以钢铁行业为例。 大量进口,在绝大部分时间国内的板材 影响到领先企业所能享受超额收益的幅相比相对简单的行业前景判断,对 价格高于国际市场价格,而成本则相当 度和时间;同时国内外企业管理水平的周期性行业的投资决策却因为估值水平 接近。这意味着 Take the steel industry as an example. Large amount of imports, most of the time the impact of domestic plate leading companies can enjoy excess returns compared to the relatively simple industry outlook, the price is higher than the international market price, while the cost is considerable and time; both at home and abroad The cyclical industry investment decision-making level because of the level of business management because of the valuation level close. this means