{"id":3424,"date":"2026-01-21T07:53:00","date_gmt":"2026-01-20T23:53:00","guid":{"rendered":"https:\/\/www.laoyulaoyu.com\/?p=3424"},"modified":"2026-01-12T22:55:13","modified_gmt":"2026-01-12T14:55:13","slug":"%e9%ab%98%e7%9b%9b%e5%a6%82%e4%bd%95%e5%9c%a8%e5%85%b3%e9%94%ae%e6%97%b6%e7%82%b9%e5%81%9a%e6%9c%9f%e6%9d%83%ef%bc%9f%e6%8f%ad%e7%a7%98%e9%a1%b6%e7%ba%a7%e6%8a%95%e8%a1%8c%e7%9c%bc","status":"publish","type":"post","link":"https:\/\/laoyulaoyu.com\/index.php\/2026\/01\/21\/%e9%ab%98%e7%9b%9b%e5%a6%82%e4%bd%95%e5%9c%a8%e5%85%b3%e9%94%ae%e6%97%b6%e7%82%b9%e5%81%9a%e6%9c%9f%e6%9d%83%ef%bc%9f%e6%8f%ad%e7%a7%98%e9%a1%b6%e7%ba%a7%e6%8a%95%e8%a1%8c%e7%9c%bc\/","title":{"rendered":"\u9ad8\u76db\u5982\u4f55\u5728\u201c\u5173\u952e\u65f6\u70b9\u201d\u505a\u671f\u6743\uff1f\u63ed\u79d8\u9876\u7ea7\u6295\u884c\u773c\u4e2d\u7684\u975e\u5bf9\u79f0\u673a\u4f1a"},"content":{"rendered":"\n<p>\u4f5c\u8005\uff1a<a href=\"https:\/\/www.laoyulaoyu.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8001\u4f59\u635e\u9c7c<\/a><\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-cyan-bluish-gray-color\">\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 class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"900\" height=\"383\" src=\"https:\/\/www.laoyulaoyu.com\/wp-content\/uploads\/2026\/01\/11.webp\" alt=\"\" class=\"wp-image-3425\" srcset=\"https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/01\/11.webp 900w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/01\/11-300x128.webp 300w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/01\/11-768x327.webp 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<pre class=\"wp-block-verse\"><strong>\u5199\u5728\u524d\u9762\u7684\u8bdd\uff1a<\/strong>\u4eca\u5929\u4e0d\u804a\u7384\u5b66\uff0c\u53ea\u804a\u6570\u5b66\u3002\u6700\u8fd1\u6252\u5230\u4e86\u9ad8\u76db\u7684\u4e00\u4efd\u884d\u751f\u54c1\u7814\u7a76\u7b14\u8bb0\uff0c\u6838\u5fc3\u5c31\u8bb2\u4e86\u4e00\u4ef6\u4e8b\uff1a\u5f53\u5927\u90e8\u5206\u4eba\u90fd\u5728\u76ef\u7740\u8d22\u62a5\u770b\u7684\u65f6\u5019\uff0c<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">\u771f\u6b63\u7684\u806a\u660e\u94b1\u5df2\u7ecf\u5728\u201c\u5206\u6790\u5e08\u65e5\u201d\u8fd9\u79cd\u88ab\u5ffd\u7565\u7684\u65e5\u5b50\u91cc\u5b8c\u6210\u4e86\u5e03\u5c40<\/mark>\u3002\u4e09\u5957\u7b56\u7565\uff0c\u7eaf\u903b\u8f91\u62c6\u89e3\uff0c\u5e0c\u671b\u80fd\u7ed9\u4f60\u4e00\u4e9b\u65b0\u89c6\u89d2\u3002<\/pre>\n<\/blockquote>\n\n\n\n<p>\u505a\u91cf\u5316\u4e45\u4e86\uff0c\u4f60\u4f1a\u53d1\u73b0\u4e00\u4e2a\u6709\u8da3\u7684\u73b0\u8c61\uff1a\u6563\u6237\u559c\u6b22\u76ef\u7740K\u7ebf\u627e\u201c\u611f\u89c9\u201d\uff0c\u800c\u9876\u7ea7\u673a\u6784\u559c\u6b22\u76ef\u7740\u201c\u65e5\u5386\u201d\u627e\u201c\u9519\u914d\u201d\u3002<\/p>\n\n\n\n<p>\u6700\u8fd1\u6211\u7814\u7a76\u4e86\u4e00\u4efd\u5173\u4e8e\u9ad8\u76db\uff08<em>Goldman Sachs<\/em>\uff09\u884d\u751f\u54c1\u7814\u7a76\u90e8\u95e8\u7684\u7b14\u8bb0\u3002\u8fd9\u5e2e\u534e\u5c14\u8857\u7684\u806a\u660e\u8111\u888b\uff0c\u901a\u8fc7\u590d\u6742\u7684\u6570\u5b66\u6a21\u578b\uff0c\u53d1\u73b0\u4e86\u5e02\u573a\u5728\u7279\u5b9a\u4e8b\u4ef6\u4e2d\u5b58\u5728\u7684\u5b9a\u4ef7\u6f0f\u6d1e\u3002<\/p>\n\n\n\n<p>\u8fd9\u7bc7\u7b14\u8bb0\u6700\u5438\u5f15\u6211\u7684\u5730\u65b9\u5728\u4e8e\uff1a<strong>\u5b83\u4e0d\u4ec5\u4ec5\u662f\u8bb2\u6280\u672f\uff0c\u66f4\u662f\u5728\u8bb2\u4e00\u79cd\u201c\u4fe1\u606f\u4e0d\u5bf9\u79f0\u201d\u7684\u903b\u8f91\u3002<\/strong><\/p>\n\n\n\n<p>\u4eca\u5929\u5c31\u628a\u8fd9\u4e9b\u6666\u6da9\u7684\u4e13\u4e1a\u672f\u8bed\u7ffb\u8bd1\u6210\u542c\u5f97\u61c2\u7684\u4eba\u8bdd\uff0c\u5e26\u5927\u5bb6\u770b\u770b\u8fd9\u4e09\u4e2a\u636e\u79f0\u5728\u5386\u53f2\u56de\u6d4b\u4e2d\u8868\u73b0\u4f18\u5f02\u7684\u7b56\u7565\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u7b56\u7565\u4e00\uff1a\u5206\u6790\u5e08\u65e5\u7684\u201c\u9884\u671f\u5dee\u201d\u535a\u5f08<\/strong><\/h2>\n\n\n\n<p>\u5927\u5bb6\u90fd\u5f88\u719f\u6089\u8d22\u62a5\u65e5\uff0c\u56e0\u4e3a\u90a3\u65f6\u5019\u5168\u5e02\u573a\u7684\u76ee\u5149\u90fd\u76ef\u7740\u3002\u4f46\u9ad8\u76db\u53d1\u73b0\u4e86\u4e00\u4e2a\u88ab\u5ffd\u7565\u7684\u89d2\u843d\u2014\u2014<strong>\u201c\u5206\u6790\u5e08\u65e5\u201d\uff08Analyst Day \/ Investor Day\uff09<\/strong>\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/mmbiz.qpic.cn\/mmbiz_png\/Vk07qSNq7L0e1Nl3vGUj06E9mVjFGrB9Kt1NB64WuQYRdVNXW6HSaADIickWZj6AsWWurvseLLdWWcMgxkhuTOQ\/640?wx_fmt=png&amp;from=appmsg\" alt=\"\"\/><\/figure>\n\n\n\n<p>\u8d22\u62a5\u53d1\u5e03\u7684\u65f6\u95f4\u662f\u6807\u51c6\u5316\u7684\uff0c\u5386\u53f2\u6570\u636e\u4e00\u5927\u628a\uff0c\u673a\u5668\u6a21\u578b\u5f88\u5bb9\u6613\u5c31\u80fd\u628a\u6ce2\u52a8\u7387\u7b97\u5f97\u6b7b\u6b7b\u7684\u3002\u4f46\u662f\uff0c\u201c\u5206\u6790\u5e08\u65e5\u201d\u5f80\u5f80\u6ca1\u6709\u56fa\u5b9a\u7684\u65f6\u95f4\u89c4\u5f8b\uff0c\u5386\u53f2\u8bad\u7ec3\u6570\u636e\u7a00\u7f3a\u3002<\/p>\n\n\n\n<p>\u8fd9\u5c31\u5bfc\u81f4\u4e86\u4e00\u4e2a\u7ed3\u679c\uff1a<strong>\u7cfb\u7edf\u6027\u7684\u91cf\u5316\u6a21\u578b\u5f80\u5f80\u4f1a\u201c\u4f4e\u4f30\u201d\u8fd9\u4e00\u5929\u53ef\u80fd\u53d1\u751f\u7684\u5927\u52a8\u4f5c\u3002<\/strong><\/p>\n\n\n\n<p>\u5728\u8fd9\u4e2a\u65e5\u5b50\u91cc\uff0c\u516c\u53f8\u7ba1\u7406\u5c42\u53ef\u80fd\u4f1a\u53d1\u5e03\u5168\u65b0\u7684\u6218\u7565\u6307\u5f15\u3001\u4ea7\u54c1\u8def\u7ebf\u56fe\u6216\u8005\u8d22\u52a1\u76ee\u6807\u4fee\u6b63\u3002\u8fd9\u4e9b\u4fe1\u606f\u7684\u5bc6\u5ea6\u6781\u5927\uff0c\u4f46\u5e02\u573a\u9884\u671f\u7684\u6ce2\u52a8\u7387\uff08Implied Volatility\uff09\u5374\u5f80\u5f80\u8fd8\u6ca1\u53cd\u5e94\u8fc7\u6765\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83d\udd0d \u7b56\u7565\u62c6\u89e3<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u65f6\u673a\u9009\u62e9\uff1a\u00a0<\/strong>\u5728\u6d3b\u52a8\u5f00\u59cb\u524d5\u5929\uff08T-5\uff09\u8fdb\u884c\u5e03\u5c40\u3002<\/li>\n\n\n\n<li><strong>\u5de5\u5177\u9009\u62e9\uff1a\u00a0<\/strong>\u5173\u6ce8\u5e73\u503c\uff08<em>ATM<\/em>\uff09\u6216\u8f7b\u5ea6\u865a\u503c\uff08<em>OTM<\/em>\uff09\u7684\u770b\u6da8\u65b9\u5411\u671f\u6743\u5408\u7ea6\u3002<\/li>\n\n\n\n<li><strong>\u79bb\u573a\u65f6\u673a\uff1a\u00a0<\/strong>\u6d3b\u52a8\u7ed3\u675f\u540e1\u5929\uff08T+1\uff09\u3002<\/li>\n\n\n\n<li><strong>\u6301\u6709\u5468\u671f\uff1a\u00a0<\/strong>\u5927\u7ea66\u4e2a\u4ea4\u6613\u65e5\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>\u7ecf\u5178\u6848\u4f8b\uff1a<\/strong><\/p>\n\n\n\n<p>\u4ee52024\u5e7412\u6708\u7684Robinhood\uff08HOOD\uff09\u4e3a\u4f8b\u3002\u5728\u6295\u8d44\u8005\u65e5\u4e4b\u524d\uff0c\u5176\u9690\u542b\u6ce2\u52a8\u7387\u5e76\u4e0d\u9ad8\u3002\u9ad8\u76db\u7684\u7814\u7a76\u903b\u8f91\u662f\uff0c\u53ea\u8981\u8fd9\u4e00\u5929\u53d1\u5e03\u7684\u5185\u5bb9\u8db3\u591f\u52b2\u7206\uff0c\u5b9e\u9645\u4ea7\u751f\u7684\u6ce2\u52a8\u5c31\u4f1a\u8fdc\u8fdc\u8d85\u8fc7\u6a21\u578b\u7ed9\u51fa\u7684\u5b9a\u4ef7\u3002\u8fd9\u5728\u671f\u6743\u5e0c\u814a\u5b57\u6bcd\u91cc\uff0c\u5c31\u662f\u8d5a\u53d6\u201cGamma\u201d\u7206\u53d1\u7684\u94b1\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u7b56\u7565\u4e8c\uff1a\u8d22\u62a5\u53d1\u5e03\u524d\u7684\u201c\u6982\u7387\u4f18\u52bf\u201d<\/strong><\/h2>\n\n\n\n<p>\u5f88\u591a\u4eba\u89c9\u5f97\u8d4c\u8d22\u62a5\u662f\u201c\u6254\u786c\u5e01\u201d\uff0c\u4f46\u5728\u5927\u6570\u636e\u7684\u89c6\u89d2\u4e0b\uff0c\u8fd9\u679a\u786c\u5e01\u7684\u91cd\u5fc3\u5176\u5b9e\u662f\u504f\u7684\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/mmbiz.qpic.cn\/mmbiz_png\/Vk07qSNq7L0e1Nl3vGUj06E9mVjFGrB9phlsAHCacEpH0R1SD3dUCSzz6x3CO7EAYAwo7nCvSkg4fgbjnUYNOA\/640?wx_fmt=png&amp;from=appmsg\" alt=\"\"\/><\/figure>\n\n\n\n<p><strong>\u903b\u8f91\u662f\u4ec0\u4e48\uff1f<\/strong><\/p>\n\n\n\n<p>\u6839\u636eFactSet\u7684\u6570\u636e\uff082012-2016\uff09\uff0c\u6807\u666e500\u6210\u5206\u80a1\u4e2d\uff0c\u670968%\u7684\u516c\u53f8\u76c8\u5229\u4f1a\u8d85\u51fa\u5206\u6790\u5e08\u9884\u671f\uff0c\u5e73\u5747\u8d85\u51fa\u5e45\u5ea6\u4e3a4.0%\u3002<\/p>\n\n\n\n<p>\u8fd9\u610f\u5473\u7740\uff0c\u4ece\u7edf\u8ba1\u5b66\u89d2\u5ea6\u770b\uff0c\u7f8e\u80a1\u4e0a\u5e02\u516c\u53f8\u7684\u4e1a\u7ee9\u60ca\u559c\u5448\u73b0<strong>\u201c\u6b63\u504f\u6001\u5206\u5e03\u201d<\/strong>\u3002\u8fd9\u4e3a\u63d0\u524d\u5e03\u5c40\u770b\u6da8\u65b9\u5411\u7684\u6ce2\u52a8\u7387\u63d0\u4f9b\u4e86\u4e00\u4e2a\u5929\u7136\u7684\u7ed3\u6784\u6027\u4f18\u52bf\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th class=\"has-text-align-left\" data-align=\"left\">\u8981\u7d20<\/th><th class=\"has-text-align-left\" data-align=\"left\">\u64cd\u4f5c\u7ec6\u8282<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\"><strong>\u5165\u573a\u65f6\u70b9<\/strong><\/td><td class=\"has-text-align-left\" data-align=\"left\">\u8d22\u62a5\u53d1\u5e03\u524d2\u5929\uff08T-2\uff09<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\"><strong>\u6838\u5fc3\u52a8\u4f5c<\/strong><\/td><td class=\"has-text-align-left\" data-align=\"left\">\u6301\u6709\u5934\u5bf8\u7a7f\u8d8a\u8d22\u62a5\u53d1\u5e03\u65f6\u523b<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\"><strong>\u79bb\u573a\u65f6\u70b9<\/strong><\/td><td class=\"has-text-align-left\" data-align=\"left\">\u53d1\u5e03\u540e1\u5929\uff08T+1\uff09\uff0c\u5728\u6ce2\u52a8\u7387\u56de\u5f52\u524d\u79bb\u573a<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\"><strong>\u5386\u53f2\u56de\u6d4b<\/strong><\/td><td class=\"has-text-align-left\" data-align=\"left\">\u636e\u62a5\u9053\uff0c\u5728\u7279\u5b9a\u5468\u671f\u5185\u5e73\u5747\u8868\u73b0\u7ea614%\uff08\u6ce8\uff1a\u6b64\u4e3a\u5386\u53f2\u6570\u636e\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u8fd9\u4e2a\u7b56\u7565\u7684\u6838\u5fc3\u4e0d\u5728\u4e8e\u4f60\u731c\u5bf9\u4e86\u54ea\u4e00\u5bb6\u516c\u53f8\uff0c\u800c\u5728\u4e8e\u5229\u7528\u201c\u5927\u6982\u7387\u4e8b\u4ef6\u201d\u53bb\u8986\u76d6\u6210\u672c\u3002\u5c31\u50cf\u8d1d\u83b1\u5fb7\uff08<em>BlackRock<\/em>\uff09\u66fe\u7ecf\u7684\u6848\u4f8b\u90a3\u6837\uff0c\u4e00\u6b21\u5de8\u5927\u7684\u8d85\u9884\u671f\u6ce2\u52a8\uff08\u671f\u6743\u4ef7\u683c\u4ece$3\u6da8\u5230$18\uff09\uff0c\u5f80\u5f80\u80fd\u8986\u76d6\u6389\u591a\u6b21\u65e0\u6548\u64cd\u4f5c\u3002<\/p>\n\n\n\n<p>\u4f46\u8981\u6ce8\u610f\uff0c\u8fd9\u662f\u4e00\u79cd<strong>\u201c\u6781\u9ad8\u6ce2\u52a8\u201d<\/strong>\u7684\u7b56\u7565\uff0c\u7edd\u5927\u591a\u6570\u65f6\u5019\u4f60\u53ef\u80fd\u9762\u4e34\u7684\u662f\u65f6\u95f4\u4ef7\u503c\uff08<em>Theta<\/em>\uff09\u7684\u5feb\u901f\u635f\u8017\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u7b56\u7565\u4e09\uff1a\u975e\u5bf9\u79f0Alpha\uff08\u806a\u660e\u7684\u201c\u5907\u5151\u201d\uff09<\/strong><\/h2>\n\n\n\n<p>\u5982\u679c\u8bf4\u524d\u4e24\u4e2a\u7b56\u7565\u662f\u5728\u5200\u5c16\u4e0a\u8df3\u821e\uff0c\u90a3\u4e48\u7b2c\u4e09\u4e2a\u7b56\u7565\u5219\u66f4\u50cf\u662f\u7a33\u624e\u7a33\u6253\u7684\u201c\u6536\u79df\u516c\u201d\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/mmbiz.qpic.cn\/mmbiz_png\/Vk07qSNq7L0e1Nl3vGUj06E9mVjFGrB9aqY8soLiaWcllgoZnFhgYIry9Jrycfyj3lHO5Xn9GQOdghCubU0CRUA\/640?wx_fmt=png&amp;from=appmsg\" alt=\"\"\/><\/figure>\n\n\n\n<p>\u8fd9\u5c31\u662f\u6240\u8c13\u7684\u201c<strong>\u7cfb\u7edf\u6027\u5907\u5151\u7b56\u7565<\/strong>\u201d\uff08<em>Systematic Covered Call<\/em>\uff09\uff0c\u4f46\u9ad8\u76db\u505a\u4e86\u4e00\u4e9b\u6539\u826f\u3002<\/p>\n\n\n\n<p>\u666e\u901a\u7684\u5907\u5151\u7b56\u7565\u662f\uff1a\u6301\u6709\u80a1\u7968\uff0c\u5356\u51fa\u770b\u6da8\u671f\u6743\u6536\u6743\u5229\u91d1\u3002\u4f46\u9ad8\u76db\u8ba4\u4e3a\uff0c\u4e0d\u80fd\u778e\u9009\u80a1\uff0c\u4e5f\u4e0d\u80fd\u778e\u5356\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83d\udee0\ufe0f \u9ad8\u76db\u7684\u6539\u826f\u7248\u914d\u65b9\uff1a<\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u7cbe\u9009\u6807\u7684\uff1a<\/strong>\u00a0\u53ea\u5728\u6807\u666e500\u4e2d\u7b5b\u9009\u81ea\u7531\u73b0\u91d1\u6d41\u9ad8\u3001\u6297\u8870\u9000\u80fd\u529b\u5f3a\u3001\u8d44\u672c\u7eaa\u5f8b\u597d\u7684\u4f18\u8d28\u516c\u53f8\u3002<\/li>\n\n\n\n<li><strong>\u52a8\u6001\u5bf9\u51b2\uff1a\u00a0<\/strong>\u5356\u51fa10%\u865a\u503c\u7684\u770b\u6da8\u671f\u6743\uff08\u8986\u76d6\u7ea61\/3\u7684\u6301\u4ed3\uff09\uff0c\u540c\u65f6\u5229\u7528\u6307\u6570\u7684\u770b\u8dcc\u671f\u6743\u4ef7\u5dee\u6765\u8fdb\u884c\u5e95\u90e8\u4fdd\u62a4\u3002<\/li>\n\n\n\n<li><strong>\u6536\u76ca\u6765\u6e90\uff1a<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>\u6ce2\u52a8\u7387\u6ea2\u4ef7\uff1a<\/strong>\u00a0\u4e5f\u5c31\u662f\u8d5a\u90a3\u4e9b\u77ed\u671f\u8fc7\u5ea6\u6295\u673a\u7684\u4eba\u4ed8\u51fa\u7684\u201c\u4fdd\u9669\u8d39\u201d\u3002<\/li>\n\n\n\n<li><strong>\u57fa\u672c\u9762Alpha\uff1a<\/strong>\u00a0\u4f18\u8d28\u516c\u53f8\u672c\u8eab\u8dd1\u8d62\u5927\u76d8\u7684\u6da8\u5e45\u3002<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<p>\u636eIBKR Campus\u5f15\u7528\u7684\u6570\u636e\uff0c\u8fd9\u79cd\u52a8\u6001\u7b56\u7565\u57281996\u5e74\u4ee5\u6765\u7684\u56de\u6d4b\u4e2d\u5e74\u5316\u590d\u5408\u589e\u901f\uff08CAGR\uff09\u8868\u73b0\u4f18\u5f02\uff0c\u4e0d\u4ec5\u8dd1\u8d62\u4e86\u6807\u666e500\uff0c\u8fd8\u964d\u4f4e\u4e86\u6ce2\u52a8\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u89c2\u70b9\u603b\u7ed3<\/strong><\/h2>\n\n\n\n<p>\u770b\u5b8c\u8fd9\u4e09\u4e2a\u7b56\u7565\uff0c\u4e0d\u77e5\u9053\u5927\u5bb6\u6709\u6ca1\u6709\u53d1\u73b0\u4e00\u4e2a\u5171\u540c\u70b9\uff1f<\/p>\n\n\n\n<p><strong>Alpha\uff08\u8d85\u989d\u56de\u62a5\uff09\u603b\u662f\u96c6\u4e2d\u5728\u7cfb\u7edf\u6027\u6a21\u578b\u5bb9\u6613\u5931\u6548\u7684\u5730\u65b9\u3002<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5206\u6790\u5e08\u65e5\uff1a\u56e0\u4e3a\u65f6\u95f4\u4e0d\u56fa\u5b9a\uff0c\u673a\u5668\u5b66\u4e0d\u4f1a\u3002<\/li>\n\n\n\n<li>\u8d22\u62a5\u60ca\u559c\uff1a\u56e0\u4e3a\u5206\u6790\u5e08\u4e60\u60ef\u6027\u4fdd\u5b88\uff0c\u6570\u636e\u6709\u504f\u5dee\u3002<\/li>\n\n\n\n<li>\u52a8\u6001\u5907\u5151\uff1a\u56e0\u4e3a\u7eaf\u6301\u6709\u4e0d\u5982\u901a\u8fc7\u6ce2\u52a8\u7387\u7ba1\u7406\u6765\u589e\u5f3a\u6536\u76ca\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u5f53\u7136\uff0c\u8001\u4f59\u5fc5\u987b\u5f97\u5570\u55e6\u4e00\u53e5\uff1a<strong>\u6240\u6709\u8fd9\u4e9b\u90fd\u662f\u57fa\u4e8e\u7f8e\u80a1\u5e02\u573a\u7684\u5386\u53f2\u6570\u636e\u56de\u6d4b\u3002<\/strong>&nbsp;\u5e02\u573a\u73af\u5883\u5728\u53d8\uff0c\u6ca1\u6709\u4efb\u4f55\u7b56\u7565\u662f\u4e07\u80fd\u94a5\u5319\u3002<\/p>\n\n\n\n<p>\u5bf9\u4e8e\u6211\u4eec\u666e\u901a\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u672a\u5fc5\u80fd\u76f4\u63a5\u590d\u5236\u8fd9\u4e9b\u590d\u6742\u7684\u671f\u6743\u7ec4\u5408\uff0c\u4f46\u8fd9\u79cd<strong>\u201c\u5bfb\u627e\u4fe1\u606f\u4e0d\u5bf9\u79f0\u201d<\/strong>\u548c<strong>\u201c\u5229\u7528\u7edf\u8ba1\u5b66\u4f18\u52bf\u201d<\/strong>\u7684\u601d\u7ef4\u65b9\u5f0f\uff0c\u624d\u662f\u6700\u503c\u5f97\u6211\u4eec\u501f\u9274\u7684\u3002<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\ud83d\udd0d \u6765\u6e90\u53ca\u7f6e\u4fe1\u5ea6\u8bc4\u4f30<\/strong><\/h3>\n\n\n\n<p>\u4e3a\u4e86\u4fdd\u8bc1\u5185\u5bb9\u7684\u4e25\u8c28\u6027\uff0c\u6587\u4e2d\u5f15\u7528\u7684\u7b56\u7565\u6765\u6e90\u5982\u4e0b\uff1a<\/p>\n\n\n\n<p><strong>\u2460 \u5206\u6790\u5e08\u65e5\u7b56\u7565\uff1a<\/strong>\u6765\u6e90\u53c2\u8003TradeAlgo\u5bf9\u9ad8\u76db\u62a5\u544a\u7684\u62a5\u9053\u3002[\u7f6e\u4fe1\u5ea6\uff1a\u4e2d]<\/p>\n\n\n\n<p><a href=\"https:\/\/www.tradealgo.com\/news\/before-years-end-goldman-sachs-has-a-trading-strategy-to-score-some-big-wins\">https:\/\/www.tradealgo.com\/news\/before-years-end-goldman-sachs-has-a-trading-strategy-to-score-some-big-wins<\/a><\/p>\n\n\n\n<p><strong>\u2461 \u8d22\u62a5\u7b56\u7565\uff1a<\/strong>\u6765\u6e90\u53c2\u8003\u5a92\u4f53\u5bf9\u9ad8\u76db\u671f\u6743\u7814\u7a76\u7684\u62a5\u9053\u53caFactSet\u6570\u636e\u3002[\u7f6e\u4fe1\u5ea6\uff1a\u4e2d]<\/p>\n\n\n\n<p><a href=\"https:\/\/alphaexchangepodcast.com\/episode\/john-marshall-head-of-derivatives-research-goldman-sachs\">https:\/\/alphaexchangepodcast.com\/episode\/john-marshall-head-of-derivatives-research-goldman-sachs<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/insight.factset.com\/sp-500-earnings-season-update-february-9-2024\">https:\/\/insight.factset.com\/sp-500-earnings-season-update-february-9-2024<\/a><\/p>\n\n\n\n<p><strong>\u2462 \u975e\u5bf9\u79f0Alpha\u7b56\u7565\uff1a<\/strong>\u76f4\u63a5\u5f15\u7528\u81eaIBKR Campus\u5bf9\u9ad8\u76dbJohn Marshall\u7814\u7a76\u7684\u5206\u6790\u3002[\u7f6e\u4fe1\u5ea6\uff1a\u9ad8]<\/p>\n\n\n\n<p><a href=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/you-can-beat-the-market-with-options-if-you-use-them-the-right-way\">https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/you-can-beat-the-market-with-options-if-you-use-them-the-right-way<\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>&nbsp;<a>#\u9ad8\u76db\u7814\u7a76<\/a>&nbsp;<a>#\u91cf\u5316\u903b\u8f91<\/a>&nbsp;<a>#\u4e8b\u4ef6\u9a71\u52a8\u7b56\u7565<\/a>&nbsp;<a>#\u91d1\u878d\u601d\u7ef4<\/a>&nbsp;<a>#\u8001\u4f59\u635e\u9c7c<\/a>&nbsp;<a>#\u6df1\u5ea6\u89e3\u6790<\/a>&nbsp;<a>#\u5e02\u573a\u6ce2\u52a8<\/a>&nbsp;<a>#\u7edf\u8ba1\u5b66\u4f18\u52bf<\/a><\/p>\n\n\n\n<p>\u611f\u8c22\u9605\u8bfb\uff01\u613f\u672c\u6587\u4e3a\u60a8\u5e26\u6765\u65b0\u542f\u53d1\u4e0e\u5b9e\u7528\u77e5\u8bc6\u3002\u82e5\u89c9\u6709\u76ca\uff0c\u8bf7\u70b9\u8d5e\u5206\u4eab\uff0c\u60a8\u7684\u652f\u6301\u662f\u6211\u521b\u4f5c\u7684\u52a8\u529b\uff0c\u6b22\u8fce\u7559\u8a00\u5fc5\u590d\u3002\u795d\u6295\u8d44\u987a\u5229\uff0c\u6536\u76ca\u4e30\u539a\uff01<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"has-text-align-center\"><strong>\u98ce\u9669\u63d0\u793a\uff1a<\/strong><em>\u672c<em>\u6587\u4ec5\u4f9b\u53c2\u8003\uff0c\u4e0d\u6784\u6210\u6295\u8d44\u5efa\u8bae\u3002\u91cf\u5316\u7b56\u7565\u5f00\u53d1\u5e94\u4ee5\u5b66\u4e60\u548c\u6280\u672f\u4ea4\u6d41\u4e3a\u76ee\u7684\u3002\u6295\u8d44\u6709\u98ce\u9669\uff0c\u5165\u5e02\u9700\u8c28\u614e\u3002<\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4f5c\u8005\uff1a\u8001\u4f59\u635e\u9c7c \u539f\u521b\u4e0d\u6613\uff0c\u8f6c\u8f7d\u8bf7\u6807\u660e\u51fa\u5904\u53ca\u539f\u4f5c\u8005\u3002&#8230;<\/p>\n<div class=\"more-link-wrapper\"><a class=\"more-link\" href=\"https:\/\/laoyulaoyu.com\/index.php\/2026\/01\/21\/%e9%ab%98%e7%9b%9b%e5%a6%82%e4%bd%95%e5%9c%a8%e5%85%b3%e9%94%ae%e6%97%b6%e7%82%b9%e5%81%9a%e6%9c%9f%e6%9d%83%ef%bc%9f%e6%8f%ad%e7%a7%98%e9%a1%b6%e7%ba%a7%e6%8a%95%e8%a1%8c%e7%9c%bc\/\">Continue reading<span 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