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关键词： 国内消费需求   消费者购买力   珠宝行业   零售行业   国家统计局   主要经济体   宏观经济环境   疫情  

摘要： 2020年,一场新冠肺炎疫情突如其来,让中国乃至全球零售行业均受到了剧烈冲击。受疫情影响,国内消费需求锐减,可选消费受到巨大冲击,珠宝行业更是首当其冲。珠宝作为一种非必需消费品,一般单件价值较高,其市场受消费者购买力水平及宏观经济环境的影响较大。据国家统计局统计,虽然疫情下中国经济展现出了强大的韧性和活力,全国GDP超一百万亿元,同比增长2.3%,在世界主要经济体中率先实现正增长。

关键词： 生命周期   资产增值   股票   货币基金   价值投资  

摘要： 根据生命周期理论,人的一生可以分为多个阶段:形成期、成长期、成熟期、衰老期。在每个不同的人生阶段,人们有不同的成长目标。当前,人们获取财富的手段主要依赖工资性收入,通过投资理财获取的财产性收入比例偏低。如果靠稳健投资可以获取生活开支需要的财富,意味着可以实现财务自由。根据金融学72法则,如果可以实现年化20%的收益,则3.6年左右的时间可以实现财富翻倍。因此有必要对投资理财相关技能进行深入研究。本文在对相关学者论文研究的基础上,对股票和基金两种最重要的投资手段进行深入研究,提出一些有意义的实操策略,并对相关真实交易数据进行了分析,提前做出走势预判,可以避免个人投资者少走弯路,在避免重大损失的基础上,实现稳健盈利。

关键词： 稀土行业   中国北方稀土高科技股份有限公司   股票投资   财务分析   估值分析  

摘要： 为了使投资者掌握股票的投资价值分析方法,以北方稀土为研究标的,进行投资价值分析。首先,分析了北方稀土的竞争优势和财务状况。认为北方稀土具有很大的资源优势和科研优势;北方稀土的偿债能力较强,盈利能力良好,运营能力较强。其次,分别使用市盈率法、市净率法和剩余收益估值模型对北方稀土进行估值。通过分析得出:北方稀土股票内在价值高于市场价值,北方稀土的股票具有投资价值。

关键词： 西门子股份公司   市场预期   汇率变动   净收益   目标指引   宏观经济环境   订单额   负面影响  

摘要： 西门子股份公司以卓越的第一季度业绩开启2021财年。尽管面临由新冠疫情引起的复杂宏观经济环境以及汇率变动带来的负面影响,西门子第一季度(2020年10月至12月)新订单额、营收和净收益均大幅超过去年同期业绩和市场预期。因此,西门子大幅上调2021财年的年度业绩目标指引。

关键词： Soil nutrient stocks   C:N:P   Forest conversion   Use intensification   Land-use change  

摘要： Natural forests conversion to intensively managed forest plantation is an expanding land-use change that could profoundly impact C and nutrient terrestrial cycles. Here we assessed how different soil types respond to changes in the C, N, and P major biogeochemical pools by comparing paired natural broadleaf deciduous forest and pine plantation across five different soils with contrasting mineralogy. We quantified major biogeochemical stocks in all soil compartments to a depth up to 240 cm, including the forest floor. Our result showed that soils' C, N, and P stocks and stoichiometry do not respond equally to this land-use change. Deep soil biogeochemical pools (120-240 cm) contributed substantially to the total soil stock in most sites (up to 40% for C, 47% for P, and 52% for P). Elemental depth distribution was significantly modified because of forest substitution, and some sites displayed a significant stock reduction in deep soil compartments (>120 cm). Whole mineral soil C and N stocks were generally lower in the planted forest, while these stocks in litter layers were significantly different between soil and forest types (p < 0.001). C and N stocks in soils with low clay content or low activity clays were more significantly affected by forest substitution. On the other hand, soils with moderate to high clay content and dominant high activity clay were only mildly affected by this change. Phosphate and ammonium available pools were more affected in low activity and low clay content soil. P pools, and consequently C:P and N:P ratios in mineral soils, vary significantly between soil types. Our results corroborate that soils with contrasting properties respond differently to native forest substitution to intensively managed plantations and that the magnitude of this response seems to be controlled mostly by clay mineralogy.

关键词： Eco-innovation   Stock returns   Innovation type   ENVIRONMENTAL INNOVATION   RADICAL INNOVATION   PRODUCT   PERFORMANCE   GREEN   PAY   PROFITABILITY   CAPABILITIES   VALUATION   INSIGHTS  

摘要： Purpose The purpose of this paper is to determine the role of eco-innovation type and its degree of novelty in increasing the stock returns of technology-based knowledge-intensive business service companies (T-KIBS), to advance the development of the concept of eco-innovation within the literature on the effects of innovation. Design/methodology/approach The effects of four eco-innovation types were examined across three degrees of novelty involved. The event study methodology was applied to the sample of 238 eco-innovation announcements released during the period of January 2016-June 2019 (inclusive) by European T-KIBS. Findings While the implementation of product and organisational eco-innovation was the most beneficial, the results indicated that a high degree of novelty resulted in larger increase of stock returns in the case of all the four eco-innovation types. Research limitations/implications The eco-innovation announcements were gathered from specialised databases. However, it could be the case that companies may have used different communication channels (e.g. social media) to communicate innovation. Furthermore, a certain amount of bias undoubtedly exists, as the data came only from the European Union. Expanding the spatial scope to include the North American (especially the USA) and Asian economies appears necessary. Practical implications The practical insights into the role that the degree of novelty plays in eco-innovation announcements were formulated, which may be used to increase the market valuation of the firm. Social implications Strategies supporting eco-innovation are crucial for business development as the value created for the stakeholders involved transmits in time into the enterprise value. Originality/value The paper attempts to fill the research gap concerning the impact of eco-innovation on the stock returns of T-KIBS.

关键词： 稀土行业   北方稀土   财务分析   估值分析  

摘要： 改革开放以来,中国稀土工业迅速发展,导致稀土行业股票受到追捧。为了使投资者掌握股票的投资价值分析方法,本文以北方稀土为研究标的,进行投资价值分析。首先,对我国宏观经济形势和稀土行业进行分析。其次进行企业分析,分析北方稀土所具有的竞争优势。然后进行财务分析,北方稀土的偿债能力和营运能力较强,盈利能力良好,总体上财务水平良好。最后分别使用市盈率法、市净率法和剩余收益估值模型对北方稀土进行估值,得出股票的内在价值。将股票的内在价值与其市值做比较,最后得出北方稀土的股票具有投资价值,给投资者提供投资参考。

关键词： 现值计量   经济本质   预期信用减值模型  

摘要： 资产减值作为对历史成本的修正手段,在一定的程度上起到了修正资产的账面价值与市场价值背离的效果。本文分别讨论了预期信用损失模型第一、第二阶段的资产减值计提中,采用静态的现值计量和动态现值计量会有不同经济后果:采用静态现值计量的结果是资产真实的价值与计量结果相互背离;采用动态现值计量的结果是资产真实的价值与计量结果相互融合。基于在信息不对称的情况下,计提资产价值准备有可能沦为管理层进行损益调整的工具,因此本文建议:在预期信用损失模型三阶段估计中,完全采用动态的现值计量,对第一、第二阶段进行追溯调整,使资产的经济价值与预期现金流的现值完全匹配。

关键词： Fisheries management   Stakeholder objectives   Decision analysis   Stock assessment   FOREST MANAGEMENT   MULTIPLE CRITERIA   MULTICRITERIA   STRATEGIES   SUPPORT  

摘要： Prioritising fished stocks for monitoring and assessment is a challenge for management of resource-limited fisheries. We developed a participatory multi-criteria decision analysis (MCDA) to prioritise 141 fished stocks in New South Wales (NSW), Australia, based on their importance to fisheries management. The approach aimed to: (1) structure the decision problem, (2) force consideration of management objectives at the stock level, (3) balance trade-offs generated by competing objectives, and (4) balance differences in the perceived importance of objectives among fisheries managers. Performance scores and criteria weightings for ten management objectives were elicited from two groups of managers (commercial and recreational), combined into a total performance value for each stock, and ordered to infer priority for assessment. Stocks with higher total performance values typically had an exploitation status of Overfished, Growth-overfished, or Uncertain and were subject to a catch quota, because these criteria were weighted highly by both management groups. However, total performance was more sensitive to differences in weightings between management groups than to variations in relative magnitude of weightings among criteria. The priority list of stocks will assist decisions regarding the optimal allocation of resources for fisheries research in NSW. This MCDA approach is adaptive and can incorporate changes in management priorities through time and additional ecosystem components.

关键词： 减值测试   资产减值   企业财务报表   会计实务   未来现金流量的现值   公允价值   预计未来现金流量现值   减值迹象  

摘要： 在会计实务中,经常会遇到资产出现减值迹象需要进行减值测试的情形,减值测试过程中一般会采取估计资产的公允价值减去处置费用后的净额方法(简称"方法一")或者估计资产预计未来现金流量的现值的方法(简称"方法二")。选择不同的减值测试方法,减值测试结果可能会出现重大差异的情形,对企业财务报表产生重大影响。