{"id":12282,"date":"2026-05-18T12:29:03","date_gmt":"2026-05-18T04:29:03","guid":{"rendered":"https:\/\/www.invbus.com\/blog\/?p=12282"},"modified":"2026-05-18T12:29:03","modified_gmt":"2026-05-18T04:29:03","slug":"%e9%87%8f%e5%8c%96%e7%ae%80%e5%8f%b2%e4%b8%80%ef%bc%9a%e9%87%8f%e5%8c%96%e6%8a%95%e8%b5%84%e7%ad%96%e7%95%a5%e7%9a%84%e5%89%8d%e4%b8%96%e4%bb%8a%e7%94%9f%ef%bc%882%ef%bc%89%e5%9b%bd%e5%86%85%e9%87%8f","status":"publish","type":"post","link":"https:\/\/www.invbus.com\/blog\/?p=12282","title":{"rendered":"\u91cf\u5316\u7b80\u53f2\u4e00\uff1a\u91cf\u5316\u6295\u8d44\u7b56\u7565\u7684\u524d\u4e16\u4eca\u751f\uff082\uff09\u56fd\u5185\u91cf\u5316\u6280\u672f\u7684\u6f14\u53d8"},"content":{"rendered":"\n

\u5185\u5bb9\u6765\u6e90\u5fae\u4fe1\u516c\u4f17\u53f7\uff1aXYQuantResearch<\/strong><\/p>\n\n\n\n

3\u3001\u56fd\u5185\u91cf\u5316\u6280\u672f\u7684\u6f14\u53d8<\/strong><\/h2>\n\n\n\n

\u968f\u7740\u5173\u6ce8\u4fa7\u91cd\u70b9\u7684\u4e0d\u540c\uff0c\u91cf\u5316\u53d1\u5c55\u91cd\u8981\u65f6\u95f4\u8282\u70b9\u7684\u5212\u5206\u65b9\u5f0f\u4e5f\u591a\u79cd\u591a\u6837\uff0c\u8003\u8651\u5230\u5e76\u65e0\u5b98\u65b9\u7684\u5212\u5206\u53e3\u5f84\uff0c\u5728\u6b64\u6211\u4eec\u6839\u636e\u56fd\u5185\u91cf\u5316\u6280\u672f\u7684\u53d1\u5c55\u5386\u7a0b\u5bf9\u65f6\u95f4\u8f74\u8fdb\u884c\u5212\u5206\u3002<\/p>\n\n\n\n

\u4e0e\u56fd\u5916\u76f8\u6bd4\uff0c\u56fd\u5185\u91cf\u5316\u53d1\u5c55\u7684\u5386\u53f2\u8f83\u77ed\uff0c\u6839\u636e\u4e00\u4e9b\u91cd\u8981\u7684\u4e8b\u4ef6\u53d1\u751f\u8282\u70b9\uff0c\u6211\u4eec\u53ef\u4ee5\u5c06\u56fd\u5185\u91cf\u5316\u5212\u5206\u62101.0\u65f6\u4ee3\uff082002\u5e74-2010\u5e74\uff09\u30012.0\u65f6\u4ee3\uff082010\u5e74-2015\u5e74\uff09\u30013.0\u65f6\u4ee3\uff082015\u5e74-2019\u5e74\uff09\u548c4.0\u65f6\u4ee3\uff082019\u5e74\u81f3\u4eca\uff09\u3002\u4e0b\u9762\u6211\u4eec\u5c31\u6bcf\u4e2a\u65f6\u4ee3\u7684\u4e3b\u6d41\u91cf\u5316\u6280\u672f\u8fdb\u884c\u63a2\u7a76\u3002<\/p>\n\n\n\n

\"\"\/<\/div><\/figure>\n\n\n\n

3.1 \u91cf\u53161.0\u65f6\u4ee3\u7684\u6280\u672f<\/strong><\/p>\n\n\n\n

\u57282002\u5e74\uff0c\u56fd\u5185\u7b2c\u4e00\u53ea\u6307\u6570\u589e\u5f3a\u578b\u91cf\u5316\u57fa\u91d1<\/a>–\u534e\u5b89\u4e0a\u8bc1180\u6307\u6570\u589e\u5f3a\u578b\u57fa\u91d1\u6210\u7acb\uff0c\u5f00\u521b\u4e86\u56fd\u5185\u91cf\u5316\u6295\u8d44<\/a>\u7684\u65b0\u65f6\u4ee3\u3002\u5149\u5927\u4fdd\u5fb7\u4fe1\u91cf\u5316\u6838\u5fc3\u57fa\u91d1\u57282004\u5e74\u6210\u7acb\uff0c\u4e3b\u52a8\u91cf\u5316\u6295\u8d44\u7406\u5ff5\u5728\u56fd\u5185\u57fa\u91d1\u5e02\u573a\u751f\u957f\u5f00\u82b1\u3002\u867d\u7136\u4e0a\u8ff0\u57fa\u91d1\u8fd0\u7528\u4e86\u91cf\u5316\u6280\u672f\uff0c\u4f46\u662f\u5f53\u5e74\u56fd\u5185\u91cf\u5316\u5e02\u573a\u4ecd\u5904\u4e8e\u521d\u521b\u671f\uff0c\u5bf9\u4e8e\u91cf\u5316\u6295\u8d44\u5c1a\u5904\u4e8e\u6478\u7d22\u72b6\u6001\u3002\u6b64\u5916\uff0c\u7531\u4e8e2002-2010\u5e74\u56fd\u5185\u5e02\u573a\u4ea4\u6613\u5236\u5ea6\u4e0e\u6295\u8d44\u5de5\u5177\u4e0d\u751a\u5b8c\u5584\uff0c\u91cf\u5316\u6280\u672f\u96be\u4ee5\u53d1\u6325\u771f\u6b63\u7684\u5a01\u529b\u3002<\/p>\n\n\n\n

3.2 \u91cf\u53162.0\u65f6\u4ee3\u7684\u6280\u672f<\/strong><\/p>\n\n\n\n

2010\u5e744\u670816\u65e5\uff0c\u4e2d\u56fd\u7b2c\u4e00\u53ea\u80a1\u6307\u671f\u8d27\u6caa\u6df1300\u80a1\u6307\u671f\u8d27<\/a>\uff08IF\uff09\u4e0a\u5e02\uff0c\u6807\u5fd7\u7740\u4e2d\u56fd\u505a\u7a7a\u673a\u5236\u4e0e\u6760\u6746\u4ea4\u6613\u7684\u542f\u8499\u3002\u81ea\u6b64\uff0c\u6295\u8d44\u8005\u65e0\u8bba\u5728A\u80a1\u5e02\u573a\u7684\u4e0a\u6da8\u884c\u60c5\u8fd8\u662f\u4e0b\u8dcc\u884c\u60c5\u90fd\u6709\u8d5a\u94b1\u7684\u673a\u4f1a\uff0c\u91cf\u5316\u4ea4\u6613\u7684\u53ef\u884c\u7b56\u7565\u4e5f\u5f97\u5230\u4e86\u4e30\u5bcc\uff0c\u91cf\u53162.0\u65f6\u4ee3\u7684\u5e8f\u5e55\u5f90\u5f90\u62c9\u5f00\u3002<\/p>\n\n\n\n

\u91cf\u53162.0\u65f6\u4ee3\u7684\u7b56\u7565\u4ee5\u4e2d\u4f4e\u9891\u4ea4\u6613\u4e3a\u4e3b\u3002\u6b64\u65f6\u7684\u516c\u52df\u91cf\u5316\u7b56\u7565\u5927\u81f4\u53ef\u88ab\u5206\u4e3a\u91cf\u5316\u9009\u80a1\u7b56\u7565<\/a>\uff08\u5229\u7528\u6570\u91cf\u5316\u7684\u65b9\u6cd5\u9009\u62e9\u80a1\u7968\u7ec4\u5408\uff0c\u671f\u671b\u8be5\u80a1\u7968\u7ec4\u5408\u80fd\u591f\u83b7\u5f97\u8d85\u8d8a\u57fa\u51c6\u6536\u76ca\u7387\uff09\u548c\u91cf\u5316\u5bf9\u51b2\u7b56\u7565<\/a>\uff08\u5148\u7528\u91cf\u5316\u6295\u8d44\u7684\u65b9\u5f0f\u6784\u5efa\u80a1\u7968\u591a\u5934\u7ec4\u5408\uff0c\u7136\u540e\u4f7f\u7528\u884d\u751f\u54c1\u6784\u9020\u7a7a\u5934\u5bf9\u51b2\u5e02\u573a\u98ce\u9669\uff0c\u6700\u7ec8\u83b7\u53d6\u7a33\u5b9a\u7684\u8d85\u989d\u6536\u76ca\uff09\uff1b\u4e0e\u516c\u52df\u76f8\u6bd4\uff0c\u79c1\u52df\u7684\u91cf\u5316\u7b56\u7565\u66f4\u52a0\u4e30\u5bcc\uff0c\u9664\u4e86\u5982\u4e0a\u6240\u8ff0\u4e09\u7c7b\u7b56\u7565\uff0c\u671f\u8d27\u7b56\u7565\u3001\u671f\u6743\u7b56\u7565<\/a>\u3001\u503a\u5238\u7b56\u7565\u7b49\u4e5f\u662f\u79c1\u52df\u91cf\u5316\u7684\u5e38\u7528\u624b\u6bb5\u3002<\/p>\n\n\n\n

\u4e0b\u9762\uff0c\u6211\u4eec\u5bf9\u91cf\u53162.0\u65f6\u4ee3\u516c\u52df\u4e0e\u79c1\u52df\u7684\u5e38\u7528\u7b56\u7565\u8fdb\u884c\u8bf4\u660e\u3002<\/p>\n\n\n\n

3.2.1\u3001\u91cf\u5316\u9009\u80a1\u7b56\u7565<\/strong><\/p>\n\n\n\n

\u91cf\u5316\u9009\u80a1\u5c31\u662f\u5229\u7528\u6570\u91cf\u5316\u7684\u65b9\u6cd5\u9009\u62e9\u80a1\u7968\u7ec4\u5408\uff0c\u4ee5\u671f\u6784\u5efa\u7684\u80a1\u7968\u7ec4\u5408\u80fd\u591f\u83b7\u5f97\u8f83\u9ad8\u6536\u76ca\u7684\u4e00\u79cd\u6295\u8d44\u884c\u4e3a\u3002\u6839\u636e\u4e3b\u6d41\u7684\u5212\u5206\u65b9\u5f0f\uff0c\u91cf\u5316\u9009\u80a1\u6a21\u578b\u4e3b\u8981\u5206\u4e3a\u4e09\u5927\u7c7b\uff1a\u591a\u56e0\u5b50\u9009\u80a1\u3001\u4e8b\u4ef6\u9a71\u52a8\u9009\u80a1\u4ee5\u53ca\u57fa\u672c\u9762\u91cf\u5316\u9009\u80a1\uff0c\u4e09\u8005\u5404\u6709\u7279\u8272\u4e14\u7686\u4e3a\u91cf\u5316\u6295\u8d44\u673a\u6784\u7684\u70ed\u95e8\u7814\u7a76\u5bf9\u8c61\u3002\u4e09\u7c7b\u91cf\u5316\u9009\u80a1\u6a21\u578b\u7684\u5177\u4f53\u4ecb\u7ecd\u4ee5\u53ca\u91cf\u5316\u9009\u80a1\u7b56\u7565\u5e38\u89c1\u7684\u6570\u636e\u6765\u6e90\u5982\u4e0b\u56fe\u6240\u793a\u3002<\/p>\n\n\n\n

\"\"\/<\/div><\/figure>\n\n\n\n
\"\"\/<\/div><\/figure>\n\n\n\n

\u591a\u56e0\u5b50\u7b56\u7565\u662f\u91cf\u5316\u9009\u80a1\u9886\u57df\u5e94\u7528\u6700\u4e3a\u5e7f\u6cdb\u7684\u7b56\u7565\u4e4b\u4e00\uff0c\u4e3b\u8981\u6709\u4ee5\u4e0b\u7279\u5f81\uff1a<\/p>\n\n\n\n

\uff081\uff09\u80fd\u591f\u7efc\u5408\u5404\u65b9\u9762\u4fe1\u606f\u5f97\u51fa\u4e00\u4e2a\u4f18\u5316\u7ed3\u679c\uff1b<\/p>\n\n\n\n

\uff082\uff09\u6a21\u578b\u8868\u73b0\u8f83\u4e3a\u7a33\u5b9a\uff0c\u56e0\u4e3a\u5728\u4e0d\u540c\u7684\u5e02\u573a\u72b6\u6001\u4e0b\uff0c\u603b\u6709\u4e00\u4e9b\u56e0\u5b50\u4f1a\u53d1\u6325\u4f5c\u7528\uff1b<\/p>\n\n\n\n

\uff083\uff09\u53ef\u4ee5\u4e0e\u8fd1\u5e74\u6765\u53d1\u5c55\u8fc5\u901f\u7684\u4eba\u5de5\u667a\u80fd\u5c24\u5176\u662f\u6df1\u5ea6\u5b66\u4e60\u6280\u672f\u5b9e\u73b0\u5b8c\u7f8e\u878d\u5408\u3002<\/p>\n\n\n\n

\u6211\u4eec\u53ef\u4ee5\u6839\u636e\u7406\u8bba\u6216\u7ecf\u9a8c\u53bb\u5bfb\u627e\u8fd9\u4e9b\u80fd\u5728\u67d0\u6bb5\u65f6\u95f4\u5185\u53d1\u6325\u8f83\u7a33\u5b9a\u4f5c\u7528\u7684\u56e0\u5b50\uff0c\u63a5\u7740\u901a\u8fc7\u5bf9\u5386\u53f2\u6570\u636e\u7684\u62df\u5408\u548c\u7edf\u8ba1\u5206\u6790\u8fdb\u884c\u9a8c\u8bc1\u548c\u7b5b\u9009\u5f97\u5230\u56e0\u5b50\u7ec4\u5408\uff0c\u6700\u540e\u5c06\u7b5b\u9009\u6240\u5f97\u56e0\u5b50\u7684\u7ec4\u5408\u4f5c\u4e3a\u9009\u80a1\u6807\u51c6\uff0c\u4ece\u800c\u6784\u5efa\u80a1\u7968\u6c60\u3002<\/p>\n\n\n\n

\u5728\u5b9e\u8df5\u4e2d\uff0c\u591a\u56e0\u5b50\u9009\u80a1\u53ef\u5206\u4e3a\u4ee5\u4e0b\u4e94\u4e2a\u6b65\u9aa4\uff1a\u56e0\u5b50\u9009\u53d6\u3001\u56e0\u5b50\u6709\u6548\u6027\u68c0\u9a8c\u3001\u56e0\u5b50\u7b5b\u9009\u4e0e\u5408\u6210\u3001\u7ec4\u5408\u4f18\u5316\u4ee5\u53ca\u7ee9\u6548\u5f52\u56e0\uff08\u6bcf\u4e2a\u6b65\u9aa4\u7684\u64cd\u4f5c\u7ec6\u8282\u5982\u4e0b\u56fe\u6240\u793a\uff09\u3002\u5176\u4e2d\uff0c\u56e0\u5b50\u9009\u53d6\u73af\u8282\u5bf9\u7b56\u7565\u80fd\u591f\u5b9e\u73b0\u7684\u8d85\u989d\u6536\u76ca\u7684\u5927\u5c0f\u6709\u7740\u9887\u4e3a\u91cd\u8981\u7684\u5f71\u54cd\uff0c\u56e0\u6b64\u90e8\u5206\u5934\u90e8\u79c1\u52df\u5728\u8ba1\u7b97\u673a\u786c\u4ef6\u8bbe\u5907\u4e0a\u6301\u7eed\u6295\u5165\uff0c\u540c\u65f6\u5f15\u5165\u673a\u5668\u5b66\u4e60\u7b97\u6cd5\uff0c\u4ee5\u8fdb\u884c\u6279\u91cf\u5316\u7684\u56e0\u5b50\u6316\u6398\u3002<\/p>\n\n\n\n

\"\"\/<\/div><\/figure>\n\n\n\n

3.2.2\u3001\u91cf\u5316\u5bf9\u51b2\u7b56\u7565<\/strong><\/p>\n\n\n\n

\u91cf\u5316\u5bf9\u51b2\u7b56\u7565\u662f\u901a\u8fc7\u884d\u751f\u54c1\u6216\u8005\u505a\u7a7a\u80a1\u7968\u7b49\u5bf9\u51b2\u65b9\u6cd5\u6765\u5bf9\u51b2\u6389\u7cfb\u7edf\u98ce\u9669\uff0c\u4ee5\u83b7\u53d6\u7edd\u5bf9\u6536\u76ca\u7684\u4e00\u7c7b\u7b56\u7565\u3002\u91cf\u5316\u5bf9\u51b2\u7b56\u7565\u4e3b\u8981\u5305\u62ec\uff1a\u80a1\u7968\u5e02\u573a\u4e2d\u6027\u7b56\u7565\u3001\u80a1\u7968\u591a\u7a7a\u7b56\u7565\u3001CTA(\u671f\u8d27\u7ba1\u7406)\u7b56\u7565\u4ee5\u53ca\u5957\u5229\u7b56\u7565\uff0c\u5404\u5927\u7c7b\u91cf\u5316\u5bf9\u51b2\u7b56\u7565\u7684\u5177\u4f53\u5206\u7c7b\u4e0e\u89e3\u91ca\u8bf4\u660e\u5982\u4e0b\u56fe\u6240\u793a\u3002<\/p>\n\n\n\n

\"\"\/<\/div><\/figure>\n\n\n\n

\u5728\u5e02\u573a\u9707\u8361\u5267\u70c8\u65f6\uff0c\u91cf\u5316\u5bf9\u51b2\u57fa\u91d1\u7684\u4f18\u52bf\u4f1a\u66f4\u52a0\u660e\u663e\u3002\u636eWind\u6570\u636e\u7edf\u8ba1\uff0c\u57282015\u5e74\u7684\u4e0b\u534a\u5e74\uff0c\u6caa\u6df1300\u6307\u6570\u4e0b\u8dcc16.59%\uff0c\u800c\u91cf\u5316\u5bf9\u51b2\u57fa\u91d1\u5374\u53d6\u5f97\u4e86\u6b63\u5411\u7684\u5e73\u5747\u6536\u76ca\uff080.45%\uff09\uff1b\u5728\u5e02\u573a\u5168\u5e74\u4e0b\u884c\u76842018\u5e74\uff0c\u6caa\u6df1300\u6307\u6570\u4e0b\u8dcc25.31%\uff0c\u800c\u540c\u4e00\u65f6\u671f\u7684\u91cf\u5316\u5bf9\u51b2\u57fa\u91d1\u7684\u5e73\u5747\u6536\u76ca\u4ecd\u4e3a\u6b63\u5411\uff080.27%\uff09\uff1b2021\u5e74\u6625\u8282\u8fc7\u540e\uff0cA\u80a1\u5e02\u573a\u6ce2\u52a8\u8f83\u4e3a\u5267\u70c8\uff0c\u622a\u81f32021\u5e743\u670826\u65e5\uff0c\u6caa\u6df1300\u6307\u6570\u4e0b\u8dcc13.25%\uff0c\u800c\u540c\u671f\u7684\u91cf\u5316\u5bf9\u51b2\u57fa\u91d1\u5e73\u5747\u8dcc\u5e45\u4ec51.55%\uff0c\u8868\u73b0\u8f83\u4e3a\u4eae\u773c\u3002<\/p>\n\n\n\n

\"\"\/<\/div><\/figure>\n\n\n\n

3.2.3\u3001\u671f\u8d27\u7b56\u7565<\/strong><\/p>\n\n\n\n

\u5e38\u89c1\u7684\u671f\u8d27\u7b56\u7565\u4e3b\u8981\u5305\u62ec\u53cc\u5747\u7ebf\u7b56\u7565\u3001\u83f2\u963f\u91cc\u56db\u4ef7\u7b56\u7565\u3001\u5e03\u6797\u7ebf\u5747\u503c\u56de\u5f52\u3001\u8de8\u671f\u5957\u5229\u7b56\u7565\u3001\u8de8\u54c1\u79cd\u5957\u5229\u7b56\u7565\u3001\u6d77\u9f9f\u4ea4\u6613\u6cd5\u7b56\u7565\u3001Dual Thrust\u7b56\u7565\u3001R-Breaker\u7b56\u7565\u3001\u505a\u5e02\u5546\u4ea4\u6613\u7b56\u7565\u4ee5\u53caAlpha\u5bf9\u51b2\u7b56\u7565\u7b49\uff0c\u5404\u5927\u7c7b\u671f\u8d27\u4ea4\u6613\u7b56\u7565\u7684\u5177\u4f53\u5206\u7c7b\u4e0e\u89e3\u91ca\u8bf4\u660e\u5982\u4e0b\u56fe\u6240\u793a\u3002<\/p>\n\n\n\n

\"\"\/<\/div><\/figure>\n\n\n\n
\"\"\/<\/div><\/figure>\n\n\n\n

\u7531\u4e8e\u671f\u8d27\u4ea4\u6613\u9762\u4e34\u4ef7\u683c\u98ce\u9669\u3001\u59d4\u6258\u98ce\u9669\u3001\u4ea4\u6613\u98ce\u9669\u3001\u4ea4\u5272\u98ce\u9669\u3001\u6295\u8d44\u8005\u81ea\u8eab\u5bfc\u81f4\u7684\u98ce\u9669\u7b49\u8bf8\u591a\u98ce\u9669\u56e0\u7d20\uff0c\u5728\u6784\u5efa\u671f\u8d27\u7b56\u7565\u7684\u8fc7\u7a0b\u4e2d\uff0c\u5b8c\u5584\u98ce\u9669\u76d1\u63a7\u548c\u5904\u7f6e\u673a\u5236\u6709\u7740\u9887\u4e3a\u91cd\u8981\u7684\u610f\u4e49\u3002<\/p>\n\n\n\n

3.2.4\u3001\u671f\u6743\u7b56\u7565<\/strong><\/p>\n\n\n\n

\u671f\u6743\u4e5f\u88ab\u79f0\u4e3a\u9009\u62e9\u6743\uff0c\u662f\u4e00\u79cd\u80fd\u5728\u672a\u6765\u67d0\u7279\u5b9a\u65f6\u95f4\u4ee5\u7279\u5b9a\u4ef7\u683c\u4e70\u5165\u6216\u5356\u51fa\u4e00\u5b9a\u6570\u91cf\u7684\u67d0\u79cd\u7279\u5b9a\u5546\u54c1\u7684\u6743\u5229\u3002\u7531\u671f\u6743\u7684\u6982\u5ff5\u53ef\u77e5\uff0c\u671f\u6743\u5efa\u7acb\u5728\u671f\u8d27\u7684\u57fa\u7840\u4e4b\u4e0a\uff0c\u7ed9\u4e88\u6295\u8d44\u8005\u8d2d\u5165\u6216\u51fa\u552e\u6807\u7684\u8d44\u4ea7\u7684\u6743\u5229\u3002\u4ece\u4ea4\u6613\u65b9\u5f0f\u6765\u770b\uff0c\u671f\u6743\u7b56\u7565\u4e3b\u8981\u53ef\u88ab\u5206\u4e3a\u4ee5\u4e0b\u56db\u7c7b\uff1a<\/p>\n\n\n\n

\uff081\uff09\u65b9\u5411\u6027\u4ea4\u6613\u7b56\u7565\uff1a\u5229\u7528\u671f\u6743\u7684\u6760\u6746\u7279\u6027\u8fdb\u884c\u65b9\u5411\u6027\u4ea4\u6613\uff08\u5e38\u89c1\u7684\u6709\u4e70\u5165\u770b\u6da8\u671f\u6743\u3001\u5356\u51fa\u770b\u6da8\u671f\u6743\u3001\u4e70\u5165\u770b\u8dcc\u671f\u6743\u548c\u5356\u51fa\u770b\u8dcc\u671f\u6743\uff0c\u6216\u8005\u57fa\u4e8e\u4e0d\u540c\u884c\u6743\u4ef7\u6216\u5230\u671f\u65f6\u95f4\u7684\u671f\u6743\u6784\u5efa\u7ec4\u5408\uff09\uff1b<\/p>\n\n\n\n

\uff082\uff09\u6ce2\u52a8\u7387\u4ea4\u6613\u7b56\u7565\uff1a\u6ce2\u52a8\u7387\u662f\u671f\u6743\u4ea4\u6613\u4e2d\u975e\u5e38\u91cd\u8981\u7684\u89c2\u5bdf\u89d2\u5ea6\uff0c\u4e0e\u5176\u4ed6\u7684\u91d1\u878d\u8d44\u4ea7\u4e0d\u540c\uff0c\u671f\u6743\u4e0d\u4ec5\u80fd\u8fdb\u884c\u65b9\u5411\u6027\u4ea4\u6613\uff0c\u8fd8\u80fd\u8fdb\u884c\u6ce2\u52a8\u7387\u4ea4\u6613\uff1b<\/p>\n\n\n\n

\uff083\uff09\u5957\u5229\u7b56\u7565\uff1a\u5bf9\u4e8e\u671f\u6743\u800c\u8a00\uff0c\u5e38\u89c1\u5957\u5229\u7b56\u7565\u6709\u5e73\u4ef7\u5957\u5229\u7b56\u7565(Put-Call Parity)\u3001\u7bb1\u4f53\u5957\u5229\u3001\u51f8\u6027\u5957\u5229\u3001\u8fb9\u754c\u5957\u5229\u7b49\uff1b<\/p>\n\n\n\n

\uff084\uff09\u5957\u4fdd\u7b56\u7565\uff1a\u98ce\u9669\u7ba1\u7406\u662f\u671f\u6743\u6700\u6838\u5fc3\u7684\u529f\u80fd\u4e4b\u4e00\uff0c\u671f\u6743\u4e0e\u73b0\u8d27\u7ed3\u5408\u7684\u5957\u4fdd\u7b56\u7565\u4e5f\u662f\u76ee\u524d\u673a\u6784\u5e38\u7528\u7684\u7b56\u7565\uff0c\u5982\u5907\u5151\u5f00\u4ed3\u7b56\u7565\uff08Covered Call\uff09\u3001\u4fdd\u62a4\u6027\u770b\u8dcc\u671f\u6743\u7b56\u7565\uff08Protective Put\uff09\u7b49\u3002<\/p>\n\n\n\n

\u4e0a\u8ff0\u5404\u7c7b\u671f\u6743\u4ea4\u6613\u7b56\u7565\u7684\u5177\u4f53\u5206\u7c7b\u4e0e\u89e3\u91ca\u8bf4\u660e\u5982\u4e0b\u56fe\u6240\u793a\u3002<\/p>\n\n\n\n

\"\"\/<\/div><\/figure>\n\n\n\n

\u968f\u7740\u56fd\u5185\u884d\u751f\u54c1\u5e02\u573a\u7684\u6301\u7eed\u53d1\u5c55\u548c\u5f00\u653e\uff0c\u671f\u6743\u5728\u6295\u8d44\u4e0e\u98ce\u9669\u7ba1\u7406\u4e2d\u7684\u4f5c\u7528\u8d8a\u6765\u8d8a\u91cd\u8981\uff0c\u671f\u6743\u7b56\u7565\u4e5f\u5c06\u5728\u91cf\u5316\u4eba\u624d\u4e0d\u65ad\u6d8c\u5165\u7684\u8fc7\u7a0b\u4e2d\u6108\u53d1\u4e30\u5bcc\u4e0e\u5b8c\u5584\u3002<\/p>\n\n\n\n

3.2.5\u3001\u503a\u5238\u7b56\u7565<\/strong><\/p>\n\n\n\n

\u503a\u5238\u6295\u8d44\u53ef\u4ee5\u76f4\u63a5\u5728\u4e00\u7ea7\u5e02\u573a\u4e70\u5165\u5e76\u6301\u6709\u5230\u671f\uff0c\u4e5f\u53ef\u4ee5\u5728\u4e8c\u7ea7\u5e02\u573a\u4e70\u5356\u5229\u7528\u503a\u5238\u4ef7\u683c\u672c\u8eab\u7684\u6ce2\u52a8\uff0c\u4f4e\u5438\u9ad8\u629b\u4ee5\u8d5a\u53d6\u5dee\u4ef7\u3002\u503a\u5238\u6295\u8d44\u4e3b\u8981\u5206\u4e3a\u88ab\u52a8\u6295\u8d44\u7b56\u7565\u548c\u4e3b\u52a8\u6295\u8d44\u7b56\u7565\uff0c\u5404\u7c7b\u503a\u5238\u4ea4\u6613\u7b56\u7565\u7684\u89e3\u91ca\u8bf4\u660e\u5982\u4e0b\u56fe\u6240\u793a\u3002<\/p>\n\n\n\n

\"\"\/<\/div><\/figure>\n\n\n\n

3.3 \u91cf\u53163.0\u65f6\u4ee3\u7684\u6280\u672f<\/strong><\/p>\n\n\n\n

2015\u5e744\u670816\u65e5\uff0c\u4e2d\u8bc1500\u80a1\u6307\u671f\u8d27\u4e0a\u5e02\uff0c\u8fd9\u610f\u5473\u7740\u91cf\u5316\u57fa\u91d1\u62e5\u6709\u66f4\u591a\u7684\u53d1\u6325\u7a7a\u95f4\uff0c\u5c0f\u76d8\u80a1\u7684\u5bf9\u51b2\u4e5f\u66f4\u4e3a\u4fbf\u5229\u3002\u5728\u91cf\u53163.0\u65f6\u4ee3\uff0c\u91cf\u5316\u57fa\u91d1\u5bf9\u957f\u7ebf\u56e0\u5b50\u7684\u4f9d\u8d56\u51cf\u5c11\uff0c\u91cf\u5316\u57fa\u91d1\u7684\u7b56\u7565\u9010\u6b65\u6b65\u5165\u7cbe\u7ec6\u5316\u548c\u9ad8\u9891\u65f6\u4ee3\u3002\u4e00\u4f17\u79c1\u52df\u76f8\u7ee7\u5efa\u7acb\u4ece\u6781\u4e3a\u77ed\u6682\u7684\u5e02\u573a\u53d8\u5316\u4e2d\u5bfb\u6c42\u83b7\u5229\u7684\u81ea\u52a8\u4ea4\u6613\u7cfb\u7edf\uff0c\u4ee5\u589e\u539a\u8d85\u989d\u6536\u76ca\u3002<\/p>\n\n\n\n

\u9ad8\u9891\u4ea4\u6613<\/a>\u76ee\u524d\u5c1a\u65e0\u88ab\u5e7f\u6cdb\u63a5\u53d7\u7684\u6743\u5a01\u5b9a\u4e49\uff0c\u4e00\u822c\u8ba4\u4e3a\u9ad8\u9891\u4ea4\u6613\u6709\u5982\u4e0b\u51e0\u4e2a\u7279\u5f81\uff1a<\/p>\n\n\n\n

\uff081\uff09\u9ad8\u9891\u4ea4\u6613\u90fd\u662f\u7531\u8ba1\u7b97\u673a\u81ea\u52a8\u5b8c\u6210\u7684\u7a0b\u5e8f\u5316\u4ea4\u6613\uff1b<\/p>\n\n\n\n

\uff082\uff09\u9ad8\u9891\u4ea4\u6613\u7684\u4ea4\u6613\u91cf\u5927\u5e45\u9ad8\u4e8e\u4f20\u7edf\u4ea4\u6613\u7b56\u7565\uff1b<\/p>\n\n\n\n

\uff083\uff09\u9ad8\u9891\u4ea4\u6613\u7684\u6301\u4ed3\u65f6\u95f4\u5f88\u77ed\uff0c\u65e5\u5185\u4ea4\u6613\u6b21\u6570\u5f88\u591a\uff1b<\/p>\n\n\n\n

\uff084\uff09\u9ad8\u9891\u4ea4\u6613\u6bcf\u7b14\u6536\u76ca\u7387\u5f88\u4f4e\uff0c\u4f46\u662f\u603b\u4f53\u6536\u76ca\u7a33\u5b9a\u3002<\/p>\n\n\n\n

\u6839\u636e\u73b0\u6709\u6587\u732e\uff0c\u9ad8\u9891\u4ea4\u6613\u7b56\u7565\u4e3b\u8981\u5305\u62ec\u9020\u5e02\u4ea4\u6613\u3001\u6536\u62a5\u673a\u4ea4\u6613\u3001\u4e8b\u4ef6\u5957\u5229\u3001\u7edf\u8ba1\u5957\u5229\u3001\u65b0\u95fb\u4ea4\u6613\u3001\u4f4e\u5ef6\u8fdf\u7b56\u7565\u4ee5\u53ca\u8ba2\u5355\u5c5e\u6027\u7b56\u7565\uff0c\u5e38\u89c1\u9ad8\u9891\u4ea4\u6613\u7b56\u7565\u7684\u5177\u4f53\u5206\u7c7b\u4e0e\u89e3\u91ca\u8bf4\u660e\u5982\u4e0b\u56fe\u6240\u793a\u3002<\/p>\n\n\n\n

\"\"\/<\/div><\/figure>\n\n\n\n

\u9ad8\u9891\u7b56\u7565\u7684\u901f\u5ea6\u5f88\u5feb\u4e14\u6536\u76ca\u76f8\u5bf9\u7a33\u5b9a\u3002\u7136\u800c\u9ad8\u9891\u7b56\u7565\u7684\u7f3a\u9677\u4e5f\u5f88\u660e\u663e\uff0c\u4e3b\u8981\u4f53\u73b0\u5728\u4ee5\u4e0b\u51e0\u65b9\u9762\uff1a<\/p>\n\n\n\n

\uff081\uff09\u7b56\u7565\u5bb9\u91cf\u7684\u9650\u5236\u76f8\u5bf9\u4e2d\u4f4e\u9891\u7b56\u7565\u66f4\u5927\uff0c\u82e5\u7b56\u7565\u89c4\u6a21\u8fbe\u5230\u5e02\u573a\u5bb9\u91cf\u4e0a\u9650\uff0c\u4ea4\u6613\u7b56\u7565\u5c06\u53d1\u751f\u62e5\u5835\uff0c\u5e02\u573a\u6469\u64e6\u6210\u672c\u5c06\u663e\u8457\u589e\u5927\uff0c\u4ea7\u54c1\u6536\u76ca\u7387\u5c06\u8f83\u96be\u63d0\u5347\uff1b<\/p>\n\n\n\n

\uff082\uff09\u9ad8\u9891\u7b56\u7565\u4e3b\u8981\u5173\u6ce8\u5e02\u573a\u7684\u77ed\u671f\u6ce2\u52a8\u3002\u5982\u82e5\u5e02\u573a\u7ed3\u6784\u53d1\u751f\u53d8\u5316\uff0c\u539f\u6709\u7684\u56e0\u5b50\u53ef\u80fd\u5931\u6548\uff0c\u56e0\u6b64\u9ad8\u9891\u4ea4\u6613\u56e2\u961f\u9700\u8981\u4e0d\u65ad\u6316\u6398\u65b0\u7684\u56e0\u5b50\u3002<\/p>\n\n\n\n

\u6b63\u56e0\u4e3a\u9ad8\u9891\u4ea4\u6613\u7684\u4ee5\u4e0a\u7f3a\u9677\uff0c\u65e9\u57282018\u5e74\u65f6\uff0c\u5c31\u6709\u90e8\u5206\u91cf\u5316\u79c1\u52df\u4e3b\u52a8\u51cf\u5c11\u9ad8\u9891\u4ea4\u6613\uff0c\u52a0\u5927\u4e2d\u4f4e\u9891\u4ea4\u6613\u7b56\u7565\u7684\u5e03\u5c40\u529b\u5ea6\u3002<\/p>\n\n\n\n

3.4 \u91cf\u53164.0\u65f6\u4ee3\u7684\u6280\u672f<\/strong><\/p>\n\n\n\n

2019\u5e746\u6708\u8bc1\u76d1\u4f1a\u63a8\u52a8\u4e86\u516c\u52df\u57fa\u91d1\u8f6c\u878d\u901a\u4e1a\u52a1\u6307\u5f15\uff1b\u540c\u5e748\u6708\uff0c\u201c\u4e24\u878d\u6807\u7684\u589e\u52a0650\u53ea\uff08\u4e0d\u542b\u79d1\u521b\u677f\uff09\uff0c\u4e2d\u5c0f\u677f\u3001\u521b\u4e1a\u677f\u80a1\u7968\u5360\u6bd4\u63d0\u5347\uff0c\u540c\u65f6\u79d1\u521b\u677f\u80a1\u7968\u81ea\u4e0a\u5e02\u9996\u65e5\u8d77\u5373\u53ef\u6210\u4e3a\u4e24\u878d\u6807\u7684\uff0c\u4e5f\u6210\u4e3a\u6807\u7684\u6269\u5bb9\u7684\u91cd\u8981\u7ec4\u6210\u90e8\u5206\u201d\u3002\u878d\u5238\u7684\u653e\u5f00\u4e0e\u5e94\u7528\uff0c\u4f7f\u5f97\u91cf\u5316\u53ef\u4ee5\u771f\u6b63\u5b9e\u73b0\u591a\u7a7a\u7b56\u7565\uff0c\u8fd9\u5c06\u5927\u5927\u4e30\u5bcc\u91cf\u5316\u7b56\u7565\u7684\u79cd\u7c7b\u548c\u5bb9\u91cf\uff0c\u5c06\u91cf\u5316\u63a8\u5165\u4e86\u6d69\u6d69\u8361\u8361\u76844.0\u65f6\u4ee3\u3002\u5728\u91cf\u53164.0\u65f6\u4ee3\uff0c\u878d\u5238\u505a\u7a7a\u4f7f\u5f97\u80a1\u7968\u591a\u7a7a\u548c\u7eaf\u505a\u7a7a\u7b49\u7b56\u7565\u6210\u4e3a\u53ef\u8fdb\u4e00\u6b65\u80fd\uff0c\u4e30\u5bcc\u4e86\u91cf\u5316\u7b56\u7565\u6c60\u3002<\/p>\n\n\n\n

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\"\"\/<\/div><\/figure>\n\n\n\n

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\"\"\/<\/div><\/figure>\n\n\n\n
\"\"\/<\/div><\/figure>\n\n\n\n
\"\"\/<\/div><\/figure>\n\n\n\n
\"\"\/<\/div><\/figure>\n\n\n\n

\u6240\u5c5e\u4e13\u680f \u00b7\u00a02021-12-09 17:59 \u66f4\u65b0<\/a>
https:\/\/zhuanlan.zhihu.com\/p\/443300639<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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