{
    "id": "VAL-043",
    "category": "VAL",
    "title": "週期正常化盈利估值",
    "question": "盈利位於週期高峰或低谷時，目前 P/E 有多誤導？",
    "chart": "multi",
    "metric": "正常化 P/E（倍）",
    "secondary": "歷年利潤率中位數（%）",
    "x": "盈利口徑",
    "y": "P/E（倍）",
    "panels": [
        "報告與正常化估值",
        "歷年利潤率",
        "週期選擇"
    ],
    "filters": [
        "股票 / 同業池",
        "估值日期",
        "倍數 / 假設情境"
    ],
    "apis": [
        "FUND",
        "USER",
        "FX"
    ],
    "calculation": "USER 選定可比完整週期，取歷年淨利率中位數 × 當前 TTM 收入作正常化盈利；市值除該盈利，與報告 P/E 並列。",
    "caveat": "週期窗口和正常化方法屬 USER 假設；結構轉變、收購及負盈利年度需保留。；預覽數值全為合成示例，非即時行情。非美股及港股欄位、歷史深度按股票實際覆蓋。 跨貨幣計算前確認市值與財報分母的幣種；若需換算，使用明示日期與FX基準。",
    "data_class": "用戶資料",
    "complexity": "高",
    "audience": "進階",
    "reach": 7,
    "frequency": 6,
    "decision": 9,
    "clarity": 8,
    "sample_labels": [
        "高峰利潤率",
        "低谷利潤率",
        "中位利潤率",
        "當前利潤率"
    ],
    "cadence": "使用者修改持倉、核銷或情境時重算；新財報入庫後重算；每週檢查資料修訂",
    "category_name": "估值",
    "score": 73.0,
    "requires_user_input": true,
    "requires_extra_plan": false,
    "source_urls": [
        "https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds",
        "https://eodhd.com/financial-apis/list-supported-forex-currencies"
    ],
    "rank": 537,
    "stage": "P3",
    "svg_file": "mockups/0537-VAL-043.svg",
    "demo_fingerprint": "4ee57956b288a32a",
    "collection": "catalogue",
    "sample_annotation": {
        "sample": true,
        "as_of": "2026-10-16",
        "notice": "Charts and tables for this report are generated, deterministic synthetic sample observations for educational layout and unit demonstration only. No provider, market data or analysis engine is called, and nothing here is a statement about real securities.",
        "notice_zh": "此報告的圖表與數據為確定性生成的合成示例數據，僅供教育及版面展示；並無連接任何資料供應商或實際分析引擎，不代表任何真實證券的表現。",
        "default_filters": {
            "symbol": "0700.HK",
            "period": "1Y",
            "benchmark": "HSI"
        },
        "filters": {
            "symbol": [
                "0700.HK",
                "0005.HK",
                "AAPL.US",
                "MSFT.US",
                "SPY.US",
                "BTC-USD.CC"
            ],
            "period": [
                "1Y",
                "3Y",
                "5Y"
            ],
            "benchmark": [
                "HSI",
                "SPX",
                "BTC"
            ]
        },
        "library": {
            "version": "2026-10-19",
            "source": "https://chatgpt.com/share/6ad67223-c610-83e8-adb2-33aaf792e584",
            "sample": true
        }
    }
}