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27 11 5 (755) 22623797 pengbo@pasc.com.cn LMEX 4.68% 1 9 EBIT 79.35% 4 EBIT 55.39% 64.51% 24.38% 54 27129 27E 28E 27E 28E 6111 57.93.72 1.3 8.46 44.56 6547 182 1.39 3.8 13.94 47.89 6888 27.6.4.8 67.65 33.83 6219 32.8.9 1.36 36.44 24.12 6673 28.96.25 1.2 115.84 24.13 758 55.3.65.86 85.8 64.3 282 16.15.45.75 35.89 21.53 6531 36.28.75.83 48.37 43.71 831 4.5.83 1.38 48.8 29.35 63 33.33.81.91 41.15 36.63 6331 8.2 1.8 2.2 44.56 36.45

... 3... 4 2.1...4 2.2...5 2.3...6 2.4...7 2.5...8 2.6...8 2.7...9...11... 12... 13 2/14

LMEX 4.68% 1 LME / LME 7975 2495 3658 2983 16213 31498 754 4.86% 1.86% 15.55% 3.4% 7.57% 5.65% 6.7% 2 LME 48 95 43 38 33 28 23 18 13 8 2-4-14 21-3-23 22-3-1 23-2-7 24-1-16 24-12-24 25-12-2 26-11-1 27-1-19 93 91 89 87 85 83 81 79 77 75 4-1-1 4-4-1 4-7-1 4-1-1 5-1-1 5-4-1 5-7-1 5-1-1 6-1-1 6-4-1 6-7-1 6-1-1 7-1-1 7-4-1 7-7-1 7-1-1 25 4.5% 9 / 8 / 1 / 3/14

3 / 85 8 75 7 65 6 55 5 45 Brent 95 85 75 65 55 45 35 / 4 5-1-3 5-4-3 5-7-3 5-1-3 6-1-3 6-4-3 6-7-3 6-1-3 7-1-3 7-4-3 7-7-3 7-1-3 5-1-3 5-4-3 5-7-3 5-1-3 6-1-3 6-4-3 6-7-3 6-1-3 7-1-3 7-4-3 7-7-3 7-1-3 5 2 7 8 15 1 1 3 27 2.1 LME 811 / 821 / 7725 / 4.75% SHFE 712 685 / 652 / 4.81% LME 166975 362 4 LME / 5 45 4 35 3 25 2 15 1 5 24-1-2 24-7-2 25-2-3 25-8-22 26-3-8 26-9-25 27-4-16 27-1-3 1 9 8 7 6 5 4 3 2 1 LME 5 4/14

ICSG 7 1.6 ICSC 7 27 6 7% 2% 9% ICSG 1~7 31.5 26 2.6 1 9 25.17 16.1% 9 3.72 24% 9 12,78 8 17% 5 1 9 9 1~9 15,794 13.7% 115,74 74.7% 12,78 46.2% 1,182,58 98.1% 5,971 25.1% 44,846 14.8% 561,253 6.1% 4,53,14 16.6% 271,61-28.81% 3,463,783 26.8% Freeport McMoran TC/RC 35 /3.5 9 271,61 26 1 LME 2.2 LME 2527 / 2557 / 2545 / SHFE 712 1937 / 1813 / 4.49% LME 938,265 919,925 6 LME / 16 35 14 3 12 25 1 2 8 15 6 4 1 2 5 24-2-19 24-8-525-1-2 25-7-7 25-12-19 26-6-8 26-11-2 7-5-1 27-1-23 WBMS 1 8 368, 245 19.67 25.85 2484 5/14

11.6% 215.3 32% IAI 9 25.7 686 3 34 1~9 89.1 34.2% 9 11.37 7 1 8 15% 2% 1% 8 9 7 6.9 9 1 8. / 8.1 7.1 7 1 9 9 1 9 12,712-84.9 142,763-78.8 31,37 25.7 27,165-6.4 117,836 1,438,94 66.1 38-53.4 2,637 25.8 3,558 59.1 25,7 54.8 7,546-57.3 81,11-67.3 13,48-34.1 122,319-25.8 219,586 14.8 1,531,7 2.9 449,562-29.2 3,949,795-24.9 2,343,63 117.8 17,852,186 153.6 2.3 LME 31 / 2825 / 8.87% SHFE 712 2755 / 253 / 6.93% 685 71725 8 LME / 9 5 8 45 7 4 6 35 5 3 25 4 2 3 15 2 1 1 5 24-1-2 24-6-724-11-4 25-4-11 25-9-1226-2-13 26-7-18 26-12-1527-5-25 27-1-25 ILZSG 1 8 725. 75.1 693.9 747.3 1 8 6/14

28, WBMS 153, WBMS 9 32.48 13.9% 15.58% 1~9 269.57 19% 5 9 9 12,325 8 44% 6 18.5% 8 13,29 6 2.1% 9 1~9 / 9 1~9 294,48 28.6% 1,556,752 178.% 12,325-18.5% 248,233 43.7% - -1% 164-91.9% 13,29-2.1% 14,729-56.1% 5% 1 65% 9 33 27 37 372 1 2.4 LME 338 / 366 / 8.28% 2215 394 1# 244~2465 / 1 LME / 14 12 1 8 6 4 2 24-1-2 24-6-7 24-11-4 25-4-11 25-9-12 26-2-13 26-7-18 26-12-15 27-5-23 27-1-23 LME LME 6 9 5436 1~9 18.837 45 4 35 3 25 2 15 1 5 7/14

53% 9 2.94 1.6% 1~9 197,7 6% 11 1~9 / 9 1~9 96,232-39.7% 945,3 14.4% 5,436-81.4% 188,37-53% 1,532-41.8% 21,9-9.5% ILZSG 1 8 551.5 543.1 8.4 WBMS 1~8 11.1 26 8 5.7 LME 2.5 LME 15375 / 1674 / 8.87% 1 14 15 / 14155 1323 WBMS 1~8 18 4, 23.91 WBMS 1~8 23.73 11,4 12 LME / 18 16 14 12 1 8 6 4 2 24-1-2 24-5-2 24-1-5 25-2-21 25-7-11 25-11-23 26-4-11 26-8-3 13 1~9 / 9 1~9 428 1.9% 3,639-23.2% 1539 77.5% 2,673 47.4% 4,443 131.3% 1,995-4.% 27-1-1627-6-5 27-1-18 18 16 14 12 1 8 6 4 2 37 4264 / 198 2 62% 1 2.6 8/14

LME 35 / 3225 / 325 / 5.8% 32442 3768 27.6 / 14 LME / 4 6 35 5 3 25 4 2 3 15 2 1 1 5 24-1-2 24-5-2 24-1-5 25-2-21 25-7-11 25-11-23 26-4-11 26-8-3 27-1-16 27-6-7 27-1-22 LME 1 INSG 7 147 135 12 8 157 147 1 8 WBMS 7 1.4 WBMS 9 113 52% 1 9 121 448% 9 35% 1 27 5.1% 1.1% 287 27 27 7 65 1% 2.7 8 9 1.3 / 18 / 25 6% 1 7 33% 1.2 / 1.6 / 21% 26% 9/14

1/14 15 / 16 / 17 / 18 / 2 4 6 8 1 12 14 16 18 2 1995 2 21 22 23 24 25 26 27 1 27 2 27 3 27 4 27 5 27 6 27 7 27 8 27 9 27 1 5 1 15 2 25 3 1995 2 21 22 23 24 25 26 27 1 27 2 27 3 27 4 27 5 27 6 27 7 27 8 27 9 27 1 1 2 3 4 5 6 7 5 1 15 2 25 3 35 4 1995 2 21 22 23 24 25 26 27 1 27 2 27 3 27 4 27 5 27 6 27 7 27 8 27 9 27 1 2 4 6 8 1 2 4 6 8 1 12 14 16 1995 2 21 22 23 24 25 26 27 1 27 2 27 3 27 4 27 5 27 6 27 7 27 8 27 9 27 1

31 7 1 9 71.62% EBIT 79.35% 13.74% 5.77% 4 7 13.28% EBIT 176.27% 334.66% 21.78% 7 14.92% EBIT 196.84% 248.87% 157.38% EBIT 55.39% 64.51% 24.38% 31 EBIT 1 9 EBIT 2% 19 % EBIT EBIT EBIT EBIT ROE 612 131.67 186.7 188.3 99.34 79.44 21.97-8.39-8.16 87 92.29 144.68 218.8 151.57-48.67 95.9 13.67-8.73 831 18.28 27.8 839.1 665.5 15.61 229.68-23. -.97 6472 62.96 94.43 14.62 47.2-3.97 94.16-51.54-8.13 6595 211.18 249.11 322.48 9.27 128.51 -.24-3.63.4 616-2.15 13.28 176.27 334.66 21.78 61.18 88.29-19.98-4.62 63 13.83 111.71 16.85-2.15 42.75-16.37 251.8-5.3 878 87.47 69.4 64.73-25.48 38.63-8.69-26.91-25.13 6362-29.47-9.1-8.55-39. -16.89 32.67 12.31 3.34 53.94 57.37 24.34-22.21 21.5 2.54 79.7-8.94 6 1.96 15.1 17.11-29.9-12.61 28.26-3.16-15.97 758 61.9 88.96 72.16 26.4-51.71 51.15-37.43-7.92 6331 42.97 42.77 7.57-32.7-32.93 25.1 55.72. 6497 49.2 63.7 64.29-24.89-7.68 21.73-3.9 5.4 41.21 52.45 56.3-15.7-26.23 31.56 2.81-4.62 6531 23.57 47.5 31.98 11.29-11.13 6.97 42.5-21.3 751 55.85 21.18-12.81-19.76 13.69 43.15-32.84. 6961 2.18-8.48-18.6-54.8-16.17-12.35-51.25-2.74 27.2 19.92.37-21.9-4.54 12.59-13.86-14.1 6489 14.52 2.78 24.77 13.49 146.64 23.47-19.3-16.1 6547 34.6 64.3 87.35 58.49 16.99 11.32 13.93-12.39 24.56 42.54 56.6 35.99 81.81 17.4-2.68-14.2 6111 256.95 284.1 428.9 344.2 36.84-81.63 698.12-5.4 96 112.33 253.71 311.2 218.1 51.98 8.93 34.8-23.2 61168 3.4 19.9 14.56-68.2-27.6 36.64.91-17.3 6432 133.5 173.81 229.32 9.35 545.13 8.81 24.53 4.32 6459 171.76 252.66 26.55 22.7 41.33 17. -49.5-23.89 14.92 196.84 248.87 157.38 21.54-2.5 141.86-13.4 11/14

6456 72.26 52.53 55.8 28.88 -.89 85.2-9.14-23.29 6219 367.11 458.3 552.9 142.69-5.6 116.84-54.92-15.13 6549-38.43-4.68-49.17-69.32 11.15 78.92-32.69-11.94 282 38.47 4.82 93.58-16.69-49.44 142.8-13.89-17.81 275-3.15 1.57.81-62.16 26.79 8.22-42.3-34.93 6888 33.85 16.8 29.4 6.16 17.82-4.5 39.77-28.79 657-71.61-62.28-218.94-279.83 93.25-238.71 9.25 11.41 56.93-13.3 66.18-35.75 26.16 176.17-14.85-17.21 71.62 79.35 13.74 5.77 55.39 64.51 24.38-1.97 : WIND.Net 31 11% 28.79% 25.13% 23.29% 23.2% 4 7 7 8 8 EBIT 6.85% 1 29 A PE 4 54 2 23 PE 9 8 7 6 5 4 3 2 1 81 34 39 4 79 41 39 37 4 46 72 43 59 51 49 24 72 66 54 59 54 53 58 6 53 49 44 4 36 5 1 3 A A A 8 : WIND.Net 4 12/14

PE 13.92 1 14.8 21 / PE PB PE PB Sector: Basic Materials 13.92 3.86 Aluminum 14.8 3.67 Industrial Metals & Minerals 13.8 5.4 Copper 9.9 3.44 22 27129 27E 28E 27E 28E 6111 57.93.72 1.3 8.46 44.56 6547 182 1.39 3.8 13.94 47.89 6888 27.6.4.8 67.65 33.83 6219 32.8.9 1.36 36.44 24.12 6673 28.96.25 1.2 115.84 24.13 758 55.3.65.86 85.8 64.3 282 16.15.45.75 35.89 21.53 6531 36.28.75.83 48.37 43.71 831 4.5.83 1.38 48.8 29.35 63 33.33.81.91 41.15 36.63 6331 8.2 1.8 2.2 44.56 36.45 26 12 1 27 27 2 1 27 3 5 27 4 3 27 5 9 27 6 7 27 7 3 27 7 31 27 9 6 27 1 1 13/14

6 2% 6 1% 2% 6 ±1% 6 1% 27 51829 48866338 (755) 82449257