三季度A股市场策略展望：震荡筑底盈利修复是关键

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4、4/0713/1213/0512/1012/0311/0811/0110/0609/1109/04Wind08/0908/0207/0706/1206/0505/102.3.6100%80%60%40%20%0%-20%-40%-60%-80%05/036 / 292012-20142015820%-30%7, Wind, Wind20092006-20072008-2009 2012-20132014-2015 9Wind3. 3.1.A2020 2020Q1AA2020Q1 -8.82% -19.76%A-12.33%-54.07%2020Q1AA3-3.5 2012Q3-2015Q4 2

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6、16/044.54%GDP15/0915/022020Q1AGDP3.5%5%14/0720202.5%54BP13/1213/05A5%GDP GDP12/10WindWind12/0311/0811/012910/0609/1109/04CPI+PPI/23.5%-0.12%08/09900408/0210A07/07A06/1206/051205/103.2.3.2.1.62BP05/0360%50%40%30%20%10%0%-10%-20%20042001BPBP19101907:1:3190419011810Wind1018071804AA-AAAAA-AA/p>

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8、8111809A18071805180360000500004000030000200001000003.2.2.202018011617410 / 29186,0004,0002,0000-2,000-4,000-6,000-8,000435052016/012016/042016/07Wind2016/102017/012017/042017/072017/102018/012018/042018/072018/102019/012019/042019/07A2019/102020/012020/049002020/073411 / 292020/1040003000200010000-1

9、000-2000-30001.06A216000500040002000100003.3.5153000 262815516590236 94 92 2251872191831821491611892323202061552021981932261201981112162552019/1/120182019/2/12019/3/1274246652019/4/1Wind2019/5/134202019/6/1280020192019/7/125132019/8/13112308249752019/9/12019/10/12019/11/12019/12/130492020/1/12492738

10、842020/2/1IPO302020/3/117922020/4/121682020/5/1332020/6/13243287920192020/7/12020/8/11841A2020/9/12020/10/12020/11/12020/12/12017/1/1192017/4/12017/7/12017/10/12018/1/1Wind2018/4/163002018/7/12018/10/12019/1/12019/4/12019/7/12019/10/12020/1/12020/4/12020/7/12020/10/12010008006004002000-200-400-600-8

11、0020%2016/072016/1010%2017/012017/042017/072017/10Wind2018/012018/042018/072018/102019/012019/042019/072019/102020/012020/042020/072020/105496447543484003396712 / 2922019A2018%2018/3/22-0.53-3.67-6.382018/4/16-1.53-2.880.332018/6/1550025%-0.73-5.07-7.002018/7/11200010%-1.76-1.43-1.14200010%2018/8/22

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17、0033206/0505/1020112.01.51.00.50.0-0.5-1.0654321005/031.71.51.31.10.90.70.519/0318/08200318/01/17/06200916/1116/0415/092016200315/0214/0713/1213/052003Q312/1012/032012Wind11/08Q211/0110/06200909/112003Q309/0408/0908/0207/07200906/1206/052963105/10120%100%80%60%40%20%0%-20%-40%60%40%20%0%-20%-40%-60%

18、-80%-100%05/035434403020100-10-20-30:20033.9%2001:19111909190719051903Wind19011811:1809180741805-7%3318034.2.20100-10-20-30155-5-15-2518012004410%Wind200320022001:191219111910:19091908190719061905Wind1904190319021901351812-7.5%10%17 / 29GDP20202020367.29%-22.74%5G372020WindWind4.3.4.3.1.2020 40%2020

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