{"id":10480,"date":"2025-06-17T19:59:15","date_gmt":"2025-06-17T11:59:15","guid":{"rendered":"https:\/\/www.invbus.com\/blog\/?p=10480"},"modified":"2025-06-17T19:59:17","modified_gmt":"2025-06-17T11:59:17","slug":"%e7%be%8e%e8%81%94%e5%82%a8%e8%b4%a7%e5%b8%81%e6%94%bf%e7%ad%96%e8%b7%9f%e8%b8%aa%e6%89%8b%e5%86%8c-2","status":"publish","type":"post","link":"https:\/\/www.invbus.com\/blog\/?p=10480","title":{"rendered":"\u7f8e\u8054\u50a8\u8d27\u5e01\u653f\u7b56\u8ddf\u8e2a\u624b\u518c"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948305883343.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" 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of Governors\uff09\u3002\u8d1f\u8d23\u9886\u5bfc\u3001\u76d1\u63a7\u7f8e\u8054\u50a8\u7684\u8d27\u5e01\u653f\u7b56\u64cd\u4f5c\u4e0e\u8054\u50a8\u94f6\u884c\u7684\u65e5\u5e38\u7ecf\u8425\uff0c\u7406\u4e8b\u4f1a\u8fd8\u8d1f\u8d23\u89c4\u5b9a\u5546\u4e1a\u94f6\u884c\u7684\u5b58\u6b3e\u51c6\u5907\u91d1\u7387\u3002<\/p>\n\n\n\n<p>\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0c\u76ee\u524d\u7f8e\u8054\u50a8\u4ec5\u67096\u540d\u7406\u4e8b\uff0c\u6700\u540e\u4e00\u5757\u201c\u62fc\u56fe\u201d\u5c06\u4e8e\u4eca\u5e74\u79cb\u5b63\uff0c\u7531\u7f8e\u56fd\u603b\u7edf\u63d0\u540d\uff0c\u53c2\u8bae\u9662\u94f6\u884c\u59d4\u5458\u4f1a\u54a8\u8be2\u5e76\u5ba1\u8bae\uff0c\u6700\u540e\u9001\u5165\u53c2\u8bae\u9662\u6295\u7968\u901a\u8fc7\u3002\u56e0\u6b64\uff0c\u7f8e\u8054\u50a8\u7684\u9886\u5bfc\u5c42\uff0c\u662f\u7f8e\u56fd\u603b\u7edf\u4e2a\u4eba\u601d\u60f3\uff0c\u4e0e\u53c2\u8bae\u9662\u591a\u6570\u6d3e\u8bae\u5458\u96c6\u4f53\u610f\u5fd7\u7ed3\u5408\u7684\u4ea7\u7269\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948306782716.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948306782716.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\"\/><\/div><\/figure>\n\n\n\n<p>\uff082\uff09\u201c\u4e24\u7ffc\u201d\u4e4b\u4e00\uff1a12\u5bb6\u8054\u50a8\u94f6\u884c\uff08Federal Reserve Bank\uff09\u3002\u4e3b\u8981\u8d1f\u8d23\u7f8e\u8054\u50a8\u4e0e\u5404\u5730\u5546\u4e1a\u94f6\u884c\u7684\u6c9f\u901a\u4ea4\u6d41\u548c\u4e1a\u52a1\u5f80\u6765\uff0c\u5176\u804c\u80fd\u5305\u62ec\u8d34\u73b0\u3001\u76d1\u7ba1\u3001\u6e05\u7b97\u3001\u4ee5\u53ca\u62c5\u5f53\u56fd\u5e93\u3002\u8054\u50a8\u94f6\u884c\u7684\u80a1\u4e1c\u6216\u51fa\u8d44\u4eba\u662f\u5f53\u5730\u5546\u4e1a\u94f6\u884c\u3002<\/p>\n\n\n\n<p>\u8054\u50a8\u94f6\u884c\u540c\u65f6\u5177\u6709\u79c1\u4eba\u516c\u53f8\u4ee5\u53ca\u653f\u5e9c\u90e8\u95e8\u7684\u7279\u6027\u3002\u8463\u4e8b\u4f1a\u8bbe\u7f6e 9 \u540d\u8463\u4e8b\uff0c\u5176\u4e2d 3 \u4eba\u7531\u94f6\u884c\u9ad8\u7ba1\u517c\u4efb\uff08A \u7c7b\uff09\uff0c3 \u4eba\u4e3a\u80a1\u4e1c\uff08\u5546\u4e1a\u94f6\u884c\uff09\u63a8\u4e3e\u7684\u77e5\u540d\u5b66\u8005\u7b49\u516c\u4f17\u4eba\u58eb\uff08B \u7c7b\uff09\uff0c3 \u4eba\u7531\u7f8e\u8054\u50a8\u7406\u4e8b\u4f1a\u6307\u8ba4\uff08C 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src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\"\/><\/div><\/figure>\n\n\n\n<p>\uff083\uff09\u201c\u4e24\u7ffc\u201d\u4e4b\u4e8c\uff1a\u516c\u5f00\u5e02\u573a\u59d4\u5458\u4f1a\uff08Federal Open Market Commitee\uff09\u3002\u4e3b\u8981\u8d1f\u8d23\u516c\u5f00\u5e02\u573a\u64cd\u4f5c\u3001\u5236\u5b9a\u8054\u90a6\u57fa\u91d1\u5229\u7387\u3001\u8c03\u6574\u7f8e\u8054\u50a8\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u4ee5\u53ca\u534f\u8c03\u7edf\u4e0012\u5bb6\u8054\u50a8\u7684\u8d34\u73b0\u4ef7\u683c\u3002<\/p>\n\n\n\n<p>FOMC \u8bbe\u7f6e 12 \u540d\u51b3\u7b56\u59d4\u5458\uff0c\u5176\u4e2d 7 \u540d\u7531\u8054\u50a8\u7406\u4e8b\u4f1a\u7406\u4e8b\u62c5\u4efb\uff0c\u7f8e\u8054\u50a8\u4e3b\u5e2d\u517c\u4efb FOMC \u59d4\u5458\u957f\u3002\u53e6\u5916 5 \u540d\u5219\u7531 12 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B\u4e24\u90e8\u5206\uff0c\u65e8\u5728\u5411\u516c\u5f00\u5e02\u573a\u59d4\u5458\u4f1a\u6c47\u62a5\u7ecf\u6d4e\u5f62\u5f0f\u548c\u8d27\u5e01\u653f\u7b56\u6267\u884c\u72b6\u51b5\uff0c\u4e00\u822c\u4e0d\u516c\u5f00\u3002Tealbook A \u7684\u524d\u8eab\u4e3a\u7eff\u76ae\u4e66\uff08Greenbook\uff09\uff0c\u526f\u6807\u9898\u4e3a\u201c\u7ecf\u6d4e\u4e0e\u91d1\u878d\u8fd0\u884c\uff1a\u73b0\u72b6\u4e0e\u5c55\u671b\u201d,\u7531\u7406\u4e8b\u4f1a\u4eba\u5458\u7f16\u5236\uff0c\u65e8\u5728\u5411\u516c\u5f00\u5e02\u573a\u59d4\u5458\u4f1a\u6210\u5458\u63d0\u4f9b\u6d77\u5185\u5916\u7ecf\u6d4e\u3001\u91d1\u878d\u8fd0\u884c\u5206\u6790\u4e0e\u9884\u6d4b\uff1bTealbook B\u7684\u524d\u8eab\u4e3a\u84dd\u76ae\u4e66\uff08Bluebook\uff09\uff0c\u526f\u6807\u9898\u4e3a\u201c\u8d27\u5e01\u653f\u7b56\uff1a\u6267\u884c\u7b56\u7565\u4e0e\u5907\u9009\u201d,\u7531\u7406\u4e8b\u4f1a\u4eba\u5458\u7f16\u5236\uff0c\u65e8\u5728\u5411\u516c\u5f00\u5e02\u573a\u59d4\u5458\u4f1a\u6210\u5458\u63d0\u4f9b\u53ef\u6267\u884c\u7684\u8d27\u5e01\u653f\u7b56\u5907\u9009\u65b9\u6848\u4ee5\u53ca\u5176\u80cc\u666f\u60c5\u51b5\u3002<\/p>\n\n\n\n<p>\uff082\uff09\u8910\u76ae\u4e66\uff1a12\u5bb6\u8054\u50a8\u94f6\u884c\u5404\u81ea\u63d0\u4ea4\u5176\u7ba1\u8f96\u533a\u57df\u5185\u7684\u7ecf\u6d4e\u3001\u91d1\u878d\u8fd0\u884c\u72b6\u51b5\uff0c\u5e76\u4e14\u8fdb\u884c\u76f8\u5e94\u7684\u5b9a\u6027\u5206\u6790\uff0c\u5728\u6bcf\u4e00\u6b21\u8bae\u606f\u4f1a\u8bae\u524d\u516c\u5e03\u3002<\/p>\n\n\n\n<p><strong>\u8bae\u606f\u4f1a\u8bae\u4e0a\uff0c12\u540d\u59d4\u5458\u4f1a\u6210\u5458\u5c06\u5bf9\u8d27\u5e01\u653f\u7b56\u6267\u884c\u51b3\u8bae\u8fdb\u884c\u6295\u7968\uff0c\u6295\u7968\u6d41\u7a0b\u91c7\u53d6\u4e00\u822c\u591a\u6570\u5236\uff0c\u537312\u4eba\u4e2d\u67097\u4eba\u540c\u610f\uff0c\u65b9\u53ef\u901a\u8fc7\u8d27\u5e01\u653f\u7b56\u51b3\u8bae\u3002\u7136\u800c\u4ece\u5386\u53f2\u4e0a\u6765\u770b\uff0c\u57fa\u672c\u6ca1\u6709\u51fa\u73b0\u8fc7\u652f\u6301\u65b9\u548c\u53cd\u5bf9\u65b9\u65d7\u9f13\u76f8\u5f53\u7684\u5c40\u9762\uff0c\u5927\u591a\u6570\u5b98\u5458\u5728\u8bae\u606f\u4f1a\u8bae\u524d\u5176\u5b9e\u5df2\u7ecf\u5f62\u6210\u4e00\u81f4\u8ba4\u77e5\u3002\u901a\u8fc7\u7684\u8d27\u5e01\u653f\u7b56\u51b3\u8bae\u5c06\u9996\u5148\u8f6c\u8fbe\u7ed9\u7ebd\u7ea6\u8054\u50a8\u7684\u516c\u5f00\u5e02\u573a\u8d26\u6237\uff08SOMA\uff09\u7ecf\u7406\uff0c\u4e4b\u540e\u518d\u7531\u516c\u5f00\u5e02\u573a\u8d26\u6237\u7ecf\u7406\u5c06\u6307\u4ee4\u4e0b\u53d1\u81f3\u5404\u5730\u65b9\u8054\u50a8\u8fdb\u884c\u6267\u884c\u3002<\/strong><\/p>\n\n\n\n<p><strong>3\u3001\u7f8e\u8054\u50a8\u7684\u76ee\u6807\u7a76\u7adf\u662f\u4ec0\u4e48\uff1f<\/strong><\/p>\n\n\n\n<p>\u56fd\u4f1a\u8bbe\u7acb\u7f8e\u8054\u50a8\u65f6\uff0c\u8d4b\u4e88\u4e86\u7f8e\u8054\u50a85\u5927\u804c\u80fd\uff1a\uff081\uff09\u6267\u884c\u8d27\u5e01\u653f\u7b56\uff0c\u5b9e\u73b0\u6700\u5927\u5c31\u4e1a\u548c\u4ef7\u683c\u7a33\u5b9a\uff1b\uff082\uff09\u7ef4\u62a4\u91d1\u878d\u4f53\u7cfb\u7a33\u5b9a\uff1b\uff083\uff09\u5bf9\u5404\u5927\u91d1\u878d\u673a\u6784\u8fdb\u884c\u76d1\u7ba1\uff1b\uff084\uff09\u4fc3\u8fdb\u652f\u4ed8\u7ed3\u7b97\u7cfb\u7edf\u7684\u5b89\u5168\u6027\u548c\u9ad8\u6548\u6027\uff1b\uff085\uff09\u4fc3\u8fdb\u6d88\u8d39\u8005\u4fdd\u62a4\u548c\u793e\u4f1a\u53d1\u5c55\u3002<\/p>\n\n\n\n<p>\u5176\u4e2d\uff0c\u5e2e\u52a9\u5b9e\u73b0\u5e02\u573a\u6700\u5927\u5c31\u4e1a\u548c\u7a33\u5b9a\u4ef7\u683c\u662f\u56f4\u7ed5\u7f8e\u8054\u50a8\u6267\u884c\u8d27\u5e01\u653f\u7b56\u6c38\u6052\u7684\u8bdd\u9898\u3002\u5e2e\u52a9\u7ecf\u6d4e\u5b9e\u73b0\u5e73\u7a33\u8fd0\u884c\uff0c\u5728\u7ecf\u6d4e\u8fc7\u70ed\u524d\u8e29\u597d\u5239\u8f66\uff0c\u5728\u7ecf\u6d4e\u4e0b\u6ed1\u65f6\u5bf9\u5e02\u573a\u91c7\u53d6\u76f8\u5e94\u523a\u6fc0\uff0c\u6700\u7ec8\u8fbe\u6210\u201c\u780d\u5cf0\u586b\u8c37\u201d\uff0c\u51cf\u5c11\u5e02\u573a\u6ce2\u52a8\uff0c\u662f\u7f8e\u8054\u50a8\u5b58\u5728\u7684\u610f\u4e49\u3002<\/p>\n\n\n\n<p>3.1<\/p>\n\n\n\n<p><strong>\u6700\u7ec8\u76ee\u6807\u7684\u4e09\u6b21\u53d8\u9769<\/strong><\/p>\n\n\n\n<p>\u7a76\u7adf\u600e\u6837\u7684\u7ecf\u6d4e\u624d\u80fd\u7b97\u5f97\u4e0a\u662f\u5e73\u7a33\u8fd0\u884c\u5462\uff1f\u968f\u7740\u65f6\u4ee3\u53d1\u5c55\uff0c\u7f8e\u8054\u50a8\u4e5f\u66fe\u7ecf\u5386\u4e00\u7cfb\u5217\u7684\u63a2\u7d22\uff0c\u624d\u6700\u7ec8\u786e\u7acb\u4e86\u4ee5\u5b9e\u73b0\u5c45\u6c11\u6700\u5927\u5c31\u4e1a\u548c\u7a33\u5b9a\u7269\u4ef7\u6c34\u5e73\u7684\u53cc\u76ee\u6807\u5236\u3002\u7f8e\u8054\u50a8\u7684\u201c\u6478\u7d22\u4e4b\u8def\u201d\u5927\u81f4\u53ef\u4ee5\u5206\u4e3a\u4e09\u4e2a\u65f6\u671f\uff1a<\/p>\n\n\n\n<p><strong>\uff081\uff091960\u5e74\u4ee5\u524d\uff1a\u8ff7\u5931\u7684\u7f8e\u8054\u50a8\u30021920\u5e74\u4ee3\uff0c\u7f8e\u56fd\u65e0\u8282\u5236\u7684\u6d88\u8d39\u9f13\u5439\u8d77\u4e86\u5de8\u5927\u7684\u7ecf\u6d4e\u6ce1\u6cab\uff0c\u865a\u5047\u7684\u7e41\u8363\u80cc\u540e\u6697\u85cf\u6740\u673a\u30021929\u5e74\u80a1\u5e02\u7684\u5d29\u584c\uff0c\u5f7b\u5e95\u6233\u7834\u4e86\u201c\u7f8e\u56fd\u68a6\u201d\u3002\u4f34\u968f\u7740\u5927\u91cf\u7684\u80a1\u7968\u629b\u552e\uff0c\u94f6\u884c\u3001\u4f01\u4e1a\u7eb7\u7eb7\u5012\u95ed\uff0c\u7f8e\u56fd\u65e0\u53ef\u633d\u56de\u5730\u8fdb\u5165\u201c\u5927\u8427\u6761\u201d\u65f6\u671f\u3002\u5728\u6b64\u683c\u5c40\u4e0b\uff0c\u5931\u4e1a\u7387\u4e00\u8def\u6500\u5347\uff0c\u6700\u9ad8\u65f6\u671f\u4e00\u5ea6\u8fbe\u5230\u4e8624.9%\u3002\u7136\u800c\u7531\u4e8e\u7f3a\u4e4f\u653f\u7b56\u5de5\u5177\uff0c\u4e3a\u4e86\u9632\u6b62\u8d44\u672c\u5916\u6d41\uff0c\u7f8e\u8054\u50a8\u5728\u201c\u5927\u8427\u6761\u201d\u65f6\u671f\u4f9d\u65e7\u9009\u62e9\u4e86\u52a0\u606f\uff0c\u8fd9\u4fc3\u6210\u4e86\u5931\u4e1a\u7387\u7684\u6301\u7eed\u9ad8\u4f4d\u8fd0\u884c\u3002\u76f4\u5230\u7f57\u65af\u798f\u4e0a\u53f0\u540e\uff0c\u7ecf\u6d4e\u624d\u5f00\u59cb\u6709\u6240\u8d77\u8272\u3002<\/strong><\/p>\n\n\n\n<p>1930\u5e74\u5f00\u59cb\u7684\u91d1\u878d\u98ce\u66b4\u5728\u5168\u7403\u8513\u5ef6\uff0c\u4e5f\u4e3a\u4e4b\u540e\u4e8c\u6218\u7684\u6253\u54cd\u57cb\u4e0b\u4e86\u6076\u679c\u3002\u8fdb\u51651940\u5e74\u4ee3\uff0c\u7f8e\u56fd\u5ba3\u5e03\u52a0\u5165\u4e8c\u6218\u540e\uff0c\u901a\u80c0\u5f00\u59cb\u98d9\u5347\uff0c\u7136\u800c\u7f8e\u8054\u50a8\u4f9d\u65e7\u6ca1\u6709\u627e\u5230\u201c\u65b9\u5411\u201d\u3002\u6218\u65f6\uff0c\u8d22\u653f\u90e8\u9700\u8981\u6301\u7eed\u53d1\u884c\u201c\u6218\u4e89\u503a\u201d\u4e3a\u6218\u9700\u63d0\u4f9b\u878d\u8d44\uff0c\u66fe\u8981\u6c42\u7f8e\u8054\u50a8\u4ee53.125%\u7684\u5230\u671f\u6536\u76ca\u7387\u6301\u7eed\u6027\u8d2d\u4e70\u56fd\u5e93\u5238\uff0c\u6765\u538b\u4f4e\u5176\u878d\u8d44\u6210\u672c\u3002\u8fd9\u4e5f\u662f\u65e9\u671f\u201c\u626d\u66f2\u64cd\u4f5c\u201d\u7684\u539f\u578b\uff0c\u4f7f\u5f97\u7f8e\u8054\u50a8\u7684\u201c\u72ec\u7acb\u6027\u201d\u53d7\u5230\u5e7f\u6cdb\u8d28\u7591\u3002\u56e0\u6b64\uff0c\u6574\u4f53\u6765\u770b\uff0c\u7531\u4e8e\u5f53\u65f6\u5b58\u5728\u6709\u8bf8\u591a\u73b0\u5b9e\u56f0\u96be\uff0c\u5ba2\u89c2\u6765\u8bb2\uff0c1960\u5e74\u4ee5\u524d\u7684\u7f8e\u8054\u50a8\uff0c\u5728\u4e24\u6b21\u5371\u673a\u4e2d\u5e76\u6ca1\u6709\u5f88\u597d\u5730\u53d1\u6325\u7a33\u5b9a\u7ecf\u6d4e\u548c\u63d0\u5347\u5c31\u4e1a\u7684\u804c\u80fd\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948307979425.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948307979425.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\"\/><\/div><\/figure>\n\n\n\n<p>\uff082\uff091960\u5e74\u81f31977\u5e74\uff1a\u9010\u6e10\u627e\u5230\u65b9\u5411\u30021960\u5e74\u5f00\u59cb\uff0c\u7f8e\u8054\u50a8\u9010\u6e10\u5c06\u6700\u7ec8\u76ee\u6807\u9501\u5b9a\u5728\u4e86\u7a33\u5b9a\u7269\u4ef7\u548c\u4fc3\u8fdb\u5c31\u4e1a\u4e0a\u3002\u7136\u800c\uff0c\u7531\u4e8e\u65b0\u7684\u7ecf\u6d4e\u72b6\u51b5\u51fa\u73b0\uff0c\u4e5f\u66fe\u51fa\u73b0\u8fc7\u4e09\u9879\u76ee\u6807\u5e76\u5b58\u7684\u5c40\u9762\u3002\u6bd4\u5982\u57281970\u5e74\u5e03\u96f7\u987f\u68ee\u6797\u4f53\u7cfb\u74e6\u89e3\u540e\uff0c\u56fd\u9645\u6536\u652f\u5e73\u8861\u6210\u4e3a\u4e86\u7f8e\u56fd\u7ecf\u6d4e\u7684\u7eca\u811a\u77f3\u3002\u89e3\u51b3\u56fd\u9645\u6536\u652f\u5e73\u8861\u95ee\u9898\u4e5f\u6210\u4e86\u7f8e\u8054\u50a8\u8d27\u5e01\u653f\u7b56\u6267\u884c\u7684\u6700\u7ec8\u76ee\u6807\u4e4b\u4e00\uff0c\u4e3a\u6b64\u7f8e\u8054\u50a8\u91c7\u53d6\u4e86\u4f17\u591a\u63aa\u65bd\uff1a\u4e0e\u5404\u56fd\u7b7e\u8ba2\u5916\u6c47\u4e92\u6362\u534f\u8bae\uff1b\u4ee3\u7406\u8d22\u653f\u90e8\u521b\u7acb\u7684\u5916\u6c47\u7a33\u5b9a\u57fa\u91d1\uff1b\u4f7f\u7528\u8d27\u5e01\u4e92\u6362\u6765\u7a33\u5b9a\u9ec4\u91d1\u5e93\u5b58\u7b49\uff0c\u7136\u800c\u8fd9\u4e9b\u64cd\u4f5c\u6700\u540e\u90fd\u88ab\u8bc1\u660e\u6536\u6548\u751a\u5fae\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948307727421.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948307727421.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\"\/><\/div><\/figure>\n\n\n\n<p>\uff083\uff091977\u5e74\u81f3\u4eca\uff1a\u53cc\u76ee\u6807\u5236\u7684\u6700\u7ec8\u786e\u7acb\u3002\u5728\u5e03\u96f7\u987f\u68ee\u6797\u4f53\u7cfb\u74e6\u89e3\u540e\uff0c\u77f3\u6cb9\u5371\u673a\u9020\u6210\u4e86\u7f8e\u56fd\u56fd\u5185\u7684\u9ad8\u901a\u80c0\uff0c\u8fd9\u4f7f\u5f97\u8d27\u5e01\u653f\u7b56\u7684\u6709\u6548\u6267\u884c\u8fd9\u4e00\u8bae\u9898\uff0c\u518d\u5ea6\u88ab\u63a8\u4e0a\u4e86\u98ce\u53e3\u6d6a\u5c16\u3002\u6700\u7ec8\u300a1977 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class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948308221816.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948308221816.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\"\/><\/div><\/figure>\n\n\n\n<p>\uff083\uff0990\u5e74\u4ee3\u81f3\u4eca\uff0c\u6b63\u5f0f\u786e\u7acb\u4ee5\u4e2d\u6027\u5229\u7387\u4f5c\u4e3a\u4e2d\u95f4\u76ee\u6807\u3002\u6240\u8c13\u4e2d\u6027\u5229\u7387\uff0c\u5373\u7ecf\u6d4e\u5904\u4e8e\u5e73\u7a33\u8fd0\u884c\u72b6\u6001\u4e0b\u7684\u5229\u7387\u6c34\u5e73\uff0c\u7f8e\u8054\u50a8\u8c03\u8282\u8054\u90a6\u57fa\u91d1\u5229\u7387\u4e5f\u662f\u5e0c\u671b\u5c06\u5229\u7387\u6c34\u5e73\u80fd\u63a7\u5236\u5728\u4e2d\u6027\u5229\u7387\u6c34\u5e73\u9644\u8fd1\u3002<\/p>\n\n\n\n<p><strong>\u63d0\u5230\u4e2d\u6027\u5229\u7387\u7684\u786e\u8ba4\uff0c\u4e0d\u5f97\u4e0d\u63d0\u7684\u662f\u8457\u540d\u7684\u201c\u6cf0\u52d2\u516c\u5f0f\u201d\u3002\u201c\u6cf0\u52d2\u516c\u5f0f\u201d\u4e3a\u7f8e\u8054\u50a8\u5229\u7387\u5236\u5b9a\u63d0\u4f9b\u4e86\u4e00\u4e2a\u53ef\u4ee5\u91cf\u5316\u7684\u6846\u67b6\uff0c\u5176\u4e3b\u8981\u53d8\u91cf\u805a\u7126\u5728\u4e86\u901a\u80c0\u548c\u7ecf\u6d4e\u589e\u957f\u4e0a\u3002<\/strong><\/p>\n\n\n\n<p>\u5386\u53f2\u4e0a\u6765\u770b\uff0c\u6b21\u8d37\u5371\u673a\u4ee5\u524d\uff0c\u201c\u6cf0\u52d2\u516c\u5f0f\u201d\u53ca\u5176\u53d8\u5f62\u516c\u5f0f\u7684\u9690\u542b\u5229\u7387\u5bf9\u76ee\u6807\u8054\u90a6\u57fa\u91d1\u5229\u7387\u5747\u6709\u8f83\u597d\u7684\u62df\u5408\u4f5c\u7528\u3002\u6b21\u8d37\u5371\u673a\u540e\uff0c\u7531\u4e8e\u8054\u90a6\u57fa\u91d1\u5229\u7387\u5df2\u7ecf\u964d\u81f3\u201c\u96f6\u533a\u95f4\u201d,\u5904\u4e8e\u964d\u65e0\u53ef\u964d\u5c40\u9762\uff0c\u8054\u90a6\u57fa\u91d1\u5229\u7387\u548c\u201c\u6cf0\u52d2\u516c\u5f0f\u201d\u9690\u542b\u5229\u7387\u51fa\u73b0\u4e86\u8f83\u5927\u5e45\u5ea6\u80cc\u79bb\u3002\u867d\u7136\u7f8e\u8054\u50a8\u5728\u5b9e\u9645\u5236\u5b9a\u8d27\u5e01\u653f\u7b56\u65f6\u9700\u8981\u8003\u8651\u7684\u53d8\u91cf\u4e0d\u4ec5\u4ec5\u5c40\u9650\u4e8e\u5c31\u4e1a\u548c\u901a\u80c0\uff0c\u4f46\u662f\u201c\u6cf0\u52d2\u516c\u5f0f\u201d\u6536\u5230\u4e86\u5386\u5c4a\u7f8e\u8054\u50a8\u4e3b\u5e2d\u7684\u5e7f\u6cdb\u80af\u5b9a\uff0c\u4e3a\u5229\u7387\u5236\u5b9a\u63d0\u4f9b\u4e86\u4e00\u4e2a\u91cd\u8981\u7684\u53c2\u8003\u6807\u51c6\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948308625051.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948308625051.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\"\/><\/div><\/figure>\n\n\n\n<p><strong>4\u3001\u7f8e\u8054\u50a8\u5982\u4f55\u628a\u63a7\u7ecf\u6d4e\u201c\u65b9\u5411\u76d8\u201d\uff1f<\/strong><\/p>\n\n\n\n<p>\u6b63\u5982\u524d\u6587\u6240\u8ff0\uff0c\u7f8e\u8054\u50a8\u4ee5\u8054\u90a6\u57fa\u91d1\u5229\u7387\u4e3a\u4e2d\u4ecb\u76ee\u6807\uff0c\u8fdb\u800c\u628a\u63a7\u7ecf\u6d4e\u7684\u8fd0\u884c\u3002\u90a3\u4e48\u7f8e\u8054\u50a8\u7a76\u7adf\u5982\u4f55\u8c03\u63a7\u8054\u90a6\u57fa\u91d1\u5229\u7387\u5462\uff1f<\/p>\n\n\n\n<p>4.1<\/p>\n\n\n\n<p><strong>\u7f8e\u8054\u50a8\u7684\u5de5\u5177\u7bb1<\/strong><\/p>\n\n\n\n<p><strong>\u7f8e\u8054\u50a8\u62e5\u6709\u4f17\u591a\u8d27\u5e01\u653f\u7b56\u5de5\u5177\u6765\u8c03\u8282\u5229\u7387\u6216\u662f\u6276\u6301\u5b9e\u4f53\u7ecf\u6d4e\u3002\u6b21\u8d37\u5371\u673a\u540e\uff0c\u7f8e\u8054\u50a8\u5148\u540e\u521b\u8bbe\u4e8610\u4f59\u79cd\u65b0\u578b\u8d27\u5e01\u653f\u7b56\u5de5\u5177\uff0c\u6765\u8fbe\u5230\u5176\u5bf9\u7ecf\u6d4e\u8fd0\u884c\u201c\u5fae\u8c03\u201d\u7684\u76ee\u7684\u30022020\u5e74\u75ab\u60c5\u7206\u53d1\u540e\uff0c\u7f8e\u8054\u50a8\u4e5f\u540c\u6837\u63a8\u51fa\u4e86\u4f17\u591a\u8d27\u5e01\u653f\u7b56\uff0c\u6765\u7a33\u5b9a\u5e02\u573a\uff0c\u964d\u4f4e\u7ecf\u6d4e\u8fd0\u884c\u6ce2\u52a8\u3002<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948308244116.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948308244116.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\"\/><\/div><\/figure>\n\n\n\n<p>\u5728\u4f17\u591a\u8d27\u5e01\u653f\u7b56\u5de5\u5177\u4e2d\uff0c\u7f8e\u8054\u50a8\u6700\u5e38\u7528\u7684\u662f\u516c\u5f00\u5e02\u573a\u64cd\u4f5c\u5de5\u5177\u3002\u6b21\u8d37\u5371\u673a\u540e\uff0c\u7f8e\u8054\u50a8\u521b\u8bbe\u6027\u5730\u5f00\u5c55\u91cf\u5316\u5bbd\u677e\u6765\u6276\u6301\u5b9e\u4f53\u7ecf\u6d4e\uff0c\u800c\u91cf\u5316\u5bbd\u677e\u4fbf\u662f\u901a\u8fc7\u516c\u5f00\u5e02\u573a\u64cd\u4f5c\u8fd9\u4e00\u5de5\u5177\u5b9e\u73b0\u7684\u3002\u516c\u5f00\u5e02\u573a\u8d26\u6237\u7ecf\u7406\u5c06\u8d27\u5e01\u653f\u7b56\u6267\u884c\u6307\u4ee4\u4f20\u9012\u81f312\u4e2a\u8054\u50a8\u94f6\u884c\u540e\uff0c\u7531\u5404\u8054\u50a8\u94f6\u884c\u5411\u5546\u4e1a\u94f6\u884c\u6309\u6bd4\u4f8b\uff08\u7531\u5404\u8054\u50a8\u94f6\u884c\u7684\u51c6\u5907\u91d1\u89c4\u6a21\u800c\u5b9a\uff0c\u6bcf\u5e74\u8fdb\u884c\u8c03\u6574\uff09\u8d2d\u4e70\u957f\u671f\u56fd\u503a\u4ee5\u53caMBS\u7b49\u8bc1\u5238\u5411\u5e02\u573a\u6295\u653e\u6d41\u52a8\u6027\u3002\u5728\u5546\u4e1a\u94f6\u884c\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u4f53\u73b0\u4e3a\u8d44\u4ea7\u7aef\u4e2d\u7684\u91d1\u878d\u8d44\u4ea7\u51cf\u8ba1\uff0c\u8d85\u989d\u51c6\u5907\u91d1\u589e\u8ba1\u3002<\/p>\n\n\n\n<p><strong>\u9664\u6b64\u4e4b\u5916\uff0c\u4eca\u5e74\u4e8c\u5b63\u5ea6\u4ee5\u6765\uff0c\u6211\u4eec\u770b\u5230\u7684\u5929\u91cf\u9694\u591c\u9006\u56de\u8d2d\u540c\u6837\u4e5f\u662f\u51fa\u81ea\u7f8e\u8054\u50a8\u7684\u516c\u5f00\u5e02\u573a\u64cd\u4f5c\u30022021\u5e744\u6708\u4efd\u4ee5\u6765\uff0c\u7531\u4e8e\u503a\u52a1\u4e0a\u9650\u5230\u671f\u95ee\u9898\uff0c\u4ee5\u53ca\u76d1\u7ba1\u5bf9\u4e8eSLR\u6bd4\u7387\u7684\u76d1\u7ba1\u8981\u6c42\uff0c\u7f8e\u56fd\u8d27\u5e01\u5e02\u573a\u6d41\u52a8\u6027\u6cdb\u6ee5\uff0c\u4e0d\u5f97\u4e0d\u5c06\u591a\u4f59\u7684\u6d41\u52a8\u6027\u6682\u65f6\u5b58\u653e\u5728\u7f8e\u8054\u50a8\u3002\u8fd9\u91cc\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0c\u7f8e\u8054\u50a8\u7684\u9006\u56de\u8d2d\u4e0e\u4e2d\u56fd\u592e\u884c\u7684\u9006\u56de\u8d2d\u64cd\u4f5c\u6070\u6070\u76f8\u53cd\uff0c\u9006\u56de\u8d2d\u901a\u5e38\u7531\u7b26\u5408\u6807\u51c6\u7684\u5546\u4e1a\u94f6\u884c\u5411\u7f8e\u8054\u50a8\u53d1\u8d77\u7533\u8bf7\uff0c\u4e4b\u540e\uff0c\u7f8e\u8054\u50a8\u901a\u8fc7\u5411\u5546\u4e1a\u94f6\u884c\u51fa\u552e\u56fd\u503a\u3001MBS\u7b49\u5de5\u5177\u6765\u8fbe\u5230\u5411\u5e02\u573a\u56de\u7b3c\u6d41\u52a8\u6027\u7684\u76ee\u7684\u3002<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948309933244.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948309933244.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\"\/><\/div><\/figure>\n\n\n\n<p>4.2<\/p>\n\n\n\n<p><strong>\u7f8e\u8054\u50a8\u7279\u6b8a\u7684\u5229\u7387\u8d70\u5eca\u4f53\u7cfb<\/strong><\/p>\n\n\n\n<p>\u6211\u4eec\u4e4b\u524d\u63d0\u5230\u4e86\uff0c\u7f8e\u8054\u50a8\u7684\u901a\u8fc7\u8d27\u5e01\u653f\u7b56\u5de5\u5177\u6765\u8c03\u63a7\u5176\u76ee\u6807\u5229\u7387\u2014\u2014\u8054\u90a6\u57fa\u91d1\u5229\u7387\u3002\u90a3\u4e48\u7f8e\u8054\u50a8\u662f\u5982\u4f55\u5b9e\u73b0\u5347\u964d\u606f\u64cd\u4f5c\u7684\u5462\uff1f\u6b63\u5982\u4e16\u754c\u4e0a\u5927\u591a\u6570\u592e\u884c\u4e00\u6837\uff0c\u7f8e\u8054\u50a8\u4e5f\u6709\u81ea\u5df1\u8c03\u63a7\u5229\u7387\u7684\u201c\u8d70\u5eca\u4f53\u7cfb\u201d\u30022000\u5e74\u4ee5\u6765\uff0c\u7f8e\u8054\u50a8\u7684\u5229\u7387\u8d70\u5eca\u4f53\u7cfb\u6f14\u53d8\u5927\u81f4\u5206\u4e3a\u4e09\u4e2a\u9636\u6bb5\uff1a<\/p>\n\n\n\n<p>\uff081\uff092008\u5e7410\u6708\u4ee5\u524d\uff0c\u5229\u7387\u8d70\u5eca\u4f53\u7cfb\u521d\u6b65\u786e\u7acb\u3002\u4e0e\u4f20\u7edf\u7684\u5229\u7387\u8d70\u5eca\u4f53\u7cfb\u7c7b\u4f3c\uff0c\u7f8e\u56fd\u6700\u65e9\u7684\u5229\u7387\u8d70\u5eca\u4f53\u7cfb\u4ee5\u8d34\u73b0\u5229\u7387\u4e3a\u4e0a\u754c\uff0c\u4ee5\u5b58\u6b3e\u51c6\u5907\u91d1\u5229\u7387\u4e3a\u4e0b\u754c\u3002\u7531\u4e8e\u5f53\u65f6\u7f8e\u8054\u50a8\u5c1a\u672a\u521b\u7acb\u8d85\u989d\u51c6\u5907\u91d1\u5229\u7387\uff0c\u5e76\u4e14\u5728\u7f8e\u8054\u50a8\u7684\u5b58\u6b3e\u51c6\u5907\u91d1\u5e76\u4e0d\u5b9e\u9645\u4ea7\u751f\u5229\u606f\u3002\u56e0\u6b64\uff0c\u4e0b\u754c\u867d\u7136\u540d\u4e49\u4e0a\u662f\u5b58\u6b3e\u51c6\u5907\u91d1\u5229\u7387\uff0c\u7136\u800c\u5b9e\u9645\u4e0a\u5c31\u662f0%\u3002<\/p>\n\n\n\n<p>\u7531\u4e8e\u7f8e\u8054\u50a8\u63a7\u5236\u7684\u76ee\u6807\u5229\u7387\u4e3a\u8054\u90a6\u57fa\u91d1\u5229\u7387\uff0c\u4e5f\u662f\u7f8e\u56fd\u94f6\u884c\u95f4\u7684\u540c\u4e1a\u62c6\u501f\u5229\u7387\uff0c\u5bf9\u4e8e\u9700\u8981\u6d41\u52a8\u6027\u7684\u5546\u4e1a\u94f6\u884c\u6765\u8bf4\uff0c\u8981\u4e48\u5411\u5176\u4ed6\u5546\u4e1a\u94f6\u884c\u8fdb\u884c\u62c6\u89e3\uff0c\u8981\u4e48\u5411\u7f8e\u8054\u50a8\u901a\u8fc7\u8d34\u73b0\u7a97\u53e3\u8fdb\u884c\u201c\u8d37\u6b3e\u201d\uff0c\u4e00\u65e6\u540c\u4e1a\u62c6\u501f\u6210\u672c\u9ad8\u4e8e\u8d34\u73b0\u6210\u672c\uff0c\u90a3\u4e48\u94f6\u884c\u5c31\u4f1a\u503e\u5411\u4e8e\u901a\u8fc7\u8d34\u73b0\uff0c\u76f4\u63a5\u5411\u7f8e\u8054\u50a8\u8fdb\u884c\u501f\u6b3e\uff0c\u56e0\u6b64\uff0c\u7406\u8bba\u4e0a\u8054\u90a6\u57fa\u91d1\u5229\u7387\u518d\u9ad8\u4e0d\u4f1a\u8d85\u8fc7\u8d34\u73b0\u5229\u7387\uff1b\u800c\u5bf9\u4e8e\u60f3\u8981\u51fa\u8ba9\u6d41\u52a8\u6027\u7684\u5546\u4e1a\u94f6\u884c\u6765\u8bf4\uff0c\u8981\u6c42\u7684\u56de\u62a5\u7387\u4e0d\u5f97\u4f4e\u4e8e\u628a\u94b1\u5b58\u653e\u5728\u7f8e\u8054\u50a8\u83b7\u5f97\u7684\u5229\u606f\u6536\u5165\uff0c\u8fd9\u4e5f\u662f\u4e3a\u4ec0\u4e48\u5229\u7387\u8d70\u5eca\u7684\u4e0b\u754c\u5728\u7406\u8bba\u4e0a\u4e0d\u5f97\u4f4e\u4e8e\u5b58\u6b3e\u51c6\u5907\u91d1\u5229\u7387\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948309211185.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948309211185.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\"\/><\/div><\/figure>\n\n\n\n<p><strong>\uff082\uff092008\u5e7410\u6708\u81f32013\u5e749\u6708\uff0c3\u8f6e\u91cf\u5316\u5bbd\u677e\u4e0b\u7684\u8fc7\u6e21\u65f6\u671f\u3002\u6b21\u8d37\u5371\u673a\u7206\u53d1\u540e\uff0c\u7f8e\u8054\u50a8\u901a\u8fc7\u91cf\u5316\u5bbd\u677e\u6765\u5411\u5b9e\u4f53\u7ecf\u6d4e\u63d0\u4f9b\u6d41\u52a8\u6027\u3002\u6b63\u5982\u524d\u6587\u63d0\u5230\u7684\uff0c\u7f8e\u8054\u50a8\u91cf\u5316\u5bbd\u677e\u5c06\u9020\u6210\u5546\u4e1a\u94f6\u884c\u8d85\u989d\u51c6\u5907\u91d1\u589e\u52a0\uff0c\u9488\u5bf9\u8fd9\u4e00\u60c5\u51b5\uff0c\u7f8e\u8054\u50a8\u521b\u7acb\u4e86\u8d85\u989d\u51c6\u5907\u91d1\u5229\u7387\uff08IOER\uff09\u6765\u63a5\u66ff\u539f\u5148\u7684\u5b58\u6b3e\u51c6\u5907\u91d1\u5229\u7387\u4f5c\u4e3a\u5229\u7387\u8d70\u5eca\u7684\u4e0b\u9650\u3002<\/strong><\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u8054\u90a6\u57fa\u91d1\u5229\u7387\u5f88\u5feb\u5c31\u4e0b\u7a7f\u4e86\u8d85\u989d\u51c6\u5907\u91d1\u5229\u7387\u3002\u9020\u6210\u8fd9\u79cd\u73b0\u8c61\u7684\u539f\u56e0\u5728\u4e8e\uff0c\u5e76\u975e\u6240\u6709\u91d1\u878d\u673a\u6784\u90fd\u80fd\u83b7\u53d6\u8d85\u989d\u51c6\u5907\u91d1\u5229\u7387\u3002\u6bd4\u5982\u7f8e\u56fd\u8054\u90a6\u4f4f\u5b85\u8d37\u6b3e\u94f6\u884c\uff08FHLB\uff09\uff0c\u5982\u540c\u6240\u6709\u94f6\u884c\u4e00\u6837\uff0c\u53ef\u4ee5\u53c2\u4e0e\u540c\u4e1a\u62c6\u501f\u5e02\u573a\uff0c\u4f46\u662f\u5374\u65e0\u6cd5\u50cf\u666e\u901a\u5546\u4e1a\u94f6\u884c\u4e00\u6837\u5728\u8054\u50a8\u94f6\u884c\u83b7\u53d6\u8d85\u989d\u51c6\u5907\u91d1\u5229\u606f\uff0c\u53e0\u52a03\u8f6e\u5927\u89c4\u6a21\u91cf\u5316\u5bbd\u677e\u4e0b\uff0c\u5e02\u573a\u6d41\u52a8\u6027\u5bbd\u88d5\uff0c\u6700\u7ec8\u4f7f\u5f97\u8054\u90a6\u57fa\u91d1\u5229\u7387\u57282018\u5e74\u5e95\uff0c\u4e0b\u7a7f\u4e86\u8d85\u989d\u51c6\u5907\u91d1\u5229\u7387\uff0c\u5e76\u4e14\u5728\u5f88\u957f\u7684\u4e00\u6bb5\u65f6\u95f4\u5185\u7ef4\u6301\u5728\u8d85\u989d\u51c6\u5907\u91d1\u5229\u7387\u4ee5\u4e0b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948309658862.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948309658862.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\"\/><\/div><\/figure>\n\n\n\n<p>\uff083\uff092013\u5e749\u6708\u81f3\u4eca\uff0c\u72ec\u7279\u7684\u201c\u53cc\u5e95\u201d\u4f53\u7cfb\u5f62\u6210\u3002\u7f8e\u8054\u50a8\u5e76\u4e0d\u5e0c\u671b\u770b\u5230\u8054\u90a6\u57fa\u91d1\u5229\u7387\u4e0b\u884c\u81f3\u8d1f\u533a\u95f4\uff0c\u56e0\u4e3a\u4e00\u65e6\u8054\u90a6\u57fa\u91d1\u5229\u7387\u53d8\u4e3a\u8d1f\u503c\uff0c\u8d27\u5e01\u57fa\u91d1\u5c06\u9762\u4e34\u5927\u89c4\u6a21\u8d4e\u56de\uff0c\u8fdb\u800c\u5f15\u53d1\u5e02\u573a\u6d41\u52a8\u6027\u98ce\u9669\u3002<\/p>\n\n\n\n<p>\u4e3a\u6b64\uff0c2013\u5e74\u7f8e\u8054\u50a8\u63a8\u51fa\u4e86\u9694\u591c\u9006\u56de\u8d2d\uff08O\/N RRP\uff09\u4f5c\u4e3a\u5229\u7387\u4f53\u7cfb\u4e2d\u7684\u201c\u6b21\u5e95\u201d\uff0c\u5bf9\u8054\u90a6\u57fa\u91d1\u5229\u7387\u8fdb\u884c\u6258\u5e95\u3002\u5176\u539f\u7406\u662f\uff0c\u5728\u8d85\u989d\u51c6\u5907\u91d1\u5229\u7387\u4e0b\u518d\u8bbe\u7f6e\u4e86\u4e00\u9879\u9694\u591c\u5229\u7387\uff0c\u8986\u76d6\u4f17\u591a\u5927\u578b\u94f6\u884c\u548c\u8d27\u5e01\u57fa\u91d1\u3002\u9694\u591c\u9006\u56de\u8d2d\u7531\u7f8e\u8054\u50a8\u7684\u5bf9\u624b\u65b9\u53d1\u8d77\uff0c\u7f8e\u8054\u50a8\u901a\u8fc7\u5411\u5bf9\u624b\u65b9\u51fa\u552e\u56fd\u503a\u53caMBS\uff0c\u5230\u671f\u518d\u8d2d\u56de\uff0c\u4ee5\u6b64\u6765\u8fbe\u5230\u8ba9\u8fc7\u5269\u7684\u6d41\u52a8\u6027\u56de\u5230\u7f8e\u8054\u50a8\u624b\u4e0a\u7684\u76ee\u7684\u3002<\/p>\n\n\n\n<p>\u7136\u800c\u4eca\u5e745\u6708\u4efd\u4ee5\u6765\uff0c\u7531\u4e8e\u8d27\u5e01\u5e02\u573a\u6d41\u52a8\u6027\u6cdb\u6ee5\uff0c\u8054\u90a6\u57fa\u91d1\u5229\u7387\u518d\u5ea6\u51fa\u73b0\u4e86\u4e0b\u7a7f\u9694\u591c\u9006\u56de\u8d2d\u5229\u7387\u7684\u98ce\u9669\u3002\u9020\u6210\u8fd9\u79cd\u73b0\u8c61\u7684\u539f\u56e0\u5728\u4e8e\uff0c\u673a\u6784\u5411\u7f8e\u8054\u50a8\u63d0\u51fa\u9694\u591c\u9006\u56de\u8d2d\u7533\u8bf7\u540e\uff0c\u5728\u7b2c\u4e8c\u5929\u4e0b\u53483\uff1a00\u4ee5\u540e\u624d\u80fd\u5c06\u6d41\u52a8\u6027\u6536\u56de\uff0c\u56e0\u6b64\uff0c\u5982\u679c\u673a\u6784\u5bf9\u6d41\u52a8\u6027\u8981\u6c42\u8f83\u9ad8\u7684\u8bdd\uff0c\u5c06\u5bfc\u81f4\u5176\u4f1a\u5bfb\u6c42\u5229\u7387\u66f4\u4f4e\u7684\u540c\u4e1a\u62c6\u501f\u6765\u5f25\u8865\u9694\u591c\u9006\u56de\u8d2d\u7684\u201c\u7f3a\u9677\u201d\u3002<\/p>\n\n\n\n<p>\u9488\u5bf9\u8054\u90a6\u57fa\u91d1\u5229\u7387\u7a81\u7834\u5229\u7387\u8d70\u5eca\u7684\u95ee\u9898\uff0c\u7f8e\u8054\u50a8\u53c8\u53d1\u660e\u4e86\u201c\u62e7\u8f6c\u64cd\u4f5c\u201d\u3002\u4e00\u822c\u6765\u8bf4\uff0c\u7f8e\u8054\u50a8\u901a\u8fc7\u540c\u65f6\u63d0\u5347\u6216\u964d\u4f4e\u8d85\u989d\u51c6\u5907\u91d1\u5229\u7387\u548c\u9694\u591c\u9006\u56de\u8d2d\u5229\u7387\uff08\u4e00\u822c\u4e3a25BP\u7684\u6574\u6570\u500d\uff09\uff0c\u201c\u4e00\u6258\u4e00\u62c9\u201d\u4ece\u800c\u8fbe\u5230\u5347\u964d\u606f\u7684\u76ee\u7684\uff0c2019\u5e74\uff0c\u7f8e\u8054\u50a8\u521b\u8bbe\u4e86\u201c\u62e7\u8f6c\u64cd\u4f5c\u201d\uff0c\u5176\u539f\u7406\u662f\uff0c\u5c06\u8054\u90a6\u57fa\u91d1\u5229\u7387\u6574\u4f53\u63a7\u5236\u5728\u76ee\u6807\u533a\u95f4\u5185\u7684\u540c\u65f6\uff0c\u7565\u5fae\u62ac\u5347\u6216\u964d\u4f4e\u8d85\u989d\u51c6\u5907\u91d1\u5229\u7387\u548c\u9694\u591c\u9006\u56de\u8d2d\u5229\u7387\u3002\u59822021\u5e746\u6708\u4efd\u7f8e\u8054\u50a8\u7565\u5fae\u4e0a\u8c03\u4e86\u8d85\u989d\u51c6\u5907\u91d1\u5229\u7387\u548c\u9694\u591c\u9006\u56de\u8d2d\u5229\u7387\u54045BP\uff0c\u201c\u53cc\u5e95\u201d\u63a7\u5236\u57285BP-15BP\uff0c\u6574\u4f53\u4f9d\u65e7\u5904\u4e8e0BP-25BP\u7684\u76ee\u6807\u5229\u7387\u533a\u95f4\u5185\uff0c\u4f46\u662f\u5176\u4f5c\u7528\u5374\u662f\u5e2e\u52a9\u5927\u91cf\u7684\u8d27\u5e01\u57fa\u91d1\u7f13\u89e3\u4e86\u591a\u4f59\u6d41\u52a8\u6027\u65e0\u5904\u5b58\u653e\u7684\u56f0\u96be\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948309166235.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948309166235.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\"\/><\/div><\/figure>\n\n\n\n<p><strong>5\u3001\u5982\u4f55\u628a\u8109\u7f8e\u8054\u50a8\u52a0\u606f\u6216\u964d\u606f\u7684\u610f\u56fe\uff1f<\/strong><\/p>\n\n\n\n<p>\u4e13\u4e1a\u7684\u4e8b\u8fd8\u9700\u4ea4\u7ed9\u4e13\u4e1a\u7684\u4eba\u6765\u89e3\u51b3\uff0c\u4f5c\u4e3a\u5e02\u573a\u7684\u53c2\u4e0e\u8005\u800c\u975e\u653f\u7b56\u5236\u5b9a\u8005\u7684\u6211\u4eec\uff0c\u96be\u4ee5\u9884\u6d4b\u7f8e\u8054\u50a8\u52a0\u964d\u606f\u7684\u65f6\u95f4\u70b9\u3002\u4f46\u662f\uff0c\u5e02\u573a\u4e0a\u7684\u786e\u5b58\u5728\u4e00\u4e9b\u5de5\u5177\u80fd\u5e2e\u52a9\u6211\u4eec\u611f\u77e5\u7f8e\u8054\u50a8\u52a0\u606f\u6216\u964d\u606f\u7684\u201c\u6982\u7387\u201d\uff0c\u540c\u65f6\u4e5f\u5b58\u5728\u4e00\u5b9a\u7684\u8bef\u533a\u3002<\/p>\n\n\n\n<p>5.1<\/p>\n\n\n\n<p><strong>\u70b9\u9635\u56fe\u5e76\u975e\u6709\u6548\u9884\u6d4b\u6307\u6807<\/strong><\/p>\n\n\n\n<p>\u6bcf\u5b63\u5ea6\u7684\u6700\u540e\u4e00\u6b21\u8bae\u606f\u4f1a\u8bae\uff0c\u7f8e\u8054\u50a8\u90fd\u4f1a\u516c\u5e03\u7ecf\u6d4e\u9884\u671f\uff08SEP\uff09\u3002SEP\u4e3b\u8981\u7efc\u5408\u4e86\u4e2a\u7406\u4e8b\u59d4\u5458\u4ee5\u53ca\u8054\u50a8\u94f6\u884c\u5b98\u5458\u5bf9\u672a\u6765\u7684\u7ecf\u6d4e\u9884\u671f\uff0c\u5176\u4e2d\u8054\u50a8\u5b98\u5458\u7ed9\u51fa\u7684\u70b9\u9635\u56fe\u6700\u4e3a\u5e02\u573a\u6d25\u6d25\u4e50\u9053\u3002\u70b9\u9635\u56fe\u5c55\u73b0\u4e86\u516c\u5f00\u5e02\u573a\u59d4\u5458\u4f1a12\u4f4d\u6210\u5458\u5bf9\u672a\u6765\u8054\u90a6\u57fa\u91d1\u5229\u7387\u53d8\u52a8\u7684\u9884\u671f\u60c5\u51b5\uff0c\u6bcf\u4e00\u4e2a\u70b9\u90fd\u4ee3\u8868\u4e86\u4e00\u4f4d\u8054\u50a8\u5b98\u5458\u7684\u9884\u671f\uff0c\u91c7\u7528\u4e0d\u8bb0\u540d\u6295\u7968\u65b9\u5f0f\u3002<\/p>\n\n\n\n<p>6\u6708\u4efd\u7684\u8bae\u606f\u4f1a\u8bae\u7ed3\u675f\u540e\uff0c2022\u5e74\u7f8e\u8054\u50a8\u5c06\u8fdb\u884c\u4e24\u6b21\u52a0\u606f\u64cd\u4f5c\u7684\u201c\u8bba\u8c03\u201d\u4e0d\u7edd\u4e8e\u8033\u3002\u7136\u800c\u5386\u53f2\u4e0a\u6765\u770b\uff0c\u70b9\u9635\u56fe\u5bf9\u5b9e\u9645\u52a0\u606f\u60c5\u51b5\u7684\u9884\u6d4b\u4f5c\u7528\u8f83\u5dee\u30022012\u5e741\u6708\u4efd\u4e5f\u51fa\u73b0\u8fc7\u7c7b\u4f3c\u60c5\u5f62\uff0c\u5f53\u65f6\u70b9\u9635\u56fe\u663e\u793a\uff0c\u9884\u8ba12014\u5e74\u5c06\u51fa\u73b0\u4e24\u6b21\u52a0\u606f\u64cd\u4f5c\uff0c\u4e8b\u5b9e\u4e0a\uff0c\u7f8e\u8054\u50a8\u4e0a\u4e00\u8f6e\u52a0\u606f\u57282015\u5e74\u5e95\u624d\u5f00\u542f\u3002\u56e0\u6b64\uff0c\u70b9\u9635\u56fe\u5b9e\u9645\u4e0a\u5e76\u975e\u662f\u9884\u6d4b\u8054\u90a6\u57fa\u91d1\u5229\u7387\u53d8\u52a8\u7684\u6709\u6548\u6307\u6807\uff0c\u66f4\u9002\u5408\u4f5c\u4e3a\u4e00\u4e2a\u7528\u6765\u89c2\u6d4b\u8054\u50a8\u5b98\u5458\u5bf9\u5f53\u524d\u8d27\u5e01\u653f\u7b56\u6001\u5ea6\u7684\u5de5\u5177\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948310766111.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/img.21jingji.com\/uploadfile\/cover\/20210803\/1627948310766111.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\"\/><\/div><\/figure>\n\n\n\n<p>5.2<\/p>\n\n\n\n<p><strong>\u8054\u90a6\u57fa\u91d1\u5229\u7387\u671f\u8d27\u9690\u542b\u7684\u52a0\u964d\u606f\u6982\u7387<\/strong><\/p>\n\n\n\n<p><strong>\u76ee\u524d\u5e02\u9762\u4e0a\u6709\u4e24\u5927\u4e3b\u6d41\u9884\u6d4b\u7f8e\u8054\u50a8\u52a0\u964d\u606f\u6982\u7387\u7684\u6307\u6807\uff1a\uff081\uff09CME\u7684FedWatch Tool\uff1b\uff082\uff09Bloomberg\u7684WRIP\u6307\u6570\u3002<\/strong><\/p>\n\n\n\n<p>\u8fd9\u4e24\u9879\u6307\u6807\u7684\u8fd0\u7b97\u903b\u8f91\u7c7b\u4f3c\uff0c\u5747\u901a\u8fc7\u8bae\u606f\u4f1a\u8bae\u5f53\u6708\u5230\u671f\u7684\u8054\u90a6\u57fa\u91d1\u5229\u7387\u671f\u8d27\u6240\u9690\u542b\u7684\u8054\u90a6\u57fa\u91d1\u5229\u7387\uff0c\u8f83\u524d\u4e00\u4e2a\u6708\u7684\u9690\u542b\u5229\u7387\u53d8\u52a8\uff0c\u6765\u5012\u63a8\u7f8e\u8054\u50a8\u52a0\u606f\u6216\u8005\u964d\u606f\u5f15\u8d77\u7684\u5229\u7387\u53d8\u52a8\u6982\u7387\u3002\u5728\u5177\u4f53\u7b97\u6cd5\u4e0a\u552f\u4e00\u7684\u4e0d\u540c\u5728\u4e8e\uff0cBloomberg\u91c7\u7528\u4e86\u6708\u5e73\u5747\u9690\u542b\u5229\u7387\u7684\u6982\u5ff5\uff0c\u56e0\u800c\u6d88\u9664\u4e86\u77ed\u671f\u8d44\u91d1\u51b2\u51fb\u5e26\u6765\u7684\u5f71\u54cd\u3002<\/p>\n\n\n\n<p>\u7136\u800c\u8fd9\u4e24\u9879\u5de5\u5177\u5bf9\u4e8e\u8054\u50a8\u52a0\u606f\u90fd\u6709\u8f83\u4e25\u683c\u7684\u5047\u8bbe\uff0c\u5982\uff1a\uff081\uff09\u5747\u5047\u8bbe\u8054\u90a6\u57fa\u91d1\u5229\u7387\u7684\u53d8\u52a8\u7531\u8bae\u606f\u4f1a\u8bae\u7684\u52a0\u964d\u606f\u9020\u6210\uff1b\uff082\uff09\u5747\u5047\u8bbe\u7f8e\u8054\u50a8\u6bcf\u6b21\u4ec5\u6539\u53d825BP\u7684\u76ee\u6807\u8054\u90a6\u57fa\u91d1\u5229\u7387\u533a\u95f4\u3002\u56e0\u6b64\uff0c\u5728\u5b9e\u9645\u4f7f\u7528\u4e2d\u5b58\u5728\u4e00\u5b9a\u7684\u7f3a\u9677\uff0c\u4e5f\u65e0\u6cd5\u51c6\u786e\u9884\u6d4b\u52a0\u606f\u6216\u964d\u606f\u7684\u6982\u7387\uff0c\u8fd9\u4e24\u9879\u5de5\u5177\u7528\u6765\u89c2\u6d4b\u5e02\u573a\u5bf9\u52a0\u964d\u606f\u9884\u671f\u7684\u6001\u5ea6\u66f4\u4e3a\u5408\u9002\u3002<\/p>\n\n\n\n<p>\u98ce\u9669\u63d0\u793a\uff1a\u7f8e\u8054\u50a8\u66f4\u6539\u8d27\u5e01\u653f\u7b56\u6267\u884c\u76ee\u6807\u3002<\/p>\n\n\n\n<p>2021\u5e7408\u670803\u65e5 09:31 \u00a0\u00a0\u9773\u8bba\u56fa\u6536 \u00a0\u00a0\u9773\u6bc5<br><a href=\"https:\/\/www.21jingji.com\/article\/20210803\/herald\/2b60c1d9e61c14e4df6a9aca61db646b.html\">https:\/\/www.21jingji.com\/article\/20210803\/herald\/2b60c1d9e61c14e4df6a9aca61db646b.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u7f8e\u8054\u50a8\u8d27\u5e01\u653f\u7b56\u8ddf\u8e2a\u624b\u518c \u62a5\u544a\u6b63\u6587 1\u3001\u524d\u8a00 7\u6708\u4efd\u7f8e\u8054\u50a8\u6309\u5175\u4e0d\u52a8\uff0c\u9c8d\u5a01\u5c14\u5bf9\u672a\u6765\u7f8e\u56fd\u901a\u80c0\u95ee\u9898\u7ee7\u7eed\u4fdd\u6301\u4e50\u89c2\uff0c\u5bf9\u7ecf\u6d4e [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10480","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/10480","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10480"}],"version-history":[{"count":0,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/10480\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}