{
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24.09%\uff0c\u7b56\u7565\u7684\u8d85\u989d\u6536\u76ca\u9ad8\u8fbe 3055%\uff0c\u8fd9\u610f\u5473\u7740\u6536\u76ca\u5e76\u975e\u9760\u201c\u6b7b\u625b\u201d\u5927\u76d8 Beta \uff0c\u800c\u662f\u5200\u5200\u89c1\u8840\u7684 Alpha \uff08 Alpha \u503c\u9ad8\u8fbe 0.428 \uff09\u3002<br />\u5353\u8d8a\u7684\u76c8\u4e8f\u6027\u4ef7\u6bd4\uff08\u4e0d\u5bf9\u79f0\u4f18\u52bf\uff09<br /><br />\u76c8\u4e8f\u6bd4\uff1a2.35 \uff08\u5e73\u5747\u6bcf\u6b21\u8d5a\u94b1\u7684\u5e45\u5ea6\u662f\u4e8f\u94b1\u7684 2.3 \u500d\uff09<br />\u80dc\u7387\uff1a53.9% (\u76c8\u5229\u6b21\u6570 642 \u6b21\uff0c\u4e8f\u635f 548 \u6b21)<br />\u7b56\u7565\u4e0d\u8fc7\u5ea6\u8ffd\u6c42\u4e0d\u5207\u5b9e\u9645\u7684\u6781\u9650\u80dc\u7387\uff0c\u800c\u662f\u901a\u8fc7\u201c\u622a\u65ad\u4e8f\u635f\uff0c\u8ba9\u5229\u6da6\u5954\u8dd1\u201d\uff0c\u5b9e\u73b0\u4e86\u6781\u9ad8\u7684\u5bb9\u9519\u7387\u3002\u9ad8\u8fbe 1.719 \u7684\u590f\u666e\u6bd4\u7387\u8bc1\u660e\u4e86\u5176\u6781\u9ad8\u7684\u5355\u4f4d\u98ce\u9669\u56de\u62a5\u3002<br />\u2699\ufe0f \u7b56\u7565\u5e95\u5c42\u903b\u8f91\u63ed\u79d8\uff1a\u4e3a\u4ec0\u4e48\u5b83\u80fd\u7a33\u8d5a 10 \u5e74\uff1f<br />\u901a\u8fc7\u6df1\u5ea6\u89e3\u6790\u7b56\u7565\u7684\u5e95\u5c42\u67b6\u6784\uff0c\u6211\u4eec\u603b\u7ed3\u51fa\u5176\u6301\u7eed\u76c8\u5229\u7684\u56db\u5927\u6838\u5fc3\u6b66\u5668\uff1a<br /><br />1. \u7075\u654f\u7684\u201c\u5927\u5c0f\u76d8\u62e9\u65f6\u201d\u4e0e\u201c\u7a7a\u4ed3\u907f\u9669\u201d\u673a\u5236\uff08\u987a\u52bf\u800c\u4e3a\uff09<br />\u7b56\u7565\u5e76\u6ca1\u6709\u6b7b\u5b88\u67d0\u4e00\u79cd\u98ce\u683c\uff0c\u800c\u662f\u901a\u8fc7\u5bf9\u6bd4\u4ee3\u8868\u5927\u76d8\uff08\u6caa\u6df1 300 \uff09\u4e0e\u5c0f\u76d8\uff08 399101 \uff09\u524d 10 \u65e5\u7684\u6da8\u8dcc\u52a8\u80fd\uff08 Momentum \uff09\u8fdb\u884c\u52a8\u6001\u5207\u6362\uff1a<br />\u5c0f\u76d8\u5360\u4f18\u65f6\uff1a\u679c\u65ad\u5207\u5165\u9ad8\u7206\u53d1\u7684\u5c0f\u5e02\u503c\u80a1\u7968\uff1b<br />\u5927\u76d8\u5360\u4f18\u65f6\uff1a\u5207\u6362\u81f3\u767d\u9a6c/\u84dd\u7b79\u9635\u8425\u907f\u9669\uff1b<br />\u6781\u7aef\u6ce5\u6c99\u4ff1\u4e0b\u65f6\uff08\u5927\u5c0f\u76d8\u5747\u4e0b\u8dcc\uff09\uff1a\u7b56\u7565\u76f4\u63a5\u89e6\u53d1\u201c\u6301\u5e01\u89c2\u671b\u201d\u673a\u5236\u3002\u7a7a\u4ed3\u662f\u89c4\u907f\u7cfb\u7edf\u6027\u98ce\u9669\u6700\u5f3a\u5927\u7684\u6b66\u5668\uff0c\u8fd9\u4e5f\u662f\u4e3a\u4ec0\u4e48\u7b56\u7565\u80fd\u5728\u5386\u6b21\u80a1\u707e\u4e2d\u4fdd\u5168\u672c\u91d1\u7684\u6838\u5fc3\u539f\u56e0\u3002<br /><br />2. \u72ec\u521b\u201c\u5e02\u573a\u51b7\u6696\u6e29\u5ea6\u8ba1\u201d\uff0c\u81ea\u9002\u5e94\u9009\u80a1<br />\u5728\u5207\u6362\u5230\u5927\u76d8\u80a1\uff08\u767d\u9a6c\u80a1\uff09\u65f6\uff0c\u7b56\u7565\u5f15\u5165\u4e86\u72ec\u521b\u7684\u5e02\u573a\u6e29\u5ea6\u611f\u77e5\u6a21\u578b\uff08 Market Temperature \uff09\u3002\u901a\u8fc7\u8861\u91cf\u5f53\u524d\u5927\u76d8\u5904\u4e8e\u8fd1\u4e00\u5e74\u6765\u7684\u76f8\u5bf9\u9ad8\u4f4e\u4f4d\uff0c\u5c06\u5e02\u573a\u5b9a\u4e49\u4e3a\u201cCold \uff08\u51b7\uff09\u201d\u3001\u201cWarm \uff08\u6696\uff09\u201d\u548c\u201cHot \uff08\u70ed\uff09\u201d\uff1a<br />\u51b7\u51ac\u5e02\u573a\uff1a\u805a\u7126\u6781\u7aef\u4f4e\u4f30\u503c\uff08 PB&lt;1 \uff09\u3001\u9ad8\u5206\u7ea2\u6f5c\u529b\u7684\u6df1\u5ea6\u4ef7\u503c\u80a1\uff1b<br />\u6e29\u548c\u5e02\u573a\uff1a\u517c\u987e\u4ef7\u503c\u4e0e\u6210\u957f\uff0c\u9009\u53d6\u7ecf\u8425\u73b0\u91d1\u6d41\u4e0e\u5229\u6da6\u5747\u5411\u597d\u7684\u590d\u82cf\u578b\u4f01\u4e1a\uff1b<br />\u8fc7\u70ed\u5e02\u573a\uff1a\u62e5\u62b1\u9ad8\u666f\u6c14\u5ea6\u3001\u9ad8\u6210\u957f\u6027\uff08\u51c0\u5229\u6da6\u5e74\u589e&gt;20%\uff09\u7684\u5f3a\u52bf\u9f99\u5934\u3002 \u8fd9\u79cd\u52a8\u6001\u5207\u6362\u907f\u514d\u4e86\u4f20\u7edf\u4ef7\u503c\u6295\u8d44\u7684\u201c\u4f30\u503c\u9677\u9631\u201d\uff0c\u4e5f\u907f\u5f00\u4e86\u6210\u957f\u6295\u8d44\u7684\u9ad8\u4f4d\u63a5\u76d8\u3002<br /><br />3. \u7b26\u5408\u6700\u65b0\u201c\u56fd\u4e5d\u6761\u201d\u7684\u9ad8\u8d28\u91cf\u5fae\u76d8\u80a1\u7b5b\u9009<br />\u5728\u5c0f\u5e02\u503c\u9009\u80a1\u4e0a\uff0c\u8be5\u7b56\u7565\u63d0\u524d\u8fce\u5408\u4e86\u6700\u82db\u523b\u7684\u76d1\u7ba1\u4e0e\u4ef7\u503c\u8981\u6c42\u3002\u5e76\u4e0d\u662f\u65e0\u8111\u7092\u5783\u573e\u80a1\uff0c\u800c\u662f\uff1a<br />\u4e25\u683c\u8fc7\u6ee4 ST \u3001\u65b0\u80a1\u3001\u505c\u724c\u80a1\uff1b<br />\u786c\u6838\u8d22\u52a1\u5e95\u7ebf\uff1a\u5f52\u6bcd\u51c0\u5229\u6da6\u5fc5\u987b&gt;0 \uff0c\u4e14\u8425\u4e1a\u603b\u6536\u5165 &gt; 1 \u4ebf\uff01\u7cbe\u51c6\u6e05\u9664\u4e86\u6f5c\u5728\u7684\u5fae\u76d8\u201c\u9000\u5e02\u96f7\u201d\u548c\u4fdd\u58f3\u5783\u573e\u80a1\uff1b<br />\u5728\u9ad8\u8d22\u52a1\u5b89\u5168\u57ab\u7684\u57fa\u7840\u4e0a\uff0c\u901a\u8fc7 ROE \uff08\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\uff09\u548c ROA \uff08\u603b\u8d44\u4ea7\u6536\u76ca\u7387\uff09\u53cc\u5251\u5408\u74a7\u9009\u51fa\u771f\u6b63\u7684\u201c\u5c0f\u800c\u7f8e\u201d\u3002<br /><br />4. \u94c1\u8840\u7684\u65e5\u5185\u201c\u53cc\u91cd\u6b62\u635f\u9632\u7ebf\u201d\uff08\u62d2\u7edd\u6b7b\u625b\uff09<br />\u9ad8\u76c8\u4e8f\u6bd4\u7684\u6839\u6e90\u5728\u4e8e\u5176\u94c1\u8840\u7684\u9664\u8349\u673a\u5236\uff1a<br />\u4e2a\u80a1 8% \u786c\u6b62\u635f\uff1a\u76d8\u4e2d 14:30 \u548c 14:50 \u5206\u4e24\u6b21\u68c0\u6d4b\uff0c\u8dcc\u7834\u6210\u672c\u4ef7 8%\uff08\u5e73\u5747\u6210\u672c*0.92 \uff09\u7acb\u523b\u65e0\u6761\u4ef6\u6e05\u4ed3\uff0c\u7edd\u4e0d\u5141\u8bb8\u5355\u53ea\u80a1\u7968\u9020\u6210\u91cd\u521b\u3002<br 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      "title": "6 \u6b65\u9009\u80a1 4 \u4e2a\u5751 5 \u5e74 14 \u500d\uff1a\"\u83dc\u573a\u5927\u5988\"\u7b56\u7565\u62c6\u89e3\u4f18\u5316\u5b9e\u5f55", 
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      "date_published": "2026-06-15T08:06:23+00:00", 
      "content_html": "<h2>\u4e00\u3001\u5f00\u7bc7\uff1a\u6211\uff0c\u88ab\u5927\u5988\u6559\u80b2\u4e86</h2>\n<p>\u6700\u8fd1\u5728\u805a\u5bbd\u793e\u533a\u7ffb\u5230\u4e00\u4e2a\u53eb\"\u83dc\u573a\u5927\u5988\"\u7684\u7b56\u7565\uff0c\u540d\u5b57\u63a5\u5730\u6c14\uff0c\u56de\u6d4b\u6210\u7ee9\u8fd8\u633a\u80fd\u6253\u3002\u4eca\u5929\u6765\u62c6\u89e3\u4e00\u4e0b\u5b83\u7684\u6838\u5fc3\u903b\u8f91\uff0c\u987a\u4fbf\u505a\u70b9\u4f18\u5316\u3002</p>\n<p>\u82b1\u4e86\u4e0d\u5c11\u65f6\u95f4\u7814\u7a76\u91cf\u5316\uff0c\u770b\u6587\u7ae0\u3001\u8c03\u53c2\u6570\u3001\u7814\u7a76\u5404\u79cd\u591a\u56e0\u5b50\u6a21\u578b\uff0c\u6bcf\u5929\u76ef\u7740 Alpha \u4fe1\u53f7\u3001\u56e0\u5b50\u66b4\u9732\u3001\u4fe1\u606f\u6bd4\u7387\u2026\u2026\u7136\u540e\u5462\uff1f</p>\n<p>\u5e74\u5316\u8dd1\u4e0d\u8d62\u6caa\u6df1 300 \u3002</p>\n<p>\u6709\u4e00\u5929\u6211\u5988\u8ddf\u6211\u8bf4\uff0c\u5979\u95fa\u871c\u5728\u83dc\u573a\u6446\u644a\uff0c\u987a\u624b\u4e70\u4e86\u51e0\u53ea\"\u4fbf\u5b9c\u7684\u3001\u4f46\u516c\u53f8\u8fd8\u5728\u8d5a\u94b1\u7684\"\u5c0f\u80a1\u7968\u653e\u7740\uff0c\u51e0\u5e74\u4e0b\u6765\u6536\u76ca\u8fd8\u633a\u597d\u3002</p>\n<p>\u6211\u5f53\u573a\u6c89\u9ed8\u4e86\u4e09\u5206\u949f\u3002</p>\n<hr/>\n<p>\u5927\u5988\u7092\u80a1\u7684\u903b\u8f91\uff0c\u5176\u5b9e\u5c31\u4e09\u6761\uff1a</p>\n<ol>\n<li><strong>\u4fbf\u5b9c</strong>\u2014\u2014\u8d35\u7684\u6211\u4e70\u4e0d\u8d77\uff0c\u4e5f\u4e0d\u653e\u5fc3</li>\n<li><strong>\u6709\u8089</strong>\u2014\u2014\u4e0d\u80fd\u662f\u53ea\u8bb2\u6545\u4e8b\u7684\u7a7a\u58f3\u5b50\uff0c\u5f97\u6709\u771f\u6536\u5165</li>\n<li><strong>\u5c0f</strong>\u2014\u2014\u5927\u516c\u53f8\u725b\u4eba\u591a\uff0c\u54ea\u8f6e\u5230\u6211\u6361\u6f0f</li>\n</ol>\n<p>\u542c\u8d77\u6765\u5f88\u571f\uff1f\u4f46\u8fd9\u4e09\u6761\uff0c\u5176\u5b9e\u5c31\u662f\"\u5c0f\u5e02\u503c\u4f4e\u4ef7\u7b56\u7565\"\u7684\u6838\u5fc3\u903b\u8f91\u3002</p>\n<hr/>\n<h2>\u4e8c\u3001\u5927\u5988\u7684\u9009\u83dc\u79d8\u7c4d</h2>\n<p>\u6574\u4e2a\u7b56\u7565\u7684\u6838\u5fc3\u601d\u8def\uff0c\u53ef\u4ee5\u7528\u4e00\u5957\"\u53bb\u83dc\u573a\u4e70\u83dc\"\u6765\u89e3\u91ca\u3002</p>\n<h3>\u7b2c\u4e00\u6b65\uff1a\u6254\u6389\u70c2\u83dc\u53f6\u5b50\uff08\u57fa\u7840\u8fc7\u6ee4\uff09</h3>\n<p>\u5927\u5988\u7b2c\u4e00\u773c\u770b\u83dc\uff0c\u5148\u6392\u9664<strong>\u70c2\u6389\u7684\u3001\u53d1\u9709\u7684\u3001\u4e00\u770b\u5c31\u6ca1\u6cd5\u5403\u7684</strong>\u3002</p>\n<p>\u80a1\u7968\u91cc\u7684\"\u70c2\u83dc\u53f6\u5b50\"\u5c31\u662f\uff1a</p>\n<ul>\n<li><strong>ST \u80a1\u7968</strong>\uff1a\u540d\u5b57\u524d\u9762\u8d34\u4e86\u9ec4\u8272\u6807\u7b7e\uff0c\u7edd\u5bf9\u4e0d\u78b0\uff0c\u770b\u7740\u4fbf\u5b9c\uff0c\u5168\u662f\u5751</li>\n<li><strong>\u9000\u5e02\u8fb9\u7f18\u80a1</strong>\uff1a\u540d\u5b57\u91cc\u5e26\"\u9000\"\u7684\uff0c\u5927\u5988\u76f4\u63a5\u8f6c\u8eab\u8d70\u4eba</li>\n<li><strong>\u505c\u724c\u80a1</strong>\uff1a\u83dc\u644a\u4eca\u5929\u5173\u95e8\uff0c\u4f60\u638f\u94b1\u4e5f\u4e70\u4e0d\u5230</li>\n</ul>\n<pre><code class=\"language-python\"># \u8fc7\u6ee4 ST \u53ca\u5176\u4ed6\u5177\u6709\u9000\u5e02\u6807\u7b7e\u7684\u80a1\u7968\ndef filter_st_stock(stock_list):\n    current_data = get_current_data()\n    return [stock for stock in stock_list\n            if not current_data[stock].is_st           # \u4e0d\u662f ST\n            and 'ST' not in current_data[stock].name   # \u540d\u5b57\u91cc\u6ca1\u6709 ST\n            and '*' not in current_data[stock].name    # \u6ca1\u6709\u661f\u53f7\uff08*ST \uff09\n            and '\u9000' not in current_data[stock].name]  # \u6ca1\u6709\u9000\u5b57\n</code></pre>\n<p>\u53e6\u5916\uff0c<strong>\u79d1\u521b\u677f\u548c\u5317\u4ea4\u6240</strong>\u4e5f\u4e0d\u53bb\u2014\u2014\u5927\u5988\u4e0d\u53bb\u9ad8\u6863\u7cbe\u54c1\u8d85\u5e02\uff0c\u5979\u5c31\u901b\u8001\u83dc\u5e02\u573a\uff0c\u63a5\u5730\u6c14\uff0c\u770b\u5f97\u61c2\uff0c\u4e70\u5f97\u653e\u5fc3\u3002</p>\n<pre><code class=\"language-python\"># \u8fc7\u6ee4\u79d1\u521b\u5317\u4ea4\u80a1\u7968\ndef filter_kcbj_stock(stock_list):\n    for stock in stock_list[:]:\n        if stock[0] == '4' or stock[0] == '8' or stock[:2] == '68' \\\n           or stock[:3] == '300' or stock[:3] == '301':\n            stock_list.remove(stock)\n    return stock_list\n</code></pre>\n<hr/>\n<h3>\u7b2c\u4e8c\u6b65\uff1a\u68c0\u67e5\u6709\u6ca1\u6709\u8089\uff08\u57fa\u672c\u9762\u9632\u96f7\uff09</h3>\n<p>\u5149\u4fbf\u5b9c\u4e0d\u884c\uff0c\u8fd8\u5f97<strong>\u6709\u771f\u6750\u5b9e\u6599</strong>\u3002</p>\n<p>\u5927\u5988\u6311\u8089\u7684\u6807\u51c6\u5f88\u7b80\u5355\uff1a</p>\n<ul>\n<li><strong>\u51c0\u5229\u6da6\u5fc5\u987b\u5927\u4e8e 0</strong>\u2014\u2014\u4e0d\u8d5a\u94b1\u7684\u516c\u53f8\uff0c\u4e70\u5b83\u5e72\u4ec0\u4e48\uff1f</li>\n<li><strong>\u8425\u4e1a\u6536\u5165\u5927\u4e8e 1 \u4ebf</strong>\u2014\u2014\u8fde 1 \u4e2a\"\u5c0f\u76ee\u6807\"\u90fd\u6ca1\u6709\uff0c\u522b\u6d6a\u8d39\u54b1\u7684\u4e70\u83dc\u94b1</li>\n</ul>\n<pre><code class=\"language-python\">q = query(\n    valuation.code,\n    valuation.market_cap,\n    income.np_parent_company_owners,  # \u5f52\u6bcd\u51c0\u5229\u6da6\n    income.net_profit,                # \u51c0\u5229\u6da6\n    income.operating_revenue          # \u8425\u4e1a\u6536\u5165\n).filter(\n    valuation.code.in_(stocks),\n    valuation.market_cap.between(g.min_mv, g.max_mv),   # \u5e02\u503c\u533a\u95f4\n    income.np_parent_company_owners &gt; 0,                 # \u6709\u771f\u8089\n    income.net_profit &gt; 0,                               # \u51c0\u5229\u6da6\u4e5f\u5f97\u6b63\n    income.operating_revenue &gt; 1e8                       # \u8425\u6536\u8fc7\u4ebf\u624d\u7b97\u6570\n).order_by(valuation.market_cap.asc())                   # \u5e02\u503c\u4ece\u5c0f\u5230\u5927\u6392\n</code></pre>\n<p>\u8fd9\u4e2a\u7b5b\u9009\u76f4\u63a5\u5e72\u6389\u4e86\u7edd\u5927\u591a\u6570\"\u8bb2\u6545\u4e8b\u7684\u4ed9\u80a1\"\u3002</p>\n<hr/>\n<h3>\u7b2c\u4e09\u6b65\uff1a\u5927\u5988\u7684\u6781\u7b80\u5ba1\u7f8e\u2014\u201410 \u5757\u4ee5\u4e0b\u624d\u8003\u8651</h3>\n<p>\u8fd9\u662f\u5927\u5988\u6700\u786c\u6838\u7684\u539f\u5219\uff1a</p>\n<p><strong>\u8d85\u8fc7 10 \u5757\u94b1\u7684\u83dc\uff0c\u592a\u91d1\u8d35\uff0c\u4e0d\u4e70\u3002</strong></p>\n<pre><code class=\"language-python\"># \u8fc7\u6ee4\u80a1\u4ef7\u9ad8\u4e8e 10 \u5143\u7684\u80a1\u7968\ndef filter_highprice_stock(context, stock_list):\n    last_prices = history(1, unit='1m', field='close', security_list=stock_list)\n    return [stock for stock in stock_list\n            if stock in context.portfolio.positions.keys()\n            or last_prices[stock][-1] &lt;10]\n</code></pre>\n<p>\u539f\u7248\u7b56\u7565\u8fc7\u6ee4\u7684\u662f 9 \u5143\u4ee5\u4e0a\uff0c\u6211\u7a0d\u5fae\u653e\u5bbd\u5230 10 \u5143\u2014\u2014\u6bd5\u7adf\u901a\u8d27\u81a8\u80c0\u561b\uff0c\u5927\u5988\u4e5f\u5f97\u8ddf\u4e0a\u65f6\u4ee3\u3002</p>\n<hr/>\n<h3>\u7b2c\u56db\u6b65\uff1a\u4e13\u6311\u8fb9\u89d2\u6599\u2014\u2014\u5e02\u503c\u6700\u5c0f\u7684 4 \u53ea</h3>\n<p>\u7ecf\u8fc7\u524d\u9762\u4e09\u8f6e\u7b5b\u9009\uff0c\u5269\u4e0b\u7684\u5019\u9009\u83dc\u5df2\u7ecf\u90fd\u662f\"\u4fbf\u5b9c\u6709\u8089\u7684\u597d\u8d27\"\u4e86\u3002</p>\n<p>\u63a5\u4e0b\u6765\u600e\u4e48\u9009\uff1f<strong>\u6309\u5e02\u503c\u4ece\u5c0f\u5230\u5927\u6392\uff0c\u6311\u6700\"\u8fb9\u89d2\u6599\"\u7684 4 \u53ea\u3002</strong></p>\n<p>\u6361\u6f0f\u5fc3\u7406\uff1a\u4e13\u6311\u644a\u4f4d\u6700\u8fb9\u89d2\u6ca1\u4eba\u6ce8\u610f\u7684\u90a3\u51e0\u6837\uff0c\u591f\u5c0f\u3001\u591f\u4fbf\u5b9c\u3001\u80dc\u5728\u6ca1\u4eba\u54c4\u62ac\u4ef7\u683c\u3002</p>\n<p>\u76ee\u6807\u5e02\u503c\u533a\u95f4\uff1a<strong>10 \u4ebf\u5230 100 \u4ebf\u4e4b\u95f4</strong>\uff08\u4e0d\u80fd\u592a\u5c0f\uff0c\u592a\u5c0f\u5bb9\u6613\u8dd1\u8def\uff1b\u4e0d\u80fd\u592a\u5927\uff0c\u592a\u5927\u8f6e\u4e0d\u5230\u6563\u6237\u5403\u8089\uff09\u3002</p>\n<pre><code class=\"language-python\">g.stock_num = 4       # \u6700\u591a\u4e70 4 \u53ea\ng.min_mv = 10         # \u6700\u5c0f\u5e02\u503c 10 \u4ebf\ng.max_mv = 1e8        # \u6700\u5927\u5e02\u503c 1000 \u4ebf\uff08\u5199\u6cd5\u662f\u4e07\u4ebf\u5355\u4f4d\uff0c\u5b9e\u4e3a 100 \u4ebf\uff09\n</code></pre>\n<hr/>\n<h3>\u7b2c\u4e94\u6b65\uff1a\u9694\u591c\u998a\u4e86\uff0c\u8d76\u7d27\u5904\u7406\uff08\u5356\u51fa\u903b\u8f91\uff09</h3>\n<p>\u5927\u5988\u6709\u4e00\u6761\u94c1\u5f8b\uff1a<strong>\u9694\u591c\u7684\u83dc\u4e0d\u7559\u3002</strong></p>\n<p>\u8fd9\u91cc\u5bf9\u5e94\u7684\u662f\"\u6628\u65e5\u6da8\u505c\u80a1\"\u7684\u5904\u7406\uff1a</p>\n<blockquote>\n<p>\u8fd9\u53ea\u80a1\u7968\u6628\u5929\u8868\u73b0\u4eae\u773c\uff0c\u6da8\u505c\u4e86\uff01\u5927\u5988\u5f00\u5fc3\uff0c\u5938\u5b83\u65b0\u9c9c\u3002\n\u4eca\u5929\u4e00\u770b\uff0c\u6ca1\u8fde\u677f\uff0c\u4ef7\u683c\u7f29\u56de\u6765\u4e86\u3002\n\u5927\u5988\u7acb\u523b\uff1a**\"\u9694\u591c\u7684\uff0c\u8d76\u7d27\u5904\u7406\uff0c\u6362\u65b0\u9c9c\u7684\u6765\u3002\"**</p>\n</blockquote>\n<pre><code class=\"language-python\">def check_limit_up(context):\n    current_data = get_current_data()\n    if g.high_limit_list:\n        for stock in g.high_limit_list:         # \u6628\u5929\u6da8\u505c\u7684\u7968\n            if current_data[stock].last_price \\\n               &lt;current_data[stock].high_limit:  # \u4eca\u5929\u6ca1\u7ee7\u7eed\u6da8\u505c\n                order_target(stock, 0)            # \u6e05\u4ed3\n                g.just_sold.append(stock)         # \u8bb0\u5f55\u5df2\u5356\uff0c\u4e0d\u4e8c\u6b21\u4e70\u5165\n    # \u5356\u4e86\u4e4b\u540e\uff0c\u5982\u679c\u6301\u4ed3\u4e0d\u591f\uff0c\u518d\u5019\u8865\u4e70\u5165\n    position_count = len(context.portfolio.positions)\n    if g.stock_num &gt; position_count and position_count != 0:\n        my_Trader(context)\n        psize = context.portfolio.available_cash / (g.stock_num - position_count)\n        for s in g.choice:\n            if s not in context.portfolio.positions and s not in g.just_sold:\n                order_value(s, psize)\n                if len(context.portfolio.positions) == g.stock_num:\n                    break\n</code></pre>\n<p>\u6ce8\u610f\u5148\u5356\u540e\u4e70\uff0c\u8fd9\u662f\u4e2a\u7ec6\u8282\u4f18\u5316\u2014\u2014\u539f\u7248\u662f\u5148\u4e70\u540e\u5356\uff0c\u5bfc\u81f4\u5356\u6389\u7684\u7968\u8981\u9694\u5929\u624d\u80fd\u8865\u4ed3\uff0c\u767d\u767d\u7a7a\u4ed3\u4e00\u5929\u3002</p>\n<hr/>\n<h3>\u7b2c\u516d\u6b65\uff1a\u4e00\u5468\u53bb\u4e00\u6b21\u83dc\u573a\uff08\u6362\u4ed3\u8282\u594f\uff09</h3>\n<p>\u5927\u5988\u4e0d\u6bcf\u5929\u53bb\u83dc\u573a\uff0c\u90a3\u592a\u7d2f\u4e86\u3002\u5979<strong>\u6bcf\u5468\u4e00\u65e9\u4e0a\u8fdb\u4e00\u6b21\u57ce\uff0c\u4e70\u591f\u5c31\u56de\u5bb6</strong>\u3002</p>\n<pre><code class=\"language-python\">run_weekly(my_Trader, 1, time='13:50')  # \u6bcf\u5468\u7b2c 1 \u4e2a\u4ea4\u6613\u65e5\uff0c13:50 \u9009\u80a1\nrun_weekly(go_Trader, 1, time='14:00')  # \u6bcf\u5468\u7b2c 1 \u4e2a\u4ea4\u6613\u65e5\uff0c14:00 \u4e0b\u5355\n</code></pre>\n<p>\u6bcf\u5468\u6362\u4e00\u6b21\u4ed3\uff0c\u9891\u7387\u4e0d\u7b97\u9ad8\uff0c\u4e5f\u7701\u624b\u7eed\u8d39\u3002\u5927\u5988\u7684\u6838\u5fc3\u7ade\u4e89\u529b\u4e4b\u4e00\uff0c\u5c31\u662f<strong>\u4e0d\u5929\u5929\u6298\u817e</strong>\u3002</p>\n<hr/>\n<h2>\u4e09\u3001\u7ffb\u8f66\u73b0\u573a\u5b9e\u5f55\u2014\u2014\u4ee3\u7801\u6bd4\u83dc\u8fd8\u96be\u4f3a\u5019</h2>\n<p>\u5199\u7b56\u7565\u7684\u8fc7\u7a0b\uff0c\u8e29\u4e86\u4e0d\u5c11\u5751\uff0c\u6311\u51e0\u4e2a\u6709\u4ee3\u8868\u6027\u7684\u8ddf\u5927\u5bb6\u5206\u4eab\u3002</p>\n<h3>\u5751\u4e00\uff1a\u6ed1\u70b9\u662f\u9690\u5f62\u644a\u4f4d\u8d39</h3>\n<p>\u521a\u5f00\u59cb\u6ca1\u8bbe\u6ed1\u70b9\uff0c\u56de\u6d4b\u6570\u636e\u6f02\u4eae\u5f97\u4e00\u584c\u7cca\u6d82\u3002</p>\n<p>\u7b49\u6211\u52a0\u4e0a <code>FixedSlippage(0.02)</code> \u548c\u771f\u5b9e\u624b\u7eed\u8d39\u4e4b\u540e\uff0c\u6536\u76ca\u7387\u8089\u773c\u53ef\u89c1\u5730\u5f80\u4e0b\u6389\u3002</p>\n<pre><code class=\"language-python\">set_slippage(FixedSlippage(0.02))\nset_order_cost(OrderCost(\n    close_tax=0.001,            # \u5370\u82b1\u7a0e 0.1%\uff08\u5356\u51fa\u624d\u6536\uff09\n    open_commission=0.0001,     # \u4e70\u5165\u4f63\u91d1 0.01%\n    close_commission=0.0005,    # \u5356\u51fa\u4f63\u91d1 0.05%\n    min_commission=0.1          # \u6700\u4f4e 5 \u6bdb\n), type='stock')\n</code></pre>\n<p>\u8fd9\u5c31\u662f\u83dc\u573a\u7684\"\u644a\u4f4d\u8d39\"\uff1a\u4f60\u770b\u7740\u83dc\u5f88\u4fbf\u5b9c\uff0c\u7ed3\u679c\u5404\u79cd\u7a0e\u8d39\u52a0\u8d77\u6765\uff0c\u5229\u6da6\u88ab\u5207\u8d70\u4e00\u5927\u5757\u3002</p>\n<p><strong>\u7ed3\u8bba\uff1a\u7eb8\u9762\u5bcc\u8d35\u4e0d\u7b97\u6570\uff0c\u6263\u5b8c\u6210\u672c\u624d\u662f\u771f\u6536\u76ca\u3002</strong></p>\n<hr/>\n<h3>\u5751\u4e8c\uff1a\u63d0\u524d\u94a6\u5b9a\u51e0\u53ea ETF \uff0c\u66f2\u7ebf\u6f02\u4eae\u5230\u6000\u7591\u4eba\u751f\u2014\u2014\u8fd9\u53eb\u4e0a\u5e1d\u89c6\u89d2\uff0c\u4e0d\u53eb\u91cf\u5316</h3>\n<p>\u8fd9\u4e2a\u5751\u4e0d\u662f\u4ee3\u7801 bug \uff0c\u662f\u4eba\u7684 bug \u3002</p>\n<p>\u63a5\u624b\u8fd9\u4e2a\u7b56\u7565\u7684\u65f6\u5019\uff0c\u5b83\u5df2\u7ecf\u914d\u4e86\u4e00\u6bb5\"\u7ec4\u5408\u914d\u7f6e\"\u7684\u903b\u8f91\u2014\u2014\u5728\u5c0f\u5e02\u503c\u80a1\u7968\u4e4b\u5916\uff0c\u8fd8\u989d\u5916\u6307\u5b9a\u4e86\u51e0\u53ea ETF\uff1a</p>\n<blockquote>\n<p><strong>\u9ec4\u91d1 ETF</strong>\uff08 518880 \uff09\u3001<strong>\u7eb3\u65af\u8fbe\u514b ETF</strong>\uff08 513100 \uff09\u3001<strong>\u82af\u7247 ETF</strong>\uff08 159995 \uff09\u2026\u2026</p>\n</blockquote>\n<p>\u914d\u7f6e\u7406\u7531\u5199\u5f97\u5934\u5934\u662f\u9053\uff1a\u5206\u6563\u5316\u3001\u964d\u56de\u64a4\u3001\u5bf9\u51b2 A \u80a1\u98ce\u9669\u2026\u2026</p>\n<p>\u4e00\u8dd1\u56de\u6d4b\uff1a<strong>2016 \u5e74\u5230 2025 \u5e74\uff0c\u5e74\u5316\u4eae\u778e\u773c\uff0c\u66f2\u7ebf\u597d\u770b\u5f97\u50cf PPT \u914d\u56fe\u3002</strong></p>\n<p>\u6211\u5f53\u65f6\u89c9\u5f97\u81ea\u5df1\u662f\u5929\u624d\u3002</p>\n<p>\u7136\u540e\u4ed4\u7ec6\u4e00\u770b\uff0c\u51b7\u6c57\u4e0b\u6765\u4e86\u2014\u2014</p>\n<p><strong>\u8fd9\u51e0\u53ea ETF \u662f\u8c01\u9009\u7684\uff1f\u6309\u4ec0\u4e48\u9009\u7684\uff1f</strong></p>\n<p>\u9ec4\u91d1\uff0c2024 \u5e74\u5927\u6da8\uff1b\u7eb3\u65af\u8fbe\u514b\uff0c2023 \u5e74\u7ffb\u500d\u53cd\u5f39\uff1b\u82af\u7247\uff0c\u4e5f\u6709\u8fc7\u81ea\u5df1\u7684\u9ad8\u5149\u65f6\u523b\u2026\u2026</p>\n<p>\u8fd9\u4e9b\u90fd\u662f<strong>\u5df2\u7ecf\u53d1\u751f\u7684\u5386\u53f2</strong>\u3002\u7b56\u7565\u91cc\u5199\u6b7b\u4e86\"\u5c31\u4e70\u8fd9\u51e0\u53ea\"\uff0c\u7136\u540e\u7528\u5386\u53f2\u56de\u6d4b\u6765\"\u9a8c\u8bc1\"\u5b83\u4eec\u8868\u73b0\u597d\u2014\u2014</p>\n<p>\u8fd9\u4e0d\u662f\u91cf\u5316\uff0c\u8fd9\u662f<strong>\u5f00\u5377\u8003\u8bd5\u7136\u540e\u8bf4\u81ea\u5df1\u8003\u6ee1\u5206</strong>\u3002</p>\n<hr/>\n<p>\u628a\u8fd9\u51e0\u53ea\u786c\u7f16\u7801\u7684 ETF \u5168\u90e8\u5254\u9664\u4e4b\u540e\uff0c\u6362\u6210\u52a8\u6001\u7b5b\u9009\u7684\u903b\u8f91\u2014\u2014</p>\n<p><strong>\u6536\u76ca\u7387\u556a\u556a\u5f80\u4e0b\u6389\u3002</strong></p>\n<p>\u66f2\u7ebf\u4e00\u4e0b\u5b50\u7626\u4e86\u4e00\u5927\u5708\uff0c\u4ee5\u524d\u90a3\u6bb5\"\u6f02\u4eae\u533a\u95f4\"\u76f4\u63a5\u57ae\u6389\u4e00\u534a\u3002</p>\n<p>\u8fd9\u5c31\u662f<strong>\u8fc7\u62df\u5408</strong>\u7684\u6700\u6734\u7d20\u7248\u672c\uff1a<strong>\u7528\u4e0a\u5e1d\u89c6\u89d2\u6311\u83dc\uff0c\u5f53\u7136\u4e70\u7684\u5168\u662f\u597d\u83dc\u3002\u4f46\u4f60\u5728\u771f\u5b9e\u83dc\u573a\u91cc\u6ca1\u6709\u4e0a\u5e1d\u89c6\u89d2\uff0c\u524d\u4e00\u5929\u732a\u8089\u6da8\u4ef7\u4e86\u4f60\u4e5f\u4e0d\u77e5\u9053\u3002</strong></p>\n<p><strong>\u7ed3\u8bba\uff1a\u56de\u6d4b\u6570\u636e\u8d8a\u6f02\u4eae\uff0c\u8d8a\u8981\u591a\u95ee\u4e00\u53e5\"\u4e3a\u4ec0\u4e48\"\u2014\u2014\u662f\u7b56\u7565\u771f\u7684\u597d\uff0c\u8fd8\u662f\u4f60\u4eb2\u624b\u5582\u4e86\u5b83\u6b63\u786e\u7b54\u6848\uff1f</strong></p>\n<hr/>\n<h3>\u5751\u4e09\uff1a9:30 \u4e0b\u5355\uff0c\u5927\u5988\u4e24\u624b\u7a7a\u7a7a</h3>\n<p>\u8fd9\u4e2a\u5751\u85cf\u5f97\u5f88\u6df1\uff0c\u6216\u8005\u8bf4\u2014\u2014<strong>\u56de\u6d4b\u7cfb\u7edf\u85cf\u5f97\u592a\u597d\u4e86</strong>\u3002</p>\n<p>\u7b56\u7565\u91cc\u6709\u4e00\u6bb5\u903b\u8f91\uff0c\u8981\u5728 <code>9:30</code> \u5f00\u76d8\u7b2c\u4e00\u5206\u949f\u6267\u884c\u4e70\u5356\uff1a</p>\n<pre><code class=\"language-python\">run_daily(check_limit_up, time='9:30')\n</code></pre>\n<p>\u7406\u8bba\u4e0a\u5b8c\u5168\u5408\u7406\u2014\u2014\u8d8a\u65e9\u4e0b\u5355\u8d8a\u597d\uff0c\u62a2\u5148\u624b\u561b\u3002</p>\n<p>\u56de\u6d4b\u8dd1\u4e0b\u6765\uff0c\u6210\u4ea4\u8bb0\u5f55\u91cc\u4e5f\u90fd\u6709\uff0c\u6570\u636e\u6f02\u6f02\u4eae\u4eae\u3002</p>\n<p><strong>\u4f46\u5982\u679c\u4e00\u4e0a SHIPAN \uff0c\u5c31\u5c34\u5c2c\u4e86\u3002</strong></p>\n<p>9:30 \u5f00\u76d8\u7684\u7b2c\u4e00\u5206\u949f\uff0c\u5b9e\u9645\u4e0a\u662f\u96c6\u5408\u7ade\u4ef7\u521a\u521a\u7ed3\u675f\u7684\u77ac\u95f4\u3002\u884c\u60c5\u6570\u636e\u8fd8\u6ca1\u7a33\u5b9a\u4e0b\u53d1\uff0cAPI \u8fd8\u6ca1\u5b8c\u5168\u5c31\u7eea\uff0c\u5927\u91cf\u80a1\u7968\u8fd9\u4e00\u79d2\u949f\u6839\u672c\u62ff\u4e0d\u5230\u6709\u6548\u7684\u5b9e\u65f6\u4ef7\u683c\u2014\u2014</p>\n<p>\u4e8e\u662f\u4e0b\u5355\uff0c\u8981\u4e48\u76f4\u63a5\u62a5\u9519\uff0c\u8981\u4e48\u4ee5 0 \u4ef7\u683c\u6302\u51fa\u53bb\u88ab\u62d2\u5355\uff0c\u603b\u4e4b\uff1a<strong>\u4e24\u624b\u7a7a\u7a7a\uff0c\u4ec0\u4e48\u90fd\u6ca1\u4e70\u5230\u3002</strong></p>\n<blockquote>\n<p>\u56de\u6d4b\u91cc\u7684 9:30 \u662f\"\u6a21\u62df\u7684 9:30\"\uff0c\u6570\u636e\u662f\u73b0\u6210\u7684\uff0c\u4e0b\u5355\u5f53\u7136\u6210\u529f\u3002\n******\u91cc\u7684 9:30 \u662f\"\u771f\u5b9e\u7684 9:30\"\uff0c\u6570\u636e\u8fd8\u5728\u98de\uff0c\u6839\u672c\u63a5\u4e0d\u4f4f\u3002</p>\n</blockquote>\n<hr/>\n<p>\u6539\u6210 <code>9:31</code>\u3001<code>9:35</code> \u4e4b\u540e\uff0c\u4e0b\u5355\u7ec8\u4e8e\u6b63\u5e38\u4e86\u3002</p>\n<p><strong>\u4f46\u6536\u76ca\u5f80\u4e0b\u6389\u4e86\u3002</strong></p>\n<p>\u56e0\u4e3a\u7b56\u7565\u91cc\u6709\u4f9d\u8d56\"\u5f00\u76d8\u4ef7\"\u7684\u4e70\u5356\u5224\u65ad\uff0c\u54ea\u6015\u665a\u4e86 1~5 \u5206\u949f\uff0c\u6210\u4ea4\u4ef7\u5c31\u4e0d\u4e00\u6837\u4e86\uff0c\u6709\u4e9b\u5355\u5b50\u8be5\u4e70\u7684\u6ca1\u4e70\u4e0a\uff0c\u8be5\u5356\u7684\u6ed1\u4e86\u70b9\u3002</p>\n<p>\u770b\u8d77\u6765\u53ea\u5dee\u51e0\u5206\u949f\uff0c\u4ee3\u5165\u6536\u76ca\u4e00\u7b97\uff0c\u5dee\u8ddd\u6bd4\u60f3\u8c61\u4e2d\u5927\u3002</p>\n<p><strong>\u7ed3\u8bba\uff1a\u56de\u6d4b\u7684\u65f6\u95f4\u523b\u5ea6\u662f\u7406\u60f3\u5316\u7684\uff0c</strong>****\u7684\u7b2c\u4e00\u5206\u949f\u662f\u6df7\u6c8c\u7684\u30029:30 \u4e0b\u5355\uff0c\u5728\u8fd9\u4e2a\u7cfb\u7edf\u91cc\u5c31\u662f\u4e00\u4e2a\u5e7b\u89c9\u3002**</p>\n<hr/>\n<h3>\u5751\u56db\uff1a\u5927\u5988\u4e0d\u6b62\u635f\uff0c\u4e00\u5957\u5957\u5230\u8ba4\u547d</h3>\n<p>\u8fd9\u662f\u539f\u7248\u7b56\u7565\u6700\u8ba9\u6211\u4e0d\u5b89\u7684\u4e00\u4e2a\u8bbe\u8ba1\u2014\u2014<strong>\u5b83\u6ca1\u6709\u6b62\u635f\u3002</strong></p>\n<p>\u5927\u5988\u7684\u54f2\u5b66\u662f\uff1a<strong>\u4e70\u6765\u7684\u83dc\uff0c\u5c31\u7b97\u6709\u70b9\u852b\uff0c\u4e5f\u4e0d\u6254\u3002\u6ce1\u6ce1\u6c34\uff0c\u660e\u5929\u8fd8\u80fd\u5403\u3002</strong></p>\n<p>\u7b56\u7565\u91cc\u53ea\u6709\u4e24\u79cd\u5356\u51fa\u60c5\u5f62\uff1a</p>\n<ol>\n<li>\u80a1\u7968\u6389\u51fa\u5019\u9009\u6c60\uff08\u5e02\u503c\u6da8\u592a\u5927\u3001\u8d22\u52a1\u53d8\u5dee\u3001\u53d8 ST \u4e86\uff09</li>\n<li>\u6628\u5929\u6da8\u505c\u4eca\u5929\u6ca1\u8fde\u677f</li>\n</ol>\n<p><strong>\u8dcc\u4e86 10%\uff1f\u4e0d\u7ba1\u3002\u8dcc\u4e86 20%\uff1f\u7ee7\u7eed\u62ff\u7740\u3002\u53ea\u8981\u5b83\u8fd8\u7b26\u5408\u5c0f\u5e02\u503c\u6761\u4ef6\uff0c\u5c31\u4e00\u76f4\u6301\u6709\u3002</strong></p>\n<p>\u6781\u7aef\u884c\u60c5\u4e00\u6765\uff0c\u8fd9\u4e2a\u7b56\u7565\u4f1a\u88ab\u5957\u5f97\u5f88\u96be\u770b\u30022020 \u5e74\u6625\u8282\u540e\u590d\u5e02\u90a3\u5929\uff0c\u6211\u770b\u7740\u65e5\u5fd7\uff1a</p>\n<pre><code>[\u6b62\u635f] 002112 \u4e09\u53d8\u79d1\u6280 \u6210\u672c=6.94 \u73b0\u4ef7=5.83 \u4e8f\u635f=-16.0%\uff0c\u5f3a\u5236\u6e05\u4ed3\n[\u6b62\u635f] 600099 \u6797\u6d77\u80a1\u4efd \u6210\u672c=6.74 \u73b0\u4ef7=5.65 \u4e8f\u635f=-16.2%\uff0c\u5f3a\u5236\u6e05\u4ed3\n[\u6b62\u635f] 600493 \u51e4\u7af9\u7eba\u7ec7 \u6210\u672c=5.67 \u73b0\u4ef7=4.77 \u4e8f\u635f=-15.9%\uff0c\u5f3a\u5236\u6e05\u4ed3\n</code></pre>\n<p>\u7b49\u7b49\uff0c\u8fd9\u662f\u6211<strong>\u52a0\u4e86\u6b62\u635f\u4e4b\u540e</strong>\u7684\u65e5\u5fd7\uff0c\u4e8f\u635f\u8fd8\u662f\u8fbe\u5230\u4e86 15%+\u3002</p>\n<p>\u539f\u56e0\u5f88\u7b80\u5355\uff1a<strong>\u8dcc\u505c\u80a1\u7968\u5356\u4e0d\u6389\u3002</strong></p>\n<p>\u6b62\u635f\u5355\u6302\u51fa\u53bb\uff0c\u5e02\u573a\u5168\u662f\u5356\u76d8\u6ca1\u6709\u4e70\u76d8\uff0c\u5f53\u5929\u6839\u672c\u6210\u4ea4\u4e0d\u4e86\u3002\u7b2c\u4e8c\u5929\u7ee7\u7eed\u8dcc\u505c\uff0c\u7ee7\u7eed\u6302\u5355\uff0c\u7ee7\u7eed\u6210\u4ea4\u4e0d\u4e86\u2014\u2014\n\u8fd9\u5c31\u662f\"\u8df3\u7a7a\"\u7684\u6b8b\u9177\u73b0\u5b9e\uff1a<strong>\u6b62\u635f\u7ebf\u5199\u7684\u662f 8%\uff0c\u771f\u6b63\u6b62\u635f\u7684\u65f6\u5019\u53ef\u80fd\u5df2\u7ecf\u4e8f\u4e86 15%\u3002</strong></p>\n<p>\u6700\u540e\u52a0\u4e86\u4e24\u4e2a\u8865\u4e01\u624d\u52c9\u5f3a\u89e3\u51b3\uff1a</p>\n<ul>\n<li><code>g.stop_loss_set</code> \u8bb0\u5f55\u5df2\u53d1\u6b62\u635f\u5355\u7684\u80a1\u7968\uff0c\u8dcc\u505c\u65f6<strong>\u9759\u9ed8\u91cd\u8bd5</strong>\uff0c\u4e0d\u91cd\u590d\u6253\u65e5\u5fd7</li>\n<li>\u6b62\u635f\u540e\u7684\u80a1\u7968<strong>\u672c\u5468\u4e0d\u518d\u4e70\u56de</strong>\uff0c\u9632\u6b62\u521a\u5272\u8089\u5c31\u88ab\u81ea\u52a8\u8865\u4ed3</li>\n</ul>\n<pre><code class=\"language-python\">g.stop_loss_ratio = 0.08    # \u6b62\u635f\u7ebf 8%\ng.stop_loss_set = set()     # \u5df2\u53d1\u6b62\u635f\u5355\uff0c\u8dcc\u505c\u672a\u6210\u4ea4\u5219\u6b21\u65e5\u91cd\u8bd5\n</code></pre>\n<p><strong>\u7ed3\u8bba\uff1a\u6b62\u635f\u5199\u8fdb\u4ee3\u7801\u53ea\u662f\u7b2c\u4e00\u6b65\uff0c\u8dcc\u505c\u7a7f\u8d8a\u624d\u662f\u771f\u6b63\u7684\u786c\u4f24\u3002\u6781\u7aef\u884c\u60c5\u9762\u524d\uff0c8%\u7684\u6b62\u635f\u7ebf\u53ef\u80fd\u4fdd\u4e0d\u4f4f\u4f60\uff0c\u4f46\u6709\u548c\u6ca1\u6709\uff0c\u5dee\u8ddd\u8fd8\u662f\u5f88\u5927\u3002</strong></p>\n<hr/>\n<h2>\u56db\u3001\u6700\u540e\u8bf4\u4e00\u53e5</h2>\n<p>\u6298\u817e\u4e00\u5708\u4e4b\u540e\uff0c\u6211\u53d1\u73b0\u6211\u6700\u521d\u770b\u4e0d\u4e0a\u7684\u4e1c\u897f\uff0c\u53cd\u800c\u662f\u6700\u96be\u505a\u5230\u7684\u3002</p>\n<p>\u91cf\u5316\u5708\u6709\u4e2a\u901a\u75c5\uff1a\u559c\u6b22\u8ffd\u6c42<strong>\u590d\u6742</strong>\u3002\u56e0\u5b50\u8d8a\u591a\u8d8a\u597d\uff0c\u6a21\u578b\u8d8a\u6df1\u8d8a\u597d\uff0c\u53c2\u6570\u8d8a\u7cbe\u7ec6\u8d8a\u597d\u3002</p>\n<p>\u4f46\u83dc\u573a\u5927\u5988\u7684\u7b56\u7565\u53ea\u6709\u4e09\u4e2a\u7b5b\u9009\u6761\u4ef6\uff0c\u903b\u8f91\u4e09\u53e5\u8bdd\u8bf4\u5b8c\uff0c\u53c2\u6570\u4e94\u4e2a\u4ee5\u5185\uff0c\u4efb\u4f55\u4eba\u770b\u61c2\u4e4b\u540e\u90fd\u80fd\u5728\u8111\u5b50\u91cc\u590d\u73b0\u4e00\u904d\u3002</p>\n<p><strong>\u8fd9\u5c31\u662f\u5b83\u6700\u5b9d\u8d35\u7684\u5730\u65b9\uff1a\u903b\u8f91\u6e05\u6670\u3002</strong></p>\n<p>\u4f60\u77e5\u9053\u5b83\u4e3a\u4ec0\u4e48\u4e70\uff0c\u4f60\u77e5\u9053\u5b83\u4e3a\u4ec0\u4e48\u5356\uff0c\u4f60\u77e5\u9053\u5b83\u4f1a\u5728\u4ec0\u4e48\u60c5\u51b5\u4e0b\u4e8f\u94b1\uff0c\u4f60\u4e0d\u4f1a\u56e0\u4e3a\"\u8fd9\u4e2a\u4fe1\u53f7\u6211\u4e5f\u8bf4\u4e0d\u6e05\u695a\u4e3a\u4ec0\u4e48\"\u800c\u5728\u6781\u7aef\u884c\u60c5\u88c2\u5f00\u3002</p>\n<hr/>\n<p>\u8bf4\u5230\u7a33\u5b9a\u6027\uff0c\u6211\u7684\u5b9e\u9645\u4f53\u611f\u662f\u8fd9\u6837\u7684\uff1a</p>\n<ul>\n<li>\u5b83<strong>\u4e0d\u4f1a\u8ba9\u4f60\u4e00\u591c\u66b4\u5bcc</strong>\u2014\u20144 \u53ea\u5c0f\u5e02\u503c\u80a1\u7968\uff0c\u8d76\u4e0a\u884c\u60c5\u597d\u4e5f\u5c31\u662f\u7a33\u7a33\u5730\u8ddf\u4e0a\u6307\u6570</li>\n<li>\u5b83<strong>\u4e5f\u4e0d\u5bb9\u6613\u628a\u4f60\u6253\u8db4\u4e0b</strong>\u2014\u2014\u6bcf\u5468\u6362\u4ed3\u3001\u5e02\u503c\u8fc7\u6ee4\u3001\u52a0\u4e86\u6b62\u635f\uff0c\u5927\u7684\u5355\u8fb9\u4e8f\u635f\u4f1a\u88ab\u5f3a\u5236\u622a\u65ad</li>\n<li>\u56de\u64a4\u63a7\u5236\u4e0d\u5b8c\u7f8e\uff0c\u6781\u7aef\u884c\u60c5\uff08\u6bd4\u5982 2020 \u5e74\u6625\u8282\u590d\u5e02\uff09\u7167\u6837\u88ab\u6253\uff0c\u4f46<strong>\u4e0d\u4f1a\u6301\u7eed\u5931\u8840</strong></li>\n</ul>\n<p>\u8fd9\u79cd\u611f\u89c9\u5c31\u50cf\u4e70\u7684\u4e0d\u662f\u6700\u8d35\u7684\u5168\u719f\u725b\u6392\uff0c\u800c\u662f\u4e00\u7897\u597d\u71ac\u7684\u8001\u706b\u9753\u6c64\u2014\u2014<strong>\u6162\uff0c\u4f46\u771f\u5b9e\uff0c\u559d\u5b8c\u4e0d\u53cd\u80c3\u3002</strong></p>\n<hr/>\n<p>\u5f53\u7136\u5b83\u6709\u5f88\u591a\u95ee\u9898\u6ca1\u89e3\u51b3\uff0c\u8fd8\u9700\u8981\u7ee7\u7eed\u52aa\u529b\uff1a</p>\n<ul>\n<li>\u6ca1\u6709\u8d8b\u52bf\u5224\u65ad\uff0c\u718a\u5e02\u91cc\u4e5f\u4e00\u6837\u4e70\u4e70\u4e70</li>\n<li>\u6b62\u635f\u662f\u786c\u6b62\u635f\uff0c\u78b0\u5230\u8dcc\u505c\u6392\u961f\u5356\u4e0d\u6389\u7684\u60c5\u51b5\u8fd8\u662f\u4f1a\u7a7f\u8d8a</li>\n<li>\u6362\u4ed3\u9891\u7387\u56fa\u5b9a\uff0c\u9047\u5230\u6d88\u606f\u9762\u5267\u53d8\u53cd\u5e94\u6162</li>\n</ul>\n<hr/>\n<p><strong>\u56de\u6d4b\u8fd9\u4e48\u6f02\u4eae\u7684\u7b56\u7565\uff0c\u62ff\u5230\u5168\u5e02\u573a\u91cc\u5230\u5e95\u80fd\u6392\u7b2c\u51e0\uff1f</strong></p>\n<p>\u6211\u628a\u8fd9\u4e2a\u5927\u5988\u7b56\u7565\u4e22\u8fdb\u4e86\u4e00\u4e2a\u53eb <strong><a href=\"https://www.9db.com/?t=10jqka_mm\" rel=\"nofollow\">9db \u667a\u80fd\u4f53\u4ea4\u6613\u7ade\u6280\u573a</a></strong> \u7684\u5730\u65b9\uff0c\u90a3\u91cc\u53ef\u4ee5\u4e0a\u4f20\u4ea4\u5272\u5355\uff0c\u8ddf\u522b\u4eba\u7684\u7b56\u7565\u4e00\u8d77\u6309\u5b9e\u65f6\u6536\u76ca PK \u6392\u540d\uff0c\u8dd1\u4e86\u624d\u53d1\u73b0\uff0c\u5927\u4f6c\u4eec\u7684\u6709\u591a\u7a33</p>\n<hr/>\n<p><em>\u5982\u679c\u8fd9\u4e2a\u7b56\u7565\u5bf9\u4f60\u6709\u5e2e\u52a9\uff0c\u70b9\u4e2a\u8d5e\u5c31\u884c\u3002\u5982\u679c\u4f60\u53d1\u73b0\u4e86\u4ec0\u4e48 Bug \u6216\u8005\u6709\u66f4\u597d\u7684\u6539\u6cd5\uff0c\u6b22\u8fce\u8bc4\u8bba\u533a\u6307\u6559\u2014\u2014\u6bd5\u7adf\uff0c\u5927\u5988\u9009\u83dc\u4e5f\u9700\u8981\u8001\u8857\u574a\u4e92\u76f8\u63d0\u9192\u3002</em></p>\n"
    }, 
    {
      "author": {
        "url": "https://www.v2ex.com/member/Brightt", 
        "name": "Brightt", 
        "avatar": "https://cdn.v2ex.com/gravatar/a0148972723b2742b36b0705d6082534?s=73&d=retro"
      }, 
      "url": "https://www.v2ex.com/t/1220460", 
      "date_modified": "2026-06-15T02:31:08+00:00", 
      "content_html": "\u770b\u6765\u5e02\u573a\u5bf9 GLM 5.2 \u76f8\u5f53\u8ba4\u53ef\u554a", 
      "date_published": "2026-06-15T02:29:31+00:00", 
      "title": "GLM \u667a\u8c31\u80a1\u7968\u4eca\u5929\u5927\u6da8 40%", 
      "id": "https://www.v2ex.com/t/1220460"
    }, 
    {
      "author": {
        "url": "https://www.v2ex.com/member/hxj20061987", 
        "name": "hxj20061987", 
        "avatar": "https://cdn.v2ex.com/gravatar/2495f24bbb8569086ec4d25b0f1d44ba?s=73&d=retro"
      }, 
      "url": "https://www.v2ex.com/t/1219643", 
      "title": "\u56e0\u5b50\u6316\u6398\u7684\u4e00\u4e9b\u601d\u8003\uff1a\u4ece\u6a21\u7cca\u7684\u611f\u77e5\u5230\u53ef\u4ea4\u6613\u4fe1\u53f7\u7684\u91cf\u5316", 
      "id": "https://www.v2ex.com/t/1219643", 
      "date_published": "2026-06-11T06:49:24+00:00", 
      "content_html": "<p><img alt=\"Img\" class=\"embedded_image\" loading=\"lazy\" referrerpolicy=\"no-referrer\" rel=\"noreferrer\" src=\"https://image.joinquant.com/66b80e941751945429ba0a1a5c345911\"/> </p>\n<h2>1. \u6838\u5fc3\u5fc3\u6cd5\uff1a\u4e3a\u4f55\u6211\u4eec\u9700\u8981\u201c\u91cf\u5316\u201d\u60c5\u7eea\uff1f</h2>\n<p>\u5728\u91d1\u878d\u4ea4\u6613\u7684\u89c6\u89d2\u4e0b\uff0c\u4ef7\u683c\u6ce2\u52a8\u672c\u8d28\u4e0a\u662f<strong>\u57fa\u672c\u9762\u53d8\u52a8\u4e0e\u6295\u8d44\u8005\u5fc3\u7406\u535a\u5f08\u7684\u53e0\u52a0</strong>\u3002\u6b63\u5982\u6295\u8d44\u5927\u5e08\u5df4\u83f2\u7279\u6240\u8a00\uff1a</p>\n<blockquote>\n<p>\u201c\u5728\u522b\u4eba\u8d2a\u5a6a\u65f6\u6050\u60e7\uff0c\u5728\u522b\u4eba\u6050\u60e7\u65f6\u8d2a\u5a6a\u3002\u201d</p>\n</blockquote>\n<p>\u8fd9\u53e5\u8bdd\u542c\u8d77\u6765\u7b80\u5355\uff0c\u4f46\u5728\u5b9e\u6218\u4e2d\uff0c\u5927\u591a\u6570\u521d\u5b66\u8005\u4f1a\u9677\u5165<strong>\u201c\u5355\u4e00\u6307\u6807\u5931\u6548\u201d</strong>\u3001<strong>\u201c\u8fc7\u5ea6\u62df\u5408\u5386\u53f2\u201d</strong>\u4ee5\u53ca<strong>\u201c\u56de\u6d4b\u4e0e</strong>****\u504f\u5dee\u8fc7\u5927\u201d<strong>\u7684\u4e09\u91cd\u56f0\u5883\u3002\u539f\u56e0\u5728\u4e8e\u4ed6\u4eec\u4f9d\u8d56\u7684\u662f\u201c\u6a21\u7cca\u7684\u611f\u89c9\u201d\uff0c\u800c\u975e</strong>\u201c\u7ed3\u6784\u5316\u7684\u4fe1\u53f7\u201d**\u3002</p>\n<p>\u4f5c\u4e3a\u91cf\u5316\u91ce\u751f\u5bbd\u5ba2\uff0c\u6211\u4eec\u7684\u4efb\u52a1\u662f<strong>\u6784\u5efa\u4e25\u8c28\u7684\u6570\u636e\u9a71\u52a8\u4f53\u7cfb\uff0c\u5c06\u60c5\u7eea\u6307\u6807\u5316</strong>\u3002\u6211\u4eec\u8981\u59cb\u7ec8\u9075\u5faa\u4e00\u4e2a\u6838\u5fc3\u903b\u8f91\uff1a<strong>\u201c\u94b1\u5f80\u54ea\u91cc\u8d70\uff0c\u673a\u4f1a\u5c31\u5728\u54ea\u91cc\u201d</strong>\u3002\u901a\u8fc7\u8ffd\u8e2a\u771f\u5b9e\u7684\u6210\u4ea4\u6570\u636e\uff0c\u6211\u4eec\u53ef\u4ee5\u7a7f\u900f\u5e02\u573a\u7684\u8ff7\u96fe\uff0c\u8bc6\u522b\u51fa\u6700\u5177\u786e\u5b9a\u6027\u7684\u673a\u4f1a\u3002</p>\n<hr/>\n<p><img alt=\"Img\" class=\"embedded_image\" loading=\"lazy\" referrerpolicy=\"no-referrer\" rel=\"noreferrer\" src=\"https://image.joinquant.com/8b020d784ef37c93bc2365332edd9c0e\"/> </p>\n<h2>2. \u8d44\u91d1\u6d41\uff1a\u8ffd\u8e2a\u771f\u91d1\u767d\u94f6\u7684\u201c\u7ed3\u679c\u201d</h2>\n<p><strong>\u8d44\u91d1\u6d41</strong>\u662f\u5e02\u573a\u535a\u5f08\u7684\u6700\u76f4\u63a5\u7ed3\u679c\u3002\u5b83<strong>\u4e0d\u662f\u9884\u6d4b</strong>\uff0c\u800c\u662f\u5df2\u7ecf\u53d1\u751f\u7684\u3001\u65e0\u6cd5\u64a4\u56de\u7684<strong>\u65e2\u5b9a\u4e8b\u5b9e</strong>\u3002</p>\n<h3>2.1 \u8d44\u91d1\u5206\u7c7b\u4e0e\u60c5\u7eea\u5c5e\u6027</h3>\n<p>\u901a\u8fc7\u5bf9\u8d44\u91d1\u6027\u8d28\u7684\u62c6\u89e3\uff0c\u6211\u4eec\u53ef\u4ee5\u8bc6\u522b\u4e0d\u540c\u7fa4\u4f53\u7684\u5fc3\u7406\u9884\u671f\uff1a\n<img alt=\"Img\" class=\"embedded_image\" loading=\"lazy\" referrerpolicy=\"no-referrer\" rel=\"noreferrer\" src=\"https://image.joinquant.com/8884d5af2d2a8a50b218d85251c528c8\"/> </p>\n<table>\n<thead>\n<tr>\n<th>\u8d44\u91d1\u7c7b\u578b</th>\n<th>\u4ee3\u8868\u7fa4\u4f53</th>\n<th>\u60c5\u7eea\u5c5e\u6027</th>\n<th>\u6838\u5fc3\u89c2\u5bdf\u903b\u8f91</th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td><strong>\u5317\u5411\u8d44\u91d1</strong></td>\n<td>\u5916\u8d44\uff08\u806a\u660e\u94b1\uff09</td>\n<td>\u4e2d\u957f\u671f\u914d\u7f6e\u4fe1\u5fc3</td>\n<td>\u8861\u91cf\u5168\u7403\u8d44\u4ea7\u5bf9\u672c\u571f\u5e02\u573a\u7684\u6ea2\u4ef7\u504f\u597d</td>\n</tr>\n<tr>\n<td><strong>\u4e3b\u529b\u8d44\u91d1</strong></td>\n<td>\u673a\u6784\u4e0e\u5927\u6237\u6e38\u8d44</td>\n<td>\u77ed\u4e2d\u671f\u65b9\u5411\u5b9a\u76d8\u661f</td>\n<td>\u6355\u6349\u4e3b\u6d41\u884c\u4e1a\u53ca\u9898\u6750\u7684\u7206\u53d1\u529b</td>\n</tr>\n<tr>\n<td><strong>\u878d\u8d44\u8d44\u91d1</strong></td>\n<td>\u6760\u6746\u6295\u8d44\u8005</td>\n<td>\u60c5\u7eea\u653e\u5927\u5668</td>\n<td><strong>\u6fc0\u589e</strong>\u4ee3\u8868\u8d2a\u5a6a\u81f3\u6781\uff0c<strong>\u9aa4\u964d</strong>\u4ee3\u8868\u6050\u614c\u8e29\u8e0f</td>\n</tr>\n</tbody></table><h3>2.2 2026 \u5e74\u4e00\u5b63\u5ea6\u73b0\u72b6\u5206\u6790\uff1a\u806a\u660e\u94b1\u7684\u201c\u5206\u6b67\u201d</h3>\n<p><img alt=\"Img\" class=\"embedded_image\" loading=\"lazy\" referrerpolicy=\"no-referrer\" rel=\"noreferrer\" src=\"https://image.joinquant.com/5e94d64981b5689baed1183d62199d71\"/>\n\u91cf\u5316\u7814\u7a76\u5fc5\u987b<strong>\u5c0a\u91cd\u6700\u65b0\u6570\u636e\u7684\u53cd\u9988</strong>\u3002\u6839\u636e 2026 \u5e74 Q1 \u6570\u636e\uff0c\u5317\u5411\u8d44\u91d1\u6574\u4f53\u5c0f\u5e45\u6d41\u51fa 142 \u4ebf\u5143\uff0c\u4f46\u5185\u90e8\u7ed3\u6784\u5448\u73b0\u51fa\u6781\u5927\u7684\u903b\u8f91\u5dee\u5f02\uff1a</p>\n<ul>\n<li><strong>\u914d\u7f6e\u578b\u8d44\u91d1\uff08 Long-term stable \uff09</strong>\uff1a\u6301\u7eed\u6d41\u5165\u7ea6 <strong>10 \u4ebf\u5143</strong>\u3002</li>\n<li><strong>\u4ea4\u6613\u578b\u8d44\u91d1\uff08 Short-term flexible \uff09</strong>\uff1a\u5927\u5e45\u6d41\u51fa\u7ea6 <strong>223 \u4ebf\u5143</strong>\u3002</li>\n</ul>\n<blockquote>\n<p><strong>? \u89c2\u70b9</strong>\uff1a\u8fd9\u79cd\u201c\u957f\u5165\u77ed\u51fa\u201d\u7684\u80cc\u79bb\u610f\u5473\u7740<strong>\u957f\u7ebf\u673a\u6784\u5e76\u672a\u771f\u6b63\u770b\u7a7a</strong>\u3002\u5728\u884c\u4e1a\u5206\u5e03\u4e0a\uff0c<strong>\u901a\u4fe1\uff08+225 \u4ebf\uff09</strong>\u548c<strong>\u7535\u529b\u8bbe\u5907\uff08+191 \u4ebf\uff09</strong>\u7684\u5f3a\u529b\u5438\u91d1\uff0c\u9a8c\u8bc1\u4e86\u5e02\u573a\u5bf9<strong>AI \u7b97\u529b\u7206\u53d1</strong>\u4e0e<strong>\u65b0\u80fd\u6e90\u666f\u6c14\u590d\u82cf</strong>\u4e24\u6761\u903b\u8f91\u4e3b\u7ebf\u7684\u9ad8\u5ea6\u5171\u8bc6\u3002</p>\n</blockquote>\n<h3>2.3 \u56e0\u5b50\u6784\u5efa\uff1a\u4ece\u539f\u59cb\u503c\u5230\u7edf\u8ba1\u663e\u8457</h3>\n<p>\u521d\u5b66\u8005\u5e38\u76f4\u63a5\u4f7f\u7528\u4e70\u5165\u91d1\u989d\uff0c\u4f46\u6210\u719f\u7684\u56e0\u5b50\u9700\u8981\u8fdb\u884c<strong>\u6807\u51c6\u5316\u5904\u7406</strong>\u3002\u4ee5\u878d\u8d44\u60c5\u7eea\u56e0\u5b50\u4e3a\u4f8b\uff0c\u5176\u6784\u5efa\u903b\u8f91\u5e94\u4e3a\uff1a\n<img alt=\"Img\" class=\"embedded_image\" loading=\"lazy\" referrerpolicy=\"no-referrer\" rel=\"noreferrer\" src=\"https://image.joinquant.com/c17beb06acd413bca8512e94089d49ab\"/> </p>\n<h3>2.4 \u6784\u5efa\u590d\u5408\u60c5\u7eea\u56e0\u5b50\u7684\u4e09\u4e2a\u6b65\u9aa4</h3>\n<ol>\n<li><strong>\u591a\u6e90\u6570\u636e\u5bf9\u9f50</strong>\uff1a\u540c\u6b65\u83b7\u53d6\u878d\u8d44\u3001\u5317\u5411\u3001\u4e3b\u529b\u4e09\u7c7b\u8d44\u91d1\u6d41\u6570\u636e\u3002</li>\n<li><strong>PCA \u6743\u91cd\u4f18\u5316</strong>\uff1a\u5229\u7528<strong>\u4e3b\u6210\u5206\u5206\u6790\uff08 PCA \uff09</strong>\u8fdb\u884c\u964d\u7ef4\u3002quant \u4e13\u5bb6\u4f7f\u7528 PCA \u800c\u975e\u7b80\u5355\u52a0\u6743\uff0c\u662f\u4e3a\u4e86\u5728<strong>\u4fdd\u7559\u6700\u5927\u4fe1\u53f7\u5f3a\u5ea6</strong>\u7684\u540c\u65f6\uff0c\u5254\u9664\u4e0d\u540c\u8d44\u91d1\u6d41\u6570\u636e\u95f4\u7684\u5197\u4f59\u566a\u97f3\u3002</li>\n<li><strong>\u52a8\u6001\u4ed3\u4f4d\u89e6\u53d1</strong>\uff1a\u8bbe\u5b9a\u9608\u503c\uff0c\u5f53\u590d\u5408\u5f97\u5206\u4ea7\u751f\u5171\u632f\u65f6\u6267\u884c\u4ea4\u6613\u3002</li>\n</ol>\n<blockquote>\n<p><strong>? \u8fc7\u6e21\u8854\u63a5</strong>\uff1a\u8d44\u91d1\u6d41\u544a\u8bc9\u6211\u4eec\u201c\u94b1\u53bb\u4e86\u54ea\u91cc\u201d\uff0c\u4f46\u8981\u770b\u6e05\u662f<strong>\u8c01</strong>\u5728\u4e3b\u5bfc\u8fd9\u4e9b\u8d44\u91d1\uff0c\u6211\u4eec\u9700\u8981\u6df1\u5165<strong>\u201c\u9f99\u864e\u699c\u201d</strong>\u8fdb\u884c\u8eab\u4efd\u8bc6\u522b\u3002</p>\n</blockquote>\n<hr/>\n<p><img alt=\"Img\" class=\"embedded_image\" loading=\"lazy\" referrerpolicy=\"no-referrer\" rel=\"noreferrer\" src=\"https://image.joinquant.com/2bd005161c362a6f2fe60d1cb76f3843\"/> </p>\n<h2>3. \u9f99\u864e\u699c\uff1a\u8bc6\u522b\u5e02\u573a\u4e3b\u89d2\u7684\u201c\u8eab\u4efd\u201d</h2>\n<p><strong>\u9f99\u864e\u699c</strong>\u662f\u4ea4\u6613\u6240\u62ab\u9732\u7684\u201c\u5e95\u724c\u201d\uff0c\u5b83\u63ed\u793a\u4e86\u662f\u8c01\u5728\u63a8\u52a8\u4ef7\u683c\u6781\u503c\u3002\n<img alt=\"Img\" class=\"embedded_image\" loading=\"lazy\" referrerpolicy=\"no-referrer\" rel=\"noreferrer\" src=\"https://image.joinquant.com/994795d2801db22acfc08d400b749a68\"/> </p>\n<h3>3.1 \u9f99\u864e\u699c\u6570\u636e\u7684\u4e09\u4e2a\u5c42\u6b21</h3>\n<ul>\n<li><strong>\u5e2d\u4f4d\u5c5e\u6027</strong>\uff1a\u533a\u5206\u201c\u673a\u6784\u4e13\u7528\u201d\uff08\u57fa\u672c\u9762\u6d3e\uff09\u3001\u201c\u77e5\u540d\u6e38\u8d44\u201d\uff08\u60c5\u7eea\u6d3e\uff09\u4e0e\u201c\u9646\u80a1\u901a\u201d\uff08\u914d\u7f6e\u6d3e\uff09\u3002</li>\n<li><strong>\u4e70\u5356\u5bf9\u6bd4</strong>\uff1a\u5206\u6790\u4e70\u4e94/\u5356\u4e94\u7684\u96c6\u4e2d\u5ea6\uff0c\u5224\u65ad\u662f<strong>\u201c\u5408\u529b\u8fdb\u653b\u201d</strong>\u8fd8\u662f<strong>\u201c\u6563\u4e71\u535a\u5f08\u201d</strong>\u3002</li>\n<li><strong>\u5e2d\u4f4d\u7ec4\u5408</strong>\uff1a\u8bc6\u522b\u7279\u5b9a\u6e38\u8d44\u5e2d\u4f4d\u7684\u8054\u52a8\u5173\u7cfb\uff08\u5982\u201c\u56e2\u4f19\u4f5c\u6218\u201d\uff09\u3002</li>\n</ul>\n<h3>3.2 \u5b9e\u6218\u6848\u4f8b\uff1a\u6e38\u8d44\u56f4\u730e\u4e0e\u5171\u632f</h3>\n<ul>\n<li><strong>\u6848\u4f8b\u4e00\uff1a\u91d1\u98ce\u79d1\u6280\uff08 2025/12-2026/01 \uff09</strong>\n\u80a1\u4ef7\u5728 10 \u4e2a\u4ea4\u6613\u65e5\u5185\u66b4\u6da8 83.25%\u3002\u9f99\u864e\u699c\u663e\u793a\u5f90\u6653\uff08 4.16 \u4ebf\uff09\u3001\u4f5c\u624b\u65b0\u4e00\uff08 3.22 \u4ebf\uff09\u3001\u6d88\u95f2\u6d3e\uff08 2.63 \u4ebf\uff09\u7b49\u9876\u5c16\u6e38\u8d44\u5e2d\u4f4d\u5408\u529b\u4e70\u5165\u8fbe 13.46 \u4ebf\u5143\u3002\u6b64\u65f6\u673a\u6784\u5374\u5728\u51cf\u6301\uff0c\u5448\u73b0\u5178\u578b\u7684<strong>\u201c\u6e38\u8d44\u70ed\u3001\u673a\u6784\u51b7\u201d</strong>\u683c\u5c40\uff0c\u5c5e\u4e8e<strong>\u7eaf\u7cb9\u7684\u60c5\u7eea\u6ea2\u4ef7</strong>\u3002</li>\n<li><strong>\u6848\u4f8b\u4e8c\uff1a\u5927\u666e\u5fae\uff08 4 \u6708 16 \u65e5\u4e0a\u5e02\u9996\u65e5\uff09</strong>\n\u9996\u65e5\u66b4\u6da8 430.71%\u30025 \u5bb6\u673a\u6784\u5e2d\u4f4d\u51c0\u4e70\u5165 4.02 \u4ebf\u5143\uff0c\u9876\u7ea7\u6e38\u8d44\u201c\u6daa\u9675\u5e7f\u573a\u8def\u201d\u51c0\u4e70\u5165 3.55 \u4ebf\u5143\u3002\u8fd9\u79cd<strong>\u201c\u673a\u6784\u4e0e\u6e38\u8d44\u5171\u821e\u201d</strong>\u662f\u5e02\u573a\u6700\u5f3a\u70c8\u7684<strong>\u5171\u632f\u770b\u591a\u4fe1\u53f7</strong>\u3002</li>\n</ul>\n<h3>3.3 \u56e0\u5b50\u5316\u8fdb\u9636\u903b\u8f91</h3>\n<ul>\n<li><strong>\u673a\u6784\u201cV \u5b57\u578b\u201d\u89c4\u5f8b</strong>\uff1a\u7814\u7a76\u53d1\u73b0\uff0c\u673a\u6784\u9f99\u864e\u699c\u5728<strong>\u6781\u7aef\u51c0\u4e70\u5165</strong>\uff08\u5f3a\u4fe1\u5fc3\uff09\u548c<strong>\u6781\u7aef\u51c0\u5356\u51fa</strong>\uff08\u5f7b\u5e95\u6d17\u76d8\u6216\u5267\u70c8\u8c03\u4ed3\uff09\u4e24\u7aef\uff0c\u5f80\u5f80\u90fd\u9884\u793a\u7740\u540e\u7eed\u7684\u8d85\u989d\u6536\u76ca\uff0c\u800c\u4e2d\u95f4\u5e73\u5eb8\u7684\u6570\u636e\u5219\u7f3a\u4e4f\u9884\u6d4b\u529b\u3002</li>\n<li>\n<strong>\u4e3b\u529b\u6210\u4ea4-\u4ef7\u683c\u76f8\u5173\u6027\u56e0\u5b50</strong>\uff1a<ul>\n<li><strong>\u9ad8\u76f8\u5173\u6027 + \u9ad8\u4ef7\u4f4d</strong>\uff1a\u53ef\u80fd\u6697\u793a\u4e3b\u529b\u6b63\u5728\u9ad8\u4f4d\u51cf\u6301\uff08\u51fa\u8d27\uff09\u3002</li>\n<li><strong>\u4f4e\u76f8\u5173\u6027 + \u4f4e\u4ef7\u4f4d</strong>\uff1a\u53ef\u80fd\u6697\u793a\u4e3b\u529b\u5728\u4f4e\u4f4d\u8fdb\u884c\u201c\u6c89\u9ed8\u5f0f\u201d\u5438\u7b79\u3002</li>\n</ul>\n</li>\n</ul>\n<blockquote>\n<p><strong>? \u8fc7\u6e21\u8854\u63a5</strong>\uff1a\u7406\u89e3\u4e86\u201c\u8c01\u5728\u4e70\u201d\uff0c\u4e0b\u4e00\u6b65\u9700\u8981\u5256\u6790\u4ed6\u4eec<strong>\u201c\u4e3a\u4ec0\u4e48\u4e70\u201d</strong>\uff0c\u8fd9\u9700\u8981\u501f\u52a9 <strong>NLP</strong> \u5bf9\u65b0\u95fb\u6587\u672c\u7684\u89e3\u6790\u3002</p>\n</blockquote>\n<hr/>\n<p><img alt=\"Img\" class=\"embedded_image\" loading=\"lazy\" referrerpolicy=\"no-referrer\" rel=\"noreferrer\" src=\"https://image.joinquant.com/fcb5ef86edc1f39e132776168d79a94b\"/> </p>\n<h2>4. \u65b0\u95fb\u60c5\u7eea\uff1a\u89e3\u6790\u5e02\u573a\u6ce2\u52a8\u7684\u201c\u56e0\u679c\u201d</h2>\n<p>\u975e\u7ed3\u6784\u5316\u6587\u672c\u4e2d\u9690\u85cf\u7740\u8d44\u91d1\u6d41\u52a8\u7684\u8bf1\u56e0\u3002\u901a\u8fc7 AI \u6280\u672f\uff0c\u6211\u4eec\u53ef\u4ee5\u5c06\u6587\u5b57\u8f6c\u5316\u4e3a\u5177\u5907\u591a\u7a7a\u6307\u5411\u7684\u6982\u7387\u5206\u6570\u3002</p>\n<h3>4.1 \u6280\u672f\u8def\u5f84\uff1a\u4ece\u6587\u672c\u5230 Alpha</h3>\n<ol>\n<li><strong>\u6570\u636e\u91c7\u96c6</strong>\uff1a\u6293\u53d6\u80a1\u5427\u8bc4\u8bba\u3001\u516c\u544a\u3001\u65b0\u95fb\u6807\u9898\u3002</li>\n<li><strong>\u60c5\u611f\u6781\u6027\u5224\u65ad</strong>\uff1a\u5229\u7528 <strong>ModernBERT</strong> \u7b49\u6a21\u578b\u8bc4\u4f30\u65b0\u95fb\u7684\u6b63\u9762/\u8d1f\u9762\u6982\u7387\u3002</li>\n<li><strong>\u91cf\u5316\u6620\u5c04</strong>\uff1a\u5c06\u60c5\u611f\u6982\u7387\u8f6c\u5316\u4e3a\u53ef\u7528\u4e8e\u56de\u6d4b\u7684\u79bb\u6563\u6216\u8fde\u7eed\u5f97\u5206\u3002</li>\n</ol>\n<h3>4.2 \u524d\u6cbf\u5e94\u7528\uff1aModernBERT \u7684\u60ca\u4eba\u8868\u73b0</h3>\n<p>\u6700\u65b0\u7684\u7814\u7a76\u663e\u793a\uff0c\u57fa\u4e8e ModernBERT \u6a21\u578b\u6784\u5efa\u7684\u590d\u5408\u56e0\u5b50\u591a\u7a7a\u7b56\u7565\u5448\u73b0\u51fa<strong>\u6781\u9ad8\u7684\u7a33\u5065\u6027</strong>\uff1a</p>\n<ul>\n<li><strong>\u5e74\u5316\u6536\u76ca\u7387</strong>\uff1a<code>80.46%</code></li>\n<li>**\u6536\u76ca\u98ce\u9669\u6bd4 (Sharpe)**\uff1a<code>4.18</code></li>\n<li><strong>\u6700\u5927\u56de\u64a4</strong>\uff1a\u4ec5 <code>-9.87%</code></li>\n</ul>\n<h3>4.3 \u6838\u5fc3\u9884\u8b66\uff1a\u60c5\u7eea\u80cc\u79bb</h3>\n<p><img alt=\"Img\" class=\"embedded_image\" loading=\"lazy\" referrerpolicy=\"no-referrer\" rel=\"noreferrer\" src=\"https://image.joinquant.com/5c4f1ffa3f531ce70410b18d8257d8e2\"/></p>\n<blockquote>\n<p>[!WARNING]\n<strong>\u98ce\u9669\u9884\u8b66\u4fe1\u53f7\uff1a\u60c5\u7eea\u80cc\u79bb</strong>\n\u5f53\u4ef7\u683c\u6301\u7eed\u521b\u51fa\u65b0\u9ad8\uff0c\u4f46<strong>\u65b0\u95fb\u60c5\u7eea\u6307\u6570\u6216\u793e\u4ea4\u5a92\u4f53\u70ed\u5ea6\uff08\u5982\u80a1\u5427\u6d3b\u8dc3\u5ea6\uff09\u5f00\u59cb\u8fb9\u9645\u4e0b\u964d</strong>\uff0c\u751a\u81f3\u51fa\u73b0\u5927\u91cf\u8d28\u7591\uff0c\u8fd9\u901a\u5e38\u662f\u4e0a\u6da8\u52a8\u529b\u8870\u7aed\u7684\u65e9\u671f\u5f81\u5146\u3002\n<img alt=\"Img\" class=\"embedded_image\" loading=\"lazy\" referrerpolicy=\"no-referrer\" rel=\"noreferrer\" src=\"https://image.joinquant.com/d4920aae6dcf83278127f1e0f82f46df\"/>\n<strong>? \u8fc7\u6e21\u8854\u63a5</strong>\uff1a\u65e2\u7136\u6211\u4eec\u62e5\u6709\u4e86\u8d44\u91d1\uff08\u7ed3\u679c\uff09\u3001\u9f99\u864e\u699c\uff08\u4e3b\u4f53\uff09\u3001\u65b0\u95fb\uff08\u56e0\u679c\uff09\u4e09\u4e2a\u7ef4\u5ea6\u7684\u6b66\u5668\uff0c\u5982\u4f55\u5c06\u5b83\u4eec\u6253\u9020\u6210\u4e00\u5957\u5b8c\u6574\u7684\u9632\u5fa1\u4f53\u7cfb\uff1f</p>\n</blockquote>\n<hr/>\n<h2>5. \u7cfb\u7edf\u96c6\u6210\uff1a\u4ece\u5355\u5175\u4f5c\u6218\u5230\u591a\u56e0\u5b50\u6846\u67b6</h2>\n<p><img alt=\"Img\" class=\"embedded_image\" loading=\"lazy\" referrerpolicy=\"no-referrer\" rel=\"noreferrer\" src=\"https://image.joinquant.com/e353c90125daa5489852792527b173d3\"/> </p>\n<h3>5.1 \u534e\u6cf0 A \u80a1\u60c5\u7eea\u6307\u6570\u6846\u67b6\u62c6\u89e3</h3>\n<p>\u4e00\u4e2a\u6210\u719f\u7684\u91cf\u5316\u7cfb\u7edf\u5e94\u6db5\u76d6\u4ee5\u4e0b\u4e09\u4e2a\u7ef4\u5ea6\uff1a</p>\n<ol>\n<li>\n<strong>\u8d44\u91d1\u7ef4\u5ea6\uff08\u6838\u5fc3\uff09</strong>\uff1a\u878d\u8d44\u51c0\u4e70\u5165\u3001ETF \u51c0\u7533\u8d2d\u3001CDS \u5229\u5dee\u3002 <ul>\n<li><strong>? \u4e13\u5bb6\u63d0\u793a</strong>\uff1aCDS \u5229\u5dee\u7f29\u7a84\u610f\u5473\u7740\u5e02\u573a\u611f\u77e5\u5230\u7684\u7cfb\u7edf\u6027\u98ce\u9669\u964d\u4f4e\uff0c\u8fd9\u4f1a\u663e\u8457\u63d0\u5347\u98ce\u9669\u504f\u597d\u3002</li>\n</ul>\n</li>\n<li><strong>\u9884\u671f\u7ef4\u5ea6</strong>\uff1a\u671f\u6743\u6301\u4ed3 PCR \uff08 Put-Call Ratio \uff09\u3001\u9690\u542b\u6ce2\u52a8\u7387\u3002</li>\n<li><strong>\u52a8\u80fd\u7ef4\u5ea6</strong>\uff1aMACD \u3001\u4e56\u79bb\u7387\uff08 BIAS \uff09\u3002</li>\n</ol>\n<h3>5.2 \u60c5\u7eea\u56e0\u5b50\u7684\u5c42\u7ea7\u7ed3\u6784\u8868</h3>\n<table>\n<thead>\n<tr>\n<th>\u5c42\u7ea7</th>\n<th>\u4ee3\u8868\u56e0\u5b50</th>\n<th>\u6784\u5efa\u65b9\u6cd5</th>\n<th>\u6570\u636e\u9891\u7387</th>\n<th>\u4f18\u7f3a\u70b9</th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td><strong>\u57fa\u7840\u5c42</strong></td>\n<td>\u6210\u4ea4\u91cf\u3001\u6da8\u8dcc\u6bd4</td>\n<td>\u7ebf\u6027\u7edf\u8ba1</td>\n<td>\u65e5\u9891</td>\n<td>\u76f4\u89c2\u4f46\u4fe1\u606f\u6ede\u540e\uff0c\u6613\u88ab\u566a\u97f3\u5e72\u6270</td>\n</tr>\n<tr>\n<td><strong>\u590d\u5408\u5c42</strong></td>\n<td>\u7efc\u5408\u60c5\u7eea\u6307\u6570</td>\n<td>PCA/\u52a0\u6743\u6253\u5206</td>\n<td>\u65e5\u9891/\u5468\u9891</td>\n<td>\u5168\u9762\u6027\u5f3a\uff0c\u4f46\u6743\u91cd\u5206\u914d\u5bf9\u73af\u5883\u654f\u611f</td>\n</tr>\n<tr>\n<td><strong>AI \u589e\u5f3a\u5c42</strong></td>\n<td>BERT \u60c5\u611f\u56e0\u5b50</td>\n<td>\u6df1\u5ea6\u5b66\u4e60/NLP</td>\n<td>\u5206\u65f6/\u5b9e\u65f6</td>\n<td>\u6355\u6349\u975e\u7ebf\u6027\u4fe1\u53f7\u6781\u5f3a\uff0c\u4f46\u8ba1\u7b97\u5f00\u9500\u5927</td>\n</tr>\n</tbody></table><blockquote>\n<p><strong>? \u8fc7\u6e21\u8854\u63a5</strong>\uff1a\u5728\u6b63\u5f0f\u5f00\u59cb\u5b9e\u6218\u4e4b\u524d\uff0c\u5fc5\u987b\u5b66\u4e60\u5982\u4f55\u907f\u5f00\u90a3\u4e9b\u81f4\u547d\u7684\u91cf\u5316\u9677\u9631\u3002</p>\n</blockquote>\n<hr/>\n<h2>6. \u91cf\u5316\u9677\u9631\u4e0e\u5b9e\u6218\u53cd\u601d\uff1a\u4fdd\u62a4\u4f60\u7684\u672c\u91d1</h2>\n<p><img alt=\"Img\" class=\"embedded_image\" loading=\"lazy\" referrerpolicy=\"no-referrer\" rel=\"noreferrer\" src=\"https://image.joinquant.com/5572dbf0a8fbc2fb575943a7c44ad75d\"/>\n\u91cf\u5316\u6295\u8d44\u5e76\u975e\u5bfb\u627e\u70b9\u91d1\u77f3\uff0c\u800c\u662f\u5bf9\u6982\u7387\u7684\u6301\u7eed\u7ba1\u7406\u3002\u5728\u6784\u5efa\u56e0\u5b50\u65f6\uff0c\u8bf7\u52a1\u5fc5\u5185\u7701\uff1a</p>\n<ol>\n<li><strong>\u6301\u7eed\u6027\u4f18\u4e8e\u5355\u70b9\u6570\u636e</strong>\uff1a\u5355\u65e5\u8d44\u91d1\u7684\u5927\u5e45\u6d41\u5165\u53ef\u80fd\u662f\u5927\u5b97\u4ea4\u6613\u7684\u5e72\u6270\uff0c<strong>\u53ea\u6709\u8fde\u7eed\u591a\u65e5\u7684\u8d8b\u52bf\u5171\u632f\u624d\u5177\u5907\u4fe1\u53f7\u4ef7\u503c\u3002</strong></li>\n<li><strong>\u7edd\u5bf9\u7981\u5fcc\uff1a\u8fc7\u5ea6\u62df\u5408\uff08 Overfitting \uff09</strong>\uff1a\u8fd9\u662f\u91cf\u5316\u6295\u8d44\u4e2d\u6700\u9690\u853d\u7684\u6740\u624b\u3002<strong>\u7edd\u5bf9\u4e0d\u8981\u4e3a\u4e86\u8ba9\u5386\u53f2\u66f2\u7ebf\u597d\u770b\u800c\u65e0\u9650\u589e\u52a0\u53c2\u6570</strong>\u3002\u5fc5\u987b\u4f7f\u7528\u6eda\u52a8\u7a97\u53e3\uff08 Rolling Window \uff09\u548c\u4e25\u683c\u7684\u6837\u672c\u5916\u6d4b\u8bd5\uff08 Out-of-sample Testing \uff09\u3002</li>\n<li>\n<strong>\u73af\u5883\u51b3\u5b9a\u56e0\u5b50\u6743\u91cd</strong>\uff1a<ul>\n<li><strong>\u8d8b\u52bf\u5e02</strong>\uff1a\u8d44\u91d1\u6d41\u56e0\u5b50\u6743\u91cd\u5e94\u5360\u4e3b\u5bfc\u3002</li>\n<li><strong>\u9707\u8361\u5e02</strong>\uff1a\u4f18\u5148\u89c2\u5bdf\u65b0\u95fb\u60c5\u7eea\u7684\u8fb9\u9645\u53d8\u5316\u3002</li>\n<li><strong>\u6781\u7aef\u5e02</strong>\uff1a\u7d27\u76ef\u9f99\u864e\u699c\u5e2d\u4f4d\u535a\u5f08\u903b\u8f91\u3002</li>\n</ul>\n</li>\n<li><strong>\u6570\u636e\u6e90\u7684\u8d28\u91cf\u51b3\u5b9a\u56e0\u5b50\u751f\u6b7b</strong>\uff1a\u65e0\u8bba\u662f\u901a\u8fc7 AKShare \u83b7\u53d6\u56fd\u5185\u5f00\u6e90\u6570\u636e\uff0c\u8fd8\u662f\u8d2d\u4e70\u4e13\u4e1a\u7684\u673a\u5668\u53ef\u8bfb\u65b0\u95fb\uff08 LSEG \uff09\uff0c<strong>\u6570\u636e\u6e05\u6d17\uff08 Cleaning \uff09\u548c\u53bb\u566a\uff08 Denoising \uff09\u7684\u80fd\u529b\u5f80\u5f80\u6bd4\u7b97\u6cd5\u672c\u8eab\u66f4\u91cd\u8981\u3002</strong></li>\n</ol>\n<hr/>\n<p><strong>\u603b\u7ed3</strong>\uff1a\u91cf\u5316\u7684\u672c\u8d28\u662f\u5c06\u201c\u6a21\u7cca\u7684\u611f\u89c9\u201d\u5177\u8c61\u5316\u3002\u901a\u8fc7<strong>\u8d44\u91d1\u6d41\uff08\u7ed3\u679c\uff09</strong>\u3001<strong>\u9f99\u864e\u699c\uff08\u4e3b\u4f53\uff09</strong>\u4e0e<strong>\u65b0\u95fb\u60c5\u7eea\uff08\u56e0\u679c\uff09</strong>\u7684\u4e09\u7ef4\u5171\u632f\uff0c\u6211\u4eec\u4e0d\u4ec5\u80fd\u770b\u6e05\u94b1\u7684\u53bb\u5411\uff0c\u66f4\u80fd\u8bfb\u61c2\u80cc\u540e\u7684\u52a8\u673a\uff0c\u4ece\u800c\u5728\u6ce2\u52a8\u7684\u5e02\u573a\u4e2d\u4fdd\u6301<strong>\u6570\u636e\u9a71\u52a8\u7684\u7406\u6027</strong>\u3002</p>\n<p><img alt=\"Img\" class=\"embedded_image\" loading=\"lazy\" referrerpolicy=\"no-referrer\" rel=\"noreferrer\" src=\"https://image.joinquant.com/2aa57a65beb9bf44464dcc9217f68094\"/></p>\n"
    }, 
    {
      "author": {
        "url": "https://www.v2ex.com/member/chouvel", 
        "name": "chouvel", 
        "avatar": "https://cdn.v2ex.com/avatar/b0fe/ae1b/679523_large.png?m=1778436048"
      }, 
      "url": "https://www.v2ex.com/t/1219295", 
      "title": "\u5c0f\u7c73\u80a1\u7968\u7adf\u7136\u6389\u5230\u4e86 26\uff0c\u96f7\u603b\u4f60\u5feb\u652f\u68f1\u8d77\u6765\u554a\ud83d\ude2d", 
      "id": "https://www.v2ex.com/t/1219295", 
      "date_published": "2026-06-10T03:06:02+00:00", 
      "content_html": "<p>\u8fd9\u662f\u4e2a\u8865\u4ed3\u7684\u597d\u673a\u4f1a\u4e0d</p>\n"
    }, 
    {
      "author": {
        "url": "https://www.v2ex.com/member/hxj20061987", 
        "name": "hxj20061987", 
        "avatar": "https://cdn.v2ex.com/gravatar/2495f24bbb8569086ec4d25b0f1d44ba?s=73&d=retro"
      }, 
      "url": "https://www.v2ex.com/t/1218796", 
      "title": "\u6211\u628a 16 \u6761\u5b9e\u6218\u8840\u6c57\u8bed\u5f55\uff0c\u5199\u6210\u4e86\u91cf\u5316\u7b56\u7565", 
      "id": "https://www.v2ex.com/t/1218796", 
      "date_published": "2026-06-08T07:51:56+00:00", 
      "content_html": "<blockquote>\n<p>\u201c\u5f88\u591a\u4eba\u65e0\u6cd5\u505c\u6b62\u4e8f\u635f\uff0c\u662f\u56e0\u4e3a\u4ece\u4e00\u5f00\u59cb\u5bf9\u8fd9\u4e2a\u5e02\u573a\u7684\u8ba4\u77e5\u5c31\u662f\u9519\u8bef\u7684\uff0c\u603b\u5e0c\u671b\u4e00\u7b14\u53d1\u8d22\u3002\u201d </p>\n</blockquote>\n<p>\u6700\u8fd1\u6574\u7406\u81ea\u5df1\u8fd9\u4e9b\u5e74\u5728\u5e02\u573a\u91cc\u6478\u722c\u6eda\u6253\u5199\u4e0b\u7684\u51e0\u5341\u6761\u5b9e\u6218\u4ea4\u6613\u8bed\u5f55\uff0c\u770b\u7740\u770b\u7740\u4e0d\u7981\u611f\u53f9\uff1a<strong>\u4ea4\u6613\u6c38\u8fdc\u662f\u53cd\u4eba\u6027\u7684\u3002</strong> \u6211\u4eec\u5728\u590d\u76d8\u65f6\u90fd\u80fd\u5934\u5934\u662f\u9053\u5730\u8bf4\u51fa\u201c\u7ba1\u4f4f\u624b\u201d\u3001\u201c\u4e70\u5f3a\u4e0d\u4e70\u5f31\u201d\u3001\u201c\u5230\u4e86\u6b62\u635f\u4f4d\u575a\u51b3\u8d70\u201d\uff0c\u4f46\u7b2c\u4e8c\u5929\u4e00\u5f00\u76d8\uff0c\u770b\u7740\u8d26\u6237\u6cdb\u7eff\uff0c\u6240\u6709\u7684\u7eaa\u5f8b\u77ac\u95f4\u88ab\u629b\u8bf8\u8111\u540e\uff0c\u53d8\u6210\u4e86\u6b7b\u625b\u548c\u7948\u7977\u3002</p>\n<p>\u4e3a\u4e86\u65f6\u523b\u8b66\u9192\u81ea\u5df1\uff0c\u6211\u628a\u6742\u4e71\u7684\u8bed\u5f55\u63d0\u70bc\u6210\u4e86 16 \u6761\u201c\u94c1\u8840\u519b\u89c4\u201d\u3002\u540e\u6765\u6211\u60f3\u660e\u767d\u4e86\uff0c\u65e2\u7136\u4eba\u6027\u662f\u96be\u4ee5\u6218\u80dc\u7684\uff0c\u90a3\u4e3a\u4ec0\u4e48\u4e0d\u628a\u8fd9\u5957\u5e26\u7740\u8840\u6c57\u7684\u4ea4\u6613\u5fc3\u6cd5\uff0c\u4ea4\u7ed9\u5168\u65e0\u611f\u60c5\u3001\u4e0d\u4f1a\u8d2a\u5a6a\u6050\u60e7\u7684\u8ba1\u7b97\u673a\u53bb\u6267\u884c\uff1f</p>\n<hr/>\n<h2>\u6563\u6237\u6b7b\u7a74\u4e0e\u6e38\u8d44\u5fc3\u6cd5\uff1a16 \u6761\u5b9e\u6218\u8bed\u5f55\u7cbe\u7f16</h2>\n<p>\u5728\u770b\u6211\u7684\u91cf\u5316\u4ee3\u7801\u903b\u8f91\u4e4b\u524d\uff0c\u8bf7\u5148\u7528\u5fc3\u8fc7\u4e00\u904d\u8fd9 16 \u6761\u6b8b\u9177\u7684\u5b9e\u6218\u8ba4\u77e5\u3002\u5982\u679c\u4f60\u4e2d\u4e86\u5176\u4e2d\u54ea\u6015\u4e00\u6761\uff0c\u90a3\u4f60\u7684\u9891\u7e41\u4e8f\u635f\u5c31\u771f\u7684\u4e0d\u51a4\u3002</p>\n<p>** [\u7834\u9664\u8ba4\u77e5\u5fc3\u9b54] **</p>\n<ol>\n<li><strong>\u6452\u5f03\u66b4\u5bcc\u5e7b\u89c9</strong>\uff1a\u6563\u6237\u6700\u5927\u7684\u7edd\u75c7\u662f\u5e7b\u60f3\u4e00\u67aa\u53d1\u8d22\uff0c\u6b8a\u4e0d\u77e5\u8d8a\u4e3b\u89c2\uff0c\u4e8f\u5f97\u8d8a\u591a\u3002\u77ed\u7ebf\u4ea4\u6613\u7684\u771f\u76f8\uff0c\u662f\u65e0\u6570\u7b14\u5ba2\u89c2\u5c0f\u8d5a\u7684\u590d\u5229\u79ef\u7d2f\u3002</li>\n<li><strong>\u514b\u670d\u6c89\u6ca1\u6210\u672c</strong>\uff1a\u76ef\u7740\u6210\u672c\u7ebf\uff0c\u6c38\u8fdc\u505a\u4e0d\u51fa\u5b8c\u7f8e\u7684\u201c\u505a T\u201d\u3002\u5fd8\u8bb0\u6210\u672c\uff0c\u624d\u662f\u673a\u68b0\u6267\u884c\u7684\u5f00\u59cb\u3002</li>\n<li><strong>\u62d2\u7edd\u4e0e\u80a1\u7968\u604b\u7231</strong>\uff1a\u94b1\u8fdb\u4e86\u53e3\u888b\u624d\u662f\u771f\u91d1\u767d\u94f6\u3002\u89c1\u597d\u5c31\u6536\uff0c\u5356\u5b8c\u5c31\u5220\u81ea\u9009\uff0c\u4e0d\u76f2\u76ee\u60b2\u89c2\uff0c\u4e5f\u4e0d\u76f2\u76ee\u683c\u5c40\u3002</li>\n<li><strong>\u4f4e\u9884\u671f\u5373\u9ad8\u80dc\u7387</strong>\uff1a\u522b\u628a\u5927\u8089\u5f53\u505a\u7406\u6240\u5e94\u5f53\uff0c\u5e02\u573a\u7684\u5e38\u6001\u6c38\u8fdc\u662f\u4f4e\u5f00\u548c\u8c03\u6574\u3002\u53ea\u8d5a\u5c5e\u4e8e\u81ea\u5df1\u7684\u4e24\u4e09\u4e2a\u70b9\uff0c\u9519\u8fc7\u7edd\u4e0d\u773c\u7ea2\u3002</li>\n<li><strong>\u653e\u4e0b\u4e3b\u89c2\u610f\u6deb</strong>\uff1a\u4f60\u7684\u201c\u5f3a\u70c8\u770b\u597d\u201d\uff0c\u6539\u53d8\u4e0d\u4e86\u5e02\u573a\u3002\u4e2a\u80a1\u4e0d\u8f6c\u5f3a\u5c31\u662f\u5728\u8d70\u5f31\uff0c\u8d70\u5f31\u5c31\u5fc5\u987b\u6267\u884c\u7eaa\u5f8b\u622a\u65ad\u4e8f\u635f\u3002</li>\n</ol>\n<p>** [\u9501\u5b9a\u6838\u5fc3\u5927\u52bf] **\n6. <strong>\u903b\u8f91\u5927\u4e8e\u4ee3\u7801</strong>\uff1a\u5e02\u573a\u6478\u7d22\u671f\u89c2\u671b\u4e3a\u4e3b\u3002\u5148\u951a\u5b9a\u70ed\u95e8\u9898\u6750\uff0c\u518d\u5bfb\u627e\u9ad8\u4f4d\u9f99\u5934\uff0c\u770b\u89c1\u4ee3\u7801\u5c31\u65e0\u8111\u51b2\u662f\u5927\u5fcc\u3002\n7. <strong>\u4e70\u80dc\u7387\u975e\u4e70\u4fbf\u5b9c</strong>\uff1a\u4e70\u5f3a\u4e0d\u4e70\u5f31\uff0c\u4e70\u786e\u5b9a\u6027\uff0c\u7edd\u4e0d\u4e70\u4f4e\u4f4d\u7684\u201c\u4fbf\u5b9c\u8d27\u201d\u3002\u51e1\u6709\u8d44\u91d1\u4e3b\u52a8\u53d1\u52a8\u7684\u53cd\u6838\u529b\u91cf\uff0c\u5b9a\u662f\u5251\u6307\u6700\u9ad8\u677f\u3002\n8. <strong>\u8df3\u51fa\u5355\u7968\u9519\u89c9</strong>\uff1a\u5265\u79bb\u5355\u53ea\u80a1\u7968\u201c\u6d17\u76d8\u6216\u51fa\u8d27\u201d\u7684\u81c6\u60f3\uff0c\u628a\u89c6\u89d2\u62c9\u9ad8\u5230\u6574\u4f53\u9898\u6750\u5468\u671f\uff0c\u89c4\u907f\u88ab\u52a8\u7684\u677f\u5757\u8ddf\u98ce\u80a1\u3002</p>\n<p>** [\u673a\u68b0\u7684\u8fdb\u51fa\u573a] **\n9. <strong>\u4e25\u683c\u9650\u671f\u675c\u7edd\u62d6\u5ef6</strong>\uff1a\u8d85\u77ed\u4ea4\u6613\u5ef6\u671f\u7b49\u4e8e\u6b7b\u671f\uff0c\u4e8f\u635f\u4e00\u65e6\u8f6c\u957f\u7ebf\u88ab\u52a8\u6b7b\u625b\uff0c\u79bb\u6df1\u6e0a\u5c31\u4e0d\u8fdc\u4e86\u3002\n10. <strong>\u91cd\u4ed3\u5fc5\u51cf\uff0c\u89c1\u7eff\u4f4e\u5438</strong>\uff1a\u6d6e\u76c8\u5207\u5fcc\u52a0\u4ed3\uff0c\u7ea2\u76d8\u5fc5\u987b\u51cf\u901f\uff1b\u505a\u6eda\u52a8\u64cd\u4f5c\uff08\u505a T \uff09\u65f6\uff0c\u4e00\u5b9a\u662f\u6c34\u4e0b\u91cd\u9524\uff0c\u51b2\u9ad8\u5fc5\u9000\u3002\n11. <strong>\u62d2\u7edd\u4e34\u65f6\u8d77\u610f</strong>\uff1a\u5236\u5b9a\u4e86\u4f4e\u5438\u5267\u672c\uff0c\u5c31\u7edd\u4e0d\u76d8\u4e2d\u70ed\u8840\u4e0a\u5934\u53bb\u8ffd\u6da8\u3002\u89c4\u907f\u65e5\u5185\u60c5\u7eea\u6ce2\u52a8\uff0c\u51fa\u624b\u5c3d\u91cf\u7559\u5728\u7ade\u4ef7\u6216\u5c3e\u76d8\u65f6\u6bb5\u3002\n12. <strong>\u4ea4\u7ed9\u5e02\u573a\u5b9a\u751f\u6b7b</strong>\uff1a\u535a\u5f08\u53cd\u5305\u7edd\u4e0d\u7559\u604b\uff0c\u6309\u7eaa\u5f8b\u4e0b\u6ce8\u79bb\u624b\uff0c\u6b21\u65e5\u76f4\u63a5\u9a8c\u8bc1\u903b\u8f91\uff0c\u53bb\u7559\u5206\u660e\u3002</p>\n<p>** [\u4ed3\u4f4d\u7ba1\u7406\u7684\u65e0\u60c5] **\n13. <strong>\u56fa\u5b9a\u4ed3\u4f4d\u6a21\u578b</strong>\uff1a\u4e70\u5165\u5fc5\u987b\u63d0\u524d\u89c4\u5212\u3002\u7528\u91d1\u5b57\u5854\u5012\u4e09\u89d2\u4ed3\u4f4d\uff08\u8d8a\u8dcc\u8d8a\u4f4e\u5438\uff09\u5e94\u5bf9\u7cfb\u7edf\u98ce\u9669\uff0c\u5343\u4e07\u522b\u5728\u8d5a\u94b1\u65f6\u91cd\u4ed3\uff0c\u4e8f\u94b1\u65f6\u4e0d\u6562\u4e70\u3002\n14. <strong>\u4e0d\u5f53\u8d44\u91d1\u6563\u5f39\u67aa</strong>\uff1a\u5c0f\u8d44\u91d1\u5206\u4ed3\u592a\u6563\u522b\u60f3\u505a\u5927\uff0c\u96c6\u4e2d\u4e13\u6ce8\u624d\u80fd\u523a\u7a7f\u5e02\u573a\u7684\u6ce2\u52a8\u3002\n15. <strong>\u62c9\u957f\u5468\u671f\u7b97\u80dc\u7387</strong>\uff1a\u5341\u7b14\u4ea4\u6613\u4e8f\u516d\u7b14\u53c8\u5982\u4f55\uff1f\u65a9\u65ad\u70c2\u7968\u4e8f\u635f\uff0c\u8ba9\u505a\u5bf9\u7684\u6ce2\u6bb5\u8dd1\u8d77\u6765\u3002\u62c9\u957f\u5468\u671f\u7684\u7efc\u5408\u76c8\u4e8f\u6bd4\uff0c\u624d\u662f\u7a33\u5b9a\u76c8\u5229\u7684\u771f\u76f8\u3002\n16. <strong>\u89c4\u5f8b\u523b\u5165\u6f5c\u610f\u8bc6</strong>\uff1a\u76ef\u76d8\u65e0\u9700\u5168\u5929\uff0c\u56db\u4e2a\u5c0f\u65f6\u770b\u4e09\u5c0f\u65f6\u8db3\u77e3\u3002\u4ea4\u6613\u4e0d\u662f\u649e\u5927\u8fd0\uff0c\u800c\u662f\u628a\u4e0a\u9762\u7684\u89c4\u5219\u53d8\u6210\u4e0d\u518d\u601d\u8003\u7684\u808c\u8089\u8bb0\u5fc6\u3002</p>\n<hr/>\n<h2>\u6740\u6b7b\u4e3b\u89c2\u610f\u6deb\uff1a\u6211\u662f\u5982\u4f55\u628a\u8fd9 16 \u6761\u94c1\u8840\u519b\u89c4\u5199\u6210\u91cf\u5316\u4ee3\u7801\u7684\uff1f</h2>\n<p>\u6563\u6237\u662f\u65e0\u6cd5\u6218\u80dc\u81ea\u5df1\u8d2a\u5a6a\u7684\u4eba\u6027\u7684\uff0c\u4f46<strong>\u4e00\u884c\u884c\u65e0\u60c5\u7684 Python \u4ee3\u7801\u53ef\u4ee5</strong>\u3002\u4ee5\u4e0b\uff0c\u662f\u6211\u628a\u4e0a\u8ff0\u5fc3\u6cd5\u8f6c\u5316\u6210\u7684<strong>\u805a\u5bbd\u300a\u5f3a\u8d8b\u52bf\u6eda\u4ed3\u6218\u6cd5\u300b</strong>\u6838\u5fc3\u4ee3\u7801\u903b\u8f91\uff1a</p>\n<h3>\u4e00\u3001 \u65a9\u65ad\u6267\u5ff5\uff1a\u65e0\u6570\u7b14\u79ef\u7d2f\u4e0e\u65e0\u60c5\u6b62\u76c8</h3>\n<blockquote>\n<p><strong>\u54cd\u5e94\u8bed\u5f55</strong>\uff1a\u201c\u77ed\u7ebf\u4ea4\u6613\u662f\u65e0\u6570\u7b14\u7684\u79ef\u7d2f\uff0c\u6ca1\u54ea\u4e2a\u8d44\u91d1\u662f\u4e00\u7b14\u53d1\u8d22\u7684\u3002\u201d</p>\n</blockquote>\n<p>\u5728\u8fd9\u5957\u91cf\u5316\u7b56\u7565\u91cc\uff0c\u4ee3\u7801\u5f7b\u5e95\u6452\u5f03\u4e86\u4eba\u7c7b\u7684\u201c\u683c\u5c40\u5230\u7ffb\u500d\u201d\u7684\u6267\u5ff5\u3002\u4e3a\u4e86\u8df5\u884c\u201c\u5feb\u5200\u65a9\u4e71\u9ebb\u201d\uff0c\u7b56\u7565\u88ab\u6211\u5199\u6b7b\u4e86\u4e24\u5957\u65e0\u60c5\u673a\u5236\uff1a</p>\n<ul>\n<li><strong>5% \u6b21\u65e5\u65e9\u76d8\u79d2\u6740</strong>\uff1a\u7531\u4e8e A \u80a1\u65e9\u76d8\u4f4e\u5f00\u662f\u5e38\u6001\uff0c\u53ea\u8981\u7b2c\u4e8c\u5929\u76c8\u5229\u8d85\u8fc7 5%\uff0c\u76f4\u63a5\u65e0\u8111\u843d\u888b\u7838\u76d8\uff0c\u7edd\u4e0d\u7559\u604b\u5e7b\u60f3\uff08\u5bf9\u5e94\u6e90\u7801 <code>pnl &gt;= 0.05</code> \u5f3a\u5236\u6e05\u4ed3\u51fa\u5c40\uff09\u3002</li>\n<li><strong>10% \u7a33\u5065\u7edd\u6740\u9501\u5229</strong>\uff1a\u5047\u5982\u6ca1\u89e6\u53d1\u65e9\u76d8\u62a2\u8dd1\uff0c\u53ea\u8981\u6301\u4ed3\u78b0\u5230 10% \u7684\u7ea2\u7ebf\uff0c\u4e0d\u7ba1\u5927\u76d8\u662f\u4e0d\u662f\u5728\u903c\u7a7a\u8d70\u725b\uff0c\u7acb\u523b\u5f3a\u5e73\u9501\u5229\u3002\u56e0\u4e3a\u91cf\u5316\u77e5\u9053\uff0c\u53ea\u6709\u8fdb\u4e86\u53e3\u888b\u7684\u94b1\u624d\u662f\u7edd\u5bf9\u5b89\u5168\u7684\u3002</li>\n</ul>\n<h3>\u4e8c\u3001 \u5fd8\u8bb0\u6301\u4ed3\u6210\u672c\uff1a\u5168\u81ea\u52a8\u201c\u6eda\u4ed3\u505a T\u201d\u5bf9\u51b2\u4e0b\u6740</h3>\n<blockquote>\n<p><strong>\u54cd\u5e94\u8bed\u5f55</strong>\uff1a\u201c\u6eda\u4ed3\u6eda\u4ed3\uff0c\u89c1\u7eff\u5c31\u4f4e\u5438\u3002\u600e\u4e48\u5c31\u975e\u8981\u7b49\u56de\u672c\u624d\u80af\u8d70\uff0c\u6700\u540e\u4e8f\u66f4\u591a\uff1f\u201d</p>\n</blockquote>\n<p>\u4eba\u7c7b\u201c\u770b\u6210\u672c\u505a\u4e0d\u4e86 T\u201d\uff0c\u4f46\u673a\u5668\u6839\u672c\u4e0d\u5728\u4e4e\u4f60\u7684\u6210\u672c\u662f\u591a\u5c11\u3002\n\u5728\u8fd9\u5957\u7cfb\u7edf\u91cc\u6709\u4e00\u5957\u540d\u4e3a <code>forward_t_buy_low</code>\uff08\u987a\u52bf\u4f4e\u5438\uff09\u548c <code>t_sell_high</code>\uff08\u5bf9\u51b2\u629b\u51fa\uff09\u7684\u7ec4\u4ef6\u4ee3\u7801\uff1a</p>\n<ul>\n<li>\u53ea\u8981\u76d1\u63a7\u5230\u76d8\u4e2d\u65e0\u7f18\u65e0\u6545\u7684\u6025\u6740\uff0c\u8dcc\u5e45\u89e6\u53ca\u8bbe\u5b9a\u7684\u5b89\u5168\u57ab\uff08\u5982\u5355\u8fb9\u66b4\u8dcc 4%\uff09\uff0c\u4ee3\u7801\u4f1a\u77ac\u95f4\u51fa\u51fb\u4e0b\u8fbe\u4e70\u5355\u8865\u4ed3\u3002</li>\n<li>\u53ea\u8981\u4ece\u6df1\u5751\u53cd\u5f39\u5927\u7ea6 3%\uff0c\u7b97\u6cd5\u5c31\u628a\u521a\u624d\u4f4e\u5438\u4e70\u5165\u7684 T0 \u7b79\u7801\u53cd\u624b\u629b\u51fa\u3002\n\u6574\u4e2a\u64cd\u4f5c\u4e2d\uff0c<strong>\u673a\u5668\u5b8c\u5168\u5ffd\u7565\u8d26\u6237\u91cc\u7684\u603b\u4f53\u6d6e\u4e8f</strong>\uff0c\u5b83\u53ea\u673a\u68b0\u5730\u6293\u53d6\u65e5\u5185\u6781\u7aef\u6ce2\u52a8\u8d5a\u53d6\u51e0\u6bdb\u94b1\u5dee\u4ef7\uff0c\u5229\u7528\u6781\u5176\u53d8\u6001\u7684\u65e5\u5185\u505a T \u4e0d\u65ad\u964d\u4f4e\u6301\u4ed3\u6210\u672c\u3002</li>\n</ul>\n<h3>\u4e09\u3001 \u4e70\u5f3a\u4e0d\u4e70\u5f31\uff1a\u201c\u5f3a\u8feb\u75c7\u7ea7\u522b\u201d\u7684\u5b89\u5168\u8d28\u68c0</h3>\n<blockquote>\n<p><strong>\u54cd\u5e94\u8bed\u5f55</strong>\uff1a\u201c\u4e70\u5f3a\u4e0d\u4e70\u5f31\uff0c\u4e70\u786e\u5b9a\u6027\uff0c\u4e0d\u4e70\u4fbf\u5b9c\uff01\u5f31\u4e86\u6211\u4e3a\u4ec0\u4e48\u8981\u52a0\u4ed3\uff0c\u6211\u6709\u75c5\u5417\uff1f\u201d</p>\n</blockquote>\n<p>\u201c\u8dcc\u8fd9\u4e48\u591a\u4e86\u603b\u8be5\u53cd\u5f39\u4e86\u5427\u201d\uff0c\u8fd9\u662f\u6807\u51c6\u7684\u6284\u5e95\u63a5\u76d8\u5e7b\u89c9\u3002\u5728\u6211\u7684\u91cf\u5316\u9009\u80a1\u903b\u8f91\u91cc\uff0c\u4ecb\u5165\u524d\u5fc5\u987b\u88ab\u6267\u884c\u6b7b\u5211\u7ea7\u522b\u7684\u8fc7\u6ee4\u68c0\u6d4b\uff1a</p>\n<ol>\n<li><strong>\u4e0d\u63a5\u5355\u8fb9\u843d\u77f3</strong>\uff1a\u53ea\u8981\u8fd1\u4e24\u5929\u6709\u4efb\u4f55\u4e00\u5929\u5355\u65e5\u5927\u8dcc\u8d85 6%\uff0c\u5373\u4fbf\u6b64\u523b\u52a8\u80fd\u518d\u731b\uff0c\u4e00\u7968\u5426\u51b3\u5168\u90e8\u6dd8\u6c70\u3002</li>\n<li><strong>\u62d2\u7edd\u9a97\u70ae\u5272\u8089</strong>\uff1a\u76d1\u63a7\u8fd1\u4e24\u5929\u7684\u4e0a\u5f71\u7ebf\uff08\u51b2\u9ad8\u56de\u843d\u5360\u6bd4\uff09\u3002\u5982\u679c\u4e3b\u529b\u5728\u6628\u65e5\u8bf1\u591a\u540e\u957f\u9634\u7838\u4e0b\u8d85\u8fc7 5% \u7684\u5927\u6839\u907f\u96f7\u9488\uff0c\u9ed1\u540d\u5355\u89c1\u3002</li>\n<li><strong>\u5747\u7ebf\u5f3a\u6a2a\u652f\u6491</strong>\uff1a\u6240\u6709\u5e78\u5b58\u4e0b\u6765\u7684\u6807\u7684\uff0c\u6309\u7206\u53d1\u52a8\u80fd\u5f3a\u5ea6\u6392\u699c\uff0c\u4e14\u73b0\u4ef7\u5fc5\u987b\u7262\u7262\u8e29\u5728\u5341\u65e5\u5747\u7ebf\uff08 MA10 \uff09\u4e4b\u4e0a\u7684\u7eaf\u6b63\u591a\u5934\u8d8b\u52bf\uff0c\u7a0b\u5e8f\u624d\u4f1a\u83b7\u6279\u70b9\u706b\u4e0a\u8f66\u3002</li>\n</ol>\n<hr/>\n<h2>\u603b\u7ed3</h2>\n<p>\u5e02\u573a\u7684\u672c\u8d28\u662f\u4e00\u573a\u57fa\u4e8e\u4eba\u6027\u7684\u96f6\u548c\u8840\u8165\u5267\u3002\u4f60\u8d8a\u662f\u5e26\u5165\u60c5\u7eea\u3001\u60a3\u5f97\u60a3\u5931\uff0c\u5c31\u8d8a\u5bb9\u6613\u88ab\u5f53\u6210\u65b0\u9c9c\u7684\u97ed\u83dc\u6536\u5272\u3002<strong>\u65e2\u7136\u4ea4\u6613\u6c38\u8fdc\u53cd\u4eba\u6027\uff0c\u6700\u597d\u7684\u81ea\u6551\u65b9\u5f0f\u5c31\u662f\u5265\u79bb\u201c\u4eba\u201d\u7684\u4e3b\u89c2\u6210\u5206\uff0c\u628a\u624b\u7ed1\u4f4f\uff0c\u8ba9\u7b97\u6cd5\u4ee3\u66ff\u6211\u4eec\u53bb\u6267\u884c\u201c\u51b7\u51b0\u51b0\u7684\u539f\u5219\u201d\u3002</strong></p>\n<p>\u5149\u8bf4\u4e0d\u7ec3\u5047\u628a\u5f0f\uff0c\u4e0b\u9762\u7edd\u4e0d\u8c08\u7a7a\u8bdd\u3002\u6211\u5df2\u7ecf\u5c06\u8fd9\u5957\u5b8c\u5168\u8d2f\u5f7b\u4e86\u201c\u9632\u53cd\u6740\u65e5\u5185\u505a T \u964d\u672c\u201d\u3001\u201c10% \u65e0\u60c5\u5272\u8089\u6b62\u76c8\u201d\u4e0e\u201c\u4e70\u5f3a\u4e0d\u4e70\u5f31\u96f7\u8fbe\u8fc7\u6ee4\u201d\u7684\u91cf\u5316\u6a21\u578b\uff0c\u540c\u6b65\u63a5\u9a73\u5230\u4e86 [9db \u667a\u80fd\u4f53\u4ea4\u6613\u7ade\u6280\u573a]\uff0c\u6d4b\u8bd5\u5f53\u4e2d\u3002</p>\n<p>\u8ba9\u8fd9\u4e9b\u6ca1\u6709\u4efb\u4f55\u611f\u60c5\u4fee\u9970\u7684\u4ea4\u5272\u5355\u6218\u62a5\u6570\u636e\u6700\u76f4\u89c2\u5730\u544a\u8bc9\u4f60\uff1a\u6781\u5ea6\u7684\u673a\u68b0\u4e0e\u7edd\u5bf9\u7684\u7eaa\u5f8b\uff0c\u7a76\u7adf\u80fd\u5728 A \u80a1\u70bc\u72f1\u91cc\u5e26\u6765\u600e\u6837\u7684\u786e\u5b9a\u6027\u3002</p>\n<blockquote>\n<p>\u26a0\ufe0f <strong>\u5ba2\u89c2\u6570\u636e\u7533\u660e</strong>\uff1a\n\u76ee\u524d\u5c55\u73b0\u7684\u8fd9\u5957\u6a21\u578b\u80dc\u7387\u4e3b\u8981\u57fa\u4e8e <strong>2026 \u5e74</strong>\u4ee5\u6765\u7684\u884c\u60c5\u8dd1\u51fa\u3002\u8001\u5b9e\u8bf4\uff0c\u5728\u56de\u6d4b\u4ee5\u5f80\u5176\u4ed6\u5e74\u4efd\u7684\u90e8\u5206\u6781\u7aef\u884c\u60c5\u65f6\uff0c\u4ee3\u7801\u7684\u56de\u64a4\u63a7\u5236\u8868\u73b0\u8fd8\u4e0d\u592a\u7406\u60f3\uff0c\u76ee\u524d\u6211\u4ecd\u5728\u6839\u636e\u66f4\u6f2b\u957f\u7684\u5468\u671f\u5207\u7247\u6301\u7eed\u8fed\u4ee3\u4f18\u5316\u4e2d\u3002</p>\n</blockquote>\n<blockquote>\n<p><strong>\u5199\u5728\u6700\u540e</strong>\uff1a\n\u5982\u679c\u8fd9\u7bc7\u5f00\u6e90\u7b56\u7565\u7684\u5b9e\u6218\u601d\u8def\u5bf9\u4f60\u54ea\u6015\u6709\u4e00\u70b9\u70b9\u542f\u53d1\uff0c\u60a8\u7684<strong>\u70b9\u8d5e</strong>\u5c31\u662f\u5bf9\u6211\u6700\u5927\u7684\u9f13\u52b1\uff01\u5982\u679c\u60a8\u5728\u590d\u523b\u4ee3\u7801\u6216\u8dd1\u56de\u6d4b\u65f6\u53d1\u73b0\u4e86\u9690\u85cf Bug \uff0c\u6216\u8005\u5bf9\u9632\u7ebf\u7b97\u6cd5\u6709\u66f4\u597d\u7684\u6539\u8fdb\u65b9\u6848\uff0c\u4e07\u5206\u6b22\u8fce\u5728\u8bc4\u8bba\u533a\u6beb\u4e0d\u7559\u60c5\u5730\u63d0\u51fa\u6307\u6559\u3002\u54b1\u4eec\u5728\u51b0\u51b7\u7684\u5e02\u573a\u91cc\u5f00\u6e90\u4ea4\u6d41\uff0c\u62b1\u56e2\u8fdb\u5316\uff01</p>\n</blockquote>\n<p><img alt=\"Img\" class=\"embedded_image\" loading=\"lazy\" referrerpolicy=\"no-referrer\" rel=\"noreferrer\" src=\"https://image.joinquant.com/e2e9a640b80d8d88608bf3d4080fb730\"/></p>\n<p>##\u7b56\u7565\u8fd8\u5728\u6d4b\u8bd5\u9636\u6bb5\uff0c\u53ea\u6709 2026 \u5e74\u6570\u636e\u53ef\u4ee5\u770b\uff0c\u5176\u4ed6\u5e74\u4efd\u6709\u5f88\u5927\u95ee\u9898\uff0c\u8c28\u614e\u514b\u9686\uff0c\u4f18\u5316\u5b8c\u4f1a\u5728\u8bc4\u8bba\u533a\u56de\u590d</p>\n"
    }, 
    {
      "author": {
        "url": "https://www.v2ex.com/member/5boy", 
        "name": "5boy", 
        "avatar": "https://cdn.v2ex.com/gravatar/d02031e443b1d1a47da9ad93b3f907e8?s=73&d=retro"
      }, 
      "url": "https://www.v2ex.com/t/1218701", 
      "title": "\u5927\u4f6c\u4eec\uff0c\u4eca\u5929\u52a0\u4ed3\u5417\uff0c\u8fd8\u662f\u5728\u89c2\u671b\u4e0b", 
      "id": "https://www.v2ex.com/t/1218701", 
      "date_published": "2026-06-08T03:08:42+00:00", 
      "content_html": ""
    }, 
    {
      "author": {
        "url": "https://www.v2ex.com/member/YoungKing6", 
        "name": "YoungKing6", 
        "avatar": "https://cdn.v2ex.com/avatar/87ed/7214/495591_large.png?m=1656986816"
      }, 
      "url": "https://www.v2ex.com/t/1218364", 
      "title": "\u7f8e\u80a1\u8981\u56de\u8c03\u4e86\uff0c\u8fd8\u80fd\u76f8\u4fe1\u5149\u5417", 
      "id": "https://www.v2ex.com/t/1218364", 
      "date_published": "2026-06-06T02:27:01+00:00", 
      "content_html": ""
    }, 
    {
      "author": {
        "url": "https://www.v2ex.com/member/HRTops", 
        "name": "HRTops", 
        "avatar": "https://cdn.v2ex.com/avatar/91d0/34bd/65032_large.png?m=1779699659"
      }, 
      "url": "https://www.v2ex.com/t/1218171", 
      "title": "SpaceX \u8981 IPO \u4e86\uff0c\u4e70\u4e0d\u4e86\u7f8e\u80a1\uff0c\u4e70\u4e0d\u4e86\u6e2f\u80a1\uff0c\u8fd8\u80fd\u4e70\u70b9\u6709\u76f8\u5173\u6027\u7684 A \u80a1\uff1f", 
      "id": "https://www.v2ex.com/t/1218171", 
      "date_published": "2026-06-05T05:55:39+00:00", 
      "content_html": "<p>\u4eca\u5929\u88ab SPACEX \u8981 IPO \u7684\u6d88\u606f\u8f70\u70b8\u4e86\u4e00\u6ce2\uff0c\u7422\u78e8\u7740 A \u80a1\u6709\u6ca1\u6709\u542b\"\u9a6c\"\u91cf\u9ad8\u7684\u597d\u80a1\uff1f\ud83e\udd23</p>\n"
    }, 
    {
      "author": {
        "url": "https://www.v2ex.com/member/gopheryi", 
        "name": "gopheryi", 
        "avatar": "https://cdn.v2ex.com/gravatar/475c8e7aad2c61b2623097e2ebef6f45?s=73&d=retro"
      }, 
      "url": "https://www.v2ex.com/t/1218152", 
      "title": "\u5f00\u53d1\u4e86\u4e00\u4e2a\u5728\u7ebf\u770b\u76d8\u5de5\u5177, \u7c7b\u4f3c\u540c\u82b1\u987a\u7684\u677f\u5757\u540c\u5217,\u540c\u65f6\u67e5\u770b\u591a\u4e2a\u677f\u5757\u7684\u80a1\u7968\u5b9e\u65f6\u80a1\u4ef7,\u590d\u76d8/\u627e\u673a\u4f1a\u7528", 
      "id": "https://www.v2ex.com/t/1218152", 
      "date_published": "2026-06-05T04:15:35+00:00", 
      "content_html": "<p>\u529f\u80fd:</p>\n<ul>\n<li>\u5206\u533a, \u652f\u6301\u5c06\u591a\u4e2a\u677f\u5757\u6dfb\u52a0\u5230\u5206\u533a,\u5206\u533a\u95f4\u9694\u79bb</li>\n<li>\u677f\u5757,\u611f\u89c9\u6982\u5ff5\u6216\u5176\u4ed6\u7ec6\u5206\u7279\u6027\u8bbe\u7f6e,\u677f\u5757\u5185\u6dfb\u52a0\u80a1\u7968</li>\n<li>\u80a1\u7968\u4ef7\u683c\u5b9a\u65f6\u5237\u65b0,\u6700\u9ad8\u652f\u6301 3 \u79d2\u5237\u65b0</li>\n</ul>\n<p><img alt=\"\" class=\"embedded_image\" loading=\"lazy\" referrerpolicy=\"no-referrer\" rel=\"noreferrer\" src=\"https://i.imgur.com/j52jGcc.png\"/> </p>\n<p><img alt=\"\" class=\"embedded_image\" loading=\"lazy\" referrerpolicy=\"no-referrer\" rel=\"noreferrer\" src=\"https://i.imgur.com/ZPe9oJr.png\"/> </p>\n<p>\u505a\u8fd9\u4e2a\u529f\u80fd\u6211\u4e3b\u8981\u662f\u590d\u76d8\u7528,\u6bcf\u5929\u770b\u770b\u5173\u6ce8\u7684\u81ea\u9009\u80a1\u60c5\u51b5,\u7092\u80a1\u7684\u670b\u53cb\u6765\u770b\u770b,\u63d0\u63d0\u5efa\u8bae</p>\n"
    }, 
    {
      "author": {
        "url": "https://www.v2ex.com/member/hxj20061987", 
        "name": "hxj20061987", 
        "avatar": "https://cdn.v2ex.com/gravatar/2495f24bbb8569086ec4d25b0f1d44ba?s=73&d=retro"
      }, 
      "url": "https://www.v2ex.com/t/1217887", 
      "title": "\u4ece 30 \u500d\u5230 47 \u500d\uff1a\u7ed9\u5c0f\u5e02\u503c\u88c5\u4e0a ETF \u5f15\u64ce\u540e", 
      "id": "https://www.v2ex.com/t/1217887", 
      "date_published": "2026-06-04T06:34:56+00:00", 
      "content_html": "<p>\u4f5c\u4e3a\u4e00\u4e2a\u91cf\u5316\u5c0f\u767d\uff0c\u82b1\u4e86\u4e0d\u5c11\u7bc7\u5e45\u62c6\u89e3\u4e86\u793e\u533a\u5927\u4f6c\u7684\u5c0f\u5e02\u503c\u7b56\u7565\u2014\u2014\u4e94\u9053\u98ce\u63a7\u9632\u7ebf\u3001\u4e5d\u9879\u5e74\u62a5\u6392\u96f7\u3001\u52a8\u6001\u6301\u4ed3\u8c03\u8282\u2026\u2026\u62c6\u5b8c\u4e4b\u540e\u6211\u6709\u4e00\u4e2a\u5f88\u76f4\u89c2\u7684\u611f\u53d7\uff1a<strong>\u8fd9\u5957\u7b56\u7565\u7684\u5185\u6838\u662f\"\u6d3b\u5f97\u4e45\"\uff0c\u9760\u7684\u662f\u6781\u81f4\u98ce\u63a7 + \u5c0f\u5e02\u503c\u5f39\u6027</strong>\u3002</p>\n<p>\u4f46\u6700\u8fd1\u4e24\u4e2a\u6708\u76ef\u76d8\u4e0b\u6765\uff0c\u6211\u53d1\u73b0\u4e00\u4e2a\u95ee\u9898\uff1a<strong>ETF \u884c\u60c5\u592a\u597d\u4e86</strong>\u3002</p>\n<p>\u7eb3\u6307 ETF \u3001\u9ec4\u91d1 ETF \u3001\u6e2f\u80a1\u4e92\u8054\u7f51 ETF\u2026\u2026\u8fd9\u4e9b\u6807\u7684\u52a8\u8f84\u6708\u6da8 10%+\uff0c\u800c\u4e14\u6ce2\u52a8\u8fdc\u5c0f\u4e8e\u5c0f\u5e02\u503c\u4e2a\u80a1\u3002\u6211\u624b\u91cc\u7684\u5c0f\u5e02\u503c\u7b56\u7565\u867d\u7136\u5728 A \u80a1\u9707\u8361\u884c\u60c5\u91cc\u80fd\u5403\u5230\u8089\uff0c\u4f46\u78b0\u5230\u300c\u5e02\u573a\u6574\u4f53\u504f\u5f31\u3001ETF \u677f\u5757\u6027\u884c\u60c5\u8f6e\u52a8\u300d\u7684\u9636\u6bb5\uff0c\u5c31\u4f1a\u663e\u5f97\u529b\u4e0d\u4ece\u5fc3\u2014\u2014<strong>\u5c0f\u5e02\u503c\u5728\u4f11\u606f\uff0cETF \u5728\u72c2\u98d9\uff0c\u4e24\u8fb9\u63a5\u4e0d\u4e0a</strong>\u3002</p>\n<p>\u4e8e\u662f\u6211\u5f00\u59cb\u5728\u793e\u533a\u91cc\u5927\u91cf\u7ffb\u9605 ETF \u8f6e\u52a8\u76f8\u5173\u7684\u5e16\u5b50\u548c\u7b56\u7565\uff0c\u5b66\u4e60\u5404\u4f4d\u5927\u4f6c\u7684\u601d\u8def\u3002\u770b\u4e86\u5341\u51e0\u7bc7\u5e16\u5b50\u4e4b\u540e\uff0c\u6211\u840c\u751f\u4e86\u4e00\u4e2a\u60f3\u6cd5\uff1a<strong>\u80fd\u4e0d\u80fd\u628a\u5c0f\u5e02\u503c\u548c ETF \u8f6e\u52a8\u7ec4\u5408\u8d77\u6765\uff0c\u641e\u4e00\u4e2a\"\u53cc\u6838\u5f15\u64ce\"\uff1f</strong></p>\n<p>\u8bf4\u5b9e\u8bdd\uff0cETF \u8f6e\u52a8\u8fd9\u5757\u6211\u662f\u5b8c\u5b8c\u5168\u5168\u7684\u65b0\u624b\u3002\u4e0b\u9762\u6587\u7ae0\u91cc\u6d89\u53ca\u7684 ETF \u6c60\u5b50\u6784\u5efa\u3001\u52a8\u91cf\u6253\u5206\u3001\u6ee4\u6ce2\u5668\u9009\u62e9\u7b49\uff0c\u90fd\u662f\u6211\u5728\u793e\u533a\u91cc\u53cd\u590d\u5b66\u4e60\u3001\u53c2\u8003\u4e86\u591a\u4f4d\u5927\u4f6c\u7684\u7b56\u7565\u548c\u6587\u7ae0\u540e\uff0c\u6162\u6162\u62fc\u51d1\u7406\u89e3\u51fa\u6765\u7684\u3002\u5982\u679c\u6709\u7406\u89e3\u4e0d\u5230\u4f4d\u7684\u5730\u65b9\uff0c\u8fd8\u8bf7\u5404\u4f4d\u524d\u8f88\u591a\u591a\u6307\u6559?</p>\n<p>\u5c0f\u5e02\u503c\u8d1f\u8d23\u5728 A \u80a1\u5f39\u6027\u884c\u60c5\u91cc\u6355\u6349\u8d85\u989d\uff1b ETF \u8f6e\u52a8\u8d1f\u8d23\u5728\u677f\u5757\u884c\u60c5\u91cc\u8ffd\u8d8b\u52bf\u3002\u4e24\u4e2a\u5f15\u64ce\u4ea4\u66ff\u53d1\u529b\uff0c\u4e92\u76f8\u8865\u4f4d\u2014\u2014\u6211\u7ed9\u5b83\u8d77\u4e86\u4e2a\u540d\u5b57\uff1a<strong>\u300c\u53cc\u9f99\u51fa\u6d77\u300d</strong>\u3002</p>\n<hr/>\n<h2>\u4e00\u3001\u4e3a\u4ec0\u4e48\u8981\u52a0 ETF \uff1f\u5148\u770b\u6570\u636e\u8bf4\u8bdd</h2>\n<p>\u5355\u8dd1\u5c0f\u5e02\u503c\u7b56\u7565\uff0c5 \u5e74 30 \u500d\uff0c\u5e74\u5316\u6536\u76ca\u6781\u9ad8\uff0c\u4f46\u6709\u4e00\u4e2a\u95ee\u9898\uff1a<strong>\u56de\u64a4\u96c6\u4e2d\u5728\u5927\u76d8\u7cfb\u7edf\u6027\u4e0b\u8dcc\u7684\u9636\u6bb5</strong>\u3002\u5f53\u5927\u76d8\u66b4\u8dcc\u65f6\uff0c\u5c0f\u5e02\u503c\u80a1\u7968\u7684\u8dcc\u5e45\u5f80\u5f80\u6bd4\u5927\u76d8\u8fd8\u72e0\u3002</p>\n<p>\u800c ETF \u8f6e\u52a8\u7b56\u7565\u6709\u4e00\u4e2a\u5929\u7136\u4f18\u52bf\uff1a<strong>\u5b83\u53ef\u4ee5\u5728\u5168\u7403\u8d44\u4ea7\u4e2d\u5207\u6362</strong>\u3002A \u80a1\u4e0d\u884c\u5c31\u5207\u6e2f\u80a1 ETF \uff0c\u6e2f\u80a1\u4e0d\u884c\u5c31\u5207\u7eb3\u6307 ETF \uff0c\u7eb3\u6307\u4e5f\u4e0d\u884c\u5c31\u76f4\u63a5\u4e70\u8d27\u5e01\u57fa\u91d1\uff08\u94f6\u534e\u65e5\u5229 511880 \uff09\u8eba\u5e73\u3002</p>\n<p>\u52a0\u4e0a ETF \u4e4b\u540e\u6548\u679c\u600e\u4e48\u6837\uff1f\u6211\u8dd1\u4e86 2021 \u5e74\u81f3\u4eca\u7684\u56de\u6d4b\uff0c\u7ed3\u679c\u76f4\u63a5\u628a\u6211\u770b\u50bb\u4e86\uff1a</p>\n<table>\n<thead>\n<tr>\n<th>\u6307\u6807</th>\n<th>\u53cc\u9f99\u51fa\u6d77\uff08\u5c0f\u5e02\u503c+ETF \uff09</th>\n<th>\u57fa\u51c6\uff08\u6caa\u6df1 300 \uff09</th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td><strong>\u603b\u6536\u76ca</strong></td>\n<td><strong>4632.93%\uff08\u7ea6 47 \u500d\uff09</strong></td>\n<td>-9.11%</td>\n</tr>\n<tr>\n<td><strong>\u5e74\u5316\u6536\u76ca</strong></td>\n<td><strong>112.53%</strong></td>\n<td>\u2014</td>\n</tr>\n<tr>\n<td><strong>\u6700\u5927\u56de\u64a4</strong></td>\n<td><strong>15.50%</strong></td>\n<td>\u2014</td>\n</tr>\n<tr>\n<td><strong>\u590f\u666e\u6bd4\u7387</strong></td>\n<td><strong>4.589</strong></td>\n<td>\u2014</td>\n</tr>\n<tr>\n<td><strong>\u7d22\u63d0\u8bfa\u6bd4\u7387</strong></td>\n<td><strong>7.535</strong></td>\n<td>\u2014</td>\n</tr>\n<tr>\n<td><strong>\u80dc\u7387</strong></td>\n<td><strong>56.7%</strong></td>\n<td>\u2014</td>\n</tr>\n<tr>\n<td><strong>\u76c8\u4e8f\u6bd4</strong></td>\n<td><strong>2.505</strong></td>\n<td>\u2014</td>\n</tr>\n<tr>\n<td><strong>\u963f\u5c14\u6cd5</strong></td>\n<td><strong>1.115</strong></td>\n<td>\u2014</td>\n</tr>\n<tr>\n<td><strong>\u8d1d\u5854</strong></td>\n<td>0.502</td>\n<td>\u2014</td>\n</tr>\n</tbody></table><p>5 \u5e74 47 \u500d\uff0c\u5e74\u5316 112%\uff0c\u6700\u5927\u56de\u64a4\u624d 15.5%\u2014\u2014\u5bf9\u6bd4\u4e0a\u4e00\u7bc7\u7eaf\u5c0f\u5e02\u503c\u7684\"5 \u5e74 30 \u500d 17 \u56de\u64a4\"\uff0c**\u6536\u76ca\u4ece 30 \u500d\u63d0\u5347\u5230 47 \u500d\uff0c\u56de\u64a4\u53cd\u800c\u4ece 17%\u964d\u5230\u4e86 15.5%**\u3002</p>\n<p>\u8bf4\u767d\u4e86\u5c31\u662f\uff1a<strong>\u52a0\u4e86 ETF \u5f15\u64ce\u4e4b\u540e\uff0c\u4e0d\u4ec5\u8d5a\u5f97\u66f4\u591a\u4e86\uff0c\u8fd8\u66f4\u7a33\u4e86</strong>\u3002\u8fd9\u4e0d\u5c31\u662f\"\u65e2\u8981\u53c8\u8981\"\u7684\u6700\u4f73\u7b54\u6848\u4e48\uff1f</p>\n<table>\n<thead>\n<tr>\n<th>\u7ef4\u5ea6</th>\n<th>\u7eaf\u5c0f\u5e02\u503c</th>\n<th>\u5c0f\u5e02\u503c + ETF \u8f6e\u52a8</th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td>\u8fdb\u653b\u6027</td>\n<td>\u2b50\u2b50\u2b50\u2b50\u2b50</td>\n<td>\u2b50\u2b50\u2b50\u2b50</td>\n</tr>\n<tr>\n<td>\u9632\u5b88\u6027</td>\n<td>\u2b50\u2b50\u2b50</td>\n<td>\u2b50\u2b50\u2b50\u2b50\u2b50</td>\n</tr>\n<tr>\n<td>\u884c\u60c5\u9002\u5e94\u6027</td>\n<td>A \u80a1\u5f39\u6027\u884c\u60c5</td>\n<td>\u5168\u5e02\u573a+\u5168\u7403\u8d44\u4ea7</td>\n</tr>\n<tr>\n<td>\u7a7a\u4ed3\u65f6\u7684\u673a\u4f1a\u6210\u672c</td>\n<td>\u9ad8\uff08\u53ea\u80fd\u4e70\u8d27\u5e01 ETF \uff09</td>\n<td>\u4f4e\uff08\u81ea\u52a8\u5207\u5230\u5f3a\u52bf ETF \uff09</td>\n</tr>\n</tbody></table><p><strong>\u6838\u5fc3\u903b\u8f91\uff1a\u5c0f\u5e02\u503c\u662f\u77db\uff0cETF \u8f6e\u52a8\u662f\u76fe\u2014\u2014\u53cc\u6838\u534f\u540c\uff0c\u653b\u5b88\u517c\u5907</strong>\u3002</p>\n<hr/>\n<h2>\u4e8c\u3001\u67b6\u6784\u8bbe\u8ba1\uff1a\u4e24\u4e2a\u5b50\u8d26\u6237\uff0c\u5404\u7ba1\u5404\u7684</h2>\n<p>\u53cc\u6838\u7b56\u7565\u7684\u67b6\u6784\u5176\u5b9e\u4e0d\u590d\u6742\uff0c\u6838\u5fc3\u5c31\u662f<strong>\u5b50\u8d26\u6237\u9694\u79bb</strong>\uff1a</p>\n<pre><code>\u603b\u8d44\u91d1 100%\n  \u251c\u2500\u2500 \u5b50\u8d26\u6237 0\uff1a\u5c0f\u5e02\u503c\u7b56\u7565\uff08 50%\uff09\n  \u2502     \u2514\u2500\u2500 \u6bcf\u5468\u4e8c\u8c03\u4ed3\uff0c\u9009\u4e2d\u8bc1 1000 \u6700\u5c0f\u5e02\u503c\u80a1\u7968\n  \u2514\u2500\u2500 \u5b50\u8d26\u6237 1\uff1a\u4e94\u798f ETF \u8f6e\u52a8\uff08 50%\uff09\n        \u2514\u2500\u2500 \u6bcf\u65e5\u5348\u540e\u8f6e\u52a8\uff0c\u4ece 100+\u53ea ETF \u4e2d\u6311\u6700\u5f3a\u7684 1 \u53ea\n</code></pre>\n<p>\u805a\u5bbd\u63d0\u4f9b\u4e86 <code>set_subportfolios</code> \u7684\u529f\u80fd\uff0c\u53ef\u4ee5\u628a\u4e00\u4e2a\u8d26\u6237\u62c6\u6210\u4e24\u4e2a\u72ec\u7acb\u5b50\u8d26\u6237\uff0c\u5404\u81ea\u6709\u72ec\u7acb\u7684\u6301\u4ed3\u548c\u8d44\u91d1\uff0c\u4e92\u4e0d\u5e72\u6270\uff1a</p>\n<pre><code class=\"language-python\">set_subportfolios([\n    SubPortfolioConfig(cash=\u5c0f\u5e02\u503c\u8d44\u91d1, type='stock'),  # \u5b50\u8d26\u6237 0\n    SubPortfolioConfig(cash=ETF \u8d44\u91d1, type='stock'),      # \u5b50\u8d26\u6237 1\n])\n</code></pre>\n<p>\u8fd9\u6837\u505a\u7684\u597d\u5904\u662f\uff1a</p>\n<ul>\n<li><strong>\u7b56\u7565\u4e4b\u95f4\u5b8c\u5168\u9694\u79bb</strong>\uff1a\u5c0f\u5e02\u503c\u6b62\u635f\u4e0d\u4f1a\u5f71\u54cd ETF \u6301\u4ed3\uff0c\u53cd\u4e4b\u4ea6\u7136</li>\n<li><strong>\u8d44\u91d1\u5206\u914d\u6e05\u6670</strong>\uff1a\u5404\u5360 50%\uff0c\u4e0d\u4f1a\u51fa\u73b0\u4e00\u8fb9\u5403\u6389\u53e6\u4e00\u8fb9\u8d44\u91d1\u7684\u60c5\u51b5</li>\n<li><strong>\u72ec\u7acb\u8bb0\u5f55\u6536\u76ca</strong>\uff1a\u53ef\u4ee5\u5206\u522b\u770b\u4e24\u4e2a\u7b56\u7565\u5404\u81ea\u7684\u8868\u73b0\uff0c\u65b9\u4fbf\u5f52\u56e0\u5206\u6790</li>\n</ul>\n<hr/>\n<h2>\u4e09\u3001ETF \u8f6e\u52a8\u5f15\u64ce\u62c6\u89e3\uff08\u7ad9\u5728\u5927\u4f6c\u80a9\u8180\u4e0a\uff09</h2>\n<p>\u5c0f\u5e02\u503c\u90e8\u5206\u7684\u903b\u8f91\u6211\u5728\u4e0a\u4e00\u7bc7\u5df2\u7ecf\u62c6\u8fc7\u4e86\uff0c\u8fd9\u91cc\u91cd\u70b9\u8bb2 ETF \u8f6e\u52a8\u90e8\u5206\u3002</p>\n<p><strong>\u5148\u8bf4\u58f0\u611f\u8c22</strong>\uff1aETF \u8f6e\u52a8\u8fd9\u5757\u6211\u53c2\u8003\u4e86\u793e\u533a\u91cc\u5f88\u591a\u5927\u4f6c\u7684\u7b56\u7565\u548c\u601d\u8def\uff0c\u5305\u62ec ETF \u6c60\u5b50\u7684\u6784\u5efa\u65b9\u5f0f\u3001\u52a8\u91cf\u6253\u5206\u7684\u6570\u5b66\u65b9\u6cd5\u3001\u9707\u8361\u671f\u5207\u6362\u673a\u5236\u7b49\u3002\u6211\u505a\u7684\u66f4\u591a\u662f\u300c\u5b66\u4e60\u2192\u7406\u89e3\u2192\u6574\u5408\u300d\u7684\u5de5\u4f5c\uff0c\u7b97\u4e0d\u4e0a\u4ec0\u4e48\u539f\u521b\uff0c\u66f4\u50cf\u662f\u4e00\u4e2a\u5b66\u4e60\u7b14\u8bb0\u3002\u5982\u679c\u54ea\u4f4d\u5927\u4f6c\u770b\u5230\u89c9\u5f97\u67d0\u4e2a\u6a21\u5757\u773c\u719f\uff0c\u90a3\u5927\u6982\u7387\u5c31\u662f\u4ece\u60a8\u90a3\u5b66\u6765\u7684?</p>\n<h3>3.1 ETF \u6c60\u5b50\uff1a\u56fa\u5b9a\u6c60 + \u52a8\u6001\u6c60\uff0c\u53cc\u6c60\u5408\u5e76</h3>\n<p>ETF \u8f6e\u52a8\u7684\u7b2c\u4e00\u4e2a\u96be\u9898\u662f\uff1a<strong>\u4ece\u54ea\u4e9b ETF \u91cc\u9009\uff1f</strong></p>\n<p>\u6211\u5b66\u4e60\u5230\u7684\u4e00\u4e2a\u5f88\u806a\u660e\u7684\u505a\u6cd5\u2014\u2014<strong>\u56fa\u5b9a\u6c60 + \u52a8\u6001\u6c60\u5408\u5e76</strong>\uff1a</p>\n<ul>\n<li><strong>\u56fa\u5b9a\u6c60</strong>\uff08 108 \u53ea\uff09\uff1a\u624b\u5de5\u7cbe\u9009\u7684\u4f18\u8d28 ETF \uff0c\u8986\u76d6\u9ec4\u91d1\u3001\u767d\u94f6\u3001\u7eb3\u6307\u3001\u6052\u751f\u3001\u5404\u884c\u4e1a\u677f\u5757\u7b49</li>\n<li><strong>\u52a8\u6001\u6c60</strong>\uff08\u5168\u5e02\u573a\u626b\u63cf\uff09\uff1a\u6bcf\u5929\u4ece\u5168\u5e02\u573a ETF \u4e2d\u81ea\u52a8\u7b5b\u9009\u6d41\u52a8\u6027\u8fbe\u6807\u7684\u5934\u90e8\u6807\u7684\uff0c\u53bb\u91cd\u540e\u53d6\u884c\u4e1a\u6700\u5f3a\u7684\u90a3\u4e00\u53ea</li>\n</ul>\n<p>\u5173\u952e\u8fc7\u6ee4\u903b\u8f91\uff1a</p>\n<ol>\n<li><strong>\u5254\u9664\u5bbd\u57fa\u6307\u6570 ETF</strong>\uff08\u6caa\u6df1 300 \u3001\u4e2d\u8bc1 500 \u7b49\u2014\u2014\u8fd9\u4e9b\u4e0d\u662f\u884c\u4e1a\u8f6e\u52a8\u6807\u7684\uff09</li>\n<li><strong>\u5254\u9664\u503a\u5238/\u8d27\u5e01\u7c7b ETF</strong>\uff08\u77ed\u878d\u3001\u56fd\u503a\u3001\u53ef\u8f6c\u503a\u7b49\u2014\u2014\u8fd9\u4e9b\u4e0d\u662f\u8d8b\u52bf\u6807\u7684\uff09</li>\n<li><strong>\u6d41\u52a8\u6027\u95e8\u69db</strong>\uff1a\u65e5\u5747\u6210\u4ea4\u989d\u4f4e\u4e8e\u5168\u5e02\u573a ETF \u5747\u503c/20000 \u7684\uff0c\u76f4\u63a5\u6dd8\u6c70</li>\n<li><strong>\u884c\u4e1a\u53bb\u91cd</strong>\uff1a\u540c\u884c\u4e1a\u591a\u53ea ETF \u65f6\uff0c\u53ea\u4fdd\u7559\u6210\u4ea4\u989d\u6700\u9ad8\u7684\u90a3\u4e00\u53ea</li>\n</ol>\n<p>\u6700\u7ec8\u5408\u5e76\u51fa\u7ea6 100-150 \u53ea ETF \u7684\"\u4f5c\u6218\u6c60\"\u3002</p>\n<h3>3.2 \u52a8\u91cf\u6253\u5206\uff1a\u62c9\u666e\u62c9\u65af\u6ee4\u6ce2 + \u9ad8\u65af\u6ee4\u6ce2</h3>\n<p>ETF \u8f6e\u52a8\u6700\u6838\u5fc3\u7684\u95ee\u9898\u662f\uff1a<strong>\u600e\u4e48\u5224\u65ad\u54ea\u53ea ETF \u6700\u5f3a\uff1f</strong></p>\n<p>\u7b56\u7565\u7528\u7684\u662f<strong>\u52a0\u6743\u7ebf\u6027\u56de\u5f52 + \u6570\u5b66\u6ee4\u6ce2\u5668</strong>\u7684\u7ec4\u5408\u65b9\u6848\uff1a</p>\n<p><strong>\u52a8\u91cf\u5f97\u5206\u8ba1\u7b97</strong>\uff08 25 \u65e5\u56de\u770b\uff09\uff1a</p>\n<pre><code>1. \u5bf9\u6536\u76d8\u4ef7\u53d6\u5bf9\u6570\n2. \u7528\u52a0\u6743\u6700\u5c0f\u4e8c\u4e58\u6cd5\u62df\u5408\u8d8b\u52bf\u7ebf\uff08\u8fd1\u671f\u6570\u636e\u6743\u91cd\u66f4\u9ad8\uff09\n3. \u659c\u7387\u5e74\u5316 \u2192 \u5e74\u5316\u6536\u76ca\u7387\n4. \u8ba1\u7b97 R\u00b2\uff08\u62df\u5408\u4f18\u5ea6\uff09\u2192 \u8d8b\u52bf\u7a33\u5b9a\u5ea6\n5. \u52a8\u91cf\u5f97\u5206 = \u5e74\u5316\u6536\u76ca\u7387 \u00d7 R\u00b2\n</code></pre>\n<p>\u8bf4\u4eba\u8bdd\u5c31\u662f\uff1a<strong>\u6da8\u5f97\u5feb\u8fd8\u6da8\u5f97\u7a33\u7684 ETF \uff0c\u5f97\u5206\u6700\u9ad8</strong>\u3002</p>\n<p>\u4f46\u8fd9\u8fd8\u4e0d\u591f\u3002\u7b56\u7565\u989d\u5916\u52a0\u4e86\u4e24\u5c42\u6570\u5b66\u6ee4\u6ce2\u5668\uff0c\u7528\u6765\u5224\u65ad\"\u8be5\u4e0d\u8be5\u73b0\u5728\u4e70\"\uff1a</p>\n<table>\n<thead>\n<tr>\n<th>\u6ee4\u6ce2\u5668</th>\n<th>\u7528\u9014</th>\n<th>\u89e6\u53d1\u6761\u4ef6</th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td><strong>\u62c9\u666e\u62c9\u65af\u6ee4\u6ce2</strong>\uff08\u6b63\u5e38\u671f\u4f7f\u7528\uff09</td>\n<td>\u5e73\u6ed1\u4ef7\u683c\uff0c\u8bc6\u522b\u8d8b\u52bf</td>\n<td>\u4ef7\u683c &gt; \u6ee4\u6ce2\u503c \u4e14 \u659c\u7387 &gt; 0.002</td>\n</tr>\n<tr>\n<td><strong>\u9ad8\u65af\u6ee4\u6ce2</strong>\uff08\u9707\u8361\u671f\u4f7f\u7528\uff09</td>\n<td>\u66f4\u5f3a\u7684\u964d\u566a\uff0c\u66f4\u4fdd\u5b88</td>\n<td>\u4ef7\u683c &gt; \u6ee4\u6ce2\u503c \u4e14 \u659c\u7387 &gt; 0.002</td>\n</tr>\n</tbody></table><p>\u6b63\u5e38\u884c\u60c5\u7528\u62c9\u666e\u62c9\u65af\uff08\u7075\u654f\u4e00\u70b9\uff0c\u6293\u8d8b\u52bf\uff09\uff0c\u9707\u8361\u884c\u60c5\u5207\u9ad8\u65af\uff08\u4fdd\u5b88\u4e00\u70b9\uff0c\u5c11\u6328\u6253\uff09\u3002<strong>\u4e24\u4e2a\u6ee4\u6ce2\u5668\u81ea\u52a8\u5207\u6362</strong>\uff0c\u8fd9\u4e2a\u8bbe\u8ba1\u5f88\u5de7\u5999\u3002</p>\n<h3>3.3 \u9707\u8361\u671f\u81ea\u52a8\u5207\u6362\uff1a\u5e02\u573a\u7684\"\u7ea2\u7eff\u706f\"</h3>\n<p>\u7b56\u7565\u6709\u4e00\u5957\u5b8c\u6574\u7684\"\u7ea2\u7eff\u706f\"\u673a\u5236\u6765\u5224\u65ad\u5f53\u524d\u662f\u6b63\u5e38\u671f\u8fd8\u662f\u9707\u8361\u671f\uff1a</p>\n<p><strong>\u8fdb\u5165\u9707\u8361\u671f\uff08\u4eae\u7ea2\u706f\uff09</strong>\u2014\u2014\u6ee1\u8db3\u4efb\u4e00\u6761\u4ef6\uff1a</p>\n<ul>\n<li>\u6caa\u6df1 300 \u7684\u4e56\u79bb\u7387\uff08 BIAS \uff09&gt; 8%\uff08\u6da8\u592a\u591a\u4e86\uff0c\u6709\u56de\u8c03\u98ce\u9669\uff09</li>\n<li>RSI \u4ece 70 \u4ee5\u4e0a\u56de\u843d\u5230 65 \u4ee5\u4e0b\uff08\u8d85\u4e70\u540e\u5f00\u59cb\u56de\u843d\uff09</li>\n<li>\u5f53\u5929\u89e6\u53d1\u4e86\u6b62\u635f\uff08\u5e02\u573a\u53ef\u80fd\u5728\u53d8\u5dee\uff09</li>\n</ul>\n<p><strong>\u9000\u51fa\u9707\u8361\u671f\uff08\u4eae\u7eff\u706f\uff09</strong>\u2014\u2014\u6ee1\u8db3\u4efb\u4e00\u6761\u4ef6\uff1a</p>\n<ul>\n<li>\u4ece\u8fd1 20 \u65e5\u4f4e\u70b9\u53cd\u5f39\u8d85\u8fc7 4%</li>\n<li>\u56de\u64a4\u6536\u7a84 + \u591a\u4e2a\u590d\u82cf\u4fe1\u53f7\u8fde\u7eed\u51fa\u73b0</li>\n<li>\u9707\u8361\u671f\u6301\u7eed\u8d85\u8fc7 20 \u4e2a\u4ea4\u6613\u65e5\uff08\u5f3a\u5236\u9000\u51fa\uff0c\u4e0d\u80fd\u6c38\u8fdc\u89c2\u671b\uff09</li>\n</ul>\n<p>\u8fd8\u6709\u4e00\u4e2a<strong>\u51b7\u5374\u671f\u8bbe\u8ba1</strong>\uff1a\u6bcf\u6b21\u7ea2\u7eff\u706f\u5207\u6362\u540e\uff0c3 \u4e2a\u4ea4\u6613\u65e5\u5185\u4e0d\u5141\u8bb8\u518d\u6b21\u5207\u6362\uff0c\u9632\u6b62\u9891\u7e41\u53cd\u590d\u3002</p>\n<h3>3.4 \u591a\u5c42\u8fc7\u6ee4\u6f0f\u6597</h3>\n<p>\u4ece\u4f5c\u6218\u6c60\u5230\u6700\u7ec8\u4e70\u5165\uff0c\u8981\u8fc7<strong>\u4e03\u9053\u5173</strong>\uff1a</p>\n<pre><code>100+\u53ea ETF\n  \u2192 \u52a8\u91cf\u5f97\u5206\u8fc7\u6ee4\uff08 0 \u2264 \u5f97\u5206 \u2264 5 \uff09\n  \u2192 R\u00b2\u8fc7\u6ee4\uff08&gt; 0.4 \uff0c\u8d8b\u52bf\u4e0d\u7a33\u7684\u6392\u9664\uff09\n  \u2192 \u6210\u4ea4\u91cf\u8fc7\u6ee4\uff08\u91cf\u6bd4 &lt;1.8 \uff0c\u5f02\u5e38\u653e\u91cf\u7684\u6392\u9664\uff09\n  \u2192 \u77ed\u671f\u98ce\u63a7\uff08\u8fd1 3 \u5929\u6ca1\u6709\u5355\u65e5\u8dcc &gt; 3%\uff09\n  \u2192 \u6ea2\u4ef7\u7387\u8fc7\u6ee4\uff08\u53ef\u9009\uff0c\u9632\u6b62 QDII \u9ad8\u6ea2\u4ef7\u9677\u9631\uff09\n  \u2192 \u52a8\u6001\u6ee4\u6ce2\u8fc7\u6ee4\uff08\u6b63\u5e38\u671f/\u9707\u8361\u671f\u5206\u522b\u7528\u4e0d\u540c\u6ee4\u6ce2\u5668\uff09\n  \u2192 \u6700\u7ec8\u53ea\u9009 1 \u53ea\uff01\n</code></pre>\n<p>\u6ca1\u9519\uff0c<strong>\u6700\u7ec8\u53ea\u6301\u6709 1 \u53ea ETF</strong>\u3002\u8fd9\u662f\u4e00\u4e2a\u975e\u5e38\u6fc0\u8fdb\u4f46\u4e5f\u975e\u5e38\u7eaf\u7cb9\u7684\u8bbe\u8ba1\u2014\u2014\u5168\u4ed3\u8f6e\u52a8\uff0c\u4e0d\u5206\u6563\u3002\u56e0\u4e3a\u5206\u6563\u5728 ETF \u8f6e\u52a8\u91cc\u53cd\u800c\u662f\u7a00\u91ca\u6536\u76ca\uff0c\u4e0d\u5982\u96c6\u4e2d\u706b\u529b\u8ffd\u6700\u5f3a\u7684\u90a3\u4e2a\u3002</p>\n<h3>3.5 \u5206\u949f\u7ea7\u6b62\u635f\uff1a\u6700\u540e\u7684\u4fdd\u9669\u4e1d</h3>\n<p>ETF \u7b56\u7565\u8fd8\u6709\u4e00\u4e2a\u5206\u949f\u7ea7\u7684\u6b62\u635f\u673a\u5236\uff08<code>every_bar</code> \u9891\u7387\u8fd0\u884c\uff09\uff1a</p>\n<ul>\n<li><strong>\u56fa\u5b9a\u6b62\u635f</strong>\uff1a\u5f53\u524d\u4ef7\u683c\u8dcc\u7834\u6210\u672c\u4ef7\u7684 95%\u65f6\uff0c\u7acb\u523b\u5356\u51fa</li>\n<li><strong>\u65e5\u5185\u8dcc\u5e45\u6b62\u635f</strong>\uff08\u53ef\u9009\uff09\uff1a\u5982\u679c\u5f53\u5929\u76f8\u5bf9\u6628\u6536\u8dcc\u8d85\u8fc7 5%\uff0c\u4e5f\u7acb\u523b\u5356\u51fa</li>\n</ul>\n<p>\u89e6\u53d1\u6b62\u635f\u540e\u4f1a\u6807\u8bb0 <code>stop_loss_triggered_today</code>\uff0c\u5728\u5348\u540e 13:10 \u7684\u68c0\u67e5\u4e2d\u81ea\u52a8\u89e6\u53d1\u8fdb\u5165\u9707\u8361\u671f\u2014\u2014<strong>\u6b62\u635f\u4e0d\u4ec5\u662f\u4fdd\u62a4\u672c\u91d1\uff0c\u8fd8\u4f1a\u89e6\u53d1\u7b56\u7565\u6574\u4f53\u8fdb\u5165\u9632\u5b88\u59ff\u6001</strong>\u3002</p>\n<hr/>\n<h2>\u56db\u3001\u53cc\u6838\u534f\u540c\u7684\u51e0\u4e2a\u5173\u952e\u7ec6\u8282</h2>\n<h3>4.1 \u8d44\u91d1\u5206\u914d</h3>\n<p>\u5f53\u524d\u662f\u7b80\u5355\u7684 50:50 \u5e73\u5206\u3002\u4f46\u6211\u5728\u60f3\uff0c\u672a\u6765\u53ef\u4ee5\u6839\u636e\u5e02\u573a\u72b6\u6001\u52a8\u6001\u8c03\u6574\u2014\u2014\u6bd4\u5982 A \u80a1\u5f39\u6027\u597d\u7684\u65f6\u5019\u591a\u7ed9\u5c0f\u5e02\u503c\uff0cETF \u677f\u5757\u8f6e\u52a8\u5f3a\u7684\u65f6\u5019\u591a\u7ed9 ETF \u3002\u8fd9\u662f\u4e00\u4e2a\u53ef\u4ee5\u7ee7\u7eed\u4f18\u5316\u7684\u65b9\u5411\u3002</p>\n<h3>4.2 \u72ec\u7acb\u6536\u76ca\u8bb0\u5f55</h3>\n<p>\u7b56\u7565\u6bcf\u65e5\u6536\u76d8\u540e\u4f1a\u5206\u522b\u8bb0\u5f55\u4e24\u4e2a\u5b50\u7b56\u7565\u7684\u7d2f\u8ba1\u6536\u76ca\u7387\uff0c\u65b9\u4fbf\u505a\u5f52\u56e0\u5206\u6790\u3002\u7528 <code>record()</code> \u51fd\u6570\u8f93\u51fa\u5230\u56de\u6d4b\u56fe\u8868\u4e0a\uff0c\u53ef\u4ee5\u76f4\u89c2\u770b\u5230\u4e24\u6761\u6536\u76ca\u66f2\u7ebf\u3002</p>\n<pre><code class=\"language-python\">def record_daily_performance(context):\n    for i, strategy_key in enumerate(['strategy1', 'strategy2']):\n        sub_portfolio = context.subportfolios[i]\n        cumulative_return = (sub_portfolio.total_value / initial_cash - 1) * 100\n        # \u8bb0\u5f55\u5230\u56fe\u8868\n    record(\u5c0f\u5e02\u503c=\u5c0f\u5e02\u503c\u6536\u76ca\u7387, \u4e94\u798f ETF=ETF \u6536\u76ca\u7387)\n</code></pre>\n<h3>4.3 \u6ed1\u70b9\u548c\u4f63\u91d1\u7684\u5dee\u5f02\u5316\u8bbe\u7f6e</h3>\n<p>\u5f88\u591a\u4eba\u5ffd\u7565\u7684\u4e00\u4e2a\u7ec6\u8282\u2014\u2014<strong>\u80a1\u7968\u548c ETF \u7684\u4ea4\u6613\u6210\u672c\u662f\u4e0d\u4e00\u6837\u7684</strong>\uff1a</p>\n<pre><code class=\"language-python\">set_slippage(FixedSlippage(0.002), type=\"stock\")       # \u80a1\u7968\uff1a\u56fa\u5b9a\u6ed1\u70b9\nset_slippage(PriceRelatedSlippage(0.0001), type=\"fund\") # ETF\uff1a\u6bd4\u4f8b\u6ed1\u70b9\n\n# \u80a1\u7968\u4f63\u91d1\uff1a\u4e07 0.85 \uff0c\u5356\u51fa\u8fd8\u6709\u5343\u5206\u4e4b 0.5 \u7684\u5370\u82b1\u7a0e\n# ETF \u4f63\u91d1\uff1a\u4e07 0.5 \uff0c\u65e0\u5370\u82b1\u7a0e\n</code></pre>\n<p>ETF \u7684\u4ea4\u6613\u6210\u672c\u5929\u7136\u6bd4\u80a1\u7968\u4f4e\u5f88\u591a\uff0c\u8fd9\u4e5f\u662f ETF \u8f6e\u52a8\u7b56\u7565\u80fd\u9891\u7e41\u8c03\u4ed3\u7684\u57fa\u7840\u3002</p>\n<hr/>\n<h2>\u4e94\u3001\u4e00\u4e2a\u5c0f\u767d\u7684\u5b66\u4e60\u611f\u609f</h2>\n<ol>\n<li>\n<p><strong>\u4e0d\u8981\u53ea\u76ef\u4e00\u4e2a\u8d5b\u9053</strong>\u3002\u5c0f\u5e02\u503c\u518d\u597d\uff0c\u78b0\u5230\u98ce\u683c\u5207\u6362\u4e5f\u4f1a\u6b47\u83dc\u3002\u52a0\u4e00\u4e2a ETF \u8f6e\u52a8\u5f15\u64ce\uff0c\u76f8\u5f53\u4e8e\u7ed9\u81ea\u5df1\u591a\u5f00\u4e86\u4e00\u4e2a\u5168\u7403\u5316\u7684\u6218\u573a\u3002</p>\n</li>\n<li>\n<p><strong>\u7ad9\u5728\u5de8\u4eba\u80a9\u8180\u4e0a\u5b66\u5f97\u66f4\u5feb</strong>\u3002ETF \u8f6e\u52a8\u8fd9\u4e00\u6574\u5957\u903b\u8f91\uff0c\u5982\u679c\u8ba9\u6211\u4ece\u96f6\u5f00\u59cb\u5199\uff0c\u53ef\u80fd\u534a\u5e74\u90fd\u5199\u4e0d\u51fa\u6765\u3002\u4f46\u793e\u533a\u91cc\u6709\u90a3\u4e48\u591a\u5927\u4f6c\u65e0\u79c1\u5206\u4eab\u4ee3\u7801\u548c\u601d\u8def\uff0c\u6211\u505a\u7684\u53ea\u662f\u628a\u4e0d\u540c\u7684\u6a21\u5757\u5b66\u61c2\u3001\u62fc\u5230\u4e00\u8d77\u3002<strong>\u805a\u5bbd\u793e\u533a\u7684\u5f00\u6e90\u6c1b\u56f4\u771f\u7684\u5f88\u597d</strong>\uff0c\u611f\u8c22\u6bcf\u4e00\u4f4d\u5206\u4eab\u7b56\u7565\u7684\u524d\u8f88\u3002</p>\n</li>\n<li>\n<p><strong>\u6570\u5b66\u6ee4\u6ce2\u5668\u5f88\u6709\u610f\u601d</strong>\u3002\u62c9\u666e\u62c9\u65af\u3001\u9ad8\u65af\u8fd9\u4e9b\u4fe1\u53f7\u5904\u7406\u9886\u57df\u7684\u5de5\u5177\uff0c\u7528\u5230\u91d1\u878d\u6570\u636e\u4e0a\u6548\u679c\u5f88\u597d\u3002\u4f5c\u4e3a\u5c0f\u767d\u7b2c\u4e00\u6b21\u63a5\u89e6\u8fd9\u4e9b\u6982\u5ff5\uff0c\u8bf4\u5b9e\u8bdd\u8fd8\u6ca1\u6709\u5b8c\u5168\u5403\u900f\uff0c\u540e\u9762\u8fd8\u8981\u7ee7\u7eed\u5543\u8bba\u6587\u548c\u4ee3\u7801\u3002</p>\n</li>\n<li>\n<p><strong>\u9707\u8361\u671f\u5207\u6362\u662f ETF \u8f6e\u52a8\u7684\u7075\u9b42</strong>\u3002\u6ca1\u6709\u8fd9\u4e2a\u673a\u5236\uff0cETF \u8f6e\u52a8\u5728\u9707\u8361\u884c\u60c5\u91cc\u4f1a\u88ab\u53cd\u590d\u6253\u8138\u3002\u6709\u4e86\u7ea2\u7eff\u706f+\u51b7\u5374\u671f\uff0c\u7b56\u7565\u624d\u80fd\u5728\"\u8ffd\u8d8b\u52bf\"\u548c\"\u8ba4\u6002\"\u4e4b\u95f4\u4f18\u96c5\u5207\u6362\u3002</p>\n</li>\n<li>\n<p><strong>\u5b50\u8d26\u6237\u9694\u79bb\u662f\u4e2a\u597d\u8bbe\u8ba1</strong>\u3002\u8ba9\u4e24\u4e2a\u7b56\u7565\u5404\u7ba1\u5404\u7684\uff0c\u4e0d\u4e89\u62a2\u8d44\u91d1\uff0c\u4e0d\u76f8\u4e92\u5e72\u6270\u3002\u7b80\u5355\u7c97\u66b4\u4f46\u6709\u6548\u3002</p>\n</li>\n<li>\n<p><strong>\u6700\u540e\u8fd8\u662f\u90a3\u53e5\u8bdd\uff1a\u98ce\u63a7\u662f\u4e00\u5207\u7684\u57fa\u7840</strong>\u3002\u4e0d\u7ba1\u662f\u5c0f\u5e02\u503c\u7684\u4e94\u9053\u9632\u7ebf\uff0c\u8fd8\u662f ETF \u7684\u5206\u949f\u7ea7\u6b62\u635f\uff0c\u6838\u5fc3\u90fd\u662f\u540c\u4e00\u4e2a\u4fe1\u4ef0\u2014\u2014<strong>\u5148\u6d3b\u7740\uff0c\u518d\u8d5a\u94b1</strong>\u3002</p>\n</li>\n</ol>\n<hr/>\n<h2>\u516d\u3001\u5b9e\u6218\u68c0\u9a8c</h2>\n<p>\u8bf4\u5f97\u518d\u597d\u4e0d\u5982\u8dd1\u8d77\u6765\u770b\u3002\u6211\u5df2\u7ecf\u628a\u8fd9\u5957\u300c\u5c0f\u5e02\u503c+ETF \u8f6e\u52a8_\u53cc\u9f99\u51fa\u6d77\u300d\u7b56\u7565\u4e0a\u4f20\u5230\u4e86 **<a href=\"https://www.9db.com/?t=v2ex_mm\" rel=\"nofollow\">9db \u91cf\u5316\u7ade\u6280\u573a</a>**\uff0c\u7528\u771f\u5b9e\u6a21\u62df\u76d8\u6bcf\u5929\u8dd1\u3002</p>\n<p>\u6b22\u8fce\u56f4\u89c2\u3001\u62cd\u7816\u3002\u5728 9db \u4e0a\u53ef\u4ee5\u770b\u5230\u6bcf\u5929\u7684\u4ea4\u6613\u8bb0\u5f55\u3001\u6301\u4ed3\u53d8\u5316\u3001\u6536\u76ca\u66f2\u7ebf\u3002\u6bd4\u56de\u6d4b\u66f4\u771f\u5b9e\uff0c\u56e0\u4e3a\u662f\u6bcf\u5929\u5b9e\u65f6\u8dd1\u7684\u2014\u2014\u597d\u4e0d\u597d\uff0c\u8dd1\u51e0\u5468\u5c31\u77e5\u9053\u4e86\u3002</p>\n<p>\u4e5f\u6b22\u8fce\u5927\u5bb6\u53bb\u770b\u770b\u5176\u4ed6\u5927\u4f6c\u7684\u7b56\u7565\u8868\u73b0\uff0c\u548c\u81ea\u5df1\u7684\u7b56\u7565\u505a\u4e2a\u5bf9\u6bd4\u3002\u91cf\u5316\u8fd9\u6761\u8def\uff0c\u95ed\u95e8\u9020\u8f66\u4e0d\u5982\u591a\u770b\u591a\u5b66\u3002</p>\n<hr/>\n<p><em>\u4f5c\u4e3a\u4e00\u4e2a\u521a\u5165\u95e8\u7684\u91cf\u5316\u5c0f\u767d\uff0c\u6587\u4e2d\u5f88\u591a\u7406\u89e3\u53ef\u80fd\u4e0d\u591f\u6df1\u5165\u751a\u81f3\u6709\u504f\u5dee\uff0c\u6b22\u8fce\u5404\u4f4d\u5927\u4f6c\u5728\u8bc4\u8bba\u533a\u6307\u6b63\u3002\u4e5f\u7279\u522b\u611f\u8c22\u793e\u533a\u91cc\u90a3\u4e9b\u65e0\u79c1\u5206\u4eab\u7b56\u7565\u548c\u601d\u8def\u7684\u524d\u8f88\u4eec\uff0c\u6ca1\u6709\u4f60\u4eec\u7684\u5f00\u6e90\u7cbe\u795e\uff0c\u5c31\u6ca1\u6709\u8fd9\u7bc7\u5b66\u4e60\u7b14\u8bb0\u3002</em></p>\n<p><em>\u514d\u8d23\u58f0\u660e\uff1a\u4ee5\u4e0a\u5185\u5bb9\u4ec5\u4e3a\u4e2a\u4eba\u5b66\u4e60\u8bb0\u5f55\uff0c\u4e0d\u6784\u6210\u4efb\u4f55\u6295\u8d44\u5efa\u8bae\u3002\u80a1\u5e02\u6709\u98ce\u9669\uff0c\u6295\u8d44\u9700\u8c28\u614e\u3002</em></p>\n"
    }, 
    {
      "author": {
        "url": "https://www.v2ex.com/member/jonty", 
        "name": "jonty", 
        "avatar": "https://cdn.v2ex.com/avatar/b8ce/9f31/585950_large.png?m=1745484378"
      }, 
      "url": "https://www.v2ex.com/t/1217786", 
      "title": "\u4e0a\u4e86\u6052\u987a\u918b\u4e1a\u7684\u5f53\u4e86", 
      "id": "https://www.v2ex.com/t/1217786", 
      "date_published": "2026-06-04T01:38:39+00:00", 
      "content_html": "<p>\u90a3\u5929\u8bf4\u4e70 100 \u80a1\u9001 4 \u74f6\u8c03\u6599\uff0c\u54e5\u4eec\u4e70\u4e86 100 \u80a1\u3002\u5230\u73b0\u5728\u8fd8\u6ca1\u53d1\u8d27\uff0c\u65e9\u4e0a\u5f00\u76d8\u5df2\u7ecf\u4e8f 30 \u4e86\uff0c\u771f\u7ef7\u4e0d\u4f4f\u4e86\u3002</p>\n"
    }, 
    {
      "author": {
        "url": "https://www.v2ex.com/member/chen11", 
        "name": "chen11", 
        "avatar": "https://cdn.v2ex.com/gravatar/cd6ad5cadae5fd4667720464fb6e2eac?s=73&d=retro"
      }, 
      "url": "https://www.v2ex.com/t/1217080", 
      "title": "\u73a9\u7f8e\u80a1\u7684 xd\uff0c\u5230\u5e74\u5e95$DRAM \u80fd\u770b\u5230 100 \u4e48", 
      "id": "https://www.v2ex.com/t/1217080", 
      "date_published": "2026-06-01T09:08:56+00:00", 
      "content_html": ""
    }, 
    {
      "author": {
        "url": "https://www.v2ex.com/member/FLM210", 
        "name": "FLM210", 
        "avatar": "https://cdn.v2ex.com/gravatar/f96b3678b9386f5bf6ec588244728141?s=73&d=retro"
      }, 
      "url": "https://www.v2ex.com/t/1217064", 
      "title": "\u56fd\u52a1\u9662\u5bf9\u5916\u6295\u8d44\u65b0\u89c4\u5bf9\u4e2a\u4eba\u7092\u6e2f\u7f8e\u80a1\u7684\u5f71\u54cd", 
      "id": "https://www.v2ex.com/t/1217064", 
      "date_published": "2026-06-01T08:30:05+00:00", 
      "content_html": "2026 \u5e74 6 \u6708 1 \u65e5\uff0c\u56fd\u52a1\u9662\u6b63\u5f0f\u53d1\u5e03\u300a\u56fd\u52a1\u9662\u5173\u4e8e\u5bf9\u5916\u6295\u8d44\u7684\u89c4\u5b9a\u300b\uff08\u56fd\u4ee4\u7b2c 837 \u53f7\uff09\uff0c7 \u6708 1 \u65e5\u8d77\u65bd\u884c<br /><br />\u76ee\u524d\u770b\u6765\u8fd9\u662f\u4e00\u90e8\u6846\u67b6\u6027\u6cd5\u89c4\uff0c\u5bf9\u4e2a\u4eba\u6563\u6237\u7684\u76f4\u63a5\u51b2\u51fb\u6709\u9650\uff0c\u4f46\u662f\u7559\u4e86\u540e\u7eed\u6536\u7d27\u653f\u7b56\u7684\u53e3\u5b50\u3002<br /><br />\u4e00\u3001\u4e0e\u4e2a\u4eba\u6295\u8d44\u8005\u76f4\u63a5\u76f8\u5173\u7684\u4e09\u4e2a\u5173\u952e\u6761\u6b3e<br /><br />\u7b2c\u4e00\uff0c\u4e2a\u4eba\u88ab\u660e\u786e\u7eb3\u5165\u76d1\u7ba1\u8303\u56f4\uff08\u7b2c 2 \u6761\uff09\u3002\u539f\u6587\u5199\u7684\u662f\"\u6295\u8d44\u8005\uff0c\u5305\u62ec\u4e2d\u56fd\u5883\u5185\u7684\u4f01\u4e1a\u3001\u5176\u4ed6\u7ec4\u7ec7\u548c\u5c45\u6c11\u4e2a\u4eba\"\u3002\u8fd9\u662f\u9996\u6b21\u5728\u56fd\u52a1\u9662\u884c\u653f\u6cd5\u89c4\u5c42\u9762\u5c06\u5c45\u6c11\u4e2a\u4eba\u5bf9\u5916\u6295\u8d44\u7eb3\u5165\u7edf\u4e00\u76d1\u7ba1\u6846\u67b6\uff0c\u6b64\u524d\u4e2a\u4eba\u5883\u5916\u8bc1\u5238\u6295\u8d44\u4e3b\u8981\u4f9d\u9760\u5916\u6c47\u7ba1\u7406\u5c40\u7684\u96f6\u6563\u89c4\u5b9a\uff0c\u73b0\u5728\u6709\u4e86\u4e0a\u4f4d\u6cd5\u4f9d\u636e\u3002<br /><br />\u7b2c\u4e8c\uff0c\u5883\u5916\u91d1\u878d\u5e02\u573a\u6295\u8d44\u88ab\u660e\u786e\u8986\u76d6\uff08\u7b2c 33 \u6761\uff09\u3002\u539f\u6587\u8bf4\"\u5bf9\u6295\u8d44\u8005\u4ee5\u81ea\u6709\u8d44\u91d1\u3001\u52df\u96c6\u8d44\u91d1\u53ca\u5176\u4ed6\u53d7\u6258\u8d44\u91d1\u5728\u4e2d\u56fd\u5883\u5916\u91d1\u878d\u5e02\u573a\u6295\u8d44\u7684\u7ba1\u7406\uff0c\u4f9d\u7167\u672c\u89c4\u5b9a\u548c\u56fd\u5bb6\u5176\u4ed6\u6709\u5173\u89c4\u5b9a\u6267\u884c\"\u3002\u901a\u8fc7\u5883\u5916\u5238\u5546\u4e70\u5356\u6e2f\u7f8e\u80a1\uff0c\u5c5e\u4e8e\"\u5728\u4e2d\u56fd\u5883\u5916\u91d1\u878d\u5e02\u573a\u6295\u8d44\"\uff0c\u660e\u786e\u843d\u5165\u672c\u89c4\u5b9a\u7ba1\u8f96\u8303\u56f4\u3002<br /><br />\u7b2c\u4e09\uff0c\u4e2a\u4eba\u5177\u4f53\u7ba1\u7406\u529e\u6cd5\u5c1a\u672a\u51fa\u53f0\uff08\u7b2c 33 \u6761\u7b2c 3 \u6b3e\uff09\u3002\u539f\u6587\u662f\"\u4e2d\u56fd\u5883\u5185\u5c45\u6c11\u4e2a\u4eba\u7b49\u5bf9\u5916\u6295\u8d44\u5177\u4f53\u7ba1\u7406\u529e\u6cd5\uff0c\u7531\u56fd\u52a1\u9662\u6295\u8d44\u4e3b\u7ba1\u90e8\u95e8\u3001\u5546\u52a1\u4e3b\u7ba1\u90e8\u95e8\u5236\u5b9a\"\u3002\u8fd9\u662f\u6700\u5173\u952e\u7684\u4e00\u53e5\uff0c\u7ec6\u5219\u8fd8\u6ca1\u51fa\u3002\u610f\u5473\u7740 7 \u6708 1 \u65e5\u751f\u6548\u540e\uff0c\u4e2a\u4eba\u5c42\u9762\u7684\u5177\u4f53\u64cd\u4f5c\u8981\u6c42\uff08\u662f\u5426\u9700\u8981\u5907\u6848\u3001\u989d\u5ea6\u9650\u5236\u3001\u4fe1\u606f\u62a5\u544a\u7b49\uff09\u6682\u65f6\u6ca1\u6709\u843d\u5730\u3002<br /><br />\u4e8c\u3001\u6f5c\u5728\u5f71\u54cd\u5206\u6790<br /><br />\u77ed\u671f\u6765\u770b\uff08 2026 \u5e74 7 \u6708 1 \u65e5\u8d77\uff09\uff0c\u6846\u67b6\u6cd5\u751f\u6548\uff0c\u4f46\u4e2a\u4eba\u7ec6\u5219\u672a\u51fa\uff0c\u5b9e\u9645\u64cd\u4f5c\u5c42\u9762\u6682\u65e0\u53d8\u5316\u3002\u73b0\u6709\u7684\u6bcf\u4eba\u6bcf\u5e74 5 \u4e07\u7f8e\u5143\u8d2d\u6c47\u989d\u5ea6\u3001\u6e2f\u80a1\u901a\u7b49\u6e20\u9053\u4e0d\u53d7\u5f71\u54cd\u3002<br /><br />\u4e2d\u671f\u6765\u770b\uff08\u7ec6\u5219\u51fa\u53f0\u540e\uff09\uff0c\u53ef\u80fd\u8981\u6c42\u4e2a\u4eba\u5883\u5916\u8bc1\u5238\u6295\u8d44\u8fdb\u884c\u4fe1\u606f\u62a5\u544a\u6216\u5907\u6848\uff08\u7b2c 12 \u6761\uff09\uff0c\u8de8\u5883\u8d44\u91d1\u6d41\u52a8\u53ef\u80fd\u9762\u4e34\u66f4\u4e25\u683c\u7684\u767b\u8bb0\u8981\u6c42\u3002<br /><br />\u8d44\u91d1\u51fa\u5165\u5883\u65b9\u9762\uff0c\u7b2c 14 \u6761\u660e\u786e\"\u8d44\u91d1\u6c47\u5151\"\u4f9d\u7167\u6709\u5173\u89c4\u5b9a\u6267\u884c\uff0c\u73b0\u6709\u5916\u6c47\u7ba1\u5236\u6846\u67b6\u7ee7\u7eed\u9002\u7528\u3002\u901a\u8fc7\u5730\u4e0b\u94b1\u5e84\u7b49\u975e\u6cd5\u6e20\u9053\u51fa\u91d1\u7684\u98ce\u9669\u663e\u8457\u589e\u5927\u3002<br /><br />\u5b89\u5168\u5ba1\u67e5\u65b9\u9762\uff0c\u7b2c 15 \u6761\u5efa\u7acb\u4e86\"\u5883\u5916\u6295\u8d44\u5b89\u5168\u5ba1\u67e5\u5236\u5ea6\"\uff0c\u4e3b\u8981\u9488\u5bf9\u6d89\u53ca\u56fd\u5bb6\u5b89\u5168\u7684\u6295\u8d44\uff0c\u666e\u901a\u4e2a\u4eba\u7092\u80a1\u5927\u6982\u7387\u4e0d\u89e6\u53d1\uff0c\u4f46\u5236\u5ea6\u6846\u67b6\u5df2\u5728\u3002<br /><br />\u6e2f\u80a1\u7279\u522b\u89c4\u5b9a\u65b9\u9762\uff0c\u7b2c 32 \u6761\u660e\u786e\u6e2f\u6fb3\u53f0\u6295\u8d44\"\u53c2\u7167\u672c\u89c4\u5b9a\u6267\u884c\"\uff0c\u610f\u5473\u7740\u5373\u4f7f\u901a\u8fc7\u6e2f\u80a1\u901a\u4ee5\u5916\u7684\u6e20\u9053\u6295\u8d44\u6e2f\u80a1\u4e5f\u53d7\u76d1\u7ba1\u3002<br /><br />\u8fdd\u6cd5\u6210\u672c\u65b9\u9762\uff0c\u7b2c 27 \u6761\u89c4\u5b9a\u4e86\u7f5a\u6b3e\uff08\u6295\u8d44\u989d\u5343\u5206\u4e4b\u4e00\u5230\u767e\u5206\u4e4b\u4e00\uff09\u3001\u6ca1\u6536\u8fdd\u6cd5\u6240\u5f97\u3001\u7981\u6b62\u4ece\u4e8b\u5bf9\u5916\u6295\u8d44 1 \u5230 3 \u5e74\u7b49\u5904\u7f5a\uff0c\u4f46\u76ee\u524d\u4e3b\u8981\u9488\u5bf9\u672a\u5c65\u884c\u6838\u51c6\u5907\u6848\u624b\u7eed\u7684\u60c5\u5f62\u3002<br /><br />\u4e09\u3001\u5bf9\u4e0d\u540c\u7092\u80a1\u65b9\u5f0f\u7684\u5f71\u54cd<br /><br />\u6e2f\u80a1\u901a\u548c\u6caa\u6df1\u6e2f\u901a\uff0c\u5f71\u54cd\u6700\u5c0f\uff0c\u672c\u8eab\u5c31\u662f\u5408\u89c4\u6e20\u9053\u3002<br /><br />QDII \u57fa\u91d1\uff0c\u5c5e\u4e8e\"\u53d7\u6258\u8d44\u91d1\u5728\u5883\u5916\u91d1\u878d\u5e02\u573a\u6295\u8d44\"\uff0c\u57fa\u91d1\u516c\u53f8\u5c42\u9762\u5df2\u6709\u76d1\u7ba1\uff0c\u4e2a\u4eba\u7aef\u65e0\u989d\u5916\u5f71\u54cd\u3002<br /><br />\u5883\u5916\u5238\u5546\u76f4\u63a5\u5f00\u6237\uff08\u6bd4\u5982\u76c8\u900f\u3001\u5609\u4fe1\u7b49\uff09\uff0c\u8fd9\u662f\u7070\u8272\u5730\u5e26\u6700\u5927\u7684\u9886\u57df\u3002\u672c\u89c4\u5b9a\u63d0\u4f9b\u4e86\u5c06\u5176\u7eb3\u5165\u76d1\u7ba1\u7684\u6cd5\u5f8b\u57fa\u7840\uff0c\u4f46\u5177\u4f53\u600e\u4e48\u7ba1\u8981\u7b49\u7ec6\u5219\u3002<br /><br />\u901a\u8fc7\u9999\u6e2f\u94f6\u884c\u6216\u5238\u5546\u5f00\u6237\uff0c\u540c\u4e0a\uff0c\u800c\u4e14\u7b2c 32 \u6761\u7279\u522b\u63d0\u5230\u6e2f\u6fb3\u53f0\u53c2\u7167\u6267\u884c\u3002<br /><br />\u56db\u3001\u51e0\u70b9\u5efa\u8bae<br /><br />\u7b2c\u4e00\uff0c\u4e0d\u5fc5\u6050\u614c\u30027 \u6708 1 \u65e5\u751f\u6548\u7684\u662f\u6846\u67b6\u6027\u89c4\u5b9a\uff0c\u4e2a\u4eba\u7ec6\u5219\u5c1a\u672a\u5236\u5b9a\u3002<br /><br />\u7b2c\u4e8c\uff0c\u5bc6\u5207\u5173\u6ce8\u540e\u7eed\u7ec6\u5219\u3002\u53d1\u6539\u59d4\u548c\u5546\u52a1\u90e8\u5c06\u5236\u5b9a\"\u5c45\u6c11\u4e2a\u4eba\u5bf9\u5916\u6295\u8d44\u5177\u4f53\u7ba1\u7406\u529e\u6cd5\"\uff0c\u8fd9\u624d\u662f\u771f\u6b63\u51b3\u5b9a\u5f71\u54cd\u5927\u5c0f\u7684\u6587\u4ef6\u3002<br /><br />\u7b2c\u4e09\uff0c\u5408\u89c4\u4e3a\u4e0a\u3002\u786e\u4fdd\u8d44\u91d1\u51fa\u5883\u6e20\u9053\u5408\u6cd5\u5408\u89c4\uff08\u6b63\u89c4\u8d2d\u6c47\u3001\u5408\u6cd5\u6536\u5165\u6765\u6e90\uff09\uff0c\u907f\u514d\u4f7f\u7528\u7070\u8272\u6e20\u9053\u3002<br /><br />\u7b2c\u56db\uff0c\u4fdd\u7559\u4ea4\u6613\u8bb0\u5f55\u3002\u672a\u6765\u53ef\u80fd\u9700\u8981\u8fdb\u884c\u4fe1\u606f\u62a5\u544a\uff0c\u63d0\u524d\u505a\u597d\u8bb0\u5f55\u7559\u75d5\u3002<br /><br />\u603b\u7684\u6765\u8bf4\uff0c\u8fd9\u90e8\u6cd5\u89c4\u7684\u6838\u5fc3\u610f\u4e49\u5728\u4e8e\u5efa\u7acb\u4e86\u5236\u5ea6\u6846\u67b6\uff0c\u628a\u4e4b\u524d\u4e2a\u4eba\u5883\u5916\u7092\u80a1\"\u6cd5\u65e0\u660e\u6587\u89c4\u5b9a\"\u7684\u72b6\u6001\u53d8\u6210\u4e86\"\u6709\u6cd5\u53ef\u4f9d\u3001\u7ec6\u5219\u5f85\u5b9a\"\u3002\u771f\u6b63\u7684\u5f71\u54cd\u53d6\u51b3\u4e8e\u540e\u7eed\u914d\u5957\u7ec6\u5219\u7684\u4e25\u683c\u7a0b\u5ea6\u3002"
    }, 
    {
      "author": {
        "url": "https://www.v2ex.com/member/hxj20061987", 
        "name": "hxj20061987", 
        "avatar": "https://cdn.v2ex.com/gravatar/2495f24bbb8569086ec4d25b0f1d44ba?s=73&d=retro"
      }, 
      "url": "https://www.v2ex.com/t/1217044", 
      "title": "\u4ece\u4e00\u4e2a\u5c0f\u767d\u7684\u89c6\u89d2\uff0c\u62c6\u89e3\u4e00\u5957 5 \u5e74 30 \u500d\u7684\u5c0f\u5e02\u503c\u7b56\u7565", 
      "id": "https://www.v2ex.com/t/1217044", 
      "date_published": "2026-06-01T07:37:09+00:00", 
      "content_html": "<blockquote>\n<p>\u6700\u8fd1\u5728\u67d0\u793e\u533a\u770b\u5230 <strong>Mean.Saint</strong> \u8001\u5e08\u5206\u4eab\u7684\u5c0f\u5e02\u503c\u7b56\u7565\uff0c\u56de\u6d4b 5 \u5e74\u6536\u76ca 30 \u500d\u3001\u6700\u5927\u56de\u64a4\u4ec5 17%\uff0c\u8fd9\u4e2a\u6570\u636e\u9707\u64bc\u5230\u6211\u4e86\u3002\u4e8e\u662f\u6211\u82b1\u4e86\u6574\u6574\u4e24\u4e2a\u5468\u672b\uff0c\u9010\u884c\u62c6\u8bfb\u4e86\u8fd9\u4efd\u5c06\u8fd1 1200 \u884c\u7684\u4ee3\u7801\u3002\u4eca\u5929\u628a\u6211\u7684\u5b66\u4e60\u7b14\u8bb0\u5206\u4eab\u51fa\u6765\uff0c\u5e0c\u671b\u80fd\u5e2e\u5230\u548c\u6211\u4e00\u6837\u6b63\u5728\u5165\u95e8\u7684\u670b\u53cb\u3002</p>\n</blockquote>\n<hr/>\n<h2>\u4e00\u3001\u7b2c\u4e00\u773c\uff1a\u8fd9\u4e0d\u53ea\u662f\u4e00\u4e2a\u9009\u80a1\u7b56\u7565</h2>\n<p>\u521a\u6253\u5f00\u4ee3\u7801\u7684\u65f6\u5019\uff0c\u6211\u4ee5\u4e3a\u5c0f\u5e02\u503c\u7b56\u7565\u5c31\u662f\"\u9009\u5e02\u503c\u6700\u5c0f\u7684\u80a1\u7968\u4e70\u5165\"\u3002\u4f46\u8bfb\u5b8c\u4e4b\u540e\u6211\u624d\u53d1\u73b0\uff0c<strong>\u9009\u80a1\u53ea\u5360\u4e86\u6574\u4e2a\u7b56\u7565\u7684 20%\uff0c\u5269\u4e0b 80%\u5168\u662f\u98ce\u63a7</strong>\u3002</p>\n<p>\u8fd9\u662f\u6211\u5b66\u5230\u7684\u7b2c\u4e00\u4e2a\u8ba4\u77e5\uff1a\u597d\u7684\u91cf\u5316\u7b56\u7565\uff0c\u4e0d\u662f\"\u600e\u4e48\u8d5a\u66f4\u591a\"\uff0c\u800c\u662f\"\u600e\u4e48\u5c11\u4e8f\"\u3002</p>\n<p>\u7b56\u7565\u7684\u6574\u4f53\u67b6\u6784\u5927\u81f4\u662f\u8fd9\u6837\u7684\uff1a</p>\n<pre><code>\u6bcf\u5468\u4e8c\u6267\u884c:\n  1. \u65e9\u76d8 9:05  \u2192 \u9884\u5904\u7406\uff08\u4e00\u81f4\u6027\u68c0\u67e5\u3001\u6628\u65e5\u6da8\u505c\u8bb0\u5f55\uff09\n  2. \u65e9\u76d8 9:31  \u2192 \u9876\u80cc\u79bb\u68c0\u6d4b\n  3. \u65e9\u76d8 9:40  \u2192 \u5356\u51fa\u4e0d\u5728\u76ee\u6807\u5217\u8868\u7684\u6301\u4ed3\n  4. \u65e9\u76d8 9:45  \u2192 \u4e70\u5165\u65b0\u7684\u76ee\u6807\u80a1\u7968\n  5. \u76d8\u4e2d 10:00 \u2192 \u6b62\u76c8\u6b62\u635f\u68c0\u67e5\n  6. \u76d8\u4e2d 10:30 \u2192 ATR \u6b62\u635f\u4ef7\u66f4\u65b0 + \u653e\u91cf\u6362\u624b\u68c0\u6d4b\n  7. \u5c3e\u76d8 14:00 \u2192 \u6da8\u505c\u6253\u5f00\u68c0\u6d4b + ATR \u518d\u6b21\u66f4\u65b0\n  8. \u5c3e\u76d8 14:50 \u2192 \u6210\u4ea4\u989d\u5bbd\u5ea6\u9632\u5fa1\u68c0\u67e5\n</code></pre>\n<p>\u770b\u5230\u8fd9\u4e2a\u65f6\u95f4\u8868\u7684\u65f6\u5019\uff0c\u6211\u7b2c\u4e00\u6b21\u610f\u8bc6\u5230\uff1a<strong>\u4e00\u4e2a\u6210\u719f\u7b56\u7565\uff0c\u662f\u5728\u76d8\u4e2d\u4e0d\u65ad\"\u5de1\u68c0\"\u7684\uff0c\u800c\u4e0d\u662f\u5f00\u76d8\u4e70\u4e86\u5c31\u4e0d\u7ba1\u4e86</strong>\u3002</p>\n<hr/>\n<h2>\u4e8c\u3001\u9009\u80a1\u6a21\u5757\uff1a\u4e09\u4ee3\u8fdb\u5316\uff0c\u8d8a\u6765\u8d8a\"\u8bb2\u7a76\"</h2>\n<p>\u7b56\u7565\u63d0\u4f9b\u4e86\u4e09\u4e2a\u7248\u672c\u7684\u9009\u80a1\u903b\u8f91\uff08 v1/v2/v3 \uff09\uff0c\u9ed8\u8ba4\u4f7f\u7528 v3 \u3002\u6211\u9010\u4e2a\u8bfb\u4e86\u4e00\u904d\uff0c\u80fd\u6e05\u6670\u770b\u5230\u4f5c\u8005\u7684\u601d\u8def\u6f14\u53d8\uff1a</p>\n<h3>v1 \u2014 \u6700\u6734\u7d20\u7684\u60f3\u6cd5</h3>\n<p>\u4ece\u4e2d\u8bc1 1000 \u6210\u4efd\u80a1\u91cc\u9009\u6d41\u901a\u5e02\u503c\u6700\u5c0f\u7684 50 \u53ea\uff0c\u518d\u6309\u603b\u5e02\u503c\u6392\u5e8f\u53d6\u524d 30 \u53ea\uff0c\u6700\u540e\u505a<strong>\u884c\u4e1a\u5206\u6563</strong>\uff08\u6bcf\u4e2a\u4e8c\u7ea7\u884c\u4e1a\u53ea\u9009 1 \u53ea\uff09\u3002</p>\n<p>\u6211\u7684\u7406\u89e3\uff1av1 \u7684\u6838\u5fc3\u601d\u60f3\u5f88\u7b80\u5355\u2014\u2014\"\u4e70\u6700\u5c0f\u7684\uff0c\u4f46\u522b\u90fd\u4e70\u540c\u4e00\u4e2a\u884c\u4e1a\"\u3002</p>\n<h3>v2 \u2014 \u52a0\u5165\u4e86\u8d22\u52a1\u95e8\u69db</h3>\n<p>\u5728 v1 \u57fa\u7840\u4e0a\u589e\u52a0\u4e86 ROE&gt;15%\u3001ROA&gt;10%\u3001\u5f52\u6bcd\u51c0\u5229\u6da6&gt;0 \u3001\u8425\u4e1a\u6536\u5165&gt;1 \u4ebf\u7b49\u6761\u4ef6\uff0c\u5e76\u4e14\u9650\u5236\u80a1\u4ef7\u226420 \u5143\u3002</p>\n<p>\u6211\u7684\u7406\u89e3\uff1a\u5f00\u59cb\u6709\"\u6392\u96f7\"\u610f\u8bc6\u4e86\uff0c\u4e0d\u518d\u662f\u65e0\u8111\u4e70\u6700\u5c0f\u7684\uff0c\u800c\u662f\u8981\u6c42\u516c\u53f8\"\u771f\u7684\u5728\u8d5a\u94b1\"\u3002</p>\n<h3>v3 \u2014 \u7ec8\u6781\u7248\u672c</h3>\n<p>v3 \u6700\u5927\u7684\u4eae\u70b9\u662f\u5f15\u5165\u4e86\u4e00\u4e2a<strong>\u4e5d\u9879\u5e74\u62a5\u6392\u96f7\u7cfb\u7edf</strong>\uff08<code>apply_nine_point_audit</code>\uff09\uff0c\u6211\u89c9\u5f97\u8fd9\u662f\u6574\u4e2a\u7b56\u7565\u91cc\u6700\u503c\u5f97\u5b66\u4e60\u7684\u6a21\u5757\u4e4b\u4e00\u3002\u5b83\u4f1a\u68c0\u67e5\uff1a</p>\n<table>\n<thead>\n<tr>\n<th>\u6392\u96f7\u9879</th>\n<th>\u68c0\u67e5\u5185\u5bb9</th>\n<th>\u8e29\u96f7\u6263\u5206</th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td>1</td>\n<td>\u5e74\u62a5\u662f\u5426\u665a\u4e8e 4 \u6708 20 \u65e5\u624d\u62ab\u9732</td>\n<td>+1</td>\n</tr>\n<tr>\n<td>2</td>\n<td>\u4e1a\u7ee9\u9884\u544a\u662f\u5426\u9884\u51cf/\u4e8f\u635f</td>\n<td>+1</td>\n</tr>\n<tr>\n<td>3</td>\n<td>\u5ba1\u8ba1\u610f\u89c1\u662f\u5426\u975e\u6807\uff08\u76f4\u63a5\u5254\u9664\uff09</td>\n<td>\u76f4\u63a5 OUT</td>\n</tr>\n<tr>\n<td>4</td>\n<td>\u6263\u975e\u51c0\u5229\u6da6\u662f\u5426\u4e3a\u8d1f\u6216\u5360\u6bd4\u8fc7\u4f4e</td>\n<td>+1</td>\n</tr>\n<tr>\n<td>5</td>\n<td>\u51c0\u5229\u6da6\u4e3a\u6b63\u4f46\u7ecf\u8425\u6027\u73b0\u91d1\u6d41\u4e3a\u8d1f</td>\n<td>+1</td>\n</tr>\n<tr>\n<td>6</td>\n<td>\u5546\u8a89\u5360\u51c0\u8d44\u4ea7\u8d85\u8fc7 30%</td>\n<td>+1</td>\n</tr>\n<tr>\n<td>7</td>\n<td>\u8d1f\u503a\u7387&gt;70%\u6216\u77ed\u671f\u501f\u6b3e&gt;\u73b0\u91d1</td>\n<td>+1</td>\n</tr>\n<tr>\n<td>8</td>\n<td>\u5927\u80a1\u4e1c\u8d28\u62bc\u6bd4\u4f8b\u8d85 80%</td>\n<td>+1</td>\n</tr>\n<tr>\n<td>9</td>\n<td>\u8fd1\u4e00\u5e74\u662f\u5426\u88ab\u76d1\u7ba1\u7acb\u6848\u8c03\u67e5</td>\n<td>+1</td>\n</tr>\n</tbody></table><p><strong>\u7d2f\u8ba1\u6263\u5206\u22652 \u5206\u7684\u80a1\u7968\u76f4\u63a5\u5254\u9664\u3002</strong></p>\n<p>\u8bfb\u5230\u8fd9\u91cc\u7684\u65f6\u5019\u6211\u975e\u5e38\u611f\u6168\u2014\u2014\u5f88\u591a\u521d\u5b66\u8005\uff08\u5305\u62ec\u4e4b\u524d\u7684\u6211\uff09\u53ea\u5173\u5fc3\"\u8fd9\u53ea\u80a1\u7968\u80fd\u6da8\u591a\u5c11\"\uff0c\u4f46\u8fd9\u5957\u6392\u96f7\u7cfb\u7edf\u5173\u5fc3\u7684\u662f\"\u8fd9\u53ea\u80a1\u7968\u4f1a\u4e0d\u4f1a\u7206\u96f7\"\u3002\u5728\u5c0f\u5e02\u503c\u7684\u4e16\u754c\u91cc\uff0c\u4e00\u9897\u96f7\u5c31\u53ef\u80fd\u628a\u6240\u6709\u6536\u76ca\u70b8\u6ca1\u3002</p>\n<p>\u53e6\u5916 v3 \u8fd8\u6709\u4e00\u4e2a\u7ec6\u8282\u8ba9\u6211\u5370\u8c61\u6df1\u523b\uff1a<strong>2025 \u5e74 1 \u6708 1 \u65e5\u4e4b\u524d\u7528\u7b80\u5355\u7684\u5ba1\u8ba1\u610f\u89c1\u7b5b\u9009\uff0c\u4e4b\u540e\u624d\u5207\u6362\u5230\u4e5d\u9879\u6392\u96f7</strong>\u3002\u8fd9\u8bf4\u660e\u4f5c\u8005\u662f\u5728\u6301\u7eed\u8fed\u4ee3\u7b56\u7565\u7684\uff0c\u4e0d\u662f\u4e00\u8e74\u800c\u5c31\u7684\u3002</p>\n<hr/>\n<h2>\u4e09\u3001\u98ce\u63a7\u4f53\u7cfb\uff1a\u4e94\u9053\u9632\u7ebf\uff0c\u5c42\u5c42\u8bbe\u9632</h2>\n<p>\u8fd9\u662f\u6211\u82b1\u65f6\u95f4\u6700\u4e45\u3001\u4e5f\u6536\u83b7\u6700\u5927\u7684\u90e8\u5206\u3002\u7b56\u7565\u4e00\u5171\u6709<strong>\u4e94\u9053\u9632\u7ebf</strong>\uff1a</p>\n<h3>\u7b2c\u4e00\u9053\uff1a\u56fa\u5b9a\u6b62\u635f + \u6210\u672c\u4fdd\u62a4\u6b62\u635f</h3>\n<p>\u6700\u57fa\u7840\u7684\u98ce\u63a7\u2014\u2014\u4e8f\u635f 9%\u76f4\u63a5\u5356\u51fa\u3002\u4f46\u5728\u6b64\u57fa\u7840\u4e0a\uff0c\u7b56\u7565\u8fd8\u589e\u52a0\u4e86\u4e00\u4e2a<strong>\u9636\u68af\u5f0f\u6210\u672c\u4fdd\u62a4</strong>\uff1a</p>\n<pre><code>\u76c8\u5229 \u2265 15% \u2192 \u6b62\u635f\u7ebf\u63d0\u5347\u5230\u6210\u672c\u4ef7\uff08\u4fdd\u672c\uff09\n\u76c8\u5229 \u2265 30% \u2192 \u6b62\u635f\u7ebf\u63d0\u5347\u5230 +10%\uff08\u9501\u5b9a\u5229\u6da6\uff09\n\u76c8\u5229 \u2265 100% \u2192 \u76f4\u63a5\u6b62\u76c8\u5356\u51fa\n</code></pre>\n<p>\u8fd9\u8ba9\u6211\u60f3\u5230\u4e00\u53e5\u8bdd\uff1a\"\u8ba9\u5229\u6da6\u5954\u8dd1\uff0c\u4f46\u7ed9\u5b83\u7cfb\u4e0a\u5b89\u5168\u7ef3\u3002\"\u4ee5\u524d\u6211\u505a\u624b\u52a8\u4ea4\u6613\u7684\u65f6\u5019\uff0c\u7ecf\u5e38\u773c\u770b\u7740 30%\u7684\u6d6e\u76c8\u53d8\u6210\u4e8f\u635f\uff0c\u5982\u679c\u5f53\u65f6\u6709\u8fd9\u5957\u903b\u8f91\uff0c\u81f3\u5c11\u80fd\u4fdd\u4f4f 10%\u3002</p>\n<h3>\u7b2c\u4e8c\u9053\uff1aATR \u52a8\u6001\u6b62\u635f</h3>\n<p>\u8fd9\u662f\u6211\u7b2c\u4e00\u6b21\u5728\u5b9e\u9645\u7b56\u7565\u4e2d\u770b\u5230 ATR \u7684\u7528\u6cd5\u3002\u7b56\u7565\u7528 14 \u65e5 ATR \u8ba1\u7b97\u4e00\u4e2a\u52a8\u6001\u6b62\u635f\u4ef7\uff1a</p>\n<pre><code class=\"language-python\">\u6b62\u635f\u4ef7 = \u4e70\u5165\u6210\u672c - 2 \u500d ATR\n</code></pre>\n<p>\u5173\u952e\u662f\u8fd9\u4e2a\u6b62\u635f\u4ef7<strong>\u53ea\u4f1a\u5f80\u4e0a\u79fb\uff0c\u4e0d\u4f1a\u5f80\u4e0b\u79fb</strong>\uff08 trailing stop \uff09\u3002\u80a1\u4ef7\u6da8\u7684\u65f6\u5019\uff0c\u6b62\u635f\u4ef7\u8ddf\u7740\u6da8\uff1b\u80a1\u4ef7\u8dcc\u7684\u65f6\u5019\uff0c\u6b62\u635f\u4ef7\u4e0d\u52a8\u3002\u4e00\u65e6\u8dcc\u7834\u5c31\u5356\u51fa\u3002</p>\n<p>\u8fd9\u6bd4\u56fa\u5b9a\u6b62\u635f\u7ebf\u806a\u660e\u592a\u591a\u4e86\u2014\u2014\u6ce2\u52a8\u5927\u7684\u80a1\u7968\uff0c\u6b62\u635f\u7ebf\u4f1a\u81ea\u52a8\u653e\u5bbd\uff1b\u6ce2\u52a8\u5c0f\u7684\u80a1\u7968\uff0c\u6b62\u635f\u7ebf\u4f1a\u81ea\u52a8\u6536\u7d27\u3002</p>\n<h3>\u7b2c\u4e09\u9053\uff1aMACD \u9876\u80cc\u79bb\u68c0\u6d4b</h3>\n<p>\u7b56\u7565\u4f1a\u68c0\u6d4b\u4e2d\u8bc1 1000 \u6307\u6570\uff08 399101 \uff09\u7684 MACD \u9876\u80cc\u79bb\u4fe1\u53f7\uff1a\u4ef7\u683c\u521b\u65b0\u9ad8\u3001\u4f46 DIF \u6ca1\u6709\u521b\u65b0\u9ad8\uff0c\u540c\u65f6 MACD \u67f1\u7531\u6b63\u8f6c\u8d1f\u3002</p>\n<p>\u4e00\u65e6\u68c0\u6d4b\u5230\u9876\u80cc\u79bb\uff0c\u76f4\u63a5\u6e05\u4ed3\u6240\u6709\u975e\u6da8\u505c\u80a1\u7968\uff0c\u5e76\u4e14\u5728\u63a5\u4e0b\u6765 10 \u4e2a\u4ea4\u6613\u65e5\u5185\u6682\u505c\u4e70\u5165\u3002</p>\n<p>\u6211\u7684\u611f\u53d7\uff1a\u8fd9\u662f\u4e00\u4e2a\"\u5927\u52bf\u5224\u65ad\"\u7684\u6a21\u5757\u3002\u65e0\u8bba\u4e2a\u80a1\u591a\u597d\uff0c\u5927\u76d8\u4e0d\u884c\u7684\u65f6\u5019\u5c31\u4e0d\u73a9\u4e86\u3002</p>\n<h3>\u7b2c\u56db\u9053\uff1a\u5fae\u76d8\u80a1\u4e00\u81f4\u6027\u98ce\u63a7</h3>\n<p>\u8fd9\u4e2a\u6a21\u5757\u6211\u8bfb\u4e86\u4e09\u904d\u624d\u7406\u89e3\u3002\u5b83\u7684\u601d\u8def\u662f\uff1a</p>\n<ol>\n<li>\u53d6\u5168\u5e02\u573a\u6700\u5c0f 5%\u5e02\u503c\u7684\u80a1\u7968\uff0c\u770b\u5b83\u4eec\u6628\u5929\u7684\u6da8\u8dcc\u5e45</li>\n<li>\u8ba1\u7b97\u8fd9\u4e9b\u80a1\u7968\u6da8\u8dcc\u5e45\u7684<strong>\u4e00\u81f4\u6027</strong>\uff08\u5728\u5747\u503c\u00b1\u6807\u51c6\u5dee\u8303\u56f4\u5185\u7684\u6bd4\u4f8b\uff09</li>\n<li>\u7528 120 \u65e5\u5e03\u6797\u5e26\u52a8\u6001\u8ba1\u7b97\u4e00\u81f4\u6027\u7684\u4e0a\u8f68</li>\n<li>\u5982\u679c<strong>\u4e2d\u4f4d\u6570\u8dcc\u5e45&gt;2% \u4e14 \u4e00\u81f4\u6027\u8d85\u8fc7\u4e0a\u8f68</strong>\u2192 \u5168\u573a\u5fae\u76d8\u5728\u540c\u6b65\u66b4\u8dcc \u2192 \u6e05\u4ed3\uff01</li>\n</ol>\n<p>\u7ffb\u8bd1\u6210\u4eba\u8bdd\u5c31\u662f\uff1a<strong>\u5982\u679c\u6240\u6709\u5c0f\u80a1\u7968\u90fd\u5728\u4e00\u8d77\u8dcc\uff0c\u8bf4\u660e\u662f\u7cfb\u7edf\u6027\u98ce\u9669\uff0c\u8d76\u7d27\u8dd1\u3002</strong></p>\n<p>\u4f46\u5982\u679c\u5927\u76d8\u5747\u7ebf\u662f\u5411\u4e0a\u7684\uff08\u725b\u5e02\u73af\u5883\uff09\uff0c\u8fd9\u4e2a\u68c0\u67e5\u76f4\u63a5\u8df3\u8fc7\u3002\u4f5c\u8005\u7684\u610f\u601d\u662f\uff1a\u725b\u5e02\u91cc\u7684\u540c\u6b65\u56de\u8c03\u662f\u673a\u4f1a\uff0c\u718a\u5e02\u91cc\u7684\u540c\u6b65\u4e0b\u8dcc\u662f\u707e\u96be\u3002</p>\n<h3>\u7b2c\u4e94\u9053\uff1a\u653e\u91cf\u6362\u624b\u68c0\u6d4b</h3>\n<p>\u65e5\u5185\u5b9e\u65f6\u76d1\u63a7\u6301\u4ed3\u80a1\u7968\u7684\u6362\u624b\u7387\u3002\u5982\u679c\u4eca\u65e5\u6362\u624b\u7387 &gt; 10% \u4e14\u8d85\u8fc7 20 \u65e5\u5747\u503c\u7684 2 \u500d\uff0c\u5224\u5b9a\u4e3a<strong>\u5f02\u5e38\u653e\u91cf</strong>\uff0c\u7acb\u5373\u5356\u51fa\u3002</p>\n<p>\u6211\u4e4b\u524d\u53ea\u77e5\u9053\"\u653e\u91cf\u4e0a\u6da8\u662f\u597d\u4e8b\"\uff0c\u770b\u4e86\u8fd9\u6bb5\u4ee3\u7801\u624d\u660e\u767d\uff1a\u5bf9\u4e8e\u5c0f\u5e02\u503c\u80a1\u7968\u6765\u8bf4\uff0c\u7a81\u7136\u653e\u91cf\u53ef\u80fd\u610f\u5473\u7740\u4e3b\u529b\u5728\u51fa\u8d27\u3002</p>\n<hr/>\n<h2>\u56db\u3001\u4e24\u4e2a\u8ba9\u6211\"\u604d\u7136\u5927\u609f\"\u7684\u7ec6\u8282</h2>\n<h3>1. \u51b7\u5374\u671f\u673a\u5236</h3>\n<p>\u6b62\u635f\u5356\u51fa\u7684\u80a1\u7968\uff0c<strong>2 \u5929\u5185\u4e0d\u80fd\u518d\u4e70\u56de\u6765</strong>\uff1a</p>\n<pre><code class=\"language-python\">g.no_buy_after_day = 2  # \u6b62\u635f\u540e\u4e0d\u4e70\u5165\u7684\u7a97\u53e3\u671f\n</code></pre>\n<p>\u8fd9\u4e2a\u8bbe\u8ba1\u592a\u4eba\u6027\u5316\u4e86\u3002\u6211\u4ee5\u524d\u624b\u52a8\u4ea4\u6613\u7684\u65f6\u5019\uff0c\u7ecf\u5e38\u6b62\u635f\u540e\u5fc3\u6000\u4e0d\u7518\u53c8\u4e70\u56de\u6765\uff0c\u7ed3\u679c\u4e8f\u5f97\u66f4\u591a\u3002\u7b56\u7565\u76f8\u5f53\u4e8e\u5f3a\u5236\u7ed9\u81ea\u5df1\"\u51b7\u9759\"\u7684\u65f6\u95f4\u3002</p>\n<h3>2. \u52a8\u6001\u6301\u80a1\u6570\u91cf</h3>\n<p>\u7b56\u7565\u6839\u636e\u4e2d\u8bc1 1000 \u7684 10 \u65e5\u5747\u7ebf\u504f\u79bb\u5ea6\uff0c\u52a8\u6001\u8c03\u6574\u6301\u80a1\u6570\u91cf\uff1a</p>\n<pre><code>\u6307\u6570\u504f\u79bb \u2265 +200 \u70b9 \u2192 \u53ea\u6301 3 \u53ea\uff08\u5e02\u573a\u8fc7\u70ed\uff0c\u96c6\u4e2d\u6301\u4ed3\uff09\n\u504f\u79bb \u2265 -200 \u70b9   \u2192 \u6301 4 \u53ea\n\u504f\u79bb \u2265 -500 \u70b9   \u2192 \u6301 5 \u53ea\n\u504f\u79bb &lt;-500 \u70b9   \u2192 \u6301 6 \u53ea\uff08\u5e02\u573a\u4f4e\u8ff7\uff0c\u5206\u6563\u98ce\u9669\uff09\n</code></pre>\n<p><strong>\u5e02\u573a\u8d8a\u5f31\uff0c\u6301\u4ed3\u8d8a\u5206\u6563\uff1b\u5e02\u573a\u8d8a\u5f3a\uff0c\u6301\u4ed3\u8d8a\u96c6\u4e2d\u3002</strong> \u8fd9\u4e2a\u601d\u8def\u6211\u4e4b\u524d\u5b8c\u5168\u6ca1\u60f3\u8fc7\uff0c\u4e00\u76f4\u4ee5\u4e3a\"\u5206\u6563\u5c31\u662f\u597d\u7684\"\u3002\u4f46\u4ed4\u7ec6\u60f3\u60f3\uff0c\u725b\u5e02\u91cc\u96c6\u4e2d\u6301\u4ed3\u624d\u80fd\u6293\u4f4f\u6da8\u5e45\u6700\u5927\u7684\u7968\u3002</p>\n<hr/>\n<h2>\u4e94\u3001\u6211\u4ece\u8fd9\u4e2a\u7b56\u7565\u4e2d\u5b66\u5230\u4e86\u4ec0\u4e48</h2>\n<p>\u8bfb\u5b8c\u8fd9 1163 \u884c\u4ee3\u7801\uff0c\u6211\u6700\u5927\u7684\u611f\u609f\u662f\uff1a</p>\n<ol>\n<li>\n<p><strong>\u98ce\u63a7\u4e0d\u662f\"\u52a0\u4e0a\u53bb\"\u7684\uff0c\u800c\u662f\"\u957f\u51fa\u6765\"\u7684\u3002</strong> \u6bcf\u4e00\u9053\u9632\u7ebf\u80cc\u540e\uff0c\u53ef\u80fd\u90fd\u6709\u4f5c\u8005\u4e00\u6b21\u60e8\u75db\u7684\u4e8f\u635f\u7ecf\u5386\u3002</p>\n</li>\n<li>\n<p><strong>\u597d\u7684\u7b56\u7565\u662f\u4e0d\u65ad\u8fed\u4ee3\u7684\u3002</strong> \u4ece v1 \u5230 v3 \uff0c\u4ece\u7b80\u5355\u7684\u5ba1\u8ba1\u7b5b\u9009\u5230\u4e5d\u9879\u6392\u96f7\uff0c\u8fd9\u4e0d\u662f\u4e00\u5929\u5c31\u5199\u51fa\u6765\u7684\u3002</p>\n</li>\n<li>\n<p><strong>\u6846\u67b6\u6bd4\u53c2\u6570\u91cd\u8981\u3002</strong> \u4e0e\u5176\u7ea0\u7ed3\"\u6b62\u635f\u7ebf\u5230\u5e95\u8bbe 8%\u8fd8\u662f 9%\"\uff0c\u4e0d\u5982\u5148\u628a\u591a\u5c42\u9632\u5fa1\u4f53\u7cfb\u642d\u8d77\u6765\u3002</p>\n</li>\n<li>\n<p><strong>\u5c0f\u5e02\u503c\u7b56\u7565\u7684\u6838\u5fc3\u4e0d\u662f\u9009\u5230\u725b\u80a1\uff0c\u800c\u662f\u6d3b\u5f97\u591f\u4e45\u3002</strong> 30 \u500d\u6536\u76ca\u4e0d\u662f\u9760\u4e00\u4e24\u53ea\u7ffb\u500d\u80a1\u5b9e\u73b0\u7684\uff0c\u800c\u662f\u9760\u4e94\u5e74\u5982\u4e00\u65e5\u5730\u907f\u5f00\u5730\u96f7\u3001\u63a7\u5236\u56de\u64a4\u79ef\u7d2f\u51fa\u6765\u7684\u3002</p>\n</li>\n</ol>\n<hr/>\n<h2>\u516d\u3001\u5b66\u5b8c\u4e4b\u540e\uff0c\u62ff\u53bb\u5b9e\u6218 PK \u4e00\u4e0b\uff1f</h2>\n<p>\u8bfb\u5b8c\u8fd9\u4e2a\u7b56\u7565\u4e4b\u540e\uff0c\u6211\u4e00\u76f4\u5728\u60f3\u4e00\u4e2a\u95ee\u9898\uff1a<strong>\u56de\u6d4b 30 \u500d\u7684\u7b56\u7565\uff0c\u62ff\u5230\u771f\u5b9e\u5e02\u573a\u91cc\u5230\u5e95\u80fd\u6392\u7b2c\u51e0\uff1f</strong></p>\n<p>\u540e\u6765\u6211\u53d1\u73b0\u4e86\u4e00\u4e2a\u53eb <a href=\"https://www.9db.com/\" rel=\"nofollow\">9db \u91cf\u5316\u7ade\u6280\u573a</a> \u7684\u7f51\u7ad9\u3002\u5b83\u7684\u73a9\u6cd5\u5f88\u6709\u610f\u601d\u2014\u2014\u4f60\u53ef\u4ee5\u628a\u81ea\u5df1\u770b\u597d\u7684\u7b56\u7565\u4e0a\u4f20\u4ea4\u5272\u5355\uff0c\u7136\u540e\u548c\u5176\u4ed6\u4eba\u7684\u7b56\u7565<strong>\u540c\u53f0 PK</strong>\uff0c******/\u6a21\u62df\u6536\u76ca\u7387\u5b9e\u65f6\u6392\u540d\u3002</p>\n<p>\u6211\u628a\u8fd9\u4e2a\u5c0f\u5e02\u503c\u7b56\u7565\u53c2\u4e0e\u7ade\u6280\u4e0a\u53bb\u4e4b\u540e\uff0c\u53d1\u73b0\uff1a</p>\n<ul>\n<li>\u6709\u4e9b\u5468\u671f\u786e\u5b9e\u80fd\u6392\u8fdb\u524d 10 \uff0c\u8bf4\u660e\u7b56\u7565\u7684\u7206\u53d1\u529b\u662f\u771f\u7684\u5f3a</li>\n<li>\u4f46\u4e5f\u6709\u4e9b\u5468\u671f\u6392\u540d\u9760\u540e\uff0c\u5c24\u5176\u662f\u5927\u76d8\u8fde\u7eed\u4e0b\u8dcc\u7684\u65f6\u5019</li>\n</ul>\n<p>\u8fd9\u7ed9\u4e86\u6211\u4e00\u4e2a\u5f88\u5927\u7684\u542f\u53d1\uff1a<strong>\u5355\u770b 5 \u5e74\u7684\u56de\u6d4b\u6536\u76ca\u7387\u662f\u4e0d\u591f\u7684\uff0c\u8fd8\u8981\u770b\u7b56\u7565\u5728\u4e0d\u540c\u5e02\u573a\u73af\u5883\u4e0b\u7684\u7a33\u5b9a\u6027\u3002</strong> \u5728 9db \u4e0a\u548c\u51e0\u767e\u4e2a\u7b56\u7565\u4e00\u8d77\u6bd4\uff0c\u80fd\u591f\u66f4\u5ba2\u89c2\u5730\u8bc4\u4f30\u81ea\u5df1\u7b56\u7565\u7684\u6c34\u5e73\u3002</p>\n<p>\u5982\u679c\u4f60\u4e5f\u5728\u5b66\u4e60\u91cf\u5316\uff0c\u63a8\u8350\u53bb <a href=\"https://www.9db.com/\" rel=\"nofollow\">9db.com</a> \u770b\u770b\uff0c\u4e0d\u7528\u6ce8\u518c\u5c31\u80fd\u6d4f\u89c8\u6392\u884c\u699c\uff0c\u770b\u770b\u5927\u4f6c\u4eec\u7684\u7b56\u7565\u90fd\u662f\u4ec0\u4e48\u6c34\u5e73\u3002\u77e5\u9053\u5dee\u8ddd\uff0c\u624d\u77e5\u9053\u52aa\u529b\u7684\u65b9\u5411\u3002</p>\n<hr/>\n<p>\u6211\u77e5\u9053\u8fd9\u7bc7\u6587\u7ae0\u53ef\u80fd\u6709\u5f88\u591a\u7406\u89e3\u4e0d\u5230\u4f4d\u7684\u5730\u65b9\uff0c\u6bd5\u7adf\u6211\u8fd8\u662f\u4e00\u4e2a\u5165\u95e8\u534a\u5e74\u7684\u65b0\u624b\u3002\u5982\u679c\u54ea\u91cc\u7406\u89e3\u6709\u8bef\uff0c\u6b22\u8fce\u5927\u4f6c\u4eec\u5728\u8bc4\u8bba\u533a\u6307\u6b63\u3002</p>\n<p>\u4e5f\u7279\u522b\u611f\u8c22 <strong>Mean.Saint</strong> \u8001\u5e08\u7684\u65e0\u79c1\u5206\u4eab\uff0c\u8ba9\u6211\u8fd9\u6837\u7684\u65b0\u624b\u6709\u673a\u4f1a\u5b66\u4e60\u5230\u4e00\u5957\u5982\u6b64\u5b8c\u6574\u7684\u7b56\u7565\u6846\u67b6\u3002\u5bf9\u6211\u6765\u8bf4\uff0c\u5b66\u5230\u7684\u4e0d\u4ec5\u662f\u4ee3\u7801\uff0c\u66f4\u662f\u4e00\u79cd**\"\u656c\u754f\u5e02\u573a\u3001\u7cfb\u7edf\u601d\u8003\"**\u7684\u91cf\u5316\u601d\u7ef4\u65b9\u5f0f\u3002</p>\n<p>\u6700\u540e\uff0c\u5982\u679c\u4f60\u4e5f\u662f\u521a\u5165\u95e8\u7684\u670b\u53cb\uff0c\u6211\u7684\u5efa\u8bae\u662f\uff1a<strong>\u5148\u522b\u6025\u7740\u8dd1\u7b56\u7565\u8d5a\u94b1\uff0c\u627e\u4e00\u4e2a\u597d\u7684\u7b56\u7565\uff0c\u4e00\u884c\u4e00\u884c\u8bfb\u4e0b\u53bb\u3002</strong> \u4f60\u4f1a\u53d1\u73b0\uff0c\u6700\u597d\u7684\u6559\u6750\u4e0d\u5728\u4e66\u672c\u91cc\uff0c\u800c\u5728\u793e\u533a\u5927\u4f6c\u7684\u4ee3\u7801\u91cc\u3002</p>\n<hr/>\n<p><em>\u4ee5\u4e0a\u662f\u4e00\u4e2a\u91cf\u5316\u5c0f\u767d\u7684\u5b66\u4e60\u7b14\u8bb0\uff0c\u6b22\u8fce\u4ea4\u6d41\u8ba8\u8bba ?</em></p>\n"
    }, 
    {
      "author": {
        "url": "https://www.v2ex.com/member/hxj20061987", 
        "name": "hxj20061987", 
        "avatar": "https://cdn.v2ex.com/gravatar/2495f24bbb8569086ec4d25b0f1d44ba?s=73&d=retro"
      }, 
      "url": "https://www.v2ex.com/t/1216462", 
      "date_modified": "2026-05-29T06:47:13+00:00", 
      "content_html": "<p>\u6700\u8fd1\u5728\u7814\u7a76\u4e94\u798f\u53ca\u793e\u533a\u591a\u4f4d\u5927\u4f6c\u7684 ETF \u8f6e\u52a8\u7b56\u7565\u540e\uff0c\u6211\u505a\u4e86\u4e00\u6b21\u7cfb\u7edf\u6027\u6574\u5408\uff0c\u5bf9\u51e0\u6761\u7b56\u7565\u7684\u6838\u5fc3\u4ea4\u6613\u903b\u8f91\u8fdb\u884c\u4e86\u6df1\u5ea6\u6742\u4ea4\u4f18\u5316\uff0c\u6700\u7ec8\u5f62\u6210\u4e86<strong>\u8fd9\u5957\u300c ETF \u53cc\u6c60\u5e73\u6ed1\u52a8\u91cf\u8f6e\u52a8\u300d</strong>\u3002</p>\n<p>\u4eca\u5929\uff0c\u6211\u5c06\u4e3a\u5927\u5bb6\u6df1\u5ea6\u62c6\u89e3\u8fd9\u6761\u7b56\u7565\u7684\u6838\u5fc3\u903b\u8f91\u3002\u8be5\u7b56\u7565\u5728\u4f20\u7edf\u52a8\u91cf\u8f6e\u52a8\u7684\u57fa\u7840\u4e0a\uff0c\u5f15\u5165\u4e86<strong>\u9759\u6001+\u52a8\u6001\u53cc\u6c60\u878d\u5408\u3001\u52a0\u6743\u5e73\u6ed1\u52a8\u91cf\u6253\u5206\u3001\u53cc\u5747\u7ebf\u8d8b\u52bf\u8fc7\u6ee4\u3001\u884c\u4e1a\u5206\u6563\u673a\u5236\u4ee5\u53ca\u4e25\u683c\u7684\u6b62\u635f\u548c\u9632\u5fa1\u673a\u5236</strong>\uff0c\u6781\u5927\u5730\u589e\u5f3a\u4e86\u7b56\u7565\u7684\u5b9e\u6218\u9c81\u68d2\u6027\u3002</p>\n<hr/>\n<h2>\u7b56\u7565\u53c2\u6570\u901f\u67e5\u8868</h2>\n<p>\u5728\u6df1\u5165\u8bb2\u89e3\u903b\u8f91\u4e4b\u524d\uff0c\u5148\u628a\u6838\u5fc3\u53c2\u6570\u5217\u51fa\u6765\uff0c\u65b9\u4fbf\u5927\u5bb6\u5feb\u901f\u638c\u63e1\u8c03\u53c2\u7a7a\u95f4\uff1a</p>\n<table>\n<thead>\n<tr>\n<th>\u53c2\u6570</th>\n<th>\u9ed8\u8ba4\u503c</th>\n<th>\u8bf4\u660e</th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td>\u6301\u4ed3\u6570\u91cf</td>\n<td><strong>1 \u53ea</strong></td>\n<td>\u5355\u6ee1\u4ed3\u8f6e\u52a8\uff0c\u56de\u6d4b\u6570\u636e\u5747\u57fa\u4e8e\u6b64\u8bbe\u7f6e</td>\n</tr>\n<tr>\n<td>\u52a8\u91cf\u8ba1\u7b97\u5468\u671f</td>\n<td>25 \u5929</td>\n<td>\u8d8a\u77ed\u8d8a\u7075\u654f\uff0c\u8d8a\u957f\u8d8a\u7a33\u5065</td>\n</tr>\n<tr>\n<td>\u77ed\u671f\u5747\u7ebf</td>\n<td>MA20</td>\n<td>\u8d8b\u52bf\u8fc7\u6ee4\u7528</td>\n</tr>\n<tr>\n<td>\u957f\u671f\u5747\u7ebf</td>\n<td>MA60</td>\n<td>\u8d8b\u52bf\u8fc7\u6ee4\u7528</td>\n</tr>\n<tr>\n<td>\u6b62\u635f\u6bd4\u4f8b</td>\n<td>**8%**\uff08\u6210\u672c\u4ef7 92%\u89e6\u53d1\uff09</td>\n<td>\u89e6\u53d1\u540e\u7acb\u5373\u6e05\u4ed3</td>\n</tr>\n<tr>\n<td>\u653e\u91cf\u9608\u503c</td>\n<td>5 \u65e5\u5747\u91cf\u7684 <strong>2.5 \u500d</strong></td>\n<td>\u8d85\u8fc7\u5219\u5254\u9664\u6216\u6e05\u4ed3</td>\n</tr>\n<tr>\n<td>\u52a8\u6001\u6c60\u5927\u5c0f</td>\n<td>\u5168\u5e02\u573a\u6210\u4ea4\u989d\u524d 100</td>\n<td>\u65e5\u5747\u6210\u4ea4\u989d\u22655000 \u4e07</td>\n</tr>\n<tr>\n<td>\u9632\u5fa1 ETF</td>\n<td>511880 \u94f6\u534e\u65e5\u5229</td>\n<td>\u65e0\u76ee\u6807\u65f6\u81ea\u52a8\u5207\u6362</td>\n</tr>\n</tbody></table><p>\u4e0b\u9762\uff0c\u8ba9\u6211\u4eec\u9010\u4e00\u5256\u6790\u8fd9\u5957\u7b56\u7565\u7684\u5168\u90e8\u4ea4\u6613\u903b\u8f91\u3002</p>\n<hr/>\n<h2>\u4e00\u3001 \u6807\u7684\u6c60\u6784\u5efa\uff1a\u9759\u6001\u7cbe\u9009 + \u52a8\u6001\u6d41\u52a8\u6027\u6355\u6349</h2>\n<p>\u4f20\u7edf\u7684 ETF \u7b56\u7565\u901a\u5e38\u53ea\u5728\u4e00\u4e2a\u56fa\u5b9a\u7684\u6c60\u5b50\u91cc\u8f6e\u52a8\uff0c\u8fd9\u5c31\u5bb9\u6613\u9519\u5931\u5e02\u573a\u7a81\u7136\u7206\u53d1\u7684\u65b0\u70ed\u70b9\u3002\u672c\u7b56\u7565\u521b\u65b0\u6027\u5730\u91c7\u7528\u4e86<strong>\u201c\u53cc\u6c60\u878d\u5408\u201d</strong>\u67b6\u6784\uff1a</p>\n<ol>\n<li><strong>\u9759\u6001\u6838\u5fc3\u6c60\uff08\u9632\u5b88\u4e0e\u5e95\u4ed3\uff09</strong>\uff1a\n\u7531 130+\u53ea\u6838\u5fc3 ETF \u7ec4\u6210\u3002\u6db5\u76d6\u4e86\u5bbd\u57fa\uff08\u6caa\u6df1 300 \u3001\u4e2d\u8bc1 1000 \u7b49\uff09\u3001\u6838\u5fc3\u8d5b\u9053\u884c\u4e1a\uff08\u534a\u5bfc\u4f53\u3001\u533b\u836f\u3001\u65b0\u80fd\u6e90\u7b49\uff09\u3001\u4ee5\u53ca\u8de8\u5883\u8d44\u4ea7\uff08\u7eb3\u6307\u3001\u65e5\u7ecf\u3001\u6807\u666e\u7b49\uff09\u3002\u8fd9\u4fdd\u8bc1\u4e86\u7b56\u7565\u5728\u4efb\u4f55\u65f6\u5019\u90fd\u6709\u4e3b\u6d41\u8d44\u4ea7\u4f5c\u4e3a\u57fa\u672c\u76d8\u3002</li>\n<li><strong>\u52a8\u6001\u6d41\u52a8\u6027\u6c60\uff08\u8fdb\u653b\u4e0e\u6355\u6349\u70ed\u70b9\uff09</strong>\uff1a\n\u5e02\u573a\u70ed\u70b9\u5728\u54ea\u91cc\uff0c\u8d44\u91d1\u5c31\u5728\u54ea\u91cc\u3002\u7b56\u7565<strong>\u6bcf\u65e5\u76d8\u524d</strong>\u4f1a\u626b\u63cf\u5168\u5e02\u573a\u6240\u6709\u7684 ETF \uff0c\u63d0\u53d6<strong>\u8fc7\u53bb 5 \u65e5\u5e73\u5747\u6210\u4ea4\u989d\u5927\u4e8e 5000 \u4e07\u5143\u7684\u524d 100 \u53ea ETF</strong>\u52a0\u5165\u52a8\u6001\u6c60\u3002\u8fd9\u79cd\u52a8\u6001\u4f18\u9009\u673a\u5236\uff0c\u786e\u4fdd\u4e86\u7b56\u7565\u80fd\u591f\u81ea\u52a8\u8ddf\u8e2a\u8fd1\u671f\u8d44\u91d1\u6700\u6d3b\u8dc3\u3001\u6d41\u52a8\u6027\u6781\u4f73\u7684\u6807\u7684\u3002</li>\n<li><strong>\u878d\u5408\u53bb\u91cd</strong>\uff1a\n\u6700\u7ec8\u7684\u5019\u9009\u6c60\u662f\u201c\u9759\u6001\u6c60\u201d\u4e0e\u201c\u52a8\u6001\u6c60\u201d\u7684\u5e76\u96c6\uff0c\u53bb\u91cd\u5e76\u5254\u9664\u6389\u7528\u4e8e\u73b0\u91d1\u66ff\u4ee3\u7684\u9632\u5fa1\u578b ETF \uff08\u5982\u94f6\u534e\u65e5\u5229\uff09\uff0c\u5f62\u6210\u6700\u7ec8\u7684\u201c\u878d\u5408\u6c60\u201d\u3002</li>\n</ol>\n<hr/>\n<h2>\u4e8c\u3001 \u4e09\u91cd\u6838\u5fc3\u7b5b\u9009\u8fc7\u6ee4\u903b\u8f91</h2>\n<p>\u6709\u4e86\u5019\u9009\u6c60\u540e\uff0c\u7b56\u7565\u5e76\u6ca1\u6709\u76f4\u63a5\u8ba1\u7b97\u6da8\u8dcc\u5e45\uff0c\u800c\u662f\u8fdb\u884c\u4e86\u6781\u5176\u4e25\u82db\u7684\u4e09\u91cd\u7b5b\u9009\uff1a</p>\n<h3>1. \u8d8b\u52bf\u62a4\u822a\uff1a\u53cc\u5747\u7ebf\u8fc7\u6ee4\uff08 MA20 &amp; MA60 \uff09</h3>\n<p>\u52a8\u91cf\u7b56\u7565\u6700\u6015\u5728\u718a\u5e02\u4e2d\u63a5\u98de\u5200\u3002\u7b56\u7565\u5f15\u5165\u4e86\u7ecf\u5178\u7684\u53cc\u5747\u7ebf\u8d8b\u52bf\u5224\u5b9a\uff1a</p>\n<ul>\n<li><strong>\u6761\u4ef6</strong>\uff1a\u5f53\u65e5\u6536\u76d8\u4ef7\u5fc5\u987b<strong>\u5927\u4e8e</strong>\u77ed\u671f\u5747\u7ebf\uff08 20 \u65e5\uff09\uff0c\u4e14\u77ed\u671f\u5747\u7ebf\u5fc5\u987b<strong>\u5927\u4e8e</strong>\u957f\u671f\u5747\u7ebf\uff08 60 \u65e5\uff09\u3002</li>\n<li><strong>\u4f5c\u7528</strong>\uff1a\u53ea\u6709\u5728\u591a\u5934\u6392\u5217\uff08\u81f3\u5c11\u662f\u4e2d\u671f\u591a\u5934\uff09\u7684\u6807\u7684\u624d\u5141\u8bb8\u53c2\u4e0e\u8bc4\u5206\uff0c\u4ece\u6e90\u5934\u4e0a\u8fc7\u6ee4\u6389\u4e86\u5904\u4e8e\u4e0b\u964d\u901a\u9053\u6216\u5f31\u52bf\u9707\u8361\u7684 ETF \u3002</li>\n</ul>\n<h3>2. \u6838\u5fc3\u6253\u5206\uff1a\u52a0\u6743\u5bf9\u6570\u5e73\u6ed1\u52a8\u91cf\uff08 R\u00b2\u8bc4\u5206\uff09</h3>\n<p>\u4f20\u7edf\u52a8\u91cf\u4ec5\u6bd4\u8f83\u9996\u5c3e\u6da8\u8dcc\u5e45\uff0c\u5bb9\u6613\u9009\u5230\u201c\u4e0a\u8e7f\u4e0b\u8df3\u201d\u7684\u5996\u57fa\uff0c\u4e00\u4e70\u5c31\u56de\u8c03\u3002\u7b56\u7565\u4f7f\u7528\u4e86\u66f4\u79d1\u5b66\u7684\u5e73\u6ed1\u52a8\u91cf\uff1a</p>\n<ul>\n<li><strong>\u5bf9\u6570\u6536\u76ca\u52a0\u6743\u56de\u5f52</strong>\uff1a\u53d6\u8fc7\u53bb 25 \u5929\u7684\u6536\u76d8\u4ef7\uff0c\u53d6\u81ea\u7136\u5bf9\u6570\u540e\u8fdb\u884c\u7ebf\u6027\u56de\u5f52\u3002\u5e76\u4e14\u8d4b\u4e88\u8fd1\u671f\u4ef7\u683c\u66f4\u9ad8\u7684\u6743\u91cd\uff08\u6743\u91cd\u4ece 1 \u9012\u589e\u5230 2 \uff09\uff0c\u8ba9\u8fd1\u671f\u8d8b\u52bf\u4e3b\u5bfc\u659c\u7387\u3002</li>\n<li><strong>\u8ba1\u7b97\u5e74\u5316\u6536\u76ca\u7387\uff08 Annual Return \uff09</strong>\uff1a\u7531\u56de\u5f52\u76f4\u7ebf\u7684\u659c\u7387\u8ba1\u7b97\u5f97\u51fa\u3002</li>\n<li><strong>\u62df\u5408\u4f18\u5ea6\u60e9\u7f5a\uff08 R\u00b2\uff09</strong>\uff1a\u8fd9\u662f\u7b56\u7565\u7684\u7075\u9b42\u3002R\u00b2\u8861\u91cf\u7684\u662f\u4ef7\u683c\u66f2\u7ebf\u6709\u591a\u201c\u76f4\u201d\u3002\u5982\u679c\u4e00\u53ea ETF \u7a33\u6b65\u4e0a\u6da8\uff0cR\u00b2\u63a5\u8fd1 1 \uff1b\u5982\u679c\u662f\u66b4\u6da8\u66b4\u8dcc\uff0cR\u00b2\u4f1a\u5f88\u4f4e\u3002</li>\n<li><strong>\u6700\u7ec8\u5f97\u5206 = \u5e74\u5316\u6536\u76ca\u7387 \u00d7 R\u00b2</strong>\u3002</li>\n<li><strong>\u7ed3\u679c</strong>\uff1a\u8fc7\u6ee4\u6389\u5f97\u5206\u8fc7\u4f4e\u6216\u6781\u5ea6\u5938\u5f20\u7684\u5f02\u5e38\u503c\uff08\u6709\u6548\u5f97\u5206\u8303\u56f4\u9650\u5236\u5728 0~5 \u4e4b\u95f4\uff09\uff0c\u9009\u51fa\u4e0a\u6da8\u6700\u5e73\u7a33\u3001\u52a8\u91cf\u6700\u5f3a\u52b2\u7684\u54c1\u79cd\u3002</li>\n</ul>\n<h3>3. \u91cf\u4ef7\u5f02\u52a8\u6392\u96f7\uff1a\u6210\u4ea4\u91cf\u6781\u503c\u8fc7\u6ee4</h3>\n<p>\u653e\u5de8\u91cf\u5f80\u5f80\u662f\u4e3b\u529b\u8d44\u91d1\u5206\u6b67\u6216\u51fa\u8d27\u7684\u6807\u5fd7\uff0c\u5bb9\u6613\u5f62\u6210\u9636\u6bb5\u6027\u9876\u90e8\u3002</p>\n<ul>\n<li><strong>\u76d8\u4e2d\u52a8\u6001\u9884\u4f30</strong>\uff1a\u7b56\u7565\u80fd\u591f\u6839\u636e\u76d8\u4e2d\u4ea4\u6613\u7684\u65f6\u95f4\u8fdb\u5ea6\uff0c\u63a8\u7b97\u5168\u5929\u7684\u9884\u4f30\u6210\u4ea4\u91cf\u3002</li>\n<li><strong>\u653e\u91cf\u8fc7\u6ee4</strong>\uff1a\u5982\u679c\u5f53\u5929\u7684\u9884\u4f30\u6210\u4ea4\u91cf\u8d85\u8fc7\u4e86\u8fc7\u53bb 5 \u5929\u5e73\u5747\u6210\u4ea4\u91cf\u7684<strong>2.5 \u500d</strong>\uff0c\u5373\u4f7f\u52a8\u91cf\u5f97\u5206\u518d\u9ad8\uff0c\u4e5f\u4f1a\u88ab\u65e0\u60c5\u5254\u9664\uff0c\u9632\u6b62\u9ad8\u4f4d\u63a5\u76d8\u3002</li>\n</ul>\n<hr/>\n<h2>\u4e09\u3001 \u8d44\u91d1\u7ba1\u7406\u4e0e\u884c\u4e1a\u5206\u6563\u673a\u5236</h2>\n<p>\u5728\u786e\u5b9a\u4e86\u5f97\u5206\u6700\u9ad8\u7684\u6807\u7684\u540e\uff0c\u4e70\u5165\u9636\u6bb5\u540c\u6837\u5145\u6ee1\u4e86\u7ec6\u8282\uff1a</p>\n<ol>\n<li>\n<strong>\u884c\u4e1a\u5206\u6563\u9650\u5236</strong>\uff1a\n\u7b56\u7565\u5185\u7f6e\u4e86\u4e00\u4e2a<strong>ETF \u4e3b\u9898\u5206\u7c7b\u8bcd\u5178</strong>\uff08\u5982\uff1a\u534a\u5bfc\u4f53\u3001\u533b\u836f\u3001\u6d88\u8d39\u3001\u8de8\u5883\u3001\u5bbd\u57fa\u7b49\uff09\u3002\u5728\u6309\u7167\u5f97\u5206\u4ece\u9ad8\u5230\u4f4e\u9009\u53d6\u76ee\u6807\u65f6\uff0c\u903b\u8f91\u4e0a\u4f1a\u4f18\u5148\u9009\u53d6<strong>\u4e0d\u540c\u884c\u4e1a</strong>\u7684 ETF \uff0c\u4ee5\u907f\u514d\u540c\u8d28\u5316\u6807\u7684\u624e\u5806\u3002<blockquote>\n<p><strong>\u5b9e\u6218\u907f\u5751\u63d0\u793a</strong>\uff1a\u8fd9\u91cc\u5fc5\u987b\u5766\u8bda\u8bf4\u660e\uff0c\u7ecf\u8fc7\u5927\u91cf\u56de\u6d4b\u9a8c\u8bc1\uff0c<strong>\u5f3a\u884c\u52a0\u4e0a\u884c\u4e1a\u5206\u6563\u7684\u5b9e\u9645\u6536\u76ca\u6548\u679c\u5e76\u4e0d\u660e\u663e\uff0c\u6709\u65f6\u751a\u81f3\u4f1a\u62c9\u4f4e\u6536\u76ca</strong>\u3002\u5982\u679c\u60a8\u7684\u53c2\u6570\u8bbe\u7f6e\u662f<strong>\u591a\u53ea\u6301\u4ed3</strong>\uff0c\u53ef\u4ee5\u5c1d\u8bd5\u5f00\u542f\u6b64\u529f\u80fd\u9632\u8303\u9ed1\u5929\u9e45\uff1b\u4f46\u5982\u679c\u60a8\u50cf\u6211\u4eec\u9ed8\u8ba4\u8bbe\u7f6e\u7684\u4e00\u6837\u662f<strong>\u5355\u6ee1\u4ed3\u8f6e\u52a8\uff08\u53ea\u4e70 1 \u53ea\uff09</strong>\uff0c\u90a3\u4e48\u8fd9\u4e2a\u5f00\u5173\u5f00\u4e0d\u5f00\u542f\u90fd\u65e0\u6240\u8c13\uff0c\u7cfb\u7edf\u4f1a\u76f4\u63a5\u9501\u5b9a\u5168\u5e02\u573a\u52a8\u91cf\u6700\u5f3a\u52b2\u7684\u90a3\u4e00\u53ea\u9f99\u5934\u731b\u653b\uff01</p>\n</blockquote>\n</li>\n<li><strong>\u76ee\u6807\u518d\u5e73\u8861</strong>\uff1a\n\u5f53\u6301\u4ed3\u6807\u7684\u4ecd\u5728\u76ee\u6807\u6c60\u4e2d\u65f6\uff0c\u7b56\u7565\u4e0d\u4f1a\u9891\u7e41\u5168\u91cf\u4e70\u5356\u3002\u800c\u662f\u68c0\u67e5\u5f53\u524d\u6301\u4ed3\u5e02\u503c\u662f\u5426\u504f\u79bb\u76ee\u6807\u5e02\u503c\u7684 15%\u4ee5\u4e0a\u3002\u5982\u679c\u6709\u8f83\u5927\u504f\u79bb\uff08\u8dcc\u4e86\uff09\uff0c\u5219\u8fdb\u884c\u518d\u5e73\u8861\u8865\u4ed3\uff0c\u5426\u5219\u6301\u80a1\u4e0d\u52a8\uff0c\u8282\u7701\u4ea4\u6613\u6210\u672c\u3002</li>\n</ol>\n<hr/>\n<h2>\u56db\u3001 \u5356\u51fa\u3001\u6b62\u635f\u4e0e\u9632\u5fa1\u5207\u6362\u903b\u8f91</h2>\n<p>\u7b56\u7565\u7684\u5356\u51fa\u903b\u8f91\u4e0d\u4ec5\u770b\u52a8\u91cf\uff0c\u8fd8\u8bbe\u7f6e\u4e86\u575a\u56fa\u7684\u98ce\u63a7\u7f51\uff1a</p>\n<ol>\n<li><strong>\u7edd\u5bf9\u6b62\u635f\uff08\u9632\u9ed1\u5929\u9e45\uff09</strong>\uff1a\n\u4e70\u5165\u65f6\u8bb0\u5f55\u6bcf\u4e00\u53ea ETF \u7684\u52a0\u6743\u5e73\u5747\u6210\u672c\u4ef7\u3002\u4e00\u65e6\u76d8\u4e2d\u4ef7\u683c\u8dcc\u7834\u6210\u672c\u4ef7\u7684<strong>92%\uff08\u5373\u4e8f\u635f 8%\uff09</strong>\uff0c\u7acb\u5373\u65e0\u6761\u4ef6\u89e6\u53d1\u6b62\u635f\u6e05\u4ed3\uff0c\u7edd\u4e0d\u625b\u5355\u3002</li>\n<li><strong>\u653e\u91cf\u6e05\u4ed3\uff08\u9632\u9ad8\u4f4d\u53cd\u8f6c\uff09</strong>\uff1a\n\u5982\u679c\u5728\u6301\u4ed3\u671f\u95f4\uff0c\u76d8\u4e2d\u9884\u4f30\u6210\u4ea4\u91cf\u7a81\u7136\u653e\u5927\u5230 5 \u65e5\u5747\u91cf\u7684<strong>2.5 \u500d</strong>\u4ee5\u4e0a\uff0c\u8bf4\u660e\u8d44\u91d1\u51fa\u73b0\u5de8\u5927\u5206\u6b67\uff0c\u7b56\u7565\u4f1a\u63d0\u524d\u83b7\u5229\u4e86\u7ed3\u6216\u79bb\u573a\u89c2\u671b\u3002</li>\n<li><strong>\u52a8\u91cf\u8870\u9000\u8c03\u4ed3</strong>\uff1a\n\u5982\u679c\u5728\u6bcf\u65e5\u7684\u8f6e\u52a8\u8ba1\u7b97\u4e2d\uff0c\u6301\u6709\u7684 ETF \u6389\u51fa\u4e86\u524d N \u540d\uff08 N \u4e3a\u6301\u4ed3\u6570\u91cf\uff09\uff0c\u8bf4\u660e\u5176\u52a8\u91cf\u5df2\u88ab\u5176\u4ed6\u54c1\u79cd\u8d85\u8d8a\uff0c\u7b56\u7565\u4f1a\u5c06\u5176\u6e05\u4ed3\uff0c\u4e3a\u65b0\u9f99\u5934\u817e\u51fa\u8d44\u91d1\u3002</li>\n<li><strong>\u9632\u5fa1\u578b ETF \u907f\u9669\uff08\u7a7a\u4ed3\u66ff\u4ee3\uff09</strong>\uff1a\n\u5982\u679c\u5e02\u573a\u6781\u5ea6\u6076\u52a3\uff0c\u6240\u6709\u7684 ETF \u90fd\u672a\u80fd\u901a\u8fc7\u5747\u7ebf\u8fc7\u6ee4\u6216\u52a8\u91cf\u79ef\u5f31\uff08\u5373\u6ca1\u6709\u8ba1\u7b97\u51fa\u4efb\u4f55\u6709\u6548\u76ee\u6807\uff09\uff0c\u7b56\u7565<strong>\u7edd\u4e0d\u5f3a\u884c\u4e70\u5165</strong>\u3002\u6b64\u65f6\uff0c\u8d44\u91d1\u4f1a\u81ea\u52a8\u5207\u6362\u4e70\u5165<strong>\u9632\u5fa1 ETF \uff08\u5982 511880 \u94f6\u534e\u65e5\u5229\uff09</strong>\uff0c\u83b7\u53d6\u7c7b\u73b0\u91d1\u7684\u4f4e\u98ce\u9669\u65e5\u7ed3\u6536\u76ca\uff0c\u8010\u5fc3\u7b49\u5f85\u5e02\u573a\u8f6c\u6696\u3002</li>\n</ol>\n<hr/>\n<h2>\u4e94\u3001 \u667a\u80fd\u6267\u884c\u7ec6\u8282</h2>\n<ul>\n<li><strong>\u907f\u514d\u6da8\u8dcc\u505c\u53ca\u505c\u724c\u9677\u9631</strong>\uff1a\u7b56\u7565\u5728\u6267\u884c\u6240\u6709\u4e70\u5356\u8ba2\u5355\u524d\uff0c\u90fd\u4f1a\u5224\u65ad\u6807\u7684\u662f\u5426\u505c\u724c\u3001\u662f\u5426\u5df2\u8fbe\u6da8\u505c\uff08\u4e0d\u4e70\uff09\u3001\u662f\u5426\u5df2\u8dcc\u505c\uff08\u4e0d\u5356\uff09\uff0c\u5e76\u81ea\u52a8\u68c0\u67e5 T+1 \u6301\u4ed3\u9650\u5236\uff0c\u9632\u6b62\u4ea7\u751f\u65e0\u6548\u8ba2\u5355\u3002</li>\n<li><strong>\u6267\u884c\u65f6\u95f4\u4f18\u5316</strong>\uff1a\u5c06\u5356\u51fa\u52a8\u4f5c\u8bbe\u5728 13:07 \uff0c\u4e70\u5165\u8bbe\u5728 13:10 \uff0c\u907f\u5f00\u65e9\u76d8\u7684\u5267\u70c8\u6ce2\u52a8\uff0c\u5728\u4e0b\u5348\u8d8b\u52bf\u76f8\u5bf9\u660e\u6717\u65f6\u8fdb\u884c\u8c03\u4ed3\u3002\u76d8\u524d 09:20 \u4e0e\u6536\u76d8 14:59 \u90fd\u6709\u4e25\u683c\u7684\u6301\u4ed3\u540c\u6b65\u5bf9\u8d26\u673a\u5236\uff0c\u786e\u4fdd\u7cfb\u7edf\u8bb0\u5f55\u4e0e\u771f\u5b9e\u8d26\u6237\u5b8c\u5168\u4e00\u81f4\u3002</li>\n</ul>\n<hr/>\n<h2>\u516d\u3001 \u56de\u6d4b\u8868\u73b0\uff1a\u77ed\u8dd1\u7206\u53d1\u4e0e\u957f\u8dd1\u7a33\u5065</h2>\n<blockquote>\n<p>\u26a0\ufe0f <strong>\u7279\u522b\u8bf4\u660e</strong>\uff1a\u4ee5\u4e0b\u6240\u6709\u56de\u6d4b\u6570\u636e\u5747\u57fa\u4e8e<strong>\u5355\u53ea\u6ee1\u4ed3\u8f6e\u52a8</strong>\uff08\u6301\u4ed3\u6570\u91cf=1 \uff09\u7684\u914d\u7f6e\u3002\u6a21\u62df\u76d8**\u91c7\u7528\u7684\u662f 3 \u53ea\u5206\u4ed3\uff0c\u6536\u76ca\u6709\u6240\u964d\u4f4e\u4f46\u56de\u64a4\u4e5f\u66f4\u5c0f\uff0c\u540e\u6587\u6709\u8be6\u7ec6\u8bf4\u660e\u3002</p>\n</blockquote>\n<h3>? \u4eae\u70b9\u5448\u73b0\uff1a2026 \u5e74\u4ee5\u6765\u8868\u73b0\uff08 2026.01 - 2026.04.22 \uff09</h3>\n<p>\u4eca\u5e74\u4ee5\u6765\u7684\u884c\u60c5\u4e2d\uff0c\u53cc\u6c60\u5e73\u6ed1\u52a8\u91cf\u5c55\u73b0\u4e86\u6781\u5f3a\u7684\"\u8ffd\u51fb\u70ed\u70b9\"\u80fd\u529b\uff0c<strong>\u77ed\u77ed\u4e0d\u5230 4 \u4e2a\u6708\uff0c\u7b56\u7565\u6536\u76ca\u7a81\u7834 62%\uff0c\u5e74\u5316\u6536\u76ca\u66f4\u662f\u98d9\u5347\u81f3 453%\uff01</strong></p>\n<p><img alt=\"Img\" class=\"embedded_image\" loading=\"lazy\" referrerpolicy=\"no-referrer\" rel=\"noreferrer\" src=\"https://image.joinquant.com/5fbd68cd600acf6e0eb03317b7441a9c\"/> </p>\n<table>\n<thead>\n<tr>\n<th>\u6307\u6807</th>\n<th>\u6570\u503c</th>\n<th>\u5907\u6ce8</th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td>\u7b56\u7565\u6536\u76ca</td>\n<td><strong>62.61%</strong></td>\n<td>\u4e0d\u5230 4 \u4e2a\u6708</td>\n</tr>\n<tr>\n<td>\u7b56\u7565\u5e74\u5316\u6536\u76ca</td>\n<td><strong>453.97%</strong></td>\n<td>?</td>\n</tr>\n<tr>\n<td>\u8d85\u989d\u6536\u76ca</td>\n<td><strong>56.86%</strong></td>\n<td>\u540c\u671f\u57fa\u51c6\u4ec5 3.67%</td>\n</tr>\n<tr>\n<td>\u6700\u5927\u56de\u64a4</td>\n<td>15.18%</td>\n<td>\u6700\u5927\u56de\u64a4\u533a\u95f4 3/24-4/8</td>\n</tr>\n<tr>\n<td>\u590f\u666e\u6bd4\u7387</td>\n<td><strong>8.288</strong></td>\n<td>\u6781\u5f3a\u7684\u98ce\u9669\u6536\u76ca\u6bd4</td>\n</tr>\n<tr>\n<td>\u7d22\u63d0\u8bfa\u6bd4\u7387</td>\n<td>12.625</td>\n<td>\u2014</td>\n</tr>\n<tr>\n<td>\u963f\u5c14\u6cd5</td>\n<td>4.532</td>\n<td>\u2014</td>\n</tr>\n<tr>\n<td>\u80dc\u7387 / \u76c8\u4e8f\u6bd4</td>\n<td>63.3% / <strong>1.915</strong></td>\n<td>\u8d62 31 \u6b21\uff0c\u4e8f 18 \u6b21</td>\n</tr>\n<tr>\n<td>\u4fe1\u606f\u6bd4\u7387</td>\n<td>7.555</td>\n<td>\u2014</td>\n</tr>\n</tbody></table><h3>\u7a7f\u8d8a\u725b\u718a\uff1a\u516d\u5e74\u671f\u957f\u671f\u56de\u6d4b\uff08 2020.01 - 2026.04.22 \uff09</h3>\n<p>\u5982\u679c\u8bf4\u77ed\u671f\u7684\u7206\u53d1\u53ef\u80fd\u662f\u8fd0\u6c14\uff0c\u90a3\u4e48\u957f\u671f\u7684\u7a33\u5065\u624d\u662f\u7b56\u7565\u771f\u6b63\u7684\u8bd5\u91d1\u77f3\u3002\u5728\u957f\u8fbe 6 \u5e74\u7684\u56de\u6d4b\u4e2d\uff08\u7ecf\u5386\u591a\u8f6e\u725b\u718a\u5207\u6362\uff09\uff0c\u7b56\u7565\u5b9e\u73b0\u4e86<strong>\u8d85 11 \u500d\u7684\u6536\u76ca</strong>\uff1a</p>\n<p><img alt=\"Img\" class=\"embedded_image\" loading=\"lazy\" referrerpolicy=\"no-referrer\" rel=\"noreferrer\" src=\"https://image.joinquant.com/86d9f626ea936fb6e44a4201fe5884b8\"/> </p>\n<table>\n<thead>\n<tr>\n<th>\u6307\u6807</th>\n<th>\u6570\u503c</th>\n<th>\u5907\u6ce8</th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td>\u7b56\u7565\u6536\u76ca</td>\n<td><strong>1166.05%</strong></td>\n<td>\u8d85 11 \u500d</td>\n</tr>\n<tr>\n<td>\u7b56\u7565\u5e74\u5316\u6536\u76ca</td>\n<td>51.57%</td>\n<td>\u2014</td>\n</tr>\n<tr>\n<td>\u8d85\u989d\u6536\u76ca</td>\n<td><strong>980.60%</strong></td>\n<td>\u540c\u671f\u57fa\u51c6\u4ec5 17.16%</td>\n</tr>\n<tr>\n<td>\u6700\u5927\u56de\u64a4</td>\n<td>35.13%</td>\n<td>2024 \u5e74 6 \u6708-9 \u6708\u6781\u7aef\u884c\u60c5</td>\n</tr>\n<tr>\n<td>\u590f\u666e\u6bd4\u7387</td>\n<td>1.266</td>\n<td>\u2014</td>\n</tr>\n<tr>\n<td>\u7d22\u63d0\u8bfa\u6bd4\u7387</td>\n<td>1.937</td>\n<td>\u2014</td>\n</tr>\n<tr>\n<td>\u963f\u5c14\u6cd5</td>\n<td>0.486</td>\n<td>\u2014</td>\n</tr>\n<tr>\n<td>\u80dc\u7387 / \u76c8\u4e8f\u6bd4</td>\n<td>49.3% / <strong>1.417</strong></td>\n<td>\u8d62 364 \u6b21\uff0c\u4e8f 375 \u6b21</td>\n</tr>\n<tr>\n<td>\u4fe1\u606f\u6bd4\u7387</td>\n<td>1.404</td>\n<td>\u2014</td>\n</tr>\n</tbody></table><p><strong>\u603b\u7ed3</strong>\uff1a\n\u4ece\u957f\u671f\u8868\u73b0\u770b\uff0c\u8fd9\u5957\u7b56\u7565\u7684\u80dc\u7387\u7a33\u5b9a\u5728 50%\u5de6\u53f3\uff0c**\u5b83\u5e76\u4e0d\u662f\"\u628a\u628a\u90fd\u8d62\"\u7684\u5723\u676f\uff0c\u800c\u662f\u5178\u578b\u7684\"\u622a\u65ad\u4e8f\u635f\uff0c\u8ba9\u5229\u6da6\u5954\u8dd1\"<strong>\u3002\u901a\u8fc7</strong>\"\u5747\u7ebf+R\u00b2\u5e73\u6ed1\"<strong>\u4fdd\u8bc1\u8d8b\u52bf\u53ef\u9760\u6027\uff0c\u901a\u8fc7</strong>\"\u53cc\u6c60\u878d\u5408\"<strong>\u4fdd\u8bc1\u6807\u7684\u6d41\u52a8\u6027\uff0c\u518d\u8f85\u4ee5</strong>\"\u5f02\u52a8\u91cf\u8fc7\u6ee4+8%\u7edd\u5bf9\u6b62\u635f+\u884c\u4e1a\u5206\u6563+\u65e0\u6807\u7684\u9632\u5fa1\"**\uff0c\u6784\u7b51\u8d77\u4e86\u80fd\u5728 2026 \u5e74\u6253\u51fa\u60ca\u4eba\u7206\u53d1\u529b\u7684\u7acb\u4f53\u98ce\u63a7\u4f53\u7cfb\u3002</p>\n<hr/>\n<h2>\u4e03\u3001 \u8ddf\u8e2a\u4e0e\u4ea4\u5272\u5355\u5f00\u6e90</h2>\n<p>\u76ee\u524d\u8fd9\u6761\u7b56\u7565\u6211\u5df2\u7ecf\u6b63\u5f0f\u6302\u8f7d\u4e86\u6a21\u62df\u76d8\uff0c\u5e76\u63a5\u5165\u4e86 **[9db \u667a\u80fd\u4f53\u7ade\u6280\u573a]**\uff08\u4e00\u4e2a\u7b2c\u4e09\u65b9\u7b56\u7565\u4fe1\u53f7\u8ddf\u8e2a\u5e73\u53f0\uff0c\u53ef\u67e5\u770b\u7b56\u7565\u6bcf\u65e5\u771f\u5b9e\u4ea4\u5272\u5355\u4e0e\u6301\u4ed3\u52a8\u6001\uff0c\u5b8c\u5168\u900f\u660e\u53ef\u9a8c\u8bc1\uff09\u3002\u6b22\u8fce\u611f\u5174\u8da3\u7684\u670b\u53cb\u524d\u5f80\u56f4\u89c2\uff01\n<img alt=\"Img\" class=\"embedded_image\" loading=\"lazy\" referrerpolicy=\"no-referrer\" rel=\"noreferrer\" src=\"https://image.joinquant.com/62da47f2273c666d3eddc9062d32a86b\"/> </p>\n<p><strong><strong><strong><strong>\u53c2\u6570\u8bf4\u660e</strong>\uff1a\n\u4e0a\u6587\u56de\u6d4b\u4e2d\u5c55\u793a\u7684\u662f</strong>\"\u5355\u53ea\u6ee1\u4ed3\u8f6e\u52a8\"<strong>\u7684\u6781\u9650\u7206\u53d1\u6570\u636e\uff1b\u800c\u5728\u6211\u81ea\u5df1\u7684\u6a21\u62df\u76d8\u5b9e\u6218\u4e2d\uff0c\u8003\u8651\u5230</strong></strong></strong>\u5fc3\u6001\u7ba1\u7406\uff0c\u6211\u5c06\u53c2\u6570\u8c03\u6574\u4e3a\u4e86**\"\u540c\u65f6\u6301\u6709 3 \u53ea ETF\"<strong>\u7684\u5206\u4ed3\u6a21\u5f0f\u3002\u5206\u4ed3\u4e4b\u540e\u6536\u76ca\u7387\u786e\u5b9e\u6bd4\u5355\u4ed3\u964d\u4f4e\u4e86\u4e0d\u5c11\uff0c\u4f46\u6700\u5927\u56de\u64a4\u4e5f\u968f\u4e4b\u6536\u7a84\uff0c\u5fc3\u6001\u4f1a\u66f4\u7a33\u3002</strong>\u5148\u6c42\u6d3b\uff0c\u518d\u6c42\u5feb\uff01**</p>\n<hr/>\n<p>\u5e0c\u671b\u8fd9\u7bc7\u6df1\u5ea6\u62c6\u89e3\u80fd\u5bf9\u5927\u5bb6\u7684\u91cf\u5316\u7b56\u7565\u5f00\u53d1\u6709\u6240\u542f\u53d1\uff01\u5982\u679c\u89c9\u5f97\u6709\u6536\u83b7\uff0c\u6b22\u8fce<strong>\u70b9\u8d5e + \u5173\u6ce8</strong>\uff0c\u540e\u7eed\u6211\u4f1a\u6301\u7eed\u5206\u4eab\u66f4\u591a\u7b56\u7565\u5f00\u53d1\u7ecf\u9a8c\u3002\u6b22\u8fce\u5728\u8bc4\u8bba\u533a\u7559\u8a00\uff0c\u4e00\u8d77\u63a2\u8ba8 ETF \u8f6e\u52a8\u7b56\u7565\u7684\u8fdb\u9636\u4f18\u5316\u65b9\u5411\uff01?</p>\n", 
      "date_published": "2026-05-29T06:44:15+00:00", 
      "title": "\u8fd1 4 \u4e2a\u6708\u72c2\u63fd 62%\uff01\u516d\u5e74 11 \u500d ETF \u53cc\u6c60\u52a8\u91cf\u8f6e\u52a8", 
      "id": "https://www.v2ex.com/t/1216462"
    }, 
    {
      "author": {
        "url": "https://www.v2ex.com/member/csfreshman", 
        "name": "csfreshman", 
        "avatar": "https://cdn.v2ex.com/gravatar/7624630ff4f2bad517fe23a0f81daf6b?s=73&d=retro"
      }, 
      "url": "https://www.v2ex.com/t/1215870", 
      "title": "\u4eca\u5e74\u7092\u80a1\uff0c\u8001\u767b\u73a9\u6cd5\u4e0d\u9002\u5408", 
      "id": "https://www.v2ex.com/t/1215870", 
      "date_published": "2026-05-27T03:43:07+00:00", 
      "content_html": "<p>\u597d\u6d88\u606f\u662f A \u80a1\u524d\u51e0\u5929\u51cf\u4ed3\u4e86</p>\n<p>\u574f\u6d88\u606f\u662f\u7f8e\u80a1\u4e5f\u51cf\u534a\u4e86</p>\n"
    }, 
    {
      "author": {
        "url": "https://www.v2ex.com/member/idblife", 
        "name": "idblife", 
        "avatar": "https://cdn.v2ex.com/avatar/a95c/4050/14375_large.png?m=1754922138"
      }, 
      "url": "https://www.v2ex.com/t/1215514", 
      "title": "\u76c8\u900f\u8fd8\u7a33\u5417\uff1f\u8981\u4e0d\u8981\u5907\u4efd\u4e00\u4e2a\u5176\u4ed6\u5238\u5546", 
      "id": "https://www.v2ex.com/t/1215514", 
      "date_published": "2026-05-26T03:55:34+00:00", 
      "content_html": "\u6c42\u63a8\u8350"
    }, 
    {
      "author": {
        "url": "https://www.v2ex.com/member/swananan", 
        "name": "swananan", 
        "avatar": "https://cdn.v2ex.com/avatar/2e0f/9937/201033_large.png?m=1753754111"
      }, 
      "url": "https://www.v2ex.com/t/1215456", 
      "title": "\u73a9\u7f8e\u80a1\u7684\u5144\u5f1f\u4eec\uff0c\u73b0\u5728\u5e94\u5bf9\u7b56\u7565\u662f\u4ec0\u4e48", 
      "id": "https://www.v2ex.com/t/1215456", 
      "date_published": "2026-05-26T01:27:01+00:00", 
      "content_html": "\u88ab\u5236\u88c1\u7684\u4e09\u5bb6\uff0c\u6211\u597d\u4e45\u4e4b\u524d\u90fd\u5f00\u4e86\uff0c\u5f53\u65f6\u662f\u4e3a\u4e86\u6df7\u5165\u91d1\u548c\u8f6c\u4ed3\u5956\u52b1\u7684\uff0c\u7ed3\u679c\u6210\u4e3a\u6211\u552f\u4e00\u7684\u6e20\u9053\u4e86\u3002\u540e\u6094\u6ca1\u5f00\u4e2a ib \u4e4b\u7c7b\u7684\u3002<br /><br />\u5965\u5bf9\uff0c\u6211\u8fd8\u6709\u4e2d\u94f6\u56fd\u9645= =||\uff0c\u662f\u4e0d\u662f\u8fd8\u80fd\u63a5\u7740\u62ff\u7740\u73a9\u3002<br /><br />CRS \u6211\u8fd8\u6ca1\u62a5\u7a0e\u4e86\uff0c\u6211\u57fa\u672c\u53ea\u4e70\u4e0d\u5356\uff0c\u5c31\u662f\u6015\u62a5\u7a0e\uff0c\u5934\u75bc\u3002<br /><br />\u628a\u80a1\u7968\u8f6c\u4ed3\u8d70\uff0c\u662f\u4e0d\u662f\u5c31\u53ef\u4ee5\u8eb2\u5f00 CRS \u3002"
    }, 
    {
      "author": {
        "url": "https://www.v2ex.com/member/distleilei", 
        "name": "distleilei", 
        "avatar": "https://cdn.v2ex.com/gravatar/3abf05153fd39f865a1171076e10b227?s=73&d=retro"
      }, 
      "url": "https://www.v2ex.com/t/1214779", 
      "date_modified": "2026-05-22T10:04:41+00:00", 
      "content_html": "", 
      "date_published": "2026-05-22T10:04:05+00:00", 
      "title": "\u4e70\u7f8e\u80a1\u7684\u8def\u8981\u88ab\u5f7b\u5e95\u5835\u6b7b\u4e86\uff0c\u5bcc\u9014\u8001\u864e\u957f\u6865\u88ab\u91cd\u7f5a\uff0c\u5927\u9646\u5b58\u91cf\u5ba2\u6237\u53ea\u51c6\u5356\u4e0d\u51c6\u4e70\uff0c\u600e\u4e48\u529e", 
      "id": "https://www.v2ex.com/t/1214779"
    }
  ]
}