{"id":32626,"date":"2023-06-10T23:56:00","date_gmt":"2023-06-10T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=32626"},"modified":"2025-05-07T14:20:24","modified_gmt":"2025-05-07T06:20:24","slug":"%e6%b3%a2%e5%85%8b%e5%a4%8f%e7%9a%84%e4%bd%b5%e8%b3%bc%e6%a8%a1%e5%bc%8f","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/06\/10\/%e6%b3%a2%e5%85%8b%e5%a4%8f%e7%9a%84%e4%bd%b5%e8%b3%bc%e6%a8%a1%e5%bc%8f\/","title":{"rendered":"\u6ce2\u514b\u590f\u7684\u4f75\u8cfc\u6a21\u5f0f"},"content":{"rendered":"\n<p>\u5728\u6ce2\u514b\u590f\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aBRK.A\u548cBRK.B\uff09<a href=\"https:\/\/berkshirehathaway.com\/letters\/1995.html\" target=\"_blank\" rel=\"noreferrer noopener\">1995\u5e74\u7684\u80a1\u6771\u4fe1<\/a>\u88e1\uff0c\u5df4\u83f2\u7279\u5b8c\u6574\u5730\u5c0d\u6ce2\u514b\u590f\u7684\u4f75\u8cfc\u6a21\u5f0f\u9032\u884c\u4e86\u8a73\u7d30\u7684\u8aaa\u660e\uff1a<\/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\/2023\/06\/10\/%e6%b3%a2%e5%85%8b%e5%a4%8f%e7%9a%84%e4%bd%b5%e8%b3%bc%e6%a8%a1%e5%bc%8f\/#%E5%B0%91%E6%95%B8%E8%82%A1%E6%AC%8A%E6%88%96%E5%85%A8%E9%83%A8%E6%8C%81%E6%9C%89\" >\u5c11\u6578\u80a1\u6b0a\u6216\u5168\u90e8\u6301\u6709<\/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\/2023\/06\/10\/%e6%b3%a2%e5%85%8b%e5%a4%8f%e7%9a%84%e4%bd%b5%e8%b3%bc%e6%a8%a1%e5%bc%8f\/#%E6%B3%A2%E5%85%8B%E5%A4%8F%E7%9A%84%E5%85%A9%E5%A4%A7%E7%89%B9%E8%89%B2\" >\u6ce2\u514b\u590f\u7684\u5169\u5927\u7279\u8272<\/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\/2023\/06\/10\/%e6%b3%a2%e5%85%8b%e5%a4%8f%e7%9a%84%e4%bd%b5%e8%b3%bc%e6%a8%a1%e5%bc%8f\/#%E8%B3%A3%E6%96%B9%E8%99%95%E6%96%BC%E6%9C%89%E5%88%A9%E5%9C%B0%E4%BD%8D\" >\u8ce3\u65b9\u8655\u65bc\u6709\u5229\u5730\u4f4d<\/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\/2023\/06\/10\/%e6%b3%a2%e5%85%8b%e5%a4%8f%e7%9a%84%e4%bd%b5%e8%b3%bc%e6%a8%a1%e5%bc%8f\/#%E6%B3%A2%E5%85%8B%E5%A4%8F%E6%93%81%E6%9C%89%E7%9A%84%E5%B9%BE%E9%A0%85%E5%84%AA%E5%8B%A2\" >\u6ce2\u514b\u590f\u64c1\u6709\u7684\u5e7e\u9805\u512a\u52e2<\/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\/2023\/06\/10\/%e6%b3%a2%e5%85%8b%e5%a4%8f%e7%9a%84%e4%bd%b5%e8%b3%bc%e6%a8%a1%e5%bc%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\"><span class=\"ez-toc-section\" id=\"%E5%B0%91%E6%95%B8%E8%82%A1%E6%AC%8A%E6%88%96%E5%85%A8%E9%83%A8%E6%8C%81%E6%9C%89\"><\/span>\u5c11\u6578\u80a1\u6b0a\u6216\u5168\u90e8\u6301\u6709<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u8499\u683c\u4ee5\u53ca\u6211\u672c\u4eba\u4e00\u76f4\u81f4\u529b\u65bc\u5efa\u7acb\u8d77\u4e00\u500b\u64c1\u6709\u7d55\u4f73\u7af6\u722d\u512a\u52e2\uff0c\u4e14\u7531\u5091\u51fa\u7d93\u7406\u4eba\u9818\u5c0e\u7684\u4f01\u696d\u6240\u7d44\u6210\u7684\u96c6\u5718\uff0c\u5176\u4e2d\u4e00\u90e8\u4efd\u662f100%\u6301\u6709\uff0c\u4e00\u90e8\u4efd\u5247\u662f\u6301\u6709\u90e8\u4efd\u80a1\u6b0a\uff0c\u7576\u7136\u6211\u5011\u6700\u5e0c\u671b\u7684\u65b9\u5f0f\u9084\u662f\u900f\u904e\u5354\u5546\u4ee5\u516c\u5e73\u5408\u7406\u7684\u50f9\u683c\u53d6\u5f97\u5168\u90e8\u7684\u80a1\u6b0a\uff0c\u4e0d\u904e\u5982\u679c\u6211\u5011\u5728\u80a1\u7968\u5e02\u5834\u4e2d\u6709\u6a5f\u6703\u80fd\u5920\u627e\u5230\u4ee5\u4f4e\u65bc\u4f75\u8cfc\u6574\u5bb6\u516c\u53f8\u6240\u9700\u7684\u5e73\u5747\u50f9\u683c\uff0c\u53d6\u5f97\u4e00\u5bb6\u597d\u516c\u53f8\u76f8\u7576\u7a0b\u5ea6\u7684\u80a1\u4efd\u7684\u8a71\uff0c\u6211\u5011\u4e5f\u5f88\u6a02\u65bc\u5617\u8a66\uff0c\u4e8b\u5be6\u4e0a\u9019\u7a2e\u96d9\u7ba1\u9f4a\u4e0b\u7684\u505a\u6cd5\uff0c(\u4e5f\u5c31\u662f\u7d93\u7531\u5354\u8b70\u8cb7\u4e0b\u6574\u5bb6\u516c\u53f8\u6216\u662f\u900f\u904e\u80a1\u5e02\u8cb7\u9032\u90e8\u4efd\u80a1\u6b0a)\uff0c\u4f7f\u5f97\u6211\u5011\u6bd4\u8d77\u5176\u5b83\u5805\u6301\u55ae\u4e00\u505a\u6cd5\u7684\u8cc7\u91d1\u5206\u914d\u8005\u4f86\u8aaa\uff0c\u64c1\u6709\u7d55\u4f73\u7684\u512a<br>\u52e2\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%B3%A2%E5%85%8B%E5%A4%8F%E7%9A%84%E5%85%A9%E5%A4%A7%E7%89%B9%E8%89%B2\"><\/span>\u6ce2\u514b\u590f\u7684\u5169\u5927\u7279\u8272<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u6211\u5011\u64c1\u6709\u5169\u9805\u512a\u52e2\uff0c\u9996\u5148\uff0c\u6211\u5011\u65d7\u4e0b\u4e8b\u696d\u7684\u7d93\u7406\u4eba\u90fd\u76f8\u7576\u512a\u79c0\uff0c\u4e14\u5927\u90e8\u5206\u7684\u7d93\u7406\u4eba\u90fd\u8207\u4f2f\u514b\u5e0c\u723e\u4fdd\u6301\u7dca\u5bc6\u7684\u95dc\u4fc2\uff0c\u7b2c\u4e8c\uff0c\u67e5\u7406\u8ddf\u6211\u672c\u4eba\u5728\u8cc7\u91d1\u5206\u914d\u65b9\u9762\u64c1\u6709\u76f8\u7576\u8c50\u5bcc\u7684\u7d93\u9a57\uff0c\u53ef\u4ee5\u7406\u6027\u5ba2\u89c0\u5730\u57f7\u884c\u9019\u9805\u5de5\u4f5c\uff0c\u6211\u5011\u6240\u9762\u81e8\u6700\u5927\u7684\u52a3\u52e2\u662f\u898f\u6a21\u592a\u5927\uff0c\u5728\u65e9\u5e74\uff0c\u6211\u5011\u53ea\u9700\u8981\u597d\u7684\u6295\u8cc7\u65b9\u6848\uff0c\u4f46\u662f\u73fe\u5728\u6211\u5011\u9700\u8981\u7684\u537b\u662f\u53c8&#8221;\u5927&#8221;\u53c8\u597d\u7684\u6295\u8cc7\u65b9\u6848\uff0c\u7136\u800c\u4e0d\u5e78\u7684\u662f\uff0c\u8981\u627e\u5230\u80fd\u5920\u8207\u4f2f\u514b\u5e0c\u723e\u767c\u5c55\u901f\u5ea6\u76f8\u5339\u914d\u7684\u516c\u53f8\u7684\u96e3\u5ea6\u65e5\u76ca\u5347\u9ad8\uff0c\u9019\u500b\u554f\u984c\u6301\u7e8c\u5730\u4fb5\u8755\u6211\u5011\u7684\u7af6\u722d\u512a\u52e2\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%B3%A3%E6%96%B9%E8%99%95%E6%96%BC%E6%9C%89%E5%88%A9%E5%9C%B0%E4%BD%8D\"><\/span>\u8ce3\u65b9\u8655\u65bc\u6709\u5229\u5730\u4f4d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u6211\u5be6\u5728\u4e0d\u4e86\u89e3\u70ba\u4ec0\u9ebc\u6709\u4e9b\u53ef\u80fd\u7684\u8cb7\u4e3b\u6703\u76f8\u4fe1\u8ce3\u65b9\u63d0\u51fa\u7684\u9810\u4f30\u6578\u5b57\uff0c\u67e5\u7406\u8ddf\u6211\u9023\u770b\u90fd\u61f6\u5f97\u770b\u4ed6\u5011\u4e00\u773c\uff0c\u6211\u5011\u4e00\u518d\u8b39\u8a18\u4e00\u4f4d\u64c1\u6709\u8ddb\u8173\u99ac\u4e3b\u4eba\u7684\u6545\u4e8b\uff0c\u4ed6\u727d\u8457\u75c5\u99ac\u53bb\u7d66\u7378\u91ab\u770b\u8aaa\u5230\ufe30\u201c\u4f60\u53ef\u4ee5\u5e6b\u5e6b\u6211\u55ce? \u6211\u5be6\u5728\u662f\u641e\u4e0d\u61c2\u70ba\u4ec0\u9ebc\u9019\u5339\u99ac\u7684\u8868\u73fe\u6642\u597d\u6642\u58de\u3002\u201d\u7378\u91ab\u7684\u56de\u7b54\u6b63\u4e2d\u8981\u5bb3\uff0c\u201c\u6c92\u554f\u984c\uff0c\u8d81\u5b83\u8868\u73fe\u6b63\u5e38\u7684\u6642\u5019\uff0c\u8d95\u5feb\u628a\u5b83\u8ce3\u6389\u201d\uff0c\u5728\u4f75\u8cfc\u7684\u4e16\u754c\u4e2d\uff0c\u9019\u6a23\u7684\u8ddb\u8173\u99ac\u5f80\u5f80\u88ab\u88dd\u98fe\u6210\u8056\u7269\u5230\u8655\u884c\u9a19\u3002<\/em><\/p>\n\n\n\n<p><em>\u6211\u5011\u4e5f\u9762\u81e8\u4e00\u500b\u5148\u5929\u4e0a\u7684\u554f\u984c\uff0c\u90a3\u5c31\u662f\u8ce3\u65b9\u6c38\u9060\u6bd4\u8cb7\u65b9\u4e86\u89e3\u5167\u60c5\uff0c\u6240\u4ee5\u5f88\u81ea\u7136\u5730\uff0c\u4ed6\u5011\u4e00\u5b9a\u6703\u6311\u9078\u8ce3\u51fa\u7684\u6700\u4f73\u6642\u6a5f\uff0c\u4e5f\u5c31\u662f\u7576\u8ddb\u8173\u99ac\u9336\u73fe\u7684\u90fd\u5f88\u6b63\u5e38\u7684\u6642\u5019\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%B3%A2%E5%85%8B%E5%A4%8F%E6%93%81%E6%9C%89%E7%9A%84%E5%B9%BE%E9%A0%85%E5%84%AA%E5%8B%A2\"><\/span>\u6ce2\u514b\u590f\u64c1\u6709\u7684\u5e7e\u9805\u512a\u52e2<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u5118\u7ba1\u5982\u6b64\uff0c\u6211\u5011\u9084\u662f\u64c1\u6709\u5e7e\u9805\u512a\u52e2\uff0c\u5176\u4e2d\u6700\u6709\u5229\u7684\u5927\u6982\u5c31\u662f\u6211\u5011\u4e26\u6c92\u6709\u4e00\u5957\u7b56\u7565\u8a08\u5283\uff0c\u6240\u4ee5\u6211\u5011\u5c31\u6c92\u6709\u5fc5\u8981\u4f9d\u7167\u56fa\u5b9a\u7684\u6a21\u5f0f(\u4e00\u7a2e\u5e7e\u4e4e\u6ce8\u5b9a\u6703\u4ee5\u96e2\u8b5c\u7684\u50f9\u9322\u6210\u4ea4\u7684\u6a21\u5f0f)\uff0c\u800c\u662f\u5b8c\u5168\u4ee5\u80a1\u6771\u672c\u8eab\u7684\u5229\u76ca\u70ba\u512a\u5148\u3002<\/em><\/p>\n\n\n\n<p><em>\u5728\u5f9e\u4e8b\u4f75\u8cfc\u6848\u6642\uff0c\u6211\u5011\u9084\u6709\u4e00\u9805\u512a\u52e2\uff0c\u90a3\u5c31\u662f\u6211\u5011\u53ef\u4ee5\u63d0\u4f9b\u7d66\u8ce3\u65b9\uff0c\u4e00\u7a2e\u80cc\u5f8c\u7531\u773e\u591a\u512a\u79c0\u4f01\u696d\u6240\u7d44\u6210\u7684\u80a1\u4efd\u7576\u4f5c\u5c0d\u50f9\uff0c\u7576\u4e00\u5bb6\u516c\u53f8\u7684\u8001\u95c6\u6216\u5bb6\u65cf\u60f3\u8981\u8655\u5206\u7e3e\u512a\u7684\u5bb6\u65cf\u7522\u696d\uff0c\u540c\u6642\u5e0c\u671b\u76f8\u95dc\u7684\u7a05\u8ca0\u80fd\u5920\u7e7c\u7e8c\u905e\u5ef6\u4e0b\u53bb\u6642\uff0c\u61c9\u8a72\u6703\u767c\u73fe\u6ce2\u514b\u590f\u7684\u80a1\u7968\u662f\u4e00\u7a2e\u76f8\u7576\u597d\u7684\u9078\u64c7\u3002<\/em><\/p>\n\n\n\n<p><strong>\u8a3b\uff1a\u8acb\u6ce8\u610f\u2500\u2500\u2500\u9019\u4e00\u9805\u6240\u8b02\u7684\u512a\u52e2\uff0c\u5df4\u83f2\u7279\u5f8c\u4e0d\u5df2\uff0c\u56e0\u70ba\u4ed6\u975e\u5e38\u5f8c\u6094\u65e9\u5e74\u7528\u6ce2\u514b\u590f\u7684\u80a1\u7968\u4f86\u652f\u4ed8\u4f75\u8cfc\uff0c\u56e0\u70ba\u7d93\u904e\u9577\u671f\u8907\u5229\uff0c\u7576\u6642\u6240\u4ed8\u51fa\u7684<strong>\u6ce2\u514b\u590f\u7684\u80a1\u7968<\/strong>\u6108\u4f86\u6108\u503c\u9322\u3002<\/strong><\/p>\n\n\n\n<p><strong>\u8a3b<\/strong>\uff1a\u5728<a href=\"https:\/\/berkshirehathaway.com\/letters\/2016ltr.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">2016\u5e74\u7684\u80a1\u6771\u4fe1<\/a>\u88e1\uff0c\u5df4\u83f2\u7279\u5c31\u62b1\u6028\u904e\uff1a\u300c\u6211\u57281998\u5e74\u665a\u4e9b\u6642\u5019\u5b8c\u6210\u5c0d\u84cb\u53ef\uff08GEICO\uff09\u7684\u6536\u8cfc\u4e4b\u5f8c\u7adf\u611a\u8822\u5730\u4f7f\u7528\u6ce2\u514b\u590f\u7684\u80a1\u4efd\u53bb\u6536\u8cfc\u901a\u7528\u518d\u4fdd\uff08General Reinsurance\uff09\u516c\u53f8\u3002\u5728\u65e9\u671f\u51fa\u73fe\u4e00\u4e9b\u554f\u984c\u4e4b\u5f8c\uff0c\u901a\u7528\u518d\u4fdd\u6210\u70ba\u6211\u5011\u6240\u6295\u8cc7\u7684\u5c0d\u50cf\u4e2d\u8868\u73fe\u512a\u7570\u7684\u4fdd\u96aa\u4f01\u696d\u3002<\/p>\n\n\n\n<p>\u6211\u5728\u6536\u8cfc\u901a\u7528\u518d\u4fdd\u6642\u70ba\u7c4c\u96c6\u8cc7\u91d1\u767c\u884c\u4e86272200\u80a1\u4f2f\u514b\u5e0c\u723e\u54c8\u6492\u97cb\u80a1\u7968\uff0c\u9019\u662f\u6211\u72af\u7684\u4e00\u500b\u56b4\u91cd\u932f\u8aa4\u3002\u4e0a\u8ff0\u884c\u52d5\u4f7f\u5f97\u6ce2\u514b\u590f\u7684\u6d41\u901a\u80a1\u80a1\u4efd\u589e\u9577\u4e8621.8%\u3002\u6211\u7684\u932f\u8aa4\u884c\u70ba\u4f7f\u5f97\u516c\u53f8\u80a1\u6771\u7684\u4ed8\u51fa\u8981\u6bd4\u4ed6\u5011\u7372\u5f97\u7684\u66f4\u591a\u3002\u300d<\/p>\n\n\n\n<p><em>\u6b64\u5916\uff0c\u6709\u4e9b\u8ce3\u65b9\u4e5f\u6703\u95dc\u5fc3\u4ed6\u5011\u7684\u516c\u53f8\u662f\u5426\u80fd\u5920\u627e\u5230\u4e00\u500b\u7a69\u5b9a\u53ef\u9760\u7684\u7f8e\u6eff\u6b78\u5bbf\uff0c\u53ef\u4ee5\u8b93\u5176\u65d7\u4e0b\u54e1\u5de5\u6709\u4e00\u500b\u826f\u597d\u7684\u5de5\u4f5c\u74b0\u5883\uff0c\u800c\u5c31\u9019\u9ede\u800c\u8a00\uff0c\u6ce2\u514b\u590f\u7d55\u5c0d\u8207\u773e\u4e0d\u540c\uff0c\u6211\u5011\u65d7\u4e0b\u4e8b\u696d\u7684\u7d93\u7406\u4eba\u64c1\u6709\u7d55\u5c0d\u7684\u81ea\u4e3b\u6b0a\uff0c\u6b64\u5916\u6211\u5011\u7684\u80a1\u6b0a\u7d50\u69cb\u4f7f\u5f97\u8ce3\u65b9\u53ef\u4ee5\u76f8\u4fe1\u7576\u6211\u5011\u5728\u4f75<em>\u8cfc<\/em>\u6642\uff0c\u6240\u505a\u51fa\u7684\u6bcf\u4e00\u500b\u627f\u8afe\u5c07\u6703\u88ab\u4fe1\u5b88\uff0c\u5c0d\u6211\u5011\u800c\u8a00\uff0c\u6211\u5011\u4e5f\u5e0c\u671b\u80fd\u8207\u771f\u6b63\u95dc\u5fc3\u4f75<em>\u8cfc<\/em>\u5f8c\u5176\u516c\u53f8\u8207\u54e1\u5de5\u6703\u6709\u600e\u6a23\u7d50\u5c40\u7684\u8001\u95c6\u6253\u4ea4\u9053\uff0c\u5c31\u6211\u5011\u7684\u7d93\u9a57\u800c\u8a00\uff0c\u9019\u985e\u7684\u8ce3\u4e3b\u901a\u5e38\u6703\u8f03\u90a3\u4e9b\u4e00\u5fc3\u8981\u628a\u6240\u64c1\u6709\u7684\u516c\u53f8\u62cd\u8ce3\u6389\u7684\u4eba\uff0c\u8981\u8b93\u6211\u5011\u5c11\u767c\u73fe\u8a31\u591a\u4ee4\u4eba\u4e0d\u6109\u5feb\u7684\u610f\u5916\u3002<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"145\" height=\"101\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2023\/02\/ma-1600x1200-2.jpg\" alt=\"\u6ce2\u514b\u590f\u7684\u4f75\u8cfc\" class=\"wp-image-32636\"\/><\/figure>\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\/2023\/02\/04\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%82%ba%e4%bd%95%e5%81%8f%e5%a5%bd%e6%94%b6%e8%b3%bc%e5%a5%bd%e5%85%ac%e5%8f%b8%e5%a4%a7%e9%87%8f%e7%9a%84%e5%b0%91%e6%95%b8%e8%82%a1%e6%ac%8a%e8%80%8c%e4%b8%8d%e6%98%af\/\">\u5df4\u83f2\u7279\u70ba\u4f55\u504f\u597d\u6536\u8cfc\u597d\u516c\u53f8\u5927\u91cf\u7684\u5c11\u6578\u80a1\u6b0a\u800c\u4e0d\u662f\u4f75\u8cfc\u6574\u5bb6\u516c\u53f8\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a 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\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u4f01\u696d\u6f5b\u898f\u5247\uff0c\u6a5f\u69cb\u5236\u5ea6\u6027\u5f37\u5236\u529b\uff08Institutional Imperative\uff09\u7684\u9ed1\u6697\u9762<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/12\/30\/%e7%82%ba%e4%bd%95%e5%a4%a7%e9%83%a8%e4%bb%bd%e7%9a%84%e4%bc%81%e6%a5%ad%e4%bd%b5%e8%b3%bc%e9%83%bd%e4%bb%a5%e5%a4%b1%e6%95%97%e5%91%8a%e7%b5%82%ef%bc%9f\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u70ba\u4f55\u5927\u90e8\u4efd\u7684\u4f01\u696d\u4f75\u8cfc\u90fd\u4ee5\u5931\u6557\u544a\u7d42\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/02\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e6%98%af%e5%a6%82%e4%bd%95%e7%9c%8b%e5%be%85%e4%bc%81%e6%a5%ad%e4%bd%b5%e8%b3%bc%e6%a1%88%e7%9a%84\/\">\u5df4\u83f2\u7279\u662f\u5982\u4f55\u770b\u5f85\u4f01\u696d\u4f75\u8cfc\u6848\u7684<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/06\/10\/%e6%b3%a2%e5%85%8b%e5%a4%8f%e7%9a%84%e4%bd%b5%e8%b3%bc%e6%a8%a1%e5%bc%8f\/\">\u6ce2\u514b\u590f\u7684\u4f75\u8cfc\u6a21\u5f0f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/04\/09\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%9a%84%e4%bd%b5%e8%b3%bc%e6%a8%99%e6%ba%96\/\">\u5df4\u83f2\u7279\u7684\u4f75\u8cfc\u6a19\u6e96<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/06\/20\/%e4%bc%81%e6%a5%ad%e4%bd%b5%e8%b3%bc%e9%81%b8%e9%a0%85%e7%9a%84%e7%a8%85%e8%b3%a6%e6%9c%83%e8%a8%88%e9%a0%85%e7%9b%ae%e5%92%8c%e6%ac%8a%e5%88%a9%e7%be%a9%e5%8b%99%e5%ae%89%e6%8e%92%e7%9a%84%e5%84%aa\/\">\u4f01\u696d\u4f75\u8cfc\u9078\u9805\u7684\u7a05\u8ce6\uff0c\u6703\u8a08\u9805\u76ee\uff0c\u548c\u6b0a\u5229\u7fa9\u52d9\u5b89\u6392\u7684\u512a\u52a3\u6bd4\u8f03<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/10\/30\/%e5%8f%96%e5%be%97%e4%bc%81%e6%a5%ad%e6%8e%a7%e5%88%b6%e6%ac%8a%e7%9a%84%e5%84%aa%e9%bb%9e\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u53d6\u5f97\u4f01\u696d\u63a7\u5236\u6b0a\u7684\u512a\u9ede<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/02\/22\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%9a%842025%e5%b9%b4%e8%87%b4%e6%b3%a2%e5%85%8b%e5%a4%8f%e8%82%a1%e6%9d%b1%e4%bf%a1\/\">\u5df4\u83f2\u7279\u76842025\u5e74\u81f4\u6ce2\u514b\u590f\u80a1\u6771\u4fe1<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/02\/25\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%9a%842024%e5%b9%b4%e8%87%b4%e6%b3%a2%e5%85%8b%e5%a4%8f%e8%82%a1%e6%9d%b1%e4%bf%a1\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u76842024\u5e74\u81f4\u6ce2\u514b\u590f\u80a1\u6771\u4fe1<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/02\/26\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%9a%842023%e5%b9%b4%e5%ba%a6%e8%82%a1%e6%9d%b1%e4%bf%a1\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u76842023\u5e74\u81f4\u6ce2\u514b\u590f\u80a1\u6771\u4fe1<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/05\/05\/2024%E5%B9%B4%E6%B3%A2%E5%85%8B%E5%A4%8F%E8%82%A1%E6%9D%B1%E5%B9%B4%E6%9C%83%E5%85%A8%E8%A8%98%E9%8C%84\/\" target=\"_blank\" rel=\"noreferrer noopener\">2024\u5e74\u6ce2\u514b\u590f\u80a1\u6771\u5e74\u6703\u6587\u5b57\u548c\u9304\u5f71\u4e2d\u82f1\u6587\u5168\u8a18\u9304<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/05\/09\/2023%e5%b9%b4%e6%b3%a2%e5%85%8b%e5%a4%8f%e8%82%a1%e6%9d%b1%e5%b9%b4%e6%9c%83%e5%85%a8%e8%a8%98%e9%8c%84\/\" target=\"_blank\" rel=\"noreferrer noopener\">2023\u5e74\u6ce2\u514b\u590f\u80a1\u6771\u5e74\u6703\u5168\u8a18\u9304<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/26\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%94%9f%e5%b9%b3%e7%9a%84%e7%ac%ac%e4%b8%80%e6%ac%a1%e9%9b%bb%e8%a6%96%e5%b0%88%e8%a8%aa\/\">\u5df4\u83f2\u7279\u751f\u5e73\u7684\u7b2c\u4e00\u6b21\u96fb\u8996\u5c08\u8a2a<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/02\/17\/%e8%92%99%e6%a0%bc2023%e5%b9%b4%e6%af%8f%e6%97%a5%e6%9c%9f%e5%88%8a%e8%82%a1%e6%9d%b1%e6%9c%83%e9%80%90%e5%ad%97%e5%af%a6%e9%8c%84\/\">\u8499\u683c2023\u5e74\u6bcf\u65e5\u671f\u520a\u80a1\u6771\u6703\u9010\u5b57\u5be6\u9304<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/11\/17\/%e9%9d%9e%e5%85%b8%e5%9e%8b%e7%b6%93%e7%87%9f%e8%80%85%e7%9a%84%e6%88%90%e5%8a%9f%e6%b3%95%e5%89%87\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u975e\u5178\u578b\u7d93\u71df\u8005\u7684\u6210\u529f\u6cd5\u5247\uff08Outsiders\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/\">\u89aa\u611b\u7684\u80a1\u6771\uff08Dear Shareholder\uff09<\/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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