Industry Report Excerpt January 7, 2009

Daily Report of TX Investment ---

January 7, 2009 By TX Investment Analysis Department

1. Commentary on Macro-economy & Market

Global Economic News

Daily News of Bond Market

Daily News of International Market

Daily Market Review & Outlook

People’s Bank of China Determines Keynote of 2009: To Ensure Market Liquidity

Liquidity Likely to Exceed Economic Fundamentals Being Important Factor to Affect 2009 Stock Market

Release & Holdings Reduction of Restricted Shares: Four Companies Suffered Holdings Reduction

2. Comments on Industries and Companies

Diagnosis of One Highly Pathogenic Bird Flu Case Confirmed in Beijing

Operating Expenses of Public Health by Central Government in 2008 Predicted to Reach Rmb83.36bn or
25.5% YoY

Guangdong Cnlight Light & Electricity Technology (002076): Earning Forecast Lowered; 2008 Net Profit
Projected to Decline 60%-80% YoY

China Railway Group (601390): Wins A Bid of Rmb25bn

Aerospace Information (600271): Control Rights Change of the Second Largest Shareholder

Powerise Information (000787): Sells Equity Stakes of Chengfei Electronic Science & Technology Co., Ltd
at Rmb17mn

Xi' an Seastar Modern-Tech (600185): Assets Restructuring Going Smoothly

Yunnan Nantian Electronics Information (000948): Part of the Equity Stakes Held by Jiuyi Investment
Company Impawned
 Report Excerpt

Jiangsu Chinese Online Logistics (000805): Amends Share Reform Proposal to Prepare for Assets
Restructuring

Hunan Copote Science & Technology (600476): Issues Clarification Announcement

Sichuan Direction Photo Electricity (000757): Restructuring Plan Reported and Accepted by CSRC

Henan Pinggao Electric (600312): Announcement on Holdings Reduction by Guolian Trust Company

Bank of Ningbo (002142): Proposal of Increasing Market Risk Limits on Ningbo Bank Passed at Board of
Directors

Xi'an Kaiyuan Holding Group (000516): Transfers Its 3.76% Shares of Xi’an City Commercial Bank

Zhejiang WHWH Industry (600576): Releases Documents of the First Extraordinary Shareholders Meeting
in 2009

Sanan Optoelectronics (600703): Its Wholly-owned Subsidiary to Be Authorizes as High-tech Enterprise

SVA Electron (600602): Shares of Controlling Shareholders to Be Completely Released

Anxin Trust & Investment (600816): To Hold the First Extraordinary Shareholders Meeting on January 9,
2009

3. Excerpts of TX Latest Reports

To Search for Shares with Industry Support

To Know by Seeing Part of It --- Brief Commentary on Hotel & Tourism during 2009 New Year Day

Real Estate Industry: Second Mortgage Expected to Be Fully Relaxed and New Tax Policy Likely to Be
Unveiled

“Agriculture, Countryside & Farmer” Issues Still Being the Focus --- Outlook on No. 1 Document of Central
Government

Report To-be-issued Today: Western Electricity Price Down-regulation vs. International Oil Price Decline ---
To Grasp Investment Opportunities of Chlor-alkail Industry in Change

Bi-weekly Coal Industry Report (Dec 16, 2008-Dec 31): Coal Fair Failed; Coal Price Steadied and Rallied

Health Care Reform Sounds the Bugle of 2009 after Farewell to Gloomy 2008

Obama to Stimulate Economy Rapidly by Cutting Tax

Daily Report of TX Macro-finance & Real Estate Industry --- January 6, 2009
 Report Excerpt

Daily Report of TX Machinery & Metal --- January 6, 2009

Daily Report of TX Consumer Goods Industry --- January 6, 2009

Daily News of TX IT Industry --- January 6, 2009

 Report Excerpt

Disclaimer
This material is for information purposes only and should not be construed as an offer to sell or the solicitation of an offer to buy any
security in any jurisdiction. The information included herein has been compiled by TX Investment Consulting (“TX”) from sources that it
believes to be reliable, but no presentation or guarantee is made or given by TX or any other person as to its accuracy, completeness or
timeliness.

All opinions and estimates expressed are entirely those of TX as of the date appearing on this material only and are subject to change
without notice. Neither TX nor its analysts accept any liability whatsoever for any direct or consequential loss arising from any use of
this material or otherwise arising in connection therewith.

This material is strictly confidential to the recipient. No part of this material may be redistributed, reproduced, or published by any
person for any purpose without prior permission in writing from TX. All rights are reserved.

Investment Rating System

Performance of stock or sector relative to TX Free-float Index over next 6 months after research publications

Rating Remark
1 Buy Relative performance over TX Free-float Index >15%

2 Overweight Relative performance over TX Free-float Index 5% ~ 15%

3 Neutral Relative performance over TX Free-float Index -5% ~ 5%

4 Underweight Relative performance over TX Free-float Index -5% ~ -15%

5 Sell Relative performance over TX Free-float Index <-15%

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