{"id":21609,"date":"2021-05-30T12:41:40","date_gmt":"2021-05-30T04:41:40","guid":{"rendered":"https:\/\/\/?p=21609"},"modified":"2023-09-12T13:16:06","modified_gmt":"2023-09-12T05:16:06","slug":"what-is-value-trap","status":"publish","type":"post","link":"https:\/\/\/what-is-value-trap\/","title":{"rendered":"\u50f9\u503c\u9677\u9631\u662f\u4ec0\u9ebc\uff1f\u50f9\u503c\u6295\u8cc7\u6642\u907f\u958b\u5730\u96f7\u80a1\u7968\u76845\u500b\u65b9\u6cd5"},"content":{"rendered":"<!-- \/367108978\/Rich01_PC_up_728x90 -->\n\t<div class='div-gpt-ad-css' id='div-gpt-ad-1564472272479-0' style='width: 728px; height: 90px;'>\n\t  <script>\n\t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1564472272479-0'); });\n\t  <\/script>\n\t<\/div><p><img decoding=\"async\" class=\"alignnone size-full wp-image-43748\" src=/index.html"https:\/\/\/wp-content\/uploads\/20221102160723_86.jpg\" alt=\"\u50f9\u503c\u9677\u9631\" width=\"2090\" height=\"1094\" srcset=\"https:\/\/\/wp-content\/uploads\/20221102160723_86.jpg 2090w, https:\/\/\/wp-content\/uploads\/20221102160723_86-1536x804.jpg 1536w, https:\/\/\/wp-content\/uploads\/20221102160723_86-2048x1072.jpg 2048w\" sizes=\"(max-width: 2090px) 100vw, 2090px\" \/><\/p>\n<p><strong>\u50f9\u503c\u9677\u9631<\/strong>\u662f\u50f9\u503c\u6295\u8cc7\u4eba\u5e38\u6703\u9047\u5230\u7684\u72c0\u6cc1\uff0c\u4e5f\u5c31\u662f\u4ee5\u70ba\u8cb7\u5230\u4fbf\u5b9c\u7684\u597d\u516c\u53f8\uff0c\u4f46\u5176\u5be6\u662f\u8cb7\u5230\u57fa\u672c\u9762\u6301\u7e8c\u60e1\u5316\u7684\u80a1\u7968\uff0c\u8b93\u8cc7\u7522\u50f9\u503c\u6301\u7e8c\u4e0b\u964d\u7121\u6cd5\u7372\u5229\u3002<\/p>\n<p>\u9019\u7bc7\u6587\u7ae0\u5e02\u5834\u5148\u751f\u4ecb\u7d39\u50f9\u503c\u9677\u9631\u662f\u4ec0\u9ebc\uff0c\u5206\u70ba\u4ee5\u4e0b\u5e7e\u500b\u90e8\u5206\uff1a<\/p>\n<p><!--more--><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_64 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">\u672c\u6587\u5e02\u5834\u5148\u751f\u6703\u544a\u8a34\u4f60\uff1a<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6611f4005aa33\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6611f4005aa33\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=/index.html"https:\/\/\/what-is-value-trap\/#%E5%83%B9%E5%80%BC%E9%99%B7%E9%98%B1%E6%98%AF%E4%BB%80%E9%BA%BC%E6%84%8F%E6%80%9D%EF%BC%9F\" title=\"\u50f9\u503c\u9677\u9631\u662f\u4ec0\u9ebc\u610f\u601d\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u50f9\u503c\u9677\u9631\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=/index.html"https:\/\/\/what-is-value-trap\/#%E5%93%AA%E4%BA%9B%E8%82%A1%E7%A5%A8%E5%8F%AF%E8%83%BD%E6%9C%89%E5%83%B9%E5%80%BC%E9%99%B7%E9%98%B1%EF%BC%9F\" title=\"\u54ea\u4e9b\u80a1\u7968\u53ef\u80fd\u6709\u50f9\u503c\u9677\u9631\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u54ea\u4e9b\u80a1\u7968\u53ef\u80fd\u6709\u50f9\u503c\u9677\u9631\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=/index.html"https:\/\/\/what-is-value-trap\/#%E5%83%B9%E5%80%BC%E9%99%B7%E9%98%B1%E7%9A%84%E4%BE%8B%E5%AD%90%E8%A7%A3%E6%9E%90\" title=\"\u50f9\u503c\u9677\u9631\u7684\u4f8b\u5b50\u89e3\u6790\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u50f9\u503c\u9677\u9631\u7684\u4f8b\u5b50\u89e3\u6790<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=/index.html"https:\/\/\/what-is-value-trap\/#5%E5%80%8B%E9%81%BF%E5%85%8D%E8%90%BD%E5%85%A5%E5%83%B9%E5%80%BC%E9%99%B7%E9%98%B1%E7%9A%84%E6%96%B9%E6%B3%95\" title=\"5\u500b\u907f\u514d\u843d\u5165\u50f9\u503c\u9677\u9631\u7684\u65b9\u6cd5\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">5\u500b\u907f\u514d\u843d\u5165\u50f9\u503c\u9677\u9631\u7684\u65b9\u6cd5<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=/index.html"https:\/\/\/what-is-value-trap\/#%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86%EF%BC%9A%E5%83%B9%E5%80%BC%E9%99%B7%E9%98%B1%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\" title=\"\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u50f9\u503c\u9677\u9631\u662f\u4ec0\u9ebc\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u50f9\u503c\u9677\u9631\u662f\u4ec0\u9ebc\uff1f<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E5%83%B9%E5%80%BC%E9%99%B7%E9%98%B1%E6%98%AF%E4%BB%80%E9%BA%BC%E6%84%8F%E6%80%9D%EF%BC%9F\"><\/span>\u50f9\u503c\u9677\u9631\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u50f9\u503c\u9677\u9631\uff08\u82f1\u6587\uff1aValue trap\uff09\u5c31\u662f\u4f60\u4ee5\u70ba\u8cb7\u5230\u4e86\u4fbf\u5b9c\u7684\u80a1\u7968\uff0c\u4f46\u5be6\u969b\u4e0a\u4f60\u932f\u4f30\u4e86\u80a1\u7968\u7684\u5167\u5728\u50f9\u503c\uff0c<\/p>\n<p>\u80a1\u7968\u7684\u50f9\u683c\u6301\u7e8c\u4e0b\u8dcc\uff0c\u4e00\u76f4\u6c92\u6709\u56de\u6b78\u5230\u4f60\u8a8d\u70ba\u5b83\u8a72\u6709\u7684\u50f9\u503c\u3002<\/p>\n<p>\u8a31\u591a\u6295\u8cc7\u4eba\u6309\u7167<strong>\u50f9\u503c\u6295\u8cc7\u6cd5<\/strong>\uff0c\u6295\u8cc7\u80a1\u7968\u524d\u512a\u5148\u8003\u616e\u80a1\u7968\u7684\u5167\u5728\u50f9\u503c\uff0c\u4ed6\u5011\u5e0c\u671b\u627e\u51fa\u88ab\u4f4e\u4f30\u7684\u80a1\u7968\uff0c<\/p>\n<p>\u56e0\u70ba\u9019\u4e9b\u80a1\u7968\u53ef\u4ee5\u7522\u751f\u9577\u671f\u4e0d\u932f\u7684\u7372\u5229\uff0c\u4f46\u662f\u50f9\u503c\u6295\u8cc7\u4eba\u5728\u5c0b\u627e\u88ab\u4f4e\u4f30\u7684\u80a1\u7968\u6642\uff0c\u5f88\u5bb9\u6613\u843d\u5165\u50f9\u503c\u9677\u9631\u3002<\/p>\n<p>\u5982\u679c\u4f60\u89ba\u5f97\u4e00\u6a94\u80a1\u7968\u5f88\u4fbf\u5b9c\uff0c\u4ee3\u8868\u4f60\u8a8d\u70ba\u5b83\u7684\u5167\u5728\u50f9\u503c\u9ad8\u65bc\u5b83\u76ee\u524d\u7684\u5e02\u5834\u50f9\u683c\uff0c<\/p>\n<p>\u63db\u53e5\u8a71\u8aaa\u4f60\u8a8d\u70ba\u5e02\u5834\u662f\u932f\u7684\uff08\u80a1\u50f9\u932f\u4f30\uff09\u3001\u4f60\u662f\u5c0d\u7684\uff0c\u5982\u679c\u4e8b\u5be6\u8b49\u660e\u4f60\u662f\u5c0d\u7684\uff0c\u80a1\u7968\u50f9\u683c\u7e3d\u6709\u4e00\u5929\u7576\u5e02\u5834\u767c\u73fe\u4f30\u50f9\u932f\u8aa4\u6642\u61c9\u8a72\u6703\u4e0a\u6f32\u3002<\/p>\n<p>\u4f46\u6709\u6642\u5019\u537b\u76f8\u53cd\uff0c\u6709\u53ef\u80fd\u5e02\u5834\u662f\u5c0d\u7684\uff0c\u800c\u4f60\u662f\u932f\u7684\uff0c\u4f60\u5c31\u843d\u5165\u4e86\u50f9\u503c\u9677\u9631\u3002<\/p>\n<p>\u50f9\u503c\u9677\u9631\u901a\u5e38\u767c\u751f\u5728\u6295\u8cc7\u4eba\u770b\u5230\u4e00\u6a94\u80a1\u7968\u7684\u57fa\u672c\u9762\u6307\u6a19\u88ab\u4f4e\u4f30\u4e86\uff0c<\/p>\n<p>\u50cf<a href=/index.html"https:\/\/\/pe-ratio-basic\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u672c\u76ca\u6bd4(P\/E)<\/a>\u3001<a href=/index.html"https:\/\/\/what-is-pb-ratio\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u80a1\u50f9\u6de8\u503c\u6bd4(P\/B)<\/a>\u2026\u7b49\u7b49\uff0c\u5c31\u8a8d\u70ba\u9019\u6a94\u80a1\u7968\u61c9\u662f\u6709\u5176\u50f9\u503c\u7684\uff0c\u53ea\u662f\u5b83\u7684\u5167\u5728\u50f9\u503c\u88ab\u4f4e\u4f30\u4e86\uff0c<\/p>\n<p>\u4e00\u822c\u6211\u5011\u6703\u8a8d\u70ba\u6295\u8cc7\u9019\u6a94\u80a1\u7968\u4e26\u9577\u671f\u6301\u6709\uff0c\u5c07\u4f86\u7576\u5b83\u6062\u5fa9\u5167\u5728\u50f9\u503c\u6642\uff0c\u50f9\u683c\u4e5f\u6703\u56de\u5230\u5408\u7406\u7684\u6c34\u6e96\uff0c<\/p>\n<p>\u4f46\u5be6\u969b\u4e0a\u4e5f\u8a31\u9019\u4e9b\u4f01\u696d\u5df2\u7d93\u767c\u751f\u6c38\u4e45\u7684\u50f9\u503c\u6539\u8b8a\uff0c\u770b\u4f3c\u4fbf\u5b9c\u5be6\u969b\u4e0a\u50f9\u683c\u662f\u6b63\u78ba\u53cd\u6620\u4e86\u672a\u4f86\u7684\u8870\u9000\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%93%AA%E4%BA%9B%E8%82%A1%E7%A5%A8%E5%8F%AF%E8%83%BD%E6%9C%89%E5%83%B9%E5%80%BC%E9%99%B7%E9%98%B1%EF%BC%9F\"><\/span>\u54ea\u4e9b\u80a1\u7968\u53ef\u80fd\u6709\u50f9\u503c\u9677\u9631\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u4e00\u6a94\u770b\u4f3c\u4fbf\u5b9c\u7684\u80a1\u7968\uff0c\u5be6\u969b\u4e0a\u6709\u53ef\u80fd\u662f\u500b\u50f9\u503c\u9677\u9631\u3002<\/p>\n<p>\u4e00\u822c\u4f86\u8aaa\u53ef\u4ee5\u900f\u904e\u5e95\u4e0b\u5e7e\u500b\u65b9\u5411\uff0c\u5224\u65b7\u662f\u5426\u6709\u53ef\u80fd\u70ba\u50f9\u503c\u9677\u9631\u7684\u80a1\u7968\u3002<\/p>\n<p>\u9019\u4e9b\u5206\u6790\u6709\u4e9b\u770b\u8ca1\u5831\u5c31\u80fd\u77e5\u9053\uff0c\u6709\u4e9b\u5247\u662f\u6bd4\u8f03\u8cea\u5316\u7684\u5206\u6790\uff0c<\/p>\n<p>\u81f3\u65bc\u8a72\u770b\u54ea\u5e7e\u500b\u6307\u6a19\u3001\u6307\u6a19\u8a72\u4f7f\u7528\u4ec0\u9ebc\u57fa\u6e96\uff0c\u5247\u61c9\u8a72\u8996\u7522\u696d\u800c\u5b9a\u3002<\/p>\n<p><strong>1. \u516c\u53f8\u5e02\u4f54\u7387\u662f\u5426\u4e0d\u65b7\u4e0b\u964d<\/strong><\/p>\n<p>\u4e00\u9593\u516c\u53f8\u7684\u5e02\u4f54\u7387\u662f\u8861\u91cf\u5176\u8207\u7af6\u722d\u5c0d\u624b\u7af6\u722d\u60c5\u6cc1\u7684\u6307\u6a19\uff0c\u5982\u679c\u5e02\u4f54\u7387\u4e0d\u65b7\u4e0b\u964d\u3002<\/p>\n<p>\u90a3\u9ebc\u5b83\u5c31\u6709\u5f88\u5927\u53ef\u80fd\u662f\u4e00\u500b\u50f9\u503c\u9677\u9631\u3002<\/p>\n<p>\u901a\u5e38\u60c5\u6cc1\u4e0b\uff0c\u5e02\u4f54\u7387\u61c9\u8a72\u6703\u4f34\u96a8\u80a1\u50f9\u4e0a\u5347\u800c\u589e\u52a0\uff0c\u53cd\u4e4b\u4ea6\u7136\u3002<\/p>\n<p>\u4e5f\u8a31\u7522\u696d\u5167\u51fa\u73fe\u65b0\u7684\u5f37\u52e2\u7af6\u722d\u8005\uff0c\u6216\u8005\u6280\u8853\u51fa\u73fe\u5927\u5e45\u9769\u65b0\uff0c<\/p>\n<p>\u9019\u6642\u5019\u5c31\u5f88\u96e3\u671f\u5f85\u516c\u53f8\u53cd\u8f49\u52a3\u52e2\u3001\u7576\u50f9\u503c\u56de\u4e0d\u53bb\uff0c\u50f9\u683c\u4e5f\u96e3\u4ee5\u56de\u6b78\u904e\u53bb\u7684\u6c34\u6e96\u3002<\/p>\n<p><strong>2. \u516c\u53f8\u662f\u5426\u80fd\u6709\u6548\u5206\u914d\u8cc7\u7522<\/strong><\/p>\n<p>\u5982\u679c\u4f60\u53ea\u770b<a href=/index.html"https:\/\/\/what-free-cash-flow\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u81ea\u7531\u73fe\u91d1\u6d41<\/a>\u7684\u6578\u5b57\uff0c\u89ba\u5f97\u8a72\u6578\u5b57\u6210\u9577\u3001\u6c92\u8870\u9000\uff0c\u6216\u8005\u6bd4\u540c\u696d\u9ad8\uff0c\u5c31\u53ef\u80fd\u6703\u843d\u5165\u50f9\u503c\u9677\u9631\uff0c<\/p>\n<p>\u89c0\u5bdf<a href=/index.html"https:\/\/\/what-is-roe\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u80a1\u6771\u6b0a\u76ca\u5831\u916c\u7387(ROE)<\/a>\uff0c\u4ee5\u8a55\u4f30\u516c\u53f8\u662f\u5426\u6709\u6548\u5229\u7528\u80a1\u6771\u6b0a\u76ca\uff1b<br \/>\n\u800c<a href=/index.html"https:\/\/\/what-is-roa\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u8cc7\u7522\u5831\u916c\u7387(ROA)<\/a>\u4e5f\u53ef\u4ee5\u544a\u8a34\u4f60\uff0c\u516c\u53f8\u662f\u5982\u4f55\u7ba1\u7406\u8cc7\u7522\uff0c<\/p>\n<p>\u901a\u5e38\u597d\u7684\u516c\u53f8\u5728ROE\u3001ROA\u9019\u4e9b\u6307\u6a19\u61c9\u8a72\u80fd\u7dad\u6301\u4e00\u5b9a\u7684\u6c34\u6e96\uff0c\u5982\u679c\u51fa\u73fe\u5927\u5e45\u8b8a\u52d5\u52d9\u5fc5\u8981\u8ffd\u6eaf\u539f\u56e0\uff0c\u5f9e\u9019\u88e1\u53bb\u5224\u65b7\u662f\u6a5f\u6703\uff0c\u9084\u662f\u50f9\u503c\u9677\u9631\u3002<\/p>\n<p><strong>3. \u516c\u53f8\u7684\u50b5\u52d9\u72c0\u6cc1<\/strong><\/p>\n<p>\u5927\u591a\u6578\u516c\u53f8\u6703\u4f7f\u7528\u69d3\u687f\u3001\u8209\u50b5\u4f86\u6eff\u8db3\u71df\u904b\u8cc7\u91d1\u9700\u6c42\uff0c\u4f46\u5982\u679c\u516c\u53f8\u7684\u8ca1\u52d9\u69d3\u687f\u8d85\u904e\u4e86\u591a\u5e74\u7684\u5468\u8f49\u7387\uff0c\u90a3\u9ebc\u5b83\u53ef\u80fd\u662f\u6700\u53ef\u6015\u7684\u50f9\u503c\u9677\u9631\u3002<\/p>\n<p>\u7528\u50b5\u52d9\u7d93\u71df\u56fa\u7136\u53ef\u4ee5\u5e36\u4f86\u6f02\u4eae\u7684\u71df\u6536\u6210\u9577\uff0cROE\u6578\u5b57\u4e5f\u53ef\u80fd\u5f88\u6f02\u4eae\u751a\u81f3\u4e0d\u65b7\u4e0a\u5347\uff0c\u53ef\u662f\u4e00\u4f46\u5e02\u5834\u767c\u751f\u8b8a\u5316\u6642\uff0c\u516c\u53f8\u7684\u8106\u5f31\u4e5f\u6703\u88ab\u9ad4\u73fe\u51fa\u4f86\u3002<\/p>\n<p>\u8fa8\u5225\u9019\u7a2e\u60c5\u6cc1\u7684\u6700\u7c21\u55ae\u65b9\u6cd5\u662f\u770b\u516c\u53f8\u7684\u8ca0\u50b5\u7387\uff0c\u4e5f\u5c31\u662f\u7e3d\u8ca0\u50b5\u9664\u4ee5\u516c\u53f8\u7684\u7e3d\u8cc7\u7522\uff0c<\/p>\n<p>\u900f\u904e\u9019\u6a23\u8fc5\u901f\u770b\u4e00\u4e0b\u50b5\u52d9\u8207\u80a1\u6771\u6b0a\u76ca\u7684\u6bd4\u7387\uff0c\u5c31\u53ef\u4ee5\u77e5\u9053\u76f8\u5c0d\u65bc\u80a1\u6b0a\u8cc7\u672c\u800c\u8a00\uff0c\u516c\u53f8\u7684\u50b5\u52d9\u53ca\u69d3\u687f\u662f\u5426\u4e0d\u65b7\u653e\u5927\u3002<\/p>\n<p>\u6ce2\u97f3\u516c\u53f8\u5c31\u662f\u9019\u6a23\u4e00\u500b\u4f8b\u5b50\uff0c\u5b83\u662f\u4e00\u9593\u7372\u5229\u80fd\u529b\u975e\u5e38\u512a\u8cea\u7684\u4f01\u696d\uff0c<\/p>\n<p>\u4f46\u57282016-2018\u5e74\u9593\u900f\u904e\u4e0d\u65b7\u56de\u8cfc\u5eab\u85cf\u80a1\uff0c\u64f4\u5927\u8ca1\u52d9\u69d3\u687f\uff0c\u5728\u9047\u5230Covid-19\u75ab\u60c5\u5c0e\u81f4\u696d\u52d9\u53d7\u885d\u64ca\u6642\uff0c\u4e00\u5ea6\u73fe\u91d1\u6d41\u51fa\u73fe\u975e\u5e38\u5927\u7684\u7f3a\u53e3\uff0c\u751a\u81f3\u50b3\u51fa\u50b5\u52d9\u5373\u5c07\u9055\u7d04\u7684\u5371\u6a5f\u3002<\/p>\n<p><strong>4. \u5c0d\u67d0\u4e00\u7522\u54c1\u6216\u5e02\u5834\u9031\u671f\u6027\u7684\u904e\u5ea6\u4f9d\u8cf4<\/strong><\/p>\n<p>\u6709\u4e9b\u516c\u53f8\u6703\u7279\u5225\u4f9d\u8cf4\u67d0\u4e9b\u6708\u4efd\u7684\u71df\u904b\u696d\u7e3e\u6216\u67d0\u7a2e\u5546\u54c1\uff0c\u90a3\u5e7e\u500b\u6708\u7684\u696d\u7e3e\u53ef\u80fd\u6703\u6301\u7e8c\u7206\u589e\uff0c\u5c0e\u81f4\u80a1\u50f9\u6500\u5347\u3002<\/p>\n<p>\u4f46\u8981\u6ce8\u610f\u82e5\u7528\u6236\u5c0d\u9019\u4e9b\u7522\u54c1\u5931\u53bb\u9700\u6c42\u6642\uff0c\u516c\u53f8\u7684\u80a1\u50f9\u4e5f\u53ef\u80fd\u6703\u5728\u77ed\u6642\u9593\u5167\u9a5f\u964d\uff0c<\/p>\n<p>\u56e0\u6b64\u5982\u679c\u516c\u53f8\u904e\u5ea6\u4f9d\u8cf4\u67d0\u7a2e\u5546\u54c1\u6216\u56fa\u5b9a\u6708\u4efd\u7684\u696d\u7e3e\uff0c\u53ef\u80fd\u770b\u4f3c\u4e0d\u932f\u7684\u80a1\u7968\uff0c\u4e5f\u53ef\u80fd\u6703\u8b8a\u6210\u4e00\u500b\u50f9\u503c\u9677\u9631\uff0c\u8b93\u4f60\u932f\u4f30\u4f01\u696d\u7684\u5167\u5728\u50f9\u503c\u3002<\/p>\n<p>\u8209\u4f8b\u4f86\u8aaa\uff0c<br \/>\n\u4f60\u4e0d\u80fd\u53ea\u7528\u8056\u8a95\u7bc0\u8207\u611f\u6069\u7bc0\u5047\u671f\u7684\u92b7\u552e\u4f86\u8861\u91cf\u96fb\u5546\u4ee5\u53ca\u767e\u8ca8\u696d\u7684\u5e38\u614b\u7372\u5229\uff0c\u4e5f\u4e0d\u80fd\u7528\u67d0\u4e9b\u5efa\u6848\u5b8c\u5de5\u92b7\u552e\u6536\u5165\u6fc0\u589e\u7684\u6642\u9593\u4f86\u8861\u91cf\u5efa\u5546\u80a1\u7968\u7684\u5e38\u614b\u7372\u5229\u3002<\/p>\n<p><strong>5. \u5e33\u9762\u50f9\u503c\u3001\u6536\u76ca\u3001\u73fe\u91d1\u6d41\u7b49\u500d\u6578\u90fd\u9577\u671f\u504f\u4f4e<\/strong><\/p>\n<p>\u5982\u679c\u4e00\u9593\u516c\u53f8\u9577\u671f\u4ee5\u4f86\u7684\u672c\u76ca\u6bd4(P\/E)\u3001\u80a1\u50f9\u6de8\u503c\u6bd4(P\/B)\u3001\u73fe\u91d1\u6d41\u6bd4\u7387\u7684\u500d\u6578\u90fd\u6301\u7e8c\u4f4e\uff0c<\/p>\n<p>\u5176\u5be6\u5c31\u4ee3\u8868\u9019\u9593\u516c\u53f8\u53ef\u80fd\u9ad4\u8cea\u4e0d\u4f73\uff0c\u5c0d\u6295\u8cc7\u4eba\u4f86\u8aaa\u662f\u500b\u50f9\u503c\u9677\u9631\u3002<\/p>\n<p>\u50f9\u683c\u4f4e\u80cc\u5f8c\u4e00\u5b9a\u90fd\u6709\u539f\u56e0\uff0c\u4e5f\u8a31\u662f\u932f\u4f30\uff0c\u4f46\u4e5f\u8a31\u662f\u516c\u53f8\u771f\u7684\u6709\u4e9b\u96b1\u6027\u7684\u5730\u96f7\u5728\u3002<\/p>\n<p><strong>6. \u7f3a\u5c11\u6a5f\u69cb\u6295\u8cc7<\/strong><\/p>\n<p>\u901a\u5e38\u60c5\u6cc1\u4e0b\uff0c\u6a5f\u69cb\u6cd5\u4eba\u6703\u5728\u516c\u53f8\u6eff\u8db3\u67d0\u4e9b\u57fa\u672c\u8981\u6c42\u6642\u8cfc\u8cb7\u80a1\u7968\uff0c<\/p>\n<p>\u9019\u4e9b\u8981\u6c42\u53ef\u80fd\u662f\u6700\u4f4e\u7684\u80a1\u7968\u50f9\u683c\u3001\u6700\u4f4e\u7684\u5229\u6f64\u2026\u7b49\u7b49\uff0c\u901a\u5e38\u4e0d\u7b26\u5408\u9019\u4e9b\u6a19\u6e96\u7684\u516c\u53f8\u80a1\u7968\u6703\u88ab\u6a5f\u69cb\u6295\u8cc7\u8005\u907f\u958b\uff0c\u4e5f\u6703\u5c0e\u81f4\u6bcf\u5929\u4ea4\u6613\u7684\u80a1\u7968\u6578\u91cf\u6e1b\u5c11\u3002<\/p>\n<p>\u5728\u9019\u7a2e\u60c5\u6cc1\u4e0b\uff0c\u80a1\u7968\u50f9\u683c\u6703\u6e1b\u5f31\uff0c\u9019\u985e\u80a1\u7968\u4e5f\u53ef\u80fd\u6709\u50f9\u503c\u9677\u9631\u3002<\/p>\n<p>\u7576\u7136\uff0c\u5f88\u591a\u597d\u6a5f\u6703\u4e5f\u8a31\u6f5b\u85cf\u5728\u9019\u985e\u80a1\u7968\u4e2d\uff0c\u4f46\u9019\u985e\u80a1\u7968\u7684\u80a1\u50f9\u4e5f\u5f88\u53ef\u80fd\u9577\u671f\u7684\u7121\u6cd5\u6b63\u78ba\u53cd\u6620\u4f01\u696d\u771f\u5be6\u50f9\u503c\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%83%B9%E5%80%BC%E9%99%B7%E9%98%B1%E7%9A%84%E4%BE%8B%E5%AD%90%E8%A7%A3%E6%9E%90\"><\/span>\u50f9\u503c\u9677\u9631\u7684\u4f8b\u5b50\u89e3\u6790<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u73fe\u5728\u7684\u4eba\u4e5f\u8a31\u6bd4\u8f03\u5c11\u807d\u904e\u9ed1\u8393\u6a5f\uff0c\u4e0d\u904e\u9019\u57282008\u5e74\u4ee5\u524d\u662f\u9084\u7b97\u71b1\u9580\u3001\u4e14\u6709\u4e00\u5b9a\u5e02\u4f54\u7387\u7684\u884c\u52d5\u96fb\u8a71\uff0c\u751f\u7522\u9644\u5e36\u6709\u9375\u76e4\u7684\u624b\u6a5f\uff0c\u7576\u586b\u7684\u529f\u80fd\u5df2\u7d93\u6709\u9010\u6f38\u5f80\u73fe\u4ee3\u7684\u667a\u6167\u624b\u6a5f\u9760\u650f\u3002<\/p>\n<p>\u9ed1\u8393\u516c\u53f8BlackBerry Ltd \uff08\u4ee3\u865f\uff1aBB\uff09\u57282008\u5e74\u4ee5\u524d\u5b83\u6709\u975e\u5e38\u9ad8\u7684\u6210\u9577\u8207\u5e02\u4f54\uff0c\u672c\u76ca\u6bd4\u4e5f\u843d\u572835\u500d~70\u500d\u4e4b\u9593\uff0c\u4ee3\u8868\u5e02\u5834\u7d66\u51fa\u5f88\u9ad8\u6210\u9577\u7684\u4f30\u50f9\u3002<\/p>\n<p>\u800c\u57282008\u5e74\u4ee5\u5f8c\uff0c\u5b83\u7684\u672c\u76ca\u6bd4\u843d\u523020\u500d\u5de6\u53f3\uff0c<br \/>\n\u7576\u6642\u662f\u91d1\u878d\u6d77\u562f\u3001\u5168\u7403\u6050\u614c\u5c0e\u81f4\u80a1\u50f9\u5927\u8dcc\uff0c\u7406\u8ad6\u4e0a\u7b49\u5f85\u5e02\u5834\u60c5\u7dd2\u6062\u5fa9\u5f8c\u50f9\u683c\u4e5f\u6703\u56de\u5230\u904e\u53bb\u5340\u9593\uff0c<\/p>\n<p>\u90a3\u9ebc\uff0c\u9019\u6642\u5019\u8cb7\u9032\u662f\u6b63\u78ba\u7684\u6c7a\u7b56\u55ce\uff1f<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-21716\" src=/index.html"https:\/\/\/wp-content\/uploads\/20210530013514_95.jpg\" alt=\"\u50f9\u503c\u9677\u96311\" width=\"1262\" height=\"779\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>\u5047\u5982\u8cb7\u9032\uff0c\u5f8c\u4f86\u767c\u751f\u4e86\u4ec0\u9ebc\u4e8b\u5462\uff1f<\/p>\n<p>\u5f9e\u4e8b\u5f8c\u8af8\u845b\u7684\u89d2\u5ea6\u4f86\u770b\uff0c\u6211\u5011\u90fd\u77e5\u9053\uff0c\u5f8c\u4f86\u860b\u679c\u516c\u53f8\u63a8\u51faiphone\u667a\u6167\u578b\u624b\u6a5f\uff0c\u96a8\u5f8c\u624b\u6a5f\u5e02\u5834\u5c31\u8b8a\u6210\u667a\u6167\u578b\u624b\u6a5f\u8207\u860b\u679c\u516c\u53f8\u7684\u5929\u4e0b\u4e86\u3002<\/p>\n<p>\u800c\u9ed1\u8393\u516c\u53f8\uff0c\u96d6\u7136\u52302011\u5e74\u90fd\u9084\u7dad\u6301\u6210\u9577\uff0c\u5be6\u969b\u4e0a\u9ed1\u8393\u516c\u53f8\u57282012\u5e74\u4ee5\u5f8c\u4e5f\u6b77\u7d93\u4e86\u8870\u9000\u8207\u8667\u640d\uff0c<\/p>\n<p>\u4f46\u80a1\u50f9\u8207\u672c\u76ca\u6bd4\u5247\u662f\u65e9\u57282009\u5e74\u8b8a\u4fbf\u5b9c\u5f8c\u5c31\u5df2\u7d93\u767c\u751f\u53cd\u61c9\uff0c\u90a3\u4e4b\u5f8c\u80a1\u50f9\u5247\u662f\u518d\u4e5f\u6c92\u6709\u56de\u5230\u4ee5\u524d\u7684\u672c\u76ca\u6bd435~70\u500d\u5340\u9593\uff0c\u800c\u662f\u5e7e\u4e4e\u843d\u57285~15\u500d\u672c\u76ca\u6bd4\u4e4b\u9593\u3002<\/p>\n<p>\u5982\u679c\u4f60\u5728\u7576\u6642\u770b\u5230\u516c\u53f8\u80a1\u7968\u8b8a\u4fbf\u5b9c\u800c\u8cb7\u9032\uff0c\u5be6\u969b\u4e0a\u5c31\u662f\u843d\u5165\u50f9\u503c\u9677\u9631\u4e4b\u4e2d\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-21717\" src=/index.html"https:\/\/\/wp-content\/uploads\/20210530013733_61.jpg\" alt=\"\u50f9\u503c\u9677\u96312\" width=\"1304\" height=\"779\" \/><\/p>\n<blockquote><p>\u5e02\u5834\u5148\u751fOS\uff1a\u986f\u8457\u50f9\u503c\u9677\u9631\u7684\u4f8b\u5b50\u5176\u5be6\u4e0d\u597d\u627e\u963f\uff0c\u5f88\u591a\u50f9\u503c\u9677\u9631\u516c\u53f8\u5982\u4eca\u65e9\u5c31\u4e0b\u5e02\u4e0d\u5728\u5e02\u5834\u4e0a\u4e86\u3002<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"5%E5%80%8B%E9%81%BF%E5%85%8D%E8%90%BD%E5%85%A5%E5%83%B9%E5%80%BC%E9%99%B7%E9%98%B1%E7%9A%84%E6%96%B9%E6%B3%95\"><\/span>5\u500b\u907f\u514d\u843d\u5165\u50f9\u503c\u9677\u9631\u7684\u65b9\u6cd5<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u50f9\u503c\u6295\u8cc7\u7684\u539f\u5247\uff0c\u5e38\u898b\u7684\u662f\u8981\u6295\u8cc7\u4eba\u7528\u4f4e\u672c\u76ca\u6bd4(P\/E)\u3001\u4f4e\u80a1\u50f9\u6de8\u503c\u6bd4(P\/B)\u7b49\u65b9\u5f0f\u4f86\u8a55\u4f30\u88ab\u4f4e\u4f30\u7684\u80a1\u7968\uff0c<\/p>\n<p>\u4f46\u662f\u516c\u53f8\u6703\u6301\u7e8c\u4f4e\u672c\u76ca\u6bd4(P\/E)\u3001\u4f4e\u80a1\u50f9\u6de8\u503c\u6bd4(P\/B)\uff0c\u80cc\u5f8c\u4e00\u5b9a\u6709\u539f\u56e0\uff0c\u5fc5\u9808\u5148\u641e\u61c2\u539f\u56e0\u662f\u4ec0\u9ebc\uff0c\u624d\u4e0d\u81f4\u65bc\u843d\u5165\u50f9\u683c\u9677\u9631\u88e1\u3002<\/p>\n<h3><span style=\"font-size: 16px;\"><strong>1. \u907f\u514d\u53ea\u55ae\u770b\u80a1\u50f9\u4f86\u9078\u80a1<\/strong><\/span><\/h3>\n<p><span style=\"font-size: 16px;\">\u6295\u8cc7\u4eba\u61c9\u8a72\u5c08\u6ce8\u65bc\u80a1\u7968\u7684\u50f9\u503c\u548c\u6210\u9577\u6027\uff0c\u800c\u4e0d\u662f\u50f9\u683c\u3002<\/span><\/p>\n<p><span style=\"font-size: 16px;\">\u5f88\u591a\u6642\u5019\u5373\u4f7f\u662f\u50f9\u683c\u8f03\u9ad8\u7684\u80a1\u7968\uff0c\u4e5f\u53ef\u80fd\u662f\u66f4\u597d\u7684\u9078\u64c7\uff0c\u800c\u4e0d\u662f\u53ea\u6311\u4fbf\u5b9c\u7684\u80a1\u7968\u8cb7\uff0c\u517c\u9867\u50f9\u503c\u548c\u6210\u9577\u7684\u516c\u53f8\u624d\u662f\u66f4\u597d\u7684\u6295\u8cc7\u3002<\/span><\/p>\n<h3><span style=\"font-size: 16px;\"><strong>2. \u505a\u8db3\u57fa\u672c\u9762\u5206\u6790\uff1a<\/strong><\/span><\/h3>\n<p><span style=\"font-size: 16px;\">\u5728\u505a\u51fa\u4efb\u4f55\u6295\u8cc7\u6c7a\u5b9a\u4e4b\u524d\uff0c\u5c0d\u516c\u53f8\u9032\u884c\u5168\u76e4\u5206\u6790\u662f\u975e\u5e38\u91cd\u8981\u7684\uff0c<\/span><span style=\"font-size: 16px;\">\u9019\u7a2e\u5206\u6790\u61c9\u8a72\u5305\u62ec\u516c\u53f8\u6240\u6709\u512a\u9ede\u3001\u7f3a\u9ede\u3001\u5404\u7a2e\u89c0\u9ede\u3002<br \/>\n<\/span><\/p>\n<p>\u5f88\u591a\u4eba\u5728\u505a\u5206\u6790\u6642\u6703\u843d\u5165\u53ea\u770b\u8ca1\u52d9\u6578\u5b57\u7684\u8ff7\u601d\uff0c\u4f8b\u5982\u770b\u5230\u672c\u76ca\u6bd4\u4f4e\u5c31\u89ba\u5f97\u53ef\u4ee5\u8cb7\uff0c\u4f46\u8a31\u591a\u975e\u6578\u5b57\u7684\u8cc7\u8a0a\u5728\u5206\u6790\u6642\u4e5f\u4e0d\u61c9\u8a72\u5ffd\u7565\u3002<\/p>\n<h3><span style=\"font-size: 16px;\"><strong>3. \u89c0\u5bdf<a href=/index.html"https:\/\/\/what-free-cash-flow\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u81ea\u7531\u73fe\u91d1\u6d41<\/a>\uff1a<\/strong><\/span><\/h3>\n<p><span style=\"font-size: 16px;\">\u516c\u53f8\u5728\u652f\u4ed8\u81ea\u7531\u73fe\u91d1\u6d41\u5f8c\u9084\u6709\u591a\u5c11\u8cc7\u91d1\uff0c\u4ee5\u53ca\u516c\u53f8\u5982\u4f55\u4f7f\u7528\u9019\u4e9b\u8cc7\u91d1\uff0c<\/span><\/p>\n<p><span style=\"font-size: 16px;\">\u4f8b\u5982\u73fe\u91d1\u6d41\u4e2d\u6709\u591a\u5c11\u767e\u5206\u6bd4\u4f86\u81ea\u65bc\u7d93\u71df\u6d3b\u52d5\u3001\u6295\u8cc7\u6d3b\u52d5\u7b49\uff0c\u56e0\u70ba\u9019\u4e9b\u8cc7\u8a0a\u544a\u8a34\u6211\u5011\u516c\u53f8\u7d93\u71df\u548c\u6295\u8cc7\u6c7a\u7b56\u7684\u53ef\u7528\u6027\u3002<\/span><\/p>\n<h3><span style=\"font-size: 16px;\"><strong>4. \u89c0\u5bdf\u50b5\u52d9\u8207\u80a1\u6b0a\uff1a<\/strong><\/span><\/h3>\n<p><span style=\"font-size: 16px;\">\u8cc7\u7522\u8207\u8ca0\u50b5\u7684\u6bd4\u8f03\u5728\u5206\u6790\u4e2d\u662f\u5f88\u91cd\u8981\u7684\uff0c<\/span><\/p>\n<p><span style=\"font-size: 16px;\">\u4e0d\u5efa\u8b70\u53ea\u7528\u672c\u76ca\u6bd4(P\/E)\u3001\u4f4e\u80a1\u50f9\u6de8\u503c\u6bd4(P\/B)\u4f86\u8a55\u4f30\u3002<\/span><\/p>\n<h3><span style=\"font-size: 16px;\"><strong>5. \u4f7f\u7528\u5171\u540c\u57fa\u91d1\u6216<a href=/index.html"https:\/\/\/etf0050\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">ETF<\/a>\u4f86\u6295\u8cc7\uff1a<\/strong><\/span><\/h3>\n<p><span style=\"font-size: 16px;\">\u8001\u898f\u77e9\u662f\uff0c\u4e0d\u61c2\u5c31\u4e0d\u8981\u78b0\u3002<\/span><\/p>\n<p><span style=\"font-size: 16px;\">\u53ea\u8981\u4e0d\u6301\u6709\u55ae\u4e00\u500b\u80a1\u5c31\u80fd\u5c07\u50f9\u503c\u9677\u9631\u7684\u5f71\u97ff\u88ab\u964d\u5230\u6700\u4f4e\uff0c\u900f\u904e\u57fa\u91d1\u548cETF\u88ab\u52d5\u6295\u8cc7\u65b9\u5f0f\uff0c\u901a\u5e38\u90fd\u6709\u8db3\u5920\u7684\u5206\u6563\u6027\uff0c\u53ef\u4ee5\u907f\u958b\u50f9\u503c\u9677\u9631\u3002<\/span><\/p>\n<p><span style=\"font-size: 16px;\">\u5982\u679c\u4f60\u4e0d\u4e86\u89e3\u9019\u9593\u516c\u53f8\u7684\u696d\u52d9\u3001\u8ca1\u52d9\u72c0\u6cc1\u3001\u5404\u500b\u9762\u5411\u5206\u6790\uff0c\u5c31\u4e0d\u8981\u53ea\u6295\u8cc7\u55ae\u4e00\u500b\u80a1\u3002<\/span><\/p>\n<blockquote><p>\u95dc\u65bcETF\u6295\u8cc7\u6559\u5b78\u53ef\u95b1\u8b80\uff1a<\/p>\n<p>1. <a href=/index.html"https:\/\/\/etf0050\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">ETF\u662f\u4ec0\u9ebc\uff1f<\/a><\/p>\n<p>2. <a href=/index.html"https:\/\/\/learn-etf-all\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">ETF\u65b0\u624b\u6295\u8cc7\u5165\u9580\u61f6\u4eba\u5305<\/a><\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86%EF%BC%9A%E5%83%B9%E5%80%BC%E9%99%B7%E9%98%B1%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u50f9\u503c\u9677\u9631\u662f\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><span style=\"font-size: 16px;\">\u50f9\u503c\u9677\u9631\u5c31\u662f\u4f60\u4ee5\u70ba\u8cb7\u5230\u4e86\u4fbf\u5b9c\u7684\u80a1\u7968\u3001\u80a1\u50f9\u4f4e\u65bc\u5167\u5728\u50f9\u503c\uff0c\u4f46\u5be6\u969b\u4e0a\u662f\u4f60\u932f\u4f30\u4e86\u5167\u5728\u50f9\u503c\uff0c\u5f8c\u7e8c\u80a1\u7968\u7684\u50f9\u683c\u537b\u4ecd\u6301\u7e8c\u4e0b\u8dcc\uff0c\u4e00\u76f4\u6c92\u6709\u56de\u6b78\u5230\u4f60\u8a8d\u70ba\u5b83\u8a72\u6709\u7684\u50f9\u503c\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u4e00\u6a94\u770b\u4f3c\u4fbf\u5b9c\u7684\u80a1\u7968\uff0c\u5be6\u969b\u4e0a\u6709\u53ef\u80fd\u662f\u500b\u50f9\u503c\u9677\u9631\uff0c\u516c\u53f8\u6703\u6301\u7e8c\u4f4e\u672c\u76ca\u6bd4(P\/E)\u3001\u4f4e\u80a1\u50f9\u6de8\u503c\u6bd4(P\/B)\uff0c\u80cc\u5f8c\u4e00\u5b9a\u6709\u539f\u56e0\uff0c\u5fc5\u9808\u5148\u641e\u61c2\u539f\u56e0\u662f\u4ec0\u9ebc\uff0c\u624d\u4e0d\u81f4\u65bc\u843d\u5165\u50f9\u683c\u9677\u9631\u88e1\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u60f3\u8981\u907f\u514d\u843d\u5165\u50f9\u503c\u9677\u9631\uff0c\u5c31\u4e0d\u8981\u53ea\u55ae\u770b\u80a1\u50f9\u4f86\u9078\u80a1\uff0c\u8981\u5c0d\u4e00\u9593\u516c\u53f8\u505a\u8db3\u57fa\u672c\u9762\u5206\u6790\u3001\u89c0\u5bdf\u81ea\u7531\u73fe\u91d1\u6d41\u3001\u89c0\u5bdf\u50b5\u52d9\u8207\u80a1\u6b0a\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u5982\u679c\u4f60\u4e0d\u4e86\u89e3\u9019\u9593\u516c\u53f8\u7684\u696d\u52d9\u3001\u8ca1\u52d9\u72c0\u6cc1\u3001\u5404\u500b\u9762\u5411\u5206\u6790\uff0c\u5c31\u4e0d\u8981\u53ea\u6295\u8cc7\u55ae\u4e00\u500b\u80a1\uff0c\u53ef\u4ee5\u4f7f\u7528\u5171\u540c\u57fa\u91d1\u548cETF\u7b49\u88ab\u52d5\u6295\u8cc7\u65b9\u5f0f\uff0c\u56e0\u70ba\u5b83\u5011\u5177\u6709\u8db3\u5920\u7684\u5206\u6563\u6027\uff0c\u53ef\u4ee5\u907f\u958b\u50f9\u503c\u9677\u9631\u3002<\/span><\/li>\n<\/ol>\n<blockquote><p><strong>\u5e02\u5834\u5148\u751f\u5fc3\u5f97\uff1a\u8d81\u4fbf\u5b9c\u8cb7\u9032\u807d\u8d77\u4f86\u5f88\u6709\u9053\u7406\uff0c\u4f46\u8981\u601d\u8003\u70ba\u4ec0\u9ebc\u8b8a\u4fbf\u5b9c\uff1f<\/strong><\/p>\n<p>\u5728\u6295\u8cc7\u88e1\u9762\u4e00\u500b\u5e38\u898b\u7684\u9677\u9631\u662f\uff0c\u6211\u5011\u5e38\u5e38\u89ba\u5f97\u81ea\u5df1\u6700\u8070\u660e\uff0c\u5225\u4eba\u6bd4\u8f03\u7b28\uff0c\u628a\u81ea\u5df1\u5c0d\u5167\u5728\u50f9\u503c\u8a55\u4f30\u7576\u6210\u6700\u6b63\u78ba\u7684\uff0c\u800c\u5225\u4eba\u7684\u8a55\u4f30\uff08\u80a1\u50f9\uff09\u7576\u6210\u932f\u8aa4\u7684\u3002<br \/>\n\u4f46\u771f\u7684\u662f\u9019\u6a23\u55ce\uff1f\u80a1\u50f9\u4e0d\u6703\u7121\u7de3\u7121\u6545\u8b8a\u4fbf\u5b9c\u8b93\u4f60\u6709\u6a5f\u6703\u8cb7\uff0c\u4e8b\u51fa\u5fc5\u6709\u56e0\u3002<\/p>\n<p>\u5be6\u969b\u4e0a\u50c5\u6709\u5c11\u6578\u6642\u5019\u773e\u4eba\u5011\u6703\u72af\u932f\uff0c\u5927\u591a\u6578\u6642\u5019\u5e02\u5834\u90fd\u6bd4\u6211\u5011\u8070\u660e\u3002<br \/>\n\u89ba\u5f97\u81ea\u5df1\u7684\u4f30\u50f9\u6bd4\u5225\u4eba\u66f4\u7cbe\u6e96\u5176\u5be6\u662f\u4e00\u7a2e\u5371\u96aa\u7684\u60f3\u6cd5\uff0c<br \/>\n\u6211\u5011\u4e26\u4e0d\u77e5\u9053\u81ea\u5df1\u5728\u4f30\u50f9\u6642\u80cc\u5f8c\u52d5\u7528\u4e86\u591a\u5c11\u5047\u8a2d\uff0c\u4e5f\u4e0d\u77e5\u9053\u9019\u4e9b\u5047\u8a2d\u689d\u4ef6\u6709\u591a\u5c11\u5176\u5be6\u662f\u932f\u8aa4\u7684\u3002<\/p>\n<p>\u53ea\u8981\u6642\u523b\u6709\u610f\u8b58\u5230\u81ea\u5df1\u53ef\u80fd\u6703\u72af\u932f\uff0c\u4e26\u5c0f\u5fc3\u6aa2\u9a57\u5404\u7a2e\u53ef\u80fd\u6027\uff0c\u4e5f\u9069\u5ea6\u7684\u505a\u5206\u6563\u6295\u8cc7\u3001<a href=/index.html"https:\/\/\/how-much-knowledge-is-required-to-invest\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4e0d\u61c2\u4e0d\u8981\u78b0<\/a>\uff0c<br \/>\n\u90a3\u9ebc\u843d\u5165\u50f9\u503c\u9677\u9631\u7684\u53ef\u80fd\u6027\u5176\u5be6\u5c31\u53ef\u4ee5\u5927\u5e45\u5ea6\u7684\u964d\u4f4e\u3002<\/p><\/blockquote>\n\n<p>\u66f4\u591a\u6295\u8cc7\u5165\u9580\u5ef6\u4f38\u95b1\u8b80\uff1a<\/p>\n<p>1.\u00a0<a href=/index.html"https:\/\/\/blog-page\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u8d85\u904e100\u7bc7\u65b0\u624b\u5165\u9580\u6587\u7ae0\u5206\u4eab<\/a><\/p>\n<p>2.\u00a0<a href=/index.html"https:\/\/\/blog-page_30\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u63a8\u85a6\u8d85\u904e40\u672c\u6295\u8cc7\u597d\u66f8<\/a><\/p>\n<p>3.\u00a0<a href=/index.html"https:\/\/\/us-stocks-broker-choose\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u7f8e\u80a1\u958b\u6236\u300b\u63a8\u85a6\u5238\u5546\u6bd4\u8f03<\/a><\/p>\n<p>4.\u00a0<a href=/index.html"https:\/\/\/jisun-account-588\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u80a1\u7968\u958b\u6236\u300b\u63a8\u85a6\u7684\u958b\u6236\u5238\u5546<\/a><\/p>\n<p>5.\u00a0<a href=/index.html"https:\/\/\/fund-cnyes-mrmarket\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u57fa\u91d1\u958b\u6236\u300b\u96f6\u624b\u7e8c\u8cbb\u958b\u6236\u512a\u60e0<\/a><\/p>\n\u7de8\u8f2f\uff1aJoy \u4e3b\u7de8\uff1a\u5e02\u5834\u5148\u751f\n<p><strong><span style=\"font-size: 20px;\">\u52a0\u5165\u5e02\u5834\u5148\u751fFB\u793e\u5718\uff0c\u5145\u5be6\u66f4\u591a\u7406\u8ca1\u597d\u77e5\u8b58<\/span><\/strong><\/p>\r\n<p>50\u6b72\u4e4b\u524d\u60f3\u9000\u4f11\u4e00\u5b9a\u8981\u61c2\u7406\u8ca1\uff0c<br \/>\u89e3\u6c7a\u6295\u8cc7\u7684\u7169\u60f1\uff01<\/p>\r\n<p><a href=/index.html"https:\/\/bit.ly\/2NTBOAv\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\"><img decoding=\"async\" class=\"alignnone size-full wp-image-7106\" src=/index.html"https:\/\/\/wp-content\/uploads\/20190824195036_69.gif\" alt=\"\" width=\"687\" height=\"243\" 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