{"id":411765,"date":"2022-01-21T16:06:21","date_gmt":"2022-01-22T00:06:21","guid":{"rendered":"https:\/\/nai500.com\/?p=411765"},"modified":"2022-01-21T16:37:19","modified_gmt":"2022-01-22T00:37:19","slug":"%e7%be%8e%e8%82%a1%e7%9c%9f%e7%9a%84%e5%b4%a9%e7%9b%a4%e4%ba%86%ef%bc%8c%e9%80%99%e4%b8%80%e6%ac%a1%e6%9c%89%e4%bd%95%e4%b8%8d%e5%90%8c%e5%b0%8b%e5%b8%b8%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2022\/01\/%e7%be%8e%e8%82%a1%e7%9c%9f%e7%9a%84%e5%b4%a9%e7%9b%a4%e4%ba%86%ef%bc%8c%e9%80%99%e4%b8%80%e6%ac%a1%e6%9c%89%e4%bd%95%e4%b8%8d%e5%90%8c%e5%b0%8b%e5%b8%b8%ef%bc%9f\/","title":{"rendered":"\u7f8e\u80a1\u771f\u7684\u5d29\u76e4\u4e86\uff0c\u9019\u4e00\u6b21\u6709\u4f55\u4e0d\u540c\u5c0b\u5e38\uff1f"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">\u725b\u4e86\u591a\u5e74\u7684\u7f8e\u80a1\u7d42\u65bc\u7834\u9632\u4e86\uff01<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4e0a\u500b\u9031\u56db\uff0c\u4e00\u76f4\u770b\u7a7a\u7684\u5c0d\u6c96\u57fa\u91d1GMO\u806f\u5408\u5275\u59cb\u4ebaJeremy Grantham\u767c\u5e03<\/span><a href=\"https:\/\/nai500.com\/zh-hant\/blog\/2022\/01\/jeremy-grantham-%e7%be%8e%e8%81%af%e5%84%b2-%e7%be%8e%e8%82%a1%e8%85%b0%e6%96%ac\/\"><span style=\"font-weight: 400;\">\u5831\u544a<\/span><\/a><span style=\"font-weight: 400;\">\u8868\u793a\uff0c\u7f8e\u570b\u80a1\u5e02\u6b63\u8655\u65bc\u201c\u8d85\u7d1a\u6ce1\u6cab\u201d\u4e4b\u4e2d\u3002\u6b63\u5982\u7f8e\u80a1\u57281929\u5e74\u7684\u5927\u5d29\u76e4\u30012000\u5e74\u7684\u4e92\u806f\u7db2\u6ce1\u6cab\u7834\u6ec5\u548c2008\u5e74\u7684\u91d1\u878d\u5371\u6a5f\u4e2d\u6240\u505a\u7684\u90a3\u6a23\uff0c\u4ed6\u78ba\u4fe1\u9019\u500b\u6ce1\u6cab\u5c07\u6703\u7834\u88c2\uff0c\u4f7f\u6307\u6578\u56de\u5230\u7d71\u8a08\u6a19\u6e96\uff0c\u751a\u81f3\u53ef\u80fd\u9032\u4e00\u6b65\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4e8b\u5be6\u4e0a\uff0cJeremy Grantham\u5f88\u65e9\u4e4b\u524d\u5c31\u63d0\u51fa\u7f8e\u80a1\u8981\u5d29\u76e4\uff0c2021\u5e74\u521d\u7684\u6642\u5019\uff0c\u4ed6\u767c\u51fa\u975e\u5e38\u5c16\u92b3\u7684\u8b66\u544a\uff1a\uff08\u7f8e\u80a1\uff09\u5de8\u5927\u3001\u53f2\u8a69\u7d1a\u6ce1\u6cab\u7684\u7834\u6ec5\uff0c\u5c07\u6210\u70ba\u5f88\u591a\u4eba\u4e00\u751f\u4e2d\u6700\u5927\u7684\u6295\u8cc7\u5931\u6557\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">2022\u5e74\u624d\u9032\u5165\u8dcc\u8dcc\u4e0d\u4f11\u7684\u7f8e\u570b\u80a1\u5e02\u8b93\u9019\u4f4d80\u591a\u6b72\u7684\u6295\u8cc7\u4eba\u7d42\u65bc\u6709\u4e9b\u63da\u7709\u5410\u6c23\u3002<\/span><\/p>\n<h2><strong>\u6240\u6709\u6307\u6a19\u5168\u7dda\u7834\u9632\uff0c\u77ed\u671f\u4e0b\u8dcc\u8da8\u52e2\u660e\u986f<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">\u50b3\u7d71\u4e0a\uff0c\u5f9e\u5e02\u5834\u9ad8\u9ede\u4e0b\u8dcc10%\u901a\u5e38\u88ab\u8a8d\u70ba\u9032\u5165\u4fee\u6b63\u671f\uff0c\u800c\u4e0b\u8dcc20%\u6216\u66f4\u591a\u5247\u610f\u5473\u8457\u9032\u5165\u718a\u5e02\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u7d93\u904e\u4e0a\u9031\u7684\u9023\u7e8c\u4e0b\u8dcc\u4e4b\u5f8c\uff0c\u6a19\u666e500\u6307\u6578\u8ddd\u524d\u671f\u9ad8\u9ede\u4e0b\u8dcc8.7%\uff0c\u8ddd\u96e2\u5e02\u5834\u4fee\u6b63\u671f\u4e00\u6b65\u4e4b\u9059\uff1b\u800c\u65e9\u524d\u6f32\u52e2\u6700\u597d\u7684\u7d0d\u65af\u9054\u514b\u6307\u6578\u5df2\u7d93\u8ddd\u96e2\u9ad8\u9ede\u5df2\u7d93\u4e0b\u8dcc\u8d85\u904e15%\uff0c\u9032\u5165\u4fee\u6b63\u671f\uff0c\u8ddd\u96e2\u718a\u5e02\u4e0d\u518d\u9059\u9060\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u800c\u4e14\uff0c\u7d0d\u65af\u9054\u514b\u6307\u6578\u672c\u6708\u5167\u4e0b\u8dcc\u5df2\u7d93\u8d85\u904e12%\uff0c\u4e0a\u4e00\u6b21\u7d93\u6b77\u9019\u9ebc\u5927\u7684\u6708\u8dcc\u5e45\u9084\u662f\u75ab\u60c5\u958b\u59cb\u76842020\u5e743\u6708\u3002\u66f4\u70ba\u60b2\u89c0\u7684\u662f\uff0c\u8d85\u904e220\u5bb6\u5e02\u503c100\u5104\u7f8e\u5143\u4ee5\u4e0a\u7684\u7f8e\u570b\u4e0a\u5e02\u516c\u53f8\u76ee\u524d\u81f3\u5c11\u8f03\u5176\u9ad8\u9ede\u7d2f\u8a08\u4e0b\u8dcc\u4e8620%\uff0c\u66f4\u591a\u516c\u53f8\u7684\u80a1\u50f9\u8655\u65bc\u718a\u5e02\u5340\u57df\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5404\u9805\u6280\u8853\u6307\u6a19\u986f\u793a\u90fd\u6975\u70ba\u60b2\u89c0\u3002\u5e38\u7528\u7684\u5c0f\u76e4\u80a1\u6307\u6578\u7f85\u7d202000\u6307\u6578\u768450\u65e5\u5747\u7dda\u5df2\u4f4e\u65bc200\u65e5\u5747\u7dda\uff0c\u6309\u7167\u6280\u8853\u5206\u6790\u7684\u8aaa\u6cd5\uff0c\u9019\u6642\u5c31\u6703\u51fa\u73fe\u6240\u8b02\u7684\u201c\u6b7b\u4ea1\u4ea4\u53c9\u201d\uff0c\u610f\u5473\u8457\u77ed\u671f\u56de\u8abf\u6f14\u8b8a\u6210\u4e86\u9577\u671f\u4e0b\u884c\u8da8\u52e2\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5118\u7ba1\u770b\u8d77\u4f86\u4e0b\u8dcc\u5f9e2022\u5e74\u958b\u59cb\uff0c\u4e8b\u5be6\u4e0a\u771f\u6b63\u7684\u8f49\u6298\u9ede\u767c\u751f\u57282021\u5e74\u768411\u6708\uff0c\u7576\u6642\u7f8e\u806f\u5132\u653e\u68c4\u201c\u901a\u8ca8\u81a8\u8139\u662f\u66ab\u6642\u7684\u201d\u9019\u4e00\u89c0\u9ede\uff0c\u8b66\u544a\u672a\u4f86\u8981\u6536\u7dca\u8ca8\u5e63\u653f\u7b56\u3002\u9019\u5f15\u767c\u4e86\u79d1\u6280\u5de8\u982d\u4f01\u696d\u80a1\u50f9\u7684\u56de\u8abf\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u800c\u79d1\u6280\u5de8\u982d\u4f01\u696d\u672c\u5c31\u662f\u662f\u6b64\u6ce2\u7f8e\u80a1\u5927\u6c34\u725b\u884c\u60c5\u4e2d\u6700\u5f8c\u50b2\u7acb\u4e0d\u5012\u7684\u5014\u5f37\uff0c\u7576\u9019\u6700\u5f8c\u7684\u5014\u5f37\u4e5f\u88ab\u6253\u4e0b\u53bb\uff0c\u5e02\u5834\u81ea\u7136\u5c31\u6c92\u6cd5\u770b\u4e86\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u81f3\u65bc\u90a3\u4e9b\u6210\u9577\u578b\u4e2d\u5c0f\u79d1\u6280\u4f01\u696d\uff0c\u65e9\u57282021\u5e74\u5e74\u521d\u6bba\u4f30\u503c\u6642\u5c31\u5df2\u7d93\u6b65\u5165\u718a\u5e02\uff0c\u5927\u6279\u80a1\u7968\u90fd\u5f9e\u9ad8\u4f4d\u88ab\u8170\u65ac\u3002\u65e9\u524d\u6191\u85c9\u4e2d\u5c0f\u79d1\u6280\u80a1\u4e00\u8209\u6210\u540d\u7684\u6728\u982d\u59d0Cathie Wood\u6210\u70ba\u672c\u6ce2\u718a\u5e02\u4e2d\u6700\u60b2\u6158\u7684\uff0c\u65d7\u4e0b\u57fa\u91d1<\/span><a href=\"https:\/\/finance.yahoo.com\/quote\/ARKK\/\"><span style=\"font-weight: 400;\">ARK Innovation ETF<\/span><\/a><span style=\"font-weight: 400;\">\u8ddd\u96e22021\u5e742\u6708\u6700\u9ad8\u9ede\u4e0b\u8dcc\u5df2\u7d93\u7d0455%\u3002<\/span><\/p>\n<h2><strong>\u5e7e\u5927\u95dc\u9375\u5229\u7a7a<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">\u653e\u773c\u91d1\u878d\u5371\u6a5f\u7684\u6b77\u53f2\uff0c\u5927\u5bb6\u7e3d\u611b\u8aaa\u201c\u9019\u4e00\u6b21\u4e0d\u4e00\u6a23\u201d\uff0c\u4f46\u4e8b\u5be6\u4e0a\uff0c\u5118\u7ba1\u6b77\u53f2\u4e0d\u662f\u7c21\u55ae\u91cd\u8907\uff0c\u4f46\u6bcf\u4e00\u6ce2\u9031\u671f\u90fd\u6709\u8457\u76f8\u540c\u7684\u97fb\u8173\uff0c\u672c\u8cea\u90fd\u662f\u7531\u50b5\u52d9\u5371\u6a5f\u5f15\u767c\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u7f8e\u570b\u7d93\u6fdf\u5b78\u5bb6\u660e\u65af\u57fa\u66fe\u63d0\u51fa\u904e\u4e00\u500b\u6a21\u578b\uff0c\u4fe1\u7528\u5275\u9020\u6a5f\u69cb\u5b58\u5728\u56fa\u6709\u7f3a\u9677\uff0c\u91d1\u878d\u7cfb\u7d71\u7121\u6cd5\u907f\u514d\u6703\u51fa\u73fe\u9031\u671f\u6027\u5371\u6a5f\u3002\u66f4\u901a\u4fd7\u7684\u8a71\u4f86\u8aaa\uff0c\u5c31\u662f\u6f32\u4e45\u5fc5\u8dcc\u3001\u8dcc\u4e45\u5fc5\u6f32\u9019\u4e00\u7121\u6bd4\u6b63\u78ba\u7684\u8f2a\u52d5\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u56e0\u70ba\u5728\u7d93\u6fdf\u597d\u7684\u6642\u5019\uff0c\u6295\u8cc7\u8005\u50be\u5411\u65bc\u627f\u64d4\u66f4\u591a\u98a8\u96aa\uff0c\u96a8\u8457\u7d93\u6fdf\u5411\u597d\u7684\u6642\u9593\u4e0d\u65b7\u63a8\u79fb\uff0c\u6295\u8cc7\u8005\u627f\u53d7\u7684\u98a8\u96aa\u6c34\u5e73\u8d8a\u5927\uff0c\u76f4\u5230\u8d85\u904e\u6536\u652f\u4e0d\u5e73\u8861\u9ede\u800c\u5d29\u6f70\u3002\u56e0\u6b64\uff0c\u91d1\u878d\u5371\u6a5f\u6b63\u662f\u6e90\u65bc\u9577\u6642\u671f\u7d93\u6fdf\u7e41\u69ae\u6642\u64ad\u4e0b\u7684\u7a2e\u5b50\uff0c\u6240\u6709\u7684\u91d1\u878d\u5371\u6a5f\u90fd\u662f\u5728\u7d93\u6fdf\u7e41\u69ae\u671f\u57cb\u4e0b\u7684\u6f5b\u5728\u5a01\u8105\u7206\u767c\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u96d6\u7136\u77ed\u671f\u770b\uff0c\u6b64\u6ce2\u6b63\u5728\u56de\u982d\u7684\u725b\u5e02\u6e90\u65bc\u7f8e\u806f\u5132\u6297\u64ca\u75ab\u60c5\u4e0b\u7684\u5927\u653e\u6c34\uff0c\u4f7f\u5f97\u8ca8\u5e63\u6c3e\u6feb\uff0c\u6295\u8cc7\u8005\u66f4\u9858\u610f\u9032\u5165\u6295\u8cc7\u5e02\u5834\u3002\u4f46\u66f4\u9577\u671f\u4f86\u770b\uff0c\u9084\u662f\u79d1\u6280\u5275\u65b0\u5e36\u4f86\u7684\u7d93\u6fdf\u5feb\u901f\u589e\u9577\uff0c\u7576\u524d\u7684\u201c\u718a\u201d\u540c\u6a23\u662f\u6e90\u65bc\u5c0d\u65b0\u820a\u4ea4\u66ff\u7684\u7126\u616e\u3002<\/span><\/p>\n<h3><strong>1. \u7f8e\u806f\u5132\u6536\u7dca\u653f\u7b56\u8207\u5b8f\u89c0\u7d93\u6fdf\u64d4\u6182<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">\u76ee\u524d\u6700\u4ee4\u4eba\u6cae\u55aa\u7684\u4e0d\u5229\u56e0\u7d20\u4ecd\u7136\u5b58\u5728\u9ad8\u5ea6\u4e0d\u78ba\u5b9a\u6027\uff0c\u5305\u62ec\u901a\u8139\u98c6\u5347\u8d70\u5411\u3001\u7f8e\u806f\u5132\u653f\u7b56\u7684\u843d\u5730\u3001\u5730\u7de3\u653f\u6cbb\u7dca\u5f35\u5c40\u52e2\u4ee5\u53ca\u65b0\u51a0\u75ab\u60c5\u7684\u8d70\u52e2\u3002\u5e02\u5834\u6700\u6015\u7684\u5c31\u662f\u9019\u7a2e\u4e0d\u78ba\u5b9a\u6027\uff0c\u4f46\u6574\u9ad4\u4f86\u770b\uff0c\u5927\u6982\u7387\u90194\u5927\u56e0\u7d20\u57282022\u5e74\u61c9\u8a72\u662f\u5411\u597d\u3002<\/span><\/p>\n<h3><strong>2. \u79d1\u6280\u5de8\u982d\u50b3\u7d71\u5546\u696d\u6a21\u5f0f\u64f4\u5f35\u8d70\u5411\u76e1\u982d<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">\u9019\u4e00\u9ede\uff0c\u4e2d\u7f8e\u540c\u6b64\u6dbc\u71b1\u3002\u4e92\u806f\u7db2\u6280\u8853\u7684\u5feb\u901f\u6ef2\u900f\uff0c\u4f7f\u5176\u4e00\u5ea6\u6210\u70ba\u5148\u9032\u3001\u9ad8\u6548\u3001\u81ea\u7531\u548c\u5275\u65b0\u7684\u4ee3\u540d\u8a5e\uff0c\u540c\u6642\u4e5f\u50ac\u751f\u4e86\u5de8\u982d\u4f01\u696d\u8ca1\u5bcc\u7684\u589e\u9577\u8207\u908a\u754c\u7684\u64f4\u5f35\u3002\u96a8\u8457\u5e02\u5834\u7531\u589e\u91cf\u5411\u5b58\u91cf\u8f49\u8b8a\uff0c\u526f\u4f5c\u7528\u4e5f\u958b\u59cb\u51f8\u986f\uff0c\u8868\u73fe\u51fa\u627c\u6bba\u4e2d\u5c0f\u4f01\u696d\u5275\u65b0\u80fd\u529b\u3001\u4fb5\u5bb3\u6d88\u8cbb\u8005\u6b0a\u76ca\uff0c\u751a\u81f3\u5371\u5bb3\u570b\u5bb6\u6578\u64da\u5b89\u5168\u7b49\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4e0a\u9031\uff0c\u7f8e\u53c3\u9662\u6295\u7968\u901a\u904e\u4e86\u63a8\u9032\u91cd\u78c5\u53cd\u58df\u65b7\u8b70\u6848\uff0c\u5982\u679c\u8a72\u6cd5\u6848\u5728\u53c3\u773e\u5169\u9662\u90fd\u7372\u5f97\u901a\u904e\uff0c\u4e9e\u99ac\u905c\u3001\u860b\u679c\u3001Facebook\u3001\u8c37\u6b4c\u56db\u5927\u79d1\u6280\u5de8\u982d\u5c07\u4e0d\u5f97\u4e0d\u5fb9\u5e95\u8b8a\u66f4\u5546\u696d\u884c\u70ba\uff0c\u6536\u8cfc\u66f4\u56f0\u96e3\uff0c\u751a\u81f3\u6703\u6158\u88ab\u62c6\u5206\u3002\u5f9e\u6b77\u53f2\u4e0a\u770b\uff0c\u7f8e\u570b\u7684\u53cd\u58df\u65b7\u6cd5\u672c\u8eab\u4e26\u4e0d\u6703\u5c0d\u512a\u8cea\u4f01\u696d\u5e36\u4f86\u9577\u9060\u7684\u5371\u5bb3\uff0c\u4f46\u9019\u4e9b\u4f01\u696d\u5fc5\u9808\u5728\u65b0\u5f62\u52e2\u4e0b\u5c0b\u627e\u65b0\u7684\u589e\u9577\u6a21\u5f0f\u3002<\/span><\/p>\n<h3><strong>3. \u589e\u9577\u653e\u7de9\u5c0e\u81f4\u5e02\u5834\u4f30\u503c\u904e\u9ad8\uff0c\u5e02\u5834\u5c0d\u524d\u671f\u8cc7\u672c\u6295\u6a5f\u884c\u70ba\u7684\u4fee\u6b63<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">\u9031\u4e94\u5e02\u5834\u66b4\u8dcc\u7684\u5f15\u9818\u8005\u662f\u8996\u983b\u6d41\u5a92\u9ad4\u5de8\u982d\u5948\u98db\uff0c\u9031\u56db\u76e4\u5f8c\u5948\u98db\u516c\u4f48\u56db\u5b63\u5ea6\u8ca1\u5831\uff0c\u96d6\u7136\u76c8\u5229\u548c\u6536\u5165\u90fd\u9ad8\u65bc\u9810\u671f\uff0c\u4f46\u7528\u6236\u589e\u9577\u8fc5\u901f\u653e\u7de9\uff0c\u4f462021\u5e74\u6de8\u589e\u91cf\u70ba1800\u842c\uff0c\u800c2020\u5e74\u9019\u4e00\u6578\u5b57\u70ba3700\u842c\u3002\u800c\u4e14\u516c\u53f8\u5c0d\u4e0b\u4e00\u5b63\u5ea6\u9810\u8a08\u6de8\u589e\u6d41\u5a92\u9ad4\u4ed8\u8cbb\u7528\u6236\u6578\u9060\u4f4e\u65bc\u5e02\u5834\u9810\u671f\uff0c\u9810\u8a08\u4e0b\u4e00\u5b63\u5ea6\u589e\u52a0250\u842c\u4ed8\u8cbb\u7528\u6236\uff0c\u800c\u5206\u6790\u5e2b\u7d66\u51fa\u7684\u9810\u8a08\u9054626\u842c\uff0c\u672a\u4f86\u589e\u9577\u53ef\u8b02\u975e\u5e38\u4e4f\u529b\u3002\u9019\u4e5f\u6b63\u61c9\u4e86\u4e0a\u4e00\u689d\u6240\u8aaa\uff0c\u5c0d\u9019\u4e9b\u5de8\u982d\u4f01\u696d\u4f86\u8aaa\uff0c\u9762\u81e8\u8457\u589e\u9577\u653e\u7de9\u7684\u58d3\u529b\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5728\u589e\u9577\u653e\u7de9\u4e4b\u4e0b\uff0c\u65e9\u524d\u8cc7\u672c\u5c0d\u9019\u4e9b\u4f01\u696d\u80a1\u7968\u7684\u8ffd\u6367\u5c31\u986f\u5f97\u975e\u5e38\u4e0d\u7406\u6027\uff0c\u5e02\u5834\u8981\u6309\u7167\u65b0\u7684\u589e\u9577\u60c5\u6cc1\u91cd\u65b0\u4f30\u503c\uff0c\u9019\u904e\u7a0b\u4e2d\u5c31\u6703\u51fa\u73fe\u80a1\u50f9\u7684\u5411\u4e0b\u4fee\u6b63\u3002<\/span><\/p>\n<h2><strong>\u63a5\u4e0b\u4f86\u6700\u503c\u5f97\u95dc\u6ce8\u7684\u4fe1\u606f<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">\u6b64\u6b21\u4f86\u52e2\u6d36\u6d36\u7684\u201c\u718a\u201d\u7834\u58de\u529b\u6703\u6709\u591a\u5927\uff0c\u5927\u6982\u7387\u4e26\u6c92\u6709\u7576\u524d\u982d\u689d\u65b0\u805e\u4e2d\u90a3\u9ebc\u8073\u4eba\u807d\u805e\u3002\u4e3b\u8981\u539f\u56e0\u5728\u65bc\uff0c\u4f30\u503c\u904e\u9ad8\u7684\u4e2d\u5c0f\u4f01\u696d\u5df2\u7d93\u6709\u4e86\u9577\u9054\u4e00\u5e74\u7684\u6df1\u5e45\u4e0b\u8dcc\uff0c\u50f9\u683c\u6c92\u90a3\u9ebc\u96e2\u8b5c\uff0c\u800c\u79d1\u6280\u5de8\u982d\u4f01\u696d\u5011\u4f9d\u7136\u6709\u8f03\u5f37\u7684\u696d\u7e3e\u4f86\u652f\u6490\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u77ed\u671f\u5167\u95dc\u6ce8\u9019\u5169\u5927\u4fe1\u606f\uff0c\u53ef\u80fd\u8b93\u5df2\u7d93\u8d70\u58de\u7684\u6307\u6a19\u958b\u59cb\u4fee\u5fa9\uff1a<\/span><\/p>\n<h3><strong>1. \u79d1\u6280\u5de8\u982d\u5b63\u5ea6\u8ca1\u5831\u7684\u767c\u5e03<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">\u63a5\u4e0b\u4f86\u9019\u9031\uff0c\u5fae\u8edf\u548c\u860b\u679c\u7b49\u79d1\u6280\u5de8\u982d\u5c07\u516c\u4f48\u5b63\u5ea6\u696d\u7e3e\uff0c\u9019\u4e5f\u662f\u904e\u53bb\u4e00\u5468\u5e02\u5834\u9ad8\u5ea6\u7dca\u5f35\u7684\u90e8\u5206\u539f\u56e0\u3002\u5982\u679c\u9019\u4e9b\u4f01\u696d\u516c\u4f48\u7684\u696d\u7e3e\u80fd\u5920\u9054\u5230\u6216\u8005\u8d85\u904e\u5e02\u5834\u9810\u671f\uff0c\u6703\u7d66\u5e02\u5834\u4e0a\u6f32\u63d0\u4f9b\u7a69\u5b9a\u7684\u52d5\u529b\u3002<\/span><\/p>\n<h3><strong>2. \u7f8e\u806f\u5132\u52a0\u606f\u7684\u6b63\u5f0f\u843d\u5730<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">2022\u5e74\u8ca8\u5e63\u653f\u7b56\u8da8\u7dca\u5df2\u7d93\u78ba\u5b9a\uff0c\u4f46\u5230\u5e95\u4f55\u6642\u958b\u59cb\u52a0\u606f\u3001\u52a0\u5e7e\u6b21\u606f\u4ecd\u7136\u61f8\u8457\uff0c\u4f46\u5e02\u5834\u5df2\u7d93\u5c0d\u9019\u4e9b\u4fe1\u606f\u5145\u5206\u6d88\u5316\uff0c\u4e00\u65e6\u52a0\u606f\u6d88\u606f\u6b63\u5f0f\u843d\u5730\uff0c\u5e02\u5834\u4e0d\u6703\u518d\u51fa\u73fe\u904e\u5ea6\u53cd\u61c9\uff0c\u76f8\u53cd\u6703\u56e0\u70ba\u78ba\u5b9a\u6027\u8da8\u65bc\u7a69\u5b9a\u3002<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u725b\u4e86\u591a\u5e74\u7684\u7f8e\u80a1\u7d42\u65bc\u7834\u9632\u4e86\uff01 \u4e0a\u500b\u9031\u56db\uff0c\u4e00\u76f4\u770b\u7a7a\u7684\u5c0d\u6c96\u57fa\u91d1GMO\u806f\u5408\u5275\u59cb\u4ebaJeremy Grantham\u767c\u5e03\u5831\u544a 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