房地产:寻找低估品种在人民币升值和通胀的环境下,流动性过剩成为市场最主要的特征,带来的直接结果就是资产价格的上涨和膨胀。而房地产作为资产的主要载体,直接反映为房价的不断上涨,这一势态在第四季度仍将延续。尽管近期地产股的估值优势不明显,但是整个行业依然非常景气,维持增持评级。建议重点关注全国性龙头公司如万科,具有估值优势的区域性公司如深振业、 Real Estate: Looking for Undervalued Varieties In the environment of RMB appreciation and inflation, excess liquidity has become the most important feature of the market. The direct result is the rise and expansion of asset prices. The real estate as a major carrier of assets, directly reflected in rising housing prices, this trend will continue in the fourth quarter. Despite the recent valuation advantage of real estate stocks is not obvious, but the industry is still very prosperous, to maintain overweight rating. Proposed to focus on the national leading companies such as Vanke, with valuation advantages of regional companies such as Shen Zhen,