{"id":1114,"date":"2021-06-10T23:55:00","date_gmt":"2021-06-10T15:55:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=1114"},"modified":"2025-05-14T10:00:38","modified_gmt":"2025-05-14T02:00:38","slug":"%e6%8a%95%e8%b3%87%e8%82%a1%e5%b8%82%e6%99%82%e7%9a%84%e6%95%a3%e6%88%b6%e5%8a%a3%e5%8b%a2","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/10\/%e6%8a%95%e8%b3%87%e8%82%a1%e5%b8%82%e6%99%82%e7%9a%84%e6%95%a3%e6%88%b6%e5%8a%a3%e5%8b%a2\/","title":{"rendered":"\u6295\u8cc7\u80a1\u5e02\u7684\u6563\u6236\u52a3\u52e2"},"content":{"rendered":"\n<p>\u6563\u6236\u52a3\u52e2\u662f\u6240\u6709\u4e00\u822c\u5c0f\u984d\u7684\u666e\u901a\u6295\u8cc7\u8cc7\u4eba\u6700\u5e38\u639b\u5728\u5634\u908a\u7684\u85c9\u53e3\uff0c\u96d6\u8aaa\u4e00\u822c\u4eba\u6240\u8a8d\u70ba\u7684\u9019\u4e9b\u7406\u7531\u6216\u85c9\u53e3\u4e26\u975e\u5168\u90e8\u90fd\u662f\u771f\u7684\uff0c\u4f46\u6211\u9084\u662f\u8a8d\u70ba\u6709\u4e9b\u662f\u503c\u5f97\u63d0\u51fa\u4f86\u8a0e\u8ad6\u7684\u3002<\/p>\n\n\n\n<p>\u5728\u5148\u524d\u90e8\u843d\u683c\u6587\u7ae0\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/19\/%e6%8a%95%e8%b3%87%e8%82%a1%e5%b8%82%e6%99%82%e7%9a%84%e6%95%a3%e6%88%b6%e5%84%aa%e5%8b%a2\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8cc7\u80a1\u5e02\u6642\u7684\u6563\u6236\u512a\u52e2<\/a>\u300b\u53d7\u5230\u8b80\u8005\u5f88\u5927\u8ff4\u97ff\u5f8c\uff0c\u9019\u7bc7\u6587\u7ae0\u8981\u4f86\u514c\u73fe\u6211\u4e4b\u524d\u7684\u627f\u8afe<strong>\u2500\u2500<\/strong>\u2500\u2500\u548c\u6a5f\u69cb\u6295\u8cc7\u4eba\u76f8\u8f03\uff0c\u8a0e\u8ad6\u6563\u6236\u6295\u8cc7\u80a1\u5e02\u6709\u54ea\u4e9b\u52a3\u52e2\uff1f<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"\u986f\u793a\/\u96b1\u85cf\u5167\u5bb9\u76ee\u9304\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/10\/%e6%8a%95%e8%b3%87%e8%82%a1%e5%b8%82%e6%99%82%e7%9a%84%e6%95%a3%e6%88%b6%e5%8a%a3%e5%8b%a2\/#%E6%95%A3%E6%88%B6%E5%B1%85%E4%B8%8B%E9%A2%A8%E7%9A%84%E5%9C%B0%E6%96%B9\" >\u6563\u6236\u5c45\u4e0b\u98a8\u7684\u5730\u65b9<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/10\/%e6%8a%95%e8%b3%87%e8%82%a1%e5%b8%82%e6%99%82%e7%9a%84%e6%95%a3%e6%88%b6%e5%8a%a3%e5%8b%a2\/#%E8%B3%87%E9%87%91\" >\u8cc7\u91d1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/10\/%e6%8a%95%e8%b3%87%e8%82%a1%e5%b8%82%e6%99%82%e7%9a%84%e6%95%a3%e6%88%b6%e5%8a%a3%e5%8b%a2\/#%E8%B3%87%E8%A8%8A%E5%8F%96%E5%BE%97%E7%9A%84%E5%84%AA%E5%8B%A2\" >\u8cc7\u8a0a\u53d6\u5f97\u7684\u512a\u52e2<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/10\/%e6%8a%95%e8%b3%87%e8%82%a1%e5%b8%82%e6%99%82%e7%9a%84%e6%95%a3%e6%88%b6%e5%8a%a3%e5%8b%a2\/#%E9%81%8A%E8%B5%B0%E6%B3%95%E5%BE%8B%E9%82%8A%E7%B7%A3%E7%9A%84%E4%B8%8D%E7%95%B6%E4%BC%81%E6%A5%AD%E5%85%A7%E9%83%A8%E8%A8%8A%E6%81%AF%E5%8F%96%E5%BE%97\" >\u904a\u8d70\u6cd5\u5f8b\u908a\u7de3\u7684\u4e0d\u7576\u4f01\u696d\u5167\u90e8\u8a0a\u606f\u53d6\u5f97<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/10\/%e6%8a%95%e8%b3%87%e8%82%a1%e5%b8%82%e6%99%82%e7%9a%84%e6%95%a3%e6%88%b6%e5%8a%a3%e5%8b%a2\/#%E5%85%A7%E7%B7%9A%E4%BA%A4%E6%98%93%E7%9A%84%E6%A1%88%E4%BE%8B\" >\u5167\u7dda\u4ea4\u6613\u7684\u6848\u4f8b<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/10\/%e6%8a%95%e8%b3%87%e8%82%a1%e5%b8%82%e6%99%82%e7%9a%84%e6%95%a3%e6%88%b6%e5%8a%a3%e5%8b%a2\/#%E7%BE%8E%E5%9C%8B%E5%85%A7%E7%B7%9A%E4%BA%A4%E6%98%93%E7%9A%84%E8%91%97%E5%90%8D%E6%A1%88%E4%BE%8B\" >\u7f8e\u570b\u5167\u7dda\u4ea4\u6613\u7684\u8457\u540d\u6848\u4f8b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/10\/%e6%8a%95%e8%b3%87%e8%82%a1%e5%b8%82%e6%99%82%e7%9a%84%e6%95%a3%e6%88%b6%e5%8a%a3%e5%8b%a2\/#%E5%8F%B0%E7%81%A3%E5%85%A7%E7%B7%9A%E4%BA%A4%E6%98%93%E7%9A%84%E8%91%97%E5%90%8D%E6%A1%88%E4%BE%8B\" >\u53f0\u7063\u5167\u7dda\u4ea4\u6613\u7684\u8457\u540d\u6848\u4f8b<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/10\/%e6%8a%95%e8%b3%87%e8%82%a1%e5%b8%82%e6%99%82%e7%9a%84%e6%95%a3%e6%88%b6%e5%8a%a3%e5%8b%a2\/#%E6%B3%95%E4%BA%BA%E7%9A%84%E5%A4%A9%E7%94%9F%E5%84%AA%E5%8B%A2\" >\u6cd5\u4eba\u7684\u5929\u751f\u512a\u52e2<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/10\/%e6%8a%95%e8%b3%87%e8%82%a1%e5%b8%82%e6%99%82%e7%9a%84%e6%95%a3%e6%88%b6%e5%8a%a3%e5%8b%a2\/#%E8%A8%AD%E5%82%99%E7%9A%84%E5%84%AA%E5%8B%A2\" >\u8a2d\u5099\u7684\u512a\u52e2<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/10\/%e6%8a%95%e8%b3%87%e8%82%a1%e5%b8%82%e6%99%82%e7%9a%84%e6%95%a3%e6%88%b6%e5%8a%a3%e5%8b%a2\/#%E4%BA%A4%E6%98%93%E6%8A%80%E5%B7%A7\" >\u4ea4\u6613\u6280\u5de7<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/10\/%e6%8a%95%e8%b3%87%e8%82%a1%e5%b8%82%e6%99%82%e7%9a%84%e6%95%a3%e6%88%b6%e5%8a%a3%e5%8b%a2\/#%E5%9C%98%E9%9A%8A%E5%84%AA%E5%8B%A2\" >\u5718\u968a\u512a\u52e2<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/10\/%e6%8a%95%e8%b3%87%e8%82%a1%e5%b8%82%e6%99%82%e7%9a%84%e6%95%a3%e6%88%b6%e5%8a%a3%e5%8b%a2\/#%E7%9F%AD%E7%B7%9A%E7%9B%88%E5%88%A9%E9%9C%80%E8%A6%81%E7%9A%84%E8%83%BD%E5%8A%9B\" >\u77ed\u7dda\u76c8\u5229\u9700\u8981\u7684\u80fd\u529b<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/10\/%e6%8a%95%e8%b3%87%e8%82%a1%e5%b8%82%e6%99%82%e7%9a%84%e6%95%a3%e6%88%b6%e5%8a%a3%e5%8b%a2\/#%E7%9B%B8%E9%97%9C%E6%96%87%E7%AB%A0\" >\u76f8\u95dc\u6587\u7ae0<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E6%95%A3%E6%88%B6%E5%B1%85%E4%B8%8B%E9%A2%A8%E7%9A%84%E5%9C%B0%E6%96%B9\"><\/span><strong>\u6563\u6236\u5c45\u4e0b\u98a8\u7684\u5730\u65b9<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4ee5\u4e0b\u7684\u9019\u4e9b\u9805\u76ee\u662f\u6211\u500b\u4eba\u8a8d\u70ba\u503c\u5f97\u63d0\u51fa\u4f86\u4f9b\u5927\u5bb6\u53c3\u8003\u7684\uff1a<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%B3%87%E9%87%91\"><\/span>\u8cc7\u91d1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u9019\u662f\u6240\u6709\u6563\u6236\u5011\u6700\u5927\u7684\u8ff7\u601d\uff0c\u4f46\u4e0d\u722d\u7684\u4e8b\u5be6\u662f\u6a5f\u69cb\u6295\u8cc7\u55ae\u4f4d\u64c1\u6709\u8cc7\u91d1\u8abf\u5ea6\u548c\u91d1\u878d\u5de5\u5177\u4e0a\u7684\u660e\u986f\u512a\u52e2\uff0c\u56e0\u70ba\u6295\u8cc7\u56de\u5230\u6700\u6839\u672c\u7684\u6e90\u982d\uff0c\u9084\u662f\u9700\u8981\u8cc7\u91d1\u7684\u6295\u5165\u3002\u4f46\u8acb\u6ce8\u610f\u8cc7\u91d1\u5728\u6295\u8cc7\u4e0a\u662f\u4e00\u628a\u5169\u9762\u5203\u3002\u9664\u4e86\u5927\u6578\u6cd5\u5247\u6703\u5c0e\u81f4\u7e3e\u6548\u4e0b\u964d\u5916\uff0c\u53ef\u6295\u8cc7\u7684\u6a19\u7684\u6578\u76ee\u6703\u56e0\u6cd5\u898f\u76e3\u7ba1\uff0c\u800c\u5927\u5e45\u53d7\u9650\uff0c\u8a73\u898b\u6211\u5728<a href=\"https:\/\/www.granitefirm.com\/blog\/shareholder\/institution\/%E6%95%A3%E6%88%B6%E6%8A%95%E8%B3%87%E8%82%A1%E5%B8%82%E6%9C%89%E5%93%AA%E4%BA%9B%E5%84%AA%E5%8B%A2%EF%BC%9F\/\">\u300a\u6563\u6236\u6295\u8cc7\u80a1\u5e02\u6709\u54ea\u4e9b\u512a\u52e2\uff1f\u300b<\/a>\u88e1\u7684\u8aaa\u660e\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%B3%87%E8%A8%8A%E5%8F%96%E5%BE%97%E7%9A%84%E5%84%AA%E5%8B%A2\"><\/span>\u8cc7\u8a0a\u53d6\u5f97\u7684\u512a\u52e2<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u4e0a\u5e02\u4f01\u696d\u7684\u57f7\u884c\u9577\u548c\u8ca1\u52d9\u9577\u6703\u63a5\u807d\u5927\u578b\u6a5f\u69cb\u6295\u8cc7\u4eba\u7684\u96fb\u8a71\uff0c\u9762\u898b\u5927\u578b\u6a5f\u69cb\u6295\u8cc7\u4eba\uff1b\u4f46\u4e0d\u53ef\u80fd\u6703\u56de\u61c9\u6563\u6236\u5982\u6f6e\u6c34\u822c\u7684\u554f\u984c\u3002\u5373\u4f7f\u6bd4\u8d77\u4e00\u767e\u5e74\u524d\uff0c\u73fe\u5728\u6709\u7f8e\u570b\u8b49\u5238\u7ba1\u7406\u59d4\u54e1\u6703\uff08SEC\uff09\uff0c\u548c\u8a31\u591a\u7684\u6cd5\u5f8b\u898f\u7bc4\u8981\u6c42\u4e0a\u5e02\u516c\u53f8\u5728\u91cd\u5927\u8cc7\u8a0a\u7684\u63ed\u9732\u4e0a\u5fc5\u9700\u516c\u958b\u900f\u660e\uff1b\u4f46\u7562\u7adf\u9084\u662f\u6709\u8a31\u591a\u6cd5\u5f8b\u7ba1\u8f44\u4e0d\u5230\u7684\u7070\u8272\u5730\u5e36\u3002\u6a5f\u69cb\u6295\u8cc7\u55ae\u4f4d\u64c1\u6709\u7dbf\u5bc6\u7684\u4eba\u8108\u548c\u5404\u7a2e\u95dc\u4fc2\uff0c\u6d88\u606f\u7121\u6bd4\u5730\u9748\u901a\uff0c\u9019\u4e9b\u90fd\u8db3\u4ee5\u9020\u6210\u8cc7\u8a0a\u6d41\u901a\u7684\u4e0d\u5c0d\u7b49\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%81%8A%E8%B5%B0%E6%B3%95%E5%BE%8B%E9%82%8A%E7%B7%A3%E7%9A%84%E4%B8%8D%E7%95%B6%E4%BC%81%E6%A5%AD%E5%85%A7%E9%83%A8%E8%A8%8A%E6%81%AF%E5%8F%96%E5%BE%97\"><\/span>\u904a\u8d70\u6cd5\u5f8b\u908a\u7de3\u7684\u4e0d\u7576\u4f01\u696d\u5167\u90e8\u8a0a\u606f\u53d6\u5f97<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6211\u500b\u4eba\u5c0d\u5167\u7dda\u4ea4\u6613\u6df1\u60e1\u75db\u7d55\uff0c\u96d6\u7136\u6bcf\u500b\u4eba\u90fd\u77e5\u9053\u5167\u7dda\u4ea4\u6613\u662f\u975e\u6cd5\u7684\uff0c\u4f46\u662f\u6211\u4e5f\u5fc5\u9808\u627f\u8a8d\u5167\u7dda\u4ea4\u6613\u7121\u6240\u4e0d\u5728\uff0c\u5728\u6b64\u8209\u4e09\u500b\u5a92\u9ad4\u5927\u5e45\u5831\u5c0e\u904e\u7684\u8457\u540d\u7684\u4f8b\u5b50\u4f9b\u5927\u5bb6\u53c3\u8003\uff08\u672c\u4eba\u5728\u6b64\u5f37\u8abf\u5167\u7dda\u4ea4\u6613\u5728\u4e16\u754c\u5404\u570b\u90fd\u662f\u975e\u6cd5\u7684\uff0c\u5207\u52ff\u4ee5\u8eab\u8a66\u6cd5\uff09\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%85%A7%E7%B7%9A%E4%BA%A4%E6%98%93%E7%9A%84%E6%A1%88%E4%BE%8B\"><\/span><strong>\u5167\u7dda\u4ea4\u6613\u7684\u6848\u4f8b<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E7%BE%8E%E5%9C%8B%E5%85%A7%E7%B7%9A%E4%BA%A4%E6%98%93%E7%9A%84%E8%91%97%E5%90%8D%E6%A1%88%E4%BE%8B\"><\/span><strong>\u7f8e\u570b\u5167\u7dda\u4ea4\u6613\u7684\u8457\u540d\u6848\u4f8b<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-21\/fed-bans-officials-from-buying-stocks-bonds-after-scandal\" target=\"_blank\" rel=\"noreferrer noopener\">\u806f\u6e96\u6703\u526f\u4e3b\u5e2d\u514b\u62c9\u91cc\u9054\uff08Richard Clarida\uff09\u65bc2020\u5e742\u6708\u51fa\u552e\u9ad8\u9054\u7f8e\u91d1500\u842c\u7684\u80a1\u7968\u57fa\u91d1\u90e8\u4f4d<\/a>\uff0c\u96a8\u5f8c\u5728\u806f\u6e96\u6703\u5ba3\u4f48\u964d\u606f\u3001\u91cf\u5316\u5bec\u9b06\u524d\u5915\u9032\u5834\u5e03\u5c40\uff0c\u7cbe\u6e96\u7684\u6642\u6a5f\u62ff\u634f\u8b93\u5b98\u54e1\u7684\u9053\u5fb7\u884c\u70ba\u518d\u5ea6\u53d7\u5230\u8f3f\u8ad6\u7684\u6279\u8a55\u3002\u800c\u4e14\u806f\u6e96\u67032021\u5e74\u63a5\u9023\u50b3\u51fa\u9053\u5fb7\u919c\u805e\uff0c\u9664\u4e86\u514b\u62c9\u91cc\u9054\u5916\uff0c\u5169\u4f4d\u5730\u5340\u806f\u6e96\u9280\u884c\u5b98\u54e1\u4e5f\u5728\u6d89\u53ca\u7092\u80a1\u4ea4\u6613\u5f8c\u5ba3\u5e03\u96e2\u8077\uff0c\u5206\u5225\u662f\u6ce2\u58eb\u9813\u806f\u6e96\u9280\u884c\u7e3d\u88c1\u7f85\u68ee\u683c\u502b\uff08Eric Rosengren\uff09\uff0c\u8207\u9054\u62c9\u65af\u806f\u6e96\u9280\u884c\u7e3d\u88c1\u5361\u666e\u862d\uff08Robert Kaplan\uff09\u3002\u4e5f\u56e0\u6b64\u806f\u6e96\u6703\u4e3b\u5e2d\u9b91\u723e\uff08Jerome Powell\uff09\u57282021\u5e7410\u6708\u5ba3\u4f48\u65b0\u7684\u5b98\u54e1\u9053\u5fb7\u6295\u8cc7\u6e96\u5247\uff0c\u898f\u5b9a\u5728\u5e02\u5834\u58d3\u529b\u671f\u9593\u7981\u6b62\u8cfc\u8cb7\u6216\u92b7\u552e\u8cc7\u7522\u3002<\/p>\n\n\n\n<p><a href=\"https:\/\/www.sec.gov\/news\/press\/2011\/2011-223.htm\" target=\"_blank\" rel=\"noreferrer noopener\">SEC\u6307\u63a7\u524d\u9ad8\u76db\uff08Goldman Sachs\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aGS\uff09\u53ca\u5bf6\u50d1\uff08P&amp;G\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aPG\uff09\u8463\u4e8b\u53e4\u4f2f\u5854\u5728 2008 \uf98e 9 \u6708 23 \u65e5\u900f\u904e\u96fb\u8a71\u6703\u8b70\uf96b\u8207\u9ad8\u76db\u8463\u4e8b\u6703\uff0c\u4ed6\u5728\u8463\u4e8b\u6703\u6279\u51c6\u6ce2\u514b\u590f\uff08Berkshire Hathaway\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aBRK.A\uff09\u5165\u80a1\u5f8c\uf9f7\u523b\u6253\u96fb\u8a71\u901a\u77e5\u7d66\u907f\u96aa\u57fa\uf90a\u696d\u8005\u5927\u5e06\u96c6\u5718\uff08Galleon\uff09\u5275\u8fa6\u4eba\uf925\u52a0\uf925\u7279\u5357<\/a>\uff0c\u901a\u8a71\u6642\u9593\u5c31\u5728\u7576\u5929\u7f8e\u80a1\u5373\u5c07\u6536\u76e4\u524d\u300c\u4e03\u5206\u9418\u300d\uff0c\uf978\u4eba\u50c5\u7c21\u77ed\u5c0d\u8a71\uff0c\u8b93\uf925\u52a0\uf925\u7279\u5357\u5f97\u4ee5\u6436\u5728\u6536\u76e4\u524d\u6307\u63ee\u65d7\u4e0b\u907f\u96aa\u57fa\uf90a\u8cb7\u9032 17.5 \u842c\u80a1\u9ad8\u76db\u80a1\u7968\uff0c\u4e26\u5728\u9694\u5929\uf9f7\u5373\u812b\u624b\uff0c\u9019\u4e00\u9032\u4e00\u51fa\u4f7f\uf925\u52a0\uf925\u7279\u5357\u7372\uf9dd\u8fd1 100 \u842c\u7f8e\u5143\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E5%8F%B0%E7%81%A3%E5%85%A7%E7%B7%9A%E4%BA%A4%E6%98%93%E7%9A%84%E8%91%97%E5%90%8D%E6%A1%88%E4%BE%8B\"><\/span><strong>\u53f0\u7063\u5167\u7dda\u4ea4\u6613\u7684\u8457\u540d\u6848\u4f8b<\/strong> <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>2017\u5e74\u4e3b\u5c0e\u827e\u53f8\u6469\u723e\uff08ASML\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aASML\uff09\u4f75\u8cfc\u6f22\u5fae\u79d1\u6280\u7684\u53f0\u7063\u745e\u58eb\u4fe1\u8cb8\u7e3d\u7d93\u7406\u90b1\u6167\u5e73\u6d89\u5165\u4f75\u8cfc\u5167\u7dda\u4ea4\u6613\u6848\u3002\u5979\u8207\u4e08\u592b\u8a31\u8000\u4ec1\u7b49\u89aa\u53cb\u88ab\u6aa2\u65b9\u8a8d\u70ba\u5229\u7528\u8077\u52d9\u4e4b\u4fbf\uff0c\u5728\u4f75\u8cfc\u6848\u767c\u5e03\u524d\u4ee5\u95dc\u4fc2\u4eba\u5e33\u6236\u8cb7\u9032\u6301\u80a1\uff0c\u5f85\u4f75\u8cfc\u6848\u516c\u5e03\u3001\u80a1\u50f9\u4e0a\u6f32\u5f8c\u51fa\u812b\u7372\u5229\uff0c\u9055\u53cd\u300a\u8b49\u4ea4\u6cd5\u300b\u3002\u985e\u4f3c\u7684\u4f8b\u5b50\u662f\u540c\u5e742\u6708\u7206\u767c\u96fb\u6e90\u7ba1\u7406\u6676\u7247\u5927\u5ee0\u7acb\u9321\u524d\u7d93\u7406\u517c\u767c\u8a00\u4eba\u4e48\u7165\u7dad\u6d89\u5167\u7dda\u4ea4\u6613\uff0c\u5728\u806f\u767c\u79d1\u6536\u8cfc\u7acb\u9321\u4e4b\u524d\uff0c\u9019\u4f4d\u7acb\u9321\u524d\u7d93\u7406\u4ee5\u4e08\u592b\u53ca\u89aa\u53cb\u540d\u7fa9\u8cb7\u80a1\uff0c\u7b49\u5f85\u80a1\u50f9\u4e0a\u6f32\u4e4b\u5f8c\u9022\u9ad8\u812b\u624b\u7372\u5229300\u842c\u5143\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E6%B3%95%E4%BA%BA%E7%9A%84%E5%A4%A9%E7%94%9F%E5%84%AA%E5%8B%A2\"><\/span><strong>\u6cd5\u4eba\u7684\u5929\u751f\u512a\u52e2<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%A8%AD%E5%82%99%E7%9A%84%E5%84%AA%E5%8B%A2\"><\/span>\u8a2d\u5099\u7684\u512a\u52e2<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u83ef\u723e\u8857\u5e7e\u4e4e\u4eba\u624b\u4e00\u90e8\u529f\u80fd\u5f37\u5927\u7684\u5f6d\u535a\u7d42\u7aef\u6a5f\uff0c\u66f4\u4f7f\u6563\u6236\u5728\u8cc7\u8a0a\u7684\u53d6\u5f97\u901f\u5ea6\u3001\u8cc7\u6599\u5206\u6790\u3001\u548c\u6574\u5408\u4e0a\u5c45\u65bc\u52a3\u52e2\u3002\u66f4\u4e0d\u8981\u8aaa\u5c08\u9580\u5f9e\u4e8b\u9ad8\u983b\u548c\u9245\u91cf\u4ea4\u6613\uff0c\u6216\u662f\u5c08\u9580\u5f9e\u4e8b\u9078\u64c7\u6b0a\u548c\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u7684\u7684\u91cf\u5316\u6295\u8cc7\u6a5f\u69cb\u4e86\uff1b\u4ed6\u5011\u64c1\u6709\u9ad8\u6602\u7684\u8edf\u786c\u9ad4\u548c\u57fa\u790e \u9023\u7dda\u8a2d\u5099\uff0c\u5728\u5206\u79d2\u5fc5\u722d\u7684\u7576\u65e5\u6c96\u92b7\u3001\u9ad8\u983b\u3001\u548c\u9245\u91cf\u4ea4\u6613\u4e0a\uff0c\u4f54\u6709\u5148\u5929\u7684\u58d3\u5012\u6027\u512a\u52e2\uff0c\u9019\u4e5f\u662f\u4e00\u822c\u6563\u6236\u4e0d\u53ef\u80fd\u5f9e\u9019\u985e\u4ea4\u6613\u7372\u5229\u7684\u6839\u672c\u539f\u56e0\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BA%A4%E6%98%93%E6%8A%80%E5%B7%A7\"><\/span>\u4ea4\u6613\u6280\u5de7<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6a5f\u69cb\u6295\u8cc7\u516c\u53f8\u6703\u6709\u6578\u4e0d\u6e05\u7684\u5be9\u6838\u78ba\u8a8d\u6a5f\u5236\uff0c\u51fa\u932f\u7684\u6a5f\u7387\u6bd4\u8d77\u7d93\u9a57\u6709\u9650\u7684\u6563\u6236\u5c0f\u5f97\u591a\u4e86\uff1b\u56e0\u6b64\u5728\u4ea4\u6613\u7684\u6280\u5de7\u4e0a\u660e\u986f\u9ad8\u65bc\u6563\u6236\u6295\u8cc7\u5927\u773e\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%9C%98%E9%9A%8A%E5%84%AA%E5%8B%A2\"><\/span>\u5718\u968a\u512a\u52e2<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6a5f\u69cb\u6295\u8cc7\u55ae\u4f4d\u5206\u5de5\u5f88\u660e\u78ba\uff1b\u9f90\u5927\u7684\u5718\u968a\u88e1\u6709\u4e0d\u540c\u7684\u4eba\u8ca0\u8cac\u57fa\u91d1\u7684\u7ba1\u7406\u3001\u6295\u8cc7\u7b56\u7565\u3001\u4ea4\u6613\u3001\u6295\u8cc7\u6a19\u7684\u7684\u5206\u6790\u3002\u4ed6\u5011\u6295\u5165\u7684\u8cc7\u6e90\u548c\u6642\u9593\u662f\u5178\u578b\u7684\u96c6\u9ad4\u667a\u6167\uff0c\u5bb9\u8a31\u4ed6\u5011\u9032\u884c\u5730\u6bef\u7dbf\u5bc6\u5f0f\u7684\u62dc\u8a2a\u548c\u5206\u6790\uff1b\u5f88\u986f\u7136\u5730\uff0c\u6563\u6236\u4e0d\u53ef\u80fd\u6bd4\u7167\u8fa6\u7406\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"182\" height=\"98\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2022\/09\/picjumbo-1600x1200-1.jpg\" alt=\"\u6563\u6236\u52a3\u52e2\" class=\"wp-image-25494\"\/><figcaption class=\"wp-element-caption\">credit: picjumbo<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9F%AD%E7%B7%9A%E7%9B%88%E5%88%A9%E9%9C%80%E8%A6%81%E7%9A%84%E8%83%BD%E5%8A%9B\"><\/span>\u77ed\u7dda\u76c8\u5229\u9700\u8981\u7684\u80fd\u529b<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6a5f\u69cb\u6295\u8cc7\u4eba\u7d93\u9a57\u8c50\u5bcc\uff0c\u64c1\u6709\u6bd4\u6563\u6236\u591a\u5f97\u591a\u7684\u91d1\u878d\u64cd\u4f5c\u5de5\u5177\u548c\u80cc\u5f8c\u516c\u53f8\u7684\u652f\u6301\uff0c\u6709\u5229\u65bc\u4ed6\u5011\u4ea4\u51fa\u51fa\u8272\u7684\u77ed\u671f\u7e3e\u6548\uff0c\u56e0\u70ba\u9019\u6703\u76f4\u63a5\u95dc\u4e4e\u4ed6\u5011\u662f\u5426\u80fd\u4fdd\u4f4f\u81ea\u5df1\u7684\u98ef\u7897\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9B%B8%E9%97%9C%E6%96%87%E7%AB%A0\"><\/span>\u76f8\u95dc\u6587\u7ae0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/05\/13\/%e4%b8%96%e7%95%8c%e5%90%84%e5%9c%8b%e5%90%84%e6%9c%89%e5%a4%9a%e5%b0%91%e8%82%a1%e7%a5%a8%e6%8a%95%e8%b3%87%e4%ba%ba\/\">\u4e16\u754c\u5404\u570b\u5404\u6709\u591a\u5c11\u80a1\u7968\u6295\u8cc7\u4eba\uff1f<\/a>\u300b<\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/stocks\/us-stocks\/%e5%a4%a7%e9%83%a8%e4%bb%bd%e6%8a%95%e8%b3%87%e4%ba%ba%e7%9a%84%e5%95%8f%e9%a1%8c%e5%9c%a8%e6%96%bc%e8%a7%80%e5%bf%b5%e5%92%8c%e5%bf%83%e7%90%86%ef%bc%8c%e4%b8%8d%e6%98%af%e9%81%b8%e8%82%a1\/\">\u300a\u5927\u90e8\u4efd\u6295\u8cc7\u4eba\u7684\u554f\u984c\u5728\u65bc\u89c0\u5ff5\u548c\u5fc3\u7406\uff0c\u4e0d\u662f\u9078\u80a1\u300b<\/a><\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/09\/10\/%E5%B8%B8%E8%A6%8B%E7%9A%84%E9%8C%AF%E8%AA%A4%E6%8A%95%E8%B3%87%E8%A7%80%E5%BF%B5%E5%92%8C%E8%BF%B7%E6%80%9D\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u503c\u5f97\u5546\u78ba\u7684\u6295\u8cc7\u89c0\u5ff5<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/25\/%E8%82%A1%E7%A5%A8%E6%8A%95%E8%B3%87%E5%A4%9A%E5%B9%B4%E5%8F%AA%E8%83%BD%E8%B3%BA%E5%B0%8F%E9%8C%A2%EF%BC%8C%E6%87%89%E5%A6%82%E4%BD%95%E6%94%B9%E5%96%84%EF%BC%9F\/\">\u6295\u8cc7\u591a\u5e74\u53ea\u8cfa\u5c0f\u9322\uff0c\u80fd\u6539\u5584\u55ce\uff1f<\/a>\u300b<\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/reference\/investing-books\/%E6%8A%95%E8%B3%87%E5%A4%9A%E5%B9%B4%E9%83%BD%E8%B3%BA%E4%B8%8D%E5%88%B0%E9%8C%A2%E8%A6%81%E6%80%8E%E9%BA%BC%E8%BE%A6%EF%BC%9F\/\">\u300a\u6295\u8cc7\u591a\u5e74\u90fd\u8cfa\u4e0d\u5230\u9322\u8981\u600e\u9ebc\u8fa6\uff1f\u300b<\/a><\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/04\/%E5%B9%B4%E8%BC%95%E4%BA%BA%E6%8A%95%E8%B3%87%E8%82%A1%E5%B8%82%E5%85%B7%E6%9C%89%E9%82%A3%E4%BA%9B%E5%84%AA%E5%8B%A2%EF%BC%9F\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u9664\u4e86\u9577\u671f\u8907\u5229\u5916\uff0c\u5e74\u8f15\u4eba\u6295\u8cc7\u80a1\u5e02\u9084\u5177\u6709\u54ea\u4e9b\u4ee4\u4eba\u7fa8\u6155\u7684\u8d85\u7d1a\u512a\u52e2\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/10\/%E6%8A%95%E8%B3%87%E8%82%A1%E5%B8%82%E6%99%82%E7%9A%84%E6%95%A3%E6%88%B6%E5%8A%A3%E5%8B%A2\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6563\u6236\u6295\u8cc7\u80a1\u5e02\u7684\u52a3\u52e2<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/19\/%E6%8A%95%E8%B3%87%E8%82%A1%E5%B8%82%E6%99%82%E7%9A%84%E6%95%A3%E6%88%B6%E5%84%AA%E5%8B%A2\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6563\u6236\u6295\u8cc7\u80a1\u5e02\u7684\u512a\u52e2<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/10\/%E7%B5%A6%E6%8A%95%E8%B3%87%E5%B0%8F%E7%99%BD%E7%9A%84%E5%85%A5%E9%96%80%E6%9B%B8\/\">\u7d66\u6295\u8cc7\u5c0f\u767d\u7684\u6295\u8cc7\u5165\u9580\u66f8<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/07\/29\/%E5%B9%B4%E8%BC%95%E5%B0%8F%E8%B3%87%E6%97%8F%E5%A6%82%E4%BD%95%E9%9D%A0%E8%82%A1%E7%A5%A8%E8%87%B4%E5%AF%8C%EF%BC%9F\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5e74\u8f15\u5c0f\u8cc7\u65cf\u5982\u4f55\u9760\u80a1\u7968\u81f4\u5bcc\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/03\/23\/%E6%95%A3%E6%88%B6%E6%94%BE%E7%A9%BA%E7%82%BA%E4%BD%95%E6%A5%B5%E5%BA%A6%E5%8D%B1%E9%9A%AA\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6563\u6236\u653e\u7a7a\u70ba\u4f55\u6975\u5ea6\u5371\u96aa<\/a>\u300b<\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/behind-the-scenes\/investor-tips\/\u6295\u8cc7\u4eba\u9808\u8981\u7b46\u8a18\u90a3\u4e9b\u8cc7\u6599\uff1f\u70ba\u4ec0\u9ebc\uff1f\/\"><span style=\"font-size: revert;\">\u300a<\/span><\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/13\/%E8%A6%81%E8%A8%98%E4%B8%8B%E9%82%A3%E4%BA%9B%E6%8A%95%E8%B3%87%E8%A8%98%E9%8C%84%E5%92%8C%E8%B3%87%E6%96%99\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8cc7\u4eba\u81ea\u5df1\u9808\u8981\u8a18\u4e0b\u90a3\u4e9b\u6295\u8cc7\u8a18\u9304\u548c\u8cc7\u6599\uff1f\u70ba\u4ec0\u9ebc\uff1f<\/a>\u300b<\/li>\n\n\n\n<li><a href=\"https:\/\/granitefirm.com\/investing\/reference\/morelegendbooks.htmlhttps:\/\/www.granitefirm.com\/blog\/reference\/us-stock-resource\/%E8%83%BD%E4%BD%BF%E7%BE%8E%E8%82%A1%E6%8A%95%E8%B3%87%E8%83%BD%E5%8A%9B%E5%A4%A7%E5%B9%85%E6%8F%90%E6%98%87%E7%9A%84seeking-alpha\/\"><\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/06\/seeking-alpha\/\">\u300a\u80fd\u4f7f\u7f8e\u80a1\u6295\u8cc7\u80fd\u529b\u5927\u5e45\u63d0\u6607\u7684seeking alpha\u300b<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/?s=%E5%8F%AA%E5%9C%A8%E6%84%8F%E8%82%A1%E7%A5%A8%E6%98%8E%E7%89%8C%E7%9A%84%E6%8A%95%E8%B3%87%E4%BA%BA\">\u300a\u53ea\u5728\u610f\u80a1\u7968\u660e\u724c\u7684\u6295\u8cc7\u4eba<\/a><a href=\"https:\/\/granitefirm.com\/investing\/reference\/morelegendbooks.htmlhttps:\/\/www.granitefirm.com\/blog\/reference\/us-stock-resource\/%E8%83%BD%E4%BD%BF%E7%BE%8E%E8%82%A1%E6%8A%95%E8%B3%87%E8%83%BD%E5%8A%9B%E5%A4%A7%E5%B9%85%E6%8F%90%E6%98%87%E7%9A%84seeking-alpha\/\">\u300b<\/a><\/li>\n<\/ul>\n\n\n\n<p><em><strong>\u91cd\u8981\u8072\u660e<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>\u672c\u7ad9\u5167\u5bb9\u70ba\u4f5c\u8005\u500b\u4eba\u610f\u898b\uff0c\u50c5\u4f9b\u53c3\u8003\uff0c\u672c\u4eba\u4e0d\u5c0d\u6587\u7ae0\u5167\u5bb9\u3001\u8cc7\u6599\u4e4b\u6b63\u78ba\u6027\u3001\u770b\u6cd5\u3001\u8207\u5373\u6642\u6027\u8ca0\u4efb\u4f55\u8cac\u4efb\uff0c\u8b80\u8005\u8acb\u52d9\u5fc5\u81ea\u884c\u5224\u65b7\u3002<\/em><\/li>\n\n\n\n<li><em>\u5c0d\u65bc\u8b80\u8005\u76f4\u63a5\u6216\u9593\u63a5\u4f9d\u8cf4\u4e26\u53c3\u8003\u672c\u7ad9\u8cc7\u8a0a\u5f8c\uff0c\u63a1\u53d6\u4efb\u4f55\u6295\u8cc7\u884c\u70ba\u6240\u5c0e\u81f4\u4e4b\u76f4\u63a5\u6216\u9593\u63a5\u640d\u5931\uff0c\u6216\u56e0\u6b64\u7522\u751f\u4e4b\u4e00\u5207\u8cac\u4efb\uff0c\u672c\u4eba\u5747\u4e0d\u8ca0\u4efb\u4f55\u640d\u5bb3\u8ce0\u511f\u53ca\u5176\u4ed6\u6cd5\u5f8b\u4e0a\u4e4b\u8cac\u4efb\u3002<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u6563\u6236\u52a3\u52e2, 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