{"id":73844,"date":"2025-10-08T23:56:00","date_gmt":"2025-10-08T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=73844"},"modified":"2025-10-09T10:45:36","modified_gmt":"2025-10-09T02:45:36","slug":"%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","status":"publish","type":"post","link":"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\/","title":{"rendered":"\u6295\u8cc7\u9280\u884c\u4e4b\u738b\u6469\u6839\u58eb\u4e39\u5229\uff08Morgan Stanley\uff09"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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\/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\/#%E4%BC%81%E6%A5%AD%E4%BB%8B%E7%B4%B9\" >\u4f01\u696d\u4ecb\u7d39<\/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\/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\/#%E6%91%A9%E6%A0%B9%E9%87%91%E8%9E%8D%E5%B8%9D%E5%9C%8B\" >\u6469\u6839\u91d1\u878d\u5e1d\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\/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\/#%E5%92%8C%E6%91%A9%E6%A0%B9%E9%8A%80%E8%A1%8C%E5%88%86%E5%AE%B6\" >\u548c\u6469\u6839\u9280\u884c\u5206\u5bb6<\/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\/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\/#%E5%92%8C%E6%B7%BB%E6%83%A0%E5%90%88%E4%BD%B5\" >\u548c\u6dfb\u60e0\u5408\u4f75<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" 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\/#%E5%88%9D%E6%AC%A1%E5%85%AC%E9%96%8B%E7%99%BC%E8%A1%8C\" >\u521d\u6b21\u516c\u958b\u767c\u884c<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/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\/#%E7%BE%8E%E5%9C%8B%E9%97%9C%E9%8D%B5%E7%9A%84%E6%B3%95%E8%A6%8F%E8%AE%8A%E5%8B%95\" >\u7f8e\u570b\u95dc\u9375\u7684\u6cd5\u898f\u8b8a\u52d5<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" 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\/#%E6%A0%BC%E6%8B%89%E6%96%AF-%E6%96%AF%E8%92%82%E6%A0%BC%E7%88%BE%E6%B3%95%E6%A1%88\" >\u683c\u62c9\u65af-\u65af\u8482\u683c\u723e\u6cd5\u6848<\/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\/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\/#%E6%A0%BC%E6%8B%89%E6%96%AF-%E6%96%AF%E8%92%82%E6%A0%BC%E7%88%BE%E6%B3%95%E6%A1%88%E8%A2%AB%E5%BB%A2%E6%AD%A2\" >\u683c\u62c9\u65af-\u65af\u8482\u683c\u723e\u6cd5\u6848\u88ab\u5ee2\u6b62<\/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\/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\/#%E5%85%AC%E5%8F%B8%E7%87%9F%E9%81%8B%E5%92%8C%E6%A5%AD%E5%8B%99\" >\u516c\u53f8\u71df\u904b\u548c\u696d\u52d9<\/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\/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\/#%E9%87%8D%E8%A6%81%E7%9A%84%E4%BD%B5%E8%B3%BC%EF%BC%8C%E8%82%A1%E6%AC%8A%EF%BC%8C%E5%87%BA%E5%94%AE%E6%A1%88\" >\u91cd\u8981\u7684\u4f75\u8cfc\uff0c\u80a1\u6b0a\uff0c\u51fa\u552e\u6848<\/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\/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\/#%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1\" >\u4e3b\u8981\u80a1\u6771<\/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\/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\/#%E4%B8%BB%E8%A6%81%E6%A5%AD%E5%8B%99%E9%83%A8%E9%96%80\" >\u4e3b\u8981\u696d\u52d9\u90e8\u9580<\/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\/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\/#%E7%87%9F%E9%81%8B%E7%8F%BE%E6%B3%81%E5%92%8C%E8%A1%A8%E7%8F%BE\" >\u71df\u904b\u73fe\u6cc1\u548c\u8868\u73fe<\/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\/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\/#2025%E5%B9%B4%E7%AC%AC2%E5%AD%A3%E8%B2%A1%E5%A0%B1\" >2025\u5e74\u7b2c2\u5b63\u8ca1\u5831<\/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\/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\/#%E4%B8%BB%E8%A6%81%E9%83%A8%E9%96%80%E8%A1%A8%E7%8F%BE\" >\u4e3b\u8981\u90e8\u9580\u8868\u73fe<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" 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\/#%E6%A9%9F%E6%A7%8B%E8%AD%89%E5%88%B8\" >\u6a5f\u69cb\u8b49\u5238<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-17\" 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\/#%E8%B2%A1%E5%AF%8C%E7%AE%A1%E7%90%86\" >\u8ca1\u5bcc\u7ba1\u7406<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" 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\/#%E6%8A%95%E8%B3%87%E7%AE%A1%E7%90%86\" >\u6295\u8cc7\u7ba1\u7406<\/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-19\" 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\/#%E7%9B%B8%E9%97%9C%E6%96%87%E7%AB%A0\" >\u76f8\u95dc\u6587\u7ae0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" 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\/#%E9%87%8D%E8%A6%81%E8%81%B2%E6%98%8E\" >\u91cd\u8981\u8072\u660e<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BC%81%E6%A5%AD%E4%BB%8B%E7%B4%B9\"><\/span>\u4f01\u696d\u4ecb\u7d39<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%91%A9%E6%A0%B9%E9%87%91%E8%9E%8D%E5%B8%9D%E5%9C%8B\"><\/span>\u6469\u6839\u91d1\u878d\u5e1d\u570b<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/www.morganstanley.com\/\" target=\"_blank\" rel=\"noopener\">\u6469\u6839\u58eb\u4e39\u5229\uff08Morgan Stanley\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aMS\uff09<\/a>\u5728\u6295\u8cc7\u9280\u884c\u7684\u738b\u4f4d\uff0c\u6b63\u5982\u6469\u6839\u5927\u901a\u9280\u884c\u5728\u5546\u696d\u9280\u884c\u7684\u5fd7\u4f4d\uff0c\u5169\u8005\u90fd\u662f\u7121\u53ef\u53d6\u4ee3\u7684\u738b\u8005\uff1b\u6700\u91cd\u8981\u7684\u662f\u5169\u8005\u5176\u5be6\u662f\u7cfb\u51fa\u540c\u6e90\uff0c\u4f86\u81ea\u8fd1\u767e\u5e74\u524d\u7684\u6469\u6839\u91d1\u878d\u5e1d\u570b\u2014\u2014J. P. Morgan\u516c\u53f8\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%92%8C%E6%91%A9%E6%A0%B9%E9%8A%80%E8%A1%8C%E5%88%86%E5%AE%B6\"><\/span>\u548c\u6469\u6839\u9280\u884c\u5206\u5bb6<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u820a\u7684\u6469\u6839\u58eb\u4e39\u5229\u6210\u7acb\u65bc1935\u5e749\u670816\u65e5\uff0c\u6700\u65e9\u7531J. P. Morgan\u516c\u53f8\u5408\u4f19\u4eba\u4ea8\u5229\u00b7\u65af\u7279\u5409\u65af\u00b7\u6469\u6839\uff08\u7d04\u7ff0\u00b7\u76ae\u723e\u9f90\u7279\u00b7\u6469\u6839\u4e4b\u5b6b\uff09\u4ee5\u53ca\u54c8\u7f85\u5fb7\u00b7\u58eb\u4e39\u5229\u7b49\u4eba\u5275\u8fa6\uff0c\u65b0\u516c\u53f8\u7684\u6210\u7acb\u662f\u61c9\u300a\u683c\u62c9\u65af-\u65af\u8482\u683c\u723e\u6cd5\u6848\u300b\u7684\u8981\u6c42\u2014\u2014\u5546\u696d\u9280\u884c\u548c\u6295\u8cc7\u9280\u884c\u696d\u52d9\u7684\u5fc5\u9808\u5206\u96e2\u3002<\/p>\n\n\n\n<p>\u6469\u6839\u5e1d\u570b\u81f3\u6b64\u88ab\u62c6\u70ba\u5169\u90e8\u4efd\uff1a\u8001\u6469\u6839\u58eb\u4e39\u5229\u548c\u6469\u6839\u9280\u884c\u3002\u6469\u6839\u9280\u884c\u5f8c\u4f86\u53c8\u5408\u4f75\u4e86\u5927\u901a\u9280\u884c\uff0c\u6210\u70ba\u4eca\u5929\u7684\u6469\u6839\u5927\u901a\u9280\u884c\uff0c\u9019\u4e00\u90e8\u4efd\u8acb\u898b\u6211\u7684\u53e6\u4e00\u7bc7\u8cbc\u6587\uff1a\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<\/p>\n\n\n\n<p>1941\u5e74\u6469\u6839\u58eb\u4e39\u5229\u8207\u7d10\u7d04\u8b49\u5238\u4ea4\u6613\u6240\u5408\u4f5c\uff0c\u6210\u70ba\u8a72\u8b49\u4ea4\u6240\u7684\u5408\u4f5c\u5925\u4f34\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%92%8C%E6%B7%BB%E6%83%A0%E5%90%88%E4%BD%B5\"><\/span>\u548c\u6dfb\u60e0\u5408\u4f75<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u65b0\u6469\u6839\u58eb\u4e39\u5229\u6210\u7acb\u65bc1997\u5e74\uff0c\u7531\u820a\u7684\u6469\u6839\u58eb\u4e39\u5229\u57281997\u5e74\u8207\u897f\u723e\u65af\u516c\u53f8\u4e0b\u548c\u6dfb\u60e0\u00b7\u767c\u73fe\u516c\u53f8\u5408\u4f75\u800c\u6210\uff0c\u6dfb\u60e0\u516c\u53f8\u7684<a href=\"https:\/\/zh.wikipedia.org\/wiki\/%E8%91%A3%E4%BA%8B%E9%95%BF\" target=\"_blank\" rel=\"noopener\">\u8463\u4e8b\u9577<\/a>\u53ca<a href=\"https:\/\/zh.wikipedia.org\/wiki\/CEO\" target=\"_blank\" rel=\"noopener\">CEO<\/a><a href=\"https:\/\/zh.wikipedia.org\/wiki\/%E8%A3%B4%E7%86%99%E4%BA%AE\" target=\"_blank\" rel=\"noopener\">\u88f4\u7199\u4eae<\/a>\u5c31\u4efb\u65b0\u516c\u53f8\u7684\u8463\u4e8b\u9577\u53caCEO\uff0c\u65b0\u516c\u53f8\u547d\u540d\u70ba\u300c\u6469\u6839\u58eb\u4e39\u5229\u00b7\u6dfb\u60e0\u00b7\u767c\u73fe\u516c\u53f8\uff08Morgan Stanley Dean Witter Discover &amp; Co.\uff09\u300d\u30022001\u5e74\uff0c\u65b0\u7684\u516c\u53f8\u6700\u7d42\u91cd\u65b0\u66f4\u540d\u70ba\u300c\u6469\u6839\u58eb\u4e39\u5229\uff08Morgan Stanley\uff09\u300d\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%88%9D%E6%AC%A1%E5%85%AC%E9%96%8B%E7%99%BC%E8%A1%8C\"><\/span>\u521d\u6b21\u516c\u958b\u767c\u884c<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1986\u5e74\u6469\u6839\u58eb\u4e39\u5229\u5728\u7d10\u7d04\u8b49\u5238\u4ea4\u6613\u6240\u639b\u724c\u4ea4\u6613\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%BE%8E%E5%9C%8B%E9%97%9C%E9%8D%B5%E7%9A%84%E6%B3%95%E8%A6%8F%E8%AE%8A%E5%8B%95\"><\/span>\u7f8e\u570b\u95dc\u9375\u7684\u6cd5\u898f\u8b8a\u52d5<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%A0%BC%E6%8B%89%E6%96%AF-%E6%96%AF%E8%92%82%E6%A0%BC%E7%88%BE%E6%B3%95%E6%A1%88\"><\/span>\u683c\u62c9\u65af-\u65af\u8482\u683c\u723e\u6cd5\u6848<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1933\u5e74\u7f8e\u570b\u7d93\u6b77\u7d93\u6fdf\u5927\u856d\u689d\uff0c\u7f8e\u570b\u570b\u6703\u901a\u904e\u300a<a href=\"https:\/\/zh.wikipedia.org\/wiki\/%E6%A0%BC%E6%8B%89%E6%96%AF-%E6%96%AF%E8%92%82%E6%A0%BC%E5%B0%94%E6%B3%95%E6%A1%88\" target=\"_blank\" rel=\"noopener\">\u683c\u62c9\u65af-\u65af\u8482\u683c\u723e\u6cd5\u6848<\/a>\u300b\uff0c\u7981\u6b62\u516c\u53f8\u540c\u6642\u63d0\u4f9b\u5546\u696d\u9280\u884c\u8207\u6295\u8cc7\u9280\u884c\u670d\u52d9\u3002<\/p>\n\n\n\n<p>\u6469\u6839\u5e1d\u570b\u81f3\u6b64\u88ab\u62c6\u70ba\u5169\u90e8\u4efd\uff1a\u820a\u7684\u6469\u6839\u58eb\u4e39\u5229\u548c\u6469\u6839\u9280\u884c\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%A0%BC%E6%8B%89%E6%96%AF-%E6%96%AF%E8%92%82%E6%A0%BC%E7%88%BE%E6%B3%95%E6%A1%88%E8%A2%AB%E5%BB%A2%E6%AD%A2\"><\/span>\u683c\u62c9\u65af-\u65af\u8482\u683c\u723e\u6cd5\u6848\u88ab\u5ee2\u6b62<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5728\u570b\u6703\u5c07\u5176\u8207\u63a5\u53d7\u5b58\u6b3e\u7684\u8cb8\u6b3e\u9280\u884c\u5206\u96e2\u4e4b\u5f8c\u768475\u5e74\uff0c\u7f8e\u570b\u6700\u5f8c\u5169\u5bb6\u4e3b\u8981\u6295\u8cc7\u9280\u884c\u6469\u6839\u58eb\u4e39\u5229\u548c\u9ad8\u76db\u5747\u65bc2008\u5e749\u670822\u65e5\u5ba3\u5e03\uff0c\u5b83\u5011\u5c07\u6210\u70ba\u7f8e\u806f\u6e96\u76e3\u7ba1\u7684\u50b3\u7d71\u9280\u884c\u63a7\u80a1\u516c\u53f8\u3002\u806f\u6e96\u6703\uff08Fed\uff09\u6279\u51c6\u5176\u6210\u70ba\u9280\u884c\u7684\u9019\u4e00\u8209\u52d5\uff0c\u7d50\u675f\u4e86\u8b49\u5238\u516c\u53f8\u7684\u512a\u52e2\u5730\u4f4d\u3002<\/p>\n\n\n\n<p>\u81ea\u6b64\u5f8c1933\u5e74\u7684\u683c\u62c9\u65af-\u65af\u8482\u683c\u723e\u6cd5\u6848\u88ab\u5ee2\u6b62\uff0c\u516c\u53f8\u53ef\u4ee5\u540c\u6642\u63d0\u4f9b\u5546\u696d\u9280\u884c\u8207\u6295\u8cc7\u9280\u884c\u7684\u670d\u52d9\u3002\u7c21\u8a00\u4e4b\uff0c\u6469\u6839\u58eb\u4e39\u5229\u548c<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\">\u6469\u6839\u5927\u901a<\/a>\u81ea\u6b64\u5f8c\uff0c\u90fd\u540c\u6642\u63d0\u4f9b\u5546\u696d\u9280\u884c\u8207\u6295\u8cc7\u9280\u884c\u7684\u670d\u52d9\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%85%AC%E5%8F%B8%E7%87%9F%E9%81%8B%E5%92%8C%E6%A5%AD%E5%8B%99\"><\/span>\u516c\u53f8\u71df\u904b\u548c\u696d\u52d9<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%87%8D%E8%A6%81%E7%9A%84%E4%BD%B5%E8%B3%BC%EF%BC%8C%E8%82%A1%E6%AC%8A%EF%BC%8C%E5%87%BA%E5%94%AE%E6%A1%88\"><\/span>\u91cd\u8981\u7684\u4f75\u8cfc\uff0c\u80a1\u6b0a\uff0c\u51fa\u552e\u6848<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u820a\u7684\u6469\u6839\u58eb\u4e39\u5229\u57281997\u5e74\u8207\u897f\u723e\u65af\u516c\u53f8\u4e0b\u548c\u6dfb\u60e0\u00b7\u767c\u73fe\u516c\u53f8\u5408\u4f75\u3002<\/li>\n\n\n\n<li>\u6469\u6839\u58eb\u4e39\u5229\u57282008 \u5e74\u91d1\u878d\u5371\u6a5f\u671f\u9593\u5e7e\u4e4e\u9762\u81e8\u5012\u9589\uff0c\u6469\u6839\u5927\u901a\u6700\u7d42\u4e26\u672a\u51fa\u624b\u76f8\u6551\u3002\u9084\u597d\u65e5\u672c\u7684\u4e09\u83f1UFJ\u91d1\u878d\u96c6\u5718\u7b54\u61c9\u6ce8\u5165\u5de8\u8cc7\uff0c\u4e09\u83f1UFJ\u91d1\u878d\u96c6\u5718\u65bc2008\u5e749\u6708\u6295\u8cc790\u5104\u7f8e\u5143\u76f4\u63a5\u8cfc\u8cb7\u4e86\u6469\u6839\u58eb\u4e39\u522921\uff05\u7684\u80a1\u6b0a\u30022011\u5e74\u4e09\u83f1UFJ\u9280\u884c\u5c07\u6301\u6709\u7684\u6469\u6839\u58eb\u4e39\u5229\u7279\u5225\u80a1\u8f49\u63db\u70ba22.4%\u7684\u6469\u6839\u58eb\u4e39\u5229\u666e\u901a\u80a1\u3002<\/li>\n\n\n\n<li>2009\u5e741\u6708\uff0c\u6469\u6839\u58eb\u4e39\u5229\u548c\u82b1\u65d7\u96c6\u5718\u6210\u7acb\u65b0\u5408\u8cc7\u516c\u53f8\u6469\u6839\u58eb\u4e39\u5229\u7f8e\u90a6\u516c\u53f8\uff08Morgan Stanley Smith Barney\uff09\uff0c\u9019\u4f7f\u5f97\u6469\u6839\u58eb\u4e39\u5229\u6210\u70ba\u5168\u7403\u6700\u5927\u7684\u5238\u5546\u30022013\u5e74\uff0c\u6469\u6839\u58eb\u4e39\u5229\u8cb7\u9032\u6240\u6709\u82b1\u65d7\u96c6\u5718\u6240\u6301\u7684\u80a1\u4efd\uff0c\u81f3\u6b64\u5b8c\u5168\u63a7\u5236\u7f8e\u90a6\u516c\u53f8\u3002<\/li>\n\n\n\n<li>2009\u5e7410\u6708\uff0c\u6469\u6839\u58eb\u4e39\u5229\u5c07\u65d7\u4e0b\u96f6\u552e\u6295\u8cc7\u7ba1\u7406\u696d\u52d9\uff08\u5305\u62ecVan Kampen\u90e8\u9580\uff09\u4ee515\u5104\u7f8e\u5143\u7684\u80a1\u7968\u548c\u73fe\u91d1\u6298\u5408\u50f9\u683c\u51fa\u552e\u7d66\u7f8e\u570b\u666f\u9806\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\uff08Invesco Ltd.\uff09\u3002<\/li>\n\n\n\n<li>2020\u5e742\u6708\u6469\u6839\u58eb\u4e39\u5229\u4ee51.0432\u4efd\u80a1\u4efd\u63db\u4e00\u80a1\u5104\u5275\u7406\u8ca1\uff08E*Trade\uff09\u80a1\u4efd\uff0c\u76f8\u7576\u65bc\u6bcf\u80a158.74\u7f8e\u5143\uff0c\u65a5\u8cc7130\u5104\u7f8e\u5143\u6536\u8cfc\u5104\u5275\u7406\u8ca1\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1\"><\/span>\u4e3b\u8981\u80a1\u6771<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6469\u6839\u58eb\u4e39\u5229\u4e3b\u8981\u7531\u6a5f\u69cb\u6295\u8cc7\u8005\u6301\u6709\uff0c\u6301\u6709\u517662.00%\u7684\u80a1\u4efd\u3002\u622a\u81f32024\u5e7412\u670831\u65e5\uff0c\u5176\u6700\u5927\u80a1\u6771\u70ba\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2,677\u5bb6\u5176\u4ed6\u6a5f\u69cb\uff0812.99%\uff09<\/li>\n\n\n\n<li>\u4e09\u83f1\u65e5\u806f\u91d1\u878d\u96c6\u5718(23.38%)<\/li>\n\n\n\n<li>\u9053\u5bcc\u9280\u884c(6.90%)<\/li>\n\n\n\n<li>\u5148\u92d2\u96c6\u5718\uff086.83%\uff09<\/li>\n\n\n\n<li>\u8c9d\u840a\u5fb7\uff085.90%\uff09<\/li>\n\n\n\n<li>\u6469\u6839\u5927\u901a\uff082.54%\uff09<\/li>\n\n\n\n<li>\u8cc7\u672c\u570b\u969b\u6295\u8cc7\u8005(1.86%)<\/li>\n\n\n\n<li>Geode\u8cc7\u672c\u7ba1\u7406\u516c\u53f8\uff081.60%\uff09<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%B8%BB%E8%A6%81%E6%A5%AD%E5%8B%99%E9%83%A8%E9%96%80\"><\/span>\u4e3b\u8981\u696d\u52d9\u90e8\u9580<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6469\u6839\u58eb\u4e39\u5229\u7e3d\u516c\u53f8\u4e0b\u8a2d9\u500b\u90e8\u9580\uff0c\u5305\u62ec\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u80a1\u7968\u7814\u7a76\u90e8<\/li>\n\n\n\n<li>\u6295\u8cc7\u9280\u884c\u90e8<\/li>\n\n\n\n<li>\u79c1\u4eba\u8ca1\u5bcc\u7ba1\u7406\u90e8<\/li>\n\n\n\n<li>\u5916\u532f\uff0f\u50b5\u5238\u90e8<\/li>\n\n\n\n<li>\u5546\u54c1\u4ea4\u6613\u90e8<\/li>\n\n\n\n<li>\u56fa\u5b9a\u6536\u76ca\u7814\u7a76\u90e8<\/li>\n\n\n\n<li>\u6295\u8cc7\u7ba1\u7406\u90e8<\/li>\n\n\n\n<li>\u76f4\u63a5\u6295\u8cc7\u90e8<\/li>\n\n\n\n<li>\u6a5f\u69cb\u80a1\u7968\u90e8<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%87%9F%E9%81%8B%E7%8F%BE%E6%B3%81%E5%92%8C%E8%A1%A8%E7%8F%BE\"><\/span>\u71df\u904b\u73fe\u6cc1\u548c\u8868\u73fe<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2025%E5%B9%B4%E7%AC%AC2%E5%AD%A3%E8%B2%A1%E5%A0%B1\"><\/span>2025\u5e74\u7b2c2\u5b63\u8ca1\u5831<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6de8\u71df\u6536\uff1a\u7d04 167.9-168 \u5104\u7f8e\u5143\uff0c\u5e74\u589e\u7d04 12%\uff08\u4e0a\u5e74\u540c\u671f\u7d04 150.2 \u5104\u7f8e\u5143\uff09\u3002<\/li>\n\n\n\n<li>\u6de8\u5229\/\u6bcf\u80a1\u6536\u76ca\uff08\u7a00\u91cb\u5f8c\uff09\uff1a35.4 \u5104\u7f8e\u5143\uff0c\u5373\u6bcf\u80a1 2.13 \u7f8e\u5143\uff08\u4e0a\u5e74\u540c\u671f\u70ba 30.8 \u5104\u7f8e\u5143\/1.82 \u7f8e\u5143\uff09\u3002<\/li>\n\n\n\n<li>\u6709\u5f62\u666e\u901a\u80a1\u6b0a\u76ca\u56de\u5831\u7387 (ROTCE)\uff1a\u672c\u5b63\u70ba 18.2%\uff1b2025 \u5e74\u4e0a\u534a\u5e74\u70ba 20.6%\u3002<\/li>\n\n\n\n<li>\u8cbb\u7528\u6548\u7387\/\u6210\u672c\u63a7\u5236\uff1a\u6548\u7387\u6bd4\u7387\uff08\u5373\u975e\u5229\u606f\u652f\u51fa\/\u7e3d\u6536\u5165\uff09\u7565\u6709\u6539\u5584\uff0c\u7d04 70-71%\u3002<\/li>\n\n\n\n<li>\u80a1\u5229\/\u8cc7\u672c\u56de\u5831\uff1a\u5b63\u5ea6\u666e\u901a\u80a1\u80a1\u606f\u4e0a\u8abf\u81f3\u6bcf\u80a1 1.00 \u7f8e\u5143\uff1b\u672c\u5b63\u56de\u8cfc\u4e86 800 \u842c\u80a1\u80a1\u7968\uff0c\u56de\u8cfc\u91d1\u984d\u7d04 10 \u5104\u7f8e\u5143\u3002<\/li>\n\n\n\n<li>\u8cc7\u672c\u9069\u8db3\u7387\/\u7de9\u885d\uff1a\u666e\u901a\u80a1\u4e00\u7d1a\u8cc7\u672c\u7387\u7d04 15.0%\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%B8%BB%E8%A6%81%E9%83%A8%E9%96%80%E8%A1%A8%E7%8F%BE\"><\/span>\u4e3b\u8981\u90e8\u9580\u8868\u73fe<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6469\u6839\u58eb\u4e39\u5229\u5c07\u5176\u7e3e\u6548\u5206\u70ba\u4e3b\u8981\u90e8\u9580\uff1a\u6a5f\u69cb\u8b49\u5238\u3001\u8ca1\u5bcc\u7ba1\u7406\u548c\u6295\u8cc7\u7ba1\u7406\u3002\u4ee5\u4e0b\u662f\u5404\u90e8\u9580\u57282025\u5e74\u7b2c\u4e8c\u5b63\u7684\u8868\u73fe\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%A9%9F%E6%A7%8B%E8%AD%89%E5%88%B8\"><\/span>\u6a5f\u69cb\u8b49\u5238<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6de8\u6536\u5165\uff1a\u7d0476\u5104\u7f8e\u5143<\/li>\n\n\n\n<li>\u80a1\u7968\u4ea4\u6613\u90e8\u9580\uff1a\u5e74\u589e\u7d0423%\uff08\u7d0437.2\u5104\u7f8e\u5143\uff09<\/li>\n\n\n\n<li>\u56fa\u5b9a\u6536\u76ca\u4ea4\u6613\uff1a\u6210\u9577\u7d049%\uff08\u81f3\u7d0421.8\u5104\u7f8e\u5143\uff09<\/li>\n\n\n\n<li>\u6295\u8cc7\u9280\u884c\/\u627f\u92b7\uff1a\u6f32\u8dcc\u4e92\u73fe\u3002\u8aee\u8a62\u8cbb\u6536\u5165\u4e0b\u964d\uff08\u7d0414%\uff09\uff0c\u56fa\u5b9a\u6536\u76ca\u627f\u92b7\u6536\u5165\u4e0b\u964d\uff08\u7d0421%\uff09\uff0c\u4f46\u80a1\u7968\u627f\u92b7\u6536\u5165\u6210\u9577\uff08\u7d0442%\uff09\u3002\u6574\u9ad4\u800c\u8a00\uff0c\u6295\u8cc7\u9280\u884c\u8cbb\u6536\u5165\u4e0b\u964d\u7d045%\u81f3\u7d0415.4\u5104\u7f8e\u5143\u3002<\/li>\n\n\n\n<li>\u7372\u5229\u80fd\u529b\/\u5229\u6f64\u7387\uff1a\u6a5f\u69cb\u8b49\u5238\u7a05\u524d\u5229\u6f64\u7a69\u5065\uff0c\u5f37\u52c1\u7684\u4ea4\u6613\u91cf\u63a8\u52d5\u4e86\u5229\u6f64\u7387\u7684\u63d0\u5347\u3002<\/li>\n\n\n\n<li>\u6311\u6230\/\u963b\u529b\uff1a\u4ea4\u6613\u6d3b\u52d5\u6e1b\u5c11\/\u4f75\u8cfc\u653e\u7de9\u5f71\u97ff\u4e86\u8aee\u8a62\u8cbb\u6536\u5165\u3002<\/li>\n\n\n\n<li>\u56fa\u5b9a\u6536\u76ca\u4fe1\u8cb8\/\u627f\u92b7\u696d\u52d9\u9762\u81e8\u58d3\u529b\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%B2%A1%E5%AF%8C%E7%AE%A1%E7%90%86\"><\/span>\u8ca1\u5bcc\u7ba1\u7406<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6de8\u71df\u6536\uff1a\u7d0478\u5104\u7f8e\u5143\uff08\u5e74\u589e\u7d0414%\uff09<\/li>\n\n\n\n<li>\u7a05\u524d\u5229\u6f64\u53ca\u5229\u6f64\u7387\uff1a\u7a05\u524d\u5229\u6f64\u9054\u5230\u5275\u7d00\u9304\u7684\u7d0422\u5104\u7f8e\u5143\uff0c\u5229\u6f64\u7387\u7d0428.3%\u3002 \uff08\u905e\u5ef6\u85aa\u916c\u8a08\u756b\uff08\u300cDCP\u300d\uff09\u62d6\u7d2f\u4e86\u7d0470\u500b\u57fa\u9ede\uff09\u3002<\/li>\n\n\n\n<li>\u6de8\u65b0\u589e\u8cc7\u7522\/\u6d41\u91cf\uff1a\u672c\u5b63\u6de8\u65b0\u589e\u8cc7\u7522\uff08NNAs\uff09\uff1a590\u5104\u7f8e\u5143\uff0c\u4f46\u88ab\u7d04220\u5104\u7f8e\u5143\u7684\u7a05\u6536\u6d41\u51fa\u6240\u62b5\u92b7\u3002<\/li>\n\n\n\n<li>\u57fa\u65bc\u8cbb\u7528\u7684\u6d41\u91cf\uff08\u4e0d\u5305\u62ec\u6536\u8cfc\uff09\uff1a430\u5104\u7f8e\u5143\uff08\u5275\u7d00\u9304\uff09\u3002<\/li>\n\n\n\n<li>\u8f49\u79fb\u5230\u57fa\u65bc\u8cbb\u7528\u7684\u8cc7\u7522\uff08\u800c\u975e\u7d93\u7d00\u696d\u52d9\u7b49\uff09\u3002<\/li>\n\n\n\n<li>\u9a45\u52d5\u56e0\u7d20\/\u6b63\u9762\u56e0\u7d20\uff1a\u57fa\u65bc\u8ca1\u5bcc\u7ba1\u7406\u7684\u8cbb\u7528\u7684\u4e00\u81f4\u6027\u548c\u9ecf\u6027\u5c0d\u516c\u53f8\u8d77\u5230\u4e86\u7a69\u5b9a\u5668\u7684\u4f5c\u7528\u3002<\/li>\n\n\n\n<li>\u5ba2\u6236\u53c3\u8207\u5ea6\u548c\u8aee\u8a62\u5e73\u53f0\u7684\u6210\u9577\u6709\u52a9\u65bc\u672a\u4f86\u7684\u4ea4\u53c9\u92b7\u552e\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E7%AE%A1%E7%90%86\"><\/span>\u6295\u8cc7\u7ba1\u7406<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6de8\u71df\u6536\uff1a\u7d0416\u5104\u7f8e\u5143\uff0c\u4e3b\u8981\u7531\u8cc7\u7522\u7ba1\u7406\u53ca\u76f8\u95dc\u8cbb\u7528\u9a45\u52d5\u3002<\/li>\n\n\n\n<li>\u8cc7\u91d1\u6d41\uff1a\u672c\u5b63\u9577\u671f\u6de8\u8cc7\u91d1\u6d41\u70ba\u6b63\u503c\uff08\u7d04110\u5104\u7f8e\u5143\uff09\u3002<\/li>\n\n\n\n<li>\u7372\u5229\u80fd\u529b\uff1a\u9451\u65bc\u898f\u6a21\u5316\u548c\u7522\u54c1\u591a\u5143\u5316\uff0c\u5229\u6f64\u7387\u9069\u4e2d\u4f46\u7a69\u5b9a\u3002<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"126\" height=\"90\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2025\/10\/ms-Custom.jpg\" alt=\"\u6469\u6839\u58eb\u4e39\u5229\" class=\"wp-image-73923\"\/><\/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\/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>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/10\/06\/%e7%be%8e%e5%9c%8b%e6%94%bf%e5%ba%9c%e5%85%a5%e8%82%a1%e7%9a%84%e4%bc%81%e6%a5%ad%e8%82%a1%e5%83%b9%e8%a1%a8%e7%8f%be%e5%a6%82%e4%bd%95%ef%bc%9f\/\">\u7f8e\u570b\u653f\u5e9c\u5165\u80a1\u7684\u4f01\u696d\uff0c\u80a1\u50f9\u8868\u73fe\u5982\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\/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><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<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%87%8D%E8%A6%81%E8%81%B2%E6%98%8E\"><\/span><em><strong>\u91cd\u8981\u8072\u660e<\/strong><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul 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