Summary of basic analysis

Specific analysis content

Characteristics and scope of application

relevant information

catalogue

1 summary

2 Basic information

3 basic analysis summary

4 Specific analysis content

5 Features and scope of application

6 related information

Fundamental analysis takes the intrinsic value of enterprises as the main research object, and makes a detailed analysis of the macroeconomic situation, industry development prospects and business conditions that determine the enterprise value and affect the stock price (general economic paradigm), so as to roughly calculate the long-term investment value and safety margin of listed companies, and compare them with the current stock price to form corresponding investment suggestions. According to the basic analysis, the trajectory of stock price fluctuation cannot be accurately predicted, so we can only "buy and hold for a long time" when there is enough safety margin, and sell it after the safety margin disappears.

Basic information

Chinese name

Basic analysis

Foreign name

fundamental analysis

subject

Traditional economics

research objects

enterprise value

definition

proper noun

Summary of basic analysis

To sum up, the basic analysis mainly includes the following three aspects:

(1) Macroeconomic analysis. Study the impact of economic policies (monetary policy, fiscal policy, tax policy, industrial policy, etc.). ) and economic indicators (GDP, unemployment rate, inflation rate, interest rate, exchange rate, etc. ) In the stock market.

(2) Industry analysis. Analyze the influence of industry prospect and regional economic development on listed companies.

(3) Company analysis. Analyze the industry status, market prospect and financial situation of listed companies in detail.

Specific analysis content

Among them, macroeconomic analysis mainly discusses the influence of various economic indicators and economic policies on securities prices.

Economic indicators can be divided into three categories: leading indicators (such as interest rate level, money supply, consumer expectations, prices of major means of production, investment scale of enterprises, etc.). ), the changes of these indicators will precede the changes of securities prices; Synchronous indicators (such as personal income, enterprise wage expenditure, CDP, social commodity sales, etc. ), the changes of these indicators are basically synchronized with the changes of securities prices; Lagging indicators (such as unemployment rate, inventory, unit output wage level, consumer price of service industry, scale of outstanding loans from banks, preferential interest rate level, installment payment as a proportion of personal income, etc.). ), the changes of these indicators generally lag behind the changes of securities prices. In addition to economic indicators, the main economic policies are: monetary policy, fiscal policy, credit policy, debt policy, tax policy, interest rate and exchange rate policy, industrial policy, income distribution policy and so on.

Industry analysis and regional analysis are intermediate between macroeconomic analysis and company analysis. Industry analysis mainly analyzes the influence of different market types, different life cycles and industry performance on securities prices. Regional analysis mainly analyzes the influence of regional economic factors on securities prices. Company analysis is the focus of basic analysis,

Company analysis mainly includes the following three aspects:

(1) Analysis of the company's financial statements. Financial statement analysis is based on certain principles and methods, through the further analysis, comparison, combination and decomposition of the company's financial statement data, to find out new data, and use these new data to explain whether the financial situation of the enterprise is sound, whether the management of the enterprise is proper, and whether the business prospect of the enterprise is bright. The main objectives of financial statement analysis are the company's profitability, the company's financial situation, the company's solvency, the company's sources of funds and the use of funds. The main methods of financial statement analysis are trend analysis, ratio analysis and vertical analysis.

(2) Company product and market analysis. Including product analysis and market analysis. The preliminary work mainly analyzes the company's product variety, brand, popularity, product quality, product sales and product life cycle; The latter mainly analyzes the market coverage, market share and market competitiveness of products.

(3) Analysis of major issues such as asset restructuring and related party transactions.

Characteristics and scope of application

Basic analysis advantages:

(1) can fully grasp the basic trend of securities prices;

(2) The application is relatively simple.

Disadvantages of basic analysis:

(1) forecast has a long time span, which is weak in guiding short-term investors;

(2) The accuracy of prediction is relatively low.

The basic analysis applies to the following aspects:

(1) Securities price forecast with relatively long period;

(2) A relatively mature securities market.

(3) It is suitable for fields with low prediction accuracy.

Complementing it is technical analysis, which pays more attention to objective transaction changes and is suitable for short-term and medium-term price forecasting.

relevant information

The starting point of investment analysis lies in information collection. Hearsay market rumors are very deceptive and risky. The field research of listed companies consumes a lot of manpower and financial resources. For ordinary investors, stock investment analysis, especially basic analysis, mainly depends on domestic and foreign news released by the media and information publicly disclosed by listed companies.

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