{"id":11805,"date":"2026-03-29T21:40:28","date_gmt":"2026-03-29T13:40:28","guid":{"rendered":"https:\/\/www.invbus.com\/blog\/?p=11805"},"modified":"2026-03-29T21:40:28","modified_gmt":"2026-03-29T13:40:28","slug":"%e4%b8%ad%e5%9b%bd%e7%89%88%e6%b0%b8%e4%b9%85%e6%8a%95%e8%b5%84%e7%bb%84%e5%90%88%ef%bc%9a%e7%b3%bb%e7%bb%9f%e5%8c%96%e6%8a%95%e8%b5%84%e5%8f%82%e8%80%83%e6%a1%86%e6%9e%b6","status":"publish","type":"post","link":"https:\/\/www.invbus.com\/blog\/?p=11805","title":{"rendered":"\u4e2d\u56fd\u7248\u6c38\u4e45\u6295\u8d44\u7ec4\u5408\uff1a\u7cfb\u7edf\u5316\u6295\u8d44\u53c2\u8003\u6846\u67b6"},"content":{"rendered":"\n

\u524d\u8a00<\/p>\n\n\n\n

\u672c\u6295\u8d44\u53c2\u8003\u6846\u67b6\u57fa\u4e8e\u54c8\u5229\u00b7\u5e03\u6717\u7684\u6c38\u4e45\u6295\u8d44\u7ec4\u5408\u7406\u8bba,\u7ed3\u5408\u4e2d\u56fd\u8d44\u672c\u5e02\u573a\u7684\u5b9e\u9645\u60c5\u51b5\u8fdb\u884c\u672c\u571f\u5316\u6539\u9020\u3002\u6846\u67b6\u6db5\u76d6\u6295\u8d44\u7406\u5ff5\u3001\u9009\u80a1\u7b56\u7565\u3001\u56de\u64a4\u63a7\u5236\u3001\u590d\u76d8\u65b9\u6cd5\u3001\u4f01\u4e1a\u6807\u7684\u3001\u7ec4\u5408\u914d\u7f6e\u548c\u64cd\u4f5c\u6267\u884c\u4e03\u5927\u6a21\u5757,\u65e8\u5728\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u4e00\u5957\u7cfb\u7edf\u5316\u3001\u53ef\u64cd\u4f5c\u7684\u6295\u8d44\u6307\u5bfc\u4f53\u7cfb\u3002<\/p>\n\n\n\n

\u514d\u8d23\u58f0\u660e:<\/strong><\/p>\n\n\n\n

\u672c\u6846\u67b6\u4ec5\u4f9b\u5b66\u4e60\u53c2\u8003,\u4e0d\u6784\u6210\u4efb\u4f55\u6295\u8d44\u5efa\u8bae\u3002\u6295\u8d44\u6709\u98ce\u9669,\u5165\u5e02\u9700\u8c28\u614e\u3002\u6295\u8d44\u8005\u5e94\u6839\u636e\u81ea\u8eab\u60c5\u51b5\u72ec\u7acb\u5224\u65ad,\u81ea\u884c\u627f\u62c5\u6295\u8d44\u98ce\u9669\u3002<\/p>\n\n\n\n

\n\n\n\n

\u76ee\u5f55<\/h2>\n\n\n\n
    \n
  1. \u7b2c\u4e00\u90e8\u5206 \u6295\u8d44\u7406\u5ff5\u4f53\u7cfb<\/li>\n\n\n\n
  2. \u7b2c\u4e8c\u90e8\u5206 \u9009\u80a1\u7b56\u7565\u6846\u67b6<\/li>\n\n\n\n
  3. \u7b2c\u4e09\u90e8\u5206 \u56de\u64a4\u63a7\u5236\u4f53\u7cfb<\/li>\n\n\n\n
  4. \u7b2c\u56db\u90e8\u5206\u00a0\u590d\u76d8\u65b9\u6cd5\u8bba<\/a><\/li>\n\n\n\n
  5. \u7b2c\u4e94\u90e8\u5206 \u4f01\u4e1a\u6807\u7684\u53c2\u8003\u5e93<\/li>\n\n\n\n
  6. \u7b2c\u516d\u90e8\u5206 \u6295\u8d44\u7ec4\u5408\u914d\u7f6e\u65b9\u6848<\/li>\n\n\n\n
  7. \u7b2c\u4e03\u90e8\u5206 \u64cd\u4f5c\u6267\u884c\u624b\u518c<\/li>\n<\/ol>\n\n\n\n
    \n\n\n\n

    \u7b2c\u4e00\u90e8\u5206 \u6295\u8d44\u7406\u5ff5\u4f53\u7cfb<\/h2>\n\n\n\n

    \u4e00\u3001\u6838\u5fc3\u6295\u8d44\u54f2\u5b66<\/h3>\n\n\n\n

    1.1 \u6c38\u4e45\u6295\u8d44\u7ec4\u5408\u7406\u5ff5<\/h3>\n\n\n\n

    – \u7406\u8bba\u57fa\u7840:\u54c8\u5229\u00b7\u5e03\u6717(Harry Browne)\u4e8e1982\u5e74\u63d0\u51fa\u7684\u6c38\u4e45\u6295\u8d44\u7ec4\u5408(Permanent Portfolio)\u7406\u8bba<\/p>\n\n\n\n

    – \u6838\u5fc3\u601d\u60f3:\u901a\u8fc7\u8d44\u4ea7\u914d\u7f6e<\/a>\u548c\u518d\u5e73\u8861<\/a>,\u5728\u4efb\u4f55\u7ecf\u6d4e\u73af\u5883\u4e0b\u90fd\u80fd\u83b7\u5f97\u7a33\u5b9a\u6536\u76ca<\/p>\n\n\n\n

    – \u56db\u5927\u7ecf\u6d4e\u5468\u671f\u5e94\u5bf9:<\/p>\n\n\n\n

    * \u7e41\u8363\u671f:\u80a1\u7968\u8868\u73b0\u4f18\u5f02<\/p>\n\n\n\n

    * \u8870\u9000\u671f:\u503a\u5238\u8868\u73b0\u4f18\u5f02<\/p>\n\n\n\n

    * \u901a\u80c0\u671f:\u9ec4\u91d1\u8868\u73b0\u4f18\u5f02<\/p>\n\n\n\n

    * \u901a\u7f29\u671f:\u73b0\u91d1\u8868\u73b0\u4f18\u5f02<\/p>\n\n\n\n

    1.2 \u4e2d\u56fd\u5316\u6539\u8fdb\u7406\u5ff5<\/h3>\n\n\n\n

    – \u56fd\u60c5\u9002\u914d:\u9488\u5bf9\u4e2d\u56fd\u8d44\u672c\u5e02\u573a\u7279\u70b9\u8fdb\u884c\u672c\u571f\u5316\u6539\u9020<\/p>\n\n\n\n

    – \u94f6\u884c\u80a1<\/a>\u6838\u5fc3\u5316:\u5229\u7528\u4e2d\u56fd\u94f6\u884c\u4e1a\u7684\u9ad8\u80a1\u606f\u3001\u4f4e\u4f30\u503c\u3001\u7a33\u73b0\u91d1\u6d41\u7279\u5f81<\/p>\n\n\n\n

    – \u751f\u4ea7\u8d44\u6599\u80a1<\/a>\u6743\u5316:\u5c06\u5b9e\u7269\u8d44\u4ea7\u914d\u7f6e\u8f6c\u5316\u4e3a\u4f18\u8d28\u751f\u4ea7\u8d44\u6599\u80a1\u6743\u914d\u7f6e<\/p>\n\n\n\n

    1.3 \u6295\u8d44\u7b2c\u4e00\u6027\u539f\u7406<\/h3>\n\n\n\n

    – \u73b0\u91d1\u6d41\u81f3\u4e0a:\u5173\u6ce8\u4f01\u4e1a\u4ea7\u751f\u771f\u5b9e\u73b0\u91d1\u6d41\u7684\u80fd\u529b<\/p>\n\n\n\n

    – \u5b89\u5168\u8fb9\u9645:\u53ea\u5728\u4ef7\u683c\u4f4e\u4e8e\u5185\u5728\u4ef7\u503c\u65f6\u4e70\u5165<\/p>\n\n\n\n

    – \u957f\u671f\u4e3b\u4e49:\u4ee5\u5e74\u4e3a\u5355\u4f4d\u601d\u8003,\u5ffd\u7565\u77ed\u671f\u6ce2\u52a8<\/p>\n\n\n\n

    – \u9006\u5411\u601d\u7ef4:\u4eba\u5f03\u6211\u53d6,\u4eba\u53d6\u6211\u4e88<\/p>\n\n\n\n

    \u4e8c\u3001\u5e02\u573a\u8ba4\u77e5\u6846\u67b6<\/h3>\n\n\n\n

    2.1 \u5e02\u573a\u5b9a\u4ef7\u903b\u8f91\u5206\u6790<\/h3>\n\n\n\n

    – \u5b8f\u89c2\u6d41\u52a8\u6027\u5206\u6790:\u8ffd\u8e2a\u5168\u7403\u4e3b\u8981\u592e\u884c\u8d27\u5e01\u653f\u7b56<\/p>\n\n\n\n

    – \u6c47\u7387\u5f71\u54cd\u673a\u5236:\u7f8e\u5143\u6307\u6570\u53d8\u5316\u5bf9\u8d44\u4ea7\u4ef7\u683c\u7684\u5f71\u54cd\u8def\u5f84<\/p>\n\n\n\n

    – \u5229\u7387\u4f20\u5bfc\u673a\u5236:\u964d\u606f\/\u52a0\u606f\u9884\u671f\u5bf9\u4e0d\u540c\u8d44\u4ea7\u7c7b\u522b\u7684\u5dee\u5f02\u5316\u5f71\u54cd<\/p>\n\n\n\n

    2.2 \u7ecf\u6d4e\u5468\u671f\u5224\u65ad<\/h3>\n\n\n\n

    – \u9886\u5148\u6307\u6807:PMI\u3001\u8d27\u5e01\u4f9b\u5e94\u91cf\u3001\u4fe1\u7528\u5229\u5dee<\/p>\n\n\n\n

    – \u540c\u6b65\u6307\u6807:GDP\u3001\u5de5\u4e1a\u589e\u52a0\u503c\u3001\u4f01\u4e1a\u76c8\u5229<\/p>\n\n\n\n

    – \u6ede\u540e\u6307\u6807:CPI\u3001PPI\u3001\u5931\u4e1a\u7387<\/p>\n\n\n\n

    2.3 \u5e02\u573a\u60c5\u7eea\u8bc6\u522b<\/h3>\n\n\n\n

    – \u6781\u7aef\u8d2a\u5a6a\u4e0e\u6781\u7aef\u6050\u60e7\u7684\u8bc6\u522b\u6807\u5fd7<\/p>\n\n\n\n

    – \u6210\u4ea4\u91cf\u4e0e\u4ef7\u683c\u80cc\u79bb\u4fe1\u53f7<\/p>\n\n\n\n

    – \u6563\u6237\u60c5\u7eea\u6307\u6807(\u5f00\u6237\u6570\u3001\u57fa\u91d1\u7533\u8d2d\u91cf)<\/p>\n\n\n\n

    \n\n\n\n

    \u7b2c\u4e8c\u90e8\u5206 \u9009\u80a1\u7b56\u7565\u6846\u67b6<\/h2>\n\n\n\n

    \u4e00\u3001\u94f6\u884c\u80a1\u9009\u80a1\u6807\u51c6(\u6838\u5fc3\u4ed3\u4f4d)<\/h3>\n\n\n\n

    1.1 \u6838\u5fc3\u7b5b\u9009\u6307\u6807<\/h3>\n\n\n\n

    – \u80a1\u606f\u7387:\u8981\u6c42>5%,\u8d8a\u9ad8\u8d8a\u597d<\/p>\n\n\n\n

    – \u5e02\u51c0\u7387(PB):\u8981\u6c42<0.8,\u8d8a\u4f4e\u8d8a\u597d<\/p>\n\n\n\n

    – \u73b0\u91d1\u6d41:\u7ecf\u8425\u6027\u73b0\u91d1\u6d41\u6301\u7eed\u4e3a\u6b63\u4e14\u7a33\u5b9a<\/p>\n\n\n\n

    – \u4e0d\u826f\u8d37\u6b3e\u7387:<1.5%<\/p>\n\n\n\n

    – \u62e8\u5907\u8986\u76d6\u7387:>150%<\/p>\n\n\n\n

    1.2 \u8f85\u52a9\u5224\u65ad\u6307\u6807<\/h3>\n\n\n\n

    – \u51c0\u8d44\u4ea7\u6536\u76ca\u7387(ROE):>10%<\/p>\n\n\n\n

    – \u8d44\u672c\u5145\u8db3\u7387:>12%<\/p>\n\n\n\n

    – \u51c0\u5229\u6da6\u589e\u957f\u7387:\u4fdd\u6301\u6b63\u589e\u957f<\/p>\n\n\n\n

    – \u5b58\u8d37\u6bd4:\u5408\u7406\u533a\u95f4(65%-80%)<\/p>\n\n\n\n

    1.3 \u94f6\u884c\u80a1\u914d\u7f6e\u903b\u8f91<\/h3>\n\n\n\n

    – \u9632\u5b88\u5c5e\u6027:\u63d0\u4f9b\u7a33\u5b9a\u73b0\u91d1\u6d41\u548c\u80a1\u606f\u6536\u5165<\/p>\n\n\n\n

    – \u4f30\u503c\u4fee\u590d:\u4f4ePB\u63d0\u4f9b\u5b89\u5168\u8fb9\u9645\u548c\u4e0a\u6da8\u7a7a\u95f4<\/p>\n\n\n\n

    – \u7ecf\u6d4e\u5468\u671f\u5bf9\u51b2:\u5728\u7ecf\u6d4e\u4e0b\u884c\u671f\u76f8\u5bf9\u6297\u8dcc<\/p>\n\n\n\n

    – \u66ff\u4ee3\u503a\u5238:\u9ad8\u80a1\u606f\u7387\u8d85\u8d8a\u503a\u5238\u6536\u76ca\u7387<\/p>\n\n\n\n

    \u4e8c\u3001\u9ec4\u91d1\u80a1<\/a>\u9009\u80a1\u6807\u51c6<\/h3>\n\n\n\n

    2.1 \u6838\u5fc3\u7b5b\u9009\u6307\u6807<\/h3>\n\n\n\n

    – \u8d44\u6e90\u50a8\u91cf:\u62e5\u6709\u4f18\u8d28\u91d1\u77ff\u8d44\u6e90<\/p>\n\n\n\n

    – \u751f\u4ea7\u6210\u672c:\u5168\u7ef4\u6301\u6210\u672c(AISC)\u4f4e\u4e8e\u884c\u4e1a\u5e73\u5747<\/p>\n\n\n\n

    – \u4ea7\u91cf\u589e\u957f:\u672a\u67653\u5e74\u6709\u660e\u786e\u589e\u4ea7\u8ba1\u5212<\/p>\n\n\n\n

    – \u8d44\u4ea7\u8d1f\u503a\u7387:<50%<\/p>\n\n\n\n

    2.2 \u8f85\u52a9\u5224\u65ad\u6307\u6807<\/h3>\n\n\n\n

    – \u91d1\u4ef7\u654f\u611f\u6027:\u4e1a\u7ee9\u5bf9\u91d1\u4ef7\u6ce2\u52a8\u7684\u5f39\u6027<\/p>\n\n\n\n

    – \u77ff\u5c71\u5bff\u547d:\u5269\u4f59\u53ef\u5f00\u91c7\u5e74\u9650>10\u5e74<\/p>\n\n\n\n

    – \u5730\u7f18\u653f\u6cbb\u98ce\u9669:\u77ff\u5c71\u6240\u5728\u56fd\u5bb6\u653f\u6cbb\u7a33\u5b9a\u6027<\/p>\n\n\n\n

    – \u7ba1\u7406\u5c42\u80fd\u529b:\u6210\u672c\u63a7\u5236\u548c\u6269\u5f20\u6267\u884c\u529b<\/p>\n\n\n\n

    2.3 \u9ec4\u91d1\u80a1\u914d\u7f6e\u903b\u8f91<\/h3>\n\n\n\n

    – \u6297\u901a\u80c0:\u5728\u8d27\u5e01\u8d2c\u503c\u73af\u5883\u4e2d\u4fdd\u503c\u589e\u503c<\/p>\n\n\n\n

    – \u907f\u9669\u8d44\u4ea7:\u5730\u7f18\u653f\u6cbb\u5371\u673a\u65f6\u7684\u907f\u98ce\u6e2f<\/p>\n\n\n\n

    – \u964d\u606f\u53d7\u76ca:\u5b9e\u9645\u5229\u7387\u4e0b\u964d\u5229\u597d\u9ec4\u91d1<\/p>\n\n\n\n

    – \u8d27\u5e01\u5bf9\u51b2:\u5bf9\u51b2\u672c\u5e01\u8d2c\u503c\u98ce\u9669<\/p>\n\n\n\n

    \u4e09\u3001\u5176\u4ed6\u751f\u4ea7\u8d44\u6599\u80a1\u7968\u9009\u80a1\u6807\u51c6<\/h3>\n\n\n\n

    3.1 \u884c\u4e1a\u9009\u62e9\u539f\u5219<\/h3>\n\n\n\n

    – \u6392\u9664\u5915\u9633\u4ea7\u4e1a:\u907f\u514d\u957f\u671f\u8870\u9000\u884c\u4e1a<\/p>\n\n\n\n

    – \u805a\u7126\u9f99\u5934:\u9009\u62e9\u5404\u884c\u4e1a\u524d\u4e09\u540d\u7684\u4f01\u4e1a<\/p>\n\n\n\n

    – \u8d44\u6e90\u5c5e\u6027:\u4f18\u5148\u9009\u62e9\u62e5\u6709\u7a00\u7f3a\u8d44\u6e90\u7684\u4f01\u4e1a<\/p>\n\n\n\n

    – \u5b9a\u4ef7\u6743:\u5177\u6709\u4ea7\u54c1\u5b9a\u4ef7\u80fd\u529b\u7684\u4f01\u4e1a<\/p>\n\n\n\n

    3.2 \u5177\u4f53\u884c\u4e1a\u65b9\u5411<\/h3>\n\n\n\n

    – \u80fd\u6e90\u7c7b:\u77f3\u6cb9\u3001\u5929\u7136\u6c14\u3001\u7164\u70ad\u9f99\u5934\u4f01\u4e1a<\/p>\n\n\n\n

    – \u5de5\u4e1a\u91d1\u5c5e:\u94dc\u3001\u94dd\u3001\u950c\u7b49\u57fa\u7840\u91d1\u5c5e\u9f99\u5934<\/p>\n\n\n\n

    – \u5c0f\u91d1\u5c5e:\u9502\u3001\u94b4\u3001\u954d\u7b49\u65b0\u80fd\u6e90\u91d1\u5c5e<\/p>\n\n\n\n

    – \u5316\u5de5:MDI\u3001\u949b\u767d\u7c89\u7b49\u7ec6\u5206\u9f99\u5934<\/p>\n\n\n\n

    – \u5efa\u6750:\u6c34\u6ce5\u3001\u73bb\u7483\u533a\u57df\u9f99\u5934<\/p>\n\n\n\n

    3.3 \u8d22\u52a1\u7b5b\u9009\u6807\u51c6<\/h3>\n\n\n\n

    – ROE>15%<\/p>\n\n\n\n

    – \u6bdb\u5229\u7387>20%<\/p>\n\n\n\n

    – \u51c0\u5229\u7387>10%<\/p>\n\n\n\n

    – \u8d1f\u503a\u7387<60%<\/p>\n\n\n\n

    – \u7ecf\u8425\u6027\u73b0\u91d1\u6d41>\u51c0\u5229\u6da6<\/p>\n\n\n\n

    – \u8fd1\u4e09\u5e74\u8425\u6536\u590d\u5408\u589e\u957f\u7387>10%<\/p>\n\n\n\n

    \u56db\u3001\u9009\u80a1\u68c0\u67e5\u6e05\u5355<\/h3>\n\n\n\n

    \u25a1 \u662f\u5426\u5c5e\u4e8e\u4f18\u8d28\u884c\u4e1a(\u975e\u5915\u9633\u4ea7\u4e1a)?<\/p>\n\n\n\n

    \u25a1 \u662f\u5426\u4e3a\u884c\u4e1a\u9f99\u5934\u6216\u7ec6\u5206\u9886\u57df\u7b2c\u4e00?<\/p>\n\n\n\n

    \u25a1 \u662f\u5426\u6709\u6301\u7eed\u7684\u73b0\u91d1\u6d41\u4ea7\u751f\u80fd\u529b?<\/p>\n\n\n\n

    \u25a1 \u4f30\u503c\u662f\u5426\u5904\u4e8e\u5386\u53f2\u4f4e\u4f4d?<\/p>\n\n\n\n

    \u25a1 \u80a1\u606f\u7387\u662f\u5426\u6ee1\u610f(\u94f6\u884c\u80a1>5%,\u5176\u4ed6>3%)?<\/p>\n\n\n\n

    \u25a1 \u8d22\u52a1\u6307\u6807\u662f\u5426\u5065\u5eb7?<\/p>\n\n\n\n

    \u25a1 \u662f\u5426\u6709\u660e\u786e\u7684\u50ac\u5316\u5242\u6216\u62d0\u70b9?<\/p>\n\n\n\n

    \u25a1 \u662f\u5426\u4e86\u89e3\u4f01\u4e1a\u5546\u4e1a\u6a21\u5f0f?<\/p>\n\n\n\n

    \n\n\n\n

    \u7b2c\u4e09\u90e8\u5206 \u56de\u64a4\u63a7\u5236\u4f53\u7cfb<\/h2>\n\n\n\n

    \u4e00\u3001\u56de\u64a4\u63a7\u5236\u7406\u5ff5<\/h3>\n\n\n\n

    1.1 \u56de\u64a4\u7684\u5b9a\u4e49\u4e0e\u5206\u7c7b<\/h3>\n\n\n\n

    – \u51c0\u503c\u56de\u64a4:\u8d26\u6237\u603b\u8d44\u4ea7\u4ece\u9ad8\u70b9\u56de\u843d\u7684\u5e45\u5ea6<\/p>\n\n\n\n

    – \u4e2a\u80a1\u56de\u64a4:\u5355\u4e00\u6301\u4ed3\u4ece\u4e70\u5165\u4ef7\u4e0b\u8dcc\u7684\u6d6e\u52a8\u4e8f\u635f<\/p>\n\n\n\n

    – \u5408\u7406\u56de\u64a4\u8303\u56f4:\u6839\u636e\u5e02\u573a\u60c5\u51b5,\u4e2a\u4eba\u51c0\u503c\u56de\u64a4\u5e94\u63a7\u5236\u57285%-15%<\/p>\n\n\n\n

    1.2 \u56de\u64a4\u7684\u4e09\u5927\u6765\u6e90<\/h3>\n\n\n\n

    – \u7cfb\u7edf\u6027\u98ce\u9669:\u5e02\u573a\u6574\u4f53\u4e0b\u8dcc\u5e26\u6765\u7684\u56de\u64a4<\/p>\n\n\n\n

    – \u884c\u4e1a\u98ce\u9669:\u7279\u5b9a\u884c\u4e1a\u8c03\u6574\u5e26\u6765\u7684\u56de\u64a4<\/p>\n\n\n\n

    – \u4e2a\u80a1\u98ce\u9669:\u5355\u4e00\u6807\u7684\u57fa\u672c\u9762\u6076\u5316\u5e26\u6765\u7684\u56de\u64a4<\/p>\n\n\n\n

    1.3 \u56de\u64a4\u63a7\u5236\u7684\u6838\u5fc3\u539f\u5219<\/h3>\n\n\n\n

    – \u9884\u9632\u4e3a\u4e3b:\u901a\u8fc7\u4ed3\u4f4d\u7ba1\u7406\u548c\u8d44\u4ea7\u914d\u7f6e\u9884\u9632\u5927\u5e45\u56de\u64a4<\/p>\n\n\n\n

    – \u5206\u6563\u4e3a\u8f85:\u901a\u8fc7\u884c\u4e1a\u5206\u6563\u548c\u4e2a\u80a1\u5206\u6563\u964d\u4f4e\u5355\u4e00\u98ce\u9669<\/p>\n\n\n\n

    – \u6b62\u635f\u4fdd\u5e95:\u8bbe\u7f6e\u786c\u6027\u6b62\u635f\u7ebf\u4fdd\u62a4\u672c\u91d1<\/p>\n\n\n\n

    \u4e8c\u3001\u4ed3\u4f4d\u7ba1\u7406\u7b56\u7565<\/h3>\n\n\n\n

    2.1 \u6838\u5fc3-\u536b\u661f\u4ed3\u4f4d\u914d\u7f6e<\/h3>\n\n\n\n

    – \u6838\u5fc3\u4ed3\u4f4d(50%):\u94f6\u884c\u80a1(\u9632\u5b88\u578b)<\/p>\n\n\n\n

    – \u536b\u661f\u4ed3\u4f4d1(25%):\u9ec4\u91d1\u80a1(\u6297\u901a\u80c0\u578b)<\/p>\n\n\n\n

    – \u536b\u661f\u4ed3\u4f4d2(25%):\u5176\u4ed6\u751f\u4ea7\u8d44\u6599\u80a1(\u8fdb\u653b\u578b)<\/p>\n\n\n\n

    2.2 \u52a8\u6001\u4ed3\u4f4d\u8c03\u6574<\/h3>\n\n\n\n

    – \u5e02\u573a\u9ad8\u4f30\u65f6:\u964d\u4f4e\u80a1\u7968\u4ed3\u4f4d,\u589e\u52a0\u73b0\u91d1\u6bd4\u4f8b<\/p>\n\n\n\n

    – \u5e02\u573a\u4f4e\u4f30\u65f6:\u63d0\u9ad8\u80a1\u7968\u4ed3\u4f4d,\u51cf\u5c11\u73b0\u91d1\u6bd4\u4f8b<\/p>\n\n\n\n

    – \u6781\u7aef\u884c\u60c5:\u4fdd\u755920%\u4ee5\u4e0a\u73b0\u91d1\u5e94\u5bf9\u4e0d\u786e\u5b9a\u6027<\/p>\n\n\n\n

    2.3 \u4e2a\u80a1\u4ed3\u4f4d\u9650\u5236<\/h3>\n\n\n\n

    – \u5355\u4e00\u4e2a\u80a1\u4e0d\u8d85\u8fc7\u603b\u4ed3\u4f4d\u768415%<\/p>\n\n\n\n

    – \u5355\u4e00\u884c\u4e1a\u4e0d\u8d85\u8fc7\u603b\u4ed3\u4f4d\u768430%<\/p>\n\n\n\n

    – \u65b0\u4e70\u5165\u6807\u7684\u521d\u59cb\u4ed3\u4f4d\u4e0d\u8d85\u8fc75%<\/p>\n\n\n\n

    \u4e09\u3001\u6b62\u76c8\u6b62\u635f\u7b56\u7565<\/h3>\n\n\n\n

    3.1 \u6b62\u76c8\u7b56\u7565<\/h3>\n\n\n\n

    – \u76ee\u6807\u6b62\u76c8:\u4e2a\u80a1\u6da8\u5e45\u8fbe\u523030%\u65f6\u8003\u8651\u51cf\u4ed3<\/p>\n\n\n\n

    – \u5206\u6279\u6b62\u76c8:\u6da8\u5e4530%\u51cf\u4ed31\/3,\u6da8\u5e4550%\u51cf\u4ed31\/2<\/p>\n\n\n\n

    – \u52a8\u6001\u6b62\u76c8:\u4f7f\u7528\u79fb\u52a8\u6b62\u76c8,\u56de\u64a410%\u89e6\u53d1\u5168\u90e8\u6b62\u76c8<\/p>\n\n\n\n

    3.2 \u6b62\u635f\u7b56\u7565<\/h3>\n\n\n\n

    – \u786c\u6027\u6b62\u635f:\u4e2a\u80a1\u8dcc\u5e45\u8fbe\u523015%\u65e0\u6761\u4ef6\u6b62\u635f<\/p>\n\n\n\n

    – \u65f6\u95f4\u6b62\u635f:\u4e70\u5165\u540e3\u4e2a\u6708\u65e0\u8868\u73b0\u4e14\u903b\u8f91\u672a\u5151\u73b0,\u8003\u8651\u6b62\u635f<\/p>\n\n\n\n

    – \u903b\u8f91\u6b62\u635f:\u4e70\u5165\u903b\u8f91\u88ab\u7834\u574f\u65f6\u7acb\u5373\u6b62\u635f<\/p>\n\n\n\n

    3.3 \u56de\u64a4\u4fee\u590d\u7b56\u7565<\/h3>\n\n\n\n

    – \u51c0\u503c\u56de\u64a45%:\u6682\u505c\u65b0\u589e\u4e70\u5165,\u5ba1\u89c6\u6301\u4ed3<\/p>\n\n\n\n

    – \u51c0\u503c\u56de\u64a410%:\u51cf\u4ed3\u81f350%,\u4fdd\u7559\u6838\u5fc3\u4ed3\u4f4d<\/p>\n\n\n\n

    – \u51c0\u503c\u56de\u64a415%:\u51cf\u4ed3\u81f330%,\u8fdb\u5165\u9632\u5fa1\u6a21\u5f0f<\/p>\n\n\n\n

    – \u51c0\u503c\u56de\u64a420%:\u6e05\u4ed3\u89c2\u671b,\u5168\u9762\u590d\u76d8<\/p>\n\n\n\n

    \u56db\u3001\u518d\u5e73\u8861\u673a\u5236<\/h3>\n\n\n\n

    4.1 \u5b9a\u671f\u518d\u5e73\u8861<\/h3>\n\n\n\n

    – \u9891\u7387:\u6bcf\u5e74\u8fdb\u884c\u4e00\u6b21\u5168\u9762\u518d\u5e73\u8861<\/p>\n\n\n\n

    – \u76ee\u6807:\u5c06\u5404\u8d44\u4ea7\u7c7b\u522b\u6062\u590d\u81f3\u76ee\u6807\u914d\u7f6e\u6bd4\u4f8b<\/p>\n\n\n\n

    – \u65b9\u6cd5:\u5356\u51fa\u8d85\u914d\u8d44\u4ea7,\u4e70\u5165\u4f4e\u914d\u8d44\u4ea7<\/p>\n\n\n\n

    4.2 \u9608\u503c\u518d\u5e73\u8861<\/h3>\n\n\n\n

    – \u89e6\u53d1\u6761\u4ef6:\u67d0\u7c7b\u8d44\u4ea7\u5360\u6bd4\u504f\u79bb\u76ee\u6807\u00b110%<\/p>\n\n\n\n

    – \u64cd\u4f5c\u65b9\u5f0f:\u90e8\u5206\u518d\u5e73\u8861,\u800c\u975e\u5168\u90e8\u8c03\u6574<\/p>\n\n\n\n

    – \u793a\u4f8b:\u94f6\u884c\u80a1\u76ee\u680750%,\u5b9e\u9645\u5360\u6bd4>60%\u65f6\u51cf\u4ed3<\/p>\n\n\n\n

    4.3 \u4e8b\u4ef6\u9a71\u52a8\u518d\u5e73\u8861<\/h3>\n\n\n\n

    – \u91cd\u5927\u5e02\u573a\u4e8b\u4ef6:\u91d1\u878d\u5371\u673a\u3001\u6218\u4e89\u3001\u75ab\u60c5\u7b49<\/p>\n\n\n\n

    – \u653f\u7b56\u91cd\u5927\u53d8\u5316:\u8d27\u5e01\u653f\u7b56\u8f6c\u5411\u3001\u884c\u4e1a\u653f\u7b56\u8c03\u6574<\/p>\n\n\n\n

    – \u4e2a\u4eba\u8d44\u91d1\u9700\u6c42:\u5927\u989d\u652f\u51fa\u3001\u6536\u5165\u53d8\u5316<\/p>\n\n\n\n

    \n\n\n\n

    \u7b2c\u56db\u90e8\u5206 \u590d\u76d8\u65b9\u6cd5\u8bba<\/h2>\n\n\n\n

    \u4e00\u3001\u590d\u76d8\u7684\u6838\u5fc3\u7406\u5ff5<\/h3>\n\n\n\n

    1.1 \u590d\u76d8\u7684\u672c\u8d28<\/h3>\n\n\n\n

    – \u590d\u76d8\u4e0d\u662f\u9a6c\u540e\u70ae:\u4e0d\u662f\u62c9\u51faK\u7ebf\u56fe\u6765\u5f53\u4e8b\u540e\u8bf8\u845b\u4eae<\/p>\n\n\n\n

    – \u590d\u76d8\u4e0d\u662f\u627e\u7406\u7531:\u4e0d\u662f\u4e3a\u6da8\u8dcc\u5bfb\u627e\u5408\u7406\u5316\u89e3\u91ca<\/p>\n\n\n\n

    – \u590d\u76d8\u662f\u81ea\u6211\u5ba1\u89c6:\u68c0\u67e5\u81ea\u5df1\u7684\u51b3\u7b56\u8fc7\u7a0b\u548c\u51c0\u503c\u53d8\u5316<\/p>\n\n\n\n

    – \u590d\u76d8\u662f\u6301\u7eed\u6539\u8fdb:\u8bb0\u5f55\u9519\u8bef,\u4e0b\u6b21\u907f\u514d\u91cd\u590d\u72af\u9519<\/p>\n\n\n\n

    1.2 \u590d\u76d8\u7684\u6838\u5fc3\u95ee\u9898<\/h3>\n\n\n\n

    – \u6211\u7684\u51c0\u503c\u56de\u64a4\u4e86\u591a\u5c11?\u662f\u5426\u5728\u5408\u7406\u8303\u56f4\u5185?<\/p>\n\n\n\n

    – \u56de\u64a4\u7684\u539f\u56e0\u662f\u4ec0\u4e48?\u662f\u5e02\u573a\u3001\u884c\u4e1a\u8fd8\u662f\u4e2a\u80a1?<\/p>\n\n\n\n

    – \u5f53\u65f6\u7684\u51b3\u7b56\u4f9d\u636e\u662f\u4ec0\u4e48?\u73b0\u5728\u770b\u662f\u5426\u6b63\u786e?<\/p>\n\n\n\n

    – \u4e0b\u6b21\u9047\u5230\u7c7b\u4f3c\u60c5\u51b5,\u5e94\u8be5\u5982\u4f55\u6539\u8fdb?<\/p>\n\n\n\n

    1.3 \u590d\u76d8\u7684\u6b63\u786e\u6001\u5ea6<\/h3>\n\n\n\n

    – \u5ba2\u89c2\u516c\u6b63:\u4e0d\u81ea\u6211\u6b3a\u9a97,\u76f4\u9762\u9519\u8bef<\/p>\n\n\n\n

    – \u7ec6\u8282\u8bb0\u5f55:\u8bb0\u5f55\u5f53\u65f6\u7684\u601d\u8003\u8fc7\u7a0b\u548c\u51b3\u7b56\u4f9d\u636e<\/p>\n\n\n\n

    – \u957f\u671f\u89c6\u89d2:\u5173\u6ce8\u5e74\u5ea6\u8868\u73b0,\u800c\u975e\u5355\u65e5\u6da8\u8dcc<\/p>\n\n\n\n

    – \u884c\u52a8\u5bfc\u5411:\u590d\u76d8\u5fc5\u987b\u8f6c\u5316\u4e3a\u5177\u4f53\u6539\u8fdb\u884c\u52a8<\/p>\n\n\n\n

    \u4e8c\u3001\u590d\u76d8\u7684\u5177\u4f53\u6b65\u9aa4<\/h3>\n\n\n\n

    2.1 \u51c0\u503c\u590d\u76d8<\/h3>\n\n\n\n

    – \u8bb0\u5f55\u5f53\u65e5\u51c0\u503c\u53d8\u5316<\/p>\n\n\n\n

    – \u5bf9\u6bd4\u5e02\u573a\u4e3b\u8981\u6307\u6570(\u6caa\u6df1300<\/a>\u3001\u4e0a\u8bc1\u6307\u6570)<\/p>\n\n\n\n

    – \u5206\u6790\u8dd1\u8d62\u6216\u8dd1\u8f93\u5e02\u573a\u7684\u539f\u56e0<\/p>\n\n\n\n

    – \u8bc4\u4f30\u4ed3\u4f4d\u914d\u7f6e\u7684\u5408\u7406\u6027<\/p>\n\n\n\n

    2.2 \u6301\u4ed3\u590d\u76d8<\/h3>\n\n\n\n

    – \u68c0\u67e5\u6bcf\u53ea\u4e2a\u80a1\u7684\u8868\u73b0<\/p>\n\n\n\n

    – \u5206\u6790\u4e2a\u80a1\u6da8\u8dcc\u7684\u5177\u4f53\u539f\u56e0<\/p>\n\n\n\n

    – \u8bc4\u4f30\u5f53\u521d\u4e70\u5165\u903b\u8f91\u662f\u5426\u4ecd\u7136\u6210\u7acb<\/p>\n\n\n\n

    – \u51b3\u5b9a\u6301\u6709\u3001\u52a0\u4ed3\u6216\u51cf\u4ed3<\/p>\n\n\n\n

    2.3 \u4ea4\u6613\u590d\u76d8<\/h3>\n\n\n\n

    – \u56de\u987e\u6bcf\u4e00\u7b14\u4e70\u5165\u548c\u5356\u51fa<\/p>\n\n\n\n

    – \u5206\u6790\u4e70\u5165\u65f6\u673a\u662f\u5426\u5408\u9002<\/p>\n\n\n\n

    – \u5206\u6790\u5356\u51fa\u51b3\u7b56\u662f\u5426\u6b63\u786e<\/p>\n\n\n\n

    – \u8ba1\u7b97\u4ea4\u6613\u6210\u672c\u548c\u51b2\u51fb\u6210\u672c<\/p>\n\n\n\n

    2.4 \u5fc3\u6001\u590d\u76d8<\/h3>\n\n\n\n

    – \u8bb0\u5f55\u5f53\u65f6\u7684\u5fc3\u7406\u72b6\u6001<\/p>\n\n\n\n

    – \u8bc6\u522b\u8d2a\u5a6a\u548c\u6050\u60e7\u7684\u65f6\u523b<\/p>\n\n\n\n

    – \u5206\u6790\u60c5\u7eea\u5bf9\u51b3\u7b56\u7684\u5f71\u54cd<\/p>\n\n\n\n

    – \u5236\u5b9a\u5fc3\u6001\u7ba1\u7406\u6539\u8fdb\u8ba1\u5212<\/p>\n\n\n\n

    \u4e09\u3001\u590d\u76d8\u8bb0\u5f55\u6a21\u677f<\/h3>\n\n\n\n

    3.1 \u65e5\u590d\u76d8\u6a21\u677f<\/h3>\n\n\n\n

    \u65e5\u671f:_______<\/p>\n\n\n\n

    \u5f53\u65e5\u51c0\u503c\u53d8\u5316:_______%<\/p>\n\n\n\n

    \u6caa\u6df1300\u53d8\u5316:_______%<\/p>\n\n\n\n

    \u8dd1\u8d62\/\u8dd1\u8f93\u5e02\u573a:_______%<\/p>\n\n\n\n

    \u4e3b\u8981\u64cd\u4f5c:<\/p>\n\n\n\n

    1. _______<\/h3>\n\n\n\n

    2. _______<\/h3>\n\n\n\n

    \u64cd\u4f5c\u539f\u56e0:<\/p>\n\n\n\n

    _______<\/p>\n\n\n\n

    \u7ecf\u9a8c\u6559\u8bad:<\/p>\n\n\n\n

    _______<\/p>\n\n\n\n

    3.2 \u5468\u590d\u76d8\u6a21\u677f<\/h3>\n\n\n\n

    \u672c\u5468\u51c0\u503c\u53d8\u5316:_______%<\/p>\n\n\n\n

    \u672c\u5468\u4e3b\u8981\u4e8b\u4ef6:<\/p>\n\n\n\n

    _______<\/p>\n\n\n\n

    \u6301\u4ed3\u53d8\u5316:<\/p>\n\n\n\n

    – \u52a0\u4ed3:_______<\/p>\n\n\n\n

    – \u51cf\u4ed3:_______<\/p>\n\n\n\n

    – \u65b0\u589e:_______<\/p>\n\n\n\n

    – \u6e05\u4ed3:_______<\/p>\n\n\n\n

    \u4e0b\u5468\u8ba1\u5212:<\/p>\n\n\n\n

    _______<\/p>\n\n\n\n

    3.3 \u6708\u590d\u76d8\u6a21\u677f<\/h3>\n\n\n\n

    \u672c\u6708\u51c0\u503c\u53d8\u5316:_______%<\/p>\n\n\n\n

    \u672c\u6708\u4e3b\u8981\u6536\u83b7:<\/p>\n\n\n\n

    _______<\/p>\n\n\n\n

    \u672c\u6708\u4e3b\u8981\u5931\u8bef:<\/p>\n\n\n\n

    _______<\/p>\n\n\n\n

    \u6539\u8fdb\u63aa\u65bd:<\/p>\n\n\n\n

    _______<\/p>\n\n\n\n

    3.4 \u5e74\u5ea6\u590d\u76d8\u6a21\u677f<\/h3>\n\n\n\n

    \u5e74\u5ea6\u6536\u76ca\u7387:_______%<\/p>\n\n\n\n

    \u57fa\u51c6\u6536\u76ca\u7387(\u6caa\u6df1300):_______%<\/p>\n\n\n\n

    \u8d85\u989d\u6536\u76ca:_______%<\/p>\n\n\n\n

    \u5e74\u5ea6\u6700\u4f73\u64cd\u4f5c:<\/p>\n\n\n\n

    _______<\/p>\n\n\n\n

    \u5e74\u5ea6\u6700\u5dee\u64cd\u4f5c:<\/p>\n\n\n\n

    _______<\/p>\n\n\n\n

    \u5e74\u5ea6\u6700\u5927\u56de\u64a4:_______%<\/p>\n\n\n\n

    \u5e74\u5ea6\u6700\u5927\u6536\u83b7:<\/p>\n\n\n\n

    _______<\/p>\n\n\n\n

    \u4e0b\u4e00\u5e74\u5ea6\u76ee\u6807:<\/p>\n\n\n\n

    _______<\/p>\n\n\n\n

    \u56db\u3001\u590d\u76d8\u7684\u5e38\u89c1\u8bef\u533a<\/h3>\n\n\n\n

    4.1 \u8fc7\u5ea6\u4ea4\u6613\u578b\u590d\u76d8<\/h3>\n\n\n\n

    – \u8bef\u533a:\u6bcf\u5929\u9891\u7e41\u590d\u76d8,\u5bfc\u81f4\u8fc7\u5ea6\u4ea4\u6613<\/p>\n\n\n\n

    – \u7ea0\u6b63:\u51cf\u5c11\u590d\u76d8\u9891\u7387,\u5173\u6ce8\u5468\u5ea6\u548c\u6708\u5ea6<\/p>\n\n\n\n

    4.2 \u7ed3\u679c\u5bfc\u5411\u578b\u590d\u76d8<\/h3>\n\n\n\n

    – \u8bef\u533a:\u53ea\u770b\u7ed3\u679c\u597d\u574f,\u4e0d\u770b\u51b3\u7b56\u8d28\u91cf<\/p>\n\n\n\n

    – \u7ea0\u6b63:\u533a\u5206\u8fd0\u6c14\u548c\u80fd\u529b,\u8bc4\u4f30\u51b3\u7b56\u8fc7\u7a0b<\/p>\n\n\n\n

    4.3 \u81ea\u6211\u5b89\u6170\u578b\u590d\u76d8<\/h3>\n\n\n\n

    – \u8bef\u533a:\u4e3a\u9519\u8bef\u51b3\u7b56\u627e\u501f\u53e3<\/p>\n\n\n\n

    – \u7ea0\u6b63:\u76f4\u9762\u9519\u8bef,\u8bb0\u5f55\u771f\u5b9e\u539f\u56e0<\/p>\n\n\n\n

    4.4 \u4fe1\u606f\u8fc7\u8f7d\u578b\u590d\u76d8<\/h3>\n\n\n\n

    – \u8bef\u533a:\u6536\u96c6\u8fc7\u591a\u65e0\u5173\u4fe1\u606f<\/p>\n\n\n\n

    – \u7ea0\u6b63:\u805a\u7126\u5173\u952e\u6307\u6807\u548c\u6838\u5fc3\u903b\u8f91<\/p>\n\n\n\n

    \n\n\n\n

    \u7b2c\u4e94\u90e8\u5206 \u4f01\u4e1a\u6807\u7684\u53c2\u8003\u5e93<\/h2>\n\n\n\n

    \u4e00\u3001\u94f6\u884c\u80a1\u6807\u7684\u6c60<\/h3>\n\n\n\n

    1.1 \u56fd\u6709\u5927\u578b\u94f6\u884c(\u7a33\u5065\u578b)<\/h3>\n\n\n\n

    – \u5de5\u5546\u94f6\u884c(601398)<\/p>\n\n\n\n

    * \u80a1\u606f\u7387:\u7ea66.5%<\/p>\n\n\n\n

    * \u5e02\u51c0\u7387:\u7ea60.55\u500d<\/p>\n\n\n\n

    * \u7279\u70b9:\u89c4\u6a21\u6700\u5927,\u5206\u7ea2\u7a33\u5b9a,\u9002\u5408\u4fdd\u5b88\u6295\u8d44\u8005<\/p>\n\n\n\n

    – \u519c\u4e1a\u94f6\u884c(601288)<\/p>\n\n\n\n

    * \u80a1\u606f\u7387:\u7ea66.8%<\/p>\n\n\n\n

    * \u5e02\u51c0\u7387:\u7ea60.50\u500d<\/p>\n\n\n\n

    * \u7279\u70b9:\u53bf\u57df\u5e03\u5c40\u5e7f,\u80a1\u606f\u7387\u9ad8,\u4f30\u503c\u6781\u4f4e<\/p>\n\n\n\n

    – \u4e2d\u56fd\u94f6\u884c(601988)<\/p>\n\n\n\n

    * \u80a1\u606f\u7387:\u7ea66.2%<\/p>\n\n\n\n

    * \u5e02\u51c0\u7387:\u7ea60.50\u500d<\/p>\n\n\n\n

    * \u7279\u70b9:\u56fd\u9645\u5316\u7a0b\u5ea6\u9ad8,\u5916\u6c47\u4e1a\u52a1\u5f3a<\/p>\n\n\n\n

    – \u5efa\u8bbe\u94f6\u884c(601939)<\/p>\n\n\n\n

    * \u80a1\u606f\u7387:\u7ea66.0%<\/p>\n\n\n\n

    * \u5e02\u51c0\u7387:\u7ea60.55\u500d<\/p>\n\n\n\n

    * \u7279\u70b9:\u57fa\u5efa\u8d37\u6b3e\u4f18\u52bf,\u8d44\u4ea7\u8d28\u91cf\u7a33\u5065<\/p>\n\n\n\n

    1.2 \u80a1\u4efd\u5236\u94f6\u884c(\u6210\u957f\u578b)<\/h3>\n\n\n\n

    – \u62db\u5546\u94f6\u884c(600036)<\/p>\n\n\n\n

    * \u80a1\u606f\u7387:\u7ea65.0%<\/p>\n\n\n\n

    * \u5e02\u51c0\u7387:\u7ea60.90\u500d<\/p>\n\n\n\n

    * \u7279\u70b9:\u96f6\u552e\u4e4b\u738b,\u8d22\u5bcc\u7ba1\u7406\u9886\u5148<\/p>\n\n\n\n

    – \u5174\u4e1a\u94f6\u884c(601166)<\/p>\n\n\n\n

    * \u80a1\u606f\u7387:\u7ea66.0%<\/p>\n\n\n\n

    * \u5e02\u51c0\u7387:\u7ea60.45\u500d<\/p>\n\n\n\n

    * \u7279\u70b9:\u540c\u4e1a\u4e1a\u52a1\u5f3a,\u4f30\u503c\u6781\u4f4e<\/p>\n\n\n\n

    – \u5e73\u5b89\u94f6\u884c(000001)<\/p>\n\n\n\n

    * \u80a1\u606f\u7387:\u7ea63.5%<\/p>\n\n\n\n

    * \u5e02\u51c0\u7387:\u7ea60.50\u500d<\/p>\n\n\n\n

    * \u7279\u70b9:\u96f6\u552e\u8f6c\u578b,\u79d1\u6280\u8d4b\u80fd<\/p>\n\n\n\n

    \u4e8c\u3001\u9ec4\u91d1\u80a1\u6807\u7684\u6c60<\/h3>\n\n\n\n

    2.1 \u9ec4\u91d1\u77ff\u4e1a\u9f99\u5934<\/h3>\n\n\n\n

    – \u5c71\u4e1c\u9ec4\u91d1(600547)<\/p>\n\n\n\n

    * \u8d44\u6e90\u50a8\u91cf:\u56fd\u5185\u6700\u5927\u9ec4\u91d1\u751f\u4ea7\u5546<\/p>\n\n\n\n

    * \u4ea7\u91cf:\u5e74\u4ea7\u9ec4\u91d1\u7ea640\u5428<\/p>\n\n\n\n

    * \u7279\u70b9:\u8d44\u6e90\u7980\u8d4b\u597d,\u6210\u672c\u63a7\u5236\u80fd\u529b\u8f83\u5f3a<\/p>\n\n\n\n

    – \u4e2d\u91d1\u9ec4\u91d1(600489)<\/p>\n\n\n\n

    * \u80cc\u666f:\u4e2d\u56fd\u9ec4\u91d1\u96c6\u56e2\u63a7\u80a1<\/p>\n\n\n\n

    * \u8d44\u6e90:\u62e5\u6709\u591a\u4e2a\u5927\u578b\u91d1\u77ff<\/p>\n\n\n\n

    * \u7279\u70b9:\u592e\u4f01\u80cc\u666f,\u8d44\u6e90\u4fdd\u969c\u5ea6\u9ad8<\/p>\n\n\n\n

    – \u7d2b\u91d1\u77ff\u4e1a(601899)<\/p>\n\n\n\n

    * \u591a\u5143\u5316:\u91d1\u3001\u94dc\u3001\u950c\u591a\u91d1\u5c5e\u77ff\u4e1a<\/p>\n\n\n\n

    * \u56fd\u9645\u5316:\u6d77\u5916\u8d44\u4ea7\u5360\u6bd4\u9ad8<\/p>\n\n\n\n

    * \u7279\u70b9:\u6210\u672c\u6700\u4f4e,\u7ba1\u7406\u6700\u4f18<\/p>\n\n\n\n

    2.2 \u9ec4\u91d1\u73e0\u5b9d\u4f01\u4e1a<\/h3>\n\n\n\n

    – \u8001\u51e4\u7965(600612)<\/p>\n\n\n\n

    * \u4e1a\u52a1:\u9ec4\u91d1\u73e0\u5b9d\u96f6\u552e<\/p>\n\n\n\n

    * \u54c1\u724c:\u767e\u5e74\u8001\u5b57\u53f7<\/p>\n\n\n\n

    * \u7279\u70b9:\u54c1\u724c\u6ea2\u4ef7,\u6e20\u9053\u4f18\u52bf<\/p>\n\n\n\n

    \u4e09\u3001\u751f\u4ea7\u8d44\u6599\u80a1\u6807\u7684\u6c60<\/h3>\n\n\n\n

    3.1 \u80fd\u6e90\u7c7b<\/h3>\n\n\n\n

    – \u4e2d\u56fd\u6d77\u6cb9(600938)<\/p>\n\n\n\n

    * \u4e1a\u52a1:\u6d77\u4e0a\u6cb9\u6c14\u52d8\u63a2\u5f00\u53d1<\/p>\n\n\n\n

    * \u7279\u70b9:\u6210\u672c\u4f18\u52bf\u660e\u663e,\u4ea7\u91cf\u589e\u957f\u786e\u5b9a<\/p>\n\n\n\n

    – \u9655\u897f\u7164\u4e1a(601225)<\/p>\n\n\n\n

    * \u4e1a\u52a1:\u7164\u70ad\u5f00\u91c7\u9500\u552e<\/p>\n\n\n\n

    * \u7279\u70b9:\u8d44\u6e90\u4f18\u8d28,\u6210\u672c\u4f4e,\u5206\u7ea2\u9ad8<\/p>\n\n\n\n

    – \u957f\u6c5f\u7535\u529b(600900)<\/p>\n\n\n\n

    * \u4e1a\u52a1:\u6c34\u7535\u53d1\u7535<\/p>\n\n\n\n

    * \u7279\u70b9:\u73b0\u91d1\u6d41\u7a33\u5b9a,\u5206\u7ea2\u7387\u9ad8<\/p>\n\n\n\n

    3.2 \u5de5\u4e1a\u91d1\u5c5e<\/h3>\n\n\n\n

    – \u6c5f\u897f\u94dc\u4e1a(600362)<\/p>\n\n\n\n

    * \u4e1a\u52a1:\u94dc\u77ff\u5f00\u91c7\u51b6\u70bc<\/p>\n\n\n\n

    * \u7279\u70b9:\u56fd\u5185\u94dc\u4e1a\u9f99\u5934,\u8d44\u6e90\u81ea\u7ed9\u7387\u9ad8<\/p>\n\n\n\n

    – \u4e2d\u56fd\u94dd\u4e1a(601600)<\/p>\n\n\n\n

    * \u4e1a\u52a1:\u94dd\u571f\u77ff\u3001\u6c27\u5316\u94dd\u3001\u7535\u89e3\u94dd<\/p>\n\n\n\n

    * \u7279\u70b9:\u884c\u4e1a\u9f99\u5934,\u6210\u672c\u4f18\u52bf<\/p>\n\n\n\n

    3.3 \u5c0f\u91d1\u5c5e<\/h3>\n\n\n\n

    – \u5929\u9f50\u9502\u4e1a(002466)<\/p>\n\n\n\n

    * \u4e1a\u52a1:\u9502\u77ff\u5f00\u91c7\u3001\u9502\u76d0\u751f\u4ea7<\/p>\n\n\n\n

    * \u7279\u70b9:\u62e5\u6709\u4f18\u8d28\u9502\u77ff\u8d44\u6e90<\/p>\n\n\n\n

    – \u534e\u53cb\u94b4\u4e1a(603799)<\/p>\n\n\n\n

    * \u4e1a\u52a1:\u94b4\u3001\u954d\u3001\u94dc\u7b49\u6709\u8272\u91d1\u5c5e<\/p>\n\n\n\n

    * \u7279\u70b9:\u65b0\u80fd\u6e90\u91d1\u5c5e\u5e03\u5c40\u5b8c\u5584<\/p>\n\n\n\n

    3.4 \u5316\u5de5<\/h3>\n\n\n\n

    – \u4e07\u534e\u5316\u5b66(600309)<\/p>\n\n\n\n

    * \u4e1a\u52a1:MDI\u3001TDI\u7b49\u5316\u5de5\u4ea7\u54c1<\/p>\n\n\n\n

    * \u7279\u70b9:\u5168\u7403MDI\u9f99\u5934,\u6280\u672f\u58c1\u5792\u9ad8<\/p>\n\n\n\n

    – \u9f99\u4f70\u96c6\u56e2(002601)<\/p>\n\n\n\n

    * \u4e1a\u52a1:\u949b\u767d\u7c89\u751f\u4ea7<\/p>\n\n\n\n

    * \u7279\u70b9:\u4e9a\u6d32\u949b\u767d\u7c89\u9f99\u5934,\u6210\u672c\u4f18\u52bf<\/p>\n\n\n\n

    3.5 \u5efa\u6750<\/h3>\n\n\n\n

    – \u6d77\u87ba\u6c34\u6ce5(600585)<\/p>\n\n\n\n

    * \u4e1a\u52a1:\u6c34\u6ce5\u751f\u4ea7\u9500\u552e<\/p>\n\n\n\n

    * \u7279\u70b9:\u884c\u4e1a\u9f99\u5934,\u6210\u672c\u63a7\u5236\u4f18\u79c0<\/p>\n\n\n\n

    – \u65d7\u6ee8\u96c6\u56e2(601636)<\/p>\n\n\n\n

    * \u4e1a\u52a1:\u6d6e\u6cd5\u73bb\u7483\u751f\u4ea7<\/p>\n\n\n\n

    * \u7279\u70b9:\u533a\u57df\u9f99\u5934,\u5206\u7ea2\u7a33\u5b9a<\/p>\n\n\n\n

    \u56db\u3001\u6807\u7684\u7b5b\u9009\u68c0\u67e5\u8868<\/h3>\n\n\n\n

    \u25a1 \u662f\u5426\u7b26\u5408\u9009\u80a1\u6807\u51c6?<\/p>\n\n\n\n

    \u25a1 \u5f53\u524d\u4f30\u503c\u662f\u5426\u5408\u7406?<\/p>\n\n\n\n

    \u25a1 \u884c\u4e1a\u666f\u6c14\u5ea6\u5982\u4f55?<\/p>\n\n\n\n

    \u25a1 \u516c\u53f8\u57fa\u672c\u9762\u6709\u65e0\u6076\u5316?<\/p>\n\n\n\n

    \u25a1 \u662f\u5426\u6709\u8db3\u591f\u7684\u5b89\u5168\u8fb9\u9645?<\/p>\n\n\n\n

    \u25a1 \u80a1\u606f\u7387\u662f\u5426\u6ee1\u610f?<\/p>\n\n\n\n

    \u25a1 \u662f\u5426\u4e86\u89e3\u516c\u53f8\u5546\u4e1a\u6a21\u5f0f?<\/p>\n\n\n\n

    \u25a1 \u662f\u5426\u5728\u81ea\u5df1\u7684\u80fd\u529b\u5708\u5185?<\/p>\n\n\n\n

    \n\n\n\n

    \u7b2c\u516d\u90e8\u5206 \u6295\u8d44\u7ec4\u5408\u914d\u7f6e\u65b9\u6848<\/h2>\n\n\n\n

    \u4e00\u3001\u6807\u51c6\u914d\u7f6e\u65b9\u6848(\u4e2d\u56fd\u7248\u6c38\u4e45\u6295\u8d44\u7ec4\u5408)<\/h3>\n\n\n\n

    1.1 \u57fa\u7840\u914d\u7f6e\u6bd4\u4f8b<\/h3>\n\n\n\n

    – \u94f6\u884c\u80a1:50%(\u9632\u5b88\u578b\u6838\u5fc3\u4ed3\u4f4d)<\/p>\n\n\n\n

    * \u56fd\u6709\u5927\u884c:30%<\/p>\n\n\n\n

    * \u80a1\u4efd\u5236\u94f6\u884c:20%<\/p>\n\n\n\n

    – \u9ec4\u91d1\u80a1:25%(\u6297\u901a\u80c0\u914d\u7f6e)<\/p>\n\n\n\n

    * \u9ec4\u91d1\u77ff\u4e1a\u80a1:20%<\/p>\n\n\n\n

    * \u9ec4\u91d1\u73e0\u5b9d\u80a1:5%<\/p>\n\n\n\n

    – \u5176\u4ed6\u751f\u4ea7\u8d44\u6599\u80a1:25%(\u8fdb\u653b\u578b\u914d\u7f6e)<\/p>\n\n\n\n

    * \u80fd\u6e90\u7c7b:8%<\/p>\n\n\n\n

    * \u5de5\u4e1a\u91d1\u5c5e:6%<\/p>\n\n\n\n

    * \u5c0f\u91d1\u5c5e:5%<\/p>\n\n\n\n

    * \u5316\u5de5:3%<\/p>\n\n\n\n

    * \u5efa\u6750:3%<\/p>\n\n\n\n

    1.2 \u914d\u7f6e\u903b\u8f91<\/h3>\n\n\n\n

    – \u94f6\u884c\u80a1\u63d0\u4f9b\u7a33\u5b9a\u73b0\u91d1\u6d41\u548c\u80a1\u606f\u6536\u5165<\/p>\n\n\n\n

    – \u9ec4\u91d1\u80a1\u5bf9\u51b2\u901a\u80c0\u548c\u8d27\u5e01\u8d2c\u503c\u98ce\u9669<\/p>\n\n\n\n

    – \u751f\u4ea7\u8d44\u6599\u80a1\u5206\u4eab\u7ecf\u6d4e\u589e\u957f\u7ea2\u5229<\/p>\n\n\n\n

    – \u4e09\u7c7b\u8d44\u4ea7\u4f4e\u76f8\u5173\u6027,\u964d\u4f4e\u7ec4\u5408\u6ce2\u52a8<\/p>\n\n\n\n

    \u4e8c\u3001\u52a8\u6001\u8c03\u6574\u7b56\u7565<\/h3>\n\n\n\n

    2.1 \u5e02\u573a\u4f4e\u4f30\u65f6(\u52a0\u4ed3\u4fe1\u53f7)<\/h3>\n\n\n\n

    – \u6caa\u6df1300\u5e02\u76c8\u7387<12\u500d<\/p>\n\n\n\n

    – \u94f6\u884c\u80a1\u606f\u7387>6%<\/p>\n\n\n\n

    – \u64cd\u4f5c:\u63d0\u9ad8\u80a1\u7968\u4ed3\u4f4d\u81f390%,\u964d\u4f4e\u73b0\u91d1\u81f310%<\/p>\n\n\n\n

    2.2 \u5e02\u573a\u9ad8\u4f30\u65f6(\u51cf\u4ed3\u4fe1\u53f7)<\/h3>\n\n\n\n

    – \u6caa\u6df1300\u5e02\u76c8\u7387>18\u500d<\/p>\n\n\n\n

    – \u94f6\u884c\u80a1\u606f\u7387<4%<\/p>\n\n\n\n

    – \u64cd\u4f5c:\u964d\u4f4e\u80a1\u7968\u4ed3\u4f4d\u81f360%,\u63d0\u9ad8\u73b0\u91d1\u81f340%<\/p>\n\n\n\n

    2.3 \u6781\u7aef\u6050\u614c\u65f6(\u6284\u5e95\u4fe1\u53f7)<\/h3>\n\n\n\n

    – \u5e02\u573a\u6050\u614c\u6307\u6570(VIX)\u98d9\u5347<\/p>\n\n\n\n

    – \u4f18\u8d28\u80a1\u7968\u88ab\u9519\u6740<\/p>\n\n\n\n

    – \u64cd\u4f5c:\u4fdd\u755920%\u73b0\u91d1,\u5176\u4f59\u5168\u90e8\u4e70\u5165\u4f18\u8d28\u6807\u7684<\/p>\n\n\n\n

    \u4e09\u3001\u518d\u5e73\u8861\u64cd\u4f5c\u7ec6\u5219<\/h3>\n\n\n\n

    3.1 \u5b9a\u671f\u518d\u5e73\u8861<\/h3>\n\n\n\n

    – \u65f6\u95f4:\u6bcf\u5e7412\u6708\u5e95<\/p>\n\n\n\n

    – \u64cd\u4f5c:\u5c06\u5404\u7c7b\u8d44\u4ea7\u6bd4\u4f8b\u6062\u590d\u81f3\u76ee\u6807\u914d\u7f6e<\/p>\n\n\n\n

    – \u65b9\u6cd5:\u5356\u51fa\u8d85\u914d\u8d44\u4ea7,\u4e70\u5165\u4f4e\u914d\u8d44\u4ea7<\/p>\n\n\n\n

    3.2 \u9608\u503c\u518d\u5e73\u8861<\/h3>\n\n\n\n

    – \u89e6\u53d1\u6761\u4ef6:\u67d0\u7c7b\u8d44\u4ea7\u5360\u6bd4\u504f\u79bb\u76ee\u6807\u00b110%<\/p>\n\n\n\n

    – \u793a\u4f8b:\u94f6\u884c\u80a1\u76ee\u680750%,\u5b9e\u9645\u5360\u6bd4>60%\u65f6\u51cf\u4ed3<\/p>\n\n\n\n

    – \u64cd\u4f5c:\u90e8\u5206\u518d\u5e73\u8861,\u8c03\u6574\u81f3\u76ee\u6807\u6bd4\u4f8b\u00b15%<\/p>\n\n\n\n

    3.3 \u518d\u5e73\u8861\u6ce8\u610f\u4e8b\u9879<\/h3>\n\n\n\n

    – \u8003\u8651\u4ea4\u6613\u6210\u672c,\u907f\u514d\u9891\u7e41\u518d\u5e73\u8861<\/p>\n\n\n\n

    – \u4f18\u5148\u5728\u65b0\u589e\u8d44\u91d1\u65f6\u8fdb\u884c\u518d\u5e73\u8861<\/p>\n\n\n\n

    – \u7a0e\u52a1\u8003\u8651:\u957f\u671f\u6301\u6709\u53ef\u4eab\u53d7\u7a0e\u6536\u4f18\u60e0<\/p>\n\n\n\n

    \u56db\u3001\u4e0d\u540c\u8d44\u91d1\u89c4\u6a21\u7684\u914d\u7f6e\u65b9\u6848<\/h3>\n\n\n\n

    4.1 \u5c0f\u8d44\u91d1(10\u4e07\u4ee5\u4e0b)<\/h3>\n\n\n\n

    – \u94f6\u884c\u80a1:60%(3-4\u53ea)<\/p>\n\n\n\n

    – \u9ec4\u91d1\u80a1:20%(1-2\u53ea)<\/p>\n\n\n\n

    – \u5176\u4ed6:20%(2-3\u53ea)<\/p>\n\n\n\n

    – \u7279\u70b9:\u96c6\u4e2d\u6301\u80a1,\u964d\u4f4e\u4ea4\u6613\u6210\u672c<\/p>\n\n\n\n

    4.2 \u4e2d\u7b49\u8d44\u91d1(10-100\u4e07)<\/h3>\n\n\n\n

    – \u94f6\u884c\u80a1:50%(5-6\u53ea)<\/p>\n\n\n\n

    – \u9ec4\u91d1\u80a1:25%(2-3\u53ea)<\/p>\n\n\n\n

    – \u5176\u4ed6:25%(4-5\u53ea)<\/p>\n\n\n\n

    – \u7279\u70b9:\u9002\u5ea6\u5206\u6563,\u5e73\u8861\u98ce\u9669\u6536\u76ca<\/p>\n\n\n\n

    4.3 \u5927\u8d44\u91d1(100\u4e07\u4ee5\u4e0a)<\/h3>\n\n\n\n

    – \u94f6\u884c\u80a1:50%(8-10\u53ea)<\/p>\n\n\n\n

    – \u9ec4\u91d1\u80a1:25%(3-4\u53ea)<\/p>\n\n\n\n

    – \u5176\u4ed6:25%(6-8\u53ea)<\/p>\n\n\n\n

    – \u7279\u70b9:\u5145\u5206\u5206\u6563,\u6ce8\u91cd\u6d41\u52a8\u6027<\/p>\n\n\n\n

    \u4e94\u3001\u7ec4\u5408\u76d1\u63a7\u6307\u6807<\/h3>\n\n\n\n

    5.1 \u6536\u76ca\u7387\u6307\u6807<\/h3>\n\n\n\n

    – \u5e74\u5ea6\u6536\u76ca\u7387\u76ee\u6807:>10%<\/p>\n\n\n\n

    – \u76f8\u5bf9\u6536\u76ca\u76ee\u6807:\u8dd1\u8d62\u6caa\u6df1300\u6307\u6570<\/p>\n\n\n\n

    – \u98ce\u9669\u8c03\u6574\u540e\u6536\u76ca:\u590f\u666e\u6bd4\u7387>1.0<\/p>\n\n\n\n

    5.2 \u98ce\u9669\u6307\u6807<\/h3>\n\n\n\n

    – \u6700\u5927\u56de\u64a4\u63a7\u5236:<20%<\/p>\n\n\n\n

    – \u5e74\u5316\u6ce2\u52a8\u7387:<15%<\/p>\n\n\n\n

    – Beta\u7cfb\u6570:0.8-1.2<\/p>\n\n\n\n

    5.3 \u7ec4\u5408\u5065\u5eb7\u5ea6\u68c0\u67e5<\/h3>\n\n\n\n

    – \u6bcf\u6708\u68c0\u67e5\u5404\u8d44\u4ea7\u7c7b\u522b\u5360\u6bd4<\/p>\n\n\n\n

    – \u6bcf\u5b63\u5ea6\u8bc4\u4f30\u7ec4\u5408\u98ce\u9669\u6536\u76ca\u7279\u5f81<\/p>\n\n\n\n

    – \u6bcf\u5e74\u8fdb\u884c\u5168\u9762\u518d\u5e73\u8861\u548c\u7b56\u7565\u56de\u987e<\/p>\n\n\n\n

    \n\n\n\n

    \u7b2c\u4e03\u90e8\u5206 \u64cd\u4f5c\u6267\u884c\u624b\u518c<\/h2>\n\n\n\n

    \u4e00\u3001\u4e70\u5165\u64cd\u4f5c\u6d41\u7a0b<\/h3>\n\n\n\n

    1.1 \u4e70\u5165\u524d\u68c0\u67e5\u6e05\u5355<\/h3>\n\n\n\n

    \u25a1 \u662f\u5426\u5b8c\u6210\u57fa\u672c\u9762\u7814\u7a76?<\/p>\n\n\n\n

    \u25a1 \u4f30\u503c\u662f\u5426\u5904\u4e8e\u5408\u7406\u533a\u95f4?<\/p>\n\n\n\n

    \u25a1 \u5f53\u524d\u4ed3\u4f4d\u662f\u5426\u5141\u8bb8\u65b0\u589e?<\/p>\n\n\n\n

    \u25a1 \u4e70\u5165\u8d44\u91d1\u662f\u5426\u5230\u4f4d?<\/p>\n\n\n\n

    \u25a1 \u662f\u5426\u8bbe\u5b9a\u6b62\u635f\u4f4d?<\/p>\n\n\n\n

    1.2 \u5206\u6279\u4e70\u5165\u7b56\u7565<\/h3>\n\n\n\n

    – \u9996\u6b21\u4e70\u5165:\u8ba1\u5212\u4ed3\u4f4d\u768430%<\/p>\n\n\n\n

    – \u7b2c\u4e8c\u6b21\u4e70\u5165:\u4ef7\u683c\u4e0b\u8dcc10%\u65f6,\u4e70\u516530%<\/p>\n\n\n\n

    – \u7b2c\u4e09\u6b21\u4e70\u5165:\u4ef7\u683c\u4e0b\u8dcc20%\u65f6,\u4e70\u516540%<\/p>\n\n\n\n

    – \u539f\u5219:\u8d8a\u8dcc\u8d8a\u4e70,\u4f46\u4e0d\u8d85\u8fc7\u8ba1\u5212\u4ed3\u4f4d<\/p>\n\n\n\n

    1.3 \u4e70\u5165\u65f6\u673a\u9009\u62e9<\/h3>\n\n\n\n

    – \u907f\u514d\u5728\u5f00\u76d8\u524d30\u5206\u949f\u4e70\u5165<\/p>\n\n\n\n

    – \u907f\u514d\u5728\u91cd\u5927\u6d88\u606f\u516c\u5e03\u524d\u4e70\u5165<\/p>\n\n\n\n

    – \u4f18\u5148\u9009\u62e9\u5e02\u573a\u6050\u614c\u65f6\u4e70\u5165<\/p>\n\n\n\n

    – \u4f18\u5148\u9009\u62e9\u4e2a\u80a1\u51fa\u73b0\u975e\u57fa\u672c\u9762\u5229\u7a7a\u65f6\u4e70\u5165<\/p>\n\n\n\n

    \u4e8c\u3001\u5356\u51fa\u64cd\u4f5c\u6d41\u7a0b<\/h3>\n\n\n\n

    2.1 \u6b62\u76c8\u5356\u51fa<\/h3>\n\n\n\n

    – \u76ee\u6807\u6b62\u76c8:\u6da8\u5e4530%\u65f6\u51cf\u4ed31\/3<\/p>\n\n\n\n

    – \u5206\u6279\u6b62\u76c8:\u6da8\u5e4550%\u65f6\u518d\u51cf\u4ed31\/3<\/p>\n\n\n\n

    – \u52a8\u6001\u6b62\u76c8:\u56de\u64a410%\u65f6\u6e05\u4ed3\u5269\u4f59<\/p>\n\n\n\n

    2.2 \u6b62\u635f\u5356\u51fa<\/h3>\n\n\n\n

    – \u786c\u6027\u6b62\u635f:\u8dcc\u5e4515%\u65e0\u6761\u4ef6\u6b62\u635f<\/p>\n\n\n\n

    – \u903b\u8f91\u6b62\u635f:\u4e70\u5165\u903b\u8f91\u7834\u574f\u65f6\u7acb\u5373\u6b62\u635f<\/p>\n\n\n\n

    – \u65f6\u95f4\u6b62\u635f:3\u4e2a\u6708\u65e0\u8868\u73b0\u4e14\u903b\u8f91\u672a\u5151\u73b0,\u6b62\u635f<\/p>\n\n\n\n

    2.3 \u518d\u5e73\u8861\u5356\u51fa<\/h3>\n\n\n\n

    – \u5f53\u67d0\u7c7b\u8d44\u4ea7\u5360\u6bd4\u8d85\u8fc7\u76ee\u680710%\u65f6\u51cf\u4ed3<\/p>\n\n\n\n

    – \u5f53\u4e2a\u80a1\u6da8\u5e45\u8fc7\u5927\u5bfc\u81f4\u4ed3\u4f4d\u8fc7\u91cd\u65f6\u51cf\u4ed3<\/p>\n\n\n\n

    – \u5f53\u53d1\u73b0\u66f4\u597d\u6295\u8d44\u673a\u4f1a\u65f6\u8c03\u4ed3<\/p>\n\n\n\n

    \u4e09\u3001\u4ed3\u4f4d\u8c03\u6574\u64cd\u4f5c<\/h3>\n\n\n\n

    3.1 \u52a0\u4ed3\u539f\u5219<\/h3>\n\n\n\n

    – \u53ea\u5728\u4e0b\u8dcc\u65f6\u52a0\u4ed3,\u4e0d\u5728\u4e0a\u6da8\u65f6\u8ffd\u9ad8<\/p>\n\n\n\n

    – \u6bcf\u6b21\u52a0\u4ed3\u95f4\u9694\u81f3\u5c112\u5468<\/p>\n\n\n\n

    – \u52a0\u4ed3\u540e\u603b\u4ed3\u4f4d\u4e0d\u8d85\u8fc7\u8ba1\u5212\u4e0a\u9650<\/p>\n\n\n\n

    3.2 \u51cf\u4ed3\u539f\u5219<\/h3>\n\n\n\n

    – \u8fbe\u5230\u6b62\u76c8\u76ee\u6807\u65f6\u5206\u6279\u51cf\u4ed3<\/p>\n\n\n\n

    – \u89e6\u53d1\u6b62\u635f\u65f6\u7acb\u5373\u51cf\u4ed3<\/p>\n\n\n\n

    – \u518d\u5e73\u8861\u65f6\u6309\u89c4\u5219\u51cf\u4ed3<\/p>\n\n\n\n

    3.3 \u6e05\u4ed3\u539f\u5219<\/h3>\n\n\n\n

    – \u57fa\u672c\u9762\u6076\u5316\u65f6\u6e05\u4ed3<\/p>\n\n\n\n

    – \u4f30\u503c\u4e25\u91cd\u9ad8\u4f30\u65f6\u6e05\u4ed3<\/p>\n\n\n\n

    – \u53d1\u73b0\u66f4\u597d\u6807\u7684\u65f6\u6e05\u4ed3\u6362\u4ed3<\/p>\n\n\n\n

    \u56db\u3001\u4ea4\u6613\u7eaa\u5f8b<\/h3>\n\n\n\n

    4.1 \u5fc5\u987b\u9075\u5b88\u7684\u7eaa\u5f8b<\/h3>\n\n\n\n

    – \u4e25\u683c\u6267\u884c\u6b62\u635f,\u4e0d\u62b1\u6709\u5e7b\u60f3<\/p>\n\n\n\n

    – \u4e0d\u6ee1\u4ed3\u64cd\u4f5c,\u4fdd\u7559\u73b0\u91d1<\/p>\n\n\n\n

    – \u4e0d\u501f\u94b1\u7092\u80a1,\u4e0d\u52a0\u6760\u6746<\/p>\n\n\n\n

    – \u4e0d\u9891\u7e41\u4ea4\u6613,\u63a7\u5236\u4ea4\u6613\u6b21\u6570<\/p>\n\n\n\n

    4.2 \u7981\u6b62\u7684\u884c\u4e3a<\/h3>\n\n\n\n

    – \u7981\u6b62\u8ffd\u6da8\u6740\u8dcc<\/p>\n\n\n\n

    – \u7981\u6b62\u542c\u4fe1\u5c0f\u9053\u6d88\u606f<\/p>\n\n\n\n

    – \u7981\u6b62\u60c5\u7eea\u5316\u4ea4\u6613<\/p>\n\n\n\n

    – \u7981\u6b62\u8d85\u51fa\u80fd\u529b\u5708\u6295\u8d44<\/p>\n\n\n\n

    4.3 \u4ea4\u6613\u8bb0\u5f55\u8981\u6c42<\/h3>\n\n\n\n

    – \u8bb0\u5f55\u6bcf\u7b14\u4ea4\u6613\u7684\u65f6\u95f4\u3001\u4ef7\u683c\u3001\u6570\u91cf<\/p>\n\n\n\n

    – \u8bb0\u5f55\u4e70\u5165\u548c\u5356\u51fa\u7684\u7406\u7531<\/p>\n\n\n\n

    – \u8bb0\u5f55\u4ea4\u6613\u65f6\u7684\u5fc3\u7406\u72b6\u6001<\/p>\n\n\n\n

    – \u5b9a\u671f\u56de\u987e\u4ea4\u6613\u8bb0\u5f55<\/p>\n\n\n\n

    \u4e94\u3001\u5fc3\u6001\u7ba1\u7406<\/h3>\n\n\n\n

    5.1 \u5e38\u89c1\u5fc3\u7406\u95ee\u9898<\/h3>\n\n\n\n

    – \u8d2a\u5a6a:\u6da8\u4e86\u8fd8\u60f3\u6da8,\u4e0d\u613f\u6b62\u76c8<\/p>\n\n\n\n

    – \u6050\u60e7:\u8dcc\u4e86\u5bb3\u6015\u8dcc\u66f4\u591a,\u6050\u614c\u5272\u8089<\/p>\n\n\n\n

    – \u4ece\u4f17:\u76f2\u76ee\u8ddf\u98ce,\u7f3a\u4e4f\u72ec\u7acb\u601d\u8003<\/p>\n\n\n\n

    – \u8fc7\u5ea6\u81ea\u4fe1:\u9ad8\u4f30\u81ea\u5df1\u7684\u5224\u65ad\u80fd\u529b<\/p>\n\n\n\n

    5.2 \u5fc3\u6001\u8c03\u6574\u65b9\u6cd5<\/h3>\n\n\n\n

    – \u8bbe\u5b9a\u660e\u786e\u7684\u6295\u8d44\u76ee\u6807\u548c\u8ba1\u5212<\/p>\n\n\n\n

    – \u5173\u6ce8\u957f\u671f\u6536\u76ca,\u5ffd\u7565\u77ed\u671f\u6ce2\u52a8<\/p>\n\n\n\n

    – \u63a5\u53d7\u4e8f\u635f\u662f\u6295\u8d44\u7684\u4e00\u90e8\u5206<\/p>\n\n\n\n

    – \u4fdd\u6301\u5b66\u4e60,\u4e0d\u65ad\u63d0\u5347\u8ba4\u77e5<\/p>\n\n\n\n

    5.3 \u6295\u8d44\u65e5\u5fd7\u8bb0\u5f55<\/h3>\n\n\n\n

    – \u6bcf\u5929\u8bb0\u5f55\u6295\u8d44\u60f3\u6cd5\u548c\u51b3\u7b56<\/p>\n\n\n\n

    – \u6bcf\u5468\u603b\u7ed3\u6295\u8d44\u5fc3\u5f97<\/p>\n\n\n\n

    – \u6bcf\u6708\u8bc4\u4f30\u6295\u8d44\u8868\u73b0<\/p>\n\n\n\n

    – \u6bcf\u5e74\u56de\u987e\u6295\u8d44\u5386\u7a0b<\/p>\n\n\n\n

    \u516d\u3001\u6301\u7eed\u5b66\u4e60\u6e05\u5355<\/h3>\n\n\n\n

    6.1 \u5fc5\u8bfb\u4e66\u7c4d<\/h3>\n\n\n\n

    – \u300a\u806a\u660e\u7684\u6295\u8d44\u8005\u300b- \u672c\u6770\u660e\u00b7\u683c\u96f7\u5384\u59c6<\/p>\n\n\n\n

    – \u300a\u8bc1\u5238\u5206\u6790\u300b- \u672c\u6770\u660e\u00b7\u683c\u96f7\u5384\u59c6<\/p>\n\n\n\n

    – \u300a\u5df4\u83f2\u7279\u81f4\u80a1\u4e1c\u7684\u4fe1\u300b- \u6c83\u4f26\u00b7\u5df4\u83f2\u7279<\/p>\n\n\n\n

    – \u300a\u6295\u8d44\u6700\u91cd\u8981\u7684\u4e8b\u300b- \u970d\u534e\u5fb7\u00b7\u9a6c\u514b\u65af<\/p>\n\n\n\n

    – \u300a\u6c38\u4e45\u6295\u8d44\u7ec4\u5408\u300b<\/a>– \u514b\u96f7\u683c\u00b7\u7f57\u5170<\/p>\n\n\n\n

    6.2 \u5173\u6ce8\u7684\u4fe1\u606f\u6e90<\/h3>\n\n\n\n

    – \u5b8f\u89c2\u7ecf\u6d4e\u6570\u636e:\u592e\u884c\u3001\u7edf\u8ba1\u5c40\u53d1\u5e03<\/p>\n\n\n\n

    – \u884c\u4e1a\u52a8\u6001:\u884c\u4e1a\u534f\u4f1a\u3001\u4e13\u4e1a\u5a92\u4f53<\/p>\n\n\n\n

    – \u516c\u53f8\u516c\u544a:\u4ea4\u6613\u6240\u3001\u516c\u53f8\u5b98\u7f51<\/p>\n\n\n\n

    – \u6295\u8d44\u5927\u5e08:\u5df4\u83f2\u7279\u3001\u8292\u683c\u7b49\u7684\u6295\u8d44\u7406\u5ff5<\/p>\n\n\n\n

    6.3 \u80fd\u529b\u63d0\u5347\u65b9\u5411<\/h3>\n\n\n\n

    – \u8d22\u52a1\u5206\u6790\u80fd\u529b:\u8bfb\u61c2\u8d22\u52a1\u62a5\u8868<\/p>\n\n\n\n

    – \u884c\u4e1a\u7814\u7a76\u80fd\u529b:\u7406\u89e3\u884c\u4e1a\u903b\u8f91<\/p>\n\n\n\n

    – \u4f30\u503c\u80fd\u529b:\u638c\u63e1\u4f30\u503c\u65b9\u6cd5<\/p>\n\n\n\n

    – \u5fc3\u7406\u7d20\u8d28:\u63a7\u5236\u60c5\u7eea,\u7406\u6027\u51b3\u7b56<\/p>\n\n\n\n

    \n\n\n\n

    \u7ed3\u8bed<\/h2>\n\n\n\n

    \u6295\u8d44\u662f\u4e00\u573a\u9a6c\u62c9\u677e,\u800c\u975e\u767e\u7c73\u51b2\u523a\u3002\u672c\u6846\u67b6\u63d0\u4f9b\u7684\u4e0d\u662f\u4e00\u591c\u66b4\u5bcc\u7684\u79d8\u8bc0,\u800c\u662f\u4e00\u5957\u7ecf\u8fc7\u65f6\u95f4\u68c0\u9a8c\u7684\u6295\u8d44\u65b9\u6cd5\u8bba\u3002

    \u6c38\u4e45\u6295\u8d44\u7ec4\u5408\u7684\u6838\u5fc3\u601d\u60f3\u5728\u4e8e:\u901a\u8fc7\u5408\u7406\u7684\u8d44\u4ea7\u914d\u7f6e\u548c\u4e25\u683c\u7684\u7eaa\u5f8b\u6267\u884c,\u5728\u4efb\u4f55\u5e02\u573a\u73af\u5883\u4e0b\u90fd\u80fd\u83b7\u5f97\u7a33\u5b9a\u7684\u957f\u671f\u6536\u76ca\u3002\u4e2d\u56fd\u7248\u6c38\u4e45\u6295\u8d44\u7ec4\u5408\u9488\u5bf9\u672c\u571f\u5e02\u573a\u7279\u70b9\u8fdb\u884c\u4e86\u4f18\u5316,\u66f4\u52a0\u6ce8\u91cd\u94f6\u884c\u80a1\u7684\u6838\u5fc3\u5730\u4f4d\u548c\u73b0\u91d1\u6d41\u7684\u91cd\u8981\u6027\u3002

    \u6210\u529f\u7684\u6295\u8d44\u9700\u8981\u4e09\u4e2a\u8981\u7d20:\u6b63\u786e\u7684\u7406\u5ff5\u3001\u4e25\u683c\u7684\u98ce\u63a7\u548c\u6301\u7eed\u7684\u590d\u76d8\u3002\u672c\u6846\u67b6\u6db5\u76d6\u4e86\u8fd9\u4e09\u4e2a\u65b9\u9762\u7684\u5b8c\u6574\u4f53\u7cfb,\u4f46\u6700\u7ec8\u7684\u6210\u529f\u53d6\u51b3\u4e8e\u6267\u884c\u8005\u7684\u7eaa\u5f8b\u6027\u548c\u8010\u5fc3\u3002

    \u8bb0\u4f4f\u6295\u8d44\u7684\u7b2c\u4e00\u6027\u539f\u7406:
    – \u73b0\u91d1\u6d41\u81f3\u4e0a
    – \u5b89\u5168\u8fb9\u9645
    – \u957f\u671f\u4e3b\u4e49
    – \u9006\u5411\u601d\u7ef4

    \u613f\u6bcf\u4e00\u4f4d\u6295\u8d44\u8005\u90fd\u80fd\u5728\u8d44\u672c\u5e02\u573a\u4e0a\u83b7\u5f97\u7406\u60f3\u7684\u56de\u62a5,\u5b9e\u73b0\u8d22\u52a1\u81ea\u7531\u7684\u76ee\u6807\u3002<\/p>\n\n\n\n

    \u7f16\u8f91\u4e8e 2026-03-24 08:50\u30fb\u5317\u4eac
    https:\/\/zhuanlan.zhihu.com\/p\/2018991302675550293<\/a><\/p>\n\n\n\n

    <\/p>\n","protected":false},"excerpt":{"rendered":"

    \u524d\u8a00 \u672c\u6295\u8d44\u53c2\u8003\u6846\u67b6\u57fa\u4e8e\u54c8\u5229\u00b7\u5e03\u6717\u7684\u6c38\u4e45\u6295\u8d44\u7ec4\u5408\u7406\u8bba,\u7ed3\u5408\u4e2d\u56fd\u8d44\u672c\u5e02\u573a\u7684\u5b9e\u9645\u60c5\u51b5\u8fdb\u884c\u672c\u571f\u5316\u6539\u9020\u3002\u6846\u67b6\u6db5\u76d6\u6295\u8d44\u7406 […]<\/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-11805","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\/11805","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=11805"}],"version-history":[{"count":0,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/11805\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}