{"id":321,"date":"2021-05-22T23:44:52","date_gmt":"2021-05-22T15:44:52","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=321"},"modified":"2025-11-13T12:02:44","modified_gmt":"2025-11-13T04:02:44","slug":"%e7%82%ba%e4%bd%95%e8%bf%91%e4%be%86%e5%85%ac%e5%8f%b8%e4%b8%8d%e7%99%bc%e8%82%a1%e5%88%a9","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/22\/%e7%82%ba%e4%bd%95%e8%bf%91%e4%be%86%e5%85%ac%e5%8f%b8%e4%b8%8d%e7%99%bc%e8%82%a1%e5%88%a9\/","title":{"rendered":"\u70ba\u4f55\u767c\u80a1\u5229\u7684\u7f8e\u570b\u4e0a\u5e02\u516c\u53f8\u6108\u4f86\u6108\u5c11\uff1f"},"content":{"rendered":"\n<p>\u8fd1\u5e74\u6108\u591a\u7684\u7f8e\u570b\u4e0a\u5e02\u516c\u53f8\u50be\u5411\u4e0d\u767c\u653e\u80a1\u606f\uff0c\u9019\u662f\u4e00\u500b\u5f88\u503c\u5f97\u7814\u7a76\u7684\u4e3b\u984c\u3002<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"\u986f\u793a\/\u96b1\u85cf\u5167\u5bb9\u76ee\u9304\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/22\/%e7%82%ba%e4%bd%95%e8%bf%91%e4%be%86%e5%85%ac%e5%8f%b8%e4%b8%8d%e7%99%bc%e8%82%a1%e5%88%a9\/#%E4%BC%81%E6%A5%AD%E5%82%B3%E7%B5%B1%E4%B8%8A%E7%9A%84%E4%BD%9C%E6%B3%95\" >\u4f01\u696d\u50b3\u7d71\u4e0a\u7684\u4f5c\u6cd5<\/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\/2021\/05\/22\/%e7%82%ba%e4%bd%95%e8%bf%91%e4%be%86%e5%85%ac%e5%8f%b8%e4%b8%8d%e7%99%bc%e8%82%a1%e5%88%a9\/#%E5%90%8C%E8%82%A1%E4%B8%8D%E5%90%8C%E6%AC%8A%E7%9A%84%E9%87%8D%E5%A4%A7%E5%BD%B1%E9%9F%BF\" >\u540c\u80a1\u4e0d\u540c\u6b0a\u7684\u91cd\u5927\u5f71\u97ff<\/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\/2021\/05\/22\/%e7%82%ba%e4%bd%95%e8%bf%91%e4%be%86%e5%85%ac%e5%8f%b8%e4%b8%8d%e7%99%bc%e8%82%a1%e5%88%a9\/#%E6%AD%A6%E5%99%A8%E4%B8%8D%E5%B0%8D%E7%AD%89\" >\u6b66\u5668\u4e0d\u5c0d\u7b49<\/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\/2021\/05\/22\/%e7%82%ba%e4%bd%95%e8%bf%91%e4%be%86%e5%85%ac%e5%8f%b8%e4%b8%8d%e7%99%bc%e8%82%a1%e5%88%a9\/#%E4%BC%81%E6%A5%AD%E6%BD%9B%E8%A6%8F%E5%89%87\" >\u4f01\u696d\u6f5b\u898f\u5247<\/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\/2021\/05\/22\/%e7%82%ba%e4%bd%95%e8%bf%91%e4%be%86%e5%85%ac%e5%8f%b8%e4%b8%8d%e7%99%bc%e8%82%a1%e5%88%a9\/#%E8%82%A1%E6%9D%B1%E5%9C%A8%E7%89%9B%E5%B8%82%E6%9C%9F%E9%96%93%E7%94%B1%E8%B3%87%E6%9C%AC%E5%88%A9%E5%BE%97%E5%A4%A7%E9%87%8F%E7%8D%B2%E5%88%A9\" >\u80a1\u6771\u5728\u725b\u5e02\u671f\u9593\u7531\u8cc7\u672c\u5229\u5f97\u5927\u91cf\u7372\u5229<\/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\/2021\/05\/22\/%e7%82%ba%e4%bd%95%e8%bf%91%e4%be%86%e5%85%ac%e5%8f%b8%e4%b8%8d%e7%99%bc%e8%82%a1%e5%88%a9\/#%E8%82%A1%E5%88%A9%E6%8A%95%E8%B3%87%E4%BA%BA%E8%A2%AB%E6%B8%85%E6%B4%97%E5%87%BA%E5%A0%B4\" >\u80a1\u5229\u6295\u8cc7\u4eba\u88ab\u6e05\u6d17\u51fa\u5834<\/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\/2021\/05\/22\/%e7%82%ba%e4%bd%95%e8%bf%91%e4%be%86%e5%85%ac%e5%8f%b8%e4%b8%8d%e7%99%bc%e8%82%a1%e5%88%a9\/#%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=\"%E4%BC%81%E6%A5%AD%E5%82%B3%E7%B5%B1%E4%B8%8A%E7%9A%84%E4%BD%9C%E6%B3%95\"><\/span><strong>\u4f01\u696d\u50b3\u7d71\u4e0a\u7684\u4f5c\u6cd5<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u81ea1980\u5e74\u4ee5\u4f86\uff0c\u7f8e\u80a1\u7684\u6b96\u5229\u7387\u4e00\u76f4\u8d70\u4f4e\u3002\u6211\u8a8d\u70ba\u6709\u5169\u5927\u539f\u56e0\uff0c\u9996\u5148\u7576\u7136\u662f\u5e02\u5834\u7684\u5229\u7387\u6c34\u6e96\uff08\u5305\u62ec\u8ca8\u5e63\u5e02\u5834\u3001\u7f8e\u570b\u570b\u50b5\u3001\u4f01\u696d\u50b5\u5238\uff09\uff0c\u9019\u662f\u4e3b\u8981\u539f\u56e0\u3002\u53e6\u4e00\u500b\u539f\u56e0\u5c31\u662f\u6642\u4ee3\u7684\u8da8\u52e2\uff0c\u5927\u91cf\u540c\u80a1\u4e0d\u540c\u6b0a\uff08Dual Class Shares\uff09\u4f01\u696d\u4e0a\u5e02\u3002\u56e0\u70ba\u6bd4\u8d772000\u5e74\u4e4b\u524d\u7684\u5e74\u4ee3\uff0c\u5e02\u5834\u7684\u671f\u671b\u548c\u4f01\u696d\u53ea\u8981\u76c8\u9918\u958b\u59cb\u7a4f\u5b9a\uff0c\u5e7e\u4e4e\u90fd\u6703\u958b\u59cb\u914d\u767c\u653e\u80a1\u606f\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"248\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2021\/05\/SP-500\u914d\u606f\u7387\u8d70\u52e2\u5716-1870-2021.png\" alt=\"\" class=\"wp-image-324\" srcset=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2021\/05\/SP-500\u914d\u606f\u7387\u8d70\u52e2\u5716-1870-2021.png 696w, https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2021\/05\/SP-500\u914d\u606f\u7387\u8d70\u52e2\u5716-1870-2021-300x107.png 300w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 984px) 61vw, (max-width: 1362px) 45vw, 600px\" \/><\/figure>\n\n\n\n<p>1870\u5e74 &#8211; 2021\u5e74\u9593\u6a19\u666e500\u7684\u80a1\u606f\u7387\u8d70\u52e2\u5716\uff08\u8cc7\u6599\u4f86\u6e90\uff1aQuandl\uff09<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%90%8C%E8%82%A1%E4%B8%8D%E5%90%8C%E6%AC%8A%E7%9A%84%E9%87%8D%E5%A4%A7%E5%BD%B1%E9%9F%BF\"><\/span><strong>\u540c\u80a1\u4e0d\u540c\u6b0a\u7684\u91cd\u5927\u5f71\u97ff<\/strong> <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>2000\u5e74\u4ee5\u5f8c\uff0c\u5927\u91cf\u7684\u540c\u80a1\u4e0d\u540c\u6b0a\u7684\u4f01\u696d\u4e0a\u5e02\uff08\u5927\u90e8\u4efd\u662f\u79d1\u6280\u516c\u53f8\uff09\uff0c\u5275\u8fa6\u4eba\u548c\u7ba1\u7406\u968e\u5c64\u900f\u904e\u540c\u80a1\u4e0d\u540c\u6b0a\uff0c\u5e7e\u4e4e\u53ef\u4ee5\u6c38\u4e45\u638c\u63a7\u8463\u4e8b\u6703\u548c\u6295\u7968\u6b0a\uff0c\u6297\u62d2\u4efb\u4f55\u5ee3\u5927\u5c0f\u80a1\u6771\u7684\u5229\u76ca\uff08\u80a1\u606f\u662f\u6700\u76f4\u63a5\u7684\u5c0f\u80a1\u6771\u7684\u5229\u76ca\uff09\u3002\u9019\u4e9b\u65b0\u4e00\u4ee3\u7684\u4f01\u696d\u504f\u597d\u628a\u73fe\u91d1\u7559\u4e0b\u4f86\u4f9b\u516c\u53f8\u4f7f\u7528\uff08\u9032\u884c\u4f75\u8cfc\uff0c\u80a1\u7968\u56de\u8cfc\uff09\u3002<\/p>\n\n\n\n<p>\u9019\u4e9b\u8cc7\u91d1\u7684\u7528\u8655\u7f8e\u5176\u540d\u662f\u70ba\u80a1\u6771\u7701\u7a05\u91d1\uff0c\u9032\u884c\u80a1\u7968\u56de\u8cfc\u4ee5\u53ca\u9032\u884c\u8cc7\u672c\u518d\u6295\u8cc7\u3002\u4f01\u696d\u7684\u7ba1\u7406\u4eba\u54e1\u9084\u6703\u5411\u80a1\u6771\u4e00\u518d\u6d17\u8166\uff0c\u5ba3\u7a31\u767c\u80a1\u606f\u8981\u91cd\u8986\u8ab2\u7a05\uff0c\u4f46\u80a1\u7968\u56de\u8cfc\u662f\u514d\u7a05\u7684\uff08\u9019\u8a71\u5012\u4e0d\u5047\uff09\u3002 \u4f46\u662f\u80a1\u6771\u6536\u5230\u80a1\u606f\u6240\u4ee3\u8868\u7684\u610f\u7fa9\uff0c\u4e26\u4e0d\u53ea\u662f\u6536\u5230\u7684\u91d1\u9322\u53ef\u4ee5\u8861\u91cf\u7684\u2500\u2500\u2500\u2500\u8a73\u898b\u6211\u5728\u300a<a href=\"https:\/\/www.books.com.tw\/products\/0010889106?sloc=main\" target=\"_blank\" rel=\"noopener\">\u8d85\u7d1a\u6210\u9577\u80a1\u6295\u8cc7\u6cd5\u5247<\/a>\u300b\u4e00\u66f85-6\u5c0f\u7bc0\uff0c\u7b2c397\u9801\u7684\u8aaa\u660e\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%AD%A6%E5%99%A8%E4%B8%8D%E5%B0%8D%E7%AD%89\"><\/span><strong>\u6b66\u5668\u4e0d\u5c0d\u7b49<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4f46\u80a1\u7968\u56de\u8cfc\u4e26\u4e0d\u5168\u7136\u5c0d\u5c0f\u80a1\u6771\u6709\u5229\uff0c\u800c\u4e14\u4e5f\u662f\u7d93\u71df\u5718\u968a\u5716\u5229\u81ea\u5df1\u7684\u5176\u4e2d\u4e00\u500b\u65b9\u5f0f\u3002\u4e3b\u8981\u7684\u539f\u56e0\u662f\u7d93\u71df\u5718\u968a\u6bcf\u5e74\u6703\u6536\u5230\u5927\u91cf\u4f4e\u50f9\u7684\u516c\u53f8\u80a1\u7968\u9078\u64c7\u6b0a\uff0c\u7d93\u71df\u5718\u968a\u53ef\u4ee5\u5408\u6cd5\u5730\u63a7\u5236\u80a1\u7968\u56de\u8cfc\u4f7f\u9a45\u52d5\u80a1\u50f9\u4e0a\u6f32\uff0c\u5728\u6f32\u81f3\u4ed6\u5011\u8a8d\u70ba\u7684\u5340\u6bb5\u9ad8\u9ede\u4fbf\u51fa\u812b\u7372\u5229\u5165\u888b\u3002\u9019\u662f\u5c0f\u80a1\u6771\u5b8c\u5168\u6c92\u6709\u7684\u6b0a\u5229\uff0c\u7c21\u76f4\u662f\u6177\u80a1\u6771\u4e4b\u6168\uff1b\u4f46\u4ee5\u76ee\u524d\u6cd5\u4ee4\u800c\u8a00\uff0c\u662f\u5408\u6cd5\u7684\u3002 <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BC%81%E6%A5%AD%E6%BD%9B%E8%A6%8F%E5%89%87\"><\/span><strong>\u4f01\u696d\u6f5b\u898f\u5247 <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4f46\u9019\u53ea\u662f\u90e8\u4efd\u4e8b\u5be6\uff0c\u4e3b\u8981\u662f\u4efb\u4f55\u7ba1\u7406\u968e\u5c64\u90fd\u72af\u6709\u5df4\u83f2\u7279\u6240\u8b02\u7684<span style=\"font-size: revert;\">\u300a<\/span><a style=\"font-size: revert;\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/01\/18\/%e4%bc%81%e6%a5%ad%e6%bd%9b%e8%a6%8f%e5%89%87%e6%a9%9f%e6%a7%8b%e5%88%b6%e5%ba%a6%e6%80%a7%e5%bc%b7%e5%88%b6%e5%8a%9b\/\">\u4f01\u696d\u6f5b\u898f\u5247\uff0c\u6a5f\u69cb\u5236\u5ea6\u6027\u5f37\u5236\u529b\uff08Institutional Imperative\uff09<\/a><span style=\"font-size: revert;\">\u300b<\/span>\u7684\u901a\u75c5\uff0c\u559c\u6b61\u4e92\u76f8\u6500\u6bd4\uff0c\u82b1\u5927\u9322\u9032\u884c\u6548\u7387\u4e0d\u5f70\u7684\u4f75\u8cfc\u2500\u2500\u2500\u2500\u5982\u540c<a href=\"https:\/\/berkshirehathaway.com\/letters\/2005ltr.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u57282005\u5e74\u80a1\u6771\u4fe1<\/a>\u88e1\u9762\u6240\u8aaa\u7684\uff0c\u300c\u5c0f\u5b69\u5b50\u6703\u5411\u5abd\u5abd\u8aaa\uff1a\u5225\u7684\u5c0f\u5b69\u6709\uff0c\u6211\u4e5f\u8981\u6709\u3002\u300d\u5b57\u6bcd\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aGOOGL\u548cGOOG\uff09\u548c\u81c9\u66f8\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aMETA\uff09\u5c31\u662f\u5178\u578b\u7684\u4ee3\u8868\uff0c\u4f9d2000\u5e74\u4ee5\u524d\u7684\u6a19\u6e96\uff0c\u9019\u5169\u5bb6\u516c\u53f8\u7684\u9a5a\u4eba\u73fe\u91d1\u6c34\u4f4d\uff08\u5b57\u6bcd\u57282021\u5e74\u7b2c\u4e00\u5b63\u70ba\u6b62\u67091,351.04\u5104\u7f8e\u91d1\uff0c\u81c9\u66f8\u5247\u6709642.19\u5104\u7f8e\u91d1\uff09\uff0c\u65e9\u5c31\u61c9\u8a72\u767c\u653e\u80a1\u606f\u4e86\u3002\u4f46\u4f9d\u73fe\u5728\u5169\u5bb6\u516c\u53f8\u7684\u80a1\u6b0a\u7d50\u69cb\uff0c\u5c0f\u80a1\u6771\u5c0d\u6b64\u7121\u80fd\u70ba\u529b\u3002<\/p>\n\n\n\n<p>\u6295\u8cc7\u4eba\u5fc5\u9808\u77e5\u9053\u7684\u662f\uff1a\u6548\u7387\u4e0d\u5f70\u7684\u4f75\u8cfc\u662f\u5403\u9322\u7684\u602a\u7378\uff0c\u8017\u76e1\u539f\u672c\u61c9\u8a72\u767c\u653e\u7d66\u5c0f\u80a1\u6771\u7684\u80a1\u606f\u3002\u6839\u64da\u6b77\u53f2\uff0c\u5927\u591a\u6578\uff0875%\uff09\u4f75\u8cfc\u6848\u6700\u7d42\u90fd\u6703\u4ee5\u5931\u6557\u544a\u7d42\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%82%A1%E6%9D%B1%E5%9C%A8%E7%89%9B%E5%B8%82%E6%9C%9F%E9%96%93%E7%94%B1%E8%B3%87%E6%9C%AC%E5%88%A9%E5%BE%97%E5%A4%A7%E9%87%8F%E7%8D%B2%E5%88%A9\"><\/span><strong>\u80a1\u6771\u5728\u725b\u5e02\u671f\u9593\u7531\u8cc7\u672c\u5229\u5f97\u5927\u91cf\u7372\u5229<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u8fea\u58eb\u5c3c\uff08Disney\uff0c\u7f8e\u80a1\u4ee3\u865fDIS\uff09\u81ea\u5f9e\u767c\u8868Disney+\u4e32\u6d41\u4e26\u7372\u5f97\u5de8\u5927\u7684\u6210\u529f\uff0c\u662f\u904e\u53bb\u534a\u5e74\u591a\u80a1\u50f9\u88ab\u5927\u5e45\u63a8\u9ad8\u7684\u4e3b\u56e0\u3002\u5b83\u7684\u4f01\u696d\u50f9\u503c\u4e3b\u8981\u662f\u77e5\u8b58\u7522\u6b0a\uff08IP\uff09\uff0c\u4e26\u6c92\u6709\u4efb\u4f55\u6539\u8b8a\uff0c\u7d93\u71df\u60c5\u6cc1\uff08\u5b83\u7684\u73fe\u91d1\u6d41\u4e3b\u8981\u4f86\u6e90\u4e3b\u8981\u662f\u96fb\u5f71\u548c\u8fea\u58eb\u5c3c\u6a02\u5712\uff0c\u56e0\u70ba\u4e32\u6d41\u4e8b\u696d\u76ee\u524d\u9084\u662f\u8667\u640d\u7684\uff09\u56b4\u683c\u4f86\u8aaa\u9084\u56e0\u75ab\u60c5\u60e1\u5316\u4e86\uff0c\u7167\u7406\u8aaa\u80a1\u50f9\u61c9\u8d70\u4f4e\u624d\u5c0d\u554a\u3002<a href=\"https:\/\/www.fool.com\/investing\/2021\/09\/22\/disneys-dividend-isnt-coming-back-soon\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.fool.com\/investing\/2021\/09\/22\/disneys-dividend-isnt-coming-back-soon\/\" rel=\"noreferrer noopener\">Disney+\u7684\u6210\u529f\uff0c\u62b5\u6d88\u4e862021\u5e747\u6708\u53d6\u6d88\u534a\u5e74\u5ea6\u80a1\u606f\u5c0d\u80a1\u50f9\u7684\u8ca0\u9762\u5f71\u97ff<\/a>\u3002\u5982\u679c\u6211\u7684\u5224\u65b7\u662f\u5c0d\u7684\u8a71\uff0c\u904e\u53bb\u8fea\u58eb\u5c3c\u4e3b\u8981\u7684\u80a1\u6771\u6703\u6709\u4e00\u5927\u90e8\u4efd\u6703\u56e0\u6b64\u88ab\u6e05\u6d17\u51fa\u5834\uff0c\u6539\u8cb7\u5176\u5b83\u6301\u7e8c\u914d\u80a1\u606f\u7684\u85cd\u7c4c\u80a1\u3002\u800c\u73fe\u5728\u7684\u9019\u6279\u65b0\u80a1\u6771\u548c\u904e\u53bb\u76f8\u6bd4\uff0c\u6703\u6bd4\u8f03\u5e74\u8f15\uff0c\u4ed6\u5011\u671f\u671b\u7684\u6703\u662f\u8cc7\u672c\u5229\u5f97\u800c\u4e0d\u662f\u80a1\u606f\uff08\u5c31\u50cf\u4ed6\u5011\u8cb7\u79d1\u6280\u80a1\u7684\u5fc3\u614b\u4e00\u6a23\uff09\u3002<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>\u9019\u662f\u8fd1\u5e7e\u5e74\u7684\u5e02\u5834\u8da8\u52e2\u2500\u2500\u2500\u2500\u4e5f\u5c31\u662f\u96f6\u552e\u696d\u7684\u80a1\u50f9\u7531\u8a72\u516c\u53f8\u7684\u96fb\u5546\u5316\u7a0b\u5ea6\u6c7a\u5b9a\uff1a\u6c83\u723e\u746a \uff08Walmart\uff0c\u7f8e\u80a1\u4ee3\u865fWMT\uff09\u3001\u597d\u58eb\u591a \uff08Cosco\uff0c\u7f8e\u80a1\u4ee3\u865fCOST\uff09\u3001\u76ee\u6a19\u767e\u8ca8 \uff08Target\uff0c\u7f8e\u80a1\u4ee3\u865fTGT\uff09\u5b63\u5831\u90fd\u6703\u516c\u4f48\u7576\u5b63\u7684\u96fb\u5546\u92b7\u552e\u6210\u9577\u6bd4\uff08eCommerce comparable sale\uff09\uff0c\u539f\u56e0\u5c31\u5728\u9019\u88e1\u3002\u4e0d\u53ea\u5982\u6b64\uff0c\u96fb\u5b50\u5a92\u9ad4\u696d\u7684\u80a1\u50f9\u4e5f\u7531\u8a72\u516c\u53f8\u7684\u4e32\u6d41\u5316\u7a0b\u5ea6\u4f86\u6c7a\u5b9a\uff1b\u4f8b\u5982\u8fea\u58eb\u5c3c\u3001\u901a\u64ad\u96c6\u5718\uff08Comcast\uff0c\u7f8e\u80a1\u4ee3\u865fCMCSA\uff09\u3001\u7f8e\u570b\u96fb\u8a71\u96fb\u5831\u516c\u53f8\uff08AT&amp;T\uff0c\u7f8e\u80a1\u4ee3\u865fT\uff09\u3001\u54e5\u502b\u6bd4\u4e9e\u5ee3\u64ad\u516c\u53f8\uff08CBS\uff0c\u7f8e\u80a1\u4ee3\u865fVIAC\uff09\u3002\u800c\u50b3\u7d71\u51fa\u7248\u696d\u548c\u5831\u696d\u7684\u80a1\u50f9\u5247\u662f\u7531\u516c\u53f8\u7684\u96fb\u5b50\u5316\u7a0b\u5ea6\u4f86\u6c7a\u5b9a\uff0c\u4f8b\u5982\u7d10\u7d04\u6642\u5831\uff08New York Times\uff0c\u7f8e\u80a1\u4ee3\u865fNYT\uff09\u3002\u96f6\u552e\u548c\u5a92\u9ad4\u696d\u90fd\u662f\u5f88\u50b3\u7d71\u7684\u7522\u696d\uff0c\u4f01\u696d\u7d93\u71df\u968e\u5c64\u70ba\u4e86\u62c9\u62ac\u80a1\u50f9\u548c\u751f\u5b58\uff0c\u5fc5\u9808\u9032\u884c\u5982\u6b64\u7684\u6539\u8b8a\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"205\" height=\"130\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2022\/09\/dv-1600x1200-1.jpg\" alt=\"\u80a1\u5229\" class=\"wp-image-25546\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%82%A1%E5%88%A9%E6%8A%95%E8%B3%87%E4%BA%BA%E8%A2%AB%E6%B8%85%E6%B4%97%E5%87%BA%E5%A0%B4\"><\/span><strong>\u80a1\u5229\u6295\u8cc7\u4eba\u88ab\u6e05\u6d17\u51fa\u5834<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u8fea\u58eb\u5c3c\u7684\u7d93\u71df\u968e\u5c64\u5690\u5230\u9019\u9805\u751c\u982d\u5f8c\uff08\u53d6\u6d88\u80a1\u606f\uff0c\u4f46\u85c9\u7531Disney+\u7684\u6210\u529f\u4f7f\u80a1\u50f9\u4e0a\u6f32\uff09\uff0c\u6703\u89e3\u8b80\u70ba\u80a1\u6771\u559c\u6b61\u9019\u6a23\u7684\u6539\u8b8a\uff0c\u800c\u4e14\u516c\u53f8\u5e02\u503c\u4e5f\u589e\u52a0\u4e86\uff0c\u7d93\u71df\u968e\u5c64\u7684\u4f4d\u5b50\u4e5f\u66f4\u7a4f\u56fa\u4e86\u3002\u56e0\u6b64\u6211\u8a8d\u70ba\u9664\u975e\u64c1\u6709\u5927\u91cf\u6295\u7968\u6b0a\u7684\u7a4d\u6975\u80a1\u6771\uff08Activist Shareholder\uff09\u6216\u91cd\u91cf\u7d1a\u80a1\u6771\uff08\u8fea\u58eb\u5c3c\u6709\u4e00\u4f4d\u5f88\u51fa\u540d\u7684\u91cd\u91cf\u7d1a\u80a1\u6771\uff0c\u5979\u662f\u5275\u8fa6\u4eba\u5bb6\u65cf\u7684\u5b6b\u5973\u827e\u6bd4\u84cb\u5152\uff0e\u8fea\u58eb\u5c3c\uff08Abigail  Disney\uff09\uff09\u767c\u51fa\u5f37\u529b\u7684\u6297\u8b70\uff0c\u4e26\u9858\u610f\u4e32\u806f\u80a1\u6771\u63a1\u53d6\u884c\u52d5\uff0c\u5426\u5247\u8fea\u58eb\u5c3c\u7684\u7d93\u71df\u968e\u5c64\u4e0d\u6703\u9032\u884c\u6539\u8b8a\u3002<\/p>\n\n\n\n<p>\u6211\u518d\u8209\u500b\u79d1\u6280\u754c\u6700\u8457\u540d\u7684\u4f8b\u5b50\uff0c\u5967\u591a\u6bd4\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aADBE\uff09\u57281986\u5e74\u4e0a\u5e02\uff08\u548c\u5fae\u8edf\u540c\u4e00\u5e74\uff0c\u90a3\u6642\u6c92\u4ec0\u9ebc\u540c\u80a1\u4e0d\u540c\u6b0a\u7684\u4e0a\u5e02\u4f01\u696d\uff09\uff0c\u516c\u53f8\u57282005\u5e743\u6708\u4e4b\u5f8c\u5c31\u4e0d\u518d\u914d\u767c\u80a1\u606f\uff0c\u4f46\u8a72\u516c\u53f8\u7684\u9577\u671f\u80a1\u50f9\u8868\u73fe\u512a\u7570\uff0c\u81ea\u7136\u6703\u5438\u5f15\u53ea\u91cd\u8996\u8cc7\u672c\u5229\u5f97\u7684\u80a1\u6771\uff0c\u800c\u671f\u5f85\u6709\u80a1\u606f\u7684\u6295\u8cc7\u4eba\u81ea\u7136\u4e0d\u6703\u8cb7\u5165\u5967\u591a\u6bd4\u7684\u80a1\u7968\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><span style=\"font-size: revert;\">\u300a<\/span><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/11\/12\/%e8%82%a1%e5%88%a9%e6%94%af%e4%bb%98%e6%9c%80%e9%95%b7%e7%9a%8450%e5%ae%b6%e5%85%ac%e5%8f%b8\/\">\u7f8e\u570b\u80a1\u5229\u652f\u4ed8\u6700\u9577\u768450\u5bb6\u516c\u53f8<\/a><span style=\"font-size: revert;\">\u300b<\/span><\/li>\n\n\n\n<li><span style=\"font-size: revert;\">\u300a<\/span><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/10\/08\/%e7%be%8e%e8%82%a1%e8%82%a1%e5%88%a9%e8%b1%90%e5%8e%9a%e7%9a%84%e7%94%a2%e6%a5%ad%e5%8f%8a%e5%92%8c%e5%8f%b0%e8%82%a1%e7%9a%84%e4%b8%8d%e4%b8%8d%e4%b9%8b%e8%99%95\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u7f8e\u80a1\u80a1\u5229\u8c50\u539a\u7684\u7522\u696d\u53ca\u548c\u53f0\u80a1\u76846\u9ede\u4e0d\u540c\u4e4b\u8655<\/a><span style=\"font-size: revert;\">\u300b<\/span><\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/08\/05\/%e5%8f%b0%e8%82%a15%e5%a4%a7%e9%ab%98%e8%82%a1%e6%81%afetf%e4%b8%8d%e5%8f%af%e9%80%86%e7%9a%84%e8%b6%a8%e5%8b%a2\/\">\u8a73\u8ad6\u53f0\u80a15\u5927\u9ad8\u80a1\u606fETF\uff0c\u4e0d\u53ef\u9006\u7684\u8da8\u52e2\uff0c\u548c\u53f0\u7063\u4eba\u6709\u591a\u559c\u6b61\u9ad8\u80a1\u606f\u53f0\u80a1ETF<\/a>\u300b<\/li>\n\n\n\n<li><span style=\"font-size: revert;\">\u300a<\/span><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/11\/13\/%e8%82%a1%e5%88%a9%e6%8a%95%e8%b3%87%e4%ba%ba%e5%bf%85%e9%9c%80%e7%9a%84%e8%80%83%e9%87%8f\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u80a1\u5229\u6295\u8cc7\u4eba\u5fc5\u9700\u7684\u8003\u91cf<\/a><span style=\"font-size: revert;\">\u300b<\/span><\/li>\n\n\n\n<li><span style=\"font-size: revert;\">\u300a<\/span><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/22\/%e7%82%ba%e4%bd%95%e6%84%88%e4%be%86%e6%84%88%e5%a4%9a%e7%9a%84%e7%be%8e%e5%9c%8b%e7%a7%91%e6%8a%80%e8%82%a1%e4%b8%8a%e5%b8%82%e5%85%ac%e5%8f%b8%e5%82%be%e5%90%91%e4%b8%8d%e7%99%bc%e6%94%be%e8%82%a1\/\">\u70ba\u4f55\u6108\u4f86\u6108\u591a\u7684\u7f8e\u570b\u79d1\u6280\u80a1\u4e0a\u5e02\u516c\u53f8\u50be\u5411\u4e0d\u767c\u653e\u80a1\u5229<\/a><span style=\"font-size: revert;\">\u300b<\/span><\/li>\n\n\n\n<li><span style=\"font-size: revert;\">\u300a<\/span><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/07\/02\/%e5%8f%af%e5%8f%a3%e5%8f%af%e6%a8%82%e8%bf%91%e5%8d%81%e5%b9%b4%e8%a1%a8%e7%8f%be%e4%b8%8d%e5%8f%aa%e4%b8%8d%e5%a6%82%e7%99%be%e4%ba%8b%e5%8f%af%e6%a8%82%ef%bc%8c%e8%80%8c%e4%b8%94%e5%af%a6%e8%b3%aa\/\"><span style=\"font-size: revert;\">\u53ef\u53e3\u53ef\u6a02\u8fd1\u5341\u5e74\u8868\u73fe\u4e0d\u53ea\u4e0d\u5982\u767e\u4e8b\u53ef\u6a02\uff0c\u800c\u4e14\u5be6\u8cea<\/span>\u5831\u916c\u9084\u662f\u8ca0\u7684<\/a><span style=\"font-size: revert;\">\u300b<\/span><\/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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