In 2010, the global economy slowly recovered from hesitation. In 2011, the combined quantitative easing power of the United States, Britain, and Japan will probably be much greater than that of Japan before the crisis. Under the premise that China maintains 8% economic growth, it will be difficult for China's liquidity to return to normal or shrink to change global liquidity surplus. The basic metal spot ETF may have a more profound impact on the price of related metals.
The comprehensive index of leading indicators of major countries and economies in the world shows that economic growth in OECD countries will slow down. High unemployment and deflation are the basis for loose liquidity in advanced economies. Unlike agricultural products, the pricing power of nonferrous metals is in foreign countries, and domestic prices are linked with foreign countries. Global liquidity and supply and demand fundamentals may affect investment opportunities for non-ferrous metals in 2011.
The shortage of supply and abundant liquidity in the world will keep the copper price hitting a record high in 2011. In 2011, when processing fees rose and copper prices continued to rise, copper resource companies may have better performance.
From 2009 to 2012, the compound growth rate of global semiconductor sales is expected to reach 13.4%. Due to supply shortage, tin has reached a record high. Domestic electronic aluminum foil companies are expected to have more space for cost reduction due to the production of their own power plants. The proposal focuses on tin and electronic materials companies.
Safe-haven and anti-inflation are the gold investment themes. China's liberalization of gold imports and investment in overseas gold products will provide impetus for the rise in gold prices. Gold will continue to hit a record high in 2011. The proposal focuses on gold and silver mining companies that have the potential for resource injection and relatively low value of resources.
The relative surplus of the world and the rich fundamentals of China's lead and zinc resources determine that the price of lead and zinc will not rise significantly in 2011. However, the introduction of China's lead** will bring China's lead prices into line with international standards. The performance of relevant companies is expected to increase, while lead* * The launch itself may also generate transactional opportunities and it is recommended to pay attention.
The iron ore index pricing has reduced the iron and steel enterprises that lack resources to smelting and processing enterprises, and the gross margin has been further reduced. Chinese steel companies face the challenge of marketization in 2011. Due to the monopoly and tight supply of iron ore, prices may continue to rise. It is recommended that the iron ore be focused on steel companies with resources and geographical advantages.
Global liquidity tightening and further easing in 2011 will largely affect the price of non-ferrous metals and related company performance. We believe that if non-ferrous metals companies represented by copper cannot recover first, the global economic recovery may still be far away. Maintain the “outperform†rating for the non-ferrous metals industry and maintain the “neutral†rating for the steel industry.
The key company Zijin Mining: The company's main operations include mining, mining, processing, and sales of solid minerals, mineral exploration and information technology services. In 2010, the company's business goal is to produce the main products: mineral gold 31.1t, 1.5% more than the output; copper metal production 100,000t, 18% more than the increase; silver metal 127t; smelting and processing gold 32.7t; smelting zinc 170,000t, minerals Zinc 34,200 tons, iron concentrate 1.3 million tons, 6591 tons of tungsten concentrate.
Shandong Gold: The company's operations include gold geological prospecting, mining, and smelting; precious metals, non-ferrous metal products, 2009 gold output of 17.668t, in 2010 plans to produce 18.20t of gold production.
China Gold Gold: In 2010, the company plans to produce 68.6 tons of standard gold, 20.49 tons of mineral gold, and 13.20 tons of smelting gold; 40 tons of silver for silver products; 10,213 tons of electrolytic copper, 16238 tons of copper; 226,600 tons of iron; Million t; new gold reserves 46t.
Ronghua Industry: The company's main business has become gold mining, and its new 600,000t concentrator has been officially put into production. With an annual output of 2t gold.
Yunnan Copper: The company's main operations include copper smelting and copper mining. The copper smelting capacity is 400,000 tons, and there are opportunities for the acquisition of mining rights and the integration of China's copper industry.
Jiangxi Copper: China's largest copper smelting and copper mining company. In 2010, the company's major production and operation plans were: copper cathode 900,000 tons, gold 22t, silver 460t, **2.31 million tons, copper concentrates containing 172,000 tons of copper, copper rods and other copper processing products of 483,000 tons.
Western Resources: The only pure copper mining company in the country. In 2010, the company purchased lithium mineral resources. It is possible to continue to purchase resources, and there will be a strong desire to expand its share capital.
Western Mining: China's largest lead-zinc resource company, with the largest copper mine to be developed in China, Tibet Yulong Copper Mine. Benefit from rising product prices, performance will rise.
Tin Industry Co., Ltd.: From January to June 2010, the total amount of non-ferrous metals produced by the company was 37,138t, which was 35.68% of the annual plan, a decrease of 13.72% compared with the same period of last year. Among them, the production of tin chemical products is 8459t, which is 76.90% of the annual plan, an increase of 69.10% over the same period of last year. The production of tin products is 8998 tons, which is 56.24% of the annual plan.
East Sunshine Aluminum: Coal and aluminum integration is under way.
Xinjiang Zhonghe: Xinjiang's low-cost coal resources bring low-cost advantages, and the integration of coal, electricity and aluminum is underway.
Xining Special Steel: coking coal, iron ore and special steel integration company. The company has 1 million tons of steel production capacity and the corresponding coke and iron ore production capacity.
Fangda Carbon: Carbon electrode for steelmaking and iron powder are the main sources of company profits. After the fund-raising project is completed, it will become one of the three largest carbon companies in the world. The company's iron ore capacity expansion was completed in June 2010. In 2011, the production of iron concentrate powder is expected to reach 1 million tons.
The comprehensive index of leading indicators of major countries and economies in the world shows that economic growth in OECD countries will slow down. High unemployment and deflation are the basis for loose liquidity in advanced economies. Unlike agricultural products, the pricing power of nonferrous metals is in foreign countries, and domestic prices are linked with foreign countries. Global liquidity and supply and demand fundamentals may affect investment opportunities for non-ferrous metals in 2011.
The shortage of supply and abundant liquidity in the world will keep the copper price hitting a record high in 2011. In 2011, when processing fees rose and copper prices continued to rise, copper resource companies may have better performance.
From 2009 to 2012, the compound growth rate of global semiconductor sales is expected to reach 13.4%. Due to supply shortage, tin has reached a record high. Domestic electronic aluminum foil companies are expected to have more space for cost reduction due to the production of their own power plants. The proposal focuses on tin and electronic materials companies.
Safe-haven and anti-inflation are the gold investment themes. China's liberalization of gold imports and investment in overseas gold products will provide impetus for the rise in gold prices. Gold will continue to hit a record high in 2011. The proposal focuses on gold and silver mining companies that have the potential for resource injection and relatively low value of resources.
The relative surplus of the world and the rich fundamentals of China's lead and zinc resources determine that the price of lead and zinc will not rise significantly in 2011. However, the introduction of China's lead** will bring China's lead prices into line with international standards. The performance of relevant companies is expected to increase, while lead* * The launch itself may also generate transactional opportunities and it is recommended to pay attention.
The iron ore index pricing has reduced the iron and steel enterprises that lack resources to smelting and processing enterprises, and the gross margin has been further reduced. Chinese steel companies face the challenge of marketization in 2011. Due to the monopoly and tight supply of iron ore, prices may continue to rise. It is recommended that the iron ore be focused on steel companies with resources and geographical advantages.
Global liquidity tightening and further easing in 2011 will largely affect the price of non-ferrous metals and related company performance. We believe that if non-ferrous metals companies represented by copper cannot recover first, the global economic recovery may still be far away. Maintain the “outperform†rating for the non-ferrous metals industry and maintain the “neutral†rating for the steel industry.
The key company Zijin Mining: The company's main operations include mining, mining, processing, and sales of solid minerals, mineral exploration and information technology services. In 2010, the company's business goal is to produce the main products: mineral gold 31.1t, 1.5% more than the output; copper metal production 100,000t, 18% more than the increase; silver metal 127t; smelting and processing gold 32.7t; smelting zinc 170,000t, minerals Zinc 34,200 tons, iron concentrate 1.3 million tons, 6591 tons of tungsten concentrate.
Shandong Gold: The company's operations include gold geological prospecting, mining, and smelting; precious metals, non-ferrous metal products, 2009 gold output of 17.668t, in 2010 plans to produce 18.20t of gold production.
China Gold Gold: In 2010, the company plans to produce 68.6 tons of standard gold, 20.49 tons of mineral gold, and 13.20 tons of smelting gold; 40 tons of silver for silver products; 10,213 tons of electrolytic copper, 16238 tons of copper; 226,600 tons of iron; Million t; new gold reserves 46t.
Ronghua Industry: The company's main business has become gold mining, and its new 600,000t concentrator has been officially put into production. With an annual output of 2t gold.
Yunnan Copper: The company's main operations include copper smelting and copper mining. The copper smelting capacity is 400,000 tons, and there are opportunities for the acquisition of mining rights and the integration of China's copper industry.
Jiangxi Copper: China's largest copper smelting and copper mining company. In 2010, the company's major production and operation plans were: copper cathode 900,000 tons, gold 22t, silver 460t, **2.31 million tons, copper concentrates containing 172,000 tons of copper, copper rods and other copper processing products of 483,000 tons.
Western Resources: The only pure copper mining company in the country. In 2010, the company purchased lithium mineral resources. It is possible to continue to purchase resources, and there will be a strong desire to expand its share capital.
Western Mining: China's largest lead-zinc resource company, with the largest copper mine to be developed in China, Tibet Yulong Copper Mine. Benefit from rising product prices, performance will rise.
Tin Industry Co., Ltd.: From January to June 2010, the total amount of non-ferrous metals produced by the company was 37,138t, which was 35.68% of the annual plan, a decrease of 13.72% compared with the same period of last year. Among them, the production of tin chemical products is 8459t, which is 76.90% of the annual plan, an increase of 69.10% over the same period of last year. The production of tin products is 8998 tons, which is 56.24% of the annual plan.
East Sunshine Aluminum: Coal and aluminum integration is under way.
Xinjiang Zhonghe: Xinjiang's low-cost coal resources bring low-cost advantages, and the integration of coal, electricity and aluminum is underway.
Xining Special Steel: coking coal, iron ore and special steel integration company. The company has 1 million tons of steel production capacity and the corresponding coke and iron ore production capacity.
Fangda Carbon: Carbon electrode for steelmaking and iron powder are the main sources of company profits. After the fund-raising project is completed, it will become one of the three largest carbon companies in the world. The company's iron ore capacity expansion was completed in June 2010. In 2011, the production of iron concentrate powder is expected to reach 1 million tons.
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