{"id":37732,"date":"2025-10-06T16:11:13","date_gmt":"2025-10-06T08:11:13","guid":{"rendered":"https:\/\/www.kafeizha.com\/?p=37732"},"modified":"2025-10-06T16:11:13","modified_gmt":"2025-10-06T08:11:13","slug":"%e3%80%90%e6%ad%a3%e9%9d%a2%e3%80%91bloomberg%e5%88%b6%e8%a3%81%e4%b8%8b%e7%9a%84%e6%98%93%e8%b4%a7%e8%b4%b8%e6%98%93%ef%bc%9a%e4%b8%ad%e5%9b%bd%e6%b1%bd%e8%bd%a6%e6%8d%a2%e4%bc%8a%e6%9c%97%e9%87%91","status":"publish","type":"post","link":"https:\/\/news.tomjun.com\/?p=37732","title":{"rendered":"\u3010\u6b63\u9762\u3011[bloomberg]\u5236\u88c1\u4e0b\u7684\u6613\u8d27\u8d38\u6613\uff1a\u4e2d\u56fd\u6c7d\u8f66\u6362\u4f0a\u6717\u91d1\u5c5e"},"content":{"rendered":"<p>\u5728\u4e2d\u56fd\u7684\u957f\u6c5f\u6cbf\u5cb8\u7684\u4e00\u4e2a\u5de5\u4e1a\u57ce\u9547\uff0c\u6c7d\u8f66\u96f6\u90e8\u4ef6\u7684\u751f\u4ea7\u7ebf\u6bcf\u9694\u51e0\u4e2a\u6708\u5c31\u4f1a\u542f\u52a8\u3002\u8fd9\u4e9b\u53d1\u52a8\u673a\u548c\u5e95\u76d8\u88ab\u8fd0\u5f80\u53e6\u4e00\u5bb6\u5de5\u5382\u8fdb\u884c\u534a\u7ec4\u88c5\uff0c\u5f62\u6210\u6240\u8c13\u7684\u201c\u6563\u4ef6\u201d\uff0c\u7136\u540e\u88c5\u5165\u96c6\u88c5\u7bb1\u8fd0\u5f80\u6700\u7ec8\u76ee\u7684\u5730\u2014\u2014\u4f0a\u6717\u3002<\/p>\n<p>\u7136\u800c\uff0c\u8fd9\u4e9b\u534a\u6210\u54c1\u6c7d\u8f66\u5e76\u975e\u4ee5\u73b0\u91d1\u652f\u4ed8\uff0c\u800c\u662f\u4ee5\u4f0a\u6717\u7684\u94dc\u548c\u950c\u6765\u4ea4\u6362\uff0c\u4ee5\u6ee1\u8db3\u4e2d\u56fd\u5e9e\u5927\u7684\u91d1\u5c5e\u4ea7\u4e1a\u7684\u9700\u6c42\u3002\u636e\u77e5\u60c5\u4eba\u58eb\u900f\u9732\uff0c\u8fd9\u79cd\u6c7d\u8f66\u6362\u91d1\u5c5e\u7684\u8d38\u6613\uff0c\u8ba9\u6211\u4eec\u5f97\u4ee5\u7f55\u89c1\u5730\u6d1e\u5bdf\u5230\uff0c\u524d\u6240\u672a\u6709\u7684\u897f\u65b9\u5236\u88c1\u6d6a\u6f6e\u5982\u4f55\u5206\u88c2\u5168\u7403\u8d38\u6613\u4f53\u7cfb\uff0c\u5e76\u523a\u6fc0\u4e86\u53e4\u8001\u7684\u6613\u8d27\u8d38\u6613\u7684\u590d\u5174\u3002<\/p>\n<p>\u6613\u8d27\u8d38\u6613\u56f4\u7ed5\u7740\u5b89\u5fbd\u7701\u7684\u4e00\u6279\u516c\u53f8\u5c55\u5f00\uff0c\u5176\u4e2d\u5305\u62ec\u5947\u745e\u6c7d\u8f66\u548c\u94dc\u9675\u6709\u8272\u91d1\u5c5e\u96c6\u56e2\u63a7\u80a1\u6709\u9650\u516c\u53f8\u3002\u5947\u745e\u6c7d\u8f66\u8ba1\u5212\u5728\u9999\u6e2f\u8fdb\u884c\u9996\u6b21\u516c\u5f00\u52df\u80a1\uff08IPO\uff09\uff0c\u878d\u8d4412\u4ebf\u7f8e\u5143\u3002\u5982\u4eca\uff0c\u5947\u745e\u5df2\u6210\u4e3a\u5168\u7403\u6700\u5927\u7684\u4e2d\u56fd\u6c7d\u8f66\u51fa\u53e3\u5546\u548c\u5168\u7403\u7b2c11\u5927\u4e58\u7528\u8f66\u516c\u53f8\u3002\u5947\u745e\u7684\u6c7d\u8f66\u96f6\u90e8\u4ef6\u5728\u4e00\u4e2a\u590d\u6742\u7684\u8d38\u6613\u7f51\u7edc\u4e2d\u626e\u6f14\u7740\u5173\u952e\u89d2\u8272\uff0c\u5728\u8fd9\u4e2a\u7f51\u7edc\u4e2d\uff0c\u6c7d\u8f66\u88ab\u7528\u6765\u4ea4\u6362\u91d1\u5c5e\uff0c\u751a\u81f3\u8170\u679c\uff0c\u4ee5\u89c4\u907f\u7f8e\u56fd\u4e0d\u65ad\u5347\u7ea7\u7684\u5236\u88c1\u6240\u5e26\u6765\u7684\u652f\u4ed8\u96be\u9898\u3002<\/p>\n<p>\u6ca1\u6709\u4efb\u4f55\u8ff9\u8c61\u8868\u660e\u5947\u745e\u3001\u94dc\u9675\u6709\u8272\u6216\u672c\u6587\u4e2d\u63d0\u53ca\u7684\u4efb\u4f55\u5176\u4ed6\u516c\u53f8\u8fdd\u53cd\u4e86\u5236\u88c1\u89c4\u5b9a\u3002\u5947\u745e\u6c7d\u8f66\u5b9e\u9645\u4e0a\u5e76\u975e\u76f4\u63a5\u4e0e\u4f0a\u6717\u8fdb\u884c\u6613\u8d27\u4ea4\u6613\uff0c\u800c\u662f\u5c06\u96f6\u90e8\u4ef6\u548c\u6280\u672f\u51fa\u552e\u7ed9\u5b89\u5fbd\u7701\u7684\u53e6\u4e00\u5bb6\u516c\u53f8\uff0c\u8be5\u516c\u53f8\u5c06\u5176\u7ec4\u88c5\u6210\u534a\u6563\u88c5\u8f66\u8f86\uff0c\u7136\u540e\u8fd0\u5f80\u4f0a\u6717\u3002\u7f8e\u56fd\u548c\u6b27\u6d32\u5bf9\u4f0a\u6717\u7684\u5236\u88c1\u4e13\u95e8\u9488\u5bf9\u6765\u81ea\u8fd9\u4e9b\u56fd\u5bb6\u7684\u4e2a\u4eba\u548c\u516c\u53f8\uff0c\u4ee5\u53ca\u4efb\u4f55\u4f7f\u7528\u5176\u8d27\u5e01\u7684\u4eba\uff0c\u8fd9\u610f\u5473\u7740\u53ea\u8981\u4e2d\u56fd\u516c\u53f8\u4ee5\u91cc\u4e9a\u5c14\u6216\u4eba\u6c11\u5e01\u8fdb\u884c\u4ea4\u6613\uff0c\u5c31\u53ef\u4ee5\u7ee7\u7eed\u5728\u4f0a\u6717\u5f00\u5c55\u4e1a\u52a1\uff0c\u800c\u4e0d\u4f1a\u8fdd\u53cd\u4efb\u4f55\u5236\u88c1\u3002\u6839\u636e\u4e2d\u56fd\u6cd5\u5f8b\uff0c\u4e0e\u4f0a\u6717\u7684\u8d38\u6613\u4ecd\u7136\u662f\u5408\u6cd5\u7684\u3002<\/p>\n<p>\u5947\u745e\u548c\u94dc\u9675\u6709\u8272\u7684\u4ee3\u8868\u5747\u672a\u56de\u5e94\u591a\u6b21\u7f6e\u8bc4\u8bf7\u6c42\u3002<\/p>\n<p>\u81ea\u4e09\u5341\u5e74\u524d\u6210\u7acb\u4ee5\u6765\uff0c\u5947\u745e\u5df2\u6210\u4e3a\u5317\u4eac\u201c\u4e00\u5e26\u4e00\u8def\u201d\u5021\u8bae\u4e0b\u5bf9\u5916\u8d38\u6613\u653f\u7b56\u7684\u6210\u529f\u5178\u8303\uff0c\u5176\u4e1a\u52a1\u904d\u53ca\u4f0a\u6717\u3001\u53e4\u5df4\u548c\u4fc4\u7f57\u65af\u7b49\u5730\u3002\u81ea2022\u5e74\u4ee5\u6765\uff0c\u5947\u745e\u5728\u4fc4\u7f57\u65af\u7684\u6536\u5165\u4e00\u76f4\u4e0e\u83f2\u5229\u666e\u00b7\u83ab\u91cc\u65af\u4e89\u593a\u699c\u9996\u3002\u5947\u745e\u8fd8\u4f7f\u5176\u6240\u5728\u7684\u5b89\u5fbd\u7701\u6210\u4e3a\u4e2d\u56fd\u6c7d\u8f66\u4ea7\u4e1a\u7684\u4e2d\u5fc3\uff0c\u9884\u8ba1\u52302025\u5e74\u4e0a\u534a\u5e74\uff0c\u8be5\u7701\u7684\u6c7d\u8f66\u4ea7\u91cf\u5c06\u8fbe\u5230\u5168\u56fd\u7b2c\u4e00\uff0c\u4ece\u800c\u5b9e\u73b0\u5c06\u5bb6\u4e61\u829c\u6e56\u6253\u9020\u6210\u201c\u4e2d\u56fd\u5e95\u7279\u5f8b\u201d\u7684\u76ee\u6807\u3002<\/p>\n<p>\u5947\u745e\u5728\u5176\u62db\u80a1\u8bf4\u660e\u4e66\u4e2d\u8868\u793a\uff0c\u52302024\u5e74\u5e95\uff0c\u8be5\u516c\u53f8\u5df2\u505c\u6b62\u5728\u4f0a\u6717\u548c\u53e4\u5df4\u5f00\u5c55\u4e1a\u52a1\uff0c\u5e76\u627f\u8bfa\u52302027\u5e74\u5c06\u5176\u5728\u4fc4\u7f57\u65af\u7684\u4e1a\u52a1\u7f29\u51cf\u81f3\u201c\u53ef\u5ffd\u7565\u4e0d\u8ba1\u201d\u7684\u6c34\u5e73\u3002\u8be5\u516c\u53f8\u8868\u793a\uff0c\u5176\u6cd5\u5f8b\u987e\u95ee\u970d\u91d1\u8def\u4f1f\u5f8b\u5e08\u4e8b\u52a1\u6240\u8bc4\u4f30\u8ba4\u4e3a\uff0c\u5176\u5728\u53d7\u5236\u88c1\u56fd\u5bb6\/\u5730\u533a\u7684\u6d3b\u52a8\u201c\u4e0d\u6784\u6210\u4e3b\u8981\u53d7\u5236\u88c1\u6d3b\u52a8\uff0c\u4e14\u6b21\u7ea7\u5236\u88c1\u98ce\u9669\u76f8\u5bf9\u6709\u9650\u201d\u3002<\/p>\n<p>\u5c3d\u7ba1\u5982\u6b64\uff0c\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e3b\u5bfc\u5947\u745eIPO\u7684\u94f6\u884c\u5747\u4e3a\u4e2d\u56fd\u94f6\u884c\u3002\u8be5\u516c\u53f8\u66fe\u5e0c\u671b\u6469\u6839\u5927\u901a\u53c2\u4e0e\u5176\u4e2d\uff0c\u4f46\u8fd9\u5bb6\u7f8e\u56fd\u94f6\u884c\u5728\u7b7e\u7f72\u6b63\u5f0f\u6388\u6743\u4e4b\u524d\u9000\u51fa\u4e86\u3002\u636e\u77e5\u60c5\u4eba\u58eb\u900f\u9732\uff0c\u6469\u6839\u5927\u901a\u5bf9\u5947\u745e\u7684\u4fe1\u606f\u62ab\u9732\u8868\u793a\u62c5\u5fe7\uff0c\u5305\u62ec\u5176\u4e0e\u53d7\u5236\u88c1\u56fd\u5bb6\u7684\u4e1a\u52a1\u5f80\u6765\u3002\u6469\u6839\u5927\u901a\u7684\u4ee3\u8868\u62d2\u7edd\u7f6e\u8bc4\u3002<\/p>\n<p>\u4e2d\u56fd\u5916\u4ea4\u90e8\u53d1\u8a00\u4eba\u529e\u516c\u5ba4\u8868\u793a\uff0c\u4e0d\u4e86\u89e3\u76f8\u5173\u8d38\u6613\uff0c\u4f46\u201c\u539f\u5219\u4e0a\uff0c\u4e2d\u65b9\u4e00\u8d2f\u575a\u51b3\u53cd\u5bf9\u975e\u6cd5\u5355\u8fb9\u5236\u88c1\u3002\u5728\u56fd\u9645\u6cd5\u6846\u67b6\u5185\uff0c\u5404\u56fd\u4e0e\u4f0a\u6717\u5f00\u5c55\u6b63\u5e38\u5408\u4f5c\u662f\u5408\u7406\u3001\u516c\u6b63\u548c\u5408\u6cd5\u7684\uff0c\u5e94\u53d7\u5230\u5c0a\u91cd\u548c\u4fdd\u62a4\u3002\u201d<\/p>\n<p>\u5947\u745e\u4e8e2004\u5e74\u9996\u6b21\u8fdb\u5165\u4f0a\u6717\u5e02\u573a\uff0c\u4e0e\u5f53\u5730\u5408\u4f5c\u4f19\u4f34\u6210\u7acb\u4e86\u4e00\u5bb6\u516c\u53f8\u3002\u8fd9\u5bb6\u540d\u4e3aModiran Vehicle Manufacturing\uff08MVM\uff09\u7684\u5408\u8d44\u4f01\u4e1a\u540e\u6765\u6210\u4e3a\u8be5\u56fd\u6700\u53d7\u6b22\u8fce\u7684\u5916\u56fd\u6c7d\u8f66\u54c1\u724c\u3002\u90a3\u662f\u5947\u745e\u5feb\u901f\u6269\u5f20\u7684\u65f6\u671f\u3002\u4ec5\u4ec5\u5728\u51e0\u5e74\u524d\u76841997\u5e74\uff0c\u829c\u6e56\u5e02\u653f\u5e9c\u5f15\u8fdb\u4e86\u4e00\u4f4d\u540d\u53eb\u5c39\u540c\u8dc3\u7684\u5e74\u8f7b\u5de5\u7a0b\u5e08\uff0c\u8d1f\u8d23\u7ec4\u5efa\u4e00\u5bb6\u5f53\u5730\u6c7d\u8f66\u5236\u9020\u5546\u3002\u7eba\u7ec7\u4e1a\u662f\u8be5\u5e02\u7ecf\u6d4e\u7684\u652f\u67f1\u4ea7\u4e1a\uff0c\u4f46\u5f53\u65f6\u6b63\u9762\u4e34\u56f0\u5883\uff0c\u56e0\u6b64\u5f53\u5730\u653f\u5e9c\u9700\u8981\u5bfb\u627e\u65b0\u7684\u589e\u957f\u52a8\u529b\u3002<\/p>\n<p>\u5c39\u540c\u8dc3\u662f\u5b89\u5fbd\u7701\u7684\u4e00\u4f4d\u519c\u6c11\u7684\u513f\u5b50\uff0c\u4ed6\u5728\u897f\u73ed\u7259\u8d2d\u4e70\u4e86\u4e00\u5bb6\u7ec4\u88c5\u5382\uff0c\u5728\u82f1\u56fd\u8d2d\u4e70\u4e86\u4e00\u5bb6\u53d1\u52a8\u673a\u5382\uff0c\u5e76\u5c06\u8fd9\u4e24\u5bb6\u5de5\u5382\u90fd\u642c\u5230\u4e86\u829c\u6e56\uff0c\u4e8e1999\u5e74\u751f\u4ea7\u4e86\u4ed6\u7684\u7b2c\u4e00\u8f86\u6c7d\u8f66\u3002<\/p>\n<p>\u51fa\u53e3\u5e02\u573a\u5f88\u5feb\u6210\u4e3a\u5947\u745e\u6700\u5927\u7684\u4f18\u52bf\u3002\u8be5\u516c\u53f8\u65e9\u57282001\u5e74\u5c31\u5f00\u59cb\u5411\u6d77\u5916\u9500\u552e\u6c7d\u8f66\uff0c\u5f53\u65f6\u4e00\u4f4d\u53d9\u5229\u4e9a\u6c7d\u8f66\u7ecf\u9500\u5546\u5728\u4e2d\u56fd\u8857\u5934\u53d1\u73b0\u4e86\u4e00\u8f86\u5947\u745e\u6c7d\u8f66\uff0c\u5e76\u8bf4\u670d\u5c39\u540c\u8dc3\u5141\u8bb8\u4ed6\u8fdb\u53e3\u5c11\u91cf\u6c7d\u8f66\u3002\u6b64\u540e\uff0c\u751f\u4ea7\u4f4e\u6210\u672c\u6c7d\u8f66\u5e76\u5728\u4e16\u754c\u5404\u5730\u9500\u552e\u4e00\u76f4\u662f\u5947\u745e\u6218\u7565\u7684\u91cd\u8981\u7ec4\u6210\u90e8\u5206\u2014\u2014\u5176\u6700\u53d7\u6b22\u8fce\u7684\u8f66\u578b\u552e\u4ef7\u4ec5\u76f8\u5f53\u4e8e7000\u7f8e\u5143\u3002\u8fd1\u5e74\u6765\uff0c\u5373\u4f7f\u7ade\u4e89\u5bf9\u624b\u7684\u4e2d\u56fd\u6c7d\u8f66\u5236\u9020\u5546\u5728\u7535\u52a8\u6c7d\u8f66\u6280\u672f\u65b9\u9762\u53d6\u5f97\u4e86\u957f\u8db3\u8fdb\u6b65\u5e76\u589e\u52a0\u4e86\u81ea\u5df1\u7684\u51fa\u53e3\uff0c\u5947\u745e\u4ecd\u7136\u4fdd\u6301\u7740\u4e2d\u56fd\u54c1\u724c\u4e58\u7528\u8f66\u6700\u5927\u51fa\u53e3\u5546\u7684\u5730\u4f4d\uff0c\u8fd9\u8981\u5f52\u529f\u4e8e\u5176\u5ec9\u4ef7\u7684\u6c7d\u6cb9\u71c3\u6599\u6c7d\u8f66\uff0c\u8fd9\u4e9b\u6c7d\u8f66\u6bd4\u6bd4\u4e9a\u8fea\u7b49\u7ade\u4e89\u5bf9\u624b\u7684\u4ea7\u54c1\u66f4\u5b9e\u60e0\u3002\u53bb\u5e74\uff0c\u8be5\u516c\u53f840%\u7684\u9500\u552e\u989d\u6765\u81ea\u4e2d\u56fd\u5883\u5916\u3002\u8be5\u96c6\u56e2\u62a5\u544a\u79f0\uff0c2024\u5e74\u603b\u6536\u5165\u4e3a2700\u4ebf\u5143\u4eba\u6c11\u5e01\uff08380\u4ebf\u7f8e\u5143\uff09\u3002<\/p>\n<p>\u591a\u5e74\u6765\uff0c\u4f0a\u6717\u4e00\u76f4\u662f\u5947\u745e\u6700\u91cd\u8981\u7684\u56fd\u9645\u5e02\u573a\u3002\u6839\u636e\u5f53\u5730\u503a\u5238\u62db\u80a1\u8bf4\u660e\u4e66\uff0c\u52302016\u5e74\uff0c\u8be5\u56fd\u5360\u5176\u56fd\u9645\u9500\u552e\u989d\u7684\u4e00\u534a\u4ee5\u4e0a\u3002\u5c39\u540c\u8dc3\u5728\u966a\u540c\u4e60\u8fd1\u5e73\u4e3b\u5e2d\u5bf9\u4f0a\u6717\u8fdb\u884c\u56fd\u4e8b\u8bbf\u95ee\u65f6\u8868\u793a\uff1a\u201c\u6211\u5f88\u9ad8\u5174\u770b\u5230\u5947\u745e\u6c7d\u8f66\u5728\u4f0a\u6717\u968f\u5904\u53ef\u89c1\u3002\u201d \u201c\u4e2d\u56fd\u6c7d\u8f66\u5c31\u50cf\u6211\u4eec\u7684\u9ad8\u901f\u94c1\u8def\u7cfb\u7edf\u4e00\u6837\uff1a\u5b83\u5177\u6709\u9644\u52a0\u503c\u548c\u826f\u597d\u7684\u8d28\u91cf\uff0c\u5b83\u53ef\u4ee5\u4ee3\u8868\u4e2d\u56fd\uff0c\u5e94\u8be5\u5728\u6d77\u5916\u9500\u552e\u3002\u201d<\/p>\n<p>\u636e\u77e5\u60c5\u4eba\u58eb\u900f\u9732\uff0c\u4e0e\u4f0a\u6717\u7684\u6613\u8d27\u8d38\u6613\u59cb\u4e8e\u5927\u7ea6\u516d\u4e03\u5e74\u524d\u3002\u8fd9\u4e00\u8f6c\u53d8\u6070\u9022\u5510\u7eb3\u5fb7\u00b7\u7279\u6717\u666e\u7b2c\u4e00\u4e2a\u603b\u7edf\u4efb\u671f\u5185\u7f8e\u56fd\u5bf9\u4f0a\u6717\u7684\u5236\u88c1\u5927\u5e45\u5347\u7ea7\u3002\u8fd9\u4e9b\u5236\u88c1\u662f\u7279\u6717\u666e\u51b3\u5b9a\u653e\u5f032015\u5e74\u6838\u534f\u8bae\u7684\u7ed3\u679c\uff0c\u5927\u5927\u51cf\u5c11\u4e86\u4f0a\u6717\u8fdb\u5165\u5168\u7403\u91d1\u878d\u4f53\u7cfb\u7684\u673a\u4f1a\uff0c\u56e0\u6b64\u4f0a\u6717\u516c\u53f8\u66f4\u96be\u652f\u4ed8\u8fdb\u53e3\u5546\u54c1\u3002<\/p>\n<p>\u5947\u745e\u7684\u5f53\u5730\u503a\u5238\u62db\u80a1\u8bf4\u660e\u4e66\u8ba9\u6211\u4eec\u5f97\u4ee5\u4e00\u7aa5\u6f5c\u5728\u95ee\u9898\u7684\u89c4\u6a21\u30022017\u5e743\u6708\uff0c\u5947\u745e\u7684\u4f0a\u6717\u5b50\u516c\u53f8MVM\u6b20\u8fd9\u5bb6\u4e2d\u56fd\u516c\u53f822\u4ebf\u5143\u4eba\u6c11\u5e01\uff083.25\u4ebf\u7f8e\u5143\uff09\u2014\u2014\u8fd9\u662f\u5176\u6700\u5927\u7684\u4e00\u7b14\u98ce\u9669\u655e\u53e3\u3002<\/p>\n<p>\u6839\u636e\u4e2d\u56fd\u7684\u6cd5\u5f8b\u6cd5\u89c4\uff0c\u4e0e\u4f0a\u6717\u7684\u8d38\u6613\u4ecd\u7136\u662f\u5408\u6cd5\u7684\uff0c\u4e2d\u56fd\u5916\u4ea4\u5b98\u4e00\u518d\u8868\u793a\uff0c\u5c3d\u7ba1\u7f8e\u56fd\u5b9e\u65bd\u5236\u88c1\uff0c\u5317\u4eac\u4ecd\u5c06\u7ef4\u6301\u4e0e\u4f0a\u6717\u7684\u7ecf\u6d4e\u5408\u4f5c\u3002\u5c3d\u7ba1\u5982\u6b64\uff0c\u66f4\u4e25\u683c\u7684\u9650\u5236\u5e26\u6765\u4e86\u8bb8\u591a\u9ebb\u70e6\u3002\u5728\u5b9e\u8df5\u4e2d\uff0c\u5927\u578b\u4e2d\u56fd\u56fd\u6709\u4f01\u4e1a\u2014\u2014\u7279\u522b\u662f\u90a3\u4e9b\u5728\u91d1\u878d\u548c\u5176\u4ed6\u9886\u57df\u62e5\u6709\u5e7f\u6cdb\u6d77\u5916\u7f51\u7edc\u7684\u56fd\u6709\u4f01\u4e1a\u2014\u2014\u53d8\u5f97\u6781\u5176\u4fdd\u5b88\uff0c\u5e76\u4e14\u57fa\u672c\u4e0a\u907f\u514d\u4e0e\u4f0a\u6717\u5b9e\u4f53\u8fdb\u884c\u4efb\u4f55\u76f4\u63a5\u4e1a\u52a1\u5f80\u6765\u3002\u56e0\u6b64\uff0c\u4e2d\u56fd\u548c\u4f0a\u6717\u4e4b\u95f4\u7684\u8d38\u6613\u5f00\u59cb\u901a\u8fc7\u591a\u5c42\u7a7a\u58f3\u516c\u53f8\u8fdb\u884c\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u6c7d\u8f66\u6362\u91d1\u5c5e\u7684\u6613\u8d27\u8d38\u6613\u5f00\u59cb\u4e86\u2014\u2014\u5b89\u5fbd\u7701\u7684\u53e6\u5916\u4e24\u5bb6\u516c\u53f8\u5728\u5176\u4e2d\u53d1\u6325\u4e86\u5173\u952e\u4f5c\u7528\u3002\u5176\u4e2d\u4e00\u5bb6\u662f\u94dc\u9675\u6709\u8272\u91d1\u5c5e\u96c6\u56e2\u63a7\u80a1\u6709\u9650\u516c\u53f8\uff0c\u662f\u4e2d\u56fd\u6700\u5927\u7684\u91d1\u5c5e\u516c\u53f8\u4e4b\u4e00\u3002\u5b83\u4f4d\u4e8e\u94dc\u9675\u5e02\u2014\u2014\u8ddd\u5b89\u5fbd\u7701\u829c\u6e56\u5e02\u4ec590\u516c\u91cc\u2014\u2014\u90a3\u91cc\u662f\u4e2d\u56fd\u73b0\u4ee3\u94dc\u5de5\u4e1a\u7684\u53d1\u6e90\u5730\uff0c\u65e9\u57281949\u5e74\u4e2d\u534e\u4eba\u6c11\u5171\u548c\u56fd\u6210\u7acb\u540e\u5c31\u5f00\u59cb\u5efa\u8bbe\u77ff\u5c71\u548c\u51b6\u70bc\u5382\u3002<\/p>\n<p>\u73b0\u5728\uff0c\u94dc\u9675\u6709\u8272\u5728\u6613\u8d27\u8d38\u6613\u4e2d\u53d1\u6325\u4e86\u5173\u952e\u4f5c\u7528\u2014\u2014\u5e2e\u52a9\u4e2d\u56fd\u5728\u4e00\u4e2a\u7ade\u4e89\u65e5\u76ca\u6fc0\u70c8\u7684\u5e02\u573a\u4e2d\u83b7\u53d6\u4f0a\u6717\u4e30\u5bcc\u7684\u91d1\u5c5e\u77ff\u77f3\u3002\u5176\u4e2d\u4e00\u4f4d\u77e5\u60c5\u4eba\u58eb\u8bf4\uff0c\u8be5\u534f\u8bae\u8bbe\u60f3\u6bcf\u5e74\u9500\u552e\u591a\u8fbe9\u4e07\u8f86\u6c7d\u8f66\u3002\u5947\u745e\u5c06\u5411\u4f4d\u4e8e\u5b89\u5fbd\u7701\u5b89\u5e86\u5e02\u7684\u7b2c\u4e09\u5bb6\u516c\u53f8\u63d0\u4f9b\u96f6\u90e8\u4ef6\u548c\u6280\u672f\uff0c\u7136\u540e\u8be5\u516c\u53f8\u901a\u5e38\u4ee5\u201c\u534a\u6563\u88c5\u201d\u5f62\u5f0f\u5c06\u5176\u8fd0\u5f80\u4f0a\u6717\u3002\u4e00\u65e6\u62b5\u8fbe\u4f0a\u6717\uff0c\u8fd9\u4e9b\u8f66\u8f86\u5c06\u5728\u5f53\u5730\u7ec4\u88c5\u5e76\u4ee5MVM\u54c1\u724c\u51fa\u552e\u3002\u4f5c\u4e3a\u56de\u62a5\uff0c\u7b49\u503c\u7684\u4f0a\u6717\u91d1\u5c5e\uff08\u4e3b\u8981\u4ee5\u672a\u52a0\u5de5\u7684\u77ff\u77f3\u548c\u7cbe\u77ff\u5f62\u5f0f\uff09\u5c06\u88ab\u8fd0\u5f80\u4e2d\u56fd\uff0c\u94dc\u9675\u6709\u8272\u7684\u5546\u4e1a\u56e2\u961f\u5c06\u5728\u90a3\u91cc\u4fc3\u6210\u5176\u5411\u5176\u4ed6\u4e2d\u56fd\u516c\u53f8\u7684\u5206\u9500\u3002<\/p>\n<p>\u5947\u745e\u548c\u94dc\u9675\u6709\u8272\u662f\u5b89\u5fbd\u7701\u6700\u5927\u7684\u4e24\u5bb6\u516c\u53f8\uff0c\u5e76\u4e14\u90fd\u62e5\u6709\u5927\u91cf\u7684\u56fd\u6709\u80a1\u4efd\uff1a\u94dc\u9675\u6709\u8272\u7684\u6bcd\u516c\u53f8\u7531\u5b89\u5fbd\u7701\u653f\u5e9c\u5168\u8d44\u62e5\u6709\uff0c\u800c\u5947\u745e\u7684\u6700\u5927\u80a1\u4e1c\u662f\u829c\u6e56\u5e02\u653f\u5e9c\u3002\u4e00\u5c01\u53d1\u9001\u7ed9\u5b89\u5fbd\u7701\u56fd\u6709\u8d44\u4ea7\u76d1\u7ba1\u673a\u6784\u7684\u7535\u5b50\u90ae\u4ef6\u6ca1\u6709\u5f97\u5230\u7b54\u590d\u3002<\/p>\n<p>\u591a\u5e74\u6765\uff0c\u6839\u636e\u8be5\u534f\u8bae\u51fa\u552e\u7684\u91d1\u5c5e\u6570\u91cf\u548c\u7c7b\u578b\u5404\u4e0d\u76f8\u540c\u3002\u636e\u51e0\u4f4d\u4e0d\u613f\u900f\u9732\u59d3\u540d\u7684\u77e5\u60c5\u4eba\u58eb\u900f\u9732\uff0c\u4e0e\u6613\u8d27\u4ea4\u6613\u76f8\u5173\u7684\u4f0a\u6717\u91d1\u5c5e\uff08\u5305\u62ec\u94dc\u548c\u950c\uff09\u6709\u65f6\u4f1a\u51fa\u73b0\u5728\u4e2d\u56fd\u5e02\u573a\u4e0a\u51fa\u552e\u3002\u800c\u4e14\u4e0d\u4ec5\u4ec5\u662f\u91d1\u5c5e\uff1a\u53e6\u4e00\u4e9b\u77e5\u60c5\u4eba\u58eb\u8868\u793a\uff0c\u8fd1\u5e74\u6765\uff0c\u4e00\u4e9b\u4f0a\u6717\u519c\u4ea7\u54c1\uff0c\u5305\u62ec\u8170\u679c\uff0c\u4e5f\u66fe\u88ab\u8fd0\u5f80\u4e2d\u56fd\u4ee5\u6362\u53d6\u8f66\u8f86\u3002<\/p>\n<p>\u5f6d\u535a\u793e\u8ba1\u7b97\u663e\u793a\uff0c\u4e0e\u4e2d\u56fd\u53bb\u5e74\u5411\u4f0a\u6717\u51fa\u53e3\u7684\u7ea690\u4ebf\u7f8e\u5143\u76f8\u6bd4\uff0c\u6c7d\u8f66\u6362\u91d1\u5c5e\u7684\u6613\u8d27\u8d38\u6613\u989d\u76f8\u5bf9\u8f83\u5c0f\uff0c\u76f8\u5f53\u4e8e\u6570\u4ebf\u7f8e\u5143\u3002\u5c3d\u7ba1\u5982\u6b64\uff0c\u5b83\u4eec\u51f8\u663e\u4e86\u897f\u65b9\u4e00\u6ce2\u53c8\u4e00\u6ce2\u7684\u5236\u88c1\u6240\u523a\u6fc0\u7684\u6613\u8d27\u8d38\u6613\u7684\u590d\u5174\u3002<\/p>\n<p>\u572820\u4e16\u7eaa80\u5e74\u4ee3\u548c90\u5e74\u4ee3\uff0c\u6613\u8d27\u8d38\u6613\u76f8\u5bf9\u666e\u904d\uff0c\u56e0\u4e3a\u94c1\u5e55\u7684\u653f\u6cbb\u5206\u6b67\u548c\u82cf\u8054\u7684\u89e3\u4f53\u610f\u5473\u7740\u786c\u901a\u8d27\u5f80\u5f80\u96be\u4ee5\u83b7\u5f97\u6216\u6839\u672c\u4e0d\u5b58\u5728\u3002\u5546\u54c1\u4ea4\u6613\u5546\u7528\u53e4\u5df4\u96ea\u8304\u6362\u5976\u7c89\uff0c\u7528\u4e4c\u5179\u522b\u514b\u68c9\u82b1\u6362\u7389\u7c73\u3002<\/p>\n<p>\u5728\u8fc7\u53bb\u7684\u4e09\u5341\u5e74\u4e2d\uff0c\u7531\u4e8e\u7f8e\u5143\u5728\u5168\u7403\u8d38\u6613\u6d41\u4e2d\u7684\u4e3b\u5bfc\u5730\u4f4d\uff0c\u6613\u8d27\u8d38\u6613\u9010\u6e10\u9000\u51fa\u4f7f\u7528\uff0c\u8fd9\u5f52\u529f\u4e8e\u7f8e\u56fd\u94f6\u884c\u4f53\u7cfb\u7684\u89c4\u6a21\u4ee5\u53ca\u4ee5\u7f8e\u5143\u8ba1\u4ef7\u7684\u5546\u54c1\u5b9a\u4ef7\u5408\u540c\u7684\u4e3b\u5bfc\u5730\u4f4d\u3002\u867d\u7136\u8fd9\u79cd\u60c5\u51b5\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u4ecd\u7136\u5b58\u5728\uff0c\u4f46\u8fd1\u5e74\u6765\u5236\u88c1\u7684\u6fc0\u589e\u5df2\u5f00\u59cb\u523a\u6fc0\u4e0d\u540c\u8d27\u5e01\u7684\u4f7f\u7528\uff0c\u751a\u81f3\u4fc4\u7f57\u65af\u3001\u59d4\u5185\u745e\u62c9\u3001\u4f0a\u6717\u548c\u5176\u4ed6\u5730\u65b9\u7684\u5546\u54c1\u6613\u8d27\u3002<\/p>\n<p>\u4f8b\u5982\uff0c\u65af\u91cc\u5170\u5361\u5df2\u7ecf\u7528\u8336\u53f6\u6362\u53d6\u4f0a\u6717\u77f3\u6cb9\uff0c\u800c\u6700\u8fd1\u5317\u4eac\u5411\u4f0a\u6717\u8fd0\u9001\u4e86\u4ef7\u503c200\u4e07\u7f8e\u5143\u7684\u6c7d\u8f66\u96f6\u90e8\u4ef6\u4ee5\u6362\u53d6\u77f3\u6cb9\u3002\u81ea2022\u5e74\u4ee5\u6765\uff0c\u4e0e\u4fc4\u7f57\u65af\u7684\u6613\u8d27\u8d38\u6613\u4e5f\u8d8a\u6765\u8d8a\u666e\u904d\uff0c\u5f53\u65f6\u897f\u65b9\u7684\u5927\u91cf\u5236\u88c1\u4f7f\u8be5\u56fd\u7ecf\u6d4e\u627f\u53d7\u4e86\u5de8\u5927\u7684\u538b\u529b\u3002\u8be5\u56fd\u7ecf\u6d4e\u90e8\u751a\u81f3\u5728\u53bb\u5e74\u53d1\u5e03\u4e86\u6613\u8d27\u8d38\u6613\u6307\u5357\u3002<\/p>\n<p>\u5bf9\u4e8e\u5947\u745e\u800c\u8a00\uff0c\u6d89\u53ca\u4f0a\u6717\u7684\u8d38\u6613\u6d41\u52a8\u2014\u2014\u4ee5\u53ca\u4e0e\u5176\u4ed6\u53d7\u5236\u88c1\u56fd\u5bb6\u7684\u8d38\u6613\u6d41\u52a8\u2014\u2014\u5728\u5176\u8fd1\u51e0\u4e2a\u6708\u51c6\u5907\u9996\u6b21\u516c\u5f00\u51fa\u552e\u80a1\u7968\u65f6\u5f15\u8d77\u4e86\u9ebb\u70e6\u3002\u5728\u5176\u62db\u80a1\u8bf4\u660e\u4e66\u4e2d\uff0c\u8be5\u516c\u53f8\u8868\u793a\uff0c\u5728\u8fc7\u53bb\u4e09\u5e74\u4e2d\uff0c\u4f0a\u6717\u548c\u53e4\u5df4\u5404\u81ea\u4ea7\u751f\u7684\u6536\u5165\u5747\u4e0d\u8d85\u8fc7\u5176\u6536\u5165\u76840.5%\u3002\u4fc4\u7f57\u65af\u57282023\u5e74\u5360\u5176\u603b\u6536\u5165\u768425.5%\uff0c\u4f46\u8be5\u516c\u53f8\u5df2\u4e8e4\u6708\u4efd\u5f00\u59cb\u901a\u8fc7\u51fa\u552e\u67d0\u4e9b\u5f53\u5730\u8d44\u4ea7\u548c\u5206\u9500\u6e20\u9053\u6765\u9010\u6b65\u7f29\u51cf\u5176\u4e1a\u52a1\u3002<\/p>\n<p>\u5c3d\u7ba1\u5982\u6b64\uff0c\u6ca1\u6709\u897f\u65b9\u94f6\u884c\u4e3b\u5bfc\u5947\u745e\u7684IPO\uff0c\u90e8\u5206\u539f\u56e0\u662f\u62c5\u5fc3\u5176\u5173\u4e8e\u5728\u5305\u62ec\u4f0a\u6717\u5728\u5185\u7684\u53d7\u5236\u88c1\u56fd\u5bb6\/\u5730\u533a\u5de5\u4f5c\u7684\u62ab\u9732\uff0c\u636e\u51e0\u4f4d\u77e5\u60c5\u4eba\u58eb\u79f0\u3002\u77e5\u60c5\u4eba\u58eb\u8bf4\uff0c\u540c\u6837\u7684\u95ee\u9898\u4e5f\u8ba9\u4e00\u4e9b\u6f5c\u5728\u6295\u8d44\u8005\u671b\u800c\u5374\u6b65\u3002<\/p>\n<p>\u6700\u7ec8\uff0c\u5947\u745e\u5728IPO\u4e2d\u51fa\u552e\u4e865%\u7684\u80a1\u4efd\u3002\u6700\u5927\u7684\u5355\u4e00\u6295\u8d44\u8005\u662f\u4e00\u5bb6\u4e2d\u56fd\u56fd\u6709\u6295\u8d44\u673a\u6784\uff0c\u8d2d\u4e70\u4e86\u5927\u7ea6\u4e03\u5206\u4e4b\u4e00\u7684\u80a1\u4efd\u3002 <\/p>\n<hr>\n<p><b>\u5206\u6790\u5927\u6a21\u578b\uff1a<\/b>gemma2<br \/><b>\u5f97\u5206\uff1a<\/b>20<br \/><b>\u539f\u56e0\uff1a<\/b><\/p>\n<pre style=\"white-space: pre-wrap;font-size: inherit;\">\u6587\u7ae0\u5ba2\u89c2\u63cf\u8ff0\u4e86\u5947\u745e\u6c7d\u8f66\u5728\u56fd\u9645\u5e02\u573a\u4e0a\u7684\u53d1\u5c55\uff0c\u4ee5\u53ca\u4e2d\u56fd\u4e0e\u4f0a\u6717\u4e4b\u95f4\u7684\u8d38\u6613\u5173\u7cfb\uff0c\u5c55\u793a\u4e86\u4e2d\u56fd\u4f01\u4e1a\u5728\u590d\u6742\u56fd\u9645\u73af\u5883\u4e0b\u7684\u751f\u5b58\u548c\u53d1\u5c55\u80fd\u529b\u3002\u540c\u65f6\uff0c\u4e5f\u63d0\u5230\u4e86\u5947\u745e\u6c7d\u8f66\u5bf9\u4e2d\u56fd\u7ecf\u6d4e\u7684\u8d21\u732e\uff0c\u4ee5\u53ca\u5bf9\u201c\u4e00\u5e26\u4e00\u8def\u201d\u5021\u8bae\u7684\u54cd\u5e94\u3002<\/pre>\n<hr>\n<p><b>\u539f\u6587\u5730\u5740\uff1a<\/b><a href=\"https:\/\/www.bloomberg.com\/news\/features\/2025-10-06\/china-s-cars-for-iran-metals-how-sanctions-revived-barter-trade\" target=\"_blank\">China&apos;s Cars for Iran Metals: How Sanctions Revived Barter Trade<\/a><br \/> <b>\u65b0\u95fb\u65e5\u671f\uff1a<\/b>2025-10-06<\/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=37732\"><\/div><div><a download=\"\u3010\u6b63\u9762\u3011[bloomberg]\u5236\u88c1\u4e0b\u7684\u6613\u8d27\u8d38\u6613\uff1a\u4e2d\u56fd\u6c7d\u8f66\u6362\u4f0a\u6717\u91d1\u5c5e.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>\u5728\u4e2d\u56fd\u7684\u957f\u6c5f\u6cbf\u5cb8\u7684\u4e00\u4e2a\u5de5\u4e1a\u57ce\u9547\uff0c\u6c7d\u8f66\u96f6\u90e8\u4ef6\u7684\u751f\u4ea7\u7ebf\u6bcf\u9694\u51e0\u4e2a\u6708\u5c31\u4f1a\u542f\u52a8\u3002\u8fd9\u4e9b\u53d1\u52a8\u673a\u548c\u5e95\u76d8\u88ab\u8fd0\u5f80\u53e6\u4e00\u5bb6\u5de5\u5382\u8fdb\u884c\u534a\u7ec4 [&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":[131],"tags":[859,5742,11376,21488,11172],"class_list":["post-37732","post","type-post","status-publish","format-standard","hentry","category-131","tag-859","tag-5742","tag-11376","tag-21488","tag-11172"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/news.tomjun.com\/index.php?rest_route=\/wp\/v2\/posts\/37732","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=37732"}],"version-history":[{"count":1,"href":"https:\/\/news.tomjun.com\/index.php?rest_route=\/wp\/v2\/posts\/37732\/revisions"}],"predecessor-version":[{"id":37733,"href":"https:\/\/news.tomjun.com\/index.php?rest_route=\/wp\/v2\/posts\/37732\/revisions\/37733"}],"wp:attachment":[{"href":"https:\/\/news.tomjun.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.tomjun.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.tomjun.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}