1、Asia Pacific Equity Research 18 October 2010 China Metals LME Week Take-aways China Metals and (2) no part of any of the research analysts compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst(s) in this report. Imp
2、ortant Disclosures Client of the Firm: Aluminum Corporation of China Limited is or was in the past 12 months a client of JPM. Aluminum Corporation of China Limited - A is or was in the past 12 months a client of JPM. 011223344Price(HK$)Oct06Jul07Apr08Jan09Oct09Jul10Aluminum Corporation of China Limi
3、ted (2600.HK) Price ChartOW HK$8.7N HK$8.2 OW HK$12 N HK$7.6N HK$7.4 N HK$13.7OW HK$24 OW HK$16N HK$5.2 N HK$7Source: Bloomberg and J.P. Morgan; price data adjusted for stock splits and dividends.Break in coverage May 10, 2004 - Aug 11, 2004. This chart shows J.P. Morgans continuing coverage of this
4、 stock; thecurrent analyst may or may not have covered it over the entire period.J.P. Morgan ratings: OW = Overweight, N = Neutral, UW = Underweight.Date Rating Share Price (HK$) Price Target (HK$) 04-Jan-07 N 7.67 7.40 12-Mar-07 N 7.90 8.20 23-Aug-07 N 15.54 13.70 07-Dec-07 OW 18.42 24.00 11-Jul-08
5、 OW 9.36 16.00 03-Sep-08 OW 6.90 12.00 27-Oct-08 OW 2.17 8.70 31-Oct-08 N 2.85 5.20 24-Aug-10 N 6.55 7.00 08-Oct-10 N 7.60 7.60 3 Asia Pacific Equity Research 18 October 2010Nathan M. Zibilich, CFA (852) 2800 8570 020406080100Price(Rmb)Aug07Nov07Feb08May08Aug08Nov08Feb09May09Aug09Nov09Feb10May10Aug
6、10Nov10Aluminum Corporation of China Limited - A (601600.SS) Price ChartN Rmb11.8N Rmb11Source: Bloomberg and J.P. Morgan; price data adjusted for stock splits and dividends.Initiated coverage Aug 23, 2010. This chart shows J.P. Morgans continuing coverage of this stock; the current analystmay or ma
7、y not have covered it over the entire period.J.P. Morgan ratings: OW = Overweight, N = Neutral, UW = Underweight.Date Rating Share Price (Rmb) Price Target (Rmb) 24-Aug-10 N 10.27 11.00 08-Oct-10 N 11.32 11.80 Explanation of Equity Research Ratings and Analyst(s) Coverage Universe: J.P. Morgan uses
8、the following rating system: Overweight Over the next six to twelve months, we expect this stock will outperform the average total return of the stocks in the analysts (or the analysts teams) coverage universe. Neutral Over the next six to twelve months, we expect this stock will perform in line wit
9、h the average total return of the stocks in the analysts (or the analysts teams) coverage universe. Underweight Over the next six to twelve months, we expect this stock will underperform the average total return of the stocks in the analysts (or the analysts teams) coverage universe. J.P. Morgan Caz
10、enoves UK Small/Mid-Cap dedicated research analysts use the same rating categories; however, each stocks expected total return is compared to the expected total return of the FTSE All Share Index, not to those analysts coverage universe. A list of these analysts is available on request. The analyst
11、or analysts teams coverage universe is the sector and/or country shown on the cover of each publication. See below for the specific stocks in the certifying analyst(s) coverage universe. Coverage Universe: Nathan M. Zibilich, CFA: Aluminum Corporation of China Limited (2600.HK), Aluminum Corporation
12、 of China Limited - A (601600.SS), Angang Steel Company Limited - A (000898.SZ), Angang Steel Company Limited - H (0347.HK), Baoshan Iron our Neutral rating falls into a hold rating category; and our Underweight rating falls into a sell rating category. Valuation and Risks: Please see the most recen
13、t company-specific research report for an analysis of valuation methodology and risks on any securities recommended herein. Research is available at http:/ , or you can contact the analyst named on the front of this note or your J.P. Morgan representative. 4 Asia Pacific Equity Research 18 October 2
14、010Nathan M. Zibilich, CFA (852) 2800 8570 Analysts Compensation: The equity research analysts responsible for the preparation of this report receive compensation based upon various factors, including the quality and accuracy of research, client feedback, competitive factors, and overall firm reven
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