JS投資筆記
多年機構投資分析及個人投資經驗，信奉價值投資，環球投資佈局，分享內容及主題包括但不限於股票／債券／期權／地產／宏觀／地緣政治，追求簡單易明及反脆弱的投資機會︱重要提醒：本平台僅為個人的知識及經驗分享，所有內容概不構成任何理財建議。投資之前請獨立思考、不要盲目跟從、審慎評估並自負盈虧。
| Platform |  | Pricing | Only free issues | Publishes | Twice weekly |
|---|---|---|---|---|---|
| Issues | 33 | Founded | 9 months ago | Last Issue | 4 days ago |
| Active | Language |  Korean | |||
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jc12693677.substack.comLatest Issues
美的置業（3990 HK）—小而美、現金流穩健的精美物管
美的置業在 2024 年底完成了戰略重組，將高負債、重資產的房地產開發業務（住宅開發）全面剝離至控股大股東（何享健家族），上市公司（3990 HK）則徹底轉型為「輕資產」房地產綜合服務商（物管）
商業模式：
代建業務：為控股股東留存的私人房地產項目及第三方委託方提供代建、項目管理與建築技術輸出
物管服務：以住宅物業為基本盤，並積極向產業園區、醫療康養等非住宅領域深化佈局
資產運營：圍繞商業物業、產業園及持有型資產進行輕資產模式的招商與運營管理...
泡泡瑪特（9992 HK）的投資筆記
重要提醒：本文僅為個人的知識及經驗分享，所有內容概不構成任何理財建議。投資之前請獨立思考、不要盲目跟從、審慎評估並自負盈虧。
IP玩具行業情況
1. 全球IP玩具市場規模
根據行業研究報告：預期2026-2028年仍維持10% 以上的雙位數高速增長，CAGR (2025E-2030E): 10.9%
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JS的宏觀框架的初步整理
一、利率與流動性：資產定價的起點
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無風險利率（Risk-free Rate）：所有資產定價的基礎（Starting Point）、影響資產及現金流的折現率、定價倍數（Multiple）
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政策利率（Policy Rate）： 央行的基準利率導向
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短債息（Short-term Bond Yield）： 反映市場對短期流動性與政策的預期
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長債息（Long-term Bond Yield）： 隱含長期經濟增長與通脹預期...
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Mobileye Global (MBLY.US) — 擁有巨大夢想的廉價「發夢野」、潛在超級「賣鏟」公司
目前投資邏輯與想法
估值角度：MBLY 股價跌至約 $7.4，猶如一項廉價的 Real Option（以總可潛在市場 (TAM) 及「行使機率」作為估值基礎），買入 MBLY 相當於投資其穩健的晶片及ADAS 業務，並免費獲贈自動駕駛 (L4) 與機器人 (Robotics) 這兩項具備爆發潛力的 Call Options
未來催化劑：MBLY 的自動駕駛系統 (ADS) 將於 2027 年開始量產，若 ADS 成功落地並實現商業化，其自由現金流 (FCF) 將呈幾...
JS 的債券投資與價值投資的結合
坊間教學教炒股多的是，債券分享實在只少之有少
JS鍾情於研究冷門非主流的投資主題，今次想分享JS是如何把價值投資的系統與框架融入債券投資之中
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1. 債券的基礎知識補充
債券是政府或公司發行的債務，持有其債券...
Key Facts
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Subscribers, engagement, traffic and sponsorship for JS投資筆記.
| Subscribers | Engagement | 75 | Monthly Web Visits | ||
|---|---|---|---|---|---|
| Accepts Sponsors | Estimated Cost per Ad | ||||
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多年機構投資分析及個人投資經驗，信奉價值投資，環球投資佈局，分享內容及主題包括但不限於股票／債券／期權／地產／宏觀／地緣政治，追求簡單易明及反脆弱的投資機會︱重要提醒：本平台僅為個人的知識及經驗分享，所有內容概不構成任何理財建議。投資之前請獨立思考、不要盲目跟從、審慎評估並自負盈虧。
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