{"id":51720,"date":"2024-07-04T23:56:00","date_gmt":"2024-07-04T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=51720"},"modified":"2024-08-12T07:21:31","modified_gmt":"2024-08-11T23:21:31","slug":"%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/","title":{"rendered":"\u91cf\u5316\u6295\u8cc7\u7684\u5171\u901a\u6027"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"\u986f\u793a\/\u96b1\u85cf\u5167\u5bb9\u76ee\u9304\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/#%E9%87%8F%E5%8C%96%E6%8A%95%E8%B3%87%E7%9A%84%E7%A2%BA%E6%9C%89%E8%B6%A3\" >\u91cf\u5316\u6295\u8cc7\u7684\u78ba\u6709\u8da3<\/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\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/#%E5%80%8B%E4%BA%BA%E7%9A%84%E5%BF%83%E5%BE%97\" >\u500b\u4eba\u7684\u5fc3\u5f97<\/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\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/#%E4%BB%A3%E8%A1%A8%E7%9A%84%E5%9C%98%E9%9A%8A%E6%9C%89%E5%93%AA%E4%BA%9B%EF%BC%9F\" >\u4ee3\u8868\u7684\u5718\u968a\u6709\u54ea\u4e9b\uff1f<\/a><\/li><\/ul><\/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\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/#%E5%9C%98%E9%9A%8A%E6%88%90%E5%93%A1%E7%9A%84%E7%89%B9%E6%80%A7\" >\u5718\u968a\u6210\u54e1\u7684\u7279\u6027<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/#%E6%88%90%E5%93%A1%E5%B0%88%E6%A5%AD%E5%A4%9A%E6%A8%A3%E5%8C%96\" >\u6210\u54e1\u5c08\u696d\u591a\u6a23\u5316<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/#%E9%83%BD%E6%98%AF%E8%81%B0%E6%98%8E%E4%BA%BA\" >\u90fd\u662f\u8070\u660e\u4eba<\/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\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/#%E9%87%91%E8%9E%8D%E8%83%8C%E6%99%AF%E7%84%A1%E7%B7%8A%E8%A6%81\" >\u91d1\u878d\u80cc\u666f\u7121\u7dca\u8981<\/a><\/li><\/ul><\/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\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/#%E6%A5%B5%E5%BA%A6%E4%BB%B0%E8%B3%B4%E6%95%B8%E5%AD%B8\" >\u6975\u5ea6\u4ef0\u8cf4\u6578\u5b78<\/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\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/#%E9%83%BD%E6%98%AF%E6%95%B8%E5%AD%B8%E5%AE%B6\" >\u90fd\u662f\u6578\u5b78\u5bb6<\/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\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/#%E6%A8%A1%E5%9E%8B%E6%89%8D%E6%98%AF%E6%A0%B9%E6%9C%AC\" >\u6a21\u578b\u624d\u662f\u6839\u672c<\/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\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/#%E4%B8%89%E5%A4%A7%E5%AE%9A%E7%90%86\" >\u4e09\u5927\u5b9a\u7406<\/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\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/#%E8%B3%87%E6%96%99%E5%BE%88%E9%87%8D%E8%A6%81\" >\u8cc7\u6599\u5f88\u91cd\u8981<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/#%E4%BA%A4%E6%98%93%E7%9A%84%E7%89%B9%E6%80%A7\" >\u4ea4\u6613\u7684\u7279\u6027<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/#%E9%AB%98%E9%A0%BB%E5%8C%96%E5%92%8C%E5%A4%A7%E9%A1%8D%E4%BA%A4%E6%98%93\" >\u9ad8\u983b\u5316\u548c\u5927\u984d\u4ea4\u6613<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/#%E9%A0%86%E5%8B%A2%E4%BA%A4%E6%98%93\" >\u9806\u52e2\u4ea4\u6613<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/#%E6%B6%89%E5%85%A5%E7%9A%84%E9%87%91%E8%9E%8D%E5%95%86%E5%93%81\" >\u6d89\u5165\u7684\u91d1\u878d\u5546\u54c1<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/#%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=\"%E9%87%8F%E5%8C%96%E6%8A%95%E8%B3%87%E7%9A%84%E7%A2%BA%E6%9C%89%E8%B6%A3\"><\/span>\u91cf\u5316\u6295\u8cc7\u7684\u78ba\u6709\u8da3<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%8B%E4%BA%BA%E7%9A%84%E5%BF%83%E5%BE%97\"><\/span>\u500b\u4eba\u7684\u5fc3\u5f97<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6700\u8fd1\u91cd\u8b80\u4e86\u4e00\u4e9b<a href=\"https:\/\/en.wikipedia.org\/wiki\/Value_investing#Quantitative_value_investing\" target=\"_blank\" rel=\"noreferrer noopener\">\u91cf\u5316\u6295\u8cc7<\/a>\u7684\u66f8\u7c4d\u5f8c\uff0c\u500b\u4eba\u767c\u73fe\u9019\u4e9b\u91cf\u5316\u6295\u8cc7\u7684\u5718\u968a\u5177\u6709\u8a31\u591a\u5171\u901a\u7684\u7279\u6027\u3002\u7279\u5225\u662f\u4ee5\u4e0b\u5169\u672c\u662f\u6211\u500b\u4eba\u9ad8\u5ea6\u63a8\u85a6\uff0c\u5efa\u8b70\u5c0d\u91cf\u5316\u6295\u8cc7\u6709\u8208\u8da3\u7684\u8b80\u8005\u52d9\u5fc5\u627e\u6642\u9593\u8a73\u7d30\u8b80\u500b\u5e7e\u56de\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u300a<\/strong><a href=\"https:\/\/www.amazon.com\/Man-Who-Solved-Market-Revolution\/dp\/073521798X\" target=\"_blank\" rel=\"noreferrer noopener\">\u6d1e\u6089\u5e02\u5834\u7684\u4eba\uff08The Man Who Solved the Market\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.amazon.com\/Man-All-Markets-Street-Dealer\/dp\/1400067960\" target=\"_blank\" rel=\"noreferrer noopener\">\u4ed6\u662f\u8ced\u795e\uff0c\u66f4\u662f\u80a1\u795e\uff08A Man for All Markets\uff09<\/a>\u300b<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BB%A3%E8%A1%A8%E7%9A%84%E5%9C%98%E9%9A%8A%E6%9C%89%E5%93%AA%E4%BA%9B%EF%BC%9F\"><\/span>\u4ee3\u8868\u7684\u5718\u968a\u6709\u54ea\u4e9b\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u897f\u8499\u65af\u7684\u6587\u85dd\u5fa9\u8208<\/li>\n\n\n\n<li>\u5fb7\u90b5\u57fa\u91d1<\/li>\n\n\n\n<li>\u9577\u671f\u8cc7\u672c\u7ba1\u7406\u516c\u53f8<\/li>\n\n\n\n<li>APT<\/li>\n\n\n\n<li>\u73ed\u8c9d\u683c\u52d2<\/li>\n\n\n\n<li>\u514b\u535c\u52d2<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%9C%98%E9%9A%8A%E6%88%90%E5%93%A1%E7%9A%84%E7%89%B9%E6%80%A7\"><\/span>\u5718\u968a\u6210\u54e1\u7684\u7279\u6027<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%88%90%E5%93%A1%E5%B0%88%E6%A5%AD%E5%A4%9A%E6%A8%A3%E5%8C%96\"><\/span>\u6210\u54e1\u5c08\u696d\u591a\u6a23\u5316<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u4ee5\u897f\u8499\u65af\u5275\u7acb\u7684\u6587\u85dd\u5fa9\u8208\u516c\u53f8\u70ba\u4f8b\uff0c\u516c\u53f8\u7684\u6210\u54e1\u5927\u591a\u662f\u897f\u8499\u65af\u5728\u6578\u5b78\u754c\u7684\u540c\u4e8b\u6216\u53cb\u4eba\uff0c\u5305\u62ec\u4e86\u99ac\u53ef\u592b\u93c8\u7684\u5c08\u5bb6\uff0c\u8c9d\u5f0f\u6578\u5b78\u7684\u5c08\u5bb6\uff0c\u8cc7\u6599\u7814\u5224\u5c08\u5bb6\uff0c\u5bc6\u78bc\u5c08\u5bb6\uff0c\u7d71\u8a08\u5c08\u5bb6\uff0c\u96fb\u8166\u7a0b\u5f0f\u5c08\u5bb6\uff0c\u8a9e\u97f3\u8fa8\u8b58\u5c08\u5bb6\uff0c\u6578\u64da\u6e05\u6d17\u6574\u5408\u5c08\u5bb6\uff0c\u6a5f\u5668\u5b78\u7fd2\u5c08\u5bb6\uff0c\u7d93\u6fdf\u5b78\u5bb6\uff0c\u5316\u5b78\u5bb6\uff0c\u751f\u7269\u5b78\u5bb6\uff0c\u7269\u7406\u5b78\u5bb6\u9867\u554f\u7b49\u3002<\/p>\n\n\n\n<p>\u6bcf\u4e00\u500b\u90fd\u662f\u9700\u8981\u9ad8\u5ea6\u5c08\u696d\u7684\u7406\u8ad6\u80cc\u666f\uff0c\u5b78\u6709\u5c08\u7cbe\u7684\u771f\u6b63\u5c11\u898b\u7684\u5c08\u696d\u4eba\u58eb\u3002<\/p>\n\n\n\n<p>\u95dc\u65bc\u897f\u8499\u65af\u548c\u4ed6\u7684\u50b3\u8a18\uff0c\u8acb\u53c3\u898b\u6211\u7684\u53e6\u4e00\u7bc7\u8cbc\u6587\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/11\/%E6%83%B3%E6%9A%B8%E8%A7%A3%E9%87%8F%E5%8C%96%E6%8A%95%E8%B3%87%E5%BF%85%E8%AE%80%E8%A5%BF%E8%92%99%E6%96%AF%E7%9A%84%E6%B4%9E%E6%82%89%E5%B8%82%E5%A0%B4%E7%9A%84%E4%BA%BA\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u60f3\u66b8\u89e3\u91cf\u5316\u6295\u8cc7\u5fc5\u8b80\uff0c\u897f\u8499\u65af\u7684\u300a\u6d1e\u6089\u5e02\u5834\u7684\u4eba\uff08The Man Who Solved the Market\uff09\u300b<\/a>\u300b<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%83%BD%E6%98%AF%E8%81%B0%E6%98%8E%E4%BA%BA\"><\/span>\u90fd\u662f\u8070\u660e\u4eba<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u91cf\u5316\u6295\u8cc7\u5718\u968a\u7684\u6210\u54e1\uff0c\u6c92\u6709\u4f8b\u5916\uff0c\u5f9e\u4e00\u822c\u4eba\u7684\u773c\u5149\u4f86\u770b\uff0c\u4ed6\u5011\u500b\u500b\u90fd\u662f\u6975\u5ea6\u8070\u660e\u7684\u602a\u4eba\uff0c\u5177\u6709\u5de5\u4f5c\u7684\u6295\u5165\u6027\u548c\u7a4d\u6975\u6027\uff0c\u628a\u89e3\u6c7a\u4e0d\u53ef\u80fd\u7684\u554f\u984c\u7576\u6210\u76ee\u6311\u6230\u7684\u76ee\u6a19\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%87%91%E8%9E%8D%E8%83%8C%E6%99%AF%E7%84%A1%E7%B7%8A%E8%A6%81\"><\/span>\u91d1\u878d\u80cc\u666f\u7121\u7dca\u8981<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6709\u6c92\u6709\u91d1\u878d\u80cc\u666f\u6839\u672c\u7121\u7dca\u8981\uff0c\u4f46\u662f\u5426\u64c1\u6709\u4e00\u9846\u8070\u660e\u7684\u982d\u8166\u5247\u6c7a\u5b9a\u4e86\u9069\u4e0d\u9069\u5408\u6295\u5165\u91cf\u5316\u6295\u8cc7\u3002\u56e0\u70ba\u6c92\u6709\u6709\u91d1\u878d\u77e5\u8b58\uff0c\u53ea\u8981\u52aa\u529b\u5b78\u7fd2\u548c\u627e\u4eba\u60e1\u88dc\u4e00\u4e0b\uff0c\u4e00\u5b9a\u53ef\u4ee5\u812b\u80ce\u63db\u9aa8\u3002\u7136\u800c\u8070\u4e0d\u8070\u660e\uff0c\u537b\u4e0d\u662f\u6c92\u6709\u8fa6\u6cd5\u900f\u904e\u5f8c\u5929\u7684\u5b78\u7fd2\u80fd\u5f4c\u88dc\u7684\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%A5%B5%E5%BA%A6%E4%BB%B0%E8%B3%B4%E6%95%B8%E5%AD%B8\"><\/span>\u6975\u5ea6\u4ef0\u8cf4\u6578\u5b78<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%83%BD%E6%98%AF%E6%95%B8%E5%AD%B8%E5%AE%B6\"><\/span>\u90fd\u662f\u6578\u5b78\u5bb6<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u8457\u540d\u7684\u91cf\u5316\u6295\u8cc7\u5718\u968a\u7684\u5275\u8fa6\u4eba\uff0c\u5e7e\u4e4e\u6c92\u6709\u4f8b\u5916\uff0c\u500b\u500b\u90fd\u662f\u6578\u5b78\u5bb6\uff0c\u9019\u7576\u7136\u4e0d\u662f\u5de7\u5408\u3002<\/p>\n\n\n\n<p>\u8189\u578b\u7684\u4f8b\u5b50\u5305\u62ec\u4e86\u767c\u660e\u8cfd\u5c40\u7406\u8ad6\u7684\u7d0d\u8a31\uff0c\u8cc7\u8a0a\u7406\u8ad6\u5927\u5e2b\u590f\u8fb2\uff0c\u7b2c\u4e00\u500b\u91cf\u5316\u4ea4\u6613\u6578\u5b78\u5bb6\u7d22\u666e\uff0c\u767c\u660e\u51f1\u5229\u516c\u5f0f\u7684\u51f1\u5229\uff0c\u9047\u6709\u6700\u6210\u529f\u7684\u91cf\u5316\u6295\u8cc7\u4eba\u897f\u8499\u65af\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%A8%A1%E5%9E%8B%E6%89%8D%E6%98%AF%E6%A0%B9%E6%9C%AC\"><\/span>\u6a21\u578b\u624d\u662f\u6839\u672c<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6240\u6709\u7684\u91cf\u5316\u6295\u8cc7\u5718\u968a\u90fd\u53ea\u6709\u4e00\u500b\u76ee\u6a19\u2500\u2500\u2500\u90a3\u5c31\u662f\u5efa\u7acb\u4e00\u5957\u80fd\u6301\u7e8c\u7372\u5229\uff0c\u800c\u4e14\u80fd\u7531\u96fb\u8166\u81ea\u52d5\u64cd\u4f5c\u7684\u6a21\u578b\u3002\u5176\u4e2d\u6240\u4f9d\u9760\u7684\u5c31\u662f\u6578\u5b78\u6a21\u578b\uff0c\u6f14\u7b97\u6cd5\uff0c\u518d\u52a0\u4e0a\u5e02\u5834\u7684\u8003\u9a57\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%B8%89%E5%A4%A7%E5%AE%9A%E7%90%86\"><\/span>\u4e09\u5927\u5b9a\u7406<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6211\u767c\u73fe\u5927\u591a\u6578\u7684\u91cf\u5316\u6295\u8cc7\u5718\u968a\u6975\u5ea6\u4ef0\u8cf4\u6578\u5b78\u6a21\u578b\uff0c\u5176\u4e2d\u5c24\u4ee5\u8c9d\u5f0f\u5b9a\u7406\uff0c\u7d71\u8a08\u5957\u5229\uff0c\u8ff4\u6b78\u6e2c\u8a66\u9019\u4e09\u5957\u7406\u6700\u70ba\u91cd\u8981\uff0c\u5e7e\u4e4e\u69cb\u6210\u4e86\u91cf\u5316\u6295\u8cc7\u5718\u968a\u7684\u6838\u5fc3\u5fc5\u5099\u7684\u57fa\u672c\u5b9a\u7406\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%B3%87%E6%96%99%E5%BE%88%E9%87%8D%E8%A6%81\"><\/span>\u8cc7\u6599\u5f88\u91cd\u8981<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6240\u6709\u7684\u6a21\u578b\uff0c\u7d71\u8a08\uff0c\u4e09\u5927\u5b9a\u7406\uff0c\u4ea4\u6613\u7684\u8da8\u52e2\uff0c\u4ee5\u53ca\u6b77\u53f2\u7684\u6559\u8a13\uff0c\u90fd\u9700\u8981\u53ef\u9760\u7684\u6578\u64da\u505a\u70ba\u57fa\u790e\uff0c\u5426\u5247\u4e00\u5207\u90fd\u662f\u767d\u8ac7\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BA%A4%E6%98%93%E7%9A%84%E7%89%B9%E6%80%A7\"><\/span>\u4ea4\u6613\u7684\u7279\u6027<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%AB%98%E9%A0%BB%E5%8C%96%E5%92%8C%E5%A4%A7%E9%A1%8D%E4%BA%A4%E6%98%93\"><\/span>\u9ad8\u983b\u5316\u548c\u5927\u984d\u4ea4\u6613<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5e7e\u4e4e\u6240\u6709\u7684\u91cf\u5316\u6295\u8cc7\u5718\u968a\u63a1\u7528\u7684\u90fd\u662f\u9ad8\u983b\u5316\u548c\u5927\u984d\u4ea4\u6613\uff1b\u4e5f\u5c31\u662f\u5728\u77ed\u671f\u5167\u4ea4\u6613\u5b8c\u6210\u975e\u5e38\u5927\u91cf\u91d1\u984d\u7684\u91d1\u878d\u5546\u54c1\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%A0%86%E5%8B%A2%E4%BA%A4%E6%98%93\"><\/span>\u9806\u52e2\u4ea4\u6613<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u591a\u6578\u7684\u91cf\u5316\u6295\u8cc7\u5718\u968a\u63a1\u7528\u7684\u90fd\u662f\u9806\u52e2\u4ea4\u6613\uff0c\u4ed6\u5011\u90fd\u76f8\u4fe1\u8da8\u52e2\u662f\u4ea4\u6613\u8005\u7684\u670b\u53cb\uff0c\u53ea\u8981\u6240\u62bc\u6ce8\u7684\u4ea4\u6613\u65b9\u5f0f\u80fd\u8cfa\u5927\u9322\uff0c\u5c31\u6703\u4e00\u80a1\u8166\u5730\u5927\u91cf\u5730\u589e\u52a0\u624b\u4e0a\u7684\u62bc\u6ce8\u91d1\u984d\uff0c\u76f4\u5230\u6240\u62bc\u6ce8\u7684\u8da8\u52e2\u5931\u6548\u6216\u8cfa\u4e0d\u4e86\u9322\u70ba\u6b62\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%B6%89%E5%85%A5%E7%9A%84%E9%87%91%E8%9E%8D%E5%95%86%E5%93%81\"><\/span>\u6d89\u5165\u7684\u91d1\u878d\u5546\u54c1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6d89\u5165\u7684\u91d1\u878d\u5546\u54c1\u5305\u62ec\u80a1\u7968\uff0c\u5916\u6ed9\uff0c\u5927\u5b97\u5546\u54c1\uff0c\u8cb4\u91d1\u5c6c\uff0c\u539f\u6cb9\uff0c\u671f\u8ca8\uff0c\u6307\u6578\uff0c\u80a1\u7968\u9078\u64c7\u6b0a\uff0c\u50b5\u5238\u7b49\u90fd\u6709\u53ef\u80fd\u3002<\/p>\n\n\n\n<p>\u4f46\u662f\u5927\u90e8\u4efd\u7684\u91cf\u5316\u4ea4\u6613\uff0c\u5176\u5be6\u90fd\u662f\u5f9e\u4e8b\u4e00\u822c\u6563\u6236\u4e0d\u6703\u53bb\u78b0\u7684\u5916\u6ed9\uff0c\u5927\u5b97\u5546\u54c1\uff0c\u8cb4\u91d1\u5c6c\uff0c\u539f\u6cb9\uff0c\u671f\u8ca8\uff0c\u6307\u6578\uff0c\u80a1\u7968\u9078\u64c7\u6b0a\uff1b\u4e5f\u5c31\u662f\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"178\" height=\"100\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2024\/06\/qt-Custom.jpg\" alt=\"\u91cf\u5316\u6295\u8cc7\" class=\"wp-image-51732\"\/><figcaption class=\"wp-element-caption\">credit: Ideogram<\/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\/2024\/05\/11\/%e6%9c%89%e5%8f%b2%e4%bb%a5%e4%be%86%e6%9c%80%e5%81%89%e5%a4%a7%e7%9a%84%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e5%a4%a9%e7%8e%8b%e5%90%89%e5%a7%86%e8%a5%bf%e8%92%99%e6%96%af%e5%8e%bb%e4%b8%96\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6709\u53f2\u4ee5\u4f86\u6700\u5049\u5927\u7684\u91cf\u5316\u6295\u8cc7\u5929\u738b\u5409\u59c6\u897f\u8499\u65af\uff08Jim Simons\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/11\/%E6%83%B3%E6%9A%B8%E8%A7%A3%E9%87%8F%E5%8C%96%E6%8A%95%E8%B3%87%E5%BF%85%E8%AE%80%E8%A5%BF%E8%92%99%E6%96%AF%E7%9A%84%E6%B4%9E%E6%82%89%E5%B8%82%E5%A0%B4%E7%9A%84%E4%BA%BA\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u60f3\u66b8\u89e3\u91cf\u5316\u6295\u8cc7\u5fc5\u8b80\uff0c\u897f\u8499\u65af\u7684\u300a\u6d1e\u6089\u5e02\u5834\u7684\u4eba\uff08The Man Who Solved the Market\uff09\u300b<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u91cf\u5316\u6295\u8cc7\u7684\u5171\u901a\u6027<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/09\/27\/%e6%a8%a1%e4%bb%bf%e5%81%89%e5%a4%a7%e6%8a%95%e8%b3%87%e4%ba%ba%e6%98%af%e9%80%b2%e6%ad%a5%e6%9c%80%e5%bf%ab%e5%92%8c%e6%9c%80%e6%9c%89%e6%95%88%e7%9a%84%e6%96%b9%e6%b3%95\/\">\u6a21\u4eff\u5049\u5927\u6295\u8cc7\u4eba\u662f\u9032\u6b65\u6700\u5feb\u548c\u6700\u6709\u6548\u7684\u65b9\u6cd5<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/24\/%e5%a6%82%e4%bd%95%e7%a0%94%e7%a9%b6%e6%88%90%e5%8a%9f%e7%9a%84%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab\/\">\u5982\u4f55\u7814\u7a76\u6210\u529f\u7684\u6295\u8cc7\u5927\u5e2b<\/a>\uff1f\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/01\/14\/%e9%a0%82%e5%b0%96%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab%e5%80%91%e7%9a%84%e7%94%9f%e6%b6%af%e5%b9%b4%e5%8c%96%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87\/\">\u9802\u5c16\u6295\u8cc7\u5927\u5e2b\u5011\u7684\u751f\u6daf\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/01\/%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab%e5%87%b1%e5%9b%a0%e6%96%af\/\">\u6295\u8cc7\u5927\u5e2b\u7d04\u7ff0\uff0e\u6885\u7d0d\u5fb7\uff0e\u51f1\u56e0\u65af\uff08John Maynard Keynes\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/05\/%e5%bd%bc%e5%be%97%e6%9e%97%e5%8d%80%e9%81%b8%e8%82%a1%e6%88%b0%e7%95%a5\/\">\u9069\u5408\u5165\u9580\u6295\u8cc7\u4eba\u7684\u300a\u5f7c\u5f97\u6797\u5340\u9078\u80a1\u6230\u7565\uff08One Up On Wall Street\uff09<\/a>\u300b\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/07\/10\/%e5%a6%82%e4%bd%95%e6%aa%a2%e8%a6%96%e4%b8%80%e5%80%8b%e6%88%90%e5%8a%9f%e7%9a%84%e8%82%a1%e5%b8%82%e6%8a%95%e8%b3%87%e4%ba%ba%e6%88%90%e5%8a%9f%e8%83%bd%e5%90%a6%e6%8c%81%e7%ba%8c%ef%bc%9f\/\">\u6295\u8cc7\u4eba\u6210\u529f\u80fd\u5426\u6301\u7e8c\u5982\u4f55\u6aa2\u8996\uff1f3\u9805\u6aa2\u8996\u7684\u6a19\u6e96<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/07\/18\/%e5%a6%82%e4%bd%95%e8%a8%88%e7%ae%97%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%ef%bc%9f\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8cc7\u4eba\u8a72\u91cd\u8996\u7684\u662f\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\uff08IRR\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/09\/12\/%e6%82%a8%e6%87%89%e8%a9%b2%e8%aa%8d%e8%ad%98square%e9%80%99%e5%ae%b6%e4%bc%81%e6%a5%ad\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/04\/07\/%e7%82%ba%e4%bb%80%e9%ba%bc%e5%b7%b4%e8%8f%b2%e7%89%b9%e5%80%bc%e5%be%97%e6%b7%b1%e5%85%a5%e7%a0%94%e7%a9%b6%ef%bc%9f\/\">\u70ba\u4ec0\u9ebc\u5df4\u83f2\u7279\u503c\u5f97\u6df1\u5165\u7814\u7a76\uff1f<\/a>\u300b<\/li>\n<\/ul>\n\n\n\n<p><em><strong>\u91cd\u8981\u8072\u660e<\/strong><\/em><\/p>\n\n\n\n<ul 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