財報入門 ③ 資產負債表：A=L+E、週轉天數，與 IFRS 重估價模型
資產負債表是某一天的快照（存量）。本篇從 A=L+E 恆等式出發，比較台積電重資產 vs Monster 零負債兩種體質，講解三個週轉天數與現金轉換循環，並警示負循環的良性（Costco）與惡性（BYD、力霸）之別。
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CANSLIM × SEPA: The Complete Science of Stock Selection and Precision Entry
A complete breakdown of how CANSLIM and SEPA work together: from seven-letter screening criteria to precision VCP entry points and position management.
CANSLIM M Factor: Market Direction Is the Final Arbiter of All Your Stock Selection Work
CANSLIM L+I Factor: Market Leaders and Institutional Money Are Co-Authors of Superperformance
CANSLIM N+S Factor: New Catalysts and Supply Structure Determine How Far a Stock Can Move
CANSLIM C+A Factor: EPS Acceleration Is the First Gate to Finding Superperformance Stocks
CANSLIM Explained: How O'Neil Decoded Market Leaders with Seven Letters
Oracle (ORCL) Deep Research: Database Moat × OCI AI Infrastructure Surge
個股深度研究
Oracle（ORCL）深度研究：數據庫護城河 × OCI AI 基礎設施爆發
Oracle 是全球最被低估的 AI 基礎設施卡位者。DB 護城河轉換成本最深（5/5）、OCI +84% YoY、RPO $4,550 億確認需求不虛。後進者另辟戰場：主權雲 + 醫療 AI（Cerner EHR）+ 政府國防。客戶變競爭者是第二階段風險。PVL：✅ 可深入研究。
Snowflake（SNOW）深度研究：資料平面霸主的 AI 賦能轉型
Datadog（DDOG）深度研究：AI 可觀測性霸主，LLM 監控開啟第二成長曲線
Constellation Energy (CEG) 深度研究：AI 電力危機的核能方舟——零碳基載 × 20 年 PPA × 傑文斯悖論
225% 成長幻象：解剖 TOYO 太陽能的三層地雷
微軟（MSFT）深度研究：四不像即是護城河
從吃到飽到按用計費：AI 帳單革命正在重塑 SaaS 的利潤版圖
US Stocks
Oracle (ORCL) Deep Research: Database Moat × OCI AI Infrastructure Surge
Oracle: deepest DB switching-cost moat + OCI +84% YoY, $455B RPO (6× revenue). Late entrant, different battlefield. Healthcare AI via Cerner EHR, sovereign cloud, defense compute = untapped moats. Self-build clients as future competitors: unpriced risk. 43% Non-GAAP margin. PVL: Research-worthy.
Snowflake (SNOW) Deep Research: The Data Plane Kingpin in the Enterprise AI Stack
Datadog (DDOG) Deep Research: The Observability Platform at the Center of AI Infrastructure
Constellation Energy (CEG) Deep Research: Nuclear Power's Second Act in the Age of AI
Microsoft (MSFT) Deep Research: The Complexity IS the Moat
From All-You-Can-Eat to Pay-Per-Use: The AI Billing Revolution Reshaping SaaS Profit Margins
