2010 年7 月22 日 发布，英文

Table of contents
Cyclical rebound likely given low valuation and turnover rebound 2
Adding CS to Conv Buy list, upgrade CMS to Buy and HTS to Neutral; downgrade CEL to Neutral 7
CITIC Securities (600999.SS, Buy): add to Conviction Buy list 9
China Merchants Securities (600999.SS, Buy): Upgrade to Buy 12
Haitong Securities (600837.SS, Neutral): Upgrade to Neutral 17
China Everbright Limited (165.HK, Neutral): Downgrade to Neutral 19
We reduce our estimates and target prices largely on lower trading turnover and brokerage commission rates 22
Risks to our 12-m price targets and investment view 28
Appendix: Financial summaries for CS, CMS, HTS and CEL 29