<P class=MsoNormal style="MARGIN: 0cm 0cm 9.75pt; LINE-HEIGHT: 18pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-pagination: widow-orphan" align=left><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt"> 独特资源概念：我国是世界已探明有经济开采价值的稀土储量最大的国家。公司控股股东包钢（集团）公司所属的白云鄂博铁矿拥有世界稀土资源的</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">62%</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">，占国内已探明储量的</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">87.1%</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">；包钢白云鄂博矿是世界瞩目的铁、稀土等多元素共生矿，独特的资源优势造就了包钢在世界冶金企业中罕有的以钢铁和稀土为主业的独特产业优势。另外，公司在稀土贮氢合金这一氢能原材料领域占居国内领先地位。</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 9.75pt; LINE-HEIGHT: 18pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-pagination: widow-orphan" align=left><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt"> 受益新材料行业增长：中国钕铁硼产量近</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">10</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">年间增长</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">900</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">％，未来仍然保持</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">20</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">％以上的年复合增长率；贮氢合金材料、汽车尾气净化催化未来</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">5</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">年将保持</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">20-30</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">％的复合增长。这些都将对稀土系列产品的价格形成长期的支撑因素。据最新公告，</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">2009</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">年下半年特别是四季度以来，稀土行业逐渐复苏，产品价格持续上涨，同时公司通过大力强化生产经营管理，创新销售方式，根本扭转了上半年的亏损局面，但全年实现净利润同比仍出现大幅下降，预计</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">2009</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">年净利润同比下降</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">60%—70%</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">。</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 9.75pt; LINE-HEIGHT: 18pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-pagination: widow-orphan" align=left><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt"> </SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">15000</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">吨高性能磁性材料产业化项目：</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">2009</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">年</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">5</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">月股东大会批准新建年产</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">15000</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">吨高性能磁性材料产业化项目，拟以分期方式进行，项目最终将建成年产</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">15000</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">吨钕铁硼速凝薄带、</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">5000</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">吨钕铁硼氢碎粉、</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">2000</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">吨高性能磁体的规模，投资总额为</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">73095</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">万元，建成后，预计公司每年将增加销售收入</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">17.5</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">亿元，预计每年将增加净利润</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">1.7</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">亿元。</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 9.75pt; LINE-HEIGHT: 18pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-pagination: widow-orphan" align=left><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt"> 国信证券认为，包钢稀土</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">(600111)</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">对外投资延伸产业链，巩固行业龙头地位。维持公司</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">2009-2011</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">年每股收益分别为</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">0.10</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">元、</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">0.50</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">和</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">0.75</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">元的预测。公司目前</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">PE</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">估值不具备优势，但基于稀土行业需求正在复苏，价格步入良性上涨轨道，公司作为行业龙头将享受行业复苏带来的超额收益；以及基于公司在下游应用领域不断拓展带来的新的成长空间，维持对公司</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">“</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">谨慎推荐</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt">”</SPAN><SPAN style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-hide: all; mso-font-kerning: 0pt">的投资评级。</SPAN><SPAN lang=EN-US style="DISPLAY: none; COLOR: #1f3e81; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt; mso-hide: all; mso-font-kerning: 0pt"><o:p></o:p></SPAN></P>
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