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Fundamental Analysis 101
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00:01
[Music] hello I'm Rick Swope and I'm Sean Howell today we want to introduce you to the
[音樂] 大家好，我是 Rick Swope，我是 Sean Howell。今天我們想向您介紹
00:09
concepts of fundamental analysis let's start with the most basic question and that is what is fundamental analysis
基本面分析的概念。讓我們從最基本的問題開始，那就是什麼是基本面分析？
00:16
fundamental analysis is the process we use to evaluate the economic health and financial performance of the underlying
基本面分析是我們用來評估標的公司
00:22
company each quarter publicly traded companies issue reports that include accounting metrics such as sales debt
經濟狀況和財務表現的過程。每季，公開發行公司會發布報告，
00:29
and other information that will help us gauge how well that company is doing financially there are thousands of
其中包含會計指標，例如銷售額、債務
00:34
companies from which to select investors often use fundamental analysis as a way to filter through these companies to
以及其他有助於我們衡量該公司財務狀況的資訊。市面上有數以千計的
00:40
narrow down the list fundamental analysis helps us decide which companies to buy unlike technical analysis which
公司可供選擇，投資人通常使用基本面分析作為篩選這些公司的方式，以
00:48
helps us decide when to buy and when to sell the stocks an important point to using fundamental analysis is the delay
縮小名單。基本面分析幫助我們決定要買哪些公司，這與技術分析不同，技術分析
00:55
associated with the metrics provided to the public you see these reports are going to come out on weekly monthly even
是幫助我們決定何時買進及賣出股票。使用基本面分析的一個重要考量是
01:02
quarterly basis and so from the time of the performance to the time the performance is reported there's going to
提供給公眾的指標存在延遲。您瞧，這些報告會以每週、每月甚至
01:07
be a delay unlike technical analysis where the charts are going to update in real time each time there's a trade you
每季的頻率發布，因此從實際表現發生到報告發布之間，會有一段
01:13
get new information and we take these reports and use them to find the companies that are separating themselves
時間差。這與技術分析不同，技術分析的圖表會隨著每一筆交易即時更新，
01:19
from the rest in other words the fundamental metrics can help investors identify companies that are leaders
您會獲得新資訊。我們利用這些報告來找出那些
01:25
versus laggers in their sector now you don't have to just use fundamental analysis on an individual company you
與眾不同的公司。換句話說，基本面指標可以幫助投資人識別出在該產業中
01:31
can also look at a sector or an industry in fact you can use fundamental analysis to evaluate the broader markets keeping
是領導者還是落後者的公司。現在，您不必只對個別公司進行基本面分析，您
01:38
your finger on the pulse of what's going on in the economy one of the more common fundamental metrics is the price to
也可以觀察一個類股或整個產業。事實上，您可以使用基本面分析來評估更廣泛的市場，隨時
01:43
earnings ratio also known as the PE Ratio to calculate the PE Ratio the current stock price per share is divided
掌握經濟的脈動。其中一個較常見的基本面指標是股價淨值比，
01:51
by the earnings per share to produ a ratio here's an example we have a stock that is trading at $20 per share with
也稱為本益比（PE Ratio）。要計算本益比，需將目前的每股股價
01:57
earnings of $1 our PE ratio is 20 now if the earnings per share increases to $2 and the price stays at $20 the stock now
除以每股盈餘，以得出一個比率。這裡有個例子：我們有一檔股價為 20 美元的股票，
02:06
has a PE of 10 PE ratios can be a good way to do a side by-side evaluation with regard to
盈餘為 1 美元。我們的本益比是 20。現在，如果每股盈餘增加到 2 美元，而股價維持在 20 美元，那麼這檔股票現在的
02:13
earnings now another metric we can take a look at is the dividend yield this helps us look at both the price of the
earnings 現在 我們可以看的另一個指標是股息率 這能幫助我們同時檢視股價
02:19
stock and the performance of the company as expressed through their annual dividend in this measure the annual
以及公司透過其年度股息所表達的表現 在這個指標中 年度股息
02:25
dividend is divided by the Stock's price to produce the annual yield as a percentage
除以股票價格 得出以百分比表示的年度收益率
02:30
market capitalization also known as the market cap stocks generally fall into one of three market cap categories large
市值 也被稱為 Market Cap 股票通常分為三種市值類別 大型股
02:37
cap midcap and small cap to calculate a company's market cap take the shares outstanding and multiply by the price
中型股和小型股 要計算一家公司的市值 請將流通在外股數乘以每股
02:44
per share here's an example if a company that has 10 million shares outstanding is trading at $50 per share the
價格 這裡有個例子 如果一家公司有 1000 萬股流通在外 且股價為每股 50 美元
02:51
company's market cap is 500 million this company would be considered a small cap stock one of the ways that we can
該公司的市值就是 5 億美元 這家公司會被視為小型股 我們評估公司營運效率的
02:59
evaluate the efficiency of a company's operations is taking a look at margin this could be gross margin or operating
方法之一是檢視利潤率 這可能是毛利率或營業
03:05
margin let's use gross margin as an example let's say a company sells a product for $500 and their cost of goods
利率 讓我們以毛利率為例 假設一家公司以 500 美元銷售產品 且其銷貨成本
03:11
sold is $250 that means they have a gross margin of $250 or 50% interest rates may
是 250 美元 這意味著他們的毛利率為 250 美元或 50% 利率可能會
03:19
fluctuate during the course of the Year this may have an effect on the company's profitability with regard to how much
在一年中波動 這可能會影響公司的獲利能力 這取決於他們帳面上
03:24
debt they're carrying on the books changes in interest rates may affect companies with varying levels of debt
承擔了多少債務 利率的變動可能會對負債程度不同的公司產生影響
03:30
now technical analysis is still an important part of your analysis you see technical analysis is going to help you
現在 技術分析仍然是你分析的重要部分 你看 技術分析將幫助你
03:37
protect your Investments when trading remember the metrics we talked about today are going to change on a quarterly
在交易時保護你的投資 記住 我們今天談到的指標將會按季
03:42
basis they do not change from dayto day unlike technical analysis fundamental analysis can be used as a way to narrow
變動 它們不會每天改變 與技術分析不同 基本面分析可以用來縮小
03:49
down the universe of stocks and perform a side by-side comparison of the economic health of each company for
股票的範圍 並對每家公司的經濟狀況進行並排比較 關於
03:54
timing and managing risk we can use technical analysis now we've introduced you to the concept of fundamental
進場時機和風險管理 我們可以使用技術分析 現在我們已經向你介紹了基本面分析的
04:00
analysis really just gave you a taste today we want to encourage you to visit etrade.com for more of these educational
概念 其實今天只是淺嘗輒止 我們鼓勵你造訪 etrade.com 觀看更多這些教育
04:06
videos thank you for joining [Music] us
影片 感謝您的收看 [Music] 我們

Fundamental Analysis 101

📝 影片摘要

本單元由 Rick Swope 和 Sean Howell 介紹基本面分析（Fundamental Analysis）的基本概念。影片解釋基本面分析是透過評估公司的經濟狀況與財務表現（如銷售額、債務等會計指標）來篩選投資標的，主要用於「選股」而非決定「進場時機」。這與技術分析（Technical Analysis）互為補充，後者用於管理風險與掌握買賣點。由於財務報告存在延遲性，基本面分析適合用來比較產業內的領導者與落後者，或評估整體市場。影片詳細講解了多個核心指標，包括本益比（PE Ratio）、股息率（Dividend Yield）、市值（Market Cap）與利潤率（Margin），並強調這些指標按季變動的特性。

📌 重點整理

  • ✓ 基本面分析是評估公司經濟健康與財務表現的過程。
  • ✓ 主要用於篩選股票（選股），決定買哪些公司。
  • ✓ 與技術分析不同，基本面分析指標具有延遲性（非即時）。
  • ✓ 可用於個股、類股、產業或整體經濟的評估。
  • ✓ 本益比（PE Ratio）：股價除以每股盈餘，用於評估估值。
  • ✓ 股息率（Dividend Yield）：年度股息除以股價，反映配息表現。
  • ✓ 市值（Market Cap）：流通股數乘以股價，分為大、中、小型股。
  • ✓ 利潤率（Margin）：衡量營運效率，如毛利率。
  • ✓ 基本面分析配合技術分析：前者選股，後者擇時與風險管理。
  • ✓ 基本面指標按季變動，技術指標則隨交易即時更新。
📖 專有名詞百科 ｜點擊詞彙查看維基百科解釋
基本的
fundamental
評估
evaluate
指標
metrics
篩選
filter
延遲
delay
分開
separating
部門
sector
盈餘
earnings
股息
dividend
資本化
capitalization

🔍 自訂查詢

📚 共 10 個重點單字
fundamental /ˌfʌndəˈmentl/ adjective
relating to the basic nature or level of something
基本的；基礎的
📝 例句
"fundamental analysis"
→ 基本面分析
✨ 延伸例句
"The company has fundamental strengths."
→ 這家公司有基礎優勢。
evaluate /ɪˈvæljueɪt/ verb
to judge or calculate the value, number, or level of something
評估；評價
📝 例句
"fundamental analysis is the process we use to evaluate the economic health"
→ 基本面分析是我們用來評估經濟狀況的過程
✨ 延伸例句
"We need to evaluate the risks involved."
→ 我們需要評估涉及的風險。
metrics /ˈmetrɪks/ noun
a set of numbers or facts that are used to measure how well something is doing
指標；度量標準
📝 例句
"publicly traded companies issue reports that include accounting metrics"
→ 公開發行公司發布包含會計指標的報告
✨ 延伸例句
"Sales figures are key metrics for success."
→ 銷售數據是成功的關鍵指標。
filter /ˈfɪltər/ verb
to remove unwanted elements or people from a group
篩選
📝 例句
"investors often use fundamental analysis as a way to filter through these companies"
→ 投資人通常使用基本面分析作為篩選這些公司的方式
✨ 延伸例句
"The system filters out spam emails."
→ 系統會篩選掉垃圾郵件。
delay /dɪˈleɪ/ noun
a period of time by which something is late or postponed
延遲；延誤
📝 例句
"an important point to using fundamental analysis is the delay associated with the metrics"
→ 使用基本面分析的一個重要考量是指標相關的延遲
✨ 延伸例句
"There was a delay in the flight schedule."
→ 航班時刻表出現延誤。
separating /ˈsepəreɪtɪŋ/ verb
causing to move or be apart
分開；區分
📝 例句
"use them to find the companies that are separating themselves from the rest"
→ 利用它們找出那些與眾不同的公司
✨ 延伸例句
"The river separates the two towns."
→ 這條河將兩個城鎮分開。
sector /ˈsektər/ noun
an area or portion that is distinct from others
部門；領域；產業
📝 例句
"identify companies that are leaders versus laggers in their sector"
→ 識別在該產業中是領導者還是落後者的公司
✨ 延伸例句
"The technology sector is growing fast."
→ 科技產業成長迅速。
earnings /ˈɜːnɪŋz/ noun
money that is earned by working or from investments
盈餘；收益
📝 例句
"divided by the earnings per share to produce a ratio"
→ 除以每股盈餘以得出一個比率
✨ 延伸例句
"The company reported higher earnings this quarter."
→ 公司本季報告了更高的盈餘。
dividend /ˈdɪvɪdend/ noun
a sum of money paid regularly by a company to its shareholders
股息；紅利
📝 例句
"the performance of the company as expressed through their annual dividend"
→ 公司透過其年度股息所表達的表現
✨ 延伸例句
"They announced a dividend of 50 cents per share."
→ 他們宣布每股配息50美分。
capitalization /ˌkæpɪtəlaɪˈzeɪʃən/ noun
the total value of a company's shares on the stock market
資本化；市值
📝 例句
"market capitalization also known as the market cap"
→ 市值也被稱為 Market Cap
✨ 延伸例句
"The company has a capitalization of $2 billion."
→ 該公司的市值為20億美元。
🎯 共 10 題測驗

1 What is the primary purpose of fundamental analysis according to the video? 根據影片，基本面分析的主要目的是什麼？ What is the primary purpose of fundamental analysis according to the video?

根據影片，基本面分析的主要目的是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video states that fundamental analysis helps decide which companies to buy, while technical analysis helps decide when to buy and sell.

影片指出基本面分析幫助決定買哪些公司，而技術分析幫助決定何時買賣。

2 Why does fundamental analysis have a delay compared to technical analysis? 為什麼基本面分析相比技術分析有延遲？ Why does fundamental analysis have a delay compared to technical analysis?

為什麼基本面分析相比技術分析有延遲？

✅ 正確！ ❌ 錯誤，正確答案是 B

Reports are released on a weekly, monthly, or quarterly basis, creating a delay between performance and reporting.

報告按週、月或季發布，導致表現與報告之間存在延遲。

3 What does the PE Ratio consist of? 本益比（PE Ratio）由什麼組成？ What does the PE Ratio consist of?

本益比（PE Ratio）由什麼組成？

✅ 正確！ ❌ 錯誤，正確答案是 B

To calculate the PE Ratio, the current stock price per share is divided by the earnings per share.

要計算本益比，需將目前的每股股價除以每股盈餘。

4 If a stock price is $20 and earnings per share increase from $1 to $2, what happens to the PE ratio? 如果股價為20美元，每股盈餘從1美元增加到2美元，本益比會發生什麼變化？ If a stock price is $20 and earnings per share increase from $1 to $2, what happens to the PE ratio?

如果股價為20美元，每股盈餘從1美元增加到2美元，本益比會發生什麼變化？

✅ 正確！ ❌ 錯誤，正確答案是 B

If earnings increase to $2 while price stays at $20, the PE ratio drops from 20 to 10.

如果盈餘增加到2美元而股價維持在20美元，本益比會從20降至10。

5 How is Dividend Yield calculated? 股息率是如何計算的？ How is Dividend Yield calculated?

股息率是如何計算的？

✅ 正確！ ❌ 錯誤，正確答案是 A

The annual dividend is divided by the stock's price to produce the annual yield as a percentage.

年度股息除以股票價格，得出以百分比表示的年度收益率。

6 What is the formula for calculating Market Capitalization? 計算市值（Market Capitalization）的公式是什麼？ What is the formula for calculating Market Capitalization?

計算市值（Market Capitalization）的公式是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 A

To calculate market cap, take the shares outstanding and multiply by the price per share.

要計算市值，請將流通在外股數乘以每股價格。

7 If a company has 10 million shares outstanding trading at $50 per share, what is its market cap? 如果一家公司有1000萬股流通在外，股價為每股50美元，其市值是多少？ If a company has 10 million shares outstanding trading at $50 per share, what is its market cap?

如果一家公司有1000萬股流通在外，股價為每股50美元，其市值是多少？

✅ 正確！ ❌ 錯誤，正確答案是 B

10 million shares * $50 per share = $500 million.

1000萬股 * 50美元/股 = 5億美元。

8 How is Gross Margin calculated in the example provided? 根據提供的例子，毛利率是如何計算的？ How is Gross Margin calculated in the example provided?

根據提供的例子，毛利率是如何計算的？

✅ 正確！ ❌ 錯誤，正確答案是 A

The example states a $500 sale with $250 cost, resulting in a 50% margin (250/500).

例子指出售價500美元，成本250美元，毛利率為50%（250/500）。

9 Which factor can affect a company's profitability according to the video? 根據影片，哪個因素會影響公司的獲利能力？ Which factor can affect a company's profitability according to the video?

根據影片，哪個因素會影響公司的獲利能力？

✅ 正確！ ❌ 錯誤，正確答案是 B

Interest rates may fluctuate and affect the profitability of companies carrying debt.

利率可能波動，並影響承擔債務的公司的獲利能力。

10 How does the video suggest combining fundamental and technical analysis? 影片建議如何結合基本面與技術分析？ How does the video suggest combining fundamental and technical analysis?

影片建議如何結合基本面與技術分析？

✅ 正確！ ❌ 錯誤，正確答案是 C

Fundamental analysis narrows down the stock universe, while technical analysis is used for timing and managing risk.

基本面分析用於縮小股票範圍，技術分析則用於掌握時機與管理風險。

測驗完成！得分： / 10

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