{"id":632947,"date":"2026-04-22T20:12:20","date_gmt":"2026-04-23T03:12:20","guid":{"rendered":"https:\/\/nai500.com\/?p=632947"},"modified":"2026-04-22T20:12:20","modified_gmt":"2026-04-23T03:12:20","slug":"%e5%bd%93%e8%a5%bf%e6%96%b9%e8%bf%98%e5%9c%a8%e7%83%ad%e7%82%92%e6%af%94%e7%89%b9%e5%b8%81%e6%97%b6%ef%bc%8c%e4%b8%ad%e5%9b%bd%e5%8d%b4%e5%9c%a8%e7%8b%82%e4%b9%b0%e9%87%91%e9%93%b6","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/04\/%e5%bd%93%e8%a5%bf%e6%96%b9%e8%bf%98%e5%9c%a8%e7%83%ad%e7%82%92%e6%af%94%e7%89%b9%e5%b8%81%e6%97%b6%ef%bc%8c%e4%b8%ad%e5%9b%bd%e5%8d%b4%e5%9c%a8%e7%8b%82%e4%b9%b0%e9%87%91%e9%93%b6\/","title":{"rendered":"\u5f53\u897f\u65b9\u8fd8\u5728\u70ed\u7092\u6bd4\u7279\u5e01\u65f6\uff0c\u4e2d\u56fd\u5374\u5728\u72c2\u4e70\u91d1\u94f6"},"content":{"rendered":"

2026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u521a\u8fc7\uff0c\u5168\u7403\u8d35\u91d1\u5c5e\u5e02\u573a\u5c31\u88ab\u4e00\u7ec4\u6765\u81ea\u4e2d\u56fd\u6d77\u5173\u7684\u6570\u636e\u5f7b\u5e95\u70b9\u71c3\u3002\u5f53\u534e\u5c14\u8857\u4ea4\u6613\u5458\u4e3a\u6bd4\u7279\u5e01\u91cd\u8fd4\u6da8\u52bf\u800c\u5174\u594b\u65f6\uff0c\u4e1c\u65b9\u7684\u5b9e\u7269\u4e70\u5bb6\u6b63\u4ee5\u8fd1\u4e4e\u75af\u72c2\u7684\u8282\u594f\u5c06\u91d1\u94f6\u8fd0\u5165\u56fd\u5185\u30023\u6708\uff0c\u4e2d\u56fd\u767d\u94f6\u8fdb\u53e3\u73af\u6bd4\u66b4\u589e78%\uff0c\u8fbe\u5230\u521b\u7eaa\u5f55\u7684836\u5428\uff1b\u9ec4\u91d1\u8fdb\u53e3\u6500\u5347\u81f3162\u5428\uff0c\u4e3a2024\u5e743\u6708\u4ee5\u6765\u6700\u9ad8\u3002\u8fd9\u4e9b\u6570\u5b57\u4e0d\u662f\u201c\u5927\u201d\uff0c\u800c\u662f\u201c\u524d\u6240\u672a\u6709\u201d\u3002<\/p>\n

\u767d\u94f6\u9700\u6c42\u7206\u70b8\uff1a\u5149\u4f0f\u62a2\u88c5\u4e0e\u6563\u6237\u6284\u5e95\u53cc\u91cd\u9a71\u52a8<\/h2>\n

\u4e2d\u56fd3\u6708\u767d\u94f6\u8fdb\u53e3836\u5428\uff0c\u73af\u6bd4\u589e\u957f78%\uff0c\u8f83\u5341\u5e74\u5b63\u8282\u6027\u5747\u503c\u9ad8\u51fa173%\u3002\u5e74\u521d\u81f3\u4eca\u7d2f\u8ba1\u8fdb\u53e3\u7ea61626\u5428\uff0c\u5237\u65b0\u5386\u53f2\u540c\u671f\u7eaa\u5f55\u3002<\/p>\n

\u9a71\u52a8\u8fd9\u80a1\u5929\u91cf\u8fdb\u53e3\u7684\u529b\u91cf\u6765\u81ea\u4e24\u4e2a\u65b9\u5411\u3002\u5176\u4e00\uff0c\u96f6\u552e\u6295\u8d44\u8005\u6b63\u4ee5\u5c0f\u989d\u94f6\u6761\u4f5c\u4e3a\u9ec4\u91d1\u7684\u201c\u5e73\u4ef7\u66ff\u4ee3\u201d\u3002\u91d1\u4ef7\u7ad9\u7a334750\u7f8e\u5143\/\u76ce\u53f8\uff0c\u800c\u6bcf\u76ce\u53f878\u7f8e\u5143\u5de6\u53f3\u7684\u767d\u94f6\u4e3a\u666e\u901a\u50a8\u6237\u63d0\u4f9b\u4e86\u6781\u4f4e\u7684\u5165\u573a\u95e8\u69db\u3002\u5176\u4e8c\uff0c\u4e5f\u662f\u66f4\u5173\u952e\u7684\u56e0\u7d20\u2014\u2014\u592a\u9633\u80fd\u5236\u9020\u5546\u5728\u51fa\u53e3\u9000\u7a0e\u653f\u7b56\u8c03\u6574\u524d\u75af\u72c2\u524d\u7f6e\u751f\u4ea7\u30024\u67081\u65e5\u8d77\u5149\u4f0f\u4ea7\u54c1\u51fa\u53e3\u9000\u7a0e\u4f18\u60e0\u6b63\u5f0f\u9000\u5761\uff0c\u800c\u5168\u7403\u592a\u9633\u80fd\u884c\u4e1a\u6bcf\u5e74\u6d88\u8017\u767d\u94f6\u7ea6\u5360\u603b\u4f9b\u5e94\u91cf\u768420%\uff0c\u4e14\u4ea7\u80fd\u9ad8\u5ea6\u96c6\u4e2d\u4e8e\u4e2d\u56fd\u3002\u5f53\u7ec4\u4ef6\u5382\u5546\u4e3a\u9501\u5b9a\u94f6\u6d46\u6210\u672c\u63d0\u524d\u62a2\u8d2d\u65f6\uff0c\u5b9e\u7269\u9700\u6c42\u7684\u51b2\u51fb\u662f\u5373\u65f6\u4e14\u538b\u5012\u6027\u7684\u3002<\/p>\n

The Kobeissi Letter\u516c\u5e03\u7684\u56fe\u8868\u663e\u793a\uff0c2026\u5e743\u6708\u8fdb\u53e3\u91cf\u8fd1\u4e4e\u5782\u76f4\u62c9\u5347\uff0c\u8fdc\u8d85\u5386\u53f2\u4e0a\u4efb\u4f55\u5355\u6708\u8868\u73b0\u3002\u77ff\u5c71\u4ea7\u51fa\u589e\u901f\u8fdc\u8ddf\u4e0d\u4e0a\u8109\u51b2\u5f0f\u9700\u6c42\uff0c\u5b9e\u7269\u767d\u94f6\u7684\u7d27\u5f20\u683c\u5c40\u6b63\u5728\u52a0\u5267\u3002<\/p>\n

\u9ec4\u91d1\u9700\u6c42\u91cd\u71c3\uff1a\u8fde\u7eed17\u4e2a\u6708\u7684\u6c89\u9ed8\u5438\u7b79<\/h2>\n

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\u9644\u5e26\u7684\u8fdb\u53e3\u8d8b\u52bf\u56fe\u6e05\u6670\u663e\u793a\uff0c\u4e2d\u56fd\u9ec4\u91d1\u8fdb\u53e3\u81ea2025\u5e74\u5e95\u62d0\u5934\u5411\u4e0a\uff0c2026\u5e74\u521d\u52a0\u901f\u51b2\u9ad8\u3002\u4e2d\u56fd\u975e\u4f46\u6ca1\u6709\u51cf\u5c11\u5bf9\u9ec4\u91d1\u7684\u4f9d\u8d56\uff0c\u53cd\u800c\u5728\u52a0\u500d\u4e0b\u6ce8\u3002\u592e\u884c\u50a8\u5907\u8d26\u6237\u7684\u521a\u6027\u4e70\u5165\u4e0e\u6c11\u95f4\u8fdb\u53e3\u9700\u6c42\u7684\u590d\u82cf\u76f8\u7ed3\u5408\uff0c\u4e3a\u5168\u7403\u91d1\u4ef7\u6784\u7b51\u4e86\u4e00\u9053\u575a\u56fa\u7684\u9700\u6c42\u57fa\u5e95\u3002<\/p>\n

\u897f\u65b9\u7092\u5e01\uff0c\u4e1c\u65b9\u56e4\u91d1<\/h2>\n

\u773c\u524d\u7684\u666f\u8c61\u5145\u6ee1\u620f\u5267\u6027\u53cd\u5dee\u3002\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u4e00\u7247\u6b22\u817e\uff0c\u800c\u73b0\u8d27\u9ec4\u91d1\u57284750\u7f8e\u5143\u9644\u8fd1\u6a2a\u76d8\uff0c\u767d\u94f6\u572878\u7f8e\u5143\u4e00\u7ebf\u5f98\u5f8a\uff0c\u8d35\u91d1\u5c5e\u6682\u65f6\u6ca6\u4e3a\u6570\u5b57\u8d44\u4ea7\u7684\u80cc\u666f\u677f\u3002\u7136\u800c\uff0c\u91d1\u94f6\u7684\u57fa\u672c\u9762\u6839\u57fa\u5728\u8fc7\u53bb\u6570\u5341\u5e74\u95f4\u9c9c\u6709\u5982\u6b64\u7262\u56fa\u4e4b\u65f6\u3002\u4e2d\u56fd\u6b63\u4ee5\u521b\u7eaa\u5f55\u901f\u7387\u540c\u65f6\u56e4\u79ef\u4e24\u79cd\u91d1\u5c5e\uff1b2026\u5e74\u767d\u94f6\u4f9b\u9700\u7f3a\u53e3\u9884\u8ba1\u8fdb\u4e00\u6b65\u6269\u5927\uff1b\u5168\u7403\u592e\u884c\u8d2d\u91d1\u901f\u5ea6\u582a\u6bd4\u4e0a\u4e16\u7eaa70\u5e74\u4ee3\u3002<\/p>\n

\u5bf9\u4e8e\u957f\u7ebf\u6295\u8d44\u8005\u800c\u8a00\uff0c\u592e\u884c\u8d2d\u91d1\u7684\u6700\u5927\u610f\u4e49\u5728\u4e8e\u6539\u53d8\u4e86\u5e02\u573a\u6301\u4ed3\u7ed3\u6784\u3002\u4e0e\u9ad8\u9891\u57fa\u91d1\u4e0d\u540c\uff0c\u5b98\u65b9\u50a8\u5907\u7ba1\u7406\u8005\u4e0d\u4f1a\u5728\u91d1\u4ef7\u56de\u8c03\u65f6\u6b62\u635f\u3002\u9ec4\u91d1\u4e00\u65e6\u8fdb\u5165\u592e\u884c\u91d1\u5e93\uff0c\u51e0\u4e4e\u6c38\u4e45\u9000\u51fa\u516c\u5f00\u6d41\u901a\u3002\u800c\u5168\u7403\u91d1\u77ff\u5e74\u4ea7\u91cf\u589e\u957f\u7f13\u6162\u3002\u5f53\u5de8\u91cf\u4e70\u5bb6\u6708\u590d\u4e00\u6708\u5438\u6536\u5b9e\u7269\u91d1\u5c5e\u65f6\uff0c\u7559\u7ed9ETF\u3001\u73e0\u5b9d\u5546\u548c\u5de5\u4e1a\u7528\u6237\u7684\u5b58\u91cf\u4fbf\u6301\u7eed\u51cf\u5c11\u3002\u8fd9\u79cd\u8679\u5438\u6548\u5e94\u4e0d\u65ad\u6536\u7d27\u5e02\u573a\u6d41\u52a8\u6027\uff0c\u653e\u5927\u4ef7\u683c\u5bf9\u65b0\u9700\u6c42\u7684\u654f\u611f\u5ea6\u3002<\/p>\n

\u5f53\u6bd4\u7279\u5e01\u7684\u7092\u4f5c\u58f0\u6d6a\u63a9\u76d6\u4e86\u5b9e\u7269\u5e02\u573a\u7684\u6697\u6d41\u6d8c\u52a8\uff0c\u4e1c\u65b9\u7684\u8d27\u8239\u5374\u6b63\u4ee5\u524d\u6240\u672a\u6709\u7684\u5bc6\u5ea6\u9760\u5cb8\u3002\u91d1\u94f6\u4ef7\u683c\u773c\u4e0b\u4f3c\u4e4e\u5728\u4f11\u606f\uff0c\u4f46\u6570\u636e\u8868\u660e\uff0c\u4e0b\u4e00\u8f6e\u4e0a\u6da8\u53ea\u662f\u65f6\u95f4\u95ee\u9898\uff0c\u800c\u975e\u4f1a\u4e0d\u4f1a\u53d1\u751f\u7684\u95ee\u9898\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

2026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u521a\u8fc7\uff0c\u5168\u7403\u8d35\u91d1\u5c5e\u5e02\u573a\u5c31\u88ab\u4e00\u7ec4\u6765\u81ea\u4e2d\u56fd\u6d77\u5173\u7684\u6570\u636e\u5f7b\u5e95\u70b9\u71c3\u3002\u5f53\u534e\u5c14\u8857\u4ea4\u6613\u5458\u4e3a\u6bd4\u7279\u5e01\u91cd\u8fd4\u6da8\u52bf\u800c\u5174\u594b […]<\/p>\n","protected":false},"author":27,"featured_media":576782,"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":[730,737,461,440],"class_list":["post-632947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1521","category-trends-strategies-zh-hans","category-2196","tag-730","tag-737","tag-461","tag-440","sectors-cryptocurrency-zh-hans","sectors-gold-zh-hans","locations-china-zh-hans","locations-us-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/632947","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=632947"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/632947\/revisions"}],"predecessor-version":[{"id":632950,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/632947\/revisions\/632950"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/576782"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=632947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=632947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=632947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}