Industry – Infrastructure: Second

At No. 2 for a third consecutive year is J.P. Morgan’s 12-strong squad under Karen Li, who also pilots a runner-up crew in Industrials. The researchers are “well connected with all the right people in the Chinese government and have a solid understanding of the investment cycle,” observes one buy-side enthusiast. The analysts initiated ratings on 20 companies last year, bringing their total to 70, and “we are planning to further expand our infrastructure coverage this year,” Li reports. On the belief that policy reforms “should bring about positive changes over the medium to long term by allowing more market-driven rail operations and sustainable railway investment with higher private sector participation,” the Hong Kong–based leader explains, the team upgraded China Railway Group from neutral to overweight in February, at HK$4.39. The stock had slipped to HK$4.09 by the end of April and trailed the sector by 1.5 percentage points, but it remains a top pick, with a target price of HK$5.80.— Paul Sweeney