{"id":25182,"date":"2026-03-13T05:15:56","date_gmt":"2026-03-12T21:15:56","guid":{"rendered":"https:\/\/www.xq.com.tw\/xstrader\/?p=25182"},"modified":"2026-03-13T05:15:56","modified_gmt":"2026-03-12T21:15:56","slug":"%e5%be%b7%e6%87%b7%e7%89%b9%c2%b7%e5%ae%89%e5%be%b7%e6%a3%ae%e6%99%af%e6%b0%a3%e5%be%aa%e7%92%b0%e8%82%a1%e4%b9%8b%e7%8e%8b","status":"publish","type":"post","link":"https:\/\/www.xq.com.tw\/xstrader\/%e5%be%b7%e6%87%b7%e7%89%b9%c2%b7%e5%ae%89%e5%be%b7%e6%a3%ae%e6%99%af%e6%b0%a3%e5%be%aa%e7%92%b0%e8%82%a1%e4%b9%8b%e7%8e%8b\/","title":{"rendered":"\u5fb7\u61f7\u7279\u00b7\u5b89\u5fb7\u68ee~\u666f\u6c23\u5faa\u74b0\u80a1\u4e4b\u738b"},"content":{"rendered":"<h2 data-path-to-node=\"1\">\u5fb7\u61f7\u7279\u00b7\u5b89\u5fb7\u68ee\uff08Dwight W. Anderson\uff09\u7c21\u4ecb<\/h2>\n<p id=\"p-rc_be3e3ceb5732ce82-19\" data-path-to-node=\"2\"><span data-path-to-node=\"2,1\"><span class=\"citation-67\">\u5fb7\u61f7\u7279\u00b7\u5b89\u5fb7\u68ee\u662f\u4e00\u4f4d\u7f8e\u570b\u8cc7\u6df1\u7684\u907f\u96aa\u57fa\u91d1\u7d93\u7406\u4eba\uff0c\u4ee5\u5c0d\u57fa\u790e\u5de5\u696d\u3001\u5927\u5b97\u5546\u54c1\u8207\u8fb2\u696d\u9818\u57df\u7684\u6df1\u539a\u7814\u7a76\u800c\u805e\u540d <\/span><\/span><span data-path-to-node=\"2,4\"><span class=\"citation-66\">\u3002\u4ed6\u76ee\u524d\u64d4\u4efb Ospraie Management, LLC \u7684\u5275\u8fa6\u4eba\u66a8\u57f7\u884c\u9577 <\/span><\/span><span data-path-to-node=\"2,7\"><span class=\"citation-65\">\u3002\u5b89\u5fb7\u68ee\u64c1\u6709\u666e\u6797\u65af\u9813\u5927\u5b78\u6b77\u53f2\u5b78\u5b78\u58eb\u5b78\u4f4d\uff0c\u96a8\u5f8c\u53d6\u5f97\u4e86\u5317\u5361\u7f85\u4f86\u7d0d\u5927\u5b78\u6559\u5802\u5c71\u5206\u6821\u7684\u5de5\u5546\u7ba1\u7406\u78a9\u58eb\uff08MBA\uff09\u5b78\u4f4d <\/span><\/span><span data-path-to-node=\"2,10\"><span class=\"citation-64\">\u3002\u4ed6\u7684\u8077\u6daf\u8d77\u9ede\u6975\u5177\u50b3\u5947\u8272\u5f69\uff0c\u66fe\u5728\u6731\u5229\u5b89\u00b7\u7f85\u4f2f\u905c\u7684\u300c\u8001\u864e\u7ba1\u7406\u300d\u64d4\u4efb\u57fa\u790e\u5de5\u696d\u8207\u539f\u7269\u6599\u6295\u8cc7\u5c0f\u7d44\u8ca0\u8cac\u4eba\uff0c\u662f\u696d\u754c\u8457\u540d\u7684\u300c\u8001\u864e\u5b50\u5f1f\u5175\u300d\u4e4b\u4e00 <\/span><\/span><span data-path-to-node=\"2,13\"><span class=\"citation-63\">\u3002\u96e2\u958b\u8001\u864e\u7ba1\u7406\u5f8c\uff0c\u4ed6\u52a0\u5165\u4e86\u53e6\u4e00\u4f4d\u5b8f\u89c0\u5927\u5e2b\u4fdd\u7f85\u00b7\u5716\u591a\u00b7\u74ca\u65af\u7684\u5716\u591a\u6295\u8cc7\u516c\u53f8\uff0c\u64d4\u4efb\u8463\u4e8b\u7e3d\u7d93\u7406\u4e26\u9818\u5c0e\u57fa\u790e\u5de5\u696d\u5718\u968a <\/span><\/span><span data-path-to-node=\"2,15\">\u3002<\/span><\/p>\n<div class=\"source-inline-chip-container ng-star-inserted\"><\/div>\n<p>&nbsp;<\/p>\n<h2 data-path-to-node=\"3\">\u6295\u8cc7\u6210\u7e3e<\/h2>\n<p id=\"p-rc_be3e3ceb5732ce82-20\" data-path-to-node=\"4\"><span data-path-to-node=\"4,1\"><span class=\"citation-62\">\u5b89\u5fb7\u68ee\u5728\u5716\u591a\u6295\u8cc7\u7684\u652f\u6301\u4e0b\uff0c\u65bc 1999 \u5e74\u6b63\u5f0f\u5275\u7acb\u4e86 Ospraie Management <\/span><\/span><span data-path-to-node=\"4,4\"><span class=\"citation-61\">\u3002\u6191\u85c9\u8457\u5c0d\u5b8f\u89c0\u7d93\u6fdf\u8207\u539f\u7269\u6599\u9031\u671f\u7684\u654f\u92b3\u55c5\u89ba\uff0c\u4ed6\u6210\u529f\u6355\u6349\u5230\u4e86 2000 \u5e74\u4ee3\u521d\u671f\u7684\u5168\u7403\u5927\u5b97\u5546\u54c1\u8d85\u7d1a\u5faa\u74b0 <\/span><\/span><span data-path-to-node=\"4,7\"><span class=\"citation-60\">\u3002\u96a8\u8457\u539f\u7269\u6599\u5e02\u5834\u7684\u7206\u767c\uff0cOspraie \u7684\u7ba1\u7406\u898f\u6a21\u8fc5\u901f\u64f4\u5f35\uff0c\u5728 2008 \u5e74\u7684\u5dd4\u5cf0\u6642\u671f\uff0c\u8a72\u57fa\u91d1\u7ba1\u7406\u4e86\u8d85\u904e 90 \u5104\u7f8e\u5143\u7684\u8cc7\u7522 <\/span><\/span><span data-path-to-node=\"4,10\"><span class=\"citation-59\">\u3002\u9019\u9805\u9a5a\u4eba\u7684\u6210\u7e3e\uff0c\u4f7f Ospraie \u6210\u70ba\u7576\u6642\u5168\u7403\u898f\u6a21\u6700\u5927\u7684\u539f\u7269\u6599\u907f\u96aa\u57fa\u91d1\u4e4b\u4e00\uff0c\u4e5f\u78ba\u7acb\u4e86\u5b89\u5fb7\u68ee\u5728\u539f\u7269\u6599\u6295\u8cc7\u9818\u57df\u7684\u5927\u795e\u5730\u4f4d <\/span><\/span><span data-path-to-node=\"4,12\">\u3002<\/span><\/p>\n<div class=\"source-inline-chip-container ng-star-inserted\"><\/div>\n<p>&nbsp;<\/p>\n<h2 data-path-to-node=\"5\">\u6838\u5fc3\u6295\u8cc7\u908f\u8f2f\u8207\u7b56\u7565<\/h2>\n<p id=\"p-rc_be3e3ceb5732ce82-21\" data-path-to-node=\"6\"><span data-path-to-node=\"6,1\"><span class=\"citation-58\">\u5b89\u5fb7\u68ee\u7684\u6295\u8cc7\u908f\u8f2f\u6df1\u53d7\u300c\u8001\u864e\u7ba1\u7406\u300d\u7684\u5f71\u97ff\uff0c\u5f37\u8abf\u7531\u5b8f\u89c0\u4f9b\u9700\u5931\u8861\u9a45\u52d5\u7684\u300c\u4e3b\u984c\u5f0f\u300d\u6295\u8cc7\uff0c\u4e26\u56b4\u683c\u642d\u914d\u5fae\u89c0\u7684\u4f01\u696d\u57fa\u672c\u9762\u5206\u6790 <\/span><\/span><span data-path-to-node=\"6,3\">\u3002\u4ed6\u7684\u7b56\u7565\u53ef\u4ee5\u62c6\u89e3\u70ba\u4ee5\u4e0b\u5e7e\u500b\u6838\u5fc3\u7dad\u5ea6\uff1a<\/span><\/p>\n<p id=\"p-rc_be3e3ceb5732ce82-22\" data-path-to-node=\"7,0,1\"><span data-path-to-node=\"7,0,1,0\"><b data-path-to-node=\"7,0,1,0\" data-index-in-node=\"0\"><span class=\"citation-57\">\u8cc7\u672c\u9031\u671f\u8207\u4f9b\u61c9\u9762\u9650\u5236<\/span><\/b><span class=\"citation-57\">\uff1a\u4ed6\u504f\u597d\u5c0b\u627e\u904e\u53bb 3 \u5230 5 \u5e74\u8cc7\u672c\u652f\u51fa\u5448\u73fe\u4e0b\u964d\u8da8\u52e2\u7684\u7522\u696d\uff08\u5982\u63a1\u7926\u3001\u80fd\u6e90\uff09 <\/span><\/span><span data-path-to-node=\"7,0,1,3\"><span class=\"citation-56\">\u3002\u7576\u7522\u696d\u7684\u7e3d\u8cc7\u672c\u652f\u51fa\u5e74\u589e\u7387\u5c0f\u65bc 0% \u6301\u7e8c\u5169\u5e74\u4ee5\u4e0a\uff0c\u6216\u662f\u4f01\u696d\u7684\u8cc7\u672c\u652f\u51fa\u5c0f\u65bc\u6298\u820a\u6642\uff0c\u4ee3\u8868\u7522\u696d\u6295\u8cc7\u4e0d\u8db3\uff0c\u9019\u6700\u7d42\u5c07\u5c0e\u81f4\u4f9b\u61c9\u77ed\u7f3a\u4e26\u63a8\u5347\u5546\u54c1\u50f9\u683c <\/span><\/span><span data-path-to-node=\"7,0,1,5\">\u3002<\/span><\/p>\n<p id=\"p-rc_be3e3ceb5732ce82-23\" data-path-to-node=\"7,1,1\"><span data-path-to-node=\"7,1,1,0\"><b data-path-to-node=\"7,1,1,0\" data-index-in-node=\"0\"><span class=\"citation-55\">\u5927\u5b97\u5546\u54c1\u50f9\u683c\u52d5\u80fd\u78ba\u8a8d<\/span><\/b><span class=\"citation-55\">\uff1a\u70ba\u4e86\u907f\u514d\u8cb7\u5165\u300c\u50f9\u503c\u9677\u9631\u300d\uff0c\u76ee\u6a19\u500b\u80a1\u5e95\u5c64\u5c0d\u61c9\u7684\u5927\u5b97\u5546\u54c1\u671f\u8ca8\u50f9\u683c\u5fc5\u9808\u8655\u65bc\u4e0a\u5347\u8da8\u52e2\uff0c\u4f8b\u5982\u50f9\u683c\u7ad9\u4e0a 200 \u65e5\u79fb\u52d5\u5e73\u5747\u7dda\uff0c\u6216 12 \u500b\u6708\u52d5\u80fd\u5927\u65bc 0 <\/span><\/span><span data-path-to-node=\"7,1,1,2\">\u3002<\/span><\/p>\n<p id=\"p-rc_be3e3ceb5732ce82-24\" data-path-to-node=\"7,2,1\"><span data-path-to-node=\"7,2,1,0\"><b data-path-to-node=\"7,2,1,0\" data-index-in-node=\"0\"><span class=\"citation-54\">\u5eab\u5b58\u8207\u5fae\u89c0\u57fa\u672c\u9762\u7be9\u9078<\/span><\/b><span class=\"citation-54\">\uff1a\u5728\u5b8f\u89c0\u4e0a\u770b\u597d\u5168\u7403\u5eab\u5b58\u6d88\u8cbb\u6bd4\u4f4e\u65bc\u6b77\u53f2\u5e73\u5747\u7684\u5546\u54c1 <\/span><\/span><span data-path-to-node=\"7,2,1,3\"><span class=\"citation-53\">\u3002\u5728\u5fae\u89c0\u9078\u80a1\u4e0a\uff0c\u53ea\u6311\u9078\u73fe\u91d1\u6210\u672c\u4f4d\u65bc\u7522\u696d\u524d 25%\u3001EV\/EBITDA \u4f4e\u65bc\u7522\u696d\u4e2d\u4f4d\u6578\uff0c\u4e14\u8ca0\u50b5\u6b0a\u76ca\u6bd4\u4f4e\u65bc\u7522\u696d\u5e73\u5747\u7684\u516c\u53f8\uff0c\u78ba\u4fdd\u4f01\u696d\u8ca1\u52d9\u9ad4\u8cea\u80fd\u6490\u904e\u9031\u671f\u5e95\u90e8 <\/span><\/span><span data-path-to-node=\"7,2,1,5\">\u3002<\/span><\/p>\n<p id=\"p-rc_be3e3ceb5732ce82-25\" data-path-to-node=\"7,3,1\"><span data-path-to-node=\"7,3,1,0\"><b data-path-to-node=\"7,3,1,0\" data-index-in-node=\"0\"><span class=\"citation-52\">\u56b4\u683c\u7684\u51fa\u5834\u8207\u98a8\u96aa\u7ba1\u7406<\/span><\/b><span class=\"citation-52\">\uff1a\u9762\u5c0d\u9ad8\u6ce2\u52d5\u7684\u539f\u7269\u6599\u5e02\u5834\uff0c\u82e5\u5546\u54c1\u50f9\u683c\u8dcc\u7834 200 \u65e5\u5747\u7dda\u4e14\u7dad\u6301 5 \u500b\u4ea4\u6613\u65e5\uff0c\u6216\u671f\u8ca8\u66f2\u7dda\u5f9e\u73fe\u8ca8\u6ea2\u50f9\u8f49\u70ba\u671f\u8ca8\u6ea2\u50f9\uff0c\u5373\u8996\u70ba\u8da8\u52e2\u53cd\u8f49 <\/span><\/span><span data-path-to-node=\"7,3,1,3\"><span class=\"citation-51\">\u3002\u6b64\u5916\uff0c\u55ae\u4e00\u90e8\u4f4d\u82e5\u8667\u640d\u9054 15% \u81f3 20%\uff0c\u6216\u6700\u5927\u56de\u64a4\u8d85\u904e 3 \u500d ATR\uff0c\u4fbf\u6703\u89f8\u767c\u786c\u6027\u505c\u640d <\/span><\/span><span data-path-to-node=\"7,3,1,5\">\u3002<\/span><\/p>\n<p data-path-to-node=\"7,3,1\">\u6211\u7528\u4ed6\u7684\u908f\u8f2f\uff0c\u7c21\u55ae\u7684\u5beb\u4e86\u4e00\u500b\u666f\u6c23\u5faa\u74b0\u80a1\u7684\u7be9\u9078\u8173\u672c<\/p>\n<pre class='brush:xs'>\/\/ \u7b56\u7565\u540d\u7a31\uff1a\u5b89\u5fb7\u68ee\u8cc7\u672c\u9031\u671f\u8207\u57fa\u672c\u9762\u9078\u80a1\u7b56\u7565\r\n\/\/ \u8aaa\u660e\uff1a\u5c08\u70ba XQ \u5e73\u53f0\u8a2d\u8a08\uff0c\u7be9\u9078\u8cc7\u672c\u652f\u51fa\u53d7\u9650\u3001\u8cc7\u7522\u8ca0\u50b5\u8868\u5f37\u5065\u4e14\u5177\u5099\u9577\u7dda\u50f9\u683c\u52d5\u80fd\u7684\u6a19\u7684\u3002\r\n\r\n\/\/ \u689d\u4ef6 1\uff1a\u8cc7\u672c\u9031\u671f\u8207\u4f9b\u61c9\u9762\u9650\u5236 (Capex\/Depreciation &lt; 1.0)\r\n\/\/ \u908f\u8f2f\uff1a\u8cc7\u672c\u652f\u51fa \u6108\u4f86\u6108\u5c0f\uff0c\u4ee3\u8868\u4f01\u696d\u64f4\u7522\u505c\u6eef\uff0c\u9577\u671f\u6709\u52a9\u65bc\u4f9b\u7d66\u6536\u7e2e\r\n\r\nvalue1 = GetField(\"\u8cc7\u672c\u652f\u51fa\u91d1\u984d\", \"Y\");\r\n\r\ncondition1 = GetField(\"\u8cc7\u672c\u652f\u51fa\u91d1\u984d\", \"Y\") &lt;GetField(\"\u8cc7\u672c\u652f\u51fa\u91d1\u984d\", \"Y\")[1]\r\nand GetField(\"\u8cc7\u672c\u652f\u51fa\u91d1\u984d\", \"Y\")[1]&lt;GetField(\"\u8cc7\u672c\u652f\u51fa\u91d1\u984d\", \"Y\")[2];\r\n\r\n\/\/ \u689d\u4ef6 2\uff1a\u5fae\u89c0\u57fa\u672c\u9762\u9632\u79a6\u529b (\u8ca0\u50b5\u6bd4\u7387\u8f03\u4f4e)\r\n\/\/ \u908f\u8f2f\uff1a\u78ba\u4fdd\u516c\u53f8\u8cc7\u7522\u8ca0\u50b5\u8868\u5f37\u5065\uff0c\u80fd\u6490\u904e\u9031\u671f\u5e95\u90e8 (\u6b64\u8655\u4ee5\u8ca0\u50b5\u6bd4\u7387\u5c0f\u65bc\u540c\u696d\u6216\u7d55\u5c0d\u503c 50% \u70ba\u4f8b)\r\nvalue3 = GetField(\"\u8ca0\u50b5\u6bd4\u7387\", \"Q\");\r\ncondition2 = value3 &lt; 50;\r\n\r\n\/\/ \u689d\u4ef6 3\uff1a\u50f9\u683c\u52d5\u80fd\u78ba\u8a8d (\u907f\u514d\u50f9\u503c\u9677\u9631)\r\n\/\/ \u908f\u8f2f\uff1a\u80a1\u50f9\u9700\u7ad9\u4e0a 200 \u65e5\u79fb\u52d5\u5e73\u5747\u7dda\uff0c\u4f5c\u70ba\u5546\u54c1\/\u500b\u80a1\u52d5\u80fd\u8f49\u5f37\u7684\u78ba\u8a8d\u6307\u6a19\r\nvalue4 = Average(Close, 200);\r\ncondition3 = Close &gt; value4;\r\n\r\n\/\/ \u7d9c\u5408\u5224\u65b7\u8207\u9078\u80a1\u8f38\u51fa\r\nif condition1 and condition2 and condition3 then \r\nbegin\r\nret = 1;\r\n\/\/ \u8f38\u51fa\u8f14\u52a9\u8cc7\u8a0a\uff0c\u65b9\u4fbf\u5f8c\u7e8c\u5728\u9078\u80a1\u6230\u60c5\u5ba4\u6216\u5100\u8868\u677f\u4e2d\u9032\u884c\u6392\u5e8f\u8207\u591a\u56e0\u5b50\u6b0a\u91cd\u8a55\u4f30\r\n\r\noutputField1(value3, \"\u8ca0\u50b5\u6bd4\u7387(%)\");\r\nend;<\/pre>\n<p data-path-to-node=\"7,3,1\">\n<p data-path-to-node=\"7,3,1\">\u5efa\u8b70\u5728 XQ \u5e73\u53f0\u57f7\u884c\u6b64\u8173\u672c\u6642\uff0c\u5c07\u9078\u80a1\u7bc4\u570d\u9396\u5b9a\u5728\u300c\u539f\u7269\u6599\u300d\u3001\u300c\u80fd\u6e90\u300d\u6216\u300c\u5851\u5316\u300d\u7b49\u666f\u6c23\u5faa\u74b0\u76f8\u95dc\u7522\u696d\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5fb7\u61f7\u7279\u00b7\u5b89\u5fb7\u68ee\uff08Dwight W. 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