新鸿基2010年全球经济复苏中的购买机会.pdfVIP

7 July 2010 Global Recovery Concerns to Present Buying Opportunities 7 July 2010 The Eurozone weaknesses will hamper Chinese exports and help slow China’s “Bargain hunters often look GDP growth; we expect China’s GDP to grow 8-10% in 2010. We believe we to purchase a company will not hear much news regarding administrative tightening measures in the whose problems have been second half, and this will reduce risks and alleviate concerns of over-tightening. exposed to the stock We do not expect the Euro-zone sovereign debt crisis to change the course of market.” – John Templeton the global economic recovery, although the recovery may take longer. Financial contagion is unlikely; de-leveraging is no longer a threat, leverage is much lower, liquidity more abundant and most governments have developed better “People are always asking skills and established procedures to identify and prevent systematic risks from me where the outlook is turning into financial panic. good, but that’s the wrong We believe the pullback is normal in the course of a secular growth trajectory, question, the right question wi