天风研究行业周报0821.ppt

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1、,2012 年 8 月 20 日证券研究报告A 股统计报告天风研究行业周报(2012 年第 28 期)1 年内指数表现市场资金流向统计:市场资金上周净流出大幅增加。上周沪深 A 股市场资金净流出金额为 2729431.9 万元，而上上周的净流出金额为181333.3 万元。短期随着大盘下跌，二级市场资金大幅流出。在 23 个申万二级行业指数中，资金净流入占比最大的前三板块为景点、医药商业和视听器材；资金净流出占比最大的三个板块为林业、畜牧养殖和证券。,数据来源：WIND 资讯、天风证券研究所整理,产业资本增减持统计。本月产业资本净减持明显减少。上周沪深 A,国内外指数申万 A 股指数上证综合指

2、数深证成份指数沪深 300 指数,收盘1908.812114.898883.612313.48,日涨跌%-0.10%0.13%-1.00%-0.27%,周涨跌%-3.26%-2.49%-3.84%-3.60%,股市场产业资本净减持金额为 0.49 亿元，而上上周产业资本净减持金额为 0.57 亿元。上周 9 家上市公司公布重要股东增持，12 家上市公司公布重要股东减持。,创业板指数恒生指数道琼斯工业纳斯达克综合伦敦富时 100巴黎 CAC40法兰克福 DAX荷兰 AEX 指数东京日经 225韩国综合孟买 Sensex30台湾加权指数,721.0520116.0713275.203076.595

3、852.423488.387040.88335.779162.501946.5417691.087467.92,-0.34%0.77%0.19%0.46%0.31%0.23%0.64%0.61%0.77%-0.58%0.19%-0.30%,-2.96%-0.10%0.51%1.84%0.09%1.54%1.39%0.68%3.05%0.01%0.76%0.36%,市场行情统计：A 股整体有所下跌。上周沪深股市下跌，8 月 17 日上证综合指数报收于 2114.89 点，与前周末的 2168.81 点相比下跌2.49%，深圳成指下跌 3.84%，申万 A 股指数下跌 3.26%。一周涨跌幅统计中

4、，我们采用申万二级行业指数为代表，涨幅前三的板块为种植业、石油化工和石油开采，涨幅分别为 0.5%、0.00%和-0.44%；跌幅前三的板块分别为证券、饲料和保险，跌幅分别为 9.07%、7.53%和 7.45%。市场估值统计：估值有所下行。随着市场下跌，市场整体 PE 水平有所下行，A 股市场的整体静态 PE 在 8 月 17 日为 11.98 倍，而前周末为 12.29 倍。A 股市场整体静态 PB 水平为 1.76 倍，而前周末为 1.81 倍。,数据来源：WIND 资讯分析师：胡瑜辉执业编号：S1110512030001联系电话：021-22062973邮件：地址：武汉市江汉区唐家墩3

5、2号国资大厦B座电话：027-87618889天风证券股份有限公司请阅读最后一页信息披露和重要声明,在 23 个申万二级行业指数中，以历史平均 PE 及 PB 为基准。目前 PE 折价最高的分别为铁路运输、银行和航空运输，其 PE 折价分别为 73.98%，72.89%和 68.25%，目前 PE 溢价最高的分别为航运、通信运营和造纸，其 PE 溢价分别为 112.57%、37.6%和 15.92%。PB 折价最高的分别为港口、航运和银行，其 PB 折价分别为62.52%，61.11%和 58.54%，PB 溢价最高的三个行业分别是为中药、旅游综合和饮料制造，其 PB 溢价分别为 15.03%

6、，13.50%和 11.27%。,1,1.1,1.2,1.3,1.4,2,2.1,2.2,2.3,2.4,2.5,3,4,表 1,表 2,表 3,表 4,表 5,表 6,表 7,天风研究周报,目录,市场统计.1,市场行情统计:A 股整体下跌.1市场估值统计:估值下行.3市场资金流向统计:市场资金上周净流出额大幅增加.7产业资本增减持统计.9行业公司观点.11,【建筑建材.房地产】7 月份多数城市房价环比上涨.11【机械行业】静待行业景气回升，短期关注低估值、成长性行业及个股.17【农林牧渔】饲料及禽畜养殖：短期波动不影响中长期投资价值.18【医药生物】精选个股，波段操作.19【纺织服装】需求端

7、景气不足，行业保持谨慎态度.20重要声明.21天风证券评级说明：.21,表目录,A 股板块周行情排序.1板块 PE 相对历史平均折价排序.3板块 PB 相对历史平均折价排序.5A 股市场资金流向.7A 股市场申万二级行业一周资金流向.7A 股市场产业资本净减持.9上周产业资本增减持公司情况.10,请阅读最后一页信息披露和重要声明,6,天风研究周报1 市场统计1.1 市场行情统计:A 股整体下跌上周沪深股市下跌，8 月 17 日上证综合指数报收于 2114.89 点，与前周末的 2168.81 点相比下跌 2.49%，深圳成指下跌 3.84%，申万 A 股指数下跌 3.26%。一周涨跌幅统计中，

8、我们采用申万二级行业指数为代表，涨幅前三的板块为种植业、石油化工和石油开采，涨幅分别为 0.5%、0.00%和-0.44%；跌幅前三的板块分别为证券、饲料和保险，跌幅分别为 9.07%、7.53%和 7.45%。（见表 1）表1 A 股板块周行情排序,序列1234578910111213141516171819202122232425262728293031323334353637,行业名称种植业石油化工石油开采通信运营银行环保工程及服务农业综合燃气包装印刷传媒景点非汽车交运设备医药商业网络服务化学制品钢铁高速公路电子制造橡胶半导体仪器仪表水务生物制品造纸综合港口贸易白色家电汽车整车光学光电子

9、服装家纺煤炭开采电气设备铁路运输计算机应用有色金属冶炼与加工电力,日涨跌幅-0.25%0.95%0.56%1.31%0.27%-1.02%0.16%1.60%0.14%0.62%-1.14%0.16%-0.66%1.74%0.27%0.56%0.28%0.00%0.98%1.06%0.19%-0.90%-0.60%-0.43%0.49%0.00%0.11%0.00%-0.22%1.00%0.00%0.14%0.39%-0.21%-0.24%0.55%0.19%,5 日涨跌幅0.50%0.00%-0.44%-0.51%-0.54%-0.71%-0.81%-1.16%-1.53%-1.62%-1.

10、64%-1.69%-1.74%-1.77%-1.79%-1.92%-1.92%-1.92%-2.04%-2.06%-2.09%-2.16%-2.21%-2.30%-2.38%-2.46%-2.46%-2.49%-2.50%-2.57%-2.58%-2.60%-2.63%-2.64%-2.71%-2.76%-2.80%,月涨跌幅-3.58%1.27%0.34%6.30%0.00%1.18%-2.24%-3.78%0.71%1.67%-1.91%-0.47%4.39%5.51%-0.18%1.70%-1.10%7.39%-2.70%-0.70%1.51%-0.64%2.23%-0.43%-0.32

11、%0.00%-1.69%-4.42%-4.48%5.38%-2.34%-4.04%-0.51%-9.62%3.12%-2.15%-4.76%,最新 PE8.076.408.963.883.7115.476.107.647.079.7213.836.3813.5511.1011.003.583.5815.837.228.5710.767.7113.304.686.163.178.7110.178.966.0711.7014.257.794.7912.2210.925.20,最新 PB3.151.271.621.151.203.332.933.262.082.903.752.072.683.422

12、.590.941.114.052.162.553.082.464.521.222.681.322.272.321.562.322.642.142.191.333.223.211.73,历史平均 PE35.8617.3917.0223.1120.6829.8533.8529.2428.5344.3145.3438.6640.9043.7627.8714.7722.0834.1738.4849.3548.8632.0338.8423.1842.8124.7327.2922.8323.2337.2021.8823.9234.7231.8137.7829.7023.04,历史平均 PB3.472.57

13、2.992.042.884.303.203.492.894.354.563.674.133.703.471.772.155.233.493.236.223.284.442.053.383.463.113.032.672.932.883.394.242.744.543.862.51,PE 折价77.49%63.20%47.35%83.21%82.06%48.17%81.98%73.87%75.22%78.06%69.50%83.50%66.87%74.63%60.53%75.76%83.79%53.68%81.24%82.64%77.98%75.93%65.76%79.81%85.61%87.1

14、8%68.08%55.45%61.43%83.68%46.54%40.43%77.56%84.94%67.65%63.23%77.43%,PB 折价9.22%50.64%45.77%43.54%58.36%22.63%8.30%6.59%28.03%33.39%17.72%43.54%35.11%7.63%25.28%47.01%48.35%22.62%38.12%20.94%50.51%25.10%-1.71%40.56%20.65%61.84%27.09%23.32%41.47%20.92%8.42%36.89%48.29%51.37%29.12%16.94%31.20%,请阅读最后一页信

15、息披露和重要声明1,天风研究周报,38394041424344454647484950515253545556575859606162636465666768697071727374757677787980818283,全部 A 股塑料交运设备服务农产品加工化学原料金属非金属新材料医疗服务视听器材纺织制造酒店采掘服务零售家用轻工元件医疗器械公交建筑装饰动物保健航运专用设备房地产开发物流计算机设备食品加工制造中药通信设备化工新材料渔业机场化学制药通用机械建筑材料旅游综合多元金融园区开发汽车零部件化学纤维餐饮林业畜禽养殖饮料制造金属制品航空运输保险饲料证券,-0.15%0.40%1.29%-0.6

16、3%0.89%0.28%-1.10%0.30%0.68%-0.12%0.92%-0.25%0.36%0.14%-0.88%0.18%0.00%-0.67%0.00%0.12%-0.32%0.00%-0.73%-0.86%-1.29%-0.43%0.00%-0.48%-0.49%-0.91%-0.12%-0.12%-0.67%0.88%-0.13%-1.87%0.50%-0.35%0.49%-1.85%-3.14%0.11%-1.80%-0.35%-0.69%0.00%,-2.81%-2.82%-2.83%-2.84%-2.84%-2.88%-2.88%-2.89%-2.96%-2.97%-2.

17、97%-3.00%-3.02%-3.15%-3.16%-3.19%-3.19%-3.19%-3.20%-3.29%-3.30%-3.30%-3.38%-3.40%-3.41%-3.47%-3.48%-3.66%-3.78%-3.79%-3.80%-3.89%-3.97%-3.97%-4.00%-4.05%-4.15%-4.61%-4.91%-6.00%-6.41%-6.98%-7.02%-7.45%-7.53%-9.07%,-2.53%2.02%0.18%-3.32%4.12%-5.97%5.97%-4.27%0.34%-2.27%-4.43%-5.16%-2.34%1.37%2.50%-1.

18、62%-2.02%-3.61%-5.93%-2.74%-7.65%-2.38%3.72%-3.53%-1.51%0.66%-1.36%-6.07%-1.93%-0.14%-0.69%-3.46%-1.33%-1.60%-3.18%-4.15%0.67%-3.17%7.82%-7.00%-7.76%-6.21%-15.80%-8.50%-11.40%-13.98%,6.577.585.497.876.8314.4919.873.365.918.1812.088.098.347.3916.845.474.8613.363.338.536.166.1510.8615.0417.569.199.421

19、2.388.1414.208.618.6511.867.987.929.476.0114.068.139.5635.809.064.3722.6112.909.72,1.812.591.882.691.794.105.791.371.823.262.652.242.522.263.671.801.412.851.172.291.982.023.463.124.952.182.393.761.413.142.261.873.832.601.801.842.194.483.013.297.192.071.622.623.642.02,22.8429.3935.2734.4029.2841.9945

20、.3336.4728.5738.5226.7134.7236.6840.2830.7927.1131.1134.3924.8226.2631.4020.4238.4337.7634.9432.1031.9538.2224.6532.5937.7629.7042.2044.4435.5325.0137.7442.0034.4136.7440.5418.8331.1338.4231.0135.54,2.903.163.803.432.463.639.141.662.553.484.753.643.472.883.393.252.323.592.893.723.152.743.414.154.073

21、.304.083.732.763.623.333.033.204.903.323.092.704.202.693.415.802.763.424.693.654.04,71.23%74.21%84.43%77.12%76.68%65.50%56.17%90.79%79.31%78.76%54.78%76.70%77.26%81.65%45.31%79.83%84.38%61.15%86.59%67.52%80.38%69.88%71.74%60.17%49.75%71.37%70.52%67.61%66.98%56.42%77.20%70.87%71.90%82.04%77.71%62.14%

22、84.08%66.53%76.37%73.98%11.70%51.88%85.96%41.15%58.41%72.65%,37.63%17.98%50.58%21.48%27.26%-13.01%36.62%17.67%28.65%6.38%44.26%38.50%27.37%21.62%-8.26%44.56%39.26%20.68%59.52%38.41%37.18%26.28%-1.38%24.75%-21.51%33.90%41.46%-0.69%49.00%13.37%32.11%38.31%-19.82%46.98%45.72%40.54%18.83%-6.57%-12.01%3.

23、40%-23.91%25.11%52.62%44.17%0.35%49.97%,资料来源：WIND 资讯，天风证券研究所整理。请阅读最后一页信息披露和重要声明2,1,3,4,5,6,7,8,9,天风研究周报1.2 市场估值统计:估值下行随着市场下跌，市场整体 PE 水平有所下行，A 股市场的整体静态 PE 在 8 月 17 日为 11.98倍，而前周末为 12.29 倍。A 股市场整体静态 PB 水平为 1.76 倍，而前周末为 1.81 倍。在 23 个申万二级行业指数中，以历史平均 PE 及 PB 为基准。目前 PE 折价最高的分别为铁路运输、银行和航空运输，其 PE 折价分别为 73.9

24、8%，72.89%和 68.25%，目前 PE 溢价最高的分别为航运、通信运营和造纸，其 PE 溢价分别为 112.57%、37.6%和 15.92%。（见表 2）表2 板块 PE 相对历史平均折价排序,序列21011121314151617181920212223242526272829303132333435363738,行业名称铁路运输银行航空运输建筑装饰交运设备服务化学纤维视听器材房地产开发塑料高速公路汽车整车饲料建筑材料零售煤炭开采综合非汽车交运设备全部 A 股机场汽车零部件石油化工仪器仪表白色家电港口专用设备公交多元金融通用机械传媒水务金属非金属新材料物流纺织制造医药商业畜禽养殖景

25、点电气设备橡胶,日涨跌幅-0.21%0.27%-1.80%0.00%1.29%0.50%0.30%-0.32%0.40%0.28%-0.22%-0.69%-0.12%-0.25%0.14%0.49%0.16%-0.15%-0.49%-1.87%0.95%0.19%0.00%0.00%0.12%0.18%0.88%-0.12%0.62%-0.90%0.28%0.00%0.68%-0.66%-1.85%-1.14%0.39%0.98%,5 日涨跌幅-2.64%-0.54%-7.02%-3.19%-2.83%-4.15%-2.89%-3.30%-2.82%-1.92%-2.50%-7.53%-3.8

26、9%-3.00%-2.60%-2.38%-1.69%-2.81%-3.78%-4.05%0.00%-2.09%-2.49%-2.46%-3.29%-3.19%-3.97%-3.80%-1.62%-2.16%-2.88%-3.30%-2.96%-1.74%-6.00%-1.64%-2.63%-2.04%,月涨跌幅-9.62%0.00%-15.80%-2.02%0.18%0.67%-4.27%-7.65%2.02%-1.10%-4.48%-11.40%-3.46%-5.16%-4.04%-0.32%-0.47%-2.53%-1.93%-4.15%1.27%1.51%-4.42%0.00%-2.74

27、%-1.62%-1.60%-0.69%1.67%-0.64%-5.97%-2.38%0.34%4.39%-7.00%-1.91%-0.51%-2.70%,最新 PE8.645.8310.4310.9917.5315.4616.0313.3614.299.9710.0414.8513.7917.9311.5123.8921.3911.9812.7013.239.3034.9612.5314.2814.9016.3729.6223.9727.5220.2328.2912.7818.9225.9225.5630.5023.7926.44,最新 PB1.241.191.481.361.832.131.

28、331.902.511.081.523.361.782.182.082.612.061.761.371.791.273.002.261.292.211.742.492.172.862.373.981.941.752.623.083.672.122.10,历史平均 PE33.2021.5132.8533.3048.1342.3041.0033.6534.9123.9724.0835.2332.1038.9924.3649.8344.2424.6826.1426.4618.3268.3124.2727.6328.7730.9555.3643.8049.7236.2450.4322.5233.054

29、4.7244.0452.1640.0844.46,历史平均 PB2.732.873.422.323.802.711.673.153.172.142.673.673.043.653.393.393.672.902.753.102.576.233.033.443.723.244.913.334.363.293.652.742.554.143.424.574.243.49,PE 折价73.98%72.89%68.25%67.00%63.58%63.45%60.90%60.30%59.07%58.41%58.31%57.84%57.04%54.02%52.75%52.05%51.65%51.46%51

30、.41%50.00%49.24%48.82%48.37%48.32%48.21%47.11%46.49%45.27%44.65%44.17%43.90%43.25%42.75%42.04%41.96%41.53%40.65%40.53%,PB 折价54.60%58.54%56.75%41.44%51.90%21.29%20.24%39.78%20.74%49.56%43.00%8.34%41.37%40.22%38.70%22.90%43.88%39.36%50.18%42.18%50.55%51.83%25.52%62.52%40.65%46.38%49.30%34.90%34.34%27.

31、95%-9.10%29.31%31.49%36.67%9.95%19.63%49.96%39.86%,请阅读最后一页信息披露和重要声明3,天风研究周报,394041424344454647484950515253545556575859606162636465666768697071727374757677787980818283,动物保健元件饮料制造包装印刷证券石油开采家用轻工园区开发林业计算机应用化工新材料保险化学原料旅游综合有色金属冶炼与加工光学光电子通信设备化学制药化学制品生物制品采掘服务餐饮网络服务农产品加工计算机设备渔业服装家纺医疗服务金属制品燃气食品加工制造半导体贸易电力中药农业

32、综合酒店电子制造医疗器械种植业环保工程及服务钢铁造纸通信运营航运,-0.67%0.14%-3.14%0.14%0.00%0.56%0.36%-0.13%0.49%-0.24%0.00%-0.35%0.89%-0.67%0.55%1.00%-0.43%-0.91%0.27%-0.60%0.92%-0.35%1.74%-0.63%-0.73%-0.48%0.00%-1.10%0.11%1.60%-0.86%1.06%0.11%0.19%-1.29%0.16%-0.12%0.00%-0.88%-0.25%-1.02%0.56%-0.43%1.31%0.00%,-3.19%-3.15%-6.41%-1

33、.53%-9.07%-0.44%-3.02%-4.00%-4.91%-2.71%-3.48%-7.45%-2.84%-3.97%-2.76%-2.57%-3.47%-3.79%-1.79%-2.21%-2.97%-4.61%-1.77%-2.84%-3.38%-3.66%-2.58%-2.88%-6.98%-1.16%-3.40%-2.06%-2.46%-2.80%-3.41%-0.81%-2.97%-1.92%-3.16%0.50%-0.71%-1.92%-2.30%-0.51%-3.20%,-3.61%1.37%-7.76%0.71%-13.98%0.34%-2.34%-3.18%7.82

34、%3.12%-1.36%-8.50%4.12%-1.33%-2.15%5.38%0.66%-0.14%-0.18%2.23%-4.43%-3.17%5.51%-3.32%3.72%-6.07%-2.34%5.97%-6.21%-3.78%-3.53%-0.70%-1.69%-4.76%-1.51%-2.24%-2.27%7.39%2.50%-3.58%1.18%1.70%-0.43%6.30%-5.93%,22.8627.7124.0619.8723.4512.1427.9025.2128.7128.8524.1324.8425.0133.9324.5631.9726.0826.9625.18

35、33.2122.3937.8641.3932.1236.0236.4320.1550.4017.8028.8035.9050.0528.3023.0334.8943.9741.4739.7934.0247.6138.3219.8831.3848.2367.02,2.742.186.502.051.831.622.431.722.883.142.302.411.733.653.112.262.093.012.534.402.574.283.352.653.263.582.556.011.923.223.002.502.171.684.712.903.113.973.493.173.290.931

36、.181.141.12,37.9245.8539.6832.6337.7619.2443.3638.8344.1743.8336.2336.1736.1849.0235.3545.6136.8935.7933.0243.2529.1348.9152.8540.8545.2945.7824.9461.5621.7434.6342.4058.9032.7626.6339.5949.3445.6643.1436.7246.9635.5817.8827.0735.0531.53,3.602.895.842.894.042.963.473.322.704.554.084.662.463.223.882.

37、943.303.633.474.464.744.233.713.443.423.752.899.162.763.504.153.233.122.514.093.213.495.243.413.484.311.772.052.032.88,39.71%39.56%39.36%39.11%37.90%36.89%35.66%35.08%34.99%34.18%33.40%31.32%30.88%30.79%30.53%29.90%29.30%24.68%23.74%23.21%23.13%22.59%21.69%21.38%20.47%20.43%19.20%18.13%18.11%16.83%1

38、5.33%15.03%13.61%13.52%11.87%10.89%9.18%7.77%7.36%-1.38%-7.72%-11.18%-15.92%-37.60%-112.57%,23.97%24.56%-11.27%29.17%54.66%45.33%30.07%48.15%-6.69%30.97%43.64%48.30%29.78%-13.50%19.76%23.14%36.69%17.17%27.12%1.44%45.73%-1.29%9.74%22.87%4.75%4.58%11.84%34.39%30.52%8.03%27.77%22.57%30.37%33.15%-15.03%

39、9.62%10.97%24.17%-2.49%8.98%23.74%47.50%42.47%43.97%61.11%,资料来源：WIND 资讯，天风证券研究所整理。请阅读最后一页信息披露和重要声明4,1,2,4,5,6,7,8,天风研究周报PB 折价最高的分别为港口、航运和银行，其 PB 折价分别为 62.52%，61.11%和 58.54%，PB溢价最高的三个行业分别是为中药、旅游综合和饮料制造，其 PB 溢价分别为 15.03%，13.50%和11.27%。（见表 3）表3 板块 PB 相对历史平均折价排序,序列391011121314151617181920212223242526272

40、82930313233343536373839404142,行业名称港口航运银行航空运输证券铁路运输交运设备服务仪器仪表石油化工机场电气设备高速公路多元金融保险园区开发钢铁公交采掘服务石油开采通信运营非汽车交运设备化工新材料汽车整车造纸汽车零部件建筑装饰建筑材料专用设备零售橡胶房地产开发全部 A 股煤炭开采通信设备医药商业通用机械医疗服务传媒电力纺织制造计算机应用金属制品,日涨跌幅0.00%0.00%0.27%-1.80%0.00%-0.21%1.29%0.19%0.95%-0.49%0.39%0.28%0.88%-0.35%-0.13%0.56%0.18%0.92%0.56%1.31%0.1

41、6%0.00%-0.22%-0.43%-1.87%0.00%-0.12%0.12%-0.25%0.98%-0.32%-0.15%0.14%-0.43%-0.66%-0.12%-1.10%0.62%0.19%0.68%-0.24%0.11%,5 日涨跌幅-2.46%-3.20%-0.54%-7.02%-9.07%-2.64%-2.83%-2.09%0.00%-3.78%-2.63%-1.92%-3.97%-7.45%-4.00%-1.92%-3.19%-2.97%-0.44%-0.51%-1.69%-3.48%-2.50%-2.30%-4.05%-3.19%-3.89%-3.29%-3.00%-

42、2.04%-3.30%-2.81%-2.60%-3.47%-1.74%-3.80%-2.88%-1.62%-2.80%-2.96%-2.71%-6.98%,月涨跌幅0.00%-5.93%0.00%-15.80%-13.98%-9.62%0.18%1.51%1.27%-1.93%-0.51%-1.10%-1.60%-8.50%-3.18%1.70%-1.62%-4.43%0.34%6.30%-0.47%-1.36%-4.48%-0.43%-4.15%-2.02%-3.46%-2.74%-5.16%-2.70%-7.65%-2.53%-4.04%0.66%4.39%-0.69%5.97%1.67%

43、-4.76%0.34%3.12%-6.21%,最新 PE14.2867.025.8310.4323.458.6417.5334.969.3012.7023.799.9729.6224.8425.2119.8816.3722.3912.1448.2321.3924.1310.0431.3813.2310.9913.7914.9017.9326.4413.3611.9811.5126.0825.9223.9750.4027.5223.0318.9228.8517.80,最新 PB1.291.121.191.481.831.241.833.001.271.372.121.082.492.411.72

44、0.931.742.571.621.142.062.301.521.181.791.361.782.212.182.101.901.762.082.092.622.176.012.861.681.753.141.92,历史平均 PE27.6331.5321.5132.8537.7633.2048.1368.3118.3226.1440.0823.9755.3636.1738.8317.8830.9529.1319.2435.0544.2436.2324.0827.0726.4633.3032.1028.7738.9944.4633.6524.6824.3636.8944.7243.8061.5

45、649.7226.6333.0543.8321.74,历史平均 PB3.442.882.873.424.042.733.806.232.572.754.242.144.914.663.321.773.244.742.962.033.674.082.672.053.102.323.043.723.653.493.152.903.393.304.143.339.164.362.512.554.552.76,PE 折价48.32%-112.57%72.89%68.25%37.90%73.98%63.58%48.82%49.24%51.41%40.65%58.41%46.49%31.32%35.08%

46、-11.18%47.11%23.13%36.89%-37.60%51.65%33.40%58.31%-15.92%50.00%67.00%57.04%48.21%54.02%40.53%60.30%51.46%52.75%29.30%42.04%45.27%18.13%44.65%13.52%42.75%34.18%18.11%,PB 折价62.52%61.11%58.54%56.75%54.66%54.60%51.90%51.83%50.55%50.18%49.96%49.56%49.30%48.30%48.15%47.50%46.38%45.73%45.33%43.97%43.88%43.

47、64%43.00%42.47%42.18%41.44%41.37%40.65%40.22%39.86%39.78%39.36%38.70%36.69%36.67%34.90%34.39%34.34%33.15%31.49%30.97%30.52%,请阅读最后一页信息披露和重要声明5,天风研究周报,4344454647484950515253545556575859606162636465666768697071727374757677787980818283,贸易家用轻工化学原料物流包装印刷水务食品加工制造化学制品白色家电元件电子制造动物保健环保工程及服务光学光电子综合农产品加工半导体化学纤维

48、塑料视听器材有色金属冶炼与加工景点化学制药服装家纺酒店畜禽养殖网络服务农业综合种植业饲料燃气计算机设备渔业生物制品餐饮医疗器械林业金属非金属新材料饮料制造旅游综合中药,0.11%0.36%0.89%0.00%0.14%-0.90%-0.86%0.27%0.00%0.14%0.00%-0.67%-1.02%1.00%0.49%-0.63%1.06%0.50%0.40%0.30%0.55%-1.14%-0.91%0.00%-0.12%-1.85%1.74%0.16%-0.25%-0.69%1.60%-0.73%-0.48%-0.60%-0.35%-0.88%0.49%0.28%-3.14%-0.6

49、7%-1.29%,-2.46%-3.02%-2.84%-3.30%-1.53%-2.16%-3.40%-1.79%-2.49%-3.15%-1.92%-3.19%-0.71%-2.57%-2.38%-2.84%-2.06%-4.15%-2.82%-2.89%-2.76%-1.64%-3.79%-2.58%-2.97%-6.00%-1.77%-0.81%0.50%-7.53%-1.16%-3.38%-3.66%-2.21%-4.61%-3.16%-4.91%-2.88%-6.41%-3.97%-3.41%,-1.69%-2.34%4.12%-2.38%0.71%-0.64%-3.53%-0.18

50、%-4.42%1.37%7.39%-3.61%1.18%5.38%-0.32%-3.32%-0.70%0.67%2.02%-4.27%-2.15%-1.91%-0.14%-2.34%-2.27%-7.00%5.51%-2.24%-3.58%-11.40%-3.78%3.72%-6.07%2.23%-3.17%2.50%7.82%-5.97%-7.76%-1.33%-1.51%,28.3027.9025.0112.7819.8720.2335.9025.1812.5327.7139.7922.8638.3231.9723.8932.1250.0515.4614.2916.0324.5630.50