{"id":627267,"date":"2026-03-24T03:50:50","date_gmt":"2026-03-24T10:50:50","guid":{"rendered":"https:\/\/nai500.com\/?p=627267"},"modified":"2026-03-24T03:50:50","modified_gmt":"2026-03-24T10:50:50","slug":"%e7%95%b6%e7%8f%be%e9%87%91%e6%88%90%e7%82%ba%e7%ad%96%e7%95%a5%ef%bc%8c%e8%84%86%e5%bc%b1%e6%80%a7%e4%be%bf%e6%9a%b4%e9%9c%b2","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/03\/%e7%95%b6%e7%8f%be%e9%87%91%e6%88%90%e7%82%ba%e7%ad%96%e7%95%a5%ef%bc%8c%e8%84%86%e5%bc%b1%e6%80%a7%e4%be%bf%e6%9a%b4%e9%9c%b2\/","title":{"rendered":"\u7576\u73fe\u91d1\u6210\u70ba\u7b56\u7565\uff0c\u8106\u5f31\u6027\u4fbf\u66b4\u9732"},"content":{"rendered":"<p>\u5982\u679c\u4eca\u5929\u73fe\u91d1\u70ba\u738b\uff0c\u90a3\u738b\u570b\u672c\u8eab\u8aaa\u660e\u4e86\u4ec0\u9ebc\u3002\u7576\u4e00\u5bb6\u9802\u5c16\u9280\u884c\u516c\u958b\u504f\u597d T-bills \u8d85\u904e\u5e7e\u4e4e\u6240\u6709\u5176\u4ed6\u8cc7\u7522\uff0c\u9019\u4e0d\u662f\u4e00\u5f35\u5b89\u6170\u6bef\uff0c\u800c\u662f\u4e00\u5f35\u58d3\u529b\u6e2c\u8a66\u7684\u7d50\u679c\u3002Goldman Sachs \u8868\u793a\u5728\u4e2d\u6771\u6230\u4e8b\u98a8\u96aa\u4e0a\u5347\u4e4b\u969b\uff0c\u5f88\u5c11\u6709\u53ef\u9760\u7684\u907f\u98a8\u6e2f\uff0c\u5df2\u5c07\u5009\u4f4d\u8f49\u70ba\u8d85\u914d\u73fe\u91d1\u3002\u9019\u4e0d\u53ea\u662f\u6230\u8853\u4e0a\u7684\u5fae\u8abf\uff0c\u800c\u662f\u5c0d\u5e02\u5834\u7ba1\u9053\u7684\u4e00\u7a2e\u5766\u767d\uff1a\u76f8\u95dc\u6027\u53ef\u80fd\u7ffb\u8f49\uff0c\u5c0d\u6c96\u53ef\u80fd\u5931\u9748\uff0c\u6d41\u52d5\u6027\u53ea\u662f\u597d\u5929\u6c23\u7684\u670b\u53cb\u3002\u90a3\u4e9b\u5728\u7d93\u6fdf\u8870\u9000\u4e2d\u4fdd\u8b77\u6295\u8cc7\u7d44\u5408\u7684\u820a\u6709\u5206\u6563\u5668\uff0c\u53ef\u80fd\u5728\u5730\u7de3\u653f\u6cbb\u80fd\u6e90\u885d\u64ca\u4e0b\u65b7\u88c2\u3002\u6559\u8a13\u7c21\u55ae\u4e14\u4e0d\u53d7\u6b61\u8fce\u3002\u5b89\u5168\u4e0d\u662f\u4e00\u7a2e\u8cc7\u7522\uff0c\u800c\u662f\u4e00\u7a2e\u7cfb\u7d71\u6027\u5c6c\u6027\uff0c\u7576\u6bcf\u500b\u4eba\u90fd\u8dd1\u5411\u540c\u4e00\u500b\u51fa\u53e3\u6642\uff0c\u7cfb\u7d71\u5c31\u6703\u8b8a\u5f97\u8106\u5f31\u3002<\/p>\n<h3>Goldman Sachs \u5728\u6230\u722d\u98a8\u96aa\u4e0b\u8f49\u5411\u73fe\u91d1<\/h3>\n<p>\u8a72\u516c\u53f8\u8cc7\u7522\u914d\u7f6e\u5718\u968a\u5df2\u8f49\u5411\u73fe\u91d1\uff0c\u7406\u7531\u662f\u53ef\u9760\u907f\u98a8\u6e2f\u7a00\u7f3a\u3002\u9019\u4e26\u975e\u4ed6\u5011\u5341\u5e74\u4f86\u7684\u9996\u6b21\u907f\u96aa\u8209\u52d5\u30022016 \u5e74\uff0c\u7576\u4f30\u503c\u8207\u76c8\u5229\u52d5\u80fd\u60e1\u5316\u6642\uff0c\u4ed6\u5011\u66fe\u4e00\u6bb5\u6642\u9593\u5c07\u80a1\u6b0a\u964d\u81f3\u504f\u4f4e\u3002\u73fe\u5728\u7684\u50ac\u5316\u56e0\u7d20\u4e0d\u540c\uff0c\u4f46\u908f\u8f2f\u76f8\u4f3c\u3002\u4e2d\u6771\u885d\u7a81\u63d0\u9ad8\u4e86\u4f9b\u61c9\u4e2d\u65b7\u3001\u80fd\u6e90\u50f9\u683c\u4e0a\u5347\u8207\u91d1\u878d\u689d\u4ef6\u6536\u7dca\u7684\u6982\u7387\u3002Goldman \u7684\u7d93\u6fdf\u5b78\u5bb6\u8b66\u544a\uff0c\u6b50\u6d32\u901a\u904e\u8cbf\u6613\u806f\u7d50\u3001\u9032\u53e3\u80fd\u6e90\u6210\u672c\u8207\u4fe1\u5fc3\u885d\u64ca\u800c\u66dd\u96aa\u3002\u5728\u90a3\u7a2e\u74b0\u5883\u4e0b\uff0c\u73fe\u91d1\u4e0d\u662f\u6210\u9577\u8cc7\u7522\uff1b\u5b83\u662f\u53ef\u9078\u6b0a\u3002\u4f60\u6301\u6709\u73fe\u91d1\uff0c\u56e0\u70ba\u4f60\u7684\u6a21\u578b\u986f\u793a\u5de6\u5c3e\u98a8\u96aa\u525b\u525b\u8b8a\u91cd\u3002<\/p>\n<p>\u6b64\u8209\u4e5f\u662f\u5c0d\u65bc\u9ed8\u8a8d\u7b56\u7565\u53ef\u80fd\u8aa4\u5c04\u7684\u4e00\u7a2e\u627f\u8a8d\u3002\u88ab\u8996\u70ba\u5168\u5929\u5019\u89e3\u6cd5\u7684 60\/40 \u6295\u7d44\uff0c\u501a\u8cf4\u80a1\u7968\u8207\u50b5\u5238\u4e4b\u9593\u7684\u8ca0\u76f8\u95dc\u3002\u5728 2022 \u5e74\uff0c\u96a8\u8457\u901a\u81a8\u4e0a\u5347\uff0c\u5169\u7aef\u540c\u6642\u4e0b\u8dcc\uff0c\u8a72\u76f8\u95dc\u6027\u8f49\u70ba\u6b63\u76f8\u95dc\u3002\u7576\u6cb9\u50f9\u8207\u822a\u904b\u7dda\u8def\u88ab\u727d\u6d89\u6642\uff0c\u6230\u722d\u98a8\u96aa\u672c\u8cea\u4e0a\u5177\u6709\u901a\u81a8\u6027\u3002\u9019\u58d3\u7e2e\u4e86\u50b5\u5238\u6703\u5728\u7d93\u6fdf\u8d70\u58de\u6d88\u606f\u6642\u53cd\u5f48\u7684\u7a7a\u9593\u3002\u6563\u6236\u8ac7\u8a71\u53cd\u6620\u4e86\u540c\u6a23\u53cd\u5c04\u3002\u8d8a\u4f86\u8d8a\u591a\u4eba\u8ac7\u8ad6\u907f\u96aa\u982d\u5bf8\u8207\u73fe\u91d1\u5eab\u5b58\u3002\u4e00\u4e9b\u4eba\u8a8d\u70ba\u5e02\u5834\u53cd\u61c9\u904e\u5ea6\uff0c\u6307\u51fa\u904e\u53bb\u5728\u885d\u64ca\u5f8c\u66fe\u6709\u53cd\u5f48\u3002\u78ba\u5be6\uff0c\u57fa\u6e96\u767c\u751f\u7387\u986f\u793a\u8a31\u591a\u5730\u7de3\u653f\u6cbb\u9a5a\u5687\u5728\u8cc7\u7522\u50f9\u683c\u4e2d\u6703\u6de1\u5316\u3002\u4f46\u57fa\u6e96\u767c\u751f\u7387\u662f\u5e73\u5747\u503c\uff0c\u800c\u5c3e\u90e8\u4e8b\u4ef6\u662f\u53c3\u5dee\u4e0d\u9f4a\u7684\u3002\u904e\u53bb\u62bd\u6a23\u4e2d\u7f3a\u4e4f\u707d\u96e3\u4e26\u4e0d\u8868\u793a\u724c\u7d44\u662f\u5b89\u5168\u7684\u3002<\/p>\n<h3>\u7576\u6bcf\u500b\u4eba\u90fd\u5954\u5411\u907f\u98a8\u6e2f\uff0c\u907f\u98a8\u6e2f\u4e5f\u6703\u5931\u9748<\/h3>\n<p>\u300c\u907f\u98a8\u6e2f\u300d\u9019\u8a5e\u8ca0\u64d4\u5f88\u91cd\uff0c\u4f46\u5176\u6a5f\u5236\u662f\u8106\u5f31\u7684\u3002\u5f9e\u570b\u50b5\u958b\u59cb\u3002\u5b83\u5011\u662f\u6700\u6df1\u5ee3\u7684\u5e02\u5834\uff0c\u7136\u800c\u6211\u5011\u5df2\u898b\u8b58\u5230\u5176\u6975\u9650\u30022019 \u5e74 9 \u6708\uff0c\u8cc7\u91d1\u5e02\u5834\u7dca\u5f35\uff0c\u56de\u8cfc\u5229\u7387\u98c6\u5347\u30022020 \u5e74 3 \u6708\uff0c\u5c0d\u73fe\u91d1\u7684\u6436\u8cfc\u751a\u81f3\u8feb\u4f7f\u4eba\u5011\u62cb\u552e\u570b\u50b5\uff0c\u76f4\u5230 Fed \u51fa\u624b\u5e72\u9810\u70ba\u6b62\u3002\u96a8\u8457\u8d64\u5b57\u8207\u767c\u884c\u91cf\u589e\u52a0\uff0c\u671f\u9650\u6ea2\u50f9\u5df2\u4e0a\u5347\u3002\u505a\u5e02\u5546\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u6bd4 2008 \u5e74\u524d\u66f4\u7dca\uff0c\u7576\u6ce2\u52d5\u98c6\u5347\u6642\uff0c\u9019\u9650\u5236\u4e86\u4e2d\u4ecb\u529f\u80fd\u3002\u82e5\u6230\u722d\u63a8\u9ad8\u6cb9\u50f9\u4e26\u91cd\u65b0\u5b9a\u50f9\u901a\u81a8\u98a8\u96aa\uff0c\u9577\u671f\u516c\u50b5\u53ef\u80fd\u6703\u5931\u53bb\u50f9\u503c\u3002\u9ec3\u91d1\u662f\u5c0d\u8cb6\u503c\u7684\u5c0d\u6c96\uff0c\u76f4\u5230\u8cc7\u91d1\u7dca\u7e2e\u8feb\u4f7f\u6295\u8cc7\u8005\u51fa\u552e\u8d0f\u5bb6\u4ee5\u6eff\u8db3\u4fdd\u8b49\u91d1\u8981\u6c42\u3002\u7f8e\u5143\u7d93\u5e38\u5728\u98a8\u96aa\u8cc7\u7522\u4e0b\u8dcc\u6642\u8d70\u5f37\uff0c\u4f46\u7576\u885d\u64ca\u504f\u5411\u901a\u81a8\u800c\u975e\u7d14\u7cb9\u6210\u9577\u9762\u6642\uff0c\u5176\u8207\u80a1\u7968\u7684\u53cd\u5411\u806f\u7e6b\u53ef\u80fd\u8b8a\u5f31\u3002\u6551\u751f\u8247\u5728\u6574\u7fa4\u4eba\u540c\u6642\u8df3\u5165\u6642\u4e5f\u53ea\u662f\u5b89\u5168\u7684\uff0c\u76f4\u5230\u90a3\u6642\u3002<\/p>\n<p>\u6d41\u52d5\u6027\u50cf\u4fe1\u4efb\u4e00\u6a23\uff0c\u662f\u4e00\u7a2e\u6e67\u73fe\u6027\u5c6c\u6027\u3002\u7576\u8a31\u591a\u5c0f\u6c7a\u5b9a\u5c0d\u9f4a\u6642\u5b83\u5c31\u5b58\u5728\uff0c\u7576\u9019\u4e9b\u6c7a\u5b9a\u4e0d\u5c0d\u9f4a\u6642\u5b83\u4fbf\u84b8\u767c\u3002ETF \u770b\u4f86\u50cf\u6d41\u52d5\u6027\u7684\u5305\u88dd\u5668\uff0c\u76f4\u5230\u5176\u5e95\u5c64\u8cc7\u7522\u51fa\u73fe\u7f3a\u53e3\u3001\u6ea2\u50f9\u6216\u6298\u50f9\u64f4\u5927\u70ba\u6b62\u3002\u57fa\u5dee\u4ea4\u6613\u5728\u5c0f\u5229\u5dee\u4e0a\u8301\u58ef\uff0c\u76f4\u5230\u6ce2\u52d5\u8feb\u4f7f\u53bb\u98a8\u96aa\u5316\u3002\u6ce2\u52d5\u7387\u76ee\u6a19\u3001\u98a8\u96aa\u5e73\u50f9\u8207\u98a8\u96aa\u50f9\u503c\u95be\u503c\u6703\u5728\u8ce3\u76e4\u4e2d\u81ea\u52d5\u5207\u5272\u655e\u53e3\uff0c\u653e\u5927\u6ce2\u52d5\u3002\u6211\u5011\u5728 1987 \u5e74\u7684\u6295\u8cc7\u7d44\u5408\u4fdd\u96aa\u30011998 \u5e74\u7684 LTCM\uff0c\u4ee5\u53ca\u8fd1\u5e74\u50b5\u5238\u62cb\u552e\u7684\u5c0f\u898f\u6a21\u7248\u672c\u4e2d\u898b\u904e\u9019\u9f63\u6232\u3002\u67b6\u69cb\u6bd4\u4ee5\u524d\u66f4\u5177\u97cc\u6027\uff0c\u4f46\u7cfb\u7d71\u4ecd\u5c07\u98a8\u96aa\u96c6\u4e2d\u5728\u505a\u5e02\u5546\u8cc7\u7522\u8ca0\u50b5\u8868\u3001\u4fdd\u8b49\u91d1\u898f\u5247\u8207\u653f\u7b56\u5f8c\u5099\u4e0a\u3002\u4f9d\u8cf4\u90a3\u4e9b\u5f8c\u5099\u8207\u771f\u6b63\u6709\u4e00\u500b\u5c0d\u6c96\u4e26\u975e\u4e00\u6a23\u3002<\/p>\n<p>\u535a\u5f08\u8ad6\u7121\u60c5\u3002\u8cc7\u7522\u914d\u7f6e\u8005\u9762\u81e8\u4e00\u5834 stag hunt\u3002\u5982\u679c\u6bcf\u500b\u4eba\u90fd\u4fdd\u6301\u6295\u8cc7\uff0c\u591a\u5143\u5316\u6295\u7d44\u6703\u52dd\u51fa\u3002\u4f46\u5982\u679c\u5920\u591a\u53c3\u8207\u8005\u5954\u5411\u73fe\u91d1\uff0c\u5176\u4ed6\u4eba\u8981\u9ebc\u8ddf\u96a8\uff0c\u8981\u9ebc\u627f\u53d7\u8077\u696d\u98a8\u96aa\u3002\u56da\u5f92\u56f0\u5883\u64ca\u6557\u8b39\u614e\u3002\u90a3\u7a2e\u7f8a\u7fa4\u6548\u61c9\u63d0\u9ad8\u77ed\u671f\u5229\u7387\uff0c\u6536\u7dca\u91d1\u878d\u689d\u4ef6\uff0c\u62ac\u5347\u501f\u6b3e\u8005\u7684\u52a0\u6b0a\u5e73\u5747\u8cc7\u672c\u6210\u672c\u3002\u8cc7\u672c\u652f\u51fa\u653e\u7de9\u3002\u62db\u8058\u505c\u6eef\u3002\u82e5\u80fd\u6e90\u50f9\u683c\u4e0a\u5347\u540c\u6642\u6210\u9577\u4e0b\u6ed1\u4e14\u9280\u884c\u6536\u7dca\u8cb8\u6b3e\uff0c\u6b50\u6d32\u5c07\u9762\u81e8\u66f4\u5c16\u92b3\u7684\u7248\u672c\u3002\u7d05\u6d77\u8207\u970d\u723e\u6728\u8332\u6d77\u5cfd\u7684\u822a\u904b\u7dda\u8def\u5e36\u4f86\u7684\u4fdd\u96aa\u8cbb\u7387\u6703\u5728\u982d\u689d\u51fa\u73fe\u6642\u8df3\u5347\u3002\u5373\u4fbf\u5347\u7d1a\u7684\u6982\u7387\u4f4e\uff0c\u4e5f\u6703\u5c0d\u4f9b\u61c9\u93c8\u65bd\u52a0\u6210\u672c\u3002\u7136\u5f8c\u4e2d\u592e\u9280\u884c\u9762\u81e8\u66f4\u7cdf\u7684\u6b0a\u8861\uff1a\u7de9\u885d\u6210\u9577\uff0c\u6216\u9396\u5b9a\u901a\u81a8\u9810\u671f\u3002\u7121\u8ad6\u54ea\u4e00\u7a2e\uff0c\u88ab\u8a8d\u70ba\u7684\u907f\u98a8\u6e2f\u6240\u80fd\u505a\u7684\u4e8b\u90fd\u6e1b\u5c11\u4e86\u3002<\/p>\n<p>\u73fe\u91d1\u4e0d\u662f\u9053\u5fb7\u52dd\u5229\u3002\u5b83\u662f\u4e00\u7a2e\u95dc\u65bc\u51f8\u6027\u7684\u9673\u8ff0\u3002\u7528\u6578\u5b78\u4f86\u8aaa\uff0c\u4f60\u4eca\u65e5\u652f\u4ed8\u6a5f\u6703\u6210\u672c\u4ee5\u907f\u514d\u660e\u65e5\u7684\u5de6\u5c3e\u640d\u5931\u3002\u7528\u5e02\u5834\u8a9e\u8a00\u4f86\u8aaa\uff0c\u4f60\u627f\u8a8d\u6295\u7d44\u7684\u907f\u9707\u5668\u770b\u8d77\u4f86\u8584\u5f31\u3002\u5982\u679c\u7528\u4f86\u5728\u88ab\u8feb\u8ce3\u65b9\u51fa\u73fe\u6642\u8cb7\u5165\u8cc7\u7522\uff0c\u73fe\u91d1\u53ef\u4ee5\u6539\u5584\u97cc\u6027\u3002\u4f46\u5927\u898f\u6a21\u56e4\u7a4d\u73fe\u91d1\u6703\u81ea\u751f\u8106\u5f31\u3002\u5b83\u5f9e\u98a8\u96aa\u5e02\u5834\u62bd\u4e7e\u6d41\u52d5\u6027\uff0c\u63d0\u9ad8\u6298\u73fe\u7387\uff0c\u4e26\u4e14\u53ef\u80fd\u6210\u70ba\u81ea\u6211\u5be6\u73fe\u7684\u884c\u70ba\u3002\u4fdd\u8b77\u55ae\u4e00\u6295\u7d44\u7684\u76f8\u540c\u884c\u70ba\uff0c\u53ef\u80fd\u6703\u58d3\u8feb\u90a3\u500b\u8ce6\u4e88\u73fe\u91d1\u8cfc\u8cb7\u529b\u7684\u7cfb\u7d71\u3002\u9019\u6096\u8ad6\u7531\u4f86\u5df2\u4e45\u3002\u4e00\u500b\u793e\u6703\u8d8a\u8a66\u5716\u628a\u67d0\u7269\u8b8a\u5f97\u7d55\u5c0d\u5b89\u5168\uff0c\u5c31\u8d8a\u6703\u628a\u98a8\u96aa\u5c0e\u5411\u8106\u5f31\u7684\u9ede\u4e0a\u3002<\/p>\n<p>\u6b77\u53f2\u4e0d\u63d0\u4f9b\u4e7e\u6de8\u7684\u5730\u5716\uff0c\u53ea\u6709\u6a5f\u7387\u3002\u7b2c\u4e00\u6b21\u6d77\u7063\u6230\u722d\u5f8c\uff0c\u96a8\u8457\u4e0d\u78ba\u5b9a\u6027\u6d88\u9000\uff0c\u5e02\u5834\u4e0a\u63da\u3002\u4fc4\u7f85\u65af\u9032\u5165\u514b\u91cc\u7c73\u4e9e\u5f8c\uff0c\u50f9\u683c\u4e0a\u7684\u885d\u64ca\u6bd4\u5730\u7de3\u653f\u6cbb\u5728\u5730\u9762\u7684\u9032\u5c55\u66f4\u5feb\u6de1\u5316\u3002\u70cf\u514b\u862d\u5165\u4fb5\u5f8c\uff0c\u80fd\u6e90\u8207\u98df\u54c1\u885d\u64ca\u6301\u7e8c\u5b58\u5728\uff0c\u4e2d\u592e\u9280\u884c\u5728\u5176\u4e2d\u52a0\u7dca\u7dca\u7e2e\u3002\u6559\u8a13\u662f\u5c07\u8def\u5f91\u8207\u76ee\u7684\u5730\u5206\u958b\u770b\u3002\u5e02\u5834\u53ef\u4ee5\u56e0\u6551\u6fdf\u6d88\u606f\u800c\u53cd\u5f48\uff0c\u537b\u4e0d\u4e00\u5b9a\u4fee\u5fa9\u904e\u7a0b\u4e2d\u66b4\u9732\u51fa\u7684\u8584\u5f31\u63a5\u9ede\u3002\u82e5\u6709\u4ec0\u9ebc\u7684\u8a71\uff0c\u5feb\u901f\u53cd\u5f48\u53ef\u80fd\u6ecb\u751f\u65b0\u7684\u81ea\u6eff\uff0c\u4e26\u70ba\u4e0b\u4e00\u6b21\u76f8\u95dc\u6027\u5d29\u88c2\u5728\u4e0d\u540c\u885d\u64ca\u4f86\u81e8\u6642\u92ea\u8def\u3002<\/p>\n<p>\u6297\u8106\u5f31\u8981\u6c42\u6bd4\u505c\u8eca\u4f4d\u88e1\u7684\u4e00\u7247\u73fe\u91d1\u66f4\u8271\u96e3\u3002\u5b83\u8981\u6c42\u80fd\u5f9e\u6df7\u4e82\u4e2d\u7372\u76ca\u7684\u8a2d\u8a08\u3002\u5be6\u52d9\u4e0a\u9019\u610f\u5473\u8457\u4f4e\u69d3\u687f\u3001\u5197\u9918\u3001\u5f48\u6027\u4efb\u52d9\u7bc4\u570d\uff0c\u4ee5\u53ca\u4e0d\u4f9d\u8cf4\u55ae\u4e00\u8def\u5f91\u50b3\u5c0e\u7684\u975e\u5c0d\u7a31\u5de5\u5177\u3002\u9019\u610f\u5473\u8457\u63a5\u53d7\u5c0f\u800c\u5df2\u77e5\u7684\u6210\u672c\uff0c\u4ee5\u63db\u53d6\u907f\u514d\u5de8\u5927\u4e14\u672a\u77e5\u7684\u640d\u5931\u3002\u5de5\u7a0b\u5b78\u63d0\u4f9b\u4e86\u96b1\u55bb\u3002\u4e00\u5ea7\u6a4b\u4e0d\u6703\u6307\u671b\u98a8\u505c\u6b62\uff0c\u5b83\u4ee5\u5b89\u5168\u908a\u969b\u8207\u963b\u5c3c\u5668\u5efa\u9020\uff0c\u8b93\u632f\u76ea\u4e0d\u6703\u540c\u6b65\u4e26\u628a\u6a4b\u6495\u88c2\u3002\u91d1\u878d\u7cfb\u7d71\u9700\u8981\u76f8\u540c\u7684\u5fc3\u614b\u3002\u5c64\u6b21\u3001\u7de9\u885d\uff0c\u4ee5\u53ca\u6c92\u6709\u55ae\u4e00\u6545\u969c\u9ede\u3002<\/p>\n<p>\u61c9\u95dc\u6ce8\u7684\u4e0d\u662f\u982d\u689d\u6578\u5b57\uff0c\u800c\u662f\u9ad4\u5236\u3002\u8de8\u8cc7\u7522\u76f8\u95dc\u6027\u7684\u8b8a\u5316\u3002\u56de\u8cfc\u8207\u57fa\u5dee\u5e02\u5834\u7684\u8cc7\u91d1\u58d3\u529b\u3002\u570b\u50b5\u5e02\u5834\u6df1\u5ea6\u76f8\u5c0d\u65bc\u767c\u884c\u91cf\u7684\u60c5\u6cc1\u3002\u4fe1\u8cb8 ETF \u4e2d\u7d19\u4e0a\u6d41\u52d5\u6027\u8207\u5e95\u5c64\u53ef\u4ea4\u6613\u6027\u4e4b\u9593\u7684\u5229\u5dee\u3002\u5be6\u9ad4\u7d93\u6fdf\u4e2d\u6536\u7dca\u7684\u4fe1\u865f\uff0c\u7279\u5225\u662f\u6b50\u6d32\u53d7\u80fd\u6e90\u66dd\u96aa\u90e8\u9580\u7684\u60c5\u6cc1\u3002\u5e02\u5834\u53ef\u4ee5\u4e5f\u6703\u5728\u66f4\u597d\u7684\u6d88\u606f\u4e0b\u53cd\u5f48\u3002\u4f46\u7d50\u69cb\u6027\u6545\u4e8b\u4ecd\u5728\u3002\u5982\u679c\u4e00\u5bb6\u9818\u5148\u9280\u884c\u504f\u597d\u73fe\u91d1\u7684\u53ef\u9078\u6b0a\uff0c\u56e0\u70ba\u5e7e\u4e4e\u6c92\u6709\u907f\u98a8\u6e2f\uff0c\u554f\u984c\u6bd4\u6700\u65b0\u7684\u9583\u9ede\u9084\u8981\u9f90\u5927\u3002\u5b89\u5168\u4e0d\u662f\u627e\u5230\u7684\u6771\u897f\uff0c\u800c\u662f\u5efa\u9020\u51fa\u4f86\u7684\u3002\u5b83\u4f86\u81ea\u4f60\u5728\u98a8\u8d77\u4e4b\u524d\u6240\u8a2d\u8a08\u7684\u7cfb\u7d71\uff0c\u800c\u4e0d\u662f\u4f60\u5728\u98a8\u8d77\u4e4b\u5f8c\u6240\u8ffd\u6c42\u7684\u627f\u8afe\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Goldman Sachs \u5728\u6230\u4e8b\u98a8\u96aa\u5347\u6eab\u4e0b\u8f49\u70ba\u6301\u6709\u73fe\u91d1\uff0c\u51f8\u986f\u50b3\u7d71\u907f\u96aa\u8cc7\u7522\u7684\u8106\u5f31\u6027\u4ee5\u53ca\u69cb\u5efa\u97cc\u6027\u91d1\u878d\u9ad4\u7cfb\u7684\u91cd\u8981\u6027\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":[793,2176,1122],"class_list":["post-627267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news-zh-hant","tag-793","tag-2176","tag-1122"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/627267","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=627267"}],"version-history":[{"count":1,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/627267\/revisions"}],"predecessor-version":[{"id":627280,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/627267\/revisions\/627280"}],"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=627267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=627267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=627267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}