{"id":3739,"date":"2026-03-19T07:08:00","date_gmt":"2026-03-18T23:08:00","guid":{"rendered":"https:\/\/www.laoyulaoyu.com\/?p=3739"},"modified":"2026-03-15T15:09:11","modified_gmt":"2026-03-15T07:09:11","slug":"%e4%bb%96%e4%bb%ac%e4%b8%8d%e9%a2%84%e6%b5%8b%e6%b6%a8%e8%b7%8c%ef%bc%8c%e5%8d%b4%e6%af%94%e6%89%80%e6%9c%89%e4%ba%ba%e9%83%bd%e8%b5%9a%e5%be%97%e5%a4%9a%ef%bc%9a%e9%a1%b6%e7%ba%a7%e9%87%8f%e5%8c%96","status":"publish","type":"post","link":"https:\/\/laoyulaoyu.com\/index.php\/2026\/03\/19\/%e4%bb%96%e4%bb%ac%e4%b8%8d%e9%a2%84%e6%b5%8b%e6%b6%a8%e8%b7%8c%ef%bc%8c%e5%8d%b4%e6%af%94%e6%89%80%e6%9c%89%e4%ba%ba%e9%83%bd%e8%b5%9a%e5%be%97%e5%a4%9a%ef%bc%9a%e9%a1%b6%e7%ba%a7%e9%87%8f%e5%8c%96\/","title":{"rendered":"\u4ed6\u4eec\u4e0d\u9884\u6d4b\u6da8\u8dcc\uff0c\u5374\u6bd4\u6240\u6709\u4eba\u90fd\u8d5a\u5f97\u591a\uff1a\u9876\u7ea7\u91cf\u5316\u57fa\u91d1\u7684\u5e95\u5c42\u5bc6\u7801"},"content":{"rendered":"\n

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\"\"<\/figure>\n\n\n\n
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    \n
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    \u2014\u2014\u5409\u59c6\u00b7\u897f\u8499\u65af\uff08Jim Simons\uff09\uff0c\u6587\u827a\u590d\u5174\u79d1\u6280\u521b\u59cb\u4eba<\/p>\n<\/blockquote>\n\n\n\n
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    \/\/ \u6700\u5c0f\u4e8c\u4e58\u56de\u5f52\u6838\u5fc3\u516c\u5f0f\u03b2\u0302 = (X'X)\u207b\u00b9X'y\n\n\u03b2\u0302 = \u5404\u56e0\u5b50\u7684\u5f71\u54cd\u7cfb\u6570\uff08\u6a21\u578b\u8981\u6c42\u89e3\u7684\u6838\u5fc3\uff09\nX = \u56e0\u5b50\u6536\u76ca\u77e9\u9635\uff08\u65f6\u95f4 \u00d7 \u56e0\u5b50\u6570\u91cf\uff09\ny = \u8d44\u4ea7\u5b9e\u9645\u6536\u76ca\u5411\u91cf<\/code><\/pre>\n\n\n\n
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    \u6587\u827a\u590d\u5174\u79d1\u6280\u6bcf\u5929\u7528\u8fd9\u4e2a\u516c\u5f0f\u8fd0\u7b97\u6570\u5343\u6b21\uff0c\u8986\u76d6\u4e0d\u540c\u65f6\u95f4\u7a97\u53e3\u548c\u4e0d\u540c\u56e0\u5b50\u7ec4\u5408\u3002\u4ed6\u4eec\u7684\u4f18\u52bf\u4e0d\u5728\u4e8e\u516c\u5f0f\u6709\u591a\u590d\u6742\uff0c\u800c\u5728\u4e8e\uff1a\u6bd4\u6240\u6709\u4eba\u7b97\u5f97\u66f4\u5feb\u3001\u66f4\u591a\u3001\u6267\u884c\u6210\u672c\u66f4\u4f4e\u3002<\/strong><\/p>\n\n\n\n
    \n
    “\u6211\u4eec\u6bcf\u6b21\u53ea\u670950.75%\u7684\u6982\u7387\u662f\u5bf9\u7684\uff0c\u4f46\u6211\u4eec\u5728\u6bcf\u4e00\u4e2a50.75%\u7684\u673a\u4f1a\u4e0a\u90fd\u767e\u5206\u767e\u6267\u884c\u3002”
    \u2014\u2014\u7f57\u4f2f\u7279\u00b7\u9ed8\u745f\uff08Robert Mercer\uff09\uff0c\u6587\u827a\u590d\u5174\u79d1\u6280\u8054\u5e2dCEO<\/p>\n<\/blockquote>\n\n\n\n
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    \u4e09\u3001\u56e0\u5b50\u6a21\u578b\uff1a\u628a\u5e02\u573a\u6536\u76ca\u62c6\u89e3\u6210\u53ef\u6536\u5272\u7684\u96f6\u4ef6<\/strong><\/h2>\n\n\n\n
    \u7406\u89e3\u4e86”\u56de\u5f52”\u8fd9\u4e2a\u5de5\u5177\u4e4b\u540e\uff0c\u4e0b\u4e00\u4e2a\u95ee\u9898\u662f\uff1a\u5230\u5e95\u5728\u5bf9\u4ec0\u4e48\u505a\u56de\u5f52\uff1f\u7b54\u6848\u5c31\u662f\u56e0\u5b50\uff08Factor\uff09<\/strong>\u3002<\/p>\n\n\n\n
    \u6240\u8c13\u56e0\u5b50\uff0c\u5c31\u662f\u90a3\u4e9b\u88ab\u5b66\u672f\u754c\u548c\u5b9e\u8df5\u53cd\u590d\u9a8c\u8bc1\u3001\u80fd\u591f\u7cfb\u7edf\u6027\u89e3\u91ca\u8d44\u4ea7\u6536\u76ca\u5dee\u5f02\u7684”\u5171\u540c\u9a71\u52a8\u529b”\u3002\u7b80\u5355\u8bf4\uff1a\u4e3a\u4ec0\u4e48\u6709\u4e9b\u80a1\u7968\u957f\u671f\u6da8\u5f97\u6bd4\u522b\u4eba\u597d\uff1f\u56e0\u5b50\u7406\u8bba\u7ed9\u51fa\u4e86\u4e00\u5957\u79d1\u5b66\u7684\u5206\u7c7b\u7b54\u6848\u3002<\/p>\n\n\n\n
    Fama-French\u56e0\u5b50\u6a21\u578b\uff1a\u5b66\u672f\u754c\u6700\u91cd\u8981\u7684\u53d1\u73b0\u4e4b\u4e00<\/strong><\/h3>\n\n\n\n
    1993\u5e74\uff0c\u8bfa\u8d1d\u5c14\u7ecf\u6d4e\u5b66\u5956\u5f97\u4e3b\u5c24\u91d1\u00b7\u6cd5\u739b\uff08Eugene Fama\uff09\u548c\u80af\u5c3c\u65af\u00b7\u5f17\u4f26\u5947\uff08Kenneth French\uff09\u63d0\u51fa\u4e86”\u4e09\u56e0\u5b50\u6a21\u578b”\uff0c2015\u5e74\u53c8\u6269\u5c55\u4e3a”\u4e94\u56e0\u5b50\u6a21\u578b”\u3002\u8fd9\u5957\u6a21\u578b\u7528\u4e94\u4e2a\u7ef4\u5ea6\u6765\u89e3\u91ca\u80a1\u7968\u6536\u76ca\uff1a<\/p>\n\n\n\n
    \/\/ Fama-French \u4e94\u56e0\u5b50\u6a21\u578bR_i - R_f = \u03b1 + \u03b2\u2081(R_M - R_f) + \u03b2\u2082SMB + \u03b2\u2083HML + \u03b2\u2084RMW + \u03b2\u2085CMA + \u03b5\n\nR_i - R_f = \u8d44\u4ea7\u8d85\u8fc7\u65e0\u98ce\u9669\u5229\u7387\u7684\u8d85\u989d\u6536\u76ca\nR_M - R_f = \u5e02\u573a\u6574\u4f53\u8d85\u989d\u6536\u76ca\uff08\u5927\u76d8\u56e0\u5b50\uff09\nSMB = \u5c0f\u5e02\u503c\u6ea2\u4ef7\uff08\u5c0f\u516c\u53f8 vs \u5927\u516c\u53f8\uff09\nHML = \u4ef7\u503c\u6ea2\u4ef7\uff08\u4f4e\u4f30\u503c vs \u9ad8\u4f30\u503c\uff09\nRMW = \u76c8\u5229\u80fd\u529b\u6ea2\u4ef7\uff08\u9ad8\u76c8\u5229 vs \u4f4e\u76c8\u5229\uff09\nCMA = \u6295\u8d44\u98ce\u683c\u6ea2\u4ef7\uff08\u4fdd\u5b88\u6269\u5f20 vs \u6fc0\u8fdb\u6269\u5f20\uff09\n\u03b1 = \u65e0\u6cd5\u88ab\u56e0\u5b50\u89e3\u91ca\u7684\u8d85\u989d\u6536\u76ca\uff08\u771f\u6b63\u7684Alpha\uff09<\/code><\/pre>\n\n\n\n
    \u5b9e\u8bc1\u68c0\u9a8c\u663e\u793a\uff0c\u8fd9\u4e2a\u4e94\u56e0\u5b50\u6a21\u578b\u80fd\u89e3\u91ca\u6d4b\u8bd5\u7ec4\u5408\u4e2d85%\u201490%<\/strong>\u7684\u6536\u76ca\u5dee\u5f02\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u5927\u591a\u6570\u57fa\u91d1\u7ecf\u7406\u81ea\u4ee5\u4e3a\u662f”\u9009\u80a1\u80fd\u529b”\u5e26\u6765\u7684\u6536\u76ca\uff0c\u5176\u5b9e\u53ea\u662f\u5728\u65e0\u610f\u8bc6\u5730\u66b4\u9732\u5728\u8fd9\u51e0\u4e2a\u56e0\u5b50\u4e0a\u3002<\/p>\n\n\n\n
    \u56e0\u5b50\u540d\u79f0<\/strong><\/th>\u901a\u4fd7\u7406\u89e3<\/strong><\/th>\u80cc\u540e\u903b\u8f91<\/strong><\/th>\u957f\u671f\u6709\u6548\u6027<\/strong><\/th><\/tr><\/thead>
    \u5e02\u573a\u56e0\u5b50<\/td>\u5927\u76d8\u6da8\u8dcc\u7684\u5f71\u54cd<\/td>\u627f\u62c5\u7cfb\u7edf\u6027\u98ce\u9669\u7684\u8865\u507f<\/td>\u6700\u7a33\u5b9a<\/td><\/tr>
    \u89c4\u6a21\u56e0\u5b50\uff08SMB\uff09<\/td>\u5c0f\u516c\u53f8\u8dd1\u8d62\u5927\u516c\u53f8<\/td>\u5c0f\u516c\u53f8\u6d41\u52a8\u6027\u5dee\u3001\u4fe1\u606f\u4e0d\u900f\u660e\uff0c\u98ce\u9669\u6ea2\u4ef7\u66f4\u9ad8<\/td>\u8f83\u7a33\u5b9a<\/td><\/tr>
    \u4ef7\u503c\u56e0\u5b50\uff08HML\uff09<\/td>\u4fbf\u5b9c\u80a1\u8dd1\u8d62\u8d35\u80a1<\/td>\u4f4e\u4f30\u503c\u80a1\u7968\u88ab\u5e02\u573a\u8fc7\u5ea6\u60b2\u89c2\u5b9a\u4ef7<\/td>\u957f\u671f\u6709\u6548\uff0c\u77ed\u671f\u6ce2\u52a8\u5927<\/td><\/tr>
    \u76c8\u5229\u56e0\u5b50\uff08RMW\uff09<\/td>\u8d5a\u94b1\u516c\u53f8\u8dd1\u8d62\u4e8f\u94b1\u516c\u53f8<\/td>\u9ad8\u8d28\u91cf\u516c\u53f8\u88ab\u4f4e\u4f30\u7684\u98ce\u9669\u6ea2\u4ef7<\/td>\u8f83\u7a33\u5b9a<\/td><\/tr>
    \u6295\u8d44\u56e0\u5b50\uff08CMA\uff09<\/td>\u4fdd\u5b88\u6269\u5f20\u516c\u53f8\u8dd1\u8d62\u6fc0\u8fdb\u6269\u5f20<\/td>\u8fc7\u5ea6\u6295\u8d44\u7684\u516c\u53f8\u5f80\u5f80\u56de\u62a5\u7387\u4e0b\u964d<\/td>\u4e2d\u7b49<\/td><\/tr>
    \u52a8\u91cf\u56e0\u5b50\uff08UMD\uff09<\/td>\u8fd1\u671f\u6da8\u5f97\u597d\u7684\u7ee7\u7eed\u6da8<\/td>\u6295\u8d44\u8005\u884c\u4e3a\u60ef\u6027\u3001\u4fe1\u606f\u6269\u6563\u6ede\u540e<\/td>\u6709\u6548\u4f46\u5076\u53d1\u5d29\u6e83<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
    \n
    \u56e0\u5b50\u4e0d\u662f”\u795e\u5668”\uff0c\u800c\u662f\u5bf9\u5e02\u573a\u957f\u671f\u5b58\u5728\u7684\u7ed3\u6784\u6027\u504f\u5dee\u7684\u7cfb\u7edf\u6027\u6536\u5272\u3002\u5b83\u4eec\u6709\u6548\uff0c\u4f46\u4e0d\u662f\u6bcf\u65f6\u6bcf\u523b\u90fd\u6709\u6548\u2014\u2014\u8fd9\u6b63\u662f\u9700\u8981\u91cf\u5316\u7cfb\u7edf\u6765\u7ba1\u7406\u7684\u5730\u65b9\u3002<\/p>\n<\/blockquote>\n\n\n\n
    \u56db\u3001\u6587\u827a\u590d\u5174\u79d1\u6280\uff1a\u4ece\u5bc6\u7801\u7834\u8bd1\u5230\u91cf\u5316\u4e4b\u738b<\/strong><\/h2>\n\n\n\n
    \"\"<\/figure>\n\n\n\n
    \u4e00\u4e2a\u6570\u5b66\u5bb6\u7684\u8f6c\u578b\u4e4b\u8def<\/strong><\/h3>\n\n\n\n
    \u5409\u59c6\u00b7\u897f\u8499\u65af\u4e0d\u662f\u4f20\u7edf\u610f\u4e49\u4e0a\u7684\u91d1\u878d\u4eba\u3002\u4ed6\u65e9\u5e74\u662f\u51b7\u6218\u65f6\u671f\u7f8e\u56fd\u56fd\u9632\u5206\u6790\u7814\u7a76\u6240\u7684\u5bc6\u7801\u7834\u8bd1\u4e13\u5bb6\uff0c\u540e\u6765\u6210\u4e3a\u9ebb\u7701\u7406\u5de5\u5b66\u9662\u548c\u54c8\u4f5b\u5927\u5b66\u7684\u6570\u5b66\u6559\u6388\uff0c\u5728\u5fae\u5206\u51e0\u4f55\u9886\u57df\u505a\u51fa\u4e86\u91cd\u8981\u8d21\u732e\u3002<\/p>\n\n\n\n
    1982\u5e74\uff0c\u897f\u8499\u65af\u521b\u7acb\u6587\u827a\u590d\u5174\u79d1\u6280\uff0c\u4f46\u6700\u521d\u5341\u4e8c\u5e74\u91cc\u5e76\u4e0d\u987a\u5229\uff0c\u4ed6\u4e00\u76f4\u5728\u6478\u7d22\u4e00\u5957\u771f\u6b63\u6709\u6548\u7684\u65b9\u6cd5\u3002\u76f4\u52301988\u5e74\uff0c\u5927\u5956\u7ae0\u57fa\u91d1\u6b63\u5f0f\u542f\u52a8\uff0c\u8fd9\u53f0”\u5370\u949e\u673a”\u624d\u5f00\u59cb\u5168\u901f\u8fd0\u8f6c\u3002<\/p>\n\n\n\n
    1993\u5e74\uff0c\u897f\u8499\u65af\u505a\u4e86\u4e00\u4e2a\u5173\u952e\u51b3\u7b56\uff1a\u4eceIBM\u8bed\u97f3\u8bc6\u522b\u56e2\u961f\u6316\u6765\u4e86\u8bed\u8a00\u5b66\u5bb6\u7f57\u4f2f\u7279\u00b7\u9ed8\u745f\uff08Robert Mercer\uff09\u548c\u5f7c\u5f97\u00b7\u5e03\u6717\uff08Peter Brown\uff09\u3002\u8fd9\u4e24\u4f4d\u79d1\u5b66\u5bb6\u5e26\u6765\u7684\u4e0d\u53ea\u662f\u4e2a\u4eba\u624d\u534e\uff0c\u66f4\u91cd\u8981\u7684\u662f\u4ed6\u4eec\u5728IBM\u5f00\u53d1\u7684\u9690\u9a6c\u5c14\u53ef\u592b\u6a21\u578b\uff08Hidden Markov Model\uff0cHMM\uff09<\/strong>\u2014\u2014\u4e00\u79cd\u6700\u521d\u7528\u4e8e\u8bed\u97f3\u8bc6\u522b\u3001\u5224\u65ad”\u4e0b\u4e00\u4e2a\u8bcd\u662f\u4ec0\u4e48”\u7684\u7edf\u8ba1\u5de5\u5177\u3002<\/p>\n\n\n\n
    \u628a\u8fd9\u5957\u5de5\u5177\u8fc1\u79fb\u5230\u91d1\u878d\u5e02\u573a\uff0c\u903b\u8f91\u5176\u5b9e\u662f\u76f8\u901a\u7684\uff1a\u8bed\u97f3\u8bc6\u522b\u5728\u95ee”\u6839\u636e\u524d\u9762\u7684\u8bed\u97f3\u5e8f\u5217\uff0c\u4e0b\u4e00\u4e2a\u8bcd\u6700\u53ef\u80fd\u662f\u4ec0\u4e48”\uff1b\u91cf\u5316\u4ea4\u6613\u5728\u95ee”\u6839\u636e\u5386\u53f2\u4ef7\u683c\u5e8f\u5217\uff0c\u4e0b\u4e00\u4e2a\u4ef7\u683c\u72b6\u6001\u6700\u53ef\u80fd\u662f\u4ec0\u4e48”\u3002\u8fd9\u79cd\u8de8\u5b66\u79d1\u7684\u601d\u7ef4\u8fc1\u79fb\uff0c\u6b63\u662f\u6587\u827a\u590d\u5174\u79d1\u6280\u7684\u6838\u5fc3\u7ade\u4e89\u529b\u4e4b\u4e00\u3002<\/p>\n\n\n\n
    \u5927\u5956\u7ae0\u57fa\u91d1\u7684\u60ca\u4eba\u6218\u7ee9<\/strong><\/h3>\n\n\n\n
      \n
    • 1988\u5e74<\/strong>\u00a0\u5927\u5956\u7ae0\u57fa\u91d1\u6b63\u5f0f\u542f\u52a8\uff0c\u5f00\u542f\u91cf\u5316\u6295\u8d44\u65b0\u7eaa\u5143<\/li>\n\n\n\n
    • 1993\u5e74<\/strong>\u00a0\u7ba1\u7406\u8d39\u4ece”5%+20%”\u63d0\u5347\u81f3”5%+44%”\uff0c\u5373\u4fbf\u5982\u6b64\uff0c\u51c0\u6536\u76ca\u4f9d\u7136\u8fdc\u8d85\u540c\u884c<\/li>\n\n\n\n
    • 2001\u20142013\u5e74<\/strong>\u00a0\u6700\u5dee\u7684\u4e00\u5e74\uff0c\u6263\u8d39\u540e\u4ecd\u670921%\u51c0\u6536\u76ca\uff0c\u65e0\u4e00\u4e8f\u635f\u5e74\u5ea6<\/li>\n\n\n\n
    • 2008\u5e74<\/strong>\u00a0\u5168\u7403\u91d1\u878d\u5371\u673a\uff0c\u6807\u666e500\u6307\u6570\u8dcc38.5%\uff0c\u5927\u5956\u7ae0\u57fa\u91d1\u51c0\u6536\u76ca+98.2%<\/li>\n\n\n\n
    • 2020\u5e74<\/strong>\u00a0\u75ab\u60c5\u51b2\u51fb\u5168\u7403\u5e02\u573a\uff0c\u5927\u5956\u7ae0\u57fa\u91d1\u9006\u52bf\u4e0a\u6da876%<\/li>\n\n\n\n
    • 2024\u5e74<\/strong>\u00a0\u5927\u5956\u7ae0\u57fa\u91d1\u5168\u5e74\u6536\u76ca\u7ea630%\uff0c\u7ee7\u7eed\u9886\u8dd1\u91cf\u5316\u884c\u4e1a<\/li>\n<\/ul>\n\n\n\n
      \u4e00\u4e2a\u60ca\u4eba\u7684\u590d\u5229\u8ba1\u7b97<\/strong>\u5982\u679c1988\u5e74\u4f60\u5f80\u5927\u5956\u7ae0\u57fa\u91d1\u6295\u51651000\u7f8e\u5143\uff0c\u6309\u7167\u6bdb\u6536\u76ca\u7387\uff08\u6263\u8d39\u524d\uff09\u8ba1\u7b97\uff0c\u52302024\u5e74\u8fd9\u7b14\u94b1\u5c06\u589e\u957f\u81f3\u7ea6465\u4ebf\u7f8e\u5143\u3002\u5f53\u7136\uff0c\u57fa\u91d1\u65e9\u5df2\u5bf9\u5916\u90e8\u6295\u8d44\u8005\u5173\u95ed\uff0c\u8fd9\u4e2a\u6570\u5b57\u53ea\u662f\u8bf4\u660e\u590d\u5229\u7684\u5a01\u529b\u6709\u591a\u6050\u6016\u3002<\/p>\n\n\n\n
      \u6267\u884c\u6210\u672c\uff1a\u88ab\u5ffd\u89c6\u7684\u6838\u5fc3\u62a4\u57ce\u6cb3<\/strong><\/h3>\n\n\n\n
      \u6587\u827a\u590d\u5174\u79d1\u6280\u771f\u6b63\u4ee4\u4eba\u96be\u4ee5\u590d\u5236\u7684\uff0c\u4e0d\u662f\u6570\u5b66\u6a21\u578b\u672c\u8eab\uff0c\u800c\u662f\u6781\u4f4e\u7684\u4ea4\u6613\u6267\u884c\u6210\u672c<\/strong>\u3002<\/p>\n\n\n\n
      \u4e1a\u5185\u5e73\u5747\u6bcf\u7b14\u4ea4\u6613\u7684\u51b2\u51fb\u6210\u672c\u7ea6\u4e3a0.015%\uff0c\u800c\u6587\u827a\u590d\u5174\u79d1\u6280\u901a\u8fc7\u81ea\u7814\u7684\u6267\u884c\u7b97\u6cd5\uff0c\u5c06\u8fd9\u4e00\u6570\u5b57\u538b\u7f29\u5230\u4e860.003%<\/strong>\u2014\u2014\u53ea\u6709\u884c\u4e1a\u5e73\u5747\u6c34\u5e73\u7684\u4e94\u5206\u4e4b\u4e00\u3002\u8fd9\u4e2a\u5dee\u8ddd\u542c\u8d77\u6765\u5fae\u4e0d\u8db3\u9053\uff0c\u4f46\u6bcf\u592915\u4e07\u7b14\u4ea4\u6613\u4e58\u4ee5\u8fd9\u4e2a\u5dee\u8ddd\uff0c\u4e00\u5e74\u4e0b\u6765\u5c31\u662f\u6570\u4ee5\u4ebf\u8ba1\u7684\u989d\u5916\u6536\u76ca\u3002<\/p>\n\n\n\n
      \n
      \u91cf\u5316\u6295\u8d44\u7684\u7ade\u4e89\uff0c\u6700\u7ec8\u4f1a\u843d\u5230\u6267\u884c\u5c42\u9762\u3002\u6a21\u578b\u4eba\u4eba\u90fd\u80fd\u7814\u7a76\uff0c\u4f46\u628a\u6267\u884c\u6210\u672c\u505a\u5230\u6781\u81f4\uff0c\u9700\u8981\u7684\u662f\u6570\u4ebf\u7f8e\u5143\u7684\u6280\u672f\u6295\u5165\u548c\u591a\u5e74\u7684\u7cfb\u7edf\u79ef\u7d2f\u3002<\/p>\n<\/blockquote>\n\n\n\n
      \u4e94\u3001AQR\u8d44\u672c\uff1a\u628a\u5b66\u672f\u8bba\u6587\u53d8\u6210\u5343\u4ebf\u751f\u610f<\/strong><\/h2>\n\n\n\n
      \"\"<\/figure>\n\n\n\n
      \u4ece\u535a\u58eb\u8bba\u6587\u5230\u6295\u8d44\u5e1d\u56fd<\/strong><\/h3>\n\n\n\n
      \u514b\u5229\u592b\u00b7\u963f\u65af\u5185\u65af1988\u5e74\u79cb\u5929\u8fdb\u5165\u829d\u52a0\u54e5\u5927\u5b66\u653b\u8bfb\u535a\u58eb\uff0c\u5bfc\u5e08\u6b63\u662f\u56e0\u5b50\u6a21\u578b\u4e4b\u7236\u5c24\u91d1\u00b7\u6cd5\u739b\u3002\u5f53\u963f\u65af\u5185\u65af\u53d1\u73b0”\u52a8\u91cf\u6548\u5e94”\uff08\u8fd1\u671f\u6da8\u5f97\u597d\u7684\u80a1\u7968\u503e\u5411\u4e8e\u7ee7\u7eed\u6da8\uff09\u8fd9\u4e00\u73b0\u8c61\uff0c\u5e76\u62c5\u5fc3\u8fd9\u4e2a\u7ed3\u8bba\u4f1a\u8ba9\u5bfc\u5e08\u4e0d\u6ee1\u65f6\uff0c\u6cd5\u739b\u7684\u56de\u7b54\u7b80\u5355\u76f4\u63a5\uff1a<\/p>\n\n\n\n
      \n
      “\u5982\u679c\u6570\u636e\u91cc\u6709\u8fd9\u4e2a\u89c4\u5f8b\uff0c\u5c31\u628a\u8bba\u6587\u5199\u51fa\u6765\u3002”<\/p>\n<\/blockquote>\n\n\n\n
      \u8fd9\u53e5\u8bdd\u6210\u4e86AQR\u7684\u7cbe\u795e\u5185\u6838\uff1a\u5c0a\u91cd\u6570\u636e\uff0c\u4e0d\u9884\u8bbe\u7acb\u573a\uff0c\u8ba9\u5b9e\u8bc1\u8bf4\u8bdd\u3002<\/strong> \u963f\u65af\u5185\u65af1994\u5e74\u5b8c\u6210\u535a\u58eb\u8bba\u6587\uff0c\u968f\u540e\u521b\u7acbAQR\uff0c\u628a\u8fd9\u5957\u5b66\u672f\u65b9\u6cd5\u53d8\u6210\u4e86\u53ef\u4ee5\u89c4\u6a21\u5316\u8fd0\u4f5c\u7684\u6295\u8d44\u673a\u5668\u3002<\/p>\n\n\n\n
      AQR\u7684\u56e0\u5b50\u5de5\u7a0b\uff1a\u7ec6\u8282\u51b3\u5b9a\u6210\u8d25<\/strong><\/h3>\n\n\n\n
      AQR\u5728\u56e0\u5b50\u6295\u8d44\u4e0a\u505a\u7684\u6700\u91cd\u8981\u7684\u521b\u65b0\uff0c\u4e0d\u662f\u53d1\u73b0\u4e86\u65b0\u56e0\u5b50\uff0c\u800c\u662f\u628a\u5df2\u77e5\u56e0\u5b50\u505a\u5f97\u66f4\u7cbe\u51c6\u3001\u66f4\u6709\u6548\u3002<\/p>\n\n\n\n
      \u7b2c\u4e00\u4e2a\u5173\u952e\u6539\u8fdb\uff1a\u590d\u5408\u4ef7\u503c\u6307\u6807\u3002<\/strong> \u4f20\u7edf\u4ef7\u503c\u6295\u8d44\u53ea\u7528\u4e00\u4e2a\u6307\u6807\uff08\u6bd4\u5982\u5e02\u51c0\u7387\uff09\u6765\u5224\u65ad\u4e00\u53ea\u80a1\u7968\u662f\u5426”\u4fbf\u5b9c”\u3002AQR\u7684\u7814\u7a76\u53d1\u73b0\uff0c\u628a\u591a\u4e2a\u4ef7\u503c\u6307\u6807\u5408\u5e76\u6210\u4e00\u4e2a\u590d\u5408\u5f97\u5206\uff0c\u6548\u679c\u8fdc\u4f18\u4e8e\u5355\u4e00\u6307\u6807\uff1a<\/p>\n\n\n\n
      \u4ef7\u503c\u8861\u91cf\u65b9\u5f0f<\/strong><\/th>\u590f\u666e\u6bd4\u7387<\/strong><\/th>\u8bf4\u660e<\/strong><\/th><\/tr><\/thead>
      \u5355\u4e00\u6307\u6807\uff08\u5e02\u51c0\u7387\uff09<\/td>0.45<\/td>\u4f20\u7edf\u4ef7\u503c\u6295\u8d44\u5e38\u7528\u65b9\u6cd5<\/td><\/tr>
      \u590d\u5408\u591a\u6307\u6807<\/td>0.78<\/td>AQR\u6539\u8fdb\u65b9\u6848\uff0c\u7efc\u5408\u591a\u4e2a\u7ef4\u5ea6<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
      \u590f\u666e\u6bd4\u7387\u4ece0.45\u63d0\u5347\u52300.78\uff0c\u610f\u5473\u7740\u540c\u6837\u7684\u98ce\u9669\u655e\u53e3\u4e0b\uff0c\u6536\u76ca\u63d0\u9ad8\u4e86\u7ea673%\u3002\u8fd9\u4e2a\u5dee\u8ddd\uff0c\u4ec5\u4ec5\u6765\u81ea\u4e8e”\u7528\u591a\u4e2a\u6307\u6807\u66ff\u4ee3\u5355\u4e00\u6307\u6807”\u8fd9\u4e00\u4e2a\u6539\u52a8\u3002<\/p>\n\n\n\n
      \u7b2c\u4e8c\u4e2a\u5173\u952e\u6539\u8fdb\uff1a\u4ef7\u683c\u6570\u636e\u7684\u66f4\u65b0\u9891\u7387\u3002<\/strong>\u00a0\u4f20\u7edf\u4ef7\u503c\u6295\u8d44\u6309\u5b63\u5ea6\u66f4\u65b0\u80a1\u4ef7\u6570\u636e\uff0cAQR\u6539\u4e3a\u6bcf\u65e5\u66f4\u65b0\u3002\u963f\u65af\u5185\u65af\u548c\u5f17\u62c9\u5179\u5c3c2013\u5e74\u7684\u7814\u7a76\u8bba\u6587\u8bc1\u660e\uff0c\u4ec5\u8fd9\u4e00\u4e2a\u6539\u52a8\uff0c\u6bcf\u5e74\u53ef\u989d\u5916\u8d21\u732e1%\u20142%\u7684\u8d85\u989d\u6536\u76ca\u3002<\/p>\n\n\n\n
      AQR\u7684\u6838\u5fc3\u7406\u5ff5<\/strong>
      \u56e0\u5b50\u6295\u8d44\u4e0d\u662f\u9884\u6d4b\u54ea\u53ea\u80a1\u7968\u4f1a\u6da8\uff0c\u800c\u662f\u7cfb\u7edf\u6027\u5730\u66b4\u9732\u5728\u90a3\u4e9b\u957f\u671f\u6709\u6548\u7684\u98ce\u9669\u6ea2\u4ef7\u4e0a\uff0c\u8ba9\u65f6\u95f4\u548c\u89c4\u6a21\u6765\u5e2e\u4f60\u6536\u5272\u3002AQR\u8bc1\u660e\u4e86\u4ef7\u503c\u3001\u52a8\u91cf\u8fd9\u4e24\u4e2a\u56e0\u5b50\u5728\u5168\u74038\u7c7b\u8d44\u4ea7\u7c7b\u522b\u4e2d\u90fd\u957f\u671f\u6709\u6548\u2014\u2014\u8fd9\u4e0d\u662f\u8fd0\u6c14\uff0c\u662f\u7ed3\u6784\u6027\u89c4\u5f8b\u3002<\/p>\n\n\n\n
      2024\u20142025\u5e74\u7684\u6700\u65b0\u8868\u73b0<\/strong><\/h3>\n\n\n\n
      \u7ecf\u5386\u4e862019\u20142022\u5e74\u56e0\u5b50\u7b56\u7565\u96c6\u4f53\u4f4e\u8ff7\u7684”\u81f3\u6697\u65f6\u523b”\uff08\u7d2f\u8ba1\u4e8f\u635f12.6%\uff09\uff0cAQR\u57282024\u5e74\u5b9e\u73b0\u4e86\u5f3a\u52bf\u56de\u5f52\uff0c\u5168\u5e74\u6536\u76ca\u7387\u8fbe\u523017.3%<\/strong>\uff0c\u521b\u4e0b2018\u5e74\u4ee5\u6765\u6700\u4f73\u8868\u73b0\u3002\u65d7\u8230\u7b56\u7565Apex\u5168\u5e74\u4e0a\u6da815.6%\uff0c\u8d8b\u52bf\u8ddf\u8e2a\u7b56\u7565Managed Futures\u66f4\u662f\u5927\u6da817.7%\u3002\u8fdb\u51652025\u5e74\uff0cAQR\u5ef6\u7eed\u5f3a\u52bf\uff0cApex\u7b56\u7565\u4e0a\u534a\u5e74\u6da811.4%\uff0c\u957f\u77ed\u4ed3\u80a1\u7968\u7b56\u7565Delphi\u6da811.6%\u3002<\/p>\n\n\n\n
      \u516d\u3001PDT\u5408\u4f19\u4eba\uff1a\u7edf\u8ba1\u914d\u5bf9\u4ea4\u6613\u7684\u827a\u672f<\/strong><\/h2>\n\n\n\n
      \"\"<\/figure>\n\n\n\n
      \u7edf\u8ba1\u914d\u5bf9\u4ea4\u6613\uff1a\u7528\u6570\u5b66\u627e”\u51a4\u5bb6”<\/strong><\/h3>\n\n\n\n
      PDT\u7684\u6838\u5fc3\u7b56\u7565\u53eb\u505a\u7edf\u8ba1\u5957\u5229<\/strong>\uff0c\u66f4\u5177\u4f53\u5730\u8bf4\u662f\u914d\u5bf9\u4ea4\u6613\uff08Pairs Trading\uff09<\/strong>\u3002\u8fd9\u4e2a\u7b56\u7565\u7684\u76f4\u89c9\u975e\u5e38\u7b80\u5355\uff1a\u627e\u4e24\u53ea\u957f\u671f”\u5f62\u5f71\u4e0d\u79bb”\u7684\u80a1\u7968\uff0c\u5f53\u5b83\u4eec\u77ed\u6682”\u5206\u5f00”\u65f6\uff0c\u62bc\u6ce8\u5b83\u4eec\u4f1a\u91cd\u65b0”\u8d70\u5230\u4e00\u8d77”\u3002<\/p>\n\n\n\n
      \u4e3e\u4e2a\u901a\u4fd7\u7684\u4f8b\u5b50\uff1a\u53ef\u53e3\u53ef\u4e50\u548c\u767e\u4e8b\u53ef\u4e50\u8fd9\u4e24\u53ea\u80a1\u7968\uff0c\u7531\u4e8e\u4e1a\u52a1\u9ad8\u5ea6\u76f8\u4f3c\uff0c\u5386\u53f2\u4e0a\u4ef7\u683c\u8d70\u52bf\u9ad8\u5ea6\u76f8\u5173\u3002\u67d0\u4e00\u5929\uff0c\u53ef\u53e3\u53ef\u4e50\u56e0\u4e3a\u4e00\u6761\u4e0d\u76f8\u5173\u7684\u65b0\u95fb\u7a81\u7136\u5927\u6da8\uff0c\u800c\u767e\u4e8b\u53ef\u4e50\u6ca1\u52a8\uff0c\u8fd9\u65f6\u4e24\u8005\u7684”\u4ef7\u5dee”\u5c31\u504f\u79bb\u4e86\u5386\u53f2\u5747\u503c\u3002PDT\u7684\u7b56\u7565\u5c31\u662f\uff1a\u8ba4\u4e3a\u8fd9\u4e2a\u504f\u79bb\u662f\u6682\u65f6\u7684\uff0c\u7b49\u5b83\u4eec\u56de\u5f52\u6b63\u5e38\u5173\u7cfb\u65f6\u83b7\u5229\u3002<\/p>\n\n\n\n
        \n
      1. \u5efa\u7acb\u914d\u5bf9\u5173\u7cfb<\/strong>\uff1a\u7528\u56de\u5f52\u5206\u6790\u627e\u51fa\u4e24\u53ea\u8d44\u4ea7\u7684\u5386\u53f2\u8054\u52a8\u5173\u7cfb\uff0c\u8ba1\u7b97\u51fa”\u5bf9\u51b2\u6bd4\u7387”\u03b2\uff0c\u786e\u5b9a\u6301\u4ed3\u6bd4\u4f8b<\/li>\n\n\n\n
      2. \u6784\u5efa\u4ef7\u5dee\u5e8f\u5217<\/strong>\uff1a\u4ef7\u5dee = A\u8d44\u4ea7\u4ef7\u683c – \u03b2 \u00d7 B\u8d44\u4ea7\u4ef7\u683c\uff0c\u8fd9\u4e2a\u4ef7\u5dee\u5e94\u8be5\u56f4\u7ed5\u67d0\u4e2a\u5747\u503c\u4e0a\u4e0b\u6ce2\u52a8<\/li>\n\n\n\n
      3. \u7edf\u8ba1\u68c0\u9a8c\u5747\u503c\u56de\u5f52\uff1a<\/strong>\u7528ADF\u68c0\u9a8c\uff08\u589e\u5e7f\u8fea\u57fa-\u5bcc\u52d2\u68c0\u9a8c\uff09\u9a8c\u8bc1\u4ef7\u5dee\u786e\u5b9e\u5b58\u5728\u5747\u503c\u56de\u5f52\u7279\u6027\uff0c\u800c\u975e\u968f\u673a\u6e38\u8d70<\/li>\n\n\n\n
      4. \u4fe1\u53f7\u89e6\u53d1\u4e0e\u6267\u884c<\/strong>\uff1a\u5f53\u4ef7\u5dee\u504f\u79bb\u5747\u503c\u8d85\u8fc7\u8bbe\u5b9a\u9608\u503c\u65f6\uff0c\u7cfb\u7edf\u81ea\u52a8\u89e6\u53d1\u4ea4\u6613\u4fe1\u53f7\uff0c\u7b49\u5f85\u4ef7\u5dee\u6536\u655b\u65f6\u5e73\u4ed3\u83b7\u5229<\/li>\n<\/ol>\n\n\n\n
        \u5361\u5c14\u66fc\u6ee4\u6ce2\uff1a\u8ba9\u6a21\u578b\u8ddf\u4e0a\u5e02\u573a\u53d8\u5316<\/strong><\/h3>\n\n\n\n
        \u914d\u5bf9\u4ea4\u6613\u6709\u4e00\u4e2a\u7ecf\u5178\u96be\u9898\uff1a\u4e24\u53ea\u8d44\u4ea7\u4e4b\u95f4\u7684\u8054\u52a8\u5173\u7cfb\uff08\u03b2\u503c\uff09\u5e76\u4e0d\u662f\u4e00\u6210\u4e0d\u53d8\u7684\uff0c\u5e02\u573a\u73af\u5883\u53d8\u5316\u65f6\uff0c\u03b2\u4e5f\u4f1a\u6f02\u79fb\u3002\u5982\u679c\u6a21\u578b\u8fd8\u5728\u7528\u4e09\u5e74\u524d\u7684\u03b2\u6765\u505a\u5224\u65ad\uff0c\u5c31\u4f1a\u51fa\u73b0\u4e25\u91cd\u504f\u5dee\u3002<\/p>\n\n\n\n
        PDT\u7684\u89e3\u51b3\u65b9\u6848\u662f\u5f15\u5165\u5361\u5c14\u66fc\u6ee4\u6ce2\uff08Kalman Filter\uff09<\/strong>\u2014\u2014\u8fd9\u4e2a\u5de5\u5177\u6700\u521d\u662fNASA\u4e3a\u963f\u6ce2\u7f57\u767b\u6708\u8ba1\u5212\u5f00\u53d1\u7684\u5bfc\u822a\u7b97\u6cd5\uff0c\u7528\u4e8e\u5728\u566a\u58f0\u5e72\u6270\u4e0b\u5b9e\u65f6\u4f30\u8ba1\u98de\u8239\u4f4d\u7f6e\u3002PDT\u628a\u5b83\u7528\u6765\u52a8\u6001\u4f30\u8ba1\u4e24\u53ea\u8d44\u4ea7\u4e4b\u95f4\u4e0d\u65ad\u53d8\u5316\u7684\u8054\u52a8\u5173\u7cfb\uff0c\u76f8\u6bd4\u56fa\u5b9a\u7a97\u53e3\u7684\u6eda\u52a8\u56de\u5f52\uff0c\u590f\u666e\u6bd4\u7387\u53ef\u63d0\u534715%\u201420%\u3002<\/p>\n\n\n\n
        \/\/ \u5361\u5c14\u66fc\u6ee4\u6ce2\u52a8\u6001\u4f30\u8ba1\uff08\u76f4\u89c9\u7406\u89e3\uff09\n\n\u72b6\u6001\u65b9\u7a0b\uff1a\u03b2(t+1) = \u03b2(t) + \u968f\u673a\u6270\u52a8\n\u89c2\u6d4b\u65b9\u7a0b\uff1aA(t) = \u03b2(t) \u00d7 B(t) + \u566a\u58f0\n\n\u542b\u4e49\uff1a\u03b2\u4e0d\u662f\u56fa\u5b9a\u503c\uff0c\u5b83\u6bcf\u5929\u90fd\u5728\u5fae\u5c0f\u5730\u53d8\u5316\u3002\n\u5361\u5c14\u66fc\u6ee4\u6ce2\u901a\u8fc7\u4e0d\u65ad\"\u89c2\u6d4b\u2014\u4fee\u6b63\"\u5faa\u73af\uff0c\u5b9e\u65f6\u8ffd\u8e2a\u03b2\u7684\u6700\u4f18\u4f30\u8ba1\u503c\u3002<\/code><\/pre>\n\n\n\n
        PDT\u7684\u56e2\u961f\u7ed3\u6784<\/strong>
        PDT\u53ea\u670935\u540d\u7814\u7a76\u4eba\u5458\uff0c\u6309\u8d44\u4ea7\u7c7b\u522b\u548c\u4ea4\u6613\u5468\u671f\u5206\u6210\u4e94\u4e2a\u5c0f\u7ec4\u3002\u4eba\u4e0d\u591a\uff0c\u4f46\u6bcf\u4e2a\u4eba\u90fd\u662f\u9876\u5c16\u5b66\u5e9c\u7684\u535a\u58eb\uff0c\u4e13\u6ce8\u4e8e\u5404\u81ea\u7ec6\u5206\u9886\u57df\u7684\u6df1\u5ea6\u7814\u7a76\u3002\u8fd9\u79cd”\u5c0f\u800c\u7cbe”\u7684\u56e2\u961f\u6a21\u5f0f\uff0c\u53cd\u800c\u6bd4\u5927\u89c4\u6a21\u56e2\u961f\u66f4\u6709\u6548\u7387\u3002<\/p>\n\n\n\n
        \u4e03\u3001\u4ea4\u6613\u6210\u672c\uff1a\u51b3\u5b9a\u7406\u8bba\u548c\u73b0\u5b9e\u4e4b\u95f4\u5dee\u8ddd\u7684\u5173\u952e<\/strong><\/h2>\n\n\n\n
        \u5f88\u591a\u4eba\u7814\u7a76\u91cf\u5316\u7b56\u7565\uff0c\u5728\u5386\u53f2\u6570\u636e\u4e0a\u56de\u6d4b\u6548\u679c\u60ca\u8273\uff0c\u4f46\u771f\u6b63\u5b9e\u76d8\u64cd\u4f5c\u540e\u6536\u76ca\u5927\u5e45\u7f29\u6c34\u2014\u2014\u539f\u56e0\u5f80\u5f80\u4e0d\u662f\u6a21\u578b\u9519\u4e86\uff0c\u800c\u662f\u4f4e\u4f30\u4e86\u4ea4\u6613\u6210\u672c<\/strong>\u3002<\/p>\n\n\n\n
        \u7f57\u4f2f\u7279\u00b7\u963f\u5c14\u59c6\u683c\u4f26\uff08Robert Almgren\uff09\u5bf9682,562\u7b14\u673a\u6784\u8ba2\u5355\u7684\u7814\u7a76\u53d1\u73b0\uff0c\u4ea4\u6613\u5bf9\u5e02\u573a\u4ef7\u683c\u7684\u51b2\u51fb\u6210\u672c\u9075\u5faa\u4e00\u4e2a\u5e42\u5f8b\u5173\u7cfb\uff1a<\/p>\n\n\n\n
        \/\/ \u5e02\u573a\u51b2\u51fb\u6210\u672c\u516c\u5f0f\uff08Almgren-Chriss\u6a21\u578b\uff09\u6210\u672c \u221d \u03c3 \u00d7 (Q\/V)^(3\/5)\n\n\u03c3 = \u65e5\u6ce2\u52a8\u7387\uff08\u5e02\u573a\u8d8a\u6ce2\u52a8\uff0c\u51b2\u51fb\u8d8a\u5927\uff09\nQ = \u4f60\u8981\u4ea4\u6613\u7684\u80a1\u6570\nV = \u8be5\u80a1\u7968\u65e5\u5747\u6210\u4ea4\u91cf\n3\/5 = \u5b9e\u8bc1\u786e\u5b9a\u7684\u5e42\u6b21\uff08\u6bd4\u5e38\u89c1\u5047\u8bbe\u76841\/2\u66f4\u9661\u5ced\uff09<\/code><\/pre>\n\n\n\n
        \u8fd9\u4e2a\u516c\u5f0f\u544a\u8bc9\u6211\u4eec\u4e00\u4e2a\u6b8b\u9177\u7684\u73b0\u5b9e\uff1a\u4f60\u7684\u5355\u5b50\u8d8a\u5927\uff0c\u76f8\u5bf9\u4e8e\u5e02\u573a\u6d41\u52a8\u6027\u8d8a\u5927\uff0c\u6210\u672c\u4e0a\u5347\u8d8a\u5feb\uff0c\u800c\u4e14\u662f\u975e\u7ebf\u6027\u4e0a\u5347\u3002\u5bf9\u4e8e\u4e00\u4e2a\u7ba1\u74061\u4ebf\u7f8e\u5143\u3001\u6bcf\u5e74\u6362\u624b50\u500d\u30012\u500d\u6760\u6746\u7684\u4e2d\u9891\u7b56\u7565\u800c\u8a00\uff0c\u6bcf\u5e74\u5b9e\u9645\u4ea4\u6613\u91cf\u9ad8\u8fbe200\u4ebf\u7f8e\u5143\u2014\u2014\u6bcf1\u4e2a\u57fa\u70b9\u7684\u6210\u672c\u5dee\u5f02\uff0c\u4e00\u5e74\u4e0b\u6765\u5c31\u662f2%\u7684\u6536\u76ca\u5dee\u8ddd\u3002<\/strong><\/p>\n\n\n\n
        \u673a\u6784<\/strong><\/th>\u6bcf\u7b14\u4ea4\u6613\u6267\u884c\u6210\u672c<\/strong><\/th>\u884c\u4e1a\u5e73\u5747\u6c34\u5e73<\/strong><\/th>\u4f18\u52bf\u500d\u6570<\/strong><\/th><\/tr><\/thead>
        \u6587\u827a\u590d\u5174\u79d1\u6280<\/td>\u7ea60.003%<\/td>\u7ea60.015%<\/td>\u8282\u7701\u7ea680%<\/td><\/tr>
        \u666e\u901a\u673a\u6784\u6295\u8d44\u8005<\/td>0.010%\u20140.020%<\/td>\u7ea60.015%<\/td>\u6301\u5e73\u6216\u7565\u5dee<\/td><\/tr>
        \u6563\u6237\u6295\u8d44\u8005<\/td>0.050%\u4ee5\u4e0a<\/td>\u7ea60.015%<\/td>\u9ad8\u51fa\u6570\u500d<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
        \u6587\u827a\u590d\u5174\u79d1\u6280\u901a\u8fc7\u5c06\u5927\u5355\u62c6\u5206\u6210\u6570\u4ee5\u4e07\u8ba1\u7684\u5c0f\u5355\u3001\u5206\u6563\u65f6\u95f4\u7a97\u53e3\u6267\u884c\u3001\u5229\u7528\u81ea\u7814\u7b97\u6cd5\u9884\u6d4b\u6700\u4f73\u4ea4\u6613\u65f6\u673a\uff0c\u628a\u51b2\u51fb\u6210\u672c\u538b\u7f29\u5230\u4e86\u884c\u4e1a\u5e73\u5747\u6c34\u5e73\u7684\u4e94\u5206\u4e4b\u4e00\u3002\u8fd9\u79cd\u6267\u884c\u5c42\u9762\u7684\u4f18\u52bf\uff0c\u662f\u6a21\u578b\u65e0\u6cd5\u590d\u5236\u7684\u58c1\u5792\u3002<\/p>\n\n\n\n
        \u516b\u30012007\u5e74\u91cf\u5316\u5371\u673a\uff1a\u5f53\u6240\u6709\u4eba\u7528\u540c\u4e00\u4e2a\u6a21\u578b<\/strong><\/h2>\n\n\n\n
        2007\u5e748\u6708\uff0c\u4e00\u4ef6\u8ba9\u6574\u4e2a\u91cf\u5316\u884c\u4e1a\u94ed\u8bb0\u7684\u4e8b\u60c5\u53d1\u751f\u4e86\u3002<\/p>\n\n\n\n
        \u5f53\u65f6\uff0c\u6b21\u8d37\u5371\u673a\u5f00\u59cb\u53d1\u9175\uff0c\u90e8\u5206\u5bf9\u51b2\u57fa\u91d1\u4e3a\u4e86\u5e94\u5bf9\u8d4e\u56de\u538b\u529b\uff0c\u5f00\u59cb\u5927\u89c4\u6a21\u7f29\u51cf\u91cf\u5316\u7b56\u7565\u7684\u4ed3\u4f4d\u3002\u95ee\u9898\u5728\u4e8e\uff1a\u534e\u5c14\u8857\u5927\u91cf\u91cf\u5316\u57fa\u91d1\u7528\u7684\u662f\u9ad8\u5ea6\u76f8\u4f3c\u7684\u56e0\u5b50\u6a21\u578b\u548c\u7edf\u8ba1\u5957\u5229\u7b56\u7565\u3002<\/strong>\u00a0\u5f53\u4e00\u5bb6\u57fa\u91d1\u5f00\u59cb\u629b\u552e\uff0c\u76f8\u4f3c\u6301\u4ed3\u7684\u5176\u4ed6\u57fa\u91d1\u7acb\u523b\u53d7\u5230\u4ef7\u683c\u51b2\u51fb\uff0c\u88ab\u8feb\u8ddf\u7740\u629b\u552e\uff0c\u5f62\u6210\u8fde\u9501\u8e29\u8e0f\u3002<\/p>\n\n\n\n
        2007\u5e748\u6708\u91cf\u5316\u5371\u673a\uff1a\u51e0\u5929\u5185\u53d1\u751f\u4e86\u4ec0\u4e48<\/strong>
        \u591a\u5bb6\u91cf\u5316\u57fa\u91d1\u5728\u6570\u5929\u5185\u906d\u9047\u5386\u53f2\u7f55\u89c1\u7684\u540c\u6b65\u4e8f\u635f\u3002\u6587\u827a\u590d\u5174\u79d1\u6280\u65d7\u4e0b\u9762\u5411\u673a\u6784\u6295\u8d44\u8005\u7684RIEF\u57fa\u91d1\u5355\u5468\u4e0b\u8dcc8.7%\uff0c\u800c\u540c\u671f\u5927\u5956\u7ae0\u57fa\u91d1\u56e0\u7b56\u7565\u4e0d\u540c\u3001\u6301\u4ed3\u66f4\u5206\u6563\uff0c\u635f\u5931\u76f8\u5bf9\u6709\u9650\u3002\u8fd9\u573a\u5371\u673a\u66b4\u9732\u4e86\u91cf\u5316\u7b56\u7565”\u7b56\u7565\u62e5\u6324”\u7684\u7cfb\u7edf\u6027\u98ce\u9669\u3002<\/p>\n\n\n\n
        \u8fd9\u573a\u5371\u673a\u6700\u6df1\u523b\u7684\u6559\u8bad\u4e0d\u662f”\u91cf\u5316\u7b56\u7565\u5931\u6548\u4e86”\uff0c\u800c\u662f\uff1a\u5f53\u5e02\u573a\u4e0a\u6240\u6709\u4eba\u90fd\u5728\u7528\u540c\u4e00\u5957\u6a21\u578b\u3001\u6301\u6709\u9ad8\u5ea6\u76f8\u4f3c\u7684\u4ed3\u4f4d\u65f6\uff0c\u4efb\u4f55\u4e00\u5bb6\u673a\u6784\u7684\u88ab\u8feb\u51cf\u4ed3\uff0c\u90fd\u4f1a\u53d8\u6210\u6574\u4e2a\u7cfb\u7edf\u7684\u8fde\u9501\u53cd\u5e94\u3002<\/strong> \u6a21\u578b\u672c\u8eab\u6ca1\u6709\u95ee\u9898\uff0c\u95ee\u9898\u51fa\u5728”\u7b56\u7565\u62e5\u6324”\u8fd9\u4e2a\u7cfb\u7edf\u6027\u98ce\u9669\u4e0a\u3002<\/p>\n\n\n\n
        \u4ece2007\u5e74\u5371\u673a\u4e2d\u5b58\u6d3b\u4e0b\u6765\u7684\u91cf\u5316\u57fa\u91d1\uff0c\u4e8b\u540e\u90fd\u505a\u4e86\u540c\u6837\u7684\u51e0\u4ef6\u4e8b\uff1a<\/p>\n\n\n\n
          \n
        1. \u5f15\u5165\u6a2a\u622a\u9762\u56e0\u5b50\u5206\u6790<\/strong>:\u4e0d\u53ea\u770b\u5355\u53ea\u8d44\u4ea7\u7684\u56e0\u5b50\u66b4\u9732\uff0c\u8fd8\u8981\u5b9e\u65f6\u76d1\u63a7\u6574\u4e2a\u7ec4\u5408\u5728\u5404\u56e0\u5b50\u4e0a\u7684\u805a\u96c6\u7a0b\u5ea6\uff0c\u907f\u514d\u5355\u4e00\u56e0\u5b50\u8fc7\u5ea6\u96c6\u4e2d<\/li>\n\n\n\n
        2. \u591a\u56e0\u5b50\u540c\u6b65\u5d29\u6e83\u538b\u529b\u6d4b\u8bd5<\/strong>:\u6a21\u62df”\u5982\u679c\u4ef7\u503c\u56e0\u5b50\u548c\u52a8\u91cf\u56e0\u5b50\u540c\u65f6\u5927\u5e45\u56de\u64a4”\u7684\u6781\u7aef\u573a\u666f\uff0c\u63d0\u524d\u8bc4\u4f30\u7ec4\u5408\u7684\u6700\u5927\u627f\u53d7\u80fd\u529b<\/li>\n\n\n\n
        3. \u5efa\u7acb\u7b56\u7565\u62e5\u6324\u5ea6\u76d1\u63a7\u6307\u6807<\/strong>:\u8ffd\u8e2a\u540c\u7c7b\u578b\u7ade\u4e89\u5bf9\u624b\u7684\u6301\u4ed3\u65b9\u5411\uff0c\u5f53\u67d0\u4e2a\u7b56\u7565\u65b9\u5411\u4e0a\u7684\u8d44\u91d1\u8fc7\u4e8e\u96c6\u4e2d\u65f6\uff0c\u4e3b\u52a8\u964d\u4f4e\u66b4\u9732\u6216\u63d0\u524d\u51cf\u4ed3<\/li>\n<\/ol>\n\n\n\n
          \n
          \u91cf\u5316\u7b56\u7565\u7684\u6700\u5927\u98ce\u9669\uff0c\u4e0d\u662f\u6a21\u578b\u7b97\u9519\u4e86\uff0c\u800c\u662f\u6240\u6709\u4eba\u7684\u6a21\u578b\u90fd\u7b97\u5bf9\u4e86\u3001\u90fd\u6307\u5411\u540c\u4e00\u4e2a\u65b9\u5411\u3002\u8fd9\u65f6\u5019\uff0c\u5e02\u573a\u672c\u8eab\u5c31\u53d8\u6210\u4e86\u4e00\u4e2a\u81ea\u6211\u5f3a\u5316\u7684\u9677\u9631\u3002<\/p>\n<\/blockquote>\n\n\n\n
          \u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0c2007\u5e74\u5371\u673a\u4e2d\uff0c\u6587\u827a\u590d\u5174\u79d1\u6280\u7684\u5927\u5956\u7ae0\u57fa\u91d1\u56e0\u4e3a\u6301\u4ed3\u5206\u6563\u3001\u6362\u624b\u6781\u5feb\u3001\u4e0e\u5176\u4ed6\u91cf\u5316\u57fa\u91d1\u7684\u7b56\u7565\u76f8\u5173\u6027\u6781\u4f4e\uff0c\u635f\u5931\u76f8\u5bf9\u6709\u9650\uff1b\u800c\u540c\u516c\u53f8\u65d7\u4e0b\u9762\u5411\u673a\u6784\u6295\u8d44\u8005\u3001\u7b56\u7565\u66f4\u63a5\u8fd1\u884c\u4e1a\u4e3b\u6d41\u7684RIEF\u57fa\u91d1\u5219\u906d\u9047\u4e86\u8f83\u5927\u56de\u64a4\u3002\u8fd9\u4e2a\u5bf9\u6bd4\uff0c\u6070\u6070\u8bf4\u660e\u4e86”\u7b56\u7565\u72ec\u7279\u6027”\u672c\u8eab\u5c31\u662f\u4e00\u79cd\u62a4\u57ce\u6cb3\u3002<\/p>\n\n\n\n
          \u4e5d\u3001\u7a0e\u52a1\u98ce\u66b4\uff1a\u8d5a\u4e86\u94b1\u8fd8\u8981\u8fc7\u76d1\u7ba1\u8fd9\u4e00\u5173<\/strong><\/h2>\n\n\n\n
          \u6587\u827a\u590d\u5174\u79d1\u6280\u7684\u6545\u4e8b\u91cc\uff0c\u8fd8\u6709\u4e00\u6bb5\u9c9c\u4e3a\u4eba\u77e5\u7684”\u7a0e\u52a1\u6218\u4e89”\uff0c\u503c\u5f97\u5355\u72ec\u62ff\u51fa\u6765\u8bf4\u3002<\/p>\n\n\n\n
          \u5927\u5956\u7ae0\u57fa\u91d1\u6bcf\u5929\u8fdb\u884c\u6570\u4ee5\u4e07\u8ba1\u7684\u77ed\u7ebf\u4ea4\u6613\uff0c\u6309\u7167\u7f8e\u56fd\u7a0e\u6cd5\uff0c\u8fd9\u7c7b\u77ed\u671f\u4ea4\u6613\u7684\u5229\u6da6\u5e94\u6309\u7167\u8f83\u9ad8\u7684\u666e\u901a\u6240\u5f97\u7a0e\u7387\u7eb3\u7a0e\u3002\u4f46\u6587\u827a\u590d\u5174\u79d1\u6280\u901a\u8fc7\u4e00\u79cd\u540d\u4e3a”\u4e00\u7bee\u5b50\u671f\u6743”\u7684\u91d1\u878d\u7ed3\u6784\uff0c\u5c06\u8fd9\u4e9b\u77ed\u671f\u4ea4\u6613\u5305\u88c5\u6210\u957f\u671f\u6295\u8d44\uff0c\u4ece\u800c\u9002\u7528\u66f4\u4f4e\u7684\u957f\u671f\u8d44\u672c\u5229\u5f97\u7a0e\u7387\u3002<\/p>\n\n\n\n
          \u7a0e\u52a1\u4e89\u8bae\u65f6\u95f4\u7ebf<\/strong><\/p>\n\n\n\n
          2014\u5e747\u6708\uff1a<\/strong>\u7f8e\u56fd\u53c2\u8bae\u9662\u5e38\u8bbe\u8c03\u67e5\u5c0f\u7ec4\u59d4\u5458\u4f1a\u516c\u5f00\u8c34\u8d23\u6587\u827a\u590d\u5174\u79d1\u6280\uff0c\u53c2\u8bae\u5458\u7ea6\u7ff0\u00b7\u9ea6\u51ef\u6069\u8868\u793a\u8be5\u516c\u53f8\u901a\u8fc7\u5c06\u65e5\u5e38\u4ea4\u6613\u4f2a\u88c5\u6210\u957f\u671f\u6295\u8d44\uff0c\u89c4\u907f\u4e86\u8d85\u8fc760\u4ebf\u7f8e\u5143\u7684\u7a0e\u6b3e\u3002<\/p>\n\n\n\n
          2021\u5e749\u6708\uff1a<\/strong>\u6587\u827a\u590d\u5174\u79d1\u6280\u9ad8\u7ba1\u6700\u7ec8\u540c\u610f\u652f\u4ed8\u7ea670\u4ebf\u7f8e\u5143\u7684\u8865\u7f34\u7a0e\u6b3e\u3001\u5229\u606f\u548c\u7f5a\u6b3e\uff0c\u6210\u4e3a\u7f8e\u56fd\u56fd\u7a0e\u5c40\u5386\u53f2\u4e0a\u6700\u5927\u89c4\u6a21\u7684\u7a0e\u52a1\u548c\u89e3\u6848\u4e4b\u4e00\u3002\u5409\u59c6\u00b7\u897f\u8499\u65af\u672c\u4eba\u989d\u5916\u652f\u4ed8\u4e866.7\u4ebf\u7f8e\u5143\u3002<\/p>\n\n\n\n
          \u8fd9\u4e2a\u6848\u4f8b\u7ed9\u6240\u6709\u91cf\u5316\u4ece\u4e1a\u8005\u7684\u542f\u793a\u662f\uff1a\u7b56\u7565\u5c42\u9762\u7684\u6210\u529f\uff0c\u5fc5\u987b\u540c\u65f6\u517c\u987e\u5408\u89c4\u5c42\u9762\u7684\u53ef\u6301\u7eed\u6027\u3002<\/strong> \u8d5a\u5230\u7684\u94b1\uff0c\u8fd8\u8981\u80fd\u7559\u5f97\u4f4f\u3002\u518d\u7cbe\u5999\u7684\u6a21\u578b\uff0c\u4e5f\u7ecf\u4e0d\u8d77\u76d1\u7ba1\u98ce\u9669\u7684\u4fb5\u8680\u3002<\/p>\n\n\n\n
          \u5341\u3001\u4e09\u5bb6\u673a\u6784\u6a2a\u5411\u5bf9\u6bd4\uff1a\u540c\u4e00\u4e2a\u6570\u5b66\uff0c\u4e09\u6761\u4e0d\u540c\u7684\u8def<\/strong><\/h2>\n\n\n\n
          \u7ef4\u5ea6<\/strong><\/th>\u6587\u827a\u590d\u5174\u79d1\u6280<\/strong><\/th>AQR\u8d44\u672c<\/strong><\/th>PDT\u5408\u4f19\u4eba<\/strong><\/th><\/tr><\/thead>
          \u6838\u5fc3\u7b56\u7565<\/strong><\/td>\u9ad8\u9891\u7edf\u8ba1\u5957\u5229\u3001\u591a\u8d44\u4ea7\u7c7b\u522b<\/td>\u7cfb\u7edf\u5316\u56e0\u5b50\u6295\u8d44<\/td>\u7edf\u8ba1\u914d\u5bf9\u4ea4\u6613\u3001\u5747\u503c\u56de\u5f52<\/td><\/tr>
          \u6301\u4ed3\u5468\u671f<\/strong><\/td>\u7ea62\u5929<\/td>\u6708\u5ea6\u8c03\u4ed3<\/td>\u6570\u5c0f\u65f6\u81f3\u6570\u5929<\/td><\/tr>
          \u65e5\u5747\u4ea4\u6613\u91cf<\/strong><\/td>15\u4e07\u201430\u4e07\u7b14<\/td>\u76f8\u5bf9\u4f4e\u9891<\/td>\u4e2d\u9891<\/td><\/tr>
          \u6760\u6746\u6c34\u5e73<\/strong><\/td>12.5\u201420\u500d<\/td>\u9002\u5ea6\u6760\u6746<\/td>\u4e2d\u7b49\u6760\u6746<\/td><\/tr>
          \u6838\u5fc3\u6570\u5b66\u5de5\u5177<\/strong><\/td>OLS\u56de\u5f52 + \u9690\u9a6c\u5c14\u53ef\u592b\u6a21\u578b<\/td>\u591a\u56e0\u5b50OLS\u56de\u5f52<\/td>OLS\u56de\u5f52 + \u5361\u5c14\u66fc\u6ee4\u6ce2<\/td><\/tr>
          \u56e2\u961f\u80cc\u666f<\/strong><\/td>\u6570\u5b66\u5bb6\u3001\u7269\u7406\u5b66\u5bb6\u3001\u8bed\u8a00\u5b66\u5bb6<\/td>\u91d1\u878d\u7ecf\u6d4e\u5b66\u535a\u58eb<\/td>\u6570\u5b66\u3001\u7edf\u8ba1\u3001\u8ba1\u7b97\u673a\u535a\u58eb<\/td><\/tr>
          \u4ee3\u8868\u6027\u6210\u5c31<\/strong><\/td>2008\u5e74\u51c0\u6536\u76ca+98.2%<\/td>2024\u5e74\u6536\u76ca17.3%<\/td>\u6210\u7acb\u4ee5\u6765\u65e0\u4e8f\u635f\u5e74\u5ea6<\/td><\/tr>
          \u6267\u884c\u6210\u672c<\/strong><\/td>\u7ea60.003%\/\u7b14\uff08\u884c\u4e1a\u6700\u4f4e\uff09<\/td>\u6708\u5ea6\u8c03\u4ed3\uff0c\u6210\u672c\u53ef\u63a7<\/td>\u4e2d\u9891\uff0c\u6210\u672c\u7ba1\u7406\u7cbe\u7ec6<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
          \u8868\u9762\u4e0a\u770b\uff0c\u4e09\u5bb6\u673a\u6784\u7684\u7b56\u7565\u5dee\u5f02\u5f88\u5927\uff1a\u4e00\u4e2a\u8ffd\u6c42\u6781\u901f\u3001\u4e00\u4e2a\u8ffd\u6c42\u89c4\u6a21\u3001\u4e00\u4e2a\u8ffd\u6c42\u7cbe\u51c6\u3002\u4f46\u5f80\u6df1\u5904\u770b\uff0c\u4ed6\u4eec\u7684\u6210\u529f\u5bc6\u7801\u60ca\u4eba\u5730\u76f8\u4f3c\u2014\u2014\u90fd\u662f\u5728\u6570\u636e\u4e2d\u627e\u89c4\u5f8b\u3001\u7528\u7cfb\u7edf\u6267\u884c\u89c4\u5f8b\u3001\u7528\u7eaa\u5f8b\u4fdd\u62a4\u89c4\u5f8b<\/strong>\uff0c\u4ece\u4e0d\u8ba9\u60c5\u7eea\u548c\u76f4\u89c9\u63d2\u624b\u3002<\/p>\n\n\n\n
          \"\"<\/figure>\n\n\n\n

          \u5341\u4e00\u3001\u4eca\u5929\u8c01\u8fd8\u80fd\u8d62\uff1f\u4e09\u5927\u62a4\u57ce\u6cb3\u7f3a\u4e00\u4e0d\u53ef<\/strong><\/h2>\n\n\n\n
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          \u62a4\u57ce\u6cb3\u4e00\uff1a\u9876\u5c16\u4eba\u624d<\/strong><\/h3>\n\n\n\n
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          \u8fd9\u4e9b\u4eba\u7684\u5171\u540c\u7279\u70b9\u662f\uff1a\u4ed6\u4eec\u4e0d\u662f\u5728”\u5b66\u91d1\u878d”\uff0c\u800c\u662f\u5728”\u7528\u79d1\u5b66\u65b9\u6cd5\u7814\u7a76\u91d1\u878d”\u3002\u8fd9\u4e2a\u89c6\u89d2\u7684\u5dee\u5f02\uff0c\u51b3\u5b9a\u4e86\u4ed6\u4eec\u80fd\u770b\u5230\u522b\u4eba\u770b\u4e0d\u5230\u7684\u89c4\u5f8b\u3002<\/p>\n\n\n\n
          \u62a4\u57ce\u6cb3\u4e8c\uff1a\u6280\u672f\u57fa\u7840\u8bbe\u65bd<\/strong><\/h3>\n\n\n\n
          \u4e09\u5bb6\u673a\u6784\u6bcf\u5e74\u5728\u6280\u672f\u4e0a\u7684\u6295\u5165\u5747\u8d85\u8fc71\u4ebf\u7f8e\u5143\u3002\u8fd9\u5305\u62ec\uff1a\u81ea\u7814\u7684\u4f4e\u5ef6\u8fdf\u6267\u884c\u7cfb\u7edf\u3001\u5b9e\u65f6\u56e0\u5b50\u8ba1\u7b97\u5f15\u64ce\u3001\u6d77\u91cf\u5386\u53f2\u6570\u636e\u5e93\u3001\u4ee5\u53ca\u4e0d\u65ad\u8fed\u4ee3\u7684\u673a\u5668\u5b66\u4e60\u6a21\u578b\u3002<\/p>\n\n\n\n
          \u8fd9\u4e9b\u7cfb\u7edf\u4e0d\u662f\u4e70\u6765\u7684\uff0c\u662f\u4e00\u884c\u4e00\u884c\u4ee3\u7801\u79ef\u7d2f\u51fa\u6765\u7684\uff0c\u80cc\u540e\u662f\u6570\u5341\u5e74\u7684\u5de5\u7a0b\u6c89\u6dc0\u3002\u4efb\u4f55\u4e00\u4e2a\u540e\u6765\u8005\u60f3\u8981\u590d\u5236\uff0c\u4e0d\u53ea\u9700\u8981\u94b1\uff0c\u8fd8\u9700\u8981\u65f6\u95f4\u2014\u2014\u800c\u65f6\u95f4\uff0c\u662f\u6700\u7a00\u7f3a\u7684\u8d44\u6e90\u3002<\/p>\n\n\n\n
          \u62a4\u57ce\u6cb3\u4e09\uff1a\u7cfb\u7edf\u7eaa\u5f8b<\/strong><\/h3>\n\n\n\n
          \u8fd9\u4e00\u6761\u542c\u8d77\u6765\u6700\u7b80\u5355\uff0c\u5b9e\u9645\u4e0a\u6700\u96be\u505a\u5230\u3002\u4e09\u5bb6\u673a\u6784\u6709\u4e00\u4e2a\u5171\u540c\u7684\u94c1\u5f8b\uff1a\u6a21\u578b\u8bf4\u4ec0\u4e48\uff0c\u5c31\u6267\u884c\u4ec0\u4e48\uff0c\u7edd\u4e0d\u5141\u8bb8\u4eba\u4e3a\u4e3b\u89c2\u5e72\u9884\u3002<\/strong><\/p>\n\n\n\n
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          \u62a4\u57ce\u6cb3<\/strong><\/th>\u5177\u4f53\u4f53\u73b0<\/strong><\/th>\u666e\u901a\u673a\u6784\u80fd\u590d\u5236\u5417\uff1f<\/strong><\/th><\/tr><\/thead>
          \u9876\u5c16\u4eba\u624d<\/td>250+\u8de8\u5b66\u79d1\u79d1\u5b66\u5bb6\uff0c\u975e\u91d1\u878d\u80cc\u666f\u4e3a\u4e3b<\/td>\u6781\u96be\uff0c\u4eba\u624d\u7a00\u7f3a\u4e14\u7ade\u4e89\u6fc0\u70c8<\/td><\/tr>
          \u6280\u672f\u57fa\u7840\u8bbe\u65bd<\/td>\u5e74\u6295\u5165\u8d851\u4ebf\u7f8e\u5143\uff0c\u6570\u5341\u5e74\u79ef\u7d2f<\/td>\u96be\uff0c\u9700\u8981\u5de8\u989d\u8d44\u91d1\u548c\u65f6\u95f4<\/td><\/tr>
          \u7cfb\u7edf\u7eaa\u5f8b<\/td>\u4e25\u683c\u6267\u884c\u6a21\u578b\u4fe1\u53f7\uff0c\u96f6\u4eba\u4e3a\u5e72\u9884<\/td>\u7406\u8bba\u53ef\u4ee5\uff0c\u5b9e\u8df5\u6781\u96be\u575a\u6301<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
          \u5341\u4e8c\u3001\u7ed9\u666e\u901a\u4eba\u7684\u542f\u793a\uff1a\u91cf\u5316\u601d\u7ef4\u5982\u4f55\u6539\u53d8\u4f60\u7684\u6295\u8d44\u903b\u8f91<\/strong><\/h2>\n\n\n\n
          \u8bf4\u4e86\u8fd9\u4e48\u591a\u9876\u7ea7\u673a\u6784\u7684\u6545\u4e8b\uff0c\u6709\u4eba\u4f1a\u95ee\uff1a\u8fd9\u8ddf\u6211\u6709\u4ec0\u4e48\u5173\u7cfb\uff1f\u6211\u53c8\u4e0d\u662f\u6570\u5b66\u535a\u58eb\uff0c\u4e5f\u6ca1\u6709\u51e0\u4ebf\u7f8e\u5143\u3002<\/p>\n\n\n\n
          \u8001\u4f59\u7684\u7b54\u6848\u662f\uff1a\u4f60\u4e0d\u9700\u8981\u590d\u5236\u4ed6\u4eec\u7684\u7cfb\u7edf\uff0c\u4f46\u4f60\u53ef\u4ee5\u501f\u9274\u4ed6\u4eec\u7684\u601d\u7ef4\u65b9\u5f0f\u3002<\/p>\n\n\n\n
            \n
          1. \u7528\u89c4\u5219\u4ee3\u66ff\u611f\u89c9<\/strong>:\u4e3a\u81ea\u5df1\u7684\u6bcf\u4e00\u4e2a\u6295\u8d44\u51b3\u7b56\u5efa\u7acb\u660e\u786e\u7684\u89c4\u5219\u548c\u6807\u51c6\uff0c\u800c\u4e0d\u662f”\u611f\u89c9\u6da8\u4e86\u5c31\u4e70\uff0c\u611f\u89c9\u8dcc\u4e86\u5c31\u5356”\u3002\u89c4\u5219\u53ef\u4ee5\u7b80\u5355\uff0c\u4f46\u5fc5\u987b\u4e00\u81f4\u3002<\/li>\n\n\n\n
          2. \u5173\u6ce8\u6210\u672c\uff0c\u50cf\u5bf9\u5f85\u6536\u76ca\u4e00\u6837\u8ba4\u771f<\/strong>\uff1a\u6bcf\u4e00\u7b14\u4ea4\u6613\u7684\u624b\u7eed\u8d39\u3001\u7a0e\u8d39\u3001\u4ef7\u5dee\uff0c\u90fd\u662f\u5b9e\u5b9e\u5728\u5728\u7684\u635f\u8017\u3002\u91cf\u5316\u5de8\u5934\u4e3a\u4e86\u8282\u77010.012%\u7684\u6210\u672c\u82b1\u8d39\u6570\u4ebf\u7f8e\u5143\uff0c\u666e\u901a\u6295\u8d44\u8005\u81f3\u5c11\u5e94\u8be5\u8ba4\u771f\u8ba1\u7b97\u81ea\u5df1\u7684\u603b\u6210\u672c\u3002<\/li>\n\n\n\n
          3. \u5206\u6563\u800c\u975e\u96c6\u4e2d\uff0c\u7cfb\u7edf\u800c\u975e\u62bc\u6ce8<\/strong>\uff1a\u91cf\u5316\u6295\u8d44\u7684\u6838\u5fc3\u903b\u8f91\u662f\uff1a\u7528\u5927\u91cf\u5c0f\u4f18\u52bf\u7684\u7d2f\u79ef\u66ff\u4ee3\u5c11\u6570\u5927\u8d4c\u6ce8\u3002\u5bf9\u666e\u901a\u6295\u8d44\u8005\u800c\u8a00\uff0c\u5bbd\u57fa\u6307\u6570\u57fa\u91d1 + \u957f\u671f\u6301\u6709\uff0c\u672c\u8d28\u4e0a\u5c31\u662f\u5728\u505a\u6700\u7b80\u5355\u7248\u672c\u7684”\u56e0\u5b50\u6536\u5272”\u3002<\/li>\n\n\n\n
          4. \u56de\u6d4b\u4f60\u7684\u76f4\u89c9\uff0c\u800c\u4e0d\u662f\u76f8\u4fe1\u5b83<\/strong>\uff1a\u4f60\u89c9\u5f97\u67d0\u4e2a\u7b56\u7565\u6709\u6548\uff1f\u5148\u7528\u5386\u53f2\u6570\u636e\u9a8c\u8bc1\u5b83\uff0c\u770b\u770b\u5b83\u5728\u4e0d\u540c\u5e02\u573a\u73af\u5883\u4e0b\u7684\u8868\u73b0\uff0c\u518d\u51b3\u5b9a\u662f\u5426\u6267\u884c\u3002\u611f\u89c9\u4e0d\u662f\u6570\u636e\u3002<\/li>\n\n\n\n
          5. \u8b66\u60d5”\u7b56\u7565\u62e5\u6324”<\/strong>\uff1a\u5f53\u4e00\u4e2a\u7b56\u7565\u88ab\u6240\u6709\u4eba\u90fd\u77e5\u9053\u3001\u90fd\u5728\u7528\u7684\u65f6\u5019\uff0c\u5b83\u7684\u6709\u6548\u6027\u5f80\u5f80\u5df2\u7ecf\u5927\u6253\u6298\u6263\u30022007\u5e74\u7684\u91cf\u5316\u5371\u673a\u5c31\u662f\u6700\u597d\u7684\u4f8b\u8bc1\u3002<\/li>\n<\/ol>\n\n\n\n
            \u5341\u4e09\u3001\u91cf\u5316\u6295\u8d44\u7684\u8fb9\u754c\u4e0e\u672a\u6765<\/strong><\/h2>\n\n\n\n
            \u91cf\u5316\u6295\u8d44\u5e76\u975e\u4e07\u80fd\u30022025\u5e74\uff0c\u6587\u827a\u590d\u5174\u79d1\u6280\u7684RIEF\u57fa\u91d1\u572810\u6708\u7684\u5e02\u573a\u6ce2\u52a8\u4e2d\u5355\u6708\u4e0b\u8dcc14.4%\uff0c\u591a\u5bb6\u91cf\u5316\u673a\u6784\u906d\u9047\u4e86\u88ab\u79f0\u4e3a”\u91cf\u5316\u5730\u9707”\u7684\u96c6\u4f53\u56de\u64a4\u3002\u539f\u56e0\u4f9d\u7136\u662f\u90a3\u4e2a\u8001\u95ee\u9898\uff1a\u5f53\u5e02\u573a\u7ed3\u6784\u53d1\u751f\u5feb\u901f\u53d8\u5316\uff0c\u5386\u53f2\u89c4\u5f8b\u77ed\u6682\u5931\u6548\uff0c\u6240\u6709\u4f9d\u8d56\u5386\u53f2\u6570\u636e\u7684\u6a21\u578b\u90fd\u4f1a\u540c\u6b65\u51fa\u73b0\u8bef\u5224\u3002<\/p>\n\n\n\n
            \u4e0e\u6b64\u540c\u65f6\uff0c\u4eba\u5de5\u667a\u80fd\u6b63\u5728\u6df1\u523b\u6539\u53d8\u91cf\u5316\u6295\u8d44\u7684\u7ade\u4e89\u683c\u5c40\u3002\u4e0d\u540c\u673a\u6784\u4ee5\u4e0d\u540c\u901f\u5ea6\u3001\u5728\u4e0d\u540c\u73af\u8282\u5f15\u5165AI\uff0c\u5bfc\u81f4\u7b56\u7565\u4e4b\u95f4\u7684\u5206\u5316\u8d8a\u6765\u8d8a\u5927\u2014\u2014\u6709\u4eba\u56e0\u4e3aAI\u52a0\u901f\u4e86\u56e0\u5b50\u53d1\u73b0\u800c\u83b7\u76ca\uff0c\u6709\u4eba\u56e0\u4e3aAI\u5f15\u5165\u4e86\u65b0\u7684\u6a21\u578b\u98ce\u9669\u800c\u53d7\u635f\u3002<\/p>\n\n\n\n
            \n
            \u91cf\u5316\u6295\u8d44\u7684\u672a\u6765\uff0c\u4e0d\u662f”\u66f4\u590d\u6742\u7684\u6a21\u578b”\uff0c\u800c\u662f”\u66f4\u5feb\u7684\u9002\u5e94\u80fd\u529b”\u3002\u5e02\u573a\u6c38\u8fdc\u5728\u8fdb\u5316\uff0c\u80fd\u6301\u7eed\u8d62\u7684\u673a\u6784\uff0c\u662f\u90a3\u4e9b\u80fd\u6bd4\u5e02\u573a\u8fdb\u5316\u66f4\u5feb\u7684\u673a\u6784\u3002<\/p>\n<\/blockquote>\n\n\n\n
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            <\/p>\n\n\n\n
            \n
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            \n\n\n\n
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