乳业回顾与展望.docVIP

Sector: [Date] Report Title This memorandum is based on information available to the public. No representation is made that it is accurate or complete. This memorandum is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. China International Capital Corporation Limited and others associated with it (CICC) may have positions in, and may effect transactions in securities of companies mentioned herein and may also perform or seek to perform investment banking services for those companies. This report may also be made available in Hong Kong by China International Capital Corporation (Hong Kong) Limited and/or China International Capital Corporation Hong Kong Securities Limited. Copyright of this memorandum belongs to CICC. Any form of unauthorized distribution, reproduction, publication, release or quotation by any institution or individual is prohibited without CICC’s written permission. PAGE PAGE 2 PAGE 5This memorandum is based on information available to the public. No representation is made that it is accurate or complete. This memorandum is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. China International Capital Corporation Limited and others associated with it (CICC) may have positions in, and may effect transactions in securities of companies mentioned herein and may also perform or seek to perform investment banking services for those companies. This report may also be made available in Hong Kong by China International Capital Corporation (Hong Kong PAGE 5 本报告中的信息均来源于已公开的资料，我公司对这些信息的准确性及完整性不作任何保证。报告中的信息或所表达的意见并不构成所述证券买卖的出价或征价。我公司及其所属关联机构可能会持有报告中提到的公司所发行的证券头寸并进行交易，还可能为这些公司提供或争取提供投资银行业务服务。本报告亦可由中国国际金融(香港)有限公司和/或中国国际金融香港证券有限公司于香港提供本报告的版权仅为我公司所有，未经书面许可任何机构和个人不得以任何形式翻版、复制、刊登、发表或引用。 200 2008年 中金公司研究部分析员：袁霏阳 中金公司研究部 分析员：袁霏阳 yuanfy@ (8621) 5879 6226 乳业回顾与展望 风波渐息，寄望复苏 乳业回顾与展望: 2008年12月29日 乳业回顾与展望：风波渐息，寄望复苏 PAGE 24 PAGE 24 本报告中的信息均来源于已公开的资料，我公司对这些信息的准确性及完整性不作任何