{"id":2179,"date":"2025-06-25T23:17:22","date_gmt":"2025-06-26T03:17:22","guid":{"rendered":"https:\/\/www.shutingg.net\/blog\/?p=2179"},"modified":"2025-06-25T23:17:24","modified_gmt":"2025-06-26T03:17:24","slug":"%e4%bb%80%e9%ba%bc%e7%ad%96%e7%95%a5%e5%9c%a8%e8%8f%af%e7%88%be%e8%a1%97%e7%9c%9f%e6%ad%a3%e6%9c%89%e6%95%88%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/catsg.link\/blog\/2025\/06\/25\/2179\/","title":{"rendered":"\u4ec0\u9ebc\u7b56\u7565\u5728\u83ef\u723e\u8857\u771f\u6b63\u6709\u6548\uff1f"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">\u2014\u2014\u63ed\u79d8\u516b\u5341\u9918\u5e74\u6578\u64da\uff0c\u5e36\u4f60\u5c0b\u627e\u5e38\u52dd\u4e4b\u9053<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f60\u662f\u4e0d\u662f\u4e5f\u597d\u5947\u904e\uff0c\u5230\u5e95\u8981\u600e\u9ebc\u9078\u80a1\u624d\u80fd\u8cfa\u9322\uff1f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u7d1b\u7e41\u8907\u96dc\u7684\u6295\u8cc7\u4e16\u754c\u91cc\uff0c\u6211\u5011\u7e3d\u5e0c\u671b\u81ea\u5df1\u80fd\u6709\u500b\u6c34\u6676\u7403\uff0c\u53ef\u4ee5\u9810\u77e5\u54ea\u5bb6\u516c\u53f8\u6703\u4e00\u98db\u6c96\u5929\u3002\u4f46\u5982\u679c\u8aaa\uff0c\u6709\u4e00\u7a2e\u65b9\u6cd5\u80fd\u8b93\u6211\u5011\u62cb\u958b\u5e02\u5834\u7684\u55a7\u56c2\uff0c\u5b8c\u5168\u4f9d\u8cf4\u5be6\u5be6\u5728\u5728\u7684\u6578\u64da\u5462\uff1f\u9019\u6b63\u662f\u8a79\u59c6\u65af\u00b7\u5967\u8096\u5167\u897f\uff08James O&#8217;Shaughnessy\uff09\u5728\u4ed6\u7684\u958b\u5275\u6027\u8457\u4f5c\u300a\u83ef\u723e\u8857\u7684\u81f4\u52dd\u4e4b\u9053\u300b\uff08What Works on Wall Street\uff09\u91cc\uff0c\u70ba\u6211\u5011\u63ed\u793a\u7684\u5967\u79d8\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.shutingg.net\/blog\/wp-content\/uploads\/2025\/06\/What-Works-on-Wall-Street.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"823\" height=\"1024\" src=\"https:\/\/www.shutingg.net\/blog\/wp-content\/uploads\/2025\/06\/What-Works-on-Wall-Street-823x1024.jpg\" alt=\"\" class=\"wp-image-2201\" srcset=\"https:\/\/catsg.link\/blog\/wp-content\/uploads\/2025\/06\/What-Works-on-Wall-Street-823x1024.jpg 823w, https:\/\/catsg.link\/blog\/wp-content\/uploads\/2025\/06\/What-Works-on-Wall-Street-241x300.jpg 241w, https:\/\/catsg.link\/blog\/wp-content\/uploads\/2025\/06\/What-Works-on-Wall-Street-768x955.jpg 768w, https:\/\/catsg.link\/blog\/wp-content\/uploads\/2025\/06\/What-Works-on-Wall-Street.jpg 1206w\" sizes=\"auto, (max-width: 823px) 100vw, 823px\" \/><\/a><figcaption class=\"wp-element-caption\">What Works on Wall Street \u7684\u5c01\u9762<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u5967\u8096\u5167\u897f\u505a\u4e86\u4e00\u4ef6\u6975\u70ba\u7e41\u91cd\u7684\u5de5\u4f5c\uff1a\u4ed6\u63d0\u53d6\u4e86\u5f9e1926\u5e74\u52302009\u5e74\u7684\u80a1\u5e02\u6578\u64da\uff0c\u628a\u5e02\u9762\u4e0a\u5e7e\u4e4e\u6240\u6709\u6d41\u884c\u7684\u9078\u80a1\u6307\u6a19\u90fd\u8a66\u9a57\u4e86\u4e00\u904d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8001\u5be6\u8aaa\uff0c\u6211\u525b\u7ffb\u958b\u9019\u672c\u66f8\u6642\uff0c\u771f\u89ba\u5f97\u50cf\u5728\u8b80\u4e00\u672c\u6559\u79d1\u66f8\u2014\u2014\u6eff\u773c\u90fd\u662f\u5716\u8868\u3001\u6578\u64da\u548c\u90a3\u4e9b\u6211\u807d\u904e\u7121\u6578\u6b21\u7684\u6307\u6a19\u3002\u6211\u5dee\u9ede\u5c31\u60f3\u628a\u5b83\u6254\u5230\u4e00\u908a\u4e86\uff0c\u4f46\u5c0d\u6700\u7d42\u7b54\u6848\u7684\u597d\u5947\u5fc3\uff0c\u9084\u662f\u9a45\u4f7f\u6211\u4e00\u9801\u4e00\u9801\u5730\u8b80\u4e86\u4e0b\u53bb\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f88\u5feb\uff0c\u6211\u5c31\u88ab\u9019\u672c\u66f8\u56b4\u8b39\u7684\u7814\u7a76\u65b9\u6cd5\u5438\u5f15\u4e86\u3002\u9996\u5148\uff0c\u5b83\u907f\u514d\u4e86\u90a3\u7a2e\u6bcf\u5e7412\u6708\u4e00\u6b21\u3001\u7c21\u55ae\u7c97\u66b4\u7684\u5e74\u5ea6\u8abf\u5009\u3002\u70ba\u4e86\u6e1b\u5c11\u5b63\u7bc0\u6027\u504f\u5dee\uff08\u4e5f\u5c31\u662f\u67d0\u4e9b\u6295\u8cc7\u6a21\u5f0f\u7e3d\u662f\u5728\u7279\u5b9a\u6642\u9593\u51fa\u73fe\u7684\u50be\u5411\uff09\uff0c\u66f8\u4e2d\u63a1\u7528\u4e86\u4e00\u7a2e\u66f4\u8907\u96dc\u7684\u65b9\u6cd5\uff1a<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u6211\u5011\u6bcf\u5e74\u70ba\u6bcf\u500b\u7b56\u7565\u69cb\u5efa12\u500b\u7368\u7acb\u7684\u6295\u8cc7\u7d44\u5408\uff0c\u6bcf\u500b\u6708\u69cb\u5efa\u4e00\u500b\uff0c\u7136\u5f8c\u8a08\u7b97\u901912\u500b\u7d44\u5408\u7684\u5e73\u5747\u7d50\u679c\uff0c\u5f97\u51fa\u6211\u5011\u7684\u6700\u7d42\u7d44\u5408\u56de\u5831\u3002\u7d44\u5408\u4e2d\u6bcf\u500b\u6708\u5ea6\u90e8\u5206\u7684\u518d\u5e73\u8861\u9031\u671f\u4ecd\u70ba\u4e00\u5e74\u3002<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u5176\u6b21\uff0c\u9019\u672c\u66f8\u4e0d\u53ea\u662f\u7d66\u51fa\u4e86\u4e00\u500b\u6307\u6a19\u572884\u5e74\u9593\u7684\u7c60\u7d71\u8868\u73fe\uff0c\u800c\u662f\u63d0\u4f9b\u4e861\u5e74\u30013\u5e74\u30015\u5e74\u30017\u5e74\u548c10\u5e74\u7684\u6efe\u52d5\u56de\u5831\u5206\u6790\u3002\u9019\u7a2e\u7cbe\u7d30\u7684\u5206\u6790\uff0c\u80fd\u8b93\u8b80\u8005\u66f4\u6e05\u695a\u5730\u770b\u5230\u9019\u4e9b\u6307\u6a19\u5728\u4ec0\u9ebc\u60c5\u6cc1\u4e0b\u8868\u73fe\u6700\u597d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7232\u4ec0\u9ebc\u9019\u9ebc\u9ebb\u7169\uff1f\u4e8b\u5be6\u8b49\u660e\uff0c\u50f9\u503c\u6307\u6a19\uff08\u7528\u4f86\u8b58\u5225\u4f4e\u4f30\u80a1\u7968\uff09\u96d6\u7136\u9577\u671f\u770b\u5f88\u5f37\u52c1\uff0c\u4f46\u5b83\u5011\u8868\u73fe\u6700\u5dee\u76845\u5e74\uff0c\u5f80\u5f80\u51fa\u73fe\u5728\u5e02\u5834\u6ce1\u6cab\u7834\u88c2\u4e4b\u524d\u3002\u76f8\u53cd\uff0c\u52d5\u91cf\u6307\u6a19\uff08\u9752\u775e\u8fd1\u671f\u6f32\u5f97\u6700\u731b\u7684\u80a1\u7968\uff09\u901a\u5e38\u4e5f\u8868\u73fe\u4e0d\u932f\uff0c\u4f46\u5728\u201c\u6ce1\u6cab\u9802\u5cf0\uff0c\u6216\u5e02\u5834\u5f9e\u5927\u718a\u5e02\uff08\u8dcc\u5e45\u8d8540%\uff09\u4e2d\u5fa9\u8607\u6642\u201d\u537b\u6703\u5931\u9748\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9019\u4e9b\u7d30\u7bc0\u7121\u6bd4\u73cd\u8cb4\u3002\u5b83\u5011\u8b93\u6211\u5c0d\u5404\u500b\u6307\u6a19\u7684\u9069\u7528\u5834\u666f\u548c\u5931\u6548\u539f\u56e0\uff0c\u6709\u4e86\u66f4\u6e05\u6670\u7684\u8a8d\u8b58\u3002\u6709\u4e86\u9019\u4e9b\u8a8d\u77e5\uff0c\u6211\u611f\u89ba\u81ea\u5df1\u66f4\u6709\u4fe1\u5fc3\u5728\u98a8\u96f2\u8b8a\u5e7b\u7684\u5e02\u5834\u4e2d\uff0c\u9078\u64c7\u4e26\u5805\u6301\u6b63\u78ba\u7684\u6307\u6a19\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u90a3\u9ebc\uff0c\u5230\u5e95\u4ec0\u9ebc\u7b56\u7565\u5728\u83ef\u723e\u8857\u662f\u771f\u6b63\u6709\u6548\u7684\u5462\uff1f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7d50\u679c\u561b\uff0c\u5176\u5be6\u4e26\u4e0d\u7b97\u592a\u51fa\u4eba\u610f\u6599\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u50f9\u503c\u6307\u6a19\u78ba\u5be6\u6709\u6548<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e8b\u5be6\u8b49\u660e\uff0c\u50f9\u503c\u6295\u8cc7\u4e4b\u7236\u672c\u5091\u660e\u00b7\u683c\u96f7\u5384\u59c6\uff08Benjamin Graham\uff09\u662f\u5c0d\u7684\uff1a<strong>\u5e02\u76c8\u7387\uff08PE\uff09<\/strong> \u55ae\u7368\u4f5c\u70ba\u4e00\u500b\u6307\u6a19\u5c31\u975e\u5e38\u6709\u6548\u3002\u5e02\u76c8\u7387\u662f\u8861\u91cf\u516c\u53f8\u80a1\u50f9\u8207\u5176\u6bcf\u80a1\u6536\u76ca\u7684\u6bd4\u503c\uff0c\u901a\u5e38\u4f86\u8aaa\uff0c\u5e02\u76c8\u7387\u8d8a\u4f4e\uff0c\u80a1\u7968\u5c31\u8d8a\u53ef\u80fd\u88ab\u4f4e\u4f30\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u6578\u64da\u986f\u793a\uff0c\u5982\u679c\u57281963\u5e74\u81f32009\u5e74\u9593\uff0c\u4f60\u59cb\u7d42\u6295\u8cc7\u65bc\u5e02\u76c8\u7387\u6700\u4f4e\u7684\u90a310%\u7684\u80a1\u7968\uff0c\u90a3\u9ebc\u6700\u521d\u76841\u842c\u7f8e\u5143\u6703\u8b8a\u621010,202,345\u7f8e\u5143\uff0c\u5fa9\u5408\u5e74\u56de\u5831\u7387\u9ad8\u905416.25%\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u6295\u8cc7\u6240\u6709\u80a1\u7968\u7684\u5e73\u5747\u6c34\u5e73\uff0c1\u842c\u7f8e\u5143\u53ea\u6703\u589e\u9577\u52301,329,513\u7f8e\u5143\uff0c\u5e74\u56de\u5831\u7387\u70ba11.22%\u3002\u5169\u8005\u76f8\u5dee\u4e86\u8fd1900\u842c\u7f8e\u5143\uff01<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u66f4\u91cd\u8981\u7684\u662f\uff0c\u66f4\u9ad8\u7684\u56de\u5831\u9084\u4f34\u96a8\u8457\u66f4\u4f4e\u7684\u98a8\u96aa\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4f4e\u5e02\u76c8\u7387\u80a1\u7968\u7d44\u5408\u7684\u56de\u5831<strong>\u6a19\u6e96\u5dee<\/strong>\uff08\u8861\u91cf\u98a8\u96aa\/\u6ce2\u52d5\u6027\u7684\u6307\u6a19\uff09\u70ba18.45%\uff0c\u4f4e\u65bc\u5e02\u5834\u5e73\u5747\u768418.99%\u3002<\/li>\n\n\n\n<li>\u66f4\u9ad8\u7684\u56de\u5831\u52a0\u4e0a\u66f4\u4f4e\u7684\u98a8\u96aa\uff0c\u4f7f\u5f97\u4f4e\u5e02\u76c8\u7387\u80a1\u7968\u7684<strong>\u590f\u666e\u6bd4\u7387<\/strong>\uff08\u8861\u91cf\u98a8\u96aa\u8abf\u6574\u5f8c\u56de\u5831\u7684\u6307\u6a19\uff0c\u8d8a\u9ad8\u8d8a\u597d\uff09\u9054\u5230\u4e860.61\uff0c\u9060\u9ad8\u65bc\u5e02\u5834\u5e73\u5747\u76840.33\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e0d\u50c5\u662f\u5e02\u76c8\u7387\uff0c\u50cf<strong>\u4f01\u696d\u50f9\u503c\u500d\u6578\uff08EBITDA\/EV\uff09<\/strong>\u3001<strong>\u5e02\u73fe\u7387\uff08Price-to-Cash Flow\uff09<\/strong>\u3001<strong>\u5e02\u92b7\u7387\uff08Price-to-Sales\uff09<\/strong> \u548c <strong>\u5e02\u6de8\u7387\uff08Price-to-Book\uff09<\/strong> \u9019\u4e9b\u50f9\u503c\u6307\u6a19\uff0c\u4e5f\u90fd\u88ab\u8b49\u660e\u662f\u6709\u6548\u7684\u3002\u53ea\u8981\u6295\u8cc7\u8005\u80fd\u9577\u671f\u5805\u6301\uff0c\u5b83\u5011\u90fd\u80fd\u5e36\u4f86\u66f4\u9ad8\u7684\u56de\u5831\u548c\u66f4\u4f4e\u7684\u98a8\u96aa\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u53ef\u898b\uff0c\u50f9\u503c\u6295\u8cc7\u7684\u5a01\u529b\uff0c\u6578\u64da\u65e9\u5df2\u7d66\u51fa\u4e86\u8b49\u660e\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u6700\u4f73\u7684\u6210\u957f\u6307\u6807\u662f\u52a8\u91cf\uff08Momentum, \u4ef7\u683c\u53d8\u5316\uff09<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5967\u8096\u5167\u897f\u4e5f\u7814\u7a76\u4e86\u6bcf\u80a1\u6536\u76ca\uff08EPS\uff09\uff0c\u4f46\u7d50\u679c\u4e26\u4e0d\u7406\u60f3\u3002\u4e8b\u5be6\u8b49\u660e\uff0c\u6700\u6709\u6548\u7684\u6210\u9577\u6307\u6a19\u5176\u5be6\u662f<strong>\u52d5\u91cf<\/strong>\u2014\u2014\u4e5f\u5c31\u662f\u9078\u64c7\u90a3\u4e9b\u5728\u904e\u53bb\u516d\u500b\u6708\u6216\u5341\u4e8c\u500b\u6708\u91cc\uff0c\u50f9\u683c\u6f32\u5e45\u6700\u5927\u7684\u80a1\u7968\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u5f9e1926\u5e7412\u670831\u65e5\u7b97\u8d77\uff0c\u5982\u679c\u5c071\u842c\u7f8e\u5143\u6295\u8cc7\u65bc\u904e\u53bb\u516d\u500b\u6708\u50f9\u683c\u6f32\u5e45\u6700\u9ad8\u7684\u90a310%\u7684\u80a1\u7968\uff0c\u52302009\u5e74\u5e95\uff0c\u9019\u7b46\u9322\u6703\u8b8a\u6210\u9a5a\u4eba\u7684572,831,563\u7f8e\u5143\uff0c\u5e74\u5316\u56de\u5831\u738714.11%\u3002\u800c\u540c\u671f\u6295\u8cc7\u65bc\u5e02\u5834\u5e73\u5747\u6c34\u5e73\uff0c1\u842c\u7f8e\u5143\u53ea\u6703\u8b8a\u621038,542,780\u7f8e\u5143\uff0c\u5e74\u5316\u56de\u5831\u738710.46%\u3002<\/p>\n<\/blockquote>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u6839\u64da\u516d\u500b\u6708\u50f9\u683c\u6f32\u5e45\u9078\u51fa\u7684\u8868\u73fe\u6700\u597d\u7684\u80a1\u7968\uff0c\u5176\u590f\u666e\u6bd4\u7387\u70ba0.37\uff0c\u4e5f\u660e\u986f\u9ad8\u65bc\u540c\u671f\u300c\u6240\u6709\u80a1\u7968\u300d\u6c60\u76840.25\u3002<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u9019\u500b\u767c\u73fe\u78ba\u5be6\u8b93\u6211\u5370\u8c61\u6df1\u523b\u3002\u96d6\u7136\u6211\u77e5\u9053\u666f\u9806\u6a19\u666e500\u52d5\u91cfETF\uff08SPMO\uff09\u81ea2015\u5e74\u6210\u7acb\u4ee5\u4f86\u8868\u73fe\u5f37\u52c1\uff0c\u4f46\u6211\u4e00\u76f4\u5c0d\u5b83\u534a\u4fe1\u534a\u7591\uff0c\u56e0\u70ba\u5b83\u592a\u201c\u5e74\u8f15\u201d\u4e86\uff0c\u6c92\u6709\u7d93\u6b77\u904e2000\u5e74\u62162008\u5e74\u90a3\u6a23\u7684\u5927\u5d29\u76e4\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u800c\u5967\u8096\u5167\u897f\u7684\u7814\u7a76\uff0c\u6070\u597d\u8b49\u660e\u77ad\u52d5\u91cf\u7b56\u7565\u7684\u9577\u671f\u6709\u6548\u6027\uff0c\u70ba\u6211\u5011\u6295\u8cc7\u6210\u9577\u80a1\uff08\u9810\u671f\u589e\u9577\u9060\u8d85\u5e02\u5834\u5e73\u5747\u7684\u516c\u53f8\uff09\u63d0\u4f9b\u4e86\u5168\u65b0\u7684\u8996\u89d2\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u7d93\u6fdf\u653e\u7de9\u6642\uff0c\u80a1\u6771\u6536\u76ca\u7387\u5f88\u6709\u6548<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6839\u64da\u5967\u8096\u5167\u897f\u7684\u5b9a\u7fa9\uff0c<strong>\u80a1\u6771\u6536\u76ca\u7387 = \u80a1\u606f\u7387 + \u56de\u8cfc\u6536\u76ca\u7387<\/strong>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f60\u53ef\u80fd\u5c0d\u80a1\u606f\u7387\u5f88\u719f\u6089\uff0c\u5b83\u662f\u516c\u53f8\u5206\u7d05\u4f54\u80a1\u50f9\u7684\u6bd4\u4f8b\uff0c\u662f\u5f88\u591a\u201c\u5403\u80a1\u606f\u201d\u7684\u6295\u8cc7\u8005\u6700\u95dc\u5fc3\u7684\u6307\u6a19\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u800c<strong>\u56de\u8cfc\u6536\u76ca\u7387<\/strong>\uff0c\u5247\u6e90\u65bc\u516c\u53f8\u5f9e\u516c\u958b\u5e02\u5834\u56de\u8cfc\u81ea\u5bb6\u80a1\u7968\u7684\u884c\u70ba\u3002\u516c\u53f8\u56de\u8cfc\u6703\u6e1b\u5c11\u6d41\u901a\u80a1\u6578\u91cf\uff0c\u5f9e\u800c\u53ef\u80fd\u63a8\u9ad8\u6bcf\u80a1\u6536\u76ca\u548c\u80a1\u50f9\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u96d6\u7136\u80a1\u606f\u7387\u5f88\u53d7\u6b61\u8fce\uff0c\u4f46\u5b83\u672c\u8eab\u7b97\u4e0d\u4e0a\u4e00\u500b\u7279\u5225\u51fa\u8272\u7684\u6307\u6a19\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u56de\u8cfc\u6536\u76ca\u7387\u5728\u9577\u671f\u6295\u8cc7\u4e2d\u88ab\u8b49\u660e\u66f4\u70ba\u53ef\u9760\u3002\u5f9e1926\u5e74\u52302009\u5e74\uff0c\u6295\u8cc7\u65bc\u56de\u8cfc\u6536\u76ca\u7387\u6700\u9ad8\u7684\u80a1\u7968\u7d44\u5408\uff0c\u80fd\u7372\u5f9713.69%\u7684\u5e74\u5316\u56de\u5831\uff0c\u590f\u666e\u6bd4\u7387\u4e5f\u986f\u8457\u9ad8\u65bc\u5e02\u5834\u5e73\u5747\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u800c\u7d50\u5408\u4e86\u5169\u8005\u7684<strong>\u80a1\u6771\u6536\u76ca\u7387<\/strong>\uff0c\u5247\u662f\u4e00\u500b\u5728\u7279\u5b9a\u5e02\u5834\u74b0\u5883\u4e0b\u7279\u5225\u6709\u6548\u7684\u6307\u6a19\u3002\u5967\u8096\u5167\u897f\u6307\u51fa\uff0c\u5b83\u5728\u4ee5\u4e0b\u6642\u671f\u8868\u73fe\u66f4\u597d\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u7576\u5c0f\u76e4\u50f9\u503c\u80a1\u548c\u5c0f\u76e4\u6210\u9577\u80a1\u4e4b\u9593\u3001\u5927\u76e4\u50f9\u503c\u80a1\u548c\u5927\u76e4\u6210\u9577\u80a1\u4e4b\u9593\uff0c\u50f9\u503c\u80a1\u8868\u73fe\u66f4\u512a\u6642\u3002<\/li>\n\n\n\n<li>\u7576\u50b5\u5238\u8868\u73fe\u512a\u65bc\u80a1\u7968\u6642\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u807d\u8d77\u4f86\u5f88\u62d7\u53e3\uff0c\u6211\u7684\u7406\u89e3\u662f\uff0c<strong>\u5728\u7d93\u6fdf\u589e\u9577\u653e\u7de9\u7684\u6642\u671f\uff0c\u80a1\u6771\u6536\u76ca\u7387\u662f\u4e00\u500b\u76f8\u7576\u7a69\u5065\u7684\u7b56\u7565<\/strong>\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u7d50\u5408\u50f9\u503c\u8207\u6210\u9577\uff0c\u6253\u9020\u6700\u4f73\u6295\u8cc7\u7d44\u5408<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u4e00\u76f4\u662f\u50f9\u503c\u6295\u8cc7\u7684\u5805\u5b9a\u4fe1\u5f92\u3002\u4f46\u5728\u53bb\u5e74\u7684\u500b\u4eba\u5be6\u9a57\u4e2d\uff0c\u6211\u767c\u73fe\u4e00\u4e9b\u770b\u8d77\u4f86\u4f30\u503c\u5f88\u4f4e\u7684\u80a1\u7968\uff0c\u50f9\u683c\u537b\u8dcc\u500b\u4e0d\u505c\u3002\u5f8c\u4f86\u6211\u624d\u610f\u8b58\u5230\uff0c\u6aa2\u67e5\u9019\u4e9b\u201c\u50f9\u503c\u80a1\u201d\u7684\u50f9\u683c\u52e2\u982d\uff08\u52d5\u91cf\uff09\u81f3\u95dc\u91cd\u8981\uff0c\u9019\u6a23\u624d\u80fd\u907f\u958b\u6240\u8b02\u7684\u201c\u50f9\u503c\u9677\u9631\u201d\uff08\u90a3\u4e9b\u770b\u4f3c\u4fbf\u5b9c\uff0c\u5be6\u5247\u57fa\u672c\u9762\u6709\u554f\u984c\u3001\u53ea\u6703\u8d8a\u8dcc\u8d8a\u6158\u7684\u80a1\u7968\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5967\u8096\u5167\u897f\u986f\u7136\u4e5f\u5f97\u51fa\u4e86\u985e\u4f3c\u7684\u7d50\u8ad6\u3002\u5728\u66f8\u7684\u5f8c\u534a\u90e8\u5206\uff0c\u4ed6\u5c07\u6700\u6709\u6548\u7684\u6307\u6a19\u7d50\u5408\u8d77\u4f86\uff0c\u69cb\u5efa\u4e86\u98a8\u96aa\u66f4\u4f4e\u3001\u8868\u73fe\u66f4\u512a\u7684\u5fa9\u5408\u7b56\u7565\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u66f8\u4e2d\u5206\u6790\u4e86\u597d\u5e7e\u7a2e\u6210\u529f\u7684\u5fa9\u5408\u7b56\u7565\uff0c\u5b83\u5011\u7684\u5171\u540c\u9ede\u90fd\u662f\u878d\u5408\u4e86<strong>\u50f9\u503c<\/strong>\u548c<strong>\u52d5\u91cf<\/strong>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u5982\uff0c\u66f8\u88cf\u4ecb\u7d39\u4e86\u4e00\u7a2e\u53eb\u505a\u201c<strong>\u8da8\u52e2\u50f9\u503c\u6295\u8cc7\u7d44\u5408<\/strong>\u201d\uff08Trending Value Portfolio\uff09\u7684\u7b56\u7565\uff1a<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u7bc4\u570d<\/strong>\uff1a\u6240\u6709\u5e02\u503c\u8d85\u904e2\u5104\u7f8e\u5143\u7684\u80a1\u7968\u3002<\/li>\n\n\n\n<li><strong>\u50f9\u503c<\/strong>\uff1a\u5728\u5e02\u76c8\u7387\u3001\u4f01\u696d\u50f9\u503c\u500d\u6578\u3001\u5e02\u92b7\u7387\u7b49\u516d\u500b\u50f9\u503c\u6307\u6a19\u7684\u7d9c\u5408\u8a55\u5206\u4e2d\uff0c\u6392\u540d\u524d10%\u3002<\/li>\n\n\n\n<li><strong>\u52d5\u91cf<\/strong>\uff1a\u5728\u6eff\u8db3\u524d\u5169\u500b\u689d\u4ef6\u7684\u80a1\u7968\u4e2d\uff0c\u8cfc\u8cb7\u904e\u53bb\u516d\u500b\u6708\u50f9\u683c\u6f32\u5e45\u6700\u597d\u768425\u621650\u53ea\u80a1\u7968\u3002<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">\u9019\u500b\u7d44\u5408\u7684\u8868\u73fe\u582a\u7a31\u9a5a\u8277\uff1a <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u5f9e1964\u5e74\u52302009\u5e74\uff0c\u9019\u4e00\u7b56\u7565\u7684\u5e74\u5747\u56de\u5831\u7387\u8e8d\u5347\u81f3<strong>21.19%<\/strong>\uff0c\u5c071\u842c\u7f8e\u5143\u8b8a\u6210\u4e8669,098,587\u7f8e\u5143\u3002<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u66f4\u91cd\u8981\u7684\u662f\uff0c\u5b83\u7684\u98a8\u96aa\uff08\u56de\u5831\u6a19\u6e96\u5dee17.44%\uff09\u751a\u81f3\u6bd4\u5e02\u5834\u5e73\u5747\uff0818.99%\uff09\u9084\u8981\u4f4e\uff01\u9019\u610f\u5473\u8457\u5176\u590f\u666e\u6bd4\u7387\u9054\u5230\u4e86\u51fa\u8272\u7684<strong>0.93<\/strong>\uff0c\u9060\u8d85\u5e02\u5834\u5e73\u5747\u76840.33\u3002\u663e\u7136\uff0c\u52a8\u91cf\u5728\u8fd9\u91cc\u8d77\u5230\u4e86\u5173\u952e\u4f5c\u7528\uff0c\u56e0\u4e3a\u5b83\u5e2e\u52a9\u6211\u4eec\u5254\u9664\u4e86\u90a3\u4e9b\u867d\u7136\u4fbf\u5b9c\u4f46\u4ecd\u5728\u4e0b\u8dcc\u7684\u201c\u4ef7\u503c\u9677\u9631\u201d\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u5176\u4ed6\u8cea\u91cf\u6307\u6a19\u4e26\u975e\u6beb\u7121\u7528\u8655<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5967\u8096\u5167\u897f\u9084\u7814\u7a76\u4e86\u5176\u4ed6\u4e00\u4e9b\u8ca1\u52d9\u8cea\u91cf\u6307\u6a19\uff0c\u6bd4\u5982\u8ca0\u50b5\u7387\u3001\u73fe\u91d1\u6d41\u50b5\u52d9\u8986\u84cb\u7387\u7b49\u3002\u4ed6\u8a8d\u70ba\u9019\u4e9b\u6307\u6a19\u4e0d\u5982\u524d\u9762\u63d0\u5230\u7684\u90a3\u4e9b\u6709\u6548\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7136\u800c\uff0c\u6211\u4ed4\u7d30\u770b\u4e86\u6578\u64da\u5f8c\u767c\u73fe\uff0c\u9019\u4e9b\u6307\u6a19\u4f9d\u7136\u5f88\u6709\u7528\u2014\u2014\u5b83\u5011\u7684\u4f5c\u7528\u4e0d\u662f\u5e6b\u4f60\u9078\u51fa\u725b\u80a1\uff0c\u800c\u662f<strong>\u5e6b\u4f60\u6392\u9664\u6389\u5783\u573e\u80a1<\/strong>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9019\u4e9b\u6307\u6a19\u5927\u591a\u8207\u516c\u53f8\u7684\u50b5\u52d9\u6709\u95dc\u3002\u6578\u64da\u986f\u793a\uff0c\u5728\u9019\u4e9b\u6307\u6a19\u4e0a\u5f97\u5206\u9ad8\u7684\u516c\u53f8\u4e0d\u4e00\u5b9a\u662f\u5927\u8d0f\u5bb6\uff0c<strong>\u4f46\u5728\u9019\u4e9b\u6307\u6a19\u4e0a\u6392\u540d\u588a\u5e95\u7684\u516c\u53f8\uff0c\u5f80\u5f80\u8868\u73fe\u5f97\u4e00\u584c\u7cca\u5857<\/strong>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9019\u5176\u5be6\u5f88\u597d\u7406\u89e3\uff0c\u4e00\u5bb6\u904e\u5ea6\u4f9d\u8cf4\u501f\u8cb8\u7684\u516c\u53f8\uff0c\u80af\u5b9a\u66f4\u5bb9\u6613\u9677\u5165\u8ca1\u52d9\u56f0\u5883\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u6211\u6253\u7b97\u600e\u9ebc\u7528\u9019\u4e9b\u77e5\u8b58\uff1f<\/strong><\/h3>\n\n\n\n<p 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