This report includes aggregates stock market performance and valuation for the overall A shares market, as well as detailed breakdown of performance for 84 industries.

1. CapitalVue Research Analytics
China A Shares Recap and Sector Performance – 2Q2013
 A Shares 2Q13 recap: industrials, financials tumble;
health care and tech outperform
 Tech-heavy Chinext Index rose 17% in 2Q, while CSI 300 fell 12%.
 Stock market turnover fell in Shanghai but rose in Shenzhen.
 P/E ratios in Shanghai hit historic low; Shenzhen down slightly.
 Aggregate stock market performance and valuations for 84 industries
Key Data : SSE, SZSE, CSI, CapitalVue
1
A select sample brought to you
by Analytics@CapitalVue.com
Authors: Sean Li, Elias Glenn

2. 7/9/2013 Analytics@CapitalVue.com 2
June Chg from March
Avg Daily Turnover (SH), RMB Mn 78,179 -19.7%
Avg Daily Turnover (SZ), RMB Mn 116,634 34.3%
Avg PE, Shanghai 10.16 -16.7%
Avg PE, Shenzhen 23.25 -2.7%
CSI 300 fell 11.8% in 2Q, including a -15.57% June, the biggest monthly
decline since August 2009. Declines were led by the energy and heavy
industry, as well as financials.
Silver lining: CSI 300 gained an average 6.75% in the month following
15% or more monthly decline since 2005 (five cases).
June turnover in Shanghai was down almost 20% from March, while
turnover was up 34% for Shenzhen March-June, reflecting the clear
preference for smaller cap growth stocks that should benefit from
China’s restructuring.
Sources: CSRC, SSE, SZSE, CapitalVue
A Shares Market Recap
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Jan-11 Jul-11 Jan-12 Jul-12 Jan-13
Turnover & Valuation
Average Daily Turnover (Shanghai) Average Daily Turnover (Shenzhen)
Average P/E (Shanghai) Average P/E (Shenzhen)
RMB Mln PE
-23.76%
-21.26%
-9.81%
-4.37%
-6.45%
-4.41%
-10.45%
4.03%
9.39%
-13.38%
-11.80%
-11.51%
-30% -20% -10% 0% 10% 20%
CSI Energy index
CSI Materials index
CSI Industrials index
CSI Consumer Discretionary index
CSI Consumer Staples index
CSI Health Care index
CSI Financials index
CSI Information Technology index
CSI Telecommunication Services index
CSI Utilities index
CSI 300 Index
SSE Composite Index
2Q13 Sector Performance
SSE average June P/E
lowest since at least
end 2005.
Technology
stocks
outperformed.
Top performing sectors in 2013 are telecom, IT and health care.
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
31-Dec 23-Jan 19-Feb 11-Mar 29-Mar 22-Apr 15-May 4-Jun 27-Jun
Key Index Performance, Ytd
CSI 300 Index SSE Composite Index
SZSE Component Index Chinext Index
The Chinext Index
gained 16.8% in 2Q,
and is up 41.7% ytd.

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Notes to sector performance tables:
1. Sub-industries are shown indented from their parent industry.
3. Stock market performance is for 2Q13. PE and PB are based on 1Q13 earnings and 2Q closing stock price.
Consumer discretionary stocks have
outperformed the broad market, led by a
22.3% gain for media stocks in 2Q. The
Chinese government has made development
of media industries a major pillar in its
restructuring strategy.
Consumer Discretionary
Sector Co.(#) 2Q13 Chg Gainers Decliners 2Q13 Market Cap (RMB Bln) PE (end of 2Q13) PB (end of 2Q13)
Consumer Discretionary 428 -4.13% 111 310 2,260.16 18.01 1.95
Automobiles & Components 100 -3.51% 32 66 780.77 13.79 1.63
Auto Components 72 -9.05% 22 49 264.28 16.41 1.76
Automobiles 28 -0.40% 10 17 516.49 12.60 1.56
Consumer Durables & Apparel 184 -7.34% 40 142 737.92 20.89 2.13
Household Durables 66 -4.66% 20 45 372.88 16.06 2.26
Leisure Equipment & Products 18 5.79% 5 12 50.63 68.11 3.90
Textiles, Apparel & Luxury Goods 100 -12.04% 15 85 314.41 30.64 1.87
Consumer Services 34 -9.02% 6 27 163.45 16.66 2.66
Hotels, Restaurants & Leisure 30 -13.13% 4 26 135.27 15.89 2.61
Diversified Consumer Services 4 17.71% 2 1 28.18 28.95 3.23
Media 30 22.29% 23 6 272.89 37.58 3.05
Retailing 80 -12.59% 10 69 305.14 17.12 1.66
Distributors 20 -10.00% 1 19 76.48 19.51 1.55
Multiline Retail 45 -13.37% 7 37 135.05 16.43 1.91
Specialty Retail 15 -13.51% 2 13 93.61 16.06 1.44

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Consumer Staples, Energy
Sector Co.(#) 2Q13 Chg Gainers Decliners 2Q13 Market Cap (RMB Bln) PE (end of 2Q13) PB (end of 2Q13)
Consumer Staples 150 -4.72% 26 122 1,244.60 18.99 3.28
Food & Staples Retailing 17 -6.74% 4 13 98.76 26.26 2.12
Food, Beverage & Tobacco 125 -4.61% 20 103 1,099.88 18.08 3.38
Beverages 30 -2.63% 4 26 580.94 12.64 3.54
Food Products 95 -6.74% 16 77 518.94 42.03 3.20
Household & Personal Products 8 -2.95% 2 6 45.97 48.61 4.33
Household Products 4 9.58% 2 2 10.33 100.12 1.82
Personal Products 4 -6.07% 0 4 35.64 44.15 5.94
Sector Co.(#) 2Q13 Chg Gainers Decliners 2Q13 Market Cap (RMB Bln) PE (end of 2Q13) PB (end of 2Q13)
Energy 69 -19.09% 12 57 2,876.64 10.66 1.23
Energy Equipment & Services 17 -4.13% 6 11 179.73 23.18 2.75
Oil, Gas & Consumable Fuels 52 -19.92% 6 46 2,696.91 10.38 1.19

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Financials, Health Care
Sector Co.(#) 2Q13 Chg Gainers Decliners 2Q13 Market Cap (RBM Bln) PE (end of 2Q13) PB (end of 2Q13)
Financials 174 -9.42% 38 132 8,091.69 7.42 1.20
Commercial Banks 16 -8.46% 1 15 5,689.82 5.40 1.02
Capital Markets 21 -13.25% 3 18 655.17 32.87 1.64
Insurance 4 -15.81% 1 3 883.55 19.00 1.63
Real Estate Management & Development 133 -5.36% 33 96 863.15 12.43 1.66
Sector Co.(#) 2Q13 Chg Gainers Decliners 2Q13 Total Market Cap PE (end of 2Q13) PB (end of 2Q13)
Health Care 188 -2.83% 69 117 1,326.46 35.21 3.94
Health Care Equipment & Services 28 0.37% 14 14 174.40 36.24 3.18
Health Care Equipment & Supplies 21 4.94% 10 11 102.29 44.27 4.65
Health Care Providers & Services 6 -8.64% 3 3 59.45 24.31 1.94
Pharmaceuticals, Biotechnology & Life Sciences 160 -3.30% 55 103 1,152.06 35.08 4.06
Biotechnology 29 -4.58% 12 16 119.13 50.30 4.70
Pharmaceuticals 131 -3.15% 43 87 1,032.93 33.91 4.00

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Industrials
The CSI Industrials Index fell 10.51% in 2Q13,
in line with the broader market.
Transportation stocks, a bellwether for the
overall economy, fell 15.9%, including 19%
decline for airline stocks.
Sector Co.(#) 2Q13 Chg Gainers Decliners 2Q13 Market Cap (RMB Bln) PE (end of 2Q13) PB (end of 2Q13)
Industrials 570 -9.26% 148 419 3,539.10 19.66 1.54
Capital Goods 448 -7.97% 128 318 2,577.80 20.43 1.69
Aerospace & Defense 10 -6.01% 2 8 88.91 63.58 3.00
Building Products 22 -6.40% 6 16 77.99 33.62 2.04
Construction & Engineering 51 -8.81% 11 40 638.47 11.48 1.19
Electrical Equipment 146 -2.65% 56 90 627.34 41.29 2.08
Industrial Conglomerates 36 -3.00% 9 27 229.59 26.47 2.82
Machinery 179 -12.34% 42 135 894.40 20.96 1.64
Trading Companies & Distributors 4 -1.88% 2 2 21.11 -252.95 2.57
Commercial & Professional Services 39 2.55% 14 25 204.04 43.75 3.95
Commercial Services & Supplies 37 2.27% 13 24 196.02 43.54 3.99
Professional Services 2 9.81% 1 1 8.02 54.14 2.91
Transportation 83 -15.90% 6 76 757.25 15.92 1.10
Air Freight & Logistics 7 -6.73% 1 6 17.44 19.27 1.75
Airlines 4 -18.85% 0 4 140.22 11.14 1.03
Marine 16 -20.09% 0 15 123.89 -11.98 1.08
Road & Rail 15 -16.99% 3 12 162.79 9.82 1.23
Transportation Infrastructure 41 -12.54% 2 39 312.91 11.00 1.04

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Information Technology, Materials
Sector Co.(#) 2Q13 Chg Gainers Decliners 2Q13 Total Market Cap PE (end of 2Q13) PB (end of 2Q13)
Materials 440 -15.85% 73 364 2,384.41 55.64 1.51
Chemicals 215 -9.30% 41 174 893.80 50.35 2.06
Construction Materials 51 -16.11% 8 43 284.53 23.42 1.68
Containers & Packaging 23 -1.93% 7 16 77.70 35.83 1.67
Metals & Mining 120 -22.00% 11 107 1,040.23 93.42 1.24
Paper & Forest Products 31 -8.22% 6 24 88.16 88.03 1.57
Sector Co.(#) 2Q13 Chg Gainers Decliners 2Q13 Market Cap (RMB Bln) PE (end of 2Q13) PB (end of 2Q13)
Information Technology 365 8.46% 196 164 1,685.49 65.90 3.12
Software & Services 104 17.94% 70 32 432.11 46.36 3.86
Internet Software & Services 16 48.29% 15 1 94.86 58.72 5.23
IT Services 36 11.16% 23 11 133.13 46.25 3.13
Software 52 11.75% 32 20 204.12 43.19 4.23
Technology Hardware & Equipment 234 5.11% 113 118 1,143.11 58.54 2.97
Communications Equipment 57 7.79% 31 25 229.71 138.56 2.44
Computers & Peripherals 17 -3.09% 7 10 86.68 30.63 1.82
Electronic Equipment, Instruments & Components 158 5.31% 74 82 824.63 54.78 3.48
Office Electronics 2 5.90% 1 1 2.09 27.83 1.71
Semiconductors & Semiconductor Equipment 27 10.23% 13 14 110.27 -39.93 2.58

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Telecom, Utilities
Sector Co.(#) 2Q13 Chg Gainers Decliners 2Q13 Market Cap (RMB Bln) PE at the end of 2Q13 PB at the end of 2Q13
Telecommunication Services 3 -3.79% 2 1 84.01 2.72 1.08
Diversified Telecommunication Services 1 -11.61% 0 1 66.13 1.00 0.91
Wireless Telecommunication Services 2 43.08% 2 0 17.88 1.72 3.99
Sector Co.(#) 2Q13 Chg Gainers Decliners 2Q13 Market Cap (RMB Bln) PE (end of 2Q13) PB (end of 2Q13)
Utilities 76 -10.79% 17 58 771.01 15.01 1.61
Electric Utilities 40 -12.17% 7 32 389.14 12.55 1.43
Gas Utilities 3 -14.65% 0 3 26.06 23.64 2.73
Multi-Utilities 17 -16.02% 3 14 68.49 21.40 1.51
Water Utilities 13 -1.59% 6 7 120.64 40.79 2.76
Independent Power Producers & Energy Traders 3 -10.61% 1 2 166.69 11.40 1.39

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For more information:
Analytics@CapitalVue.com
www.capitalvue.com
CSI 300 Index: link
Shanghai Composite Index: link
Shenzhen Component Index: link
A shares trading volume: link
A shares turnover: link
Average daily A shares turnover: link
Average daily turnover (Shanghai): link
Average P/E (Shanghai): link
Average daily turnover (Shenzhen): link
Average P/E (Shenzhen): link
Total A shares market cap: link
IPO fundraising: link
Follow-on fundraising: link
Private placement fundraising: link
Sector summary pages:
Consumer Discretionary: link
Consumer Staples: link
Energy: link
Financials: link
Health Care: link
Industrials: link
Information Technology: link
Materials: link
Telecommunication Services: link
Utilities: link