{"id":724,"date":"2026-04-25T11:28:18","date_gmt":"2026-04-25T11:28:18","guid":{"rendered":"https:\/\/equitiesorbis.com\/%e5%a5%a5%e5%9c%b0%e5%88%a9%e7%ac%ac%e4%b8%80%e5%82%a8%e8%93%84%e9%93%b6%e8%a1%8c%ef%bc%9a%e5%9c%a8%e5%9c%b0%e7%bc%98%e6%94%bf%e6%b2%bb%e9%80%86%e9%a3%8e%e4%b8%ad%e6%8a%8a%e6%8f%a1%e4%b8%ad%e4%b8%9c\/"},"modified":"2026-06-08T19:12:10","modified_gmt":"2026-06-08T19:12:10","slug":"%e5%a5%a5%e5%9c%b0%e5%88%a9%e7%ac%ac%e4%b8%80%e5%82%a8%e8%93%84%e9%93%b6%e8%a1%8c%ef%bc%9a%e5%9c%a8%e5%9c%b0%e7%bc%98%e6%94%bf%e6%b2%bb%e9%80%86%e9%a3%8e%e4%b8%ad%e6%8a%8a%e6%8f%a1%e4%b8%ad%e4%b8%9c","status":"publish","type":"post","link":"https:\/\/equitiesorbis.com\/zh-hans\/%e5%a5%a5%e5%9c%b0%e5%88%a9%e7%ac%ac%e4%b8%80%e5%82%a8%e8%93%84%e9%93%b6%e8%a1%8c%ef%bc%9a%e5%9c%a8%e5%9c%b0%e7%bc%98%e6%94%bf%e6%b2%bb%e9%80%86%e9%a3%8e%e4%b8%ad%e6%8a%8a%e6%8f%a1%e4%b8%ad%e4%b8%9c\/","title":{"rendered":"\u5965\u5730\u5229\u7b2c\u4e00\u50a8\u84c4\u94f6\u884c\uff1a\u5728\u5730\u7f18\u653f\u6cbb\u9006\u98ce\u4e2d\u628a\u63e1\u4e2d\u4e1c\u6b27\u589e\u957f\u673a\u9047"},"content":{"rendered":"\n<p><strong>\u516c\u53f8\u6982\u51b5<\/strong><\/p>\n\n<p>\u5965\u5730\u5229\u7b2c\u4e00\u50a8\u84c4\u94f6\u884c\uff08Erste Group Bank AG\uff09\u662f\u4e2d\u4e1c\u6b27\uff08CEE\uff09\u5730\u533a\u4e3b\u8981\u7684\u91d1\u878d\u670d\u52a1\u63d0\u4f9b\u5546\u3002\u8be5\u94f6\u884c\u603b\u90e8\u4f4d\u4e8e\u7ef4\u4e5f\u7eb3\uff0c\u5df2\u4ece\u5965\u5730\u5229\u672c\u571f\u6269\u5f20\u81f3\u5176\u4ed6\u4e03\u4e2a\u6838\u5fc3\u5e02\u573a\uff1a\u6377\u514b\u5171\u548c\u56fd\u3001\u65af\u6d1b\u4f10\u514b\u3001\u5308\u7259\u5229\u3001\u7f57\u9a6c\u5c3c\u4e9a\u3001\u514b\u7f57\u5730\u4e9a\u3001\u585e\u5c14\u7ef4\u4e9a\uff0c\u4ee5\u53ca\u6700\u8fd1\u8fdb\u519b\u7684\u6ce2\u5170\u3002\u51ed\u501f\u6df1\u539a\u7684\u672c\u571f\u878d\u5408\u80fd\u529b\u548c\u5927\u578b\u6b27\u6d32\u673a\u6784\u7684\u89c4\u6a21\u4f18\u52bf\uff0c\u8be5\u94f6\u884c\u4e3a\u8d85\u8fc7 1,600 \u4e07\u5ba2\u6237\u63d0\u4f9b\u5168\u65b9\u4f4d\u7684\u96f6\u552e\u3001\u4f01\u4e1a\u53ca\u8d44\u672c\u5e02\u573a\u670d\u52a1\u3002  <\/p>\n\n<p>\u8be5\u94f6\u884c\u7684\u6218\u7565\u5b9a\u4f4d\u575a\u5b9a\u5730\u4ee5\u4e2d\u4e1c\u6b27\u5730\u533a\u4e3a\u4e2d\u5fc3\uff0c\u8fd9\u4e00\u5730\u533a\u7684\u7ecf\u6d4e\u589e\u957f\u7387\u59cb\u7ec8\u9ad8\u4e8e\u897f\u6b27\u540c\u884c\u3002\u968f\u7740\u6536\u5165\u6c34\u5e73\u7684\u63d0\u9ad8\u548c\u7ecf\u6d4e\u590d\u6742\u6027\u7684\u589e\u52a0\u63a8\u52a8\u4e86\u5bf9\u91d1\u878d\u4ea7\u54c1\u7684\u9700\u6c42\uff0c\u8fd9\u79cd\u4e13\u6ce8\u4f7f\u7b2c\u4e00\u50a8\u84c4\u94f6\u884c\u80fd\u591f\u4ece\u201c\u7ecf\u6d4e\u8d8b\u540c\u201d\u8fdb\u7a0b\u4e2d\u83b7\u76ca\u3002\u8fd1\u671f\u6536\u8d2d\u6ce2\u5170\u6851\u5766\u5fb7\u94f6\u884c\uff08Santander Bank Polska\uff0949% \u80a1\u6743\u7684\u4e3e\u63aa\u6807\u5fd7\u7740\u4e00\u4e2a\u91cd\u8981\u7684\u91cc\u7a0b\u7891\uff0c\u4e0d\u4ec5\u4e3a\u5176\u6295\u8d44\u7ec4\u5408\u589e\u6dfb\u4e86\u4e00\u4e2a\u89c4\u6a21\u5e9e\u5927\u4e14\u524d\u666f\u5e7f\u9614\u7684\u5e02\u573a\uff0c\u4e5f\u91ca\u653e\u4e86\u5176\u81f4\u529b\u4e8e\u6218\u7565\u6269\u5f20\u7684\u4fe1\u53f7\u3002\u6b64\u4e3e\u5de9\u56fa\u4e86\u5176\u4f5c\u4e3a\u4e2d\u4e1c\u6b27\u9886\u5148\u91d1\u878d\u673a\u6784\u7684\u5730\u4f4d\uff0c\u800c\u8be5\u94f6\u884c\u6570\u5341\u5e74\u6765\u4e00\u76f4\u662f\u8be5\u5730\u533a\u7684\u5021\u5bfc\u8005\u3002\u6b64\u5916\uff0c\u8be5\u94f6\u884c\u5bf9\u5176\u6570\u5b57\u5e73\u53f0 <strong>George<\/strong> \u7684\u6295\u8d44\u5df2\u6210\u4e3a\u5173\u952e\u7684\u7ade\u4e89\u4f18\u52bf\u3002George \u4f5c\u4e3a\u4e00\u4e2a\u7528\u6237\u53cb\u597d\u3001\u6a21\u5757\u5316\u7684\u94f6\u884c\u754c\u9762\u63a8\u51fa\uff0c\u5df2\u6210\u4e3a\u6b27\u6d32\u6700\u6210\u529f\u7684\u6570\u5b57\u94f6\u884c\u5e73\u53f0\u4e4b\u4e00\uff0c\u62e5\u6709\u6570\u767e\u4e07\u7528\u6237\uff0c\u5c55\u793a\u4e86\u7b2c\u4e00\u50a8\u84c4\u94f6\u884c\u521b\u65b0\u5e76\u9002\u5e94\u73b0\u4ee3\u6d88\u8d39\u8005\u6570\u5b57\u4f18\u5148\u9700\u6c42\u7684\u80fd\u529b\u3002     <\/p>\n\n<p><strong>\u8d22\u52a1\u8868\u73b0<\/strong><\/p>\n\n<p>\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500<\/p>\n\n<p>\u7b2c\u4e00\u50a8\u84c4\u94f6\u884c\u8fd1\u671f\u7684\u8d22\u52a1\u8868\u73b0\u7a81\u663e\u4e86\u5176\u6210\u529f\u7684\u6218\u7565\u548c\u7a33\u5065\u7684\u8fd0\u8425\u6a21\u5f0f\u3002\u5728\u5f3a\u52b2\u7684\u8d37\u6b3e\u589e\u957f\u3001\u5bcc\u6709\u97e7\u6027\u7684\u51c0\u606f\u5dee\u4ee5\u53ca\u4e25\u8c28\u7684\u6210\u672c\u7ba1\u7406\u63a8\u52a8\u4e0b\uff0c\u8be5\u94f6\u884c\u62a5\u544a <strong>2025 \u8d22\u5e74\u51c0\u5229\u6da6\u8fbe\u5230 35.1 \u4ebf\u6b27\u5143<\/strong>\uff0c\u4ee4\u4eba\u5370\u8c61\u6df1\u523b\u3002\u51ed\u501f <strong>3,685.7 \u4ebf\u6b27\u5143\u7684\u603b\u8d44\u4ea7<\/strong> \u548c <strong>346.6 \u4ebf\u6b27\u5143\u7684\u603b\u6743\u76ca<\/strong>\uff0c\u8be5\u94f6\u884c\u8d44\u672c\u5145\u8db3\uff0c\u8db3\u4ee5\u5e94\u5bf9\u7ecf\u6d4e\u51b2\u51fb\u5e76\u652f\u6301\u672a\u6765\u589e\u957f\u3002  <\/p>\n\n<p>\u8425\u6536\u8d8b\u52bf\u79ef\u6781\uff0c\u8fc7\u53bb\u5341\u4e8c\u4e2a\u6708\uff08TTM\uff09\u7684 <strong>\u8425\u6536\u4e3a 117.6 \u4ebf\u6b27\u5143<\/strong>\u3002\u8fd9\u4e00\u9876\u7ebf\u589e\u957f\u662f\u94f6\u884c\u5ba2\u6237\u7fa4\u6269\u5927\u548c\u5ba2\u6237\u5173\u7cfb\u6df1\u5316\u7684\u76f4\u63a5\u7ed3\u679c\u3002\u76c8\u5229\u6307\u6807\u540c\u6837\u51fa\u8272\uff0c<strong>TTM \u51c0\u5229\u6da6\u4e3a 33.7 \u4ebf\u6b27\u5143<\/strong>\uff0c<strong>EBITDA \u4e3a 59.5 \u4ebf\u6b27\u5143<\/strong>\u3002\u8fd9\u4e9b\u6570\u636e\u8f6c\u5316\u4e3a\u5f3a\u52b2\u7684\u6709\u5f62\u80a1\u672c\u56de\u62a5\u7387\uff08ROTE\uff09\uff0c\u8fd9\u662f\u8861\u91cf\u94f6\u884c\u76c8\u5229\u80fd\u529b\u7684\u5173\u952e\u6307\u6807\uff0c\u7ba1\u7406\u5c42\u76ee\u6807\u662f\u5728 2026 \u5e74\u5c06\u5176\u63d0\u5347\u81f3\u7ea6 19%\u3002\u8fd9\u4e00\u96c4\u5fc3\u52c3\u52c3\u7684\u76ee\u6807\uff0c\u52a0\u4e0a\u540c\u5e74\u9884\u8ba1 <strong>\u8d85\u8fc7 20% \u7684\u6bcf\u80a1\u6536\u76ca\uff08EPS\uff09\u589e\u957f<\/strong>\uff0c\u663e\u793a\u51fa\u5bf9\u94f6\u884c\u672a\u6765\u76c8\u5229\u80fd\u529b\u7684\u6781\u9ad8\u4fe1\u5fc3\u3002\u8be5\u94f6\u884c\u5f3a\u52b2\u7684\u6d41\u52a8\u6027\u72b6\u51b5\uff08\u7531 91.7% \u7684\u5065\u5eb7 <strong>\u8d37\u5b58\u6bd4<\/strong> \u6240\u8bc1\u660e\uff09\u4e3a\u5176\u4fe1\u8d37\u6d3b\u52a8\u63d0\u4f9b\u4e86\u7a33\u5b9a\u7684\u57fa\u7840\uff0c\u5e76\u786e\u4fdd\u4e86\u5176\u5c65\u884c\u4e49\u52a1\u7684\u80fd\u529b\u3002     <\/p>\n\n<p><strong>\u4f30\u503c\u6307\u6807<\/strong><\/p>\n\n<p>\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500<\/p>\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\u6307\u6807<\/strong><\/td><td><strong>\u6570\u503c<\/strong><\/td><\/tr><tr><td>\u5e02\u503c<\/td><td>387.4 \u4ebf\u6b27\u5143<\/td><\/tr><tr><td>\u5e02\u76c8\u7387 (P\/E)<\/td><td>12.11x<\/td><\/tr><tr><td>\u5e02\u51c0\u7387 (P\/B)<\/td><td>1.47x<\/td><\/tr><tr><td>EV\/EBITDA<\/td><td>16.18x<\/td><\/tr><tr><td>\u80a1\u606f\u7387<\/td><td>0.75%<\/td><\/tr><tr><td>52 \u5468\u6ce2\u52a8\u8303\u56f4<\/td><td>58.45 \u6b27\u5143 &#8211; 112.00 \u6b27\u5143<\/td><\/tr><\/tbody><\/table><\/figure>\n\n<p><strong>\u7ade\u4e89\u683c\u5c40<\/strong><\/p>\n\n<p>\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500<\/p>\n\n<p>\u7b2c\u4e00\u50a8\u84c4\u94f6\u884c\u5728\u4e2d\u4e1c\u6b27\u5730\u533a\u9762\u4e34\u6765\u81ea\u5176\u4ed6\u6b27\u6d32\u4e3b\u8981\u94f6\u884c\u7684\u7ade\u4e89\uff0c\u5305\u62ec <strong>\u5965\u5408\u56fd\u9645\u94f6\u884c (RBI)<\/strong>\u3001<strong>\u610f\u5927\u5229\u8054\u5408\u4fe1\u8d37\u94f6\u884c\u5965\u5730\u5229\u5206\u884c (UniCredit Bank Austria)<\/strong> \u4ee5\u53ca <strong>BAWAG \u96c6\u56e2<\/strong>\u3002\u7136\u800c\uff0c\u7b2c\u4e00\u50a8\u84c4\u94f6\u884c\u51ed\u501f\u5176\u6df1\u539a\u7684\u672c\u571f\u7f51\u7edc\u3001\u5f3a\u5927\u7684\u54c1\u724c\u77e5\u540d\u5ea6\u4ee5\u53ca\u63d0\u4f9b\u7a33\u5b9a\u3001\u4f4e\u6210\u672c\u8d44\u91d1\u7684\u5fe0\u5b9e\u5ba2\u6237\u7fa4\uff0c\u5efa\u7acb\u4e86\u5f3a\u5927\u7684\u7ade\u4e89\u62a4\u57ce\u6cb3\u3002 <\/p>\n\n<p>\u5176\u6b21\uff0c<strong>George \u6570\u5b57\u5e73\u53f0<\/strong> \u4ee3\u8868\u4e86\u663e\u8457\u7684\u7ade\u4e89\u4f18\u52bf\u3002\u5728\u6570\u5b57\u80fd\u529b\u81f3\u5173\u91cd\u8981\u7684\u65f6\u4ee3\uff0cGeorge \u63d0\u4f9b\u4e86\u5353\u8d8a\u7684\u7528\u6237\u4f53\u9a8c\uff0c\u5438\u5f15\u5e76\u7559\u4f4f\u4e86\u5ba2\u6237\uff0c\u5c24\u5176\u662f\u5728\u66f4\u7cbe\u901a\u6280\u672f\u7684\u5e74\u8f7b\u7fa4\u4f53\u4e2d\u3002\u8fd9\u79cd\u6570\u5b57\u9886\u5148\u5730\u4f4d\u4f7f\u7b2c\u4e00\u50a8\u84c4\u94f6\u884c\u4e0d\u4ec5\u80fd\u4e0e\u4f20\u7edf\u94f6\u884c\u6709\u6548\u7ade\u4e89\uff0c\u8fd8\u80fd\u4e0e\u65b0\u5174\u7684\u91d1\u878d\u79d1\u6280\u6311\u6218\u8005\u6297\u8861\u3002\u6700\u540e\uff0c\u8be5\u94f6\u884c\u5728\u516b\u4e2a\u4e0d\u540c\u5e02\u573a\u7684 <strong>\u591a\u5143\u5316\u5730\u7406\u5e03\u5c40<\/strong> \u63d0\u4f9b\u4e86\u4e00\u5b9a\u7a0b\u5ea6\u7684\u97e7\u6027\u3002\u867d\u7136\u8fd9\u4e9b\u5e02\u573a\u90fd\u5728\u4e2d\u4e1c\u6b27\uff0c\u4f46\u5404\u56fd\u7684\u7ecf\u6d4e\u5468\u671f\u548c\u98ce\u9669\u72b6\u51b5\u5e76\u975e\u5b8c\u5168\u76f8\u5173\uff0c\u4ece\u800c\u4ea7\u751f\u4e86\u53ef\u4ee5\u5e73\u6ed1\u6536\u76ca\u6ce2\u52a8\u7684\u6295\u8d44\u7ec4\u5408\u6548\u5e94\u3002\u8fd1\u671f\u5411\u6ce2\u5170\u7684\u6269\u5f20\u8fdb\u4e00\u6b65\u589e\u5f3a\u4e86\u8fd9\u79cd\u591a\u5143\u5316\uff0c\u4e3a\u5176\u8fd0\u8425\u7248\u56fe\u589e\u6dfb\u4e86\u4e00\u4e2a\u89c4\u6a21\u5927\u4e14\u6d41\u52a8\u6027\u5f3a\u7684\u5e02\u573a\u3002     <\/p>\n\n<p><strong>\u98ce\u9669\u4e0e\u6311\u6218<\/strong><\/p>\n\n<p>\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500<\/p>\n\n<p>\u5c3d\u7ba1\u5730\u4f4d\u7a33\u56fa\uff0c\u7b2c\u4e00\u50a8\u84c4\u94f6\u884c\u4ecd\u9762\u4e34\u91cd\u5927\u98ce\u9669\u3002\u6700\u7a81\u51fa\u7684\u662f\u4e2d\u4e1c\u6b27\u5730\u533a\u7684 <strong>\u5730\u7f18\u653f\u6cbb\u4e0d\u786e\u5b9a\u6027<\/strong>\uff0c\u8fd9\u53ef\u80fd\u5bfc\u81f4\u7ecf\u6d4e\u52a8\u8361\u5e76\u5f71\u54cd\u94f6\u884c\u8868\u73b0\u3002\u5982\u679c\u6838\u5fc3\u5e02\u573a\u7684\u7ecf\u6d4e\u524d\u666f\u6076\u5316\uff0c<strong>\u5546\u8a89\u51cf\u503c<\/strong> \u7684\u98ce\u9669\u4e5f\u4f1a\u968f\u4e4b\u589e\u52a0\u3002  <\/p>\n\n<p>\u6b64\u5916\uff0c\u6b27\u6d32\u94f6\u884c\u4e1a\u9762\u4e34\u7740\u4e0d\u65ad\u6f14\u53d8\u7684 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<\/p>\n\n<p><strong>\u6295\u8d44\u903b\u8f91<\/strong><\/p>\n\n<p>\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500<\/p>\n\n<p>\u5bf9\u4e8e\u5bfb\u6c42\u6295\u8d44\u4e2d\u4e1c\u6b27\u9ad8\u589e\u957f\u5e02\u573a\uff0c\u540c\u65f6\u5e0c\u671b\u83b7\u5f97\u7ba1\u7406\u826f\u597d\u3001\u5177\u6709\u7cfb\u7edf\u91cd\u8981\u6027\u7684\u91d1\u878d\u673a\u6784\u7a33\u5b9a\u6027\u7684\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u5965\u5730\u5229\u7b2c\u4e00\u50a8\u84c4\u94f6\u884c\u63d0\u4f9b\u4e86\u4e00\u4e2a\u6781\u5177\u5438\u5f15\u529b\u7684\u6295\u8d44\u6848\u4f8b\u3002<strong>\u770b\u591a\u7406\u7531<\/strong> 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