<h3><img src="https://imageproxy.pbkrs.com/https://images.pexels.com/photos/4604639/pexels-photo-4604639.jpeg/query-YXV0bz1jb21wcmVzcyZjcz10aW55c3JnYiZoPTc1MCZ3PTEyNjA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.pexels.com/photos/4604639/pexels-photo-4604639.jpeg/query-YXV0bz1jb21wcmVzcyZjcz10aW55c3JnYiZoPTc1MCZ3PTEyNjA"/></h3>
<p><em>图片来源：Pexels</em></p>
<p>一种长期存在的季节性投资策略是，在年底购买在过去十二个月中大幅下跌的股票，这些股票因税务动机的抛售而进一步下跌。这一策略源于观察到许多投资者在 11 月和 12 月出售亏损头寸，以实现资本损失，或者用以抵消投资组合中其他地方的收益，或减少应税收入。由此产生的抛售压力浪潮可能会暂时将价格压低到公司基本面无法支撑的水平。</p>
<p>随着日历年接近尾声，这种税务损失抛售可能变得有些机械化。投资组合经理和个人投资者可能仅仅因为股票下跌而出售，而不是因为出现了新的负面信息。在较小或流动性较差的股票中，这种效应可能尤为明显，价格在 12 月的最后几周内下滑，因为卖方压倒了有限的买方。对于逆向投资者而言，这种情况可能创造出以低价购买股票的机会。</p>
<p>这一策略背后的理论依赖于通常被称为 “1 月效应” 的现象。一旦新年开始，出于税务原因的抛售动机消失，在某些情况下，投资者甚至会回购几周前出售的股票。同时，来自年终奖金、退休账户的贡献以及机构的新分配的资金在 1 月流入市场。这种供需的变化可能导致在 12 月被大量抛售的股票反弹，为在年末低迷期间购买的投资者带来短期收益。</p>
<p>然而，并非每只被打压的股票都是 1 月反弹的良好候选者。最有前景的情况通常是由于周期性或暂时性原因而大幅下跌的公司，而不是由于业务的永久性损害。区分那些仅仅不受欢迎的股票和那些基本面破裂的股票至关重要。应用这一策略的投资者通常会寻找资产负债表的强劲、持续的盈利能力或能够改善情绪的明确催化剂，一旦抛售压力减轻。</p>
<p>风险管理是这一方法的重要组成部分。由于该策略部分基于市场行为而非长期基本面，预期的反弹可能是温和的，或者根本不会发生。更广泛的市场条件、意外消息或公司前景的持续恶化可能会压倒任何季节性效应。因此，许多从业者将年末税务损失购买视为战术性短期交易，而不是买入并持有的投资。</p>
<p>有六只股票是 1 月反弹的有趣可能性。它们都有以下相同特征：</p>
<p>• 今年下跌超过 75% 的股票</p>
<p>• 低于账面价值出售</p>
<p>• 低于每股现金出售</p>
<p>• 市值超过 6500 万美元</p>
<p>• 美国公司</p>
<p>下面的列表显示了公司名称、股票代码和行业：</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>Atyr Pharma</td>
<td>ATYR</td>
<td>生物技术</td>
</tr>
<tr>
<td>Korro Bio</td>
<td>KRRO</td>
<td>生物技术</td>
</tr>
<tr>
<td>New Fortress Energy</td>
<td>NFE</td>
<td>石油和天然气</td>
</tr>
<tr>
<td>Pliant Therapeutics</td>
<td>PLRX</td>
<td>生物技术</td>
</tr>
<tr>
<td>Vivid Seats</td>
<td>SEAT</td>
<td>互联网</td>
</tr>
<tr>
<td>Teads Holding</td>
<td>TEAD</td>
<td>互联网</td>
</tr>
</tbody>
</table>
<p>总之，在年底购买那些大幅下跌且因税务损失抛售而进一步受压的股票是一种逆向策略，旨在利用暂时的价格扭曲。当成功时，它可以受益于抛售压力的缓解和 1 月的需求回升。像所有市场策略一样，这需要纪律、仔细的股票选择，以及理解季节性模式是趋势而非保证。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>2025 年 11 月除息的股票</p>
<p>理解短期挤压：三大高风险挤压交易</p>
<p>黄金的惊人反弹超越标准普尔 500 指数：三只顶级黄金股票</p>

SEAT

KRRO

PLRX

ATYR

<p>本文讨论了一种逆向投资策略，即在年底因税收亏损出售而大幅下跌的股票进行买入。该方法旨在利用暂时的价格扭曲，预计在 1 月份随着卖压减轻可能会出现反弹。该策略关注于下跌超过 75% 的股票，这些股票的交易价格低于账面价值和每股现金，且市值超过 6500 万美元。六只被确定为 1 月份反弹潜在候选股的股票包括 ATYR Pharma、Korro Bio、New Fortress Energy、Pliant Therapeutics、Vivid Seats 和 Teads Holding</p>

<h3><img src="https://imageproxy.pbkrs.com/https://images.pexels.com/photos/4604639/pexels-photo-4604639.jpeg/query-YXV0bz1jb21wcmVzcyZjcz10aW55c3JnYiZoPTc1MCZ3PTEyNjA" alt="" original-src="https://images.pexels.com/photos/4604639/pexels-photo-4604639.jpeg?auto=compress&amp;cs=tinysrgb&amp;h=750&amp;w=1260"/></h3>
<div class="lb-trans"><h3><img src="https://imageproxy.pbkrs.com/https://images.pexels.com/photos/4604639/pexels-photo-4604639.jpeg/query-YXV0bz1jb21wcmVzcyZjcz10aW55c3JnYiZoPTc1MCZ3PTEyNjA" alt="" original-src="https://images.pexels.com/photos/4604639/pexels-photo-4604639.jpeg?auto=compress&amp;cs=tinysrgb&amp;h=750&amp;w=1260"/></h3>
</div><p><em>Image Source: Pexels</em></p>
<div class="lb-trans"><p><em>图片来源：Pexels</em></p>
</div><p>One long-standing seasonal investment approach is the strategy of buying stocks near year end that have fallen sharply over the prior twelve months and have been pushed even lower by tax-motivated selling. This tactic is rooted in the observation that many investors sell losing positions in November and December to realize capital losses, either to offset gains elsewhere in their portfolios or to reduce taxable income. The resulting wave of selling pressure can temporarily drive prices below levels justified by a company’s underlying fundamentals.</p>
<div class="lb-trans"><p>一种长期存在的季节性投资策略是，在年底购买在过去十二个月中大幅下跌的股票，这些股票因税务动机的抛售而进一步下跌。这一策略源于观察到许多投资者在 11 月和 12 月出售亏损头寸，以实现资本损失，或者用以抵消投资组合中其他地方的收益，或减少应税收入。由此产生的抛售压力浪潮可能会暂时将价格压低到公司基本面无法支撑的水平。</p>
</div><p>As the calendar year draws to a close, this tax-loss selling can become somewhat mechanical. Portfolio managers and individual investors alike may sell simply because the stock is down, not because new negative information has emerged. In smaller or less liquid stocks, this effect can be especially pronounced, with prices sagging into the final weeks of December as sellers overwhelm a limited pool of buyers. For contrarian investors, these conditions can create opportunities to purchase shares at depressed prices.</p>
<div class="lb-trans"><p>随着日历年接近尾声，这种税务损失抛售可能变得有些机械化。投资组合经理和个人投资者可能仅仅因为股票下跌而出售，而不是因为出现了新的负面信息。在较小或流动性较差的股票中，这种效应可能尤为明显，价格在 12 月的最后几周内下滑，因为卖方压倒了有限的买方。对于逆向投资者而言，这种情况可能创造出以低价购买股票的机会。</p>
</div><p>The thesis behind the strategy hinges on what is often referred to as the “January effect.” Once the new year begins, the incentive to sell for tax reasons disappears, and in some cases investors even buy back stocks they sold weeks earlier. At the same time, fresh capital flows into the market in January from year-end bonuses, retirement account contributions, and new allocations by institutions. This shift in supply and demand can lead to a rebound in stocks that were heavily sold in December, producing short-term gains for investors who bought during the year-end slump.</p>
<div class="lb-trans"><p>这一策略背后的理论依赖于通常被称为 “1 月效应” 的现象。一旦新年开始，出于税务原因的抛售动机消失，在某些情况下，投资者甚至会回购几周前出售的股票。同时，来自年终奖金、退休账户的贡献以及机构的新分配的资金在 1 月流入市场。这种供需的变化可能导致在 12 月被大量抛售的股票反弹，为在年末低迷期间购买的投资者带来短期收益。</p>
</div><p>However, not every beaten-down stock is a good candidate for a January bounce. The most promising situations are often companies that are down substantially for cyclical or temporary reasons rather than due to permanent impairment of the business. Distinguishing between stocks that are merely unpopular and those that are fundamentally broken is critical. Investors who apply this strategy typically look for balance sheet strength, ongoing profitability, or clear catalysts that could improve sentiment once selling pressure eases.</p>
<div class="lb-trans"><p>然而，并非每只被打压的股票都是 1 月反弹的良好候选者。最有前景的情况通常是由于周期性或暂时性原因而大幅下跌的公司，而不是由于业务的永久性损害。区分那些仅仅不受欢迎的股票和那些基本面破裂的股票至关重要。应用这一策略的投资者通常会寻找资产负债表的强劲、持续的盈利能力或能够改善情绪的明确催化剂，一旦抛售压力减轻。</p>
</div><p>Risk management is an essential part of this approach. Because the strategy is partly based on market behavior rather than long-term fundamentals, the anticipated bounce may be modest or may not occur at all. Broader market conditions, unexpected news, or continued deterioration in a company’s prospects can overwhelm any seasonal effect. As a result, many practitioners treat year-end tax-loss buying as a tactical, short-term trade rather than a buy-and-hold investment.</p>
<div class="lb-trans"><p>风险管理是这一方法的重要组成部分。由于该策略部分基于市场行为而非长期基本面，预期的反弹可能是温和的，或者根本不会发生。更广泛的市场条件、意外消息或公司前景的持续恶化可能会压倒任何季节性效应。因此，许多从业者将年末税务损失购买视为战术性短期交易，而不是买入并持有的投资。</p>
</div><p>There are six stocks are interesting possibilities for a January bounce. They all have the same characteristics, as follows:</p>
<div class="lb-trans"><p>有六只股票是 1 月反弹的有趣可能性。它们都有以下相同特征：</p>
</div><p>• Stocks down over 75% this year</p>
<div class="lb-trans"><p>• 今年下跌超过 75% 的股票</p>
</div><p>• Selling below book value</p>
<div class="lb-trans"><p>• 低于账面价值出售</p>
</div><p>• Selling below cash per share</p>
<div class="lb-trans"><p>• 低于每股现金出售</p>
</div><p>• Market caps above $65 million</p>
<div class="lb-trans"><p>• 市值超过 6500 万美元</p>
</div><p>• US based</p>
<div class="lb-trans"><p>• 美国公司</p>
</div><p>The list below show shows the company name, the stock symbol, and the industry:</p>
<div class="lb-trans"><p>下面的列表显示了公司名称、股票代码和行业：</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>Atyr Pharma</td>
<td>ATYR</td>
<td>Biotech</td>
</tr>
<tr>
<td>Korro Bio</td>
<td>KRRO</td>
<td>Biotech</td>
</tr>
<tr>
<td>New Fortress Energy</td>
<td>NFE</td>
<td>Oil &amp; Gas</td>
</tr>
<tr>
<td>Pliant Therapeutics</td>
<td>PLRX</td>
<td>Biotech</td>
</tr>
<tr>
<td>Vivid Seats</td>
<td>SEAT</td>
<td>Internet</td>
</tr>
<tr>
<td>Teads Holding</td>
<td>TEAD</td>
<td>Internet</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>Atyr Pharma</td>
<td>ATYR</td>
<td>生物技术</td>
</tr>
<tr>
<td>Korro Bio</td>
<td>KRRO</td>
<td>生物技术</td>
</tr>
<tr>
<td>New Fortress Energy</td>
<td>NFE</td>
<td>石油和天然气</td>
</tr>
<tr>
<td>Pliant Therapeutics</td>
<td>PLRX</td>
<td>生物技术</td>
</tr>
<tr>
<td>Vivid Seats</td>
<td>SEAT</td>
<td>互联网</td>
</tr>
<tr>
<td>Teads Holding</td>
<td>TEAD</td>
<td>互联网</td>
</tr>
</tbody>
</table>
</div><p>In summary, buying stocks near year end that are deeply down and further depressed by tax-loss selling is a contrarian strategy that seeks to exploit temporary price distortions. When successful, it can benefit from the easing of selling pressure and renewed demand in January. Like all market strategies, it requires discipline, careful stock selection, and an understanding that seasonal patterns are tendencies, not guarantees.</p>
<div class="lb-trans"><p>总之，在年底购买那些大幅下跌且因税务损失抛售而进一步受压的股票是一种逆向策略，旨在利用暂时的价格扭曲。当成功时，它可以受益于抛售压力的缓解和 1 月的需求回升。像所有市场策略一样，这需要纪律、仔细的股票选择，以及理解季节性模式是趋势而非保证。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>Stocks Going Ex Dividend In November 2025</p>
<div class="lb-trans"><p>2025 年 11 月除息的股票</p>
</div><p>Understanding The Short Squeeze: The Three Top High-Risk Squeeze Plays</p>
<div class="lb-trans"><p>理解短期挤压：三大高风险挤压交易</p>
</div><p>Gold’s Impressive Rally Outperforming The S&amp;P 500: Three Top Gold Stocks</p>
<div class="lb-trans"><p>黄金的惊人反弹超越标准普尔 500 指数：三只顶级黄金股票</p>
</div>

6 只有趣的税收出售股票可能在一月份出现反弹