{"id":636235,"date":"2026-05-11T03:21:50","date_gmt":"2026-05-11T10:21:50","guid":{"rendered":"https:\/\/nai500.com\/?p=636235"},"modified":"2026-05-11T05:01:29","modified_gmt":"2026-05-11T12:01:29","slug":"8-28","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/05\/8-28\/","title":{"rendered":"\u4eba\u6c11\u5e63\u5347\u503c\u758a\u52a0\u4e00\u5e36\u4e00\u8def\uff0c\u9019 8 \u53ea\u4e2d\u570b\u80a1\u7968\u76f4\u63a5\u53d7\u76ca"},"content":{"rendered":"

\u6838\u5fc3\u89c0\u9ede<\/strong>\uff1a\u4e2d\u7f8e\u5cf0\u6703\u524d\u5915\uff0c\u4eba\u6c11\u5e63\u532f\u7387\u5275\u4e0b\u4e09\u5e74\u65b0\u9ad8\uff0c\u8207\u901a\u7e2e\u58d3\u529b\u7de9\u548c\u5f62\u6210\u96d9\u91cd\u5171\u632f\uff0c\u70ba\u4e2d\u570b\u5168\u7403\u5316\u4f01\u696d\u5e36\u4f86\u76c8\u5229\u8207\u4f30\u503c\u96d9\u91cd\u4fee\u5fa9\u3002\u758a\u52a0 “\u4e00\u5e36\u4e00\u8def” \u6301\u7e8c\u91cb\u653e\u7684\u842c\u5104\u7d1a\u9700\u6c42\uff0c8 \u5bb6\u5168\u7403\u9818\u5148\u7684\u4e2d\u570b\u9f8d\u982d\u4f01\u696d\u5c07\u76f4\u63a5\u53d7\u76ca\uff0c\u8fce\u4f86\u65b0\u4e00\u8f2a\u6210\u9577\u9031\u671f\u3002<\/p>\n

2026 \u5e74 5 \u6708 7 \u65e5\uff0c\u96e2\u5cb8\u4eba\u6c11\u5e63\u514c\u7f8e\u5143\u7a81\u7834 6.80\uff0c\u5275\u4e0b 2023 \u5e74 2 \u6708\u4ee5\u4f86\u65b0\u9ad8\uff0c\u5e74\u5167\u7d2f\u8a08\u5347\u503c\u8d85 2.5%\uff0c\u5728\u5168\u7403\u975e\u7f8e\u8ca8\u5e63\u4e2d\u8868\u73fe\u7a81\u51fa\u3002\u672c\u8f2a\u4eba\u6c11\u5e63\u8d70\u5f37\u7531\u7f8e\u5143\u8d70\u5f31\u3001\u51fa\u53e3\u8d85\u9810\u671f\u5171\u540c\u652f\u6490\uff0c\u758a\u52a0\u592e\u884c\u4ee5\u5f37\u52e2\u4e2d\u9593\u50f9\u7a69\u9810\u671f\u3001\u6536\u7a84\u532f\u7387\u6ce2\u52d5\u3001\u6291\u5236\u5e02\u5834\u6295\u6a5f\uff0c\u8d70\u52e2\u5177\u5099\u5805\u5be6\u57fa\u672c\u9762\u8207\u653f\u7b56\u652f\u6490\u3002\u800c\u4eba\u6c11\u5e63\u5347\u503c\u5c0d\u4f01\u696d\u5f62\u6210\u591a\u91cd\u5229\u597d\uff0c\u65e2\u80fd\u6e1b\u5c11\u6d77\u5916\u532f\u514c\u640d\u8017\u3001\u58d3\u4f4e\u9032\u53e3\u539f\u6599\u6210\u672c\u3001\u7de9\u91cb\u7f8e\u5143\u511f\u50b5\u58d3\u529b\uff0c\u4e5f\u80fd\u7a69\u5b9a\u4e00\u5e36\u4e00\u8def\u9805\u76ee\u878d\u8cc7\u8207\u5408\u7d04\u5b9a\u50f9\uff1b\u758a\u52a0\u570b\u5167 CPI\u3001PPI \u74b0\u6bd4\u8f49\u6b63\uff0c\u901a\u7e2e\u58d3\u529b\u653e\u7de9\uff0c\u4f01\u696d\u5b9a\u50f9\u80fd\u529b\u56de\u6696\uff0c\u532f\u7387\u8d70\u5f37\u8207\u901a\u7e2e\u7de9\u548c\u5f62\u6210\u5171\u632f\uff0c\u70ba\u884c\u696d\u6bdb\u5229\u7387\u6539\u5584\u5275\u9020\u6709\u5229\u689d\u4ef6\u3002<\/p>\n

\u4e00\u5e36\u4e00\u8def\u6301\u7e8c\u70ba\u4e2d\u570b\u4f01\u696d\u6253\u958b\u589e\u91cf\u5e02\u5834\uff0c2026 \u5e74\u4e00\u5b63\u5ea6\u5c0d\u5171\u5efa\u570b\u5bb6\u9032\u51fa\u53e3\u898f\u6a21\u9996\u7834 6 \u842c\u5104\u5143\uff0c\u540c\u6bd4\u589e\u9577 14.2%\uff0c\u5360\u5916\u8cbf\u7e3d\u91cf\u6bd4\u91cd\u904e\u534a\u3002\u76ee\u524d\u5df2\u6709\u8d85\u767e\u500b\u570b\u5bb6\u53ca\u570b\u969b\u7d44\u7e54\u53c3\u8207\u5171\u5efa\uff0c\u570b\u4f01\u9818\u929c\u57fa\u5efa\u843d\u5730\uff0c\u6c11\u4f01\u5728\u8a2d\u5099\u4f9b\u7d66\u3001\u6578\u5b57\u670d\u52d9\u3001\u5de5\u7a0b\u627f\u5305\u7b49\u9818\u57df\u5feb\u901f\u5d1b\u8d77\u3002\u4eba\u6c11\u5e63\u9032\u4e00\u6b65\u8d70\u5f37\u9084\u653e\u5927\u4e86\u4e00\u5e36\u4e00\u8def\u7d05\u5229\uff0c\u6709\u6548\u964d\u4f4e\u4f01\u696d\u5c0d\u6c96\u6210\u672c\u3001\u58d3\u7e2e\u9805\u76ee\u98a8\u96aa\u6ea2\u50f9\u3001\u52a9\u63a8\u4eba\u6c11\u5e63\u8de8\u5883\u7d50\u7b97\u666e\u53ca\uff0c\u540c\u6642\u63d0\u5347\u4e2d\u4f01\u570b\u969b\u7af6\u6a19\u512a\u52e2\uff0c\u6210\u70ba\u5c0d\u6c96\u6d77\u5916\u5e02\u5834\u6ce2\u52d5\u3001\u652f\u6490\u4e2d\u570b\u7522\u696d\u9577\u671f\u51fa\u6d77\u7684\u7a69\u5b9a\u9700\u6c42\u57fa\u77f3\u3002<\/p>\n

\u516b\u5927\u6838\u5fc3\u53d7\u76ca\u6a19\u7684\u5168\u89e3\u6790<\/h2>\n

\u5728\u96d9\u91cd\u5229\u597d\u52a0\u6301\u4e0b\uff0c\u4ee5\u4e0b 8 \u5bb6\u4e2d\u570b\u4f01\u696d\u6191\u85c9\u6280\u8853\u3001\u898f\u6a21\u548c\u7522\u696d\u93c8\u512a\u52e2\uff0c\u6709\u671b\u5be6\u73fe\u696d\u7e3e\u8207\u4f30\u503c\u96d9\u5347\uff1a<\/p>\n

    \n
  1. \u5be7\u5fb7\u6642\u4ee3<\/strong> (300750.SZ)<\/strong>\uff1a\u5168\u7403\u52d5\u529b\u96fb\u6c60\u7d55\u5c0d\u9f8d\u982d\uff0c\u5e02\u5360\u7387\u7d04 38%\u3002\u5308\u7259\u5229\u3001\u897f\u73ed\u7259\u5de5\u5ee0\u5be6\u73fe\u6b50\u5143\u6536\u5165\u8207\u6210\u672c\u5339\u914d\uff0c\u6709\u6548\u5c0d\u6c96\u532f\u7387\u98a8\u96aa\u3002\u4e00\u5b63\u5ea6\u71df\u6536 1291.31 \u5104\u5143\uff0c\u540c\u6bd4\u589e\u9577 52.45%\uff0c\u9ad8\u5206\u7d05\u5f70\u986f\u5f37\u52c1\u73fe\u91d1\u6d41\u3002<\/li>\n
  2. \u963f\u88e1\u5df4\u5df4 (BABA)<\/a><\/strong>\uff1a\u570b\u969b\u696d\u52d9\u6536\u5165\u540c\u6bd4\u589e\u9577 36%\uff0c\u8de8\u5883\u96fb\u5546\u8207\u96f2\u8a08\u7b97\u96d9\u8f2a\u9a45\u52d5\u3002\u963f\u88e1\u96f2\u5c07\u4e2d\u570b\u8d85\u5927\u898f\u6a21\u5de5\u7a0b\u80fd\u529b\u8f38\u51fa\u7d66\u5168\u7403\u4e2d\u5c0f\u4f01\u696d\uff0c\u4eba\u6c11\u5e63\u5347\u503c\u964d\u4f4e\u5546\u5bb6\u63a5\u5165\u6210\u672c\u548c\u532f\u514c\u640d\u5931\u3002<\/li>\n
  3. \u9a30\u8a0a\u63a7\u80a1<\/strong> (0700.HK)<\/strong>\uff1a\u5e02\u503c\u8fd1 5940 \u5104\u7f8e\u5143\uff0c\u570b\u5167\u904a\u6232\u6536\u5165\u589e\u9577 23%\u3002\u6771\u5357\u4e9e\u91d1\u878d\u79d1\u6280\u548c\u5167\u5bb9\u5e73\u81fa\u52a0\u901f\u8b8a\u73fe\uff0c\u8de8\u5883\u652f\u4ed8\u7db2\u7d61\u70ba\u4e2d\u570b\u4f01\u696d\u51fa\u6d77\u63d0\u4f9b\u91d1\u878d\u57fa\u790e\u8a2d\u65bd\u652f\u6301\u3002<\/li>\n
  4. \u4eac\u6771 (JD)<\/a><\/strong>\uff1a\u4e16\u754c\u7d1a\u7269\u6d41\u7db2\u7d61\u5e6b\u52a9\u54c1\u724c\u7e2e\u77ed\u5eab\u5b58\u548c\u73fe\u91d1\u5468\u8f49\u9031\u671f\uff0c\u5f9e\u96f6\u552e\u5546\u8f49\u578b\u70ba\u5168\u7403\u4f9b\u61c9\u93c8\u670d\u52d9\u5546\u3002\u570b\u969b\u7bc0\u9ede\u5efa\u8a2d\u4f7f\u5176\u6210\u70ba\u4e2d\u570b\u6548\u7387\u6a21\u5f0f\u7684\u8f38\u51fa\u8005\u3002<\/li>\n
  5. PDD Holdings(PDD)<\/strong>\uff1a\u62fc\u591a\u591a\u548c Temu \u6bcd\u516c\u53f8\uff0c\u91cd\u5851\u5168\u7403\u50f9\u683c\u767c\u73fe\u6a5f\u5236\u3002\u4f4e\u6210\u672c\u6a21\u5f0f\u548c\u5168\u7403\u64f4\u5f35\u901f\u5ea6\u9818\u5148\uff0c\u63a1\u8cfc\u898f\u6a21\u512a\u52e2\u5728\u901a\u7e2e\u74b0\u5883\u4e0b\u9032\u4e00\u6b65\u653e\u5927\u3002<\/li>\n
  6. \u851a\u4f86 (NIO)<\/a><\/strong>\uff1a\u96fb\u6c60\u79df\u7528\u670d\u52d9 (BaaS) \u6a21\u5f0f\u964d\u4f4e\u8cfc\u8eca\u9580\u6abb\uff0c\u901a\u904e\u8a02\u95b1\u6536\u5165\u7a69\u5b9a\u73fe\u91d1\u6d41\u3002\u4eba\u6c11\u5e63\u5347\u503c\u6539\u5584\u79df\u8cc3\u548c\u6b98\u503c\u6a21\u578b\u53ef\u9760\u6027\uff0c\u964d\u4f4e\u8ca1\u52d9\u6210\u672c\u3002<\/li>\n
  7. \u7db2\u6613<\/strong> (NTES)<\/strong>\uff1a\u5e02\u503c\u8fd1 966.4 \u5104\u7f8e\u5143\uff0c\u5168\u7403\u904a\u6232\u5167\u5bb9\u5de8\u982d\u3002\u81ea\u4e3b IP \u548c\u5168\u7403\u5408\u4f5c\u5925\u4f34\u95dc\u4fc2\u964d\u4f4e\u9031\u671f\u6ce2\u52d5\uff0c\u4eba\u6c11\u5e63\u5347\u503c\u6e1b\u5c11\u6d77\u5916\u6536\u5165\u532f\u514c\u640d\u5931\u3002<\/li>\n
  8. \u6bd4\u4e9e\u8fea<\/strong> (1211.HK)<\/strong>\uff1a\u96fb\u52d5\u6c7d\u8eca\u548c\u5132\u80fd\u9818\u57df\u5782\u76f4\u6574\u5408\u512a\u52e2\u986f\u8457\u3002\u5927\u90e8\u5206\u6210\u672c\u4ee5\u4eba\u6c11\u5e63\u8a08\u50f9\uff0c\u5347\u503c\u63d0\u5347\u51fa\u53e3\u7522\u54c1\u7af6\u722d\u529b\uff0c\u96fb\u52d5\u5df4\u58eb\u5728\u5168\u7403\u5c55\u793a\u7e3d\u64c1\u6709\u6210\u672c\u512a\u52e2\u3002<\/li>\n<\/ol>\n

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