精品网曝门白浆一区二区三区_国产精品线在线精品国语_亚洲国产三级在线观看看_日本在线一区二区三区免费观看_亚洲成a人片在线观看无遮挡_久久99精品久久久久婷婷_精品国产aⅴ_蜜臀av电影在线观看_欧美一区二区三区四区在线观看_狠狠色丁香婷婷久久综合考虑

價值陷阱。我們在2021年4月23日的楓瑞視點中發(fā)表了《增長率陷阱》，討論了投資者預期收益過高之后，股票回報不及預期的增長率陷阱。與增長率陷阱相對應的是價值陷阱。價值陷阱是股票表面看上去很便宜，有投資價值，但由于基本面持續(xù)惡化，估值越來越貴。價值陷阱通常被分成四大類。第一類是被技術進步淘汰的。這類公司的市場空間常常因為技術更迭而完全消失，因此他們的低估值其實是反應未來暗淡的發(fā)展前景。高科技行業(yè)不僅是增長率陷阱的高發(fā)行業(yè)，也是價值陷阱的高發(fā)行業(yè)。BP機、錄影機等電子產品都被新技術推動的產品所取代了。彼特·林奇承認盡管他對高科技興趣不大，但也經常被誘惑，結果就是“最終我毫不驚訝的發(fā)現，我手中的科技股是最持續(xù)的輸家”。第二類是贏家通吃行業(yè)里的小公司?；ヂ摼W領域是贏家通吃的典范。臉書、谷歌、亞馬遜在社交平臺、搜索和電商中的市占率均超過70%，就是互聯網贏家通吃的典型寫照。由于這些大公司的存在這，業(yè)內的小股票即使再便宜也可能是價值陷阱。第三類是重資產的夕陽產業(yè)。這些行業(yè)因為需求沒有了，重資產對其利潤的拖累越發(fā)明顯，因此，估值便宜其實是反應行業(yè)需求不再。第四類是景氣頂點的周期股。周期股在景氣頂點，也是其市盈率估值最低的時候，看似便宜，但因為此時的利潤增速是不可持續(xù)的，所以要賣出而不是買入。價值投資者何時能夠逃出價值陷阱呢？首先，就是這些處于價值陷阱的公司基本面好轉。其次，創(chuàng)造出新的價值，比如上世紀90年代的蘋果，在喬布斯的帶領下開啟了創(chuàng)新浪潮。年初以來，A股曾經無人問津的價值陷阱股票紛紛表現，包括周期股、銀行股等。近期，石油板塊的表現更是讓投資人體會了不滿倉中石油的后果。而這些價值陷阱紛紛變成白馬股主要是因為基本面發(fā)生了好轉。

周二A股上漲，港股繼續(xù)下跌，而美股上升。美聯儲主席鮑威爾在國會作證時表示大部分價格上漲是由于疫情造成的供應短缺和經濟重啟所引起的需求擴張，二者的錯配所引起的。但他也承認價格上漲的水平和持續(xù)的時間可能會比美聯儲預期的時間長。納斯達克指數創(chuàng)出歷史新高，標普500離最高點咫尺之遙。港股連續(xù)第二天下跌，與經濟復蘇相關的股票領跌，主要是中國因廣東疫情擴散而采取進一步的隔離措施造成。A股醫(yī)藥生物漲幅領先，因廣東疫情持續(xù)擴散。石油板塊上漲，油價創(chuàng)出2019年4月以來的新高，而白馬龍頭股持續(xù)下跌。

Value trap. We published “The growth trap” in our official wechat “Maple Insight” on April 23rd,2021. Value trap is like another side of growth trap. In value trap, the stocks seem very cheap. However, as the company’s fundamentals continue to deteriorate, valuation would become more and more expensive. There are four types of stocks falling into value trap. The first is those that become outdated due to the improvement and advancement of technology. High-tech companies usually fall into this category. Peter Lynch, the renowned investor, admitted that he was attracted by high-tech companies from time to time. Yet it turned out these high-tech companies were always the laggard play in his portfolio.  The second is the smaller companies in a sector where the market leader would take all of the market share in the sector. This is especially true in internet.  For example,Google, Facebook and Amazon take more than 70% market share in search, social platform and e-commerce. In these sectors, small companies would find it challenging to grow up. The third is those stocks with high capex-to-sales ratio in a sunset industry. The demand for their products is dwindling. Yet high capex drags down their earnings growth.  The last one is cyclical stocks. They would enjoy a low price-to-earnings ratio when their products’ prices are at the peak levels. Yet, with their products’ prices coming down their valuation would become expensive. So for those cyclical stocks in the latter half of cycle, they are value trap. In A-share many stocks that used to be in value trap have performed well year-to-date. These include base metals, banks and oil stocks. The reason is that their fundamentals have improved with the economy recovery.

A-share rose, HK stocks fell and the US stocks rose.  The Federal Reserve ChairmanPowell said that a majority of the inflation was caused by the mismatch between supply shortage and reopening demand. He admitted that inflation might persist longer and higher than they expected. A-share rose with medicine stocks rising the most as the pandemic in Guangdong Province was spreading.

聲明：本市場點評由北京楓瑞資產管理有限公司（以下簡稱“楓瑞資產”）“楓瑞視點”微信公眾號提供和擁有版權，授權上海海獅資產管理有限公司轉載。在任何情況下文中信息或所表述的意見不構成對任何人的投資建議，楓瑞資產不對任何人因使用本文中的內容所引發(fā)的損失負任何責任。未經楓瑞資產書面授權，本文中的內容均不得以任何侵犯楓瑞資產版權的方式使用和轉載。市場有風險，投資需謹慎。