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.
