{"id":34410,"date":"2025-08-22T16:21:52","date_gmt":"2025-08-22T08:21:52","guid":{"rendered":"https:\/\/www.kafeizha.com\/?p=34410"},"modified":"2025-08-22T16:21:52","modified_gmt":"2025-08-22T08:21:52","slug":"%e3%80%90%e6%ad%a3%e9%9d%a2%e3%80%91bloomberg%e4%b8%ad%e5%9b%bd%e8%82%a1%e5%b8%82%e5%8f%8d%e5%bc%b9%e5%bc%95%e5%85%b3%e6%b3%a8%ef%bc%8c%e7%bb%93%e6%9e%84%e6%80%a7%e9%97%ae%e9%a2%98%e4%bb%8d%e5%ad%98","status":"publish","type":"post","link":"https:\/\/news.tomjun.com\/?p=34410","title":{"rendered":"\u3010\u6b63\u9762\u3011[bloomberg]\u4e2d\u56fd\u80a1\u5e02\u53cd\u5f39\u5f15\u5173\u6ce8\uff0c\u7ed3\u6784\u6027\u95ee\u9898\u4ecd\u5b58"},"content":{"rendered":"<p>**\u4e2d\u56fd\u80a1\u5e02\u7684\u5d1b\u8d77\u4ee4\u5e02\u573a\u8001\u624b\u611f\u5230\u4e0d\u5b89**<\/p>\n<p>\u5927\u5bb6\u597d\uff0c\u6211\u662f\u4e0a\u6d77\u7684\u67e5\u7406\u00b7\u6731\u3002\u5728\u7ecf\u5386\u4e86\u591a\u5e74\u7684\u8868\u73b0\u4e0d\u4f73\u4e4b\u540e\uff0c\u4e2d\u56fd\u80a1\u5e02\u4f3c\u4e4e\u6b63\u5728\u8fce\u6765\u4e00\u573a\u671f\u5f85\u5df2\u4e45\u7684\u53cd\u5f39\u3002\u5728\u4e0a\u6d77\u4e0a\u5e02\u7684\u80a1\u7968\uff0c\u4ee5\u53ca\u8bb8\u591a\u5728\u6caa\u6df1300\u6307\u6570\u4e0a\u7684\u80a1\u7968\uff0c\u5176\u4ea4\u6613\u4ef7\u683c\u90fd\u9ad8\u4e8e50\u65e5\u79fb\u52a8\u5e73\u5747\u7ebf\u3002<\/p>\n<p>\u90a3\u4e48\uff0c\u8fd9\u6ce2\u4e0a\u6da8\u7684\u80cc\u540e\u662f\u4ec0\u4e48\u5462\uff1f\u6709\u51e0\u4e2a\u56e0\u7d20\u5f88\u7a81\u51fa\u3002\u9996\u5148\uff0c\u6295\u8d44\u8005\u7684\u60c5\u7eea\u5df2\u7ecf\u5927\u5927\u6539\u5584\u3002\u4e2d\u7f8e\u8d38\u6613\u7d27\u5f20\u5173\u7cfb\u7684\u7f13\u548c\uff0c\u51cf\u8f7b\u4e86\u4ed6\u4eec\u7684\u4e00\u4e9b\u7126\u8651\u3002<\/p>\n<p>\u5176\u6b21\uff0c\u662f\u4e2d\u56fd\u653f\u5e9c\u63a8\u52a8\u6539\u5584\u5e02\u573a\u60c5\u7eea\u3002\u653f\u5e9c\u663e\u7136\u5e0c\u671b\u80a1\u5e02\u7e41\u8363\uff0c\u4e0d\u4ec5\u662f\u4e3a\u4e86\u63d0\u632f\u516c\u4f17\u7684\u58eb\u6c14\u548c\u5bb6\u5ead\u6536\u5165\uff0c\u4e5f\u662f\u4e3a\u4e86\u66f4\u597d\u5730\u4e3a\u56fd\u5bb6\u7684\u91cd\u8981\u6218\u7565\u9879\u76ee\u63d0\u4f9b\u8d44\u91d1\u652f\u6301\u3002\u81ea\u53bb\u5e74\u5e74\u521d\u4ee5\u6765\uff0c\u5b98\u5458\u4eec\u5df2\u7ecf\u63a8\u51fa\u4e86\u4e00\u7cfb\u5217\u5bf9\u5e02\u573a\u53cb\u597d\u7684\u63aa\u65bd\uff1a\u6536\u7d27\u65b0\u80a1\u4f9b\u5e94\uff0c\u9f13\u52b1\u4f01\u4e1a\u5411\u6295\u8d44\u8005\u8fd4\u8fd8\u66f4\u591a\u73b0\u91d1\uff0c\u5e76\u5f15\u5165\u66f4\u591a\u7684\u957f\u671f\u8d44\u91d1\u3002\u6b64\u5916\uff0c\u653f\u5e9c\u8fd8\u4e00\u76f4\u5728\u6253\u51fb\u4ef7\u683c\u6218\u548c\u4e0d\u6b63\u5f53\u7ade\u4e89\u2014\u2014\u8fd9\u4e9b\u4e3e\u63aa\u88ab\u6295\u8d44\u8005\u89c6\u4e3a\u5229\u597d\u3002<\/p>\n<p>\u6700\u91cd\u8981\u7684\u662f\uff0c\u5982\u679c\u5e02\u573a\u5f00\u59cb\u4e0b\u8dcc\uff0c\u4eba\u4eec\u671f\u671b\u56fd\u5bb6\u961f\u4f1a\u51fa\u624b\u76f8\u6551\uff0c\u5c31\u50cf\u5f53\u5e74\u5510\u7eb3\u5fb7\u00b7\u7279\u6717\u666e\u603b\u7edf\u63a8\u51fa\u5173\u7a0e\u65f6\u90a3\u6837\u3002<\/p>\n<p>\u6240\u6709\u8fd9\u4e9b\u90fd\u4f7f\u5f97\u80a1\u7968\u770b\u8d77\u6765\u6bd4\u8fc7\u53bb\u66f4\u6709\u5438\u5f15\u529b\uff0c\u7279\u522b\u662f\u8003\u8651\u5230\u623f\u5730\u4ea7\u5e02\u573a\u4ecd\u7136\u4f4e\u8ff7\u3002\u8003\u8651\u5230\u8fc7\u53bb\u51e0\u5e74\u5229\u7387\u548c\u503a\u5238\u6536\u76ca\u7387\u7684\u4e0b\u6ed1\uff0c\u5bb6\u5ead\u548c\u673a\u6784\u90fd\u5728\u80a1\u5e02\u4e2d\u5bfb\u627e\u66f4\u597d\u7684\u56de\u62a5\u3002<\/p>\n<p>\u4f46\u95ee\u9898\u662f\uff1a\u5982\u679c\u4f60\u5173\u6ce8\u4e2d\u56fd\u5e02\u573a\u4e00\u6bb5\u65f6\u95f4\u4e86\uff0c\u4f60\u5c31\u4f1a\u77e5\u9053\u623f\u95f4\u91cc\u6709\u4e00\u5934\u7834\u574f\u5e02\u573a\u7684\u201c\u5927\u8c61\u201d\u3002<\/p>\n<p>\u65e9\u572890\u5e74\u4ee3\u521d\uff0c\u6211\u5c31\u5f00\u59cb\u4e86\u6211\u7684\u65b0\u95fb\u5de5\u4f5c\uff0c\u5f53\u65f6\u62a5\u9053\u7684\u662f\u4e2d\u56fd\u65b0\u5174\u7684\u80a1\u5e02\u3002\u4ece\u90a3\u65f6\u8d77\uff0c\u6211\u770b\u5230\u4e86\u5f88\u591a\u620f\u5267\u6027\u7684\u8d77\u8d77\u843d\u843d\u3002\u6bcf\u9694\u51e0\u5e74\uff0c\u6545\u4e8b\u5c31\u4f1a\u91cd\u6f14\u3002\u901a\u5e38\u662f\u7531\u652f\u6301\u6027\u653f\u7b56\u6216\u4e50\u89c2\u7684\u7ecf\u6d4e\u4fe1\u53f7\u5f15\u53d1\u4e00\u6ce2\u5174\u594b\u6d6a\u6f6e\u3002\u6563\u6237\u548c\u673a\u6784\u6295\u8d44\u8005\u7eb7\u7eb7\u6d8c\u5165\u3002\u80a1\u4ef7\u98d9\u5347\uff0c\u6709\u65f6\u751a\u81f3\u8fbe\u5230\u4ee4\u4eba\u773c\u82b1\u7f2d\u4e71\u7684\u9ad8\u5ea6\uff0c\u6301\u7eed12\u523018\u4e2a\u6708\u3002\u76d1\u7ba1\u673a\u6784\u5f00\u59cb\u964d\u6e29\uff0c\u6253\u51fb\u6295\u673a\u884c\u4e3a\uff0c\u6536\u7d27\u6d41\u52a8\u6027\u3002\u7136\u800c\uff0c\u6700\u7ec8\uff0c\u97f3\u4e50\u505c\u6b62\u4e86\uff0c\u4e00\u4e9b\u6295\u8d44\u8005\u53d1\u73b0\u81ea\u5df1\u65e0\u5904\u53ef\u5750\u2014\u2014\u6216\u8005\u8bf4\u4ed6\u4eec\u7684\u50a8\u84c4\u4e5f\u968f\u4e4b\u84b8\u53d1\u3002\u6295\u8d44\u8005\u4fe1\u5fc3\u53d7\u5230\u4e25\u91cd\u6253\u51fb\u3002\u8fd9\u5c31\u89e3\u91ca\u4e86\u4e3a\u4ec0\u4e48\u66f4\u591a\u5bf9\u5e02\u573a\u611f\u5230\u538c\u5026\u7684\u4eba\u5c06\u4e2d\u56fd\u7684\u6563\u6237\u5927\u519b\u79f0\u4e3a\u201c\u97ed\u83dc\u201d\uff0c\u7b49\u5f85\u7740\u88ab\u673a\u4f1a\u4e3b\u4e49\u8005\u6536\u5272\u3002<\/p>\n<p>\u8fd9\u4e9b\u5468\u671f\u901a\u5e38\u4ee5\u8fc7\u5ea6\u6295\u673a\u548c\u7f3a\u4e4f\u5bf9\u957f\u671f\u6295\u8d44\u7684\u7ed3\u6784\u6027\u652f\u6301\u4e3a\u6807\u5fd7\u3002\u4ee52007\u5e74\u4e3a\u4f8b\u3002\u5f53\u65f6\u7684\u725b\u5e02\u662f\u7531\u84ec\u52c3\u53d1\u5c55\u7684\u7ecf\u6d4e\u3001\u5317\u4eac\u51c6\u5907\u4e3e\u529e\u590f\u5b63\u5965\u8fd0\u4f1a\u7684\u6c11\u65cf\u81ea\u8c6a\u611f\u4ee5\u53ca\u56fd\u6709\u4f01\u4e1a\u80a1\u4e1c\u7ed3\u6784\u6539\u9769\u6240\u63a8\u52a8\u7684\u3002\u5e02\u573a\u4e0a\u6da8\u4e86\u5927\u7ea6\u516d\u500d\uff0c\u4f46\u5f53\u5168\u7403\u91d1\u878d\u5371\u673a\u6765\u88ad\u65f6\uff0c\u5e02\u573a\u4e5f\u968f\u4e4b\u5d29\u6e83\u3002<\/p>\n<p>\u8c01\u53c8\u80fd\u5fd8\u8bb02015\u5e74\u5462\uff1f\u90a3\u6b21\u7684\u53cd\u5f39\u662f\u7206\u70b8\u6027\u7684\uff0c\u4e3b\u8981\u662f\u7531\u878d\u8d44\u878d\u5238\u548c\u75af\u72c2\u7684\u6563\u6237\u6295\u8d44\u8005\u63a8\u52a8\u7684\u3002\u6caa\u6df1300\u6307\u6570\u5728\u4e00\u6b21\u58ee\u89c2\u7684\u5d29\u76d8\u4e4b\u524d\u4e0a\u6da8\u4e86\u4e00\u500d\u591a\u3002\u5317\u4eac\u4e0d\u5f97\u4e0d\u52a8\u7528\u56fd\u5bb6\u652f\u6301\u7684\u8d44\u91d1\u6765\u7a33\u5b9a\u5e02\u573a\u3002\u6211\u8bb0\u5f97\u6211\u7684\u4e00\u4e2a\u670b\u53cb\u2014\u2014\u4e00\u4e2a\u9760\u81ea\u5df1\u594b\u6597\u6210\u4e3a\u767e\u4e07\u7f8e\u5143\u5bcc\u7fc1\u7684\u65e5\u95f4\u4ea4\u6613\u5458\u2014\u2014\u544a\u8bc9\u6211\u4ed6\u662f\u5982\u4f55\u901a\u8fc7\u62bc\u6ce8\u4e00\u53ea\u822a\u7a7a\u80a1\u800c\u53d1\u4e86\u4e00\u7b14\u6a2a\u8d22\u7684\u3002\u4ed6\u4ece\u4e00\u4e9b\u4e0d\u6b63\u89c4\u7684\u878d\u8d44\u878d\u5238\u63d0\u4f9b\u5546\u90a3\u91cc\u501f\u4e86\u5f88\u591a\u94b1\uff0c\u5e76\u5728\u5d29\u76d8\u524d\u4fa5\u5e78\u8131\u8eab\u3002\u4ed6\u662f\u5e78\u8fd0\u7684\u3002\u5927\u591a\u6570\u6563\u6237\u6295\u8d44\u8005\u5374\u6ca1\u6709\u90a3\u4e48\u5e78\u8fd0\u3002\u8bb8\u591a\u4eba\u5728\u7ecf\u6d4e\u4e0a\u6216\u60c5\u611f\u4e0a\u90fd\u672a\u80fd\u5b8c\u5168\u6062\u590d\u3002\u5bf9\u6295\u8d44\u8005\u4fe1\u5fc3\u7684\u635f\u5bb3\u4e00\u76f4\u6301\u7eed\u5230\u4eca\u5929\u3002<\/p>\n<p>\u8fd9\u4e00\u6b21\uff0c\u60c5\u51b5\u611f\u89c9\u6709\u70b9\u4e0d\u540c\u3002\u6211\u4eec\u770b\u5230\u6295\u8d44\u8005\u6b63\u5728\u5c06\u8d44\u91d1\u4ece\u623f\u5730\u4ea7\u8f6c\u79fb\u5230\u80a1\u7968\u4e0a\uff0c\u800c\u63a8\u52a8\u8fd9\u79cd\u8f6c\u53d8\u7684\u4e0d\u4ec5\u4ec5\u662f\u6563\u6237\u4ea4\u6613\u8005\u3002\u50cf\u4fdd\u9669\u516c\u53f8\u8fd9\u6837\u7684\u957f\u671f\u6295\u8d44\u8005\u6b63\u5728\u4ecb\u5165\u3002\u8fd9\u4e00\u4e3e\u52a8\u6b63\u5728\u5411\u5e02\u573a\u6ce8\u5165\u6d41\u52a8\u6027\uff0c\u90e8\u5206\u539f\u56e0\u662f\u653f\u5e9c\u63a8\u52a8\u652f\u6301\u80a1\u5e02\u3002\u4f46\u90a3\u4e9b\u5d29\u76d8\u7559\u4e0b\u7684\u4f24\u75a4\u5728\u4e2d\u56fd\u6839\u6df1\u8482\u56fa\u3002\u81ea\u4ece\u5927\u7ea635\u5e74\u524d\u6210\u7acb\u4ee5\u6765\uff0c\u4e2d\u56fd\u80a1\u5e02\u7ecf\u5e38\u88ab\u6279\u8bc4\u4e3a\u504f\u8892\u53d1\u884c\u8005\u800c\u4e0d\u662f\u6295\u8d44\u8005\u3002\u5bf9\u4e0a\u5e02\u516c\u53f8\u8d28\u91cf\u548c\u6cbb\u7406\u7684\u62c5\u5fe7\u4ecd\u7136\u662f\u8bb8\u591a\u6295\u8d44\u8005\u5173\u6ce8\u7684\u7126\u70b9\u3002<\/p>\n<p>\u662f\u7684\uff0c\u76d1\u7ba1\u673a\u6784\u5df2\u7ecf\u52a0\u5f3a\u4e86\u6e05\u7406\u95e8\u6237\u7684\u529b\u5ea6\uff0c\u6253\u51fb\u8bc1\u5238\u884c\u4e1a\u7684\u8150\u8d25\uff0c\u5e76\u5c06\u76ee\u6807\u9501\u5b9a\u5728\u9996\u6b21\u516c\u5f00\u52df\u80a1\u548c\u4f1a\u8ba1\u6b3a\u8bc8\u4e0a\uff0c\u6700\u8fd1\u5bf9\u76d1\u7ba1\u5b98\u5458\u8fdb\u884c\u7684\u4e00\u7cfb\u5217\u8c03\u67e5\u5c31\u8bc1\u660e\u4e86\u8fd9\u4e00\u70b9\u3002\u4f46\u8981\u8d70\u7684\u8def\u8fd8\u5f88\u957f\u3002\u6700\u8fd1\uff0c\u653f\u5e9c\u51fa\u53f0\u4e86\u5438\u5f15\u5c1a\u672a\u76c8\u5229\u7684\u79d1\u6280\u516c\u53f8\u4e0a\u5e02\u7684\u653f\u7b56\uff0c\u8fd9\u5f15\u8d77\u4e86\u4e00\u4e9b\u6295\u8d44\u8005\u7684\u8b66\u60d5\u3002\u4ed6\u4eec\u62c5\u5fc3\u8fd9\u53ef\u80fd\u4f1a\u518d\u6b21\u53d8\u6210\u673a\u4f1a\u4e3b\u4e49\u8005\u548c\u5173\u7cfb\u5bc6\u5207\u7684\u5185\u90e8\u4eba\u58eb\u7684\u610f\u5916\u4e4b\u8d22\uff0c\u800c\u727a\u7272\u7684\u5374\u662f\u5c0f\u6295\u8d44\u8005\u7684\u5229\u76ca\u3002<\/p>\n<p>\u9884\u6d4b\u76ee\u524d\u7684\u6da8\u52bf\u662f\u5426\u4f1a\u6301\u7eed\u4e0b\u53bb\u662f\u5f92\u52b3\u7684\uff0c\u4f46\u8981\u4f7f\u8fd9\u6b21\u4e0a\u6da8\u7ecf\u53d7\u4f4f\u65f6\u95f4\u7684\u8003\u9a8c\uff0c\u4e2d\u56fd\u9700\u8981\u4e0d\u65ad\u6df1\u5316\u6539\u9769\uff0c\u771f\u6b63\u4f18\u5148\u4fdd\u62a4\u6295\u8d44\u8005\u3002\u8fd9\u5c06\u786e\u4fdd\u4e0b\u4e00\u6ce2\u4e0a\u5e02\u516c\u53f8\u4e0d\u4ec5\u589e\u52a0\u6570\u91cf\uff0c\u800c\u4e14\u589e\u52a0\u4ef7\u503c\u3002<\/p>\n<p>**\u6211\u4eec\u6b63\u5728\u9605\u8bfb\u3001\u6536\u542c\u548c\u89c2\u770b\u7684\u5185\u5bb9\uff1a**<\/p>\n<p>\u7279\u6717\u666e\u5bf9\u5370\u5ea6\u5b9e\u65bd\u5173\u7a0e\uff0c\u4ee5\u963b\u6b62\u5176\u8d2d\u4e70\u4fc4\u7f57\u65af\u77f3\u6cb9\u7684\u4e3e\u52a8\uff0c\u5df2\u7ecf\u5c06\u65b0\u5fb7\u91cc\u63a8\u5411\u4e86\u5317\u4eac\u3002\u4ee5\u81f3\u4e8e\u8fd9\u4e24\u4e2a\u4e9a\u6d32\u5927\u56fd\u5728\u4ed6\u4eec\u5173\u7cfb\u4e2d\u6700\u68d8\u624b\u7684\u95ee\u9898\u4e4b\u4e00\uff1a\u8fb9\u754c\u95ee\u9898\u4e0a\u53d6\u5f97\u4e86\u521d\u6b65\u8fdb\u5c55\u3002<\/p>\n<p>\u672c\u5468\uff0c\u4e2d\u56fd\u5916\u4ea4\u90e8\u957f\u738b\u6bc5\u4e09\u5e74\u4ee5\u6765\u9996\u6b21\u8bbf\u95ee\u5370\u5ea6\u3002\u53cc\u65b9\u8868\u793a\uff0c\u4ed6\u4eec\u540c\u610f\u63a2\u8ba8\u5212\u5b9a\u4e89\u8bae\u8fb9\u754c\u3002\u8be5\u8ba1\u5212\u8fd8\u5904\u4e8e\u521d\u671f\u9636\u6bb5\u2014\u2014\u53cc\u65b9\u57fa\u672c\u4e0a\u53ea\u540c\u610f\u6210\u7acb\u4e00\u4e2a\u5c0f\u7ec4\u6765\u7814\u7a76\u8fd9\u4e2a\u95ee\u9898\u2014\u2014\u4f46\u8fd9\u610f\u4e49\u91cd\u5927\uff0c\u56e0\u4e3a\u5b83\u6700\u7ec8\u53ef\u80fd\u5bfc\u81f4\u89e3\u51b3\u4e89\u7aef\u3002<\/p>\n<p>\u5728\u8fc7\u53bb\u7684\u4e03\u5341\u5e74\u91cc\uff0c\u4e16\u754c\u4e0a\u4eba\u53e3\u6700\u591a\u7684\u4e24\u4e2a\u56fd\u5bb6\u5728\u5176\u8fb9\u5883\u5730\u533a\u591a\u6b21\u53d1\u751f\u51b2\u7a81\u3002\u7531\u4e8e2020\u5e74\u7684\u51b2\u7a81\uff0c\u8fd9\u4e24\u4e2a\u62e5\u6709\u6838\u6b66\u5668\u7684\u5927\u56fd\u4e4b\u95f4\u7684\u5173\u7cfb\u6025\u5267\u4e0b\u964d\u3002<\/p>\n<p>\u5728\u7279\u6717\u666e\u672c\u6708\u65e9\u4e9b\u65f6\u5019\u5c06\u5370\u5ea6\u5173\u7a0e\u63d0\u9ad8\u523050%\u4e4b\u540e\uff0c\u4e24\u56fd\u5173\u7cfb\u53d8\u5f97\u66f4\u52a0\u5bc6\u5207\u3002\u7f8e\u56fd\u603b\u7edf\u8868\u793a\uff0c\u63d0\u9ad8\u5173\u7a0e\u662f\u5bf9\u5370\u5ea6\u8d2d\u4e70\u4fc4\u7f57\u65af\u6253\u6298\u77f3\u6cb9\u7684\u60e9\u7f5a\uff0c\u4ed6\u8ba4\u4e3a\u8fd9\u6709\u52a9\u4e8e\u8d44\u52a9\u4fc4\u7f57\u65af\u3002<\/p>\n<p>\u7279\u6717\u666e\u653f\u5e9c\u672c\u5468\u8fdb\u4e00\u6b65\u5c06\u77db\u5934\u6307\u5411\u5370\u5ea6\uff0c\u8d22\u653f\u90e8\u957f\u65af\u79d1\u7279\u00b7\u8d1d\u68ee\u7279\u8868\u793a\uff0c\u5370\u5ea6\u6b63\u5728\u4ece\u77f3\u6cb9\u8d2d\u4e70\u4e2d\u201c\u725f\u53d6\u66b4\u5229\u201d\u3002\u4ed6\u751a\u81f3\u70b9\u540d\u6279\u8bc4\u201c\u5370\u5ea6\u4e00\u4e9b\u6700\u5bcc\u6709\u7684\u5bb6\u65cf\u201d\u4ece\u4e2d\u83b7\u5229\u2014\u2014\u95f4\u63a5\u62a8\u51fb\u4e86\u4e9a\u6d32\u9996\u5bcc\u7a46\u514b\u4ec0\u00b7\u5b89\u5df4\u5c3c\u3002<\/p>\n<p>\u5370\u5ea6\u4e3a\u81ea\u5df1\u4ece\u6700\u4fbf\u5b9c\u7684\u6765\u6e90\u8d2d\u4e70\u77f3\u6cb9\u7684\u6743\u5229\u8fdb\u884c\u4e86\u8fa9\u62a4\uff0c\u79f0\u5173\u7a0e\u662f\u201c\u4e0d\u5408\u7406\u7684\u201d\u3002\u5bf9\u4e8e\u65b0\u5fb7\u91cc\u6765\u8bf4\uff0c\u4fc4\u7f57\u65af\u77f3\u6cb9\u7684\u4f18\u52bf\u5728\u4e8e\u53ef\u4ee5\u6253\u6298\u8d2d\u4e70\uff0c\u6709\u52a9\u4e8e\u63a7\u5236\u56fd\u5185\u901a\u8d27\u81a8\u80c0\u3002<\/p>\n<p>\u8fd9\u573a\u6324\u538b\u8fd0\u52a8\u98a0\u8986\u4e86\u7f8e\u56fd\u2014\u2014\u5305\u62ec\u7279\u6717\u666e\u7684\u2014\u2014\u4e3a\u4e86\u62c9\u62e2\u5370\u5ea6\uff0c\u4e3b\u8981\u662f\u4e3a\u4e86\u5728\u5370\u592a\u5730\u533a\u5bf9\u6297\u4e2d\u56fd\u3002<\/p>\n<p>\u66f4\u597d\u7684\u5173\u7cfb\u5bf9\u5370\u5ea6\u548c\u4e2d\u56fd\u90fd\u6709\u5f88\u5927\u7684\u610f\u4e49\u3002\u65b0\u5fb7\u91cc\u5efa\u7acb\u66f4\u5927\u5de5\u4e1a\u57fa\u5730\u7684\u68a6\u60f3\u53d6\u51b3\u4e8e\u83b7\u5f97\u4e2d\u56fd\u6280\u672f\u3002\u5370\u5ea6\u8fd8\u4ece\u4e2d\u56fd\u8d2d\u4e70\u4e86\u5927\u91cf\u7684\u7535\u5b50\u548c\u7535\u6c14\u8bbe\u5907\u2014\u2014\u53bb\u5e74\u4ef7\u503c\u7ea6480\u4ebf\u7f8e\u5143\u2014\u2014\u5e76\u5e0c\u671b\u83b7\u5f97\u533b\u836f\u6210\u5206\u548c\u7a00\u571f\u78c1\u94c1\u3002<\/p>\n<p>\u4e2d\u56fd\u4ece\u8fd9\u7b14\u4ea4\u6613\u4e2d\u83b7\u5f97\u4e86\u4e00\u4e2a\u5de8\u5927\u7684\u65b0\u6d88\u8d39\u5e02\u573a\u3002\u5370\u5ea6\u662f\u4e16\u754c\u7b2c\u4e09\u5927\u6c7d\u8f66\u5e02\u573a\uff0c\u8fd9\u4f7f\u5f97\u5b83\u6210\u4e3a\u6bd4\u4e9a\u8fea\u7b49\u4e2d\u56fd\u516c\u53f8\u7684\u4e3b\u8981\u76ee\u6807\u3002\u963f\u91cc\u5df4\u5df4\u548c\u817e\u8baf\u7b49\u516c\u53f8\u4e5f\u5411\u5370\u5ea6\u7684\u72ec\u89d2\u517d\u516c\u53f8\u6295\u5165\u4e86\u8d44\u91d1\uff0c\u62bc\u6ce8\u4e8e\u8be5\u56fd\u4e0d\u65ad\u589e\u957f\u7684\u6570\u5b57\u7ecf\u6d4e\u548c\u6d88\u8d39\u80c3\u53e3\u3002<\/p>\n<p>\u5f53\u7136\uff0c\u4e2d\u56fd\u548c\u5370\u5ea6\u4e4b\u95f4\u5b58\u5728\u8bb8\u591a\u4e89\u8bae\u70b9\u3002\u4ed6\u4eec\u5c31\u5317\u4eac\u5bf9\u897f\u85cf\u7684\u5b97\u6559\u63a7\u5236\u95ee\u9898\u53d1\u751f\u4e86\u4e89\u6267\uff0c\u672c\u5468\u4e60\u8fd1\u5e73\u8bbf\u95ee\u4e2d\u56fd\u897f\u90e8\u5730\u533a\u65f6\uff0c\u8fd9\u4e2a\u95ee\u9898\u6210\u4e3a\u4e86\u4eba\u4eec\u5173\u6ce8\u7684\u7126\u70b9\u3002<\/p>\n<p>\u738b\u6bc5\u5bf9\u5370\u5ea6\u7684\u8bbf\u95ee\u4e3a\u5370\u5ea6\u603b\u7406\u7eb3\u4f26\u5fb7\u62c9\u00b7\u83ab\u8fea\u672c\u6708\u8bbf\u95ee\u4e2d\u56fd\u94fa\u5e73\u4e86\u9053\u8def\u3002\u5c4a\u65f6\uff0c\u4ed6\u5c06\u51fa\u5e2d\u4e0a\u6d77\u5408\u4f5c\u7ec4\u7ec7\u9886\u5bfc\u4eba\u4f1a\u8bae\uff0c\u4e2d\u56fd\u5e0c\u671b\u5229\u7528\u8fd9\u79cd\u7ec4\u7ec7\u6765\u6269\u5927\u5176\u5f71\u54cd\u529b\u3002<\/p>\n<p>\u8fd9\u6b21\u805a\u4f1a\u5c06\u4f7f\u4e60\u8fd1\u5e73\u6709\u673a\u4f1a\u62c9\u62e2\u5370\u5ea6\u2014\u2014\u5e76\u4f7f\u5176\u8fdb\u4e00\u6b65\u8fdc\u79bb\u7f8e\u56fd\u3002<\/p>\n<p>**\u6bcf\u5468\u5173\u6ce8\u4e2d\u56fd\u7684\u91cd\u8981\u65b0\u95fb\u3002**<\/p>\n<p>\u6700\u8fd1\uff0c\u5728\u4e2d\u56fd\uff0c\u8d85\u8fc750\u4e07\u4eba\u88ab\u5373\u5c06\u5230\u6765\u7684\u62cd\u5356\u4e00\u53ea\u2026\u2026\u5bb6\u732b\u7684\u6d88\u606f\u6240\u5438\u5f15\u3002<\/p>\n<p>\u662f\u7684\uff0c\u4e00\u53ea\u5bb6\u732b\uff0c\u4e8b\u5b9e\u4e0a\u662f\u4e00\u53ea\u864e\u6591\u732b\u3002\u8fd9\u4ef6\u4e8b\u4e5f\u91cd\u65b0\u5f15\u53d1\u4e86\u5173\u4e8e\u5728\u4e2d\u56fd\u66f4\u597d\u5730\u4fdd\u62a4\u52a8\u7269\u7684\u5fc5\u8981\u6027\u7684\u8ba8\u8bba\uff0c\u4f46\u662f\uff0c\u563f\uff0c\u66f4\u591a\u5173\u4e8e\u90a3\u53ea\u975e\u5e38\u53ef\u7231\u3001\u7a0d\u5fae\u6709\u70b9\u80d6\u7684\u732b\u79d1\u52a8\u7269\u7684\u6d88\u606f\u3002<\/p>\n<p>\u4e4b\u6240\u4ee5\u8981\u8fdb\u884c\u62cd\u5356\uff0c\u662f\u56e0\u4e3a\u6c5f\u82cf\u4e00\u5bb6\u6cd5\u9662\u4e0b\u4ee4\u67e5\u5c01\u5e76\u51fa\u552e\u4e00\u540d\u8d1f\u503a\u7537\u5b50\u7684\u8d22\u4ea7\uff0c\u4ee5\u507f\u8fd8\u5176\u503a\u6743\u4eba\u3002\u56e0\u6b64\uff0c\u8fd9\u53ea\u5927\u7ea6\u4e09\u5c81\u7684\u732b\u54aa\u2014\u2014\u6211\u4eec\u6682\u4e14\u79f0\u5b83\u4e3a\u201c\u9f99\u72f8\u201d\uff0c\u4ee5\u7eaa\u5ff5\u4e2d\u56fd\u6d41\u884c\u7684\u4e00\u4e2a\u54c1\u79cd\u2014\u2014\u6700\u7ec8\u51fa\u73b0\u5728\u963f\u91cc\u5df4\u5df4\u7684\u62cd\u5356\u7f51\u7ad9\u4e0a\u3002<\/p>\n<p>\u7531\u4e8e\u53ea\u6709\u4e92\u8054\u7f51\u624d\u77e5\u9053\u7684\u539f\u56e0\u2014\u2014\u53ef\u80fd\u662f\u4e3a\u4e86\u8f6c\u79fb\u4eba\u4eec\u5bf9\u5176\u4ed6\u4e8b\u4ef6\u7684\u6ce8\u610f\u529b\u2014\u2014\u9f99\u72f8\u53d8\u5f97\u975e\u5e38\u53d7\u6b22\u8fce\u3002\u8d85\u8fc750\u4e07\u4eba\u6d4f\u89c8\u4e86\u4ed6\u7684\u9875\u9762\uff0c\u5927\u7ea6\u67096000\u4eba\u51fa\u4ef7\uff0c\u8d77\u4ef7\u4e3a500\u5143\u4eba\u6c11\u5e01\uff0870\u7f8e\u5143\uff09\u3002<\/p>\n<p>\u4e00\u4f4d\u4eba\u58eb\u544a\u8bc9\u5f53\u5730\u5a92\u4f53\uff1a\u201c\u6211\u8ba1\u5212\u7528\u6211\u6bcf\u67088000\u5143\u7684\u5de5\u8d44\u6765\u7ade\u62cd\u8fd9\u53ea\u732b\uff0c\u4f46\u73b0\u5728\u6211\u89c9\u5f97\u6211\u4e0d\u592a\u53ef\u80fd\u5f97\u5230\u5b83\u4e86\u3002\u6211\u53ea\u662f\u5e0c\u671b\u4eba\u4eec\u4e0d\u8981\u4e00\u76f4\u62ac\u9ad8\u4ef7\u683c\u3002\u201d<\/p>\n<p>\u9f99\u72f8\u5c45\u4f4f\u7684\u5ba0\u7269\u5e97\u7684\u5de5\u4f5c\u4eba\u5458\u663e\u7136\u7231\u4e0a\u4e86\u8fd9\u4e2a\u5c0f\u5bb6\u4f19\uff0c\u5e76\u60f3\u4e70\u4e0b\u4ed6\uff0c\u4f46\u4e5f\u62c5\u5fc3\u4ed6\u4eec\u4f1a\u88ab\u9ad8\u4ef7\u6392\u9664\u5728\u5916\u3002\u4e5f\u8bb8\u4ed6\u4eec\u8fd8\u8bb0\u5f972021\u5e74\u53e6\u4e00\u53ea\u5ba0\u7269\uff0c\u4e00\u53ea\u540d\u53eb\u767b\u767b\u7684\u67f4\u72ac\u5728\u62cd\u5356\u4e2d\u62cd\u51fa\u9ad8\u4ef7\u4e4b\u524d\u6210\u4e3a\u4e2d\u56fd\u4e92\u8054\u7f51\u4e0a\u7684\u8f70\u52a8\u4e8b\u4ef6\u3002<\/p>\n<p>\u4e92\u8054\u7f51\u7528\u6237\u4e5f\u5bf9\u9f99\u72f8\u7684\u547d\u8fd0\u8868\u793a\u4e86\u4e00\u4e9b\u62c5\u5fe7\u3002\u4e00\u4e9b\u4eba\u62c5\u5fc3\u4e2d\u6807\u8005\u662f\u5426\u4f1a\u63d0\u4f9b\u4e00\u4e2a\u597d\u7684\u5bb6\uff0c\u6216\u8005\u6709\u4eba\u4f1a\u4ec5\u4ec5\u4e3a\u4e86\u8bd5\u56fe\u5229\u7528\u4ed6\u7684\u540d\u6c14\u6765\u8d5a\u94b1\u800c\u4e70\u4e0b\u8fd9\u53ea\u732b\u3002\u8fd9\u4e9b\u62c5\u5fe7\u90e8\u5206\u6e90\u4e8e\u4e2d\u56fd\u7f3a\u4e4f\u5168\u9762\u7684\u5ba0\u7269\u52a8\u7269\u4fdd\u62a4\u6cd5\u3002\u5c3d\u7ba1\u5021\u5bfc\u56e2\u4f53\u548c\u4e2a\u4eba\u547c\u5401\u4e86\u51e0\u5341\u5e74\u3002<\/p>\n<p>\u8fd9\u4e00\u7a7a\u767d\u5bfc\u81f4\u4e86\u4e00\u4e9b\u975e\u5e38\u53ef\u6015\u7684\u8650\u5f85\u52a8\u7269\u4e8b\u4ef6\u3002\u65e9\u57282022\u5e74\uff0c\u4e0a\u6d77\u4e00\u540d\u7537\u5b50\u663e\u7136\u6740\u6b7b\u4e86\u4e00\u53ea\u732b\uff0c\u539f\u56e0\u4f3c\u4e4e\u4ec5\u4ec5\u662f\u56e0\u4e3a\u4e00\u680b\u516c\u5bd3\u697c\u7684\u79df\u6237\u5f00\u59cb\u5728\u7f51\u4e0a\u53d1\u5e03\u7167\u987e\u8fd9\u53ea\u732b\u7684\u53ef\u7231\u7167\u7247\u3002<\/p>\n<p>\u5373\u4f7f\u8b66\u65b9\u5bf9\u8650\u5f85\u52a8\u7269\u7684\u6848\u4ef6\u611f\u5174\u8da3\uff0c\u4ed6\u4eec\u4e5f\u53ea\u80fd\u4ee5\u201c\u5bfb\u8845\u6ecb\u4e8b\u201d\u7684\u7f6a\u540d\u6765\u6253\u51fb\u65bd\u8650\u8005\u3002\u8fd9\u5bf9\u4e8e\u963b\u6b62\u672a\u6765\u7684\u4e8b\u4ef6\u5e76\u6ca1\u6709\u592a\u5927\u7684\u4f5c\u7528\u3002<\/p>\n<p>\u52a8\u7269\u798f\u5229\u5021\u5bfc\u8005\u5e0c\u671b\u8fd9\u79cd\u60b2\u60e8\u7684\u547d\u8fd0\u4e0d\u4f1a\u964d\u4e34\u5230\u9f99\u72f8\u8eab\u4e0a\uff0c\u5e76\u6b63\u5728\u5229\u7528\u8fd9\u573a\u5173\u4e8e\u8fd9\u53ea\u6bdb\u8338\u8338\u7684\u732b\u7684\u4e89\u8bba\u6765\u91cd\u7533\u4ed6\u4eec\u547c\u5401\u4e2d\u56fd\u6b63\u5f0f\u7981\u6b62\u8650\u5f85\u5ba0\u7269\u3002\u201c\u732b\u7684\u751f\u547d\u4ecd\u7136\u662f\u4e00\u6761\u751f\u547d\uff0c\u201d\u4e00\u4f4d\u4eba\u58eb\u5728\u5fae\u4fe1\u4e0a\u5199\u9053\u3002 <\/p>\n<hr>\n<p><b>\u5206\u6790\u5927\u6a21\u578b\uff1a<\/b>gemma2<br \/><b>\u5f97\u5206\uff1a<\/b>10<br \/><b>\u539f\u56e0\uff1a<\/b><\/p>\n<pre style=\"white-space: pre-wrap;font-size: inherit;\">\u6587\u7ae0\u62a5\u9053\u4e86\u4e2d\u56fd\u80a1\u5e02\u7684\u56de\u6696\u4ee5\u53ca\u653f\u5e9c\u4e3a\u6539\u5584\u5e02\u573a\u60c5\u7eea\u6240\u91c7\u53d6\u7684\u63aa\u65bd\uff0c\u4f8b\u5982\u653e\u5bbd\u8d38\u6613\u9650\u5236\u3001\u9f13\u52b1\u4f01\u4e1a\u56de\u62a5\u6295\u8d44\u8005\u7b49\uff0c\u8fd9\u4e9b\u90fd\u88ab\u89c6\u4e3a\u79ef\u6781\u4fe1\u53f7\u3002\u540c\u65f6\uff0c\u6587\u7ae0\u4e5f\u63d0\u5230\u4e86\u4e2d\u56fd\u548c\u5370\u5ea6\u5728\u89e3\u51b3\u8fb9\u754c\u95ee\u9898\u4e0a\u53d6\u5f97\u7684\u521d\u6b65\u8fdb\u5c55\uff0c\u4ee5\u53ca\u4e24\u56fd\u5728\u7ecf\u6d4e\u5408\u4f5c\u65b9\u9762\u7684\u6f5c\u529b\uff0c\u8fd9\u4e9b\u90fd\u4f20\u9012\u51fa\u79ef\u6781\u7684\u4fe1\u606f\u3002<\/pre>\n<hr>\n<p><b>\u539f\u6587\u5730\u5740\uff1a<\/b><a href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2025-08-22\/surging-china-stocks-are-giving-market-veterans-the-jitters\" target=\"_blank\">Surging China Stocks Are Giving Market Veterans the Jitters<\/a><br \/> <b>\u65b0\u95fb\u65e5\u671f\uff1a<\/b>2025-08-22<\/p>\n<div style=\"margin: 20px 0;\"><div class=\"qrcswholewtapper\" style=\"text-align:left;\"><div class=\"qrcprowrapper\"  id=\"qrcwraa2leds\"><div class=\"qrc_canvass\" id=\"qrc_cuttenpages_2\" style=\"display:inline-block\" data-text=\"https:\/\/news.tomjun.com\/?p=34410\"><\/div><div><a download=\"\u3010\u6b63\u9762\u3011[bloomberg]\u4e2d\u56fd\u80a1\u5e02\u53cd\u5f39\u5f15\u5173\u6ce8\uff0c\u7ed3\u6784\u6027\u95ee\u9898\u4ecd\u5b58.png\" class=\"qrcdownloads\" id=\"worign\">\r\n           <button type=\"button\" style=\"min-width:200px;background:#44d813;color:#000;font-weight: 600;border: 1px solid #44d813;border-radius:20px;font-size:12px;padding: 6px 0;\" class=\"uqr_code_btn\">\u6587\u7ae0\u4e8c\u7ef4\u7801<\/button>\r\n           <\/a><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>**\u4e2d\u56fd\u80a1\u5e02\u7684\u5d1b\u8d77\u4ee4\u5e02\u573a\u8001\u624b\u611f\u5230\u4e0d\u5b89** \u5927\u5bb6\u597d\uff0c\u6211\u662f\u4e0a\u6d77\u7684\u67e5\u7406\u00b7\u6731\u3002\u5728\u7ecf\u5386\u4e86\u591a\u5e74\u7684\u8868\u73b0\u4e0d\u4f73\u4e4b\u540e\uff0c\u4e2d\u56fd\u80a1\u5e02\u4f3c\u4e4e [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[79],"tags":[11194,2495,5473,2650,20451],"class_list":["post-34410","post","type-post","status-publish","format-standard","hentry","category-79","tag-11194","tag-2495","tag-5473","tag-2650","tag-20451"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/news.tomjun.com\/index.php?rest_route=\/wp\/v2\/posts\/34410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.tomjun.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.tomjun.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.tomjun.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news.tomjun.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34410"}],"version-history":[{"count":1,"href":"https:\/\/news.tomjun.com\/index.php?rest_route=\/wp\/v2\/posts\/34410\/revisions"}],"predecessor-version":[{"id":34411,"href":"https:\/\/news.tomjun.com\/index.php?rest_route=\/wp\/v2\/posts\/34410\/revisions\/34411"}],"wp:attachment":[{"href":"https:\/\/news.tomjun.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.tomjun.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.tomjun.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}