行业分析、股票估值

internal competitive forces

number of competitiors: +

products differences: -

exit barrier: +, e.g. 生产设备的投资很高

demand for product: +

product shelf life: the shorter, the greater the price competition

new entrant threats

economies of scale: difficult to enter

...

supplier bargaining forces(来自供应商的压力)

customer bargaining forces(来自消费者)

macroeconomic influences

GDP, Interest rates, Inflation...

technological influences

social influences

e.g. spend more money in travelling...

demographic influences

age distribution, population size

equity valuation model

discounted cash flow model

multiplier models(价格乘数模型):

P/E 市盈率
P/B 市净率
...

law of one price: 设置一个benchmark，和上述比率相比