{"id":714781,"date":"2026-02-03T23:20:06","date_gmt":"2026-02-03T15:20:06","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=714781"},"modified":"2026-02-03T23:20:06","modified_gmt":"2026-02-03T15:20:06","slug":"%e8%be%be%e5%88%a9%e6%ac%a7%e9%87%8d%e7%a3%85%e8%ad%a6%e7%a4%ba%ef%bc%9a%e5%85%a8%e7%90%83%e6%bf%92%e4%b8%b4%e8%b5%84%e6%9c%ac%e6%88%98%e4%ba%89%e8%be%b9%e7%bc%98%ef%bc%8c%e9%bb%84%e9%87%91%e4%bb%8d","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=714781","title":{"rendered":"\u8fbe\u5229\u6b27\u91cd\u78c5\u8b66\u793a\uff1a\u5168\u7403\u6fd2\u4e34\u8d44\u672c\u6218\u4e89\u8fb9\u7f18\uff0c\u9ec4\u91d1\u4ecd\u662f\u5934\u53f7\u5bf9\u51b2\u5de5\u5177\uff01"},"content":{"rendered":"

\u6765\u6e90\uff1a\u91d1\u5341\u6570\u636e<\/p>\n

\u8fbe\u5229\u6b27\u8b66\u544a\u79f0\uff0c\u5728\u6b27\u7f8e\u8d44\u672c\u5df2\u7ecf\u4e92\u7591\u7684\u80cc\u666f\u4e0b\uff0c\u8d44\u91d1\u6b66\u5668\u5316\u98ce\u9669\u4e00\u89e6\u5373\u53d1\u3002\u9ec4\u91d1\u5c06\u662f\u6700\u4f73\u907f\u98ce\u6e2f\uff0c\u5176\u4ef7\u503c\u4e0d\u7531\u77ed\u671f\u6da8\u8dcc\u51b3\u5b9a\uff0c\u800c\u5728\u4e8e\u5bf9\u6295\u8d44\u7ec4\u5408\u7684\u98ce\u9669\u5206\u6563\u4f5c\u7528\u3002<\/p>\n

\u4f20\u5947\u6295\u8d44\u8005\u745e\u30fb\u8fbe\u5229\u6b27\uff08Ray Dalio\uff09\u5468\u4e8c\u8b66\u544a\u79f0\uff0c\u5728\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u5c40\u52bf\u6301\u7eed\u53d1\u9175\u3001\u8d44\u672c\u5e02\u573a\u6ce2\u52a8\u52a0\u5267\u7684\u80cc\u666f\u4e0b\uff0c\u4e16\u754c\u6b63\u5904\u4e8e\u8d44\u672c\u6218\u4e89\u7684\u8fb9\u7f18\u3002<\/p>\n

\u8fbe\u5229\u6b27\u5728\u8fea\u62dc\u4e16\u754c\u653f\u5e9c\u5cf0\u4f1a\u4e0a\u63a5\u53d7CNBC\u8bb0\u8005\u4e39\u30fb\u58a8\u83f2\uff08Dan Murphy\uff09\u7684\u91c7\u8bbf\u65f6\u8868\u793a\uff0c\u5168\u7403\u5df2\u6fd2\u4e34\u8d44\u672c\u6218\u4e89\u7684\u8fb9\u7f18\u2014\u2014\u6240\u8c13\u8d44\u672c\u6218\u4e89\uff0c\u662f\u6307\u8d44\u91d1\u88ab\u6b66\u5668\u5316\uff0c\u5404\u56fd\u901a\u8fc7\u8d38\u6613\u7981\u8fd0\u3001\u5c01\u9501\u8d44\u672c\u5e02\u573a\u51c6\u5165\u3001\u5c06\u503a\u52a1\u6301\u6709\u6743\u4f5c\u4e3a\u6760\u6746\u7b49\u624b\u6bb5\u5c55\u5f00\u535a\u5f08\u3002<\/strong><\/p>\n

\u201c\u6211\u4eec\u6b63\u7ad9\u5728\u8fb9\u7f18\uff0c\u201d\u8fbe\u5229\u6b27\u79f0\uff0c\u201c\u8fd9\u610f\u5473\u7740\u5c1a\u672a\u9677\u5165\u8d44\u672c\u6218\u4e89\uff0c\u4f46\u5df2\u79bb\u5176\u975e\u5e38\u8fd1\uff1b\u800c\u7531\u4e8e\u5404\u65b9\u76f8\u4e92\u7684\u62c5\u5fe7\uff0c\u6211\u4eec\u6781\u6613\u8de8\u8fc7\u8fd9\u9053\u95e8\u69db\uff0c\u8dcc\u5165\u8d44\u672c\u6218\u4e89\u7684\u6ce5\u6f6d\u3002\u201d<\/p>\n

\u4ed6\u63f4\u5f15\u4e86\u8fd1\u671f\u7279\u6717\u666e\u653f\u5e9c\u63a8\u52a8\u5c06\u4e39\u9ea6\u5c5e\u5730\u683c\u9675\u5170\u5c9b\u7eb3\u5165\u7f8e\u56fd\u7ba1\u63a7\u5f15\u53d1\u7684\u7d27\u5f20\u5c40\u52bf\u5347\u7ea7\uff0c\u4f5c\u4e3a\u8fd9\u4e00\u89c2\u70b9\u7684\u4f50\u8bc1\u3002<\/p>\n

\u8fbe\u5229\u6b27\u8b66\u793a\uff0c\u6301\u6709\u7f8e\u5143\u8ba1\u4ef7\u8d44\u4ea7\u7684\u6b27\u6d32\u6295\u8d44\u8005\u6b63\u5fc3\u751f\u201c\u62c5\u5fe7\u201d\uff0c\u4ed6\u4eec\u5bb3\u6015\u81ea\u8eab\u53ef\u80fd\u906d\u5230\u5236\u88c1\uff1b\u800c\u201c\u7f8e\u56fd\u65b9\u9762\u4e5f\u4f1a\u4ea7\u751f\u76f8\u5e94\u7684\u62c5\u5fe7\uff0c\u62c5\u5fc3\u65e0\u6cd5\u83b7\u5f97\u6b27\u6d32\u7684\u8d44\u672c\u6d41\u5165\uff0c\u6216\u662f\u6b27\u6d32\u4e0d\u518d\u589e\u6301\u7f8e\u56fd\u8d44\u4ea7\u201d\u3002<\/strong><\/p>\n

\u636e\u8def\u900f\u793e\u63f4\u5f15\u82b1\u65d7\u96c6\u56e2\u7684\u7814\u7a76\u6570\u636e\uff0c\u53bb\u5e744\u6708\u81f311\u6708\u671f\u95f4\uff0c\u6b27\u6d32\u6295\u8d44\u8005\u5360\u6d77\u5916\u8d2d\u4e70\u7f8e\u56fd\u56fd\u503a\u603b\u989d\u768480%\u3002<\/p>\n

\u201c\u8d44\u672c\u3001\u8d44\u91d1\uff0c\u662f\u5173\u952e\u6240\u5728\uff0c\u201d\u8fbe\u5229\u6b27\u5468\u4e8c\u8868\u793a\uff0c\u201c\u5982\u4eca\u6211\u4eec\u770b\u5230\u8d44\u672c\u7ba1\u5236\u6b63\u5728\u5168\u7403\u5404\u5730\u843d\u5730\uff0c\u800c\u8c01\u4f1a\u6210\u4e3a\u53d7\u5f71\u54cd\u7684\u4e00\u65b9\uff0c\u4ecd\u662f\u672a\u77e5\u4e4b\u6570\u3002\u6240\u4ee5\u6211\u4eec\u786e\u5b9e\u8eab\u5904\u8fb9\u7f18\u2014\u2014\u8fd9\u5e76\u975e\u6307\u5f53\u4e0b\u5df2\u9677\u5165\u8d44\u672c\u6218\u4e89\uff0c\u800c\u662f\u8bf4\uff0c\u8fd9\u662f\u4e00\u4e2a\u5408\u4e4e\u903b\u8f91\u7684\u62c5\u5fe7\u70b9\u3002\u201d<\/p>\n

\u81ea\u53bb\u5e74\u91cd\u8fd4\u767d\u5bab\u4ee5\u6765\uff0c\u7f8e\u56fd\u603b\u7edf\u7279\u6717\u666e\u5bf9\u8d38\u6613\u4f19\u4f34\u548c\u653f\u6cbb\u5bf9\u624b\u51fa\u53f0\u4e86\u4e00\u7cfb\u5217\u60e9\u7f5a\u6027\u5173\u7a0e\uff0c\u53c8\u591a\u6b21\u64a4\u9500\u76f8\u5173\u4e3e\u63aa\u3002\u8fd9\u4e9b\u53cd\u590d\u7684\u51b3\u7b56\u5f15\u53d1\u4e86\u91d1\u878d\u5e02\u573a\u7684\u5267\u70c8\u6ce2\u52a8\u3002<\/p>\n

\u8fbe\u5229\u6b27\u8865\u5145\u79f0\uff0c\u4ece\u5386\u53f2\u6765\u770b\uff0c\u8d44\u672c\u6218\u4e89\u4e2d\u5f80\u5f80\u4f1a\u51fa\u73b0\u5916\u6c47\u7ba1\u5236\u3001\u8d44\u672c\u7ba1\u5236\u7b49\u63aa\u65bd\uff1b\u800c\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u3001\u5404\u56fd\u592e\u884c\u8fd9\u7c7b\u673a\u6784\uff0c\u76ee\u524d\u5df2\u5728\u4e3a\u5e94\u5bf9\u6b64\u7c7b\u7ba1\u5236\u505a\u51fa\u201c\u51c6\u5907\u5b89\u6392\u201d\u3002<\/p>\n

\u8fbe\u5229\u6b27\u6307\u51fa\uff0c\u56de\u987e\u5386\u53f2\uff0c\u8d44\u672c\u6218\u4e89\u5f80\u5f80\u56f4\u7ed5\u91cd\u5927\u51b2\u7a81\u5c55\u5f00\u3002\u4ed6\u79f0\uff0c\u5728\u7f8e\u56fd\u52a0\u5165\u7b2c\u4e8c\u6b21\u4e16\u754c\u5927\u6218\u524d\u7684\u915d\u917f\u9636\u6bb5\uff0c\u7f8e\u56fd\u66fe\u5bf9\u65e5\u672c\u5b9e\u65bd\u5236\u88c1\uff0c\u5f7c\u65f6\u7f8e\u65e5\u4e24\u56fd\u7684\u201c\u5bf9\u7acb\u5173\u7cfb\u201d\u6b63\u4e0d\u65ad\u5347\u7ea7\u3002<\/p>\n

\u201c\u4eba\u4eec\u53ef\u4ee5\u60f3\u8c61\uff0c\u5982\u4eca\u7684\u4e16\u754c\u4e5f\u53ef\u80fd\u51fa\u73b0\u7c7b\u4f3c\u7684\u5c40\u9762\uff0c\u751a\u81f3\u591a\u56fd\u9886\u5bfc\u4eba\u4e5f\u5df2\u63a8\u6d4b\u548c\u8ba8\u8bba\u8fc7\u7f8e\u6b27\u4e4b\u95f4\u7684\u76f8\u4e92\u4f9d\u8d56\u95ee\u9898\u2014\u2014\u56e0\u4e3a\u8d38\u6613\u9006\u5dee\u7684\u53e6\u4e00\u9762\uff0c\u5c31\u662f\u8d44\u672c\u6d41\u52a8\uff0c\u5168\u7403\u5b58\u5728\u7740\u8d44\u672c\u5931\u8861\uff0c\u800c\u8d44\u672c\u53ef\u80fd\u88ab\u5f53\u4f5c\u6218\u4e89\u7684\u6b66\u5668\u3002\u201d<\/p>\n

\u9ec4\u91d1\u4ecd\u662f\u5934\u53f7\u5bf9\u51b2\u5de5\u5177<\/strong><\/p>\n

\u5c3d\u7ba1\u8fd1\u671f\u8d35\u91d1\u5c5e\u906d\u9047\u5386\u53f2\u6027\u629b\u552e\u800c\u5168\u7ebf\u8d70\u4f4e\uff0c\u4f46\u8fbe\u5229\u6b27\u8868\u793a\uff0c\u5728\u5f53\u524d\u7684\u7d27\u5f20\u5c40\u52bf\u4e0b\uff0c\u9ec4\u91d1\u4ecd\u662f\u50a8\u5b58\u8d44\u91d1\u7684\u6700\u4f73\u9009\u62e9\u3002<\/strong>\u622a\u81f3\u5468\u4e8c\uff0c\u9ec4\u91d1\u548c\u767d\u94f6\u5df2\u663e\u73b0\u51fa\u590d\u82cf\u8ff9\u8c61\u3002<\/p>\n

\u5f53\u88ab\u95ee\u53ca\u8fd1\u671f\u7684\u4ef7\u683c\u6ce2\u52a8\u662f\u5426\u4f1a\u8ba9\u4eba\u8d28\u7591\u9ec4\u91d1\u4f5c\u4e3a\u6700\u5b89\u5168\u8d44\u672c\u907f\u98ce\u6e2f\u7684\u5730\u4f4d\u65f6\uff0c\u8fbe\u5229\u6b27\u79f0\uff1a\u201c\u9ec4\u91d1\u7684\u4ef7\u503c\u4e0d\u4f1a\u56e0\u5355\u65e5\u8d70\u52bf\u800c\u6539\u53d8\u3002\u201d<\/p>\n

\u201c\u9ec4\u91d1\u4ef7\u683c\u8f83\u4e00\u5e74\u524d\u4e0a\u6da8\u4e86\u7ea665%\uff0c\u8f83\u5386\u53f2\u9ad8\u70b9\u4e0b\u8dcc\u4e86\u7ea616%\u3002\u6211\u8ba4\u4e3a\u4eba\u4eec\u5e38\u4f1a\u72af\u4e00\u4e2a\u9519\u8bef\uff1a\u7ea0\u7ed3\u4e8e\u9ec4\u91d1\u4ef7\u683c\u7684\u77ed\u671f\u6da8\u8dcc\uff0c\u72b9\u8c6b\u662f\u5426\u8be5\u4e70\u5165\u3002\u201d\u8fbe\u5229\u6b27\u8bf4\u3002<\/p>\n

\u201c\u76f8\u53cd\uff0c\u5404\u56fd\u592e\u884c\u3001\u653f\u5e9c\u6216\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u6216\u8bb8\u5e94\u8be5\u601d\u8003\u7684\u662f\uff1a\u6211\u7684\u6295\u8d44\u7ec4\u5408\u4e2d\uff0c\u9ec4\u91d1\u7684\u914d\u7f6e\u6bd4\u4f8b\u5e94\u8be5\u662f\u591a\u5c11\uff0c\u5e76\u7ef4\u6301\u8fd9\u4e00\u56fa\u5b9a\u6bd4\u4f8b<\/strong>\u2014\u2014\u56e0\u4e3a\u9ec4\u91d1\u5bf9\u6295\u8d44\u7ec4\u5408\u4e2d\u5176\u4ed6\u8868\u73b0\u4e0d\u4f73\u7684\u8d44\u4ea7\u7c7b\u522b\u800c\u8a00\uff0c\u662f\u4e00\u79cd\u6781\u5177\u6548\u679c\u7684\u5206\u6563\u98ce\u9669\u5de5\u5177\u3002\u201d<\/p>\n

\u8fbe\u5229\u6b27\u8865\u5145\u9053\uff1a\u201c\u6b63\u56e0\u4e3a\u9ec4\u91d1\u80fd\u5206\u6563\u98ce\u9669\uff0c\u5728\u7ecf\u6d4e\u4e0b\u884c\u3001\u5371\u673a\u6765\u4e34\u4e4b\u9645\uff0c\u5b83\u7684\u8868\u73b0\u4f1a\u5c24\u4e3a\u4eae\u773c\uff1b\u800c\u5728\u7ecf\u6d4e\u7e41\u8363\u7684\u4e0a\u884c\u5468\u671f\uff0c\u5176\u8868\u73b0\u4f1a\u76f8\u5bf9\u5e73\u6de1\uff0c\u4f46\u5b83\u59cb\u7ec8\u662f\u6709\u6548\u7684\u98ce\u9669\u5206\u6563\u5de5\u5177\u3002<\/strong>\u6211\u60f3\u8bf4\uff0c\u6700\u91cd\u8981\u7684\u4e8b\u60c5\uff0c\u5c31\u662f\u6784\u5efa\u4e00\u4e2a\u5145\u5206\u591a\u5143\u5316\u7684\u6295\u8d44\u7ec4\u5408\u3002\u201d<\/p>\n

\u98ce\u9669\u63d0\u793a\u53ca\u514d\u8d23\u6761\u6b3e\uff1a\u5e02\u573a\u6709\u98ce\u9669\uff0c\u6295\u8d44\u9700\u8c28\u614e\u3002\u672c\u6587\u4e0d\u6784\u6210\u4e2a\u4eba\u6295\u8d44\u5efa\u8bae\uff0c\u4e5f\u672a\u8003\u8651\u5230\u4e2a\u522b\u7528\u6237\u7279\u6b8a\u7684\u6295\u8d44\u76ee\u6807\u3001\u8d22\u52a1\u72b6\u51b5\u6216\u9700\u8981\u3002\u7528\u6237\u5e94\u8003\u8651\u672c\u6587\u4e2d\u7684\u4efb\u4f55\u610f\u89c1\u3001\u89c2\u70b9\u6216\u7ed3\u8bba\u662f\u5426\u7b26\u5408\u5176\u7279\u5b9a\u72b6\u51b5\u3002\u636e\u6b64\u6295\u8d44\uff0c\u8d23\u4efb\u81ea\u8d1f\u3002<\/p>\n

\u8d23\u4efb\u7f16\u8f91\uff1a\u5218\u4e07\u91cc SF014<\/p>\n","protected":false},"excerpt":{"rendered":"

\u6765\u6e90\uff1a\u91d1\u5341\u6570\u636e \u8fbe\u5229\u6b27\u8b66\u544a\u79f0\uff0c\u5728\u6b27\u7f8e\u8d44\u672c\u5df2\u7ecf\u4e92\u7591\u7684\u80cc\u666f\u4e0b\uff0c\u8d44\u91d1\u6b66\u5668\u5316\u98ce\u9669\u4e00\u89e6\u5373\u53d1\u3002\u9ec4\u91d1\u5c06\u662f\u6700\u4f73\u907f\u98ce\u6e2f\uff0c\u5176\u4ef7\u503c\u4e0d […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":[],"categories":[5],"tags":[],"views":67,"_links":{"self":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/714781"}],"collection":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=714781"}],"version-history":[{"count":0,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/714781\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=714781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=714781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=714781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}