{"id":4278,"date":"2026-06-18T07:34:00","date_gmt":"2026-06-17T23:34:00","guid":{"rendered":"https:\/\/laoyulaoyu.com\/?p=4278"},"modified":"2026-06-12T10:34:42","modified_gmt":"2026-06-12T02:34:42","slug":"%e5%b8%82%e5%9c%ba%e5%ae%bd%e5%ba%a6%ef%bc%9a%e8%ae%a9%e4%ba%a4%e6%98%93%e7%ad%96%e7%95%a5%e6%9b%b4%e5%8e%9a%e5%ae%9e%e7%9a%84%e8%bf%87%e6%bb%a4%e5%99%a8","status":"publish","type":"post","link":"https:\/\/laoyulaoyu.com\/index.php\/2026\/06\/18\/%e5%b8%82%e5%9c%ba%e5%ae%bd%e5%ba%a6%ef%bc%9a%e8%ae%a9%e4%ba%a4%e6%98%93%e7%ad%96%e7%95%a5%e6%9b%b4%e5%8e%9a%e5%ae%9e%e7%9a%84%e8%bf%87%e6%bb%a4%e5%99%a8\/","title":{"rendered":"\u5e02\u573a\u5bbd\u5ea6\uff1a\u8ba9\u4ea4\u6613\u7b56\u7565\u66f4\u539a\u5b9e\u7684\u8fc7\u6ee4\u5668"},"content":{"rendered":"\n

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

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

\"\"<\/figure>\n\n\n\n
\n
\u5199\u5728\u524d\u9762\u7684\u8bdd\uff1a<\/strong>\u5e02\u573a\u5bbd\u5ea6\u8861\u91cf\u6709\u591a\u5c11\u80a1\u7968\u771f\u6b63\u53c2\u4e0e\u4e0a\u6da8<\/mark>\uff0c\u662f\u8bc6\u522b\u865a\u5047\u7a81\u7834\u7684\u6709\u6548\u8fc7\u6ee4\u5668\u3002\u4eca\u5929\u5c31\u6211\u901a\u8fc7\u89e3\u8bfb\u5b66\u672f\u8bba\u6587\u5e76\u505a\u4e2a5\u5929\u5b9e\u9a8c\u6846\u67b6\uff0c\u6765\u5e2e\u52a9\u5927\u5bb6\u770b\u6e05\u5c11\u6570\u80a1\u7968\u6491\u8d77\u7684\u6307\u6570\u80cc\u540e\u7684\u98ce\u9669\u3002<\/pre>\n<\/blockquote>\n\n\n\n
\u4eca\u5929\u804a\u4e00\u4e2a\u6211\u89c9\u5f97\u88ab\u4e25\u91cd\u4f4e\u4f30\u7684\u91cf\u5316\u6307\u6807\uff1a\u5e02\u573a\u5bbd\u5ea6\uff08Market Breadth\uff09<\/strong>\u3002\u5b83\u4e0d\u592a\u5f15\u4eba\u5173\u6ce8\uff0c\u6ca1\u6709”\u91d1\u53c9””\u6b7b\u53c9”\u90a3\u79cd\u620f\u5267\u6027\uff0c\u4f46\u80fd\u5e2e\u4f60\u8fc7\u6ee4\u6389\u5927\u591a\u6570\u5047\u7a81\u7834\u3002<\/p>\n\n\n\n
\u300a\u7ecf\u6d4e\u5efa\u6a21\u300b\u4e0a\u6709\u4e00\u7bc7\u8bba\u6587\uff0c\u6d4b\u4e86\u5168\u740364\u4e2a\u56fd\u5bb6\u7684\u5e02\u573a\u5bbd\u5ea6\uff0c\u53d1\u73b0\u5bbd\u5ea6\u662f\u80a1\u7968\u672a\u6765\u56de\u62a5\u7684\u7a33\u5065\u9884\u6d4b\u56e0\u5b50\u3002\u91cd\u70b9\u662f\uff1a\u9ad8\u5bbd\u5ea6\u7ec4\u5408\u663e\u8457\u8dd1\u8d62\u4f4e\u5bbd\u5ea6\u7ec4\u5408<\/strong>\uff0c\u800c\u4e14\u63a7\u5236\u4e86\u89c4\u6a21\u3001\u52a8\u91cf\u3001\u6ce2\u52a8\u7387\u3001\u504f\u5ea6\u3001\u98ce\u683c\u548c\u8d8b\u52bf\u8ddf\u8e2a\u4fe1\u53f7\u4e4b\u540e\uff0c\u8fd9\u4e2a\u6548\u5e94\u8fd8\u5728\u3002<\/p>\n\n\n\n
\u7528\u5927\u767d\u8bdd\u8bf4\u5c31\u662f\uff1a\u6709\u591a\u5c11\u80a1\u7968\u5728\u6da8\uff0c\u6bd4\u6307\u6570\u6da8\u591a\u5c11\u66f4\u91cd\u8981\u3002<\/p>\n\n\n\n
\u2460 \u5e02\u573a\u5bbd\u5ea6\u662f\u4ec0\u4e48\uff1f<\/strong><\/h2>\n\n\n\n
\u6253\u4e2a\u6bd4\u65b9\uff0c\u5e02\u573a\u5bbd\u5ea6\u5c31\u50cf\u4e00\u573a\u7bdd\u706b\u665a\u4f1a\u573a\u4e2d\u7684\u90a3\u56e2\u7bdd\u706b\u3002<\/p>\n\n\n\n
\u4ef7\u683c\u4e0a\u6da8\u662f\u706b\u7130\u7a9c\u5f97\u9ad8\uff0c\u5e02\u573a\u5bbd\u5ea6\u5219\u662f\u5468\u56f4\u6709\u591a\u5c11\u4eba\u771f\u6b63\u5728\u6dfb\u67f4\u3002<\/p>\n\n\n\n
\u5982\u679c\u53ea\u6709\u4e00\u4e24\u4e2a\u4eba\u62fc\u547d\u6247\u98ce\uff0c\u706b\u82d7\u518d\u5927\uff0c\u4e5f\u5f88\u5feb\u4f1a\u7184\u706d\uff1b\u53ea\u6709\u5927\u5bb6\u4e00\u9f50\u6dfb\u67f4\uff0c\u706b\u7130\u624d\u80fd\u70e7\u5f97\u65fa\u3001\u70e7\u5f97\u4e45\u3002<\/p>\n\n\n\n
\u5b66\u672f\u5b9a\u4e49\u662f\u8fd9\u6837\u7684\uff1a<\/p>\n\n\n\n
\n
\u5e02\u573a\u5bbd\u5ea6 = \u4e0a\u6da8\u80a1\u7968\u7684\u5e73\u5747\u6570\u91cf – \u4e0b\u8dcc\u80a1\u7968\u7684\u5e73\u5747\u6570\u91cf<\/p>\n<\/blockquote>\n\n\n\n
\u5bbd\u5ea6\u5f3a\u52b2\u7684\u65f6\u5019\uff0c\u4e0a\u6da8\u7684\u80a1\u7968\u591a\u4e8e\u4e0b\u8dcc\u7684\u80a1\u7968\u3002\u8fd9\u79cd\u52a8\u91cf\u66f4”\u539a\u5b9e”\uff0c\u56e0\u4e3a\u98ce\u9669\u88ab\u5206\u6563\u4e86\uff0c\u800c\u4e0d\u662f\u90fd\u538b\u5728\u51e0\u53ea\u80a1\u7968\u4e0a\u3002<\/p>\n\n\n\n
\u2461 \u4e3a\u5565\u5bbd\u5ea6\u80fd\u5e2e\u4f60\u907f\u5751<\/strong><\/h2>\n\n\n\n
\u4ee5\u524d\u6211\u5e38\u9047\u5230\u4e00\u79cd\u6240\u8c13\u7684\u201c\u7a81\u7834\u201d\uff1a\u6307\u6570\u660e\u660e\u51b2\u8fc7\u4e86\u963b\u529b\u4f4d\uff0c\u4ed4\u7ec6\u4e00\u770b\uff0c\u5168\u573a\u53ea\u6709\u4e09\u56db\u5341\u53ea\u6743\u91cd\u80a1\u80a1\u7968\u5728\u6da8\uff0c\u53e6\u5916\u56db\u767e\u591a\u53ea\u7eb9\u4e1d\u4e0d\u52a8\u3002\u8fd9\u53eb\u4ec0\u4e48\uff1f\u5c11\u6570\u80a1\u7968\u4e54\u88c5\u6253\u626e\uff0c\u5047\u88c5\u81ea\u5df1\u5c31\u662f\u6574\u4e2a\u5e02\u573a\u3002\u5e02\u573a\u5bbd\u5ea6\uff0c\u5c31\u662f\u4e13\u95e8\u62c6\u7a7f\u8fd9\u79cd\u628a\u620f\u7684\u5de5\u5177\uff1a\u5b83\u4e0d\u53ea\u770b\u201c\u5e02\u573a\u5728\u6da8\u201d\uff0c\u66f4\u770b\u201c\u6709\u591a\u5c11\u80a1\u7968\u5728\u6da8\u201d\u3002<\/p>\n\n\n\n
\u8bba\u6587\u8fd8\u63d0\u5230\u4e00\u4e2a\u6709\u8da3\u7684\u7ec6\u8282\uff1a\u5bbd\u5ea6\u6548\u5e94\u5728\u5957\u5229\u53d7\u9650\u7684\u5e02\u573a<\/strong>\u3001\u4e0a\u6da8\u4e4b\u540e<\/strong>\u3001\u96c6\u4f53\u4e3b\u4e49\u793e\u4f1a<\/strong>\u91cc\u7279\u522b\u660e\u663e\uff08\u8bba\u6587\u8bf4\u7684\uff0c\u4e0d\u662f\u6211\u4e13\u6307\u54ea\u4e2a\u5e02\u573a\u554a<\/em>\uff09\u3002\u8fd9\u6b63\u597d\u652f\u6301\u4e86\u884c\u4e3a\u91d1\u878d\u5b66\u7684\u89e3\u91ca\u3002<\/p>\n\n\n\n
\u8bf4\u767d\u4e86\uff1a\u5f53\u806a\u660e\u94b1\u6ca1\u6cd5\u7acb\u523b\u7ea0\u9519\u3001\u800c\u4e14\u5927\u5bb6\u5df2\u7ecf\u4e50\u89c2\u8d77\u6765\u7684\u65f6\u5019\uff0c\u7fa4\u4f53\u884c\u4e3a\u7684\u5f71\u54cd\u529b\u5c31\u6765\u4e86\u3002<\/p>\n\n\n\n
\u2462\u4ea4\u6613\u6210\u672c\u4f1a\u5403\u6389\u4f60\u7684\u5229\u6da6<\/strong><\/h2>\n\n\n\n
\u8fd9\u662f\u6700\u5bb9\u6613\u88ab\u5ffd\u89c6\u3001\u4e5f\u662f\u6700\u81f4\u547d\u7684\u95ee\u9898\u3002<\/p>\n\n\n\n
\u5047\u8bbe\u4f60\u53d1\u73b0\u4e86\u4e00\u4e2a\u57fa\u4e8e\u5e02\u573a\u5bbd\u5ea6\u7684\u56fd\u5bb6\u8f6e\u52a8\u7b56\u7565\uff0c\u6708\u5ea6 gross edge \u662f +0.30%\uff08\u5e74\u5316\u5927\u6982 3.6%\uff09\u3002\u542c\u8d77\u6765\u4e0d\u9519\uff0c\u5bf9\u5427\uff1f<\/p>\n\n\n\n
\u95ee\u9898\u662f\uff0c\u6bcf\u6b21\u8c03\u4ed3\u7684\u6469\u64e6\u6210\u672c\uff08\u4ef7\u5dee+\u6ed1\u70b9+\u4f63\u91d1\uff09\u662f 0.10% \u5165\u573a\u52a0 0.10% \u51fa\u573a\uff0c\u7b49\u4e8e 0.20%\u3002<\/p>\n\n\n\n
Net edge = 0.30% – 0.20% = 0.10%\/\u6708<\/strong><\/p>\n\n\n\n
\u4f9d\u7136\u4e3a\u6b63\uff0c\u4f46\u7a81\u7136\u4e4b\u95f4\uff0c\u8fd9\u53d8\u6210\u4e86\u4e00\u4e2a\u9700\u8981\u8010\u5fc3\u7684\u6e38\u620f\uff0c\u800c\u4e0d\u662f\u591a\u5df4\u80fa\u523a\u6fc0\u7684\u6e38\u620f\u3002<\/p>\n\n\n\n
\u7136\u540e\u4f60”\u4f18\u5316”\u6210\u6bcf\u5468\u8c03\u4ed3\uff0c\u4e00\u4e2a\u6708\u8c03 4 \u6b21\uff1a<\/p>\n\n\n\n
\u6708\u5ea6\u6210\u672c = 0.20% \u00d7 4 = 0.80%<\/strong><\/p>\n\n\n\n
Net edge = 0.30% – 0.80% = -0.50%\/\u6708<\/strong><\/p>\n\n\n\n
\u770b\u89c1\u4e86\u6ca1\uff0c\u7b56\u7565\u76f4\u63a5\u53d8\u8d1f\u7684\u4e86\u3002\u8bba\u6587\u81ea\u5df1\u4e5f\u5f3a\u8c03\u4e86\u8fd9\u70b9\uff1a\u9891\u7e41\u8c03\u4ed3\u7684\u4ea4\u6613\u6210\u672c\u8db3\u4ee5\u5403\u6389\u5168\u90e8\u5229\u6da6\u3002<\/p>\n\n\n\n
\u2463 \u4e94\u5929\u5b9e\u9a8c\uff1a\u81ea\u5df1\u52a8\u624b\u9a8c\u8bc1<\/strong><\/h2>\n\n\n\n
\u7ed9\u4f60\u4e00\u4e2a\u4e00\u5468\u5185\u80fd\u8dd1\u5b8c\u7684\u7b80\u5355\u534f\u8bae\uff08Nothing cleans up fuzzy thinking like a small, strict protocol<\/em>\uff09\u3002\u7b2c\u4e00\u6b65\uff1a\u9009\u4e00\u4e2a universe<\/strong>A) \u4e00\u4e2a\u6307\u6570\u52a0\u5176\u4e3b\u8981\u884c\u4e1a\uff08\u5bbd\u57fa vs \u884c\u4e1a\u8f6e\u52a8\uff09\uff1bB) \u4f60\u80fd\u4ea4\u6613\u7684\u51e0\u4e2a\u56fd\u5bb6 ETF\uff08\u56fd\u5bb6\u8f6e\u52a8\uff09\uff1bC) \u4f60\u4e2a\u4eba\u5173\u6ce8\u7684 30 \u5230 60 \u53ea\u6d41\u52a8\u6027\u597d\u7684\u80a1\u7968\u3002<\/p>\n\n\n\n
\u7b2c\u4e8c\u6b65\uff1a\u9009\u62e9\u4f60\u7684\u5bbd\u5ea6\u6307\u6807<\/strong>\u6700\u7b80\u5355\u7684\u89c4\u5219\uff1a\u6bcf\u65e5\u5bbd\u5ea6 = \u5f53\u65e5\u4e0a\u6da8\u80a1\u7968\u6570 - \u5f53\u65e5\u4e0b\u8dcc\u80a1\u7968\u6570<\/code>\u6216\u8005\u5f52\u4e00\u5316\uff1a<\/p>\n\n\n\n
\u5bbd\u5ea6% = ((\u4e0a\u6da8 - \u4e0b\u8dcc) \/ \u603b\u6570) \u00d7 100<\/code><\/p>\n\n\n\n
\u7b2c\u4e09\u6b65\uff1a\u6bcf\u5929\u8bb0\u5f55\u4e00\u6b21<\/strong><\/p>\n\n\n\n
\u5728\u540c\u4e00\u65f6\u95f4\uff08\u6211\u662f\u6536\u76d8\u540e\u8bb0\uff09\uff0c\u8bb0\u4e0b\uff1a\u603b\u6570\u3001\u4e0a\u6da8\u6570\u3001\u4e0b\u8dcc\u6570\u3001\u5bbd\u5ea6\u3001\u4ee5\u53ca\u5f53\u5929\u6307\u6570\u6536\u76ca\u3002<\/strong><\/p>\n\n\n\n
\u7b2c\u56db\u6b65\uff1a\u5236\u5b9a\u4e0b\u5468\u7684\u552f\u4e00\u89c4\u5219<\/strong><\/p>\n\n\n\n
\u7b2c 5 \u5929\u505a\u4e00\u4e2a\u51b3\u5b9a\uff1a\u5982\u679c 5 \u5929\u7d2f\u8ba1\u5bbd\u5ea6\u4e3a\u6b63\uff0c\u5141\u8bb8\u81ea\u5df1\u4e70\u5165\u7a81\u7834\u6216\u52a0\u4ed3\uff1b\u5982\u679c\u4e3a\u8d1f\uff0c\u53ea\u51cf\u4ed3\u3001\u5bf9\u51b2\u6216\u6301\u6709\u73b0\u91d1\u3002\u5728\u540c\u4e00\u65f6\u95f4\uff08\u6211\u662f\u6536\u76d8\u540e\u8bb0\uff09\uff0c\u8bb0\u4e0b\uff1a\u603b\u6570\u3001\u4e0a\u6da8\u6570\u3001\u4e0b\u8dcc\u6570\u3001\u5bbd\u5ea6\u3001\u4ee5\u53ca\u5f53\u5929\u6307\u6570\u6536\u76ca\u3002<\/strong><\/p>\n\n\n\n
\u8fd9\u662f\u4e00\u4e2a\u8fc7\u6ee4\u5668\uff1a\u5b83\u4e0d\u544a\u8bc9\u4f60\u4e70\u4ec0\u4e48\uff0c\u4f46\u544a\u8bc9\u4f60\u8981\u4e0d\u8981\u5f00\u4ed3\u4f4d\u3002<\/strong><\/p>\n\n\n\n
\u2464 \u7b80\u5355\u4ee3\u7801\u793a\u4f8b<\/strong><\/h2>\n\n\n\n
import pandas as pd<\/code>import numpy as np<\/code><\/code>def calculate_breadth(close_prices: pd.DataFrame) -> pd.DataFrame:<\/code>    # \u6bcf\u65e5\u6536\u76ca<\/code>    ret = close_prices.pct_change().fillna(0)<\/code>    <\/code>    # \u8ba1\u6570<\/code>    up = (ret > 0).sum(axis=1)<\/code>    down = (ret < 0).sum(axis=1)<\/code>    total = close_prices.shape[1]<\/code>    <\/code>    # \u5bbd\u5ea6\u6307\u6807<\/code>    breadth = up - down<\/code>    breadth_pct = 100.0 * (breadth \/ total)<\/code>    <\/code>    return pd.DataFrame({<\/code>        'up': up,<\/code>        'down': down,<\/code>        'breadth': breadth,<\/code>        'breadth_pct': breadth_pct<\/code>    })<\/code><\/code><\/pre>\n\n\n\n
\u2465 \u5bbd\u5ea6\u6bd4\u70ed\u70b9\u66f4\u53ef\u9760<\/strong><\/h2>\n\n\n\n
\u505a\u90a3\u4e9b\u65e0\u804a\u7684\u9a8c\u8bc1\u6b65\u9aa4\uff1a\u5e02\u573a\u7ed3\u6784\u548c\u673a\u6784\u884c\u4e3a\u4f1a\u53d8\u3002<\/p>\n\n\n\n
\u52a0\u4ed3\u4e4b\u524d\u9a8c\u8bc1\u4e00\u4e0b\uff1a\u5f53\u524d\u6d41\u52a8\u6027\u73af\u5883\u3001\u4f60\u5238\u5546\u7684\u6267\u884c\u8d28\u91cf\u3001\u4ee5\u53ca\u4f60\u7684\u5bbd\u5ea6 universe \u6709\u6ca1\u6709\u6570\u636e\u7f3a\u53e3\u3002<\/p>\n\n\n\n
\u6211\u77e5\u9053\u5bbd\u5ea6\u4e0d\u6027\u611f\u3002\u6ca1\u4eba\u4f1a\u622a\u56fe\u4f60\u7684 Excel \u914d\u4e0a”\u592a\u725b\u4e86”\u3002\u4f46\u5bbd\u5ea6\u662f\u4e3a\u6570\u4e0d\u591a\u540c\u65f6\u505a\u4e24\u4ef6\u4e8b\u7684\u6307\u6807\uff1a<\/p>\n\n\n\n