{"id":4768,"date":"2026-08-31T07:01:00","date_gmt":"2026-08-30T23:01:00","guid":{"rendered":"https:\/\/laoyulaoyu.com\/?p=4768"},"modified":"2026-08-21T14:06:25","modified_gmt":"2026-08-21T06:06:25","slug":"33%e5%b9%b4%e9%95%bf%e7%89%9b%e7%9a%84%e7%9c%9f%e7%9b%b8%ef%bc%9a%e4%bd%a0%e7%9a%84%e6%89%80%e6%9c%89spy%e6%94%b6%e7%9b%8a%ef%bc%8c%e5%8f%aa%e5%9c%a8%e5%a4%9c%e9%87%8c%e5%88%b0%e8%b4%a6","status":"publish","type":"post","link":"http:\/\/laoyulaoyu.com\/index.php\/2026\/08\/31\/33%e5%b9%b4%e9%95%bf%e7%89%9b%e7%9a%84%e7%9c%9f%e7%9b%b8%ef%bc%9a%e4%bd%a0%e7%9a%84%e6%89%80%e6%9c%89spy%e6%94%b6%e7%9b%8a%ef%bc%8c%e5%8f%aa%e5%9c%a8%e5%a4%9c%e9%87%8c%e5%88%b0%e8%b4%a6\/","title":{"rendered":"33\u5e74\u957f\u725b\u7684\u771f\u76f8\uff1a\u4f60\u7684\u6240\u6709SPY\u6536\u76ca\uff0c\u53ea\u5728\u591c\u91cc\u5230\u8d26"},"content":{"rendered":"\n

\u4f5c \u8005\uff1a\u8001\u4f59\u635e\u9c7c<\/a><\/p>\n\n\n\n

\u539f\u521b\u4e0d\u6613\uff0c\u8f6c\u8f7d\u8bf7\u6807\u660e\u51fa\u5904\u53ca\u539f\u4f5c\u8005\u3002<\/mark><\/strong><\/p>\n\n\n\n

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

\u6587\u4e2d\u793a\u4f8b\u4ec5\u7528\u4e8e\u6280\u672f\u8ba8\u8bba\uff0c\u4e0d\u6784\u6210\u4efb\u4f55\u64cd\u4f5c\u5efa\u8bae\u3002
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\u5e02\u573a\u6709\u98ce\u9669\uff0c\u8bf7\u5408\u6cd5\u5408\u89c4\u6295\u8d44\u3002<\/p>\n<\/blockquote>\n\n\n\n

\u672c\u6587\u7ea6 3400 \u5b57 | \u9884\u8ba1\u9605\u8bfb 5-8 \u5206\u949f<\/p>\n\n\n\n

\u00b7 \u00b7 \u00b7<\/p>\n\n\n\n

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\u7b2c\u4e8c\u6bb5\u53eb\u65e5\u5185\u3002\u5c31\u662f\u4f60\u5f00\u76d8\u7684\u65f6\u5019\u5efa\u4ed3\uff0c\u6536\u76d8\u7684\u65f6\u5019\u5e73\u4ed3\u3002\u8fd9\u6bb5\u65f6\u95f4\u4ea4\u6613\u6240\u662f\u5f00\u95e8\u8425\u4e1a\u7684\uff0c\u6709\u6210\u4ea4\u91cf\u3001\u6709\u65b0\u95fb\u3001\u6709\u4ef7\u683c\u53d1\u73b0\uff0c\u80a1\u7968\u5e02\u573a\u7684\u6574\u5957\u673a\u5668\u90fd\u5728\u8dd1\u3002<\/p>\n\n\n\n

\u4ece 1993 \u5e74 1 \u6708\u5230 2026 \u5e74 8 \u6708\uff0c\u6574\u6574 8,437 \u4e2a\u4ea4\u6613\u65e5\uff0c33 \u5e74\u3002<\/p>\n\n\n\n

\u6211\u76f4\u63a5\u8bf4\u7ed3\u679c\uff0c\u4f60\u53ef\u80fd\u4f1a\u6123\u4e86\u4e00\u4e0b\u3002<\/p>\n\n\n\n

\u65e5\u5185\u8fd9\u6bb5\uff0c\u590f\u666e\u6bd4\u7387\u53ea\u6709 0.128\uff0c\u5e74\u5316\u6536\u76ca 0.79%\uff0c\u7b97\u4e0b\u6765\u4e00\u5929\u5e73\u5747 79 \u4e2a\u57fa\u70b9\u300233 \u5e74\u4e0b\u6765\uff0c\u51e0\u4e4e\u7b49\u4e8e\u96f6\u3002<\/p>\n\n\n\n

\u9694\u591c\u8fd9\u6bb5\u5462\uff1f\u5e74\u5316 10.05%\uff0c\u590f\u666e 0.957\u3002\u800c\u4f60\u4eec\u6700\u719f\u6089\u7684\u5efa\u4ed3\u6301\u6709\u7b56\u7565\uff0c\u5e74\u5316 10.91%\uff0c\u590f\u666e 0.784\u3002<\/p>\n\n\n\n

\u4e5f\u5c31\u662f\u8bf4\uff0c\u8fd9 33 \u5e74\u91cc\uff0cSPY \u6da8\u51fa\u6765\u7684\u90a3\u4e9b\u94b1\uff0c\u51e0\u4e4e\u5168\u662f\u5728\u591c\u91cc\u5230\u8d26\u7684\u3002\u4f60\u767d\u5929\u76ef\u7684\u90a3\u516d\u4e2a\u534a\u5c0f\u65f6\uff0c\u57fa\u672c\u4e0a\u662f\u5728\u966a\u8dd1\u3002<\/p>\n\n\n\n

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

\u8fd9\u4e2a\u53d1\u73b0\u672c\u8eab\u4e0d\u65b0\u9c9c\uff0c\u5728\u5b66\u672f\u6587\u732e\u91cc\u8eba\u4e86\u4e8c\u5341\u591a\u5e74\uff0c\u800c\u4e14\u4e00\u76f4\u5728\u8d77\u4f5c\u7528\u3002\u771f\u6b63\u6709\u610f\u601d\u7684\u662f\uff0c\u4f60\u60f3\u62ff\u5b83\u505a\u70b9\u4ec0\u4e48\u7684\u65f6\u5019\uff0c\u4f1a\u53d1\u751f\u4ec0\u4e48\u3002\u8fd9\u4e2a\u95ee\u9898\u7684\u7b54\u6848\uff0c\u662f\u4e00\u4e2a\u7cbe\u786e\u5230\u5c0f\u6570\u70b9\u7684\u6570\u5b57\uff0c\u6211\u653e\u5728\u540e\u9762\u8bf4\u3002<\/p>\n\n\n\n

\u4e00\u4e2a\u5f88\u5bb9\u6613\u8e29\u7684\u5751<\/strong><\/h2>\n\n\n\n

\u5728\u56de\u6d4b\u4e4b\u524d\uff0c\u6709\u4e2a\u7ec6\u8282\u5fc5\u987b\u5148\u8bf4\u6e05\u695a\u3002\u641e\u9519\u4e86\u8fd9\u4e2a\uff0c\u4f60\u53ef\u80fd\u8fde\u65b9\u5411\u90fd\u80fd\u770b\u53cd\u3002<\/p>\n\n\n\n

\u9664\u606f\u65e5\uff0c\u80a1\u7968\u5206\u7ea2\u7684\u65f6\u5019\uff0c\u5f00\u76d8\u4ef7\u4f1a\u81ea\u52a8\u5f80\u4e0b\u6389\u4e00\u4e2a\u80a1\u606f\u7684\u91cf\u3002\u5982\u679c\u4f60\u76f4\u63a5\u7528\u539f\u59cb\u4ef7\u683c\u7b97\u9694\u591c\u6536\u76ca\uff0c\u9664\u606f\u65e5\u90a3\u5929\uff0c\u4f60\u5c31\u628a\u6574\u4efd\u80a1\u606f\u4ece\u9694\u591c\u7a97\u53e3\u91cc\u6263\u6389\u4e86\uff0c\u4f46\u6ca1\u6709\u4efb\u4f55\u5730\u65b9\u628a\u5b83\u8865\u56de\u6765\u3002\u7ed3\u679c\u5c31\u662f\u9694\u591c\u5e8f\u5217\u88ab\u7cfb\u7edf\u6027\u5730\u4f4e\u4f30\u4e86\uff0c\u65e5\u5185\u5e8f\u5217\u628a\u5dee\u989d\u5403\u8fdb\u53bb\u3002<\/p>\n\n\n\n

\u5bf9 SPY \u6765\u8bf4\uff0c\u8fd9\u4e2a\u8bef\u5dee\u6bcf\u5e74\u5927\u7ea6 1.96 \u4e2a\u767e\u5206\u70b9\u3002\u7528\u9519\u8bef\u7b97\u6cd5\u7b97\u51fa\u6765\u662f 8.09%\uff0c\u771f\u5b9e\u6570\u5b57\u662f 10.05%\u3002\u5dee\u5c06\u8fd1\u4e24\u4e2a\u70b9\uff0c\u4f46\u7ed3\u8bba\u65b9\u5411\u6ca1\u53d8\u3002<\/p>\n\n\n\n

\u4f46\u5bf9\u53e6\u4e00\u53ea ETF\uff0c\u4e5f\u5c31\u662f TLT\uff0c\u5c31\u662f\u90a3\u4e2a\u957f\u671f\u56fd\u503a ETF\uff0c\u7528\u9519\u8bef\u7b97\u6cd5\u7b97\u51fa\u6765\u7684\u9694\u591c\u6536\u76ca\u662f\u6bcf\u5e74\u8d1f 3.00%\u3002\u4fee\u6b63\u4e4b\u540e\uff0c\u662f\u6b63 0.40%\u3002<\/p>\n\n\n\n

\u7b26\u53f7\u76f4\u63a5\u53cd\u4e86\u3002<\/p>\n\n\n\n

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\u6b63\u786e\u505a\u6cd5\u662f\u7528\u5f53\u5929\u7684\u590d\u6743\u56e0\u5b50\u628a\u5f00\u76d8\u4ef7\u8c03\u6574\u5230\u540c\u4e00\u57fa\u51c6\uff0c\u7136\u540e\u505a\u4e2a\u7b80\u5355\u7684\u9a8c\u8bc1\uff0c\u7528\u8fd9\u4e2a\u65ad\u8a00\u68c0\u67e5\u3002<\/p>\n\n\n\n

import numpy as np\nimport pandas as pd\n\n# ========== \u5047\u8bbe df \u5df2\u5b58\u5728\uff0c\u5305\u542b 'Open', 'Close', 'Adj Close' \u5217 ==========\n# \u8ba1\u7b97\u590d\u6743\u56e0\u5b50\uff08\u5f53\u65e5\u8c03\u6574\u6bd4\u4f8b\uff09\nf = df[\"Adj Close\"] \/ df[\"Close\"]          # \u5f53\u5929\u7684\u603b\u6536\u76ca\u56e0\u5b50\n\n# \u8c03\u6574\u540e\u7684\u4ef7\u683c\uff08\u590d\u6743\u53e3\u5f84\uff09\naO = df[\"Open\"] * f                        # \u8c03\u6574\u540e\u5f00\u76d8\u4ef7\naC = df[\"Adj Close\"]                       # \u8c03\u6574\u540e\u6536\u76d8\u4ef7\uff08\u5df2\u590d\u6743\uff09\n\n# \u4e09\u79cd\u6536\u76ca\u7387\non = aO \/ aC.shift(1) - 1                  # \u9694\u591c\u6536\u76ca\u7387\uff08\u524d\u6536 \u2192 \u4eca\u5f00\uff09\nit = aC \/ aO - 1                           # \u65e5\u5185\u6536\u76ca\u7387\uff08\u4eca\u5f00 \u2192 \u4eca\u6536\uff09\ntot = aC \/ aC.shift(1) - 1                 # \u5168\u65e5\u603b\u6536\u76ca\u7387\uff08\u524d\u6536 \u2192 \u4eca\u6536\uff09\n\n# \u9a8c\u8bc1\u6536\u76ca\u7387\u5206\u89e3\u6052\u7b49\u5f0f\uff1a (1+on)*(1+it) == 1+tot\nassert np.abs((1 + on) * (1 + it) - (1 + tot)).max() < 1e-10, \"\u6536\u76ca\u7387\u5206\u89e3\u4e0d\u6210\u7acb\"<\/code><\/pre>\n\n\n\n
\u6700\u540e\u90a3\u884c\u65ad\u8a00\u5f88\u91cd\u8981\u3002\u4e24\u4e2a\u6536\u76ca\u62c6\u51fa\u6765\uff0c\u8981\u4e48\u80fd\u5b8c\u7f8e\u5408\u5e76\u56de\u53bb\uff0c\u8981\u4e48\u5c31\u8bf4\u660e\u7b97\u9519\u4e86\uff0c\u4e2d\u95f4\u6ca1\u6709\u7b2c\u4e09\u79cd\u53ef\u80fd\u3002\u6bcf\u6b21\u505a\u8fd9\u79cd\u62c6\u89e3\uff0c\u6211\u90fd\u4f1a\u52a0\u4e0a\u8fd9\u4e2a\u68c0\u67e5\uff0c\u4e0d\u7136\u62a5\u51fa\u6765\u7684\u6570\u5b57\u6211\u81ea\u5df1\u4e0d\u8e0f\u5b9e\u3002<\/p>\n\n\n\n
\u771f\u5b9e\u7684\u56de\u6d4b\u662f\u4ec0\u4e48\u6837<\/strong><\/h2>\n\n\n\n
\u5f88\u591a\u91cf\u5316\u7231\u597d\u8005\u62ff\u5230\u9694\u591c\u6536\u76ca\u5e8f\u5217\uff0c\u7b2c\u4e00\u53cd\u5e94\u662f\u76f4\u63a5\u590d\u5229\u6210\u4e00\u6761\u66f2\u7ebf\uff0c\u7136\u540e\u8bf4\uff0c\u56de\u6d4b\u7ed3\u679c\u5f88\u597d\u3002\u4f46\u8fd9\u4e00\u6b65\u7701\u7565\u4e86\u4e00\u4e2a\u6700\u8981\u547d\u7684\u4e1c\u897f\uff0c8,437 \u6b21\u5f80\u8fd4\u4ea4\u6613\uff0c\u6bcf\u4e00\u7b14\u90fd\u8981\u4ed8\u4ef7\u5dee\u3002<\/p>\n\n\n\n
\u771f\u6b63\u7684\u56de\u6d4b\uff0c\u5fc5\u987b\u8ba9\u4ea4\u6613\u6210\u672c\u8001\u8001\u5b9e\u5b9e\u51fa\u73b0\u3002<\/p>\n\n\n\n
\u6211\u7684\u505a\u6cd5\u662f\u628a\u6bcf\u6839\u65e5\u7ebf\u62c6\u6210\u4e24\u6839\uff0c\u4e00\u6839\u5728\u4e5d\u70b9\u534a\u7528\u590d\u6743\u5f00\u76d8\u4ef7\uff0c\u4e00\u6839\u5728\u4e0b\u5348\u56db\u70b9\u7528\u590d\u6743\u6536\u76d8\u4ef7\u3002\u7136\u540e\u5728\u6bcf\u4e2a\u56db\u70b9\u90a3\u6839\u8fdb\uff0c\u6bcf\u4e2a\u4e5d\u70b9\u534a\u90a3\u6839\u51fa\u3002\u8fd9\u6837 vectorbt \u4f1a\u751f\u6210 8,437 \u6761\u771f\u5b9e\u7684\u6210\u4ea4\u8bb0\u5f55\uff0c\u6bcf\u4e00\u7b14\u90fd\u6263\u624b\u7eed\u8d39\u3002<\/p>\n\n\n\n
import pandas as pd\nimport numpy as np\nimport vectorbt as vbt\n\n# ========== \u5047\u8bbe raw \u662f\u5b57\u5178\uff0c\u952e\u4e3a\u6807\u7684\u4ee3\u7801\uff0c\u503c\u4e3a\u539f\u59cb OHLC DataFrame ==========\ndef interleave(t):\n    \"\"\"\n    \u5c06\u6307\u5b9a\u6807\u7684\u7684\u8c03\u6574\u540e\u5f00\u76d8\u4ef7\u548c\u6536\u76d8\u4ef7\u4ea4\u9519\u6392\u5217\u4e3a\u65f6\u95f4\u5e8f\u5217\uff0c\n    \u5f00\u76d8\u4ef7\u6807\u8bb0\u5728\u5f53\u65e5 9:30\uff0c\u6536\u76d8\u4ef7\u6807\u8bb0\u5728\u5f53\u65e5 16:00\u3002\n    \"\"\"\n    df = raw[t][[\"Open\", \"Close\", \"Adj Close\"]].dropna()\n    f = df[\"Adj Close\"] \/ df[\"Close\"]\n    \n    # \u8c03\u6574\u540e\u5f00\u76d8\u4ef7\uff0c\u65f6\u95f4\u6233\u8bbe\u4e3a 9:30\n    o = pd.Series(\n        (df[\"Open\"] * f).values,\n        index=df.index + pd.Timedelta(hours=9, minutes=30)\n    )\n    # \u8c03\u6574\u540e\u6536\u76d8\u4ef7\uff0c\u65f6\u95f4\u6233\u8bbe\u4e3a 16:00\n    cl = pd.Series(\n        df[\"Adj Close\"].values,\n        index=df.index + pd.Timedelta(hours=16)\n    )\n    return pd.concat([o, cl]).sort_index()\n\n# \u793a\u4f8b\uff1a\u4f7f\u7528 SPY \u6570\u636e\npx = interleave(\"SPY\")\n\n# \u751f\u6210\u4ea4\u6613\u4fe1\u53f7\uff08\u6536\u76d8\u7ade\u4ef7\u8fdb\u573a\uff0c\u5f00\u76d8\u7ade\u4ef7\u51fa\u573a\uff09\nis_close = px.index.hour == 16\nentries = pd.Series(is_close, index=px.index)      # \u6536\u76d8\u8fdb\u573a\nexits = pd.Series(~is_close, index=px.index)       # \u5f00\u76d8\u51fa\u573a\nentries.iloc[-1] = False                           # \u6700\u540e\u4e00\u5929\u4e0d\u7559\u60ac\u7a7a\u5355\n\n# \u4f7f\u7528 vectorbt \u6784\u5efa\u5e76\u8bc4\u4f30\u6295\u8d44\u7ec4\u5408\npf = vbt.Portfolio.from_signals(\n    close=px,\n    entries=entries,\n    exits=exits,\n    init_cash=100_000,\n    fees=0.00005,          # \u4e070.5\u624b\u7eed\u8d39\n    freq=\"12H\"             # 12\u5c0f\u65f6\u9891\u7387\uff0c\u7528\u4e8e\u7ee9\u6548\u8ba1\u7b97\n)\n\n# \u67e5\u770b\u7ee9\u6548\u7edf\u8ba1\uff08\u53ef\u9009\uff09\nprint(pf.stats())<\/code><\/pre>\n\n\n\n
\u8fd9\u4e2a\u7b56\u7565\u96f6\u53c2\u6570\uff0c\u6ca1\u6709\u56de\u770b\u7a97\u53e3\uff0c\u6ca1\u6709\u9608\u503c\uff0c\u6ca1\u6709\u4efb\u4f55\u4e1c\u897f\u9700\u8981\u8c03\u4f18\uff0c\u6240\u4ee5\u4e5f\u4e0d\u5b58\u5728\u8fc7\u62df\u5408\u3002\u5173\u4e8e\u5b83\u7684\u6240\u6709\u95ee\u9898\uff0c\u6700\u540e\u90fd\u5f52\u7ed3\u5230\u4e00\u4e2a\u53d8\u91cf\uff0c\u5c31\u662f\u6210\u672c\u3002<\/p>\n\n\n\n
\u6bcf\u8fb9\u534a\u4e2a\u57fa\u70b9\uff0c\u7ed3\u679c\u60ca\u6389\u4e0b\u5df4<\/strong><\/h2>\n\n\n\n
\u4ece 10 \u4e07\u7f8e\u5143\u8d77\u6b65\uff0c\u7b56\u7565\u6700\u7ec8\u8d26\u6237\u91cc\u6709 106 \u4e07\u3002\u542c\u8d77\u6765\u4e0d\u9519\u5bf9\u5427\uff1f\u4f46\u4f60\u731c\u5b83\u5149\u624b\u7eed\u8d39\u5c31\u4ed8\u4e86\u591a\u5c11\uff1f\u63a5\u8fd1 38 \u4e07\u3002<\/p>\n\n\n\n
\"\"<\/figure>\n\n\n\n
\u8fd9\u662f\u5728\u6bcf\u8fb9\u53ea\u6536\u534a\u4e2a\u57fa\u70b9\u7684\u524d\u63d0\u4e0b\u7b97\u7684\u3002\u534a\u4e2a\u57fa\u70b9\u662f\u4ec0\u4e48\u6982\u5ff5\uff1f\u5c31\u662f 0.005% \u624b\u7eed\u8d39\u5c31\u80fd\u5403\u6389\u4f60\u4e00\u7b14\u4ea4\u6613\u7684\u4e00\u8fb9\u3002\u5982\u679c\u4f60\u4e0d\u662f\u673a\u6784\uff0c\u7ade\u4ef7\u6267\u884c\u57fa\u672c\u62ff\u4e0d\u5230\u8fd9\u4e2a\u4ef7\u683c\u3002<\/p>\n\n\n\n
\u8fd9\u4e2a\u6570\u5b57\u8bf4\u660e\u4e86\u4e00\u4ef6\u4e8b\uff0c\u5c31\u662f\u4e00\u4e2a\u590f\u666e\u66f4\u9ad8\u3001\u56de\u64a4\u66f4\u5c0f\u7684\u7b56\u7565\uff0c\u8d26\u6237\u91cc\u6700\u540e\u53ea\u5269\u4e0b\u4e09\u5206\u4e4b\u4e00\u3002\u800c\u90a3\u4e2a\u4ec0\u4e48\u90fd\u4e0d\u505a\u7684\u5efa\u4ed3\u6301\u6709\u7b56\u7565\uff0c\u6700\u540e\u8d26\u6237\u91cc\u6709 320 \u4e07\u3002\u5dee\u8ddd\u5c31\u662f\u8fd9\u4e48\u5927\u3002<\/p>\n\n\n\n
\u4f60\u53ef\u80fd\u4f1a\u60f3\uff0c\u90a3\u8fd9\u5957\u7b56\u7565\u7684\u6838\u5fc3\u4f18\u52bf\u5230\u5e95\u5728\u54ea\uff1f\u7b54\u6848\u53ef\u80fd\u8ddf\u4f60\u60f3\u7684\u4e0d\u4e00\u6837\u3002<\/p>\n\n\n\n
\u5e73\u5747\u6bcf\u7b14\u8d5a\u94b1\u7684\u591c\uff0c\u8d5a 0.408%\u3002\u5e73\u5747\u6bcf\u7b14\u4e8f\u94b1\u7684\u591c\uff0c\u4e8f 0.433%\u3002\u4e8f\u7684\u6bd4\u8d5a\u7684\u5927\u3002<\/p>\n\n\n\n
\u8fd9\u5957\u7b56\u7565\u80fd\u8d62\uff0c\u9760\u7684\u662f\u4e8f\u7684\u6b21\u6570\u5c11\u3001\u8d5a\u7684\u6b21\u6570\u591a\u3002\u80dc\u7387 55.1%\uff0c\u76c8\u4e8f\u6bd4 1.12\uff0c\u4e00\u5e74\u4e0b\u6765\u603b\u5171 252 \u4e2a\u591c\u665a\uff0c\u6162\u6162\u79ef\u7d2f\u51fa\u8fd9\u4e2a\u4f18\u52bf\u3002<\/p>\n\n\n\n
\u6240\u4ee5\u5b83\u4e0d\u662f\u90a3\u79cd\u80fd\u6293\u4f4f\u5927\u884c\u60c5\u7684\u7b56\u7565\uff0c\u5b83\u662f\u8584\u5229\u591a\u9500\u578b\u7684\uff0c\u9ad8\u9891\u6536\u5272\uff0c\u6bcf\u4e2a\u591c\u665a\u53ea\u8d5a\u4e00\u70b9\u70b9\u3002<\/p>\n\n\n\n
\u53e6\u5916\uff0c\u5b83\u4e5f\u7edd\u5bf9\u4e0d\u662f\u4ec0\u4e48\u4f4e\u98ce\u9669\u7b56\u7565\u3002\u6700\u5dee\u7684\u4e00\u4e2a\u591c\u665a\u4e8f\u4e86 10.46%\uff0c2020 \u5e74 3 \u6708\u6709\u4e00\u6bb5\u8fd1\u4e4e\u5782\u76f4\u7684 30% \u4e0b\u6740\uff0c2002 \u5e74\u5230 2003 \u5e74\u6709\u4e00\u6bb5 36% \u7684\u56de\u64a4\u3002<\/p>\n\n\n\n
\u4f60\u6301\u6709\u9694\u591c\uff0c\u5c31\u662f\u5728\u6301\u6709\u8df3\u7a7a\u98ce\u9669\u3002\u8df3\u7a7a\u98ce\u9669\uff0c\u5c31\u662f\u8fd9\u4e2a\u7b56\u7565\u88ab\u4ed8\u94b1\u7684\u539f\u56e0\u3002<\/p>\n\n\n\n
\u51b3\u5b9a\u4e00\u5207\u7684\uff0c\u662f\u4e00\u4e2a\u6570\u5b57<\/strong><\/h2>\n\n\n\n
\u56e0\u4e3a\u8fd9\u4e2a\u7b56\u7565\u6bcf\u5929\u56fa\u5b9a\u4ea4\u6613\u4e00\u6b21\uff0c\u76c8\u4e8f\u5e73\u8861\u7684\u6210\u672c\u53ef\u4ee5\u76f4\u63a5\u7b97\u51fa\u6765\uff0c\u5c31\u662f\u9694\u591c\u5e73\u5747\u6536\u76ca\uff0c\u6362\u7b97\u6210\u57fa\u70b9\u3002<\/p>\n\n\n\n
4.02 \u4e2a\u57fa\u70b9\uff0c\u5f80\u8fd4\u3002<\/p>\n\n\n\n
\u6ce8\u610f\uff0c\u8fd9\u4e2a\u6210\u672c\u6ca1\u6709\u4efb\u4f55\u529e\u6cd5\u644a\u8584\u3002\u4f60\u6ca1\u6cd5\u901a\u8fc7\u51cf\u5c11\u4ea4\u6613\u6b21\u6570\u6765\u964d\u4f4e\u6210\u672c\uff0c\u56e0\u4e3a\u6bcf\u5929\u4ea4\u6613\u4e00\u6b21\u5c31\u662f\u8fd9\u4e2a\u7b56\u7565\u7684\u5b9a\u4e49\uff0c\u4e0d\u662f\u4f60\u9009\u7684\u53c2\u6570\u3002<\/p>\n\n\n\n
\u628a\u8fd9\u4e2a\u6210\u672c\u53d8\u4e00\u53d8\uff0c\u7ed3\u679c\u662f\u8fd9\u6837\u7684\u3002<\/p>\n\n\n\n
\u96f6\u6210\u672c\u7684\u65f6\u5019\uff0c\u590f\u666e 1.15\uff0c\u5efa\u4ed3\u6301\u6709\u662f 0.78\uff0c\u800c\u4e14\u7b56\u7565\u7684\u56de\u64a4\u6bd4\u5efa\u4ed3\u6301\u6709\u5c11 35%\u3002\u4e00\u4e2a\u57fa\u70b9\u5f80\u8fd4\u7684\u65f6\u5019\uff0c\u7b56\u7565\u8fd8\u662f\u8d62\u3002\u4e24\u4e2a\u57fa\u70b9\uff0c\u5c31\u4e0d\u8d62\u4e86\u3002\u56db\u4e2a\u57fa\u70b9\uff0c\u76f4\u63a5\u5f52\u96f6\u3002<\/p>\n\n\n\n
\u8fd9\u5c31\u662f”\u6210\u672c\u53d7\u9650”\u7684\u7b56\u7565\u3002\u4f60\u770b\u5230\u7684\u4f18\u52bf\u80fd\u4e0d\u80fd\u88c5\u8fdb\u4f60\u53e3\u888b\uff0c\u53d6\u51b3\u4e8e\u4f60\u7684\u6267\u884c\u6210\u672c\u80fd\u4e0d\u80fd\u63a7\u5236\u5728 4.02 \u4e2a\u57fa\u70b9\u4ee5\u5185\u3002\u8fd9\u4e0d\u662f\u8c03\u53c2\u6570\u80fd\u89e3\u51b3\u7684\u95ee\u9898\uff0c\u662f\u4f60\u627e\u54ea\u5bb6\u5238\u5546\u3001\u7528\u4ec0\u4e48\u65b9\u5f0f\u4e0b\u5355\u51b3\u5b9a\u7684\u3002<\/p>\n\n\n\n
\u5b83\u8fd8\u6ca1\u6709\u6d88\u5931<\/strong><\/h2>\n\n\n\n
\u5bf9\u4efb\u4f55\u4e00\u4e2a\u4e8c\u5341\u5e74\u524d\u5c31\u5b58\u5728\u7684\u5f02\u8c61\uff0c\u5927\u5bb6\u7b2c\u4e00\u4e2a\u95ee\u9898\u5f80\u5f80\u662f\uff0c\u8fd9\u4e2a\u4e1c\u897f\u8fd8\u5b58\u5728\uff0c\u65e9\u5c31\u88ab\u5957\u5229\u6ca1\u4e86\u5427\uff1f<\/p>\n\n\n\n
\u6211\u628a SPY \u7684\u9694\u591c\u6536\u76ca\u6309\u4e94\u5e74\u4e00\u6863\u62c6\u5f00\u770b\u4e86\u4e00\u4e0b\u3002\u516d\u4e2a\u6863\uff0c\u6bcf\u4e00\u6863\u90fd\u662f\u6b63\u7684\u3002\u6700\u5dee\u7684\u662f 2000 \u5e74\u5230 2004 \u5e74\uff0c\u90a3\u662f\u79d1\u6280\u6ce1\u6cab\u7834\u88c2\u90a3\u6bb5\u65f6\u95f4\u3002\u6700\u8fd1\u4e09\u6863\u5168\u90e8\u5904\u4e8e\u6216\u9ad8\u4e8e\u5168\u6837\u672c\u5747\u503c\u3002<\/p>\n\n\n\n
\u8fd9\u4e2a\u6548\u5e94\u5728\u6700\u8fd1\u8fd9\u4e9b\u5e74\u53cd\u800c\u66f4\u7a33\u5b9a\u4e86\uff0c\u4e0d\u662f\u66f4\u5f31\u4e86\u3002<\/p>\n\n\n\n
\u8fd9\u4e2a\u6301\u7eed\u6027\u672c\u8eab\u5c31\u662f\u4e00\u4e2a\u4fe1\u53f7\u3002\u9519\u8bef\u5b9a\u4ef7\u4e00\u65e6\u88ab\u53d1\u73b0\uff0c\u5927\u5bb6\u90fd\u4f1a\u6765\u5957\u5229\uff0c\u5957\u7740\u5957\u7740\u5c31\u6ca1\u4e86\u3002\u4f46\u98ce\u9669\u8865\u507f\u4e0d\u4e00\u6837\uff0c\u603b\u5f97\u6709\u4eba\u627f\u62c5\u90a3\u4e2a\u98ce\u9669\u3002\u8fd9\u7b14\u4ea4\u6613\u4e0d\u4f1a\u6d88\u89e3\u5b83\u81ea\u5df1\u7684\u6210\u56e0\uff0c\u56e0\u4e3a\u98ce\u9669\u672c\u8eab\u662f\u771f\u5b9e\u5b58\u5728\u7684\u3002<\/p>\n\n\n\n
\u6211\u8fd8\u8bd5\u4e86\u53e6\u4e00\u4e2a\u4f18\u5316\u65b9\u5411\uff0c\u5931\u8d25\u4e86<\/strong><\/h2>\n\n\n\n
\u6211\u8bd5\u4e86\u53e6\u5916\u4e00\u4e2a\u601d\u8def\u662f\u8fd9\u6837\u7684\u3002\u98ce\u9669\u8f6c\u79fb\u7684\u903b\u8f91\u8ba4\u4e3a\uff0c\u4ea4\u6613\u5546\u5728\u4e0b\u8dcc\u4ea4\u6613\u65e5\u7ed3\u675f\u540e\uff0c\u624b\u91cc\u4f1a\u79ef\u7d2f\u66f4\u591a\u5356\u4e0d\u6389\u7684\u4ed3\u4f4d\uff0c\u6240\u4ee5\u8dcc\u65e5\u4e4b\u540e\u7684\u9694\u591c\u6ea2\u4ef7\u5e94\u8be5\u66f4\u9ad8\u3002\u540c\u65f6\uff0c\u5982\u679c\u53ea\u5728\u8dcc\u65e5\u4e4b\u540e\u505a\uff0c\u4ea4\u6613\u7684\u9891\u7387\u80fd\u780d\u4e00\u534a\uff0c\u8fd9\u5bf9\u6210\u672c\u654f\u611f\u7684\u7b56\u7565\u6765\u8bf4\u5f88\u6709\u5438\u5f15\u529b\u3002<\/p>\n\n\n\n
\u7ed3\u679c\u5462\uff1f\u8dcc\u65e5\u4e4b\u540e\u9694\u591c\u6536\u76ca 4.405 \u4e2a\u57fa\u70b9\uff0c\u6da8\u65e5\u4e4b\u540e\u662f 3.689 \u4e2a\u57fa\u70b9\uff0c\u5dee 0.716 \u4e2a\u57fa\u70b9\uff0ct \u7edf\u8ba1\u91cf\u53ea\u6709 0.49\u3002<\/p>\n\n\n\n
\u7edf\u8ba1\u5b66\u4e0a\uff0c\u8fd9\u7b49\u4e8e\u6ca1\u6709\u3002<\/p>\n\n\n\n
\u66f4\u5bbd\u8303\u56f4\u7684 ETF \u6d4b\u8bd5\u91cc\uff0c\u8fde\u65b9\u5411\u90fd\u4e0d\u4e00\u81f4\u3002<\/p>\n\n\n\n
\u6211\u8fd8\u662f\u628a\u8fd9\u4e2a\u7ed3\u679c\u62a5\u51fa\u6765\uff0c\u56e0\u4e3a\u8fd9\u79cd\u4e8b\u88ab\u6084\u6084\u4e22\u6389\u662f\u6700\u4e8f\u7684\u3002\u4e0b\u4e00\u4e2a\u60f3\u505a\u8fd9\u4e2a\u65b9\u5411\u7684\u4eba\uff0c\u5e94\u8be5\u76f4\u63a5\u641c\u5230\u8fd9\u4e2a\u7ed3\u679c\uff0c\u800c\u4e0d\u662f\u7528\u7a0d\u5fae\u4e0d\u540c\u7684\u9608\u503c\u518d\u8bd5\u4e00\u904d\u7136\u540e\u5931\u671b\u3002<\/p>\n\n\n\n
\u89c2\u70b9\u603b\u7ed3<\/strong><\/h2>\n\n\n\n
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