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Shanxi Fen (600 809)
   Rating: Strongly Recommended
   Rating agencies: Ping An Securities
   Shanxi Fen is the absolute leading Chinese liquor, and Maotai in ethanol, and
Wuliangye market position in the aroma is similar, but the current revenue and market
lag far behind Maotai, Wuliangye, Luzhou, and even much lower than the share of
Yang so there is demand for the return of brand value. November 2009, Shanxi Fen
Wine Group and the big shake-up high-level joint-stock companies, the new
management is actively adjust the business strategy, marketing model, is expected to
promote the brand value return.
   Product upgrading is the main line business. On the one hand to raise the average
price of high-end products to match its brand position. 3, 2009 the company increased
the old ex-factory prices of products such as white-Fen; second is to improve the
accounting for the high-end products. The company will first gather resources in the
province and the development of key markets outside the province blue and white
porcelain, and then bring up the old white-Fen, Fen short-term low-end of the glass is
not the focus of Trimeresurus as health wine to separate individual development.
   Group as a whole is not the priority listing. Expects earnings per share for
2010-2012, respectively 1.19,1.80 and 2.51 yuan for the first time to
"strongly recommended" rating, by the end of 2010 target price
of 54 yuan.
   Public co-Electrical (000 925)
   Rating: caution recommended
   Rating agencies: Guoxin Securities
   The company has three businesses: Electrical engineering and related
desulfurization desulfurization BOT mode of operations, including rail traffic signal
and AFC (Automatic Fare Collection System), including track operations, silicon
business. Among them, the rail traffic signal system, the high barriers to competition.
Rail traffic signal systems company market share increased year by year, rail traffic
signal system, higher bid. Meanwhile, the current signal systems in cooperation with
foreign companies, the current signal system is about 20% gross margin business, the
company relies on Insigma research and development, in achieving the independent
development of software systems, the gross margin will reach 40%.
   Desulfurization Electrical and business transformation. The company will focus on
developing overseas desulfurization electromechanical business has partnership with
the Italian IDRECO two orders in Europe. In addition, the company is active in BOT
business model. With the recovery in the semiconductor industry in 2010, the
company has achieved silicon business recovery. Loss of joint venture in 2009
Hangzhou Xin has electronics in the first quarter profit.
   The company has signed 12 projects, Shenyang Metro Line 1, Line 3, Shenzhen
and Chengdu on the 1st line of the signal system and Nanjing AFC systems will be
completed in 2010. In addition, the company is tracking rail traffic signal projects, 40
more than the amount of tracking project is expected to reach 90 billion yuan. Each of
the next three years, the company can undertake the rail transit project contract
amount in more than one billion. We are optimistic about the company track the
development of traffic signal systems, although the settlement rail uncertain, but the
comparison to determine the company's growth, success will be greater if
the additional capital to support, given the company a "cautious
recommendation" rating.
   Hubei Yihua (000 422)
   Rating: Recommended
   Rating agencies: Changjiang Securities
   The company mainly engaged in urea, diammonium, PVC three kinds of business.
At present urea, PVC supported by the cost of expected profit to continue to
deteriorate less space; diammonium benefit from international export demand sulfur
recovery and raw materials prices fell, profits are expected to be maintained.
Hydrosulfite is to benefit from price increases alliance. Group of companies
restructuring is expected to be completed in the third quarter of 2010, the Company
acquired minority interests and Guizhou Yi Yi fertilizer industry of the two companies,
the anticipated results will be thickening of 0.39 yuan.
   Greater business flexibility. Static measurement of urea rose 100 yuan, 0.32 yuan to
increase corporate performance; PVC rose 100 yuan, 0.096 yuan to increase
performance. Expansion of low-cost advantage the company meet the excess capacity
the industry trends. Acquisition of minority interests without regard to the case,
expects earnings per share were 2010-2012 1.07,1.318,1.846 dollars. To
"recommended" rating.
   Lingyun shares (600,480)
   Rating: Recommended
   Rating agencies: CRE securities
   Benefit from the accelerated urbanization, the company PE pipe in the gas supply
and drainage in such applications to a broader, market growth is obvious. Company
by the end of 2009 in Beijing, Changchun, Guangzhou and set up three branches,
increase the local automobile company supporting business, particularly as Japanese
companies began to OEMs (to Honda, Toyota, as the representative) supply, increase
in new customers directly stimulate growth for the company. Company PE useful raw
materials account for most of the imported polyethylene, in the context of the yuan
appreciation, would benefit from lower costs.
   Not considered additional to predict the 2010-2012 earnings per share were 0.75
yuan, 0.93 yuan, 1.30 yuan. Ordnance Group, the company has the background to the
"Recommended" rating.

				
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posted:8/16/2010
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