Ni (Jenny) Zhen & team Citi

Citi returns to the roster for the first time since 2009. The Hong Kong–based trio is steered into third place by newcomer Ni (Jenny) Zhen, who also leads the No. 3 team in Infrastructure. The analysts are advising clients to sell their shares of railway-equipment companies, including state-owned CSR Corp., “mainly on the downside of margin risks, unclearness for order flow and long-term structural problems given the slow top-line growth and rising labor costs,” Zhen says. They are also negative on construction-machinery manufacturer Zoomlion Heavy Industry Science & Technology Development Co., “owing to concerns on the track-crane business, which we expect would get more competitive, and its high valuation,” she adds. Zhen has “a good feel for management as well as numbers — a lot of analysts only understand numbers and not people,” observes one impressed investor. — Paul Sweeney