本期投资提示:家电板块当前整体估值处于低位,通过PB-ROE 框架寻找被低估的细分板块及标的。我们以PB-ROE 模型为框架,PB 反映行业/公司景气度、成长性,ROE 反映行业/公司盈利能力,我们寻找并研究具有低PB、高ROE 属性的细分板块及标的,低PB 的行业/公司具备较强防御性,同时预期高ROE 的行业/公司具有较强盈利能力,通过PB-ROE 模型以挑选出当前兼具防御与预期高盈利的性价比更...
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