[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-JP2025060616505773408":3,"related-JP2025060616505773408":29},{"pageSize":4,"id":5,"productLine":6,"status":7,"articleCode":8,"articleType":9,"showStyle":7,"mediaType":10,"articleTitle":11,"coverImage":12,"listImage":13,"introduction":14,"description":15,"nonVipDescription":16,"postTime":17,"viewTime":17,"sortNumber":18,"isFree":19,"isShowList":7,"isRecommend":19,"linkType":7,"isOriginal":6,"hasMiniUrl":19,"hasAdvertising":19,"createBy":20,"updateBy":20,"createTime":21,"visitCount":19,"isLiked":19,"realSearch":22,"isRead":19,"productId":23,"isCollected":19,"collectCount":19,"vipExclusive":19,"allowComment":7,"style":24,"likeCount":19,"seoKeywords":16,"articleModuleVoList":25,"extendContentList":26,"noteCount":19,"categoryList":27,"dailyKeywordList":28},10,7066,"1",1,"JP2025060616505773408","1041018",3,"低买高卖，为啥还亏钱？｜市盈率01","https:\u002F\u002Fimage.jane7.com\u002F3375725c-d389-414b-8026-187a459f2892.png","https:\u002F\u002Fjane7-prod.oss-cn-hangzhou.aliyuncs.com\u002Fmanager\u002Farticle_default_img.png","估值陷阱","\u003Cdiv>\n \u003Csection style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);text-align: center;margin-left: 16px;margin-right: 16px;line-height: 1.5em;box-sizing: border-box !important;overflow-wrap: break-word !important;margin-bottom: 0px;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);outline: 0px;max-width: 100%;font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-size: 14px;visibility: visible;box-sizing: border-box !important;overflow-wrap: break-word !important;\">点击 “\u003C\u002Fspan>\n  \u003Cspan style=\"outline: 0px;max-width: 100%;font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-size: 14px;color: rgb(0, 128, 255);visibility: visible;box-sizing: border-box !important;overflow-wrap: break-word !important;\">简七读财\u003C\u002Fspan>\n  \u003Cspan style=\"color: rgb(34, 34, 34);outline: 0px;max-width: 100%;font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-size: 14px;visibility: visible;box-sizing: border-box !important;overflow-wrap: break-word !important;\">”，发送消息“小工具”\u003C\u002Fspan>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;color: rgb(34, 34, 34);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);text-align: center;visibility: visible;line-height: 1.5em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-size: 14px;visibility: visible;\">免费领取“\u003C\u002Fspan>\n  \u003Cstrong style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;visibility: visible;\">\u003Cspan style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-size: 14px;background-color: rgb(255, 254, 213);color: rgb(255, 76, 0);visibility: visible;\">30个赚钱工具资源包\u003C\u002Fspan>\u003C\u002Fstrong>\n  \u003Cspan style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-size: 14px;visibility: visible;\">”\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: center;line-height: 1.75em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F34acbac0-69dd-46e6-b842-26d4352d57a1.jpg\">\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cmpvoice class=\"js_editor_audio audio_iframe js_uneditable custom_select_card\" data-pluginname=\"insertaudio\" data-topic_id=\"\" data-topic_name=\"\" data-trans_state=\"1\" data-verify_state=\"3\" high_size=\"1601.48\" isaac2=\"1\" low_size=\"1099.55\" name=\"低买高卖，为啥还亏钱？\" play_length=\"546000\" source_size=\"1126.4\" src=\"\u002Fcgi-bin\u002Freadtemplate?t=tmpl\u002Faudio_tmpl&name=%E4%BD%8E%E4%B9%B0%E9%AB%98%E5%8D%96%EF%BC%8C%E4%B8%BA%E5%95%A5%E8%BF%98%E4%BA%8F%E9%92%B1%EF%BC%9F&play_length=09:06\" voice_encode_fileid=\"MjM5MzA3MjI2NV8yNjUwNjYzNTg1\">\u003C\u002Fmpvoice>\n \u003C\u002Fsection>\n \u003Csection style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;box-sizing: border-box !important;overflow-wrap: break-word !important;margin-bottom: 0px;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">投资\u003C\u002Fspan>\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">大师霍华德·马克斯在《投资最重要的事》中提出一个观点：\u003C\u002Fspan>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">你的投资想要超越平均水平，需要拥有\u003Cstrong>「第二层思维」\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">书里举了个例子——\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">第一层思维的人说：「这是一家好公司，我们应该买进他们的股票。」\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">第二层思维的人说：「这是一家好公司，但是人人都这么认为，所以它不是一家好公司，股票的估值和价格都过高，我们应该卖出。」\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">用大白话说，如果你投资指数基金或股票，但不懂估值，只是闭着眼睛买卖，那么就是第一层思维；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">如果你懂得常见的估值指标，比如用市盈率去分析是不是高估，相对不懂的人而言，就是拥有第二层思维。\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">不过要提醒大家一句——\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003Cstrong>\u003Cbr>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">市盈率这个指标也不是万能的，盲目地看市盈率「低买高卖」，也很容易亏钱。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">因为有些时候，市盈率低不代表估值低，这是怎么一回事呢？\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Csection style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);margin-left: 16px;margin-right: 16px;margin-bottom: 0px;line-height: 1.6em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);background-color: rgb(255, 254, 213);color: rgb(255, 76, 0);font-size: 14px;\">*免责声明：本文所提及的个股，仅为示例参考，并非推荐。投资有风险，决策需谨慎。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;color: rgb(34, 34, 34);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;clear: both;min-height: 1em;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 2em;text-align: justify;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;color: rgb(34, 34, 34);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;clear: both;min-height: 1em;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 2em;text-align: center;\">\n  \u003Cstrong style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F4432aba2-7275-4b10-bcc2-2e81adc267dc.jpg\">\u003C\u002Fspan>\u003C\u002Fstrong>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;color: rgb(34, 34, 34);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;clear: both;min-height: 1em;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 2em;text-align: center;\">\n  \u003Cspan style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;font-size: 18px;\">\u003Cstrong style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);\">01\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">我们先来搞清楚，市盈率「低买高卖」背后的逻辑。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">市盈率的公式是总市值除以净利润，简单理解就是，\u003Cstrong>你买下一家公司理论上需要多少年可以收回成本。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;clear: both;min-height: 1em;color: rgb(34, 34, 34);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 2em;\">\u003Cbr>\u003C\u002Fp>\n \u003Cblockquote style=\"margin: 1em 16px 0em;padding: 4px 0px 0px 10px;outline: 0px;border-left: 3px solid rgb(219, 219, 219);color: rgba(0, 0, 0, 0.5);font-size: 15px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 1.75em;visibility: visible;\">\n  \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;letter-spacing: 0.544px;line-height: 2em;visibility: visible;\">\n   \u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">市盈率=总市值÷净利润\u003C\u002Fspan>\n  \u003C\u002Fsection>\n  \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;letter-spacing: 0.544px;line-height: 2em;visibility: visible;\">\n   \u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">总市值=每股股价×总股本\u003C\u002Fspan>\n   \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003C\u002Fspan>\n  \u003C\u002Fsection>\n \u003C\u002Fblockquote>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">举个例子，你准备收购一家餐厅，餐厅老板打算以100万的价格转让，而这家餐厅每年能赚10万。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">假设这家餐厅能够保持盈利能力不变，买入后需要10年回本，市盈率就是10倍。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">过了一年，别人看中了你的餐厅，他愿意出200万买下，于是你把餐厅卖给他，此时市盈率是20倍。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;clear: both;min-height: 1em;color: rgb(34, 34, 34);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 2em;\">\u003Cbr>\u003C\u002Fp>\n \u003Cblockquote style=\"margin: 1em 16px 0em;padding: 4px 0px 0px 10px;outline: 0px;border-left: 3px solid rgb(219, 219, 219);color: rgba(0, 0, 0, 0.5);font-size: 15px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 1.75em;visibility: visible;\">\n  \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;letter-spacing: 0.544px;line-height: 2em;visibility: visible;\">\n   \u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">市盈率=100万÷10万=10倍\u003C\u002Fspan>\n  \u003C\u002Fsection>\n  \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;letter-spacing: 0.544px;line-height: 2em;visibility: visible;\">\n   \u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">市盈率=200万÷10万=20倍\u003C\u002Fspan>\n   \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003C\u002Fspan>\n  \u003C\u002Fsection>\n \u003C\u002Fblockquote>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">在这个过程中，餐厅的盈利保持不变\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(178, 178, 178);font-size: 14px;\">（10万）\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">，\u003Cstrong>引起市盈率变动的原因，是不同的买家给出的报价。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">10倍市盈率，意味着你收购餐厅时愿意出的价格较低，20倍市盈率，意味着别人收购餐厅时愿意出的价格较高。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">换成股票也是如此，一只股票的市盈率每天都在变化，因为每个交易日都会有人对它进行出价。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">一年之中，公司的盈利能力的变化幅度不大，但股价的上下波动很大，导致市盈率像钟摆一样，在高点和低点之间来回摆动。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">从长期看，如果公司盈利能力基本不变或稳定增加，那么——\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">低市盈率对应的是市场低点，大众情绪最悲观的时候，是一个不错的买入时点；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">高市盈率对应的是市场高点，大众情绪最乐观的时候，通常是一个卖出的时点。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">但是，\u003Cstrong>如果未来公司的盈利能力是下滑的，那么低市盈率不代表低估，反而可能是「低估值陷阱」。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;color: rgb(34, 34, 34);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;clear: both;min-height: 1em;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 2em;text-align: center;\">\n  \u003Cstrong style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F05c5d138-2e6a-491b-83f5-b1765363a68d.jpg\">\u003C\u002Fspan>\u003C\u002Fstrong>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;color: rgb(34, 34, 34);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;clear: both;min-height: 1em;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 2em;text-align: center;\">\n  \u003Cspan style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;font-size: 18px;\">\u003Cstrong style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);\">02\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">俗话说\u003Cstrong>「便宜没好货，好货不便宜」\u003C\u002Fstrong>，生活中有很多贪便宜上当的例子。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">比如说官方平台上卖新手机，价格是5000元，你去二手平台上淘了一个同款手机，价格只要2500元，你以为自己赚了，结果用了几个礼拜，发现这个手机充不了电，找人修也修不好。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">你恍然大悟，难怪这个手机会那么便宜，原来是产品本身就有瑕疵；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">换成股票也一样，\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003Cstrong>市盈率低不代表这家公司被低估了，\u003C\u002Fstrong>\u003Cstrong>可能是这家公司本身有瑕疵，人们预计公司未来的盈利能力下滑，结果公司盈利也确实下滑了。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">举个例子，大名鼎鼎的苏宁易购，曾经和国美并称为「线下家电零售双雄」，后来转型为电商平台，一度也和京东并驾齐驱。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">2016年，苏宁易购的市盈率最高达到250倍左右，到了2018年年底，市盈率跌到10倍左右，这个10倍市盈率，也是它2004年上市以来的最低值了：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Csection style=\"text-align: center;margin-bottom: 0em;margin-left: 16px;margin-right: 16px;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F9cf16776-d7ed-4257-b70b-5cdfb729f9fb.jpg\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-align: justify;\">\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">按照通常的说法，低市盈率买入，高市盈率卖出就能赚钱。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">但我们以10倍市盈率买入，会发现之后的市盈率继续下降，最低跌到了4倍左右。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">这个时候你才明白过来，此前的10倍市盈率，并不代表苏宁易购被低估了，恰恰相反，市场认为公司经营出现问题，未来盈利会下滑。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">2018年，苏宁的净利润达到历史最高的126亿元，2019年盈利同比下滑了26%，2020年则是亏损50多亿元：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Csection style=\"text-align: center;margin-bottom: 0em;margin-left: 16px;margin-right: 16px;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002Fbb8919d6-5846-4504-8761-357e62658fc5.jpg\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-align: justify;\">\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">假如你在低市盈率买入，未来一旦公司盈利下滑，股价也跟着下滑，最后只能以更低的市盈率亏损卖出。\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">由于公司亏损持续扩大，苏宁易购现在更名为「ST易购」，市盈率也变成了负数，不再适用市盈率指标进行估值。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;color: rgb(34, 34, 34);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;clear: both;min-height: 1em;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 2em;text-align: center;\">\n  \u003Cstrong style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F6b990917-b898-43e2-ad7e-bad6677e1974.jpg\">\u003C\u002Fspan>\u003C\u002Fstrong>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;color: rgb(34, 34, 34);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;clear: both;min-height: 1em;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 2em;text-align: center;\">\n  \u003Cspan style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;font-size: 18px;\">\u003Cstrong style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);\">03\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);margin-left: 16px;margin-right: 16px;margin-bottom: 0px;line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">其次，\u003Cstrong>如果一家公司的盈利呈现周期性波动，那么市盈率低，也不代表股票被低估。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">还是用餐厅来举例，假设餐厅每年能赚10万，你以100万元买下餐厅，市盈率是10倍；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">经济繁荣时期，这家餐厅每年能赚20万，假设你以150万元转让出去，市盈率是7.5倍；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">经济衰退时期，餐厅生意变差，每年赚5万，假设你以80万元转让出去，市盈率是16倍。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;clear: both;min-height: 1em;color: rgb(34, 34, 34);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 2em;\">\u003Cbr>\u003C\u002Fp>\n \u003Cblockquote style=\"margin: 1em 16px 0em;padding: 4px 0px 0px 10px;outline: 0px;border-left: 3px solid rgb(219, 219, 219);color: rgba(0, 0, 0, 0.5);font-size: 15px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 1.75em;visibility: visible;\">\n  \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;letter-spacing: 0.544px;line-height: 2em;visibility: visible;\">\n   \u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">市盈率=150万÷20万=7.5倍\u003C\u002Fspan>\n  \u003C\u002Fsection>\n  \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;letter-spacing: 0.544px;line-height: 2em;visibility: visible;\">\n   \u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">市盈率=80万÷5万=16倍\u003C\u002Fspan>\n  \u003C\u002Fsection>\n \u003C\u002Fblockquote>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">如果有一个人，以7.5倍市盈率买下餐厅，然后等到16倍市盈率卖出，最后不但没赚到钱，反而还亏了70万元。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">为什么会这样？这是因为，\u003Cstrong>公司盈利周期和经济周期相关，盈利的大幅波动主导了市盈率的变化：\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;clear: both;min-height: 1em;color: rgb(34, 34, 34);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 2em;\">\u003Cbr>\u003C\u002Fp>\n \u003Cblockquote style=\"margin: 1em 16px 0em;padding: 4px 0px 0px 10px;outline: 0px;border-left: 3px solid rgb(219, 219, 219);color: rgba(0, 0, 0, 0.5);font-size: 15px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 1.75em;visibility: visible;\">\n  \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;letter-spacing: 0.544px;line-height: 2em;visibility: visible;\">\n   \u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">经济上升周期，公司盈利处于顶部，对应的市盈率是低点；\u003C\u002Fspan>\n  \u003C\u002Fsection>\n  \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;letter-spacing: 0.544px;line-height: 2em;visibility: visible;\">\n   \u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">经济下行周期，公司盈利处于底部，对应的市盈率是高点。\u003C\u002Fspan>\n  \u003C\u002Fsection>\n \u003C\u002Fblockquote>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">如果你在低市盈率买入，那么相当于在经济周期顶部买入，之后经济开始下行，公司盈利从高点下滑，股价也会同步下跌。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">举个例子，水泥行业的需求和地产、基建关系密切，受经济周期影响较大。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">以华新水泥为例：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">2016年，公司的净利润只有6亿元左右，市盈率却达到100倍以上；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">2019年，公司的净利润是70亿元左右，市盈率下降到只有7倍左右。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Csection style=\"text-align: center;margin-bottom: 0em;margin-left: 16px;margin-right: 16px;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F08cf6b19-228d-44d4-a046-2dee880aafe1.jpg\">\n \u003C\u002Fsection>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">如果你在7倍市盈率买入，看似是低估，其实是买在了盈利的顶部，公司盈利从高点回落，市盈率反而会上升，最后你以高市盈率卖出就会亏钱。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;color: rgb(34, 34, 34);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;clear: both;min-height: 1em;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 2em;text-align: center;\">\n  \u003Cstrong style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F8ded51ee-9e10-4f5c-825a-c0c99efe8f50.jpg\">\u003C\u002Fspan>\u003C\u002Fstrong>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;color: rgb(34, 34, 34);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;clear: both;min-height: 1em;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 2em;text-align: center;\">\n  \u003Cspan style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;font-size: 18px;\">\u003Cstrong style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);\">04\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">总结一下，低市盈率买入，高市盈率卖出，\u003Cstrong>并非适用于所有行业和公司\u003C\u002Fstrong>，现实中存在「低估值陷阱」：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">第一，公司本身有瑕疵\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">，低市盈率代表其未来盈利能力下滑，低市盈率买入，会以更低的市盈率亏损卖出。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">第二，当公司处于盈利顶部\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">，对应的是低市盈率，随着盈利从高点回落，市盈率反而会上升。低市盈率买入，高市盈率卖出也会亏钱。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">那我们怎么才能避开「低估值陷阱」呢？\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">1）可以考虑投资宽基指数\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cspan style=\"color: rgb(214, 168, 65);font-size: 14px;\">\u003Cstrong>\u003Cspan style=\"color: rgb(214, 168, 65);font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">（如沪深300、中证500等）\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">如果你只买一两家公司，很容易因为分辨不出瑕疵掉进坑里；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">但是宽基指数分散投资于不同行业，即便有少数公司质地不好，由于占比较低，对整体估值的影响也不大，因此宽基指数看市盈率低买高卖，理论上是可行的。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cstrong>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);\">2）周期性行业要慎用市盈率\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">不过，行业指数就要区别对待了，有些行业的整体盈利比较稳定，那么也可以用市盈率；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">但是，如果一个行业\u003Cstrong>受到宏观经济影响\u003C\u002Fstrong>，盈利呈现周期性波动，那么就要\u003Cstrong>慎用市盈率\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">哪些是周期性行业——\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cblockquote style=\"margin: 1em 16px 0em;padding: 4px 0px 0px 10px;outline: 0px;border-left: 3px solid rgb(219, 219, 219);color: rgba(0, 0, 0, 0.5);font-size: 15px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 1.75em;visibility: visible;\">\n  \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;letter-spacing: 0.544px;line-height: 2em;visibility: visible;\">\n   \u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">第一种是作为工业基础原材料的\u003Cstrong>大宗商品\u003C\u002Fstrong>，比如原油、有色金属、钢铁、农产品、铁矿石、煤炭、水泥等；\u003C\u002Fspan>\n  \u003C\u002Fsection>\n  \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;letter-spacing: 0.544px;line-height: 2em;visibility: visible;\">\n   \u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">第二种是\u003Cstrong>航运业\u003C\u002Fstrong>，比如远洋运输、港口等；\u003C\u002Fspan>\n  \u003C\u002Fsection>\n  \u003Csection style=\"margin: 0px 16px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;letter-spacing: 0.544px;line-height: 2em;visibility: visible;\">\n   \u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">第三种是\u003Cstrong>非生活必需品行业\u003C\u002Fstrong>，比如汽车、房地产等。\u003C\u002Fspan>\n   \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003C\u002Fspan>\n  \u003C\u002Fsection>\n \u003C\u002Fblockquote>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">所以，\u003Cstrong>对于周期行业指数，不能看市盈率低买高卖，而是要反过来「高市盈率买、低市盈率卖」。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">当然反着用也容易搞混，建议你使用市净率\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(178, 178, 178);font-size: 14px;\">（总市值÷净资产）\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">进行估值，可以避免盈利不稳定带来的问题。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">另外也有朋友会说，银行股好像市盈率普遍也很低\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(178, 178, 178);font-size: 14px;\">（平均是4-5倍左右）\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">，这个是不是「低估值陷阱」呢？\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">实际上，银行股的低估有其商业模式的特殊性：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">一方面是这个行业的负债比较高，市场担心其高风险，给出了较低的估值；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">另一方面，银行可以通过合理调节手段控制「坏账」，表面上看每年盈利都很稳定，背后可能包含「水分」，市场对其持续盈利能力存在怀疑，于是也就给出低估值。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">所以，对于商业模式复杂的行业，不能简单地用市盈率高低去衡量投资价值。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">归根结底，\u003C\u002Fspan>\u003Cspan style=\"background-color: rgb(255, 218, 169);\">\u003Cstrong>\u003Cspan style=\"background-color: rgb(255, 218, 169);color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">市盈率指标不是万能的，关键还是要搞清楚，你投资的行业和公司背后的赚钱逻辑是什么，然后才能选择合适的指标去估值。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">如果你感兴趣的话，可以点个\u003C\u002Fspan>\u003Cstrong>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);\">「赞」\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">或\u003C\u002Fspan>\u003Cstrong>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);\">「在看」\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">，我们围绕这一话题继续深入讨论～\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Csection style=\"text-align: center;margin-bottom: 0em;margin-left: 16px;margin-right: 16px;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F4e625770-ae5d-4e53-a3a7-5eae3fec2a8f.jpg\">\n \u003C\u002Fsection>\n \u003Csection style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;box-sizing: border-box !important;overflow-wrap: break-word !important;margin-bottom: 0px;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);\">\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;margin-left: 16px;margin-right: 16px;box-sizing: border-box !important;overflow-wrap: break-word !important;margin-bottom: 0px;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-left: 16px;margin-right: 16px;margin-bottom: 0px;\">\n  \u003Cspan style=\"display: none;line-height: 0px;\">‍\u003C\u002Fspan>\n \u003C\u002Fsection>\n\u003C\u002Fdiv>","","2022-06-21 21:51:00",100,0,"renqiang@jane7.com","2025-06-06 16:50:57",false,17128,"1038002",[],[],[],[],[30,42,53],{"pageSize":4,"articleWikiId":31,"wikiName":32,"articleCode":33,"locationType":34,"sortNumber":35,"articleTitle":36,"introduction":37,"coverImage":38,"likeCount":7,"realSearch":22,"createTime":39,"seoUrl":40,"seoKeywords":41},94,"财商入门","JP2020101411302777459",2,20201014,"2个方法，看懂市盈率","作为普通投资者，该怎么看市盈率呢？这里给大家提供2种渠道和方法。","https:\u002F\u002Fimage.jane7.com\u002F9d750823-e89b-4812-a437-485047ab57a0.png","2020-10-14 11:30:27","https:\u002F\u002Fwww.jane7.com\u002Farticle-financing-JP2020101411302777459-94.html","市盈率,估值",{"pageSize":4,"articleWikiId":43,"wikiName":44,"articleCode":45,"locationType":34,"sortNumber":46,"articleTitle":47,"introduction":48,"coverImage":49,"likeCount":19,"realSearch":22,"createTime":50,"seoUrl":51,"seoKeywords":52},97,"理财产品","JP2020061821353578870",20200618,"1700亿抗疫特别国债来了，普通个人也能买，抢吗？","抗疫特别国债的投资细节，终于落地啦！赶紧和大家聊一聊~","https:\u002F\u002Fimage.jane7.com\u002F5028228b-0362-4027-bf4a-fe851d048900.png","2020-06-18 21:35:35","https:\u002F\u002Fwww.jane7.com\u002Farticle-financing-JP2020061821353578870-97.html","债券投资,低风险投资,财经新闻",{"pageSize":4,"articleWikiId":31,"wikiName":32,"articleCode":54,"locationType":34,"sortNumber":55,"articleTitle":56,"introduction":57,"coverImage":58,"likeCount":7,"realSearch":22,"createTime":59,"seoUrl":60,"seoKeywords":61},"JP2020101518143320076",20201016,"如何查询一只指数的估值？手把手教你","以沪深300指数为例，教你如何利用理杏仁网站，查询一只指数的估值。","https:\u002F\u002Fimage.jane7.com\u002Fa4f32ef4-4e14-48ea-9cdd-22667f92d2d0.png","2020-10-15 18:14:33","https:\u002F\u002Fwww.jane7.com\u002Farticle-financing-JP2020101518143320076-94.html","理财,市盈率"]