Goldman Sachs said that for Chinese retailer stocks in 2011, the microeconomic impact was greater than the impact at the macroeconomic level. Goldman Sachs said that although inflation is still the main threat to growth, they believe that compared to the company's own execution and industry positioning, retail companies' profit prospects in 2011 are less dependent on terminal demand prospects. Goldman Sachs maintained its buying rating for Belle International (1880.HK) and added Maoye International (0848.HK) to the convinced buy list; upgraded Daphne International (0210.HK)'s rating from neutral to buying, and raised the rating of New World Department Store China (0825.HK) from selling to neutral. The ratings of these two stocks were mainly based on valuation considerations. Among sportswear manufacturer stocks, Goldman Sachs removed Peak Sports (1968.HK) from the list of convinced buyers, but maintained the stock's buying rating, downgrading China Trend (3818.HK) and Express International (1368.HK) from buying to neutral.
高盛：微观因素对中资零售商类股的影响要超过宏观因素；升新世界百货评级至中性
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