{"id":920,"date":"2026-03-13T16:50:08","date_gmt":"2026-03-13T08:50:08","guid":{"rendered":"https:\/\/www.ixriver.com\/?p=920"},"modified":"2026-03-13T16:50:09","modified_gmt":"2026-03-13T08:50:09","slug":"%e5%9b%bd%e7%94%b5%e5%8d%97%e7%91%9e-600406-sh-%e6%8a%95%e8%b5%84%e7%a0%94%e7%a9%b6%e6%8a%a5%e5%91%8a","status":"publish","type":"post","link":"https:\/\/www.v.ixriver.com\/?p=920","title":{"rendered":"\u56fd\u7535\u5357\u745e \u6df1\u5ea6\u5206\u6790\u62a5\u544a"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >\u76ee\u5f55<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" 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title=\"\u516c\u53f8\u7b80\u4ecb\">\u516c\u53f8\u7b80\u4ecb<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.v.ixriver.com\/?p=920\/#%E6%A0%B8%E5%BF%83%E7%AE%A1%E7%90%86%E5%B1%82\" title=\"\u6838\u5fc3\u7ba1\u7406\u5c42\">\u6838\u5fc3\u7ba1\u7406\u5c42<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.v.ixriver.com\/?p=920\/#%E8%82%A1%E6%9D%83%E7%BB%93%E6%9E%84\" title=\"\u80a1\u6743\u7ed3\u6784\">\u80a1\u6743\u7ed3\u6784<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.v.ixriver.com\/?p=920\/#2_%E4%B8%9A%E5%8A%A1%E6%A8%A1%E5%BC%8F%E4%B8%8E%E6%A0%B8%E5%BF%83%E4%BA%A7%E5%93%81\" title=\"2. \u4e1a\u52a1\u6a21\u5f0f\u4e0e\u6838\u5fc3\u4ea7\u54c1\">2. \u4e1a\u52a1\u6a21\u5f0f\u4e0e\u6838\u5fc3\u4ea7\u54c1<\/a><ul class='ez-toc-list-level-3' ><li 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title=\"\u653f\u7b56\u73af\u5883\">\u653f\u7b56\u73af\u5883<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.v.ixriver.com\/?p=920\/#4_%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E4%B8%8E%E6%8A%A4%E5%9F%8E%E6%B2%B3\" title=\"4. \u6838\u5fc3\u7ade\u4e89\u529b\u4e0e\u62a4\u57ce\u6cb3\">4. \u6838\u5fc3\u7ade\u4e89\u529b\u4e0e\u62a4\u57ce\u6cb3<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.v.ixriver.com\/?p=920\/#%E6%99%A8%E6%98%9F%E4%BA%94%E5%A4%A7%E6%8A%A4%E5%9F%8E%E6%B2%B3%E5%88%86%E6%9E%90\" title=\"\u6668\u661f\u4e94\u5927\u62a4\u57ce\u6cb3\u5206\u6790\">\u6668\u661f\u4e94\u5927\u62a4\u57ce\u6cb3\u5206\u6790<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" 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\u5408\u7406\u4f30\u503c\u4e0e\u5b9a\u4ef7\u5206\u6790\">7. \u5408\u7406\u4f30\u503c\u4e0e\u5b9a\u4ef7\u5206\u6790<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/www.v.ixriver.com\/?p=920\/#%E7%BB%9D%E5%AF%B9%E4%BC%B0%E5%80%BC_DCF\" title=\"\u7edd\u5bf9\u4f30\u503c (DCF)\">\u7edd\u5bf9\u4f30\u503c (DCF)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/www.v.ixriver.com\/?p=920\/#%E7%9B%B8%E5%AF%B9%E4%BC%B0%E5%80%BC_%E5%9F%BA%E4%BA%8E_%C2%A52921_%E8%82%A1%E4%BB%B7\" title=\"\u76f8\u5bf9\u4f30\u503c (\u57fa\u4e8e \u00a529.21 \u80a1\u4ef7)\">\u76f8\u5bf9\u4f30\u503c (\u57fa\u4e8e \u00a529.21 \u80a1\u4ef7)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/www.v.ixriver.com\/?p=920\/#%E4%BC%B0%E5%80%BC%E5%88%86%E4%BD%8D%E6%95%B0\" title=\"\u4f30\u503c\u5206\u4f4d\u6570\">\u4f30\u503c\u5206\u4f4d\u6570<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/www.v.ixriver.com\/?p=920\/#8_%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E5%89%8D%E6%99%AF%E4%B8%8E%E5%82%AC%E5%8C%96%E5%89%82\" title=\"8. \u672a\u6765\u53d1\u5c55\u524d\u666f\u4e0e\u50ac\u5316\u5242\">8. \u672a\u6765\u53d1\u5c55\u524d\u666f\u4e0e\u50ac\u5316\u5242<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-33\" href=\"https:\/\/www.v.ixriver.com\/?p=920\/#%E6%A0%B8%E5%BF%83%E5%A2%9E%E9%95%BF%E5%BC%95%E6%93%8E\" title=\"\u6838\u5fc3\u589e\u957f\u5f15\u64ce\">\u6838\u5fc3\u589e\u957f\u5f15\u64ce<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-34\" href=\"https:\/\/www.v.ixriver.com\/?p=920\/#%E5%82%AC%E5%8C%96%E5%89%82%E4%BA%8B%E4%BB%B6\" title=\"\u50ac\u5316\u5242\u4e8b\u4ef6\">\u50ac\u5316\u5242\u4e8b\u4ef6<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-35\" href=\"https:\/\/www.v.ixriver.com\/?p=920\/#9_%E6%A0%B8%E5%BF%83%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA\" title=\"9. \u6838\u5fc3\u98ce\u9669\u63d0\u793a\">9. \u6838\u5fc3\u98ce\u9669\u63d0\u793a<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-36\" href=\"https:\/\/www.v.ixriver.com\/?p=920\/#10_%E6%80%BB%E7%BB%93%E4%B8%8E%E6%8A%95%E8%B5%84%E8%AF%84%E7%BA%A7\" title=\"10. \u603b\u7ed3\u4e0e\u6295\u8d44\u8bc4\u7ea7\">10. \u603b\u7ed3\u4e0e\u6295\u8d44\u8bc4\u7ea7<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-37\" href=\"https:\/\/www.v.ixriver.com\/?p=920\/#%E6%A0%B8%E5%BF%83%E6%8A%95%E8%B5%84%E9%80%BB%E8%BE%91\" title=\"\u6838\u5fc3\u6295\u8d44\u903b\u8f91\">\u6838\u5fc3\u6295\u8d44\u903b\u8f91<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-38\" href=\"https:\/\/www.v.ixriver.com\/?p=920\/#%E6%8A%95%E8%B5%84%E8%AF%84%E7%BA%A7\" title=\"\u6295\u8d44\u8bc4\u7ea7\">\u6295\u8d44\u8bc4\u7ea7<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-39\" href=\"https:\/\/www.v.ixriver.com\/?p=920\/#%E7%9B%AE%E6%A0%87%E6%94%B6%E7%9B%8A\" title=\"\u76ee\u6807\u6536\u76ca\">\u76ee\u6807\u6536\u76ca<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-40\" href=\"https:\/\/www.v.ixriver.com\/?p=920\/#%E6%93%8D%E4%BD%9C%E5%BB%BA%E8%AE%AE\" title=\"\u64cd\u4f5c\u5efa\u8bae\">\u64cd\u4f5c\u5efa\u8bae<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-41\" href=\"https:\/\/www.v.ixriver.com\/?p=920\/#%E2%9A%A0%EF%B8%8F_%E7%9F%AD%E6%9C%9F%E6%8F%90%E7%A4%BA\" title=\"\u26a0\ufe0f \u77ed\u671f\u63d0\u793a\">\u26a0\ufe0f \u77ed\u671f\u63d0\u793a<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%9A%A1_%E5%9B%BD%E7%94%B5%E5%8D%97%E7%91%9E_600406_%E6%B7%B1%E5%BA%A6%E5%88%86%E6%9E%90%E6%8A%A5%E5%91%8A\"><\/span>\u26a1 \u56fd\u7535\u5357\u745e (600406) \u6df1\u5ea6\u5206\u6790\u62a5\u544a<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><strong>\u5206\u6790\u5e08<\/strong>: zzx, CFA<br \/>\n<strong>\u65e5\u671f<\/strong>: 2026\u5e743\u670813\u65e5<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"%F0%9F%93%8A_%E5%AE%9E%E6%97%B6%E8%A1%8C%E6%83%85_Tushare_%E6%95%B0%E6%8D%AE\"><\/span>\ud83d\udcca \u5b9e\u65f6\u884c\u60c5 (Tushare \u6570\u636e)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<thead>\n<tr>\n<th>\u6307\u6807<\/th>\n<th>\u6570\u503c<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u6700\u65b0\u4ef7<\/strong><\/td>\n<td><strong>\u00a529.21<\/strong> \ud83d\udd3b<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6da8\u8dcc\u5e45<\/strong><\/td>\n<td><strong>-3.34%<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u5f00\u76d8\u4ef7<\/strong><\/td>\n<td>\u00a530.00<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6700\u9ad8\u4ef7<\/strong><\/td>\n<td>\u00a530.18<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6700\u4f4e\u4ef7<\/strong><\/td>\n<td>\u00a529.10<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6628\u6536<\/strong><\/td>\n<td>\u00a530.22<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6210\u4ea4\u91cf<\/strong><\/td>\n<td>139.64 \u4e07\u624b<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6210\u4ea4\u989d<\/strong><\/td>\n<td>41.23 \u4ebf<\/td>\n<\/tr>\n<tr>\n<td><strong>\u66f4\u65b0\u65f6\u95f4<\/strong><\/td>\n<td>2026-03-13<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<blockquote>\n<p>\u2705 \u6570\u636e\u6765\u6e90: Tushare Pro API<\/p>\n<\/blockquote>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"%F0%9F%93%89_%E4%BB%8A%E6%97%A5%E8%B5%B0%E5%8A%BF%E5%88%86%E6%9E%90\"><\/span>\ud83d\udcc9 \u4eca\u65e5\u8d70\u52bf\u5206\u6790<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<pre><code>\u5f00 30.00 \u2192 \u9ad8 30.18 \u2192 \u4f4e 29.10 \u2192 \u6536 29.21\n   \u2502           \u2502           \u2502          \u2502\n   \u5e73\u5f00       \u51b2\u9ad8\u56de\u843d    \u63a2\u5e95       \u6536\u8dcc\n                        \u2193\n              \u5168\u5929\u9707\u8361\u4e0b\u8dcc -3.34%\n              \u6210\u4ea4\u91cf\u653e\u5927\uff0c\u8d44\u91d1\u6d41\u51fa\n<\/code><\/pre>\n<p><strong>\u6280\u672f\u4fe1\u53f7<\/strong>:<br \/>\n&#8211; \ud83d\udd34 \u653e\u91cf\u4e0b\u8dcc\uff0c\u77ed\u671f\u8c03\u6574\u538b\u529b\u5927<br \/>\n&#8211; \ud83d\udd34 \u8dcc\u7834 \u00a530 \u6574\u6570\u5173\u53e3<br \/>\n&#8211; \ud83d\udfe1 \u652f\u6491\u4f4d \u00a529 \u9644\u8fd1<\/p>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"%F0%9F%92%B0_%E4%BC%B0%E5%80%BC%E5%88%86%E6%9E%90_%E5%9F%BA%E4%BA%8E_%C2%A52921_%E8%82%A1%E4%BB%B7\"><\/span>\ud83d\udcb0 \u4f30\u503c\u5206\u6790 (\u57fa\u4e8e \u00a529.21 \u80a1\u4ef7)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u6307\u6807<\/th>\n<th>\u4f30\u7b97\u503c<\/th>\n<th>\u5224\u65ad<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>PE(TTM)<\/strong><\/td>\n<td>~18-22x<\/td>\n<td>\ud83d\udfe2 \u5408\u7406\u504f\u4f4e (\u884c\u4e1a ~25x)<\/td>\n<\/tr>\n<tr>\n<td><strong>PB<\/strong><\/td>\n<td>~2.5-3x<\/td>\n<td>\ud83d\udfe2 \u5408\u7406<\/td>\n<\/tr>\n<tr>\n<td><strong>PEG<\/strong><\/td>\n<td>~1.0-1.5<\/td>\n<td>\ud83d\udfe2 \u5408\u7406<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>\u4f30\u503c\u7ed3\u8bba<\/strong>: \u5f53\u524d\u4f30\u503c<strong>\u5408\u7406\u504f\u4f4e<\/strong>\uff0c\u5177\u6709\u5b89\u5168\u8fb9\u9645\u3002<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"1_%E5%85%AC%E5%8F%B8%E6%A6%82%E5%86%B5\"><\/span>1. \u516c\u53f8\u6982\u51b5<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B\"><\/span>\u516c\u53f8\u7b80\u4ecb<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u7ef4\u5ea6<\/th>\n<th>\u4fe1\u606f<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u516c\u53f8\u540d\u79f0<\/strong><\/td>\n<td>\u56fd\u7535\u5357\u745e\u79d1\u6280\u80a1\u4efd\u6709\u9650\u516c\u53f8<\/td>\n<\/tr>\n<tr>\n<td><strong>\u80a1\u7968\u4ee3\u7801<\/strong><\/td>\n<td>600406.SH<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6210\u7acb\u65f6\u95f4<\/strong><\/td>\n<td>2001\u5e74<\/td>\n<\/tr>\n<tr>\n<td><strong>\u603b\u90e8<\/strong><\/td>\n<td>\u5357\u4eac<\/td>\n<\/tr>\n<tr>\n<td><strong>\u5b9e\u9645\u63a7\u5236\u4eba<\/strong><\/td>\n<td><strong>\u56fd\u5bb6\u7535\u7f51<\/strong> (\u56fd\u52a1\u9662\u56fd\u8d44\u59d4)<\/td>\n<\/tr>\n<tr>\n<td><strong>\u4e3b\u8425\u4e1a\u52a1<\/strong><\/td>\n<td>\u7535\u7f51\u81ea\u52a8\u5316\u3001\u7ee7\u7535\u4fdd\u62a4\u3001\u67d4\u6027\u8f93\u7535<\/td>\n<\/tr>\n<tr>\n<td><strong>\u884c\u4e1a\u5730\u4f4d<\/strong><\/td>\n<td>\ud83e\udd47 \u4e2d\u56fd\u7535\u529b\u81ea\u52a8\u5316\u9f99\u5934<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"%E6%A0%B8%E5%BF%83%E7%AE%A1%E7%90%86%E5%B1%82\"><\/span>\u6838\u5fc3\u7ba1\u7406\u5c42<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><strong>\u8463\u4e8b\u957f<\/strong>: \u51b7\u4fca<\/li>\n<li><strong>\u7ba1\u7406\u5c42\u80cc\u666f<\/strong>: \u56fd\u5bb6\u7535\u7f51\u4f53\u7cfb\u51fa\u8eab\uff0c\u884c\u4e1a\u7ecf\u9a8c\u4e30\u5bcc<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"%E8%82%A1%E6%9D%83%E7%BB%93%E6%9E%84\"><\/span>\u80a1\u6743\u7ed3\u6784<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u80a1\u4e1c<\/th>\n<th>\u6301\u80a1\u6bd4\u4f8b<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u5357\u745e\u96c6\u56e2 (\u56fd\u7f51\u63a7\u80a1)<\/strong><\/td>\n<td>~50%+<\/td>\n<\/tr>\n<tr>\n<td><strong>\u5176\u4ed6\u6d41\u901a\u80a1\u4e1c<\/strong><\/td>\n<td>~45%<\/td>\n<\/tr>\n<tr>\n<td><strong>\u673a\u6784\u6295\u8d44\u8005<\/strong><\/td>\n<td>~5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"2_%E4%B8%9A%E5%8A%A1%E6%A8%A1%E5%BC%8F%E4%B8%8E%E6%A0%B8%E5%BF%83%E4%BA%A7%E5%93%81\"><\/span>2. \u4e1a\u52a1\u6a21\u5f0f\u4e0e\u6838\u5fc3\u4ea7\u54c1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%9E%84%E6%88%90\"><\/span>\u4e3b\u8425\u4e1a\u52a1\u6784\u6210<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u4e1a\u52a1\u677f\u5757<\/th>\n<th>\u5360\u6bd4<\/th>\n<th>\u6bdb\u5229\u7387<\/th>\n<th>\u8bf4\u660e<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u7535\u7f51\u81ea\u52a8\u5316<\/strong><\/td>\n<td>~40%<\/td>\n<td>~25%<\/td>\n<td>\u6838\u5fc3\u4e1a\u52a1<\/td>\n<\/tr>\n<tr>\n<td><strong>\u7ee7\u7535\u4fdd\u62a4<\/strong><\/td>\n<td>~25%<\/td>\n<td>~30%<\/td>\n<td>\u6280\u672f\u58c1\u5792\u9ad8<\/td>\n<\/tr>\n<tr>\n<td><strong>\u67d4\u6027\u8f93\u7535<\/strong><\/td>\n<td>~15%<\/td>\n<td>~35%<\/td>\n<td>\u7279\u9ad8\u538b\u6838\u5fc3<\/td>\n<\/tr>\n<tr>\n<td><strong>\u8c03\u5ea6\u81ea\u52a8\u5316<\/strong><\/td>\n<td>~10%<\/td>\n<td>~28%<\/td>\n<td>\u56fd\u7f51\u72ec\u5bb6<\/td>\n<\/tr>\n<tr>\n<td><strong>\u5176\u4ed6<\/strong><\/td>\n<td>~10%<\/td>\n<td>~20%<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"%E6%A0%B8%E5%BF%83%E4%BA%A7%E5%93%81%E8%A7%A3%E6%9E%90\"><\/span>\u6838\u5fc3\u4ea7\u54c1\u89e3\u6790<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>1. \u7535\u7f51\u81ea\u52a8\u5316\u7cfb\u7edf<\/strong><\/p>\n<pre><code>\u529f\u80fd: \u5b9e\u65f6\u76d1\u63a7\u7535\u7f51\u8fd0\u884c\u72b6\u6001\n\u5e94\u7528: \u53d8\u7535\u7ad9\u3001\u914d\u7535\u7f51\u7edc\n\u4f18\u52bf: \u56fd\u7f51\u4f53\u7cfb\u5185\u5e02\u5360\u7387 60%+\n<\/code><\/pre>\n<p><strong>2. \u7ee7\u7535\u4fdd\u62a4\u88c5\u7f6e<\/strong><\/p>\n<pre><code>\u529f\u80fd: \u7535\u7f51\u6545\u969c\u65f6\u5feb\u901f\u5207\u65ad\u6545\u969c\n\u5e94\u7528: \u53d1\u7535\u5382\u3001\u53d8\u7535\u7ad9\n\u4f18\u52bf: \u6280\u672f\u9886\u5148\uff0c\u56fd\u4ea7\u66ff\u4ee3\u4e3b\u529b\n<\/code><\/pre>\n<p><strong>3. \u67d4\u6027\u8f93\u7535\u8bbe\u5907<\/strong><\/p>\n<pre><code>\u529f\u80fd: \u63d0\u9ad8\u7535\u7f51\u8f93\u7535\u6548\u7387\u548c\u7a33\u5b9a\u6027\n\u5e94\u7528: \u7279\u9ad8\u538b\u5de5\u7a0b\u3001\u65b0\u80fd\u6e90\u5e76\u7f51\n\u4f18\u52bf: \u56fd\u5185\u6700\u65e9\u7814\u53d1\uff0c\u6280\u672f\u9886\u5148\n<\/code><\/pre>\n<h3><span class=\"ez-toc-section\" id=\"%E5%95%86%E4%B8%9A%E6%A8%A1%E5%BC%8F\"><\/span>\u5546\u4e1a\u6a21\u5f0f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u7ef4\u5ea6<\/th>\n<th>\u7279\u70b9<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u5ba2\u6237\u7c7b\u578b<\/strong><\/td>\n<td>\u56fd\u5bb6\u7535\u7f51\u3001\u5357\u65b9\u7535\u7f51\u3001\u53d1\u7535\u96c6\u56e2<\/td>\n<\/tr>\n<tr>\n<td><strong>\u9500\u552e\u6a21\u5f0f<\/strong><\/td>\n<td>\u62db\u6295\u6807\u4e3a\u4e3b<\/td>\n<\/tr>\n<tr>\n<td><strong>\u56de\u6b3e\u5468\u671f<\/strong><\/td>\n<td>\u7535\u7f51\u5ba2\u6237\u56de\u6b3e\u7a33\u5b9a\uff0c\u5468\u671f 6-12 \u6708<\/td>\n<\/tr>\n<tr>\n<td><strong>\u8ba2\u5355\u53ef\u89c1\u6027<\/strong><\/td>\n<td>\u9ad8\uff0c\u7535\u7f51\u6295\u8d44\u8ba1\u5212\u900f\u660e<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"3_%E8%A1%8C%E4%B8%9A%E5%9F%BA%E6%9C%AC%E9%9D%A2%E5%88%86%E6%9E%90\"><\/span>3. \u884c\u4e1a\u57fa\u672c\u9762\u5206\u6790<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"%E5%B8%82%E5%9C%BA%E8%A7%84%E6%A8%A1%E4%B8%8E%E5%A2%9E%E9%95%BF\"><\/span>\u5e02\u573a\u89c4\u6a21\u4e0e\u589e\u957f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u7ef4\u5ea6<\/th>\n<th>\u6570\u636e<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u5e02\u573a\u89c4\u6a21(\u56fd\u5185)<\/strong><\/td>\n<td>~2000\u4ebf\/\u5e74<\/td>\n<\/tr>\n<tr>\n<td><strong>\u884c\u4e1a\u589e\u901f<\/strong><\/td>\n<td>~8-12%<\/td>\n<\/tr>\n<tr>\n<td><strong>\u751f\u547d\u5468\u671f<\/strong><\/td>\n<td>\u6210\u957f\u671f<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"%E7%AB%9E%E4%BA%89%E6%A0%BC%E5%B1%80\"><\/span>\u7ade\u4e89\u683c\u5c40<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u6392\u540d<\/th>\n<th>\u516c\u53f8<\/th>\n<th>\u5e02\u5360\u7387<\/th>\n<th>\u7ade\u4e89\u529b<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\ud83e\udd47<\/td>\n<td><strong>\u56fd\u7535\u5357\u745e<\/strong><\/td>\n<td>~25%<\/td>\n<td>\u2b50\u2b50\u2b50\u2b50\u2b50 \u7edd\u5bf9\u9f99\u5934<\/td>\n<\/tr>\n<tr>\n<td>\ud83e\udd48<\/td>\n<td>\u8bb8\u7ee7\u7535\u6c14<\/td>\n<td>~10%<\/td>\n<td>\u2b50\u2b50\u2b50\u2b50 \u56fd\u7f51\u4f53\u7cfb<\/td>\n<\/tr>\n<tr>\n<td>\ud83e\udd49<\/td>\n<td>\u5e73\u9ad8\u7535\u6c14<\/td>\n<td>~8%<\/td>\n<td>\u2b50\u2b50\u2b50\u2b50 \u56fd\u7f51\u4f53\u7cfb<\/td>\n<\/tr>\n<tr>\n<td>4<\/td>\n<td>\u56db\u65b9\u80a1\u4efd<\/td>\n<td>~5%<\/td>\n<td>\u2b50\u2b50\u2b50 \u6c11\u8425\u9f99\u5934<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>\u7ade\u4e89\u6001\u52bf<\/strong>: \u56fd\u7535\u5357\u745e\u662f\u7535\u529b\u81ea\u52a8\u5316\u9886\u57df<strong>\u7edd\u5bf9\u9f99\u5934<\/strong>\uff0c\u56fd\u7f51\u4f53\u7cfb\u5185\u4f18\u52bf\u660e\u663e\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E6%94%BF%E7%AD%96%E7%8E%AF%E5%A2%83\"><\/span>\u653f\u7b56\u73af\u5883<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u653f\u7b56\u65b9\u5411<\/th>\n<th>\u5f71\u54cd<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u7279\u9ad8\u538b\u5efa\u8bbe<\/strong><\/td>\n<td>\ud83d\udfe2 \u76f4\u63a5\u5229\u597d<\/td>\n<\/tr>\n<tr>\n<td><strong>\u667a\u80fd\u7535\u7f51<\/strong><\/td>\n<td>\ud83d\udfe2 \u6838\u5fc3\u53d7\u76ca<\/td>\n<\/tr>\n<tr>\n<td><strong>\u65b0\u80fd\u6e90\u5e76\u7f51<\/strong><\/td>\n<td>\ud83d\udfe2 \u6301\u7eed\u9700\u6c42<\/td>\n<\/tr>\n<tr>\n<td><strong>\u7535\u529b\u6539\u9769<\/strong><\/td>\n<td>\ud83d\udfe1 \u4e2d\u6027<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"4_%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E4%B8%8E%E6%8A%A4%E5%9F%8E%E6%B2%B3\"><\/span>4. \u6838\u5fc3\u7ade\u4e89\u529b\u4e0e\u62a4\u57ce\u6cb3<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"%E6%99%A8%E6%98%9F%E4%BA%94%E5%A4%A7%E6%8A%A4%E5%9F%8E%E6%B2%B3%E5%88%86%E6%9E%90\"><\/span>\u6668\u661f\u4e94\u5927\u62a4\u57ce\u6cb3\u5206\u6790<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u62a4\u57ce\u6cb3\u7c7b\u578b<\/th>\n<th>\u8bc4\u4ef7<\/th>\n<th>\u8bf4\u660e<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u65e0\u5f62\u8d44\u4ea7<\/strong><\/td>\n<td>\u2b50\u2b50\u2b50\u2b50\u2b50<\/td>\n<td>\u56fd\u7f51\u80cc\u666f\uff0c\u54c1\u724c\u5f3a\u5927<\/td>\n<\/tr>\n<tr>\n<td><strong>\u8f6c\u6362\u6210\u672c<\/strong><\/td>\n<td>\u2b50\u2b50\u2b50\u2b50\u2b50<\/td>\n<td>\u7535\u7f51\u7cfb\u7edf\u8f6c\u6362\u6210\u672c\u6781\u9ad8<\/td>\n<\/tr>\n<tr>\n<td><strong>\u7f51\u7edc\u6548\u5e94<\/strong><\/td>\n<td>\u2b50\u2b50\u2b50<\/td>\n<td>\u7535\u7f51\u751f\u6001\u4f18\u52bf<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6210\u672c\u4f18\u52bf<\/strong><\/td>\n<td>\u2b50\u2b50\u2b50\u2b50<\/td>\n<td>\u89c4\u6a21\u6548\u5e94+\u6280\u672f\u9886\u5148<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6709\u6548\u89c4\u6a21<\/strong><\/td>\n<td>\u2b50\u2b50\u2b50\u2b50\u2b50<\/td>\n<td>\u7ec6\u5206\u5e02\u573a\u5784\u65ad\u5730\u4f4d<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>\u7efc\u5408\u8bc4\u4ef7<\/strong>: <strong>\u6781\u5bbd\u62a4\u57ce\u6cb3<\/strong><br \/>\n&#8211; \u6838\u5fc3\u4f18\u52bf\uff1a\u56fd\u7f51\u80cc\u666f + \u8f6c\u6362\u6210\u672c + \u6280\u672f\u58c1\u5792<br \/>\n&#8211; \u65b0\u8fdb\u5165\u8005\u51e0\u4e4e\u65e0\u6cd5\u7ade\u4e89<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"5_%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90\"><\/span>5. \u8d22\u52a1\u72b6\u51b5\u5206\u6790<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"%E7%9B%88%E5%88%A9%E8%83%BD%E5%8A%9B_%E8%BF%913-5%E5%B9%B4%E8%B6%8B%E5%8A%BF\"><\/span>\u76c8\u5229\u80fd\u529b (\u8fd13-5\u5e74\u8d8b\u52bf)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u6307\u6807<\/th>\n<th>\u6570\u503c<\/th>\n<th>\u5224\u65ad<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u6bdb\u5229\u7387<\/strong><\/td>\n<td>~25-28%<\/td>\n<td>\ud83d\udfe2 \u7a33\u5b9a<\/td>\n<\/tr>\n<tr>\n<td><strong>\u51c0\u5229\u7387<\/strong><\/td>\n<td>~12-15%<\/td>\n<td>\ud83d\udfe2 \u4f18\u79c0<\/td>\n<\/tr>\n<tr>\n<td><strong>ROE<\/strong><\/td>\n<td>~12-15%<\/td>\n<td>\ud83d\udfe2 \u826f\u597d<\/td>\n<\/tr>\n<tr>\n<td><strong>ROIC<\/strong><\/td>\n<td>~10-12%<\/td>\n<td>\ud83d\udfe2 \u826f\u597d<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"%E6%88%90%E9%95%BF%E8%83%BD%E5%8A%9B\"><\/span>\u6210\u957f\u80fd\u529b<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u6307\u6807<\/th>\n<th>\u8d8b\u52bf<\/th>\n<th>\u5224\u65ad<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u8425\u6536\u589e\u901f<\/strong><\/td>\n<td>~10-15%<\/td>\n<td>\ud83d\udfe2 \u7a33\u5065\u589e\u957f<\/td>\n<\/tr>\n<tr>\n<td><strong>\u51c0\u5229\u6da6\u589e\u901f<\/strong><\/td>\n<td>~12-18%<\/td>\n<td>\ud83d\udfe2 \u5229\u6da6\u589e\u957f\u5feb\u4e8e\u8425\u6536<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"%E8%90%A5%E8%BF%90%E4%B8%8E%E7%8E%B0%E9%87%91%E6%B5%81\"><\/span>\u8425\u8fd0\u4e0e\u73b0\u91d1\u6d41<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u6307\u6807<\/th>\n<th>\u6570\u503c<\/th>\n<th>\u5224\u65ad<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u5e94\u6536\u8d26\u6b3e\u5468\u8f6c<\/strong><\/td>\n<td>~120\u5929<\/td>\n<td>\ud83d\udfe1 \u7535\u7f51\u5ba2\u6237\u7279\u6027<\/td>\n<\/tr>\n<tr>\n<td><strong>\u5b58\u8d27\u5468\u8f6c<\/strong><\/td>\n<td>\u826f\u597d<\/td>\n<td>\ud83d\udfe2 \u6b63\u5e38<\/td>\n<\/tr>\n<tr>\n<td><strong>\u7ecf\u8425\u73b0\u91d1\u6d41<\/strong><\/td>\n<td>\u6b63\u503c<\/td>\n<td>\ud83d\udfe2 \u5065\u5eb7<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E4%B8%8E%E5%81%BF%E5%80%BA%E8%83%BD%E5%8A%9B\"><\/span>\u8d44\u4ea7\u8d1f\u503a\u4e0e\u507f\u503a\u80fd\u529b<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u6307\u6807<\/th>\n<th>\u6570\u503c<\/th>\n<th>\u5224\u65ad<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u8d44\u4ea7\u8d1f\u503a\u7387<\/strong><\/td>\n<td>~40%<\/td>\n<td>\ud83d\udfe2 \u5408\u7406<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6d41\u52a8\u6bd4\u7387<\/strong><\/td>\n<td>&gt;1.5<\/td>\n<td>\ud83d\udfe2 \u6d41\u52a8\u6027\u826f\u597d<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6709\u606f\u8d1f\u503a<\/strong><\/td>\n<td>\u8f83\u4f4e<\/td>\n<td>\ud83d\udfe2 \u8d22\u52a1\u7a33\u5065<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"6_%E7%83%AD%E7%82%B9%E4%BA%8B%E4%BB%B6%E4%B8%8E%E5%B8%82%E5%9C%BA%E6%83%85%E7%BB%AA\"><\/span>6. \u70ed\u70b9\u4e8b\u4ef6\u4e0e\u5e02\u573a\u60c5\u7eea<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"%E8%BF%91%E6%9C%9F%E9%87%8D%E5%A4%A7%E4%BA%8B%E4%BB%B6\"><\/span>\u8fd1\u671f\u91cd\u5927\u4e8b\u4ef6<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u4e8b\u4ef6<\/th>\n<th>\u5f71\u54cd<\/th>\n<th>\u65f6\u6548<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u7279\u9ad8\u538b\u5efa\u8bbe\u52a0\u901f<\/strong><\/td>\n<td>\ud83d\udfe2 \u76f4\u63a5\u5229\u597d<\/td>\n<td>\u957f\u671f<\/td>\n<\/tr>\n<tr>\n<td><strong>\u65b0\u80fd\u6e90\u57fa\u5730\u5efa\u8bbe<\/strong><\/td>\n<td>\ud83d\udfe2 \u5229\u597d<\/td>\n<td>\u957f\u671f<\/td>\n<\/tr>\n<tr>\n<td><strong>\u7535\u7f51\u6295\u8d44\u589e\u52a0<\/strong><\/td>\n<td>\ud83d\udfe2 \u5229\u597d<\/td>\n<td>\u4e2d\u957f\u671f<\/td>\n<\/tr>\n<tr>\n<td><strong>\u56fd\u4f01\u6539\u9769\u6df1\u5316<\/strong><\/td>\n<td>\ud83d\udfe1 \u4e2d\u6027<\/td>\n<td>\u4e2d\u671f<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"%E5%B8%82%E5%9C%BA%E6%83%85%E7%BB%AA\"><\/span>\u5e02\u573a\u60c5\u7eea<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u7ef4\u5ea6<\/th>\n<th>\u5224\u65ad<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u673a\u6784\u5173\u6ce8\u5ea6<\/strong><\/td>\n<td>\ud83d\udfe2 \u9ad8 (\u57fa\u91d1\u91cd\u4ed3)<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6563\u6237\u5173\u6ce8\u5ea6<\/strong><\/td>\n<td>\ud83d\udfe1 \u4e2d\u7b49<\/td>\n<\/tr>\n<tr>\n<td><strong>\u5e02\u573a\u60c5\u7eea<\/strong><\/td>\n<td>\u4e2d\u6027<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"%E7%9F%AD%E6%9C%9F%E5%82%AC%E5%8C%96%E5%89%82\"><\/span>\u77ed\u671f\u50ac\u5316\u5242<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>\u7279\u9ad8\u538b\u9879\u76ee\u62db\u6807<\/li>\n<li>\u65b0\u80fd\u6e90\u5927\u57fa\u5730\u914d\u5957<\/li>\n<li>\u5b63\u62a5\u4e1a\u7ee9\u8d85\u9884\u671f<\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"7_%E5%90%88%E7%90%86%E4%BC%B0%E5%80%BC%E4%B8%8E%E5%AE%9A%E4%BB%B7%E5%88%86%E6%9E%90\"><\/span>7. \u5408\u7406\u4f30\u503c\u4e0e\u5b9a\u4ef7\u5206\u6790<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"%E7%BB%9D%E5%AF%B9%E4%BC%B0%E5%80%BC_DCF\"><\/span>\u7edd\u5bf9\u4f30\u503c (DCF)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u9a71\u52a8\u5047\u8bbe<\/th>\n<th>\u6570\u503c<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u957f\u671f\u589e\u957f\u7387<\/strong><\/td>\n<td>~8-12%<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6298\u73b0\u7387(WACC)<\/strong><\/td>\n<td>~8-10%<\/td>\n<\/tr>\n<tr>\n<td><strong>\u81ea\u7531\u73b0\u91d1\u6d41<\/strong><\/td>\n<td>\u7a33\u5b9a\u589e\u957f<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"%E7%9B%B8%E5%AF%B9%E4%BC%B0%E5%80%BC_%E5%9F%BA%E4%BA%8E_%C2%A52921_%E8%82%A1%E4%BB%B7\"><\/span>\u76f8\u5bf9\u4f30\u503c (\u57fa\u4e8e \u00a529.21 \u80a1\u4ef7)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u6307\u6807<\/th>\n<th>\u56fd\u7535\u5357\u745e<\/th>\n<th>\u884c\u4e1a\u5e73\u5747<\/th>\n<th>\u5224\u65ad<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>PE(TTM)<\/strong><\/td>\n<td>~18-22x<\/td>\n<td>~25x<\/td>\n<td>\ud83d\udfe2 \u5408\u7406\u504f\u4f4e<\/td>\n<\/tr>\n<tr>\n<td><strong>PB<\/strong><\/td>\n<td>~2.5-3x<\/td>\n<td>~3x<\/td>\n<td>\ud83d\udfe2 \u5408\u7406<\/td>\n<\/tr>\n<tr>\n<td><strong>PEG<\/strong><\/td>\n<td>~1.0-1.5<\/td>\n<td>&#8211;<\/td>\n<td>\ud83d\udfe2 \u5408\u7406<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"%E4%BC%B0%E5%80%BC%E5%88%86%E4%BD%8D%E6%95%B0\"><\/span>\u4f30\u503c\u5206\u4f4d\u6570<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u6307\u6807<\/th>\n<th>\u5f53\u524d<\/th>\n<th>\u5386\u53f2\u4f4e\u4f4d<\/th>\n<th>\u5386\u53f2\u9ad8\u4f4d<\/th>\n<th>\u5f53\u524d\u4f4d\u7f6e<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>PE<\/strong><\/td>\n<td>~20x<\/td>\n<td>15x<\/td>\n<td>35x<\/td>\n<td>\ud83d\udfe2 \u4e2d\u7b49\u504f\u4f4e<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>\u4f30\u503c\u7ed3\u8bba<\/strong>: \u5f53\u524d\u4f30\u503c<strong>\u5408\u7406\u504f\u4f4e<\/strong>\uff0c\u5177\u6709\u4e00\u5b9a\u5b89\u5168\u8fb9\u9645\uff0c\u9002\u5408\u7a33\u5065\u578b\u6295\u8d44\u8005\u3002<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"8_%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E5%89%8D%E6%99%AF%E4%B8%8E%E5%82%AC%E5%8C%96%E5%89%82\"><\/span>8. \u672a\u6765\u53d1\u5c55\u524d\u666f\u4e0e\u50ac\u5316\u5242<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"%E6%A0%B8%E5%BF%83%E5%A2%9E%E9%95%BF%E5%BC%95%E6%93%8E\"><\/span>\u6838\u5fc3\u589e\u957f\u5f15\u64ce<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u9a71\u52a8\u56e0\u7d20<\/th>\n<th>\u5f39\u6027<\/th>\n<th>\u8bf4\u660e<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u7279\u9ad8\u538b\u5efa\u8bbe<\/strong><\/td>\n<td>\ud83d\udfe2 \u9ad8<\/td>\n<td>\u76f4\u63a5\u53d7\u76ca<\/td>\n<\/tr>\n<tr>\n<td><strong>\u65b0\u80fd\u6e90\u5e76\u7f51<\/strong><\/td>\n<td>\ud83d\udfe2 \u9ad8<\/td>\n<td>\u65b0\u589e\u9700\u6c42<\/td>\n<\/tr>\n<tr>\n<td><strong>\u667a\u80fd\u7535\u7f51\u5347\u7ea7<\/strong><\/td>\n<td>\ud83d\udfe2 \u4e2d\u9ad8<\/td>\n<td>\u5b58\u91cf\u66ff\u6362<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6d77\u5916\u5e02\u573a<\/strong><\/td>\n<td>\ud83d\udfe1 \u4e2d\u7b49<\/td>\n<td>\u6f5c\u529b\u5927<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"%E5%82%AC%E5%8C%96%E5%89%82%E4%BA%8B%E4%BB%B6\"><\/span>\u50ac\u5316\u5242\u4e8b\u4ef6<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u65f6\u95f4<\/th>\n<th>\u4e8b\u4ef6<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u77ed\u671f(1-3\u6708)<\/strong><\/td>\n<td>\u7279\u9ad8\u538b\u62db\u6807\u3001\u5b63\u62a5\u4e1a\u7ee9<\/td>\n<\/tr>\n<tr>\n<td><strong>\u4e2d\u671f(3-6\u6708)<\/strong><\/td>\n<td>\u65b0\u80fd\u6e90\u9879\u76ee\u8ba2\u5355<\/td>\n<\/tr>\n<tr>\n<td><strong>\u957f\u671f(1\u5e74+)<\/strong><\/td>\n<td>\u6d77\u5916\u5e02\u573a\u7a81\u7834<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"9_%E6%A0%B8%E5%BF%83%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA\"><\/span>9. \u6838\u5fc3\u98ce\u9669\u63d0\u793a<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<thead>\n<tr>\n<th>\u98ce\u9669<\/th>\n<th>\u8bf4\u660e<\/th>\n<th>\u5f71\u54cd<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u26a0\ufe0f <strong>\u7535\u7f51\u6295\u8d44\u4e0d\u53ca\u9884\u671f<\/strong><\/td>\n<td>\u5b8f\u89c2\u7ecf\u6d4e\u5f71\u54cd<\/td>\n<td>\ud83d\udd34 \u9ad8<\/td>\n<\/tr>\n<tr>\n<td>\u26a0\ufe0f <strong>\u56fd\u7f51\u5173\u8054\u4ea4\u6613<\/strong><\/td>\n<td>\u5173\u8054\u4ea4\u6613\u5360\u6bd4\u8f83\u9ad8<\/td>\n<td>\ud83d\udfe1 \u4e2d<\/td>\n<\/tr>\n<tr>\n<td>\u26a0\ufe0f <strong>\u5e94\u6536\u8d26\u6b3e\u98ce\u9669<\/strong><\/td>\n<td>\u7535\u7f51\u5ba2\u6237\u56de\u6b3e\u5468\u671f\u957f<\/td>\n<td>\ud83d\udfe1 \u4e2d<\/td>\n<\/tr>\n<tr>\n<td>\u26a0\ufe0f <strong>\u6280\u672f\u8fed\u4ee3\u98ce\u9669<\/strong><\/td>\n<td>\u65b0\u6280\u672f\u51b2\u51fb<\/td>\n<td>\ud83d\udfe1 \u4e2d<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"10_%E6%80%BB%E7%BB%93%E4%B8%8E%E6%8A%95%E8%B5%84%E8%AF%84%E7%BA%A7\"><\/span>10. \u603b\u7ed3\u4e0e\u6295\u8d44\u8bc4\u7ea7<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"%E6%A0%B8%E5%BF%83%E6%8A%95%E8%B5%84%E9%80%BB%E8%BE%91\"><\/span>\u6838\u5fc3\u6295\u8d44\u903b\u8f91<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<blockquote>\n<p><strong>\u56fd\u7535\u5357\u745e\u662f\u56fd\u5bb6\u7535\u7f51\u65d7\u4e0b\u7535\u529b\u81ea\u52a8\u5316\u7edd\u5bf9\u9f99\u5934\uff0c\u62e5\u6709\u6781\u5bbd\u62a4\u57ce\u6cb3\uff0c\u53d7\u76ca\u4e8e\u7279\u9ad8\u538b\u5efa\u8bbe\u3001\u65b0\u80fd\u6e90\u5e76\u7f51\u548c\u667a\u80fd\u7535\u7f51\u5347\u7ea7\u4e09\u5927\u8d8b\u52bf\u3002\u5f53\u524d\u4f30\u503c\u5408\u7406\u504f\u4f4e (PE~20x)\uff0c\u9002\u5408\u7a33\u5065\u578b\u6295\u8d44\u8005\u3002<\/strong><\/p>\n<\/blockquote>\n<h3><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B5%84%E8%AF%84%E7%BA%A7\"><\/span>\u6295\u8d44\u8bc4\u7ea7<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u8bc4\u7ea7<\/th>\n<th><strong>\u4e70\u5165<\/strong> \ud83d\udfe2<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u7406\u7531<\/strong><\/td>\n<td>\u884c\u4e1a\u9f99\u5934 + \u6781\u5bbd\u62a4\u57ce\u6cb3 + \u4f30\u503c\u5408\u7406\u504f\u4f4e + \u56fd\u7f51\u80cc\u666f<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"%E7%9B%AE%E6%A0%87%E6%94%B6%E7%9B%8A\"><\/span>\u76ee\u6807\u6536\u76ca<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u65f6\u95f4<\/th>\n<th>\u9884\u671f\u6536\u76ca<\/th>\n<th>\u6761\u4ef6<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>1\u5e74<\/strong><\/td>\n<td>+15%~+25%<\/td>\n<td>\u4f30\u503c\u4fee\u590d+\u4e1a\u7ee9\u589e\u957f<\/td>\n<\/tr>\n<tr>\n<td><strong>2-3\u5e74<\/strong><\/td>\n<td>+30%~+50%<\/td>\n<td>\u7279\u9ad8\u538b\u6301\u7eed\u5efa\u8bbe<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"%E6%93%8D%E4%BD%9C%E5%BB%BA%E8%AE%AE\"><\/span>\u64cd\u4f5c\u5efa\u8bae<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u7b56\u7565<\/th>\n<th>\u8bf4\u660e<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u5efa\u4ed3<\/strong><\/td>\n<td>\u5f53\u524d\u4ef7\u4f4d \u00a529 \u9644\u8fd1\u53ef\u5206\u6279\u5efa\u4ed3<\/td>\n<\/tr>\n<tr>\n<td><strong>\u52a0\u4ed3<\/strong><\/td>\n<td>\u56de\u8c03\u81f3 \u00a527-28 \u52a0\u4ed3<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6b62\u76c8<\/strong><\/td>\n<td>\u00a535 \u4ee5\u4e0a\u53ef\u8003\u8651\u6b62\u76c8<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6b62\u635f<\/strong><\/td>\n<td>\u8dcc\u7834 \u00a525 \u6b62\u635f<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"%E2%9A%A0%EF%B8%8F_%E7%9F%AD%E6%9C%9F%E6%8F%90%E7%A4%BA\"><\/span>\u26a0\ufe0f \u77ed\u671f\u63d0\u793a<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u9879\u76ee<\/th>\n<th>\u8bf4\u660e<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u4eca\u65e5\u4e0b\u8dcc<\/strong><\/td>\n<td>-3.34%\uff0c\u653e\u91cf\u8c03\u6574<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6280\u672f\u9762<\/strong><\/td>\n<td>\u77ed\u671f\u8c03\u6574\u538b\u529b\uff0c\u4f46\u652f\u6491\u4f4d\u660e\u786e<\/td>\n<\/tr>\n<tr>\n<td><strong>\u5efa\u8bae<\/strong><\/td>\n<td>\u53ef\u7b49\u5f85\u4f01\u7a33\u540e\u518d\u4ecb\u5165<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<p><strong>\u98ce\u9669\u63d0\u793a<\/strong>: \u672c\u62a5\u544a\u4ec5\u4f9b\u53c2\u8003\uff0c\u4e0d\u6784\u6210\u6295\u8d44\u5efa\u8bae\u3002\u80a1\u5e02\u6709\u98ce\u9669\uff0c\u6295\u8d44\u9700\u8c28\u614e\u3002<\/p>\n<p><em>\u62a5\u544a\u751f\u6210\u65f6\u95f4: 2026\u5e743\u670813\u65e5<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u26a1 \u56fd\u7535\u5357\u745e (600406) \u6df1\u5ea6\u5206\u6790\u62a5\u544a \u5206\u6790\u5e08: zzx, CFA \u65e5\u671f: 2026\u5e743\u670813\u65e5 \ud83d\udcca \u5b9e [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[],"blocksy_meta":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":""},"post_excerpt_stackable":"<p>\u76ee\u5f55 Toggle \u26a1 \u56fd\u7535\u5357\u745e (600406) \u6df1\u5ea6\u5206\u6790\u62a5\u544a\ud83d\udcca \u5b9e\u65f6\u884c\u60c5 (Tushare \u6570\u636e)\ud83d\udcc9 \u4eca\u65e5\u8d70\u52bf\u5206\u6790\ud83d\udcb0 \u4f30\u503c\u5206\u6790 (\u57fa\u4e8e \u00a529.21 \u80a1\u4ef7)1. \u516c\u53f8\u6982\u51b5\u516c\u53f8\u7b80\u4ecb\u6838\u5fc3\u7ba1\u7406\u5c42\u80a1\u6743\u7ed3\u6784&hellip;<\/p>\n","category_list":"<a href=\"https:\/\/www.v.ixriver.com\/?cat=38\" rel=\"category\">\u4e2a\u80a1\u5206\u6790<\/a>","author_info":{"name":"admin","url":"https:\/\/www.v.ixriver.com\/?author=1"},"comments_num":"0 comments","_links":{"self":[{"href":"https:\/\/www.v.ixriver.com\/index.php?rest_route=\/wp\/v2\/posts\/920"}],"collection":[{"href":"https:\/\/www.v.ixriver.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.v.ixriver.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.v.ixriver.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.v.ixriver.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=920"}],"version-history":[{"count":1,"href":"https:\/\/www.v.ixriver.com\/index.php?rest_route=\/wp\/v2\/posts\/920\/revisions"}],"predecessor-version":[{"id":922,"href":"https:\/\/www.v.ixriver.com\/index.php?rest_route=\/wp\/v2\/posts\/920\/revisions\/922"}],"wp:attachment":[{"href":"https:\/\/www.v.ixriver.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.v.ixriver.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.v.ixriver.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}