{"id":3400,"date":"2021-05-16T12:27:09","date_gmt":"2021-05-16T04:27:09","guid":{"rendered":"https:\/\/\/?p=3400"},"modified":"2024-01-25T19:56:20","modified_gmt":"2024-01-25T11:56:20","slug":"value-investing","status":"publish","type":"post","link":"https:\/\/\/value-investing\/","title":{"rendered":"\u4ec0\u9ebc\u662f\u7f8e\u80a1\u50f9\u503c\u6295\u8cc7\uff1f\u50f9\u503c\u6295\u8cc7\u4e94\u5927\u91cd\u8981\u6307\u6a19"},"content":{"rendered":"<p class=\"_04xlpA direction-ltr align-start para-style-body\">\u9019\u5169\u5e74\u53d7\u75ab\u60c5\u5f71\u97ff\uff0c\u80a1\u5e02\u9707\u76ea\u5927\uff0c\u4e0d\u904e\u5c0d\u65bc\u4fe1\u5949\u50f9\u503c\u6295\u8cc7\u7684\u6295\u8cc7\u8005\u4f86\u8aaa\uff0c\u73fe\u5728\u5c31\u662f\u80a1\u5e02\u7279\u8ce3\u6703\uff0c\u662f\u5927\u8086\u64bf\u4fbf\u5b9c\u7684\u597d\u6642\u6a5f\uff0c\u7562\u7adf\u9019\u7a2e\u6a5f\u6703\u5343\u8f09\u96e3\u9022\uff0c\u6709\u4e9b\u4eba\u77ed\u5247\u7b49\u5169\u3001\u4e09\u5e74\uff0c\u6642\u9593\u9577\u5247\u7b49\u5341\u5e7e\u5e74\uff0c\u70ba\u4ec0\u9ebc\u50f9\u503c\u6295\u8cc7\u9700\u8981\u4e0d\u65b7\u7684\u300c\u7b49\u3001\u7b49\u3001\u7b49\u300d\u5462\uff1f\u7e7c\u7e8c\u628a\u6587\u7ae0\u770b\u5b8c\u4f60\u5c31\u77e5\u9053\u56c9\uff01<\/p>\n<p><!--more--><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy counter-decimal ez-toc-light-blue\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">\u5167\u5bb9\u76ee\u9304<\/p>\n<span class=\"ez-toc-title-toggle\"><a class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/a><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=/index.html"https:\/\/\/value-investing\/#%E4%BB%80%E9%BA%BC%E6%98%AF%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%EF%BC%9F\" title=\"\u4ec0\u9ebc\u662f\u50f9\u503c\u6295\u8cc7\uff1f\">\u4ec0\u9ebc\u662f\u50f9\u503c\u6295\u8cc7\uff1f<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=/index.html"https:\/\/\/value-investing\/#%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%E7%9A%84%E5%84%AA%E7%BC%BA%E9%BB%9E%E5%88%86%E6%9E%90\" title=\"\u50f9\u503c\u6295\u8cc7\u7684\u512a\u7f3a\u9ede\u5206\u6790\">\u50f9\u503c\u6295\u8cc7\u7684\u512a\u7f3a\u9ede\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-3\" href=/index.html"https:\/\/\/value-investing\/#%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%E7%9A%84%E5%84%AA%E9%BB%9E\" title=\"\u50f9\u503c\u6295\u8cc7\u7684\u512a\u9ede\">\u50f9\u503c\u6295\u8cc7\u7684\u512a\u9ede<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-4\" href=/index.html"https:\/\/\/value-investing\/#%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%E7%9A%84%E7%BC%BA%E9%BB%9E\" title=\"\u50f9\u503c\u6295\u8cc7\u7684\u7f3a\u9ede\">\u50f9\u503c\u6295\u8cc7\u7684\u7f3a\u9ede<\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-5\" href=/index.html"https:\/\/\/value-investing\/#%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%E9%81%A9%E5%90%88%E8%AA%B0%EF%BC%9F\" title=\"\u50f9\u503c\u6295\u8cc7\u9069\u5408\u8ab0\uff1f\">\u50f9\u503c\u6295\u8cc7\u9069\u5408\u8ab0\uff1f<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-6\" href=/index.html"https:\/\/\/value-investing\/#%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%E4%BA%94%E5%A4%A7%E9%87%8D%E8%A6%81%E6%8C%87%E6%A8%99%EF%BC%8C%E5%8C%85%E5%90%AB%EF%BC%9A\" title=\"\u50f9\u503c\u6295\u8cc7\u4e94\u5927\u91cd\u8981\u6307\u6a19\uff0c\u5305\u542b\uff1a\">\u50f9\u503c\u6295\u8cc7\u4e94\u5927\u91cd\u8981\u6307\u6a19\uff0c\u5305\u542b\uff1a<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-7\" href=/index.html"https:\/\/\/value-investing\/#%E6%AF%8F%E8%82%A1%E7%9B%88%E9%A4%98_EPS\" title=\"\u6bcf\u80a1\u76c8\u9918 EPS\">\u6bcf\u80a1\u76c8\u9918 EPS<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-8\" href=/index.html"https:\/\/\/value-investing\/#%E8%82%A1%E6%81%AF_Dividend\" title=\"\u80a1\u606f Dividend\">\u80a1\u606f Dividend<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-9\" href=/index.html"https:\/\/\/value-investing\/#%E8%87%AA%E7%94%B1%E7%8F%BE%E9%87%91%E6%B5%81_Free_Cash_Flow\" title=\"\u81ea\u7531\u73fe\u91d1\u6d41\u00a0Free Cash Flow\">\u81ea\u7531\u73fe\u91d1\u6d41\u00a0Free Cash Flow<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-10\" href=/index.html"https:\/\/\/value-investing\/#%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A%E5%A0%B1%E9%85%AC%E7%8E%87_ROE\" title=\"\u80a1\u6771\u6b0a\u76ca\u5831\u916c\u7387 ROE\">\u80a1\u6771\u6b0a\u76ca\u5831\u916c\u7387 ROE<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-11\" href=/index.html"https:\/\/\/value-investing\/#%E5%88%A9%E6%81%AF%E4%BF%9D%E9%9A%9C%E5%80%8D%E6%95%B8_Interest_Coverage\" title=\"\u5229\u606f\u4fdd\u969c\u500d\u6578\u00a0Interest Coverage\">\u5229\u606f\u4fdd\u969c\u500d\u6578\u00a0Interest Coverage<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E4%BB%80%E9%BA%BC%E6%98%AF%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%EF%BC%9F\"><\/span><span style=\"color: #f05858;\">\u4ec0\u9ebc\u662f\u50f9\u503c\u6295\u8cc7\uff1f<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span class=\"JsGRdQ\">\u73fe\u5728\u5927\u90e8\u5206\u4eba\u807d\u5230\u50f9\u503c\u6295\u8cc7\u5c31\u6703\u806f\u60f3\u5230\u300c\u80a1\u795e\u5df4\u83f2\u7279\u300d\uff0c\u5c31\u9023\u6211\u4e5f\u4e0d\u610f\u5916\uff0c\u4f46\u5176\u5be6\u6700\u65e9\u63d0\u5021\u50f9\u503c\u6295\u8cc7\u6cd5\u7684\u662f<a href=/index.html"https:\/\/zh.wikipedia.org\/wiki\/\u672c\u6770\u660e\u00b7\u683c\u96f7\u5384\u59c6\">\u300c\u73ed\u5091\u660e\u00b7\u845b\u62c9\u6f22\u300d<\/a><\/span>\uff0c\u73ed\u5091\u660e\u6709<em>\u50f9\u503c\u6295\u8cc7\u4e4b\u7236<\/em>\u4e4b\u7a31\uff0c\u5df4\u83f2\u7279\u4e5f\u5728\u67d0\u90e8\u7d00\u9304\u7247\u4e2d\u63d0\u5230\uff0c\u4ed6\u662f\u56e0\u70ba\u73ed\u5091\u660e\u5728\u54e5\u502b\u6bd4\u4e9e\u5927\u5b78\u7576\u6559\u6388\u800c\u7533\u8acb\u5165\u5b78\u3002<\/p>\n<p><span class=\"JsGRdQ\">\u50f9\u503c\u6295\u8cc7\u662f\u4e00\u7a2e\u6295\u8cc7\u7b56\u7565\uff0c\u85c9\u7531\u5206\u6790\u57fa\u672c\u9762\u627e\u51fa\u5167\u5728\u50f9\u503c\u88ab\u4f4e\u4f30\u7684\u597d\u516c\u53f8\uff0c<strong>\u8cb7\u9032\u50f9\u683c\u4f4e\u65bc\u516c\u53f8\u5167\u5728\u50f9\u503c\u7684\u80a1\u7968\u4e26\u9577\u671f\u6301\u6709\u81f3\u5c11\u5341\u5e74<\/strong>\u3002<\/span><span class=\"JsGRdQ\">\u73fe\u5728\u5df4\u83f2\u7279\u4ecd\u7528\u9019\u9805\u7b56\u7565\u9032\u884c\u6295\u8cc7\uff0c\u6240\u4ee5\u771f\u6b63\u7684\u50f9\u503c\u6295\u8cc7\u8005\uff0c\u8010\u5fc3\u548c\u6642\u9593\u975e\u5e38\u91cd\u8981\u3002<\/span><\/p>\n<blockquote><p>\u50f9\u503c\u6295\u8cc7\u7684\u6838\u5fc3\u6982\u5ff5\uff1a<br \/>\n<em>1.\u904b\u7528\u57fa\u672c\u9762\u5224\u65b7\u516c\u53f8\u9ad4\u8cea\u662f\u5426\u826f\u597d<br \/>\n2.\u8cb7\u9032\u50f9\u683c\u4f4e\u65bc\u5167\u5728\u50f9\u503c\u7684\u500b\u80a1<br \/>\n3.\u6301\u6709\u81f3\u5c11\u5341\u5e74\u4ee5\u4e0a<\/em><\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%E7%9A%84%E5%84%AA%E7%BC%BA%E9%BB%9E%E5%88%86%E6%9E%90\"><\/span><span style=\"color: #f05858;\">\u50f9\u503c\u6295\u8cc7\u7684\u512a\u7f3a\u9ede\u5206\u6790<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u5df4\u83f2\u7279\u66fe\u7d93\u7528\u6253\u68d2\u7403\u4f86\u6bd4\u55bb\u50f9\u503c\u6295\u8cc7\uff0c\u4ed6\u8aaa\uff1a\u300c\u7b49\u5f85\u5230\u4e86\u597d\u6642\u6a5f\u624d\u51fa\u624b\uff0c\u4e0d\u7528\u6bcf\u6b21\u7403\u4f86\u90fd\u63ee\u68d2\uff0c\u4f46\u662f\u53ea\u8981\u4e00\u51fa\u624b\u5c31\u8981\u662f\u5b89\u6253\u6216\u5168\u58d8\u6253\u3002\u300d<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%E7%9A%84%E5%84%AA%E9%BB%9E\"><\/span><span style=\"color: #ea9999;\"><span class=\"JsGRdQ\">\u50f9\u503c\u6295\u8cc7\u7684\u512a\u9ede<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>\u6210\u672c\u4f4e<\/li>\n<\/ul>\n<p>\u50f9\u503c\u6295\u8cc7\u7684\u6838\u5fc3\u5c31\u662f\u7528\u300c<span class=\"JsGRdQ\">\u8cb7\u9032\u50f9\u683c\u4f4e\u65bc\u516c\u53f8\u5167\u5728\u50f9\u503c\u7684\u80a1\u7968<\/span>\u300d\uff0c\u56e0\u6b64\u8cb7\u9032\u80a1\u7968\u6642\u7684\u6210\u672c\u76f8\u5c0d\u5c31\u4f4e\uff0c\u76f8\u5c0d\u53ef\u4ee5\u627f\u53d7\u5e02\u5834\u6ce2\u52d5\u7684\u7a7a\u9593\u5c31\u5927\uff1b\u53cd\u4e4b\uff0c\u5982\u679c\u6c92\u6709\u4e00\u5957\u6295\u8cc7\u7b56\u7565\uff0c\u4f60\u7528\u4e86\u975e\u5e38\u9ad8\u7684\u50f9\u683c\u8cfc\u8cb7\u597d\u516c\u53f8\uff0c\u5728\u5e02\u5834\u6709\u5927\u5e45\u6ce2\u52d5\u6642\uff0c\u4f60\u6703\u9700\u8981\u66f4\u591a\u7684\u8010\u5fc3\u53bb\u7b49\u5f85\u3002<\/p>\n<ul>\n<li>\u98a8\u96aa\u4f4e<\/li>\n<\/ul>\n<p>\u53ea\u8981\u6295\u8cc7\u524d\u505a\u597d\u516c\u53f8\u57fa\u672c\u9762\u7684\u5206\u6790\u3001\u7814\u7a76\u597d\u8ca1\u5831\uff0c\u5728\u4f4e\u65bc\u5408\u7406\u50f9\u8cb7\u5165\u516c\u53f8\u80a1\u7968\uff0c\u4e4b\u5f8c\u5c31\u7b97\u50cf\u73fe\u5728\u75ab\u60c5\u6642\u4ee3\u9047\u5230\u7d93\u6fdf\u5371\u6a5f\uff0c\u516c\u53f8\u4e5f\u4e0d\u592a\u6703\u6709\u5012\u9589\u7684\u98a8\u96aa\uff0c\u751a\u81f3\u9019\u6642\u53cd\u800c\u662f\u64bf\u4fbf\u5b9c\u7684\u6642\u6a5f\uff0c\u50cf\u662f 2020 \u5e74\u7684\u8fea\u58eb\u5c3c\uff08DIS\uff09\u4e00\u80a1\u5c31\u4f4e\u65bc 100 \u5143\uff0c\u7576\u75ab\u60c5\u597d\u8f49\u6642\uff0c\u8fea\u58eb\u5c3c\uff08DIS\uff09\u5f88\u5feb\u5c31\u9006\u52e2\u4e0a\u6f32\u4e86\uff01\uff08\u7576\u521d\u8cb7\u592a\u5c11\u4e86&#8230;QQ\uff09<\/p>\n<ul>\n<li>\u770b\u76e4\u6642\u9593\u5c11<\/li>\n<\/ul>\n<p>\u771f\u6b63\u7684\u50f9\u503c\u6295\u8cc7\u8005\u4e0d\u6703\u96a8\u8457\u5e02\u5834\u6ce2\u52d5\u800c\u96a8\u96de\u8d77\u821e\u3001\u4e5f\u4e0d\u7528\u770b\u65b0\u805e\u4e86\u89e3\u71b1\u9580\u80a1\uff0c\u53ea\u9700\u8981\u5c08\u6ce8\u5728\u597d\u516c\u53f8\u7684\u7a69\u5b9a\u7372\u5229\u53ca\u6210\u9577\uff0c\u56e0\u6b64\u53ea\u8981\u61c2\u5f97\u5224\u65b7\u516c\u53f8\u7684\u5167\u5728\u50f9\u503c\uff0c\u5b8c\u5168\u4e0d\u9700\u8981\u64d4\u5fc3\u73fe\u5728\u5e02\u5834\u7684\u5229\u591a\u3001\u5229\u7a7a\u6d88\u606f\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%E7%9A%84%E7%BC%BA%E9%BB%9E\"><\/span><span style=\"color: #ea9999;\"><span class=\"JsGRdQ\">\u50f9\u503c\u6295\u8cc7\u7684\u7f3a\u9ede<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>\u7814\u7a76\u6642\u9593\u9577<\/li>\n<\/ul>\n<p>\u516c\u53f8\u57fa\u672c\u9762\u5305\u542b\uff1a\u640d\u76ca\u8868\u3001\u8cc7\u7522\u8ca0\u50b5\u8868\u3001\u73fe\u91d1\u6d41\u91cf\u8868\uff0c\u5176\u4e2d\u4e94\u7a2e\u95dc\u9375\u6307\u6a19\u5305\u542b\uff1a\u6bcf\u80a1\u76c8\u9918\uff08EPS\uff09\u3001\u80a1\u606f\uff08Dividend\uff09\u3001\u81ea\u7531\u73fe\u91d1\u6d41\uff08FCF\uff09\u3001\u80a1\u6771\u6b0a\u76ca\u5831\u916c\u7387\uff08ROC\uff09\u3001\u5229\u606f\u4fdd\u969c\u500d\u6578\uff08IC\uff09\uff0c\u6587\u7ae0\u4e0b\u65b9\u6703\u518d\u4ed4\u7d30\u4ecb\u7d39\u9019\u4e94\u7a2e\u6307\u6a19\u3002<\/p>\n<p>\u7814\u7a76\u57fa\u672c\u9762\u5b8c\u57fa\u672c\u9762\u4f60\u5c31\u80fd\u66f4\u6e05\u695a\u4e00\u5bb6\u516c\u53f8\u7684\u7d93\u71df\u73fe\u6cc1\u3001\u5c0d\u672a\u4f86\u7684\u767c\u5c55\u7b56\u7565\u548c\u76ee\u524d\u6311\u6230\u70ba\u4f55\uff0c\u7576\u4f60\u8d8a\u4e86\u89e3\u5c31\u662f\u5728\u300c\u6295\u8cc7\u300d\uff0c\u800c\u975e\u300c\u6295\u6a5f\u300d\u3002\u800c\u6211\u8a8d\u70ba\u6bcf\u9805\u300c\u6295\u8cc7\u300d\u672c\u4f86\u5c31\u9700\u8981\u82b1\u6642\u9593\u7814\u7a76\uff0c\u800c\u50f9\u503c\u6295\u8cc7\u6703\u6bd4\u6295\u8cc7 ETF \u6240\u82b1\u8cbb\u7684\u5fc3\u529b\u9084\u8981\u591a\uff0c\u52a0\u4e0a\u7f8e\u80a1\u6709 8000 \u591a\u6a94\u500b\u80a1\uff0c\u4e0d\u904e\u4f60\u53ef\u4ee5\u5148\u5f9e\u4f60\u5e38\u807d\u5230\u7684\u516c\u53f8\u958b\u59cb\u7814\u7a76\u8d77\uff0c\u50cf\u662f\u8fea\u58eb\u5c3c\uff08DIS\uff09\u3001\u9ea5\u7576\u52de\uff08MCD\uff09\u3001\u597d\u5e02\u591a\uff08COST\uff09\u7b49&#8230;<\/p>\n<ul>\n<li>\u7b49\u5f85\u6642\u9593\u9577<\/li>\n<\/ul>\n<p>\u5e02\u5834\u901a\u5e38\u90fd\u662f\u8dcc\u5f97\u5feb\u3001\u6f32\u5f97\u7de9\uff0c\u50cf\u662f 2020 \u5e74 3 \u6708\u96e3\u5f97\u4e00\u898b\u7684\u7194\u65b7\u6a5f\u5236\u5c31\u5728\u4e00\u500b\u6708\u5167\u767c\u751f\u4e86\u56db\u6b21\uff0c\u7576\u6642\u80a1\u7968\u6025\u8dcc\u5f8c\uff0c\u82b1\u4e86\u534a\u5e74\u5230\u4e00\u5e74\u7684\u6642\u9593\u7de9\u6f32\u56de\u4f86\uff0c\u4ee5\u666f\u6c23\u5faa\u74b0 6~10 \u5e74\u4f86\u770b\uff0c\u5f88\u53ef\u80fd\u6703\u5728\u591a\u982d\u7684 10 \u5e74\u624b\u4e0a\u5927\u591a\u6642\u5019\u53ea\u62b1\u6eff\u73fe\u91d1\uff0c \u96d6\u7136\u770b\u4f3c\u6c92\u8ce0\u9322\uff0c\u4f46\u6295\u8cc7\u7684\u8a72\u6709\u8907\u5229\u6548\u679c\u5c31\u6c92\u4e86\u3002<\/p>\n<p>\u5ef6\u4f38\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/zh.wikipedia.org\/wiki\/\u7194\u65ad\u673a\u5236#2020\u5e74\u7f8e\u56fd\u80a1\u707e\">\u4ec0\u9ebc\u662f\u7194\u65b7\u6a5f\u5236\uff1f<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%E9%81%A9%E5%90%88%E8%AA%B0%EF%BC%9F\"><\/span><span style=\"color: #f05858;\">\u50f9\u503c\u6295\u8cc7\u9069\u5408\u8ab0\uff1f<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>\u60f3\u7d2f\u7a4d\u88ab\u52d5\u6536\u5165\uff0c\u5be6\u73fe\u9000\u4f11\u5922\u7684\u4eba<\/li>\n<li>\u8cb7\u4e86\u5c31\u5fd8\u4e86\uff0c\u4e0d\u6703\u56e0\u6d88\u606f\u8d77\u821e\u7684\u4eba<\/li>\n<li>\u9858\u610f\u8e0f\u5be6\u3001\u6709\u8010\u5fc3\u7684\u7814\u7a76\u516c\u53f8\u57fa\u672c\u9762\u7684\u4eba<\/li>\n<li>\u60f3\u5b89\u5168\u7684\u8b93\u672c\u91d1\u7a69\u5b9a\u6210\u9577\uff0c\u958b\u59cb\u7528\u9322\u8cfa\u9322\u7684\u4eba<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%E4%BA%94%E5%A4%A7%E9%87%8D%E8%A6%81%E6%8C%87%E6%A8%99%EF%BC%8C%E5%8C%85%E5%90%AB%EF%BC%9A\"><\/span><span style=\"color: #f05858;\">\u50f9\u503c\u6295\u8cc7\u4e94\u5927\u91cd\u8981\u6307\u6a19\uff0c\u5305\u542b\uff1a<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"%E6%AF%8F%E8%82%A1%E7%9B%88%E9%A4%98_EPS\"><\/span><span style=\"color: #ea9999;\"><span class=\"JsGRdQ\">\u6bcf\u80a1\u76c8\u9918 EPS<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table style=\"border-collapse: collapse; width: 0%; height: 24px;\">\n<tbody>\n<tr style=\"height: 24px;\">\n<td style=\"width: 100%; border-style: double; border-color: #000000; background-color: #fff5ea; height: 24px;\"><span class=\"JsGRdQ\">\u516c\u5f0f\uff1a<\/span><span class=\"JsGRdQ\">EPS=\u6de8\u6536\u5165\/\u80a1\u7968\u6578<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span class=\"JsGRdQ\">\u6bcf\u4e00\u80a1\u6de8\u8cfa\u7684\u9322\uff0c\u9023\u7e8c\u5341\u5e74\u7a69\u5b9a\u589e\u52a0\u4f73\uff0c\u4ee3\u8868\u516c\u53f8\u6709\u6301\u7e8c\u8cfa\u9322\uff0cEPS \u53ef\u4ee5\u53cd\u6620\u516c\u53f8\u8cfa\u591a\u5c11\u3002<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E8%82%A1%E6%81%AF_Dividend\"><\/span><span style=\"color: #ea9999;\"><span class=\"JsGRdQ\">\u80a1\u606f Dividend<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table style=\"border-collapse: collapse; width: 0%;\">\n<tbody>\n<tr>\n<td style=\"width: 100%; border-color: #000000; background-color: #fff5ea; border-style: double;\"><span class=\"JsGRdQ\">\u516c\u5f0f\uff1a\u80a1\u606f\u767c\u653e\u7387=\u80a1\u606f\/EPS<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"_04xlpA direction-ltr align-start para-style-body\"><span class=\"JsGRdQ\">EPS\u8cfa20\u5143\uff0c\u80a1\u606f\u767c10\u5143\uff0c\u80a1\u606f\u767c\u653e\u7387\u70ba50\uff05\uff0c\u9023\u7e8c\u5341\u5e74\u7a69\u5b9a\u767c\u80a1\u606f\u7684\u516c\u53f8\u4f73\uff0c\u4f46\u4e26\u4e0d\u662f\u80a1\u606f\u767c\u653e\u7387\u8d8a\u9ad8\u8d8a\u597d\uff0c<\/span><span class=\"JsGRdQ\">\u56e0\u516c\u53f8\u9084\u662f\u9700\u8981\u9322\u53bb\u6210\u9577\u3002<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E8%87%AA%E7%94%B1%E7%8F%BE%E9%87%91%E6%B5%81_Free_Cash_Flow\"><\/span><span style=\"color: #ea9999;\"><span class=\"JsGRdQ\">\u81ea\u7531\u73fe\u91d1\u6d41\u00a0<\/span><span class=\"JsGRdQ\">Free Cash Flow<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p class=\"_04xlpA direction-ltr align-start para-style-body\"><span class=\"JsGRdQ\">\u8a55\u4f30\u516c\u53f8\u8eab\u4e0a\u6709\u7121\u53ef\u6d41\u52d5\u7684\u73fe\u91d1\uff0c\u9023\u7e8c\u5341\u5e74\u70ba\u6b63\u6578\u4f73\uff0c\u53ef\u4ee5\u7528\u4f86\u8a55\u4f30\u516c\u53f8\u6709\u7121\u505a\u5047\u5e33\u3002<\/span><span class=\"JsGRdQ\">\u50cf\u662f\u4e9e\u99ac\u905c\uff08AMAZON\uff09\u5c31\u975e\u5e38\u6ce8\u91cd\u81ea\u7531\u73fe\u91d1\u6d41\uff0c\u56e0\u70ba\u81ea\u7531\u73fe\u91d1\u6d41\u8d8a\u591a\uff0c\u71df\u904b\u9031\u671f\u8d8a\u9577\u53ef\u4ee5\u5feb\u901f\u5468\u8f49\u5eab\u5b58\u91cf\u3002<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A%E5%A0%B1%E9%85%AC%E7%8E%87_ROE\"><\/span><span style=\"color: #ea9999;\"><span class=\"JsGRdQ\">\u80a1\u6771\u6b0a\u76ca\u5831\u916c\u7387 ROE<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table style=\"border-collapse: collapse; width: 0%; height: 24px;\">\n<tbody>\n<tr style=\"height: 24px;\">\n<td style=\"width: 100%; border-style: double; border-color: #000000; background-color: #fff5ea; height: 24px;\"><span class=\"JsGRdQ\">\u516c\u5f0f\uff1a\u6de8\u6536\u5165\uff08\u516c\u53f8\u6de8\u8cfa\u7684\u9322\uff09\/\u80a1\u6771\u6b0a\u76ca &gt;15%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span class=\"JsGRdQ\">\u62ff\u80a1\u6771\u7684\u9322\u53bb\u6295\u8cc7\u6240\u7372\u5f97\u7684\u5831\u916c\u7387\uff0c\u53ef\u4ee5\u53cd\u6620\u51fa\u516c\u53f8\u8cfa\u9322\u7684\u6548\u7387\u3002ROE \u904e\u9ad8\u6216\u904e\u4f4e\u90fd\u4e0d\u597d\uff0c\u904e\u9ad8\u6709\u53ef\u80fd\u662f\u516c\u53f8\u8209\u50b5\u904e\u591a\uff0c\u5c0e\u81f4\u8ca0\u50b5&gt;\u8cc7\u7522\u3002<\/span><\/p>\n<h3 class=\"_04xlpA direction-ltr align-start para-style-body\"><span class=\"ez-toc-section\" id=\"%E5%88%A9%E6%81%AF%E4%BF%9D%E9%9A%9C%E5%80%8D%E6%95%B8_Interest_Coverage\"><\/span><span style=\"color: #ea9999;\"><span class=\"JsGRdQ\">\u5229\u606f\u4fdd\u969c\u500d\u6578\u00a0<\/span><span class=\"JsGRdQ\">Interest Coverage<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table style=\"border-collapse: collapse; width: 0%;\">\n<tbody>\n<tr>\n<td style=\"width: 100%; border-color: #000000; background-color: #fff5ea; border-style: double;\"><span class=\"JsGRdQ\">\u516c\u5f0f\uff1a\u5229\u606f\u4fdd\u969c\u500d\u6578\/\u5229\u606f &gt; 4~10 \u500d<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span class=\"JsGRdQ\">\u5047\u8a2d\u516c\u53f8\u8ca0\u50b5\u5229\u606f 10 \u842c\uff0c\u6de8\u6536\u5165 100 \u842c\uff0c\u90a3\u5229\u606f\u4fdd\u969c\u500d\u6578\u5c31\u662f 10 \u500d\uff0c\u4ee3\u8868\u516c\u53f8\u5373\u4f7f\u660e\u5e74\u6c92\u8cfa\u9322\uff0c\u6de8\u6536\u5165\u9084\u53ef\u4ee5\u518d\u9084 10 \u5e74\u7684\u50b5\u52d9\u5229\u606f\u3002<\/span><\/p>\n<p class=\"_04xlpA direction-ltr align-start para-style-body\">\n<blockquote class=\"instagram-media\" style=\"background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);\" data-instgrm-permalink=\"https:\/\/www.instagram.com\/p\/CO7tVF2HHI4\/?utm_source=ig_embed&amp;utm_campaign=loading\" data-instgrm-version=\"13\">\n<div style=\"padding: 16px;\">\n<p>&nbsp;<\/p>\n<div style=\"display: flex; flex-direction: row; align-items: center;\">\n<div style=\"background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;\"><\/div>\n<div style=\"display: flex; flex-direction: column; flex-grow: 1; justify-content: center;\">\n<div style=\"background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;\"><\/div>\n<div style=\"background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;\"><\/div>\n<\/div>\n<\/div>\n<div style=\"padding: 19% 0;\"><\/div>\n<div style=\"display: block; height: 50px; margin: 0 auto 12px; width: 50px;\"><\/div>\n<div style=\"padding-top: 8px;\">\n<div style=\"color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;\">\u5728 Instagram \u67e5\u770b\u9019\u5247\u8cbc\u6587<\/div>\n<\/div>\n<div style=\"padding: 12.5% 0;\"><\/div>\n<div style=\"display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;\">\n<div>\n<div style=\"background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);\"><\/div>\n<div style=\"background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;\"><\/div>\n<div style=\"background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);\"><\/div>\n<\/div>\n<div style=\"margin-left: 8px;\">\n<div style=\"background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;\"><\/div>\n<div style=\"width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);\"><\/div>\n<\/div>\n<div style=\"margin-left: auto;\">\n<div style=\"width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);\"><\/div>\n<div style=\"background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);\"><\/div>\n<div style=\"width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);\"><\/div>\n<\/div>\n<\/div>\n<div style=\"display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;\">\n<div style=\"background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;\"><\/div>\n<div style=\"background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;\"><\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p style=\"color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;\"><a style=\"color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;\" href=/index.html"https:\/\/www.instagram.com\/p\/CO7tVF2HHI4\/?utm_source=ig_embed&amp;utm_campaign=loading\" target=\"_blank\" rel=\"noopener\">Elaine \u7406\u767d\u5c0f\u59d0\u3021\u751f\u6d3b\u7406\u8ca1\u3021\u659c\u69d3\u8b77\u7406\u5e2b\uff08@\uff09\u5206\u4eab\u7684\u8cbc\u6587<\/a><\/p>\n<\/div>\n<\/blockquote>\n<p><script async src=/index.html"\/\/www.instagram.com\/embed.js\"><\/script><\/p>\n<p><span style=\"color: #599ad4;\">\u7406\u767d\u5c0f\u59d0\u8b80\u8005\u5c08\u5c6c\u798f\u5229\uff1a<br \/>\n\u52a0\u5165\u597d\u53cb\uff0c\u7406\u767d\u5c0f\u59d0\u6703\u4e00\u5c0d\u4e00\u56de\u8986<br \/>\n<\/span><\/p>\n<p><a href=/index.html"https:\/\/line.me\/R\/ti\/p\/%40ksj2144i\"><img src=/index.html"https:\/\/scdn.line-apps.com\/n\/line_add_friends\/btn\/zh-Hant.png\" alt=\"\u52a0\u5165\u597d\u53cb\" height=\"36\" border=\"0\" \/><\/a><\/p>\n<p>\u5982\u679c\u4f60\u559c\u6b61\u7406\u767d\u5c0f\u59d0\u7684\u6587\u7ae0\uff0c\u53ef\u4ee5\u6309\u300c\u5206\u4eab\u300d\uff0c\u8b93\u66f4\u591a\u4eba\u770b\u898b\uff01<\/p>\n<p><a href=/index.html"http:\/\/line.naver.jp\/R\/msg\/text\/?\u4ec0\u9ebc\u662f\u50f9\u503c\u6295\u8cc7\uff1f\u50f9\u503c\u6295\u8cc7\u4e94\u5927\u91cd\u8981\u6307\u6a19 https:\/\/\/value-investing\/\"><img src=/index.html"http:\/\/berichfun.com\/wp-content\/uploads\/2015-07-17-163926-23.png\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><em style=\"color: #ff9900; font-family: georgia, palatino, serif; font-size: 14pt;\"><strong>\u7406\u767d\u5c0f\u59d0-\u6301\u7e8c\u70ba\u81ea\u5df1\u53ca\u4ed6\u4eba\u5275\u9020\u66f4\u7f8e\u597d\u7684\u50f9\u503c<\/strong><\/em><\/p>\n<div class=\"separator\"><span style=\"color: #ff9900; font-family: georgia, palatino, serif;\"><em><a style=\"color: #ff9900;\" href=/index.html"https:\/\/www.instagram.com\/\/\">\u7406\u767d\u5c0f\u59d0\u7684 IG<\/a>\u00a0<\/em><\/span><\/div>\n<div><span style=\"color: #ff9900; font-family: georgia, palatino, serif;\"><em><a style=\"color: #ff9900;\" 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