汇丰银行：全球LED行业研究报告2011年12月（免费）
https://bbs.pinggu.org/forum.php?mod=viewthread&tid=1289690&from^^uid=143965
德意志银行：全球宏观经济展望2011年12月（免费）
https://bbs.pinggu.org/forum.php?mod=viewthread&tid=1289683&from^^uid=143965
瑞银：全球新兴市场固定收益投资策略2011年12月（免费）
https://bbs.pinggu.org/forum.php?mod=viewthread&tid=1289678&from^^uid=143965
瑞银：中国造纸行业研究报告2011年12月（免费）
https://bbs.pinggu.org/forum.php?mod=viewthread&tid=1289671&from^^uid=143965
德意志银行：2012年中国宏观经济展望（免费）
https://bbs.pinggu.org/forum.php?mod=viewthread&tid=1289668&from^^uid=143965
野村证券：亚洲LED行业研究报告2011年12月（免费）
https://bbs.pinggu.org/forum.php?mod=viewthread&tid=1289664&from^^uid=143965

Contents page
Pain before gain 2
1. Pain before gain 3
— 1.1 Executive summary........................................................................................3
1.2 UBS top commodity picks 5
— <3-month view......................................................................................................5
— >12-month view....................................................................................................6
1.3 UBS global top 10 equities 7
UBS commodity price forecasts 9
2.1 Signal failure? 14
2.2 Capital reflux 15
2.4 Gold: Why buy equities now? 30
2.6 Discount shopping in the UK 38
3. Weather-driven pit-stop 43
4.1 Copper 45
Aluminium 49
— China’s capacity under pressure ........................................................................49
Nickel 53
— Monster project overhang...................................................................................53
Zinc 56
— Getting tighter ....................................................................................................56
Iron ore 58
— Game-playing.....................................................................................................58
Metallurgical coal 65
— ‘Oh no, it's raining again…’.................................................................................65
Thermal coal 70
— Buying deferred..................................................................................................70
Uranium 75
— Capacity closure vs. build...................................................................................75
Gold 80
— Explosive ingredients .........................................................................................80
Silver 87
— Out of the spotlight.............................................................................................87
Platinum 90
— More cautious ....................................................................................................90
Palladium 94
— Mojo returns?.....................................................................................................94
UBS commodity cost curves 97