2013年全中国研究团队：保险，第三名：凯伦陈

虽然凯伦陈of Bank of America Merrill Lynch slips to third place after three years at No. 1, she still “has the best industry knowledge,” insists one portfolio manager, who also credits Chan for providing “direct access to senior managements in China’s insurance space.” Chan warns investors to “look beyond the short-term trend and selectively pick companies with solid long-term outlooks and attractive valuations.” Her favorites on these terms are Hong Kong–based diversified financial services provider AIA Group; Shanghai-based China Pacific Insurance (Group) Co., an integrated life and property company; and Shenzhen-based Ping An Insurance (Group) Co. of China, which operates in the banking, insurance and investment industries. Chang recommended that investors buy AIA Group in February. The stock was then up 13.6 percent over the trailing 12-month period, leading the sector by 16.6 percentage points, and Chan forecast that the trend would continue over the following six to 12 months. “AIA’s strength in balancing sustainable value creation and new business is likely to continue to outperform peers’,” she wrote. Through late October the stock bolted 21.1 percent, to HK$39.35, besting the group by 26.9 percentage points. —凯蒂吉尔伯特

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Tat Wai（达尔文）林
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