2009年2月5日 星期四

[Finance]保八?中國經濟硬著陸,6%就偷笑

[心得]


[出處] 以下文章引用自:
http://www.cw.com.tw/article/index.jsp?id=36675
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[文章]

中國08年第四季的成長率減至6.8%,約為07年的一半,也是自01年以來的最低點,工業方面的指標也顯示中國正面臨嚴重的衰弱。不過,經濟學人仍然維持原本的預測,預估09年的成長率為6%,即使如此,這是自90年以來的最低點,也代表中國經濟的硬著陸。

此預測的基礎是中國的房地產會在09年後半復甦,加上政府的刺激方案和降息支持投資成長。在外部環境極差的情況下,09年的前景仍有非常大的下滑風險。如果全球經濟進一步惡化,出口將更加衰弱,壓縮製造業的投資成長。若刺激資產部門的計畫沒有成效,達到6%的成長率非常困難。

最後一項風險則是消費者支出。失業率上升、薪資成長低加上消費者信心不足,今年私人消費可能會大幅下滑,雖然零售數字仍然不錯,但是中國政府數據向來不可靠,其他指標也已經顯示消費相當虛弱。

目前中國政府已經推出了4億人民幣的刺激計畫,同時調低利率和取消貸款額度限制,下一步可能是增加中央政府支出,中國政府財政體質良好,但此方式可能使經濟過度倚賴投資而非私人消費。

其他手段尚有擴張信貸、刺激消費以及增加競爭力。中國銀行體質相對良好,但在經濟衰弱時擴張信貸,未來可能會使壞債大增。增加消費可以減少對出口和投資的倚賴,但中國政府必須增加醫療和教育投資,才能讓增加的可支配所得不會變為存款。減低製造成本或是讓貨幣貶值,則是較不理想的方式,目前出口走弱不是因為競爭力不足,而是外部需求下滑。

中國的狀況仍然比任何一個大型經濟體都好,假設全球經濟持續嚴重衰退下,中國今年只有4%成長率也可能發生,很明顯的短期內,中國決策者都不會有休息的機會。(黃維德譯)



[Finance]景氣大蕭條與塗鴉.....

[心得]


[出處] 以下文章引用自:

http://blogs.myoops.org/lucifer.php/2009/02/04/depression
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[文章]

這一波大蕭條其實對台灣來講最大的衝擊來自於全球的消費者都失去了信心,不敢進行消費。

而且台灣因為是以出口市場為主,所以之前提前受到的衝擊是在信心面,但以國外廠商大致是提前三個月下單的狀況來說,台灣所受到的衝擊其實都會延遲三個月左右。

舉例來說,Dell的產品如果在2008年9月開始銷售減緩,庫存增多,那麼大概公司就可以預期下一季,也就是2008年12月的銷售量不會大,而在9月下單給台灣那些代工廠商或是更上游的晶圓廠商的時候,自然就會砍單或是減少下單量。

換句話說,也就是上一季的銷售量影響到下一季的代工採購單,iPod因為消費者不敢採購而賣不好,然後蘋果電腦公司下給台灣的單就會變少,然後台灣這邊就會開始裁員關廠失業等等......

所以,勉強可以看到一個可能最慘的顛峰,就是美國十二月聖誕節消費如果不能帶來足夠多的訂單,台灣廠商第一季的表現勢必會極端糟糕。



[iPhone]2008十大iPhone軟體,您用了幾套呢?

[心得]


[出處] 以下文章引用自:
http://www.iphonetw.net/Time2008Top10iPhoneApp
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[文章]

由Time雜誌所選出的2008 iPhone最佳十大軟體,看看您的眼光是不是和Time編輯們一樣呢?

第一名:Pandora Internet Radio

網路電台,若您帳號註冊的是台灣則無法下載。

第二名:AroundMe

和中華電信的KidoWi類似的一套定位資訊軟體,只不過對台灣的使用者來說,還是KiDoWi比較方便一點。

中華電信全新的【KiDoWi 個人定位資訊】服務正式上路

第三名:AP Mobile News Network

新聞閱讀軟體,換成台灣版的,應該是【台灣報好你知】這套軟體比較類似。

第四名:Ocarina

赫赫有名的陶笛音樂軟體,很早之前就介紹過囉-Ocarina - iPhone上第一款用【吹】的音樂遊戲來囉 (數位陶笛),超讚,還沒玩過的朋友一定要試試。

第五名:Wikipanion

iPhone版的維基百科。

第六名:Adrenaline Pool Lite

沒像到撞球遊戲也排上了前十名,不過既然是免費的(Lite),那當然不可以錯過。

第七名:Instapaper

可以在PC上註記文章並同步到iPhone閱讀。

第八名:NetNewsWire

娃娃魚的最愛,每天必用的RSS新聞閱讀軟體。

NetNewsWire for iPhone - 可線上同步的RSS閱讀器

第九名:iTalk

錄音軟體

第十名:FakeCall

假裝來電的軟體,這....竟然也在前十名,相當的有趣。

2009年2月4日 星期三

[Finance]CAPEX & OPEX

[心得]


[出處] 以下文章引用自:
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[文章]

CAPEX : 通訊投資設備預算 . 資金
OPEX營運性支出 . 營運費用

计算公式为:OPEX=维护费用+营销费用+人工成本(+折旧)。 运营成本主要是指当期的付现成本。

2009年2月3日 星期二

[Ericsson]中華電OXC標案 兩廠奪標

[心得]


[出處] 以下文章引用自:

http://udn.com/NEWS/STOCK/STO3/4716171.shtml

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[文章]

中華電信(2412)開春送給兩家通訊大廠一個大紅包,昨(3)日決標採購光交換設備(OXC),由台灣國際標準電子以10.56億元拿下較大的標案,易利信以4.425億元拿下較小的標案,未來五年採購金額可能上看30億元的規模。

中華電股價昨天受到減資題材激勵,上漲0.1元,收盤價51元。中華電採購OXC設備分為兩個群組的標案,昨天與廠商完成議價,由台灣國際標準電子(阿爾卡特朗訊)與易利信合計以近15億元拿下標案,原本預算為16億元,價格下殺不少,未來還會向這兩家業者持續採購後續設備,會有10餘億元的商機。

OXC是一種光交換設備,名稱為Opticial cross-connect,以往網路傳輸時多半是光與電進行交換,但是在光傳輸網路普及後,為促使頻寬效率逐步提升到使用光交換器進行切換,中華電以往曾經小量採購,但在近年光纖網路普及後,開始大量採購光交換設備,也促使標案規模擴大。

中華電信的光纖用戶數去年突破百萬戶,已經超越2Mbps的ADSL ,成為寬頻市場上主流產品,今年預期光纖用戶數要達到180萬用戶數,明年光纖用戶數將全面超越ADSL的總用戶數。

中華電目前光纖用戶數才破百萬戶,超越用戶數最多的2Mbps的ADSL,但ADSL還有256k、1M、8M等各種產品的服務,總計約有250萬戶,預期今年光纖用戶淨增加80萬用戶,年底可望達到180萬用戶,ADSL約降到170萬戶,明年光纖用戶會超越ADSL用戶數,未來光纖速率要達到30Mbps,網路的覆蓋率占住宅的八成。

但目前中小企業仍有受到景氣影響,有退租的情況,但公司的用戶數仍是屬於正成長。中華電數據分公司營收去年預期為214億元,今年目標是230 億元,既有用戶升級是重要成長動力,此外加值服務例如卡拉OK 服務等將是今年發展重點。

中華電在其餘的光世代網路建設上,分為骨幹網路、接取設備、管道與光纖,也都會陸續有採購案開出,骨幹網路約有6.07億元的光波道採購案,EPON約有5.5萬戶,相當於二、三億元的金額,光交接箱約有10億元,預期NGN龐大的建設約有六成會在國內採購。

【2009/02/04 經濟日報】@ http://udn.com/

[Finance]日圓走強,重創日本科技業

[心得]


[出處] 以下文章引用自:

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[文章]

08年日圓名目匯率升值32.4%,UBS估計投機客平倉的部位高達20兆日圓,也不願預測升值壓力何時會消失。強勢日圓加上全球經濟衰弱,使日本出口企業陷入困境。但日本企業還有別的問題。
日本企業在分散生產和更新產品上,都不如微軟、IBM、蘋果電腦等美國的大型電子出口企業,三家美國企業面對目前環境的能力強,體質和獲利也比較好。

富士通連年獲利不佳,淨利率只有3.37%。最大的電子製造商日立的獲利問題比較小,但近25%的稅前淨利是來自持有的股份,受金融問題衝擊也會很大。NEC則位居上述兩者之間,過去四年獲利率沒有超過2.5%,獲利也非常倚賴持股。去年第三季NEC淨利達1.28億日圓,但不是因為產品大賣,而是因為出售持股。

雖然Intel也處於艱難時刻,但歐美企業並不投資和自己有往來的公司,西方企業也比較願意把生產移往成本較低的市場,而幾年前日本企業都還在日本蓋新工廠。

只要投機客持有的日圓部位減少,日圓有機會走弱,也能讓出口商的巨大壓力減輕一些。不過,在成本較高、全球競爭更加激烈的情況下,日本的科技產業必須儘快進行大幅改造,甚至是進行合併,才不會步上底特律汽車業的後塵。(黃維德譯)

[MLB]2009 Fantasy Baseball Rankings, Top 20 Starters

[心得]


[出處] 以下文章引用自:
http://razzball.com/2009-fantasy-baseball-rankings-top-20-starters/
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[文章]

1. Johan Santana - See our top 10 for 2009 fantasy baseball for Johan Santana’s projections.

2. Tim Lincecum - See our top 20 for 2009 fantasy baseball for Tim Lincecum’s projections.

3. Jake Peavy - It’s insane that I even needed to write how Jake Peavy is a 2009 fantasy sleeper.  If Peavy’s on the board in the 4th round, your job as a fantasy baseballer (<–my Mom’s term) is to draft him.  Sabatahia’s not in front of Peavy.  Lots of Sabathia’s value will be derived from Wins.  Don’t bet on Wins.  Ever.  2009 Projections:   15-6/2.95/1.10/205

4. CC Sabathia - Everyone and their mother’s mothers are ranking Sabathia high for 2009.  Frankly, I don’t like to follow mother’s mothers.  They’re slow and they’re always pinching cheeks.  Let’s jump in our DeLorean for a second and look at last year.  Santana, Peavy and Webb were the first three off the board.  Sabathia’s ADP was 53.  Now, Peavy and Webb fall a bit in ADP and Lincecum and Sabathia move up.  Honestly, it’s six of one, half dozen of another here.  If you see Peavy being undervalued for the new hip guy to draft — Sabathia, ignore CC and go Jake.  Before last year, Sabathia’s ERA was never under 3.00 for a full season.  I don’t think he’s going to be under 3 in 2009.  Yes, Sabathia was the pitcher to have in 2008, that doesn’t mean he’s the one to have in 2009.  So tell your chi to chill.  2009 Projections:  18-7/3.20/1.10/200

5. Cole Hamels - I’m a big fan of Hole Camels, maybe it’s my undying love for strikeout pitchers.  But it’s that same love that has me slightly concerned.  Hamels’s K/9 dropped a bit in 2008 for the 2nd year in the row.  Maybe he’s trying to figure out how to give up less home runs (and it’s working if that’s true).  Either way, he was still effective.  That does not mean he’ll be on any of my teams in 2009.  2009 Projections: 16-9/3.30/1.10/195

6. Brandon Webb - This is a new tier.  This tier goes down to Lackey.  I call this tier, “Guys I’d be more than happy to have as my number one pitcher, but they’re not quite as good as the first five starters on this list.”  As for Webb, I’m legitimately worried about him.  So much of his value is derived from good Win karma.  Some year he’s going to only win 15 games and you’re not going to enjoy owning Webb as much.  2009 Projections:   16-10/3.30/1.20/180

7. Dan Haren - Here’s the first pitcher on this list I have a legitimate shot at owning in leagues in 2009.   Wins aside, guess who had more value in 2008, Haren or Webb?  Obviously I’m asking the question because it’s Haren.  He beat Webb in WHIP and Ks and practically tied him in ERA.  I could easily see Webb barely in the top 20 at the end of the season and Haren in the top ten.  Recognize!  2009 Projections:  16-7/3.40/1.15/195

8. Roy Halladay - Now we’re back to pitchers I probably won’t own.  Halladay had his best K/9 since 2001.  Frankly, this is distressing (as distressing as fantasy baseball can get).  He left a lot more guys on base in 2008, too.  This is extremely troublesome (as troublesome… well, you get it.).  I wanted to drop Halladay down even further to warn people properly on Halladay, but, the thing is — and there’s always a thing, even if these metrics revert a bit, he’s still solid.  2009 Projections:  16-6/3.50/1.10/165

9. Roy Oswalt - I’ve been trying to get a read on what youse think about Oswalt.  Are you believing he’s the ace, 12 to 6′er that he was when he was posting sub-3 ERA and 20 wins?  Or do you know he’s now more of a pitcher than an overpowerer and he has to work a lot harder?  I hope you’re in the latter camp.  2009 Projections:  15-9/3.75/1.15/150

10. Josh Beckett - If I were you, I’d look at this list and read my comments and think this, “Grey upgrades players coming off mediocre years and downgrades players coming off excellent years.  And where the eff is Cliff Lee?!”  That’s not a completely accurate assessment, and there’s no need to cuss.  I ranked Lincecum high and he’s coming off a great year, but there should be much more weight put on 3-year averages than just this general, “What Have You Done For Me Lately?”  Sure, I downgraded Halladay and boosted Peavy more than most ‘perts.  Okay, I’m down on Sabathia and up on Beckett… Which brings me to your Red State Jeter, Josh Beckett.  If you were disappointed by Beckett’s 2008, it’s understandable, but don’t hold it against him for 2009.  2009 Projections:  16-10/3.75/1.20/175

11. John Lackey - His men left on base in 2008 worries me a bit, but his low walks and K/BB ratio always tantalizes me.  I really believe he’s going to win a AL Cy Young one of these years.  That’s not faint praise. (”Hey, I really like the way you fell on that beanbag when you passed out.”  That’s faint praise.)  2009 Projections:  16-11/3.60/1.22/175

12. James Shields - This is a new tier. This tier goes from here to Ervin Santana.  I call this tier, “Guys who could conceivably be my number one pitcher.”  Shields gets no love, taking 2nd billing to Kazmir in the majority of drafts.  Guess who had better numbers last year?  Again, it’s pretty obvious, because this is under Shields.  In a year that Kazmir stayed relatively healthy, something he doesn’t normally do, Shields still outperformed him.  Usually starters come into their own in the third year, in 2009 Shields will be in his third full year.  As Minnie Pearl may have said, “Hee-haw!”  2009 Projections:  15-9/3.50/1.14/165

13. Chad Billingsley - It’s the Year of the B.   I’ve changed my sock three times in the last hour, but I just can’t stop gushing about Billingsley.  Some time last year, I predicted a NL Cy Young for Billingsley in 2009.  Billingsley cut his BB/9, raised his K/9, lowered his home runs and he wasn’t particularly lucky… Oops, there goes another sock.  2009 Projections:  16-6/3.35/1.33/200

14. Ervin Santana - You can count on three fingers the guys on this list that could exceed their draft value.  Ervin’s one of those guys.  You guess the other two guys.  2009 Projections:  15-8/3.75/1.18/175

15. Scott Kazmir - This is a new tier. This tier goes from Kazmir to the end of the list.  I call this tier, “Guys I don’t want at all, but others seem fine drafting them.”  Kazmir is still too unreliable heath-wise for me to own him.  2009 Projections:  15-7/3.65/1.30/180

16. Rich Harden -  The last time Harden got above twenty starts in a season he needed two years to recoup.  Beane didn’t trade him because Harden doesn’t have the skills.  He traded him because in the Major League stage production of Unbreakable, Harden’s Mr. Glass.  2009 Projections:  12-4/2.75/1.10/160

17. Daisuke Matsuzaka - Take three tablespoons of WHIP, a 1/4 cup of BABIP and a pinch of BB/9 and you get a guy whose ERA is going to rise and Wins are going to fall.  Blech.  Or as they say in Japan, “Goodbye Kitty.”  2009 Projections: 14-7/3.90/1.30/160

18. Cliff Lee - You win, Cliff Lee!  You win!  Are you happy? You made me put you in the top 18.  Begrudgingly. You’re going to get burned by Cliff Lee in 2009.  You, the one with the hair on your head that plans on drafting him.  You will get burned.  I prefer Jar-Jar Jurrjens, but I needed to rank Lee somewhere.  So here he is.  2009 Projections:  15-10/3.75/1.22/150

19. Carlos Zambrano - Read again all of the positivity I wrote for Billingsley then invert it.  2009 Projections:  14-9/3.90/1.30/150

20. Edinson Volquez - Member last year when I told you to grab Volquez?  Those were the days.  Hand and hand, Volquez and I frolicked through the local dog park.  Volquez said he wouldn’t ever let me down and I believed him. We laughed, we shared stories, we overcame some rough stretches like a 4.60 Post-All-Star Break ERA.  Now, we’re done.  2009 Projections:  12-8/4.00/1.33/175