<p><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">1</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong><span style="font-family:Simsun"><strong>【安信通信:李伟、陈宁玉】永鼎股份深度报告:《海外EPC进入收获期,加速布局汽车后市场》&nbsp;</strong></span><span style="background-color: rgb(255, 255, 255);font-family: KaiTi_GB2312;font-size: medium;line-height: 1.5">借助国家“一带一路”战略,海外EPC工程业务进入收获期,百亿规模大订单进展顺利。</span><span style="background-color: rgb(255, 255, 255);font-family: KaiTi_GB2312;font-size: medium;line-height: 1.5">受益于4G建设、宽带战略光通信行业景气度回升,公司不断进行转型升级,通信光电缆业务快速增长。</span><span style="background-color: rgb(255, 255, 255);font-family: KaiTi_GB2312;font-size: medium;line-height: 1.5">收购金亭线束引入东昌集团作为战略投资者,设立产业基金,汽车后市场领域整合值得期待。</span><span style="background-color: rgb(255, 255, 255);font-family: KaiTi_GB2312;font-size: medium;line-height: 1.5">投资建议:我们预计公司2015-2017年的净利润分别为1.91亿、2.91亿和3.98亿,EPS分别为0.40/0.62/0.84元,给予买入-A的投资评级,6个月目标价30元。公司在海外EPC工程业务和汽车后服务市场的布局,都极具发展潜力,建议投资者积极关注。</span><br><strong style="background-color: rgb(255, 255, 255)"><span style="font-family:Simsun;background-color: inherit"><br style="background-color: inherit"/></span></strong><strong style="background-color: rgb(255, 255, 255)"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">2</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></span></strong><span style="font-family:Simsun"><strong>【安信计算机:胡又文、汤旸玚、李小伟、吕伟】人工智能再度爆发,汉王科技率先涨停,思创医惠东方网力科大讯飞领涨板块</strong></span><span style="background-color: rgb(255, 255, 255)"><span style="font-family:KaiTi_GB2312;font-size:16px;background-color: inherit">“互联网—大数据—人工智能”,计算机三重门正在完美演绎,我们的前瞻性再度验证,继续加大配置!<span style="background-color: inherit">回顾近期人工智能主题催化不断,人工智能是继互联网、大数据之后,又一个能够自上而下获得国家顶层、前沿科研机构、产业巨头全方位认可的科技方向,而相较于前两者,其对社会变革的深刻影响和可想象的市场空间都更为惊人。</span><span style="background-color: inherit">投资建议:人工智能是我国科技跨越式发展和经济结构转型的天赐良机,如果我国在国家层面制订人工智能发展战略,并加快推进,完全有可能利用市场需求优势、用户数据优势等,实现“弯道超车”。重点推荐科大讯飞汉王科技东方网力思创医惠东方国信佳都科技。</span></span></span><br><strong style="font-family: Simsun;line-height: 1.5"><strong style="background-color: rgb(255, 255, 255);font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">3</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit">【安信机械军工:邹润芳、王书伟、郑爱刚、朱元骏】十一月金股国睿科技涨停,未来看好雷达与信息化,未来受益电科系改革</span></strong><span style="font-family:KaiTi_GB2312;font-size:16px">十三五规划正式发布提出:加快推进国防和军队改革军民融合,到2020年基本完成国防和军队改革,我国处于经济转型期,现国家安全军工改革军民融合经济制造业向高端经济转型才是诸多挑战的重中之重。<span style="line-height: 1.5">我们认为:公司是雷达信息化产业龙头,雷达及信息化是现代战争的“眼睛”,地位尤其重要,随着十三五规划提出未来军民融合经济制造和加快国防军队建设,未来势必迎来雷达及信息化制造生产大浪潮,空间巨大。且公司背靠中电科14所,科研力量强大,目前中电科集团改革步伐已经加速,公司将显著受益于此。</span><span style="line-height: 1.5">投资建议:预计公司2015-2017年EPS分别为0.80、0.97 、 1.29元,重点关注。</span></span><br><span style="background-color: rgb(255, 255, 255);font-family: KaiTi_GB2312;font-size: medium;line-height: 1.5"><br style="background-color: inherit"/></span><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">4</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></span></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit">【安信机械军工:邹润芳、王书伟、郑爱刚、朱元骏】南方汇通调研:主业壁垒高&nbsp;增长稳定 未来环保业务拓展空间很大</span></strong><span style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:KaiTi_GB2312;font-size:16px;background-color: inherit">主业最主要是时代沃顿,反渗透膜国内绝对龙头,技术难度极高,市占率持续在提升,我们估计15年1亿利润,今年年底新增一倍产能,明年主业预计增长40%。</span></span><span style="background-color: rgb(255, 255, 255);font-family: KaiTi_GB2312;font-size: medium;line-height: 1.5">下属第二块资产是大自然科技,秉承“天然、健康、安全、环保”的产品理念,全力打造“大自然”品牌。</span><span style="background-color: rgb(255, 255, 255);font-family: KaiTi_GB2312;font-size: medium;line-height: 1.5">南方汇通看点是中车集团的环保健康平台,往下游拓展,横向拓展的战略不会变化,今年成立10亿的环保并购基金的本意也是为了寻找到好的项目,也是为了国企决策效率低时可以提前锁定项目。</span><span style="background-color: rgb(255, 255, 255);font-family: KaiTi_GB2312;font-size: medium;line-height: 1.5">上次停牌复牌让大家失望了,公司也在积极沟通,目前一个障碍南车主体注销,这个问题不大,很快结束。</span><span style="background-color: rgb(255, 255, 255);font-family: KaiTi_GB2312;font-size: medium;line-height: 1.5">我们认为只要激励到位,战略执行,公司空间很大。有望在2-3年之内收入做到50亿的体量,利润争取做到6-7亿,市值争取看到200-250亿。&nbsp;</span><br style="background-color: inherit"/><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">5</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></span></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit">【安信电子:赵晓光、郑震湘、邵洁、安永平】南洋科技:技术革命性创新进展乐观,因周末事件错杀,加大配置!</span></strong><span style="line-height: 1.5"><span style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:KaiTi_GB2312;font-size:16px;background-color: inherit">从产业深度调研及公开信息,苹果智能汽车预期19年开始推出,供应链17年做准备,而从产业了解,苹果将采取类似手机模式制造汽车,创造超级工厂,确定规格及价格,而价格下降幅度预期会大,因此上游供应链对两个方向的需求大幅提升:自动化及重大技术创新带来成本下降,而南洋科技的半干半湿法可以做到湿法的性能,符合产业大趋势,并且相对于湿法成本下降25%以上,将为隔膜产业竞争格局带来重大变化!从目前下游技术进展反馈来看,比较乐观,因周末事件被错杀,公司已做公开澄清,建议加大配置,重大技术变革带来行业需求爆发,16年仅主业光学膜业务预期1.8亿利润,而隔膜业务随着技术突破预期16年加速,新增业绩弹性很大,继续强烈推荐</span></span></span><br><strong style="background-color: rgb(255, 255, 255)"></strong><span style="background-color: rgb(255, 255, 255)"><strong style="background-color: inherit"><span style="font-family:Simsun;background-color: inherit"><br style="background-color: inherit"/></span></strong></span><span style="background-color: rgb(255, 255, 255)"><strong style="background-color: inherit"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">6</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></span></strong></span><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit">【安信电子:赵晓光、郑震湘、邵洁、安永平】厚积薄发的华工科技,继续配置</span></strong><span style="background-color: rgb(255, 255, 255)"><span style="font-family:KaiTi_GB2312;font-size:16px;background-color: inherit">华工科技依托华工科大科研和技术实力,多年在军工、汽车、食品安全、激光等领域的布局即将进入收获周期,而在3D打印、量子通信、工业4.0等领域也前瞻性布局。根据我们产业链验证,判断公司目前苹果业务、汽车电子、军工系统和装备、大功率激光和食品安全五条业务线在未来两年都达到10亿收入规模。前瞻性挖掘拐点一直是我们团队的核心竞争力,从稀缺性和技术优势角度,建议继续配置华工科技。</span></span><br><strong style="background-color: rgb(255, 255, 255)"><span style="font-family:Simsun;background-color: inherit"><br style="background-color: inherit"/></span></strong><strong style="background-color: rgb(255, 255, 255);font-family: &#39;Microsoft YaHei&#39;, 微软雅黑, &#39;Microsoft JhengHei&#39;, 华文黑体, arial, sans-serif, STHeiti, sans-serif;font-size: 14px;text-indent: 0px;white-space: normal"></strong><strong style="background-color: rgb(255, 255, 255);font-family: &#39;Microsoft YaHei&#39;, 微软雅黑, &#39;Microsoft JhengHei&#39;, 华文黑体, arial, sans-serif, STHeiti, sans-serif;font-size: 14px;line-height: normal;text-indent: 0px;white-space: normal"><strong style="line-height: 1.5"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">7</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></span></strong></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit">【安信电子:赵晓光、郑震湘、邵洁、安永平】中安消复牌!全球安防运营服务整合平台航母起航!</span></strong><span style="background-color: rgb(255, 255, 255)"><span style="font-family:KaiTi_GB2312;font-size:16px;background-color: inherit">中国安防运营服务市场蓝海起步,从0到1,预计规模将由400亿上升到2000亿元。海外安防企业发展历程验证并购是必由之路,由美股退市回归A股的中安消具备深厚的并购基因。受益上市融资渠道打开和PPP模式兴起,内生增长进一步加速。高额业绩承诺为底,大体量订单和持续并购带来更高弹性!大格局海内外安防服务资产整合绝对龙头,公司格局、战略、资质、人才、管理团队,国内屈指可数,绝对稀缺公司。董事长公告将增持2亿元,彰显绝对信心,第二期员工持股尚待买入,继续看好,考虑到公司从停牌开始市场回调15%,若有低开强烈建议加大配置,牛股不可错过!</span></span><br><strong style="background-color: rgb(255, 255, 255)"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">8</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></span></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit">【安信建筑:杨涛、夏天、宋易潞】东易日盛:业绩低点已过,速美集家点燃互联网家装新希望</span></strong><strong style="background-color: rgb(255, 255, 255)"><span style="font-family:Simsun;background-color: inherit"><p style="margin-top: 5px;margin-bottom: 5px;background-color: inherit;font-family: &#39;Microsoft YaHei&#39;, 微软雅黑, &#39;Microsoft JhengHei&#39;, 华文黑体, arial, sans-serif, STHeiti, sans-serif;font-size: 14px;font-weight: normal"><strong style="background-color: inherit"><strong style="background-color: inherit"></strong></strong></p></span></strong><span style="background-color: rgb(255, 255, 255);font-family: &#39;Microsoft YaHei&#39;, 微软雅黑, &#39;Microsoft JhengHei&#39;, 华文黑体, arial, sans-serif, STHeiti, sans-serif;font-size: 14px;text-indent: 0px;"><span style="font-family:KaiTi_GB2312;font-size:16px;background-color: inherit"><span style="background-color: inherit"><span style="background-color: inherit"><p style="margin-top: 5px;margin-bottom: 5px;background-color: inherit">工厂搬迁导致今年业绩低谷,明年有望大幅增长。<span style="line-height: 1.5">速美集家推出标准化产品有望快速复制</span><span style="line-height: 1.5">。</span><span style="line-height: 1.5">现金流较好,支持互联网家装转型及潜在资本运作需求。</span><span style="line-height: 1.5">投资建议:</span><span style="line-height: 1.5">公司今年为业绩低点,明年业绩有望大幅增长。预计公司<span style="background-color: inherit">2015/2016/2017</span>年<span style="background-color: inherit">EPS</span>分别为<span style="background-color: inherit">0.33/0.67/0.80</span>元,考虑到速美集家发展潜力,给予<span style="background-color: inherit">30</span>元目标价,买入<span style="background-color: inherit">-A</span>评级。</span></p></span></span></span></span><br><strong style="background-color: rgb(255, 255, 255)"><span style="font-family:Simsun;background-color: inherit"><br style="background-color: inherit"/></span></strong><strong style="background-color: rgb(255, 255, 255)"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">9</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></span></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit">【安信化工:王席鑫、孙琦祥、肖晴】回天新材:投资电站转变背膜销售模式,轻装上阵带动背膜稳定盈利</span></strong><span style="background-color: rgb(255, 255, 255);font-family: &#39;Microsoft YaHei&#39;, 微软雅黑, &#39;Microsoft JhengHei&#39;, 华文黑体, arial, sans-serif, STHeiti, sans-serif;font-size: 14px;text-indent: 0px;"><span style="font-family:KaiTi_GB2312;font-size:16px;background-color: inherit">公司全资子公司上海回天拟以10005万元收购英利能源所持有的荣盛电力100%的股权。荣盛电力为一家从事太阳能光伏发电站建设和运营的项目公司,目前在泗阳县已建成装机容量11.5MW的地面光伏项目并已并入政府电网。我们认为,公司在推广产品的过程中不断的根据市场具体情况调整商业模式,通过参与电站项目建设有助于公司降低应收账款坏账风险,同时运营光伏电站也会为公司带来良好的投资收益。预计公司明年光伏发电&nbsp;项目总装机量将达50MW,背膜及相应的电站运营能够形成近4亿收入,预计产生4000万净利润,预计16年下半年,投资电站带来的效益将逐渐显现。我们预计公司15-17年EPS分别为0.45、0.74和0.96元,维持买入-A评级。</span></span><br><strong style="background-color: rgb(255, 255, 255)"><span style="font-family:Simsun;background-color: inherit"><br style="background-color: inherit"/></span></strong><strong style="background-color: rgb(255, 255, 255)"><span style="font-family:Simsun;background-color: inherit"><span style="background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">10</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></span></span></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit">【安信交运】/【安信商社】 /【安信传媒】:剁手党点开万亿跨境市场,安信联合推荐表现神勇安信</span></strong><span style="background-color: rgb(255, 255, 255);font-family: &#39;Microsoft YaHei&#39;, 微软雅黑, &#39;Microsoft JhengHei&#39;, 华文黑体, arial, sans-serif, STHeiti, sans-serif;font-size: 14px;text-indent: 0px;"><span style="font-family:KaiTi_GB2312;font-size:16px;background-color: inherit">15双11跨境大战在即,各主流平台同时将卖点放在跨境电商板块,安信交运/&nbsp;商贸/传媒及时把握引爆点,核心标的:物产中大、七喜股纷纷涨停!外运发展涨幅8%!跨境通涨幅7%!步步高、苏宁普遍涨幅5%!新经济的脚步,挡不住的跨境市场;政府力推阳光化,国内电商物流迎来爆发。重申推荐标的:交运板块外运发展;商贸板块物产中大苏宁云商跨境通步步高;传媒板块七喜控股。</span></span><br><strong style="background-color: rgb(255, 255, 255)"><span style="font-family:Simsun;background-color: inherit"><br style="background-color: inherit"/></span></strong><strong style="background-color: rgb(255, 255, 255)"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">11</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></span></strong><strong style="background-color: rgb(255, 255, 255);font-family: Simsun;line-height: 1.5">【安信商社:刘章明、张璐芳】国企改革配套文件出台,关注改革后续主题催化!</strong><span style="background-color: rgb(255, 255, 255);font-family: &#39;Microsoft YaHei&#39;, 微软雅黑, &#39;Microsoft JhengHei&#39;, 华文黑体, arial, sans-serif, STHeiti, sans-serif;font-size: 14px;text-indent: 0px;"><span style="font-family:KaiTi_GB2312;font-size:16px;background-color: inherit">国企改革将成后续主要配置主题。国企改革是贯穿“十三五”的重头戏;另外从主题轮动的角度,创新前期普遍翻倍,当前地方国资证券化率30%左右,大部分提出证券化率60%以上目标,留给国企改革的时间愈发紧迫,尚未启动改革进程的国资商企已屈指可数,建议加强配置。央企改革关注邮政体系改革龙头湘邮科技;地方改革关注浙江(物产中拓物产中大杭州解百);安徽(合肥百货);北京(王府井首商股份);上海(兰生股份第一医药新世界百联股份);两广(广百股份南宁百货);高校改</span></span><span style="background-color: rgb(255, 255, 255);text-indent: 0px;font-family: KaiTi_GB2312;font-size: medium;line-height: 1.5">革:同济(同济科技)、复旦(复旦复华)、北大(中国高科)、清华(银润投资)、交大(新南洋)等。</span><br><strong style="background-color: rgb(255, 255, 255)"><span style="font-family:Simsun;background-color: inherit"><br style="background-color: inherit"/></span></strong><strong style="background-color: rgb(255, 255, 255)"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">12</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></span></strong><strong><span style="font-family:Simsun">【安信电力设备新能源:黄守宏、邵晶鑫、华鹏伟】巴黎气候大会开启在即,碳交易主题投资再临</span></strong><span style="background-color: rgb(255, 255, 255);font-family: &#39;Microsoft YaHei&#39;, 微软雅黑, &#39;Microsoft JhengHei&#39;, 华文黑体, arial, sans-serif, STHeiti, sans-serif;font-size: 14px;text-indent: 0px;"><span style="font-family:KaiTi_GB2312;font-size:16px;background-color: inherit">会议意图通过一项气候问题的国家协议,是的全球温度控制在2摄氏度以下,若目标顺利达成将进一步存进全球范围内的节能减排活动。11月2日,中法两国在北京共同发布了《中法元首气候变化联合声明》,也在为新一届联合国气候变化大会预热。<span style="background-color: inherit"><span style="background-color: inherit">我们认为碳排放交易主题投资下受益次序包括,参与碳交易体系建设公司、节能减排公司和新能源电站开发商。</span></span>我们重点推荐和关注置信电气智光电气京运通和林洋电子、金风科技天顺风能。</span></span><br><strong style="background-color: rgb(255, 255, 255);font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong style="font-family: 微软雅黑;font-size: 22px"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: Arial"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: Arial"><br style="background-color: inherit"/></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></span></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">13</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></span></strong><span style="font-family:Simsun"><strong>【安信农业:吴立、李佳丰、刘哲铭】减产延续,价差缩小,趋势明确,坚定看多糖价</strong></span><span style="background-color: rgb(255, 255, 255)"></span><span style="background-color: rgb(255, 255, 255);font-family: &#39;Microsoft YaHei&#39;, 微软雅黑, &#39;Microsoft JhengHei&#39;, 华文黑体, arial, sans-serif, STHeiti, sans-serif;font-size: 14px;text-indent: 0px;"><span style="font-family:KaiTi_GB2312;font-size:16px;background-color: inherit">近日,国内外白糖价格走势背离。国内白糖回落,而纽糖经过短期调整后,连续两天发力,突破15.5美分/磅,配额外进口价差已经缩窄至不足600元,白糖进口风险进一步释放。我们认为:1、15/16榨季,国内白糖持续减产,进口有序,需求稳定,糖价趋势明确。2、价格趋势:预计16年白糖价格将在5600元/吨以上运行,高点有望达到6200-6500元/吨。3、投资建议:白糖是全球基本面最好的大宗农产品,坚定看多糖价。继续推荐最受益糖价上涨的南宁糖业中粮屯河。</span></span><br><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit"><br style="background-color: inherit"/></span></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">14</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></span></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit">【安信农业:吴立、李佳丰、刘哲铭】种子法修订案通过,种业迎来发展新阶段</span></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit"><span style="background-color: inherit"><span style="background-color: inherit"><span style="background-color: inherit"></span></span></span></span></strong><span style="background-color: rgb(255, 255, 255)"><span style="font-family:KaiTi_GB2312;font-size:16px;background-color: inherit"><span style="background-color: inherit"></span></span></span><span style="background-color: rgb(255, 255, 255);font-family: &#39;Microsoft YaHei&#39;, 微软雅黑, &#39;Microsoft JhengHei&#39;, 华文黑体, arial, sans-serif, STHeiti, sans-serif;font-size: 14px;text-indent: 0px;"><span style="font-family:KaiTi_GB2312;font-size:16px;background-color: inherit">11月4日,十二届全国人大常委会第十七次会议表决通过了种子法修订案。我们的观点:1、品种审定制度的改革是种业市场化改革深化的体现。2、植物新品种保护是有利于推动品种创新。3、明确科研院所研究方向是提高行业竞争力的根本出路。4、加强执法力度,规范行业竞争环境。投资建议:总体而言,此次新版种子法的修订,是中国种业发展进程中具备里程碑意义的事件。新种子法抬高了行业的竞争门槛,强化具备品种研发实力的种企竞争力,有利于龙头企业进一步做大做强。重点推荐国内种业龙头企业隆平高科登海种业。</span></span><br style="background-color: inherit"/><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit"><br style="background-color: inherit"/></span></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">15</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></span></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit">【安信环保:邵琳琳】巴黎气候交易大会开启在即,碳排放交易点评</span></strong><span style="background-color: rgb(255, 255, 255);font-family: &#39;Microsoft YaHei&#39;, 微软雅黑, &#39;Microsoft JhengHei&#39;, 华文黑体, arial, sans-serif, STHeiti, sans-serif;font-size: 14px;text-indent: 0px;"><span style="font-family:KaiTi_GB2312;font-size:16px;background-color: inherit">碳排放交易任重道远,由于政策的不明朗、地方化交易模式的空间所限等原因,我国碳交易市场并不活跃。由于碳排放对我国环境影响越来越大,国家对于碳排放交易制度的关注度逐步提升,年年底举行的巴黎气候谈判更有可能成为我国碳交易发展的里程碑。投资建议:我们认为在环境污染不断被重视和大气治理不断深化的背景下,随着碳排放总量控制及分解机制方案、交易方法的出台,万亿碳排放交易市场望启动,看好相关投资机会,1、参股交易所股权的公司,最为受益,深圳能源华银电力和中电远达;2、相关减排生产的标的,推荐长青集团迪森股份。</span></span><br><strong style="background-color: rgb(255, 255, 255);font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="background-color: inherit"><span style="background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">16</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></span></span></span></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit">【安信金融:赵湘怀】重要观点:深港通利好市场,券商股保险股持续将反弹!</span></strong><span style="background-color: rgb(255, 255, 255);font-family: &#39;Microsoft YaHei&#39;, 微软雅黑, &#39;Microsoft JhengHei&#39;, 华文黑体, arial, sans-serif, STHeiti, sans-serif;font-size: 14px;text-indent: 0px;"><span style="font-family:KaiTi_GB2312;font-size:16px;background-color: inherit">2015年11月4日周小川撰文表示今年有望推出深港通。今日开盘以来,非银金融板块集体上涨,大涨超过5%。券商板块基本面未来迎来边际改善,重点关注高弹性以及事件驱动型标的。保险板块基本面质优,安全边际高。从估值水平来看,四家险企仍然具有安全边际,中国平安中国人寿新华保险中国太保P/EV分别是1.14倍、1.40倍、1.28倍和1.16倍。重点推荐:保险股:新华保险/中国平安/中国人寿;券商股:国元证券/西南证券/光大证券/国泰君安。</span></span><br style="background-color: inherit"/><br><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">17</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></span></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit">【安信金融:赵湘怀】中航资本:享受千亿军工资产证券化盛宴,涨停!</span></strong><span style="background-color: rgb(255, 255, 255);line-height: 1.5"></span><span style="background-color: rgb(255, 255, 255);font-family: &#39;Microsoft YaHei&#39;, 微软雅黑, &#39;Microsoft JhengHei&#39;, 华文黑体, arial, sans-serif, STHeiti, sans-serif;font-size: 14px;text-indent: 0px;"><span style="font-family:KaiTi_GB2312;font-size:16px;background-color: inherit">2015年前三季度业绩稳健:2015年前三季度,中航资本实现营业总收入收入64.4亿元,同比增长36%,实现归属于母公司股东净利润18亿元,同比增长22%。享受千亿军工资产证券化盛宴:中航工业集团与上交所签署战略合作协议。金控平台初步成型,成长空间打开:2015年5月23日中航资本发布公告称将通过定增收购中航国际等公司持有的中航租赁、中航证券、中航信托少数股权,收购成功后,三家子公司能够为中航系军工证券化提供更加深入和全面的金融服务。买入-A投资评级,6个月目标价26元。预计公司2015年-2017年的收入增速分别为60%、35%、40%,净利润增速分别为33.9%、43.6%、45.9%。</span></span><br><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit"><br style="background-color: inherit"/></span></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">18</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></span></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit">【安信轻工:周文波、张妮】三季报总结:分化开始,强者恒强</span></strong><span style="background-color: rgb(255, 255, 255);font-family: &#39;Microsoft YaHei&#39;, 微软雅黑, &#39;Microsoft JhengHei&#39;, 华文黑体, arial, sans-serif, STHeiti, sans-serif;font-size: 14px;text-indent: 0px;"><span style="font-family:KaiTi_GB2312;font-size:16px;background-color: inherit">截止10月30日,轻工板块涨幅66.8%,大幅跑赢沪深300指数、上证综指,在全行业板块中排名第二,仅次于计算机板块。2015前三季度轻工制造板块收入、营业利润分别增长4.7%、22.9%;收入端整体仍维持低位,受益于盈利能力持续提升。结合估值、成长、催化剂等多因素综合考虑,目前时点我们重点看好:一、优质成长:明年有望保持高增长,且后续存估值切换机会,推荐奥瑞金索菲亚晨光文具;二、拐点型公司:明年业绩有望加速,且后续存催化剂:推荐晨鸣纸业好莱客中顺洁柔;三、进攻性主题品种,推荐后续持续有政策催化的东港股份;3D扫描+虚拟展示龙头-易尚展示。</span></span></p><p><strong style="background-color: rgb(255, 255, 255)"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">19</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></span></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit">【安信轻工:周文波、张妮】晨鸣纸业:控股股东-寿光晨鸣控股拟将注册资金由16.85亿减为12.39亿元</span></strong><span style="background-color: rgb(255, 255, 255);line-height: 1.5"></span><span style="background-color: rgb(255, 255, 255);font-family: &#39;Microsoft YaHei&#39;, 微软雅黑, &#39;Microsoft JhengHei&#39;, 华文黑体, arial, sans-serif, STHeiti, sans-serif;font-size: 14px;text-indent: 0px;"><span style="font-family:KaiTi_GB2312;font-size:16px;background-color: inherit">减资后,寿光国资委占45.2%、高管+员工合计持股54.8%,公司混改迈出实质性步伐.我们近期也出了深度报告《融资租赁新贵,国企改革受益者》,重点推荐。公司融资租赁业务弹性大;主业造纸已见底,资产优化将带来改善;2015Q1-Q3公司净利润5.6亿元,增长64.5%,扣非后增长249.2%;Q3单季净利润2.8亿元,增长189%,预计全年接近翻番增长。考虑到融资租赁+主业改善,公司业绩高增长具有持续性。预计15-17年EPS 0.46元、0.76元、1.0元,维持“买入-A”评级。</span></span><br><strong style="background-color: rgb(255, 255, 255)"><span style="font-family:Simsun;background-color: inherit"><br style="background-color: inherit"/></span></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><span style="font-family: 微软雅黑;font-weight: normal"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong style="background-color: inherit"><strong><strong><span style="font-family:Simsun;background-color: inherit"><strong><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Simsun;background-color: inherit"><strong><strong style="font-family: 微软雅黑"><span style="font-family:Arial;background-color: inherit"><strong style="background-color: inherit;font-family: Simsun"><strong style="background-color: inherit"><strong><strong><strong style="font-family: 微软雅黑"><span style="color:#c00000;font-family:Arial;background-color: inherit;font-size: 26px">20</span></strong></strong></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></strong></strong></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></span></strong><strong style="background-color: rgb(255, 255, 255);line-height: 1.5"><span style="font-family:Simsun;background-color: inherit">【安信固定收益:罗云峰】9月金融机构负债同比增速下降——9月金融机构债务数据综述</span></strong><span style="background-color: rgb(255, 255, 255);font-family: &#39;Microsoft YaHei&#39;, 微软雅黑, &#39;Microsoft JhengHei&#39;, 华文黑体, arial, sans-serif, STHeiti, sans-serif;font-size: 14px;text-indent: 0px;"><span style="font-family:KaiTi_GB2312;font-size:16px;background-color: inherit">我们在中国社会4部门总债务中计算的金融部门债务包括两个部分,即其他存款性公司对存款性公司的负债和非银金融机构对存款性公司的信贷负债。数据显示,9月非银金融机构负债同比增速为57.8%,前值61.0%,连续两个月回落;9月银行负债同比增速为22.9%,前值23.4%;二者合计,9月金融机构负债同比增速为30.1%,前值31.3%。历史上首次出现金融机构负债同比增速连续3个月超过30%。我们预计,金融机构负债同比增速在四季度会趋于回落。</span></span></p>