<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; TEXT-ALIGN: left; mso-pagination: widow-orphan" align=left><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">农产品价格升势有所放缓从</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman">9 </FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">月初农产品价格升势同比数据看，农产品价格升势有所放缓，除了粮食、猪肉和油脂继续攀升外，鸡、蛋、水果、水产品等价格升势已经较上月放缓。综合来看，农产品价格上升带动的食品价格指数上升趋于平和，这有助防止国内物价指数</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman">CPI </FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">继续走高。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><BR></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"> 农业行业股票指数表现优于沪深</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman"> 300 </FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">指数农业行业股票指数最近</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman">1 </FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">个月、</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman">3 </FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">个月和</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman">6 </FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">个月的表现是</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman">-6</FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">％、</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman">-3.8</FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">％、</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman">-15</FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">％，分别跑赢沪深</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman">300 </FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">指数</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman">1 </FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">个点、</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman">5.6 </FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">个点和</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman">2.8 </FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">个点，行业走势符合我们看好的投资评级。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman">2011 </FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">年上半年农业上市公司收入和盈利增幅分别为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman">33</FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">％和</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman">32</FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">％，盈利增幅明显高于沪深</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman">300 </FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">指数公司</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman">21</FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">％的盈利增幅。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman"> <BR></FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"> 维持农业行业</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman">"</FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">买油吃肉</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt"><FONT face="Times New Roman">"</FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: 宋体; mso-ascii-font-family: ??; mso-hansi-font-family: ??; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">的策略我们看好的子行业是粮油和畜禽养殖。油脂和肉禽价格继续高位运行，我们所推荐的公司是行业配置的最优标的公司，三季度盈利高增长。推荐的股票组合为西王食品、东凌粮油、雏鹰农牧和益生股份。</SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #383838; FONT-FAMILY: ??; mso-bidi-font-family: 宋体; 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