证券日报网讯1月9日，天原股份（002386）在互动平台回答投资者提问时表示，自2025年以来公司股价 已得到较大修复，截至目前公司市净率为0.96，公司按照国企深化改革行动要求进一步做好国企改革相 关工作，包括完善公司产业链布局，提升公司盈利能力，加大瘦身健体等工作。 ...

新京报贝壳财经讯 1月7日，引力传媒公告，公司股票于2026年1月5日、1月6日、1月7日连续涨停，且 2025年12月30日至2026年1月7日收盘价累计涨幅42.44%，股价短期涨幅较大。公司的最新动态市盈率 为224.61，最新市净率为29.22，显著高于行业平均水平。2025年前三季度，公司实现营业收入64.62亿 元，实现归属于上市公司股东的净利润2036.02万元，毛利率2.69%，较去年同期下降1.73个百分点，主 要系行业竞争加剧，媒体政策有所收紧，造成毛利率及毛利额同时降低。公司目前日常经营情况正常， 主营业务及业务模式未发生重大变化。 ...

格隆汇1月7日｜引力传媒公告，公司股票于2026年1月5日、1月6日、1月7日连续涨停，且2025年12月30 日至2026年1月7日收盘价累计涨幅42.44%，股价短期涨幅较大。公司的最新动态市盈率为224.61，最新 市净率为29.22，显著高于行业平均水平。2025年前三季度，公司实现营业收入64.62亿元，实现归属于 上市公司股东的净利润2036.02万元，毛利率2.69%，较去年同期下降1.73个百分点，主要系行业竞争加 剧，媒体政策有所收紧，造成毛利率及毛利额同时降低。公司目前日常经营情况正常，主营业务及业务 模式未发生重大变化。 ...

德意志银行股价自2008年全球金融危机爆发初期以来首次突破账面价值，这标志着这家德国最大银行在经历了多年的法律挫折、资产减记和重组 后，终于迎来转型的关键里程碑。 在1月5日的早盘交易中，德意志银行股价攀升至33.95欧元，超越了该行最近报告的每股账面价值33.66欧元。尽管最终收盘价回落至33.81欧元， 但这依然是一个重要的分水岭。 市净率（Price-to-Book ratio）是衡量银行估值的关键指标，反映了投资者对银行资产质量、回报率及增长前景的信心。自2008年初银行业健康状 况引发市场疑虑以来，德意志银行的股价长期处于低于账面价值的折价交易状态。 分析师指出，德国政府方面以债务融资驱动的投资计划预计将利好德意志银行的投资银行部门，使其作为主权债券发行和企业重组顾问的角色受 益。同时，企业信贷需求的上升也将提振其贷款业务的利润。 在2020年，投资者担忧新冠疫情引发的经济衰退可能破坏Sewing的重组计划，加之欧洲央行的负利率政策、巨额重组成本以及裁员计划受阻，导 致银行盈利深受拖累。 然而，随着欧洲银行股在过去三年经历广泛反弹，投资者信心已缓慢回归。 德意志银行不仅摆脱了包括抵押贷款支持证券不当 ...

Group 1 - The article discusses the importance of understanding investment strategies for index funds to achieve good returns [2] - A free course is offered to help investors learn index fund investment techniques, along with course notes and mind maps for efficient learning [2] Group 2 - The article highlights three situations where valuation percentiles may fail as a judgment indicator in investments [6] - Situation one involves significant earnings volatility, which can lead to ineffective price-to-earnings (P/E) ratios; in such cases, price-to-book (P/B) ratios can be referenced as an alternative [7][8] - Situation two pertains to indices with a short historical record, where low valuation percentiles may not indicate undervaluation due to insufficient historical data [10] - Situation three addresses changes in index rules, which can significantly alter valuation data; for example, the changes in the China Securities 100 index in June 2022 led to a shift in P/E ratios from around 10 to 13-14 [11][12]

分析员将市净率达到1视为公司从"价值破坏"向"价值创造"过渡的重要里程碑，花旗集团今年股价上涨 58%，表现优于所有华尔街同行。 格隆汇12月6日｜美国花旗集团的市净率(Price-to-Book Ratio)自2018年9月以来首次达到1，意味着花旗 的市值至少等同其资产净值，反映出行政总裁范洁恩(Jane Fraser)的转型计划取得重要进展，表明花旗 正在摆脱落后于华尔街同业的局面。 在范洁恩领导下，花旗集团实施了升级后台、裁员和退出国际零售业务等一系列措施，她已于去年10月 被任命为董事会主席，巩固了其权力。 ...

Group 1 - Investors believe for the first time since September 2018 that Citigroup's trading value is at least equal to the total value of its individual assets [1] - The market capitalization to asset value ratio (price-to-book ratio) for Citigroup has returned to parity, indicating the bank is gradually overcoming its lagging position [1] - The price-to-book ratio is a key valuation metric that investors in the banking sector closely monitor, providing a more stable reference compared to other metrics like price-to-earnings ratio due to the regulatory focus on book value and the potential for earnings volatility in banking [1]

文 | 银行螺丝钉 （转载请注明出处） 基金投顾，顾名思义，就是基金的投资顾问。 很多行业都有顾问，特别是一些专业性很强的行业。 例如， 是如何通过"投"和"顾"，帮助投资者获得好收益的呢？ 这里有一门限时免费的福利课程，介绍了基金投顾的方方面面。 想要获取这个课程，可以添加下方「课程小助手」，回复「 基金投顾 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 • 看病吃药，需要医生，医生就是顾问； • 有法律问题，需要律师，律师也是顾问。 基金投顾是什么? 有什么伺用? 长按添加@课程小助手,回复「基金投顾」 免费领取《螺丝钉基金投顾入门课》课程 更有课程笔记、思维导图,帮你快速了解基金投顾 其余有风险,投资需谨 基金投资也是如此。 基金投顾的诞生，正是为了解决基金行业存在的"基金赚钱，基民不赚钱"的问题。 那么，基金投顾有哪些优势？ //////// #螺丝钉小知识 银行螺丝钉 估值百分位，在哪些情况下可能 会失效? 投资中,估值百分位只是一种辅助的判断 指标，在以下三种情况，可能会失效。 r情况—： 盈利波动比较大 市盈率=市值/盈利。 当盈利出现较大波动时，会导致市盈率的 百分位 ...

Core Viewpoint - Zhejiang Shimai Pharmaceutical Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, aiming for an IPO under Rule 18A, with Huatai International as the sole sponsor. The company focuses on T-cell engagers (TCE) therapies and has attracted investments from notable firms like Betta Pharmaceuticals and Tigermed, achieving a post-Series C valuation of 2.23 billion yuan. However, it faces multiple risks, including reduced R&D investment, frequent changes in financial leadership, and safety concerns regarding core products [1][2]. Financial Performance - The company's revenue for 2023, 2024, and the first half of 2025 is projected to be 14.65 million yuan, 6.62 million yuan, and 2.28 million yuan, respectively, indicating minimal income. Concurrently, net losses are expected to be 74.94 million yuan, 59.89 million yuan, and 25.42 million yuan, leading to cumulative losses exceeding 160 million yuan over two and a half years. Historical cumulative losses since inception are nearing 500 million yuan [2][4]. - R&D expenses have significantly decreased, with figures of 76.11 million yuan, 53.38 million yuan, and 22.39 million yuan for the respective years, reflecting a downward trend. The R&D investment for core products DNV3 and SMET12 has also seen a notable decline [2][4]. Product Development - The company has four clinical-stage candidates, including core products DNV3 and SMET12, which are currently in critical Phase II trials. The reduction in R&D spending during this pivotal phase raises concerns about the company's financial health and ability to validate drug efficacy and safety [4][5]. - DNV3's Phase I trial involved 11 patients, with an adverse event rate of 81.8%, while SMET12's trial included 16 patients, with 93.8% experiencing adverse events. These results raise questions about the safety of the products [6]. Market Position and Valuation - The global TCE market is projected to be only $3 billion in 2024, with the domestic market at 700 million yuan, indicating that TCE therapies are still in the early stages of development compared to the larger oncology market [5]. - The post-Series C valuation of 2.23 billion yuan places the company above industry averages, with a market-to-research ratio of approximately 42 times based on 2024 R&D expenditures. This is significantly higher than the median of 23.21 times for similar unprofitable biotech firms listed under Rule 18A [7].

Group 1 - The article provides a summary of various companies' financial metrics, including dividend yield, price-to-book ratio, historical price-to-earnings ratio, and expected price-to-earnings ratio [2] - The data is sourced from the Shanghai Stock Exchange and is as of the market close on November 26, 2025, with the dividend yield data reflecting the period up to November 25, 2025 [2] Group 2 - Specific companies mentioned include Cai Zhi Co., Ltd. with a dividend yield of 0.72%, Gree Electric Appliances with a dividend yield of 0.65%, and Hu Nong Commercial Bank with a dividend yield of 0.56% [2] - The historical price-to-earnings ratios and expected price-to-earnings ratios for these companies are also provided, indicating their market valuation trends [2]