2006 2006 1 2006 1

2005... 1 1 17... 1 2... 2 3... 2 2006... 3 2006... 7 1... 7 2... 8 3 2006... 8 2006... 9 1 2006... 9 2.11 3... 12 4... 13 5 2006 2006... 15 6... 16 7 2006... 17 8... 18 9... 20 10... 20 11 2006... 21 12... 22 13... 23 14 2006... 24 15... 26 16 2006... 27 17 2006... 27 18... 29 19 2006... 30 20... 31 21 2006... 32 22... 32... 33

2006 A 2006 2006 2006 A 2006 2006 A 2005 1 17 2005 1 4 12 21 6.88% 300 9.9% 10.7% 04.05.24 05.12.21 1.1 1 0.9 0.8 0.7 0.6 2004-5-24 2004-7-24 2004-9-24 2004-11-24 2005-1-24 2005-3-24 2005-5-24 2005-7-24 2005-9-24 2005-11-24 300 1 34

2 54 2005 1 4 12 21 0.75% 70% 70% 30% 1 4 12 21 8.9% 54 1 93 2005 1 4 12 21 0.16% 65% 65% 9.25 % 93 5 3 2005 300 17 2005 2005 2005 2005 2005 A 2 34

2006 2005 GDP 106275 9.4% GDP 10 9% 2005 GDP 9% GDP 2005 11 5909 12.4% 0.4 11.9% 2006 12% 2005 22.8% 25.4% 26.1% 1 11 27.8% 3 34

2004 2005 2005 2004 GDP 2004 GDP 3000 16% GDP 37.5% 45% 2006, 20% 4 34

2005 11 105 20.9% 18.4% 11 11 12822.7 23.5% 6865.4 29.7% 5957.3 17.1% 908 14000 1000 75 GDP 5 2006 2006 2006 GDP 8.5% 9% 2005 11 1.3% 0.3% 2005 1 11 2004 1.8% 5 34

CPI CPI 1 CPI 2 3 CPI 4 2006 1.5% 2006 2006 (RMB/USD) 6 34

CPI CPI 2006 1 2006 2006 22% 05 2006 2005 1000 700 2005 35% 2005 GDP 6% 2005 2005 2005 2005 2006 2006 2005 700 2006 300 500 2006 7 34

2 2006 2006 A 2006 A 2005 2006 A 2006 A 2006 A 2006 A 2006 2006 3 2006 2004 8 34

2006 2006 2005 2006 2006 2006 2006 1 2006 2005 1 9 34

2006 2006 2006 2005 12 1 2006 12 31 2 2006 3 EPS2006 4 5% 2006 2005 PB PE 10 34

2005-12-12 600036 600000 600016 3328 3328 6.67 9.15 4.05 3.48 2.64 04 EPS 0.307 0.49 0.285 0.13 0.188 05 EPS 0.38 0.57 0.34 0.19 0.22 04 B 1.96 3.328 1.76 1.33 1.005 05 B 2.37 3.898 2.1 1.76 1.4 2004P/E 21.7263844 18.67346939 14.21052632 26.769231 14.04255 2005P/E 17.5526316 16.05263158 11.91176471 18.315789 12 2004P/B 3.40306122 2.749399038 2.301136364 2.6165414 2.626866 2005P/B 2.81434599 2.347357619 1.928571429 1.9772727 1.885714 2004P/B 2.83588435 2.147967999 2.301136364 2.6165414 2.626866 2005P/B 2.34528833 1.83387314 1.928571429 1.9772727 1.885714 2005P/E 14.627193 12.54111842 11.91176471 18.315789 12 9.27 8.24 8.05 11.29 10.71 5.39 4.18 4.76 8.68 8.11 10 2 2.8 22.44% 18.77% 20.55% 13.95% 2005 2 2005 2006 2005 11 34

2005 30% 3 12 34

20 20 PE PB PS 7.5 P/E P/B P/S 8000 75 PE 4-4.8 10 6 10 2005 4 2005 2005 13 34

20 PE 400 300 200 100 0 100 68% 66% 64% 62% 60% 58% 56% 1995 2000 2004 05 10 PE 14 34

5 2006 2006 2005 2006 11 / 140 2005 2005 1 2 2006 2006 3 PB 2 24 600383 4.2 10.46 6.27 05 EPS 0.35 0.71 0.46 06 EPS 0.46 0.85 0.6 05 B 2.06 6.14 4.16 06 B 2.52 6.85 4.76 15 34

2005P/E 12 14.73239437 13.630435 2006P/E 9.130434783 12.30588235 10.45 2005P/B 2.038834951 1.703583062 1.5072115 2006P/B 1.666666667 1.527007299 1.3172269 2005P/E 12 12.27699531 10.904348 2006P/E 9.130434783 10.25490196 8.36 2005P/B 2.038834951 1.419652552 1.2057692 2006P/B 1.666666667 1.272506083 1.0537815 4.6 9.8 6 0.913043478 1.067346939 1.045 10 2 2.5 2006 6 2005 2005 25 2005 2% 2.5% 2005 2006 16 34

2006 A 7 2006 5 2005 3.35 23% 6000 2006 4.5-5 2005 9 2006 4000 2006 17 34

8 2001 2006 LME (ILZRG) 2005-29.2-43 AME 2005 2006 1 2007 2006 18 34

2005 12 4 12% 5200 / 1700 - - Ardal Hoyanger, Eastalco 2006 1995 LME 19 34

9 2002 2005 1 10 76 650 2005 2005 1 10 14.69 10.4% 2005 21.7 11 10 2005 10 9 8 2002 10 2006 20 34

7200 27000 9.6% 2006 2007 11 2006 12000 15% 5 76.74% 85.53% 21 34

12 2005 12 9 1 2 3 2006 2006 22 34

13 2005 2005 23 34

14 2006 10 30% GDP 2005 7600 TEU 24% 2004 26% 2006 15% 2005 1000 75 GDP 5 24 34

2004 400 2006-2008 2006 2005 5% 2006 2006 10% 25 34

15 2005 570 13% 270 20% 2005 40% 2005 2005 2004 2006 2006 WTO 2006 7 1 2006 2006 2006 2006 26 34

16 2006 2005 4000 100 2005 40 4% 2006 2006 2006 2007 17 2006 2005 2005 5 2006 2004 27 34

2004 2005 2005 2004 2004 28 34

18 2006 70% 2006 29 34

19 2006 3G NGN 2005 3G NGN 2006 2008 3 5 2006 2006 A A 30 34

20 2004 1.2 13% 60% 50% 22% 0.3% 3.6 1.3 2008 1.5 2004 106 2005 2005 400 2006 1000 31 34

2006 21 2006 2005 2005 2006 2006 A A H 2006 A 22 2005 32 34

2005EPS 2006EPS 2005P/E PEG 600028 0.40 0.45 11 1.08 600309 0.65 1.00 21 0.47 600636 0.38 0.50 20 0.80 600596 0.80 0.96 13 0.49 600123 1.10 1.30 10 0.31 600348 1.05 1.15 9 0.35 600497 0.68 1.10 17 0.23 600296 0.23 0.34 21 0.68 000831 0.07 0.25 41 2.31 000807 0.26 0.36 14 9.65 600308 0.95 1.15 9 0.69 000726 0.73 0.83 9 000063 1.35 1.65 20 0.81 002025 1.15 1.45 24 0.35 600183 0.28 0.40 22 000970 0.30 0.38 23 600312 0.27 0.35 23 0.53 600202 0.32 0.49 24 0.10 600089 0.31 0.48 23 0.58 600320 0.75 1.00 11 0.13 000528 0.45 0.55 11 2.87 000157 0.58 0.65 10 600066 0.70 0.80 10 0.47 000951 0.55 0.65 14 000550 0.45 0.57 10 0.65 000581 0.37 0.43 15 6.56 600660 0.40 0.45 13 000527 0.60 0.65 9 0.68 000651 0.90 0.98 11 0.95 000541 0.65 0.75 16 2.13 600887 0.77 0.90 19 0.88 600438 0.68 0.78 16 0.41 600598 0.31 0.37 13 1.19 000911 0.05 0.31 600529 0.38 0.43 17 1.34 600196 0.30 0.36 15 0.86 33 34

600276 0.63 0.78 23 0.84 600050 0.13 0.14 22 2.73 600037 0.43 0.47 34 2.39 600831 0.15 0.40 53 0.70 000987 0.36 0.38 21 0.66 600327 0.35 0.38 17 2.26 600386 0.13 0.30 600741 0.20 0.25 17 2.60 600258 0.33 0.38 20 0.97 000888 0.18 0.25 30 2.08 000002 0.35 0.46 12 0.37 000006 0.33 0.50 13 0.24 000024 0.71 0.85 15 0.70 600036 0.38 0.46 17 0.77 600016 0.34 0.41 12 0.62 600000 0.58 0.68 17 0.94 600018 0.71 0.80 16 1.34 600009 0.74 0.85 19 1.52 000089 0.46 0.49 14 0.59 600377 0.15 0.31 42 1.12 600012 0.36 0.43 17 0.49 600269 0.57 0.72 16 0.67 600035 0.20 0.31 17 0.22 600795 0.44 0.54 14 0.67 000027 0.52 0.62 13 2.44 000939 0.42 0.50 16 0.90 000826 0.16 0.25 26 0.79 600970 0.52 0.60 29 1.73 600583 1.30 1.50 18 0.69 2006 13.7 2.5 2006 11 P/E 2005 12 23 2006 1 4 2005 12 30 34 34