{"id":9527,"date":"2024-06-20T12:32:16","date_gmt":"2024-06-20T04:32:16","guid":{"rendered":"https:\/\/vcai.cn\/?p=9527"},"modified":"2025-05-22T14:53:15","modified_gmt":"2025-05-22T06:53:15","slug":"book-dayingjia","status":"publish","type":"post","link":"https:\/\/vcai.cn\/index.php\/book-dayingjia\/","title":{"rendered":"\u300a\u6295\u8d44\u5927\u8d62\u5bb6\uff1a\u534e\u5c14\u8857\u5341\u4f4d\u8d85\u7ea7\u6295\u8d44\u5927\u5e08\u7684\u6295\u8d44\u7b56\u7565\u5b9e\u5f55\u300b\u7cbe\u534e\u53caPDF\u4e0b\u8f7d"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" width=\"314\" height=\"488\" src=\"https:\/\/vcai.cn\/wp-content\/uploads\/2024\/06\/2024061801155547.png\" alt=\"\" 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Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><i class=\"ez-toc-toggle-el\"><\/i><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/vcai.cn\/index.php\/book-dayingjia\/#PDF25E425B8258B25E825BD25BD25EF25BC259A25E5258525B325E625B325A825E5258525AC25E425BC259725E5258F25B7_25E32580259025E525B0258FV25E525AD25A625E6258A259525E825B5258425E32580259125E52590258E25E5259B259E25E525A4258D25E5258525B325E9259425AE25E825AF258D25E32580259025E6258A259525E825B5258425E525A425A725E825B525A225E525AE25B625E32580259125E5258D25B325E5258F25AF\" >PDF\u4e0b\u8f7d\uff1a\u5173\u6ce8\u516c\u4f17\u53f7 \u3010\u5c0fV\u5b66\u6295\u8d44\u3011\u540e\u56de\u590d\u5173\u952e\u8bcd\u3010\u6295\u8d44\u5927\u8d62\u5bb6\u3011\u5373\u53ef<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/vcai.cn\/index.php\/book-dayingjia\/#25E425B8258025E32580258125E425BD259C25E52593258125E725AE258025E425BB258B\" >\u4e00\u3001\u4f5c\u54c1\u7b80\u4ecb<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/vcai.cn\/index.php\/book-dayingjia\/#25E425BA258C25E3258025811025E425BD258D25E525A425A725E525B8258825E5258F258A25E5258525B625E725AD259625E7259525A5\" >\u4e8c\u300110\u4f4d\u5927\u5e08\u53ca\u5176\u7b56\u7565<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/vcai.cn\/index.php\/book-dayingjia\/#125E32580258125E6259C25AC25E6259D25B025E62598258E25C225B725E625A025BC25E9259B25B725E5258E258425E525A7258625EF25BC2588Benjamin_Graham25EF25BC2589\" >1\u3001\u672c\u6770\u660e\u00b7\u683c\u96f7\u5384\u59c6\uff08Benjamin Graham\uff09<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/vcai.cn\/index.php\/book-dayingjia\/#225E32580258125E725BA25A625E725BF25B025C225B725E52586258525E525A425AB25EF25BC2588Joan_Neff25EF25BC2589\" >2\u3001\u7ea6\u7ff0\u00b7\u5185\u592b\uff08Joan Neff\uff09<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/vcai.cn\/index.php\/book-dayingjia\/#325E32580258125E525A425A725E5258D25AB25C225B725E525BE25B725E9259B25B725E6259B25BC25EF25BC2588David_Redman25EF25BC2589\" >3\u3001\u5927\u536b\u00b7\u5fb7\u96f7\u66fc\uff08David Redman\uff09<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/vcai.cn\/index.php\/book-dayingjia\/#425E32580258125E625B2258325E425BC25A625C225B725E525B725B425E8258F25B225E7258925B925EF25BC2588Warren_Buffett25EF25BC2589\" >4\u3001\u6c83\u4f26\u00b7\u5df4\u83f2\u7279\uff08Warren Buffett\uff09<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/vcai.cn\/index.php\/book-dayingjia\/#525E32580258125E525BD25BC25E525BE259725C225B725E6259E259725E525A5258725EF25BC2588Peter_Lynch25EF25BC2589\" >5\u3001\u5f7c\u5f97\u00b7\u6797\u5947\uff08Peter Lynch\uff09<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/vcai.cn\/index.php\/book-dayingjia\/#625E32580258125E8258225AF25E525B025BC25E6259625AF25C225B725E825B425B925E9259B25AA25EF25BC2588Kenneth_Fisher25EF25BC2589\" >6\u3001\u80af\u5c3c\u65af\u00b7\u8d39\u96ea\uff08Kenneth Fisher\uff09<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/vcai.cn\/index.php\/book-dayingjia\/#825E32580258125E825A925B925E525A7258625E6259625AF25C225B725E625AC25A725E625B2259925E9258225A325E525B8258C\" >8\u3001\u8a79\u59c6\u65af\u00b7\u6b27\u6c99\u90a3\u5e0c<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/vcai.cn\/index.php\/book-dayingjia\/#925E32580258125E425B9259425E525B0259425C225B725E625A025BC25E6259E259725E525B8258325E6258B258925E7258925B9\" >9\u3001\u4e54\u5c14\u00b7\u683c\u6797\u5e03\u62c9\u7279<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/vcai.cn\/index.php\/book-dayingjia\/#1025E32580258125E725BA25A625E72591259F25E525A425AB25C225B725E7259A25AE25E525A525A525E7258925B925E625B4259B25E6259625AF25E5259F25BA\" >10\u3001\u7ea6\u745f\u592b\u00b7\u76ae\u5965\u7279\u6d1b\u65af\u57fa<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/vcai.cn\/index.php\/book-dayingjia\/#25E425B8258925E32580258125E725AB25A025E8258A258225E7259B25AE25E525BD2595\" >\u4e09\u3001\u7ae0\u8282\u76ee\u5f55<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/vcai.cn\/index.php\/book-dayingjia\/#25E725AC25AC25E425B8258025E9258325A825E525882586_25E425BB25B725E5258025BC25E6258A259525E825B5258425E7259A258425E425BC25A025E525A52587\" >\u7b2c\u4e00\u90e8\u5206 \u4ef7\u503c\u6295\u8d44\u7684\u4f20\u5947<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/vcai.cn\/index.php\/book-dayingjia\/#25E725AC25AC25E425BA258C25E9258325A825E525882586_25E62588259025E9259525BF25E5259E258B25E8258225A125E725A525A825E7259A258425E425BC25A025E525A52587\" >\u7b2c\u4e8c\u90e8\u5206 \u6210\u957f\u578b\u80a1\u7968\u7684\u4f20\u5947<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/vcai.cn\/index.php\/book-dayingjia\/#25E725AC25AC25E425B8258925E9258325A825E525882586_25E525A425A725E525B8258825E82583258C25E52590258E25E7259A258425E525A425A725E525B82588\" >\u7b2c\u4e09\u90e8\u5206 \u5927\u5e08\u80cc\u540e\u7684\u5927\u5e08<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/vcai.cn\/index.php\/book-dayingjia\/#25E725AC25AC25E5259B259B25E9258325A825E525882586_25E825B525A225E5259C25A825E6258E258C25E6258E25A7_25E525BD259325E625AD25A225E52588259925E625AD25A2\" >\u7b2c\u56db\u90e8\u5206 \u8d62\u5728\u638c\u63a7 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>PDF\u4e0b\u8f7d\uff1a\u5173\u6ce8\u516c\u4f17\u53f7 \u3010\u5c0fV\u5b66\u6295\u8d44\u3011\u540e\u56de\u590d\u5173\u952e\u8bcd\u3010\u6295\u8d44\u5927\u8d62\u5bb6\u3011\u5373\u53ef<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/vcai.cn\/index.php\/book-dayingjia\/#25E52585258D25E825B425A325E525A325B025E62598258E25EF25BC259A\" >\u514d\u8d23\u58f0\u660e\uff1a<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3 class=\"wp-block-heading has-text-align-center has-vivid-red-color has-text-color\"><span class=\"ez-toc-section\" id=\"PDF25E425B8258B25E825BD25BD25EF25BC259A25E5258525B325E625B325A825E5258525AC25E425BC259725E5258F25B7_25E32580259025E525B0258FV25E525AD25A625E6258A259525E825B5258425E32580259125E52590258E25E5259B259E25E525A4258D25E5258525B325E9259425AE25E825AF258D25E32580259025E6258A259525E825B5258425E525A425A725E825B525A225E525AE25B625E32580259125E5258D25B325E5258F25AF\"><\/span><strong>PDF\u4e0b\u8f7d<\/strong>\uff1a\u5173\u6ce8\u516c\u4f17\u53f7 \u3010<strong>\u5c0fV\u5b66\u6295\u8d44<\/strong>\u3011\u540e\u56de\u590d\u5173\u952e\u8bcd\u3010<strong>\u6295\u8d44\u5927\u8d62\u5bb6<\/strong>\u3011\u5373\u53ef<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"25E425B8258025E32580258125E425BD259C25E52593258125E725AE258025E425BB258B\"><\/span>\u4e00\u3001<strong>\u4f5c\u54c1\u7b80\u4ecb<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-medium-font-size\">\u300a\u6295\u8d44\u5927\u8d62\u5bb6\uff1a\u534e\u5c14\u8857\u5341\u4f4d\u8d85\u7ea7\u6295\u8d44\u5927\u5e08\u7684\u6295\u8d44\u7b56\u7565\u5b9e\u5f55\u300b\u8fd9\u672c\u4e66\u7684\u6838\u5fc3\u5185\u5bb9\u662f\u5bf9\u534e\u5c14\u8857\u5341\u4f4d\u8d85\u7ea7\u6295\u8d44\u5927\u5e08\u7684\u6295\u8d44\u7b56\u7565\u8fdb\u884c\u4e86\u6df1\u5165\u5256\u6790\u548c\u5b9e\u5f55\u3002\u8fd9\u5341\u4f4d\u5927\u5e08\u5305\u62ec\u683c\u96f7\u5384\u59c6\u3001\u5df4\u83f2\u7279\u3001\u5f7c\u5f97\u00b7\u6797\u5947\u3001\u80af\u5c3c\u65af\u00b7\u8d39\u96ea\u7b49\u6295\u8d44\u754c\u7684\u4f20\u5947\u4eba\u7269\uff0c\u4ed6\u4eec\u7684\u6295\u8d44\u54f2\u5b66\u548c\u9009\u80a1\u7b56\u7565\u4e3a\u540e\u6765\u7684\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u5b9d\u8d35\u7684\u7ecf\u9a8c\u548c\u542f\u793a\u3002\u4e3b\u8981\u5185\u5bb9\u5305\u62ec\u4ee5\u4e0b\u65b9\u9762\uff1a<\/p>\n\n\n\n<p><strong>\u6295\u8d44\u5927\u5e08\u4eec\u7684\u6295\u8d44\u54f2\u5b66<\/strong>\uff1a\u4e66\u4e2d\u8be6\u7ec6\u4ecb\u7ecd\u4e86\u8fd9\u4e9b\u5927\u5e08\u4eec\u7684\u6295\u8d44\u54f2\u5b66\uff0c\u5305\u62ec\u4ed6\u4eec\u7684\u6295\u8d44\u7406\u5ff5\u3001\u6295\u8d44\u539f\u5219\u548c\u6295\u8d44\u76ee\u6807\u3002\u8fd9\u4e9b\u6295\u8d44\u54f2\u5b66\u662f\u4ed6\u4eec\u957f\u671f\u6295\u8d44\u5b9e\u8df5\u7684\u603b\u7ed3\uff0c\u4e5f\u662f\u4ed6\u4eec\u6210\u529f\u6295\u8d44\u7684\u5173\u952e\u56e0\u7d20\u3002<\/p>\n\n\n\n<p><strong>\u6295\u8d44\u7b56\u7565\u4e0e\u9009\u80a1\u6807\u51c6<\/strong>\uff1a\u4e66\u4e2d\u8be6\u7ec6\u9610\u8ff0\u4e86\u8fd9\u4e9b\u5927\u5e08\u4eec\u7684\u6295\u8d44\u7b56\u7565\u548c\u9009\u80a1\u6807\u51c6\u3002\u4ed6\u4eec\u901a\u8fc7\u5bf9\u516c\u53f8\u8d22\u52a1\u62a5\u8868\u7684\u6df1\u5165\u5206\u6790\u3001\u884c\u4e1a\u8d8b\u52bf\u7684\u5224\u65ad\u3001\u7ba1\u7406\u5c42\u80fd\u529b\u7684\u8bc4\u4f30\u7b49\u591a\u4e2a\u65b9\u9762\u7684\u7efc\u5408\u8003\u91cf\uff0c\u6765\u9009\u62e9\u90a3\u4e9b\u5177\u6709\u6f5c\u529b\u7684\u6295\u8d44\u6807\u7684\u3002\u540c\u65f6\uff0c\u4ed6\u4eec\u4e5f\u4f1a\u6839\u636e\u5e02\u573a\u73af\u5883\u7684\u53d8\u5316\u6765\u8c03\u6574\u81ea\u5df1\u7684\u6295\u8d44\u7b56\u7565\u3002<\/p>\n\n\n\n<p><strong>\u6210\u529f\u6848\u4f8b\u4e0e\u5931\u8d25\u6559\u8bad<\/strong>\uff1a\u4e66\u4e2d\u4e0d\u4ec5\u8bb0\u5f55\u4e86\u8fd9\u4e9b\u5927\u5e08\u4eec\u7684\u6210\u529f\u6848\u4f8b\uff0c\u4e5f\u5766\u8bda\u5730\u5206\u6790\u4e86\u4ed6\u4eec\u7684\u5931\u8d25\u6559\u8bad\u3002\u8fd9\u4e9b\u6848\u4f8b\u548c\u6559\u8bad\u4e3a\u540e\u6765\u7684\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u5b9d\u8d35\u7684\u53c2\u8003\u548c\u501f\u9274\uff0c\u5e2e\u52a9\u4ed6\u4eec\u66f4\u597d\u5730\u7406\u89e3\u6295\u8d44\u5e02\u573a\u7684\u672c\u8d28\u548c\u89c4\u5f8b\u3002<\/p>\n\n\n\n<p><strong>\u5927\u5e08\u7b56\u7565\u6a21\u578b<\/strong>\uff1a\u4f5c\u8005\u6839\u636e\u8fd9\u4e9b\u5927\u5e08\u4eec\u7684\u6295\u8d44\u7b56\u7565\u548c\u9009\u80a1\u6807\u51c6\uff0c\u76f8\u5e94\u5f00\u53d1\u51fa\u4e8610\u4e2a\u5927\u5e08\u7b56\u7565\u6a21\u578b\u3002\u8fd9\u4e9b\u6a21\u578b\u4e0d\u4ec5\u53ef\u4ee5\u5e2e\u52a9\u6295\u8d44\u8005\u66f4\u597d\u5730\u7406\u89e3\u5927\u5e08\u4eec\u7684\u6295\u8d44\u7b56\u7565\uff0c\u4e5f\u53ef\u4ee5\u4f5c\u4e3a\u6295\u8d44\u8005\u81ea\u5df1\u8fdb\u884c\u6295\u8d44\u51b3\u7b56\u7684\u53c2\u8003\u5de5\u5177\u3002<\/p>\n\n\n\n<p><strong>\u5927\u5e08\u4eec\u7684\u5de5\u4f5c\u4f5c\u98ce\u548c\u4eba\u683c\u9b45\u529b<\/strong>\uff1a\u4e66\u4e2d\u8fd8\u5c55\u73b0\u4e86\u8fd9\u4e9b\u6295\u8d44\u5927\u5e08\u4eec\u52e4\u594b\u94bb\u7814\u3001\u575a\u6301\u4e0d\u61c8\u3001\u8ba4\u771f\u8c28\u614e\u7684\u5de5\u4f5c\u4f5c\u98ce\u548c\u4eba\u683c\u9b45\u529b\u3002\u8fd9\u4e9b\u54c1\u8d28\u662f\u4ed6\u4eec\u6210\u529f\u7684\u91cd\u8981\u56e0\u7d20\u4e4b\u4e00\uff0c\u4e5f\u662f\u503c\u5f97\u540e\u6765\u6295\u8d44\u8005\u5b66\u4e60\u548c\u501f\u9274\u7684\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/vcai.cn\/wp-content\/uploads\/2024\/03\/2024032916084356.png\" alt=\"\u5173\u6ce8\u516c\u4f17\u53f7\u201cv\u5f62\u53cd\u8f6c\u201d\uff0c\u76d8\u524d\u9501\u5b9a\u6295\u8d44\u673a\u4f1a\" class=\"wp-image-8573\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"25E425BA258C25E3258025811025E425BD258D25E525A425A725E525B8258825E5258F258A25E5258525B625E725AD259625E7259525A5\"><\/span>\u4e8c\u3001<strong>10\u4f4d\u5927\u5e08\u53ca\u5176\u7b56\u7565<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"125E32580258125E6259C25AC25E6259D25B025E62598258E25C225B725E625A025BC25E9259B25B725E5258E258425E525A7258625EF25BC2588Benjamin_Graham25EF25BC2589\"><\/span>1\u3001<strong>\u672c\u6770\u660e\u00b7\u683c\u96f7\u5384\u59c6\uff08Benjamin Graham\uff09<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p><strong>\u683c\u96f7\u5384\u59c6<\/strong>\u88ab\u8a89\u4e3a\u201c\u73b0\u4ee3\u8bc1\u5238\u5206\u6790\u4e4b\u7236\u201d\u548c\u201c\u73b0\u4ee3\u8bc1\u5238\u4e4b\u7236\u201d\uff0c\u4e5f\u662f\u201c\u80a1\u795e\u201d\u5df4\u83f2\u7279\u7684\u6559\u6388\u548c\u4eba\u751f\u5bfc\u5e08\u3002\u683c\u96f7\u5384\u59c6\u662f\u73b0\u4ee3\u8bc1\u5238\u5206\u6790\u5b66\u3001\u6295\u8d44\u5b66\u3001\u516c\u53f8\u8d22\u52a1\u7406\u8bba\u548c\u73b0\u4ee3\u91d1\u878d\u5b66\u7684\u5960\u57fa\u4eba\uff0c\u5f3a\u8c03\u6295\u8d44\u5b89\u5168\u8fb9\u9645\u548c\u957f\u671f\u6295\u8d44\uff0c\u5bfb\u627e\u5e02\u573a\u4e2d\u88ab\u4f4e\u4f30\u7684\u516c\u53f8\u3002\u4ea4\u6613\u51b3\u7b56\u662f\u6839\u636e\u516c\u53f8\u7684\u57fa\u672c\u4e1a\u52a1\u72b6\u51b5\uff0c\u800c\u4e0d\u662f\u77ed\u671f\u7684\u4ef7\u683c\u8d70\u5411\u6765\u51b3\u5b9a\u3002\u5176\u4e3b\u8981\u6295\u8d44\u51c6\u5219\u6709\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u89c2\u5bdf\u516c\u53f8\u6240\u5904\u7684\u884c\u4e1a\u677f\u5757\u53ca\u5176\u9500\u552e\u989d\uff0c\u4fdd\u8bc1\u516c\u53f8\u4e0d\u662f\u79d1\u6280\u516c\u53f8\uff0c\u5176\u9500\u552e\u989d\u8981\u8db3\u591f\u9ad8\u3002<\/li>\n\n\n\n<li>\u5bfb\u627e\u6d41\u52a8\u6bd4\u7387\u81f3\u5c11\u4e3a2\u7684\u80a1\u7968\u3002<\/li>\n\n\n\n<li>\u786e\u4fdd\u957f\u671f\u503a\u52a1\u4e0d\u9ad8\u4e8e\u51c0\u6d41\u52a8\u8d44\u4ea7<\/li>\n\n\n\n<li>\u5bfb\u627e\u8fc7\u53bb10\u5e74\u6bcf\u80a1\u6536\u76ca\u7a33\u5065\u589e\u957f\u7684\u516c\u53f8\u3002<\/li>\n\n\n\n<li>\u786e\u4fdd\u8fd0\u75283 \u5e74\u76c8\u4f59\u5e73\u5747\u6570\u8ba1\u7b97\u7684\u5e02\u76c8\u7387\u5927\u4e8e15\u3002<\/li>\n\n\n\n<li>\u5c06\u5e02\u51c0\u7387\u4e0e\u5e02\u76c8\u7387\u7ed3\u5408\u8d77\u6765\u770b\u3002<\/li>\n\n\n\n<li>\u8003\u5bdf\u8fde\u7eed\u5206\u7ea2\u652f\u4ed8\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"225E32580258125E725BA25A625E725BF25B025C225B725E52586258525E525A425AB25EF25BC2588Joan_Neff25EF25BC2589\"><\/span>2\u3001<strong>\u7ea6\u7ff0\u00b7\u5185\u592b\uff08Joan Neff\uff09<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u7ea6\u7ff0\u00b7\u5185\u592b\uff08John Neff\uff09\u662f\u534e\u5c14\u8857\u8457\u540d\u7684\u57fa\u91d1\u7ecf\u7406\uff0c\u88ab\u8a89\u4e3a\u5e02\u76c8\u7387\u9f3b\u7956\u3001\u4ef7\u503c\u53d1\u73b0\u8005\u4ee5\u53ca\u4f1f\u5927\u7684\u4f4e\u672c\u76ca\u578b\u57fa\u91d1\u7ecf\u7406\u4eba\u3002\u5185\u592b\u7684\u6295\u8d44\u65b9\u6cd5\u4fa7\u91cd\u4e8e\u8d2d\u4e70\u201c\u597d\u7684\u884c\u4e1a\u4e2d\u3001\u5e02\u76c8\u7387\u4f4e\u7684\u597d\u516c\u53f8\u201d\uff0c\u4ed6\u559c\u6b22\u5728\u80a1\u4ef7\u5927\u5e45\u4e0b\u632b\u3001\u51fa\u73b0\u574f\u6d88\u606f\u65f6\u4e70\u5165\uff0c\u5e76\u503e\u5411\u4e8e\u91c7\u7528\u201c\u95f4\u63a5\u9014\u5f84\u201d\u6295\u8d44\u70ed\u95e8\u884c\u4e1a\u3002\u5185\u592b\u5f3a\u8c03\u4e25\u683c\u7684\u57fa\u672c\u9762\u5206\u6790\uff0c\u5bf9\u516c\u53f8\u7684\u8d22\u52a1\u72b6\u51b5\u8fdb\u884c\u6df1\u5165\u5206\u6790\uff0c\u5e76\u4e0e\u516c\u53f8\u7ba1\u7406\u5c42\u8fdb\u884c\u9762\u5bf9\u9762\u7684\u5bf9\u8bdd\uff0c\u4ee5\u8bc4\u4f30\u5176\u7ba1\u7406\u7ecf\u8425\u80fd\u529b\u548c\u6548\u80fd\u3002\u5185\u592b\u7684\u4e3b\u8981\u6295\u8d44\u51c6\u5219\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5173\u6ce8\u5e02\u76c8\u7387\u4e3a\u5e02\u573a\u5e73\u5747\u503c\u768440%~60%\u7684\u80a1\u7968\uff0c\u5373\u4e0d\u53d7\u8ffd\u6367\u7684\u80a1\u7968\u3002\u4eba\u4eec\u5bf9\u8fd9\u4e9b\u516c\u53f8\u6ca1\u6709\u8fc7\u591a\u7684\u671f\u671b\uff0c\u6240\u4ee5\uff0c\u4efb\u4f55\u63d0\u9ad8\u4e1a\u7ee9\u7684\u884c\u4e3a\u90fd\u80fd\u5bfc\u81f4\u5927\u5e45\u5ea6\u76c8\u5229\uff0c\u800c\u4e1a\u7ee9\u8f83\u5dee\u4e5f\u4e0d\u4f1a\u9020\u6210\u592a\u5927\u7684\u635f\u5931\u3002<\/li>\n\n\n\n<li>\u5bfb\u627e\u9002\u4e2d\u3001\u7a33\u5065\u3001\u6301\u4e45\uff0c\u4ee5\u9500\u552e\u4e3a\u5bfc\u5411\u7684\u589e\u957f\u7387\u3002\u8fd0\u7528\u5168\u90e8\u56de\u62a5\/\u5e02\u76c8\u7387\u6765\u5bfb\u627e\u5177\u6709\u6df1\u5ea6\u4ef7\u503c\u7684\u80a1\u7968\uff0c\u89c2\u5bdf\u80a1\u7968\u5c06\u4f1a\u7ed9\u4f60\u5e26\u6765\u591a\u4e48\u4e30\u539a\u7684\u6536\u4eba\u3002<\/li>\n\n\n\n<li>\u5bfb\u627e\u652f\u4ed8\u4e30\u539a\u80a1\u606f\u7684\u80a1\u7968\uff0c\u56e0\u4e3a\u80a1\u4ef7\u901a\u5e38\u53d7\u76c8\u4f59\u7684\u9a71\u52a8\uff0c\u6240\u4ee5\u65f6\u5e38\u80fd\u591f\u514d\u8d39\u5f97\u5230\u80a1\u606f\u3002<\/li>\n\n\n\n<li>\u5c3d\u91cf\u53d1\u73b0\u6709\u6b63\u7684\u73b0\u91d1\u6d41\u7684\u516c\u53f8<\/li>\n\n\n\n<li>\u5206\u6563\u6295\u8d44\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u662f\u5408\u9002\u7684\uff0c\u4f46\u5e94\u5f53\u6295\u8d44\u5728\u5177\u6709\u6700\u4f73\u6536\u76ca\u673a\u4f1a\u7684\u80a1\u7968\u4e0a\uff0c\u4e0d\u8981\u5728\u4e4e\u884c\u4e1a\u6216\u677f\u5757\u77e5\u540d\u5ea6\u3002<\/li>\n\n\n\n<li>\u575a\u6301\u81ea\u5f8b\u3002\u5728\u4e00\u6bb5\u65f6\u95f4\u540e\u4f1a\u501f\u52a9\u6240\u521b\u9020\u7684\u7f13\u6162\u800c\u7a33\u5065\u7684\u6536\u76ca\u65b9\u6cd5\u6218\u80dc\u5e02\u573a\uff0c\u800c\u4e0d\u8981\u4f01\u56fe\u5728\u67d0\u4e9b\u80a1\u7968\u4e0a\u4e00\u591c\u66b4\u5bcc\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"325E32580258125E525A425A725E5258D25AB25C225B725E525BE25B725E9259B25B725E6259B25BC25EF25BC2588David_Redman25EF25BC2589\"><\/span>3\u3001<strong>\u5927\u536b\u00b7\u5fb7<strong>\u96f7<\/strong>\u66fc\uff08David Redman\uff09<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u5fb7\u96f7\u66fc\u957f\u671f\u7814\u7a76\u80a1\u7968\u5e02\u573a\u7684\u5fc3\u7406\u5b66\u57fa\u7840\uff0c\u5e76\u63d0\u51fa\u9006\u5411\u6295\u8d44\u7b56\u7565\u3002\u8fd9\u79cd\u7b56\u7565\u5f3a\u8c03\u5229\u7528\u5176\u4ed6\u6295\u8d44\u8005\u7684\u9519\u8bef\u6765\u5bfb\u627e\u5229\u6da6\u70b9\uff0c\u5bfb\u627e\u90a3\u4e9b\u56e0\u4e0d\u88ab\u6295\u8d44\u8005\u5173\u6ce8\u800c\u88ab\u4f4e\u4f30\u7684\u80a1\u7968\uff0c\u540c\u65f6\u56de\u907f\u90a3\u4e9b\u56e0\u88ab\u6295\u8d44\u8005\u8ffd\u6367\u800c\u4ef7\u503c\u88ab\u9ad8\u4f30\u7684\u80a1\u7968\u3002\u5fb7\u96f7\u66fc\u7684\u4e3b\u8981\u6295\u8d44\u51c6\u5219\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5bfb\u627e\u53cd\u5411\u601d\u7ef4\u7684\u6307\u6807<\/li>\n\n\n\n<li>\u80a1\u7968\u5e94\u5f53\u901a\u8fc7\u4e0b\u5217\u6807\u51c6\u7684\u4e24\u79cd\u6216\u4e24\u79cd\u4ee5\u4e0a\uff1a\u5e02\u76c8\u7387\u5c5e\u4e8e\u5e02\u573a\u6700\u4f4e\u7684 20%\u4e4b\u5217\uff1b\u4ef7\u683c\u73b0\u91d1\u6d41\u5c5e\u4e8e\u5e02\u573a\u6700\u4f4e\u7684 20%\u4e4b\u5217\uff1b\u5e02\u51c0\u7387\u5c5e\u4e8e\u5e02\u573a\u6700\u4f4e\u7684 20%\u4e4b\u5217\uff1b\u4ef7\u683c\u80a1\u606f\u6bd4\u5c5e\u4e8e\u5e02\u573a\u6700\u4f4e\u7684 20%\u4e4b\u5217\u3002<\/li>\n\n\n\n<li>\u89c2\u5bdf\u89c4\u6a21\u548c\u76c8\u4f59\uff1a\u4ece\u5e02\u503c\u6700\u5927\u76841500\u79cd\u80a1\u7968\u4e2d\u9009\u62e9\uff1b\u4ece\u6709\u76c8\u4f59\u589e\u957f\u9884\u671f\u7684\u80a1\u7968\u4e2d\u5bfb\u627e\uff1b\u5728\u6700\u8fd1\u7684\u8fc7\u53bb\u548c\u672a\u6765\u6bcf\u80a1\u6536\u76ca\u5927\u4e8e\u5e02\u573a\u5e73\u5747\u503c\u7684\u80a1\u7968\u4e2d\u5bfb\u627e\u3002<\/li>\n\n\n\n<li>\u89c2\u5bdf\u8d22\u52a1\u6bd4\u7387\uff1a\u6d41\u52a8\u6bd4\u7387\u81f3\u5c11\u5e94\u4e3a2\u6216\u5927\u4e8e\u884c\u4e1a\u5e73\u5747\u503c\uff1b\u80a1\u606f\u652f\u4ed8\u6bd4\u7387\u5e94\u5f53\u4f4e\u4e8e\u5386\u53f2\u5e73\u5747\u503c\uff1b\u80a1\u672c\u56de\u62a5\u7387(ROE)\u5e94\u5f53\u540d\u5217\u5e02\u503c\u6700\u5927\u76841500\u79cd\u80a1\u7968\u7684\u524d\u4e09\u4f4d\uff1b\u7a0e\u524d\u51c0\u5229\u7387\u81f3\u5c11\u5e94\u662f8%\uff1b\u80a1\u606f\u6536\u76ca\u81f3\u5c11\u9ad8\u4e8e\u9053\u743c\u65af\u6307\u65701\u4e2a\u767e\u5206\u70b9\uff1b\u503a\u52a1\u80a1\u672c\u6bd4\u7387(D\/E)\u5e94\u5f53\u4e0d\u5927\u4e8e20%\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"425E32580258125E625B2258325E425BC25A625C225B725E525B725B425E8258F25B225E7258925B925EF25BC2588Warren_Buffett25EF25BC2589\"><\/span>4\u3001<strong>\u6c83\u4f26\u00b7\u5df4\u83f2\u7279\uff08Warren Buffett\uff09<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u683c\u96f7\u5384\u59c6\u7684\u5b66\u751f\uff0c\u4f2f\u514b\u5e0c\u5c14\u00b7\u54c8\u6492\u97e6\u516c\u53f8\u7684\u4e3b\u5e2d\u548cCEO\uff0c\u4ee5\u957f\u671f\u6295\u8d44\u548c\u4ef7\u503c\u6295\u8d44\u95fb\u540d\uff0c\u5728\u6295\u8d44\u51b3\u7b56\u4e2d\u5f3a\u8c03\u5b89\u5168\u8fb9\u9645\u7684\u91cd\u8981\u6027\uff0c\u88ab\u516c\u8ba4\u4e3a\u4e16\u754c\u4e0a\u6700\u6210\u529f\u7684\u6295\u8d44\u8005\u4e4b\u4e00\u3002\u5df4\u83f2\u7279\u7684\u4e3b\u8981\u6295\u8d44\u51c6\u5219\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5bfb\u627e\u6709\u5e02\u573a\u4efd\u989d\u7edd\u5bf9\u4f18\u52bf\u7684\u516c\u53f8\u3002<\/li>\n\n\n\n<li>\u628a\u6295\u8d44\u770b\u505a\u4f60\u5728\u4e70\u8fdb\u6574\u4e2a\u516c\u53f8\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u8d2d\u4e70\u80a1\u7968\u3002<\/li>\n\n\n\n<li>\u786e\u4fdd\u516c\u53f8\u6709\u957f\u671f\u7684\u6bcf\u80a1\u76c8\u4f59\u589e\u957f\u5386\u53f2\u3002<\/li>\n\n\n\n<li>\u786e\u4fdd\u516c\u53f8\u8d22\u52a1\u4e0a\u4fdd\u5b88\uff0c\u901a\u8fc7\u6bd4\u8f83\u503a\u52a1\u4e0e\u76c8\u4f59\uff0c\u786e\u4fdd\u5b83\u6709\u81ea\u7531\u73b0\u91d1\u6d41\u3002<\/li>\n\n\n\n<li>\u8bc4\u4f30\u7ba1\u7406\u5c42\u8981\u901a\u8fc7\u89c2\u5bdf\u80a1\u672c\u56de\u62a5\u7387\uff0c\u4f7f\u7528\u4fdd\u7559\u76c8\u4f59\u548c\u603b\u8d44\u4ea7\u5e73\u5747\u56de\u62a5\u7387\u6307\u6807\u3002<\/li>\n\n\n\n<li>\u5c06\u80a1\u7968\u6700\u521d\u56de\u62a5\u7387\u4e0e\u957f\u671f\u56fd\u5e93\u5238\u6536\u76ca\u505a\u6bd4\u8f83\u3002<\/li>\n\n\n\n<li>\u7814\u7a76\u672a\u6765\u3002\u9884\u6d4b\u80a1\u7968\u672a\u6765\u4ef7\u503c\uff0c\u8fd0\u7528\u80a1\u672c\u56de\u62a5\u7387\u65b9\u6cd5\u548c\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u65b9\u6cd5\uff0c\u7136\u540e\u51b3\u5b9a\u73b0\u5728\u662f\u4e0d\u662f\u6700\u597d\u7684\u4e70\u8fdb\u673a\u4f1a\u3002\u4e86\u89e3\u884c\u4e1a\u3002<\/li>\n\n\n\n<li>\u9884\u5148\u505a\u597d\u51c6\u5907\u5de5\u4f5c\u3002\u5bf9\u4f60\u62b1\u6709\u4fe1\u5fc3\u7684\u516c\u53f8\u4ee5\u53ca\u4f60\u81ea\u5df1\u7684\u8d44\u91d1\u8fdb\u884c\u7814\u7a76\u5e76\u8be6\u7ec6\u5206\u6790\u3002<\/li>\n\n\n\n<li>\u4e0d\u8981\u5192\u5931\u5730\u4e70\u8fdb\u597d\u516c\u53f8\u7684\u80a1\u7968\u3002\u8981\u786e\u4fdd\u5728\u5b83\u7684\u80a1\u4ef7\u8db3\u591f\u4f4e\u7684\u65f6\u5019\u4e70\u8fdb\uff0c\u8fd9\u6837\u53ef\u80fd\u4f1a\u7ed9\u4f60\u5e26\u6765\u66f4\u9ad8\u7684\u56de\u62a5\u3002<\/li>\n\n\n\n<li>\u5728\u4f60\u4e70\u8fdb\u540e\uff0c\u5c31\u5c06\u80a1\u7968\u629b\u8bf8\u8111\u540e\u3002\u957f\u671f\u6301\u6709\uff0c\u9664\u975e\u4f60\u6240\u505a\u7684\u6295\u8d44\u9009\u62e9\u771f\u7684\u5f88\u7cdf\u7cd5\uff0c\u6216\u662f\u6709\u5b8c\u5168\u610f\u60f3\u4e0d\u5230\u7684\u4e8b\u60c5\u53d1\u751f\uff0c\u5426\u5219\u5728\u4efb\u4f55\u60c5\u51b5\u4e0b\u90fd\u6301\u6709\u80a1\u7968\uff0c\u628a\u5b83\u5f53\u6210\u4e00\u53ea\u4f60\u53ef\u4ee5\u4f20\u7ed9\u5b50\u5b59\u540e\u4ee3\u7684\u80a1\u7968\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"525E32580258125E525BD25BC25E525BE259725C225B725E6259E259725E525A5258725EF25BC2588Peter_Lynch25EF25BC2589\"><\/span><strong>5\u3001\u5f7c\u5f97\u00b7\u6797\u5947\uff08Peter Lynch\uff09<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u5bcc\u8fbe\u57fa\u91d1\u516c\u53f8\u7684\u524d\u4efb\u526f\u4e3b\u5e2d\u548c\u9ea6\u54f2\u4f26\u57fa\u91d1\u7684\u57fa\u91d1\u7ecf\u7406\uff0c\u4ee5\u5bfb\u627e\u88ab\u5e02\u573a\u5ffd\u89c6\u7684\u6210\u957f\u80a1\u8457\u79f0\uff0c\u8ba4\u4e3a\u516c\u53f8\u7ba1\u7406\u5c42\u7684\u80fd\u529b\u548c\u8bda\u4fe1\u5bf9\u6295\u8d44\u51b3\u7b56\u81f3\u5173\u91cd\u8981\u3002\u5f7c\u5f97\u00b7\u6797\u5947\u4e3b\u8981\u7684\u4e3b\u8981\u6295\u8d44\u51c6\u5219\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5feb\u901f\u6210\u957f\u578b\u516c\u53f8\u7684\u80a1\u7968\uff1a\u516c\u53f8\u80a1\u7968\u7684\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7387\u662f\u5426\u572820%~50%\u4e4b\u95f4\uff1b\u770b\u770b\u516c\u53f8\u662f\u5426\u5728\u4e00\u4e2a\u4ee5\u4e0a\u7684\u57ce\u5e02\u6216\u4e61\u9547\u90fd\u6709\u6210\u529f\u7684\u5206\u516c\u53f8\uff1b\u5bfb\u627e\u4ef7\u683c\u6536\u76ca\u6210\u957f\u6027\u6bd4\u7387\u4f4e\u4e8e1.0\u7684\u80a1\u7968\uff1b\u5e0c\u671b\u80a1\u7968\u7684\u8d1f\u503a\u80a1\u672c\u6bd4\u7387\u4f4e\u4e8e80%(\u91d1\u878d\u548c\u516c\u7528\u4e8b\u4e1a\u516c\u53f8\u4e0d\u4f7f\u7528\u6b64\u9879\u6807\u51c6)\uff1b\u5bf9\u4e8e\u91d1\u878d\u80a1\uff0c\u5bfb\u627e\u80a1\u672c\u4e0e\u8d44\u4ea7\u6bd4\u7387\u81f3\u5c11\u4e3a5%\uff0c\u8d44\u4ea7\u56de\u62a5\u7387\u81f3\u5c11\u4e3a 1%\u7684\u80a1\u7968\uff1b\u6ce8\u610f\u516c\u53f8\u7684\u6269\u5f20\u662f\u6b63\u5728\u52a0\u5feb\u8fd8\u662f\u6b63\u5728\u51cf\u6162\uff0c\u4ee5\u53ca\u516c\u53f8\u7684\u4ea7\u54c1\u662f\u6d88\u8d39\u8005\u201c\u4e00\u6b21\u6027\u201d\u8d2d\u4e70\uff0c\u8fd8\u662f\u91cd\u590d\u4e0d\u65ad\u5730\u8981\u8d2d\u4e70\uff1b\u5bf9\u4e8e\u9500\u552e\u989d\u5927\u4e8e10\u4ebf\u7f8e\u5143\u7684\u516c\u53f8\uff0c\u5e02\u76c8\u7387\u8981\u5c0f\u4e8e40\uff0c\u5bf9\u9500\u552e\u989d\u4e0d\u8db3 10 \u4ebf\u7f8e\u5143\u7684\u516c\u53f8\uff0c\u4e0d\u9650\u5236\u5e02\u76c8\u7387\uff1b\u5b58\u8d27\u4e0e\u9500\u552e\u6bd4\u7387\u5e94\u5f53\u662f\u9010\u5e74\u9012\u51cf\u7684\uff0c\u6216\u4ec5\u4ec5\u5c0f\u5e45\u589e\u52a0\uff1b\u8bbe\u6cd5\u5bfb\u627e\u53ea\u6709\u5c11\u6570\u7684\u51e0\u4e2a\u673a\u6784\u6301\u6709\u7684\u80a1\u7968\uff0c\u5e76\u4e14\uff0c\u8fd9\u4e9b\u80a1\u7968\u53ea\u88ab\u6781\u5c11\u6570\u7684\u5206\u6790\u5e08\u77e5\u9053\uff1b\u5982\u679c\u81ea\u7531\u73b0\u91d1\u6d41\u4ef7\u683c\u6bd4\u7387\u548c\/\u6216\u51c0\u73b0\u91d1\u4ef7\u683c\u6bd4\u975e\u5e38\u9ad8\uff0c\u8be5\u80a1\u53ef\u83b7\u5f97\u80a1\u4efd\u7ea2\u5229\u3002<\/li>\n\n\n\n<li>\u5927\u7b28\u8c61\u578b\u516c\u53f8\u7684\u80a1\u7968\uff1a\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7387\u5fc5\u987b\u572810%~20%\u4e4b\u95f4\uff1b\u9500\u552e\u989d\u5fc5\u987b\u5728\u6570 10 \u4ebf\u7f8e\u5143\u7684\u8303\u56f4\u5185\uff1b\u5bfb\u627e\u6309\u8c03\u6574\u540e\u7684\u6536\u76ca\u8ba1\u7b97\u7684\u4ef7\u683c\u6536\u76ca\u6210\u957f\u6027\u6bd4\u7387\u4f4e\u4e8e1.0\u7684\u80a1\u7968\uff1b\u6bcf\u80a1\u6536\u76ca\u5e94\u662f\u4e0d\u65ad\u589e\u957f\u7684\uff1b\u5bfb\u627e\u80a1\u7968\u7684\u8d1f\u503a\u80a1\u672c\u6bd4\u7387\u4f4e\u4e8e80%(\u91d1\u878d\u548c\u516c\u7528\u4e8b\u4e1a\u516c\u53f8\u4e0d\u4f7f\u7528\u6b64\u9879\u6807\u51c6)\uff1b\u5bf9\u4e8e\u91d1\u878d\u7c7b\u80a1\uff0c\u5bfb\u627e\u80a1\u672c\u4e0e\u8d44\u4ea7\u6bd4\u7387\u81f3\u5c11\u4e3a5%\uff0c\u8d44\u4ea7\u56de\u62a5\u7387\u81f3\u5c11\u4e3a1%\u7684\u80a1\u7968\uff1b\u5b58\u8d27\u4e0e\u9500\u552e\u6bd4\u7387\u5e94\u5f53\u662f\u9010\u5e74\u9012\u51cf\u7684\uff0c\u6216\u4ec5\u4ec5\u5c0f\u5e45\u589e\u52a0\uff1b\u5982\u679c\u81ea\u7531\u73b0\u91d1\u6d41\u4ef7\u683c\u6bd4\u7387\u548c\/\u6216\u51c0\u73b0\u91d1\u4ef7\u683c\u6bd4\u975e\u5e38\u9ad8\uff0c\u8be5\u80a1\u53ef\u83b7\u5f97\u80a1\u4efd\u7ea2\u5229\u3002<\/li>\n\n\n\n<li>\u7f13\u6162\u6210\u957f\u578b\u516c\u53f8\u80a1\u7968\uff1a\u80a1\u7968\u7684\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7387\u5fc5\u987b\u4f4e\u4e8e10%\uff1b\u5bfb\u627e\u6309\u8c03\u6574\u540e\u7684\u6536\u76ca\u8ba1\u7b97\u7684\u4ef7\u683c\u6536\u76ca\u6210\u957f\u6027\u6bd4\u7387\u4f4e\u4e8e1.0\u7684\u80a1\u7968\uff1b\u9500\u552e\u989d\u5fc5\u987b\u8d85\u8fc7 10 \u4ebf\u7f8e\u5143\uff1b\u80a1\u7968\u7684\u6536\u76ca\u5fc5\u987b\u9ad8\u4e8e\u6807\u51c6\u666e\u5c14\uff0c\u5e76\u4e14\uff0c\u80a1\u672c\u6536\u76ca\u81f3\u5c11\u4e3a3%\uff1b\u80a1\u7968\u7684\u4ea7\u6743\u6bd4\u7387\u4f4e\u4e8e80%(\u91d1\u878d\u548c\u516c\u7528\u4e8b\u4e1a\u516c\u53f8\u4e0d\u4f7f\u7528\u6b64\u9879\u6807\u51c6)\uff1b\u5bf9\u4e8e\u91d1\u878d\u7c7b\u80a1\uff0c\u5bfb\u627e\u80a1\u672c\u4e0e\u8d44\u4ea7\u6bd4\u7387\u81f3\u5c11\u4e3a5%\uff0c\u8d44\u4ea7\u56de\u62a5\u7387\u81f3\u5c11\u4e3a1%\u7684\u80a1\u7968\uff1b\u5b58\u8d27\u4e0e\u9500\u552e\u6bd4\u7387\u5e94\u5f53\u662f\u9010\u5e74\u9012\u51cf\u7684\uff0c\u6216\u4ec5\u4ec5\u5c0f\u5e45\u589e\u52a0\uff1b\u5982\u679c\u81ea\u7531\u73b0\u91d1\u6d41\u4ef7\u683c\u6bd4\u7387\u548c\/\u6216\u51c0\u73b0\u91d1\u4ef7\u683c\u6bd4\u975e\u5e38\u9ad8\uff0c\u8be5\u80a1\u53ef\u83b7\u5f97\u80a1\u4efd\u7ea2\u5229\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"625E32580258125E8258225AF25E525B025BC25E6259625AF25C225B725E825B425B925E9259B25AA25EF25BC2588Kenneth_Fisher25EF25BC2589\"><\/span>6\u3001<strong>\u80af\u5c3c\u65af\u00b7\u8d39\u96ea\uff08Kenneth Fisher\uff09<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u8d39\u96ea\u6295\u8d44\u516c\u53f8\u7684\u521b\u59cb\u4eba\uff0c\u4e3b\u5f20\u6295\u8d44\u8005\u5e94\u5173\u6ce8\u516c\u53f8\u7684\u957f\u671f\u589e\u957f\u6f5c\u529b\u548c\u5e02\u573a\u6f5c\u529b\uff0c\u63d0\u51fa\u4e86\u8bc4\u4f30\u6295\u8d44\u9879\u76ee\u7684\u201c15\u4e2a\u8981\u70b9\u201d\u6295\u8d44\u6cd5\u5219\u3002\u8d39\u96ea\u7684\u4e3b\u8981\u6295\u8d44\u539f\u5219\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5bfb\u6c42\u4f4e\u4ef7\u9500\u6bd4\u3002\u5bfb\u6c42\u4f4e\u503a\u516c\u53f8\uff0c\u91d1\u878d\u516c\u53f8\u9664\u5916\u3002\u5bf9\u533b\u7597\u53ca\u6280\u672f\u516c\u53f8\u5173\u6ce8\u5176\u4ef7\u7814\u6bd4\u3002\u5982\u679c\u8be5\u516c\u53f8\u7b26\u5408\u4ee5\u4e0a\u6240\u6709\u6807\u51c6\uff0c\u57fa\u4e8e\u8d39\u96ea\u7b56\u7565\u7684\u6a21\u578b\u4f1a\u4ea7\u751f\u539f\u59cb\u5229\u606f\uff0c\u8981\u7ee7\u7eed\u6d4b\u8bd5\u8be5\u516c\u53f8\u662f\u4e0d\u662f\u8d85\u7ea7\u5f3a\u52bf\u80a1\u3002<\/li>\n\n\n\n<li>\u662f\u8d85\u7ea7\u5f3a\u52bf\u80a1\u5417?\u5bf9\u975e\u5468\u671f\u6027\u4ea7\u4e1a\uff0c\u4ef7\u9500\u6bd4\u5e94\u4e3a0.75\u6216\u4ee5\u4e0b\uff0c\u5468\u671f\u6027\u4ea7\u4e1a\u4e3a0.4\u6216\u4ee5\u4e0b\uff1b\u901a\u8d27\u81a8\u80c0\u8c03\u6574\u540e\u7684\u6bcf\u80a1\u6536\u76ca\u589e\u5e45\u5e94\u8be5\u5927\u4e8e15%\uff1b\u6bcf\u80a1\u81ea\u7531\u73b0\u91d1\u6d41\u5e94\u4e3a\u6b63\uff1b\u4e09\u5e74\u5e73\u5747\u51c0\u5229\u6da6\u5e94\u4e3a5%\u6216\u66f4\u9ad8\u3002<\/li>\n\n\n\n<li>\u5982\u679c\u4e00\u4e2a\u516c\u53f8\u901a\u8fc7\u4e86\u6240\u6709\u8d85\u7ea7\u5f3a\u52bf\u80a1\u7684\u6807\u51c6\uff0c\u90a3\u4e48\u5b83\u7684\u80a1\u7968\u5c06\u4f1a\u6709\u76f8\u5f53\u53ef\u89c2\u7684\u6536\u76ca\u3002\u8fd9\u91cc\uff0c\u6700\u91cd\u8981\u7684\u53d8\u91cf\u662f\u4ef7\u9500\u6bd4\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>7\u3001\u9a6c\u4e01\u00b7\u8328\u5a01\u683c\uff08Martin Zweig\uff09<\/strong><\/p>\n\n\n\n<p>\u8328\u5a01\u683c\u662f\u4e00\u540d\u6210\u957f\u80a1\u6295\u8d44\u8005\uff0c\u4ed6\u504f\u597d\u90a3\u4e9b\u8fd13\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7387\u572815%\u4ee5\u4e0a\uff0c\u5e76\u4e14\u8fd15\u5e74\u6301\u7eed\u589e\u957f\u7684\u80a1\u7968\u3002\u5728\u9009\u62e9\u80a1\u7968\u65f6\uff0c\u4ed6\u4f1a\u7279\u522b\u5173\u6ce8\u5e02\u76c8\u7387\uff0c\u503e\u5411\u4e8e\u9009\u62e9\u5e02\u76c8\u7387\u57285\u523043\u4e4b\u95f4\uff08\u6216\u5e02\u573a\u5e73\u5747\u6c34\u5e733\u500d\u4ee5\u5185\uff09\u7684\u80a1\u7968\u3002\u5176\u4e3b\u8981\u6295\u8d44\u51c6\u5219\u5305\u62ec\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u9009\u62e9\u65e2\u4e0d\u5f88\u9ad8\u4e5f\u4e0d\u5f88\u4f4e\u7684\u5e02\u76c8\u7387\u3002<\/li>\n\n\n\n<li>\u786e\u4fe1\u8d22\u52a1\u6536\u4eba\u4e0e3\u5e74\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7387\u540c\u7b49\u589e\u957f\u3002<\/li>\n\n\n\n<li>\u67e5\u627e\u5f80\u5e74\u7684\u9500\u552e\u589e\u957f\u3002\u3002<\/li>\n\n\n\n<li>\u9009\u62e9\u672c\u5b63\u5ea6\u6536\u76ca\u6b63\u589e\u957f\u7684\u516c\u53f8\u3002<\/li>\n\n\n\n<li>\u9009\u62e9\u5728\u524d\u51e0\u4e2a\u5b63\u5ea6\u6536\u76ca\u589e\u957f\u81f3\u5c11\u4e3a\u957f\u671f\u589e\u957f\u7387\u7684\u4e00\u534a\u7684\u516c\u53f8\u3002<\/li>\n\n\n\n<li>\u6bd4\u8f83\u672c\u5b63\u5ea6\u4e0e\u524d\u4e09\u4e2a\u5b63\u5ea6\u7684\u6bcf\u80a1\u6536\u76ca\u589e\u957f\uff0c\u4e0d\u8981\u6da8\u901f\u6162\u7684\u3002<\/li>\n\n\n\n<li>\u6bd4\u8f83\u672c\u5b63\u5ea6\u4e0e\u6bcf\u80a1\u7684\u5386\u53f2\u6536\u76ca\u589e\u957f\u3002<\/li>\n\n\n\n<li>\u9009\u62e9\u6536\u76ca\u5728\u8fc7\u53bb5\u5e74\u91cc\u90fd\u6301\u7eed\u589e\u957f\u7684\u3002<\/li>\n\n\n\n<li>\u9009\u62e9\u957f\u671f\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7387\u81f3\u5c11\u572815%\u4ee5\u4e0a\u7684\u3002<\/li>\n\n\n\n<li>\u5c3d\u91cf\u9009\u62e9\u65e0\u503a\u52a1\u6216\u503a\u52a1\u4e0e\u6743\u76ca\u6bd4\u7387\u5f88\u4f4e\u7684\u516c\u53f8\u3002<\/li>\n\n\n\n<li>\u9009\u62e9\u5185\u90e8\u4e70\u8fdb\u4e0d\u5356\u51fa\u7684\u3002<\/li>\n\n\n\n<li>\u5173\u6ce8\u7ecf\u6d4e\uff0c\u5c24\u5176\u662f\u7f8e\u8054\u50a8\u7684\u884c\u52a8\uff0c\u5f53\u8054\u90a6\u7ecf\u6d4e\u589e\u957f\u65f6\u98ce\u9669\u5c31\u5f88\u5c0f\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"825E32580258125E825A925B925E525A7258625E6259625AF25C225B725E625AC25A725E625B2259925E9258225A325E525B8258C\"><\/span>8\u3001<strong>\u8a79\u59c6\u65af\u00b7\u6b27\u6c99\u90a3\u5e0c<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u6b27\u6c99\u90a3\u5e0c\u7684\u4e3b\u8981\u6295\u8d44\u7b56\u7565\u662f\u8054\u5408\u57fa\u77f3\u7b56\u7565\uff0c\u8be5\u7b56\u7565\u5b9e\u9645\u4e0a\u662f\u7531\u57fa\u77f3\u4ef7\u503c\u548c\u57fa\u77f3\u6210\u957f\u4e24\u4e2a\u72ec\u7acb\u6a21\u578b\u7ec4\u5408\u800c\u6210\u3002<\/p>\n\n\n\n<p>\u57fa\u77f3\u4ef7\u503c\u6a21\u578b\u901a\u8fc7\u5e02\u503c\u3001\u6bcf\u80a1\u73b0\u91d1\u6d41\u3001\u6d41\u901a\u80a1\u3001\u9500\u552e\u989d\u56db\u4e2a\u6307\u6807\u7b5b\u9009\u51fa\u76f8\u5e94\u7684\u80a1\u7968\uff0c\u518d\u6309\u80a1\u606f\u7387\u8fdb\u884c\u6392\u540d\uff0c\u9009\u53d6\u524d50\u53ea\u80a1\u7968\u3002<\/p>\n\n\n\n<p>\u57fa\u77f3\u6210\u957f\u6a21\u578b\u5219\u901a\u8fc7\u5e02\u503c\u3001\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7387\u3001\u5e02\u9500\u7387\u4e09\u4e2a\u6307\u6807\u7b5b\u9009\u80a1\u7968\uff0c\u518d\u6309\u76f8\u5bf9\u6210\u957f\u6027\u8fdb\u884c\u6392\u540d\uff0c\u9009\u53d6\u524d50\u53ea\u80a1\u7968\u3002<\/p>\n\n\n\n<p>\u8054\u5408\u57fa\u77f3\u7b56\u7565\u5c06\u4e24\u4e2a\u6a21\u578b\u7684\u7ed3\u679c\u76f8\u52a0\uff0c\u9009\u51fa\u53ef\u80fd\u7684100\u53ea\u80a1\u7968\uff0c\u5efa\u8bae\u6295\u8d44\u8005\u4ece\u4e2d\u7b5b\u9009\u51fa20\u523030\u53ea\u80a1\u7968\u505a\u6210\u6295\u8d44\u7ec4\u5408\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"925E32580258125E425B9259425E525B0259425C225B725E625A025BC25E6259E259725E525B8258325E6258B258925E7258925B9\"><\/span><strong>9\u3001\u4e54\u5c14\u00b7\u683c\u6797\u5e03\u62c9\u7279<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u683c\u6797\u5e03\u62c9\u7279\u662f\u6208\u5766\u8d44\u672c\uff08Gotham Capital\uff09\u7684\u521b\u59cb\u4eba\u548c\u5408\u4f19\u7ecf\u7406\u4eba\u3002\u81ea1985\u5e74\u521b\u7acb\u4ee5\u6765\uff0c\u4ed6\u51ed\u501f\u51fa\u8272\u7684\u6295\u8d44\u80fd\u529b\uff0c\u4f7f\u516c\u53f8\u7684\u8d44\u4ea7\u89c4\u6a21\u4ece700\u4e07\u7f8e\u5143\u589e\u957f\u52308.3\u4ebf\u7f8e\u5143\uff0c\u5e74\u5747\u56de\u62a5\u7387\u9ad8\u8fbe40%\u3002\u683c\u6797\u5e03\u62c9\u7279\u7684\u4e3b\u8981\u6295\u8d44\u51c6\u5219\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u9664\u91d1\u878d\u548c\u516c\u76ca\u884c\u4e1a\u4e4b\u5916\uff0c\u9009\u53d63500\u53ea\u89c4\u6a21\u6700\u5927\u7684\u7f8e\u56fd\u80a1\u7968\u3002<\/li>\n\n\n\n<li>\u6839\u636e\u8d44\u672c\u56de\u62a5\u7387\u8fdb\u884c\u6392\u540d\uff0c\u8d44\u672c\u56de\u62a5\u7387\u6700\u9ad8\u7684\u516c\u53f8\u6392\u5728\u7b2c\u4e00\u4f4d\u3002<\/li>\n\n\n\n<li>\u6839\u636e\u6536\u76ca\u7387\u8fdb\u884c\u6392\u540d\uff0c\u6536\u76ca\u7387\u6700\u9ad8\u7684\u516c\u53f8\u6392\u5728\u7b2c\u4e00\u4f4d\u3002<\/li>\n\n\n\n<li>\u5c06\u4e24\u9879\u6392\u540d\u76f8\u53e0\u52a0\uff0c\u5e76\u9009\u53d6\u6392\u540d\u76f8\u53e0\u52a0\u6240\u5f97\u6570\u503c\u6700\u5c0f\u7684\u80a1\u7968\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1025E32580258125E725BA25A625E72591259F25E525A425AB25C225B725E7259A25AE25E525A525A525E7258925B925E625B4259B25E6259625AF25E5259F25BA\"><\/span><strong>10\u3001\u7ea6\u745f\u592b\u00b7\u76ae\u5965\u7279\u6d1b\u65af\u57fa<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u76ae\u5965\u7279\u6d1b\u65af\u57fa\u5728\u8d22\u52a1\u548c\u6295\u8d44\u9886\u57df\u62e5\u6709\u6df1\u539a\u7684\u5b66\u672f\u80cc\u666f\uff0c\u4ed6\u6700\u8457\u540d\u7684\u8d21\u732e\u4e4b\u4e00\u662f\u5f00\u53d1\u4e86F-Score\u6a21\u578b\u3002\u8be5\u6a21\u578b\u901a\u8fc7\u5206\u6790\u516c\u53f8\u7684\u4e5d\u4e2a\u5173\u952e\u8d22\u52a1\u6307\u6807\uff08\u5305\u62ec\u76c8\u5229\u80fd\u529b\u3001\u8fd0\u8425\u6548\u7387\u3001\u507f\u503a\u80fd\u529b\u7b49\uff09\uff0c\u4e3a\u6bcf\u4e2a\u516c\u53f8\u8ba1\u7b97\u51fa\u4e00\u4e2a\u5f97\u5206\uff08F-Score\uff09\u3002\u6295\u8d44\u8005\u53ef\u4ee5\u6839\u636e\u8fd9\u4e2a\u5f97\u5206\u6765\u8bc4\u4f30\u516c\u53f8\u7684\u6295\u8d44\u6f5c\u529b\u3002\u76ae\u5965\u7279\u6d1b\u65af\u57fa\u7684\u4e3b\u8981\u6295\u8d44\u539f\u5219\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u8be5\u516c\u53f8\u5fc5\u987b\u6709\u8f83\u9ad8\u7684\u51c0\u503c\u5e02\u4ef7\u6bd4\u3002\u5982\u679c\u6ca1\u6709\uff0c\u5219\u8be5\u516c\u53f8\u4e0d\u7b26\u5408\u8981\u6c42\uff0c\u54ea\u6015\u5b83\u7b26\u5408\u5176\u4ed6\u6240\u6709\u6d4b\u8bd5\u6807\u51c6\u3002\u8be5\u516c\u53f8\u8d44\u4ea7\u6536\u76ca\u7387\u4e3a\u6b63\u503c\u4e14\u5448\u4e0a\u5347\u8d8b\u52bf<\/li>\n\n\n\n<li>\u7ecf\u8425\u4e1a\u52a1\u73b0\u91d1\u6d41\u91cf\u4e3a\u6b63\u503c\uff0c\u4e14\u9ad8\u4e8e\u51c0\u6536\u76ca\u3002<\/li>\n\n\n\n<li>\u957f\u671f\u8d44\u4ea7\u8d1f\u503a\u7387\u5448\u4e0b\u964d\u8d8b\u52bf\u3002<\/li>\n\n\n\n<li>\u6d41\u901a\u7387\u5448\u4e0a\u5347\u8d8b\u52bf\u3002<\/li>\n\n\n\n<li>\u6d41\u901a\u80a1\u6570\u91cf\u5448\u4e0b\u964d\u8d8b\u52bf<\/li>\n\n\n\n<li>\u6bdb\u5229\u7387\u5448\u4e0a\u5347\u8d8b\u52bf\u3002<\/li>\n\n\n\n<li>\u8d44\u91d1\u5468\u8f6c\u7387\u5448\u4e0a\u5347\u8d8b\u52bf\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"25E425B8258925E32580258125E725AB25A025E8258A258225E7259B25AE25E525BD2595\"><\/span><strong>\u4e09\u3001\u7ae0\u8282\u76ee\u5f55<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"25E725AC25AC25E425B8258025E9258325A825E525882586_25E425BB25B725E5258025BC25E6258A259525E825B5258425E7259A258425E425BC25A025E525A52587\"><\/span><strong>\u7b2c\u4e00\u90e8\u5206 \u4ef7\u503c\u6295\u8d44\u7684\u4f20\u5947<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u7b2c1\u7ae0 \u672c\u6770\u660e\u00b7\u683c\u96f7\u5384\u59c6\u2014\u2014\u201c\u4ef7\u503c\u6295\u8d44\u6559\u7236\u201d\u5e2e\u4f60\u7cfb\u4e0a\u5b89\u5168\u5e26<\/p>\n\n\n\n<p>\u7b2c2\u7ae0 \u7ea6\u7ff0\u00b7\u5185\u592b\u2014\u2014\u4f60\u7684\u94b1\u653e\u4ed6\u90a3\u91cc\u6700\u5b89\u5168<\/p>\n\n\n\n<p>\u7b2c3\u7ae0 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class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"25E725AC25AC25E425B8258925E9258325A825E525882586_25E525A425A725E525B8258825E82583258C25E52590258E25E7259A258425E525A425A725E525B82588\"><\/span><strong>\u7b2c\u4e09\u90e8\u5206 \u5927\u5e08\u80cc\u540e\u7684\u5927\u5e08<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u7b2c8\u7ae0 \u8a79\u59c6\u65af\u00b7\u6b27\u6c99\u90a3\u5e0c\u2014\u2014\u4ed6\u8ba9\u201c\u4ea4\u901a\u6807\u5fd7\u201d\u6807\u51c6\u5316<\/p>\n\n\n\n<p>\u7b2c9\u7ae0 \u4e54\u5c14\u00b7\u683c\u6797\u5e03\u62c9\u7279\u2014\u2014\u53ea\u7528\u4e24\u6b65\u641e\u5b9a<\/p>\n\n\n\n<p>\u7b2c10\u7ae0 \u7ea6\u745f\u592b\u00b7\u76ae\u5965\u7279\u6d1b\u65af\u57fa\u2014\u2014\u771f\u4eba\u4e0d\u9732\u76f8\uff0c\u8001\u53f8\u673a\u5c31\u662f\u4e0d\u4e00\u6837<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"25E725AC25AC25E5259B259B25E9258325A825E525882586_25E825B525A225E5259C25A825E6258E258C25E6258E25A7_25E525BD259325E625AD25A225E52588259925E625AD25A2\"><\/span><strong>\u7b2c\u56db\u90e8\u5206 \u8d62\u5728\u638c\u63a7 \u5f53\u6b62\u5219\u6b62<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u7b2c11\u7ae0 \u7efc\u5408\u8fd0\u7528\u2014\u2014\u5927\u5e08\u6295\u8d44\u4e4b\u9053<\/p>\n\n\n\n<p>\u7b2c12 \u5239\u8f66\u2014\u2014\u9009\u53d6\u597d\u7684\u65f6\u673a\u51fa\u552e\u80a1\u7968<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"25E725BB259325E825AE25BA_25E425BD25A025E7258E25B025E5259C25A825E5258F25AF25E425BB25A525E425BA25AB25E5258F259725E925A925BE25E825BD25A625E7259A258425E425B9259025E825B625A325E425BA2586\"><\/span><strong>\u7ed3\u8bba \u4f60\u73b0\u5728\u53ef\u4ee5\u4eab\u53d7\u9a7e\u8f66\u7684\u4e50\u8da3\u4e86<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p><strong>\u9644\u5f55A<\/strong> 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