【正文】 、貨幣供應(yīng)量 我國貨幣政策的中介指標：貨幣供應(yīng) 量、信貸總量、同業(yè)拆借利率、銀行備付金率。 另外，寬松的貨幣政策令利率下降和通貨膨脹 8 率提高，這將令證券市場吸引更多從資金，并提高證券價格。行業(yè)一般特征 主要從行業(yè)的市場結(jié)構(gòu)、行業(yè)的競爭結(jié)構(gòu)、行業(yè)的周期性、行業(yè)的 生命周期四 方面進行分析。構(gòu)成產(chǎn)業(yè)一般必須滿足：規(guī)模性、職業(yè)化、社會功能性 行業(yè)生命周期：每個行業(yè)都要經(jīng)歷從成長到衰退的發(fā)展演變過程，這也就是行業(yè)生命周期。 防御性行業(yè)：行業(yè)的經(jīng)營狀況在經(jīng)濟周期的上升和下降時期都很穩(wěn)定。各個行業(yè)都在不斷地發(fā)展，如果從一個行業(yè)的發(fā)展歷程來認識它，更有助于較為全面深刻地認識和理解該行業(yè)，并把握它的發(fā)展脈搏。）； 行業(yè)比較研究（行業(yè)橫向比較：行業(yè)縱向比較、行業(yè)維度研究）； 行業(yè)群組研究方法 行業(yè)估值研 究方法 公司分析的基本框架：估值：價格 VS 價值 戰(zhàn)略 amp。財務(wù)派關(guān)注的因素： 公司資產(chǎn)的完整性、穩(wěn)健性、盈利性 盈利的來源和結(jié)構(gòu) 盈利能力的持續(xù)性 現(xiàn)金流狀況 總結(jié)：知其然 優(yōu)點：能相對準確地觀察公司歷史經(jīng)營績效；可以量化比較公司之間的差異 缺點：過于注重歷史財務(wù)表現(xiàn)，難以從報表上分析持續(xù)性 財務(wù)指標教條化，無法甄別行業(yè)差別和公司差別 注重結(jié)果忽視 過程 容易引導(dǎo)分析者對公司做出過于負面的評價 模式派：從經(jīng)營模式出發(fā)，分析競爭力和未來成長空間。 容易簡單化地將行業(yè)優(yōu)勢引申到每一個企業(yè) 相對宏觀，無法落實到公司價值，即無法回答 “值多 少錢 ”的問題 兩者結(jié)合： 通過模式來驗證財務(wù)指標的合理性 根據(jù)財務(wù)指標觀察模式的有效性 財務(wù)和模式相結(jié)合來做財務(wù)預(yù)測 以模式來回答 “是否可以投資 ”的問題，以財務(wù)來回答 “以什么價格投資 ”的問題。品牌是一種名稱、術(shù)語、標記、符號或設(shè)計，或是它們的組合運用，其目的是借以辨認某個銷售者或某群銷售者的產(chǎn)品，以便同競爭者的產(chǎn)品相區(qū)別。質(zhì)量優(yōu)勢是指公司的產(chǎn)品以高于其他公司同類產(chǎn)品的質(zhì)量贏得市場，從而取得競爭優(yōu)勢。 區(qū)位，或者說經(jīng)濟區(qū)位，是指地理范疇上的經(jīng)濟增長帶或經(jīng)濟增 長點及其輻射范圍。我們通常所說的美國的硅谷高新技術(shù)產(chǎn)業(yè)區(qū)等就是經(jīng)濟區(qū)位的例子。關(guān)于戰(zhàn)略的定義至今沒有明確統(tǒng)一。由于其操作的復(fù)雜性和對公司影響的深遠性，對于發(fā)生資產(chǎn)重組的公司，投資者必須進行小心謹慎的分析。s Phuket island and the Maldives archipelago. Encouraged by growth in Chinese travelers to Indonesia, the government in Jakarta has recently relaxed its visa policy. Since June 10, Chinese tourists can enter Indonesia through nine appointed locations, including the Soekarno Hatta International Airport in Jakarta, the Ngurah Rai International Airport in Bali and the Kuala Namu International Airport in Medan, by just getting their passports stamped on arrival. Officially, it is called the freevisa scheme. The new policy also means Chinese tourists can save $35 on visa fees, which will likely make trips to Indonesia more alluring. While such an arrangement allows Chinese visitors to stay up to 30 days for the purpose of traveling, those seeking extensions will need to get paid visas from that country39。s information, social and cultural section, says the new policy is aimed at strengthening peopletopeople contacts between the two countries. Dai Yu, marketing director of Ctrip, a major Chinese online travel agency, says: We39。t just for sightseeing, but also for weddings, honeymoons, golf and many outdoor activities, says Fan Wenqing, a marketing executive at Garuda, Indonesia39。t rain much and the weather is cool. At press time, a weeklong package from Shanghai or Guangzhou to Bali was a little more than 3,000 yuan ($480) on Ctrip39。t miss. Local cuisines feature many spices, including peppers and cloves, and coconut pulp. Fried rice, dirty duck and roast suckling pig are remended. Children39。s illustration books have a history of just 100 years and their development can be divided into four stages. From early 1900s to mid 1900s, a large number of books and magazines with illustrations appeared with the fast development of the modern publishing industry. The illustration arts at that time were a mixed genre of Chinese traditional paintings and the western style, and most of the stories originate from the fundamental changes that China experienced after the collapse of Qing Dynasty (16441911), the warlord struggles and the war against the Japanese invasion. The second stage was from mid 1900s to late 1970s, when the cultural revolution (196676) ended. The fast development of some special publishing houses for children gave birth to a large number of illustrationstory books, which made a good use of folk art techniques, such as wood board carving, frescoes, and ink and wash painting, etc. Many of the popular stories are from Chinese history and wars after 1900s. The third stage is from early 1980s to late 1990s, a golden period for the development of children39。s illustration books from the West and Japan. Many young parents in China have a strong nostalgia about children39。s artistic innovation before the advent of the Inter period. The fourth stage is featured with the spread of the Inter and the other puterized means of art innovation. The handdrawn children39。s haven, with no less than 4,000 rare birds and animals representing 200 species. With tropical forest covering over 90 percent of its area, the garden offers beautiful views of a wide range of tropical plants, flowers and fruit trees. The scenic spot about 25 kilometers from the center of Haikou offers a drivethru safari tour where you can get up close with elephants, lions and bears. The Safari on Foot area features walking trails where visitors can see the rest of the animals, including hippos and monkeys, and feed them for a small fee. Visitors also can see what happens when you breed a lion and a tiger. Two unique attractions are rare hybrids: a liger, the offspring of a mallion and a female tiger and a tigon, which is created by a female lion and a male tiger. As a teaching center of the National Popular Science Education program, the park also serves as a second classroom for students to learn about wildlife and plants. Since it was established in 1995, it has received more than one million student visitors. At a crucial moment when pessimism has brought the Greek crisis to such a head that the country is closer to a default on its debt repayments than ever, Li offered a spark of enthusiasm to restart the stalled talks by calling on Greece and its creditors to reach a lastminute deal that will allow Greece to remain in the eurozone. Given the escalation of the country39。s creditors. In response, Greece39。s bailout program and the European Central Bank capped its emergency support for the country39。s confidence in and mitment to a strong eurozone offers EU leaders the necessary support to look at the Greek crisis from a broader and longer perspective. When Li said that China will not only consider a ChinaEU investment platform to back European Commission President JeanClaude Junck