{"id":645470,"date":"2026-06-23T03:28:53","date_gmt":"2026-06-23T10:28:53","guid":{"rendered":"https:\/\/nai500.com\/?p=645470"},"modified":"2026-06-23T04:39:46","modified_gmt":"2026-06-23T11:39:46","slug":"%e7%a7%81%e4%ba%ba%e4%bf%a1%e8%b4%b7%e7%9a%84%e6%b5%81%e5%8a%a8%e6%80%a7%e5%b9%bb%e8%b1%a1%e9%81%87%e4%b8%8a%e9%80%80%e5%87%ba%e9%98%9f%e5%88%97","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/06\/%e7%a7%81%e4%ba%ba%e4%bf%a1%e8%b4%b7%e7%9a%84%e6%b5%81%e5%8a%a8%e6%80%a7%e5%b9%bb%e8%b1%a1%e9%81%87%e4%b8%8a%e9%80%80%e5%87%ba%e9%98%9f%e5%88%97\/","title":{"rendered":"Apollo\u3001\u9ed1\u77f3\u96c6\u4f53\u9650\u5236\u8d4e\u56de\uff0c\u6d41\u52a8\u6027\u795e\u8bdd\u7834\u706d\uff1f"},"content":{"rendered":"

\u5e02\u573a\u603b\u662f\u5728\u4f60\u6700\u9700\u8981\u6d41\u52a8\u6027\u7684\u65f6\u5019\u8f6c\u8eab\u6d88\u5931\u3002\u6700\u8fd1\u7684\u79c1\u52df\u4fe1\u8d37\u5708\uff0c\u6b63\u5728\u4e0a\u6f14\u8fd9\u4e00\u5e55\u719f\u6089\u53c8\u523a\u773c\u7684\u620f\u7801\u3002<\/p>\n

\u4e8b\u60c5\u7684\u5bfc\u706b\u7d22\u662f Apollo \u65d7\u4e0b\u4e3b\u6253\u96f6\u552e\u5ba2\u6237\u7684\u4fe1\u8d37\u57fa\u91d1\uff0c\u5728\u6295\u8d44\u8005\u7533\u8bf7\u8d4e\u56de\u7ea6 17% \u7684\u4efd\u989d\u540e\uff0c\u518d\u5ea6\u796d\u51fa\u9650\u5236\u8d4e\u56de\u7684\u5927\u62db\u3002\u4f46\u8fd9\u8fdc\u4e0d\u662f\u4e2a\u6848 \u2014\u2014 \u9ed1\u77f3\uff08Blackstone\uff09\u65d7\u4e0b\u5de8\u578b\u79c1\u52df\u4fe1\u8d37\u57fa\u91d1\u5728\u8d4e\u56de\u8bf7\u6c42\u89e6\u53ca\u7ea6 10% \u540e\u4e5f\u6309\u4e0b\u4e86\u6682\u505c\u952e\uff1b\u9738\u83f1\uff08Barings\uff09\u9762\u4e34\u4e24\u4f4d\u6570\u7684\u8d4e\u56de\u7533\u8bf7\uff1bBlue Owl \u65d7\u4e0b\u4e00\u53ea\u4e13\u6ce8\u79d1\u6280\u9886\u57df\u7684\u4fe1\u8d37\u57fa\u91d1\u60c5\u51b5\u66f4\u4e25\u5cfb\uff0c\u6295\u8d44\u8005\u8981\u6c42\u8d4e\u56de\u7684\u6bd4\u4f8b\u76f4\u63a5\u8d85\u8fc7\u4e86 40%\u3002<\/p>\n

\u66f4\u503c\u5f97\u73a9\u5473\u7684\u662f\uff0c\u5373\u4fbf\u662f\u90a3\u4e9b\u8868\u9762\u4e0a\u6ee1\u8db3\u4e86\u5927\u90e8\u5206\u8d4e\u56de\u8bf7\u6c42\u7684\u57fa\u91d1\uff0c\u4e5f\u591a\u662f\u9760\u8d5e\u52a9\u5546\u51fa\u624b\u6258\u5e95\u624d\u6491\u8fc7\u53bb\u7684\u3002\u8fd9\u4e0d\u662f\u67d0\u5bb6\u516c\u53f8\u7ba1\u7406\u4e0d\u5584\uff0c\u8fd9\u662f\u7ed3\u6784\u6027\u7684\u3002\u5f53\u4f4e\u6ce2\u52a8\u6536\u76ca\u6d41\u9047\u4e0a\u62e5\u6324\u7684\u51fa\u53e3\uff0c\u6392\u961f\u672c\u8eab\uff0c\u5c31\u6210\u4e86\u6700\u5927\u7684\u65b0\u95fb\u3002<\/p>\n

\u8d4e\u56de\u6f6e\u5e2d\u5377\uff1a\u95f8\u95e8\u4e0d\u662f bug\uff0c\u662f\u5546\u4e1a\u6a21\u5f0f<\/h2>\n

\u8981\u7406\u89e3\u8fd9\u573a\u8d4e\u56de\u6f6e\uff0c\u9996\u5148\u5f97\u770b\u6e05\u79c1\u52df\u4fe1\u8d37\u7684\u4ea7\u54c1\u8bbe\u8ba1\u903b\u8f91\u3002\u79c1\u52df\u4fe1\u8d37\u7684 interval fund \u548c\u975e\u4ea4\u6613\u578b BDC\uff0c\u672c\u8d28\u4e0a\u505a\u7684\u662f\u4e00\u4ef6\u5145\u6ee1\u5185\u5728\u77db\u76fe\u7684\u4e8b\uff1a\u4e00\u8fb9\u628a\u94b1\u6295\u8fdb\u6d41\u52a8\u6027\u5f88\u5dee\u7684\u79c1\u52df\u8d37\u6b3e\u91cc \u2014\u2014 \u8fd9\u4e9b\u8d37\u6b3e\u6ca1\u6709\u516c\u5f00\u4ea4\u6613\u5e02\u573a\uff0c\u60f3\u8131\u624b\u5c31\u5f97\u627e\u4e70\u5bb6\u8c08\u5224\uff0c\u52a8\u8f84\u51e0\u5468\u751a\u81f3\u51e0\u4e2a\u6708\uff1b\u53e6\u4e00\u8fb9\u53c8\u5411\u6295\u8d44\u8005\u627f\u8bfa\u5b9a\u671f\u63d0\u4f9b\u6d41\u52a8\u6027\uff0c\u6bd4\u5982\u6bcf\u4e2a\u5b63\u5ea6\u5f00\u653e\u4e00\u6b21\u8d4e\u56de\u7a97\u53e3\u3002<\/p>\n

\u8fd9\u79cd\u7ed3\u6784\u5c31\u50cf\u5728\u5b63\u8282\u6027\u6cb3\u6d41\u4e0a\u5efa\u6c34\u575d\u3002\u67af\u6c34\u671f\u770b\u7740\u575a\u4e0d\u53ef\u6467\uff0c\u6c34\u9762\u5e73\u9759\u5982\u955c\u3002\u4f46\u5b83\u7684\u6e83\u51b3\u4ece\u6765\u4e0d\u662f\u56e0\u4e3a\u575d\u4f53\u672c\u8eab\u51fa\u4e86\u95ee\u9898\uff0c\u800c\u662f\u56e0\u4e3a\u6c34\u91cf\u53d8\u5316\u7684\u901f\u5ea6\u8fdc\u8fdc\u8d85\u51fa\u4e86\u8bbe\u8ba1\u627f\u8f7d\u80fd\u529b\u3002\u79c1\u52df\u4fe1\u8d37\u57fa\u91d1\u4e5f\u662f\u4e00\u6837 \u2014\u2014 \u5b83\u51fa\u95ee\u9898\u5f80\u5f80\u4e0d\u662f\u56e0\u4e3a\u5e95\u5c42\u8d44\u4ea7\u8fdd\u7ea6\u4e86\uff0c\u800c\u662f\u56e0\u4e3a\u6295\u8d44\u8005\u8981\u94b1\u7684\u901f\u5ea6\uff0c\u6bd4\u5e95\u5c42\u8d37\u6b3e\u73b0\u91d1\u6d41\u56de\u6d41\u7684\u901f\u5ea6\u5feb\u5f97\u591a\u3002<\/p>\n

\u5b63\u5ea6 5% \u7684\u8d4e\u56de\u4e0a\u9650\uff0c\u672c\u6765\u5c31\u662f\u5370\u5728\u6865\u4e0a\u7684\u8f7d\u91cd\u6807\u8bc6\u3002\u6295\u8d44\u8005\u5f53\u521d\u63a5\u53d7\u8fd9\u4e2a\u6761\u6b3e\uff0c\u7528\u6d41\u52a8\u6027\u7684\u59a5\u534f\u6362\u6765\u4e86\u66f4\u9ad8\u7684\u6536\u76ca\u7387\u548c\u66f4\u5e73\u6ed1\u7684 NAV \u66f2\u7ebf\u3002\u6ca1\u6709\u6bcf\u65e5\u76ef\u5e02\u7684\u6ce2\u52a8\uff0c\u6bcf\u4e2a\u5b63\u5ea6\u5b89\u5b89\u7a33\u7a33\u62ff\u5229\u606f\uff0c\u51c0\u503c\u7ebf\u4f18\u96c5\u5730\u5411\u4e0a\u8d70 \u2014\u2014 \u8fd9\u66fe\u7ecf\u662f\u79c1\u52df\u4fe1\u8d37\u6700\u8bf1\u4eba\u7684\u5356\u70b9\u3002<\/p>\n

\u4f46\u73b0\u5728\uff0c\u8fd9\u4e2a\u4e0a\u9650\u6b63\u5728\u5927\u89c4\u6a21\u53d8\u6210\u786c\u7ea6\u675f\uff0c\u4ece Apollo Debt Solutions \u5230\u5176\u4ed6\u57fa\u91d1\u51e0\u4e4e\u65e0\u4e00\u5e78\u514d\u3002\u6700\u8bbd\u523a\u7684\u5730\u65b9\u5728\u4e8e\uff1a\u6b63\u56e0\u4e3a\u6709 “\u6d41\u52a8\u6027” \u8fd9\u5c42\u627f\u8bfa\uff08\u54ea\u6015\u662f\u6709\u9650\u7684\uff09\uff0c\u624d\u4f1a\u5f15\u6765\u5927\u5bb6\u540c\u6b65\u60f3\u7528\u5b83\u3002\u5982\u679c\u4ece\u4e00\u5f00\u59cb\u5c31\u660e\u8bf4\u8fd9\u662f\u5c01\u95ed\u5f0f\u57fa\u91d1\u3001\u9501\u5b9a\u671f\u4e03\u5e74\u3001\u4e2d\u95f4\u4e00\u5206\u94b1\u90fd\u62ff\u4e0d\u51fa\u6765\uff0c\u53cd\u800c\u4e0d\u4f1a\u6709\u8fd9\u4e48\u591a\u4eba\u540c\u65f6\u6324\u5728\u95e8\u53e3\u3002<\/p>\n

\u6d41\u52a8\u6027\u9519\u914d\u4ece\u6765\u4e0d\u662f\u4ea7\u54c1\u7684\u526f\u4f5c\u7528\uff0c\u5b83\u5c31\u662f\u4ea7\u54c1\u672c\u8eab\u3002<\/p>\n

\u6392\u961f\u535a\u5f08\u4e0e\u4f30\u503c\u5e7b\u8c61<\/h2>\n

\u95f8\u95e8\u4e00\u65e6\u751f\u6548\uff0c\u4e00\u573a\u5fae\u5999\u7684\u535a\u5f08\u5c31\u5f00\u59cb\u4e86\uff0c\u800c\u7ed3\u679c\u51e0\u4e4e\u6ce8\u5b9a\uff1a\u7406\u6027\u7684\u6295\u8d44\u8005\u90fd\u4f1a\u9009\u62e9\u65e9\u70b9\u52a8\u624b\u3002\u8fd9\u4e0d\u662f\u6050\u614c\uff0c\u8fd9\u662f\u6570\u5b66\u3002<\/p>\n

\u8fd9\u662f\u7ecf\u5178\u7684\u534f\u8c03\u56f0\u5883\u3002\u6bcf\u4e2a\u6301\u6709\u4eba\u90fd\u5728\u7b97\u8d26\uff1a\u5982\u679c\u6211\u73b0\u5728\u7533\u8bf7\u8d4e\u56de\uff0c\u5927\u6982\u7387\u80fd\u6392\u4e0a\u961f\u3001\u62ff\u5230\u94b1\uff1b\u5982\u679c\u6211\u518d\u7b49\u7b49\uff0c\u7b49\u66f4\u591a\u4eba\u53cd\u5e94\u8fc7\u6765\u52a0\u5165\u961f\u4f0d\uff0c\u7b49\u8f6e\u5230\u6211\u7684\u65f6\u5019\uff0c\u53ef\u80fd\u4f30\u503c\u5df2\u7ecf\u8c03\u4e0b\u6765\u4e86\uff0c\u53ef\u80fd\u8fde\u672c\u91d1\u90fd\u8981\u6253\u6298\u6263\u3002\u6bcf\u4e2a\u4eba\u90fd\u6015\u81ea\u5df1\u6392\u5728\u6700\u540e\uff0c\u6240\u4ee5\u4e2a\u4f53\u6700\u4f18\u7b56\u7565\u975e\u5e38\u6e05\u6670\uff1a\u5148\u8d4e\u56de\uff0c\u518d\u95ee\u4e3a\u4ec0\u4e48\u3002<\/p>\n

\u7ed3\u679c\u5c31\u662f\u4e00\u573a\u6162\u52a8\u4f5c\u7684\u6324\u5151\u3002\u5b83\u4e0d\u4f1a\u4e00\u5929\u4e4b\u5185\u5d29\u76d8\uff0c\u800c\u662f\u4e00\u4e2a\u5b63\u5ea6\u63a5\u4e00\u4e2a\u5b63\u5ea6\u5730\u5f80\u524d\u632a\uff0c\u800c\u4e14\u5f80\u5f80\u8d8a\u6392\u8d8a\u957f \u2014\u2014 \u540e\u9762\u7684\u4eba\u770b\u5230\u524d\u9762\u7684\u4eba\u771f\u62ff\u5230\u94b1\u4e86\uff0c\u53cd\u800c\u4f1a\u66f4\u575a\u5b9a\u5730\u52a0\u5165\u961f\u4f0d\u3002\u8fd9\u79cd\u5267\u672c\u5728\u91d1\u878d\u53f2\u4e0a\u53cd\u590d\u4e0a\u6f14\uff1a\u82f1\u56fd\u7684\u65e5\u4ea4\u6613\u578b\u5730\u4ea7\u57fa\u91d1\u5728\u8131\u6b27\u516c\u6295\u540e\u96c6\u4f53\u5173\u95e8\uff0c\u62cd\u5356\u5229\u7387\u8bc1\u5238\u66fe\u7ecf\u88ab\u5305\u88c5\u6210\u7c7b\u73b0\u91d1\u5de5\u5177\u76f4\u5230\u62cd\u5356\u5931\u8d25\uff0c2008 \u5e74\u8d27\u5e01\u57fa\u91d1\u8dcc\u7834\u9762\u503c\u5f15\u53d1\u7cfb\u7edf\u6027\u6050\u614c\u3002\u673a\u5236\u5404\u4e0d\u76f8\u540c\uff0c\u4f46\u5e95\u5c42\u89c4\u5219\u4e00\u6837\uff1a\u5148\u52a8\u8005\u4f18\u52bf\u4e00\u65e6\u51fa\u73b0\uff0c\u62a2\u8dd1\u5c31\u662f\u7406\u6027\u9009\u62e9\u3002<\/p>\n

\u800c\u79c1\u52df\u4fe1\u8d37\u6700\u6838\u5fc3\u7684\u5356\u70b9 \u2014\u2014”\u5e73\u6ed1”\uff0c\u6070\u6070\u662f\u8fd9\u573a\u5e7b\u8c61\u7684\u5173\u952e\u3002\u4f4e\u6ce2\u52a8\u7684\u51c0\u503c\u66f2\u7ebf\u52a0\u4e0a\u7a33\u5b9a\u7684\u9ad8\u7968\u606f\uff0c\u5728\u4f4e\u5229\u7387\u5e74\u4ee3\u7b80\u76f4\u662f\u5b8c\u7f8e\u4ea7\u54c1\u3002\u4f46\u8fd9\u4efd “\u5e73\u6ed1” \u5f88\u591a\u65f6\u5019\u53cd\u6620\u7684\u4e0d\u662f\u5e95\u5c42\u8d44\u4ea7\u7684\u771f\u5b9e\u6ce2\u52a8\uff0c\u800c\u662f\u57fa\u4e8e\u8bc4\u4f30\u7684\u4f30\u503c\u65b9\u6cd5\u548c\u5185\u90e8\u5b9a\u4ef7\u673a\u5236\u3002\u4e0d\u662f\u8d44\u4ea7\u771f\u7684\u4e0d\u6ce2\u52a8\uff0c\u800c\u662f\u4f60\u770b\u4e0d\u5230\u5b83\u6ce2\u52a8\u3002<\/p>\n

\u771f\u5b9e\u7684\u4e16\u754c\u662f\u4ec0\u4e48\u6837\u7684\uff1f\u73b0\u91d1\u6d41\u662f\u5751\u5751\u6d3c\u6d3c\u7684\uff0c\u5951\u7ea6\u6761\u6b3e\u662f\u677e\u677e\u57ae\u57ae\u7684\uff0c\u4e00\u65e6\u8d5e\u52a9\u5546\u505c\u6b62\u7ed9\u501f\u6b3e\u4eba\u8f93\u8840\uff0c\u56de\u6536\u7387\u53ef\u80fd\u8bf4\u6389\u5c31\u6389\u3002\u770b\u6700\u8fd1\u7684\u64cd\u4f5c\u5c31\u77e5\u9053\uff1aOaktree \u4e0a\u4e2a\u5b63\u5ea6\u6ee1\u8db3\u4e86\u5927\u90e8\u5206\u8d4e\u56de\u8bf7\u6c42\uff0c\u4f46\u5176\u4e2d\u76f8\u5f53\u4e00\u90e8\u5206\u9760\u7684\u662f\u5927\u578b\u8d5e\u52a9\u5546\u4ece\u5916\u90e8\u63a5\u76d8\u3002\u8fd9\u53eb\u652f\u6301\uff0c\u4e0d\u53eb\u6d41\u52a8\u6027\u3002\u652f\u6301\u80fd\u4e70\u65f6\u95f4\uff0c\u4f46\u6539\u4e0d\u4e86\u5e95\u5c42\u7684\u7b97\u672f\u3002<\/p>\n

\u6298\u4ef7\u4f30\u503c\u4e5f\u662f\u540c\u6837\u7684\u9053\u7406\u3002\u628a\u51c0\u503c\u5f80\u4e0b\u8c03\u4e00\u8c03\uff0c\u786e\u5b9e\u80fd\u5413\u9000\u4e00\u90e8\u5206\u8d4e\u56de\u7684\u4eba\u3002\u4f46\u8fd9\u62db\u7ba1\u7528\u7684\u524d\u63d0\u662f\u5e02\u573a\u76f8\u4fe1\u6298\u4ef7\u5df2\u7ecf\u5230\u5e95\u4e86\u3002\u5982\u679c\u5927\u5bb6\u89c9\u5f97\u540e\u9762\u8fd8\u6709\u66f4\u591a\u7a9f\u7abf\uff0c\u66f4\u9ad8\u7684\u7968\u9762\u5229\u7387\u4e0d\u4f46\u5438\u5f15\u4e0d\u6765\u65b0\u94b1\uff0c\u53cd\u800c\u50cf\u662f\u5728\u8b66\u544a\u573a\u5185\u7684\u4eba\uff1a\u8d76\u7d27\u6392\u961f\u8dd1\u5427\u3002<\/p>\n

\u8f6f\u4ef6\u4fe1\u8d37\u627f\u538b\uff1a\u771f\u6b63\u7684\u96f7\u5728\u54ea\u91cc\uff1f<\/h2>\n

\u5982\u679c\u8bf4\u6d41\u52a8\u6027\u9519\u914d\u662f\u7ed3\u6784\u6027\u901a\u75c5\uff0c\u90a3\u5f53\u4e0b\u6700\u5bb9\u6613\u5148\u51fa\u95ee\u9898\u7684\u73af\u8282\uff0c\u5c31\u662f\u8f6f\u4ef6\u548c\u670d\u52a1\u884c\u4e1a\u7684\u4fe1\u8d37\u3002\u4e0d\u662f\u653e\u8d37\u8fd9\u4ef6\u4e8b\u672c\u8eab\u6709\u95ee\u9898\uff0c\u800c\u662f\u98ce\u9669\u8fc7\u5ea6\u96c6\u4e2d\u5728\u4e86\u90a3\u4e9b\u5f53\u5e74\u628a “\u73b0\u91d1\u6d41” \u5305\u88c5\u6210\u62a4\u57ce\u6cb3\u6765\u5356\u7684\u516c\u53f8\u8eab\u4e0a\u3002<\/p>\n

Recurring revenue\uff08\u7ecf\u5e38\u6027\u6536\u5165\uff09\u66fe\u7ecf\u662f\u8d44\u672c\u5e02\u573a\u7684\u5ba0\u513f\u3002SaaS \u516c\u53f8\u3001\u8ba2\u9605\u5236\u670d\u52a1\uff0c\u53ea\u8981\u80fd\u62ff\u51fa\u6f02\u4eae\u7684\u7ecf\u5e38\u6027\u6536\u5165\u66f2\u7ebf\uff0c\u4f30\u503c\u5c31\u80fd\u98de\u4e0a\u5929\uff0c\u4fe1\u8d37\u5e02\u573a\u4e5f\u613f\u610f\u7ed9\u4f18\u60e0\u6761\u4ef6\u3002\u4f46\u7ecf\u5e38\u6027\u6536\u5165\u4e0d\u7b49\u4e8e\u4fdd\u8bc1\u6027\u6536\u5165\uff0c\u8fd9\u4e24\u4e2a\u8bcd\u4e4b\u95f4\u7684\u5dee\u8ddd\uff0c\u5728\u7ecf\u6d4e\u4e0b\u884c\u671f\u4f1a\u5927\u5230\u5413\u4eba\u3002\u9884\u7b97\u6536\u7d27\u7684\u65f6\u5019\uff0c\u4f01\u4e1a\u7b2c\u4e00\u4e2a\u780d\u7684\u5c31\u662f\u8f6f\u4ef6\u8ba2\u9605\u548c\u670d\u52a1\u5408\u540c\uff0c\u5ba2\u6237\u6d41\u5931\u7387\uff08churn\uff09\u4f1a\u98d9\u5347\u3002\u800c AI \u7684\u5d1b\u8d77\u66f4\u662f\u96ea\u4e0a\u52a0\u971c \u2014\u2014 \u5f53 AI \u5de5\u5177\u80fd\u538b\u7f29\u6210\u672c\u7ed3\u6784\u3001\u62c9\u4f4e\u884c\u4e1a\u95e8\u69db\u7684\u65f6\u5019\uff0c\u5f88\u591a\u8f6f\u4ef6\u516c\u53f8\u7684\u5b9a\u4ef7\u6743\u4f1a\u76f4\u63a5\u84b8\u53d1\u3002<\/p>\n

\u66f4\u6df1\u5c42\u7684\u95ee\u9898\u5728\u4e8e\u8d22\u52a1\u6a21\u578b\u7684\u5047\u8bbe\u3002\u7814\u53d1\u548c\u9500\u552e\u5728\u5229\u6da6\u8868\u4e0a\u5f80\u5f80\u8bb0\u4e3a\u8fd0\u8425\u8d39\u7528\uff0c\u4f46\u4ece\u7ecf\u6d4e\u5b9e\u8d28\u4e0a\u770b\uff0c\u5b83\u4eec\u5e72\u7684\u662f\u8d44\u672c\u652f\u51fa\u7684\u6d3b\u3002\u53ef\u5728\u627f\u4fdd\u8d37\u6b3e\u8986\u76d6\u7387\u7684\u65f6\u5019\uff0c\u5f88\u591a\u673a\u6784\u5374\u628a\u5b83\u4eec\u5f53\u6210\u53ef\u9009\u9879\u6765\u8ba1\u7b97\u3002\u987a\u5468\u671f\u7684\u65f6\u5019\u6ca1\u95ee\u9898\uff0c\u4e00\u65e6\u589e\u957f\u653e\u7f13\uff0c\u4f60\u5c31\u4f1a\u53d1\u73b0\u8fd9\u4e9b “\u53ef\u9009\u9879” \u6839\u672c\u780d\u4e0d\u6389 \u2014\u2014 \u780d\u4e86\u7814\u53d1\u4ea7\u54c1\u5c31\u843d\u4f0d\uff0c\u780d\u4e86\u9500\u552e\u6536\u5165\u5c31\u4e0b\u6ed1\uff0c\u6700\u540e\u662f\u6b7b\u5faa\u73af\u3002<\/p>\n

\u96ea\u4e0a\u52a0\u971c\u7684\u662f\uff0c\u5f88\u591a\u8d37\u6b3e\u8fd8\u662f\u6d6e\u52a8\u5229\u7387\u7684\u3002\u5229\u7387\u4e0a\u884c\u7684\u65f6\u5019\uff0c\u57fa\u91d1\u7684\u6536\u5165\u8ddf\u7740\u6da8\uff0c\u751a\u81f3\u4e00\u5ea6\u88ab\u5f53\u6210\u79c1\u52df\u4fe1\u8d37\u7684\u4f18\u52bf\u4e4b\u4e00\u3002\u4f46\u786c\u5e01\u7684\u53e6\u4e00\u9762\u662f\uff0c\u76f4\u5230\u66f4\u9ad8\u7684\u7968\u606f\u5f00\u59cb\u538b\u57ae\u90a3\u4e9b\u589e\u957f\u5df2\u7ecf\u653e\u7f13\u7684\u501f\u6b3e\u4eba\uff0c\u8fd9\u5c42 “\u4f18\u52bf” \u5c31\u4f1a\u53d8\u6210\u6bd2\u836f\u3002<\/p>\n

\u80a1\u5e02\u5bf9\u5927\u578b\u54a8\u8be2\u548c\u8f6f\u4ef6\u76f8\u5173\u516c\u53f8\u7684\u4f30\u503c\u91cd\u4f30\uff0c\u5c31\u662f\u4e2a\u660e\u786e\u7684\u4fe1\u53f7\u3002\u4e8c\u7ea7\u5e02\u573a\u5df2\u7ecf\u5728\u7528\u811a\u6295\u7968\uff0c\u800c\u79c1\u52df\u4fe1\u8d37\u7684\u4f30\u503c\u8c03\u6574\u5f80\u5f80\u6ede\u540e \u2014\u2014 \u6295\u8d44\u8005\u5199\u8fdb\u6a21\u578b\u91cc\u7684\u7ec8\u503c\uff0c\u90a3\u4e9b\u57fa\u4e8e\u9ad8\u589e\u957f\u3001\u9ad8\u5b9a\u4ef7\u6743\u5047\u8bbe\u7b97\u51fa\u6765\u7684\u6570\u5b57\uff0c\u6b63\u5728\u9762\u4e34\u7cfb\u7edf\u6027\u98ce\u9669\u3002<\/p>\n

\u6392\u961f\u662f\u771f\u76f8\uff0c\u5176\u4f59\u90fd\u662f\u5305\u88c5<\/h2>\n

\u8fd9\u4e0d\u662f\u5728\u9884\u6d4b\u5d29\u76d8\uff0c\u4e5f\u4e0d\u662f\u5728\u5531\u8870\u6574\u4e2a\u884c\u4e1a\u3002\u79c1\u52df\u4fe1\u8d37\u7684\u5d1b\u8d77\u672c\u6765\u662f\u540e\u5371\u673a\u65f6\u4ee3\u5e94\u5bf9\u94f6\u884c\u6536\u7f29\u7684\u7b54\u6848\uff0c\u5b83\u586b\u8865\u4e86\u5e02\u573a\u7a7a\u767d\uff0c\u6709\u5b58\u5728\u7684\u4ef7\u503c\uff0c\u5176\u4e2d\u5927\u90e8\u5206\u4e5f\u4f1a\u5b58\u7eed\u4e0b\u53bb\u3002<\/p>\n

\u4f46\u90a3\u4e9b\u515c\u552e “\u7a33\u5065\u6536\u76ca + \u67d4\u6027\u6d41\u52a8\u6027” \u4eba\u8bbe\u7684\u4ea7\u54c1\uff0c\u6b63\u5728\u53d1\u73b0\u4e00\u6761\u4e0d\u4f1a\u53d8\u7684\u5b9a\u5f8b\uff1a\u4f60\u4e0d\u80fd\u65e2\u7ed9\u6bcf\u4e2a\u4eba\u90fd\u7559\u4e2a\u9760\u8fd1\u51fa\u53e3\u7684\u5ea7\u4f4d\uff0c\u53c8\u628a\u620f\u9662\u5750\u6ee1\u3002\u4f60\u4e0d\u80fd\u65e2\u627f\u8bfa\u6d41\u52a8\u6027\uff0c\u53c8\u6295\u8d44\u4e8e\u975e\u6d41\u52a8\u6027\u8d44\u4ea7\uff0c\u8fd8\u6307\u671b\u4e24\u8fb9\u7684\u597d\u5904\u90fd\u5360\u7740\u3002interval fund \u6a21\u5f0f\u4f1a\u5728\u538b\u529b\u4e0b\u53d8\u5f62\u3001\u8c03\u6574\uff0c\u4f46\u4e0d\u4f1a\u7acb\u523b\u65ad\u6389\u3002\u76f4\u5230\u67d0\u4e2a\u50ac\u5316\u5242\u51fa\u73b0 \u2014\u2014 \u53ef\u80fd\u662f\u8f6f\u4ef6\u884c\u4e1a\u655e\u53e3\u7684\u96c6\u4e2d\u7206\u53d1\uff0c\u53ef\u80fd\u662f\u9ad8\u5229\u7387\u6301\u7eed\u65f6\u95f4\u8d85\u9884\u671f \u2014\u2014 \u628a\u5f2f\u66f2\u53d8\u6210\u65ad\u88c2\u3002<\/p>\n

\u6392\u961f\u662f\u771f\u76f8\u3002\u5176\u4f59\u7684\uff0c\u90fd\u662f\u5305\u88c5\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u79c1\u4eba\u4fe1\u8d37\u57fa\u91d1\u5728\u6295\u8d44\u8005\u7eb7\u7eb7\u8d4e\u56de\u4e0b\u9762\u4e34\u6d41\u52a8\u6027\u538b\u529b\uff0c\u66b4\u9732\u51fa\u4ee5\u5468\u671f\u6027\u6d41\u52a8\u6027\u5bf9\u6297\u975e\u6d41\u52a8\u8d37\u6b3e\u7684\u7ed3\u6784\u6027\u7f3a\u9677\uff0c\u6b63\u6f14\u53d8\u6210\u6162\u52a8\u4f5c\u6324\u5151\uff0c\u7a81\u663e\u51fa\u5728\u7cfb\u7edf\u6027\u98ce\u9669\u9762\u524d\u9700\u8981\u5177\u6709\u53cd\u8106\u5f31\u6027\u7684\u57fa\u91d1\u8bbe\u8ba1\u4e0e\u900f\u660e\u5ea6\u3002<\/p>\n","protected":false},"author":52,"featured_media":587487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[427],"tags":[526,1121],"class_list":["post-645470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news-zh-hans","tag-526","tag-1121"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/645470","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\/52"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=645470"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/645470\/revisions"}],"predecessor-version":[{"id":645496,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/645470\/revisions\/645496"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/587487"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=645470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=645470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=645470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}