中金公司在2012年的全国研究小组名单

中国国际首都公司升起了一个梯级，以索取所有中国研究团队的首次外观，亚博赞助欧冠机构投资者该国领先股权分析师的年度排名。CICC超过其总团队职位的数量，从九到19分，以及其各自部门的第1名的分析师数量，从两到五个。去年的排名第一，美国银行Merrill Lynch，尽管增加了五个职位，但总共17个职位，仍然是17次，并将其总额从三到五个举起来。四家公司绑在第三名，每个占有9个职位：花旗，信用瑞士，摩根士丹利和瑞银。然而，今年的平等基础允许这些公司在过去12个月内改变的不同意见。花旗下降了一个档次，而瑞士信贷 - 今年的最大向上的动机 - 从第11号在三次团队职位总统之后的11号火箭。摩根士丹利只拿起一个位置，但这足以撞到一个档次。添加五个职位从第九位推动ubs。这一排名反映了超过2,000名分析师和金钱经理的意见，在大约700个买边机构，管理大约799亿美元的中国股权资产。“对股权研究的需求方面没有重大的一年变化，”中国信贷瑞士信贷负责人Vincent Chan说。 “Over the years the general trend is that investors demand more of the following: better corporate access, particularly to nonlisted companies, industry experts and policymakers; and independent analysis and opinion of the stocks and the market. Most important, investors value analysts who are willing to stick their necks out and take a different view from the market consensus.” Thomas Wong, head of Greater China research at BofA Merrill, adds that “the structural imbalances of the Chinese economy have increasingly become a concern for both the Chinese government and the international investor community. Against an external backdrop that remains extremely challenging, the debate over a soft or hard landing for China has dominated the investment thought process.” Understanding macroeconomic policies and the credit environment is “as important as fundamental company research to forecasting share price drivers,” he adds. Deutsche Bank’s Jun Ma, who has been No. 1 in Economics in each of the three years that II has published an All-China Research Team ranking and is No. 3 in Portfolio Strategy for a second straight year, is squarely on the soft-landing side of the debate. He acknowledges that China’s real gross domestic product growth is slowing, from 9.2 percent last year to an estimated 8.5 percent in 2012, but believes the nation is likely to see accelerated growth in the latter half of the year — especially after new leaders are selected at the Chinese Communist Party National Congress in the fall. “I expect the new leadership to be more determined to push forward market-oriented reforms, including interest rate liberalization, exchange rate flexibility, capital account liberalization, listing of more state-owned enterprises, as well as public finance reforms,” Ma says. “As for the capital market, I expect its openness — holdings of renminbi securities by nonresidents — to increase several folds in the coming years.”

In the meantime, “our advice is to stay defensive when constructing portfolios, and selectively buy in areas that may benefit from the government’s policies and reforms — for example, some of those in the service, technology, consumer and utilities sectors,” says BofA Merrill’s David Cui, who leads the lineup in Portfolio Strategy for a second consecutive year.