{"id":11743,"date":"2022-08-01T23:56:00","date_gmt":"2022-08-01T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=11743"},"modified":"2025-04-18T21:27:38","modified_gmt":"2025-04-18T13:27:38","slug":"%e6%93%87%e6%99%82%e4%ba%a4%e6%98%93%e7%82%ba%e4%bd%95%e6%a0%b9%e6%9c%ac%e8%a1%8c%e4%b8%8d%e9%80%9a%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/08\/01\/%e6%93%87%e6%99%82%e4%ba%a4%e6%98%93%e7%82%ba%e4%bd%95%e6%a0%b9%e6%9c%ac%e8%a1%8c%e4%b8%8d%e9%80%9a%ef%bc%9f\/","title":{"rendered":"\u6ce2\u6bb5\u64cd\u4f5c\u548c\u64c7\u6642\u4ea4\u6613\u70ba\u4f55\u6839\u672c\u884c\u4e0d\u901a\uff1f"},"content":{"rendered":"\n<p>\u4e0d\u8ad6\u500b\u80a1\u6295\u8cc7\u6216ETF\uff0c\u6ce2\u6bb5\u64cd\u4f5c\u6216\u731c\u6e2c\u5e02\u5834\uff0c\u9078\u64c7\u9032\u51fa\u80a1\u5e02\u7684\u6642\u9593\uff0c\u85c9\u4ee5\u7cbe\u6e96\u5730\u638c\u63e1\u6700\u5927\u7684\u7372\u5229\u53ef\u80fd\u2500\u2500\u2500\u2500\u9019\u7a2e\u505a\u6cd5\u6839\u672c\u884c\u4e0d\u901a\uff0c\u4e5f\u767d\u8cbb\u5fc3\u6a5f\u3002<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 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\/08\/01\/%e6%93%87%e6%99%82%e4%ba%a4%e6%98%93%e7%82%ba%e4%bd%95%e6%a0%b9%e6%9c%ac%e8%a1%8c%e4%b8%8d%e9%80%9a%ef%bc%9f\/#%E6%B3%A2%E6%AE%B5%E6%93%8D%E4%BD%9C\" >\u6ce2\u6bb5\u64cd\u4f5c<\/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\/08\/01\/%e6%93%87%e6%99%82%e4%ba%a4%e6%98%93%e7%82%ba%e4%bd%95%e6%a0%b9%e6%9c%ac%e8%a1%8c%e4%b8%8d%e9%80%9a%ef%bc%9f\/#%E4%B8%BB%E5%BC%B5%E6%93%87%E6%99%82%E4%BA%A4%E6%98%93%E8%80%85%E7%9A%84%E7%AB%8B%E8%AB%96%E5%9F%BA%E7%A4%8E\" >\u4e3b\u5f35\u64c7\u6642\u4ea4\u6613\u8005\u7684\u7acb\u8ad6\u57fa\u790e<\/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\/08\/01\/%e6%93%87%e6%99%82%e4%ba%a4%e6%98%93%e7%82%ba%e4%bd%95%e6%a0%b9%e6%9c%ac%e8%a1%8c%e4%b8%8d%e9%80%9a%ef%bc%9f\/#%E5%AE%A2%E8%A7%80%E4%BA%8B%E5%AF%A6\" >\u5ba2\u89c0\u4e8b\u5be6<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/08\/01\/%e6%93%87%e6%99%82%e4%ba%a4%e6%98%93%e7%82%ba%e4%bd%95%e6%a0%b9%e6%9c%ac%e8%a1%8c%e4%b8%8d%e9%80%9a%ef%bc%9f\/#%E6%AD%B7%E5%8F%B2%E6%95%B8%E6%93%9A\" >\u6b77\u53f2\u6578\u64da<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/08\/01\/%e6%93%87%e6%99%82%e4%ba%a4%e6%98%93%e7%82%ba%e4%bd%95%e6%a0%b9%e6%9c%ac%e8%a1%8c%e4%b8%8d%e9%80%9a%ef%bc%9f\/#%E5%8F%B0%E8%82%A1%E7%95%B6%E6%B2%96%E4%BA%A4%E6%98%93%E4%BA%BA%E7%9A%84%E5%A0%B1%E9%85%AC\" >\u53f0\u80a1\u7576\u6c96\u4ea4\u6613\u4eba\u7684\u5831\u916c<\/a><\/li><\/ul><\/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\/08\/01\/%e6%93%87%e6%99%82%e4%ba%a4%e6%98%93%e7%82%ba%e4%bd%95%e6%a0%b9%e6%9c%ac%e8%a1%8c%e4%b8%8d%e9%80%9a%ef%bc%9f\/#%E6%8A%95%E8%B3%87%E4%BA%BA%E7%9A%84%E8%A1%8C%E7%82%BA\" >\u6295\u8cc7\u4eba\u7684\u884c\u70ba<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/08\/01\/%e6%93%87%e6%99%82%e4%ba%a4%e6%98%93%e7%82%ba%e4%bd%95%e6%a0%b9%e6%9c%ac%e8%a1%8c%e4%b8%8d%e9%80%9a%ef%bc%9f\/#%E4%BA%BA%E6%80%A7\" >\u4eba\u6027<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/08\/01\/%e6%93%87%e6%99%82%e4%ba%a4%e6%98%93%e7%82%ba%e4%bd%95%e6%a0%b9%e6%9c%ac%e8%a1%8c%e4%b8%8d%e9%80%9a%ef%bc%9f\/#%E7%82%BA%E4%BD%95%E6%9C%83%E5%A6%82%E6%AD%A4%EF%BC%9F\" >\u70ba\u4f55\u6703\u5982\u6b64\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/08\/01\/%e6%93%87%e6%99%82%e4%ba%a4%e6%98%93%e7%82%ba%e4%bd%95%e6%a0%b9%e6%9c%ac%e8%a1%8c%e4%b8%8d%e9%80%9a%ef%bc%9f\/#%E7%95%B6%E5%B1%80%E8%80%85%E8%BF%B7%EF%BC%8C%E4%BA%BA%E5%80%91%E5%AE%B9%E6%98%93%E8%A2%AB%E7%9C%BC%E5%89%8D%E8%BF%B7%E9%9C%A7%E8%AA%A4%E5%B0%8E\" >\u7576\u5c40\u8005\u8ff7\uff0c\u4eba\u5011\u5bb9\u6613\u88ab\u773c\u524d\u8ff7\u9727\u8aa4\u5c0e<\/a><\/li><\/ul><\/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\/08\/01\/%e6%93%87%e6%99%82%e4%ba%a4%e6%98%93%e7%82%ba%e4%bd%95%e6%a0%b9%e6%9c%ac%e8%a1%8c%e4%b8%8d%e9%80%9a%ef%bc%9f\/#%E6%80%8E%E6%A8%A3%E6%89%8D%E6%98%AF%E6%AD%A3%E7%A2%BA%E7%9A%84%EF%BC%9F\" >\u600e\u6a23\u624d\u662f\u6b63\u78ba\u7684\uff1f<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/08\/01\/%e6%93%87%e6%99%82%e4%ba%a4%e6%98%93%e7%82%ba%e4%bd%95%e6%a0%b9%e6%9c%ac%e8%a1%8c%e4%b8%8d%e9%80%9a%ef%bc%9f\/#%E5%A4%A7%E5%B8%AB%E5%80%91%E7%9A%84%E7%9C%8B%E6%B3%95\" >\u5927\u5e2b\u5011\u7684\u770b\u6cd5<\/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\/2022\/08\/01\/%e6%93%87%e6%99%82%e4%ba%a4%e6%98%93%e7%82%ba%e4%bd%95%e6%a0%b9%e6%9c%ac%e8%a1%8c%e4%b8%8d%e9%80%9a%ef%bc%9f\/#%E6%AD%A3%E7%A2%BA%E7%9A%84%E5%81%9A%E6%B3%95\" >\u6b63\u78ba\u7684\u505a\u6cd5<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/08\/01\/%e6%93%87%e6%99%82%e4%ba%a4%e6%98%93%e7%82%ba%e4%bd%95%e6%a0%b9%e6%9c%ac%e8%a1%8c%e4%b8%8d%e9%80%9a%ef%bc%9f\/#%E5%B7%B4%E8%8F%B2%E7%89%B9%E5%B0%8D%E6%93%87%E6%99%82%E7%9A%84%E7%9C%8B%E6%B3%95\" >\u5df4\u83f2\u7279\u5c0d\u64c7\u6642\u7684\u770b\u6cd5<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/08\/01\/%e6%93%87%e6%99%82%e4%ba%a4%e6%98%93%e7%82%ba%e4%bd%95%e6%a0%b9%e6%9c%ac%e8%a1%8c%e4%b8%8d%e9%80%9a%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-15\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/08\/01\/%e6%93%87%e6%99%82%e4%ba%a4%e6%98%93%e7%82%ba%e4%bd%95%e6%a0%b9%e6%9c%ac%e8%a1%8c%e4%b8%8d%e9%80%9a%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 has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E6%B3%A2%E6%AE%B5%E6%93%8D%E4%BD%9C\"><\/span><strong>\u6ce2\u6bb5\u64cd\u4f5c <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u53f0\u7063\u5927\u90e8\u4efd\u6295\u8cc7\u4eba\u5f9e\u5c0f\u4f3c\u4e4e\u5c31\u88ab\u9019\u9ebc\u6559\u80b2\u8457\u2500\u2500\u2500\u2500\u6ce2\u6bb5\u64cd\u4f5c\u662f\u80a1\u5e02\u6295\u8cc7\u7684\u57fa\u672c\u5e38\u8b58\uff0c\u8d77\u78bc\u6211\u8a8d\u8b58\u7684\u5927\u90e8\u4efd\u53f0\u7063\u6563\u6236\u6295\u8cc7\u4eba\u90fd\u9019\u9ebc\u8a8d\u70ba\u3002\u800c\u4e14\u6211\u89c0\u5bdf\u5e7e\u4e4e\u6240\u6709\u7684\u8ca1\u7d93\u540d\u5634\uff0c\u7db2\u7d05\uff0c\u4e0d\u5c0f\u5a92\u9ad4\u4e5f\u90fd\u5982\u6b64\u9f13\u5439\u3002\u4ed6\u5011\u7684\u51fa\u767c\u9ede\u7e3d\u8a8d\u70ba\u6f32\u4e0a\u53bb\u5728\u9ad8\u9ede\u8ce3\u6389\uff0c\u7b49\u80a1\u50f9\u518d\u4e0b\u8dcc\uff0c\u8dcc\u5e45\u5920\u5927\u6642\u518d\u8cb7\u9032\uff0c\u6301\u6709\u7b49\u5b83\u6f32\u81f3\u9ad8\u9ede\u518d\u8ce3\u6389\u3002\u5982\u6b64\u53cd\u8986\u64cd\u4f5c\uff0c\u8cfa\u5f97\u6703\u6bd4\u4e00\u958b\u59cb\u5728\u4f4e\u9ede\u8cb7\u5165\uff0c\u6301\u6709\u591a\u5e74\u5f8c\u8ce3\u51fa\u7684\u9577\u671f\u6301\u6709\u65b9\u5f0f\u8cfa\u5f97\u591a\u3002<\/p>\n\n\n\n<p>\u9019\u6a23\u7684\u7acb\u8ad6\u770b\u4f3c\u5408\u7406\u800c\u4e14\u8070\u660e\uff0c\u4f46\u5176\u5be6\u4f3c\u662f\u800c\u975e\u3002\u56e0\u70ba\u6c92\u6709\u4eba\u53ef\u4ee5\u77e5\u9053\u80a1\u7968\u4f55\u6642\u6703\u6f32\u6216\u8dcc\uff0c\u4e5f\u5c31\u662f\u6ce2\u6bb5\u64cd\u4f5c\u7684\u9f13\u5439\u8005\u7684\u6839\u672c\u7acb\u8ad6\u6839\u672c\u5c31\u7ad9\u4e0d\u4f4f\u811a\u3002<\/p>\n\n\n\n<p>\u6211\u591a\u5e74\u4f86\u4e00\u76f4\u60f3\u4e0d\u900f\u70ba\u4ec0\u9ebc\u6ce2\u6bb5\u64cd\u4f5c\u5728\u53f0\u7063\u9019\u9ebc\u53d7\u6b61\u8fce\u3002\u552f\u4e00\u80fd\u60f3\u5f97\u5230\u7684\u53ea\u6709\u5169\u500b\u539f\u56e0\uff1a\u85c9\u6b64\u8b49\u660e\u81ea\u5df1\u6bd4\u5176\u5b83\u4eba\u8070\u660e\uff0c\u4f46\u8cb7\u80a1\u7968\u662f\u70ba\u4e86\u8cfa\u9322\uff0c\u4e0d\u662f\u70ba\u4e86\u548c\u4ed6\u4eba\u6bd4\u62fc\uff0c\u800c\u4e14\u901a\u5e38\u8a8d\u70ba\u81ea\u5df1\u5f88\u8070\u660e\u7684\u4eba\uff0c\u4e8b\u5be6\u4e0a\u90fd\u4e0d\u662f\u3002<\/p>\n\n\n\n<p>\u53e6\u4e00\u500b\u539f\u56e0\u5c31\u662f\u548c\u9f13\u5439\u6295\u8cc7\u7d44\u5408\u8981\u5b9a\u671f\u9032\u884c\u5e73\u8861\u8005\u7684\u76ee\u7684\u662f\u4e00\u6a23\u7684\uff0c\u983b\u7e41\u7684\u4ea4\u6613\u640d\u5931\u7684\u6c38\u9060\u662f\u6295\u8cc7\u4eba\uff0c\u552f\u4e00\u7372\u76ca\u7684\u5c31\u662f\u8ca1\u5bcc\u7ba1\u7406\u696d\u8005\uff0c\u9019\u9053\u7406\u518d\u7c21\u55ae\u4e0d\u904e\u4e86\u3002 <\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E4%B8%BB%E5%BC%B5%E6%93%87%E6%99%82%E4%BA%A4%E6%98%93%E8%80%85%E7%9A%84%E7%AB%8B%E8%AB%96%E5%9F%BA%E7%A4%8E\"><\/span><strong>\u4e3b\u5f35\u64c7\u6642\u4ea4\u6613\u8005\u7684\u7acb\u8ad6\u57fa\u790e<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u9019\u4e9b\u7406\u7531\u5305\u62ec\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u985e\u80a1\u6703\u8f2a\u52d5\uff1a\u5805\u6301\u8dcc\u5e45\u6700\u5927\u7684\u500b\u80a1\u985e\u5225\u7d42\u5c07\u53cd\u5f48\uff0c\u6216\u8005\u96de\u86cb\u6c34\u9903\u80a1\u90fd\u6703\u8d77\u6b7b\u56de\u751f\u3002<\/li>\n\n\n\n<li>\u6ce2\u6bb5\u64cd\u4f5c\uff1a\u76f8\u4fe1\u4ed6\u80fd\u5920\u4ee5\u6700\u9ad8\u50f9\u8ce3\u51fa\u4e26\u4ee5\u6700\u4f4e\u50f9\u56de\u8cfc\uff0c\u5982\u6b64\uff0c\u53cd\u8986\u5730\u4f86\u56de\u64cd\u4f5c\u4ee5\u6700\u5927\u5316\u4ed6\u7684\u5229\u6f64\u3002<\/li>\n\n\n\n<li>\u64c7\u6642\u4ea4\u6613\u624d\u80fd\u53d6\u5f97\u6700\u5927\u7684\u7372\u5229\uff1a\u76f8\u4fe1\u81ea\u5df1\u5f88\u8070\u660e\uff0c\u80fd\u628a\u63e1\u9032\u51fa\u80a1\u5e02\u7684\u6700\u4f73\u6642\u6a5f\uff0c\u8cb7\u5728\u6700\u4f4e\u9ede\uff0c\u8ce3\u5728\u6700\u9ad8\u9ede\u3002<\/li>\n\n\n\n<li>\u731c\u6e2c\u5e02\u5834\u5e95\u90e8\uff1a\u76f8\u4fe1\u81ea\u5df1\u80fd\u5920\u9810\u6e2c\u5e02\u5834\u7684\u5e95\u90e8\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u4ee5\u4e0a\u4efb\u4f55\u4e00\u7a2e\u4f5c\u6cd5\uff0c\u4e8b\u5be6\u4e0a\u90fd\u6c92\u6709\u4efb\u4f55\u4e8b\u5be6\u7684\u6839\u64da\uff0c\u4e3b\u5f35\u8005\u81ea\u5df1\u4e5f\u77e5\u9053\u662f\u4e00\u5ec2\u60c5\u9858\u7684\u731c\u6e2c\u3002\u4ee5\u524d\u6c92\u6709\u4eba\u80fd\u8fa6\u5230\uff0c\u672a\u4f86\u4e5f\u4e0d\u53ef\u80fd\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%AE%A2%E8%A7%80%E4%BA%8B%E5%AF%A6\"><\/span>\u5ba2\u89c0\u4e8b\u5be6<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=\"%E6%AD%B7%E5%8F%B2%E6%95%B8%E6%93%9A\"><\/span><strong>\u6b77\u53f2\u6578\u64da<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6839\u64da\u904e\u53bb\u767e\u5e74\u7684\u7f8e\u80a1\u6b77\u53f2\uff0c\u5373\u4f7f\u60a8\u8cb7\u5728\u7f8e\u80a1\u5e02\u5834\u7684\u6700\u9ad8\u9ede\uff08\u4f8b\u5982\u6295\u8cc7\u8ffd\u8e64\u5927\u76e4\u7684ETF\uff09\uff0c\u6700\u5dee\u7684\u60c5\u5f62\uff0c18\u5e74\u5f8c\u6295\u8cc7\u4eba\u4e00\u5b9a\u80fd\u89e3\u5957\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E5%8F%B0%E8%82%A1%E7%95%B6%E6%B2%96%E4%BA%A4%E6%98%93%E4%BA%BA%E7%9A%84%E5%A0%B1%E9%85%AC\"><\/span><strong>\u53f0\u80a1\u7576\u6c96\u4ea4\u6613\u4eba\u7684\u5831\u916c<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>2015\u5e74\u52302020\u5e74\uff0c\u53f0\u80a1\u5e74\u5316\u5831\u916c\u662f12.14%\uff0c\u4f46\u4ee3\u8868\u6ce2\u6bb5\u64cd\u4f5c\u548c\u64c7\u6642\u4ea4\u6613\u7684\u7576\u6c96\u4ea4\u6613\u6295\u8cc7\u4eba\u5e74\u5831\u916c\u7387\u53ea\u67090.15%\u3002\u5982\u5716\u4e0b\u6240\u793a\uff0c2021-2023\u5e74\uff0c\u53f0\u80a1\u96c6\u4e2d\u5e02\u5834\u7576\u6c96\u4ea4\u6613\u4eba\u6700\u5f8c\u6de8\u6536\u76ca\u7686\u70ba\u8ca0\u503c\uff08\u55ae\u4f4d\u70ba\u65b0\u53f0\u5e63\u5104\uff09\u30022021\u5e74\u81f32024\u5e74\u4e09\u5e74\u671f\u9593\uff0c\u7576\u6c96\u5ba2\u8cfa\u53d6\u7684\u50f9\u5dee\u7e3d\u984d\u5728\u88ab\u6263\u9664\u8b49\u4ea4\u7a05\u548c\u4ea4\u7d66\u5238\u5546\u7684\u624b\u7e8c\u8cbb\u5f8c\uff0c\u6700\u5f8c\u6263\u9664\u7a05\u8cbb\u5f8c\u7684\u6de8\u6536\u76ca\u90fd\u662f\u8ca0\u5831\u916c\uff01<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>\u5e74\u5ea6<\/td><td>\u7576\u6c96\u6240\u8cfa\u5f97\u50f9\u5dee<\/td><td>\u8b49\u4ea4\u7a05<\/td><td>\u52b5\u5546\u624b\u7e8c\u8cbb<\/td><td>\u6700\u5f8c\u6de8\u6536\u76ca<\/td><\/tr><tr><td>2021<\/td><td>690<\/td><td>568<\/td><td>557<\/td><td>-435<\/td><\/tr><tr><td>2022<\/td><td>372<\/td><td>347<\/td><td>330<\/td><td>-305<\/td><\/tr><tr><td>2023<\/td><td>504<\/td><td>382<\/td><td>362<\/td><td>-240<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E4%BA%BA%E7%9A%84%E8%A1%8C%E7%82%BA\"><\/span>\u6295\u8cc7\u4eba\u7684\u884c\u70ba<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=\"%E4%BA%BA%E6%80%A7\"><\/span><strong>\u4eba\u6027<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5373\u4f7f\u662f\u5728\u600e\u9ebc\u7406\u6027\u7684\u6295\u8cc7\u5c08\u5bb6\uff0c\u90fd\u7121\u6cd5\u8aaa\u670d\u5927\u591a\u6578\u7684\u4eba\u5011\u5728\u80a1\u5e02\u7684\u9ad8\u9ede\u5927\u8209\u8ce3\u51fa\uff0c\u6216\u662f\u8aaa\u670d\u4eba\u5011\u5728\u80a1\u5e02\u4f4e\u9ede\u8aaa\u670d\u4eba\u5011\u8cb7\u9032\u2500\u2500\u2500\u2500\u9019\u6c92\u8fa6\u6cd5\uff0c\u56e0\u70ba\u9019\u662f\u4eba\u6027\u3002\u524d\u8005\u5c31\u6703\u9020\u6210\u4eba\u5011\u5927\u91cf\u5730\u932f\u5931\u53ef\u80fd\u7684\u5341\u500d\u80a1\u6216\u4e09\u5341\u500d\u80a1\u3002\u5f8c\u8005\u7684\u7d50\u5c40\u5c31\u662f\u62d2\u7d55\u505c\u640d\uff0c\u80a1\u7968\u53ef\u80fd\u8b8a\u6210\u58c1\u7d19\uff0c \u628a\u8f9b\u82e6\u9322\u6b78\u96f6\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E7%82%BA%E4%BD%95%E6%9C%83%E5%A6%82%E6%AD%A4%EF%BC%9F\"><\/span><strong>\u70ba\u4f55\u6703\u5982\u6b64<\/strong>\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6240\u6709\u554f\u984c\u7684\u7665\u7d50\u5728\u65bc\uff0c\u4e00\u5982\u5df4\u83f2\u7279\u544a\u8a34\u8c9d\u4f50\u65af\u7684\u540d\u8a00\u300c \u56e0\u70ba\u6c92\u6709\u4eba\u60f3\u6162\u6162\u8b8a\u5bcc\u6709 \u3002\u300d\u5927\u90e8\u4efd\u7684\u4eba\u4ecd\u820a\u8a8d\u70ba\u80a1\u5e02\u662f\u8cfa\u5feb\u9322\u7684\u5730\u65b9\uff0c\u60f3\u4e00\u591c\u81f4\u5bcc\u3002<span style=\"font-size: revert;\">\u8499\u683c\u5c31\u8868\u793a\u904e\u300c\u5feb\u901f\u81f4\u5bcc\u7684\u9858\u671b\u975e\u5e38\u5371\u96aa\u3002\u300d<\/span> <\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E7%95%B6%E5%B1%80%E8%80%85%E8%BF%B7%EF%BC%8C%E4%BA%BA%E5%80%91%E5%AE%B9%E6%98%93%E8%A2%AB%E7%9C%BC%E5%89%8D%E8%BF%B7%E9%9C%A7%E8%AA%A4%E5%B0%8E\"><\/span><strong>\u7576\u5c40\u8005\u8ff7\uff0c\u4eba\u5011\u5bb9\u6613\u88ab\u773c\u524d\u8ff7\u9727\u8aa4\u5c0e<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5728\u718a\u5e02\u785d\u7159\u7030\u6f2b\u6642\uff0c\u4eba\u5011\u904e\u65bc\u95dc\u6ce8\u5e02\u5834\u6642\u6a5f\uff0c\u4eba\u5011\u773c\u775b\u5c31\u6703\u88ab\u773c\u524d\u7684\u8ff7\u9727\u6240\u8aa4\u5c0e\uff0c\u7576\u5c40\u8005\u8ff7\uff0c\u4e26\u4f7f\u4ed6\u770b\u4e0d\u5230\u8cb7\u5165\u6a5f\u6703\u2500\u2500\u2500\u2500\u56e0\u70ba\u4eba\u6027\u7684\u77ed\u8996\u5929\u6027\u76f8\u4fe1\u5929\u5c31\u5feb\u584c\u4e0b\u4f86\u4e86\uff0c \u5fd8\u4e86\u5e02\u5834\u627f\u5e73\u6642\u4fe1\u8a93\u65e6\u65e6\u8981\u767c\u8ca1\u5c31\u5f97\u5728\u5d29\u76e4\u6642\u5927\u8209\u8cb7\u5165\u3002\u6b63\u56e0\u5982\u6b64\uff0c\u5e7e\u4e4e\u6240\u6709\u7684\u4eba\u90fd\u8a8d\u70ba\u5d29\u76e4\u6642\u5e02\u5834\u4e0a\u4e26\u975e\u96a8\u8655\u662f\u9ec3\u91d1\uff0c\u53cd\u800c\u76f8\u4fe1\u90a3\u90fd\u662f\u4e0b\u589c\u7684\u5229\u5203\u3002<\/p>\n\n\n\n<p>\u67e5\u723e\u65af\u00b7\u4ea8\u5229\u00b7\u9053\uff08Charles Dow\uff09\u66fe\u5beb\u904e\uff0c\u64da\u8aaa\u7f85\u65af\u67f4\u723e\u5fb7\u5bb6\u65cf\u7684\u884c\u70ba\u539f\u5247\u662f\uff0c\u7576\u5225\u4eba\u60f3\u51fa\u552e\u6642\u8cb7\u5165\u5df2\u77e5\u50f9\u503c\u7684\u8ca1\u7522\uff0c\u4e26\u5728\u5176\u4ed6\u4eba\u60f3\u8cfc\u8cb7\u6642\u51fa\u552e\u3002\u767d\u9f8d\uff0e\u7f85\u65af\u67f4\u723e\u5fb7\u7537\u7235\u5728\u6ed1\u9435\u76e7\u6230\u5f79\u8207\u62ff\u7834\u5d19\u4e4b\u6230\u5f8c\u7684\u6050\u614c\u4e2d\u767c\u4e86\u5927\u8ca1\u3002\u7f85\u58eb\u67f4\u723e\u5fb7\u7684\u539f\u8a71\u662f\u300c\u7576\u8857\u982d\u8840\u6d41\u6210\u6cb3\u6642\uff0c\u5c31\u8cb7\u5165\u2500\u2500\u5373\u4f7f\u6d41\u7684\u662f\u81ea\u5df1\u7684\u8840\u3002\u300d<\/p>\n\n\n\n<p>\u5df4\u83f2\u7279\u57282004\u5e74\u7684\u80a1\u6771\u4fe1\u88e1\u6240\u5beb\u7684\u300c\u5728\u5225\u4eba\u8caa\u5a6a\u7684\u6642\u5019\u6050\u61fc\uff0c\u5728\u5225\u4eba\u6050\u61fc\u7684\u6642\u5019\u8caa\u5a6a\u3002\u300d\u9019\u53e5\u8a71\u5728\u80a1\u5e02\u5d29\u76e4\u7684\u9019\u4e00\u6bb5\u6642\u9593\uff0c\u5f77\u5f7f\u5f9e\u9019\u4e16\u4e0a\u6d88\u5931\u822c\u2500\u2500\u2500\u2500\u7d50\u679c\u5c31\u662f\u5927\u90e8\u4efd\u7684\u6295\u8cc7\u4eba\u90fd\u6703\u932f\u5931\u6bcf\u9694\u5341\u5e74\u4e00\u6b21\u7684\u5927\u5d29\u76e4\u5929\u6389\u4e0b\u4f86\u7684\u6a5f\u6703\u3002\u7b49\u6295\u8cc7\u4eba\u6703\u904e\u610f\u4f86\uff0c\u6562\u9032\u5834\u8cb7\u80a1\u6642\uff0c\u5f80\u5f80\u90fd\u662f\u5e02\u5834\u7686\u5df2\u5927\u5e45\u53cd\u5f48\uff0c\u6f5b\u5728\u7684\u5229\u6f64\u5df2\u7d93\u5f88\u6709\u9650\u3002<\/p>\n\n\n\n<p>\u6211\u6191\u4ec0\u9ebc\u5beb\u51fa\u4e0a\u9762\u9019\u6bb5\u8a71\uff1f\u6211\u60f3\u63db\u500b\u89d2\u5ea6\u4f86\u8b49\u660e\uff1b\u5982\u679c\u5927\u90e8\u4efd\u7684\u6295\u8cc7\u4eba\u90fd\u80fd\u5728\u80a1\u5e02\u5d29\u76e4\u6642\u8cb7\u5165\uff0c\u90a3\u5927\u90e8\u4efd\u7684\u80a1\u5e02\u6295\u8cc7\u4eba\u7e3e\u6548\u61c9\u8a72\u90fd\u5f88\u597d\uff0c\u80fd\u8f15\u6613\u6253\u6557\u5927\u76e4\uff0c\u4e26\u5f9e\u80a1\u5e02\u81f4\u5bcc\u3002\u53ef\u662f\u4e8b\u5be6\u662f\u76f8\u53cd\u7684\u2500\u2500\u2500\u2500\u5927\u90e8\u4efd\u7684\u80a1\u5e02\u6295\u8cc7\u4eba\u7e3e\u6548\u90fd\u5f88\u5dee\uff0c\u5728\u80a1\u5e02\u627f\u5e73\u6642\uff0c\u8271\u96e3\u5730\u8cfa\u53d6\u500b\u4f4d\u6578\u767e\u5206\u6bd4\u7684\u5831\u916c\u800c\u4e0d\u53ef\u5f97\uff0c\u60f3\u65b9\u8a2d\u6cd5\u5c0b\u627e\u6700\u4f73\u7684\u80a1\u5e02\u8cfa\u9322\u7684\u5fc3\u6cd5\u3002\u6700\u5927\u7684\u554f\u984c\u5c31\u662f\u6c92\u80fd\u5728\u80a1\u5e02\u5d29\u76e4\u6642\uff0c\u63a1\u53d6\u548c\u5927\u591a\u6578\u4eba\u76f8\u53cd\u7684\u6295\u8cc7\u65b9\u5f0f\uff0c\u56e0\u70ba\u5d29\u76e4\u671f\u9593\u7684\u8cb7\u5165\u624d\u80fd\u5927\u5e45\u63d0\u5347\u60a8\u7684\u6295\u8cc7\u7e3e\u6548\uff0c\u4f7f\u60a8\u8f15\u6613\u5b8c\u6210\u81f4\u5bcc\u7684\u5922\u60f3\u3002<\/p>\n\n\n\n<p>\u6295\u8cc7\u8005\u61c9\u8a72\u4f9d\u64da\u4e0a\u5e02\u4f01\u696d\u7684\u92b7\u552e\u984d\u3001\u6536\u76ca\u3001\u548c\u80a1\u606f\u9032\u884c\u6295\u8cc7\u7684\u6c7a\u5b9a\uff1b\u4e0d\u8981\u7406\u6703\u5e02\u5834\u7684\u6ce2\u52d5\uff0c\u800c\u4e0d\u662f\u901a\u904e\u5de7\u5999\u7684\u4ea4\u6613\uff08\u89c0\u6ce8\u6642\u4ea4\u6613\u6642\u6a5f\u3001\u5e02\u5834\u5927\u76e4\u3001\u8da8\u52e2\uff09\u3002\u5373\u4f7f\u77e5\u9053\u80a1\u5e02\u5c07\u6703\u6709\u4efb\u4f55\u7684\u5927\u5e45\u8b8a\u5316\uff0c\u90fd\u5fc5\u9808\u5fd8\u8a18\u9019\u4e9b\u5e02\u5834\u7684\u8b8a\u5316\u6216\u6ce2\u52d5\uff08\u9019\u4e9b\u90fd\u662f\u5178\u578b\u7684\u566a\u97f3\uff09\u3002\u53ea\u6709\u9019\u9ebc\u505a\uff0c\u624d\u80fd\u66f4\u6709\u5229\u53ef\u5716\uff0c\u4e26\u5c08\u6ce8\u65bc\u5c0b\u627e\u5408\u9069\u7684\u80a1\u7968\u4f86\u8cfc\u8cb7\u3002\u9019\u624d\u662f\uff0c\u4e5f\u624d\u6709\u53ef\u80fd\uff0c\u7372\u53d6\u5927\u91cf\u8ca1\u5bcc\u7684\u6b63\u78ba\u6295\u8cc7\u884c\u70ba\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%80%8E%E6%A8%A3%E6%89%8D%E6%98%AF%E6%AD%A3%E7%A2%BA%E7%9A%84%EF%BC%9F\"><\/span>\u600e\u6a23\u624d\u662f\u6b63\u78ba\u7684\uff1f<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=\"%E5%A4%A7%E5%B8%AB%E5%80%91%E7%9A%84%E7%9C%8B%E6%B3%95\"><\/span><strong>\u5927\u5e2b\u5011\u7684\u770b\u6cd5<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u8a18\u4f4f\u51f1\u56e0\u65af\u5c0d\u9810\u6e2c\u7684\u8a55\u8ad6\uff0c\u4ed6\u8aaa\uff08\u95dc\u65bc\u672a\u4f86\uff09\u300c\u6211\u5011\u6839\u672c\u4e0d\u77e5\u9053\u3002\u300d\u51f1\u56e0\u65af\u5728\u5beb\u7d66\u4ed6\u7684\u5f1f\u5b50\u7406\u67e5.\u5361\u6069\uff08Richard Kahn\uff09\u7684\u4fe1\u4e2d\u66f4\u5982\u6b64\u8868\u793a\uff1a\u300c\u9577\u671f\u800c\u8a00\uff0c\u60f3\u6295\u8cc7\u7372\u5229\u7684\u8a71\uff0c\u4ee5\u5341\u4e94\u5148\u4ee4\u8cb7\u9032\u4e00\u82f1\u78c5\u7684\u7968\u5238\uff0c\u4e00\u5b9a\u6bd4\u8ce3\u51fa\u4e00\u82f1\u78c5\u7968\u5238\u63db\u56de\u56db\u5341\u4e94\u5148\u4ee4\u7684\u540c\u6642\uff0c\u53c8\u60f3\u4ee5\u5341\u4e8c\u5148\u4ee4\u8cb7\u56de\uff0c\u4f86\u5f97\u5b89\u5168\u53c8\u7c21\u55ae\u591a\u4e86\u3002\u300d<\/p>\n\n\n\n<p>\u5df4\u83f2\u7279\u8aaa\u904e\u4e00\u53e5\u540d\uff1a<span style=\"font-size: revert;\">\u300c<\/span>\u731c\u6e2c\u5e02\u5834\uff0c\u90a3\u662f\u4e0a\u5e1d\u5728\u505a\u7684\u4e8b\u3002<span style=\"font-size: revert;\">\u300d<\/span> \u4ed6\u4e5f\u66fe\u8aaa\u904e<span style=\"font-size: revert;\">\u300c<\/span>\u770b\u8d77\u4f86\u6700\u7c21\u55ae\u7684\u6295\u6a5f\u624d\u662f\u6700\u5371\u96aa\u7684\u3002<span style=\"font-size: revert;\">\u300d<\/span> 1994 \u5e74\uff0c\u5df4\u83f2\u7279\u8aaa\uff1a<span style=\"font-size: revert;\">\u300c<\/span>\u6211\u5c0d\u5e02\u5834\u5f9e\u4f86\u6c92\u6709\u610f\u898b\uff0c\u56e0\u70ba\u5b83\u4e0d\u6703\u6709\u4efb\u4f55\u597d\u8655\uff0c\u800c\u4e14\u5b83\u53ef\u80fd\u6703\u5e72\u64fe\u6211\u5011\u6301\u6709\u7684\u597d\u7684\u89c0\u9ede\u3002<span style=\"font-size: revert;\">\u300d<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert;\">\u5f7c\u5f97\uff0e\u6797\u5340\u7684\u540d\u8a00\u300c\u5982\u679c\u4f60\u7121\u6cd5\u8aaa\u670d\u81ea\u5df1\u80a1\u50f9\u4e0b\u8dcc25%\uff0c\u6211\u5c31\u8981\u8cb7\u9032\u3002\u300d\u4ee5\u53ca\u653e\u68c4\u300c\u80a1\u7968\u4e0b\u8dcc25%\uff0c\u6211\u5c31\u8981\u8ce3\u51fa\u7684\u8a71\uff0c\u90a3\u6700\u597d\u4e0d\u8981\u8cb7\u80a1\u7968\u3002\u300d<\/span>\u5df4\u83f2\u7279\u4e5f\u6709\u985e\u4f3c\u7684\u770b\u6cd5<span style=\"font-size: revert;\">\u300c<\/span>\u5982\u679c\u4f60\u7121\u6cd5\u627f\u53d7\u80a1\u7968\u5728\u77ed\u671f\u5167\u4e0b\u8dcc\u8d85\u904e40%\uff0c\u90a3\u5949\u52f8\u4f60\u4e0d\u8981\u6295\u5165\u80a1\u5e02\u3002<span style=\"font-size: revert;\">\u300d<\/span> <\/p>\n\n\n\n<p>\u8499\u683c\u4e5f\u63d0\u904e<span style=\"font-size: revert;\">\u300c<\/span>\u5982\u679c\u4f60\u5c0d\u65bc\u5728\u4e00\u500b\u4e16\u7d00\u5167\u767c\u751f\u5169\u4e09\u6b21\u6216\u8005\u66f4\u591a\u6b21\u5e02\u5834\u8d85\u904e50%\u4e0b\u8dcc\u4e0d\u80fd\u8655\u4e4b\u6cf0\u7136\uff0c\u4f60\u5c31\u4e0d\u9069\u5408\u505a\u6295\u8cc7\uff0c\u4e26\u4e14\u548c\u90a3\u4e9b\u5177\u6709\u80fd\u7406\u6027\u8655\u7406\u5e02\u5834\u6ce2\u52d5\u7684\u6295\u8cc7\u8005\u76f8\u6bd4\u4e5f\u53ea\u80fd\u7372\u5f97\u76f8\u5c0d\u5e73\u5eb8\u7684\u6295\u8cc7\u6536\u76ca\u3002<span style=\"font-size: revert;\">\u300d<\/span> <\/p>\n\n\n\n<p>\u6469\u6839\u5927\u901a\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aJPM\uff09\u7684\u57f7\u884c\u9577\u6234\u8499\u66fe\u8868\u793a\u904e\u300c\u6295\u8cc7\u61c9\u8a72\u662f\u4e00\u4ef6\u6c38\u6046\u7684\u4e8b\u60c5\uff0c \u5728\u5e02\u5834\u9802\u90e8\u731c\u6e2c\uff0c\u5728\u5e02\u5834\u5e95\u90e8\u731c\u6e2c\u2500\u2500\u2500\u2500\u9019\u5b8c\u5168\u662f\u8f38\u5bb6\u7684\u904a\u6232\u3002\u6211\u5f9e\u4f86\u6c92\u6709\u898b\u904e\u4efb\u4f55\u4eba\u5728\u5176\u4e2d\u7372\u52dd\u3002\u4e16\u754c\u4e0a\u6700\u8070\u660e\u7684\u6295\u8cc7\u8005\u5df4\u83f2\u7279\u6703\u8aaa\uff0c\u9019\u4e0d\u662f\u6295\u8cc7\u7684\u65b9\u5f0f\u3002\u300d<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E6%AD%A3%E7%A2%BA%E7%9A%84%E5%81%9A%E6%B3%95\"><\/span><strong>\u6b63\u78ba\u7684\u505a\u6cd5<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u9019\u8aaa\u660e\u4e86\u64c7\u6642\u4ea4\u6613\u7684\u56f0\u96e3\u6027\uff0c\u6216\u8005\u61c9\u8a72\u8aaa\u6839\u672c\u4e0d\u53ef\u80fd\u6709\u64c7\u6642\u4ea4\u6613\u7684\u53ef\u80fd\u6027\u3002\u56e0\u6b64\uff0c\u6295\u8cc7\u4eba\u6700\u597d\u7684\u7b56\u7565\u5c31\u662f\u2500\u2500\u2500\u2500\u653e\u68c4\u64c7\u6642\u4ea4\u6613\u7684\u53ef\u80fd\u6027\uff0c\u6539\u4ee5\u6295\u5165\u5fc3\u529b\u7814\u7a76\uff0c\u627e\u51fa\u6709\u7af6\u722d\u529b\u7684\u80a1\u7968\uff0c\u4e0d\u8981\u7ba1\u5e02\u6cc1\u5982\u4f55\uff0c\u9577\u671f\u6301\u6709\u3002\u56e0\u70ba\u7f55\u898b\u7684\u597d\u80a1\u7968\uff0c\u4e09\u4e94\u5e74\u5f8c\uff0c\u9084\u6703\u662f\u597d\u80a1\u7968\uff0c\u9577\u671f\u6301\u6709\u4e00\u5b9a\u80fd\u53cd\u6620\u5b83\u7684\u6700\u7d42\u50f9\u503c\u3002<\/p>\n\n\n\n<p>\u9019\u4e5f\u662f\u70ba\u4f55\u5df4\u83f2\u7279\u6703\u5728<a href=\"https:\/\/berkshirehathaway.com\/letters\/1989.html\" target=\"_blank\" rel=\"noreferrer noopener\">1989\u5e74\u6ce2\u514b\u590f\u7684\u80a1\u6771\u4fe1<\/a>\u4e2d\u8aaa<span style=\"font-size: revert;\">\u300c<\/span>\u6642\u9593\u662f\u512a\u79c0\u4f01\u696d\u7684\u670b\u53cb\uff0c\u5e73\u5eb8\u4f01\u696d\u7684\u6575\u4eba\u3002\u4f60\u53ef\u80fd\u8a8d\u70ba\u9019\u500b\u539f\u5247\u662f\u986f\u800c\u6613\u898b\u7684\uff0c\u4f46\u6211\u4e0d\u5f97\u4e0d\u8271\u96e3\u5730\u5b78\u7fd2\u9019\u500b\u9053\u7406 \u2500\u2500\u2500\u2500 \u4e8b\u5be6\u4e0a\uff0c\u6211\u9084\u4e0d\u5f97\u4e0d\u53cd\u8986\u5b78\u7fd2\u624d\u884c<span style=\"font-size: revert;\">\u300d<\/span>\u7684\u539f\u56e0\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E5%B7%B4%E8%8F%B2%E7%89%B9%E5%B0%8D%E6%93%87%E6%99%82%E7%9A%84%E7%9C%8B%E6%B3%95\"><\/span><strong>\u5df4\u83f2\u7279\u5c0d\u64c7\u6642\u7684\u770b\u6cd5<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u57282022\u80a1\u6771\u5e74\u6703\u6642\u5df4\u83f2\u7279\u8aaa\uff0c\u4ed6\u5f9e\u4f86\u90fd\u6c92\u6709\u641e\u6e05\u695a\u600e\u9ebc\u78ba\u5b9a\u5e02\u5834\u7684\u6642\u6a5f\u3002\u4ed6\u5805\u7a31\uff0c\u4ed6\u6c38\u9060\u4e0d\u6703\u63e3\u6e2c\u5e02\u5834\u7684\u6642\u6a5f\uff0c<strong>\u300c\u6211\u5011\u5c0d\u80a1\u5e02\u6703\u600e\u6a23\u8b8a\u5316\u6c92\u6709\u54ea\u6015\u4e00\u9ede\u9ede\u60f3\u6cd5\u300d<\/strong>\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c\u6211\u5011\u5c0d\u80a1\u5e02\u9031\u4e00\u958b\u5e02\u5f8c\u6703\u6709\u4ec0\u9ebc\u8868\u73fe\u6c92\u6709\u54ea\u6015\u4e00\u4e01\u9ede\u60f3\u6cd5\u3002\u6211\u5011\u6c38\u9060\u4e0d\u6703\u6839\u64da\u80a1\u5e02\u6703\u600e\u9ebc\u8d70\u4f86\u8cb7\uff08\u80a1\u7968\uff09\u3002\u6211\u5011\u5f9e\u4f86\u6c92\u6709\u4e86\u89e3\u6df1\u5165\u7684\u7d93\u6fdf\u89c0\u9ede\u3002\u6211\u5011\u6c92\u6cd5\u6beb\u7121\u5dee\u932f\u5730\u9078\u4e2d\u5e02\u5834\u7684\u6642\u6a5f\u3002\u201d<\/p>\n\n\n\n<p>\u201c\u6211\u8a8d\u70ba\uff0c<strong>\u6211\u5011\u5f9e\u4f86\u6c92\u6709\u6c7a\u5b9a\u904e\uff0c\u6211\u5011\u4e2d\u7684\u8ab0\u8981\u5728\u54ea\u5152\u8aaa\u3001\u6216\u8005\u89ba\u5f97\u6211\u5011\u61c9\u8a72\u6839\u64da\u5e02\u5834\u672a\u4f86\u8d70\u52e2\u3001\u6216\u662f\u7d93\u6fdf\u672a\u4f86\u5f62\u52e2\u53bb\u8cb7\u6216\u662f\u8ce3\u3002\u6211\u5011\u5c31\u4e0d\u77e5\u9053<\/strong>\u3002\u201d<\/p>\n<\/blockquote>\n\n\n\n<p>\u5df4\u83f2\u7279\u627f\u8a8d2020\u5e743\u6708\u932f\u904e\u4e86\u8cb7\u80a1\u7968\u7684\u6a5f\u6703\uff0c\u8aaa\u300c2020\u5e743\u6708\u6211\u5c31\u5b8c\u5168\u932f\u904e\u4e86\u5e02\u5834\u6642\u6a5f\u300d\u3002<\/p>\n\n\n\n<p><strong>\u5df4\u83f2\u7279\u5805\u6301\u50f9\u503c\u6295\u8cc7\u7684\u7b56\u7565<\/strong>\uff0c\u5efa\u8b70\u5927\u5bb6<strong>\uff0c\u4e0d\u8981\u628a\u6642\u9593\u7528\u4f86\u56de\u7b54\u4eca\u5e74\u600e\u6a23\u8dd1\u8d0f\u6a19\u666e500\u9019\u7a2e\u554f\u984c\u3002<\/strong><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c\u6211\u5011\u4e0d\u64c5\u9577\u64c7\u6642\u3002\u6211\u5011\u64c5\u9577\u7684\u662f\uff0c<strong>\u641e\u6e05\u695a\u4f55\u6642\u5f97\u5230\u5c0d\u81ea\u5df1\u4f86\u8aaa\u8db3\u5920\u7684\u8cc7\u91d1\u3002\u6211\u5011\u4e0d\u77e5\u9053\u4f55\u6642\u8981\u8cb7\u4ec0\u9ebc\uff0c\u4f46\u6211\u5011\u4e00\u76f4\u5e0c\u671b\uff0c\uff08\u5e02\u5834\uff09\u6703\u6709\u4e00\u6bb5\u6642\u9593\u4e0b\u884c\uff0c\u9019\u6a23\u6211\u5011\u53ef\u80fd\u8cb7\u5230\u66f4\u591a\u2026<\/strong>&nbsp;\u2026\u6211\u7684\u610f\u601d\u662f\uff0c\u9019\u662f\u4f60\u53ef\u80fd\uff08\u5c0f\u5b78\uff09\u56db\u5e74\u7d1a\u5b78\u5230\u7684\u6771\u897f\u3002\u201d<\/p>\n<\/blockquote>\n\n\n\n<p>\u751a\u81f3\u65e9<a href=\"http:\/\/video.sina.com.cn\/p\/finance\/2023-05-03\/detail-imysniyv7338425.d.html\" target=\"_blank\" rel=\"noreferrer noopener\">\u57281985\u5e74\u63a5\u53d7PBS\u7684\u96fb\u8996\u8a2a\u8ac7\u6642<\/a>\uff0c\u4ed6\u751f\u6daf\u9996\u6b21\u53d7\u8a2a\u7684\u9304\u5f71\u4e2d\uff0c\u4ed6\u5c31\u63d0\u904e\uff1a<\/p>\n\n\n\n<p>\u300c\u5982\u679c\u6211\u5f97\u5230\u4e00\u500b\u53c3\u8207\u4f01\u696d\u7d93\u71df\u7684\u6a5f\u6703\uff0c\u90a3\u9ebc\u6211\u5468\u4e8c\u3001\u5468\u516d\u3001\u9078\u8209\u5e74\u6216\u67d0\u500b\u6642\u9593\u8cb7\u9032\u6703\u6709\u4ec0\u9ebc\u5dee\u5225\u55ce\uff1f\u9019\u4e0d\u662f\u5546\u4eba\u8cb7\u9032\u4f01\u696d\u6642\u7684\u601d\u7dad\uff0c\u6240\u4ee5\u8cb7\u80a1\u6642\u70ba\u4f55\u8981\u60f3\u9019\u4e9b\uff1f\u56e0\u70ba\u8cb7\u80a1\u5c31\u662f\u6301\u6709\u516c\u53f8\u7684\u4e00\u90e8\u5206\u3002\u300d<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"142\" height=\"132\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2022\/08\/vowellfg.jpg\" alt=\"\u64c7\u6642\u4ea4\u6613\" class=\"wp-image-23450\"\/><figcaption class=\"wp-element-caption\">Credit:vowellfg.com<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><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>\u8457\u6709\u300a\u6295\u8cc7\u7d42\u6975\u6230\u300b\u7684\u67e5\u723e\u65af\uff0e\u827e\u5229\u65af\u5c31\u8aaa\u904e<span style=\"font-size: revert;\">\u300c<\/span>\u7576\u6ce2\u52d5\u4f86\u8972\u6642\uff0c\u4f60\u5fc5\u9808\u5728\u5834\u3002\u9019\u5c31\u662f\u70ba\u4ec0\u9ebc\u5e02\u5834\u6642\u6a5f\u662f\u4e00\u500b\u771f\u6b63\u90aa\u60e1\u7684\u60f3\u6cd5\u3002\u4e0d\u8981\u5617\u8a66\u3002<span style=\"font-size: revert;\">\u300d<\/span><\/p>\n\n\n\n<p>\u7d04\u7ff0\u00b7\u5766\u4f2f\u9813\uff08John Templeton\uff0c\u5766\u4f2f\u9813\u57fa\u91d1\u7684\u5275\u59cb\u4eba\uff09\u6709\u4e00\u53e5\u540d\u8a00\uff1a\u300c\u9577\u671f\u5168\u4e0d\u5805\u6301\u4e0d\u61c8\u7684\u6295\u8cc7\uff0c\u4e00\u5b9a\u80fd\u8cfa\u9322\u3002\u4f46\u662f\uff0c\u5982\u679c\u4f60\u60f3\u902e\u4f4f\u5165\u5c0d\u80a1\u5e02\u7684\u6700\u4f73\u6642\u6a5f\uff0c\u6c92\u9580\u5152\uff01\uff08It is time in the market, not  timing the market, that counts\uff09\u300d\u9019\u8a71\u8aaa\u8d77\u4f86\u5f88\u7c21\u55ae\uff0c\u4f46\u505a\u8d77\u4f86\u4e0d\u5bb9\u6613\u3002\u5f9e\u4e2d\u9577\u671f\u4f86\u770b\uff0c\u80a1\u5e02\u662f\u4e00\u5b9a\u6703\u6f32\u7684\uff0c\u56e0\u70ba\u7d93\u6fdf\u6210\u9577\uff0c\u516c\u53f8\u7684\u5229\u6f64\u4e5f\u6703\u6210\u9577\u3002<\/p>\n\n\n\n<p>\u7576\u6c96\uff0c\u6ce2\u6bb5\u4ea4\u6613\uff0c\u6216\u662f\u64c7\u6642\u4ea4\u6613\u90fd\u662f\u5f88\u96e3\u7372\u5229\u7684\u6295\u8cc7\u65b9\u5f0f\uff0c\u500b\u4eba\u5efa\u8b70\u96e2\u5b83\u6108\u9060\u6108\u597d\uff0c\u56e0\u70ba\u7372\u5229\u7684\u6703\u662f\u653f\u5e9c\u548c\u5238\u5546\uff0c\u4e0d\u6703\u662f\u6295\u8cc7\u4eba\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\/2022\/08\/01\/%E6%93%87%E6%99%82%E4%BA%A4%E6%98%93%E7%82%BA%E4%BD%95%E6%A0%B9%E6%9C%AC%E8%A1%8C%E4%B8%8D%E9%80%9A%EF%BC%9F\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6ce2\u6bb5\u64cd\u4f5c\u548c\u64c7\u6642\u4ea4\u6613\u70ba\u4f55\u6839\u672c\u884c\u4e0d\u901a\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/12\/05\/%E9%82%A3%E4%BA%9B%E6%9B%BE%E7%B6%93%E7%9A%84%E5%A6%96%E8%82%A1%E5%80%91%E7%9A%84%E4%B8%8B%E5%A0%B4%E5%A6%82%E4%BD%95%E4%BA%86%EF%BC%9F\/\">\u90a3\u4e9b\u66fe\u7d93\u7684\u5996\u80a1\u5011\u7684\u4e0b\u5834\u5982\u4f55\u4e86\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/08\/23\/%E8%B3%A3%E5%87%BA%E8%82%A1%E7%A5%A8%E7%9A%84%E6%99%82%E6%A9%9F\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8ce3\u51fa\u80a1\u7968\u7684\u6642\u6a5f<\/a>\u300b<\/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\">\u6563\u6236\u932f\u8aa4\u7684\u6295\u8cc7\u89c0\u5ff5<\/a>\u300b<\/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\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/11\/16\/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%9C%80%E8%A6%81%E7%9A%84%E6%98%AF%E5%8F%AF%E7%9F%A5%E7%9A%84%E5%92%8C%E9%87%8D%E8%A6%81%E7%9A%84%E8%B3%87%E8%A8%8A\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8cc7\u4eba\u9700\u8981\u7684\u8cc7\u8a0a\u8981\u5177\u50992\u8981\u4ef6\uff1a\u53ef\u77e5\u7684\u548c\u91cd\u8981\u7684<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/11\/20\/%E6%8A%95%E8%B3%87%E7%9F%A5%E8%AD%98%E9%9C%80%E8%A6%81%E7%9A%84%E6%98%AF%E5%BB%A3%E5%BA%A6\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8cc7\u77e5\u8b58\u9700\u8981\u7684\u662f\u5ee3\u5ea6\uff0c\u800c\u4e0d\u662f\u5927\u591a\u6578\u4eba\u8a8d\u70ba\u7684\u6df1\u5ea6<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/04\/05\/%e6%8a%95%e8%b3%87%e4%ba%ba%e5%88%a5%e7%9b%b8%e4%bf%a1%e9%a0%90%e6%b8%ac\/\">\u4f01\u696d\u7684\u8ca1\u52d9\u9810\u6e2c\uff0c\u6295\u8cc7\u4eba\u5225\u8f15\u6613\u76f8\u4fe1<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/04\/01\/%e6%8a%95%e8%b3%87%e4%ba%ba%e6%87%89%e5%9c%a8%e6%84%8f%e4%bc%81%e6%a5%ad%e7%9a%84%e8%a1%a8%e7%8f%be%e8%80%8c%e4%b8%8d%e6%98%af%e5%b8%82%e5%a0%b4%e7%9a%84%e8%a1%a8%e7%8f%be\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8cc7\u4eba\u61c9\u5728\u610f\u4f01\u696d\u7684\u8868\u73fe\u800c\u4e0d\u662f\u5e02\u5834\u7684\u8868\u73fe<\/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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