【出版时间及名称】：2010年1月英国矿产行业研究报告
        【作者】：荷兰国际集团
        【文件格式】：PDF
        【页数】：43
        【目录或简介】：

Contents
Recommendations 3
Sector view: positive long-term, cautious short-term – view unchanged...................3
Xstrata: Top pick, BUY, TP 1625p ............................................................................4
Anglo American: BUY, TP 3750p ..............................................................................4
Rio Tinto: BUY, TP 4200p .........................................................................................4
Kazakhmys: BUY, TP 1775p.....................................................................................4
BHP Billiton: downgrade to HOLD, TP 2125p ..............................................................5
ENRC: HOLD, TP 1000p...........................................................................................5
Investment case 6
Themes for 2010 9
Introduction................................................................................................................9
Generating cash ........................................................................................................9
Using cash...............................................................................................................12
Economic outlook 20
Developing markets continue to lead recovery .......................................................20
Double-dip still a possibility .....................................................................................20
Commodity outlook 22
2009 performance ...................................................................................................22
Expectations for 2010..............................................................................................22
Assumptions 27
Commodity price forecasts......................................................................................27
Exchange rate forecasts..........................................................................................28
Companies 29
Anglo American .......................................................................................................30
BHP Billiton .............................................................................................................32
ENRC ......................................................................................................................34
Kazakhmys..............................................................................................................36
Rio Tinto ..................................................................................................................38
Xstrata .....................................................................................................................40
Disclosures Appendix 42