高顿CFA为你解答：
Capital market line (CML)（资本市场线）：
The line with an intercept point equal to the risk-free rate that is tangent to the efficient frontier of risky assets; represents the efficient frontier when a risk-free asset is available for investment.
资本市场线是表明有效组合的期望收益率和标准差之间的一种线性关系的一条由无风险收益率发出的射线。它与投资组合的有效边界相切，是由风险资产和无风险资产构成的投资组合。
Security market line (SML) (证券市场线)：
A graphical representation of the CAPM with beta on the x-axis and expected return on the y-axis.Intercept is Rf, slope is the market risk premium (Rm-Rf).
证券市场线代表了CAPM，X轴表示系统性风险β，Y轴表示预期收益，
证券市场线与纵坐标交点为无风险收益率，斜率是市场的风险溢价。证券市场线可以代表单个证券，也可以代表投资组合。证券市场线衡量了不同证券在一定的β风险下预期收益是否合理。
Security market line (SML)
Any asset or portfolio that are properly priced plots on SML；
Any asset or portfolio that are overpriced plots below SML；
Any asset or portfolio that are underpriced plots above SML；
每个证券（资产或组合）对应的纵坐标的位置代表预期的收益，所以这点落在证券市场线之上，表示预期的收益大于要求的回报率，所以是被低估，可以买入，反之则建议卖出，对于正好落在SML线上的点表示处于合理定价，应采取中性态度。
资本市场线与证券市场线的区别
（1）“资本市场线”的横轴是“标准差（总风险）”，“证券市场线”的横轴是“贝塔系数（只有系统性风险）”；
（2）“资本市场线”揭示的是“持有不同比例的无风险资产和市场组合情况下”风险和收益的关系；“证券市场线”揭示的是“证券的本身的风险和收益”之间的对应关系；
（3）证券市场线的作用在于提供了“必要报酬率”，利用股票估价模型，可以计算股票的内在价值；资本市场线的作用在于确定投资组合的比例，可预期承担多大的风险以及达到什么样的收益；
（4）资本市场线上包含了所有有效的组合，而只有合理定价的证券或组合才能正好在证券市场线上 ；
（5）资本市场线的斜率为市场组合的夏普比率，而证券市场线的斜率为市场的风险溢价；
例：When comparing portfolios that plot on the security market line (SML) to those that plot on the capital market line (CML), which is the most accurately state that portfolios lie on the SML:
A. have only systematic risk, while total risk is the risk measure on the CML.
B. are not necessarily well diversified, while portfolios on the CML are well diversified.
C. are not necessarily priced at their equilibrium values, while portfolios that lie on the CML are priced at their equilibrium values.
答案：B
解析：Although the risk measure on the capital market line diagram is total risk, all portfolios that lie on the CML are well diversified and have only systematic risk. This is because portfolios on the CML are all constructed from the risk-free asset and the (well-diversified) market portfolio. Any portfolio, including single securities, will plot along the SML in equilibrium. Their unsystematic risk can be significant, but it is not measured on the SML diagram because it is not related to expected return. Both the CML and the SML reflect relations that hold when prices are in equilibrium.
（该资料来源于高顿CFA研究院：http://finance.gaodun.cn/zhinan/aboutcfa.html）
SML指的是Security Market Line，即证券市场线。是一条直线。此直线与纵坐标交点为无风险收益率，斜率是市场收益与无风险收益之差。这条直线衡量在一定市场收益与无风险收益下，不同beta系数对应的公正回报。
应答时间：2021-04-08，最新业务变化请以平安银行官网公布为准。
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