{"id":6960,"date":"2022-12-21T20:00:13","date_gmt":"2022-12-21T12:00:13","guid":{"rendered":"https:\/\/singledoggy.investments\/?p=6960"},"modified":"2023-01-19T23:32:01","modified_gmt":"2023-01-19T15:32:01","slug":"capital-returns-and-the-cycle-of-pv-industry","status":"publish","type":"post","link":"https:\/\/singledoggy.investments\/2022\/12\/21\/capital-returns-and-the-cycle-of-pv-industry\/","title":{"rendered":"\u300a\u8cc7\u672c\u56de\u5831 Capital Returns\u300b\u8cc7\u672c\u9031\u671f\u5206\u6790\u5be6\u4f8b &#8211; \u7a7f\u8d8a\u592a\u967d\u80fd\u7522\u696d\u9031\u671f"},"content":{"rendered":"<p>Capital Returns \u7a7f\u8d8a\u8cc7\u672c\u9031\u671f\u662f\u99ac\u62c9\u677e\u8cc7\u7522\u7ba1\u7406\u516c\u53f8 (Marathon Asset Management) \u7684\u6295\u8cc7\u54f2\u5b78\u5408\u96c6\uff0c\u4e26\u7531 Edward Chancellor \u9019\u4f4d\u8457\u540d\u7684\u8ca1\u7d93\u4f5c\u5bb6\u64b0\u5beb\uff0c\u300a\u91d1\u878d\u6295\u6a5f\u53f2\u300b\u4e5f\u662f\u51fa\u81ea\u4ed6\u624b\u3002<\/p>\n<p><img fetchpriority=\"high\" class=\" wp-image-6975 aligncenter\" src=\"https:\/\/i0.wp.com\/singledoggy.investments\/wp-content\/uploads\/2022\/12\/000-e1671373240200.jpg?resize=296%2C432&#038;ssl=1\" alt=\"\" width=\"296\" height=\"432\" srcset=\"https:\/\/i0.wp.com\/singledoggy.investments\/wp-content\/uploads\/2022\/12\/000-e1671373240200.jpg?w=432&amp;ssl=1 432w, https:\/\/i0.wp.com\/singledoggy.investments\/wp-content\/uploads\/2022\/12\/000-e1671373240200.jpg?resize=206%2C300&amp;ssl=1 206w\" sizes=\"(max-width: 296px) 100vw, 296px\" data-recalc-dims=\"1\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>\u672c\u66f8\u6574\u7406\u4e86\u99ac\u62c9\u677e\u8cc7\u7522\u5c0d\u65bc\u7522\u696d\u767c\u5c55\u9031\u671f\u8207\u8cc7\u672c\u6295\u5165\u4e4b\u9593\u7684\u5206\u6790\uff0c\u9019\u6a23\u7684\u6295\u8cc7\u54f2\u5b78\u4e5f\u88ab\u7a31\u4f5c\u300c \u8cc7\u672c\u9031\u671f\u65b9\u6cd5 \u300d\u3002\u8cc7\u672c\u9031\u671f\u65b9\u6cd5\u7684\u95dc\u9375\u662f\u85c9\u7531\u89c0\u5bdf\u8cc7\u672c\u4f9b\u7d66\uff0c\u4f86\u63a8\u6572\u7522\u696d\u7af6\u722d\u614b\u52e2\uff0c\u4ee5\u53ca\u7522\u696d\u5b8f\u89c0\u7684\u8cc7\u672c\u914d\u7f6e\uff0c\u5982\u4f55\u5f71\u97ff\u6295\u5831\u7387\u3002<\/p>\n<p style=\"text-align: left;\">\u9019\u7bc7\u9664\u4e86\u5206\u4eab Capital Returns \u7684\u91cd\u9ede\uff0c\u4e5f\u6703\u5e36\u5165\u5be6\u969b\u5206\u6790\u6848\u4f8b &#8211; \u592a\u967d\u80fd\u7522\u696d\u7684\u767c\u5c55\u9031\u671f\uff0c\u5e6b\u52a9\u8b80\u8005\u52a0\u4ee5\u7406\u89e3\u672c\u66f8\u5167\u5bb9\u4ee5\u53ca\u5be6\u4f8b\u61c9\u7528\u3002<\/p>\n<p>&nbsp;<\/p>\n<h2>\u5178\u578b\u7684\u8cc7\u672c\u9031\u671f<\/h2>\n<p>\u4f9b\u9700\u7684\u7d50\u69cb\u6027\u8b8a\u5316\u662f\u5f62\u6210\u9031\u671f\u7684\u4e3b\u56e0\uff0c\u800c\u4f9b\u7d66\u53c8\u6bd4\u8d77\u9700\u6c42\u66f4\u5bb9\u6613\u89c0\u5bdf\uff0c\u56e0\u70ba\u4f9b\u7d66\u7684\u589e\u52a0\u9700\u8981\u63d0\u524d\u7684\u8cc7\u672c\u6295\u5165\uff0c\u9019\u6a23\u7684\u9031\u671f\u88ab\u99ac\u62c9\u677e\u8cc7\u7522\u7a31\u70ba\u8cc7\u672c\u9031\u671f\u3002<\/p>\n<p>\u4e00\u500b\u5178\u578b\u7684\u8cc7\u672c\u9031\u671f\uff0c\u5c31\u50cf\u4ee5\u4e0b\u9019\u500b\u4f8b\u5b50 :<\/p>\n<p>\u7576\u4f9b\u4e0d\u61c9\u6c42\u767c\u751f\u6642\uff0c\u5546\u54c1\u50f9\u683c\u5927\u6f32\uff0c\u5e02\u5834\u53c3\u8207\u8005\u53d7\u5230\u9ad8\u6295\u5831\u7387\u5438\u5f15\uff0c\u7d1b\u7d1b\u6295\u5165\u8cc7\u672c\u64f4\u5927\u7522\u80fd\uff0c\u63a5\u8457\u4f9b\u904e\u65bc\u6c42\uff0c\u6295\u5831\u7387\u4e0b\u6ed1\u81f3\u8cc7\u91d1\u6210\u672c\u4e4b\u4e0b\u3002<\/p>\n<p>\u63a5\u8457\u767c\u751f\u8cc7\u672c\u7dca\u7e2e\uff0c\u5f15\u767c\u6fc0\u70c8\u7684\u6c70\u5f31\u7559\u5f37\uff0c\u7522\u696d\u6703\u9032\u884c\u4f9b\u61c9\u93c8\u6574\u5408\uff0c\u76f4\u5230\u5e73\u8861\uff0c\u800c\u96a8\u8457\u4e0b\u6b21\u9700\u6c42\u7684\u7206\u767c\uff0c\u53c8\u5f62\u6210\u53e6\u4e00\u6ce2\u7684\u4e0a\u884c\u9031\u671f\u3002<\/p>\n<p>&nbsp;<\/p>\n<h2>\u5f9e\u66f4\u591a\u7684\u89d2\u5ea6\u770b\u8cc7\u672c\u9031\u671f<\/h2>\n<p>\u7522\u696d\u8cc7\u672c\u9031\u671f\u5176\u5be6\u5c31\u662f\u4e00\u7a2e\u8cfd\u5c40\uff0c\u800c\u4f01\u696d\u9593\u540c\u76df\u5408\u4f5c\u662f\u6700\u597d\u7684\u7b56\u7565\uff0c\u80fd\u5920\u6709\u6548\u5730\u63a7\u5236\u5e02\u5834\u4f9b\u7d66\uff0c\u904f\u6b62\u8cc7\u672c\u9031\u671f\u7684\u4e0b\u884c\uff0c\u5982 OPEC\u3002\u4e0d\u904e\u4e5f\u8981\u8003\u616e\u5230\u7522\u696d\u662f\u5426\u5177\u5099\u7af6\u722d\u9580\u6abb\uff0c\u5426\u5247\u5728\u4f4d\u4f01\u696d\u9593\u7684\u540c\u76df\uff0c\u53cd\u800c\u6703\u8b93\u65b0\u9032\u8005\u5177\u5099\u5148\u767c\u512a\u52e2\u3002<\/p>\n<p>\u5f9e\u4e2d\u4e5f\u53ef\u770b\u5230\u5747\u503c\u56de\u6b78\u7684\u5f71\u5b50\uff0c\u7522\u696d\u7e41\u69ae\u968e\u6bb5\uff0c\u4f01\u696d\u559c\u611b\u8cc7\u7522\u64f4\u5f35\u7684\u7b56\u7565 &#8211; \u4f75\u8cfc\u3001\u767c\u65b0\u80a1 &#8230;\u7b49\uff0c\u56e0\u6b64\u5927\u5e45\u64f4\u5f35\u7684\u4e0d\u5229\u5f71\u97ff\u6703\u5f71\u97ff\u6295\u8cc7\u9019\u4e9b\u4f01\u696d\u7684\u5831\u916c\u7387 ; \u8cc7\u7522\u6536\u7e2e\u7684\u7b56\u7565\u5e38\u767c\u751f\u5728\u7522\u696d\u4f4e\u8ff7\u968e\u6bb5\uff0c\u4f01\u696d\u5617\u8a66\u80a1\u7968\u56de\u8cfc\u3001\u511f\u50b5\uff0c\u7b49\u5f85\u4e0b\u4e00\u6ce2\u53cd\u8f49\u3002<\/p>\n<p>\u82e5\u5f9e\u8ca1\u52d9\u91cf\u5316\u7684\u89d2\u5ea6\u770b\u8cc7\u672c\u9031\u671f\uff0c\u5176\u5be6\u5c31\u662f ROIC ( \u8cc7\u672c\u6295\u5831\u7387 ) \u8207 WACC ( \u8cc7\u91d1\u6210\u672c ) \u4e4b\u9593\u7684\u95dc\u4fc2\uff0c\u8d85\u984d\u5831\u916c\u6703\u5438\u5f15\u7af6\u722d\uff0c\u4f7f ROIC \u4e0b\u6ed1\uff0c\u9010\u6f38\u7b49\u65bc WACC\u3002<\/p>\n<p>\u5f9e\u8cea\u5316\u7684\u89d2\u5ea6\u770b\u8cc7\u672c\u9031\u671f\uff0c\u5176\u5be6\u662f\u8003\u9a57\u7ba1\u7406\u5c64\u8cc7\u672c\u914d\u7f6e\u7684\u80fd\u529b\uff0c\u5728\u7e41\u69ae\u8207\u4f4e\u8ff7\u7684\u968e\u6bb5\uff0c\u80fd\u5426\u6700\u5927\u5316\u6295\u8cc7\u5831\u916c\u7387\u3002<\/p>\n<p>&nbsp;<\/p>\n<h2>\u74b0\u7bc0\u4e2d\u6d41\u52d5\u7684\u8d85\u984d\u5831\u916c<\/h2>\n<p>\u8d85\u984d\u5831\u916c\u5728\u4f9b\u61c9\u93c8\u4e2d\u662f\u52d5\u614b\u7684\uff0c\u7576\u4f9b\u61c9\u93c8\u4e2d\u67d0\u4e00\u500b\u74b0\u7bc0\u7684\u8d85\u984d\u5831\u916c\u6d88\u5931\u4e86\uff0c\u5b83\u53ef\u80fd\u6703\u51fa\u73fe\u5728\u4f9b\u61c9\u93c8\u7684\u5176\u4ed6\u74b0\u7bc0\u3002<\/p>\n<p>\u66f8\u4e2d\u4ee5\u9c48\u9b5a\u52a0\u5de5\u7522\u696d\u4f5c\u70ba\u6848\u4f8b\uff0c16 \u4e16\u7d00\u65e9\u671f\u8461\u8404\u7259\u6f01\u6c11\u6703\u53bb\u5317\u7f8e\u6d77\u57df\u6355\u9c48\u9b5a\uff0c\u518d\u8ce3\u53bb\u897f\u73ed\u7259\u7684\u5e02\u5834\uff0c\u7576\u6642\u822a\u6d77\u6280\u8853\u4e0d\u4f73\u3001\u98a8\u96aa\u5927\uff0c\u6240\u4ee5\u9c48\u9b5a\u50f9\u683c\u5f88\u9ad8\uff0c\u7576\u6642\u6b50\u6d32\u5403\u7684\u9b5a\u6709 60% \u662f\u9c48\u9b5a\u3002<\/p>\n<p>\u7531\u65bc\u8def\u9014\u9059\u9060\uff0c\u70ba\u4e86\u6f01\u8ca8\u4fdd\u9bae\uff0c\u6f01\u6c11\u5c31\u4ee5\u6ce2\u58eb\u9813\u7684\u6e2f\u53e3\u4f5c\u70ba\u4e2d\u7e7c\u7ad9\uff0c\u5148\u5c07\u5167\u81df\u53bb\u9664\u3001\u9183\u88fd\u812b\u6c34,\uff0c\u56e0\u6b64\u9c48\u9b5a\u52a0\u5de5\u74b0\u7bc0\u51fa\u73fe\u4e86\uff0c\u4ef0\u8cf4\u5730\u7406\u512a\u52e2\uff0c\u8d85\u984d\u5229\u6f64\u6b64\u6642\u767c\u751f\u5728\u52a0\u5de5\u74b0\u7bc0\uff0c\u4f46\u4e26\u6c92\u6709\u6301\u7e8c\u592a\u4e45\u3002<\/p>\n<p>\u96a8\u8457\u51b7\u51cd\u6280\u8853\u3001\u84b8\u6c23\u904b\u4f5c\u7684\u62d6\u7db2\u8239\u3001\u8072\u7d0d\u7684\u51fa\u73fe\uff0c\u65b0\u9bae\u6f01\u7372\u91cf\u8207\u904b\u8f38\u8ddd\u96e2\u90fd\u5927\u5e45\u4e0a\u5347\uff0c\u9183\u88fd\u9b5a\u8ca8\u4e5f\u4e0d\u5982\u9bae\u9b5a\u597d\u5403\uff0c\u6ce2\u58eb\u9813\u7684\u52a0\u5de5\u7522\u696d\u6c92\u843d\u3002<\/p>\n<p>\u800c\u9019\u4e9b\u65b0\u6280\u8853\u9700\u8981\u9ad8\u984d\u7684\u8cc7\u672c\u6295\u5165\uff0c\u5c0e\u81f4\u6c92\u6709\u8cc7\u672c\u7684\u73a9\u5bb6\u7121\u6cd5\u9032\u5165\uff0c\u8cc7\u91d1\u5fc5\u9808\u9760\u501f\u8cb8\u4f86\u5468\u8f49\uff0c\u7531\u65bc\u50b5\u52d9\u8ca0\u64d4\uff0c\u6bcf\u4f4d\u6f01\u6c11\u90fd\u5e0c\u671b\u5927\u91cf\u6355\u6488\uff0c\u52a0\u901f\u511f\u9084\u8cb8\u6b3e\uff0c\u5c0e\u81f4\u5e02\u5834\u4f9b\u904e\u65bc\u6c42\uff0c\u7522\u696d\u6b65\u5165\u56f0\u5883\u3002<\/p>\n<p>\u9019\u6642\u653f\u5e9c\u4ecb\u5165\u4e86\uff0c\u5404\u570b\u7d1b\u7d1b\u898f\u5283\u6c34\u57df\u4e3b\u6b0a\u3001\u63d0\u4f9b\u88dc\u8cbc\uff0c\u4fdd\u8b77\u672c\u5730\u6f01\u6c11\uff0c\u800c\u653f\u5e9c\u4ecb\u5165\u4e5f\u8b93\u5e02\u5834\u7121\u6cd5\u56de\u6b78\u81f3\u81ea\u7531\u7d93\u6fdf\u7684\u6c70\u5f31\u7559\u5f37\u5faa\u74b0\uff0c\u4f9b\u7d66\u4ecd\u7136\u6c92\u6709\u4e0b\u964d\uff0c\u50f9\u683c\u4e5f\u6c92\u6709\u63d0\u5347\uff0c\u6f01\u6c11\u8cfa\u7684\u662f\u653f\u5e9c\u88dc\u8cbc\uff0c\u4e0d\u662f\u6f01\u7372\u7684\u50f9\u503c\u3002<\/p>\n<p>\u7522\u696d\u672c\u8cea\u662f\u751f\u7522\u6210\u672c\u4e0b\u964d\u53ca\u54c1\u8cea\u63d0\u5347\uff0c\u6700\u7d42\u5728\u6c92\u6709\u9580\u6abb\u7684\u7522\u696d\u4e2d\uff0c\u7522\u696d\u7684\u767c\u5c55\u6703\u6d88\u9664\u5404\u74b0\u7bc0\u7684\u8d85\u984d\u5831\u916c\uff0c\u5c31\u50cf\u9c48\u9b5a\u52a0\u5de5\u7522\u696d\u4e2d\u770b\u5230\u7684\u4e00\u6a23\uff0c\u8d85\u984d\u5831\u916c\u5f9e\u6e2f\u53e3\u7684\u52a0\u5de5\u74b0\u7bc0\uff0c\u50b3\u905e\u5230\u6280\u8853\u4f9b\u61c9\u5546\uff0c\u6700\u7d42\u9c48\u9b5a\u6d88\u8cbb\u8005\u624b\u4e0a\u3002\u800c\u9019\u6a23\u5e73\u8861\u7684\u904e\u7a0b\u53ef\u80fd\u8017\u6642\u6578\u5e74\u81f3\u6578\u5341\u5e74\u3002<\/p>\n<p>\u6240\u4ee5\u5728\u7814\u7a76\u4f01\u696d\u6642\uff0c\u9664\u4e86\u5224\u65b7\u8d85\u984d\u5229\u6f64\u7684\u898f\u6a21\u6709\u591a\u5927 (\u5e02\u5834\u591a\u5927)\uff0c\u9084\u8981\u770b\u8d85\u984d\u5229\u6f64\u7684\u6301\u7e8c\u6027 (\u63db\u8a00\u4e4b\uff0c\u6709\u6c92\u6709\u6d88\u5931\u7684\u98a8\u96aa)\u3002<\/p>\n<p>\u5728\u5c0d\u65bc\u8cc7\u672c\u9031\u671f\u6709\u4e86\u521d\u6b65\u7684\u8a8d\u8b58\u5f8c\uff0c\u4e0b\u6bb5\u5c07\u4ee5\u592a\u967d\u80fd\u7522\u696d\u70ba\u6848\u4f8b\uff0c\u5206\u6790\u592a\u967d\u80fd\u5546\u696d\u767c\u5c55 20 \u5e74\u4f86\u7684\u5468\u671f\u5faa\u74b0\uff0c\u4ee5\u53ca\u4e2d\u570b\u5982\u4f55\u5728 10 \u591a\u5e74\u5feb\u901f\u5d1b\u8d77\uff0c\u6210\u70ba\u592a\u967d\u80fd\u5e1d\u570b\u3002<\/p>\n<p>&nbsp;<\/p>\n<h2>\u6848\u4f8b\u5206\u6790 &#8211; \u7a7f\u8d8a\u592a\u967d\u80fd\u7522\u696d\u9031\u671f<\/h2>\n<em><strong>\u60a8\u76ee\u524d\u6c92\u6709\u6b0a\u9650\u89c0\u770b\u5168\u6587\uff0c\u8acb<a href=\"https:\/\/singledoggy.investments\/login-2\/\">\u767b\u5165<\/a>\u60a8\u7684\u5e33\u865f\u6216\u52a0\u5165<a href=\"https:\/\/singledoggy.investments\/subscribe-register\/\">\u8a02\u95b1<\/a><\/strong><\/em>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>\u5ef6\u4f38\u95b1\u8b80\uff1a<\/p>\n<ul>\n<li><a href=\"https:\/\/singledoggy.investments\/2022\/09\/27\/us-solar-policy-2022\/\" target=\"_blank\" rel=\"noopener\">\u592a\u967d\u5f9e\u897f\u908a\u51fa\u4f86\uff01\u4e00\u6587\u8b80\u61c2\u4eca\u5e74\u4f86\u7f8e\u570b\u592a\u967d\u80fd\u653f\u7b56\u8b8a\u5316<\/a><\/li>\n<li><a href=\"https:\/\/singledoggy.investments\/2022\/02\/22\/enphase-energy-1\/\" target=\"_blank\" rel=\"noopener\">\u5e02\u5834\u5927\u8dcc\u4e0b\u503c\u5f97\u95dc\u6ce8\u7684\u7f8e\u570b\u65b0\u80fd\u6e90\u516c\u53f8 (\u4e0a)<\/a><\/li>\n<li><a href=\"https:\/\/singledoggy.investments\/2022\/03\/06\/enphase-energy-2\/\" target=\"_blank\" rel=\"noopener\">\u5e02\u5834\u5927\u8dcc\u4e0b\u503c\u5f97\u95dc\u6ce8\u7684\u7f8e\u570b\u65b0\u80fd\u6e90\u516c\u53f8 (\u4e0b)<\/a><\/li>\n<li><a href=\"https:\/\/singledoggy.investments\/2022\/04\/14\/solaredge\/\" target=\"_blank\" rel=\"noopener\">\u503c\u5f97\u95dc\u6ce8\u7684\u7f8e\u570b\u592a\u967d\u80fd\u516c\u53f8 \u2013 SolarEdge<\/a><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>*\u672c\u6587\u975e\u6295\u8cc7\u610f\u898b\uff0c\u4ea6\u4e0d\u69cb\u6210\u4efb\u4f55\u6295\u8cc7\u7522\u54c1\u4e4b\u8981\u7d04\u3001\u62db\u652c\u6216\u5efa\u8b70\u3002<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Capital Returns \u7a7f\u8d8a\u8cc7\u672c\u9031\u671f\u662f\u99ac\u62c9\u677e\u8cc7\u7522\u7ba1\u7406\u516c\u53f8 (Marathon Asset Manage [&hellip;]<\/p>\n","protected":false},"author":208238140,"featured_media":6975,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":""},"categories":[727749788,727749829],"tags":[727749824,727749822,1942893,98658],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/singledoggy.investments\/wp-content\/uploads\/2022\/12\/000-e1671373240200.jpg?fit=432%2C630&ssl=1","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/singledoggy.investments\/wp-json\/wp\/v2\/posts\/6960"}],"collection":[{"href":"https:\/\/singledoggy.investments\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/singledoggy.investments\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/singledoggy.investments\/wp-json\/wp\/v2\/users\/208238140"}],"replies":[{"embeddable":true,"href":"https:\/\/singledoggy.investments\/wp-json\/wp\/v2\/comments?post=6960"}],"version-history":[{"count":11,"href":"https:\/\/singledoggy.investments\/wp-json\/wp\/v2\/posts\/6960\/revisions"}],"predecessor-version":[{"id":6997,"href":"https:\/\/singledoggy.investments\/wp-json\/wp\/v2\/posts\/6960\/revisions\/6997"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/singledoggy.investments\/wp-json\/wp\/v2\/media\/6975"}],"wp:attachment":[{"href":"https:\/\/singledoggy.investments\/wp-json\/wp\/v2\/media?parent=6960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/singledoggy.investments\/wp-json\/wp\/v2\/categories?post=6960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/singledoggy.investments\/wp-json\/wp\/v2\/tags?post=6960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}