{"id":737584,"date":"2026-03-05T17:48:24","date_gmt":"2026-03-05T09:48:24","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=737584"},"modified":"2026-03-05T17:48:24","modified_gmt":"2026-03-05T09:48:24","slug":"%e9%87%91%e5%b7%b4%e5%88%a9%e4%b8%8a%e8%b0%83%e4%b8%9a%e7%bb%a9%e6%8c%87%e5%bc%95%e8%8e%b7%e6%8a%95%e8%b5%84%e8%80%85%e8%ae%a4%e5%8f%af%ef%bc%8c%e8%82%a1%e4%bb%b7%e4%b8%8a%e6%b6%a8","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=737584","title":{"rendered":"\u91d1\u5df4\u5229\u4e0a\u8c03\u4e1a\u7ee9\u6307\u5f15\u83b7\u6295\u8d44\u8005\u8ba4\u53ef\uff0c\u80a1\u4ef7\u4e0a\u6da8"},"content":{"rendered":"<p><a href=\"https:\/\/finance.sina.com.cn\/zt_d\/subject-1768294371\" target=\"_blank\" rel=\"noopener\">\u4e13\u9898\uff1a\u805a\u7126\u7f8e\u80a12025\u5e74\u7b2c\u56db\u5b63\u5ea6\u8d22\u62a5<\/a><\/p>\n<p>\u91d1\u5df4\u5229\u9996\u5e2d\u6267\u884c\u5b98\u897f\u8499\u30fb\u4ea8\u7279\u8868\u793a\uff0c\u96c6\u56e2\u5c06\u628a\u5e7f\u544a\u4e0e\u4fc3\u9500\u652f\u51fa\u63d0\u5347\u81f3\u9500\u552e\u989d\u8fd1 18% \u7684\u6c34\u5e73<\/p>\n<p>\u610f\u5927\u5229\u70c8\u9152\u96c6\u56e2\u91d1\u5df4\u5229\uff08Davide Campari\uff0c\u7c73\u5170\u8bc1\u4ea4\u6240\u4ee3\u7801 CPR\uff09\u5ba3\u5e03\u5c06\u6301\u7eed\u6295\u5165\u4ee5\u63a8\u52a8\u65d7\u4e0b\u9152\u7c7b\u54c1\u724c\u9500\u552e\u589e\u957f\uff0c\u4e3a\u53bb\u5e74\u672b\u589e\u901f\u56de\u5347\u540e\u7684<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e4%b8%9a%e7%bb%a9\" title=\"View all posts in \u4e1a\u7ee9\" target=\"_blank\" class=\"tag_link\">\u4e1a\u7ee9<\/a>\u6ce8\u5165\u65b0\u52a8\u529b\uff0c\u516c\u53f8\u80a1\u4ef7\u968f\u4e4b\u8d70\u9ad8\u3002<\/p>\n<p>\u8fd9\u5bb6\u62e5\u6709\u963f\u4f69\u7f57\u5f00\u80c3\u9152\u3001\u99a5\u534e\u8bd7\u5e72\u9091\u3001\u5a01\u51e4\u51f0\u6ce2\u672c\u5a01\u58eb\u5fcc\u7b49\u54c1\u724c\u7684\u610f\u5927\u5229\u96c6\u56e2\uff0c2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u5b9e\u73b0<strong>4.7% \u7684\u6709\u673a\u8425\u6536\u589e\u957f<\/strong>\uff0c\u5f53\u5b63\u603b\u9500\u552e\u989d\u8fbe 7.704 \u4ebf\u6b27\u5143\uff08\u7ea6\u5408 8.964 \u4ebf\u7f8e\u5143\uff09\uff0c\u9ad8\u4e8e FactSet \u5206\u6790\u5e08\u8c03\u67e5\u9884\u671f\u7684 7.593 \u4ebf\u6b27\u5143\u3002<\/p>\n<p>\u5168\u5e74\u6765\u770b\uff0c\u91d1\u5df4\u5229\u5b9e\u73b0\u9500\u552e\u989d 30.5 \u4ebf\u6b27\u5143\uff0c<strong>\u6709\u673a\u540c\u6bd4\u589e\u957f 2.4%<\/strong>\u3002<\/p>\n<p><span><a href=\"https:\/\/stock.finance.sina.com.cn\/usstock\/quotes\/RY.html\" target=\"_blank\" data-sudaclick=\"content_marketkeywords_p\" rel=\"noopener\">\u52a0\u62ff\u5927\u7687\u5bb6\u94f6\u884c<\/a><\/span><span><\/span>\u8d44\u672c\u5e02\u573a\u5206\u6790\u5e08\u74e6\u8428\u743c\u30fb\u4e4c\u591a\u897f\u5c14\u5e15\u4e0e\u8a79\u59c6\u65af\u30fb\u7231\u5fb7\u534e\u5179\u30fb\u743c\u65af\u5728\u81f4\u5ba2\u6237\u62a5\u544a\u4e2d\u5199\u9053\uff0c\u91d1\u5df4\u5229\u7684\u4fc3\u9500\u6295\u5165\u5df2\u89c1\u6210\u6548\uff0c\u201c\u8fd9\u4e00\u8d8b\u52bf\u5c06\u5ef6\u7eed\u81f3\u4eca\u5e74\u201d\u3002<\/p>\n<p>\u91d1\u5df4\u5229\u9996\u5e2d\u6267\u884c\u5b98\u897f\u8499\u30fb\u4ea8\u7279\u8868\u793a\uff0c2026 \u5e74\u96c6\u56e2\u5c06\u4fdd\u6301<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>\u8282\u594f\uff0c<strong>\u5e7f\u544a\u4e0e\u4fc3\u9500\uff08A&amp;P\uff09\u652f\u51fa\u5c06\u63d0\u5347\u81f3\u9500\u552e\u989d\u8fd1 18% \u7684\u6c34\u5e73<\/strong>\uff0c\u6295\u5165\u91cd\u70b9\u5c06\u805a\u7126<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>\u5e02\u573a \u2014\u2014 \u96c6\u56e2\u8ba4\u4e3a\u6838\u5fc3\u4ea7\u54c1\u963f\u4f69\u7f57\u5728\u7f8e\u56fd\u4ecd\u6709\u62a2\u5360\u5e02\u573a\u4efd\u989d\u7684\u7a7a\u95f4\u3002<\/p>\n<p>\u201c\u534a\u6570\u7f8e\u56fd\u4eba\u4ece\u672a\u542c\u8bf4\u8fc7\u963f\u4f69\u7f57\uff0c\u201d \u4ea8\u7279\u5728\u4e1a\u7ee9\u66f4\u65b0\u540e\u63a5\u53d7\u300a<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%8d%8e%e5%b0%94%e8%a1%97\" title=\"View all posts in \u534e\u5c14\u8857\" target=\"_blank\" class=\"tag_link\">\u534e\u5c14\u8857<\/a>\u66f0\u62a5\u300b\u91c7\u8bbf\u65f6\u79f0\uff0c\u201c\u56e0\u6b64\u6211\u4eec\u5927\u5e45\u589e\u52a0\u4e86\u5728\u7f8e\u56fd\u7684\u5e7f\u544a\u4e0e\u4fc3\u9500\u6295\u5165\u3002\u201d<\/p>\n<p>\u7c73\u5170<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e4%b8%8a%e5%b8%82\" title=\"View all posts in \u4e0a\u5e02\" target=\"_blank\" class=\"tag_link\">\u4e0a\u5e02<\/a>\u7684\u91d1\u5df4\u5229\u80a1\u4ef7\u65e9\u76d8\u4e0a\u6da8 5.4%\uff0c\u81f3 6.32 \u6b27\u5143\u3002\u4e0d\u8fc7\uff0c\u4e0e\u8bf8\u591a<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>\u540c\u884c\u4e00\u6837\uff0c\u5176\u80a1\u4ef7\u4ecd\u4f4e\u4e8e 2020 \u5e74\u521d\u6c34\u5e73\uff0c\u53cd\u6620\u51fa\u70c8\u9152\u884c\u4e1a\u8fd1\u5e74\u9762\u4e34\u7684\u591a\u91cd\u6311\u6218\uff1a\u6210\u672c<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e9%80%9a%e8%83%80\" title=\"View all posts in \u901a\u80c0\" target=\"_blank\" class=\"tag_link\">\u901a\u80c0<\/a>\u3001\u6d88\u8d39\u73af\u5883\u8d8b\u51b7\uff0c\u4ee5\u53ca\u90e8\u5206\u6d88\u8d39\u8005\u996e\u9152\u610f\u613f\u4e0b\u964d\u3002<\/p>\n<p>2026 \u5e74\uff0c\u91d1\u5df4\u5229\u76ee\u6807\u5b9e\u73b0<strong>\u4e0e\u53bb\u5e74\u76f8\u5f53\u7684\u6709\u673a\u9500\u552e\u589e\u901f<\/strong>\uff0c\u5e76\u63d0\u5347\u76c8\u5229\u80fd\u529b\u30022025 \u5e74\uff0c\u96c6\u56e2\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da6\u7387\u4ece\u4e0a\u5e74\u7684 19.7% \u5347\u81f3 20.9%\u3002<\/p>\n<p><span><a href=\"https:\/\/stock.finance.sina.com.cn\/usstock\/quotes\/JPM.html\" target=\"_blank\" data-sudaclick=\"content_marketkeywords_p\" rel=\"noopener\">\u6469\u6839\u5927\u901a<\/a><\/span><span><\/span>\u5206\u6790\u5e08\u5728\u62a5\u544a\u4e2d\u79f0\uff0c\u91d1\u5df4\u5229\u5c55\u73b0\u51fa \u201c\u5353\u8d8a\u7684\u589e\u957f\u3001\u4f18\u8d28\u7684\u5229\u6da6\u7387\u4e0e\u7a33\u5065\u7684\u73b0\u91d1\u6d41\u7ba1\u7406\u201d\u3002\u4f46\u516c\u53f8\u4eca\u5e74\u665a\u4e9b\u65f6\u5019\u53ef\u80fd\u9762\u4e34\u603b\u90e8\u4f4d\u4e8e\u4f26\u6566\u7684\u7ade\u4e89\u5bf9\u624b<span><a href=\"https:\/\/stock.finance.sina.com.cn\/usstock\/quotes\/DEO.html\" target=\"_blank\" data-sudaclick=\"content_marketkeywords_p\" rel=\"noopener\">\u5e1d\u4e9a\u5409\u6b27<\/a><\/span><span><\/span>\u7684\u6311\u6218 \u2014\u2014 \u5e1d\u4e9a\u5409\u6b27\u62e5\u6709\u65af\u7c73\u8bfa\u4f0f\u7279\u52a0\u3001\u5c0a\u5c3c\u83b7\u52a0\u5a01\u58eb\u5fcc\u7b49\u54c1\u724c\uff0c\u591a\u6570\u5206\u6790\u5e08\u9884\u8ba1\u5176\u5c06\u5728\u7f8e\u56fd\u6838\u5fc3\u5e02\u573a\u964d\u4ef7\u4ee5\u63d0\u632f\u9500\u91cf\u3002<\/p>\n<p>\u201c\u91d1\u5df4\u5229\u53ef\u80fd\u9762\u4e34\u66f4\u6fc0\u70c8\u7684\u7ade\u4e89\uff0c\u201d \u6469\u6839\u5927\u901a\u8868\u793a\uff0c\u201c\u5f53\u524d\u4e1a\u7ee9\u6307\u5f15\u4f3c\u4e4e\u672a\u5145\u5206\u8003\u8651\u8fd9\u4e00\u5e02\u573a\u6ce2\u52a8<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>\u3002\u201d<\/p>\n<p>\u8d23\u4efb\u7f16\u8f91\uff1a\u90ed\u660e\u715c <\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4e13\u9898\uff1a\u805a\u7126\u7f8e\u80a12025\u5e74\u7b2c\u56db\u5b63\u5ea6\u8d22\u62a5 \u91d1\u5df4\u5229\u9996\u5e2d\u6267\u884c\u5b98\u897f\u8499\u30fb\u4ea8\u7279\u8868\u793a\uff0c\u96c6\u56e2\u5c06\u628a\u5e7f\u544a\u4e0e\u4fc3\u9500\u652f\u51fa\u63d0\u5347\u81f3\u9500\u552e\u989d\u8fd1 1 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":[],"categories":[4],"tags":[195,266,142,241,186,367,42,192],"views":26,"_links":{"self":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/737584"}],"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=737584"}],"version-history":[{"count":0,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/737584\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=737584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=737584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=737584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}