{"id":5789,"date":"2024-12-17T09:18:24","date_gmt":"2024-12-17T01:18:24","guid":{"rendered":"https:\/\/fanyuzhao.com\/?p=5789"},"modified":"2024-12-23T15:52:29","modified_gmt":"2024-12-23T07:52:29","slug":"%e5%80%ba%e5%88%b8%e7%9a%84%e5%88%86%e6%9e%90%e6%a1%86%e6%9e%b6","status":"publish","type":"post","link":"https:\/\/fanyuzhao.com\/?p=5789","title":{"rendered":"\u503a\u5238\u7684\u5206\u6790\u6846\u67b6"},"content":{"rendered":"<h4>\u503a\u5238\u5229\u7387\u6ce2\u52a8\u5b58\u5728\u4e0a\u4e0b\u9650\u533a\u95f4<\/h4>\n<ul>\n<li><strong>\u4e0a\u9650<\/strong>\uff1a\u5b9e\u4f53\u90e8\u95e8\u7684\u6295\u8d44\u56de\u62a5\u7387\uff0cROIC (return on invested capital)\u3002\u56e0\u4e3a\u4e0a\u5e02\u516c\u53f8ROIC\u8981\u8d85\u8fc7\u503a\u5238\u7684\u5229\u7387\uff0c\u4f01\u4e1a\u624d\u6709\u53ef\u80fd\u501f\u503a\uff0c\u4e0d\u7136\u627f\u62c5\u4e0d\u4e86\u5229\u606f\u6210\u672c\n<ul>\n<li>\u884c\u4e1a\u7684\u8d1f\u503a\u6c34\u5e73\u4e0eROIC\u5448\u8d1f\u76f8\u5173\uff0c\u56e0\u4e3a\u8d1f\u503a\u8d8a\u9ad8\uff0c\u6295\u8d44\u56de\u62a5\u7387\u503e\u5411\u4e8e\u8d8a\u4f4e<\/li>\n<li>\u9ad8\u8d1f\u503a\u884c\u4e1a\u5bf9\u503a\u5238\u5e02\u573a\u5f71\u54cd\u5927\uff0c\u56e0\u4e3a\u89c4\u6a21\u5927\u3002<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u4e0b\u9650<\/strong>\uff1a\u521a\u6027\u878d\u8d44\u9700\u6c42\u7684\u5229\u7387\u6c34\u5e73\uff0c\u4e3b\u8981\u5305\u62ec\uff1a\u57ce\u6295 &amp; \u5730\u4ea7\n<ul>\n<li>\u57ce\u6295\u4ee3\u8868\u5730\u65b9\u653f\u5e9c\u7684\u9690\u6027\u62c5\u4fdd\uff0c\u76f8\u5f53\u4e8e\u4fe1\u7528\u9ad8\uff0c\u98ce\u9669\u4f4e\uff0c\u56e0\u6b64\u5229\u7387\u4f4e\u3002<\/li>\n<li>\u521a\u9700\u878d\u8d44\u9700\u6c42\u840e\u7f29\uff0c\u4f1a\u62c9\u4f4e\u5229\u7387\uff0c\u56e0\u6b64\u5229\u7387\u4e0b\u9650\u964d\u4f4e<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4>\u5f53\u524d\u503a\u5238\u5e02\u573a\u7684\u7279\u5f81<\/h4>\n<p>\u957f\u77ed\u671f\u5229\u7387\u8131\u94a9\uff0c\u5f53\u524d\u5904\u4e8ebull flat\u7684\u60c5\u51b5<\/p>\n<ul>\n<li>Bull Flat \u610f\u5473\u7740\uff1a\u957f\u671f\u5229\u7387\u964d\u4f4e\uff0c\u957f\u671f\u503a\u4ef7\u683c\u4e0a\u5347\uff0c\u77ed\u671f\u76f8\u5bf9\u4e0d\u53d8\uff0c\u6574\u4e2a\u6536\u76ca\u7387\u66f2\u7ebfgoes flatter<\/li>\n<li>Theoretically, \u77ed\u7aef\u5229\u7387\u7684\u6ce2\u52a8\u5927\uff0c\u4e14\u54cd\u5e94\u901f\u5ea6\u5feb\u3002\u4f46\u5f53\u524d\u77ed\u671f\u5229\u7387\u6ca1\u6709\u660e\u663e\u53d8\u5316\uff0c\u610f\u5473\u7740\u5e02\u573a\u5bf9\u77ed\u671f\u653f\u7b56\u529b\u5ea6\u9884\u671f\u4f4e\uff0c\u56e0\u6b64\u4e0d\u6295\u5411\u77ed\u671f\u3002<\/li>\n<\/ul>\n<h4>\u540e\u7eed\u503a\u5238\u5e02\u573a\u7684\u5c55\u671b<\/h4>\n<ol>\n<li>\u65b9\u5411\uff08\u6309\u71672025\u5e74\u5229\u7387\u4e0a\u4e0b\u9650\u53d8\u52a8\u8d8b\u52bf\u6765\u9884\u6d4b2025\u5e74\u5229\u7387\u7684\u53d8\u52a8\uff09\n<p>\u4e0a\u9650\uff1a\u62c6\u5206ROIC\u8d21\u732e\u7684\u4e3b\u8981\u884c\u4e1a\uff0c2024\u5e74\u4e3a\u5149\u4f0f\u548c\u7535\u529b\u7b49\uff0c2025\u5e74\u9884\u8ba1\u4e24\u884c\u4e1a\u589e\u957f\u6709\u9650\uff0c\u5f97\u6709\u65b0\u5174\u4ea7\u4e1a\u624d\u80fd\u652f\u6491ROIC\u589e\u957f\u3002ROIC\u9884\u671f\u4e0d\u63d0\u5347\uff0c\u56e0\u4e3a\u6ca1\u6709\u589e\u957f\u673a\u4f1a\uff1b<\/p>\n<p>\u4e0b\u9650\uff1a\u6b64\u524d\u6709\u521a\u6027\u878d\u8d44\u9700\u6c42\u7684\u57ce\u6295\u503a &amp; \u5730\u4ea7\u62c9\u8de8\uff0c\u9700\u6c42\u5c11\uff0c\u9700\u8981\u6709\u65b0\u7684\u521a\u6027\u878d\u8d44\u9700\u6c42\u7684\u90e8\u95e8\u589e\u52a0\u624d\u80fd\u63a8\u52a8\u5229\u7387\u4e0b\u9650\u4e0a\u5347\u3002\u5f53\u524d\u57ce\u6295\u503a\u9884\u671f\u4e5f\u4e0d\u63d0\u5347\uff0c\u56e0\u4e3a\u6ca1\u6709\u65b0\u7684\u57fa\u5efa\u9879\u76ee\u548c\u7a7a\u95f4\uff0c\u623f\u5730\u4ea7\u4e5f\u62c9\u8de8\uff0c\u56e0\u6b64\u6ca1\u6709\u9700\u6c42\u3002<\/p>\n<p>\u603b\u4e4b\uff0c\u82e5\u65e0\u65b0\u7684\u589e\u957f\u70b9\uff0c\u4e0a\u4e0b\u9650\u65b9\u5411\u5747\u5411\u4e0b\u3002<\/p>\n<\/li>\n<li>\n<p>\u7a7a\u95f4<\/p>\n<\/li>\n<\/ol>\n<ul>\n<li>\n<p>\u5f53\u4e0b\u623f\u79df\uff08\u79df\u91d1\u56de\u62a5\u7387\uff09\u548c\u6309\u63ed\u8fd8\u6b3e\uff08\u878d\u8d44\u6210\u672c\uff09\u5012\u6302\u660e\u663e\u3002\u672a\u6765\u6709\u8d8b\u8fd1\u7684\u7a7a\u95f4\uff0c\u56e0\u6b64\u6709\u4f59\u5730\u3002<\/p>\n<\/li>\n<li>\n<p>\u5047\u8bbe\u660e\u5e74CPI\u56de\u52301.5%\uff0cPPI\u56de\u52300%\uff0c\u7528\u8d37\u6b3e\u5229\u7387\u51cf\u53bbCPI\u548cPPI\u7684\u5747\u503c\u4e3a\u5b9e\u9645\u5229\u7387\u3002\u7528\u6b64\u5b9e\u9645\u5229\u7387\u4e0e\u5386\u53f2\u5bf9\u6bd4\uff0c\u4e5f\u4ec5\u5904\u4e8e\u4e2d\u6027\u6c34\u5e73\u3002\u753b\u5916\u97f3\uff0c\u660e\u5e74CPI\u5927\u6982\u7387\u56de\u4e0d\u52301.5%\uff0c\u53ef\u80fd\u66f4\u4f4e\uff0c\u56e0\u6b64\u660e\u5e74\u5b9e\u9645\u5229\u7387\u66f4\u9ad8\uff0c\u65e0\u6cd5\u523a\u6fc0\u7ecf\u6d4e\u3002\u6240\u4ee5\u8fd8\u6709\u66f4\u591a\u7684\u964d\u606f\u7a7a\u95f4\u3002<\/p>\n<\/li>\n<li>\u6b64\u5916\uff0c\u4eca\u5e74\u5b58\u8d37\u6b3e\u5229\u7387\u4e0b\u8c03\u5e45\u5ea6\u591a\u4e8e\u8d27\u5e01\u5e02\u573a\u8d44\u91d1\u6210\u672c\uff08\u8d27\u5e01\u5e02\u573a\u6295\u8d44or\u7406\u8d22\u6536\u76ca\u66f4\u9ad8\uff09\uff0c\u6240\u4ee5\u5b58\u6b3e\u4ece\u94f6\u884c\u8868\u5185\u5411\u5916\u8f6c\u79fb\u3002\u56e0\u4e3a\u8d27\u5e01\u5e02\u573a\u6295\u8d44\u4e3b\u8981\u6295\u5411\u503a\u7b49\uff0c\u8fd9\u610f\u5473\u7740\u77ed\u671f\u503a\u7684\u6536\u76ca\u9ad8\u4e8e\u5b58\u6b3e\u5229\u7387\uff0c\u56e0\u6b64CB\u8fd8\u6709\u6267\u884cOpen Market Operation\uff0c\u964d\u606f\u7684\u7a7a\u95f4\u3002<\/li>\n<\/ul>\n<ol start=\"3\">\n<li>\u8282\u594f<\/li>\n<\/ol>\n<ul>\n<li>\n<p>\u5229\u7387\u8d70\u52bf\u548c\u5f88\u591a\u5b8f\u89c2\u6307\u6807\u8131\u94a9\uff0c\u56e0\u4e3a\u5b8f\u89c2\u7edf\u8ba1\u6570\u636e\u5931\u771f\uff08\u9ad8\u4f30\uff09\uff0c\u65e0\u6cd5\u53cd\u5e94\u771f\u5b9e\u60c5\u51b5\uff0c\u800c\u5229\u7387\u4f5c\u4e3a\u5e02\u573a\u771f\u6b63\u4ea4\u6613\u7684\u4ea7\u54c1\uff0c\u80fd\u66f4\u597d\u7684\u53cd\u6620\u5e02\u573a\u7684\u771f\u5b9e\u60c5\u51b5\uff0c\u56e0\u6b64\u5b58\u5728\u5229\u7387\u4e0e\u5176\u4ed6\u6307\u6807\u8131\u94a9\u7684\u60c5\u51b5\u3002<\/p>\n<\/li>\n<li>\n<p>\u76ee\u524d\uff0c\u8fd8\u6709\u4e00\u4e2a\u6307\u6807\uff0c<strong>\u4f01\u4e1a\u4fe1\u8d37\u89c4\u6a21\u53d8\u5316<\/strong>\uff0c\u4e0e\u5229\u7387\u8fd8\u6709\u663e\u8457\u7684\u76f8\u5173\u6027\u3002\u56e0\u6b64\u53ef\u4ee5\u901a\u8fc7\u63a8\u65ad\u4f01\u4e1a\u4fe1\u8d37\u7684\u4f9b\u6c42\u7aef\uff0c\u5373\u4fe1\u8d37\u4f9b\u7ed9&amp;\u4f01\u4e1a\u6760\u6746\u7387\uff0c\u6765\u63a8\u65ad\u5229\u7387\u53d8\u5316\u7684\u8282\u594f\u3002<\/p>\n<\/li>\n<li>\n<p>\u5316\u503aor\u4fe1\u7528\u7684\u5468\u671f\uff1a\u7b2c\u4e00\u9636\u6bb5\uff0c\u901a\u8fc7\u5bc6\u96c6\u7684\u53d1\u884c\u65b0\u503a\u5238\uff0c\u7f6e\u6362\u65e7\u503a\u5238\uff0c\u62c9\u52a8\u793e\u878d\u589e\u901f\uff0c\u56e0\u4e3a\u6709\u65b0\u503a\u5238\u53d1\u884c\uff0c\u5bf9\u8d44\u91d1\u9700\u6c42\u9ad8\uff0c\u77ed\u671f\u5229\u7387\u63a8\u9ad8\uff1b\u7b2c\u4e8c\u9636\u6bb5\uff0c\u9010\u6b65\u507f\u8fd8\u65b0\u503a\u5238\uff0c\u5728\u503a\u52a1\u507f\u8fd8\u8fc7\u7a0b\u4e2d\uff0c\u4fe1\u8d37\u4f1a\u6536\u7f29\uff0c\u5229\u7387\u9010\u6b65\u4e0b\u964d\uff1b\u7b2c\u4e09\u9636\u6bb5\uff0c\u503a\u8fd8\u63a5\u8fd1\u5c3e\u58f0\u671f\uff0c\u4fe1\u8d37\u589e\u901f\u548c\u6760\u6746\u7387\u5c06\u964d\u5230\u4f4e\u4f4d\uff0c\u5229\u7387\u964d\u81f3\u4f4e\u70b9\u3002\u540e\u7eed\u624d\u4f1a\u91cd\u542f\u5bbd\u4fe1\u7528\u7684\u5468\u671f\u3002<\/p>\n<p>\u76ee\u524d\u8fd8\u5904\u4e8e\u7b2c\u4e00\u9636\u6bb5\uff0c\u65b0\u503a\u5238\u96c6\u4e2d\u53d1\u884c\u4f1a\u63a8\u9ad8\u5229\u7387\u3002<\/p>\n<p>\u5373\u4f7f\u76ee\u524d\u7ecf\u6d4e\u653f\u7b56\u662f\u964d\u5229\u7387\uff0c\u4f46\u662f\u4e0e\u4fe1\u8d37\u5468\u671f\u77ed\u671f\u63a8\u9ad8\u5229\u7387\u53e0\u52a0\uff0c\u53ef\u80fd\u5bfc\u81f42025\u5e74\u4e0a\u534a\u5e74\uff08\u5316\u503aor\u4fe1\u7528\u5468\u671f\u7684\u7b2c\u4e00\u9636\u6bb5\uff09\uff0c\u6574\u4f53\u5229\u7387\u4e0b\u964d\u4e0d\u660e\u663e\uff0c\u56e0\u4e3a\u653f\u7b56\u7684\u964d\u5229\u7387\u548c\u4fe1\u8d37\u5468\u671f\u7684\u5347\u5229\u7387\u5bf9\u51b2\u4e86\u4e00\u90e8\u5206\u3002\u540e\u534a\u5e74\u5229\u7387\u4f1a\u9010\u6b65\u4e0b\u884c\u3002<\/p>\n<p>\u4f46\u5177\u4f53\u4e5f\u8981\u770bOMO\u7684\u529b\u5ea6\u3002<\/p>\n<\/li>\n<\/ul>\n<p>Be careful if they Talked the Talk, Walked the walk, disappointing the mkt and people again and again.<\/p>\n<h5>Reference<\/h5>\n<p>https:\/\/www.bilibili.com\/video\/BV16ViRYJEY8\/<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u503a\u5238\u5229\u7387\u6ce2\u52a8\u5b58\u5728\u4e0a\u4e0b\u9650\u533a\u95f4 \u4e0a\u9650\uff1a\u5b9e\u4f53\u90e8\u95e8\u7684\u6295\u8d44\u56de\u62a5\u7387\uff0cROIC (return on invested capital)\u3002\u56e0\u4e3a\u4e0a\u5e02\u516c\u53f8ROIC\u8981\u8d85\u8fc7\u503a\u5238\u7684\u5229\u7387\uff0c\u4f01\u4e1a\u624d\u6709\u53ef\u80fd\u501f\u503a\uff0c\u4e0d\u7136\u627f\u62c5\u4e0d\u4e86\u5229\u606f\u6210\u672c \u884c\u4e1a\u7684\u8d1f\u503a\u6c34\u5e73\u4e0eROIC\u5448\u8d1f\u76f8\u5173\uff0c\u56e0\u4e3a\u8d1f\u503a\u8d8a\u9ad8\uff0c\u6295\u8d44\u56de\u62a5\u7387\u503e\u5411\u4e8e\u8d8a\u4f4e \u9ad8\u8d1f\u503a\u884c\u4e1a\u5bf9\u503a\u5238\u5e02\u573a\u5f71\u54cd\u5927\uff0c\u56e0\u4e3a\u89c4\u6a21\u5927\u3002 \u4e0b\u9650\uff1a\u521a\u6027\u878d\u8d44\u9700\u6c42\u7684\u5229\u7387\u6c34\u5e73\uff0c\u4e3b\u8981\u5305\u62ec\uff1a\u57ce\u6295 &amp; \u5730\u4ea7 \u57ce\u6295\u4ee3\u8868\u5730\u65b9\u653f\u5e9c\u7684\u9690\u6027\u62c5\u4fdd\uff0c\u76f8\u5f53\u4e8e\u4fe1\u7528\u9ad8\uff0c\u98ce\u9669\u4f4e\uff0c\u56e0\u6b64\u5229\u7387\u4f4e\u3002 \u521a\u9700\u878d\u8d44\u9700\u6c42\u840e\u7f29\uff0c\u4f1a\u62c9\u4f4e\u5229\u7387\uff0c\u56e0\u6b64\u5229\u7387\u4e0b\u9650\u964d\u4f4e \u5f53\u524d\u503a\u5238\u5e02\u573a\u7684\u7279\u5f81 \u957f\u77ed\u671f\u5229\u7387\u8131\u94a9\uff0c\u5f53\u524d\u5904\u4e8ebull flat\u7684\u60c5\u51b5 Bull Flat \u610f\u5473\u7740\uff1a\u957f\u671f\u5229\u7387\u964d\u4f4e\uff0c\u957f\u671f\u503a\u4ef7\u683c\u4e0a\u5347\uff0c\u77ed\u671f\u76f8\u5bf9\u4e0d\u53d8\uff0c\u6574\u4e2a\u6536\u76ca\u7387\u66f2\u7ebfgoes flatter Theoretically, \u77ed\u7aef\u5229\u7387\u7684\u6ce2\u52a8\u5927\uff0c\u4e14\u54cd\u5e94\u901f\u5ea6\u5feb\u3002\u4f46\u5f53\u524d\u77ed\u671f\u5229\u7387\u6ca1\u6709\u660e\u663e\u53d8\u5316\uff0c\u610f\u5473\u7740\u5e02\u573a\u5bf9\u77ed\u671f\u653f\u7b56\u529b\u5ea6\u9884\u671f\u4f4e\uff0c\u56e0\u6b64\u4e0d\u6295\u5411\u77ed\u671f\u3002 \u540e\u7eed\u503a\u5238\u5e02\u573a\u7684\u5c55\u671b \u65b9\u5411\uff08\u6309\u71672025\u5e74\u5229\u7387\u4e0a\u4e0b\u9650\u53d8\u52a8\u8d8b\u52bf\u6765\u9884\u6d4b2025\u5e74\u5229\u7387\u7684\u53d8\u52a8\uff09 \u4e0a\u9650\uff1a\u62c6\u5206ROIC\u8d21\u732e\u7684\u4e3b\u8981\u884c\u4e1a\uff0c2024\u5e74\u4e3a\u5149\u4f0f\u548c\u7535\u529b\u7b49\uff0c2025\u5e74\u9884\u8ba1\u4e24\u884c\u4e1a\u589e\u957f\u6709\u9650\uff0c\u5f97\u6709\u65b0\u5174\u4ea7\u4e1a\u624d\u80fd\u652f\u6491ROIC\u589e\u957f\u3002ROIC\u9884\u671f\u4e0d\u63d0\u5347\uff0c\u56e0\u4e3a\u6ca1\u6709\u589e\u957f\u673a\u4f1a\uff1b \u4e0b\u9650\uff1a\u6b64\u524d\u6709\u521a\u6027\u878d\u8d44\u9700\u6c42\u7684\u57ce\u6295\u503a &amp; \u5730\u4ea7\u62c9\u8de8\uff0c\u9700\u6c42\u5c11\uff0c\u9700\u8981\u6709\u65b0\u7684\u521a\u6027\u878d\u8d44\u9700\u6c42\u7684\u90e8\u95e8\u589e\u52a0\u624d\u80fd\u63a8\u52a8\u5229\u7387\u4e0b\u9650\u4e0a\u5347\u3002\u5f53\u524d\u57ce\u6295\u503a\u9884\u671f\u4e5f\u4e0d\u63d0\u5347\uff0c\u56e0\u4e3a\u6ca1\u6709\u65b0\u7684\u57fa\u5efa\u9879\u76ee\u548c\u7a7a\u95f4\uff0c\u623f\u5730\u4ea7\u4e5f\u62c9\u8de8\uff0c\u56e0\u6b64\u6ca1\u6709\u9700\u6c42\u3002 \u603b\u4e4b\uff0c\u82e5\u65e0\u65b0\u7684\u589e\u957f\u70b9\uff0c\u4e0a\u4e0b\u9650\u65b9\u5411\u5747\u5411\u4e0b\u3002 \u7a7a\u95f4 \u5f53\u4e0b\u623f\u79df\uff08\u79df\u91d1\u56de\u62a5\u7387\uff09\u548c\u6309\u63ed\u8fd8\u6b3e\uff08\u878d\u8d44\u6210\u672c\uff09\u5012\u6302\u660e\u663e\u3002\u672a\u6765\u6709\u8d8b\u8fd1\u7684\u7a7a\u95f4\uff0c\u56e0\u6b64\u6709\u4f59\u5730\u3002 \u5047\u8bbe\u660e\u5e74CPI\u56de\u52301.5%\uff0cPPI\u56de\u52300%\uff0c\u7528\u8d37\u6b3e\u5229\u7387\u51cf\u53bbCPI\u548cPPI\u7684\u5747\u503c\u4e3a\u5b9e\u9645\u5229\u7387\u3002\u7528\u6b64\u5b9e\u9645\u5229\u7387\u4e0e\u5386\u53f2\u5bf9\u6bd4\uff0c\u4e5f\u4ec5\u5904\u4e8e\u4e2d\u6027\u6c34\u5e73\u3002\u753b\u5916\u97f3\uff0c\u660e\u5e74CPI\u5927\u6982\u7387\u56de\u4e0d\u52301.5%\uff0c\u53ef\u80fd\u66f4\u4f4e\uff0c\u56e0\u6b64\u660e\u5e74\u5b9e\u9645\u5229\u7387\u66f4\u9ad8\uff0c\u65e0\u6cd5\u523a\u6fc0\u7ecf\u6d4e\u3002\u6240\u4ee5\u8fd8\u6709\u66f4\u591a\u7684\u964d\u606f\u7a7a\u95f4\u3002 \u6b64\u5916\uff0c\u4eca\u5e74\u5b58\u8d37\u6b3e\u5229\u7387\u4e0b\u8c03\u5e45\u5ea6\u591a\u4e8e\u8d27\u5e01\u5e02\u573a\u8d44\u91d1\u6210\u672c\uff08\u8d27\u5e01\u5e02\u573a\u6295\u8d44or\u7406\u8d22\u6536\u76ca\u66f4\u9ad8\uff09\uff0c\u6240\u4ee5\u5b58\u6b3e\u4ece\u94f6\u884c\u8868\u5185\u5411\u5916\u8f6c\u79fb\u3002\u56e0\u4e3a\u8d27\u5e01\u5e02\u573a\u6295\u8d44\u4e3b\u8981\u6295\u5411\u503a\u7b49\uff0c\u8fd9\u610f\u5473\u7740\u77ed\u671f\u503a\u7684\u6536\u76ca\u9ad8\u4e8e\u5b58\u6b3e\u5229\u7387\uff0c\u56e0\u6b64CB\u8fd8\u6709\u6267\u884cOpen Market Operation\uff0c\u964d\u606f\u7684\u7a7a\u95f4\u3002 \u8282\u594f \u5229\u7387\u8d70\u52bf\u548c\u5f88\u591a\u5b8f\u89c2\u6307\u6807\u8131\u94a9\uff0c\u56e0\u4e3a\u5b8f\u89c2\u7edf\u8ba1\u6570\u636e\u5931\u771f\uff08\u9ad8\u4f30\uff09\uff0c\u65e0\u6cd5\u53cd\u5e94\u771f\u5b9e\u60c5\u51b5\uff0c\u800c\u5229\u7387\u4f5c\u4e3a\u5e02\u573a\u771f\u6b63\u4ea4\u6613\u7684\u4ea7\u54c1\uff0c\u80fd\u66f4\u597d\u7684\u53cd\u6620\u5e02\u573a\u7684\u771f\u5b9e\u60c5\u51b5\uff0c\u56e0\u6b64\u5b58\u5728\u5229\u7387\u4e0e\u5176\u4ed6\u6307\u6807\u8131\u94a9\u7684\u60c5\u51b5\u3002 \u76ee\u524d\uff0c\u8fd8\u6709\u4e00\u4e2a\u6307\u6807\uff0c\u4f01\u4e1a\u4fe1\u8d37\u89c4\u6a21\u53d8\u5316\uff0c\u4e0e\u5229\u7387\u8fd8\u6709\u663e\u8457\u7684\u76f8\u5173\u6027\u3002\u56e0\u6b64\u53ef\u4ee5\u901a\u8fc7\u63a8\u65ad\u4f01\u4e1a\u4fe1\u8d37\u7684\u4f9b\u6c42\u7aef\uff0c\u5373\u4fe1\u8d37\u4f9b\u7ed9&amp;\u4f01\u4e1a\u6760\u6746\u7387\uff0c\u6765\u63a8\u65ad\u5229\u7387\u53d8\u5316\u7684\u8282\u594f\u3002 \u5316\u503aor\u4fe1\u7528\u7684\u5468\u671f\uff1a\u7b2c\u4e00\u9636\u6bb5\uff0c\u901a\u8fc7\u5bc6\u96c6\u7684\u53d1\u884c\u65b0\u503a\u5238\uff0c\u7f6e\u6362\u65e7\u503a\u5238\uff0c\u62c9\u52a8\u793e\u878d\u589e\u901f\uff0c\u56e0\u4e3a\u6709\u65b0\u503a\u5238\u53d1\u884c\uff0c\u5bf9\u8d44\u91d1\u9700\u6c42\u9ad8\uff0c\u77ed\u671f\u5229\u7387\u63a8\u9ad8\uff1b\u7b2c\u4e8c\u9636\u6bb5\uff0c\u9010\u6b65\u507f\u8fd8\u65b0\u503a\u5238\uff0c\u5728\u503a\u52a1\u507f\u8fd8\u8fc7\u7a0b\u4e2d\uff0c\u4fe1\u8d37\u4f1a\u6536\u7f29\uff0c\u5229\u7387\u9010\u6b65\u4e0b\u964d\uff1b\u7b2c\u4e09\u9636\u6bb5\uff0c\u503a\u8fd8\u63a5\u8fd1\u5c3e\u58f0\u671f\uff0c\u4fe1\u8d37\u589e\u901f\u548c\u6760\u6746\u7387\u5c06\u964d\u5230\u4f4e\u4f4d\uff0c\u5229\u7387\u964d\u81f3\u4f4e\u70b9\u3002\u540e\u7eed\u624d\u4f1a\u91cd\u542f\u5bbd\u4fe1\u7528\u7684\u5468\u671f\u3002 \u76ee\u524d\u8fd8\u5904\u4e8e\u7b2c\u4e00\u9636\u6bb5\uff0c\u65b0\u503a\u5238\u96c6\u4e2d\u53d1\u884c\u4f1a\u63a8\u9ad8\u5229\u7387\u3002 \u5373\u4f7f\u76ee\u524d\u7ecf\u6d4e\u653f\u7b56\u662f\u964d\u5229\u7387\uff0c\u4f46\u662f\u4e0e\u4fe1\u8d37\u5468\u671f\u77ed\u671f\u63a8\u9ad8\u5229\u7387\u53e0\u52a0\uff0c\u53ef\u80fd\u5bfc\u81f42025\u5e74\u4e0a\u534a\u5e74\uff08\u5316\u503aor\u4fe1\u7528\u5468\u671f\u7684\u7b2c\u4e00\u9636\u6bb5\uff09\uff0c\u6574\u4f53\u5229\u7387\u4e0b\u964d\u4e0d\u660e\u663e\uff0c\u56e0\u4e3a\u653f\u7b56\u7684\u964d\u5229\u7387\u548c\u4fe1\u8d37\u5468\u671f\u7684\u5347\u5229\u7387\u5bf9\u51b2\u4e86\u4e00\u90e8\u5206\u3002\u540e\u534a\u5e74\u5229\u7387\u4f1a\u9010\u6b65\u4e0b\u884c\u3002 \u4f46\u5177\u4f53\u4e5f\u8981\u770bOMO\u7684\u529b\u5ea6\u3002 Be careful if they Talked the Talk, Walked the walk, disappointing the mkt &hellip; <a href=\"https:\/\/fanyuzhao.com\/?p=5789\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">\u503a\u5238\u7684\u5206\u6790\u6846\u67b6<\/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\/5789"}],"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=5789"}],"version-history":[{"count":5,"href":"https:\/\/fanyuzhao.com\/index.php?rest_route=\/wp\/v2\/posts\/5789\/revisions"}],"predecessor-version":[{"id":5799,"href":"https:\/\/fanyuzhao.com\/index.php?rest_route=\/wp\/v2\/posts\/5789\/revisions\/5799"}],"wp:attachment":[{"href":"https:\/\/fanyuzhao.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fanyuzhao.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fanyuzhao.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}