COXING RELEASED ITS CHINA COMMODITY STOCK REPORT, LOWERING FORECASTS FOR STEEL, COAL, CEMENT, LITHIUM AND PAPER STOCKS AND HIGHER EXPECTATIONS FOR ALUMINIUM AND COPPER. The company prefers copper and flat steel and maintains a negative view of construction-related raw materials, including cement. At the same time, lithium remains undersupplied. The bank downgraded the investment rating of China Coal Energy H Shares (01898.HK) to “neutral” and upgraded its investment rating to “Buy” for Five Miners Resources (01208.HK). The following table lists the latest investment ratings and target prices of Hong Kong-based Chinese commodity stocks:

Share │ Investment Rating │ Target Price

Saddle Steel (00347.HK) │ Neutral │ 1.5$

Ma Steel (00323.HK) │ Sell │ $1.1

Shenhua (01088.HK) │ Neutral │ $30

China Coal (01898.HK) │ Buy-> Neutral │ $8.5->$8

Miner Energy (01171.HK) │ Sell │ $11

Conch Cement (00914.HK) │ Neutral │ $14 ->$14.5

Kansumi (02009.HK) │ Buy │ $1.1->$1

CHINA BUILDING MATERIALS (03323.HK) │ BUY │ $6.1->$5.5M

LUN NAI (01313.HK) │ SELL │ $1 ->1.1 YUAN

Western Cement (02233.HK) │ Buy │ $1.5

China Aluminum (02600.HK) │ Sell │ $3.6 - >$4.3

China Hongqiao (01378.HK) │ Sell │ 7.6yuan->9.3yuan

Jiang Tong (00358.HK) │ Buy │ $19.5 ->$22

Five Miners Resources (01208.HK) │ Neutral->Buy │ $2.35 ->$3.9

Molybdenum (03993.HK) │ Buy │ $8

Purple Gold (02899.HK) │ Buy │ $19

BID (01818.HK) │ BUY │ $16 - >$15.4

Ganfeng Lithium Industries (01772.HK) │ Neutral │ $25 - >22 yuan

TIANCHI LITHIUM (09696.HK) │ SELL │ 23 YUAN - >22 YUAN

Lee Wen (02314.HK) │ Sell │ $2.2 ->$2.1

Ku paper (02689.HK) │ Neutral │ $4 ->3.5

Khenming (01812.HK) │ Sell │ $1.55 ->$1.6