{"id":802535,"date":"2026-06-22T08:22:15","date_gmt":"2026-06-22T00:22:15","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=802535"},"modified":"2026-06-22T08:22:15","modified_gmt":"2026-06-22T00:22:15","slug":"%e7%be%8e%e8%81%94%e5%82%a8%e5%8a%a0%e6%81%af%e5%a4%a7%e6%b6%88%e6%81%af%ef%bc%81%e5%a4%a7%e7%a9%ba%e5%a4%b4%e7%aa%81%e5%8f%91%e8%ad%a6%e5%91%8a%ef%bc%81","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=802535","title":{"rendered":"\u7f8e\u8054\u50a8\u52a0\u606f\u5927\u6d88\u606f\uff01\u201c\u5927\u7a7a\u5934\u201d\u7a81\u53d1\u8b66\u544a\uff01"},"content":{"rendered":"

\u7f8e\u8054\u50a8<\/a>\u52a0\u606f<\/a>\u9884\u671f\u7a81\u7136\u5347\u6e29\u3002<\/p>\n

\u4eca\u65e5\u65e9\u95f4\uff0c\u4e9a\u592a\u76d8\u521d\uff0c\u7f8e\u56fd<\/a>\u8054\u90a6\u57fa\u91d1\u5229\u7387\u671f\u8d27<\/a><\/span><\/span>\u5ef6\u7eed\u8dcc\u52bf\uff0c\u663e\u793a\u9884\u8ba1\u7f8e\u8054\u50a89\u6708\u52a0\u606f\u6982\u7387\u4e3a76%\u3002\u5fb7\u610f\u5fd7\u94f6\u884c<\/a><\/span><\/span>\u5728\u6700\u65b0\u53d1\u5e03\u7684\u62a5\u544a\u4e2d\u5168\u9762\u4e0a\u8c03\u901a\u80c0<\/a>\u9884\u671f\uff0c\u5e76\u5f7b\u5e95\u626d\u8f6c\u4e86\u6b64\u524d\u7684\u8d27\u5e01<\/a>\u653f\u7b56\u9884\u6d4b\uff1a\u9884\u8ba1\u7f8e\u8054\u50a8\u5c06\u57282026\u5e74\u52a0\u606f\u4e24\u6b21(\u517150\u4e2a\u57fa\u70b9)\u3002<\/p>\n

\u5e02\u573a\u5c42\u9762\uff0c\u7f8e\u80a1\u4e09\u5927\u80a1\u6307\u671f\u8d27<\/span>\u4e00\u5ea6\u8df3\u6c34\uff0c\u7eb3\u65af\u8fbe\u514b<\/a><\/span><\/span>100\u6307\u6570\u671f\u8d27<\/span>\u4e00\u5ea6\u8dcc\u8d851%\uff0c\u968f\u540e\u8dcc\u5e45\u6536\u7a84\uff0c\u622a\u81f3\u5317\u4eac\u65f6\u95f422\u65e58:55\uff0c\u8dcc0.38%\u3002\u65e5\u97e9\u80a1\u5e02\u5219\u4f4e\u5f00\u9ad8\u8d70\uff0c\u97e9\u56fd<\/a>KOSPI\u6307\u6570\u73b0\u6da81.16%\uff0cSK\u6d77\u529b\u58eb\u6da8\u8d854%\uff1b\u65e5\u7ecf225\u6307\u6570\u6da81.43%\u3002<\/p>\n

\u7f8e\u8054\u50a8\u52a0\u606f\u6982\u7387\u6500\u5347<\/strong><\/p>\n

\u5317\u4eac\u65f6\u95f46\u670822\u65e5\u65e9\u95f4\uff0c\u7f8e\u56fd\u8054\u90a6\u57fa\u91d1\u5229\u7387\u671f\u8d27\u5ef6\u7eed\u8dcc\u52bf\uff0c\u663e\u793a\u9884\u8ba1\u7f8e\u8054\u50a89\u6708\u52a0\u606f\u6982\u7387\u4e3a76%\u3002<\/p>\n

\u5bf9\u8d27\u5e01\u653f\u7b56\u6700\u4e3a\u654f\u611f\u7684\u7f8e\u56fd\u4e24\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u65e5\u5185\u4e00\u5ea6\u5347\u81f34.223%\uff0c\u4e3a2025\u5e742\u6708\u4ee5\u6765\u6700\u9ad8\u6c34\u5e73\u3002<\/p>\n

\u5728\u6b64\u4e4b\u524d\uff0c\u5fb7\u610f\u5fd7\u94f6\u884c<\/span>\u5168\u9762\u4e0a\u8c03\u4e86\u7f8e\u56fd\u901a\u80c0\u9884\u671f\uff0c\u5e76\u5f7b\u5e95\u626d\u8f6c\u4e86\u6b64\u524d\u7684\u8d27\u5e01\u653f\u7b56\u9884\u6d4b\uff1a\u9884\u8ba1\u7f8e\u8054\u50a8\u5c06\u57282026\u5e74\u52a0\u606f\u4e24\u6b21\uff08\u517150\u4e2a\u57fa\u70b9\uff09\uff0c\u5c06\u8054\u90a6\u57fa\u91d1\u5229\u7387\u63a8\u9ad8\u81f34.1%\uff0c\u4e14\u4e0d\u6392\u9664\u57287\u6708\u63d0\u524d\u52a0\u606f\u7684\u53ef\u80fd\u3002<\/p>\n

\u8be5\u884c\u9996\u5e2d\u7f8e\u56fd\u7ecf\u6d4e\u5b66\u5bb6Matthew Luzzetti\u56e2\u961f\u5728\u62a5\u544a\u4e2d\u6307\u51fa\uff0c\u7f8e\u56fd\u7684\u201c\u53bb\u901a\u80c0\u201d\u53d9\u4e8b\u5df2\u7ecf\u52a8\u6447\uff0c\u901a\u80c0\u538b\u529b\u5177\u6709\u5e7f\u6cdb\u6027\uff0c\u4e14\u4e0d\u4ec5\u9650\u4e8e\u5173\u7a0e<\/a>\u548c\u80fd\u6e90<\/a>\u7b49\u4e00\u6b21\u6027\u56e0\u7d20\u3002\u56e0\u6b64\uff0c\u5fb7\u94f6\u5c06\u7f8e\u56fd2026\u5e74\u5e95\u548c2027\u5e74\u7684\u6838\u5fc3PCE\u901a\u80c0\u9884\u671f\u5206\u522b\u5927\u5e45\u4e0a\u8c03\u81f33.2%\u548c2.5%\u3002<\/p>\n

\u57fa\u4e8e\u901a\u80c0\u7c98\u6027\uff0c\u5fb7\u94f6\u66f4\u65b0\u4e86\u57fa\u51c6\u9884\u6d4b\uff1a\u7f8e\u8054\u50a8\u5c06\u5728\u4eca\u5e74\uff082026\u5e74\uff099\u6708\u548c12\u6708\u5206\u522b\u52a0\u606f\u4e00\u6b21\uff0c\u7d2f\u8ba1\u52a0\u606f50\u4e2a\u57fa\u70b9\uff0c\u4f7f\u8054\u90a6\u57fa\u91d1\u5229\u7387\u5347\u81f34.1%\u3002<\/p>\n

\u5fb7\u94f6\u8868\u793a\uff0c\u8fd9\u610f\u5473\u7740\u5fc5\u987b\u8fc5\u901f\u91cd\u65b0\u5b9a\u4ef7\u201c\u66f4\u957f\u65f6\u95f4\u3001\u66f4\u9ad8\u5229\u7387\u201d\uff08Higher for Longer\uff09\u7684\u5b8f\u89c2\u73af\u5883\u3002\u6b64\u524d\u56e0\u7f8e\u8054\u50a8\u201c\u8fc7\u5ea6\u4fdd\u9669\u201d\u5f0f\u964d\u606f<\/a>\u800c\u5efa\u7acb\u7684\u5bbd\u677e\u9884\u671f\u5c06\u88ab\u6253\u7834\uff0c\u56fa\u5b9a\u6536\u76ca\u5e02\u573a\u5c06\u9762\u4e34\u91cd\u65b0\u4f30\u503c\u7684\u76f4\u63a5\u51b2\u51fb\uff0c\u800c\u5bf9\u5229\u7387\u654f\u611f\u7684\u8d44\u4ea7\u7c7b\u522b\u9700\u8b66\u60d5\u77ed\u671f\u5185\u7684\u5267\u70c8\u6ce2\u52a8\u3002<\/p>\n

\u5fb7\u94f6\u8b66\u544a\u79f0\uff0c\u76ee\u524d\u7684\u9884\u6d4b\u5b58\u5728\u53cc\u5411\u98ce\u9669<\/a>\uff0c\u800c\u5728\u201c\u9e70\u6d3e\u201d\u4e00\u4fa7\uff0c\u7f8e\u8054\u50a8\u7684\u884c\u52a8\u53ef\u80fd\u6bd4\u57fa\u51c6\u60c5\u5f62\u66f4\u52a0\u6fc0\u8fdb\u3002<\/p>\n

\u4e0e\u6b64\u540c\u65f6\uff0c\u5fb7\u94f6\u540c\u65f6\u5217\u51fa\u4e86\u53ef\u80fd\u4f7f\u653f\u7b56\u8def\u5f84\u504f\u5411\u5bbd\u677e\u7684\u4e0b\u884c\uff08\u9e3d\u6d3e\uff09\u98ce\u9669\uff1a<\/p>\n

\u7b2c\u4e00\uff0c\u80fd\u6e90\u4ef7\u683c\u6539\u5584\u4e0e\u901a\u80c0\u9884\u671f\u56de\u843d\u3002\u4e2d\u4e1c\u5c40\u52bf\u7f13\u548c\u540e\u6cb9\u4ef7\u5927\u5e45\u4e0b\u8dcc\uff0c\u82e5\u8fd9\u4e00\u6548\u679c\u80fd\u591f\u6301\u7eed\uff0c\u53ef\u80fd\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u964d\u4f4e\u7f8e\u8054\u50a8\u7d27\u6025\u884c\u52a8\u7684\u5fc5\u8981\u6027\u3002<\/p>\n

\u7b2c\u4e8c\uff0c\u52b3\u52a8\u529b\u5e02\u573a\u5b63\u8282\u6027\u8d70\u5f31\u3002\u590f\u5b63\u671f\u95f4\uff0c\u5c24\u5176\u662f\u5e74\u8f7b\u7fa4\u4f53\u7684\u5931\u4e1a\u7387\u5b58\u5728\u5b63\u8282\u6027\u4e0a\u5347\u7684\u5386\u53f2\u89c4\u5f8b\u3002\u5c3d\u7ba1\u7f8e\u8054\u50a8\u76ee\u524d\u504f\u9e70\uff0c\u4f46\u5e76\u4e0d\u4f1a\u5bf9\u52b3\u52a8\u529b\u5e02\u573a\u8d70\u5f31\u7684\u4fe1\u53f7\u5b8c\u5168\u65e0\u52a8\u4e8e\u8877\u3002<\/p>\n

\u7b2c\u4e09\uff0c\u5173\u7a0e\u6548\u5e94\u9010\u6b65\u6d88\u9000\u3002\u8fd1\u671f\u901a\u80c0\u6570\u636e\u663e\u793a\uff0c\u5173\u7a0e\u5bf9\u6708\u5ea6\u901a\u80c0\u6570\u636e\u7684\u63a8\u5347\u6548\u5e94\u53ef\u80fd\u6b63\u5728\u51cf\u5f31\uff0c\u8fd9\u6216\u8bb8\u4e3a\u7f8e\u8054\u50a8\u5728\u5e94\u5bf9\u901a\u80c0\u538b\u529b\u65f6\u63d0\u4f9b\u4e86\u66f4\u5927\u7684\u64cd\u4f5c\u7a7a\u95f4\u3002<\/p>\n

\"\u7f8e\u8054\u50a8\u52a0\u606f\u5927\u6d88\u606f\uff01\u201c\u5927\u7a7a\u5934\u201d\u7a81\u53d1\u8b66\u544a\uff01\"<\/a><\/p>\n

\u201c\u5927\u7a7a\u5934\u201d\u7a81\u53d1\u8b66\u544a<\/strong><\/p>\n

\u5f53\u5730\u65f6\u95f46\u670821\u65e5\uff0c\u534e\u5c14\u8857<\/a>\u4f20\u5947\u7a7a\u5934\u3001\u201c\u5b89\u7136\u7ec8\u7ed3\u8005\u201d\u5409\u59c6\u00b7\u67e5\u8bfa\u65af\uff08Jim Chanos\uff09\u5728Macro Minds\u7814\u8ba8\u4f1a\u4e0a\u8b66\u544a\u79f0\uff0c\u5f53\u524d\u79d1\u6280\u884c\u4e1a<\/a>\u6b63\u7ecf\u5386\u7c7b\u4f3c90\u5e74\u4ee3\u672b\u7684\u8d44\u672c\u652f\u51fa\u70ed\u6f6e\uff0c\u82af\u7247<\/a>\u4f9b\u5e94\u5546\u53ef\u4ee5\u7acb\u5373\u786e\u8ba4\u6536\u5165\uff0c\u800c\u8d85\u5927\u89c4\u6a21\u4e91\u670d\u52a1<\/a>\u5546\u5c06AI\u8d44\u672c\u652f\u51fa\u8d44\u672c\u5316\u3002<\/p>\n

\u4e91\u670d\u52a1\u5546\u901a\u8fc7\u56db\u81f3\u4e03\u5e74\u6298\u65e7\u644a\u9500\uff0c\u800c\u975e\u76f4\u63a5\u8ba1\u5165\u8fd0\u8425\u5f00\u652f\u3002\u8fd9\u79cd\u201c\u65f6\u95f4\u9519\u914d\u201d\u66fe\u5bfc\u81f4\u5f53\u5e74\u79d1\u6280\u80a1\u5229\u6da6\u66b4\u8dcc40%\u3002<\/p>\n

\u67e5\u8bfa\u65af\u8868\u793a\uff0c\u73b0\u5728\u7684\u5229\u6da6\u4f1a\u8ba1\u6838\u7b97\u5b58\u5728\u8131\u8282\uff1a\u90a3\u4e9b\u5356\u201c\u9550\u548c\u94c1\u9539\u201d\u7684\u516c\u53f8\uff08\u82af\u7247\u3001\u6570\u636e\u4e2d\u5fc3<\/a><\/span><\/span>\u8bbe\u5907\u5546\uff09\u6b63\u5728\u7acb\u5373\u786e\u8ba4\u6536\u5165\u548c\u5229\u6da6\uff1b\u800c\u90a3\u4e9b\u82b1\u6389\u8fd9\u4e9b\u5de8\u8d44\u7684\u8d85\u7ea7\u4e91\u5382\u5546\u5374\u5728\u5c06\u8fd9\u4e9b\u6210\u672c\u8d44\u672c\u5316\u3002<\/p>\n

\u4ed6\u56de\u987e\u4e861998\u5e74\u81f32000\u5e74\u7684\u4e92\u8054\u7f51\u6ce1\u6cab\u65f6\u671f\uff0c\u5f53\u65f6\u6807\u666e500\u7684\u8425\u4e1a\u5229\u6da6\u5728\u4e24\u5e74\u5185\u589e\u957f\u4e8630%\uff0c\u4f46\u5f53\u8ba2\u5355\u7c3f\u57282001\u5e74\u5d29\u6e83\u800c\u6298\u65e7\u6210\u672c\u7ee7\u7eed\u663e\u73b0\u65f6\uff0c\u6807\u666e500\u7684\u5229\u6da6\u66b4\u8dcc\u4e8640%\u3002<\/p>\n

\u4e3a\u4e86\u4fdd\u5b88\u8d77\u89c1\uff0c\u67e5\u8bfa\u65af\u5728\u5efa\u7acb\u6a21\u578b\u65f6\u5047\u8bbeGPU\u7684\u7269\u7406\u5bff\u547d\u4e3a10\u5e74\uff0c\u4f46\u4ed6\u4f9d\u7136\u5bf9\u4e0b\u6e38\u7684\u76c8\u5229\u80fd\u529b\u8868\u793a\u6000\u7591\u3002<\/p>\n

\u67e5\u8bfa\u65af\u8bf4\uff1a\u201c\u4f60\u8981\u5c0f\u5fc3\uff0c\u4e70\u82af\u7247\u3001\u5efa\u6570\u636e\u4e2d\u5fc3<\/span>\u7684\u6210\u672c\u76ee\u524d\u90fd\u8bb0\u5728\u2018\u5728\u5efa\u5de5\u7a0b\u2019\u91cc\uff0c\u4e00\u65e6\u5b83\u4eec\u4e0a\u7ebf\u5e76\u5f00\u59cb\u6298\u65e7\uff0c\u5bf9\u5229\u6da6\u7684\u51b2\u51fb\u662f\u5de8\u5927\u7684\u3002\u201d<\/p>\n

\u5bf9\u4e8e\u76ee\u524d\u706b\u70ed\u7684\u65b0\u5174\u4e91\u670d\u52a1\u5546\uff08\u5982CoreWeave\u7b49\u7b97\u529b\u79df\u8d41<\/a><\/span><\/span>\u5e73\u53f0\uff09\uff0c\u67e5\u8bfa\u65af\u4e5f\u7ed9\u51fa\u4e86\u60b2\u89c2\u7684\u8bc4\u4ef7\u3002<\/p>\n

\u4ed6\u76f4\u8a00\uff1a\u201c\u5982\u679c\u4f60\u4ece\u82f1\u4f1f\u8fbe<\/a><\/span><\/span>\u4e70\u82af\u7247\uff0c\u79df\u522b\u4eba\u7684\u6570\u636e\u4e2d\u5fc3<\/span>\uff0c\u518d\u628a\u7b97\u529b\u8f6c\u79df\u7ed9\u5fae\u8f6f<\/a><\/span><\/span>\u6216\u8c37\u6b4c\uff0c\u4f60\u5c31\u662f\u4e00\u4e2a\u8bbe\u5907\u79df\u8d41<\/span>\u516c\u53f8\uff0c\u4f60\u4e0d\u662f\u79d1\u6280\u516c\u53f8\uff0c\u800c\u662f\u4e00\u5bb6\u91d1\u878d\u516c\u53f8\u3002\u201d<\/p>\n

\u5728\u7814\u8ba8\u4f1a\u4e0a\uff0c\u7269\u7406\u5b66\u5bb6\u51fa\u8eab\u7684\u79d1\u6280\u5bf9\u51b2\u57fa\u91d1<\/a>Analog Century Capital\u5408\u4f19\u4eba\u74e6\u5c14\u00b7\u5179\u62c9\u7279\u592b\uff08Val Zlatev\uff09\u5219\u53cd\u9a73\u79f0\uff0c\u771f\u5b9e\u8bcd\u5143\u9700\u6c42\u7206\u53d1\u5bfc\u81f4\u8001\u65e7GPU\u79df\u91d1\u5747\u5728\u98d9\u5347\uff0c\u4e14\u82f1\u4f1f\u8fbe<\/span>\uff0815\u500d2027\u5e74EPS\uff09\u4f30\u503c\u8fdc\u672a\u8fbe1999\u5e74\u6ce1\u6cab\u6c34\u5e73\u3002<\/p>\n

\u4ed6\u8fdb\u4e00\u6b65\u6307\u51fa\uff0c\u7531\u4e8e\u534a\u5bfc\u4f53<\/a><\/span><\/span>\u8bbe\u5907\u4ea7\u80fd\u5e74\u5747\u589e\u957f\u4e0a\u9650\u4ec5\u4e3a30%\uff0c\u5b58\u50a8\u82af\u7247<\/a><\/span><\/span>\u7684\u7d27\u7f3a\u4e0e\u9ad8\u4ef7\u5468\u671f\u5c06\u6bd4\u5e02\u573a\u9884\u671f\u7684\u66f4\u52a0\u6301\u4e45\u3002<\/p>\n

\u5179\u62c9\u7279\u592b\u8868\u793a\uff0c\u76ee\u524d\u5e02\u573a\u7ed9\u5b58\u50a8\u516c\u53f8\u7684\u8fdc\u671f\u5e02\u76c8\u7387\u4ec5\u4e3a6\u52307\u500d\uff0c\u56e0\u4e3a\u5e02\u573a\u201c\u9519\u8bef\u5730\u8ba4\u4e3a6\u52309\u4e2a\u6708\u540e\u5c31\u4f1a\u51fa\u73b0\u5468\u671f\u6027\u8870\u9000\u5bfc\u81f4\u4ef7\u683c\u66b4\u8dcc\u201d\uff0c\u4f46\u4ed6\u8868\u793a\uff1a\u201c\u7531\u4e8e\u4ea7\u80fd\u6269\u5f20\u53d7\u9650\uff0c\u8fd9\u6b21\u9700\u6c42\u7684\u9ad8\u5cf0\u5c06\u6bd4\u8fc7\u53bb25\u5e74\u90fd\u8981\u9ad8\uff0c\u4e14\u9ad8\u4f4d\u7ef4\u6301\u7684\u65f6\u95f4\u4f1a\u66f4\u957f\u3002\u201d<\/p>\n

(\u6765\u6e90:\u5929\u5929\u57fa\u91d1\u7f51)<\/p>\n","protected":false},"excerpt":{"rendered":"

\u7f8e\u8054\u50a8\u52a0\u606f\u9884\u671f\u7a81\u7136\u5347\u6e29\u3002 \u4eca\u65e5\u65e9\u95f4\uff0c\u4e9a\u592a\u76d8\u521d\uff0c\u7f8e\u56fd\u8054\u90a6\u57fa\u91d1\u5229\u7387\u671f\u8d27\u5ef6\u7eed\u8dcc\u52bf\uff0c\u663e\u793a\u9884\u8ba1\u7f8e\u8054\u50a89\u6708\u52a0\u606f\u6982\u7387\u4e3a76% […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[232],"tags":[62,286,96,142,80,93,325,367,97,29,339,34,42,385,231,192],"views":17,"_links":{"self":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/802535"}],"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=802535"}],"version-history":[{"count":0,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/802535\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=802535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=802535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=802535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}