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2015H1地產政策底-行業數據

2015H1地產政策底
2015H1地產政策底
行業深度研究 經濟增長中樞下行壓力加劇，2012Q2 基建相關政策轉向，政策底首次出現，但是政策重心主要集中在基建，地產等投資活動仍呈現趨勢性下行，經濟周期處于增速換擋期，白酒進入周期下行階段；事后看，由于限制三公消費的政策影響，白酒前期累積的庫存及價格泡沫風險劇烈釋放，板塊業績在 2013Q2 至 2014Q1 實現筑底，而經濟直到 2015Q2 第二次
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2015H1地產政策底_第1頁
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2015H1地產政策底_第2頁
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2015H1地產政策底_第3頁
2015H1地產政策底_第4頁
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2015H1地產政策底_第5頁
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2015H1地產政策底_第6頁
2015H1地產政策底_第7頁
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2015H1地產政策底_第8頁
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2015H1地產政策底_第9頁
2015H1地產政策底_第10頁
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2015H1地產政策底_第11頁
2015H1地產政策底_第12頁
2015H1地產政策底_第13頁
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2015H1地產政策底_第14頁
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2015H1地產政策底_第15頁
2015H1地產政策底_第16頁
2015H1地產政策底_第17頁
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2015H1地產政策底_第18頁
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2015H1地產政策底_第19頁
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ICAgICAgICAgICAgIHwgLTcwJSAgICAgICAgICAgICAgICB8CnwgMjAxOC0wNyB8IC01MCUgICAgICAgICAgICAgICAgICAgICAgICB8IC02NSUgICAgICAgICAgICAgIHwgLTc1JSAgICAgICAgICAgICAgICAgICAgICAgICAgfCAtODUlICAgICAgICAgICAgICAgIHwgLTc1JSAgICAgICAgICAgICAgICB8CnwgMjAxOC0xMSB8IC01NSUgICAgICAgICAgICAgICAgICAgICAgICB8IC03MCUgICAgICAgICAgICAgIHwgLTgwJSAgICAgICAgICAgICAgICAgICAgICAgICAgfCAtOTAlICAgICAgICAgICAgICAgIHwgLTgwJSAgICAgICAgICAgICAgICB8CnwgMjAxOS0wMyB8IC02MCUgICAgICAgICAgICAgICAgICAgICAgICB8IC03NSUgICAgICAgICAgICAgIHwgLTg1JSAgICAgICAgICAgICAgICAgICAgICAgICAgfCAtOTUlICAgICAgICAgICAgICAgIHwgLTg1JSAgICAgICAgICAgICAgICB8CnwgMjAxOS0wNyB8IC02NSUgICAgICAgICAgICAgICAgICAgICAgICB8IC04MCUgICAgICAgICAgICAgIHwgLTkwJSAgICAgICAgICAgICAgICAgICAgICAgICAgfCAtMTAwJSAgICAgICAgICAgICAgIHwgLTkwJSAgICAgICAgICAgICAgICB8CnwgMjAxOS0xMSB8IC03MCUgICAgICAgICAgICAgICAgICAgICAgICB8IC04NSUgICAgICAgICAgICAgIHwgLTk1
2015H1地產政策底_第20頁
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2015H1地產政策底_第21頁
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2015H1地產政策底_第47頁
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2015H1地產政策底_第48頁
2015H1地產政策底_第49頁
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所屬報告： 白酒行業深度報告：白酒周期再定位-230901（25頁）.pdf
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