{"id":1089,"date":"2025-05-16T22:17:19","date_gmt":"2025-05-16T14:17:19","guid":{"rendered":"https:\/\/www.db-hk.com\/?p=1089"},"modified":"2025-05-16T22:17:19","modified_gmt":"2025-05-16T14:17:19","slug":"%e6%af%94%e7%89%b9%e5%b8%81%ef%bc%8c%e5%85%a8%e7%90%83%e6%b5%81%e5%8a%a8%e6%80%a7%e7%9a%84%e6%99%b4%e9%9b%a8%e8%a1%a8","status":"publish","type":"post","link":"http:\/\/www.fubairui.net\/?p=1089","title":{"rendered":"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868"},"content":{"rendered":"<p><strong>\u6458\u8981<\/strong><\/p>\n<ul class=\"wp-block-list\">\n<li>\u5728\u4efb\u4f55\u7ed9\u5b9a\u7684 12 \u4e2a\u6708\u671f\u95f4\uff0c\u6bd4\u7279\u5e01\u7684\u65b9\u5411\u6709 83% \u7684\u65f6\u95f4\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u4e00\u81f4\uff0c\u8fd9\u4e00\u6bd4\u7387\u9ad8\u4e8e\u4efb\u4f55\u5176\u4ed6\u4e3b\u8981\u8d44\u4ea7\u7c7b\u522b\uff0c\u4f7f\u5f97\u6bd4\u7279\u5e01\u6210\u4e3a\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\u3002<\/li>\n<li>\u6bd4\u7279\u5e01\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u7684\u76f8\u5173\u6027\u5f88\u9ad8\uff0c\u4f46\u5e76\u4e0d\u80fd\u514d\u53d7\u7279\u6b8a\u4e8b\u4ef6\u6216\u5185\u90e8\u5e02\u573a\u52a8\u6001\u5f15\u8d77\u7684\u77ed\u671f\u504f\u5dee\u7684\u5f71\u54cd\u3002<\/li>\n<li>\u5c06\u5168\u7403\u6d41\u52a8\u6027\u72b6\u51b5\u4e0e\u6bd4\u7279\u5e01\u94fe\u4e0a\u4f30\u503c\u6307\u6807\u76f8\u7ed3\u5408\uff0c\u53ef\u4ee5\u66f4\u7ec6\u81f4\u5730\u4e86\u89e3\u6bd4\u7279\u5e01\u5468\u671f\uff0c\u5e2e\u52a9\u6295\u8d44\u8005\u8bc6\u522b\u5185\u90e8\u5e02\u573a\u52a8\u6001\u53ef\u80fd\u4f7f\u6bd4\u7279\u5e01\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u8d8b\u52bf\u8131\u94a9\u7684\u60c5\u51b5\u3002<\/li>\n<\/ul>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727418979340.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727418979340.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><\/figure>\n<\/div>\n<p class=\"has-text-align-center\">\u4e3b\u8981\u8d44\u4ea7\u7c7b\u522b\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u7684\u76f8\u5173\u6027<\/p>\n<p><strong>\u80cc\u666f\u4ecb\u7ecd<\/strong><\/p>\n<p>\u5bf9\u4e8e\u5e0c\u671b\u63d0\u9ad8\u56de\u62a5\u5e76\u6709\u6548\u7ba1\u7406\u98ce\u9669\u7684\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u4e86\u89e3\u8d44\u4ea7\u4ef7\u683c\u5982\u4f55\u968f\u7740\u5168\u7403\u6d41\u52a8\u6027\u7684\u53d8\u5316\u800c\u53d8\u5316\u5df2\u7ecf\u53d8\u5f97\u81f3\u5173\u91cd\u8981\u3002\u5f53\u4eca\u5e02\u573a\uff0c\u8d44\u4ea7\u4ef7\u683c\u8d8a\u6765\u8d8a\u591a\u5730\u53d7\u5230\u76f4\u63a5\u5f71\u54cd\u6d41\u52a8\u6027\u72b6\u51b5\u7684\u592e\u884c\u653f\u7b56\u7684\u5f71\u54cd\u3002\u57fa\u672c\u9762\u4e0d\u518d\u662f\u8d44\u4ea7\u4ef7\u683c\u7684\u4e3b\u8981\u9a71\u52a8\u56e0\u7d20\u3002<\/p>\n<p>\u81ea\u5168\u7403\u91d1\u878d\u5371\u673a\u4ee5\u6765\uff0c\u8fd9\u79cd\u73b0\u8c61\u6108\u52a0\u660e\u663e\u3002\u81ea\u90a3\u65f6\u4ee5\u6765\uff0c\u8fd9\u4e9b\u975e\u5e38\u89c4\u8d27\u5e01\u653f\u7b56\u65e5\u76ca\u6210\u4e3a\u63a8\u52a8\u8d44\u4ea7\u4ef7\u683c\u7684\u4e3b\u5bfc\u529b\u91cf\u3002\u592e\u884c\u884c\u957f\u4eec\u5229\u7528\u6d41\u52a8\u6027\u6760\u6746\u5c06\u5e02\u573a\u53d8\u6210\u4e86\u4e00\u573a\u5927\u4ea4\u6613\uff0c\u7528\u7ecf\u6d4e\u5b66\u5bb6 Mohamed El-Elrian \u7684\u8bdd\u6765\u8bf4\uff0c\u592e\u884c\u5df2\u7ecf\u6210\u4e3a\u300c\u57ce\u9547\u91cc\u552f\u4e00\u7684\u6e38\u620f\u300d\u3002<\/p>\n<p>Stanley Druckenmiller \u4e5f\u8868\u8fbe\u4e86\u540c\u6837\u7684\u89c2\u70b9\uff0c\u4ed6\u8bf4\uff1a\u300c\u76c8\u5229\u4e0d\u4f1a\u5f71\u54cd\u6574\u4e2a\u5e02\u573a\uff0c\u5f71\u54cd\u5e02\u573a\u7684\u662f\u7f8e\u8054\u50a8\u2026\u2026\u5173\u6ce8\u4e2d\u592e\u94f6\u884c\u548c\u6d41\u52a8\u6027\u7684\u6d41\u5411\u2026\u2026\u5e02\u573a\u4e0a\u7684\u5927\u591a\u6570\u4eba\u90fd\u5728\u5173\u6ce8\u76c8\u5229\u548c\u5e38\u89c4\u6307\u6807\u3002\u6d41\u52a8\u6027\u624d\u662f\u63a8\u52a8\u5e02\u573a\u53d1\u5c55\u7684\u56e0\u7d20\u3002\u300d<\/p>\n<p>\u8fd9\u4e00\u70b9\u5728\u6807\u51c6\u666e\u5c14 500 \u6307\u6570\u4e0a\u4f53\u73b0\u5f97\u5c24\u4e3a\u660e\u663e\u3002<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419001843.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419001843.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><\/figure>\n<\/div>\n<p class=\"has-text-align-center\">\u6807\u51c6\u666e\u5c14 500 \u6307\u6570\u4e0e\u5168\u7403 M2 \u8d70\u52bf\u6bd4\u8f83<\/p>\n<p>\u4e0a\u56fe\u7684\u76f8\u5173\u6027\u53ef\u4ee5\u5f52\u7ed3\u4e3a\u7b80\u5355\u7684\u4f9b\u6c42\u5173\u7cfb\u3002\u5982\u679c\u6709\u66f4\u591a\u8d44\u91d1\u53ef\u7528\u4e8e\u8d2d\u4e70\u67d0\u79cd\u4e1c\u897f\uff0c\u65e0\u8bba\u662f\u80a1\u7968\u3001\u503a\u5238\u3001\u9ec4\u91d1\u8fd8\u662f\u6bd4\u7279\u5e01\uff0c\u8fd9\u4e9b\u8d44\u4ea7\u7684\u4ef7\u683c\u901a\u5e38\u90fd\u4f1a\u4e0a\u6da8\u3002\u81ea 2008 \u5e74\u4ee5\u6765\uff0c\u5404\u56fd\u592e\u884c\u5411\u91d1\u878d\u4f53\u7cfb\u6ce8\u5165\u4e86\u66f4\u591a\u6cd5\u5b9a\u8d27\u5e01\uff0c\u8d44\u4ea7\u4ef7\u683c\u4e5f\u505a\u51fa\u4e86\u76f8\u5e94\u7684\u53cd\u5e94\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u8d27\u5e01\u901a\u80c0\u52a9\u957f\u4e86\u8d44\u4ea7\u4ef7\u683c\u901a\u80c0\u3002<\/p>\n<p>\u5728\u8fd9\u79cd\u80cc\u666f\u4e0b\uff0c\u6295\u8d44\u8005\u5fc5\u987b\u4e86\u89e3\u5982\u4f55\u8861\u91cf\u5168\u7403\u6d41\u52a8\u6027\u4ee5\u53ca\u4e0d\u540c\u8d44\u4ea7\u5982\u4f55\u5e94\u5bf9\u6d41\u52a8\u6027\u6761\u4ef6\u7684\u53d8\u5316\uff0c\u4ee5\u4fbf\u66f4\u597d\u5730\u9a7e\u9a6d\u8fd9\u4e9b\u6d41\u52a8\u6027\u9a71\u52a8\u7684\u5e02\u573a\u3002<\/p>\n<p><strong>\u5982\u4f55\u8861\u91cf\u5168\u7403\u6d41\u52a8\u6027<\/strong><\/p>\n<p>\u8861\u91cf\u5168\u7403\u6d41\u52a8\u6027\u7684\u65b9\u6cd5\u6709\u5f88\u591a\uff0c\u5728\u672c\u62a5\u544a\u4e2d\uff0c\u6211\u4eec\u5c06\u4f7f\u7528\u5168\u7403 M2\uff1a\u4e00\u79cd\u5e7f\u4e49\u7684\u8d27\u5e01\u4f9b\u5e94\u91cf\u8861\u91cf\u6307\u6807\uff0c\u5305\u62ec\u5b9e\u7269\u8d27\u5e01\u3001\u652f\u7968\u8d26\u6237\u3001\u50a8\u84c4\u5b58\u6b3e\u3001\u8d27\u5e01\u5e02\u573a\u8bc1\u5238\u548c\u5176\u4ed6\u5f62\u5f0f\u7684\u6613\u4e8e\u83b7\u53d6\u7684\u73b0\u91d1\u3002<\/p>\n<p>Bitcoin Magazine Pro \u63d0\u4f9b\u4e86\u5168\u7403 M2 \u7684\u8861\u91cf\u6307\u6807\uff0c\u8be5\u6307\u6807\u6c47\u603b\u4e86\u516b\u4e2a\u6700\u5927\u7ecf\u6d4e\u4f53\u7684\u6570\u636e\uff1a\u7f8e\u56fd\u3001\u4e2d\u56fd\u3001\u6b27\u5143\u533a\u3001\u82f1\u56fd\u3001\u65e5\u672c\u3001\u52a0\u62ff\u5927\u3001\u4fc4\u7f57\u65af\u548c\u6fb3\u5927\u5229\u4e9a\u3002\u5b83\u662f\u8861\u91cf\u5168\u7403\u6d41\u52a8\u6027\u7684\u826f\u597d\u6307\u6807\uff0c\u56e0\u4e3a\u5b83\u53ef\u4ee5\u53cd\u6620\u5168\u7403\u8303\u56f4\u5185\u53ef\u7528\u4e8e\u652f\u51fa\u3001\u6295\u8d44\u548c\u501f\u8d37\u7684\u8d44\u91d1\u603b\u91cf\u3002\u53e6\u4e00\u79cd\u601d\u8003\u65b9\u5f0f\u662f\u5c06\u5176\u4f5c\u4e3a\u8861\u91cf\u5168\u7403\u7ecf\u6d4e\u4e2d\u4fe1\u8d37\u521b\u9020\u603b\u91cf\u548c\u592e\u884c\u5370\u949e\u603b\u91cf\u7684\u6307\u6807\u3002<\/p>\n<p>\u8fd9\u91cc\u7684\u4e00\u4e2a\u7ec6\u5fae\u5dee\u522b\u662f\u5168\u7403 M2 \u4ee5\u7f8e\u5143\u8ba1\u4ef7\u3002Lyn Alden \u5728\u4e4b\u524d\u7684\u4e00\u7bc7\u6587\u7ae0\u4e2d\u89e3\u91ca\u4e86\u4e3a\u4ec0\u4e48\u8fd9\u4e00\u70b9\u5f88\u91cd\u8981\uff1a<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u7f8e\u5143\u8ba1\u4ef7\u4e4b\u6240\u4ee5\u91cd\u8981\uff0c\u662f\u56e0\u4e3a\u7f8e\u5143\u662f\u5168\u7403\u50a8\u5907\u8d27\u5e01\uff0c\u56e0\u6b64\u662f\u5168\u7403\u8d38\u6613\u3001\u5408\u540c\u548c\u503a\u52a1\u7684\u4e3b\u8981\u8bb0\u8d26\u5355\u4f4d\u3002\u5f53\u7f8e\u5143\u8d70\u5f3a\u65f6\uff0c\u5404\u56fd\u7684\u503a\u52a1\u5c31\u4f1a\u53d8\u786c\u3002\u5f53\u7f8e\u5143\u8d70\u5f31\u65f6\uff0c\u5404\u56fd\u7684\u503a\u52a1\u5c31\u4f1a\u53d8\u8f6f\u3002\u4ee5\u7f8e\u5143\u8ba1\u4ef7\u7684\u5168\u7403\u5e7f\u4e49\u8d27\u5e01\u5c31\u50cf\u662f\u8861\u91cf\u4e16\u754c\u6d41\u52a8\u6027\u7684\u4e00\u9879\u91cd\u8981\u6307\u6807\u3002\u6cd5\u5b9a\u8d27\u5e01\u5355\u4f4d\u7684\u521b\u9020\u901f\u5ea6\u6709\u591a\u5feb\uff0c\u7f8e\u5143\u76f8\u5bf9\u4e8e\u5168\u7403\u5176\u4ed6\u8d27\u5e01\u5e02\u573a\u6709\u591a\u5f3a\u52bf\u3002<\/p>\n<\/blockquote>\n<p>\u5f53\u5168\u7403 M2 \u4ee5\u7f8e\u5143\u8ba1\u4ef7\u65f6\uff0c\u5b83\u65e2\u4f53\u73b0\u4e86\u7f8e\u5143\u7684\u76f8\u5bf9\u5f3a\u52bf\uff0c\u4e5f\u4f53\u73b0\u4e86\u4fe1\u8d37\u521b\u9020\u7684\u901f\u5ea6\uff0c\u4f7f\u5176\u6210\u4e3a\u8861\u91cf\u5168\u7403\u6d41\u52a8\u6027\u72b6\u51b5\u7684\u53ef\u9760\u6307\u6807\u3002<\/p>\n<p><strong>\u4e3a\u4ec0\u4e48\u6bd4\u7279\u5e01\u53ef\u80fd\u662f\u6700\u7eaf\u7cb9\u7684\u6d41\u52a8\u6027\u6674\u96e8\u8868<\/strong><\/p>\n<p>\u591a\u5e74\u6765\uff0c\u6709\u4e00\u79cd\u8d44\u4ea7\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u8868\u73b0\u51fa\u5f88\u5f3a\u7684\u76f8\u5173\u6027\uff0c\u90a3\u5c31\u662f\u6bd4\u7279\u5e01\u3002\u968f\u7740\u5168\u7403\u6d41\u52a8\u6027\u7684\u6269\u5f20\uff0c\u6bd4\u7279\u5e01\u5f80\u5f80\u4f1a\u84ec\u52c3\u53d1\u5c55\u3002\u76f8\u53cd\uff0c\u5f53\u6d41\u52a8\u6027\u6536\u7f29\u65f6\uff0c\u6bd4\u7279\u5e01\u4e5f\u4f1a\u53d7\u5230\u5f71\u54cd\u3002\u8fd9\u79cd\u73b0\u8c61\u4f7f\u5f97\u4e00\u4e9b\u4eba\u5c06\u6bd4\u7279\u5e01\u79f0\u4e3a\u300c\u6d41\u52a8\u6027\u6674\u96e8\u8868\u300d\u3002<\/p>\n<p>\u4e0b\u56fe\u6e05\u695a\u5730\u663e\u793a\u4e86\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u5982\u4f55\u8ffd\u8e2a\u5168\u7403\u6d41\u52a8\u6027\u7684\u53d8\u5316\u3002<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419055592.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419055592.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><\/figure>\n<\/div>\n<p>\u7c7b\u4f3c\u5730\uff0c\u6bd4\u8f83\u6bd4\u7279\u5e01\u548c\u5168\u7403\u6d41\u52a8\u6027\u7684\u540c\u6bd4\u767e\u5206\u6bd4\u53d8\u5316\uff0c\u4e5f\u51f8\u663e\u51fa\u4e24\u8005\u53d8\u5316\u7684\u540c\u6b65\u6027\uff0c\u5f53\u6d41\u52a8\u6027\u589e\u52a0\u65f6\uff0c\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u4e0a\u6da8\uff0c\u800c\u5f53\u6d41\u52a8\u6027\u4e0b\u964d\u65f6\uff0c\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u4e0b\u8dcc\u3002<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419065415.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419065415.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><\/figure>\n<\/div>\n<p>\u4ece\u4e0a\u56fe\u53ef\u4ee5\u770b\u51fa\uff0c\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u5bf9\u5168\u7403\u6d41\u52a8\u6027\u7684\u53d8\u5316\u9ad8\u5ea6\u654f\u611f\u3002\u4f46\u5b83\u662f\u5f53\u4eca\u5e02\u573a\u4e0a\u6700\u654f\u611f\u7684\u8d44\u4ea7\u5417\uff1f<\/p>\n<p>\u4e00\u822c\u6765\u8bf4\uff0c\u98ce\u9669\u8d44\u4ea7\u4e0e\u6d41\u52a8\u6027\u6761\u4ef6\u7684\u76f8\u5173\u6027\u66f4\u9ad8\u3002\u5728\u6d41\u52a8\u6027\u8f83\u597d\u7684\u73af\u5883\u4e2d\uff0c\u6295\u8d44\u8005\u503e\u5411\u4e8e\u91c7\u53d6\u98ce\u9669\u504f\u597d\u7b56\u7565\uff0c\u5c06\u8d44\u672c\u8f6c\u79fb\u5230\u98ce\u9669 \/ \u56de\u62a5\u66f4\u9ad8\u7684\u8d44\u4ea7\u3002\u76f8\u53cd\uff0c\u5f53\u6d41\u52a8\u6027\u6536\u7d27\u65f6\uff0c\u6295\u8d44\u8005\u901a\u5e38\u4f1a\u5c06\u8d44\u672c\u8f6c\u79fb\u5230\u4ed6\u4eec\u8ba4\u4e3a\u66f4\u5b89\u5168\u7684\u8d44\u4ea7\u3002\u8fd9\u89e3\u91ca\u4e86\u4e3a\u4ec0\u4e48\u80a1\u7968\u7b49\u8d44\u4ea7\u5728\u6d41\u52a8\u6027\u589e\u52a0\u7684\u73af\u5883\u4e2d\u5f80\u5f80\u8868\u73b0\u826f\u597d\u3002<\/p>\n<p>\u7136\u800c\uff0c\u80a1\u7968\u4ef7\u683c\u4e5f\u53d7\u5230\u4e0e\u6d41\u52a8\u6027\u6761\u4ef6\u4e4b\u5916\u5176\u4ed6\u56e0\u7d20\u7684\u5f71\u54cd\u3002\u4f8b\u5982\uff0c\u80a1\u7968\u8868\u73b0\u90e8\u5206\u53d7\u6536\u76ca\u548c\u80a1\u606f\u7b49\u56e0\u7d20\u9a71\u52a8\u3002\u8fd9\u53ef\u80fd\u4f1a\u51cf\u5f31\u80a1\u7968\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u7684\u76f8\u5173\u6027\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u7f8e\u56fd\u80a1\u5e02\u53d7\u76ca\u4e8e\u901a\u8fc7 401(k) \u7b49\u9000\u4f11\u8d26\u6237\u7684\u88ab\u52a8\u8d44\u91d1\u6d41\u5165\u7684\u7ed3\u6784\u6027\u8d2d\u4e70\uff0c\u65e0\u8bba\u6d41\u52a8\u6027\u72b6\u51b5\u5982\u4f55\uff0c\u8fd9\u90fd\u4f1a\u8fdb\u4e00\u6b65\u5f71\u54cd\u5176\u8868\u73b0\u3002\u8fd9\u4e9b\u88ab\u52a8\u8d44\u91d1\u6d41\u53ef\u4ee5\u5728\u6d41\u52a8\u6027\u72b6\u51b5\u6ce2\u52a8\u65f6\u7f13\u51b2\u7f8e\u56fd\u80a1\u5e02\uff0c\u4ece\u800c\u53ef\u80fd\u964d\u4f4e\u5176\u5bf9\u5168\u7403\u6d41\u52a8\u6027\u72b6\u51b5\u7684\u654f\u611f\u5ea6\u3002<\/p>\n<p>\u9ec4\u91d1\u4e0e\u6d41\u52a8\u6027\u7684\u5173\u7cfb\u5219\u66f4\u52a0\u590d\u6742\u3002\u4e00\u65b9\u9762\uff0c\u9ec4\u91d1\u53d7\u76ca\u4e8e\u6d41\u52a8\u6027\u589e\u52a0\u548c\u7f8e\u5143\u8d70\u5f31\uff0c\u4f46\u53e6\u4e00\u65b9\u9762\uff0c\u9ec4\u91d1\u4e5f\u88ab\u89c6\u4e3a\u907f\u9669\u8d44\u4ea7\u3002\u5728\u6d41\u52a8\u6027\u6536\u7f29\u548c\u907f\u9669\u884c\u4e3a\u51fa\u73b0\u7684\u65f6\u671f\uff0c\u6295\u8d44\u8005\u5bfb\u6c42\u5b89\u5168\uff0c\u9ec4\u91d1\u9700\u6c42\u53ef\u80fd\u4f1a\u589e\u52a0\u3002\u8fd9\u610f\u5473\u7740\uff0c\u5373\u4f7f\u6d41\u52a8\u6027\u51cf\u5f31\uff0c\u9ec4\u91d1\u4ef7\u683c\u4e5f\u80fd\u8868\u73b0\u826f\u597d\u3002\u56e0\u6b64\uff0c\u9ec4\u91d1\u7684\u8868\u73b0\u53ef\u80fd\u4e0d\u50cf\u5176\u4ed6\u8d44\u4ea7\u90a3\u6837\u4e0e\u6d41\u52a8\u6027\u72b6\u51b5\u7d27\u5bc6\u76f8\u5173\u3002<\/p>\n<p>\u4e0e\u9ec4\u91d1\u4e00\u6837\uff0c\u503a\u5238\u4e5f\u88ab\u89c6\u4e3a\u907f\u9669\u8d44\u4ea7\uff0c\u56e0\u6b64\u5176\u4e0e\u6d41\u52a8\u6027\u72b6\u51b5\u7684\u76f8\u5173\u6027\u53ef\u80fd\u8f83\u4f4e\u3002<\/p>\n<p>\u6700\u540e\uff0c\u6211\u4eec\u56de\u5230\u6bd4\u7279\u5e01\u3002\u4e0e\u80a1\u7968\u4e0d\u540c\uff0c\u6bd4\u7279\u5e01\u6ca1\u6709\u6536\u76ca\u6216\u80a1\u606f\uff0c\u4e5f\u6ca1\u6709\u5f71\u54cd\u5176\u8868\u73b0\u7684\u7ed3\u6784\u6027\u8d2d\u4e70\u3002\u4e0e\u9ec4\u91d1\u548c\u503a\u5238\u4e0d\u540c\uff0c\u5728\u6bd4\u7279\u5e01\u91c7\u7528\u5468\u671f\u7684\u8fd9\u4e2a\u9636\u6bb5\uff0c\u5927\u591a\u6570\u8d44\u672c\u6c60\u4ecd\u5c06\u5176\u89c6\u4e3a\u98ce\u9669\u8d44\u4ea7\u3002\u76f8\u5bf9\u4e8e\u5176\u4ed6\u8d44\u4ea7\u800c\u8a00\uff0c\u6bd4\u7279\u5e01\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u7684\u76f8\u5173\u6027\u6700\u7eaf\u7cb9\u3002<\/p>\n<p>\u5982\u679c\u771f\u662f\u8fd9\u6837\uff0c\u90a3\u4e48\u8fd9\u5bf9\u6bd4\u7279\u5e01\u6295\u8d44\u8005\u548c\u4ea4\u6613\u5458\u6765\u8bf4\u90fd\u662f\u4e00\u4e2a\u6709\u4ef7\u503c\u7684\u7ed3\u8bba\u3002\u5bf9\u4e8e\u957f\u671f\u6301\u6709\u8005\u6765\u8bf4\uff0c\u4e86\u89e3\u6bd4\u7279\u5e01\u4e0e\u6d41\u52a8\u6027\u7684\u76f8\u5173\u6027\u53ef\u4ee5\u66f4\u6df1\u5165\u5730\u4e86\u89e3\u5176\u4ef7\u683c\u968f\u65f6\u95f4\u53d8\u5316\u7684\u9a71\u52a8\u56e0\u7d20\u3002\u5bf9\u4e8e\u4ea4\u6613\u5458\u6765\u8bf4\uff0c\u6bd4\u7279\u5e01\u63d0\u4f9b\u4e86\u4e00\u79cd\u8868\u8fbe\u5bf9\u5168\u7403\u6d41\u52a8\u6027\u672a\u6765\u65b9\u5411\u770b\u6cd5\u7684\u5de5\u5177\u3002<\/p>\n<p>\u672c\u6587\u65e8\u5728\u6df1\u5165\u63a2\u8ba8\u6bd4\u7279\u5e01\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u4e4b\u95f4\u7684\u76f8\u5173\u6027\uff0c\u6bd4\u8f83\u5176\u4e0e\u5176\u4ed6\u8d44\u4ea7\u7c7b\u522b\u7684\u5173\u7cfb\uff0c\u786e\u5b9a\u76f8\u5173\u6027\u7834\u88c2\u7684\u65f6\u671f\uff0c\u5e76\u5206\u4eab\u6295\u8d44\u8005\u5982\u4f55\u5728\u672a\u6765\u5229\u7528\u8fd9\u4e9b\u4fe1\u606f\u83b7\u5229\u3002<\/p>\n<p><strong>\u91cf\u5316\u6bd4\u7279\u5e01\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u4e4b\u95f4\u7684\u76f8\u5173\u6027<\/strong><\/p>\n<p>\u5728\u5206\u6790\u6bd4\u7279\u5e01\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u4e4b\u95f4\u7684\u76f8\u5173\u6027\u65f6\uff0c\u91cd\u8981\u7684\u662f\u8981\u8003\u8651\u76f8\u5173\u6027\u7684\u5927\u5c0f\u548c\u65b9\u5411\u3002<\/p>\n<p>\u76f8\u5173\u6027\u7684\u5927\u5c0f\u8868\u660e\u4e24\u4e2a\u53d8\u91cf\u4e4b\u95f4\u7684\u5173\u8054\u7a0b\u5ea6\u3002\u76f8\u5173\u6027\u8d8a\u9ad8\uff0c\u8868\u660e\u5168\u7403 M2 \u7684\u53d8\u5316\u5bf9\u6bd4\u7279\u5e01\u4ef7\u683c\u7684\u5f71\u54cd\u5c31\u8d8a\u53ef\u9884\u6d4b\u3002\u4e86\u89e3\u8fd9\u4e00\u5173\u8054\u7a0b\u5ea6\u662f\u8861\u91cf\u6bd4\u7279\u5e01\u5bf9\u5168\u7403\u6d41\u52a8\u6027\u53d8\u5316\u7684\u654f\u611f\u7a0b\u5ea6\u7684\u5173\u952e\u3002<\/p>\n<p>\u6839\u636e 2013 \u5e74 5 \u6708\u81f3 2024 \u5e74 7 \u6708\u4e4b\u95f4\u7684\u6570\u636e\uff0c\u6bd4\u7279\u5e01\u5bf9\u6d41\u52a8\u6027\u7684\u5f3a\u70c8\u654f\u611f\u6027\u663e\u800c\u6613\u89c1\u3002\u5728\u6b64\u671f\u95f4\uff0c\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u7684\u76f8\u5173\u6027\u4e3a 0.94\uff0c\u53cd\u6620\u51fa\u975e\u5e38\u5f3a\u7684\u6b63\u76f8\u5173\u6027\u3002\u8fd9\u8868\u660e\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u5728\u8be5\u65f6\u95f4\u8303\u56f4\u5185\u5bf9\u5168\u7403\u6d41\u52a8\u6027\u7684\u53d8\u5316\u9ad8\u5ea6\u654f\u611f\u3002<\/p>\n<p>\u4ece 12 \u4e2a\u6708\u7684\u6eda\u52a8\u76f8\u5173\u6027\u6765\u770b\uff0c\u6bd4\u7279\u5e01\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u7684\u5e73\u5747\u76f8\u5173\u6027\u4e0b\u964d\u81f3 0.51\u3002\u8fd9\u4ecd\u7136\u662f\u4e00\u79cd\u6b63\u5411\u76f8\u5173\u6027\uff0c\u4f46\u660e\u663e\u4f4e\u4e8e\u6574\u4f53\u76f8\u5173\u6027\u3002<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419084784.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419084784.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><\/figure>\n<\/div>\n<p>\u6b64\u5916\uff0c\u5728\u68c0\u67e5 6 \u4e2a\u6708\u6eda\u52a8\u76f8\u5173\u6027\u65f6\uff0c\u76f8\u5173\u6027\u8fdb\u4e00\u6b65\u4e0b\u964d\u81f3 0.36\u3002<\/p>\n<p>\u8fd9\u8868\u660e\uff0c\u968f\u7740\u65f6\u95f4\u8303\u56f4\u53d8\u77ed\uff0c\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u4e0e\u5176\u957f\u671f\u6d41\u52a8\u6027\u8d8b\u52bf\u7684\u504f\u5dee\u8d8a\u6765\u8d8a\u5927\uff0c\u8868\u660e\u77ed\u671f\u4ef7\u683c\u8d70\u52bf\u66f4\u6709\u53ef\u80fd\u53d7\u5230\u6bd4\u7279\u5e01\u5185\u90e8\u56e0\u7d20\u800c\u975e\u6d41\u52a8\u6027\u6761\u4ef6\u7684\u5f71\u54cd\u3002<\/p>\n<p>\u4e3a\u4e86\u66f4\u597d\u5730\u7406\u89e3\u6bd4\u7279\u5e01\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u7684\u76f8\u5173\u6027\uff0c\u6211\u4eec\u5c06\u5176\u4e0e\u5176\u4ed6\u8d44\u4ea7\u8fdb\u884c\u4e86\u6bd4\u8f83\uff0c\u5305\u62ec SPDR S&amp;P 500 ETF (SPX)\u3001Vanguard Total World Stock ETF (VT)\u3001iShares MSCI Emerging Markets ETF (EEM)\u3001iShares 20+ Year Treasury Bond ETF (TLT)\u3001Vanguard Total Bond Market ETF (BND) \u548c\u9ec4\u91d1\u3002<\/p>\n<p>\u5c31 12 \u4e2a\u6708\u6eda\u52a8\u76f8\u5173\u6027\u800c\u8a00\uff0c\u6bd4\u7279\u5e01\u6700\u9ad8\uff0c\u7d27\u968f\u5176\u540e\u7684\u662f\u9ec4\u91d1\uff0c\u7136\u540e\u662f\u80a1\u7968\u6307\u6570\uff0c\u800c\u503a\u5238\u6307\u6570\u4e0e\u6d41\u52a8\u6027\u76f8\u5173\u6027\u6700\u5f31\u3002<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419093334.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419093334.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><\/figure>\n<\/div>\n<p>\u5f53\u6839\u636e\u540c\u6bd4\u767e\u5206\u6bd4\u53d8\u5316\u5206\u6790\u8d44\u4ea7\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u4e4b\u95f4\u7684\u76f8\u5173\u6027\u65f6\uff0c\u80a1\u7968\u6307\u6570\u8868\u73b0\u51fa\u6bd4\u6bd4\u7279\u5e01\u7565\u5f3a\u7684\u76f8\u5173\u6027\uff0c\u5176\u6b21\u662f\u9ec4\u91d1\u548c\u503a\u5238\u3002<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419102320.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419102320.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><\/figure>\n<\/div>\n<p>\u4ece\u540c\u6bd4\u767e\u5206\u6bd4\u6765\u770b\uff0c\u80a1\u7968\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u7684\u76f8\u5173\u6027\u53ef\u80fd\u6bd4\u6bd4\u7279\u5e01\u66f4\u9ad8\uff0c\u539f\u56e0\u4e4b\u4e00\u662f\u6bd4\u7279\u5e01\u7684\u6ce2\u52a8\u6027\u5f88\u5927\u3002\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u901a\u5e38\u5728\u4e00\u5e74\u5185\u5927\u5e45\u6ce2\u52a8\uff0c\u8fd9\u53ef\u80fd\u4f1a\u626d\u66f2\u5176\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u7684\u76f8\u5173\u6027\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u80a1\u7968\u6307\u6570\u7684\u4ef7\u683c\u6ce2\u52a8\u901a\u5e38\u4e0d\u90a3\u4e48\u660e\u663e\uff0c\u4e0e\u5168\u7403 M2 \u7684\u540c\u6bd4\u767e\u5206\u6bd4\u53d8\u5316\u66f4\u4e3a\u63a5\u8fd1\u3002\u5c3d\u7ba1\u5982\u6b64\uff0c\u4ece\u540c\u6bd4\u767e\u5206\u6bd4\u53d8\u5316\u6765\u770b\uff0c\u6bd4\u7279\u5e01\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u7684\u76f8\u5173\u6027\u4ecd\u7136\u76f8\u5f53\u5f3a\u3002<\/p>\n<p>\u4e0a\u8ff0\u6570\u636e\u8868\u660e\u4e86\u4e09\u4e2a\u5173\u952e\u70b9\uff1a1\uff09\u80a1\u7968\u3001\u9ec4\u91d1\u548c\u6bd4\u7279\u5e01\u7684\u8868\u73b0\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u5bc6\u5207\u76f8\u5173\uff1b2\uff09\u4e0e\u5176\u4ed6\u8d44\u4ea7\u7c7b\u522b\u76f8\u6bd4\uff0c\u6bd4\u7279\u5e01\u7684\u6574\u4f53\u76f8\u5173\u6027\u5f88\u5f3a\uff0c\u4e14\u5728 12 \u4e2a\u6708\u6eda\u52a8\u5468\u671f\u5185\u7684\u76f8\u5173\u6027\u6700\u9ad8\uff1b3\uff09\u968f\u7740\u65f6\u95f4\u8303\u56f4\u7684\u7f29\u77ed\uff0c\u6bd4\u7279\u5e01\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u7684\u76f8\u5173\u6027\u51cf\u5f31\u3002<\/p>\n<p><strong>\u6bd4\u7279\u5e01\u4e0e\u6d41\u52a8\u6027\u7684\u65b9\u5411\u4e00\u81f4\u4f7f\u5176\u4e0e\u4f17\u4e0d\u540c<\/strong><\/p>\n<p>\u6b63\u5982\u6211\u4eec\u4e4b\u524d\u63d0\u5230\u7684\uff0c\u5f3a\u6b63\u76f8\u5173\u6027\u5e76\u4e0d\u80fd\u4fdd\u8bc1\u4e24\u4e2a\u53d8\u91cf\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\u603b\u662f\u671d\u7740\u76f8\u540c\u7684\u65b9\u5411\u79fb\u52a8\u3002\u5f53\u4e00\u79cd\u8d44\u4ea7\uff08\u5982\u6bd4\u7279\u5e01\uff09\u6ce2\u52a8\u6027\u8f83\u5927\u5e76\u4e14\u53ef\u80fd\u6682\u65f6\u504f\u79bb\u4e0e\u6ce2\u52a8\u6027\u8f83\u5c0f\u7684\u6307\u6807\uff08\u5982\u5168\u7403 M2\uff09\u7684\u957f\u671f\u76f8\u5173\u6027\u65f6\uff0c\u5c24\u5176\u5982\u6b64\u3002\u8fd9\u5c31\u662f\u4e3a\u4ec0\u4e48\u5c06\u8fd9\u4e24\u4e2a\u65b9\u9762\uff08\u5927\u5c0f\u548c\u65b9\u5411\uff09\u7ed3\u5408\u8d77\u6765\u53ef\u4ee5\u66f4\u5168\u9762\u5730\u4e86\u89e3\u6bd4\u7279\u5e01\u548c\u5168\u7403 M2 \u5982\u4f55\u968f\u65f6\u95f4\u76f8\u4e92\u5f71\u54cd\u3002<\/p>\n<p>\u901a\u8fc7\u76f8\u5173\u6027\u7684\u65b9\u5411\u4e00\u81f4\u6027\uff0c\u6211\u4eec\u53ef\u4ee5\u66f4\u597d\u5730\u4e86\u89e3\u5b83\u4eec\u76f8\u5173\u6027\u7684\u53ef\u9760\u6027\u3002\u5bf9\u4e8e\u90a3\u4e9b\u5bf9\u957f\u671f\u8d8b\u52bf\u611f\u5174\u8da3\u7684\u4eba\u6765\u8bf4\u5c24\u5176\u5982\u6b64\u3002\u5982\u679c\u4f60\u77e5\u9053\u6bd4\u7279\u5e01\u5728\u5927\u591a\u6570\u65f6\u95f4\u91cc\u503e\u5411\u4e8e\u8ddf\u8e2a\u5168\u7403\u6d41\u52a8\u6027\u7684\u65b9\u5411\uff0c\u90a3\u4e48\u4f60\u53ef\u4ee5\u66f4\u6709\u4fe1\u5fc3\u6839\u636e\u6d41\u52a8\u6027\u6761\u4ef6\u7684\u53d8\u5316\u9884\u6d4b\u6bd4\u7279\u5e01\u672a\u6765\u7684\u4ef7\u683c\u65b9\u5411\u3002\u5728\u6240\u6709\u5206\u6790\u7684\u8d44\u4ea7\u4e2d\uff0c\u6bd4\u7279\u5e01\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u65b9\u5411\u7684\u76f8\u5173\u6027\u6700\u9ad8\u3002<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419113324.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419113324.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><\/figure>\n<\/div>\n<p>\u4e0b\u56fe\u8fdb\u4e00\u6b65\u8bf4\u660e\u4e86\u4e0e\u5176\u4ed6\u8d44\u4ea7\u7c7b\u522b\u76f8\u6bd4\uff0c\u6bd4\u7279\u5e01 12 \u4e2a\u6708\u6eda\u52a8\u671f\u5185\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u7684\u65b9\u5411\u6027\u4e00\u81f4\u3002<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419120323.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419120323.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><\/figure>\n<\/div>\n<p>\u8fd9\u8868\u660e\uff0c\u5c3d\u7ba1\u76f8\u5173\u6027\u7684\u5f3a\u5ea6\u53ef\u80fd\u56e0\u65f6\u95f4\u8303\u56f4\u800c\u5f02\uff0c\u4f46\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u8d70\u5411\u901a\u5e38\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u7684\u65b9\u5411\u4e00\u81f4\u3002\u6b64\u5916\uff0c\u5b83\u7684\u4ef7\u683c\u8d70\u5411\u6bd4\u6240\u5206\u6790\u7684\u4efb\u4f55\u5176\u4ed6\u4f20\u7edf\u8d44\u4ea7\u90fd\u66f4\u63a5\u8fd1\u5168\u7403\u6d41\u52a8\u6027\u3002<\/p>\n<p>\u6bd4\u7279\u5e01\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u4e4b\u95f4\u7684\u5173\u7cfb\u4e0d\u4ec5\u5728\u5927\u5c0f\u4e0a\u5f88\u5f3a\uff0c\u800c\u4e14\u5728\u65b9\u5411\u4e0a\u4e5f\u4fdd\u6301\u4e00\u81f4\u3002\u6570\u636e\u8fdb\u4e00\u6b65\u8bc1\u5b9e\u4e86\u8fd9\u6837\u4e00\u79cd\u89c2\u70b9\uff0c\u5373\u6bd4\u7279\u5e01\u6bd4\u5176\u4ed6\u4f20\u7edf\u8d44\u4ea7\u5bf9\u6d41\u52a8\u6027\u72b6\u51b5\u66f4\u4e3a\u654f\u611f\uff0c\u5c24\u5176\u662f\u5728\u8f83\u957f\u7684\u65f6\u95f4\u8303\u56f4\u5185\u3002<\/p>\n<p>\u5bf9\u4e8e\u6295\u8d44\u8005\u800c\u8a00\uff0c\u8fd9\u610f\u5473\u7740\u5168\u7403\u6d41\u52a8\u6027\u53ef\u80fd\u662f\u6bd4\u7279\u5e01\u957f\u671f\u4ef7\u683c\u8868\u73b0\u7684\u5173\u952e\u9a71\u52a8\u56e0\u7d20\uff0c\u5728\u8bc4\u4f30\u6bd4\u7279\u5e01\u5e02\u573a\u5468\u671f\u548c\u9884\u6d4b\u672a\u6765\u4ef7\u683c\u8d70\u52bf\u65f6\u5e94\u8003\u8651\u8fd9\u4e00\u56e0\u7d20\u3002\u5bf9\u4e8e\u4ea4\u6613\u8005\u800c\u8a00\uff0c\u8fd9\u610f\u5473\u7740\u6bd4\u7279\u5e01\u63d0\u4f9b\u4e86\u4e00\u79cd\u9ad8\u5ea6\u654f\u611f\u7684\u6295\u8d44\u5de5\u5177\uff0c\u53ef\u4ee5\u4f53\u73b0\u5bf9\u5168\u7403\u6d41\u52a8\u6027\u7684\u770b\u6cd5\uff0c\u4f7f\u5176\u6210\u4e3a\u90a3\u4e9b\u5bf9\u6d41\u52a8\u6027\u6709\u5f3a\u70c8\u4fe1\u5ff5\u7684\u4eba\u7684\u9996\u9009\u53c2\u8003\u3002<\/p>\n<p><strong>\u6bd4\u7279\u5e01\u4e0e\u6d41\u52a8\u6027\u76f8\u5173\u6027\u7684\u7f3a\u9677<\/strong><\/p>\n<p>\u5c3d\u7ba1\u6bd4\u7279\u5e01\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u603b\u4f53\u4e0a\u5177\u6709\u5f88\u5f3a\u7684\u76f8\u5173\u6027\uff0c\u4f46\u7814\u7a76\u7ed3\u679c\u8868\u660e\uff0c\u5728\u8f83\u77ed\u7684\u6eda\u52a8\u671f\u5185\uff0c\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u5f80\u5f80\u4f1a\u504f\u79bb\u6d41\u52a8\u6027\u8d8b\u52bf\u3002\u8fd9\u4e9b\u504f\u5dee\u53ef\u80fd\u662f\u7531\u5185\u90e8\u5e02\u573a\u52a8\u6001\u5728\u6bd4\u7279\u5e01\u5e02\u573a\u5468\u671f\u7684\u67d0\u4e9b\u65f6\u523b\u6bd4\u5168\u7403\u6d41\u52a8\u6027\u6761\u4ef6\u4ea7\u751f\u66f4\u5927\u5f71\u54cd\u6240\u81f4\uff0c\u4e5f\u53ef\u80fd\u662f\u7531\u6bd4\u7279\u5e01\u884c\u4e1a\u7279\u6709\u7684\u7279\u6b8a\u4e8b\u4ef6\u6240\u81f4\u3002<\/p>\n<p>\u7279\u6b8a\u4e8b\u4ef6\u662f\u6307\u52a0\u5bc6\u8d27\u5e01\u884c\u4e1a\u5185\u53d1\u751f\u7684\u4e8b\u4ef6\uff0c\u8fd9\u4e9b\u4e8b\u4ef6\u4f1a\u5bfc\u81f4\u5e02\u573a\u60c5\u7eea\u8fc5\u901f\u8f6c\u53d8\u6216\u5f15\u53d1\u5927\u89c4\u6a21\u6e05\u7b97\u3002\u4f8b\u5982\uff0c\u5927\u578b\u4f01\u4e1a\u7834\u4ea7\u3001\u4ea4\u6613\u6240\u9ed1\u5ba2\u653b\u51fb\u3001\u76d1\u7ba1\u6253\u51fb\u6216\u5e9e\u6c0f\u9a97\u5c40\u7684\u74e6\u89e3\u3002<\/p>\n<p>\u56de\u987e\u8fc7\u53bb\u6bd4\u7279\u5e01\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u4e4b\u95f4 12 \u4e2a\u6708\u6eda\u52a8\u76f8\u5173\u6027\u51cf\u5f31\u7684\u60c5\u51b5\uff0c\u5f88\u660e\u663e\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u5f80\u5f80\u4e0e\u91cd\u5927\u884c\u4e1a\u4e8b\u4ef6\u671f\u95f4\u7684\u5168\u7403\u6d41\u52a8\u6027\u8d8b\u52bf\u8131\u94a9\u3002<\/p>\n<p>\u4e0b\u56fe\u8bf4\u660e\u4e86\u6bd4\u7279\u5e01\u4e0e\u6d41\u52a8\u6027\u7684\u76f8\u5173\u6027\u5728\u91cd\u5927\u884c\u4e1a\u4e8b\u4ef6\u671f\u95f4\u8131\u94a9\u3002<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419142687.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419142687.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><\/figure>\n<\/div>\n<p>Mt. Gox \u5d29\u76d8\u3001PlusToken \u5e9e\u6c0f\u9a97\u5c40\u7834\u706d\u4ee5\u53ca Terra\/Luna \u5d29\u76d8\u5f15\u8d77\u7684\u52a0\u5bc6\u8d27\u5e01\u4fe1\u4efb\u5371\u673a\u7b49\u5173\u952e\u4e8b\u4ef6\u5f15\u53d1\u7684\u6050\u614c\u548c\u629b\u552e\u538b\u529b\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u8d8b\u52bf\u57fa\u672c\u8131\u8282\u3002<\/p>\n<p>2020 \u5e74\u7684 COVID-19 \u5e02\u573a\u5d29\u76d8\u662f\u53e6\u4e00\u4e2a\u4f8b\u5b50\u3002\u5728\u666e\u904d\u7684\u6050\u614c\u6027\u629b\u552e\u548c\u907f\u9669\u60c5\u7eea\u4e2d\uff0c\u6bd4\u7279\u5e01\u6700\u521d\u5927\u5e45\u4e0b\u8dcc\u3002\u7136\u800c\uff0c\u968f\u7740\u5404\u56fd\u592e\u884c\u4ee5\u524d\u6240\u672a\u6709\u7684\u6d41\u52a8\u6027\u6ce8\u5165\u4f5c\u4e3a\u5e94\u5bf9\u624b\u6bb5\uff0c\u6bd4\u7279\u5e01\u8fc5\u901f\u53cd\u5f39\uff0c\u51f8\u663e\u4e86\u5176\u5bf9\u6d41\u52a8\u6027\u53d8\u5316\u7684\u654f\u611f\u6027\u3002\u5f53\u65f6\u76f8\u5173\u6027\u7684\u8131\u8282\u53ef\u4ee5\u5f52\u56e0\u4e8e\u5e02\u573a\u60c5\u7eea\u7684\u7a81\u7136\u8f6c\u53d8\uff0c\u800c\u4e0d\u662f\u6d41\u52a8\u6027\u6761\u4ef6\u7684\u53d8\u5316\u3002<\/p>\n<p>\u867d\u7136\u4e86\u89e3\u8fd9\u4e9b\u7279\u6b8a\u4e8b\u4ef6\u5bf9\u6bd4\u7279\u5e01\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u76f8\u5173\u6027\u7684\u5f71\u54cd\u5f88\u91cd\u8981\uff0c\u4f46\u5b83\u4eec\u7684\u4e0d\u53ef\u9884\u6d4b\u6027\u4f7f\u6295\u8d44\u8005\u96be\u4ee5\u91c7\u53d6\u884c\u52a8\u3002\u8bdd\u867d\u5982\u6b64\uff0c\u968f\u7740\u6bd4\u7279\u5e01\u751f\u6001\u7cfb\u7edf\u7684\u6210\u719f\u3001\u57fa\u7840\u8bbe\u65bd\u7684\u6539\u5584\u4ee5\u53ca\u76d1\u7ba1\u66f4\u52a0\u6e05\u6670\uff0c\u6211\u9884\u8ba1\u8fd9\u4e9b\u300c\u9ed1\u5929\u9e45\u300d\u4e8b\u4ef6\u7684\u53d1\u751f\u9891\u7387\u5c06\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\u800c\u51cf\u5c11\u3002<\/p>\n<p><strong>\u4f9b\u5e94\u65b9\u5982\u4f55\u5f71\u54cd\u6bd4\u7279\u5e01\u7684\u6d41\u52a8\u6027\u76f8\u5173\u6027<\/strong><\/p>\n<p>\u9664\u4e86\u7279\u6b8a\u4e8b\u4ef6\u4e4b\u5916\uff0c\u5728\u6bd4\u7279\u5e01\u4e0e\u6d41\u52a8\u6027\u7684\u76f8\u5173\u6027\u51cf\u5f31\u7684\u65f6\u671f\uff0c\u53e6\u4e00\u4e2a\u503c\u5f97\u6ce8\u610f\u7684\u73b0\u8c61\u662f\uff0c\u8fd9\u4e9b\u60c5\u51b5\u901a\u5e38\u4e0e\u6bd4\u7279\u5e01\u4ef7\u683c\u8fbe\u5230\u6781\u7aef\u4f30\u503c\u968f\u540e\u6025\u5267\u4e0b\u8dcc\u7684\u65f6\u95f4\u76f8\u543b\u5408\u3002\u8fd9\u5728 2013 \u5e74\u30012017 \u5e74\u548c 2021 \u5e74\u7684\u725b\u5e02\u9ad8\u5cf0\u4e2d\u5f88\u660e\u663e\uff0c\u5f53\u65f6\u6bd4\u7279\u5e01\u4e0e\u6d41\u52a8\u6027\u7684\u76f8\u5173\u6027\u968f\u7740\u5176\u4ef7\u683c\u4ece\u9ad8\u4f4d\u5927\u5e45\u4e0b\u8dcc\u800c\u8131\u94a9\u3002<\/p>\n<p>\u867d\u7136\u6d41\u52a8\u6027\u4e3b\u8981\u5f71\u54cd\u7b49\u5f0f\u7684\u9700\u6c42\u65b9\uff0c\u4f46\u4e86\u89e3\u4f9b\u5e94\u65b9\u7684\u5206\u5e03\u6a21\u5f0f\u4e5f\u6709\u52a9\u4e8e\u8bc6\u522b\u6bd4\u7279\u5e01\u53ef\u80fd\u504f\u79bb\u5176\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u7684\u957f\u671f\u76f8\u5173\u6027\u7684\u65f6\u671f\u3002<\/p>\n<p>\u4f9b\u5e94\u7684\u4e3b\u8981\u6765\u6e90\u662f\u968f\u7740\u6bd4\u7279\u5e01\u4ef7\u683c\u4e0a\u6da8\u83b7\u5229\u7684\u65e7\u6301\u6709\u8005\u3002\u533a\u5757\u5956\u52b1\u7684\u65b0\u53d1\u884c\u4e5f\u4f1a\u4e3a\u5e02\u573a\u5e26\u6765\u4f9b\u5e94\uff0c\u4f46\u4f9b\u5e94\u91cf\u8981\u5c11\u5f97\u591a\uff0c\u800c\u4e14\u53ea\u4f1a\u968f\u7740\u6bcf\u6b21\u51cf\u534a\u4e8b\u4ef6\u800c\u7ee7\u7eed\u51cf\u5c11\u3002\u5728\u725b\u5e02\u671f\u95f4\uff0c\u65e7\u6301\u6709\u8005\u901a\u5e38\u4f1a\u524a\u51cf\u5934\u5bf8\u5e76\u5356\u7ed9\u65b0\u4e70\u5bb6\uff0c\u76f4\u5230\u9700\u6c42\u9971\u548c\u3002\u8fd9\u79cd\u9971\u548c\u65f6\u523b\u901a\u5e38\u5c31\u662f\u725b\u5e02\u7684\u9ad8\u5cf0\u3002<\/p>\n<p>\u8bc4\u4f30\u8fd9\u79cd\u884c\u4e3a\u7684\u4e00\u4e2a\u5173\u952e\u6307\u6807\u662f\u6bd4\u7279\u5e01 1 \u5e74\u4ee5\u4e0a\u6301\u6709\u6ce2\u52a8\uff0c\u5b83\u8861\u91cf\u957f\u671f\u6301\u6709\u8005\uff08\u81f3\u5c11\u4e00\u5e74\uff09\u6301\u6709\u7684\u6bd4\u7279\u5e01\u6570\u91cf\u5360\u603b\u6d41\u901a\u4f9b\u5e94\u91cf\u7684\u767e\u5206\u6bd4\u3002\u6362\u4e00\u53e5\u8bdd\u6765\u7406\u89e3\uff0c\u5b83\u8861\u91cf\u7684\u662f\u957f\u671f\u6295\u8d44\u8005\u5728\u4efb\u4f55\u7279\u5b9a\u65f6\u95f4\u70b9\u6301\u6709\u7684\u603b\u53ef\u7528\u4f9b\u5e94\u91cf\u7684\u767e\u5206\u6bd4\u3002<\/p>\n<p>\u4ece\u5386\u53f2\u4e0a\u770b\uff0c\u8fd9\u4e00\u6307\u6807\u5728\u725b\u5e02\u671f\u95f4\u4f1a\u4e0b\u964d\uff0c\u56e0\u4e3a\u957f\u671f\u6301\u6709\u8005\u4f1a\u629b\u552e\uff1b\u5728\u718a\u5e02\u671f\u95f4\uff0c\u957f\u671f\u6301\u6709\u8005\u4f1a\u589e\u6301\uff0c\u8fd9\u4e00\u6307\u6807\u4f1a\u4e0a\u5347\u3002\u4e0b\u56fe\u663e\u793a\u4e86\u8fd9\u79cd\u884c\u4e3a\uff0c\u7ea2\u8272\u5706\u5708\u8868\u793a\u5468\u671f\u9ad8\u5cf0\uff0c\u7eff\u8272\u5706\u5708\u8868\u793a\u5e95\u90e8\u3002<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419159844.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419159844.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><\/figure>\n<\/div>\n<p>\u8fd9\u8bf4\u660e\u4e86\u6bd4\u7279\u5e01\u5468\u671f\u4e2d\u957f\u671f\u6301\u6709\u8005\u7684\u884c\u4e3a\u3002\u5f53\u6bd4\u7279\u5e01\u4f3c\u4e4e\u88ab\u9ad8\u4f30\u65f6\uff0c\u957f\u671f\u6301\u6709\u8005\u5f80\u5f80\u4f1a\u5356\u51fa\u83b7\u5229\uff0c\u800c\u5f53\u6bd4\u7279\u5e01\u4f3c\u4e4e\u88ab\u4f4e\u4f30\u65f6\uff0c\u4ed6\u4eec\u5f80\u5f80\u4f1a\u589e\u6301\u3002<\/p>\n<p>\u95ee\u9898\u53d8\u6210\u4e86&#8230;&#8230;\u300c\u4f60\u5982\u4f55\u786e\u5b9a\u6bd4\u7279\u5e01\u4f55\u65f6\u88ab\u4f4e\u4f30\u6216\u9ad8\u4f30\uff0c\u4ee5\u4fbf\u66f4\u597d\u5730\u9884\u6d4b\u4f55\u65f6\u4f9b\u5e94\u91cf\u4f1a\u5145\u65a5\u5e02\u573a\u6216\u88ab\u8017\u5c3d\uff1f\u300d<\/p>\n<p>\u5c3d\u7ba1\u6570\u636e\u96c6\u4ecd\u7136\u76f8\u5bf9\u8f83\u5c0f\uff0c\u4f46\u5e02\u573a\u4ef7\u503c\u4e0e\u5b9e\u73b0\u4ef7\u503c Z \u5206\u6570 (MVRV Z \u5206\u6570 ) \u5df2\u88ab\u8bc1\u660e\u662f\u8bc6\u522b\u6bd4\u7279\u5e01\u4f55\u65f6\u8fbe\u5230\u6781\u7aef\u4f30\u503c\u6c34\u5e73\u7684\u53ef\u9760\u5de5\u5177\u3002MVRV Z \u5206\u6570\u57fa\u4e8e\u4e09\u4e2a\u7ec4\u6210\u90e8\u5206\uff1a<\/p>\n<p>1) \u5e02\u573a\u4ef7\u503c\uff1a\u5f53\u524d\u7684\u5e02\u503c\uff0c\u901a\u8fc7\u5c06\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u4e58\u4ee5\u6d41\u901a\u4e2d\u7684\u6bd4\u7279\u5e01\u603b\u6570\u8ba1\u7b97\u5f97\u51fa\u3002<\/p>\n<p>2) \u5b9e\u73b0\u4ef7\u503c\uff1a\u6bcf\u4e2a\u6bd4\u7279\u5e01\u6216 UTXO \u4e0a\u6b21\u5728\u94fe\u4e0a\u4ea4\u6613\u7684\u5e73\u5747\u4ef7\u683c\u4e58\u4ee5\u603b\u6d41\u901a\u4f9b\u5e94\u91cf\u2014\u2014\u672c\u8d28\u4e0a\u662f\u6bd4\u7279\u5e01\u6301\u6709\u8005\u7684\u6210\u672c\u3002<\/p>\n<p>3) Z \u5206\u6570\uff1a\u8be5\u5206\u6570\u8861\u91cf\u5e02\u573a\u4ef7\u503c\u4e0e\u5b9e\u9645\u4ef7\u503c\u7684\u504f\u5dee\u7a0b\u5ea6\uff0c\u4ee5\u6807\u51c6\u5dee\u8868\u793a\uff0c\u5e76\u7a81\u51fa\u663e\u793a\u6781\u5ea6\u9ad8\u4f30\u6216\u4f4e\u4f30\u7684\u65f6\u671f\u3002<\/p>\n<p>\u5f53 MVRV Z \u5206\u6570\u8f83\u9ad8\u65f6\uff0c\u610f\u5473\u7740\u5e02\u573a\u4ef7\u683c\u4e0e\u5b9e\u73b0\u4ef7\u683c\u4e4b\u95f4\u5b58\u5728\u5f88\u5927\u5dee\u8ddd\uff0c\u8fd9\u610f\u5473\u7740\u8bb8\u591a\u6301\u6709\u8005\u90fd\u5750\u62e5\u672a\u5b9e\u73b0\u7684\u5229\u6da6\u3002\u8fd9\u76f4\u89c2\u4e0a\u662f\u4e00\u4ef6\u597d\u4e8b\uff0c\u4f46\u4e5f\u53ef\u80fd\u8868\u660e\u6bd4\u7279\u5e01\u88ab\u8d85\u4e70\u6216\u88ab\u9ad8\u4f30\uff0c\u8fd9\u662f\u957f\u671f\u6301\u6709\u8005\u5356\u51fa\u6bd4\u7279\u5e01\u5e76\u83b7\u5229\u7684\u597d\u65f6\u673a\u3002<\/p>\n<p>\u5f53 MVRV Z \u5206\u6570\u8f83\u4f4e\u65f6\uff0c\u610f\u5473\u7740\u5e02\u573a\u4ef7\u683c\u63a5\u8fd1\u6216\u4f4e\u4e8e\u5b9e\u73b0\u4ef7\u683c\uff0c\u8868\u660e\u6bd4\u7279\u5e01\u8d85\u5356\u6216\u88ab\u4f4e\u4f30\uff0c\u8fd9\u662f\u6295\u8d44\u8005\u5f00\u59cb\u56e4\u79ef\u7684\u597d\u65f6\u673a\u3002<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419188275.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/09\/5-1727419188275.png\" alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><\/figure>\n<\/div>\n<p>\u5f53 MVRV Z 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alt=\"\u6bd4\u7279\u5e01\uff0c\u5168\u7403\u6d41\u52a8\u6027\u7684\u6674\u96e8\u8868\" \/><\/figure>\n<\/div>\n<p>\u8fd9\u8868\u660e\uff0c\u5f53\u6bd4\u7279\u5e01\u7684 MVRV Z 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