{"id":12131,"date":"2022-03-20T23:56:00","date_gmt":"2022-03-20T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=12131"},"modified":"2025-11-11T10:35:16","modified_gmt":"2025-11-11T02:35:16","slug":"%e7%be%8e%e8%82%a1%e7%9a%84%e5%85%a7%e7%b7%9a%e4%ba%a4%e6%98%93%e5%92%8c%e6%b3%95%e8%a6%8f","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/03\/20\/%e7%be%8e%e8%82%a1%e7%9a%84%e5%85%a7%e7%b7%9a%e4%ba%a4%e6%98%93%e5%92%8c%e6%b3%95%e8%a6%8f\/","title":{"rendered":"\u7f8e\u80a1\u7684\u5167\u7dda\u4ea4\u6613\u548c\u6cd5\u898f"},"content":{"rendered":"\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\/2022\/03\/20\/%e7%be%8e%e8%82%a1%e7%9a%84%e5%85%a7%e7%b7%9a%e4%ba%a4%e6%98%93%e5%92%8c%e6%b3%95%e8%a6%8f\/#%E5%A4%A7%E5%B8%AB%E5%80%91%E7%9A%84%E9%87%91%E7%8E%89%E8%89%AF%E8%A8%80\" >\u5927\u5e2b\u5011\u7684\u91d1\u7389\u826f\u8a00<\/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\/03\/20\/%e7%be%8e%e8%82%a1%e7%9a%84%e5%85%a7%e7%b7%9a%e4%ba%a4%e6%98%93%e5%92%8c%e6%b3%95%e8%a6%8f\/#%E7%BE%8E%E5%9C%8B%E7%9A%84%E8%AD%89%E5%88%B8%E6%B3%95%E8%A6%8F%E5%A6%82%E4%BD%95%E8%A6%8F%E5%AE%9A\" >\u7f8e\u570b\u7684\u8b49\u5238\u6cd5\u898f\u5982\u4f55\u898f\u5b9a<\/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\/03\/20\/%e7%be%8e%e8%82%a1%e7%9a%84%e5%85%a7%e7%b7%9a%e4%ba%a4%e6%98%93%e5%92%8c%e6%b3%95%e8%a6%8f\/#%E5%85%A7%E7%B7%9A%E4%BA%A4%E6%98%93%E6%9C%80%E6%96%B0%E7%9A%84%E8%AA%8D%E5%AE%9A%E6%A8%99%E6%BA%96\" >\u5167\u7dda\u4ea4\u6613\u6700\u65b0\u7684\u8a8d\u5b9a\u6a19\u6e96<\/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\/03\/20\/%e7%be%8e%e8%82%a1%e7%9a%84%e5%85%a7%e7%b7%9a%e4%ba%a4%e6%98%93%e5%92%8c%e6%b3%95%e8%a6%8f\/#%E8%91%97%E5%90%8D%E7%9A%84%E5%85%A7%E7%B7%9A%E4%BA%A4%E6%98%93%E6%A1%88%E4%BE%8B\" >\u8457\u540d\u7684\u5167\u7dda\u4ea4\u6613\u6848\u4f8b<\/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\/03\/20\/%e7%be%8e%e8%82%a1%e7%9a%84%e5%85%a7%e7%b7%9a%e4%ba%a4%e6%98%93%e5%92%8c%e6%b3%95%e8%a6%8f\/#%E7%BE%8E%E5%9C%8B%E5%9C%8B%E6%9C%83%E6%94%BF%E5%AE%A2%E7%9A%84%E5%85%A7%E7%B7%9A%E4%BA%A4%E6%98%93\" >\u7f8e\u570b\u570b\u6703\u653f\u5ba2\u7684\u5167\u7dda\u4ea4\u6613<\/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\/03\/20\/%e7%be%8e%e8%82%a1%e7%9a%84%e5%85%a7%e7%b7%9a%e4%ba%a4%e6%98%93%e5%92%8c%e6%b3%95%e8%a6%8f\/#10b5-1\" >10b5-1<\/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\/03\/20\/%e7%be%8e%e8%82%a1%e7%9a%84%e5%85%a7%e7%b7%9a%e4%ba%a4%e6%98%93%e5%92%8c%e6%b3%95%e8%a6%8f\/#%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=\"%E5%A4%A7%E5%B8%AB%E5%80%91%E7%9A%84%E9%87%91%E7%8E%89%E8%89%AF%E8%A8%80\"><\/span><strong>\u5927\u5e2b\u5011\u7684\u91d1\u7389\u826f\u8a00<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u95dc\u65bc\u5167\u7dda\u4ea4\u6613\uff0c\u5df4\u83f2\u7279\u66fe\u8aaa\u904e\u5169\u5927\u540d\u8a00\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.marketwatch.com\/story\/the-genius-of-warren-buffett-in-23-quotes-2015-08-19#:~:text=%22With%20enough%20insider%20information%20and,thought%20was%20trustworthy%20inside%20information.\" target=\"_blank\" rel=\"noreferrer noopener\">\u300c\u6709\u8db3\u5920\u7684\u5167\u7dda\u6d88\u606f\uff0c\u4ee5\u53ca100\u842c\u7f8e\u5143\uff0c1\u5e74\u5167\u4f60\u5c31\u6703\u7834\u7522\u3002\u300d<\/a><\/li>\n\n\n\n<li>\u300c\u5982\u679c\u806f\u6e96\u6703\u4e3b\u5e2d\u845b\u6797\u65af\u6f58\u79c1\u4e0b\u544a\u8a34\u6211\uff0c\u672a\u4f86\u5169\u5e74\u4ed6\u7684\u91d1\u878d\u653f\u7b56\u5982\u4f55\uff0c\u6211\u4e5f\u4e0d\u6703\u6539\u8b8a\u6211\u7684\u4efb\u4f55\u6295\u8cc7\u4f5c\u70ba\u3002\u300d<\/li>\n<\/ul>\n\n\n\n<p>2011\u5e74\uff0c\u6ce2\u514b\u590f\u6d77\u745f\u5a01\uff08Berkshire Hathaway\uff09\u6536\u8cfc\u5316\u5de5\u5ee0\u8def\u535a\u6f64\uff08Lubrizol\uff09\u6642\uff0c\u5df4\u83f2\u7279\u7684\u5fc3\u8179\u8607\u514b\uff08David Sokol\uff09\u5728\u6536\u8cfc\u524d\u5c31\u8cb7\u5165\u80a1\u7968\uff0c\u6d89\u5acc\u5167\u7dda\u4ea4\u6613\uff0c\u4e0d\u5f97\u4e0d\u905e\u4ea4\u8fad\u5448\u3002\u5df4\u83f2\u7279\u4e8b\u5f8c\u627f\u8a8d<span style=\"font-size: revert;\">\u300c<\/span>\u6211\u986f\u7136\u72af\u4e86\u4e00\u500b\u5927\u932f\u8aa4\uff0c\u6211\u6c92\u6709\u8aaa\uff0c\u597d\u5427\uff0c\u4f60\u4ec0\u9ebc\u6642\u5019\u8cb7\u7684\uff1f <span style=\"font-size: revert;\">\u300d<\/span>\u5df4\u83f2\u7279\u4e26\u88dc\u5145\u8aaa\u4ed6\u767c\u73fe\u7d22\u79d1\u723e\u7684\u884c\u70ba\u83ab\u540d\u5176\u5999\u548c\u4e0d\u53ef\u539f\u8ad2\u3002<span style=\"font-size: revert;\">\u300d<\/span><\/p>\n\n\n\n<p>\u7518\u8ffa\u8fea\u7e3d\u7d71\u7684\u7236\u89aa\uff0c\u4e5f\u662f\u7f8e\u570bSEC\u4e3b\u5e2d\u7684\u8001\u7d04\u745f\u592b\u00b7P\u00b7\u7518\u8ffa\u8fea\uff08<span style=\"font-size: revert;\">Joseph P. Kennedy <\/span>Sr.\uff09\u5728\u63a5\u53d7\u91c7\u8a2a\u6642\u8aaa\uff1a<span style=\"font-size: revert;\">\u300c<\/span> \u5982\u679c\u6211\u64c1\u6709\u56e0\u5167\u5e55\u6d88\u606f\u800c\u640d\u5931\u7684\u6240\u6709\u9322\uff0c\u6211\u771f\u7684\u6703\u8b8a\u5f97\u5bcc\u6709\u3002<span style=\"font-size: revert;\">\u300d<\/span> <\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"164\" height=\"120\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2022\/09\/Pixabay-1600x1200-3.jpg\" alt=\"\u5167\u7dda\u4ea4\u6613\" class=\"wp-image-25107\"\/><figcaption class=\"wp-element-caption\">credit: Pixabay<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E7%BE%8E%E5%9C%8B%E7%9A%84%E8%AD%89%E5%88%B8%E6%B3%95%E8%A6%8F%E5%A6%82%E4%BD%95%E8%A6%8F%E5%AE%9A\"><\/span><strong>\u7f8e\u570b\u7684\u8b49\u5238\u6cd5\u898f\u5982\u4f55\u898f\u5b9a<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6295\u8cc7\u4eba\u61c9\u8a72\u6703\u5f88\u9a5a\u8a1d\uff0c\u7f8e\u570b\u8981\u76f4\u52302000\u5e7410\u6708\u624d\u901a\u904e\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\uff08SEC\uff09\u6240\u767c\u5e03\u7684\u300a\u516c\u5e73\u4fe1\u606f\u62ab\u9732\u898f\u5b9a\uff08Reg FD\uff09\u300b\uff0c\u8a72\u898f\u5b9a\u8981\u6c42\u4e0a\u5e02\u516c\u53f8\u5fc5\u9808\u540c\u6642\u5411\u6240\u6709\u6295\u8cc7\u8005\u62ab\u9732\u91cd\u8981\u4fe1\u606f \u3002 Reg FD\u901a\u904e\u6e1b\u5c11\u9078\u64c7\u6027\u62ab\u9732\u554f\u984c\uff0c\u5e6b\u52a9\u4e86\u6240\u6709\u6295\u8cc7\u8005\u516c\u5e73\u4ea4\u6613\u3002\u8981\u6c42\u4e0a\u5e02\u4f01\u696d\u5728\u63ed\u9732\u4f01\u696d\u7684\u5fc5\u8981\u8cc7\u8a0a\u6642\uff0c\u4e0d\u80fd\u7368\u539a\u83ef\u723e\u8857\uff0c\u6a5f\u69cb\u6cd5\u4eba\uff0c\u4e3b\u8981\u80a1\u6771\uff0c\u4f01\u696d\u5167\u90e8\u4eba\u58eb\uff0c\u6216\u4e3b\u8981\u7684\u5229\u5bb3\u95dc\u4fc2\u4eba<span style=\"font-size: revert;\">\u2500\u2500\u2500\u2500<\/span>\u4e5f\u5c31\u662f\u5fc5\u9700\u5728\u8cc7\u8a0a\u63ed\u9732\u6642\u5c0d\u6240\u6709\u6295\u8cc7\u4eba\u90fd\u516c\u5e73\u5c0d\u5f85\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E5%85%A7%E7%B7%9A%E4%BA%A4%E6%98%93%E6%9C%80%E6%96%B0%E7%9A%84%E8%AA%8D%E5%AE%9A%E6%A8%99%E6%BA%96\"><\/span><strong>\u5167\u7dda\u4ea4\u6613\u6700\u65b0\u7684\u8a8d\u5b9a\u6a19\u6e96<\/strong> <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u85a9\u723e\u66fc\u6848\uff08Salman v. United States\uff09\u662f\u4e00\u500b\u6709\u95dc\u65bc\u5167\u7dda\u4ea4\u6613\u7684\u6848\u4f8b\uff0c\u70ba\u4e00\u500b\u52a0\u5dde\u7537\u5b50\u85a9\u723e\u66fc \uff08Bassam Salman \uff09 \u9593\u63a5\u5229\u7528\u5176\u975e\u76f4\u7cfb\u89aa\u5c6c\u9ea5\u53ef\uff08 Michael Kara \uff09\u4e4b\u5144\u5f1f\u99ac\u8d6b \uff08Maher Kara \uff09\u5728\u82b1\u65d7\u96c6\u5718\u5f9e\u4e8b\u4f75\u8cfc\u76f8\u95dc\u5de5\u4f5c\u800c\u6d29\u6f0f\u7684\u5546\u696d\u4fe1\u606f\u4f7f\u5176\u5728\u80a1\u7968\u4e0a\u7372\u5229\u8fd1 100 \u842c\u7f8e\u5143\uff0c\u800c\u88ab\u63a7\u8a34\u8b49\u5238\u8a50\u6b3a\u3002\u5148\u524d\u85a9\u723e\u66fc\u7684\u8faf\u8a5e\u8868\u793a\uff0c\u56e0\u70ba\u99ac\u8d6b\u4e26\u6c92\u6709\u6536\u5230\u91d1\u9322\u3001\u79ae\u7269\u6216\u4efb\u4f55\u5176\u4ed6\u5c0d\u50f9\u5831\u916c\uff0c\u6240\u4ee5\u4e0d\u69cb\u6210\u5167\u7dda\u4ea4\u6613\u3002\u5176\u8faf\u8b77\u5f8b\u5e2b Alexandra Shapiro \u53d7\u8a2a\u6642\u7a31\uff0c\u5728\u5176\u4ed6\u6cd5\u9662\u88c1\u5b9a\u5167\u7dda\u4ea4\u6613\u6642\uff0c\u6cd5\u5b98\u8003\u91cf\u7684\u662f\u5546\u696d\u4fe1\u606f\u7684\u63d0\u4f9b\u8005\u662f\u5426\u6703\u56e0\u6b64\u7372\u5f97\u67d0\u7a2e\u5be6\u8cea\u5229\u76ca\u3002<\/p>\n\n\n\n<p>2016\u5e7410\u6708\u7f8e\u570b\u6700\u9ad8\u6cd5\u9662\u91cd\u5be9\u6b64\u6848\uff0c\u63a8\u7ffb\u5148\u524d\u7684\u5224\u6c7a\uff0c\u6839\u64da\u6700\u65b0\u7684\u9019\u500b\u5224\u6c7a\u66f8\uff0c\u81ea\u6b64\u5167\u7dda\u4ea4\u6613\u7684\u8d77\u8a34\u7d42\u65bc\u51fa\u73fe\u4e86\u4e00\u500b\u7a4d\u6975\u6027\u7684\u8f49\u5f4e\uff0c\u6240\u8b02\u500b\u4eba\u5229\u76ca\u7684\u754c\u5b9a\u53ef\u4ee5\u662f\u7121\u5f62\u7684\u3002\u9019\u8b93\u6aa2\u5bdf\u5b98\u5728\u8a8d\u5b9a\u7f8e\u80a1\u7684\u5167\u7dda\u4ea4\u6613\u6848\u4ef6\u4e0a\uff0c\u6709\u4e86\u66f4\u6709\u6548\u7684\u6b66\u5668\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E8%91%97%E5%90%8D%E7%9A%84%E5%85%A7%E7%B7%9A%E4%BA%A4%E6%98%93%E6%A1%88%E4%BE%8B\"><\/span><strong>\u8457\u540d\u7684\u5167\u7dda\u4ea4\u6613\u6848\u4f8b<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6211\u5728<a style=\"font-size: revert;\" href=\"https:\/\/www.granitefirm.com\/blog\/shareholder\/institution\/\u6563\u6236\u6295\u8cc7\u80a1\u5e02\u6709\u54ea\u4e9b\u52a3\u52e2\uff1f\/\">\u300a\u6563\u6236\u6295\u8cc7\u80a1\u5e02\u6709\u54ea\u4e9b\u52a3\u52e2\uff1f\u300b<\/a><span style=\"font-size: revert;\">\u9019\u7bc7\u6587\u7ae0\u88e1\uff0c\u66fe\u7d93\u8a0e\u8ad6\u904e\u5e7e\u500b<\/span>\u7f8e\u570b\u548c\u53f0\u7063\u5167\u7dda\u4ea4\u6613\u7684\u8457\u540d\u6848\u4f8b\uff0c\u6709\u8208\u8da3\u7684\u8b80\u8005\u53ef\u4ee5\u53c3\u8003\u6211\u7684\u9019\u7bc7\u6587\u7ae0\u3002<\/p>\n\n\n\n<p>\u6700\u8fd1\u6700\u8a87\u5f35\u7684\u5247\u6709\u5169\u500b\u6848\u4f8b\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u7f8e\u570b\u806f\u6e96\u6703\u2fbc\u7d1a\u5b98\u54e1\u3001\u9054\u62c9\u65af\u806f\u6e96\u9280\u2f8f\u7e3d\u88c1\u5361\u666e\u862d\uff08Robert Kaplan\uff09\u8207\u6ce2\u2f20\u9813\u806f\u6e96\u9280\u2f8f\u7e3d\u88c1\u7f85\u68ee\u683c\u502b\uff08Eric Rosengren\uff09\u537b\u88ab\u7206\u51fa\u6d89\u5acc\u7092\u80a1\uff0c\u57282020\u5e74\u591a\u6b21\u9032\u51fa\u80a1\u5e02\uff0c\u7e3d\u2fa6\u984d\u9054\u6578\u767e\u842c\u7f8e\u5143\uff0c\u5f15\u767c\u5916\u754c\u62a8\u64ca\u30022021\u5e74\u5341\u6708\uff0c\u5169\u4eba\u7d42\u65bc\u53d7\u4e0d\u4e86\u58d3\u529b\uff0c\u5ba3\u5e03\u8fad\u8077\u3002<\/li>\n\n\n\n<li>2020\u5e745\u6708\uff0c\u7f8e\u570b\u570b\u6703\u53c3\u9662\u60c5\u5831\u59d4\u54e1\u6703\u4e3b\u5e2d\u6ce2\u723e\uff08Richard Burr\uff09\u5728\u7f8e\u570b\u7206\u767c\u65b0\u51a0\u75c5\u6bd2\u75ab\u60c5\u5c0e\u81f4\u80a1\u5e02\u66b4\u8dcc\u524d\uff0c\u2f24\u91cf\u62cb\u552e\u6301\u6709\u7684\u80a1\u7968\uff0c\u7531\u65bc\u6642\u9593\u9ede\u6975\u70ba\u654f\u611f\uff0c\u5f15\u767c\u5916\u754c\u8cea\u7591\u5229\u2f64\u516c\u8077\u7372\u53d6\u6a5f\u5bc6\u60c5\u8cc7\uff0c\u5716\u8b00\u79c1\u5229\uff1b\u6ce2\u723e\u5728\u591a\u65b9\u6307\u8cac\u4e0b\uff0c\u4e0d\u4e45\u5c31\u5ba3\u5e03\u66ab\u6642\u8fad\u53bb\u60c5\u5831\u59d4\u54e1\u6703\u4e3b\u5e2d\u3002 <\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E7%BE%8E%E5%9C%8B%E5%9C%8B%E6%9C%83%E6%94%BF%E5%AE%A2%E7%9A%84%E5%85%A7%E7%B7%9A%E4%BA%A4%E6%98%93\"><\/span><strong>\u7f8e\u570b\u570b\u6703\u653f\u5ba2\u7684\u5167\u7dda\u4ea4\u6613<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>2008\u5e74\u7684\u7f8e\u80a1\u5927\u5d29\u76e4\uff0c\u7f8e\u570b\u570b\u6703\u653f\u5ba2\u65e9\u5728\u5927\u90e8\u4efd\u7684\u6295\u8cc7\u4eba\u77e5\u9053\u91d1\u878d\u754c\u5c07\u8981\u66b4\u767c\u4e16\u7d00\u524d\u6240\u672a\u6709\u7684\u91d1\u878d\u6d77\u562f\uff0c\u8a31\u591a\u570b\u6703\u8b70\u54e1\u6436\u5728\u773e\u4eba\u4e4b\u524d\uff0c\u9760\u8457\u653e\u7a7a\u7f8e\u80a1\u8cfa\u9032\u5927\u628a\u7684\u9214\u7968\u3002\u4f46\u9019\u7a2e\u660e\u986f\u6177\u6240\u6709\u6295\u8cc7\u5927\u773e\u4e4b\u6168\u7684\u8caa\u8150\u884c\u70ba\uff0c\u5728\u7576\u6642\u7adf\u7121\u6cd5\u53ef\u7ba1\uff0c\u4e5f\u5c31\u662f\u5728\u7576\u6642\u662f\u5408\u6cd5\u7684\u3002 <\/p>\n\n\n\n<p>2011\u5e74\u5e74\u5c3e\uff0c\u6b64\u4e8b\u88ab\u5a92\u9ad4\u9010\u4e00\u6316\u51fa\uff0c\u6295\u8cc7\u5927\u773e\u6012\u4e0d\u53ef\u904f\u3002\u6b64\u4e8b\u57282012\u5e74\u50ac\u751f\u4e86\u7981\u6b62\u570b\u6703\u8cc7\u8a0a\u4ea4\u6613\u6cd5\u6848\uff08Stop Trading on Congressional Knowledge Act\uff09\u3002\u4f46\u4e0d\u5e78\u7684\u662f\uff0c\u57282013\u5e74\uff0c\u98a8\u982d\u4e00\u904e\uff0c\u9019\u6cd5\u6848\u53c8\u906d\u5230\u4e86\u4fee\u6539\u3002\u6240\u4ee5\u624d\u6703\u6709\u524d\u4e00\u6bb5\u6240\u8aaa\u7684<span style=\"font-size: revert;\">2020\u5e745\u6708\uff0c\u7f8e\u570b\u570b\u6703\u53c3\u9662\u60c5\u5831\u59d4\u54e1\u6703\u4e3b\u5e2d\u6ce2\u723e<\/span>\u7684\u4e8b\u767c\u751f\u3002 <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"10b5-1\"><\/span>10b5-1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/en.wikipedia.org\/wiki\/SEC_Rule_10b5-1\" target=\"_blank\" rel=\"noreferrer noopener\">10b5-1<\/a>\u662fSEC\u65bc2000\u5e74\u6240\u9812\u5e03\u7528\u4f86\u4fee\u6b63\u4e0a\u5e02\u4f01\u696d\u9ad8\u7ba1\u5167\u7dda\u4ea4\u6613\u7684\u539f\u672c\u768410b-5\u6cd5\u898f\u3002\u4f4610b5-1\u81ea\u9812\u5e03\u4ee5\u4f86\uff0c\u6709\u8a31\u591a\u8cb7\u8ce3\u6642\u6a5f\u201c\u76f8\u7576\u5b8c\u7f8e\u201d\u7684\u4ea4\u6613\u7adf\u7136\u4e5f\u5b8c\u5168\u7b26\u540810b5-1\u7684\u898f\u5b9a\u3002<\/p>\n\n\n\n<p>2000\u5e74SEC\u653e\u9b06\u4e86\u516c\u53f8\u5167\u90e8\u4eba\u58eb\u4ea4\u6613\u7684\u898f\u524710b-5\uff0c\u4fee\u6b63\u70ba10b5-1\u3002\u6309\u7167\u7acb\u6cd5\u8005\u7576\u6642\u7684\u7528\u610f\uff0c\u8981\u6c42\u4e0a\u5e02\u516c\u53f8\u9ad8\u7ba1\u63d0\u524d\u8a2d\u7acb\u8cb7\u5165\u6216\u8005\u62cb\u6389\u80a1\u7968\u7684\u8a08\u5283\uff0c\u5373\u4fbf\u672a\u4f86\u4ea4\u6613\u7684\u6642\u6a5f\u770b\u8d77\u4f86\u975e\u5e38\u5fae\u5999\uff0c\u53ea\u8981\u8a2d\u7acb\u8a08\u5283\u6642\u4e0d\u77e5\u9053\u6240\u8b02\u7684\u5167\u5e55\u4fe1\u606f\uff0c\u81ea\u7136\u4e5f\u5c31\u4e0d\u69cb\u6210\u5167\u7dda\u4ea4\u6613\u3002<\/p>\n\n\n\n<p>\u4f46\u5728\u5be6\u969b\u7684\u64cd\u4f5c\u4e2d\uff0c10b5-1\u898f\u5247\u58d3\u6839\u5c31\u6c92\u6709\u8d77\u5230\u9650\u5236\u5167\u7dda\u4ea4\u6613\u7684\u4f5c\u7528\u3002\u4e0a\u5e02\u516c\u53f8\u9ad8\u7ba1\u4e0d\u50c5\u80fd\u5728\u8a2d\u7acb\u8a08\u5283\u7684\u540c\u4e00\u5929\u8cb7\u8ce3\u80a1\u7968\uff0c\u9084\u80fd\u63d0\u524d\u8a2d\u7acb\u4e0d\u540c\u65e5\u671f\u7684\u591a\u500b\u4ea4\u6613\u8a08\u5283\uff0c\u82e5\u6642\u6a5f\u4e0d\u5408\u9069\u9084\u80fd\u53d6\u6d88\u5927\u90e8\u5206\u7684\u8a08\u5283\u3002\u5047\u8a2d\u4e00\u540d\u516c\u53f8\u9ad8\u7ba1\u5728\u767c\u5e03\u5229\u7a7a\u8ca1\u5831\u524d\u8ce3\u51fa\u80a1\u7968\uff0c\u5f15\u7528\u5927\u534a\u5e74\u524d\u8a2d\u7acb\u7684\u4ea4\u6613\u8a08\u5283\u81ea\u7136\u80fd\u8b49\u660e\u4ed6\u5728\u8a2d\u7acb\u8a08\u5283\u6642\u201c\u4e0d\u638c\u63e1\u5167\u7dda\u6d88\u606f\u201d\u3002<\/p>\n\n\n\n<p>\u57282023\u5e744\u67081\u65e5\u751f\u6548\u768410b5-1\u6cd5\u898f\u4fee\u6b63\u4e2d\uff0c\u6700\u4e3b\u8981\u7684\u6539\u8b8a\u5305\u62ec\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u65b0\u8a2d\u7acb\u6216\u4fee\u653910b5-1\u8a08\u5283\u5f8c\uff0c\u9700\u8981\u7b49\u5f85\u81f3\u5c1190\u5929\u624d\u80fd\u6309\u7167\u8a08\u5283\u9032\u884c\u4ea4\u6613\u3002<\/li>\n\n\n\n<li>\u5831\u544a\u5167\u90e8\u4eba\u58eb\u4ea4\u6613\u7684\u8868\u683c\u4e2d\u9700\u5f37\u5236\u62ab\u9732\u662f\u5426\u5c6c\u65bc10b5-1\u8a08\u5283\uff0c\u4ee5\u53ca\u8a08\u5283\u8a2d\u7acb\u7684\u6642\u9593\u3002<\/li>\n\n\n\n<li>\u4e0a\u5e02\u516c\u53f8\u4e5f\u9700\u8981\u5728\u5b63\u5831\u548c\u5e74\u5831\u4e2d\u62ab\u9732\u8207\u516c\u53f8\u6709\u95dc\u768410b5-1\u8a08\u5283\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u4f46\u9084\u662f\u6709\u4eba\u8cea\u7591\u65b0\u4fee\u6b63\u6848\u660e\u986f\u5b58\u5728\u6f0f\u6d1e\uff1a\u5982\u679c\u9ad8\u7ba1\u5011\u77e5\u9053\u63a5\u4e0b\u4f86\u6703\u6709\u51fa\u552e\u7684\u65e5\u7a0b\uff0c\u628a\u767c\u5e03\u6d88\u606f\u7684\u6642\u9593\u5f80\u5f8c\u63a8\u4e00\u5230\u5169\u5929\uff0c\u76e3\u7ba1\u6a5f\u69cb\u5f88\u96e3\u8b49\u660e\u6642\u9593\u7684\u8abf\u6574\u8207\u51fa\u552e\u76ee\u7684\u6709\u95dc\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\/07\/10\/%E7%BE%8E%E5%9C%8Betf%E6%8C%87%E6%95%B8%E5%9F%BA%E9%87%91%E7%9A%84%E6%B3%95%E8%A6%8F%E5%92%8C%E9%99%90%E5%88%B6%E9%80%A0%E6%88%90%E7%9A%84%E5%BE%8C%E6%9E%9C\/\">\u7f8e\u570bETF\u6307\u6578\u57fa\u91d1\u7684\u6cd5\u898f\u548c\u9650\u5236\u9020\u6210\u7684\u5f8c\u679c<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/07\/14\/%e5%93%a1%e5%b7%a5%e9%85%8d%e8%82%a1%e4%bd%94%e6%95%b4%e9%ab%94%e8%96%aa%e9%85%ac%e5%a4%9a%e5%a4%a7%e7%9a%84%e6%af%94%e4%be%8b%ef%bc%9f\/\">\u54e1\u5de5\u914d\u80a1\u4f54\u6574\u9ad4\u85aa\u916c\u591a\u5927\u7684\u6bd4\u4f8b\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/31\/%E5%9F%B7%E8%A1%8C%E9%95%B7%E5%9B%9E%E4%BB%BB%E4%BC%81%E6%A5%AD%E7%9A%84%E5%84%AA%E5%8A%A3\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u57f7\u884c\u9577\u56de\u4efb\u4f01\u696d\u7684\u512a\u52a3<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/06\/04\/%e7%95%b6%e5%9f%b7%e8%a1%8c%e9%95%b7%e6%8c%81%e8%82%a1%e6%84%88%e5%a4%9a%ef%bc%8c%e8%82%a1%e7%a5%a8%e5%9b%9e%e5%a0%b1%e7%8e%87%e6%84%88%e9%ab%98\/\">\u7576\u57f7\u884c\u9577\u6301\u80a1\u6108\u591a\uff0c\u80a1\u7968\u56de\u5831\u7387\u6108\u9ad8<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/06\/%e5%89%b5%e8%be%a6%e4%ba%ba%e5%85%bc%e5%9f%b7%e8%a1%8c%e9%95%b7%e7%9a%84%e8%82%a1%e5%83%b9%e8%a1%a8%e7%8f%be%e6%98%8e%e9%a1%af%e8%bc%83%e4%bd%b3\/\">\u5275\u8fa6\u4eba\u517c\u57f7\u884c\u9577\uff0c\u80a1\u50f9\u8868\u73fe\u660e\u986f\u8f03\u4f73<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/05\/31\/%e5%93%a1%e5%b7%a5%e8%82%a1%e7%a5%a8%e9%81%b8%e6%93%87%e6%ac%8a\/\">\u4ee5\u54e1\u5de5\u80a1\u7968\u9078\u64c7\u6b0a\u505a\u70ba\u85aa\u916c\u7684\u512a\u52a3<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/03\/20\/%e7%be%8e%e8%82%a1%e7%9a%84%e5%85%a7%e7%b7%9a%e4%ba%a4%e6%98%93%e5%92%8c%e6%b3%95%e8%a6%8f\/\">\u7f8e\u80a1\u7684\u5167\u7dda\u4ea4\u6613\u548c\u6cd5\u898f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/03\/%e4%bc%81%e6%a5%ad%e5%85%a7%e9%83%a8%e4%ba%ba%e5%a3%ab%e6%8c%81%e8%82%a1%e8%ae%8a%e5%8c%96%e5%92%8c%e6%b3%95%e4%ba%ba%e6%8c%81%e8%82%a1%e6%af%94%e7%8e%87\/\">\u4f01\u696d\u5167\u90e8\u4eba\u58eb\u6301\u80a1\u8b8a\u5316\u548c\u6cd5\u4eba\u6301\u80a1\u6bd4\u7387<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a 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