<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>圖片來源：Pexels</em></p>
<p>一種長期存在的季節性投資策略是，在年底購買在過去十二個月中大幅下跌的股票，這些股票因税務動機的拋售而進一步下跌。這一策略源於觀察到許多投資者在 11 月和 12 月出售虧損頭寸，以實現資本損失，或者用以抵消投資組合中其他地方的收益，或減少應税收入。由此產生的拋售壓力浪潮可能會暫時將價格壓低到公司基本面無法支撐的水平。</p>
<p>隨着日曆年接近尾聲，這種税務損失拋售可能變得有些機械化。投資組合經理和個人投資者可能僅僅因為股票下跌而出售，而不是因為出現了新的負面信息。在較小或流動性較差的股票中，這種效應可能尤為明顯，價格在 12 月的最後幾周內下滑，因為賣方壓倒了有限的買方。對於逆向投資者而言，這種情況可能創造出以低價購買股票的機會。</p>
<p>這一策略背後的理論依賴於通常被稱為 “1 月效應” 的現象。一旦新年開始，出於税務原因的拋售動機消失，在某些情況下，投資者甚至會回購幾周前出售的股票。同時，來自年終獎金、退休賬户的貢獻以及機構的新分配的資金在 1 月流入市場。這種供需的變化可能導致在 12 月被大量拋售的股票反彈，為在年末低迷期間購買的投資者帶來短期收益。</p>
<p>然而，並非每隻被打壓的股票都是 1 月反彈的良好候選者。最有前景的情況通常是由於週期性或暫時性原因而大幅下跌的公司，而不是由於業務的永久性損害。區分那些僅僅不受歡迎的股票和那些基本面破裂的股票至關重要。應用這一策略的投資者通常會尋找資產負債表的強勁、持續的盈利能力或能夠改善情緒的明確催化劑，一旦拋售壓力減輕。</p>
<p>風險管理是這一方法的重要組成部分。由於該策略部分基於市場行為而非長期基本面，預期的反彈可能是温和的，或者根本不會發生。更廣泛的市場條件、意外消息或公司前景的持續惡化可能會壓倒任何季節性效應。因此，許多從業者將年末税務損失購買視為戰術性短期交易，而不是買入並持有的投資。</p>
<p>有六隻股票是 1 月反彈的有趣可能性。它們都有以下相同特徵：</p>
<p>• 今年下跌超過 75% 的股票</p>
<p>• 低於賬面價值出售</p>
<p>• 低於每股現金出售</p>
<p>• 市值超過 6500 萬美元</p>
<p>• 美國公司</p>
<p>下面的列表顯示了公司名稱、股票代碼和行業：</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>Atyr Pharma</td>
<td>ATYR</td>
<td>生物技術</td>
</tr>
<tr>
<td>Korro Bio</td>
<td>KRRO</td>
<td>生物技術</td>
</tr>
<tr>
<td>New Fortress Energy</td>
<td>NFE</td>
<td>石油和天然氣</td>
</tr>
<tr>
<td>Pliant Therapeutics</td>
<td>PLRX</td>
<td>生物技術</td>
</tr>
<tr>
<td>Vivid Seats</td>
<td>SEAT</td>
<td>互聯網</td>
</tr>
<tr>
<td>Teads Holding</td>
<td>TEAD</td>
<td>互聯網</td>
</tr>
</tbody>
</table>
<p>總之，在年底購買那些大幅下跌且因税務損失拋售而進一步受壓的股票是一種逆向策略，旨在利用暫時的價格扭曲。當成功時，它可以受益於拋售壓力的緩解和 1 月的需求回升。像所有市場策略一樣，這需要紀律、仔細的股票選擇，以及理解季節性模式是趨勢而非保證。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>2025 年 11 月除息的股票</p>
<p>理解短期擠壓：三大高風險擠壓交易</p>
<p>黃金的驚人反彈超越標準普爾 500 指數：三隻頂級黃金股票</p>

SEAT

KRRO

PLRX

ATYR

<p>本文討論了一種逆向投資策略，即在年底因税收虧損出售而大幅下跌的股票進行買入。該方法旨在利用暫時的價格扭曲，預計在 1 月份隨着賣壓減輕可能會出現反彈。該策略關注於下跌超過 75% 的股票，這些股票的交易價格低於賬面價值和每股現金，且市值超過 6500 萬美元。六隻被確定為 1 月份反彈潛在候選股的股票包括 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>圖片來源：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>一種長期存在的季節性投資策略是，在年底購買在過去十二個月中大幅下跌的股票，這些股票因税務動機的拋售而進一步下跌。這一策略源於觀察到許多投資者在 11 月和 12 月出售虧損頭寸，以實現資本損失，或者用以抵消投資組合中其他地方的收益，或減少應税收入。由此產生的拋售壓力浪潮可能會暫時將價格壓低到公司基本面無法支撐的水平。</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>隨着日曆年接近尾聲，這種税務損失拋售可能變得有些機械化。投資組合經理和個人投資者可能僅僅因為股票下跌而出售，而不是因為出現了新的負面信息。在較小或流動性較差的股票中，這種效應可能尤為明顯，價格在 12 月的最後幾周內下滑，因為賣方壓倒了有限的買方。對於逆向投資者而言，這種情況可能創造出以低價購買股票的機會。</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>這一策略背後的理論依賴於通常被稱為 “1 月效應” 的現象。一旦新年開始，出於税務原因的拋售動機消失，在某些情況下，投資者甚至會回購幾周前出售的股票。同時，來自年終獎金、退休賬户的貢獻以及機構的新分配的資金在 1 月流入市場。這種供需的變化可能導致在 12 月被大量拋售的股票反彈，為在年末低迷期間購買的投資者帶來短期收益。</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，並非每隻被打壓的股票都是 1 月反彈的良好候選者。最有前景的情況通常是由於週期性或暫時性原因而大幅下跌的公司，而不是由於業務的永久性損害。區分那些僅僅不受歡迎的股票和那些基本面破裂的股票至關重要。應用這一策略的投資者通常會尋找資產負債表的強勁、持續的盈利能力或能夠改善情緒的明確催化劑，一旦拋售壓力減輕。</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>風險管理是這一方法的重要組成部分。由於該策略部分基於市場行為而非長期基本面，預期的反彈可能是温和的，或者根本不會發生。更廣泛的市場條件、意外消息或公司前景的持續惡化可能會壓倒任何季節性效應。因此，許多從業者將年末税務損失購買視為戰術性短期交易，而不是買入並持有的投資。</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>有六隻股票是 1 月反彈的有趣可能性。它們都有以下相同特徵：</p>
</div><p>• Stocks down over 75% this year</p>
<div class="lb-trans"><p>• 今年下跌超過 75% 的股票</p>
</div><p>• Selling below book value</p>
<div class="lb-trans"><p>• 低於賬面價值出售</p>
</div><p>• Selling below cash per share</p>
<div class="lb-trans"><p>• 低於每股現金出售</p>
</div><p>• Market caps above $65 million</p>
<div class="lb-trans"><p>• 市值超過 6500 萬美元</p>
</div><p>• US based</p>
<div class="lb-trans"><p>• 美國公司</p>
</div><p>The list below show shows the company name, the stock symbol, and the industry:</p>
<div class="lb-trans"><p>下面的列表顯示了公司名稱、股票代碼和行業：</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>生物技術</td>
</tr>
<tr>
<td>Korro Bio</td>
<td>KRRO</td>
<td>生物技術</td>
</tr>
<tr>
<td>New Fortress Energy</td>
<td>NFE</td>
<td>石油和天然氣</td>
</tr>
<tr>
<td>Pliant Therapeutics</td>
<td>PLRX</td>
<td>生物技術</td>
</tr>
<tr>
<td>Vivid Seats</td>
<td>SEAT</td>
<td>互聯網</td>
</tr>
<tr>
<td>Teads Holding</td>
<td>TEAD</td>
<td>互聯網</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>總之，在年底購買那些大幅下跌且因税務損失拋售而進一步受壓的股票是一種逆向策略，旨在利用暫時的價格扭曲。當成功時，它可以受益於拋售壓力的緩解和 1 月的需求回升。像所有市場策略一樣，這需要紀律、仔細的股票選擇，以及理解季節性模式是趨勢而非保證。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的文章：</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>理解短期擠壓：三大高風險擠壓交易</p>
</div><p>Gold’s Impressive Rally Outperforming The S&amp;P 500: Three Top Gold Stocks</p>
<div class="lb-trans"><p>黃金的驚人反彈超越標準普爾 500 指數：三隻頂級黃金股票</p>
</div>

6 只有趣的税收出售股票可能在一月份出現反彈