{"id":765055,"date":"2026-04-20T11:16:13","date_gmt":"2026-04-20T03:16:13","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=765055"},"modified":"2026-04-20T11:16:13","modified_gmt":"2026-04-20T03:16:13","slug":"%e6%b2%83%e4%bb%80%e7%a9%b6%e7%ab%9f%e4%bc%9a%e5%a6%82%e4%bd%95%e9%99%8d%e6%81%af%e7%bc%a9%e8%a1%a8%ef%bc%9f%e9%a2%84%e5%91%8a%e7%be%8e%e8%81%94%e5%82%a8%e6%9c%aa%e6%9d%a5%e5%9b%9b%e5%b9%b4%e8%b5%b0","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=765055","title":{"rendered":"\u6c83\u4ec0\u7a76\u7adf\u4f1a\u5982\u4f55\u964d\u606f+\u7f29\u8868\uff1f\u9884\u544a\u7f8e\u8054\u50a8\u672a\u6765\u56db\u5e74\u8d70\u5411\u7684\u542c\u8bc1\u4f1a\u8981\u6765\u4e86\uff01"},"content":{"rendered":"<p>\u5c3d\u7ba1<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>\u68c0\u5bdf\u5b98\u9488\u5bf9<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>\u603b\u90e8\u5927\u697c\u7ffb\u65b0\u5de5\u7a0b\u7684\u8c03\u67e5\uff0c\u53ef\u80fd\u4f1a\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u7ee7\u7eed\u963b\u788d\u6c83\u4ec0\u7684\u7f8e\u8054\u50a8\u4e3b\u5e2d\u63d0\u540d\u786e\u8ba4\u8fdb\u7a0b\u3002\u4f46\u4ece\u5f53\u524d\u7684\u60c5\u51b5\u770b\uff0c\u5373\u4fbf\u53ef\u80fd\u6700\u7ec8\u201c\u665a\u4e0a\u51e0\u5468\u6216\u51e0\u4e2a\u6708\u201d\uff0c\u4f46\u6c83\u4ec0\u638c\u8235\u7f8e\u8054\u50a8\u4f9d\u7136\u662f\u5927\u52bf\u6240\u8d8b\u2026\u2026<\/p>\n<p>\u800c\u5317\u4eac\u65f6\u95f4\u5468\u4e8c\u665a\u4e0a10\u70b9\uff0c\u7f8e\u56fd\u53c2\u8bae\u9662<span><a target=\"_blank\" href=\"http:\/\/quote.eastmoney.com\/unify\/r\/90.BK1283\" data-code=\"90,BK1283\" rel=\"noopener\">\u94f6\u884c<\/a><\/span><span><\/span>\u59d4\u5458\u4f1a\u5c06\u5c31\u51ef\u6587\u00b7\u6c83\u4ec0\u7684\u7f8e\u8054\u50a8\u4e3b\u5e2d\u63d0\u540d\u4e3e\u884c\u542c\u8bc1\u4f1a\uff0c\u8fd9\u4e5f\u662f\u6c83\u4ec0\u9996\u6b21\u80fd\u591f\u5728\u56fd\u4f1a\u5c71\u8fd9\u6837\u7684\u5b98\u65b9\u573a\u5408\uff0c\u9610\u8ff0\u5176<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>\u653f\u7b56\u4e3b\u5f20\u3002<\/p>\n<p><strong>\u53ef\u4ee5\u9884\u89c1\uff0c\u8bae\u5458\u4eec\u5c06\u91cd\u70b9\u5173\u6ce8\u6c83\u4ec0\u662f\u5426\u4f1a\u771f\u6b63\u4fdd\u6301\u72ec\u7acb\uff0c\u8fd8\u662f\u4ec5\u4ec5\u4f1a\u542c\u547d\u4e8e\u603b\u7edf\u3002\u800c\u4e0e\u6b64\u540c\u65f6\uff0c\u5468\u4e8c\u665a\u95f4\u7684\u8fd9\u573a\u542c\u8bc1\u4f1a\uff0c\u4e0d\u4ec5\u4ec5\u662f\u6c83\u4ec0\u4e2a\u4eba\u7684\u8fdb\u9636\u4e4b\u8def\uff0c\u66f4\u662f\u7f8e\u8054\u50a8\u5728\u201c<a 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>2.0\u65f6\u4ee3\u201d\u89d2\u8272\u91cd\u5851\u7684\u63ed\u5e55\u6218\u3002\u4ed6\u629b\u51fa\u7684\u6bcf\u4e00\u53e5\u5173\u4e8e\u5229\u7387\u548c\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u8bc4\u8bba\uff0c\u90fd\u53ef\u80fd\u5728\u672a\u6765\u51e0\u4e2a\u6708\u5185\u8f6c\u5316\u4e3a\u4e07\u4ebf\u7f8e\u5143\u8ba1\u7684\u5e02\u573a\u6ce2\u52a8\u3002<\/strong><\/p>\n<p><strong>\u6c83\u4ec0\u6216\u529b\u63a8<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>+\u7f29\u8868\u5e76\u5b58\uff1f<\/strong><\/p>\n<p><strong>\u5f53\u7279\u6717\u666e\u4eca\u5e743\u6708\u9009\u62e9\u51ef\u6587\u00b7\u6c83\u4ec0\u62c5\u4efb\u4e0b\u4e00\u5c4a\u7f8e\u8054\u50a8\u4e3b\u5e2d\u65f6\uff0c\u5e02\u573a\u666e\u904d\u7684\u89c2\u70b9\u662f\uff0c\u6c83\u4ec0\u4e00\u5b9a\u662f\u4ee5\u67d0\u79cd\u65b9\u5f0f\u8bf4\u670d\u4e86\u603b\u7edf\uff0c\u4ed6\u6709\u80fd\u529b\u529d\u8bf4\u5176\u4ed6<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>\u5b98\u5458\u964d\u4f4e\u5229\u7387\u3002<\/strong><\/p>\n<p>\u4f46\u5177\u4f53\u5982\u4f55\u64cd\u4f5c\u5462\uff1f<\/p>\n<p>\u51e0\u4e2a\u6708\u6765\u663e\u800c\u6613\u89c1\u7684\u662f\uff0c\u5728\u76ee\u524d\u5728\u4efb\u768419\u4f4d\u7f8e\u8054\u50a8\u9ad8\u5c42\u51b3\u7b56\u8005\u4e2d\uff0c\u652f\u6301\u964d\u606f\u7684\u4eba\u5e76\u4e0d\u591a\u2014\u2014\u4e0e\u7279\u6717\u666e\u767d\u5bab\u5173\u7cfb\u6700\u5bc6\u5207\u7684\u7f8e\u8054\u50a8\u7406\u4e8b\u65af\u8482\u82ac\u00b7\u7c73\u5170(Stephen Miran)\u4e00\u76f4\u662f\u547c\u5401\u5927\u5e45\u964d\u606f\u7684\u201c\u5b64\u72ec\u201d\u58f0\u97f3\u3002<\/p>\n<p>\u4f46<strong>\u7ecf\u6d4e\u5b66\u5bb6\u6307\u51fa\uff0c\u6c83\u4ec0\u53ef\u80fd\u6b63\u8ba1\u5212\u901a\u8fc7\u4e00\u79cd\u65b9\u5f0f\u8bf4\u670d\u7f8e\u8054\u50a8\u5b98\u5458\u652f\u6301\u8d27\u5e01\u653f\u7b56\u5bbd\u677e\u2014\u2014\u7f29\u51cf\u7f8e\u8054\u50a8\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u3002<\/strong><\/p>\n<p>\u6c83\u4ec0\u6b64\u524d\u53d1\u8868\u7684\u6f14\u8bb2\u8868\u660e\uff0c\u4ed6\u8ba4\u4e3a\u7f29\u51cf1\u4e07\u4ebf\u7f8e\u5143\u8d44\u4ea7\u8d1f\u503a\u8868\u5bf9\u7ecf\u6d4e\u7684\u5f71\u54cd\uff0c\u76f8\u5f53\u4e8e<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>50\u4e2a\u57fa\u70b9\u3002\u5f7c\u5f97\u68ee\u56fd\u9645\u7ecf\u6d4e\u7814\u7a76\u6240\u7814\u7a76\u5458Joe Gagnon\u8868\u793a\uff0c\u6c83\u4ec0\u5c06\u5411\u7f8e\u8054\u50a8\u540c\u4e8b\u65bd\u538b\uff0c\u8981\u6c42\u964d\u4f4e\u77ed\u671f\u5229\u7387\uff0c\u4ee5\u62b5\u6d88\u8fd9\u79cd\u8d44\u4ea7\u8d1f\u503a\u8868\u6536\u7f29\u5e26\u6765\u7684\u7d27\u7f29\u6548\u5e94\u3002<\/p>\n<p>\u672c\u8d28\u4e0a\uff0c\u6c83\u4ec0\u5c06\u4e00\u624b\u6536\u7d27\u653f\u7b56\uff0c\u53e6\u4e00\u624b\u5b9e\u65bd\u5bbd\u677e\u3002\u800c\u8fd9\u786e\u5b9e\u6709\u5e0c\u671b\u80fd\u628a\u5229\u7387\u964d\u4e0b\u6765\u3002<\/p>\n<p><strong><span><a target=\"_blank\" href=\"http:\/\/quote.eastmoney.com\/unify\/r\/106.BAC\" data-code=\"106,BAC\" rel=\"noopener\">\u7f8e\u56fd\u94f6\u884c<\/a><\/span><span><\/span>\u5168\u7403\u7814\u7a76\u90e8\u7f8e\u56fd\u5229\u7387<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e7%ad%96%e7%95%a5\" title=\"View all posts in \u7b56\u7565\" target=\"_blank\" class=\"tag_link\">\u7b56\u7565<\/a>\u4e3b\u7ba1Mark Cabana\u8868\u793a\uff1a\u201c\u6536\u7f29\u8d44\u4ea7\u8d1f\u503a\u8868\u786e\u5b9e\u53ef\u80fd\u6210\u4e3a\u6c83\u4ec0\u503e\u5411\u4f7f\u7528\u7684\u4e00\u4e2a\u8bba\u70b9\uff0c\u7528\u6765\u89e3\u91ca\u4e3a\u4ec0\u4e48\u5229\u7387\u5e94\u8be5\u66f4\u4f4e\u3002\u201d<\/strong><\/p>\n<p>\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0c\u957f\u671f\u4ee5\u6765\u6c83\u4ec0\u5c31\u4e00\u76f4\u5bf9\u592e\u884c\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u89c4\u6a21\u6301\u6279\u8bc4\u6001\u5ea6\u3002\u7f8e\u8054\u50a8\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u89c4\u6a21\u5df2\u4ece2008\u5e74<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e9%87%91%e8%9e%8d%e5%8d%b1%e6%9c%ba\" title=\"View all posts in \u91d1\u878d\u5371\u673a\" target=\"_blank\" class=\"tag_link\">\u91d1\u878d\u5371\u673a<\/a>\u524d\u7684\u4e0d\u52301\u4e07\u4ebf\u7f8e\u5143\u98d9\u5347\u81f3\u8d85\u8fc76\u4e07\u4ebf\u7f8e\u5143\u3002\u7f8e\u8054\u50a8\u76ee\u524d\u4ecd\u6301\u67091.6\u4e07\u4ebf\u7f8e\u5143\u7684\u957f\u671f\u56fd\u503a\u548c1.9\u4e07\u4ebf\u7f8e\u5143\u7684\u62b5\u62bc\u8d37\u6b3e\u652f\u6301\u8bc1\u5238(MBS)\u3002\u8fd9\u5728\u91d1\u878d\u5e02\u573a\u4e2d\u7559\u4e0b\u4e86\u5de8\u5927\u7684\u201c\u811a\u5370\u201d\u3002<\/p>\n<p>Gagnon\u6307\u51fa\uff0c\u5982\u679c\u4f60\uff08\u7f8e\u8054\u50a8\uff09\u6301\u6709MBS\u548c\u8d85\u957f\u671f\u56fd\u503a\uff0c\u90a3\u4e48\u4f60\u5c31\u662f\u5728\u538b\u4f4e\u8fd9\u4e9b\u8d44\u4ea7\u7684\u6536\u76ca\u7387\uff0c\u4f7f\u5176\u4f4e\u4e8e\u672c\u5e94\u6709\u7684\u6c34\u5e73\u3002<\/p>\n<p>\u4f5c\u4e3a\u7279\u6717\u666e\u5728\u7f8e\u8054\u50a8\u7684\u4e3b\u8981\u76df\u53cb\uff0c\u7f8e\u8054\u50a8\u7406\u4e8b\u7c73\u5170\u6700\u8fd1\u4e5f\u5bf9\u964d\u606f\u4e0e\u7f29\u8868\u540c\u6b65\u8fdb\u884c\u7684\u653f\u7b56\u8868\u8fbe\u4e86\u652f\u6301\u3002\u7c73\u5170\u5728\u4e00\u6b21\u547c\u5401\u7f8e\u8054\u50a8\u6536\u7f29\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u6f14\u8bb2\u4e2d\u8868\u793a\uff0c\u7f29\u8868\u7684\u7ecf\u6d4e\u5f71\u54cd\u201c\u53ef\u4ee5\u901a\u8fc7\u8f83\u4f4e\u7684\u8054\u90a6\u57fa\u91d1\u5229\u7387\u6765\u62b5\u6d88\u201d\u3002\u4ed6\u6307\u51fa\uff0c\u201c\u56e0\u6b64\uff0c\u6062\u590d\u7f29\u8868\u5f88\u53ef\u80fd\u610f\u5473\u7740\u8054\u90a6\u57fa\u91d1\u5229\u7387\u9700\u8981\u76f8\u5bf9\u4e8e\u57fa\u51c6\u9884\u6d4b\u8fdb\u884c\u989d\u5916\u7684\u4e0b\u8c03\u3002\u201d<\/p>\n<p><strong>\u5982\u4f55\u54cd\u5e94\u7279\u6717\u666e\u964d\u606f\u8981\u6c42<\/strong><\/p>\n<p><strong>\u76ee\u524d\uff0c\u6c83\u4ec0\u5728\u53c2\u8bae\u9662\u7684\u63d0\u540d\u786e\u8ba4\u7a0b\u5e8f\u4ecd\u9762\u4e34\u4e00\u4f4d\u5171\u548c\u515a\u7c4d\u5173\u952e\u8bae\u5458\u7684\u969c\u788d\uff0c\u4f46\u65e0\u8bba\u4ed6\u4f55\u65f6\u6700\u7ec8\u6267\u638c\u7f8e\u8054\u50a8\uff0c\u90fd\u5c06\u9762\u4e34\u6765\u81ea\u767d\u5bab\u7684\u5de8\u5927\u538b\u529b\uff0c\u8981\u6c42\u5176\u964d\u4f4e\u5229\u7387\u3002<\/strong><\/p>\n<p>\u672c\u5468\u65e9\u4e9b\u65f6\u5019\uff0c\u7279\u6717\u666e\u518d\u6b21\u91cd\u7533\uff0c\u5229\u7387\u5e94\u8fdc\u4f4e\u4e8e\u5f53\u524d3.5%\u81f33.75%\u7684\u533a\u95f4\u3002\u5f53\u88ab<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%aa%92%e4%bd%93\" title=\"View all posts in \u5a92\u4f53\" target=\"_blank\" class=\"tag_link\">\u5a92\u4f53<\/a>\u95ee\u53ca\u662f\u5426\u8ba4\u4e3a\u4eca\u5e74\u665a\u4e9b\u65f6\u5019\u5229\u7387\u4f1a\u4e0b\u8c03\u65f6\uff0c\u7279\u6717\u666e\u7684\u56de\u7b54\u76f4\u767d\u5f97\u6ca1\u6709\u4efb\u4f55\u4fee\u9970\uff1a\u201c\u7b49\u51ef\u6587\u4e0a\u4efb\u540e\uff0c\u4f1a\u7684\u3002\u201d<\/p>\n<p>\u7279\u6717\u666e\u8fd8\u66fe\u5f00\u73a9\u7b11\u8bf4\uff0c\u5982\u679c\u7f8e\u8054\u50a8\u4e0d\u5927\u5e45\u964d\u606f\uff0c\u4ed6\u5c06\u8d77\u8bc9\u6c83\u4ec0\u3002<\/p>\n<p>\u4f46\u8bb8\u591a\u7f8e\u8054\u50a8\u5b98\u5458\u8868\u793a\uff0c\u5728<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>\u6c34\u5e73\u5411\u592e\u884c2%\u7684\u76ee\u6807\u9760\u62e2\u65b9\u9762\u53d6\u5f97\u8fdb\u5c55\u4e4b\u524d\uff0c\u4ed6\u4eec\u5bf9\u964d\u606f\u6301\u8c28\u614e\u6001\u5ea6\u3002\u4f0a\u6717\u5c40\u52bf\u5df2\u5c06\u901a\u80c0\u63a8\u5347\u81f3\u4e24\u5e74\u6765\u7684\u6700\u9ad8\u6c34\u5e73\uff0c\u8fd9\u4f7f\u5f97\u5b98\u5458\u4eec\u66f4\u52a0\u8c28\u614e\u3002<\/p>\n<p><strong>Gagnon\u66fe\u662f\u7f8e\u8054\u50a8\u7684\u9ad8\u7ea7\u804c\u5458\u3002\u5bf9\u6b64\uff0c\u4ed6\u8ba4\u4e3a\uff0c\u6c83\u4ec0\u5728\u6e38\u8bf4\u4e3b\u5e2d\u804c\u4f4d\u65f6\uff0c\u53ef\u80fd\u5df2\u544a\u8bc9\u8fc7\u7279\u6717\u666e\uff0c\u4ed6\u770b\u5230\u4e86\u5c06\u8054\u90a6\u57fa\u91d1\u5229\u7387\u964d\u4f4e100\u4e2a\u57fa\u70b9\u7684\u9014\u5f84\u2014\u2014\u5176\u4e2d\u7ea650\u4e2a\u57fa\u70b9\u7684\u964d\u5e45\u5c06\u6765\u6e90\u4e8e\u7f29\u51cf\u8d44\u4ea7\u8d1f\u503a\u8868\u3002\u6b64\u5916\uff0c\u6c83\u4ec0\u53ef\u80fd\u4f1a\u8fa9\u79f0\uff0c\u5176\u4f5950\u4e2a\u57fa\u70b9\u7684\u964d\u5e45\u53ef\u5728<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>\u548c\u4f0a\u6717\u6218\u4e89\u5f15\u53d1\u7684<span><a target=\"_blank\" href=\"http:\/\/quote.eastmoney.com\/unify\/r\/105.QCOM\" data-code=\"105,QCOM\" rel=\"noopener\">\u9ad8\u901a<\/a><\/span><span><\/span>\u80c0\u7f13\u89e3\u540e\u5b9e\u65bd\u3002<\/strong><\/p>\n<p>\u6c83\u4ec0\u8fd1\u671f\u66fe\u8868\u793a\uff0c\u751f\u4ea7\u529b\u7684\u63d0\u9ad8\u652f\u6301\u66f4\u4f4e\u7684\u5229\u7387\u3002<\/p>\n<p>\u4f46DWS Americas\u56fa\u5b9a\u6536\u76ca\u4e3b\u7ba1George Catrambone\u540c\u65f6\u4e5f\u6307\u51fa\uff0c\u6c83\u4ec0\u57282006\u5e74\u81f32011\u5e74\u62c5\u4efb\u7f8e\u8054\u50a8\u7406\u4e8b\u671f\u95f4\u4f5c\u4e3a\u201c\u901a\u80c0\u9e70\u6d3e\u201d\u7684\u58f0\u8a89\uff0c\u6697\u793a\u4ed6\u53ef\u80fd\u4e0d\u4f1a\u5ffd\u89c6\u8fd9\u4e00\u56e0\u7d20\u3002\u201c\u4ed6\u5c06\u975e\u5e38\u5173\u6ce8\u901a\u80c0\uff0c\u800c\u8fd9\u6b63\u662f\u5e02\u573a\u60f3\u542c\u5230\u7684\u3002\u201d<\/p>\n<p><span><a target=\"_blank\" href=\"http:\/\/quote.eastmoney.com\/unify\/r\/106.MS\" data-code=\"106,MS\" rel=\"noopener\">\u6469\u6839\u58eb\u4e39\u5229<\/a><\/span><span><\/span>\u7b56\u7565\u5e08Michael Gapen\u8ba4\u4e3a\uff0c\u6c83\u4ec0\u53ef\u80fd\u4f1a\u4e3a\u4eca\u5e74\u665a\u4e9b\u65f6\u5019\u7684\u964d\u606f\u7559\u51fa\u95e8\u7f1d\uff0c\u7406\u7531\u662f\u76ee\u524d\u4f0a\u6717\u6218\u4e89\u7684\u964d\u6e29\u4f7f\u5f97\u901a\u80c0\u4e0a\u5347\u53ea\u662f\u6682\u65f6\u7684\u3002<\/p>\n<p>\u201c\u5373\u4fbf\u5982\u6b64\uff0c\u6211\u4eec\u8ba4\u4e3a\u4ed6\u5728\u5229\u7387\u8def\u5f84\u4e0a\u4e0d\u80fd\u8fc7\u4e8e\u9e3d\u6d3e\uff0c\u56e0\u4e3a\u8fd9\u53ef\u80fd\u4f1a\u5f15\u53d1\u5bf9\u5176\u7f8e\u8054\u50a8\u72ec\u7acb\u6027\u7684\u62c5\u5fe7\uff0c\u201dGapen\u8bf4\u3002\u201c\u6bcf\u4e00\u4f4d\u65b0\u4efb\u7f8e\u8054\u50a8\u4e3b\u5e2d\u90fd\u4f1a\u611f\u5230\u67d0\u79cd\u7a0b\u5ea6\u7684\u538b\u529b\uff0c\u4ee5\u8bc1\u660e\u5176\u6297\u51fb\u901a\u80c0\u7684\u516c\u4fe1\u529b\uff0c\u6c83\u4ec0\u5f88\u53ef\u80fd\u4f1a\u88ab\u95ee\u53ca\u4ed6\u8ba4\u4e3a\u54ea\u4e9b\u60c5\u51b5\u9700\u8981\u66f4\u9ad8\u7684\u653f\u7b56\u5229\u7387\u3002\u201d<\/p>\n<p><strong>\u6c83\u4ec0\u672a\u6765\u53ef\u80fd\u4f1a\u5982\u4f55\u7f29\u8868\uff1f<\/strong><\/p>\n<p>\u7f8e\u8054\u50a8\u524d\u4e3b\u5e2d\u4f2f\u5357\u514b\u57282008\u5e74\u638c\u8235\u7f8e\u8054\u50a8\u671f\u95f4\u5f00\u521b\u4e86\u4f7f\u7528\u8d44\u4ea7\u8d1f\u503a\u8868\u523a\u6fc0\u7ecf\u6d4e\u7684\u5148\u6cb3\u3002\u5728\u91d1\u878d\u5371\u673a\u671f\u95f4\uff0c\u7f8e\u8054\u50a8\u5df2\u5c06\u5229\u7387\u964d\u81f3\u96f6\uff0c\u4f46\u8fd9\u4ecd\u4e0d\u8db3\u4ee5\u523a\u6fc0\u7ecf\u6d4e\u3002\u56e0\u6b64\uff0c\u7f8e\u8054\u50a8\u6700\u7ec8\u8d2d\u4e70\u4e86\u957f\u671f\u56fd\u503a\u548c\u62b5\u62bc\u8d37\u6b3e\u652f\u6301\u8bc1\u5238(MBS)\uff0c\u4ee5\u5e2e\u52a9\u538b\u4f4e\u5229\u7387\u5e76\u523a\u6fc0\u590d\u82cf\u3002\u8fd9\u4e9b\u8d44\u4ea7\u4e0e\u8d1f\u503a(<span web=\"1\"  target=\"_blank\" href=\"http:\/\/quote.eastmoney.com\/unify\/r\/90.BK1283\" data-code=\"90,BK1283\">\u94f6\u884c<\/span>\u5728\u7f8e\u8054\u50a8\u8d26\u6237\u4e2d\u6301\u6709\u7684\u51c6\u5907\u91d1)\u76f8\u5bf9\u5e94\u3002\u7f8e\u8054\u50a8\u5411<span web=\"1\"  target=\"_blank\" href=\"http:\/\/quote.eastmoney.com\/unify\/r\/90.BK1283\" data-code=\"90,BK1283\">\u94f6\u884c<\/span>\u652f\u4ed8\u8fd9\u4e9b\u51c6\u5907\u91d1\u7684\u5229\u606f\u3002<\/p>\n<p><strong>\u7f8e\u8054\u50a8\u8fd1\u5e74\u6765\u66fe\u4e24\u6b21\u5c1d\u8bd5\u7f29\u8868\u3002<\/strong>\u7b2c\u4e00\u6b21\u5c1d\u8bd5\u4ee52019\u5e74\u7684\u5e02\u573a\u5d29\u6e83\u544a\u7ec8\uff0c\u5f53\u65f6\u8d27\u5e01\u5e02\u573a\u5229\u7387\u6fc0\u589e\u3002\u7b2c\u4e8c\u6b21\u5c1d\u8bd5\u59cb\u4e8e2022\u5e74\uff0c\u5e76\u4e8e\u53bb\u5e7412\u6708\u8f83\u4e3a\u5e73\u7a33\u5730\u7ed3\u675f\uff0c\u4f46\u8d44\u4ea7\u8d1f\u503a\u8868\u89c4\u6a21\u4ecd\u7ef4\u6301\u57286.6\u4e07\u4ebf\u7f8e\u5143\u2014\u2014\u8fd9\u4e00\u6570\u5b57\u4f9d\u7136\u8981\u9ad8\u4e8e2017\u5e74\u7684\u5cf0\u503c\u3002<\/p>\n<p><strong>Gagnon\u8868\u793a\uff0c\u9c8d\u5a01\u5c14\u53ca\u5176\u540c\u4e8b\u6b64\u524d\u4ece\u672a\u627e\u5230\u4e00\u79cd\u597d\u7684\u65b9\u5f0f\u6765\u6c9f\u901a\u5305\u62ec\u8d44\u4ea7\u8d1f\u503a\u8868\u5728\u5185\u7684\u6574\u4f53\u8d27\u5e01\u653f\u7b56\u3002<\/strong>\u201c\u4ed6\u4eec(\u7f8e\u8054\u50a8\u5b98\u5458)\u7684\u8c08\u8bdd\u65b9\u5f0f\u5c31\u597d\u50cf\u8d44\u4ea7\u8d1f\u503a\u8868\u662f\u4e00\u56de\u4e8b\uff0c\u8bbe\u5b9a\u5229\u7387\u662f\u53e6\u4e00\u56de\u4e8b\uff0c\u4ed6\u4eec\u4e0d\u8ba8\u8bba\u4e24\u8005\u4e4b\u95f4\u7684\u5185\u5728\u8054\u7cfb\u3002\u7136\u800c\uff0c\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u5185\u5bb9\u786e\u5b9e\u4f1a\u5f71\u54cd\u653f\u7b56\u7acb\u573a\uff0c\u4ed6\u4eec\u5e94\u8be5\u5c06\u5176\u7eb3\u5165\u6574\u4f53\u5206\u6790\u4e2d\uff0c\u4f46\u4ed6\u4eec\u62d2\u7edd\u8fd9\u6837\u505a\u3002\u201d<\/p>\n<p>\u6b64\u5916\uff0c\u81ea2008\u5e74\u5f00\u59cb\u4f7f\u7528\u8d44\u4ea7\u8d1f\u503a\u8868\u7ebe\u56f0\u4ee5\u6765\uff0c\u7f8e\u8054\u50a8\u4ece\u672a\u4e3b\u52a8\u51fa\u552e\u8fc7\u4efb\u4f55\u8d44\u4ea7\u3002\u76f8\u53cd\uff0c\u5b83\u901a\u8fc7\u7b49\u5f85\u6301\u6709\u7684\u8d44\u4ea7\u5230\u671f\u4e14\u4e0d\u5c06\u5230\u671f\u8d44\u91d1\u91cd\u65b0<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>\u7684\u65b9\u5f0f\u6765\u7f29\u51cf\u89c4\u6a21\u3002\u8fd9\u79cd\u7b56\u7565\u5bfc\u81f4\u7f8e\u8054\u50a8\u6301\u6709\u5927\u91cfMBS\u3002\u4f46\u8fd9\u79cd\u7f13\u6162\u7f29\u8868\u7b56\u7565\u5bf9\u62b5\u62bc\u8d37\u6b3e\u652f\u6301\u8bc1\u5238\u7684\u6548\u679c\u5e76\u4e0d\u76f8\u540c\uff0c\u56e0\u4e3a\u5176\u4e2d\u5927\u90e8\u5206\u662f\u4f4e\u5229\u7387\u8d37\u6b3e\uff0c\u623f\u4e3b\u4e0d\u592a\u53ef\u80fd\u63d0\u524d\u8fd8\u6b3e\uff0c\u8fd9\u610f\u5473\u7740\u5b83\u4eec\u53ef\u80fd\u51e0\u5341\u5e74\u90fd\u4e0d\u4f1a\u5230\u671f\u3002<\/p>\n<p><strong><span web=\"1\"  target=\"_blank\" href=\"http:\/\/quote.eastmoney.com\/unify\/r\/106.BAC\" data-code=\"106,BAC\">\u7f8e\u56fd\u94f6\u884c<\/span>\u7684Cabana\u8868\u793a\uff0c\u6c83\u4ec0\u6cbb\u4e0b\u7684\u7f8e\u8054\u50a8\u7f29\u8868\u6216\u5c06\u6709\u4e24\u79cd\u9009\u62e9\u3002<\/strong><\/p>\n<p>\u9996\u5148\uff0c\u53ef\u4ee5\u5ba3\u5e03\u5728\u516c\u5f00\u5e02\u573a\u4e0a\u51fa\u552e\u8d44\u4ea7\u3002\u4f46\u4ed6\u8868\u793a\uff0c\u8fd9\u6781\u4e0d\u53ef\u80fd\u53d1\u751f\u3002\u201c\u51fa\u552e\u8d44\u4ea7\u4f1a\u5bf9\u91d1\u878d\u5e02\u573a\u4ea7\u751f\u6781\u5927\u5e72\u6270\u3002\u8fd9\u4f1a\u6536\u7d27\u91d1\u878d\u73af\u5883\uff0c\u5bfc\u81f4<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>\u8d44\u4ea7\u4ef7\u503c\u663e\u8457\u4e0b\u964d\uff0c\u201dCabana\u8868\u793a\uff0c\u5c3d\u7ba1\u7ecf\u6d4e\u653e\u7f13\u53ef\u80fd\u6210\u4e3a\u964d\u606f\u7684\u7406\u7531\uff0c\u4f46\u4ee3\u4ef7\u592a\u9ad8\u3002\u201c\u6211\u8ba4\u4e3a\u7279\u6717\u666e\u6839\u672c\u4e0d\u4f1a\u540c\u610f\u8fd9\u4e00\u70b9\u3002\u201d<\/p>\n<p><strong>Cabana\u8ba4\u4e3a\u66f4\u5408\u7406\u7684\u9009\u62e9\u662f\uff0c\u7f8e\u8054\u50a8\u5c06\u91cd\u70b9\u653e\u5728\u5176\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u8d1f\u503a\u7aef\u2014\u2014\u5373\u94f6\u884c\u5728\u7f8e\u8054\u50a8\u6301\u6709\u76843\u4e07\u4ebf\u7f8e\u5143\u51c6\u5907\u91d1\u3002<\/strong><\/p>\n<p>\u514b\u5229\u592b\u5170\u8054\u50a8\u4e3b\u5e2d\u54c8\u9a6c\u514b\u4e0a\u5468\u63a5\u53d7\u91c7\u8bbf\u65f6\u4e5f\u8868\u793a\uff0c\u7f8e\u8054\u50a8\u6b63\u8bd5\u56fe\u5728\u5145\u8db3\u51c6\u5907\u91d1\u5e26\u6765\u7684\u91d1\u878d\u7a33\u5b9a\u6536\u76ca\u4e0e\u8f83\u5c0f\u89c4\u6a21\u8d44\u4ea7\u8d1f\u503a\u8868\u5e26\u6765\u7684\u58f0\u8a89\u6536\u76ca\u4e4b\u95f4\u5bfb\u627e\u5e73\u8861\u3002\u4f46\u964d\u4f4e\u51c6\u5907\u91d1\u9700\u6c42\u662f\u6709\u6781\u9650\u7684\u3002\u54c8\u9a6c\u514b\u8868\u793a\uff0c\u201c\u5982\u679c\u94f6\u884c\u7ee7\u7eed\u5bf9\u51c6\u5907\u91d1\u6709\u9700\u6c42\uff0c\u6211\u4eec\u5bf9\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u7f29\u51cf\u53ea\u80fd\u5230\u6b64\u4e3a\u6b62\u3002\u201d<\/p>\n<p>\u4e13\u4e1a\u4ece\u4e8b\u7f8e\u8054\u50a8\u7814\u7a76\u7684Wrightson ICAP\u9996\u5e2d\u7ecf\u6d4e\u5b66\u5bb6Lou Crandall\u8868\u793a\uff0c\u592e\u884c\u5728\u63a2\u7d22\u5982\u4f55\u5f15\u5bfc\u94f6\u884c\u51cf\u5c11\u8fc7\u5ea6\u6301\u6709\u51c6\u5907\u91d1\u65b9\u9762\u5df2\u53d6\u5f97\u4e86\u90e8\u5206\u8fdb\u5c55\u3002\u76ee\u524d\u5df2\u7ecf\u8ba8\u8bba\u8fc7\u6539\u97692008\u5e74\u540e\u7684\u6d41\u52a8\u6027\u89c4\u5219\uff08\u8be5\u89c4\u5219\u6fc0\u52b1\u94f6\u884c\u6301\u6709\u51c6\u5907\u91d1\uff09\uff0c\u540c\u65f6\u5efa\u7acb\u76f8\u5173\u673a\u5236\u4ee5\u786e\u4fdd\u94f6\u884c\u5728\u9700\u8981\u65f6\u80fd\u83b7\u5f97\u5e94\u6025\u8d44\u91d1\u3002<\/p>\n<p><strong>\u65af\u5766\u798f\u5927\u5b66\u5546\u5b66\u9662\u91d1\u878d\u5b66\u6559\u6388Darrell Duffie\u8868\u793a\uff0c\u53e6\u4e00\u4e2a\u66f4\u5177\u4e89\u8bae\u7684\u60f3\u6cd5\u662f\u7f8e\u8054\u50a8\u5bf9\u8d85\u8fc7\u4e00\u5b9a\u9608\u503c\u7684\u94f6\u884c\u51c6\u5907\u91d1\u652f\u4ed8\u8f83\u4f4e\u7684\u5229\u606f\u3002<\/strong><\/p>\n<p>Crandall\u6307\u51fa\uff0c\u201c\u5982\u679c\u6211\u4eec\u80fd\u627e\u5230\u65b9\u6cd5\u8ba9\u94f6\u884c\u4e1a\u8ba4\u4e3a\u4e0d\u9700\u8981\u56e4\u79ef\u90a3\u4e48\u591a\u51c6\u5907\u91d1\uff0c\u90a3\u5c31\u80fd\u8ba9\u7f8e\u8054\u50a8\u7f29\u5c0f\u5176\u8d44\u4ea7\u8d1f\u503a\u8868\u2026\u2026\u8fd9\u5bf9\u6bcf\u4e2a\u4eba\u6765\u8bf4\u90fd\u662f\u53cc\u8d62\u3002\u201d<\/p>\n<p><strong>\u7c73\u5170\u6b64\u524d\u64b0\u5199\u7684\u5173\u4e8e\u7f29\u51cf\u7f8e\u8054\u50a8\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u201c\u6307\u5357\u201d\u66fe\u4f30\u8ba1\uff0c\u4ece\u91cd\u65b0\u6821\u51c6\u76d1\u7ba1\u5230\u5bf9\u51c6\u5907\u91d1\u652f\u4ed8\u7684\u5229\u606f\u5b9e\u65bd\u5206\u7ea7\uff0c\u8fd9\u4e9b\u5907\u9009\u65b9\u6848\u5728\u5f53\u524d\u6846\u67b6\u4e0b\u53ef\u80fd\u4f7f\u7f8e\u8054\u50a8\u7684\u51c6\u5907\u91d1\u6301\u6709\u89c4\u6a21\u51cf\u5c111.2\u4e07\u4ebf\u7f8e\u5143\u81f32.1\u4e07\u4ebf\u7f8e\u5143\u3002<\/strong><\/p>\n<p>\u4f46<span><a target=\"_blank\" href=\"http:\/\/quote.eastmoney.com\/unify\/r\/1.601099\" data-code=\"1,601099\" rel=\"noopener\">\u592a\u5e73\u6d0b<\/a><\/span><span><\/span>\u6295\u8d44\u7ba1\u7406\u516c\u53f8\u7ecf\u6d4e\u5b66\u5bb6Tiffany Wilding\u8ba4\u4e3a\uff0c\u8fd9\u79cd\u8bf4\u6cd5\u5938\u5927\u4e86\u672a\u6765\u4e00\u4e24\u5e74\u5185\u53ef\u80fd\u5b9e\u73b0\u7684\u89c4\u6a21\u3002\u5979\u8ba4\u4e3a\uff0c\u4e00\u4e9b\u63aa\u65bd\u53ef\u4ee5\u5728\u77ed\u671f\u5185\u91ca\u653e\u8fd15000\u4ebf\u7f8e\u5143\u7684\u51c6\u5907\u91d1\u3002<\/p>\n<p>(\u6765\u6e90:\u5929\u5929\u57fa\u91d1\u7f51)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5c3d\u7ba1\u7f8e\u56fd\u68c0\u5bdf\u5b98\u9488\u5bf9\u7f8e\u8054\u50a8\u603b\u90e8\u5927\u697c\u7ffb\u65b0\u5de5\u7a0b\u7684\u8c03\u67e5\uff0c\u53ef\u80fd\u4f1a\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u7ee7\u7eed\u963b\u788d\u6c83\u4ec0\u7684\u7f8e\u8054\u50a8\u4e3b\u5e2d\u63d0\u540d\u786e\u8ba4\u8fdb\u7a0b\u3002\u4f46\u4ece\u5f53 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":[],"categories":[232],"tags":[286,96,43,280,241,161,79,88,367,97,34,42,41,385,192,303],"views":11,"_links":{"self":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/765055"}],"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=765055"}],"version-history":[{"count":0,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/765055\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=765055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=765055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=765055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}