焦炭行业由于其整体盈利能力向好,仍有许多机会值得挖掘。中国经济的连年高增,可以使得微观层面的企业在某个时段给出若干倍数的超额增长。虽然,目前的宏观经济增速预期减弱,仍有许多中小企业在成品价格与成本之间构成的不匹配下获得阶段性的超额回报。因此,避开整体高估值阶段的最有效手段,即发现与把握那些整体盈利向上的行业及其中掌控定价权的公司。 Coke industry due to its overall profitability, there are still many opportunities worth digging. China’s economic growth year after year, can make the micro-level enterprises in a certain period of time given a few times the excess growth. Although the current macroeconomic growth is expected to weaken, many small and medium-sized enterprises still obtain periodic excess returns under the mismatch between finished product prices and costs. Therefore, to avoid the most effective means of the overall high-valuation stage, namely, to find and grasp the industries with overall profitability and the companies that control pricing power.