{"id":24405,"date":"2023-03-13T07:29:00","date_gmt":"2023-03-12T23:29:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=24405"},"modified":"2023-03-12T19:54:04","modified_gmt":"2023-03-12T11:54:04","slug":"kgi-daily-trading-ideas-13-mar-2023-zh","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-mar-2023-zh\/","title":{"rendered":"2023\u5e7403\u670813\u65e5: \u6b27\u4f73\u65f6 (HG SP), \u536b\u9f99 (9985 HK), \u5df4\u91cc\u514b\u9ec4\u91d1 (GOLD US):"},"content":{"rendered":"\n<p class=\"has-cyan-bluish-gray-background-color has-background wp-block-paragraph\"><a href=\"#sg\">\u65b0\u52a0\u5761\u80a1\u7968\u63a8\u8350<\/a> |<a href=\"#hk\"> \u9999\u6e2f\u80a1\u7968\u63a8\u8350<\/a> | <a href=\"#us\">\u7f8e\u80a1\u63a8\u8350<\/a> | <a href=\"http:\/\/sp\">\u884c\u4e1a\u677f\u5757\u8868\u73b0<\/a> | <a href=\"#td\"> \u4ea4\u6613\u9f99\u864e\u699c<\/a> <\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"sg\"><strong><img fetchpriority=\"high\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/lh4.googleusercontent.com\/CYrMUUuiThMlTBL2F831WJCiJNEll7A2g_ReY5PuRf95HqwkBEAYAV_hQiomy0yt76jYMvZ1r9_4mH03FqcsErOGJcSlPATU7VUHv7nyIRHhlXU_TlvFgWfkHH9S6rlZ220HL6Mvc4euPVlb8OqIpyE\"><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-24405-_lnrpqmdkzk08\"><\/a><strong>\u6b27\u4f73\u65f6 (HG SP)\uff1a\u65f6\u95f4\u4e0d\u7b49\u4eba<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a2.20\uff0c\u76ee\u6807\u4ef7\uff1a2.40\uff0c\u6b62\u635f\u4ef7\uff1a2.10<\/strong>\n  <\/li><li>\n    \u6b27\u4f73\u65f6\u901a\u8fc7\u5176\u9644\u5c5e\u516c\u53f8\u96f6\u552e\u53ca\u6279\u53d1\u624b\u8868\u3001\u73e0\u5b9d\u53ca\u76f8\u5173\u4ea7\u54c1\u3002\u8be5\u516c\u53f8\u8fd8\u751f\u4ea7\u624b\u8868\u548c\u6295\u8d44\u623f\u5730\u4ea7\u3002\u5728\u65b0\u52a0\u5761\u5efa\u7acb\u4e86\u81ea\u5df1\u4f5c\u4e3a\u4e00\u4e2a\u4e00\u6d41\u7684\u624b\u8868\u7cbe\u54c1\uff0c\u96c6\u56e2\u6269\u5c55\u5230\u4e16\u754c\u5404\u5730\u3002\u96c6\u56e2\u62e5\u6709Gerald Genta\u3001Breguet\u3001Daniel Roth\u3001Bertolucci\u3001Burberrys\u3001Christian Dior\u3001Revue Thommen\u3001\u5b87\u8236\u548cMontega\u7684\u72ec\u5bb6\u4ee3\u7406\u6743\u548c\u5206\u9500\u6743\u3002\n  <\/li><li><strong>\u4e39\u5c3c\u5c14\u00b7\u7f57\u65af\u7684\u590d\u5174\u3002<\/strong>\u8def\u6613\u5a01\u767b\u96c6\u56e2 (LVMH) \u65d7\u4e0b\u7684\u745e\u58eb\u624b\u8868\u54c1\u724c\u4e39\u5c3c\u5c14\u00b7\u7f57\u65af (Daniel Roth) \u5c06\u4ee5\u72ec\u7acb\u516c\u53f8\u7684\u8eab\u4efd\u56de\u5f52\uff0c\u5176\u7b2c\u4e00\u6b3e\u65b0\u624b\u8868\u5c06\u4e8e2023\u5e74\u53d1\u5e03\u3002\u7136\u800c\uff0c\u90a3\u4e9b\u6709\u5174\u8da3\u8d2d\u4e70\u8be5\u54c1\u724c\u624b\u8868\u7684\u4eba\u5c06\u4e0d\u5f97\u4e0d\u901a\u8fc7\u8be5\u516c\u53f8\u8d2d\u4e70\uff0c\u56e0\u4e3a\u4ed6\u4eec\u62e5\u6709\u72ec\u5bb6\u5206\u9500\u6743<strong>\u3002<\/strong>\n  <\/li><li><strong>\u540e\u75ab\u60c5\u7e41\u8363<\/strong>\u3002\u53bb\u5e74\uff0c\u7ea6\u6709630\u4e07\u6e38\u5ba2\u62b5\u8fbe\u65b0\u52a0\u5761\uff0c\u540c\u6bd4\u589e\u957f1,810.5%\u3002\u4e2d\u56fd\u4e8e2023\u5e741\u6708\u521d\u53d6\u6d88\u4e86\u6d77\u5916\u65c5\u6e38\u9650\u5236\uff0c\u9884\u8ba1\u4eca\u5e74\u6d8c\u5165\u65b0\u52a0\u5761\u7684\u4e2d\u56fd\u6e38\u5ba2\u5c06\u6fc0\u589e\u30022023\u5e741\u6708\uff0c\u65b0\u52a0\u5761\u7684\u6e38\u5ba2\u4eba\u6570\u4e3a931,500\u4eba\uff08\u540c\u6bd4\u589e\u957f1,529.3%\uff09\u3002\u6839\u636e\u4e2d\u56fd\u65c5\u884c\u793e\u6700\u8fd1\u7684\u4e00\u9879\u5e02\u573a\u8c03\u67e5\uff0c\u5728\u4e3a\u671f\u4e09\u5e74\u7684\u5c01\u9501\u4e4b\u540e\uff0c\u4e1c\u5357\u4e9a\u56fd\u5bb6\u6210\u4e3a\u6700\u53d7\u6b22\u8fce\u7684\u8de8\u5883\u65c5\u6e38\u9996\u9009\u3002\n  <\/li><li><strong>\u5962\u4f88\u54c1\u6d88\u8d39\u3002<\/strong>\u5c3d\u7ba1\u901a\u8d27\u81a8\u80c0\u7387\u4e0a\u5347\uff0c\u5229\u7387\u4e0a\u5347\uff0c\u7ecf\u6d4e\u8870\u9000\u7684\u53ef\u80fd\u6027\u8d8a\u6765\u8d8a\u5927\uff0c\u7ecf\u6d4e\u73af\u5883\u5145\u6ee1\u6311\u6218\uff0c\u4f46\u5bf9\u5962\u4f88\u54c1\u7684\u9700\u6c42\u4ecd\u7136\u4fdd\u6301\u7a33\u5b9a\u3002\u8fd9\u4e00\u9700\u6c42\u4e3b\u8981\u662f\u7531\u5bcc\u88d5\u7684\u4e2a\u4eba\u63a8\u52a8\u7684\uff0c\u4ed6\u4eec\u53d7\u76ca\u4e8e\u8fd1\u671f\u7684\u8d22\u5bcc\u79ef\u7d2f\u548c\u65b0\u51a0\u75ab\u60c5\u5c01\u9501\u671f\u95f4\u7684\u50a8\u84c4\u3002\u6b64\u5916\uff0c\u4e2d\u56fd\u6d88\u8d39\u8005\u7684\u56de\u5f52\uff08\u75ab\u60c5\u524d\u5962\u4f88\u54c1\u516c\u53f8\u7684\u4e3b\u8981\u5229\u6da6\u6765\u6e90\uff09\u9884\u8ba1\u5c06\u63d0\u632f\u8be5\u884c\u4e1a\uff0c\u53bb\u5e74\u4e2d\u56fd\u6d88\u8d39\u8005\u5c06\u6536\u5165\u7684\u4e09\u5206\u4e4b\u4e00\u50a8\u84c4\u8d77\u6765\uff0c\u5e76\u5c0617.8\u4e07\u4ebf\u5143\u4eba\u6c11\u5e01\uff082.6\u4e07\u4ebf\u7f8e\u5143\uff09\u5b58\u5165\u94f6\u884c\u3002\n  <\/li><li><strong>\u96f6\u552e\u9500\u552e\u3002<\/strong>\u65b0\u52a0\u5761\u7684\u96f6\u552e\u4e1a\u548c\u5176\u4ed6\u670d\u52a1\u884c\u4e1a\u9884\u8ba1\u5c06\u53d7\u76ca\u4e8e\u4f11\u95f2\u548c\u5546\u52a1\u822a\u7a7a\u65c5\u884c\u7684\u6301\u7eed\u590d\u82cf\u4ee5\u53ca\u4e2d\u56fd\u8fb9\u5883\u91cd\u65b0\u5f00\u653e\u3002\u65b0\u52a0\u5761\u65c5\u6e38\u5c40\u7684\u6570\u636e\u663e\u793a\uff0c2019\u5e74\u6765\u81ea\u4e2d\u56fd\u5927\u9646\u7684\u6e38\u5ba2\u6536\u5165\u4e2d\u7ea6\u670949%\u6765\u81ea\u8d2d\u7269\u3002\u6839\u636e\u65b0\u52a0\u5761\u7edf\u8ba1\u5c40\u7684\u6570\u636e\uff0c2022\u5e7412\u6708\u624b\u8868\u548c\u73e0\u5b9d\u96f6\u552e\u989d\u540c\u6bd4\u589e\u957f13.1%\uff0c\u73af\u6bd4\u589e\u957f10.8%\u3002\u9884\u8ba1\u4eca\u5e74\u4e0a\u534a\u5e74\u96f6\u552e\u8d38\u6613\u5c06\u589e\u957f8%\uff0c\u7b2c\u4e00\u5b63\u5ea6\u8425\u4e1a\u6536\u5165\u5c06\u589e\u957f2%\u3002\n  <\/li><li><strong>23\u8d22\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>\u5728\u622a\u81f39\u670830\u65e5\u7684\u516d\u4e2a\u6708\u91cc\uff0c\u8be5\u516c\u53f8\u6536\u5165\u4ece4.724\u4ebf\u65b0\u5143\u589e\u957f\u81f35.555\u4ebf\u65b0\u5143\uff0c\u540c\u6bd4\u589e\u957f18%\u3002\u5c3d\u7ba1\u8fd0\u8425\u6210\u672c\u4e0a\u5347\uff0c\u4f46\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f35%\uff0c\u4ece6,260\u4e07\u65b0\u5143\u589e\u81f38,460\u4e07\u65b0\u5143\u3002\n  <\/li><li>\n    \u5e02\u573a\u5bf924\/25\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a4.35%\/4.17%\uff0c\u5bf9\u5e949.4\u500d\/9.0\u500d\u7684\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a8.7\u500d\uff0c5\u5e74\u5386\u53f2\u5e02\u76c8\u7387\u4e3a8.8\u500d\u3002\n  <\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"1230\" height=\"722\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-186.png\" alt=\"\" class=\"wp-image-24442\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-186.png 1230w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-186-300x176.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-186-1024x601.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-186-768x451.png 768w\" sizes=\"(max-width: 1230px) 100vw, 1230px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-24405-_9ctm8ukw9e4m\"><\/a><strong><img decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-187.png\" class=\"wp-image-24443\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-187.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-187-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-24405-_y1s8kwqyy95\"><\/a><strong>\u4e30\u76ca\u56fd\u9645 (WIL SP)\uff1a\u8f6f\u5546\u54c1\u4ef7\u683c\u4e0a\u5347<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a4.50\uff0c\u76ee\u6807\u4ef7\uff1a4.80\uff0c\u6b62\u635f\u4ef7\uff1a4.35<\/strong>\n  <\/li><li>\n    \u4e30\u76ca\u56fd\u9645\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u98df\u54c1\u52a0\u5de5\u516c\u53f8\u3002\u8be5\u516c\u53f8\u63d0\u4f9b\u6cb9\u68d5\u79cd\u690d\u3001\u98df\u7528\u6cb9\u7cbe\u70bc\u3001\u7834\u788e\u548c\u589e\u76ca\u52a0\u5de5\u670d\u52a1\uff0c\u5e76\u63d0\u4f9b\u7cd6\u3001\u9762\u7c89\u548c\u5927\u7c73\u3002\u4e30\u76ca\u56fd\u9645\u4e3a\u5168\u7403\u5ba2\u6237\u63d0\u4f9b\u670d\u52a1\u3002\n  <\/li><li><strong>\u98df\u7cd6\u671f\u8d27\u4ef7\u683c\u3002<\/strong>\u539f\u7cd6\u671f\u8d27\u5f98\u5f8a\u572821\u7f8e\u5206\u7684\u533a\u95f4\uff0c\u6700\u8fd1\u8fbe\u5230\u4e86\u6bcf\u78c522.1\u7f8e\u5206\u76846\u5e74\u9ad8\u70b9\uff0c\u539f\u56e0\u662f\u4f9b\u5e94\u7d27\u5f20\u7684\u62c5\u5fe7\uff0c\u4e2d\u56fd\u6700\u8fd1\u91cd\u65b0\u5f00\u653e\u63d0\u632f\u4e86\u5f3a\u52b2\u7684\u9700\u6c42\u9884\u671f\uff0c\u4ee5\u53ca\u5370\u5ea6\u548c\u6b27\u6d32\u7684\u751f\u4ea7\u524d\u666f\u6076\u5316\u3002\u6700\u65b0\u4f30\u8ba1\u663e\u793a\uff0c\u8fd9\u4e2a\u4e16\u754c\u7b2c\u4e8c\u5927\u98df\u7cd6\u51fa\u53e3\u56fd\u53ef\u80fd\u57282023\u5e74\u751f\u4ea73400\u4e07\u5428\u8fd9\u79cd\u5546\u54c1\uff0c\u6bd4\u4e4b\u524d\u7684\u9884\u6d4b\u4e0b\u964d7%\u3002\n  <\/li><li><strong>\u68d5\u6988\u6cb9\u671f\u8d27\u4ef7\u683c\u3002<\/strong>\u77ed\u671f\u5929\u6c14\u4e2d\u65ad\u53ef\u80fd\u4f1a\u5728\u77ed\u671f\u5185\u652f\u6491\u9a6c\u6765\u897f\u4e9a\u7684\u7c97\u68d5\u6988\u6cb9\u4ef7\u683c\uff0c\u56e0\u4e3a\u6301\u7eed\u7684\u6d2a\u6c34\u4f1a\u6253\u51fb\u4f9b\u5e94\u3002\u4e9a\u6d32\u68d5\u6988\u6cb9\u4e70\u5bb6\u6700\u8fd1\u4e5f\u5bfb\u6c42\u751f\u4ea7\u5546\u7a33\u5b9a\u7684\u51fa\u53e3\u653f\u7b56\uff0c\u4ee5\u51cf\u5c11\u4f9b\u5e94\u94fe\u7684\u6ce2\u52a8\u3002\u7531\u4e8e\u52b3\u52a8\u529b\u4f9b\u5e94\u6539\u5584\uff0c\u9884\u8ba123\u8d22\u5e74\u7684\u68d5\u6988\u6cb9\u4ea7\u91cf\u4e5f\u5c06\u9ad8\u4e8e22\u8d22\u5e74\u3002\n  <\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u539f\u7cd6\uff08\u7ea2\uff09\u53ca\u7c97\u68d5\u6988\u6cb9\uff08\u68d5\uff09\u671f\u8d27\u8d70\u52bf<\/strong>\n<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  <img loading=\"lazy\" decoding=\"async\" width=\"984\" height=\"740\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-188.png\" class=\"wp-image-24444\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-188.png 984w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-188-300x226.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-188-768x578.png 768w\" sizes=\"(max-width: 984px) 100vw, 984px\" \/>\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>FY22\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>\u8be5\u516c\u53f8\u516c\u5e0322\u8d22\u5e74\u7684\u5229\u6da6\u8fbe\u5230\u521b\u7eaa\u5f55\u768424\u4ebf\u7f8e\u5143\uff0832\u4ebf\u65b0\u5143\uff09\uff0c\u6bd42021\u8d22\u5e74\u768419\u4ebf\u7f8e\u5143\u589e\u957f27.1%\uff1b2022\u8d22\u5e74\u6838\u5fc3\u51c0\u5229\u6da6\u589e\u957f31%\u81f324.2\u4ebf\u7f8e\u5143\u3002\n  <\/li><li>\n    \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u76c8\u5229\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a0.309\u7f8e\u5143\/0.329\u7f8e\u5143\uff0c\u5bf9\u5e949.52\u500d\/8.94\u500d\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a7.68\u500d\u3002\u5f6d\u535a(Bloomberg)\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a<strong>5.24\u65b0\u5143\u3002<\/strong>\n  <\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1230\" height=\"722\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-189.png\" alt=\"\" class=\"wp-image-24445\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-189.png 1230w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-189-300x176.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-189-1024x601.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-189-768x451.png 768w\" sizes=\"(max-width: 1230px) 100vw, 1230px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)<a id=\"post-24405-_9v4910aenxpf\"><\/a><a id=\"post-24405-_3dtlvpm4kfd2\"><\/a>\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-24405-_9wxubztuez7y\"><\/a><strong><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-190.png\" class=\"wp-image-24446\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-190.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-190-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/strong><a id=\"post-24405-_amcnmqkifzvy\"><\/a><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-24405-_f3bvj0c8rd86\"><\/a><strong><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-191.png\" class=\"wp-image-24447\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-191.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-191-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/strong><a id=\"post-24405-_12uc8rzfgv3j\"><\/a><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-24405-_vuv7u0v5r6bl\"><\/a><strong>\u536b\u9f99 (9985 HK)\uff1a\u5403\u96f6\u98df\u7684\u597d\u65f6\u5149<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>\u4e70\u5165\u4ef7\uff1a9.8\uff0c\u76ee\u6807\u4ef7\uff1a11.0\uff0c\u6b62\u635f\u4ef7\uff1a9.2<\/strong>\n  <\/li><li>\n    \u536b\u9f99\u7f8e\u5473\u5168\u7403\u63a7\u80a1\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u4e3b\u8981\u4ece\u4e8b\u8fa3\u5473\u4f11\u95f2\u98df\u54c1\u7684\u751f\u4ea7\u548c\u9500\u552e\u7684\u4e2d\u56fd\u63a7\u80a1\u516c\u53f8\u3002\u8be5\u516c\u53f8\u7ecf\u8425\u4e09\u4e2a\u5206\u90e8\uff1a\u8c03\u5473\u9762\u5236\u54c1\u5206\u90e8\u3001\u852c\u83dc\u5236\u54c1\u5206\u90e8\u548c\u8c46\u5236\u54c1\u53ca\u5176\u4ed6\u4ea7\u54c1\u5206\u90e8\u3002\u8c03\u5473\u9762\u5236\u54c1\u5206\u90e8\u4e3b\u8981\u5305\u62ec\u5927\u9762\u7b4b\u3001\u5c0f\u9762\u7b4b\u3001\u9ebb\u8fa3\u68d2\u3001\u5c0f\u8fa3\u68d2\u53ca\u4eb2\u5634\u70e7\u3002\u852c\u83dc\u5236\u54c1\u5206\u90e8\u4e3b\u8981\u5305\u62ec\u9b54\u828b\u723d\u53ca\u98ce\u5403\u6d77\u5e26\u3002\u8c46\u5236\u54c1\u53ca\u5176\u4ed6\u4ea7\u54c1\u5206\u90e8\u4e3b\u8981\u5305\u62ec\u8f6f\u8c46\u76ae\u300178\u00b0\u5364\u86cb\u53ca\u8089\u5236\u54c1\u3002\n  <\/li><li><strong>\u96f6\u98df\u6587\u5316\u3002<\/strong>SNAC\u56fd\u9645\u516c\u53f8\u7684\u4f20\u64ad\u526f\u603b\u88c1\u5927\u536b\u00b7\u6c83\u5c14\u4ec0\u8868\u793a\uff0c\u96f6\u98df\u6587\u5316\u5728\u75ab\u60c5\u540e\u53d1\u5c55\u8d77\u6765\uff0c\u7531\u4e8e\u9ad8\u4ef7\u503c\u3001\u7ecf\u6d4e\u5b9e\u60e0\u548c\u6709\u8da3\u7684\u4ea7\u54c1\u7b49\u56e0\u7d20\uff0c\u9884\u8ba1\u5c06\u7ee7\u7eed\u589e\u957f\u3002\u65b0\u51a0\u80ba\u708e\u75ab\u60c5\u4f7f\u96f6\u98df\u6d88\u8d39\u8d8b\u52bf\u8f6c\u5411\u5728\u5bb6\u5403\u96f6\u98df\uff0c\u5bfc\u81f4\u7535\u5b50\u5546\u52a1\u548c\u96f6\u98df\u8d2d\u7269\u589e\u52a0\u3002\u5403\u96f6\u98df\u7684\u9891\u7387\u4e5f\u5728\u589e\u52a0\uff0c\u5343\u79a7\u4e00\u4ee3\u548cZ\u4e16\u4ee3\u7684\u6d88\u8d39\u8005\u6574\u5929\u90fd\u5728\u5403\u96f6\u98df\uff0c\u5480\u56bc\u96f6\u98df\uff0c\u751a\u81f3\u7528\u96f6\u98df\u4ee3\u66ff\u6b63\u9910\u3002\n  <\/li><li><strong>\u4e2d\u56fd\u96f6\u98df\u8d8a\u6765\u8d8a\u53d7\u6b22\u8fce\u3002<\/strong>\u53d7\u7f8e\u98df\u5168\u7403\u5316\u548c\u7f51\u4e0a\u8d2d\u7269\u4fbf\u6377\u6027\u7684\u63a8\u52a8\uff0c\u4e2d\u56fd\u96f6\u98df\u7684\u53d7\u6b22\u8fce\u7a0b\u5ea6\u6b63\u5728\u4e0a\u5347\u3002\u4e2d\u56fd\u96f6\u98df\u4ee5\u5176\u72ec\u7279\u7684\u53e3\u5473\u3001\u8d28\u5730\u548c\u914d\u6599\u800c\u95fb\u540d\uff0c\u96f6\u98df\u751f\u4ea7\u5546\u6b63\u5728\u901a\u8fc7\u5404\u79cd\u9999\u6599\u548c\u80e1\u6912\u7c7b\u578b\u6765\u6ee1\u8db3\u4eba\u4eec\u5bf9\u8f9b\u8fa3\u9009\u62e9\u65e5\u76ca\u589e\u957f\u7684\u9700\u6c42\u3002\u5728\u4e2d\u56fd\uff0c\u7531\u4e8e\u751f\u6d3b\u65b9\u5f0f\u548c\u504f\u597d\u7684\u53d8\u5316\uff0c\u5bf9\u96f6\u98df\u7684\u9700\u6c42\u4e5f\u5728\u589e\u957f\uff0c\u7f51\u4e0a\u8d2d\u7269\u4f7f\u6d88\u8d39\u8005\u66f4\u5bb9\u6613\u83b7\u5f97\u5404\u79cd\u5404\u6837\u7684\u5730\u65b9\u5c0f\u5403\u3002\u7531\u4e8e\u72ec\u7279\u7684\u98ce\u5473\uff0c\u4e2d\u56fd\u96f6\u98df\u9884\u8ba1\u5c06\u5728\u5168\u7403\u8303\u56f4\u5185\u7ee7\u7eed\u53d7\u6b22\u8fce\u3002\n  <\/li><li><strong>\u7d20\u98df\u8005\u7684\u9009\u62e9\u3002<\/strong>\u516c\u53f8\u7684\u5404\u5f0f\u5404\u6837\u7684\u96f6\u98df\u90fd\u662f\u7d20\u7684\uff0c\u5438\u5f15\u4e86\u66f4\u5e7f\u6cdb\u7684\u6d88\u8d39\u8005\uff0c\u6bd4\u5982\u7d20\u98df\u4e3b\u4e49\u8005\u548c\u6709\u73af\u4fdd\u610f\u8bc6\u7684\u6d88\u8d39\u8005\u3002\u8fd9\u4e9b\u96f6\u98df\u901a\u5e38\u88ab\u8ba4\u4e3a\u662f\u6bd4\u4f20\u7edf\u96f6\u98df\u66f4\u5065\u5eb7\u7684\u9009\u62e9\uff0c\u4e5f\u901a\u5e38\u88ab\u8ba4\u4e3a\u6bd4\u8089\u7c7b\u96f6\u98df\u66f4\u73af\u4fdd\uff0c\u56e0\u4e3a\u8089\u7c7b\u7684\u751f\u4ea7\u9700\u8981\u5927\u91cf\u7684\u8d44\u6e90\uff0c\u5982\u6c34\u3001\u571f\u5730\u548c\u80fd\u6e90\u3002\u6b64\u5916\uff0c\u516c\u53f8\u6700\u53d7\u6b22\u8fce\u7684\u4ea7\u54c1\u4e4b\u4e00\uff0c\u53ef\u4ee5\u590d\u5236\u8089\u7c7b\u8d28\u5730\u7684\u9b54\u828b\u4ea7\u54c1\uff0c\u6bd4\u8089\u7c7b\u4ea7\u54c1\u751f\u4ea7\u6210\u672c\u66f4\u4f4e\u3002\u4f4e\u6c89\u672c\u53ef\u4ee5\u5e2e\u52a9\u4ed6\u4eec\u4ea7\u751f\u66f4\u9ad8\u7684\u5229\u6da6\u3002\n  <\/li><li><strong>\u4e0a\u5e02\u540e\u7684\u524d\u666f\u3002<\/strong>\u81ea\u6700\u8fd1\u9996\u6b21\u516c\u5f00\u52df\u80a1\u4ee5\u6765\uff0c\u536b\u9f99\u5df2\u7ecf\u80fd\u591f\u7b79\u96c6\u5230\u4e00\u7b14\u8d44\u91d1\uff0c\u8fd9\u5c06\u6709\u52a9\u4e8e\u901a\u8fc7\u5728\u7814\u53d1\u548c\u5236\u9020\u80fd\u529b\u65b9\u9762\u8fdb\u884c\u66f4\u591a\u6295\u8d44\u6765\u4fc3\u8fdb\u4e1a\u52a1\u53d1\u5c55\u3002\u6b64\u5916\uff0c\u7531\u4e8e\u8be5\u516c\u53f8\u5c5e\u4e8e\u9632\u5fa1\u6027\u884c\u4e1a\uff0c\u5b83\u4eec\u4e0d\u4f1a\u53d7\u5230\u5b8f\u89c2\u7ecf\u6d4e\u72b6\u51b5\u53d8\u5316\u7684\u5f71\u54cd\u3002\n  <\/li><li><strong>22\u8d22\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u3002<\/strong>\u8425\u6536\u540c\u6bd4\u5c0f\u5e45\u4e0b\u964d1.8%\uff0c\u81f323\u4ebf\u5143\u4eba\u6c11\u5e01\u3002\u6bdb\u5229\u540c\u6bd4\u589e\u957f1.4%\u81f3\u4eba\u6c11\u5e018.615\u4ebf\u5143\u300221\u5e74\u4e0a\u534a\u5e74\u51c0\u4e8f\u635f2.608\u4ebf\u5143\uff0c\u51c0\u5229\u6da63.576\u4ebf\u5143\u3002\n  <\/li><li>\n    \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u540c\u6bd4\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a538.9%\/20.9%\uff0c\u5bf9\u5e9420.2\u500d\/16.7\u500d\u7684\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f6d\u535a(Bloomberg)\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a<strong>12.85\u6e2f\u5143\u3002<\/strong>\n  <\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1230\" height=\"722\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-192.png\" alt=\"\" class=\"wp-image-24448\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-192.png 1230w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-192-300x176.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-192-1024x601.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-192-768x451.png 768w\" sizes=\"(max-width: 1230px) 100vw, 1230px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-24405-_pxc2fm1xtn57\"><\/a><strong><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-193.png\" class=\"wp-image-24449\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-193.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-193-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-24405-_og6wzwvnsa5b\"><\/a><a id=\"post-24405-_ukr25f10un20\"><\/a><strong>\u5c71\u4e1c\u9ec4\u91d1 (1787 HK)\uff1a\u8dd1\u5411\u907f\u98ce\u6e2f<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>\u4e70\u5165\u4ef7\uff1a14.0\uff0c\u76ee\u6807\u4ef7\uff1a16.0\uff0c\u6b62\u635f\u4ef7\uff1a13.0<\/strong>\n  <\/li><li>\n    \u5c71\u4e1c\u9ec4\u91d1\u77ff\u4e1a\u80a1\u4efd\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u4e3b\u8981\u4ece\u4e8b\u9ec4\u91d1\u91c7\u77ff\u3001\u52a0\u5de5\u53ca\u9500\u552e\u4e1a\u52a1\u7684\u4e2d\u56fd\u516c\u53f8\u3002\u8be5\u516c\u53f8\u8fd0\u8425\u4e24\u4e2a\u4e1a\u52a1\u5206\u90e8\u3002\u9ec4\u91d1\u5f00\u91c7\u5206\u90e8\u4ece\u4e8b\u9ec4\u91d1\u77ff\u77f3\u5f00\u91c7\u4e1a\u52a1\u3002\u9ec4\u91d1\u7cbe\u70bc\u90e8\u95e8\u4ece\u4e8b\u9ec4\u91d1\u751f\u4ea7\u53ca\u9500\u552e\u4e1a\u52a1\u3002\u8be5\u516c\u53f8\u8fd8\u9500\u552e\u4e8e\u91d1\u77ff\u77f3\u51b6\u70bc\u8fc7\u7a0b\u4e2d\u63d0\u53d6\u7684\u5176\u4ed6\u91d1\u5c5e\uff0c\u5982\u94f6\u3001\u94dc\u3001\u94c1\u3001\u94c5\u53ca\u950c\u3002\u8be5\u516c\u53f8\u5728\u56fd\u5185\u5916\u5e02\u573a\u5f00\u5c55\u4e1a\u52a1\u3002\n  <\/li><li><strong>\u91d1\u878d\u5371\u673a2.0\u3002<\/strong>\u4e0a\u5468\uff0c\u7f8e\u56fd\u94f6\u884c\u4e1a\u53d1\u751f\u4e86\u9ed1\u5929\u9e45\u4e8b\u4ef6\u3002\u7845\u8c37\u94f6\u884c (SVB) \u7684\u5012\u95ed\u6807\u5fd7\u7740\u7f8e\u56fd\u5386\u53f2\u4e0a\u7b2c\u4e8c\u5927\u94f6\u884c\u5012\u95ed\u3002\u5468\u4e94\uff0c\u7f8e\u56fd\u8054\u90a6\u5b58\u6b3e\u4fdd\u9669\u516c\u53f8 (FDIC) \u63a5\u7ba1\u4e86\u7845\u8c37\u94f6\u884c\u7684\u8d44\u4ea7\u3002FDIC\u5728\u4e00\u4efd\u58f0\u660e\u4e2d\u8868\u793a\uff0c\u7834\u4ea7\u65f6\uff0c\u8be5\u94f6\u884c\u62e5\u67092090\u4ebf\u7f8e\u5143\u8d44\u4ea7\u548c1754\u4ebf\u7f8e\u5143\u5b58\u6b3e\u3002\u94f6\u884c\u6324\u5151\u5f88\u53ef\u80fd\u8513\u5ef6\u5230\u7f8e\u56fd\u5176\u4ed6\u5730\u533a\u6027\u94f6\u884c\u3002\u73b0\u5728\u6050\u614c\u60c5\u7eea\u5f25\u6f2b\uff0c\u6295\u8d44\u8005\u7eb7\u7eb7\u6d8c\u5411\u9ec4\u91d1\u548c\u7f8e\u56fd\u56fd\u503a\u7b49\u907f\u9669\u8d44\u4ea7\u3002\n  <\/li><li><strong>\u52a0\u606f\u6b65\u4f10\u53ef\u80fd\u653e\u7f13\u751a\u81f3\u6682\u505c\u3002<\/strong>SVB\u7684\u5012\u95ed\u53ef\u5f52\u56e0\u4e8e\u6574\u4e2a2022\u5e74\u7684\u6fc0\u8fdb\u52a0\u606f\uff0c\u8fd9\u5bfc\u81f4\u7f8e\u56fd\u56fd\u503a (UST) \u548c\u5176\u4ed6\u653f\u5e9c\u80cc\u4e66\u7684\u56fa\u5b9a\u6536\u76ca\u8bc1\u5238\uff08\u5982\u62b5\u62bc\u8d37\u6b3e\u652f\u6301\u8bc1\u5238,MBS\uff09\u66b4\u8dcc\u3002\u7f8e\u56fd\u94f6\u884c\u5728\u5229\u7387\u63a5\u8fd1\u4e8e\u96f6\uff08\u56fa\u5b9a\u6536\u76ca\u4ef7\u683c\u5904\u4e8e\u9ad8\u4f4d\uff09\u65f6\u8d2d\u4e70\u8fd9\u4e9b\u8d44\u4ea7\uff0c\u7531\u6b64\u4ea7\u751f\u4e86\u5de8\u989d\u672a\u53d8\u73b0\u635f\u5931\u3002\u5982\u679c\u8054\u90a6\u57fa\u91d1\u7684\u7ec8\u7aef\u5229\u7387\u7ee7\u7eed\u4e0a\u5347\uff0c\u94f6\u884c\u7684\u6d6e\u52a8\u635f\u5931\u5c06\u8fdb\u4e00\u6b65\u6269\u5927\u3002\u94f6\u884c\u8981\u4e48\u7b79\u96c6\u66f4\u591a\u8d44\u672c\uff0c\u8981\u4e48\u4e8f\u635f\u51fa\u552eUST\u548cMBS\u3002\u7b80\u800c\u8a00\u4e4b\uff0c\u4e00\u65e6\u5b58\u6b3e\u63d0\u73b0\u52a0\u901f\uff0c\u5730\u533a\u6027\u94f6\u884c\u5c06\u9762\u4e34\u6d41\u52a8\u6027\u7d27\u7f29\u3002\u8fd9\u573a\u5371\u673a\u53ef\u80fd\u4f1a\u8feb\u4f7f\u7f8e\u8054\u50a8\u653e\u6162\u3001\u7f29\u5c0f\u52a0\u606f\u5e45\u5ea6\uff0c\u751a\u81f3\u6682\u505c\u52a0\u606f\u3002\u5728SVB\u5012\u95ed\u540e\uff0c\u672c\u6708\u5373\u5c06\u4e3e\u884c\u7684FOMC\u4f1a\u8bae\u4e0a\u52a0\u606f50\u4e2a\u57fa\u70b9\u7684\u6982\u7387\u4ece\u4e4b\u524d\u768480%\u964d\u81f3\u76ee\u524d\u768430%\u3002\u622a\u81f3\u4e0a\u5468\u4e94\uff0c\u7f8e\u5143\u6307\u6570\u4ece\u63a5\u8fd1105.9\u4e0b\u8dcc\u81f3104.6\u3002\n  <\/li><li><strong>2023\u5e74\u9ec4\u91d1\u4ef7\u683c\u524d\u666f\u66f4\u597d\u3002<\/strong>\u5f71\u54cd\u9ec4\u91d1\u4ef7\u683c\u7684\u56e0\u7d20\u6709\u5f88\u591a\uff0c\u5176\u4e2d\u6700\u5173\u952e\u7684\u662f\u7f8e\u5143\u8d70\u52bf\u548c\u5168\u7403\u5730\u7f18\u653f\u6cbb\u98ce\u9669\u3002\u7531\u4e8e\u901a\u80c0\u4e00\u76f4\u5728\u4e0b\u964d\uff0c\u5e02\u573a\u666e\u904d\u9884\u671f\u7f8e\u5143\u5728\u53bb\u5e74\u89c1\u9876\u3002\u5c3d\u7ba1\u6700\u8fd1\u7684\u5b8f\u89c2\u6570\u636e\uff0c\u59821\u6708\u4efdCPI\u548c\u6838\u5fc3\u4e2a\u4eba\u6d88\u8d39\u4ef7\u683c\u9ad8\u4e8e\u9884\u671f\uff0c\u4f46\u4e24\u8005\u90fd\u663e\u793a\u6574\u4f53\u4ef7\u683c\u5728\u4e0b\u964d\u3002\u7f8e\u56fd\u5c31\u4e1a\u5e02\u573a\u5f00\u59cb\u663e\u793a\u51fa\u4e00\u4e9b\u75b2\u8f6f\uff0c2\u6708\u4efd\u5931\u4e1a\u7387\u4e0a\u5347\u81f33.6%\u3002\u5e02\u573a\u9884\u8ba1\u7f8e\u8054\u50a8\u5c06\u572823\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8fbe\u5230\u5cf0\u503c\u540e\uff0c\u5728\u5e74\u5e95\u524d\u964d\u606f\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u5730\u7f18\u653f\u6cbb\u5c40\u52bf\u4ecd\u7136\u9ad8\u5ea6\u7d27\u5f20\uff0c\u5e76\u53ef\u80fd\u968f\u7740\u4e2d\u7f8e\u5bf9\u6297\u7684\u9891\u7e41\u800c\u968f\u65f6\u5347\u7ea7\u3002\u9ec4\u91d1\u662f\u53e4\u8001\u7684\u5b89\u5168\u907f\u98ce\u6e2f\u3002\n  <\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u9ec4\u91d1\u4ef7\u683c\u53ca\u7f8e\u5143\u6307\u6570\u8d70\u52bf<\/strong>\n<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\n  <img loading=\"lazy\" decoding=\"async\" width=\"1276\" height=\"740\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-194.png\" class=\"wp-image-24450\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-194.png 1276w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-194-300x174.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-194-1024x594.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-194-768x445.png 768w\" sizes=\"(max-width: 1276px) 100vw, 1276px\" \/>\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>\u79ef\u6781\u768422\u8d22\u5e74\u4e1a\u7ee9\u6307\u5f15\u3002<\/strong>\u516c\u53f8\u9884\u8ba1\u572822\u8d22\u5e74\u5b9e\u73b0\u5f52\u5c5e\u4e8e\u516c\u53f8\u7684\u51c0\u5229\u6da610\u4ebf\u5143\u81f313\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c\u572821\u8d22\u5e74\u5219\u4e3a\u51c0\u4e8f\u635f\u3002\n  <\/li><li>\n    \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a92%\/37.5%\uff0c\u5bf9\u5e9425.7\u500d\/18.9\u500d\u7684\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u503c\u4e3a37.9\u500d\u3002\u5f6d\u535a(Bloomberg)\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a<strong>15.8\u6e2f\u5143\u3002<\/strong>\n  <\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5c71\u4e1c\u9ec4\u91d1\u53ca\u9ec4\u91d1\u4ef7\u683c<\/strong>\n<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong><img loading=\"lazy\" decoding=\"async\" width=\"1080\" height=\"598\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-195.png\" class=\"wp-image-24451\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-195.png 1080w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-195-300x166.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-195-1024x567.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-195-768x425.png 768w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/strong>\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1230\" height=\"722\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-196.png\" alt=\"\" class=\"wp-image-24452\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-196.png 1230w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-196-300x176.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-196-1024x601.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-196-768x451.png 768w\" sizes=\"(max-width: 1230px) 100vw, 1230px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)<strong><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-197.png\" class=\"wp-image-24453\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-197.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-197-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/strong>\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-24405-_6xzuwbi3dcr\"><\/a><strong><img loading=\"lazy\" decoding=\"async\" width=\"827\" height=\"105\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-198.png\" class=\"wp-image-24454\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-198.png 827w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-198-300x38.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-198-768x98.png 768w\" sizes=\"(max-width: 827px) 100vw, 827px\" \/><\/strong><a id=\"post-24405-_mg7sc55bn0og\"><\/a><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-24405-_pow0m9a8tj32\"><\/a><strong>\u5df4\u91cc\u514b\u9ec4\u91d1 (GOLD US): \u907f\u9669\u8d44\u4ea7<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>\u4e70\u5165\u4ef7\uff1a16.4\uff0c\u76ee\u6807\u4ef7\uff1a18.0\uff0c\u6b62\u635f\u4ef7\uff1a15.8<\/strong>\n  <\/li><li>\n    \u5df4\u91cc\u514b\u9ec4\u91d1\u516c\u53f8\u4ece\u4e8b\u9ec4\u91d1\u548c\u94dc\u8d44\u4ea7\u7684\u52d8\u63a2\u3001\u77ff\u5c71\u5f00\u53d1\u3001\u751f\u4ea7\u548c\u9500\u552e\u3002\u5b83\u62e5\u6709\u4f4d\u4e8e\u963f\u6839\u5ef7\u3001\u52a0\u62ff\u5927\u3001C\u00f4te d\u2019 ivvoire\u3001\u521a\u679c\u6c11\u4e3b\u5171\u548c\u56fd\u3001\u591a\u7c73\u5c3c\u52a0\u5171\u548c\u56fd\u3001\u9a6c\u91cc\u3001\u5766\u6851\u5c3c\u4e9a\u548c\u7f8e\u56fd\u7684\u91d1\u77ff\u7684\u6240\u6709\u6743\u6743\u76ca\u3002\n  <\/li><li><strong>\u91d1\u878d\u5371\u673a2.0\u3002<\/strong>\u4e0a\u5468\uff0c\u7f8e\u56fd\u94f6\u884c\u4e1a\u53d1\u751f\u4e86\u9ed1\u5929\u9e45\u4e8b\u4ef6\u3002\u7845\u8c37\u94f6\u884c (SVB) \u7684\u5012\u95ed\u6807\u5fd7\u7740\u7f8e\u56fd\u5386\u53f2\u4e0a\u7b2c\u4e8c\u5927\u94f6\u884c\u5012\u95ed\u3002\u5468\u4e94\uff0c\u7f8e\u56fd\u8054\u90a6\u5b58\u6b3e\u4fdd\u9669\u516c\u53f8 (FDIC) \u63a5\u7ba1\u4e86\u7845\u8c37\u94f6\u884c\u7684\u8d44\u4ea7\u3002FDIC\u5728\u4e00\u4efd\u58f0\u660e\u4e2d\u8868\u793a\uff0c\u7834\u4ea7\u65f6\uff0c\u8be5\u94f6\u884c\u62e5\u67092090\u4ebf\u7f8e\u5143\u8d44\u4ea7\u548c1754\u4ebf\u7f8e\u5143\u5b58\u6b3e\u3002\u94f6\u884c\u6324\u5151\u5f88\u53ef\u80fd\u8513\u5ef6\u5230\u7f8e\u56fd\u5176\u4ed6\u5730\u533a\u6027\u94f6\u884c\u3002\u73b0\u5728\u6050\u614c\u60c5\u7eea\u5f25\u6f2b\uff0c\u6295\u8d44\u8005\u7eb7\u7eb7\u6d8c\u5411\u9ec4\u91d1\u548c\u7f8e\u56fd\u56fd\u503a\u7b49\u907f\u9669\u8d44\u4ea7\u3002\n  <\/li><li><strong>\u52a0\u606f\u6b65\u4f10\u53ef\u80fd\u653e\u7f13\u751a\u81f3\u6682\u505c\u3002<\/strong>SVB\u7684\u5012\u95ed\u53ef\u5f52\u56e0\u4e8e\u6574\u4e2a2022\u5e74\u7684\u6fc0\u8fdb\u52a0\u606f\uff0c\u8fd9\u5bfc\u81f4\u7f8e\u56fd\u56fd\u503a (UST) \u548c\u5176\u4ed6\u653f\u5e9c\u80cc\u4e66\u7684\u56fa\u5b9a\u6536\u76ca\u8bc1\u5238\uff08\u5982\u62b5\u62bc\u8d37\u6b3e\u652f\u6301\u8bc1\u5238,MBS\uff09\u66b4\u8dcc\u3002\u7f8e\u56fd\u94f6\u884c\u5728\u5229\u7387\u63a5\u8fd1\u4e8e\u96f6\uff08\u56fa\u5b9a\u6536\u76ca\u4ef7\u683c\u5904\u4e8e\u9ad8\u4f4d\uff09\u65f6\u8d2d\u4e70\u8fd9\u4e9b\u8d44\u4ea7\uff0c\u7531\u6b64\u4ea7\u751f\u4e86\u5de8\u989d\u672a\u53d8\u73b0\u635f\u5931\u3002\u5982\u679c\u8054\u90a6\u57fa\u91d1\u7684\u7ec8\u7aef\u5229\u7387\u7ee7\u7eed\u4e0a\u5347\uff0c\u94f6\u884c\u7684\u6d6e\u52a8\u635f\u5931\u5c06\u8fdb\u4e00\u6b65\u6269\u5927\u3002\u94f6\u884c\u8981\u4e48\u7b79\u96c6\u66f4\u591a\u8d44\u672c\uff0c\u8981\u4e48\u4e8f\u635f\u51fa\u552eUST\u548cMBS\u3002\u7b80\u800c\u8a00\u4e4b\uff0c\u4e00\u65e6\u5b58\u6b3e\u63d0\u73b0\u52a0\u901f\uff0c\u5730\u533a\u6027\u94f6\u884c\u5c06\u9762\u4e34\u6d41\u52a8\u6027\u7d27\u7f29\u3002\u8fd9\u573a\u5371\u673a\u53ef\u80fd\u4f1a\u8feb\u4f7f\u7f8e\u8054\u50a8\u653e\u6162\u3001\u7f29\u5c0f\u52a0\u606f\u5e45\u5ea6\uff0c\u751a\u81f3\u6682\u505c\u52a0\u606f\u3002\u5728SVB\u5012\u95ed\u540e\uff0c\u672c\u6708\u5373\u5c06\u4e3e\u884c\u7684FOMC\u4f1a\u8bae\u4e0a\u52a0\u606f50\u4e2a\u57fa\u70b9\u7684\u6982\u7387\u4ece\u4e4b\u524d\u768480%\u964d\u81f3\u76ee\u524d\u768430%\u3002\u622a\u81f3\u4e0a\u5468\u4e94\uff0c\u7f8e\u5143\u6307\u6570\u4ece\u63a5\u8fd1105.9\u4e0b\u8dcc\u81f3104.6\u3002\n  <\/li><li><strong>2023\u5e74\u9ec4\u91d1\u4ef7\u683c\u524d\u666f\u66f4\u597d\u3002<\/strong>\u5f71\u54cd\u9ec4\u91d1\u4ef7\u683c\u7684\u56e0\u7d20\u6709\u5f88\u591a\uff0c\u5176\u4e2d\u6700\u5173\u952e\u7684\u662f\u7f8e\u5143\u8d70\u52bf\u548c\u5168\u7403\u5730\u7f18\u653f\u6cbb\u98ce\u9669\u3002\u7531\u4e8e\u901a\u80c0\u4e00\u76f4\u5728\u4e0b\u964d\uff0c\u5e02\u573a\u666e\u904d\u9884\u671f\u7f8e\u5143\u5728\u53bb\u5e74\u89c1\u9876\u3002\u5c3d\u7ba1\u6700\u8fd1\u7684\u5b8f\u89c2\u6570\u636e\uff0c\u59821\u6708\u4efdCPI\u548c\u6838\u5fc3\u4e2a\u4eba\u6d88\u8d39\u4ef7\u683c\u9ad8\u4e8e\u9884\u671f\uff0c\u4f46\u4e24\u8005\u90fd\u663e\u793a\u6574\u4f53\u4ef7\u683c\u5728\u4e0b\u964d\u3002\u7f8e\u56fd\u5c31\u4e1a\u5e02\u573a\u5f00\u59cb\u663e\u793a\u51fa\u4e00\u4e9b\u75b2\u8f6f\uff0c2\u6708\u4efd\u5931\u4e1a\u7387\u4e0a\u5347\u81f33.6%\u3002\u5e02\u573a\u9884\u8ba1\u7f8e\u8054\u50a8\u5c06\u572823\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8fbe\u5230\u5cf0\u503c\u540e\uff0c\u5728\u5e74\u5e95\u524d\u964d\u606f\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u5730\u7f18\u653f\u6cbb\u5c40\u52bf\u4ecd\u7136\u9ad8\u5ea6\u7d27\u5f20\uff0c\u5e76\u53ef\u80fd\u968f\u7740\u4e2d\u7f8e\u5bf9\u6297\u7684\u9891\u7e41\u800c\u968f\u65f6\u5347\u7ea7\u3002\u9ec4\u91d1\u662f\u53e4\u8001\u7684\u5b89\u5168\u907f\u98ce\u6e2f\u3002\n  <\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u9ec4\u91d1\u4ef7\u683c\u53ca\u7f8e\u5143\u6307\u6570\u8d70\u52bf<\/strong>\n<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  <img loading=\"lazy\" decoding=\"async\" width=\"1276\" height=\"740\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-199.png\" class=\"wp-image-24455\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-199.png 1276w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-199-300x174.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-199-1024x594.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-199-768x445.png 768w\" sizes=\"(max-width: 1276px) 100vw, 1276px\" \/>\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>23\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u559c\u5fe7\u53c2\u534a\u3002<\/strong>\u8425\u6536\u540c\u6bd4\u4e0b\u964d16.3%\u81f327.7\u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f2,000\u4e07\u7f8e\u5143\u3002Non-GAAP\u6bcf\u80a1\u51c0\u4e8f\u635f0.13\u7f8e\u5143\u3002\u7b2c\u56db\u5b63\u5ea6\u9ec4\u91d1\u548c\u94dc\u4ea7\u91cf\u5206\u522b\u4e3a112\u4e07\u76ce\u53f8\u548c9,600\u4e07\u78c5\u3002\u9ec4\u91d1\u548c\u94dc\u4ef7\u5e73\u5747\u5206\u522b\u4e3a\u6bcf\u76ce\u53f81728\u7f8e\u5143\u548c\u6bcf\u78c53.81\u7f8e\u5143\u3002\n  <\/li><li><strong>7.5\u4ebf\u7f8e\u5143\u80a1\u7968\u56de\u8d2d\u3002<\/strong>\u8be5\u516c\u53f8\u57282023\u5e74\u6388\u6743\u4e86\u9ad8\u8fbe7.5\u4ebf\u7f8e\u5143\u7684\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\uff0c\u800c2022\u5e74\u7684\u80a1\u606f\u548c\u56de\u8d2d\u8ba1\u5212\u4e3a16\u4ebf\u7f8e\u5143\u3002\n  <\/li><li>\n    \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a8.8%\/24.2%\uff0c\u5bf9\u5e94\u8fdc\u671f\u5e02\u76c8\u7387\u4e3a20.3\u500d\/16.3\u500d\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a19.5\u500d\u3002\u5f6d\u535a\u793e\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a<strong>21.6\u7f8e\u5143\u3002<\/strong>\n  <\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5df4\u91cc\u514b\u9ec4\u91d1\u53ca\u91d1\u4ef7<\/strong>\n<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  <img loading=\"lazy\" decoding=\"async\" width=\"1081\" height=\"601\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-200.png\" class=\"wp-image-24456\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-200.png 1081w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-200-300x167.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-200-1024x569.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-200-768x427.png 768w\" sizes=\"(max-width: 1081px) 100vw, 1081px\" \/>\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  <img loading=\"lazy\" decoding=\"async\" width=\"1230\" height=\"722\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-201.png\" class=\"wp-image-24457\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-201.png 1230w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-201-300x176.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-201-1024x601.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-201-768x451.png 768w\" sizes=\"(max-width: 1230px) 100vw, 1230px\" \/>\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-24405-_ry0804sniri\"><\/a><strong><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-202.png\" class=\"wp-image-24458\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-202.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-202-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-24405-_ewivio7gjp9q\"><\/a><strong>\u5927\u5168\u65b0\u80fd\u6e90 (DQ US): \u50f5\u5c40\u7f13\u89e3<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>\u91cd\u7533\u4e70\u5165\u4ef7\uff1a53\uff0c\u76ee\u6807\u4ef7\uff1a63\uff0c\u6b62\u635f\u4ef7\uff1a48<\/strong>\n  <\/li><li>\n    \u5927\u5168\u65b0\u80fd\u6e90\u516c\u53f8\u751f\u4ea7\u591a\u6676\u7845\u3002\u8be5\u516c\u53f8\u5c06\u591a\u6676\u7845\u9500\u552e\u7ed9\u5149\u4f0f\u4ea7\u54c1\u5236\u9020\u5546\uff0c\u540c\u6642\u516c\u53f8\u5c06\u591a\u6676\u7845\u52a0\u5de5\u6210\u592a\u9633\u80fd\u4ea7\u54c1\u7684\u952d\u3001\u6676\u5706\u3001\u7535\u6c60\u548c\u6a21\u5757\u3002\n  <\/li><li><strong>\u653e\u5bbd\u592a\u9633\u80fd\u7535\u6c60\u677f\u8fdb\u53e3\u9650\u5236\u3002<\/strong>\u636e\u8def\u900f\u793e\u62a5\u9053\uff0c\u7f8e\u56fd\u6d77\u5173\u5b98\u5458<a href=\"https:\/\/www.nasdaq.com\/articles\/u.s.-solar-panel-imports-from-china-grow-alleviating-gridlock-officials-say\">\u6f84\u6e05<\/a>\u4e86\u6709\u5173\u7981\u6b62\u4f7f\u7528\u5f3a\u8feb\u52b3\u52a8\u751f\u4ea7\u5546\u54c1\u7684\u6cd5\u5f8b\u89c4\u5b9a\u3002\u56e0\u6b64\uff0c\u4ece\u4e2d\u56fd\u8fdb\u53e3\u7684\u592a\u9633\u80fd\u7535\u6c60\u677f\u589e\u52a0\u4e86\u3002\u6301\u7eed\u4e86\u51e0\u4e2a\u6708\u7684\u50f5\u5c40\u7684\u6d88\u9664\u6709\u52a9\u4e8e\u592a\u9633\u80fd\u7535\u6c60\u677f\u9700\u6c42\u7684\u590d\u82cf\u548c\u591a\u6676\u7845\u4ef7\u683c\u5728\u77ed\u671f\u5185\u7684\u56de\u5347\u3002\n  <\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u4e2d\u56fd\u591a\u6676\u78459N\u4ea4\u4ed8\u4ef7\u683c\uff08\u4eba\u6c11\u5e01\/\u516c\u65a4\uff09<\/strong>\n<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong><img loading=\"lazy\" decoding=\"async\" width=\"984\" height=\"740\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-203.png\" class=\"wp-image-24459\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-203.png 984w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-203-300x226.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-203-768x578.png 768w\" sizes=\"(max-width: 984px) 100vw, 984px\" \/><\/strong>\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>\u4e2d\u56fd\u91cd\u7533\u53d1\u5c55\u53ef\u518d\u751f\u80fd\u6e90\u3002<\/strong>\u524d\u51e0\u5929\u4e24\u4f1a\u671f\u95f4\u53d1\u5e03\u7684\u653f\u5e9c2023\u5e74\u5de5\u4f5c\u62a5\u544a\u4e2d\u63d0\u5230\uff0c\u4e2d\u56fd\u5c06\u52a0\u5f3a\u57ce\u4e61\u73af\u5883\u57fa\u7840\u8bbe\u65bd\u5efa\u8bbe\uff0c\u7ee7\u7eed\u5b9e\u65bd\u91cd\u8981\u751f\u6001\u7cfb\u7edf\u4fdd\u62a4\u548c\u4fee\u590d\u91cd\u5927\u5de5\u7a0b\u7684\u603b\u4f53\u76ee\u6807\u548c\u5efa\u8bae\u3002\n  <\/li><li><strong>22\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>\u8425\u6536\u540c\u6bd4\u589e\u957f118.5%\u81f38.643\u4ebf\u7f8e\u5143\u3002Non-GAAP\u6bcf\u80a1\u6536\u76ca\u4e3a5.17\u7f8e\u5143\u300222\u5e74\u7b2c\u56db\u5b63\u5ea6\u591a\u6676\u7845\u4ea7\u91cf\u4e3a33,702\u516c\u5428\uff0c\u800c\u7b2c\u4e09\u5b63\u5ea6\u4e3a33,401\u516c\u5428\u3002\u591a\u6676\u7845\u9500\u91cf\u572822\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e3a23,400\u516c\u5428\uff0c\u800c\u5728\u7b2c\u4e09\u5b63\u5ea6\u4e3a33,126\u516c\u5428\u3002\u7b2c\u56db\u5b63\u5ea6\u591a\u6676\u7845\u5e73\u5747\u552e\u4ef7\u4e3a37.41\u7f8e\u5143\/\u516c\u65a4\uff0c\u800c\u7b2c\u4e09\u5b63\u5ea6\u4e3a36.44\u7f8e\u5143\/\u516c\u65a4\u3002\n  <\/li><li>\n    \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a-37.9%\/-32.6%\uff0c\u5bf9\u5e943.2\u500d\/4.7\u500d\u7684\u9884\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a2.3\u500d\u3002\u5f6d\u535a\u793e\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a<strong>61.73\u7f8e\u5143\u3002<\/strong>\n  <\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1230\" height=\"722\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-204.png\" alt=\"\" class=\"wp-image-24460\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-204.png 1230w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-204-300x176.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-204-1024x601.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-204-768x451.png 768w\" sizes=\"(max-width: 1230px) 100vw, 1230px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)<a id=\"post-24405-_hgur1eg00c4d\"><\/a>\n<\/p>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\" id=\"sp\"><a href=\"#top\">^ Back To Top<\/a> <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-24405-_va9jaog5jnw3\"><\/a><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-205.png\" class=\"wp-image-24462\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-205.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-205-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"829\" height=\"104\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-206.png\" alt=\"\" class=\"wp-image-24463\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-206.png 829w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-206-300x38.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-206-768x96.png 768w\" sizes=\"(max-width: 829px) 100vw, 829px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-24405-_fginbsn8cd1z\"><\/a><a id=\"post-24405-_tiry8p5xvcqk\"><\/a>\u7f8e\u56fd<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1097\" height=\"593\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-207.png\" alt=\"\" class=\"wp-image-24464\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-207.png 1097w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-207-300x162.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-207-1024x554.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-207-768x415.png 768w\" sizes=\"(max-width: 1097px) 100vw, 1097px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><p><strong>News Feed<\/strong>\n<\/p><\/td><\/tr><tr><td><p>\n  1. <a href=\"https:\/\/www.businesstimes.com.sg\/companies-markets\/dollar-weakens-after-us-jobs-data-suggests-slower-rate-hike-path\">Dollar weakens after US jobs data suggests slower rate hike path<\/a>\n<\/p><\/td><\/tr><tr><td><p>\n  2. <a href=\"https:\/\/www.businesstimes.com.sg\/international\/us-job-growth-beats-expectations-february-wages-rise-moderately\">US job growth beats expectations in February; wages rise moderately<\/a>\n<\/p><\/td><\/tr><tr><td><p>\n  3. <a href=\"https:\/\/www.businesstimes.com.sg\/international\/oil-prices-rise-after-buoyant-us-payrolls\">Oil prices rise after buoyant US payrolls<\/a>\n<\/p><\/td><\/tr><tr><td><p>\n  4. <a href=\"https:\/\/www.businesstimes.com.sg\/international\/fed-seen-shallower-rate-path-wage-gains-cool\">Fed seen on shallower rate path as wage gains cool<\/a>\n<\/p><\/td><\/tr><tr><td><p>\n  5. <a href=\"https:\/\/www.businesstimes.com.sg\/companies-markets\/meta-plans-new-job-cuts-could-match-last-years-tally-wsj\">Meta plans new job cuts that could match last year\u2019s tally: WSJ<\/a>\n<\/p><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-208.png\" alt=\"\" class=\"wp-image-24465\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-208.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-208-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\n  <a id=\"post-24405-_s0o7847309w2\"><\/a><a id=\"post-24405-_wz4ir22iv0tr\"><\/a>\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-24405-_qqv3rtx8nazp\"><\/a><a id=\"post-24405-_ylayyh7qqd99\"><\/a>\u9999\u6e2f<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1275\" height=\"691\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-209.png\" alt=\"\" class=\"wp-image-24466\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-209.png 1275w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-209-300x163.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-209-1024x555.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-209-768x416.png 768w\" sizes=\"(max-width: 1275px) 100vw, 1275px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><p><strong>News Feed<\/strong>\n<\/p><\/td><\/tr><tr><td><p>\n  1. <a href=\"https:\/\/www.scmp.com\/business\/china-business\/article\/3213020\/hong-kong-stocks-head-worst-week-october-poor-jdcom-aia-report-cards-while-kaisa-sinks-trading\">Hong Kong stocks log worst week since October on poor JD.com, AIA report cards while Kaisa sinks on return<\/a>\n<\/p><\/td><\/tr><tr><td><p>\n  2. <a href=\"https:\/\/www.channelnewsasia.com\/asia\/xi-jinping-china-president-historic-third-term-parliament-national-peoples-congress-3336311\">Xi Jinping declared China president for a historic third term<\/a>\n<\/p><\/td><\/tr><tr><td><p>\n  3. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-10\/china-s-consumer-spending-is-showing-signs-of-strong-rebound\">China\u2019s Consumer Spending Shows Signs of Strong Rebound<\/a>\n<\/p><\/td><\/tr><tr><td><p>\n  4. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-10\/china-s-credit-expands-faster-than-expected-in-february?srnd=economics-v2&leadSource=uverify%20wall\">China\u2019s Credit Expands Faster Than Expected in February<\/a>\n<\/p><\/td><\/tr><tr><td><p>\n  5. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-10\/this-week-in-china-a-4-trillion-rebound-is-giving-way-to-gloom?srnd=economics-v2&leadSource=uverify%20wall\">This Week in China: A $4 Trillion Rebound Is Giving Way to Gloom<\/a>\n<\/p><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\">^ Back To Top<\/a> <\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-210.png\" alt=\"\" class=\"wp-image-24468\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-210.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-210-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"618\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-211.png\" alt=\"\" class=\"wp-image-24469\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-211.png 618w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-211-300x62.png 300w\" sizes=\"(max-width: 618px) 100vw, 618px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Trading Dashboard Update: <\/strong>Take profit on Prada (1913 HK) at HK$56. Cut loss on Cloudflare (NET US) at US$54.0.\n<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"943\" height=\"409\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-212.png\" alt=\"\" class=\"wp-image-24470\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-212.png 943w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-212-300x130.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/03\/word-image-212-768x333.png 768w\" sizes=\"(max-width: 943px) 100vw, 943px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\">^ Back To Top<\/a> <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><a href=\"https:\/\/t.me\/kgisg\"><img loading=\"lazy\" decoding=\"async\" width=\"520\" height=\"142\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/06\/word-image-433.png\" alt=\"\" class=\"wp-image-17077\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/06\/word-image-433.png 520w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/06\/word-image-433-300x82.png 300w\" sizes=\"(max-width: 520px) 100vw, 520px\" \/><\/a><\/figure><\/div>\n\n\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u65b0\u52a0\u5761\u80a1\u7968\u63a8\u8350 | \u9999\u6e2f\u80a1\u7968\u63a8\u8350 | \u7f8e\u80a1\u63a8\u8350 | \u884c\u4e1a\u677f\u5757\u8868\u73b0 | \u4ea4\u6613\u9f99\u864e\u699c \u6b27\u4f73\u65f6 (HG SP)\uff1a\u65f6\u95f4\u4e0d\u7b49\u4eba \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a2.20\uff0c\u76ee\u6807\u4ef7\uff1a2.40\uff0c\u6b62\u635f\u4ef7\uff1a2.10 \u6b27\u4f73\u65f6\u901a\u8fc7\u5176\u9644\u5c5e\u516c\u53f8\u96f6\u552e\u53ca\u6279\u53d1\u624b\u8868\u3001\u73e0\u5b9d\u53ca\u76f8\u5173\u4ea7\u54c1\u3002\u8be5\u516c\u53f8\u8fd8\u751f\u4ea7\u624b\u8868\u548c\u6295\u8d44\u623f\u5730\u4ea7\u3002\u5728\u65b0\u52a0\u5761\u5efa\u7acb\u4e86\u81ea\u5df1\u4f5c\u4e3a\u4e00\u4e2a\u4e00\u6d41\u7684\u624b\u8868\u7cbe\u54c1\uff0c\u96c6\u56e2\u6269\u5c55\u5230\u4e16\u754c\u5404\u5730\u3002\u96c6\u56e2\u62e5\u6709Gerald Genta\u3001Breguet\u3001Daniel Roth\u3001Bertolucci\u3001Burberrys\u3001Christian Dior\u3001Revue Thommen\u3001\u5b87\u8236\u548cMontega\u7684\u72ec\u5bb6\u4ee3\u7406\u6743\u548c\u5206\u9500\u6743\u3002 \u4e39\u5c3c\u5c14\u00b7\u7f57\u65af\u7684\u590d\u5174\u3002\u8def\u6613\u5a01\u767b\u96c6\u56e2 (LVMH) \u65d7\u4e0b\u7684\u745e\u58eb\u624b\u8868\u54c1\u724c\u4e39\u5c3c\u5c14\u00b7\u7f57\u65af (Daniel Roth) \u5c06\u4ee5\u72ec\u7acb\u516c\u53f8\u7684\u8eab\u4efd\u56de\u5f52\uff0c\u5176\u7b2c\u4e00\u6b3e\u65b0\u624b\u8868\u5c06\u4e8e2023\u5e74\u53d1\u5e03\u3002\u7136\u800c\uff0c\u90a3\u4e9b\u6709\u5174\u8da3\u8d2d\u4e70\u8be5\u54c1\u724c\u624b\u8868\u7684\u4eba\u5c06\u4e0d\u5f97\u4e0d\u901a\u8fc7\u8be5\u516c\u53f8\u8d2d\u4e70\uff0c\u56e0\u4e3a\u4ed6\u4eec\u62e5\u6709\u72ec\u5bb6\u5206\u9500\u6743\u3002 \u540e\u75ab\u60c5\u7e41\u8363\u3002\u53bb\u5e74\uff0c\u7ea6\u6709630\u4e07\u6e38\u5ba2\u62b5\u8fbe\u65b0\u52a0\u5761\uff0c\u540c\u6bd4\u589e\u957f1,810.5%\u3002\u4e2d\u56fd\u4e8e2023\u5e741\u6708\u521d\u53d6\u6d88\u4e86\u6d77\u5916\u65c5\u6e38\u9650\u5236\uff0c\u9884\u8ba1\u4eca\u5e74\u6d8c\u5165\u65b0\u52a0\u5761\u7684\u4e2d\u56fd\u6e38\u5ba2\u5c06\u6fc0\u589e\u30022023\u5e741\u6708\uff0c\u65b0\u52a0\u5761\u7684\u6e38\u5ba2\u4eba\u6570\u4e3a931,500\u4eba\uff08\u540c\u6bd4\u589e\u957f1,529.3%\uff09\u3002\u6839\u636e\u4e2d\u56fd\u65c5\u884c\u793e\u6700\u8fd1\u7684\u4e00\u9879\u5e02\u573a\u8c03\u67e5\uff0c\u5728\u4e3a\u671f\u4e09\u5e74\u7684\u5c01\u9501\u4e4b\u540e\uff0c\u4e1c\u5357\u4e9a\u56fd\u5bb6\u6210\u4e3a\u6700\u53d7\u6b22\u8fce\u7684\u8de8\u5883\u65c5\u6e38\u9996\u9009\u3002 \u5962\u4f88\u54c1\u6d88\u8d39\u3002\u5c3d\u7ba1\u901a\u8d27\u81a8\u80c0\u7387\u4e0a\u5347\uff0c\u5229\u7387\u4e0a\u5347\uff0c\u7ecf\u6d4e\u8870\u9000\u7684\u53ef\u80fd\u6027\u8d8a\u6765\u8d8a\u5927\uff0c\u7ecf\u6d4e\u73af\u5883\u5145\u6ee1\u6311\u6218\uff0c\u4f46\u5bf9\u5962\u4f88\u54c1\u7684\u9700\u6c42\u4ecd\u7136\u4fdd\u6301\u7a33\u5b9a\u3002\u8fd9\u4e00\u9700\u6c42\u4e3b\u8981\u662f\u7531\u5bcc\u88d5\u7684\u4e2a\u4eba\u63a8\u52a8\u7684\uff0c\u4ed6\u4eec\u53d7\u76ca\u4e8e\u8fd1\u671f\u7684\u8d22\u5bcc\u79ef\u7d2f\u548c\u65b0\u51a0\u75ab\u60c5\u5c01\u9501\u671f\u95f4\u7684\u50a8\u84c4\u3002\u6b64\u5916\uff0c\u4e2d\u56fd\u6d88\u8d39\u8005\u7684\u56de\u5f52\uff08\u75ab\u60c5\u524d\u5962\u4f88\u54c1\u516c\u53f8\u7684\u4e3b\u8981\u5229\u6da6\u6765\u6e90\uff09\u9884\u8ba1\u5c06\u63d0\u632f\u8be5\u884c\u4e1a\uff0c\u53bb\u5e74\u4e2d\u56fd\u6d88\u8d39\u8005\u5c06\u6536\u5165\u7684\u4e09\u5206\u4e4b\u4e00\u50a8\u84c4\u8d77\u6765\uff0c\u5e76\u5c0617.8\u4e07\u4ebf\u5143\u4eba\u6c11\u5e01\uff082.6\u4e07\u4ebf\u7f8e\u5143\uff09\u5b58\u5165\u94f6\u884c\u3002 \u96f6\u552e\u9500\u552e\u3002\u65b0\u52a0\u5761\u7684\u96f6\u552e\u4e1a\u548c\u5176\u4ed6\u670d\u52a1\u884c\u4e1a\u9884\u8ba1\u5c06\u53d7\u76ca\u4e8e\u4f11\u95f2\u548c\u5546\u52a1\u822a\u7a7a\u65c5\u884c\u7684\u6301\u7eed\u590d\u82cf\u4ee5\u53ca\u4e2d\u56fd\u8fb9\u5883\u91cd\u65b0\u5f00\u653e\u3002\u65b0\u52a0\u5761\u65c5\u6e38\u5c40\u7684\u6570\u636e\u663e\u793a\uff0c2019\u5e74\u6765\u81ea\u4e2d\u56fd\u5927\u9646\u7684\u6e38\u5ba2\u6536\u5165\u4e2d\u7ea6\u670949%\u6765\u81ea\u8d2d\u7269\u3002\u6839\u636e\u65b0\u52a0\u5761\u7edf\u8ba1\u5c40\u7684\u6570\u636e\uff0c2022\u5e7412\u6708\u624b\u8868\u548c\u73e0\u5b9d\u96f6\u552e\u989d\u540c\u6bd4\u589e\u957f13.1%\uff0c\u73af\u6bd4\u589e\u957f10.8%\u3002\u9884\u8ba1\u4eca\u5e74\u4e0a\u534a\u5e74\u96f6\u552e\u8d38\u6613\u5c06\u589e\u957f8%\uff0c\u7b2c\u4e00\u5b63\u5ea6\u8425\u4e1a\u6536\u5165\u5c06\u589e\u957f2%\u3002 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FY22\u4e1a\u7ee9\u56de\u987e\u3002\u8be5\u516c\u53f8\u516c\u5e0322\u8d22\u5e74\u7684\u5229\u6da6\u8fbe\u5230\u521b\u7eaa\u5f55\u768424\u4ebf\u7f8e\u5143\uff0832\u4ebf\u65b0\u5143\uff09\uff0c\u6bd42021\u8d22\u5e74\u768419\u4ebf\u7f8e\u5143\u589e\u957f27.1%\uff1b2022\u8d22\u5e74\u6838\u5fc3\u51c0\u5229\u6da6\u589e\u957f31%\u81f324.2\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u76c8\u5229\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a0.309\u7f8e\u5143\/0.329\u7f8e\u5143\uff0c\u5bf9\u5e949.52\u500d\/8.94\u500d\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a7.68\u500d\u3002\u5f6d\u535a(Bloomberg)\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a5.24\u65b0\u5143\u3002 (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) \u79ef\u6781\u768422\u8d22\u5e74\u4e1a\u7ee9\u6307\u5f15\u3002\u516c\u53f8\u9884\u8ba1\u572822\u8d22\u5e74\u5b9e\u73b0\u5f52\u5c5e\u4e8e\u516c\u53f8\u7684\u51c0\u5229\u6da610\u4ebf\u5143\u81f313\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c\u572821\u8d22\u5e74\u5219\u4e3a\u51c0\u4e8f\u635f\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a92%\/37.5%\uff0c\u5bf9\u5e9425.7\u500d\/18.9\u500d\u7684\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u503c\u4e3a37.9\u500d\u3002\u5f6d\u535a(Bloomberg)\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a15.8\u6e2f\u5143\u3002 \u5c71\u4e1c\u9ec4\u91d1\u53ca\u9ec4\u91d1\u4ef7\u683c (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) 23\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u559c\u5fe7\u53c2\u534a\u3002\u8425\u6536\u540c\u6bd4\u4e0b\u964d16.3%\u81f327.7\u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f2,000\u4e07\u7f8e\u5143\u3002Non-GAAP\u6bcf\u80a1\u51c0\u4e8f\u635f0.13\u7f8e\u5143\u3002\u7b2c\u56db\u5b63\u5ea6\u9ec4\u91d1\u548c\u94dc\u4ea7\u91cf\u5206\u522b\u4e3a112\u4e07\u76ce\u53f8\u548c9,600\u4e07\u78c5\u3002\u9ec4\u91d1\u548c\u94dc\u4ef7\u5e73\u5747\u5206\u522b\u4e3a\u6bcf\u76ce\u53f81728\u7f8e\u5143\u548c\u6bcf\u78c53.81\u7f8e\u5143\u3002 7.5\u4ebf\u7f8e\u5143\u80a1\u7968\u56de\u8d2d\u3002\u8be5\u516c\u53f8\u57282023\u5e74\u6388\u6743\u4e86\u9ad8\u8fbe7.5\u4ebf\u7f8e\u5143\u7684\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\uff0c\u800c2022\u5e74\u7684\u80a1\u606f\u548c\u56de\u8d2d\u8ba1\u5212\u4e3a16\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a8.8%\/24.2%\uff0c\u5bf9\u5e94\u8fdc\u671f\u5e02\u76c8\u7387\u4e3a20.3\u500d\/16.3\u500d\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a19.5\u500d\u3002\u5f6d\u535a\u793e\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a21.6\u7f8e\u5143\u3002 \u5df4\u91cc\u514b\u9ec4\u91d1\u53ca\u91d1\u4ef7 (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) \u4e2d\u56fd\u91cd\u7533\u53d1\u5c55\u53ef\u518d\u751f\u80fd\u6e90\u3002\u524d\u51e0\u5929\u4e24\u4f1a\u671f\u95f4\u53d1\u5e03\u7684\u653f\u5e9c2023\u5e74\u5de5\u4f5c\u62a5\u544a\u4e2d\u63d0\u5230\uff0c\u4e2d\u56fd\u5c06\u52a0\u5f3a\u57ce\u4e61\u73af\u5883\u57fa\u7840\u8bbe\u65bd\u5efa\u8bbe\uff0c\u7ee7\u7eed\u5b9e\u65bd\u91cd\u8981\u751f\u6001\u7cfb\u7edf\u4fdd\u62a4\u548c\u4fee\u590d\u91cd\u5927\u5de5\u7a0b\u7684\u603b\u4f53\u76ee\u6807\u548c\u5efa\u8bae\u3002 22\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002\u8425\u6536\u540c\u6bd4\u589e\u957f118.5%\u81f38.643\u4ebf\u7f8e\u5143\u3002Non-GAAP\u6bcf\u80a1\u6536\u76ca\u4e3a5.17\u7f8e\u5143\u300222\u5e74\u7b2c\u56db\u5b63\u5ea6\u591a\u6676\u7845\u4ea7\u91cf\u4e3a33,702\u516c\u5428\uff0c\u800c\u7b2c\u4e09\u5b63\u5ea6\u4e3a33,401\u516c\u5428\u3002\u591a\u6676\u7845\u9500\u91cf\u572822\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e3a23,400\u516c\u5428\uff0c\u800c\u5728\u7b2c\u4e09\u5b63\u5ea6\u4e3a33,126\u516c\u5428\u3002\u7b2c\u56db\u5b63\u5ea6\u591a\u6676\u7845\u5e73\u5747\u552e\u4ef7\u4e3a37.41\u7f8e\u5143\/\u516c\u65a4\uff0c\u800c\u7b2c\u4e09\u5b63\u5ea6\u4e3a36.44\u7f8e\u5143\/\u516c\u65a4\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a-37.9%\/-32.6%\uff0c\u5bf9\u5e943.2\u500d\/4.7\u500d\u7684\u9884\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a2.3\u500d\u3002\u5f6d\u535a\u793e\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a61.73\u7f8e\u5143\u3002 (Source: Bloomberg) ^ Back To Top \u7f8e\u56fd \u9999\u6e2f ^ Back To Top\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Keith Tan\"\/>\n\t<meta name=\"keywords\" content=\"kgi daily trading ideas (chinese)\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-mar-2023-zh\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.8\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"KGI Singapore Research \u2022 Singapore&#039;s leading broker offering Futures, FX, Equities and Wealth Management.\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"2023\u5e7403\u670813\u65e5: \u6b27\u4f73\u65f6 (HG SP), \u536b\u9f99 (9985 HK), \u5df4\u91cc\u514b\u9ec4\u91d1 (GOLD US): \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"\u65b0\u52a0\u5761\u80a1\u7968\u63a8\u8350 | \u9999\u6e2f\u80a1\u7968\u63a8\u8350 | \u7f8e\u80a1\u63a8\u8350 | \u884c\u4e1a\u677f\u5757\u8868\u73b0 | \u4ea4\u6613\u9f99\u864e\u699c (Source: Bloomberg) (Source: Bloomberg) FY22\u4e1a\u7ee9\u56de\u987e\u3002\u8be5\u516c\u53f8\u516c\u5e0322\u8d22\u5e74\u7684\u5229\u6da6\u8fbe\u5230\u521b\u7eaa\u5f55\u768424\u4ebf\u7f8e\u5143\uff0832\u4ebf\u65b0\u5143\uff09\uff0c\u6bd42021\u8d22\u5e74\u768419\u4ebf\u7f8e\u5143\u589e\u957f27.1%\uff1b2022\u8d22\u5e74\u6838\u5fc3\u51c0\u5229\u6da6\u589e\u957f31%\u81f324.2\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u76c8\u5229\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a0.309\u7f8e\u5143\/0.329\u7f8e\u5143\uff0c\u5bf9\u5e949.52\u500d\/8.94\u500d\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a7.68\u500d\u3002\u5f6d\u535a(Bloomberg)\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a5.24\u65b0\u5143\u3002 (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) \u79ef\u6781\u768422\u8d22\u5e74\u4e1a\u7ee9\u6307\u5f15\u3002\u516c\u53f8\u9884\u8ba1\u572822\u8d22\u5e74\u5b9e\u73b0\u5f52\u5c5e\u4e8e\u516c\u53f8\u7684\u51c0\u5229\u6da610\u4ebf\u5143\u81f313\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c\u572821\u8d22\u5e74\u5219\u4e3a\u51c0\u4e8f\u635f\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a92%\/37.5%\uff0c\u5bf9\u5e9425.7\u500d\/18.9\u500d\u7684\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u503c\u4e3a37.9\u500d\u3002\u5f6d\u535a(Bloomberg)\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a15.8\u6e2f\u5143\u3002 \u5c71\u4e1c\u9ec4\u91d1\u53ca\u9ec4\u91d1\u4ef7\u683c (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) 23\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u559c\u5fe7\u53c2\u534a\u3002\u8425\u6536\u540c\u6bd4\u4e0b\u964d16.3%\u81f327.7\u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f2,000\u4e07\u7f8e\u5143\u3002Non-GAAP\u6bcf\u80a1\u51c0\u4e8f\u635f0.13\u7f8e\u5143\u3002\u7b2c\u56db\u5b63\u5ea6\u9ec4\u91d1\u548c\u94dc\u4ea7\u91cf\u5206\u522b\u4e3a112\u4e07\u76ce\u53f8\u548c9,600\u4e07\u78c5\u3002\u9ec4\u91d1\u548c\u94dc\u4ef7\u5e73\u5747\u5206\u522b\u4e3a\u6bcf\u76ce\u53f81728\u7f8e\u5143\u548c\u6bcf\u78c53.81\u7f8e\u5143\u3002 7.5\u4ebf\u7f8e\u5143\u80a1\u7968\u56de\u8d2d\u3002\u8be5\u516c\u53f8\u57282023\u5e74\u6388\u6743\u4e86\u9ad8\u8fbe7.5\u4ebf\u7f8e\u5143\u7684\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\uff0c\u800c2022\u5e74\u7684\u80a1\u606f\u548c\u56de\u8d2d\u8ba1\u5212\u4e3a16\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a8.8%\/24.2%\uff0c\u5bf9\u5e94\u8fdc\u671f\u5e02\u76c8\u7387\u4e3a20.3\u500d\/16.3\u500d\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a19.5\u500d\u3002\u5f6d\u535a\u793e\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a21.6\u7f8e\u5143\u3002 \u5df4\u91cc\u514b\u9ec4\u91d1\u53ca\u91d1\u4ef7 (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) \u4e2d\u56fd\u91cd\u7533\u53d1\u5c55\u53ef\u518d\u751f\u80fd\u6e90\u3002\u524d\u51e0\u5929\u4e24\u4f1a\u671f\u95f4\u53d1\u5e03\u7684\u653f\u5e9c2023\u5e74\u5de5\u4f5c\u62a5\u544a\u4e2d\u63d0\u5230\uff0c\u4e2d\u56fd\u5c06\u52a0\u5f3a\u57ce\u4e61\u73af\u5883\u57fa\u7840\u8bbe\u65bd\u5efa\u8bbe\uff0c\u7ee7\u7eed\u5b9e\u65bd\u91cd\u8981\u751f\u6001\u7cfb\u7edf\u4fdd\u62a4\u548c\u4fee\u590d\u91cd\u5927\u5de5\u7a0b\u7684\u603b\u4f53\u76ee\u6807\u548c\u5efa\u8bae\u3002 22\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002\u8425\u6536\u540c\u6bd4\u589e\u957f118.5%\u81f38.643\u4ebf\u7f8e\u5143\u3002Non-GAAP\u6bcf\u80a1\u6536\u76ca\u4e3a5.17\u7f8e\u5143\u300222\u5e74\u7b2c\u56db\u5b63\u5ea6\u591a\u6676\u7845\u4ea7\u91cf\u4e3a33,702\u516c\u5428\uff0c\u800c\u7b2c\u4e09\u5b63\u5ea6\u4e3a33,401\u516c\u5428\u3002\u591a\u6676\u7845\u9500\u91cf\u572822\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e3a23,400\u516c\u5428\uff0c\u800c\u5728\u7b2c\u4e09\u5b63\u5ea6\u4e3a33,126\u516c\u5428\u3002\u7b2c\u56db\u5b63\u5ea6\u591a\u6676\u7845\u5e73\u5747\u552e\u4ef7\u4e3a37.41\u7f8e\u5143\/\u516c\u65a4\uff0c\u800c\u7b2c\u4e09\u5b63\u5ea6\u4e3a36.44\u7f8e\u5143\/\u516c\u65a4\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a-37.9%\/-32.6%\uff0c\u5bf9\u5e943.2\u500d\/4.7\u500d\u7684\u9884\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a2.3\u500d\u3002\u5f6d\u535a\u793e\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a61.73\u7f8e\u5143\u3002 (Source: Bloomberg) ^ Back To Top \u7f8e\u56fd \u9999\u6e2f ^ Back To Top\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-mar-2023-zh\/\" \/>\n\t\t<meta property=\"og:image\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<meta property=\"og:image:secure_url\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2023-03-12T23:29:00+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2023-03-12T11:54:04+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary\" \/>\n\t\t<meta name=\"twitter:title\" content=\"2023\u5e7403\u670813\u65e5: \u6b27\u4f73\u65f6 (HG SP), \u536b\u9f99 (9985 HK), \u5df4\u91cc\u514b\u9ec4\u91d1 (GOLD US): \u2022 KGI Singapore Research\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u65b0\u52a0\u5761\u80a1\u7968\u63a8\u8350 | \u9999\u6e2f\u80a1\u7968\u63a8\u8350 | \u7f8e\u80a1\u63a8\u8350 | \u884c\u4e1a\u677f\u5757\u8868\u73b0 | \u4ea4\u6613\u9f99\u864e\u699c (Source: Bloomberg) (Source: Bloomberg) FY22\u4e1a\u7ee9\u56de\u987e\u3002\u8be5\u516c\u53f8\u516c\u5e0322\u8d22\u5e74\u7684\u5229\u6da6\u8fbe\u5230\u521b\u7eaa\u5f55\u768424\u4ebf\u7f8e\u5143\uff0832\u4ebf\u65b0\u5143\uff09\uff0c\u6bd42021\u8d22\u5e74\u768419\u4ebf\u7f8e\u5143\u589e\u957f27.1%\uff1b2022\u8d22\u5e74\u6838\u5fc3\u51c0\u5229\u6da6\u589e\u957f31%\u81f324.2\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u76c8\u5229\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a0.309\u7f8e\u5143\/0.329\u7f8e\u5143\uff0c\u5bf9\u5e949.52\u500d\/8.94\u500d\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a7.68\u500d\u3002\u5f6d\u535a(Bloomberg)\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a5.24\u65b0\u5143\u3002 (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) \u79ef\u6781\u768422\u8d22\u5e74\u4e1a\u7ee9\u6307\u5f15\u3002\u516c\u53f8\u9884\u8ba1\u572822\u8d22\u5e74\u5b9e\u73b0\u5f52\u5c5e\u4e8e\u516c\u53f8\u7684\u51c0\u5229\u6da610\u4ebf\u5143\u81f313\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c\u572821\u8d22\u5e74\u5219\u4e3a\u51c0\u4e8f\u635f\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a92%\/37.5%\uff0c\u5bf9\u5e9425.7\u500d\/18.9\u500d\u7684\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u503c\u4e3a37.9\u500d\u3002\u5f6d\u535a(Bloomberg)\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a15.8\u6e2f\u5143\u3002 \u5c71\u4e1c\u9ec4\u91d1\u53ca\u9ec4\u91d1\u4ef7\u683c (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) 23\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u559c\u5fe7\u53c2\u534a\u3002\u8425\u6536\u540c\u6bd4\u4e0b\u964d16.3%\u81f327.7\u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f2,000\u4e07\u7f8e\u5143\u3002Non-GAAP\u6bcf\u80a1\u51c0\u4e8f\u635f0.13\u7f8e\u5143\u3002\u7b2c\u56db\u5b63\u5ea6\u9ec4\u91d1\u548c\u94dc\u4ea7\u91cf\u5206\u522b\u4e3a112\u4e07\u76ce\u53f8\u548c9,600\u4e07\u78c5\u3002\u9ec4\u91d1\u548c\u94dc\u4ef7\u5e73\u5747\u5206\u522b\u4e3a\u6bcf\u76ce\u53f81728\u7f8e\u5143\u548c\u6bcf\u78c53.81\u7f8e\u5143\u3002 7.5\u4ebf\u7f8e\u5143\u80a1\u7968\u56de\u8d2d\u3002\u8be5\u516c\u53f8\u57282023\u5e74\u6388\u6743\u4e86\u9ad8\u8fbe7.5\u4ebf\u7f8e\u5143\u7684\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\uff0c\u800c2022\u5e74\u7684\u80a1\u606f\u548c\u56de\u8d2d\u8ba1\u5212\u4e3a16\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a8.8%\/24.2%\uff0c\u5bf9\u5e94\u8fdc\u671f\u5e02\u76c8\u7387\u4e3a20.3\u500d\/16.3\u500d\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a19.5\u500d\u3002\u5f6d\u535a\u793e\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a21.6\u7f8e\u5143\u3002 \u5df4\u91cc\u514b\u9ec4\u91d1\u53ca\u91d1\u4ef7 (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) \u4e2d\u56fd\u91cd\u7533\u53d1\u5c55\u53ef\u518d\u751f\u80fd\u6e90\u3002\u524d\u51e0\u5929\u4e24\u4f1a\u671f\u95f4\u53d1\u5e03\u7684\u653f\u5e9c2023\u5e74\u5de5\u4f5c\u62a5\u544a\u4e2d\u63d0\u5230\uff0c\u4e2d\u56fd\u5c06\u52a0\u5f3a\u57ce\u4e61\u73af\u5883\u57fa\u7840\u8bbe\u65bd\u5efa\u8bbe\uff0c\u7ee7\u7eed\u5b9e\u65bd\u91cd\u8981\u751f\u6001\u7cfb\u7edf\u4fdd\u62a4\u548c\u4fee\u590d\u91cd\u5927\u5de5\u7a0b\u7684\u603b\u4f53\u76ee\u6807\u548c\u5efa\u8bae\u3002 22\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002\u8425\u6536\u540c\u6bd4\u589e\u957f118.5%\u81f38.643\u4ebf\u7f8e\u5143\u3002Non-GAAP\u6bcf\u80a1\u6536\u76ca\u4e3a5.17\u7f8e\u5143\u300222\u5e74\u7b2c\u56db\u5b63\u5ea6\u591a\u6676\u7845\u4ea7\u91cf\u4e3a33,702\u516c\u5428\uff0c\u800c\u7b2c\u4e09\u5b63\u5ea6\u4e3a33,401\u516c\u5428\u3002\u591a\u6676\u7845\u9500\u91cf\u572822\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e3a23,400\u516c\u5428\uff0c\u800c\u5728\u7b2c\u4e09\u5b63\u5ea6\u4e3a33,126\u516c\u5428\u3002\u7b2c\u56db\u5b63\u5ea6\u591a\u6676\u7845\u5e73\u5747\u552e\u4ef7\u4e3a37.41\u7f8e\u5143\/\u516c\u65a4\uff0c\u800c\u7b2c\u4e09\u5b63\u5ea6\u4e3a36.44\u7f8e\u5143\/\u516c\u65a4\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a-37.9%\/-32.6%\uff0c\u5bf9\u5e943.2\u500d\/4.7\u500d\u7684\u9884\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a2.3\u500d\u3002\u5f6d\u535a\u793e\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a61.73\u7f8e\u5143\u3002 (Source: Bloomberg) ^ Back To Top \u7f8e\u56fd \u9999\u6e2f ^ Back To Top\" \/>\n\t\t<meta name=\"twitter:image\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BlogPosting\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-13-mar-2023-zh\\\/#blogposting\",\"name\":\"2023\\u5e7403\\u670813\\u65e5: \\u6b27\\u4f73\\u65f6 (HG SP), \\u536b\\u9f99 (9985 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\\u79ef\\u6781\\u768422\\u8d22\\u5e74\\u4e1a\\u7ee9\\u6307\\u5f15\\u3002\\u516c\\u53f8\\u9884\\u8ba1\\u572822\\u8d22\\u5e74\\u5b9e\\u73b0\\u5f52\\u5c5e\\u4e8e\\u516c\\u53f8\\u7684\\u51c0\\u5229\\u6da610\\u4ebf\\u5143\\u81f313\\u4ebf\\u5143\\u4eba\\u6c11\\u5e01\\uff0c\\u800c\\u572821\\u8d22\\u5e74\\u5219\\u4e3a\\u51c0\\u4e8f\\u635f\\u3002 \\u5e02\\u573a\\u5bf923\\\/24\\u8d22\\u5e74\\u6bcf\\u80a1\\u6536\\u76ca\\u589e\\u957f\\u7684\\u6700\\u65b0\\u5171\\u8bc6\\u5206\\u522b\\u4e3a92%\\\/37.5%\\uff0c\\u5bf9\\u5e9425.7\\u500d\\\/18.9\\u500d\\u7684\\u8fdc\\u671f\\u5e02\\u76c8\\u7387\\u3002\\u5f53\\u524d\\u5e02\\u76c8\\u7387\\u503c\\u4e3a37.9\\u500d\\u3002\\u5f6d\\u535a(Bloomberg)\\u4e00\\u81f4\\u8ba4\\u4e3a12\\u4e2a\\u6708\\u5e73\\u5747\\u76ee\\u6807\\u4ef7\\u4e3a15.8\\u6e2f\\u5143\\u3002 \\u5c71\\u4e1c\\u9ec4\\u91d1\\u53ca\\u9ec4\\u91d1\\u4ef7\\u683c (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) 23\\u5e74\\u7b2c\\u56db\\u5b63\\u5ea6\\u4e1a\\u7ee9\\u559c\\u5fe7\\u53c2\\u534a\\u3002\\u8425\\u6536\\u540c\\u6bd4\\u4e0b\\u964d16.3%\\u81f327.7\\u4ebf\\u7f8e\\u5143\\uff0c\\u4f4e\\u4e8e\\u9884\\u671f2,000\\u4e07\\u7f8e\\u5143\\u3002Non-GAAP\\u6bcf\\u80a1\\u51c0\\u4e8f\\u635f0.13\\u7f8e\\u5143\\u3002\\u7b2c\\u56db\\u5b63\\u5ea6\\u9ec4\\u91d1\\u548c\\u94dc\\u4ea7\\u91cf\\u5206\\u522b\\u4e3a112\\u4e07\\u76ce\\u53f8\\u548c9,600\\u4e07\\u78c5\\u3002\\u9ec4\\u91d1\\u548c\\u94dc\\u4ef7\\u5e73\\u5747\\u5206\\u522b\\u4e3a\\u6bcf\\u76ce\\u53f81728\\u7f8e\\u5143\\u548c\\u6bcf\\u78c53.81\\u7f8e\\u5143\\u3002 7.5\\u4ebf\\u7f8e\\u5143\\u80a1\\u7968\\u56de\\u8d2d\\u3002\\u8be5\\u516c\\u53f8\\u57282023\\u5e74\\u6388\\u6743\\u4e86\\u9ad8\\u8fbe7.5\\u4ebf\\u7f8e\\u5143\\u7684\\u80a1\\u7968\\u56de\\u8d2d\\u8ba1\\u5212\\uff0c\\u800c2022\\u5e74\\u7684\\u80a1\\u606f\\u548c\\u56de\\u8d2d\\u8ba1\\u5212\\u4e3a16\\u4ebf\\u7f8e\\u5143\\u3002 \\u5e02\\u573a\\u5bf923\\\/24\\u8d22\\u5e74\\u6bcf\\u80a1\\u6536\\u76ca\\u589e\\u957f\\u7684\\u6700\\u65b0\\u5171\\u8bc6\\u5206\\u522b\\u4e3a8.8%\\\/24.2%\\uff0c\\u5bf9\\u5e94\\u8fdc\\u671f\\u5e02\\u76c8\\u7387\\u4e3a20.3\\u500d\\\/16.3\\u500d\\u3002\\u5f53\\u524d\\u5e02\\u76c8\\u7387\\u4e3a19.5\\u500d\\u3002\\u5f6d\\u535a\\u793e\\u4e00\\u81f4\\u8ba4\\u4e3a12\\u4e2a\\u6708\\u5e73\\u5747\\u76ee\\u6807\\u4ef7\\u4e3a21.6\\u7f8e\\u5143\\u3002 \\u5df4\\u91cc\\u514b\\u9ec4\\u91d1\\u53ca\\u91d1\\u4ef7 (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) \\u4e2d\\u56fd\\u91cd\\u7533\\u53d1\\u5c55\\u53ef\\u518d\\u751f\\u80fd\\u6e90\\u3002\\u524d\\u51e0\\u5929\\u4e24\\u4f1a\\u671f\\u95f4\\u53d1\\u5e03\\u7684\\u653f\\u5e9c2023\\u5e74\\u5de5\\u4f5c\\u62a5\\u544a\\u4e2d\\u63d0\\u5230\\uff0c\\u4e2d\\u56fd\\u5c06\\u52a0\\u5f3a\\u57ce\\u4e61\\u73af\\u5883\\u57fa\\u7840\\u8bbe\\u65bd\\u5efa\\u8bbe\\uff0c\\u7ee7\\u7eed\\u5b9e\\u65bd\\u91cd\\u8981\\u751f\\u6001\\u7cfb\\u7edf\\u4fdd\\u62a4\\u548c\\u4fee\\u590d\\u91cd\\u5927\\u5de5\\u7a0b\\u7684\\u603b\\u4f53\\u76ee\\u6807\\u548c\\u5efa\\u8bae\\u3002 22\\u8d22\\u5e74\\u7b2c\\u56db\\u5b63\\u5ea6\\u4e1a\\u7ee9\\u56de\\u987e\\u3002\\u8425\\u6536\\u540c\\u6bd4\\u589e\\u957f118.5%\\u81f38.643\\u4ebf\\u7f8e\\u5143\\u3002Non-GAAP\\u6bcf\\u80a1\\u6536\\u76ca\\u4e3a5.17\\u7f8e\\u5143\\u300222\\u5e74\\u7b2c\\u56db\\u5b63\\u5ea6\\u591a\\u6676\\u7845\\u4ea7\\u91cf\\u4e3a33,702\\u516c\\u5428\\uff0c\\u800c\\u7b2c\\u4e09\\u5b63\\u5ea6\\u4e3a33,401\\u516c\\u5428\\u3002\\u591a\\u6676\\u7845\\u9500\\u91cf\\u572822\\u5e74\\u7b2c\\u56db\\u5b63\\u5ea6\\u4e3a23,400\\u516c\\u5428\\uff0c\\u800c\\u5728\\u7b2c\\u4e09\\u5b63\\u5ea6\\u4e3a33,126\\u516c\\u5428\\u3002\\u7b2c\\u56db\\u5b63\\u5ea6\\u591a\\u6676\\u7845\\u5e73\\u5747\\u552e\\u4ef7\\u4e3a37.41\\u7f8e\\u5143\\\/\\u516c\\u65a4\\uff0c\\u800c\\u7b2c\\u4e09\\u5b63\\u5ea6\\u4e3a36.44\\u7f8e\\u5143\\\/\\u516c\\u65a4\\u3002 \\u5e02\\u573a\\u5bf923\\\/24\\u8d22\\u5e74\\u6bcf\\u80a1\\u6536\\u76ca\\u589e\\u957f\\u7684\\u6700\\u65b0\\u5171\\u8bc6\\u5206\\u522b\\u4e3a-37.9%\\\/-32.6%\\uff0c\\u5bf9\\u5e943.2\\u500d\\\/4.7\\u500d\\u7684\\u9884\\u671f\\u5e02\\u76c8\\u7387\\u3002\\u5f53\\u524d\\u5e02\\u76c8\\u7387\\u4e3a2.3\\u500d\\u3002\\u5f6d\\u535a\\u793e\\u4e00\\u81f4\\u8ba4\\u4e3a12\\u4e2a\\u6708\\u5e73\\u5747\\u76ee\\u6807\\u4ef7\\u4e3a61.73\\u7f8e\\u5143\\u3002 (Source: Bloomberg) ^ Back To Top \\u7f8e\\u56fd \\u9999\\u6e2f ^ Back To 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FY22\u4e1a\u7ee9\u56de\u987e\u3002\u8be5\u516c\u53f8\u516c\u5e0322\u8d22\u5e74\u7684\u5229\u6da6\u8fbe\u5230\u521b\u7eaa\u5f55\u768424\u4ebf\u7f8e\u5143\uff0832\u4ebf\u65b0\u5143\uff09\uff0c\u6bd42021\u8d22\u5e74\u768419\u4ebf\u7f8e\u5143\u589e\u957f27.1%\uff1b2022\u8d22\u5e74\u6838\u5fc3\u51c0\u5229\u6da6\u589e\u957f31%\u81f324.2\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u76c8\u5229\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a0.309\u7f8e\u5143\/0.329\u7f8e\u5143\uff0c\u5bf9\u5e949.52\u500d\/8.94\u500d\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a7.68\u500d\u3002\u5f6d\u535a(Bloomberg)\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a5.24\u65b0\u5143\u3002 (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) \u79ef\u6781\u768422\u8d22\u5e74\u4e1a\u7ee9\u6307\u5f15\u3002\u516c\u53f8\u9884\u8ba1\u572822\u8d22\u5e74\u5b9e\u73b0\u5f52\u5c5e\u4e8e\u516c\u53f8\u7684\u51c0\u5229\u6da610\u4ebf\u5143\u81f313\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c\u572821\u8d22\u5e74\u5219\u4e3a\u51c0\u4e8f\u635f\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a92%\/37.5%\uff0c\u5bf9\u5e9425.7\u500d\/18.9\u500d\u7684\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u503c\u4e3a37.9\u500d\u3002\u5f6d\u535a(Bloomberg)\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a15.8\u6e2f\u5143\u3002 \u5c71\u4e1c\u9ec4\u91d1\u53ca\u9ec4\u91d1\u4ef7\u683c (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) 23\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u559c\u5fe7\u53c2\u534a\u3002\u8425\u6536\u540c\u6bd4\u4e0b\u964d16.3%\u81f327.7\u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f2,000\u4e07\u7f8e\u5143\u3002Non-GAAP\u6bcf\u80a1\u51c0\u4e8f\u635f0.13\u7f8e\u5143\u3002\u7b2c\u56db\u5b63\u5ea6\u9ec4\u91d1\u548c\u94dc\u4ea7\u91cf\u5206\u522b\u4e3a112\u4e07\u76ce\u53f8\u548c9,600\u4e07\u78c5\u3002\u9ec4\u91d1\u548c\u94dc\u4ef7\u5e73\u5747\u5206\u522b\u4e3a\u6bcf\u76ce\u53f81728\u7f8e\u5143\u548c\u6bcf\u78c53.81\u7f8e\u5143\u3002 7.5\u4ebf\u7f8e\u5143\u80a1\u7968\u56de\u8d2d\u3002\u8be5\u516c\u53f8\u57282023\u5e74\u6388\u6743\u4e86\u9ad8\u8fbe7.5\u4ebf\u7f8e\u5143\u7684\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\uff0c\u800c2022\u5e74\u7684\u80a1\u606f\u548c\u56de\u8d2d\u8ba1\u5212\u4e3a16\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a8.8%\/24.2%\uff0c\u5bf9\u5e94\u8fdc\u671f\u5e02\u76c8\u7387\u4e3a20.3\u500d\/16.3\u500d\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a19.5\u500d\u3002\u5f6d\u535a\u793e\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a21.6\u7f8e\u5143\u3002 \u5df4\u91cc\u514b\u9ec4\u91d1\u53ca\u91d1\u4ef7 (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) \u4e2d\u56fd\u91cd\u7533\u53d1\u5c55\u53ef\u518d\u751f\u80fd\u6e90\u3002\u524d\u51e0\u5929\u4e24\u4f1a\u671f\u95f4\u53d1\u5e03\u7684\u653f\u5e9c2023\u5e74\u5de5\u4f5c\u62a5\u544a\u4e2d\u63d0\u5230\uff0c\u4e2d\u56fd\u5c06\u52a0\u5f3a\u57ce\u4e61\u73af\u5883\u57fa\u7840\u8bbe\u65bd\u5efa\u8bbe\uff0c\u7ee7\u7eed\u5b9e\u65bd\u91cd\u8981\u751f\u6001\u7cfb\u7edf\u4fdd\u62a4\u548c\u4fee\u590d\u91cd\u5927\u5de5\u7a0b\u7684\u603b\u4f53\u76ee\u6807\u548c\u5efa\u8bae\u3002 22\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002\u8425\u6536\u540c\u6bd4\u589e\u957f118.5%\u81f38.643\u4ebf\u7f8e\u5143\u3002Non-GAAP\u6bcf\u80a1\u6536\u76ca\u4e3a5.17\u7f8e\u5143\u300222\u5e74\u7b2c\u56db\u5b63\u5ea6\u591a\u6676\u7845\u4ea7\u91cf\u4e3a33,702\u516c\u5428\uff0c\u800c\u7b2c\u4e09\u5b63\u5ea6\u4e3a33,401\u516c\u5428\u3002\u591a\u6676\u7845\u9500\u91cf\u572822\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e3a23,400\u516c\u5428\uff0c\u800c\u5728\u7b2c\u4e09\u5b63\u5ea6\u4e3a33,126\u516c\u5428\u3002\u7b2c\u56db\u5b63\u5ea6\u591a\u6676\u7845\u5e73\u5747\u552e\u4ef7\u4e3a37.41\u7f8e\u5143\/\u516c\u65a4\uff0c\u800c\u7b2c\u4e09\u5b63\u5ea6\u4e3a36.44\u7f8e\u5143\/\u516c\u65a4\u3002 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\u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u76c8\u5229\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a0.309\u7f8e\u5143\/0.329\u7f8e\u5143\uff0c\u5bf9\u5e949.52\u500d\/8.94\u500d\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a7.68\u500d\u3002\u5f6d\u535a(Bloomberg)\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a5.24\u65b0\u5143\u3002 (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) \u79ef\u6781\u768422\u8d22\u5e74\u4e1a\u7ee9\u6307\u5f15\u3002\u516c\u53f8\u9884\u8ba1\u572822\u8d22\u5e74\u5b9e\u73b0\u5f52\u5c5e\u4e8e\u516c\u53f8\u7684\u51c0\u5229\u6da610\u4ebf\u5143\u81f313\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c\u572821\u8d22\u5e74\u5219\u4e3a\u51c0\u4e8f\u635f\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a92%\/37.5%\uff0c\u5bf9\u5e9425.7\u500d\/18.9\u500d\u7684\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u503c\u4e3a37.9\u500d\u3002\u5f6d\u535a(Bloomberg)\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a15.8\u6e2f\u5143\u3002 \u5c71\u4e1c\u9ec4\u91d1\u53ca\u9ec4\u91d1\u4ef7\u683c (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) 23\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u559c\u5fe7\u53c2\u534a\u3002\u8425\u6536\u540c\u6bd4\u4e0b\u964d16.3%\u81f327.7\u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f2,000\u4e07\u7f8e\u5143\u3002Non-GAAP\u6bcf\u80a1\u51c0\u4e8f\u635f0.13\u7f8e\u5143\u3002\u7b2c\u56db\u5b63\u5ea6\u9ec4\u91d1\u548c\u94dc\u4ea7\u91cf\u5206\u522b\u4e3a112\u4e07\u76ce\u53f8\u548c9,600\u4e07\u78c5\u3002\u9ec4\u91d1\u548c\u94dc\u4ef7\u5e73\u5747\u5206\u522b\u4e3a\u6bcf\u76ce\u53f81728\u7f8e\u5143\u548c\u6bcf\u78c53.81\u7f8e\u5143\u3002 7.5\u4ebf\u7f8e\u5143\u80a1\u7968\u56de\u8d2d\u3002\u8be5\u516c\u53f8\u57282023\u5e74\u6388\u6743\u4e86\u9ad8\u8fbe7.5\u4ebf\u7f8e\u5143\u7684\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\uff0c\u800c2022\u5e74\u7684\u80a1\u606f\u548c\u56de\u8d2d\u8ba1\u5212\u4e3a16\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a8.8%\/24.2%\uff0c\u5bf9\u5e94\u8fdc\u671f\u5e02\u76c8\u7387\u4e3a20.3\u500d\/16.3\u500d\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a19.5\u500d\u3002\u5f6d\u535a\u793e\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a21.6\u7f8e\u5143\u3002 \u5df4\u91cc\u514b\u9ec4\u91d1\u53ca\u91d1\u4ef7 (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) \u4e2d\u56fd\u91cd\u7533\u53d1\u5c55\u53ef\u518d\u751f\u80fd\u6e90\u3002\u524d\u51e0\u5929\u4e24\u4f1a\u671f\u95f4\u53d1\u5e03\u7684\u653f\u5e9c2023\u5e74\u5de5\u4f5c\u62a5\u544a\u4e2d\u63d0\u5230\uff0c\u4e2d\u56fd\u5c06\u52a0\u5f3a\u57ce\u4e61\u73af\u5883\u57fa\u7840\u8bbe\u65bd\u5efa\u8bbe\uff0c\u7ee7\u7eed\u5b9e\u65bd\u91cd\u8981\u751f\u6001\u7cfb\u7edf\u4fdd\u62a4\u548c\u4fee\u590d\u91cd\u5927\u5de5\u7a0b\u7684\u603b\u4f53\u76ee\u6807\u548c\u5efa\u8bae\u3002 22\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002\u8425\u6536\u540c\u6bd4\u589e\u957f118.5%\u81f38.643\u4ebf\u7f8e\u5143\u3002Non-GAAP\u6bcf\u80a1\u6536\u76ca\u4e3a5.17\u7f8e\u5143\u300222\u5e74\u7b2c\u56db\u5b63\u5ea6\u591a\u6676\u7845\u4ea7\u91cf\u4e3a33,702\u516c\u5428\uff0c\u800c\u7b2c\u4e09\u5b63\u5ea6\u4e3a33,401\u516c\u5428\u3002\u591a\u6676\u7845\u9500\u91cf\u572822\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e3a23,400\u516c\u5428\uff0c\u800c\u5728\u7b2c\u4e09\u5b63\u5ea6\u4e3a33,126\u516c\u5428\u3002\u7b2c\u56db\u5b63\u5ea6\u591a\u6676\u7845\u5e73\u5747\u552e\u4ef7\u4e3a37.41\u7f8e\u5143\/\u516c\u65a4\uff0c\u800c\u7b2c\u4e09\u5b63\u5ea6\u4e3a36.44\u7f8e\u5143\/\u516c\u65a4\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a-37.9%\/-32.6%\uff0c\u5bf9\u5e943.2\u500d\/4.7\u500d\u7684\u9884\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a2.3\u500d\u3002\u5f6d\u535a\u793e\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a61.73\u7f8e\u5143\u3002 (Source: Bloomberg) ^ Back To Top \u7f8e\u56fd \u9999\u6e2f ^ Back To Top","inLanguage":"en-US","isPartOf":{"@id":"https:\/\/www.kgieworld.sg\/research\/#website"},"breadcrumb":{"@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-mar-2023-zh\/#breadcrumblist"},"author":{"@id":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/#author"},"creator":{"@id":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/#author"},"image":{"@type":"ImageObject","url":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/Thumbnail_Stocks.jpg?wsr","@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-mar-2023-zh\/#mainImage","width":282,"height":179},"primaryImageOfPage":{"@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-mar-2023-zh\/#mainImage"},"datePublished":"2023-03-13T07:29:00+08:00","dateModified":"2023-03-12T19:54:04+08:00"},{"@type":"WebSite","@id":"https:\/\/www.kgieworld.sg\/research\/#website","url":"https:\/\/www.kgieworld.sg\/research\/","name":"KGI Singapore 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FY22\u4e1a\u7ee9\u56de\u987e\u3002\u8be5\u516c\u53f8\u516c\u5e0322\u8d22\u5e74\u7684\u5229\u6da6\u8fbe\u5230\u521b\u7eaa\u5f55\u768424\u4ebf\u7f8e\u5143\uff0832\u4ebf\u65b0\u5143\uff09\uff0c\u6bd42021\u8d22\u5e74\u768419\u4ebf\u7f8e\u5143\u589e\u957f27.1%\uff1b2022\u8d22\u5e74\u6838\u5fc3\u51c0\u5229\u6da6\u589e\u957f31%\u81f324.2\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u76c8\u5229\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a0.309\u7f8e\u5143\/0.329\u7f8e\u5143\uff0c\u5bf9\u5e949.52\u500d\/8.94\u500d\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a7.68\u500d\u3002\u5f6d\u535a(Bloomberg)\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a5.24\u65b0\u5143\u3002 (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) \u79ef\u6781\u768422\u8d22\u5e74\u4e1a\u7ee9\u6307\u5f15\u3002\u516c\u53f8\u9884\u8ba1\u572822\u8d22\u5e74\u5b9e\u73b0\u5f52\u5c5e\u4e8e\u516c\u53f8\u7684\u51c0\u5229\u6da610\u4ebf\u5143\u81f313\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c\u572821\u8d22\u5e74\u5219\u4e3a\u51c0\u4e8f\u635f\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a92%\/37.5%\uff0c\u5bf9\u5e9425.7\u500d\/18.9\u500d\u7684\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u503c\u4e3a37.9\u500d\u3002\u5f6d\u535a(Bloomberg)\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a15.8\u6e2f\u5143\u3002 \u5c71\u4e1c\u9ec4\u91d1\u53ca\u9ec4\u91d1\u4ef7\u683c (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) 23\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u559c\u5fe7\u53c2\u534a\u3002\u8425\u6536\u540c\u6bd4\u4e0b\u964d16.3%\u81f327.7\u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f2,000\u4e07\u7f8e\u5143\u3002Non-GAAP\u6bcf\u80a1\u51c0\u4e8f\u635f0.13\u7f8e\u5143\u3002\u7b2c\u56db\u5b63\u5ea6\u9ec4\u91d1\u548c\u94dc\u4ea7\u91cf\u5206\u522b\u4e3a112\u4e07\u76ce\u53f8\u548c9,600\u4e07\u78c5\u3002\u9ec4\u91d1\u548c\u94dc\u4ef7\u5e73\u5747\u5206\u522b\u4e3a\u6bcf\u76ce\u53f81728\u7f8e\u5143\u548c\u6bcf\u78c53.81\u7f8e\u5143\u3002 7.5\u4ebf\u7f8e\u5143\u80a1\u7968\u56de\u8d2d\u3002\u8be5\u516c\u53f8\u57282023\u5e74\u6388\u6743\u4e86\u9ad8\u8fbe7.5\u4ebf\u7f8e\u5143\u7684\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\uff0c\u800c2022\u5e74\u7684\u80a1\u606f\u548c\u56de\u8d2d\u8ba1\u5212\u4e3a16\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a8.8%\/24.2%\uff0c\u5bf9\u5e94\u8fdc\u671f\u5e02\u76c8\u7387\u4e3a20.3\u500d\/16.3\u500d\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a19.5\u500d\u3002\u5f6d\u535a\u793e\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a21.6\u7f8e\u5143\u3002 \u5df4\u91cc\u514b\u9ec4\u91d1\u53ca\u91d1\u4ef7 (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) \u4e2d\u56fd\u91cd\u7533\u53d1\u5c55\u53ef\u518d\u751f\u80fd\u6e90\u3002\u524d\u51e0\u5929\u4e24\u4f1a\u671f\u95f4\u53d1\u5e03\u7684\u653f\u5e9c2023\u5e74\u5de5\u4f5c\u62a5\u544a\u4e2d\u63d0\u5230\uff0c\u4e2d\u56fd\u5c06\u52a0\u5f3a\u57ce\u4e61\u73af\u5883\u57fa\u7840\u8bbe\u65bd\u5efa\u8bbe\uff0c\u7ee7\u7eed\u5b9e\u65bd\u91cd\u8981\u751f\u6001\u7cfb\u7edf\u4fdd\u62a4\u548c\u4fee\u590d\u91cd\u5927\u5de5\u7a0b\u7684\u603b\u4f53\u76ee\u6807\u548c\u5efa\u8bae\u3002 22\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002\u8425\u6536\u540c\u6bd4\u589e\u957f118.5%\u81f38.643\u4ebf\u7f8e\u5143\u3002Non-GAAP\u6bcf\u80a1\u6536\u76ca\u4e3a5.17\u7f8e\u5143\u300222\u5e74\u7b2c\u56db\u5b63\u5ea6\u591a\u6676\u7845\u4ea7\u91cf\u4e3a33,702\u516c\u5428\uff0c\u800c\u7b2c\u4e09\u5b63\u5ea6\u4e3a33,401\u516c\u5428\u3002\u591a\u6676\u7845\u9500\u91cf\u572822\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e3a23,400\u516c\u5428\uff0c\u800c\u5728\u7b2c\u4e09\u5b63\u5ea6\u4e3a33,126\u516c\u5428\u3002\u7b2c\u56db\u5b63\u5ea6\u591a\u6676\u7845\u5e73\u5747\u552e\u4ef7\u4e3a37.41\u7f8e\u5143\/\u516c\u65a4\uff0c\u800c\u7b2c\u4e09\u5b63\u5ea6\u4e3a36.44\u7f8e\u5143\/\u516c\u65a4\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a-37.9%\/-32.6%\uff0c\u5bf9\u5e943.2\u500d\/4.7\u500d\u7684\u9884\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a2.3\u500d\u3002\u5f6d\u535a\u793e\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a61.73\u7f8e\u5143\u3002 (Source: Bloomberg) ^ Back To Top \u7f8e\u56fd \u9999\u6e2f ^ Back To Top","og:url":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-mar-2023-zh\/","og:image":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr","og:image:secure_url":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr","article:published_time":"2023-03-12T23:29:00+00:00","article:modified_time":"2023-03-12T11:54:04+00:00","twitter:card":"summary","twitter:title":"2023\u5e7403\u670813\u65e5: \u6b27\u4f73\u65f6 (HG SP), \u536b\u9f99 (9985 HK), \u5df4\u91cc\u514b\u9ec4\u91d1 (GOLD US): \u2022 KGI Singapore Research","twitter:description":"\u65b0\u52a0\u5761\u80a1\u7968\u63a8\u8350 | \u9999\u6e2f\u80a1\u7968\u63a8\u8350 | \u7f8e\u80a1\u63a8\u8350 | \u884c\u4e1a\u677f\u5757\u8868\u73b0 | \u4ea4\u6613\u9f99\u864e\u699c (Source: Bloomberg) (Source: Bloomberg) FY22\u4e1a\u7ee9\u56de\u987e\u3002\u8be5\u516c\u53f8\u516c\u5e0322\u8d22\u5e74\u7684\u5229\u6da6\u8fbe\u5230\u521b\u7eaa\u5f55\u768424\u4ebf\u7f8e\u5143\uff0832\u4ebf\u65b0\u5143\uff09\uff0c\u6bd42021\u8d22\u5e74\u768419\u4ebf\u7f8e\u5143\u589e\u957f27.1%\uff1b2022\u8d22\u5e74\u6838\u5fc3\u51c0\u5229\u6da6\u589e\u957f31%\u81f324.2\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u76c8\u5229\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a0.309\u7f8e\u5143\/0.329\u7f8e\u5143\uff0c\u5bf9\u5e949.52\u500d\/8.94\u500d\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a7.68\u500d\u3002\u5f6d\u535a(Bloomberg)\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a5.24\u65b0\u5143\u3002 (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) \u79ef\u6781\u768422\u8d22\u5e74\u4e1a\u7ee9\u6307\u5f15\u3002\u516c\u53f8\u9884\u8ba1\u572822\u8d22\u5e74\u5b9e\u73b0\u5f52\u5c5e\u4e8e\u516c\u53f8\u7684\u51c0\u5229\u6da610\u4ebf\u5143\u81f313\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c\u572821\u8d22\u5e74\u5219\u4e3a\u51c0\u4e8f\u635f\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a92%\/37.5%\uff0c\u5bf9\u5e9425.7\u500d\/18.9\u500d\u7684\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u503c\u4e3a37.9\u500d\u3002\u5f6d\u535a(Bloomberg)\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a15.8\u6e2f\u5143\u3002 \u5c71\u4e1c\u9ec4\u91d1\u53ca\u9ec4\u91d1\u4ef7\u683c (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) 23\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u559c\u5fe7\u53c2\u534a\u3002\u8425\u6536\u540c\u6bd4\u4e0b\u964d16.3%\u81f327.7\u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f2,000\u4e07\u7f8e\u5143\u3002Non-GAAP\u6bcf\u80a1\u51c0\u4e8f\u635f0.13\u7f8e\u5143\u3002\u7b2c\u56db\u5b63\u5ea6\u9ec4\u91d1\u548c\u94dc\u4ea7\u91cf\u5206\u522b\u4e3a112\u4e07\u76ce\u53f8\u548c9,600\u4e07\u78c5\u3002\u9ec4\u91d1\u548c\u94dc\u4ef7\u5e73\u5747\u5206\u522b\u4e3a\u6bcf\u76ce\u53f81728\u7f8e\u5143\u548c\u6bcf\u78c53.81\u7f8e\u5143\u3002 7.5\u4ebf\u7f8e\u5143\u80a1\u7968\u56de\u8d2d\u3002\u8be5\u516c\u53f8\u57282023\u5e74\u6388\u6743\u4e86\u9ad8\u8fbe7.5\u4ebf\u7f8e\u5143\u7684\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\uff0c\u800c2022\u5e74\u7684\u80a1\u606f\u548c\u56de\u8d2d\u8ba1\u5212\u4e3a16\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a8.8%\/24.2%\uff0c\u5bf9\u5e94\u8fdc\u671f\u5e02\u76c8\u7387\u4e3a20.3\u500d\/16.3\u500d\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a19.5\u500d\u3002\u5f6d\u535a\u793e\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a21.6\u7f8e\u5143\u3002 \u5df4\u91cc\u514b\u9ec4\u91d1\u53ca\u91d1\u4ef7 (Source: Bloomberg) (Source: Bloomberg) (Source: Bloomberg) \u4e2d\u56fd\u91cd\u7533\u53d1\u5c55\u53ef\u518d\u751f\u80fd\u6e90\u3002\u524d\u51e0\u5929\u4e24\u4f1a\u671f\u95f4\u53d1\u5e03\u7684\u653f\u5e9c2023\u5e74\u5de5\u4f5c\u62a5\u544a\u4e2d\u63d0\u5230\uff0c\u4e2d\u56fd\u5c06\u52a0\u5f3a\u57ce\u4e61\u73af\u5883\u57fa\u7840\u8bbe\u65bd\u5efa\u8bbe\uff0c\u7ee7\u7eed\u5b9e\u65bd\u91cd\u8981\u751f\u6001\u7cfb\u7edf\u4fdd\u62a4\u548c\u4fee\u590d\u91cd\u5927\u5de5\u7a0b\u7684\u603b\u4f53\u76ee\u6807\u548c\u5efa\u8bae\u3002 22\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002\u8425\u6536\u540c\u6bd4\u589e\u957f118.5%\u81f38.643\u4ebf\u7f8e\u5143\u3002Non-GAAP\u6bcf\u80a1\u6536\u76ca\u4e3a5.17\u7f8e\u5143\u300222\u5e74\u7b2c\u56db\u5b63\u5ea6\u591a\u6676\u7845\u4ea7\u91cf\u4e3a33,702\u516c\u5428\uff0c\u800c\u7b2c\u4e09\u5b63\u5ea6\u4e3a33,401\u516c\u5428\u3002\u591a\u6676\u7845\u9500\u91cf\u572822\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e3a23,400\u516c\u5428\uff0c\u800c\u5728\u7b2c\u4e09\u5b63\u5ea6\u4e3a33,126\u516c\u5428\u3002\u7b2c\u56db\u5b63\u5ea6\u591a\u6676\u7845\u5e73\u5747\u552e\u4ef7\u4e3a37.41\u7f8e\u5143\/\u516c\u65a4\uff0c\u800c\u7b2c\u4e09\u5b63\u5ea6\u4e3a36.44\u7f8e\u5143\/\u516c\u65a4\u3002 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Tan","author_link":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/"},"uagb_comment_info":0,"uagb_excerpt":"\u65b0\u52a0\u5761\u80a1\u7968\u63a8\u8350 | \u9999\u6e2f\u80a1\u7968\u63a8\u8350 | \u7f8e\u80a1\u63a8\u8350 | \u884c\u4e1a\u677f\u5757\u8868\u73b0 | \u4ea4\u6613\u9f99\u864e\u699c \u6b27\u4f73\u65f6 (HG SP)\uff1a\u65f6\u95f4\u4e0d\u7b49\u4eba \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a2.20\uff0c\u76ee\u6807\u4ef7\uff1a2.40\uff0c\u6b62\u635f\u4ef7\uff1a2.10 \u6b27\u4f73\u65f6\u901a\u8fc7\u5176\u9644\u5c5e\u516c\u53f8\u96f6\u552e\u53ca\u6279\u53d1\u624b\u8868\u3001\u73e0\u5b9d\u53ca\u76f8\u5173\u4ea7\u54c1\u3002\u8be5\u516c\u53f8\u8fd8\u751f\u4ea7\u624b\u8868\u548c\u6295\u8d44\u623f\u5730\u4ea7\u3002\u5728\u65b0\u52a0\u5761\u5efa\u7acb\u4e86\u81ea\u5df1\u4f5c\u4e3a\u4e00\u4e2a\u4e00\u6d41\u7684\u624b\u8868\u7cbe\u54c1\uff0c\u96c6\u56e2\u6269\u5c55\u5230\u4e16\u754c\u5404\u5730\u3002\u96c6\u56e2\u62e5\u6709Gerald Genta\u3001Breguet\u3001Daniel Roth\u3001Bertolucci\u3001Burberrys\u3001Christian Dior\u3001Revue Thommen\u3001\u5b87\u8236\u548cMontega\u7684\u72ec\u5bb6\u4ee3\u7406\u6743\u548c\u5206\u9500\u6743\u3002 \u4e39\u5c3c\u5c14\u00b7\u7f57\u65af\u7684\u590d\u5174\u3002\u8def\u6613\u5a01\u767b\u96c6\u56e2 (LVMH) \u65d7\u4e0b\u7684\u745e\u58eb\u624b\u8868\u54c1\u724c\u4e39\u5c3c\u5c14\u00b7\u7f57\u65af (Daniel Roth) \u5c06\u4ee5\u72ec\u7acb\u516c\u53f8\u7684\u8eab\u4efd\u56de\u5f52\uff0c\u5176\u7b2c\u4e00\u6b3e\u65b0\u624b\u8868\u5c06\u4e8e2023\u5e74\u53d1\u5e03\u3002\u7136\u800c\uff0c\u90a3\u4e9b\u6709\u5174\u8da3\u8d2d\u4e70\u8be5\u54c1\u724c\u624b\u8868\u7684\u4eba\u5c06\u4e0d\u5f97\u4e0d\u901a\u8fc7\u8be5\u516c\u53f8\u8d2d\u4e70\uff0c\u56e0\u4e3a\u4ed6\u4eec\u62e5\u6709\u72ec\u5bb6\u5206\u9500\u6743\u3002 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23\u8d22\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u5728\u622a\u81f39\u670830\u65e5\u7684\u516d\u4e2a\u6708\u91cc\uff0c\u8be5\u516c\u53f8\u6536\u5165\u4ece4.724\u4ebf\u65b0\u5143\u589e\u957f\u81f35.555\u4ebf\u65b0\u5143\uff0c\u540c\u6bd4\u589e\u957f18%\u3002\u5c3d\u7ba1\u8fd0\u8425\u6210\u672c\u4e0a\u5347\uff0c\u4f46\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f35%\uff0c\u4ece6,260\u4e07\u65b0\u5143\u589e\u81f38,460\u4e07\u65b0\u5143\u3002 \u5e02\u573a\u5bf924\/25\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a4.35%\/4.17%\uff0c\u5bf9\u5e949.4\u500d\/9.0\u500d\u7684\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a8.7\u500d\uff0c5\u5e74\u5386\u53f2\u5e02\u76c8\u7387\u4e3a8.8\u500d\u3002 (Source: Bloomberg) \u4e30\u76ca\u56fd\u9645 (WIL SP)\uff1a\u8f6f\u5546\u54c1\u4ef7\u683c\u4e0a\u5347 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a4.50\uff0c\u76ee\u6807\u4ef7\uff1a4.80\uff0c\u6b62\u635f\u4ef7\uff1a4.35 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\u68d5\u6988\u6cb9\u671f\u8d27\u4ef7\u683c\u3002\u77ed\u671f\u5929\u6c14\u4e2d\u65ad\u53ef\u80fd\u4f1a\u5728\u77ed\u671f\u5185\u652f\u6491\u9a6c\u6765\u897f\u4e9a\u7684\u7c97\u68d5\u6988\u6cb9\u4ef7\u683c\uff0c\u56e0\u4e3a\u6301\u7eed\u7684\u6d2a\u6c34\u4f1a\u6253\u51fb\u4f9b\u5e94\u3002\u4e9a\u6d32\u68d5\u6988\u6cb9\u4e70\u5bb6\u6700\u8fd1\u4e5f\u5bfb\u6c42\u751f\u4ea7\u5546\u7a33\u5b9a\u7684\u51fa\u53e3\u653f\u7b56\uff0c\u4ee5\u51cf\u5c11\u4f9b\u5e94\u94fe\u7684\u6ce2\u52a8\u3002\u7531\u4e8e\u52b3\u52a8\u529b\u4f9b\u5e94\u6539\u5584\uff0c\u9884\u8ba123\u8d22\u5e74\u7684\u68d5\u6988\u6cb9\u4ea7\u91cf\u4e5f\u5c06\u9ad8\u4e8e22\u8d22\u5e74\u3002 \u539f\u7cd6\uff08\u7ea2\uff09\u53ca\u7c97\u68d5\u6988\u6cb9\uff08\u68d5\uff09\u671f\u8d27\u8d70\u52bf (Source: Bloomberg) FY22\u4e1a\u7ee9\u56de\u987e\u3002\u8be5\u516c\u53f8\u516c\u5e0322\u8d22\u5e74\u7684\u5229\u6da6\u8fbe\u5230\u521b\u7eaa\u5f55\u768424\u4ebf\u7f8e\u5143\uff0832\u4ebf\u65b0\u5143\uff09\uff0c\u6bd42021\u8d22\u5e74\u768419\u4ebf\u7f8e\u5143\u589e\u957f27.1%\uff1b2022\u8d22\u5e74\u6838\u5fc3\u51c0\u5229\u6da6\u589e\u957f31%\u81f324.2\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5bf923\/24\u8d22\u5e74\u6bcf\u80a1\u76c8\u5229\u7684\u6700\u65b0\u5171\u8bc6\u5206\u522b\u4e3a0.309\u7f8e\u5143\/0.329\u7f8e\u5143\uff0c\u5bf9\u5e949.52\u500d\/8.94\u500d\u8fdc\u671f\u5e02\u76c8\u7387\u3002\u5f53\u524d\u5e02\u76c8\u7387\u4e3a7.68\u500d\u3002\u5f6d\u535a(Bloomberg)\u4e00\u81f4\u8ba4\u4e3a12\u4e2a\u6708\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a5.24\u65b0\u5143\u3002 (Source: Bloomberg) \u536b\u9f99 (9985 HK)\uff1a\u5403\u96f6\u98df\u7684\u597d\u65f6\u5149 \u4e70\u5165\u4ef7\uff1a9.8\uff0c\u76ee\u6807\u4ef7\uff1a11.0\uff0c\u6b62\u635f\u4ef7\uff1a9.2 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