{"id":7205,"date":"2022-04-25T16:35:37","date_gmt":"2022-04-25T08:35:37","guid":{"rendered":"https:\/\/\/?p=7205"},"modified":"2023-02-19T19:42:29","modified_gmt":"2023-02-19T11:42:29","slug":"efficient-market-theory","status":"publish","type":"post","link":"https:\/\/\/efficient-market-theory\/","title":{"rendered":"\u6548\u7387\u5e02\u5834\u5047\u8aaa\u662f\u4ec0\u9ebc\uff1f\u8f15\u9b06\u770b\u61c2\u6548\u7387\u5e02\u5834\u4e09\u7a2e\u578b\u614b"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-full is-style-rounded\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"563\" src=/index.html"https:\/\/\/wp-content\/uploads\/2022\/04\/\u6548\u7387\u5e02\u5834\u7406\u8ad6.jpg\" alt=\"\u6548\u7387\u5e02\u5834\u7406\u8ad6\" class=\"wp-image-7206\" title=\"\u6548\u7387\u5e02\u5834\u7406\u8ad6\" srcset=\"https:\/\/\/wp-content\/uploads\/2022\/04\/\u6548\u7387\u5e02\u5834\u7406\u8ad6.jpg 1000w, https:\/\/\/wp-content\/uploads\/2022\/04\/\u6548\u7387\u5e02\u5834\u7406\u8ad6-300x169.jpg 300w, https:\/\/\/wp-content\/uploads\/2022\/04\/\u6548\u7387\u5e02\u5834\u7406\u8ad6-768x432.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-element-caption\">\u6548\u7387\u5e02\u5834\u7406\u8ad6<\/figcaption><\/figure>\n\n\n\n<p>\u8b80\u8005\u662f\u5426\u6709\u807d\u904e\u4e00\u500b\u7406\u8ad6\u53eb\u505a\u6548\u7387\u5e02\u5834\u7406\u8ad6\uff0c\u4ea6\u7a31\u6548\u7387\u5e02\u5834\u5047\u8aaa\uff0c\u7a76\u7adf\u6548\u7387\u5e02\u5834\u7406\u8ad6\u662f\u4ec0\u9ebc\u610f\u601d\uff1f\u9019\u53c8\u6703\u5c0d\u6211\u5011\u7684\u6295\u8cc7\u5e36\u4f86\u54ea\u4e9b\u5f71\u97ff\u5462\uff1f<\/p>\n\n\n\n<p><strong>\u672c\u6587\u4ecb\u7d39\u5c07\u8b1b\u8ff0\u4f55\u8b02\u6548\u7387\u5e02\u5834\u7406\u8ad6\uff0c\u4e26\u4e14\u8aaa\u660e\u6548\u7387\u5e02\u5834\u5047\u8aaa\u7684\u5f31\u5f0f\u6548\u7387\u5e02\u5834\u3001\u534a\u5f37\u5f0f\u6548\u7387\u5e02\u5834\u3001\u5f37\u5f0f\u6548\u7387\u5e02\u5834\u4e09\u7a2e\u578b\u614b\u5c0d\u6295\u8cc7\u4eba\u7684\u5f71\u97ff<\/strong>\uff0c\u6709\u8208\u8da3\u7684\u8b80\u8005\u5c31\u4f86\u770b\u770b\u5427\u3002<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_64 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >\u672c\u6587\u76ee\u9304<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=/index.html"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 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title=\"\u6548\u7387\u5e02\u5834\u5047\u8aaa\u7684\u4e09\u7a2e\u578b\u614b\">\u6548\u7387\u5e02\u5834\u5047\u8aaa\u7684\u4e09\u7a2e\u578b\u614b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=/index.html"https:\/\/\/efficient-market-theory\/#%E5%BC%B1%E5%BC%8F%E6%95%88%E7%8E%87%E5%B8%82%E5%A0%B4%E4%BB%8B%E7%B4%B9\" title=\"\u5f31\u5f0f\u6548\u7387\u5e02\u5834\u4ecb\u7d39\">\u5f31\u5f0f\u6548\u7387\u5e02\u5834\u4ecb\u7d39<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=/index.html"https:\/\/\/efficient-market-theory\/#%E5%8D%8A%E5%BC%B7%E5%BC%8F%E6%95%88%E7%8E%87%E5%B8%82%E5%A0%B4%E4%BB%8B%E7%B4%B9\" title=\"\u534a\u5f37\u5f0f\u6548\u7387\u5e02\u5834\u4ecb\u7d39\">\u534a\u5f37\u5f0f\u6548\u7387\u5e02\u5834\u4ecb\u7d39<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=/index.html"https:\/\/\/efficient-market-theory\/#%E5%BC%B7%E5%BC%8F%E6%95%88%E7%8E%87%E5%B8%82%E5%A0%B4%E4%BB%8B%E7%B4%B9\" title=\"\u5f37\u5f0f\u6548\u7387\u5e02\u5834\u4ecb\u7d39\">\u5f37\u5f0f\u6548\u7387\u5e02\u5834\u4ecb\u7d39<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=/index.html"https:\/\/\/efficient-market-theory\/#%E8%82%A1%E7%A5%9E%E5%B7%B4%E8%8F%B2%E7%89%B9%E8%AA%8D%E7%82%BA%E5%AF%A6%E9%9A%9B%E8%82%A1%E5%B8%82%E7%9A%84%E6%83%85%E6%B3%81%EF%BC%9F\" title=\"\u80a1\u795e\u5df4\u83f2\u7279\u8a8d\u70ba\u5be6\u969b\u80a1\u5e02\u7684\u60c5\u6cc1\uff1f\">\u80a1\u795e\u5df4\u83f2\u7279\u8a8d\u70ba\u5be6\u969b\u80a1\u5e02\u7684\u60c5\u6cc1\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=/index.html"https:\/\/\/efficient-market-theory\/#%E6%95%88%E7%8E%87%E5%B8%82%E5%A0%B4%E4%BB%8B%E7%B4%B9%E7%B5%90%E8%AA%9E\" title=\"\u6548\u7387\u5e02\u5834\u4ecb\u7d39\u7d50\u8a9e\">\u6548\u7387\u5e02\u5834\u4ecb\u7d39\u7d50\u8a9e<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%95%88%E7%8E%87%E5%B8%82%E5%A0%B4%E5%81%87%E8%AA%AA%E4%BB%8B%E7%B4%B9\"><\/span>\u6548\u7387\u5e02\u5834\u5047\u8aaa\u4ecb\u7d39<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6548\u7387\u5e02\u5834\u5047\u8aaa\uff0c\u4ea6\u7a31\u300c\u6548\u7387\u5e02\u5834\u7406\u8ad6\u300d\u3001\u300c\u6709\u6548\u5e02\u5834\u5047\u8aaa\u300d\uff0c\u82f1\u6587\u70ba\u300cEfficient Market Hypothesis\u300d\u3002<\/p>\n\n\n\n<p>\u662f\u5c24\u91d1\u00b7\u6cd5\u99ac( Eugene Fama )\u65bc 1970 \u5e74\u63d0\u51fa\u7684\u6295\u8cc7\u5b78\u5047\u8aaa\uff1a<\/p>\n\n\n\n<p class=\"has-palette-color-6-background-color has-background\">\u8a72\u5047\u8aaa\u63cf\u8ff0\uff1a\u300c\u5728\u5f37\u6d41\u901a\u6027\u5e02\u5834\u4e0a\uff0c\u8b49\u5238\u7684\u50f9\u683c\u61c9\u8a72\u6703\u5145\u5206\u53cd\u6620\u6240\u6709\u8cc7\u8a0a\uff0c\u6240\u4ee5\u80a1\u50f9\u6c38\u9060\u662f\u6b63\u78ba\u7684\uff0c\u6c92\u6709\u4eba\u53ef\u4ee5\u901a\u904e\u9078\u80a1\u8dd1\u8d0f\u5e02\u5834\uff0c\u552f\u6709\u6295\u8cc7\u9ad8\u98a8\u96aa\u7684\u8b49\u5238\uff0c\u624d\u53ef\u4ee5\u56e0\u98a8\u96aa\u6ea2\u916c\u800c\u6709\u6a5f\u6703\u6210\u529f\u8d0f\u904e\u5e02\u5834\u3002\u300d<\/p>\n\n\n\n<p>\u5c0d\u6b64\u4ed6\u63d0\u51fa\u6548\u7387\u5e02\u5834\u7684\u4e09\u7a2e\u578b\u614b\uff0c\u4e26\u63cf\u8ff0\u5728\u9019\u4e09\u7a2e\u578b\u614b\u4e2d\uff0c\u80a1\u50f9\u662f\u5426\u5df2\u7d93\u5145\u5206\u53cd\u61c9\u6d88\u606f\u9762\uff0c\u5728\u4e0d\u540c\u7684\u6548\u7387\u5e02\u5834\u5f62\u614b\u4e0b\uff0c\u6295\u8cc7\u4eba\u53ef\u4ee5\u904b\u7528\u4e0d\u540c\u7684\u5206\u6790\u4f86\u7372\u5229\u3002<\/p>\n\n\n\n<div class=\"wp-block-group has-palette-color-6-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<p>\u5c0d\u6b64\uff0c\u6548\u7387\u5e02\u5834\u7406\u8ad6\u6709\u8457\u5e7e\u7a2e\u524d\u63d0\uff1a<\/p>\n\n\n\n<ul>\n<li>1.\u6295\u8cc7\u4eba\u70ba\u7406\u6027\u6295\u8cc7\u4eba\uff0c\u4e26\u4e0d\u6703\u8cb7\u540d\u724c\uff0c\u800c\u662f\u81ea\u5df1\u7814\u7a76<\/li>\n\n\n\n<li>2.\u6295\u8cc7\u4eba\u80fd\u5920\u89e3\u8b80\u57fa\u672c\u9762\u8cc7\u8a0a\uff0c\u6bd4\u5982\u8aaa\u7814\u8b80\u8ca1\u5831\u7b49<\/li>\n\n\n\n<li>3.\u80a1\u50f9\u6703\u5145\u5206\u53cd\u6620\u6240\u6709\u8cc7\u8a0a\uff0c\u6709\u65b0\u6d88\u606f\u5e02\u5834\u6703\u8fc5\u901f\u53cd\u61c9<\/li>\n<\/ul>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%95%88%E7%8E%87%E5%B8%82%E5%A0%B4%E5%81%87%E8%AA%AA%E7%9A%84%E4%B8%89%E7%A8%AE%E5%9E%8B%E6%85%8B\"><\/span>\u6548\u7387\u5e02\u5834\u5047\u8aaa\u7684\u4e09\u7a2e\u578b\u614b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5728\u524d\u63d0\u6210\u7acb\u7684\u60c5\u6cc1\u4e0b\uff0c\u9019\u5c07\u6703\u6709\u4e09\u7a2e\u578b\u614b\uff0c\u5728\u4e0d\u540c\u5f62\u614b\u4e0b\u7684\u6548\u7387\u5e02\u5834\u6295\u8cc7\u4eba\u53ef\u4ee5\u5229\u7528\u4e0d\u540c\u7684\u6295\u8cc7\u65b9\u5f0f\u4f86\u6295\u8cc7\u3002<\/p>\n\n\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group has-palette-color-6-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<p>\u4ee5\u4e0b\u70ba\u6548\u7387\u5e02\u5834\u5047\u8aaa\u7684\u4e09\u7a2e\u578b\u614b\uff1a<\/p>\n\n\n\n<ul>\n<li>1.\u5f31\u5f0f\u6548\u7387\u5e02\u5834 Weak Form Efficiency<\/li>\n\n\n\n<li>2.\u534a\u5f37\u5f0f\u6548\u7387\u5e02\u5834 Semi-Strong Form Efficiency<\/li>\n\n\n\n<li>3.\u5f37\u5f0f\u6548\u7387\u5e02\u5834 Strong Form Efficiency<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%BC%B1%E5%BC%8F%E6%95%88%E7%8E%87%E5%B8%82%E5%A0%B4%E4%BB%8B%E7%B4%B9\"><\/span>\u5f31\u5f0f\u6548\u7387\u5e02\u5834\u4ecb\u7d39<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u90a3\u9ebc\u5728\u5f31\u5f0f\u6548\u7387\u5e02\u5834\u7684\u5f62\u614b\u4e0b\uff0c\u5c0d\u6295\u8cc7\u4eba\u6703\u6709\u4ec0\u9ebc\u5f71\u97ff\u5462\uff1f<\/p>\n\n\n\n<p>\u5728\u5f31\u5f0f\u6548\u7387\u5e02\u5834\u7684\u60c5\u6cc1\u4e0b\uff0c\u904e\u53bb\u7684\u6b77\u53f2\u6d88\u606f\u90fd\u88ab\u5145\u5206\u53cd\u61c9\u5728\u80a1\u50f9\u4e0a\uff0c\u56e0\u672a\u4f86\u8cc7\u8a0a\u5177\u6709\u96a8\u6a5f\u6027\uff0c\u6240\u4ee5\u6295\u8cc7\u4eba\u4e0d\u80fd\u9760\u8457\u7814\u7a76\u904e\u53bb\u80a1\u50f9\u8d70\u52e2\u4f86\u63a8\u6e2c\u672a\u4f86\u516c\u53f8\u80a1\u50f9\u3002<\/p>\n\n\n\n<p>\u4e5f\u5c31\u662f\u6280\u8853\u5206\u6790\u7684\u6295\u8cc7\u4eba\u5728\u5f31\u5f0f\u6548\u7387\u5e02\u5834\u7684\u60c5\u6cc1\u4e0b\u4ed6\u7684\u6280\u8853\u5206\u6790\u7121\u6cd5\u5e6b\u4ed6\u5224\u65b7\u51fa\u672a\u4f86\u7684\u80a1\u50f9\u8d70\u52e2\u3002<\/p>\n\n\n\n<p class=\"has-palette-color-6-background-color has-background\">\u4f46\u9019\u6642\u53ef\u4ee5\u7528\u300c\u57fa\u672c\u9762\u5206\u6790\u300d\u4f86\u9810\u6e2c\u80a1\u50f9\u8d70\u52e2\uff0c\u800c\u5982\u679c\u5167\u7dda\u6d88\u606f\uff0c\u80fd\u63d0\u65e9\u5f97\u5230\u516c\u53f8\u8cc7\u8a0a\u7684\u4eba\u4e5f\u53ef\u4ee5\u85c9\u6b64\u8cfa\u9322\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=/index.html"https:\/\/\/wp-content\/uploads\/2022\/04\/\u5f31\u5f0f\u6548\u7387\u5e02\u5834\u4ecb\u7d39.jpg\" alt=\"\u5f31\u5f0f\u6548\u7387\u5e02\u5834\u4ecb\u7d39\" class=\"wp-image-7209\" width=\"640\" height=\"360\" title=\"\u5f31\u5f0f\u6548\u7387\u5e02\u5834\u4ecb\u7d39\" srcset=\"https:\/\/\/wp-content\/uploads\/2022\/04\/\u5f31\u5f0f\u6548\u7387\u5e02\u5834\u4ecb\u7d39.jpg 1000w, https:\/\/\/wp-content\/uploads\/2022\/04\/\u5f31\u5f0f\u6548\u7387\u5e02\u5834\u4ecb\u7d39-300x169.jpg 300w, https:\/\/\/wp-content\/uploads\/2022\/04\/\u5f31\u5f0f\u6548\u7387\u5e02\u5834\u4ecb\u7d39-768x432.jpg 768w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><figcaption class=\"wp-element-caption\">\u5f31\u5f0f\u6548\u7387\u5e02\u5834\u4ecb\u7d39<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%8D%8A%E5%BC%B7%E5%BC%8F%E6%95%88%E7%8E%87%E5%B8%82%E5%A0%B4%E4%BB%8B%E7%B4%B9\"><\/span>\u534a\u5f37\u5f0f\u6548\u7387\u5e02\u5834\u4ecb\u7d39<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5728\u534a\u5f37\u5f0f\u6548\u7387\u5e02\u5834\u7684\u60c5\u6cc1\u4e0b\uff0c\u80a1\u50f9\u5df2\u7d93\u53cd\u61c9\u51fa\u6240\u6709\u516c\u958b\u8cc7\u8a0a\uff0c\u5305\u542b\uff1a\u516c\u53f8\u767c\u5c55\u3001\u653f\u6cbb\u60c5\u52e2\u3001\u7d93\u6fdf\u74b0\u5883\u7b49\u6240\u6709\u56e0\u7d20\u3002<\/p>\n\n\n\n<p>\u5728\u9019\u7a2e\u60c5\u6cc1\u4e0b\uff0c\u4e00\u822c\u7684\u6295\u8cc7\u4eba\u4e5f\u7121\u6cd5\u9760\u8457\u5206\u6790\u57fa\u672c\u9762\u4f86\u7372\u5229\uff0c\u56e0\u70ba\u80a1\u50f9\u5df2\u7d93\u53cd\u61c9\u4efb\u4f55\u53ef\u4ee5\u627e\u5230\u7684\u8cc7\u8a0a\u4e86\u3002<\/p>\n\n\n\n<p class=\"has-palette-color-6-background-color 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class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5728\u5f37\u5f0f\u6548\u7387\u5e02\u5834\u7684\u60c5\u6cc1\u4e0b\uff0c\u6240\u6709\u8cc7\u8a0a\u90fd\u5df2\u7d93\u88ab\u5b8c\u5168\u53cd\u61c9\uff0c\u56e0\u70ba\u6295\u8cc7\u8005\u7121\u6240\u4e0d\u7528\u5176\u6975\u3002<\/p>\n\n\n\n<p>\u9023\u5404\u7a2e\u5167\u7dda\u6d88\u606f\u6295\u8cc7\u8005\u90fd\u53ef\u4ee5\u6316\u51fa\u4f86\u4f7f\u7528\uff0c\u6240\u4ee5\u96d6\u7136\u4e0d\u662f\u6bcf\u500b\u4eba\u90fd\u77e5\u9053\u5167\u7dda\u60c5\u5831\uff0c\u4f46\u80a1\u50f9\u5df2\u7d93\u5b8c\u5168\u53cd\u61c9\u51fa\u5167\u7dda\u8cc7\u8a0a\u7684\u5f71\u97ff\u3002<\/p>\n\n\n\n<p class=\"has-palette-color-6-background-color has-background\">\u5728\u9019\u7a2e\u60c5\u6cc1\u4e0b\u5927\u5bb6\u9023\u4f7f\u7528\u5167\u7dda\u4ea4\u6613\u7684\u65b9\u5f0f\u90fd\u7121\u6cd5\u8cfa\u9322\u4e86\uff0c\u80a1\u50f9\u6c38\u9060\u53cd\u61c9\u8457\u6240\u6709\u8cc7\u8a0a\u7684\u8b8a\u5316\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%82%A1%E7%A5%9E%E5%B7%B4%E8%8F%B2%E7%89%B9%E8%AA%8D%E7%82%BA%E5%AF%A6%E9%9A%9B%E8%82%A1%E5%B8%82%E7%9A%84%E6%83%85%E6%B3%81%EF%BC%9F\"><\/span>\u80a1\u795e\u5df4\u83f2\u7279\u8a8d\u70ba\u5be6\u969b\u80a1\u5e02\u7684\u60c5\u6cc1\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u90a3\u9ebc\u770b\u5b8c\u6548\u7387\u5e02\u5834\u7406\u8ad6\u7684\u4ecb\u7d39\uff0c\u8b80\u8005\u89ba\u5f97\u73fe\u5728\u80a1\u5e02\u662f\u54ea\u7a2e\u6548\u7387\u5e02\u5834\u5462\uff1f<\/p>\n\n\n\n<p>\u5be6\u969b\u4e0a\u80a1\u795e\u5df4\u83f2\u7279\u5c0d\u6548\u7387\u5e02\u5834\u7406\u8ad6\u55e4\u4e4b\u4ee5\u9f3b\uff0c\u4e26\u4e14\u8a8d\u70ba\u5be6\u969b\u80a1\u5e02\u7684\u5e02\u5834\u6548\u7387\u5341\u5206\u4f4e\u4e0b\uff0c\u4e26\u4e14\u5df4\u83f2\u7279\u8a8d\u70ba\u4ed6\u5f9e\u300c\u76f8\u4fe1\u6548\u7387\u5e02\u5834\u7684\u6295\u8cc7\u4eba\u300d\u90a3\u88e1\u8cfa\u53d6\u6536\u76ca\u3002<\/p>\n\n\n\n<p>\u5df4\u83f2\u7279\u8a8d\u70ba\u6295\u8cc7\u4eba\u5f80\u5f80\u53d7\u5230\u7fa4\u773e\u601d\u7dad\u7684\u5f71\u97ff\u4eba\u4e91\u4ea6\u4e91\uff0c\u7121\u6cd5\u7368\u7acb\u5be9\u614e\u5224\u65b7\u6295\u8cc7\u9019\u4ef6\u4e8b\uff0c\u4e26\u4e14\u5e02\u5834\u5e38\u6703\u6709\u4e0d\u7406\u6027\u7684\u8cb7\u8ce3\u8207\u6050\u614c\u6027\u7684\u62cb\u552e\u3002<\/p>\n\n\n\n<p>\u5176\u5be6\u4e5f\u4e0d\u96e3\u7406\u89e3\uff0c\u5df4\u83f2\u7279\u6240\u4fe1\u5949\u7684\u662f\u300c\u50f9\u503c\u6295\u8cc7\u300d\u4e5f\u5c31\u662f\u627e\u5230\u4eba\u5011\u4f4e\u4f30\u7684\u516c\u53f8\u4e26\u9032\u884c\u9577\u671f\u6295\u8cc7\uff0c\u5982\u679c\u80a1\u5e02\u771f\u662f\u6548\u7387\u5e02\u5834\u7684\u8a71\uff0c\u90a3\u5c31\u4e0d\u6703\u6709\u88ab\u4f4e\u4f30\u7684\u80a1\u7968\u4e86\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"563\" src=/index.html"https:\/\/\/wp-content\/uploads\/2022\/04\/\u5be6\u969b\u80a1\u5e02\u7684\u6548\u7387\u5e02\u5834\u60c5\u6cc1.jpg\" alt=\"\u5be6\u969b\u80a1\u5e02\u7684\u6548\u7387\u5e02\u5834\u60c5\u6cc1\" class=\"wp-image-7212\" title=\"\u5be6\u969b\u80a1\u5e02\u7684\u6548\u7387\u5e02\u5834\u60c5\u6cc1\" srcset=\"https:\/\/\/wp-content\/uploads\/2022\/04\/\u5be6\u969b\u80a1\u5e02\u7684\u6548\u7387\u5e02\u5834\u60c5\u6cc1.jpg 1000w, https:\/\/\/wp-content\/uploads\/2022\/04\/\u5be6\u969b\u80a1\u5e02\u7684\u6548\u7387\u5e02\u5834\u60c5\u6cc1-300x169.jpg 300w, https:\/\/\/wp-content\/uploads\/2022\/04\/\u5be6\u969b\u80a1\u5e02\u7684\u6548\u7387\u5e02\u5834\u60c5\u6cc1-768x432.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-element-caption\">\u5be6\u969b\u80a1\u5e02\u7684\u6548\u7387\u5e02\u5834\u60c5\u6cc1<\/figcaption><\/figure>\n\n\n\n<p>\u5be6\u969b\u4e0a\u80a1\u5e02\u591a\u662f\u7dad\u6301\u5f31\u5f0f\u6548\u7387\u5e02\u5834\u3001\u534a\u5f37\u52e2\u5e02\u5834\uff0c\u751a\u81f3\u6709\u6642\u5019\u662f\u300c\u7121\u6548\u5e02\u5834\u300d\u7684\u60c5\u6cc1\uff0c\u6548\u7387\u5e02\u5834\u5047\u8aaa\u591a\u8207\u5be6\u969b\u80a1\u5e02\u6709\u6240\u843d\u5dee\u3002<\/p>\n\n\n\n<p>\u5728\u80a1\u50f9\u6975\u5177\u6ce2\u52d5\u6642\u6295\u8cc7\u4eba\u5f80\u5f80\u6703\u300c\u62cb\u552e\u300d\u6216\u300c\u8ffd\u8cb7\u300d\u80a1\u7968\uff0c\u9019\u6642\u80a1\u50f9\u518d\u4e5f\u7121\u6cd5\u53cd\u61c9\u51fa\u5be6\u969b\u50f9\u683c\uff0c\u4e5f\u5c31\u8b8a\u70ba\u7121\u6548\u5e02\u5834\u4e86\u3002<\/p>\n\n\n\n<p>\u5d29\u76e4\u7684\u6642\u5019\u53cd\u800c\u662f\u6295\u8cc7\u4eba\u503c\u5f97\u6ce8\u610f\u7684\u6642\u9593\uff0c\u9019\u6642\u5019\u80a1\u50f9\u5f80\u5f80\u88ab\u56b4\u91cd\u4f4e\u4f30\uff0c\u6295\u8cc7\u4eba\u9019\u6642\u5c31\u53ef\u4ee5\u628a\u63e1\u6a5f\u6703\u627e\u5230\u597d\u80a1\u7968\u9032\u884c\u50f9\u503c\u6295\u8cc7\uff0c\u9019\u6a23\u7684\u5831\u916c\u5f80\u5f80\u975e\u5e38\u8c50\u539a\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%95%88%E7%8E%87%E5%B8%82%E5%A0%B4%E4%BB%8B%E7%B4%B9%E7%B5%90%E8%AA%9E\"><\/span>\u6548\u7387\u5e02\u5834\u4ecb\u7d39\u7d50\u8a9e<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5c0d\u65bc\u6548\u7387\u5e02\u5834\u7406\u8ad6\u7684\u4ecb\u7d39\u5c31\u544a\u4e00\u6bb5\u843d\uff0c\u6700\u8fd1\u7684\u80a1\u5e02\u6ce2\u52d5\u76f8\u7576\u5927\uff0c\u9019\u6642\u5019\u6295\u8cc7\u4eba\u5c31\u8981\u4ed4\u7d30\u8a55\u4f30\u8a72\u516c\u53f8\u7a76\u7adf\u662f\u5426\u771f\u6709\u5176\u50f9\u503c\u4ea6\u6216\u662f\u7092\u4f5c\u51fa\u4f86\u7684\u80a1\u50f9\u3002<\/p>\n\n\n\n<p>\u5982\u679c\u8b80\u8005\u60f3\u589e\u9032\u81ea\u5df1\u7684\u80a1\u7968\u77e5\u8b58\u4e5f\u53ef\u4ee5\u770b\u770bHaHow\u597d\u5b78\u6821\u7684\u7406\u8ca1\u8ab2\u7a0b\u300c<a href=/index.html"https:\/\/iorange.biz\/2wpIt\" target=\"_blank\" rel=\"noreferrer noopener sponsored nofollow\">24 \u55ae\u5143\u5165\u9580\u6295\u8cc7\u79d1\u5b78 \u4e00\u6b21\u641e\u61c2\u6295\u8cc7\u5fc5\u5099\u77e5\u8b58<\/a>\u300d\uff0c\u4f86\u5b78\u7fd2\u5982\u4f55\u5206\u6790\u80a1\u50f9\u3001\u8a08\u7b97\u6295\u8cc7\u9810\u671f\u5831\u916c\u7387\u8207\u5927\u6578\u64da\u5206\u6790\u7e3d\u7d93\uff0c\u4ee5\u6b64\u4f86\u589e\u9032\u81ea\u5df1\u7684\u6295\u8cc7\u80fd\u529b\u54e6\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><a href=/index.html"https:\/\/iorange.biz\/2wpIt\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"563\" src=/index.html"https:\/\/\/wp-content\/uploads\/2022\/04\/24-\u55ae\u5143\u5165\u9580\u6295\u8cc7\u79d1\u5b78-\u4e00\u6b21\u641e\u61c2\u6295\u8cc7\u5fc5\u5099\u77e5\u8b58.jpg\" alt=\"24 \u55ae\u5143\u5165\u9580\u6295\u8cc7\u79d1\u5b78 \u4e00\u6b21\u641e\u61c2\u6295\u8cc7\u5fc5\u5099\u77e5\u8b58\" class=\"wp-image-7200\" title=\"24 \u55ae\u5143\u5165\u9580\u6295\u8cc7\u79d1\u5b78 \u4e00\u6b21\u641e\u61c2\u6295\u8cc7\u5fc5\u5099\u77e5\u8b58\" srcset=\"https:\/\/\/wp-content\/uploads\/2022\/04\/24-\u55ae\u5143\u5165\u9580\u6295\u8cc7\u79d1\u5b78-\u4e00\u6b21\u641e\u61c2\u6295\u8cc7\u5fc5\u5099\u77e5\u8b58.jpg 1000w, https:\/\/\/wp-content\/uploads\/2022\/04\/24-\u55ae\u5143\u5165\u9580\u6295\u8cc7\u79d1\u5b78-\u4e00\u6b21\u641e\u61c2\u6295\u8cc7\u5fc5\u5099\u77e5\u8b58-300x169.jpg 300w, https:\/\/\/wp-content\/uploads\/2022\/04\/24-\u55ae\u5143\u5165\u9580\u6295\u8cc7\u79d1\u5b78-\u4e00\u6b21\u641e\u61c2\u6295\u8cc7\u5fc5\u5099\u77e5\u8b58-768x432.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">24 \u55ae\u5143\u5165\u9580\u6295\u8cc7\u79d1\u5b78 \u4e00\u6b21\u641e\u61c2\u6295\u8cc7\u5fc5\u5099\u77e5\u8b58<\/figcaption><\/figure>\n\n\n\n<p>\u95dc\u65bc\u6548\u7387\u5e02\u5834\u7684\u4ecb\u7d39\u5c31\u5230\u9019\u88e1\uff0c\u5982\u679c\u4f60\u89ba\u5f97\u6295\u8cc7\u7375\u624b\u7684\u6587\u7ae0\u5beb\u5f97\u4e0d\u932f\uff0c\u4e5f\u53ef\u4ee5\u524d\u5f80\u6295\u8cc7\u7375\u624b&nbsp;<a href=/index.html"https:\/\/www.facebook.com\/finesttracker\" target=\"_blank\" rel=\"noreferrer noopener\">FB \u7c89\u5c08<\/a>\u6309\u8b9a\u652f\u6301\u6211\u7684\u5275\u4f5c\uff0c\u4e26\u4e14\u628a\u6587\u7ae0\u5206\u4eab\u7d66\u559c\u611b\u6295\u8cc7\u7406\u8ca1\u7684\u89aa\u670b\u597d\u53cb\u54e6\u3002<\/p>\n\n\n\n<div class=\"wp-block-group has-palette-color-6-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<p>\u5ef6\u4f38\u95b1\u8b80\uff1a<\/p>\n\n\n\n<ul>\n<li><a href=/index.html"https:\/\/\/what-are-us-treasury-securities\/\" target=\"_blank\" rel=\"noreferrer 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