中(zhong)(zhong)(zhong)信證券研報(bao)認為，中(zhong)(zhong)(zhong)報(bao)持續(xu)(xu)高(gao)景氣和出現拐點(dian)的(de)(de)行業(ye)值(zhi)得(de)重(zhong)(zhong)點(dian)關注(zhu)：1）新(xin)(xin)舊能源轉換(huan)依舊是(shi)最(zui)(zui)核心(xin)的(de)(de)業(ye)績(ji)超(chao)(chao)預期(qi)線(xian)索。上半(ban)(ban)年(nian)(nian)煤炭(tan)等傳統能源價格維(wei)持高(gao)位，帶(dai)來行業(ye)盈利(li)繼(ji)續(xu)(xu)高(gao)增(zeng)長(chang)；歐洲(zhou)能源緊缺帶(dai)動(dong)(dong)戶用光伏(fu)(fu)裝(zhuang)機規模激(ji)增(zeng)，拉動(dong)(dong)國(guo)內產業(ye)鏈需求，硅料價格的(de)(de)暴漲又帶(dai)來國(guo)內光伏(fu)(fu)和風電(dian)裝(zhuang)機成(cheng)本的(de)(de)階段(duan)性(xing)(xing)倒掛，推動(dong)(dong)風電(dian)上半(ban)(ban)年(nian)(nian)招標超(chao)(chao)預期(qi)并(bing)可能延續(xu)(xu)，光伏(fu)(fu)風電(dian)景氣度持續(xu)(xu)超(chao)(chao)預期(qi)；國(guo)內汽車消(xiao)費(fei)刺激(ji)政策、高(gao)油價疊加國(guo)產車型周期(qi)，帶(dai)來電(dian)動(dong)(dong)車滲透率繼(ji)續(xu)(xu)快速提升(sheng)。整體(ti)而言，圍繞新(xin)(xin)舊能源結構轉換(huan)仍然是(shi)中(zhong)(zhong)(zhong)報(bao)季業(ye)績(ji)超(chao)(chao)預期(qi)的(de)(de)最(zui)(zui)重(zhong)(zhong)要線(xian)索。2）成(cheng)長(chang)制(zhi)造亮點(dian)更(geng)多，醫藥(yao)分化明顯，消(xiao)費(fei)關注(zhu)疫后修(xiu)復。成(cheng)長(chang)制(zhi)造板(ban)塊(kuai)是(shi)中(zhong)(zhong)(zhong)報(bao)潛在超(chao)(chao)預期(qi)個股(gu)最(zui)(zui)為集(ji)中(zhong)(zhong)(zhong)的(de)(de)領域，其(qi)中(zhong)(zhong)(zhong)軍工板(ban)塊(kuai)中(zhong)(zhong)(zhong)上游環節中(zhong)(zhong)(zhong)報(bao)業(ye)績(ji)兌(dui)現的(de)(de)確定(ding)性(xing)(xing)最(zui)(zui)強，半(ban)(ban)導體(ti)當(dang)中(zhong)(zhong)(zhong)IGBT、設備等細分賽道個股(gu)半(ban)(ban)年(nian)(nian)報(bao)預計將維(wei)持收入和利(li)潤高(gao)增(zeng)，新(xin)(xin)材(cai)料相(xiang)關公司業(ye)績(ji)彈性(xing)(xing)較(jiao)大，集(ji)中(zhong)(zhong)(zhong)在生物(wu)類材(cai)料、半(ban)(ban)導體(ti)材(cai)料、軍工材(cai)料和電(dian)力材(cai)料。（證券時報(bao)）