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以逢低布局心态应对市场调整 To bargain layout mentality to cope with the market adjustment

　　随着11月中旬的临近，市场对行情性质的分歧加大，特别是季节性旺季等预期都将边际效应递减，经济可能出现波动，而“年关”风险也逐渐成共识，获利回吐的压力将加大。

With the approach of the mid-november,Market for market property differences increase,Especially, such as seasonal peak season expected will be marginal effect decreasing,The economy may be volatile,and"The end of the year"Risk also gradually become a consensus,Profit taking pressure will increase.

　　前瞻性地看，由于去库存的拖累已经接近尾声，地产、基建投资回暖降低经济失速风险，我们对于年关风险释放后的市场持中性偏乐观的态度，因此建议仓位较轻的投资者以逢低布局的心态来应对的市场调整。

Prospectively see,Due to inventory drag, is coming to its close,Real estate/Infrastructure investment milder reduce economic stall risk,We risk for the end of the year after release of market holding a neutral partial an optimistic attitude,We therefore suggest that location lighter investors to bargain layout attitude to cope with market adjustment.

　　从持仓结构上看，除了继续持有估值合理的一线消费品和成长股龙头作为基础配臵，建议逐步从估值偏高、隐含过高增长预期的中小市值个股，转向存货和产能环境改善、明年业绩有望反弹的周期性行业优质公司。

From the position of the structure,In addition to continue to hold a reasonable valuation of a line consumer goods and growth stock leading as a basis 臵 distribution,Suggestions from the valuation on the high side step by step/Implicit too high growth prospects of small and medium-sized market value stocks,Steering inventory and productivity improvement of environment/Performance is expected to rebound next year the cyclical industry quality company.

　　综合收入增速、库存压力、产能投放等因素，房地产、水泥、家电、汽车等行业相对较优。考虑基建投资加速，铁路和水利相关板块可作为主题投资来关注。（兴业证券(601377,股吧)）

Comprehensive income growth/Inventory pressure/Put on the capacity factors,Real estate/cement/Home appliance/Automotive industries is relatively optimal.Consider infrastructure investment accelerated,Railway and water conservancy related plate can be used as subject investments to attention.(Xingye securities(601377,guba))

通用航空行业盛宴或将开启 General aviation industry feast or will open

　　国家空管委办公室副局长马欣在珠海航展期间透露，2010 年底启动的低空空域改革明年将在全国铺开，通用航空审批手续将大大简化。据了解，包括低空空域管理使用规定等有关低空空域顶层设计层面的三大核心管理办法已经制定完成，预计年内就会出台。这意味着，低空空域改革的力度将进一步加大，通航航空产业发展的政策环境将大为改善，产业发展有望步入快车道。

National atc committee, deputy director of the office MaXin in zhuhai during airshow revealed,By the end of 2010 the low altitude airspace reform start next year will be in the national spread out,General aviation examination and approval procedures will be greatly simplified.It is understood,Including low altitude airspace management rules and other relevant low-altitude airspace top design level of the three core management way has formulated a complete,Years is expected to come.This means that,Low altitude airspace reform will further increase,Navigation aviation industry development policy environment will greatly improve,Industrial development is expected to into the fast lane.

　　由于通用航空业的产业链较长，对相关产业的带动性大，通用航空装备制造业将有望成为我国制造业转型与升级的重要落脚点。政策如果出台，将有望对相关上市公司业绩产生显著拉动作用，但通用航空发展初期受益最大的是运营与服务环节。（东方证券）

Due to the general aviation industry chain is longer,The relevant industry DaiDongXing big,General aviation equipment manufacturing industry is expected to become China's manufacturing industry transformation and upgrade of the important foothold.Policy if issued,Is expected to related performance of listed companies produce significant role in boosting,But general aviation development initial period benefit the largest is the operation and service link.(Orient securities)

汽车行业数据好转 Auto industry data better

　　10 月份销售数据结果分析来看，狭义乘用车销售110万辆，同比增长5.4%，由于日系车大幅下滑，使其余系别的销售同比增长大都在20%左右，高的甚至达到30%，属于行业高景气度状态，这种状态将持续整个四季度，叠加上库存处于良性区间，价格企稳等微观指标的改善，四季度对于乘用车行业公司予以全面推荐，给予买入评级。

October sales data result analysis to see,Special passenger car sales of 1.1 million cars,Year-on-year growth of 5.4%,Due to the Japanese fell sharply,Make the rest of the system of other sales year-on-year growth mostly at around 20%,High and even reached 30%,Belong to the industry boom of high status,The state will continue to the entire fourth quarter,The superposition inventories in benign interval,Price stabilises and microscopic index improvement,The fourth quarter for passenger car industry company shall be comprehensively recommend,Give buy rating.

　　10月商用车同比增长1.0%，卡车销售年内月度同比首次实现正增长，虽然增幅仅为1%，但此次转正与宏观经济数据的转好的时间点也相吻合，因此很可能是卡车行业周期拐点的初期，鉴于卡车类公司的早周期属性，除重卡外转好尚需明年上半年，对于其余类型卡车类及相关零部件公司也给予全面推荐。（华泰证券(601688,股吧)）

October commercial vehicle year-on-year growth of 1.0%,Truck sales years monthly year-on-year to realize positive growth for the first time,Although the rate is only 1%,But the become a full member and macro economic data also turn good time point coincide,So it may is a truck industry cycle the early stages of the inflection point,In view of the truck class company's early period attribute,In addition to heavy card outward turning to love and uphold the first half of next year,For the rest of the type truck class and related parts company also give fully recommend.(Huatai securities(601688,guba))

资本新规推迟实施 Capital new gauge postponed implementation

　　美国银行业监管机构9日称，由于外界提交的评论建议的数量太多，巴塞尔协议III 料将不会在2013年1月1日生效。按现有时间表实施新规则可能导致银行业成本上升，欧盟在考虑推迟实施巴III。如果美国、欧盟等国家推迟实施巴III，那么中国在当前经济形势不确定、银行业融资困难的背景下，先行实施更加严格的新资本管理办法并无必要。

The United States banking regulators 9 says,Because the submit comments suggest quantity too much,Basel agreement III material will not be in on 1st January 2013.According to the existing schedule implement new rules may result in the rise in the cost of the banking industry,The European Union in considering delay implementation and III.If the United States/The European Union and other countries postponed implementation and III,So China in the current economic situation not sure/The banking industry under the background of financing difficulties,Anticipatory implement stricter new capital management measures and unnecessary.

　　新资本管理办法的实施对多数上市银行资本充足率的负面影响在0.5%以上。如果新资本管理办法推迟实施，银行业短期内进行再融资的压力将可能大大减轻。如果新资本管理办法推迟实施，银行业“去杠杆”的进度将放缓，将有望利于银行进行规模扩张，提升ROE 水平，银行面临的长期回报率下滑的压力也将大为趋缓。

The implementation of the new capital management measures for most listed bank capital adequacy ratio of the negative influence in more than 0.5%.If new capital management way to delay implementation,Banking in the short term for refinancing pressure may greatly reduce.If new capital management way to delay implementation,banking"To leverage"Progress will be slow,Expected to be beneficial to the expansion of the bank,The level of ascension ROE,Banks are facing long-term rate of return downward pressure will also greatly slowed.

　　银行当前估值仅为2012年0.97和2013年0.84倍PB 估值，我们继续维持长期看好银行的观点，维持交通银行(601328,股吧)、兴业银行(601166,股吧)、南京银行(601009,股吧)的组合。（东方证券）

Bank current valuations are only for 2012 and 0.97 in 2013 and 0.84 times PB valuations,We continue to maintain long-term bank's point of view,Maintain bank of communications(601328,guba)/Societe generale(601166,guba)/Nanjing bank(601009,guba)combination.(Orient securities)