目录 1.零售行业面利好因素大于利空..........................................................................................................................3 1.1长期需求利好因素........................................................................................................................................4 1.2中短期需求利好因素....................................................................................................................................6 1.3负面影响因素...............................................................................................................................................8 2.重点公司利润增长将超过35%，消化估值压力................................................................................................8 2.1 08年营业收入增长不低于07年的18%........................................................................................................9 2.2 经营效率提升带来综合毛利率提升和费用率下降，趋势有望持续................................................................9 2.3 高经营杠杆撬动业绩增长，消化估值压力..................................................................................................10 投资策略-关注超越行业平均的增长方式...........................................................................................................11 重点公司推荐...................................................................................................................................................11