名称                             机构        

板块

市场表现

调研结论

评级/

关注个股

                                                                                                                                                                                                                                                                                                         万国                             国元证券

                                                                                                                                                                                                                                                                                                                /                                    

                                                                                                                                                                                                                                                                                                                中性                            

                                                                                                                                                                                                                                                                                                                                                           证券                             交通银行

                                                                                                                                                                                                                                                                                                                /                                    

                                                                                                                                                                                                                                                                                                                同步                                

                                                                                                                                                                                                                                                                                                                大市                                

                                                                                                                                                                                                                                                                                                                -A                            

                                                                                                                                                                                                                                                                                                                                                  证券                             中国人寿

                                                                                                                                                                                                                                                                                                                /                                

                                                                                                                                                                                                                                                                                                                中性                            

证券	受可交换债券政策推出刺激，券商股再度成为领涨者。制度建设对券商的利好不言而喻。	考虑到发行细则尚未出台等因素，投资者不宜高估券商受到的正面影响。在交易量和指数水平仍然存在下行风险的市场中，估值合理、业绩稳定以及能够从股指期货、融资融券等创新业务中获得交易性机会的品种是投资券商股的首选。	申银	太平洋 业
银行	证券业的活跃带动了金融股一并走强，银行股也整体出现异动。	银行半年报显示出收入增速放缓和资产质量拐头两大特色。短期来看银行板块有一定的估值优势，但从半年报整体上市公司的现金流和盈利情况来看，后期银行资产质量的不确定性在加大。	安信	中国银行 业
保险	保险股近期频频异动，周一再度随金融股一起成为市场抗跌板块。	2008 年以来保险公司面临的投资环境急剧恶化，权益类投资资产明显缩水。未来6－12 个月，要想摆脱目前困境，只能依靠三种可能性：大幅下调结算利率、债券收益率大幅上扬或股市显著上升。	光大	中国平安 业