CONTENTS

Ⅰ　General Report
1　The Transition of China’s Economy from the Scale of Supply to “Demand-Value Creation”
　　——The Evaluation of Listed Companies Value-creation Ability and Economy Transition
　　　　【Zhang Ping, Wang Xi, Zhang Lei, Fu Yang and Zhang Peng】／001
　　1. 2014 Economic Outlook: Empirical Facts and Trends／004
　　2. Value-creation Ability／008
　　3. The Development of Chinese Capital Market／018
　　4. Value Creation and the construction of the New System References／034

Ⅱ　Research Report
2　The Evaluation of Chinese Listed Companies【Wang Xi, Wang Yafei】／037
3　Challenges of Chinese Listed Companies in Value Creation and Institutional Reforms
　　【Zhang Lei, Zhang Peng】／107

Ⅲ　Special Report
4　Real Estate Industry: Mortgages Inaccessible, Prosperity Declining and Valuation Partial
　　Regression【Wu Wei】／133
5　Banking: Challenges of Internet Financial【Wang Xi】／145
6　Environmental Industry: Valuation Pressures Emergingand Performance Support Expected
　　【Shang Jun】／166
P　harmaceutical Industry: Keep Optimismistic in the Long-term and Cautious
　　in the Short-term【Zhao Haoran】／182
8　Electronic Commerce Industry: Ecological Competition, Technology Driven【Li Hao】／211
9　Commerce and Trade Retail Business: the Turning Point is still in Waiting, Model Innovation
　　【Bo Xiaoxu】／233
10　TMT Industry: The Second Change of Lifestyle Led by the Internet【Li Hao】／254
11　Military Industry: Reform Push Restructuring【Li Junzheng】／279
12　The Review of Top 20 Value Creation Three New Board Corporate【Guo Yun, Dan Ruihua】／323

Ⅳ　Appendix
13　Ranking of Chinese Listed Companies Table／347
14　Postscript／421