艾瑞投资月报 2015年8 月 艾瑞资产研究中心 8 7 PMI 50.0 PMI 47.8 CPI 8 7 PMI QE A 30%A 7 A A 8 艾瑞投资月报 2015年8 月 Wind 2-20%0%20%40%60%80%100%120%140%14/8/6 14/10/6 14/12/6 15/2/6 15/4/6 15/6/6 300 500 STOXX 50 225 一、月度投资视点 1.1 1.2 1.3 1.4 1.5 1.6 1.7 PE 1.8 1.9 目 录 Contents 2.1 A 2.2 3.1 二、互联网投资策略 三、艾瑞资管产品概览 一、月度投资视点 4 1.1 7 PMI 50.0%0.2 PMI 47.8 49.4 PMI 2015 7 100 0.54%0.01 1.38%1.32 46 53 1 3.55%0.09%0.14%Wind PMI Wind 5 354045505560Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 Jan-15 PMI PMI PMI-2-101234Jul-10 Apr-11 Jan-12 Oct-12 Jul-13 Apr-14 Jan-15%艾瑞投资月报 2015年8 月 2015 1-6 1.4%1-5 1.3%0.7%1-5 0.1 6 0.3%5 0.6%1-6 58.8%6.1%17.2%7 30 Wind 6 Wind 6-100102030Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15%-4-20246810-40-20020406080100Jan-05 Jul-06 Jan-08 Jul-09 Jan-11 Jul-12 Jan-14CPI CPI CPI%艾瑞投资月报 2015年8 月 1.2 7 6 201 5 330 9 Wind Wind 7 123456714/8/5 14/10/5 14/12/5 15/2/5 15/4/5 15/6/5%6.106.156.206.256.306.35-900-700-500-300-100100300500Jan-12 Oct-12 Jul-13 Apr-14 Jan-15 艾瑞投资月报 2015年8 月 1.3 2015 7 Markit 53.8 6 PMI 53.6 2015 GDP 2.3%2.6%6 549 540 6 PMI 52.4 6 PMI 52.5 6 2.2%CPI 0.2%0.1%6 11.1%2015 7 PMI 51.9 6 PMI 51.4 GDP 2.6%0.7%6 2.3%5 6 0.5%7 PMI 51.2,6 PMI 50.1 6 3.4%PMI World Bank,wind 8 43485358Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 PMI 02468101214Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14%艾瑞投资月报 2015年8 月 1.4 7 PMI A A TMT 7 IPO 2015 PE 263.5 13.8%34.1%2015 613 28.2%31.8%164 33.6%43.5%IT 8 9 艾瑞投资月报 2015年8 月 1.5 A A 6 30%A A 8 3 1.335 2.26 9000 41%A A 7 A A 21 300 14.33 IPO 7 478.6 8 A A A IPO 10 艾瑞投资月报 2015年8 月 A A 6 15 30%29 21 300 14.33 90 60 15-20 A 21 A A Wind 2015.8.3 A 21 Wind 2015.8.3 11 90.27 60.13 31.12 21.03 15.92 14.33 020406080100120140 A A 300 A TTM 19.3 18.1 17.4 16.3 10.1 14.3 21.0 0.05.010.015.020.025.00.00.51.01.52.02.53.03.5S&P 500 EUROSTOXX 50MSCI JapanQuality MixDow JonesIndustrialAverage 300 A PBPE Right A 艾瑞投资月报 2015年8 月 A A 8 3 1.335 2.26 9000 41%A 7 7 1.04 6 854 5 1311 7 2.44 6 2299 Wind A Wind 12 0100020003000400050006000-2000-1500-1000-500050014/7/1 14/10/1 15/1/1 15/4/1 15/7/1 300 VS 300-20000200040006000800010000Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 艾瑞投资月报 2015年8 月 7 28893 6 1054 7 2014 7 2014 8 2015 7 6 A 7 31 42.63 34 5 75%5 Wind Wind 13 01000200030004000500060000100002000030000400005000012/4/6 13/4/6 14/4/6 15/4/6 300 VS 300 05010015020025014/7/4 14/9/4 14/11/4 15/1/4 15/3/4 15/5/4 15/7/4 艾瑞投资月报 2015年8 月 8 A IPO A 7 A 828 6 2423 A IPO 8 A 7 A 7 478.6 8 Wind IPO Wind 14 05001000150020002500Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 A 1454.1 1063.8-478.6-1000.0-500.00.0500.01000.01500.02000.0May-14 Aug-14 Nov-14 Feb-15 May-15 艾瑞投资月报 2015年8 月 1.6 7 8 8 1.7 PE 2015 PE 263.5 2014 13.8%14 34.1%2015 613 28.2%31.8%164 33.6%43.5%IT 2015 IT PE 112 59 Wind 15 0 50 100 150/2015 15015516016517014/8/5 14/11/5 15/2/5 15/5/5 15/8/5 艾瑞投资月报 2015年8 月 1.8 7 7 10 8 3 10 15-20 AH Wind 7 Wind 2015.7.8 16 510152025Jan-01 Jan-03 Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 Jan-15 0.01.02.03.04.05.014/1/2 14/5/2 14/9/2 15/1/2 15/5/2 10%艾瑞投资月报 2015年8 月 1.9 7 Wind 17-20%-10%0%10%20%30%15/1/1 15/3/2 15/5/1 15/6/30 LME IPE 艾瑞投资月报 2015年8 月 二、互联网行业投资策略 2.1 A A A 68.1%7 19%300 8%7 14%6 A 30%3373.54 7 31 P2P 3.5%7 12%100 8.5%7 4%7 7 7 8 9 80 28 7 A 19 A Wind 2015.7.31 Wind 2015.7.31 A-10%0%10%20%30%40%15/1/28 15/3/28 15/5/28 15/7/28 100 100-10%40%90%140%190%240%15/1/2 15/2/2 15/3/2 15/4/2 15/5/2 15/6/2 15/7/2 A 300 A 300 艾瑞投资月报 2015年8 月 2.2 7 Q2 GMV O2O 23%63%18/GMV 109%56.2%27.13 O2O 405 109%91 O2O Q2 2300 2014 11 25.3 47%30%10 2.3 20%3.564 3150 8 4 18/Keystone Wind 2015.7.31 GMV 7/PE TTM Q2/Q2/Q2 BIDU 172.66 606.9 28.1 5.99 27.11 36.39%CYOU 23.29 28.9 43.8 0.45 2.02 35.55%NOAH 22.85 12.8 16.7 0.27 0.93 83.38%CTRP 71.58 166.3-0.23 4.13 18.60%DL 13.02 4.7 19.1 0.01 0.22 46.54%500 WBAI 23.53 9.8-0.13-59.81%SOHU 48.13 18.6-0.27 4.94 23.96%LONG 14.50 5.2-0.58 0.36-20.06%艾瑞投资月报 2015年8 月 三、艾瑞资管产品概览 3+100 2000 CEO 22 艾瑞投资月报 2015年8 月-2015 6-2015 6 1-18 110 A 33%26%800 300-600 A 6000 3000-6000 IT 12.6%12.6%9.9%9.0%9.0%9.0%7.2%7.2%6.3%4.5%4.5%2.7%2.7%1.8%0.9%融资 项目 行业 占比 32.7%26.4%20.9%7.3%6.4%3.6%0.9%0.9%0.9%A B C PreAD E F 2015 6-2015.6.17 2015.6.16 3000 2015.6.16 250 2015.6.16 2015.6.16 2015.6.16 UhA SNS 2015.6.15 51-1000 2015.6.12-1000 2015.6.12 Fiberead 470 2015.6.11 1000 2015.6.11 2015.6.11 2015.6.11 e 500 2015.6.10 Todolist 2015.6.10 600 2015.6.10 200 2015.6.8 2015.6.8 2015.6.5 600 2015.6.5 300 2015.6.4 2015.6.4 2000 2015.6.4 2015.6.4 2015.6.4 1000 2015.6.2 Klook 150 2015.6.1 2015.6.1 180 2015.6.1 500/23 2015 8 “”24 Legal Statement This Report is prepared and provided by iResearch Investment Research Center of Shanghai iResearch Assets Management Co.,Ltd.(hereinafter,the“Company”).Any of reading and use of this Report shall be deemed as an unconditionally acceptance of any and all content contained herein.In no event shall the information or opinion contained or expressed herein constitute an investment opinion to anyone.In no event shall the Company be liable for any loss resulted from,or in connection with,the reliance on any content contained herein by any person.Information,opinions,and speculations contained herein are of judgment of the Company on the date of its issuance only.The Company may,from time to time,issue any report of which the information,opinions,and speculations are inconsistent with those contained herein.The Company makes no guarantee,expressed or implied,on the accuracy,reliance,or integrality of content contained herein.There are risks in market and investment shall be made with cautiousness.The information,materials,and conclusions contained herein are for reference by specific clients only and,in no event,shall constitute investment recommendations,without considering special investment objectives,financial standing,or needs of individual clients.This Report is of confidential and shall be communicated to specific clients only.Without written consent of the Company,no distribution hereof shall be made.No part hereof may be copied,duplicated,or reproduced in whatsoever form,or distributed to any other person,or otherwise used against the copyright of the Company.All trademarks,service marks,and marks contained herein are trademarks,service marks,and marks of the Company.艾瑞投资月报 2015年8 月