{"id":33885,"date":"2023-06-02T23:56:00","date_gmt":"2023-06-02T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=33885"},"modified":"2025-10-09T10:48:11","modified_gmt":"2025-10-09T02:48:11","slug":"%e7%9f%bd%e2%be%95%e9%8a%80%e2%be%8f%e6%98%af%e5%a6%82%e4%bd%95%e7%a0%b4%e7%94%a2%e7%9a%84%ef%bc%9f%e5%bd%b1%e9%9f%bf%e7%82%ba%e4%bd%95%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/06\/02\/%e7%9f%bd%e2%be%95%e9%8a%80%e2%be%8f%e6%98%af%e5%a6%82%e4%bd%95%e7%a0%b4%e7%94%a2%e7%9a%84%ef%bc%9f%e5%bd%b1%e9%9f%bf%e7%82%ba%e4%bd%95%ef%bc%9f\/","title":{"rendered":"\u77fd\u2f95\u9280\u2f8f\u662f\u5982\u4f55\u7834\u7522\u7684\uff1f\u5f71\u97ff\u70ba\u4f55\uff1f"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 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 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href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/06\/02\/%e7%9f%bd%e2%be%95%e9%8a%80%e2%be%8f%e6%98%af%e5%a6%82%e4%bd%95%e7%a0%b4%e7%94%a2%e7%9a%84%ef%bc%9f%e5%bd%b1%e9%9f%bf%e7%82%ba%e4%bd%95%ef%bc%9f\/#%E7%9F%BD%E2%BE%95%E9%8A%80%E2%BE%8F%E5%92%8C%E6%91%A9%E6%A0%B9%E5%A4%A7%E9%80%9A%E7%9A%84%E6%AF%94%E8%BC%83\" >\u77fd\u2f95\u9280\u2f8f\u548c\u6469\u6839\u5927\u901a\u7684\u6bd4\u8f03<\/a><\/li><\/ul><\/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\/2023\/06\/02\/%e7%9f%bd%e2%be%95%e9%8a%80%e2%be%8f%e6%98%af%e5%a6%82%e4%bd%95%e7%a0%b4%e7%94%a2%e7%9a%84%ef%bc%9f%e5%bd%b1%e9%9f%bf%e7%82%ba%e4%bd%95%ef%bc%9f\/#%E5%80%92%E9%96%89%E5%89%8D%E5%B9%BE%E5%A4%A9%E7%9A%84%E4%BA%8B%E4%BB%B6%E5%9B%9E%E9%A1%A7\" >\u5012\u9589\u524d\u5e7e\u5929\u7684\u4e8b\u4ef6\u56de\u9867<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/06\/02\/%e7%9f%bd%e2%be%95%e9%8a%80%e2%be%8f%e6%98%af%e5%a6%82%e4%bd%95%e7%a0%b4%e7%94%a2%e7%9a%84%ef%bc%9f%e5%bd%b1%e9%9f%bf%e7%82%ba%e4%bd%95%ef%bc%9f\/#%E6%AD%A4%E4%BA%8B%E5%BC%95%E7%99%BC%E7%9A%84%E5%BD%B1%E9%9F%BF\" >\u6b64\u4e8b\u5f15\u767c\u7684\u5f71\u97ff<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/06\/02\/%e7%9f%bd%e2%be%95%e9%8a%80%e2%be%8f%e6%98%af%e5%a6%82%e4%bd%95%e7%a0%b4%e7%94%a2%e7%9a%84%ef%bc%9f%e5%bd%b1%e9%9f%bf%e7%82%ba%e4%bd%95%ef%bc%9f\/#%E9%AA%A8%E7%89%8C%E6%95%88%E6%87%89\" >\u9aa8\u724c\u6548\u61c9<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/06\/02\/%e7%9f%bd%e2%be%95%e9%8a%80%e2%be%8f%e6%98%af%e5%a6%82%e4%bd%95%e7%a0%b4%e7%94%a2%e7%9a%84%ef%bc%9f%e5%bd%b1%e9%9f%bf%e7%82%ba%e4%bd%95%ef%bc%9f\/#%E7%BE%8E%E8%82%A1%E5%9B%9B%E5%80%8B%E4%BA%A4%E6%98%93%E6%97%A5%E7%9B%B8%E9%97%9C%E4%BC%81%E6%A5%AD%E8%82%A1%E5%83%B9%E8%A1%A8%E7%8F%BE\" >\u7f8e\u80a1\u56db\u500b\u4ea4\u6613\u65e5\u76f8\u95dc\u4f01\u696d\u80a1\u50f9\u8868\u73fe<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/06\/02\/%e7%9f%bd%e2%be%95%e9%8a%80%e2%be%8f%e6%98%af%e5%a6%82%e4%bd%95%e7%a0%b4%e7%94%a2%e7%9a%84%ef%bc%9f%e5%bd%b1%e9%9f%bf%e7%82%ba%e4%bd%95%ef%bc%9f\/#%E6%96%B0%E5%89%B5%E4%BC%81%E6%A5%AD%E9%80%A3%E5%B8%B6%E9%81%AD%E6%AE%83\" >\u65b0\u5275\u4f01\u696d\u9023\u5e36\u906d\u6b83<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/06\/02\/%e7%9f%bd%e2%be%95%e9%8a%80%e2%be%8f%e6%98%af%e5%a6%82%e4%bd%95%e7%a0%b4%e7%94%a2%e7%9a%84%ef%bc%9f%e5%bd%b1%e9%9f%bf%e7%82%ba%e4%bd%95%ef%bc%9f\/#%E5%BE%9E%E4%B8%AD%E5%BE%97%E5%88%B0%E7%9A%84%E6%95%99%E8%A8%93\" >\u5f9e\u4e2d\u5f97\u5230\u7684\u6559\u8a13<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/06\/02\/%e7%9f%bd%e2%be%95%e9%8a%80%e2%be%8f%e6%98%af%e5%a6%82%e4%bd%95%e7%a0%b4%e7%94%a2%e7%9a%84%ef%bc%9f%e5%bd%b1%e9%9f%bf%e7%82%ba%e4%bd%95%ef%bc%9f\/#%E9%A2%A8%E6%8A%95%E8%9E%8D%E8%B3%87%E5%92%8C%E7%BE%8E%E8%81%AF%E5%84%B2%E8%B2%A8%E5%B9%A3%E6%94%BF%E7%AD%96%E9%80%A3%E5%8B%95\" >\u98a8\u6295\u878d\u8cc7\u548c\u7f8e\u806f\u5132\u8ca8\u5e63\u653f\u7b56\u9023\u52d5<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/06\/02\/%e7%9f%bd%e2%be%95%e9%8a%80%e2%be%8f%e6%98%af%e5%a6%82%e4%bd%95%e7%a0%b4%e7%94%a2%e7%9a%84%ef%bc%9f%e5%bd%b1%e9%9f%bf%e7%82%ba%e4%bd%95%ef%bc%9f\/#%E6%8A%95%E8%B3%87%E4%BA%BA%E5%A6%82%E4%BD%95%E8%87%AA%E4%BF%9D\" >\u6295\u8cc7\u4eba\u5982\u4f55\u81ea\u4fdd<\/a><\/li><\/ul><\/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\/2023\/06\/02\/%e7%9f%bd%e2%be%95%e9%8a%80%e2%be%8f%e6%98%af%e5%a6%82%e4%bd%95%e7%a0%b4%e7%94%a2%e7%9a%84%ef%bc%9f%e5%bd%b1%e9%9f%bf%e7%82%ba%e4%bd%95%ef%bc%9f\/#%E7%9F%BD%E8%B0%B7%E9%8A%80%E8%A1%8C%E7%9A%84%E4%B8%8B%E5%A0%B4\" >\u77fd\u8c37\u9280\u884c\u7684\u4e0b\u5834<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/06\/02\/%e7%9f%bd%e2%be%95%e9%8a%80%e2%be%8f%e6%98%af%e5%a6%82%e4%bd%95%e7%a0%b4%e7%94%a2%e7%9a%84%ef%bc%9f%e5%bd%b1%e9%9f%bf%e7%82%ba%e4%bd%95%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\"><span class=\"ez-toc-section\" id=\"%E7%9F%BD%E2%BE%95%E9%8A%80%E2%BE%8F%E7%B0%A1%E4%BB%8B\"><\/span>\u77fd\u2f95\u9280\u2f8f\u7c21\u4ecb<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u77fd\u2f95\u9280\u2f8f\u91d1\u878d\u96c6\u5718\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aSIVB\uff09\u7684\u4f01\u696d\u4e3b\u9ad4\u662f\u77fd\u2f95\u9280\u2f8f\uff0c\u4e5f\u662f\u77fd\u2f95\u5730\u5340\u6700\u5927\u7684\u9280\u2f8f\u3002\u662f\u4e00\u5bb6\u4e3b\u8981\u5c08\u6ce8\u5411\u79d1\u6280\u516c\u53f8\u63d0\u4f9b\u8cb8\u6b3e\u3001\u70ba\u79d1\u6280\u548c\u751f\u6280\u7684\u98a8\u96aa\u6295\u8cc7\u9032\u884c\u878d\u8cc7\u3001\u548c\u79c1\u52df\u80a1\u6b0a\u516c\u53f8\u63d0\u4f9b\u591a\u7a2e\u670d\u52d9\uff0c\u4e26\u5728\u5176\u570b\u5167\u5e02\u5834\u70ba\u9ad8\u6de8\u503c\u500b\u4eba\u63d0\u4f9b\u79c1\u4eba\u9280\u884c\u670d\u52d9\u7684\u91d1\u878d\u96c6\u5718\u3002<\/p>\n\n\n\n<p>\u7f8e\u570b\u7d04\u534a\u6578\u7684\u79d1\u6280\u521d\u5275\u4f01\u696d\uff0c\u4ee5\u53ca80%\u7684\u98a8\u96aa\u6295\u8cc7\u696d\u8005\u652f\u6301\u7684\u65b0\u5275\u516c\u53f8\uff0c\u90fd\u548c\u5b83\u6709\u5408\u4f5c\u6216\u751f\u610f\u4e0a\u7684\u5f80\u4f86\uff0c\u662f\u5168\u7f8e\u8cc7\u7522\u898f\u6a21\u7b2c16\u5927\u7684\u9280\u884c\u3002\u5438\u6536\u6578\u5343\u5bb6\u4f01\u696d\u7684\u9245\u984d\u73fe\u91d1\u5b58\u6b3e\u57282020\u5e74\u66b4\u589e65%\uff0c2021\u5e74\u589e\u5e45\u9ad8\u905485%\uff0c2022\u5e74\u521d\u6500\u4e0a1,980\u5104\u7f8e\u5143\u7684\u9ad8\u5cf0\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%82%BA%E4%BD%95%E7%AA%81%E7%84%B6%E5%80%92%E9%96%89%EF%BC%9F\"><\/span>\u70ba\u4f55\u7a81\u7136\u5012\u9589\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%80%92%E9%96%89%E7%9A%84%E5%8E%9F%E5%9B%A0\"><\/span>\u5012\u9589\u7684\u539f\u56e0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u56e0\u70ba\u9577\u905413\u5e74\u7684\u725b\u5e02\uff0c\u592e\u884c\u7684\u91cf\u5316\u5bec\u9b06\uff0c\u4f4e\u6210\u672c\u7684\u8cc7\u91d1\u53d6\u5f97\u592a\u904e\u5bb9\u6613\uff0c\u5c0e\u81f4\u5b83\u7684\u5b58\u6b3e\u589e\u52a0\u592a\u591a\u592a\u5feb\uff0c\u7121\u6cd5\u5728\u8cc7\u7522\u7aef\u8b00\u6c42\u66f4\u8b39\u614e\u7684\u98a8\u63a7\u63aa\u65bd\u3002\u65b0\u589e\u7684\u5b58\u6b3e\u5927\u90e8\u4efd\u90fd\u6295\u5165\u8f03\u5b89\u5168\u7684\u50b5\u5238\uff0c\u4f46\u6c92\u60f3\u5230\u525b\u8cb7\u5b8c\u5f8c\uff0c\u7531\u65bc\u5168\u7403\u901a\u8ca8\u81a8\u8139\uff0c\u806f\u6e96\u6703\u7684\u4e00\u7cfb\u5217\u5347\u606f\uff0c\u8cc7\u7522\u99ac\u4e0a\u8cb6\u503c\u3002\u70ba\u4e86\u589e\u52a0\u6d41\u52d5\u6027\u4e0d\u5f97\u4e0d\u8ce3\u51fa\u50b5\u5238\u5c0b\u6c42\u77ed\u671f\u7684\u8cc7\u91d1\u4f86\u61c9\u4ed8\u5fc5\u8981\u7684\u8cc7\u91d1\u6d41\u52d5\u9700\u6c42\uff0c\u7d50\u679c\u7acb\u5373\u9020\u6210\u8cc7\u7522\u7684\u640d\u5931\uff0c\u5c0e\u81f4\u51fa\u73fe\u4e86\u5b58\u6236\u7684\u5b58\u6b3e\u64e0\u514c\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%89%80%E7%8A%AF%E7%9A%84%E9%8C%AF%E8%AA%A4\"><\/span>\u6240\u72af\u7684\u932f\u8aa4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u7e3d\u4e4b\uff0c\u77fd\u2f95\u9280\u2f8f\u72af\u4e86\u9280\u884c\u696d\u4e2d\u7684\u5c0f\u5b78\u751f\u7d1a\u5225\u932f\u8aa4\uff1a\u501f\u77ed\u6295\u9577\u30022022\u5e74\u5e95\uff0c\u6469\u6839\u5927\u901a\u7e3d\u8cc7\u75223.2\u5146\u7f8e\u91d1\uff0c\u77fd\u2f95\u9280\u2f8f2160\u5104\u7f8e\u91d1\uff0c\u53ea\u4f54\u5168\u7f8e\u9280\u884c\u8cc7\u7522\u76841%\u3002\u6309\u7406\u8aaa\u4e0d\u61c9\u8a72\u611f\u67d3\u5230\u6574\u500b\u9280\u884c\u7cfb\u7d71\u3002\u4f46\u5b83\u6240\u64c1\u6709\u7684\u9577\u671f\u6295\u8cc7\u8cc7\u7522\u592a\u5927\u4e86\uff0c\u6bd4\u6469\u6839\u5927\u901a\u591a\u51fa\u4e8637%\uff1b\u8cc7\u7522\u6d41\u52d5\u6027\u660e\u986f\u5730\u4e0d\u8db3\u3002\u900f\u904e\u8cfc\u8cb7\u9577\u671f\u50b5\u5238\uff08\u5c24\u5176\u662f\u62b5\u62bc\u8cb8\u6b3e\u50b5\u5238MBS\uff09\u589e\u52a0\u4e86\u56de\u5831\uff0c\u56e0\u70ba\u5728\u4f4e\u5229\u7387\u6642\u671f\uff0c\u9019\u4e9b\u50b5\u5238\u80fd\u7522\u751f\u66f4\u9ad8\u7684\u6536\u76ca\u7387\u3002\u516c\u53f8\u5750\u64c1\u898f\u6a21\u9f90\u5927\u76841250\u5104\u7f8e\u5143\u8b49\u5238\u6295\u8cc7\u7d44\u5408\uff0c\u5176\u4e2d\u5927\u90e8\u5206\u662f\u9577\u671f\u62b5\u62bc\u8cb8\u6b3e\u50b5\u5238\u3002\u52302021\u5e74\u5e74\u5e95\uff0c\u5176\u6295\u8cc7\u7d44\u5408\u7684\u5e73\u5747\u5b58\u7e8c\u671f\u70ba4\u5e74\uff082016\u5e74\u6642\u70ba2.5\u5e74\uff09\uff0c\u80a1\u6771\u6b0a\u76ca\u5831\u916c\u7387\uff08ROE\uff09\u4e0b\u964d\u5230\u4e8617%\u3002\u4f46\u70ba\u4ec0\u9ebc\u7ba1\u7406\u968e\u5c64\u8981\u9019\u9ebc\u505a\uff1f\u56e0\u70ba\u57f7\u884c\u9577\u548c\u8ca1\u52d9\u9577\u7684\u7e3e\u6548\u734e\u91d1\u8207\u516c\u53f8\u7684ROE\u76f4\u63a5\u639b\u9264\u3002\u70ba\u4e86\u9054\u5230ROE\u7684\u76ee\u6a19\uff0c\u5225\u7121\u9078\u64c7\uff0c\u53ea\u80fd\u5c07\u8cc7\u91d1\u914d\u7f6e\u5230\u671f\u9650\u66f4\u9577\u3001\u6536\u76ca\u7387\u66f4\u9ad8\u7684\u8cc7\u7522\u4e0a\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%A9%B3%E7%B4%B0%E8%82%87%E5%9B%A0%E8%AA%AA%E6%98%8E\"><\/span>\u8a73\u7d30\u8087\u56e0\u8aaa\u660e<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>2022\u5e74\uff0c\u77fd\u2f95\u9280\u2f8f\u7684\u9577\u671f\u6295\u8cc7\u8cc7\u7522\u905457.3%\uff1b\u5176\u4e2d\u7684\u53ef\u4f9b\u51fa\u552e\u8b49\u5238\uff08AFS\uff09\u4f5413.3%\uff0c\u6301\u6709\u81f3\u5230\u671f\u6295\u8cc7\u7684\u50b5\u6b0a\u8b49\u5238\uff08HTM\uff09\u4f5444%\u3002\u57282022\u5e74\u56de\u6eaf\u7684\u4e09\u5e74\u9593\uff0cAFS\u589e\u52a0\u4e86100\u5104\u7f8e\u91d1\uff0cHTM\u589e\u52a0\u4e86850\u5104\uff0c\u7e3d\u5171\u589e\u52a0\u4e86950\u5104\u7f8e\u91d1\u3002\u5b58\u6b3e\u9918\u984d\u589e\u52a01100\u5104\u7f8e\u91d1\uff0c\u5728\u6b64\u671f\u9593\u8cb8\u6b3e\u5e73\u5747\u9918\u984d\u5f9e373\u5104\u589e\u52a0\u5230700\u5104\u7f8e\u91d1\uff0c\u7ffb\u4e00\u500d\uff1b\u800c\u5b83\u768470%\u7684\u8cb8\u6b3e\u662f\u7d66\u4e86\u98a8\u96aa\u6295\u8cc7\u696d\u7684\u4e00\u822c\u5408\u5925\u4eba\u7528\u4f86\u6eff\u8db3\u8ddf\u6295\u6240\u9700\u7684\u8cc7\u91d1\u8981\u6c42\uff08\u4f5456%\uff09\u6216\u8005\u9ad8\u79d1\u6280\u4f01\u696d\u54e1\u5de5\u7684\u623f\u5730\u7522\u62b5\u62bc\u54c1\u7684\u9280\u884c\u8cb8\u6b3e\uff08\u4f5414%\uff09\u3002\u800cHTM\u6295\u8cc7\u5f9e130\u5104\u589e\u9577\u5230954\u5104\uff0c\u7ffb\u4e867\u500d\u591a\u3002\u6469\u6839\u5927\u901a\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aJPM\uff092022\u5e74\u73fe\u91d1\u3001\u985e\u73fe\u91d1\u548c\u77ed\u671f\u6295\u8cc7\u5360\u4e8636%\uff081.166\u5146\u7f8e\u91d1\uff09\uff0c\u77fd\u2f95\u9280\u2f8f\u53ea\u67097%\uff08138\u5104\u7f8e\u91d1\uff09\uff0c\u800c3\u67089\u65e5\u4e00\u5929\u7684\u63d0\u6b3e\u9700\u6c42\u5c31\u662f420\u5104\u7f8e\u91d1\uff0c\u7576\u7136\u7121\u6cd5\u61c9\u4ed8\u30022022\u5e74\u5e95\u7684\u8a08\u606f\u5b58\u6b3e924\u5104\uff0c\u4e0d\u8a08\u606f\u5b58\u6b3e807\u5104\u4f54\u8fd15\u6210\uff1b\u7121\u606f\u5b58\u6b3e\u6bd4\u4f8b\u9ad8\u662f\u56e0\u70ba\u4f01\u696d\u8cec\u6236\u591a\uff0c\u65b0\u5275\u696d\u4f01\u696d\u5f9e\u98a8\u96aa\u6295\u8cc7\u696d\u8005\u90a3\u88e1\u62ff\u5230\u4e86\u9322\u662f\u70ba\u4e86\u53bb\u71d2\u7684\uff0c\u4e0d\u6703\u662f\u5b9a\u671f\u5b58\u6b3e\u3002\u9019\u8868\u793a\u8fd15\u6210\u7684\u5b58\u6b3e\u6839\u672c\u6c92\u6709\u8ca2\u737b\uff0c\u53ea\u70ba\u4e86\u5ba2\u6236\u95dc\u4fc2\u4eba\u8108\u548c\u7d93\u71df\u898f\u6a21\u3002\u540c\u671f\u9593\u6469\u6839\u5927\u901a\u4e0d\u8a08\u606f\u5b58\u6b3e\u7684\u6bd4\u4f8b\u53ea\u670928%\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9F%BD%E2%BE%95%E9%8A%80%E2%BE%8F%E5%92%8C%E6%91%A9%E6%A0%B9%E5%A4%A7%E9%80%9A%E7%9A%84%E6%AF%94%E8%BC%83\"><\/span>\u77fd\u2f95\u9280\u2f8f\u548c\u6469\u6839\u5927\u901a\u7684\u6bd4\u8f03<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>\u3000<\/td><td>\u77fd\u2f95\u9280\u2f8f<\/td><td>\u6469\u6839\u5927\u901a<\/td><\/tr><tr><td>\u5e02\u503c\uff083\/17\/2023\uff09<\/td><td>62.8\u5104\u7f8e\u91d1<\/td><td>3842.56\u5104\u7f8e\u91d1<\/td><\/tr><tr><td>\u80a1\u50f9\uff083\/17\/2023\uff09<\/td><td>106.04<\/td><td>125.81<\/td><\/tr><tr><td>\u672c\u76ca\u6bd4\uff083\/17\/2023\uff09<\/td><td>4.18<\/td><td>10.8<\/td><\/tr><tr><td>\u80a1\u50f9\u7531\u53f2\u4e0a\u6700\u9ad8\u50f9\u4f4d\u81f3\u4eca\u8dcc\u5e45<\/td><td>-86.11%<\/td><td>-27.26%<\/td><\/tr><tr><td>\u5168\u7f8e\u9280\u884c\u696d\u6392\u540d<\/td><td>\u7b2c16\u5927\u9280\u884c<\/td><td>\u7b2c1\u5927\u9280\u884c<\/td><\/tr><tr><td>\u7e3d\u8cc7\u7522\uff0812\/31\/2022\uff09<\/td><td>2160\u5104\u7f8e\u91d1<\/td><td>3.2\u5146\u7f8e\u91d1<\/td><\/tr><tr><td>\u73fe\u91d1\u3001\u985e\u73fe\u91d1\u548c\u77ed\u671f\u6295\u8cc7<\/td><td>138\u5104\u7f8e\u91d1\uff08\u4f54\u7e3d\u8cc7\u75227%\uff09<\/td><td>1.166\u5146\u7f8e\u91d1\uff08\u4f54\u7e3d\u8cc7\u752236%\uff09<\/td><\/tr><tr><td>\u4e0d\u8a08\u606f\u5b58\u6b3e\u7684\u6bd4\u4f8b<\/td><td>50%<\/td><td>28%<\/td><\/tr><tr><td>\u9577\u671f\u6295\u8cc7\u8cc7\u7522\u7684\u6bd4\u4f8b<\/td><td>57.30%<\/td><td>41.82%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u88681\uff1a\u77fd\u2f95\u9280\u2f8f\u548c\u6469\u6839\u5927\u901a\u7684\u6bd4\u8f03\uff08\u8cc7\u6599\u4f86\u81ea\u96c5\u864e\u8ca1\u7d93\u548c\u5169\u516c\u53f8\u76842022\u5e74\u5e74\u5ea6\u8ca1\u5831\uff09<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%80%92%E9%96%89%E5%89%8D%E5%B9%BE%E5%A4%A9%E7%9A%84%E4%BA%8B%E4%BB%B6%E5%9B%9E%E9%A1%A7\"><\/span>\u5012\u9589\u524d\u5e7e\u5929\u7684\u4e8b\u4ef6\u56de\u9867<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u70ba\u53d6\u5f97\u77ed\u671f\u8cc7\u91d1\u589e\u52a0\u6d41\u52d5\u6027\uff0c\u77fd\u2f95\u9280\u2f8f\u88ab\u8feb\u57283\u67088\u865f\u81ea\u7206\u8ce3\u51faAFS\u8667\u640d18\u5104\u7f8e\u91d1\uff0c\u878d\u8cc722.5\u5104\uff0c\u624d\u5f15\u767c\u4e86\u80a1\u50f9\u7684\u5d29\u76e4\u548c\u6b21\u65e5\u7684\u64e0\u514c\u3002\u96a8\u8457\u6050\u614c\u60c5\u7dd2\u5728Twitter\u3001WhatsApp\u3001Slack\u7b49\u793e\u7fa4\u5a92\u9ad4\u4e0a\u8513\u5ef6\uff0c\u64e0\u514c\u6f6e\u8fc5\u901f\u7206\u767c\uff0c\u50c5\u57283\u67089\u65e5\u5012\u9589\u524d\u4e00\u5929\uff0c\u5132\u6236\u548c\u6295\u8cc7\u8005\u7684\u63d0\u6b3e\u7e3d\u984d\u5c31\u9ad8\u9054420\u5104\u7f8e\u91d1\uff0c\u4f54\u6d3b\u671f\u6236\u7684\u5dee\u4e0d\u591a\u4e00\u534a\u30023\u67089\u65e5\u80a1\u50f9\u5728\u7576\u65e5\u4ea4\u6613\u4e2d\u66b4\u8dcc\u4e8660%\uff0c\u6536\u76e4\u5f8c\u53c8\u66b4\u8dcc\u4e8622%\u3002\u50c5\u57282022\u5e74\u5167\uff0c\u516c\u5e02\u503c\u5c31\u7e2e\u6c34\u4e862\/3\u3002\u516c\u53f8\u80a1\u50f9\u66fe\u57282012\u5e7410\u6708\u4e0b\u65ec\u6500\u62b5763.22\u7684\u53f2\u4e0a\u6700\u9ad8\u50f9\u4f4d\uff0c\u8ddd2023\u5e743\u670817\u65e5\u80a1\u7968\u4e0b\u5e02\u6642\u7684106.04\uff0c\u8dcc\u53bb86.11%\u3002\u548c\u5b83\u6709\u751f\u610f\u5f80\u4f86\u7684\u4e0a\u5e02\u4f01\u696d\u5728\u516c\u4f48\u8cc7\u91d1\u66b4\u96aa\u5f8c\uff0c\u80a1\u50f9\u4e5f\u53d7\u5230\u76f8\u7576\u7a0b\u5ea6\u7684\u5f71\u97ff\uff1b\u4f8b\u5982ROKU\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aROKU\uff09\u5c31\u6709\u9ad8\u905426%\u76844.87\u5104\u7f8e\u91d1\u73fe\u91d1\u5b58\u5728\u77fd\u8c37\u9280\u884c\uff0c\u6d88\u606f\u63ed\u9732\u5f8c\u80a1\u50f9\u7acb\u5373\u91cd\u632b3.6%\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%AD%A4%E4%BA%8B%E5%BC%95%E7%99%BC%E7%9A%84%E5%BD%B1%E9%9F%BF\"><\/span>\u6b64\u4e8b\u5f15\u767c\u7684\u5f71\u97ff<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%AA%A8%E7%89%8C%E6%95%88%E6%87%89\"><\/span>\u9aa8\u724c\u6548\u61c9<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/www.cnbc.com\/2023\/03\/10\/silicon-valley-bank-collapse-how-it-happened.html\" target=\"_blank\" rel=\"noreferrer noopener\">2023\u5e743\u670810\u65e5\uff0c\u56e0\u8cc7\u4e0d\u62b5\u50b5\u5ba3\u5e03\u7834\u7522\uff0c\u906d\u806f\u90a6\u5b58\u6b3e\u4fdd\u96aa\u516c\u53f8\uff08FDIC\uff09\u505c\u696d\u4e26\u63a5\u7ba1<\/a>\u3002\u662f\u7e7c\u83ef\u76db\u9813\u4e92\u60e0\u516c\u53f8\u57282008\u5e74\u91d1\u878d\u5371\u6a5f\u671f\u9593\u7834\u7522\u4ee5\u4f86\uff0c\u7f8e\u570b\u6700\u5927\u7684\u9280\u884c\u5012\u9589\u4e8b\u4ef6\u3002\u63a5\u8457\u7c3d\u540d\u9280\u884c\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aSBNY\uff09\u4e5f\u57282023\u5e743\u670812\u65e5\u6210\u70ba\u7f8e\u570b\u53f2\u4e0a\u7b2c\u4e09\u2f24\u7684\u9280\u2f8f\u5012\u9589\u6848\uff0c\u800c3\u670810\u65e5\u624d\u767c\u2f63Silvergate\u9280\u884c\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aSI\uff09\u505c\u696d\u4e26\u6e05\u7b97\u3002<\/p>\n\n\n\n<p>\u5305\u62ec\u5609\u4fe1\u7406\u8ca1\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aSCHW\uff09\u3001\u7b2c\u4e00\u5171\u548c\u9280\u884c\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aFRC\uff09\u3001\u897f\u592a\u5e73\u6d0b\u5408\u773e\u9280\u884c\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aPACW\uff09\u3001\u806f\u4fe1\u9280\u884c\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1a CMA\uff09\u3001Lincoln National\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aLNC\uff09\u5728\u5167\u7684\u6578\u5341\u5bb6\u9280\u884c\uff0c\u5507\u4ea1\u9f52\u5bd2\uff0c\u4e5f\u76f8\u7e7c\u50b3\u51fa\u53ef\u80fd\u5012\u9589\u6216\u8cc7\u91d1\u6d41\u52d5\u4e0d\u8db3\uff1b\u5f15\u767c\u5132\u6236\u7684\u760b\u72c2\u64e0\u514c\uff0c\u80a1\u50f9\u9023\u65e5\u5d29\u76e4\uff0c\u5c0e\u81f4\u91d1\u878d\uff0c\u66f4\u5c0e\u81f4\u4e86\u5168\u7403\u91d1\u878d\u80a1\u5e02\u503c\u4e09\u5929\u84b8\u767c\u4e864650\u5104\u7f8e\u5143\u3002<\/p>\n\n\n\n<p>\u5728\u77fd\u8c37\u9280\u884c\u8207\u6a19\u8a8c\u9280\u884c\u5012\u9589\u7576\u5468\uff0c\u9280\u884c\u5b58\u6b3e\u906d\u5ba2\u6236\u5408\u8a08\u63d0\u9818\u5c07\u8fd1984\u5104\u7f8e\u5143\uff0c\u7d04\u5360\u7e3d\u5b58\u6b3e\u76840.6\uff05\u3002\u903c\u5f97\u7f8e\u570b\u8ca1\u653f\u90e8\u51fa\u9762\u5ba3\u793a\u5132\u6236\u7684\u5b58\u6b3e\u90fd\u80fd\u5f97\u5230FDIC\u7684\u7684\u5b58\u6b3e\u4fdd\u8b49\uff0c\u624d\u6b62\u4f4f\u4e00\u500b\u591a\u661f\u671f\u7684\u7f8e\u570b\u91d1\u878d\u754c\u7684\u52d5\u76ea\uff0c\u4ee5\u53ca\u5927\u773e\u5c0d\u5f15\u767c\u985e\u4f3c2008\u5e74\u91d1\u878d\u5371\u6a5f\u7684\u6182\u5fc3\u3002\u66f4\u4ee4\u4eba\u60f3\u8d771930\u5e7412\u6708\u5168\u7f8e\u7b2c28\u5927\u9280\u884c\u7d10\u7d04\u7f8e\u570b\u9280\u884c\u906d\u9047\u64e0\u514c\u5012\u9589\uff0c\u5f15\u8d77\u4e86\u5927\u773e\u5c0d\u7f8e\u570b\u9280\u884c\u7cfb\u7d71\u7684\u4fe1\u5fc3\u5371\u6a5f\uff0c\u96a8\u5f8c\u7684\u5e7e\u500b\u6708\u88e1\u53c8\u6709\u6578\u767e\u5bb6\u9280\u884c\u767c\u751f\u64e0\u514c\uff0c\u7f8e\u570b\u5f9e\u7d93\u6fdf\u8870\u9000\u6b65\u5165\u5927\u856d\u689d\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%BE%8E%E8%82%A1%E5%9B%9B%E5%80%8B%E4%BA%A4%E6%98%93%E6%97%A5%E7%9B%B8%E9%97%9C%E4%BC%81%E6%A5%AD%E8%82%A1%E5%83%B9%E8%A1%A8%E7%8F%BE\"><\/span>\u7f8e\u80a1\u56db\u500b\u4ea4\u6613\u65e5\u76f8\u95dc\u4f01\u696d\u80a1\u50f9\u8868\u73fe<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>3\/8-3\/13\u80a1\u50f9\u8868\u73fe<\/td><td>\u4e0b\u8dcc\u5e45\u5ea6<\/td><\/tr><tr><td>CMA<\/td><td>-36.79%<\/td><\/tr><tr><td>JPM<\/td><td>-5.41%<\/td><\/tr><tr><td>LNC<\/td><td>-20.99%<\/td><\/tr><tr><td>PACW<\/td><td>-63.46%<\/td><\/tr><tr><td>ROKU<\/td><td>-5.85%<\/td><\/tr><tr><td>SBNY<\/td><td>-39.80%<\/td><\/tr><tr><td>SCHW<\/td><td>-31.88%<\/td><\/tr><tr><td>SI<\/td><td>-51.53%<\/td><\/tr><tr><td>SIVB<\/td><td>-60.41%<\/td><\/tr><tr><td>KBWB\u9280\u884c\u6307\u6578<\/td><td>-21.76%<\/td><\/tr><tr><td>\u6a19\u666e500\u6307\u6578<\/td><td>-3.41%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u88682\uff1a3\u67088\u65e5\u81f3-3\u670813\u65e5\u76f8\u95dc\u4f01\u696d\u80a1\u50f9\u8868\u73fe\uff08\u76f8\u95dc\u6578\u5b57\u4f86\u81ea\u8c37\u6b4c\u8ca1\u7d93\uff09<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%96%B0%E5%89%B5%E4%BC%81%E6%A5%AD%E9%80%A3%E5%B8%B6%E9%81%AD%E6%AE%83\"><\/span>\u65b0\u5275\u4f01\u696d\u9023\u5e36\u906d\u6b83<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5b83\u7684\u5012\u9589\u5c0d\u79d1\u6280\u548c\u751f\u6280\u521d\u5275\u4f01\u696d\u4f86\u8aaa\u53ef\u80fd\u662f\u76f4\u63a5\u7684\u6ec5\u9802\u4e4b\u707d\uff0c\u7531\u65bc\u77fd\u8c37\u9280\u884c\u8d85\u904e95%\u7684\u5b58\u6b3e\u6c92\u6709\u4fdd\u96aa\uff0c\u6703\u5c0d\u5b58\u6b3e\u5df2\u51cd\u7d50\u7684\u521d\u5275\u4f01\u696d\u9020\u6210\u6253\u64ca\u3002\u96a8\u8457\u7f8e\u570b\u91d1\u878d\u76e3\u7ba1\u6a5f\u69cb\u5f37\u5236\u51fa\u552e\u77fd\u8c37\u9280\u884c\u8cc7\u7522\uff0c\u521d\u5275\u4f01\u696d\u7684\u8cc7\u91d1\u6216\u88ab\u7121\u9650\u671f\u51cd\u7d50\uff0c\u7121\u6cd5\u514c\u73fe\u652f\u4ed8\u54e1\u5de5\u85aa\u8cc7\u7b49\u65e5\u5e38\u5fc5\u8981\u7684\u71df\u904b\u652f\u51fa\uff0c\u9020\u6210\u521d\u5275\u4f01\u696d\u4e0d\u5f97\u4e0d\u95dc\u9580\u5927\u5409\u3002\u5b83\u7684\u7834\u7522\u6b63\u503c\u79d1\u6280\u696d\u9762\u81e8\u666f\u6c23\u7684\u5bd2\u51ac\uff0c\u4e0d\u65b7\u4e0a\u5347\u7684\u5229\u7387\u4f7f\u4fbf\u5b9c\u7684\u8cc7\u91d1\u7ba1\u9053\u6e1b\u5c11\u3002<\/p>\n\n\n\n<p>\u64daCB Insights\u57282023\u5e741\u6708\u4efd\u767c\u5e03\u7684\u6578\u64da\uff0c2022\u5e74\u7f8e\u570b\u7684\u98a8\u96aa\u6295\u8cc7\u984d\u8f03\u4e0a\u4e00\u5e74\u4e0b\u964d\u4e8637%\u3002\u98a8\u96aa\u6295\u8cc7\u5e02\u5834\u8655\u5728\u9802\u5cf0\u76842021\u5e74\u7684\u4e0a\u534a\u5e74\uff0c\u878d\u8cc7\u984d\u9054\u5230\u4e861800\u5104\u7f8e\u91d1\uff082021\u5168\u5e74\u662f3300\u5104\u7f8e\u91d1\uff09\u3002\u9019\u88e1\u9762\u5f88\u5927\u4e00\u90e8\u5206\u986f\u7136\u5b58\u9032\u4e86\u77fd\u8c37\u9280\u884c\u3002\u77fd\u8c37\u9280\u884c\u7684\u5b58\u6b3e\u9918\u984d\u57282021\u5e74\u589e\u9577\u4e86870\u5104\u7f8e\u91d1\uff0c\u624d\u4e09\u5e74\u5c31\u7ffb\u4e86\u5feb4\u500d\uff01<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%BE%9E%E4%B8%AD%E5%BE%97%E5%88%B0%E7%9A%84%E6%95%99%E8%A8%93\"><\/span>\u5f9e\u4e2d\u5f97\u5230\u7684\u6559\u8a13<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%A2%A8%E6%8A%95%E8%9E%8D%E8%B3%87%E5%92%8C%E7%BE%8E%E8%81%AF%E5%84%B2%E8%B2%A8%E5%B9%A3%E6%94%BF%E7%AD%96%E9%80%A3%E5%8B%95\"><\/span>\u98a8\u6295\u878d\u8cc7\u548c\u7f8e\u806f\u5132\u8ca8\u5e63\u653f\u7b56\u9023\u52d5<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u98a8\u96aa\u6295\u8cc7\u5e02\u5834\u7684\u878d\u8cc7\u7684\u6578\u64da\u524d\u4e00\u6b21\u7684\u5dd4\u5cf0\u662f2020\u5e74\u76841000\u5104\u7f8e\u91d1\uff0c\u7db2\u8def\u6ce1\u6cab\u5316\u5f8c\u91cd\u632b\u30022003\u5e74\u52302007\u5e74\u7de9\u6162\u56de\u5347\u5230200\u5230250\u5104\u7684\u8cc7\u91d1\u6c34\u6e96\uff1b\u5176\u4e2d\u76842010\u81f32011\u5e74\u4ee5\u5f8c\u9019\u500b\u6578\u5b57\u7a81\u7136\u5927\u91cf\u589e\u52a0\u3002\u800c\u98a8\u96aa\u6295\u8cc7\u878d\u8cc7\u6578\u64da\u7684\u6fc0\u589e\u548c\u7f8e\u806f\u5132\u7684\u5bec\u9b06\u9031\u671f\u5b8c\u5168\u543b\u5408\uff01<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E4%BA%BA%E5%A6%82%E4%BD%95%E8%87%AA%E4%BF%9D\"><\/span>\u6295\u8cc7\u4eba\u5982\u4f55\u81ea\u4fdd<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5c0d\u6295\u8cc7\u4eba\u800c\u8a00\uff0c\u53ef\u4ee5\u7528\u6d41\u52d5\u6bd4\u7387\u4f86\u6aa2\u9a57\u60a8\u6240\u6295\u8cc7\u7684\u4f01\u696d\u3002\u8a72\u6307\u6a19\u7528\u4f86\u8a55\u4f30\u4f01\u696d\u77ed\u671f\u5167\u662f\u5426\u6709\u8db3\u5920\u8cc7\u7522\u53ef\u4ee5\u511f\u9084\u50b5\u52d9\u3002\u6a19\u666e500\u4f01\u696d\u7684\u5e73\u5747\u503c1.2\u500d\uff0c\u6a19\u666e\u79d1\u6280\u4f01\u696d\u662f1.6\u500d\uff0c\u800c\u8cbb\u57ce\u534a\u5c0e\u9ad4\u6307\u6578\u7684\u5e73\u5747\u503c\u70ba2.4\u500d\u3002\u82e5\u4ee51.5\u500d\u4ee5\u4e0a\u7684\u6d41\u52d5\u6bd4\u7387\u4f5c\u70ba\u5065\u5eb7\u7684\u6307\u6a19\uff0c\u53ef\u4ee5\u767c\u73fe\u79d1\u6280\u884c\u696d\uff0c\u5c24\u5176\u662f\u4e0a\u6e38\u5c16\u7aef\u7684\u4f01\u696d\u7684\u6d41\u52d5\u6027\u8981\u9060\u9060\u597d\u65bc\u884c\u696d\u7684\u5e73\u5747\u6c34\u6e96\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9F%BD%E8%B0%B7%E9%8A%80%E8%A1%8C%E7%9A%84%E4%B8%8B%E5%A0%B4\"><\/span>\u77fd\u8c37\u9280\u884c\u7684\u4e0b\u5834<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>2023\u5e743\u670827 \u2f47\uff0c\u7b2c\u4e00\u516c\u6c11\u9280\u884c\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aFCNCA\uff09\u5c07\u8cfc\u8cb7\u77fd\u8c37\u9280\u884c\u7684\u5b58\u6b3e\u548c\u8cb8\u6b3e\uff0c\u5305\u62ec\u4ee5165\u5104\u7f8e\u5143\u7684\u6298\u50f9\u8cfc\u8cb7\u898f\u6a21\u7d04720\u5104\u7f8e\u5143\u7684\u77fd\u8c37\u9280\u884c\u8cc7\u7522\uff1b\u53e6\u6709\u7d04900\u5104\u7f8e\u5143\u7684\u8b49\u5238\u548c\u8cc7\u7522\u5c07\u7e7c\u7e8c\u7531FDIC\u63a5\u7ba1\u3002<\/p>\n\n\n\n<p>2023\u5e743\u670829\u65e5\uff0c\u77fd\u8c37\u9280\u884c\u80a1\u7968\u5fa9\u724c\u9996\u65e5\uff0c\u80a1\u50f9\u8f03\u88ab\u505c\u724c\u66ab\u505c\u4ea4\u6613\u7684\u50f9\u683c\uff0c\u8db3\u8db3\u8dcc\u53bb\u4e86-99.82% \u3002<\/p>\n\n\n\n<p><em>\u672c\u4eba\u70ba\u539f\u6587\u4f5c\u8005\uff0c\u672c\u6587\u7cbe\u7c21\u7248\u539f\u520a\u767b\u5728Smart\u667a\u5bcc\u6708\u520b<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"209\" height=\"106\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2023\/03\/svb-1600x1200-1.jpg\" alt=\"\u77fd\u2f95\u9280\u2f8f\" class=\"wp-image-33888\"\/><figcaption class=\"wp-element-caption\">credit: siasat.com<\/figcaption><\/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\/2025\/08\/20\/%e6%88%bf%e5%88%a9%e7%be%8e%e5%92%8c%e6%88%bf%e5%9c%b0%e7%be%8e%e6%b1%ba%e5%ae%9a%e9%87%8d%e6%96%b0%e4%b8%8a%e5%b8%82\/\">\u623f\u5229\u7f8e\u548c\u623f\u5730\u7f8e\uff08Fannie Mae\uff0cFreddie Mac\uff09\u5f88\u53ef\u80fd\u6703\u91cd\u65b0\u4e0a\u5e02<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/06\/02\/%E7%9F%BD%E2%BE%95%E9%8A%80%E2%BE%8F%E6%98%AF%E5%A6%82%E4%BD%95%E7%A0%B4%E7%94%A2%E7%9A%84%EF%BC%9F%E5%BD%B1%E9%9F%BF%E7%82%BA%E4%BD%95%EF%BC%9F\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u77fd\u2f95\u9280\u2f8f\u662f\u5982\u4f55\u7834\u7522\u7684\uff1f\u5f71\u97ff\u70ba\u4f55\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/28\/%e3%80%8a%e5%a4%a7%e8%b3%a3%e7%a9%ba%ef%bc%88the-big-short%ef%bc%89%e3%80%8b\/\">\u5927\u8ce3\u7a7a\uff08The Big Short\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/10\/16\/%e5%85%a8%e7%90%83%e9%a2%a8%e9%9a%aa%e6%8a%95%e8%b3%87%e5%92%8c%e7%8d%a8%e8%a7%92%e7%8d%b8%e6%a6%82%e6%b3%81\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u98a8\u96aa\u6295\u8cc7\u548c\u7368\u89d2\u7378\u7c21\u4ecb<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/02\/17\/%e5%85%a8%e7%90%83%e9%a2%a8%e9%9a%aa%e6%8a%95%e8%b3%87%e5%92%8c%e7%8d%a8%e8%a7%92%e7%8d%b8%e7%99%bc%e5%b1%95%e6%a6%82%e6%b3%81\/\">\u5168\u7403\u98a8\u96aa\u6295\u8cc7\u548c\u7368\u89d2\u7378\u767c\u5c55\u6982\u6cc1<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/14\/%e3%80%8a%e5%a4%a7%e5%88%b0%e4%b8%8d%e8%83%bd%e5%80%92%e3%80%8b\/\">\u300a\u5927\u5230\u4e0d\u80fd\u5012\uff08Too Big To Fall\uff09\u300b-2008\u5e74\u91d1\u878d\u98a8\u66b4\u6700\u4f73\u5165\u9580<\/a>\u300b<\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/06\/22\/%e3%80%8a%e9%bb%91%e9%87%91%e9%a2%a8%e6%9a%b4inside-job%e3%80%8b\/\">\u300a\u9ed1\u91d1\u98a8\u66b4(Inside Job)\u300b<\/a><\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/10\/08\/%e6%8a%95%e8%b3%87%e9%8a%80%e8%a1%8c%e4%b9%8b%e7%8e%8b%e6%91%a9%e6%a0%b9%e5%a3%ab%e4%b8%b9%e5%88%a9\/\">\u6295\u8cc7\u9280\u884c\u4e4b\u738b\u6469\u6839\u58eb\u4e39\u5229\uff08Morgan Stanley\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/07\/12\/%E5%85%A8%E7%90%83%E6%9C%80%E5%A4%A7%E9%8A%80%E8%A1%8C%E6%91%A9%E6%A0%B9%E5%A4%A7%E9%80%9A\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5168\u7403\u6700\u5927\u9280\u884c\u6469\u6839\u5927\u901a\uff08JPMorgan Chase\uff09\u662f\u5982\u4f55\u8cfa\u9322\u7684\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/07\/18\/%E5%A4%A7%E5%88%B0%E4%B8%8D%E8%83%BD%E5%80%92%E7%9A%84%E7%BE%8E%E5%9C%8B%E9%8A%80%E8%A1%8C\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5927\u5230\u4e0d\u80fd\u5012\u7684\u7f8e\u570b\u9280\u884c\uff08Bank of America\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/07\/27\/%E7%9B%B8%E4%BF%A1%E6%88%90%E5%8A%9F%E6%8A%95%E8%B3%87%E4%BA%BA%E6%98%AF%E5%80%96%E5%AD%98%E8%80%85%E5%81%8F%E8%AA%A4%E7%9A%84%E4%BA%BA%E4%B8%8D%E5%8F%AF%E8%83%BD%E6%88%90%E5%8A%9F\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/06\/17\/%E6%9B%BE%E7%B6%93%E5%B7%B4%E8%8F%B2%E7%89%B9%E5%92%8C%E8%92%99%E6%A0%BC%E9%83%BD%E8%AE%9A%E8%AD%BD%E6%9C%89%E4%BD%B3%E7%9A%84%E9%87%8D%E8%A6%81%E6%8C%81%E8%82%A1%E5%AF%8C%E5%9C%8B%E9%8A%80%E8%A1%8C\/\">\u5bcc\u570b\u9280\u884c\u5982\u4f55\u8cfa\u9322\uff1f\u66fe\u7d93\u5df4\u83f2\u7279\u548c\u8499\u683c\u90fd\u8b9a\u8b7d\u6709\u52a0\u7684\u91cd\u8981\u6301\u80a1<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/04\/30\/%E4%BB%80%E9%BA%BC%E5%9B%A0%E7%B4%A0%E9%80%A0%E6%88%90%E8%8A%B1%E6%97%97%E6%94%BE%E6%A3%8413%E5%9C%8B%E7%9A%84%E9%9B%B6%E5%94%AE%E9%8A%80%E8%A1%8C%E6%A5%AD%E5%8B%99\/\">\u4ec0\u9ebc\u56e0\u7d20\u9020\u6210\u82b1\u65d7\uff08Citigroup\uff09\u653e\u68c413\u570b\u7684\u96f6\u552e\u9280\u884c\u696d\u52d9<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/09\/09\/%E8%8A%B1%E6%97%97%E9%9B%86%E5%9C%98\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8d70\u4e0b\u5761\u4f01\u696d\u7684\u4ee3\u8868\u82b1\u65d7\u96c6\u5718\uff08Citigroup\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/08\/%e5%a6%82%e4%bd%95%e6%8a%95%e8%b3%87%e7%be%8e%e8%82%a1%e8%a4%87%e5%a7%94%e8%a8%97%e7%b6%b2%e8%b7%af%e5%88%b8%e5%95%86%e5%92%8c%e9%87%91%e8%9e%8d%e7%a7%91%e6%8a%80%e5%95%86\/\">\u5982\u4f55\u6295\u8cc7\u7f8e\u80a1\uff1f\u8907\u59d4\u8a17\uff0c\u7db2\u8def\u5238\u5546\uff0c\u548c\u91d1\u878d\u79d1\u6280\u5546<\/a>\u300b<\/li>\n<\/ul>\n\n\n\n<p id=\"block-b602cc2b-45ae-45c0-a24c-5bec9bc06f95\"><em><strong>\u91cd\u8981\u8072\u660e<\/strong><\/em><\/p>\n\n\n\n<ul 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