{"id":23500,"date":"2026-05-14T08:28:23","date_gmt":"2026-05-13T23:28:23","guid":{"rendered":"https:\/\/official.gfs.tokyo\/blog\/?p=23500"},"modified":"2026-05-14T08:28:23","modified_gmt":"2026-05-13T23:28:23","slug":"ue-nikkei-stock-average-outlook","status":"publish","type":"post","link":"https:\/\/official.gfs.tokyo\/blog\/ue-nikkei-stock-average-outlook","title":{"rendered":"\u3010\u6c7a\u5b9a\u7248\u3011\u65e5\u7d4c\u5e73\u5747\u682a\u4fa1\u306e\u898b\u901a\u3057\uff082026-2027\u5e74\uff09\uff5c6\u4e07\u5186\u7a81\u7834\u306e\u771f\u5b9f\u30687\u4e07\u5186\u3078\u306e\u30b7\u30ca\u30ea\u30aa"},"content":{"rendered":"<h2 data-path-to-node=\"0\">\u3010\u6c7a\u5b9a\u7248\u3011\u65e5\u7d4c\u5e73\u5747\u682a\u4fa1\u306e\u898b\u901a\u3057\uff082026-2027\u5e74\uff09\uff5c6\u4e07\u5186\u7a81\u7834\u306e\u771f\u5b9f\u30687\u4e07\u5186\u3078\u306e\u30b7\u30ca\u30ea\u30aa<\/h2>\n<p 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10pt;\">\u65e5\u672c\u306eFP\u306e\u5148\u99c6\u8005\u3068\u3057\u3066\u8cc7\u7523\u904b\u7528\u306e\u5553\u8499\u306b\u5f93\u4e8b\u3002\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u304c\u5275\u8a2d\u3057\u305f\u79c1\u7acb<a href=\"https:\/\/www.cyber-u.ac.jp\/teacher\/ichikawa_yuichiro.html\">\u30b5\u30a4\u30d0\u30fc\u5927\u5b66<\/a>\u3067\u6559\u97ad\u3092\u57f7\u308b\u307b\u304b\u3001\u8b1b\u6f14\u4f9d\u983c\u3001\u30e1\u30c7\u30a3\u30a2\u51fa\u6f14\u3082\u591a\u6570\u3002\u8457\u66f8\u306b<a href=\"https:\/\/www.amazon.co.jp\/%E6%8A%95%E8%B3%87%E3%81%A7%E5%88%A9%E7%9B%8A%E3%82%92%E5%87%BA%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B%E4%BA%BA%E3%81%9F%E3%81%A1%E3%81%8C%E5%A4%A7%E4%BA%8B%E3%81%AB%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B-45%E3%81%AE%E6%95%99%E3%81%88-%E5%B8%82%E5%B7%9D-%E9%9B%84%E4%B8%80%E9%83%8E\/dp\/4532358825\">\u300c\u6295\u8cc7\u3067\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u4eba\u305f\u3061\u304c\u5927\u4e8b\u306b\u3057\u3066\u3044\u308b 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data-path-to-node=\"15\">\n<li>\n<p data-path-to-node=\"15,0,0\"><b data-path-to-node=\"15,0,0\" data-index-in-node=\"0\">\u81ea\u793e\u682a\u8cb7\u3044\u306e\u8a18\u9332\u7684\u66f4\u65b0\uff1a<\/b> 2025\u5e74\u5ea6\u306e\u65e5\u672c\u4f01\u696d\u306e\u81ea\u793e\u682a\u8cb7\u3044\u7dcf\u984d\u306f<b data-path-to-node=\"15,0,0\" data-index-in-node=\"33\">20\u5146\u5186<\/b>\u3092\u7a81\u7834\u3002\u3053\u308c\u306b\u3088\u308a\u767a\u884c\u6e08\u682a\u5f0f\u6570\u304c\u6e1b\u5c11\u3057\u3001EPS\u304c\u5f37\u5236\u7684\u306b\u62bc\u3057\u4e0a\u3052\u3089\u308c\u308b\u300c\u9700\u7d66\u306e\u5f15\u304d\u7de0\u307e\u308a\u300d\u304c\u8d77\u304d\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"15,1,0\"><b data-path-to-node=\"15,1,0\" data-index-in-node=\"0\">ROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09\u306e\u5411\u4e0a\uff1a<\/b> 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data-path-to-node=\"17\">\u9ad8\u5e02\u653f\u6a29\u4e0b\u3067\u9032\u3081\u3089\u308c\u305f\u300c\u6226\u7565\u7684\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ac\u30d0\u30ca\u30f3\u30b9\u300d\u306b\u3088\u308a\u3001\u653f\u7b56\u4fdd\u6709\u682a\uff08\u6301\u3061\u5408\u3044\u682a\uff09\u306e\u89e3\u6d88\u304c\u52a0\u901f\u3002\u3053\u308c\u304c\u5e02\u5834\u306b\u6d41\u52d5\u6027\u3092\u3082\u305f\u3089\u3057\u3001\u540c\u6642\u306b\u4f01\u696d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u3092\u6210\u9577\u6295\u8cc7\u3078\u3068\u5411\u304b\u308f\u305b\u308b\u597d\u5faa\u74b0\u3092\u751f\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n<hr data-path-to-node=\"18\" \/>\n<h3 data-path-to-node=\"19\">3. \u30de\u30af\u30ed\u7d4c\u6e08\u306e\u30d1\u30e9\u30c0\u30a4\u30e0\u30b7\u30d5\u30c8\uff1a\u8131\u30c7\u30d5\u30ec\u306e\u5b8c\u6210<\/h3>\n<p data-path-to-node=\"20\">\u65e5\u7d4c\u5e73\u57476\u4e07\u5186\u3092\u652f\u3048\u308b\u6700\u5927\u306e\u571f\u53f0\u306f\u3001\u65e5\u672c\u304c30\u5e74\u3076\u308a\u306b\u624b\u306b\u5165\u308c\u305f\u300c\u30de\u30a4\u30eb\u30c9\u306a\u30a4\u30f3\u30d5\u30ec\u7d4c\u6e08\u300d\u3067\u3059\u3002<\/p>\n<h4 data-path-to-node=\"21\">\u8cc3\u91d1\u3068\u7269\u4fa1\u306e\u597d\u5faa\u74b0\uff085\uff05\u8d85\u306e\u8cc3\u4e0a\u3052\u5b9a\u7740\uff09<\/h4>\n<p data-path-to-node=\"22\">2026\u5e74\u306e\u6625\u95d8\u56de\u7b54\u306f\u30013\u5e74\u9023\u7d9a\u3067<b data-path-to-node=\"22\" data-index-in-node=\"17\">5\uff05\u3092\u8d85\u3048\u308b\u9ad8\u3044\u8cc3\u4e0a\u3052\u7387<\/b>\u3092\u8a18\u9332\u3057\u307e\u3057\u305f\u3002<\/p>\n<ul data-path-to-node=\"23\">\n<li>\n<p data-path-to-node=\"23,0,0\"><b data-path-to-node=\"23,0,0\" data-index-in-node=\"0\">\u5b9f\u8cea\u8cc3\u91d1\u306e\u30d7\u30e9\u30b9\u5316\uff1a<\/b> 2025\u5e74\u5f8c\u534a\u304b\u3089\u5b9f\u8cea\u8cc3\u91d1\u304c\u660e\u78ba\u306b\u30d7\u30e9\u30b9\u570f\u3078\u6d6e\u4e0a\u3002\u3053\u308c\u306b\u3088\u308a\u300c\u7269\u4fa1\u304c\u4e0a\u304c\u308b\u304b\u3089\u8cb7\u3044\u63a7\u3048\u308b\u300d\u306e\u3067\u306f\u306a\u304f\u300c\u7d66\u6599\u304c\u4e0a\u304c\u308b\u304b\u3089\u8cea\u306e\u9ad8\u3044\u3082\u306e\u3092\u8cb7\u3046\u300d\u3068\u3044\u3046\u6d88\u8cbb\u884c\u52d5\u3078\u5909\u5bb9\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"23,1,0\"><b data-path-to-node=\"23,1,0\" data-index-in-node=\"0\">\u4f01\u696d\u306e\u4fa1\u683c\u6c7a\u5b9a\u6a29\uff1a<\/b> \u4f01\u696d\u304c\u30b3\u30b9\u30c8\u5897\u3092\u4fa1\u683c\u306b\u8ee2\u5ac1\u3057\u3001\u305d\u308c\u304c\u5229\u76ca\u3068\u306a\u3063\u3066\u518d\u3073\u8cc3\u91d1\u306b\u56de\u308b\u30b5\u30a4\u30af\u30eb\u304c\u5b8c\u6210\u3002\u540d\u76eeGDP\u306f<b data-path-to-node=\"23,1,0\" data-index-in-node=\"55\">650\u5146\u5186<\/b>\u3092\u8996\u91ce\u306b\u5165\u308c\u308b\u898f\u6a21\u307e\u3067\u62e1\u5927\u3057\u3001\u540d\u76ee\u5024\u3067\u3042\u308b\u682a\u4fa1\u3092\u5f37\u529b\u306b\u30b5\u30dd\u30fc\u30c8\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"24\">\u6d77\u5916\u30de\u30cd\u30fc\u306e\u300c\u65e5\u672c\u30b7\u30d5\u30c8\u300d<\/h4>\n<p data-path-to-node=\"25\">\u4e16\u754c\u7684\u306a\u5730\u653f\u5b66\u30ea\u30b9\u30af\u306e\u4e2d\u3067\u3001\u76f8\u5bfe\u7684\u306a\u300c\u6d88\u53bb\u6cd5\u7684\u306a\u8cb7\u3044\u300d\u304b\u3089\u300c\u7a4d\u6975\u7684\u306a\u9078\u5225\u8cb7\u3044\u300d\u3078\u3068\u5909\u5316\u3057\u307e\u3057\u305f\u3002<\/p>\n<ul data-path-to-node=\"26\">\n<li>\n<p data-path-to-node=\"26,0,0\"><b data-path-to-node=\"26,0,0\" data-index-in-node=\"0\">\u5bfe\u4e2d\u56fd\u6295\u8cc7\u306e\u4ee3\u66ff\uff1a<\/b> \u4e2d\u56fd\u7d4c\u6e08\u306e\u505c\u6ede\u304c\u9577\u671f\u5316\u3059\u308b\u4e2d\u3001\u30a2\u30b8\u30a2\u306e\u30b2\u30fc\u30c8\u30a6\u30a7\u30a4\u3068\u3057\u3066\u306e\u65e5\u672c\u306e\u5730\u4f4d\u304c\u518d\u8a8d\u8b58\u3055\u308c\u307e\u3057\u305f\u30022026\u5e74\u7b2c1\u56db\u534a\u671f\u306e\u6d77\u5916\u6295\u8cc7\u5bb6\u306b\u3088\u308b\u65e5\u672c\u682a\u8cb7\u3044\u8d8a\u3057\u984d\u306f<b data-path-to-node=\"26,0,0\" data-index-in-node=\"82\">\u904e\u53bb\u6700\u9ad8\u306e5\u5146\u5186<\/b>\u3092\u8a18\u9332\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"26,1,0\"><b data-path-to-node=\"26,1,0\" data-index-in-node=\"0\">\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u59a5\u5f53\u6027\uff1a<\/b> 6\u4e07\u5186\u3068\u3044\u3046\u682a\u4fa1\u3067\u3082\u3001\u4e88\u60f3PER\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09\u306f<b data-path-to-node=\"26,1,0\" data-index-in-node=\"38\">17.5\u500d<\/b>\u7a0b\u5ea6\u3067\u3059\u3002\u7c73\u56fd\u306eS&amp;P500\u304c22\u500d\u301c25\u500d\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u306e\u3068\u6bd4\u8f03\u3059\u308c\u3070\u3001\u4f9d\u7136\u3068\u3057\u3066\u300c\u5272\u9ad8\u611f\u306f\u306a\u3044\u300d\u3068\u5224\u65ad\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"27\" \/>\n<h3 data-path-to-node=\"28\">\u307e\u3068\u3081\uff1a\u6570\u5b57\u3067\u898b\u308b\u300c6\u4e07\u5186\u300d\u306e\u59a5\u5f53\u6027<\/h3>\n<p data-path-to-node=\"29\">\u65e5\u7d4c\u5e73\u57476\u4e07\u5186\u306e\u5185\u8a33\u3092\u6570\u5f0f\u5316\u3059\u308b\u3068\u3001\u6982\u306d\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div data-path-to-node=\"30\">\n<div class=\"math-block\" data-math=\"\u65e5\u7d4c\u5e73\u5747\u682a\u4fa1 (61,250\u5186) \\approx EPS (3,500\u5186) \\times PER (17.5\u500d)\">\u65e5\u7d4c\u5e73\u5747\u682a\u4fa1 (61,250\u5186) = EPS (3,500\u5186) \u00d7 PER (17.5\u500d)<\/div>\n<\/div>\n<p data-path-to-node=\"31\">2024\u5e74\u306e4\u4e07\u5186\u5230\u9054\u6642\u306f\u3001PER\u304c16\u500d\u7a0b\u5ea6\u3067EPS\u304c2,500\u5186\u3067\u3057\u305f\u3002\u3064\u307e\u308a\u3001\u3053\u306e2\u5e74\u9593\u3067<b data-path-to-node=\"31\" data-index-in-node=\"48\">\u4f01\u696d\u306e\u7a3c\u3050\u529b\uff08EPS\uff09\u304c40\uff05\u5411\u4e0a\u3057\u305f\u3053\u3068<\/b>\u3053\u305d\u304c\u30016\u4e07\u5186\u7a81\u7834\u306e\u771f\u306e\u6b63\u4f53\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"32\">\u30d0\u30d6\u30eb\u671f\u306e\u6700\u9ad8\u5024\uff0838,915\u5186\uff09\u3092\u66f4\u65b0\u3057\u305f\u969b\u306f\u300c\u8c61\u5fb4\u7684\u306a\u610f\u5473\u300d\u304c\u5f37\u304b\u3063\u305f\u3067\u3059\u304c\u3001\u73fe\u5728\u306e6\u4e07\u5186\u306f\u3001\u65e5\u672c\u4f01\u696d\u304c\u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u7af6\u4e89\u529b\u3092\u53d6\u308a\u623b\u3057\u3001\u30a4\u30f3\u30d5\u30ec\u3068\u3044\u3046\u8ffd\u3044\u98a8\u3092\u5e06\u306b\u53d7\u3051\u305f\u7d50\u679c\u3001\u306f\u3058\u304d\u51fa\u3055\u308c\u305f\u300c\u5b9f\u529b\u5024\u300d\u3067\u3042\u308b\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<div class=\"xcd-attention-6 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title-wrap\">\n<div class=\"xcd-title\"><span>\u3042\u306a\u305f\u306b\u672c\u5f53\u306b\u9069\u3057\u305f\u6295\u8cc7\u306f\u3069\u308c\uff1f<\/span><\/div>\n<\/div>\n<div class=\"xcd-content\">\n<p><span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u3067\u53ce\u5165\u3092\u5f97\u305f\u3044\u3001\u8cc7\u7523\u3092\u5897\u3084\u3057\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u30ea\u30b9\u30af\u306f\u3067\u304d\u308b\u3060\u3051\u6291\u3048\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u5148\u306e\u898b\u6975\u3081\u65b9\u3092\u77e5\u308a\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6210\u529f\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u3068\u63a5\u70b9\u304c\u6b32\u3057\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u7269\u4fa1\u4e0a\u6607\u3078\u306e\u5bfe\u7b56\u306b\u306f\u6295\u8cc7\u304c\u5fc5\u8981\u3068\u8003\u3048\u3066\u3044\u308b\u3000YES or NO<\/strong><\/span><\/p>\n<p><span style=\"font-size: 14pt;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?argument=XJhet6w1&amp;dmai=a64e31f9ee75a0\"><strong>\u2192\u3000YES\u304c\uff13\u3064\u4ee5\u4e0a\u3060\u3063\u305f\u65b9\u306f\u3001\u3053\u3061\u3089\u3092\u30af\u30ea\u30c3\u30af<\/strong><\/a><\/span><\/p>\n<\/div>\n<\/div>\n<hr data-path-to-node=\"11\" \/>\n<h2 data-path-to-node=\"12\">2. \u30de\u30af\u30ed\u7d4c\u6e08\u74b0\u5883\u306e\u898b\u901a\u3057\uff082026\u5e74\u301c2027\u5e74\uff09<\/h2>\n<p data-path-to-node=\"0\">2026\u5e74\u304b\u30892027\u5e74\u306b\u304b\u3051\u3066\u306e\u65e5\u672c\u7d4c\u6e08\u306f\u3001\u56db\u534a\u4e16\u7d00\u306b\u308f\u305f\u308b\u30c7\u30d5\u30ec\u306e\u91cd\u529b\u570f\u3092\u5b8c\u5168\u306b\u8131\u3057\u3001\u300c\u540d\u76ee\u6210\u9577\u304c\u5b9f\u8cea\u6210\u9577\u3092\u4e0a\u56de\u308b\u300d\u3068\u3044\u3046\u30dd\u30b8\u30c6\u30a3\u30d6\u306a\u30a4\u30f3\u30d5\u30ec\u7d4c\u6e08\u3078\u3068\u79fb\u884c\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"1\">\u3053\u306e\u30de\u30af\u30ed\u7d4c\u6e08\u306e\u5909\u5bb9\u3092\u3001\u300c\u91d1\u5229\u653f\u7b56\u300d\u300c\u8cc3\u91d1\u30fb\u6d88\u8cbb\u300d\u300c\u8ca1\u653f\u653f\u7b56\u300d\u306e3\u3064\u306e\u8ef8\u304b\u3089\u3001\u5177\u4f53\u7684\u306a\u4e88\u6e2c\u6570\u5024\u3092\u4ea4\u3048\u3066\u6df1\u6398\u308a\u3057\u307e\u3059\u3002<\/p>\n<hr data-path-to-node=\"2\" \/>\n<h3 data-path-to-node=\"3\">1. \u91d1\u5229\u3068\u901a\u8ca8\uff1a\u65e5\u9280\u306e\u300c\u6b63\u5e38\u5316\u300d\u3068\u4e2d\u7acb\u91d1\u5229\u3078\u306e\u56de\u5e30<\/h3>\n<p data-path-to-node=\"4\">2026\u5e74\u73fe\u5728\u3001\u65e5\u672c\u9280\u884c\u306f\u300c\u91d1\u5229\u306e\u3042\u308b\u4e16\u754c\u300d\u3092\u5b9a\u7740\u3055\u305b\u308b\u6700\u7d42\u5c40\u9762\u306b\u5165\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"5\">\u653f\u7b56\u91d1\u5229\u306e\u63a8\u79fb\u3068\u898b\u901a\u3057<\/h4>\n<ul data-path-to-node=\"6\">\n<li>\n<p data-path-to-node=\"6,0,0\"><b data-path-to-node=\"6,0,0\" data-index-in-node=\"0\">\u73fe\u5728\u306e\u6c34\u6e96\uff082026\u5e745\u6708\uff09\uff1a<\/b> \u653f\u7b56\u91d1\u5229\u306f1.0%\u524d\u5f8c\u307e\u3067\u5f15\u304d\u4e0a\u3052\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"6,1,0\"><b data-path-to-node=\"6,1,0\" data-index-in-node=\"0\">2027\u5e74\u672b\u306e\u4e88\u6e2c\uff1a<\/b> \u5e02\u5834\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9\u304a\u3088\u3073\u4e3b\u8981\u30b7\u30f3\u30af\u30bf\u30f3\u30af\u306e\u4e88\u6e2c\u3067\u306f\u30012027\u5e74\u672b\u307e\u3067\u306b\u653f\u7b56\u91d1\u5229\u306f1.50%\u301c1.75%\u306b\u9054\u3059\u308b\u898b\u901a\u3057\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"6,2,0\"><b data-path-to-node=\"6,2,0\" data-index-in-node=\"0\">\u30bf\u30fc\u30df\u30ca\u30eb\u30ec\u30fc\u30c8\uff08\u6700\u7d42\u5230\u9054\u70b9\uff09\uff1a<\/b> \u65e5\u9280\u306f\u300c\u4e2d\u7acb\u91d1\u5229\uff08\u666f\u6c17\u3092\u71b1\u3057\u3082\u51b7\u3084\u3057\u3082\u3057\u306a\u3044\u91d1\u5229\uff09\u300d\u30922.0%\u7a0b\u5ea6\u3068\u898b\u7a4d\u3082\u3063\u3066\u304a\u308a\u30012028\u5e74\u306b\u304b\u3051\u3066\u305d\u3053\u3092\u76ee\u6307\u3059\u300c\u614e\u91cd\u306a\u304c\u3089\u3082\u65ad\u56fa\u3068\u3057\u305f\u300d\u5229\u4e0a\u3052\u30b5\u30a4\u30af\u30eb\u3092\u7d99\u7d9a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"7\">\u70ba\u66ff\u76f8\u5834\u306e\u5b89\u5b9a\u5316<\/h4>\n<p data-path-to-node=\"8\">2024\u5e74\u306e1\u30c9\u30eb\uff1d160\u5186\u53f0\u3068\u3044\u3046\u6975\u7aef\u306a\u5186\u5b89\u306f\u3001\u65e5\u7c73\u91d1\u5229\u5dee\u306e\u7e2e\u5c0f\u306b\u4f34\u3044\u89e3\u6d88\u3055\u308c\u307e\u3057\u305f\u3002<\/p>\n<ul data-path-to-node=\"9\">\n<li>\n<p data-path-to-node=\"9,0,0\"><b data-path-to-node=\"9,0,0\" data-index-in-node=\"0\">2026\u5e74\u301c2027\u5e74\u306e\u60f3\u5b9a\u30ec\u30f3\u30b8\uff1a<\/b> <b data-path-to-node=\"9,0,0\" data-index-in-node=\"19\">1\u30c9\u30eb\uff1d130\u5186\u301c140\u5186<\/b>\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"9,1,0\"><b data-path-to-node=\"9,1,0\" data-index-in-node=\"0\">\u7d4c\u6e08\u3078\u306e\u5f71\u97ff\uff1a<\/b> \u9069\u5ea6\u306a\u5186\u5b89\u6c34\u6e96\u3092\u7dad\u6301\u3057\u3064\u3064\u3001\u8f38\u5165\u7269\u4fa1\u306e\u6025\u9a30\u304c\u6291\u3048\u3089\u308c\u308b\u305f\u3081\u3001\u4f01\u696d\u306e\u539f\u6750\u6599\u30b3\u30b9\u30c8\u304c\u5b89\u5b9a\u3002\u540c\u6642\u306b\u3001130\u5186\u53f0\u3067\u3042\u308c\u3070\u30c8\u30e8\u30bf\u81ea\u52d5\u8eca\u3092\u306f\u3058\u3081\u3068\u3059\u308b\u8f38\u51fa\u4f01\u696d\u306e\u56fd\u969b\u7af6\u4e89\u529b\u306f\u5341\u5206\u306b\u7dad\u6301\u3055\u308c\u3001\u7d4c\u5e38\u5229\u76ca\u306e\u300c\u5897\u76ca\u57fa\u8abf\u300d\u3092\u652f\u3048\u308b\u7d76\u5999\u306a\u30d0\u30e9\u30f3\u30b9\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"10\" \/>\n<h3 data-path-to-node=\"11\">2. \u8cc3\u91d1\u30fb\u6d88\u8cbb\u306e\u30d1\u30e9\u30c0\u30a4\u30e0\u30b7\u30d5\u30c8\uff1a3\u5e74\u9023\u7d9a\u300c5%\u8d85\u300d\u306e\u5f71\u97ff<\/h3>\n<p data-path-to-node=\"12\">\u30de\u30af\u30ed\u7d4c\u6e08\u306e\u6700\u5927\u306e\u30a8\u30f3\u30b8\u30f3\u306f\u3001\u5bb6\u8a08\u306e\u300c\u8cfc\u8cb7\u529b\u300d\u306e\u5fa9\u6d3b\u3067\u3059\u3002<\/p>\n<h4 data-path-to-node=\"13\">\u8cc3\u4e0a\u3052\u7387\u306e\u5b9a\u7740<\/h4>\n<ul data-path-to-node=\"14\">\n<li>\n<p data-path-to-node=\"14,0,0\"><b data-path-to-node=\"14,0,0\" data-index-in-node=\"0\">2026\u5e74\u6625\u95d8\u306e\u7d50\u679c\uff1a<\/b> \u5e73\u5747\u8cc3\u4e0a\u3052\u7387\u306f<b data-path-to-node=\"14,0,0\" data-index-in-node=\"19\">5.26%<\/b>\uff08\u9023\u5408\u96c6\u8a08\u30d9\u30fc\u30b9\uff09\u3092\u8a18\u9332\u3002\u3053\u308c\u30672024\u5e74\uff085.33%\uff09\u30012025\u5e74\uff08\u7d045.2%\uff09\u306b\u7d9a\u304d\u3001<b data-path-to-node=\"14,0,0\" data-index-in-node=\"69\">3\u5e74\u9023\u7d9a\u30675%\u3092\u8d85\u3048\u308b\u6b74\u53f2\u7684\u306a\u9ad8\u6c34\u6e96<\/b>\u3092\u7dad\u6301\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"14,1,0\"><b data-path-to-node=\"14,1,0\" data-index-in-node=\"0\">\u5b9f\u8cea\u8cc3\u91d1\u306e\u78ba\u5b9f\u306a\u30d7\u30e9\u30b9\uff1a<\/b> \u30a4\u30f3\u30d5\u30ec\u7387\uff08CPI\uff09\u304c2%\u53f0\u3067\u5b89\u5b9a\u3059\u308b\u4e2d\u3001\u540d\u76ee\u8cc3\u91d1\u304c5%\u4e0a\u6607\u3059\u308b\u305f\u3081\u3001\u56fd\u6c11\u306e\u5b9f\u8cea\u7684\u306a\u8cfc\u8cb7\u529b\u306f\u5e74\u7387<b data-path-to-node=\"14,1,0\" data-index-in-node=\"61\">2%\u301c3%\u306e\u30da\u30fc\u30b9\u3067\u62e1\u5927<\/b>\u3057\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"15\">\u500b\u4eba\u6d88\u8cbb\u306e\u5909\u5bb9<\/h4>\n<p data-path-to-node=\"16\">2026\u5e74\u4e0b\u534a\u671f\u304b\u30892027\u5e74\u306b\u304b\u3051\u3066\u3001\u6d88\u8cbb\u306e\u8cea\u304c\u300c\u7bc0\u7d04\u300d\u304b\u3089\u300c\u4fa1\u5024\u4eab\u53d7\u300d\u3078\u3068\u30b7\u30d5\u30c8\u3057\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"17\">\n<li>\n<p data-path-to-node=\"17,0,0\"><b data-path-to-node=\"17,0,0\" data-index-in-node=\"0\">\u30ea\u30d9\u30f3\u30b8\u6d88\u8cbb\u304b\u3089\u6052\u5e38\u7684\u6d88\u8cbb\u3078\uff1a<\/b> \u8cc3\u4e0a\u3052\u306e\u78ba\u4fe1\u3092\u5f97\u305f\u5bb6\u8a08\u304c\u3001\u8010\u4e45\u6d88\u8cbb\u8ca1\uff08\u5bb6\u96fb\u30fb\u81ea\u52d5\u8eca\uff09\u3084\u9ad8\u4ed8\u52a0\u4fa1\u5024\u30b5\u30fc\u30d3\u30b9\uff08\u56fd\u5185\u65c5\u884c\u30fb\u6559\u80b2\u6295\u8cc7\uff09\u3078\u306e\u652f\u51fa\u3092\u62e1\u5927\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"17,1,0\"><b data-path-to-node=\"17,1,0\" data-index-in-node=\"0\">\u6570\u5b57\u3067\u898b\u308b\u6d88\u8cbb\uff1a<\/b> 2027\u5e74\u5ea6\u306e\u5b9f\u8cea\u500b\u4eba\u6d88\u8cbb\u306f\u3001\u524d\u671f\u6bd4+1.2%\u301c1.5%\u7a0b\u5ea6\u306e\u5805\u8abf\u306a\u4f38\u3073\u304c\u4e88\u6e2c\u3055\u308c\u3066\u304a\u308a\u3001\u3053\u308c\u304c\u5185\u9700\u578b\u4f01\u696d\u306e\u682a\u4fa1\uff08\u5c0f\u58f2\u3001\u5916\u98df\u3001\u30ec\u30b8\u30e3\u30fc\uff09\u3092\u5f37\u529b\u306b\u4e0b\u652f\u3048\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"18\" \/>\n<h3 data-path-to-node=\"19\">3. \u8ca1\u653f\u653f\u7b56\uff1a\u9ad8\u5e02\u653f\u6a29\u306e\u300c\u5371\u6a5f\u7ba1\u7406\u6295\u8cc7\u300d\u3068\u6d88\u8cbb\u7a0e\u306e\u52d5\u5411<\/h3>\n<p data-path-to-node=\"20\">\u9ad8\u5e02\u65e9\u82d7\u653f\u6a29\uff082025\u5e74\u767a\u8db3\uff09\u306b\u3088\u308b\u300c\u7a4d\u6975\u8ca1\u653f\u300d\u304c\u30012026\u5e74\u30fb2027\u5e74\u306e\u6210\u9577\u7387\u3092\u5e95\u4e0a\u3052\u3059\u308b\u30b9\u30d1\u30a4\u30b9\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"21\">\u6226\u7565\u7684\u653f\u5e9c\u652f\u51fa<\/h4>\n<ul data-path-to-node=\"22\">\n<li>\n<p data-path-to-node=\"22,0,0\"><b data-path-to-node=\"22,0,0\" data-index-in-node=\"0\">\u9632\u885b\u30fb\u7d4c\u6e08\u5b89\u4fdd\u6295\u8cc7\uff1a<\/b> 2027\u5e74\u306b\u304b\u3051\u3066\u9632\u885b\u8cbb\u306eGDP\u6bd42%\u9054\u6210\u306b\u5411\u3051\u305f\u652f\u51fa\u304c\u30d4\u30fc\u30af\u3092\u8fce\u3048\u307e\u3059\u3002\u3053\u308c\u306f\u5358\u306a\u308b\u8ecd\u4e8b\u8cbb\u3067\u306f\u306a\u304f\u3001\u30b5\u30a4\u30d0\u30fc\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u3001\u5b87\u5b99\u958b\u767a\u3001\u6b21\u4e16\u4ee3\u901a\u4fe1\uff086G\uff09\u3068\u3044\u3063\u305f\u56fd\u5185\u30cf\u30a4\u30c6\u30af\u7523\u696d\u3078\u306e\u300c\u5b98\u88fd\u9700\u8981\u300d\u3068\u3057\u3066\u6a5f\u80fd\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"22,1,0\"><b data-path-to-node=\"22,1,0\" data-index-in-node=\"0\">GX\uff08\u30b0\u30ea\u30fc\u30f3\u30c8\u30e9\u30f3\u30b9\u30d5\u30a9\u30fc\u30e1\u30fc\u30b7\u30e7\u30f3\uff09\uff1a<\/b> \u8131\u70ad\u7d20\u95a2\u9023\u3078\u306e\u653f\u5e9c\u652f\u63f4\u304c\u3001\u91cd\u96fb\u3084\u5efa\u8a2d\u30bb\u30af\u30bf\u30fc\u306e\u53d7\u6ce8\u6b8b\u3092\u904e\u53bb\u6700\u9ad8\u6c34\u6e96\u306b\u62bc\u3057\u4e0a\u3052\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h4>2027\u5e744\u6708\u300c\u6d88\u8cbb\u7a0e\u6e1b\u7a0e\u300d\u306e\u30ea\u30a2\u30ea\u30c6\u30a3<\/h4>\n<p data-path-to-node=\"24\">\u73fe\u5728\u30012027\u5e744\u6708\u306e\u7d71\u4e00\u5730\u65b9\u9078\u3084\u6b21\u671f\u7dcf\u9078\u6319\u3092\u7768\u307f\u3001\u300c\u98df\u6599\u54c1\u7b49\u306e\u8efd\u6e1b\u7a0e\u73870%\u5316\u300d\u304c\u73fe\u5b9f\u5473\u3092\u5e2f\u3073\u305f\u8b70\u8ad6\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"25\">\n<li>\n<p data-path-to-node=\"25,0,0\"><b data-path-to-node=\"25,0,0\" data-index-in-node=\"0\">\u30de\u30af\u30ed\u7684\u52b9\u679c\uff1a<\/b> \u91ce\u6751\u8b49\u5238\u306e\u8a66\u7b97\u306b\u3088\u308c\u3070\u3001\u98df\u6599\u54c1\uff08\u9152\u985e\u30fb\u5916\u98df\u9664\u304f\uff09\u306e\u6d88\u8cbb\u7a0e\u7387\u30920%\u306b\u5f15\u304d\u4e0b\u3052\u305f\u5834\u5408\u3001\u30b3\u30a2CPI\uff08\u30a4\u30f3\u30d5\u30ec\u7387\uff09\u3092<b data-path-to-node=\"25,0,0\" data-index-in-node=\"62\">\u7d041.5%\u30dd\u30a4\u30f3\u30c8\u62bc\u3057\u4e0b\u3052\u308b<\/b>\u4e00\u65b9\u3001\u53ef\u51e6\u5206\u6240\u5f97\u306e\u5897\u52a0\u306b\u3088\u308a\u5b9f\u8ceaGDP\u3092<b data-path-to-node=\"25,0,0\" data-index-in-node=\"96\">0.2\u301c0.3%\u62bc\u3057\u4e0a\u3052\u308b<\/b>\u52b9\u679c\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"25,1,0\"><b data-path-to-node=\"25,1,0\" data-index-in-node=\"0\">\u682a\u5f0f\u5e02\u5834\u3078\u306e\u30e1\u30c3\u30bb\u30fc\u30b8\uff1a<\/b> \u300c\u30a4\u30f3\u30d5\u30ec\u3092\u6291\u5236\u3057\u3064\u3064\u3001\u5b9f\u8cea\u6210\u9577\u3092\u52a9\u3051\u308b\u300d\u3068\u3044\u3046\u3053\u306e\u653f\u7b56\u89b3\u6e2c\u304c\u30012027\u5e74\u306b\u5411\u3051\u305f\u5f37\u6c17\u76f8\u5834\u306e\u30d0\u30c3\u30af\u30dc\u30fc\u30f3\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"26\" \/>\n<h3 data-path-to-node=\"27\">4. 2026-2027\u5e74 \u30de\u30af\u30ed\u7d4c\u6e08\u6307\u6a19\u4e88\u6e2c\uff08\u4e3b\u8981\u6a5f\u95a2\u5e73\u5747\uff09<\/h3>\n<table data-path-to-node=\"28\">\n<thead>\n<tr>\n<td><strong>\u6307\u6a19<\/strong><\/td>\n<td><strong>2025\u5e74\u5ea6\uff08\u5b9f\u7e3e\u898b\u8fbc\uff09<\/strong><\/td>\n<td><strong>2026\u5e74\u5ea6\uff08\u4e88\u6e2c\uff09<\/strong><\/td>\n<td><strong>2027\u5e74\u5ea6\uff08\u4e88\u6e2c\uff09<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"28,1,0,0\"><b data-path-to-node=\"28,1,0,0\" data-index-in-node=\"0\">\u5b9f\u8ceaGDP\u6210\u9577\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,1,1,0\">+0.7%<\/span><\/td>\n<td><span data-path-to-node=\"28,1,2,0\"><b data-path-to-node=\"28,1,2,0\" data-index-in-node=\"0\">+0.9%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,1,3,0\"><b data-path-to-node=\"28,1,3,0\" data-index-in-node=\"0\">+1.1%<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"28,2,0,0\"><b data-path-to-node=\"28,2,0,0\" data-index-in-node=\"0\">\u540d\u76eeGDP\u6210\u9577\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,2,1,0\">+3.2%<\/span><\/td>\n<td><span data-path-to-node=\"28,2,2,0\"><b data-path-to-node=\"28,2,2,0\" data-index-in-node=\"0\">+3.5%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,2,3,0\"><b data-path-to-node=\"28,2,3,0\" data-index-in-node=\"0\">+3.8%<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"28,3,0,0\"><b data-path-to-node=\"28,3,0,0\" data-index-in-node=\"0\">\u6d88\u8cbb\u8005\u7269\u4fa1\u6307\u6570(\u30b3\u30a2CPI)<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,3,1,0\">+2.4%<\/span><\/td>\n<td><span data-path-to-node=\"28,3,2,0\"><b data-path-to-node=\"28,3,2,0\" data-index-in-node=\"0\">+1.9%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,3,3,0\"><b data-path-to-node=\"28,3,3,0\" data-index-in-node=\"0\">+2.0%<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"28,4,0,0\"><b data-path-to-node=\"28,4,0,0\" data-index-in-node=\"0\">\u5931\u696d\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,4,1,0\">2.5%<\/span><\/td>\n<td><span data-path-to-node=\"28,4,2,0\"><b data-path-to-node=\"28,4,2,0\" data-index-in-node=\"0\">2.3%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,4,3,0\"><b data-path-to-node=\"28,4,3,0\" data-index-in-node=\"0\">2.2%<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"28,5,0,0\"><b data-path-to-node=\"28,5,0,0\" data-index-in-node=\"0\">\u540d\u76ee\u8cc3\u91d1\u4e0a\u6607\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,5,1,0\">+5.2%<\/span><\/td>\n<td><span data-path-to-node=\"28,5,2,0\"><b data-path-to-node=\"28,5,2,0\" data-index-in-node=\"0\">+5.3%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,5,3,0\"><b data-path-to-node=\"28,5,3,0\" data-index-in-node=\"0\">+5.0%<\/b><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 data-path-to-node=\"29\">\u7dcf\u62ec\uff1a\u540d\u76eeGDP 700\u5146\u5186\u3078\u306e\u9053<\/h3>\n<p data-path-to-node=\"30\">2027\u5e74\u306b\u306f\u3001\u65e5\u672c\u306e\u540d\u76eeGDP\u306f<b data-path-to-node=\"30\" data-index-in-node=\"17\">700\u5146\u5186<\/b>\u306e\u5927\u53f0\u3092\u8996\u91ce\u306b\u5165\u308c\u307e\u3059\u3002\u682a\u4fa1\uff08\u65e5\u7d4c\u5e73\u5747\uff09\u306f\u300c\u540d\u76ee\u5024\u300d\u3067\u3042\u308b\u305f\u3081\u3001\u7d4c\u6e08\u306e\u30b5\u30a4\u30ba\u305d\u306e\u3082\u306e\u304c\u81a8\u3089\u3080\u3053\u3068\u306f\u3001\u6307\u6570\u306e\u5c45\u6240\u304c\u5207\u308a\u4e0a\u304c\u308b\u6700\u5927\u306e\u8981\u56e0\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"31\">\u300c\u91d1\u5229\u4e0a\u6607\u300d\u3068\u3044\u3046\u30d6\u30ec\u30fc\u30ad\u3092\u3001\u300c\u8cc3\u4e0a\u3052\u3068\u8ca1\u653f\u652f\u51fa\u300d\u3068\u3044\u3046\u30a2\u30af\u30bb\u30eb\u304c\u4e0a\u56de\u308b\u72b6\u614b\u2014\u2014\u3053\u308c\u304c2026\u5e74\u304b\u30892027\u5e74\u306b\u304b\u3051\u3066\u306e\u65e5\u672c\u7d4c\u6e08\u306e\u6b63\u4f53\u3067\u3042\u308a\u3001\u65e5\u7d4c\u5e73\u5747\u304c6\u4e07\u5186\u53f0\u304b\u3089\u3055\u3089\u306b\u4e0a\u3092\u76ee\u6307\u3059\u305f\u3081\u306e\u300c\u6700\u5f37\u306e\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u300d\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<div class=\"xcd-attention-1 xcd-col2 xcd-ripple\">\n<div class=\"xcd-title\"><strong>\u8cc7\u7523\u904b\u7528\u3067\u5931\u6557\u3057\u305f\u304f\u306a\u3044\u65b9\u3078<\/strong><\/div>\n<div class=\"xcd-content\"><strong>\u79c1\u305f\u3061GFS\u3067\u306f\u3001\u5b66\u6821\u3067\u306f\u6559\u3048\u3066\u3082\u3089\u3048\u306a\u304b\u3063\u305f\u304a\u91d1\u306e\u3053\u3068\u304c\u308f\u304b\u308b\u7121\u6599\u30b3\u30f3\u30c6\u30f3\u30c4\u3092\u3054\u7528\u610f\u3057\u3066\u3044\u307e\u3059\u3002<\/strong><br \/>\n<strong><span style=\"color: #0066c0;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=om&amp;utm_medium=om&amp;utm_content=14519\" style=\"color: #0066c0;\">\u226b \u7121\u6599\u8b1b\u5ea7\uff1a\u304a\u91d1\u306e\u30d7\u30ed\u304c\u6559\u3048\u308b\u300c\u521d\u5fc3\u8005\u304c\u6bce\u6708\u53ce\u5165\u3092\u5f97\u308b\u6295\u8cc7\u306e\u59cb\u3081\u65b9\u300d<\/a><\/span><\/strong><\/div>\n<\/div>\n<hr data-path-to-node=\"20\" \/>\n<p data-path-to-node=\"0\">\u65e5\u7d4c\u5e73\u5747\u682a\u4fa1\u304c6\u4e07\u5186\u3092\u8d85\u3048\u3001\u672a\u77e5\u306e\u9818\u57df\u3092\u7a81\u304d\u9032\u3080\u4e2d\u3067\u3001\u591a\u304f\u306e\u6295\u8cc7\u5bb6\u304c\u62b1\u304f\u7591\u554f\u306f\u300c\u3053\u306e\u682a\u4fa1\u306f\u30d0\u30d6\u30eb\u306a\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u6b63\u5f53\u306a\u8a55\u4fa1\u306a\u306e\u304b\u300d\u3068\u3044\u3046\u70b9\u306b\u96c6\u7d04\u3055\u308c\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"1\">\u3053\u308c\u3092\u89e3\u660e\u3059\u308b\u305f\u3081\u306b\u30012026\u5e74\u73fe\u5728\u306e\u30de\u30fc\u30b1\u30c3\u30c8\u306b\u304a\u3051\u308b\u300c\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff08\u6295\u8cc7\u5c3a\u5ea6\uff09\u300d\u3068\u300c\u30c6\u30af\u30cb\u30ab\u30eb\uff08\u9700\u7d66\u30fb\u30c1\u30e3\u30fc\u30c8\uff09\u300d\u306e\u4e21\u9762\u304b\u3089\u3001\u5177\u4f53\u7684\u306a\u6570\u5b57\u3092\u6319\u3052\u3066\u6df1\u6398\u308a\u3057\u307e\u3059\u3002<\/p>\n<hr data-path-to-node=\"2\" \/>\n<h2 data-path-to-node=\"3\">1. \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u5206\u6790\uff1aPER\u3068EPS\u306e\u76f8\u95a2<\/h2>\n<p data-path-to-node=\"4\">\u7d50\u8ad6\u304b\u3089\u8a00\u3048\u3070\u3001\u73fe\u5728\u306e6\u4e07\u5186\u3068\u3044\u3046\u682a\u4fa1\u306f\u30011989\u5e74\u306e\u30d0\u30d6\u30eb\u671f\u306e\u3088\u3046\u306a\u300c\u71b1\u72c2\u306b\u3088\u308b\u904e\u5927\u8a55\u4fa1\u300d\u3067\u306f\u306a\u304f\u3001\u300c\u4f01\u696d\u53ce\u76ca\u306e\u62e1\u5927\u306b\u57fa\u3065\u3044\u305f\u5408\u7406\u7684\u306a\u4fa1\u683c\u300d\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"5\">PER\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09\u306e\u6b74\u53f2\u7684\u6bd4\u8f03<\/h3>\n<ul data-path-to-node=\"6\">\n<li>\n<p data-path-to-node=\"6,0,0\"><b data-path-to-node=\"6,0,0\" data-index-in-node=\"0\">1989\u5e74\uff08\u30d0\u30d6\u30eb\u7d76\u9802\u671f\uff09\uff1a<\/b> \u65e5\u7d4c\u5e73\u5747\u306f\u7d043\u4e079,000\u5186\u3002\u5f53\u6642\u306e\u4e88\u60f3PER\u306f<b data-path-to-node=\"6,0,0\" data-index-in-node=\"39\">60\u500d\u301c70\u500d<\/b>\u3092\u8d85\u3048\u3066\u3044\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u3001\u5229\u76ca\u306b\u5bfe\u3057\u3066\u682a\u4fa1\u304c\u7570\u5e38\u306b\u5148\u884c\u3057\u3066\u3044\u305f\u3053\u3068\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"6,1,0\"><b data-path-to-node=\"6,1,0\" data-index-in-node=\"0\">2026\u5e745\u6708\u73fe\u5728\uff1a<\/b> \u65e5\u7d4c\u5e73\u5747\u306f6\u4e072,000\u5186\u524d\u5f8c\u3002\u3053\u308c\u306b\u5bfe\u3057\u3001\u63a1\u7528\u9298\u67c4\u306e\u4e88\u60f3EPS\uff081\u682a\u5f53\u305f\u308a\u5229\u76ca\uff09\u306e\u5408\u8a08\u306f\u7d04<b data-path-to-node=\"6,1,0\" data-index-in-node=\"57\">3,600\u5186\u301c3,700\u5186<\/b>\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"6,1,1\">\n<li>\n<p data-path-to-node=\"6,1,1,0,0\">\u8a08\u7b97\u5f0f\uff1a<span class=\"math-inline\" data-math=\"62,000 \\div 3,650 \\approx 16.98\u500d\" data-index-in-node=\"4\">62,000 \u00f7 3,650 \uff1d 16.98\u500d$<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p data-path-to-node=\"6,2,0\"><b data-path-to-node=\"6,2,0\" data-index-in-node=\"0\">\u5206\u6790\uff1a<\/b> \u73fe\u5728\u306ePER\u306f<b data-path-to-node=\"6,2,0\" data-index-in-node=\"11\">17\u500d\u5f31<\/b>\u3067\u3059\u3002\u904e\u53bb10\u5e74\u306e\u65e5\u672c\u682a\u306e\u5e73\u5747\u30ec\u30f3\u30b8\uff0814\u500d\u301c16\u500d\uff09\u3088\u308a\u306f\u3084\u3084\u9ad8\u3044\u3082\u306e\u306e\u3001\u7c73\u56fdS&amp;P500\u306ePER\uff08\u7d0422\u500d\u301c24\u500d\uff09\u3068\u6bd4\u8f03\u3059\u308c\u3070\u3001\u4f9d\u7136\u3068\u3057\u3066\u56fd\u969b\u7684\u306b\u306f\u300c\u5272\u5b89\u300d\u3082\u3057\u304f\u306f\u300c\u59a5\u5f53\u300d\u306a\u7bc4\u56f2\u5185\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"7\">EPS\u306e\u6210\u9577\u30a8\u30f3\u30b8\u30f3<\/h3>\n<p data-path-to-node=\"8\">\u306a\u305cEPS\u304c\u3053\u3053\u307e\u3067\u4f38\u3073\u305f\u306e\u304b\u3002\u305d\u3053\u306b\u306f\u300c\u5024\u4e0a\u3052\u306e\u6d78\u900f\u300d\u3068\u300c\u5186\u5b89\u306b\u3088\u308b\u5229\u76ca\u62bc\u3057\u4e0a\u3052\u300d\u306b\u52a0\u3048\u3001\u300c\u81ea\u793e\u682a\u8cb7\u3044\u306b\u3088\u308b\u682a\u5f0f\u7dcf\u6570\u306e\u6e1b\u5c11\u300d\u304c\u5927\u304d\u304f\u5bc4\u4e0e\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"9\">\n<li>\n<p data-path-to-node=\"9,0,0\"><b data-path-to-node=\"9,0,0\" data-index-in-node=\"0\">\u4f8b\uff1a<\/b> \u30c8\u30e8\u30bf\u81ea\u52d5\u8eca\u3084\u4e09\u83f1\u5546\u4e8b\u306a\u3069\u306e\u5927\u578b\u682a\u304c\u3001\u6570\u5146\u5186\u898f\u6a21\u306e\u5229\u76ca\u3092\u539f\u8cc7\u306b\u3001\u6bce\u5e74\u6570\uff05\u306e\u81ea\u793e\u682a\u8cb7\u3044\u3092\u7d99\u7d9a\u3002\u5206\u6bcd\uff08\u767a\u884c\u6e08\u682a\u5f0f\u6570\uff09\u304c\u6e1b\u308b\u3053\u3068\u3067\u3001\u5206\u5b50\uff08\u7d14\u5229\u76ca\uff09\u304c\u5909\u308f\u3089\u306a\u304f\u3066\u3082EPS\u306f\u81ea\u52d5\u7684\u306b\u4e0a\u6607\u3057\u307e\u3059\u3002\u3053\u306e\u300cEPS\u306e\u5e95\u4e0a\u3052\u529b\u300d\u304c\u30016\u4e07\u5186\u53f0\u306e\u5f37\u56fa\u306a\u571f\u53f0\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"10\" \/>\n<h2 data-path-to-node=\"11\">2. PBR\uff08\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff09\u3068\u8cc7\u672c\u52b9\u7387\u306e\u6539\u5584<\/h2>\n<p data-path-to-node=\"12\">\u6771\u8a3c\u306b\u3088\u308b\u300cPBR1\u500d\u5272\u308c\u6539\u5584\u8981\u8acb\u300d\u304b\u3089\u59cb\u307e\u3063\u305f\u6539\u9769\u306f\u30012026\u5e74\u306b\u306f\u5b8c\u5168\u306b\u65e5\u672c\u4f01\u696d\u306e\u6587\u5316\u3068\u3057\u3066\u5b9a\u7740\u3057\u307e\u3057\u305f\u3002<\/p>\n<h3 data-path-to-node=\"13\">PBR 1.0\u500d\u304c\u300c\u4e0b\u9650\u300d\u306b\u306a\u3063\u305f\u610f\u5473<\/h3>\n<p data-path-to-node=\"14\">\u304b\u3064\u3066\u306e\u65e5\u7d4c\u5e73\u5747\u306fPBR 0.8\u500d\u7a0b\u5ea6\u3067\u653e\u7f6e\u3055\u308c\u308b\u3053\u3068\u3082\u73cd\u3057\u304f\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u73fe\u5728\u306f\u5e02\u5834\u5168\u4f53\u306ePBR\u304c<b data-path-to-node=\"14\" data-index-in-node=\"56\">1.5\u500d\u301c1.6\u500d<\/b>\u7a0b\u5ea6\u307e\u3067\u5207\u308a\u4e0a\u304c\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"15\">\n<li>\n<p data-path-to-node=\"15,0,0\"><b data-path-to-node=\"15,0,0\" data-index-in-node=\"0\">\u89e3\u6563\u4fa1\u5024\u306e\u514b\u670d\uff1a<\/b> \u300c1\u500d\u5272\u308c\uff1d\u4f1a\u793e\u3092\u89e3\u6563\u3057\u3066\u8cc7\u7523\u3092\u5206\u3051\u305f\u65b9\u304c\u30de\u30b7\u300d\u3068\u3044\u3046\u4e0d\u540d\u8a89\u306a\u72b6\u614b\u3092\u3001\u591a\u304f\u306e\u4f01\u696d\u304cROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09\u306e\u5411\u4e0a\u306b\u3088\u3063\u3066\u8131\u5374\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"15,1,0\"><b data-path-to-node=\"15,1,0\" data-index-in-node=\"0\">ROE 10\uff05\u306e\u5b9a\u7740\uff1a<\/b> \u65e5\u672c\u4f01\u696d\u306e\u5e73\u5747ROE\u304c10\uff05\u3092\u8d85\u3048\u305f\u3053\u3068\u3067\u3001\u7406\u8ad6\u682a\u4fa1\u304c\u5f15\u304d\u4e0a\u3052\u3089\u308c\u307e\u3057\u305f\u3002PBR 1.5\u500d\u3001ROE 10\uff05\u3068\u3044\u3046\u6570\u5b57\u306f\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u306a\u300c\u512a\u826f\u5e02\u5834\u300d\u306e\u5165\u308a\u53e3\u306b\u7acb\u3063\u305f\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"16\" \/>\n<h2 data-path-to-node=\"17\">3. \u30c6\u30af\u30cb\u30ab\u30eb\u5206\u6790\uff1a\u9577\u671f\u4e0a\u6607\u30c1\u30e3\u30cd\u30eb\u3068\u79fb\u52d5\u5e73\u5747\u7dda<\/h2>\n<p data-path-to-node=\"18\">\u30c1\u30e3\u30fc\u30c8\u9762\u3067\u898b\u308b\u3068\u30012024\u5e74\u306e\u6700\u9ad8\u5024\u7a81\u7834\u4ee5\u964d\u3001\u65e5\u7d4c\u5e73\u5747\u306f\u975e\u5e38\u306b\u7dba\u9e97\u306a\u300c\u4e0a\u6607\u30c8\u30ec\u30f3\u30c9\u300d\u3092\u5f62\u6210\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"19\">\u79fb\u52d5\u5e73\u5747\u7dda\u306e\u30b4\u30fc\u30eb\u30c7\u30f3\u30af\u30ed\u30b9\u3068\u652f\u6301\u7dda<\/h3>\n<ul data-path-to-node=\"20\">\n<li>\n<p data-path-to-node=\"20,0,0\"><b data-path-to-node=\"20,0,0\" data-index-in-node=\"0\">200\u65e5\u79fb\u52d5\u5e73\u5747\u7dda\u306e\u30b5\u30dd\u30fc\u30c8\uff1a<\/b> 2025\u5e74\u304b\u30892026\u5e74\u306b\u304b\u3051\u3066\u3001\u65e5\u7d4c\u5e73\u5747\u306f\u6570\u5ea6\u306e\u8abf\u6574\u3092\u7d4c\u9a13\u3057\u307e\u3057\u305f\u304c\u3001\u3044\u305a\u308c\u3082200\u65e5\u79fb\u52d5\u5e73\u5747\u7dda\uff082026\u5e745\u6708\u6642\u70b9\u3067\u7d045\u4e074,000\u5186\u4ed8\u8fd1\uff09\u3092\u5272\u308a\u8fbc\u3080\u3053\u3068\u306a\u304f\u53cd\u767a\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u9577\u671f\u6295\u8cc7\u5bb6\u304c\u62bc\u3057\u76ee\u8cb7\u3044\u3092\u7d9a\u3051\u3066\u3044\u308b\u8a3c\u62e0\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"20,1,0\"><b data-path-to-node=\"20,1,0\" data-index-in-node=\"0\">13\u9031\u30fb26\u9031\u7dda\u306e\u4e56\u96e2\u7387\uff1a<\/b> 6\u4e07\u5186\u3092\u7a81\u7834\u3057\u305f\u76f4\u5f8c\u306f\u3001\u77ed\u671f\u7684\u306a\u904e\u71b1\u611f\u3092\u793a\u3059\u300c\u79fb\u52d5\u5e73\u5747\u7dda\u304b\u3089\u306e\u4e56\u96e2\u7387\u300d\u304c+10\uff05\u3092\u8d85\u3048\u308b\u5834\u9762\u3082\u3042\u308a\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u30012026\u5e74\u4e2d\u76e4\u306b\u5165\u308a\u3001\u6a2a\u3070\u3044\u306e\u8abf\u6574\uff08\u65e5\u67c4\u8abf\u6574\uff09\u3092\u7d4c\u305f\u3053\u3068\u3067\u3001\u30c6\u30af\u30cb\u30ab\u30eb\u7684\u306a\u904e\u71b1\u611f\u306f\u51b7\u307e\u3055\u308c\u3001\u518d\u3073\u4e0a\u5024\u3092\u8ffd\u3048\u308b\u30a8\u30cd\u30eb\u30ae\u30fc\u304c\u84c4\u7a4d\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"21\">\u30d5\u30a3\u30dc\u30ca\u30c3\u30c1\u30fb\u30ea\u30c8\u30ec\u30fc\u30b9\u30e1\u30f3\u30c8\u306b\u3088\u308b\u30bf\u30fc\u30b2\u30c3\u30c8<\/h3>\n<p data-path-to-node=\"22\">2023\u5e74\u306e\u5b89\u5024\uff08\u7d042\u4e076,000\u5186\uff09\u304b\u30892024\u5e74\u306e\u9ad8\u5024\uff08\u7d044\u4e07\u5186\uff09\u307e\u3067\u306e\u4e0a\u6607\u5e45\u3092\u30d9\u30fc\u30b9\u306b\u3057\u305f\u30d5\u30a3\u30dc\u30ca\u30c3\u30c1\u30fb\u30a8\u30af\u30b9\u30c6\u30f3\u30b7\u30e7\u30f3\u3067\u306f\u3001\u6b21\u306e\u30bf\u30fc\u30b2\u30c3\u30c8\u304c<b data-path-to-node=\"22\" data-index-in-node=\"74\">6\u4e075,000\u5186<\/b>\u4ed8\u8fd1\u306b\u51fa\u73fe\u3057\u3066\u3044\u307e\u3059\u3002\u73fe\u5728\u306e6\u4e072,000\u5186\u306f\u3001\u3053\u306e\u5927\u304d\u306a\u4e0a\u6607\u6ce2\u52d5\u306e\u7b2c3\u6ce2\u306e\u4e2d\u306b\u4f4d\u7f6e\u3057\u3066\u3044\u308b\u3068\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n<hr data-path-to-node=\"23\" \/>\n<h2 data-path-to-node=\"24\">4. \u9700\u7d66\u5206\u6790\uff1a\u8ab0\u304c\u8cb7\u3044\u3001\u8ab0\u304c\u652f\u3048\u3066\u3044\u308b\u306e\u304b<\/h2>\n<p data-path-to-node=\"25\">\u30c6\u30af\u30cb\u30ab\u30eb\u3092\u652f\u3048\u308b\u306e\u306f\u3001\u6700\u7d42\u7684\u306b\u306f\u300c\u9700\u7d66\uff08\u304a\u91d1\u306e\u6d41\u308c\uff09\u300d\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"26\">\u65b0NISA\u306b\u3088\u308b\u300c\u5ca9\u76e4\u300d\u306e\u5f62\u6210<\/h3>\n<p data-path-to-node=\"27\">2024\u5e74\u306b\u59cb\u307e\u3063\u305f\u65b0NISA\u306f\u30013\u5e74\u76ee\u3092\u8fce\u3048\u3001\u7a4d\u7acb\u6295\u8cc7\u306e\u8a2d\u5b9a\u984d\u304c\u7a4d\u307f\u4e0a\u304c\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"28\">\n<li>\n<p data-path-to-node=\"28,0,0\"><b data-path-to-node=\"28,0,0\" data-index-in-node=\"0\">\u5bb6\u8a08\u306e\u6d41\u5165\u984d\uff1a<\/b> 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data-path-to-node=\"30\">\u4e16\u754c\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u304a\u3044\u3066\u3001\u65e5\u672c\u682a\u306e\u30a6\u30a7\u30a4\u30c8\u306f\u9577\u3089\u304f\u300c\u30a2\u30f3\u30c0\u30fc\u30a6\u30a7\u30a4\u30c8\uff08\u4f4e\u3081\uff09\u300d\u3067\u3057\u305f\u3002<\/p>\n<ul data-path-to-node=\"31\">\n<li>\n<p data-path-to-node=\"31,0,0\"><b data-path-to-node=\"31,0,0\" data-index-in-node=\"0\">\u30ea\u30d0\u30e9\u30f3\u30b7\u30f3\u30b0\uff1a<\/b> 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data-path-to-node=\"34\">\u73fe\u5728\u306e6\u4e07\u5186\u53f0\u3092\u5206\u6790\u3059\u308b\u3068\u3001\u4ee5\u4e0b\u306e3\u70b9\u304c\u6d6e\u304b\u3073\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n<ol start=\"1\" data-path-to-node=\"35\">\n<li>\n<p data-path-to-node=\"35,0,0\"><b data-path-to-node=\"35,0,0\" data-index-in-node=\"0\">\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff1a<\/b> PER 17\u500d\u306f\u6c7a\u3057\u3066\u5272\u9ad8\u3067\u306f\u306a\u304f\u3001EPS\u306e\u6210\u9577\u304c\u7d99\u7d9a\u3059\u308b\u9650\u308a\u30016\u4e075,000\u5186\u307e\u3067\u306f\u300c\u5b9f\u529b\u306e\u7bc4\u56f2\u5185\u300d\u3067\u3042\u308b\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"35,1,0\"><b data-path-to-node=\"35,1,0\" data-index-in-node=\"0\">\u30c6\u30af\u30cb\u30ab\u30eb\uff1a<\/b> 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data-path-to-node=\"36\">\u65e5\u7d4c\u5e73\u5747\u682a\u4fa1\u306f\u3001\u3082\u306f\u3084\u300c\u30d0\u30d6\u30eb\u306e\u518d\u6765\u300d\u3092\u602f\u3048\u308b\u6bb5\u968e\u3092\u904e\u304e\u3001\u7d4c\u6e08\u6210\u9577\u3068\u4f01\u696d\u6539\u9769\u3092\u6b63\u5f53\u306b\u53cd\u6620\u3059\u308b\u300c\u5927\u4eba\u306e\u76f8\u5834\u300d\u3078\u3068\u9032\u5316\u3057\u305f\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<hr data-path-to-node=\"28\" \/>\n<h2 data-path-to-node=\"29\">4. \u30ea\u30b9\u30af\u30b7\u30ca\u30ea\u30aa\uff1a\u6ce8\u610f\u3059\u3079\u304d3\u3064\u306e\u30dd\u30a4\u30f3\u30c8<\/h2>\n<p data-path-to-node=\"0\">\u65e5\u7d4c\u5e73\u5747\u682a\u4fa1\u304c6\u4e07\u5186\u3068\u3044\u3046\u672a\u8e0f\u306e\u9818\u57df\u306b\u3042\u308b2026\u5e74\u73fe\u5728\u3001\u5e02\u5834\u306f\u697d\u89b3\u8ad6\u306b\u5305\u307e\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u76f8\u5834\u306e\u683c\u8a00\u306b\u3042\u308b\u901a\u308a\u300c\u5f37\u6c17\u76f8\u5834\u306f\u60b2\u89b3\u306e\u4e2d\u306b\u751f\u307e\u308c\u3001\u61d0\u7591\u306e\u4e2d\u306b\u80b2\u3061\u3001\u697d\u89b3\u306e\u4e2d\u3067\u6d88\u3048\u308b\u300d\u3082\u306e\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"1\">\u73fe\u5728\u306e\u682a\u4fa1\u6c34\u6e96\u3092\u8105\u304b\u3057\u5f97\u308b\u3001\u5177\u4f53\u7684\u304b\u3064\u73fe\u5b9f\u7684\u306a<b data-path-to-node=\"1\" data-index-in-node=\"23\">3\u3064\u306e\u30ea\u30b9\u30af\u30b7\u30ca\u30ea\u30aa<\/b>\u306b\u3064\u3044\u3066\u30013,000\u6587\u5b57\u898f\u6a21\u3067\u8a73\u7d30\u306b\u6df1\u6398\u308a\u3057\u307e\u3059\u3002<\/p>\n<hr data-path-to-node=\"2\" \/>\n<h3 data-path-to-node=\"3\">1. \u4e2d\u6771\u60c5\u52e2\u306e\u6fc0\u5316\u3068\u300c\u7b2c3\u6b21\u30aa\u30a4\u30eb\u30b7\u30e7\u30c3\u30af\u300d\u306e\u61f8\u5ff5<\/h3>\n<p data-path-to-node=\"4\">2026\u5e74\u306b\u5165\u308a\u3001\u4e2d\u6771\u60c5\u52e2\u306f\u518d\u3073\u7dca\u8feb\u5316\u3057\u3066\u3044\u307e\u3059\u3002\u7279\u306b\u30a4\u30e9\u30f3\u3092\u5de1\u308b\u5730\u653f\u5b66\u30ea\u30b9\u30af\u306f\u3001\u65e5\u672c\u7d4c\u6e08\u306b\u3068\u3063\u3066\u6700\u5927\u306e\u5916\u90e8\u8105\u5a01\u3067\u3059\u3002<\/p>\n<h4 data-path-to-node=\"5\">\u30db\u30eb\u30e0\u30ba\u6d77\u5ce1\u306e\u7dca\u5f35\u3068\u539f\u6cb9150\u30c9\u30eb\u30fb\u30b7\u30ca\u30ea\u30aa<\/h4>\n<ul data-path-to-node=\"6\">\n<li>\n<p data-path-to-node=\"6,0,0\"><b data-path-to-node=\"6,0,0\" data-index-in-node=\"0\">\u73fe\u72b6\u306e\u63a8\u79fb\uff1a<\/b> 2026\u5e744\u6708\u3001\u7c73\u56fd\u30fb\u30a4\u30b9\u30e9\u30a8\u30eb\u3068\u30a4\u30e9\u30f3\u306e\u76f4\u63a5\u885d\u7a81\u304c\u5831\u3058\u3089\u308c\u3001WTI\u539f\u6cb9\u5148\u7269\u306f\u4e00\u6642<b data-path-to-node=\"6,0,0\" data-index-in-node=\"48\">110\u30c9\u30eb<\/b>\u3092\u7a81\u7834\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"6,1,0\"><b data-path-to-node=\"6,1,0\" data-index-in-node=\"0\">\u6700\u60aa\u306e\u30b7\u30ca\u30ea\u30aa\uff1a<\/b> \u3082\u3057\u30db\u30eb\u30e0\u30ba\u6d77\u5ce1\u304c\u5c01\u9396\u3055\u308c\u308b\u3001\u3042\u308b\u3044\u306f\u540c\u6d77\u5ce1\u3092\u901a\u904e\u3059\u308b\u30bf\u30f3\u30ab\u30fc\u3078\u306e\u653b\u6483\u304c\u5e38\u614b\u5316\u3057\u305f\u5834\u5408\u3001\u539f\u6cb9\u4fa1\u683c\u306f<b data-path-to-node=\"6,1,0\" data-index-in-node=\"58\">150\u30c9\u30eb<\/b>\u306e\u5927\u53f0\u306b\u9054\u3059\u308b\u3068\u4e88\u6e2c\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"6,2,0\"><b data-path-to-node=\"6,2,0\" data-index-in-node=\"0\">\u65e5\u672c\u682a\u3078\u306e\u30a4\u30f3\u30d1\u30af\u30c8\uff1a<\/b><\/p>\n<ul data-path-to-node=\"6,2,1\">\n<li>\n<p data-path-to-node=\"6,2,1,0,0\"><b data-path-to-node=\"6,2,1,0,0\" data-index-in-node=\"0\">\u30b3\u30b9\u30c8\u30d7\u30c3\u30b7\u30e5\u30fb\u30a4\u30f3\u30d5\u30ec\uff1a<\/b> 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data-path-to-node=\"9\">2026\u5e745\u6708\u73fe\u5728\u3001\u7c73\u56fd\u306e\u666f\u6c17\u5f8c\u9000\uff08\u30ea\u30bb\u30c3\u30b7\u30e7\u30f3\uff09\u30ea\u30b9\u30af\u306f\u7121\u8996\u3067\u304d\u306a\u3044\u6c34\u6e96\u306b\u9054\u3057\u3066\u3044\u307e\u3059\u3002\u4e88\u6e2c\u5e02\u5834\u300cPolymarket\u300d\u306a\u3069\u306e\u30c7\u30fc\u30bf\u3067\u306f\u30012026\u5e74\u672b\u307e\u3067\u306e\u30ea\u30bb\u30c3\u30b7\u30e7\u30f3\u78ba\u7387\u306f\u7d0440\uff05\u3068\u3001\u6570\u30f6\u6708\u524d\u306e20\uff05\u53f0\u304b\u3089\u6025\u4e0a\u6607\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"10\">\u96c7\u7528\u7d71\u8a08\u306e\u5909\u8abf\u3068\u300c\u30b5\u30fc\u30e0\u30fb\u30eb\u30fc\u30eb\u300d\u306e\u5f71<\/h4>\n<ul data-path-to-node=\"11\">\n<li>\n<p data-path-to-node=\"11,0,0\"><b data-path-to-node=\"11,0,0\" data-index-in-node=\"0\">\u52b4\u50cd\u5e02\u5834\u306e\u51b7\u3048\u8fbc\u307f\uff1a<\/b> 2026\u5e742\u6708\u4ee5\u964d\u3001\u7c73\u56fd\u306e\u975e\u8fb2\u696d\u90e8\u9580\u96c7\u7528\u8005\u6570\u306f\u6e1b\u5c11\u306b\u8ee2\u3058\u308b\u6708\u304c\u51fa\u59cb\u3081\u3066\u304a\u308a\u3001\u5931\u696d\u7387\u306f4.4\uff05\u307e\u3067\u4e0a\u6607\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u666f\u6c17\u5f8c\u9000\u306e\u4e88\u5146\u3068\u3055\u308c\u308b\u300c\u30b5\u30fc\u30e0\u30fb\u30eb\u30fc\u30eb\uff08\u5931\u696d\u7387\u306e3\u30f6\u6708\u79fb\u52d5\u5e73\u5747\u304c\u904e\u53bb12\u30f6\u6708\u306e\u6700\u4f4e\u5024\u304b\u30890.5\uff05\u4ee5\u4e0a\u4e0a\u6607\uff09\u300d\u306b\u62b5\u89e6\u3057\u3064\u3064\u3042\u308b\u72b6\u614b\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"11,1,0\"><b data-path-to-node=\"11,1,0\" data-index-in-node=\"0\">\u9ad8\u91d1\u5229\u306e\u300c\u6642\u9593\u5dee\u300d\u653b\u6483\uff1a<\/b> FRB\uff08\u7c73\u9023\u90a6\u6e96\u5099\u5236\u5ea6\u7406\u4e8b\u4f1a\uff09\u304c\u7d99\u7d9a\u3057\u3066\u304d\u305f\u9ad8\u91d1\u5229\u653f\u7b56\u306e\u7d2f\u7a4d\u7684\u306a\u5f71\u97ff\u304c\u3001\u3064\u3044\u306b\u6c11\u9593\u4f01\u696d\u306e\u50b5\u52d9\u501f\u63db\u3084\u5bb6\u8a08\u306e\u30ab\u30fc\u30c9\u30ed\u30fc\u30f3\u5ef6\u6ede\u7387\u3068\u3044\u3046\u5f62\u3067\u8868\u9762\u5316\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"11,2,0\"><b data-path-to-node=\"11,2,0\" data-index-in-node=\"0\">\u65e5\u672c\u682a\u3078\u306e\u6ce2\u53ca\uff1a<\/b><\/p>\n<ul data-path-to-node=\"11,2,1\">\n<li>\n<p data-path-to-node=\"11,2,1,0,0\"><b data-path-to-node=\"11,2,1,0,0\" data-index-in-node=\"0\">\u8f38\u51fa\u4f01\u696d\u306e\u6e1b\u901f\uff1a<\/b> 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data-index-in-node=\"54\">1\u30c9\u30eb\uff1d120\u5186<\/b>\u3092\u5207\u308b\u3088\u3046\u306a\u5186\u9ad8\u304c\u9032\u884c\u3057\u305f\u5834\u5408\u3001\u65e5\u7d4c\u5e73\u5747\u306f\u8f38\u51fa\u682a\u306e\u58f2\u308a\u306b\u3088\u3063\u3066\u30016\u4e07\u5186\u53f0\u304b\u3089\u306e\u6025\u843d\uff08\u30d5\u30e9\u30c3\u30b7\u30e5\u30af\u30e9\u30c3\u30b7\u30e5\uff09\u3092\u8d77\u3053\u3059\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"12\" \/>\n<h3 data-path-to-node=\"13\">3. \u300cNT\u500d\u7387\u300d\u306e\u8a18\u9332\u7684\u4e56\u96e2\u3068\u4e00\u90e8\u9298\u67c4\u3078\u306e\u96c6\u4e2d\u30ea\u30b9\u30af<\/h3>\n<p data-path-to-node=\"14\">\u30c6\u30af\u30cb\u30ab\u30eb\u30fb\u69cb\u9020\u7684\u306a\u30ea\u30b9\u30af\u3068\u3057\u3066\u6ce8\u76ee\u3059\u3079\u304d\u306f\u3001\u65e5\u7d4c\u5e73\u5747\u682a\u4fa1\u306e\u300c\u4e2d\u8eab\u300d\u306e\u6b6a\u307f\u3067\u3059\u3002<\/p>\n<h4 data-path-to-node=\"15\">16\u500d\u3092\u8d85\u3048\u308bNT\u500d\u7387\u306e\u5371\u3046\u3055<\/h4>\n<ul data-path-to-node=\"16\">\n<li>\n<p data-path-to-node=\"16,0,0\"><b data-path-to-node=\"16,0,0\" data-index-in-node=\"0\">\u73fe\u72b6\uff1a<\/b> \u65e5\u7d4c\u5e73\u5747\u3092TOPIX\u3067\u5272\u3063\u305f\u300cNT\u500d\u7387\u300d\u306f\u30012026\u5e745\u6708\u306b<b data-path-to-node=\"16,0,0\" data-index-in-node=\"34\">16.3\u500d<\/b>\u3068\u3044\u3046\u904e\u53bb\u6700\u9ad8\u6c34\u6e96\u3092\u8a18\u9332\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u65e5\u7d4c\u5e73\u5747\u304c\u6771\u8a3c\u5168\u4f53\u306e\u4e0a\u6607\u3092\u53cd\u6620\u3057\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u3054\u304f\u4e00\u90e8\u306e\u300c\u5024\u5d69\u30cf\u30a4\u30c6\u30af\u682a\u300d\uff08AI\u30fb\u534a\u5c0e\u4f53\u95a2\u9023\u306a\u3069\uff09\u306b\u3088\u3063\u3066\u306e\u307f\u91e3\u308a\u4e0a\u3052\u3089\u308c\u3066\u3044\u308b\u3053\u3068\u3092\u793a\u5506\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"16,1,0\"><b data-path-to-node=\"16,1,0\" data-index-in-node=\"0\">\u96c6\u4e2d\u30ea\u30b9\u30af\u306e\u5177\u4f53\u4f8b\uff1a<\/b> 2026\u5e744\u6708\u304b\u30895\u6708\u306b\u304b\u3051\u3066\u306e\u4e0a\u6607\u306e\u7d047\u5272\u304c\u3001\u6307\u6570\u5bc4\u4e0e\u5ea6\u306e\u9ad8\u3044\u4e0a\u4f4d4\u301c5\u9298\u67c4\uff08\u6771\u4eac\u30a8\u30ec\u30af\u30c8\u30ed\u30f3\u3001\u30d5\u30a1\u30fc\u30b9\u30c8\u30ea\u30c6\u30a4\u30ea\u30f3\u30b0\u3001\u30a2\u30c9\u30d0\u30f3\u30c6\u30b9\u30c8\u7b49\uff09\u306b\u3088\u3063\u3066\u8aac\u660e\u3055\u308c\u308b\u3068\u3044\u3046\u7570\u5e38\u4e8b\u614b\u304c\u8d77\u304d\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"16,2,0\"><b data-path-to-node=\"16,2,0\" data-index-in-node=\"0\">\u30b7\u30ca\u30ea\u30aa\uff1a<\/b> \u3082\u3057\u30a8\u30cc\u30d3\u30c7\u30a3\u30a2\u3092\u306f\u3058\u3081\u3068\u3059\u308b\u7c73\u56fd\u306eAI\u30d0\u30d6\u30eb\u306b\u8abf\u6574\u304c\u5165\u308c\u3070\u3001\u3053\u308c\u3089\u306e\u6307\u6570\u5bc4\u4e0e\u5ea6\u30c8\u30c3\u30d7\u9298\u67c4\u304c\u300c\u5e73\u5747\u56de\u5e30\u300d\u306e\u7406\u5c48\u306720\u301c30\uff05\u6025\u843d\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"16,2,1\">\n<li>\n<p data-path-to-node=\"16,2,1,0,0\"><b data-path-to-node=\"16,2,1,0,0\" data-index-in-node=\"0\">\u8a08\u7b97\uff1a<\/b> \u4e0a\u4f4d5\u9298\u67c4\u304c20\uff05\u4e0b\u843d\u3059\u308b\u3060\u3051\u3067\u3001\u65e5\u7d4c\u5e73\u5747\u306f\u7b97\u51fa\u306e\u4ed5\u7d44\u307f\u4e0a\u3001<b data-path-to-node=\"16,2,1,0,0\" data-index-in-node=\"34\">\u7d043,000\u5186\u301c4,000\u5186<\/b>\u62bc\u3057\u4e0b\u3052\u3089\u308c\u307e\u3059\u3002\u3053\u308c\u304c\u30c8\u30ea\u30ac\u30fc\u3068\u306a\u308a\u3001\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u53d6\u5f15\u306e\u58f2\u308a\u3092\u8a98\u767a\u3059\u308c\u3070\u30016\u4e07\u5186\u53f0\u306e\u7dad\u6301\u306f\u6975\u3081\u3066\u56f0\u96e3\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"17\" \/>\n<h3 data-path-to-node=\"18\">\u30ea\u30b9\u30af\u7ba1\u7406\u306e\u305f\u3081\u306e\u30c1\u30a7\u30c3\u30af\u30ea\u30b9\u30c8<\/h3>\n<p data-path-to-node=\"19\">\u6295\u8cc7\u5bb6\u304c\u4eca\u5f8c1\u5e74\u3067\u6ce8\u8996\u3059\u3079\u304d\u5177\u4f53\u7684\u306a\u95be\u5024\uff08\u3057\u304d\u3044\u5024\uff09\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<ol start=\"1\" data-path-to-node=\"20\">\n<li>\n<p data-path-to-node=\"20,0,0\"><b data-path-to-node=\"20,0,0\" data-index-in-node=\"0\">\u539f\u6cb9\u4fa1\u683c\uff08WTI\uff09\uff1a<\/b> <b data-path-to-node=\"20,0,0\" data-index-in-node=\"11\">120\u30c9\u30eb<\/b>\u3092\u8d85\u3048\u3066\u5b9a\u7740\u3059\u308b\u304b\u3069\u3046\u304b\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"20,1,0\"><b data-path-to-node=\"20,1,0\" data-index-in-node=\"0\">\u7c73\u5931\u696d\u7387\uff1a<\/b> 4.5\uff05\u3092\u7a81\u7834\u3057\u3001\u672c\u683c\u7684\u306a\u30ea\u30bb\u30c3\u30b7\u30e7\u30f3\u5165\u308a\u306e\u78ba\u8a3c\u304c\u5f97\u3089\u308c\u308b\u304b\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"20,2,0\"><b data-path-to-node=\"20,2,0\" data-index-in-node=\"0\">\u70ba\u66ff\u30ec\u30fc\u30c8\uff1a<\/b> <b data-path-to-node=\"20,2,0\" data-index-in-node=\"7\">1\u30c9\u30eb\uff1d125\u5186<\/b>\u3092\u4e0b\u56de\u308b\u6025\u6fc0\u306a\u5186\u9ad8\u306e\u9032\u884c\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"20,3,0\"><b data-path-to-node=\"20,3,0\" data-index-in-node=\"0\">NT\u500d\u7387\uff1a<\/b> <b data-path-to-node=\"20,3,0\" data-index-in-node=\"6\">16.5\u500d<\/b>\u3092\u8d85\u3048\u3066\u3055\u3089\u306b\u62e1\u5927\u3059\u308b\u304b\u3001\u3042\u308b\u3044\u306f\u6025\u6fc0\u306a\u53ce\u675f\uff08\u5e73\u5747\u56de\u5e30\uff09\u304c\u59cb\u307e\u308b\u304b\u3002<\/p>\n<\/li>\n<\/ol>\n<h3 data-path-to-node=\"21\">\u7d50\u8ad6\uff1a\u30ea\u30b9\u30af\u3092\u5185\u5305\u3057\u305f\u300c6\u4e07\u5186\u300d<\/h3>\n<p data-path-to-node=\"22\">2026\u5e74\u306e6\u4e07\u5186\u53f0\u306f\u3001\u524d\u8ff0\u306e\u901a\u308a\u300c\u5b9f\u529b\u300d\u306b\u88cf\u6253\u3061\u3055\u308c\u305f\u3082\u306e\u3067\u3059\u304c\u3001\u540c\u6642\u306b\u300c\u7db1\u6e21\u308a\u306e\u5747\u8861\u300d<b data-path-to-node=\"22\" data-index-in-node=\"45\">\u306e\u4e0a\u306b\u6210\u308a\u7acb\u3063\u3066\u3044\u307e\u3059\u3002 \u7279\u306b\u4e2d\u6771\u60c5\u52e2\u3068\u3044\u3046\u300c\u653f\u6cbb\u300d\u3068\u3001\u7c73\u56fd\u666f\u6c17\u3068\u3044\u3046\u300c\u30de\u30af\u30ed\u300d\u306e\u4e21\u8f2a\u304c\u5d29\u308c\u305f\u5834\u5408\u3001\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff08PER 17\u500d\uff09\u304c\u6b63\u5f53\u3067\u3042\u3063\u3066\u3082\u3001\u30d1\u30cb\u30c3\u30af\u7684\u306a\u58f2\u308a\u306b\u3088\u3063\u3066<\/b>5\u4e07\u5186\u53f0\u524d\u534a\u3078\u306e\u30aa\u30fc\u30d0\u30fc\u30b7\u30e5\u30fc\u30c8\uff08\u884c\u304d\u904e\u304e\u305f\u4e0b\u843d\uff09\u304c\u8d77\u3053\u308b\u30ea\u30b9\u30af\u306f\u5e38\u306b\u610f\u8b58\u3057\u3066\u304a\u304f\u3079\u304d\u3067\u3057\u3087\u3046\u3002<\/p>\n<hr data-path-to-node=\"32\" \/>\n<h2 data-path-to-node=\"33\">5. \u7d50\u8ad6\uff1a2027\u5e74\u3001\u65e5\u7d4c\u5e73\u5747\u306f7\u4e07\u5186\u3092\u76ee\u6307\u3059\u304b<\/h2>\n<p data-path-to-node=\"0\">2026\u5e745\u6708\u73fe\u5728\u3001\u65e5\u7d4c\u5e73\u5747\u682a\u4fa1\u304c6\u4e07\u5186\u53f0\u3068\u3044\u3046\u6b74\u53f2\u7684\u306a\u9ad8\u307f\u306b\u4f4d\u7f6e\u3059\u308b\u4e2d\u3067\u3001\u5e02\u5834\u306e\u95a2\u5fc3\u306f\u300c2027\u5e74\u306b7\u4e07\u5186\u3078\u5230\u9054\u3059\u308b\u304b\u300d\u3068\u3044\u3046\u6b21\u306a\u308b\u30b9\u30c6\u30fc\u30b8\u3078\u3068\u79fb\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"1\">\u7d50\u8ad6\u304b\u3089\u7533\u3057\u4e0a\u3052\u308c\u3070\u3001<b data-path-to-node=\"1\" data-index-in-node=\"11\">\u300c2027\u5e74\u3001\u65e5\u7d4c\u5e73\u57477\u4e07\u5186\u300d\u306f\u5358\u306a\u308b\u5e0c\u671b\u7684\u89b3\u6e2c\u3067\u306f\u306a\u304f\u3001\u73fe\u5728\u306e\u4f01\u696d\u696d\u7e3e\u306e\u4f38\u3073\u3068\u653f\u7b56\u306e\u65b9\u5411\u6027\u304c\u7dad\u6301\u3055\u308c\u308c\u3070\u3001\u5341\u5206\u306b\u5c04\u7a0b\u570f\u5185\u306b\u3042\u308b<\/b>\u3068\u8a00\u3048\u307e\u3059\u3002\u305d\u306e\u6839\u62e0\u3092\u3001\u5177\u4f53\u7684\u306a\u6570\u5b57\u30683\u3064\u306e\u78ba\u5b9f\u306a\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u304b\u3089\u6df1\u6398\u308a\u3057\u307e\u3059\u3002<\/p>\n<hr data-path-to-node=\"2\" \/>\n<h3 data-path-to-node=\"3\">1. EPS 4,500\u5186\u3078\u306e\u9053\uff1a\u5897\u76ca\u30b7\u30ca\u30ea\u30aa\u306e\u5b8c\u9042<\/h3>\n<p data-path-to-node=\"4\">\u682a\u4fa1\u3092\u652f\u3048\u308b\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306b\u304a\u3044\u3066\u3001\u6700\u3082\u91cd\u8981\u306a\u306e\u306f\u300c\u7a3c\u3050\u529b\u306e\u7d99\u7d9a\u300d\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"5\">\n<li>\n<p data-path-to-node=\"5,0,0\"><b data-path-to-node=\"5,0,0\" data-index-in-node=\"0\">\u5229\u76ca\u6210\u9577\u306e\u4e88\u6e2c\uff1a<\/b> 2026\u5e74\u5ea6\u306e\u65e5\u672c\u4f01\u696d\u306eEPS\uff081\u682a\u5f53\u305f\u308a\u5229\u76ca\uff09\u6210\u9577\u7387\u306f\u524d\u5e74\u6bd4+11.6%<b data-path-to-node=\"5,0,0\" data-index-in-node=\"46\">\u30012027\u5e74\u5ea6\u306b\u306f<\/b>+12.7%\u3068\u3044\u3046\u529b\u5f37\u3044\u5897\u76ca\u304c\u898b\u8fbc\u307e\u308c\u3066\u3044\u307e\u3059\uff08\u4e3b\u8981\u8a3c\u5238\u4e88\u6e2c\uff09\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"5,1,0\"><b data-path-to-node=\"5,1,0\" data-index-in-node=\"0\">\u5177\u4f53\u7684\u306a\u8a08\u7b97\uff1a<\/b> \u73fe\u5728\u306eEPS\u7d043,650\u5186\u304c2027\u5e74\u672b\u307e\u3067\u306b\u7d2f\u8a0825%\u6210\u9577\u3059\u308b\u3068\u3001EPS\u306f<b data-path-to-node=\"5,1,0\" data-index-in-node=\"46\">\u7d044,500\u5186<\/b>\u306b\u9054\u3057\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"5,1,1\">\n<li>\n<p data-path-to-node=\"5,1,1,0,0\">\u3053\u306e\u3068\u304d\u3001PER\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09\u304c\u73fe\u5728\u3088\u308a\u4fdd\u5b88\u7684\u306a<b data-path-to-node=\"5,1,1,0,0\" data-index-in-node=\"24\">15.5\u500d<\/b>\u307e\u3067\u4f4e\u4e0b\u3057\u305f\u3068\u3057\u3066\u3082\u3001\u682a\u4fa1\u306f\u7406\u8ad6\u4e0a\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<div data-path-to-node=\"5,1,1,1,0\">\n<div class=\"math-block\" data-math=\"4,500\u5186 (EPS) \\times 15.5\u500d (PER) = 69,750\u5186\">$$4,500\u5186 (EPS) \\times 15.5\u500d (PER) = 69,750\u5186$$<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p data-path-to-node=\"5,2,0\"><b data-path-to-node=\"5,2,0\" data-index-in-node=\"0\">\u8981\u56e0\uff1a<\/b> 2027\u5e74\u306b\u306f\u3001AI\u30fb\u534a\u5c0e\u4f53\u6295\u8cc7\u306b\u3088\u308b\u751f\u7523\u6027\u5411\u4e0a\u306e\u5229\u76ca\u304c\u300c\u88fd\u9020\u696d\u5168\u822c\u300d\u3084\u300c\u30b5\u30fc\u30d3\u30b9\u696d\u300d\u306b\u307e\u3067\u6ce2\u53ca\u3057\u3001\u4e00\u90e8\u306e\u30cf\u30a4\u30c6\u30af\u682a\u306b\u4f9d\u5b58\u3057\u306a\u3044\u300c\u5168\u696d\u7a2e\u3067\u306e\u5e95\u4e0a\u3052\u300d\u304cEPS\u3092\u62bc\u3057\u4e0a\u3052\u308b\u3068\u4e88\u60f3\u3055\u308c\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"6\" \/>\n<h3 data-path-to-node=\"7\">2. 2027\u5e744\u6708\u300c\u6d88\u8cbb\u7a0e\u6e1b\u7a0e\u300d\u3068\u3044\u3046\u7279\u5927\u306e\u30ab\u30bf\u30ea\u30b9\u30c8<\/h3>\n<p data-path-to-node=\"8\">\u9ad8\u5e02\u653f\u6a29\u4e0b\u3067\u691c\u8a0e\u3055\u308c\u3066\u3044\u308b\u30012027\u5e744\u6708\u306e\u300c\u98df\u6599\u54c1\u7b49\u306e\u6d88\u8cbb\u7a0e\u73870%\u5316\u300d\u304c\u5b9f\u73fe\u3059\u308c\u3070\u3001\u5185\u9700\u30bb\u30af\u30bf\u30fc\u306b\u3068\u3063\u3066\u7a7a\u524d\u7d76\u5f8c\u306e\u8ffd\u3044\u98a8\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"9\">\n<li>\n<p data-path-to-node=\"9,0,0\"><b data-path-to-node=\"9,0,0\" data-index-in-node=\"0\">\u5b9f\u8ceaGDP\u306e\u62bc\u3057\u4e0a\u3052\uff1a<\/b> \u91ce\u6751\u8b49\u5238\u7b49\u306e\u8a66\u7b97\u306b\u3088\u308c\u3070\u3001\u3053\u306e\u653f\u7b56\u306f\u5b9f\u8ceaGDP\u3092\u7d040.2%\u301c0.3%\u62bc\u3057\u4e0a\u3052\u308b\u76f4\u63a5\u7684\u306a\u52b9\u679c\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"9,1,0\"><b data-path-to-node=\"9,1,0\" data-index-in-node=\"0\">\u30a4\u30f3\u30d5\u30ec\u6291\u5236\u3068\u8cfc\u8cb7\u529b\u5411\u4e0a\uff1a<\/b> \u98df\u6599\u54c1\u306e\u6e1b\u7a0e\u306f\u30b3\u30a2CPI\uff08\u6d88\u8cbb\u8005\u7269\u4fa1\u6307\u6570\uff09\u3092\u4e00\u6642\u7684\u306b<b data-path-to-node=\"9,1,0\" data-index-in-node=\"40\">1.5%\u30dd\u30a4\u30f3\u30c8\u7a0b\u5ea6\u62bc\u3057\u4e0b\u3052<\/b>\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u65e5\u9280\u304c\u6025\u6fc0\u306a\u5229\u4e0a\u3052\u3092\u6025\u3050\u5fc5\u8981\u304c\u306a\u304f\u306a\u308a\u3001\u4f4e\u91d1\u5229\u74b0\u5883\u304c\u7dad\u6301\u3055\u308c\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"9,2,0\"><b data-path-to-node=\"9,2,0\" data-index-in-node=\"0\">\u6d88\u8cbb\u306e\u7206\u767a\uff1a<\/b> \u300c\u7269\u4fa1\u9ad8\u306b\u82e6\u3057\u3080\u5bb6\u8a08\u300d\u304c\u300c\u624b\u53d6\u308a\u304c\u5897\u3048\u3001\u652f\u51fa\u3082\u6e1b\u308b\u300d\u72b6\u614b\u306b\u8ee2\u63db\u3059\u308b\u3053\u3068\u3067\u3001\u5c0f\u58f2\u308a\u3001\u5916\u98df\u3001\u89b3\u5149\u3068\u3044\u3063\u305f\u5185\u9700\u682a\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u304c1\u6bb5\u968e\u5207\u308a\u4e0a\u304c\u308b\u3053\u3068\u304c\u30017\u4e07\u5186\u3078\u306e\u6700\u5f8c\u306e\u3072\u3068\u62bc\u3057\uff08\u30e9\u30b9\u30c8\u30ef\u30f3\u30de\u30a4\u30eb\uff09\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"10\" \/>\n<h3 data-path-to-node=\"11\">3. \u300c\u8caf\u84c4\u304b\u3089\u6295\u8cc7\u3078\u300d\u306e\u5b8c\u5168\u5b9a\u7740\u3068\u9700\u7d66\u306e\u5909\u5316<\/h3>\n<p data-path-to-node=\"12\">2027\u5e74\u306f\u65b0NISA\u958b\u59cb\u304b\u30894\u5e74\u76ee\u3092\u8fce\u3048\u3001\u65e5\u672c\u4eba\u306e\u8cc7\u7523\u5f62\u6210\u884c\u52d5\u304c\u5b8c\u5168\u306b\u300c\u6295\u8cc7\u30b7\u30d5\u30c8\u300d\u3057\u305f\u5e74\u3068\u3057\u3066\u8a18\u9332\u3055\u308c\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<ul data-path-to-node=\"13\">\n<li>\n<p data-path-to-node=\"13,0,0\"><b data-path-to-node=\"13,0,0\" data-index-in-node=\"0\">\u500b\u4eba\u30de\u30cd\u30fc\u306e\u7a4d\u7acb\u52b9\u679c\uff1a<\/b> 2024\u5e74\u304b\u3089\u59cb\u307e\u3063\u305f\u65b0NISA\u306e\u7d2f\u8a08\u6295\u8cc7\u984d\u306f\u30012027\u5e74\u306b\u306f<b data-path-to-node=\"13,0,0\" data-index-in-node=\"43\">40\u5146\u5186\u301c50\u5146\u5186<\/b>\u898f\u6a21\u306b\u9054\u3059\u308b\u3068\u4e88\u6e2c\u3055\u308c\u307e\u3059\u3002\u3053\u306e\u3046\u3061\u4e00\u5b9a\u5272\u5408\u304c\u65e5\u672c\u682a\u6295\u4fe1\u306b\u6d41\u308c\u7d9a\u3051\u308b\u3053\u3068\u3067\u3001\u76f8\u5834\u304c\u4e0b\u304c\u3063\u305f\u969b\u306b\u62fe\u3046\u300c\u30af\u30b8\u30e9\uff08\u5de8\u5927\u306a\u8cb7\u3044\u624b\uff09\u300d\u3068\u3057\u3066\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u6a5f\u80fd\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"13,1,0\"><b data-path-to-node=\"13,1,0\" data-index-in-node=\"0\">ROE 12%\u3078\u306e\u6311\u6226\uff1a<\/b> 2027\u5e74\u306b\u306f\u65e5\u672c\u4f01\u696d\u306e\u5e73\u5747ROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09\u304c12%\u306b\u8feb\u308b\u3068\u898b\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u7c73\u56fd\u4e26\u307f\u306e\u8cc7\u672c\u52b9\u7387\u3092\u624b\u306b\u5165\u308c\u305f\u65e5\u672c\u5e02\u5834\u306b\u5bfe\u3057\u3001\u6d77\u5916\u306e\u5e74\u91d1\u57fa\u91d1\u3084\u653f\u5e9c\u7cfb\u30d5\u30a1\u30f3\u30c9\u304c\u300c\u30aa\u30fc\u30d0\u30fc\u30a6\u30a7\u30a4\u30c8\uff08\u5f37\u6c17\uff09\u300d\u3078\u3068\u6295\u8cc7\u914d\u5206\u3092\u6052\u4e45\u7684\u306b\u5909\u66f4\u3059\u308b\u52d5\u304d\u304c\u672c\u683c\u5316\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"14\" \/>\n<h3 data-path-to-node=\"15\">4. 2027\u5e74\u306e\u682a\u4fa1\u30ec\u30f3\u30b8\u4e88\u60f3<\/h3>\n<p data-path-to-node=\"16\">2027\u5e74\u306f\u3001\u653f\u6cbb\u30fb\u7d4c\u6e08\u306e\u4e21\u9762\u3067\u300c\u8131\u30c7\u30d5\u30ec\u300d\u306e\u7dcf\u4ed5\u4e0a\u3052\u304c\u884c\u308f\u308c\u308b\u5e74\u3067\u3059\u3002\u30dd\u30b8\u30c6\u30a3\u30d6\u306a\u30b7\u30ca\u30ea\u30aa\u304c\u73fe\u5b9f\u3068\u306a\u308c\u3070\u3001\u65e5\u7d4c\u5e73\u5747\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u8ecc\u9053\u3092\u63cf\u304f\u3068\u60f3\u5b9a\u3055\u308c\u307e\u3059\u3002<\/p>\n<table data-path-to-node=\"17\">\n<thead>\n<tr>\n<td><strong>\u6642\u671f<\/strong><\/td>\n<td><strong>\u30e1\u30a4\u30f3\u30b7\u30ca\u30ea\u30aa\uff08\u4e2d\u5fc3\u5024\uff09<\/strong><\/td>\n<td><strong>\u4e0a\u632f\u308c\uff087\u4e07\u5186\u9054\u6210\u6642\uff09<\/strong><\/td>\n<td><strong>\u8981\u56e0<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"17,1,0,0\"><b data-path-to-node=\"17,1,0,0\" data-index-in-node=\"0\">2026\u5e74\u672b<\/b><\/span><\/td>\n<td><span data-path-to-node=\"17,1,1,0\">62,000\u5186<\/span><\/td>\n<td><span data-path-to-node=\"17,1,2,0\">65,000\u5186<\/span><\/td>\n<td><span data-path-to-node=\"17,1,3,0\">EPS\u6210\u9577\u306e\u5b9a\u7740\u3001\u7c73\u666f\u6c17\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"17,2,0,0\"><b data-path-to-node=\"17,2,0,0\" data-index-in-node=\"0\">2027\u5e744\u6708<\/b><\/span><\/td>\n<td><span data-path-to-node=\"17,2,1,0\">65,000\u5186<\/span><\/td>\n<td><span data-path-to-node=\"17,2,2,0\"><b data-path-to-node=\"17,2,2,0\" data-index-in-node=\"0\">68,000\u5186<\/b><\/span><\/td>\n<td><span data-path-to-node=\"17,2,3,0\"><b data-path-to-node=\"17,2,3,0\" data-index-in-node=\"0\">\u6d88\u8cbb\u7a0e\u6e1b\u7a0e\uff08\u98df\u6599\u54c10%\uff09\u306e\u5b9f\u65bd<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"17,3,0,0\"><b data-path-to-node=\"17,3,0,0\" data-index-in-node=\"0\">2027\u5e74\u672b<\/b><\/span><\/td>\n<td><span data-path-to-node=\"17,3,1,0\"><b data-path-to-node=\"17,3,1,0\" data-index-in-node=\"0\">68,000\u5186<\/b><\/span><\/td>\n<td><span data-path-to-node=\"17,3,2,0\"><b data-path-to-node=\"17,3,2,0\" data-index-in-node=\"0\">72,000\u5186<\/b><\/span><\/td>\n<td><span data-path-to-node=\"17,3,3,0\"><b data-path-to-node=\"17,3,3,0\" data-index-in-node=\"0\">\u540d\u76eeGDP 700\u5146\u5186\u5230\u9054\u3001ROE 12%\u9054\u6210<\/b><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr data-path-to-node=\"18\" \/>\n<h3 data-path-to-node=\"19\">5. \u7dcf\u62ec\uff1a7\u4e07\u5186\u306f\u300c\u901a\u904e\u70b9\u300d\u304b\u300c\u9802\u70b9\u300d\u304b<\/h3>\n<p data-path-to-node=\"20\">\u65e5\u7d4c\u5e73\u57477\u4e07\u5186\u3068\u3044\u3046\u6570\u5b57\u306f\u3001\u304b\u3064\u3066\u306e3\u4e078,915\u5186\u304c\u300c\u865a\u50cf\u306e\u71b1\u72c2\u300d\u3067\u3042\u3063\u305f\u306e\u306b\u5bfe\u3057\u3001\u300c\u540d\u76eeGDP 700\u5146\u5186\u3001EPS 4,500\u5186\u300d\u3068\u3044\u3046\u5b9f\u4f53\u306b\u88cf\u6253\u3061\u3055\u308c\u305f\u300c\u771f\u5b9f\u306e\u682a\u4fa1\u300d\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"21\">\u305f\u3060\u3057\u3001\u6ce8\u610f\u3059\u3079\u304d\u306f\u300c\u91d1\u5229\u3068\u306e\u5171\u5b58\u300d\u3067\u3059\u30022027\u5e74\u306b\u306f\u65e5\u672c\u306e\u653f\u7b56\u91d1\u5229\u30821.5%\u301c2.0%\u306b\u9054\u3057\u3066\u3044\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u304f\u3001\u4f01\u696d\u306f\u300c\u5b89\u3044\u30ab\u30cd\u300d\u3067\u7a3c\u3050\u30d5\u30a7\u30fc\u30ba\u304b\u3089\u3001\u300c\u9ad8\u3044\u6295\u8cc7\u52b9\u7387\u300d\u3067\u7a3c\u3050\u771f\u306e\u5b9f\u529b\u304c\u8a66\u3055\u308c\u308b\u30d5\u30a7\u30fc\u30ba\u3078\u79fb\u884c\u3057\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"22\"><b data-path-to-node=\"22\" data-index-in-node=\"0\">\u6295\u8cc7\u5bb6\u3078\u306e\u30a2\u30c9\u30d0\u30a4\u30b9\uff1a<\/b><\/p>\n<p data-path-to-node=\"22\">2027\u5e74\u306b\u5411\u3051\u3066\u3001\u65e5\u7d4c\u5e73\u5747\u306f\u300c7\u4e07\u5186\u300d\u3068\u3044\u3046\u58ee\u5927\u306a\u76ee\u6a19\u306b\u5411\u304b\u3063\u3066\u6b69\u307f\u3092\u9032\u3081\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u305d\u306e\u904e\u7a0b\u3067\u306f2026\u5e74\u307e\u3067\u306e\u30cf\u30a4\u30c6\u30af\u504f\u91cd\u304b\u3089\u3001\u300c\u6e1b\u7a0e\u306e\u6069\u6075\u3092\u53d7\u3051\u308b\u5185\u9700\u30fb\u6d88\u8cbb\u30bb\u30af\u30bf\u30fc\u300d<b data-path-to-node=\"22\" data-index-in-node=\"100\">\u3084<\/b>\u300c\u91d1\u5229\u4e0a\u6607\u3067\u5229\u3056\u3084\u304c\u7a3c\u3052\u308b\u91d1\u878d\u30bb\u30af\u30bf\u30fc\u300d\u3078\u306e\u7269\u8272\u306e\u30b7\u30d5\u30c8\u304c\u8d77\u304d\u308b\u3067\u3057\u3087\u3046\u3002\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\uff08\u6307\u6570\uff09\u5168\u4f53\u3078\u306e\u6295\u8cc7\u306b\u52a0\u3048\u3001\u3053\u3046\u3057\u305f\u300c\u4e3b\u5f79\u306e\u4ea4\u4ee3\u300d\u3092\u898b\u6975\u3081\u308b\u3053\u3068\u304c\u30017\u4e07\u5186\u6642\u4ee3\u306e\u52dd\u5229\u306e\u9375\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"36\">\u65e5\u672c\u7d4c\u6e08\u306f\u300130\u5e74\u306b\u53ca\u3076\u505c\u6ede\u3092\u8131\u3057\u3001\u3064\u3044\u306b\u300c\u6210\u9577\u306e\u30b5\u30a4\u30af\u30eb\u300d\u3078\u3068\u56de\u5e30\u3057\u307e\u3057\u305f\u30026\u4e07\u5186\u3068\u3044\u3046\u6570\u5b57\u306f\u7d42\u7740\u70b9\u3067\u306f\u306a\u304f\u3001\u30a4\u30f3\u30d5\u30ec\u7d4c\u6e08\u306b\u304a\u3051\u308b\u65b0\u305f\u306a\u6a19\u6e96\uff08\u30cb\u30e5\u30fc\u30ce\u30fc\u30de\u30eb\uff09\u306e\u59cb\u307e\u308a\u306b\u904e\u304e\u307e\u305b\u3093\u3002\u6295\u8cc7\u5bb6\u306f\u77ed\u671f\u7684\u306a\u30ce\u30a4\u30ba\u306b\u60d1\u308f\u3055\u308c\u305a\u3001\u65e5\u672c\u4f01\u696d\u306e\u7a3c\u3050\u529b\u306e\u5411\u4e0a\u306b\u6ce8\u76ee\u3059\u3079\u304d\u3067\u3057\u3087\u3046\u3002<\/p>\n<div><\/div>\n<div class=\"xcd-attention-8 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title\"><span style=\"font-size: 18pt;\">\u30d7\u30ed\u306e\u77e5\u8b58\u304c\u7121\u6599\u3067\u5b66\u3079\u307e\u3059<\/span><\/div>\n<div class=\"xcd-content\">\n<p><span style=\"font-size: 14pt;\"><strong>\u300c\u6295\u8cc7\u306e\u52c9\u5f37\u3092\u4f55\u304b\u3089\u3084\u3063\u3066\u3044\u3044\u304b\u308f\u304b\u3089\u306a\u3044\u300d\u300c\u6295\u8cc7\u3067\u8cc7\u7523\u3092\u4f5c\u308a\u305f\u3044\u3001\u53ce\u5165\u3092\u5897\u3084\u3057\u305f\u3044\u300d<\/strong><\/span><\/p>\n<p>\u305d\u3093\u306a\u6642\u306f<b><span class=\"f-marker-p\">\u7121\u6599\u3067\u8996\u8074\u3067\u304d\u308b\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u300c<a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=16989&amp;utm_content=16989\">GFS\u76e3\u4fee 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