{"id":657673,"date":"2026-08-17T22:30:32","date_gmt":"2026-08-18T05:30:32","guid":{"rendered":"https:\/\/nai500.com\/?p=657673"},"modified":"2026-08-17T22:30:32","modified_gmt":"2026-08-18T05:30:32","slug":"%e9%ab%98%e7%9b%9b%e8%ad%a6%e5%91%8a%e7%be%8e%e5%9c%8b%e6%b6%88%e8%b2%bb%e9%99%8d%e9%80%9f%e5%9c%a8%e5%8d%b3%e6%b2%83%e7%88%be%e7%91%aa%e8%b2%a1%e5%a0%b1%e6%88%90%e8%bb%9f%e8%91%97%e9%99%b8%e9%97%9c","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/08\/%e9%ab%98%e7%9b%9b%e8%ad%a6%e5%91%8a%e7%be%8e%e5%9c%8b%e6%b6%88%e8%b2%bb%e9%99%8d%e9%80%9f%e5%9c%a8%e5%8d%b3%e6%b2%83%e7%88%be%e7%91%aa%e8%b2%a1%e5%a0%b1%e6%88%90%e8%bb%9f%e8%91%97%e9%99%b8%e9%97%9c\/","title":{"rendered":"\u9ad8\u76db\u8b66\u544a\u7f8e\u570b\u6d88\u8cbb\u964d\u901f\u5728\u5373\uff0c\u6c83\u723e\u746a\u8ca1\u5831\u6210\u8edf\u8457\u9678\u95dc\u9375\u98a8\u5411\u6a19"},"content":{"rendered":"<p>\u7531\u8cc7\u6df1\u7d93\u6fdf\u5b78\u5bb6Jan Hatzius\u9818\u929c\u7684<a href=\"https:\/\/nai500.com\/zh-hant\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%a9%a2\/?qm_symbol=gs\">\u9ad8\u76db<\/a>\u5718\u968a\u5728\u6700\u65b0\u5831\u544a\u4e2d\u6307\u51fa\uff0c\u7b2c\u4e8c\u5b63\u5ea6\u9762\u5411\u6d88\u8cbb\u8005\u7684\u7f8e\u570b\u4f01\u696d\u92b7\u552e\u984d\u4fdd\u6301\u5065\u5eb7\u589e\u9577\u3002\u53d7\u9000\u7a05\u898f\u6a21\u9ad8\u65bc\u539f\u5148\u8a08\u5283\u7684\u63a8\u52d5\uff0c\u6a19\u666e500\u6307\u6578\u975e\u5fc5\u9700\u6d88\u8cbb\u54c1\u6210\u5206\u516c\u53f8\u4e2d\u4f4d\u6578\u57fa\u6e96\u7684\u7b2c\u4e8c\u5b63\u5ea6\u92b7\u552e\u984d\u540c\u6bd4\u589e\u95775.9%\uff0c\u5fc5\u9700\u6d88\u8cbb\u54c1\u4f01\u696d\u4e2d\u4f4d\u6578\u92b7\u552e\u984d\u589e\u95773.9%\u3002\u6d88\u8cbb\u8005\u652f\u51fa\u7684\u5f37\u52c1\u8868\u73fe\u5177\u6709\u5ee3\u6cdb\u6027\uff0c\u9762\u5411\u4f4e\u6536\u5165\u548c\u9ad8\u6536\u5165\u6d88\u8cbb\u8005\u7684\u4f01\u696d\uff0c\u5176\u540c\u5e97\u92b7\u552e\u984d\u6307\u6a19\u5747\u51fa\u73fe\u52a0\u901f\u589e\u9577\u3002<\/p>\n<p>\u4e0d\u904e\uff0c\u524d\u65b9\u5df2\u73fe\u9670\u96f2\u3002Hatzius\u5718\u968a\u9810\u8a08\uff0c\u4e0b\u534a\u5e74\u5be6\u969b\u6d88\u8cbb\u589e\u901f\u5c07\u964d\u81f31%\u81f31.5%\uff0c\u672c\u8cea\u4e0a\u662f\u5f9e\u6625\u5b63\u7570\u5e38\u5f37\u52c1\u7684\u9000\u7a05\u9a45\u52d5\u72c0\u614b\u56de\u843d\u81f3\u66f4\u53ef\u6301\u7e8c\u6c34\u5e73\u30027\u6708\u96f6\u552e\u92b7\u552e\u74b0\u6bd4\u4e0b\u964d0.6%\uff0c\u527514\u500b\u6708\u6700\u5927\u8dcc\u5e45\uff0c\u8207GDP\u6838\u7b97\u95dc\u806f\u5ea6\u66f4\u9ad8\u7684\u63a7\u5236\u7d44\u92b7\u552e\u4e0b\u964d0.4%\u3002\u4f46\u5176\u4e2d\u78ba\u6709Prime Day\u63d0\u524d\u81f36\u6708\u3001\u6b64\u524d\u8d85\u984d\u9000\u7a05\u900f\u652f\u6d88\u8cbb\u7b49\u6280\u8853\u6027\u56e0\u7d20\uff0c\u4e14\u4e8c\u5b63\u5ea6\u7f8e\u570b\u5be6\u969bGDP\u4ecd\u6309\u5e74\u7387\u589e\u95771.5%\uff0c\u500b\u4eba\u6d88\u8cbb\u652f\u51fa\u5247\u589e\u95773.2%\u3002<\/p>\n<h2>\u96f6\u552e\u5de8\u982d\u8ca1\u5831\u5b63\u958b\u555f\uff0c\u8edf\u8457\u9678\u8def\u5f91\u8fce\u4f86\u95dc\u9375\u9a57\u8b49<\/h2>\n<p>\u672c\u5468\u958b\u555f\u7684\u4ee5\u6c83\u723e\u746a(<a href=\"https:\/\/nai500.com\/zh-hant\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%a9%a2\/?qm_symbol=wmt\">WMT<\/a>)\u3001\u5854\u5409\u7279(<a href=\"https:\/\/nai500.com\/zh-hant\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%a9%a2\/?qm_symbol=tgt\">TGT<\/a>)\u7b49\u96f6\u552e\u5de8\u982d\u696d\u7e3e\u70ba\u6838\u5fc3\u7684\u8ca1\u5831\u5b63\uff0c\u6210\u70ba\u9a57\u8b49\u7f8e\u570b\u7d93\u6fdf\u80fd\u5426\u7e7c\u7e8c\u8d70\u5411\u201c\u8edf\u800c\u4e0d\u8870\u201d\u8def\u5f91\u7684\u6700\u91cd\u8981\u5fae\u89c0\u7a97\u53e3\u4e4b\u4e00\u3002\u9ad8\u76db\u6709\u95dc\u4e0b\u534a\u5e74\u6d88\u8cbb\u652f\u51fa\u653e\u7de9\u7684\u5224\u65b7\uff0c\u5c07\u63a5\u53d7\u4f86\u81ea\u5bb6\u5f97\u5bf6(<a href=\"https:\/\/nai500.com\/zh-hant\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%a9%a2\/?qm_symbol=hd\">HD<\/a>)\u3001\u52de\u6c0f(<a href=\"https:\/\/nai500.com\/zh-hant\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%a9%a2\/?qm_symbol=low\">LOW<\/a>)\u4ee5\u53ca\u6c83\u723e\u746a\u8207\u5854\u5409\u7279\u8ca1\u5831\u548c\u696d\u7e3e\u5c55\u671b\u7684\u91cd\u8981\u6aa2\u9a57\u3002\u5fb7\u610f\u5fd7\u9280\u884c\u5206\u6790\u5e2b\u5728\u5831\u544a\u4e2d\u6307\u51fa\uff0c\u5728\u6d88\u8cbb\u8005\u614b\u5ea6\u8b39\u614e\u3001\u4fc3\u92b7\u6d3b\u52d5\u53ef\u80fd\u66f4\u52a0\u983b\u7e41\u7684\u80cc\u666f\u4e0b\uff0c\u9032\u4e00\u6b65\u5be6\u73fe\u8d85\u9810\u671f\u7684\u92b7\u552e\u984d\u589e\u9577\u5c07\u66f4\u52a0\u56f0\u96e3\u3002<\/p>\n<p>\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u7f8e\u570b\u7d93\u6fdf\u7b2c\u4e8c\u5b63\u5ea6\u6309\u5e74\u5316\u8a08\u7b97\u50c5\u589e\u95771.5%\uff0c\u8f03\u7b2c\u4e00\u5b63\u5ea62.1%\u7684\u589e\u901f\u9032\u4e00\u6b65\u653e\u7de9\u3002\u4f46\u500b\u4eba\u6d88\u8cbb\u8005\u652f\u51fa\u537b\u52a0\u5feb\u81f3\u6309\u5e74\u5316\u57fa\u6e96\u589e\u95773.2%\uff0c\u9ad8\u65bc\u7b2c\u4e00\u5b63\u5ea60.5%\u7684\u75b2\u5f31\u8868\u73fe\uff0c\u6210\u70ba\u79c1\u4eba\u570b\u5167\u9700\u6c42\u7684\u4e3b\u8981\u589e\u9577\u5f15\u64ce\u3002\u5bb6\u5ead\u652f\u51fa\u53d7\u5546\u54c1\u548c\u670d\u52d9\u6d88\u8cbb\u5171\u540c\u63a8\u52d5\uff0c\u8655\u65b9\u85e5\u3001\u6a5f\u52d5\u8eca\u53ca\u9910\u98f2\u670d\u52d9\u652f\u51fa\u589e\u9577\u5c24\u70ba\u660e\u986f\u3002<\/p>\n<h2>\u901a\u8139\u5c31\u696d\u6578\u64da\u964d\u6eab\uff0c\u5e02\u5834\u62bc\u6ce8\u7f8e\u806f\u51329\u6708\u6309\u5175\u4e0d\u52d5<\/h2>\n<p>\u96f6\u552e\u3001\u5c31\u696d\u8207\u901a\u8139\u4e09\u91cd\u964d\u6eab\u6b63\u5f62\u6210\u4e0d\u5229\u65bc\u9df9\u6d3e\u52a0\u606f\u7684\u8b49\u64da\u93c8\u30027\u6708CPI\u74b0\u6bd4\u50c5\u53470.1%\uff0c\u6838\u5fc3CPI\u53470.2%\uff0c\u540c\u6bd4\u6838\u5fc3\u901a\u8139\u964d\u81f32.5%\uff1bPPI\u74b0\u6bd4\u6301\u5e73\uff0c\u660e\u986f\u4f4e\u65bc\u9810\u671f\uff0c\u540c\u6bd4\u75315.5%\u964d\u81f34.7%\uff1b\u758a\u52a07\u6708\u975e\u8fb2\u610f\u5916\u6e1b\u5c112.3\u842c\u4eba\uff0c\u7f8e\u806f\u5132\u201c\u5fc5\u9808\u7acb\u5373\u91cd\u65b0\u6536\u7dca\u201d\u7684\u7406\u7531\u986f\u8457\u5f31\u5316\u3002\u622a\u81f38\u670817\u65e5\uff0cCME\u5b9a\u50f9\u76849\u6708\u52a0\u606f\u6982\u7387\u5df2\u964d\u81f3\u7d0433%\uff0c\u4e00\u500b\u6708\u524d\u70ba51.2%\u3002\u9019\u8207Hatzius\u201c\u9664\u975e8\u6708\u6578\u64da\u767c\u751f\u6232\u5287\u6027\u53cd\u8f49\uff0c\u5426\u52479\u6708\u52a0\u606f\u5df2\u975e\u5e38\u4e0d\u53ef\u80fd\u201d\u7684\u5224\u65b7\u9ad8\u5ea6\u4e00\u81f4\u3002<\/p>\n<p>\u82e5\u6c83\u723e\u746a\u7b49\u96f6\u552e\u5de8\u982d\u696d\u7e3e\u8b49\u660e\u5c45\u6c11\u90e8\u9580\u50c5\u662f\u964d\u901f\u800c\u975e\u5931\u901f\uff0c\u5e02\u5834\u5c07\u7372\u5f97\u98a8\u96aa\u8cc7\u7522\u6700\u6b61\u8fce\u7684\u7d44\u5408\u2014\u2014\u6d88\u8cbb\u4e0d\u518d\u88fd\u9020\u901a\u8139\u58d3\u529b\u3001\u4f01\u696d\u76c8\u5229\u672a\u574d\u584c\u3001\u7f8e\u806f\u5132\u7121\u9700\u7e7c\u7e8c\u63d0\u9ad8\u7121\u98a8\u96aa\u5229\u7387\uff0c\u9019\u5c0d\u9577\u4e45\u671f\u79d1\u6280\u80a1\u53caAI\u7b97\u529b\u57fa\u790e\u8a2d\u65bd\u8cc7\u7522\u5c24\u70ba\u53cb\u597d\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u7531\u8cc7\u6df1\u7d93\u6fdf\u5b78\u5bb6Jan Hatzius\u9818\u929c\u7684\u9ad8\u76db\u5718\u968a\u5728\u6700\u65b0\u5831\u544a\u4e2d\u6307\u51fa\uff0c\u7b2c\u4e8c\u5b63\u5ea6\u9762\u5411\u6d88\u8cbb\u8005\u7684\u7f8e\u570b\u4f01\u696d\u92b7\u552e\u984d\u4fdd\u6301\u5065\u5eb7 [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":604073,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[426],"tags":[2416,2177,2138,574],"class_list":["post-657673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news-zh-hant","tag-u-s-stocks-zh-hant","tag-2177","tag-2138","tag-574","sectors--zh-hant","locations-us-zh-hant","exchange-nyse-zh-hant"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/657673","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\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=657673"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/657673\/revisions"}],"predecessor-version":[{"id":657676,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/657673\/revisions\/657676"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/604073"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=657673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=657673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=657673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}