{"id":723513,"date":"2026-02-13T13:37:48","date_gmt":"2026-02-13T05:37:48","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=723513"},"modified":"2026-02-13T13:37:48","modified_gmt":"2026-02-13T05:37:48","slug":"%e8%af%ba%e5%a5%96%e7%bb%8f%e6%b5%8e%e5%ad%a6%e5%ae%b6%e9%94%90%e8%af%84%e7%89%b9%e6%9c%97%e6%99%ae%e6%94%bf%e5%ba%9c%ef%bc%9a%e8%ae%a9%e7%be%8e%e5%9b%bd%e5%86%8d%e6%ac%a1%e4%bc%9f%e5%a4%a7%e5%b7%b2","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=723513","title":{"rendered":"\u8bfa\u5956\u7ecf\u6d4e\u5b66\u5bb6\u9510\u8bc4\u7279\u6717\u666e\u653f\u5e9c\uff1a\u8ba9\u7f8e\u56fd\u518d\u6b21\u4f1f\u5927\u5df2\u53d8\u6210\u518d\u6b21\u505c\u6ede"},"content":{"rendered":"<p>\u8bfa\u8d1d\u5c14\u7ecf\u6d4e\u5b66\u5956\u5f97\u4e3b\u4fdd\u7f57\u00b7\u514b\u9c81\u683c\u66fc\u5468\u56db\u5728\u5e73\u53f0Substack\u4e0a\u53d1\u6587\u8bc4\u8ff0<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e7%be%8e%e5%9b%bd\" title=\"View all posts in \u7f8e\u56fd\" target=\"_blank\" 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href=\"https:\/\/www.alphaseek.cn\/?tag=%e7%a8%8e%e6%94%b6\" title=\"View all posts in \u7a0e\u6536\" target=\"_blank\" class=\"tag_link\">\u7a0e\u6536<\/a>\u5927\u5e45\u51cf\u5c11\uff0c\u4ece\u800c\u5f71\u54cd\u5230\u7f8e\u56fd\u7684\u7ecf\u6d4e\u589e\u957f\u3002<\/p>\n<p>\u53e6\u4e00\u65b9\u9762\uff0c\u7f8e\u56fd\u505c\u6b62\u5f15\u5165\u79fb\u6c11\u8fd8\u5c06\u5bfc\u81f4\u517b\u8001\u670d\u52a1\u3001\u519c\u4e1a\u3001\u8089\u7c7b\u52a0\u5de5\u7b49\u672c\u571f\u5c45\u6c11\u4e0d\u613f\u4ece\u4e8b\u7684\u884c\u4e1a\u51fa\u73b0\u52b3\u52a8\u529b\u7a7a\u767d\uff0c\u4ece\u800c\u524a\u51cf\u4e86\u7f8e\u56fd\u672c\u571f\u5c45\u6c11\u7684\u798f\u5229\u3002\u8fd8\u6709\u7814\u7a76\u663e\u793a\uff0c\u963b\u6b62\u79fb\u6c11\u548c\u9a71\u9010\u5916\u7c4d\u52b3\u5de5\u5219\u4f1a\u5bfc\u81f4\u7f8e\u56fd\u8001\u5e74\u4eba\u6b7b\u4ea1\u4eba\u6570\u589e\u52a0\u3002<\/p>\n<p>\u514b\u9c81\u683c\u66fc\u6700\u540e\u603b\u7ed3\uff0c\u7279\u6717\u666e\u653f\u5e9c\u66fe\u58f0\u79f0\u79fb\u6c11\u62a2\u4e86\u5360\u7f8e\u56fd\u672c\u5730\u5c45\u6c11\u7684\u5de5\u4f5c\uff0c\u4f46\u5728\u6570\u636e\u75b2\u8f6f\u540e\uff0c\u7279\u6717\u666e\u653f\u5e9c\u53c8\u79f0\u65b0\u589e\u5c31\u4e1a\u51cf\u5c11\u662f\u56e0\u4e3a\u79fb\u6c11\u51cf\u5c11\u3002\u8fd9\u4e00\u77db\u76fe\u7684\u8bf4\u8f9e\u8bc1\u5b9e\u4e86\u7279\u6717\u666e\u653f\u5e9c\u5728\u7f16\u7ec7\u8c0e\u8a00\uff0c\u4e14\u53ea\u4f1a\u8ba9\u7f8e\u56fd\u66f4\u52a0\u8d2b\u56f0\u4e14\u8fc7\u65e9\u79bb\u4e16\u3002<\/p>\n<p><strong>\u4e0d\u6b63\u5e38\u7684\u65e0\u5c31\u4e1a\u589e\u957f<\/strong><\/p>\n<p>\u514b\u9c81\u683c\u66fc\u7684\u6587\u7ae0\u70b9\u51fa\u4e86\u7f8e\u56fd\u7ecf\u6d4e\u5b66\u5bb6\u4e00\u76f4\u6279\u8bc4\u7684\u95ee\u9898\uff1a\u7279\u6717\u666e\u653f\u5e9c\u5728\u79fb\u6c11\u653f\u7b56\u4e0a\u7684\u91cd\u5927\u8c2c\u8bef\u3002\u6b64\u524d\uff0c\u591a\u540d\u7ecf\u6d4e\u5b66\u5bb6\u90fd\u5f3a\u8c03\uff0c\u5927\u91cf\u9063\u8fd4\u7f8e\u56fd\u7684\u79fb\u6c11\u53ea\u4f1a\u5bfc\u81f4\u7f8e\u56fd\u7ecf\u6d4e\u9677\u5165\u56f0\u5883\u3002<\/p>\n<p>\u4f46<span><a target=\"_blank\" href=\"http:\/\/quote.eastmoney.com\/unify\/r\/90.BK0800\" data-code=\"90,BK0800\" rel=\"noopener\">\u4eba\u5de5\u667a\u80fd<\/a><\/span><span><\/span>\u7684\u51fa\u73b0\u8ba9\u4e00\u5207\u53d8\u5f97\u66f4\u52a0\u590d\u6742\u3002\u53bb\u5e7410\u6708\uff0c<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%8a%95%e8%b5%84\" title=\"View all posts in \u6295\u8d44\" target=\"_blank\" class=\"tag_link\">\u6295\u8d44<\/a><span><a target=\"_blank\" href=\"http:\/\/quote.eastmoney.com\/unify\/r\/90.BK0475\" data-code=\"90,BK0475\" rel=\"noopener\">\u94f6\u884c<\/a><\/span><span><\/span><span><a target=\"_blank\" href=\"http:\/\/quote.eastmoney.com\/unify\/r\/106.GS\" data-code=\"106,GS\" rel=\"noopener\">\u9ad8\u76db<\/a><\/span><span><\/span>\u53d1\u5e03\u4e86\u4e00\u4efd\u88ab\u5e7f\u6cdb\u5f15\u7528\u7684\u62a5\u544a\uff0c\u6307\u51fa\u7531\u4e8e\u65b0\u6280\u672f\u7684\u5230\u6765\uff0c\u7279\u522b\u662f<span web=\"1\"  target=\"_blank\" href=\"http:\/\/quote.eastmoney.com\/unify\/r\/90.BK0800\" data-code=\"90,BK0800\"><a href=\"https:\/\/www.alphaseek.cn\/?tag=%e4%ba%ba%e5%b7%a5%e6%99%ba%e8%83%bd\" title=\"View all posts in \u4eba\u5de5\u667a\u80fd\" target=\"_blank\" class=\"tag_link\">\u4eba\u5de5\u667a\u80fd<\/a><\/span>\u7684\u51fa\u73b0\uff0c\u7f8e\u56fd\u53ef\u80fd\u9762\u4e34\u4e00\u4e2a\u65e0\u5c31\u4e1a\u589e\u957f\u65f6\u671f\uff0c\u56e0\u4e3a\u65b0\u6280\u672f\u548c<span web=\"1\"  target=\"_blank\" href=\"http:\/\/quote.eastmoney.com\/unify\/r\/90.BK0800\" data-code=\"90,BK0800\">\u4eba\u5de5\u667a\u80fd<\/span>\u53ef\u4ee5\u8ba9\u516c\u53f8\u7528\u66f4\u5c11\u7684\u5458\u5de5\u505a\u66f4\u591a\u7684\u5de5\u4f5c\u3002<\/p>\n<p>\u90fd\u67cf\u6797\u5927\u5b66\u5b66\u9662\u7684\u7ecf\u6d4e\u5b66\u6559\u6388Constantin Burgi\u8868\u793a\uff0c\u5c31\u4e1a\u589e\u957f\u4e0e\u66f4\u5e7f\u6cdb\u7684\u589e\u957f\u8131\u94a9\u901a\u5e38\u53d1\u751f\u5728\u7ecf\u6d4e\u7ecf\u5386\u7ed3\u6784\u6027\u8f6c\u53d8\u7684\u65f6\u671f\uff0c\u6bd4\u5982\u4eba\u5de5\u667a\u80fd\u7684\u51fa\u73b0\u3002\u8fd9\u79cd\u60c5\u51b5\u53ef\u80fd\u662f\u6682\u65f6\u7684\uff0c\u4f46\u5bf9\u4e8e\u5c31\u4e1a\u6765\u8bf4\uff0c\u5982\u679c\u65e0\u5c31\u4e1a\u589e\u957f\u6301\u7eed\u51e0\u5e74\uff0c\u5927\u91cf\u7684\u5c97\u4f4d\u5c31\u4f1a\u4ece\u6b64\u6d88\u5931\u3002<\/p>\n<p>Indeed\u7ecf\u6d4e\u7814\u7a76\u4e3b\u7ba1Laura Ullrich\u4e5f\u6307\u51fa\uff0c\u5982\u679c\u7f8e\u56fd\u7ecf\u6d4e\u4fdd\u6301\u5f3a\u52b2\uff0c\u65b0\u589e\u5c31\u4e1a\u4eba\u6570\u5c31\u4e0d\u4f1a\u4e00\u76f4\u8fd9\u4e48\u4f4e\uff0c\u8fd9\u4e0d\u662f\u6b63\u5e38\u73b0\u8c61\u3002\u5728\u7ecf\u6d4e\u589e\u957f\u65f6\u671f\uff0c\u4f4e\u62db\u8058\u3001\u4f4e\u89e3\u96c7\u3001\u4f4e\u79bb\u804c\u7387\u7684\u73af\u5883\u4e0d\u53ef\u80fd\u6c38\u8fdc\u6301\u7eed\u4e0b\u53bb\u3002<\/p>\n<p><a target=\"_blank\" href=\"https:\/\/acttg.eastmoney.com\/pub\/xxlout_khmbdfcfappnew_random_0007467a\" rel=\"noopener\"><img src=\"https:\/\/np-newspic.dfcfw.com\/download\/D25753173264126031117_w690h389.jpg\" alt=\"\u8bfa\u5956\u7ecf\u6d4e\u5b66\u5bb6\u9510\u8bc4\u7279\u6717\u666e\u653f\u5e9c\uff1a\u8ba9\u7f8e\u56fd\u518d\u6b21\u4f1f\u5927\u5df2\u53d8\u6210\u518d\u6b21\u505c\u6ede\" style=\" display:block; margin-left:auto; margin-right:auto; \" \/><\/a><\/p>\n<p>(\u6765\u6e90:\u5929\u5929\u57fa\u91d1\u7f51)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u8bfa\u8d1d\u5c14\u7ecf\u6d4e\u5b66\u5956\u5f97\u4e3b\u4fdd\u7f57\u00b7\u514b\u9c81\u683c\u66fc\u5468\u56db\u5728\u5e73\u53f0Substack\u4e0a\u53d1\u6587\u8bc4\u8ff0\u7f8e\u56fd\u7ecf\u6d4e\uff0c\u6307\u51fa\u7279\u6717\u666e\u653f\u5e9c\u6240\u8c13\u7684\u201c\u8ba9\u7f8e\u56fd\u518d\u6b21 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[232],"tags":[148,241,79,177,367,38],"views":50,"_links":{"self":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/723513"}],"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=723513"}],"version-history":[{"count":0,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/723513\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=723513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=723513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=723513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}