{"id":590262,"date":"2025-08-28T06:40:04","date_gmt":"2025-08-28T13:40:04","guid":{"rendered":"https:\/\/nai500.com\/blog\/2025\/08\/%e5%b8%82%e5%a0%b4%e8%aa%a4%e5%83%b9%e8%81%af%e6%ba%96%e6%9c%83%e7%9a%84%e6%94%bf%e6%b2%bb%e9%a2%a8%e9%9a%aa\/"},"modified":"2025-08-28T06:40:04","modified_gmt":"2025-08-28T13:40:04","slug":"%e5%b8%82%e5%a0%b4%e8%aa%a4%e5%83%b9%e8%81%af%e6%ba%96%e6%9c%83%e7%9a%84%e6%94%bf%e6%b2%bb%e9%a2%a8%e9%9a%aa","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2025\/08\/%e5%b8%82%e5%a0%b4%e8%aa%a4%e5%83%b9%e8%81%af%e6%ba%96%e6%9c%83%e7%9a%84%e6%94%bf%e6%b2%bb%e9%a2%a8%e9%9a%aa\/","title":{"rendered":"\u5e02\u5834\u8aa4\u50f9\u806f\u6e96\u6703\u7684\u653f\u6cbb\u98a8\u96aa"},"content":{"rendered":"

\u4e2d\u592e\u9280\u884c\u5728\u771f\u6b63\u91cd\u8981\u7684\u90a3\u4e00\u523b\u4e4b\u524d\u90fd\u88ab\u8996\u70ba\u7368\u7acb\u3002\u9019\u5c31\u662f\u6096\u8ad6\u3002\u7368\u7acb\u6027\u662f\u4e00\u5834\u7531\u6cd5\u4ee4\u3001\u898f\u7bc4\u8207\u7fd2\u6163\u652f\u6490\u7684\u4fe1\u4efb\u904a\u6232\u3002\u7576\u653f\u6cbb\u884c\u70ba\u8005\u8a66\u63a2\u754c\u7dda\u6642\uff0c\u5e02\u5834\u5c31\u6703\u767c\u73fe\u7368\u7acb\u6027\u662f\u5be6\u8cea\u9084\u662f\u9580\u9762\u3002\u76ee\u524d\u570d\u7e5e Federal Reserve \u7684\u653f\u7b56\u8207\u653f\u6cbb\u885d\u7a81\uff0c\u4e0d\u50c5\u50c5\u662f\u61b2\u653f\u722d\u57f7\u3002\u5b83\u662f\u8de8\u50b5\u5238\u3001\u80a1\u7968\u8207\u8ca8\u5e63\u7684\u4e00\u9805\u88ab\u8aa4\u50f9\u7684\u98a8\u96aa\u56e0\u5b50\u3002<\/p>\n

\u7368\u7acb\u6027\u7684\u8106\u5f31\u795e\u8a71<\/h3>\n

\u6559\u79d1\u66f8\u5f0f\u7684\u6545\u4e8b\u81ea Volcker \u6642\u671f\u8d77\u628a Fed \u63cf\u7e6a\u6210\u975e\u653f\u6cbb\u5316\u7684\u88c1\u5224\u3002\u7136\u800c\uff0c\u90a3\u6558\u4e8b\u4e00\u76f4\u6709\u689d\u4ef6\u9650\u5236\u3002\u6700\u8fd1\u8a66\u5716\u4ee5\u300c\u56e0\u6545\u300d\u514d\u53bb\u73fe\u4efb\u7406\u4e8b\u4e4b\u8077\uff0c\u4ee5\u53ca\u66f4\u5ee3\u6cdb\u5730\u5c07\u5229\u7387\u653f\u7b56\u62d7\u5411\u653f\u6cbb\u6642\u7a0b\u7684\u63a8\u52d5\uff0c\u63ed\u9732\u4e86\u96b1\u85cf\u7684\u8106\u5f31\u6027\u3002\u7576\u6b50\u6d32\u5b98\u54e1\u8b66\u544a\u7f8e\u570b\u4e2d\u592e\u9280\u884c\u7684\u81ea\u4e3b\u6027\u73fe\u5728\u5177\u6709\u5168\u7403\u5f71\u97ff\u6642\uff0c\u4ed6\u5011\u4e26\u975e\u5728\u8038\u52d5\u60c5\u7dd2\u3002\u4ed6\u5011\u5728\u6307\u5411\u4e00\u500b\u7d50\u69cb\u6027\u65b7\u88c2\u3002\u6b77\u53f2\u5f88\u6e05\u695a\uff1a\u7576 Nixon \u7e02\u7d71\u5c0d Arthur Burns \u65bd\u58d3\u6642\uff0c\u901a\u81a8\u9810\u671f\u5931\u53bb\u9328\u5b9a\u4e26\u6301\u7e8c\u5931\u9328\u3002\u7368\u7acb\u6027\u5c31\u50cf\u70ba\u975c\u614b\u8f09\u91cd\u8a2d\u8a08\u7684\u6a4b\u6a11\uff1b\u653f\u6cbb\u58d3\u529b\u662f\u4e00\u7fa4\u79fb\u52d5\u7684\u4eba\u7fa4\uff0c\u6703\u7522\u751f\u5171\u632f\u3002\u5982\u679c\u983b\u7387\u9054\u5230\u67d0\u500b\u97f3\u8abf\uff0c\u6a4b\u6a11\u5c31\u6703\u81ea\u884c\u9707\u788e\u3002\u9019\u4e0d\u662f\u95dc\u65bc\u67d0\u500b\u500b\u6027\u6216\u67d0\u500b\u9ee8\u6d3e\u3002\u9019\u95dc\u4e4e\u904a\u6232\u898f\u5247\u662f\u5426\u4fdd\u6301\u5c0d\u53c3\u8207\u8005\u5916\u751f\u3002<\/p>\n

\u6642\u9593\u4e0d\u4e00\u81f4\u8207\u653f\u6cbb\u8a98\u60d1<\/h3>\n

\u7d93\u6fdf\u5b78\u6709\u500b\u540d\u7a31\uff1a\u6642\u9593\u4e0d\u4e00\u81f4\u3002\u5728\u91cd\u8907\u535a\u5f08\u4e2d\uff0c\u5e73\u975c\u6642\u8a2d\u5b9a\u7684\u6700\u4f73\u8a08\u756b\u5728\u75db\u82e6\u4f86\u81e8\u6642\u6703\u88ab\u653e\u68c4\u3002\u53ef\u4fe1\u7684\u627f\u8afe\u662f\u552f\u4e00\u89e3\u6bd2\u5291\u3002\u7368\u7acb\u4e2d\u592e\u9280\u884c\u505a\u51fa\u7684\u627f\u8afe\u5c0d\u7834\u58de\u5b83\u7684\u4ee3\u50f9\u9ad8\u6602\uff0c\u5373\u4fbf\u662f\u5c0d\u6c11\u9078\u5b98\u54e1\u4e5f\u662f\u5982\u6b64\u3002\u524a\u5f31\u8a72\u627f\u8afe\u6703\u91cd\u65b0\u5f15\u5165\u653f\u6cbb\u5546\u696d\u9031\u671f\uff1a\u9078\u8209\u524d\u5bec\u9b06\uff0c\u9078\u5f8c\u6536\u7dca\uff0c\u4e2d\u9593\u662f\u4e00\u9023\u4e32\u6ce2\u52d5\u7684\u68d8\u8f2a\u30021970 \u5e74\u4ee3\u7684\u6559\u8a13\u4e0d\u50c5\u662f\u6cb9\u50f9\u885d\u64ca\u8207\u5de5\u8cc7\u52d5\u614b\u91cd\u8981\uff1b\u66f4\u5728\u65bc\u653f\u6cbb\u5e72\u9810\u8150\u8755\u4e86\u53cd\u61c9\u51fd\u6578\u3002\u5982\u679c\u6295\u8cc7\u4eba\u64d4\u5fc3 Fed \u7684\u53cd\u61c9\u51fd\u6578\u6703\u88ab\u63e1\u7b46\u8005\u6539\u5beb\uff0c\u4ed6\u5011\u6703\u5728\u671f\u9650\u6ea2\u916c\u3001\u901a\u81a8\u6ea2\u916c\u4ee5\u53ca\u66f4\u5ee3\u7684\u7d50\u679c\u5206\u914d\u4e2d\u8981\u6c42\u88dc\u511f\u3002\u9019\u4e0d\u9700\u8981\u5931\u63a7\u7684\u901a\u81a8\u624d\u6703\u767c\u751f\u5f71\u97ff\u3002\u53ea\u8981\u5e02\u5834\u65b7\u5b9a\u98a8\u96aa\u5f9e\u55ae\u5411\u56de\u5230\u76ee\u6a19\uff0c\u8b8a\u6210\u96d9\u5411\u5c31\u5920\u4e86\u3002<\/p>\n

\u70ba\u653f\u6cbb\u98a8\u96aa\u6ea2\u916c\u5b9a\u50f9<\/h3>\n

\u5e02\u5834\u662f\u524d\u77bb\u6027\u7684\uff0c\u4f46\u5e38\u4ee5\u904e\u53bb\u70ba\u6821\u6e96\u3002\u904e\u53bb\u5341\u4e94\u5e74\u8a13\u7df4\u6295\u8cc7\u4eba\u628a Fed put \u8996\u70ba\u653f\u7b56\u78ba\u5b9a\u6027\u3002\u5982\u4eca\u9078\u64c7\u6b0a\u88ab\u91cd\u65b0\u5b9a\u50f9\uff0c\u56e0\u70ba\u57f7\u884c\u98a8\u683c\u53ef\u80fd\u6539\u8b8a\u3002\u76f4\u63a5\u6a5f\u5236\u5f88\u7c21\u55ae\u3002\u5982\u679c\u4e0b\u4e00\u8f2a\u5347\u606f\u9031\u671f\u56e0\u653f\u6cbb\u56e0\u7d20\u800c\u8f03\u6162\u555f\u52d5\u4e26\u8f03\u5feb\u66ab\u505c\uff0c\u901a\u81a8\u7d50\u679c\u5468\u570d\u7684\u8b8a\u7570\u5ea6\u64f4\u5927\u3002\u5373\u4fbf\u5be6\u969b\u901a\u81a8\u672a\u7206\u767c\uff0c\u6b96\u5229\u7387\u66f2\u7dda\u4e5f\u5fc5\u9808\u5167\u542b\u90a3\u4efd\u8b8a\u7570\u5ea6\u3002\u7f8e\u5143\u7684\u907f\u96aa\u5730\u4f4d\u4e5f\u5305\u542b\u82e5\u5e72\u5047\u8a2d\uff1aFed \u512a\u5148\u8003\u91cf\u7269\u50f9\u7a69\u5b9a\u3001\u5236\u5ea6\u6027\u8b77\u6b04\u6210\u7acb\u3001\u722d\u7aef\u7531\u6cd5\u9662\u8207\u898f\u7bc4\u89e3\u6c7a\u800c\u975e\u81e8\u6642\u61c9\u8b8a\u3002\u4fb5\u8755\u4efb\u4f55\u4e00\u9805\uff0c\u7f8e\u5143\u5f9e\u5168\u7403\u5132\u84c4\u8005\u7372\u5f97\u7684\u300c\u7121\u606f\u8cb8\u6b3e\u300d\u6210\u672c\u5c31\u6703\u63d0\u9ad8\u3002\u6211\u5011\u76f8\u8f03\u65bc 2020 \u5e74\u524d\u5df2\u7d93\u627f\u64d4\u8f03\u9ad8\u7684\u671f\u9650\u6ea2\u916c\u3002\u82e5\u5c0d Fed \u52a0\u5165\u4e00\u500b\u975e\u5fae\u4e0d\u8db3\u9053\u7684\u653f\u6cbb\u8c9d\u5854\uff0c\u90a3\u6ea2\u916c\u5c31\u4e0d\u518d\u662f\u9031\u671f\u6027\u73fe\u8c61\uff0c\u800c\u6703\u6210\u70ba\u7d50\u69cb\u6027\u3002<\/p>\n

\u9ad4\u7cfb\u7ba1\u7dda\u975e\u70ba\u52d5\u76ea\u800c\u5efa<\/h3>\n

\u9019\u88e1\u662f\u5e02\u5834\u5fae\u89c0\u7d50\u69cb\u8207\u61b2\u653f\u7406\u8ad6\u4ea4\u6703\u4e4b\u8655\u3002\u91d1\u878d\u7cfb\u7d71\u4ecd\u662f\u69d3\u687f\u5316\u3001\u5230\u671f\u932f\u914d\u4e14\u7dca\u5bc6\u8026\u5408\u3002\u653f\u7b56\u5236\u5b9a\u8005\u591a\u5e74\u4f86\u5df2\u8b66\u544a\u77ed\u671f\u8cc7\u91d1\u8106\u5f31\u8207\u76f8\u4e92\u9023\u7d50\u6027\u3002\u90a3\u662f\u6307\u9023\u9396\u53cd\u61c9\u3002\u632a\u52d5\u8cc7\u91d1\u4e26\u4e0d\u9700\u8981\u8cc7\u4e0d\u62b5\u50b5\uff1b\u53ea\u9700\u8981\u7591\u616e\uff0c\u800c\u653f\u6cbb\u6703\u5ec9\u50f9\u5730\u88fd\u9020\u7591\u616e\u30022020 \u5e74\uff0c\u96f6\u552e\u6295\u8cc7\u4eba\u5728 prime money market funds \u7684\u9003\u96e2\u6bd4 2008 \u5e74\u66f4\u6613\u52d5\u6416\uff0c\u5118\u7ba1\u653f\u7b56\u5f8c\u76fe\u66f4\u5feb\u4e14\u66f4\u5927\u3002\u90a3\u986f\u793a\u516c\u773e\u5c0d\u6a21\u7cca\u6027\u7684\u5bb9\u5fcd\u5ea6\u4e0b\u964d\u3002\u5982\u679c Fed \u7684\u6cbb\u7406\u5728\u5b83\u540c\u6642\u53c8\u662f\u6700\u5f8c\u8cb8\u6b3e\u4eba\u6642\u88ab\u722d\u8b70\uff0c\u7cfb\u7d71\u7684\u65b7\u8def\u5668\u5c31\u6703\u6210\u70ba\u5931\u6548\u9ede\u3002\u60f3\u50cf\u5728 Treasury repo \u6df1\u5ea6\u51fa\u73fe\u58d3\u529b\u6642\uff0c\u6070\u9022\u5c0d\u4efb\u547d\u7684\u6cd5\u5f8b\u722d\u57f7\u3002\u5f8c\u76fe\u5b58\u5728\uff0c\u4f46\u5176\u555f\u52d5\u5728\u5be6\u6642\u88ab\u8cea\u7591\u3002\u5de5\u7a0b\u5b78\u544a\u8a34\u6211\u5011\uff0c\u7576\u5143\u4ef6\u5171\u4eab\u96b1\u85cf\u4f9d\u8cf4\u6642\uff0c\u5197\u9918\u6703\u5931\u6548\u3002\u5728\u6b64\uff0c\u5171\u4eab\u4f9d\u8cf4\u5c31\u662f\u5236\u5ea6\u4fe1\u4efb\u3002<\/p>\n

\u6295\u8cc7\u4eba\u5fc3\u7406\u73fe\u5728\u662f\u50b3\u64ad\u901a\u9053<\/h3>\n

\u6211\u5011\u559c\u6b61\u628a Fed \u60f3\u50cf\u6210\u6709\u8f38\u5165\u8207\u8f38\u51fa\u7684\u6a5f\u5668\u3002\u5b83\u4e5f\u662f\u6558\u4e8b\u767c\u884c\u8005\u3002\u5728\u904e\u53bb\u5341\u5e74\uff0c\u6558\u4e8b\u5f88\u6e05\u695a\uff1a\u4e2d\u592e\u9280\u884c\u6703\u63a1\u53d6\u5fc5\u8981\u4e14\u53ef\u80fd\u7684\u884c\u52d5\u3002\u90a3\u7a2e\u6e05\u6670\u6291\u5236\u4e86\u6ce2\u52d5\u4e26\u9f13\u52f5\u69d3\u687f\u3002\u6295\u8cc7\u4eba\u5b78\u6703\u70ba\u6a21\u614b\u7d50\u679c\u6700\u4f73\u5316\uff0c\u800c\u975e\u5c0d\u5c3e\u7aef\u98a8\u96aa\u5c0d\u6c96\u3002\u653f\u6cbb\u98a8\u96aa\u53cd\u8f49\u4e86\u9019\u7a2e\u5831\u916c\u7d50\u69cb\u3002\u96f6\u552e\u8cc7\u91d1\u66f4\u5feb\u901f\u8ffd\u9010\u88ab\u8a8d\u70ba\u7684\u5b89\u5168\uff0c\u4f01\u696d\u8ca1\u52d9\u540c\u6b65\u7e2e\u77ed\u8cc7\u7522\u4e45\u671f\uff0c\u98a8\u96aa\u7ba1\u7406\u8005\u9810\u5148\u6536\u7dca\u6d41\u52d5\u6027\u7de9\u885d\u3002\u5728\u7bc0\u9ede\u4e0a\u9019\u7a2e\u884c\u70ba\u662f\u7406\u6027\u7684\uff0c\u4f46\u5728\u7db2\u7d61\u4e0a\u537b\u5177\u7834\u58de\u6027\u3002\u7528\u535a\u5f08\u7406\u8ad6\u4f86\u8aaa\uff0c\u5982\u679c\u95dc\u65bc\u88c1\u5224\u4e2d\u7acb\u6027\u7684\u5171\u540c\u77e5\u8b58\u89e3\u9ad4\uff0c\u73a9\u5bb6\u6703\u8b8a\u5f97\u66f4\u9632\u79a6\u4e14\u8f03\u4e0d\u5408\u4f5c\u3002\u6d41\u52d5\u6027\u67af\u7aed\u4e0d\u662f\u56e0\u70ba\u8cc7\u672c\u6d88\u5931\uff0c\u800c\u662f\u56e0\u70ba\u6642\u9593\u8996\u91ce\u5d29\u6f70\u3002\u90a3\u7a2e\u5d29\u6f70\u7684\u6210\u672c\u9ad8\u904e\u982d\u689d\u6578\u64da\u6240\u986f\u793a\uff0c\u56e0\u70ba\u5b83\u63d0\u9ad8\u4e86\u5728\u58d3\u529b\u4e0b\u653f\u7b56\u72af\u932f\u7684\u6a5f\u7387\u3002<\/p>\n

\u7f8e\u5143\u7279\u6b0a\u662f\u6709\u689d\u4ef6\u7684<\/h3>\n

\u5132\u5099\u8ca8\u5e63\u5730\u4f4d\u4e0d\u662f\u734e\u76c3\uff1b\u5b83\u662f\u4e00\u4efd\u670d\u52d9\u5951\u7d04\u3002\u7f8e\u570b\u63d0\u4f9b\u6df1\u5ea6\u5e02\u5834\u3001\u6cd5\u6cbb\u8207\u53ef\u4fe1\u7684\u8ca8\u5e63\u9328\u3002\u653f\u6cbb\u5316\u90a3\u500b\u9328\u6703\u964d\u4f4e\u9019\u4efd\u670d\u52d9\u3002\u9019\u4e26\u4e0d\u610f\u5473\u8457\u7f8e\u5143\u4e3b\u5c0e\u5730\u4f4d\u7d50\u675f\uff1b\u5b83\u610f\u5473\u8457\u90a3\u4e3b\u5c0e\u5730\u4f4d\u7684\u50f9\u683c\u4e0a\u5347\u3002\u4e3b\u6b0a\u501f\u6b3e\u4eba\u5728\u5236\u5ea6\u5f31\u5316\u6642\u8981\u652f\u4ed8\u653f\u6cbb\u98a8\u96aa\u6ea2\u916c\u3002\u4e3b\u6b0a\u8ca8\u5e63\u4e5f\u662f\u5982\u6b64\uff0c\u8868\u73fe\u70ba\u66f4\u6ce2\u52d5\u7684\u8cc7\u672c\u6d41\u8207\u66f4\u9ad8\u7684\u907f\u96aa\u6210\u672c\u3002\u4e00\u500b\u5728\u5fc5\u9808\u6642\u4e0d\u80fd\u53ef\u4fe1\u5730\u8aaa\u4e0d\u7684\u4e2d\u592e\u9280\u884c\uff0c\u6700\u5f8c\u5fc5\u9808\u66f4\u5927\u8072\u5730\u8aaa\u662f\u3002\u9019\u5c31\u662f\u4f60\u5f97\u5230\u6210\u9577\u6ce2\u52d5\u6027\u4ee5\u53ca\u90a3\u7a2e\u4e26\u975e\u7531\u9700\u6c42\u9020\u6210\u800c\u662f\u56e0\u9810\u671f\u62d2\u7d55\u914d\u5408\u800c\u9ecf\u8457\u7684\u901a\u81a8\u3002\u5168\u7403\u7cfb\u7d71\u6703\u6ce8\u610f\u5230\u3002\u6d77\u5916\u4e2d\u592e\u9280\u884c\u6703\u66f4\u591a\u907f\u96aa\uff0c\u5728\u908a\u969b\u4e0a\u591a\u5143\u5316\u5916\u532f\u5132\u5099\uff0c\u4e26\u8907\u88fd\u6b64\u5287\u672c\u3002\u90a3\u500b\u53cd\u994b\u8ff4\u8def\u5148\u6162\u5f8c\u731b\u3002<\/p>\n

\u653f\u7b56\u8207\u6295\u8cc7\u7d44\u5408\u7684\u6297\u8106\u5f31\u6027<\/h3>\n

\u82e5\u7368\u7acb\u6027\u8106\u5f31\uff0c\u56de\u61c9\u5fc5\u9808\u5728\u7cfb\u7d71\u4e2d\u5efa\u7acb\u9b06\u5f1b\u3002\u9019\u5f9e\u6cd5\u5f8b\u958b\u59cb\uff0c\u4ee5\u6587\u5316\u7d50\u675f\u3002\u5c31\u4efb\u8207\u514d\u8077\u7684\u660e\u78ba\u6cd5\u689d\u3001\u53cd\u61c9\u51fd\u6578\u7684\u900f\u660e\u6e9d\u901a\u3001\u4ee5\u53ca\u5728\u4e2d\u592e\u9280\u884c\u51fa\u73fe\u8667\u640d\u671f\u6642\u514d\u65bc\u653f\u6cbb\u6232\u5287\u5316\u7684\u5c0a\u91cd\uff0c\u90fd\u662f\u5197\u9918\u7684\u5f62\u5f0f\u3002\u5b83\u5011\u4f7f\u6a5f\u69cb\u5c0d\u500b\u5225\u884c\u70ba\u8005\u4e0d\u90a3\u9ebc\u654f\u611f\u3002\u5e02\u5834\u4e5f\u61c9\u8a72\u53cd\u8f49\u5176\u5148\u9a57\u3002\u628a Fed \u8996\u70ba\u4e00\u500b\u8b8a\u7570\u4f86\u6e90\uff0c\u800c\u975e\u5176\u58d3\u6291\u8005\u3002\u70ba\u5ef6\u9072\u7dca\u7e2e\u8207\u904e\u65e9\u5bec\u9b06\u9032\u884c\u58d3\u529b\u6e2c\u8a66\u3002\u91cd\u65b0\u5b9a\u50f9\u90a3\u4e9b\u4f9d\u8cf4\u9577\u671f\u653f\u7b56\u78ba\u5b9a\u6027\u7684\u8cc7\u7522\u3002\u76ee\u6a19\u4e0d\u662f\u9810\u6e2c\u65b0\u885d\u64ca\uff0c\u800c\u662f\u627f\u8a8d\u5206\u914d\u5df2\u8b8a\u80d6\u3002\u5728\u81ea\u7136\u754c\u4e2d\uff0c\u5b58\u6d3b\u7684\u7cfb\u7d71\u5438\u6536\u5c0f\u58d3\u529b\u4e26\u62d2\u7d55\u707d\u8b8a\uff1b\u5728\u91d1\u878d\u4e0a\uff0c\u6211\u5011\u904e\u53bb\u5341\u5e74\u985b\u5012\u4e86\u9019\u4e00\u9ede\u3002\u6211\u5011\u5438\u6536\u4e86\u707d\u8b8a\u4e26\u58d3\u6291\u4e86\u5c0f\u58d3\u529b\u3002\u4e2d\u592e\u9280\u884c\u7684\u653f\u6cbb\u98a8\u96aa\u91cd\u8a2d\u4e86\u90a3\u500b\u5e73\u8861\uff0c\u800c\u5e02\u5834\u5c1a\u672a\u5b8c\u5168\u5c07\u5176\u50f9\u683c\u5316\u3002<\/p>\n

\u53cd\u5411\u8005\u7684\u91cd\u9ede<\/h3>\n

\u6295\u8cc7\u4eba\u6b63\u5728\u5c0b\u627e\u982d\u689d\u98a8\u96aa\uff0c\u537b\u5ffd\u7565\u4e86\u7ba1\u7dda\u98a8\u96aa\u3002\u6700\u5371\u96aa\u7684\u7d50\u679c\u4e0d\u662f\u4e00\u5834\u9a5a\u5929\u7684\u61b2\u653f\u5371\u6a5f\uff1b\u800c\u662f\u4e00\u7cfb\u5217\u754c\u7dda\u6a21\u7cca\u7684\u5e72\u9810\uff0c\u5c07 Fed \u5f9e\u4e00\u500b\u898f\u5247\u7d81\u5b9a\u7684\u6a5f\u69cb\u8b8a\u6210\u4e00\u9805\u88ab\u722d\u8b70\u7684\u8cc7\u7522\u3002\u9019\u7a2e\u7dca\u5f35\u4e0d\u6703\u5728\u6bcf\u6b21\u8cc7\u6599\u767c\u5e03\u4e2d\u986f\u73fe\uff0c\u4f46\u6703\u6ef2\u5165\u671f\u9650\u6ea2\u916c\u3001\u6d41\u52d5\u6027\u689d\u4ef6\u8207\u8ca8\u5e63\u5728\u653f\u7b56\u4e8b\u4ef6\u5468\u908a\u7684\u884c\u70ba\u30021970 \u5e74\u4ee3\u8017\u6642\u591a\u5e74\u624d\u8b93\u4fb5\u8755\u8b8a\u5f97\u660e\u986f\uff0c\u537b\u53ea\u9700\u5e7e\u500b\u6b98\u9177\u6c7a\u5b9a\u5373\u53ef\u6062\u5fa9\u5b83\u3002\u5982\u4eca\u518d\u5ea6\u8d70\u5230\u90a3\u4e00\u6b65\u7684\u4ee3\u50f9\u6703\u66f4\u9ad8\uff0c\u56e0\u70ba\u7cfb\u7d71\u66f4\u91d1\u878d\u5316\u4e14\u5fc3\u7406\u4e0a\u66f4\u8106\u5f31\u3002\u5e02\u5834\u4e0d\u9700\u8981\u6050\u614c\u3002\u5b83\u9700\u8981\u505c\u6b62\u5047\u8a2d\u88c1\u5224\u662f\u7981\u5340\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u806f\u6e96\u6703\u653f\u6cbb\u98a8\u96aa\u88ab\u5e02\u5834\u932f\u4f30\uff0c\u5df2\u6210\u70ba\u6a6b\u6383\u5404\u985e\u91d1\u878d\u8cc7\u7522\u7684\u91cd\u5927\u5a01\u8105\uff0c\u51f8\u986f\u4e86Fed\u7368\u7acb\u6027\u7684\u8106\u5f31\uff0c\u4ee5\u53ca\u653f\u6cbb\u5e72\u9810\u5c0d\u5e02\u5834\u8207\u5168\u7403\u7d93\u6fdf\u7a69\u5b9a\u53ef\u80fd\u5e36\u4f86\u7684\u5f8c\u679c\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":[675,1122,773],"class_list":["post-590262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news-zh-hant","tag--zh-hant","tag-1122","tag-773"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/590262","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=590262"}],"version-history":[{"count":0,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/590262\/revisions"}],"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=590262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=590262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=590262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}