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Quality And Balance Sheet Filters<\/h3>\n\u8d28\u91cf\uff08quality\uff09\u4e0e\u8d44\u4ea7\u8d1f\u503a\u8868\uff08balance sheet\uff0c\u516c\u53f8\u8d22\u52a1\u72b6\u51b5\uff09\u6761\u4ef6\u5305\u62ec\uff1a\u8425\u4e1a\u5229\u6da6\u7387\uff08operating margin\uff0c\u8425\u4e1a\u5229\u6da6\/\u8425\u6536\uff09\u9ad8\u4e8e20%\uff0c\u6295\u5165\u8d44\u672c\u56de\u62a5\u7387\uff08ROIC\uff0creturn on invested capital\uff0c\u6307\u7528\u5728\u7ecf\u8425\u4e0a\u7684\u8d44\u91d1\u5e26\u6765\u7684\u56de\u62a5\uff09\u9ad8\u4e8e10%\uff0c\u4ee5\u53ca\u666e\u901a\u80a1\u80a1\u4e1c\u6743\u76ca\u56de\u62a5\u7387\uff08ROE\uff0creturn on common equity\uff0c\u80a1\u4e1c\u8d44\u91d1\u7684\u56de\u62a5\uff09\u9ad8\u4e8e15%\u3002\u540c\u65f6\u8bbe\u5b9a\u81ea\u7531\u73b0\u91d1\u6d41\u6536\u76ca\u7387\uff08free cash flow yield\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\/\u5e02\u503c\uff09\u7f8e\u56fd\u80a1\u9ad8\u4e8e2%\u3001\u975e\u7f8e\u56fd\u80a1\u9ad8\u4e8e4%\uff1b\u5e76\u8981\u6c42\u51c0\u8d1f\u503a\/EBITDA\u4f4e\u4e8e2\uff08net debt to EBITDA\uff0c\u8861\u91cf\u8d1f\u503a\u538b\u529b\uff1bEBITDA\u4e3a\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\uff0c\u53ef\u7406\u89e3\u4e3a\u63a5\u8fd1\u7ecf\u8425\u73b0\u91d1\u80fd\u529b\u7684\u5229\u6da6\u6307\u6807\uff09\u3002\n\n\u4f30\u503c\uff08valuation\uff09\u68c0\u67e5\u4e3a\uff1a\u672a\u676512\u4e2a\u6708\u9884\u671f\u5e02\u76c8\u7387\uff08forward 12-month P\/E\uff0c\u7528\u672a\u6765\u76c8\u5229\u9884\u6d4b\u8ba1\u7b97\uff09\u4f4e\u4e8e25\uff1b\u672a\u676512\u4e2a\u6708\u9884\u671fPEG\u4f4e\u4e8e1.5\uff08PEG=\u5e02\u76c8\u7387\/\u76c8\u5229\u589e\u901f\uff0c\u7528\u6765\u628a\u4f30\u503c\u4e0e\u589e\u957f\u901f\u5ea6\u653e\u5728\u4e00\u8d77\u6bd4\u8f83\uff09\u3002\u7f8e\u56fd\u7b5b\u9009\u5269\u4e0b8\u5bb6\u516c\u53f8\uff1aNvidia\u3001Microsoft\u3001Meta Platforms\u3001Micron Technology\u3001AppLovin\u3001Newmont\u3001Adobe\u3001Autodesk\u3002\n\n\u975e\u7f8e\u56fd\u7b5b\u9009\u5269\u4e0b10\u5bb6\u516c\u53f8\uff1aNovo Nordisk\u3001Zijin Mining Group\u3001Barrick Mining\u3001Pop Mart International\u3001Experian\u3001Kinross Gold\u3001Pan American Silver\u3001Evolution Mining\u3001Genmab\u3001Endeavour Mining\u3002\u8fd9\u4efd\u7ed3\u679c\u53ea\u662f\u540e\u7eed\u7814\u7a76\u7684\u77ed\u540d\u5355\uff0c\u4e0d\u662f\u4e0b\u5355\u5de5\u5177\u3002\n\n\u5e02\u573a\u8fd1\u671f\u4ece1\u6708\u9ad8\u70b9\u56de\u8c0315%\uff0c\u628aCBOE\u6ce2\u52a8\u7387\u6307\u6570\uff08VIX\uff0c\u5e02\u573a\u5bf9\u672a\u6765\u6ce2\u52a8\u7684\u201c\u6050\u614c\u6307\u6807\u201d\uff09\u63a8\u9ad8\u523028\u4ee5\u4e0a\uff0c\u672a\u6765\u51e0\u5468\u60c5\u7eea\u504f\u7d27\u5f20\u3002\u5728\u8fd9\u79cd\u65f6\u5019\uff0c\u4e0d\u5e94\u628a\u6240\u6709\u4e0b\u8dcc\u80a1\u7968\u4e00\u89c6\u540c\u4ec1\u3002\u82e5\u80fd\u628a\u201c\u57fa\u672c\u9762\u5f3a\u4f46\u77ed\u671f\u80a1\u4ef7\u5f31\u201d\u7684\u516c\u53f8\uff0c\u4e0e\u201c\u57fa\u672c\u9762\u66f4\u5f31\u201d\u7684\u516c\u53f8\u533a\u5206\u5f00\uff0c\u629b\u552e\u53cd\u800c\u53ef\u80fd\u5e26\u6765\u673a\u4f1a\u3002\n\n

Using Volatility To Express Views<\/h3>\n\u50cfNvidia\u4e0eMicrosoft\u8fd9\u7c7b\u516c\u53f8\uff0c\u5176\u9690\u542b\u6ce2\u52a8\u7387\uff08implied volatility\uff0c\u671f\u6743\u4ef7\u683c\u53cd\u63a8\u7684\u672a\u6765\u6ce2\u52a8\u9884\u671f\uff09\u4f1a\u968f\u5927\u5e02\u4e0a\u5347\uff0c\u4f7f\u5356\u51fa\u671f\u6743\u6743\u5229\u91d1\uff08options premium\uff0c\u671f\u6743\u4ef7\u683c\u4e2d\u4e70\u65b9\u652f\u4ed8\u7ed9\u5356\u65b9\u7684\u8d39\u7528\uff09\u66f4\u5177\u5438\u5f15\u529b\u3002\u6211\u4eec\u770b\u5230\u8fd9\u4e9b\u516c\u53f8\u57282025\u5e74\u76d8\u6574\u671f\u95f4\u4ecd\u628a\u8425\u4e1a\u5229\u6da6\u7387\u7ef4\u6301\u572820%\u4ee5\u4e0a\uff0c\u56e0\u800c\u66f4\u6709\u4fe1\u5fc3\u3002\u5356\u51fa\u73b0\u91d1\u62c5\u4fdd\u8ba4\u6cbd\u671f\u6743\uff08cash-secured put\uff0c\u5356\u51fa\u770b\u8dcc\u671f\u6743\u5e76\u9884\u7559\u73b0\u91d1\u4ee5\u4fbf\u88ab\u884c\u6743\u65f6\u4e70\u5165\u80a1\u7968\uff09\u53ef\u80fd\u662f\u4e00\u79cd\u505a\u6cd5\uff1a\u8981\u4e48\u6536\u53d6\u8f83\u9ad8\u6743\u5229\u91d1\uff0c\u8981\u4e48\u5728\u5e02\u573a\u7ee7\u7eed\u4e0b\u8dcc\u65f6\u4ee5\u66f4\u4f4e\u4ef7\u683c\u4e70\u5230\u4f18\u8d28\u8d44\u4ea7\u3002\n\n\u5173\u952e\u662f\u5173\u6ce8\u76f8\u5bf9\u5f3a\u52bf\uff08relative strength\uff0c\u4e0e\u540c\u4e1a\u6216\u6307\u6570\u76f8\u6bd4\u66f4\u6297\u8dcc\/\u66f4\u5f3a\uff09\uff0c\u800c\u4e0d\u662f\u8bd5\u56fe\u731c\u5e02\u573a\u201c\u7edd\u5bf9\u5e95\u90e8\u201d\u30022022\u5e74\u4e0a\u4e00\u6b21\u5927\u5e45\u4e0b\u8dcc\u7684\u6570\u636e\u663e\u793a\uff1a\u9ad8\u8d44\u672c\u56de\u62a5\u3001\u4f4e\u8d1f\u503a\u7684\u516c\u53f8\uff0c\u8dcc\u5e45\u660e\u663e\u5c0f\u4e8e\u7eb3\u65af\u8fbe\u514b100\u6307\u6570\uff08Nasdaq 100\uff0c\u4ee3\u8868\u5927\u578b\u79d1\u6280\u4e0e\u6210\u957f\u80a1\u7684\u6307\u6570\uff09\u3002\u8fd9\u610f\u5473\u7740\u53ef\u7528\u671f\u6743\uff08options\uff0c\u7528\u5408\u7ea6\u8868\u8fbe\u770b\u591a\/\u770b\u7a7a\u4e0e\u98ce\u9669\u504f\u597d\uff09\u53bb\u62bc\u6ce8\u8fd9\u4e9b\u4f18\u8d28\u80a1\u8dd1\u8d62\u8f83\u5f31\u540c\u4e1a\uff0c\u6216\u8dd1\u8d62\u6307\u6570\u3002\n\n\u975e\u7f8e\u56fd\u540d\u5355\u5c55\u793a\u53e6\u4e00\u79cd\u201c\u8d28\u91cf\u201d\uff0c\u4f8b\u5982Novo Nordisk\u4e0eBarrick Gold\u30022026\u5e742\u6708\u901a\u80c0\u6570\u636e\u9ad8\u4e8e\u9884\u671f\uff0c\u8fbe\u52303.8%\uff0c\u4f7f\u5e02\u573a\u518d\u6b21\u5173\u6ce8\u5177\u5b9a\u4ef7\u80fd\u529b\uff08pricing power\uff0c\u80fd\u628a\u6210\u672c\u4e0a\u5347\u8f6c\u5ac1\u7ed9\u5ba2\u6237\uff09\u6216\u4e0e\u786c\u8d44\u4ea7\uff08hard assets\uff0c\u4f8b\u5982\u9ec4\u91d1\u3001\u77ff\u4ea7\u7b49\u5b9e\u4f53\u8d44\u6e90\uff09\u76f8\u5173\u7684\u4f01\u4e1a\u3002\u4e70\u5165\u9ec4\u91d1\u77ff\u4f01\u7684\u770b\u6da8\u671f\u6743\uff08call options\uff0c\u62bc\u6ce8\u80a1\u4ef7\u4e0a\u6da8\u7684\u671f\u6743\uff09\u53ef\u4f5c\u4e3a\u5bf9\u51b2\uff08hedge\uff0c\u7528\u6765\u964d\u4f4e\u7ec4\u5408\u98ce\u9669\uff09\u5de5\u5177\uff0c\u82e5\u901a\u80c0\u62c5\u5fe7\u7ee7\u7eed\u63a8\u52a8\u629b\u552e\uff0c\u53ef\u80fd\u66f4\u6709\u6548\u3002\n\n\u5fc5\u987b\u91cd\u89c6\u8d44\u4ea7\u8d1f\u503a\u8868\u6761\u4ef6\uff0c\u5373\u51c0\u8d1f\u503a\/EBITDA\u4f4e\u4e8e2\u3002\u8fd1\u671f\u592e\u884c\u6536\u7d27\u4fe1\u8d37\uff08credit tightening\uff0c\u501f\u8d37\u66f4\u96be\u3001\u5229\u7387\u66f4\u9ad8\uff09\u610f\u5473\u7740\u9ad8\u6760\u6746\uff08highly leveraged\uff0c\u8d1f\u503a\u6bd4\u4f8b\u9ad8\uff09\u516c\u53f8\u66f4\u5bb9\u6613\u51fa\u73b0\u878d\u8d44\u538b\u529b\uff08financing stress\uff0c\u501f\u4e0d\u5230\u94b1\u6216\u878d\u8d44\u6210\u672c\u5927\u589e\uff09\u3002\u56e0\u6b64\u5b83\u4eec\u4e0d\u9002\u5408\u4f5c\u4e3a\u957f\u671f\u770b\u591a\u6807\u7684\uff0c\u53cd\u800c\u53ef\u80fd\u66f4\u9002\u5408\u7528\u770b\u8dcc\u671f\u6743\u7b56\u7565\uff08bearish option strategies\uff0c\u4f8b\u5982\u4e70\u5165\u8ba4\u6cbd\u6216\u5356\u51fa\u8ba4\u8d2d\uff09\u6765\u8868\u8fbe\u504f\u7a7a\u89c2\u70b9\u3002\n\n\u5373\u4fbf\u662f\u4f18\u8d28\u516c\u53f8\uff0c\u4e5f\u5fc5\u987b\u9075\u5b88\u4f30\u503c\u7eaa\u5f8b\uff0c\u8fd9\u4e5f\u662f\u9884\u671f\u5e02\u76c8\u7387\u7b5b\u9009\u91cd\u8981\u7684\u539f\u56e0\u3002\u82e5\u4e00\u5bb6\u9ad8\u8d28\u91cf\u516c\u53f8\u7684\u4f30\u503c\u5df2\u4ece\u9ad8\u4f4d\u660e\u663e\u538b\u7f29\uff08valuation compressed\uff0c\u4f30\u503c\u56de\u843d\uff09\uff0c\u5356\u51fa\u8ba4\u6cbd\u671f\u6743\u7684\u98ce\u9669\u76f8\u5bf9\u66f4\u4f4e\u3002\u6211\u4eec\u5e76\u4e0d\u662f\u5bfb\u627e\u8dcc\u5f97\u6700\u60e8\u7684\u80a1\u7968\uff0c\u800c\u662f\u5bfb\u627e\u57fa\u672c\u9762\u6700\u5f3a\u3001\u5982\u4eca\u4ef7\u683c\u66f4\u5408\u7406\u7684\u516c\u53f8\u3002\n

\r\n\r\n

\u7acb\u5373\u5f00\u59cb\u4ea4\u6613 – \u70b9\u51fb\u8fd9\u91cc<\/a>\u521b\u5efa\u60a8\u7684 VT Markets \u771f\u5b9e\u8d26\u6237 <\/strong> <\/p>\r\n","protected":false},"excerpt":{"rendered":"

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