China Galaxy A-Share Morning Comments (晨会纪要€¦ · Network (603039.CH), Glodon Co (002410.CH), Yonyou Network Technology (600588.CH), Beijing Shiji Information Technology

Please refer to the important disclosures and disclaimers at the end of the English summary and at the back of this report.

China Galaxy A-Share Morning Comments (晨会纪要) September 13, 2018

Market Commentary The A-share market had another correction on Wednesday. The SHCOMP headed south and almost breached the 2016 low of 2,638. While a rally in military stocks led a rebound, the Shanghai benchmark lost momentum and returned to the negative zone in the afternoon session. All large caps fell lower and dragged down the indices. Turnover shrank substantially to a four-year low amid extremely weak sentiment.

The A-share market extended its weakness on Wednesday, and most sectors closed lower. Only a few sectors remained intact. The military sector, which has been trading at historical lows, displayed its defensive nature in the market downturn. China Avionics Systems (600372.CH), HPF Co (300350.CH) and Jiangsu Tongguang Electronic Wire and Cable (300265.CH) soared to limit-up.

Financial plays such as insurance and brokerage stocks also helped support the market. However, given the weak buying momentum, the major indices fell again. In fact, we believe heavyweights alone cannot drive up the market without a significant increase in turnover. The broader market is likely to oscillate lower in the near term. In addition, another potential rate hike by the Fed in September will weigh on the market. Therefore, investors should stay cautious and wait for better opportunities.

From CGS A-Share Morning Meeting Summary: Home Appliances: The IFA Berlin 2018 ended last week. The theme this year focuses on how smart living leads to more intelligent and connected homes. Investors may follow leading home appliance companies with smart devices. (Click here…)

TMT: We are positive about the cloud computing companies. Our key recommendations include Sangfor Technologies (300454.CH), Shanghai Weaver Network (603039.CH), Glodon Co (002410.CH), Yonyou Network Technology (600588.CH), Beijing Shiji Information Technology (002153.CH) and Aisino Corp (600271.CH). (Click here…)

Brokerage: The brokers delivered divergent earnings performance in H1 2018. With a more intensified Matthew Effect, the industry concentration may rise further and the strong players is likely to grow stronger. The sector is currently trading at historical low of 1.19x PBR, with large-sized integrated players at 1.14x PBR, suggesting both defensive and rebound opportunities. Given the tight regulatory environment, larger brokers with solid capital base and business exposure should have an edge in business expansion and gaining approvals for new licenses. Strong players are likely to grow stronger. Considering the rising market concentration, we continue to recommend CITIC Securities (600030.CH), GF Securities (000776.CH) and Huatai Securities (601688.CH). (Click here…)

Major Indices 18.09.12

Index Close (pts)

Change (pts)

% Chg

SHCOMP 2,656.1 -8.7 -0.33%

SZSE Comp 8,111.2 -56.9 -0.70%

CSI 300 3,202.0 -22.2 -0.69%

ChiNext 1,385.8 -9.4 -0.67%

HSI 26,345.0 -77.5 -0.29%

HSCEI 10,238.8 -94.4 -0.91%

Source: Bloomberg

Futures/Money Markets 18.09.12 Index Close % Chg

NYMEX Crude 70.30 +1.52%

COMEX Gold 1,211.60 +0.78%

LME Copper 5,997.00 +2.36%

LME Aluminum 2,057.50 +0.66%

BDI 1,439.00 -2.90%

USD/RMB 686.80 +0.06%

Source: Bloomberg

CSI300 Top 5 Gainers 18.09.12 Stock Code Close

Teamax Smart City Technology 000662 5.57 Shenzhen Liantronics 300269 7.11 Tongguang Electronic Wire 300265 6.79 Ningbo Ligong Environment 002322 11.39 Zhejiang Talent Television & Film 300426 8.88

CSI300 Top 5 Losers 18.09.12 Stock Code Close

Jixiang Molybdenum 603399 11.66 Dahua Technology 002236 14.02

Nhwa Pharmaceutical 002262 16.03 Fujian SBS Zipper Science 002098 11.89 Xinzhi Technology 002664 19.20

Source: Sina.com

CGIS Research [email protected]

mailto:[email protected]

Please refer to the important disclosures and disclaimers at the end of the English summary and at the back of this report.

Reports Recently Published by CGS:

Hengrui Medicine (600276.CH) – 1H18 Results Review: Stable Earnings Growth; Major Drug Product

Investments to Bring Harvest (Li Pingzhu)

Jiajiayue Group (603708.CH) – 1H18 Results Review: Interim Earnings In-line; Store Expansion and

Enhancement in H2 (Li Ang)

Shanghai Trendzone Construction – 1H18 Results Review: Sharp Increases in Earnings and Profits;

Customized Decoration Business to Boost Development (Hua Li)

Property – Weekly Update: Curbing Measures Still in Play; Better Demand/Supply Balance Expected Ahead

(Pan Wei)

Home Appliances – Weekly Update: Market Size Substantially Expanded in H1 2018 (Li Ang)

Non-ferrous Metals – Electrolytic Aluminum Prices to Climb as Catalysts Emerge (Hua Li)

Retailing – Social Consumption Growth Slowed Down in Slack Season; Supermarkets Likely to Benefit from

Improving CPI (Li Ang)

Machinery – Oil & Gas Industry to Boom as PetroChina Increases Exploration and Extraction Investments (Liu

Lancheng)

Food & Beverages – Weekly Update: Brewery Industry Climate Index Remained Stable in June (Zhou Ying)

Electronics – Sector to Benefit from China’s Larger Support to Technology Industries (Fu Chuxiong)

Electronics – Weekly Update: Domestic Substitution to Accelerate as China Beefs Up Support to Technology

Industries (Fu Chuxiong)

TMT – Weekly Update: TMT Sector to Ride on Information Consumption Upgrade (Qian Jinyu)

Lepu Medical Technology (300003.CH) – 1H18 Results Review: Earnings Growth Remained Strong;

Multi-segment Expansion for Medium and Long Term Development (Li Pingzhu)

Media – Weekly Update: Video Platform and Film/TV Companies Boycott Unreasonable Pay for Actors; A More

Regulated Industry Expected (Yang Xiaotong)

Textile & Apparel – Weekly Update: Sector to Recover amid RMB Depreciation (Li Ang)

Fixed Income Strategy – Weekly Update: Yield Curve Likely to Remain Steep (Liu Dan)

Auto – Weekly Update: Auto Sales Growth Turned Soft in July; New Energy Vehicle Sales Growth Remained

Stable (Zou Ran)

Tianyu Eco-Environment (603717.CH) – 1H18 Results Review: Stable Earnings Growth; Ample Orders and

Huge Potential (Hua Li)

Construction – Weekly Update: Infrastructure Expected to Improve Further (Hua Li)

A-share Morning Comments - 2

Disclaimer and Risk Statement

This document (including any information attached) is issued by China Galaxy International Securities (Hong Kong) Co., Ltd. (“Galaxy International Securities”), one of the subsidiaries of the China Galaxy International Financial Holdings Limited (“China Galaxy International”), to the institutional clients and it does not aim at or intend to violate any laws and regulations of any regions, countries, cities or other jurisdiction.

Notwithstanding this document is based on information and/or reports obtained from the research team of China Galaxy Securities Co., Ltd. (6881.HK; 601881.CH), a direct and/or indirect holding company of the group of companies under China Galaxy International, being information sources believed to be reliable, no representation or warranty (expressly or implied) is made as to their accuracy, correctness and/or completeness. All information, opinions, estimates and/or ratings contained in this document are for the sole purpose of general reference and subject to change without notice and shall not be construed as an offer, invitation or solicitation to buy or sell any securities of the company(ies) referred to herein. The analysis herein does not take into account the particular investment objectives, financial situation or risk tolerance level of any particular clients and does not constitute a personal investment recommendation to anyone. The prices of securities may move up or down, and past performance should not be regarded as an indication of future performance. The recipient of this document should understand and comprehend the investment objectives and its related risks, and where necessary consult their own independent financial advisers prior to any investment decision.

Where any part of the information, opinions or estimates contained herein reflects the personal views and opinions of the analyst who prepared this document, such views and opinions may not correspond to the published views or investment decisions of China Galaxy International and any of its subsidiaries, directors, officers, agents and employees (“the Relevant Parties”).

China Galaxy International and the Relevant Parties hereby disclaim any of their liabilities arising from the inaccuracy, incorrectness and incompleteness of this document and its attachment(s) and/or any action or omission made in reliance thereof. Accordingly, this document must be read in conjunction with this disclaimer.

Disclosure of Interests

China Galaxy International may have financial interests in relation to the subjected company(ies) the securities in respect of which are reviewed in this document, and such interests aggregate to an amount may equal to or more than 1 % of the subjected company(ies)’ market capitalization.

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China Galaxy International may have served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this document or may be providing, or have provided within the last 12 months, significant advice or investment services in relation to the investment concerned or a related investment or investment banking services to the company(ies) mentioned in this document.

Furthermore, China Galaxy International may have received compensation for investment banking services from the company(ies) mentioned in this document within the preceding 12 months and may currently seeking investment banking mandate from the subject company(ies).

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8

www.chinastock.com.cn 证券研究报告请务必阅读正文最后的中国银河证券股份公司免责声明

[table_research] 晨会研究报告 2018 年 09 月 13 日

[table_main] 晨会纪要模板

晨会纪要

责任编辑：

今日视点: 丁文

：010-66568797

：[email protected]

职业证书编号：S0130511020004

家电：018年柏林国际消费电子展（IFA2018）闭幕。

本次 IFA 主题定为“智能家居，使人类家居更智能、互联”。建议关注布局智能家居的家电龙头企业。

计算机：我们持续推荐云计算产业。看好深信服、泛微网络、广联达、用友网络、石基信息、航天信息等。

证券：券商业绩分化明显，马太效应加剧，行业集中度持续提升，强者恒强。当前板块 1.19XPB，大型综合券商 1.14XPB，估值处于历史偏低位置，防御与反弹攻守兼备。券商业务条线强监管环境下，大券商凭借雄

厚的资本实力以及强劲的综合实力在业务规模以及资格获批方面均有优势，强者恒强局面延续，行业集中度持续提升。个股方面，持续推荐中信证券、广发证券以及华泰证券。

[table_foreign] 国际市场 2018.09.12

道琼斯 25998.92 +0.11%

NASDAQ 7954.23 -0.23%

FTSE100 7313.36 +0.55%

香港恒生 26345.04 -0.29%

香港国企 10238.77 -0.91%

日经指数 22604.61 -0.27%

国内市场 2018.09.12

上证综指 2656.11 -0.33%

深证成指 8111.16 -0.70%

沪深 300 3202.02 -0.69%

上证国债 166.57 -0.03%

上证基金 5648.42 -0.24%

中国基金 4161.05 -0.28%

期货、货币市场 2018.09.12

NYMEX 原油 70.30 +1.52%

COMEX 黄金 1211.60 +0.78%

LME 铜 5997.00 +2.36%

LME 铝 2057.50 +0.66%

BDI 指数 1439.00 -2.90%

美元/人民币 686.80 +0.06%


晨会研究报告

请务必阅读正文最后的中国银河证券股份公司免责声明。

2

[table_content] 一、市场简评

周三（9月 12日），两市低开，沪指一路下探至 2647 点，距离 2638点不足 10点；随后三大股指先后翻红；午后指数数次冲高但均遭打压回落。截止收盘，上证综指收跌 0.33%报 2656.11点，深证成指跌 0.7%报 8111.16点，盘中失守 8100点整数位；创业板指跌 0.67%报 1385.8 点，一度涨近 1%；三大股指均续创新低。成交量萎靡至 2177.77亿元，较上日（2211.41亿元）进一步萎靡，再度刷新年内新低。盘面上看，军工、传媒、综合行业领涨，医药、食品饮料、餐饮旅游行业领跌；主题方面，食药品溯源、大飞机、航母主题领涨，仿制药、创新药、CAR-T疗法主题领跌。

A股市场行情走势原因分析：

市场受消息、题材扰动震荡运行，风险偏好低迷，成交量萎缩。A股后期仍以结构性行情为主，对后期的市场保持相对谨慎。近期应继续关注中美贸易战的新动向及相对宽松的财政货币政策的落地。

关注 9 月组合。9 月的月度组合包括：北新建材（000786）、仁和药业（000650）、金风科技（002202）、水井坊（600779）、航天电器（002025）、陕西煤业（601225）、贵州茅台（600519）、四维图新（002405）、华鲁恒升（600426）、通源石油（300164）。

低估值组合包括：：仁和药业（000650）、中国交建(601800)、欧非科技(002456)、中国铁建(601186)、苏州科达（603660）、大秦铁路（601006）、北新建材（000786）、水井坊（600779）、四维图新（002405）、保利地产（600048）。

现金牛组合包括：北新建材（000786）、长春高新（000661）、贵州茅台（600519）、中国

平安（601318）、长江电力（600900）、四维图新（002405）、保利地产（600048）、正业科技（300410）、杰瑞股份（002353）、水井坊（600779）。

（分析师：洪亮）

二、今日热点

家电：智能家居，家电行业新机遇

8月 31日至 9月 5日，2018 年柏林国际消费电子展（IFA2018）在德国首都柏林举行，IFA是全球消费电子和家用电器领军展会，是行业发展的风向标。本届展会全球共有超 1600家展商参会，其中包括近 700家中国企业。

今年 IFA主题定为“智能家居，使人类家居更智能、互联”。做为智能家居主要载体的家电未来发展的主要趋势依然是“智能”，但本次展会的“智能”体现方式有所不同，从以往的具体产品上升到智能家居解决方案上。我们认为智能家居产业未来市场规模较大，提供智能家居解决方案的能力在家电行业企业未来竞争中所占据的位置会越来越重要。奥维研究报告预测 2018 年全球智慧


晨会研究报告


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家庭市场规模将达 710 亿美元，而中国市场占比将达 32%。《2015-2020年中国智能家居设备行业发展前景预测与投资机会分析报告》预计，2020 年我国智能家居产业规模预计将突破 1 万亿元。我们建议关注家电行业中的龙头企业。家电龙头企业在智能家居解决方案竞争方面具有一定优势。首先龙头企业产品种类丰富，在推出智能解决方案时，具有较好的兼容性；其次龙头企业具有一定的技术优势和强大的研发能力，更容易在智能家居领域取得领先地位并保持其优势。

近期我们建议继续关注美的集团和格力电器。美的和格力均参加了本次展会，其中格力在展会上设立家用空调体验区、商用空调体验区、厨房体验区、冰洗衣体验区、空气处理体验区五大区域，展出了空调、洗衣机、冰箱、生活电器等全系列产品。美的在展会中携 2016 年收购的东芝家电同台亮相，展出了其最新产品，其中有两款产品分别荣获房间空气环境系统解决方案金奖、健康净饮水技术金奖。从参展产品来看，美的和格力均具有行业领先的技术，其强大的研发能力也有助

于维持行业技术领先的地位。长远来看，美的和格力的龙头地位较为稳固，业绩确定性较强，未来营业收入和盈利能力有望稳步提升。另一方面，近期由于整体市场环境等多方面原因，美的和格力的市盈率均处于较低位置，下行空间较小。

（分析师：李昂）

计算机：贸易战再引板块大跌，A股云计算受影响有限

上周五的媒体错误解读导致科技股大幅下挫，从短期来看，贸易战会一定程度上影响市场风险偏好。但从中长期来看，计算机板块公司各行各业信息化以内需为主，出口占比极少，受到贸易战影响有限。

作为景气度最高的子领域，无论从美股 Sales Force，VMware等相关公司业绩与市场表现，或者从全球服务器市场出货量增速，公有云服务的营收扩大来看，仍旧看好云计算相关公司

投资建议：看好深信服、泛微网络、广联达、用友网络、石基信息、航天信息等。

风险：风险偏好下降等。

（分析师：钱劲宇）

三、报告精选

证券行业 8 月业绩点评：市场交投低迷，券商净利环比减少 72.75%

1．事件

截至 9月 6日，33家上市券商中已有 28家披露 2018 年 8月财务数据。

2．我们的分析与判断

简单加总合并口径测算，28家上市券商单月实现营业收入 84.94亿元，环比下滑 50.31%；单


晨会研究报告


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月实现净利润 18.36亿元，环比减少 72.75%；月末净资产 11708.17亿元，与上月基本持平。中信证券、招商证券和申万宏源的净利润居行业前三甲，分别实现净利润 2.94亿元、2.92 亿元以及 2.66亿元。7 月申万宏源西部证券对其进行 10 亿元利润分配，拉高上月行业净利润基数，扩大业绩环比降幅。

市场震荡磨底，券商各业务条线受到全面压制。经纪业务交投低迷，8月沪深两市股基累计成交金额 7.45万亿元，环比下降 13.71%，日均成交额 3239.78 亿元，环比减少 17.46%。贸易战升级叠加宏观经济疲软，投资者避险情绪浓厚，风险偏好下降。信用业务两融余额下滑至 8575.74亿元，环比下降 3.83%。股权融资规模下滑，债券融资规模增长。8月股权融资规模合计 1071.24 亿元，环比减少 39.31%，其中 IPO6 家，募集资金 48.02 亿元，环比减少 8.51%；增发 21 家，募集资金912.37 亿元，环比减少 43.94%。债券融资规模合计 4794.50 亿元，环比增长 8.5%。股债两市双降，

预计自营业务收入浮亏。8月上证综指回落 5.25%，沪深 300下跌 5.21%，中债总全价指数下滑 0.58%。

3．投资建议

券商业绩分化明显，马太效应加剧，行业集中度持续提升，强者恒强。IFRS9 的实施增加券商业绩波动性，券商业绩对投资交易业务收益波动敏感度提升。大型综合券商仓位控制机制相对完善，对冲交易策略丰富，衍生类业务收益增长丰厚，助推业绩表现良好。当前板块 1.19XPB，大型综合券商 1.14XPB，估值处于历史偏低位置，防御与反弹攻守兼备。券商业务条线强监管环境下，大券商凭借雄厚的资本实力以及强劲的综合实力在业务规模以及资格获批方面均有优势，强者恒强局面延续，行业集中度持续提升。个股方面，持续推荐中信证券、广发证券以及华泰证券。

4. 风险提示

监管力度持续收紧；市场波动对业务影响大。

（分析师：武平平）

【银河医药李平祝团队】华东医药（000963）中报跟踪：积极转型创新型药企的综合性龙头

1．事件：

公司发布 2018年半年报。2018年上半年公司实现营收 153.25亿元，同比增长 8.76%；实现归属上市公司股东净利润 12.93 亿元，同比增长 24.19%；实现扣非归母净利润 12.69 亿元，同比增长 23.06%。实现 EPS0.8870元。

2．我们的分析与判断

（一）收入增长暂时放缓，结构调整改善盈利

（二）产品集群丰富，研发能力突出

（三）打造浙江省龙头，商业仍有发展空间

3．投资建议

我们看好公司创新型医药工业增长前景以及商业回暖预期。首先，我们强烈看好公司“以科研


晨会研究报告


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开发和技术创新为主导的新型医药工业企业转型”的总体战略带来的结构转型。其次，我们看好公司的研发能力。公司目前产品集群丰富，研发项目批次密集，在研品种储备丰富。最后，我们看好公司商业触底回暖，在两票制的负面影响逐渐消除后，公司将凭借浙江省商业龙头地位继续整合市场。我们看好公司未来业绩将保持高速增长，预测 2018-2020 年归母净利润为 22.41/27.54/34.60亿元，对应 EPS 为 1.54/1.89/2.37 元，对应 PE为 28.5/22.1/17.3 倍。给予“推荐”评级。

（分析师：李平祝）

四、当日政策经济、行业个股点评

经济要闻

公安部开放"P2P 系列"投资人信息登记

财政部规范有序推进政府和社会资本合作（PPP）工作

前８个月我国汽车产销量同比保持小幅增长

全国铁路 1—8月完成投资 4612 亿元

发改委:全力清理规范转供电环节加价

公安机关开始对网贷平台涉嫌非法集资案件集中网上登记

李克强考察市监总局:强调是"市场"监管不是"计划"监管

今年台风风王"山竹"即将登陆华南面临双台风考验

工信部陈肇雄:将进一步加强与南非通信主管部门的合作

多部门联合进驻七家网约车平台滴滴被曝一键报警形同虚设

全国入库 PPP 项目投资额超 11万亿

民航局发改委将召开民航领域鼓励民间投资项目推介会

李克强:食品药品等涉及人民群众生命安全领域须严监管

商务部:阿根廷对我微波炉启动反倾销日落复审调查

财政部:8月全国一般公共预算收入 11077 亿元同比增 4%

财政部:前八月证券交易印花税同比增长 4.4%

财政部:8月份全国一般公共预算收同比增长 4%

国常会:决定再压减工业产品生产许可证 1/3 以上

财政部、应急管理部向山东追加下拨 1.5 亿元中央救灾资金

黄炜任国家粮食和物资储备局党组成员、副局长


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行业动态

8 月新能源汽车销量同比增长 49%

长虹再"跨"餐饮业或与美团等外卖平台探线下"自营店"模式

vivo 称已对 60多家企业适配家电企业浇冷水:全面互联不现实

从消费电子烧到无人驾驶苹果、三星、华为"跨界造车"各怀心思

电信业环境生变 5G时代联通和电信能否合并成最大看点

8 月车市同比下降 3.8% 新能源全年产销有望达 150 万辆

16部门"三定"方案集中公布跨区域大气污染防治机构露面

1-8 月全国铁路投资完成年度计划的 63%

2018 年 8月电动汽车充电桩市场分析:累计公共充电桩 27.9 万个

多部门联合检查组进驻网约车顺风车平台检查中国网约车市场发展分析及预测

保险业转型阵痛渐退前 7月原保费降势继续收窄

1-7 月饮料酒产量同比增长 0.76%

2013 年来首次报道称三星智能手机出货量将跌破 3 亿台

传海航弃租香港中环办公室每年节约 1.44 亿港元

1-8 月全国快递业务量累计完成 302.6 亿件同比增长 27.2%

传 ofo 获阿里 6000 万借款蚂蚁 ofo:假消息

EIA 下调石油产量增长预期亚市早盘原油期货价格走高

标普:预计 2018 年余下时间铁矿石价格为 65美元/吨

8 月三元电池和磷酸铁锂电池产量占主体地位

"饿了么+口碑"新公司融资金额或超美团 IPO 双方战事再升级

2018 年 9月 12日全国各省市生猪价格排行榜:浙江猪价最高

2018 年中国 3D打印行业数据分析及预测:市场规模将超 20 亿元

《中国要闻》工信部:加大对人工智能芯片产业支持增研发力度

北京拟供住宅地块 66宗热点区域项目占比超三成

阿里系成立小程序事业部行业有望迎来风口


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五、最近一个月行业研究员推荐个股市场表现一览

[table_monthstkshow] 代码名称评级自推荐日累积涨幅报告日分析师


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评级标准

银河证券行业评级体系：推荐、谨慎推荐、中性、回避

推荐：是指未来 6－12 个月，行业指数（或分析师团队所覆盖公司组成的行业指数）超越

交易所指数（或市场中主要的指数）平均回报 20%及以上。该评级由分析师给出。

谨慎推荐：行业指数（或分析师团队所覆盖公司组成的行业指数）超越交易所指数（或市

场中主要的指数）平均回报。该评级由分析师给出。

中性：行业指数（或分析师团队所覆盖公司组成的行业指数）与交易所指数（或市场中主

要的指数）平均回报相当。该评级由分析师给出。

回避：行业指数（或分析师团队所覆盖公司组成的行业指数）低于交易所指数（或市场中

主要的指数）平均回报 10%及以上。该评级由分析师给出。

银河证券公司评级体系：推荐、谨慎推荐、中性、回避

推荐：是指未来 6－12 个月，公司股价超越分析师（或分析师团队）所覆盖股票平均回报

20%及以上。该评级由分析师给出。

谨慎推荐：是指未来 6－12 个月，公司股价超越分析师（或分析师团队）所覆盖股票平均

回报 10%－20%。该评级由分析师给出。

中性：是指未来 6－12 个月，公司股价与分析师（或分析师团队）所覆盖股票平均回报相

当。该评级由分析师给出。

回避：是指未来 6－12 个月，公司股价低于分析师（或分析师团队）所覆盖股票平均回报

10%及以上。该评级由分析师给出。

丁文，策略研究证券分析师。本人具有中国证券业协会授予的证券投资咨询执业资格并

注册为证券分析师，本人承诺，以勤勉的职业态度，独立、客观地出具本报告。本报告清晰准

确地反映本人的研究观点。本人不曾因，不因，也将不会因本报告中的具体推荐意见或观点而

直接或间接受到任何形式的补偿。本人承诺不利用自己的身份、地位和执业过程中所掌握的信

息为自己或他人谋取私利。


晨会研究报告


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