当细化到上下游产业链以及每个行业时,我们可以从行业受“去库存”影响的差异程度来寻找投资机会。在市场面临去库存引发的盈利下行风险阶段,我们可以沿着历史对比与当前“自下而上”的行业盈利预期变动两条思路来寻找盈利下调风险相对较小的行业。 When refining the upstream and downstream industry chain and each industry, we can look for investment opportunities from the industry by the extent of the “out of stock” impact. As the market is facing the downside risk of earnings driven by inventory, we can look for two lines of thinking that are relatively less risky for earnings cuts along historical comparison with current “bottom-up” earnings forecasts.