{"id":725338,"date":"2026-02-17T08:16:50","date_gmt":"2026-02-17T00:16:50","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=725338"},"modified":"2026-02-17T08:16:50","modified_gmt":"2026-02-17T00:16:50","slug":"%e7%be%8e%e9%93%b6%e8%b0%83%e6%9f%a5%e6%8b%89%e5%93%8d%e8%ad%a6%e6%8a%a5%ef%bc%9a%e7%89%b9%e6%9c%97%e6%99%ae%e9%98%b4%e5%bd%b1%e4%b8%8b%e7%be%8e%e5%85%83%e9%81%ad%e5%8d%81%e5%b9%b4%e6%9d%a5%e6%9c%80","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=725338","title":{"rendered":"\u7f8e\u94f6\u8c03\u67e5\u62c9\u54cd\u8b66\u62a5\uff1a\u7279\u6717\u666e\u9634\u5f71\u4e0b\u7f8e\u5143\u906d\u5341\u5e74\u6765\u6700\u72e0\u770b\u7a7a"},"content":{"rendered":"<p>\u6301\u4ed3\u6570\u636e\u663e\u793a\uff0c\u57fa\u91d1\u7ecf\u7406\u5bf9\u7f8e\u5143\u7684\u770b\u7a7a\u60c5\u7eea\u5347\u81f3\u5341\u591a\u5e74\u6765\u6700\u9ad8\u6c34\u5e73\uff0c\u56e0\u4e3a<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e7%be%8e%e5%9b%bd\" title=\"View all posts in \u7f8e\u56fd\" target=\"_blank\" class=\"tag_link\">\u7f8e\u56fd<\/a>\u53cd\u590d\u65e0\u5e38\u7684\u653f\u7b56\u6b63\u8ba9\u7f8e\u5143\u627f\u53d7\u4e25\u91cd\u51b2\u51fb\u3002<\/p>\n<p>\u622a\u81f3\u53d1\u7a3f\uff0c<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e7%be%8e%e5%85%83%e6%8c%87%e6%95%b0\" title=\"View all posts in \u7f8e\u5143\u6307\u6570\" target=\"_blank\" class=\"tag_link\">\u7f8e\u5143\u6307\u6570<\/a>\u62a597.08\uff0c\u5e74\u521d\u81f3\u4eca\u5df2\u7d2f\u8ba1\u4e0b\u8dcc\u7ea61.2%\uff0c2025\u5e74\u8fd9\u4e00<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e8%b4%a7%e5%b8%81\" title=\"View all posts in \u8d27\u5e01\" target=\"_blank\" class=\"tag_link\">\u8d27\u5e01<\/a>\u5df2<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%a4%a7%e8%b7%8c\" title=\"View all posts in \u5927\u8dcc\" target=\"_blank\" 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href=\"https:\/\/www.alphaseek.cn\/?tag=%e7%89%b9%e6%9c%97%e6%99%ae\" title=\"View all posts in \u7279\u6717\u666e\" target=\"_blank\" class=\"tag_link\">\u7279\u6717\u666e<\/a>\u63a8\u51fa\u4e86\u6240\u8c13\u7684\u201c\u5bf9\u7b49<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%85%b3%e7%a8%8e\" title=\"View all posts in \u5173\u7a0e\" target=\"_blank\" class=\"tag_link\">\u5173\u7a0e<\/a>\u201d\uff0c\u9707\u52a8\u5168\u7403\u5e02\u573a\u3002<\/p>\n<p>\u7f8e\u94f6\u7684\u8c03\u67e5\u53d1\u73b0\uff0c\u57fa\u91d1\u7ecf\u7406\u5bf9\u7f8e\u5143\u7684\u4ed3\u4f4d\u914d\u7f6e\u4e3a\u81f3\u5c11\u81ea2012\u5e74\uff08\u8be5\u884c\u6709\u6570\u636e\u8bb0\u5f55\u4ee5\u6765\uff09\u6700\u8d1f\u9762\u7684\u6c34\u5e73\u3002\u53e6\u636e\u829d\u5546\u6240\u7684\u671f\u6743\u6570\u636e\uff0c\u62bc\u6ce8\u7f8e\u5143\u8d70\u5f31\u7684\u5934\u5bf8\u5df2\u8d85\u8fc7\u770b\u591a\u62bc\u6ce8\uff0c\u626d\u8f6c\u4e86\u53bb\u5e74\u7b2c\u56db\u5b63\u5ea6\u7684\u5c40\u9762\u3002<\/p>\n<p>\u5927\u578b<span><a target=\"_blank\" href=\"http:\/\/quote.eastmoney.com\/unify\/r\/90.BK1364\" data-code=\"90,BK1364\" rel=\"noopener\">\u8d44\u4ea7\u7ba1\u7406<\/a><\/span><span><\/span>\u516c\u53f8\u8868\u793a\uff0c\u7f8e\u5143\u4e0b\u8dcc\u53cd\u6620\u51fa\u517b\u8001\u57fa\u91d1\u8fd9\u7c7b\u201c\u771f\u91d1<span><a target=\"_blank\" href=\"http:\/\/quote.eastmoney.com\/unify\/r\/90.BK1616\" data-code=\"90,BK1616\" rel=\"noopener\">\u767d\u94f6<\/a><\/span><span><\/span>\u201d\u7684<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>\u8005\u8d8a\u6765\u8d8a\u5e0c\u671b\u5bf9\u51b2\u7f8e\u5143\u8fdb\u4e00\u6b65<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e8%b4%ac%e5%80%bc\" title=\"View all posts in \u8d2c\u503c\" target=\"_blank\" class=\"tag_link\">\u8d2c\u503c<\/a>\u7684<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e9%a3%8e%e9%99%a9\" title=\"View all posts in \u98ce\u9669\" target=\"_blank\" class=\"tag_link\">\u98ce\u9669<\/a>\uff0c\u6216\u964d\u4f4e\u5bf9\u7f8e\u5143\u8d44\u4ea7\u7684\u914d\u7f6e\u3002<\/p>\n<p>\u201c\u98ce\u9669\u9006\u8f6c\u201d\uff08risk reversals\uff09\u6307\u6807\u4e5f\u53ef\u4ee5\u770b\u51fa\uff0c\u5e02\u573a\u62bc\u6ce8\u7f8e\u5143\u5bf9\u6b27\u5143\u8fdb\u4e00\u6b65\u8d2c\u503c\u7684\u7a0b\u5ea6\u5df2\u8fbe\u5230\u8fc7\u53bb\u5341\u5e74\u4e2d\u4ec5\u5728\u65b0\u51a0\u75ab\u60c5\u671f\u95f4\u548c\u53bb\u5e744\u6708\u201c\u5bf9\u7b49\u5173\u7a0e\u201d\u540e\u624d\u51fa\u73b0\u8fc7\u7684\u6c34\u5e73\u3002<\/p>\n<p>\u8d44\u7ba1\u5de8\u5934\u5148\u950b\u96c6\u56e2\uff08Vanguard\uff09\u5168\u7403\u5229\u7387\u4e3b\u7ba1Roger 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href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%81%9a%e7%a9%ba\" title=\"View all posts in \u505a\u7a7a\" target=\"_blank\" class=\"tag_link\">\u505a\u7a7a<\/a>\u7f8e\u5143\u3002<\/p>\n<p>\u5c3d\u7ba1\u7f8e\u56fd\u5229\u7387\u4ecd\u9ad8\u4e8e\u6b27\u5143\u533a\u3001<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%97%a5%e6%9c%ac\" title=\"View all posts in \u65e5\u672c\" target=\"_blank\" class=\"tag_link\">\u65e5\u672c<\/a>\u7b49\u7ecf\u6d4e\u4f53\uff0c\u4f46\u4ea4\u6613\u5458\u9884\u8ba1\u5229\u5dee\u5c06\u6536\u7a84\uff0c\u5e02\u573a\u9884\u671f<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e7%be%8e%e8%81%94%e5%82%a8\" title=\"View all posts in \u7f8e\u8054\u50a8\" target=\"_blank\" class=\"tag_link\">\u7f8e\u8054\u50a8<\/a>\u4eca\u5e74\u5c06<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e9%99%8d%e6%81%af\" title=\"View all posts in \u964d\u606f\" target=\"_blank\" class=\"tag_link\">\u964d\u606f<\/a>\u4e24\u6b21\u3002Stealey\u8868\u793a\uff1a\u201c\u7f8e\u5143\u5df2\u4e0d\u518d\u6781\u5ea6\u9ad8\u4f30\uff0c\u968f\u7740\u7f8e\u8054\u50a8\u964d\u606f\uff0c\u5229\u5dee\u4f18\u52bf\u4f1a\u9010\u6e10\u6d88\u5931\u3002\u201d<\/p>\n<p>\u4e0a\u6708\uff0c\u7279\u6717\u666e\u5ba3\u5e03\u63d0\u540d\u51ef\u6587\u00b7\u6c83\u4ec0\u4e3a\u4e0b\u4efb\u7f8e\u8054\u50a8\u4e3b\u5e2d\uff0c\u8fd9\u4e00\u51b3\u5b9a\u4e00\u5ea6\u5b89\u629a\u4e86\u62c5\u5fc3<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%a4%ae%e8%a1%8c\" title=\"View all posts in \u592e\u884c\" target=\"_blank\" class=\"tag_link\">\u592e\u884c<\/a>\u72ec\u7acb\u6027\u53d7\u635f\u7684\u6295\u8d44\u8005\uff0c\u56e0\u4e3a\u6c83\u4ec0\u88ab\u89c6\u4e3a\u7acb\u573a\u4f20\u7edf\u7a33\u5065\u7684\u4eba\u9009\uff0c\u800c\u4e0d\u662f\u53ef\u80fd\u9c81\u83bd\u964d\u606f\u7684\u7279\u6717\u666e\u4eb2\u4fe1\u3002<\/p>\n<p>\u4f46\u7279\u6717\u666e\u5df2\u5bf9\u6c83\u4ec0\u65bd\u538b\uff0c\u672c\u6708\u66fe\u8868\u793a\uff0c\u5982\u679c\u6c83\u4ec0\u652f\u6301<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%8a%a0%e6%81%af\" title=\"View all posts in \u52a0\u606f\" target=\"_blank\" class=\"tag_link\">\u52a0\u606f<\/a>\uff0c\u201c\u4ed6\u6839\u672c\u4e0d\u4f1a\u5f97\u5230\u8fd9\u4efd\u5de5\u4f5c\u201d\u3002\u7f8e\u94f6\u5206\u6790\u5e08\u6307\u51fa\uff0c\u6c83\u4ec0\u7684\u63d0\u540d\u201c\u5e76\u672a\u8f6c\u5316\u4e3a\u7f8e\u5143\u9700\u6c42\uff0c\u4e5f\u6ca1\u6709\u63d0\u632f\u5bf9\u7f8e\u56fd\u8d44\u4ea7\u7684\u4e50\u89c2\u60c5\u7eea\u201d\u3002<\/p>\n<p>\u4e0a\u6708\uff0c \u7279\u6717\u666e\u5728\u683c\u9675\u5170\u5c9b\u95ee\u9898\u4e0a\u626c\u8a00\u5bf9<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%ac%a7%e6%b4%b2\" title=\"View all posts in \u6b27\u6d32\" target=\"_blank\" class=\"tag_link\">\u6b27\u6d32<\/a>8\u56fd\u52a0\u5f81\u5173\u7a0e\uff0c\u5f15\u53d1\u5916\u754c\u53ef\u80fd\u64a4\u79bb\u7f8e\u56fd\u8d44\u4ea7\u7684\u62c5\u5fe7\u3002\u867d\u7136\u8d1d\u68ee\u7279\u9a73\u65a5\u4e86\u201c\u6b27\u6d32\u4eba\u5c06\u629b\u552e\u7f8e\u56fd\u8d44\u4ea7\u201d\u7684\u8bf4\u6cd5\uff0c\u4f46\u4e00\u4e9b\u57fa\u91d1\u7ecf\u7406\u8868\u793a\uff0c\u8d44\u91d1\u5916\u6d41\u5df2\u7ecf\u51fa\u73b0\u3002<\/p>\n<p>\u82f1\u56fd<span web=\"1\"  target=\"_blank\" href=\"http:\/\/quote.eastmoney.com\/unify\/r\/90.BK1364\" data-code=\"90,BK1364\">\u8d44\u4ea7\u7ba1\u7406<\/span>\u673a\u6784\u65bd\u7f57\u5fb7\u6295\u8d44\uff08Schroders\uff09\u591a\u8d44\u4ea7\u57fa\u91d1\u7ecf\u7406Caroline Houdril\u79f0\uff1a\u201c\u6211\u4eec\u770b\u5230\u8d8a\u6765\u8d8a\u591a\u7684\u8d44\u672c\u56de\u6d41\uff0c\u672c\u6765\u6301\u6709\u7f8e\u5143\u7684\u6d77\u5916\u6295\u8d44\u8005\u6b63\u628a\u8d44\u91d1\u6362\u56de\u672c\u5e01\u3002\u201d<\/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=\"\u7f8e\u94f6\u8c03\u67e5\u62c9\u54cd\u8b66\u62a5\uff1a\u7279\u6717\u666e\u9634\u5f71\u4e0b\u7f8e\u5143\u906d\u5341\u5e74\u6765\u6700\u72e0\u770b\u7a7a\" 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>\u6301\u4ed3\u6570\u636e\u663e\u793a\uff0c\u57fa\u91d1\u7ecf\u7406\u5bf9\u7f8e\u5143\u7684\u770b\u7a7a\u60c5\u7eea\u5347\u81f3\u5341\u591a\u5e74\u6765\u6700\u9ad8\u6c34\u5e73\uff0c\u56e0\u4e3a\u7f8e\u56fd\u53cd\u590d\u65e0\u5e38\u7684\u653f\u7b56\u6b63\u8ba9\u7f8e\u5143\u627f\u53d7\u4e25\u91cd\u51b2\u51fb\u3002 \u622a\u81f3 [&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":[368,286,96,308,43,241,179,186,79,15,367,97,34,352,385,192],"views":34,"_links":{"self":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/725338"}],"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=725338"}],"version-history":[{"count":0,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/725338\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=725338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=725338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=725338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}