{"id":928,"date":"2026-03-13T17:13:46","date_gmt":"2026-03-13T09:13:46","guid":{"rendered":"https:\/\/www.ixriver.com\/?p=928"},"modified":"2026-03-13T17:13:46","modified_gmt":"2026-03-13T09:13:46","slug":"%e7%be%8e%e5%9b%a2-%e6%b7%b1%e5%ba%a6%e5%88%86%e6%9e%90%e6%8a%a5%e5%91%8a","status":"publish","type":"post","link":"https:\/\/p.ixriver.com\/?p=928","title":{"rendered":"\u7f8e\u56e2 \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\" style=\"display:none;\">Toggle<\/span><span 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href=\"https:\/\/p.ixriver.com\/?p=928\/#1_%E5%85%AC%E5%8F%B8%E6%A6%82%E5%86%B5\" title=\"1. \u516c\u53f8\u6982\u51b5\">1. \u516c\u53f8\u6982\u51b5<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B\" 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-6\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%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-7\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%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-8\" href=\"https:\/\/p.ixriver.com\/?p=928\/#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 class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%9E%84%E6%88%90\" title=\"\u4e3b\u8425\u4e1a\u52a1\u6784\u6210\">\u4e3b\u8425\u4e1a\u52a1\u6784\u6210<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%E6%A0%B8%E5%BF%83%E4%BA%A7%E5%93%81%E8%A7%A3%E6%9E%90\" title=\"\u6838\u5fc3\u4ea7\u54c1\u89e3\u6790\">\u6838\u5fc3\u4ea7\u54c1\u89e3\u6790<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%E5%95%86%E4%B8%9A%E6%A8%A1%E5%BC%8F\" title=\"\u5546\u4e1a\u6a21\u5f0f\">\u5546\u4e1a\u6a21\u5f0f<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/p.ixriver.com\/?p=928\/#3_%E8%A1%8C%E4%B8%9A%E5%9F%BA%E6%9C%AC%E9%9D%A2%E5%88%86%E6%9E%90\" title=\"3. \u884c\u4e1a\u57fa\u672c\u9762\u5206\u6790\">3. \u884c\u4e1a\u57fa\u672c\u9762\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-13\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%E6%9C%AC%E5%9C%B0%E7%94%9F%E6%B4%BB%E6%9C%8D%E5%8A%A1%E8%A1%8C%E4%B8%9A\" title=\"\u672c\u5730\u751f\u6d3b\u670d\u52a1\u884c\u4e1a\">\u672c\u5730\u751f\u6d3b\u670d\u52a1\u884c\u4e1a<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%E7%AB%9E%E4%BA%89%E6%80%81%E5%8A%BF%E5%88%86%E6%9E%90\" title=\"\u7ade\u4e89\u6001\u52bf\u5206\u6790\">\u7ade\u4e89\u6001\u52bf\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-15\" href=\"https:\/\/p.ixriver.com\/?p=928\/#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-16\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%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-17\" href=\"https:\/\/p.ixriver.com\/?p=928\/#5_%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90\" title=\"5. \u8d22\u52a1\u72b6\u51b5\u5206\u6790\">5. \u8d22\u52a1\u72b6\u51b5\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-18\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%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\" title=\"\u76c8\u5229\u80fd\u529b (\u8fd13-5\u5e74\u8d8b\u52bf)\">\u76c8\u5229\u80fd\u529b (\u8fd13-5\u5e74\u8d8b\u52bf)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%E6%88%90%E9%95%BF%E8%83%BD%E5%8A%9B\" title=\"\u6210\u957f\u80fd\u529b\">\u6210\u957f\u80fd\u529b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" 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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-27\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%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-28\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%E7%9B%B8%E5%AF%B9%E4%BC%B0%E5%80%BC\" title=\"\u76f8\u5bf9\u4f30\u503c\">\u76f8\u5bf9\u4f30\u503c<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%E5%88%86%E9%83%A8%E4%BC%B0%E5%80%BC\" title=\"\u5206\u90e8\u4f30\u503c\">\u5206\u90e8\u4f30\u503c<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/p.ixriver.com\/?p=928\/#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-31\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%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-32\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%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-33\" href=\"https:\/\/p.ixriver.com\/?p=928\/#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-34\" href=\"https:\/\/p.ixriver.com\/?p=928\/#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-35\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%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-36\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%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-37\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%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-38\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%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-39\" href=\"https:\/\/p.ixriver.com\/?p=928\/#%E2%9A%A0%EF%B8%8F_%E4%B8%BB%E8%A6%81%E5%85%B3%E6%B3%A8%E7%82%B9\" title=\"\u26a0\ufe0f \u4e3b\u8981\u5173\u6ce8\u70b9\">\u26a0\ufe0f \u4e3b\u8981\u5173\u6ce8\u70b9<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%F0%9F%8D%9C_%E7%BE%8E%E5%9B%A2-W_3690HK_%E6%B7%B1%E5%BA%A6%E5%88%86%E6%9E%90%E6%8A%A5%E5%91%8A\"><\/span>\ud83c\udf5c \u7f8e\u56e2-W (3690.HK) \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\"><\/span>\ud83d\udcca \u5b9e\u65f6\u884c\u60c5<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>~130-140 \u6e2f\u5143<\/strong> (\u4f30\u8ba1)<\/td>\n<\/tr>\n<tr>\n<td><strong>\u5e02\u503c<\/strong><\/td>\n<td>~8000-8500 \u4ebf\u6e2f\u5143<\/td>\n<\/tr>\n<tr>\n<td><strong>\u5e02\u76c8\u7387(PE)<\/strong><\/td>\n<td>~25-35x<\/td>\n<\/tr>\n<tr>\n<td><strong>\u5e02\u51c0\u7387(PB)<\/strong><\/td>\n<td>~3-4x<\/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>\u26a0\ufe0f \u6ce8: \u6e2f\u80a1\u6570\u636e\u6e90\u6682\u4e0d\u53ef\u7528\uff0c\u4ee5\u4e0a\u4e3a\u4f30\u7b97\u503c\u3002<\/p>\n<\/blockquote>\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\"><\/span>\ud83d\udcb0 \u4f30\u503c\u5206\u6790<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>~25-35x<\/td>\n<td>\ud83d\udfe2 \u5408\u7406\u504f\u4f4e (\u5386\u53f2\u9ad8\u4f4d 100x+)<\/td>\n<\/tr>\n<tr>\n<td><strong>PB<\/strong><\/td>\n<td>~3-4x<\/td>\n<td>\ud83d\udfe2 \u5408\u7406\u504f\u4f4e<\/td>\n<\/tr>\n<tr>\n<td><strong>PS<\/strong><\/td>\n<td>~2-3x<\/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\u8f83\u5386\u53f2\u9ad8\u70b9\u5927\u5e45\u56de\u843d\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>\u7f8e\u56e2<\/td>\n<\/tr>\n<tr>\n<td><strong>\u80a1\u7968\u4ee3\u7801<\/strong><\/td>\n<td>3690.HK<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6210\u7acb\u65f6\u95f4<\/strong><\/td>\n<td>2010\u5e74<\/td>\n<\/tr>\n<tr>\n<td><strong>\u603b\u90e8<\/strong><\/td>\n<td>\u5317\u4eac<\/td>\n<\/tr>\n<tr>\n<td><strong>\u521b\u59cb\u4eba<\/strong><\/td>\n<td>\u738b\u5174<\/td>\n<\/tr>\n<tr>\n<td><strong>\u4e3b\u8425\u4e1a\u52a1<\/strong><\/td>\n<td>\u5916\u5356\u3001\u5230\u5e97\/\u9152\u65c5\u3001\u65b0\u4e1a\u52a1<\/td>\n<\/tr>\n<tr>\n<td><strong>\u884c\u4e1a\u5730\u4f4d<\/strong><\/td>\n<td>\ud83e\udd47 \u4e2d\u56fd\u672c\u5730\u751f\u6d3b\u670d\u52a1\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>CEO<\/strong>: \u738b\u5174 (\u521b\u59cb\u4eba\uff0c\u6218\u7565\u773c\u5149\u5353\u8d8a)<\/li>\n<li><strong>\u7ba1\u7406\u5c42\u80cc\u666f<\/strong>: \u8fde\u7eed\u521b\u4e1a\u8005\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>\u738b\u5174<\/strong><\/td>\n<td>~10% (\u6295\u7968\u6743\u66f4\u9ad8)<\/td>\n<\/tr>\n<tr>\n<td><strong>\u817e\u8baf<\/strong><\/td>\n<td>~15%<\/td>\n<\/tr>\n<tr>\n<td><strong>\u673a\u6784\u6295\u8d44\u8005<\/strong><\/td>\n<td>~50%<\/td>\n<\/tr>\n<tr>\n<td><strong>\u5176\u4ed6\u6d41\u901a\u80a1\u4e1c<\/strong><\/td>\n<td>~25%<\/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>\u5916\u5356<\/strong><\/td>\n<td>~50%<\/td>\n<td>~20%<\/td>\n<td>\u6838\u5fc3\u4e1a\u52a1<\/td>\n<\/tr>\n<tr>\n<td><strong>\u5230\u5e97\/\u9152\u65c5<\/strong><\/td>\n<td>~25%<\/td>\n<td>~40%<\/td>\n<td>\u9ad8\u5229\u6da6\u4e1a\u52a1<\/td>\n<\/tr>\n<tr>\n<td><strong>\u65b0\u4e1a\u52a1<\/strong><\/td>\n<td>~20%<\/td>\n<td>-20%<\/td>\n<td>\u51cf\u4e8f\u4e2d<\/td>\n<\/tr>\n<tr>\n<td><strong>\u5176\u4ed6<\/strong><\/td>\n<td>~5%<\/td>\n<td>&#8211;<\/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. \u5916\u5356\u4e1a\u52a1<\/strong><\/p>\n<pre><code>\u6a21\u5f0f: \u5e73\u53f0\u62bd\u4f63 + \u914d\u9001\u8d39\n\u65e5\u5747\u8ba2\u5355: ~6000\u4e07\u5355\n\u5e02\u5360\u7387: ~70% (\u4e2d\u56fd\u7b2c\u4e00)\n\u4f18\u52bf: \u7f51\u7edc\u6548\u5e94 + \u89c4\u6a21\u6548\u5e94\n\u5ba2\u6237: \u6d88\u8d39\u8005 + \u5546\u5bb6 + \u9a91\u624b\n<\/code><\/pre>\n<p><strong>2. \u5230\u5e97\/\u9152\u65c5\u4e1a\u52a1<\/strong><\/p>\n<pre><code>\u6a21\u5f0f: \u4f63\u91d1 + \u5e7f\u544a\u6536\u5165\n\u5185\u5bb9: \u5927\u4f17\u70b9\u8bc4\u3001\u7f8e\u56e2\u5230\u5e97\n\u4f18\u52bf: \u7528\u6237\u4e60\u60ef + \u5185\u5bb9\u751f\u6001\n\u5229\u6da6\u7387: \u9ad8\uff0c\u6838\u5fc3\u5229\u6da6\u6765\u6e90\n<\/code><\/pre>\n<p><strong>3. \u65b0\u4e1a\u52a1<\/strong><\/p>\n<pre><code>\u7f8e\u56e2\u4f18\u9009: \u793e\u533a\u56e2\u8d2d (\u51cf\u4e8f\u4e2d)\n\u7f8e\u56e2\u95ea\u8d2d: \u5373\u65f6\u96f6\u552e (\u9ad8\u589e\u957f)\n\u7f8e\u56e2\u4e70\u83dc: \u524d\u7f6e\u4ed3\u6a21\u5f0f\n\u4f18\u52bf: \u6d41\u91cf\u534f\u540c + \u573a\u666f\u5ef6\u4f38\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>\u5e73\u53f0\u6a21\u5f0f<\/strong><\/td>\n<td>\u53cc\u8fb9\/\u4e09\u8fb9\u7f51\u7edc\u6548\u5e94<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6536\u5165\u6765\u6e90<\/strong><\/td>\n<td>\u4f63\u91d1 + \u5e7f\u544a + \u914d\u9001\u8d39<\/td>\n<\/tr>\n<tr>\n<td><strong>\u62a4\u57ce\u6cb3<\/strong><\/td>\n<td>\u7f51\u7edc\u6548\u5e94 + \u7528\u6237\u4e60\u60ef + \u6570\u636e\u79ef\u7d2f<\/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=\"%E6%9C%AC%E5%9C%B0%E7%94%9F%E6%B4%BB%E6%9C%8D%E5%8A%A1%E8%A1%8C%E4%B8%9A\"><\/span>\u672c\u5730\u751f\u6d3b\u670d\u52a1\u884c\u4e1a<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(\u4e2d\u56fd)<\/strong><\/td>\n<td>~3\u4e07\u4ebf\/\u5e74<\/td>\n<\/tr>\n<tr>\n<td><strong>\u884c\u4e1a\u589e\u901f<\/strong><\/td>\n<td>~10-15%<\/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<p><strong>\u7ade\u4e89\u683c\u5c40<\/strong>:<br \/>\n| \u6392\u540d | \u516c\u53f8 | \u5e02\u5360\u7387 |<br \/>\n|&#8212;&#8212;|&#8212;&#8212;|&#8212;&#8212;&#8211;|<br \/>\n| \ud83e\udd47 | <strong>\u7f8e\u56e2<\/strong> | ~50%+ |<br \/>\n| \ud83e\udd48 | \u6296\u97f3\u672c\u5730\u751f\u6d3b | ~20% |<br \/>\n| \ud83e\udd49 | \u997f\u4e86\u4e48 | ~15% |<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E7%AB%9E%E4%BA%89%E6%80%81%E5%8A%BF%E5%88%86%E6%9E%90\"><\/span>\u7ade\u4e89\u6001\u52bf\u5206\u6790<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u7ade\u4e89\u5bf9\u624b<\/th>\n<th>\u4f18\u52bf<\/th>\n<th>\u52a3\u52bf<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u6296\u97f3<\/strong><\/td>\n<td>\u5185\u5bb9\u6d41\u91cf\u3001\u79cd\u8349<\/td>\n<td>\u5c65\u7ea6\u80fd\u529b\u5f31<\/td>\n<\/tr>\n<tr>\n<td><strong>\u997f\u4e86\u4e48<\/strong><\/td>\n<td>\u963f\u91cc\u751f\u6001<\/td>\n<td>\u5e02\u5360\u7387\u4f4e<\/td>\n<\/tr>\n<tr>\n<td><strong>\u62fc\u591a\u591a<\/strong><\/td>\n<td>\u4ef7\u683c\u4f18\u52bf<\/td>\n<td>\u672c\u5730\u751f\u6d3b\u7ecf\u9a8c\u4e0d\u8db3<\/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<\/td>\n<td>\u54c1\u724c\u3001\u7528\u6237\u4e60\u60ef<\/td>\n<\/tr>\n<tr>\n<td><strong>\u8f6c\u6362\u6210\u672c<\/strong><\/td>\n<td>\u2b50\u2b50\u2b50<\/td>\n<td>\u7528\u6237\u7c98\u6027\u4e2d\u7b49<\/td>\n<\/tr>\n<tr>\n<td><strong>\u7f51\u7edc\u6548\u5e94<\/strong><\/td>\n<td>\u2b50\u2b50\u2b50\u2b50\u2b50<\/td>\n<td>\u53cc\u8fb9\/\u4e09\u8fb9\u7f51\u7edc\u6548\u5e94<\/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 + \u7b97\u6cd5\u4f18\u5316<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6709\u6548\u89c4\u6a21<\/strong><\/td>\n<td>\u2b50\u2b50\u2b50\u2b50<\/td>\n<td>\u5e02\u573a\u9886\u5bfc\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\u7f51\u7edc\u6548\u5e94 + \u89c4\u6a21\u6548\u5e94 + \u7528\u6237\u4e60\u60ef<br \/>\n&#8211; \u5916\u5356\u4e1a\u52a1\u62a4\u57ce\u6cb3\u6781\u6df1<\/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>~25-30%<\/td>\n<td>\ud83d\udfe2 \u8f83\u9ad8<\/td>\n<\/tr>\n<tr>\n<td><strong>\u51c0\u5229\u7387<\/strong><\/td>\n<td>~5-10%<\/td>\n<td>\ud83d\udfe1 \u6539\u5584\u4e2d<\/td>\n<\/tr>\n<tr>\n<td><strong>ROE<\/strong><\/td>\n<td>~10-15%<\/td>\n<td>\ud83d\udfe2 \u826f\u597d<\/td>\n<\/tr>\n<tr>\n<td><strong>ROIC<\/strong><\/td>\n<td>~8-12%<\/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>~15-25%<\/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>~30-50%<\/td>\n<td>\ud83d\udfe2 \u9ad8\u589e\u957f (\u51cf\u4e8f)<\/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>\u73b0\u91d1\u6d41<\/strong><\/td>\n<td>\u5145\u88d5<\/td>\n<td>\ud83d\udfe2 \u5065\u5eb7<\/td>\n<\/tr>\n<tr>\n<td><strong>\u8d44\u672c\u5f00\u652f<\/strong><\/td>\n<td>\u4e2d\u7b49<\/td>\n<td>\ud83d\udfe1 \u65b0\u4e1a\u52a1\u6295\u5165<\/td>\n<\/tr>\n<tr>\n<td><strong>\u7ecf\u8425\u73b0\u91d1\u6d41<\/strong><\/td>\n<td>\u6b63\u503c<\/td>\n<td>\ud83d\udfe2 \u4f18\u79c0<\/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>~30%<\/td>\n<td>\ud83d\udfe2 \u4f4e\u8d1f\u503a<\/td>\n<\/tr>\n<tr>\n<td><strong>\u73b0\u91d1\u50a8\u5907<\/strong><\/td>\n<td>~1000\u4ebf+<\/td>\n<td>\ud83d\udfe2 \u5145\u88d5<\/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>\u65b0\u4e1a\u52a1\u51cf\u4e8f<\/strong><\/td>\n<td>\ud83d\udfe2 \u5229\u6da6\u6539\u5584<\/td>\n<td>\u4e2d\u671f<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6296\u97f3\u7ade\u4e89\u52a0\u5267<\/strong><\/td>\n<td>\ud83d\udd34 \u5230\u5e97\u4e1a\u52a1\u627f\u538b<\/td>\n<td>\u6301\u7eed<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6d88\u8d39\u590d\u82cf<\/strong><\/td>\n<td>\ud83d\udfe2 \u5229\u597d\u5916\u5356\/\u5230\u5e97<\/td>\n<td>\u4e2d\u671f<\/td>\n<\/tr>\n<tr>\n<td><strong>\u76d1\u7ba1\u7f13\u548c<\/strong><\/td>\n<td>\ud83d\udfe2 \u5229\u597d\u4f30\u503c\u4fee\u590d<\/td>\n<td>\u957f\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\udfe2 \u9ad8<\/td>\n<\/tr>\n<tr>\n<td><strong>\u5e02\u573a\u60c5\u7eea<\/strong><\/td>\n<td>\u4e2d\u6027\u504f\u60b2\u89c2 (\u7ade\u4e89\u62c5\u5fe7)<\/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>\u5b63\u62a5\u4e1a\u7ee9\u8d85\u9884\u671f<\/li>\n<li>\u65b0\u4e1a\u52a1\u51cf\u4e8f\u8fdb\u5ea6<\/li>\n<li>\u6296\u97f3\u7ade\u4e89\u6001\u52bf\u7f13\u548c<\/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>~10-15%<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6298\u73b0\u7387(WACC)<\/strong><\/td>\n<td>~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\"><\/span>\u76f8\u5bf9\u4f30\u503c<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u6307\u6807<\/th>\n<th>\u7f8e\u56e2<\/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<\/strong><\/td>\n<td>~25-35x<\/td>\n<td>~30x<\/td>\n<td>\ud83d\udfe2 \u5408\u7406\u504f\u4f4e<\/td>\n<\/tr>\n<tr>\n<td><strong>PB<\/strong><\/td>\n<td>~3-4x<\/td>\n<td>~4x<\/td>\n<td>\ud83d\udfe2 \u5408\u7406<\/td>\n<\/tr>\n<tr>\n<td><strong>PS<\/strong><\/td>\n<td>~2-3x<\/td>\n<td>~3x<\/td>\n<td>\ud83d\udfe2 \u5408\u7406\u504f\u4f4e<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"%E5%88%86%E9%83%A8%E4%BC%B0%E5%80%BC\"><\/span>\u5206\u90e8\u4f30\u503c<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th>\u4e1a\u52a1\u677f\u5757<\/th>\n<th>\u4f30\u503c\u8d21\u732e<\/th>\n<th>\u8bf4\u660e<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u5916\u5356<\/td>\n<td>~4000\u4ebf<\/td>\n<td>\u6838\u5fc3\u4e1a\u52a1<\/td>\n<\/tr>\n<tr>\n<td>\u5230\u5e97\/\u9152\u65c5<\/td>\n<td>~3000\u4ebf<\/td>\n<td>\u9ad8\u5229\u6da6<\/td>\n<\/tr>\n<tr>\n<td>\u65b0\u4e1a\u52a1<\/td>\n<td>~1000\u4ebf<\/td>\n<td>\u6210\u957f\u671f<\/td>\n<\/tr>\n<tr>\n<td><strong>\u5408\u8ba1<\/strong><\/td>\n<td><strong>~8000\u4ebf<\/strong><\/td>\n<td>\u5bf9\u5e94\u80a1\u4ef7 ~140\u6e2f\u5143<\/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\u76ee\u6807\u4ef7 ~150-160\u6e2f\u5143\uff0c\u4e0a\u6da8\u7a7a\u95f4 ~15-20%\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>\u5916\u5356\u589e\u957f<\/strong><\/td>\n<td>\ud83d\udfe1 \u4e2d\u7b49<\/td>\n<td>\u6e17\u900f\u7387\u63d0\u5347<\/td>\n<\/tr>\n<tr>\n<td><strong>\u95ea\u8d2d\u7206\u53d1<\/strong><\/td>\n<td>\ud83d\udfe2 \u9ad8<\/td>\n<td>\u5373\u65f6\u96f6\u552e<\/td>\n<\/tr>\n<tr>\n<td><strong>\u5230\u5e97\u590d\u82cf<\/strong><\/td>\n<td>\ud83d\udfe1 \u4e2d\u7b49<\/td>\n<td>\u6d88\u8d39\u56de\u6696<\/td>\n<\/tr>\n<tr>\n<td><strong>\u65b0\u4e1a\u52a1\u51cf\u4e8f<\/strong><\/td>\n<td>\ud83d\udfe2 \u9ad8<\/td>\n<td>\u5229\u6da6\u91ca\u653e<\/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>\u5b63\u62a5\u4e1a\u7ee9\u3001\u65b0\u4e1a\u52a1\u51cf\u4e8f<\/td>\n<\/tr>\n<tr>\n<td><strong>\u4e2d\u671f(3-6\u6708)<\/strong><\/td>\n<td>\u6d88\u8d39\u590d\u82cf\u3001\u7ade\u4e89\u683c\u5c40<\/td>\n<\/tr>\n<tr>\n<td><strong>\u957f\u671f(1\u5e74+)<\/strong><\/td>\n<td>\u76c8\u5229\u80fd\u529b\u63d0\u5347<\/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>\u6296\u97f3\u7ade\u4e89<\/strong><\/td>\n<td>\u5230\u5e97\u4e1a\u52a1\u5206\u6d41<\/td>\n<td>\ud83d\udd34 \u9ad8<\/td>\n<\/tr>\n<tr>\n<td>\u26a0\ufe0f <strong>\u6d88\u8d39\u75b2\u8f6f<\/strong><\/td>\n<td>\u5b8f\u89c2\u7ecf\u6d4e\u5f71\u54cd<\/td>\n<td>\ud83d\udfe1 \u4e2d<\/td>\n<\/tr>\n<tr>\n<td>\u26a0\ufe0f <strong>\u76d1\u7ba1\u98ce\u9669<\/strong><\/td>\n<td>\u53cd\u5784\u65ad\u3001\u9a91\u624b\u6743\u76ca<\/td>\n<td>\ud83d\udfe1 \u4e2d<\/td>\n<\/tr>\n<tr>\n<td>\u26a0\ufe0f <strong>\u65b0\u4e1a\u52a1\u4e8f\u635f<\/strong><\/td>\n<td>\u8d44\u91d1\u6d88\u8017<\/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>\u7f8e\u56e2\u662f\u4e2d\u56fd\u672c\u5730\u751f\u6d3b\u670d\u52a1\u9f99\u5934\uff0c\u5916\u5356\u4e1a\u52a1\u62a4\u57ce\u6cb3\u6781\u6df1\uff0c\u65b0\u4e1a\u52a1\u51cf\u4e8f\u8fdb\u5c55\u987a\u5229\u3002\u5f53\u524d\u4f30\u503c\u5408\u7406\u504f\u4f4e (PE~25-35x)\uff0c\u8f83\u5386\u53f2\u9ad8\u70b9\u5927\u5e45\u56de\u843d\uff0c\u5177\u6709\u8f83\u9ad8\u5b89\u5168\u8fb9\u9645\u3002\u6296\u97f3\u7ade\u4e89\u662f\u4e3b\u8981\u98ce\u9669\uff0c\u4f46\u7f8e\u56e2\u5728\u5c65\u7ea6\u80fd\u529b\u4e0a\u4f18\u52bf\u660e\u663e\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 + \u65b0\u4e1a\u52a1\u51cf\u4e8f<\/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<\/td>\n<\/tr>\n<tr>\n<td><strong>2-3\u5e74<\/strong><\/td>\n<td>+30%~+50%<\/td>\n<td>\u4e1a\u7ee9\u589e\u957f+\u4f30\u503c\u63d0\u5347<\/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 ~130-140\u6e2f\u5143\u53ef\u5206\u6279\u5efa\u4ed3<\/td>\n<\/tr>\n<tr>\n<td><strong>\u52a0\u4ed3<\/strong><\/td>\n<td>\u56de\u8c03\u81f3 120\u6e2f\u5143\u4ee5\u4e0b\u52a0\u4ed3<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6b62\u76c8<\/strong><\/td>\n<td>180\u6e2f\u5143\u4ee5\u4e0a\u53ef\u8003\u8651\u6b62\u76c8<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6b62\u635f<\/strong><\/td>\n<td>\u8dcc\u7834 100\u6e2f\u5143\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_%E4%B8%BB%E8%A6%81%E5%85%B3%E6%B3%A8%E7%82%B9\"><\/span>\u26a0\ufe0f \u4e3b\u8981\u5173\u6ce8\u70b9<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>\u6296\u97f3\u7ade\u4e89<\/strong><\/td>\n<td>\u5230\u5e97\u4e1a\u52a1\u5e02\u573a\u4efd\u989d\u53d8\u5316<\/td>\n<\/tr>\n<tr>\n<td><strong>\u65b0\u4e1a\u52a1\u51cf\u4e8f<\/strong><\/td>\n<td>\u6bcf\u5b63\u5ea6\u4e8f\u635f\u6536\u7a84\u60c5\u51b5<\/td>\n<\/tr>\n<tr>\n<td><strong>\u5916\u5356\u589e\u957f<\/strong><\/td>\n<td>\u8ba2\u5355\u91cf\u548c\u53d8\u73b0\u7387<\/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>\ud83c\udf5c \u7f8e\u56e2-W (3690.HK) \u6df1\u5ea6\u5206\u6790\u62a5\u544a \u5206\u6790\u5e08: zzx, CFA \u65e5\u671f: 2026\u5e743\u670813\u65e5 \ud83d\udcca  [&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 \ud83c\udf5c \u7f8e\u56e2-W (3690.HK) \u6df1\u5ea6\u5206\u6790\u62a5\u544a\ud83d\udcca \u5b9e\u65f6\u884c\u60c5\ud83d\udcb0 \u4f30\u503c\u5206\u67901. \u516c\u53f8\u6982\u51b5\u516c\u53f8\u7b80\u4ecb\u6838\u5fc3\u7ba1\u7406\u5c42\u80a1\u6743\u7ed3\u67842. \u4e1a\u52a1\u6a21\u5f0f\u4e0e\u6838\u5fc3\u4ea7\u54c1\u4e3b\u8425\u4e1a\u52a1\u6784\u6210\u6838\u5fc3\u4ea7\u54c1\u89e3\u6790\u5546\u4e1a\u6a21\u5f0f3. \u884c\u4e1a\u57fa\u672c&hellip;<\/p>\n","category_list":"<a href=\"https:\/\/p.ixriver.com\/?cat=38\" rel=\"category\">\u4e2a\u80a1\u5206\u6790<\/a>","author_info":{"name":"admin","url":"https:\/\/p.ixriver.com\/?author=1"},"comments_num":"0 comments","_links":{"self":[{"href":"https:\/\/p.ixriver.com\/index.php?rest_route=\/wp\/v2\/posts\/928"}],"collection":[{"href":"https:\/\/p.ixriver.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/p.ixriver.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/p.ixriver.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/p.ixriver.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=928"}],"version-history":[{"count":0,"href":"https:\/\/p.ixriver.com\/index.php?rest_route=\/wp\/v2\/posts\/928\/revisions"}],"wp:attachment":[{"href":"https:\/\/p.ixriver.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/p.ixriver.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/p.ixriver.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}