MARKET TALK: Typical Corp Governance Year In China - CLSA
Typical year for corporate governance in China (ranks 2nd lowest in Asia in CLSA corporate governance score) - some progress, many firms keeping status quo, few cases of apparent outright fraud, says CLSA. Host of policy initiatives include steps to revitalize A shares like conversion of non-tradable shares, new provisions to protect public investor interests. CLSA's QARP picks are Petrochina (0857.HK), CNOOC (CEO), China Netcom (CHNET), China Vanke (000002.SZ), Zhenhua Port Machinery, Hopson Development; disappointments include Yanzhou Coal Mining (1171.HK), Beijing Media, China Gas (0834.HK), China Force Oil & Grains Industrial Holdings, Guangdong Kelon Electrical (000921.SZ), Skyworth Digital (0751.HK), Shenhua Energy.
市场快讯：今年中国企业在里昂对亚洲企业管治评分中倒数第二
今年是中国企业典型的企业管治年份 ( 中国企业在里昂信贷对亚洲企业的管治评分中倒数第二 ) - 一些企业取得进展，但是许多企业依然未变，少数企业还出现了明显的直接欺诈行为，里昂信贷说。中国有一系列政策措施公布，包括诸如非流通股转换，保护公共投资者利益的新规定之类复苏 A 股市场的措施在内。符合里昂信贷的 “ 高质量，合理价 ” 概念的企业有中国石油 (0857.HK) ，中海油 (CEO) ，中国网通 (CHNET) ，万科 A(000002.SZ) ，振华港机，合生创展；令人失望的企业包括兖州煤业 (1171.HK) ，北青传媒，中国燃气 (0384.HK) ，中盛粮油，科龙电器 (000921.SZ) ，创维数码 (0751.HK) ，中国神华。
MARKET TALK: BOCI Keeps China Airlines As Underperform
"Poorer they are, the more they borrow," says BOCI, referring to China placing orders for 70 Boeings during Bush's China visit; says airlines with relatively low gearing, such as Air China (0753.HK), Shanghai Airlines "are thrifty", while highly-geared Hainan Airlines, China Eastern Airlines (0670.HK), China Southern Airlines (1055.HK) "quite generous with their spending." Keeps sector rated underperform, says largest shareholder, the government, more concerned about trade balance than profitability of airlines, while "minority shareholders will be hurt because of the endless spending of these carriers."
市场快讯：中银国际维持中国航空类股跑输大市的评级
中银国际称，中国的航空公司越穷越借钱，指中国在布什访华期间订购 70 架波音客机；那些债务权益比低的航空公司较为节俭，如中国国航 (0753.HK) 和上海航空，而那些高负债比率的航空公司却花起钱来大手大脚，如海南航空、中国东方航空 (0670.HK) 、中国南方航空 (1055.HK) 。维持航空股跑输大市的评级，这些航空公司最大的股东 -- 政府更关心贸易平衡问题，而不在意航空公司的盈利问题，而小股东的利益将受损，因这些航空公司开销无尽。
MARKET TALK:CLSA List Of Quality Stks At Reasonable Price
CLSA debuts "quality at a reasonable price" concept for fund managers looking for companies with good governance, attractive valuations. Within CLSA's pick of 100 large-caps in Asia ex-Japan with best corporate governance practices, 10 make it to QARP list (based on RoE, P/B valuations): Formosa Chemicals & Fibre (1326.TW), Hynix Semi (000660.SE), Posco (PKX), Standard Chartered (2888.HK), Chinatrust Financial Holding (2891.TW), Nan Ya Plastics (1303.TW), SingTel (T48.SG), Hana Bank (002860.SE), HSBC (0005.HK), Shinhan Financial (005555.KR).
市场快讯：里昂列出符合 “ 高质量，合理价 ” 概念的企业
里昂信贷首次为寻找管治良好，估值具有吸引力公司的基金经理们推出了 “ 高质量，合理价 ” 概念。该行选取的亚洲除日本外的 100 家大型企业均具有最好的企业管治实践，其中 10 家企业符合其上述概念 ( 根据股东权益回报，股价 / 帐面价值比 ) ，它们是台湾化纤 (1326.TW) ， Hynix Semi (000660.SE) ， Posco (PKX) ，渣打集团 (2888.HK) ，中国信托金融控股股份有限公司 (2891.TW) ，南亚塑胶工业股份有限公司 (1303.TW) ，新加坡电信 (T48.SG) ， Hana Bank (002860.SE), 汇丰控股 (0005.HK) 和 Shinhan Financial (005555.KR) 。
MARKET TALK: Singapore Tops Corporate Governance Poll
The 2005 CLSA Corporate Governance Report, says out of ten Asian markets, Singapore, Hong Kong, and India respectively hold the top three positions, with the Philippines, China and Indonesia in last place. The survey saw the gap between Singapore and Hong Kong narrow considerably from last year, with Singapore's score falling from 75% in 2004 to 70% in 2005; Hong Kong rose to 69% from 67%. The survey rated 496 companies in Asia.
市场快讯：亚洲企业管治调查显示新加坡博得头甲
2005 年里昂信贷企业管治报告表示，在受访的 10 个亚洲市场中，新加坡，香港和印度分别居于前叁甲，菲律宾，中国和印尼位于最后。该调查显示，新加坡和香港的差距与上年相比已经显着收窄，新加坡的评分从 2004 年的 75% 下降至 2005 年的 70% ；香港的评分上升至 69% ，上年为 67% 。该调查调查了亚洲 496 家企业。
