美国、日本、印度、中国医药股历史估值背后的逻辑试究11.ppt

Goldman Sachs Global Investment Research * Wei Du, PhD Gao Hua Securities 86-21-2401-8928 wei.du@ Li Yu Gao Hua Securities 86-21-2401-8932 li.yu@ 美国、日本 、印度、中国医药股历史估值背后的逻辑试究用全球化视角研判中国医药股估值合理性 July 2010 Coverage view: Neutral The Goldman Sachs Group, Inc. does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Customers in the US can receive independent, third-party research on companies covered in this report, at no cost to them, where such research is available. Customers can access this independent research at or call 1-866-727-7000. For Reg AC certification, see the end of the text. Other important disclosures follow the Reg AC certification, or go to /research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S. The Goldman Sachs Group, Inc. does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Customers in the US can receive independent, third-party research on the company or companies covered in this report, at no cost to them, where such research is available. Customers can access this independent research at or call 1-866-727-7000. For Reg AC certification, see the end of the text. Other important disclosures follow the Reg AC certification, or go to /research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analy