Incident: On January 24, 2011, the company received a letter from the Zunyi Municipal People's Government [2011] No. 25 “The Municipal People's Government's Reply on the Molybdenum and Nickel Mine Development Issues of Guizhou Changzheng Electric Co., Ltd.” The main content of the approval was: “1. The Municipal People's Government supports the company in carrying out the acquisition or integration of molybdenum and nickel ore resources in accordance with the law, and will coordinate with relevant provincial and municipal departments to support them. 2. Agree to include the company's new molybdenum and nickel ore resource development project into the “12th Five-Year Plan” industrial development plan of Zunyi City and enjoy relevant preferential policies.” At present, the company has hired qualified intermediaries to carry out assessments and resource reviews for three mining enterprises: Zunyi Yufeng Mining Co., Ltd., Zunyi Hang Seng Mining Investment Co., Ltd., and Zunyi Tongcheng Mining Co., Ltd. Opinion: 1. The government level publicly confirmed the company's position of integrating local molybdenum and nickel ore resources. The company's expectations for integrating local molybdenum and nickel ore resources were initially confirmed. Judging from the statement in the government approval documents, support for the company's integration of local molybdenum and nickel ore resources was quite strong, and relevant departments at the provincial and municipal levels were coordinated to support them, and the company's new molybdenum and nickel ore resource development project was incorporated into the government's 12th Five-Year Plan, and enjoyed relevant preferential policies. Using the company as the main body for future integration of the local mining industry, as the government's development plan, the government will coordinate local interests in the future, and use the company's listing platform to integrate resources has been confirmed. This also opens up space for the company's future mining integration. Since local small and medium-sized mines are relatively scattered, there is a lot of room for company integration. I believe that with the progress of integration of the three companies at present, some new mining projects will continue to be carried out in the future. 2. Mining integration brings huge room for market value revaluation. The company's current market value calculation is relatively reasonable according to the announced reserves of the three acquisition companies. Coupled with the determination of the dominant position of mining integration at the government level, future resource integration expectations are more certain. The company's long-term market value revaluation is large, and it continues to maintain a short-term target price of 15 yuan and a long-term target price of 25 yuan. The investment rating maintains a “highly recommended” rating.