社会服务行业投资策略周报：关注三季度景气赛道

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------|--------|--------------------|--------|--------|--------|-------------|--------|--------------------|--------|--------|--------|--------| | 图 77. | | 老凤祥估值变化趋势 | | | | 图 78. | | 周大生估值变化趋势 | | | | | | | 老凤祥 | | 均值 | +1sd | | | 周大生 | | 均值 | | +1sd | -1sd | | 18 16 14 12 10 8 6 | | | | | | 25 20 15 10 | | | | | | | | 4 2 | | | | | | 5 | | | | | | | | 0 2018-1 | 2019-1 | 2020-1 | 2021-1 | 2022-1 | 2023-1 | 0 20 ...