{"id":4271,"date":"2026-09-19T03:33:36","date_gmt":"2026-09-18T19:33:36","guid":{"rendered":"https:\/\/www.sjzylove.com\/?p=4271"},"modified":"2026-09-19T03:33:36","modified_gmt":"2026-09-18T19:33:36","slug":"%e6%91%a9%e6%a0%b9%e5%a4%a7%e9%80%9a%ef%bc%9a%e5%bd%93%e5%89%8d%e6%af%94%e7%89%b9%e5%b8%81%e4%bb%b7%e6%a0%bc%e8%bf%87%e4%bd%8e%ef%bc%8c%e5%b9%b4%e5%ba%95%e6%9c%89%e6%9c%9b%e6%b6%a8","status":"publish","type":"post","link":"https:\/\/www.zsmjt.com\/?p=4271","title":{"rendered":"\u6469\u6839\u5927\u901a\uff1a\u5f53\u524d\u6bd4\u7279\u5e01\u4ef7\u683c\u201c\u8fc7\u4f4e\u201d\uff0c\u5e74\u5e95\u6709\u671b\u6da8\u81f3126,000\u7f8e\u5143"},"content":{"rendered":"<div>\n<p>\u5728\u91d1\u878d\u4e16\u754c\u91cc\uff0c\u6ca1\u6709\u4ec0\u4e48\u6bd4\u6614\u65e5\u6700\u575a\u5b9a\u7684\u6000\u7591\u8005\uff0c\u4eb2\u624b\u4e3a\u4ed6\u66fe\u7ecf\u9119\u5937\u7684\u5bf9\u8c61\u52a0\u5195\uff0c\u66f4\u5177\u620f\u5267\u6027\u7684\u4e86\u3002\u5f53\u6469\u6839\u5927\u901a\u2014\u2014\u8fd9\u4e2a\u7531\u66fe\u7ecf\u5c06\u6bd4\u7279\u5e01\u65a5\u4e3a\u201c\u6b3a\u8bc8\u201d\u7684\u6770\u7c73\u00b7\u6234\u8499\u6240\u9886\u5bfc\u7684\u91d1\u878d\u5e1d\u56fd\u2014\u2014\u53d1\u5e03\u62a5\u544a\uff0c\u5c06\u6bd4\u7279\u5e01\u7684\u516c\u5141\u4ef7\u503c\u660e\u786e\u6307\u541112.6\u4e07\u7f8e\u5143\u65f6\uff0c\u8fd9\u65e9\u5df2\u8d85\u8d8a\u4e86\u4e00\u6b21\u7b80\u5355\u7684\u4ef7\u683c\u9884\u6d4b\u3002\u8fd9\u66f4\u50cf\u662f\u4e00\u573a\u98ce\u66b4\u7684\u4fe1\u53f7\uff1a\u4e00\u573a\u6e90\u81ea\u534e\u5c14\u8857\u6838\u5fc3\uff0c\u9488\u5bf9\u6570\u5b57\u8d44\u4ea7\u7684\u201c\u4ef7\u503c\u91cd\u4f30\u98ce\u66b4\u201d\u6b63\u5728\u62c9\u5f00\u5e8f\u5e55\u3002<\/p>\n<p>\u8fd9\u4efd\u62a5\u544a\u7684\u771f\u6b63\u610f\u4e49\uff0c\u4e0d\u5728\u4e8e\u90a3\u4e2a\u5177\u4f53\u5230\u5343\u4f4d\u7684\u6570\u5b57\uff0c\u800c\u5728\u4e8e\u5176\u80cc\u540e\u4e25\u8c28\u7684\u3001\u5b8c\u5168\u57fa\u4e8e\u4f20\u7edf\u91d1\u878d\u903b\u8f91\u7684\u4f30\u503c\u6846\u67b6\u3002\u6469\u6839\u5927\u901a\u5e76\u975e\u5728\u8c08\u8bba\u4fe1\u4ef0\u6216\u6280\u672f\u9769\u547d\u7684\u5b8f\u5927\u53d9\u4e8b\uff0c\u800c\u662f\u5728\u7528\u4ed6\u4eec\u6700\u64c5\u957f\u7684\u8bed\u8a00\u2014\u2014\u98ce\u9669\u3001\u6ce2\u52a8\u6027\u3001\u8d44\u4ea7\u914d\u7f6e\u548c\u76f8\u5bf9\u4ef7\u503c\u2014\u2014\u6765\u91cd\u65b0\u5b9a\u4e49\u6bd4\u7279\u5e01\u5728\u5168\u7403\u91d1\u878d\u68cb\u76d8\u4e0a\u7684\u4f4d\u7f6e\u3002\u8fd9\u6807\u5fd7\u7740\uff0c\u6bd4\u7279\u5e01\u6b63\u4ece\u4e00\u4e2a\u9700\u8981\u7528\u201c\u6545\u4e8b\u201d\u6765\u9a71\u52a8\u7684\u53e6\u7c7b\u8d44\u4ea7\uff0c\u6f14\u53d8\u4e3a\u4e00\u4e2a\u53ef\u4ee5\u7528\u201c\u6a21\u578b\u201d\u6765\u5b9a\u4ef7\u7684\u5b8f\u89c2\u8d44\u4ea7\u3002\u800c\u8fd9\u573a\u8f6c\u53d8\u7684\u6838\u5fc3\uff0c\u59cb\u4e8e\u6bd4\u7279\u5e01\u6700\u53e4\u8001\u3001\u4e5f\u6700\u4ee4\u4eba\u754f\u60e7\u7684\u7279\u6027\u2014\u2014\u6ce2\u52a8\u6027\u2014\u2014\u7684\u6084\u7136\u6d88\u901d\u3002<\/p>\n<h3><\/h3>\n<h3><strong>\u9a6f\u670d\u201c\u6ce2\u52a8\u5de8\u517d\u201d\uff1a\u4e00\u5f20\u901a\u5f80\u4e07\u4ebf\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u5165\u573a\u5238<\/strong><\/h3>\n<p>\u957f\u4e45\u4ee5\u6765\uff0c\u6ce2\u52a8\u6027\u5982\u540c\u4e00\u9053\u65e0\u5f62\u7684\u9e3f\u6c9f\uff0c\u5c06\u6bd4\u7279\u5e01\u4e0e\u4e3b\u6d41\u673a\u6784\u7684\u4e07\u4ebf\u8d44\u4ea7\u8d1f\u503a\u8868\u9694\u79bb\u5f00\u6765\u3002\u5bf9\u4e8e\u90a3\u4e9b\u4ee5\u201c\u8d44\u672c\u4fdd\u503c\u201d\u4e3a\u9996\u8981\u4efb\u52a1\u7684\u57fa\u91d1\u7ecf\u7406\u800c\u8a00\uff0c\u4e00\u4e2a\u4ef7\u683c\u5982\u8fc7\u5c71\u8f66\u822c\u8d77\u4f0f\u7684\u8d44\u4ea7\uff0c\u662f\u5176\u98ce\u9669\u6a21\u578b\u4e2d\u96be\u4ee5\u5bb9\u5fcd\u7684\u201c\u5f02\u5e38\u503c\u201d\u3002\u7136\u800c\uff0c\u6469\u6839\u5927\u901a\u7684\u5206\u6790\u5e08\u4eec\u654f\u9510\u5730\u53d1\u73b0\uff0c\u8fd9\u5934\u201c\u6ce2\u52a8\u5de8\u517d\u201d\u6b63\u5728\u88ab\u9a6f\u670d\u3002<\/p>\n<p>\u6570\u636e\u663e\u793a\uff0c\u6bd4\u7279\u5e01\u7684\u516d\u4e2a\u6708\u6eda\u52a8\u6ce2\u52a8\u7387\u5df2\u4ece\u5e74\u521d\u63a5\u8fd160%\u7684\u5cf0\u503c\uff0c\u8170\u65a9\u81f3\u7ea630%\u7684\u5386\u53f2\u4f4e\u4f4d\u3002\u8fd9\u4e2a\u6570\u5b57\u7684\u4e0b\u964d\uff0c\u7edd\u975e\u5076\u7136\u7684\u5e02\u573a\u5e73\u9759\uff0c\u800c\u662f\u4e00\u79cd\u7ed3\u6784\u6027\u53d8\u5316\u7684\u4f53\u73b0\u3002\u5b83\u610f\u5473\u7740\u6bd4\u7279\u5e01\u4e0e\u9ec4\u91d1\u2014\u2014\u8fd9\u4e2a\u4f20\u7edf\u4e16\u754c\u91cc\u7ec8\u6781\u7684\u907f\u9669\u6e2f\u6e7e\u2014\u2014\u4e4b\u95f4\u7684\u98ce\u9669\u5dee\u8ddd\u6b63\u5728\u4ee5\u524d\u6240\u672a\u6709\u7684\u901f\u5ea6\u6536\u7a84\u3002\u4e8c\u8005\u7684\u6ce2\u52a8\u7387\u4e4b\u6bd4\u5df2\u964d\u81f32.0\u7684\u5386\u53f2\u6700\u4f4e\u70b9\u3002<\/p>\n<p><img decoding=\"async\" alt=\"\u6469\u6839\u5927\u901a\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/29\/1756438000229296.jpg\"><\/p>\n<p class=\"ql-align-center\"><em>\u6765\u6e90\uff1aBloomberg Finance L.P., J.P. Morgan Flows &amp; Liquidity<\/em><\/p>\n<p>\u8fd9\u4e2a\u201c2.0\u201d\u662f\u7406\u89e3\u6574\u4efd\u62a5\u544a\u7684\u5173\u952e\u94a5\u5319\u3002\u5b83\u7528\u51b0\u51b7\u7684\u6570\u5b57\u8bed\u8a00\u544a\u8bc9\u534e\u5c14\u8857\uff1a\u4eca\u5929\uff0c\u5728\u4f60\u7684\u6295\u8d44\u7ec4\u5408\u4e2d\u914d\u7f6e1\u7f8e\u5143\u7684\u6bd4\u7279\u5e01\uff0c\u6240\u627f\u62c5\u7684\u98ce\u9669\uff0c\u4ec5\u4ec5\u662f\u914d\u7f6e1\u7f8e\u5143\u9ec4\u91d1\u7684\u4e24\u500d\u3002\u800c\u5728\u8fc7\u53bb\uff0c\u8fd9\u4e2a\u6570\u5b57\u53ef\u80fd\u662f\u4e94\u500d\uff0c\u751a\u81f3\u5341\u500d\u3002\u98ce\u9669\u7684\u5927\u5e45\u964d\u4f4e\uff0c\u7b49\u4e8e\u4e3a\u6bd4\u7279\u5e01\u9881\u53d1\u4e86\u4e00\u5f20\u8fdb\u5165\u4e3b\u6d41\u673a\u6784\u6295\u8d44\u7ec4\u5408\u7684\u6b63\u5f0f\u201c\u5165\u573a\u5238\u201d\u3002\u914d\u7f6e\u6bd4\u7279\u5e01\uff0c\u6b63\u4ece\u4e00\u79cd\u9700\u8981\u5de8\u5927\u52c7\u6c14\u548c\u7279\u6b8a\u98ce\u9669\u504f\u597d\u7684\u51b3\u7b56\uff0c\u8f6c\u53d8\u4e3a\u4e00\u4e2a\u5728\u6807\u51c6\u8d44\u4ea7\u914d\u7f6e\u6a21\u578b\uff08\u5982\u7ecf\u5178\u768460\/40\u7ec4\u5408\uff09\u4e2d\u53ef\u4ee5\u88ab\u7406\u6027\u63a2\u8ba8\u7684\u9009\u9879\u3002<\/p>\n<h3><\/h3>\n<h3><strong>\u201c\u9006\u5411QE\u201d\uff1a\u4f01\u4e1a\u91d1\u5e93\u5982\u4f55\u6210\u4e3a\u5e02\u573a\u7684\u201c\u7a33\u5b9a\u5668\u201d<\/strong><\/h3>\n<p>\u7a76\u7adf\u662f\u4ec0\u4e48\u529b\u91cf\uff0c\u5e73\u6291\u4e86\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u6ce2\u52a8\uff1f\u6469\u6839\u5927\u901a\u7684\u62a5\u544a\u5c06\u805a\u5149\u706f\u6295\u5411\u4e86\u4e00\u80a1\u65b0\u5174\u4f46\u6781\u5176\u5f3a\u5927\u7684\u5e02\u573a\u529b\u91cf\u2014\u2014\u4f01\u4e1a\u91d1\u5e93\u3002\u4ee5Strategy\u516c\u53f8\uff08\u524dMicroStrategy\uff09\u7684\u8fc8\u514b\u5c14\u00b7\u585e\u52d2\u4e3a\u4ee3\u8868\uff0c\u4e00\u573a\u5c06\u516c\u53f8\u73b0\u91d1\u50a8\u5907\u8f6c\u6362\u4e3a\u6bd4\u7279\u5e01\u7684\u8fd0\u52a8\u6b63\u5728\u5168\u7403\u8303\u56f4\u5185\u6084\u7136\u5c55\u5f00\u3002<\/p>\n<p><strong>\u90e8\u5206\u6301\u6709\u6bd4\u7279\u5e01\u7684\u4e0a\u5e02\u516c\u53f8\uff08\u6570\u636e\u622a\u81f32025\u5e748\u6708\uff0c\u4ec5\u4e3a\u793a\u4f8b\uff09<\/strong><\/p>\n<p><img decoding=\"async\" alt=\"\u6469\u6839\u5927\u901a\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/news\/2025\/08\/29\/1756437894728501.png\"><\/p>\n<p><img decoding=\"async\" alt=\"\u6469\u6839\u5927\u901a\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/news\/2025\/08\/29\/1756437926106651.png\"><\/p>\n<p>\u8fd9\u4e9b\u516c\u53f8\u8d2d\u5165\u6bd4\u7279\u5e01\uff0c\u5e76\u975e\u4e3a\u4e86\u77ed\u671f\u6295\u673a\uff0c\u800c\u662f\u5c06\u5176\u89c6\u4e3a\u4e00\u79cd\u957f\u671f\u5bf9\u6297\u8d27\u5e01\u8d2c\u503c\u7684\u6218\u7565\u50a8\u5907\u3002\u6b63\u5982\u585e\u52d2\u6240\u8a00\uff1a\u201c\u6bd4\u7279\u5e01\u662f\u6570\u5b57\u65f6\u4ee3\u7684\u80fd\u91cf\uff0c\u662f\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u7ec8\u6781\u89e3\u51b3\u65b9\u6848\u3002\u201d\u8fd9\u79cd\u575a\u5b9a\u7684\u201c\u4e70\u5165\u5e76\u957f\u671f\u6301\u6709\u201d\u7b56\u7565\uff0c\u5bf9\u5e02\u573a\u4ea7\u751f\u4e86\u6df1\u8fdc\u7684\u5f71\u54cd\u3002\u8fd9\u4e9b\u88ab\u4f01\u4e1a\u91d1\u5e93\u5438\u7eb3\u7684\u6bd4\u7279\u5e01\uff0c\u76f8\u5f53\u4e8e\u4ece\u6d3b\u8dc3\u7684\u6d41\u901a\u5e02\u573a\u4e2d\u88ab\u62bd\u79bb\uff0c\u8fdb\u5165\u4e86\u201c\u6218\u7565\u51b7\u5e93\u201d\u3002<\/p>\n<p>\u6469\u6839\u5927\u901a\u7cbe\u5999\u5730\u5c06\u8fd9\u4e00\u8fc7\u7a0b\u7c7b\u6bd4\u4e3a\u4e00\u79cd\u201c\u9006\u5411\u91cf\u5316\u5bbd\u677e\u201d\uff08Inverse QE\uff09\u3002\u5982\u679c\u8bf4\u592e\u884c\u7684QE\u662f\u5411\u5e02\u573a\u6ce8\u5165\u6d41\u52a8\u6027\u4ee5\u7a33\u5b9a\u4f20\u7edf\u91d1\u878d\u7cfb\u7edf\uff0c\u90a3\u4e48\u4f01\u4e1a\u91d1\u5e93\u7684\u884c\u4e3a\u5219\u662f\u7528\u73b0\u91d1\u4ece\u5e02\u573a\u4e2d\u62bd\u79bb\u7a00\u7f3a\u7684\u786c\u8d44\u4ea7\uff0c\u4ece\u800c\u4e3a\u6bd4\u7279\u5e01\u5e02\u573a\u63d0\u4f9b\u4e86\u524d\u6240\u672a\u6709\u7684\u201c\u538b\u8231\u77f3\u201d\u3002\u6bcf\u4e00\u7b14\u4f01\u4e1a\u7ea7\u7684\u8d2d\u4e70\uff0c\u90fd\u5728\u4e3a\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u5730\u677f\u589e\u6dfb\u4e00\u5c42\u6df7\u51dd\u571f\uff0c\u6709\u6548\u5730\u5438\u6536\u4e86\u5e02\u573a\u7684\u629b\u552e\u538b\u529b\uff0c\u4ece\u800c\u7cfb\u7edf\u6027\u5730\u964d\u4f4e\u4e86\u5176\u6ce2\u52a8\u6027\u3002<\/p>\n<h3><strong>\u91cd\u65b0\u5b9a\u4ef7\uff1a\u5f53\u201c\u6570\u5b57\u9ec4\u91d1\u201d\u9047\u4e0a\u98ce\u9669\u5e73\u4ef7\u6a21\u578b<\/strong><\/h3>\n<p>\u5728\u6ce2\u52a8\u6027\u88ab\u9a6f\u670d\u3001\u5e02\u573a\u7ed3\u6784\u65e5\u76ca\u7a33\u56fa\u7684\u80cc\u666f\u4e0b\uff0c\u6469\u6839\u5927\u901a\u7ec8\u4e8e\u53ef\u4ee5\u542f\u52a8\u4ed6\u4eec\u7684\u4f30\u503c\u6a21\u578b\uff0c\u4e3a\u6bd4\u7279\u5e01\u91cd\u65b0\u8d34\u4e0a\u201c\u4ef7\u683c\u6807\u7b7e\u201d\u3002\u4ed6\u4eec\u91c7\u7528\u7684\uff0c\u662f\u673a\u6784\u6295\u8d44\u8005\u6700\u719f\u6089\u7684\u201c\u98ce\u9669\u5e73\u4ef7\u201d\uff08Risk Parity\uff09\u903b\u8f91\uff0c\u5373\u5728\u98ce\u9669\u8c03\u6574\u7684\u57fa\u7840\u4e0a\uff0c\u5c06\u6bd4\u7279\u5e01\u4e0e\u9ec4\u91d1\u8fdb\u884c\u76f4\u63a5\u5bf9\u6807\u3002<\/p>\n<p>\u8fd9\u4e2a\u4f30\u503c\u8fc7\u7a0b\u6e05\u6670\u800c\u6709\u529b\uff1a\u5168\u7403\u79c1\u4eba\u90e8\u95e8\u7528\u4e8e\u6295\u8d44\u7684\u9ec4\u91d1\u603b\u89c4\u6a21\u7ea6\u4e3a5\u4e07\u4ebf\u7f8e\u5143\u3002\u8003\u8651\u5230\u6bd4\u7279\u5e01\u7684\u6ce2\u52a8\u6027\u662f\u9ec4\u91d1\u76842\u500d\uff0c\u5728\u540c\u7b49\u7684\u98ce\u9669\u6743\u91cd\u4e0b\uff0c\u6bd4\u7279\u5e01\u7684\u5408\u7406\u5e02\u503c\u5e94\u4e3a\u9ec4\u91d1\u7684\u4e00\u534a\uff0c\u53732.5\u4e07\u4ebf\u7f8e\u5143\u3002\u57fa\u4e8e\u6bd4\u7279\u5e01\u5f53\u524d\u7ea62.2\u4e07\u4ebf\u7f8e\u5143\u7684\u5e02\u503c\uff0c\u8981\u8fbe\u5230\u8fd9\u4e2a\u76ee\u6807\uff0c\u5176\u4ef7\u683c\u9700\u8981\u4e0a\u6da8\u7ea613%\uff0c\u8fd9\u4fbf\u63a8\u5bfc\u51fa\u4e8612.6\u4e07\u7f8e\u5143\u7684\u516c\u5141\u4ef7\u503c\u3002<\/p>\n<p>\u8fd9\u4e2a\u6a21\u578b\u4f20\u9012\u4e86\u4e00\u4e2a\u6781\u5176\u91cd\u8981\u7684\u4fe1\u53f7\uff1a\u534e\u5c14\u8857\u5df2\u7ecf\u5f00\u59cb\u6b63\u5f0f\u627f\u8ba4\u6bd4\u7279\u5e01\u4f5c\u4e3a\u201c\u6570\u5b57\u9ec4\u91d1\u201d\u7684\u4ef7\u503c\u50a8\u5b58\u53d9\u4e8b\uff0c\u5e76\u5c06\u5176\u7eb3\u5165\u4e86\u4e0e\u9ec4\u91d1\u3001\u503a\u5238\u3001\u80a1\u7968\u7b49\u4f20\u7edf\u5927\u7c7b\u8d44\u4ea7\u76f8\u540c\u7684\u5206\u6790\u6846\u67b6\u4e2d\u3002<\/p>\n<p>\u73b0\u8d27\u6bd4\u7279\u5e01ETF\u7684\u6210\u529f\uff0c\u5219\u4e3a\u8fd9\u4e00\u7406\u8bba\u4e0a\u7684\u4ef7\u503c\u91cd\u4f30\u63d0\u4f9b\u4e86\u6700\u76f4\u63a5\u7684\u73b0\u5b9e\u6ce8\u811a\u3002\u6839\u636eBespoke Investment Group\u7684\u6570\u636e\uff0c\u6bd4\u7279\u5e01\u57fa\u91d1\u7684\u8d44\u4ea7\u7ba1\u7406\u89c4\u6a21\uff08AUM\uff09\u5df2\u98d9\u5347\u81f3\u7ea61500\u4ebf\u7f8e\u5143\uff0c\u4e0e\u9ec4\u91d1\u57fa\u91d1\u7ea61800\u4ebf\u7f8e\u5143\u7684\u89c4\u6a21\u4ec5\u76f8\u5dee300\u4ebf\u7f8e\u5143\u3002\u4ee5\u8d1d\u83b1\u5fb7\u7684IBIT\u4e3a\u9996\u7684\u6bd4\u7279\u5e01ETF\uff0c\u5728\u4e0d\u5230\u4e00\u5e74\u7684\u65f6\u95f4\u91cc\u6240\u5438\u5f15\u7684\u8d44\u91d1\u91cf\uff0c\u5df2\u7ecf\u53ef\u4ee5\u4e0e\u8fd0\u8425\u4e86\u6570\u5341\u5e74\u7684\u9ec4\u91d1ETF\u5de8\u5934GLD\u76f8\u63d0\u5e76\u8bba\u3002\u8fd9\u5e76\u975e\u7b80\u5355\u7684\u8d44\u91d1\u6d41\u52a8\uff0c\u800c\u662f\u4e00\u573a\u8de8\u8d8a\u4ee3\u9645\u548c\u8d44\u4ea7\u7c7b\u522b\u7684\u3001\u53f2\u65e0\u524d\u4f8b\u7684\u8d44\u672c\u5927\u8fc1\u79fb\u3002\u5b83\u4ee5\u771f\u91d1\u767d\u94f6\u7684\u65b9\u5f0f\uff0c\u9a8c\u8bc1\u4e86\u6469\u6839\u5927\u901a\u62a5\u544a\u4e2d\u5173\u4e8e\u673a\u6784\u91c7\u7eb3\u548c\u4ef7\u503c\u91cd\u4f30\u7684\u5224\u65ad\u3002<\/p>\n<p><\/p>\n<h3><strong>\u7ed3\u8bed\uff1a12.6\u4e07\u7f8e\u5143\uff0c\u662f\u7ec8\u70b9\u8fd8\u662f\u65b0\u7684\u8d77\u70b9\uff1f<\/strong><\/h3>\n<p>\u6469\u6839\u5927\u901a\u7684\u62a5\u544a\uff0c\u5982\u540c\u4e00\u58f0\u53d1\u4ee4\u67aa\uff0c\u5ba3\u544a\u4e86\u6bd4\u7279\u5e01\u4ef7\u503c\u91cd\u4f30\u7ade\u8d5b\u7684\u6b63\u5f0f\u5f00\u59cb\u3002\u5b83\u544a\u8bc9\u4e16\u754c\uff0c\u5728\u7ecf\u5386\u4e86\u5341\u4e94\u5e74\u7684\u91ce\u86ee\u751f\u957f\u540e\uff0c\u6bd4\u7279\u5e01\u6b63\u5728\u5b8c\u6210\u5b83\u7684\u201c\u6210\u4eba\u793c\u201d\uff0c\u5176\u4ef7\u503c\u4e0d\u518d\u4ec5\u4ec5\u7531\u793e\u533a\u5171\u8bc6\u548c\u5e02\u573a\u60c5\u7eea\u51b3\u5b9a\uff0c\u800c\u662f\u8d8a\u6765\u8d8a\u591a\u5730\u88ab\u5168\u7403\u6700\u9876\u7ea7\u7684\u91d1\u878d\u673a\u6784\u7528\u4e25\u8c28\u7684\u6a21\u578b\u548c\u5e9e\u5927\u7684\u8d44\u672c\u6765\u5b9a\u4e49\u3002<\/p>\n<p>\u6ce2\u52a8\u6027\u7684\u4e0b\u964d\uff0c\u4f01\u4e1a\u91d1\u5e93\u7684\u6218\u7565\u9501\u5b9a\uff0c\u4ee5\u53caETF\u5e26\u6765\u7684\u6d77\u91cf\u673a\u6784\u8d44\u91d1\uff0c\u8fd9\u4e09\u80a1\u529b\u91cf\u4ea4\u7ec7\u5728\u4e00\u8d77\uff0c\u6b63\u5728\u91cd\u5851\u6bd4\u7279\u5e01\u7684DNA\uff0c\u4f7f\u5176\u4ece\u4e00\u4e2a\u9ad8\u98ce\u9669\u7684\u6295\u673a\u54c1\uff0c\u8715\u53d8\u4e3a\u4e00\u4e2a\u53ef\u88ab\u7eb3\u5165\u5168\u7403\u5b8f\u89c2\u914d\u7f6e\u7684\u6218\u7565\u8d44\u4ea7\u3002<\/p>\n<p>\u56e0\u6b64\uff0c12.6\u4e07\u7f8e\u5143\u8fd9\u4e2a\u6570\u5b57\uff0c\u6216\u8bb8\u5e76\u4e0d\u5e94\u8be5\u88ab\u89c6\u4e3a\u4e00\u4e2a\u7ec8\u6781\u7684\u4ef7\u683c\u76ee\u6807\u3002\u5b83\u66f4\u50cf\u662f\u4e00\u4e2a\u57fa\u4e8e\u5f53\u524d\u5e02\u573a\u7ed3\u6784\u548c\u98ce\u9669\u6c34\u5e73\u7684\u201c\u9636\u6bb5\u6027\u951a\u70b9\u201d\u3002\u5982\u679c\u4f01\u4e1a\u91c7\u7528\u7684\u6d6a\u6f6e\u7ee7\u7eed\uff0c\u5982\u679cETF\u7684\u8d44\u91d1\u6d41\u5165\u4fdd\u6301\u52bf\u5934\uff0c\u5982\u679c\u6bd4\u7279\u5e01\u5728\u652f\u4ed8\u7f51\u7edc\u548c\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u9886\u57df\u7684\u5e94\u7528\u53d6\u5f97\u8fdb\u4e00\u6b65\u7a81\u7834\uff0c\u90a3\u4e48\u4eca\u5929\u7531\u6469\u6839\u5927\u901a\u5efa\u7acb\u7684\u8fd9\u4e2a\u4f30\u503c\u6a21\u578b\uff0c\u5176\u57fa\u7840\u53c2\u6570\u672c\u8eab\u5c31\u5c06\u53d1\u751f\u6539\u53d8\u3002<\/p>\n<p>\u6b63\u5982\u8d44\u6df1\u4ea4\u6613\u5458Peter Brandt\u6240\u6307\u51fa\u7684\uff0c\u5e02\u573a\u60c5\u7eea\u7684\u5f7b\u5e95\u626d\u8f6c\u6216\u8bb8\u8fd8\u9700\u8981\u7a81\u7834117,570\u7f8e\u5143\u8fd9\u6837\u7684\u5173\u952e\u6280\u672f\u4f4d\u3002\u4f46\u4ece\u66f4\u5b8f\u5927\u7684\u89c6\u89d2\u770b\uff0c\u5f53\u534e\u5c14\u8857\u5f00\u59cb\u7cfb\u7edf\u6027\u5730\u4e3a\u5176\u91cd\u65b0\u5b9a\u4ef7\u65f6\uff0c\u6bd4\u7279\u5e01\u4ece\u8fb9\u7f18\u8d70\u5411\u4e2d\u5fc3\u7684\u65c5\u7a0b\uff0c\u6216\u8bb8\u624d\u771f\u6b63\u9a76\u5165\u4e86\u5feb\u8f66\u9053\u3002<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u5728\u91d1\u878d\u4e16\u754c\u91cc\uff0c\u6ca1\u6709\u4ec0\u4e48\u6bd4\u6614\u65e5\u6700\u575a\u5b9a\u7684\u6000\u7591\u8005\uff0c\u4eb2\u624b\u4e3a\u4ed6\u66fe\u7ecf\u9119\u5937\u7684\u5bf9\u8c61\u52a0\u5195\uff0c\u66f4\u5177\u620f\u5267\u6027\u7684\u4e86\u3002\u5f53\u6469\u6839\u5927\u901a\u2014\u2014\u8fd9\u4e2a\u7531\u66fe&#8230;<\/p>\n","protected":false},"author":2,"featured_media":2710,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-4271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/posts\/4271","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4271"}],"version-history":[{"count":1,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/posts\/4271\/revisions"}],"predecessor-version":[{"id":6816,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/posts\/4271\/revisions\/6816"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/media\/2710"}],"wp:attachment":[{"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}