tag:blogger.com,1999:blog-67659247429846651672024-03-29T17:05:37.002+08:00價值投資奉行股神的價值投資
-將資產帶到另一里程碑10M
利用微少的積蓄開始,老老實實跟隨價值投資,找長濕坡,將資產複式滾動
15年 6M
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20年 10M價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.comBlogger1264125tag:blogger.com,1999:blog-6765924742984665167.post-69412950960879892602024-03-29T06:26:00.002+08:002024-03-29T06:26:40.709+08:0028/3/24 投資日誌 發行股數-對政府的建議<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhILp5ER2l__XIUMTwfjeOaYRAKB9cxE_TDbl693JBx5UrScN_yjarLPE2_ggv4PPBV4B6US9qhyauDbz_62XB4Wks9cA2vMV3xg0FipMw5NKPEnmnYdIzdcJSEWWMYanzkz0DTe2osmlzpH1lsNSxABtvTB11TDU2z3y2wn3_R82_ZEF0staLiGvm9mAf6/s750/5.eps-2.png" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="537" data-original-width="750" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhILp5ER2l__XIUMTwfjeOaYRAKB9cxE_TDbl693JBx5UrScN_yjarLPE2_ggv4PPBV4B6US9qhyauDbz_62XB4Wks9cA2vMV3xg0FipMw5NKPEnmnYdIzdcJSEWWMYanzkz0DTe2osmlzpH1lsNSxABtvTB11TDU2z3y2wn3_R82_ZEF0staLiGvm9mAf6/s320/5.eps-2.png"/></a></div>
發行股數對保障股票的價值非常重要,如濫發股票,只會摧毀股東的資產價值。希望政府重新檢視企業發行股票的行為,如發行認股權證(option)作薪酬限制在一年1%內,其它必須用現金支付,盡可能讓投資者易於在財務報表發現真實開支;另外,盡可能限制公司用大折讓大比例的供股,這對小股東特別不利。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com5tag:blogger.com,1999:blog-6765924742984665167.post-17421621428718699122024-03-28T16:10:00.001+08:002024-03-28T16:10:26.017+08:0028/3/24 投資日誌 煤氣23年全年<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZTbDBc_IAEsOIpknG-XOucvGop_YOWNvRyu-s9jg3OGdHPqjF_PioOa2Dm6J5xrASqGgEiR2eYyR1K2jEQFEXPzX6xeL2zfqWzoc3P1pgVyrWOSWrtOyy5ZiSRgDxp58ALvns1HVRut2lPbF4mJLDWT9PrJYnEjzw_a4VcFL6PF9UpfYDGRp6xkt4LaP0/s900/hko_flame_900.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="506" data-original-width="900" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZTbDBc_IAEsOIpknG-XOucvGop_YOWNvRyu-s9jg3OGdHPqjF_PioOa2Dm6J5xrASqGgEiR2eYyR1K2jEQFEXPzX6xeL2zfqWzoc3P1pgVyrWOSWrtOyy5ZiSRgDxp58ALvns1HVRut2lPbF4mJLDWT9PrJYnEjzw_a4VcFL6PF9UpfYDGRp6xkt4LaP0/s320/hko_flame_900.jpg"/></a></div>
上年才買煤氣,一直等了多年,才開始買入,其實買入時都嫌它仍貴。上年盈利出現增長,我仍在判斷中國的業務,始終其子公司出售了上海的燃氣公司,錄得非經常性業務。我覺得將來煤氣仍有機會再試低位,不用心急沾手,派息暫能維持。
價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com4tag:blogger.com,1999:blog-6765924742984665167.post-25970242107545623312024-03-27T20:19:00.001+08:002024-03-27T20:19:28.392+08:0027/3/24 投資日誌 科網龍頭能賺取盈利<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAzpMYbm22UX517GoDKp0xLBR9gG6bYy7KuIi4fUUns4dR5OnYg0exBq39O2HNlt_40fr60GMBdRszGHAjp5Ei9AOPuiD97nXoEo0vCQLmJeIhwT1c3-VuU7wX4Tn5goJ8NN4ZLULrlqPwDmKEcLJe4lrxkhFFuGe9RjmYTwFzszzaIO3adkPANk505Lpt/s1024/011223_1024.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="576" data-original-width="1024" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAzpMYbm22UX517GoDKp0xLBR9gG6bYy7KuIi4fUUns4dR5OnYg0exBq39O2HNlt_40fr60GMBdRszGHAjp5Ei9AOPuiD97nXoEo0vCQLmJeIhwT1c3-VuU7wX4Tn5goJ8NN4ZLULrlqPwDmKEcLJe4lrxkhFFuGe9RjmYTwFzszzaIO3adkPANk505Lpt/s320/011223_1024.jpg"/></a></div>
今年,大多數科網前列企業都能賺取利潤,意味科網惡性競爭暫告一段落,對股東是利好,我第一個想法是恒指會再次燃點希望,可以睇高一線。另外,希望政府能引導企業不要忘記發展自身的核心技術,好好把握現時較佳的環境。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com0tag:blogger.com,1999:blog-6765924742984665167.post-14681288841025719282024-03-27T10:20:00.001+08:002024-03-27T10:20:33.495+08:0027/3/24 投資日誌 嘉里建設23年全年業績<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnTF7f6LLfdfaXTdFp7WM94FAWdUuBLL69QrMnOzgPIgI96OmNYrwbJb_WD5tACqP-SUXYPP8-GvDyfkrzUmUXNXn_WnzKlXTI5B4uFRqXf8EXK2SSi6CPIwdNR29VEvtmTXKCn30zFmnXS-Rhw1X__Jgay7nCiNaajoy4KUPA8AudJGDKJkdwY2RDeb4s/s640/0319_prc_shenzhen-kerry-plaza_exterior_02.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="420" data-original-width="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnTF7f6LLfdfaXTdFp7WM94FAWdUuBLL69QrMnOzgPIgI96OmNYrwbJb_WD5tACqP-SUXYPP8-GvDyfkrzUmUXNXn_WnzKlXTI5B4uFRqXf8EXK2SSi6CPIwdNR29VEvtmTXKCn30zFmnXS-Rhw1X__Jgay7nCiNaajoy4KUPA8AudJGDKJkdwY2RDeb4s/s320/0319_prc_shenzhen-kerry-plaza_exterior_02.jpg"/></a></div>
嘉里建設是我年青時期買的股份,持有的年期非常久,久到甚至忘記了。公司公布了一份見得人的業績,在行業困難時候,實屬難能可貴。雖然盈利未算高水平,但總算沒有驚嚇,派息維持,地產股約有半減派息,國內的物業重估更有提升。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com2tag:blogger.com,1999:blog-6765924742984665167.post-23539320794816320792024-03-26T21:21:00.000+08:002024-03-26T21:21:53.955+08:0026/3/24 投資日誌 增持長實,市場計錯數<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6xOv21BzYYSWdj0rGmfpivsYOdNJgSwdR0W0ihncmO7xN_Qt7yetB5GnXFCFH8K32JV58-P6S5WckXy7o_A-PkKhxd8_zCEAEh6rpkGtIergk-rbl1qqXiNsVVGzCm957N0kT0y45zBW7fsS1DMWVrmDsswgN0cqWvyEcKr9KNKTEE-Xixbm68APEusIm/s1920/mfile_1745893_1_20240323083641.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="1080" data-original-width="1920" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6xOv21BzYYSWdj0rGmfpivsYOdNJgSwdR0W0ihncmO7xN_Qt7yetB5GnXFCFH8K32JV58-P6S5WckXy7o_A-PkKhxd8_zCEAEh6rpkGtIergk-rbl1qqXiNsVVGzCm957N0kT0y45zBW7fsS1DMWVrmDsswgN0cqWvyEcKr9KNKTEE-Xixbm68APEusIm/s320/mfile_1745893_1_20240323083641.jpg"/></a></div>
長實公布業績後,股價大瀉12%,前所未見。數年前,我一直希望增持長實至一個較顯著的水平,由於年前,長實不斷回購股份,導致計劃暫停,看來機會來了,長遠目標把長實增持至信置水平。
假設有二間公司AorB,A公司財務好,減派息;另一間財務較差,保持派息,假若股價不變,我肯定投資A公司。現在A公司更因此打過九折,我絕對不會考慮而去增持A公司。看來市場走向相反,我只有一個解釋,市場充斥短視投資者。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com9tag:blogger.com,1999:blog-6765924742984665167.post-23422135946269344562024-03-26T13:46:00.000+08:002024-03-26T13:46:09.490+08:0026/3/24 投資日誌 利朗23年全年業績<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPhxMkZAbOYrUL7jN_D2xitvVTOiThIskwbsaSrV4adBPiBW8sgFmFxeQWTKpLM7Y3n6dgoD15EpLB81z4fWjzqhafufsnU6nvm7zEN8ZjsgSBfuyDeKYaB-sebY-8iIzKfUXIVd1tcSj4_aSno-yvZNMrYUAfrsLzQ4tHFVfDgwn9jtrEbR2dbFQkOsuY/s560/006Uk2Fyly8h9a38o52zyj30fk078751%20%281%29.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="260" data-original-width="560" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPhxMkZAbOYrUL7jN_D2xitvVTOiThIskwbsaSrV4adBPiBW8sgFmFxeQWTKpLM7Y3n6dgoD15EpLB81z4fWjzqhafufsnU6nvm7zEN8ZjsgSBfuyDeKYaB-sebY-8iIzKfUXIVd1tcSj4_aSno-yvZNMrYUAfrsLzQ4tHFVfDgwn9jtrEbR2dbFQkOsuY/s320/006Uk2Fyly8h9a38o52zyj30fk078751%20%281%29.jpg"/></a></div>
現在已沒有人投資服裝股,投資這類大概是好壞參半,利朗算是穩中向好的一隻,經過疫情,業務似乎站穩陣腳,步入復甦之路,我希望仍然保留這類股票,它一直提供到穩定的回報。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com2tag:blogger.com,1999:blog-6765924742984665167.post-64968818172951345432024-03-25T18:41:00.000+08:002024-03-25T18:41:21.041+08:0025/3/24 投資日誌 韓國出口美國超越中國<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHwBM5pwgikQq1ql7dtP-FUVAlHD-HYSZYcG_XTLTfdRicKtep2C0eCzWGqDn9STubpfA2cRpdfGmuFEe8RsNDriXtNJn9B_N-RJFGKOsAp240uZW8XKny2__cWKWqfbeoWqtaPjQyXWbKXTBkWUzfGMM-Uylrc6CDdRJmgQeJj1ANizwbWLAVmTnxDMh1/s596/d0c7f3ccef94fa3b7f0ff2df72e654bf7d40c43e.png" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="375" data-original-width="596" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHwBM5pwgikQq1ql7dtP-FUVAlHD-HYSZYcG_XTLTfdRicKtep2C0eCzWGqDn9STubpfA2cRpdfGmuFEe8RsNDriXtNJn9B_N-RJFGKOsAp240uZW8XKny2__cWKWqfbeoWqtaPjQyXWbKXTBkWUzfGMM-Uylrc6CDdRJmgQeJj1ANizwbWLAVmTnxDMh1/s320/d0c7f3ccef94fa3b7f0ff2df72e654bf7d40c43e.png"/></a></div>
全球供應鏈出現變化,韓國與美國的貿易關係變得密切,美國在供應鏈上減少對中國的依賴;而中國在中間產品上也加強了自主性,減少了對韓國的依賴。中國仍要面對重大的挑戰,我仍然密切留意中國的經濟和科技的發展,特別留意到中國科網的競爭環境有所改善,希望因此打好基礎開展更多科研的突破。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com2tag:blogger.com,1999:blog-6765924742984665167.post-45159895930270929732024-03-24T20:22:00.002+08:002024-03-24T20:22:48.195+08:0024/3/24 投資日誌 彩星集團23年全年業績<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhD1M1YmXKX7nTbpFivHFNhz8FSTBeW-kghAUkLdyDIpRDovCafWXvAIcuh7i4kSCO4jFghKF9DXg2OT9s_0fn2a_mt8_KekZhdf5zzpDC6N_PSfP3qBUSKHLhyjkc5MQHZwQtiRBp3DhJsSPyWXc82GzBrESBwCjE9VR9839ISSCZezdsC5UJeI1DhfKXr/s280/lq_IMG_1772%20%281%29.webp" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="210" data-original-width="280" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhD1M1YmXKX7nTbpFivHFNhz8FSTBeW-kghAUkLdyDIpRDovCafWXvAIcuh7i4kSCO4jFghKF9DXg2OT9s_0fn2a_mt8_KekZhdf5zzpDC6N_PSfP3qBUSKHLhyjkc5MQHZwQtiRBp3DhJsSPyWXc82GzBrESBwCjE9VR9839ISSCZezdsC5UJeI1DhfKXr/s320/lq_IMG_1772%20%281%29.webp"/></a></div>
彩星集團最重要的資產是廣東道的蘋果店和樓上物業,除此之外,它還持有一定的玩具業務。可是,業績顯示公司仍然要為投資物業作出減值虧損,令盈利只能作出收支平衡。整體股價相對同行己稱得上硬淨。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com3tag:blogger.com,1999:blog-6765924742984665167.post-18476079653274025322024-03-24T10:24:00.001+08:002024-03-24T10:40:37.117+08:0024/3/24 投資日誌 馬亞木-小巴牌<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEik1BHtWXX309wkPdO4qv746bqbhOf4o8QuZckfejoFbBC6DkKDFRNrxcyFlaHT7UyguEF4NSD223m-zt-j8JdmDPDpK0uvWsa64xt0dacPwTSj2MUpZ8Tr_t6wej8MIcL6bAn6yG5S35jypErqIEdGQ00DAA_khiVvByUMvdjuc3XDBJizuY2DzyOishXw/s1200/3710285_4000fd6bace917e46a0b93c03da94980.png" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="630" data-original-width="1200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEik1BHtWXX309wkPdO4qv746bqbhOf4o8QuZckfejoFbBC6DkKDFRNrxcyFlaHT7UyguEF4NSD223m-zt-j8JdmDPDpK0uvWsa64xt0dacPwTSj2MUpZ8Tr_t6wej8MIcL6bAn6yG5S35jypErqIEdGQ00DAA_khiVvByUMvdjuc3XDBJizuY2DzyOishXw/s320/3710285_4000fd6bace917e46a0b93c03da94980.png"/></a></div>
基本上,很難想像一個牌照可以由700多萬跌至70多萬,即一個有需求的生意資產可以暴跌,即使港鐵的覆蓋有多廣,總有些不能到達,要靠小巴等交通工具去接駁。馬亞木經驗老到,也沒有為此作好準備,再加上經過中環中心一役,可視為一個寶貴的投資教材,從資產價格,生意局限,借貸水平,投資風格,風險管理等,全部都可以逐一探討。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com13tag:blogger.com,1999:blog-6765924742984665167.post-85902504560895332172024-03-23T17:22:00.001+08:002024-03-23T17:56:30.769+08:0023/3/24 投資日誌 華潤電力23年業績<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-Yv2CSKLcD5iDTombgQRIrfE8JHMewxEBruCtvxysxWyzNTO7nvarGZZ4XdfigQdJiv4lSfp3x6IxhSZfnRBkkUAb2-xOHEL1Ob_MW4n7D8pwjAm65ODUefRH6KwW-fdumfi88NaKDrGlb8slGytfbNGX_bm7LoniiH26xBTL4Gs3effCkVhwCnF-uJnS/s1083/42de75f149b187e2eb6b8851ef8d3b71.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="608" data-original-width="1083" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-Yv2CSKLcD5iDTombgQRIrfE8JHMewxEBruCtvxysxWyzNTO7nvarGZZ4XdfigQdJiv4lSfp3x6IxhSZfnRBkkUAb2-xOHEL1Ob_MW4n7D8pwjAm65ODUefRH6KwW-fdumfi88NaKDrGlb8slGytfbNGX_bm7LoniiH26xBTL4Gs3effCkVhwCnF-uJnS/s320/42de75f149b187e2eb6b8851ef8d3b71.jpg"/></a></div>
以前投資者很喜歡投資電力股,電力股的槓桿一般較大,這是美中不足的地方,華潤系一般已比同行較好。公司是小數能成功由火電轉型至再生能源的公司,業績也返回最高峰的水平,值得寄予厚望。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com2tag:blogger.com,1999:blog-6765924742984665167.post-26126312505866959162024-03-22T22:15:00.004+08:002024-03-22T22:52:06.761+08:0022/3/24 投資日誌 車載晶片<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiPkZH9PuH9UfNk_MR9pVGjLUgDjDVXZZPN0m4XpZnskj_bBtOGcgb7CCNcAsmWncN8ekDK7At53Gb0pNlxt-91_eYPcnylmqiCl0e9n3f-oRmg-QTvvSv7ejj9Nejpb39PtY7G7JfGJT36JWEjXhGvA8k13Ns6dzci_jU0vqYhNz3u_p-S9uIgXFCYRBK/s1568/renesas.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="655" data-original-width="1568" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiPkZH9PuH9UfNk_MR9pVGjLUgDjDVXZZPN0m4XpZnskj_bBtOGcgb7CCNcAsmWncN8ekDK7At53Gb0pNlxt-91_eYPcnylmqiCl0e9n3f-oRmg-QTvvSv7ejj9Nejpb39PtY7G7JfGJT36JWEjXhGvA8k13Ns6dzci_jU0vqYhNz3u_p-S9uIgXFCYRBK/s320/renesas.jpg"/></a></div>
早前傳出國內電動車企業務必採購多些國內的晶片,我認為方向正確,我們有龐大的市場,無可能無練兵房,我們需要力撐晶片企業,讓其有研發和實踐的訂單,我們沒有任何退路,只有全城支持,中國才可有體面地發展自己的科技事業。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com0tag:blogger.com,1999:blog-6765924742984665167.post-58376363773269080402024-03-22T10:48:00.002+08:002024-03-22T10:50:17.431+08:0022/3/24 投資日誌 金利來23年全年業績<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjho4rCbzgdT44JelBM5K0-4YK574i5ehC5nqxnYBLWpEzfa36EwZg0_X-tSPtdokWyeUpUP_6LSN7UBmVTckYwjrDAhyCRIEDTcqqZpJSGoRAvoZ-1U7VJhIJx9F-jTZmSZoD_Z17ePrWxlmk6vclPz2zNaiLNSV0qQ-7a8dvfjKj9bsPciuwxOnDKSpEG/s800/thumb_IMG_9476.webp" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="600" data-original-width="800" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjho4rCbzgdT44JelBM5K0-4YK574i5ehC5nqxnYBLWpEzfa36EwZg0_X-tSPtdokWyeUpUP_6LSN7UBmVTckYwjrDAhyCRIEDTcqqZpJSGoRAvoZ-1U7VJhIJx9F-jTZmSZoD_Z17ePrWxlmk6vclPz2zNaiLNSV0qQ-7a8dvfjKj9bsPciuwxOnDKSpEG/s320/thumb_IMG_9476.webp"/></a></div>
持有小量數年收息,以前的廠佬發展到一定年期,業務去到樽頸,都會拿些資金投資房地產,如金利來和建滔等,我不清楚是好抑或壞,資金總會向賺錢方向走,當時中國房地產起飛,如果我是老牌廠家,都可能這樣做,成功例子好似李錦記。金利來業務仍受房地價低迷影響和本業服飾仍然未能回復增長勢頭去抵銷成本,派息和盈利持續減少。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com2tag:blogger.com,1999:blog-6765924742984665167.post-75585356655716119552024-03-22T00:14:00.000+08:002024-03-22T00:14:21.545+08:0021/3/24 投資日誌 港美反彈部署<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhf3nnrdV63TDJ1iWQJmrtRVTfgr-hmr9ys7BTbbNgGrakhNU0rJ8xRYZKrFzkq9mTNHgiMIGwC9Ao4JsGawKO9m_BmTIeSfKQAsqCJkXozRseIg2FOKladNxtSBQlUjfpwgerr5KTKG7IJxAy0FBJykHTasdlXhYBEtKXFrrxL9r_hYXQAP2i2YOTAmCyW/s900/warren-buffett-greg-joens.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" height="320" data-original-height="900" data-original-width="692" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhf3nnrdV63TDJ1iWQJmrtRVTfgr-hmr9ys7BTbbNgGrakhNU0rJ8xRYZKrFzkq9mTNHgiMIGwC9Ao4JsGawKO9m_BmTIeSfKQAsqCJkXozRseIg2FOKladNxtSBQlUjfpwgerr5KTKG7IJxAy0FBJykHTasdlXhYBEtKXFrrxL9r_hYXQAP2i2YOTAmCyW/s320/warren-buffett-greg-joens.jpg"/></a></div>
港股正處於反彈浪中,現時的反彈未算強勁,我建議必須保留一些港股,我對指數不會太悲觀,由於倉位頗重,沒有需要追買,耐心等候。美股策略仍是一股都不會沽,直至出現大調整時,再進行部署。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com2tag:blogger.com,1999:blog-6765924742984665167.post-5666481619728885892024-03-21T14:52:00.000+08:002024-03-21T14:52:53.242+08:0021/3/24 投資日誌 中信國際電訊23年全年業績<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJVrCmEUQO7_91Zv1KncWXWkn2kJPM8nTDnbiIwCLpULxhSXUcQUXL04FaOX3svTGznN75FwXpznNutsY00EOrV5pwHybONXD-cErixZRPeYck37atF9Zd7-1EaHJmNCx3CcBvB6EAus_xC5SO5YzZgOAtajQ2k9ff0u2FIiMPWHmWbIWSaQPgkvWfvR5U/s4928/1-1.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="3264" data-original-width="4928" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJVrCmEUQO7_91Zv1KncWXWkn2kJPM8nTDnbiIwCLpULxhSXUcQUXL04FaOX3svTGznN75FwXpznNutsY00EOrV5pwHybONXD-cErixZRPeYck37atF9Zd7-1EaHJmNCx3CcBvB6EAus_xC5SO5YzZgOAtajQ2k9ff0u2FIiMPWHmWbIWSaQPgkvWfvR5U/s320/1-1.jpg"/></a></div>
最近加了倉,23年業績平穩。各地的電訊盈利很不一樣,近年內地持續出現盈利增長勢頭,香港競爭仍然劇烈,澳門就平平穩穩,中信在澳市佔有壟斷性。其實,我也有些驚訝疫情時期,公司仍能保持盈利質素,可能電訊始終是必需品。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com4tag:blogger.com,1999:blog-6765924742984665167.post-3895325281764450492024-03-21T07:59:00.003+08:002024-03-21T12:55:18.369+08:0021/3/24 投資日誌 貨櫃業的興衰<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKq3k8H2dfrfKvGN2ATh3kMjNoYhUdOXb3azo2NJACXkiaDM5ttBARms2KGbZWvifgDX3bJaSa4GhLzxbEp1sR7PySOlk9Q8ASTvCV_N9lLkIu8PL0oq7ajo7JBjozNdFhlvOxNueEjlDXuBbg8wYkBCMz8MDD2TwA5ee5uoXDQZuvQNe9GXcmKs2HmsBx/s1500/i_src_019038537.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="845" data-original-width="1500" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKq3k8H2dfrfKvGN2ATh3kMjNoYhUdOXb3azo2NJACXkiaDM5ttBARms2KGbZWvifgDX3bJaSa4GhLzxbEp1sR7PySOlk9Q8ASTvCV_N9lLkIu8PL0oq7ajo7JBjozNdFhlvOxNueEjlDXuBbg8wYkBCMz8MDD2TwA5ee5uoXDQZuvQNe9GXcmKs2HmsBx/s320/i_src_019038537.jpg"/></a></div>
香港的貨櫃碼頭由過往的龍頭到現在跌出十大,情況令人感歎,相信已不能追回來,香港只能面對現實,謀發展更多高增值產業。過往中國的出口量不大,可以靠香港轉口港銷往世界,慢慢地中國有需要建設多幾個碼頭,再加上香港成本高,而內地的貨櫃業效率愈來愈高,香港的價值便會減少,情況令我想起現時香港的旅遊業。
價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com4tag:blogger.com,1999:blog-6765924742984665167.post-27750046788699912672024-03-20T08:34:00.001+08:002024-03-20T08:34:57.838+08:0020/3/24 投資日誌 九龍倉23年全年業績<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5kuhR2MllgPhRTSpifsTY5x5N1PNYzxNYY2-H7gjAu1UaYNCczHyR9xxngVFT9sUBL8wxYrZMd1m4MaqeZRgDWMBZTqWmEhvXQYRHLAVEXCdtccdu4o-h8mch0-6ebLgPIL07Cn6pHhDmzjKZ1ZnGk2krSSoMSpdijODL5BI6LS49Yq8bYsahiY1KZDHg/s3798/mfile_1660853_1_20220804122039.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="2689" data-original-width="3798" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5kuhR2MllgPhRTSpifsTY5x5N1PNYzxNYY2-H7gjAu1UaYNCczHyR9xxngVFT9sUBL8wxYrZMd1m4MaqeZRgDWMBZTqWmEhvXQYRHLAVEXCdtccdu4o-h8mch0-6ebLgPIL07Cn6pHhDmzjKZ1ZnGk2krSSoMSpdijODL5BI6LS49Yq8bYsahiY1KZDHg/s320/mfile_1660853_1_20220804122039.jpg"/></a></div>
九龍倉在中港擁有規模的資產,上年的業績仍被國內房地產市場低迷所影響,在不同環節都需要撥備,盈利仍在極低水平,離復甦階段仍需努力。相對其他地產龍頭,公司質素仍需改善,公司特別之處擁有一個股票組合,由於23年港股仍然疲弱,即使美股出色,對盈利未能有所貢獻。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com2tag:blogger.com,1999:blog-6765924742984665167.post-4881594685422498422024-03-19T21:09:00.001+08:002024-03-19T21:09:29.043+08:0019/3/24 投資日誌 租金上升<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOmTa3yu06gfk9-FaFEHoxiIDVzdfkvAI60xSAmAkpC7Qa_oVMqpxlv3Wh7NIeZSIZrHoxcECUyc81wk1Jlt2pLC9Xnn6XsF7rwZCM__ZnIop5ocXwNuqWynWBe-cbmwH2mgk263f15VscOz4yWg4jLEo20yEtsJrbwxo3V7IPlK9ecnHrNnWYp7sEkbcC/s1862/20240116_1.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="1007" data-original-width="1862" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOmTa3yu06gfk9-FaFEHoxiIDVzdfkvAI60xSAmAkpC7Qa_oVMqpxlv3Wh7NIeZSIZrHoxcECUyc81wk1Jlt2pLC9Xnn6XsF7rwZCM__ZnIop5ocXwNuqWynWBe-cbmwH2mgk263f15VscOz4yWg4jLEo20yEtsJrbwxo3V7IPlK9ecnHrNnWYp7sEkbcC/s320/20240116_1.jpg"/></a></div>
今次的樓價調整,租金沒有跟隨大幅下滑,我認為對樓價下調的幅度有較利好的影響。我一向很重視租金水平,較能反映市場用家的承擔能力,再配合中國經濟的增速,到時便可有較實在的結論。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com2tag:blogger.com,1999:blog-6765924742984665167.post-33891786343258855472024-03-19T07:58:00.002+08:002024-03-19T07:58:50.802+08:0019/3/24 投資日誌 佐丹奴23年全年業績<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjt14n4SiAGbe__4Q75HN7w783bKHdZ23WLX_Q5u1vR-HffhaJr8ODSqnGl9ZiN7cZT7Gt0DGjDDbTcd9eUGPkaPEBDytw0ikhkEL9HHcfXL0EY5ibak-qT0PqKNJFx9LXk1l4meqgwEhwu7uCVTqa-k-6RYDXneLAgu0fk-3LKnMAZ9cvog80Z7RMOkRO4/s2560/12-scaled.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="1920" data-original-width="2560" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjt14n4SiAGbe__4Q75HN7w783bKHdZ23WLX_Q5u1vR-HffhaJr8ODSqnGl9ZiN7cZT7Gt0DGjDDbTcd9eUGPkaPEBDytw0ikhkEL9HHcfXL0EY5ibak-qT0PqKNJFx9LXk1l4meqgwEhwu7uCVTqa-k-6RYDXneLAgu0fk-3LKnMAZ9cvog80Z7RMOkRO4/s320/12-scaled.jpg"/></a></div>
佐丹奴經營休閒服飾,已持有很多年,持貨算頗多,當年是一隻頗受市場歡迎的收息股。這幾年佐丹奴似復甦得不錯,雖然稱不上完美,但能克服低潮再次起步難能可貴,周大福上年曾要約收股,我嫌出價低,沒有理會,希望有日能再上高峰,當時派息達$0.4,現在已回復至高峰75%。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com2tag:blogger.com,1999:blog-6765924742984665167.post-28992773320758531152024-03-18T17:08:00.001+08:002024-03-18T17:08:08.440+08:0018/3/24 投資日誌 炒風重現?<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmArofeBYhYMzI9-y7tcJ8fHeJAPIqXz85EEUlScyHT3gMhfY64oywpSnqKXyRXLbMQpoC5tFKG9pelPqF0Fn2VJs7HztLe4aTF8GGY_mqSo4jxpbC91gLtugxAkWw9tdGNjZfiXlZjvqELxj5U2sFWIrXVWrpoWjtTHaeKYIHH9h9YZxzP3MlJGkLUxCw/s1920/65deaa26e4b017d96e76f3571.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="1080" data-original-width="1920" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmArofeBYhYMzI9-y7tcJ8fHeJAPIqXz85EEUlScyHT3gMhfY64oywpSnqKXyRXLbMQpoC5tFKG9pelPqF0Fn2VJs7HztLe4aTF8GGY_mqSo4jxpbC91gLtugxAkWw9tdGNjZfiXlZjvqELxj5U2sFWIrXVWrpoWjtTHaeKYIHH9h9YZxzP3MlJGkLUxCw/s320/65deaa26e4b017d96e76f3571.jpg"/></a></div>
政府上月全面撤辣,市場成交增加,這只會是短暫現象,市場仍評估需求的持續,價格的方向,現階段勿妄下結論。我從未見過熊市炒風出現,政府不用過於焦慮,樓市仍受宏觀形勢影響,我對此仍步步為營,不會投入樓市第一注,此刻風險管理較重要,寧願錯過機會也不亂來。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com9tag:blogger.com,1999:blog-6765924742984665167.post-46267083839831563262024-03-18T11:41:00.001+08:002024-03-18T18:09:17.328+08:0018/3/24 投資日誌 匯賢產業23年業績<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqlMLHUh8r725B7iZKwft3S3x4myOwo3WI6hJSgOXWvLNiKGbPLUXdKFKPzwWg-1yiZiCUB6r5oTwKPwXC363EqYctKHaJOj4EcJilE99DZciSxhbUrt2qarubDQW4AwFgslW-0wPahR_gInhENSUosVM7fAFrx17ZrTthuflHl98glKGCJY6UoFhNF-O6/s678/87001-678x381.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="381" data-original-width="678" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqlMLHUh8r725B7iZKwft3S3x4myOwo3WI6hJSgOXWvLNiKGbPLUXdKFKPzwWg-1yiZiCUB6r5oTwKPwXC363EqYctKHaJOj4EcJilE99DZciSxhbUrt2qarubDQW4AwFgslW-0wPahR_gInhENSUosVM7fAFrx17ZrTthuflHl98glKGCJY6UoFhNF-O6/s320/87001-678x381.jpg"/></a></div>
上市買入至今,這是一項失敗的投資,讓我學懂一些投資智慧。
公司由每年派發$0.2至現在連$0.1也不足。公司上市時打著人民幣計價的旗幟,再加上誠哥加持,肯定受到市場青睞,現在當然明白凡事無絕對。公司有二大敗筆,第一是2049年要交回東方廣場,第二是你要買誠哥買的公司,不要沾手誠哥不要的公司。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com16tag:blogger.com,1999:blog-6765924742984665167.post-46785021371889881012024-03-18T05:02:00.006+08:002024-03-18T05:02:43.239+08:0017/3/24 投資日誌 回購股份<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQUyd08WH2jFs1WZqgysC4e8kTxaXDQI0k-PIqWIBvZtWSx9bOOvQTNpVdVTBqIYdakc8fl2jVX61yncNMIdrhv3IQAz-l7O8D5ls8IFchSlOrB1kp7gFrCRqLzp-vaF2x_QRMXNrUqM67y2bTgZoY11f_MdszTrQFoFBdygKEoWEXkH8XNMYoH1kk19T2/s1050/20201108165216_14.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="669" data-original-width="1050" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQUyd08WH2jFs1WZqgysC4e8kTxaXDQI0k-PIqWIBvZtWSx9bOOvQTNpVdVTBqIYdakc8fl2jVX61yncNMIdrhv3IQAz-l7O8D5ls8IFchSlOrB1kp7gFrCRqLzp-vaF2x_QRMXNrUqM67y2bTgZoY11f_MdszTrQFoFBdygKEoWEXkH8XNMYoH1kk19T2/s320/20201108165216_14.jpg"/></a></div>
美國的龍頭科網股多用回購股份的方式代替派息,而香港的股份近年也興起,特別是科網公司,包括阿里巴巴等,而金融類的公司如匯控和渣打也撥一定的金額去回購。我個人偏向喜歡公司用現金的方式回饋股東,因為股東有權將資源配置至不同公司,現在似強制性用原來的股息買入這間公司,而且令發行股數變得不穩定,從而有機會讓管理層鑽空子。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com2tag:blogger.com,1999:blog-6765924742984665167.post-56005412752211676932024-03-16T18:59:00.000+08:002024-03-16T18:59:09.884+08:0016/3/24 投資日誌 理文造紙23年全年業績<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEif0hnn5DAAC_sliDq8qmkoQv4UzEIjRS3UdOfx8wxLfa5TOAsWoH8V6qv7UwcNILgK7ahpIuHCprKIUhUaXlUm4uhqRy4El8wTTlHlsS4ABgXfvPG8xKMCtvjNA5jb1oxUqH_1YEjQ7FE6-NNrBAPDxmfNZHYyweKWsS_XV0XWNnCEdzdecuaJyv-fqtvp/s1024/1865184_86ef8d4f901f12d90bd6fee73ac5d547%20%281%29.png" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="569" data-original-width="1024" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEif0hnn5DAAC_sliDq8qmkoQv4UzEIjRS3UdOfx8wxLfa5TOAsWoH8V6qv7UwcNILgK7ahpIuHCprKIUhUaXlUm4uhqRy4El8wTTlHlsS4ABgXfvPG8xKMCtvjNA5jb1oxUqH_1YEjQ7FE6-NNrBAPDxmfNZHYyweKWsS_XV0XWNnCEdzdecuaJyv-fqtvp/s320/1865184_86ef8d4f901f12d90bd6fee73ac5d547%20%281%29.png"/></a></div>
持有理文多年,理文至今是造紙產業中最好的,在外貿不理想下,仍然力保盈利,我希望重新理解行業,在我認知中,工業股也可交出成績,也可穩打穩紮,我希望繼續長期持有它,現時行業仍在低潮中。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com2tag:blogger.com,1999:blog-6765924742984665167.post-3537212815007551472024-03-16T07:11:00.000+08:002024-03-16T07:11:41.957+08:0015/3/24 投資日誌 旺角沒有獨特性<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjBZw45bL1cf1OL8s3gYXQG3JDXy4-2GLUT5UEQ81Eb_eBgFE-yv6S-vJiZYPNoagYKGlBHpoA6oHYqq15ZIOWL2RljawrFzq3JWKXncN0Oy9bDW4g9h8Udb-xuKyoe54tHJG-U3mmINB0k_FKSzk2DFrl_CXzkceJ9-dEdUc0HBlvrBP4Kz9b_gFi9FxL/s1280/20240304184017_a77ca8ffa62f67aad3d4e3743b7b55b44ddf24d8.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="720" data-original-width="1280" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjBZw45bL1cf1OL8s3gYXQG3JDXy4-2GLUT5UEQ81Eb_eBgFE-yv6S-vJiZYPNoagYKGlBHpoA6oHYqq15ZIOWL2RljawrFzq3JWKXncN0Oy9bDW4g9h8Udb-xuKyoe54tHJG-U3mmINB0k_FKSzk2DFrl_CXzkceJ9-dEdUc0HBlvrBP4Kz9b_gFi9FxL/s320/20240304184017_a77ca8ffa62f67aad3d4e3743b7b55b44ddf24d8.jpg"/></a></div>
一名國內的遊客稱旺角愈來愈似大陸,這一句話看似很不經意,但我為此深思香港還剩多少吸引力。我們必須居安思危,雖然我們的語言、治安、教育、維港景色、旅遊景點,不可能稱完全沒有吸引力,但談吃喝玩樂、出行等方面,國內的確有不少的進步,而香港也趨向國內化,這方向相信不能逆轉,我還是想將香港最好的東西盡量保留,否則只好在投資方面盡量規避風險。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com12tag:blogger.com,1999:blog-6765924742984665167.post-49228815581581712902024-03-15T15:28:00.002+08:002024-03-15T16:30:11.307+08:0015/3/24 投資日誌 港鐵23年全年業績<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2F19firdc6DMxP8Q67I8U4BPYR9UBZ7t7pDr41jB5PkyQie3PVSdL-wiupx6n9GUdZ0aQdgLFm8oH3lQFQAJzP4REZupiWYsOFADWvsXGNBSNxmCZ-cjADOcWXzXEMqRsAOhpt63NghJ3nrujG40o6_DLOpja2RvDRM0GeuUg9u9-bqviiBej88VdOiap/s588/PoC2.png" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" height="320" data-original-height="588" data-original-width="540" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2F19firdc6DMxP8Q67I8U4BPYR9UBZ7t7pDr41jB5PkyQie3PVSdL-wiupx6n9GUdZ0aQdgLFm8oH3lQFQAJzP4REZupiWYsOFADWvsXGNBSNxmCZ-cjADOcWXzXEMqRsAOhpt63NghJ3nrujG40o6_DLOpja2RvDRM0GeuUg9u9-bqviiBej88VdOiap/s320/PoC2.png"/></a></div>
港鐵幾乎壟斷了整個香港的交通版圖,而商場更是得天獨厚,圍方、日出康城、黃竹坑等商場粒粒皆星,基本上只有新地商場可以跟它匹敵。這些因素令其抗跌力強,業績在疫情過後回暖,雖然23年賣樓較幸苦,但撤辣後應可回一回氣。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com2tag:blogger.com,1999:blog-6765924742984665167.post-74796942508538465852024-03-15T05:21:00.003+08:002024-03-15T05:21:17.993+08:0014/3/24 投資日誌 增持中信國際電訊<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWHdBrUvgz_SFFIMcIiXcxaaG-zzlQK1BOv82_d3qpxwgvirA6VKxCYTqk5u6JgY9QoHbUc7zSuzeX91AtR7u41R87YP-ohP0eCP4e2OkwTChjlxnJlxemKZvSWe7BuYzHAfInU9mcktHqh6x62AdLYz9KoU417XIvtnmjbnjLfp-kD8P0YYzy9uP-P5Kv/s6720/20200818131231_4573.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="4480" data-original-width="6720" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWHdBrUvgz_SFFIMcIiXcxaaG-zzlQK1BOv82_d3qpxwgvirA6VKxCYTqk5u6JgY9QoHbUc7zSuzeX91AtR7u41R87YP-ohP0eCP4e2OkwTChjlxnJlxemKZvSWe7BuYzHAfInU9mcktHqh6x62AdLYz9KoU417XIvtnmjbnjLfp-kD8P0YYzy9uP-P5Kv/s320/20200818131231_4573.jpg"/></a></div>
中信國際電訊業績一向保持穩定,即使疫情來襲,盈利和派息沒有令投資者失望。當公布13年業績,二天的沽壓令股價下跌了約10%,將已有倉位增大回應。價值投資者http://www.blogger.com/profile/01682303752755879971noreply@blogger.com2