A quarter of Strategy Report

At present the situation faced by the board is not optimistic. As at December 28, 2007, the A-share market average PE of 41 times, and nonferrous metal plate even if the overall level of valuation adjustments also have 46 times - the valuation of colored plate is not attractive, and the driving force rose colored plate -- bulk metal Ceiling fan capacitor prices is still a standstill. Most of the plates from the current stock price to the highest level in 2007, 50 per cent of the increase. And return to the record high for some investors means that the only benefit, then to break records, that is, to achieve a true sense plate "in 2008 and gain further glory," then I am afraid that needs the support of various factors.

Plate from top to bottom to find investment opportunities. Top-down analysis, in the first quarter, with the exception of gold, tin and rare earth industry, most metal prices in the short-term period of uncertainty, together with the reasons for the high base, the non-ferrous metal industry is expected profits of the first quarter of year-on-year growth rate will be slowed down drastically, so in a sound investment principles, the most important of the first quarter of our species is still Shandong Gold (600,547) and Baotou Steel Rare Earth (600111).

Bottom-up stocks to find investment opportunities. First of all, growth is the eternal theme. In the metal prices little effect on the downstream processing industry looking for ways to expand through industrial chain and the adjustment of product structure, reduce costs at the same time broaden the scope of content to achieve growth companies - that is what we in the industry cycle evolution of uncertainty stage for sustained and stable growth performance of the listed companies on the election strategy. For such companies, one-quarter of our most important light (600,673). Secondly, the report is high Songpei grasp the theme of the company, in the current fund share alone is growing background, if a listed company is a high-growth market but smaller companies, often because of the fluidity of the company not neglect its high growth. If these companies appear high in the annual report sent cash, it would greatly increase their mobility, we believe that this is a long-term positive, rather than a simple high Songpei subject speculation.

These data after re-reading the face of the "2008 non-ferrous metal plate can create greater glories?" This issue, I believe most investors will not be easy. From Figure 1, we can see that most of the plates from the current stock price to the highest level in 2007, 50 per cent of the increase. And return to the record high for some investors means that the only benefit, then to break the record high, which is a real sense of the "glorious", I am afraid that needs the support of various factors, the current situation facing the plate is not optimistic.

Then we January 1 of the latest developments in non-ferrous metals industry, whether or not they can find support from top to bottom in 2008 rose plate clues.

Second, from top to bottom looking for investment opportunities plate

2.1 The decline in copper processing fees erode the profits of copper smelting enterprises

Jiangxi Copper recently announced a series of notice:

November 22, 2007, and by the China Metallurgical Group was composed of investment in the Afghan Ainake copper (copper metal content of 11 million tons for the large copper deposit) for development Ceiling fan capacitor projects preferred bidder qualifications;

December 7, 2007, together with the acquisition of Canada Minmetals listed enterprises Northern Peru Copper Corporation, and has 42% of the shareholders and the board of directors authorized;

December 28, 2007, the Board Notice "on the awarding of Jiangxi Copper internal executive directors and senior management staff of the value of the stock incentive plan."

Trends show that the series of the company in the positive exploitation of foreign resources, and the implementation of equity incentive will also promote long-term, stable and sustainable development, are long-term positive, but in the short term can not bring about the company's performance substantially promote.

On the contrary, the performance generated immediate negative factors and to the unwanted: international mining giant BHP Billiton companies and enterprises of China's major copper smelting copper concentrate processing fees reached in 2008 for 47.2 US dollars / ton (or 4.72 cents / lb) At the same time also abolished Ceiling fan capacitor the share price terms. This standard than in 2007 declined by 21 per cent over 2006 declined by 50 per cent.

6 can be seen from the chart, my three copper smelting enterprise resource self-sufficiency rate are relatively low, the decline in 2008 processing fees will be greater erosion of the three company's profit, or even lead to its outsourcing concentrate smelting part of the loss.

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