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周期性行业指的是那些行业景气呈明显的周期性波动的行业,市场给这些周期性行业的估值一般不高,因为周期性企业效益波动太大,行业景气时,企业的效益普遍大幅增长,市场一片欣欣向荣,但一旦行业衰退,企业效益又大幅滑坡,市场一片惨淡。企业效益巨幅波动引发股价的大幅波动,行业景气时股价往往被高估,而行业一旦衰退时股价又往往跌过头,造成周期股并不受投资者的欢迎。
Cyclical industries refer to industries with cyclical fluctuations in the industry’s economy. Market valuations of these cyclical industries are generally not high because the cyclical efficiency of enterprises fluctuates too much and the efficiency of enterprises generally increases substantially when the industry is booming , The market is booming, but once the industry downturn, corporate profits have fallen sharply, the market is bleak. Large fluctuations in corporate profits triggered sharp fluctuations in stock prices, stock prices are often over-estimated when the industry boom, while the industry once the stock prices fell again often lead to recession, resulting in cyclical stocks are not welcomed by investors.