{"id":4903,"date":"2026-09-16T07:41:00","date_gmt":"2026-09-15T23:41:00","guid":{"rendered":"https:\/\/laoyulaoyu.com\/?p=4903"},"modified":"2026-09-10T22:43:46","modified_gmt":"2026-09-10T14:43:46","slug":"%e5%85%ab%e5%ae%b6%e6%8a%95%e8%a1%8c%e7%94%a8%e5%90%8c%e4%b8%80%e4%b8%aa%e6%a8%a1%e5%9e%8b%e3%80%81%e5%90%8c%e4%b8%80%e5%a4%a9%e7%a6%bb%e5%9c%ba%ef%bc%8c%e5%8f%af%e6%9c%89%e7%9a%84%e8%83%bd%e5%b0%91","status":"publish","type":"post","link":"https:\/\/laoyulaoyu.com\/index.php\/2026\/09\/16\/%e5%85%ab%e5%ae%b6%e6%8a%95%e8%a1%8c%e7%94%a8%e5%90%8c%e4%b8%80%e4%b8%aa%e6%a8%a1%e5%9e%8b%e3%80%81%e5%90%8c%e4%b8%80%e5%a4%a9%e7%a6%bb%e5%9c%ba%ef%bc%8c%e5%8f%af%e6%9c%89%e7%9a%84%e8%83%bd%e5%b0%91\/","title":{"rendered":"\u516b\u5bb6\u6295\u884c\u7528\u540c\u4e00\u4e2a\u6a21\u578b\u3001\u540c\u4e00\u5929\u79bb\u573a\uff0c\u53ef\u6709\u7684\u80fd\u5c11\u4e8f46\u4ebf"},"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\/09\/cover-6.png\" alt=\"\" class=\"wp-image-4904\" srcset=\"https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/09\/cover-6.png 900w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/09\/cover-6-300x128.png 300w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/09\/cover-6-768x327.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<p class=\"wp-block-paragraph\">\u6587\u4e2d\u793a\u4f8b\u4ec5\u7528\u4e8e\u6280\u672f\u8ba8\u8bba\uff0c\u4e0d\u6784\u6210\u4efb\u4f55\u64cd\u4f5c\u5efa\u8bae\u3002<br>\u91cf\u5316\u7b56\u7565\u5f00\u53d1\u5e94\u4ee5\u5b66\u4e60\u548c\u6280\u672f\u4ea4\u6d41\u4e3a\u76ee\u7684\u3002<br>\u672c\u53f7\u4e0d\u8350\u80a1\u3001\u4e0d\u5356\u8bfe\u3001\u4e0d\u627f\u8bfa\u6536\u76ca\u3002<br>\u5e02\u573a\u6709\u98ce\u9669\uff0c\u8bf7\u5408\u6cd5\u5408\u89c4\u6295\u8d44\u3002<\/p>\n<\/blockquote>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\">\u672c\u6587\u7ea6 5000 \u5b57 | \u9884\u8ba1\u9605\u8bfb 9 &#8211; 11 \u5206\u949f\uff0c\u524d\u4e94\u8282\u628a\u8fd9\u573a\u4e8b\u6545\u8bb2\u5b8c\uff0c\u540e\u4e24\u8282\u62c6\u539f\u56e0\u548c\u7ed3\u5c40\u3002<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\u00b7 \u00b7 \u00b7<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u4e00\u7b14\u5e38\u89c4\u589e\u53d1\uff0c\u70b9\u7740\u4e86\u706b\u836f\u6876<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">2021 \u5e74 3 \u6708 22 \u65e5\uff0cViacomCBS \u5ba3\u5e03\u589e\u53d1 30 \u4ebf\u7f8e\u5143\u80a1\u7968\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7406\u7531\u5f88\u6b63\u5f53\u3002\u6d41\u5a92\u4f53\u5e73\u53f0 Paramount \u521a\u4e0a\u7ebf\uff0c\u8981\u94b1\u4e70\u5185\u5bb9\u3002\u8fd9\u662f\u4e00\u6869\u666e\u901a\u7684\u878d\u8d44\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e0d\u666e\u901a\u7684\u662f\u65f6\u673a\u3002\u8fd9\u53ea\u80a1\u7968\u4e09\u4e2a\u6708\u91cc\u4ece 37 \u7f8e\u5143\u6da8\u5230 100 \u7f8e\u5143\u4e0a\u65b9\uff0c\u6da8\u5f97\u592a\u5feb\uff0c\u5feb\u5230\u5e02\u573a\u4e0a\u6ca1\u4eba\u8bf4\u5f97\u6e05\u662f\u8c01\u5728\u4e70\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u516c\u544a\u51fa\u6765\uff0c\u80a1\u4ef7\u5f00\u59cb\u5f80\u4e0b\u6389\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3 \u6708 24 \u65e5\uff0c\u8fd9\u7b14\u589e\u53d1\u5b9a\u4ef7\uff0c\u6bcf\u80a1 85 \u7f8e\u5143\u3002\u53d1\u884c\u6587\u4ef6\u91cc\u5370\u7740\u4e3b\u627f\u9500\u5546\u7684\u540d\u5b57\uff0c\u6469\u6839\u58eb\u4e39\u5229\u548c\u9ad8\u76db\u3002\u8bb0\u4f4f\u8fd9\u4e24\u4e2a\u540d\u5b57\uff0c\u540e\u9762\u8fd8\u8981\u7528\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3 \u6708 25 \u65e5\uff0c\u7814\u7a76\u673a\u6784 MoffettNathanson \u4e0b\u8c03\u4e86\u8fd9\u53ea\u80a1\u7968\u7684\u8bc4\u7ea7\uff0c\u76ee\u6807\u4ef7 55 \u7f8e\u5143\uff0c\u53ea\u6709\u53d1\u884c\u4ef7\u7684\u4e09\u5206\u4e4b\u4e8c\u3002\u62a5\u544a\u91cc\u90a3\u53e5\u8bdd\u540e\u6765\u88ab\u53cd\u590d\u5f15\u7528\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\">\u6211\u4eec\u4ece\u6765\u6ca1\u60f3\u8fc7\u4f1a\u770b\u5230 Viacom \u4ea4\u6613\u5728 100 \u7f8e\u5143\u9644\u8fd1\u3002<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f53\u5929\u80a1\u4ef7\u7ee7\u7eed\u5f80\u4e0b\u3002\u5230 3 \u6708 26 \u65e5\u5468\u4e94\u6536\u76d8\uff0cViacomCBS \u4ece 100 \u7f8e\u5143\u4e0a\u65b9\u8dcc\u5230 48 \u7f8e\u5143\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u4e94\u4e2a\u4ea4\u6613\u65e5\uff0c\u8dcc\u6389\u5927\u7ea6 55%\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u540c\u4e00\u65f6\u95f4\uff0cDiscovery \u8dcc\u6389\u63a5\u8fd1\u4e00\u534a\u3002\u767e\u5ea6\u3001\u552f\u54c1\u4f1a\u3001\u817e\u8baf\u97f3\u4e50\u3001\u7231\u5947\u827a\u3001\u8ddf\u8c01\u5b66\uff0c\u8dcc\u5e45\u5728 20% \u5230 50% \u4e4b\u95f4\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u4e9b\u516c\u53f8\u5206\u5c5e\u4e0d\u540c\u884c\u4e1a\uff0c\u552f\u4e00\u7684\u5171\u540c\u70b9\u662f\u6709\u4eba\u540c\u65f6\u6301\u6709\u5b83\u4eec\uff0c\u5e76\u4e14\u540c\u65f6\u5728\u5f80\u5916\u5012\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u4e2a\u4eba\u5728\u5356\uff0c\u516b\u5bb6\u94f6\u884c\u5728\u63a5\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7136\u540e\uff0c\u8fd9\u516b\u5bb6\u94f6\u884c\u5f00\u59cb\u81ea\u5df1\u5f80\u5916\u5356\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u4e00\u4e2a\u4eba\uff0c\u628a\u516b\u5bb6\u6295\u884c\u7ed1\u4e0a\u4e86\u540c\u4e00\u5f20\u684c\u5b50<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u90a3\u4e2a\u4eba\u53eb Bill Hwang\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u97e9\u56fd\u51fa\u751f\uff0c\u5341\u51e0\u5c81\u5230\u62c9\u65af\u7ef4\u52a0\u65af\uff0c\u82f1\u6587\u8bf4\u4e0d\u5229\u7d22\uff0c\u7b2c\u4e00\u4efd\u5de5\u4f5c\u5728\u9ea6\u5f53\u52b3\u3002\u540e\u6765\u8bfb UCLA \u7ecf\u6d4e\u7cfb\uff0c\u5361\u5185\u57fa\u6885\u9686\u7684 MBA\uff0c\u5728\u7ebd\u7ea6\u505a\u8bc1\u5238\u3002\u8fd9\u662f\u4e00\u6761\u5f88\u957f\u7684\u8def\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ed6\u7684\u5bb6\u65cf\u529e\u516c\u5ba4\u53eb Archegos Capital\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u5bb6\u673a\u6784\u6709\u4e00\u4e2a\u7279\u70b9\uff0c\u5b83\u51e0\u4e4e\u4e0d\u76f4\u63a5\u6301\u80a1\u3002\u6240\u6709\u4ed3\u4f4d\u90fd\u85cf\u5728\u603b\u6536\u76ca\u4e92\u6362\uff08Total Return Swap\uff09\u91cc\uff0c\u5b83\u4ece\u94f6\u884c\u62ff\u80a1\u7968\u6da8\u8dcc\u7684\u6536\u76ca\uff0c\u80a1\u7968\u672c\u8eab\u8bb0\u5728\u94f6\u884c\u8d26\u4e0a\u3002\u4e70\u80a1\u7968\u8981\u62ab\u9732\uff0c\u7b7e\u4e92\u6362\u4e0d\u7528\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e8e\u662f\u4ed6\u80fd\u5728\u4e00\u4e2a\u53ea\u6709\u51e0\u5341\u4ebf\u7f8e\u5143\u51c0\u503c\u7684\u8d26\u6237\u91cc\uff0c\u5806\u51fa\u5e38\u4eba\u65e0\u6cd5\u60f3\u8c61\u7684\u96c6\u4e2d\u5ea6\u3002\u5728\u5176\u4e2d\u4e00\u4e9b\u540d\u5b57\u4e0a\uff0cArchegos \u63a7\u5236\u7684\u4ed3\u4f4d\u76f8\u5f53\u4e8e\u6d41\u901a\u76d8\u7684 20% \u5230 50%\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7f8e\u56fd SEC \u540e\u6765\u7684\u6570\u5b57\u628a\u89c4\u6a21\u8bf4\u5f97\u5f88\u6e05\u695a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2020 \u5e74 3 \u6708\uff0c\u8fd9\u4e2a\u8d26\u6237\u51c0\u503c 15 \u4ebf\u7f8e\u5143\uff0c\u5bf9\u5e94\u4e92\u6362\u655e\u53e3 100 \u4ebf\u3002\u4e00\u5e74\u540e\u5230\u8fbe\u9876\u5cf0\uff0c\u51c0\u503c 360 \u4ebf\uff0c\u655e\u53e3 1600 \u4ebf\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9 1600 \u4ebf\u5206\u6563\u5728\u516b\u5bb6\u673a\u6784\u624b\u91cc\u3002\u745e\u4fe1\u3001\u91ce\u6751\u3001\u745e\u94f6\u3001\u6469\u6839\u58eb\u4e39\u5229\u3001\u9ad8\u76db\u3001\u5bcc\u56fd\u3001\u5fb7\u610f\u5fd7\u94f6\u884c\u3001\u4e09\u83f1\u65e5\u8054\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u6bcf\u4e00\u5bb6\uff0c\u90fd\u53ea\u770b\u5f97\u89c1\u81ea\u5df1\u90a3\u4e00\u7247\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u4e00\u70b9\u662f\u6574\u4ef6\u4e8b\u7684\u5173\u952e\u30021600 \u4ebf\u7684\u5730\u56fe\u88ab\u5207\u6210\u4e86\u516b\u4efd\uff0c\u6ca1\u6709\u4e00\u5bb6\u624b\u91cc\u6709\u5b8c\u6574\u7684\u90a3\u5f20\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u66f4\u9ebb\u70e6\u7684\u662f\uff0c\u4ed6\u4ea4\u51fa\u53bb\u7684\u8d26\u672c\u8eab\u5c31\u4e0d\u5b9e\u30022022 \u5e74 SEC \u8d77\u8bc9\u4ed6\u548c\u4ed6\u7684 CFO\u30022024 \u5e74 7 \u6708\uff0c\u66fc\u54c8\u987f\u8054\u90a6\u966a\u5ba1\u56e2\u88c1\u5b9a\u5341\u9879\u7f6a\u540d\u6210\u7acb\u30022024 \u5e74 11 \u6708\uff0c\u6cd5\u5b98\u5224\u4e86\u4ed6 18 \u5e74\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6240\u4ee5 2021 \u5e74 3 \u6708\u90a3\u4e2a\u665a\u4e0a\uff0c\u516b\u5bb6\u94f6\u884c\u9762\u5bf9\u7684\u662f\u540c\u4e00\u573a\u4e8b\u6545\uff0c\u624b\u91cc\u5374\u5404\u81ea\u62ff\u7740\u4e00\u4efd\u4e0d\u540c\u7684\u8d26\uff0c\u6bcf\u4e00\u4efd\u8fd8\u88ab\u7f8e\u5316\u8fc7\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u4e94\u5929\uff0c\u516b\u4e2a\u65f6\u949f<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e8b\u6545\u771f\u6b63\u843d\u5730\u7684\u8fc7\u7a0b\uff0c\u53ea\u6709\u51e0\u5929\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>3 \u6708 22 \u65e5\u589e\u53d1\u516c\u544a\u51fa\u6765\uff0c\u80a1\u4ef7\u5f00\u59cb\u4e0b\u6ed1\uff0c\u540c\u65f6\u538b\u5230 Archegos \u624b\u91cc\u5176\u4ed6\u7684\u4e2d\u6982\u80a1\u3002<\/li>\n\n\n\n<li>3 \u6708 24 \u65e5\u524d\u540e\u4e00\u7b14\u8ffd\u52a0\u4fdd\u8bc1\u91d1\u6765\u4e86\uff0cArchegos \u4ed8\u4e0d\u51fa\u6765\u3002<\/li>\n\n\n\n<li>3 \u6708 25 \u65e5\u5468\u56db\u6536\u76d8\u540e\u6469\u6839\u58eb\u4e39\u5229\u628a\u5927\u7ea6 50 \u4ebf\u7f8e\u5143\u7684 Archegos \u76f8\u5173\u80a1\u7968\uff0c\u5356\u7ed9\u4e86\u4e00\u5c0f\u7fa4\u5bf9\u51b2\u57fa\u91d1\u3002\u6d88\u606f\u8fd8\u6ca1\u516c\u5f00\u3002<\/li>\n\n\n\n<li>3 \u6708 26 \u65e5\u5468\u4e94\u5f00\u76d8\u9ad8\u76db\u81ea\u5df1\u8ddf Archegos \u8c08\u6210\u534f\u8bae\uff0c\u62a2\u5148\u5165\u573a\uff0c\u5f00\u76d8\u629b\u6389 30 \u5230 40 \u4ebf\uff0c\u5230\u6536\u76d8\u524d\u8d85\u8fc7 100 \u4ebf\u3002\u5f53\u5929\u5b83\u4e5f\u542f\u52a8\u4e86\u6b63\u5f0f\u7684 105 \u4ebf\u7f8e\u5143\u5927\u5b97\u53d1\u884c\uff0c\u8fd9\u4ef6\u4e8b\u4ece\u6b64\u4ece\u6697\u5904\u8d70\u5230\u53f0\u9762\u4e0a\u3002<\/li>\n\n\n\n<li>\u4e4b\u540e\u4e24\u5468\u53ef\u8ffd\u6eaf\u5230\u8fd9\u4efd\u8d26\u9762\u7684\u6e05\u7b97\uff0c\u5e02\u573a\u4f30\u7b97\u7684\u6210\u4ea4\u89c4\u6a21\u5728 200 \u4ebf\u7f8e\u5143\u4e0a\u4e0b\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u6469\u6839\u58eb\u4e39\u5229\u90a3\u4e00\u665a\u7684\u52a8\u4f5c\uff0c\u53d1\u751f\u5728\u4efb\u4f55\u516c\u5f00\u6d88\u606f\u4e4b\u524d\u3002\u4e70\u5bb6\u662f\u4e00\u5c0f\u7fa4\u5bf9\u51b2\u57fa\u91d1\u3002\u5b83\u6700\u7ec8\u4e8f\u4e86 9.11 \u4ebf\u7f8e\u5143\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9ad8\u76db\u7684\u635f\u5931\u88ab\u5f52\u4e3a\u4e0d\u91cd\u8981\uff0c\u56e0\u4e3a\u62c5\u4fdd\u5145\u8db3\u3002\u5b83\u4ed8\u51fa\u7684\u4ee3\u4ef7\uff0c\u53ea\u662f\u62a2\u5148\u52a8\u624b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u745e\u4fe1\u9009\u4e86\u7b2c\u4e09\u6761\u8def\u3002\u5b83\u4e3b\u5f20\u516b\u5bb6\u94f6\u884c\u5750\u4e0b\u6765\u534f\u8c03\uff0c\u6162\u4e00\u70b9\u79bb\u573a\u3002\u7b49\u5b83\u5f00\u59cb\u52a8\u5927\u5757\u5934\uff0c\u5df2\u7ecf\u662f\u4e0b\u4e00\u5468\u7684\u4e8b\u3002\u8fd9\u65f6\u5019\u5e02\u573a\u5df2\u7ecf\u6d88\u5316\u6389\u4e24\u5bb6\u94f6\u884c\u7684\u5356\u538b\uff0c\u745e\u4fe1\u62ff\u5230\u7684\u4ef7\u683c\uff0c\u662f\u6469\u6839\u58eb\u4e39\u5229\u548c\u9ad8\u76db\u7559\u4e0b\u7684\u4ef7\u683c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u540e\u7684\u8d26\u5355\u662f 55 \u4ebf\u7f8e\u5143\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u516b\u5bb6\u94f6\u884c\u7684\u7ed3\u5c40\u5bf9\u7167<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><th>\u673a\u6784<\/th><th>\u5173\u952e\u65f6\u70b9<\/th><th>\u7ed3\u679c<\/th><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u9ad8\u76db<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u8c08\u6210\u534f\u8bae\uff0c\u5468\u4e94\u65e9\u76d8\u8fdb\u573a<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u635f\u5931\u53ef\u5ffd\u7565\uff0c\u62c5\u4fdd\u5145\u8db3<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u6469\u6839\u58eb\u4e39\u5229<\/td><td class=\"has-text-align-center\" data-align=\"center\">3 \u6708 25 \u65e5\u6df1\u591c\u629b\u51fa 50 \u4ebf<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4e8f 9.11 \u4ebf\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u91ce\u6751<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4e2d\u6bb5\u79bb\u573a<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7ea6 29 \u4ebf\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u745e\u4fe1<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4e3b\u5f20\u534f\u8c03\uff0c\u4e0b\u4e00\u5468\u624d\u52a8\u5927\u5757\u5934<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4e8f 55 \u4ebf\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u745e\u94f6<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4e2d\u6bb5\u79bb\u573a<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4e8f 8.61 \u4ebf\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u4e09\u83f1\u65e5\u8054<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u8bc1\u5238\u5b50\u516c\u53f8<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7ea6 3 \u4ebf\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u5bcc\u56fd\u3001\u5fb7\u610f\u5fd7\u94f6\u884c<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u655e\u53e3\u8f83\u5c0f<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u51e0\u65e0\u5b9e\u8d28\u635f\u5931<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u6392\u4e2d\u95f4\u7684\u91ce\u6751\uff0c\u8d26\u9762\u4e8f\u4e86 2457 \u4ebf\u65e5\u5143\uff0c\u63a5\u8fd1 23 \u4ebf\u7f8e\u5143\u3002\u52a0\u4e0a\u540c\u5e74\u62a5\u51fa\u7684 5.7 \u4ebf\u9884\u4f30\uff0c\u5408\u8ba1\u7ea6 29 \u4ebf\u3002\u4f53\u91cf\u6700\u5c0f\u7684\u5bcc\u56fd\u548c\u5fb7\u610f\u5fd7\u94f6\u884c\uff0c\u51e0\u4e4e\u6ca1\u6709\u5b9e\u8d28\u635f\u5931\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u8fd9\u91cc\u8981\u505a\u4e00\u4e2a\u8bda\u5b9e\u7684\u8bf4\u660e\u3002\u6211\u624b\u4e0a\u53ea\u6709\u5404\u5bb6\u7684\u6700\u7ec8\u635f\u5931\u6570\u5b57\uff0c\u6ca1\u6709\u516b\u5bb6\u9010\u5206\u949f\u7684\u6210\u4ea4\u6d41\u6c34\uff0c\u6240\u4ee5\u53ea\u80fd\u628a\u300c\u7ed3\u679c\u300d\u5f53\u6210\u300c\u77e5\u9053\u6d88\u606f\u65e9\u665a\u300d\u7684\u4ee3\u7406\u53d8\u91cf\u3002\u901f\u5ea6\u3001\u987a\u5e8f\u3001\u655e\u53e3\u5927\u5c0f\uff0c\u5728\u8fd9\u4efd\u6570\u636e\u91cc\u5206\u4e0d\u5e72\u51c0\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u4e94\u5929\u3002\u516b\u5bb6\u94f6\u884c\u3002\u540c\u4e00\u6279\u80a1\u7968\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7ed3\u679c\u4e00\u5934\u662f 9.11 \u4ebf\uff0c\u4e00\u5934\u662f 55 \u4ebf\u3002\u4e2d\u95f4\u9694\u7740\u7684\u4e1c\u897f\uff0c\u4e0d\u662f\u6267\u884c\u529b\uff0c\u4e5f\u4e0d\u662f\u5224\u65ad\u529b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5dee\u522b\u5728\u4e8e\u4ed6\u4eec\u7528\u7684\u662f\u540c\u4e00\u4e2a\u98ce\u9669\u7ba1\u7406\u6a21\u578b\uff0c\u800c\u90a3\u4e2a\u6a21\u578b\u91cc\uff0c\u5c11\u5199\u4e86\u4e00\u9879\u4e1c\u897f\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u6240\u6709\u4eba\u7528\u7684\u662f\u540c\u4e00\u4e2a\u6a21\u578b<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b83\u53eb Almgren-Chriss\uff0c\u6700\u4f18\u6267\u884c\u6a21\u578b\uff0c\u51e0\u4e4e\u6bcf\u4e2a\u4ea4\u6613\u53f0\u5165\u804c\u57f9\u8bad\u90fd\u4f1a\u8bb2\u30022000 \u5e74\u7531 Robert Almgren \u548c Neil Chriss \u53d1\u8868\uff0c\u7406\u8bba\u6839\u5b50\u624e\u5728 Kyle 1985 \u5e74\u90a3\u7bc7\u8bb2\u4fe1\u606f\u4ea4\u6613\u7684\u8bba\u6587\u4e0a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b83\u89e3\u51b3\u7684\u95ee\u9898\u5f88\u5177\u4f53\uff1a\u4f60\u624b\u91cc\u6709\u4e00\u5927\u7b14\u80a1\u7968\u8981\u5356\uff0c\u4e00\u6b21\u5168\u7838\u51fa\u53bb\uff0c\u4ef7\u683c\u88ab\u4f60\u81ea\u5df1\u7684\u5355\u5b50\u6253\u4e0b\u6765\uff0c\u8fd9\u662f\u901f\u5ea6\u7684\u4ee3\u4ef7\u3002\u5206\u6210\u5c0f\u4efd\u6162\u6162\u5356\uff0c\u51b2\u51fb\u5c0f\u4e86\uff0c\u53ef\u5e02\u573a\u53ef\u80fd\u5728\u4f60\u5356\u5b8c\u4e4b\u524d\u8dd1\u53cd\u65b9\u5411\uff0c\u8fd9\u662f\u7b49\u5f85\u7684\u4ee3\u4ef7\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6a21\u578b\u628a\u4e24\u79cd\u4ee3\u4ef7\u653e\u5728\u4e00\u6839\u8f74\u7684\u4e24\u7aef\uff0c\u7b97\u51fa\u6bcf\u4e00\u79cd\u6267\u884c\u901f\u5ea6\u5bf9\u5e94\u591a\u5c11\u98ce\u9669\uff0c\u6700\u540e\u4ea4\u7ed9\u4f60\u4e00\u6761\u66f2\u7ebf\uff0c\u8ba9\u4f60\u6309\u81ea\u5df1\u7684\u80c3\u53e3\u6311\u4e00\u4e2a\u70b9\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5230\u8fd9\u91cc\uff0c\u5b83\u5f88\u6f02\u4eae\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u95ee\u9898\u85cf\u5728\u5b83\u7684\u4e00\u4e2a\u524d\u63d0\u91cc\u3002A-C \u628a\u4ef7\u683c\u8def\u5f84\u5047\u8bbe\u6210\u300c\u72ec\u7acb\u589e\u91cf\u7684\u7b97\u672f\u968f\u673a\u6e38\u8d70\u300d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7ffb\u8bd1\u6210\u767d\u8bdd\u3002\u9664\u4e86\u4f60\u81ea\u5df1\u7684\u4e70\u5356\uff0c\u4ef7\u683c\u81ea\u5df1\u968f\u673a\u6643\uff0c\u522b\u4eba\u7684\u4ed3\u4f4d\u4e0d\u5f71\u54cd\u5b83\u3002\u4f60\u624b\u91cc\u6525\u7740\u7684\u4e1c\u897f\uff0c\u522b\u4eba\u624b\u91cc\u6709\u6ca1\u6709\uff0c\u8ddf\u4f60\u4e0b\u4e00\u6b65\u80fd\u4e0d\u80fd\u5356\u5230\u597d\u4ef7\u94b1\uff0c\u6ca1\u6709\u5173\u7cfb\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u987a\u7740\u8bba\u6587\u811a\u6ce8\u5f80\u56de\u7ffb\uff0c\u53d1\u73b0 A-C \u81ea\u5df1\u628a\u6765\u6e90\u4ea4\u4ee3\u5f97\u5f88\u6e05\u695a\u3002\u4e00\u6761\u662f\u300c\u65e0\u4fe1\u606f\u7684\u81ea\u7531\u4ea4\u6613\u8005\u300d\uff0c\u6309\u56fa\u5b9a\u65e5\u7a0b\u4e70\u5356\u3002\u53e6\u4e00\u6761\u6765\u81ea Kyle 1985\uff0c\u53eb\u300c\u6709\u4fe1\u606f\u4f18\u52bf\u7684\u7b56\u7565\u4ea4\u6613\u8005\u300d\uff0c\u7528\u522b\u4eba\u8fd8\u4e0d\u77e5\u9053\u7684\u4fe1\u606f\u4e0b\u5355\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e24\u6761\u4f20\u7edf\uff0c\u8bb2\u7684\u662f\u540c\u4e00\u4e2a\u573a\u666f\u3002<strong>\u4e00\u4e2a\u4ea4\u6613\u5458\uff0c\u9762\u5bf9\u4e00\u4e2a\u505a\u5e02\u5546\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u623f\u95f4\u91cc\u53ea\u6709\u4e00\u4e2a\u4eba\u3002\u6ca1\u6709\u7b2c\u4e8c\u4e2a\u6301\u6709\u76f8\u540c\u79d8\u5bc6\u7684\u5bf9\u624b\u65b9\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2021 \u5e74 3 \u6708\uff0c\u8fd9\u4e2a\u623f\u95f4\u91cc\u585e\u8fdb\u4e86\u516b\u5bb6\u94f6\u884c\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"571\" src=\"https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/09\/01-model-assumption-1024x571.png\" alt=\"\" class=\"wp-image-4906\" srcset=\"https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/09\/01-model-assumption-1024x571.png 1024w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/09\/01-model-assumption-300x167.png 300w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/09\/01-model-assumption-768x428.png 768w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/09\/01-model-assumption-1536x857.png 1536w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/09\/01-model-assumption.png 1664w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u56fe 1 \u00b7 \u6a21\u578b\u5047\u8bbe\u91cc\u53ea\u6709\u4e00\u4e2a\u4eba\uff0c\u623f\u95f4\u91cc\u5374\u6324\u8fdb\u4e86\u516b\u5bb6\u94f6\u884c<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u53e6\u5916\u4e00\u7bc7\u8bba\u6587<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u66f4\u503c\u5f97\u8bf4\u7684\u662f\uff0c\u4e13\u95e8\u7814\u7a76\u8fd9\u4ef6\u4e8b\u7684\u8bba\u6587\u65e9\u5c31\u6709\u4e86\uff0c\u5b83\u5c31\u8eba\u5728 A-C \u7684\u5f15\u7528\u91cc\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Brunnermeier \u548c Pedersen 2005 \u5e74\u5728 Journal of Finance \u53d1\u8fc7\u4e00\u7bc7\u300a\u63a0\u593a\u6027\u4ea4\u6613\u300b\uff08Predatory Trading\uff09\u3002\u5b83\u79bb A-C \u53ea\u6709\u4e00\u4e2a\u5f15\u7528\u7684\u8ddd\u79bb\uff0c\u53ef\u662f\u6ca1\u6709\u4e00\u4e2a\u4ea4\u6613\u53f0\u4f1a\u6559\u5b83\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e24\u7bc7\u8bba\u6587\u95ee\u7684\u4e0d\u662f\u540c\u4e00\u4e2a\u95ee\u9898\u3002A-C \u95ee\u4e00\u4e2a\u4ea4\u6613\u5458\u8be5\u600e\u4e48\u79bb\u573a\u3002B&amp;P \u95ee\u7684\u662f\uff0c\u5f53\u522b\u4eba\u80fd\u770b\u89c1\u4f60\u6b63\u5728\u79bb\u573a\uff0c\u4f1a\u53d1\u751f\u4ec0\u4e48\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">B&amp;P \u7684\u7b54\u6848\u662f\uff0c\u5176\u4ed6\u4eba\u4f1a\u8ddf\u7740\u5356\uff0c\u4e8b\u540e\u518d\u4e70\u56de\u6765\u3002\u8fd9\u4e2a\u52a8\u4f5c\u4f1a\u8ba9\u4ef7\u683c\u8d85\u8dcc\uff0c\u8ba9\u56f0\u5883\u5356\u5bb6\u7684\u6e05\u7b97\u4ef7\u503c\u8fdb\u4e00\u6b65\u7f29\u6c34\u3002\u4ed6\u4eec\u6709\u4e00\u53e5\u539f\u8bdd\u8bf4\u5f97\u5f88\u76f4\u767d\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\">\u5e02\u573a\u5728\u6700\u9700\u8981\u6d41\u52a8\u6027\u7684\u65f6\u5019\u6700\u4e0d\u6d41\u52a8\u3002<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Archegos \u90a3\u4e00\u6b21\uff0c\u51e0\u4e4e\u5c31\u662f\u4e00\u573a\u5929\u7136\u5b9e\u9a8c\u3002\u516b\u5bb6\u94f6\u884c\u540c\u65f6\u6210\u4e3a\u540c\u4e00\u6279\u80a1\u7968\u7684\u56f0\u5883\u5356\u5bb6\u3002\u540c\u4e00\u672c\u4e66\uff0c\u516b\u4e2a\u65f6\u949f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u63a0\u593a\u6027\u4ea4\u6613\u662f\u7406\u8bba\uff0c\u4e0d\u4e00\u5b9a\u662f\u666e\u904d\u4e8b\u5b9e\u3002\u5728\u6709\u516c\u5f00\u65e5\u7a0b\u3001\u4e8b\u5148\u62ab\u9732\u7684\u518d\u5e73\u8861\u573a\u666f\u91cc\uff0c\u6bd4\u5982\u5546\u54c1\u671f\u8d27\u79fb\u4ed3\u3001\u67d0\u4e9b ETF \u521b\u8bbe\u7a97\u53e3\uff0c\u7814\u7a76\u6709\u65f6\u53d1\u73b0\u7684\u662f\u76f8\u53cd\u6548\u679c\uff0c\u5176\u4ed6\u4ea4\u6613\u8005\u8fdb\u573a\u63d0\u4f9b\u6d41\u52a8\u6027\uff0c\u4e0d\u62a2\u8dd1\u3002\u8fd9\u4e2a\u73b0\u8c61\u53eb\u9633\u5149\u4ea4\u6613\uff08sunshine trading\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Archegos \u662f\u4e00\u6b21\u4e0d\u53d7\u63a7\u7684\u5386\u53f2\u4e8b\u4ef6\u3002\u4e00\u4e2a\u6570\u636e\u70b9\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u8de8\u591a\u5bb6\u94f6\u884c\u3001\u4e92\u76f8\u770b\u4e0d\u89c1\u7684\u4e92\u6362\u79bb\u573a\u91cc\uff0c<strong>\u5148\u77e5\u9053\uff0c\u80dc\u8fc7\u77e5\u9053\u4e4b\u540e\u4ea4\u6613\u5f97\u597d\u3002<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u8fd9 46 \u4ebf\u7684\u5206\u6790<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u52a8\u7b14\u524d\u6211\u4ee5\u4e3a\uff0cArchegos \u8fd9\u4e00\u5e74\u52a0\u4e86 16 \u500d\u6760\u6746\u3002\u540e\u6765\u52a8\u624b\u4e00\u7b97\uff0c\u53cd\u4e86\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u655e\u53e3\u6da8\u4e86 16 \u500d\uff0c\u4ece 100 \u4ebf\u5230 1600 \u4ebf\u3002\u51c0\u503c\u6da8\u4e86 24 \u500d\uff0c\u4ece 15 \u4ebf\u5230 360 \u4ebf\u3002\u6760\u6746\u7387\u4ece 6.7 \u500d\u6389\u5230 4.4 \u500d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u70b8\u5f39\u53d8\u5927\u4e86\u3002\u6bd4\u7387\u53d8\u5c0f\u4e86\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u4e2a\u7ec6\u8282\u5f88\u8981\u547d\u3002\u4e00\u4e2a\u53ea\u76ef\u7740\u81ea\u5df1\u90a3\u4efd\u6760\u6746\u7387\u7684\u4fdd\u8bc1\u91d1\u90e8\u95e8\uff0c\u6070\u6070\u6700\u5bb9\u6613\u653e\u884c\uff0c\u56e0\u4e3a\u8d26\u9762\u4e0a\u8fd9\u5bb6\u5ba2\u6237\u4e00\u5e74\u6bd4\u4e00\u5e74\u300c\u66f4\u5b89\u5168\u300d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7b2c\u4e8c\u4e2a\u662f\u4fe1\u606f\u65f6\u70b9\u8fd9\u4e2a\u89e3\u91ca\u672c\u8eab\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u745e\u4fe1\u59d4\u6258 Paul, Weiss \u505a\u4e86\u4e00\u4efd\u72ec\u7acb\u8c03\u67e5\u62a5\u544a\uff0c\u4ea4\u7ed9\u4e86 SEC\u3002\u62a5\u544a\u7684\u5f52\u56e0\u4e0d\u5728\u4fe1\u606f\uff0c\u5728\u6cbb\u7406\u3002\u539f\u8bdd\u662f\u6295\u884c Prime Services \u4e1a\u52a1\u7684\u7b2c\u4e00\u9053\u548c\u7b2c\u4e8c\u9053\u9632\u7ebf\uff0c\u90fd\u6ca1\u80fd\u6709\u6548\u7ba1\u7406\u98ce\u9669\uff0c\u98ce\u9669\u5347\u7ea7\u673a\u5236\u7f3a\u5931\u3002\u5bf9\u52a8\u6001\u4fdd\u8bc1\u91d1\u8fd9\u7c7b\u98ce\u9669\u7f13\u91ca\u63aa\u65bd\u7684\u4f18\u5148\u7ea7\u4e5f\u4e0d\u591f\u3002\u98ce\u9669\u5b98\u60f3\u8981\u66f4\u591a\u4fdd\u8bc1\u91d1\uff0c\u88ab\u4fdd\u62a4\u4ed8\u8d39\u5ba2\u6237\u7684\u5173\u7cfb\u94f6\u884c\u5bb6\u5426\u6389\u4e86\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u62a5\u544a\u8fd8\u7279\u522b\u8bf4\u660e\uff0c\u5176\u4e2d\u4e0d\u5b58\u5728\u6b3a\u8bc8\u6216\u975e\u6cd5\u884c\u4e3a\u3002\u8fd9\u5c31\u662f\u4e00\u6b21\u666e\u901a\u7684\u673a\u6784\u5931\u7075\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7b2c\u4e09\u5200\u6765\u81ea\u4e00\u4e2a\u66f4\u786c\u7684\u6570\u5b57\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u745e\u4fe1\u5bf9 Archegos \u7684\u80a1\u7968\u4e92\u6362\uff0c\u53ea\u6536\u4e86\u5927\u7ea6 10% \u7684\u4fdd\u8bc1\u91d1\uff0c\u4e5f\u5c31\u662f\u5341\u500d\u6760\u6746\u3002\u540c\u6837\u7684\u62a5\u9053\u91cc\uff0c\u9ad8\u76db\u6536\u7684\u662f\u56db\u5230\u4e94\u500d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u4e2a\u5dee\u8ddd\u7684\u6e90\u5934\u4e0d\u5728\u5d29\u76d8\u90a3\u4e00\u5468\uff0c\u800c\u5728\u51e0\u5e74\u524d\u7684\u4e00\u4efd\u6761\u6b3e\u6e05\u5355\u91cc\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5341\u500d\u6760\u6746\u610f\u5473\u7740\uff0c\u540c\u6837\u5e45\u5ea6\u7684\u4e0d\u5229\u6ce2\u52a8\uff0c\u70e7\u6389\u7684\u62b5\u62bc\u7f13\u51b2\u662f\u56db\u5230\u4e94\u500d\u6760\u6746\u7684\u4e24\u500d\u3002\u8fd9\u7b14\u8d26\u5728\u4efb\u4f55\u300c\u8c01\u5148\u8dd1\u300d\u7684\u95ee\u9898\u88ab\u63d0\u51fa\u4e4b\u524d\uff0c\u5c31\u5df2\u7ecf\u7b97\u5b8c\u4e86\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u51b3\u5b9a\u8fd9\u573a\u7ed3\u5c40\u7684\uff0c\u672a\u5fc5\u662f\u4fe1\u606f\u90e8\u95e8\uff0c\u53ef\u80fd\u662f\u4fdd\u8bc1\u91d1\u90e8\u95e8\u3002\u8fd9\u4e2a\u6570\u5b57\u672c\u8eab\u53ef\u80fd\u5c31\u89e3\u91ca\u4e86\u5168\u90e8\u5dee\u8ddd\uff0c\u6211\u6ca1\u6cd5\u6392\u9664\u8fd9\u79cd\u53ef\u80fd\uff0c\u4e5f\u4e0d\u6253\u7b97\u5047\u88c5\u6211\u80fd\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e09\u4ef6\u4e8b\u540c\u65f6\u6210\u7acb\uff0c\u4e0d\u80fd\u5e72\u51c0\u5730\u62c6\u5f00\u3002\u4e00\u4e2a\u88ab\u538b\u5236\u4e86\u597d\u51e0\u4e2a\u6708\u7684\u98ce\u9669\u804c\u80fd\uff0c\u6ce8\u5b9a\u5728\u4fe1\u606f\u5b8c\u5168\u5bf9\u79f0\u4e4b\u540e\u624d\u6700\u540e\u884c\u52a8\u3002\u5b83\u4e5f\u6ce8\u5b9a\u662f\u6700\u665a\u62ff\u5230\u4fe1\u606f\u7684\u90a3\u4e2a\uff0c\u56e0\u4e3a\u5b83\u4e0d\u662f Hwang \u5728\u5468\u56db\u665a\u4e0a\u6253\u7535\u8bdd\u7684\u5bf9\u624b\u65b9\u3002\u5b83\u8fd8\u80cc\u7740\u5927\u7ea6\u4e24\u500d\u7684\u6760\u6746\uff0c\u540c\u6837\u4e00\u7b14\u8dcc\u5e45\uff0c\u7edd\u5bf9\u635f\u5931\u5929\u7136\u66f4\u5927\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e09\u7b14\u8d26\u90fd\u771f\u5b9e\u3002\u6cbb\u7406\u5931\u7075\u3001\u4fe1\u606f\u6ede\u540e\u3001\u4fdd\u8bc1\u91d1\u6761\u6b3e\uff0c\u4e09\u8005\u4e92\u76f8\u5582\u517b\uff0c\u8c08\u4e0d\u4e0a\u8c01\u8ddf\u8c01\u7ade\u4e89\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">55 \u4ebf\u51cf\u53bb 9.11 \u4ebf\uff0c\u7b49\u4e8e&nbsp;<strong>46 \u4ebf<\/strong>\u3002\u8fd9\u4e2a\u6570\u5b57\u62c6\u4e0d\u5f00\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"571\" src=\"https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/09\/02-margin-gap-1024x571.png\" alt=\"\" class=\"wp-image-4907\" srcset=\"https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/09\/02-margin-gap-1024x571.png 1024w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/09\/02-margin-gap-300x167.png 300w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/09\/02-margin-gap-768x428.png 768w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/09\/02-margin-gap-1536x857.png 1536w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/09\/02-margin-gap.png 1664w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u56fe 2 \u00b7 \u5341\u500d\u6760\u6746\u5bf9\u56db\u5230\u4e94\u500d\uff0c\u7f13\u51b2\u539a\u5ea6\u5148\u8f93\u4e00\u622a<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u89c4\u5219\u6b7b\u4e86\uff0c\u98ce\u9669\u6ca1\u6b7b<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u573a\u4e8b\u6545\u4e4b\u540e\uff0c\u672c\u6765\u6709\u4e00\u6761\u89c4\u5219\u80fd\u6539\u53d8\u7ed3\u5c40\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2021 \u5e74 12 \u6708\uff0cSEC \u63d0\u8bae\u4e86 Rule 10B-1\u3002\u4e3b\u5e2d Gensler \u5f53\u5929\u5c31\u628a\u5b83\u548c Archegos \u6302\u4e0a\u4e86\u94a9\u30022022 \u5e74 2 \u6708\uff0c\u89c4\u5219\u8fdb\u5165\u8054\u90a6\u516c\u62a5\u3002\u8981\u6c42\u4e0d\u590d\u6742\u3002\u4efb\u4f55\u4eba\u6301\u6709\u4e0e\u67d0\u4e2a\u8bc1\u5238\u4ef7\u683c\u6302\u94a9\u7684\u5927\u989d\u4e92\u6362\u5934\u5bf8\uff0c\u8d8a\u8fc7\u95e8\u69db\u5c31\u8981\u53ca\u65f6\u63d0\u4ea4\u62ab\u9732\u6587\u4ef6\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u5b83\u5728 2021 \u5e74 3 \u6708\u5c31\u751f\u6548\uff0c\u516b\u5bb6 prime broker \u4f1a\u5728\u5dee\u4e0d\u591a\u540c\u4e00\u65f6\u95f4\u77e5\u9053\uff0c\u8fd9\u4e2a\u4ed3\u4f4d\u5927\u5230\u4e86\u7cfb\u7edf\u6027\u7ea7\u522b\u3002\u4fe1\u606f\u65f6\u70b9\u90a3\u4e00\u5757\u7f3a\u53e3\u4f1a\u88ab\u5173\u6389\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9e\u9645\u4e0a\u5b83\u5173\u4e0d\u6389\u53e6\u4e00\u5757\u3002\u540c\u65f6\u62ab\u9732\u80fd\u89e3\u51b3\u77e5\u9053\u5f97\u665a\uff0c\u89e3\u51b3\u4e0d\u4e86\u5f53\u521d\u5c31\u6309\u66f4\u5dee\u7684\u6761\u6b3e\u653e\u6b3e\u3002\u4ed6\u5224\u65ad\uff0c\u62ab\u9732\u80fd\u5173\u6389\u7684\u90a3\u90e8\u5206\uff0c\u4e0d\u662f\u603b\u7f3a\u53e3\u7684\u5927\u5934\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2025 \u5e74 6 \u6708 17 \u65e5\uff0cSEC \u6b63\u5f0f\u64a4\u56de\u8fd9\u9879\u63d0\u6848\uff0c\u8fde\u540c\u53e6\u5916 13 \u9879\u5f85\u51b3\u89c4\u5219\u3002\u76f8\u5173\u7684\u53cd\u6b3a\u8bc8\u6761\u6b3e 9j-1 \u5728 2023 \u5e74\u901a\u8fc7\u5e76\u4fdd\u7559\u3002\u80fd\u8ba9\u6240\u6709\u5bf9\u624b\u65b9\u4e0a\u540c\u4e00\u4e2a\u65f6\u949f\u7684\u90a3\u4e2a\u900f\u660e\u5ea6\u89c4\u5219\uff0c\u6ca1\u6d3b\u4e0b\u6765\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e2d\u95f4\u8fd8\u6709\u4e00\u6761\u6cd5\u5f8b\u652f\u7ebf\uff0c\u8fd9\u91cc\u914d\u5f20\u56fe\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"1023\" src=\"https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/09\/courthouse.png\" alt=\"\" class=\"wp-image-4908\" srcset=\"https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/09\/courthouse.png 700w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/09\/courthouse-205x300.png 205w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><figcaption class=\"wp-element-caption\">\u56fe 3 \u00b7 Thurgood Marshall \u7f8e\u56fd\u8054\u90a6\u6cd5\u9662\uff0c\u7b2c\u4e8c\u5de1\u56de\u4e0a\u8bc9\u6cd5\u9662\u6240\u5728\u5730<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u56fe\u7247\u6765\u6e90\uff1aEdgar El, CC BY, via Wikimedia Commons<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6295\u8d44\u8005\u8d77\u8bc9\u6469\u6839\u58eb\u4e39\u5229\u548c\u9ad8\u76db\u5229\u7528\u91cd\u5927\u975e\u516c\u5f00\u4fe1\u606f\u4ea4\u6613\uff0c\u4e00\u5171\u4e03\u8d77\u8bc9\u8bbc\u30022025 \u5e74 9 \u6708\uff0c\u7b2c\u4e8c\u5de1\u56de\u6cd5\u9662\u7ef4\u6301\u9a73\u56de\u3002\u7406\u7531\u662f Archegos \u5bf9\u88ab\u6301\u4ed3\u7684\u516c\u53f8\u6ca1\u6709\u4fe1\u4e49\u4e49\u52a1\uff0c\u4e0d\u5b58\u5728\u7ecf\u5178\u610f\u4e49\u4e0a\u7684\u5185\u5e55\u4eba\u3002\u94f6\u884c\u5bf9 Archegos \u4e5f\u6ca1\u6709\u4fe1\u4e49\u4e49\u52a1\uff0c\u632a\u7528\u7406\u8bba\u540c\u6837\u4e0d\u9002\u7528\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u91cc\u6709\u4e2a\u5de7\u5408\u503c\u5f97\u505c\u4e00\u4e0b\u3002\u90a3\u7b14\u589e\u53d1\u7684\u4e24\u5bb6\u4e3b\u627f\u9500\u5546\uff0c\u6070\u597d\u662f\u540e\u6765\u635f\u5931\u6700\u5c0f\u7684\u4e24\u5bb6\u3002\u4f46\u6cd5\u9662\u56de\u7b54\u7684\u662f\u6cd5\u5f8b\u95ee\u9898\uff0c\u6211\u4eec\u8ba8\u8bba\u7684\u662f\u5e02\u573a\u7ed3\u6784\u95ee\u9898\u3002\u6bd4\u5bf9\u624b\u65b9\u65e9\u77e5\u9053\u662f\u4e00\u4e2a\u771f\u5b9e\u4f18\u52bf\uff0c\u5b83\u4f1a\u88ab\u5b9a\u4ef7\uff0c\u4e0d\u7ba1\u6cd5\u5f8b\u5bf9\u5185\u5e55\u4ea4\u6613\u7684\u95e8\u69db\u5212\u5728\u54ea\u91cc\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ed6\u7ed9\u4e86\u4e00\u53e5\u503c\u5f97\u8bb0\u4f4f\u7684\u8bdd\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\">\u5b8c\u5168\u5408\u6cd5\uff0c\u540c\u65f6\u503c\u51e0\u5341\u4ebf\u7f8e\u5143\u3002<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u53e6\u5916\uff0c\u6469\u6839\u58eb\u4e39\u5229\u3001\u9ad8\u76db\u3001\u5bcc\u56fd\u5728 2025 \u5e74\u540c\u610f\u5408\u8ba1\u652f\u4ed8 1.2 \u4ebf\u7f8e\u5143\u3002\u548c\u89e3\u7684\u662f\u4e00\u9879\u6307\u63a7\u5b83\u4eec\u5411 ViacomCBS \u80a1\u4e1c\u9690\u7792\u5229\u76ca\u51b2\u7a81\u7684\u8bc9\u8bbc\u3002\u548c\u89e3\u4e0d\u7b49\u4e8e\u627f\u8ba4\uff0c\u8fd9\u662f\u53e6\u4e00\u4e2a\u8bc9\u6c42\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4eba\u7684\u4ee3\u4ef7\u4e5f\u8bb0\u4e00\u4e0b\u3002Hwang \u5224\u4e86 18 \u5e74\u3002\u745e\u4fe1\u4e22\u4e86 CEO\u3001\u6295\u884c\u8d1f\u8d23\u4eba\u548c\u9996\u5e2d\u98ce\u9669\u5b98\uff0cPrime Services \u4e3b\u7ba1\u4e5f\u8d70\u4e86\u3002\u4e24\u5e74\u540e\u7684 2023 \u5e74 3 \u6708\uff0c\u8fd9\u5bb6\u94f6\u884c\u88ab\u745e\u94f6\u7d27\u6025\u6536\u8d2d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u540e\u7559\u7ed9\u4e1a\u5185\u540c\u884c\u4e24\u4e2a\u95ee\u9898\u3002\u5982\u679c\u4f60\u662f\u5bf9\u4e00\u4e2a\u96c6\u4e2d\u6301\u4ed3\u8d26\u9762\u653e\u8d37\u7684\u51e0\u5bb6\u94f6\u884c\u4e4b\u4e00\uff0c\u4eca\u665a\u5c31\u80fd\u95ee\uff0c\u4e0d\u7528\u7b49\u4efb\u4f55\u4ed3\u4f4d\u53d8\u52a8\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u7b2c\u4e00\u4e2a\u95ee\u9898\uff0c\u8fd8\u6709\u591a\u5c11\u5bb6\u5bf9\u624b\u65b9\uff0c\u5bf9\u540c\u4e00\u4e2a\u540d\u5b57\u6301\u6709\u4e92\u6362\u6216\u8005\u4fdd\u8bc1\u91d1\u655e\u53e3\u3002\u6709\u6ca1\u6709\u4efb\u4f55\u6b63\u5f0f\u6216\u8005\u975e\u6b63\u5f0f\u7684\u6e20\u9053\uff0c\u80fd\u8ba9\u4f60\u5728\u522b\u4eba\u51b3\u5b9a\u51fa\u624b\u4e4b\u524d\u77e5\u9053\u3002<\/li>\n\n\n\n<li>\u7b2c\u4e8c\u4e2a\u95ee\u9898\uff0c\u4f60\u5b9e\u9645\u6301\u6709\u7684\u4fdd\u8bc1\u91d1\uff0c\u76f8\u5bf9\u4f60\u7684\u7ade\u4e89\u5bf9\u624b\u6301\u6709\u7684\u662f\u591a\u5c11\u3002\u745e\u4fe1\u7684\u6848\u5b50\u8bf4\u660e\uff0c\u7b2c\u4e8c\u4e2a\u95ee\u9898\u6bd4\u7b2c\u4e00\u4e2a\u66f4\u4e0d\u8be5\u8df3\u8fc7\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u7b2c\u4e00\u4e2a\u95ee\u9898\u7684\u8bda\u5b9e\u7b54\u6848\u662f\u300c\u6211\u4ece\u76d8\u9762\u4e0a\u80fd\u770b\u51fa\u6765\u300d\uff0c\u90a3\u95ee\u9898\u5c31\u5168\u90e8\u5728\u8fd9\u91cc\u4e86\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Archegos \u8bc1\u660e\uff0c\u8fd9\u4e2a\u5047\u8bbe\u4e0d\u603b\u6210\u7acb\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u89c4\u5219\u6b7b\u4e86\uff0c\u98ce\u9669\u6ca1\u6b7b\u3002\u5b83\u53ea\u662f\u79fb\u5230\u4e86\u66f4\u5927\u7684\u89c4\u6a21\u533a\u95f4\u91cc\u3002\u81f3\u4e8e\u79fb\u4e86\u591a\u8fdc\uff0c\u6211\u4e5f\u4e0d\u77e5\u9053\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u89c2\u70b9\u603b\u7ed3<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u90a3\u4e94\u4e2a\u4ea4\u6613\u65e5\uff0c\u53ef\u4ee5\u88ab\u538b\u7f29\u6210\u4e00\u53e5\u8bdd\u3002\u540c\u4e00\u6279\u80a1\u7968\uff0c\u540c\u4e00\u4e2a\u6a21\u578b\uff0c\u516b\u5bb6\u94f6\u884c\uff0c\u8f93\u8d62\u5dee\u5728\u4e00\u4e2a\u52a8\u4f5c\u7684\u5148\u540e\u4e0a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Almgren-Chriss \u6ca1\u6709\u9519\uff0c\u5b83\u662f\u4e00\u628a\u597d\u7528\u7684\u5c3a\u5b50\u3002\u9519\u7684\u662f\u62ff\u5b83\u53bb\u91cf\u4e00\u4e2a\u5b83\u4ece\u6765\u6ca1\u63cf\u8ff0\u8fc7\u7684\u623f\u95f4\u3002\u516b\u5bb6\u94f6\u884c\u91cc\uff0c\u77e5\u9053\u5f97\u65e9\u7684\u5728\u4ef7\u683c\u91cc\u6d3b\u4e86\u4e0b\u6765\u3002\u77e5\u9053\u5f97\u665a\u7684\uff0c\u62ff\u4e86 55 \u4ebf\u7684\u8d26\u5355\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5bf9\u6211\u4eec\u505a\u91cf\u5316\u548c\u98ce\u63a7\u7684\u4eba\u6765\u8bf4\uff0c\u8fd9\u7bc7\u7684\u4ef7\u503c\u4e0d\u5728\u4e8e\u534e\u5c14\u8857\u7684\u516b\u5366\u3002\u5b83\u63d0\u9192\u7684\u4e8b\u60c5\u5f88\u6734\u7d20\u3002\u4efb\u4f55\u4e00\u4e2a\u6a21\u578b\u90fd\u6709\u4e00\u7ec4\u4e3a\u4e86\u8ba9\u6570\u5b66\u53ef\u89e3\u800c\u5fc5\u987b\u6210\u7acb\u7684\u5047\u8bbe\uff0c\u771f\u6b63\u51b3\u5b9a\u751f\u6b7b\u7684\uff0c\u5f80\u5f80\u662f\u90a3\u4e9b\u5047\u8bbe\u5728\u4ec0\u4e48\u65f6\u5019\u4e0d\u6210\u7acb\u3002\u56de\u6d4b\u91cc\u6211\u4eec\u53eb\u5b83\u6837\u672c\u5916\uff0c\u673a\u6784\u91cc\u5b83\u53eb\u5bf9\u624b\u65b9\u884c\u4e3a\uff0c\u672c\u8d28\u662f\u4e00\u4ef6\u4e8b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4eca\u665a\u5c31\u53ef\u4ee5\u95ee\u81ea\u5df1\u4e24\u53e5\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u4f60\u6b63\u548c\u51e0\u5bb6\u94f6\u884c\u6301\u6709\u4e00\u4efd\u534f\u8c03\u79bb\u573a\u7684\u534f\u8bae\uff0c\u662f\u4ec0\u4e48\u5728\u963b\u6b62\u5176\u4e2d\u4e00\u5bb6\u51b3\u5b9a\u4e0d\u518d\u9075\u5b88\uff1f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f60\u7684\u98ce\u63a7\u6846\u67b6\u91cc\uff0c\u6709\u6ca1\u6709\u4e00\u4e2a\u4e13\u95e8\u8ddf\u8e2a\u5bf9\u624b\u65b9\u62e5\u6324\u5ea6\u7684\u5b57\u6bb5\uff1f\u8bc4\u8bba\u533a\u804a\u804a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u89c9\u5f97\u6709\u7528\u7684\u8bdd\uff0c\u628a\u8fd9\u7bc7\u8f6c\u7ed9\u540c\u6837\u5728\u641e\u91cf\u5316\u7684\u670b\u53cb\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>#AlmgrenChriss<\/a>&nbsp;<a>#\u6700\u4f18\u6267\u884c\u6a21\u578b<\/a>&nbsp;<a>#\u98ce\u9669\u6a21\u578b<\/a>&nbsp;<a>#\u91cf\u5316\u98ce\u63a7<\/a>&nbsp;<a>#Archegos<\/a>&nbsp;<a>#\u745e\u4fe1<\/a>&nbsp;<a>#\u6469\u6839\u58eb\u4e39\u5229<\/a>&nbsp;<a>#\u603b\u6536\u76ca\u4e92\u6362<\/a>&nbsp;<a>#PrimeBroker<\/a>&nbsp;<a>#\u6a21\u578b\u76f2\u533a<\/a>&nbsp;<a>#\u534e\u5c14\u8857\u590d\u76d8<\/a>&nbsp;<a>#\u79bb\u573a\u62e5\u6324<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u672c\u6587\u6240\u6709\u6570\u636e\u5747\u6765\u81ea\u516c\u5f00\u62a5\u9053\u4e0e\u673a\u6784\u62ab\u9732\u6587\u4ef6\uff0c\u4ec5\u4f5c\u6280\u672f\u4e0e\u5386\u53f2\u5206\u6790\uff0c\u4e0d\u6784\u6210\u4efb\u4f55\u6295\u8d44\u5efa\u8bae\u3002\u5e02\u573a\u6709\u98ce\u9669\uff0c\u6295\u8d44\u9700\u8c28\u614e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e3b\u8981\u6765\u6e90\uff1aSEC 2022-70 \u65b0\u95fb\u7a3f\u3001\u7ebd\u7ea6\u5357\u533a\u8054\u90a6\u6cd5\u9662\u8d77\u8bc9\u4e66 gov.uscourts.nysd.568902\u3001SEC Rule 10B-1 \u63d0\u6848\u4e0e\u64a4\u56de\u6587\u4ef6\uff0833-11377\uff09\u3001CNBC 2021-04-06\u3001Risk.net\u3001Paul Weiss \u72ec\u7acb\u8c03\u67e5\u62a5\u544a\u3001Brunnermeier &amp; Pedersen (2005, Journal of Finance)\u3001Almgren &amp; Chriss (2000)\u3001\u7b2c\u4e8c\u5de1\u56de\u6cd5\u9662 2025 \u5e74 9 \u6708\u88c1\u5b9a\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4f5c \u8005\uff1a\u8001\u4f59\u635e\u9c7c \u539f\u521b\u4e0d\u6613\uff0c\u8f6c\u8f7d\u8bf7\u6807\u660e\u51fa\u5904\u53ca\u539f\u4f5c\u8005&#8230;<\/p>\n<div class=\"more-link-wrapper\"><a class=\"more-link\" href=\"https:\/\/laoyulaoyu.com\/index.php\/2026\/09\/16\/%e5%85%ab%e5%ae%b6%e6%8a%95%e8%a1%8c%e7%94%a8%e5%90%8c%e4%b8%80%e4%b8%aa%e6%a8%a1%e5%9e%8b%e3%80%81%e5%90%8c%e4%b8%80%e5%a4%a9%e7%a6%bb%e5%9c%ba%ef%bc%8c%e5%8f%af%e6%9c%89%e7%9a%84%e8%83%bd%e5%b0%91\/\">Continue 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