{
    "id": "VAL-049",
    "category": "VAL",
    "title": "估值收縮與市值下跌歸因",
    "question": "市值下跌主要因盈利下降還是市場願付倍數降低？",
    "chart": "waterfall",
    "metric": "市值變動貢獻（%）",
    "secondary": "盈利變動 / 倍數變動（%）",
    "x": "市值變動來源",
    "y": "變動貢獻（%）",
    "panels": [
        "盈利與倍數貢獻",
        "市值起終點",
        "交互項與股數"
    ],
    "filters": [
        "股票 / 同業池",
        "估值日期",
        "倍數 / 假設情境"
    ],
    "apis": [
        "MARKETCAP",
        "FUND",
        "FX"
    ],
    "calculation": "對正盈利且同口徑起終點，以 log(MC1/MC0) = log(E1/E0) + log(PE1/PE0) 分解；轉回百分比時保留交互項。",
    "caveat": "只能在有效正數及已披露財務對齊下使用；市值非股東總回報，股數改變亦影響。；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。歷史股票市值只覆蓋 NYSE/NASDAQ，自 2021-07-09 起為週頻及 USD；財務資料按 filing_date 後才可用。若無已保存原始版本，只稱歷史重建，不能宣稱無前視偏誤回測。",
    "data_class": "衍生",
    "complexity": "高",
    "audience": "進階",
    "reach": 8,
    "frequency": 7,
    "decision": 9,
    "clarity": 8,
    "sample_labels": [
        "起點市值",
        "盈利變化",
        "倍數變化",
        "交互項",
        "終點市值"
    ],
    "cadence": "收市後更新價格；新財報入庫後重算",
    "category_name": "估值",
    "score": 79.5,
    "requires_user_input": false,
    "requires_extra_plan": false,
    "source_urls": [
        "https://eodhd.com/financial-apis/historical-market-capitalization-api",
        "https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds",
        "https://eodhd.com/financial-apis/list-supported-forex-currencies"
    ],
    "rank": 347,
    "stage": "P2",
    "svg_file": "mockups/0347-VAL-049.svg",
    "demo_fingerprint": "4db8c84320b1434b",
    "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
        }
    }
}