【粤开策略大势研判】央行降准落地，关注政策发力方向机会

www.ykzq.com 1 / 16 | 20221127 S0300520100001 010-83755578 chenmengjie@ykzq.com chengjiayi @ykzq.com 2022-11-06 2022-11-13 -202211142022-11-14 -202211152022-11-15 2022-11-20 310037803.96%2.58% 11LPRLPR11250.255000LPR 162000 18.2%8110.967074.48 AA A12 请务必阅读最后特别声明与免责条款 www.ykzq.com 2 / 16 2022A 1 A1125PETTM9.0115.44A16.789.97%30.07%A TTM-111.7%-88.9%-69.9%-43.9%-43.3%-59.4%-59.2%-58.8%-51.8%-43.8% 2 2021A21H1ROEA A2021H1APE 请务必阅读最后特别声明与免责条款 www.ykzq.com 3 / 16 ............................................................................................ 4 .......................................................................................................................................... 4 ............................................................................................................................. 5 ............................................................................................................................. 7 ........................................................................................................... 8 ..................................................................................................................................................... 10 ............................................................................................................................................. 13 ............................................................................................................................................................ 14 1 .................................................................................................. 5 2 ATTM ............................................................................................ 5 3 A ..................................................................................................... 5 4 PB ............................................................................................... 6 .......................................................................................................... 6 6 A% .................................................................................... 7 7 AROE-TTM% ............................................................................................... 7 8 APE ......................................................................... 8 9 5 ......................................................................................................... 9 10 5 ......................................................................................... 9 11 A% ......................................................................................................... 10 12 ........................................................................................... 10 13 % ............................................................................................................. 11 14 % ................................................................................................................. 11 15 ....................................................................................... 12 16 ......................................................................................................... 13 17 ............................................................................................................................ 13 请务必阅读最后特别声明与免责条款 www.ykzq.com 4 / 16 310037803.96%2.58% 11LPRLPR11250.255000LPR162000 18.2%8110.967074.48 AA A12 请务必阅读最后特别声明与免责条款 www.ykzq.com 5 / 16 1 wind A000926.CSI000953.CSI1125PETTM9.0115.44A16.789.97%30.07%A16.75%4.58% 2ATTM 3A 89 85 80 79 67 67 64 56 56 55 54 52 49 46 45 38 37 35 34 32 30 27 26 25 24 20 14 14 14 13 3 0%10%20%30%40%50%60%70%80%90%100%0102030405060708090100建筑装饰社会服务房地产纺织服饰建筑材料综合汽车通信农林牧渔传媒基础化工计算机石油石化交通运输公用事业商贸零售国防军工电力设备轻工制造环保机械设备医药生物电子钢铁有色金属食品饮料美容护理家用电器煤炭非银金融银行国企数量国企数量占比（右轴）国企营收占比（右轴） 请务必阅读最后特别声明与免责条款 www.ykzq.com 6 / 16 wind wind 4PB wind TTM-111.7%-88.9%-69.9%-43.9%-43.3%-59.4%-59.2%-58.8%-51.8%-43.8% 0.05.010.015.020.025.030.02018/012019/012020/012021/012022/01万得全A中证地企中证央企0.00.51.01.52.02.52018/012019/012020/012021/012022/01万得全A中证地企中证央企1.95%14.80%36.89%46.36%1.25%3.32%25.60%69.83%0%10%20%30%40%50%60%70%80%<0.50.5-1.01.0-2.0>2.0国有企业数量占比其它上市企业数量占比 请务必阅读最后特别声明与免责条款 www.ykzq.com 7 / 16 2021A21H1ROEA 6A% 7AROE-TTM% 国有企业中位数非国企中位数国企相较非国企估值国有企业中位数非国企中位数国企相较非国企估值钢铁-2.3920.36-111.7%0.721.77-59.2%美容护理3.7133.46-88.9%1.572.79-43.8%煤炭5.6018.64-69.9%1.192.47-51.8%建筑材料9.8417.53-43.9%1.302.22-41.6%交通运输10.8419.11-43.3%1.142.77-58.8%建筑装饰11.1119.53-43.1%1.661.85-10.0%基础化工15.6724.59-36.3%2.142.47-13.2%银行4.256.09-30.2%0.520.69-25.0%电子26.5235.84-26.0%2.393.03-21.0%医药生物23.4431.12-24.7%2.213.19-30.7%汽车25.0532.00-21.7%1.692.42-30.4%通信20.6025.68-19.8%3.032.7310.9%纺织服饰13.9317.33-19.6%1.861.93-3.9%机械设备25.6131.28-18.1%2.172.77-21.7%食品饮料30.2736.81-17.8%2.773.38-17.9%传媒13.1015.61-16.1%1.582.48-36.2%电力设备28.6933.93-15.4%2.603.14-16.9%商贸零售15.9218.60-14.4%1.372.01-31.7