{"id":813651,"date":"2026-07-18T11:55:56","date_gmt":"2026-07-18T03:55:56","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=813651"},"modified":"2026-07-18T11:55:56","modified_gmt":"2026-07-18T03:55:56","slug":"%e4%b8%9a%e7%bb%a9%e5%a4%a7%e7%88%86%e5%8f%91%ef%bc%8c%e5%88%b8%e5%95%86%e4%b8%ba%e4%bb%80%e4%b9%88%e8%bf%98%e4%b8%8d%e7%81%ab%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=813651","title":{"rendered":"\u4e1a\u7ee9\u5927\u7206\u53d1\uff0c\u5238\u5546\u4e3a\u4ec0\u4e48\u8fd8\u4e0d\u706b\uff1f"},"content":{"rendered":"
\n

\u6587 | \u5e02\u503c\u89c2\u5bdf<\/span><\/span><\/span><\/p>\n<\/blockquote>\n

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\u25b2<\/span><\/span>\u5238\u5546\u4e2d\u62a5\u4e1a\u7ee9\u9884\u544a\uff08\u622a\u81f37\u670816\u65e5\uff09\uff0c<\/span>\u6765\u6e90\uff1aWind<\/span><\/p>\n

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01 \u76c8\u5229\u7ffb\u500d\u8df3\u5347<\/h2>\n

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\u25b2<\/span>A\u80a1\u4e24\u878d\u4f59\u989d\u8d70\u52bf\u56fe\uff0c\u6765\u6e90\uff1aWind<\/span><\/p>\n

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\u4e8c\u662f\u79d1\u521b\u4f01\u4e1a\u6301\u80a1\uff0c<\/span><\/span><\/span>\u6210\u4e3a\u56fd\u6cf0\u6d77\u901a\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u6700\u5927\u5f39\u6027\u6765\u6e90\u3002<\/span><\/span><\/span><\/p>\n

\u4e0a\u534a\u5e74\uff0c\u79d1\u521b<\/span><\/span><\/span>50\u6307\u6570\u3001\u521b\u4e1a<\/a>\u677f\u6307\u5206\u522b\u5927\u6da864%\u300135.6%\uff0c\u9065\u9065\u9886\u5148\u4e8e\u5176\u4ed6\u4e3b\u529b\u6307\u6570\u3002\u5728\u6b64\u80cc\u666f\u4e0b\uff0c\u56fd\u6cf0\u6d77\u901a\u6301\u6709\u7684\u591a\u53ea\u79d1\u6280\u80a1\u8fce\u6765\u4e86\u5927\u4e30\u6536\u3002<\/span><\/span><\/span><\/p>\n

\u5176\u4e2d\uff0c\u8ddf\u6295\u7684\u534e\u8679\u5b8f\u529b\u3001\u957f\u8fdb\u5149\u5b50\u3001\u5927\u666e\u5fae\u5747\u4e3a\u5927\u725b\u80a1\uff0c\u5206\u522b\u6d6e\u76c8<\/span><\/span><\/span>46.6\u4ebf\u5143\u30014\u4ebf\u5143\u30018\u4ebf\u5143\uff0c\u5408\u8ba1\u8d21\u732e\u4e1a\u7ee9\u9ad8\u8fbe50\u81f360\u4ebf\u5143\u3002<\/span><\/span><\/span><\/p>\n

\u6b64\u5916\uff0c\u957f\u946b\u79d1\u6280\u3001\u5b87\u6811\u673a\u5668\u4eba<\/span><\/span><\/span>IPO\u5df2\u8fc7\u4f1a\uff0c\u9884\u8ba1\u4e09\u5b63\u5ea6\u5b8c\u6210\u53d1\u884c\uff0c\u5c06\u7ee7\u7eed\u8d21\u732e\u53ef\u89c2\u6295\u8d44<\/a>\u6536\u76ca\u3002\u516c\u53f8\u8fd8\u53c2\u4e0e\u4e86\u8d85\u805a\u53d8\u3001\u84dd\u7bad\u822a\u5929\u7b49\u9879\u76ee\uff0c\u672a\u6765\u79d1\u521b\u6295<\/a>\u8d44\u6709\u671b\u6301\u7eed\u8d21\u732e\u4e1a\u7ee9\u3002<\/span><\/span>
<\/span><\/span><\/p>\n

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02 \u5185\u90e8\u5206\u5316\u52a0\u5267<\/h2>\n

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\u4e3a\u4ec0\u4e48\uff1f<\/span><\/span><\/span><\/p>\n

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2014\u81f32015\u5e74\uff0c\u8d44\u672c\u5e02\u573a\u5c24\u4e3a\u4ea2\u594b\uff0c<\/span><\/span><\/span>\u5238\u5546<\/span><\/span><\/span>\u88ab\u5e02\u573a\u5f53\u6210“<\/span><\/span><\/span>\u725b\u5e02\u65d7\u624b”<\/span><\/span><\/span>\u3002<\/span><\/span><\/span>\u5f7c\u65f6\uff0c<\/span><\/span><\/span>\u6295\u8d44\u8005\u7ed3\u6784\u4ee5\u6563\u6237\u3001\u6e38\u8d44\u3001\u6760\u6746\u8d44\u91d1\u4e3a\u4e3b\uff0c<\/span><\/span><\/span>\u800c<\/span><\/span><\/span>\u5238\u5546<\/span><\/span><\/span>\u53c8<\/span><\/span><\/span>\u5360\u6caa\u6df1<\/span><\/span><\/span>300\u6743\u91cd\u9ad8\u8fbe12%\u4ee5\u4e0a\uff0c\u6210\u4e3a<\/span><\/span><\/span>\u59a5\u59a5\u7684<\/span><\/span><\/span>\u60c5\u7eea\u8f7d\u4f53\u4e0e\u653e\u5927\u5668\u3002<\/span><\/span><\/span><\/p>\n

\u5982\u4eca\u7684<\/span><\/span><\/span>A\u80a1\uff0c\u516c\u52df\u4e3b\u52a8\u6743\u76ca\u3001\u88ab\u52a8ETF\u3001\u4fdd\u9669\u8d44\u91d1\u3001\u5317\u5411\u53caQFII\u7b49\u5927\u7c7b\u8d44\u91d1\u5206\u522b\u6301\u6709\u8d853\u4e07\u4ebf\uff0c\u5408\u8ba1\u89c4\u6a21\u8d8515\u4e07\u4ebf\uff0c\u5360\u81ea\u7531\u6d41\u901a\u503c\u56db\u6210\u5de6\u53f3\uff0c\u5bf9\u5e02\u573a\u8d70\u5411\u4ee5\u53ca\u5238\u5546\u677f\u5757\u62e5\u6709\u7edd\u5bf9\u8bdd\u8bed\u6743\u3002\u5bf9\u4e8e\u5238\u5546\u800c\u8a00\uff0c\u4e3b\u5bfc\u529b\u91cf\u4ece\u60c5\u7eea\u8f6c\u53d8\u4e3a\u5b9e\u8d28\u57fa\u672c\u9762\u3002<\/span><\/span><\/span><\/p>\n

2015\u5e74\u4ee5\u6765\uff0c\u5238\u5546\u677f\u5757\u76c8\u5229\u80fd\u529b\u6301\u7eed\u4e0b\u6ed1\u662f\u4e0d\u4e89\u4e8b\u5b9e\u30022015\u5e74\u30012020\u81f32021\u5e74\u30012022\u81f32024\u5e74\u30012025\u5e74\uff0c\u5238\u5546\u677f\u5757ROE\u5206\u522b\u4e3a21.3%\u30019%\u81f310%\u30015%\u81f36%\uff0c7.3%\u3002<\/span><\/span><\/span><\/p>\n

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\u636e<\/span><\/span><\/span>\u8bc1\u5238\u4e1a\u534f\u4f1a\u6570\u636e\u663e\u793a\uff0c\u8bc1\u5238\u884c\u4e1a<\/span><\/span><\/span>2025\u5e74\u51c0\u4f63\u91d1\u7387\u4e3a<\/span><\/span><\/span>\u4e07\u5206\u4e4b<\/span><\/span><\/span>1.78\uff0c\u540c\u6bd4\u4e0b\u964d15.3%<\/span><\/span><\/span>\uff0c<\/span><\/span><\/span>\u8f83<\/span><\/span><\/span>2015\u5e74<\/span><\/span><\/span>\u7684\u4e07\u5206\u4e4b<\/span><\/span><\/span>6.8<\/span><\/span><\/span>\u7d2f\u8ba1\u4e0b\u6ed1\u8d85\u4e03\u6210\u3002<\/span><\/span><\/span><\/p>\n

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\u25b2<\/span><\/span><\/span>\u5238\u5546\u90e8\u5206\u5e74\u4efd\u4f63\u91d1\u7387\u8d70\u52bf\u56fe\uff0c\u6765\u6e90\uff1a\u4e1c\u65b9\u8d22\u5bcc<\/span><\/p>\n

\u4e24\u878d\u4e1a\u52a1<\/span><\/span><\/span>“\u4ef7\u683c\u6218”\u540c\u6837\u6fc0\u70c8\u30022015\u5e74\u4e24\u878d\u5229\u7387\u7ea67.5%\uff0c2025\u5e74\u90e8\u5206\u5238\u5546\u5229\u7387\u5df2\u8dcc\u78344%\uff0c\u751a\u81f3\u6709\u5934\u90e8\u5238\u5546\u7ed9\u51fa3%\u4ee5\u4e0b\u7684\u4f18\u60e0\u5229\u7387\u3002<\/span><\/span><\/span><\/p>\n

\u8fd9\u5bfc\u81f4\u5238\u5546\u878d\u51fa\u8d44\u91d1\u5927\u5e45\u589e\u957f\uff0c\u4f46\u51c0\u5229\u606f\u6536\u5165\u589e\u5e45\u660e\u663e\u843d\u540e\u3002<\/span><\/span><\/span>2025\u5e74\u4e2d\u91d1\u3001\u4e2d\u4fe1\u878d\u51fa\u8d44\u91d1\u5927\u5e45\u589e\u957f40%\uff0c\u5229\u606f\u6536\u5165\u4ec5\u589e\u957f15%\u5de6\u53f3\u3002<\/span><\/span><\/span><\/p>\n

\u4f20\u7edf\u4e1a\u52a1\u540c\u8d28\u5316\u53e0\u52a0\u4ef7<\/a>\u683c\u6218\uff0c<\/span><\/span><\/span>\u57fa\u672c\u9762\u6ca1\u6709\u5b9e\u8d28\u6027\u5927\u5e45\u4fee\u590d\uff0c<\/span><\/span><\/span>\u673a\u6784\u4e3b\u5bfc\u7684\u5e02\u573a\u81ea\u7136\u5bf9\u5238\u5546\u4e0d\u518d\u50cf<\/span><\/span><\/span>2014\u81f32015\u5e74\u90a3\u6837\u8ffd\u6367\u3002<\/span><\/span><\/span><\/p>\n

\u56e0\u6b64\uff0c<\/span><\/span><\/span>2015\u5e74\u540e\uff0c<\/span><\/span><\/span>\u5238\u5546\u5df2\u4ece\u9ad8\u5f39\u6027<\/span><\/span><\/span>\u3001<\/span><\/span><\/span>\u5f3a\u5468\u671f\u80a1\u8f6c\u53d8\u4e3a\u4f4e\u6ce2\u4ef7\u503c\u80a1\uff0c\u884c\u4e1a\u5185\u90e8\u663e\u8457\u5206\u5316\u3002<\/span><\/span><\/span><\/p>\n

\u76ee\u524d\uff0c<\/span><\/span><\/span>\u8d85\u5934\u90e8\u5238\u5546\u7ecf\u8425\u751f\u610f\u6a21\u5f0f\u4e0e\u5c0f\u5238\u5546\u62c9\u5f00\u4e86\u4e0d\u5c0f\u5dee\u8ddd<\/span><\/span><\/span>——\u524d\u8005\u627e\u5230“\u4e09\u6295\u8054\u52a8”\u65b0\u589e\u957f\u70b9\uff0c\u540e\u8005\u5219\u7ee7\u7eed\u56fa\u5b88\u7ecf\u7eaa\u3001\u4e24\u878d\u7b49\u4f20\u7edf\u4e1a\u52a1\u3002<\/span><\/span><\/span><\/p>\n

\u6240\u8c13<\/span><\/span><\/span>“\u4e09\u6295\u8054\u52a8”\uff0c\u5373\u6295\u7814\u3001\u6295\u884c\u3001\u6295\u8d44\uff0c\u6db5\u76d6\u4f01\u4e1a\u521d\u521b\u3001\u6210\u957f\u3001IPO\u3001\u4e0a\u5e02<\/a>\u540e\u5168\u751f\u547d\u5468\u671f\u3002\u5b9e\u73b0\u8def\u5f84\u6709\u4e09\uff1a<\/span><\/span><\/span><\/p>\n

\u4e00\u662f\u5728<\/span><\/span><\/span>IPO\u524d\u8fdb\u884c\u65e9\u671f\u6295\u8d44\uff0c\u5238\u5546\u79c1\u52df\u5b50\u516c\u53f8\u4ee5\u65e9\u671f\u80a1\u4e1c\u548c\u4fdd\u8350\u5238\u5546\u53cc\u91cd\u8eab\u4efd\u4ecb\u5165<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

\u6bd4\u5982\uff0c<\/span><\/span><\/span>\u4e2d\u4fe1\u8bc1\u5238\u65d7\u4e0b\u79c1\u52df<\/span><\/span><\/span>2024\u5e74\u5165\u80a1\u5b87\u6811\u79d1\u6280\uff0c\u5408\u8ba1\u6301\u80a1\u63a5\u8fd14.5%\u3002\u957f\u946b\u79d1\u6280\u80a1\u4e1c\u540d\u5355\u4e2d\u540c\u6837\u6709\u56fd\u6cf0\u6d77\u901a\u3001\u4e2d\u91d1\u516c\u53f8\u3001\u4e2d\u4fe1\u5efa\u6295\u7b49\u8d85\u5934\u90e8\u5238\u5546\u3002<\/span><\/span><\/span><\/p>\n

\u4e8c\u662f\u4e0a\u5e02\u4fdd\u8350\u4e0e\u8ddf\u6295\u3002\u636e<\/span><\/span><\/span>Wind\u6570\u636e\uff0c2025\u5e74\u5238\u5546\u79d1\u521b\u677f\u8ddf\u6295\u91d1\u989d\u8fbe11.2\u4ebf\u5143\uff0c\u4e0a\u5e02\u9996\u65e5\u6536\u76ca\u7387261%\uff0c\u5b9e\u73b0\u8ddf\u6295\u6536\u76ca29.2\u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f180%\u30022026\u5e74\u5934\u90e8\u5238\u5546\u8ddf\u6295\u6536\u76ca\u6700\u9ad8\u53ef\u62c9\u52a8\u5e74\u5ea6\u51c0\u5229\u6da6\u589e\u539a10%\u3002<\/span><\/span><\/span><\/p>\n

\u4e09\u662f\u4e8c\u7ea7\u5e02\u573a\u81ea\u8425\u589e\u6301\u3002\u4f01\u4e1a\u4e0a\u5e02\u540e\uff0c\u5238\u5546\u53ef\u9009\u62e9\u6301\u7eed\u589e\u6301\uff0c\u4eab\u53d7\u4e2d\u957f\u671f\u6210\u957f\u56de\u62a5\u3002<\/span><\/span><\/span><\/p>\n

\u901a\u8fc7\u524d\u671f\u6df1\u5165\u6295\u7814\uff0c\u5728\u4f01\u4e1a\u65e9\u671f\u4ecb\u5165\u6295\u8d44\uff0c\u518d\u627f\u62c5<\/span><\/span><\/span>IPO\u627f\u9500\u4fdd\u8350\uff0c\u4e0a\u5e02\u540e\u8ddf\u6295\u6216\u81ea\u8425\u8ffd\u591a\uff0c\u76f8\u5f53\u4e8e<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e00\u9c7c\u591a\u5403<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u4e0e\u4ec5\u505a<\/span><\/span><\/span>IPO\u627f\u9500\u7684\u4f20\u7edf\u6a21\u5f0f\u6709\u8f83\u5927\u533a\u522b\u3002<\/span><\/span><\/span><\/p>\n

\u4e0d\u8fc7\uff0c<\/span><\/span><\/span>\u8fd9\u5957\u65b0\u6a21\u5f0f\u53ea\u6709\u5934\u90e8\u5238\u5546\u624d\u80fd\u73a9\u8f6c\u3002<\/span><\/span><\/span>2026\u5e74\u4e00\u5b63\u5ea6\uff0c\u627f\u9500\u91d1\u989d\u524d\u4e94\u7684\u5238\u5546\u5206\u522b\u4e3a\u4e2d\u4fe1\u8bc1\u5238\u3001\u4e2d\u4fe1\u5efa\u6295\u3001\u56fd\u6cf0\u6d77\u901a\u3001\u534e\u6cf0\u8bc1\u5238\u4ee5\u53ca\u4e2d\u91d1\u516c\u53f8\uff0c\u5408\u8ba1\u5360\u5168\u5e02\u573a80%\u4ee5\u4e0a\u3002<\/span><\/span><\/span><\/p>\n

\u5e76\u4e14\uff0c<\/span><\/span><\/span>\u8fd9\u4e9b\u5934\u90e8\u5238\u5546\u5728\u7ecf\u7eaa\u3001\u4e24\u878d\u4e1a\u52a1\u4e0a\u7684\u5e02\u5360\u7387\u4e5f\u6709\u6269\u5927\u4f18\u52bf\uff0c\u76c8\u5229\u80fd\u529b\u6574\u4f53\u9ad8\u4e8e\u884c\u4e1a\u5e73\u5747\uff0c\u4f30\u503c<\/span><\/span><\/span>\u5f80\u5f80<\/span><\/span><\/span>\u4e5f\u66f4\u9ad8\u3002<\/span><\/span><\/span><\/p>\n

\u7136\u800c\uff0c\u56fa\u5b88\u4f20\u7edf\u4e1a\u52a1\u7684\u4e1c\u65b9\u8d22\u5bcc\u5219\u8d70\u51fa\u5dee\u5f02\u5316\u8def\u7ebf\uff0c\u4f30\u503c\u5374\u662f\u884c\u4e1a\u7b2c\u4e00\uff0c<\/span><\/span><\/span>PB\u9ad8\u8fbe3.3\u500d<\/span>\uff08\u622a\u81f37\u670817\u65e5\uff09<\/span>\u3002\u4f9d\u9760\u4e1c\u65b9\u8d22\u5bcc\u3001\u5929\u5929\u57fa\u91d1\u7b49\u6d77\u91cf\u6d41\u91cf\u6c60\uff0c\u884c\u60c5\u597d\u65f6\u8d5a\u4f63\u91d1\u548c\u4e24\u878d\u7684“\u884c\u60c5\u94b1”\uff0c\u884c\u60c5\u7a33\u65f6\u8d5a\u57fa\u91d1\u4ee3\u9500\u548c\u6570\u636e\u670d\u52a1\u7684“\u7528\u6237\u94b1”\uff0c\u6210\u957f\u6027\u751a\u81f3\u4f18\u4e8e\u8d85\u5934\u90e8\u5238\u5546\u3002<\/span><\/span><\/span><\/p>\n

\u603b\u4e4b\uff0c\u5238\u5546\u5185\u90e8\u5206\u5316\u662f\u5927\u52bf\u6240\u8d8b\uff0c\u81ea\u8eab\u7ecf\u8425<\/span><\/span><\/span>α\u6108\u53d1\u91cd\u8981\u3002<\/span><\/span><\/span><\/p>\n

03 \u4e2d\u671f\u666f\u6c14\u5ea6\u4e0d\u6539\uff1f<\/h2>\n

\u65e0\u8bba\u662f<\/span><\/span><\/span>“\u4e09\u6295\u8054\u52a8”\u65b0\u6a21\u5f0f\uff0c\u8fd8\u662f\u4f20\u7edf\u4e1a\u52a1\u666f\u6c14\u5ea6\uff0c\u4f9d\u7136\u951a\u5b9a\u5728\u8d44\u672c\u5e02\u573a\u884c\u60c5\u4e0a\uff0c\u8fd9\u662f\u5238\u5546\u677f\u5757\u7684β\uff0c\u867d\u6743\u91cd\u8f83\u6b64\u524d\u4e0b\u964d\uff0c\u4f46\u540c\u6837\u65e0\u6cd5\u5ffd\u89c6\u3002<\/span><\/span><\/span><\/p>\n

\u4e0b\u534a\u5e74\uff0c<\/span><\/span><\/span>A\u80a1\u80fd\u5426\u4fdd\u6301\u5f53\u524d\u9ad8\u5ea6\u751a\u81f3\u8fdb\u4e00\u6b65\u4e0a\u884c\uff0c\u5173\u4e4e\u5238\u5546\u63a5\u4e0b\u6765\u7684\u4e1a\u7ee9\u589e\u957f\u9884\u671f\u3002<\/span><\/span><\/span><\/p>\n

\u6309\u7b56\u7565<\/a>\u5206\u7c7b\uff0c<\/span><\/span><\/span>A\u80a1\u53ef\u5212\u5206\u4e3a\u91d1\u878d<\/span>\uff08\u542b\u94f6\u884c\u3001\u5238\u5546\u3001\u4fdd\u9669\u7b49\uff09<\/span>\u3001\u6d88\u8d39<\/span>\uff08\u98df\u54c1\u996e\u6599\u3001\u533b\u836f<\/a>\u7b49\uff09<\/span>\u3001\u5468\u671f<\/span>\uff08\u6709\u8272\u91d1\u5c5e\u3001\u5316\u5de5\u3001\u77f3\u6cb9<\/a>\u77f3\u5316\u3001\u9502\u7535\u7b49\uff09<\/span>\u3001\u79d1\u6280<\/span>\uff08\u901a\u4fe1\u3001\u534a\u5bfc\u4f53\u3001AI\u3001\u6d88\u8d39\u7535\u5b50\u7b49\uff09<\/span>\u6838\u5fc3\u56db\u5927\u7c7b\uff0c<\/span><\/span><\/span>\u5176\u5408\u529b\u51b3\u5b9a\u4e86\u5e02\u573a\u65b9\u5411\u3002<\/span><\/span><\/span><\/p>\n

\u5148\u770b\u79d1\u6280\u5927\u7c7b\uff0c\u7ecf\u5386\u4e8c\u5b63\u5ea6\u53f2\u8bd7\u7ea7\u66b4\u6da8\u540e\uff0c\u4f30\u503c\u5df2\u5347\u81f3\u5386\u53f2\u6781\u81f4\u6c34\u5e73\u3002<\/span><\/span>\u622a\u81f36\u670830\u65e5\uff0c\u79d1\u521b50\u6307\u6570PE\u9ad8\u8fbe256\u500d\uff0c\u5982\u4eca\u56de\u843d\u81f3226\u500d\uff0c\u4f46\u4ecd\u7136\u8fdc\u9ad8\u4e8e\u4e0a\u5e02\u4ee5\u6765\u4e2d\u4f4d\u6570\u768471\u500d\u3002<\/span><\/span><\/span><\/p>\n

\u534a\u5e74\u62a5\u4e1a\u7ee9\u9884\u544a\u671f\u95f4\uff0c\u591a\u5bb6\u79d1\u6280\u80a1\u62ab\u9732\u4eae\u773c\u8d22\u62a5\u5374\u906d\u5e02\u573a\u5151\u73b0\u51fa\u73b0\u66b4\u8dcc\u3002\u5176\u4e2d\uff0c\u676d\u7535\u80a1\u4efd\u4e1a\u7ee9\u9884\u589e\u6700\u9ad8<\/span><\/span><\/span>10\u500d\uff0c\u62ab\u9732\u540e<\/span><\/span>10\u4e2a\u4ea4\u6613\u65e5\u5927\u8dcc<\/a>43%\u3002<\/span><\/span>\u56e0\u6b64\uff0c\u9ad8\u4f30\u503c\u5c06\u6210\u4e3a\u4e0b\u534a\u5e74\u538b\u5236\u79d1\u6280\u98ce\u683c\u7684\u6838\u5fc3\u63a3\u8098\u3002<\/span><\/span><\/span><\/p>\n

\u53cd\u89c2\u975e\u79d1\u6280\u677f\u5757\uff0c\u5219\u662f\u53e6\u4e00\u756a\u5149\u666f\u3002<\/span><\/span><\/span>\u5148<\/span><\/span><\/span>\u770b\u5468\u671f\u80a1<\/span>\uff08\u94dc<\/a>\u94dd\u3001\u5316\u5de5\u7b49\uff09<\/span>\uff0c\u4e0b\u534a\u5e74\u9762\u4e34\u7f8e\u8054\u50a8<\/a>\u8d27\u5e01<\/a>\u653f\u7b56\u518d\u6b21\u8f6c\u5411\u3001\u9ad8\u666f\u6c14\u5ea6\u4e1a\u7ee9\u4ee5\u53ca\u4f4e\u4f30\u503c\u4e09\u91cd\u5171\u632f\u3002<\/span><\/span><\/span><\/p>\n

\u6d88\u8d39\u80a1\u5411\u597d\u56e0\u7d20\u4e3b\u8981\u6709\u4e24\u4e2a\u65b9\u9762\uff0c\u4e00\u662f<\/span><\/span><\/span>\u56fd\u5185<\/span><\/span><\/span>CPI<\/a>\u4f34\u968fPPI\u8d70\u9ad8\u800c\u9010\u6b65\u4e0a\u884c\uff0c\u5927\u6982\u7387\u7ad9\u7a331%\u4e0a\u65b9\uff0c\u53cd\u6620\u6d88\u8d39\u80a1\u76c8\u5229\u56f0\u5883\u7f13\u6162\u590d\u82cf<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

\u4e8c\u662f<\/span><\/span><\/span>\u7ecf\u8fc7\u957f\u8fbe\u4e94\u5e74\u4e0b\u8dcc\uff0c\u4f30\u503c\u5df2\u81f3\u5386\u53f2\u4f4e\u4f4d\uff0c\u5229\u7a7a\u88ab\u76f8\u5f53\u5145\u5206\u5b9a\u4ef7\u3002\u53ea\u8981\u76f8\u5173\u6d88\u8d39\u80a1\u4e1a\u7ee9\u7565\u6709\u6539\u5584<\/span>\uff08\u5982\u8dcc\u5e45\u5927\u5e45\u6536\u7a84\u6216\u91cd\u56de\u6b63\u589e\u957f\uff09<\/span>\uff0c\u4f30\u503c\u4fbf\u5c06\u8131\u79bb\u6ce5\u6cbc\u3002<\/span><\/span><\/span><\/p>\n

\u5305\u62ec\u5238\u5546\u5728\u5185\u7684\u91d1\u878d\u80a1\uff0c\u4e8c\u5b63\u5ea6\u666e\u904d\u906d\u79d1\u6280\u80a1<\/span><\/span><\/span>“\u5438\u8840”\uff0c\u4e00\u65e6\u5e02\u573a\u98ce\u683c\u906d\u9006\u8f6c\uff0c\u8d44\u91d1\u56de\u6d41\u5c06\u4f1a\u662f\u4e00\u5927\u52a8\u529b\u3002\u5176\u6b21\uff0c\u7ecf\u8fc7\u957f\u65f6\u95f4\u8c03\u6574\uff0c\u5238\u5546\u4f30\u503c\u4e5f\u5177\u5907\u4e00\u5b9a\u5438\u5f15\u529b\u3002<\/span><\/span><\/span><\/p>\n

\"\u4e1a\u7ee9\u5927\u7206\u53d1\uff0c\u5238\u5546\u4e3a\u4ec0\u4e48\u8fd8\u4e0d\u706b\uff1f\"<\/p>\n

\u25b2<\/span><\/span><\/span>\u5238\u5546\u6307\u6570\u5386\u5e74<\/span><\/span>PB\u8d70\u52bf\u56fe\uff0c\u6765\u6e90\uff1aWind<\/span><\/span><\/p>\n

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(\u6765\u6e90\uff1a\u949b\u5a92\u4f53)<\/p>\n","protected":false},"excerpt":{"rendered":"

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