{"id":5784,"date":"2024-12-10T14:43:25","date_gmt":"2024-12-10T06:43:25","guid":{"rendered":"https:\/\/fanyuzhao.com\/?p=5784"},"modified":"2024-12-11T15:45:03","modified_gmt":"2024-12-11T07:45:03","slug":"%e5%85%b3%e4%ba%8e%e4%b8%ad%e5%9b%bd%e7%bb%8f%e6%b5%8e%e7%8e%b0%e5%9c%a8-%e4%bb%98%e9%b9%8f%e5%9c%a8%e6%b1%87%e4%b8%b0%e7%9a%84%e6%8a%a5%e5%91%8a","status":"publish","type":"post","link":"https:\/\/fanyuzhao.com\/?p=5784","title":{"rendered":"\u5173\u4e8e\u4e2d\u56fd\u7ecf\u6d4e\u73b0\u5728 &#8211; \u4ed8\u9e4f\u5728\u6c47\u4e30\u7684\u62a5\u544a"},"content":{"rendered":"<h5>\u5f53\u524d\u7ecf\u6d4e\u6a21\u5f0f\u4ece\u589e\u957f\u8f6c\u4e3a\u5206\u914d<\/h5>\n<p>\u5f53\u524d\u7ecf\u6d4e\u6a21\u5f0f\u7531\u589e\u957f\uff08\u628a\u86cb\u7cd5\u505a\u5927\uff09\uff0c\u53d8\u4e3a\u5206\u914d\uff08\u628a\u86cb\u7cd5\u5207\u597d\uff09\u3002\u53c2\u8003\u65e5\u672c\u76841980s\u540e\u7684\u72b6\u51b5\uff0c\u7ecf\u6d4e\u6ca1\u6709\u589e\u957f\u5e76\u4e0d\u610f\u5473\u4eba\u5747\u53d8\u5dee\u4e86\u6216\u8005\u4eba\u4e0d\u5e78\u798f\u4e86\uff08\u65e5\u672c\u6d88\u5931\u768440\u5e74\uff09\uff0c\u540c\u65f6\u800c\u7ecf\u6d4e\u589e\u957f\u4e5f\u4e0d\u610f\u5473\u7740\u4eba\u5747\u90fd\u589e\u957f\u4e86\uff08\u8fd1\u5e74\u6211\u56fd\u7684\u589e\u957f\u6a21\u5f0f\uff09\u3002<\/p>\n<h5>\u5982\u4f55\u5e94\u5bf9<\/h5>\n<p>\u5f53\u524d\u4e0a\u8ff0\u7531\u589e\u957f\u8f6c\u4e3a\u5206\u914d\u7684\u80cc\u666f\u4e0b\uff0c\u666e\u901a\u4eba\u9700\u8981\u505a\u7684\u662f\uff0c\u53c2\u4e0e\u5230\u5230\u5206\u86cb\u7cd5\u7684\u8fc7\u7a0b\u4e2d\uff0c\u53c2\u4e0e\u5206\u914d\uff0c\u800c\u4e0d\u662f\u53c2\u4e0e\u589e\u957f\u3002But how to do it?<\/p>\n<ul>\n<li>\u79bb\u6743\u529b\u8fd1\u4e00\u70b9\uff0c\u79bb\u8d44\u6e90\u8fd1\u4e00\u70b9\uff0c\u5c31\u80fd\u591a\u5403\u4e00\u70b9\u3002<\/li>\n<li>\u800c\u5356\u52b3\u52a8\u529b\uff08\u6309\u4ee5\u524d\u589e\u957f\u7684\u6a21\u5f0f\u6323\u94b1\uff09\uff0c\u5c31\u53ea\u80fd\u5c11\u5403\u4e00\u70b9\u3002<\/li>\n<\/ul>\n<p>\u65e5\u672c\u4f4e\u5229\u7387\u65f6\u4ee3\uff0c\u5df4\u83f2\u7279carry trade\uff0c\u5728\u65e5\u672c\u53d1\u65e5\u5143\u503a\uff0c\u4ee5\u4f4e\u5229\u7387\uff08\u4f4e\u6210\u672c\uff09\u501f\u94b1\uff0c\u7136\u540e\u76f4\u63a5\u6295\u8d44\u65e5\u672c\u516c\u53f8\u3002In other words, \u5df4\u83f2\u7279\u53c2\u4e0e\u4e86\u65e5\u672c\u8fc7\u53bb40\u5e74\u7684\u5b58\u91cf\u8d22\u5bcc\u5206\u914d\u3002<\/p>\n<h5>\u5f53\u524d\u7ecf\u6d4e\u56f0\u5883<\/h5>\n<p>\u7ecf\u6d4e\u6d41\u8f6c\u7684\u8fc7\u7a0b\uff0c\u4e00\u65b9\u7684\u6d88\u8d39\u662f\u53e6\u4e00\u65b9\u7684\u6536\u5165\u3002\u7136\u800c\u6d88\u8d39\u548c\u6536\u5165\u6d41\u8f6c\u9700\u8981\u65f6\u95f4\u3002<\/p>\n<ul>\n<li>\u5f53\u7ecf\u6d4e\u6269\u5f20\u65f6\uff1a\u5bcc\u4eba\u5148\u8fdb\u4e94\u661f\u7ea7\u9152\u5e97\uff0c\u5bcc\u4eba\u5148\u4e70\u8d85\u8dd1\uff0c\u5bcc\u4eba\u5148\u5403\u6d77\u9c9c\uff0c\u7136\u540e\u9010\u6b65\u4e0b\u6c89\uff0c\u5230\u6700\u540e\u662f\u8001\u767e\u59d3\u5403\u4e0a\u6d77\u9c9c\uff0c\u8001\u767e\u59d3\u5f00\u4e0a\u6c7d\u8f66\uff0c\u8001\u767e\u59d3\u8fdb\u4e94\u661f\u7ea7\u9152\u5e97\u3002<\/li>\n<li>\u5f53\u7ecf\u6d4e\u6536\u7f29\u65f6\uff0c\u5374\u662f\u76f8\u53cd\u7684\uff1a\u5148\u6536\u7f29\u7684\u662f\u5e95\u5c42\u3002\u7f51\u7ea6\u8f66\u53f8\u673a\u3001\u5feb\u9012\u5458\u3001\u5916\u5356\u5c0f\u54e5\u7b49\u662f\u5bf9\u7ecf\u6d4e\u9700\u6c42\u53cd\u9988\u6700\u5feb\u7684\u3002\u800c\u5750\u529e\u516c\u5ba4\u7684\u5f80\u5f80\u53cd\u9988\u5f88\u6162\uff0c\u8981\u7b49\u5e74\u7ec8\u964d\u85aa\u3001\u53d1\u4e0d\u51fa\u5de5\u8d44\u3001\u88c1\u5458\u7b49\u624d\u4f1a\u6709\u53cd\u9988\u3002\u540c\u65f6\uff0c\u8fd1\u5e74\u7f51\u7ea6\u8f66\u53f8\u673a\u6570\u91cf\u5267\u589e\u5e76\u4e0d\u662f\u56e0\u4e3a\u519c\u6751\u52b3\u52a8\u529b\u8fdb\u57ce\uff0c\u66f4\u591a\u7684\u662f\uff0c\u4e2d\u4ea7\u9636\u7ea7\u7684\u9668\u843d\u3002\u53ea\u4e0d\u8fc7\u662f\u4f60\u7684\u9636\u5c42\u4e0d\u4e00\u6837\uff0c\u4f60\u770b\u7684\u95ee\u9898\u4e0d\u4e00\u6837\u3002<\/li>\n<li>\u4ece\u7ecf\u6d4e\u6570\u636e\u53cd\u9988\uff0c\u7ecf\u6d4e\u6536\u7f29\u7684\u65f6\u5019\u662f\u5e95\u5c42\u5148\u5403\u82e6\uff0c\u5f80\u5f80\u4e00\u5b9a\u5468\u671f\u540e\u624d\u80fd\u4f20\u9012\u5230\u7ecf\u6d4e\u6570\u636e\u4e0a\uff0c\u56e0\u6b64\u5b8f\u89c2\u7ecf\u6d4e\u6307\u6807\u7684\u53cd\u9988\u5c06\u6ede\u540e\u3002<\/li>\n<\/ul>\n<p>\u7ecf\u6d4e\u6570\u636e\u4e0d\u771f\u5b9e\uff0c\u5b9e\u9645\u60c5\u51b5\u662f\u901a\u7f29\uff0c\u6ca1\u6709\u589e\u957f\u3002<\/p>\n<p>\u4e3b\u8981\u539f\u56e0\u662f\u4eba\u53e3\u95ee\u9898\uff0c\u8001\u9f84\u5316\u53ca\u52b3\u52a8\u4eba\u53e3\u7f29\u51cf\u3002<\/p>\n<h5>\u523a\u6fc0\u7ecf\u6d4e\u7684\u65b9\u5f0f<\/h5>\n<p>\u5173\u4e8e\u8bf4\u6cd5\u201c\u5185\u503a\u4e0d\u662f\u503a\u201d\u3002\u8bda\u7136\u4e0d\u540c\u4e8e\u5916\u503a\u9700\u8981\u7528\u5916\u6c47\u8fd8\uff0c\u6709\u672c\u5e01\u7684\u56fd\u5bb6\u53ef\u4ee5\u901a\u8fc7\u5370\u94b1\u6765\u8fd8\u503a\uff0c\u4f46\u662f\u957f\u671f\u4ee5\u5f80\u4f1a\u5bfc\u81f4\u6d41\u901a\u4e2d\u7684\u8d27\u5e01\u589e\u52a0\uff0c\u4ea7\u751f\u6f5c\u5728\u901a\u80c0\u95ee\u9898\uff08\u53ef\u80fd\u5f53\u524d\u77ed\u671f\u901a\u7f29\uff0c\u56e0\u4e3a\u6ca1\u6709\u8fc7\u91cf\u73b0\u91d1\u6d41\u901a\uff0c\u4f46\u8d27\u5e01\u603b\u91cf\u589e\u52a0\u4e86\uff0c\u957f\u671f\u4e00\u5b9a\u4f1a\u6709\u901a\u80c0\u98ce\u9669\uff09\u3002<\/p>\n<p>\u56fd\u5bb6\u653f\u5e9c\u9700\u8981\u957f\u671f\u7a33\u5b9a\u5c31\u9700\u8981\u4fdd\u6301Public Sector\u7684\u5e73\u8861\u3002\u503a\u52a1\u589e\u52a0\u9700\u8981\u9760\uff081\uff09\u501f\u65b0\u8fd8\u65e7\uff082\uff09\u63d0\u5347\u7a0e\u6536\u8fd8\u3002<\/p>\n<ul>\n<li>\u7a0e\u6536\u6536\u5165 = \u7a0e\u57fa * \u7a0e\u7387<\/li>\n<li>\u7a0e\u57fa = f(\u4eba\u53e3\uff0c\u6536\u5165\uff0c\u6d88\u8d39\u610f\u5411, etc)<\/li>\n<li>\u7a0e\u6536\u6536\u5165 = f(\u4eba\u53e3\uff0c\u6536\u5165) * \u7a0e\u7387<\/li>\n<li>\u5f53\u524d\u603b\u4eba\u53e3\u5c11\u4e86\uff0c\u53ea\u6709\u589e\u52a0\u6536\u5165\uff0c\u6216\u8005\u589e\u52a0\u7a0e\u7387\uff0c\u624d\u80fd\u6ee1\u8db3\u503a\u52a1\u589e\u52a0\u3002<\/li>\n<\/ul>\n<p>\u6b64\u524d\uff0c\u516c\u5171\u90e8\u95e8\u7684\u503a\uff0c\u4f01\u4e1a\u503a\uff0c\u53ef\u4ee5\u901a\u8fc7\u4f9b\u7ed9\u4fa7\u6539\u9769&amp;\u623f\u5730\u4ea7\u7b49\u65b9\u5f0f\u8f93\u51fa\u7ed9\u79c1\u4eba\u90e8\u95e8\uff0c\u6362\u53e5\u8bdd\u8bf4\u662f\u5c06\u4f01\u4e1a\u548c\u653f\u5e9c\u503a\u8f6c\u79fb\uff0c\u7531\u8001\u767e\u59d3\u4e70\u5355\u3002\u4f46\u5f53\u524d\uff0c\u4eba\u53e3\u7ed3\u6784\u548c\u4eba\u53e3\u603b\u91cf\u4e0d\u4e00\u6837\u4e86\u3002\u5f53\u524d\u4f9b\u7ed9\u8fc7\u5269\uff0c\u53ca\u9700\u6c42\u4e0d\u8db3\u540c\u65f6\u5b58\u5728\uff0c\u5bfc\u81f4\u4ef7\u683c\uff08PPI\uff0cCPI\uff09\u4e00\u964d\u518d\u964d\u3002<\/p>\n<h5>\u623f\u5730\u4ea7\u5e02\u573a<\/h5>\n<p>\u623f\u4ef7\u57282008\u5e74-2015\u5e74\u7b2c\u4e00\u6ce2\u4e0a\u6da8\uff0c\u800c2015\u5e74-19\u5e74\u624d\u662f\u4e0a\u6da8\u5e45\u5ea6\u6700\u5927\u7684\uff0c\u6b64\u9636\u6bb5\u4e5f\u662f80s\u540e\u9700\u6c42\u6700\u65fa\u76db\u7684\u5e74\u4ee3\u3002\u7136\u800c\u6536\u5165\u589e\u957f\u5e76\u6ca1\u6709\u623f\u4ef7\u589e\u957f\u5feb\uff0c\u623f\u4ef7\u662f\u7531\u9700\u6c42\u63a8\u52a8\u7684\uff0c\u800c\u975e\u8d2d\u4e70\u529b\u3002\u5317\u4eac\u7684\u623f\u4ef7\u6536\u5165\u6bd4\u662f\u4e16\u754c\u6700\u9ad8\u7684\u4e00\u6279\u3002<\/p>\n<p>\u4e70\u623f\u7684\u65f6\u5019\u62b5\u62bc\u8d37\u6b3e\uff0c\u76f8\u5f53\u4e8e\u628a\u81ea\u5df1\u7684\u672a\u6765\u6536\u5165\u6298\u73b0\u62b5\u62bc\u7ed9\u94f6\u884c\uff0c\u4e70\u623f\u3002\u623f\u5b50\u6b64\u540e\u6362\u624b\uff0c\u5982200\u4e07\u4e70\u4e86\u5356400\u4e07\uff0c\u76f8\u5f53\u4e8e\u628a\u503a\u52a1\u8f6c\u79fb\u7ed9\u63a5\u624b\u4eba\uff0c\u7531\u5176\u672a\u6765\u73b0\u91d1\u6d41\u6298\u73b0\u6765\u507f\u8fd8\u3002\u6240\u4ee5\u623f\u4ef7\u4e0a\u6da8\uff0c\u800c\u6536\u5165\u672a\u4e0a\u6da8\uff0c\u76f8\u5f53\u4e8e\u638f\u7a7a\u5e74\u8f7b\u4eba\u6216\u8005\u4e2d\u5e74\u4eba<strong>\u66f4\u591a<\/strong>\u5e74\u7684\u672a\u6765\u6536\u5165\u3002<\/p>\n<p>\u5982\u679c\u6536\u5165\u4e0d\u589e\u957f\uff0c\u90a3\u4e48\u5b9e\u9645\u5404\u79cd\u4ea4\u6613\u90fd\u662f\u5728\u505a\u8d44\u6e90\u5206\u914d\uff0c\u800c\u975e\u589e\u957f\u3002\u4e00\u6279\u4eba\u7684\u8d22\u5bcc\u6765\u81ea\u4e8e\u53e6\u4e00\u6279\u4eba\u7684\u503a\u52a1\uff0c\u5982\u4e0a\u6587200\u4e07\u623f\u5356400\u4e07\u7684\u4f8b\u5b50\u3002\u4f46\u5982\u679c\u6ca1\u6709\u66f4\u591a\u7684\u5e74\u8f7b\u4eba\u613f\u610f\u4e70\u623f\u4e86\uff0c400\u4e07\u7684\u623f\u5356\u51fa600\u4e07\u4e86\uff0c\u76f8\u5f53\u4e8e\u65c1\u6c0f\u9a97\u5c40\u7684\u94fe\u6761\u65ad\u4e86\uff0c\u6bd4\u8f83\u6536\u5165\u6ca1\u6709\u5b9e\u9645\u589e\u957f\u3002<\/p>\n<p>\u800c\u623f\u4ef7\u5728\u6574\u4e2a\u7ecf\u6d4e\u4f53\u4e2d\u6709\u7740\u91cd\u8981\u7684\u610f\u4e49\uff0c\u5173\u8054\u7740\u62b5\u62bc\u548c\u503a\u52a1\u3002\u5982\u679c\u623f\u4ef7\u964d\uff0c\u76f8\u5f53\u4e8e\u8d44\u4ea7\u964d\uff0c\u800c\u503a\u52a1\u4e0d\u53d8\uff0c\u53ea\u80fdequity\u964d\u4f4e\uff08\u76f8\u5f53\u4e8ewealth\u964d\u4f4e\uff09\uff0c\u5982\u679cequity\u964d\u52300\u6216\u4e3a\u8d1f\uff0c\u5219\u8d44\u4e0d\u62b5\u503a\u3002<\/p>\n<p>\u653e\u5927\u5230\u5b8f\u89c2\uff0c\u7eb5\u5411\uff0c\u6536\u5165\u4e0a\u6da8\u624d\u80fd\u4fdd\u8bc1\u623f\u5730\u4ea7\u7684\u9700\u6c42\u548c\u4ef7\u683c\u3002\u800c\u6536\u5165\u53ef\u4ee5\u7406\u89e3\u4e3a\u672a\u6765\u73b0\u91d1\u6d41\u6298\u73b0\uff0c\u672a\u6765\u5e74\u8f7b\u4eba\u7684\u6536\u5165\u6298\u73b0\u3002\u5982\u679c\u5e74\u8f7b\u4eba\u5c11\u4e86\uff0c\u76f8\u5f53\u4e8e\u80fd\u6298\u73b0\u7684\u6536\u5165\u5c11\u4e86\uff0c\u623f\u4ef7\u96be\u514d\u4e0b\u8dcc\u3002\u5e74\u8f7b\u4eba\u628a\u623f\u5b50\u4e70\u8d70\u4e86\uff0c\u8ba9\u4e2d\u8001\u5e74\u6216\u8005\u5c11\u6570\u4eba\uff08\u5982\u623f\u5730\u4ea7\u5f00\u53d1\uff09\u83b7\u5f97\u4e86\u8d22\u5bcc\uff0c\u4f46\u662f\u5e74\u8f7b\u4eba\u83b7\u5f97\u4e86\u8d1f\u503a\u3002<\/p>\n<h5>\u672a\u6765\u6d88\u8d39\u7ed3\u6784<\/h5>\n<p>\u5f53\u524d\u4eba\u53e3\u5c11\u4e86\uff0c\u4eba\u53e3\u7ed3\u6784\u53d8\u4e86\uff0c\u8001\u5e74\u4eba\u6210\u4e3a\u4e86\u6d88\u8d39\u7684\u4e3b\u5bfc\uff08\u5c39\u745e\u54f2\u7684\u62a5\u544a\uff0c\u5e74\u8f7b\u4eba\u5c11\u7684\u7701\u4efd\u6d88\u8d39\u80fd\u529b\u5f3a\uff09\uff0c\u540c\u65f6\u4e2d\u957f\u671f\u770b\uff0c\u6d88\u8d39\u7684\u7ed3\u6784\u5411\u5e74\u8f7b\u4eba\u7684\u65b9\u5411\u8f6c\u53d8<\/p>\n<h5>\u4e2d\u56fd\u4f01\u4e1a\u5468\u671f<\/h5>\n<p>\u4e2d\u56fd\u53ef\u4ee5\u7528\u5f88\u77ed\u7684\u65f6\u95f4\u5c06\u4ea7\u4e1a\u94fe\u505a\u5230\u201c\u5168\u7403\u9065\u9065\u9886\u5148\u201d\uff0c\u5728\u653f\u7b56\u7684\u4fdd\u62a4\u671f\uff0cPPI\u4e3a\u6b63\uff0c\u4f01\u4e1a\u90fd\u53ef\u4ee5\u6d3b\uff0c\u4f46\u540c\u65f6\u7531\u4e8e\u6709\u5229\u6da6\u7a7a\u95f4\uff0c\u4f01\u4e1a\u8fdb\u5165\u5e02\u573a\uff0c\u4f1a\u9020\u6210\u5f88\u591a\u540c\u7c7b\u7ade\u4e89\u3002\u4f46\u4e00\u65e6\u4fdd\u62a4\u671f\u4e00\u5230\uff0c\u5230\u5e02\u573a\u7ecf\u6d4e\u7ade\u4e89\u7684\u60c5\u51b5\u4e0b\uff0c\u4f01\u4e1a\u5f00\u59cb\u6253\u4ef7\u683c\u6218\uff0c\u5f00\u59cbPK\u3001\u7ade\u4e89\u3001\u5185\u5377\uff0cPPI\u5f00\u59cb\u8f6c\u8d1f\u3002\u7136\u540e\u4e00\u8f6e\u4ea7\u4e1a\u8fc7\u5269\uff0c\u5f00\u59cb\u6dd8\u6c70\u3002<\/p>\n<p>\u653f\u5e9c\u9a71\u52a8\u518d\u5f15\u5bfc\u65b0\u7684\u4ea7\u4e1a\u3002\u7528\u8fd9\u79cd\u524d\u6d6a\u63a8\u540e\u6d6a\u7684\u65b9\u5f0f\uff0c\u63a8\u52a8\u6574\u4e2a\u4ea7\u4e1a\u5404\u4e2a\u73af\u8282\u7684\u5468\u671f\u7f29\u77ed\u5230\u4e94\u5e74\uff0c\u4f46\u662f\u4ee3\u4ef7\u5c31\u662f\u5f88\u591a\u884c\u4e1a\u4f1a\u4ee5\u5f88\u5feb\u7684\u901f\u5ea6\u8fdb\u5165\u5230PPI\u4e3a\u8d1f\uff0c\u800c\u6240\u6709\u80fd\u5230PPI\u4e3a\u8d1f\u7684\u4ea7\u4e1a\uff0c\u6700\u540e\u80fd\u6d3b\u4e0b\u6765\u90fd\u5f97\u611f\u8c22\u6709\u81ea\u5df1\u7684\u8d1f\u503a\u7aef\uff0c\u6709\u5c45\u6c11\u90e8\u95e8\u80fd\u4e70\u5355\u3002\u4e00\u65e6\u5185\u9700\u4e0d\u8db3\uff0c\u5c45\u6c11\u90e8\u95e8\u4e0d\u518d\u4e3a\u4f01\u4e1a\u8d1f\u503a\u4e70\u5355\uff08\u6216\u8005\u65e0\u6cd5\u4e70\u5355\uff0c\u56e0\u4e3a\u7ecf\u6d4e\u538b\u529b\u81ea\u5e95\u5c42\u5411\u4e0a\u4f20\u5bfc\uff09\uff0c\u5c31\u4f1a\u51fa\u5371\u673a\uff0c\u5c31\u662f\u5f53\u524d\u7ecf\u6d4e\u73b0\u72b6\u3002<\/p>\n<p>\u6240\u4ee5\u770b\u4ea7\u4e1a\u94fe\u6210\u719f\u5ea6\uff0c\u6216\u8005\u8bf4\u770b\u5468\u671f\u6295\u8d44\u65f6\uff0c\u4e0d\u80fd\u7b49\u4ea7\u4e1a\u5df2\u8fdb\u5165\u7ade\u4e89\u6a21\u5f0f\u7684\u65f6\u5019\u6295\uff08\u5982\u65b0\u80fd\u6e90\uff09\uff0c\u56e0\u4e3a\u5728\u4ef7\u683c\u6218\uff0c\u535a\u5f08\u5206\u86cb\u7cd5\uff0c\u5c31\u50cf\u62bd\u7b7e\u4f17\u591a\u4f01\u4e1a\u4e2d\u80fd\u6210\u6d3b\u7684\u4e00\u4e2a\uff08\u5f53\u7136\u4e5f\u4e0d\u8981\u4e70\u884c\u4e1aETF\uff0c\u800c\u5982\u679c\u4e00\u5b9a\u8981\u6295\u6b64\u884c\u4e1a\uff0c\u6295\u6700\u6709\u673a\u4f1a\u6d3b\u4e0b\u6765\u7684\uff0c\u8d1f\u503a\u7aef\u538b\u529b\u5c0f\u7684\uff0c\u6709\u6253\u4ef7\u683c\u6218\u7a7a\u95f4\u7684\uff09\u3002\u8981\u5728\u653f\u7b56\u5229\u597d\u7684\u65f6\u5019\u6295\uff0c\u56e0\u4e3a\u5728\u628a\u86cb\u7cd5\u505a\u5927\uff0c\u6709\u653f\u7b56\u4fdd\u62a4\u3002<\/p>\n<p>\u6295\u8d44\u662f\u770b\u9884\u671f\uff0c\u4e0d\u662f\u73b0\u72b6\u3002<\/p>\n<h5>\u4f9b\u7ed9\u4fa7\u6539\u9769<\/h5>\n<p>\u4e2d\u56fd\u4f9b\u7ed9\u4fa7\u6539\u9769\u7684\u8d77\u70b9\u662f2002\u5e74\uff0cPPI\u4e3a\u6b63\uff0c\u6838\u5fc3CPI\u4e3a\u6b63\uff0c\u6709\u6548\u9700\u6c42\u4e3a\u6b63\u3002\u6301\u7eed\u52302012\u5e74\uff0c\u4f9b\u7ed9\u5f00\u59cb\u8fc7\u5269\uff0c\u4f46\u6709\u6548\u9700\u6c42\u53ef\u4ee5\u7ee7\u7eed\u52a0\u6760\u6746\uff08\u76f8\u5f53\u4e8e\u5c45\u6c11\u90e8\u95e8\u7528\u8d1f\u503a\u7aef\u6269\u5927\u7684\u65b9\u5f0f\u652f\u6491\u4f9b\u7ed9\u4fa7\u6269\u5f20\uff09\uff0c\u4f46\u4f9b\u7ed9\u77db\u76fe\u5df2\u7ecf\u4ea7\u751f\uff0c2009\u5e74\u4f9b\u9700\u53cc\u843d\uff0c\u8fd9\u5c31\u662f\u4e2d\u56fd\u8fd9\u4e00\u8f6e\u4ece2012\u5e74\u5f00\u59cb\u7684\u5927\u5468\u671f\u7684\u672b\u7aef\u3002<\/p>\n<p>\u6b64\u5904\u65f6\u95f4\u6709\u70b9\u6df7\u4e71\uff0c\u4ed8\u9e4f\u5efa\u8bae\u770b\u300a\u6731\u9555\u57fa\u603b\u7406\u7b54\u8bb0\u8005\u95ee\u300b\uff0c\u4e09\u5377\u672c\u3002<\/p>\n<p>\u201c\u53ea\u8981\u4eba\u8fd8\u5728\uff0c\u5565\u503a\u90fd\u80fd\u5316\u201d\u3002\u53ea\u8981\u4eba\u4e0d\u5728\uff0c\u8fd9\u503a\u600e\u4e48\u5316\uff1f\u7a0e\u7387\u3002\u91cf\u6536\u4e0d\u4e0a\u6765\uff0c\u5c31\u6293\u7387\u3002<\/p>\n<h5>\u8d22\u653f\u3001\u5229\u7387\u3001\u6c47\u7387\u4f20\u5bfc<\/h5>\n<p>\u5f53\u8d22\u653f\u9700\u8981\u6269\u5f20\uff0c\u5229\u7387\u4e0b\u964d\uff0c\u8d22\u653f\u82b1\u94b1\u77ed\u671f\u5185\u4e0d\u4f1a\u6d41\u8f6c\u5230\u5c45\u6c11\u90e8\u95e8\uff0c\u56fd\u5185\u7ecf\u6d4e\u7684\u6709\u6548\u9700\u6c42\u4e0d\u591f\uff0c\u50a8\u84c4\u8fc7\u5269\uff0c\u6295\u8d44\u56de\u62a5\u7387\u4e0b\u964d\uff0c\u5229\u7387\u4e0b\u964d\u3002<\/p>\n<p>\u5728\u8fd9\u79cd\u80cc\u666f\u4e0b\uff0c\u6c47\u7387\u5c31\u4ee3\u8868\u7740\u4f60\u7684\u5b9e\u9645\u56de\u62a5\u7387\u4ee5\u53ca\u672c\u5e01\u8d2d\u4e70\u529b\uff0c\u662f\u51cf\u5f31\u7684\uff0c\u672c\u5e01\u8d2c\u503c\u3002<\/p>\n<p>\u65e5\u672c\u957f\u671f\u4f4e\u5229\u7387\uff0c\u800c\u540c\u65f6\u4fdd\u8bc1\u6c47\u7387\u7a33\u5b9a\u7684\u539f\u56e0\u3002\u7406\u8bba\u4e0a\u5c06\uff0c\u5229\u7387\u5dee\u4f1a\u5bfc\u81f4\u6c47\u7387\u5dee\uff0c\u4f46\u65e5\u5143\u6b64\u524d\u76f8\u5bf9\u7a33\u5b9a\u3002\u539f\u56e0\u662f\u65e5\u672c\u8fdb\u884ccarry trade\uff0c\u5927\u4f01\u4e1a\uff08\u4e09\u4e95\u3001\u4e09\u83f1etc\uff09\u4f4e\u606f\u501f\u65e5\u5143\u7136\u540e\u4e70\u6d77\u5916\u8d44\u4ea7\u3002\u7528\u6d77\u5916\u8d44\u4ea7\u6765\u652f\u6491\u65e5\u5143\u6c47\u7387\u3002\u7136\u800c\u4f01\u4e1a\u901a\u8fc7carry trade\u6323\u4e86\u94b1\uff0c\u8001\u767e\u59d3\u65e0\u6cd5\u8fdb\u884c\u6b64\u64cd\u4f5c\uff08\u5176\u5b9e\u8001\u767e\u59d3\u4e5f\u53ef\u4ee5\u4e70\u6d77\u5916\u80a1\u7968\uff0c\u4f46\u662f\u5927\u591a\u6570\u8001\u767e\u59d3\u6ca1\u6709\u8fd9\u4e48\u505a\uff09\uff0c\u8001\u767e\u59d3\u7a77\u4e86\uff08\u6536\u5165\u964d\u4f4e\u65e0\u6cd5\u652f\u6491\u6d88\u8d39\uff09\u6240\u4ee5\u65e5\u5143\u7684\u7a33\u5b9a\u624d\u96be\u4ee5\u7ef4\u6301\u3002<\/p>\n<h5>Implications<\/h5>\n<p>\u5f53\u524d\u4e24\u4f1a\u63d0\u51fa\u8d22\u653f\u548c\u8d27\u5e01\u53cc\u91cd\u5bbd\u677e\uff0c\u5e0c\u63a8\u9ad8\u56fd\u5185CPI\u907f\u514d\u901a\u7f29\uff0c\u77ed\u671f\u5e02\u573a\u53ef\u80fd\u4f1a\u5229\u597d\uff0c\u56e0\u4e3a\u6295\u8d44\u8005\u4e0d\u5e0c\u671b\u8e0f\u7a7a\uff0c\u4e14\u4e0d\u5e0c\u671b\u88ab\u901a\u80c0\u5f71\u54cd\u3002\u4f46\u4ea4\u6613\u4e0a\u53ef\u80fd\u53ea\u6709\u77ed\u671f\u5f71\u54cd\uff0c\u56e0\u4e3a\u503a\u52a1\u9700\u8981\u7528\u7a0e\u6536\u4e70\u5355\uff0c\u5b8f\u89c2\u7ecf\u6d4e\u7684\u6838\u5fc3\u95ee\u9898\uff08\u4eba\u53e3\uff09\u5e76\u6ca1\u6709\u89e3\u51b3\uff0c\u4e14\u6ca1\u6709\u65b0\u7684\u6280\u672f\u80fd\u63a8\u52a8\u7ecf\u6d4e\u589e\u957f\uff0c\u90a3\u4e48\u4e2d\u957f\u671f\u5c31\u96be\u4ee5\u7ef4\u7cfb\u3002<\/p>\n<p>\u4ea4\u6613\u4e0a\u53ef\u80fd\u77ed\u671f\u5b9e\u73b0\u6536\u76ca\u540e\u6295\u8d44\u6d77\u5916\u8d44\u4ea7\u6bd4\u8f83\u597d\u3002<\/p>\n<h5>Others<\/h5>\n<ul>\n<li>\u6295\u8d44\u65b9\u5411\uff0c\u4e2d\u4ea7\u9762\u4e34\u5de8\u5927\u56f0\u5883\uff0c\u505a\u9ad8\u7aef\uff08\u7231\u9a6c\u4ed5\uff09\uff0c\u505a\u4f4e\u7aef\uff08\u62fc\u591a\u591a\u3002\u653e\u5f03\u4e2d\u7aef\uff08LV\uff0cChanel\uff0cPrada\uff09<\/li>\n<li>\u6d88\u8d39\u6a21\u5f0f\u7c7b\u4f3c\uff0c\u53ea\u6709\u8001\u4eba\u7684\u6d88\u8d39\u548c\u5e74\u8f7b\u4eba\u7684\u6d88\u8d39\u53ef\u4ee5\u505a\uff0c\u4e2d\u5e74\u4eba\u7684\u6d88\u8d39\u80fd\u529b\u964d\u4f4e\u3002<\/li>\n<li>\u6295\u8d44\u4ea7\u4e1a\u8981\u6295\u65e9\u671f\u7684\u4ea7\u4e1a\uff0c\u5df2\u7ecf\u6210\u719f\u7684\u53ea\u80fd\u6295\u8d1f\u503a\u7aef\u4f18\u79c0\u7684\u6216\u6709\u4ef7\u683c\u6218\u80fd\u529b\u7684\u3002<\/li>\n<\/ul>\n<h5>Reference<\/h5>\n<p>https:\/\/www.wenxuecity.com\/news\/2024\/12\/02\/125897172.html<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5f53\u524d\u7ecf\u6d4e\u6a21\u5f0f\u4ece\u589e\u957f\u8f6c\u4e3a\u5206\u914d \u5f53\u524d\u7ecf\u6d4e\u6a21\u5f0f\u7531\u589e\u957f\uff08\u628a\u86cb\u7cd5\u505a\u5927\uff09\uff0c\u53d8\u4e3a\u5206\u914d\uff08\u628a\u86cb\u7cd5\u5207\u597d\uff09\u3002\u53c2\u8003\u65e5\u672c\u76841980s\u540e\u7684\u72b6\u51b5\uff0c\u7ecf\u6d4e\u6ca1\u6709\u589e\u957f\u5e76\u4e0d\u610f\u5473\u4eba\u5747\u53d8\u5dee\u4e86\u6216\u8005\u4eba\u4e0d\u5e78\u798f\u4e86\uff08\u65e5\u672c\u6d88\u5931\u768440\u5e74\uff09\uff0c\u540c\u65f6\u800c\u7ecf\u6d4e\u589e\u957f\u4e5f\u4e0d\u610f\u5473\u7740\u4eba\u5747\u90fd\u589e\u957f\u4e86\uff08\u8fd1\u5e74\u6211\u56fd\u7684\u589e\u957f\u6a21\u5f0f\uff09\u3002 \u5982\u4f55\u5e94\u5bf9 \u5f53\u524d\u4e0a\u8ff0\u7531\u589e\u957f\u8f6c\u4e3a\u5206\u914d\u7684\u80cc\u666f\u4e0b\uff0c\u666e\u901a\u4eba\u9700\u8981\u505a\u7684\u662f\uff0c\u53c2\u4e0e\u5230\u5230\u5206\u86cb\u7cd5\u7684\u8fc7\u7a0b\u4e2d\uff0c\u53c2\u4e0e\u5206\u914d\uff0c\u800c\u4e0d\u662f\u53c2\u4e0e\u589e\u957f\u3002But how to do it? \u79bb\u6743\u529b\u8fd1\u4e00\u70b9\uff0c\u79bb\u8d44\u6e90\u8fd1\u4e00\u70b9\uff0c\u5c31\u80fd\u591a\u5403\u4e00\u70b9\u3002 \u800c\u5356\u52b3\u52a8\u529b\uff08\u6309\u4ee5\u524d\u589e\u957f\u7684\u6a21\u5f0f\u6323\u94b1\uff09\uff0c\u5c31\u53ea\u80fd\u5c11\u5403\u4e00\u70b9\u3002 \u65e5\u672c\u4f4e\u5229\u7387\u65f6\u4ee3\uff0c\u5df4\u83f2\u7279carry trade\uff0c\u5728\u65e5\u672c\u53d1\u65e5\u5143\u503a\uff0c\u4ee5\u4f4e\u5229\u7387\uff08\u4f4e\u6210\u672c\uff09\u501f\u94b1\uff0c\u7136\u540e\u76f4\u63a5\u6295\u8d44\u65e5\u672c\u516c\u53f8\u3002In other words, \u5df4\u83f2\u7279\u53c2\u4e0e\u4e86\u65e5\u672c\u8fc7\u53bb40\u5e74\u7684\u5b58\u91cf\u8d22\u5bcc\u5206\u914d\u3002 \u5f53\u524d\u7ecf\u6d4e\u56f0\u5883 \u7ecf\u6d4e\u6d41\u8f6c\u7684\u8fc7\u7a0b\uff0c\u4e00\u65b9\u7684\u6d88\u8d39\u662f\u53e6\u4e00\u65b9\u7684\u6536\u5165\u3002\u7136\u800c\u6d88\u8d39\u548c\u6536\u5165\u6d41\u8f6c\u9700\u8981\u65f6\u95f4\u3002 \u5f53\u7ecf\u6d4e\u6269\u5f20\u65f6\uff1a\u5bcc\u4eba\u5148\u8fdb\u4e94\u661f\u7ea7\u9152\u5e97\uff0c\u5bcc\u4eba\u5148\u4e70\u8d85\u8dd1\uff0c\u5bcc\u4eba\u5148\u5403\u6d77\u9c9c\uff0c\u7136\u540e\u9010\u6b65\u4e0b\u6c89\uff0c\u5230\u6700\u540e\u662f\u8001\u767e\u59d3\u5403\u4e0a\u6d77\u9c9c\uff0c\u8001\u767e\u59d3\u5f00\u4e0a\u6c7d\u8f66\uff0c\u8001\u767e\u59d3\u8fdb\u4e94\u661f\u7ea7\u9152\u5e97\u3002 \u5f53\u7ecf\u6d4e\u6536\u7f29\u65f6\uff0c\u5374\u662f\u76f8\u53cd\u7684\uff1a\u5148\u6536\u7f29\u7684\u662f\u5e95\u5c42\u3002\u7f51\u7ea6\u8f66\u53f8\u673a\u3001\u5feb\u9012\u5458\u3001\u5916\u5356\u5c0f\u54e5\u7b49\u662f\u5bf9\u7ecf\u6d4e\u9700\u6c42\u53cd\u9988\u6700\u5feb\u7684\u3002\u800c\u5750\u529e\u516c\u5ba4\u7684\u5f80\u5f80\u53cd\u9988\u5f88\u6162\uff0c\u8981\u7b49\u5e74\u7ec8\u964d\u85aa\u3001\u53d1\u4e0d\u51fa\u5de5\u8d44\u3001\u88c1\u5458\u7b49\u624d\u4f1a\u6709\u53cd\u9988\u3002\u540c\u65f6\uff0c\u8fd1\u5e74\u7f51\u7ea6\u8f66\u53f8\u673a\u6570\u91cf\u5267\u589e\u5e76\u4e0d\u662f\u56e0\u4e3a\u519c\u6751\u52b3\u52a8\u529b\u8fdb\u57ce\uff0c\u66f4\u591a\u7684\u662f\uff0c\u4e2d\u4ea7\u9636\u7ea7\u7684\u9668\u843d\u3002\u53ea\u4e0d\u8fc7\u662f\u4f60\u7684\u9636\u5c42\u4e0d\u4e00\u6837\uff0c\u4f60\u770b\u7684\u95ee\u9898\u4e0d\u4e00\u6837\u3002 \u4ece\u7ecf\u6d4e\u6570\u636e\u53cd\u9988\uff0c\u7ecf\u6d4e\u6536\u7f29\u7684\u65f6\u5019\u662f\u5e95\u5c42\u5148\u5403\u82e6\uff0c\u5f80\u5f80\u4e00\u5b9a\u5468\u671f\u540e\u624d\u80fd\u4f20\u9012\u5230\u7ecf\u6d4e\u6570\u636e\u4e0a\uff0c\u56e0\u6b64\u5b8f\u89c2\u7ecf\u6d4e\u6307\u6807\u7684\u53cd\u9988\u5c06\u6ede\u540e\u3002 \u7ecf\u6d4e\u6570\u636e\u4e0d\u771f\u5b9e\uff0c\u5b9e\u9645\u60c5\u51b5\u662f\u901a\u7f29\uff0c\u6ca1\u6709\u589e\u957f\u3002 \u4e3b\u8981\u539f\u56e0\u662f\u4eba\u53e3\u95ee\u9898\uff0c\u8001\u9f84\u5316\u53ca\u52b3\u52a8\u4eba\u53e3\u7f29\u51cf\u3002 \u523a\u6fc0\u7ecf\u6d4e\u7684\u65b9\u5f0f \u5173\u4e8e\u8bf4\u6cd5\u201c\u5185\u503a\u4e0d\u662f\u503a\u201d\u3002\u8bda\u7136\u4e0d\u540c\u4e8e\u5916\u503a\u9700\u8981\u7528\u5916\u6c47\u8fd8\uff0c\u6709\u672c\u5e01\u7684\u56fd\u5bb6\u53ef\u4ee5\u901a\u8fc7\u5370\u94b1\u6765\u8fd8\u503a\uff0c\u4f46\u662f\u957f\u671f\u4ee5\u5f80\u4f1a\u5bfc\u81f4\u6d41\u901a\u4e2d\u7684\u8d27\u5e01\u589e\u52a0\uff0c\u4ea7\u751f\u6f5c\u5728\u901a\u80c0\u95ee\u9898\uff08\u53ef\u80fd\u5f53\u524d\u77ed\u671f\u901a\u7f29\uff0c\u56e0\u4e3a\u6ca1\u6709\u8fc7\u91cf\u73b0\u91d1\u6d41\u901a\uff0c\u4f46\u8d27\u5e01\u603b\u91cf\u589e\u52a0\u4e86\uff0c\u957f\u671f\u4e00\u5b9a\u4f1a\u6709\u901a\u80c0\u98ce\u9669\uff09\u3002 \u56fd\u5bb6\u653f\u5e9c\u9700\u8981\u957f\u671f\u7a33\u5b9a\u5c31\u9700\u8981\u4fdd\u6301Public Sector\u7684\u5e73\u8861\u3002\u503a\u52a1\u589e\u52a0\u9700\u8981\u9760\uff081\uff09\u501f\u65b0\u8fd8\u65e7\uff082\uff09\u63d0\u5347\u7a0e\u6536\u8fd8\u3002 \u7a0e\u6536\u6536\u5165 = \u7a0e\u57fa * \u7a0e\u7387 \u7a0e\u57fa = f(\u4eba\u53e3\uff0c\u6536\u5165\uff0c\u6d88\u8d39\u610f\u5411, etc) \u7a0e\u6536\u6536\u5165 = f(\u4eba\u53e3\uff0c\u6536\u5165) * \u7a0e\u7387 \u5f53\u524d\u603b\u4eba\u53e3\u5c11\u4e86\uff0c\u53ea\u6709\u589e\u52a0\u6536\u5165\uff0c\u6216\u8005\u589e\u52a0\u7a0e\u7387\uff0c\u624d\u80fd\u6ee1\u8db3\u503a\u52a1\u589e\u52a0\u3002 \u6b64\u524d\uff0c\u516c\u5171\u90e8\u95e8\u7684\u503a\uff0c\u4f01\u4e1a\u503a\uff0c\u53ef\u4ee5\u901a\u8fc7\u4f9b\u7ed9\u4fa7\u6539\u9769&amp;\u623f\u5730\u4ea7\u7b49\u65b9\u5f0f\u8f93\u51fa\u7ed9\u79c1\u4eba\u90e8\u95e8\uff0c\u6362\u53e5\u8bdd\u8bf4\u662f\u5c06\u4f01\u4e1a\u548c\u653f\u5e9c\u503a\u8f6c\u79fb\uff0c\u7531\u8001\u767e\u59d3\u4e70\u5355\u3002\u4f46\u5f53\u524d\uff0c\u4eba\u53e3\u7ed3\u6784\u548c\u4eba\u53e3\u603b\u91cf\u4e0d\u4e00\u6837\u4e86\u3002\u5f53\u524d\u4f9b\u7ed9\u8fc7\u5269\uff0c\u53ca\u9700\u6c42\u4e0d\u8db3\u540c\u65f6\u5b58\u5728\uff0c\u5bfc\u81f4\u4ef7\u683c\uff08PPI\uff0cCPI\uff09\u4e00\u964d\u518d\u964d\u3002 \u623f\u5730\u4ea7\u5e02\u573a \u623f\u4ef7\u57282008\u5e74-2015\u5e74\u7b2c\u4e00\u6ce2\u4e0a\u6da8\uff0c\u800c2015\u5e74-19\u5e74\u624d\u662f\u4e0a\u6da8\u5e45\u5ea6\u6700\u5927\u7684\uff0c\u6b64\u9636\u6bb5\u4e5f\u662f80s\u540e\u9700\u6c42\u6700\u65fa\u76db\u7684\u5e74\u4ee3\u3002\u7136\u800c\u6536\u5165\u589e\u957f\u5e76\u6ca1\u6709\u623f\u4ef7\u589e\u957f\u5feb\uff0c\u623f\u4ef7\u662f\u7531\u9700\u6c42\u63a8\u52a8\u7684\uff0c\u800c\u975e\u8d2d\u4e70\u529b\u3002\u5317\u4eac\u7684\u623f\u4ef7\u6536\u5165\u6bd4\u662f\u4e16\u754c\u6700\u9ad8\u7684\u4e00\u6279\u3002 \u4e70\u623f\u7684\u65f6\u5019\u62b5\u62bc\u8d37\u6b3e\uff0c\u76f8\u5f53\u4e8e\u628a\u81ea\u5df1\u7684\u672a\u6765\u6536\u5165\u6298\u73b0\u62b5\u62bc\u7ed9\u94f6\u884c\uff0c\u4e70\u623f\u3002\u623f\u5b50\u6b64\u540e\u6362\u624b\uff0c\u5982200\u4e07\u4e70\u4e86\u5356400\u4e07\uff0c\u76f8\u5f53\u4e8e\u628a\u503a\u52a1\u8f6c\u79fb\u7ed9\u63a5\u624b\u4eba\uff0c\u7531\u5176\u672a\u6765\u73b0\u91d1\u6d41\u6298\u73b0\u6765\u507f\u8fd8\u3002\u6240\u4ee5\u623f\u4ef7\u4e0a\u6da8\uff0c\u800c\u6536\u5165\u672a\u4e0a\u6da8\uff0c\u76f8\u5f53\u4e8e\u638f\u7a7a\u5e74\u8f7b\u4eba\u6216\u8005\u4e2d\u5e74\u4eba\u66f4\u591a\u5e74\u7684\u672a\u6765\u6536\u5165\u3002 \u5982\u679c\u6536\u5165\u4e0d\u589e\u957f\uff0c\u90a3\u4e48\u5b9e\u9645\u5404\u79cd\u4ea4\u6613\u90fd\u662f\u5728\u505a\u8d44\u6e90\u5206\u914d\uff0c\u800c\u975e\u589e\u957f\u3002\u4e00\u6279\u4eba\u7684\u8d22\u5bcc\u6765\u81ea\u4e8e\u53e6\u4e00\u6279\u4eba\u7684\u503a\u52a1\uff0c\u5982\u4e0a\u6587200\u4e07\u623f\u5356400\u4e07\u7684\u4f8b\u5b50\u3002\u4f46\u5982\u679c\u6ca1\u6709\u66f4\u591a\u7684\u5e74\u8f7b\u4eba\u613f\u610f\u4e70\u623f\u4e86\uff0c400\u4e07\u7684\u623f\u5356\u51fa600\u4e07\u4e86\uff0c\u76f8\u5f53\u4e8e\u65c1\u6c0f\u9a97\u5c40\u7684\u94fe\u6761\u65ad\u4e86\uff0c\u6bd4\u8f83\u6536\u5165\u6ca1\u6709\u5b9e\u9645\u589e\u957f\u3002 \u800c\u623f\u4ef7\u5728\u6574\u4e2a\u7ecf\u6d4e\u4f53\u4e2d\u6709\u7740\u91cd\u8981\u7684\u610f\u4e49\uff0c\u5173\u8054\u7740\u62b5\u62bc\u548c\u503a\u52a1\u3002\u5982\u679c\u623f\u4ef7\u964d\uff0c\u76f8\u5f53\u4e8e\u8d44\u4ea7\u964d\uff0c\u800c\u503a\u52a1\u4e0d\u53d8\uff0c\u53ea\u80fdequity\u964d\u4f4e\uff08\u76f8\u5f53\u4e8ewealth\u964d\u4f4e\uff09\uff0c\u5982\u679cequity\u964d\u52300\u6216\u4e3a\u8d1f\uff0c\u5219\u8d44\u4e0d\u62b5\u503a\u3002 \u653e\u5927\u5230\u5b8f\u89c2\uff0c\u7eb5\u5411\uff0c\u6536\u5165\u4e0a\u6da8\u624d\u80fd\u4fdd\u8bc1\u623f\u5730\u4ea7\u7684\u9700\u6c42\u548c\u4ef7\u683c\u3002\u800c\u6536\u5165\u53ef\u4ee5\u7406\u89e3\u4e3a\u672a\u6765\u73b0\u91d1\u6d41\u6298\u73b0\uff0c\u672a\u6765\u5e74\u8f7b\u4eba\u7684\u6536\u5165\u6298\u73b0\u3002\u5982\u679c\u5e74\u8f7b\u4eba\u5c11\u4e86\uff0c\u76f8\u5f53\u4e8e\u80fd\u6298\u73b0\u7684\u6536\u5165\u5c11\u4e86\uff0c\u623f\u4ef7\u96be\u514d\u4e0b\u8dcc\u3002\u5e74\u8f7b\u4eba\u628a\u623f\u5b50\u4e70\u8d70\u4e86\uff0c\u8ba9\u4e2d\u8001\u5e74\u6216\u8005\u5c11\u6570\u4eba\uff08\u5982\u623f\u5730\u4ea7\u5f00\u53d1\uff09\u83b7\u5f97\u4e86\u8d22\u5bcc\uff0c\u4f46\u662f\u5e74\u8f7b\u4eba\u83b7\u5f97\u4e86\u8d1f\u503a\u3002 \u672a\u6765\u6d88\u8d39\u7ed3\u6784 \u5f53\u524d\u4eba\u53e3\u5c11\u4e86\uff0c\u4eba\u53e3\u7ed3\u6784\u53d8\u4e86\uff0c\u8001\u5e74\u4eba\u6210\u4e3a\u4e86\u6d88\u8d39\u7684\u4e3b\u5bfc\uff08\u5c39\u745e\u54f2\u7684\u62a5\u544a\uff0c\u5e74\u8f7b\u4eba\u5c11\u7684\u7701\u4efd\u6d88\u8d39\u80fd\u529b\u5f3a\uff09\uff0c\u540c\u65f6\u4e2d\u957f\u671f\u770b\uff0c\u6d88\u8d39\u7684\u7ed3\u6784\u5411\u5e74\u8f7b\u4eba\u7684\u65b9\u5411\u8f6c\u53d8 \u4e2d\u56fd\u4f01\u4e1a\u5468\u671f \u4e2d\u56fd\u53ef\u4ee5\u7528\u5f88\u77ed\u7684\u65f6\u95f4\u5c06\u4ea7\u4e1a\u94fe\u505a\u5230\u201c\u5168\u7403\u9065\u9065\u9886\u5148\u201d\uff0c\u5728\u653f\u7b56\u7684\u4fdd\u62a4\u671f\uff0cPPI\u4e3a\u6b63\uff0c\u4f01\u4e1a\u90fd\u53ef\u4ee5\u6d3b\uff0c\u4f46\u540c\u65f6\u7531\u4e8e\u6709\u5229\u6da6\u7a7a\u95f4\uff0c\u4f01\u4e1a\u8fdb\u5165\u5e02\u573a\uff0c\u4f1a\u9020\u6210\u5f88\u591a\u540c\u7c7b\u7ade\u4e89\u3002\u4f46\u4e00\u65e6\u4fdd\u62a4\u671f\u4e00\u5230\uff0c\u5230\u5e02\u573a\u7ecf\u6d4e\u7ade\u4e89\u7684\u60c5\u51b5\u4e0b\uff0c\u4f01\u4e1a\u5f00\u59cb\u6253\u4ef7\u683c\u6218\uff0c\u5f00\u59cbPK\u3001\u7ade\u4e89\u3001\u5185\u5377\uff0cPPI\u5f00\u59cb\u8f6c\u8d1f\u3002\u7136\u540e\u4e00\u8f6e\u4ea7\u4e1a\u8fc7\u5269\uff0c\u5f00\u59cb\u6dd8\u6c70\u3002 \u653f\u5e9c\u9a71\u52a8\u518d\u5f15\u5bfc\u65b0\u7684\u4ea7\u4e1a\u3002\u7528\u8fd9\u79cd\u524d\u6d6a\u63a8\u540e\u6d6a\u7684\u65b9\u5f0f\uff0c\u63a8\u52a8\u6574\u4e2a\u4ea7\u4e1a\u5404\u4e2a\u73af\u8282\u7684\u5468\u671f\u7f29\u77ed\u5230\u4e94\u5e74\uff0c\u4f46\u662f\u4ee3\u4ef7\u5c31\u662f\u5f88\u591a\u884c\u4e1a\u4f1a\u4ee5\u5f88\u5feb\u7684\u901f\u5ea6\u8fdb\u5165\u5230PPI\u4e3a\u8d1f\uff0c\u800c\u6240\u6709\u80fd\u5230PPI\u4e3a\u8d1f\u7684\u4ea7\u4e1a\uff0c\u6700\u540e\u80fd\u6d3b\u4e0b\u6765\u90fd\u5f97\u611f\u8c22\u6709\u81ea\u5df1\u7684\u8d1f\u503a\u7aef\uff0c\u6709\u5c45\u6c11\u90e8\u95e8\u80fd\u4e70\u5355\u3002\u4e00\u65e6\u5185\u9700\u4e0d\u8db3\uff0c\u5c45\u6c11\u90e8\u95e8\u4e0d\u518d\u4e3a\u4f01\u4e1a\u8d1f\u503a\u4e70\u5355\uff08\u6216\u8005\u65e0\u6cd5\u4e70\u5355\uff0c\u56e0\u4e3a\u7ecf\u6d4e\u538b\u529b\u81ea\u5e95\u5c42\u5411\u4e0a\u4f20\u5bfc\uff09\uff0c\u5c31\u4f1a\u51fa\u5371\u673a\uff0c\u5c31\u662f\u5f53\u524d\u7ecf\u6d4e\u73b0\u72b6\u3002 \u6240\u4ee5\u770b\u4ea7\u4e1a\u94fe\u6210\u719f\u5ea6\uff0c\u6216\u8005\u8bf4\u770b\u5468\u671f\u6295\u8d44\u65f6\uff0c\u4e0d\u80fd\u7b49\u4ea7\u4e1a\u5df2\u8fdb\u5165\u7ade\u4e89\u6a21\u5f0f\u7684\u65f6\u5019\u6295\uff08\u5982\u65b0\u80fd\u6e90\uff09\uff0c\u56e0\u4e3a\u5728\u4ef7\u683c\u6218\uff0c\u535a\u5f08\u5206\u86cb\u7cd5\uff0c\u5c31\u50cf\u62bd\u7b7e\u4f17\u591a\u4f01\u4e1a\u4e2d\u80fd\u6210\u6d3b\u7684\u4e00\u4e2a\uff08\u5f53\u7136\u4e5f\u4e0d\u8981\u4e70\u884c\u4e1aETF\uff0c\u800c\u5982\u679c\u4e00\u5b9a\u8981\u6295\u6b64\u884c\u4e1a\uff0c\u6295\u6700\u6709\u673a\u4f1a\u6d3b\u4e0b\u6765\u7684\uff0c\u8d1f\u503a\u7aef\u538b\u529b\u5c0f\u7684\uff0c\u6709\u6253\u4ef7\u683c\u6218\u7a7a\u95f4\u7684\uff09\u3002\u8981\u5728\u653f\u7b56\u5229\u597d\u7684\u65f6\u5019\u6295\uff0c\u56e0\u4e3a\u5728\u628a\u86cb\u7cd5\u505a\u5927\uff0c\u6709\u653f\u7b56\u4fdd\u62a4\u3002 \u6295\u8d44\u662f\u770b\u9884\u671f\uff0c\u4e0d\u662f\u73b0\u72b6\u3002 &hellip; <a href=\"https:\/\/fanyuzhao.com\/?p=5784\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">\u5173\u4e8e\u4e2d\u56fd\u7ecf\u6d4e\u73b0\u5728 &#8211; \u4ed8\u9e4f\u5728\u6c47\u4e30\u7684\u62a5\u544a<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,24,21],"tags":[],"_links":{"self":[{"href":"https:\/\/fanyuzhao.com\/index.php?rest_route=\/wp\/v2\/posts\/5784"}],"collection":[{"href":"https:\/\/fanyuzhao.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fanyuzhao.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fanyuzhao.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fanyuzhao.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5784"}],"version-history":[{"count":3,"href":"https:\/\/fanyuzhao.com\/index.php?rest_route=\/wp\/v2\/posts\/5784\/revisions"}],"predecessor-version":[{"id":5787,"href":"https:\/\/fanyuzhao.com\/index.php?rest_route=\/wp\/v2\/posts\/5784\/revisions\/5787"}],"wp:attachment":[{"href":"https:\/\/fanyuzhao.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fanyuzhao.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fanyuzhao.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}