Quotes strengthened again, but still led the variety of performance-based merit supported species, Shanghai Pudong Development Bank, Sinopec, and so have a number of blue chip stocks with a volume of break up, that round Quotes hotspots in the blue chip stocks will continue to focus on the body. Also, according to exchange schedule, starting from Thursday 05 Annual Report of the disclosure will be officially launched, the market will enter into a performance of the disclosure period, the expected decline in performance or loss of species will be re-facing adjustment pressures, market transactions, the focus will shift to an excellent performance, growth prospects for blue chip stocks , due to the disclosure of our annual report has always been to follow “first priority after the bad” of the order, therefore, the disclosure of the previous stage in performance, the market will change in the share expectations and results of fine varieties, driven by continued strong performance of the varieties will be fine gradually become the soul of the market, Tuesday for investors to analyze the Black Peony precisely because of industry growth to the company provide a good environment for intraday rose nearly 7 percent Wednesday, while our investment strategy will continue to adhere to the performance of the core stock picking ideas — Jinan Iron and Steel (600,022) blue-chip stocks, in 2005 third quarter earnings per share of 0.87 yuan, ranked number performance, while the projected 2005 EPS is expected to reach 1.10 yuan.

Jinan Iron and Steel (600,022): independent innovation and development of recycling economy and building a conservation-oriented society, a model worthy of the blue-chip growth stocks, in the 2005 ranking of the third quarter of Jinan Iron and Steel of all listed A shares in Shanghai and Shenzhen ranks 13th place, successful performance. It is estimated that 2005 EPS is expected to 1.10 yuan in 2006 EPS of 1.25 yuan. Conservative by only 6 times earnings estimates, a reasonable stock price should be around 6.5-7.0 yuan. the current share price 4.95 yuan, has shrunk away from the normal and reasonable valuation of 30% or more, and if the company once the shares after the completion of its reform will greatly attract a lower valuation of rational investors sought after venue.

Jinan Iron and Steel (600,022) Company is an important plate production base, production and sales industry for many years ranked top, plate production of similar products accounting for about 14% of the total, output, market share and export volume ranking first, the products are exported to over 20 countries and region, leading products, the costs are lowest is a plate to keep the industry market leader, a great impact on the market, at present the company to expand production capacity faster, growth momentum is good. Since 2005, Jinan Iron and Steel plate vigorously adjust product structure, reducing the profitability of the production of low-carbon panels, increase the variety of high value-added proportion of board. As a higher value-added sheet products, there has been gaps in the domestic market, gross margin was significantly higher than average level of iron and steel products. Plate semi-annual report of the company accounted for revenue from main business income of 55.93%, thus ensuring the product’s overall level of profitability. Quarterly disclosure of the third quarter, the company continues to show steady growth in performance during the reporting period realized main business income of 6,415,024,900 yuan, net profit of 91.0189 million yuan to continue to continue to grow year on year, respectively 53%, 43%, earnings per share of 0.87 yuan, stable, according to the two City, the performance of listed companies, the steel industry dominance. Additionally, the company plans to invest 427 million yuan a new LF refining furnace, pellet vertical furnace, medium plate finishing line motion reconstruction project is expected to add 500,000 tons iron, 50 million tons and 20 million tons of steel production, the current related items smoothly, the company’s future will also become a new profit growth point.

Jinan Iron and Steel development of circular economy practices and ideas under the National Development and Reform Commission attention. In this year’s ‘two sessions’, the National Development and Reform Commission Minister Ma Kai, director of special taking the time to listen to the special reports on the development of recycling economy. Ma Kai, director of fully affirmed and highly appreciated. This also further strengthened the company’s deepening energy to invigorate the production, development of circular economy, confidence and determination. The company stick to low-cost road to sustainable development, and further to achieve environmental protection and comprehensive utilization of resources, speed up the promotion applications and energy-saving, comprehensive utilization of resources related to metallurgical technologies. Company’s development of circular economy, create resource-efficient business models by the Development and Reform Commission and steel industry associations vigorously respected, their business philosophy in the same industry leading position in line with national industrial development policy. Company’s controlling shareholder Jinan Iron and Steel Group Co., Ltd. is also the National Development and Reform Commission, SEPA and other six ministries identified one of the first batch of pilot enterprises of circular economy, the company will therefore get more preferential policies.

Jinan Iron and Steel with innovative ideas and innovative methods, pollution, resource-based management, the blast furnace gas, converter gas recovery for the sintering machine ignition and rolling heating; slag quenching with water and returned to sinter as raw material use; recovery of processes of heat in winter for heating and summer cooling power as the basic realization of the steel slag, iron, Shen mud closed-circuit use, gas closed-circuit use of closed-circuit industrial water use, waste heat steam closed-circuit use the “four closed-circuit” and waste resource recovery, steel rolling heating furnace and oil-free ignition of sintering machine, the boiler without Coal, heating, waste heat of the “four modernizations” target, achieving energy saving efficiency of the organic unity of abatement. They have developed a “four-wide a spray,” dry coke quenching, regenerative furnace with independent intellectual property rights such as a large number of new technologies to use energy-saving technology-product gas savings construction of gas-steam combined power generation projects as the world’s first, more efficient than conventional coal-fired electricity generating units 50%, the annual 990 million kwh electricity will enable the comparable energy consumption per ton steel decreased 50 kilograms of standard coal; through the implementation of cleaner production to build a ‘green’ energy-efficient industrial chain of up to 90 billion yuan. The new converter with 120 tons of plate production line alone among the innovative use of direct-hot rolling process, can produce pipeline steel, high strength plate shipbuilding plate mainly 1.15 million tons, while effective in saving a lot of energy. The company passing rate of blast furnace, comprehensive energy consumption indexes rank first among the forefront of the industry, while the company’s first steel plant to achieve the “negative to steel,” marks the Jinan Iron and Steel in the energy saving, development of circular economy to achieve a new a breakthrough in the overall advocacy conservation-minded society today, we are more optimistic about the company’s future.

the above analysis we predict that the company can achieve 2005 earnings per share of 1.10 yuan, with our view that a reasonable estimate of around 6 times earnings, its intrinsic value should be 6.50 yuan, after taking into account the stock valuation will be more reform attractive and the company comply with national independent innovation and promote the production characteristics of circular economy to give us a definite market premium, in 2006 the fair value of stock should be 6.50-7.00 yuan, it is recommended to focus on.

济南钢铁：自主创新，发展循环经济

行情再次加强，但仍领导了多种性能的支持种的优点，上海浦东发展银行，中石化，因此有一个量打破了一些绩优股，这一轮行情热点，蓝筹股将继续把重点放在身体。另外，根据交流计划，从05日披露年度报告起将正式启动后，市场将进入一个披露期间的表现，在性能或物种的损失的预期下降，将重新面临调整的压力，市场交易中，重点将转向业绩优良，成长前景的蓝筹股，由于我们的年度报告披露，一直遵循的“首要任务后坏”的秩序，因此，前披露在性能阶段，市场将改变股票的期望和结果的优良品种的品种继续表现强劲推动下，一定会好逐渐成为市场的灵魂，周二为投资者分析，正是由于工业增长的黑牡丹该公司提供一个良好的环境，盘中一度上涨了近7个百分点星期三，而我们的投资策略将继续坚持思想的核心挑选股票—济南钢铁（六十零万○二十二）性能蓝筹股在2005年，第三次季度收益为0.87元左右的份额，排名性能，而预计2005年每股收益预计将达到1.10元。

济南钢铁（六十零万零二十二）：自主创新，发展循环经济，建设节约型社会，这种模式的蓝筹股成长股值得在济南钢铁2005年第三季度的排名，所有上市的A股在上海和深圳排名第13位，业绩骄人。据估计，2005年预计每股收益1.10 2006一点二五元每股收益元。只有6倍的市盈率的估计，保守的合理股价应该在6.5-7.0元。目前的股价四点九五元，萎缩远离30％以上正常和合理的评估，如果该公司后，一旦改革完成后的股票将大大吸引了投资者的理性估值较低的场地要求后。

济南钢铁（六十零万零二十二）公司是一个重要的板材生产基地，生产和销售行业多年中xxxx，板的约14个，产量，市场占有率和出口量％，占同类产品的生产排名{dy}，产品出口到20多个国家和地区，主导产品的成本是{zd1}的是一盘保持行业的市场{ldz}，对市场造成很大影响，目前该公司在扩大产能较快，增长势头良好。自2005年以来，济南钢铁板块，大力调整产品结构，降低了低碳钢板生产利润能力，增加高附加值的各种增值董事会的比例。作为一个高附加值板材产品，出现了国内市场空白，毛利率显着高于钢铁产品的平均水平。板的半年度报告的公司占55.93％，从主营业务收入收入，从而保证了产品的整体的盈利水平。第三季披露，该公司继续显示在报告期内业绩稳步增长，实现了六四一五○二四九○○元主营业务收入，是9101.890万元净利润继续继续逐年增长，分别为53％，43％ ，每股收益为0.87元，稳定，根据两个城市，上市公司的业绩，钢铁行业的主导地位。此外，该公司计划投资4.27亿元的新LF精炼炉，球团竖炉，中板精整线改造工程的议案，预计新增五十○点〇 〇万吨铁，50万吨和2000万钢产量，目前相关的项目吨顺利，公司未来也将成为新的利润增长点。

济钢循环经济发展的做法和思路下，国家发展和改革委员会的注意。在今年的’两会’，国家发展和改革委员会主任马凯，专门抽出时间，听取他们对循环经济发展的特别报告主任。马凯主任的充分肯定和高度赞赏。这也进一步增强了公司的日益严重的能源振兴生产，循环经济发展的信心和决心。该公司坚持低成本可持续发展的道路，并进一步实现环境保护和资源综合利用，加快推广应用和节能，冶金有关技术资源的综合利用。公司发展循环经济，建立资源的发展和改革委员会和钢铁工业协会的大力尊重高效率的商业模式，他们在同一领导国家产业发展政策是一致的立场行业的经营理念。公司控股股东济南钢铁集团有限公司，也是国家发展和改革委员会，国家环保总局等6部委确定了循环经济的首批试点企业之一，公司将因此获得更多优惠政策。

济南钢铁和创新思想和创新方法，污染，资源钢为基础的管理，高炉煤气，转炉的烧结机点火和轧钢加热炉煤气回收，钢渣水淬后返回烧结作为原料使用;恢复冬季热过程的加热和夏季降温作为钢渣，铁的基本实现，电力，沉泥闭路利用，煤气闭路利用闭路电视工业用水，余热蒸汽闭路使用“四闭路”和废物资源化，轧钢加热炉和石油自由的烧结机点火，无煤，供暖，浪费“四化热”的目标，实现锅炉节能的有机效率统一消减。他们已经开发出“四全一喷”，如新技术的大量干熄焦，具有自主知识产权的蓄热式加热炉使用节能技术，产品气的储蓄兴建沼气，蒸汽联合发电项目作为世界{dy}，效率比常规燃煤发电单位的50％，每年99000万千瓦时电力将使每吨钢下降50公斤标准煤可比能耗，通过实施清洁生产建立一个’绿色能源效率高达900.0亿元的产业链。与120中板生产线的直接热轧过程中的创新使用新的转换器单吨，可生产管线钢，高强度钢板造船板主要一百一十五点○万吨，而节省了大量的能量有效。该公司高炉合格率，综合能耗指标均居xx，在同行业的前列，而公司{dy}炼钢厂实现“负钢，”标志着济钢在节能，发展循环经济实现全面宣传节能新的突破型社会的今天，我们更关注公司的未来持乐观态度。

上述分析，我们预计该公司能够实现，我们认为2005年每股收益为1.10元，这大约是6倍的市盈率合理的估计，它的内在价值应六点五〇元在考虑估值的股票，将改革越有吸引力，公司遵守国家自主创新，促进循环经济的生产特点，给我们一个明确的市场价格在2006年，股票的公允价值应当6.50-7.00元，建议关注。06.1.19