世事无绝对，就算是大熊市，也不乏“特立独行”的牛股。今年以来，在大盘跌跌不休的同时，相当一批股票不经意间走出了一波大牛行情。如广州药业、片仔癀(600436,股吧)、贵州茅台(600519,股吧)。

There's the，Just as large a bear market，Also have“maverick”Winners of the。Since this year，In the grail stumble endlessly of at the same time，Quite a number of stocks casual out of a wave Daniel market。Such as guangzhou pharmaceutical、Piece of seed Huang(600436,Shares it)、Guizhou maotai(600519,Shares it)。

　　这些股票背后，究竟是什么力量吸引众多资金如此持续推高股价？其背后的买卖逻辑是什么？他们之间有着怎样的共性？是否还有尚未发掘的类似投资品种？本期公司价值专题就尝试围绕这些问题进行思考。

Behind these stocks，What attracted many funds for power so push the high prices？The reasoning behind the buying and selling of the logic is??????？They have what kind of common？If there has not yet been discovered similar investment products？This company value to these problems around the topic to think。

　　⊙记者 翟敏 ○编辑 全泽源

Reporter ZhaiMin ○ edit all ⊙ zeyuan

　金字 gold-lettered

　　招牌 signs

　　尽管这些公司来自不同行业，但实际上，细细梳理并不难发现，他们身上有着一个共同的光环，那就是头顶着“中华老字号”这块金字招牌。

Even though the companies from different industries，But in fact，It is not difficult to find out carefully，They have a common on the aura，That is the head“Selection of”The gold-lettered signboard。

　　顾名思义，“中华老字号”公司历史悠久，其显著特征是拥有世代传承的产品、技艺或服务。这些公司往往具有鲜明的中华民族传统文化背景和深厚的文化底蕴，取得了社会广泛认同，在多年发展过程中形成了良好信誉的品牌。

Just as its name implies，“Selection of”The company has a long history，Its salient features are the inheritance with generation products、Skill or service。These companies tend to have distinct Chinese traditional cultural background and deep cultural inside information，Made social widely recognized，In the many years development in the process of developing the good credit brand。

　　“中华老字号企业有着悠久的历史，时间沉淀下来的是品质和信誉，具有独特的人文魅力。能获得这个称号本身便成为一个响亮的品牌。在日常生活中，也必定是消费者首选的。”深圳太和资产管理公司投资总监王亮表示。

“China time-honored brand enterprise has a long history，Time deposits down quality and prestige，Has the unique cultural charm。Can get the title itself will be a strong brand。In everyday life，Must be consumers preferred。”Shenzhen tai asset management company investment director wang liang said。

　　深圳海润达资本总裁仇天镝分析认为，“首先，我国处在经济转型期，随着人们生活水平的逐渐提高，消费升级需求大，与生活息息相关的消费品前景广阔，这是值得长期看好的大品类；其次，医药、酒类作为抗周期品种，在熊市中具有防御性，这是资金避险的最佳选择。”

Shenzhen sea embellish of capital President QiuTianDi analysis thinks，“first，Now our country economic transition period，As people living standard gradually improve，Consumption demand upgrade，And the life of the wide prospect of consumer goods，This is worth long-term big category；second，medicine、Alcohol as an cycle varieties，In the bear market has defensive，This is the best choice of hedge funds。”

　　统计显示，目前中华老字号企业主要涉足行业集中在百货、中药、餐饮、服装、调味品、酒、茶叶、烘焙食品、肉制品、民间工艺品和其他商业、服务等。而在此轮爆炒过程中，也正是以医药、酒类等消费品为主要阵地。

Statistics show that，At present China time-honored brand enterprise mainly their industry concentrated in the department store、Chinese medicine、catering、clothing、condiment、wine、tea、The baked food、Meat products、Folk handicrafts and other business、services。And in this round of stir process，It is also to medicine、Alcohol and other consumer goods as the main position。

　　“以医药、酒类为生力军的"中华老字号"，在此轮熊市中遭爆炒的理由主要有三：一是业绩支撑，二是品牌效应，三是机构抱团取暖。特别是酒类，抱团取暖暴炒抬高股价的迹象非常明显。”深圳国诚投资咨询公司投资总监黄道林则表示。

“In medicine、Wine for the force"Selection of"，In this round of the bear market was the reason for the three main：One is the performance support，2 it is the brand effect，Three is institution BaoTuan heating。Especially alcohol，BaoTuan wild fire to warm up signs of share price is very obvious。”Shenzhen countries sincere investment consultation HuangDaoLin chief investment officer, said。

　　总之，中华老字号除日常生活之外，在资本市场也成为了一块耀眼的金字招牌。

In short，China time-honored brand except beyond daily life，In the capital market has also become a piece of dazzling golden signboard。

　　业绩 performance

　　释放 release

　　“目前市场不仅仅是停留在概念层面，还要看业绩、成长性、估值。业绩在当下的市场环境，显得越来越重要。这些股票的上涨大多数便是有着良好的业绩支撑。资金是聪明的，从长远来看，这些股票最终也会出现走势分化，业绩优良品种会成为长期的牛股。”仇天镝表示。

“At present the market is not only stay in conceptual aspect，To see the performance、growth、valuations。Performance of the current market environment，Seems more and more important。The stock is up most has good performance support。Money is clever，In the long run，These stocks will eventually appear differentiation trend，Performance will become a long-term good varieties of winners。”QiuTianDi said。

　　显然，仅仅靠老品牌的光环并不能成为大面积、持续性上涨的理由。记者梳理发现，在这些中华老字号企业中，相当部分业绩表现较好，而这也为股价的上行提供了业绩支撑。

obviously，Only the old brand of aura and can't be large area、Persistent rise of reason。The reporter found out，In the selection of enterprise，A significant portion of the performance is better，And this also for share price goes up the performance of provide support。

　　一季报显示，太安堂(002433,股吧)一季度实现营业收入0.93亿元，同比增长55%，实现净利润1600万元，同比增长31%；同仁堂(600085,股吧)一季度实现收入22.97亿元，同比增长23%，实现净利润1.52亿元，同比增长28%；贵州茅台(600519,股吧)2012年一季度实现了同比增长57.6%；云南白药(000538,股吧)一季报同比增长28.87%。

A quarterly reports show，Taian hall(002433,Shares it)Achieve the business income is 093 million yuan in the first quarter，Year-on-year growth of 55%，Net profit of 16 million yuan，Year-on-year growth of 31%；Tongren temple(600085,Shares it)Quarter achieve revenue of 2.297 billion yuan，Year-on-year growth of 23%，Net profit of 152 million yuan，Year-on-year growth of 28%；Guizhou maotai(600519,Shares it)2012 quarter realized the year-on-year growth of 57.6%；Yunnan baiyao(000538,Shares it)Quarterly reports a 28.87% increase。

　　王亮表示，一方面，作为消费行业，公司经营在经济转型期借助品牌等优势取得了较好业绩，另一方面，在经济较为低迷时期，大公司加速扩张意愿增强，公司也有着将业绩在当前充分释放的动能。

Wang liang said，On the one hand，As a consumer industry，Companies operating in the economic transition with the advantages of the brand has more performance，On the other hand，In the economical more downturns，Big companies to accelerate the expansion will increase，The company also has a will in the current performance is released in full of kinetic energy。

　　不过，在老字号光环之下，不少企业发展也面临诸多窘境。数据表明，上世纪90年代，国家授予1600家企业老字号称号，但其经营至今70%名存实亡，多数企业经营困难，20%经营勉强维持，只有将近一成的企业发展较好。

but，Under the old firm aura，Many enterprise development also faces many embarrassment。Data show that，The 1990 s，National award 1600 enterprises' title，But its business has 70% exist in name only，Most enterprise management difficulties，20% business barely maintains，Only nearly ten percent of the enterprise development is better。

　　对此，仇天镝表示，在经营管理上，一个好的品种，看谁去管理、经营，不同的人有不同的结果，有些好品种一样可以做烂，以前的好品牌健力宝、太阳神等，目前就被人们遗忘，而类似王老吉凉茶，则越来越家喻户晓。

this，QiuTianDi said，In business management，A good varieties，See who go to management、business，Different people have different results，Some good varieties can do bad，The previous good brand jianlibao、Helios, etc，It is forgotten by the people，A similar WangLaoJi cool tea，Become more and more widely known。

　　此外，在机制上，不少拥有老字号品牌的国企，一直存在以前计划经济遗留下来的问题，往往存在管理层动力不足、机制老化、人员拖沓等类似问题，这与老字号的金字招牌形成对比。仇天镝建议，“这类企业应该采取改制、员工持股，及时理清股权、消除关联交易、推出股权激励等，还要在传统业务上加快创新，加速转型，如果这些问题获得解决，老字号将焕发出青春。”

In addition，The mechanism of the，Many have old name brand of state-owned enterprises，There has always been a plan before the economic problems resulting from，Often exist in the management underpowered、Mechanism aging、Personnel procrastination and similar problems，This shop and hallmarks of form contrast。QiuTianDi Suggestions，“This kind of enterprise should take restructuring、Employee shareholding，Timely to clear up the equity、Eliminate associated business、Launch equity incentives, etc，Also in the traditional business speed up innovation，Accelerating transformation，If the problem is resolved，Old name will send out the youth。”