中信证券(600030,股吧)银行业首席分析师朱琰：预计2013年信贷增长8.5万亿，M2增速13%-14%，准备金率可能有1到2次相机调整，基准利率调整可能性偏低。在相对中性的货币政策环境下，商业银行一方面通过信贷结构调整主动管理息差，另一方面通过表外业务持续创新参与社会融资进程。预计全年利息收入与手续费收入小幅正增长（8%-10%），信用成本稳定在0.5%附近。上调银行业2013年盈利增速预测至9.6%，一季度增速7.8%或为全年低点。投资机会或来自于悲观预期自我修正。

Citic securities(600030,Shares!)Banking chief analyst ZhuYan:Credit growth in 2013 is expected to 8.5 trillion,M2 growth rate from 13% to 14%,Reserve ratio may be 1 to 2 times the camera,Benchmark interest rate to adjust the possibility is low.In a relatively neutral monetary policy environment,Commercial Banks, on the one hand, through the credit structure adjustment active managerial spreads,On the other hand through the off-balance sheet business continuous innovation to participate in social financing process.Annual interest income and fee income is expected to a modest positive growth(8% to 10%),Credit cost stable near 0.5%.Increase the banking profit growth forecast to 9.6% in 2013,In the first quarter growth of 7.8% or low in the whole year.Investment opportunity or from the pessimistic expectations corrections.

　　国泰君安非银行金融研究小组：在市场相对平稳、创新加速推进的假设下，我们预期证券行业将保持10%甚至更快的增长，业绩有望逐步走出谷底。同时，在创新自主化和准入市场化的推动下，行业的分化将日渐明显，大型公司将获得更多机遇。从估值来看，行业的PB估值已处于历史最低谷，大券商的长期投资价值已十分明显。双底已成、创新驱动，维持对证券行业的增持评级。

Cathay Pacific hand to non-bank financial research group:Relatively stable in the market/Under the assumption of innovation for accelerating,We expect the securities industry will be 10% or even faster growth,Performance is expected to gradually bottoming out.At the same time,Driven by innovation autonomization and access to the market,Industry of differentiation will increasingly obvious,Large companies will gain more opportunities.From the point of valuation,Industry of PB valuations already in its history,Big brokerages long-term investment value has obviously.The double bottom is/Innovation drive,Maintain the additional rating of the securities industry.

　　我们继续推荐创新受益程度高、价值显著低估的大型证券公司；对市场扩容敏感或创新领先的参股期货公司；转型预明确、超越行业成长的信托公司。

We continue to recommend benefit a high degree of innovation/Large value significantly undervalued securities company;Sensitive to market expansion and innovation leading equity futures companies;The transformation of the pre - clear/Beyond the trust company of industry growth.

　　国泰君安房地产行业首席分析师李品科：温和复苏，区域分化，一线城市房价上涨压力最早到来，一二线主流城市的房价在2013年2季度压力上涨。预判2013年全国销售额增8.1%、销面增4.2%，部分二三线核心城市销售存在强力回暖的可能性；预计库存仍偏紧，主流城市库存将在2013年2-4季度持续偏低，一二线城市存在房价小幅上涨压力，北京压力最大。

Cathay Pacific hand to real estate industry, chief analyst LiPin:Moderate recovery,Regional differentiation,A gleam of urban housing prices rising pressure at the earliest,A second line of mainstream city house prices increase in pressure 2 quarter in 2013.Anticipation national sales increased 8.1% in 2013/Pin surface increased 4.2%,Core part of the three lines city sales are strong possibility of warmer;Is expected to inventory is still tight,Mainstream city inventory will be constantly low 2-4 quarter in 2013,A second-tier cities in house prices rose slightly,Beijing greatest pressure.

　　看好二三线核心城市的中期量价成长性，如昆明、成都、福州、西安、武汉、廊坊、郑州、重庆等。一线城市去化率高、量空间小；二三线核心城市的市场成长性最高，三四线供应压力偏大。房价最易增长城市是北京、深圳、上海、昆明等；政策最易松动的是三亚、贵阳、福州、沈阳、西安、合肥等。

Optimistic about the third line of core city middle price volume growth,Such as kunming/chengdu/fuzhou/Xi 'an/wuhan/langfang/zhengzhou/chongqing.A line city to high rates/Small amount of space;The third line core the highest market growth of the city,Three or four line supply pressure.House prices the most growth city is Beijing/shenzhen/Shanghai/Kunming, etc;Sanya is the most easy to loose policy/guiyang/fuzhou/shenyang/Xi 'an/Hefei, etc.

　　招商证券(600999,股吧)煤炭行业首席分析师卢平：从中长期来看，煤炭需求增速将进一步放缓。一方面，经济转型背景下，能源消费增速放缓，另一方面，煤炭在能源消费结构中的占比逐步降低，其他替代能源，如天然气、水电、核能等未来增长较快，将逐步挤压煤炭消费。

China merchants securities(600999,Shares!)The coal industry's chief analyst lupin:From the long run,Coal demand growth will slow further.On the one hand,Under the background of economic transformation,Energy consumption growth slowdown,On the other hand,Coal in the energy consumption structure is gradually reduced,Other alternative energy,Such as natural gas/Water and electricity/Nuclear power is growing rapidly in the future,Will gradually extrusion coal consumption.

　　基于对煤价的判断，明年煤炭公司盈利改善有限。目前对应2013年业绩行业平均估值为15.3倍，估值吸引力不大，未来期待政策改革红利对估值的修复。品种上，动力煤>无烟煤>炼焦煤。推荐未来内生成长确定个股，如大有能源(600403,股吧)、中国神华(601088,股吧)、永泰能源(600157,股吧)、潞安环能(601699,股吧)、兰花科创(600123,股吧)、山煤国际(600546,股吧)。

Based on the judgement of coal prices,Next year coal corporate earnings improvement is limited.The corresponding performance industry in 2013 the average valuation of 15.3 times,Valuations are attractive,Looking forward to future dividend policy reform on valuation of repair.On the variety,Power coal > > coking coal and anthracite.Recommend future endogenous growth stocks,Such as great energy(600403,Shares!)/China shenhua(601088,Shares!)/Yongtai energy(600157,Shares!)/潞安 ring can(601699,Shares!)/Orchid kechuang(600123,Shares!)/Mountain coal international(600546,Shares!).

　　国金证券(600109,股吧)机械行业研究小组：由于就业压力增加，政府的维稳措施仍将持续，在2013年仍将保持对基建投资的支持力度，而信贷环境也将有所改善；2013年房地产、制造业、采矿等领域的投资增速可能经历低位企稳的过程，机械产品需求有望出现低基数水平上的复苏。

The gold stock(600109,Shares!)Machinery industry research group:Due to the employment pressure increases,The dimensional stability measures will continue,In 2013 will remain on the support of infrastructure investment,And credit environment will improve;Real estate in 2013/Manufacturing industry/Mining and other areas of investment growth may through the process of low stabilises,Mechanical products demand is expected to appear low base level of recovery.

　　重点看好景气好转的铁路设备子行业和受益于国内能源结构调整的油气设备子行业，关注13年2季度投资增速企稳后工程机械的投资机会。

Focus on business of railway equipment industry and benefit from domestic energy structure adjustment of the oil and gas equipment industry,On 13 years 2 quarter of investment growth stabilising after engineering machinery investment opportunities.

　　申银万国医药行业首席分析师罗鶄：2013年是小阳春。第一，政策温和，药价稳中略降、医保资金宽裕、新药加快审评、新版基药目录出台、县级基药目录试水、GMP认证，都将推升行业集中度提升。第二，行业增长加速，需求继续保持强劲，非基药招标带动09版医保品种放量，推动2013-2014年处方药保持快速增长，中成药、中药饮片、生物制药等子行业增速回升，行业增长呈小阳春态势。第三，企业转型，政府支持创新，处方药企业纷纷加大研发投入，创新渐成医药行业大气候，企业结构性分化会日益明显。行业龙头企业暖意洋洋，政府、企业和医院三者关系较为和谐，板块将获得高于2012年的盈利增长收益，由于投资者心态会比2012年更为稳定，且近期股价跟随市场调整，估值有望小幅提升，2013年板块小阳春行情可期。

申银 nations pharmaceutical industry chief analyst Jing:2013 is the spring.The first,The policy moderate,Prices stable in slightly/Medical insurance funds bounteous/New drugs to speed up the evaluation/New the medicine catalogue/At the county level and the medicine catalogue try water/GMP certification,Will push industry concentration.The second,Industry growth accelerated,Needs to keep strong,Non - the drug bidding drive 09 version medical insurance breed tumbled,Promote the prescription maintain rapid growth in 2013-2014,Traditional Chinese medicine/Traditional Chinese medicines into ready-to-use forms/Biopharmaceutical other industry growth,Industry growth in spring.The third,Enterprise transformation,Government support innovation,Prescription drugs businesses increase investment in research and development,Innovation is a pharmaceutical industry trends,Enterprise structural differentiation will increasingly obvious.Warm ocean industry leading enterprises,The government/Enterprise and hospital relationship more harmonious,Plates will be higher than the earnings yield in 2012,As investors can be more stable than in 2012,And recent share price follow market adjustments,Valuation is expected to be small,2013 plate spring market can be.

　　最可能带来业绩超预期的主题是基药独家品种，新目录纳入新品，终端从基层向大中型医院推进，都可能带动放量；而新药上市、股东层面的变化、GMP认证带来的行业性机会以及超跌个股都可能演绎主题行情。

Most likely to bring results super expectations based medicine is the theme of the sole,New catalogue included in new products,Terminal from the grassroots to large and medium-sized hospitals,How could drive;And new drugs listed/Shareholders of change/GMP certification of trade opportunities and super falling stocks could deduce theme.