央行降準落地 關(guān)注政策發(fā)力方向機會

310780331078036% 258%1 L150025025L16200182%8109670448AAA1211國企數(shù)量 國企數(shù)量占比（右軸） 國企營收占比（右軸）55767665496875206544430 90%0 80%0 70%0 60%0 50%0 40%0 30%0 20%0 10%建筑裝社會服建筑裝社會服房地產(chǎn)紡織服建筑材綜汽通農(nóng)林牧漁傳基礎(chǔ)化計算機石油石公用事商貿(mào)零國防軍電力設(shè)輕工制環(huán)機械設(shè)醫(yī)藥生電鋼食品飲美容護家用電煤非銀金銀行A00026CSIA00026CSI1 2500953CSIPETM997%901300%A1544A 1681675% 458%2ATTM3A3002502001501005.0

萬得全A 中證地企 中證央企

2.52.01.51.00.5

萬得全A 中證地企 中證央企0.0208/01 209/01 200/01 201/01 202/01

0.0208/01 209/01 200/01 20101 202/01 44PB

國有企業(yè)數(shù)量占

其它上市企業(yè)數(shù)量占

69.83%46.36%36.89%46.36%36.89%25.60%14.80%1.951.25%3.32%

0.5

1.0-2.0

2.0TT39%7%43%88%699%594%92%58%518%38%

P-TTM數(shù) 數(shù) 國企相較非國企估值-9 6 -%1 6 -%0 4 -%4 3 -%4 1 -%1 3 -%7 9 -%5 9 -%2 4 -%4 2 -%5 0 -%0 8 -%3 3 -%1 8 -%7 1 -%0 1 -%9 3 -%2 0 -%0 1 -%4 3 -%6 5 -%7 2 %1 9 %8 1 %2 9 %8 3 %1 6 %8 2 %-0 -0 %0 -1 %2 -2 %

數(shù) 數(shù) 國企相較非國企估值2 7 -%7 9 -%9 7 -%0 2 -%4 7 -%6 5 -%4 7 -%2 9 -%9 3 -%1 9 -%9 2 -%3 3 %6 3 -%7 7 -%7 8 -%8 8 -%0 4 -%7 1 -%7 6 -%5 3 %3 2 -%0 3 -%9 5 -%7 4 -%4 5 -%9 9 -%5 9 %6 6 -%1 1 -%3 3 -%3 9 %221221A21H1RE A6A%7ARETTM %800 全部A股 地方國企 央企6004002000.020.040.060.0

全部A股 地方國企 央企1401301201101009.08.07.06.05.04.0 AA02H1APE8A15PE--EAAPE()PE--APEA()11.1107.75.75.053.43.01.5 1.6 1.11.51.00.7020.5-53.54.03.53.922.31.8-3.4-85.5-107.57.87.17.06.6-189.48.911.2-15-28-.721121H2213A22122H12232020A22122H1223A22122H1223002515%512 5500 6A5A5A847%95上證指數(shù)漲跌幅央行公布日期降準幅度后一日后三日后一周//50.25個百分點-9-17-37//60.5個百分點623//90.5個百分點733//31個百分點548//30.5個百分點-0-0-1//10.5個百分點502//60.5個百分點415//41個百分點275//71個百分點-2-9-0//40.5個百分點-15-25-47//71個百分點0-.6-27//00.51個百分點674上漲概率漲幅中位數(shù)0247%517%518%1210548047漲幅中位數(shù)上漲概率3943342.4//07127507.3//77-44-61-10.-15-2//48-56-02-08-.-1//79905899.-2//42740049.0//65285265.7//17-99-50-52-.-6//31165475.1//35-184624.4//96114-1067-.6//656-.461-20-.-5//5穩(wěn)定成長消費周期金融央行公布日期313107805000014%33% 31% 33%11A% 1.510.50-0.5-1-1.5-2-2.5-3-3.5-4

11.140.850.360.350.10.3240.01-0.08-0.680.65-2.47-3.10-3.03-3.36-50 50 300 100008082% 10612A12A1000 6001000 6001000 500800 500600 400400 400200 3000 3003396% 258%%1313%.. .......2.5832.583.963.44.515.6041.112.800.491.171.750.24-0.023.1-3.28-0.13-1.654.5-7.55-9.76-95509% 50% 46% 40% 26%14%554.4554.464.052.682.662.172.150.190.050.03-0.27-0.29-0.46-1.35-1.41-1.43-1.60-1.89-1.99-2.05-2.18-2.21-3.583.59-3.64-4.65-4.88-5.26-5.4794.03-5.-8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0004831515-6050403020100-1-6050403020100-10-20-30-40-501,500161010806040200-0-013/1617202212.1202211.017202212.1202211.0202211.0202211./11 : MI11 5 EIA : ( )DP : (%)11 MI221-1-11221-1-25222-0-08222-0-22222-0-12222-0-26222-0-12222-0-26222-0-09222-0-23222-0-07222-0-21222-0-04222-0-18222-0-02222-0-16222-0-30222-0-13222-0-27222-0-