宽基指数的多因子择时模型-量化投资组合管理研究系列之五-江海证券

烟蒂股是指市场估值低于实际价值的公司，巴菲特曾这样总结“烟蒂”投资 法:“在大街上捡到一只雪茄烟蒂，短得只能再抽一口，也许冒不出多少烟， 但‘买便宜货’的方式却要从那仅剩的一口中发掘出所有的利润”。A 股当前 自下而上便宜筹码足够多，被低估的烟蒂股未来 2-3 年可能获得丰厚收益，华 创策略《烟蒂股》系列报告希望从多个角度出发，挖掘真正被低估的价值。 系列首篇《守着低估值&龙头能迎来春天吗?》发现，低估值胜率下降但赔率 仍高，便宜还是硬道理，核心在于如何判断真实价值的低估。抛开传统估值方 法，本文给出三个视角判断企业是否被低估:1、清算价值;2、自由现金流; 3、企业倍数。

2024年11月份中国数控机床进口数据分析报告

Plant-based water products are healthier alternatives to conventional sweetened and carbonated beverages, as they are derived from plant-based natural sources and contain fewer chemicals and pollutants. Plant-based water can be used for drinking and cooking as it is free of preservatives, artificial colors, and other additives. Plant-based water is typically obtained from natural sources like spring water, coconut water, or artesian wells and can also contain beneficial minerals and electrolytes, as well as vitamins and antioxidants.

Electrodeless gas discharge lamps, such as plasma lamps, are powered by radio frequency energy. Radiofrequency (RF) power is used to excite plasma inside a sealed, transparent burner or bulb to produce light in the form of plasma lamps. Plasma lamps use noble gases and additional materials such as metal halides, sodium, mercury, or sulfur to produce light in several colors.

PolyDADMAC stands for poly-diallyl dimethylammonium chloride. It is widely used in water and wastewater treatment and is sold as a liquid concentrate, with solids composing 10%-50%. This chemical works effectively as a primary coagulant and charge-neutralization agent. PolyDADMAC is also used in the papermaking process to control any disturbing substances while providing superior fixing of the pitch from mechanical pulp and of latex from coated broke.

During FY2022 the Top 100 luxury goods companies generated composite sales of US$347 billion, up from the US$305 billion registered in FY2021. This sharp increase in luxury goods sales signals the good state of the luxury industry after the COVID-19 pandemic years.

Pretzels are crisp, brittle, and salted baked snack foods made of flour dough. These are available in various shapes and have shiny outer surfaces. Raw materials that are used to produce pretzels are flour, yeast, leavening agents, and shortenings. Different varieties of pretzels are available in the market in terms of shape and flavor. Companies sell pretzels as on- the-go snacks in packages, and some sell freshly made pretzels at foodservice outlets. The modern production process of pretzels is completely automated. It involves multiple steps, such as mixing the dough, forming pretzels, dipping, and salting, cooking, and packaging. These steps vary depending on the type of pretzel.

Process automation and instrumentation solutions are used for controlling the manufacturing process or control process in production without continuous human intervention. Process instrumentation is used for measuring process variables such as temperature, fluid, and others within industrial premises. Automation control systems include MES, DCS, PLC, and SCADA. Process instrumentation includes transmitters, control valves, and analyzers.

Professional lighting refers to the application of lighting techniques and fixtures to create optimal lighting conditions in various commercial and industrial spaces, including offices, retail stores, hospitality venues, healthcare facilities, sports arenas, and outdoor environments. It is designed to meet specific requirements, such as enhancing visibility, creating ambiance, highlighting architectural features, or promoting productivity and well-being. It incorporates lighting, control systems, and advanced technologies to provide efficient and customizable lighting solutions.