{"id":589747,"date":"2025-08-26T17:29:19","date_gmt":"2025-08-27T00:29:19","guid":{"rendered":"https:\/\/nai500.com\/?p=589747"},"modified":"2025-08-26T17:29:19","modified_gmt":"2025-08-27T00:29:19","slug":"%e7%82%ba%e7%be%8e%e5%9c%8b%e5%85%ac%e5%82%b5%e5%b8%82%e5%a0%b4%e7%a5%88%e7%a6%b1","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2025\/08\/%e7%82%ba%e7%be%8e%e5%9c%8b%e5%85%ac%e5%82%b5%e5%b8%82%e5%a0%b4%e7%a5%88%e7%a6%b1\/","title":{"rendered":"\u70ba\u7f8e\u570b\u516c\u50b5\u5e02\u5834\u7948\u79b1"},"content":{"rendered":"

\u4e00\u7a2e\u9700\u8981\u88ab\u9632\u885b\u7684\u5b89\u5168\u8cc7\u7522\u4e26\u4e0d\u5b89\u5168\u3002\u4e16\u754c\u57fa\u6e96\u7684\u62b5\u62bc\u54c1\u5728\u5c0d\u4e00\u4f4d Federal Reserve \u7406\u4e8b\u7684\u653f\u6cbb\u52d5\u4f5c\u5f8c\u51fa\u73fe\u52d5\u76ea\uff0c\u800c\u9019\u7a2e\u52d5\u76ea\u63ed\u793a\u7684\u9060\u4e0d\u6b62\u662f\u4e00\u5247\u982d\u689d\u3002\u5b83\u66b4\u9732\u4e86\u9ad4\u7cfb\u5c0d\u8edf\u7d04\u675f\u3001\u77ed\u66ab\u8a18\u61b6\u8207\u5ec9\u50f9\u69d3\u687f\u7684\u4f9d\u8cf4\u3002\u7576\u5b9a\u50f9\u57fa\u77f3\u958b\u59cb\u50cf\u6295\u6a5f\u6027\u5de5\u5177\u90a3\u6a23\u4ea4\u6613\u6642\uff0c\u9019\u4e0d\u662f\u4e00\u6b21\u5076\u767c\u4e8b\u4ef6\u3002\u9019\u662f\u88ab\u70ba\u8277\u967d\u5929\u512a\u5316\u7684\u7d50\u69cb\uff0c\u9047\u4e0a\u4e86\u66f4\u56b4\u9177\u7684\u6c23\u5019\u3002<\/p>\n

Fed \u7368\u7acb\u6027\u8207\u6536\u76ca\u7387\u66f2\u7dda\u7684\u97ad\u6253\u6548\u61c9<\/h3>\n

\u9577\u671f\u516c\u50b5\u8ce3\u58d3\u800c\u77ed\u671f\u6b96\u5229\u7387\u4e0b\u8dcc\u3002\u6536\u76ca\u7387\u66f2\u7dda\u9661\u5316\u81f3\u8fd1\u4e09\u5e74\u9ad8\u9ede\u3002\u5c0e\u706b\u7dda\u662f\u8a66\u5716\u56e0\u6240\u7a31\u4e0d\u7576\u884c\u70ba\u7f77\u514d Fed \u7406\u4e8b Lisa Cook\uff0c\u5e02\u5834\u5c07\u6b64\u89e3\u8b80\u70ba\u5c0d\u4e2d\u592e\u9280\u884c\u7368\u7acb\u6027\u7684\u6311\u6230\u3002\u5982\u679c Fed \u7684\u81ea\u4e3b\u6027\u53ef\u88ab\u653f\u6cbb\u58d3\u529b\u626d\u66f2\uff0c\u5247\u964d\u606f\u53ef\u80fd\u66f4\u65e9\u5230\u4f86\uff0c\u4f46\u672a\u4f86\u7684\u901a\u81a8\u98a8\u96aa\u4e0a\u5347\u3002\u9019\u7a2e\u6df7\u5408\u6703\u4f7f\u77ed\u7aef\u8d70\u5e73\u800c\u62ac\u5347\u9577\u7aef\u3002\u7f8e\u5143\u5c0f\u5e45\u4e0b\u6ed1\uff0c\u5e45\u5ea6\u96d6\u50c5 0.3% \u537b\u610f\u5473\u6df1\u9577\uff0c\u56e0\u70ba\u8ca8\u5e63\u7684\u50f9\u683c\u65e2\u53cd\u6620\u5229\u5dee\u4e5f\u53cd\u6620\u53ef\u4fe1\u5ea6\u3002\u4f60\u53ef\u4ee5\u770b\u5230\u535a\u5f08\u8ad6\u5728\u904b\u4f5c\u3002\u7576\u898f\u5247\u5236\u5b9a\u8005\u770b\u4f3c\u4e0d\u78ba\u5b9a\u6642\uff0c\u53c3\u8207\u8005\u6703\u8fc5\u901f\u66f4\u65b0\u3002\u5df2\u5931\u8e64\u5341\u5e74\u7684\u671f\u9650\u6ea2\u916c\u6025\u901f\u56de\u6b78\u3002\u50b5\u5238\u5728\u6578\u5c0f\u6642\u5167\u91cd\u4f30\u6642\u9593\u4e0d\u4e00\u81f4\u6027\u7684\u6210\u672c\u3002<\/p>\n

\u8ca1\u653f\u4e3b\u5c0e\u8207\u53ef\u4fe1\u627f\u8afe\u554f\u984c<\/h3>\n

\u9019\u6709\u500b\u540d\u7a31\u3002\u8ca1\u653f\u4e3b\u5c0e\u662f\u6307\u8ca1\u653f\u90e8\u7684\u9700\u6c42\u5851\u9020\u4e2d\u592e\u9280\u884c\u7684\u6c7a\u7b56\u3002\u50b5\u52d9\u9918\u984d\u8d8a\u9ad8\uff0c\u5c07\u5229\u7387\u58d3\u4f4e\u4e26\u63a7\u5236\u5229\u606f\u8cbb\u7528\u7684\u653f\u6cbb\u8a98\u56e0\u5c31\u8d8a\u5927\u3002\u6b77\u53f2\u986f\u793a\u5176\u7d50\u5c40\u30021951 \u5e74\u5354\u8b70\u4e4b\u524d\uff0cFed \u5c0d\u6536\u76ca\u7387\u8a2d\u4e0a\u9650\u4ee5\u878d\u8cc7\u6230\u50b5\u30021970 \u5e74\u4ee3\uff0c\u653f\u6cbb\u58d3\u529b\u8207\u653f\u7b56\u6f02\u79fb\u6df7\u5408\uff0c\u7d50\u679c\u662f\u505c\u6eef\u6027\u901a\u81a8\u3002\u6838\u5fc3\u554f\u984c\u662f\u627f\u8afe\u3002\u5728\u91cd\u8907\u535a\u5f08\u4e2d\uff0c\u53ef\u4fe1\u5ea6\u5c31\u662f\u62b5\u62bc\u3002\u4e00\u65e6\u5b83\u88ab\u6298\u50f9\uff0c\u53c3\u8207\u8005\u8981\u6c42\u66f4\u9ad8\u7684\u6301\u6709\u4e45\u671f\u6ea2\u916c\u3002\u8a72\u6ea2\u916c\u53cd\u6620\u5728\u66f4\u9661\u7684\u66f2\u7dda\u8207\u75b2\u5f31\u7684\u8ca8\u5e63\u4e0a\u3002\u4f60\u4e0d\u9700\u8981\u6b63\u5f0f\u7684\u653f\u7b56\u6539\u8b8a\u5c31\u6703\u5230\u9054\u90a3\u88e1\u3002\u5e02\u5834\u53c3\u8207\u8005\u70ba\u5e72\u9810\u7684\u6a5f\u7387\u5b9a\u50f9\u3002\u5373\u4fbf\u8a72\u6a5f\u7387\u5c0f\u5e45\u4e0a\u5347\uff0c\u5176\u5f71\u97ff\u4ea6\u751a\u5927\uff0c\u56e0\u70ba\u5b83\u89f8\u53ca\u652f\u914d\u4e00\u5207\u7684\u6298\u73fe\u7387\u3002<\/p>\n

\u5f71\u5b50\u4e2d\u7684\u69d3\u687f\uff1a\u57fa\u5dee\u4ea4\u6613\u8207\u56de\u8cfc\u98a8\u96aa<\/h3>\n

\u5e02\u5834\u7ba1\u9053\u8b93\u9019\u4e9b\u6ce2\u52d5\u653e\u5927\u3002\u5c0d\u6c96\u57fa\u91d1\u518d\u6b21\u5728\u516c\u50b5\u8207\u671f\u8ca8\u4e0a\u5efa\u7acb\u5927\u91cf\u76f8\u5c0d\u50f9\u503c\u90e8\u4f4d\uff0c\u7e3d\u898f\u6a21\u7d04\u9054\u6578\u5343\u5104\u7f8e\u5143\u3002\u7d93\u5178\u7684\u57fa\u5dee\u4ea4\u6613\u662f\u505a\u591a\u73fe\u5238\u4ee5\u56de\u8cfc\u878d\u8cc7\uff0c\u4e26\u505a\u7a7a\u671f\u8ca8\u3002\u7576\u6b96\u5229\u7387\u4e0a\u5347\u6216\u653f\u7b56\u98a8\u96aa\u6fc0\u589e\u6642\uff0c\u8cc7\u91d1\u7684\u6298\u6263\u7387\u53ef\u80fd\u63d0\u9ad8\u4e14\u4fdd\u8b49\u91d1\u8b8a\u52d5\u3002\u8a72\u90e8\u4f4d\u5728\u8cc7\u672c\u4e0a\u9ad8\u6548\uff0c\u76f4\u5230\u4e0d\u518d\u9ad8\u6548\u30022025 \u5e74 4 \u6708\uff0c\u901a\u81a8\u6050\u61fc\u8207\u653f\u7b56\u8a0a\u865f\u5931\u5e8f\u5f15\u767c\u516c\u50b5\u62cb\u552e\uff0c\u8feb\u4f7f\u9019\u4e9b\u90e8\u4f4d\u9032\u884c\u6709\u5e8f\u4f46\u898f\u6a21\u53ef\u89c0\u7684\u5e73\u5009\uff0c\u4f30\u8a08\u63a5\u8fd1 8000 \u5104\u7f8e\u5143\u898f\u6a21\u3002\u4eca\u65e5\uff0c\u6309\u67d0\u4e9b\u8861\u91cf\u6a19\u6e96\uff0c\u57fa\u91d1\u4ecd\u5728\u570b\u50b5\u671f\u8ca8\u4e0a\u6de8\u505a\u7a7a\u8d85\u904e\u4e00\u5146\u7f8e\u5143\u3002\u69d3\u687f\u85cf\u65bc\u4ea4\u6613\u5546\u8cc7\u7522\u8ca0\u50b5\u8868\u8207\u77ed\u671f\u8cc7\u91d1\u4e4b\u9670\u5f71\u4e2d\u3002\u9019\u4e0d\u662f\u60e1\u610f\uff0c\u800c\u662f\u5de5\u7a0b\u5b78\u3002\u4f46\u8a72\u7d50\u69cb\u5177\u6709\u8ca0\u7684\u51f8\u6027\u3002\u5c0f\u9707\u76ea\u8feb\u4f7f\u53bb\u98a8\u96aa\u5316\uff0c\u64f4\u5927\u5229\u5dee\uff0c\u9032\u800c\u8feb\u4f7f\u66f4\u591a\u53bb\u98a8\u96aa\u5316\u3002\u53cd\u994b\u8ff4\u8def\u5df2\u5167\u5efa\u3002<\/p>\n

\u5e02\u5834\u7d50\u69cb\uff1a\u9280\u884c\u3001\u4ea4\u6613\u5546\u8207 SLR \u7684\u5e7b\u8c61<\/h3>\n

\u653f\u7b56\u4e0a\u7684\u7b54\u6848\u662f\u653e\u9b06\u9280\u884c\u8cc7\u672c\u898f\u5b9a\uff0c\u5305\u62ec supplementary leverage ratio\uff0c\u4ee5\u5438\u5f15\u66f4\u591a\u8cc7\u7522\u8ca0\u50b5\u8868\u8cc7\u6e90\u6d41\u5165\u516c\u50b5\u3002\u9019\u807d\u8d77\u4f86\u6709\u7a69\u5b9a\u4f5c\u7528\uff0c\u4f46\u7d50\u679c\u53ef\u80fd\u76f8\u53cd\u3002\u5546\u696d\u9280\u884c\u5728 2023 \u5e74\u5f9e Silicon Valley Bank \u7684\u4e45\u671f\u6559\u8a13\u4e2d\u5403\u4e86\u82e6\u982d\u3002\u4e2d\u6027\u98a8\u96aa\u6b0a\u91cd\u7121\u6cd5\u4e2d\u548c\u5229\u7387\u98a8\u96aa\u3002\u5728\u5229\u7387\u6ce2\u52d5\u9ad8\u6f32\u6642\uff0c\u4ed6\u5011\u4e0d\u6703\u6025\u8457\u5927\u91cf\u8cb7\u5165\u9577\u671f\u50b5\u5238\u3002\u5be6\u969b\u4e2d\u4ecb\u56de\u8cfc\u8207\u671f\u8ca8\u76f8\u95dc\u8cc7\u91d1\u6d41\u7684\u5238\u5546\u4ea4\u6613\u5546\uff0c\u53ea\u6301\u6709\u5c11\u91cf\u516c\u50b5\u4f46\u5728\u878d\u8cc7\u4e0a\u611f\u53d7 SLR \u7684\u58d3\u529b\u3002\u653e\u5bec\u6bd4\u7387\u6703\u964d\u4f4e\u4ed6\u5011\u70ba\u5c0d\u6c96\u57fa\u91d1\u7684\u57fa\u5dee\u4ea4\u6613\u7c4c\u8cc7\u7684\u6210\u672c\u3002\u66f4\u591a\u8cc7\u7522\u8ca0\u50b5\u8868\u6703\u8ffd\u9010\u76f8\u540c\u7684\u5229\u5dee\u4e26\u653e\u5927\u76f8\u540c\u7684\u9806\u5468\u671f\u69d3\u687f\u3002\u5728\u5e73\u975c\u6642\uff0c\u5b83\u770b\u8d77\u4f86\u50cf\u662f\u6d41\u52d5\u6027\uff1b\u5728\u58d3\u529b\u4e2d\uff0c\u5b83\u6210\u70ba\u4e00\u628a\u8017\u76e1\u7684\u6d88\u9632\u6c34\u9f8d\u5e36\u3002\u5982\u679c\u76ee\u6a19\u662f\u7a69\u5b9a\uff0c\u7528\u88dc\u8cbc\u77ed\u671f\u69d3\u687f\u53bb\u652f\u6301\u9577\u671f\u50b5\u52d9\u662f\u7cdf\u7cd5\u7684\u8a2d\u8a08\u9078\u64c7\u3002<\/p>\n

\u6d41\u52d5\u6027\u5e7b\u8c61\u8207\u6c99\u5806\u52d5\u529b<\/h3>\n

\u516c\u50b5\u5e02\u5834\u6df1\u5ea6\u5728\u6700\u9700\u8981\u6642\u624d\u5931\u771f\u3002\u6211\u5011\u5df2\u770b\u904e\u9019\u9f63\u6232\u30021994 \u5e74\u50b5\u5238\u5d29\u76e4\u58d3\u57ae\u4e86\u5047\u5b9a\u5e73\u6ed1\u5747\u503c\u56de\u6b78\u7684\u69d3\u687f\u62bc\u6ce8\u30022020 \u5e74 3 \u6708\uff0c\u7576\u6436\u73fe\u91d1\u6f6e\u6df9\u6c92\u8cc7\u7522\u8ca0\u50b5\u8868\u6642\uff0c\u516c\u50b5\u8d70\u4f4d\uff0cFed \u5fc5\u9808\u51fa\u624b\u6210\u70ba\u6700\u5f8c\u4ea4\u6613\u5c0d\u624b\u3002\u5728 2023 \u5e74\uff0c\u5229\u7387\u4e0a\u5347\u5f8c\u9280\u884c\u5750\u64c1\u5927\u91cf\u672a\u5be6\u73fe\u640d\u5931\uff0c\u800c\u6578\u4f4d\u6642\u4ee3\u6700\u5feb\u7684\u5b58\u6b3e\u5916\u6d41\u8feb\u4f7f\u8cc7\u7522\u62cb\u552e\u30022025 \u5e74 4 \u6708\uff0c\u4e00\u5834\u653f\u6cbb\u885d\u64ca\u9047\u4e0a\u5806\u7a4d\u7684\u69d3\u687f\u57fa\u5dee\u90e8\u4f4d\uff0c\u6b96\u5229\u7387\u731b\u7136\u8e8d\u5347\u3002\u9019\u500b\u6a21\u5f0f\u50cf\u4e00\u500b\u6c99\u5806\u3002\u9846\u7c92\u7d2f\u7a4d\uff0c\u7a69\u5b9a\u770b\u4f3c\u826f\u597d\uff0c\u7136\u5f8c\u4e00\u500b\u5fae\u5c0f\u885d\u64ca\u9020\u6210\u6ed1\u5761\uff0c\u56e0\u70ba\u659c\u7387\u5df2\u9054\u81e8\u754c\u3002\u9019\u985e\u7cfb\u7d71\u4e2d\u7684\u6a5f\u7387\u4e26\u975e\u5e38\u614b\u3002\u7576\u4e3b\u529b\u4ea4\u6613\u516c\u53f8\u8207\u4ea4\u6613\u5546\u64f4\u5927\u5229\u5dee\u6216\u9000\u5c45\u4e00\u65c1\u6642\uff0c\u76f8\u95dc\u6027\u8d70\u5411\u4e00\u3002VaR \u6a21\u578b\u5728\u5e73\u975c\u6642\u7e2e\u5c0f\uff0c\u5728\u58d3\u529b\u6642\u7206\u70b8\u3002\u98a8\u96aa\u4e0d\u662f\u6ce2\u52d5\u6027\uff1b\u662f\u7576\u6bcf\u500b\u4eba\u90fd\u73a9\u540c\u4e00\u62db\u6642\u6d41\u52d5\u6027\u6d88\u5931\u3002<\/p>\n

\u5b89\u5168\u5fc3\u7406\uff1a\u5b89\u5168\u8cc7\u7522\u7684\u6232\u5287\u6027<\/h3>\n

\u6295\u8cc7\u4eba\u4ecd\u7136\u5c07\u516c\u50b5\u8996\u70ba\u985e\u73fe\u91d1\u3002\u8abf\u67e5\u986f\u793a\u50c5 35% \u7684\u6563\u6236\u5c0d\u7d93\u6fdf\u6709\u4fe1\u5fc3\uff0c55% \u5c07\u901a\u81a8\u8996\u70ba\u4e3b\u8981\u98a8\u96aa\uff0c\u7136\u800c\u8d85\u904e\u4e00\u534a\u672a\u6539\u8b8a\u5176\u6295\u7d44\u3002\u8a31\u591a\u4eba\u4ecd\u8a08\u756b\u5728\u672a\u4f86\u4e00\u5e74\u589e\u6301\u8cc7\u91d1\u3002\u9019\u4e0d\u662f\u7406\u6027\u4fe1\u5fc3\uff0c\u800c\u662f\u73fe\u72c0\u504f\u8aa4\u8207\u4f4e\u4f30\u653f\u9ad4\u8f49\u8b8a\u7684\u6b0a\u91cd\u3002\u9280\u884c\u5728 2023 \u5e74\u524d\u4e5f\u72af\u4e86\u540c\u6a23\u932f\u8aa4\uff0c\u628a\u9577\u4e45\u671f\u300c\u5b89\u5168\u300d\u8cc7\u7522\u7576\u4f5c\u53ef\u904b\u884c\u7684\u8cc7\u91d1\u62b5\u62bc\u3002\u5b89\u5168\u8cc7\u7522\u53ea\u6709\u5728\u4f60\u80fd\u6301\u6709\u5b83\u6642\u624d\u5b89\u5168\u3002\u82e5\u4f60\u5fc5\u9808\u70ba\u5b83\u878d\u8cc7\u3001\u5c55\u671f\u6216\u5728\u58d3\u529b\u4e0b\u6309\u5e02\u503c\u8a08\u50f9\uff0c\u6240\u8b02\u5b89\u5168\u5c31\u662f\u6232\u5287\u3002\u5e02\u5834\u9084\u4f9d\u6200\u65bc\u4e00\u500b\u53ef\u80fd\u5728\u901a\u81a8\u98a8\u96aa\u56de\u4f86\u6642\u653f\u6cbb\u4e0a\u8f03\u96e3\u90e8\u7f72\u7684\u8ca8\u5e63\u5f8c\u76fe\u3002\u6cbb\u7406\u98a8\u6ce2\u671f\u9593\u7f8e\u5143\u7684\u4e0b\u6ed1\u662f\u4e00\u500b\u4e16\u754c\u5728\u6ce8\u610f\u7684\u5c0f\u4fe1\u865f\u3002\u53ef\u4fe1\u5ea6\u6162\u6162\u5efa\u7acb\u4f46\u88ab\u5feb\u901f\u91cd\u5b9a\u50f9\u3002<\/p>\n

\u771f\u6b63\u7684\u62b5\u62bc\u662f\u5236\u5ea6\u6027\u7684<\/h3>\n

\u7d93\u6fdf\u5b78\u5bb6\u3001\u9280\u884c\u8207\u7acb\u6cd5\u8005\u53ef\u4ee5\u8b74\u8cac\u5c0d\u4e2d\u592e\u9280\u884c\u7368\u7acb\u6027\u7684\u653b\u64ca\u3002\u4f46\u8072\u660e\u7121\u6cd5\u5728\u671f\u9650\u6ea2\u916c\u6d88\u5931\u5f8c\u91cd\u5efa\u5b83\u3002\u5e02\u5834\u89c0\u5bdf\u884c\u52d5\u8207\u7d04\u675f\u3002\u5982\u679c Fed \u5076\u723e\u88ab\u8996\u70ba\u8ca1\u653f\u9700\u6c42\u7684\u4ee3\u7406\u4eba\uff0c\u90a3\u9ebc\u6bcf\u4e00\u6b21\u62cd\u8ce3\u3001\u6bcf\u4e00\u500b\u767c\u884c\u9078\u64c7\u3001\u6bcf\u4e00\u6b21\u653f\u7b56\u6703\u8b70\u90fd\u6210\u70ba\u4e00\u500b\u5354\u8abf\u904a\u6232\uff0c\u5176\u5747\u8861\u7cdf\u7cd5\u3002\u89e3\u65b9\u67af\u71e5\u4e14\u56f0\u96e3\uff1a\u7dad\u6301\u50b5\u52d9\u7ba1\u7406\u8207\u8ca8\u5e63\u653f\u7b56\u4e4b\u9593\u7684\u754c\u9650\u6e05\u6670\uff0c\u4e26\u4f7f\u8de8\u8d8a\u8a72\u754c\u9650\u5177\u5099\u9ad8\u6210\u672c\u3002\u8ca1\u653f\u90e8\u53ef\u4ee5\u5ef6\u9577\u767c\u884c\u5e73\u5747\u5230\u671f\u65e5\u4ee5\u964d\u4f4e\u5c55\u671f\u98a8\u96aa\uff0c\u800c\u4e0d\u662f\u8ffd\u9010\u66f2\u7dda\u4e0a\u6700\u4fbf\u5b9c\u7684\u4e00\u9ede\u3002Fed \u53ef\u4ee5\u4ee5\u985e\u898f\u5247\u7684\u884c\u70ba\u634d\u885b\u5176\u81ea\u4e3b\uff0c\u7e2e\u5c0f\u81e8\u6642\u8209\u63aa\u7684\u7a7a\u9593\u3002\u9019\u4e9b\u6b65\u9a5f\u4e0d\u6703\u8b93\u5e02\u5834\u8208\u596e\uff0c\u4f46\u5b83\u5011\u4ee4\u9ad4\u7cfb\u8f03\u4e0d\u6709\u8da3\u3002\u90a3\u6b63\u662f\u91cd\u9ede\u3002<\/p>\n

\u70ba\u53cd\u8106\u5f31\u800c\u975e\u901f\u5ea6\u8a2d\u8a08<\/h3>\n

\u5982\u679c\u4f60\u60f3\u8981\u4e00\u500b\u4e0d\u9700\u8981\u7948\u79b1\u7684\u5e02\u5834\uff0c\u5c31\u91cd\u8a2d\u8a98\u56e0\u3002\u4f7f\u56de\u8cfc\u8207\u671f\u8ca8\u9593\u7684\u4fdd\u8b49\u91d1\u8207\u6298\u6263\u5728\u666f\u6c23\u5faa\u74b0\u4e2d\u5177\u53cd\u5faa\u74b0\u6027\uff0c\u8b93\u69d3\u687f\u5728\u72c2\u71b1\u6642\u7e2e\u5c0f\u3001\u5728\u58d3\u529b\u6642\u64f4\u5f35\u3002\u64f4\u5927\u5e38\u8a2d\u5de5\u5177\uff0c\u5c0d\u516c\u50b5\u63d0\u4f9b\u6709\u5f48\u6027\u4e14\u6709\u50f9\u683c\u7684\u6d41\u52d5\u6027\u4ee5\u6e1b\u5c11\u88ab\u8feb\u62cb\u552e\uff0c\u4f46\u8981\u8a2d\u660e\u78ba\u9650\u5ea6\u4ee5\u907f\u514d\u88dc\u8cbc\u3002\u4e2d\u592e\u7d50\u7b97\u53ef\u4ee5\u63d0\u5347\u53ef\u898b\u6027\uff0c\u4f46\u82e5\u7121\u8b77\u6b04\u4e5f\u6703\u96c6\u4e2d\u98a8\u96aa\u3002\u9f13\u52f5\u66f4\u591a\u8010\u5fc3\u4e14\u7121\u69d3\u687f\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u53bb\u5438\u6536\u885d\u64ca\uff0c\u5373\u4fbf\u9019\u5728\u6b63\u5e38\u6642\u671f\u6210\u672c\u66f4\u9ad8\u3002\u6700\u91cd\u8981\u7684\u662f\uff0c\u5c07 Fed \u7368\u7acb\u8996\u70ba\u652f\u6490\u7f8e\u5143\u8207\u6536\u76ca\u7387\u66f2\u7dda\u7684\u771f\u5be6\u62b5\u62bc\u3002\u7576\u5236\u5ea6\u5f37\u5065\uff0c\u671f\u9650\u6ea2\u916c\u4f4e\uff0c\u56e0\u70ba\u898f\u5247\u5177\u53ef\u4fe1\u5ea6\u3002\u7576\u898f\u5247\u52d5\u6416\u6642\uff0c\u4f60\u53ef\u4ee5\u5beb\u51fa\u6240\u6709 SLR \u7de9\u89e3\uff1b\u5229\u5dee\u4ecd\u6703\u8df3\u958b\uff0c\u56e0\u70ba\u57fa\u790e\u5df2\u79fb\u52d5\u3002<\/p>\n

\u4e00\u500b\u771f\u6b63\u5b89\u5168\u7684\u516c\u50b5\u5e02\u5834\u4e0d\u6703\u5c0d\u4eba\u4e8b\u722d\u9b25\u3001\u4e00\u5247\u63a8\u6587\u6216\u4e00\u500b\u878d\u8cc7\u5229\u5dee\u5982\u6b64\u654f\u611f\u3002\u6559\u8a13\u4e0d\u662f\u5bb3\u6015\u516c\u50b5\uff0c\u800c\u662f\u5c0a\u91cd\u6211\u5011\u5982\u4f55\u5c07\u653f\u6cbb\u98a8\u96aa\u3001\u69d3\u687f\u8207\u5b9a\u50f9\u7dca\u5bc6\u8026\u5408\u5728\u540c\u4e00\u72f9\u7a84\u901a\u9053\u4e2d\u3002\u5728\u5de5\u7a0b\u5b78\u4e0a\uff0c\u7f3a\u4e4f\u5197\u9918\u7684\u7dca\u5bc6\u8026\u5408\u6703\u5728\u6700\u8584\u5f31\u7684\u74b0\u7bc0\u5931\u6557\u3002\u6b64\u8655\u4ea6\u7136\u3002\u589e\u52a0\u5197\u9918\u3002\u5b88\u8b77\u898f\u5247\u3002\u70ba\u5c3e\u90e8\u98a8\u96aa\u5b9a\u50f9\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u7f8e\u570b\u516c\u50b5\u5e02\u5834\u56e0\u653f\u6cbb\u5e72\u9810\u3001\u53ef\u80fd\u7684\u8ca1\u653f\u4e3b\u5c0e\u3001\u69d3\u687f\u98a8\u96aa\u8207\u5e02\u5834\u7d50\u69cb\u554f\u984c\u800c\u986f\u8106\u5f31\uff0c\u51f8\u986f\u51fa\u5728\u7cfb\u7d71\u6027\u6311\u6230\u4e0b\u9700\u5efa\u7acb\u9632\u8b77\u6a5f\u5236\u4ee5\u7dad\u8b77\u7a69\u5b9a\u6027\u8207\u516c\u4fe1\u529b\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":[426],"tags":[2165,2176,1122],"class_list":["post-589747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news-zh-hant","tag--zh-hant","tag-2176","tag-1122"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/589747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/users\/52"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=589747"}],"version-history":[{"count":1,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/589747\/revisions"}],"predecessor-version":[{"id":589789,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/589747\/revisions\/589789"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/587487"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=589747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=589747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=589747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}