文丨财联社

zijinnianyilai，zhongteguzheiyigainianshichangbeishichangtiqi。zhengrujigouciqianzhichu，zheiyigainianshigangguxinhexinzichan，diguzhi、gaoguxilvshuxingdaozhiqizairuoshizhongxiangduikangdie，gengjufangyuxing，gaoguxicelvezaigangguzhongzhangshengbushuai。

duiciguangdazhengquanzhichu，weilai“zhongtegu”dezhuxiandiweihuorengbubian，xingqinghuojiangfashengjiegouxingbianhua，jingqishangxingdeyangguoqihuoshiweilai“zhongtegu”zhuxiandezhongyaozuchengbufen。

tamenzhichu，suirandangqian“zhongtegu”xingqingxiangduidimi，dancongzhengce、zijinyijizichanhuibaolaikan，yujiweilai“zhongtegu”huorengyoujiaohaodetouzijihui。buguo，youyuzibenshichangfazhanguilv、guzhikechixuxingdengyinsu，weilai“zhongtegu”zhuxianxingqinghuobutongyuqianqiyangguoqiguzhiquanmianxiufudexingqing，jingqichixushangxingdeyangguoqihuojiangshoudaotouzizheqinglai，chengwei“zhongtegu”zhuxiandezhongyaozuchengbufen。

新一轮国企改革或是未来“中特估”主线行情的催化剂和阿尔法方向之一

guangdazhengquanzhichu，xinyilunguoqigaigehuojiangchengweiweilai“zhongtegu”zhuxianxingqingdecuihuajizhiyi。dangqian“zhongtegu”xingqingxiangduijiaoweidimi，erconglishilaikan，shouguoqigaigexiangguanshijianhezhengcedecuihua，guoqigaigewangwangnengcuihuaxiangyingde“guoqixingqing”，diejiazhongguoteseguzhitixi，xinyilunguoqigaigehuojiangchengweiweilai“zhongtegu”zhuxianxingqingdecuihuajizhiyi。

guoqigaigehuojiangshiweilai“zhongtegu”zhuxianxingqingdeaerfafangxiangzhiyi。conglishilaikan，guoqigaigewangwangnengcuihua“guoqixingqing”，bingqieguoqigaigexiangguanguoqidezichanzhiliangwangwangnengxianzhutisheng，dangqianxinyilunguoqigaigejiangqi，weilaixiangguanguoqidejingqiyouwangchixushangxing，chengweiweilai“zhongtegu”zhuxiandezhongyaozuchengbufen。

ciwai，conglishilaikan，youguoqigaigecuihuade“guoqixingqing”qijian，guoqigaigexiangjiaoyuguoqizhengtijuyoumingxiandechaoeshouyi。yinci，xinyilunguoqigaigexiangguanguoqihuojiangyinglaidaiweisishuangji，chengweiweilai“zhongtegu”zhuxianxingqingdeaerfafangxiangzhiyi。

国企两大方向值得关注

guangdazhengquanzhichu，xinyilunguoqigaigexia，zhongdianguanzhuyangqidebinggouzhongzuyijiguoqigaigezhuanxiangxingdonglianggefangxiang。

xinyilunguoqigaigexia，zhongdianguanzhubufenyoubinggouzhongzuyuqidexiangguanyangqiyijiyi“kegaixingdong”、“shuangbaixingdong”weidaibiaodezhuanxiangxingdongxiangguanguoqidetouzijihui。yifangmian，zhongyangqiyetigaoshangshigongsizhiliangjibinggouzhongzugongzuozhuantihuiyu6yuezhaokai。lingyifangmian，zhuanxianggongchengzuoweiguoqigaigedezhongyaozhuashou，juyougaigefengxiangbiaoyiyi，5yue“kegaixingdong”he“shuangbaixingdong”shuangshuangkuowei。yinci，weilaibufenyoubinggouzhongzuyuqidexiangguanyangqiyijiyi“kegaixingdong”、“shuangbaixingdong”weidaibiaodezhuanxiangxingdongxiangguanguoqihuojianglvxianyinglaigaige。

fangxiangyi：juyoubinggouzhongzuyuqixiangguandeyangqi，zhuyaobaokuosanleitouzijihui，yishituidongyangqizuoqiangzuoyoudailaidexiangguanzichanzhuru、binggouzhongzudejihui；ershizhanlvexinxingchanyeyangqizhuanyehuahechanyehuazhenghedetouzijihui，zhuyaobaokuorengongzhineng、gongyemuji、jichengdianludenglingyudeyangqi；sanshiquefachixujingyingnengli、zhangqisangshirongzigongnengdengyangqidediaozheng。

fangxianger：yi“kegaixingdong”、“shuangbaixingdong”weidaibiaodeguoqigaigezhuanxiangxingdongzhongxiangguandeyouzhishangshiyangguoqi。duiyu“kegaixingdong”xiangguanqiye，jianyiguanzhuyanfatouruqiangdujiaogaoyiji“kegaixingdong”shishiyilai，shishiguoguquanjilide“kegaiqiye”；duiyu“shuangbaixingdong”xiangguanqiye，jianyiguanzhu“shuangbaixingdong”shishiyilaiweijinxingzhongdazhongzuqiezichanzhiliangjiaogaode“shuangbaiqiye”。