<div align="left"></div><div></div><div align="left"><br/>正文目录<br/>.&nbsp; 景气向上.........................................................................................................................................4 <br/>1.1 供需结构进一步好转.............................................................................................................................................4 <br/>1.2 盈利能力仍可看好.................................................................................................................................................5 <br/>.&nbsp; 并购加速.........................................................................................................................................5 <br/>2.1 必要性：实现政府 2010 年集中度和节能目标迫在眉睫...................................................................................5 <br/>2.1.1 实现CR10 目标的唯一途径是并购...................................................................................................................5 <br/>2.1.1 实现节能减排目标要求并购加速......................................................................................................................6 <br/>2.2 可行性：行业景气向上无碍并购意愿高涨.........................................................................................................7 <br/>2.2.1 预计政府会加大对钢企重组的支持和推动力度..............................................................................................7 <br/>2.2.2 行业景气向上无碍并购加速..............................................................................................................................8 <br/>2.2.3 单个企业通过并购扩大规模应对未来政策变化的意愿强烈........................................................................10 <br/>2.3 并购对股价的影响：多为正面和中性...............................................................................................................10 <br/>2.3.1 被并购的上市公司股价通常上涨幅度显著....................................................................................................11 <br/>2.3.2 被并购方集团旗下的上市公司股价也通常会呈现一定上涨........................................................................11 <br/>2.3.2 并购方集团旗下上市公司股价表现不一........................................................................................................12 <br/>2.3.2 并购方上市公司股价表现不一........................................................................................................................12 <br/>.&nbsp; 重点公司推荐及风险提示...........................................................................................................13 <br/>3.1 存在并购可能的公司...........................................................................................................................................13 <br/>3.2 并购带来的个股投资机会...................................................................................................................................14 <br/>3.3 风险提示...............................................................................................................................................................15 <br/></div>

[此贴子已经被作者于2008-1-9 20:51:59编辑过]