如何選擇股票（雙語）
When technical analysis is mentioned, people often think of analysts plotting price movements of stocks, drawing lines to find trends, support or resistance. Technical analysis is the art of deducing probable future trend from historical records of stock trading. It is the study of the stock market itself rather than the external factors that influence the market. The most familiar indicators used are the price and volume of a stock.
一提起技術分析，人們就會想到股票分析員畫股價走勢圖，找支持線和阻力線?；旧?，這個方式是根據(jù)過去的記錄預測未來表現(xiàn)。換句話說，技術分析研究股市本身，不是影響它的外在因素；而股價和成交量是它最常用的數(shù)據(jù)。
Advocates of technical analysis believe that information is not immediately reflected in the market prices of stocks. For example, when a piece of good news about a company is available, it is not immediately known to everyone but is slowly passed from one person to another.
This process takes time and an upward price trend develops for that company as more and more people hear the good news and want to buy the stock and fewer and fewer people are willing to sell the stock. The stock price which has started to move in an uptrend will continue to do so until something happens to change the supply-demand balance.
技術分析的支持者認為，影響股價的消息沒有立即反映在股價上。舉例說，一家公司的好消息并不是每個人都同時知道的，而是從一人傳到另一個，整個過程需要一段時間。越來越多人知道這好消息后會買進，而越來越少的人愿意賣掉，這么一來使股價逐步升高。股價會因此繼續(xù)上升直到供應與需求的平衡出現(xiàn)變化。
For the technical analyst, he does not need to know what the good news or any other information that is affecting the stock price is; the chart will tell him whether the stock price is going to move up or down. He does not need to know the fundamentals of the company because if the price is going up, the fundamentals must be improving.
但對技術分析員來說，他并不需要知道那好消息是什么，走勢圖將告訴他股價會起還是落。他也不需知道公司的基礎因素，對他來說，基礎會隨著股價上升而改善。他們相信歷史會重演，可從過去的股價走勢推測它將來的表現(xiàn)。
On the other hand, fundamental analysis examines all relevant factors affecting the stock price in order to determine an intrinsic value for that stock. If the market price is below the intrinsic value, then the stock is undervalued and should be bought. The factors to consider include balance sheet items, corporate management, business prospects and earnings outlook.
The fundamental analyst calculates financial ratios based on data available from the balance sheet and income statement of a company. From these ratios, he deduces the financial strength and earnings trend of the company. Then he will meet the company's management to affirm his deductions, to understand the business and to learn of any new development of the company and the industry.
另一方面，基礎分析則研究所有可能影響股價的因素，以確定股票的實際價值。如果市價低過實值，就值得買進?；A分析員研究資產(chǎn)與負債表的項目、企業(yè)管理層、業(yè)務展望和盈利潛能，再根據(jù)資產(chǎn)與負債表和損益表提供的數(shù)據(jù)計算而得的比例，判斷這家公司的財力和盈利趨勢。分析員也會與公司的管理層會面，了解它的業(yè)務以及有關公司和行業(yè)的最新發(fā)展。
A widely used tool in fundamental analysis is the price-earnings ratio or PE ratio. It is calculated using the stock price divided by the earnings per share (EPS) of a company. As a general rule, a stock with a low PE ratio is considered cheap although there are difficulties in applying this principle. PE ratios of two companies can only be compared if the companies are similar.
It is believed that companies in different industries deserve different PE ratios. For example, Singapore Telecom is believed to deserve a higher PE ratio than many other stocks because of its position in the telecommunication business.
本益比是基礎分析中最常用的比例，計算方式是股價除每股盈利。一般上，低本益比表示股票便宜。不過，這個準則有時不太好用。兩家公司從事相同的業(yè)務，才能夠比較它們的本益比；不同行業(yè)的公司，本益比通常是不一樣的。舉例說，以新加坡電信在電信業(yè)的地位，它的本益比會較其他公司高。
