{"id":10640,"date":"2025-08-12T09:52:55","date_gmt":"2025-08-12T01:52:55","guid":{"rendered":"https:\/\/www.invbus.com\/blog\/?p=10640"},"modified":"2025-08-12T09:52:57","modified_gmt":"2025-08-12T01:52:57","slug":"%e8%b7%a8%e8%b6%8a%e4%b8%96%e7%ba%aa%e7%9a%84%e6%8a%95%e6%9c%ba%e8%89%ba%e6%9c%af%e4%b8%8e%e4%ba%ba%e6%80%a7%e5%90%af%e7%a4%ba%ef%bc%9a%e3%80%8a%e8%82%a1%e7%a5%a8%e5%a4%a7%e4%bd%9c%e6%89%8b%e5%9b%9e","status":"publish","type":"post","link":"https:\/\/www.invbus.com\/blog\/?p=10640","title":{"rendered":"\u8de8\u8d8a\u4e16\u7eaa\u7684\u6295\u673a\u827a\u672f\u4e0e\u4eba\u6027\u542f\u793a\uff1a\u300a\u80a1\u7968\u5927\u4f5c\u624b\u56de\u5fc6\u5f55\u300b"},"content":{"rendered":"\n

\u201c\u534e\u5c14\u8857\u6ca1\u6709\u65b0\u9c9c\u4e8b\uff0c\u56e0\u4e3a\u4eba\u6027\u6c38\u4e0d\u6539\u53d8\u3002\u201d\u8fd9\u53e5\u523b\u5728\u6770\u897f\u00b7\u5229\u5f17\u83ab\u5c14\uff08Jesse Livermore\uff09\u5893\u5fd7\u94ed\u4e0a\u7684\u7bb4\u8a00\uff0c\u9053\u51fa\u4e86\u91d1\u878d\u5e02\u573a\u7684\u6c38\u6052\u771f\u76f8\u3002  <\/p>\n\n\n\n

\u4f5c\u4e3a20\u4e16\u7eaa\u6700\u4f20\u5947\u7684\u4ea4\u6613\u5458\uff0c\u5229\u5f17\u83ab\u5c14\u5728\u300a\u80a1\u7968\u5927\u4f5c\u624b\u56de\u5fc6\u5f55\u300b\u4e2d\u4ee5\u201c\u62c9\u91cc\u00b7\u5229\u6587\u65af\u987f\u201d\u4e3a\u5316\u540d\uff0c\u5c06\u6bd5\u751f\u7684\u6295\u673a\u667a\u6167\u51dd\u7ec3\u6210\u4e00\u90e8\u8de8\u8d8a\u65f6\u7a7a\u7684\u4ea4\u6613\u5723\u7ecf\u3002\u4e01\u5723\u5143\u5148\u751f\u6ce8\u758f\u7248\uff0c\u5219\u4ee5\u4e1c\u65b9\u89c6\u89d2\u91cd\u65b0\u89e3\u6784\u8fd9\u4f4d\u201c\u6295\u673a\u4e4b\u738b\u201d\u7684\u601d\u7ef4\u4f53\u7cfb\uff0c\u4e3a\u73b0\u4ee3\u6295\u8d44\u8005\u67b6\u8d77\u4e00\u5ea7\u8fde\u63a5\u7ecf\u5178\u7406\u8bba\u4e0e\u5f53\u4ee3\u5b9e\u8df5\u7684\u6865\u6881\u3002<\/p>\n\n\n\n

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\u5229\u5f17\u83ab\u5c14\u4ea4\u6613\u54f2\u5b66\u7684\u6838\u5fc3\uff1a\u5e02\u573a\u5171\u632f\u4e0e\u7fa4\u4f53\u5fc3\u7406\u7684\u535a\u5f08<\/strong><\/p>\n\n\n\n

\u5229\u5f17\u83ab\u5c14\u7684\u4ea4\u6613\u54f2\u5b66\uff0c\u5efa\u7acb\u5728\u5bf9\u4eba\u6027\u7684\u6df1\u523b\u6d1e\u5bdf\u4e4b\u4e0a\u3002\u4ed6\u7684\u65b9\u6cd5\u770b\u4f3c\u7b80\u5355\uff0c\u5374\u76f4\u6307\u91d1\u878d\u535a\u5f08\u7684\u672c\u8d28–\u4ef7\u683c\u6ce2\u52a8\u662f\u7fa4\u4f53\u5fc3\u7406\u7684\u6295\u5f71\u3002  <\/p>\n\n\n\n

      1\u3001\u8d8b\u52bf\u4e3a\u738b\uff1a\u987a\u52bf\u8005\u7684\u751f\u5b58\u4e4b\u9053 <\/strong><\/p>\n\n\n\n

      \u201c\u6c38\u8fdc\u4e0d\u8981\u4e0e\u8d8b\u52bf\u5bf9\u6297\u201d\uff0c\u8fd9\u662f\u5229\u5f17\u83ab\u5c14\u7684\u7b2c\u4e00\u94c1\u5f8b\u30021907\u5e74\uff0c\u4ed6\u901a\u8fc7\u505a\u7a7a\u7f8e\u80a1\u5728\u91d1\u878d\u5371\u673a\u4e2d\u72c2\u8d5a300\u4e07\u7f8e\u5143\uff1b1929\u5e74\u5927\u8427\u6761\u524d\u5915\uff0c\u4ed6\u518d\u6b21\u7cbe\u51c6\u72d9\u51fb\u5e02\u573a\uff0c\u83b7\u52291\u4ebf\u7f8e\u5143\u3002\u8fd9\u4e24\u6b21\u53f2\u8bd7\u7ea7\u4ea4\u6613\u7684\u5171\u540c\u903b\u8f91\u662f\uff0c\u8bc6\u522b\u4e3b\u8981\u8d8b\u52bf\uff0c\u5e76\u8ba9\u5229\u6da6\u5954\u8dd1\u3002\u5229\u5f17\u83ab\u5c14\u7684\u201c\u8d8b\u52bf\u7406\u8bba\u201d\u5b9e\u4e3a\u73b0\u4ee3\u6280\u672f\u5206\u6790\u7684\u96cf\u5f62\u30022021\u5e74GameStop\u6563\u6237\u8f67\u7a7a\u4e8b\u4ef6\u4e2d\uff0c\u5bf9\u51b2\u57fa\u91d1\u56e0\u9006\u52bf\u505a\u7a7a\u4e8f\u635f\u6570\u5341\u4ebf\u7f8e\u5143\uff0c\u800c\u6563\u6237\u901a\u8fc7\u793e\u4ea4\u5a92\u4f53\u60c5\u7eea\u5f62\u6210\u7684\u201c\u6570\u5b57\u8d8b\u52bf\u201d\uff0c\u98a0\u8986\u4e86\u4f20\u7edf\u5b9a\u4ef7\u6743\u3002\u8fd9\u5370\u8bc1\u4e86\u5229\u5f17\u83ab\u5c14\u7684\u9884\u8a00\uff0c\u8d8b\u52bf\u7684\u672c\u8d28\u662f\u7fa4\u4f53\u5fc3\u7406\u7684\u5171\u632f\u3002  <\/p>\n\n\n\n

      2\u3001\u5173\u952e\u70b9\u6218\u672f\uff1a\u9759\u9ed8\u4e2d\u7684\u81f4\u547d\u4e00\u51fb <\/strong><\/p>\n\n\n\n

      \u201c\u6295\u673a\u8005\u7684\u81f4\u547d\u9519\u8bef\uff0c\u662f\u8ba4\u4e3a\u5fc5\u987b\u65f6\u523b\u4ea4\u6613\u3002\u201d\u5229\u5f17\u83ab\u5c14\u4e00\u751f\u6700\u6210\u529f\u7684\u64cd\u4f5c\uff0c\u5f80\u5f80\u6e90\u4e8e\u6f2b\u957f\u7684\u7b49\u5f85\u3002\u4ed6\u63d0\u51fa\u201c\u5173\u952e\u70b9\u201d\u7406\u8bba\uff1a\u5f53\u4ef7\u683c\u7a81\u7834\u963b\u529b\u4f4d\u6216\u8dcc\u7834\u652f\u6491\u4f4d\u65f6\uff0c\u5e02\u573a\u5c06\u7206\u53d1\u8d8b\u52bf\u6027\u884c\u60c5\u3002\u8fd9\u4e00\u601d\u60f3\u5728\u5f53\u4ee3\u91cf\u5316\u4ea4\u6613\u4e2d\u5f97\u4ee5\u5347\u534e\u30022020\u5e743\u6708\uff0c\u6865\u6c34\u57fa\u91d1\u901a\u8fc7\u76d1\u6d4b\u56fd\u503a\u6536\u76ca\u7387\u7a81\u7834\u5173\u952e\u9608\u503c\uff0c\u9884\u5224\u6d41\u52a8\u6027\u5371\u673a\u5e76\u63d0\u524d\u5e03\u5c40\u9ec4\u91d1\u671f\u6743\uff0c\u5355\u6708\u6536\u76ca\u8d8520%\u3002\u5173\u952e\u70b9\u4e0d\u662f\u6570\u5b66\u610f\u4e49\u4e0a\u7684\u70b9\u4f4d\uff0c\u800c\u662f\u5e02\u573a\u60c5\u7eea\u4ece\u91cf\u53d8\u5230\u8d28\u53d8\u7684\u4e34\u754c\u72b6\u6001\u3002  <\/p>\n\n\n\n

      3\u3001\u8d44\u91d1\u7ba1\u7406\uff1a\u751f\u5b58\u5927\u4e8e\u76c8\u5229\u7684\u54f2\u5b66 <\/strong><\/p>\n\n\n\n

      \u56db\u6b21\u7834\u4ea7\u53c8\u56db\u6b21\u5d1b\u8d77\u7684\u7ecf\u5386\uff0c\u8ba9\u5229\u5f17\u83ab\u5c14\u6bd4\u4efb\u4f55\u4eba\u90fd\u7406\u89e3\u98ce\u9669\u63a7\u5236\u7684\u610f\u4e49\u3002\u4ed6\u7684\u4ed3\u4f4d\u7ba1\u7406\u6cd5\u5219\u81f3\u4eca\u88ab\u5949\u4e3a\u572d\u81ec\uff1a\u8bd5\u4ed3\u539f\u5219\uff0c\u521d\u59cb\u5934\u5bf8\u4e0d\u8d85\u8fc7\u603b\u8d44\u91d1\u768410%\uff1b\u91d1\u5b57\u5854\u52a0\u7801\uff0c\u8d8b\u52bf\u786e\u8ba4\u540e\u5206\u6279\u52a0\u4ed3\uff1b\u6b62\u635f\u94c1\u5f8b\uff0c\u4e8f\u635f\u8d85\u8fc710%\u7acb\u5373\u79bb\u573a\u3002  <\/p>\n\n\n\n

      2022\u5e74\u4e2d\u6982\u80a1\u66b4\u8dcc\u4e2d\uff0c\u575a\u5b88\u6b62\u635f\u7eaa\u5f8b\u7684\u6295\u8d44\u8005\u4fdd\u7559\u4e86\u4e1c\u5c71\u518d\u8d77\u7684\u8d44\u672c\uff0c\u800c\u76f2\u76ee\u6284\u5e95\u8005\u6df1\u9677\u6ce5\u6f6d\u3002\u8fd9\u6070\u5982\u5229\u5f17\u83ab\u5c14\u6240\u8a00\uff1a\u5728\u91d1\u878d\u5e02\u573a\uff0c\u6d3b\u5f97\u4e45\u6bd4\u8d5a\u5f97\u5feb\u66f4\u91cd\u8981\u3002 <\/p>\n\n\n\n

\u4eba\u6027\u5f31\u70b9\uff1a\u6295\u673a\u8005\u7684\u963f\u5580\u7409\u65af\u4e4b\u8e35<\/strong><\/p>\n\n\n\n

      \u5229\u5f17\u83ab\u5c14\u7684\u60b2\u5267\u6027\u7ed3\u5c40\uff0c\u4e0e\u5176\u8bf4\u662f\u4ea4\u6613\u6280\u672f\u7684\u5931\u8d25\uff0c\u4e0d\u5982\u8bf4\u662f\u4eba\u6027\u5f31\u70b9\u7684\u7ec8\u6781\u7206\u53d1\u3002  <\/p>\n\n\n\n

      1\u3001\u6760\u6746\u7684\u53cc\u5203\u5251\uff0c\u4ece\u66b4\u5bcc\u5230\u6bc1\u706d\u3002 <\/strong><\/p>\n\n\n\n

      \u5229\u5f17\u83ab\u5c14\u5bf9\u6760\u6746\u7684\u6ee5\u7528\u582a\u79f0\u7ecf\u5178\u6848\u4f8b\u30021929\u5e74\uff0c\u4ed6\u901a\u8fc710\u500d\u6760\u6746\u505a\u7a7a\u7f8e\u80a1\u83b7\u52291\u4ebf\u7f8e\u5143\u3002\u4f461931\u5e74\u6284\u5e95\u68c9\u82b1\u671f\u8d27\u65f6\uff0c\u540c\u6837\u56e0\u6760\u6746\u5931\u63a7\u5bfc\u81f4\u7834\u4ea7\u3002\u8fd9\u79cd\u201c\u6210\u4e5f\u6760\u6746\uff0c\u8d25\u4e5f\u6760\u6746\u201d\u7684\u5faa\u73af\uff0c\u57282021\u5e74Bill Hwang\u7684Archegos\u7206\u4ed3\u4e8b\u4ef6\u4e2d\u91cd–150\u4ebf\u7f8e\u5143\u5934\u5bf8\u901a\u8fc75\u500d\u6760\u6746\u64ac\u52a8800\u4ebf\u7f8e\u5143\uff0c\u6700\u7ec8\u4e00\u65e5\u5f52\u96f6\u3002\u6760\u6746\u653e\u5927\u7684\u4e0d\u4ec5\u662f\u6536\u76ca\uff0c\u66f4\u662f\u4eba\u6027\u7684\u8d2a\u5a6a\u4e0e\u6050\u60e7\u3002  <\/p>\n\n\n\n

      2\u3001\u60c5\u7eea\u9677\u9631\uff1a\u7406\u6027\u4e4b\u5899\u7684\u5d29\u584c <\/strong><\/p>\n\n\n\n

      \u665a\u5e74\u7684\u5229\u5f17\u83ab\u5c14\u9677\u5165\u201c\u62a5\u590d\u6027\u4ea4\u6613\u201d\u7684\u6076\u6027\u5faa\u73af\u30021935\u5e74\uff0c\u4ed6\u56e0\u8bd5\u56fe\u633d\u56de\u4e8f\u635f\u8fdd\u53cd\u81ea\u5df1\u7684\u6b62\u635f\u94c1\u5f8b\uff0c\u5355\u65e5\u4e8f\u635f90%\u8d44\u4ea7\u3002\u8fd9\u79cd\u60c5\u7eea\u5316\u51b3\u7b56\u7684\u6076\u679c\uff0c\u57282020\u5e74\u539f\u6cb9\u671f\u8d27\u8d1f\u4ef7\u683c\u4e8b\u4ef6\u4e2d\u518d\u6b21\u663e\u73b0–WTI\u539f\u6cb9\u8dcc\u81f3-40\u7f8e\u5143\u65f6\uff0c\u65e0\u6570\u6563\u6237\u56e0\u201c\u644a\u4f4e\u6210\u672c\u201d\u7684\u5fc3\u7406\u51b2\u52a8\u800c\u7206\u4ed3\u3002\u73b0\u4ee3\u884c\u4e3a\u91d1\u878d\u5b66\u4e3a\u6b64\u63d0\u4f9b\u4e86\u79d1\u5b66\u89e3\u91ca\uff1a\u635f\u5931\u538c\u6076\u548c\u786e\u8ba4\u504f\u8bef\u4f1a\u626d\u66f2\u51b3\u7b56\uff0c\u800c\u5229\u5f17\u83ab\u5c14\u7684\u9668\u843d\u6b63\u662f\u201c\u8ba4\u77e5\u5931\u8c03\u201d\u7684\u6781\u7aef\u6848\u4f8b\u3002 <\/p>\n\n\n\n

      3\u3001\u5b64\u72ec\u8005\u7684\u8bc5\u5492\uff1a\u9ad8\u5904\u4e0d\u80dc\u5bd2 <\/strong><\/p>\n\n\n\n

      \u5229\u5f17\u83ab\u5c14\u4e00\u751f\u575a\u4fe1\u201c\u4ea4\u6613\u662f\u5b64\u72ec\u8005\u7684\u6e38\u620f\u201d\uff0c\u4f46\u8fc7\u5ea6\u5c01\u95ed\u5bfc\u81f4\u4ed6\u9519\u5931\u65f6\u4ee3\u8f6c\u578b\u30021930\u5e74\u4ee3\uff0c\u4ed6\u672a\u80fd\u7406\u89e3\u7f57\u65af\u798f\u65b0\u653f\u5bf9\u91d1\u878d\u76d1\u7ba1\u7684\u9769\u65b0\uff0c\u7ee7\u7eed\u4f9d\u8d56\u65e7\u6709\u7684\u505a\u7a7a\u7b56\u7565\uff0c\u6700\u7ec8\u88ab\u65f6\u4ee3\u629b\u5f03\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u540c\u65f6\u4ee3\u7684\u683c\u96f7\u5384\u59c6\u901a\u8fc7\u4ef7\u503c\u6295\u8d44\u7406\u8bba\u8f6c\u578b\u4e3a\u201c\u9632\u5fa1\u578b\u6295\u8d44\u8005\u201d\uff0c\u4e3a\u540e\u4e16\u7559\u4e0b\u66f4\u53ef\u6301\u7eed\u7684\u9057\u4ea7\u3002  \u53cd\u89c2\u5df4\u83f2\u7279\uff0c\u901a\u8fc7\u6301\u7eed\u5b66\u4e60\u65b0\u7ecf\u6d4e\uff08\u5982\u6295\u8d44\u82f9\u679c\u3001\u4e9a\u9a6c\u900a\uff09\uff0c\u572890\u591a\u5c81\u9ad8\u9f84\u4ecd\u7a33\u5750\u6295\u8d44\u795e\u575b\u3002\u771f\u6b63\u7684\u4ea4\u6613\u5927\u5e08\uff0c\u5fc5\u987b\u65e2\u662f\u504f\u6267\u7684\u5b88\u591c\u4eba\uff0c\u53c8\u662f\u8c26\u900a\u7684\u5b66\u5f92\u3002<\/p>\n\n\n\n

\u5386\u53f2\u5750\u6807\u4e0b\u7684\u53cc\u91cd\u9057\u4ea7\uff1a\u5929\u624d\u4e0e\u56da\u5f92<\/strong><\/p>\n\n\n\n

      \u8bc4\u4ef7\u5229\u5f17\u83ab\u5c14\uff0c\u9700\u5c06\u5176\u7f6e\u4e8e\u91d1\u878d\u53f2\u7684\u957f\u6cb3\u4e2d\u5ba1\u89c6\u3002\u6770\u897f\u00b7\u5229\u5f17\u83ab\u5c14\uff0c\u4f1f\u5927\u7684\u4ea4\u6613\u5929\u624d\u4e0e\u4eba\u6027\u56f0\u5883\u7684\u955c\u9274\uff0c\u5229\u5f17\u83ab\u5c14\u662f\u4e00\u4e2a\u77db\u76fe\u7684\u96c6\u5408\u4f53\uff1a  <\/p>\n\n\n\n

      \u4ed6\u662f\u5929\u624d\u7684\u6295\u673a\u8005\uff0c\u7528\u76f4\u89c9\u7834\u89e3\u5e02\u573a\u5bc6\u7801\uff1b\u4ed6\u662f\u5931\u8d25\u7684\u54f2\u5b66\u5bb6\uff0c\u7ec8\u5176\u4e00\u751f\u672a\u53c2\u900f\u6b32\u671b\u7684\u67b7\u9501\uff1b\u4ed6\u662f\u6c38\u6052\u7684\u955c\u9274\uff0c\u63d0\u9192\u540e\u4eba\u6295\u8d44\u6210\u529f=20%\u6280\u672f+80%\u5fc3\u6027\u3002  <\/p>\n\n\n\n

      \u4f1f\u5927\u7684\u4ea4\u6613\u5929\u624d\uff0c\u98a0\u8986\u4f20\u7edf\u7684\u5e02\u573a\u5148\u77e5\u3002\u5229\u5f17\u83ab\u5c14\u7684\u4ea4\u6613\u6210\u5c31\uff0c\u8db3\u4ee5\u5960\u5b9a\u4ed6\u201c\u4f1f\u5927\u4ea4\u6613\u5458\u201d\u7684\u5386\u53f2\u5730\u4f4d\u3002  <\/strong><\/p>\n\n\n\n

      1\u3001\u6280\u672f\u5206\u6790\u7684\u5960\u57fa\u4eba  <\/strong><\/p>\n\n\n\n

      \u5728\u57fa\u672c\u9762\u5206\u6790\u4e3b\u5bfc\u768420\u4e16\u7eaa\u521d\uff0c\u5229\u5f17\u83ab\u5c14\u5f00\u521b\u6027\u5730\u901a\u8fc7\u4ef7\u683c\u884c\u4e3a\u4e0e\u6210\u4ea4\u91cf\u9884\u5224\u8d8b\u52bf\u3002\u4ed6\u7684\u201c\u5173\u952e\u70b9\u7406\u8bba\u201d\u4e0e\u201c\u963b\u529b\u652f\u6491\u4f4d\u201d\u6982\u5ff5\uff0c\u4e3a\u73b0\u4ee3\u6280\u672f\u5206\u6790\u63d0\u4f9b\u4e86\u539f\u578b\u30021929\u5e74\u5927\u8427\u6761\u524d\u5915\uff0c\u4ed6\u901a\u8fc7\u89c2\u5bdf\u5e02\u573a\u60c5\u7eea\u4e0e\u4ef7\u683c\u80cc\u79bb\uff0c\u7cbe\u51c6\u505a\u7a7a\u7f8e\u80a1\u83b7\u52291\u4ebf\u7f8e\u5143\uff0c\u8fd9\u4e00\u64cd\u4f5c\u81f3\u4eca\u88ab\u89c6\u4e3a\u8d8b\u52bf\u4ea4\u6613\u7684\u6559\u79d1\u4e66\u6848\u4f8b\u3002  <\/p>\n\n\n\n

      2\u3001\u98ce\u9669\u7ba1\u7406\u7684\u5b9e\u8df5\u5148\u9a71<\/strong><\/p>\n\n\n\n

     \u4ed6\u63d0\u51fa\u7684\u201c\u8bd5\u4ed3-\u52a0\u7801-\u6b62\u635f\u201d\u4f53\u7cfb\uff0c\u6bd4\u73b0\u4ee3\u6295\u8d44\u7ec4\u5408\u7406\u8bba\u65e9\u534a\u4e2a\u4e16\u7eaa\u30021907\u5e74\uff0c\u4ed6\u901a\u8fc7\u91d1\u5b57\u5854\u52a0\u7801\u7b56\u7565\u5728\u6050\u614c\u6027\u629b\u552e\u4e2d\u83b7\u5229\uff0c\u8bc1\u660e\u4e86\u8d44\u91d1\u7ba1\u7406\u7684\u79d1\u5b66\u6027\u3002\u5176\u540d\u8a00\u201c\u4e8f\u635f\u662f\u4ea4\u6613\u6210\u672c\u7684\u4e00\u90e8\u5206\u201d\uff0c\u4e0e\u5f53\u4ee3\u884c\u4e3a\u91d1\u878d\u5b66\u7684\u201c\u9884\u671f\u6548\u7528\u7406\u8bba\u201d\u4e0d\u8c0b\u800c\u5408\u3002  <\/p>\n\n\n\n

      3\u3001\u7fa4\u4f53\u5fc3\u7406\u7684\u89e3\u5256\u5927\u5e08<\/strong><\/p>\n\n\n\n

      \u5229\u5f17\u83ab\u5c14\u65e9\u4e8e\u51ef\u6069\u65af\u63d0\u51fa\u201c\u52a8\u7269\u7cbe\u795e\u201d\u6982\u5ff5\u3002\u4ed6\u5728\u300a\u80a1\u7968\u5927\u4f5c\u624b\u56de\u5fc6\u5f55\u300b\u4e2d\u5199\u9053\uff1a\u201c\u5e02\u573a\u7531\u4eba\u7ec4\u6210\uff0c\u800c\u4eba\u53d7\u6050\u60e7\u4e0e\u8d2a\u5a6a\u652f\u914d\u3002\u201d\u8fd9\u79cd\u5bf9\u4eba\u6027\u7684\u6d1e\u5bdf\uff0c\u6bd4\u8bfa\u5956\u5f97\u4e3b\u7f57\u4f2f\u7279\u00b7\u5e2d\u52d2\u7684\u201c\u975e\u7406\u6027\u7e41\u8363\u201d\u7406\u8bba\u65e9\u4e8680\u5e74\u3002 <\/p>\n\n\n\n

      \u4eba\u6027\u7684\u56da\u5f92\uff0c\u65e0\u6cd5\u8d85\u8d8a\u7684\u81ea\u6211\u684e\u688f\u3002\u5229\u5f17\u83ab\u5c14\u7684\u60b2\u5267\u6027\u7ed3\u5c40\uff0c\u66b4\u9732\u4e86\u7eaf\u7cb9\u6280\u672f\u4e3b\u4e49\u8005\u7684\u81f4\u547d\u7f3a\u9677\u3002  <\/strong><\/p>\n\n\n\n

      1\u3001\u6760\u6746\u6210\u763e\u4e0e\u98ce\u9669\u5931\u63a7 <\/strong><\/p>\n\n\n\n

      \u4ed6\u4e00\u751f\u56db\u6b21\u7834\u4ea7\u7684\u6838\u5fc3\u539f\u56e0\uff0c\u662f\u5bf9\u6760\u6746\u7684\u6ee5\u7528\u30021929\u5e74\u4ed6\u752810\u500d\u6760\u6746\u505a\u7a7a\u83b7\u5229\uff0c\u5374\u57281931\u5e74\u68c9\u82b1\u4ea4\u6613\u4e2d\u56e0\u540c\u6837\u539f\u56e0\u5d29\u76d8\u3002\u8fd9\u79cd\u201c\u6210\u763e\u6027\u6295\u673a\u201d\u5370\u8bc1\u4e86\u7d22\u7f57\u65af\u7684\u8b66\u544a\uff1a\u201c\u91d1\u878d\u6760\u6746\u662f\u4e00\u5242\u6bd2\u836f\u3002\u201d  <\/p>\n\n\n\n

      2\u3001\u60c5\u7eea\u5316\u4ea4\u6613\u7684\u727a\u7272\u54c1  <\/strong><\/p>\n\n\n\n

      \u665a\u5e74\u7684\u5229\u5f17\u83ab\u5c14\u9677\u5165\u201c\u62a5\u590d\u6027\u4ea4\u6613\u201d\u7684\u6076\u6027\u5faa\u73af\u30021935\u5e74\uff0c\u4ed6\u56e0\u8bd5\u56fe\u633d\u56de\u4e8f\u635f\u8fdd\u53cd\u81ea\u5df1\u7684\u6b62\u635f\u94c1\u5f8b\uff0c\u5355\u65e5\u4e8f\u635f90%\u8d44\u4ea7\u3002\u8fd9\u79cd\u884c\u4e3a\u63ed\u793a\u4e86\u884c\u4e3a\u91d1\u878d\u5b66\u7684\u6c38\u6052\u547d\u9898\uff1a\u7406\u6027\u6c38\u8fdc\u5728\u4e0e\u672c\u80fd\u4f5c\u6218\u3002  <\/p>\n\n\n\n

      3\u3001\u65f6\u4ee3\u8f6c\u578b\u7684\u843d\u4f0d\u8005 <\/strong><\/p>\n\n\n\n

      \u4ed6\u672a\u80fd\u9002\u5e941930\u5e74\u4ee3\u7f57\u65af\u798f\u65b0\u653f\u5bf9\u91d1\u878d\u76d1\u7ba1\u7684\u9769\u65b0\uff0c\u7ee7\u7eed\u4f9d\u8d56\u65e7\u6709\u7684\u505a\u7a7a\u7b56\u7565\uff0c\u6700\u7ec8\u88ab\u65f6\u4ee3\u629b\u5f03\u3002  <\/p>\n\n\n\n

      \u82e5\u7528\u4e00\u53e5\u8bdd\u5b9a\u4e49\u4ed6\uff1a\u201c\u5229\u5f17\u83ab\u5c14\u662f\u91d1\u878d\u5e02\u573a\u4e2d\u7684\u68b5\u9ad8–\u7528\u6781\u81f4\u624d\u534e\u63cf\u7ed8\u51fa\u5e02\u573a\u7684\u661f\u7a7a\uff0c\u5374\u5728\u81ea\u5df1\u7684\u7cbe\u795e\u9ed1\u591c\u4e2d\u9668\u843d\u3002\u201d\u4ed6\u7684\u4f1f\u5927\uff0c\u5728\u4e8e\u63ed\u793a\u4e86\u4ea4\u6613\u7684\u771f\u7406\uff1b\u4ed6\u7684\u60b2\u5267\uff0c\u5728\u4e8e\u8bc1\u660e\u4e86\u4eba\u6027\u7684\u4e0d\u53ef\u6218\u80dc\u3002\u800c\u8fd9\uff0c\u6b63\u662f\u4ed6\u7559\u7ed9\u4e16\u754c\u6700\u73cd\u8d35\u7684\u9057\u4ea7\u3002\u73b0\u4ee3\u542f\u793a\uff1a\u6295\u673a\u4e4b\u9053\u7684\u8fdb\u5316\u4e0e\u4f20\u627f<\/strong><\/p>\n\n\n\n

      \u5229\u5f17\u83ab\u5c14\u7684\u601d\u60f3\u5728\u6570\u5b57\u91d1\u878d\u65f6\u4ee3\u7115\u53d1\u65b0\u751f\uff0c\u4f46\u5176\u4eba\u6027\u6d1e\u5bdf\u4f9d\u7136\u632f\u804b\u53d1\u8069\u3002\u6770\u897f\u00b7\u5229\u5f17\u83ab\u5c14\u7684\u4f20\u5947\u4e00\u751f\uff0c\u662f\u4e00\u90e8\u5173\u4e8e\u4eba\u6027\u3001\u8d22\u5bcc\u4e0e\u81ea\u6211\u535a\u5f08\u7684\u6559\u79d1\u4e66\u3002\u4ed6\u7684\u6210\u529f\u4e0e\u5931\u8d25\uff0c\u4e3a\u540e\u4e16\u4ea4\u6613\u8005\u4e43\u81f3\u6240\u6709\u51b3\u7b56\u8005\u63d0\u4f9b\u4e86\u6df1\u523b\u7684\u542f\u793a\uff1a<\/p>\n\n\n\n

       1\u3001\u6760\u6746\u662f\u53cc\u5203\u5251\uff0c\u656c\u754f\u98ce\u9669\u624d\u80fd\u6d3b\u5f97\u957f\u4e45<\/strong><\/p>\n\n\n\n

      \u5229\u5f17\u83ab\u5c14\u56db\u6b21\u7834\u4ea7\u7684\u6838\u5fc3\u539f\u56e0\uff0c\u662f\u5bf9\u6760\u6746\u7684\u6ee5\u7528\u3002\u6760\u6746\u7684\u672c\u8d28\u662f\u52a0\u901f\u5668\uff0c\u653e\u5927\u6536\u76ca\u7684\u540c\u65f6\uff0c\u4e5f\u653e\u5927\u9519\u8bef\u3002  <\/p>\n\n\n\n

       2\u3001\u6b62\u635f\u662f\u751f\u547d\u7ebf\uff0c\u7eaa\u5f8b\u9ad8\u4e8e\u5929\u8d4b<\/strong><\/p>\n\n\n\n

      \u5229\u5f17\u83ab\u5c14\u665a\u5e74\u8fdd\u80cc\u81ea\u5df1\u5236\u5b9a\u7684\u201c\u4e8f\u635f10%\u5373\u6b62\u635f\u201d\u7684\u94c1\u5f8b\uff0c\u56e0\u60c5\u7eea\u5316\u4ea4\u6613\u5355\u65e5\u4e8f\u635f90%\u8d44\u4ea7\u3002\u6b62\u635f\u4e0d\u662f\u6280\u672f\uff0c\u800c\u662f\u4fe1\u4ef0\uff0c\u4e8f\u635f\u662f\u4ea4\u6613\u6210\u672c\uff0c\u62d2\u7edd\u6b62\u635f\u7b49\u4e8e\u6162\u6027\u81ea\u6740\u3002  <\/p>\n\n\n\n

       3\u3001\u8d2a\u5a6a\u4e0e\u6050\u60e7\u7684\u5faa\u73af\uff0c\u9700\u7528\u7406\u6027\u9a6f\u670d<\/strong><\/p>\n\n\n\n

\u5229\u5f17\u83ab\u5c14\u7684\u201c\u62a5\u590d\u6027\u4ea4\u6613\u201d\u6e90\u4e8e\u4e8f\u635f\u540e\u7684\u4e0d\u7518\u5fc3–\u8bd5\u56fe\u901a\u8fc7\u66f4\u5927\u8d4c\u6ce8\u633d\u56de\u635f\u5931\uff0c\u6700\u7ec8\u5760\u5165\u6df1\u6e0a\u3002\u884c\u4e3a\u91d1\u878d\u5b66\u89e3\u91ca\uff1a\u635f\u5931\u538c\u6076\uff08Loss Aversion\uff09\u8ba9\u4eba\u66f4\u613f\u5192\u9669\u800c\u975e\u63a5\u53d7\u65e2\u5b9a\u4e8f\u635f\u3002  <\/p>\n\n\n\n

       4\u3001\u5b64\u72ec\u662f\u4f18\u52bf\uff0c\u4e5f\u662f\u9677\u9631 <\/strong><\/p>\n\n\n\n

      \u5229\u5f17\u83ab\u5c14\u575a\u4fe1\u201c\u4ea4\u6613\u662f\u5b64\u72ec\u8005\u7684\u6e38\u620f\u201d\uff0c\u4f46\u8fc7\u5ea6\u5c01\u95ed\u5bfc\u81f4\u4ed6\u9519\u59311930\u5e74\u4ee3\u65b0\u653f\u540e\u7684\u5e02\u573a\u8f6c\u578b\u3002\u4fe1\u606f\u8327\u623f\u7684\u5371\u9669\uff0c\u5355\u4e00\u7b56\u7565\u65e0\u6cd5\u9002\u5e94\u5e02\u573a\u8fdb\u5316\u3002  <\/p>\n\n\n\n

\u5b9a\u671f\u4e0e\u4e0d\u540c\u9886\u57df\u4e13\u5bb6\u4ea4\u6d41\uff0c\u4fdd\u6301\u8ba4\u77e5\u5f00\u653e\u6027\u3002<\/p>\n\n\n\n

       5\u3001\u8d8b\u52bf\u662f\u670b\u53cb\uff0c\u4f46\u9700\u52a8\u6001\u8bc6\u522b<\/strong><\/p>\n\n\n\n

      \u5229\u5f17\u83ab\u5c14\u7684\u201c\u5173\u952e\u70b9\u7406\u8bba\u201d\u901a\u8fc7\u4ef7\u683c\u7a81\u7834\u8bc6\u522b\u8d8b\u52bf\uff0c\u4f46\u5176\u665a\u5e74\u56e0\u56fa\u5b88\u505a\u7a7a\u7b56\u7565\u88ab\u725b\u5e02\u6dd8\u6c70\u3002\u8d8b\u52bf\u4f1a\u53d8\uff0c\u903b\u8f91\u6c38\u5b58\uff1a1929\u5e74\u505a\u7a7a\u4e0e2021\u5e74\u505a\u591aGameStop\u7684\u672c\u8d28\uff0c\u90fd\u662f\u6355\u6349\u7fa4\u4f53\u5fc3\u7406\u5171\u632f\u3002\u5efa\u7acb\u591a\u7ef4\u5ea6\u8d8b\u52bf\u5224\u65ad\u6846\u67b6\uff08\u6280\u672f\u9762+\u57fa\u672c\u9762+\u60c5\u7eea\u9762\uff09\u3002<\/p>\n\n\n\n

       6\u3001\u4e13\u4e1a\u5316\u9700\u4e0e\u65f6\u4ee3\u5171\u632f<\/strong><\/p>\n\n\n\n

      \u5229\u5f17\u83ab\u5c14\u7684\u7eaf\u6280\u672f\u5206\u6790\u57281930\u5e74\u4ee3\u5931\u6548\uff0c\u56e0\u672a\u7406\u89e3\u7f57\u65af\u798f\u65b0\u653f\u5bf9\u5e02\u573a\u89c4\u5219\u7684\u98a0\u8986\u3002\u8de8\u754c\u80fd\u529b\u51b3\u5b9a\u751f\u5b58\uff0c\u5f53\u4ee3\u4ea4\u6613\u5458\u9700\u61c2\u5b8f\u89c2\u653f\u7b56\u3001\u5730\u7f18\u653f\u6cbb\u751a\u81f3\u6c14\u5019\u79d1\u5b66\u3002<\/p>\n\n\n\n

       7\u3001\u8d22\u5bcc\u4e0d\u662f\u7ec8\u70b9\uff0c\u5e73\u8861\u624d\u662f\u7b54\u6848<\/strong><\/p>\n\n\n\n

      \u5229\u5f17\u83ab\u5c14\u79ef\u7d2f\u5de8\u989d\u8d22\u5bcc\uff0c\u4f46\u5a5a\u59fb\u7834\u88c2\u3001\u4eb2\u5b50\u758f\u79bb\u3001\u6700\u7ec8\u81ea\u6740\u7684\u7ed3\u5c40\uff0c\u66b4\u9732\u4e86\u201c\u552f\u5229\u662f\u56fe\u201d\u7684\u4ee3\u4ef7\u3002\u65af\u591a\u845b\u54f2\u5b66\uff0c\u63a7\u5236\u80fd\u63a7\u5236\u7684\uff08\u5982\u4ea4\u6613\u7eaa\u5f8b\uff09\uff0c\u63a5\u53d7\u4e0d\u80fd\u63a7\u5236\u7684\uff08\u5982\u5e02\u573a\u6ce2\u52a8\uff09\u3002  <\/p>\n\n\n\n

       8\u3001\u5931\u8d25\u662f\u5e38\u6001\uff0c\u97e7\u6027\u51b3\u5b9a\u7ec8\u70b9<\/strong><\/p>\n\n\n\n

       \u5229\u5f17\u83ab\u5c14\u56db\u6b21\u7834\u4ea7\u53c8\u56db\u6b21\u5d1b\u8d77\uff0c\u4f46\u7b2c\u4e94\u6b21\u5931\u8d25\u540e\u9009\u62e9\u7ec8\u7ed3\u751f\u547d\u3002\u53cd\u8106\u5f31\u6027\uff0c\u5c3c\u91c7\u201c\u6740\u4e0d\u6b7b\u6211\u7684\u4f7f\u6211\u66f4\u5f3a\u201d\u5728\u4ea4\u6613\u4e2d\u540c\u6837\u9002\u7528\u3002\u745e\u00b7\u8fbe\u5229\u6b27\u57281982\u5e74\u7834\u4ea7\u540e\u53cd\u601d\uff0c\u521b\u7acb\u6865\u6c34\u6210\u4e3a\u5168\u7403\u6700\u5927\u5bf9\u51b2\u57fa\u91d1\u3002\u5efa\u7acb\u201c\u5931\u8d25\u590d\u76d8-\u7b56\u7565\u8fed\u4ee3-\u5fc3\u7406\u91cd\u5efa\u201d\u7684\u97e7\u6027\u5faa\u73af\u3002<\/p>\n\n\n\n

       9\u3001\u6295\u673a\u8005\u7684\u7ec8\u6781\u4fee\u884c <\/strong> <\/p>\n\n\n\n

      \u5229\u5f17\u83ab\u5c14\u5728\u4e66\u4e2d\u5199\u9053\uff1a\u201c\u6295\u673a\u662f\u5929\u4e0b\u6700\u5f7b\u5934\u5f7b\u5c3e\u7684\u667a\u529b\u6e38\u620f\u3002\u201d\u4f46\u4e01\u5723\u5143\u8865\u5145\u9053\uff1a\u8fd9\u573a\u6e38\u620f\u7684\u7ec8\u6781\u5bf9\u624b\uff0c\u59cb\u7ec8\u662f\u81ea\u5df1\u3002\u7ed3\u8bed\uff1a\u5728\u4e0d\u786e\u5b9a\u4e2d\u5bfb\u627e\u6c38\u6052<\/strong><\/p>\n\n\n\n

      \u5f53\u6211\u4eec\u5728\u6df1\u591c\u76ef\u7740\u6bd4\u7279\u5e01\u7684\u5267\u70c8\u6ce2\u52a8\uff0c\u5728\u7f8e\u8054\u50a8\u52a0\u606f\u51b3\u8bae\u524d\u8f97\u8f6c\u53cd\u4fa7\uff0c\u5229\u5f17\u83ab\u5c14\u7684\u7075\u9b42\u4f9d\u7136\u5728\u6bcf\u4e00\u4e2a\u4ea4\u6613\u8005\u5fc3\u4e2d\u4f4e\u8bed\u3002\u4ed6\u544a\u8bc9\u6211\u4eec\uff1a\u5e02\u573a\u6c38\u8fdc\u6b63\u786e\u3001\u7eaa\u5f8b\u9ad8\u4e8e\u5929\u8d4b\u3001\u667a\u6167\u751f\u4e8e\u5e9f\u589f\u3002  <\/p>\n\n\n\n

      \u300a\u80a1\u7968\u5927\u4f5c\u624b\u56de\u5fc6\u5f55\u300b\u7684\u4f1f\u5927\uff0c\u5728\u4e8e\u5b83\u6495\u5f00\u4e86\u91d1\u878d\u5e02\u573a\u7684\u534e\u4e3d\u5916\u8863\uff0c\u66b4\u9732\u51fa\u8d64\u88f8\u88f8\u7684\u4eba\u6027\u6218\u573a\u3002\u5229\u5f17\u83ab\u5c14\u7684\u60b2\u5267\uff0c\u4e0d\u662f\u6295\u673a\u4e8b\u4e1a\u7684\u633d\u6b4c\uff0c\u800c\u662f\u5bf9\u6240\u6709\u4ea4\u6613\u8005\u7684\u8b66\u4e16\u949f\u2014\u2014\u5728\u8fd9\u4e2a24\u5c0f\u65f6\u8fd0\u8f6c\u7684\u5168\u7403\u8d4c\u573a\u4e2d\uff0c\u552f\u4e00\u7684\u5723\u676f\uff0c\u6216\u8bb8\u662f\u8ba4\u8bc6\u5230\u201c\u6ca1\u6709\u5723\u676f\u201d\u3002<\/strong>  <\/p>\n\n\n\n

      \u6b63\u5982\u4e01\u5723\u5143\u5148\u751f\u6240\u8a00\uff1a\u201c\u8bfb\u61c2\u5229\u5f17\u83ab\u5c14\uff0c\u4e0d\u662f\u4e3a\u4e86\u6210\u4e3a\u4ed6\uff0c\u800c\u662f\u4e3a\u4e86\u4e0d\u5fc5\u6210\u4e3a\u4ed6\u3002\u201d<\/p>\n\n\n\n

\u6df1\u6d77\u77f3<\/a>2025\u5e7405\u670808\u65e5 15:50\u5317\u4eac<\/em>
https:\/\/mp.weixin.qq.com\/s\/31RycFLrufxKhOY4NsRn5Q<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201c\u534e\u5c14\u8857\u6ca1\u6709\u65b0\u9c9c\u4e8b\uff0c\u56e0\u4e3a\u4eba\u6027\u6c38\u4e0d\u6539\u53d8\u3002\u201d\u8fd9\u53e5\u523b\u5728\u6770\u897f\u00b7\u5229\u5f17\u83ab\u5c14\uff08Jesse Livermore\uff09\u5893\u5fd7\u94ed\u4e0a\u7684\u7bb4\u8a00\uff0c\u9053\u51fa\u4e86\u91d1\u878d\u5e02\u573a\u7684\u6c38\u6052\u771f\u76f8\u3002 &nbsp…<\/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-10640","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\/10640","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=10640"}],"version-history":[{"count":0,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/10640\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}