{"id":203,"date":"2026-05-23T16:38:22","date_gmt":"2026-05-23T08:38:22","guid":{"rendered":"https:\/\/cc.taili.live\/?p=203"},"modified":"2026-05-31T14:11:11","modified_gmt":"2026-05-31T06:11:11","slug":"%e3%80%90512690-%e9%85%92etf%e3%80%91%e5%85%a8%e5%91%a8%e6%9c%9f%e6%b7%b1%e5%ba%a6%e5%a4%8d%e7%9b%98%e4%b8%8e%e4%ba%a4%e6%98%93%e5%88%86%e6%9e%90","status":"publish","type":"post","link":"https:\/\/cc.taili.live\/index.php\/2026\/05\/23\/%e3%80%90512690-%e9%85%92etf%e3%80%91%e5%85%a8%e5%91%a8%e6%9c%9f%e6%b7%b1%e5%ba%a6%e5%a4%8d%e7%9b%98%e4%b8%8e%e4%ba%a4%e6%98%93%e5%88%86%e6%9e%90\/","title":{"rendered":"\u3010512690 \u9152ETF\u3011\u5168\u5468\u671f\u6df1\u5ea6\u590d\u76d8\u4e0e\u4ea4\u6613\u5206\u6790"},"content":{"rendered":"<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-204\" src=\"https:\/\/cc.taili.live\/wp-content\/uploads\/2026\/05\/\u9152etf-300x295.png\" alt=\"\" width=\"300\" height=\"295\" srcset=\"https:\/\/cc.taili.live\/wp-content\/uploads\/2026\/05\/\u9152etf-300x295.png 300w, https:\/\/cc.taili.live\/wp-content\/uploads\/2026\/05\/\u9152etf.png 666w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/h2>\n<h2>\u4e00\u3001\u4e3a\u4ec0\u4e48\u4ece 2021 \u5e74\u9ad8\u70b9\u8dcc\u4e86 65%\uff1f\u6838\u5fc3\u4e0b\u8dcc\u903b\u8f91<\/h2>\n<div><\/div>\n<div>\n<p>\u5148\u7b97\u4e00\u7b14\u8d26\uff1a2021 \u5e74 6 \u6708 30 \u65e5\u9152 ETF \u7684\u9ad8\u70b9\u7ea6\u4e3a<strong>1.213 \u5143<\/strong>\uff08\u5e74\u7ebf\u56fe\u53ef\u9a8c\u8bc1\uff09\uff0c\u622a\u81f3 2026 \u5e74 5 \u6708 23 \u65e5\u6536\u76d8\u4ef7 0.444 \u5143\uff0c\u8dcc\u5e45\u8ba1\u7b97\u5982\u4e0b\uff1a<\/p>\n<div><\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-207\" src=\"https:\/\/cc.taili.live\/wp-content\/uploads\/2026\/05\/\u8dcc\u5e45-300x43.png\" alt=\"\" width=\"837\" height=\"120\" srcset=\"https:\/\/cc.taili.live\/wp-content\/uploads\/2026\/05\/\u8dcc\u5e45-300x43.png 300w, https:\/\/cc.taili.live\/wp-content\/uploads\/2026\/05\/\u8dcc\u5e45.png 465w\" sizes=\"auto, (max-width: 837px) 100vw, 837px\" \/><\/p>\n<p>\u4e0e\u4f60\u8bf4\u7684 \u201c65% \u5de6\u53f3\u201d \u57fa\u672c\u543b\u5408\uff0c\u8fd9\u8f6e\u53f2\u8bd7\u7ea7\u4e0b\u8dcc\uff0c\u662f<strong>\u884c\u4e1a\u57fa\u672c\u9762\u3001\u4f30\u503c\u6ce1\u6cab\u3001\u5b8f\u89c2\u73af\u5883\u3001\u8d44\u91d1\u9762<\/strong>\u56db\u91cd\u6740\u7684\u7ed3\u679c\uff1a<\/p>\n<div><\/div>\n<\/div>\n<h3>1. \u884c\u4e1a\u57fa\u672c\u9762\uff1a\u767d\u9152\u4ece \u201c\u9ec4\u91d1\u65f6\u4ee3\u201d \u5230 \u201c\u589e\u957f\u5929\u82b1\u677f\u201d<\/h3>\n<div><\/div>\n<ul>\n<li>2019-2021 \u5e74\uff0c\u767d\u9152\u884c\u4e1a\u53d7\u76ca\u4e8e\u6d88\u8d39\u5347\u7ea7\u3001\u6e20\u9053\u6269\u5f20\uff0c\u5934\u90e8\u4f01\u4e1a\u51c0\u5229\u6da6\u589e\u901f\u666e\u904d 20%+\uff0c\u8305\u53f0\u3001\u4e94\u7cae\u6db2\u7b49\u9f99\u5934\u88ab\u89c6\u4e3a \u201c\u6c38\u8fdc\u7684\u795e\u201d\uff0c\u80a1\u4ef7\u4e0e\u4f30\u503c\u53cc\u53cc\u8d77\u98de\u3002<\/li>\n<li>2021 \u5e74\u540e\uff0c\u884c\u4e1a\u8fdb\u5165\u5b58\u91cf\u7ade\u4e89\uff1a\u9ad8\u7aef\u767d\u9152\u589e\u901f\u653e\u7f13\uff0c\u6b21\u9ad8\u7aef\u3001\u533a\u57df\u9152\u4f01\u5185\u5377\u52a0\u5267\uff0c\u53e0\u52a0\u75ab\u60c5\u53cd\u590d\u3001\u6d88\u8d39\u590d\u82cf\u4e0d\u53ca\u9884\u671f\uff0c\u4f01\u4e1a\u76c8\u5229\u589e\u901f\u4ece 20%+ \u4e0b\u6ed1\u5230\u4e2a\u4f4d\u6570\uff0c\u751a\u81f3\u8d1f\u589e\u957f\u3002<\/li>\n<li>\u66f4\u5173\u952e\u7684\u662f\uff0c\u5e74\u8f7b\u4eba\u996e\u9152\u4e60\u60ef\u53d8\u5316\u3001\u5065\u5eb7\u6d88\u8d39\u5174\u8d77\uff0c\u767d\u9152\u7684 \u201c\u957f\u671f\u589e\u957f\u903b\u8f91\u201d \u88ab\u5e02\u573a\u8d28\u7591\uff0c\u4f30\u503c\u4f53\u7cfb\u968f\u4e4b\u5d29\u584c\u3002<\/li>\n<\/ul>\n<div><\/div>\n<h3>2. \u4f30\u503c\u6ce1\u6cab\u7834\u88c2\uff1a\u4ece \u201c\u4fe1\u4ef0\u6ea2\u4ef7\u201d \u5230 \u201c\u4ef7\u503c\u56de\u5f52\u201d<\/h3>\n<div><\/div>\n<div>\n<p>2021 \u5e74\u9ad8\u70b9\u65f6\uff0c\u4e2d\u8bc1\u767d\u9152\u6307\u6570\u7684 PE\uff08\u5e02\u76c8\u7387\uff09\u8d85\u8fc7<strong>60 \u500d<\/strong>\uff0c\u800c\u884c\u4e1a\u5386\u53f2\u4e2d\u67a2\u4ec5 25 \u500d\u5de6\u53f3\uff0c\u5c5e\u4e8e\u5178\u578b\u7684 \u201c\u60c5\u7eea\u9a71\u52a8\u6ce1\u6cab\u201d\u3002<\/p>\n<div><\/div>\n<p>\u968f\u7740\u76c8\u5229\u589e\u901f\u4e0b\u6ed1\uff0c\u4f30\u503c\u5f00\u59cb\u6234\u7ef4\u65af\u53cc\u6740\uff1a<\/p>\n<\/div>\n<div><\/div>\n<ul>\n<li>\u80a1\u4ef7\u4e0b\u8dcc\u7684\u540c\u65f6\uff0c\u76c8\u5229\u589e\u901f\u653e\u7f13\uff0cPE \u88ab\u52a8\u62ac\u5347\uff0c\u8fdb\u4e00\u6b65\u538b\u5236\u80a1\u4ef7\uff1b<\/li>\n<li>\u622a\u81f3 2026 \u5e74\uff0c\u4e2d\u8bc1\u767d\u9152\u6307\u6570 PE \u5df2\u56de\u843d\u81f3 20 \u500d\u9644\u8fd1\uff0c\u4f30\u503c\u6ce1\u6cab\u57fa\u672c\u51fa\u6e05\uff0c\u4f46\u4ecd\u672a\u56de\u5230\u5386\u53f2\u6781\u7aef\u4f4e\u4f4d\u3002<\/li>\n<\/ul>\n<div><\/div>\n<h3>3. \u5b8f\u89c2\u4e0e\u8d44\u91d1\u9762\uff1a\u6d41\u52a8\u6027\u6536\u7d27 + \u673a\u6784\u8d44\u91d1\u64a4\u79bb<\/h3>\n<div><\/div>\n<ul>\n<li>2021 \u5e74\u4e0b\u534a\u5e74\u5f00\u59cb\uff0c\u56fd\u5185\u8d27\u5e01\u653f\u7b56\u8fb9\u9645\u6536\u7d27\uff0c\u5e02\u573a\u6d41\u52a8\u6027\u9000\u6f6e\uff0c\u62b1\u56e2\u80a1\u96c6\u4f53\u74e6\u89e3\uff0c\u767d\u9152\u4f5c\u4e3a \u201c\u62b1\u56e2\u7b2c\u4e00\u8d5b\u9053\u201d \u9996\u5f53\u5176\u51b2\uff1b<\/li>\n<li>\u673a\u6784\u8d44\u91d1\u5927\u5e45\u51cf\u4ed3\uff1a\u516c\u52df\u57fa\u91d1\u3001\u5317\u5411\u8d44\u91d1\u6301\u7eed\u51cf\u6301\u767d\u9152\u9f99\u5934\uff0c\u8d44\u91d1\u6d41\u51fa\u76f4\u63a5\u5bfc\u81f4 ETF \u4efd\u989d\u840e\u7f29\u3001\u4ef7\u683c\u4e0b\u8dcc\uff0c\u5f62\u6210 \u201c\u8d8a\u8dcc\u8d8a\u5356\u3001\u8d8a\u5356\u8d8a\u8dcc\u201d \u7684\u8d1f\u53cd\u9988\u3002<\/li>\n<\/ul>\n<div><\/div>\n<hr \/>\n<div><\/div>\n<h2>\u4e8c\u3001\u591a\u5468\u671f\u6280\u672f\u9762\u62c6\u89e3\uff1a\u8d8b\u52bf\u3001\u4fe1\u53f7\u4e0e\u5173\u952e\u4f4d\u7f6e<\/h2>\n<div><\/div>\n<div>\u6211\u4eec\u4ece\u5e74\u7ebf\u5230 60 \u5206\u949f\u7ebf\uff0c\u9010\u5c42\u5206\u6790\u5f53\u524d\u7684\u6280\u672f\u72b6\u6001\uff1a<\/div>\n<div><\/div>\n<h3>1. \u5e74\u7ebf\uff082019-2026\uff09\uff1a\u8d8b\u52bf\u6027\u4e0b\u8dcc\uff0c\u65e0\u4efb\u4f55\u4f01\u7a33\u4fe1\u53f7<\/h3>\n<div><\/div>\n<ul>\n<li>\u5e74\u7ebf\u7ea7\u522b\uff0c\u9152 ETF \u4ece 2021 \u5e74\u7684 1.213 \u5143\u9ad8\u70b9\u8fde\u7eed\u4e0b\u8dcc\uff0c2022\u30012023\u30012024 \u5e74\u5168\u90e8\u6536\u9634\uff0c2026 \u5e74\u5f53\u524d K \u7ebf\u4ecd\u5728\u4e0b\u8dcc\u8d8b\u52bf\u4e2d\uff1b<\/li>\n<li>\u5e74\u7ebf MACD\uff1a\u7eff\u67f1\u6301\u7eed\u653e\u5927\uff0cDIFF \u7ebf\u5728 DEA \u7ebf\u4e0b\u65b9\uff0c\u7a7a\u5934\u8d8b\u52bf\u660e\u786e\uff1b<\/li>\n<li>\u5173\u952e\u652f\u6491\uff1a0.40 \u5143\u9644\u8fd1\u662f 2019 \u5e74\u4e0a\u5e02\u4ee5\u6765\u7684\u5386\u53f2\u4f4e\u4f4d\u533a\u95f4\uff0c\u82e5\u8dcc\u7834\u5219\u65e0\u660e\u786e\u652f\u6491\u4f4d\u3002<\/li>\n<\/ul>\n<div><\/div>\n<h3>2. \u5b63\u7ebf\uff082019-2026\uff09\uff1a\u4e0b\u8dcc\u4e2d\u7ee7\uff0c\u7a7a\u5934\u4e3b\u5bfc<\/h3>\n<div><\/div>\n<ul>\n<li>\u5b63\u7ebf\u7ea7\u522b\uff0c\u5747\u7ebf\u7cfb\u7edf\u5448\u5178\u578b\u7684\u7a7a\u5934\u6392\u5217\uff08MA5\u3001MA10\u3001MA20 \u5168\u90e8\u5411\u4e0b\u53d1\u6563\uff09\uff1b<\/li>\n<li>BOLL \u6307\u6807\uff1a\u4ef7\u683c\u6301\u7eed\u8d34\u7740\u4e0b\u8f68\u8fd0\u884c\uff0c\u4e2d\u8f68\u4e0e\u4e0a\u8f68\u6301\u7eed\u4e0b\u538b\uff0c\u8bf4\u660e\u4e0b\u8dcc\u8d8b\u52bf\u7684\u538b\u5236\u6781\u5f3a\uff1b<\/li>\n<li>MACD\uff1aDIFF \u4e0e DEA \u5728\u96f6\u8f74\u4e0b\u65b9\u6b7b\u53c9\uff0c\u7eff\u67f1\u6301\u7eed\u91ca\u653e\uff0c\u65e0\u4efb\u4f55\u91d1\u53c9\u4f01\u7a33\u8ff9\u8c61\u3002<\/li>\n<\/ul>\n<div><\/div>\n<h3>3. \u6708\u7ebf\uff082019-2026\uff09\uff1a\u4e0b\u8dcc\u8d8b\u52bf\u672a\u6539\uff0c\u8d85\u5356\u4fe1\u53f7\u521d\u73b0<\/h3>\n<div><\/div>\n<ul>\n<li>\u6708\u7ebf\u7ea7\u522b\uff0c\u4ef7\u683c\u6cbf\u7740 MA5\u3001MA10\u3001MA30 \u6301\u7eed\u4e0b\u884c\uff0c\u6bcf\u6b21\u53cd\u5f39\u90fd\u88ab\u5747\u7ebf\u538b\u5236\uff0c\u5f62\u6210 \u201c\u4e0b\u964d\u901a\u9053\u201d\uff1b<\/li>\n<li>CCI \u6307\u6807\uff1a\u5f53\u524d CCI \u503c\u4e3a &#8211; 178.38\uff0c\u5904\u4e8e\u5386\u53f2\u6781\u4f4e\u7684\u8d85\u5356\u533a\u95f4\uff08CCI&lt;-100 \u4e3a\u4e25\u91cd\u8d85\u5356\uff09\uff0c\u8bf4\u660e\u77ed\u671f\u4e0b\u8dcc\u52a8\u80fd\u8fc7\u5ea6\u91ca\u653e\uff0c\u5b58\u5728\u6280\u672f\u6027\u53cd\u5f39\u7684\u53ef\u80fd\uff1b<\/li>\n<li>BOLL \u4e0b\u8f68\uff1a\u5f53\u524d\u4ef7\u683c\u5df2\u89e6\u53ca\u6708\u7ebf BOLL \u4e0b\u8f68\uff080.47 \u5143\uff09\uff0c\u4e0b\u8f68\u7ebf\u6709\u8f7b\u5fae\u8d70\u5e73\u8ff9\u8c61\uff0c\u4e0b\u8dcc\u659c\u7387\u7565\u6709\u653e\u7f13\u3002<\/li>\n<\/ul>\n<div><\/div>\n<h3>4. \u5468\u7ebf\uff082021-2026\uff09\uff1a\u4e0b\u964d\u901a\u9053\u5185\u8fd0\u884c\uff0c\u5e95\u90e8\u9707\u8361\u521d\u73b0<\/h3>\n<div><\/div>\n<ul>\n<li>\u5468\u7ebf\u7ea7\u522b\uff0c\u4ef7\u683c\u4ece 2021 \u5e74\u7684 1.213 \u5143\u9ad8\u70b9\u5f62\u6210\u6807\u51c6\u4e0b\u964d\u901a\u9053\uff0c\u4e0a\u8f68\u538b\u529b\u5728 0.6 \u5143\u9644\u8fd1\uff0c\u4e0b\u8f68\u652f\u6491\u5728 0.45 \u5143\u9644\u8fd1\uff1b<\/li>\n<li>MACD\uff1a\u7eff\u67f1\u6301\u7eed\u7f29\u77ed\uff0cDIFF \u7ebf\u4e0e DEA \u7ebf\u5728\u96f6\u8f74\u4e0b\u65b9\u8d70\u5e73\uff0c\u4e0b\u8dcc\u52a8\u80fd\u6709\u8870\u51cf\u8ff9\u8c61\uff1b<\/li>\n<li>\u6210\u4ea4\u91cf\uff1a\u8fd1\u671f\u6210\u4ea4\u91cf\u7ef4\u6301\u5728 1400 \u4e07\u624b\u5de6\u53f3\uff0c\u65e0\u660e\u663e\u653e\u91cf\u4e0b\u8dcc\uff0c\u8bf4\u660e\u629b\u538b\u5df2\u90e8\u5206\u91ca\u653e\u3002<\/li>\n<\/ul>\n<div><\/div>\n<h3>5. \u65e5\u7ebf\uff082025-2026\uff09\uff1a\u52a0\u901f\u4e0b\u8dcc\uff0c\u89e6\u53ca\u5173\u952e\u652f\u6491<\/h3>\n<div><\/div>\n<ul>\n<li>\u65e5\u7ebf\u7ea7\u522b\uff0c\u5747\u7ebf\u5448\u7a7a\u5934\u6392\u5217\uff0cMA5\u3001MA10\u3001MA30\u3001MA60 \u5168\u90e8\u5411\u4e0b\uff0c\u4ef7\u683c\u8dcc\u7834\u524d\u671f\u4f4e\u70b9 0.483 \u5143\uff0c\u521b\u51fa 0.444 \u5143\u7684\u9636\u6bb5\u65b0\u4f4e\uff1b<\/li>\n<li>MACD\uff1aDIFF \u4e0e DEA \u5728\u96f6\u8f74\u4e0b\u65b9\u6b7b\u53c9\uff0c\u7eff\u67f1\u5c0f\u5e45\u653e\u5927\uff0c\u77ed\u671f\u4e0b\u8dcc\u52a8\u80fd\u4ecd\u5728\uff1b<\/li>\n<li>BOLL \u6307\u6807\uff1a\u4ef7\u683c\u8d34\u7740\u4e0b\u8f68\u8fd0\u884c\uff0c\u4e0b\u8f68\u7ebf\u6301\u7eed\u4e0b\u79fb\uff0c\u8bf4\u660e\u77ed\u671f\u4e0b\u8dcc\u8d8b\u52bf\u4ecd\u672a\u7ed3\u675f\uff1b<\/li>\n<li>\u5173\u952e\u652f\u6491\uff1a0.44 \u5143\u9644\u8fd1\u662f\u524d\u671f\u9707\u8361\u533a\u95f4\u7684\u4e0b\u6cbf\uff0c\u4e5f\u662f 2019 \u5e74\u4e0a\u5e02\u4ee5\u6765\u7684\u5386\u53f2\u4f4e\u4f4d\uff0c\u5b58\u5728\u6280\u672f\u6027\u652f\u6491\u3002<\/li>\n<\/ul>\n<div><\/div>\n<h3>6. 60 \u5206\u949f\u7ebf\uff082026-02-2026-05\uff09\uff1a\u77ed\u7ebf\u8d85\u5356\uff0c\u53cd\u5f39\u4e00\u89e6\u5373\u53d1<\/h3>\n<div><\/div>\n<ul>\n<li>60 \u5206\u949f\u7ea7\u522b\uff0c\u4ef7\u683c\u5f62\u6210\u4e0b\u964d\u901a\u9053\uff0c\u5f53\u524d\u5904\u4e8e\u901a\u9053\u4e0b\u8f68\u9644\u8fd1\uff1b<\/li>\n<li>MACD\uff1aDIFF \u7ebf\u5728\u96f6\u8f74\u4e0b\u65b9\u8d70\u5e73\uff0c\u7eff\u67f1\u6301\u7eed\u7f29\u77ed\uff0c\u6709\u91d1\u53c9\u8ff9\u8c61\uff1b<\/li>\n<li>CCI \u6307\u6807\uff1aCCI \u503c\u4e3a &#8211; 132.13\uff0c\u5904\u4e8e\u8d85\u5356\u533a\u95f4\uff0c\u77ed\u671f\u5b58\u5728\u53cd\u5f39\u9700\u6c42\uff1b<\/li>\n<li>\u5173\u952e\u538b\u529b\uff1a0.46 \u5143\u9644\u8fd1\u662f 60 \u5206\u949f\u7ebf\u7684 MA10 \u5747\u7ebf\u538b\u529b\u4f4d\uff0c\u82e5\u53cd\u5f39\u7a81\u7834\uff0c\u53ef\u770b\u81f3 0.48 \u5143\u9644\u8fd1\u3002<\/li>\n<\/ul>\n<div><\/div>\n<hr \/>\n<div><\/div>\n<h2>\u4e09\u3001\u4ea4\u6613\u673a\u4f1a\u4e0e\u98ce\u9669\uff1a\u7ed3\u5408\u4f60\u7684\u9ad8\u9891 T+0 \u7b56\u7565<\/h2>\n<div><\/div>\n<div>\u4f60\u76ee\u524d\u7684\u6838\u5fc3\u7b56\u7565\u662f<strong>\u57fa\u4e8e\u65e5\u7ebf \u201c\u9ec4\u8272\u7ebf\u201d \u7684\u9ad8\u9891 T+0 \u4ea4\u6613<\/strong>\uff0c\u9488\u5bf9\u9152 ETF \u7684\u5f53\u524d\u72b6\u6001\uff0c\u6211\u4eec\u505a\u9002\u914d\u6027\u5206\u6790\uff1a<\/div>\n<div><\/div>\n<h3>1. \u673a\u4f1a\u70b9\uff1a<\/h3>\n<div><\/div>\n<ul>\n<li><strong>\u8d85\u5356\u53cd\u5f39\u673a\u4f1a<\/strong>\uff1a\u6708\u7ebf\u3001\u5468\u7ebf\u300160 \u5206\u949f\u7ebf\u5747\u5904\u4e8e\u4e25\u91cd\u8d85\u5356\u533a\u95f4\uff0c\u77ed\u671f\u5b58\u5728\u6280\u672f\u6027\u53cd\u5f39\u9700\u6c42\uff0c\u9002\u5408\u4f60\u7684 \u201c\u9ec4\u7ebf\u4e0b\u4e70\u3001\u9ec4\u7ebf\u4e0a\u5356\u201d \u5fae\u5229\u7b56\u7565\uff1b<\/li>\n<li><strong>\u4f4e\u6ce2\u52a8\u9002\u5408\u9ad8\u9891\u4ea4\u6613<\/strong>\uff1a\u9152 ETF \u5f53\u524d\u4ef7\u683c\u4ec5 0.444 \u5143\uff0c\u6ce2\u52a8\u5e45\u5ea6\u5728 0.01-0.07 \u5143\u4e4b\u95f4\uff0c\u521a\u597d\u5339\u914d\u4f60 \u201c0.05-0.07 \u5143\u5dee\u4ef7\u201d \u7684\u76ee\u6807\uff0c\u4e14\u6d41\u52a8\u6027\u5145\u8db3\uff08\u65e5\u5747\u6210\u4ea4\u989d 6 \u4ebf +\uff09\uff0c\u8fdb\u51fa\u65e0\u538b\u529b\uff1b<\/li>\n<li><strong>\u5386\u53f2\u4f4e\u4f4d\u7684\u5b89\u5168\u8fb9\u9645<\/strong>\uff1a\u4ef7\u683c\u5904\u4e8e\u4e0a\u5e02\u4ee5\u6765\u7684\u5386\u53f2\u4f4e\u4f4d\uff0c\u5411\u4e0b\u7a7a\u95f4\u6709\u9650\uff0c\u4e0b\u8dcc\u65f6\u7684\u6b62\u635f\u538b\u529b\u76f8\u5bf9\u8f83\u5c0f\u3002<\/li>\n<\/ul>\n<div><\/div>\n<h3>2. \u98ce\u9669\u70b9\uff1a<\/h3>\n<div><\/div>\n<ul>\n<li><strong>\u8d8b\u52bf\u6027\u4e0b\u8dcc\u672a\u6539<\/strong>\uff1a\u65e5\u7ebf\u3001\u5468\u7ebf\u3001\u6708\u7ebf\u7684\u5927\u8d8b\u52bf\u4ecd\u4e3a\u7a7a\u5934\uff0c\u4efb\u4f55\u53cd\u5f39\u90fd\u53ef\u80fd\u662f\u4e0b\u8dcc\u4e2d\u7ee7\uff0c\u82e5\u672a\u4e25\u683c\u6267\u884c \u201c\u9ec4\u7ebf\u4e0a\u5356\u51fa\u201d\uff0c\u5bb9\u6613\u88ab\u5957\u5728\u534a\u5c71\u8170\uff1b<\/li>\n<li><strong>\u57fa\u672c\u9762\u7684\u4e0d\u786e\u5b9a\u6027<\/strong>\uff1a\u767d\u9152\u884c\u4e1a\u5c1a\u672a\u51fa\u73b0\u660e\u786e\u7684\u590d\u82cf\u4fe1\u53f7\uff0c\u82e5\u540e\u7eed\u6d88\u8d39\u6570\u636e\u4e0d\u53ca\u9884\u671f\uff0cETF \u53ef\u80fd\u7ee7\u7eed\u4e0b\u63a2\uff0c\u751a\u81f3\u8dcc\u7834 0.40 \u5143\u7684\u5fc3\u7406\u5173\u53e3\uff1b<\/li>\n<li><strong>\u6d41\u52a8\u6027\u98ce\u9669<\/strong>\uff1a\u82e5\u884c\u4e1a\u6301\u7eed\u4f4e\u8ff7\uff0c\u673a\u6784\u8d44\u91d1\u6301\u7eed\u64a4\u79bb\uff0cETF \u7684\u6d41\u52a8\u6027\u53ef\u80fd\u4e0b\u964d\uff0c\u6781\u7aef\u60c5\u51b5\u4e0b\u4f1a\u5f71\u54cd\u4f60\u7684\u9ad8\u9891\u4ea4\u6613\u6267\u884c\u3002<\/li>\n<\/ul>\n<div><\/div>\n<hr \/>\n<div><\/div>\n<h2>\u56db\u3001\u9002\u914d\u4f60\u7684 T+0 \u7b56\u7565\u7684\u64cd\u4f5c\u5efa\u8bae<\/h2>\n<div><\/div>\n<div>\u7ed3\u5408\u4f60 \u201c8800 \u80a1\u57fa\u7840\u4ed3\u4f4d\u3001\u9ec4\u7ebf\u4e0b\u4e70 \/ \u9ec4\u7ebf\u4e0a\u5356\u30010.05-0.07 \u5143\u5dee\u4ef7\u201d \u7684\u89c4\u5219\uff0c\u9488\u5bf9\u9152 ETF \u7ed9\u51fa\u4ee5\u4e0b\u6267\u884c\u7ec6\u8282\uff1a<\/div>\n<div><\/div>\n<ol>\n<li>\n<div><strong>\u660e\u786e\u65e5\u7ebf \u201c\u9ec4\u8272\u7ebf\u201d<\/strong>\uff1a\u4ee5\u65e5\u7ebf MA5 \u6216 MA10 \u4f5c\u4e3a\u4f60\u7684 \u201c\u9ec4\u8272\u7ebf\u201d\uff0c\u5f53\u524d\u4ef7\u683c 0.444 \u5143\uff0c\u82e5\u9ec4\u8272\u7ebf\u4e3a MA5\uff08\u7ea6 0.46 \u5143\uff09\uff0c\u5219\uff1a<\/div>\n<div><\/div>\n<ul>\n<li>\u5f53\u80a1\u4ef7\u4f4e\u4e8e 0.46-0.1=0.36 \u5143\uff08\u5b9e\u9645\u5f53\u524d\u4ef7\u683c 0.444 \u5143\u5df2\u4f4e\u4e8e\u9ec4\u8272\u7ebf 0.016 \u5143\uff0c\u63a5\u8fd1\u4f60\u7684 0.1 \u5143\u9608\u503c\uff09\uff0c\u53ef\u6267\u884c\u4e70\u5165\uff1b<\/li>\n<li>\u5f53\u80a1\u4ef7\u9ad8\u4e8e 0.46+0.1=0.56 \u5143\uff0c\u6267\u884c\u5356\u51fa\uff1b\n<div><\/div>\n<p>\uff08\u6ce8\uff1a\u5f53\u524d\u4ef7\u683c\u4e0e\u9ec4\u8272\u7ebf\u5dee\u8ddd\u8f83\u5c0f\uff0c\u53ef\u5c06\u9608\u503c\u8c03\u6574\u4e3a 0.05 \u5143\uff0c\u5373\u4f4e\u4e8e 0.455 \u5143\u4e70\uff0c\u9ad8\u4e8e 0.465 \u5143\u5356\uff0c\u66f4\u8d34\u5408\u5f53\u524d\u6ce2\u52a8\uff09<\/li>\n<\/ul>\n<div><\/div>\n<\/li>\n<li>\n<div><strong>\u4e25\u683c\u63a7\u5236\u4ed3\u4f4d<\/strong>\uff1a\u4ee5 8800 \u80a1\u4e3a\u57fa\u7840\u4ed3\u4f4d\uff0c\u4e0d\u989d\u5916\u52a0\u4ed3\uff0c\u907f\u514d\u8d8b\u52bf\u6027\u4e0b\u8dcc\u4e2d\u7684\u88ab\u52a8\u5957\u7262\uff1b\u6bcf\u6b21\u4ea4\u6613\u7684\u4ed3\u4f4d\u4e0d\u8d85\u8fc7\u57fa\u7840\u4ed3\u4f4d\u7684 30%\uff0c\u9632\u6b62\u4e00\u6b21\u5931\u8bef\u5f71\u54cd\u6574\u4f53\u8282\u594f\u3002<\/div>\n<div><\/div>\n<\/li>\n<li>\n<div><strong>\u8bbe\u7f6e\u786c\u6027\u6b62\u635f<\/strong>\uff1a\u82e5\u80a1\u4ef7\u8dcc\u7834 0.44 \u5143\u7684\u5386\u53f2\u4f4e\u4f4d\uff0c\u4e14\u65e5\u7ebf\u51fa\u73b0\u653e\u91cf\u4e0b\u8dcc\uff0c\u7acb\u5373\u505c\u6b62\u4ea4\u6613\uff0c\u6e05\u4ed3\u79bb\u573a\uff0c\u907f\u514d\u8d8b\u52bf\u6027\u7834\u4f4d\u5e26\u6765\u7684\u5927\u5e45\u4e8f\u635f\u3002<\/div>\n<div><\/div>\n<\/li>\n<li>\n<div><strong>\u805a\u7126\u77ed\u7ebf\u6ce2\u52a8<\/strong>\uff1a\u5229\u7528 60 \u5206\u949f\u7ebf\u7684\u8d85\u5356 \/ \u8d85\u4e70\u4fe1\u53f7\uff0c\u7ed3\u5408\u4f60\u7684\u5dee\u4ef7\u76ee\u6807\uff0c\u5728 0.44-0.48 \u5143\u7684\u533a\u95f4\u5185\u53cd\u590d\u505a T\uff0c\u4e0d\u53c2\u4e0e\u4efb\u4f55\u4e2d\u957f\u671f\u8d8b\u52bf\u535a\u5f08\uff0c\u8d5a \u201c\u786e\u5b9a\u6027\u7684\u5fae\u5229\u201d\u3002<\/div>\n<div><\/div>\n<\/li>\n<\/ol>\n<div><\/div>\n<hr \/>\n<div><\/div>\n<h2>\u4e94\u3001\u603b\u7ed3\uff1a\u4e0b\u8dcc\u662f\u8fc7\u53bb\uff0c\u73b0\u5728\u662f \u201c\u4f4e\u6ce2\u52a8\u4e0b\u7684\u5fae\u5229\u6218\u573a\u201d<\/h2>\n<div><\/div>\n<div>\u9152 ETF \u4ece 2021 \u5e74\u7684\u9ad8\u70b9\u4e0b\u8dcc 65%\uff0c\u662f\u884c\u4e1a\u3001\u4f30\u503c\u3001\u5b8f\u89c2\u3001\u8d44\u91d1\u9762\u5171\u540c\u4f5c\u7528\u7684\u7ed3\u679c\uff0c\u76ee\u524d\u4ecd\u5904\u4e8e\u5927\u7ea7\u522b\u7684\u7a7a\u5934\u8d8b\u52bf\u4e2d\uff0c\u4f46\u77ed\u671f\u5df2\u8fdb\u5165\u8d85\u5356\u533a\u95f4\uff0c\u9002\u5408\u4f60\u7684\u9ad8\u9891 T+0 \u7b56\u7565\u3002<\/div>\n<div><\/div>\n<div>\u5bf9\u8fd9\u53ea ETF \u6765\u8bf4\uff0c\u201c\u6284\u5e95\u201d \u548c \u201c\u957f\u671f\u6301\u6709\u201d \u7684\u98ce\u9669\u4f9d\u7136\u5f88\u9ad8\uff0c\u4f46<strong>\u5728\u5386\u53f2\u4f4e\u4f4d\u533a\u95f4\u7684\u4f4e\u6ce2\u52a8\u4e0b\uff0c\u4f60\u7684\u5fae\u5229 T+0 \u7b56\u7565\u53cd\u800c\u80fd\u53d1\u6325\u6700\u5927\u4f18\u52bf<\/strong>\u2014\u2014 \u7528\u4e25\u683c\u7684\u7eaa\u5f8b\uff0c\u628a\u4e0b\u8dcc\u901a\u9053\u4e2d\u7684\u6bcf\u4e00\u6b21\u5c0f\u6ce2\u52a8\uff0c\u90fd\u8f6c\u5316\u4e3a\u7a33\u5b9a\u7684\u73b0\u91d1\u6d41\u3002<\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div>\n<div class=\" v_list_row\" data-observe-row=\"block_9ba7c770-5681-11f1-b7d6-23a462695231\">\n<div>\n<div class=\"pl-8 pr-0 w-full max-dbx-xs:supports-[-webkit-overflow-scrolling:touch]:pr-12\">\n<div class=\"my-0 w-full mx-auto max-w-(--content-max-width) has-[.side-by-side-messages]:mx-0 has-[.side-by-side-messages]:max-w-full\">\n<div class=\"w-full inner-item-w21SQO\" data-target-id=\"message-box-target-id\" data-testid=\"union_message\">\n<div class=\"w-full\" data-testid=\"message-block-container\">\n<div class=\"flex flex-row w-full justify-end w-full max-w-full s-font-base text-s-color-text-secondary p-0 rounded-s-radius-s bg-transparent data-[attr=select-mode]:-mt-10 data-[attr=select-mode]:py-10 data-[attr=select-mode]:px-16 data-[attr=select-mode]:sm:p-10 data-[attr=select-mode]:hover:bg-s-color-bg-base data-[attr=select-mode]:hover:rounded-s-radius-xs data-[attr=select-mode]:has-[:checked]:bg-s-color-bg-trans data-[attr=select-mode]:has-[:checked]:rounded-s-radius-xs data-[attr=select-mode]:pointer-events-none\" data-testid=\"send_message\">\n<div class=\"flex flex-col flex-grow max-w-full min-w-0\">\n<div class=\"flex-row flex w-full justify-end\" data-testid=\"message_content\" data-message-id=\"45669331041466370\">\n<div class=\"flex max-w-full flex-col gap-8\">\n<div class=\"flex justify-end\" data-render-engine=\"node\" data-plugin-identifier=\"block_type:10000\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\" v_list_row\" data-observe-row=\"block_ac7c23b0-5682-11f1-b7d6-23a462695231\">\n<div class=\"pl-8 pr-0 w-full max-dbx-xs:supports-[-webkit-overflow-scrolling:touch]:pr-12\">\n<div class=\"my-0 w-full mx-auto max-w-(--content-max-width) has-[.side-by-side-messages]:mx-0 has-[.side-by-side-messages]:max-w-full\">\n<div class=\"w-full inner-item-w21SQO\" data-target-id=\"message-box-target-id\" data-testid=\"union_message\">\n<div class=\"w-full\" data-testid=\"message-block-container\">\n<div class=\"flex flex-row w-full w-full max-w-full s-font-base text-s-color-text-secondary p-0 rounded-s-radius-s bg-transparent group data-[attr=select-mode]:-mt-10 data-[attr=select-mode]:py-10 data-[attr=select-mode]:px-16 data-[attr=select-mode]:sm:p-10 data-[attr=select-mode]:hover:bg-s-color-bg-base data-[attr=select-mode]:hover:rounded-s-radius-xs data-[attr=select-mode]:has-[:checked]:bg-s-color-bg-trans data-[attr=select-mode]:has-[:checked]:rounded-s-radius-xs data-[attr=select-mode]:pointer-events-none\" data-testid=\"receive_message\" data-copy-telemetry=\"right_click_copy\">\n<div class=\"flex flex-col flex-grow max-w-full min-w-0\">\n<div class=\"relative flex-row flex w-full\" data-testid=\"message_content\" data-message-id=\"45669331041474050\">\n<div class=\"overflow-hidden font-normal text-ellipsis whitespace-nowrap text-dbx-text-secondary\"><\/div>\n<div class=\"flex w-full flex-col space-y-20 [&amp;&gt;div:not(:has(*))]:-mt-20\" style=\"border: 0px solid; box-sizing: border-box; margin: 0px; padding: 0px; --dbx-radius-md: 8px; --md2-14: 14px; outline: none; -webkit-font-smoothing: antialiased; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); display: flex; width: 784px; flex-direction: column;\">\n<div class=\"\" data-render-engine=\"node\" data-plugin-identifier=\"block_type:10025 | search_query_result_block.search_type:1\">\n<div class=\"flex flex-col gap-2 w-full\">\n<div class=\"relative flex-row inline-flex max-w-full min-w-0 cursor-pointer items-center gap-2 overflow-hidden text-[15px] leading-[22px] font-[500] transition-all duration-[0.2s] ease-out select-none text-dbx-text-secondary\">\n<div class=\"ml-2 size-[12px] flex-shrink-0\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"\" data-render-engine=\"node\" data-plugin-identifier=\"block_type:10000\">\n<div class=\"container-P2rR72 flow-markdown-body theme-samantha-uDexJL container-ZLUAIf mdbox-theme-next\" dir=\"ltr\" data-testid=\"message_text_content\" data-show-indicator=\"false\">\n<div><\/div>\n<div><\/div>\n<div class=\"auto-hide-last-sibling-br paragraph-pP9ZLC paragraph-element br-paragraph-space\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <strong>\u00a0\u5bf9\u672a\u6765\u7684\u8d8b\u52bf\uff0c\u4f1a\u8d70\u65e5\u672c\u6e05\u9152\u7684\u8def\u5417\uff1f<\/strong><\/div>\n<hr class=\"auto-hide-last-sibling-br\" \/>\n<h2 class=\"header-iWP5WJ auto-hide-last-sibling-br\">\u4e00\u3001\u65e5\u672c\u6e05\u9152\uff1a50 \u5e74 \u201c\u91cf\u5d29\u3001\u4ef7\u5347\u3001\u5c0f\u4f17\u5316\u201d<\/h2>\n<h3 class=\"header-iWP5WJ auto-hide-last-sibling-br\">1. \u4ea7\u91cf\uff1a\u8170\u65a9\u518d\u8170\u65a9<\/h3>\n<ul class=\"auto-hide-last-sibling-br\">\n<li>1973 \u5e74\u5cf0\u503c\uff1a<strong>179 \u4e07\u5343\u5347<\/strong><\/li>\n<li>2024 \u5e74\uff1a<strong>35.2 \u4e07\u5343\u5347<\/strong>\uff0c50 \u5e74\u6389\u4e86<strong>80%+<\/strong><\/li>\n<li>\u4e3b\u529b\u6d88\u8d39\u4eba\u7fa4\uff08\u4e2d\u5e74\u7537\u6027\uff09\u6301\u7eed\u840e\u7f29\uff0c\u5e74\u8f7b\u4eba\u4e0d\u559d\uff0c\u5a5a\u5bb4\u3001\u5546\u52a1\u573a\u666f\u88ab\u5564\u9152\u3001\u6d0b\u9152\u3001\u9884\u8c03\u9152\u66ff\u4ee3\u3002<\/li>\n<\/ul>\n<h3 class=\"header-iWP5WJ auto-hide-last-sibling-br\">2. \u4ef7\u683c\u4e0e\u7ed3\u6784\uff1a\u4e24\u6781\u5206\u5316\uff0c\u9ad8\u7aef\u5316\u7eed\u547d<\/h3>\n<ul class=\"auto-hide-last-sibling-br\">\n<li>\u666e\u901a\u6e05\u9152\uff1a\u4f4e\u4ef7\u3001\u6563\u88c5\u3001\u4e0d\u65ad\u964d\u4ef7\uff0c\u9760\u8d70\u91cf\u52c9\u5f3a\u7ef4\u6301\uff1b<\/li>\n<li>\u7279\u5b9a\u540d\u79f0\u9152\uff08\u7eaf\u7c73\u3001\u541f\u917f\u3001\u5927\u541f\u917f\uff09\uff1a<strong>\u91cf\u5c11\u3001\u4ef7\u9ad8\u3001\u6ea2\u4ef7\u5f3a<\/strong>\uff0c\u51fa\u53e3 + \u9ad8\u7aef\u9910\u996e + \u793c\u54c1\u5e02\u573a\u652f\u6491\uff0c\u736d\u796d\u7b49\u54c1\u724c\u6210 \u201c\u56fd\u793c\u201d\uff0c\u6d77\u5916\u6536\u5165\u5360\u6bd4\u8fbe<strong>45%<\/strong>\u3002<\/li>\n<\/ul>\n<h3 class=\"header-iWP5WJ auto-hide-last-sibling-br\">3. \u7ed3\u5c40\uff1a\u4ece \u201c\u56fd\u6c11\u996e\u6599\u201d \u53d8\u6210 \u201c\u9ad8\u7aef\u5c0f\u4f17\u6587\u5316\u9152\u201d<\/h3>\n<ul class=\"auto-hide-last-sibling-br\">\n<li>\u56fd\u5185\u65e5\u5e38\u6d88\u8d39\u840e\u7f29\uff0c\u6e05\u9152\u53d8\u6210<strong>\u4eea\u5f0f\u611f\u3001\u9001\u793c\u3001\u9ad8\u7aef\u65e5\u6599\u914d\u9152<\/strong>\uff1b<\/li>\n<li>\u9760<strong>\u9ad8\u7aef\u5316 + \u56fd\u9645\u5316 + \u4f4e\u5ea6\u5316 \/ \u6c14\u6ce1\u5316<\/strong>\u7eed\u547d\uff0c\u6574\u4f53\u5e02\u573a\u5f88\u5c0f\u4f46\u5229\u6da6\u96c6\u4e2d\u5728\u5934\u90e8\u51e0\u5bb6\u3002<\/li>\n<\/ul>\n<hr class=\"auto-hide-last-sibling-br\" \/>\n<h2 class=\"header-iWP5WJ auto-hide-last-sibling-br\">\u4e8c\u3001\u767d\u9152 vs \u6e05\u9152\uff1a\u5f88\u50cf\uff0c\u4f46\u5173\u952e\u62a4\u57ce\u6cb3\u4e0d\u4e00\u6837<\/h2>\n<h3 class=\"header-iWP5WJ auto-hide-last-sibling-br\">\u76f8\u4f3c\u70b9\uff08\u4f1a \u201c\u50cf\u201d \u6e05\u9152\u7684\u5730\u65b9\uff09<\/h3>\n<ol class=\"auto-hide-last-sibling-br\">\n<li><strong>\u4ea7\u91cf\u89c1\u9876\u540e\u6301\u7eed\u4e0b\u6ed1<\/strong>\n<ul class=\"auto-hide-last-sibling-br\">\n<li>\u767d\u9152\uff1a2016 \u5e74\u5cf0\u503c<strong>1358 \u4e07\u5343\u5347<\/strong>\u00a0\u2192 2024 \u5e74<strong>414 \u4e07\u5343\u5347<\/strong>\uff0c8 \u5e74\u8dcc<strong>70%<\/strong>\uff0c\u548c\u6e05\u9152 1973 \u5e74\u540e\u8f68\u8ff9\u9ad8\u5ea6\u76f8\u4f3c\u3002<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u6d88\u8d39\u4eba\u7fa4\u8001\u5316\u3001\u5e74\u8f7b\u4eba\u4e0d\u7231\u559d\u9ad8\u5ea6\u9152<\/strong>\n<ul class=\"auto-hide-last-sibling-br\">\n<li>\u4e2d\u56fd Z \u4e16\u4ee3\u66f4\u7231\u4f4e\u5ea6\u3001\u679c\u5473\u3001\u5fae\u91ba\uff0c\u9ad8\u5ea6\u767d\u9152\u573a\u666f\u6536\u7f29\uff08\u5546\u52a1\u3001\u5a5a\u5bb4\u90fd\u5728\u51cf\uff09\u3002<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u884c\u4e1a\u51fa\u6e05\u3001\u96c6\u4e2d\u5ea6\u63d0\u5347<\/strong>\n<ul class=\"auto-hide-last-sibling-br\">\n<li>\u65e5\u672c\u6e05\u9152\uff1a\u51e0\u5343\u5bb6\u5c0f\u5382\u5012\u95ed\uff0cCR6 \u4ec5 23% \u4f46\u5934\u90e8\u9ad8\u7aef\u5316\uff1b<\/li>\n<li>\u4e2d\u56fd\u767d\u9152\uff1a2025 \u5e74\u4e0a\u534a\u5e74<strong>100 \u591a\u5bb6\u9152\u4f01\u5012\u95ed<\/strong>\uff0c\u8305\u53f0 \/ \u4e94\u7cae\u6db2 \/ \u6c7e\u9152\u4efd\u989d\u63d0\u5347\u3002<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u4ef7\u683c\u5206\u5316\uff1a\u9ad8\u7aef\u6297\u8dcc\u3001\u4e2d\u4f4e\u7aef\u5d29\u76d8<\/strong>\n<ul class=\"auto-hide-last-sibling-br\">\n<li>\u8305\u53f0\u6279\u4ef7\u677e\u52a8\u4f46\u4ecd\u575a\u633a\uff0c\u4e8c\u4e09\u7ebf\u3001\u533a\u57df\u9152\u4ef7\u683c\u5012\u6302\u3001\u5e93\u5b58\u9ad8\u4f01\uff0c\u548c\u6e05\u9152 \u201c\u9ad8\u7aef\u5316\u7eed\u547d\u201d \u903b\u8f91\u4e00\u81f4\u3002<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<h3 class=\"header-iWP5WJ auto-hide-last-sibling-br\">\u672c\u8d28\u4e0d\u540c\uff08\u51b3\u5b9a \u201c\u4e0d\u4f1a\u5b8c\u5168\u8d70\u6e05\u9152\u8001\u8def\u201d\uff09<\/h3>\n<ol class=\"auto-hide-last-sibling-br\">\n<li>\n<div class=\"auto-hide-last-sibling-br paragraph-pP9ZLC paragraph-element br-paragraph-space\"><strong>\u6587\u5316\u4e0e\u793e\u4ea4\u5730\u4f4d\u5b8c\u5168\u4e0d\u540c<\/strong><\/div>\n<ul class=\"auto-hide-last-sibling-br\">\n<li>\u6e05\u9152\uff1a\u65e5\u672c \u201c\u56fd\u9152\u201d \u4f46<strong>\u65e5\u5e38\u5c5e\u6027\u5f31<\/strong>\uff0c\u6218\u540e\u88ab\u5564\u9152\u3001\u5a01\u58eb\u5fcc\u62a2\u8d70\u4e3b\u529b\u573a\u666f\uff1b<\/li>\n<li>\u767d\u9152\uff1a\u4e2d\u56fd<strong>\u5f3a\u793e\u4ea4\u3001\u5f3a\u6587\u5316\u3001\u5f3a\u653f\u52a1\u5546\u52a1\u7ed1\u5b9a<\/strong>\uff0c\u201c\u65e0\u9152\u4e0d\u6210\u5e2d\u201d \u6839\u6df1\u8482\u56fa\uff0c\u653f\u52a1 + \u5546\u52a1\u6d88\u8d39\u5360\u6bd4\u4ecd\u9ad8\uff08\u9ad8\u7aef\u767d\u9152\u7ea6 30%\uff09\uff0c<strong>\u573a\u666f\u97e7\u6027\u8fdc\u5f3a\u4e8e\u6e05\u9152<\/strong>\u3002<\/li>\n<\/ul>\n<\/li>\n<li>\n<div class=\"auto-hide-last-sibling-br paragraph-pP9ZLC paragraph-element br-paragraph-space\"><strong>\u84b8\u998f\u9152 vs \u53d1\u9175\u9152\uff1a\u9ad8\u5ea6\u9152\u6709\u4e0d\u53ef\u66ff\u4ee3\u6027<\/strong><\/div>\n<ul class=\"auto-hide-last-sibling-br\">\n<li>\u6e05\u9152\uff1a<strong>15\u201317 \u5ea6\u53d1\u9175\u9152<\/strong>\uff0c\u548c\u5564\u9152\u3001\u9884\u8c03\u9152\u662f\u540c\u7c7b\u66ff\u4ee3\uff0c\u6613\u88ab\u4f4e\u5ea6\u996e\u54c1\u98a0\u8986\uff1b<\/li>\n<li>\u767d\u9152\uff1a<strong>40\u201353 \u5ea6\u84b8\u998f\u9152<\/strong>\uff0c<strong>\u8f9b\u8fa3\u3001\u9187\u539a\u3001\u5f3a\u8bb0\u5fc6\u70b9<\/strong>\uff0c\u5546\u52a1\u5bb4\u8bf7\u3001\u9001\u793c\u3001\u6536\u85cf\u3001\u91d1\u878d\u5c5e\u6027\uff08\u8305\u53f0 = \u786c\u901a\u8d27\uff09\u662f\u4f4e\u5ea6\u9152\u65e0\u6cd5\u66ff\u4ee3\u7684\u3002<\/li>\n<\/ul>\n<\/li>\n<li>\n<div class=\"auto-hide-last-sibling-br paragraph-pP9ZLC paragraph-element br-paragraph-space\"><strong>\u4eba\u53e3\u4e0e\u5e02\u573a\u4f53\u91cf\u5929\u5dee\u5730\u522b<\/strong><\/div>\n<ul class=\"auto-hide-last-sibling-br\">\n<li>\u65e5\u672c\uff1a1.25 \u4ebf\u4eba\u3001\u8001\u9f84\u5316\u7387 29%\u3001\u5e02\u573a\u5c0f\uff1b<\/li>\n<li>\u4e2d\u56fd\uff1a14 \u4ebf\u4eba\u3001\u4e2d\u4ea7\u9636\u7ea7\u5e9e\u5927\u3001<strong>\u9ad8\u7aef\u6d88\u8d39 + \u793c\u54c1\u5e02\u573a + \u6536\u85cf\u5e02\u573a<\/strong>\u89c4\u6a21\u662f\u65e5\u672c\u7684 N \u500d\uff0c<strong>\u9ad8\u7aef\u5316\u7a7a\u95f4\u8fdc\u5927\u4e8e\u6e05\u9152<\/strong>\u3002<\/li>\n<\/ul>\n<\/li>\n<li>\n<div class=\"auto-hide-last-sibling-br paragraph-pP9ZLC paragraph-element br-paragraph-space\"><strong>\u8f6c\u578b\u901f\u5ea6\uff1a\u767d\u9152\u5df2\u5728 \u201c\u4f4e\u5ea6\u5316 + \u5e74\u8f7b\u5316\u201d<\/strong><\/div>\n<ul class=\"auto-hide-last-sibling-br\">\n<li>\u65e5\u672c\u6e05\u9152\uff1a\u88ab\u52a8\u840e\u7f29 20 \u5e74\u540e\u624d\u88ab\u8feb\u4f4e\u5ea6\u5316\u3001\u6c14\u6ce1\u5316\uff1b<\/li>\n<li>\u4e2d\u56fd\u767d\u9152\uff1a<strong>\u4e3b\u52a8\u964d\u5ea6\uff0838 \u5ea6 \/ 42 \u5ea6\uff09+ \u4f4e\u5ea6\u9152\uff083\u20139 \u5ea6\uff09\u9ad8\u901f\u589e\u957f<\/strong>\uff0c\u964d\u5ea6\u9152\u589e\u901f 25%\/ \u5e74\uff0c\u4f4e\u5ea6\u996e\u6599\u9152 30%\/ \u5e74\uff0c\u6bd4\u6e05\u9152\u8f6c\u578b\u5feb\u5f97\u591a\u3002<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<hr class=\"auto-hide-last-sibling-br\" \/>\n<h2 class=\"header-iWP5WJ auto-hide-last-sibling-br\">\u4e09\u3001\u5bf9\u9152 ETF\uff08512690\uff09\u672a\u6765\u8d8b\u52bf\u7684\u63a8\u8bba<\/h2>\n<h3 class=\"header-iWP5WJ auto-hide-last-sibling-br\">1. \u5927\u65b9\u5411\uff1a\u4e0d\u4f1a\u50cf\u6e05\u9152\u90a3\u6837 \u201c\u8dcc 80%+\u3001\u8fb9\u7f18\u5316\u201d<\/h3>\n<ul class=\"auto-hide-last-sibling-br\">\n<li>\u5e95\u90e8\u533a\u95f4\uff1a<strong>0.4\u20130.5 \u5143<\/strong>\u662f\u5386\u53f2\u4f4e\u4f4d + \u5f3a\u652f\u6491\uff08\u5bf9\u5e94\u767d\u9152\u4ea7\u91cf\u89c1\u5e95\u9884\u671f\uff09\uff1b<\/li>\n<li>\u6781\u7aef\u60c5\u51b5\uff1a\u9664\u975e\u4e2d\u56fd\u7ecf\u6d4e\u5d29\u76d8 + \u767d\u9152\u6587\u5316\u5f7b\u5e95\u6d88\u5931\uff0c\u5426\u5219<strong>\u8dcc\u7834 0.4 \u5143\u6982\u7387\u6781\u4f4e<\/strong>\u3002<\/li>\n<\/ul>\n<h3 class=\"header-iWP5WJ auto-hide-last-sibling-br\">2. \u4e2d\u957f\u671f\uff083\u20135 \u5e74\uff09\uff1a\u9707\u8361\u6162\u718a\uff0c\u7ed3\u6784\u6027\u5206\u5316<\/h3>\n<ul class=\"auto-hide-last-sibling-br\">\n<li>\u6307\u6570\u5c42\u9762\uff1a<strong>\u5f88\u96be\u56de\u5230 2021 \u5e74 1.2 \u5143<\/strong>\uff08\u91cf\u4ef7\u9f50\u5347\u65f6\u4ee3\u7ed3\u675f\uff09\uff0c\u4f46<strong>\u4e5f\u4e0d\u4f1a\u8dcc\u5230 0.2\u20130.3 \u5143<\/strong>\uff08\u6587\u5316 + \u91d1\u878d\u5c5e\u6027\u6258\u5e95\uff09\uff1b<\/li>\n<li>\u8d70\u52bf\uff1a<strong>0.4\u20130.7 \u5143\u533a\u95f4\u957f\u671f\u9707\u8361<\/strong>\uff0c\u7c7b\u4f3c\u6e05\u9152\u6307\u6570 \u201c\u8dcc\u4e0d\u52a8\u3001\u6da8\u4e0d\u52a8\u3001\u9760\u7ed3\u6784\u884c\u60c5\u201d\u3002<\/li>\n<\/ul>\n<h3 class=\"header-iWP5WJ auto-hide-last-sibling-br\">3. \u9a71\u52a8\u884c\u60c5\u7684\u6838\u5fc3\u53d8\u91cf\uff08\u4e0d\u662f \u201c\u590d\u5174\u201d\uff0c\u662f \u201c\u7ed3\u6784\u201d\uff09<\/h3>\n<ol class=\"auto-hide-last-sibling-br\">\n<li><strong>\u9ad8\u7aef\u767d\u9152\uff08\u8305\u53f0 \/ \u4e94\u7cae\u6db2\uff09\uff1a\u7a33\u4e1a\u7ee9\u3001\u7a33\u4f30\u503c\u3001\u6258\u6307\u6570<\/strong>\uff1b<\/li>\n<li><strong>\u4f4e\u5ea6\u9152 \/ \u964d\u5ea6\u9152\uff1a\u65b0\u589e\u957f\u70b9\uff0c\u5e26\u52a8\u6b21\u9ad8\u7aef\u53cd\u5f39<\/strong>\uff1b<\/li>\n<li><strong>\u5e93\u5b58\u53bb\u5316\uff1a2025\u20132027 \u5e74\u662f\u5173\u952e\uff0c\u53bb\u5b8c\u5e93\u5b58\u624d\u6709\u6ce2\u6bb5\u884c\u60c5<\/strong>\uff1b<\/li>\n<li><strong>\u5b8f\u89c2\u4e0e\u6d88\u8d39\u4fe1\u5fc3\uff1a\u51b3\u5b9a\u53cd\u5f39\u9ad8\u5ea6\uff080.7\u20130.8 \u5143\u662f\u5f3a\u538b\u529b\uff09<\/strong>\u3002<\/li>\n<\/ol>\n<h3 class=\"header-iWP5WJ auto-hide-last-sibling-br\">4. 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