<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; letter-spacing: 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);">1</span></span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 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);">、【互动娱乐(300043</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">)】收购西班牙人进军足球产业,互动娱乐平台帝国强势扩张——鞠兴海,鄢鹏</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; letter-spacing: 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);">公司强势切入足球产业,并购获西甲俱乐部核心体育资源。考虑并购增厚影响,上调2015-2017</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">年</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">EPS</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">预测至</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">0.31/0.42/0.52</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">元(原为</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">0.31/0.38/0.48</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">元)。习主席访英后足球持续成为热点,公司此举成</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">A</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">股第一足球俱乐部(核心</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">IP</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">),给予目标价区间</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">19.10~21.20</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">元,维持“买入”评级。</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; line-height: 33.33333206176758px; text-indent: 0px;><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></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;">2</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">、【金工】机构风险偏好较低,关注非银等净增仓行业——赵文荣,李祖苑,王兆宇</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; letter-spacing: 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);">1</span></span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 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);">)重仓股行业配置:未来建议关注低配且净增仓的非银行金融及行情不突出且净增仓的电力及公用、电子、家电等。2</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">)仓位结构变化不大,中小创超配,主板低配。</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">3</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">)大类资产配置:权益类资产占比显著下降,机构风险偏好下行。</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;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 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);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></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);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">3</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">、【环保】财政支持力度显著加大,中长期配置兼顾碳减排——王海旭,崔霖</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; letter-spacing: 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);">体制改革制度红利望持续释放,未来板块投资应转向行业景气度上行、坚实业绩支撑下的中长期配置,选择标的关键是所在细分领域景气度及公司技术/</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">经验、资金、模式等综合实力。</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">11</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">月碳减排相关主题或由于巴黎气候大会而获阶段性关注。</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;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 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);"></span></span><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></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;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 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);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></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;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 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></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;><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</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">、【金工】</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);">融资交易情绪现拐点,短期趋悲观——赵文荣,王兆宇</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; color: rgb(0, 51, 102); letter-spacing: 0px;">融资交易活跃度下降,交易情绪现拐点,短期趋悲观。ETF融资余额小幅下降,融券余额上升。基于调整后的融资余额增速,融资融券市场投资者整体相对看多交通运输、餐饮旅游、汽车、有色金属、传媒等。</span></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; 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;">1</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">、【银行】风险压力续升,等待多层面预期稳定——肖斐斐,向启</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; letter-spacing: 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);">建议固收类投资者适度配置,绝对收益投资者等待多层面预期稳定,兼顾盈利和质量,关注: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></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; letter-spacing: 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);"> </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);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">2</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">、【建材】新能源产业链业绩风光,价格续跌拖累水泥业绩——刘建义</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; letter-spacing: 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);">新材料行业,中长期继续推荐伟星新材/</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">长海股份</span><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><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">友邦吊顶</span><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><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">开尔新材等。水泥行业,依次建议关注上峰水泥</span><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><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">万年青</span><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><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">华新水泥</span><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><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">金隅股份</span><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><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">天山股份</span><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><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">海螺水泥等。</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;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 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);"> </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; letter-spacing: 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);">3</span></span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 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);">、【家电】聚焦高景气的厨电/</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">小家电板块,去库存周期空调龙头盈利仍有保障——金星</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; letter-spacing: 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);">行业收入端依旧承压,利润首现下滑。预计后续需求疲弱叠加去库存周期,基本面下行趋势延续。建议聚焦成长与转型的结构性机会,重点推荐三条主线:1. </span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">长线配置厨电</span><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><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">小家电板块;</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">2. </span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">具备转型与个股催化剂的中小市值个股;</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">3. </span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">无风险利率下行期的类债券标的(低估值</span><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><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">高分红</span><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><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">高现金资产)。</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);"><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%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">、【环保】业绩高增景气良好显中长期配置价值——王海旭,崔霖</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; letter-spacing: 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);">依然强调板块投资思路应由以往基于政策、主题等短期交易性机会转向行业景气度上行、坚实业绩支撑下的中长期配置思路。</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;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 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);"> </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; letter-spacing: 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);">5</span></span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 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);">、【煤炭】Q3</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">亏损增加</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">50</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 51, 102);">亿元,全年亏损预计将继续扩大——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; letter-spacing: 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);">政策预期兑现及疲弱基本面或使板块超额收益消失。亏损带来的净资产缩水也使板块估值逐步提升。个股建议关注中国神华;短期转型个股持续推荐宝泰隆。</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;><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 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);"> </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);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">6</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">、【通信】业绩拐点显现和政策风口是王道——陈剑</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;">短期机会关注拐点显现滞胀个股,如中兴通讯天源迪科科华恒盛等。继续看好互联网基础设施服务,重点是IDC、CDN、云计算、大数据领域,中长期关注互联网入口、国产设备替代机会。</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;><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></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;"><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p><p style="margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></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; 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);">1</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);">、【鸿达兴业002002)】环保产业进军“一带一路”<span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">——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);">国内大力推进土壤修复,蓝海开辟千亿市场。公司产品辐射东南亚地区,新产品、新技术打开市场大门。通过收购塑交所,坚定踏入供应链金融,其“电子交易+物流+金融”的模式已领先于其他竞争对手。维持2015-2017年EPS预测0.54/0.98/1.25元及“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);"> </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);">2</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);">、【凯撒旅游000796)】牵手网易、首航,全产业链布局再深化<span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">——姜娅</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);">凯撒嫁接资本市场后,全产业链布局明显提速、深化,与海航旅游的合作、资源对接持续深入,市场地位以及综合竞争力得以提升。维持2015-2017年EPS预测0.25/0.31/0.37元。单纯从PE角度虽估值较高,但中国出境行业高成长背景,以及凯撒在出境产业链上的垂直整合战略,仍会对公司估值形成有力支撑。建议关注公司后续布局,积极参与。</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);"> </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);">3</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);">、【益生股份002458)】肉鸡周期将反转,公司业绩弹性最大<span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0px;">——施亮,刘洋,盛夏,吴尚阳</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; 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);">因三季度鸡苗价格超预期下跌,下调2015年盈利预测,预计2015/16/17年EPS预测为-1.09/1.16/1.12元(2015年EPS原为-0.32元);考虑到肉鸡产业链处于周期底部,预计明年将迎来价格上涨拐点,维持“买入”评级,目标价35元。<strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"> </strong></span></p><p><br></p>