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1、 Industry Research SWS Research Co. Ltd 99 East Nanjing Road, Shanghai | +86 21 2329 7818 The Chinese View on China Jan 31, 2013 Neutral Unchanged China Cement Sector 2012 annual results preview: CNBM to beat expectations Analyst Rong Ye A0230512110001 AYZ033 Contact Wennie Lv (8621)232978187241 R
2、elated Reports China Cement Sector Field trip feedback V: S or (ii) do not have any individual employed by or associated with any group company(ies) of the Company serving as corporation reviewed; or (iii) do not have any financial interest in relation to the listed corporation reviewed or (iv) do n
3、ot, 2 months, have any investment banking relationship with the listed corporation reviewed. f an officer of any of the listed st 1presently or within the la Undertakings of the Analyst Rong Ye: Equity Analyst I am conferred the Professional Quality of Securities Investment Consulting Industry by th
4、e Securities Association of China and have registered as the Securities Analyst. I hereby issue this report independently and objectively with due diligence, professional and prudent research methods and only legitimate information le for the content and opinions of this report. I have never been, a
5、m not, and will not be compensated directly or indirectis used in this report. I am also responsib ly in any form for the specific recommendations or opinions herein. Disclosure with respect to the Company he Company fulfills its duty of disclosure within its sphere of knowledge. The clients may con
6、tact for the relevant disclosure mat or the analysts qualifications，the arrangement of the quiet period and the affiliates shareholdings. T erials or log into f Introduction of Share Investment Rating Security Investment Rating： and that of the markets benchmark within six months after the release
7、 of this report, we defiWhen measuring the difference between the markup of the security ane the terms s follows: itBuy： w h a markup more than 20% better than that of the market； i ； Outperform：W th a markup 5% to 20% better than that of the market； than 5% better or worse than that of the marketNe
8、utral： with a markup less Underperform： with a markup more than 5% worse than that of the market. Industry Investment Rating: ndex and that of the markets benchmark within six months after the release of the report, When measuring the difference between the markup of the industry i e we defin the te
9、rms as follows: In ut； Overweight：dustry performs better than that of the whole market； eutral： Ind stry performs about the same as that of the whole markeN Underweight：Industry performs worse than that of the whole market. We would like to remind you that different security research institutions ad
10、opt different rating terminologies and rating standards. We adopt the relative rating method to recommend the relative weightings of investment. The clients decisions to buy or sell securities shall be based on their actual situation, such as their portfolio structures and other necessary factors. T
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