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京东小米领衔!八月财报季火药味十足,这些公司预期差大到惊人

发布于 2025-08-25

<p style="margin: 16px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" data-pm-slice="0 0 []"><span leaf="">美银证券最新发布的财报日历显示,8月14日至29日期间,大中华区将有超过400家上市公司密集发布业绩。京东、小米、中石化等行业巨头领衔登场,而分析师与市场预期之间的巨大分歧,更让这场财报季充满火药味。</span></p><p style="margin: 16px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">一、 财报洪峰来袭,前三天最拥挤</span></strong><br /><span leaf="">本次财报季呈现明显的前倾态势:</span></p><ul style="margin-top: 16px;margin-right: 0px;margin-bottom: 16px;margin-left: 0px !important;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: disc;text-align: left;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 10px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 8px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: rgb(0, 0, 0); "><span leaf="">•</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">首三日(8月14-16日)</span></strong><span leaf="">:京东系(京东集团JD US、京东健康6618 HK、京东物流2618 HK)、网易NTES US、吉利汽车175 HK等70余家明星企业扎堆亮相,打头阵意味浓厚。</span></span></li><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 10px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 8px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: rgb(0, 0, 0); "><span leaf="">•</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">中段峰值(8月18-22日)</span></strong><span leaf="">:小米1810 HK、药明生物2269 HK、小鹏XPEV US、中石化386 HK等科技与能源巨头集中登场,单周发布数量近180家,堪称“超级周”。</span></span></li><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 0px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 8px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: rgb(0, 0, 0); "><span leaf="">•</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">月末压轴(8月27-29日)</span></strong><span leaf="">:安踏体育2020 HK、比亚迪1211 HK、茅台000858 CH等消费与新能源龙头收官,为财报季画上句点。</span></span></li></ul><p style="margin: 16px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">二、 明星企业聚焦,三大板块暗流涌动</span></strong></p><ol style="margin-top: 16px;margin-right: 0px;margin-bottom: 16px;margin-left: 0px !important;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: decimal;text-align: left;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 10px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 4px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: inherit;font-variant-caps: inherit;font-variant-numeric: tabular-nums;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 600;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: &quot;tnum&quot;;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: rgb(0, 0, 0);min-width: 13px; "><span leaf="">1.</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><p style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">互联网:京东能否扭转颓势?</span></strong><br /><span leaf="">京东集团(JD US)将于8月14日揭晓二季度成绩单。美银给出“买入”评级,但其每股收益(EPS)预期(11.85元人民币)大幅低于市场共识(18.12元),差值高达-35%。市场对京东营收增速与利润修复力度的疑虑,亟待财报验证。同属京东系的京东健康、京东物流虽获美银“买入”评级,但股价近期承压明显。</span></p></span></li><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 10px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 4px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: inherit;font-variant-caps: inherit;font-variant-numeric: tabular-nums;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 600;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: &quot;tnum&quot;;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: rgb(0, 0, 0);min-width: 13px; "><span leaf="">2.</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><p style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">消费电子:小米的逆袭时刻?</span></strong><br /><span leaf="">小米(1810 HK)定档8月19日。美银预测其EPS为1.49元人民币,略低于市场预期的1.61元(差值-7%),但仍维持“买入”评级。投资者关注点聚焦于:高端机型渗透率是否提升?IoT生态盈利能否超预期?其财报或成消费电子板块风向标。</span></p></span></li><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 0px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 4px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: inherit;font-variant-caps: inherit;font-variant-numeric: tabular-nums;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 600;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: &quot;tnum&quot;;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: rgb(0, 0, 0);min-width: 13px; "><span leaf="">3.</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><p style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">新能源产业链:锂电龙头分化加剧</span></strong><br /><span leaf="">华友钴业(603799 CH)作为锂电上游代表,将于8月17日公布业绩。美银预计其EPS为2.70元,但市场预期达2.97元,差值-9%,反映对钴价波动拖累盈利的担忧。下游的比亚迪(1211 HK)则压轴月末登场,其刀片电池外供进展与储能业务增速,将成财报关键看点。</span></p></span></li></ol><p style="margin: 16px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">三、 预期差掘金:这些公司偏离度超15%!</span></strong><br /><span leaf="">美银预期与市场共识的显著分歧(|Diff%| ≥15%),往往孕育预期差机会与风险:</span></p><p style="margin: 16px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">▶&nbsp;</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">乐观派:分析师力挺的黑马</span></strong></p><ul style="margin-top: 16px;margin-right: 0px;margin-bottom: 16px;margin-left: 0px !important;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: disc;text-align: left;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 10px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 8px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: rgb(0, 0, 0); "><span leaf="">•</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">GDS Holdings(GDS US)</span></strong><span leaf="">:数据中心龙头,美银预期EPS 3.81元,远超市场0.91元,差值高达</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">318%</span></strong><span leaf="">!看好其AI算力需求爆发下盈利弹性。</span></span></li><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 10px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 8px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: rgb(0, 0, 0); "><span leaf="">•</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">Yunnan Energy(002812 CH)</span></strong><span leaf="">:光伏概念股,美银EPS预期0.72元 vs 市场0.51元,差值</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">42%</span></strong><span leaf="">,押注行业景气度传导。</span></span></li><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 0px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 8px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: rgb(0, 0, 0); "><span leaf="">•</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">Bilibili(BILI US)</span></strong><span leaf="">:美银预期EPS 1.90元,市场却看衰至5.06元,差值-</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">62%</span></strong><span leaf="">,分歧凸显Z世代平台盈利路径争议。</span></span></li></ul><p style="margin: 16px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">▶&nbsp;</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">谨慎派:预警风险标的</span></strong></p><ul style="margin-top: 16px;margin-right: 0px;margin-bottom: 16px;margin-left: 0px !important;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: disc;text-align: left;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 10px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 8px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: rgb(0, 0, 0); "><span leaf="">•</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">Sinopec(386 HK)</span></strong><span leaf="">:虽获“买入”评级,但美银EPS预期0.29元显著低于市场0.39元(差值-</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">24%</span></strong><span leaf="">),提示油价波动下炼化盈利压力。</span></span></li><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 10px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 8px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: rgb(0, 0, 0); "><span leaf="">•</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">China Vanke(2202 HK)</span></strong><span leaf="">:美银预测EPS -1.81元,远逊于市场预期的-1.22元,差值扩大,地产龙头现金流安全性再受审视。</span></span></li><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 0px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 8px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: rgb(0, 0, 0); "><span leaf="">•</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">Goldwind(2208 HK)</span></strong><span leaf="">:风机龙头美银预期EPS 0.47元,但市场达0.67元,差值-</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">31%</span></strong><span leaf="">,反映对风机价格战侵蚀利润的忧虑。</span></span></li></ul><p style="margin: 16px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">四、 香港地产股:高评级下的隐雷</span></strong><br /><span leaf="">多家港资地产商将在财报季中段亮相:</span></p><ul style="margin-top: 16px;margin-right: 0px;margin-bottom: 16px;margin-left: 0px !important;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: disc;text-align: left;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 10px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 8px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: rgb(0, 0, 0); "><span leaf="">•</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><span leaf="">新世界发展(17 HK)、恒基地产(12 HK)均获“中性”评级,但恒基EPS预期(1.54港元)低于市场(1.80港元),差值-</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">14%</span></strong><span leaf="">。</span></span></li><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 10px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 8px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: rgb(0, 0, 0); "><span leaf="">•</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><span leaf="">希慎兴业(14 HK)虽获“买入”,美银预期其EPS为1.76港元,但市场未给出一致预期(显示分歧),且其股价近期深度回调。</span></span></li><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 0px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 8px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: rgb(0, 0, 0); "><span leaf="">•</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">行业共性压力</span></strong><span leaf="">:商业地产空置率上升、住宅销售疲软、利率高企侵蚀利润率,财报或难有惊喜。</span></span></li></ul><p style="margin: 16px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">五、 普通投资者如何应对?</span></strong></p><ol style="margin-top: 16px;margin-right: 0px;margin-bottom: 16px;margin-left: 0px !important;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: decimal;text-align: left;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 10px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 4px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: inherit;font-variant-caps: inherit;font-variant-numeric: tabular-nums;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 600;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: &quot;tnum&quot;;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: rgb(0, 0, 0);min-width: 13px; "><span leaf="">1.</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">紧盯“预期差”公司</span></strong><span leaf="">:如GDS、云南能投等美银显著看多的标的,若财报验证分析师观点,可能迎来价值重估;反之如万科、金风等需警惕不及预期风险。</span></span></li><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 10px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 4px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: inherit;font-variant-caps: inherit;font-variant-numeric: tabular-nums;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 600;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: &quot;tnum&quot;;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: rgb(0, 0, 0);min-width: 13px; "><span leaf="">2.</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">关注龙头指引</span></strong><span leaf="">:京东、小米、中石化等权重股财报后的电话会议,对行业趋势的前瞻判断往往比当季数据更重要。</span></span></li><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 0px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 4px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: inherit;font-variant-caps: inherit;font-variant-numeric: tabular-nums;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 600;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: &quot;tnum&quot;;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: rgb(0, 0, 0);min-width: 13px; "><span leaf="">3.</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">警惕港股地产估值陷阱</span></strong><span leaf="">:即便部分公司维持高评级,短期基本面承压或导致股价与业绩背离,不宜盲目抄底。</span></span></li></ol><blockquote style="margin: 16px 0px 0px;padding: 0px 0px 0px 12px;border-width: 0px 0px 0px 4px;border-top-style: initial;border-right-style: initial;border-bottom-style: initial;border-left-style: solid;border-top-color: initial;border-right-color: initial;border-bottom-color: initial;border-left-color: rgba(0, 0, 0, 0.08);border-image: initial;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-variant-emoji: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;quotes: none;color: rgba(0, 0, 0, 0.4);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><p style="margin: 16px 0px 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">财报博弈的本质是预期差</span></strong><span leaf="">:当专业投行与市场共识产生巨大分歧时,股价总有一方需要“认错”。投资者需穿透数据,洞察分歧背后的产业逻辑,方能在八月这场资本大戏中捕捉先机。</span></p></blockquote><section><span leaf=""><br /></span></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>

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