历史上年度收益率在30%以上的股票有何特征

1、-1绝对收益率超 0的股票特征分析专题分析高收益率股票的内在的相似性进而寻找可复制的投资机会，启发我们对绝对收益率较高的股票进行特征研究。研全 A口径高收率的股的体特发掘些股票在多个维度上的相似性，或有助于提供具有参考意义的选股思路，构造有效的投资策略。们研数的间跨为010至021。我使共12的A股史数据，研究幅在 0以的 A 股征，在究时段内的每初至年的间涨跌为绝对收益率的衡量标准。同时，我们剔除了区间内上市不足一年的股票，以及有特别处警标的票。计析示自19起每内绝益在个数在,000只下波渐于定。图表 ：010-021年间，每年收益率超过 %的股票个数11从标的公司的评价标看，绝对收益率超

2、0的个股有何特征？为了研究高收益率的股票具体具备哪些特征，我们从市值，估值（PE-TTM，净资产收益率（ROE，和营业收入四个维度进行分析，我们发现中等偏大规模市值、较高估值、高净资产收益率的司优异回报的概率高。首先，绝对收益率超 30内的个股标的，在绝对数量和所占相应的评价指标的各区间满足研条件的的数的比例维度上呈中小市，高估低 ROE和中低营业收入的特点。具体来看，市值分布在 10-00 亿的公司总数达 23 家，并在2019年呈显行趋，市在00-00及100以的模较的公司数量均定在 0 家上，占比步增加小公司显减少从 209 年起，OE大于20上个股较历有显，中年均超过30公司的OE落在

3、 30区上并且ROE在10-20区较-10也开领。外高和低收入标数在去2年的间度显优，但于指在同区内的个股的绝对数量差别较为明显，因此公司的绝对数量本身及数量占比无法作为有效的可进比的照，们需寻更客率度。图表 ：分市值、估值、RE、营收看绝对收益率超 %内的个股绝对数量研究指标分布2010201120122013201420152016201720182019202020212010-2021占比0-50亿1701573645822129162530215.36%50-100亿19475158247143057397457329.15%市值分布100-500亿31044776300101508

4、814017188244.86%500-1000亿2010201021101626221105.60%1000亿以上1001163080134512995.04%0以下90218359121015234023612.00%0-10 x011061010519251.27%估值分布10-25x00662670902219381336.77%25-40 x213251924111134344219710.02%40以上5921512314849525170127189175137569.94%0%10152060000510321346.83%0%-10%231119113839719708592

5、9696048.95%E分布10%-20%3116636013661406711412262031.62%20%-30%111511101431113634311688.57%30%314249070101623794.03%0-10亿301139877303133150417270235.71%10-50亿33211618426311808112713881941.66%营收分布50-100亿611723341702943411939.82%100-500亿1025291521403542421879.51%500亿以上000121317081311653.31%图表 ：分市值、估值、RE、

6、营收看绝对收益率超 %内的个股数量占比研究指标分布2010201120122013201420152016201720182019202020210-50亿38.24%47.06%51.89%53.76%42.24%14.25%8.70%2.22%34.78%32.08%19.72%24.07%50-100亿28.92%47.06%19.93%25.61%26.73%40.97%44.10%11.48%26.09%28.07%25.59%30.21%市值分布100-500亿27.94%5.88%21.99%18.81%24.17%41.86%42.86%58.89%32.61%31.04%40

7、.72%36.75%500-1000亿3.68%0.00%3.78%1.33%3.39%2.21%2.48%13.33%4.35%4.36%6.50%4.93%1000亿以上1.23%0.00%2.41%0.49%3.46%0.72%1.86%14.07%2.17%4.45%7.46%4.04%0以下8.09%17.65%9.97%8.13%13.25%15.50%18.63%1.48%2.17%9.94%12.79%13.00%0-10 x0.25%5.88%3.09%0.85%2.56%0.18%0.62%4.81%4.35%4.62%1.92%4.60%估值分布10-25x6.13%11

8、.76%23.71%13.59%16.87%3.82%3.73%25.56%10.87%21.36%15.57%18.74%25-40 x9.80%11.76%27.84%23.54%15.06%10.38%8.07%27.04%26.09%20.75%18.87%18.09%40以上75.74%52.94%35.40%53.88%52.26%70.13%68.94%41.11%56.52%43.33%50.85%45.56%0%1.74%0.00%3.47%4.00%8.70%9.89%9.88%0.74%0.00%5.50%6.30%10.82%0%-10%41.79%42.86%41.3

9、2%57.21%63.01%63.63%58.64%25.56%32.61%49.56%42.16%43.38%E分布10%-20%39.30%14.29%39.24%31.39%24.28%22.35%22.84%47.78%36.96%34.03%38.74%35.78%20%-30%13.18%21.43%11.46%5.70%3.18%2.94%6.79%17.41%17.39%8.55%9.18%6.87%30%3.98%21.43%4.51%1.70%0.83%1.20%1.85%8.52%13.04%2.36%3.63%3.15%0-10亿38.57%41.18%38.36%46

10、.55%32.40%38.46%40.74%7.04%39.13%24.22%20.68%24.23%10-50亿44.96%47.06%38.36%39.52%39.64%44.96%41.36%30.00%41.30%45.12%44.88%45.64%营收分布50-100亿8.11%11.76%10.27%6.18%10.93%9.42%6.17%18.52%8.70%12.98%14.82%12.68%100-500亿6.63% 0.00% 8.22% 6.55%11.23%6.14%8.64%30.00%10.87%12.89%15.67%13.57%500亿以上1.72% 0.00

11、% 4.79% 1.21%5.80%1.01%3.09%14.44%0.00%4.79%3.94%3.88%为了消除绝对数值的参照性较差所造成的误差，我们进一步计算并分析了各区间内符合条件标的绝对量占该区内全 A口径股票总量比值作为特征下股票收率过0概的衡标。从不同市值的分布角度分析，中等偏大规模市值的公司的绝对收益率优势显著。在过去的三年里，值在 00-00 亿的公有三分上的绝对收率超过30，而 209和 2020 年在该区间与 100 亿以上市值区间有超过半数的公司有较好表现。此外，有78.95的市公在214收超3而000亿上大模的公享有高收益的率更是达 9.8。使在并显行情的 217 ，

12、仍有近一半大市值司超3绝收益顾12年历表现市在50-100和1000上公相较市公司有能得过的对益。其次，在估值（PE-TTM）层面进行分析，绝对收益率超 30的公司呈现出偏高估值的点。估在4x上的占在013205与2019-021年别在0和0上，而较估值区的司表现明较弱在 205 年的大市中，值围在 2540 x及40 x上间别有6.48和81.6公收超过30。外-10 x与区间的例持弱表现即值低公更不现高绝收益。从净资产收益率角度看，以中高 ROE 为主，其中 ROE 在 30以上的研究标的的占比自 2017 年起均超过二分之，而从 2019 年起的高 ROE 的标的优势更加明。反观小于10

13、的间仅情较的204与205有较的现然其各年的的占在30以，中偏净产益的股的对益表较优秀。另一方面，高营业入公司的表现似乎并占。在去的12年，收入在500亿以上的司仅有3 年超过三分一的式表良好，而他年均比低营收公司较。收低公在205之呈为明势而017年起业入与股益的系逐弱，呈出低营向转的弱势。图表 ：中高市值、中高估值、中高净资产收益率的公司表现优异的概率较高研究指标指标分布20102011201220132014201520162017201820192020 2021市值分布0-50亿21.22%0.66% 10.66%32.17%55.93%57.17%77.10%74.84%3.33%

14、0.62%3.63%0.84% 22.52% 12.04%20.29%50-100亿31.81%2.47%16.20%45.28%46.41%6.67%7.18%1.95%2.55%3.13%41.66%28.54%36.63%100-500亿37.38%0.42%0.00%0.00%25.70%62.82%70.48%19.20%47.28%41.84%39.06%39.35%500-1000亿34.09%30.56%31.43%78.95%48.68%6.45%46.15%48.72%57.47%56.04%51.26%53.44%1000亿以上13.89%25.00%14.29%93.8

15、8%19.35%4.62%1.75%30.67%估值分布0以下17.93% 2.19%9.97%21.90% 59.06%64.52%8.00%1.67% 0.32% 22.35%18.69% 26.18%0-10 x5.56%0.78%0.37%0.42%16.67%6.25%94.44%10.00%3.03%21.31%0.78%0.43%28.19%27.19%10.00% 21.35%10-25x10.04%11.20%23.53%58.49% 32.49%1.90%12.97%10.83%18.36% 27.99%25-40 x16.39%15.76%16.80%42.36%48.9

16、0%61.48%3.80%1.78%37.30% 29.70%29.99%40以上38.82%1.66%50.00%62.24%81.16%7.36%8.59%3.14%45.14% 35.95% 37.23%E分布0%9.46%0.00% 5.81%19.08% 58.67%58.51% 9.20%1.14% 0.00% 19.21% 13.41%22.95%0%-10%22.43%0.59% 9.26%34.10%60.36%58.05%74.01%69.72%5.60%6.27%3.95% 0.80%28.73% 20.03% 26.20%10%-20%32.78%0.39%22.47%

17、46.50%17.77%2.01%46.65% 39.46% 40.49%20%-30%41.73%2.40%37.08%52.22%51.85%64.47%13.25%46.53%6.67%70.50% 60.14%48.30%30%37.21%6.98% 43.33%42.42%44.00%80.00%10.71%51.11% 11.54%61.36%60.71% 56.52%营收分布0-10亿29.96%28.02%1.08%1.04%1.16%14.51%12.83%16.30%47.64%57.49%56.02%60.42%86.23%8.62%2.49%1.93% 31.27% 1

18、9.90% 29.62%10-50亿35.28%74.43%5.96%6.68% 1.37%35.38% 27.68% 32.38%50-100亿22.92%24.40%24.55%58.96%3.45%14.79%1.09%1.20%38.21%33.41%36.18%33.10%32.59%32.98%30.83%100-500亿20.30%0.00%0.00%12.18%65.93% 42.39%4.73%5.05%21.95%500亿以上13.46%18.67%12.20%86.52%18.89%33.33%0.00%21.14%24.62%基金持仓与评级机构与对高绝对收益率个的贡献如

19、何？基金持股比例高的股票现突出且稳定。在201-021 个测间基金比例在0上企获超过0收率概在各份著于股例较的（201除外。照股比递的度股比在0-0企的表略前述票合但高持股在10以的票组。从研究个股的绝对数量上来看，超 70表现优秀的个股的机构评级为买入或者增持。我们用机构评分数的区表示相的操作，其中11.5)表买入1.5, .)代表增持，2.5,)代中性、减持卖出。012021 年，收益超 30且评级为买入增的股比别为7.03与34.0评级中、持卖的但现收益率的标的合计仅有 381。回顾历史，评级为买入的个股的优势略大于增持，而负向评的股终现佳。机构覆盖率偏高的司现稳定且优异的对益率2016

20、年之，同机覆盖程度区间内的标的表现分布较为均匀，机构覆盖数量为超过 10 个以上的公司的优势在研究指标分布2010201120122013201420152016201720182019202020212010-2021占比5%898973307929909710117704439606427054.44%5%-10%573379421428528728172131189129016.45%10%-20%9313412614024520研究指标分布2010201120122013201420152016201720182019202020212010-2021占比5%8989733079299

21、09710117704439606427054.44%5%-10%573379421428528728172131189129016.45%10%-20%9313412614024520735174197192130016.58%20%124072166841401324166911116498312.53%1955914132440447147355241443205924.66%1.0-1.5793642553356005517425441492569309237.03%1.5-2.52587152377575624598114327189218288134.50%2.5523175294

22、49110251683183.81%无1955914132440447147355241443205924.66%1-5个14998831855470049207305232412284334.05%量5-10个10644216427736933506162146191155018.56%10-20个110066160140187299718166170135127815.31%20240374233174898160149576207.43%图表 ：分基金持股比例、机构评级、机构覆盖数量看标的数量中证研所图表 ：分基金持股比例、机构评级、机构覆盖数量看标的占比研究指标研究指标分布201020

23、1120122013201420152016201720182019202020215%24.52%66.67%40.42%46.09%64.39%59.64%61.39%37.41%36.96%62.91%50.00%52.65%5%-10%15.70%25.00%15.42%13.13%17.40%17.17%17.72%26.67%17.39%15.37%14.92%16.42%10%-20%25.62%8.33%14.17%17.60%11.38%14.76%12.66%27.04%10.87%15.55%22.44%16.68%20%34.16%0.00%30.00%23.18%6.

24、83%8.43%8.23%8.89%34.78%6.17%12.64%14.25%4.66%27.78%20.21%17.09%24.40%24.09%29.01%5.19%15.22%30.92%25.69%35.78%1.0-1.519.36%16.67%21.92%30.91%25.23%35.78%33.95%64.44%54.35%38.41%52.45%45.96%1.5-2.563.24%38.89%52.05%45.70%43.30%37.21%36.42%30.00%30.43%28.48%20.15%17.61%2.512.75%16.67%5.82%6.30%7.08%2

25、.92%0.62%0.37%0.00%2.18%1.71%0.65%无4.66%27.78%20.21%17.09%24.40%24.09%29.01%5.19%15.22%30.92%25.69%35.78%1-5个36.52%50.00%30.14%38.55%41.72%41.74%30.25%7.41%15.22%26.57%24.73%33.28%量5-10个25.98%22.22%14.38%19.88%20.86%22.00%20.37%18.52%13.04%14.11%15.57%15.43%10-20个26.96%0.00%22.60%19.39%10.54%11.15%1

26、7.90%35.93%39.13%14.46%18.12%10.90%205.88%0.00%12.67%5.09%2.48%1.01%2.47%32.96%17.39%13.94%15.88%4.60%图表 ：持股比例高、市场看好、机构覆盖率高的公司更加出色研究指标指标分布2010201120122013201420152016201720182019202020215%16.27%0.86%8.36%25.80%58.02%63.71%5.83%6.14%6.39%4.59%0.66%27.08%17.54%23.30%5%-10%28.36%1.20%16.74%15.81%39.33%

27、64.07%77.24%24.49%2.72%2.59%59.93%42.67%39.46%10%-20%40.97%0.43%61.17%58.82%90.07%39.67%78.03%69.61%46.04%20%57.14%0.00%34.78% 85.13% 64.12% 97.90% 11.93%45.28%17.02% 79.31% 79.29% 62.36%13.10%1.89%12.69%23.78%62.43%61.36%70.02%8.77%1.55%0.46%22.63% 14.33%23.91%1.0-1.545.93%1.03%26.67%55.19%78.23%6.

28、35%21.67%3.63%59.43%47.22%42.12%1.5-2.530.03% 0.72%14.21% 39.52%56.10%68.20%5.31%7.83%1.45%36.50%25.93%30.70%2.515.29%0.96%5.18%22.41%61.44%47.57%1.59%1.69%0.00%18.94% 17.98% 13.33%无13.10%1.89%12.69%23.78%62.43%61.35%70.02%71.72%73.21%8.77%1.55%0.46%22.63% 14.33%23.91%1-5个20.64%1.06%10.07% 36.85%5.4

29、0%5.50%2.38%0.85%34.35%25.27%38.36%5-10个35.81%1.24%13.86%45.05%47.34%50.60%61.15%10.62%1.63%47.37% 41.13%42.83%10-20个41.98%0.00%0.00%19.19%45.16%68.50%6.29%22.77%5.11%4.32%53.55% 48.16%36.19%2026.37%31.62%56.90%53.13%5.63%55.63%69.57%63.68%25.00%综合对各相关机构的特征指标的具体分析，基金持股比例在 0以上的股票表现明显，而比例在 0-0的也有优异表现。

30、对于有机构覆盖到的标的，受到市场看好且表现优秀的个股的比例之和接近 75 ，但市场看法偏向中性或者负向的标的则罕有优异表现，而且机构覆盖度较高的公司的优势表现相比覆盖度较低的公司有更可能有卓越的收益。绝对收益率超 0的个股的行业分布有特？从各行业板块的标的数量看，医药生物、机械设备、电子、基础化工和电力设备等板块的表现较其余各板块处于领先。每个板块的收益率超 30%的标的数量均在过去12 内计都在60 个上且总的比值高于房板块在2011 和 2012 年显现短暂优势，后因政策驱动及经济转型等多重因素未再居前，而纵向观察也可看出，我国经济发展的主要驱动力从地产、金融逐渐向消费、技高制等域过。而0

31、20 年球经意受了发公共卫生事的动医生板块现眼。从各行业板块的个股的收益率超 0%的概率角度看，电力设备、电子、国防军工、食品饮料与有金表现居前。自219 始子医生、色金属和电设板分别领先位反不策支与会件引行业变行业2010201120122013201420152016201720182019202020212010-2021占比医药生物492341007515483081071171037879.43%机械设备3201667101127914186791376698.01%电子3101272521088245139721086317.56%基础化工201954901162015472731

32、516257.49%电力设备2309537111610151641051426097.29%计算机15011897712639711829445286.32%汽车190行业2010201120122013201420152016201720182019202020212010-2021占比医药生物492341007515483081071171037879.43%机械设备3201667101127914186791376698.01%电子3101272521088245139721086317.56%基础化工201954901162015472731516257.49%电力设备23095371

33、11610151641051426097.29%计算机15011897712639711829445286.32%汽车1907377078111014869724225.05%有色金属2911711624681504636693404.07%房地产1543178373291237122763.31%传媒10384243687303716302673.20%食品饮料1601319203492044163132523.02%公用事业90141858456201618512372.84%国防军工14033043441202851192352.81%交通运输8041767485100211524219

34、2.62%轻工制造5161930473603918262002.40%农林牧渔12071624504323333111952.34%建筑装饰15122536437801312291912.29%建筑材料10056353481303218221832.19%商贸零售15051540505311810141762.11%通信1000312336062359211732.07%环保102531293744098281672.00%非银金融5113134220230431151581.89%家用电器80521173431311917181561.87%纺织服饰150492752410119221541

35、.84%社会服务91211203511413991151.38%石油石化4071218184509715991.19%钢铁402130841407517921.10%煤炭40201382607920710.85%综合30461316201334550.66%美容护理301336213492370.44%银行0020160050710310.37%图表 ：医药、机械、电子、化工、电力等数量优势居前图表 ：电力、电子、国防军工、食品饮料、有色等概率优势居前行行业走势20102011201220132014201520162017201820192020 2021电力设电子国防军食品饮有色金家用电医

36、药生计算机 美容护基础化汽车建筑材机械设通信传媒 农林牧环保 轻工制石油石非银金社会服公用事综合 房地钢铁纺织服交通运建筑装商贸零煤炭银行37.10%0.00%0.00%0.00%0.00%7.76%43.09%57.72%85.93%85.04%6.76%9.32%0.53%32.82%50.48%58.68%49.21%11.54%60.50%43.70%5.56%15.29%2.40%63.76%29.63%36.73%35.00%37.21%5.36%52.63%75.44%74.58%1.61%3.03%0.00%35.90%58.62%19.19%22.81%31.67%33.33

37、%51.52% 12.86%26.32%4.76%48.24%68.48%12.75%42.03%36.36%38.89%1.25%20.00%12.22%68.89% 49.46%8.33%6.67%15.31%0.00%42.20%32.43%29.31%57.50%0.00%14.71%55.26%53.76%43.59%40.32%80.95%76.62%27.08%1.82%2.87%3.55%33.33%26.87%29.26%1.30%19.32%3.60%1.96%12.61%37.28% 38.49%28.85%0.00%0.00%10.38%12.50%72.95%63.1

38、1%93.33%5.11%57.84%12.72%16.73%50.00%37.50%34.39%36.27%37.50%75.00%71.60%70.91%25.00%12.50%23.08%26.67%29.51%26.97%52.94%8.33%19.80%0.81%6.00%57.32%11.43%7.69%7.58%1.69%0.59%0.00%0.36%2.53%27.86%50.67%27.14%27.03%0.00%0.00%0.00%7.37%9.80%11.03%68.63%64.81%9.09%37.30% 34.78%11.11%61.82%13.56% 21.31%4

39、7.76%26.47%25.57%31.43%39.02%40.00%41.36%62.35%72.16%4.33%5.91%30.18%37.33%0.00%0.00%73.81%54.76%54.43%85.71%85.00%79.37%0.00%10.17%42.17%10.71%13.22%21.88%24.19%22.73%4.84%11.11%12.28%11.11%13.04%53.16%7.61%5.88%6.78%2.94%0.00%31.90%28.57%0.00%26.23%39.34%4.29%2.56%42.31% 41.25%12.64%35.71%5.71%64.

40、58%60.42%58.82%71.15%6.67%8.11%0.00%12.68%10.53%29.79%15.15%16.67%2.70%37.25%35.29%90.38%4.69%0.00%0.00%0.00%39.00%16.98%17.50%14.86%16.98%18.00%14.29%21.31%0.00%20.59%52.94%52.94%11.43%13.16%23.08%34.88%12.82%2.27%27.08%26.00%30.56%84.00%39.22%3.57%5.17%2.44%2.27%62.32%6.41%31.03%3.33%5.71%55.56%89

41、.74%8.00%26.00%15.52%12.86%15.00%0.00%0.00%18.18%19.05%22.50%71.60% 54.22%6.90%2.27%0.00%16.33%49.04%28.57% 61.90%76.19%9.52%0.00%4.76%14.29%19.05%0.95%4.72%40.57%16.04%78.30% 68.87%1.85%8.33%0.93%0.00%0.00%0.00%21.10%18.92%6.31%10.71%12.12%0.00%0.00%0.00%5.71%2.86%85.71%22.22%11.11%37.84%13.16%11.2

42、5%13.76%10.17%11.36%40.48%44.12%8.33%17.31% 51.92%89.66%6.25%5.62%1.45%13.75%25.29%21.24%23.39%11.43%4.94%20.00%78.82%56.47%62.32%10.87%8.79%20.00%34.09%2.04%37.29%7.94%57.14%55.56%9.09%0.00%11.50%25.42%0.00%0.00%7.14%6.25%20.83%69.44%6.85%5.88%3.80%1.20%21.18%20.00%15.22%13.33%0.00%0.00%40.63%23.53

43、%17.65%0.00%0.00%25.71%57.14%0.00%0.00%12.50%100.00%0.00%0.00%20.83%25.00%2.78%0.00%分大类行业看，消费、TT 和制造三大类行业表现优异，而周期与金融地产行业表现佳具来看且同制大机与础工块包近年来政策点持高端领域包医生物车板的费类领市场也是当疫扰叠加新能转背的体金融产块随经动力的转缓优逐趋。21过去 12年中，恰好有18年的收益率在 30以上的股票有何特征？2010 至 2021 年时间跨内恰好在四年及上度的绝对收益率在 30上的个股数量随着年度增长而递减。为了一步索研对的收韧性我们算在过的 12年中，恰好在多个

44、年度的收益率均保持在 30以上的股票数量，并发现有两只电子板的股在8中享高对益而8以上范中没找符合件的研究象其仅1、2和3年年幅在0以的究的在800上下浮动占约为167；恰有4的对在3上个股为477，比足10，呈明递减趋。有2和2家司过去12内，有7年和8的价涨在30上并且7年幅于30的司现出市值高、中等 ROE、低营收的特点；行业面上看，以电子、医药生物、基础化工和电力设备板块主。证券代码证券简称行业证券代码证券简称行业上市日期频率000661.SZ长春高新医药生物1996/12/187600763.SH通策医疗医药生物1996/10/307300015.SZ爱尔眼科医药生物2009/10/

45、307601012.SH隆基绿能电力设备2012/4/117600885.SH宏发股份电力设备1996/2/57600703.SH三安光电电子1996/5/287002597.SZ金禾实业基础化工2011/7/77600436.SH片仔癀医药生物2003/6/167002049.SZ紫光国微电子2005/6/67600460.SH士兰微电子2003/3/117600563.SH法拉电子电子2002/12/107600610.SH中毅达基础化工1992/8/57002241.SZ歌尔股份电子2008/5/228002139.SZ拓邦股份电子2007/6/298图表 1：10-21 年内，18 年

46、的收益在 3%以上的股票个图表 ：1021 年内，18 年的收益在 %以上的股票占，泰券究所，泰券究图表 1：2只电子板块的股票的 8年涨幅高于 3%图表 1：7年涨幅%标的在医药、电子板块各占 /3，泰券究所，泰券究图表 1：7年涨幅超 3%呈现出中市值、高估值、中 R、低营收特征持股比例机构评级研究指标 指标分布 2010 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010-2021占比0-50亿2101000000044.82%50-100亿416321000101821.69%市值分布 100-500亿3142908154239

47、46.99%500-1000亿000010113231113.25%1000亿以上000000101541113.25%0以下0121000000044.82%0-10 x0000000000000.00%估值分布10研究指标 指标分布 2010 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010-2021占比0-50亿2101000000044.82%50-100亿416321000101821.69%市值分布 100-500亿314290815423946.99%500-1000亿000010113231113.25%1000亿以上

48、000000101541113.25%0以下0121000000044.82%0-10 x0000000000000.00%估值分布10-25x00220110210910.84%25-40 x111050401011416.87%40以上8153705261185667.47%0%0010100000022.38%0%-10%402320203211922.62%E分布 10%-20%406370603523642.86%20%-30%121021223452327.38%30%0100000011144.76%0-10亿603220001001416.67%10-50亿3374916246

49、24755.95%营收分布 50-100亿000010304441619.05%100-500亿0000001011255.95%500亿以上0000000001122.38%5%101130402111418.18%5%-10%110161011011316.88%10%-20%304210504653038.96%20%314110112422025.97%无评级1111100012089.52%1.0-1.5004261504783744.05%1.5-2.5825350525313946.43%2.50000000000000.00%无1111100012089.52%1-5个1000

50、102010167.14%机构数量5-10个515140100111922.62%10-20个213351113342732.14%20个以上001110615632428.57%图表 1：6年涨幅超 3%的公司以中市值、高估值、中低 、低营收占主导持股比例机构评级研究指标 研究指标 指标分布2010 20122013 20142015 20162017 20182019 2020 2021 2010-2021占比0-50亿1111221530006217119.72%50-100亿1101910135308668122.50%市值分布 100-500亿10571133620123231215

51、141.94%500-1000亿01203230689349.44%1000亿以上00001021586236.39%0以下01644100742298.06%0-10 x0000000001120.56%估值分布10-25x138521108263710.28%25-40 x4912715411116759125.28%40以上274242032716117332020155.83%0%01242000114154.17%0%-10%10322182741012017914139.17%E分布 10%-20%147191017511114181513136.39%20%-30%6354625

52、012855615.56%30%23201220131174.72%0-10亿77131291304336217.22%10-50亿23729162697015181016044.44%营收分布 50-100亿22569281121096618.33%100-500亿0132911011514106618.33%500亿以上0000000022261.67%5%822018231801513811633.24%5%-10%526917662131078323.78%10%-20%94116123110161699727.79%20%989213303695315.19%无评级018460008

53、854011.11%1.0-1.564151727820026272717749.17%1.5-2.524102312195821311212935.83%2.522431000110143.89%无018460008854011.11%1-5个931614173204647821.67%机构数量5-10个1131112123203466718.61%10-20个10814616610091179726.94%20个以上2210211422418127821.67%图表 1：6年涨幅高于 %的公司在电力设备与电子板块共占 3研究指标 指标分布 2010 2011 2012 2013 2014

54、2015 2016 2017 2018 2019 研究指标 指标分布 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010-2021 占比0-50亿3902565692130123161027224.86%50-100亿22112234370127142263529426.87%市值分布 100-500亿250102835861140561566041738.12%500-1000亿10144401217128544.94%1000亿以上1011432809208575.21%0以下504813246201818141

55、1210.24%0-10 x010220010712161.46%估值分布10-25x601517207116036222016014.63%25-40 x8014333323221131352122220.29%40以上6901661871301927750546458453.38%0%101410142107510555.04%0%-10%3601456881081617369575652047.62%E分布 10%-20%37023514850428145534238234.98%20%-30%110910775152151291029.34%30%211025162634333.02%

56、0-10亿37119475457113219181628425.94%10-50亿400175572941424366495548944.66%营收分布 50-100亿61571217113222252613712.51%100-500亿40681314118122262213512.33%500亿以上10244219013122504.57%5%200124278901721374534945944.26%5%-10%1415102441316124212618617.94%10%-20%1804252436424131292822421.60%20%24022311816463920151

57、6816.20%无评级51715273073138263619617.90%1.0-1.5191164551711452360776647543.38%1.5-2.550026596777712441241838535.16%2.514002106000331393.56%无51715273073138263619617.90%1-5个4109436170113133283433430.50%机构数量5-10个1219243540413126172020218.45%10-20个25012292542322214242121920.00%20个以上50121072326331351014413

58、.15%持股比例机构评级图表 1：5年涨幅超 3%的公司以电力、医药、机械、电子、化工、有色为主行业2010201120122013201420152016201720182019202020212010-2021占比电力设备50115162123013181611010.05%医药生物60616121918215151011010.05%机械设备130312121325091011908.22%电子5051071535015510807.31%基础化工4036111526091014807.31%有色金属70211210170111014756.85%计算机50112121201110476

59、55.94%汽车5038810220598605.48%食品饮料5032652807102504.57%建筑材料501188150876504.57%国防军工501696010494454.11%家用电器202445151641353.20%公用事业202265310225302.74%房地产013155040321252.28%传媒102545010322252.28%社会服务101224003430201.83%纺织服饰403122100223201.83%通信200434011302201.83%综合202123200201151.37%建筑装饰302022220101151.37%轻工

60、制造100233010311151.37%非银金融200233000320151.37%农林牧渔201313010220151.37%环保010212200011100.91%交通运输001122100111100.91%商贸零售10011100010050.46%石油石化00111100001050.46%图表 1：4年涨幅超 3%的公司以中低市值、高估值、低 、低营收占主导研究指研究指标 指标分布 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010-2021 占比市值分布估值分布E分布营收分布持股比例机构评级机构