Contents page
Summary and investment case 3
Strategy: still in first gear 4
— Looking for signs of stabilising demand .................................................................5
— Early-cycle plays.....................................................................................................6
— Relative valuations .................................................................................................8
Commodities overview 11
— Aluminium: balance emerging, monitor imports ...................................................12
— Cement: recovering demand ................................................................................14
— Coal: the demand challenge.................................................................................18
— Copper: yet to bottom...........................................................................................20
— Gold: safe-haven demand ....................................................................................23
— Molybdenum: disappearing exports .....................................................................24
— Zinc and lead: weak demand persists ..................................................................27
Company pages 31
— Aluminum Corporation of China ...........................................................................32
— Aluminum Corporation of China - A......................................................................36
— Angang Steel........................................................................................................40
— Anhui Conch Cement ...........................................................................................43
— Anhui Conch Cement - A......................................................................................46
— China Coal Energy ...............................................................................................49
— China Coal Energy - A..........................................................................................57
— China Molybdenum...............................................................................................62
— China National Building Materials ........................................................................66
— China Shenhua Energy ........................................................................................69
— China Shenhua Energy - A...................................................................................77
— Hidili Industry Int'l Development ...........................................................................82
— Huaxin Cement - A ...............................................................................................86
— Jiangxi Copper......................................................................................................89
— Jiaozuo Wanfang Aluminum.................................................................................93
— Maanshan Iron & Steel .........................................................................................96
— Shenzhen Zhongjin Lingnan Nonfemet ................................................................99
— Tangshan Jidong Cement ..................................................................................102
— Yanzhou Coal Mining .........................................................................................105
— Yanzhou Coal Mining - A....................................................................................111
— Yunnan Chihong Zinc & Germanium..................................................................116
— Zhaojin Mining Industry ......................................................................................119