{"id":25327,"date":"2026-04-01T06:45:10","date_gmt":"2026-03-31T22:45:10","guid":{"rendered":"https:\/\/www.xq.com.tw\/xstrader\/?p=25327"},"modified":"2026-04-01T07:07:07","modified_gmt":"2026-03-31T23:07:07","slug":"%e9%ba%a5%e5%85%8b%e6%99%ae%e8%90%8a%e6%96%af","status":"publish","type":"post","link":"https:\/\/www.xq.com.tw\/xstrader\/%e9%ba%a5%e5%85%8b%e6%99%ae%e8%90%8a%e6%96%af\/","title":{"rendered":"\u9ea5\u514b\u666e\u840a\u65af"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">\u9ea5\u514b\u00b7\u666e\u840a\u65af\uff08Michael Price\uff09\u662f\u83ef\u723e\u8857\u6700\u5177\u653b\u64ca\u6027\u3001\u4e5f\u6700\u50b3\u5947\u7684\u50f9\u503c\u6295\u8cc7\u5927\u5e2b\u4e4b\u4e00\u3002 \u4ed6\u5b8c\u7f8e\u793a\u7bc4\u4e86\u5982\u4f55\u5c07\u50b3\u7d71\u7684\u50f9\u503c\u6295\u8cc7\uff0c\u9032\u5316\u70ba\u6975\u5177\u7834\u58de\u529b\u8207\u4e3b\u52d5\u6027\u7684\u7372\u5229\u6b66\u5668\u3002\u4ee5\u4e0b\u70ba\u60a8\u68b3\u7406\u4ed6\u7684\u50b3\u5947\u751f\u5e73\u8207\u6838\u5fc3\u6295\u8cc7\u54f2\u5b78\uff1a<\/span><\/p>\n<h1><b>\u4e00\u3001 \u5728\u6295\u8cc7\u9818\u57df\u7684\u4e3b\u8981\u6210\u5c31<\/b><\/h1>\n<ol>\n<li><b> \u5e2b\u627f\u5927\u5e2b\u4e26\u9752\u51fa\u65bc\u85cd<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">\u666e\u840a\u65af\u7684\u8077\u696d\u751f\u6daf\u8d77\u6b65\u65bc 1970 \u5e74\u4ee3\uff0c\u4ed6\u5e2b\u5f9e\u50f9\u503c\u6295\u8cc7\u5148\u9a45\u9ea5\u514b\u65af\u00b7\u6d77\u6069\uff08Max Heine\uff09\uff0c\u4e26\u52a0\u5165\u4e86\u300c\u5171\u540c\u7cfb\u5217\u57fa\u91d1\u300d\uff08Mutual Series Fund\uff09\u3002\u4ed6\u5f9e\u6d77\u6069\u8eab\u4e0a\u5b78\u6703\u4e86\u5982\u4f55\u5728\u83ef\u723e\u8857\u4e0d\u5c51\u4e00\u9867\u7684\u300c\u5ee2\u589f\u300d\u4e2d\u6316\u6398\u88ab\u56b4\u91cd\u4f4e\u4f30\u7684\u8cc7\u7522\u3002<\/span><\/p>\n<ol start=\"2\">\n<li><b> \u958b\u5275\u300c\u4e3b\u52d5\u578b\u50f9\u503c\u6295\u8cc7\u300d\uff08Activist Value Investing\uff09\u7684\u5148\u6cb3<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">\u4e0d\u540c\u65bc\u50b3\u7d71\u845b\u62c9\u6f22\uff08Ben Graham\uff09\u4fe1\u5f92\u300c\u8cb7\u9032\u4fbf\u5b9c\u80a1\u7968\u7136\u5f8c\u6b7b\u62b1\u7b49\u5f85\u300d\u7684\u88ab\u52d5\u7b56\u7565\uff0c\u666e\u840a\u65af\u662f\u65e9\u671f\u300c\u884c\u52d5\u6d3e\u300d\u7684\u4ee3\u8868\u3002\u7576\u4ed6\u767c\u73fe\u4e00\u5bb6\u516c\u53f8\u64c1\u6709\u6975\u9ad8\u50f9\u503c\u7684\u8cc7\u7522\uff0c\u4f46\u7ba1\u7406\u5c64\u537b\u7121\u6240\u4f5c\u70ba\u6216\u6b63\u5728\u6467\u6bc0\u50f9\u503c\u6642\uff0c\u4ed6\u6703\u5927\u8209\u8cb7\u5165\u6210\u70ba\u5927\u80a1\u6771\uff0c\u76f4\u63a5\u5411\u8463\u4e8b\u6703\u65bd\u58d3\uff0c\u8981\u6c42\u64a4\u63db CEO\u3001\u9032\u884c\u4f01\u696d\u5206\u62c6\u6216\u51fa\u552e\u516c\u53f8\uff0c\u5f37\u884c\u5c07\u300c\u96b1\u85cf\u50f9\u503c\u300d\u8b8a\u73fe\u3002<\/span><\/p>\n<ol start=\"3\">\n<li><b> \u9a5a\u4eba\u7684\u9577\u671f\u7e3e\u6548\u8207\u5929\u50f9\u4f75\u8cfc<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">\u5728\u638c\u8235 Mutual Series Fund \u7684\u671f\u9593\uff0c\u4ed6\u6191\u85c9\u512a\u7570\u7684\u7e3e\u6548\u8b93\u57fa\u91d1\u898f\u6a21\u66b4\u589e\u30021996 \u5e74\uff0c\u4ed6\u5c07\u9019\u5bb6\u6295\u8cc7\u516c\u53f8\u4ee5\u8d85\u904e 8 \u5104\u7f8e\u5143\u7684\u5929\u50f9\u8ce3\u7d66\u4e86\u5bcc\u862d\u514b\u6797\u00b7\u5766\u4f2f\u9813\uff08Franklin Templeton\uff09\u96c6\u5718\uff0c\u5beb\u4e0b\u8cc7\u7522\u7ba1\u7406\u754c\u7684\u50b3\u5947\uff0c\u96a8\u5f8c\u4ed6\u6025\u6d41\u52c7\u9000\uff0c\u6210\u7acb\u4e86\u81ea\u5df1\u7684\u79c1\u4eba\u57fa\u91d1 MFP Investors \u7e7c\u7e8c\u64cd\u76e4\u3002<\/span><\/p>\n<ol start=\"4\">\n<li><b> \u53c3\u8207\u53f2\u8a69\u7d1a\u7684\u8907\u96dc\u4ea4\u6613<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">\u4ed6\u7121\u61fc\u6975\u5ea6\u8907\u96dc\u7684\u8ca1\u52d9\u6ce5\u6dd6\uff0c\u66fe\u4e3b\u5c0e\u6216\u53c3\u8207\u5927\u901a\u9280\u884c\uff08Chase\uff09\u8207\u83ef\u53cb\u9280\u884c\uff08Chemical\uff09\u7684\u4e16\u7d00\u5408\u4f75\u3001\u6885\u897f\u767e\u8ca8\uff08Macy&#8217;s\uff09\u7684\u7834\u7522\u91cd\u6574\u7b49\u3002\u4ed6\u64c5\u9577\u8cb7\u9032\u7834\u7522\u516c\u53f8\u7684\u512a\u5148\u50b5\u5238\uff0c\u900f\u904e\u91cd\u6574\u7a0b\u5e8f\u5c07\u50b5\u6b0a\u8f49\u63db\u70ba\u80a1\u6b0a\uff0c\u6700\u7d42\u7372\u53d6\u66b4\u5229\u3002<\/span><\/p>\n<h1><b>\u4e8c\u3001 \u6295\u8cc7\u54f2\u5b78\u8207\u7b56\u7565\u6838\u5fc3<\/b><\/h1>\n<p>&nbsp;<\/p>\n<h2><b style=\"font-size: 18.72px;\">\u00a0<\/b><b style=\"font-size: 16px;\">\u7b56\u7565\u6838\u5fc3<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u666e\u840a\u65af\u7684\u6295\u8cc7\u6d41\u6d3e\u5c6c\u65bc \u300c\u6df1\u5c64\u50f9\u503c\u8207\u7279\u6b8a\u4e8b\u4ef6\u9a45\u52d5\u300d\uff08Deep Value &amp; Special Situations\uff09 \uff1a<\/span><\/p>\n<ol>\n<li>\n<h2><b> \u5c0b\u627e\u300c\u6b7b\u89d2\u300d\u88e1\u7684\u8cc7\u7522\u6298\u50f9 (Asset Value Discount)<\/b><\/h2>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">\u4ed6\u5c0d\u83ef\u723e\u8857\u71b1\u6367\u7684\u85cd\u7c4c\u80a1\u6216\u9ad8\u6210\u9577\u80a1\u6beb\u7121\u8208\u8da3\u3002\u4ed6\u8a55\u4f30\u4e00\u5bb6\u516c\u53f8\u7684\u552f\u4e00\u6a19\u6e96\u662f\uff1a\u300c\u5982\u679c\u4eca\u5929\u6709\u4eba\u8981\u628a\u9019\u6574\u5bb6\u516c\u53f8\u8cb7\u4e0b\u4f86\uff0c\u5b83\u503c\u591a\u5c11\u9322\uff1f\u300d\u4ed6\u6975\u5ea6\u770b\u91cd\u8cc7\u7522\u8ca0\u50b5\u8868\u4e0a\u7684\u786c\u8cc7\u7522\uff08\u5982\u623f\u5730\u7522\u3001\u672a\u53d7\u91cd\u8996\u7684\u5b50\u516c\u53f8\uff09\uff0c\u4e26\u8981\u6c42\u8cb7\u9032\u50f9\u683c\u5fc5\u9808\u6bd4\u4ed6\u4f30\u7b97\u7684\u300c\u5167\u5728\u50f9\u503c\u300d\u4f4e 30% \u5230 40%\uff0c\u4ee5\u6b64\u5efa\u7acb\u5805\u4e0d\u53ef\u6467\u7684<\/span><b>\u5b89\u5168\u908a\u969b<\/b><span style=\"font-weight: 400;\">\u3002<\/span><\/p>\n<ol start=\"2\">\n<li>\n<h2><b> \u7279\u6b8a\u4e8b\u4ef6\u4f5c\u70ba\u300c\u50ac\u5316\u5291\u300d (Special Situations Catalyst)<\/b><\/h2>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">\u4fbf\u5b9c\u7684\u80a1\u7968\u5982\u679c\u4e0d\u5177\u5099\u4e0a\u6f32\u7684\u52d5\u529b\uff0c\u5c31\u6703\u8b8a\u6210\u300c\u50f9\u503c\u9677\u9631\u300d\u3002\u56e0\u6b64\uff0c\u666e\u840a\u65af\u7684\u6295\u8cc7\u7d44\u5408\u4e2d\u6709\u6975\u5927\u6bd4\u4f8b\u662f\u8655\u65bc\u300c\u7279\u6b8a\u4e8b\u4ef6\u300d\u4e2d\u7684\u516c\u53f8\u3002\u9019\u4e9b\u4e8b\u4ef6\u5305\u62ec\uff1a<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u4f01\u696d\u5206\u62c6\uff08Spin-offs\uff09<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u4f75\u8cfc\u8207\u79c1\u6709\u5316<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u7834\u7522\u6e05\u7b97\u8207\u91cd\u7d44<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u9019\u4e9b\u4e8b\u4ef6\u80fd\u6253\u7834\u5e02\u5834\u7684\u50f5\u5c40\uff0c\u8feb\u4f7f\u9019\u5bb6\u516c\u53f8\u7684\u771f\u5be6\u8cc7\u7522\u50f9\u503c\u88ab\u91cd\u65b0\u5b9a\u50f9\u3002<\/span><\/li>\n<\/ul>\n<ol start=\"3\">\n<li>\n<h2><b> \u9060\u96e2\u83ef\u723e\u8857\u5171\u8b58 (Eliminate Wall Street Consensus)<\/b><\/h2>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">\u666e\u840a\u65af\u66fe\u76f4\u8a00\uff1a\u300c\u83ef\u723e\u8857\u7684\u7814\u7a76\u5831\u544a\u662f\u70ba\u4e86\u8b93\u83ef\u723e\u8857\u8cfa\u9322\uff0c\u800c\u4e0d\u662f\u70ba\u4e86\u7522\u751f\u597d\u7684\u6295\u8cc7\u7d50\u679c\u3002\u300d\u4ed6\u8981\u6c42\u5718\u968a\u7d55\u5c0d\u4e0d\u80fd\u770b\u5238\u5546\u7684\u4e8c\u624b\u5831\u544a\uff0c\u800c\u662f\u8981\u89aa\u81ea\u7ffb\u95b1\u539a\u91cd\u7684\u6cd5\u5f8b\u6587\u4ef6\u3001\u7834\u7522\u6cd5\u5ead\u8a18\u9304\u8207\u8ca1\u5831\u9644\u8a3b\u3002\u4ed6\u900f\u904e\u7814\u7a76\u300c\u5225\u4eba\u61f6\u5f97\u770b\u300d\u7684\u67af\u71e5\u8cc7\u6599\uff0c\u5275\u9020\u51fa\u6975\u5927\u7684\u8cc7\u8a0a\u843d\u5dee\u512a\u52e2\uff08Information Arbitrage\uff09\u3002<\/span><\/p>\n<ol start=\"4\">\n<li><b><\/b><br \/>\n<h2><b>\u5148\u554f\u300c\u6574\u5bb6\u516c\u53f8\u503c\u591a\u5c11\u300d\uff0c\u4e0d\u662f\u5148\u554f\u300c\u672c\u76ca\u6bd4\u4f4e\u4e0d\u4f4e\u300d<\/b><\/h2>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">\u666e\u840a\u65af\u6700\u5177\u4ee3\u8868\u6027\u7684\u89c0\u5ff5\uff0c\u662f <\/span><b>private market value<\/b><span style=\"font-weight: 400;\">\uff0c\u4e5f\u5c31\u662f\u300c\u79c1\u6709\u5e02\u5834\u50f9\u503c\u300d\u6216\u300c\u63a7\u5236\u6b0a\u50f9\u503c\u300d\u3002\u4ed6\u770b\u516c\u53f8\u6642\uff0c\u4e0d\u5148\u5f9e\u5e02\u5834\u60c5\u7dd2\u51fa\u767c\uff0c\u800c\u662f\u5148\u554f\uff1a<\/span><b>\u5982\u679c\u4eca\u5929\u7531\u4e00\u500b\u61c2\u884c\u7684\u7522\u696d\u8cb7\u5bb6\u628a\u6574\u5bb6\u516c\u53f8\u8cb7\u4e0b\u4f86\uff0c\u5408\u7406\u50f9\u683c\u6703\u662f\u591a\u5c11\uff1f<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\"> \u56e0\u6b64\uff0c\u4ed6\u7279\u5225\u91cd\u8996\u53ef\u8b8a\u73fe\u8cc7\u7522\u3001\u90e8\u9580\u62c6\u5206\u50f9\u503c\u3001\u73fe\u91d1\u3001\u623f\u5730\u7522\u3001\u6295\u8cc7\u90e8\u4f4d\u3001 \u6b63\u5e38\u5316\u7372\u5229\u80fd\u529b\uff0c\u800c\u4e0d\u662f\u53ea\u770b\u8868\u9762\u7684\u4f4e\u672c\u76ca\u6bd4\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<ol start=\"5\">\n<li>\n<h2><b> \u4fdd\u672c\u81f3\u4e0a\u8207\u9748\u6d3b\u7684\u73fe\u91d1\u914d\u7f6e (Preservation of Capital)<\/b><\/h2>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">\u5118\u7ba1\u4ed6\u7684\u653b\u64ca\u6027\u5f88\u5f37\uff0c\u4f46\u4ed6\u7684\u5e95\u5c64\u601d\u7dad\u4f9d\u7136\u662f\u300c\u98a8\u96aa\u63a7\u7ba1\u300d\u3002\u4ed6\u66fe\u8aaa\uff1a\u300c\u6211\u7684\u4efb\u52d9\u4e0d\u662f\u5728\u591a\u982d\u5e02\u5834\u88e1\u8cfa\u5927\u9322\uff0c\u800c\u662f\u4fdd\u4f4f\u672c\u91d1\u3002\u300d\u7576\u5e02\u5834\u904e\u71b1\u3001\u627e\u4e0d\u5230\u7b26\u5408\u56b4\u82db\u6298\u50f9\u6a19\u6e96\u7684\u6a19\u7684\u6642\uff0c\u4ed6\u6beb\u4e0d\u4ecb\u610f\u6301\u6709\u9ad8\u6bd4\u4f8b\u7684\u73fe\u91d1\uff08\u6709\u6642\u9ad8\u9054 20% \u4ee5\u4e0a\uff09\uff0c\u8010\u5fc3\u7b49\u5f85\u5e02\u5834\u5d29\u76e4\u5e36\u4f86\u7684\u8df3\u6a13\u5927\u62cd\u8ce3\u3002<\/span><\/p>\n<ol start=\"6\">\n<li>\n<h2><b> \u8ce3\u51fa\u5f88\u52d9\u5be6\uff1a\u63a5\u8fd1\u4f30\u503c\u5c31\u8ce3<\/b><\/h2>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">\u666e\u840a\u65af\u4e0d\u662f\u90a3\u7a2e\u628a\u6bcf\u4e00\u5bb6\u516c\u53f8\u90fd\u7576\u6210\u7d42\u8eab\u6301\u80a1\u7684\u4eba\u3002\u7576\u80a1\u50f9\u63a5\u8fd1\u4ed6\u4f30\u8a08\u7684\u79c1\u6709\u5e02\u5834\u50f9\u503c\uff0c\u6216\u50ac\u5316\u5291\u5df2\u7d93\u5be6\u73fe\u3001\u6298\u50f9\u6d88\u5931\uff0c\u4ed6\u5c31\u50be\u5411\u8ce3\u51fa\uff0c\u628a\u8cc7\u91d1\u8f49\u5230\u65b0\u7684\u6298\u50f9\u6a19\u7684\u3002<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u9019\u7a2e\u505a\u6cd5\u5f88\u50cf\u4e00\u500b\u7cbe\u660e\u7684\u8cc7\u7522\u8cb7\u5bb6\uff0c\u800c\u4e0d\u662f\u6d6a\u6f2b\u7684\u9577\u671f\u4fe1\u4ef0\u578b\u6295\u8cc7\u4eba\u3002\u91cd\u9ede\u4e0d\u662f\u548c\u516c\u53f8\u8ac7\u6200\u611b\uff0c\u800c\u662f<\/span><b>\u5728\u6298\u50f9\u6d88\u5931\u524d\u5f8c\uff0c\u6709\u7d00\u5f8b\u5730\u5b8c\u6210\u4e00\u7b46\u4ea4\u6613<\/b><span style=\"font-weight: 400;\">\u3002\u00a0<\/span><\/p>\n<h2><b>7. \u4ed6\u8cb7\u7684\u672a\u5fc5\u662f\u5049\u5927\u4f01\u696d\uff0c\u800c\u662f\u300c\u4e0b\u6a94\u53d7\u4fdd\u8b77\u3001\u4e0a\u6a94\u53ef\u5be6\u73fe\u300d\u7684\u4f01\u696d<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u9019\u4e00\u9ede\u5f88\u91cd\u8981\u3002\u666e\u840a\u65af\u548c\u5df4\u83f2\u7279\u5f8c\u671f\u5f37\u8abf\u9ad8\u54c1\u8cea\u4f01\u696d\u9577\u671f\u8907\u5229\u7684\u8def\u7dda\uff0c\u4e0d\u5b8c\u5168\u76f8\u540c\u3002<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> \u666e\u840a\u65af\u66f4\u63a5\u8fd1\u845b\u62c9\u6f22\u2014Heine \u4e00\u8108\uff1a<\/span><b>\u516c\u53f8\u54c1\u8cea\u53ef\u4ee5\u666e\u901a\uff0c\u4f46\u50f9\u683c\u4e00\u5b9a\u8981\u5920\u4f4e\uff0c\u8cc7\u7522\u4e00\u5b9a\u8981\u6709\u4fdd\u8b77\uff0c\u50f9\u503c\u91cb\u653e\u7684\u8def\u5f91\u4e00\u5b9a\u8981\u770b\u5f97\u898b\u3002<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\"> \u6240\u4ee5\u4ed6\u4e0d\u662f\u5728\u8ffd\u6c42\u300c\u6700\u597d\u7684\u516c\u53f8\u300d\uff0c\u800c\u662f\u5728\u8ffd\u6c42<\/span><b>\u98a8\u96aa\u5831\u916c\u6bd4\u6700\u5212\u7b97\u7684\u516c\u53f8<\/b><\/p>\n<p>&nbsp;<\/p>\n<p><b>\u00a0<\/b><\/p>\n<p>&nbsp;<\/p>\n<p>\u6839\u64da\u4ed6\u7684\u7cbe\u795e\uff0cGemini\u5beb\u4e86\u4e00\u500b\u5177\u5099\u6df1\u5ea6\u6298\u50f9\u8207\u5f37\u5065\u8ca1\u5831\uff0c\u4e14\u5fc5\u9808\u662f\u51b7\u9580\u80a1\u6216\u8fd1\u671f\u6709\u8463\u76e3\u52a0\u78bc\u8de1\u8c61\u7684\u8173\u672c<\/p>\n<pre class=\"brush:xs\">\/\/ \u7b56\u7565\u540d\u7a31\uff1aMichael Price \u6df1\u5ea6\u50f9\u503c\u8207\u4e8b\u4ef6\u9a45\u52d5\u9078\u80a1\r\n\/\/ \u7b56\u7565\u985e\u578b\uff1a\u6df1\u5ea6\u50f9\u503c\/\u8cc7\u7522\u4fdd\u8b77\/\u51b7\u9580\u8f49\u6a5f\u80a1\r\n\r\nSetTotalBar(100); \/\/ \u78ba\u4fdd\u6709\u8db3\u5920\u7684 K \u68d2\u8a08\u7b97\u8fd1\u4e09\u500b\u6708\u7684\u7c4c\u78bc\u8b8a\u52d5\r\n\r\nvar:\r\npb_ratio(0),\r\ndebt_to_eq(0),\r\ncurrent_ratio(0),\r\ninsider_buy(false),\r\nneglected(false);\r\n\r\n\/\/ ==========================================\r\n\/\/ 1. \u6df1\u5ea6\u6298\u50f9 (Deep Discount to Asset Value)\r\n\/\/ ==========================================\r\npb_ratio = GetField(\"\u80a1\u50f9\u6de8\u503c\u6bd4\", \"D\");\r\n\r\n\/\/ ==========================================\r\n\/\/ 2. \u8cc7\u7522\u8ca0\u50b5\u8868\u5f37\u5065 (Strong Balance Sheet)\r\n\/\/ ==========================================\r\n\/\/ \u8a08\u7b97\u8ca0\u50b5\u6b0a\u76ca\u6bd4 (\u7e3d\u8ca0\u50b5 \/ \u80a1\u6771\u6b0a\u76ca)\r\nif GetField(\"\u80a1\u6771\u6b0a\u76ca\u7e3d\u984d\", \"Q\") &gt; 0 then\r\ndebt_to_eq = GetField(\"\u8ca0\u50b5\u7e3d\u984d\", \"Q\") \/ GetField(\"\u80a1\u6771\u6b0a\u76ca\u7e3d\u984d\", \"Q\")\r\nelse\r\ndebt_to_eq = 999;\r\n\r\n\/\/ \u8a08\u7b97\u6d41\u52d5\u6bd4\u7387 (\u6d41\u52d5\u8cc7\u7522 \/ \u6d41\u52d5\u8ca0\u50b5)\r\nif GetField(\"\u6d41\u52d5\u8ca0\u50b5\", \"Q\") &gt; 0 then\r\ncurrent_ratio = GetField(\"\u6d41\u52d5\u8cc7\u7522\", \"Q\") \/ GetField(\"\u6d41\u52d5\u8ca0\u50b5\", \"Q\")\r\nelse\r\ncurrent_ratio = 0;\r\n\r\n\/\/ ==========================================\r\n\/\/ 3. \u4e8b\u4ef6\u9a45\u52d5\u8207\u50ac\u5316\u5291 (Catalysts &amp; Neglected)\r\n\/\/ ==========================================\r\n\/\/ \u5167\u90e8\u4eba\u8cb7\u5165 (Proxy\uff1a\u8463\u76e3\u4e8b\u6301\u80a1\u6bd4\u4f8b\u8fd1 60 \u65e5\/\u7d04\u4e09\u500b\u6708 \u589e\u52a0)\r\nif GetField(\"\u8463\u76e3\u6301\u80a1\u4f54\u80a1\u672c\u6bd4\u4f8b\", \"D\") &gt; GetField(\"\u8463\u76e3\u6301\u80a1\u4f54\u80a1\u672c\u6bd4\u4f8b\", \"D\")[60] then\r\ninsider_buy = true\r\nelse\r\ninsider_buy = false;\r\n\r\n\/\/ \u88ab\u5ffd\u8996\u7684\u51b7\u9580\u80a1 (Proxy\uff1a\u4e09\u5927\u6cd5\u4eba\u5408\u8a08\u6301\u80a1\u5c0f\u65bc 10%)\r\nif (GetField(\"\u5916\u8cc7\u6301\u80a1\u6bd4\u4f8b\", \"D\") + GetField(\"\u6295\u4fe1\u6301\u80a1\u6bd4\u4f8b\", \"D\") + GetField(\"\u81ea\u71df\u5546\u6301\u80a1\u6bd4\u4f8b\", \"D\")) &lt; 10.0 then\r\nneglected = true\r\nelse\r\nneglected = false;\r\n\r\n\/\/ ==========================================\r\n\/\/ \u6838\u5fc3\u7be9\u9078\u689d\u4ef6 (Conditions)\r\n\/\/ ==========================================\r\ncondition1 = pb_ratio &gt; 0 and pb_ratio &lt;= 0.8; \/\/ P\/B &lt;= 0.8 (\u82e5\u8a2d 0.6 \u53f0\u80a1\u6a19\u7684\u6975\u5c11\uff0c\u5148\u4ee5 0.8 \u4f5c\u70ba\u6298\u50f9\u9580\u6abb)\r\ncondition2 = debt_to_eq &lt; 0.5; \/\/ \u56b4\u683c\u7684\u4f4e\u69d3\u687f\u8981\u6c42 (D\/E &lt; 0.5)\r\ncondition3 = current_ratio &gt; 2.0; \/\/ \u6975\u9ad8\u7684\u77ed\u671f\u6d41\u52d5\u6027 (\u6d41\u52d5\u8cc7\u7522\u662f\u6d41\u52d5\u8ca0\u50b5\u7684\u5169\u500d)\r\n\r\n\/\/ \u7d9c\u5408\u5224\u65b7\uff1a\u5177\u5099\u6df1\u5ea6\u6298\u50f9\u8207\u5f37\u5065\u8ca1\u5831\uff0c\u4e14\u5fc5\u9808\u662f\u51b7\u9580\u80a1\u6216\u8fd1\u671f\u6709\u8463\u76e3\u52a0\u78bc\u8de1\u8c61\r\nif condition1 and condition2 and condition3 and insider_buy or neglected then\r\nbegin\r\nret = 1;\r\n\/\/ \u8f38\u51fa\u6b04\u4f4d\u4f9b\u9078\u80a1\u5f8c\u6aa2\u8996\u8207\u6392\u5e8f\r\noutputfield1(pb_ratio, \"\u80a1\u50f9\u6de8\u503c\u6bd4\");\r\noutputfield2(debt_to_eq, \"\u8ca0\u50b5\u6b0a\u76ca\u6bd4\");\r\noutputfield3(current_ratio, \"\u6d41\u52d5\u6bd4\u7387\");\r\noutputfield4(GetField(\"\u8463\u76e3\u6301\u80a1\u4f54\u80a1\u672c\u6bd4\u4f8b\", \"D\") - GetField(\"\u8463\u76e3\u6301\u80a1\u4f54\u80a1\u672c\u6bd4\u4f8b\", \"D\")[60], \"\u8463\u76e3\u8fd13\u6708\u589e\u6e1b(%)\");\r\nend;<\/pre>\n<p>\u62ff\u9019\u500b\u8173\u672c\u53bb\u56de\u6e2c\uff0c\u505c\u640d\u505c\u5229\u90fd\u8a2d\u70ba20%\uff0c\u56de\u6e2c\u7684\u7d50\u679c\u5982\u4e0b<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-25343\" src=\"https:\/\/www.xq.com.tw\/xstrader\/wp-content\/uploads\/2026\/04\/20260401.png\" alt=\"\" width=\"1870\" height=\"955\" srcset=\"https:\/\/www.xq.com.tw\/xstrader\/wp-content\/uploads\/2026\/04\/20260401.png 1870w, https:\/\/www.xq.com.tw\/xstrader\/wp-content\/uploads\/2026\/04\/20260401-300x153.png 300w, https:\/\/www.xq.com.tw\/xstrader\/wp-content\/uploads\/2026\/04\/20260401-1024x523.png 1024w, https:\/\/www.xq.com.tw\/xstrader\/wp-content\/uploads\/2026\/04\/20260401-768x392.png 768w, https:\/\/www.xq.com.tw\/xstrader\/wp-content\/uploads\/2026\/04\/20260401-1536x784.png 1536w, https:\/\/www.xq.com.tw\/xstrader\/wp-content\/uploads\/2026\/04\/20260401-660x337.png 660w\" sizes=\"auto, (max-width: 1870px) 100vw, 1870px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>\u52dd\u7387\u4e03\u6210<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u9ea5\u514b\u00b7\u666e\u840a\u65af\uff08Michael Price\uff09\u662f\u83ef\u723e\u8857\u6700\u5177\u653b\u64ca\u6027\u3001\u4e5f\u6700\u50b3\u5947\u7684\u50f9\u503c\u6295\u8cc7\u5927\u5e2b\u4e4b\u4e00\u3002 \u4ed6\u5b8c\u7f8e\u793a\u7bc4\u4e86\u5982\u4f55\u5c07\u50b3\u7d71\u7684\u50f9\u503c\u6295\u8cc7\uff0c\u9032\u5316\u70ba\u6975\u5177\u7834\u58de\u529b\u8207\u4e3b\u52d5\u6027\u7684\u7372\u5229\u6b66\u5668\u3002\u4ee5\u4e0b\u70ba\u60a8\u68b3\u7406\u4ed6\u7684\u50b3\u5947\u751f\u5e73\u8207\u6838\u5fc3\u6295\u8cc7\u54f2\u5b78\uff1a \u4e00\u3001 \u5728\u6295\u8cc7\u9818\u57df\u7684\u4e3b\u8981\u6210\u5c31 \u5e2b\u627f\u5927\u5e2b\u4e26\u9752\u51fa\u65bc\u85cd \u666e\u840a\u65af\u7684\u8077\u696d\u751f\u6daf\u8d77\u6b65\u65bc 1970 \u5e74\u4ee3\uff0c\u4ed6\u5e2b\u5f9e\u50f9\u2026 <span class=\"read-more\"><a href=\"https:\/\/www.xq.com.tw\/xstrader\/%e9%ba%a5%e5%85%8b%e6%99%ae%e8%90%8a%e6%96%af\/\">\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":[1],"tags":[],"class_list":["post-25327","post","type-post","status-publish","format-standard","hentry","category-1"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>\u9ea5\u514b\u666e\u840a\u65af - 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\/\u9ea5\u514b\u666e\u840a\u65af\/\" \/>\r\n<meta property=\"og:locale\" content=\"zh_TW\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"\u9ea5\u514b\u666e\u840a\u65af - XQ\u5b98\u65b9\u90e8\u843d\u683c\" \/>\r\n<meta property=\"og:description\" content=\"\u9ea5\u514b\u00b7\u666e\u840a\u65af\uff08Michael Price\uff09\u662f\u83ef\u723e\u8857\u6700\u5177\u653b\u64ca\u6027\u3001\u4e5f\u6700\u50b3\u5947\u7684\u50f9\u503c\u6295\u8cc7\u5927\u5e2b\u4e4b\u4e00\u3002 \u4ed6\u5b8c\u7f8e\u793a\u7bc4\u4e86\u5982\u4f55\u5c07\u50b3\u7d71\u7684\u50f9\u503c\u6295\u8cc7\uff0c\u9032\u5316\u70ba\u6975\u5177\u7834\u58de\u529b\u8207\u4e3b\u52d5\u6027\u7684\u7372\u5229\u6b66\u5668\u3002\u4ee5\u4e0b\u70ba\u60a8\u68b3\u7406\u4ed6\u7684\u50b3\u5947\u751f\u5e73\u8207\u6838\u5fc3\u6295\u8cc7\u54f2\u5b78\uff1a \u4e00\u3001 \u5728\u6295\u8cc7\u9818\u57df\u7684\u4e3b\u8981\u6210\u5c31 \u5e2b\u627f\u5927\u5e2b\u4e26\u9752\u51fa\u65bc\u85cd \u666e\u840a\u65af\u7684\u8077\u696d\u751f\u6daf\u8d77\u6b65\u65bc 1970 \u5e74\u4ee3\uff0c\u4ed6\u5e2b\u5f9e\u50f9\u2026 \u95b1\u8b80\u66f4\u591a &raquo;\" \/>\r\n<meta 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