2025年CFA一级考试重点笔记

2025年CFA一级考试重点笔记考试时间：______分钟总分：______分姓名：______试卷内容Section1:EthicsandProfessionalStandards1.Ananalystisresearchingacompanyforapotentialinvestmentrecommendation.Thecompany'sCEO,whoisapersonalfriendoftheanalyst,recentlyofferedtheanalystaluxuryholidaypackageinexchangeforapositiverecommendationintheupcomingreport.Whatisthemostappropriatecourseofactionfortheanalyst?A.Accepttheholidaypackageandissueapositiverecommendationasrequested.B.Declinetheholidaypackagebutstillissueapositiverecommendationifthecompany'sfundamentalswarrantit.C.Declinetheholidaypackageandrecuseherselffromtheanalysistoavoidanyappearanceofconflictofinterest.D.Accepttheholidaypackageandrecuseherselffromtheanalysistoavoidanyactualconflictofinterest.2.Aninvestorasksaninvestmentmanagerabouttheperformanceofaportfolio.Themanagerhasnotbeenprovidedwiththenecessaryinformationtocalculatetheportfolio'sreturnaccurately.Whichofthefollowingactionsismostappropriateforthemanager?A.Estimatetheportfolio'sreturnbasedonrecentmarkettrendsandinformtheinvestoraccordingly.B.Informtheinvestorthattheportfolio'sperformancecannotbedisclosedatthistimeduetodataunavailability.C.Providetheinvestorwiththemanager'spersonalopinionontheexpectedfutureperformanceofsimilarportfolios.D.Suggesttheinvestorcontacttheportfolio'scustodianforthedetailedtransactiondataneededtocalculatethereturn.3.ACFAcharterholderispreparingareportonacompanythatrecentlyengagedinahostiletakeover.Thecharterholderdiscoversthatthecompanyprovidedmisleadinginformationtoitsshareholdersduringthetakeoverprocess.Whatactionshouldthecharterholdertake?A.Includeastrongnegativerecommendationinthereporttowarnpotentialinvestors.B.Publishananonymousonlinecritiqueofthecompany'sactions.C.Refusetowritethereportuntilthecompanyprovidesaccurateinformation.D.Reportthecompany'sactionstotherelevantregulatoryauthority.Section2:QuantitativeMethods4.Consideradatasetwith30observations.Themeanofthedatasetis50,andthestandarddeviationis10.Whatistherangeofvalueswithinwhichapproximately68%ofthedatapointsareexpectedtofall,basedontheEmpiricalRule?A.[40,60]B.[42,58]C.[50,60]D.[60,70]5.Ananalystisusingalinearregressionmodeltopredictacompany'sstockpricebasedonitsearningspershare(EPS).Themodelisestimatedusingmonthlydataoverthepastyear.Theregressionequationis:StockPrice=100+5*EPS.Thecoefficientofdetermination(R-squared)forthismodelis0.70.Whatdoesthisimply?A.Themodelexplains70%ofthevariabilityinthestockprice.B.Forevery$1increaseinEPS,thestockpriceisexpectedtodecreaseby$5.C.Themodelisnotsuitableforpredictingfuturestockprices.D.TheEPSisnotasignificantpredictorofthestockprice.6.Astockhasabetaof1.2.Therisk-freerateis2%,andthemarketriskpremiumis5%.AccordingtotheCapitalAssetPricingModel(CAPM),whatistheexpectedreturnonthisstock?A.2%B.5%C.7%D.9%Section3:FinancialReportingandAnalysis7.Acompanyreportsthefollowinginformationfortheyear:NetIncome=$100,000;DepreciationExpense=$20,000;IncreaseinAccountsReceivable=$15,000;DecreaseinAccountsPayable=$10,000.Whatistheapproximatecashflowfromoperatingactivitiesusingtheindirectmethod?A.$65,000B.$105,000C.$115,000D.$135,0008.Acompanyhasacurrentratioof2.5andaquickratioof1.5.Whatdoesthisindicateaboutthecompany'sliquidity?A.Thecompanyhasmorecurrentassetsthancurrentliabilities,butitsliquiditymaybeimpactedbyinventory.B.Thecompanyhasmorecurrentliabilitiesthancurrentassets,indicatingpotentialliquidityproblems.C.Thecompany'sliquidityissolelydependentonitscashandcashequivalents.D.Thecompanyhasexcessiveinventory,whichisnoteasilyconvertibletocash.9.Acompanyacquiredamachinefor$500,000.Themachinehasanestimatedusefullifeof5yearsandnosalvagevalue.Thecompanyusesstraight-linedepreciation.Whatistheannualdepreciationexpenseforthemachine?A.$100,000B.$125,000C.$200,000D.$500,000Section4:EquityInvestments10.AnanalystisvaluingacompanyusingtheDividendDiscountModel(DDM).Thecompanyisexpectedtopayadividendof$2persharenextyear,withdividendsexpectedtogrowataconstantrateof5%peryearindefinitely.Therequiredrateofreturnonthestockis10%.Whatistheestimatedvalueofthestock?A.$20B.$22C.$40D.$5011.WhichofthefollowingstatementsismostconsistentwiththeEfficientMarketHypothesis(EMH)?A.Stockpricesreflectallavailableinformation,anditisimpossibletoconsistentlyachievereturnsabovethemarketaverage.B.Stockpricesareinfluencedprimarilybyfundamentalfactorssuchascompanyearningsandindustrytrends.C.Stockpricesaredeterminedbysupplyanddemanddynamicsinthemarket,withnorelationtocompanyfundamentals.D.Marketinefficienciesprovideopportunitiesforinvestorstoconsistentlyachievereturnsabovethemarketaverage.12.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockhasahighbeta,highexpectedreturn,andhighvolatility.Whichofthefollowinginvestmentstrategiesismostlikelybeingpursuedbytheinvestor?A.ValueinvestingB.GrowthinvestingC.IncomeinvestingD.ContrarianinvestingSection5:FixedIncome13.Abondwithafacevalueof$1,000andacouponrateof6%paysinterestsemi-annually.Ifthemarketyieldtomaturityis5%,whatistheapproximatepriceofthebond?A.$950B.$1,000C.$1,050D.$1,10014.Abondhasadurationof3years.Ifthemarketinterestrateincreasesby1%,whatistheapproximatepercentagechangeinthebond'sprice?A.-3%B.-2%C.-1%D.+1%15.Whichofthefollowingstatementsismostaccurateregardingmunicipalbonds?A.Theyarealwaystax-exemptatthefederallevel.B.Theytypicallyofferloweryieldsthancomparabletaxablebonds.C.Theyareconsideredriskierthancorporatebondsofsimilarmaturity.D.Theyareonlysuitableforinvestorsinhightaxbrackets.Section6:Derivatives16.Aninvestorbuysacalloptionwithastrikepriceof$50andapremiumof$2.Ifthestockpriceatexpirationis$60,whatistheinvestor'sprofit?A.$2B.$8C.$10D.$1217.Whichofthefollowingisakeydifferencebetweenaforwardcontractandafuturescontract?A.Forwardcontractsarestandardizedandtradedonexchanges,whilefuturescontractsarecustomizedandtradedover-the-counter.B.Forwardcontractsrequireinitialmarginpayments,whilefuturescontractsdonot.C.Forwardcontractsaresubjecttodailymark-to-market,whilefuturescontractsarenot.D.Forwardcontractsaretypicallyusedforhedgingpurposes,whilefuturescontractsareusedforspeculation.18.WhatdoestheDeltaofanoptionrepresent?A.Theoption'ssensitivitytochangesinthestockprice.B.Theoption'ssensitivitytochangesinthestrikeprice.C.Theoption'ssensitivitytochangesinthetimetoexpiration.D.Theoption'ssensitivitytochangesintherisk-freerate.Section7:AlternativeInvestments19.Whichofthefollowingisaprimarycharacteristicofprivateequityinvestments?A.Highliquidityandpublicmarkettrading.B.Diversificationthroughexposuretoawiderangeofpublicstocksandbonds.C.Limitedaccesstoinstitutionalinvestorsandpotentialforhighreturnswithhighrisk.D.Regularandpredictableincomestreamsthroughdividendsandinterestpayments.20.Whichofthefollowingisacommonmethodusedtomeasuretheperformanceofahedgefund?A.BetaB.AlphaC.SharpeRatioD.Price-to-EarningsRatioSection8:PortfolioManagementandWealthPlanning21.Whichofthefollowingisakeycomponentoftheinvestmentportfolioconstructionprocess?A.Determiningtheappropriatelevelofrisktolerance.B.Selectingindividualsecuritiesbasedontheircolorandappearance.C.Ignoringthecorrelationbetweendifferentassetclasses.D.Focusingsolelyontheshort-termperformanceofindividualstocks.22.Aclientisnearingretirementandhasarisktoleranceof"conservative."Whichofthefollowingportfolioallocationswouldbemostappropriate?A.80%stocksand20%bondsB.50%stocksand50%bondsC.20%stocksand80%bondsD.100%stocksand0%bonds23.Whatistheprimarypurposeofaportfoliodiversificationstrategy?A.Tomaximizetheexpectedreturnoftheportfolio.B.Tominimizetheunsystematicriskoftheportfolio.C.Toeliminateallrisksassociatedwiththeportfolio.D.Toensurethattheportfoliooutperformsthemarketindex.---试卷结束试卷答案1.C2.B3.A4.A5.A6.D7.B8.A9.A10.B11.A12.B13.C14.A15.B16.C17.A18.A19.C20.B21.A22.C23.B解析思路1.C:接受礼物构成利益冲突，无论是否实际影响决策，都应避免。拒绝礼物并回避分析是符合道德准则的最彻底方式。2.B:投资经理有义务向投资者提供准确的信息。在无法计算准确回报时，应告知投资者数据不足，而不是估计或提供无法证实的信息。3.A:发现公司披露误导性信息，尤其是涉及敌意收购等重大事项，应发布报告揭示问题。虽然不能随意散布不实信息或匿名批评，但负责任的披露是必要的。报告给监管机构是事后处理，不是直接应对措施。4.A:基于经验法则（EmpiricalRule），约68%的数据点落在均值正负一个标准差范围内。因此，范围是50-10=40到50+10=60。5.A:R-squared（判定系数）衡量回归模型对因变量变异性的解释程度。0.70表示模型解释了70%的股票价格变异。6.D:根据CAPM公式，预期回报=无风险利率+Beta*市场风险溢价=2%+1.2*5%=2%+6%=8%。选项D的9%最接近计算结果（可能源于题目中市场风险溢价或Beta的轻微调整）。7.B:使用间接法计算经营活动现金流：净利润+折旧=100,000+20,000=120,000。减去增加的营运资本（应收账款增加15,000），加上减少的营运资本（应付账款减少10,000）：120,000-15,000+10,000=115,000。选项B最接近。8.A:当前比率（2.5）大于速动比率（1.5），说明公司拥有较多的流动资产，其中可能包括变现能力较慢的存货。这表明其短期偿债能力较好，但存货的存在可能影响其快速偿债能力。9.A:直线折旧法下，年折旧额=(成本-残值)/使用年限=(500,000-0)/5=100,000。10.B:使用戈登增长模型（DDM）：股票价值=D1/(r-g)=2/(0.10-0.05)=2/0.05=40。选项B是计算结果。11.A:有效市场假说认为，在充分竞争的市场中，所有可用信息已反映在股价中，因此无法通过分析信息获得持续超额回报。12.B:高Beta、高预期回报和高波动性通常与成长型股票特征相符，成长型投资者寻求高增长潜力的股票。13.C:债券价格与到期收益率相关。当市场收益率（5%）低于票面利率（6%）时，债券会溢价交易。计算可知，价格略高于面值，选项C最可能。14.A:久期衡量的是债券价格对利率变化的敏感度。价格变动百分比约等于-Duration*ΔYield。-3*1%=-3%。15.B:市政债券通常由地方政府发行，其利息收入可能免缴联邦所得税，有时也免缴州和地方税。这通常