Bernstein \u7684\u5206\u6790\u56e2\u961f\u5728 Strategy \uff08MSTR\uff09\u53d1\u8868 Q4 \u8d22\u62a5\u4e4b\u540e\uff0c\u91cd\u65b0\u8c03\u6574\u4e86\u5bf9\u8be5\u516c\u53f8\u7684\u4f30\u503c\u6a21\u578b\uff0c\u5e76\u7ed9\u4e88 \u300c\u4f18\u4e8e\u5927\u76d8\u300d\uff08Outperform\uff09\u7684\u8bc4\u7ea7\uff0c\u76ee\u6807\u4ef7\u4e0a\u770b\u00a0600 \u7f8e\u5143\uff0c\u610f\u5473\u8457 Strategy \u4ecd\u6709 75% \u7684\u4e0a\u6da8\u7a7a\u95f4\u3002
\n
<\/p>\n
\u534e\u5c14\u8857\u6295\u8d44\u673a\u6784\u4f2f\u6069\u65af\u5766\uff08Bernstein\uff09\u8fd1\u65e5\u53d1\u8868\u6700\u65b0\u7814\u7a76\u62a5\u544a\uff0c\u9884\u6d4b\u5728\u6700\u4e50\u89c2\u60c5\u5883\u4e0b\uff0c Strategy\uff08\u524d\u8eab\u4e3a MicroStrategy\uff09\u7684\u6bd4\u7279\u5e01\u6301\u6709\u91cf\u5c06\u7ffb\u500d\u589e\u81f3 100 \u4e07\u679a\uff0c\u5360\u6bd4\u7279\u5e01\u603b\u4f9b\u5e94\u91cf\uff082,100 \u4e07\u679a\uff09\u7684 5% \u3002<\/p>\n
Strategy \u76ee\u6807\u4ef7\u4e0a\u770b 600 \u7f8e\u5143\u00a0<\/p>\n
Bernstein \u7684\u5206\u6790\u56e2\u961f\u5728 Strategy\uff08MSTR\uff09\u53d1\u8868 Q4 \u8d22\u62a5\u4e4b\u540e\uff0c\u91cd\u65b0\u8c03\u6574\u4e86\u5bf9\u8be5\u516c\u53f8\u7684\u4f30\u503c\u6a21\u578b\uff0c\u5e76\u7ed9\u4e88\u300c\u4f18\u4e8e\u5927\u76d8\u300d\uff08Outperform\uff09\u7684\u8bc4\u7ea7\uff0c\u76ee\u6807\u4ef7\u4e0a\u770b\u00a0600 \u7f8e\u5143\uff0c\u610f\u5473\u8457 Strategy \u4ecd\u6709 75% \u7684\u4e0a\u6da8\u7a7a\u95f4\u3002<\/p>\n
\u62a5\u544a\u663e\u793a\uff0cBernstein \u91c7\u7528\u300c\u8d44\u4ea7\u603b\u548c\u4f30\u503c\u6cd5\u300d\uff08Sum-of-the-Parts Approach\uff09\uff0c\u5c06 Strategy \u7684\u300c\u8f6f\u4f53\u4e1a\u52a1\u4ef7\u503c\u300d\u4e0e\u300c\u6bd4\u7279\u5e01\u6301\u6709\u91cf\u4ef7\u503c\u300d\u5206\u522b\u8ba1\u7b97\uff0c\u5e76\u5bf9\u6bd4\u7279\u5e01\u7ed9\u4e88 55% \u7684\u957f\u671f\u6ea2\u4ef7\uff0c\u8fd9\u4e0e Strategy \u81ea 2020 \u5e74\u5f00\u59cb\u8d2d\u4e70\u6bd4\u7279\u5e01\u4ee5\u6765\u7684\u5386\u53f2\u5e73\u5747\u6ea2\u4ef7\u6c34\u5e73\u76f8\u7b26\u3002<\/p>\n
Bernstein \u9884\u4f30\uff0c\u968f\u8457\u6301\u5e01\u91cf\u4e0d\u65ad\u6269\u5927\uff0cStrategy\u00a0\u6bcf\u80a1\u76c8\u4f59\uff08EPS\uff09\u5c06\u8fbe\u5230 207 \u7f8e\u5143\uff0c\u5927\u5e45\u8d85\u8d8a\u5148\u524d\u4f30\u8ba1\u7684 67.5 \u7f8e\u5143\uff0c\u4e3b\u56e0\u6765\u81ea\u6bd4\u7279\u5e01\u4ef7\u683c\u4e0a\u6da8\u5e26\u6765\u7684\u516c\u5141\u4ef7\u503c\u589e\u957f\u3002<\/p>\n
\u6bd4\u7279\u5e01\u76ee\u6807\u4ef7\uff1a2025 \u5e74\u4e0a\u770b 20 \u4e07\u7f8e\u5143\uff0c2033 \u5e74\u6da8\u5230 100 \u4e07\u7f8e\u5143<\/p>\n
Bernstein \u5728\u62a5\u544a\u4e2d\u9488\u5bf9\u6bd4\u7279\u5e01\u7684\u300c\u5468\u671f\u6027\u9ad8\u5cf0\u300d\u4ef7\u4f4d\u63d0\u51fa 3 \u5927\u9884\u6d4b\uff1a<\/p>\n
2025 \u5e74\u5e95\uff1a\u6bd4\u7279\u5e01\u4e0a\u770b\u00a020 \u4e07\u7f8e\u5143\uff1b
\n2029 \u5e74\u5e95\uff1a\u6bd4\u7279\u5e01\u53ef\u671b\u7a81\u7834 50 \u4e07\u7f8e\u5143\uff1b
\n2033 \u5e74\u5e95\uff1a\u6bd4\u7279\u5e01\u7ec8\u6781\u76ee\u6807\u00a0100 \u4e07\u7f8e\u5143\u3002<\/p>\n
Bernstein \u6307\u51fa\uff0c\u82e5\u4e0a\u8ff0\u9884\u6d4b\u6210\u771f\uff0c\u4e14 Strategy \u80fd\u6301\u7eed\u4e70\u8fdb\u6bd4\u7279\u5e01\uff0c\u5219\u5176\u6301\u5e01\u91cf\u5c06\u4ece\u76ee\u524d\u5360\u6d41\u901a\u4f9b\u5e94\u91cf\u7684 2.5% \u63d0\u5347\u81f3 5.8%\uff0c\u4f46\u524d\u63d0\u662f\u8d44\u672c\u5e02\u573a\u6761\u4ef6\u6709\u5229\u3001\u5229\u7387\u7ef4\u6301\u4f4e\u6863\uff0c\u52a0\u4e4b\u6bd4\u7279\u5e01\u7ef4\u6301\u591a\u5934\u8d8b\u52bf\u3002<\/p>\n
\u6b64\u5916\uff0cBernstein \u4e5f\u6307\u51fa\uff0c\u5728\u8fd9\u79cd\u60c5\u5883\u4e0b\uff0cStrategy \u7684\u503a\u52a1\uff08\u542b\u4f18\u5148\u80a1\u8d44\u672c\uff09\u53ef\u80fd\u4f1a\u4ece\u76ee\u524d\u7684 110 \u4ebf\u7f8e\u5143\u66b4\u589e\u81f3 1,000 \u4ebf\u7f8e\u5143\uff0c\u540c\u65f6\uff0cStrategy \u7684\u80a1\u6743\u878d\u8d44\u89c4\u6a21\u4e5f\u4f1a\u8fbe\u5230 840 \u4ebf\u7f8e\u5143\u3002<\/p>\n
\u4e0d\u540c\u60c5\u5883\u9884\u6d4b\uff1a\u6700\u574f\u60c5\u51b5\u4e0b Strategy \u6050\u88ab\u8feb\u300c\u5356\u5e01\u8fd8\u503a\u300d<\/p>\n
Bernstein \u4e5f\u6a21\u62df\u4e86\u4e0d\u540c\u5e02\u573a\u6761\u4ef6\u4e0b\u7684\u60c5\u5883\uff1a<\/p>\n
\u57fa\u7840\u60c5\u5883\uff1aStrategy \u6301\u5e01\u91cf\u5360\u6bd4\u7279\u5e01\u6d41\u901a\u4f9b\u5e94\u91cf 4%\uff0c\u8d1f\u503a\u8fbe 510 \u4ebf\u7f8e\u5143\uff082033 \u5e74\uff09\u3002
\n\u60b2\u89c2\u60c5\u5883\uff1a\u82e5\u6bd4\u7279\u5e01\u6da8\u81f3 20 \u4e07\u7f8e\u5143\u540e\u8fdb\u5165\u957f\u671f\u718a\u5e02\uff0c\u5219 Strategy \u7684\u6301\u5e01\u91cf\u6700\u7ec8\u53ea\u4f1a\u5360\u6bd4\u7279\u5e01\u6d41\u901a\u4f9b\u5e94\u91cf\u7684 2.6%\uff0c\u4e14\u5e76\u53ef\u80fd\u4f1a\u56e0\u4e3a\u8d44\u672c\u5e02\u573a\u6761\u4ef6\u6076\u5316\uff0c\u65e0\u6cd5\u518d\u900f\u8fc7\u878d\u8d44\u589e\u6301\u6bd4\u7279\u5e01\uff0c\u751a\u81f3\u88ab\u8feb\u51fa\u552e\u6bd4\u7279\u5e01\u6765\u507f\u8fd8\u4f18\u5148\u80a1\u7ea2\u5229\u4e0e\u53ef\u8f6c\u503a\u503a\u52a1\u3002
\nStrategy \u68ad\u54c8\u6bd4\u7279\u5e01\u4e0d\u624b\u8f6f\uff0c\u6301\u5e01\u91cf\u7a81\u7834 50 \u4e07\u679a<\/p>\n
\u672c\u5468\u7a0d\u65e9\uff0cStrategy \u624d\u5ba3\u5e03\u6bd4\u7279\u5e01\u6301\u6709\u91cf\u7a81\u7834 50 \u4e07\u679a\u5927\u5173\uff0c\u6700\u65b0\u4e00\u7b14\u8d2d\u4e70\u662f\u5728 3 \u6708 17 \u65e5\u81f3 3 \u6708 23 \u65e5\u4e4b\u95f4\u5b8c\u6210\uff0c\u5171\u589e\u6301 6,911 \u679a\u6bd4\u7279\u5e01\uff0c\u65a5\u8d44\u7ea6 5.84 \u4ebf\u7f8e\u5143\uff0c\u5e73\u5747\u6210\u672c\u6bcf\u679a\u6bd4\u7279\u5e01\u00a084,529 \u7f8e\u5143\u3002<\/p>\n
Strategy \u8fd9\u6b21\u8d2d\u4e70\u6bd4\u7279\u5e01\u7684\u8d44\u91d1\u6765\u81ea\u4e8e\u300c\u51fa\u552e MSTR A \u7c7b\u666e\u901a\u80a1\u300d\u3001\u300c\u53d1\u884c\u6c38\u4e45\u6027\u4f18\u5148\u80a1\uff08STRK\uff09\u300d\u6240\u5f97\u3002<\/p>\n
\u622a\u81f3\u76ee\u524d\uff0cStrategy \u6301\u6709 506,137 \u679a\u6bd4\u7279\u5e01\uff0c\u603b\u4ef7\u503c\u8d85\u8fc7 440 \u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d 230 \u4ebf\u7f8e\u5143\u662f\u81ea 2023 \u5e74 10 \u6708\u4ee5\u6765\u900f\u8fc7\u53d1\u503a\u3001\u5356\u80a1\u7b79\u5f97\u3002<\/p>\n
\u6839\u636e\u5171\u540c\u521b\u529e\u4eba Michael Saylor\u00a0\u900f\u9732\uff0cStrategy \u7684\u6bd4\u7279\u5e01\u5e73\u5747\u6301\u4ed3\u6210\u672c\u7ea6 66,608 \u7f8e\u5143\uff0c\u7d2f\u8ba1\u8d2d\u4e70\u6210\u672c\u7ea6 337 \u4ebf\u7f8e\u5143\uff08\u542b\u624b\u7eed\u8d39\uff09\u3002<\/p>\n
\u5e02\u573a\u8d28\u7591 Strategy \u9ad8\u6ea2\u4ef7<\/p>\n
\u76ee\u524d Strategy \u7684\u5e02\u503c\u9ad8\u8fbe 890 \u4ebf\u7f8e\u5143\uff0c\u8fdc\u9ad8\u4e8e\u6240\u6301\u6bd4\u7279\u5e01\u7684\u51c0\u8d44\u4ea7\u4ef7\u503c\uff08NAV\uff09\uff0c\u8fd9\u70b9\u5f15\u53d1\u90e8\u5206\u6295\u8d44\u8005\u8d28\u7591\u8be5\u516c\u53f8\u4f30\u503c\u662f\u5426\u8fc7\u9ad8\u3002<\/p>\n
\u7136\u800c\uff0cBernstein \u5206\u6790\u5e08\u8ba4\u4e3a\uff0cStrategy \u7684\u6838\u5fc3\u4e1a\u52a1\u5df2\u8f6c\u578b\u4e3a\u300c\u6bd4\u7279\u5e01\u91d1\u878d\u673a\u6784\u300d\uff0c\u900f\u8fc7\u7075\u6d3b\u7684\u7b79\u8d44\u673a\u5236\u3001\u8d44\u672c\u7ba1\u7406\u6765\u964d\u4f4e\u98ce\u9669\u3002<\/p>\n
\u5c3d\u7ba1 2024 \u5e74\u6bd4\u7279\u5e01\u6ce2\u52a8\u7387\u4ecd\u9ad8\u8fbe 50%\uff0c\u4f46 Bernstein \u5f3a\u8c03\uff0cStrategy \u76ee\u524d\u7684\u80a1\u606f\u6210\u672c\u4e0e\u6d41\u52a8\u6027\u98ce\u9669\u4ecd\u5728\u53ef\u63a7\u8303\u56f4\u5185\uff0c\u77ed\u671f\u5185\u4e0d\u6784\u6210\u5a01\u80c1\u3002<\/p>\n
\u622a\u81f3\u5468\u4e8c\u6536\u76d8\uff0cMSTR \u80a1\u4ef7\u4e0a\u6da8 1.8% \u81f3 341.81 \u7f8e\u5143\uff0c\u4f46\u5468\u4e09\u76d8\u524d\u5c0f\u5e45\u4e0b\u8dcc 0.3% \u3002\u8be5\u80a1\u8fc7\u53bb\u4e00\u5e74\u5df2\u4e0a\u6da8\u8d85\u8fc7 112%\uff0c\u4f46\u4eca\u5e74\u8fc4\u4eca\u6da8\u5e45\u4ec5 13.9% \u3002<\/p>\n","protected":false},"excerpt":{"rendered":"
Bernstein \u7684\u5206\u6790\u56e2\u961f\u5728 Strategy \uff08MSTR\uff09\u53d1\u8868 Q4 \u8d22\u62a5\u4e4b\u540e\uff0c\u91cd\u65b0\u8c03\u6574\u4e86\u5bf9\u8be5\u516c\u53f8\u7684\u4f30\u503c…<\/p>\n","protected":false},"author":3,"featured_media":5985,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-6529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/posts\/6529","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6529"}],"version-history":[{"count":1,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/posts\/6529\/revisions"}],"predecessor-version":[{"id":9101,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/posts\/6529\/revisions\/9101"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/media\/5985"}],"wp:attachment":[{"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}