<p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">1.【90后消费新主张之(营销篇)】营销经济变迁,数字营销迎来井喷期</span>—郭毅,殷睿</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">考虑到行业的高景气度和热点频发,建议把握两大主线:(1)拥有数字媒介和流量资源的数字营销公司;(2)拥有娱乐内容制作实力,积极谋划内容营销、广告招募能力的公司。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); font-family: 宋体; font-size: 18px;"><span style="margin: 0px; padding: 0px; max-width: 100%; letter-spacing: 0px; box-sizing: border-box !important; word-wrap: break-word !important;"></span></span></strong> </p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); font-family: 宋体; font-size: 18px;"><span style="margin: 0px; padding: 0px; max-width: 100%; letter-spacing: 0px; box-sizing: border-box !important; word-wrap: break-word !important;">2.【策略】上行动能减弱,布局细分主线</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">—秦培景,陈乐天,刘方</span></span></strong></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-family: 宋体;">在流动性充裕,政策面利好不断,市场情绪依然较高的背景下,建议投资者适度参与更长期的主题,寻找具有当期确定性和未来催化的题材进行配置,1)“十三五”落地比较明确的经济增长与惠及民生的交集领域,重点关注“环保”、“一带一路”“中国制造2025”;2)经济增速下滑,“宽财政,松货币”继续加码,建材等显著受益于财政政策加码;3)业绩亮点,景气度有望提升,代表中国未来消费方向,产业转型方向,重点关注农业,传媒,新能源车。</span></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); font-size: 18px;"><span style="margin: 0px; padding: 0px; max-width: 100%; letter-spacing: 0px; box-sizing: border-box !important; word-wrap: break-word !important;"></span></span></strong> </p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); font-size: 18px;"><span style="margin: 0px; padding: 0px; max-width: 100%; letter-spacing: 0px; box-sizing: border-box !important; word-wrap: break-word !important;">3. 【平高电气600312)】尽享特高压,发力大配网,获注优资产,畅走“一带路”</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">—祖国鹏</span></span></strong></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">停牌3个多月后复牌,获集团5家优质电力设备企业注入,全面分享特高压订单,大力发展配网。同时开设印度工厂,畅走“一带一路”。我们保守给予2016年30倍PE,目标价27元,维持“买入”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><br></p><p><section class="tn-Powered-by-XIUMI" style="margin: 0.8em 0px 0.5em; padding: 0px; max-width: 100%; box-sizing: border-box; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; font-size: 16px; line-height: 33.33333206176758px; text-indent: 0px; white-space: normal;><span class="tn-Powered-by-XIUMI" style="margin: 0px; padding: 0.3em 0.5em; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border-color: rgb(249, 110, 87); border-top-left-radius: 0.5em; border-top-right-radius: 0.5em; border-bottom-right-radius: 0.5em; border-bottom-left-radius: 0.5em; color: rgb(255, 255, 255); font-family: inherit; font-size: 18.66666603088379px; text-decoration: inherit; display: inline-block; box-shadow: rgb(165, 165, 165) 0.2em 0.2em 0.1em;><section class="tn-Powered-by-XIUMI" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"><strong class="tn-Powered-by-XIUMI" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;">总 量 研 究</strong></section></span><section style="margin: 0px; padding: 0px; max-width: 100%; width: 0px; height: 0px; clear: both; box-sizing: border-box !important; word-wrap: break-word !important;"></section></section></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; line-height: 33.33333206176758px; text-indent: 0px;><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"> </span></strong></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; line-height: 33.33333206176758px; text-indent: 0px;><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"></span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">1. 【宏观】2015年10月PMI点评:去库存压力山大</span>—张文朗,黄文静</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">10月制造业PMI为49.8%,产出与新订单的微弱改善,就业、原材料库存、进出口指标持续恶化,总体与上月持平。从业人员与原材料库存持续下降,在一定程度上反映了制造业企业的产成品库存消化压力依然较大。往前看,制造业企稳仍有待于稳增长政策的落实。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"></span></strong></span> </p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(0, 51, 102); box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">2. 【债券(可转债)】2015年三季度转债基金持仓分析:规模显著下降业绩受权益类市场拖累</span>—联系人:明明</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">宝钢EB定价更加类似转债,由于没有提前赎回条款因此其溢价率有望长期保持在一个较高的水平,正股的走势更加重要。天集EB由于存在换股期前的提前赎回条款对其价格产生了一定的压制,且目前溢价率颇高,其回售条款对价格支撑作用较强,目前更多的作为避险标的持有。</span> </p><p sizcache046573364218482105="1" sizcache05003727332803222="1" sizcache06999715370213596="1" sizset="104" sizcache03735721564961933="1" sizcache042275310832100654="1" style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: normal; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; line-height: 33.33333206176758px; text-indent: 0px;><strong sizcache046573364218482105="1" sizcache05003727332803222="1" sizcache06999715370213596="1" sizset="105" sizcache03735721564961933="1" sizcache042275310832100654="1" sizcache021427442594834156="1" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span sizcache046573364218482105="1" sizcache05003727332803222="1" sizcache06999715370213596="1" sizset="105" sizcache03735721564961933="1" sizcache042275310832100654="1" sizcache021427442594834156="1" sizcache02872175533369968="1" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: red; font-family: Arial, sans-serif; font-size: 9px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"></strong></span></strong></p><p><section class="tn-Powered-by-XIUMI" style="margin: 0.8em 0px 0.5em; padding: 0px; max-width: 100%; box-sizing: border-box; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; font-size: 16px; line-height: 33.33333206176758px; text-indent: 0px; white-space: normal;><span class="tn-Powered-by-XIUMI" style="margin: 0px; padding: 0.3em 0.5em; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border-color: rgb(249, 110, 87); border-top-left-radius: 0.5em; border-top-right-radius: 0.5em; border-bottom-right-radius: 0.5em; border-bottom-left-radius: 0.5em; color: rgb(255, 255, 255); font-family: inherit; font-size: 18.66666603088379px; text-decoration: inherit; display: inline-block; box-shadow: rgb(165, 165, 165) 0.2em 0.2em 0.1em;><section class="tn-Powered-by-XIUMI" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"><strong class="tn-Powered-by-XIUMI" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;">行 业 研 究</strong></section></span><section style="margin: 0px; padding: 0px; max-width: 100%; width: 0px; height: 0px; clear: both; box-sizing: border-box !important; word-wrap: break-word !important;"></section></section></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; line-height: 33.33333206176758px; text-indent: 0px;><br></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; line-height: 33.33333206176758px; text-indent: 0px;><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); font-size: 18px;"><span style="margin: 0px; padding: 0px; max-width: 100%; letter-spacing: 0px; box-sizing: border-box !important; word-wrap: break-word !important;">1. 【房地产】关注杭州本地房企</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">—阳嘉嘉</span></span></strong></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">我们认为地价日趋不理性,房价很难大幅上涨,板块性机会不大。但毕竟股票市场流动性充裕,板块可能存在一些阶段性的主题投资机会。对地产板块来说,区域投资主题是最受市场关注的。我们建议投资者关注杭州本地房地产企业。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"></span> </p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">2. 【房地产】资金推动规模增长,时势考验盈利提升</span>—陈聪</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">我们注意到,热销随核心城市可销售资源不下降。企业不断积极推货,房价难以大幅上涨,到2015年10月100个重点城市仍有52个房价环比下跌。一线城市土地价格上涨可能成为问题。我们预计,未来板块可能出现销售回款不断提升,盈利增速却有限的情况,传统盈利模式面临挑战。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"></span> </p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">3.【食品饮料】秋糖启思录:复苏分化,剩者为王</span>—黄巍,陈梦瑶</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">根据秋糖会的几大启思,我们认为在接下来的白酒复苏分化中,具有最大品牌壁垒的茅台、五粮液将保有优势,营销效率突出的洋河、古井贡也将突围,混改带来经营效率大幅改善的老白干值得关注。在进口冲击和行业变局下,葡萄酒和啤酒尚待观察。预调酒方面,小众酒是垄断行业的机遇,推荐可能的单龙头百润股份。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"></span></strong> </p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">4</span><span style="margin: 0px; padding: 0px; max-width: 100%; letter-spacing: 0px; box-sizing: border-box !important; word-wrap: break-word !important;">. </span></span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">【互联网金融】创新永不眠</span>—肖斐斐,向启</strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">上周中信互联网金融指数跌0.08%(沪深300跌1.04%),根据Wind一致预期目前板块2015/16年平均PE为73X/51.5X。在新的监管和市场环境下,无论是互联网企业还是传统金融机构,均加速寻求新的业务切入点、探索新的商业模式,互联网金融业态正步入我们预期的良性轨道,真正具有平台优势、综合布局的机构才有望胜出。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"></span><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(0, 51, 102); box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">5.【银行】兼顾盈利和质量指标选股</span>—肖斐斐,向启</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">上周银行股指数跌0.58%(沪深300跌1.04%),目前行业平均2015年PE和PB为7.0X/1.04X。3季度全行业景气继续回落,但由于未披露逾期贷款数据因此对不良和拨备的预期仍维持谨慎,4季度全行业则将继续保持景气低位运行。当前时点,推荐组合主要兼顾盈利指标和质量指标,分别为:北京银行平安银行兴业银行招商银行交通银行南京银行。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"></span></strong></span> </p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(0, 51, 102); box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">6. 【轻工制造】三季报收官文娱轻工靓丽,关注个股补涨与估值切换</span>—鞠兴海,鄢鹏</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">三季报收官,轻工板块整体业绩成长良好如期,本月从存量资金博弈的角度我们建议关注本轮反弹行情启动以来涨幅较少,全年业绩成长确定、估值具备相对吸引力且逐渐进入估值切换阶段的优质龙头。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"></span></strong> </p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">7. 【餐饮旅游】Q3业绩维持快速增长,行业引领十三五发展方向</span>—姜娅</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">长期看好,龙头+成长+转型三主线选股。上市公司三季报业绩仍维持快速增长,在稳健的基本面支撑下,旅游行业景气度将持续回升,预计2015年全年上市公司整体业绩将维持平稳较快增长。行业整合事件集中落地,并购标的开始并表贡献利润,支撑公司业绩跨越式增长;传统景区在交通改善、效率提升的推动下,收入利润实现双双高增长。“十三五”规划中“一带一路”、定点扶贫、“互联网+”等政策均将对旅游行业发展形成中长期利好,市场震荡整理下,建议增配业绩确定性高的个股。选股策略推荐维持龙头+成长+转型三主线:龙头价值股:中国国旅中青旅锦江股份;内生并购双增长的成长型企业:宋城演艺凯撒旅游腾邦国际众信旅游;转型:北京文化国旅联合等。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"></span> </p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">8. 【计算机】以下一代运算平台为基础,带动《中国制造2025》重点领域发展—阳嘉嘉</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">我们建议各级政府、产业界及学术界在这些共同基础上确定发展方向和重点,并支持这些新兴技术的研发、生产和使用。这十个重点领域包括:新一代信息技术产业、高档数控机床和机器人、航空航天装备、海洋工程装备及高技术船舶、先进轨道交通装备、节能与新能源汽车、电力装备、农业装备、新材料、生物医药及高性能医疗器械。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"></span></strong></span> </p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(0, 51, 102); box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">9. 【商业零售】2015Q3收入增速环比回落,盈利/现金流继续下行</span>—周羽,徐晓芳</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">行业60家商企1-9M2015收入+6.8%,2015Q3单季收入+4.4%,增速环比Q2下降2.0pcts;1-9M2015行业综合毛利率同比+0.3pct,销售+管理费率同比+0.8pct;盈利能力继续下滑,现金流下行:1-9M2015行业扣非净利润同比-18.7%,经营性现金流同比-70.3%,2015Q3同比-84.6%。选股主线:1)卡位供应链、物流、场景资源,转型弹性大的步步高苏宁云商永辉超市天虹商场;2)国企改革、迪士尼催化:老凤祥武汉中商益民集团;3)低估值稳增长品种:鄂武商A欧亚集团。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"></span> </p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">10.【计算机】季节因素经营小幅回暖,期待“十三五”规划更多催化—阳嘉嘉</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">在智慧城市、信息安全和IT国产化三大主线继续推动下,行业中必将涌现大量百亿级市值的优秀成长型企业,预计优质成长标的将维持较大估值溢价,维持行业“强于大市”评级。考虑到行业上半年较大涨幅,短期行业面较大价值重估压力,建议长期关注两条主线:一是以产业互联网推动企业的商业模式颠覆;二是以人机交互为代表的技术创新带来的颠覆。重点推荐两条投资主线精选个股:(1)看业绩看估值看增长的“PE”估值型标的:如华宇软件捷成股份高新兴等;(2)看转型进展、看新估值方式、看产业卡位的“转型“类标的:如鼎捷软件数字政通四维图新万达信息等。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"></span> </p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">11. 【公用事业】水火盈利分化,关注电/气价改</span>—崔霖,王海旭</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">三季报业绩整体表现符合预期,全年业绩有望维持。当前市场关注重心回归价改政策因素,受煤价大幅下跌,政策定调发售电放开前煤电联动政策延续,结合当前疲弱的经济环境,火电上网电价年内下调预期骤升,预计幅度或0.02~0.03元/kWh且偏上限的概率较大,若不考虑煤价下降对冲,对全年业绩负面影响或达15%~30%;燃气价改也有望落地,对燃气公司销量提升影响正面。建议以下主线把握机会:燃气价改首选弹性区域标的,推荐战略布局加气站、车用气对业绩弹性较大的国新能源及两广区域的深圳燃气广州发展,建议关注陕天然气;水电中期前景明确,推荐皖能电力粤电力A申能股份;此外高股息火电估值底明确,电优先调度,盈利受经济周期影响较小;电价下调大水电公司业绩影响相对较小;中期看较强的成本优势将在电改中占据优势,具有调节能力的大水电竞争力更加突出。推荐川投能源黔源电力,建议关注国投电力。</span></p><p sizcache046573364218482105="1" sizcache05003727332803222="1" sizcache06999715370213596="1" sizset="104" sizcache03735721564961933="1" sizcache042275310832100654="1" style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: normal; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; line-height: 33.33333206176758px; text-indent: 0px;><strong sizcache046573364218482105="1" sizcache05003727332803222="1" sizcache06999715370213596="1" sizset="105" sizcache03735721564961933="1" sizcache042275310832100654="1" sizcache021427442594834156="1" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span sizcache046573364218482105="1" sizcache05003727332803222="1" sizcache06999715370213596="1" sizset="105" sizcache03735721564961933="1" sizcache042275310832100654="1" sizcache021427442594834156="1" sizcache02872175533369968="1" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: red; font-family: Arial, sans-serif; font-size: 9px;"></span></strong></p><p><section class="tn-Powered-by-XIUMI" style="margin: 0.8em 0px 0.5em; padding: 0px; max-width: 100%; box-sizing: border-box; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; font-size: 16px; line-height: 33.33333206176758px; text-indent: 0px; white-space: normal;><span class="tn-Powered-by-XIUMI" style="margin: 0px; padding: 0.3em 0.5em; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border-color: rgb(249, 110, 87); border-top-left-radius: 0.5em; border-top-right-radius: 0.5em; border-bottom-right-radius: 0.5em; border-bottom-left-radius: 0.5em; color: rgb(255, 255, 255); font-family: inherit; font-size: 18.66666603088379px; text-decoration: inherit; display: inline-block; box-shadow: rgb(165, 165, 165) 0.2em 0.2em 0.1em;><section class="tn-Powered-by-XIUMI" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"><strong class="tn-Powered-by-XIUMI" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;">公 司 研 究</strong></section></span><section style="margin: 0px; padding: 0px; max-width: 100%; width: 0px; height: 0px; clear: both; box-sizing: border-box !important; word-wrap: break-word !important;"></section></section></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; line-height: 33.33333206176758px; text-indent: 0px;><br></p><p sizcache046573364218482105="1" sizcache05003727332803222="1" sizcache06999715370213596="1" sizset="104" sizcache03735721564961933="1" sizcache042275310832100654="1" style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: normal; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; line-height: 33.33333206176758px; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"></span></p><p sizcache046573364218482105="1" sizcache05003727332803222="1" sizcache06999715370213596="1" sizset="104" sizcache03735721564961933="1" sizcache042275310832100654="1" style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: normal; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; line-height: 33.33333206176758px; text-indent: 0px;><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); font-size: 18px;"><span style="margin: 0px; padding: 0px; max-width: 100%; letter-spacing: 0px; box-sizing: border-box !important; word-wrap: break-word !important;">1. 【五粮液000858)】混改方案公布,三季报底部回暖</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">—黄巍,陈梦瑶</span></span></strong></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">公司普五提价,腰部发力,产品结构趋于多元平衡;高端市场集中度提高,利好品牌力突出的五粮液;国企改革绑定员工和经销商利益,有望改善效率,维持2015-17年EPS 1.64/1.77/2.10元预测,维持目标价35元,维持“买入”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); font-size: 18px;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">2. 【锦江股份600754)】集团弘毅携手认购表信心,持续关注上海迪斯尼催化</span>—姜娅</span></strong></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">基本面回升+国企改革+迪斯尼将推动公司市值提升,而近期正是迪斯尼主题发酵期,锦江股份作为迪斯尼主题代表标的之一有望接力表现,维持目标价40元(对应16年42X、剔除长江证券出售收益后PE 63X)和买入评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); font-size: 18px;"><span style="margin: 0px; padding: 0px; max-width: 100%; letter-spacing: 0px; box-sizing: border-box !important; word-wrap: break-word !important;">3. 【鸿达兴业002002)】坚定转型升级,布局塑交供应一体化及土壤环保产业</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">—王喆,黄莉莉</span></span></strong></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">由于塑胶所明年开始将实现并表,加之其他业务的快速发展,考虑到今年下半年完成了增发和部分股份注销。上调2015/2016/2017年EPS预测至,维持“买入”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">4. 【天康生物002100)】三季度费用率下降,投资收益增厚业绩</span>—施亮,刘洋,盛夏,吴尚阳</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">公司在口蹄疫、小反刍兽疫等产品增长的基础上,严控期间费用,保证了业绩的大幅增长。展望2016年,公司顺养殖周期,饲料、疫苗、养殖等主营板块有望齐发力,保证业绩增长达到35%以上。对2016年业绩分部估值,养殖利润预计1.3亿元,对应35亿市值;疫苗利润预计2.6亿,对应78亿市值;饲料利润预计7000万,对应14亿市值,合理总市值约127亿元。维持公司2015/16/17年EPS分别为0.32/0.44/0.52元的盈利预测,维持“买入”评级,目标价13.20元。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">5. 【伊利股份600887)】原奶过剩导致行业竞争加剧,份额逆势提升不改龙头地位</span>—黄巍,陈梦瑶</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">鉴于行业竞争加剧,企业的促销费用增长超预期,我们下调公司2015-2017年EPS预测至0.74/0.89/1.07元(原盈利预测为0.87/1.10/1.32元),维持“买入”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">6. 【格力电器000651)】如何理解去库存过程中的利润率上升?</span>—金星</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">考虑到行业需求维持弱势,随着返利支出减少,预计后续收入增速延续负增长,降幅逐季收窄,产业链控价能力仍可保障盈利能力。去库存周期可能延续至明年旺季,但有利于中长期稳健发展。降息周期下,短期低估值、高股息率、高资产价值凸显安全边际,维持2015-2017年EPS预测2.37/2.62/2.98元,维持“买入”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">7. 【长安汽车000625)】福特Q3为盈利低点,自主盈利加速</span>—许英博,陈俊斌,高登</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">下调2015/16/17年EPS预测至2.08/2.51/2.94元(原为2.12/2.56/3.01元)。考虑长安福特仍处于高速增长期,自主品牌进入收获期的盈利弹性,以及未来国企改革的预期,结合行业平均估值,维持“买入”评级,目标价20元。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">8. 【长青集团002616)】单季放缓不改高增趋势,生物质及供热加速落地</span>—王海旭,崔霖</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">鉴于业绩符合预期,维持2015~2017年EPS预测0.30/0.57/1.55元。考虑到现有项目储备丰富、进度确定性高、盈利能力强等因素有望助推业绩确定性高增,且未来项目持续获取为大概率事件,给予目标价34.2元,维持“买入”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">9. 【天顺风能002531)】景气改善助高增长,双轮驱动业绩无忧</span>—祖国鹏</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">维持2015年EPS 0.36元预测,考虑未来风电标杆电价下调预期,下调2016/17年EPS预测至0.52/0.67元(原为0.57/0.81元),给予目标价16元,维持“买入”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">10. 【贵人鸟603555)】业绩符合预期,动域资本优质项目持续落地</span>—鞠兴海,薛缘</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">公司运动鞋服业务稳健复苏,体育产业生态体系日渐成型。未来将加速推进已有资源/项目的协同/落地,同时积极后续产业资源布局推进。维持2015/2016/2017年 EPS 0.60/0.70/0.82元预测,维持“买入”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">11. 【森马服饰002563)】业绩如期靓丽,受益“全面二孩”政策放开</span>—鞠兴海,薛缘</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">公司是国内童装行业龙头,望受益“全面二孩”政策放开,获得新一轮增长。维持2015/16/17年EPS 0.51/0.63/0.78元预测,维持目标价17元,“买入”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">12. 【圣农发展002299)】鸡价反转在即,业绩加速改善</span>—施亮,刘洋,盛夏,吴尚阳</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">考虑到3季度鸡价不达预期,我们调整2015年盈利预测,给予2015-17年EPS为-0.26/0.96/1.12元(原预测为-0.22元),维持“买入”评级,目标价30元。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">13. 【新希望000876)】转型见效叠加景气复苏,业绩进入释放期</span>—施亮,刘洋,盛夏,吴尚阳</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">鉴于3季度禽产业链价格超预期下跌,略调整2015年2015-17年EPS 1.24/1.56/1.75元(原2015年为1.48),维持买入评级,目标价25元。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">14. 【奥飞动漫(002292)】布局二次元,大生态合围再下一城</span>—郭毅,殷睿</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">考虑衍生开发以及内生增长将使公司业绩保持快速增长,维持2015-2017EPS预测为0.54/0.72/0.99,对应PE为63/47/34.公司产业链布局已趋于完善,行业龙头地位将进一步夯实,维持“买入”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">15. 【春秋航空601021)】国际线+辅收支撑业绩高增长</span>—刘正</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">明年运力增速提升和中西部基地设立将进一步巩固国内市场,国际化布局也在快速推进;取得国际执照有望提升日本航线竞争力,此外公司也有望受益明年上海迪斯尼,考虑辅助收入高增长、贬值风险最小化,上调2015/16/17年EPS预测至1.85/2.80/3.54元(原为1.64/2.15/2.67元),目标价80元,维持“买入”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">16. 【工商银行601398)】手续费表现突出,风险压力环比减轻</span>—肖斐斐,向启</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">公司是我国最大的综合金融服务商,在综合金融、国际金融、互联网金融等领域具有领先优势。基于连续降息小幅下调2015/16年EPS预测至0.78/0.78元(原为0.78/0.80元),维持“买入”评级,下调目标价至6元(A股)或8港元(H股)。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(0, 51, 102); box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">17. 【歌华有线600037)】业绩增长超预期,转型升级持续提速</span>—郭毅,殷睿</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">随着公司的转型升级战略持续推进,未来有望更多优质资产注入,立体化新媒体布局的完善料将进一步提升公司的中长期成长价值。因此,我们维持公司2015-2017年EPS为0.66/0.91/1.10元的业绩预期,当前价23.97元,对应2015-2017年PE为36/26/22倍。鉴于公司新媒体转型战略的清晰性和当前业务落地的速度,我们维持公司“买入”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">18. 【桑德环境(000826)】期间费用等因素拖累增速,推进互联网环卫前景可期</span>—王海旭,崔霖</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">鉴于三季报业绩略低于预期,小幅下调2015~2017年盈利预测至1.18/1.52/1.98元(原为1.26/1.65/2.11元),目前股价对应P/E为32/25/19倍。清华控股入主实现混合所有制下国有与民营优势互补,以公司为平台逐步推进产业资源整合战略意义重大且方向明确,我们依然看好公司基于环卫互联网及再生资源O2O战略的不断落地,结合行业平均估值水平,给予2016年30倍P/E,目标价45.5元,维持“买入”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">19. 【金螳螂002081)】悲观预期见底,静待估值催化</span>—杜市伟</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">虑及行业需求因素,小幅下调2015-2017年EPS预测至1.11/1.22/1.37元(原为1.15/1.31/1.51元),公司作为业内管理优秀的企业,随着海外需求逐步释放,家装电商、商业保理等新业务模式持续推进,地产行业需求也有所复苏,当前投资价值突显,维持“买入”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">20. 【达华智能002512)】盈利表现回暖,转型加速完善布局</span>—阳嘉嘉</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">维持2015-17年EPS预测0.18/0.42/0.56元,考虑到公司转型业绩尚需落地,给予目标25.3元,维持“买入”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">21.<span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: -0.1pt; font-size: 13pt;">【</span>建设银行601939)】审慎经营,业绩稳定</span>—肖斐斐,向启</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">公司业务结构稳健、发展战略审慎,基本面相对安全,并将受益新型城镇化推进,在国家基础设施投资重新活跃的周期中相对受益。基于连续降息小幅下调2015/16年EPS预测至0.92/0.92元(原为0.93/0.96元),维持“买入”评级,下调目标价至6元(A股)或8港元(H股)。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">22.【日发精机002520)】航空业务业绩逐步释放,传统主业大幅下滑</span>—高嵩,胡正洋</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">公司传统数控机床业务下滑超出我们此前预期,我们下调公司2015/16/17年盈利预测EPS为0.14/0.26/0.35元(原预测为0.26/0.38/0.48元)。考虑到公司是“民参军”的代表型企业,结合公司未来两年业绩增长前景、外延并购预期以及航空业绩主要从2016年开始体现的因素,下调目标价至30元,维持公司“买入”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"></span> </p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">23. 【青岛海尔600690)】短期费用支出拉低利润,后续盈利改善值得期待</span>—金星</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">预计Q4收入延续下滑趋势,利润降幅有所收窄。后续调整费用支出节奏、保证稳定经营的同时,互联网创新业务的经营变革仍是看点,作为引领行业变革的先驱,看好互联工厂&amp;智能家居战略的持续落地。下调2015-17EPS预测至0.69/0.85/0.96(原为0.88/1.01/1.15),维持“买入”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">24. 【步步高002251)】云猴投入/跨区域扩张致业绩承压,看好中长期转型前景</span>—周羽,徐晓芳</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">由于转型期高投入叠加需求疲弱,且跨区域扩张处培育期,下调2015-17年EPS预测至0.26/0.21/0.18元(原为0.38/0.34/0.35元)。荐于公司B2b全渠道供应链、便利店联盟、云猴全球购进展顺利,快消品国内/国际供应链的建设将为公司打开中长期增长空间,给予目标价24元,维持“买入”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">25.【世联行002285)】传统优势得以保持,创新业务长足进步</span>—陈聪</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">公司进入一些新的领域,如互联网+等,初期成本开支较大,利润增速或在一段时间内低于营业收入增速;同时,市场竞争也可能小幅影响公司传统的代理费率。下调2015/16/17年EPS预测至0.33/0.39/0.47元/股(原为0.39/0.48/0.61元/股)。给予目标价17.55元/股,下调评级至“增持”。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">26. 【金地集团600383)】固本培元,战略得当</span>—陈聪</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">我们认为,公司在最近几年的战略决策是低调的,却也是正确的。通过积极销售和审慎拿地的办法,公司在财务上不掩盖问题,在资产结构上日渐改善。假以时日,公司仍有可能重回一线房地产企业之列。我们维持公司2015/16/17年0.94/1.01/1.10元/股的盈利预测,维持NAV的预测9.65元/股,维持公司12.22元/股的目标价。考虑到我们在给予公司“买入”投资评级后,公司股价已经有了一定幅度的上涨,且距离目标价空间不大,我们下调公司投资评级到“增持”。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">27.【金融街000402)】销售力度远逊投资,自持物业经营改善</span>—陈聪</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">公司在北京的自持物业和土地储备绝对价值毋庸置疑,我们测算公司NAV14.41元/股。不过,公司近期大规模新增的土地储备质量,尚有待时间验证。公司负债率提升虽并无资产负债表风险,但中长期来看会考验公司的ROE水平。考虑到公司短期销售签约速度并不快,我们下调公司EPS预测到2015/16/17年0.99/1.11/1.22元/股(原预测为1.12/1.30/1.54元/股),维持NAV14.41元/股。我们给予公司NAV30%的折让,即10.09元/股的目标价,当前公司股价9.45元,下调公司的投资评级到“增持”。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">28. 【三全食品002216)】三全鲜食推进顺利,期待速冻业务回暖</span>—黄巍,陈梦瑶</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">看好公司三全鲜食业务带来的发展变化,但推广时期的费用投放较大,且传统速冻业务发展遭遇瓶颈,下调2015-2017年EPS 预测至0.15/0.20/0.26元(原为0.18/0.24/0.32),维持“增持”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">29. 【万年青000789)】区域景气领涨全国,关注改革转型进展</span>—刘建义</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">基于对区域水泥景气走势的判断,维持2015/2016/2017年EPS 0.46/0.53/0.61元之预测。看好江西地区后续景气走势,叠加公司具有国企改革以及转型预期,给予目标价9元,暂维持“增持”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">30. 【云南白药000538)】业绩平稳增长,健康产品持续发力</span>—田加强</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">公司主营业绩稳健增长,外延式发展成长可期待。考虑到医药工业板块受医保紧缩因素增速放缓,维持2015-2017年EPS预测2.81/3.40/4.03元,公司未来有望成为中药日化领域的领军企业,成长价值明确,给予目标价84.3元,维持“增持”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">31. 【民生银行600016)】扩张进一步放缓,等待管理层落定</span>—肖斐斐,向启</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">公司在外延扩张上已经明显放缓,呈现出更加稳健的经营特征。关注公司管理层更迭事项,新的管理团队落定后有望实现新的突破。基于连续降息小幅下调2015/16年EPS预测至1.23/1.25元(原为1.23/1.27元),维持“增持”评级,下调目标价至9元(A股)或11港元(H股)。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">32. 【洪涛股份002325)】传统业务有压力,华丽转型变身教育新贵</span>—杜市伟</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">考虑低迷的行业续期,小幅下调传统业务业绩预测,增加职业教育业绩预测,预计2015-2017年EPS为0.30/0.33/0.36元。公司作为A股职业教育的稀缺标的,在教育标的中估值较低,未来有望充分受益“职业教育”支持政策,维持“增持”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">33. 【中通客车000957)】业绩超预期,国企改革潜在标的</span>—许英博,陈俊斌,高登</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">考虑公司新能源客车销量超预期,上调2015/16/17年EPS预测至1.11/1.15/1.27元(原为0.70/0.93/1.25元)。公司新能源客车销量快速增长,国企改革潜力有待释放。上调目标价至25.5元(原为20元),维持“增持”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">34. 【国睿科技600562)】业绩符合预期,关注公司平台价值</span>—高嵩,胡正洋</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">考虑公司产品结构变化和管理效率提升,上调2015/16/17年EPS预测至0.68/0.83/1.01元(原为0.65/0.78/0.92元),考虑到公司传统业务的稳健增长以及业绩的高确定性,以及十四所潜在资产注入带来的业绩提升空间,维持“增持”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">35. 【光电股份600184)】业绩持续增长,资产注入未来可期</span>—高嵩,胡正洋</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">考虑公司产品结构变化导致毛利率略为下降,下调2015/16/17年EPS预测至0.19/0.24/0.32元(原为0.23/0.29/0.34元)。考虑到兵器工业集团改革逐步深化,公司作为光电信息类产品整合平台的可能性增强,维持“增持”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">36. 【三花股份(002050)】主业稳健抵御空调景气下行,新业务亮点频频贡献新动力</span>—金星</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">将微通道换热器业务并入考虑,预计2015-17年EPS预测至0.37/0.46/0.55元,维持“增持”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">37. 【新华保险601336)】负债刚性增强,利差下行风险最大</span>—邵子钦,童成墩,田良</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">公司资产端备受利率下滑威胁,负债端成本呈刚性,利差下行风险在4家上市保险公司中最大。2015/16年P/EV分别为1.31倍/1.12倍,估值显著高于同行,面临下行压力,维持“持有”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(0, 51, 102); box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">38. 【中国太保601601)】股票占比低,股市下跌影响较小</span>—邵子钦,童成墩,田良</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">公司寿险业务转型取得成效,业务增长超预期;产险主动控制规模,以缓解综合成本率上行压力。承保端表现优于同行,但低利率带来投资端压力是行业共同挑战。目前公司2015/16年P/EV分别为1.1倍/1.0倍,估值仍缺乏持续上行动力,维持“持有”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">39. 【华泰证券601688)】经纪份额继续提升,安全边际尚需等待</span>—邵子钦,童成墩,田良</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">在2015/16年日均股票交易额9000/10000亿元、两融日均余额1.25/1.00万亿元的假设下,维持公司2015/2016年EPS预测1.37/1.28元,BVPS分为10.82/12.10元,ROE分为12.70%/10.57%, PB为1.63/1.46倍。相对净资产回报的PB估值安全边际不够,在基本面没有反转的情况下,建议大家耐心等待安全边际,维持“持有”评级。</span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"> </span></strong><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;"></span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; line-height: 33.33333206176758px; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 18px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102); letter-spacing: 0px;">40. 【金宇集团(600201)】调研纪要—施亮,刘洋,盛夏,吴尚阳</span></strong></span></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &#39;Helvetica Neue&#39;, Helvetica, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif; text-indent: 0px;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">纪要:1)对于三季报的解读,包括收入结构、毛利率、应收账款等?2)目前公司业绩完全依靠口蹄疫疫苗,未来的增长前景是否受限?3)对于海利等其他竞争对手的威胁如何看待?4)未来公司产品上市节奏如何?5)金宇口蹄疫疫苗口碑很好,但公司和市场规模的成长空间还有多少?6)非洲市场的业务进展超预期?7)并购方面如何规划?</span></p><p><br></p>