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回顾2014年,可以概括为两个阶段和一个特点:上半年在房地产景气大幅下滑带动下的震荡下行阶段,下半年在流动性和房地产放松政策推动下的普遍上行阶段。总的特点就是转型/改革概念领涨,尤其是小市值品种。“新常态下的机遇期”来到,我们对今年建材的行情更加乐观。三中全会以后,经济结构调整和创新、改革加速进行,建材基本面也反映了“新常态”和“激活存量”下固定资产投资减速增长的趋势。现在,转型、升级和改革已成
Looking back on 2014, we can conclude that there are two phases and one characteristic: the downward phase of concussion during the first half of the year due to the slump in the real estate industry and the general upward phase driven by the liquidity and real estate easing policies in the second half of the year. The general point is that the concept of transformation / reform is leading the way, especially for small-cap stocks. “Opportunity under the new normal ” came, we are more optimistic about the market this year, building materials. After the Third Plenary Session of the Third Plenary Session of the Chinese People’s Political Consultative Conference, the economic restructuring and innovation accelerated the reform. The fundamentals of building materials also reflected the slowdown in the growth of investment in fixed assets under the “new normal” and the “active stock”. Now, the transformation, upgrading and reform have become