[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-JP2025060617364073463":3,"related-JP2025060617364073463":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},10,7173,"1",1,"JP2025060617364073463","1041018",3,"抄底亏了 70% | 避坑指南","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","股债双杀，投资风向已经变了","\u003Cdiv>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">大家好~\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;text-indent: 0em;\">\u003C\u002Fspan>\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">一直以来，转债都有「下有保底」的说法，因为历史上，还没有哪家公司违约过。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">因此买入低价转债，成了一种流行的「保本」策略。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">但最近事情有些变化，搜特转债从90元一直跌到26元。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">短短2个月，下跌70%😨\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 16px;text-indent: 0em;line-height: 2em;\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F8750f368-3ec1-4615-a6a8-dcec31e760ef.jpg\">\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">我看到投资论坛里，有人信心满满发「送钱贴」，呼吁抄底。结果越抄越亏，反倒把自己的钱送出去了。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">这还不是最惨的，由于正股「*ST搜特」符合\u003Cstrong>「1元退市」\u003C\u002Fstrong>*的规定，搜特股票和转债的退市是板上钉钉了。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"text-decoration: none solid rgb(34, 34, 34);letter-spacing: 1px;font-size: 14px;color: rgb(136, 136, 136);\">*股票收盘价连续20个交易日低于1元就会被强制退市。*ST搜特最新股价是0.53元，连续17个交易日低于1元，就算剩下3个交易日都涨停，也无法回到1元以上。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">虽说退市不代表一定会违约，但公司还不上钱的概率，还是挺高的。\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;text-indent: 0em;\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">另外，随着「注册制」的推进，股票、转债退市也会变得司空见惯。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">今天我想从\u003Cstrong>财报角度\u003C\u002Fstrong>来分析一下，顺便讲讲我们以后投资时，\u003Cstrong>怎么避开大坑\u003C\u002Fstrong>，减少踩雷的概率。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 1.5em;\">\n  \u003Cspan style=\"text-decoration: none solid rgb(34, 34, 34);letter-spacing: 1px;color: rgb(255, 41, 65);background-color: rgb(255, 254, 213);font-size: 14px;\">风险提示：本文所提及的个股，仅为示例参考，不作任何投资推荐。投资有风险，决策需谨慎。据此买卖，请自担风险。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 16px 16px 0em;white-space: normal;text-align: center;\">\n  \u003Cstrong>\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F72432fb6-2254-4a89-93bc-fb8a4152678b.jpg\">\u003C\u002Fstrong>\n \u003C\u002Fsection>\n \u003Ch3 style=\"font-size: 17px;white-space: normal;clear: both;min-height: 1em;text-align: center;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;background-color: rgb(255, 255, 255);line-height: 2em;margin-bottom: 16px;margin-left: 16px;margin-right: 16px;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);\">0\u003C\u002Fspan>\u003C\u002Fstrong>\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\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fh3>\n \u003Ch3 style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">首先，我们简单了解一下搜于特这家公司是干什么的。\u003C\u002Fspan>\u003C\u002Fh3>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"font-size: 16px;text-decoration: none;letter-spacing: 1px;\">2010年11月搜于特在深交所上市，最早是从事服装业务，旗下的服装品牌「潮流前线」主打青春休闲服饰，因为其价格便宜，在国内三四线消费市场很受欢迎。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">2010年，搜于特的营业收入是6.3亿元，到了2016年就飙升到了63亿元，6年翻了10倍。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">是不是它的衣服卖得特别好呢？并不是。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">其实从2014年开始，随着国际休闲品牌大举入侵，国内休闲服饰市场受到巨大冲击，公司的业绩也出现下滑，迫于服装业务低迷，搜于特开始\u003Cstrong>转型供应链管理业务\u003C\u002Fstrong>，为时尚产业品牌商、制造商等客户提供高效、低成本的供应链服务。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">从2017年起，搜于特的营业收入连续3年都超过100亿元，其中材料业务\u003C\u002Fspan>\n  \u003Cspan style=\"text-decoration: none;letter-spacing: 1px;font-size: 14px;color: rgb(136, 136, 136);\">（即供应链管理服务）\u003C\u002Fspan>\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">的收入占比在八成以上。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">那么搜于特这次转型是不是成功了呢？可惜并没有。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">虽然新业务的收入很高，但是仔细看不怎么赚钱。我们看一个反映公司盈利能力的指标——\u003C\u002Fspan>\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;color: rgb(214, 168, 65);\">\u003Cstrong>毛利率\u003C\u002Fstrong>\u003C\u002Fspan>\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">2017年财报显示，搜于特的服装业务毛利率在35%左右，而材料业务的毛利率是7%左右：\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 16px;text-align: justify;line-height: 2em;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F2fcaca25-4f15-41d9-9be9-533051540e37.jpg\">\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">可见材料业务的赚钱能力比服装业务要差得多，而且这几年毛利率还处于下滑趋势。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">从2020年开始，公司材料业务的毛利率转为负数，变成了亏本生意，整体营收从之前最高的180多亿元缩水到14亿元左右。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">站在当下，我们似乎不难判断这家公司的经营有问题，但如果回到2020年2月，公司的营收和毛利率还没有断崖式下滑，股价又从底部大幅拉升，不少人都乐观地认为，这只股票还会继续向上。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-bottom: 0px;white-space: normal;text-align: center;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;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;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F4ca8107a-c1bb-4349-8e23-a0ddc704833d.jpg\">\n \u003C\u002Fsection>\n \u003Ch3 style=\"margin-bottom: 16px;font-size: 17px;white-space: normal;clear: both;min-height: 1em;text-align: center;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;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;\">\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);\">02\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-indent: 0em;font-size: 16px;letter-spacing: 1px;\">但如果我们善于解读财报的信息，不难发现这家公司的经营状况，实在难以支撑股价持续上涨。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-indent: 0em;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">从搜于特身上，我们可以找到3个警示信号：\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">第一，公司的有息负债较高。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">通常来说，一家公司会通过对外借钱来支持业务扩张，有负债是正常现象，但过高的负债就需要引起警惕了。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">因为企业向银行借钱或者发行债券，都需要支付利息，如果企业背负债务压力过重，还利息都是一笔较大的开支，一旦遇到经营不善，很有可能发生偿债风险。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">判断企业负债重不重，有一个关键指标：\u003Cstrong>有息负债率\u003C\u002Fstrong>。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;white-space: normal;outline: 0px;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;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Cblockquote data-type=\"quote_container\" style=\"margin: 0px 16px;padding-top: 0px;padding-left: 0px;color: rgb(51, 51, 51);font-size: 17px;line-height: 2em;white-space: normal;outline: 0px;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;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);\">\n  \u003Csection style=\"margin: 0px 16px;outline: 0px;letter-spacing: 0.544px;line-height: 2em;\">\n   \u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);letter-spacing: 1px;font-size: 15px;\">有息负债率=有息负债÷总资产\u003C\u002Fspan>\n  \u003C\u002Fsection>\n \u003C\u002Fblockquote>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">我们可以从财报上查询「短期借款」、「长期借款」等负债科目，把数字加起来除以当年总资产，如果这个数字接近于50%，说明企业债务压力较大。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 16px;line-height: 2em;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F687bc45b-79fc-4468-8651-519e87aa8d5f.jpg\">\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">2017-2019年，搜于特的有息负债率从17%左右上升到22%左右，虽然有向上趋势，但还不算特别离谱；\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">2020-2022年，有息负债率从44%左右上升到112%，这个异常的比例已经反映出公司举债经营，偿债风险很大。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">第二，公司的经营现金流很不健康。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none;font-size: 16px;letter-spacing: 1px;\">在财报的现金流量表中有一项「经营活动产生的现金流量净额」，如果企业正常运转，通常这个数字是正数，\u003Cstrong>如果出现负数，说明企业经营活动的现金流不太健康，好比陷入了「失血」状态\u003C\u002Fstrong>。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 16px;line-height: 2em;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002Fda3bd1a2-0822-4cf3-a477-2be332812522.jpg\">\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;line-height: 2em;\">\n  \u003Cspan style=\"font-size: 16px;letter-spacing: 1px;text-indent: 0em;\">2017-2019年，搜于特的经营活动净现金流有2年是负数，2019年好不容易净流入9千多万元，2020年起又是连续3年负数，说明公司的主业出现了问题，影响到「造血」能力。\u003C\u002Fspan>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: 1px;\">第三，公司前两大股东同步「减持套现」。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: 1px;\">2022年2月12日，搜于特发布公告称，计划投资2亿元成立子公司，专门生产口罩等医疗用品。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Cp style=\"margin: 16px;line-height: 2em;\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F1151d5c9-d2e1-4f4a-8ded-9b577ae8c8e3.jpg\">\u003C\u002Fp>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: 1px;\">之后搜于特的股价9天8个涨停板，3月9日那天涨到最高点。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: 1px;\">3月11日，搜于特又发布公告称，公司的第二大股东\u003C\u002Fspan>\n  \u003Cspan style=\"text-decoration: none solid rgba(0, 0, 0, 0.9);letter-spacing: 1px;font-size: 14px;color: rgb(136, 136, 136);\">（广州高新区投资集团有限公司）\u003C\u002Fspan>\n  \u003Cspan style=\"text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: 1px;\">在3月9日减持了6000万股，累计金额是3亿多元。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: 1px;\">另外，公司的董事长作为第一大股东也在连续减持股份，连管理层都不看好公司未来的发展，股价跌跌不休也就不奇怪了。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-bottom: 0px;white-space: normal;text-align: center;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;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;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002Fcbf9a968-038a-4c99-bbae-fe3b3be3457a.jpg\">\n \u003C\u002Fsection>\n \u003Ch3 style=\"margin-bottom: 16px;font-size: 17px;white-space: normal;clear: both;min-height: 1em;text-align: center;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;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;\">\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);\">03\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;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;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;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;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"text-indent: 0em;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: 16px;letter-spacing: 1px;\">从搜于特退市的案例中，我观察到2个投资风向的变化，分享给大家：\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;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;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;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;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"text-indent: 0em;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">1）全面注册制下，1元左右的股票大概率将会退市\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">过去审核制时代，由于上市公司的门槛较高，已上市的公司即便经营不善，也还具备「壳价值」。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">举个例子，像搜于特这类公司经营不下去了，它可以出售自己的「壳」给其他想要上市的公司，这就是所谓的「借壳上市」。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">过去上市公司再烂，股价也不会跌到1元以下，由于有「借壳」的预期在，这些低价股反而还有一定投机价值。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">注册制时代，上市门槛降低了，原来的「壳价值」不存在了，股价涨跌完全按市场机制运行，垃圾股跌破1元退市将会成为常态。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">对普通人来说，\u003C\u002Fspan>\n  \u003Cspan style=\"color: rgb(51, 51, 51);text-decoration: none;font-size: 16px;letter-spacing: 1px;background-color: rgb(255, 218, 169);\">\u003Cstrong>以后买股票可不能「贪便宜」，像1元左右的股票，谨慎起见最好别碰\u003C\u002Fstrong>\u003C\u002Fspan>\n  \u003Cspan style=\"color: rgb(51, 51, 51);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cstrong>。\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;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;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;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;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">2）低于100元的转债可能会「踩雷」\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"font-size: 16px;letter-spacing: 1px;\">\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);\">很多投资可转债的朋友觉得，转债相对于股票\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);text-indent: 0em;\">安全一些，因为其具备债券的属性，可转债价格大幅下跌的空间有限。\u003C\u002Fspan>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);text-indent: 0em;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">但这里有个大前提，发债企业到期后会归还本金，一旦企业破产退市，没有钱偿还债务，投资可转债也会亏钱，这就打破了原本「下有保底」的预期。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">从1992年第一只可转债上市至今，国内还没有出现过违约可转债，如果搜特接下来的经营没有好转，还不上债，那么搜特转债可能会是首个违约案例。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">另外，大家投资可转债时，也不能只盯着「低价」\u003C\u002Fspan>\u003Cspan style=\"text-decoration: none solid rgb(34, 34, 34);letter-spacing: 1px;color: rgb(136, 136, 136);font-size: 14px;\">（特别是低于100元的）\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">买，需要加入债券信用的考量。\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;text-indent: 0em;\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;text-indent: 0em;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Csection style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">最后，要提醒一句，低价垃圾股投资策略、或低价转债策略虽然过去能赚到钱，但以后的风险会很大。\u003C\u002Fspan>\n  \u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;background-color: rgb(255, 218, 169);\">\u003Cstrong>一个长期好用的投资策略，还是应该建立在企业的经营业绩上才能持久。\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Cp style=\"text-align: justify;margin: 0px 16px;text-indent: 0em;line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;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;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;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;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;text-indent: 0em;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">好啦，关于搜特正股的财报解读就和你聊到这里了。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;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;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;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;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"outline: 0px;color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;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;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;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;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"outline: 0px;color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">如果你还想了解更多转债的知识，欢迎加入\u003C\u002Fspan>\u003Cspan style=\"outline: 0px;color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;background-color: rgb(255, 218, 169);\">\u003Cstrong style=\"outline: 0px;\">简七vip会员\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cspan style=\"outline: 0px;color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">，我们最近聊了聊\u003C\u002Fspan>\u003Cspan style=\"outline: 0px;color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;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;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;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;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"outline: 0px;color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;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;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;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;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"font-size: 14px;color: rgb(136, 136, 136);\">\u003Cspan style=\"font-size: 14px;outline: 0px;font-family: Optima-Regular, PingFangTC-light;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">- 转债\u003C\u002Fspan>\u003Cspan style=\"font-size: 14px;font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">违约，能拿回钱吗：《100%收益的机会，能冲吗？》\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;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;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;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;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"font-size: 14px;color: rgb(136, 136, 136);\">\u003Cspan style=\"font-size: 14px;font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">- 转债配售，怎么操作：《一个可转债打新100%中签的秘诀》\u003Cbr>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;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;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;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;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(136, 136, 136);\">\u003Cspan style=\"font-size: 14px;\">- 转债下修，如何埋伏：《说1个转债「作弊」条款，让你轻松赚更多》\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;outline: 0px;letter-spacing: 0.544px;white-space: normal;color: rgb(51, 51, 51);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 \u003Cp style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;outline: 0px;letter-spacing: 0.544px;white-space: normal;color: rgb(51, 51, 51);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;\">\u003Cspan style=\"outline: 0px;color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">这个五月，购买vip会员还有\u003Cstrong style=\"outline: 0px;\">课程优惠券和实物相送\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cspan style=\"outline: 0px;font-family: Optima-Regular, PingFangTC-light;caret-color: rgb(51, 51, 51);letter-spacing: 1px;font-size: 14px;color: rgb(136, 136, 136);\">（限前500名）\u003C\u002Fspan>\u003Cspan style=\"outline: 0px;color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">，\u003Cstrong style=\"outline: 0px;\">低至3.5折\u003C\u002Fstrong>，优惠力度非常大。感兴趣的新老朋友走过路过别错过哦~\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 16px 16px 0px;outline: 0px;font-family: system-ui, -apple-system, BlinkMacSystemFont, "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;\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F665c0685-b2f1-40d3-84bd-082b38b431af.jpg\">\u003C\u002Fp>\n \u003Cp style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;outline: 0px;letter-spacing: 0.544px;white-space: normal;color: rgb(51, 51, 51);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;\">\u003Cspan style=\"outline: 0px;font-family: Optima-Regular, PingFangTC-light;caret-color: rgb(51, 51, 51);letter-spacing: 1px;color: rgb(136, 136, 136);font-size: 14px;\">*想了解vip全部权益可以点击左下角\u003Cstrong style=\"outline: 0px;\">「阅读原文」\u003C\u002Fstrong>~\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;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;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;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;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;white-space: normal;outline: 0px;color: rgb(51, 51, 51);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;background-color: rgb(255, 255, 255);line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;caret-color: rgb(51, 51, 51);font-size: 16px;letter-spacing: 1px;\">晚安🌹\u003C\u002Fspan>\u003C\u002Fp>\n\u003C\u002Fdiv>","","2023-05-17 21:31:00",100,0,"renqiang@jane7.com","2025-06-06 17:36:40",false,17235,"1038002",[],[],[],[],[]]