{"id":5230,"date":"2026-11-12T07:17:00","date_gmt":"2026-11-11T23:17:00","guid":{"rendered":"https:\/\/laoyulaoyu.com\/?p=5230"},"modified":"2026-11-04T13:18:25","modified_gmt":"2026-11-04T05:18:25","slug":"%e5%9d%87%e7%ba%bf%e6%8b%a9%e6%97%b6%e6%9c%80%e5%8d%b1%e9%99%a9%e7%9a%84%ef%bc%8c%e4%b8%8d%e6%98%af%e5%8f%82%e6%95%b0%ef%bc%8c%e6%98%af%e8%b5%b7%e7%82%b9%ef%bd%9cgtaa%e5%ae%9e%e6%b5%8b%ef%bc%9a","status":"publish","type":"post","link":"https:\/\/laoyulaoyu.com\/index.php\/2026\/11\/12\/%e5%9d%87%e7%ba%bf%e6%8b%a9%e6%97%b6%e6%9c%80%e5%8d%b1%e9%99%a9%e7%9a%84%ef%bc%8c%e4%b8%8d%e6%98%af%e5%8f%82%e6%95%b0%ef%bc%8c%e6%98%af%e8%b5%b7%e7%82%b9%ef%bd%9cgtaa%e5%ae%9e%e6%b5%8b%ef%bc%9a\/","title":{"rendered":"\u5747\u7ebf\u62e9\u65f6\u6700\u5371\u9669\u7684\uff0c\u4e0d\u662f\u53c2\u6570\uff0c\u662f\u8d77\u70b9\uff5cGTAA\u5b9e\u6d4b\uff1a\u540c\u4e00\u89c4\u5219\uff0c\u56de\u64a4\u5dee4\u4e2a\u70b9"},"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\/11\/cover-2.png\" alt=\"\" class=\"wp-image-5231\" srcset=\"https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/cover-2.png 900w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/cover-2-300x128.png 300w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/cover-2-766x326.png 766w\" 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\">\u6280\u672f\u8ba8\u8bba\u4e0d\u6784\u6210\u4efb\u4f55\u64cd\u4f5c\u5efa\u8bae\u3002\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-center wp-block-paragraph\">\u672c\u6587\u7ea6 3300 \u5b57 | \u9884\u8ba1\u9605\u8bfb 8 \u5206\u949f\uff0c\u540e\u534a\u662f\u4e00\u5904\u56de\u64a4\u53e3\u5f84\u7684\u6838\u5bf9\uff0c\u5efa\u8bae\u5148\u6536\u85cf<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2008\u5e74\uff0c\u6807\u666e\u4ece\u6700\u9ad8\u70b9\u5230\u6700\u4f4e\u70b9\u8dcc\u4e8650.8%\u30022022\u5e74\u53c8\u8dcc\u4e8618.2%\u3002\u8fd9\u4e24\u6b21\uff0c\u6211\u539f\u6765\u7684\u7b56\u7565\u5e93\u91cc\u6ca1\u6709\u4e00\u6761\u79bb\u573a\u89c4\u5219\u80fd\u771f\u6b63\u7167\u7740\u6267\u884c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u96be\u7684\u5730\u65b9\u62c6\u5f00\u770b\u662f\u4e24\u5904\u3002\u4e00\u5904\u662f\u4ec0\u4e48\u65f6\u5019\u628a\u80a1\u7968\u6362\u6210\u73b0\u91d1\uff0c\u53e6\u4e00\u5904\u662f\u6362\u6210\u73b0\u91d1\u4ee5\u540e\uff0c\u8fd9\u7b14\u94b1\u8be5\u600e\u4e48\u7b97\u3002\u524d\u8005\u9700\u8981\u4fe1\u53f7\uff0c\u540e\u8005\u9700\u8981\u53e3\u5f84\u3002\u6211\u60f3\u5199\u8fd9\u7bc7\uff0c\u662f\u56e0\u4e3a\u8fd9\u4e24\u5904\u5176\u5b9e\u90fd\u6709\u73b0\u6210\u7b54\u6848\uff0c\u800c\u73b0\u6210\u7b54\u6848\u91cc\u6709\u4e00\u5904\u662f\u9519\u7684\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e0b\u9762\u5206\u4e24\u90e8\u5206\u3002\u524d\u534a\u90e8\u5206\u8bb2\u89c4\u5219\u600e\u4e48\u8d70\u3001\u8dd1\u51fa\u6765\u4ec0\u4e48\u6570\u3001\u90a3\u7b14\u73b0\u91d1\u503c\u591a\u5c11\u3002\u5206\u9694\u7ebf\u4e4b\u540e\uff0c\u662f\u6211\u81ea\u5df1\u6838\u5bf9\u51fa\u6765\u7684\u4e09\u5904\u95ee\u9898\u3002\u5176\u4e2d\u4e00\u5904\uff0c\u4f1a\u628a\u8fd9\u5957\u4e1c\u897f\u6700\u5f3a\u7684\u90a3\u4e2a\u6570\u5b57\u6539\u5c0f4\u4e2a\u767e\u5206\u70b9\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"700\" height=\"394\" src=\"https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/00-original-summary.png\" alt=\"\" class=\"wp-image-5232\" srcset=\"https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/00-original-summary.png 700w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/00-original-summary-300x169.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><figcaption class=\"wp-element-caption\">\u6a59\u7ebf\u662f\u62e9\u65f6\u7248\uff0c\u7070\u7ebf\u662f\u5168\u7a0b\u6301\u6709\uff0c\u4e0b\u534a\u90e8\u5206\u662f\u56de\u64a4\u3002\u8868\u5934\u91cc\u7684\u8d1f16.3%\uff0c\u7b2c\u516d\u8282\u6211\u518d\u56de\u6765\u8bb2\u3002<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><br><strong>\u4e00\u3001\u89c4\u5219\u56db\u6761\uff0c\u4e00\u5206\u949f\u8bb2\u5b8c<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u5957\u4e1c\u897f\u53ebGTAA\uff0c\u5168\u7403\u6218\u672f\u8d44\u4ea7\u914d\u7f6e\uff0c2007\u5e74\u524d\u540e\u7531Mebane Faber\u5199\u51fa\u6765\u3002\u540d\u5b57\u542c\u8d77\u6765\u552c\u4eba\uff0c\u89c4\u5219\u5374\u7b80\u5355\u5230\u80fd\u80cc\u4e0b\u6765\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7b2c\u4e00\u6b65\uff0c\u9009\u56db\u6863\uff0c\u6bcf\u686325%\u3002<\/strong>\u7f8e\u80a1\u7528SPY\uff0c\u6d77\u5916\u80a1\u7968\u7528EFA\uff0c\u503a\u5238\u7528AGG\uff0c\u623f\u5730\u4ea7\u4fe1\u6258\u7528VNQ\u3002\u56db\u6863\u7b49\u6743\uff0c\u52a0\u8d77\u6765\u6b63\u597d100%\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7b2c\u4e8c\u6b65\uff0c\u6bcf\u6863\u5355\u72ec\u770b\u3002<\/strong>\u6708\u672b\u6536\u76d8\u4ef7\u9ad8\u4e8e\u81ea\u5df1\u6700\u8fd110\u4e2a\u6708\u7684\u5747\u4ef7\uff0c\u5c31\u62ff\u7740\u8fd925%\uff1b\u4f4e\u4e8e\u5c31\u9000\u51fa\u6765\uff0c\u8fd925%\u53d8\u6210\u73b0\u91d1\u3002\u56db\u6863\u5404\u770b\u5404\u7684\uff0c\u4e92\u4e0d\u5e72\u6270\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7b2c\u4e09\u6b65\uff0c\u6708\u672b\u5b9a\uff0c\u4e0b\u4e2a\u6708\u6267\u884c\u3002<\/strong>\u8fd9\u4e2a\u6708\u6700\u540e\u4e00\u4e2a\u4ea4\u6613\u65e5\u6536\u76d8\u4e4b\u540e\u7b97\u4e00\u904d\uff0c\u51b3\u5b9a\u4e0b\u4e2a\u6708\u62ff\u4ec0\u4e48\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7b2c\u56db\u6b65\uff0c\u4e2d\u9014\u4e0d\u770b\u4e0d\u52a8\u3002<\/strong>\u6708\u4e2d\u600e\u4e48\u6643\u90fd\u4e0d\u7ba1\uff0c\u7b49\u4e0b\u4e00\u4e2a\u6708\u672b\u518d\u8bf4\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u56db\u6761\u8bb2\u5b8c\u3002\u5b83\u4e0d\u5224\u65ad\u8d35\u4e0d\u8d35\uff0c\u4e0d\u770b\u57fa\u672c\u9762\uff0c\u53ea\u56de\u7b54\u4e00\u4ef6\u4e8b\uff1a\u8fd9\u4e2a\u8d44\u4ea7\u73b0\u5728\u8fd8\u5728\u4e0d\u5728\u81ea\u5df1\u768410\u4e2a\u6708\u5747\u7ebf\u4e0a\u9762\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u4e00\u5f00\u59cb\u89c9\u5f97\u592a\u7cd9\u300210\u4e2a\u6708\u5747\u7ebf\u662f\u4e2a\u5f88\u949d\u7684\u4e1c\u897f\uff0c\u6162\u3001\u6ede\u540e\uff0c\u6a2a\u76d8\u91cc\u8fd8\u4f1a\u6765\u56de\u7ffb\u3002\u8bf4\u5b9e\u8bdd\uff0c\u949d\u5230\u8fd9\u79cd\u7a0b\u5ea6\uff0c\u6211\u7b2c\u4e00\u7248\u662f\u5f53\u7b11\u8bdd\u770b\u7684\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f46\u5b83\u949d\u5f97\u53ef\u6267\u884c\u3002\u4f60\u4e0d\u9700\u8981\u5728\u76d8\u4e2d\u505a\u4efb\u4f55\u51b3\u5b9a\uff0c\u4e00\u4e2a\u6708\u53ea\u6709\u4e00\u4e2a\u52a8\u4f5c\u8981\u505a\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u4e8c\u3001\u5148\u770b\u7ed3\u679c\uff0c\u6536\u76ca\u56de\u64a4\u4e00\u8d77\u88ab\u780d<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u8dd1\u5b8c\u5148\u770b\u597d\u7684\u4e00\u9762\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><th>\u7ec4\u5408<\/th><th class=\"has-text-align-right\" data-align=\"right\">\u7d2f\u8ba1<\/th><th class=\"has-text-align-right\" data-align=\"right\">\u5e74\u5316<\/th><th class=\"has-text-align-right\" data-align=\"right\">\u6700\u5927\u56de\u64a4<\/th><th class=\"has-text-align-right\" data-align=\"right\">\u5e74\u5316\u00f7\u56de\u64a4<\/th><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">SPY\u5168\u7a0b\u6301\u6709<\/td><td class=\"has-text-align-right\" data-align=\"right\">823%<\/td><td class=\"has-text-align-right\" data-align=\"right\">11.17%<\/td><td class=\"has-text-align-right\" data-align=\"right\">50.78%<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.220<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u56db\u6863\u7b49\u6743\uff0c\u4e0d\u62e9\u65f6<\/td><td class=\"has-text-align-right\" data-align=\"right\">324%<\/td><td class=\"has-text-align-right\" data-align=\"right\">7.12%<\/td><td class=\"has-text-align-right\" data-align=\"right\">45.62%<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.156<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">GTAA\uff0c\u73b0\u91d1\u96f6\u606f<\/td><td class=\"has-text-align-right\" data-align=\"right\">146%<\/td><td class=\"has-text-align-right\" data-align=\"right\">4.38%<\/td><td class=\"has-text-align-right\" data-align=\"right\">21.59%<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.203<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">GTAA\uff0c\u73b0\u91d1\u8ba1\u606f<\/td><td class=\"has-text-align-right\" data-align=\"right\">170%<\/td><td class=\"has-text-align-right\" data-align=\"right\">4.83%<\/td><td class=\"has-text-align-right\" data-align=\"right\">20.61%<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.235<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u5927\u56de\u64a4\u90a3\u4e00\u5217\uff0c\u662f\u8fd9\u5957\u4e1c\u897f\u7684\u5168\u90e8\u5356\u70b9\u3002\u5168\u7a0b\u6301\u6709\u638950.78%\uff0c\u56db\u6863\u7b49\u6743\u4e5f\u638945.62%\uff0c\u52a0\u4e86\u4e00\u6761\u5747\u7ebf\u4e4b\u540e\u638920.61%\u3002\u5c11\u6389\u7684\u90a330\u4e2a\u767e\u5206\u70b9\uff0c\u5c31\u662f\u5f88\u591a\u4eba\u613f\u610f\u4e3a\u5b83\u4ed8\u7684\u4ef7\u94b1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee3\u4ef7\u5728\u7b2c\u4e8c\u5217\u300221\u5e74\u4e0b\u6765\uff0c\u62e9\u65f6\u7248\u7d2f\u8ba1170%\uff0c\u56db\u6863\u7b49\u6743324%\uff0c\u5168\u7a0b\u6301\u6709823%\u3002\u540c\u4e00\u6bb5\u65f6\u95f4\uff0c\u540c\u4e00\u6279\u8d44\u4ea7\uff0c\u53ea\u591a\u4e86\u4e00\u6761\u89c4\u5219\uff0c\u6536\u76ca\u5c11\u4e86\u4e00\u534a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u91cc\u6709\u4e2a\u53cd\u76f4\u89c9\u7684\u5730\u65b9\u3002\u56db\u6863\u7b49\u6743\u752812.71%\u7684\u6ce2\u52a8\u6362\u52307.12%\u7684\u5e74\u5316\uff0c\u62e9\u65f6\u7248\u75288.37%\u7684\u6ce2\u52a8\u53ea\u6362\u52304.83%\u3002\u6ce2\u52a8\u964d\u4e86\u4e09\u6210\uff0c\u6536\u76ca\u964d\u4e86\u4e09\u6210\u4e8c\uff0c\u4e24\u5934\u4e00\u8d77\u964d\uff0c\u7b49\u4e8e\u767d\u5fd9\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u771f\u6b63\u62c9\u5f00\u5dee\u8ddd\u7684\u662f\u6700\u540e\u4e00\u5217\u3002\u5e74\u5316\u9664\u4ee5\u6700\u5927\u56de\u64a4\uff0c\u62e9\u65f6\u72480.235\uff0c\u5168\u7a0b\u6301\u67090.220\uff0c\u56db\u6863\u7b49\u67430.156\u3002\u62e9\u65f6\u7248\u8d62\uff0c\u4f46\u53ea\u8d62\u4e00\u70b9\u70b9\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u89c9\u5f97\u8fd9\u4e00\u70b9\u70b9\u624d\u662f\u5168\u90e8\u95ee\u9898\u6240\u5728\u3002\u5b83\u503c\u4e0d\u503c\uff0c\u53d6\u51b3\u4e8e\u4f60\u80fd\u4e0d\u80fd\u625b\u4f4f50%\u7684\u56de\u64a4\u3002\u625b\u5f97\u4f4f\uff0c\u8fd9\u6761\u5747\u7ebf\u662f\u767d\u4ea4\u624b\u7eed\u8d39\uff1b\u625b\u4e0d\u4f4f\uff0c\u5b83\u662f\u4f60\u552f\u4e00\u80fd\u7761\u7740\u7684\u539f\u56e0\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"662\" src=\"https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/02-equity-1-1024x662.png\" alt=\"\" class=\"wp-image-5235\" srcset=\"https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/02-equity-1-1024x662.png 1024w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/02-equity-1-300x194.png 300w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/02-equity-1-768x496.png 768w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/02-equity-1.png 1116w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">2005\u5e7410\u6708\u52302026\u5e7410\u6708\u3002\u4e0a\u534a\u662f\u5bf9\u6570\u8f74\u51c0\u503c\uff0c\u4e0b\u534a\u662f\u8ddd\u6700\u9ad8\u70b9\u3002\u6a59\u7ebf\u7684\u5751\u6d45\uff0c\u4f46\u6574\u6761\u7ebf\u4e00\u76f4\u5728\u4e0b\u9762\u3002<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u4e09\u30010.46\u4e2a\u70b9\uff0c\u662f\u6700\u5bb9\u6613\u6f0f\u7684\u4e00\u6b65<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u8868\u91cc\u6700\u540e\u4e24\u884c\u7684\u5dee\u522b\u53ea\u6709\u4e00\u4ef6\u4e8b\uff1a\u5728\u573a\u5916\u7684\u90a3\u7b14\u94b1\u8981\u4e0d\u8981\u7b97\u5229\u606f\u3002\u4e0d\u7b97\u5229\u606f\uff0c\u5e74\u53164.38%\uff1b\u630913\u5468\u56fd\u5e93\u5238\u7b97\uff0c\u5e74\u53164.83%\u3002\u5dee0.46\u4e2a\u767e\u5206\u70b9\uff0c\u7d2f\u8ba1\u4e0b\u6765\u662f146%\u5bf9170%\uff0c24\u4e2a\u70b9\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u4ef6\u4e8b\u770b\u8d77\u6765\u5c0f\uff0c\u5b9e\u9645\u662f\u6700\u5bb9\u6613\u6f0f\u7684\u4e00\u6b65\u3002\u5199\u56de\u6d4b\u7684\u65f6\u5019\uff0c\u73b0\u91d1\u4ed3\u4f4d\u7ecf\u5e38\u88ab\u5f53\u6210\u4e00\u4e2a\u96f6\u6536\u76ca\u7684\u5360\u4f4d\u7b26\u3002\u4ee3\u7801\u8dd1\u5f97\u901a\uff0c\u66f2\u7ebf\u4e5f\u753b\u5f97\u51fa\u6765\uff0c\u6570\u5b57\u5c31\u662f\u504f\u4f4e\u3002\u4f60\u90a3\u4efd\u56de\u6d4b\u91cc\uff0c\u573a\u5916\u8fd9\u7b14\u94b1\u662f\u63090\u7b97\u7684\u5417\uff1f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u8fd921\u5e74\u91cc\uff0c\u5e73\u574727.3%\u7684\u4ed3\u4f4d\u5728\u573a\u5916\uff0c\u540c\u671f13\u5468\u56fd\u5e93\u5238\u5e73\u57471.79%\u3002\u7c97\u7b97\u4e00\u4e0b\uff0c27.3%\u4e581.79%\u662f0.49\u4e2a\u70b9\uff0c\u8ddf\u5b9e\u6d4b\u76840.46\u5dee\u4e0d\u591a\u3002\u5dee\u7684\u4e09\u4e2a\u57fa\u70b9\u6765\u81ea\u73b0\u91d1\u8fdb\u51fa\u7684\u65f6\u70b9\uff0c\u4e0d\u662f\u4e00\u76f4\u6ee1\u6253\u6ee1\u7b97\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u56fd\u5185\u7684\u4eba\u8981\u6362\u4e00\u4e2a\u53c2\u7167\u3002\u8d27\u5e01\u57fa\u91d1\u3001\u56fd\u503a\u9006\u56de\u8d2d\u3001\u5238\u5546\u73b0\u91d1\u7406\u8d22\uff0c\u90fd\u53ef\u4ee5\u5f53\u90a3\u4e2a\u96f6\u94b1\u751f\u606f\u7684\u53e3\u5b50\u3002\u5e74\u53162%\u4e0a\u4e0b\uff0c\u8ddf\u8fd9\u4efd\u6570\u636e\u91cc1.79%\u7684\u5e73\u5747\u6c34\u5e73\u63a5\u8fd1\u3002\u771f\u6b63\u8981\u8bb0\u4f4f\u7684\u4e0d\u662f\u5177\u4f53\u6536\u76ca\u7387\uff0c\u662f\u522b\u628a\u5b83\u5f53\u62100\u3002\u5f53\u62100\uff0c\u4f60\u5c31\u662f\u5728\u7ed9\u81ea\u5df1\u9020\u4e00\u4e2a\u66f4\u5dee\u7684\u7b56\u7565\u3002\u518d\u62ff\u8fd9\u4e2a\u66f4\u5dee\u7684\u7b56\u7565\u53bb\u8bc1\u660e\u62e9\u65f6\u4e0d\u5212\u7b97\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u56db\u3001\u6708\u672b\u90a3\u4e00\u6b65\uff0c\u5dee\u4e00\u5929\u5c31\u5168\u53d8<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u6708\u672b\u8fd9\u4e2a\u8bf4\u6cd5\uff0c\u843d\u5230\u4ee3\u7801\u4e0a\u8981\u62c6\u6210\u4e24\u4ef6\u4e8b\uff1a\u6708\u672b\u662f\u54ea\u4e2a\u4ea4\u6613\u65e5\uff0c\u4fe1\u53f7\u4ec0\u4e48\u65f6\u5019\u751f\u6548\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e5\u5386\u4e0a\u7684\u6708\u672b\u7ecf\u5e38\u4e0d\u662f\u4ea4\u6613\u65e5\u30022018\u5e746\u670830\u65e5\u662f\u5468\u516d\u3002\u5982\u679c\u76f4\u63a5\u62ff\u65e5\u5386\u6708\u672b\u5f53\u7d22\u5f15\uff0c\u518d\u53bb\u5bf9\u9f50\u65e5\u7ebf\uff0c\u8fd9\u4e2a\u6807\u7b7e\u7684\u843d\u70b9\u5c31\u4e0d\u5b9a\u4e86\u3002\u8981\u4e48\u843d\u5230\u524d\u9762\u6700\u8fd1\u7684\u4ea4\u6613\u65e5\uff0c\u8981\u4e48\u88ab\u63a8\u5230\u540e\u9762\u3002\u4e24\u79cd\u843d\u6cd5\u7684\u6ede\u540e\u4e0d\u4e00\u6837\u3002\u89c4\u5219\u8bf4\u7684\u662f\u6708\u672b\u6536\u76d8\u540e\u51b3\u5b9a\u3001\u4e0b\u4e2a\u6708\u5f00\u59cb\u6267\u884c\u3002\u6ede\u540e\u5fc5\u987b\u6052\u5b9a\uff0c\u4e0d\u80fd\u8fd9\u4e00\u6708\u4e24\u5929\u3001\u4e0b\u4e00\u6708\u96f6\u5929\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5199\u6cd5\u662f\u628a\u65e5\u5386\u6708\u672b\u843d\u5230\u5b83\u4e4b\u524d\u6700\u8fd1\u7684\u90a3\u4e2a\u771f\u5b9e\u4ea4\u6613\u65e5\uff0c\u518d\u6574\u4f53\u540e\u79fb\u4e00\u671f\u3002\u4ee3\u7801\u5341\u6765\u884c\u3002<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>def monthly_signal(close, n=10):\n    idx = close.index\n    m = close.resample(\"ME\").last()\n    cal = m.index\n    pos = idx.searchsorted(cal, side=\"right\")\n    m.index = idx&#91;pos - 1]\n    sma = m.rolling(n).mean()\n    return (m > sma).astype(float)\n\nw = monthly_signal(close) * 0.25\ndaily = w.reindex(close.index, method=\"ffill\")\nw_daily = daily.shift(1).fillna(0.0)<\/code><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\">\u7b2c\u4e94\u884c\u90a3\u4e2asearchsorted\u51cf\u4e00\uff0c\u505a\u7684\u5c31\u662f\u843d\u4ea4\u6613\u65e5\u3002\u6700\u540e\u4e00\u884cshift(1)\u662f\u7eaa\u5f8b\uff0c\u672c\u6708\u6536\u76d8\u4e4b\u540e\u624d\u77e5\u9053\u7684\u4e8b\uff0c\u53ea\u80fd\u7ba1\u4e0b\u4e00\u6839\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5747\u7ebf\u7b56\u7565\u5728\u56de\u6d4b\u91cc\u6700\u5e38\u89c1\u7684\u4f5c\u5f0a\u65b9\u5f0f\uff0c\u4e0d\u662f\u53c2\u6570\u8c03\u5f97\u591a\u7ec6\u3002\u662f\u7528\u5f53\u5929\u6536\u76d8\u4ef7\u7b97\u4e86\u4fe1\u53f7\uff0c\u53c8\u7528\u5f53\u5929\u6536\u76d8\u4ef7\u6210\u4ea4\u3002\u5c11\u4e00\u6b21shift\uff0c\u6536\u76ca\u80fd\u51ed\u7a7a\u591a\u51fa\u597d\u51e0\u4e2a\u70b9\uff0c\u66f2\u7ebf\u770b\u8d77\u6765\u6beb\u65e0\u7834\u7efd\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u7528\u7684\u662f\u6708\u672b\u6570\u636e\uff0c\u6807\u7b7e\u672c\u8eab\u5c31\u662f\u4ea4\u6613\u65e5\uff0c\u8fd9\u4e00\u6b65\u4e0d\u4f1a\u9519\u3002\u6362\u6210\u65e5\u7ebf\uff0c\u8fd9\u4e24\u884c\u662f\u5fc5\u987b\u7684\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u4e94\u300127%\u7684\u65f6\u95f4\u5728\u573a\u5916\uff0c\u4e00\u6b21\u5e73\u5747\u5f855\u4e2a\u6708<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u56de\u64a4\u6570\u5b57\u662f\u7eb8\u9762\u7684\uff0c\u5f85\u5728\u573a\u5916\u662f\u4f53\u611f\u300221\u5e74\u91cc\u8fd9\u5957\u89c4\u5219\u4e00\u5171\u79bb\u573a30\u6b21\uff0c\u5e73\u5747\u4e00\u6b214.9\u4e2a\u6708\uff0c\u4e2d\u4f4d3\u4e2a\u6708\u3002\u6700\u957f\u7684\u4e00\u6b2125\u4e2a\u6708\uff0c\u4ece2007\u5e747\u6708\u4e00\u76f4\u52302009\u5e747\u6708\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">25\u4e2a\u6708\u662f\u4ec0\u4e48\u6982\u5ff5\uff1f\u4e24\u5e74\u591a\uff0c\u8d26\u6237\u91cc\u4e00\u534a\u4ee5\u4e0a\u662f\u73b0\u91d1\uff0c\u770b\u7740\u5e02\u573a\u4ece\u5d29\u5230\u53cd\u5f39\uff0c\u4e00\u5206\u94b1\u6ca1\u8d5a\u3002\u800c\u4e14\u90a3\u4e24\u5e74\u4f60\u4f1a\u4e0d\u65ad\u542c\u5230\u89c1\u5e95\u4e86\u3001\u8fd9\u6b21\u4e0d\u4e00\u6837\u3001\u673a\u4f1a\u6765\u4e86\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5e73\u5747\u6570\u4f1a\u9a97\u4eba\u300230\u6b21\u91cc\u6709\u4e00\u534a\u57283\u4e2a\u6708\u4ee5\u5185\u7ed3\u675f\uff0c\u770b\u8d77\u6765\u8fd8\u597d\uff1b\u53ef\u5c3e\u90e8\u90a3\u51e0\u6b21\u662f12\u4e2a\u6708\u300114\u4e2a\u6708\u300125\u4e2a\u6708\u3002\u6211\u628a\u8fd930\u6761\u4e00\u6761\u6761\u644a\u5f00\u770b\u7684\u65f6\u5019\uff0c2020\u5e74\u90a3\u4e00\u6bb5\u6700\u624e\u773c\u3002\u4e09\u6708\u79bb\u573a\uff0c\u5341\u4e00\u6708\u624d\u56de\uff0c\u4e2d\u95f4\u516b\u4e2a\u6708\u6307\u6570\u5728\u5f80\u4e0a\u8d70\u30022015\u5e746\u6708\u52302016\u5e745\u6708\uff0c12\u4e2a\u6708\uff1b2018\u5e742\u6708\u52302019\u5e743\u6708\uff0c14\u4e2a\u6708\uff1b2022\u5e742\u6708\u52302023\u5e741\u6708\uff0c12\u4e2a\u6708\u3002\u8fd9\u51e0\u6bb5\u90fd\u662f\u771f\u5b9e\u7684\u718a\u5e02\uff0c\u4e5f\u6b63\u662f\u8fd9\u6761\u89c4\u5219\u6700\u8be5\u8d77\u4f5c\u7528\u7684\u65f6\u5019\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u7684\u5224\u65ad\u662f\u8fd9\u6837\u3002\u8fd9\u5957\u4e1c\u897f\u80fd\u4e0d\u80fd\u7528\uff0c\u4e0d\u770b\u5b83\u80fd\u4e0d\u80fd\u964d\u56de\u64a4\uff0c\u770b\u4f60\u80fd\u4e0d\u80fd\u5750\u4f4f\u90a325\u4e2a\u6708\u3002\u5750\u4e0d\u4f4f\u7684\uff0c\u56de\u6d4b\u518d\u6f02\u4eae\uff0c\u5b9e\u76d8\u7b2c\u4e8c\u4e2a\u6708\u5c31\u4f1a\u624b\u52a8\u56de\u53bb\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5e73\u5747\u6bcf\u5e74\u4fe1\u53f7\u7ffb\u8f6c7\u6b21\u3002\u542c\u8d77\u6765\u4e0d\u591a\uff0c\u4f46\u6bcf\u4e00\u6b21\u90fd\u8981\u6c42\u4f60\u5728\u6708\u672b\u505a\u51b3\u5b9a\uff0c\u800c\u4e14\u8fd9\u4e2a\u51b3\u5b9a\u591a\u534a\u662f\u53cd\u4eba\u6027\u7684\u3002\u6da8\u5f97\u597d\u597d\u7684\u65f6\u5019\u9000\u51fa\u6765\uff0c\u8dcc\u5f97\u6700\u60e8\u7684\u65f6\u5019\u8fd8\u4e0d\u6562\u8fdb\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u516d\u300116.3%\u662f\u7b97\u5c0f\u7684\uff0c\u5b9e\u964520.6%<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5148\u8bf4\u7ed3\u679c\u3002\u53d62007\u5e744\u6708\u52302026\u5e7410\u6708\u8fd9\u4e00\u6bb5\uff0c\u540c\u4e00\u5957\u89c4\u5219\uff0c\u6211\u8dd1\u51fa\u5e74\u53164.38%\u3002\u5e73\u574731.6%\u7684\u65f6\u95f4\u7a7a\u4ed3\uff0c\u6700\u5927\u56de\u64a416.32%\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f00\u7bc7\u90a3\u5f20\u56fe\u53f3\u4e0a\u89d2\u6709\u4e09\u4e2a\u6570\uff0c\u6211\u770b\u4e86\u597d\u51e0\u904d\u624d\u8ba4\u5168\u3002\u590f\u666e0.56\u3001\u6700\u5927\u56de\u64a4\u8d1f16.3%\u3001\u5e74\u53164.7%\u300216.3%\u5bf9\u5f97\u4e0a\u3002\u7a7a\u4ed3\u90a3\u4e00\u9879\u6211\u662f31.6%\uff0c\u56fe\u4e0a\u519931.0%\uff0c\u4e5f\u7b97\u8d34\u8fd1\u3002\u5e74\u5316\u5dee0.3\u4e2a\u70b9\uff0c\u5dee\u5728\u503a\u5238\u90a3\u6863\u62ffAGG\u66ff\u4e86BND\uff0c\u8fd8\u6709\u6210\u672c\u6a21\u578b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7136\u540e\u6211\u6539\u4e86\u4e00\u4ef6\u4e8b\uff0c\u522b\u7684\u90fd\u4e0d\u52a8\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u539f\u6765\u90a3\u6bb5\u6570\u636e\u662f\u4ece2007\u5e744\u6708\u5f00\u59cb\u7b97\u5747\u7ebf\u7684\u3002\u5747\u7ebf\u898110\u4e2a\u6708\uff0c\u6240\u4ee52007\u5e744\u6708\u52302008\u5e741\u6708\u8fd910\u4e2a\u6708\u91cc\uff0c\u56db\u6863\u5168\u90e8\u6ca1\u6709\u4fe1\u53f7\uff0c\u5168\u90e8\u7a7a\u4ed3\u3002\u73b0\u5728\u628a\u5747\u7ebf\u6539\u75282005\u5e74\u4ee5\u6765\u7684\u5b8c\u6574\u5386\u53f2\u53bb\u7b97\uff0c\u8fd910\u4e2a\u6708\u5c31\u6709\u4fe1\u53f7\u4e86\uff0c\u4f1a\u6b63\u5e38\u6301\u4ed3\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u540c\u4e00\u6bb5\u4ef7\u683c\uff0c\u540c\u4e00\u5957\u89c4\u5219\uff0c\u53ea\u6539\u8fd9\u4e00\u5904\u3002\u6700\u5927\u56de\u64a4\u4ece16.32%\u53d8\u621020.61%\uff0c\u5e74\u5316\u4ece4.38%\u53d8\u62103.93%\uff0c\u5e74\u5316\u9664\u4ee5\u56de\u64a4\u4ece0.268\u6389\u52300.191\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u539f\u56e0\u5f88\u6734\u7d20\u3002\u56de\u64a4\u662f\u4ece\u6700\u9ad8\u70b9\u5f80\u4e0b\u7b97\u7684\u3002\u593410\u4e2a\u6708\u4e0d\u6301\u4ed3\uff0c\u7b49\u4e8e\u628a\u6700\u9ad8\u70b9\u9489\u5728\u8d77\u70b9\u4e0a\u3002\u540e\u9762\u518d\u600e\u4e48\u8dcc\uff0c\u90fd\u662f\u4ece\u90a3\u6761\u5e73\u7ebf\u5f00\u59cb\u91cf\uff0c\u767e\u5206\u6bd4\u81ea\u7136\u5c0f\u3002\u800c\u4e00\u65e6\u8fd910\u4e2a\u6708\u6b63\u5e38\u6301\u4ed3\uff0c\u8d26\u6237\u4f1a\u57282007\u5e7410\u6708\u5148\u521b\u4e00\u4e2a\u65b0\u9ad8\u30022008\u5e74\u518d\u8dcc\u4e0b\u6765\uff0c\u56de\u64a4\u5c31\u4ece\u90a3\u4e2a\u65b0\u9ad8\u5f00\u59cb\u91cf\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"662\" src=\"https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/04-startpoint-1024x662.png\" alt=\"\" class=\"wp-image-5234\" srcset=\"https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/04-startpoint-1024x662.png 1024w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/04-startpoint-300x194.png 300w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/04-startpoint-768x496.png 768w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/04-startpoint.png 1116w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u4e24\u6761\u7ebf\u7528\u540c\u4e00\u6bb5\u4ef7\u683c\uff0c\u552f\u4e00\u5dee\u522b\u662f\u5747\u7ebf\u5728\u7a97\u53e3\u5185\u91cd\u7b97\u8fd8\u662f\u7528\u5b8c\u6574\u5386\u53f2\u3002\u84dd\u8272\u7ad6\u5e26\u5c31\u662f\u593410\u4e2a\u6708\u7684\u7a7a\u4ed3\u3002<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">0.191\u5bf90.220\u3002\u6539\u5b8c\u8fd9\u4e00\u5904\uff0c\u8fd9\u5957\u4e1c\u897f\u6700\u5f3a\u7684\u90a3\u4e2a\u6307\u6807\uff0c\u5c31\u6bd4\u4e0d\u8fc7\u4e00\u76f4\u62ff\u7740\u4e0d\u52a8\u4e86\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5747\u7ebf\u898110\u4e2a\u6708\uff0c\u4efb\u4f55\u4ece\u67d0\u4e00\u5929\u5f00\u59cb\u56de\u6d4b\u7684\u4eba\u90fd\u4f1a\u649e\u4e0a\u8fd9\u4e2a\u7a7a\u6863\u3002\u5dee\u522b\u53ea\u5728\u4e8e\u6837\u672c\u8d77\u70b9\u662f\u4e0d\u662f\u521a\u597d\u538b\u5728\u62d0\u70b9\u524d\u9762\u30022007\u5e744\u6708\u8fd9\u4e2a\u8d77\u70b9\uff0c\u79bb\u96f7\u66fc\u8fd8\u670917\u4e2a\u6708\uff0c\u662f\u6700\u5bb9\u6613\u628a\u56de\u64a4\u6570\u5b57\u538b\u5c0f\u7684\u4e00\u79cd\u8d77\u70b9\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6240\u4ee5\u770b\u5230\u6700\u5927\u56de\u64a416%\u8fd9\u7c7b\u6570\uff0c\u7b2c\u4e00\u4ef6\u4e8b\u662f\u95ee\u8d77\u70b9\u3002\u8d77\u70b9\u5f80\u524d\u632a\u4e24\u5e74\uff0c\u540c\u4e00\u5957\u89c4\u5219\u540c\u4e00\u4e2a\u5e02\u573a\uff0c\u56de\u64a4\u80fd\u5dee4\u4e2a\u767e\u5206\u70b9\u3002\u518d\u5f80\u524d\u632a\uff0c\u6570\u8fd8\u4f1a\u52a8\uff0c\u6211\u4e5f\u4e0d\u6562\u8bf420.6%\u5c31\u662f\u7ec8\u70b9\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u4e03\u3001\u56db\u4e2a\u8d44\u4ea7\uff0c\u5176\u5b9e\u662f\u4e09\u91cd\u80a1\u7968<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u56db\u6863\u7b49\u6743\u542c\u8d77\u6765\u5206\u6563\uff0c\u6211\u4e00\u5f00\u59cb\u4e5f\u8fd9\u4e48\u4ee5\u4e3a\u3002\u5b9e\u9645\u7b97\u4e00\u4e0b\u6708\u6536\u76ca\u7684\u76f8\u5173\u7cfb\u6570\uff0cSPY\u548cEFA\u662f0.86\uff0cSPY\u548cVNQ\u662f0.73\uff0cSPY\u548cAGG\u53ea\u67090.24\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e5f\u5c31\u662f\u8bf4\uff0c\u56db\u6863\u91cc\u4e09\u6863\u662f\u4e00\u56de\u4e8b\u3002\u7f8e\u80a1\u3001\u6d77\u5916\u80a1\u3001\u623f\u5730\u4ea7\u4fe1\u6258\uff0c\u672c\u8d28\u90fd\u662f\u80a1\u7968\u98ce\u9669\uff0c\u53ea\u662f\u5730\u57df\u548c\u884c\u4e1a\u4e0d\u540c\u3002\u771f\u6b63\u80fd\u5bf9\u51b2\u7684\u53ea\u6709AGG\u90a3\u4e00\u5f20\u503a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u4e2a\u7ed3\u6784\u57282008\u5e74\u770b\u5f97\u51fa\u6765\u3002\u90a3\u4e00\u5e74\u62e9\u65f6\u7248\u8dcc17.51%\uff0c\u5168\u7a0b\u6301\u6709\u8dcc36.79%\u3002\u8dcc\u5f97\u5c11\uff0c\u4e0d\u662f\u56e0\u4e3a\u5206\u6563\u5f97\u597d\uff0c\u662f\u56e0\u4e3a\u90a3\u6761\u5747\u7ebf\u628a\u4ed3\u4f4d\u6362\u6210\u4e86\u73b0\u91d1\u3002\u5206\u6563\u5728\u8fd9\u91cc\u5e2e\u7684\u5fd9\u5f88\u6709\u9650\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2020\u5e74\u66f4\u503c\u5f97\u770b\u3002\u90a3\u4e00\u5e74\u62e9\u65f6\u7248\u8dcc7.88%\uff0c\u5168\u7a0b\u6301\u6709\u6da818.33%\u3002\u4e09\u6708\u90a3\u4e00\u6ce2\u5b83\u79bb\u573a\u4e86\uff0c\u5341\u4e00\u6708\u5e95\u624d\u56de\u6765\uff0c\u90a3\u6bb5\u79bb\u573a\u671f\u6b63\u597d\u76d6\u4f4f\u6574\u6ce2\u53cd\u5f39\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2022\u5e74\u53cd\u8fc7\u6765\uff0c\u62e9\u65f6\u7248\u8dcc3.53%\uff0c\u5168\u7a0b\u6301\u6709\u8dcc18.18%\u3002\u8fd9\u4e00\u5e74\u5b83\u505a\u5bf9\u4e86\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e09\u5e74\u4e09\u79cd\u7ed3\u679c\uff0c\u8bf4\u660e\u5b83\u4e0d\u662f\u7a33\u5b9a\u8dd1\u8d62\uff0c\u662f\u7a33\u5b9a\u5730\u628a\u6ce2\u52a8\u524a\u5e73\u3002\u524a\u5e73\u7684\u4ee3\u4ef7\u662f\u4e0a\u6da8\u5e74\u4efd\u8ddf\u4e0d\u4e0a\uff0c\u524a\u5e73\u7684\u597d\u5904\u662f\u4e0b\u8dcc\u5e74\u4efd\u5c11\u6328\u6253\u3002\u4e24\u4ef6\u4e8b\u90fd\u4e0d\u4f1a\u7f3a\u5e2d\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"628\" src=\"https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/03-yearly-1024x628.png\" alt=\"\" class=\"wp-image-5236\" srcset=\"https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/03-yearly-1024x628.png 1024w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/03-yearly-300x184.png 300w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/03-yearly-767x470.png 767w, https:\/\/laoyulaoyu.com\/wp-content\/uploads\/2026\/11\/03-yearly.png 1176w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u7070\u67f1\u5168\u7a0b\u6301\u6709\uff0c\u6a59\u67f1\u62e9\u65f6\u7248\uff0c\u84dd\u7ebf\u662f\u5f53\u5e74\u5e73\u5747\u73b0\u91d1\u5360\u6bd4\u30022008\u548c2022\u84dd\u7ebf\u5f88\u9ad8\uff0c2020\u4e5f\u9ad8\uff0c\u4f46\u90a3\u5e74\u662f\u767d\u8eb2\u3002<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><br>\u89c2\u70b9\u603b\u7ed3<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u56de\u5230\u5f00\u5934\u90a3\u4e24\u5904\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ec0\u4e48\u65f6\u5019\u79bb\u573a\uff0c\u8fd9\u4e00\u5904\u89e3\u51b3\u4e86\u5927\u534a\u3002\u89c4\u5219\u660e\u786e\uff0c\u4e00\u4e2a\u6708\u4e00\u4e2a\u52a8\u4f5c\uff0c21\u5e74\u91cc30\u6b21\uff0c\u6bcf\u6b21\u90fd\u6709\u786e\u5b9a\u7684\u65e5\u5b50\u53ef\u67e5\u3002\u5b83\u4e0d\u544a\u8bc9\u4f60\u8be5\u4e0d\u8be5\u4e70\uff0c\u53ea\u544a\u8bc9\u4f60\u73b0\u5728\u8be5\u4e0d\u8be5\u5728\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u79bb\u573a\u4e4b\u540e\u73b0\u91d1\u600e\u4e48\u7b97\uff0c\u8fd9\u4e00\u5904\u5b8c\u5168\u89e3\u51b3\u4e86\uff0c\u4f46\u53ea\u503c0.46\u4e2a\u70b9\u3002\u522b\u5c0f\u770b\u8fd9\u534a\u4e2a\u70b9\uff0c\u5b83\u662f\u6700\u5bb9\u6613\u88ab\u6f0f\u6389\u7684\u4e00\u6b65\uff0c\u6f0f\u4e86\u5c31\u4f1a\u5f97\u51fa\u62e9\u65f6\u4e0d\u5212\u7b97\u7684\u9519\u8bef\u7ed3\u8bba\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u771f\u6b63\u6ca1\u89e3\u51b3\u7684\uff0c\u662f\u6536\u76ca\u300221\u5e744.83%\u5bf911.17%\uff0c\u8fd9\u6761\u5747\u7ebf\u628a\u4e00\u534a\u7684\u6536\u76ca\u62ff\u53bb\u6362\u4e8630\u4e2a\u70b9\u7684\u56de\u64a4\u3002\u8fd9\u7b14\u4ea4\u6362\u5212\u4e0d\u5212\u7b97\uff0c\u4e0d\u53d6\u51b3\u4e8e\u5e02\u573a\uff0c\u53d6\u51b3\u4e8e\u4f60\u8d26\u6237\u91cc\u90a3\u7b14\u94b1\u80fd\u4e0d\u80fd\u5750\u4f4f25\u4e2a\u6708\u4e0d\u52a8\u3002\u6211\u81ea\u5df1\u7684\u6253\u7b97\u662f\u53ea\u628a\u5b83\u7528\u5728\u7ec4\u5408\u91cc\u9632\u5b88\u7684\u90a3\u4e00\u534a\uff0c\u8fdb\u653b\u90a3\u4e00\u534a\u4e0d\u52a8\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd8\u6709\u4e00\u5904\u8981\u8bb0\u4f4f\u3002\u8fd9\u5957\u4e1c\u897f\u6700\u6f02\u4eae\u7684\u90a3\u4e2a\u6570\u5b57\uff0c16.3%\uff0c\u662f\u628a\u8d77\u70b9\u6390\u5728\u62d0\u70b9\u524d\u976217\u4e2a\u6708\u7b97\u51fa\u6765\u7684\u3002\u628a\u5747\u7ebf\u6362\u6210\u5b8c\u6574\u5386\u53f2\uff0c\u5b83\u662f20.6%\u3002\u540c\u4e00\u5957\u89c4\u5219\uff0c\u540c\u4e00\u4e2a\u5e02\u573a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4eca\u665a\u80fd\u505a\u7684\u4e00\u4ef6\u4e8b\uff0c\u6253\u5f00\u81ea\u5df1\u7684\u7ec4\u5408\uff0c\u628a\u56db\u6863\u8d44\u4ea7\u5404\u81ea\u768410\u4e2a\u6708\u5747\u7ebf\u753b\u51fa\u6765\u3002\u770b\u770b\u73b0\u5728\u6709\u51e0\u6863\u5728\u7ebf\u4e0a\u9762\u3002\u7136\u540e\u7ffb\u4e00\u904d\u8fc7\u53bb\u4e94\u5e74\uff0c\u6807\u51fa\u6bcf\u4e00\u6b21\u56db\u6863\u5168\u90e8\u6389\u4e0b\u53bb\u7684\u65f6\u95f4\u70b9\uff0c\u91cf\u4e00\u4e0b\u90a3\u51e0\u6bb5\u6301\u7eed\u4e86\u591a\u4e45\u3002\u91cf\u5b8c\u4f60\u4f1a\u53d1\u73b0\uff0c\u96be\u7684\u4e0d\u662f\u89c4\u5219\uff0c\u662f\u90a3\u51e0\u6bb5\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p 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