{"id":7106,"date":"2026-05-16T17:17:35","date_gmt":"2026-05-16T09:17:35","guid":{"rendered":"https:\/\/t.n-years.com\/?p=7106"},"modified":"2026-05-16T17:17:35","modified_gmt":"2026-05-16T09:17:35","slug":"%e4%b8%8d%e5%90%8c%e8%a1%8c%e4%b8%9a%e4%bc%b0%e5%80%bc%e4%b8%be%e4%be%8b","status":"publish","type":"post","link":"https:\/\/t.n-years.com\/?p=7106","title":{"rendered":"\u4e0d\u540c\u884c\u4e1a\u4f30\u503c\u4e3e\u4f8b"},"content":{"rendered":"<h1>\u4e00\u3001\u94f6\u884c\uff1a\u770b PB\uff08\u5e02\u51c0\u7387\uff09<\/h1>\n<p>\u4ee3\u8868\uff1a<\/p>\n<ul>\n<li>\u62db\u5546\u94f6\u884c<\/li>\n<\/ul>\n<hr \/>\n<p>\u5047\u8bbe\uff1a<\/p>\n<p>\u62db\u884c\uff1a<\/p>\n<ul>\n<li>\u51c0\u8d44\u4ea7 1 \u4e07\u4ebf<\/li>\n<li>\u6bcf\u5e74\u8d5a 1500 \u4ebf<\/li>\n<li>ROE = 15%<\/li>\n<\/ul>\n<p>\u5e02\u573a\u89c9\u5f97\uff1a<\/p>\n<pre><code class=\"language-text\">\u8fd9\u4e2a\u8d5a\u94b1\u80fd\u529b\u5f88\u4f18\u79c0<\/code><\/pre>\n<p>\u4e8e\u662f\u613f\u610f\u7ed9\uff1a<\/p>\n<pre><code class=\"language-text\">1.5 \u500d PB<\/code><\/pre>\n<p>\u90a3\u4e48\uff1a<\/p>\n<pre><code class=\"language-text\">\u5e02\u503c = 1\u4e07\u4ebf \u00d7 1.5\n= 1.5\u4e07\u4ebf<\/code><\/pre>\n<hr \/>\n<p>\u4e3a\u4ec0\u4e48\u94f6\u884c\u770b PB\uff1f<\/p>\n<p>\u56e0\u4e3a\u94f6\u884c\u672c\u8d28\uff1a<\/p>\n<pre><code class=\"language-text\">\u62ff\u80a1\u4e1c\u7684\u94b1\u51fa\u53bb\u653e\u8d37\u8d5a\u94b1<\/code><\/pre>\n<p>\u6838\u5fc3\u4e0d\u662f\uff1a<\/p>\n<ul>\n<li>\u5de5\u5382<\/li>\n<li>\u54c1\u724c<\/li>\n<li>\u8f6f\u4ef6<\/li>\n<\/ul>\n<p>\u800c\u662f\uff1a<\/p>\n<pre><code class=\"language-text\">\u8d44\u4ea7\u8d1f\u503a\u8868<\/code><\/pre>\n<p>\u6240\u4ee5\uff1a<\/p>\n<p>\u5e02\u573a\u6700\u5173\u5fc3\uff1a<\/p>\n<pre><code class=\"language-text\">1\u5757\u51c0\u8d44\u4ea7\n\u80fd\u8d5a\u591a\u5c11\u94b1<\/code><\/pre>\n<hr \/>\n<h1>\u4e8c\u3001\u767d\u9152\uff1a\u770b PE\uff08\u76c8\u5229\u7a33\u5b9a\uff09<\/h1>\n<p>\u4ee3\u8868\uff1a<\/p>\n<ul>\n<li>Kweichow Moutai<\/li>\n<\/ul>\n<hr \/>\n<p>\u5047\u8bbe\uff1a<\/p>\n<p>\u8305\u53f0\u4e00\u5e74\u8d5a\uff1a<\/p>\n<pre><code class=\"language-text\">1000\u4ebf<\/code><\/pre>\n<p>\u5e02\u573a\u8ba4\u4e3a\uff1a<\/p>\n<ul>\n<li>\u54c1\u724c\u4e0d\u4f1a\u5012<\/li>\n<li>\u5229\u6da6\u5f88\u7a33\u5b9a<\/li>\n<li>\u6bcf\u5e74\u8fd8\u80fd\u589e\u957f<\/li>\n<\/ul>\n<p>\u4e8e\u662f\u613f\u610f\u7ed9\uff1a<\/p>\n<pre><code class=\"language-text\">30\u500dPE<\/code><\/pre>\n<p>\u90a3\u4e48\uff1a<\/p>\n<pre><code class=\"language-text\">\u5e02\u503c = 1000\u4ebf \u00d7 30\n= 3\u4e07\u4ebf<\/code><\/pre>\n<hr \/>\n<p>\u4e3a\u4ec0\u4e48\u6d88\u8d39\u80a1 PE \u9ad8\uff1f<\/p>\n<p>\u56e0\u4e3a\uff1a<\/p>\n<pre><code class=\"language-text\">\u672a\u6765\u8d5a\u94b1\u5f88\u786e\u5b9a<\/code><\/pre>\n<p>\u6295\u8d44\u91cc\uff1a<\/p>\n<p>\u786e\u5b9a\u6027\u975e\u5e38\u503c\u94b1\u3002<\/p>\n<hr \/>\n<h1>\u4e09\u3001AI\u79d1\u6280\u80a1\uff1a\u770b\u672a\u6765<\/h1>\n<p>\u4ee3\u8868\uff1a<\/p>\n<ul>\n<li>NVIDIA<\/li>\n<\/ul>\n<hr \/>\n<p>\u73b0\u5728\u5229\u6da6\uff1a<\/p>\n<pre><code class=\"language-text\">1000\u4ebf<\/code><\/pre>\n<p>\u4f46\u5e02\u573a\u8ba4\u4e3a\uff1a<\/p>\n<p>3\u5e74\u540e\u53ef\u80fd\uff1a<\/p>\n<pre><code class=\"language-text\">5000\u4ebf<\/code><\/pre>\n<p>\u4e8e\u662f\uff1a<\/p>\n<p>\u5373\u4f7f\u73b0\u5728 PE \u5f88\u9ad8\uff0c<\/p>\n<p>\u5e02\u573a\u4ecd\u7136\u613f\u610f\u4e70\u3002<\/p>\n<p>\u56e0\u4e3a\uff1a<\/p>\n<p>\u5e02\u573a\u4e70\u7684\u4e0d\u662f\u4eca\u5929\uff1a<\/p>\n<pre><code class=\"language-text\">\u800c\u662f\u672a\u6765\u7206\u53d1<\/code><\/pre>\n<hr \/>\n<p>\u6240\u4ee5\u6210\u957f\u80a1\u4f30\u503c\u6838\u5fc3\uff1a<\/p>\n<pre><code class=\"language-text\">\u672a\u6765\u589e\u957f\u901f\u5ea6<\/code><\/pre>\n<p>\u800c\u4e0d\u662f\u5f53\u524d PE\u3002<\/p>\n<hr \/>\n<h1>\u56db\u3001\u5468\u671f\u80a1\uff1a\u4f4e PE \u53ef\u80fd\u662f\u9677\u9631<\/h1>\n<p>\u4ee3\u8868\uff1a<\/p>\n<ul>\n<li>\u7164\u70ad<\/li>\n<li>\u94a2\u94c1<\/li>\n<li>\u822a\u8fd0<\/li>\n<\/ul>\n<hr \/>\n<p>\u6bd4\u5982\uff1a<\/p>\n<p>\u67d0\u7164\u70ad\u516c\u53f8\uff1a<\/p>\n<p>\u53bb\u5e74\u8d5a\uff1a<\/p>\n<pre><code class=\"language-text\">1000\u4ebf<\/code><\/pre>\n<p>\u5e02\u503c\uff1a<\/p>\n<pre><code class=\"language-text\">5000\u4ebf<\/code><\/pre>\n<p>PE\uff1a<\/p>\n<pre><code class=\"language-text\">\u53ea\u67095\u500d<\/code><\/pre>\n<p>\u770b\u8d77\u6765\u8d85\u4fbf\u5b9c\u3002<\/p>\n<p>\u4f46\u95ee\u9898\u6765\u4e86\uff1a<\/p>\n<p>\u7164\u4ef7\u5982\u679c\u66b4\u8dcc\uff1a<\/p>\n<p>\u660e\u5e74\u5229\u6da6\u53ef\u80fd\uff1a<\/p>\n<pre><code class=\"language-text\">\u53ea\u5269200\u4ebf<\/code><\/pre>\n<p>\u771f\u5b9e PE \u77ac\u95f4\u53d8\uff1a<\/p>\n<pre><code class=\"language-text\">25\u500d<\/code><\/pre>\n<p>\u6240\u4ee5\uff1a<\/p>\n<p>\u5468\u671f\u80a1\u6700\u5371\u9669\u65f6\uff1a<\/p>\n<p>\u5f80\u5f80 PE \u6700\u4f4e\u3002<\/p>\n<hr \/>\n<h1>\u4e94\u3001\u4e92\u8054\u7f51\u5e73\u53f0\uff1a\u770b\u751f\u6001<\/h1>\n<p>\u4ee3\u8868\uff1a<\/p>\n<ul>\n<li>Tencent<\/li>\n<li>Meta Platforms<\/li>\n<\/ul>\n<hr \/>\n<p>\u6bd4\u5982\uff1a<\/p>\n<p>\u5fae\u4fe1\u6709\uff1a<\/p>\n<pre><code class=\"language-text\">\u5341\u51e0\u4ebf\u7528\u6237<\/code><\/pre>\n<p>\u8fd9\u610f\u5473\u7740\uff1a<\/p>\n<ul>\n<li>\u5e7f\u544a<\/li>\n<li>\u6e38\u620f<\/li>\n<li>\u652f\u4ed8<\/li>\n<li>\u7535\u5546<\/li>\n<li>AI\u5165\u53e3<\/li>\n<\/ul>\n<p>\u90fd\u80fd\u8d5a\u94b1\u3002<\/p>\n<p>\u6240\u4ee5\u5e02\u573a\u771f\u6b63\u4e70\u7684\u662f\uff1a<\/p>\n<pre><code class=\"language-text\">\u7528\u6237\u751f\u6001<\/code><\/pre>\n<p>\u800c\u4e0d\u662f\u5355\u5e74\u5229\u6da6\u3002<\/p>\n<hr \/>\n<h1>\u516d\u3001\u521b\u65b0\u836f\uff1a\u770b\u201c\u8d4c\u836f\u201d<\/h1>\n<p>\u4ee3\u8868\uff1a<\/p>\n<ul>\n<li>Eli Lilly<\/li>\n<\/ul>\n<hr \/>\n<p>\u6bd4\u5982\uff1a<\/p>\n<p>\u4e00\u6b3e\u51cf\u80a5\u836f\uff1a<\/p>\n<p>\u5982\u679c\u6210\u529f\uff1a<\/p>\n<p>\u53ef\u80fd\u4e00\u5e74\u5356\uff1a<\/p>\n<pre><code class=\"language-text\">\u51e0\u767e\u4ebf\u7f8e\u5143<\/code><\/pre>\n<p>\u5982\u679c\u5931\u8d25\uff1a<\/p>\n<p>\u53ef\u80fd\u4e00\u5206\u94b1\u4e0d\u503c\u3002<\/p>\n<p>\u6240\u4ee5\uff1a<\/p>\n<p>\u521b\u65b0\u836f\u516c\u53f8\u4f30\u503c\uff1a<\/p>\n<p>\u672c\u8d28\u662f\uff1a<\/p>\n<pre><code class=\"language-text\">\u6210\u529f\u6982\u7387 \u00d7 \u5e02\u573a\u7a7a\u95f4<\/code><\/pre>\n<hr \/>\n<h1>\u4e03\u3001\u623f\u5730\u4ea7\uff1a\u770b\u5bb6\u5e95<\/h1>\n<p>\u4ee3\u8868\uff1a<\/p>\n<ul>\n<li>China Vanke<\/li>\n<\/ul>\n<hr \/>\n<p>\u5047\u8bbe\uff1a<\/p>\n<p>\u4e07\u79d1\uff1a<\/p>\n<ul>\n<li>\u571f\u5730\u503c 5000\u4ebf<\/li>\n<li>\u623f\u5b50\u503c 3000\u4ebf<\/li>\n<li>\u8d1f\u503a 6000\u4ebf<\/li>\n<\/ul>\n<p>\u90a3\u4e48\uff1a<\/p>\n<p>\u51c0\u8d44\u4ea7\uff1a<\/p>\n<pre><code class=\"language-text\">2000\u4ebf<\/code><\/pre>\n<p>\u5982\u679c\u5e02\u573a\u62c5\u5fc3\u5730\u4ea7\u98ce\u9669\uff1a<\/p>\n<p>\u53ef\u80fd\u53ea\u7ed9\uff1a<\/p>\n<pre><code class=\"language-text\">0.5\u500dPB<\/code><\/pre>\n<p>\u90a3\u4e48\uff1a<\/p>\n<pre><code class=\"language-text\">\u5e02\u503c\u53ea\u67091000\u4ebf<\/code><\/pre>\n<hr \/>\n<h1>\u516b\u3001\u4f60\u4f1a\u53d1\u73b0\uff1a<\/h1>\n<p>\u4e0d\u540c\u4ea7\u4e1a\uff0c<br \/>\n\u5e02\u573a\u770b\u7684\u4e1c\u897f\u5b8c\u5168\u4e0d\u540c\u3002<\/p>\n<table>\n<thead>\n<tr>\n<th>\u884c\u4e1a<\/th>\n<th>\u5e02\u573a\u6700\u5173\u5fc3<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u94f6\u884c<\/td>\n<td>\u51c0\u8d44\u4ea7\u8d5a\u94b1\u80fd\u529b<\/td>\n<\/tr>\n<tr>\n<td>\u767d\u9152<\/td>\n<td>\u5229\u6da6\u7a33\u5b9a\u6027<\/td>\n<\/tr>\n<tr>\n<td>AI<\/td>\n<td>\u672a\u6765\u589e\u957f<\/td>\n<\/tr>\n<tr>\n<td>\u5468\u671f<\/td>\n<td>\u5468\u671f\u4f4d\u7f6e<\/td>\n<\/tr>\n<tr>\n<td>\u4e92\u8054\u7f51<\/td>\n<td>\u7528\u6237\u751f\u6001<\/td>\n<\/tr>\n<tr>\n<td>\u521b\u65b0\u836f<\/td>\n<td>\u7206\u6b3e\u836f\u6982\u7387<\/td>\n<\/tr>\n<tr>\n<td>\u5730\u4ea7<\/td>\n<td>\u8d44\u4ea7\u503c\u591a\u5c11\u94b1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<h1>\u4e5d\u3001\u771f\u6b63\u91cd\u8981\u7684\u4e00\u4ef6\u4e8b<\/h1>\n<p>\u5f88\u591a\u4eba\u6295\u8d44\u5931\u8d25\uff1a<\/p>\n<p>\u662f\u56e0\u4e3a\uff1a<\/p>\n<pre><code class=\"language-text\">\u62ff\u4e00\u79cd\u4f30\u503c\u903b\u8f91\n\u5957\u6240\u6709\u884c\u4e1a<\/code><\/pre>\n<p>\u6bd4\u5982\uff1a<\/p>\n<ul>\n<li>\u7528\u94f6\u884c\u601d\u7ef4\u770b AI<\/li>\n<li>\u7528\u79d1\u6280\u80a1\u601d\u7ef4\u770b\u7164\u70ad<\/li>\n<li>\u7528 PE \u770b\u5468\u671f\u80a1\u9876\u90e8<\/li>\n<\/ul>\n<p>\u5f88\u5bb9\u6613\u51fa\u5927\u95ee\u9898\u3002<\/p>\n<p>\u6295\u8d44\u771f\u6b63\u96be\u7684\uff1a<\/p>\n<p>\u4e0d\u662f\u4f1a\u7b97 PE\u3002<\/p>\n<p>\u800c\u662f\uff1a<\/p>\n<blockquote>\n<p>\u7406\u89e3\u8fd9\u4e2a\u884c\u4e1a\u7684\u94b1\uff0c<br \/>\n\u5230\u5e95\u662f\u600e\u4e48\u8d5a\u51fa\u6765\u7684\u3002<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>\u4e00\u3001\u94f6\u884c\uff1a\u770b PB\uff08\u5e02\u51c0\u7387\uff09 \u4ee3\u8868\uff1a \u62db\u5546\u94f6\u884c \u5047\u8bbe\uff1a \u62db\u884c\uff1a \u51c0\u8d44\u4ea7 1 \u4e07\u4ebf \u6bcf\u5e74\u8d5a 1500 \u4ebf ROE&#8230; <\/p>\n<div class=\"read-more navbutton\"><a href=\"https:\/\/t.n-years.com\/?p=7106\">\u9605\u8bfb\u66f4\u591a<i class=\"fa fa-angle-double-right\"><\/i><\/a><\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[162],"tags":[],"class_list":["post-7106","post","type-post","status-publish","format-standard","hentry","category-162"],"_links":{"self":[{"href":"https:\/\/t.n-years.com\/index.php?rest_route=\/wp\/v2\/posts\/7106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/t.n-years.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/t.n-years.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/t.n-years.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/t.n-years.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7106"}],"version-history":[{"count":1,"href":"https:\/\/t.n-years.com\/index.php?rest_route=\/wp\/v2\/posts\/7106\/revisions"}],"predecessor-version":[{"id":7107,"href":"https:\/\/t.n-years.com\/index.php?rest_route=\/wp\/v2\/posts\/7106\/revisions\/7107"}],"wp:attachment":[{"href":"https:\/\/t.n-years.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/t.n-years.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/t.n-years.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}