{"id":1753,"date":"2026-01-01T19:00:33","date_gmt":"2026-01-01T18:00:33","guid":{"rendered":"https:\/\/mueckinvest.de\/?p=1753"},"modified":"2026-04-01T06:00:00","modified_gmt":"2026-04-01T04:00:00","slug":"1%e6%9c%8826%e6%97%a5%e6%8e%92%e6%94%be%e6%ba%90%e9%a3%8e%e9%99%a9%e8%af%84%e4%bc%b0","status":"publish","type":"post","link":"https:\/\/mueckinvest.com\/zh\/jan-26-einschaetzung-des-emittenrisikos\/","title":{"rendered":"\u53d1\u884c\u4eba\u98ce\u9669\uff1a2026\u5e741\u6708"},"content":{"rendered":"<h2 class=\"wp-block-heading\">\u6717\u548c\u65bd\u74e6\u8328\u7684\u57fa\u672c\u9762\u5206\u6790<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. \u8d22\u52a1\u6307\u6807<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5e02\u503c\uff1a<\/strong> \u7ea62.13\u4ebf\u81f32.18\u4ebf\u6b27\u5143<\/li>\n\n\n\n<li><strong>\u5e02\u76c8\u7387\uff082025 \u5e74\uff09\uff1a<\/strong> \u7ea6\u4e3a 8.2\u2014\u2014\u4e0e\u884c\u4e1a\u5e73\u5747\u6c34\u5e73\u76f8\u6bd4\uff0c\u4f30\u503c\u660e\u663e\u504f\u4f4e\u3002<\/li>\n\n\n\n<li><strong>\u80a1\u606f\u6536\u76ca\u7387\uff1a<\/strong> \u6839\u636e\u8ba1\u7b97\u65b9\u6cd5\u548c\u5206\u914d\u5e74\u4efd\u7684\u4e0d\u540c\uff0c\u4ecb\u4e8e 2.9 % \u548c 9.1 % \u4e4b\u95f4\u3002<\/li>\n\n\n\n<li><strong>\u6743\u76ca\u6bd4\u7387\uff1a<\/strong> \u7a33\u5065\uff1b\u53e6\u5411\u8be5\u57fa\u91d1\u62e8\u6b3e 1730 \u4e07\u6b27\u5143\u7528\u4e8e\u4e00\u822c\u94f6\u884c\u98ce\u9669\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. \u5229\u6da6\u548c\u5206\u914d\u653f\u7b56<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Lang &amp; Schwarz \u8ba1\u5212\u5728 2025 \u5e74\u6d3e\u53d1 [\u91d1\u989d\u7f3a\u5931] \u7684\u80a1\u606f\u3002 <strong>\u6bcf\u80a11.75\u6b27\u5143<\/strong>, \u8fd9\u76f8\u5f53\u4e8e\u5e74\u5ea6\u76c8\u4f59\u7684\u7ea6 75%\u3002<\/li>\n\n\n\n<li>\u8fd9\u79cd\u9ad8\u6d3e\u606f\u7387\u8868\u660e\u5bf9\u76c8\u5229\u80fd\u529b\u6709\u4fe1\u5fc3\uff0c\u4f46\u540c\u65f6\u4e5f\u964d\u4f4e\u4e86\u9762\u5bf9\u610f\u5916\u8d1f\u62c5\u65f6\u7684\u7075\u6d3b\u6027\u3002.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. \u98ce\u9669\u56e0\u7d20<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4ea4\u6613\u6d3b\u52a8\uff1a<\/strong> \u4e1a\u52a1\u91cf\u5feb\u901f\u589e\u957f\uff0c\u56e0\u6b64\u5bf9\u4fdd\u8bc1\u91d1\uff08\u5229\u6da6\uff09\u7684\u8981\u6c42\u4e5f\u66f4\u9ad8\u3002<\/li>\n\n\n\n<li><strong>\u5bf9\u8d44\u672c\u5e02\u573a\u73af\u5883\u7684\u4f9d\u8d56\uff1a<\/strong> \u4f5c\u4e3a\u4e00\u5bb6\u8bc1\u5238\u4ea4\u6613\u94f6\u884c\uff0c\u6717\u65bd\u74e6\u8328\u94f6\u884c\u7684\u4e1a\u52a1\u5f88\u5927\u7a0b\u5ea6\u4e0a\u4f9d\u8d56\u4e8e\u7ecf\u6d4e\u72b6\u51b5\u548c\u5e02\u573a\u60c5\u7eea\u3002.<\/li>\n\n\n\n<li><strong>\u80a1\u606f\u653f\u7b56\uff1a<\/strong> \u6fc0\u8fdb\u7684\u5206\u7ea2\u653f\u7b56\u53ef\u80fd\u4f1a\u5728\u5e02\u573a\u627f\u538b\u65f6\u524a\u5f31\u8d44\u672c\u57fa\u7840\u3002.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. \u673a\u4f1a<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u7a33\u5b9a\u7684\u5229\u6da6\uff1a<\/strong> \u81ea 2019 \u5e74\u4ee5\u6765\uff0c\u5229\u6da6\u53d1\u5c55\u5448\u73b0\u660e\u663e\u7684\u4e0a\u5347\u8d8b\u52bf\u3002<\/li>\n\n\n\n<li><strong>\u5438\u5f15\u529b\u8bc4\u5206\uff1a<\/strong> \u8f83\u4f4e\u7684\u5e02\u76c8\u7387\u548c\u8f83\u9ad8\u7684\u80a1\u606f\u6536\u76ca\u7387\u4f7f\u8be5\u80a1\u7968\u5bf9\u6295\u8d44\u8005\u5177\u6709\u5438\u5f15\u529b\u3002.<\/li>\n\n\n\n<li><strong>\u98ce\u9669\u7f13\u51b2\uff1a<\/strong> \u62e8\u4ed8\u7ed9\u4e00\u822c\u94f6\u884c\u98ce\u9669\u57fa\u91d1\u7684\u6b3e\u9879\u53ef\u4ee5\u589e\u5f3a\u80a1\u672c\uff0c\u964d\u4f4e\u7cfb\u7edf\u6027\u98ce\u9669\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u53d1\u884c\u4eba\u98ce\u9669\u8bc4\u4f30<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u77ed\u671f\uff1a<\/strong> \u672a\u53d1\u73b0\u660e\u663e\u7684\u53d1\u884c\u4eba\u98ce\u9669\u3002\u5145\u8db3\u7684\u8d44\u672c\u548c\u98ce\u9669\u51c6\u5907\u91d1\u8868\u660e\u5176\u8d22\u52a1\u72b6\u51b5\u7a33\u5b9a\u3002.<\/li>\n\n\n\n<li><strong>\u4e2d\u671f\u6765\u770b\uff1a<\/strong> \u4e3b\u8981\u98ce\u9669\u6e90\u4e8e\u9ad8\u6d3e\u606f\u7387\u548c\u5bf9\u4ea4\u6613\u91cf\u7684\u4e25\u91cd\u4f9d\u8d56\u3002\u4e00\u65e6\u5e02\u573a\u73af\u5883\u7a81\u7136\u5d29\u6e83\uff0c\u8d44\u672c\u57fa\u7840\u53ef\u80fd\u4f1a\u9762\u4e34\u538b\u529b\u3002.<\/li>\n\n\n\n<li><strong>\u4ece\u957f\u8fdc\u6765\u770b\uff1a<\/strong> \u540c\u65f6\u6d3e\u53d1\u9ad8\u989d\u80a1\u606f\u5e76\u589e\u5f3a\u6743\u76ca\u7684\u7b56\u7565\u4ece\u6839\u672c\u4e0a\u6765\u8bf4\u662f\u79ef\u6781\u7684\u3002\u7136\u800c\uff0c\u5728\u6ce2\u52a8\u6027\u8f83\u5927\u7684\u91d1\u878d\u670d\u52a1\u884c\u4e1a\uff0c\u53ef\u6301\u7eed\u76c8\u5229\u80fd\u529b\u4ecd\u7136\u81f3\u5173\u91cd\u8981\u3002.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u5bf9\u6bd4\u8868\u2014\u2014\u673a\u9047\u4e0e\u98ce\u9669<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u56e0\u7d20<\/th><th>\u673a\u4f1a<\/th><th>\u98ce\u9669<\/th><\/tr><\/thead><tbody><tr><td>\u4f30\u503c\uff08\u5e02\u76c8\u7387\uff09<\/td><td>\u4ef7\u683c\u6781\u5177\u5438\u5f15\u529b\uff08\u7ea6 8.2\uff09<\/td><td>\u505c\u6ede\u5e02\u573a\u4e2d\u589e\u957f\u524d\u666f\u9eef\u6de1<\/td><\/tr><tr><td>\u80a1\u606f\u653f\u7b56<\/td><td>\u9ad8\u56de\u62a5\uff0c\u5bf9\u80a1\u4e1c\u53cb\u597d<\/td><td>% \u7684\u652f\u4ed8\u7387\u4e3a 75%\uff0c\u964d\u4f4e\u4e86\u7075\u6d3b\u6027\u3002<\/td><\/tr><tr><td>\u516c\u5e73<\/td><td>\u52a0\u5f3a\u94f6\u884c\u98ce\u9669\u5e94\u5bf9\u8d44\u91d1<\/td><td>\u5bf9\u4ea4\u6613\u91cf\u7684\u4f9d\u8d56\u7a0b\u5ea6\u4ecd\u7136\u5f88\u9ad8<\/td><\/tr><tr><td>\u5e02\u573a\u73af\u5883<\/td><td>\u5728\u9ad8\u6ce2\u52a8\u6027\u4e2d\u83b7\u5229<\/td><td>\u53d6\u51b3\u4e8e\u7ecf\u6d4e\u72b6\u51b5\u548c\u5e02\u573a\u60c5\u7eea<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5. \u7ed3\u8bba<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Lang &amp; Schwarz \u76ee\u524d\u4ee5\u4ee5\u4e0b\u5f62\u8c61\u51fa\u73b0\uff1a <strong>\u4f30\u503c\u5438\u5f15\u4eba\u3001\u80a1\u606f\u653f\u7b56\u9ad8\u7684\u7a33\u5065\u53d1\u884c\u4eba<\/strong>. \u76ee\u524d\u5c1a\u65e0\u660e\u663e\u7684\u53d1\u884c\u4eba\u98ce\u9669\u3002\u7136\u800c\uff0c\u6295\u8d44\u8005\u4ecd\u5e94\u2026\u2026 <strong>\u5bf9\u4ea4\u6613\u91cf\u548c\u9ad8\u6d3e\u606f\u7387\u7684\u4f9d\u8d56<\/strong> \u5bc6\u5207\u5173\u6ce8\u8fd9\u4e9b\u56e0\u7d20\uff0c\u56e0\u4e3a\u5b83\u4eec\u53ef\u80fd\u4f1a\u5728\u5e02\u573a\u4f4e\u8ff7\u65f6\u5f71\u54cd\u5e02\u573a\u7a33\u5b9a\u6027\u3002.<\/p>","protected":false},"excerpt":{"rendered":"<p>Fundamentalanalyse Lang &amp; Schwarz 1. Finanzkennzahlen 2. Gewinn- und Aussch\u00fcttungspolitik 3. Risikofaktoren 4. Chancen Bewertung des Emittentenrisikos Vergleichstabelle \u2013 Chancen vs. Risiken Faktor Chancen Risiken Bewertung (KGV) Attraktiv niedrig (ca. 8,2) Geringe Wachstumsfantasie bei stagnierenden M\u00e4rkten Dividendenpolitik Hohe Rendite, Aktion\u00e4rsfreundlich Aussch\u00fcttungsquote von 75 % reduziert Flexibilit\u00e4t Eigenmittel Fonds f\u00fcr Bankrisiken gest\u00e4rkt Abh\u00e4ngigkeit von Handelsvolumen bleibt [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[64],"tags":[276,394,128],"class_list":["post-1753","post","type-post","status-publish","format-standard","hentry","category-emittentenrisiko","tag-dividenden","tag-konjunktur","tag-volatilitaet","pmpro-has-access"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/mueckinvest.com\/zh\/wp-json\/wp\/v2\/posts\/1753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mueckinvest.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mueckinvest.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mueckinvest.com\/zh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mueckinvest.com\/zh\/wp-json\/wp\/v2\/comments?post=1753"}],"version-history":[{"count":5,"href":"https:\/\/mueckinvest.com\/zh\/wp-json\/wp\/v2\/posts\/1753\/revisions"}],"predecessor-version":[{"id":4356,"href":"https:\/\/mueckinvest.com\/zh\/wp-json\/wp\/v2\/posts\/1753\/revisions\/4356"}],"wp:attachment":[{"href":"https:\/\/mueckinvest.com\/zh\/wp-json\/wp\/v2\/media?parent=1753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mueckinvest.com\/zh\/wp-json\/wp\/v2\/categories?post=1753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mueckinvest.com\/zh\/wp-json\/wp\/v2\/tags?post=1753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}