https://blog.youkuaiyun.com/mmgithub123zh-cnhttps://blog.youkuaiyun.com/https://blog.youkuaiyun.com/mmgithub123/article/details/160642754https://blog.youkuaiyun.com/mmgithub123/article/details/160642754mmgithub123Wed, 29 Apr 2026 19:46:00 +0800https://blog.youkuaiyun.com/mmgithub123/article/details/160642753https://blog.youkuaiyun.com/mmgithub123/article/details/160642753mmgithub123Wed, 29 Apr 2026 19:40:00 +0800https://blog.youkuaiyun.com/mmgithub123/article/details/160642752https://blog.youkuaiyun.com/mmgithub123/article/details/160642752mmgithub123Wed, 29 Apr 2026 19:34:00 +0800https://blog.youkuaiyun.com/mmgithub123/article/details/160642751https://blog.youkuaiyun.com/mmgithub123/article/details/160642751mmgithub123Wed, 29 Apr 2026 19:31:00 +0800https://blog.youkuaiyun.com/mmgithub123/article/details/160609764https://blog.youkuaiyun.com/mmgithub123/article/details/160609764mmgithub123Tue, 28 Apr 2026 21:01:00 +0800https://blog.youkuaiyun.com/mmgithub123/article/details/160609762https://blog.youkuaiyun.com/mmgithub123/article/details/160609762mmgithub123Tue, 28 Apr 2026 20:59:00 +0800 WACC(>15%优秀) │ ROIC逐年下降、资本开支失控 │。│ 银行 │ 净息差 × (1 − 不良率) │ 息差宽、不良低、拨备厚 │ 息差收窄、不良飙升、拨备不足 │。│ 医药 │ 管线深度 × 专利剩余期 │ 多品种、多阶段、专利期长 │ 单品依赖、专利悬崖、临床失败 │。]]>https://blog.youkuaiyun.com/mmgithub123/article/details/160609761https://blog.youkuaiyun.com/mmgithub123/article/details/160609761mmgithub123Tue, 28 Apr 2026 20:54:00 +0800https://blog.youkuaiyun.com/mmgithub123/article/details/160609760https://blog.youkuaiyun.com/mmgithub123/article/details/160609760mmgithub123Tue, 28 Apr 2026 20:37:00 +0800https://blog.youkuaiyun.com/mmgithub123/article/details/160538382https://blog.youkuaiyun.com/mmgithub123/article/details/160538382mmgithub123Sun, 26 Apr 2026 18:53:00 +0800https://blog.youkuaiyun.com/mmgithub123/article/details/160538381https://blog.youkuaiyun.com/mmgithub123/article/details/160538381mmgithub123Sun, 26 Apr 2026 13:48:00 +0800https://blog.youkuaiyun.com/mmgithub123/article/details/129135070https://blog.youkuaiyun.com/mmgithub123/article/details/129135070mmgithub123Mon, 20 Feb 2023 12:30:00 +0800https://blog.youkuaiyun.com/mmgithub123/article/details/127733692https://blog.youkuaiyun.com/mmgithub123/article/details/127733692mmgithub123Mon, 07 Nov 2022 16:23:05 +0800https://blog.youkuaiyun.com/mmgithub123/article/details/127733681https://blog.youkuaiyun.com/mmgithub123/article/details/127733681mmgithub123Mon, 07 Nov 2022 16:22:46 +0800https://blog.youkuaiyun.com/mmgithub123/article/details/124977548https://blog.youkuaiyun.com/mmgithub123/article/details/124977548mmgithub123Wed, 25 May 2022 22:09:00 +0800https://blog.youkuaiyun.com/mmgithub123/article/details/124744282https://blog.youkuaiyun.com/mmgithub123/article/details/124744282mmgithub123Thu, 12 May 2022 16:03:00 +0800https://blog.youkuaiyun.com/mmgithub123/article/details/124636727https://blog.youkuaiyun.com/mmgithub123/article/details/124636727mmgithub123Sat, 07 May 2022 15:49:00 +0800https://blog.youkuaiyun.com/mmgithub123/article/details/124507731https://blog.youkuaiyun.com/mmgithub123/article/details/124507731mmgithub123Fri, 29 Apr 2022 17:07:00 +0800https://blog.youkuaiyun.com/mmgithub123/article/details/124507730https://blog.youkuaiyun.com/mmgithub123/article/details/124507730mmgithub123Tue, 26 Apr 2022 17:21:00 +0800https://blog.youkuaiyun.com/mmgithub123/article/details/124507729https://blog.youkuaiyun.com/mmgithub123/article/details/124507729mmgithub123Thu, 21 Apr 2022 20:18:00 +0800https://blog.youkuaiyun.com/mmgithub123/article/details/124507807https://blog.youkuaiyun.com/mmgithub123/article/details/124507807mmgithub123Thu, 21 Apr 2022 16:16:00 +0800