{"id":4207,"date":"2026-06-08T07:44:00","date_gmt":"2026-06-07T23:44:00","guid":{"rendered":"https:\/\/laoyulaoyu.com\/?p=4207"},"modified":"2026-06-01T21:47:29","modified_gmt":"2026-06-01T13:47:29","slug":"%e9%87%8f%e5%8c%96%e5%9c%88%e4%b8%8d%e6%84%bf%e5%85%ac%e4%bc%97%e7%9f%a5%e9%81%93%e7%9a%84%e4%b8%a4%e5%a5%97%e5%ba%95%e5%b1%82%e9%80%bb%e8%be%91%ef%bc%8c%e6%8b%86%e8%a7%a3%e5%ae%8c%e6%88%91%e6%b2%89","status":"publish","type":"post","link":"https:\/\/laoyulaoyu.com\/index.php\/2026\/06\/08\/%e9%87%8f%e5%8c%96%e5%9c%88%e4%b8%8d%e6%84%bf%e5%85%ac%e4%bc%97%e7%9f%a5%e9%81%93%e7%9a%84%e4%b8%a4%e5%a5%97%e5%ba%95%e5%b1%82%e9%80%bb%e8%be%91%ef%bc%8c%e6%8b%86%e8%a7%a3%e5%ae%8c%e6%88%91%e6%b2%89\/","title":{"rendered":"\u91cf\u5316\u5708\u4e0d\u613f\u516c\u4f17\u77e5\u9053\u7684\u4e24\u5957\u5e95\u5c42\u903b\u8f91\uff0c\u62c6\u89e3\u5b8c\u6211\u6c89\u9ed8\u4e86"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\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 class=\"wp-block-paragraph\"><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:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/06\/cover.png\" alt=\"\" class=\"wp-image-4208\" srcset=\"https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/06\/cover.png 900w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/06\/cover-300x128.png 300w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/06\/cover-768x327.png 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><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">\u5176\u5b9e\u91cf\u5316\u5708\u6709\u4e9b\u73a9\u6cd5\u6839\u672c\u4e0d\u731c\u6da8\u8dcc\u3002<\/mark>\u672c\u6587\u62c6\u89e3\u4e24\u5957\u88ab\u673a\u6784\u6084\u6084\u7528\u4e86\u5341\u51e0\u5e74\u7684\u7b56\u7565\u6846\u67b6\uff1a\u7edf\u8ba1\u7edf\u8ba1\u5957\u5229\u548c\u6697\u6c60\u5ef6\u8fdf\u5957\u5229\u3002\u5b83\u4eec\u4e0d\u4f9d\u8d56\u5e02\u573a\u65b9\u5411\uff0c\u53ea\u5403\u5e02\u573a\u7ed3\u6784\u672c\u8eab\u7684\"\u88c2\u7f1d\"\u3002\u8bfb\u5b8c\u4f60\u4f1a\u660e\u767d\uff0c\u6709\u4e9b\u94b1\u5230\u5e95\u662f\u600e\u6837\u88ab\u8d5a\u8d70\u7684\u3002<\/pre>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u5927\u90e8\u5206\u4eba\u7406\u89e3\u7684\u4ea4\u6613\uff0c\u672c\u8d28\u4e0a\u662f\u5728\u535a\u5f08\u65b9\u5411\u3002\u4f60\u8ba4\u4e3a\u67d0\u4e2a\u4e1c\u897f\u4f1a\u6da8\u5c31\u914d\u7f6e\u5b83\uff1b\u8ba4\u4e3a\u4f1a\u8dcc\u5c31\u53cd\u5411\u64cd\u4f5c\u3002\u5bf9\u4e86\u8d5a\u94b1\uff0c\u9519\u4e86\u8ba4\u8d54\uff0c\u903b\u8f91\u7b80\u5355\u5f97\u50cf\u731c\u786c\u5e01\u6b63\u53cd\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f46\u4eca\u5929\u8981\u804a\u7684\u4e24\u5957\u7b56\u7565\u601d\u8def\uff0c\u8ddf\u65b9\u5411\u5224\u65ad\u534a\u6bdb\u94b1\u5173\u7cfb\u90fd\u6ca1\u6709\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b83\u4eec\u4e0d\u5173\u5fc3\u653f\u7b56\u98ce\u5411\u3001\u4e0d\u770b\u8d22\u62a5\u6570\u636e\u3001\u751a\u81f3\u4e0d\u7406\u4f1a\u5730\u7f18\u5c40\u52bf\u53d8\u5316\u3002\u5b83\u4eec\u53ea\u505a\u4e00\u4ef6\u4e8b\uff1a<strong>\u5403\u5e02\u573a\u7ed3\u6784\u672c\u8eab\u7684&#8221;\u88c2\u7f1d&#8221;<\/strong>\u3002\u89c4\u5219\u6f0f\u6d1e\u3001\u7cfb\u7edf\u5ef6\u8fdf\u3001\u4e0d\u540c\u5e73\u53f0\u4e4b\u95f4\u7684\u4ef7\u5dee\u7f1d\u9699\uff0c\u624d\u662f\u5b83\u4eec\u771f\u6b63\u7684\u5229\u6da6\u6765\u6e90\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u4e24\u5957\u903b\u8f91\u5df2\u7ecf\u88ab\u673a\u6784\u9ed8\u9ed8\u7528\u4e86\u5341\u51e0\u5e74\uff0c\u4ea7\u751f\u7684\u56de\u62a5\u4ee5\u767e\u4ebf\u7f8e\u5143\u8ba1\u3002\u6559\u79d1\u4e66\u4e0a\u51e0\u4e4e\u4e0d\u8bb2\uff0c\u91d1\u878d\u5a92\u4f53\u4e5f\u9c9c\u6709\u7cfb\u7edf\u62c6\u89e3\u3002\u800c\u4f60\u53ef\u80fd\u6bcf\u4e00\u5929\u90fd\u5728\u65e0\u610f\u4e2d\uff0c\u7ad9\u5728\u4e86\u5b83\u4eec\u7684\u5bf9\u9762\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4eca\u5929\u8001\u4f59\u5c31\u5e26\u4f60\u628a\u8fd9\u4e24\u5957\u903b\u8f91\u4e00\u5c42\u5c42\u5265\u5f00\u6765\u770b\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u7b56\u7565\u4e00\uff1a\u7edf\u8ba1\u5957\u5229\u4e0d\u731c\u65b9\u5411\uff0c\u53ea\u8d4c&#8221;\u5f39\u7c27\u4f1a\u5f39\u56de\u6765&#8221;<\/strong><br><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u2460 \u4e00\u4e2a\u901a\u4fd7\u7684\u6bd4\u55bb<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u60f3\u8c61\u4f60\u7275\u7740\u4e24\u6761\u72d7\u6563\u6b65\uff0c\u4e00\u6761\u53eb&#8221;\u53ef\u4e50&#8221;\uff0c\u4e00\u6761\u53eb&#8221;\u767e\u4e8b&#8221;\u3002\u5b83\u4eec\u5e73\u65f6\u6b65\u8c03\u57fa\u672c\u4e00\u81f4\uff0c\u56e0\u4e3a\u540c\u4e00\u4e2a\u4e3b\u4eba\u3001\u540c\u4e00\u6761\u8def\u7ebf\u3001\u540c\u6837\u7684\u5916\u754c\u523a\u6fc0\u3002\u5982\u679c\u7a81\u7136\u6709\u8def\u4eba\u7ed9\u53ef\u4e50\u6254\u4e86\u4e00\u6839\u9999\u80a0\uff0c\u5b83\u5f80\u524d\u8e7f\u4e86\u4e94\u7c73\uff0c\u4f46\u767e\u4e8b\u8fd8\u7ad9\u5728\u539f\u5730\uff0c\u8fd9\u4e2a\u65f6\u5019\u4f60\u5c31\u77e5\u9053\uff0c<strong>\u5dee\u8ddd\u662f\u6682\u65f6\u7684<\/strong>\uff0c\u8fc7\u4e00\u4f1a\u513f\u53ef\u4e50\u5403\u5b8c\u9999\u80a0\uff0c\u53c8\u4f1a\u56de\u5230\u767e\u4e8b\u65c1\u8fb9\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7edf\u8ba1\u5957\u5229\u5e72\u7684\u5c31\u662f\u8fd9\u4ef6\u4e8b\u3002\u5b83\u5728\u5e02\u573a\u4e0a\u627e\u5230\u4e24\u53ea&#8221;\u62f4\u5728\u540c\u4e00\u6839\u7ef3\u5b50\u4e0a&#8221;\u7684\u8d44\u4ea7\uff1a\u6bd4\u5982\u4e24\u5bb6\u540c\u884c\u4e1a\u3001\u540c\u4f9b\u5e94\u94fe\u3001\u540c\u53d7\u5b8f\u89c2\u56e0\u7d20\u5f71\u54cd\u7684\u4e0a\u5e02\u516c\u53f8\u3002\u6b63\u5e38\u60c5\u51b5\u4e0b\uff0c\u5b83\u4eec\u7684\u4ef7\u683c\u50cf\u4e24\u6761\u5e76\u884c\u7684\u6ce2\u6d6a\uff0c\u6709\u56fa\u5b9a\u7684\u76f8\u5bf9\u5173\u7cfb\u3002\u4f46\u5076\u5c14\uff0c\u67d0\u4e00\u53ea\u56e0\u4e3a\u5927\u5355\u8d44\u91d1\u77ed\u671f\u51b2\u51fb\uff0c\u4ef7\u683c\u4e34\u65f6\u504f\u79bb\u4e86\u8f68\u9053\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u6838\u5fc3\u903b\u8f91\u5c31\u8fd9\u4e48\u7b80\u5355\uff1a<\/strong>\u504f\u79bb\u662f\u6682\u65f6\u7684\uff0c\u56de\u5f52\u662f\u5927\u6982\u7387\u7684\u3002\u7b56\u7565\u4e0d\u5224\u65ad\u8c01&#8221;\u597d&#8221;\u8c01&#8221;\u4e0d\u597d&#8221;\uff0c\u53ea\u8d4c\u5b83\u4eec\u4f1a\u56de\u5230\u539f\u6765\u7684\u76f8\u5bf9\u4f4d\u7f6e\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u2461 \u6570\u5b66\u5c42\u9762\u7684&#8221;\u5f39\u7c27&#8221;<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u5b66\u672f\u4e0a\uff0c\u8fd9\u4e2a\u7b56\u7565\u6709\u4e00\u4e2a\u5173\u952e\u68c0\u9a8c\u65b9\u6cd5\u53eb<strong>\u534f\u6574\u68c0\u9a8c\uff08Cointegration Test\uff09<\/strong>\uff0c\u6700\u7ecf\u5178\u7684\u662f Engle-Granger \u4e24\u6b65\u6cd5\u3002\u5b83\u7684\u4f5c\u7528\u5c31\u662f\u5224\u65ad\u4e24\u7ec4\u4ef7\u683c\u5e8f\u5217\u4e4b\u95f4\uff0c\u662f\u5426\u5b58\u5728\u4e00\u4e2a\u957f\u671f\u7a33\u5b9a\u7684\u5747\u8861\u5173\u7cfb\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6253\u4e2a\u6bd4\u65b9\uff1a\u5982\u679c\u4f60\u628a\u4e24\u6761\u4ef7\u683c\u66f2\u7ebf\u653e\u5728\u4e00\u8d77\u770b\uff0c\u5b83\u4eec\u7684&#8221;\u8ddd\u79bb&#8221;\u867d\u7136\u6bcf\u5929\u90fd\u5728\u6ce2\u52a8\uff0c\u4f46\u59cb\u7ec8\u5728\u67d0\u4e2a\u56fa\u5b9a\u8303\u56f4\u5185\u6765\u6765\u56de\u56de\uff0c\u4e0d\u4f1a\u8d8a\u8d70\u8d8a\u8fdc\u2014\u2014\u90a3\u5c31\u8bf4\u660e\u5b83\u4eec\u5b58\u5728\u534f\u6574\u5173\u7cfb\u3002\u5982\u679c\u8fd9\u4e2a\u8ddd\u79bb\u88ab\u62c9\u5f97\u592a\u5f00\uff0c\u5c31\u50cf\u662f\u5f39\u7c27\u88ab\u62c9\u8fc7\u4e86\u5934\uff0c\u5b83\u8fdf\u65e9\u8981\u5f39\u56de\u6765\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>\u7ecf\u5178\u89c4\u5219\uff1a<\/strong>Gatev \u7b49\u5b66\u8005\u57282006\u5e74\u7684\u7814\u7a76\u4e2d\u786e\u7acb\u4e86\u6700\u5e38\u7528\u7684\u89e6\u53d1\u6761\u4ef6\uff0c\u5f53\u914d\u5bf9\u8d44\u4ea7\u7684\u4ef7\u5dee\u504f\u79bb\u8d85\u8fc7\u4e24\u500d\u5386\u53f2\u6807\u51c6\u5dee\u65f6\uff0c\u89c6\u4e3a&#8221;\u8fc7\u5ea6\u62c9\u4f38&#8221;\uff0c\u7b56\u7565\u542f\u52a8\uff1b\u5f53\u4ef7\u5dee\u56de\u5230\u5747\u503c\u9644\u8fd1\u65f6\uff0c\u7b56\u7565\u7ed3\u675f\u3002\u4e24\u500d\u6807\u51c6\u5dee\uff0c\u5c31\u662f\u90a3\u6839&#8221;\u5f39\u7c27\u7684\u6781\u9650\u7ebf&#8221;\u3002<\/p>\n<\/blockquote>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u7b2c\u4e00\u6b65\uff0c\u7b5b\u9009\uff1a\u5728\u5168\u5e02\u573a\u627e\u5230\u5b58\u5728\u534f\u6574\u5173\u7cfb\u7684\u8d44\u4ea7\u5bf9\uff08\u5982\u540c\u4e00\u884c\u4e1a\u3001\u76f8\u4f3c\u57fa\u672c\u9762\u7684\u4e24\u5bb6\u516c\u53f8\uff09\u3002<\/strong><\/li>\n\n\n\n<li><strong>\u7b2c\u4e8c\u6b65\uff0c\u5efa\u6a21\uff1a\u7528\u5386\u53f2\u6570\u636e\u8ba1\u7b97\u4e24\u8005\u4e4b\u95f4\u7684\u5747\u8861\u4ef7\u5dee\u548c\u6807\u51c6\u5dee\u3002<\/strong><\/li>\n\n\n\n<li><strong>\u7b2c\u4e09\u6b65\uff0c\u76d1\u63a7\uff1a\u5b9e\u65f6\u8ffd\u8e2a\u4ef7\u5dee\u662f\u5426\u7a81\u7834\u4e24\u500d\u6807\u51c6\u5dee\u9608\u503c\u3002<\/strong><\/li>\n\n\n\n<li><strong>\u7b2c\u56db\u6b65\uff0c\u89e6\u53d1\uff1a\u4ef7\u5dee\u8d85\u6807\u65f6\uff0c\u5728\u4f4e\u4f30\u8d44\u4ea7\u4e0a\u5efa\u7acb\u6b63\u5411\u5934\u5bf8\uff0c\u5728\u9ad8\u4f30\u8d44\u4ea7\u4e0a\u5efa\u7acb\u53cd\u5411\u5934\u5bf8\u3002<\/strong><\/li>\n\n\n\n<li><strong>\u7b2c\u4e94\u6b65\uff0c\u9000\u51fa\uff1a\u4ef7\u5dee\u56de\u5f52\u5747\u503c\uff0c\u4e86\u7ed3\u4e24\u8fb9\u5934\u5bf8\uff0c\u9501\u5b9a\u56de\u5f52\u6536\u76ca\u3002<\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u2462 \u673a\u6784\u662f\u600e\u4e48\u628a\u8fd9\u4e2a\u73a9\u5230\u6781\u81f4\u7684<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u8bf4\u65e9\u671f\u7edf\u8ba1\u5957\u5229\u50cf\u662f\u5728\u6c99\u6ee9\u4e0a\u6361\u8d1d\u58f3\uff0c\u90a3\u73b0\u5728\u9876\u5c16\u91cf\u5316\u673a\u6784\u7684\u505a\u6cd5\u76f8\u5f53\u4e8e\u5f00\u7740\u6df1\u6d77\u63a2\u6d4b\u5668\u53bb\u6316\u77ff\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u00a0<strong>D.E. Shaw\uff08\u5fb7\u52ad\u57fa\u91d1\uff09<\/strong>\u548c\u00a0<strong>Renaissance Technologies\uff08\u6587\u827a\u590d\u5174\u79d1\u6280\uff09<\/strong>\u4e3a\u4f8b\uff0c\u8fd9\u4e24\u5bb6\u673a\u6784\u5df2\u7ecf\u628a\u7edf\u8ba1\u5957\u5229\u4ece&#8221;\u627e\u4e00\u5bf9\u8d44\u4ea7&#8221;\u5347\u7ea7\u5230\u4e86&#8221;\u540c\u65f6\u7ba1\u7406\u51e0\u5341\u751a\u81f3\u4e0a\u767e\u4e2a\u8d44\u4ea7\u7ec4\u5408&#8221;\u3002\u4ed6\u4eec\u7684\u7cfb\u7edf\u4e0d\u518d\u662f\u7b80\u5355\u5730\u7b49\u4e24\u500d\u6807\u51c6\u5dee\u89e6\u53d1\uff0c\u800c\u662f\u7528<strong>\u6df1\u5ea6\u5f3a\u5316\u5b66\u4e60\uff08Deep Reinforcement Learning\uff09<\/strong>\u8bad\u7ec3AI\u4ee3\u7406\uff0c\u5728\u6a21\u62df\u5e02\u573a\u73af\u5883\u4e2d\u8fdb\u884c\u6570\u767e\u4e07\u6b21\u8fed\u4ee3\uff0c\u81ea\u4e3b\u627e\u51fa\u6700\u4f18\u7684\u4ecb\u5165\u548c\u9000\u51fa\u65f6\u673a\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>\u7b80\u5355\u8bf4\uff0c\u4f20\u7edf\u505a\u6cd5\u662f&#8221;\u770b\u5230\u4fe1\u53f7\u5c31\u52a8\u624b&#8221;\uff0c\u73b0\u4ee3\u505a\u6cd5\u662f&#8221;AI\u5728\u865a\u62df\u4e16\u754c\u91cc\u5148\u7ec3\u4e86\u51e0\u767e\u4e07\u904d\uff0c\u518d\u51fa\u6765\u5b9e\u6218&#8221;\u3002\u4e24\u8005\u7684\u7cbe\u7ec6\u7a0b\u5ea6\u5b8c\u5168\u4e0d\u5728\u4e00\u4e2a\u91cf\u7ea7\u3002<\/strong><\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u7cfb\u7edf\u8fd8\u4f1a\u6839\u636e\u4e0d\u540c\u914d\u5bf9\u5f53\u524d\u7684\u4fe1\u53f7\u5f3a\u5ea6\uff0c\u52a8\u6001\u8c03\u914d\u8d44\u91d1\u3002\u54ea\u4e00\u5bf9\u7684\u4ef7\u5dee\u504f\u79bb\u6700\u660e\u663e\u3001\u56de\u5f52\u6982\u7387\u6700\u9ad8\uff0c\u8d44\u91d1\u5c31\u5f80\u54ea\u8fb9\u503e\u659c\u3002\u8fd9\u5c31\u50cf\u540c\u65f6\u4e0b\u51e0\u5341\u76d8\u68cb\uff0c\u6bcf\u76d8\u68cb\u7684\u7b79\u7801\u5927\u5c0f\u6839\u636e\u5f53\u524d\u5c40\u9762\u968f\u65f6\u8c03\u6574\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u2463 \u6ca1\u4eba\u613f\u610f\u8bf4\u7684\u90a3\u4e2a&#8221;\u5751&#8221;<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u7edf\u8ba1\u5957\u5229\u6709\u4e00\u4e2a\u81f4\u547d\u7684\u524d\u63d0\uff1a<strong>\u4ef7\u5dee\u5fc5\u987b\u56de\u5f52\u3002<\/strong>\u800c\u4ef7\u5dee\u4e4b\u6240\u4ee5\u4f1a\u56de\u5f52\uff0c\u662f\u56e0\u4e3a\u90a3\u4e24\u6839&#8221;\u7ef3\u5b50&#8221;\u8fd8\u62f4\u5728\u4e00\u8d77\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f46\u73b0\u5b9e\u4e2d\uff0c&#8221;\u7ef3\u5b50&#8221;\u662f\u4f1a\u65ad\u7684\u3002\u6bcf\u4e00\u4e2a\u7edf\u8ba1\u5957\u5229\u6a21\u578b\u80cc\u540e\uff0c\u90fd\u6709\u4e00\u4e2a&#8221;\u5df2\u9635\u4ea1\u914d\u5bf9\u540d\u5355&#8221;\u3002\u771f\u6b63\u62c9\u5f00\u673a\u6784\u5dee\u8ddd\u7684\uff0c\u4e0d\u662f&#8221;\u627e\u5230\u591a\u5c11\u5bf9&#8221;\uff0c\u800c\u662f<strong>\u591a\u5feb\u80fd\u8bc6\u522b\u51fa\u4e00\u5bf9\u5df2\u7ecf\u5931\u6548<\/strong>\u3002\u5230\u76ee\u524d\u4e3a\u6b62\uff0c\u8fd8\u6ca1\u6709\u4eba\u80fd\u627e\u5230\u4e00\u4e2a\u5b8c\u7f8e\u7684\u3001\u666e\u9002\u7684\u65b9\u6cd5\u6765\u5b9e\u65f6\u533a\u5206&#8221;\u6682\u65f6\u504f\u79bb&#8221;\u548c&#8221;\u6c38\u4e45\u65ad\u88c2&#8221;\u3002\u90a3\u4e9b\u5728\u8fd9\u5957\u7b56\u7565\u4e0a\u8d5a\u5230\u5927\u94b1\u7684\u673a\u6784\uff0c\u65e0\u975e\u662f\u628a\u8fd9\u9053\u9898\u89e3\u5f97\u6bd4\u522b\u4eba\u597d\u90a3\u4e48\u4e00\u70b9\u70b9\uff0c\u5c31\u4e00\u70b9\u70b9\uff0c\u5df2\u7ecf\u591f\u4e86\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th class=\"has-text-align-center\" data-align=\"center\"><strong>\u7ef4\u5ea6<\/strong><\/th><th class=\"has-text-align-center\" data-align=\"center\"><strong>\u4f20\u7edf\u505a\u6cd5<\/strong><\/th><th class=\"has-text-align-center\" data-align=\"center\"><strong>\u73b0\u4ee3\u673a\u6784\u505a\u6cd5<\/strong><\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">\u914d\u5bf9\u6570\u91cf<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u5355\u5bf9\u6216\u51e0\u5bf9<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6570\u5341\u5230\u4e0a\u767e\u5bf9\u540c\u65f6\u8fd0\u884c<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u4fe1\u53f7\u6765\u6e90<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4ef7\u5dee\u8d85\u4e24\u500d\u6807\u51c6\u5dee<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6df1\u5ea6\u5b66\u4e60 + \u591a\u56e0\u5b50\u7efc\u5408\u8bc4\u5206<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u8d44\u91d1\u5206\u914d<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u56fa\u5b9a\u6bd4\u4f8b<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6839\u636e\u4fe1\u53f7\u5f3a\u5ea6\u52a8\u6001\u8c03\u914d<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u9000\u51fa\u673a\u5236<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4ef7\u5dee\u56de\u5f52\u5747\u503c<\/td><td class=\"has-text-align-center\" data-align=\"center\">AI \u5b9e\u65f6\u5224\u65ad\u6700\u4f18\u9000\u51fa\u70b9<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u5931\u6548\u68c0\u6d4b<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4eba\u5de5\u590d\u76d8<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u5b9e\u65f6\u534f\u6574\u65ad\u88c2\u9884\u8b66\u7cfb\u7edf<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u7b56\u7565\u4e8c\uff1a\u6697\u6c60\u5ef6\u8fdf\u5957\u5229\uff0c\u7528\u5fae\u79d2\u7ea7\u7684\u901f\u5ea6\uff0c\u4ece\u517b\u8001\u57fa\u91d1\u53e3\u888b\u91cc&#8221;\u522e&#8221;\u8d70\u96f6\u94b1<\/strong><br><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u2460 \u5148\u641e\u6e05\u695a&#8221;\u6697\u6c60&#8221;\u662f\u4ec0\u4e48<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u8bb2\u7b56\u7565\u4e4b\u524d\uff0c\u4f60\u5f97\u5148\u4e86\u89e3\u4e00\u4e2a\u7edd\u5927\u591a\u6570\u666e\u901a\u6295\u8d44\u8005\u770b\u4e0d\u5230\u7684\u5e02\u573a\u57fa\u7840\u8bbe\u65bd\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7f8e\u80a1\u4ea4\u6613\u65e5\u4e2d\uff0c<strong>\u5927\u7ea640%\u7684\u4ea4\u6613\u53d1\u751f\u5728\u4e00\u4e2a\u4f60\u770b\u4e0d\u89c1\u7684\u5730\u65b9\uff1a<\/strong>\u5b83\u53eb&#8221;\u6697\u6c60&#8221;\uff08Dark Pool\uff09\u3002\u7b80\u5355\u7406\u89e3\uff0c\u5b83\u5c31\u662f\u5927\u578b\u91d1\u878d\u673a\u6784\u4e4b\u95f4\u79c1\u4e0b\u64ae\u5408\u5927\u5b97\u4ea4\u6613\u7684&#8221;VIP\u5305\u95f4&#8221;\u3002\u4f60\u628a\u4e70\u5355\u6302\u5230\u516c\u5f00\u4ea4\u6613\u6240\uff0c\u5168\u4e16\u754c\u90fd\u770b\u5f97\u5230\uff1b\u4f46\u5982\u679c\u4f60\u662f\u4e00\u4e2a\u517b\u8001\u57fa\u91d1\uff0c\u8981\u4e00\u6b21\u6027\u8f6c\u624b200\u4e07\u80a1\uff0c\u516c\u5f00\u6302\u5355\u7b49\u4e8e\u544a\u8bc9\u6240\u6709\u4eba&#8221;\u6211\u6765\u4e86&#8221;\uff0c\u4ef7\u683c\u77ac\u95f4\u5c31\u4f1a\u88ab\u63a8\u5230\u4f60\u4e0d\u60f3\u770b\u5230\u7684\u65b9\u5411\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>\u6697\u6c60\u7684\u521d\u8877\u662f\u597d\u7684\uff1a<\/strong><br>\u4fdd\u62a4\u5927\u578b\u673a\u6784\u7684\u4ea4\u6613\u610f\u56fe\u4e0d\u88ab\u66b4\u9732\uff0c\u907f\u514d\u5927\u5b97\u8ba2\u5355\u56e0\u4e3a&#8221;\u8d70\u6f0f\u98ce\u58f0&#8221;\u800c\u4ea7\u751f\u4e0d\u5fc5\u8981\u7684\u4ef7\u683c\u51b2\u51fb\u3002\u8fd9\u5bf9\u517b\u8001\u91d1\u3001\u5171\u540c\u57fa\u91d1\u8fd9\u7c7b\u7ba1\u7740\u8001\u767e\u59d3\u94b1\u7684\u5927\u578b\u673a\u6784\u6765\u8bf4\uff0c\u672c\u5e94\u662f\u4e00\u79cd\u4fdd\u62a4\u3002<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f46\u8bbd\u523a\u7684\u662f\uff0c<strong>\u4fdd\u62a4\u673a\u5236\u672c\u8eab\uff0c\u53c8\u88ab\u53e6\u4e00\u7fa4\u4eba\u53cd\u8fc7\u6765\u5229\u7528\u4e86\u3002<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u2461 \u5ef6\u8fdf\u5957\u5229\u7684&#8221;\u65f6\u5dee\u653b\u51fb&#8221;<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u91cc\u6d89\u53ca\u4e00\u4e2a\u7269\u7406\u5b66\u5c42\u9762\u7684\u95ee\u9898\uff0c\u4e0d\u662f\u6bd4\u55bb\uff0c\u662f\u771f\u7684\u7269\u7406\u5b66\u95ee\u9898\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f53\u4e00\u4e2a\u517b\u8001\u57fa\u91d1\u5728\u6697\u6c60\u4e2d\u63d0\u4ea4\u5927\u5b97\u8f6c\u624b\u6307\u4ee4\u65f6\uff0c\u8fd9\u4e2a\u4fe1\u606f\u672c\u8eab\u662f\u4fdd\u5bc6\u7684\u3002\u4f46\u6709\u4e00\u4ef6\u4e8b\u65e0\u6cd5\u4fdd\u5bc6\uff1a<strong>\u6307\u4ee4\u6267\u884c\u4e4b\u540e\uff0c\u516c\u5f00\u5e02\u573a\u4e0a\u7684\u4ef7\u683c\u4f1a\u968f\u4e4b\u53d8\u52a8\u3002<\/strong>\u56e0\u4e3a\u5e02\u573a\u5fae\u89c2\u7ed3\u6784\u4e2d\u7684\u8ba2\u5355\u6d41\u3001\u6210\u4ea4\u91cf\u6a21\u5f0f\u4f1a\u53d1\u751f\u5fae\u5999\u7684\u53d8\u5316\uff0c\u50cf\u4e00\u4e2a\u4fe1\u53f7\u4e00\u6837\u6269\u6563\u51fa\u53bb\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u95ee\u9898\u7684\u5173\u952e\u5728\u4e8e\uff1a<strong>\u6697\u6c60\u5185\u90e8\u7684\u4ef7\u683c\u66f4\u65b0\uff0c\u548c\u516c\u5f00\u4ea4\u6613\u6240\u7684\u62a5\u4ef7\u66f4\u65b0\u4e4b\u95f4\uff0c\u5b58\u5728\u4e00\u4e2a\u6781\u77ed\u7684\u65f6\u95f4\u5dee\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u4e2a\u65f6\u95f4\u5dee\u6709\u591a\u77ed\uff1f\u5fae\u79d2\u7ea7\u522b\uff08\u767e\u4e07\u5206\u4e4b\u4e00\u79d2\uff09\uff0c\u751a\u81f3\u662f\u7eb3\u79d2\u7ea7\u522b\uff08\u5341\u4ebf\u5206\u4e4b\u4e00\u79d2\uff09\u3002\u4eba\u7728\u4e00\u4e0b\u773c\u898130\u4e07\u5fae\u79d2\uff0c\u800c\u9ad8\u9891\u4ea4\u6613\uff08HFT\uff09\u516c\u53f8\u7684\u670d\u52a1\u5668\u80fd\u5728\u51e0\u4e2a\u5fae\u79d2\u5185\u5b8c\u6210\u4fe1\u53f7\u6355\u6349\u3001\u5206\u6790\u3001\u4e0b\u5355\u7684\u5168\u6d41\u7a0b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u7b2c1\u6b65\uff1a<\/strong>\u517b\u8001\u57fa\u91d1\u5728\u6697\u6c60\u6302\u51fa\u5927\u5b97\u8f6c\u624b\u6307\u4ee4\uff0c\u5e0c\u671b\u80fd\u6084\u6084\u5b8c\u6210\u3002<\/li>\n\n\n\n<li><strong>\u7b2c2\u6b65\uff1a<\/strong>\u6697\u6c60\u5f00\u59cb\u64ae\u5408\uff0c\u516c\u5f00\u5e02\u573a\u7684\u8ba2\u5355\u6d41\u51fa\u73b0\u5fae\u5f31&#8221;\u6d9f\u6f2a&#8221;\u3002<\/li>\n\n\n\n<li><strong>\u7b2c3\u6b65\uff1a<\/strong>HFT\u516c\u53f8\u670d\u52a1\u5668\uff08\u7269\u7406\u4e0a\u5c31\u653e\u5728\u4ea4\u6613\u6240\u6570\u636e\u4e2d\u5fc3\u9694\u58c1\uff09\u5728\u5fae\u79d2\u5185\u6355\u6349\u5230\u8fd9\u4e2a\u4fe1\u53f7\u3002<\/li>\n\n\n\n<li><strong>\u7b2c4\u6b65\uff1a<\/strong>\u5728\u6697\u6c60\u4ef7\u683c\u8fd8\u6ca1\u66f4\u65b0\u4e4b\u524d\uff0cHFT\u4ee5&#8221;\u65e7\u4ef7\u683c&#8221;\u5728\u6697\u6c60\u91cc\u63a5\u8d70\u5269\u4f59\u8ba2\u5355\u3002<\/li>\n\n\n\n<li><strong>\u7b2c5\u6b65\uff1a<\/strong>\u540c\u65f6\u5728\u516c\u5f00\u4ea4\u6613\u6240\u4ee5&#8221;\u65b0\u4ef7\u683c&#8221;\u5b8c\u6210\u53cd\u5411\u5bf9\u51b2\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u7b14\u64cd\u4f5c\u7684\u5229\u6da6\u662f\uff1a<strong>\u6bcf\u80a1\u4e0d\u5230\u4e00\u5398\u94b1\u3002<\/strong>\u4f46\u4e58\u4ee5200\u4e07\u80a1\u5462\uff1f\u518d\u4e58\u4ee5\u6bcf\u5929\u51e0\u767e\u6b21\u7c7b\u4f3c\u7684\u673a\u4f1a\u5462\uff1f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u672c\u8d28\u662f\u4ec0\u4e48\uff1a<\/strong><br>\u8fd9\u8d5a\u7684\u4e0d\u662f\u5e02\u573a\u6ce2\u52a8\u7684\u94b1\uff0c\u800c\u662f\u4fe1\u606f\u4f20\u64ad\u901f\u5ea6\u4e0d\u4e00\u81f4\u7684\u94b1\u3002\u8c01\u79bb\u4ea4\u6613\u6240\u670d\u52a1\u5668\u8fd1\u3001\u8c01\u7684\u7f51\u7ebf\u77ed\u3001\u8c01\u7684\u82af\u7247\u5feb\uff0c\u8c01\u5c31\u80fd\u5148\u770b\u5230\u4ef7\u683c\u53d8\u5316\uff0c\u7136\u540e\u5728&#8221;\u6162\u7684\u4eba&#8221;\u53cd\u5e94\u8fc7\u6765\u4e4b\u524d\u5b8c\u6210\u64cd\u4f5c\u3002\u8fd9\u662f\u7269\u7406\u8ddd\u79bb\u7684\u7ade\u4e89\uff0c\u4e0d\u662f\u667a\u529b\u7684\u7ade\u4e89\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u2462 \u8fd9\u4e9b\u6570\u636e\u8bf4\u51fa\u6765\u4f60\u53ef\u80fd\u4e0d\u4fe1<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u56fd\u9645\u6e05\u7b97\u94f6\u884c\uff08BIS\uff09\u53d1\u8868\u8fc7\u4e00\u7bc7\u9898\u76ee\u975e\u5e38\u76f4\u767d\u7684\u7814\u7a76\u62a5\u544a<strong>\u300a<em>Sharks in the Dark: Quantifying HFT Dark Pool Latency Arbitrage<\/em>\u300b<\/strong>\uff08\u6697\u6c60\u91cc\u7684\u9ca8\u9c7c\uff1a\u91cf\u5316\u9ad8\u9891\u4ea4\u6613\u5ef6\u8fdf\u5957\u5229\uff09\u3002\u62a5\u544a\u7528\u5b8c\u6574\u8ba2\u5355\u7c3f\u6570\u636e\u91cf\u5316\u4e86\u8fd9\u79cd&#8221;\u8fc7\u671f\u4ef7\u683c\u4ea4\u6613&#8221;\u7ed9\u6295\u8d44\u8005\u5e26\u6765\u7684\u635f\u5931\uff0c<strong>\u4ec5\u5728\u4e00\u4e2a\u56fd\u5bb6\uff0c\u4e00\u5e74\u5185\u5c31\u8fbe\u5230\u6570\u4ebf\u82f1\u9551\u7684\u91cf\u7ea7\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd8\u6709\u4e00\u4e2a\u66f4\u4ee4\u4eba\u548b\u820c\u7684\u6570\u636e\uff1a\u9ad8\u9891\u4ea4\u6613\u516c\u53f8&nbsp;<strong>Virtu Financial<\/strong>&nbsp;\u5728\u63d0\u4ea4IPO\u7533\u8bf7\u65f6\u62ab\u9732\uff0c\u4ece2009\u5e74\u521d\u52302013\u5e74\u5e95\u7684<strong>1238\u4e2a\u4ea4\u6613\u65e5\u4e2d\uff0c\u4ec5\u67091\u5929\u51fa\u73b0\u4e8f\u635f<\/strong>\u3002\u52a0\u5dde\u5927\u5b66\u6559\u6388\u6839\u636e\u6982\u7387\u6a21\u578b\u5206\u6790\u540e\u5f97\u51fa\u7ed3\u8bba\uff1a\u53ea\u8981\u5355\u7b14\u64cd\u4f5c\u7684\u6210\u529f\u7387\u7ef4\u6301\u572851%\u4ee5\u4e0a\uff0c\u5f53\u6bcf\u5929\u8fdb\u884c\u4e0a\u4e07\u6b21\u72ec\u7acb\u64cd\u4f5c\u65f6\uff0c\u5f53\u65e5\u83b7\u5229\u7684\u6982\u7387\u5c31\u903c\u8fd1100%\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u8fd9\u6839\u672c\u4e0d\u662f&#8221;\u4ea4\u6613\u7ed3\u679c&#8221;\uff0c\u8fd9\u662f\u4e00\u4e2a<strong>\u57fa\u7840\u8bbe\u65bd\u5c42\u9762\u7684\u7ed3\u679c<\/strong>\u3002\u5b83\u8bf4\u660e\u4f18\u52bf\u662f\u7ed3\u6784\u6027\u7684\uff0c\u4e0d\u662f\u8fd0\u6c14\u4f7f\u7136\u3002<\/p>\n<\/blockquote>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th class=\"has-text-align-center\" data-align=\"center\"><strong>\u6570\u636e\u6307\u6807<\/strong><\/th><th class=\"has-text-align-center\" data-align=\"center\"><strong>\u5177\u4f53\u6570\u503c<\/strong><\/th><th class=\"has-text-align-center\" data-align=\"center\"><strong>\u8bf4\u660e<\/strong><\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">Virtu \u56db\u5e74\u4ea4\u6613\u65e5<\/td><td class=\"has-text-align-center\" data-align=\"center\">1238\u5929<\/td><td class=\"has-text-align-center\" data-align=\"center\">2009-2013\u5e74<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u4e8f\u635f\u5929\u6570<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4ec51\u5929<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4e8f\u635f\u6982\u7387\u7ea60.08%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">BIS \u7edf\u8ba1\u5e74\u635f\u5931<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6570\u4ebf\u82f1\u9551<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u5355\u4e00\u56fd\u5bb6\/\u5355\u4e00\u5e74\u5ea6<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u65f6\u95f4\u4f18\u52bf\u91cf\u7ea7<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u5fae\u79d2~\u7eb3\u79d2\u7ea7<\/td><td class=\"has-text-align-center\" data-align=\"center\">1\u5fae\u79d2 = \u767e\u4e07\u5206\u4e4b\u4e00\u79d2<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u6697\u6c60\u4ea4\u6613\u5360\u6bd4<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7ea640%<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u5360\u7f8e\u56fd\u80a1\u5e02\u65e5\u6210\u4ea4\u91cf<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u2463 \u8fd8\u6709\u4e00\u4e2a\u66f4\u9690\u853d\u7684\u64cd\u4f5c\uff1a\u63a2\u9488<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6697\u6c60\u5ef6\u8fdf\u5957\u5229\u8fd8\u6709\u4e00\u4e2a\u53d8\u79cd\uff0c\u53eb&nbsp;<strong>&#8220;Pinging&#8221;\uff08\u63a2\u9488\u68c0\u6d4b\uff09<\/strong>\u3002\u64cd\u4f5c\u624b\u6cd5\u975e\u5e38\u7cbe\u5de7\uff1a<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">HFT\u516c\u53f8\u5411\u6697\u6c60\u53d1\u51fa\u4e00\u7b14\u5f88\u5c0f\u7684\u6d4b\u8bd5\u6307\u4ee4\uff0c\u76ee\u7684\u6839\u672c\u4e0d\u662f\u6210\u4ea4\uff0c\u800c\u662f\u8bd5\u63a2\u6697\u6c60\u91cc\u662f\u5426\u9690\u85cf\u7740\u4e00\u4e2a\u5927\u5355\u3002\u5c31\u50cf\u6f5c\u8247\u5728\u6c34\u4e0b\u53d1\u5c04\u4e00\u4e2a\u58f0\u5450\u8109\u51b2\uff0c\u6839\u636e\u56de\u58f0\u5224\u65ad\u9644\u8fd1\u6709\u6ca1\u6709\u5927\u9c7c\u3002\u5982\u679c\u6d4b\u8bd5\u6307\u4ee4\u88ab\u5339\u914d\u4e86\uff0c\u7b97\u6cd5\u5c31\u77e5\u9053\uff1a\u8fd9\u91cc\u6709\u5927\u578b\u673a\u6784\u6b63\u5728\u6084\u6084\u4ea4\u6613\u3002\u63a5\u4e0b\u6765\uff0c\u7b97\u6cd5\u4f1a\u5728\u6240\u6709\u53ef\u7528\u7684\u4ea4\u6613\u5e73\u53f0\u4e0a\uff0c\u62a2\u5728\u5927\u673a\u6784\u5b8c\u6210\u6267\u884c\u4e4b\u524d\uff0c\u628a\u4f4d\u7f6e\u6446\u597d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u90a3\u4e2a\u5927\u673a\u6784\u4ee5\u4e3a\u81ea\u5df1\u85cf\u5f97\u5f88\u597d\u3002\u5176\u5b9e\u65e9\u5c31\u88ab&#8221;\u63a2&#8221;\u51fa\u6765\u4e86\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u5c31\u50cf\u4f60\u5728\u4e00\u5bb6\u79c1\u5bc6\u9910\u5385\u91cc\u8ddf\u4eba\u5c0f\u58f0\u8c08\u751f\u610f\uff0c\u7ed3\u679c\u9694\u58c1\u684c\u88c5\u4e86\u7a83\u542c\u5668\u3002\u4f60\u4ee5\u4e3a\u6ca1\u4eba\u77e5\u9053\uff0c\u5b9e\u9645\u4e0a\u6574\u6761\u8857\u7684\u4eba\u90fd\u5df2\u7ecf\u542c\u5230\u4e86\u98ce\u58f0\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u2464 \u6709\u6ca1\u6709\u4eba\u80fd\u6cbb\u5f97\u4e86\uff1f\u6709\uff0c\u4f46\u5f88\u5c11<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u300a\u9ad8\u9891\u4ea4\u6613\u5458\u300b\uff08Flash Boys\uff09\u8fd9\u672c\u4e66\u8ba9\u5f88\u591a\u4eba\u7b2c\u4e00\u6b21\u542c\u8bf4\u4e86<strong>IEX \u4ea4\u6613\u6240<\/strong>\u3002IEX \u7684\u5e94\u5bf9\u65b9\u6cd5\u5f88&#8221;\u7269\u7406&#8221;\uff1a\u5728\u6240\u6709\u4ea4\u6613\u6307\u4ee4\u8fdb\u5165\u64ae\u5408\u5f15\u64ce\u4e4b\u524d\uff0c\u5f3a\u5236\u7ecf\u8fc7\u4e00\u6bb5<strong>350\u5fae\u79d2\u7684&#8221;\u51cf\u901f\u5e26&#8221;\uff08Speed Bump\uff09<\/strong>\u3002\u8fd9350\u5fae\u79d2\u5bf9\u666e\u901a\u6295\u8d44\u8005\u6765\u8bf4\u6beb\u65e0\u611f\u89c9\uff0c\u4f46\u5bf9\u9760\u5fae\u79d2\u5403\u996d\u7684HFT\u6765\u8bf4\uff0c\u7b49\u4e8e\u628a\u5b83\u4eec\u7684\u901f\u5ea6\u4f18\u52bf\u76f4\u63a5\u62b9\u5e73\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u95ee\u9898\u662f<strong>\u7edd\u5927\u591a\u6570\u6697\u6c60\u5e76\u6ca1\u6709\u88c5\u8fd9\u4e2a&#8221;\u51cf\u901f\u5e26&#8221;\u3002<\/strong>\u4e3a\u4ec0\u4e48\uff1f\u56e0\u4e3a\u6697\u6c60\u7684\u8fd0\u8425\u65b9\u4e5f\u5728\u8d5a\u8fd9\u7b14&#8221;\u901f\u5ea6\u7a0e&#8221;\uff0c\u5b83\u4eec\u6ca1\u6709\u52a8\u529b\u53bb\u5835\u81ea\u5df1\u7684\u8d22\u8def\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u4e24\u5957\u7b56\u7565\u7684\u5e95\u5c42\u5bc6\u7801\uff1a\u5b83\u4eec\u5230\u5e95\u5728\u8d5a\u8c01\u7684\u94b1\uff1f<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u7edf\u8ba1\u5957\u5229\u548c\u6697\u6c60\u5ef6\u8fdf\u5957\u5229\uff0c\u8868\u9762\u4e0a\u770b\u8d77\u6765\u516b\u7aff\u5b50\u6253\u4e0d\u7740\u3002\u4e00\u4e2a\u662f\u6570\u5b66\u5efa\u6a21\u7684&#8221;\u4f18\u96c5\u6e38\u620f&#8221;\uff0c\u4e00\u4e2a\u662f\u7269\u7406\u8ddd\u79bb\u7684&#8221;\u901f\u5ea6\u6218\u4e89&#8221;\u3002\u4f46\u5982\u679c\u4f60\u628a\u5b83\u4eec\u653e\u5728\u4e00\u8d77\u770b\uff0c\u4f1a\u53d1\u73b0\u4e00\u4e2a\u60ca\u4eba\u7684\u5171\u540c\u70b9\uff1a<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>\u5b83\u4eec\u90fd\u4e0d\u9884\u6d4b\u672a\u6765\u3002\u5b83\u4eec\u53ea\u5229\u7528\u73b0\u5728\u7684&#8221;\u4e0d\u5b8c\u7f8e&#8221;\u3002<\/strong><\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u7edf\u8ba1\u5957\u5229\u5229\u7528\u7684\u662f\uff1a\u8d44\u4ea7\u4ef7\u683c\u77ed\u671f\u504f\u79bb\u4e86\u957f\u671f\u7ecf\u6d4e\u5173\u7cfb\uff0c\u4f46\u7ec8\u7a76\u4f1a\u56de\u5f52\u3002\u5ef6\u8fdf\u5957\u5229\u5229\u7528\u7684\u662f\uff1a\u4ef7\u683c\u53d1\u73b0\u5728\u4e0d\u540c\u5e73\u53f0\u4e4b\u95f4\u505a\u4e0d\u5230&#8221;\u540c\u65f6\u53d1\u751f&#8221;\uff0c\u603b\u6709\u5feb\u6709\u6162\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u4e2a\u8d5a\u7684\u662f&#8221;\u65f6\u95f4\u7684\u56de\u5f52&#8221;\uff0c\u4e00\u4e2a\u8d5a\u7684\u662f&#8221;\u7a7a\u95f4\u7684\u5ef6\u8fdf&#8221;\u3002\u672c\u8d28\u4e0a\uff0c\u90fd\u662f\u5e02\u573a\u7ed3\u6784\u672c\u8eab\u7684\u88c2\u7f1d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u66f4\u503c\u5f97\u6df1\u601d\u7684\u662f\uff1a<\/strong><br>\u8fd9\u4e24\u5957\u7b56\u7565\u90fd\u662f&#8221;\u81ea\u6211\u6d88\u4ea1\u578b&#8221;\u7684\u3002\u7edf\u8ba1\u5957\u5229\u5728\u592a\u591a\u4eba\u76ef\u4e0a\u540c\u4e00\u5bf9\u8d44\u4ea7\u540e\uff0c\u56de\u5f52\u7a7a\u95f4\u88ab\u538b\u7f29\u5230\u4e0d\u591f\u8986\u76d6\u6210\u672c\u4e86\uff0c\u5c31\u4e0d\u518d\u6709\u6548\u3002\u5ef6\u8fdf\u5957\u5229\u5728\u4ea4\u6613\u6240\u88c5\u4e0a\u51cf\u901f\u5e26\u6216\u968f\u673a\u64ae\u5408\u65f6\u95f4\u540e\uff0c\u901f\u5ea6\u4f18\u52bf\u5c31\u6d88\u5931\u4e86\u3002\u56e0\u6b64\uff0c\u771f\u6b63\u80fd\u9760\u5b83\u4eec\u6301\u7eed\u4ea7\u751f\u8d85\u989d\u56de\u62a5\u7684\uff0c\u6c38\u8fdc\u662f\u90a3\u4e9b&#8221;\u5728\u8fb9\u7f18\u88ab\u53d1\u73b0\u4e4b\u524d\u5c31\u5403\u5e72\u62b9\u51c0\uff0c\u7136\u540e\u5df2\u7ecf\u5efa\u597d\u4e0b\u4e00\u6761\u8dd1\u9053&#8221;\u7684\u673a\u6784\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u666e\u901a\u4eba\u80fd\u4ece\u4e2d\u5b66\u5230\u4ec0\u4e48\uff1f<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u4e0d\u662f\u5efa\u8bae\u4f60\u53bb\u641e\u4ec0\u4e48\u9ad8\u9891\u4ea4\u6613\uff0c\u4f60\u6ca1\u6709\u90a3\u4e2a\u786c\u4ef6\u6761\u4ef6\uff0c99.9%\u7684\u4eba\u90fd\u6ca1\u6709\u3002\u4f46\u6211\u60f3\u8bf4\u7684\u662f\uff1a<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7406\u89e3\u8fd9\u4e9b\u7b56\u7565\u7684\u8fd0\u4f5c\u65b9\u5f0f\uff0c\u80fd\u8ba9\u4f60\u66f4\u6e05\u695a\u5730\u8ba4\u8bc6\u5230\uff0c\u81ea\u5df1\u5728\u5e02\u573a\u751f\u6001\u4e2d\u5904\u4e8e\u4ec0\u4e48\u4f4d\u7f6e\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f53\u4f60\u4e0b\u4e00\u6b21\u770b\u5230\u67d0\u4e2a\u8d44\u4ea7\u4ef7\u683c\u5728\u6ca1\u6709\u4efb\u4f55\u65b0\u95fb\u7684\u60c5\u51b5\u4e0b\u51fa\u73b0\u6ce2\u52a8\uff0c\u6216\u8005\u5f53\u4f60\u7684\u8ba2\u5355\u4f3c\u4e4e\u603b\u662f&#8221;\u521a\u597d&#8221;\u5728\u4e0d\u592a\u7406\u60f3\u7684\u4ef7\u683c\u6210\u4ea4\u65f6\uff0c\u4f60\u81f3\u5c11\u77e5\u9053\uff0c\u80cc\u540e\u53ef\u80fd\u6709\u4e00\u53f0\u670d\u52a1\u5668\u3001\u4e00\u5957\u7b97\u6cd5\u3001\u4e00\u7fa4\u9876\u5c16\u7684\u6570\u5b66\u5bb6\u548c\u7a0b\u5e8f\u5458\uff0c\u6b63\u5728\u7cfb\u7edf\u6027\u3001\u7a0b\u5e8f\u5316\u5730\u5229\u7528\u5e02\u573a\u7ed3\u6784\u4e2d\u7684\u6bcf\u4e00\u4e1d\u7f1d\u9699\u6765\u83b7\u53d6\u6536\u76ca\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u4e0d\u662f\u9634\u8c0b\u8bba\u3002\u8fd9\u662f\u5df2\u7ecf\u88ab\u5b66\u672f\u8bba\u6587\u548c\u516c\u5f00\u6570\u636e\u53cd\u590d\u9a8c\u8bc1\u7684\u73b0\u5b9e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8ba4\u77e5\uff0c\u662f\u4fdd\u62a4\u81ea\u5df1\u7684\u7b2c\u4e00\u6b65\u3002\u7136\u540e\u63a5\u4e0b\u6765\u5b66\u4e60\u666e\u901a\u4eba\u80fd\u505a\u7684\u5957\u5229\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a target=\"_blank\" href=\"https:\/\/mp.weixin.qq.com\/s?__biz=MzkzNzY0NjIyNQ==&amp;mid=2247485487&amp;idx=1&amp;sn=e1487ff3c7309a40dcfcf650954723e2&amp;scene=21#wechat_redirect\" rel=\"noreferrer noopener\">\u5fc5\u770b\uff01\u80a1\u7968\u201c\u914d\u7edf\u5957\u5229\u201d\u5b9e\u6218\u7ec8\u6781\u6307\u5357<\/a><\/li>\n\n\n\n<li><a target=\"_blank\" href=\"https:\/\/mp.weixin.qq.com\/s?__biz=MzkzNzY0NjIyNQ==&amp;mid=2247486141&amp;idx=1&amp;sn=9882ca70b111e59d44c5d54552a10269&amp;scene=21#wechat_redirect\" rel=\"noreferrer noopener\">\u5982\u4f55\u5728\u5916\u6c47\u5e02\u573a\u201c\u6316\u91d1\u77ff\u201d\uff1f\u7528\u7edf\u8ba1\u5957\u5229\u7b56\u7565\u5b9e\u73b0\u7a33\u5b9a\u76c8\u5229\uff08\u9644\u5b8c\u6574\u53ef\u8fd0\u884c\u4ee3\u7801\uff09<\/a><\/li>\n\n\n\n<li><a target=\"_blank\" href=\"https:\/\/mp.weixin.qq.com\/s?__biz=MzkzNzY0NjIyNQ==&amp;mid=2247489031&amp;idx=1&amp;sn=26e66a1aaed02fd034f2353198317dde&amp;scene=21#wechat_redirect\" rel=\"noreferrer noopener\">\u53ef\u8f6c\u503aT+0\u5957\u5229\u6218\u6cd5<\/a><\/li>\n\n\n\n<li><a target=\"_blank\" href=\"https:\/\/mp.weixin.qq.com\/s?__biz=MzkzNzY0NjIyNQ==&amp;mid=2247490394&amp;idx=1&amp;sn=59eb22cd8e057203af336707587141ed&amp;scene=21#wechat_redirect\" rel=\"noreferrer noopener\">\u56fd\u503aETF+\u80a1\u7968ETF\u5bf9\u51b2\u5957\u5229\u7b56\u7565\u5927\u516c\u5f00\uff1a\u65e0\u89c6\u6da8\u8dcc\u7684\u4f4e\u98ce\u9669\u91cf\u5316\u91d1\u77ff\uff08\u9644\u4ee3\u7801\uff09<\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u6587\u7ae0\u8981\u70b9\u56de\u987e<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u672c\u6587\u62c6\u89e3\u4e86\u4e24\u5957\u88ab\u9876\u7ea7\u91cf\u5316\u673a\u6784\u957f\u671f\u4f7f\u7528\u3001\u5374\u9c9c\u5c11\u516c\u5f00\u8ba8\u8bba\u7684\u7b56\u7565\u6846\u67b6\u3002\u5b83\u4eec\u7684\u5171\u540c\u7279\u5f81\u662f\u4e0d\u4f9d\u8d56\u5e02\u573a\u65b9\u5411\u5224\u65ad\uff0c\u800c\u662f\u5229\u7528\u5e02\u573a\u7ed3\u6784\u672c\u8eab\u7684\u89c4\u5f8b\u6765\u83b7\u53d6\u6536\u76ca\u3002\u4ee5\u4e0b\u662f\u6838\u5fc3\u8981\u70b9\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u7edf\u8ba1\u5957\u5229\uff08Statistical Arbitrage\uff09\uff1a<\/strong>\u5229\u7528\u5b58\u5728\u957f\u671f\u534f\u6574\u5173\u7cfb\u7684\u8d44\u4ea7\u5bf9\uff0c\u5728\u4ef7\u5dee\u504f\u79bb\u8d85\u8fc7\u4e24\u500d\u6807\u51c6\u5dee\u65f6\u4ecb\u5165\uff0c\u7b49\u5f85\u5747\u503c\u56de\u5f52\u540e\u9000\u51fa\u3002\u73b0\u4ee3\u7248\u672c\u5df2\u5347\u7ea7\u4e3a\u6df1\u5ea6\u5b66\u4e60\u9a71\u52a8\u7684\u591a\u8d44\u4ea7\u52a8\u6001\u7ec4\u5408\u7ba1\u7406\u3002<\/li>\n\n\n\n<li><strong>\u6697\u6c60\u5ef6\u8fdf\u5957\u5229\uff08Dark Pool Latency Arbitrage\uff09\uff1a<\/strong>\u5229\u7528\u6697\u6c60\u4e0e\u516c\u5f00\u4ea4\u6613\u6240\u4e4b\u95f4\u5fae\u79d2\u7ea7\u7684\u4fe1\u606f\u4f20\u64ad\u65f6\u95f4\u5dee\uff0c\u4ee5&#8221;\u8fc7\u671f\u4ef7\u683c&#8221;\u5b8c\u6210\u64cd\u4f5c\uff0c\u8d5a\u53d6\u7684\u662f\u57fa\u7840\u8bbe\u65bd\u5c42\u9762\u7684&#8221;\u901f\u5ea6\u7a0e&#8221;\u3002<\/li>\n\n\n\n<li><strong>\u5171\u540c\u5e95\u5c42\uff1a<\/strong>\u4e24\u8005\u90fd\u4e0d\u9884\u6d4b\u672a\u6765\u65b9\u5411\uff0c\u53ea\u5229\u7528\u5f53\u524d\u5e02\u573a\u7ed3\u6784\u7684\u4e0d\u5b8c\u7f8e\uff0c\u4e00\u4e2a\u662f\u65f6\u95f4\u7ef4\u5ea6\u4e0a\u7684\u56de\u5f52\uff0c\u4e00\u4e2a\u662f\u7a7a\u95f4\u7ef4\u5ea6\u4e0a\u7684\u5ef6\u8fdf\u3002<\/li>\n\n\n\n<li><strong>\u7b56\u7565\u751f\u547d\u5468\u671f\uff1a<\/strong>\u4e24\u5957\u7b56\u7565\u90fd\u662f\u81ea\u6211\u6d88\u4ea1\u578b\u7684\u2014\u2014\u968f\u7740\u53c2\u4e0e\u8005\u7684\u589e\u591a\u6216\u5e02\u573a\u57fa\u7840\u8bbe\u65bd\u7684\u5347\u7ea7\uff0c\u4f18\u52bf\u4f1a\u9010\u6e10\u6d88\u5931\u3002\u6301\u7eed\u83b7\u5229\u7684\u5173\u952e\u5728\u4e8e\u4e0d\u65ad\u627e\u5230\u65b0\u7684&#8221;\u88c2\u7f1d&#8221;\u3002<\/li>\n\n\n\n<li><strong>\u5bf9\u666e\u901a\u53c2\u4e0e\u8005\u7684\u610f\u4e49\uff1a<\/strong>\u4e0d\u9700\u8981\u590d\u5236\u8fd9\u4e9b\u7b56\u7565\uff0c\u4f46\u7406\u89e3\u5b83\u4eec\u7684\u5b58\u5728\uff0c\u6709\u52a9\u4e8e\u66f4\u6e05\u9192\u5730\u8ba4\u77e5\u81ea\u5df1\u5728\u5e02\u573a\u751f\u6001\u4e2d\u7684\u4f4d\u7f6e\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u98ce\u9669\u63d0\u793a\uff1a<\/strong>\u672c\u6587\u4ec5\u4f9b\u53c2\u8003\uff0c\u4e0d\u6784\u6210\u6295\u8d44\u5efa\u8bae\u3002\u6295\u8d44\u6709\u98ce\u9669\uff0c\u5165\u5e02\u9700\u8c28\u614e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7248\u6743\u58f0\u660e\uff1a<\/strong>\u672c\u6587\u4e3a\u539f\u521b\u5185\u5bb9\uff0c\u8f6c\u8f7d\u8bf7\u6ce8\u660e\u51fa\u5904\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\"><a>#\u91cf\u5316\u7b56\u7565<\/a>&nbsp;<a>#\u7edf\u8ba1\u5957\u5229<\/a>&nbsp;<a>#\u9ad8\u9891\u4ea4\u6613<\/a>&nbsp;<a>#\u6697\u6c60\u4ea4\u6613<\/a>&nbsp;<a>#\u914d\u5bf9\u4ea4\u6613<\/a>&nbsp;<a>#\u5ef6\u8fdf\u5957\u5229<\/a>&nbsp;<a>#\u5e02\u573a\u5fae\u89c2\u7ed3\u6784<\/a>&nbsp;<a>#\u8001\u4f59\u635e\u9c7c<\/a>&nbsp;<a>#\u91d1\u878d\u79d1\u666e<\/a>&nbsp;<a>#\u534f\u6574\u7406\u8bba<\/a><\/p>\n\n\n\n<p 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