20230913-安信国际证券-港股晨报_3页_245kb

报告总结

宏观分析

• 宏观方面预测通胀或已触底，CPI可能温和回升，主要基于8月PPI数据环比上升和存货回补现象。其他因素包括消费复苏缓慢和房地产压力，但政策引导和居民信心修复可能导致通胀逐步改善。商品价格弱势或抬升，影响企业盈利回暖。

公司分析

• 蒙牛乳业（2319HK）：上半年收入稳健增长，利润略超市场预期，受益于液态奶竞争格局稳定和业务多元化（奶酪、冷饮发展），利润弹性突出。估值低，2024年预测PE仅12倍，建议关注。
  兵斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌斌 料理