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投资减速必然会削减能源、原材料行业的垄断利润,产业利润在产业链条上中下游环节之间会有一个重新博弈分配的过程。在具有估值优势的上游企业与处在景气上升趋势中的中下游企业之间取得平衡的“上下求索、双向防御”的主题思路,正是我们对当前投资环境的判断。
Investment slowdown will inevitably reduce monopoly profits from energy and raw materials industries. Industry profits will have a process of re-game allocation among the middle and lower reaches of the industrial chain. The theme of “seeking a two-way defense from top to bottom” between the upstream enterprises that have the valuation advantage and the middle and downstream enterprises that are in a rising trend is precisely our judgment on the current investment environment.