{"id":11382,"date":"2022-01-06T23:56:00","date_gmt":"2022-01-06T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=11382"},"modified":"2025-10-04T11:42:12","modified_gmt":"2025-10-04T03:42:12","slug":"%e6%9c%89%e4%bb%bb%e4%bd%95%e8%b2%b7%e8%82%a1%e7%a5%a8%e5%9f%ba%e9%87%91%e7%9a%84%e7%90%86%e7%94%b1%e5%97%8e%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/01\/06\/%e6%9c%89%e4%bb%bb%e4%bd%95%e8%b2%b7%e8%82%a1%e7%a5%a8%e5%9f%ba%e9%87%91%e7%9a%84%e7%90%86%e7%94%b1%e5%97%8e%ef%bc%9f\/","title":{"rendered":"\u6709\u4efb\u4f55\u8cb7\u80a1\u7968\u57fa\u91d1\u7684\u7406\u7531\u55ce\uff1f1\u500b\u90fd\u627e\u4e0d\u5230"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 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\/2022\/01\/06\/%e6%9c%89%e4%bb%bb%e4%bd%95%e8%b2%b7%e8%82%a1%e7%a5%a8%e5%9f%ba%e9%87%91%e7%9a%84%e7%90%86%e7%94%b1%e5%97%8e%ef%bc%9f\/#%E6%8A%95%E8%B3%87%E4%BA%BA%E6%9C%89%E5%85%B6%E5%AE%83%E9%81%B8%E6%93%87%E5%97%8E%EF%BC%9F\" >\u6295\u8cc7\u4eba\u6709\u5176\u5b83\u9078\u64c7\u55ce\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/01\/06\/%e6%9c%89%e4%bb%bb%e4%bd%95%e8%b2%b7%e8%82%a1%e7%a5%a8%e5%9f%ba%e9%87%91%e7%9a%84%e7%90%86%e7%94%b1%e5%97%8e%ef%bc%9f\/#%E6%8A%95%E8%B3%87%E4%BA%BA%E8%AE%8A%E5%BE%97%E6%9B%B4%E8%81%B0%E6%98%8E%E4%BA%86\" >\u6295\u8cc7\u4eba\u8b8a\u5f97\u66f4\u8070\u660e\u4e86<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/01\/06\/%e6%9c%89%e4%bb%bb%e4%bd%95%e8%b2%b7%e8%82%a1%e7%a5%a8%e5%9f%ba%e9%87%91%e7%9a%84%e7%90%86%e7%94%b1%e5%97%8e%ef%bc%9f\/#%E7%B8%BE%E6%95%88%EF%BC%81%E7%B8%BE%E6%95%88%EF%BC%81%E7%B8%BE%E6%95%88%EF%BC%81\" >\u7e3e\u6548\uff01\u7e3e\u6548\uff01\u7e3e\u6548\uff01<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/01\/06\/%e6%9c%89%e4%bb%bb%e4%bd%95%e8%b2%b7%e8%82%a1%e7%a5%a8%e5%9f%ba%e9%87%91%e7%9a%84%e7%90%86%e7%94%b1%e5%97%8e%ef%bc%9f\/#%E5%9F%BA%E9%87%91%E6%83%B3%E9%95%B7%E6%9C%9F%E6%93%8A%E6%95%97%E5%A4%A7%E7%9B%A4%E9%9D%9E%E5%B8%B8%E5%9B%B0%E9%9B%A3\" >\u57fa\u91d1\u60f3\u9577\u671f\u64ca\u6557\u5927\u76e4\u975e\u5e38\u56f0\u96e3<\/a><\/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\/2022\/01\/06\/%e6%9c%89%e4%bb%bb%e4%bd%95%e8%b2%b7%e8%82%a1%e7%a5%a8%e5%9f%ba%e9%87%91%e7%9a%84%e7%90%86%e7%94%b1%e5%97%8e%ef%bc%9f\/#%E5%9F%BA%E9%87%91%E7%B6%93%E7%90%86%E4%BA%BA%E5%92%8C%E6%8A%95%E8%B3%87%E4%BA%BA%E7%9A%84%E5%88%A9%E7%9B%8A%E4%B8%A6%E4%B8%8D%E4%B8%80%E8%87%B4\" >\u57fa\u91d1\u7d93\u7406\u4eba\u548c\u6295\u8cc7\u4eba\u7684\u5229\u76ca\u4e26\u4e0d\u4e00\u81f4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/01\/06\/%e6%9c%89%e4%bb%bb%e4%bd%95%e8%b2%b7%e8%82%a1%e7%a5%a8%e5%9f%ba%e9%87%91%e7%9a%84%e7%90%86%e7%94%b1%e5%97%8e%ef%bc%9f\/#%E6%8C%81%E6%9C%89%E6%88%90%E6%9C%AC%E5%AF%A6%E5%9C%A8%E5%A4%AA%E9%AB%98\" >\u6301\u6709\u6210\u672c\u5be6\u5728\u592a\u9ad8<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/01\/06\/%e6%9c%89%e4%bb%bb%e4%bd%95%e8%b2%b7%e8%82%a1%e7%a5%a8%e5%9f%ba%e9%87%91%e7%9a%84%e7%90%86%e7%94%b1%e5%97%8e%ef%bc%9f\/#%E6%8A%95%E8%B3%87%E4%BA%BA%E8%87%AA%E5%B7%B1%E8%B2%B7%E9%AB%98%E8%B3%A3%E4%BD%8E\" >\u6295\u8cc7\u4eba\u81ea\u5df1\u8cb7\u9ad8\u8ce3\u4f4e<\/a><\/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\/2022\/01\/06\/%e6%9c%89%e4%bb%bb%e4%bd%95%e8%b2%b7%e8%82%a1%e7%a5%a8%e5%9f%ba%e9%87%91%e7%9a%84%e7%90%86%e7%94%b1%e5%97%8e%ef%bc%9f\/#%E5%B0%8F%E5%BF%83%E7%94%9F%E5%AD%98%E8%80%85%E5%81%8F%E8%AA%A4\" >\u5c0f\u5fc3\u751f\u5b58\u8005\u504f\u8aa4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/01\/06\/%e6%9c%89%e4%bb%bb%e4%bd%95%e8%b2%b7%e8%82%a1%e7%a5%a8%e5%9f%ba%e9%87%91%e7%9a%84%e7%90%86%e7%94%b1%e5%97%8e%ef%bc%9f\/#%E5%85%B1%E5%90%8C%E5%9F%BA%E9%87%91%E6%A5%AD%E7%9A%84%E6%BD%9B%E8%A6%8F%E5%89%87\" >\u5171\u540c\u57fa\u91d1\u696d\u7684\u6f5b\u898f\u5247<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/01\/06\/%e6%9c%89%e4%bb%bb%e4%bd%95%e8%b2%b7%e8%82%a1%e7%a5%a8%e5%9f%ba%e9%87%91%e7%9a%84%e7%90%86%e7%94%b1%e5%97%8e%ef%bc%9f\/#%E5%B7%B4%E8%8F%B2%E7%89%B9%E8%82%A1%E7%A5%A8%E5%9F%BA%E9%87%91%E7%9A%84%E7%9C%8B%E6%B3%95\" >\u5df4\u83f2\u7279\u80a1\u7968\u57fa\u91d1\u7684\u770b\u6cd5<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/01\/06\/%e6%9c%89%e4%bb%bb%e4%bd%95%e8%b2%b7%e8%82%a1%e7%a5%a8%e5%9f%ba%e9%87%91%e7%9a%84%e7%90%86%e7%94%b1%e5%97%8e%ef%bc%9f\/#%E7%B5%90%E8%AA%9E\" >\u7d50\u8a9e<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/01\/06\/%e6%9c%89%e4%bb%bb%e4%bd%95%e8%b2%b7%e8%82%a1%e7%a5%a8%e5%9f%ba%e9%87%91%e7%9a%84%e7%90%86%e7%94%b1%e5%97%8e%ef%bc%9f\/#%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\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E4%BA%BA%E6%9C%89%E5%85%B6%E5%AE%83%E9%81%B8%E6%93%87%E5%97%8E%EF%BC%9F\"><\/span><strong>\u6295\u8cc7\u4eba\u6709\u5176\u5b83\u9078\u64c7\u55ce\uff1f<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6211\u9084\u8a18\u5f97\u6211\u521d\u51fa\u793e\u6703\u7684\u5e74\u4ee3\uff0c\u60f3\u6295\u5165\u80a1\u5e02\u53c8\u7121\u6cd5\u81ea\u884c\u4e3b\u52d5\u9078\u80a1\u7684\u6295\u8cc7\u4eba\uff0c\u90fd\u6703\u300c\u88ab\u6559\u80b2\u5fc5\u9808\u300d\u8cb7\u57fa\u91d1\uff0c\u81f3\u5c11\u90a3\u500b\u5e74\u4ee3\uff0c\u5728\u53f0\u7063\u80a1\u7968\u57fa\u91d1\u5e7e\u4e4e\u662f\u60f3\u6295\u8cc7\u80a1\u5e02\uff0c\u800c\u53c8\u4e0d\u60f3\uff08\u6216\u4e0d\u80fd\uff09\u81ea\u884c\u9078\u80a1\u8005\u7684\u5ee3\u5927\u6295\u8cc7\u4eba\u552f\u4e00\u7684\u9078\u64c7\uff0c\u4e3b\u8981\u662f\u56e0\u70baETF\u4e26\u672a\u666e\u53ca\u3002\u90a3\u6642\u5019\u7684\u7f8e\u570b\u5176\u5be6\u4e5f\u5dee\u4e0d\u591a\uff0c\u96d6\u7136\u6307\u6578\u578b\u57fa\u91d1\u548cETF\u57281970\u5e74\u4ee3\u5c31\u88ab\u767c\u660e\u4e86\uff0c\u4f46\u8ddd\u96e2\u666e\u904d\u88ab\u63a5\u53d7\uff0c\u70ba\u6642\u5c1a\u9060\uff08\u8a3b\uff1a1975\u5e74\u7d04\u7ff0\uff0e\u67cf\u683c\uff08John C. Bogle\uff09\u8907\u88fd\u3001\u8ffd\u8e64\u300c\u6a19\u6e96\u666e\u723e500\u6307\u6578\u300d\u300d\u70ba\u67b6\u69cb\uff0c\u5275\u9020\u51fa\u4e16\u4e0a\u7b2c\u4e00\u500b\u6307\u6578\u578b\u57fa\u91d1\u300c\u7b2c\u4e00\u6307\u6578\u6295\u8cc7\u4fe1\u8a17\u300d\uff08First Index Investment Trust\uff09\uff0c\u4e4b\u5f8c\u66f4\u540d\u70ba\u73fe\u4eca\u7684Vanguard 500\uff09\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E4%BA%BA%E8%AE%8A%E5%BE%97%E6%9B%B4%E8%81%B0%E6%98%8E%E4%BA%86\"><\/span><strong>\u6295\u8cc7\u4eba\u8b8a\u5f97\u66f4\u8070\u660e\u4e86<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4e8c\u4e09\u5341\u5e74\u524d\uff0c\u9280\u884c\u548c\u8859\u9580\u6c92\u5169\u6a23\uff0c\u5c24\u5176\u5728\u53f0\u7063\uff0c\u53ea\u6709\u5341\u6839\u624b\u6307\u982d\u90fd\u6578\u4e0d\u5b8c\u9280\u884c\u6578\u76ee\u7684\u5e74\u4ee3\uff0c\u672c\u571f\u9280\u884c\u5e7e\u4e4e\u90fd\u662f\u516c\u71df\u884c\u5eab\uff0c\u58df\u65b7\u8a31\u591a\u7406\u8ca1\u548c\u5b58\u6b3e\u7684\u901a\u8def\uff0c\u611b\u8cb7\u4e0d\u8cb7\u96a8\u4f60\uff0c\u56e0\u70ba\u4f60\u6c92\u6709\u9078\u64c7\u3002<\/p>\n\n\n\n<p>\u5373\u4f7f\u73fe\u5728\uff0c\u53f0\u7063\u7684\u91d1\u878d\u6cd5\u898f\u548c\u8a31\u591a\u570b\u5bb6\u6bd4\u8f03\uff0c\u7b97\u662f\u8f03\u70ba\u5c01\u9589\uff0c\u7ba1\u5236\u8f03\u591a\u7684\u570b\u5bb6\u3002\u53f0\u7063\u7684\u9280\u884c\u6548\u7387\u8d85\u4f4e\uff1f<a href=\"https:\/\/finance.technews.tw\/2022\/04\/26\/will-taiwans-banks-stay-stuck-in-a-1980s-time-warp\/\" target=\"_blank\" rel=\"noreferrer noopener\">BBC\u5c31\u85c9\u7531\u4e00\u4f4d\u79fb\u6c11\u53f0\u7063\u7684\u82f1\u570b\u4eba\u7684\u89aa\u8eab\u7d93\u6b77\uff0c\u5c0d\u53f0\u7063\u7684\u9280\u884c\u4e0b\u4e86\u4e00\u53e5\u8a55\u8a9e\uff1a\u300c\u5f77\u5f7f\u505c\u7559\u5728 1980 \u5e74\u4ee3\u300d<\/a>\u3002\u90a3\u500b\u5e74\u4ee3\uff0c\u6c11\u773e\u7406\u8ca1\u89c0\u5ff5\u5f88\u5c01\u9589\uff0c\u666e\u904d\u8a8d\u70ba\u8ca1\u5bcc\u7ba1\u7406\u696d\u8005\u6bd4\u591a\u6578\u4eba\u61c2\u7406\u8ca1\u3002\u5982\u679c\u60a8\u73fe\u5728\u9084\u5982\u6b64\u8a8d\u70ba\u55ce\uff1f\u5982\u679c\u60a8\u5920\u8aa0\u5be6\uff0c\u800c\u4e14\u9ed8\u8a8d\u7684\u8a71\uff0c\u90a3\u4e8b\u60c5\u771f\u7684\u5f88\u56b4\u91cd\u554a\uff01<\/p>\n\n\n\n<p>\u7531\u65bc\u9280\u884c\u7684\u958b\u653e\uff0c\u7406\u8ca1\u7ba1\u9053\u66f4\u591a\u5143\uff0c\u66f4\u91cd\u8981\u7684\u662f\u79d1\u6280\u7684\u767c\u5c55\uff0c\u8b93\u6240\u6709\u4eba\u90fd\u80fd\u5920\u516c\u5e73\u5730\uff0c\u6c92\u6709\u6642\u9593\u5dee\u5730\u53d6\u5f97\u60f3\u8981\u7684\u7406\u8ca1\u8cc7\u8a0a\uff0c\u4ee5\u53ca\u9032\u884c\u66f4\u65b9\u4fbf\uff0c\u591a\u5143\u7684\u6295\u8cc7\u7ba1\u9053\uff1b\u6c11\u667a\u5927\u958b\uff0c\u539f\u4f86\u80a1\u7968\u57fa\u91d1\u4e0d\u5982\u5ba3\u7a31\u7684\u7f8e\u597d\u3002\u5e74\u8f15\u7684\u4e00\u4ee3\u601d\u60f3\u66f4\u70ba\u958b\u653e\uff0c\u66f4\u80fd\u63a5\u53d7\u5176\u5b83\u7684\u7406\u8ca1\u65b9\u5f0f\uff0c\u52c7\u65bc\u6311\u6230\u4e0d\u53ef\u80fd\u3002\u66f4\u91cd\u8981\u7684\u662f\uff0c\u6709\u66f4\u591a\u7684\u9078\u64c7\u548c\u7e3e\u6548\u6bd4\u8f03\u7684\u6a19\u6e96\uff0c\u800c\u4e14\u4efb\u4f55\u4eba\u90fd\u53ef\u4ee5\u6295\u8cc7\u5728\u4e16\u754c\u4e0a\u4efb\u4f55\u570b\u5bb6\u7684\u7406\u8ca1\u7522\u54c1\uff0c\u70ba\u81ea\u5df1\u8b00\u53d6\u66f4\u591a\u7684\u5229\u6f64\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%B8%BE%E6%95%88%EF%BC%81%E7%B8%BE%E6%95%88%EF%BC%81%E7%B8%BE%E6%95%88%EF%BC%81\"><\/span><strong>\u7e3e\u6548\uff01\u7e3e\u6548\uff01\u7e3e\u6548\uff01 <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6f58\u6735\u62c9\u7684\u76d2\u5b50\u9010\u6f38\u88ab\u6253\u958b\uff0c\u4eba\u5011\u958b\u59cb\u767c\u73fe\uff0c\u80a1\u7968\u57fa\u91d1\u4e0d\u518d\u662f\u552f\u4e00\uff0c\u800c\u4e14\u4e5f\u6c92\u6709\u5982\u8ca1\u5bcc\u7ba1\u7406\u696d\u8005\uff0c\u6216\u662f\u4ee3\u92b7\u696d\u8005\u6240\u5ba3\u7a31\u7684\u9ede\u77f3\u6210\u91d1\u7684\u80fd\u529b\uff0c\u56e0\u70ba\u4eba\u5011\u5df2\u7d93\u5f9e\u8a31\u591a\u5be6\u969b\u7684\u80a1\u7968\u57fa\u91d1\u7684\u5e7e\u5341\u5e74\u7684\u7e3e\u6548\u4e2d\uff0c\u89aa\u773c\u76ee\u7779\u9019\u4e9b\u4e0d\u5fcd\u8db3\u7779\u7684\u4e8b\u5be6\u3002<\/p>\n\n\n\n<p>\u5e7e\u5bb6\u8457\u540d\u8ca1\u7d93\u6a5f\u69cb\u7684\u9577\u671f\u8abf\u67e5\u7d50\u679c\u5982\u4e0b\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5305\u62ec<span style=\"font-size: revert;\">\u7f8e\u9280\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aBAC\uff09\u5728\u5167\u7684\u8a31\u591a\u6a5f\u69cb\u4e00\u81f4\u7684\u9577\u671f\u7814\u7a76\u6307\u51fa\uff0c\u53ea\u670925%\u7684\u80a1\u7968\u57fa\u91d1\u7d93\u7406\u4eba\u7684\u6295\u8cc7\u7e3e\u6548\u9ad8\u65bc\u5927\u76e4\u3002<\/span><\/li>\n\n\n\n<li>\u6668\u661f\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aMORN\uff09\u65d7\u4e0b\u7684Morningstar Direct\u57282021\u5e74\u7684\u7d71\u8a08\u6578\u64da\uff0c\u4e3b\u52d5\u5f0f\u7f8e\u80a1\u57fa\u91d1\u7e3e\u6548\u903e85%\u843d\u5f8c\u5927\u76e4\u3002 <\/li>\n\n\n\n<li>\u6a19\u666e\u9053\u74ca\u6307\u6578\u516c\u53f8<span style=\"font-size: revert;\"> ( \u7f8e\u80a1\u4ee3\u78bc\uff1aSPGI)<\/span> \u7684\u6700\u65b0\u5831\u544a\u986f\u2f70\uff0c2021\u5e74\u8d85\u904e79%\u7684\u4e3b\u52d5\u578b\u5171\u540c\u57fa\u2fa6\u7d93\u7406\u2f08\u7684\u64cd\u76e4\u8868\u73fe\uff0c\u4e0d\u5982\u6a19\u6e96\u666e\u723e500\u6307\u6578\u548c\u9053\u74ca\u6307\u6578\u3002<\/li>\n\n\n\n<li>\u8ffd\u8e64\u4e3b\u52d5\u578b\u57fa\u91d1\u7e3e\u6548\u7684S&amp;P Indices Versus Active\uff08SPIVA\uff09\u57282023\u5e74\u7684\u6578\u64da\u986f\u793a79%\u7684\u57fa\u91d1\u7d93\u7406\u57282022\u5e74\u7684\u64cd\u76e4\u7e3e\u6548\u843d\u5f8c\u7f8e\u80a1\u5927\u76e4\uff0c\u820710\u5e74\u524d\u768442%\u76f8\u6bd4\uff0c\u9019\u500b\u6bd4\u4f8b\u5927\u5e45\u5347\u9ad8\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u7d04\u7ff0\uff0e\u67cf\u683c\u81ea\u5df1\u4f5c\u4e86\u5927\u91cf\u7814\u7a76\uff0c\u4e5f\u5f15\u7528\u4e86\u5927\u91cf\u6b0a\u5a01\u6a5f\u69cb\u548c\u4eba\u58eb\u7684\u7814\u7a76\u3002\u6bd4\u5982\uff0c\u4ed6\u5f15\u7528\u4e86\u8036\u9b6f\u5927\u5b78\u57fa\u91d1\u6703\u9996\u5e2d\u6295\u8cc7\u5b98\u5927\u885b\u00b7\u53f2\u96f2\u751f\uff08David Swensen\uff09\u7684\u7814\u7a76\uff1a\u5728\u591a\u5982\u879e\u87fb\u7684\u57fa\u91d1\u4e2d\uff0c\u904e\u53bb\u4e8c\u5341\u5e74\u4e2d\u53ea\u6709\u7d044%\u7684\u57fa\u91d1\u6263\u9664\u7a05\u6536\u548c\u8cbb\u7528\u4e4b\u5f8c\u80fd\u5920\u8dd1\u8d0f\u5927\u76e4\uff0c\u800c\u4e14\u5e73\u5747\u8d77\u4f86\u4e5f\u53ea\u662f\u6bd4\u5927\u76e4\u7684\u5831\u916c\u7387\u591a\u4e860.6%\u800c\u5df2\uff1b\u800c96%\u7684\u57fa\u91d1\u8dd1\u8f38\u5927\u76e4\uff0c\u800c\u4e14\u8f38\u5f97\u5f88\u6158\uff1a\u5e73\u5747\u6bcf\u5e74\u8dd1\u8f384.8%\u3002\u5927\u5bb6\u90fd\u77e5\u9053\u57fa\u91d1\u7d93\u7406\u548c\u5238\u5546\u6709\u767c\u8ca1\u7684\uff0c\u53ef\u662f\u767c\u8ca1\u7684\u57fa\u91d1\u6295\u8cc7\u4eba\u537b\u5f88\u5c11\u807d\u8aaa\u904e\u3002<\/p>\n\n\n\n<p>\u9019\u8b49\u660e\u4e86\u4e00\u4ef6\u4e8b\uff1a\u6c92\u6709\u4eba\u6703\u62ff\u81ea\u5df1\u6240\u8cfa\u7684\u8840\u6c57\u9322\u958b\u73a9\u7b11\u3002\u9577\u671f\u7684\u6d17\u8166\u9084\u662f\u6709\u7528\uff0c\u5c24\u5176\u662f\u7cbe\u5fc3\u8a2d\u8a08\u7684\u6a4b\u6bb5\u3002\u4f46\u4e00\u65e6\u8ca1\u5bcc\u7ba1\u7406\u696d\u8005\u9577\u671f\u7de8\u7e54\u6d17\u8166\u7684\u7f8e\u9e97\u795e\u8a71\u88ab\u7e3e\u6548\u4e8b\u5be6\u6233\u7834\u5f8c\uff0c\u4e8b\u5be6\u9084\u662f\u80fd\u53d6\u5f97\u6700\u5f8c\u7684\u52dd\u5229\uff01<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%9F%BA%E9%87%91%E6%83%B3%E9%95%B7%E6%9C%9F%E6%93%8A%E6%95%97%E5%A4%A7%E7%9B%A4%E9%9D%9E%E5%B8%B8%E5%9B%B0%E9%9B%A3\"><\/span>\u57fa\u91d1\u60f3\u9577\u671f\u64ca\u6557\u5927\u76e4\u975e\u5e38\u56f0\u96e3<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u904e\u53bb\u5e7e\u5341\u5e74\u88e1\uff0c\u5343\u5343\u842c\u842c\u7684\u57fa\u91d1\u4e2d\uff0c\u53ea\u6709\u7f8e\u76db\u96c6\u5718\uff08Legg Mason\uff09\u7c73\u52d2\u5148\u751f\uff08Bill Miller\uff09\u7684\u57fa\u91d1\uff0c\u9023\u7e8c \u5341\u4e94\u5e74\u8dd1\u8d0f\u6a19\u6e96\u666e\u723e500\u6307\u6578\uff0c\u4f46\u8dd1\u8d62\u7684\u5e45\u5ea6\u4e5f\u4e0d\u5927\uff0c\u5f8c\u4f86\u4ed6\u7684\u540d\u6c23\u5927\u4e86\uff0c\u57fa\u91d1\u7684\u65b0\u9322\u4e5f\u591a\u4e86\uff0c\u4ed6\u537b\u8d8a\u4f86\u8d8a\u96e3\u8dd1\u8d0f\u4e86\u3002\u4ed6\u6700\u5f8c\u5e7e\u5e74\uff0c\u56b4\u91cd\u8dd1\u8f38\u5927\u76e4\u3002\u6700\u5f8c\uff0c\u751a\u81f3\u56e0\u6b64\u4e7e\u8106\u9000\u4f11\u53bb\u4e86\u3002\u7c73\u52d2\u5148\u751f\u80fd\u56e0\u70ba\u8dd1\u8d62\u5927\u76e4\u800c\u6210\u70ba\u5091\u51fa\u82f1\u96c4\uff0c\u9019\u4e00\u73fe\u8c61\u672c\u8eab\u5c31\u8aaa\u660e\u8dd1\u8d62\u5927\u76e4\u5c31\u597d\u6bd4\u4e2d\u516d\u5408\u5f69\u4e00\u6a23\u56f0\u96e3\u3002 <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%9F%BA%E9%87%91%E7%B6%93%E7%90%86%E4%BA%BA%E5%92%8C%E6%8A%95%E8%B3%87%E4%BA%BA%E7%9A%84%E5%88%A9%E7%9B%8A%E4%B8%A6%E4%B8%8D%E4%B8%80%E8%87%B4\"><\/span><strong>\u57fa\u91d1\u7d93\u7406\u4eba\u548c\u6295\u8cc7\u4eba\u7684\u5229\u76ca\u4e26\u4e0d\u4e00\u81f4<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u80a1\u7968\u57fa\u91d1\u7684\u6700\u5927\u554f\u984c\u662f\u57fa\u91d1\u7d93\u7406\u4eba\u548c\u6295\u8cc7\u4eba\u7684\u5229\u76ca\u4e26\u4e0d\u4e00\u81f4\u3002\u57fa\u91d1\u7684\u6295\u8cc7\u5c0d\u57fa\u91d1\u7d93\u7406\u4eba\u4f86\u8aaa\u662f\u4e00\u4efd\u5de5\u4f5c\uff0c\u4f46\u662f\u5c0d\u6295\u8cc7\u4eba\u800c\u8a00\u662f\u8f9b\u82e6\u5de5\u4f5c\u8cfa\u4f86\u7684\u8840\u6c57\u9322\u7684\u6295\u8cc7\u3002\u7576\u57fa\u91d1\u7d93\u7406\u4eba\u9762\u81e8\u5fc5\u9808\u4e8c\u9078\u4e00\uff0c\u5728\u6295\u8cc7\u7e3e\u6548\u548c\u5de5\u4f5c\u7684\u98ef\u7897\u9593\u505a\u6289\u64c7\uff0c\u6c92\u6709\u4efb\u4f55\u7684\u57fa\u91d1\u7d93\u7406\u4eba\u6703\u9078\u64c7\u57fa\u91d1\u7684\u7e3e\u6548\uff0c\u9019\u662f\u4eba\u6027\u548c\u73fe\u5be6\u3002<\/p>\n\n\n\n<p>\u4e0b\u6b21\u7576\u60a8\u8d77\u5fc3\u52d5\u5ff5\u60f3\u628a\u9322\u6295\u5165\u4efb\u4f55\u80a1\u7968\u57fa\u91d1\u6642\uff0c\u5225\u5fd8\u4e86\u554f\u696d\u8005\u8a72\u6a94\u57fa\u91d1\u7684\u64cd\u76e4\u4eba\u662f\u4e0d\u662f\u628a\u81ea\u5df1\u6240\u6709\u7684\u8eab\u5bb6\u8cc7\u7522\u90fd\u62bc\u6ce8\u5728\u9019\u6a94\u57fa\u91d1\u4e0a\uff1f\u82e5\u662f\uff0c\u8981\u6c42\u696d\u8005\u63d0\u51fa\u516c\u5171\u7b2c\u4e09\u65b9\u9a57\u8b49\u7684\u8b49\u660e\uff08\u9019\u500b\u8981\u6c42\u5f88\u5408\u7406\uff09\uff1b\u82e5\u4e0d\u662f\uff0c\u8acb\u6389\u982d\u5c31\u8d70\u3002<\/p>\n\n\n\n<p>\u5df4\u83f2\u7279\u5728\u975e\u5e38\u65e9\u671f\u5c31\u6307\u51fa\u904e\u300c\u57fa\u91d1\u7d93\u7406\u4eba\u548c\u6295\u8cc7\u4eba\u7684\u5229\u76ca\u4e26\u4e0d\u4e00\u81f4\u300d\u624d\u662f\u57fa\u91d1\u696d\u8005\u6700\u5927\u7684\u554f\u984c\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8C%81%E6%9C%89%E6%88%90%E6%9C%AC%E5%AF%A6%E5%9C%A8%E5%A4%AA%E9%AB%98\"><\/span><strong>\u6301\u6709\u6210\u672c\u5be6\u5728\u592a\u9ad8<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6295\u8cc7\u4eba\u60f3\u904e\u6c92\u6709\u3002\u5927\u591a\u6578\u907f\u96aa\u57fa\u91d1\u90fd\u662f\u80e1\u8aaa\u516b\u9053\uff0c\u53ea\u6709\u5439\u5653\u7684\u672c\u4e8b\u800c\u5df2\u3002\u907f\u96aa\u57fa\u91d1\u7684\u7ba1\u7406\u8cbb\u662f\u57fa\u91d1\u76842%\uff0c\u518d\u52a0\u4e0a\u5e74\u5ea6\u7e3e\u6548\u6536\u76ca\u768420%\u3002\u4e5f\u5c31\u662f\u8aaa\uff0c\u5373\u4f7f\u57fa\u91d1\u4e0d\u8cfa\u9322\uff0c\u4ed6\u5011\u4ecd\u62bd2%\u3002\u5982\u679c\u7576\u5e74\u57fa\u91d1\u5831\u916c\u662f\u6b63\u5831\u916c\u7684\u8a71\uff0c\u8cfa\u7684\u9322\u5c31\u66f4\u591a\u4e86\uff0c\u9084\u8981\u518d\u62bd\u6b63\u5831\u916c\u768420%\u3002<\/p>\n\n\n\n<p>\u5091\u68ee\uff0e\u8332\u5a01\u683c\uff08&nbsp;Jason Zweig\uff09\u5728\u4ed6\u7684\u300a<a href=\"https:\/\/www.amazon.com\/Little-Book-Safe-Money-Yourself\/dp\/0470398523\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.amazon.com\/Little-Book-Safe-Money-Yourself\/dp\/0470398523\" rel=\"noreferrer noopener\">\u7576\u4ee3\u8ca1\u7d93\u5927\u5e2b\u7684\u5b88\u9322\u81f4\u5bcc\u8ab2<\/a><span style=\"font-size: revert;\">\u300b\u66f8\u4e2d\u5c31\u63d0\u904e\u4e00\u5927\u4e32\uff0c\u95dc\u65bc\u5171\u540c\u57fa\u91d1\uff08\u4e5f\u5c31\u662f\u5927\u5bb6\u6240\u719f\u77e5\u7684\u80a1\u7968\u578b\u57fa\u91d1\uff09\u7684\u7d71\u8a08\u6578\u64da\uff1a<\/span> <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1991\u5e74\u52302004\u5e74\u9593\uff0c\u5171\u540c\u57fa\u91d1\u696d\u8005\u7684\u5e73\u5747\u5831\u916c\u662f7.4%\uff0c\u4f46\u6700\u5f8c\u843d\u5165\u5ba2\u6236\u53e3\u888b\u53ea\u67095.9%\uff01<\/li>\n\n\n\n<li>\u7d04\u7ff0\uff0e\u67cf\u683c\u6307\u51fa1984\u5e74\u81f32004\u5e74\u9593\uff0c\u9802\u7d1a\u80a1\u7968\u5171\u540c\u57fa\u91d1\u7684\u5e73\u5747\u5831\u916c\u662f9.9%\uff0c\u4f46\u5ba2\u6236\u53ea\u7372\u5f97\u4e866.6%\uff01<\/li>\n\n\n\n<li>\u5370\u7b2c\u5b89\u7d0d\u5927\u5b78\u7814\u7a76\u6307\u51fa\uff1a1998\u5e74\u81f32001\u5e74\u9593\uff0c\u80a1\u7968\u5171\u540c\u57fa\u91d1\u7684\u5e73\u5747\u5831\u916c\u662f5.7%\uff0c\u5ba2\u6236\u53ea\u5165\u888b1.0%\uff01<\/li>\n<\/ul>\n\n\n\n<p>\u73fe\u5728\u5927\u5bb6\u61c9\u8a72\u80fd\u66b8\u89e3\uff0c\u70ba\u4ec0\u9ebc\u57fa\u91d1\u7d93\u7406\u4eba\u7684\u85aa\u8cc7\u70ba\u4f55\u9019\u9ebc\u512a\u6e25\uff1f\u56e0\u70ba\u9019\u90fd\u662f\u7531\u5171\u540c\u57fa\u91d1\u7684\u6295\u8cc7\u4eba\u62bd\u53d6\u7684\u8840\u6c57\u9322\u554a\u3002\u4e0d\u8ad6\u57fa\u91d1\u7684\u7e3e\u6548\u8cfa\u9322\u6216\u8ce0\u9322\uff0c\u57fa\u91d1\u6bcf\u5e74\u90fd\u6703\u6536\u53d6\u4e00\u5b9a\u6bd4\u4f8b\u7684\u5e74\u5ea6\u4fdd\u7ba1\u8cbb\u3002\u800c\u4e14\uff0c\u7576\u6295\u8cc7\u4eba\u8cb7\u5165\uff0c\u4ee5\u53ca\u8ce3\u51fa\u57fa\u91d1\u6642\uff0c\u9084\u8981\u53e6\u5916\u5404\u8ca0\u64d4\u4e00\u7b46\u91d1\u984d\u4e0d\u4f4e\u7684\u624b\u7e8c\u8cbb\u3002\u6574\u500b\u4f9b\u61c9\u93c8\u4e2d\uff0c\u6709\u9019\u9ebc\u591a\u7684\u4eba\u9760\u9019\u500b\u5403\u98ef\uff0c\u96e3\u602a\u6295\u8cc7\u4eba\u5f88\u5c11\u5728\u5a92\u9ad4\u6216\u8ca1\u5bcc\u7ba1\u7406\u696d\u8005\u53e3\u4e2d\uff0c\u807d\u5230\u4efb\u4f55\u95dc\u65bc\u5171\u540c\u57fa\u91d1\u7684\u4e00\u4e01\u9ede\u8ca0\u9762\u770b\u6cd5\uff0c\u56e0\u70ba\u4ed6\u5011\u90fd\u9760\u9019\u500b\u7522\u696d\u93c8\u5728\u5403\u98ef\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E4%BA%BA%E8%87%AA%E5%B7%B1%E8%B2%B7%E9%AB%98%E8%B3%A3%E4%BD%8E\"><\/span><strong>\u6295\u8cc7\u4eba\u81ea\u5df1\u8cb7\u9ad8\u8ce3\u4f4e<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5091\u68ee\uff0e\u8332\u5a01\u683c\u7684\u300a<a href=\"https:\/\/www.amazon.com\/Little-Book-Safe-Money-Yourself\/dp\/0470398523\" target=\"_blank\" rel=\"noreferrer noopener\">\u7576\u4ee3\u8ca1\u7d93\u5927\u5e2b\u7684\u5b88\u9322\u81f4\u5bcc\u8ab2<\/a><span style=\"font-size: revert;\">\u300b\u66f8\u4e2d\u9084\u63d0\u904e\uff1a<\/span> <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1973\u5e74\u81f32002\u5e74\u9593\uff0c\u90a3\u65af\u9054\u514b\u7684\u5e74\u5316\u5e73\u5747\u5831\u916c\u662f9.6%\uff0c\u4f461998\u5e74\u81f32000\u5e74\u6295\u8cc7\u4eba\u6e67\u5165\u88ab\u9ad8\u4f30\u7684\u5e02\u5834\uff0c\u6ce8\u5165\u9ad8\u9054\u7f8e\u91d11.1\u5146\u7684\u8cc7\u91d1\uff0c\u7d50\u679c\u6295\u8cc7\u4eba\u5e73\u5747\u50c5\u53d6\u5f974.3%\u7684\u5e74\u5316\u5e73\u5747\u5831\u916c\u3002<\/li>\n\n\n\n<li>1926\u5e74\u81f32002\u5e74\u9593\uff0c\u6295\u8cc7\u4eba\u7684\u6536\u76ca\u6bd4\u5e02\u5834\u8868\u73fe\u4f4e\u4e861.5%\u3002\u4e3b\u8981\u7684\u539f\u56e0\u5f88\u7c21\u55ae\uff0c\u56e0\u70ba\u9ad8\u8cb7\u4f4e\u8ce3\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u70ba\u4f55\u8981\u63d0\u9019\u500b\u6578\u64da\u5462\uff1f\u56e0\u70ba\u6295\u8cc7\u4eba\uff0c\u7279\u5225\u662f\u6295\u8cc7\u80a1\u7968\u5171\u540c\u57fa\u91d1\u7684\u6295\u8cc7\u4eba\uff0c\u56e0\u70ba\u4e0d\u6703\u53bb\u6df1\u5165\u7814\u7a76\u3002\u901a\u5e38\u53ea\u6703\u53bb\u67e5\u9019\u6a94\u57fa\u91d1\u7576\u5e74\u6216\u53bb\u5e74\u7684\u5831\u916c\uff0c\u5e7e\u4e4e\u6240\u6709\u4eba\u90fd\u6703\u8cb7\u5165\u6700\u8fd1\u4e00\u5e74\u8868\u73fe\u6700\u597d\u7684\u57fa\u91d1\uff0c\u5c31\u7cca\u88e1\u7cca\u5857\u5730\u6295\u5165\u57fa\u91d1\u3002\u4f46\u4e00\u822c\u800c\u8a00\uff0c\u901a\u5e38\u53bb\u5e74\u8868\u73fe\u597d\u7684\u57fa\u91d1\uff0c\u6b21\u4e00\u5e74\uff0c\u6216\u63a5\u4e0b\u4f86\u5e7e\u5e74\u7684\u8868\u73fe\u90fd\u6703\u5927\u76f8\u5f91\u5ead\u3002\u4e00\u5e74\u5f8c\uff0c\u9019\u6642\u57fa\u91d1\u7684\u6295\u8cc7\u4eba\u773c\u770b\u8457\u57fa\u91d1\u8868\u73fe\u4e0d\u597d\uff0c\u53c8\u7d1b\u7d1b\u8d16\u56de\u9000\u51fa\u3002\u53c8\u722d\u76f8\u53bb\u8cb7\u5165\u6b21\u4e00\u5e74\u8868\u73fe\u8f03\u597d\u7684\u57fa\u91d1\uff0c\u5982\u6b64\u5468\u800c\u8907\u59cb\u3002\u53ef\u60f3\u800c\u77e5\uff0c\u6839\u672c\u4e0d\u53ef\u80fd\u9577\u671f\u6295\u8cc7\uff0c\u9019\u5c31\u662f\u5178\u578b\u7684\u6ce2\u6bb5\u64cd\u4f5c\u3002\u9019\u5957\u6295\u8cc7\u65b9\u5f0f\u4e0d\u53ef\u80fd\u8cfa\u5230\u5927\u9322\u3002<\/p>\n\n\n\n<p>\u6295\u8cc7\u4eba\u61c9\u8a72\u8981\u505a\u7684\u662f\u53bb\u67e5\u9019\u6a94\u57fa\u91d1\u7684\u9577\u5e74\uff08\u5efa\u8b70\u81f3\u5c11\u5341\u5e74\uff0c\u70ba\u4ec0\u9ebc\u5462\uff1f\u8acb\u53c3\u8003\u6211\u7684\u53e6\u4e00\u7bc7\u76f8\u95dc\u7684\u6587\u7ae0<span style=\"font-size: revert;\"> \u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/07\/10\/%e5%a6%82%e4%bd%95%e6%aa%a2%e8%a6%96%e4%b8%80%e5%80%8b%e6%88%90%e5%8a%9f%e7%9a%84%e8%82%a1%e5%b8%82%e6%8a%95%e8%b3%87%e4%ba%ba%e6%88%90%e5%8a%9f%e8%83%bd%e5%90%a6%e6%8c%81%e7%ba%8c%ef%bc%9f\/\">\u5982\u4f55\u6aa2\u8996\u4e00\u500b\u6210\u529f\u7684\u80a1\u5e02\u6295\u8cc7\u4eba\u6210\u529f\u80fd\u5426\u6301\u7e8c\uff1f<\/a>\u300b<\/span>\uff09\u7684IRR\uff0c\u8b39\u614e\u9078\u64c7\u6240\u8981\u8cb7\u5165\u7684\u57fa\u91d1\uff0c\u9577\u671f\u6295\u5165\u624d\u5c0d\u3002\u5efa\u8b70\u60a8\u53c3\u8003\u6211\u7684\u53e6\u4e00\u7bc7\u6587\u7ae0<span style=\"font-size: revert;\"><a style=\"font-size: revert;\" href=\"https:\/\/www.granitefirm.com\/blog\/behind-the-scenes\/homework\/%e5%a6%82%e4%bd%95%e8%a8%88%e7%ae%97%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%ef%bc%9f\/\">\u300a\u6295\u8cc7\u4eba\u8a72\u91cd\u8996\u7684\u662f\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\uff08IRR\uff09\u300b<\/a> \u3002\u9019\u5c31\u662f\u6295\u8cc7\u4eba\u6700\u5178\u578b\u7684\u300c\u8fd1\u8996\u300d\u73fe\u8c61\u3002<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B0%8F%E5%BF%83%E7%94%9F%E5%AD%98%E8%80%85%E5%81%8F%E8%AA%A4\"><\/span><strong>\u5c0f\u5fc3\u751f\u5b58\u8005\u504f\u8aa4<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4f46\u662f\u80a1\u7968\u57fa\u91d1\u696d\u8005\u9084\u6703\u800d\u51fa\u5728\u4ed6\u5011\u696d\u754c\u516c\u958b\u4f7f\u7528\uff0c\u4f46\u6295\u8cc7\u4eba\u96e3\u5bdf\u89ba\u7684\u62db\u8853\uff0c\u6709\u53f2\u4ee5\u4f86\u6700\u5049\u5927\u7684\u80a1\u7968\u57fa\u91d1\u7d93\u7406\u4eba\u5f7c\u5f97\uff0e\u6797\u5340\u5728\u4ed6\u7684\u66f8\u4e2d\u4e5f\u66fe\u7d93\u63d0\u904e\u9019\u7a2e\u624b\u6cd5\u3002\u57fa\u91d1\u696d\u8005\u6703\u628a\u52df\u8cc7\u672a\u9054\u7406\u60f3\u76ee\u6a19\uff0c\u4ee5\u53ca\u591a\u5e74\u7e3e\u6548\u4e0d\u597d\u7684\u57fa\u91d1\uff0c \u901a\u901a\u90fd\u4f75\u5165\u540c\u4e00\u5bb6\u516c\u53f8\u6210\u7e3e\u8f03\u597d\u7684\u57fa\u91d1\u88e1\u9762\u3002\u5c24\u65bc\u6210\u7e3e\u8f03\u597d\u7684\u57fa\u91d1\uff08\u901a\u7576\u6578\u91cf\u5f88\u5c11\uff0c\u4e00\u822c\u800c\u8a00\u662f\u4e00\u5bb6\u57fa\u91d1\u516c\u53f8\u88e1\u9762\u7684\u65d7\u8266\u57fa\u91d1\uff0c\u4e5f\u5c31\u662f\u5f97\u6700\u597d\uff0c\u4ee5\u53ca\u7e3e\u6548\u76f8\u8f03\u8f03\u597d\u7684\u90a3\u4e00\u6a94\u660e\u661f\u57fa\u91d1\uff09\u898f\u6a21\u901a\u8f03\u5927\uff0c\u56e0\u6b64\u5438\u5165\u7e3e\u6548\u5dee\u7684\u57fa\u91d1\uff08\u7576\u7136\u6703\u5f97\u5f88\u5dee\uff0c\u57fa\u91d1\u898f\u6a21\u4e5f\u8f03\u5c0f\uff09\u5176\u9ad4\u7e3e\u6548\u4e26\u4e0d\u6703\u6709\u592a\u5927\u7684\u885d\u64ca\u3002<\/p>\n\n\n\n<p>\u9019\u4e5f\u662f\u70ba\u4ec0\u9ebc\u5728\u5e02\u5834\u4e0a\uff0c\u6bcf\u5bb6\u57fa\u91d1\u696d\u8005\u901a\u5e38\u90fd\u53ea\u6709\u4e00\u5169\u6a94\u4e0a\u5f97\u4e86\u53f0\u9762\uff0c\u8ce3\u76f8\u8f03\u597d\u7684\u57fa\u91d1\u7684\u4e3b\u8981\u539f\u56e0\u3002\u800c\u4e14\uff0c\u57fa\u91d1\u696d\u8005\u6703\u544a\u8a34\u4f60\uff0c\u4ed6\u5011\u5bb6\u7684\u57fa\u91d1\u7e3e\u6548\u90fd\u5f88\u597d<span style=\"font-size: revert;\">\u2500\u2500\u2500\u2500<\/span>\u90a3\u7576\u7136\u554a\uff0c\u4e0d\u597d\u7684\u90fd\u88ab\u4f75\u9032\u6210\u7e3e\u8f03\u597d\u7684\u57fa\u91d1\u88e1\u9762\u4e86\uff0c\u7559\u4e0b\u7684\u90fd\u662f\u8f03\u597d\u7684\u4e00\u5169\u6a94\u3002\u5982\u679c\u90a3\u5929\u7528\u4f86\u5145\u7576\u9580\u9762\u7684\u65d7\u8266\u57fa\u91d1\u8868\u73fe\u4e0d\u597d\u4e86\uff0c\u90a3\u5c31\u5206\u62c6\uff0c\u4f75\u5165\u516c\u53f8\u65b0\u5d1b\u8d77\u7684\u5f8c\u8d77\u4e4b\u79c0\u88e1\uff0c\u518d\u62ff\u8f03\u597d\u7684\u5f8c\u8d77\u4e4b\u79c0\u57fa\u91d1\u4f86\u6253\u5ee3\u544a\u3002\u9019\u4e5f\u662f\u6295\u8cc7\u4eba\u6c38\u9060\u53ea\u770b\u5230\uff0c\u5230\u8655\u90fd\u662f\u8868\u73fe\u512a\u7570\u7684\u57fa\u91d1\u7684\u539f\u56e0<span style=\"font-size: revert;\">\u2500\u2500\u2500\u2500<\/span>\u56e0\u70ba\u8868\u73fe\u4e0d\u4f73\u7684\u57fa\u91d1\u7e3d\u662f\u6703\u81ea\u52d5\u6d88\u5931\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"100\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2022\/09\/Michael-Steinberg-1600x1200-1.jpg\" alt=\"\u80a1\u7968\u57fa\u91d1\" class=\"wp-image-25190\"\/><figcaption class=\"wp-element-caption\">credit: Michael-Steinberg<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%85%B1%E5%90%8C%E5%9F%BA%E9%87%91%E6%A5%AD%E7%9A%84%E6%BD%9B%E8%A6%8F%E5%89%87\"><\/span><strong>\u5171\u540c\u57fa\u91d1\u696d\u7684\u6f5b\u898f\u5247<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6211\u5728<span style=\"font-size: revert;\">\u300a<\/span><a style=\"font-size: revert;\" 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\/\">\u6563\u6236\u6295\u8cc7\u80a1\u5e02\u6709\u54ea\u4e9b\u512a\u52e2\uff1f<\/a><span style=\"font-size: revert;\">\u300b<\/span>\u9019\u7bc7\u6587\u7ae0\u4e2d\uff0c\u8a73\u7d30\u5217\u51fa\u4e86\u8a31\u591a\u6a5f\u69cb\u6295\u8cc7\u4eba\uff08\u5305\u62ec\u5171\u540c\u57fa\u91d1\u696d\u8005\uff09\u7684\u8a31\u591a\u884c\u696d\u6f5b\u898f\u5247\uff0c\u9019\u4e9b\u898f\u5247\u5929\u751f\u5c31\u7d04\u675f\u4e86\u57fa\u91d1\u696d\u8005\u4e0d\u53ef\u80fd\u8cfa\u5927\u9322\uff1a <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4e0d\u9f13\u52f5\u9577\u671f\u6295\u8cc7 <\/li>\n\n\n\n<li>\u6cd5\u898f\u9650\u5236<\/li>\n\n\n\n<li>\u88ab\u8feb\u4ea4\u6613<\/li>\n\n\n\n<li>\u53cd\u61c9\u4e0d\u654f\u6377<\/li>\n\n\n\n<li>\u6295\u8cc7\u9078\u64c7\u6a19\u7684\u5c11\u5f88\u591a<\/li>\n<\/ul>\n\n\n\n<p>\u4ee5\u4e0a\u7684\u9019\u4e9b\u5148\u5929\u4e0a\u7684\u9650\u5236\uff0c\u6bcf\u4e00\u9805\u5e7e\u4e4e\u90fd\u662f\u6295\u8cc7\u7121\u6cd5\u6210\u529f\u7684\u56e0\u7d20\u3002\u8070\u660e\u7684\u6295\u8cc7\u4eba\u770b\u5b8c\u9019\u4e9b\u9650\u5236\u5f8c\uff0c\u4f60\u9084\u76f8\u4fe1\u9760\u9019\u5957\u6295\u8cc7\u539f\u5247\u7684\u6295\u8cc7\u8005\u80fd\u70ba\u60a8\u8cfa\u9322\u55ce\uff1f<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B7%B4%E8%8F%B2%E7%89%B9%E8%82%A1%E7%A5%A8%E5%9F%BA%E9%87%91%E7%9A%84%E7%9C%8B%E6%B3%95\"><\/span>\u5df4\u83f2\u7279\u80a1\u7968\u57fa\u91d1\u7684\u770b\u6cd5<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u8acb\u53c3\u898b\u6211\u53e6\u4e00\u7bc7\u90e8\u843d\u683c\u6587\u7ae0\u7684\u5167\u5bb9\uff1a\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/10\/%e8%82%a1%e7%a5%a8%e5%9f%ba%e9%87%91%e8%a1%a8%e7%8f%be%e7%82%ba%e4%bd%95%e5%a5%87%e5%b7%ae%e7%84%a1%e6%af%94%ef%bc%9f%e6%9c%89%e5%a4%9a%e5%b7%ae%e5%91%a2%ef%bc%9f\/\">\u80a1\u7968\u57fa\u91d1\u8868\u73fe\u70ba\u4f55\u5947\u5dee\u7121\u6bd4\uff1f\u6709\u591a\u5dee\u5462\uff1f<\/a>\u300b<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%B5%90%E8%AA%9E\"><\/span><strong>\u7d50\u8a9e<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u8a18\u4f4f\u4ee5\u4e0b\u5e7e\u9ede\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u53bb\u5e74\u6216\u524d\u5e74\u7684\u5e74\u5ea6\u7e3e\u6548\u4e0d\u91cd\u8981\uff0c\u8acb\u6aa2\u8996\u5341\u5e74\u4ee5\u4e0a\u7684\u5e74\u5316\u5831\u916c\u7387\uff1b\u6108\u9577\u6108\u597d\u2014\u2014\u9019\u500b\u539f\u5247\u9069\u7528\u65bc\u7528\u4f86\u6aa2\u8996\u6295\u8cc7\u4eba\u81ea\u5df1\uff0c\u5404\u7a2e\u5171\u540c\u57fa\u91d1\uff0c\u66ff\u60a8\u7ba1\u7406\u8cc7\u7522\u7684\u696d\u8005\uff0c\u60a8\u6240\u5d07\u656c\u7684\u6295\u8cc7\u4eba\u3002<\/li>\n\n\n\n<li>\u8ffd\u8e64\u5927\u76e4\u7684ETF\u624d\u662f\u771f\u6b63\u7121\u8166\u53c8\u4e0d\u7528\u82b1\u5fc3\u529b\uff0c\u80fd\u6253\u6557\u901a\u81a8\u7684\u6295\u8cc7\u65b9\u5f0f\u3002<\/li>\n\n\n\n<li>\u6301\u6709\u6210\u672c\u5f88\u91cd\u8981\uff0c\u4ed6\u5011\u4e00\u9ede\u90fd\u4e0d\u662f\u5c0f\u9322\uff0c\u800c\u662f\u5927\u9322\u3002\u805a\u6c99\u6210\u5854\uff0c\u4e0d\u91cd\u8996\u624b\u7e8c\u8cbb\u3001\u7ba1\u7406\u8cbb\u3001\u7a05\u8ce6\u7684\u6295\u8cc7\u4eba\uff08\u8acb\u53c3\u898b\u6211\u7684\u53e6\u4e00\u7bc7\u6587\u7ae0\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/09\/29\/%e6%8a%95%e8%b3%87%e4%ba%ba%e7%9a%84%e5%85%a9%e5%a4%a7%e6%ae%ba%e6%89%8b%e9%80%9a%e8%86%a8%e5%92%8c%e5%88%a9%e7%8e%87\/\">\u6295\u8cc7\u4eba\u7684\u4e09\u5927\u6bba\u624b\uff1a\u901a\u81a8\uff0c\u5229\u7387\uff0c\u548c\u7a05\u8ce6<\/a>\u300b \uff09\uff0c\u9577\u671f\u800c\u8a00\uff0c\u5f88\u96e3\u6210\u529f\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>\u6700\u5f8c\u63d0\u9192\u60a8\uff1aETF\u4e5f\u662f\u57fa\u91d1\uff0c\u5927\u5bb6\u5225\u5fd8\u4e86\uff01\u5225\u88ab\u696d\u8005\u9ad8\u660e\u7684\u5305\u88dd\u548c\u8a71\u8853\u8ff7\u60d1\u4e86\uff01<\/strong><\/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\/2022\/01\/06\/%E6%9C%89%E4%BB%BB%E4%BD%95%E8%B2%B7%E8%82%A1%E7%A5%A8%E5%9F%BA%E9%87%91%E7%9A%84%E7%90%86%E7%94%B1%E5%97%8E%EF%BC%9F\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6709\u4efb\u4f55\u8cb7\u80a1\u7968\u57fa\u91d1\u7684\u7406\u7531\u55ce\uff1f1\u500b\u90fd\u627e\u4e0d\u5230<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/05\/29\/%e6%8a%95%e8%b3%87%e4%ba%ba%e6%ad%a3%e5%bf%ab%e9%80%9f%e8%bd%89%e5%90%91%e8%a2%ab%e5%8b%95%e6%8a%95%e8%b3%87%e5%9f%ba%e9%87%91%e6%8a%9b%e6%a3%84%e4%b8%bb%e5%8b%95%e6%8a%95%e8%b3%87%e5%9f%ba%e9%87%91\/\">\u5168\u7403\u6295\u8cc7\u4eba\u6b63\u5feb\u901f\u8f49\u5411\u88ab\u52d5\u6295\u8cc7\u57fa\u91d1ETF\uff0c\u629b\u68c4\u4e3b\u52d5\u6295\u8cc7\u57fa\u91d1<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/10\/%e8%82%a1%e7%a5%a8%e5%9f%ba%e9%87%91%e8%a1%a8%e7%8f%be%e7%82%ba%e4%bd%95%e5%a5%87%e5%b7%ae%e7%84%a1%e6%af%94%ef%bc%9f%e6%9c%89%e5%a4%9a%e5%b7%ae%e5%91%a2%ef%bc%9f\/\">\u80a1\u7968\u57fa\u91d1\u8868\u73fe\u70ba\u4f55\u5947\u5dee\u7121\u6bd4\uff1f\u6709\u591a\u5dee\u5462\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/03\/22\/%e8%ab%87%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%ef%bc%8c%e5%b0%8f%e5%bf%83%e6%95%b8%e5%ad%97%e9%81%8a%e6%88%b2\/\">\u8ac7\u6295\u8cc7\u5831\u916c\u7387\uff0c\u5c0f\u5fc3\u6578\u5b57\u9677\u9631<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/10\/13\/%e7%8f%be%e4%bb%a3%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e7%90%86%e8%ab%96%e7%82%ba%e4%bd%95%e4%b8%8d%e5%90%88%e7%90%86%ef%bc%9f\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\u70ba\u4f55\u4e0d\u5408\u7406\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/10\/07\/%e6%95%88%e7%8e%87%e5%b8%82%e5%a0%b4\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6548\u7387\u5e02\u5834<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/09\/12\/%e6%82%a8%e6%87%89%e8%a9%b2%e8%aa%8d%e8%ad%98square%e9%80%99%e5%ae%b6%e4%bc%81%e6%a5%ad\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/04\/07\/%e7%82%ba%e4%bb%80%e9%ba%bc%e5%b7%b4%e8%8f%b2%e7%89%b9%e5%80%bc%e5%be%97%e6%b7%b1%e5%85%a5%e7%a0%94%e7%a9%b6%ef%bc%9f\/\">\u70ba\u4ec0\u9ebc\u5df4\u83f2\u7279\u503c\u5f97\u6df1\u5165\u7814\u7a76\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/07\/27\/%E7%9B%B8%E4%BF%A1%E6%88%90%E5%8A%9F%E6%8A%95%E8%B3%87%E4%BA%BA%E6%98%AF%E5%80%96%E5%AD%98%E8%80%85%E5%81%8F%E8%AA%A4%E7%9A%84%E4%BA%BA%E4%B8%8D%E5%8F%AF%E8%83%BD%E6%88%90%E5%8A%9F\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u76f8\u4fe1\u6210\u529f\u6295\u8cc7\u4eba\u662f\u5016\u5b58\u8005\u504f\u8aa4\u7684\u4eba\u4e0d\u53ef\u80fd\u6210\u529f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/10\/%E9%96%B1%E8%AE%80%E5%B0%8D%E6%8A%95%E8%B3%87%E7%9A%84%E5%BF%85%E8%A6%81%E6%80%A7\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u95b1\u8b80\u5c0d\u6295\u8cc7\u7684\u7121\u53ef\u53d6\u4ee3\u548c\u5fc5\u8981\u6027<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/01\/12\/%E5%88%86%E6%9E%90%E5%B8%AB%E7%9A%84%E5%A0%B1%E5%91%8A%E9%83%BD%E4%B8%80%E7%84%A1%E6%98%AF%E8%99%95%E5%97%8E%EF%BC%9F\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5206\u6790\u5e2b\u7684\u5831\u544a\u90fd\u4e00\u7121\u662f\u8655\u55ce\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/04\/27\/%E5%B7%B4%E8%8F%B2%E7%89%B9%E6%8C%81%E8%82%A1%E7%9A%84%E5%85%B1%E5%90%8C%E6%80%A7\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u6301\u80a1\u76843\u5927\u5171\u540c\u6027-\u4fbf\u5b9c\u3001\u56fa\u5b9a\u914d\u606f\u3001\u5eab\u85cf\u80a1<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/09\/29\/%e6%8a%95%e8%b3%87%e4%ba%ba%e7%9a%84%e5%85%a9%e5%a4%a7%e6%ae%ba%e6%89%8b%e9%80%9a%e8%86%a8%e5%92%8c%e5%88%a9%e7%8e%87\/\">\u6295\u8cc7\u4eba\u7684\u4e09\u5927\u6bba\u624b\uff1a\u901a\u81a8\uff0c\u5229\u7387\uff0c\u548c\u7a05\u8ce6<\/a>\u300b<\/li>\n<\/ul>\n\n\n\n<p><em><strong>\u91cd\u8981\u8072\u660e<\/strong><\/em><\/p>\n\n\n\n<ul 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