{"id":631406,"date":"2026-04-15T18:33:18","date_gmt":"2026-04-16T01:33:18","guid":{"rendered":"https:\/\/nai500.com\/?p=631406"},"modified":"2026-04-15T18:33:18","modified_gmt":"2026-04-16T01:33:18","slug":"%e7%99%bd%e9%93%b6%e8%8d%92%e8%ad%a6%e6%8a%a5%e6%9c%aa%e9%99%a4%ef%bc%81%e4%b8%8b%e5%8d%8a%e5%b9%b4%e8%bf%98%e4%bc%9a%e9%87%8d%e6%bc%94%e6%81%90%e6%85%8c%e6%80%a7%e6%8c%a4","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/04\/%e7%99%bd%e9%93%b6%e8%8d%92%e8%ad%a6%e6%8a%a5%e6%9c%aa%e9%99%a4%ef%bc%81%e4%b8%8b%e5%8d%8a%e5%b9%b4%e8%bf%98%e4%bc%9a%e9%87%8d%e6%bc%94%e6%81%90%e6%85%8c%e6%80%a7%e6%8c%a4\/","title":{"rendered":"\u201c\u767d\u94f6\u8352\u201d\u8b66\u62a5\u672a\u9664\uff01\u4e0b\u534a\u5e74\u8fd8\u4f1a\u91cd\u6f14\u201c\u6050\u614c\u6027\u6324\u4ed3\u201d\uff1f"},"content":{"rendered":"

\u94f6\u4ef7\u4ece\u5e74\u521d\u5386\u53f2\u9ad8\u4f4d\u56de\u843d\u903e\u4e09\u6210\uff0c\u4f46\u5e02\u573a\u7684\u201c\u6d41\u52a8\u6027\u7126\u8651\u201d\u8fdc\u672a\u6d88\u6563\u3002\u767d\u94f6\u534f\u4f1a\u4e0eMetals Focus\u8054\u5408\u53d1\u5e03\u7684\u6700\u65b0\u5e74\u5ea6\u8c03\u67e5\u6307\u5411\u4e00\u4e2a\u68d8\u624b\u73b0\u5b9e\uff1a\u5168\u7403\u767d\u94f6\u6b63\u6b65\u5165\u8fde\u7eed\u7b2c\u516d\u4e2a\u4f9b\u5e94\u77ed\u7f3a\u5e74\u4efd\uff0c\u5730\u4e0a\u5e93\u5b58\u88ab\u6301\u7eed\u6d88\u8017\u3002\u5206\u6790\u4eba\u58eb\u8b66\u544a\uff0c\u5e93\u5b58\u7f13\u51b2\u57ab\u8d8a\u8584\uff0c\u5e02\u573a\u8d8a\u7ecf\u4e0d\u8d77\u98ce\u5439\u8349\u52a8\u2014\u2014\u4e0b\u534a\u5e74\u82e5\u6295\u8d44\u60c5\u7eea\u6216\u5b9e\u7269\u4e70\u9700\u518d\u8d77\u6ce2\u6f9c\uff0c\u53bb\u5e74\u5341\u6708\u4f26\u6566\u5e02\u573a\u90a3\u573a\u6050\u614c\u6027\u6324\u4ed3\u5b8c\u5168\u53ef\u80fd\u91cd\u6f14\u3002<\/p>\n

\u62a5\u544a\u9884\u8ba1\uff0c2026\u5e74\u5168\u7403\u767d\u94f6\u4f9b\u5e94\u7f3a\u53e3\u5c06\u6269\u5927\u81f34630\u4e07\u76ce\u53f8\u3002\u66f4\u89e6\u76ee\u60ca\u5fc3\u7684\u662f\u5b58\u91cf\u6570\u636e\uff1a\u81ea2021\u5e74\u4ee5\u6765\uff0c\u4e3a\u586b\u8865\u4f9b\u9700\u88c2\u75d5\uff0c\u5e02\u573a\u5df2\u7d2f\u8ba1\u62bd\u5e727.62\u4ebf\u76ce\u53f8\u5730\u4e0a\u5e93\u5b58\u3002\u6301\u7eed\u201c\u5543\u8001\u672c\u201d\u7684\u7ed3\u679c\u662f\u5bb9\u9519\u7a7a\u95f4\u6025\u5267\u6536\u7a84\u2014\u2014\u5e93\u5b58\u6c34\u4f4d\u8d8a\u4f4e\uff0c\u4efb\u4f55\u5fae\u5c0f\u7684\u8d44\u91d1\u5f02\u52a8\u90fd\u53ef\u80fd\u5728\u73b0\u8d27\u4e0e\u884d\u751f\u54c1\u5e02\u573a\u6380\u8d77\u5de8\u6d6a\u3002<\/p>\n

\u8868\u9762\u4e0a\u770b\uff0c\u4f26\u6566\u5e02\u573a\u5df2\u6062\u590d\u5e73\u9759\u3002\u968f\u7740\u767d\u94f6\u4ece\u7f8e\u56fd\u56de\u6d41\u3001\u4ea4\u6613\u6240\u4ea4\u6613\u4ea7\u54c1\uff08ETP\uff09\u8d44\u91d1\u6d41\u51fa\uff0c\u79df\u8d41\u5229\u7387\u56de\u5f52\u6b63\u5e38\u3002\u622a\u81f33\u6708\u5e95\uff0c\u4f26\u6566\u91d1\u5e93\u4e2d\u7ea628%\u7684\u767d\u94f6\u672a\u88abETP\u9501\u5b9a\u3001\u7406\u8bba\u4e0a\u53ef\u81ea\u7531\u6d41\u901a\u2014\u2014\u8fdc\u9ad8\u4e8e\u53bb\u5e749\u6708\u6324\u4ed3\u524d\u591517%\u7684\u5386\u53f2\u51b0\u70b9\u3002<\/p>\n

\u4f46Metals Focus\u8463\u4e8b\u603b\u7ecf\u7406Philip Newman\u6d47\u4e86\u4e00\u76c6\u51b7\u6c34\uff1a\u201c\u79df\u8d41\u7387\u6b63\u5e38\u5316\u4e0d\u7b49\u4e8e\u8b66\u62a5\u89e3\u9664\uff0c\u5e74\u5185\u6d41\u52a8\u6027\u518d\u5ea6\u67af\u7aed\u7684\u98ce\u9669\u4f9d\u7136\u9ad8\u60ac\u3002\u201d\u4ed6\u6307\u51fa\uff0c\u5f53\u524d\u5bbd\u677e\u6781\u5ea6\u8106\u5f31\u3002\u4e00\u65e6\u94f6\u4ef7\u6ce2\u52a8\u52a0\u5267\u91cd\u65b0\u70b9\u71c3\u5370\u5ea6\u4e70\u9700\uff0c\u6216\u8d44\u91d1\u518d\u5ea6\u6d8c\u5165\u5b58\u653e\u4e8e\u4f26\u6566\u7684ETP\uff0c\u773c\u4e0b\u8fd928%\u7684\u201c\u6d3b\u6c34\u201d\u53ef\u80fd\u5728\u6570\u5468\u5185\u4fbf\u88ab\u62bd\u5e72\u51bb\u7ed3\u3002<\/p>\n

\u5de5\u4e1a\u964d\u6e29\uff0c\u6563\u6237\u63a5\u76d8<\/h2>\n

\u9700\u6c42\u7aef\u6b63\u4e0a\u6f14\u4e00\u573a\u5206\u88c2\u5927\u620f\u3002\u5de5\u4e1a\u4e00\u4fa7\u5bd2\u610f\u9635\u9635\uff1a\u5149\u4f0f\u5236\u9020\u5546\u4e3a\u5e94\u5bf9\u9ad8\u94f6\u4ef7\u52a0\u901f\u201c\u53bb\u94f6\u5316\u201d\uff0c\u592a\u9633\u80fd\u7528\u94f6\u91cf\u9884\u8ba1\u4eca\u5e74\u9aa4\u964d19%\uff0c\u62d6\u7d2f\u5de5\u4e1a\u603b\u9700\u6c42\u4e0b\u6ed13%\u81f36.396\u4ebf\u76ce\u53f8\u3002<\/p>\n

\u6295\u8d44\u4e00\u4fa7\u5374\u70ed\u706b\u671d\u5929\u3002\u62a5\u544a\u9884\u8ba1\uff0c\u5168\u7403\u94f6\u5e01\u94f6\u6761\u9700\u6c422026\u5e74\u5c06\u6fc0\u589e18%\uff0c\u6062\u590d\u81f32022\u5e74\u4ee5\u6765\u5cf0\u503c\u3002\u5370\u5ea6\u5e02\u573a\u5c24\u4e3a\u62a2\u773c\u2014\u2014\u5f53\u5730\u6295\u8d44\u8005\u4e0d\u4ec5\u9ad8\u4f4d\u63a5\u8d27\uff0c\u66f4\u62b1\u5b9a\u60dc\u552e\u5fc3\u6001\uff0c\u5b81\u56e4\u4e0d\u5356\u3002\u8fd9\u79cd\u201c\u53ea\u8fdb\u4e0d\u51fa\u201d\u7684\u884c\u4e3a\u6b63\u4ece\u6e90\u5934\u4e0a\u6536\u7d27\u73b0\u8d27\u4f9b\u5e94\u3002<\/p>\n

Newman\u76f4\u8a00\u4e0d\u8bb3\uff1a\u201c\u5de5\u4e1a\u7aef\u7684\u635f\u5931\u5b8c\u5168\u53ef\u80fd\u88ab\u96f6\u552e\u6295\u8d44\u589e\u91cf\u62b9\u5e73\uff0c\u8fd9\u7edd\u975e\u5929\u65b9\u591c\u8c2d\u3002\u201d<\/p>\n

\u4e0b\u534a\u5e74\u7684\u706b\u836f\u6876<\/h2>\n

\u5c55\u671b\u4e0b\u534a\u5e74\uff0c\u6838\u5fc3\u77db\u76fe\u6108\u53d1\u6e05\u6670\uff1a\u5e93\u5b58\u89c1\u5e95\u7684\u7269\u7406\u73b0\u5b9e\uff0c\u80fd\u5426\u625b\u4f4f\u968f\u65f6\u53ef\u80fd\u7206\u53d1\u7684\u6295\u8d44\u60c5\u7eea\uff1f<\/p>\n

\u5730\u7f18\u98ce\u9669\u662f\u907f\u9669\u8d44\u91d1\u7684\u50ac\u5316\u5242\uff0c\u800c\u53bb\u5e74\u53f2\u8bd7\u7ea7\u903c\u7a7a\u7684\u201c\u808c\u8089\u8bb0\u5fc6\u201d\u4ecd\u5728\u3002\u4e00\u65e6\u94f6\u4ef7\u627e\u5230\u50ac\u5316\u5242\u91cd\u62fe\u5347\u52bf\uff0c\u6295\u8d44\u8005\u5927\u6982\u7387\u590d\u5236\u201c\u4e70\u5165\u6301\u6709\u201d\u5267\u672c\u3002\u5c4a\u65f6\uff0c\u4f26\u6566\u91d1\u5e93\u90a328%\u7684\u81ea\u7531\u5e93\u5b58\u5c06\u77ac\u95f4\u6349\u895f\u89c1\u8098\u3002\u5de5\u4e1a\u75b2\u8f6f\u5e26\u6765\u7684\u4ef7\u683c\u56de\u843d\u6216\u8bb8\u8ba9\u4e00\u4e9b\u4eba\u8bef\u4ee5\u4e3a\u5b89\u5168\u8fb9\u9645\u5728\u589e\u539a\u2014\u2014\u4f46\u771f\u6b63\u60ac\u5728\u5e02\u573a\u5934\u9876\u7684\u8fbe\u6469\u514b\u5229\u65af\u4e4b\u5251\uff0c\u662f\u5e93\u5b58\u67af\u7aed\u5f15\u53d1\u7684\u4e0b\u4e00\u573a\u6d41\u52a8\u6027\u98ce\u66b4\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u94f6\u4ef7\u4ece\u5e74\u521d\u5386\u53f2\u9ad8\u4f4d\u56de\u843d\u903e\u4e09\u6210\uff0c\u4f46\u5e02\u573a\u7684\u201c\u6d41\u52a8\u6027\u7126\u8651\u201d\u8fdc\u672a\u6d88\u6563\u3002\u767d\u94f6\u534f\u4f1a\u4e0eMetals Focus\u8054\u5408\u53d1\u5e03\u7684\u6700\u65b0 […]<\/p>\n","protected":false},"author":27,"featured_media":570588,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1521,430,2196],"tags":[660,2540,461,659],"class_list":["post-631406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1521","category-trends-strategies-zh-hans","category-2196","tag-660","tag-2540","tag-461","tag-659","sectors-gold-zh-hans","locations-618","locations-europe-zh-hans","locations-us-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/631406","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=631406"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/631406\/revisions"}],"predecessor-version":[{"id":631409,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/631406\/revisions\/631409"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/570588"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=631406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=631406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=631406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}