{"id":49479,"date":"2025-09-04T23:56:00","date_gmt":"2025-09-04T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=49479"},"modified":"2026-04-25T13:37:19","modified_gmt":"2026-04-25T05:37:19","slug":"%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/","title":{"rendered":"\u8499\u683c\u7684\u50b3\u4eba\u674e\u9304\u548c\u4ed6\u7684\u559c\u99ac\u62c9\u96c5\u8cc7\u672c\uff08Himalaya Capital\uff09"},"content":{"rendered":"\n<p>\u63a8\u85a6\u4f60\u8b80\u6211\u7684\u53e6\u4e00\u7bc7\u95dc\u65bc\u8499\u683c\u50b3\u8a18\u7684\u8cbc\u6587\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2026\/03\/13\/%E3%80%8A%E6%8A%95%E8%B3%87%E5%93%B2%E4%BA%BA%E6%9F%A5%E7%90%86%E8%92%99%E6%A0%BC%E5%82%B3%EF%BC%88damn-right%EF%BC%89%E3%80%8B\/\">\u6295\u8cc7\u54f2\u4eba\u67e5\u7406\u8499\u683c\u50b3\uff08Damn Right\uff09<\/a>\u300b<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 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\" 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href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E6%9D%8E%E9%8C%84%E7%B0%A1%E4%BB%8B\" >\u674e\u9304\u7c21\u4ecb<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E5%87%BA%E7%94%9F%E6%96%BC%E4%B8%AD%E5%9C%8B\" >\u51fa\u751f\u65bc\u4e2d\u570b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E5%B0%B1%E8%AE%80%E6%96%BC%E5%93%A5%E5%80%AB%E6%AF%94%E4%BA%9E%E5%A4%A7%E5%AD%B8\" >\u5c31\u8b80\u65bc\u54e5\u502b\u6bd4\u4e9e\u5927\u5b78<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E8%AA%8D%E8%AD%98%E8%B2%B4%E4%BA%BA%E8%92%99%E6%A0%BC\" >\u8a8d\u8b58\u8cb4\u4eba\u8499\u683c<\/a><\/li><\/ul><\/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\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E6%8A%95%E8%B3%87%E7%94%9F%E6%B6%AF\" >\u6295\u8cc7\u751f\u6daf<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E5%B7%B4%E8%8F%B2%E7%89%B9%E7%9A%84%E9%9C%87%E6%92%BC\" >\u5df4\u83f2\u7279\u7684\u9707\u64bc<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E9%80%B2%E5%85%A5%E8%8F%AF%E7%88%BE%E8%A1%97\" >\u9032\u5165\u83ef\u723e\u8857<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E8%BD%89%E6%88%90%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%E4%BA%BA\" >\u8f49\u6210\u50f9\u503c\u6295\u8cc7\u4eba<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E6%8A%95%E8%B3%87%E9%A2%A8%E6%A0%BC\" >\u6295\u8cc7\u98a8\u683c<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87\" >\u50f9\u503c\u6295\u8cc7<\/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\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E9%9B%86%E4%B8%AD%E6%8A%95%E8%B3%87\" >\u96c6\u4e2d\u6295\u8cc7<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E7%99%BC%E7%8F%BE%E6%AF%94%E4%BA%9E%E8%BF%AA%E9%80%99%E5%A1%8A%E7%92%9E%E7%8E%89\" >\u767c\u73fe\u6bd4\u4e9e\u8fea\u9019\u584a\u749e\u7389<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87\" >\u9577\u671f\u6295\u8cc7<\/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\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E9%80%A2%E4%BD%8E%E8%B2%B7%E5%85%A5\" >\u9022\u4f4e\u8cb7\u5165<\/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\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E6%8A%95%E8%B3%87%E7%B5%84%E5%90%88%E5%88%86%E6%9E%90\" >\u6295\u8cc7\u7d44\u5408\u5206\u6790<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E7%AE%A1%E7%90%86%E8%B3%87%E7%94%A2%E8%A6%8F%E6%A8%A1\" >\u7ba1\u7406\u8cc7\u7522\u898f\u6a21<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E7%9B%AE%E5%89%8D%E4%B8%BB%E8%A6%81%E6%8C%81%E7%B5%84\" >\u76ee\u524d\u4e3b\u8981\u6301\u7d44<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E5%AD%97%E6%AF%8D\" >\u5b57\u6bcd<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E7%BE%8E%E5%9C%8B%E9%8A%80%E8%A1%8C\" >\u7f8e\u570b\u9280\u884c<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E6%B3%A2%E5%85%8B%E5%A4%8F\" >\u6ce2\u514b\u590f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E8%8F%AF%E7%BE%8E%E9%8A%80%E8%A1%8C\" >\u83ef\u7f8e\u9280\u884c<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E8%98%8B%E6%9E%9C\" >\u860b\u679c<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E6%8A%95%E8%B3%87%E5%81%8F%E5%A5%BD\" >\u6295\u8cc7\u504f\u597d<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E9%8A%80%E8%A1%8C%E8%82%A1\" >\u9280\u884c\u80a1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E4%B8%AD%E6%A6%82%E8%82%A1\" >\u4e2d\u6982\u80a1<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E6%9D%8E%E9%8C%84%E7%9A%84%E6%8A%95%E8%B3%87%E7%90%86%E5%BF%B5%E9%87%8D%E9%BB%9E\" >\u674e\u9304\u7684\u6295\u8cc7\u7406\u5ff5\u91cd\u9ede<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%E6%9D%8E%E9%8C%84%E7%9A%84%E7%9B%B8%E9%97%9C%E6%9B%B8%E7%B1%8D\" >\u674e\u9304\u7684\u76f8\u95dc\u66f8\u7c4d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%e8%92%99%e6%a0%bc%e7%9a%84%e5%82%b3%e4%ba%ba%e6%9d%8e%e9%8c%84%e5%92%8c%e4%bb%96%e7%9a%84%e7%9a%84%e5%96%9c%e9%a6%ac%e6%8b%89%e9%9b%85%e8%b3%87%e6%9c%ac\/#%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%9D%8E%E9%8C%84%E7%B0%A1%E4%BB%8B\"><\/span>\u674e\u9304\u7c21\u4ecb<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%87%BA%E7%94%9F%E6%96%BC%E4%B8%AD%E5%9C%8B\"><\/span>\u51fa\u751f\u65bc\u4e2d\u570b<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/en.wikipedia.org\/wiki\/Li_Lu\" target=\"_blank\" rel=\"noreferrer noopener\">\u674e\u9304\uff08Li Lu\uff09<\/a>\u57281966\u5e74\u51fa\u751f\u65bc\u6cb3\u5317\u7701\u5510\u5c71\u5e02\u30021985\u5e74\uff0c\u4ed6\u8003\u4e0a\u5357\u4eac\u5927\u5b78\uff0c\u6700\u521d\u4fee\u8b80\u7269\u7406\u5b78\uff0c\u4e00\u5e74\u5f8c\u8f49\u8b80\u7d93\u6fdf\u5b78\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B0%B1%E8%AE%80%E6%96%BC%E5%93%A5%E5%80%AB%E6%AF%94%E4%BA%9E%E5%A4%A7%E5%AD%B8\"><\/span>\u5c31\u8b80\u65bc\u54e5\u502b\u6bd4\u4e9e\u5927\u5b78<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1993\u5e74\uff0c\u4ed6\u5728\u54e5\u502b\u6bd4\u4e9e\u5927\u5b78\u807d\u4e86\u6ce2\u514b\u590f\u00b7\u6d77\u745f\u5a01\u516c\u53f8\u4e3b\u5e2d\u5df4\u83f2\u7279\u7684\u4e00\u6b21\u8b1b\u5ea7\uff0c\u4f7f\u4ed6\u514b\u670d\u4e86\u4ee5\u5f80\u5c0d\u80a1\u5e02\u6295\u8cc7\u662f\u5426\u80fd\u6210\u70ba\u81ea\u5df1\u4e00\u751f\u5fd7\u696d\u7684\u8cea\u7591\uff08\u6839\u64da\u6211\u7684\u53e6\u4e00\u7bc7\u8cbc\u6587\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/05\/21\/%e7%aa%ae%e6%9f%a5%e7%90%86%e7%9a%84%e6%99%ae%e9%80%9a%e5%b8%b8%e8%ad%98\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8499\u683c\u6700\u91cd\u8981\u7684\u8457\u4f5c\u300a\u7aae\u67e5\u7406\u7684\u666e\u901a\u5e38\u8b58\uff08Poor Charlie&#8217;s Almanack\uff09\u300b<\/a>\u300b\u4e00\u66f8\u4e2d\u674e\u9304\u7684\u5e8f\u6587\uff09\uff0c\u9019\u4e5f\u6210\u70ba\u4ed6\u65e5\u5f8c\u5f9e\u4e8b\u91d1\u878d\u696d\u7684\u8e0f\u8173\u77f3\u3002 <\/p>\n\n\n\n<p>1996\u5e74\uff0c\u4ed6\u5728\u54e5\u502b\u6bd4\u4e9e\u5927\u5b78\u5b8c\u6210\u4fee\u8b80\u7d93\u6fdf\u5b78\u3001\u6cd5\u5f8b\u53ca\u5de5\u5546\u7ba1\u7406\u7684\u5b78\u4f4d\uff0c\u662f\u54e5\u502b\u6bd4\u4e9e\u5927\u5b78\u6b77\u53f2\u4e0a\u7b2c\u4e00\u4f4d\u540c\u6642\u7372\u5f97\u4e09\u500b\u5b78\u4f4d\u7684\u5b78\u751f\uff1b1996\u5e74\u4ed6\u540c\u6642\u7372\u5f97\u7d93\u6fdf\u5b78\u5b78\u58eb\u5b78\u4f4d\u3001MBA\u548c\u6cd5\u5b78\u535a\u58eb\u5b78\u4f4d\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%AA%8D%E8%AD%98%E8%B2%B4%E4%BA%BA%E8%92%99%E6%A0%BC\"><\/span>\u8a8d\u8b58\u8cb4\u4eba\u8499\u683c<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>2003\u5e74\u611f\u6069\u7bc0\uff0c\u4ed6\u8a8d\u8b58\u4e86\u8499\u683c\uff0c\u4ed6\u5011\u6210\u70ba\u4e86\u7d42\u751f\u7684\u670b\u53cb\u3002\u8a8d\u8b58\u8499\u683c\uff0c\u662f\u6539\u8b8a\u674e\u9304\u4e00\u751f\u7684\u6700\u91cd\u8981\u4e8b\u4ef6\u4e4b\u4e00\u3002\u8499\u683c\u8868\u793a\uff0c\u674e\u9304\u662f\u4ed6\u6295\u8cc7\u904e\u7684\u552f\u4e00\u5916\u90e8\u7d93\u7406\uff0c\u4e26\u7a31\u4ed6\u70ba\u300c\u4e2d\u570b\u7684\u83ef\u502b\u2027\u5df4\u83f2\u7279\u300d\u3002<\/p>\n\n\n\n<p>\u8a8d\u8b58\u8499\u683c\uff0c\u674e\u9304\u624d\u53c8\u5805\u5b9a\u4e86\u81ea\u5df1\u7684\u4fe1\u5ff5\u3002\u8499\u683c\u544a\u8a34\u4ed6\uff1a\u300c\u4f60\u9047\u5230\u7684\u554f\u984c\u5c31\u662f\u83ef\u723e\u8857\u7684\u5168\u90e8\u554f\u984c\uff0c\u96d6\u7136\u6ce2\u514b\u590f\u5df2\u7d93\u53d6\u5f97\u4e86\u9019\u9ebc\u5927\u7684\u6210\u529f\uff0c\u4f46\u5728\u83ef\u723e\u8857\u4e0a\u537b\u627e\u4e0d\u5230\u4efb\u4f55\u4e00\u5bb6\u771f\u6b63\u6a21\u4eff\u5b83\u7684\u516c\u53f8\u3002\u5982\u679c\u60f3\u6d88\u9664\u7169\u60f1\uff0c\u5c31\u8981\u8d70\u51fa\u8207\u83ef\u723e\u8857\u4e0d\u540c\u7684\u9053\u8def\u3002\u300d\u90a3\u6b21\u4ea4\u8ac7\u4e2d\uff0c\u52d9\u5be6\u7684\u674e\u9304\u7d66\u8499\u683c\u7559\u4e0b\u4e86\u5f88\u597d\u7684\u5370\u8c61\uff0c\u300c\u5169\u4eba\u90fd\u5c0d\u91d1\u878d\u516c\u53f8\u5831\u544a\u7684\u6536\u76ca\u62b1\u6709\u61f7\u7591\uff0c\u4e5f\u90fd\u4e0d\u559c\u6b61\u807d\u90a3\u4e9b\u5ee2\u8a71\u3002\u300d<\/p>\n\n\n\n<p>\u5f8c\u4f86\uff0c\u674e\u9304\u66f4\u7372\u5f97\u8499\u683c\u7684\u4fe1\u4efb\uff0c\u6210\u70ba\u8499\u683c\u5bb6\u65cf\u8cc7\u7522\u7684\u53d7\u8a17\u7ba1\u7406\u4eba\u3002\u8499\u683c\u7d66\u4e86\u674e\u93048,800 \u842c\u7f8e\u5143\u7684\u6295\u8cc7\uff0c\u674e\u9304\u5c07\u6295\u8cc7\u91d1\u984d\u589e\u52a0\u4e86\u56db\u500d\u591a\uff0c\u9054\u52304\u5104\u7f8e\u5143\u3002<\/p>\n\n\n\n<p>2008\u5e74\uff0c\u4ed6\u5411\u8499\u683c\u63a8\u85a6\u4e2d\u570b\u96fb\u6c60\u53ca\u6c7d\u8eca\u88fd\u9020\u5546\u6bd4\u4e9e\u8fea\uff0c\u4f7f\u6ce2\u514b\u590f\u7372\u5f97\u9ad8\u905412\u5104\u7f8e\u5143\u7684\u56de\u5831\u30022010\u5e74\uff0c\u674e\u9304\u4e5f\u66fe\u96a8\u5df4\u83f2\u7279\u8a2a\u554f\u4e2d\u570b\u3002\u5176\u9593\u4e5f\u66fe\u4ee3\u8868\u6ce2\u514b\u590f\u63a2\u8a2a\u4e2d\u570b\u7684\u6295\u8cc7\u6a5f\u6703\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E7%94%9F%E6%B6%AF\"><\/span>\u6295\u8cc7\u751f\u6daf<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B7%B4%E8%8F%B2%E7%89%B9%E7%9A%84%E9%9C%87%E6%92%BC\"><\/span>\u5df4\u83f2\u7279\u7684\u9707\u64bc<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1993\u5e74\uff0c\u4ed6\u5728\u54e5\u502b\u6bd4\u4e9e\u5927\u5b78\u807d\u4e86\u5df4\u83f2\u7279\u7684\u90a3\u4e00\u6b21\u8b1b\u5ea7\uff0c\u7d66\u674e\u9304\u7684\u6700\u5927\u9707\u64bc\u662f\uff1a\u539f\u4f86\u4e00\u500b\u4eba\u4e0d\u9760\u95dc\u4fc2\uff0c\u4e0d\u9760\u8cc7\u6e90\uff0c\u5169\u624b\u7a7a\u7a7a\u4e0d\u6c42\u4eba\uff0c\u50c5\u6191\u7814\u7a76\u516c\u53f8\u7684\u50f9\u503c\uff0c\u5c31\u80fd\u5728\u80a1\u5e02\u6536\u7a6b\u8ca1\u5bcc\uff0c\u9032\u800c\u6539\u8b8a\u547d\u904b\u3002<\/p>\n\n\n\n<p>\u4ed6\u7acb\u5373\u627e\u4f86\u6709\u95dc\u5df4\u83f2\u7279\u7684\u6240\u6709\u66f8\u7c4d\uff0c\u57cb\u982d\u7814\u7a76\u4ed6\u548c\u8499\u683c\uff0c\u5c24\u5176\u662f\u5b78\u7fd2\u4ed6\u5011\u5982\u4f55\u7814\u7a76\u516c\u53f8\uff0c\u5982\u4f55\u8cb7\u5165\u516c\u53f8\uff0c\u53c8\u5982\u4f55\u9632\u6b62\u8667\u9322\u3002\u947d\u7814\u5169\u5e74\u5f8c\uff0c\u674e\u9304\u7528\u7701\u5403\u5109\u7528\u7684\u9322\uff0c\u5c0f\u5fc3\u7ffc\u7ffc\u3001\u5343\u6311\u842c\u9078\u5730\u8cb7\u4e86\u4eba\u751f\u4e2d\u7b2c\u4e00\u96bb\u80a1\u7968\uff0c\u5728\u54e5\u502b\u6bd4\u4e9e\u5927\u5b78\u5c31\u8b80\u671f\u9593\u5c31\u958b\u59cb\u6295\u8cc7\u80a1\u7968\u3002\u7b49\u5230\u7562\u696d\u7684\u6642\u5019\uff0c\u4ed6\u5df2\u7d93\u8cfa\u5230\u4e86\u4eba\u751f\u7b2c\u4e00\u6876\u91d1\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%80%B2%E5%85%A5%E8%8F%AF%E7%88%BE%E8%A1%97\"><\/span>\u9032\u5165\u83ef\u723e\u8857<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1996\u5e74\u7562\u696d\u5f8c\uff0c\u4ed6\u5728\u6295\u8cc7\u9280\u884c\u5e1d\u5091\uff08Donaldson, Lufkin &amp; Jenrette\uff09\u64d4\u4efb\u4f01\u696d\u8ca1\u52d9\u52a9\u7406\uff0c\u4e26\u958b\u59cb\u4e86\u4ed6\u7684\u6295\u8cc7\u9280\u884c\u8077\u696d\u751f\u6daf\uff0c\u4f46\u4e00\u5e74\u5f8c\u5c31\u8fad\u8077\uff0c\u539f\u56e0\u662f\u2014\u2014\u85aa\u8cc7\u548c\u734e\u91d1\u9084\u4e0d\u5982\u5728\u80a1\u5e02\u4e0a\u8cfa\u7684\u9322\u591a\u3002\u4e5f\u662f\u5728\u9019\u6642\uff0c\u4ed6\u5805\u5b9a\u4e86\u81ea\u5df1\u8981\u6210\u70ba\u4e00\u540d\u8077\u696d\u6295\u8cc7\u4eba\u7684\u7406\u60f3\u3002<\/p>\n\n\n\n<p>1997\u5e74\uff0c\u4ed6\u81ea\u884c\u5275\u8fa6\u559c\u99ac\u62c9\u96c5\u5408\u4f19\u516c\u53f8\uff08Himalaya Partners\uff09\uff0c\u7ba1\u7406\u98a8\u96aa\u5275\u6295\u57fa\u91d1\u53ca\u5c0d\u6c96\u57fa\u91d1\u3002\u8acb\u6ce8\u610f\u9019\u500b\u6642\u671f\u4ed6\u7684\u57fa\u91d1\u662f\u5178\u578b\u7684\u907f\u96aa\u57fa\u91d1\uff0c\u4e0d\u662f\u50f9\u503c\u6295\u8cc7\u57fa\u91d1\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%BD%89%E6%88%90%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%E4%BA%BA\"><\/span>\u8f49\u6210\u50f9\u503c\u6295\u8cc7\u4eba<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5f8c\u4f86\u548c\u53d7\u8499\u683c\u548c\u5df4\u83f2\u7279\u50f9\u503c\u6295\u8cc7\u7684\u5f71\u97ff\uff0c\u5fb9\u5e95\u6539\u8b8a\u5f80\u5f8c\u7684\u6295\u8cc7\u98a8\u683c\u3002\u8499\u683c\u89aa\u81ea\u5e6b\u52a9\u674e\u9304\u5c0d\u516c\u53f8\u9032\u884c\u4e86\u5fb9\u5e95\u7684\u6539\u7d44\uff0c\u8b8a\u6210\u4e86\u4ed6\u548c\u5df4\u83f2\u7279\u65e9\u671f\u7684\u5408\u5925\u4eba\u516c\u53f8\u7d50\u69cb\uff0c\u4e0d\u6536\u5e74\u5ea6\u56fa\u5b9a\u7ba1\u7406\u8cbb\u3002\u6700\u91cd\u8981\u7684\uff0c\u8499\u683c\u9084\u5f9e\u5bb6\u65cf\u5132\u84c4\u62ff\u51fa5000\u842c\u7f8e\u5143\uff0c\u8207\u674e\u9304\u81ea\u5df1\u7684\u8cc7\u91d1\uff0c\u5171\u540c\u6210\u7acb\u4e86\u4e00\u96bb\u65b0\u7684\u57fa\u91d1\u3002\u9019\u53ea\u57fa\u91d1\u88e1\u7684\u6295\u8cc7\u8005\u90fd\u627f\u8afe\u96bb\u9577\u671f\u6295\u8cc7\uff0c\u540c\u6642\u4e5f\u4e0d\u518d\u5411\u65b0\u7684\u6295\u8cc7\u8005\u958b\u653e\u3002\u6700\u7d42\uff0c\u9019\u53ea\u57fa\u91d1\u53d6\u5f97\u4e86\u5de8\u5927\u7684\u6210\u529f\uff0c\u4e94\u5e74\u5167\u5e74\u5fa9\u5408\u589e\u9577\u7387\u8d85\u904e\u4e8636%\u3002<\/p>\n\n\n\n<p>\u628a\u516c\u53f8\u6539\u7d44\u6210\u73fe\u5728\u7684<a href=\"https:\/\/www.himcap.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u559c\u99ac\u62c9\u96c5\u8cc7\u672c\u548c\u674e\u9304\u6295\u8cc7\u516c\u53f8\uff08Himalaya Capital &amp; LL Investment\uff09<\/a>\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E9%A2%A8%E6%A0%BC\"><\/span>\u6295\u8cc7\u98a8\u683c<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87\"><\/span>\u50f9\u503c\u6295\u8cc7<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u4ed6\u65e9\u671f\u6295\u8cc7\u7684\u98a8\u683c\u548c\u591a\u6578\u83ef\u723e\u8857\u57fa\u91d1\u7d93\u7406\u4eba\u6c92\u6709\u591a\u5927\u5340\u5225\uff0c\u4e3b\u8981\u9760\u907f\u96aa\u7b49\u591a\u7a7a\u64cd\u4f5c\uff0c\u8cfa\u53d6\u77ed\u671f\u7684\u50f9\u5dee\uff0c \u4e00\u5207\u4ee5\u76c8\u5229\u70ba\u76ee\u7684\u3002<\/p>\n\n\n\n<p>\u8a8d\u8b58\u4e86\u8499\u683c\u5f8c\uff0c\u53d7\u5230\u8499\u683c\u548c\u5df4\u83f2\u7279\u50f9\u503c\u6295\u8cc7\u7684\u5f71\u97ff\uff0c\u5fb9\u5e95\u6539\u8b8a\u5f80\u5f8c\u7684\u6295\u8cc7\u98a8\u683c\uff0c\u6539\u70ba\u5c08\u6ce8\u4f01\u696d\u57fa\u672c\u9762\uff0c\u4ee5\u767c\u6398\u4f01\u696d\u6df1\u5c64\u50f9\u503c\u70ba\u4e3b\uff0c\u53ea\u505a\u591a\u7684\u50f9\u503c\u6295\u8cc7\u4eba\u3002<\/p>\n\n\n\n<p>\u5df4\u83f2\u7279\u8aaa\u904e\uff0c\u5e02\u5834\u4e0a\u53ea\u67095%\u7684\u8cc7\u91d1\u9032\u884c\u7684\u662f\u50f9\u503c\u6295\u8cc7\uff0c\u8207\u5176\u4ed695%\u7684\u6295\u8cc7\u65b9\u5f0f\u622a<br>\u7136\u4e0d\u540c\u3002\u674e\u9304\u76f8\u4fe1\uff0c\u81ea\u5df1\u5c6c\u65bc\u90a35%\uff0c\u4ed6\u76f8\u4fe1\u81ea\u5df1\u5177\u5099\u50f9\u503c\u6295\u8cc7\u8005\u7684\u6f5b\u5728\u7279\u8cea\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%9B%86%E4%B8%AD%E6%8A%95%E8%B3%87\"><\/span>\u96c6\u4e2d\u6295\u8cc7<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6211\u5728\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%E5%80%BC%E5%BE%97%E6%87%B7%E5%BF%B5%E7%9A%84%E6%9F%A5%E7%90%86%E8%92%99%E6%A0%BC\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u503c\u5f97\u61f7\u5ff5\u7684\u5049\u5927\u6295\u8cc7\u5927\u5e2b\u67e5\u7406\uff0e\u8499\u683c\uff08Charlie Munger\uff09<\/a>\u300b\u7684\u8cbc\u6587\u88e1\uff0c\u4ee5\u53ca\u6211\u5728\u300a<a href=\"https:\/\/www.books.com.tw\/products\/0010889106\" target=\"_blank\" rel=\"noreferrer noopener\">\u8d85\u7d1a\u6210\u9577\u80a1\u6295\u8cc7\u6cd5\u5247<\/a>\u300b\u4e00\u66f8\u4e2d\u90fd\u5f37\u8abf\u904e\uff1a\u8499\u683c\u7684\u500b\u4eba\u6295\u8cc7\u7d44\u5408\u88e1\u53ea\u6709\u4e09\u6a94\u500b\u80a1\u3002\u8eab\u70ba\u8499\u683c\u5f1f\u5b50\u7684\u674e\u9304\uff0c\u96c6\u4e2d\u6301\u80a1\u4e5f\u53ea\u67095\u6a94\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%99%BC%E7%8F%BE%E6%AF%94%E4%BA%9E%E8%BF%AA%E9%80%99%E5%A1%8A%E7%92%9E%E7%8E%89\"><\/span>\u767c\u73fe\u6bd4\u4e9e\u8fea\u9019\u584a\u749e\u7389<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u674e\u9304\u76ee\u524d\u6700\u6210\u529f\u7684\u6295\u8cc7\u662f\u5c0d\u6bd4\u4e9e\u8fea\u7684\u6295\u8cc7\u3002\u4ed6\u662f\u6bd4\u4e9e\u8fea\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aBYDDF\uff09\u7684\u975e\u6b63\u5f0f\u9867\u554f\u3002\u4ed6\u7684\u6295\u8cc7\u57fa\u91d1\u64c1\u6709\u6bd4\u4e9e\u8fea\u7d042.5%\u7684\u80a1\u4efd\u3002\u6301\u6709\u7684\u4e8c\u5341\u591a\u5e74\u9593\u6536\u76ca\u63a5\u8fd1200\u5104\u6e2f\u5e63\uff0c\u6700\u5927\u56de\u5831\u6642\u8d85\u904e38\u500d\u3002<\/p>\n\n\n\n<p>\u65e9\u57282002\u5e74\uff0c\u674e\u9304\u5c31\u900f\u904e\u81ea\u5df1\u7684\u5c0d\u6c96\u57fa\u91d1\u8cb7\u5165\u6bd4\u4e9e\u8fea\uff0c\u6210\u70ba\u57fa\u77f3\u6295\u8cc7\u8005\uff0c\u9996\u7b46\u6295\u8cc7\u4f54\u7e3d\u80a1\u672c\u76841.67%\u3002\u6700\u96e3\u5f97\u7684\u662f\uff0c\u4ed6\u767c\u73fe\u6bd4\u4e9e\u8fea\u7684\u6642\u5019\uff0c\u662f\u5728\u9019\u5bb6\u8eca\u4f01\u7576\u5e74\u9084\u300c\u9ed8\u9ed8\u7121\u805e\u300d\u6642\u3002<\/p>\n\n\n\n<p>\u4e4b\u5f8c\u4ed6\u66f4\u6210\u529f\u8aaa\u670d\u4e86\u8499\u683c\u300c\u770b\u6e05\u300d\u4e86\u9019\u6a94\u80a1\u7968\u7684\u6df1\u5ea6\u50f9\u503c\u3002\u5230\u4e862008\u5e74\uff0c\u6ce2\u514b\u590f\u958b\u59cb\u5927\u624b\u7b46\u6295\u8cc7\u6bd4\u4e9e\u8fea\uff0c\u4e00\u6b21\u8cb7\u9032\u9019\u5bb6\u516c\u53f8H\u80a12.25\u5104\u80a1\u3002\u6295\u51652.3\u5104\u7f8e\u5143\u6536\u8cfc\u4e86\u6bd4\u4e9e\u8fea10%\u7684\u80a1\u4efd\uff0c\u9019\u90e8\u5206\u80a1\u4efd\u5982\u4eca\u50f9\u503c18.6\u5104\u7f8e\u5143\uff0c\u5df2\u70ba\u6ce2\u514b\u590f\u5e36\u4f86\u81f3\u5c11\u8d85\u904e\u516b\u500d\u7684\u56de\u5831\u3002\u6301\u6709\u81f3\u4eca\u65e5\uff0c\u5be6\u73fe\u4e86\u9577\u9054\u5341\u4e94\u5e74\u7684\u9577\u671f\u6301\u6709\u3002<\/p>\n\n\n\n<p>\u5c31\u57282024\u5e74\u6ce2\u514b\u590f\u80a1\u6771\u5927\u6703\u4e0a\uff0c\u5df4\u83f2\u7279\u56de\u61b6\u8499\u683c\u4ee5\u5f80\u7e3d\u6703\u9806\u8457\u4ed6\u7684\u610f\u601d\uff0c\u4f46\u53ea\u6709\u5169\u6b21\u548c\u4ed6\u62cd\u4e86\u684c\u5b50\uff0c\u8b93\u4ed6\u4e00\u5b9a\u5f97\u8cb7\u9032\uff0c\u5176\u4e2d\u7684\u4e00\u6b21\u5c31\u662f\u8499\u683c\u5efa\u8b70\u5df4\u83f2\u7279\u5165\u80a1\u6bd4\u4e9e\u8fea\u3002\u4f46\u8499\u683c\u4e4b\u6240\u4ee5\u77e5\u9053\u6709\u6bd4\u4e9e\u8fea\u9019\u5bb6\u516c\u53f8\u7684\u5b58\u5728\uff0c\u5176\u5be6\u662f\u4f86\u81ea\u674e\u9304\u5411\u8499\u683c\u7684\u63a8\u85a6\u3002\u7531\u6b64\u53ef\u898b\uff0c\u674e\u9304\u5c0d\u5df4\u83f2\u7279\u6295\u8cc7\u7d44\u5408\u7684\u5f71\u97ff\u529b\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87\"><\/span>\u9577\u671f\u6295\u8cc7<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u505a\u70ba\u4e00\u500b\u6df1\u5ea6\u50f9\u503c\u6295\u8cc7\u4eba\uff0c\u4ed6\u66fe\u6210\u529f\u8b58\u5225\uff0c\u6436\u5728\u4ed6\u4eba\u4e4b\u524d\u6295\u5165\u4e0d\u5c11\u5f8c\u4f86\u624d\u70ba\u5e02\u5834\u5531\u591a\u7684\u8457\u540d\u500b\u80a1\u3002\u5982\u679c\u4ed4\u7d30\u7814\u7a76\u4ed6\u7684\u6301\u80a1\u6b77\u53f2\uff0c\u559c\u99ac\u62c9\u96c5\u5c0d\u65bc\u6b0a\u76ca\u8cc7\u7522\u7684\u9577\u671f\u6301\u6709\u628a\u63e1\u5341\u5206\u6709\u611f\u89ba\u3002<\/p>\n\n\n\n<p>\u524d\u9762\u63d0\u904e\uff0c\u4ed6\u6700\u5178\u578b\u7684\u6848\u4f8b\u5c31\u662f\u4ed6\u5f9e\u6bd4\u4e9e\u8fea\u57fa\u77f3\u6295\u8cc7\u8005\uff0c\u5230\u9577\u7dda\u6301\u6709\u8005\uff0c\u6301\u6709\u7684\u4e8c\u5341\u591a\u5e74\u9593\u6536\u76ca\u63a5\u8fd1200\u5104\u6e2f\u5e63\uff0c\u6700\u5927\u56de\u5831\u6642\u8d85\u904e38\u500d\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%80%A2%E4%BD%8E%E8%B2%B7%E5%85%A5\"><\/span>\u9022\u4f4e\u8cb7\u5165<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u53e6\u4e00\u500b\u4f8b\u5b50\u5c31\u662f\uff0c\u559c\u99ac\u62c9\u96c5\u5c0d\u9280\u884c\u80a1\u7684\u770b\u597d\uff0c\u8b93\u5176\u66fe\u5728\u6e2f\u80a1\u5e02\u5834\u5927\u8cfa\u4e00\u7b46\u30022020\u5e7412\u6708\u958b\u59cb\u5927\u8209\u8cb7\u5165\u6e2f\u80a1\u7684\u90f5\u5132\u9280\u884c\uff0c\u4e0d\u5230\u5169\u5e74\u6642\u9593\u5c0d\u90f5\u5132\u9280\u884c\u6301\u80a1\u6bd4\u5c31\u8d85\u904e\u7e3d\u80a1\u672c\u76846%\uff0c\u4e00\u5ea6\u6de8\u8cfa\u8d85\u904e26\u5104\u5143\u6e2f\u5e63\u3002\u4e8b\u5be6\u4e0a\uff0c\u9019\u7b46\u6295\u8cc7\u7684\u540c\u671f\u8a31\u591a\u6295\u8cc7\u4eba\u4e26\u4e0d\u770b\u597d\u9280\u884c\u80a1\uff0c\u8a8d\u70ba\u5176\u57fa\u672c\u9762\u6709\u8457\u8a31\u591a\u7455\u75b5\uff0c\u4f46\u4e8b\u5be6\u8b49\u660e\u4e86\u4ed6\u70ba\u5e02\u5834\u793a\u7bc4\u4e86\uff1a\u50f9\u503c\u6295\u8cc7\u4eba\u61c9\u8a72\u9022\u4f4e\u8cb7\u5165\u906d\u4f4e\u4f30\u7684\u80a1\u7968\u3002<\/p>\n\n\n\n<p>2014\u5e74\u5e95\uff0c\u6bd4\u4e9e\u8fea\u5728\u6e2f\u80a1\u5e02\u5834\u4e0a\u610f\u5916\u906d\u9047\u760b\u72c2\u8840\u6d17\uff0c\u80a1\u50f9\u4e00\u5ea6\u91cd\u632b\u8fd147%\u81f318.7\u5143\uff0c\u5275\u5169\u5e74\u65b0\u4f4e\u3002\u7576\u6642\u6771\u4e9e\u9280\u884c\u5927\u624b\u7b46\u6e1b\u630165\u842c\u80a1\uff0c\u5f15\u8d77\u5e02\u5834\u6050\u614c\u6027\u62cb\u552e\u3002\u674e\u9304\u8d81\u6a5f\u9032\u5834\uff0c\u4ee5\u5747\u50f923.544\u6e2f\u5143\u589e\u6301\u6bd4\u4e9e\u8fea329\u842c\u80a1\uff0c\u6d89\u8cc7\u8d85\u904e7753\u842c\uff0c\u589e\u6301\u5f8c\u6301\u80a1\u90546.27%\u3002<\/p>\n\n\n\n<p>\u57282015\u5e748\u2f49\u5e95\u4ed6\u65a5\u8cc71.98\u5104\u6e2f\u5143\u9022\u4f4e\u52a0\u78bc\u8cb7\u9032\u4e2d\u570b\u4e2d\u2f9eH\u80a1\uff0c\u559c\u2fba\u62c9\u96c5\u8cc7\u672c\u57288\u2f4924\u2f47\u52a0\u78bc\u4e2d\u570b\u4e2d\u2f9e\u5f8c\uff0c\u6301\u6709\u80a1\u6b0a\u7531\u539f\u5148\u76844.83\uff05\u589e\u52a0\u2f845.36\uff05\u3002\u5728\u77ed\u77ed\u7d04\u5169\u5468\uff0c\u5e33\u2faf\u5df2\u8cfa\u7d042,764\u842c\u6e2f\u5143\u3002<\/p>\n\n\n\n<p>\u5df4\u83f2\u7279\u81ea\u5df1\u4e5f\u66fe\u516c\u958b\u7a31\u8b9a\u674e\u9304\uff1a\u300c\u4f60\u5e0c\u671b\u6709\u4eba\u80fd\u5920\u5728\u65b0\u554f\u984c\u9084\u6c92\u767c\u751f\u524d\u5c31\u672a\u96e8\u7da2\u7e46\u3002\u674e\u9304\u662f\u4e00\u500b\u9006\u5411\u6295\u8cc7\u8005\uff0c\u5728\u6bd4\u4e9e\u8fea\u80a1\u7968\u906d\u6253\u58d3\u4e0b\u8dcc\u7684\u6642\u5019\uff0c\u4ed6\u8cb7\u5165\u4e86\u8a72\u80a1\u3002\u53e6\u5916\u4ed6\u9084\u662f\u6ce2\u514b\u590f\u7684\u5fe0\u5be6\u7c89\u7d72\uff0c\u9019\u6216\u8a31\u4e5f\u53ef\u4ee5\u5e6b\u52a9\u4ed6\u7684\u4e8b\u696d\u3002\u300d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E7%B5%84%E5%90%88%E5%88%86%E6%9E%90\"><\/span>\u6295\u8cc7\u7d44\u5408\u5206\u6790<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%AE%A1%E7%90%86%E8%B3%87%E7%94%A2%E8%A6%8F%E6%A8%A1\"><\/span>\u7ba1\u7406\u8cc7\u7522\u898f\u6a21<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u81ea2016\u5e74\u559c\u99ac\u62c9\u96c5\u7f8e\u80a1\u6301\u80a1\u9996\u6b21\u66dd\u5149\u5f8c\u6642\u7684\u6700\u521d\u53ea\u67091\u5104\u5143\u7f8e\u5143\u7684\u898f\u6a21\u3002<\/p>\n\n\n\n<p>\u622a\u81f32021\u5e746\u6708\u6642\uff0c\u559c\u99ac\u62c9\u96c5\u76ee\u524d\u7ba1\u7406\u7684\u8cc7\u7522\u8fd1 185 \u5104\u7f8e\u5143\u3002\u4e3b\u8981\u6295\u8cc7\u65bc\u5168\u7403\u5404\u5730\u7684\u8b49\u5238\u3002\u5176\u4e2d\u7f8e\u570b\u6700\u5927\u7684\u6295\u8cc7\u662f\u7f8e\u5149\u79d1\u6280\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aMU\uff09\uff0c\u50f9\u503c10\u5104\u7f8e\u5143\u3002<\/p>\n\n\n\n<p>\u64da\u7f8e\u570b\u8b49\u76e3\u6703\uff08SEC\uff09\uff1a\u622a\u81f32024\u5e743\u6708\u672b\uff0c\u559c\u99ac\u62c9\u96c5\u8cc7\u672c\u7533\u5831\u7684\u53d7\u8a17\u57fa\u91d1\u8cc7\u7522\u898f\u6a21\u70ba22.6\u5104\u7f8e\u5143\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9B%AE%E5%89%8D%E4%B8%BB%E8%A6%81%E6%8C%81%E7%B5%84\"><\/span>\u76ee\u524d\u4e3b\u8981\u6301\u7d44<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>2024\u5e743\u6708\u672b\u7d71\u8a08\u986f\u793a\uff0c\u559c\u99ac\u62c9\u96c5\u6301\u6709\u7684\u4e3b\u8981\u80a1\u7968\u548c\u6ce2\u514b\u590f\u6709\u6975\u5927\u7684\u76f8\u4f3c\u6027\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%AD%97%E6%AF%8D\"><\/span>\u5b57\u6bcd<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u5305\u62ecGOOGL\u5171254.3\u842c\u80a1\uff0c\u4f5416.7%\uff1bC\u985e\u80a1GOOG\u5408\u8a08304.4\u842c\u80a1\u80a1\uff0c\u4f5420.5%\u3002\u5c0d\u5b57\u6bcd\u6301\u80a1\u4f54\u4e86\u559c\u99ac\u62c9\u96c5\u6295\u8cc7\u7d44\u5408\u7e3d\u8cc7\u7522\u768437%\uff0c\u4e5f\u5c31\u662f\u63a5\u8fd1\u7d44\u5408\u7684\u56db\u6210\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%BE%8E%E5%9C%8B%E9%8A%80%E8%A1%8C\"><\/span>\u7f8e\u570b\u9280\u884c<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u7f8e\u570b\u9280\u884c\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aBAC\uff09\u4f54\u4e86\u559c\u99ac\u62c9\u96c5\u6295\u8cc7\u7d44\u5408\u7e3d\u8cc7\u7522\u768430.33%\u3002\u9019\u548c\u6ce2\u514b\u590f\u7684\u6295\u8cc7\u7d44\u5408\uff0c\u91cd\u62bc\u7f8e\u570b\u9280\u884c\u5f88\u985e\u4f3c\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%B3%A2%E5%85%8B%E5%A4%8F\"><\/span>\u6ce2\u514b\u590f<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u6ce2\u514b\u590f\u7684B\u80a1\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aBRK.B\uff09\u4f54\u4e86\u559c\u99ac\u62c9\u96c5\u6295\u8cc7\u7d44\u5408\u7e3d\u8cc7\u7522\u768416.7%\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%8F%AF%E7%BE%8E%E9%8A%80%E8%A1%8C\"><\/span>\u83ef\u7f8e\u9280\u884c<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u559c\u99ac\u62c9\u96c5\u7684\u6295\u8cc7\u7d44\u5408\u4e2d\u6709\u4e00\u5bb6\u76f8\u5c0d\u51b7\u9580\u7684\u4e0a\u5e02\u9280\u884c\u83ef\u7f8e\u9280\u884c\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aEWBC\uff09\u3002\u559c\u99ac\u62c9\u96c5\u628a\u6301\u80a1\u7684\u8fd110%\u6295\u5728\u4e86\u83ef\u7f8e\u9280\u884c\u8eab\u4e0a\uff0c\u83ef\u7f8e\u9280\u884c\u4f4d\u65bc\u7f8e\u570b\u5357\u52a0\u5dde\uff0c\u4ee5\u7f8e\u570b\u548c\u83ef\u88d4\u65cf\u7fa4\u70ba\u4e3b\u8981\u5e02\u5834\uff0c\u7e3d\u8cc7\u7522\u4f4d\u5c45\u7f8e\u570b\u524d\u4e09\u5341\u5927\u9280\u884c\u3002\u559c\u99ac\u62c9\u96c5\u5c0d\u9019\u5bb6\u9280\u884c\u7684\u7b2c\u4e00\u6b21\u6295\u8cc7\u6642\u9593\u6216\u70ba2023\u5e74\u7b2c\u4e00\u5b63\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%98%8B%E6%9E%9C\"><\/span>\u860b\u679c<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u860b\u679c\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aAAPL\uff09\u4f54\u4e86\u559c\u99ac\u62c9\u96c5\u6295\u8cc7\u7d44\u5408\u7e3d\u8cc7\u7522\u76845.76.%\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E5%81%8F%E5%A5%BD\"><\/span>\u6295\u8cc7\u504f\u597d <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%8A%80%E8%A1%8C%E8%82%A1\"><\/span>\u9280\u884c\u80a1<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>2024\u5e743\u6708\u672b\u7d71\u8a08\u986f\u793a\uff0c\u559c\u99ac\u62c9\u96c5\u6295\u8cc7\u7d44\u5408\u7e3d\u8cc7\u7522\u7684\u4e94\u5927\u6301\u80a1\u4e2d\uff0c\u9280\u884c\u80a1\u5c31\u4f54\u4e86\u5169\u6a94\uff0c\u9019\u4e00\u9ede\u53c8\u548c\u6ce2\u514b\u590f\u6709\u9ad8\u5ea6\u7684\u76f8\u4f3c\u6027\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%B8%AD%E6%A6%82%E8%82%A1\"><\/span>\u4e2d\u6982\u80a1<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u9664\u4e86\u773e\u6240\u7686\u77e5\u7684\u6bd4\u4e9e\u8fea\u4e4b\u5916\uff0c\u674e\u9304\u6295\u8cc7\u904e\u4e0d\u5c11\u7684\u4e2d\u6982\u80a1\uff0c\u5305\u62ec\u4f46\u658c\u57282024\u5e74\u6ce2\u514b\u590f\u80a1\u6771\u6703\u5f8c\u900f\u9732\u904e\u7684\uff0c\u674e\u9304\u66fe\u4ee3\u8868\u6ce2\u514b\u590f\u53bb\u6e9d\u901a\u5df4\u83f2\u7279\u60f3\u5165\u80a1\u82a7\u53f0\u4e00\u4e8b\uff0c\u5f8c\u4f86\u6ce2\u514b\u590f\u6c92\u8ac7\u6210\uff0c\u674e\u9304\u81ea\u5df1\u5012\u662f\u8cb7\u4e86\u4e0d\u5c11\u7684\u82a7\u53f0\u7684\u80a1\u7968\u3002<\/p>\n\n\n\n<p>\u518d\u5982\uff1a\u5148\u5f8c\u6295\u8cc7\u591a\u5bb6\u4e2d\u6982\u80a1\uff0c\u5305\u62ec\u65b0\u6d6a\u3001\u767e\u5ea6\u3001\u5fae\u535a\u3001\u62fc\u591a\u591a\u7b49\u77e5\u540d\u4f01\u696d\u3002\u5176\u4e2d\uff0c\u6301\u6709\u767e\u5ea6\u7684\u9031\u671f\u70ba2016\u5e74\u7b2c\u56db\u5b63\u81f32018\u5e74\u4e09\u5b63\u5ea6\uff0c\u7576\u6642\u52d5\u7528\u7684\u8cc7\u91d1\u898f\u6a21\u4e26\u4e0d\u9ad8\uff0c\u5373\u4fbf\u662f\u300c\u5c0f\u8a66\u725b\u5200\u300d\u6536\u76ca\u4e5f\u8d85\u5343\u842c\u5143\u7f8e\u5143\u7b49\u7d1a\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%9D%8E%E9%8C%84%E7%9A%84%E6%8A%95%E8%B3%87%E7%90%86%E5%BF%B5%E9%87%8D%E9%BB%9E\"><\/span>\u674e\u9304\u7684\u6295\u8cc7\u7406\u5ff5\u91cd\u9ede<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u80a1\u7968\u4e0d\u50c5\u50c5\u662f\u53ef\u4ee5\u8cb7\u8ce3\u7684\u8b49\u5238\uff0c\u5be6\u969b\u4e0a\u4ee3\u8868\u7684\u662f\u5c0d\u516c\u53f8\u7684\u90e8\u5206\u6240\u6709\u6b0a\u3002\u6295\u8cc7\u80a1\u7968\u5be6\u969b\u4e0a\u662f\u6295\u8cc7\u4e00\u500b\u516c\u53f8\uff0c\u597d\u7684\u516c\u53f8\u96a8\u8457GDP\u7684\u589e\u9577\uff0c\u50f9\u503c\u672c\u8eab\u6703\u88ab\u4e0d\u65b7\u5730\u5275\u9020\u3002<\/li>\n\n\n\n<li>\u4ee5\u80a1\u6771\u5f62\u5f0f\u6295\u8cc7\uff0c\u5728\u516c\u53f8\u50f9\u503c\u589e\u9577\u7684\u904e\u7a0b\u4e2d\u5206\u5f97\u61c9\u5f97\u7684\u5229\u76ca\uff0c\u9019\u689d\u9053\u662f\u6b63\u9053\uff0c\u662f\u53ef\u6301\u7e8c\u7684\u3002<\/li>\n\n\n\n<li>\u5e02\u5834\u53ea\u662f\u4e00\u500b\u670d\u52d9\u6e20\u9053\uff0c\u63d0\u4f9b\u7684\u662f\u8cfc\u8cb7\u516c\u53f8\u80a1\u6b0a\u7684\u670d\u52d9\uff0c\u53c3\u8207\u5e02\u5834\u4ea4\u6613\u7684\u4eba\u548c\u5e02\u5834\u884c\u60c5\u7684\u6f32\u8dcc\uff0c\u50c5\u50c5\u662f\u70ba\u4e86\u8b93\u5e02\u5834\u9019\u500b\u5de5\u5177\u8b8a\u5f97\u66f4\u597d\u4f7f\u7528\u3002\u77ed\u671f\u7684\u5e02\u5834\u6ce2\u52d5\uff0c\u5c0d\u50f9\u503c\u6295\u8cc7\u8005\u4f86\u8aaa\uff0c\u6c92\u6709\u592a\u5927\u7684\u610f\u7fa9\u3002<\/li>\n\n\n\n<li>\u6295\u8cc7\u7684\u672c\u8cea\u662f\u5c0d\u4e00\u500b\u516c\u53f8\u672a\u4f86\u9032\u884c\u9810\u6e2c\uff0c\u5982\u679c\u60f3\u8981\u964d\u4f4e\u9810\u6e2c\u98a8\u96aa\uff0c\u5c31\u8981\u8a8d\u771f\u53bb\u9078\u64c7\u90a3\u4e9b\u50f9\u683c\u9060\u9060\u4f4e\u65bc\u50f9\u503c\u7684\u597d\u516c\u53f8\u7684\u80a1\u7968\u3002\u53ea\u6709\u9019\u6a23\uff0c\u624d\u80fd\u8b93\u81ea\u5df1\u7acb\u65bc\u4e0d\u6557\u4e4b\u5730\u3002<\/li>\n\n\n\n<li>\u7121\u8ad6\u4f60\u591a\u6709\u628a\u63e1\u7684\u4e8b\u60c5\u90fd\u8981\u7262\u8a18\u5b89\u5168\u908a\u969b\uff0c\u4f60\u7684\u8cb7\u5165\u50f9\u683c\u4e00\u5b9a\u8981\u5927\u5927\u4f4e\u65bc\u516c\u53f8\u7684\u5167\u5728\u50f9\u503c\u3002<\/li>\n\n\n\n<li>\u6295\u8cc7\u4eba\u53ef\u4ee5\u901a\u904e\u9577\u671f\u4e0d\u61c8\u7684\u52aa\u529b\uff0c\u771f\u6b63\u5efa\u7acb\u8d77\u81ea\u5df1\u7684\u80fd\u529b\u5708\uff0c\u80fd\u5920\u5c0d\u67d0\u4e9b\u516c\u53f8\u3001\u67d0\u4e9b\u884c\u696d\u7372\u5f97\u8d85\u51fa\u5e7e\u4e4e\u6240\u6709\u4eba\u66f4\u6df1\u7684\u7406\u89e3\uff0c\u505a\u51fa\u9ad8\u51fa\u6240\u6709\u5176\u4ed6\u4eba\u66f4\u6e96\u78ba\u7684\u5224\u65b7\u3002<\/li>\n\n\n\n<li>\u80fd\u529b\u5708\u4e00\u5b9a\u8981\u975e\u5e38\u72f9\u5c0f\uff0c\u4f60\u8981\u628a\u5b83\u7684\u908a\u754c\u3001\u6bcf\u4e00\u584a\u908a\u754c\uff0c\u90fd\u5b9a\u7fa9\u5f97\u6e05\u6e05\u695a\u695a\u3002<\/li>\n\n\n\n<li>\u53ef\u6301\u7e8c\u7684\u6771\u897f\u90fd\u5177\u6709\u4e00\u500b\u5171\u540c\u7684\u7279\u9ede\uff0c\u5c31\u662f\u4f60\u5f97\u5230\u7684\u6771\u897f\u5728\u5225\u4eba\u770b\u4f86\uff0c\u5728\u6240\u6709\u5176\u4ed6\u4eba\u770b\u4f86\uff0c\u90fd\u662f\u4f60\u61c9\u5f97\u7684\u6771\u897f\u3002<\/li>\n\n\n\n<li>\u505a\u9019\u500b\u884c\u696d\u6700\u6839\u672c\u7684\u8981\u6c42\uff0c\u662f\u4e00\u5b9a\u8981\u5728\u77e5\u8b58\u4e0a\u505a\u5b8c\u5b8c\u6574\u6574\u3001\u767e\u5206\u4e4b\u767e\u8aa0\u5be6\u7684\u4eba\u3002\u5343\u842c\u4e0d\u80fd\u9a19\u81ea\u5df1\uff0c\u56e0\u70ba\u81ea\u5df1\u5176\u5be6\u6700\u597d\u9a19\u3002<\/li>\n\n\n\n<li>\u50f9\u503c\u6295\u8cc7\u4e0d\u50c5\u5728\u4e2d\u570b\u53ef\u4ee5\u88ab\u61c9\u7528\uff0c\u751a\u81f3\u4e2d\u570b\u76ee\u524d\u4e0d\u6210\u719f\u7684\u968e\u6bb5\uff0c\u4f7f\u50f9\u503c\u6295\u8cc7\u4eba\u5728\u4e2d\u570b\u5177\u5099\u66f4\u591a\u7684\u512a\u52e2\u3002<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%9D%8E%E9%8C%84%E7%9A%84%E7%9B%B8%E9%97%9C%E6%9B%B8%E7%B1%8D\"><\/span>\u674e\u9304\u7684\u76f8\u95dc\u66f8\u7c4d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2010\u5e745\u6708\uff0c\u674e\u9304\u5e6b\u52a9\u7ffb\u8b6f\u51fa\u7248\u4e86\u7c21\u9ad4\u4e2d\u6587\u7248\u7684\u300a\u7aae\u67e5\u7406\u5bf6\u5178\u300b\uff0c\u4e26\u70ba\u8a72\u66f8\u64b0\u5beb\u4e86\u5e8f\u8a00\u3002\u9019\u4e00\u90e8\u4efd\u7684\u6df1\u5165\u4ecb\u7d39\uff0c\u8acb\u53c3\u898b\u6211\u7684\u53e6\u4e00\u7bc7\u8cbc\u6587\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/05\/21\/%e7%aa%ae%e6%9f%a5%e7%90%86%e7%9a%84%e6%99%ae%e9%80%9a%e5%b8%b8%e8%ad%98\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8499\u683c\u6700\u91cd\u8981\u7684\u8457\u4f5c\u300a\u7aae\u67e5\u7406\u7684\u666e\u901a\u5e38\u8b58\uff08Poor Charlie&#8217;s Almanack\uff09\u300b<\/a>\u300b\u3002<\/li>\n\n\n\n<li>2020\u5e744\u6708\uff0c\u674e\u9304\u7684\u6587\u96c6\u300a\u6587\u660e\u3001\u73fe\u4ee3\u5316\u3001\u50f9\u503c\u6295\u8cc7\u8207\u4e2d\u570b\uff08Civilization, Modernization, Value Investing and China, 2020\uff09\u300b\u7531\u4e2d\u4fe1\u51fa\u7248\u793e\u51fa\u7248\u3002<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"120\" height=\"150\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2024\/05\/lilu-Custom.jpg\" alt=\"\u674e\u9304\" class=\"wp-image-49520\" style=\"width:120px;height:150px\"\/><figcaption class=\"wp-element-caption\">credit: Himalaya Capital<\/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\/2026\/03\/13\/%E3%80%8A%E6%8A%95%E8%B3%87%E5%93%B2%E4%BA%BA%E6%9F%A5%E7%90%86%E8%92%99%E6%A0%BC%E5%82%B3%EF%BC%88damn-right%EF%BC%89%E3%80%8B\/\">\u6295\u8cc7\u54f2\u4eba\u67e5\u7406\u8499\u683c\u50b3\uff08Damn Right\uff09<\/a>\u300b<\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2026\/04\/24\/%e8%ab%8b%e5%95%8f%e5%b7%b4%e8%8f%b2%e7%89%b9%e8%88%87%e8%92%99%e6%a0%bc\/\">\u300a\u6ce2\u514b\u590f\u6b77\u5e74\u80a1\u6771\u6703\u73fe\u5834\u6587\u5b57\u5be6\u9304\u96c6\u300a\u8acb\u554f\u5df4\u83f2\u7279\u8207\u8499\u683c(Buffett and Munger Unscripted)\u300b\u300b<\/a><\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%E8%92%99%E6%A0%BC%E7%9A%84%E5%82%B3%E4%BA%BA%E6%9D%8E%E9%8C%84%E5%92%8C%E4%BB%96%E7%9A%84%E7%9A%84%E5%96%9C%E9%A6%AC%E6%8B%89%E9%9B%85%E8%B3%87%E6%9C%AC\/\">\u8499\u683c\u7684\u50b3\u4eba\u674e\u9304\u548c\u4ed6\u7684\u559c\u99ac\u62c9\u96c5\u8cc7\u672c\uff08Himalaya Capital\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/07\/22\/%e8%92%99%e6%a0%bc%e9%ad%8f%e6%96%af%e5%8f%afwesco%e5%85%b124%e5%b9%b4%e8%82%a1%e6%9d%b1%e6%9c%83%e9%87%8d%e9%bb%9e%e5%92%8c%e6%84%9f%e6%83%b3\/\">\u300a\u8499\u683c\u7684\u667a\u6167\u300b-\u8499\u683c\u9b4f\u65af\u53ef\uff08Wesco\uff09\u7e3d\u517124\u5e74\u7684\u80a1\u6771\u6703\u73fe\u5834\u554f\u7b54\u91cd\u9ede\u548c\u611f\u60f3<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%E5%80%BC%E5%BE%97%E6%87%B7%E5%BF%B5%E7%9A%84%E6%9F%A5%E7%90%86%E8%92%99%E6%A0%BC\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u503c\u5f97\u61f7\u5ff5\u7684\u5049\u5927\u6295\u8cc7\u5927\u5e2b\u67e5\u7406\uff0e\u8499\u683c\uff08Charlie Munger\uff09<\/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\/2024\/05\/21\/%e7%aa%ae%e6%9f%a5%e7%90%86%e7%9a%84%e6%99%ae%e9%80%9a%e5%b8%b8%e8%ad%98\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8499\u683c\u6700\u91cd\u8981\u7684\u8457\u4f5c\u300a\u7aae\u67e5\u7406\u7684\u666e\u901a\u5e38\u8b58\uff08Poor Charlie&#8217;s Almanack\uff09\u300b<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/03\/06\/%e8%92%99%e6%a0%bc%e6%af%8f%e6%97%a5%e6%9c%9f%e5%88%8adaily-journal%e8%82%a1%e6%9d%b1%e6%9c%83%e5%95%8f%e7%ad%94\/\">\u300a\u8499\u683c\u4e4b\u9053\u300b-\u8499\u683c\u6bcf\u65e5\u671f\u520a\uff08Daily Journal\uff09\u7e3d\u517110\u5e74\u7684\u80a1\u6771\u6703\u73fe\u5834\u554f\u7b54\u91cd\u9ede\u548c\u611f\u60f3<\/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\/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\/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\/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><\/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\n\n\n<li>\u300a<a 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