{"id":830100,"date":"2026-08-18T17:39:43","date_gmt":"2026-08-18T09:39:43","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=830100"},"modified":"2026-08-18T17:39:43","modified_gmt":"2026-08-18T09:39:43","slug":"%e4%b8%80%e4%bb%bd%e7%b2%be%e7%a1%ae%e5%88%b0%e5%b0%8f%e6%95%b0%e7%82%b9%e5%90%8e%e4%b8%a4%e4%bd%8d%e7%9a%84%e9%94%99%e8%af%af%e4%bd%9c%e4%b8%9a","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=830100","title":{"rendered":"\u4e00\u4efd\u7cbe\u786e\u5230\u5c0f\u6570\u70b9\u540e\u4e24\u4f4d\u7684&quot;\u9519\u8bef\u4f5c\u4e1a&quot;"},"content":{"rendered":"<blockquote>\n<p>\u6587 | \u534a\u5446\u541b<\/p>\n<\/blockquote>\n<p>8\u670815\u65e5\uff0c\u6bb5\u6c38\u5e73\u768413F\u663e\u793a\u4ed6<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%87%8f%e6%8c%81\" title=\"View all posts in \u51cf\u6301\" target=\"_blank\" class=\"tag_link\">\u51cf\u6301<\/a>\u82f1\u4f1f\u8fbe54.63%&mdash;&mdash;\u4e00\u4e2a\u7cbe\u786e\u5230\u5c0f\u6570\u70b9\u540e\u4e24\u4f4d\u3001\u6765\u81ea<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><a href=\"https:\/\/www.alphaseek.cn\/?tag=sec\" title=\"View all posts in SEC\" target=\"_blank\" class=\"tag_link\">SEC<\/a>\u5b98\u65b9\u6587\u4ef6\u7684\u786c\u6570\u636e\u3002\u800c\u5c31\u572845\u5929\u524d\u76847\u670823\u65e5\uff0c\u6bb5\u6c38\u5e73\u672c\u4eba\u5728\u96ea\u7403\u8bf4\u4e86\u4e00\u53e5\uff1a\"\u6211\u5e94\u8be5\u8fd8\u4f1a\u4fdd\u6301\u6211\u7684nvda\u4f53\u91cf\uff0c\u5c31\u662fput\u5230\u671f\u540e\u4f1a\u7ee7\u7eed\u5356put\u7684\u610f\u601d\u3002\"<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/08\/d4af38bea7ab4dac887204f8694475a6_1787044346.png?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/format\/jpg\/thumbnail\/1440x532\/gravity\/center\/crop\/!1440x532&ext=.png\" width=\"1176\" height=\"435\" alt=\"\u4e00\u4efd\u7cbe\u786e\u5230\u5c0f\u6570\u70b9\u540e\u4e24\u4f4d\u7684&amp;quot;\u9519\u8bef\u4f5c\u4e1a&amp;quot;\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<p>\u96ea\u7403\u56de\u590d<\/p>\n<p>\u8fd9\u53e5\u91cc\u7684 put\uff0c\u662f\u770b\u8dcc\u671f\u6743&mdash;&mdash;\u6bb5\u6c38\u5e73\u5356\u51fa\u5b83\uff0c\u7b49\u4e8e\u6302\u4e86\u4e2a\"\u4f4e\u4ef7\u63a5\u8d27\"\u7684\u5355\u5b50\u3001\u987a\u624b\u6536\u4e00\u7b14\u5b9a\u91d1\uff1b\"\u7ee7\u7eed\u5356put\"\uff0c\u5c31\u662f\u6301\u7eed\u6302\u8fd9\u79cd\u63a5\u8d27\u5355\u3002\u6240\u4ee5\u4ed6\u8bf4\"\u7b49\u63a5\u8d27\"\uff0c\u4e0d\u662f\u5ba2\u5957\u3002<\/p>\n<p>\u4e00\u4efd\u5b98\u65b9\u6587\u4ef6\u8bf4\u4ed6\u5728\u9003\uff0c\u5f53\u4e8b\u4eba\u81ea\u5df1\u8bf4\u4ed6\u5728\u7b49\u63a5\u8d27\u3002\u8fd9\u4e24\u8005\u81f3\u5c11\u6709\u4e00\u4e2a\u5728\u8bef\u5bfc\u4f60\u3002\u6211\u7684\u5224\u65ad\u662f\uff1a\u5047\u8c61\u662f\u90a3\u4e2a\u66f4\u7cbe\u786e\u7684\u6570\u5b57\u3002<\/p>\n<p>13F\u672c\u662f\u4e00\u4efd\u76d1\u7ba1\u62ab\u9732\u6587\u4ef6&mdash;&mdash;\u7f8e\u56fd\u7ba1\u7406\u8d44\u4ea7\u8d851\u4ebf\u7f8e\u5143\u7684\u673a\u6784\uff0c\u6bcf\u5b63\u5ea6\u5fc5\u987b\u5411SEC\u7533\u62a5\u7684\u6301\u4ed3\u6e05\u5355\uff1b\u5230\u4e86\u4e2d\u6587\u4e92\u8054\u7f51\uff0c\u88ab\u5f02\u5316\u6210\u4e86\"\u5927\u4f6c\u4f5c\u4e1a\"\u7684\u6284\u5199\u672c\u3002\u4f46\u6211\u4e0d\u6253\u7b97\u544a\u8bc9\u4f60\u6bb5\u6c38\u5e73\u548c\u674e\u5f55\u4e70\u4e86\u4ec0\u4e48&mdash;&mdash;\u90a3\u662f\u6d41\u91cf\u53f7\u5e72\u7684\u4e8b\u3002\u6211\u60f3\u62c6\u89e3\u7684\u662f\u53e6\u4e00\u4ef6\u4e8b\uff1a\u4f60\u770b\u5230\u7684\"\u4e70\u4e86\u4ec0\u4e48\"\uff0c\u4e3a\u4ec0\u4e48\u4e0d\u53ef\u4fe1\u300213F\u4e0d\u662f\"\u51c6\u786e\u4f46\u4e0d\u5b8c\u6574\"\u7684\u6570\u636e\uff0c\u5b83\u662f**\"\u7cbe\u786e\u7684\u9519\u8bef\"**&mdash;&mdash;\u6bcf\u4e2a\u6570\u5b57\u90fd\u5bf9\uff0c\u4f46\u6570\u5b57\u80cc\u540e\u6697\u793a\u7684\u4e70\u5356\u610f\u56fe\uff0c\u53ef\u80fd\u662f\u53cd\u7684\u3002<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/08\/6d9d341829e2e5ed8a7f0720504195ab_1787044346.png?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/format\/jpg\/thumbnail\/1440x785\/gravity\/center\/crop\/!1440x785&ext=.png\" width=\"1410\" height=\"769\" alt=\"\u4e00\u4efd\u7cbe\u786e\u5230\u5c0f\u6570\u70b9\u540e\u4e24\u4f4d\u7684&amp;quot;\u9519\u8bef\u4f5c\u4e1a&amp;quot;\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<p>HR&mdash;13F<\/p>\n<h2>\u671f\u6743\u7ede\u8089\u673a\uff1a\u6bb5\u6c38\u5e73\u7684\u82f1\u4f1f\u8fbe\uff0c\u771f\u5b9e\u655e\u53e3\u88ab\u8c01\u5403\u4e86<\/h2>\n<p>\u5148\u8bf4\u6bb5\u6c38\u5e73\u3002\u8fd9\u5b63\u5ea6\u6240\u6709\u4eba\u90fd\u5728\u8f6c\u4e00\u53e5\u8bdd\uff1a\"\u6bb5\u6c38\u5e73\u51cf\u6301\u82f1\u4f1f\u8fbe54.63%\u3002\"\u6211\u628a\u65f6\u95f4\u7ebf\u62c9\u5168\uff0c\u4f60\u518d\u770b\u8fd9\u53e5\u8bdd\u6709\u591a\u7ecf\u4e0d\u8d77\u63a8\u6572\u3002<\/p>\n<p>2025\u5e74\u4e09\u5b63\u5ea6\uff0c\u4ed6\u6301\u6709\u82f1\u4f1f\u8fbe59.78\u4e07\u80a1\uff1b\u56db\u5b63\u5ea6\u8df3\u5230723.71\u4e07\u80a1\uff0c\u73af\u6bd4\u66b4\u589e1110.62%\uff1b2026\u5e74\u4e00\u5b63\u5ea6\u7ee7\u7eed\u52a0\u52301384.38\u4e07\u80a1\uff0c\u53c8\u6da8\u4e8691.29%\uff1b\u5230\u4e8c\u5b63\u5ea6\u780d\u56de628.07\u4e07\u80a1\uff0c\u8dcc\u5e4554.63%\u3002<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/08\/f3a3bd6a3aca99f5995d4ac50e08ad2f_1787044347.png?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/format\/jpg\/thumbnail\/1440x935\/gravity\/center\/crop\/!1440x935&ext=.png\" width=\"1346\" height=\"874\" alt=\"\u4e00\u4efd\u7cbe\u786e\u5230\u5c0f\u6570\u70b9\u540e\u4e24\u4f4d\u7684&amp;quot;\u9519\u8bef\u4f5c\u4e1a&amp;quot;\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<p>\u6301\u4ed3\u60c5\u51b5<\/p>\n<p>\u56db\u6b21\u5de8\u5e45\u53d8\u52a8\uff0c\u65b9\u5411\u8ddf\u80a1\u4ef7\u5b8c\u7f8e\u8d1f\u76f8\u5173\uff08\u5404\u5b63\u6da8\u8dcc\u5e45\u89c1\u524d\u6587\u914d\u56fe\uff09\uff1a\u8dcc\u7684\u5b63\u5ea6\u5728\"\u52a0\u4ed3\"\uff0c\u6da8\u7684\u5b63\u5ea6\u5728\"\u51cf\u4ed3\"\u3002\u8fd9\u4e0d\u662f<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%9f%ba%e6%9c%ac%e9%9d%a2\" title=\"View all posts in \u57fa\u672c\u9762\" target=\"_blank\" class=\"tag_link\">\u57fa\u672c\u9762<\/a>\u5224\u65ad\u7684\u6307\u7eb9\uff0c\u662f\u671f\u6743<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>\u7684\u6307\u7eb9&mdash;&mdash;\u4e00\u4e2a\u505a\u4fdd\u9669\u751f\u610f\u7684\u4eba\uff0c\u80a1\u707e\u65f6\u63a5\u8d27\u3001\u5927\u6da8\u65f6\u4ea4\u5238\uff0c\u672c\u5c31\u662f\u89c4\u5219\u5728\u8fd0\u8f6c\uff0c\u8ddf\u770b\u591a\u770b\u7a7a\u6ca1\u90a3\u4e48\u7d27\u7684\u7ed1\u5b9a\u3002<\/p>\n<p>\u671f\u6743\u5230\u5e95\u662f\u4e2a\u4ec0\u4e48\u52a8\u4f5c\uff1f\"\u5356put\"\u76f8\u5f53\u4e8e\u6536\u79df\u91d1\u3001\u8d4c\u81ea\u5df1\u613f\u610f\u5728\u67d0\u4e2a\u4f4e\u4ef7\u63a5\u8d27\uff1b\"\u5356call\"\u5219\u662f\u6536\u79df\u91d1\u3001\u8d4c\u81ea\u5df1\u613f\u610f\u4ea4\u5238\u3002\u6bb5\u6c38\u5e73\u6302\u7684\u662f\u63a5\u8d27\u5355\uff0c\u4e0d\u662f\u770b\u7a7a\u5355\u3002<\/p>\n<p>\u8fd9\u5957\u73a9\u6cd5\u572813F\u4e0a\u662f\u5b8c\u5168\u9690\u5f62\u7684\u3002SEC\u7684\u89c4\u5219\u91cc\uff0c\u5356\u51fa\u7684\u671f\u6743\u6c38\u8fdc\u4e0d\u8fdb13F\uff0c\u4e70\u5165\u7684\u671f\u6743\u53ef\u4ee5\u9009\u62a5\u3001\u4f46\u4e5f\u4e0d\u62a5\u884c\u6743\u4ef7\u3001\u5230\u671f\u65e5\u3001\u6743\u5229\u91d1&mdash;&mdash;\u4ed6\u6700\u5173\u952e\u7684\"\u5356put\u6536\u6743\u5229\u91d1\"\u90a3\u4e00\u5c42\uff0c\u6587\u4ef6\u4e0a\u4e00\u4e2a\u5b57\u90fd\u6ca1\u6709\u3002<\/p>\n<p>\u4ed63\u670823\u65e5\u5728\u96ea\u7403\u8bf4\u5f97\u5f88\u76f4\u767d\uff1a\"\u6211\u6ca1\u6709\u76f4\u63a5\u5356\u8fc7\u4e00\u80a1\u82f1\u4f1f\u8fbe\uff0c\u4e5f\u6ca1\u76f4\u63a5\u5356\u8fc7<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e8%8b%b9%e6%9e%9c\" title=\"View all posts in \u82f9\u679c\" target=\"_blank\" class=\"tag_link\">\u82f9\u679c<\/a>\u3002\u8fd9\u4e9b\u90fd\u662f\u6211\u7684\u4fdd\u9669\u516c\u53f8\u7684\u7b79\u7801\u3002\"4\u6708\u53c8\u8865\u4e86\u4e00\u53e5\uff1a\"\u6211\u7684\u82f9\u679c\u7edd\u5927\u90e8\u5206\u90fd\u662fput\u8fdb\u6765\u7684\uff0c\u81f3\u5c1190%\u4ee5\u4e0a\u3002\"<\/p>\n<p>\u7ffb\u8bd1\u6210\u4eba\u8bdd\uff1a\u4f60\u770b\u5230\u7684\"\u52a0\u4ed3\"\uff0c\u5f88\u53ef\u80fd\u662f\u5356\u51fa\u7684put\u88ab\u884c\u6743\u3001\u4ed6\u88ab\u52a8\u63a5\u4e86\u8d27\uff1b\u4f60\u770b\u5230\u7684\"\u51cf\u6301\"\uff0c\u5f88\u53ef\u80fd\u662f\u5907\u5151\u8ba4\u8d2d\u671f\u6743\uff08covered call\uff09\u88ab\u884c\u6743\u3001\u4ed6\u88ab\u52a8\u4ea4\u4e86\u5238\uff0c\u6216\u8005put\u5230\u671f\u6ca1\u7eed\u505a\u3002\u4e24\u4e2a\u65b9\u5411\u90fd\u53ef\u80fd\u662f\"\u88ab\u52a8\"\u7684\uff0c\u4f4613F\u628a\u5b83\u5448\u73b0\u6210\"\u4e3b\u52a8\u4e70\u5356\"\u3002<\/p>\n<blockquote>\n<p>54.63%\u8fd9\u4e2a\u6570\u5b57\u662f\u5bf9\u7684\uff0c\u4f46\u5b83\u8bb0\u5f55\u7684\u662f\u4fdd\u9669\u516c\u53f8\u7684\u7406\u8d54\u8bb0\u5f55\uff0c\u4e0d\u662f<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>\u4eba\u7684\u89c2\u70b9\u53d8\u5316\u3002\u4f60\u770b\u7684\u662f\u7406\u8d54\u5355\uff0c\u6284\u7684\u662f\u522b\u4eba\u5bb6\u7684\u4fdd\u8d39\u751f\u610f\u3002<\/p>\n<\/blockquote>\n<p>\u90a3\u771f\u5b9e\u7684\u82f1\u4f1f\u8fbe\u655e\u53e3\u5230\u5e95\u662f\u591a\u5c11\uff1f\u6211\u4e0d\u7528\"\u53ef\u80fd\u5728\u9014200\u4e07\u80a1\"\u8fd9\u79cd\u6ca1\u6839\u7684\u533a\u95f4\u6765\u7cca\u5f04\u4f60&mdash;&mdash;\u800c\u662f\u7528\u6bb5\u6c38\u5e73\u81ea\u5df1\u627f\u8ba4\u7684\u3001\u53ef\u67e5\u7684\u5386\u53f2\u63a5\u8d27\u8282\u594f\u6765\u7b97\u3002<\/p>\n<p>\u4ed6\u4eb2\u53e3\u8bf4\u6ca1\u76f4\u63a5\u4e70\u5356\u8fc7\u4e00\u80a1\u82f1\u4f1f\u8fbe\uff0c\u90a3\u6301\u4ed3\u5168\u662fput\u88ab\u884c\u6743\u63a5\u6765\u7684\u3002\u56de\u770b\u5386\u53f2\uff1a2025\u5e74\u56db\u5b63\u5ea6\uff0cput\u88ab\u884c\u6743\u5e26\u6765663.93\u4e07\u80a1\u7684\u65b0\u589e\uff1b2026\u5e74\u4e00\u5b63\u5ea6\uff0c\u53c8\u65b0\u589e660.67\u4e07\u80a1\u3002\u8fde\u7eed\u4e24\u4e2a\u5b63\u5ea6\uff0c\u88ab\u52a8\u63a5\u8d27\u7ea6660\u4e07\u80a1\u4e00\u5b63\u3002<\/p>\n<p>\u800c\u4ed67\u670823\u65e5\u90a3\u53e5\"put\u5230\u671f\u540e\u4f1a\u7ee7\u7eed\u5356put\"\uff0c\u610f\u5473\u7740\u4e8c\u5b63\u5ea6\u672b\u624b\u91cc\u4ecd\u6709\u5728\u9014put\u3002\u6309\u8fd9\u4e2a\u5386\u53f2\u8282\u594f\u63a8\u7b97\uff0c\u8fd9\u4e9b\u5728\u9014put\u672a\u6765\u884c\u6743\uff0c\u53ef\u80fd\u518d\u5e26\u6765\u6570\u767e\u4e07\u80a1\u7ea7\u522b\u7684\u6f5c\u5728\u63a5\u8d27&mdash;&mdash;\u65b9\u5411\u662f\u52a0\u4ed3\uff0c\u4e0d\u662f\u51cf\u4ed3\u3002<\/p>\n<p>\u6240\u4ee5\u90a3\u5f2013F\u7684\u771f\u76f8\u662f\uff1a\u6587\u4ef6\u4e0a\u5199\u7740\"\u51cf\u4ed354%\"\uff0c\u4f46\u6bb5\u6c38\u5e73\u7684\u771f\u5b9e\u6f5c\u5728\u82f1\u4f1f\u8fbe\u655e\u53e3\uff0c\u7b49\u4e8e628\u4e07\u80a1\u5df2\u6301\uff0c\u52a0\u4e0a\u5386\u53f2\u7ea6660\u4e07\u80a1\u4e00\u5b63\u91cf\u7ea7\u7684\u6f5c\u5728\u63a5\u8d27\u3002**\u51cf\u7684\u662f\u6587\u4ef6\u4e0a\u7684\u6570\u5b57\uff0c\u589e\u7684\u662f\u6697\u5904\u7684\u655e\u53e3\u3002\u4f60\u4ee5\u4e3a\u770b\u5230\u7684\"\u64a4\u9000\"\uff0c\u53ef\u80fd\u662f\u4ed6\u84c4\u52bf\u7684\u4e0b\u4e00\u8f6e\u63a5\u8d27\u3002**\u5f53\u7136\uff0c\u4e0d\u6392\u9664\u67d0\u4e9b\u5b63\u5ea6\u4ed6\u786e\u6709\u4e3b\u52a8\u51cf\u4ed3&mdash;&mdash;\u53ea\u662f13F\u65e0\u6cd5\u533a\u5206\u4e3b\u52a8\u4e0e\u88ab\u52a8\uff0c\u8fd9\u6070\u6070\u662f\u5371\u9669\u6240\u5728\uff1a\u4f60\u5206\u4e0d\u6e05\u54ea\u6b21\u662f\u771f\u64a4\u3001\u54ea\u6b21\u662f\u671f\u6743\u5728\u66ff\u4ed6\u52a8\u3002<\/p>\n<p>\u4e3a\u4e86\u8ba9\"\u4fdd\u9669\u516c\u53f8\"\u600e\u4e48\u8fd0\u8f6c\u66f4\u5177\u4f53\uff0c\u4e3e\u4ed6\u82f9\u679cput\u7684\u4e00\u7b14\u8d26\uff1a\u5356\u51fa999\u5f20\u82f9\u679cput\uff0c\u884c\u6743\u4ef7195\u7f8e\u5143\uff0c\u6bcf\u80a1\u6536\u6743\u5229\u91d114.45\u7f8e\u5143\uff1b\u5408\u8ba1\u5165\u8d26\u7ea6144\u4e07\u7f8e\u5143\uff0c\u8d26\u6237\u9884\u7559\u7ea61948\u4e07\u7f8e\u5143\u8db3\u989d\u73b0\u91d1\u63a5\u76d8\uff0c\u6309\u8fd9\u7b14put\u7684\u671f\u9650\u6298\u7b97\u3001\u4ed6\u81ea\u5df1\u7b97\u7684\u5e74\u5316\u7ea618%\u3002\u8fd9\u5c31\u662f\"\u5356put\u6536\u79df\"&mdash;&mdash;\u4f60\u4e0d\u770b\u671f\u6743\u7ef4\u5ea6\uff0c\u6c38\u8fdc\u8bfb\u4e0d\u61c2\u8fd9\u4eba\u5728\u5e72\u4ec0\u4e48\u3002<\/p>\n<p>\u540c\u4e00\u5957\u903b\u8f91\uff0c\u6e2f\u80a1\u62ab\u9732\u80fd\u7ed9\u4f60\u53cd\u4f8b\u3002<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%b8%af%e4%ba%a4%e6%89%80\" title=\"View all posts in \u6e2f\u4ea4\u6240\" target=\"_blank\" class=\"tag_link\">\u6e2f\u4ea4\u6240<\/a>7\u67086\u65e5\u62ab\u9732\u6bb5\u6c38\u5e73\u6301\u80a1\u6ce1\u6ce1\u739b\u72797.65%\uff0c\u5176\u4e2d6.07%\u662f\u6b63\u80a1\u30011.58%\u662f\u671f\u6743\u884d\u751f\u54c1\u7684\u591a\u5934\u6301\u4ed3\uff08\u597d\u4ed3\uff09\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u7ea6\u4e94\u5206\u4e4b\u4e00\u7684\u4ed3\u4f4d\uff0c\u572813F\u5f0f\u53e3\u5f84\u91cc\u662f\u770b\u4e0d\u89c1\u7684\u3002\u6e2f\u4ea4\u6240\u62a5\u671f\u6743\u7ec6\u5206\uff0c13F\u4e0d\u62a5&mdash;&mdash;\u8fd9\u662f\u540c\u4e00\u4e2a\u4eba\u3001\u540c\u4e00\u5957\u5236\u5ea6\u5dee\u5f02\u4e0b\uff0c\u6700\u76f4\u63a5\u7684\u5bf9\u7167\u3002<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/08\/af41374cbd5bd354f565257927cfa5f8_1787044347.png?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/format\/jpg\/thumbnail\/1440x941\/gravity\/center\/crop\/!1440x941&ext=.png\" width=\"1285\" height=\"840\" alt=\"\u4e00\u4efd\u7cbe\u786e\u5230\u5c0f\u6570\u70b9\u540e\u4e24\u4f4d\u7684&amp;quot;\u9519\u8bef\u4f5c\u4e1a&amp;quot;\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<p>\u5931\u771f\u5ea6\u9636\u68af<\/p>\n<h2>\u5931\u771f\u5206\u7c7b\u5b66\uff1a\u4e0d\u662f\u6240\u670913F\u90fd\u540c\u6837\u4e0d\u53ef\u4fe1<\/h2>\n<p>\u6bb5\u6c38\u5e73\u8fd9\u4e2a\u6848\u4f8b\u592a\u6781\u7aef\uff0c\u5bb9\u6613\u8ba9\u4eba\u5f97\u51fa\u4e00\u4e2a\u9519\u8bef\u7ed3\u8bba\uff1a13F\u5168\u90fd\u4e0d\u80fd\u4fe1\u3002\u4e0d\u5bf9\u300213F\u80fd\u4e0d\u80fd\u4fe1\uff0c\u4e0d\u662f\u4e00\u4e2a\u662f\u975e\u9898\uff0c\u53d6\u51b3\u4e8e\u4f60\u770b\u7684\u662f\u8c01\u3002<\/p>\n<p>\u6bb5\u6c38\u5e73\u5c5e\u4e8e\u7b2c\u4e00\u7c7b\u3002\u4ed6\u7684\u95ee\u9898\u662f\"\u6781\u5ea6\u5931\u771f\"&mdash;&mdash;\u671f\u6743\u662f\u6838\u5fc3\u7b56\u7565\uff0c13F\u5448\u73b0\u7684\u4e70\u5356\u65b9\u5411\u53ef\u80fd\u548c\u771f\u5b9e\u610f\u56fe\u5b8c\u5168\u76f8\u53cd\uff0c\u4f60\u524d\u9762\u770b\u5230\u7684\u82f1\u4f1f\u8fbe\u5c31\u662f\u6807\u672c\u3002<\/p>\n<p>\u674e\u5f55\u662f\u7b2c\u4e8c\u7c7b\u3002\u4ed6\u7684\u7f8e\u80a113F\u65b9\u5411\u4fe1\u53f7\u57fa\u672c\u53ef\u4fe1\uff0c\u4f46\u6e2f\u80a1\u4ed3\u4f4d\u4e0d\u5728\u91cc\u9762\u3002\u6211\u540e\u9762\u4f1a\u7b97\uff0c\u4ed6\u516c\u5f00\u53ef\u67e5\u7684\u6301\u4ed3\u91cc\uff0c\u7ea645%\u572813F\u770b\u4e0d\u89c1\u3002\u6240\u4ee5\u674e\u5f55\u7684\u5931\u771f\uff0c\u662f\"\u89c4\u6a21\u88ab\u4f4e\u4f30\"\uff0c\u4e0d\u662f\"\u65b9\u5411\u88ab\u98a0\u5012\"\u3002<\/p>\n<p>\u7b2c\u4e09\u7c7b\u662f<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%af%b9%e5%86%b2%e5%9f%ba%e9%87%91\" title=\"View all posts in \u5bf9\u51b2\u57fa\u91d1\" target=\"_blank\" class=\"tag_link\">\u5bf9\u51b2\u57fa\u91d1<\/a>\uff0cBurry\u90a3\u4e00\u578b\u3002\u4ed6\u4eec\u7684\u95ee\u9898\u662f\"\u4e25\u91cd\u5931\u771f\"&mdash;&mdash;\u7a7a\u5934\u4f60\u6839\u672c\u770b\u4e0d\u5230\uff0c\u671f\u6743\u53ea\u62a5\u540d\u4e49\u4ef7\u503c\u3001\u4e0d\u62a5\u4fdd\u8d39\u3002<\/p>\n<p>\u7b2c\u56db\u7c7b\u662f\u8d1d\u83b1\u5fb7\u8fd9\u79cd\u88ab\u52a8\u57fa\u91d1\u3002\u8fd9\u4e00\u7c7b\u6700\u5bb9\u6613\u88ab\u8bef\u8bfb\uff1a\u5b83\u4e0d\"\u5931\u771f\"\uff0c\u6570\u636e\u51c6\u5f97\u5f88\uff0c\u95ee\u9898\u662f\u5b83\u538b\u6839\u4e0d\u643a\u5e26\u89c2\u70b9\u4fe1\u53f7\u3002\u8d1d\u83b1\u5fb7\u5bf9\u6bcf\u5bb6\u516c\u53f8\u7684\u6301\u80a1\u6bd4\u4f8b\u51e0\u4e4e\u4e00\u81f4\uff0c\u4e0d\u662f\u56e0\u4e3a\u770b\u6cd5\u4e00\u81f4\uff0c\u662f\u56e0\u4e3a\u6307\u6570\u89c4\u5219\u3002\u4f60\u6284\u5b83\u768413F\uff0c\u6284\u5230\u7684\u662f\u4e00\u9053\u6570\u5b66\u9898\uff0c\u4e0d\u662f\u4e00\u4e2a\u4eba\u7684\u5224\u65ad\u3002<\/p>\n<p>\u6563\u6237\u6700\u5e38\u89c1\u7684\u9519\uff0c\u662f\u628a\u8fd9\u56db\u7c7b\u5f53\u540c\u4e00\u79cd\u4e1c\u897f\u8bfb\u3002\u770b\u6bb5\u6c38\u5e73\u768413F\uff0c\u4f60\u8be5\u5148\u5047\u5b9a\"\u65b9\u5411\u76f8\u53cd\"\uff1b\u770b\u674e\u5f55\u7684\uff0c\u65b9\u5411\u53ef\u4fe1\u4f46\u8bb0\u4f4f\u6709\u4e00\u534a\u5728\u6697\u5904\uff1b\u770b\u5bf9\u51b2\u57fa\u91d1\u7684\uff0c\u8fde\u51c0\u655e\u53e3\u90fd\u522b\u60f3\u770b\u6e05\uff1b\u770b\u88ab\u52a8\u57fa\u91d1\u7684\uff0c\u76f4\u63a5\u8df3\u8fc7&mdash;&mdash;\u5b83\u6570\u5b57\u51c6\uff0c\u4f46\u5728\u6284\u4f5c\u4e1a\u8bed\u5883\u4e0b\u6ca1\u7528\u3002\u5148\u95ee\"\u8fd9\u4eba\u662f\u4ec0\u4e48\u9009\u624b\"\uff0c\u518d\u51b3\u5b9a\u4fe1\u51e0\u5206\u3002<\/p>\n<p>\u628a\u7b2c\u4e09\u7c7b\u62c6\u5f00\u8bb2\uff0c\u56e0\u4e3a\u5b83\u7684\u5931\u771f\u6700\u5bb9\u6613\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>\u653e\u5927\u6210\u8c23\u8a00\u30022025\u5e74\u4e09\u5b63\u5ea6\uff0cScion\uff08Burry\u65d7\u4e0b\u57fa\u91d1\uff09\u7533\u62a5\u4e86PLTR\u770b\u8dcc\u671f\u6743\uff0c\u540d\u4e49\u4ef7\u503c9.12\u4ebf\u7f8e\u5143\uff0c\u5bf9\u5e945\u4e07\u5f20\u5408\u7ea6\u3001500\u4e07\u80a1\uff1b\u52a0\u4e0aNVDA\u770b\u8dcc\u671f\u67431.86\u4ebf\u7f8e\u5143\uff0c1\u4e07\u5f20\u5408\u7ea6\u3002\u4e24\u8005\u5408\u8ba1\u7ea611\u4ebf\u7f8e\u5143\u540d\u4e49\u655e\u53e3\uff0c\u5360\u4e86\u7ec4\u5408\u768480%\u3002\u5f53\u65f6\u8d22\u7ecf\u6807\u9898\u51e0\u4e4e\u4e00\u8fb9\u5012\uff1a\"\u5927\u7a7a\u5934<a 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>AI 11\u4ebf\u7f8e\u5143\"\u3002<\/p>\n<p>\u4f4613F\u53ea\u62a5\u540d\u4e49\u4ef7\u503c\uff0c\u4e0d\u62a5\u4fdd\u8d39\u3001\u884c\u6743\u4ef7\u3001\u5230\u671f\u65e5\u3002Burry\u5b9e\u9645\u652f\u4ed8\u7684\u671f\u6743\u8d39\uff0c\u53ea\u662f\u90a311\u4ebf\u7f8e\u91d1\u7684\u51e0\u4e2a\u767e\u5206\u70b9\uff0c\u51e0\u5343\u4e07\u7f8e\u5143\u7ea7\u522b&mdash;&mdash;\u6309\u5f53\u65f6\u5e73\u503cput\u5e02\u4ef7\u7387\u7ea63%\u7c97\u4f30\uff0c\u7ea63300\u4e07\u7f8e\u5143\u3002\u6807\u9898\u7684\"11\u4ebf\u7f8e\u5143\u505a\u7a7a\"\u548c\u5b9e\u9645\"\u6570\u5343\u4e07\u7f8e\u5143\u4e0b\u6ce8\"\uff0c\u5dee\u4e86\u5c06\u8fd1\u4e00\u4e2a\u6570\u91cf\u7ea7\u3002<\/p>\n<p>\u66f4\u81f4\u547d\u7684\u662f\uff0c\u8fd9\u4e9bput\u8981\u52302027\u5e74\u521d\u624d\u5230\u671f\u3002\u4f60\u572813F\u91cc\u770b\u4e0d\u5230\u4ed6\u5230\u5e95\u662f\u5728\u535a\u77ed\u671f\u66b4\u8dcc\uff0c\u8fd8\u662f\u505a\u957f\u671f\u5bf9\u51b2\uff1b\u662f\u88f8\u7a7a\uff0c\u8fd8\u662f\u7528\u6765\u5bf9\u51b2\u522b\u7684\u591a\u5934\u3002\u5a92\u4f53\u628a\"\u540d\u4e49\u655e\u53e3\"\u5f53\"\u5b9e\u9645\u4e0b\u6ce8\"\u62a5\u9053\uff0c\u6b63\u662f13F\u53ea\u62a5\u534a\u53e5\u771f\u8bdd\u7684\u5178\u578b\u540e\u679c\u3002<\/p>\n<h2>\u5229\u76ca\u94fe\uff1a\u8c01\u5728\u7ef4\u62a4\u8fd9\u53f0\u5931\u771f\u673a\u5668<\/h2>\n<p>\u8bb2\u5b8c\"\u56e0\u8c01\u800c\u5f02\"\uff0c\u518d\u95ee\u4e00\u53e5\u66f4\u5c16\u9510\u7684\uff1a\u4e3a\u4ec0\u4e48\u8fd9\u5957\u8ba9\u6563\u6237\u8bef\u8bfb\u7684\u673a\u5236\uff0c\u80fd\u5e74\u590d\u4e00\u5e74\u5730\u8f6c\u4e0b\u53bb\uff1f\u7b54\u6848\u4e0d\u662f\"\u5927\u5bb6\u90fd\u4e0d\u5c0f\u5fc3\"\uff0c\u662f\u4e00\u6761\u5229\u76ca\u94fe\u7684\u5fc5\u7136\u7ed3\u679c\u3002\u94fe\u4e0a\u6bcf\u4e00\u5c42\uff0c\u90fd\u6ca1\u6709\u52a8\u529b\u53bb\u8fd8\u539f\u771f\u76f8\u3002<\/p>\n<p>\u94fe\u6761\u6700\u4e0a\u7aef\u662fSEC\uff0c\u65e0\u5229\u76ca\u52a8\u673a\uff0c\u7eaf\u76d1\u7ba1\u5408\u89c4\u3002\u6570\u636e\u51c6\u786e\uff0c\u4f46\u7ed3\u6784\u6027\u5730\u7f3a\u7ef4\u5ea6&mdash;&mdash;\u671f\u6743\u3001\u73b0\u91d1\u3001\u6e2f\u80a1\u3001\u7a7a\u5934\u5168\u4e0d\u62a5\u3002\u8fd9\u4e0d\u662fSEC\u7684\u9519\uff0c\u662f\u5236\u5ea6\u8bbe\u8ba1\uff1a13F\u672c\u6765\u5c31\u4e0d\u662f\u7ed9\u6563\u6237\u6284\u4f5c\u4e1a\u7528\u7684\uff0c\u5b83\u662f\u7ed9\u76d1\u7ba1\u770b\"\u8c01\u5728\u95e8\u5185\"\u7684\u5e95\u518c\u3002<\/p>\n<p>\u5f80\u4e0b\u662f\u6570\u636e\u7ec8\u7aef\uff0cwhalewisdom\u8fd9\u7c7b\u3002\u5b83\u4eec\u7684\u751f\u610f\u662f\u5356\u8ba2\u9605\u3002\u4ece\u5546\u4e1a\u6a21\u5f0f\u63a8\uff0c\u903b\u8f91\u5f88\u7b80\u5355\uff1a\u628a13F\u5305\u88c5\u6210\"\u53ef\u64cd\u4f5c\u4fe1\u53f7\"\u624d\u6709\u4eba\u4ed8\u8d39\uff0c\u6240\u4ee5\u9ed8\u8ba4\u628a\"\u6301\u80a1\u53d8\u5316\"\u7b49\u540c\u4e8e\"\u4e70\u5356\u4fe1\u53f7\"\uff0c\u671f\u6743\u3001\u73b0\u91d1\u3001\u6e2f\u80a1\u7684\u76f2\u533a\u4e0d\u4f1a\u4e3b\u52a8\u6807\u7ed9\u4f60\u770b&mdash;&mdash;\u6807\u4e86\uff0c\u8ba2\u9605\u5c31\u5356\u4e0d\u52a8\u4e86\u3002<\/p>\n<p>\u518d\u5f80\u4e0b\u662f\u8d22\u7ecf\u5a92\u4f53\uff0c\u751f\u610f\u662f\u6d41\u91cf\u3002\"\u6bb5\u6c38\u5e73\u51cf\u6301\u82f1\u4f1f\u8fbe54%\"\u8fd9\u79cd\u6807\u9898\uff0c\u70b9\u51fb\u91cf\u5929\u7136\u6bd4\"13F\u671f\u6743\u76f2\u533a\u5bfc\u81f4\u771f\u5b9e\u610f\u56fe\u96be\u5224\u65ad\"\u9ad8\u4e00\u4e2a\u91cf\u7ea7\u3002\u6807\u9898\u7b80\u5316\uff0c\u672c\u8d28\u662f\u6d41\u91cf\u6700\u5927\u5316\u3002<\/p>\n<p>\u63a5\u7740\u662f\u793e\u4ea4\u5a92\u4f53\uff0c\u751f\u610f\u662f\u4e92\u52a8\u3002\u60c5\u7eea\u8d8a\u6d53\uff0c\u8f6c\u53d1\u8d8a\u591a\u3002\"\u5927\u4f6c\u770b\u7a7aAI\"\u6bd4\"\u7ed3\u6784\u6027\u5931\u771f\"\u5bb9\u6613\u4e0a\u70ed\u641c\uff0c\u4e0d\u662f\u5de7\u5408\u3002<\/p>\n<p>\u6700\u672b\u7aef\u662f\u6563\u6237\uff0c\u6ca1\u6709\u5229\u76ca\u52a8\u673a\uff0c\u5374\u627f\u62c5\u5168\u90e8\u540e\u679c\u3002\u4fe1\u606f\u94fe\u7684\u6700\u672b\u7aef\uff0c\u7528\u6700\u5931\u771f\u7684\u6570\u636e\u505a\u6700\u771f\u5b9e\u7684\u4ea4\u6613\u3002<\/p>\n<p>\u4e00\u6761\u94fe\u4e0a\uff0c\u552f\u4e00\u4e0d\u9760\u8fd9\u4e2a\u4fe1\u606f\u5403\u996d\u3001\u5374\u8981\u4e3a\u771f\u91d1\u767d\u94f6\u4e70\u5355\u7684\uff0c\u6070\u6070\u662f\u4fe1\u606f\u6700\u5c11\u7684\u90a3\u4e00\u7aef\u3002SEC\u4e0d\u8d1f\u8d23\u6559\u4f60\u8bfb\uff0c\u7ec8\u7aef\u4e0d\u60f3\u6559\u4f60\u8bfb\uff0c\u5a92\u4f53\u61d2\u5f97\u6559\u4f60\u8bfb\uff0c\u5e73\u53f0\u4e0d\u5c51\u6559\u4f60\u8bfb\u3002\u4e3b\u6d41\u5546\u4e1a\u903b\u8f91\u4e0b\uff0c\u6bcf\u4e00\u5c42\u90fd\u5728\u81ea\u5df1\u7684\u751f\u610f\u91cc\u7406\u6027\u5730\u9009\u62e9\u4e86\u6c89\u9ed8\uff0c\u800c\u4ee3\u4ef7\u7531\u6700\u540e\u4e00\u4e2a\u4eba\u4ed8\u3002<\/p>\n<p>\u524d\u9762\u8bf4\u768445\u5929\u5ef6\u8fdf\uff0c\u662f\u6563\u6237\"\u77e5\u9053\u7684\u90a3\u79cd\u6162\"\u3002\u8fd8\u6709\u4e00\u79cd\u662f\"\u6839\u672c\u4e0d\u77e5\u9053\u7684\u90a3\u79cd\u6162\"&mdash;&mdash;\u4fdd\u5bc6\u7533\u8bf7\uff0c\u82f1\u6587\u53ebConfidential Treatment 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href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%b7%b4%e8%8f%b2%e7%89%b9\" title=\"View all posts in \u5df4\u83f2\u7279\" target=\"_blank\" class=\"tag_link\">\u5df4\u83f2\u7279<\/a>\u6b64\u524d\u7528\u540c\u4e00\u62db\u4fdd\u5bc6\u8fc7Chevron\u548cVerizon\uff082020\u5e74\uff09\uff0c\u8fd9\u4e0d\u662f\u5076\u5c14\u4e3a\u4e4b\uff0c\u662f\u5927\u8d44\u91d1\u5de5\u5177\u7bb1\u91cc\u7684\u5e38\u89c4\u4ef6\u3002<\/p>\n<p>\u6563\u6237\u4ee5\u4e3a\u6700\u7cdf\u7684\u60c5\u51b5\uff0c\u662f\u4fe1\u606f\u665a\u523045\u5929\u3002\u4f2f\u514b\u5e0c\u5c14\u544a\u8bc9\u4f60\uff1a\u6700\u7cdf\u7684\u60c5\u51b5\uff0c\u662f\u5927\u8d44\u91d1\u53ef\u4ee5\u5408\u6cd5\u5730\u8ba9\u4f60\u6c38\u8fdc\u6162\u4e5d\u4e2a\u6708\uff0c\u76f4\u5230\u4ef7\u683c\u6da8\u5b8c8%\uff0c\u4f60\u624d\u770b\u89c1\"\u4ed6\u4e70\u4e86\"\u3002\u4f60\u4ee5\u4e3a13F\u662f\u540e\u89c6\u955c\uff0c\u4eba\u5bb6\u73a9\u7684\u662f\u4f60\u6839\u672c\u8fdb\u4e0d\u53bb\u7684\u6697\u5ba4\u3002<\/p>\n<p>\u800cCTR\u8bc1\u660e\uff0c\u8fd9\u53f0\u673a\u5668\u4e0d\u4f46\u8ba9\u4f60\u770b\u5f97\u665a\uff0c\u8fd8\u53ef\u4ee5\u8ba9\u4f60\u6839\u672c\u770b\u4e0d\u5230\u3002\u5b83\u628a\"\u4f60\u80fd\u6162\u591a\u4e45\"\u8fd9\u4e2a\u95ee\u9898\uff0c\u4ece45\u5929\u7684\u793c\u8c8c\u6863\uff0c\u76f4\u63a5\u62e8\u5230\u4e86\u4e5d\u4e2a\u6708\u7684\u6697\u5ba4\u6863\u3002<\/p>\n<p><img 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href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%8b%bc%e5%a4%9a%e5%a4%9a\" title=\"View all posts in \u62fc\u591a\u591a\" target=\"_blank\" 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