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<P><FONT face=黑体 size=6><STRONG>August 3, 2007 China: Healthcare</STRONG></FONT></P>
<P><FONT face=黑体 size=6><STRONG>Focus on fundamentals; top picks--Simcere, GP, Mingyuan</STRONG></FONT></P>
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<P><FONT size=4> Table of contents<BR>Overview: Focus on macro and micro fundamentals; Buy Simcere, Mingyuan and Guangzhou Pharma 2<BR>Top-down analysis: Leveraging on key industry/sector themes 4<BR>Bottom-up analysis: Deriving TP by company-specific fundamentals 7<BR>Investment view: Reflecting both top-down and bottom-up positioning 8<BR>Overview of key industry themes 11<BR>Disclosures 31<BR>The prices in the body of this report are based on the market close of August 2, 2007.<BR>Overview: Focus on macro and micro fundamentals; Buy Simcere,<BR>Mingyuan and Guangzhou Pharma<BR>We have re-evaluated our China Healthcare coverage universe. Our investment<BR>framework is based on both a top-down and bottom-up analysis, identifying<BR>opportunities that have favorable exposure to key industry/sector themes and<BR>meaningful upside potential driven by company specific fundamentals. We believe six<BR>industry/sector themes will drive the long-term industry fundamental trends and<BR>provide a 12-24M sector top-down outlook: (1) intensifying competition in the lowend<BR>market; (2) tapping the high-end market potential as a key growth strategy; (3)<BR>expanding beyond the local market; (4) a highly fragmented industry setting the stage<BR>for consolidation; (5) policy uncertainty continuing to be a major risk; (6) increasing<BR>sector volatility driven by non-fundamental factors, like the market switching focus to<BR>laggard stocks.</FONT><BR></P>
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