{"id":13070,"date":"2022-02-14T22:15:11","date_gmt":"2022-02-14T14:15:11","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=13070"},"modified":"2025-05-28T09:14:48","modified_gmt":"2025-05-28T01:14:48","slug":"%e8%91%9b%e5%85%ab%e5%85%88%e7%94%9f%e5%86%8d%e8%ab%96%e3%80%8c%e5%83%b9%e5%80%bc%e3%80%8d%e5%92%8c%e3%80%8c%e5%83%b9%e6%a0%bc%e3%80%8d","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/02\/14\/%e8%91%9b%e5%85%ab%e5%85%88%e7%94%9f%e5%86%8d%e8%ab%96%e3%80%8c%e5%83%b9%e5%80%bc%e3%80%8d%e5%92%8c%e3%80%8c%e5%83%b9%e6%a0%bc%e3%80%8d\/","title":{"rendered":"\u845b\u516b\u5148\u751f\u518d\u8ad6\u300c\u50f9\u503c\u300d\u548c\u300c\u50f9\u683c\u300d"},"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\/02\/14\/%e8%91%9b%e5%85%ab%e5%85%88%e7%94%9f%e5%86%8d%e8%ab%96%e3%80%8c%e5%83%b9%e5%80%bc%e3%80%8d%e5%92%8c%e3%80%8c%e5%83%b9%e6%a0%bc%e3%80%8d\/#%E6%8C%89\" >\u6309<\/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\/02\/14\/%e8%91%9b%e5%85%ab%e5%85%88%e7%94%9f%e5%86%8d%e8%ab%96%e3%80%8c%e5%83%b9%e5%80%bc%e3%80%8d%e5%92%8c%e3%80%8c%e5%83%b9%e6%a0%bc%e3%80%8d\/#%E5%8E%9F%E6%96%87\" >\u539f\u6587<\/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\/02\/14\/%e8%91%9b%e5%85%ab%e5%85%88%e7%94%9f%e5%86%8d%e8%ab%96%e3%80%8c%e5%83%b9%e5%80%bc%e3%80%8d%e5%92%8c%e3%80%8c%e5%83%b9%e6%a0%bc%e3%80%8d\/#%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%8C%89\"><\/span><strong>\u6309<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u7e7c\u5148\u524d\u845b\u516b\u5148\u751f\u5728<span style=\"font-size: revert;\">\u300a\u845b\u516b\u5148\u751f\u5c0d\u300c\u50f9\u503c\u300d\u548c\u300c\u50f9\u683c\u300d\u7684\u770b\u6cd5\u300b<\/span> \u4e00\u6587\u63d0\u51fa\u5c0d\u6211\u5148\u524d\u6587\u7ae0<span style=\"font-size: revert;\">\u300a<\/span><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/11\/29\/%e5%83%b9%e6%a0%bc%e5%92%8c%e5%83%b9%e5%80%bc%e7%9a%84%e8%aa%a4%e8%a7%a3\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u50f9\u683c\u548c\u50f9\u503c\u7684\u8aa4\u89e3<\/a><span style=\"font-size: revert;\">\u300b<\/span> \u7684\u7cbe\u5f69\u56de\u6587\u770b\u6cd5\u3002\u6628\u65e5\u627f\u8499\u4ed6\u9858\u610f\u5728\u5047\u65e5\u72a7\u7272\u4f11\u606f\u4e26\u82b1\u8cbb\u5927\u91cf\u6642\u9593\uff0c\u91dd\u5c0d\u6700\u8fd1\u6210\u9577\u80a1\u5927\u5e45\u6ce2\u52d5\u6709\u611f\uff0c\u5c0d<span style=\"font-size: revert;\">\u300c\u50f9\u503c\u300d\u548c\u300c\u50f9\u683c\u300d\u63d0\u4f9b\u4ed6<\/span>\u66f4\u6df1\u5165\u7684\u770b\u6cd5\uff0c<em>\u4ee5\u53ca\u845b\u62c9\u6f22\u548c\u5df4\u83f2\u7279<\/em>\u7684\u539f\u610f\u70ba\u4f55\u9032\u884c\u5206\u6790\u3002\u4ee5\u4e0b\u70ba\u539f\u6587\u7167\u520a\uff0c\u5206\u4eab\u8b80\u8005\u3002Andy\u5728\u6b64\u4ee3\u66ff\u8b80\u8005\u5411 \u845b\u516b\u5148\u751f\u81f4\u8b1d\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%8E%9F%E6%96%87\"><\/span>\u539f\u6587<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Hi Andy:<\/p>\n\n\n\n<p>\u6211\u7684\u56de\u6587\u6709\u63d0\u5230\u95dc\u65bc\u300c\u4f30\u503c\u300d\u548c\u300c\u4f30\u50f9\u300d\u7684\u4e0d\u540c\uff0c\u56e0\u70ba\u9019\u662f <a href=\"https:\/\/www.amazon.com\/Security-Analysis-Foreword-Buffett-Editions\/dp\/0071592539\" target=\"_blank\" rel=\"noreferrer noopener\">Security Analysis<\/a> \u9019\u672c\u66f8\u6559\u6211\u7684\uff08\u6211\u770b\u7684\u662f 1934 \u5e74\u7248\uff09\uff0c\u800c\u4e14\u6211\u5728\u5df4\u83f2\u7279\u5beb\u7684\u4fe1\u548c\u6b77\u5e74\u80a1\u6771\u5927\u6703\u7684 Q &amp;A \u6240\u8aaa\u7684\u6771\u897f\u4e2d\u4e00\u518d\u7684\u88ab\u9a57\u8b49\u3002<\/p>\n\n\n\n<p>\u4f60\u5728\u300c\u50f9\u683c\u548c\u50f9\u503c\u7684\u8aa4\u89e3\u300d\u9019\u7bc7\u6587\u7ae0\u4e2d\uff0c\u96d6\u7136\u5584\u610f\u7684\u63d0\u5230\u300c\u4e0d\u8981\u56e0\u70ba\u6210\u9577\u80a1\u7684\u50f9\u683c\u5f88\u9ad8\u300d\u3001\u300c\u4e9b\u5fae\u7684\u8cb7\u8ce3\u5dee\u50f9\u65a4\u65a4\u8a08\u8f03\u300d\uff0c\u5e0c\u671b\u5927\u5bb6\u4e86\u89e3\u6210\u9577\u80a1\u7684\u50f9\u503c\uff0c\u9019\u7a2e\u8aaa\u6cd5\u67d0\u4e9b\u72c0\u6cc1\u4e0b\uff0c\u61c9\u8a72\u662f\u5c0d\u7684\u3002\u4f46\u662f\u6211\u64d4\u5fc3\u6703\u8b93\u5927\u5bb6\u8aa4\u6703\uff1a\u300c\u6210\u9577\u80a1\u7684\u50f9\u683c\u662f\u53ef\u4ee5\u8ffd\u7684\u300d\u3002\u56e0\u70ba\u4f60\u4f3c\u4e4e\u6c92\u6709\u8ddf\u5927\u5bb6\u6e05\u695a\u8aaa\u660e\u300c\u6a19\u6e96\u662f\u4ec0\u9ebc\u300d\uff1f<\/p>\n\n\n\n<p>\u5c24\u5176\u4f60\u7684\u66f8\u4e2d\u628a P\/E, P\/S \u9019\u4e9b\u300c\u4f30\u50f9\u300d\u7684\u65b9\u5f0f\u548c\u300c\u5ba2\u89c0\u7684\u4f30\u503c\u300d\u65b9\u5f0f\u4e26\u6c92\u6709\u6e05\u695a\u5206\u958b\uff08\u4e00\u6a23\u90fd\u7528\u300c\u4f30\u503c\u300d\u9019\u500b\u540d\u8a5e\uff09\uff0c\u9019\u6a23\u7684\u7d50\u679c\u662f\uff0c\u7576\u6211\u7528\u300c\u5ba2\u89c0\u300d\u7684\u65b9\u6cd5\u8a08\u7b97\u51fa\u4f86\u7684\u300c\u5167\u5728\u50f9\u503c\u300d\u4f4e\u65bc\u300c\u73fe\u5728\u5e02\u5834\u7684\u50f9\u683c\u300d\u6642\uff08\u672c\u4f86\u61c9\u8a72\u4ee3\u8868\u8981\u958b\u59cb\u8010\u5fc3\u7b49\u5f85\uff09\uff0c\u4f46\u6211\u5c31\u8f49\u8b8a\u70ba\u300c\u6bd4\u8f03\u7d1a\u300d\u7684 P\/S, P\/E, P\/B \u4f30\u50f9\u6cd5\uff0c\u53cd\u6b63\u5176\u4ed6\u5c0d\u7167\u516c\u53f8\u4e5f\u90a3\u9ebc\u9ad8\u50f9\uff0c\u6240\u4ee5\u6211\u9ad8\u50f9\u4e00\u9ede\u8cb7\uff0c\u4e5f\u6c92\u6709\u554f\u984c\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"190\" height=\"127\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2022\/09\/Freepik-1600x1200-3.jpg\" alt=\"\u50f9\u683c\u548c\u50f9\u503c\" class=\"wp-image-25140\"\/><figcaption class=\"wp-element-caption\">credit: Freepik<\/figcaption><\/figure>\n\n\n\n<p>\u554f\u984c\u662f\uff0c\u73fe\u5728\u5e02\u5834\u7684\u50f9\u683c\u70ba\u4ec0\u9ebc\u90a3\u9ebc\u9ad8\uff1f\u6211\u8a8d\u70ba\u662f\u56e0\u70ba\u73fe\u5728\u53f2\u4e0a\u4e0d\u66fe\u898b\u904e\u7684\u8d85\u4f4e\u5229\u7387\u3002<br>Security Analysis 1934 ed. Ch 4 \u6709\u63d0\u5230 1928-1929 \u5e74\u6295\u8cc7\u4eba\u760b\u72c2\u6295\u8cc7\u7576\u6642\u4ee3\u8868\u300c\u6210\u9577\u80a1\u7684\u85cd\u7c4c\u80a1\u300d\uff0c\u5c0e\u81f4\u9019\u4e9b\u85cd\u7c4c\u80a1\u50f9\u683c\u6301\u7e8c\u5f80\u4e0a\uff0c\u90a3\u6642\u5f8c\u7684\u6295\u8cc7\u4eba\u5c31\u4e00\u518d\u7684\u6539\u8b8a\u4ed6\u5011 valuation \u7684\u6a19\u6e96:<\/p>\n\n\n\n<p>\u300c\u6295\u8cc7\u4eba\u5df2\u7d93\u4e0d\u7ba1 \u201cfirmly established standards of value\u201d\uff0c\u201dthe market made up new standards as it went along\u201d \u6295\u8cc7\u4eba\u4e00\u518d\u7684\u6539\u8b8a\u50f9\u683c\u6a19\u6e96\uff0cby accepting the current price-however high- as the sole measure of value\u300d<\/p>\n\n\n\n<p>\u4e5f\u5c31\u8ddf\u73fe\u5728\u7684\u60c5\u6cc1\u5f88\u50cf\u3002Ben Graham \u5728\u66f8\u4e0a\u8f09\u660e\uff1a\u201dstandards of safety: by the application of definite and well- established standards\u201d\uff0c\u4e5f\u5c31\u662f\u8aaa\uff0c\u8981\u7528\u4e00\u500b\u5ba2\u89c0\u7684\u6a19\u6e96\u4f86\u300c\u4f30\u503c\u300d\uff0c\u4ee5\u4fdd\u8b77\u4f60\u672c\u91d1\u7684\u5b89\u5168\uff08\u6295\u8cc7\u7684\u5b9a\u7fa9\uff09\u3002\u6211\u76f8\u4fe1\u9019\u500b standards \u61c9\u7528\u5728\u6211\u5011\u73fe\u5728\u5021\u5c0e\u7684\u300c\u6210\u9577\u578b\u50f9\u503c\u6295\u8cc7\u300d\u4e0a\uff0c\u61c9\u8a72\u9084\u662f\u5df4\u83f2\u7279\u6240\u8aaa\u7684 intrinsic value \u7684\u8a08\u7b97\u65b9\u5f0f\uff1a\u201cdetermined by the cash inflows and outflows-discounted at an appropriate interest rate- that can be expected to occur during the remaining life of the asset\u201d<\/p>\n\n\n\n<p>\u845b\u516b\u6df1\u6df1\u76f8\u4fe1\u9019\u500b\u65b9\u6cd5\u624d\u662f\u300c\u4f30\u503c\u300d\uff0c\u5176\u4ed6\u7684\u65b9\u6cd5\u90fd\u662f\u300c\u4f30\u50f9\u300d\uff0c\u8ddf\u8457\u5e02\u5834\u7684\u300c\u50f9\u683c\u300d\u53bb\u300c\u4f30\u50f9\u300d\uff0c\u90a3\u771f\u662f\u60f3\u8981\u8cb7\u4ec0\u9ebc\uff0c\u4f60\u7684\u300c\u610f\u5fd7\u529b\u300d\u90fd\u6703\u8b93\u4f60\u8cb7\u5230\uff0c\u6c92\u6709\u7b49\u5f85\u7684\u5fc5\u8981\u3002<br>\u6cc1\u4e14 Andy \u53c8\u9f13\u52f5\u5927\u5bb6\uff1a\u300c\u4e0d\u8981\u56e0\u70ba\u6210\u9577\u80a1\u7684\u50f9\u683c\u5f88\u9ad8\u300d\u3001\u300c\u4e9b\u5fae\u7684\u8cb7\u8ce3\u5dee\u50f9\u65a4\u65a4\u8a08\u8f03\u300d\u3002<\/p>\n\n\n\n<p>\u53ea\u662f\u845b\u516b\u6700\u8fd1\u7814\u7a76\u8a31\u591a\u91ab\u85e5\u751f\u6280\u516c\u53f8\uff0c\u6211\u7684\u5929\uff0c\u9019\u4e9b\u516c\u53f8\u4ec0\u9ebc\u6642\u5019\u6703\u8cfa\u9322\u9084\u4e0d\u77e5\u9053\uff08\u9023 FCF \u4ec0\u9ebc\u6642\u5019\u6709\u6a5f\u6703\u8f49\u6b63\u90fd\u4e0d\u77e5\u9053\uff09\uff0c\u6839\u672c\u4f30\u4e0d\u51fa\u4f86\u503c\uff0c\u4f46\u662f\u5e02\u5834\u537b\u56e0\u70ba\u9019\u4e9b\u516c\u53f8\u7684\u71df\u6536\u6301\u7e8c\u6210\u9577\uff0c\u8a8d\u5b9a\u662f\u300c\u8d85\u7d1a\u6210\u9577\u80a1\u300d\uff0c\u5927\u8cb7\u7279\u8cb7\uff08\u53cd\u6b63\u60f3\u8cb7\u7684\u4eba\uff0c\u6c38\u9060\u4f30\u7684\u51fa\u50f9\uff09\u3002<br>\u53ef\u662f\u845b\u5df4\u8a8d\u70ba\uff0c\u5347\u606f\u5faa\u74b0\u958b\u59cb\u4e86\uff0c\u8cc7\u7522\u50f9\u683c\u958b\u59cb\u8981\u5f80\u4e0b\u4e86\uff0c\u4e5f\u5c31\u662f\u6f6e\u6c34\u958b\u59cb\u8981\u9000\u4e86\uff0c\u4ee3\u8868\uff1a\u300c\u88f8\u6cf3\u7684\u4eba\u958b\u59cb\u8981\u73fe\u8eab\u4e86\u2026\u2026.\u300d<\/p>\n\n\n\n<p>\u845b\u516b\u76f8\u4fe1\uff1a\u4e0d\u4f46\u300c\u50f9\u503c\u300d\u548c\u300c\u50f9\u683c\u300d\u4e0d\u540c\uff0c\u9023\u300c\u4f30\u503c\u300d\u8ddf\u300c\u4f30\u50f9\u300d\u4e5f\u662f\u4e0d\u540c\u7684\uff0c\u662f\u6709\u4e00\u500b\u7d55\u5c0d\u5ba2\u89c0\u65b9\u6cd5\u7684\u3002\u5982\u679c\u4f60\u7121\u6cd5\u5c0d\u4e00\u5bb6\u516c\u53f8\u300c\u4f30\u503c\u300d\uff0c\u4ee3\u8868\u4f60\u5c0d\u5b83\u4e0d\u5920\u4e86\u89e3\uff0c\u201dyou have no business buying that stock\u201d\uff08\u5df4\u83f2\u7279\u8aaa\u7684\uff09\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><a href=\"https:\/\/www.granitefirm.com\/blog\/investing-methods\/long-term-investing\/%E6%88%91%E7%82%BA%E4%BD%95%E9%9D%92%E7%9D%9E%E6%88%90%E9%95%B7%E8%82%A1%E8%80%8C%E9%9D%9E%E5%83%B9%E5%80%BC%E8%82%A1%EF%BC%9F\/\">\u300a\u6211\u70ba\u4f55\u9752\u775e\u6210\u9577\u80a1\u800c\u975e\u50f9\u503c\u80a1\uff1f\u300b<\/a><\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/05\/27\/%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87bejamin-graham\/\">\u845b\u62c9\u6f22\u7684\u50b3\u8a18\u300a\u50f9\u503c\u6295\u8cc7\uff08Benjamin Graham on Value Investing\uff09\u300b<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/21\/%e6%88%90%e9%95%b7%e6%8a%95%e8%b3%87%e5%92%8c%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%9a%84%e5%8e%9f%e5%a7%8b%e8%a7%80%e9%bb%9e\/\">\u6210\u9577\u6295\u8cc7\u548c\u50f9\u503c\u6295\u8cc7\uff0c\u5df4\u83f2\u7279\u7684\u539f\u59cb\u89c0\u9ede<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/11\/07\/%e9%9b%aa%e8%8c%84%e7%85%99%e5%b1%81%e8%82%a1%e6%8a%95%e8%b3%87%e6%b3%95%e7%9a%84%e5%95%8f%e9%a1%8c\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u96ea\u8304\u7159\u5c41\u80a1\u6295\u8cc7\u6cd5\u7684\u554f\u984c<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/23\/%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87%e7%9a%84%e4%bb%8a%e6%98%94\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u50f9\u503c\u6295\u8cc7\u7684\u4eca\u6614<\/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<\/ul>\n\n\n\n<p><em>\u91cd\u8981\u8072\u660e<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>\u672c\u7ad9\u5167\u5bb9\u70ba\u4f5c\u8005\u500b\u4eba\u610f\u898b\uff0c\u50c5\u4f9b\u53c3\u8003\uff0c\u672c\u4eba\u4e0d\u5c0d\u6587\u7ae0\u5167\u5bb9\u3001\u8cc7\u6599\u4e4b\u6b63\u78ba\u6027\u3001\u770b\u6cd5\u3001\u8207\u5373\u6642\u6027\u8ca0\u4efb\u4f55\u8cac\u4efb\uff0c\u8b80\u8005\u8acb\u52d9\u5fc5\u81ea\u884c\u5224\u65b7\u3002<\/em><\/li>\n\n\n\n<li><em>\u5c0d\u65bc\u8b80\u8005\u76f4\u63a5\u6216\u9593\u63a5\u4f9d\u8cf4\u4e26\u53c3\u8003\u672c\u7ad9\u8cc7\u8a0a\u5f8c\uff0c\u63a1\u53d6\u4efb\u4f55\u6295\u8cc7\u884c\u70ba\u6240\u5c0e\u81f4\u4e4b\u76f4\u63a5\u6216\u9593\u63a5\u640d\u5931\uff0c\u6216\u56e0\u6b64\u7522\u751f\u4e4b\u4e00\u5207\u8cac\u4efb\uff0c\u672c\u4eba\u5747\u4e0d\u8ca0\u4efb\u4f55\u640d\u5bb3\u8ce0\u511f\u53ca\u5176\u4ed6\u6cd5\u5f8b\u4e0a\u4e4b\u8cac\u4efb\u3002<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u845b\u516b\u5148\u751f\u518d\u8ad6\u300c\u50f9\u503c\u300d\u548c\u300c\u50f9\u683c\u300d\u7e7c\u5148\u524d\u845b\u516b\u5148\u751f\u5728\u300a\u845b\u516b\u5148\u751f\u5c0d\u300c\u50f9\u503c\u300d\u548c\u300c\u50f9\u683c\u300d\u7684\u770b\u6cd5\u300b \u4e00\u6587\u63d0\u51fa\u5c0d\u6211\u5148\u524d\u6587\u7ae0\u300a\u50f9\u683c\u548c\u50f9\u503c\u7684\u8aa4\u89e3\u300b 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