{"id":626958,"date":"2026-03-22T23:07:55","date_gmt":"2026-03-23T06:07:55","guid":{"rendered":"https:\/\/nai500.com\/?p=626958"},"modified":"2026-03-22T23:07:55","modified_gmt":"2026-03-23T06:07:55","slug":"%e8%bf%99%e4%b8%80%e6%ac%a1%ef%bc%8c%e5%9c%b0%e7%bc%98%e6%94%bf%e6%b2%bb%e4%b8%ba%e4%bd%95%e6%b2%a1%e8%83%bd%e6%8b%af%e6%95%91%e9%bb%84%e9%87%91%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/03\/%e8%bf%99%e4%b8%80%e6%ac%a1%ef%bc%8c%e5%9c%b0%e7%bc%98%e6%94%bf%e6%b2%bb%e4%b8%ba%e4%bd%95%e6%b2%a1%e8%83%bd%e6%8b%af%e6%95%91%e9%bb%84%e9%87%91%ef%bc%9f\/","title":{"rendered":"\u8fd9\u4e00\u6b21\uff0c\u5730\u7f18\u653f\u6cbb\u4e3a\u4f55\u6ca1\u80fd\u201c\u62ef\u6551\u201d\u9ec4\u91d1\uff1f"},"content":{"rendered":"<p>\u4f0a\u6717\u6218\u706b\u91cd\u71c3\uff0c\u4e2d\u4e1c\u5c40\u52bf\u9aa4\u7136\u5347\u7ea7\u2014\u2014\u8fd9\u672c\u5e94\u662f\u9ec4\u91d1\u5927\u653e\u5f02\u5f69\u7684\u65f6\u523b\u3002\u7136\u800c\u73b0\u5b9e\u6070\u6070\u76f8\u53cd\uff1a\u51b2\u7a81\u7206\u53d1\u4ee5\u6765\uff0c\u91d1\u4ef7\u7d2f\u8ba1\u4e0b\u8dcc14%\uff0c\u4e0a\u5468\u66f4\u906d\u9047\u8fd1\u5e74\u6765\u6700\u4e25\u91cd\u7684\u5355\u65e5\u8dcc\u5e45\u4e4b\u4e00\u3002\u9ec4\u91d1\uff0c\u8fd9\u4e2a\u66fe\u88ab\u65e0\u6570\u6b21\u9a8c\u8bc1\u7684\u201c\u907f\u98ce\u6e2f\u201d\uff0c\u4e3a\u4f55\u5728\u8fd9\u6b21\u5730\u7f18\u98ce\u66b4\u4e2d\u5931\u7075\u4e86\uff1f<\/p>\n<p>\u7b54\u6848\u6216\u8bb8\u4ee4\u4eba\u610f\u5916\uff1a\u5728\u66f4\u9ad8\u7684\u5229\u7387\u3001\u66f4\u5f3a\u52bf\u7684\u7f8e\u5143\u4ee5\u53ca\u5e02\u573a\u6d41\u52a8\u6027\u9700\u6c42\u9762\u524d\uff0c\u5730\u7f18\u653f\u6cbb\u672c\u8eab\uff0c\u5df2\u7ecf\u4e0d\u8db3\u4ee5\u6491\u8d77\u4e00\u8f6e\u9ec4\u91d1\u7684\u6301\u7eed\u6da8\u52bf\u3002<\/p>\n<h2>\u5229\u7387\u4e0d\u964d\uff0c\u9ec4\u91d1\u96be\u6da8<\/h2>\n<p>\u9ec4\u91d1\u7684\u5e95\u5c42\u903b\u8f91\u4ece\u672a\u6539\u53d8\u2014\u2014\u5b83\u6700\u6015\u4e24\u6837\u4e1c\u897f\uff1a\u9ad8\u5229\u7387\u548c\u5f3a\u7f8e\u5143\u3002\u5f53\u5229\u7387\u5904\u4e8e\u4f4e\u4f4d\u65f6\uff0c\u6301\u6709\u9ec4\u91d1\u7684\u673a\u4f1a\u6210\u672c\u53ef\u4ee5\u5ffd\u7565\u4e0d\u8ba1\uff1b\u4e00\u65e6\u5229\u7387\u8d70\u9ad8\uff0c\u6295\u8d44\u8005\u5c31\u4f1a\u8f6c\u5411\u80fd\u63d0\u4f9b\u7a33\u5b9a\u7968\u606f\u7684\u503a\u5238\u7b49\u8d44\u4ea7\u3002<\/p>\n<p>\u8fd9\u4e00\u6b21\uff0c\u5730\u7f18\u51b2\u7a81\u6070\u6070\u5f3a\u5316\u4e86\u8fd9\u4e24\u5927\u538b\u5236\u56e0\u7d20\u3002<\/p>\n<p>\u51b2\u7a81\u63a8\u9ad8\u80fd\u6e90\u4ef7\u683c\uff0c\u4f7f\u5f97\u5168\u7403\u901a\u80c0\u66f4\u96be\u6d88\u9000\u3002\u7f8e\u8054\u50a8\u4e0a\u5468\u7ef4\u6301\u5229\u7387\u4e0d\u53d8\uff0c\u7f8e\u8054\u50a8\u4e3b\u5e2d\u9c8d\u5a01\u5c14\u660e\u786e\u8868\u793a\uff0c\u8fdb\u4e00\u6b65\u5bbd\u677e\u9700\u8981\u901a\u80c0\u53d6\u5f97\u66f4\u6e05\u6670\u7684\u8fdb\u5c55\u3002State Street Investment Management\u5168\u7403\u9ec4\u91d1\u4e0e\u91d1\u5c5e\u7b56\u7565\u4e3b\u7ba1Aakash Doshi\u6307\u51fa\uff1a\u201c\u51b2\u7a81\u7206\u53d1\u524d\uff0c\u5e02\u573a\u9884\u671f\u7f8e\u8054\u50a8\u4f1a\u6709\u4e24\u6b21\u964d\u606f\u3002\u73b0\u5728\uff0c\u5e02\u573a\u5df2\u7ecf\u5b9a\u4ef7\u4eca\u5e74\u4e0d\u4f1a\u518d\u6709\u5bbd\u677e\u3002\u201d\u4e00\u4e2a\u201c\u66f4\u9ad8\u66f4\u4e45\u201d\u7684\u5229\u7387\u73af\u5883\uff0c\u610f\u5473\u7740\u6301\u6709\u9ec4\u91d1\u7684\u673a\u4f1a\u6210\u672c\u6301\u7eed\u9ad8\u4f01\u3002\u8fd9\u662f\u91d1\u4ef7\u4e0b\u8dcc\u7684\u7b2c\u4e00\u5c42\u903b\u8f91\u3002<\/p>\n<h2>\u907f\u9669\u8d44\u91d1\u88ab\u201c\u62bd\u6c34\u201d<\/h2>\n<p>\u5982\u679c\u53ea\u6709\u5b8f\u89c2\u538b\u5236\uff0c\u9ec4\u91d1\u81f3\u5c11\u8fd8\u80fd\u5b88\u4f4f\u907f\u9669\u7684\u5e95\u7ebf\u3002\u4f46\u73b0\u5b9e\u662f\uff0c\u5728\u6d41\u52a8\u6027\u9700\u6c42\u9762\u524d\uff0c\u8fde\u8fd9\u4e00\u5c42\u652f\u6491\u4e5f\u5728\u677e\u52a8\u3002<\/p>\n<p>\u4e0a\u5468\u8d35\u91d1\u5c5e\u5e02\u573a\u7684\u201c\u9ed1\u8272\u661f\u671f\u56db\u201d\u63ed\u793a\u4e86\u4e00\u4e2a\u5173\u952e\u73b0\u8c61\uff1a\u6295\u8d44\u8005\u6b63\u5728\u629b\u552e\u9ec4\u91d1\u6765\u5f25\u8865\u5176\u4ed6\u8d44\u4ea7\u7684\u4e8f\u635f\u3002\u80a1\u5e02\u4e0b\u8dcc\u89e6\u53d1\u7684\u4fdd\u8bc1\u91d1\u8ffd\u7f34\u3001\u80fd\u6e90\u80a1\u5f3a\u52bf\u8868\u73b0\u5e26\u6765\u7684\u8d44\u91d1\u8679\u5438\uff0c\u90fd\u8ba9\u9ec4\u91d1\u4ece\u201c\u907f\u98ce\u6e2f\u201d\u53d8\u6210\u4e86\u201c\u63d0\u6b3e\u673a\u201d\u3002Standard Chartered\u5168\u7403\u5927\u5b97\u5546\u54c1\u7814\u7a76\u4e3b\u7ba1Suki Cooper\u7cbe\u51c6\u6982\u62ec\u4e86\u8fd9\u4e00\u673a\u5236\uff1a\u201c\u5176\u4ed6\u9886\u57df\u7684\u6d41\u52a8\u6027\u9700\u6c42\u5df2\u7ecf\u8d85\u8fc7\u4e86\u9ec4\u91d1\u6240\u8574\u542b\u7684\u5730\u7f18\u653f\u6cbb\u98ce\u9669\u6ea2\u4ef7\u3002\u201d<\/p>\n<p>\u673a\u6784\u8d44\u91d1\u7684\u6d41\u5411\u5370\u8bc1\u4e86\u8fd9\u4e00\u70b9\u3002\u5168\u7403\u6700\u5927\u9ec4\u91d1ETF\u2014\u2014SPDR Gold Trust (GLD.US)\u906d\u9047\u8fde\u7eed\u516d\u4e2a\u4ea4\u6613\u65e5\u7684\u8d44\u91d1\u51c0\u6d41\u51fa\u3002\u8d8b\u52bf\u8ddf\u8e2a\u578b\u7684CTA\u57fa\u91d1\u4e5f\u5728\u6301\u7eed\u524a\u51cf\u9ec4\u91d1\u5934\u5bf8\u3002Soci\u00e9t\u00e9\u00a0G\u00e9n\u00e9rale\u673a\u6784\u7ecf\u7eaa\u8d44\u672c\u54a8\u8be2\u4e3b\u7ba1Tom Wrobel\u8868\u793a\uff0c\u5c3d\u7ba1CTA\u57fa\u91d1\u53ef\u80fd\u4ecd\u6301\u6709\u9ec4\u91d1\u591a\u5934\uff0c\u4f46\u98ce\u9669\u655e\u53e3\u5df2\u663e\u8457\u4e0b\u964d\u3002<\/p>\n<h2>\u5386\u53f2\u7684\u97f5\u811a<\/h2>\n<p>\u8fd9\u4e00\u6a21\u5f0f\u5e76\u975e\u5b64\u4f8b\u30022022\u5e74\u4fc4\u4e4c\u51b2\u7a81\u7206\u53d1\u540e\uff0c\u91d1\u4ef7\u540c\u6837\u7ecf\u5386\u4e86\u201c\u5148\u6da8\u540e\u8dcc\u201d\u7684\u8def\u5f84\uff1a\u521d\u671f\u907f\u9669\u60c5\u7eea\u63a8\u52a8\u77ed\u6682\u51b2\u9ad8\uff0c\u4f46\u968f\u7740\u80fd\u6e90\u4ef7\u683c\u98d9\u5347\u5f15\u53d1\u901a\u80c0\u51b2\u51fb\uff0c\u5e02\u573a\u7126\u70b9\u8fc5\u901f\u8f6c\u5411\u7f8e\u8054\u50a8\u7d27\u7f29\u4e0e\u7f8e\u5143\u8d70\u5f3a\uff0c\u9ec4\u91d1\u968f\u540e\u9677\u5165\u957f\u8fbe\u4e03\u4e2a\u6708\u7684\u4e0b\u8dcc\u3002<\/p>\n<p>ING\u7814\u7a76\u56e2\u961f\u6307\u51fa\uff0c\u8fd9\u4e00\u6a21\u5f0f\u6070\u6070\u5370\u8bc1\u4e86\u6838\u5fc3\u89c4\u5f8b\uff1a\u5730\u7f18\u653f\u6cbb\u5f88\u5c11\u80fd\u5355\u72ec\u3001\u6301\u7eed\u5730\u9a71\u52a8\u91d1\u4ef7\u3002\u771f\u6b63\u8d77\u51b3\u5b9a\u4f5c\u7528\u7684\u662f\u51b2\u7a81\u5982\u4f55\u4f20\u5bfc\u81f3\u901a\u80c0\u3001\u8d27\u5e01\u653f\u7b56\u4e0e\u7f8e\u5143\u8d70\u52bf\u3002\u5728\u98ce\u9669\u4e8b\u4ef6\u7684\u65e9\u671f\u9636\u6bb5\uff0c\u5e02\u573a\u5bf9\u6d41\u52a8\u6027\u7684\u9700\u6c42\u5f80\u5f80\u538b\u5012\u7eaf\u7cb9\u7684\u907f\u9669\u9700\u6c42\u3002<\/p>\n<h2>\u7ed3\u8bed<\/h2>\n<p>\u77ed\u671f\u6765\u770b\uff0c\u9ec4\u91d1\u7684\u8d70\u5411\u4e0d\u518d\u53d6\u51b3\u4e8e\u5355\u4e00\u7684\u5730\u7f18\u65b0\u95fb\u5934\u6761\uff0c\u800c\u66f4\u591a\u5730\u53d6\u51b3\u4e8e\u8fd9\u4e9b\u4e8b\u4ef6\u5982\u4f55\u5851\u9020\u901a\u80c0\u3001\u5229\u7387\u4e0e\u7f8e\u5143\u7684\u5b9e\u9645\u8def\u5f84\u3002\u4e00\u4e2a\u66f4\u5f3a\u52bf\u7684\u7f8e\u5143\u548c\u9ec4\u91d1\u7684\u9ad8\u6d41\u52a8\u6027\uff0c\u4f7f\u5176\u5728\u5e02\u573a\u538b\u529b\u671f\u53cd\u800c\u53ef\u80fd\u6210\u4e3a\u6295\u8d44\u8005\u83b7\u53d6\u6d41\u52a8\u6027\u7684\u201c\u6765\u6e90\u201d\u3002<\/p>\n<p>\u4f46\u4e2d\u957f\u671f\u89c6\u89d2\u4ecd\u6709\u652f\u6491\uff1a\u5982\u679c\u5730\u7f18\u51b2\u7a81\u6301\u7eed\u63a8\u9ad8\u901a\u80c0\u5e76\u62d6\u7d2f\u7ecf\u6d4e\u589e\u957f\uff0c\u4e00\u4e2a\u201c\u6ede\u80c0\u201d\u5f0f\u7684\u5b8f\u89c2\u573a\u666f\uff0c\u6700\u7ec8\u4ecd\u5c06\u4e3a\u9ec4\u91d1\u63d0\u4f9b\u7ed3\u6784\u6027\u652f\u6491\u3002\u53ea\u662f\u5bf9\u4e8e\u773c\u4e0b\u7684\u5e02\u573a\u800c\u8a00\uff0c\u4e00\u4e2a\u4e8b\u5b9e\u5df2\u7ecf\u6e05\u6670\u2014\u2014\u5728\u5b8f\u89c2\u5927\u68d2\u9762\u524d\uff0c\u5730\u7f18\u653f\u6cbb\u8fd9\u5f20\u724c\uff0c\u8fd9\u4e00\u6b21\u6ca1\u80fd\u6253\u51fa\u6765\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4f0a\u6717\u6218\u706b\u91cd\u71c3\uff0c\u4e2d\u4e1c\u5c40\u52bf\u9aa4\u7136\u5347\u7ea7\u2014\u2014\u8fd9\u672c\u5e94\u662f\u9ec4\u91d1\u5927\u653e\u5f02\u5f69\u7684\u65f6\u523b\u3002\u7136\u800c\u73b0\u5b9e\u6070\u6070\u76f8\u53cd\uff1a\u51b2\u7a81\u7206\u53d1\u4ee5\u6765\uff0c\u91d1\u4ef7\u7d2f\u8ba1\u4e0b\u8dcc14 [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":553970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[430,2196],"tags":[2164,2134,2161,440],"class_list":["post-626958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trends-strategies-zh-hans","category-2196","tag-2164","tag-2134","tag-2161","tag-440","sectors-gold-zh-hans","locations-middle-east-zh-hans","locations-us-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/626958","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=626958"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/626958\/revisions"}],"predecessor-version":[{"id":626961,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/626958\/revisions\/626961"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/553970"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=626958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=626958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=626958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}