{"id":24653,"date":"2026-01-05T07:32:49","date_gmt":"2026-01-04T23:32:49","guid":{"rendered":"https:\/\/www.xq.com.tw\/xstrader\/?p=24653"},"modified":"2026-01-05T07:32:49","modified_gmt":"2026-01-04T23:32:49","slug":"%e7%b2%be%e6%ba%96%e9%81%b8%e8%82%a1%e9%80%99%e6%9c%ac%e6%9b%b8%e7%9a%84%e8%ae%80%e6%9b%b8%e5%bf%83%e5%be%97","status":"publish","type":"post","link":"https:\/\/www.xq.com.tw\/xstrader\/%e7%b2%be%e6%ba%96%e9%81%b8%e8%82%a1%e9%80%99%e6%9c%ac%e6%9b%b8%e7%9a%84%e8%ae%80%e6%9b%b8%e5%bf%83%e5%be%97\/","title":{"rendered":"\u7cbe\u6e96\u9078\u80a1\u9019\u672c\u66f8\u7684\u8b80\u66f8\u5fc3\u5f97"},"content":{"rendered":"<p>\u9019\u5169\u5e74\uff0c\u5927\u5bb6\u6ce8\u610f\u529b\u5e38\u805a\u7126\u5728\u50cfNvdia\u9019\u985e\u7684\u5927\u578b\u79d1\u6280\u80a1\uff0c\u8981\u600e\u9ebc\u6295\u8cc7\u9019\u985e\u7684\u80a1\u7968\u5462? \u524d\u5169\u5e74\u6709\u770b\u904e\u4e00\u672c\u66f8\uff0c\u662f\u7f8e\u570b\u4e00\u4f4d\u9577\u671f\u7814\u7a76\u7db2\u8def\u80a1\u7684\u5206\u6790\u5e2b\u5beb\u7684\uff0c\u4ed6\u7684\u7d50\u8ad6\u662f<b>\u300c\u5728\u4e0d\u78ba\u5b9a\u7684\u79d1\u6280\u4e16\u754c\u4e2d\uff0c\u5c0b\u627e\u5177\u6709\u5927\u898f\u6a21\u6f5b\u5728\u5e02\u5834\u3001\u5f37\u5927\u7522\u54c1\u5275\u65b0\u529b\u3001\u4e14\u71df\u6536\u6301\u7e8c\u589e\u9577\u7684\u9818\u982d\u7f8a\uff0c\u4e26\u5728\u5e02\u5834\u6050\u614c\u5c0e\u81f4\u7684\u80a1\u50f9\u300e\u812b\u81fc\u300f\u6642\u5927\u81bd\u8cb7\u5165\u3002 \u6211\u89ba\u5f97\u9019\u6bb5\u7d50\u8ad6\uff0c\u53ef\u4ee5\u505a\u70ba\u6211\u5011\u9577\u671f\u6295\u8cc7\u7f8e\u80a1\u7684\u53c3\u8003\u4f9d\u64da\u3002<\/b><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-24692\" src=\"https:\/\/www.xq.com.tw\/xstrader\/wp-content\/uploads\/2026\/01\/\u87a2\u5e55\u64f7\u53d6\u756b\u9762-2026-01-05-083019.png\" alt=\"\" width=\"397\" height=\"500\" srcset=\"https:\/\/www.xq.com.tw\/xstrader\/wp-content\/uploads\/2026\/01\/\u87a2\u5e55\u64f7\u53d6\u756b\u9762-2026-01-05-083019.png 397w, https:\/\/www.xq.com.tw\/xstrader\/wp-content\/uploads\/2026\/01\/\u87a2\u5e55\u64f7\u53d6\u756b\u9762-2026-01-05-083019-238x300.png 238w\" sizes=\"auto, (max-width: 397px) 100vw, 397px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">\u9019\u672c\u66f8\u7684\u539f\u540d\u662f\uff1a\u300aNothing But Net: 10 Timeless Stock-Picking Lessons from One of Wall Street\u2019s Top Tech Analysts\u300b\uff0c\u53f0\u7063\u7ffb\u8b6f\u6210\u201c\u7cbe\u6e96\u9078\u80a1\u201d\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4f5c\u8005\u662f\u83ef\u723e\u8857\u9802\u5c16\u7db2\u8def\u80a1\u5206\u6790\u5e2b <\/span><b>Mark Mahaney<\/b><span style=\"font-weight: 400;\"> \u3002\u4ed6\u5728\u79d1\u6280\u7522\u696d\u64c1\u6709\u8d85\u904e 25 \u5e74\u7684\u5206\u6790\u7d93\u9a57\uff0c\u66fe\u4efb\u8077\u65bc\u6469\u6839\u58eb\u4e39\u5229\u3001\u82b1\u65d7\u53ca Evercore ISI\uff0c\u4e26\u9577\u671f\u87ec\u806f\u300a\u6a5f\u69cb\u6295\u8cc7\u8005\u300b\u6392\u540d\u7b2c\u4e00\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u9019\u672c\u66f8\u4e26\u975e\u751f\u786c\u7684\u8ca1\u5831\u6559\u79d1\u66f8\uff0c\u662f\u4ed6\u5728\u7d93\u6b77\u904e\u7db2\u8def\u6ce1\u6cab\u3001\u91d1\u878d\u6d77\u562f\u3001\u79d1\u6280\u5de8\u982d\u5d1b\u8d77\uff08 Amazon\u3001Netflix\uff09\u8207\u9695\u843d\uff08\u5982Yahoo!\u3001AOL\uff09\u5f8c\u7e3d\u7d50\u51fa\u7684\u5be6\u6230\u6cd5\u5247\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4ee5\u4e0b\u662f\u66f8\u4e2d\u7684 10 \u5927\u6838\u5fc3\u6295\u8cc7\u6d1e\u898b\u8207\u5be6\u6230\u7b56\u7565\uff1a<\/span><\/p>\n<h2><b>1. \u8981\u52c7\u65bc\u8a8d\u932f\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u627f\u8a8d\u5931\u6557\u662f\u9078\u80a1\u7684\u4e00\u74b0\u3002\u66f8\u4e2d\u5217\u8209\u4e86\u5982 Blue Apron \u6216 Groupon \u7684\u6848\u4f8b\uff0c\u63d0\u9192\u6295\u8cc7\u8005\u7576\u7ba1\u7406\u5c64\u52d5\u76ea\u6216\u5ba2\u6236\u50f9\u503c\u4e3b\u5f35\uff08Value Prop\uff09\u6d88\u5931\u6642\uff0c\u5fc5\u9808\u679c\u65b7\u6b62\u640d\u3002<\/span><\/p>\n<h2><b>2. \u5373\u4f7f\u9078\u5c0d\uff0c\u904e\u7a0b\u4e5f\u6703\u5f88\u75db\u82e6 (There Will Be Blood&#8230; Even When You Pick the Best Stocks)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u5373\u4f7f\u662f\u4e9e\u99ac\u905c (AMZN) \u6216 Netflix (NFLX)\uff0c\u5728\u6210\u9577\u904e\u7a0b\u4e2d\u90fd\u66fe\u906d\u9047\u8d85\u904e 50% \u751a\u81f3 80% \u7684\u8dcc\u5e45\u3002<\/span><b>\u6ce2\u52d5\u4e0d\u4ee3\u8868\u516c\u53f8\u58de\u4e86<\/b><span style=\"font-weight: 400;\">\uff0c\u6295\u8cc7\u8005\u5fc5\u9808\u5177\u5099\u5fc3\u7406\u97cc\u6027\u624d\u80fd\u62b1\u4f4f\u9577\u671f\u8d0f\u5bb6\u3002<\/span><\/p>\n<h2><b>3. \u4e0d\u8981\u73a9\u300c\u5b63\u5ea6\u8cfd\u300d (Don&#8217;t Play Quarters)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u4e0d\u8981\u904e\u5ea6\u53cd\u61c9\u55ae\u4e00\u5b63\u5ea6\u7684\u71df\u6536\u6216 EPS \u5fae\u5e45\u4e0d\u5982\u9810\u671f\u3002\u79d1\u6280\u80a1\u7684\u50f9\u503c\u5728\u65bc\u9577\u671f\u8da8\u52e2\uff0c\u77ed\u671f\u9810\u6e2c\u71df\u6536\u662f\u5426\u7cbe\u6e96\u5230\u5c0f\u6578\u9ede\u5f8c\u5169\u4f4d\uff0c\u5c0d\u9577\u671f\u7372\u5229\u5e6b\u52a9\u4e0d\u5927\u3002<\/span><\/p>\n<h2><b>4. \u71df\u6536\u6210\u9577\u9ad8\u65bc\u4e00\u5207 (Revenue Matters More Than Anything)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u5c0d\u65bc\u6210\u9577\u578b\u79d1\u6280\u80a1\uff0c<\/span><b>\u71df\u6536\u6210\u9577\u7387\uff08Top-line growth\uff09\u6bd4\u76c8\u9918\uff08Earnings\uff09\u66f4\u91cd\u8981<\/b><span style=\"font-weight: 400;\">\u3002<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>\u95dc\u9375\u6307\u6a19\uff1a<\/b><span style=\"font-weight: 400;\"> \u5c0b\u627e\u80fd\u9023\u7e8c 5\u20136 \u500b\u5b63\u5ea6\u4fdd\u6301 <\/span><b>20% \u4ee5\u4e0a\u71df\u6536\u6210\u9577<\/b><span style=\"font-weight: 400;\">\u7684\u516c\u53f8\u3002<\/span><\/li>\n<\/ul>\n<h2><b>5. \u7522\u54c1\u5275\u65b0\u662f\u5f15\u64ce (It Don\u2019t Mean a Thing, If It Ain\u2019t Got That Product Swing)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u89c0\u5bdf\u516c\u53f8\u662f\u5426\u80fd\u6301\u7e8c\u63a8\u51fa\u65b0\u7522\u54c1\u6216\u6539\u9032\u73fe\u6709\u670d\u52d9\u3002\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u505c\u6b62\u7522\u54c1\u5275\u65b0\uff08\u5982\u7576\u5e74\u7684 Yahoo!\uff09\uff0c\u5b83\u7684\u751f\u547d\u9031\u671f\u5c31\u9032\u5165\u4e86\u5012\u6578\u3002<\/span><\/p>\n<h2><b>6. TAM\uff08\u6f5b\u5728\u5e02\u5834\u898f\u6a21\uff09\u8d8a\u5927\u8d8a\u597d (TAMs\u2014The Bigger the Better)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u512a\u8cea\u516c\u53f8\u5fc5\u9808\u8655\u65bc\u4e00\u500b\u5de8\u5927\u7684\u300c\u6f5b\u5728\u5e02\u5834\u898f\u6a21 (Total Addressable Market)\u300d\u4e2d\u3002\u4f8b\u5982 Amazon \u5f9e\u66f8\u5546\u64f4\u5c55\u5230\u96f2\u7aef (AWS) \u8207\u5ee3\u544a\uff0c\u5c31\u662f\u4e0d\u65b7\u64f4\u5927\u5176 TAM \u7684\u904e\u7a0b\u3002<\/span><\/p>\n<h2><b>7. \u8ffd\u96a8\u300c\u5ba2\u6236\u50f9\u503c\u300d\uff0c\u800c\u975e\u8ca1\u5831\u6578\u5b57 (Follow the Value Prop, Not the Money)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u5982\u679c\u7522\u54c1\u771f\u7684\u5e6b\u7528\u6236\u7701\u4e86\u9322\u3001\u7701\u4e86\u6642\u9593\u6216\u5e36\u4f86\u5feb\u6a02\uff08\u4f8b\u5982 Netflix \u63d0\u4f9b\u7684\u6027\u50f9\u6bd4\uff09\uff0c\u9322\u81ea\u7136\u6703\u96a8\u4e4b\u800c\u4f86\u3002<\/span><\/p>\n<h2><b>8. \u7ba1\u7406\u5c64\u6700\u91cd\u8981\u00a0\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u89c0\u5bdf CEO \u662f\u5426\u5177\u5099\u9858\u666f\u3001\u6280\u8853\u80cc\u666f\u4ee5\u53ca\u5c0d\u7522\u54c1\u7684\u71b1\u60c5\u3002\u5275\u8fa6\u4eba\u9818\u5c0e\u7684\u516c\u53f8\u901a\u5e38\u6bd4\u8077\u696d\u7d93\u7406\u4eba\u9818\u5c0e\u7684\u516c\u53f8\u66f4\u6709\u5275\u65b0\u52d5\u529b\u3002<\/span><\/p>\n<h2><b>9. \u4f30\u503c\u662f\u300c\u85dd\u8853\u300d\u800c\u975e\u300c\u79d1\u5b78\u300d (Valuation Is in the Eye of the Tech Stockholder)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u79d1\u6280\u80a1\u5f88\u96e3\u7528\u50b3\u7d71\u7684 P\/E (\u672c\u76ca\u6bd4) \u4f86\u8861\u91cf\u3002\u4ed6\u5efa\u8b70\u4f7f\u7528 <\/span><b>P\/S (\u80a1\u50f9\u71df\u6536\u6bd4)<\/b><span style=\"font-weight: 400;\"> \u6216 <\/span><b>EV\/EBITDA<\/b><span style=\"font-weight: 400;\">\uff0c\u4e26\u7d50\u5408\u6210\u9577\u7387\u4f86\u5224\u65b7\u4f30\u503c\u662f\u5426\u5408\u7406\uff08\u4f8b\u5982\uff1aP\/E \u4f4e\u65bc\u5176\u6210\u9577\u7387\uff09\u3002<\/span><\/p>\n<h2><b>10. \u5c0b\u627e\u300c\u812b\u81fc\u300d\u7684\u9ad8\u54c1\u8cea\u80a1 (Hunt for DHQs\u2014Dislocated High-Quality Stocks)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u9019\u662f\u5168\u66f8\u6700\u7cbe\u83ef\u7684\u5be6\u6230\u5efa\u8b70\u3002<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>DHQ \u5b9a\u7fa9\uff1a<\/b><span style=\"font-weight: 400;\"> \u7576\u4e00\u5bb6\u57fa\u672c\u9762\uff08\u71df\u6536\u6210\u9577\u3001\u5e02\u5834\u5730\u4f4d\u3001\u5275\u65b0\u80fd\u529b\uff09\u4f9d\u7136\u5f37\u52c1\u7684\u516c\u53f8\uff0c\u56e0\u70ba\u5e02\u5834\u60c5\u7dd2\u3001\u7e3d\u7d93\u56e0\u7d20\u6216\u66ab\u6642\u6027\u7684\u96dc\u8a0a\u5c0e\u81f4\u80a1\u50f9<\/span><b>\u5f9e\u9ad8\u9ede\u56de\u843d 20-30%<\/b><span style=\"font-weight: 400;\"> \u6642\uff0c\u5c31\u662f\u6700\u597d\u7684\u8cb7\u9ede\u3002<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Mark Mahaney \u7684\u6838\u5fc3\u54f2\u5b78\u662f\uff1a<\/span><b>\u300c\u5728\u4e0d\u78ba\u5b9a\u7684\u79d1\u6280\u4e16\u754c\u4e2d\uff0c\u5c0b\u627e\u5177\u6709\u5927\u898f\u6a21 TAM\u3001\u5f37\u5927\u7522\u54c1\u5275\u65b0\u529b\u3001\u4e14\u71df\u6536\u6301\u7e8c\u589e\u9577\u7684\u9818\u982d\u7f8a\uff0c\u4e26\u5728\u5e02\u5834\u6050\u614c\u5c0e\u81f4\u7684\u80a1\u50f9\u300e\u812b\u81fc\u300f\u6642\u5927\u81bd\u8cb7\u5165\u3002\u300d<\/b><\/p>\n<p>&nbsp;<\/p>\n<p>\u6211\u8acbGemini\u91dd\u5c0d\u4e0a\u8ff0\u7684\u6d1e\u898b\uff0c\u5e6b\u6211\u5236\u5b9a\u7f8e\u80a1\u7684\u9078\u80a1\u8173\u672c\uff0c\u5b83\u7684\u56de\u7b54\u5982\u4e0b<\/p>\n<p data-path-to-node=\"0\">\u8981\u5c07 Mark Mahaney \u7684\u300c\u79d1\u6280\u80a1\u6295\u8cc7\u5341\u8aa1\u300d\u8f49\u5316\u70ba XScript \u7a0b\u5f0f\u78bc\uff0c\u6211\u5011\u9700\u8981\u5c07\u611f\u6027\u7684\u6295\u8cc7\u6d1e\u898b\u91cf\u5316\u70ba\u7406\u6027\u7684\u7be9\u9078\u689d\u4ef6\u3002<\/p>\n<p data-path-to-node=\"1\">\u4ee5\u4e0b\u70ba\u60a8\u958b\u767c\u5169\u7d44\u6838\u5fc3\u8173\u672c\uff1a\u4e00\u7d44\u91dd\u5c0d <b data-path-to-node=\"1\" data-index-in-node=\"18\">\u300c\u71df\u6536\u9ad8\u6210\u9577\u6027\u300d<\/b>\uff0c\u53e6\u4e00\u7d44\u91dd\u5c0d <b data-path-to-node=\"1\" data-index-in-node=\"33\">\u300cDHQ\uff08\u9ad8\u54c1\u8cea\u812b\u81fc\u80a1\uff09\u300d<\/b>\u3002<\/p>\n<hr data-path-to-node=\"2\" \/>\n<h3 data-path-to-node=\"3\">1. \u71df\u6536\u6301\u7e8c\u9ad8\u6210\u9577\u7be9\u9078 (Revenue Persistence Screen)<\/h3>\n<p data-path-to-node=\"4\"><b data-path-to-node=\"4\" data-index-in-node=\"0\">\u908f\u8f2f\u57fa\u790e\uff1a<\/b> Mahaney \u5f37\u8abf\u71df\u6536\u6210\u9577\u6bd4\u76c8\u9918\u66f4\u91cd\u8981\uff0c\u7406\u60f3\u6a19\u7684\u61c9\u5177\u5099\u9023\u7e8c 4-6 \u5b63 20% \u4ee5\u4e0a\u7684\u589e\u9577\u3002<\/p>\n<div class=\"code-block-decoration header-formatted gds-title-s ng-tns-c3121828532-36 ng-star-inserted\">\n<pre class=\"brush:xs\">\/\/ \u8173\u672c\u540d\u7a31\uff1a\u71df\u6536\u9ad8\u901f\u589e\u9577\u6301\u4e45\u8cfd\r\n\/\/ \u9069\u7528\u5c0d\u8c61\uff1a\u5c0b\u627e\u8655\u65bc\u64f4\u5f35\u671f\u7684\u79d1\u6280\u9818\u982d\u7f8a\r\n\r\ninput: RevGrowthLimit(20, \"\u71df\u6536\u5e74\u589e\u7387\u9580\u6abb(%)\");\r\ninput: Quarters(4, \"\u6301\u7e8c\u5b63\u5ea6\u6578\");\r\n\r\n\/\/ \u6aa2\u67e5\u904e\u53bb N \u5b63\u7684\u55ae\u5b63\u71df\u6536\u5e74\u589e\u7387\u662f\u5426\u90fd\u9054\u6a19\r\nvariable: i(0), isPersistent(true);\r\n\r\nisPersistent = true;\r\nfor i = 0 to Quarters - 1 begin\r\nif GetField(\"\u71df\u6536\u5e74\u589e\u7387\", \"Q\")[i] &lt; RevGrowthLimit then\r\nisPersistent = false;\r\nend;\r\n\r\n\/\/ \u52a0\u4e0a\u6210\u4ea4\u91cf\u904e\u6ffe\uff0c\u78ba\u4fdd\u6d41\u52d5\u6027\r\nif isPersistent and V &gt; 500 then ret = 1;\r\n\r\noutputfield(1, GetField(\"\u71df\u6536\u5e74\u589e\u7387\", \"Q\"), 2, \"\u6700\u65b0\u4e00\u5b63\u71df\u6536\u5e74\u589e\u7387\");\r\noutputfield(2, GetField(\"\u71df\u696d\u5229\u76ca\u7387\", \"Q\"), 2, \"\u6700\u65b0\u4e00\u5b63\u71df\u76ca\u7387\");\r\n\r\n\r\n<\/pre>\n<\/div>\n<h2 data-path-to-node=\"16,0,0\"><\/h2>\n<h3 data-path-to-node=\"7\">2. DHQ \u5c0b\u627e\u9ad8\u54c1\u8cea\u300c\u812b\u81fc\u300d\u80a1 (Dislocated High-Quality Hunter)<\/h3>\n<p data-path-to-node=\"8\"><b data-path-to-node=\"8\" data-index-in-node=\"0\">\u908f\u8f2f\u57fa\u790e\uff1a<\/b> \u7576\u9ad8\u54c1\u8cea\u516c\u53f8\uff08\u9ad8\u6210\u9577\u3001\u6709\u7372\u5229\u80fd\u529b\uff09\u56e0\u70ba\u5e02\u5834\u56e0\u7d20\u5c0e\u81f4\u80a1\u50f9\u5f9e\u9ad8\u9ede\u56de\u843d 20-30% \u6642\uff0c\u662f\u6700\u597d\u7684\u9032\u5834\u9ede\u3002<\/p>\n<pre class=\"brush:xs\">\/\/ \u8173\u672c\u540d\u7a31\uff1aDHQ \u9ad8\u54c1\u8cea\u812b\u81fc\u80a1\u7be9\u9078\r\n\/\/ \u908f\u8f2f\uff1a\u57fa\u672c\u9762\u5f37\u52c1 + \u80a1\u50f9\u8fd1\u671f\u5927\u5e45\u56de\u6a94\r\n\r\ninput: DropFromHigh(20, \"\u56de\u6a94\u5e45\u5ea6\u9580\u6abb(%)\");\r\ninput: GrowthThreshold(20, \"\u57fa\u672c\u9762\u71df\u6536\u589e\u9577\u9580\u6abb(%)\");\r\ninput: LookbackPeriod(240, \"\u56de\u6eaf\u6700\u9ad8\u50f9\u7684\u5929\u6578(\u7d04\u4e00\u5e74)\");\r\n\r\n\/\/ 1. \u8a08\u7b97\u80a1\u50f9\u662f\u5426\u300c\u812b\u81fc\u300d (Dislocated)\r\nvariable: highPrice(0);\r\nhighPrice = Highest(GetField(\"\u6700\u9ad8\u50f9\", \"D\"), LookbackPeriod);\r\n\r\ncondition1 = Close &lt; highPrice * (1 - DropFromHigh \/ 100);\r\n\r\n\/\/ 2. \u5224\u65b7\u662f\u5426\u70ba\u300c\u9ad8\u54c1\u8cea\u300d (High-Quality)\r\n\/\/ \u71df\u6536\u5e74\u589e\u7387\u9ad8 \u4e14 \u71df\u696d\u5229\u76ca\u7387\u70ba\u6b63 (\u4ee3\u8868\u6709\u5be6\u8cea\u7372\u5229\u80fd\u529b\uff0c\u975e\u7d14\u71d2\u9322)\r\ncondition2 = GetField(\"\u71df\u6536\u5e74\u589e\u7387\", \"Q\") &gt;= GrowthThreshold;\r\ncondition3 = GetField(\"\u71df\u696d\u5229\u76ca\u7387\", \"Q\") &gt; 0;\r\n\r\n\/\/ 3. \u6392\u9664\u8da8\u52e2\u5fb9\u5e95\u8f49\u58de\u7684\u60c5\u6cc1 (\u4f8b\u5982\u8dcc\u7834\u5e74\u7dda\u592a\u9060\u53ef\u80fd\u57fa\u672c\u9762\u51fa\u5927\u4e8b)\r\n\/\/ \u6211\u5011\u5c0b\u627e\u7684\u662f\u300c\u812b\u81fc\u300d\u800c\u975e\u300c\u9aa8\u6298\u300d\uff0c\u52a0\u5165\u79fb\u52d5\u5e73\u5747\u7dda\u53c3\u8003\r\ncondition4 = Close &gt; Average(Close, 240) * 0.85;\r\n\r\nif condition1 and condition2 and condition3 and condition4 then ret = 1;\r\n\r\noutputfield(1, (Close\/highPrice - 1) * 100, 2, \"\u8f03\u4e00\u5e74\u9ad8\u9ede\u8dcc\u5e45%\");\r\noutputfield(2, GetField(\"\u71df\u6536\u5e74\u589e\u7387\", \"Q\"), 2, \"\u71df\u6536\u5e74\u589e\u7387\");<\/pre>\n<p>&nbsp;<\/p>\n<h2 data-path-to-node=\"16,0,0\"><\/h2>\n<h2 data-path-to-node=\"16,0,0\"><\/h2>\n<h3><b>3. \u79d1\u6280\u80a1\u4f30\u503c\u5e73\u8861\u7be9\u9078 (EV\/Revenue vs. Growth)<\/b><\/h3>\n<p><b>\u908f\u8f2f\u57fa\u790e\uff1a<\/b><span style=\"font-weight: 400;\"> Mahaney \u5efa\u8b70\u4f7f\u7528 P\/S \u6216 EV\/Revenue\u3002\u6211\u5011\u53ef\u4ee5\u7be9\u9078\u300c\u6210\u9577\u6027\u9ad8\u65bc\u4f30\u503c\u500d\u6578\u300d\u7684\u6a19\u7684\uff08\u985e\u4f3c\u79d1\u6280\u80a1\u7684 PEG \u6982\u5ff5\uff09\u3002<\/span><\/p>\n<pre class=\"brush:xs\">\/\/ \u8173\u672c\u540d\u7a31\uff1a\u79d1\u6280\u80a1\u6027\u50f9\u6bd4\u7be9\u9078\r\n\/\/ \u908f\u8f2f\uff1a\u71df\u6536\u5e74\u589e\u7387 \/ \u80a1\u50f9\u71df\u6536\u6bd4 (PSR) &gt; \u9580\u6abb\r\n\r\ninput: PSR_Limit(10, \"\u80a1\u50f9\u71df\u6536\u6bd4\u4e0a\u9650\");\r\ninput: RatioThreshold(2, \"\u71df\u6536\u6210\u9577\u5c0d\u6bd4PSR\u7684\u500d\u6578\");\r\n\r\nvariable: psr(0), revGrowth(0);\r\n\r\npsr = GetField(\"\u80a1\u50f9\u71df\u6536\u6bd4\", \"D\");\r\nrevGrowth = GetField(\"\u71df\u6536\u5e74\u589e\u7387\", \"Q\");\r\n\r\n\/\/ \u78ba\u4fdd\u71df\u6536\u589e\u9577\u662f PSR \u7684 N \u500d\u4ee5\u4e0a (\u4f8b\u5982\u6210\u9577 30%\uff0cPSR \u53ea\u6709 5\uff0c\u6bd4\u4f8b\u70ba 6)\r\nif psr &lt; PSR_Limit and psr &gt; 0 then begin\r\nif (revGrowth \/ psr) &gt; RatioThreshold then ret = 1;\r\nend;\r\n\r\noutputfield(1, psr, 2, \"PSR\");\r\noutputfield(2, revGrowth, 2, \"\u71df\u6536\u5e74\u589e\u7387\");\r\noutputfield(3, revGrowth \/ psr, 2, \"\u6027\u50f9\u6bd4\u8a55\u5206\");\r\n\r\n\r\n<\/pre>\n<h2 data-path-to-node=\"16,0,0\"><\/h2>\n<p>&nbsp;<\/p>\n<h2 data-path-to-node=\"16,0,0\"><span style=\"white-space: pre;\" data-path-to-node=\"16,0,0\" data-index-in-node=\"0\"><span style=\"font-family: Consolas, Monaco, monospace;\">\u88dc\u5145\u8aaa\u660e<\/span><\/span><\/h2>\n<ol>\n<li data-path-to-node=\"16,0,0\"><b data-path-to-node=\"16,0,0\" data-index-in-node=\"0\">\u5c0d\u7f8e\u80a1\uff1a<\/b> \u7531\u65bc Mark Mahaney \u4e3b\u8981\u5206\u6790\u5c0d\u8c61\u662f\u7f8e\u80a1\uff0c\u82e5\u60a8\u5728 XQ \u4e2d\u4f7f\u7528\u9019\u4e9b\u8173\u672c\uff0c\u5efa\u8b70\u76f4\u63a5\u61c9\u7528\u5728 <b data-path-to-node=\"16,0,0\" data-index-in-node=\"55\">\u300c\u7f8e\u80a1\u6e05\u55ae\u300d<\/b> \u6a19\u7684\u3002<\/li>\n<li>\n<p data-path-to-node=\"16,1,0\"><b data-path-to-node=\"16,1,0\" data-index-in-node=\"0\">\u7522\u696d\u904e\u6ffe\uff1a<\/b> \u5efa\u8b70\u5728\u9078\u80a1\u4e2d\u5fc3\u5148\u52fe\u9078 <b data-path-to-node=\"16,1,0\" data-index-in-node=\"17\">\u300c\u8edf\u9ad4\u670d\u52d9\u300d<\/b>\u3001<b data-path-to-node=\"16,1,0\" data-index-in-node=\"24\">\u300c\u534a\u5c0e\u9ad4\u300d<\/b> \u6216 <b data-path-to-node=\"16,1,0\" data-index-in-node=\"32\">\u300c\u7db2\u8def\u901a\u4fe1\u300d<\/b>\uff0c\u56e0\u70ba\u9019\u4e9b\u908f\u8f2f\uff08\u5c24\u5176\u662f\u71df\u6536\u9ad8\u65bc\u76c8\u9918\uff09\u5728\u50b3\u7522\u6216\u91d1\u878d\u80a1\u4e26\u4e0d\u9069\u7528\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"16,2,0\"><b data-path-to-node=\"16,2,0\" data-index-in-node=\"0\">\u8cea\u5316\u89c0\u5bdf\uff1a<\/b> XScript \u96d6\u7136\u80fd\u7be9\u9078\u51fa\u300c\u812b\u81fc\u80a1\u300d\uff0c\u4f46 Mahaney \u5f37\u8abf\u7684 <b data-path-to-node=\"16,2,0\" data-index-in-node=\"40\">\u300c\u7ba1\u7406\u5c64\u300d<\/b> \u8207 <b data-path-to-node=\"16,2,0\" data-index-in-node=\"48\">\u300c\u7522\u54c1\u5275\u65b0\u300d<\/b> \u4ecd\u9700\u7d50\u5408\u60a8\u5e73\u53f0\u4e0a\u7684\u65b0\u805e\u8207\u7522\u696d\u5831\u544a\u4f86\u505a\u6700\u5f8c\u5b9a\u596a\u3002<\/p>\n<\/li>\n<\/ol>\n<p>\u4ee5\u4e0a\u90fd\u662fGemini\u7d66\u7684\u6587\u5b57\uff0c\u6211\u4e00\u500b\u5b57\u90fd\u6c92\u6709\u4fee\u6539\uff0c\u6709\u60f3\u6cd5\u5f8c\u900f\u904eAI\u628a\u60f3\u6cd5\u8b8a\u6210XS\u7684\u8173\u672c\uff0c \u4f3c\u4e4e\u6108\u4f86\u6108\u53ef\u884c\uff0c\u6709\u8208\u8da3\u7684\u670b\u53cb\u53ef\u4ee5\u4e00\u8a66\u3002<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u9019\u5169\u5e74\uff0c\u5927\u5bb6\u6ce8\u610f\u529b\u5e38\u805a\u7126\u5728\u50cfNvdia\u9019\u985e\u7684\u5927\u578b\u79d1\u6280\u80a1\uff0c\u8981\u600e\u9ebc\u6295\u8cc7\u9019\u985e\u7684\u80a1\u7968\u5462? \u524d\u5169\u5e74\u6709\u770b\u904e\u4e00\u672c\u66f8\uff0c\u662f\u7f8e\u570b\u4e00\u4f4d\u9577\u671f\u7814\u7a76\u7db2\u8def\u80a1\u7684\u5206\u6790\u5e2b\u5beb\u7684\uff0c\u4ed6\u7684\u7d50\u8ad6\u662f\u300c\u5728\u4e0d\u78ba\u5b9a\u7684\u79d1\u6280\u4e16\u754c\u4e2d\uff0c\u5c0b\u627e\u5177\u6709\u5927\u898f\u6a21\u6f5b\u5728\u5e02\u5834\u3001\u5f37\u5927\u7522\u54c1\u5275\u65b0\u529b\u3001\u4e14\u71df\u6536\u6301\u7e8c\u589e\u9577\u7684\u9818\u982d\u7f8a\uff0c\u4e26\u5728\u5e02\u5834\u6050\u614c\u5c0e\u81f4\u7684\u80a1\u50f9\u300e\u812b\u81fc\u300f\u6642\u5927\u81bd\u8cb7\u5165\u3002 \u6211\u89ba\u5f97\u9019\u6bb5\u7d50\u8ad6\uff0c\u53ef\u2026 <span class=\"read-more\"><a href=\"https:\/\/www.xq.com.tw\/xstrader\/%e7%b2%be%e6%ba%96%e9%81%b8%e8%82%a1%e9%80%99%e6%9c%ac%e6%9b%b8%e7%9a%84%e8%ae%80%e6%9b%b8%e5%bf%83%e5%be%97\/\">\u95b1\u8b80\u66f4\u591a &raquo;<\/a><\/span><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-24653","post","type-post","status-publish","format-standard","hentry","category-9"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>\u7cbe\u6e96\u9078\u80a1\u9019\u672c\u66f8\u7684\u8b80\u66f8\u5fc3\u5f97 - XQ\u5b98\u65b9\u90e8\u843d\u683c<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xq.com.tw\/xstrader\/\u7cbe\u6e96\u9078\u80a1\u9019\u672c\u66f8\u7684\u8b80\u66f8\u5fc3\u5f97\/\" \/>\r\n<meta property=\"og:locale\" content=\"zh_TW\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"\u7cbe\u6e96\u9078\u80a1\u9019\u672c\u66f8\u7684\u8b80\u66f8\u5fc3\u5f97 - XQ\u5b98\u65b9\u90e8\u843d\u683c\" \/>\r\n<meta property=\"og:description\" content=\"\u9019\u5169\u5e74\uff0c\u5927\u5bb6\u6ce8\u610f\u529b\u5e38\u805a\u7126\u5728\u50cfNvdia\u9019\u985e\u7684\u5927\u578b\u79d1\u6280\u80a1\uff0c\u8981\u600e\u9ebc\u6295\u8cc7\u9019\u985e\u7684\u80a1\u7968\u5462? \u524d\u5169\u5e74\u6709\u770b\u904e\u4e00\u672c\u66f8\uff0c\u662f\u7f8e\u570b\u4e00\u4f4d\u9577\u671f\u7814\u7a76\u7db2\u8def\u80a1\u7684\u5206\u6790\u5e2b\u5beb\u7684\uff0c\u4ed6\u7684\u7d50\u8ad6\u662f\u300c\u5728\u4e0d\u78ba\u5b9a\u7684\u79d1\u6280\u4e16\u754c\u4e2d\uff0c\u5c0b\u627e\u5177\u6709\u5927\u898f\u6a21\u6f5b\u5728\u5e02\u5834\u3001\u5f37\u5927\u7522\u54c1\u5275\u65b0\u529b\u3001\u4e14\u71df\u6536\u6301\u7e8c\u589e\u9577\u7684\u9818\u982d\u7f8a\uff0c\u4e26\u5728\u5e02\u5834\u6050\u614c\u5c0e\u81f4\u7684\u80a1\u50f9\u300e\u812b\u81fc\u300f\u6642\u5927\u81bd\u8cb7\u5165\u3002 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