周期性行业

经典估值理论在周期性行业的应用研究

The Application Study on Classical Valuation Theories in Cyclical Industries

接着，复苏会蔓延至风险较大的周期性行业，因此，在过去3个月内，总体股价显著攀升了约15%。

Then the recovery spread to dodgier cyclical industries , so that prices overall have apparently risen about 15 per cent in the past three months .

自反弹于6周前开始以来，富时世界指数（FTSE-World）显示，周期性行业表现最好。

Since the rally started six weeks ago , the FTSE-World indices show cyclical sectors doing best .

首批受益者是电信和医疗等稳定的非周期性行业。

The first beneficiaries were stable , non-cyclical industries such as telecoms or healthcare .

周期性行业的投资决策研究

A Study on the Periodical Industry Investment Strategy

第二章对中国经济新一轮增长期中重工业化和产业转移的结构性特点进行分析，并说明对国内周期性行业发展产生的影响；

The second session explains economic growth in China has obvious structural characteristics : heavy industrialization , industry relocation etc.

在此次中国之行中，我们评估了银行业、基础工业和房地产等重要周期性行业的状况。

On our China trip , we assessed conditions in important cyclical sectors such as banking , basic industries and property .

这种溢价在中国工业类股中表现得最为明显&工业是一种周期性行业，与经济总体增长紧密相连。

The premium is most pronounced for Chinese industrial stocks , a cyclical sector that moves in line with overall growth .

电力行业是一个与宏观经济相关性良好的周期性行业，电力行业的发展前景和宏观经济形势息息相关。

Electric industry is a cyclical industry with good relation with macroeconomy . Its prospect is a closed link with macroeconomic situation .

广告仍是一个周期性行业，传统媒体所有者相信，当经济前景好转时，在线广告可能会进一步增长。

Advertising remains a cyclical business , and traditional media owners believe further growth is likely online when the economic outlook improves .

这其中有多种原因，首先，移民通常在建筑工地、旅店、餐饮业和制造业等周期性行业工作。

First , all migrants are more often represented in sectors such as construction , hotel and gastronomy-and also manufacturing-which are more cyclical .

医药连锁零售行业是非周期性行业，具有良好的投资前景，成为越来越多的投资公司关注的投资对象。

Pharmaceutical retail chain industry is non-cyclical industry , with good investment prospects , as more and more concerned about the investment company investments .

作为典型的周期性行业，石化行业本轮景气周期从2002年底出现，并得到了证券市场的发现和认同。

As type of cyclical company , Petrochemistry industry recover persistently from 4Q of 2002 . The investor find out the undervalued stock in good time and the price go upside .

航运业是典型的周期性行业，航运市场周期性的波动，对航运企业的经营产生很大的影响，企业的经营业绩通常也呈周期性变化，目前常用的内在价值评估模型对航运企业并不适用。

Shipping industry is a typical cyclical industry . The periodic fluctuation of the shipping market has greatly influenced the business of shipping companies . Enterprise operating performance is often cyclical changes .

交通基础设施是周期性行业，公路工程施工中承包商是保证工程项目质量、安全等的主体，因而要将可能存在的风险降到最小，创造优质工程，承包商就必须推行工程风险管理。

Transport infrastructure is an industry highly influenced by the economic cycle , and it is highway construction contractors ' responsibility to ensure the quality of project , and thus to minimize the potential risks .

医院，特别是大型综合医院，不但具有医疗资源的垄断性，而且属于非周期性行业，多年来一直高速稳定增长，未来增长潜力巨大。

Hospitals , especially the large general hospitals , which have not only medical resource monopoly but also an acyclic industry , for many years , the financial requirements of the hospitals are steadily increasing at a high speed , and the future growing potentiality is immense .

在有关韩国股市的最新报告中，野村（nomura）将信息技术、汽车零部件及其它周期性出口行业列为韩元走弱的主要受益者。

In its latest report on Korean equities , Nomura listed information technology , car components and other cyclical export sectors as the main beneficiaries of the weakening won .

他说，我说：‘这是一个存在周期性的行业’。

I said : ' This is a cyclical business ' .

但这项交易需要阿波罗背负大量债务，而轮胎制造是一个高度周期性的行业。

But the deal required a pile of debt in a highly cyclical business .

这部分因为投资银行业是个周期性的行业，可能达到顶峰。

This is partly because investment banking is a cyclical business , which may be peaking .

乍一看，似乎可以像一个周期性的行业合格境外机构投资者得出的结论。

At first glance , it seems that can be drawn like a cyclical industry QFII conclusions .

不过，芯片等一些周期性最强的行业仍然是个问题。

But some of the most cyclical areas , such as microchips , remain a problem .

作为全球波动较大、周期性较强的行业之一，半导体设备行业是一个很好的例证。

The semiconductor equipment sector , one of the world 's more volatile and cyclical businesses , is a case in point .

保持政策的稳定性，对于经营周期性长的行业来说显得特别重要，能够保持技术的稳定需求。

Maintains the stability of policy , appears specially important regarding the management periodicity long profession , can maintain technical the stable demand .

这些方法之所以不能准确地评估航运企业的价值，主要原因在于航运业是一个呈周期性波动的行业，传统的企业价值评估方法很难准确地把握行业波动性所具有的潜在价值。

So this article wants to propose a new method which can exactly evaluate fluctuating value by introducing the option method to perfect the ways of shipping company evaluation .

但因为这两家公司都处在周期性很明显的行业，又正面临着又一段经济不确定时期，所以它们的首席执行官在上周的言论惊人地相似。

But with both companies in highly cyclical industries and facing up to another period of economic uncertainty , the messages of their respective chief executives last week were remarkably similar .