內地汽車 & 航空
於本月我發佈了四篇公司報告：分別是上海機場(600009 CH)，宇通客車 (600066 CH)，威孚高科(000581 CH)，和四維圖新(002405 CH)。于其中，我們 傾向於推薦威孚高科和上海機場。2017 年7 月1 日國內重卡車型國五排放標 準的全國範圍內正式實行，2018 年1 月1 日輕卡車也將實行國五排放標準，另外國六排放標準正式進入準備階段（預計2020 年實行），商用車的汽車後 處理系統行業將迎來政策利好期，威孚高科的產品有望迎來量價齊升的格 局。上海機場的機場免稅業務合同將於2018 年3 月到期，管理層表示正在進 行新一輪招標計劃，我們預計年底前有望啟動。預計新的提成比例由原來的 25%左右上漲至45%，大幅增厚業績。
環保與公用事業
本月我發佈了3 家上市公司的研究報告，分別是東江環保(895.HK),康達環保 (6136.HK),啟迪桑德（00826.SZ）。東江環保加速拓展新/擴建危廢項目，同時 結合外延並購快速擴張處理規模，隨著新增産能釋放及市場份額向龍頭集 中，預期危廢主業仍將保持高速增長。此外，環境設施服務及市政業務將成 爲整體業績的重要補充。另外，公司擇機佈局PPP 新業務，著力拓展土壤修 複、水流域治理、城市管網等新項目，打造新的盈利增長點，有助於提升整 體業績的向上空間。預測公司2017-2018 年淨利閏分別爲5.06 億元/6.40 億 元，EPS 分別爲0.57/0.72 元，給予目標價14.0 港元，爲“買入”評級。
醫療與消費
於本月我發佈了四篇公司報告，分別是石藥集團（1093.HK）、合興集團（47.HK）、中國中藥（570.HK）、濟川藥業（600566.HK）。其中，我們傾向於推薦中國中藥（570.HK）及石藥集團（1093.HK）。兩家公司上半年業績表現都非常亮眼。中國中藥的配藥機銷售收入上半年增長了65.7%，公司搶先佈局醫院藥房，由於醫院更換供應商的成本高，公司在醫院端市場佔據了先發優勢。公司收購飲片企業進一步完善上游產業鏈，加強對中藥配方顆粒原材料的控制。我們認為長期來看，隨著銷售網路持續擴張，覆蓋更多的醫院客戶，石藥集團的核心產品恩必普和抗腫瘤組合會成為公司增長的長期驅動力。
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