In the top-down approach to valuation, industry analysis should be conducted before company analysis because:（）

A. most valuation models recommend the use of industry-wide average required returns, rather than individual returns.

B. the goal of the top-down approach is to identify those companies in non-cyclical industries with the lowest P/E ratios.

C. an industry's prospects within the global business environment are a major determinant of how well individual firms in the industry perform.

按标的具体存在的形态，通常可将广义财产保险的保险标的划分为有形财产、无形财产或( )。

A．有关收益

B．有关利益

C．有关费用

D．有关损失