4.5 13.3 6.8

000767 CH equity Shanxi Zhangze Electric Power 漳泽电力 3.89 8,767 55.0 - - 1.6 - 2.8 0.5

000875 CH equity Jilin Power Share Co Ltd 吉电股份 5.72 8,355 62.5 - - 2.1 - 3.3 0.6

000883 CH equity Hubei Energy Group Co Ltd 湖北能源 4.58 29,804 17.4 12.1 8.5 1.3 1.7 8.0 3.9

000939 CH equity Kaidi Ecological and Environme 凯迪生态 7.82 11,787 15.7 22.7 16.1 1.6 1.9 11.6 2.4

Average 23.8 13.0 11.3 1.6 2.4 10.2 3.9

Industria l Conglom erates

000009 CH equity China Baoan Group Co Ltd 中国宝安 12.58 20,029 26.2 - - 4.5 0.2 18.6 4.5

000996 CH equity China CIFCO Investment Co Ltd 中国中期 19.2 4,416 597.9 - - 7.5 - 1.3 1.1

Average 312.0 - - 6.0 0.2 9.9 2.8

In ternet & Cata log Reta i l

300413 CH equity Happigo Home Shopping Co Ltd 快乐购 25.9 10,386 103.6 115.1 95.9 6.6 0.4 7.5 5.0

002024 CH equity Suning Commerce Group Co Ltd 苏宁云商 10.5 77,522 85.3 456.5 122.1 2.6 0.6 3.1 1.0

Average 94.4 285.8 109.0 4.6 0.5 5.3 3.0

In ternet Software & Services

300295 CH equity Everyday Network Co Ltd 三六五网 30.86 5,927 47.8 38.6 30.0 6.3 - 14.1 12.5

300017 CH equity Wangsu Science & Technology Co 网宿科技 64.17 50,655 47.9 39.1 25.6 8.0 0.3 23.3 20.0

300288 CH equity Longmaster Information & Techn 朗玛信息 35.08 11,855 116.5 - - 11.9 - 10.6 8.0

002095 CH equity Zhejiang NetSun Co Ltd 生意宝 51.43 12,997 843.2 270.7 165.9 26.0 0.1 3.1 2.6

300033 CH equity Hithink RoyalFlush Information 同花顺 75.45 40,562 39.3 36.4 27.6 21.7 1.0 66.0 40.2

300059 CH equity East Money Information Co Ltd 东方财富 20.6 72,972 37.2 29.9 22.7 8.3 0.3 34.3 11.3

300113 CH equity Hangzhou Shunwang Technology C 顺网科技 93 28,003 79.4 61.0 47.4 13.7 0.1 22.1 16.9

300229 CH equity Beijing TRS Information Techno 拓尔思 20.7 9,644 79.7 46.0 28.8 6.4 0.2 8.3 7.0

Average 161.4 74.5 49.7 12.8 0.3 22.7 14.8

IT Services

002093 CH equity Guomai Technologies Inc 国脉科技 10.16 8,788 154.3 - - 6.4 0.1 4.2 2.1

000555 CH equity Digital China Information Serv 神州信息 - - - 54.5 40.8 - 0.2 10.9 5.1

002368 CH equity Taiji Computer Corp Ltd 太极股份 31.69 13,170 63.9 33.4 26.6 6.0 0.5 9.7 4.4

002373 CH equity China TransInfo Technology Co 千方科技 14.94 16,499 51.6 42.4 34.5 5.4 0.7 15.1 8.1

002421 CH equity Shenzhen Das Intellitech Co Lt 达实智能 15.01 9,655 53.3 37.7 28.0 3.8 0.3 7.9 4.6

002474 CH equity Fujian Rongji Software Co Ltd 榕基软件 12.26 7,628 532.0 153.3 122.6 5.6 - 1.0 0.8

002642 CH equity United Electronics Co Ltd 荣之联 35.71 15,147 69.5 53.3 42.7 4.2 0.3 6.8 5.4

002649 CH equity Beyondsoft Corp 博彦科技 35.63 6,303 44.6 29.2 23.4 3.6 0.9 7.6 5.7

300002 CH equity Beijing Ultrapower Software Co 神州泰岳 8.14 16,226 49.6 37.0 28.1 3.3 1.0 6.6 5.8

300010 CH equity Beijing Lanxum Technology Co L 立思辰 18.27 13,955 77.5 56.2 41.5 4.2 0.1 6.8 4.6

300020 CH equity Enjoyor Co Ltd 银江股份 15.27 10,005 87.8 38.6 31.9 3.6 0.3 4.6 2.4

300075 CH equity Beijing eGOVA Co Ltd 数字政通 19.4 7,420 59.7 36.4 29.4 5.9 0.3 10.2 8.0

300168 CH equity Wonders Information Co Ltd 万达信息 24.07 24,630 103.1 76.7 56.5 12.4 0.2 12.9 4.9

300170 CH equity Hand Enterprise Solutions Co L 汉得信息 12.65 10,567 46.2 39.0 28.6 5.8 - 12.9 11.5

300287 CH equity Beijing Philisense Technology 飞利信 11.35 16,290 61.5 28.4 19.9 4.6 0.2 10.3 5.3

Average 103.9 51.2 39.6 5.3 0.4 8.5 5.3

8




Figure 3f: Constituent stocks of the Shenzhen Component Index

Sources: Bloomberg,


Name

Price

(RMB)

Mkt Cap

(RMB m)PER (x)

2016E

PER (x)

2017E

PER (x)PBR (x)

Div idend


Machinery

000039 CH equity China International Marine Con 中集集团 13.71 31,390 20.2 19.8 17.4 1.5 2.3 7.6 1.8

000157 CH equity Zoomlion Heavy Industry Scienc 中联重科 4.11 28,476 - 74.7 35.1 0.8 1.2 -0.5 -0.2

000338 CH equity Weichai Power Co Ltd 潍柴动力 7.74 30,789 22.4 16.1 13.5 1.0 2.3 4.3 1.2

000410 CH equity Shenyang Machine Tool Co Ltd 沈阳机床 15.37 11,765 - - - 6.1 0.1 -27.6 -2.7

000425 CH equity XCMG Construction Machinery Co 徐工机械 3.26 23,095 50.9 83.6 36.6 1.1 0.6 2.2 1.0

000528 CH equity Guangxi Liugong Machinery Co L 柳工 6.46 7,269 - 102.5 57.2 0.8 2.3 -0.4 -0.2

000666 CH equity Jingwei Textile Machinery 经纬纺机 17.75 12,498 27.4 13.4 10.7 2.1 0.3 7.9 1.9

000680 CH equity Shantui Construction Machinery 山推股份 4.98 6,179 - - - 1.9 - -22.0 -7.8

000777 CH equity Sufa Technology Industry Co Lt 中核科技 21.7 8,320 104.7 - - 7.2 0.2 7.1 4.4

000816 CH equity Jiangsu Nonghua Intelligent Ag 智慧农业 5.83 8,272 434.8 97.2 64.8 2.4 0.2 0.6 0.3

002009 CH equity Miracle Automation Engineering 天奇股份 13.97 5,097 44.7 35.8 27.4 2.9 0.4 6.5 2.5

002050 CH equity Zhejiang Sanhua Co Ltd 三花股份 8.05 14,502 21.8 19.2 16.1 3.0 0.6 15.1 8.3

002073 CH equity Mesnac Co Ltd 软控股份 10.55 8,636 53.1 27.4 26.4 2.1 0.3 3.9 1.7

002122 CH equity Tianma Bearing Group Co Ltd 天马股份 6.21 7,377 191.9 - - 1.5 0.3 0.8 0.5

002366 CH equity Taihai Manoir Nuclear Equipmen 台海核电 45.38 19,674 66.9 36.0 26.6 7.6 - 10.8 4.6

002384 CH equity Suzhou Dongshan Precision Manu 东山精密 16.45 13,940 362.1 31.0 22.4 5.1 - 1.8 0.6

002480 CH equity Chengdu Xinzhu Road&Bridge Mac 新筑股份 8.98 5,795 - 12.5 - 2.6 - -7.0 -3.3

002527 CH equity Shanghai STEP Electric Corp 新时达 14.47 8,974 44.8 34.2 28.7 3.9 0.8 8.9 6.1

002595 CH equity Shandong Himile Mechanical Sci 豪迈科技 20.07 16,056 24.4 20.3 16.4 5.1 1.2 23.3 19.8

002630 CH equity China Western Power Industrial 华西能源 11.09 8,184 40.1 23.7 16.0 2.8 0.5 7.1 2.4

002690 CH equity Hefei Meiya Optoelectronic Tec 美亚光电 21.77 14,717 50.0 37.7 29.6 7.7 0.5 16.0 14.3

002698 CH equity Harbin Boshi Automation Co Ltd 博实股份 17.63 12,018 86.3 49.0 46.0 6.8 0.4 8.0 6.7

300024 CH equity Siasun Robot & Automation Co L 机器人 24.91 38,866 91.9 85.9 63.7 7.4 0.2 10.9 8.0

300090 CH equity Anhui Shengyun Environment Pro 盛运环保 7.96 10,507 13.2 15.8 17.3 2.0 0.3 19.1 8.2

300124 CH equity Shenzhen Inovance Technology C 汇川技术 36.56 29,074 35.1 29.0 23.9 6.9 1.4 21.1 15.4

300152 CH equity Xuzhou Kerong Environmental Re 科融环境 6.99 4,982 - 13.7 10.9 3.4 0.1 -0.1 -0.1

300156 CH equity Shenwu Environmental Technolog 神雾环保 17.05 17,221 58.6 - - 9.3 0.2 16.5 8.0

300159 CH equity Xinjiang Machinery Research In 新研股份 14.87 22,162 53.3 49.6 35.4 4.0 0.2 9.0 7.1

300185 CH equity Tongyu Heavy Industry Co Ltd 通裕重工 7.5 6,750 56.2 46.9 26.8 1.9 0.9 3.5 1.6

300216 CH equity Hunan China Sun Pharmaceutical 千山药机 28.88 10,438 163.6 43.1 36.6 10.4 0.2 6.4 2.6

300228 CH equity Zhangjiagang Furui Special Equ 富瑞特装 14.65 6,890 - 45.6 47.6 3.4 0.0 -2.5 -1.1

300257 CH equity Zhejiang Kaishan Compressor Co 开山股份 13.77 11,815 92.8 52.2 41.7 3.5 1.8 3.8 2.9

300276 CH equity Hubei SanFeng Intelligent Conv 三丰智能 18.16 6,799 322.5 - - 11.4 0.1 3.6 2.5

002008 CH equity Han's Laser Technology Industr 大族激光 21.24 22,587 28.5 21.4 15.2 4.7 0.9 17.3 10.4

300137 CH equity Hebei Sailhero Environmental P 先河环保 13.21 4,549 50.1 32.8 26.4 3.3 0.2 6.7 5.6

000519 CH equity Hunan Jiangnan Red Arrow Co Lt 江南红箭 10.94 11,303 55.1 54.7 43.8 2.7 0.4 5.0 4.1

Average 92.0 40.8 30.3 4.2 0.7 5.4 3.9

Media

000156 CH equity Wasu Media Holding Co Ltd 华数传媒 18.22 26,116 47.8 - - 2.8 - 9.4 6.0

000681 CH equity Visual China Group Co Ltd 视觉中国 21.96 15,385 94.3 66.5 51.1 7.3 - 9.4 7.5

000793 CH equity Huawen Media Investment Corp 华闻传媒 9.18 18,830 20.2 - - 2.1 0.5 11.1 7.6

000839 CH equity CITIC Guoan Information Indust 中信国安 17.6 27,596 75.3 - - 4.2 1.1 5.5 3.1

000917 CH equity Hunan TV & Broadcast Intermedi 电广传媒 17.99 25,502 65.8 26.9 18.2 2.4 0.3 3.8 2.2

002071 CH equity Great Wall Movie and Televisio 长城影视 13.37 7,025 30.7 - - 7.2 - 24.7 10.4

002143 CH equity DMG Entertainment and Media Co 印纪传媒 24.26 26,835 44.6 - - 15.9 0.2 42.9 25.3

002400 CH equity Guangdong Advertising Group Co 省广股份 17.51 15,842 27.4 21.9 17.9 6.2 0.4 24.7 8.5

300027 CH equity Huayi Brothers Media Corp 华谊兄弟 13.3 37,035 35.5 30.4 25.9 3.8 0.4 12.7 6.6

300133 CH equity Zhejiang Huace Film & TV Co Lt 华策影视 24.36 26,592 49.4 38.6 29.5 4.3 0.2 10.5 7.2

300251 CH equity Beijing Enlight Media Co Ltd 光线传媒 25.47 37,360 60.8 56.1 41.2 5.5 0.3 9.3 7.6

300291 CH equity Beijing HualuBaina Film & TV C 华录百纳 22.26 15,772 55.8 37.1 28.5 4.0 0.2 7.5 6.3

300336 CH equity Shanghai New Culture Media Gro 新文化 23.73 12,756 49.1 31.9 24.5 4.8 0.2 10.0 6.9

Average 50.5 38.7 29.6 5.4 0.4 14.0 8.1

9




Figure 3g: Constituent stocks of the Shenzhen Component Index



Name

Price

(RMB)

Mkt Cap

(RMB m)PER (x)

2016E

PER (x)

2017E

PER (x)PBR (x)

Div idend


Metals & Min ing

002342 CH equity Juli Sling Co Ltd 巨力索具 5.64 5,414 185.1 - - 2.2 0.1 1.2 0.7

000060 CH equity Shenzhen Zhongjin Lingnan Nonf 中金岭南 9.6 21,241 188.2 49.7 38.4 2.9 0.3 1.2 0.6

000629 CH equity Pangang Group Vanadium Titaniu 攀钢钒钛 2.44 20,959 - 162.7 61.0 2.4 - -19.7 -3.4

000630 CH equity Tongling Nonferrous Metals Gro 铜陵有色 2.58 24,666 - 860.0 122.9 1.8 1.3 -5.6 -1.7

000697 CH equity Shaanxi Ligeance Mineral Resou 炼石有色 20.86 11,675 235.6 122.7 53.5 8.0 0.1 3.4 3.1

000709 CH equity Hebei Iron & Steel Co Ltd 河钢股份 2.85 30,263 60.6 29.7 29.4 0.7 - 1.2 0.3

000751 CH equity Huludao Zinc Industry Co 锌业股份 5.14 7,247 79.5 - - 3.6 - 4.6 2.7

000758 CH equity China Nonferrous Metal Industr 中色股份 14.18 13,963 36.6 21.7 19.0 2.9 0.4 8.1 1.8

000762 CH equity Tibet Mineral Development Co 西藏矿业 24.34 12,677 164.7 - - 6.0 - 3.9 2.5

000778 CH equity Xinxing Ductile Iron Pipes Co 新兴铸管 4.67 17,014 28.7 30.7 21.6 1.0 0.9 3.5 1.2

000807 CH equity Yunnan Aluminium Co Ltd 云铝股份 6.51 12,360 153.7 27.1 20.5 2.2 - 1.7 0.3

000825 CH equity Shanxi Taigang Stainless Steel 太钢不锈 3.2 18,228 - 39.5 26.0 0.9 - -18.7 -5.6

000831 CH equity China Minmetals Rare Earth Co 五矿稀土 14.26 13,987 - 178.3 75.1 6.7 - -18.2 -17.1

000878 CH equity Yunnan Copper Co Ltd 云南铜业 9.92 14,051 - - - 2.6 - -1.3 -0.3

000898 CH equity Angang Steel Co Ltd 鞍钢股份 3.84 26,676 - - 69.8 0.7 1.2 -11.5 -5.8

000933 CH equity Henan Shenhuo Coal & Power Co 神火股份 4.06 7,716 - - 67.7 1.4 - -18.5 -2.3

000960 CH equity Yunnan Tin Co Ltd 锡业股份 10.37 15,265 - 18.2 13.8 2.0 - -23.2 -6.7

000969 CH equity Advanced Technology & Material 安泰科技 13.7 13,541 121.5 67.5 47.2 3.2 - 2.7 1.1

000975 CH equity Yintai Resources Co Ltd 银泰资源 15 16,224 67.1 55.6 40.5 4.5 1.3 6.6 5.2

002075 CH equity Jiangsu Shagang Co Ltd 沙钢股份 10.28 22,686 - 790.8 395.4 9.8 - -3.3 -1.1

002155 CH equity Hunan Gold Corp Ltd 湖南黄金 12.5 14,148 364.4 147.1 113.6 4.2 - 1.3 0.8

002203 CH equity Zhejiang Hailiang Co Ltd 海亮股份 6.86 11,466 23.9 - - 2.9 1.2 13.0 4.8

002237 CH equity Shandong Humon Smelting Co Ltd 恒邦股份 11.12 10,124 63.6 - - 2.7 0.9 4.2 1.4

002318 CH equity Zhejiang JIULI Hi-tech Metals 久立特材 9.49 7,986 67.3 36.1 29.1 3.2 0.8 4.7 3.1

002340 CH equity GEM Co Ltd 格林美 13.79 20,070 92.8 56.7 56.7 3.0 0.1 3.2 1.2

002428 CH equity Yunnan Lincang Xinyuan Germani 云南锗业 13.96 9,118 463.8 69.8 49.9 5.8 0.2 1.4 1.0

002501 CH equity Jilin Liyuan Precision Manufac 利源精制 9.5 9,037 18.4 16.2 12.9 2.2 - 12.8 6.2

002540 CH equity Jiangsu Asia-Pacific Light All 亚太科技 7.28 7,571 33.4 28.5 20.8 2.7 - 8.5 7.6

Average 128.9 140.4 62.9 3.3 0.7 -1.2 0.1

Multi l ine Reta i l

000417 CH equity Hefei Department Store Group C 合肥百货 7.63 5,951 23.8 20.6 19.6 1.7 2.4 7.3 3.0

000516 CH equity Xian International Medical Inv 国际医学 15.91 12,544 62.2 - - 3.7 - 7.8 4.6

000987 CH equity Guangzhou Friendship Group Co 广州友谊 18.41 27,294 29.4 32.9 25.7 2.2 2.7 3.1 2.7

002277 CH equity Hunan Friendship & Apollo Cmme 友阿股份 10.52 5,956 20.6 20.6 19.8 1.8 1.0 8.9 2.9

Average 34.0 24.7 21.7 2.4 2.0 6.8 3.3

Oi l , Gas & Consum able Fuels

000554 CH equity Sinopec Shandong Taishan Petro 泰山石油 8.78 4,221 1124.9 - - 4.6 0.1 0.4 0.3

000937 CH equity Jizhong Energy Resources Co Lt 冀中能源 5.3 18,728 53.4 81.5 56.4 1.0 1.5 1.9 0.8

000983 CH equity Shanxi Xishan Coal & Electrici 西山煤电 7.05 22,216 212.0 - - 1.4 0.0 0.6 0.2

002128 CH equity Huolinhe Opencut Coal Industry 露天煤业 7.2 11,768 27.6 21.8 30.0 1.3 1.4 4.8 3.0

002221 CH equity Oriental Energy Co Ltd 东华能源 20.74 14,359 31.5 26.9 25.9 4.3 0.1 14.8 3.0

Average 289.9 43.4 37.4 2.5 0.6 4.5 1.5

Paper & Forest Products

000488 CH equity Shandong Chenming Paper Holdin 晨鸣纸业 8.5 13,294 16.2 10.2 8.9 1.0 1.6 6.6 1.5

000592 CH equity Zhongfu Straits Pingtan Develo 平潭发展 12.34 11,919 278.3 - - 3.8 - 1.8 1.3

002078 CH equity Shandong Sun Paper Industry JS 太阳纸业 5.09 12,911 17.5 15.5 12.6 1.8 1.0 10.2 3.5

002240 CH equity Guangdong Weihua Corp 威华股份 9.84 4,829 - - - 3.6 - -15.5 -8.9

Average 104.0 12.8 10.8 2.5 1.3 0.8 -0.6

10




Figure 3h: Constituent stocks of the Shenzhen Component Index



Name

Price

(RMB)

Mkt Cap

(RMB m)PER (x)

2016E

PER (x)

2017E

PER (x)PBR (x)

Div idend


Pharm aceutica ls

000423 CH equity Dong-E-E-Jiao Co Ltd 东阿阿胶 46.2 30,216 18.4 15.9 13.8 4.0 1.7 23.5 19.3

000513 CH equity Livzon Pharmaceutical Group In 丽珠集团 44.17 15,532 25.7 22.7 17.8 3.7 0.2 15.4 8.4

000538 CH equity Yunnan Baiyao Group Co Ltd 云南白药 62.5 65,087 23.0 20.6 18.2 4.6 0.8 21.9 15.3

000566 CH equity Hainan Haiyao Co Ltd 海南海药 21.19 11,556 57.9 46.1 37.2 4.9 0.1 8.7 4.2

000623 CH equity Jilin Aodong Pharmaceutical Gr 吉林敖东 24.65 22,048 9.3 - - 1.3 0.8 15.4 13.6

000650 CH equity Renhe Pharmacy Co Ltd 仁和药业 7.54 9,337 22.2 18.0 14.0 3.7 0.3 18.3 13.2

000661 CH equity Changchun High & New Technolog 长春高新 92.5 15,735 34.0 27.5 22.1 7.3 0.8 23.8 11.6

000739 CH equity Apeloa Pharmaceutical Co Ltd 普洛药业 6.11 7,007 35.4 - - 2.9 1.4 8.2 3.7

000915 CH equity Shandong Shanda WIT Science & 山大华特 31.1 5,606 35.7 28.8 23.7 4.9 0.3 14.5 7.6

000999 CH equity China Resources Sanjiu Medical 华润三九 22.88 22,397 18.2 17.7 15.8 2.8 1.8 16.3 10.6

002001 CH equity Zhejiang NHU Co Ltd 新和成 19.77 21,528 45.5 28.1 20.5 3.0 1.8 6.7 5.1

002019 CH equity Yifan Xinfu Pharmaceutical Co 亿帆鑫富 17.07 18,791 45.4 19.5 22.5 6.3 0.5 14.7 10.0

002099 CH equity Zhejiang Hisoar Pharmaceutical 海翔药业 8.65 13,175 26.1 - - 3.6 1.2 13.7 10.4

002262 CH equity Jiangsu Nhwa Pharmaceutical Co 恩华药业 24.23 11,756 43.8 35.3 28.3 6.2 0.2 18.0 11.3

002294 CH equity Shenzhen Salubris Pharmaceutic 信立泰 26.09 27,291 20.9 18.1 15.1 5.5 2.3 29.0 25.0

002317 CH equity Guangdong Zhongsheng Pharmaceu 众生药业 11.26 8,315 24.9 21.5 18.2 3.8 0.4 15.9 11.3

002390 CH equity Guizhou Xinbang Pharmaceutical 信邦制药 9.04 15,412 63.0 43.0 32.5 2.5 0.3 4.3 2.3

002399 CH equity Shenzhen Hepalink Pharmaceutic 海普瑞 27.9 21,748 37.5 - - 2.6 1.1 7.0 5.4

002422 CH equity Sichuan Kelun Pharmaceutical C 科伦药业 15.28 22,003 34.2 - - 2.0 0.8 5.8 2.9

002424 CH equity Guizhou Bailing Group Pharmace 贵州百灵 16.21 22,876 52.7 - - 8.3 0.5 16.6 11.5

002433 CH equity Guangdong Taiantang Pharmaceut 太安堂 9.32 7,201 34.5 34.5 31.1 1.6 0.3 4.7 3.5

002437 CH equity Harbin Gloria Pharmaceuticals 誉衡药业 27.31 20,013 28.3 - - 5.6 0.4 21.0 9.3

002550 CH equity Changzhou Qianhong Biopharma C 千红制药 16.86 10,790 39.6 23.7 17.7 4.6 0.9 12.3 10.6

002603 CH equity Shijiazhuang Yiling Pharmaceut 以岭药业 15.05 16,971 34.5 31.7 26.9 3.4 0.3 10.1 8.9

002653 CH equity Haisco Pharmaceutical Group Co 海思科 15.51 16,755 52.7 37.8 33.7 7.9 1.6 14.6 10.7

002773 CH equity Chengdu Kanghong Pharmaceutica 康弘药业 64.78 29,142 - 54.7 42.3 11.1 - - -

300026 CH equity Tianjin Chase Sun Pharmaceutic 红日药业 14.23 14,293 23.0 21.6 18.8 2.6 0.5 13.0 10.5

300039 CH equity Shanghai Kaibao Pharmaceutical 上海凯宝 9.76 8,096 29.5 23.2 21.0 3.9 1.6 13.6 11.4

300147 CH equity Xiangxue Pharmaceutical Co Ltd 香雪制药 13.68 9,049 47.9 32.6 27.4 2.6 0.8 6.5 4.1

300199 CH equity Hybio Pharmaceutical Co Ltd 翰宇药业 18.39 16,367 49.5 36.9 28.6 6.0 0.5 12.8 9.9

300267 CH equity Hunan Er-Kang Pharmaceutical C 尔康制药 15 30,851 41.4 35.1 25.9 7.1 0.3 22.7 18.7

Average 35.2 28.9 23.9 4.5 0.8 14.3 10.0

Professional Services

002310 CH equity Beijing Orient Landscape & Eco 东方园林 20.85 21,032 34.7 23.3 18.6 3.4 0.3 10.4 4.2

002663 CH equity Pubang Landscape Architecture 普邦园林 7.37 12,564 64.8 38.0 32.0 3.0 0.3 4.6 3.1

300012 CH equity Centre Testing International G 华测检测 21.4 8,201 47.5 35.5 27.0 5.8 0.5 12.6 10.1

300058 CH equity BlueFocus Communication Group 蓝色光标 9.38 18,749 51.5 24.7 18.6 4.2 0.8 6.4 2.0

Average 49.6 30.4 24.1 4.1 0.5 8.5 4.9

Real Estate Managem ent & Developm ent

000931 CH equity Beijing Centergate Technologie 中关村 7.88 5,318 34.5 - - 6.7 - 22.0 5.6

000002 CH equity China Vanke Co Ltd 万科 - 167,065 - 12.9 11.3 - 2.0 19.3 3.1

000006 CH equity Shenzhen Zhenye Group Co Ltd 深振业Ａ 7.38 9,963 37.7 12.6 16.4 2.2 1.6 6.0 2.1

000031 CH equity COFCO Property Group Co Ltd 中粮地产 9.56 17,339 20.3 18.7 15.2 2.8 0.4 13.8 1.6

000046 CH equity Oceanwide Holdings Co Ltd 泛海控股 9.77 50,767 23.1 20.7 14.4 3.1 1.5 15.0 1.8

000062 CH equity Shenzhen Huaqiang Industry Co 深圳华强 24.44 17,629 43.8 39.4 32.6 4.8 0.4 12.6 7.7

000402 CH equity Financial Street Holdings Co L 金融街 9.67 28,903 13.0 9.8 9.4 1.1 2.6 8.7 2.3

000506 CH equity Zhongrun Resources Investment 中润资源 7.85 7,293 148.4 - - 4.9 - 3.4 1.5

000540 CH equity Zhongtian Urban Development Gr 中天城投 6.42 30,065 9.7 8.3 6.6 2.4 3.1 28.7 6.2

000558 CH equity Lander Sports Development Co L 莱茵体育 15.44 13,270 - 96.5 57.2 10.2 0.1 -23.4 -9.7

000616 CH equity HNA Investment Group Co Ltd 海航投资 4.82 6,894 33.4 26.1 21.9 1.6 0.4 4.8 2.4

000620 CH equity Macrolink Real Estate Co Ltd 新华联 7.33 13,903 37.2 28.2 21.9 0.7 - 6.2 1.2

000656 CH equity Jinke Properties Group Co Ltd 金科股份 3.66 15,837 11.2 9.1 8.6 1.3 1.4 12.9 1.6

000667 CH equity Myhome Real Estate Development 美好集团 3.66 9,368 18.0 15.9 12.2 1.6 0.7 9.1 3.1

000671 CH equity Sunshine City Group Co Ltd 阳光城 5.95 23,888 15.3 14.2 11.1 2.0 1.1 14.5 2.2

000732 CH equity Thaihot Group Co Ltd 泰禾集团 19.05 23,707 15.4 12.7 9.6 1.7 1.0 15.0 1.8

000861 CH equity Guangdong Highsun Group Co Ltd 海印股份 5.07 11,407 61.6 36.2 39.0 4.0 2.4 6.3 2.5

000897 CH equity Tianjin Jinbin Development Co 津滨发展 4.04 6,534 - - - 5.2 - -11.8 -2.5

000926 CH equity Hubei Fuxing Science And Techn 福星股份 11.22 10,651 15.3 12.7 12.2 - 0.9 - 1.6

000979 CH equity Zhonghong Holding Co Ltd 中弘股份 2.74 16,422 41.5 - - 1.7 0.3 3.7 1.3

001979 CH equity China Merchants Shekou Industr 招商蛇口 13.8 109,076 15.7 12.7 10.6 2.2 - - -

002146 CH equity RiseSun Real Estate Developmen 荣盛发展 6.7 29,133 10.7 8.1 7.0 1.4 1.5 14.1 2.5

002244 CH equity Hangzhou Binjiang Real Estate 滨江集团 6.77 21,064 16.8 14.2 12.6 1.8 1.1 10.9 2.5

002285 CH equity Shenzhen World Union Propertie 世联行 7.72 15,787 30.6 23.2 18.5 6.3 0.4 18.7 9.1

002344 CH equity Haining China Leather Market C 海宁皮城 9.59 10,741 20.5 12.5 11.9 2.1 1.3 10.8 5.3

000670 CH equity Infotmic Co Ltd 盈方微 10.69 8,730 252.6 118.8 76.4 14.8 - 6.3 4.4

Average 40.3 25.6 19.8 3.6 1.2 9.5 2.5

11




Figure 3i: Constituent stocks of the Shenzhen Component Index



Name

Price

(RMB)

Mkt Cap

(RMB m)PER (x)

2016E

PER (x)

2017E

PER (x)PBR (x)

Div idend


Sem iconductors & Sem iconductor

300316 CH equity Zhejiang Jingsheng Mechanical 晶盛机电 8.37 7,394 59.9 44.1 31.0 4.0 0.7 6.3 5.2

002079 CH equity Suzhou Good-Ark Electronics Co 苏州固锝 7.85 5,715 175.4 71.4 52.3 4.3 0.3 2.5 2.2

002129 CH equity Tianjin Zhonghuan Semiconducto 中环股份 8.29 21,921 74.5 47.4 31.3 2.1 0.1 3.2 1.6

002185 CH equity Tianshui Huatian Technology Co 华天科技 13.27 10,877 29.2 20.9 18.6 2.3 0.5 9.2 5.8

300053 CH equity Zhuhai Orbita Control Engineer 欧比特 38.93 8,999 137.5 77.9 56.8 7.1 0.1 6.6 5.8

300077 CH equity Nationz Technologies Inc 国民技术 16.47 9,288 87.2 53.5 41.4 3.2 0.3 3.7 3.4

300111 CH equity Zhejiang Sunflower Light Energ 向日葵 5.06 5,666 39.3 33.7 26.6 4.4 - 11.7 4.7

Average 86.1 49.8 36.9 3.9 0.3 6.2 4.1

Software

002261 CH equity Talkweb Information System Co 拓维信息 13.29 14,812 80.1 31.6 25.8 4.1 0.2 6.4 5.4

002280 CH equity Hangzhou Liaison Interactive I 联络互动 19.71 42,912 99.7 72.2 50.8 7.4 0.3 10.6 9.4

002063 CH equity YGSOFT Inc 远光软件 12.49 7,380 83.6 49.0 32.4 4.4 0.5 5.3 4.5

002153 CH equity Beijing Shiji Information Tech 石基信息 24.5 26,136 66.5 65.5 53.7 5.6 0.2 11.1 9.1

002174 CH equity Youzu Interactive Co Ltd 游族网络 30.11 25,934 48.5 43.8 36.9 11.6 0.4 32.1 22.9

002195 CH equity Shanghai 2345 Network Holding 二三四五 23.06 22,028 45.2 22.1 15.6 3.6 - 8.7 8.3

002410 CH equity Glodon Software Co Ltd 广联达 13.13 14,816 69.3 35.7 20.2 5.3 2.0 7.6 7.0

002439 CH equity Venustech Group Inc 启明星辰 - - - 59.9 43.2 - 0.1 14.3 9.8

002657 CH equity Sinodata Co Ltd 中科金财 49.79 16,808 95.6 76.7 56.3 6.4 - 8.0 5.7

300052 CH equity Shenzhen ZQGAME Co Ltd 中青宝 20.63 5,385 86.7 - - 5.4 - 6.5 4.6

300085 CH equity Shenzhen Infogem Technologies 银之杰 29.8 20,370 274.6 156.8 113.3 22.4 0.1 8.5 6.8

300166 CH equity Beijing Orient National Commun 东方国信 23.07 13,032 54.9 38.5 27.3 6.9 - 13.4 10.2

300182 CH equity Beijing Jetsen Technology Co L 捷成股份 17.36 29,640 33.1 27.6 20.8 3.3 0.4 11.0 9.0

300212 CH equity Beijing E-Hualu Information Te 易华录 25.61 9,470 79.8 33.7 42.7 3.8 0.4 6.1 2.7

300271 CH equity Beijing Thunisoft Corp Ltd 华宇软件 18.11 11,631 52.4 39.0 29.4 7.5 0.3 15.9 10.0

300315 CH equity Ourpalm Co Ltd 掌趣科技 10.37 28,765 44.0 34.0 28.4 3.6 0.1 10.1 8.6

300339 CH equity Jiangsu Hoperun Software Co Lt 润和软件 30.01 10,747 49.3 33.1 25.1 3.3 0.5 8.9 5.9

300352 CH equity Beijing VRV Software Corp Ltd 北信源 33.28 8,993 128.5 75.6 52.2 10.7 0.2 9.2 8.1

300369 CH equity NSFOCUS Information Technology 绿盟科技 35.08 12,772 65.7 48.5 38.7 7.7 0.2 13.3 10.7

300157 CH equity LandOcean Energy Services Co L 恒泰艾普 12.89 9,188 103.5 49.6 41.6 3.4 - 3.4 2.2

Average 82.2 52.3 39.7 6.6 0.4 10.5 8.0

Technology Hardware

002177 CH equity Guangzhou KingTeller Technolog 御银股份 8.91 6,782 99.8 50.9 42.4 4.0 0.4 4.2 3.4

000021 CH equity Shenzhen Kaifa Technology Co L 深科技 8.41 12,373 44.2 - - 2.3 0.6 5.3 2.2

000066 CH equity China Great Wall Computer Shen 长城电脑 10.67 14,123 445.1 71.1 53.4 5.5 - 1.2 0.1

000725 CH equity BOE Technology Group Co Ltd 京东方 2.3 79,935 107.1 32.4 25.6 1.0 0.4 2.1 1.1

000977 CH equity Inspur Electronic Information 浪潮信息 21.75 21,734 42.1 32.7 25.0 5.5 0.2 15.7 6.4

002104 CH equity Hengbao Co Ltd 恒宝股份 15.19 10,839 29.3 21.1 17.9 6.7 0.7 25.7 20.6

002152 CH equity GRG Banking Equipment Co Ltd 广电运通 23.46 25,325 23.9 21.4 18.3 3.2 2.6 14.9 10.8

002376 CH equity Shandong New Beiyang Informati 新北洋 11.97 7,182 46.2 25.5 14.4 3.7 0.8 8.3 5.3

002577 CH equity Shenzhen Rapoo Technology Co L 雷柏科技 42.6 12,097 - 94.7 72.2 10.3 - -19.0 -14.9

300205 CH equity Wuhan Tianyu Information Indus 天喻信息 13 5,591 887.7 118.2 61.9 5.0 0.4 0.6 0.3

300367 CH equity Netposa Technologies Ltd 东方网力 24.41 19,672 73.9 49.9 37.0 10.0 0.2 18.1 10.2

Average 179.9 51.8 36.8 5.2 0.7 7.0 4.1

Texti les, Appare l & Luxury Goods

000158 CH equity Shijiazhuang Changshan Textile 常山股份 12.6 16,020 60.4 46.2 34.1 3.0 - 6.7 3.1

000587 CH equity Jinzhou Cihang Group Co Ltd 金洲慈航 14.96 15,886 28.7 - - 2.1 - 9.2 3.5

000726 CH equity Luthai Textile Co Ltd 鲁泰 10.9 9,429 14.7 12.3 11.2 1.5 4.6 10.4 8.0

002029 CH equity Fujian Septwolves Industry Co 七匹狼 9.76 7,375 27.2 26.0 22.8 1.4 1.0 5.4 3.8

002154 CH equity Zhejiang Baoxiniao Garment Co 报喜鸟 4.85 5,684 121.9 45.3 31.3 2.0 0.5 1.5 1.0

002269 CH equity Shanghai Metersbonwe Fashion & 美邦服饰 4.31 10,887 - 107.8 68.4 3.4 - -12.3 -6.0

002563 CH equity Zhejiang Semir Garment Co Ltd 森马服饰 10.72 28,885 20.7 17.5 14.6 3.0 2.3 15.4 12.7

Average 45.6 42.5 30.4 2.4 2.1 5.2 3.7

Trading Com panies & Distribution

000151 CH equity China National Complete Plant 中成股份 16.69 4,940 36.7 - - 4.7 2.4 13.1 4.8

000652 CH equity Tianjin Teda Co Ltd 泰达股份 4.5 6,640 26.2 - - 2.1 0.2 9.2 0.9

Average 31.4 #DIV/0! #DIV/0! 3.4 1.3 11.2 2.9

Transportation In frastructure

000088 CH equity Shenzhen Yan Tian Port Holding 盐田港 6.46 12,547 28.6 24.8 - 2.2 0.8 8.1 5.8

000089 CH equity Shenzhen Airport Co 深圳机场 8.2 16,816 29.1 26.4 21.8 1.6 0.3 6.1 4.6

000507 CH equity Zhuhai Port Co Ltd 珠海港 5.47 4,319 35.2 40.5 29.6 1.7 0.3 4.9 2.3

000900 CH equity Xiandai Investment Co Ltd 现代投资 6.71 6,790 11.4 11.8 9.9 1.0 0.7 8.7 3.1

002023 CH equity Sichuan Haite High-tech Co Ltd 海特高新 14.3 10,822 273.3 81.7 53.0 3.3 - 1.4 0.9

Average 75.5 37.0 28.6 2.0 0.5 5.9 3.3

Water Uti l i ties

000826 CH equity Tus-Sound Environmental Resour 启迪桑德 29.11 24,643 25.6 18.1 15.5 3.8 0.3 16.3 6.8

300055 CH equity Beijing Water Business Doctor 万邦达 17.38 15,037 48.5 29.5 21.3 4.3 0.1 9.3 5.6

000598 CH equity Chengdu Xingrong Environment C 兴蓉环境 5.33 15,917 18.8 17.2 15.5 1.9 0.8 10.8 6.4

000685 CH equity Zhongshan Public Utilities Gro 中山公用 10.36 15,282 10.9 13.2 11.8 1.4 1.6 14.3 10.8

000712 CH equity Guangdong Golden Dragon Develo 锦龙股份 17.88 16,020 20.4 - - 4.6 0.6 25.3 4.1

Average 24.8 19.5 16.0 3.2 0.7 15.2 6.7

12

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BUY share price will increase by >20% within 12 months in absolute terms :

SELL share price will decrease by >20% within 12 months in absolute terms :

HOLD no clear catalyst, and downgraded from BUY pending clearer signal to reinstate BUY or further downgrade to outright SELL :

may 18, 2016 company / industry news · (1) anhui zhongding [000887.ch]: the company produces and...

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