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body_diff: "[{\"diffs\":[[1,\"<html>\\\r\\\n<head>\\\r\\\n  <title>你必須了解的所有債券知識 | PIMCO</title>\\\r\\\n  <basefont face=\\\"微软雅黑\\\" size=\\\"2\\\" />\\\r\\\n  <meta http-equiv=\\\"Content-Type\\\" content=\\\"text/html;charset=utf-8\\\" />\\\r\\\n  <meta name=\\\"exporter-version\\\" content=\\\"YXBJ Windows/608924 (zh-CN, DDL); Windows/10.0.0 (Win64); EDAMVersion=V2;\\\"/>\\\r\\\n  <style>\\\r\\\n\\tbody, td {\\\r\\\n\\t  font-family: 微软雅黑;\\\r\\\n\\t  font-size: 12pt;\\\r\\\n\\t}\\\r\\\n  </style>\\\r\\\n</head>\\\r\\\n<body>\\\r\\\n<a name=\\\"673\\\"></a>\\\r\\\n<h1>你必須了解的所有債券知識 | PIMCO</h1>\\\r\\\n\\\r\\\n<div><span>\\\n  <div style=\\\"--en-clipped-content:article\\\"><div style=\\\"font-size: 16px; display:block; min-width: 100%; position: relative;\\\"> <div style=\\\"box-sizing:border-box;color:rgb(0, 0, 0);overflow:auto;background:rgb(240, 240, 240);\\\"><div style=\\\"box-sizing:border-box;color:rgb(29, 31, 35);font-size:100%;line-height:1.5em;text-size-adjust:100%;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><div style=\\\"box-sizing:border-box;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><span style=\\\"box-sizing:border-box;\\\"><div style=\\\"box-sizing:border-box;overflow:hidden;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><div style=\\\"box-sizing:border-box;transition:left 0.25s ease-in-out;\\\"><div style=\\\"box-sizing:content-box;\\\"><div style=\\\"box-sizing:border-box;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                    <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n</div>\\\n\\\n\\\n<div style=\\\"box-sizing:border-box;padding:0px;max-width:1100px;text-transform:uppercase;font-size:0.75em;line-height:1em;padding-bottom:2.5em;padding-top:1em;color:rgb(53, 60, 68);letter-spacing:0.03em;margin:0px auto;display:block;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n    \\\n            <a href=\\\"https://www.pimco.com.tw/\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;color:rgb(150, 150, 150);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">首頁</a> <span style=\\\"box-sizing:border-box;margin:0px 5px;color:rgb(150, 150, 150);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">&gt;</span>\\\n        \\\n            <a href=\\\"https://www.pimco.com.tw/zh-tw/resources\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;color:rgb(150, 150, 150);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">資料庫</a> <span style=\\\"box-sizing:border-box;margin:0px 5px;color:rgb(150, 150, 150);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">&gt;</span>\\\n        \\\n            <a href=\\\"https://www.pimco.com.tw/zh-tw/resources/education\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;color:rgb(150, 150, 150);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">投資學堂</a> <span style=\\\"box-sizing:border-box;margin:0px 5px;color:rgb(150, 150, 150);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">&gt;</span>\\\n        \\\n\\\n    你必須了解的所有債券知識\\\n            \\\n    \\\n\\\n</div>\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n\\t\\\n</div></div><div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n</div>\\\n\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;height:22px;width:100%;background:rgb(136, 175, 214);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n</div>\\\n\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n\\t\\\n</div></div>\\\n\\\n                    <div style=\\\"box-sizing:border-box;display:block;width:100%;background:rgb(255, 255, 255);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, sans-serif;padding-bottom:0px;position:relative;z-index:11;padding-top:3.125em;border-top:none;\\\">\\\n                        <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n</div>\\\n\\\n\\\n<div style=\\\"box-sizing:border-box;padding:0px 1.25em 3.5em;text-align:center;\\\">\\\n    <i style=\\\"box-sizing:border-box;font-family:icomoon;speak:none;font-weight:400;font-variant:normal;text-transform:none;line-height:1;-webkit-font-smoothing:antialiased;user-select:none;display:block;font-size:2.3em;margin:0px auto;color:rgb(136, 175, 214);font-style:normal;\\\"><span style=\\\"font-family:icomoon;font-style:normal;font-weight:400;font-variant:normal;text-transform:none;line-height:1;color:rgb(136, 175, 214);font-size:2.3em;\\\"></span></i>\\\n    <a href=\\\"https://www.pimco.com.tw/zh-tw/resources/education\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;display:inline-block;font-size:0.875em;margin:0.35714em 0px 1.42857em;text-transform:uppercase;margin-bottom:1.66667em;color:rgb(136, 175, 214);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><span style=\\\"color:rgb(136, 175, 214);cursor:pointer;font-family:Roboto Condensed, Roboto, Arial, Microsoft JhengHei, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-size:0.875em;text-transform:uppercase;\\\"></span>投資學堂</a>\\\n    <div style=\\\"box-sizing:border-box;\\\">\\\n        <h1 style=\\\"box-sizing:border-box;padding:0px;color:rgb(28, 31, 38);line-height:1.2em;max-width:80%;margin:0px auto;font-size:2.5em;padding-bottom:0.4em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">你必須了解的所有債券知識</h1>\\\n    </div>\\\n    <p style=\\\"box-sizing:border-box;color:rgb(150, 150, 150);font-size:1.1em;padding:0px;max-width:70%;margin:0px auto;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">債券市場是目前世界上最大的證券市場，為投資人提供了近乎無限的投資選擇。儘管多數投資人熟悉債市的各個面向，但由於新產品的數量與日俱增，即使是債券專家也必須面對與時俱進的挑戰。債市曾經只是在保本之餘同時賺取利息的手段，但如今則演變為價值 100 兆美元的全球性市場，提供許多潛在利益的投資組合，包括誘人的報酬率。面對這個龐大且多元化的市場的複雜性，我們必須先行瞭解基礎知識：債券到底是什麼？以及如何利用債券實現您的投資目標？</p>\\\n    \\\n</div>\\\n\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n\\t\\\n</div></div>\\\n                    </div>\\\n\\\n                    <div style=\\\"box-sizing:border-box;display:table;width:100%;background:rgb(255, 255, 255);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, sans-serif;z-index:11;padding-bottom:0px;position:relative;\\\">\\\n                        <div style=\\\"margin:0px;vertical-align:top;box-sizing:content-box;min-width:98px;padding:0px 1.875em;display:table-cell;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                            <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n</div>\\\n\\\n\\\n\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;background:rgb(255, 255, 255);position:relative;overflow:visible;margin-bottom:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n    <span style=\\\"box-sizing:border-box;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"></span>\\\n     \\\n    <div style=\\\"box-sizing:border-box;margin:0px;transition:left 0.25s ease-in-out;bottom:0px;left:0px;right:0px;z-index:11;padding:0px;position:static;width:auto;text-align:center;background:0px 0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n        <ul style=\\\"box-sizing:border-box;padding:0px;list-style:none;display:inline-block;position:static;transition:right 0.5s ease-in-out;margin:0px auto;\\\"><span style=\\\"list-style:none;display:table;\\\"> </span>    \\\n            <li style=\\\"box-sizing:border-box;padding:0px;position:relative;max-width:83px;padding-top:12px;margin:0px 0.35em 0.75em;display:block;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                <div style=\\\"box-sizing:border-box;margin:0px;position:relative;background:rgb(36, 70, 113);border-radius:1.75em;color:rgb(255, 255, 255);display:inline-block;font-size:1.7em;padding:0.375em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"> \\\n                    <span style=\\\"box-sizing:border-box;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><i style=\\\"box-sizing:border-box;font-family:icomoon;speak:none;font-weight:400;font-variant:normal;text-transform:none;line-height:1;-webkit-font-smoothing:antialiased;user-select:none;font-style:normal;\\\"><span style=\\\"font-family:icomoon;font-style:normal;font-weight:400;font-variant:normal;text-transform:none;line-height:1;\\\"></span></i></span>\\\n                    <span style=\\\"box-sizing:border-box;position:absolute;width:1px;height:1px;padding:0px;overflow:hidden;clip:rect(0px, 0px, 0px, 0px);white-space:nowrap;clip-path:inset(50%);border:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">分享</span>\\\n                </div>\\\n                <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-size:0.7em;text-transform:uppercase;color:rgb(36, 70, 113);line-height:1.3em;padding-top:0.65em;margin-bottom:-0.5em;display:block;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                    <span style=\\\"box-sizing:border-box;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">分享</span>\\\n                </div>\\\n                \\\n\\\n\\\n\\\n            </li>\\\n            <li style=\\\"box-sizing:border-box;padding:0px;position:relative;max-width:83px;padding-top:12px;margin:0px 0.35em 0.75em;display:block;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                <div style=\\\"box-sizing:border-box;margin:0px;position:relative;background:rgb(36, 70, 113);border-radius:1.75em;color:rgb(255, 255, 255);display:inline-block;font-size:1.7em;padding:0.375em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                    <span style=\\\"box-sizing:border-box;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><i style=\\\"box-sizing:border-box;font-family:icomoon;speak:none;font-weight:400;font-variant:normal;text-transform:none;line-height:1;-webkit-font-smoothing:antialiased;user-select:none;font-style:normal;\\\"><span style=\\\"font-family:icomoon;font-style:normal;font-weight:400;font-variant:normal;text-transform:none;line-height:1;\\\"></span></i></span>\\\n                    <span style=\\\"box-sizing:border-box;position:absolute;width:1px;height:1px;padding:0px;overflow:hidden;clip:rect(0px, 0px, 0px, 0px);white-space:nowrap;clip-path:inset(50%);border:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">新增</span>\\\n                </div>\\\n                <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-size:0.7em;text-transform:uppercase;color:rgb(36, 70, 113);line-height:1.3em;padding-top:0.65em;margin-bottom:-0.5em;display:block;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                    <span style=\\\"box-sizing:border-box;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">新增</span>                   \\\n                </div>\\\n            </li>\\\n\\\n            \\\n\\\n            <li style=\\\"box-sizing:border-box;padding:0px;position:relative;max-width:83px;padding-top:12px;margin:0px 0.35em 0.75em;display:block;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                <div style=\\\"box-sizing:border-box;margin:0px;position:relative;background:rgb(36, 70, 113);border-radius:1.75em;color:rgb(255, 255, 255);display:inline-block;font-size:1.7em;padding:0.375em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                    <span style=\\\"box-sizing:border-box;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><i style=\\\"box-sizing:border-box;font-family:icomoon;speak:none;font-weight:400;font-variant:normal;text-transform:none;line-height:1;-webkit-font-smoothing:antialiased;user-select:none;font-style:normal;\\\"><span style=\\\"font-family:icomoon;font-style:normal;font-weight:400;font-variant:normal;text-transform:none;line-height:1;\\\"></span></i></span>\\\n                    <span style=\\\"box-sizing:border-box;position:absolute;width:1px;height:1px;padding:0px;overflow:hidden;clip:rect(0px, 0px, 0px, 0px);white-space:nowrap;clip-path:inset(50%);border:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">列印</span>\\\n                </div>\\\n                <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-size:0.7em;text-transform:uppercase;color:rgb(36, 70, 113);line-height:1.3em;padding-top:0.65em;margin-bottom:-0.5em;display:block;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                    <span style=\\\"box-sizing:border-box;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">列印</span>                \\\n                </div>\\\n            </li>\\\n            \\\n         \\\n            \\\n        <span style=\\\"list-style:none;display:table;clear:both;\\\"> </span></ul>\\\n\\\n    </div>\\\n    \\\n</div>\\\n\\\n\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n\\t\\\n</div></div>\\\n                        </div>\\\n                        <div style=\\\"vertical-align:top;box-sizing:content-box;font-family:Roboto, arial, sans-serif;overflow:hidden;padding:0.75em 0px 3em;display:block;max-width:566px;\\\">\\\n                            <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n</div>\\\n\\\n\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"></div>\\\n\\\n<h3 style=\\\"box-sizing:border-box;padding:0px;color:rgb(34, 34, 34);line-height:1.3em;margin:1em 0px;font-size:1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">債券須符合哪些條件？</h3>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">債券係指債券購買方或債券持有人借款予債券發行人，所獲得的憑證。政府、公司與地方政府，均可透過債券的發行，籌措所需資金。投資人買進政府公債，即形同借錢給政府。若投資人買進公司債，則是借錢給公司。如同一般的貸款，債券亦將定期支付利息，並在規定的時間過後，也就是年期屆滿之後，償還本金。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">假設有某家公司打算興建 100 萬美元的新廠房，並決定發售債券以支付建廠費用。該公司可能決定出售 1,000 張債券予投資人，每張 1,000 美元；這種情況下，每張債券的「面額」為 1,000 美元。該公司 – 也就是所謂的債券發行人 − 必須決定債券的年利率 (稱為票息或票面利率)，以及償還 100 萬美元本金的時限。票息係由發行人評估現行利率環境而予以設定，以確保票息水準可與其他類似債券相互競爭，順利吸引投資人。假設發行人決定發售五年期債券，年息定為 5%；五年後債券到期，該公司則須依據 1,000 美元的面額，償還借款予每張債券的持有人。債券需要度過多長的時間才會到期，乃是決定著投資人蒙受風險高低以及預期報酬多寡的重大因素。一般而言，五年後償還 100 萬美元的債券，風險低於 30 年後償還同樣金額的更長期債券，因為 30 年的漫長期間比起 5 年時間更容易發生各種因素與變數，從而影響或妨礙發行人正常還款予債券持有人。天期或年期更長的債券，也將帶來額外的風險，從而決定了發行人應當支付予債券持有人之債券利率或票息；換言之，長期債券的發行人須支付更高的利率。如此一來，長期債券的投資人就有機會獲得更豐厚的報酬，但同時亦須承受額外風險作為交換。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">無論什麼樣的債券，皆須承擔某種程度風險，亦即發行人可能「違約」或無法全額償還貸款。另方面，有獨立的信用評等機構，負責評估債券發行人的違約風險或信用風險，並公佈信用評等。不僅協助投資人掌握風險高低，亦可協助判定個別債券的合理利率水準。信用評等較高的發行人，須支付的債券利率多半低於信用評等較低的發行人。同樣，買進信用評等偏低的債券，投資人固然有機會贏得較佳的報酬，但同時須承擔債券發行人違約的額外風險。</p>\\\n<h3 style=\\\"box-sizing:border-box;padding:0px;color:rgb(34, 34, 34);line-height:1.3em;margin:1em 0px;font-size:1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">債券在公開市場上的價格決定因素有哪些？</h3>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">債券發行過後，即可在「次級市場」上買賣。雖然也有部分債券透過交易所公開買賣，大多數的債券則是透過大型經紀商代理客戶或自行進行的店頭市場交易而流通。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">債券的價格和殖利率，決定了債券在次級市場的價值。顯然，債券須具備可供買賣的價格 (詳見下文「瞭解債券市場價格」)，債券的殖利率則是投資人握有債券至到期日所應得的實際年度報酬。如此一來，收益率不僅是由債券的買價所決定，同時亦由票息水準所決定。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><div style=\\\"box-sizing:border-box;margin:0px;padding:0px;position:relative;display:inline-block;cursor:pointer;max-width:100%;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><img src=\\\"你必須了解的所有債券知識  PIMCO_files/fv3OZa0q6uLDWn1Wv4fHMTGzCwdsHwAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"fv3OZa0q6uLDWn1Wv4fHMTGzCwdsHwAAAAASUVORK5CYII=\\\" height=\\\"168\\\" style=\\\"box-sizing:border-box;border:0px;max-width:100%;height:auto;\\\" width=\\\"566\\\"/><i style=\\\"box-sizing:border-box;font-family:icomoon;speak:none;font-weight:400;font-variant:normal;text-transform:none;line-height:1;-webkit-font-smoothing:antialiased;user-select:none;position:absolute;top:3px;right:3px;font-size:25px;color:rgba(23, 74, 124, 0.35);border-top:1px solid rgba(23, 74, 124, 0.35);border-right:1px solid rgba(23, 74, 124, 0.35);transition:0.35s ease-in-out;font-style:normal;\\\"><span style=\\\"font-family:icomoon;font-style:normal;font-weight:400;font-variant:normal;text-transform:none;line-height:1;font-size:25px;color:rgba(23, 74, 124, 0.35);\\\"></span><span style=\\\"box-sizing:border-box;position:absolute;width:1px;height:1px;padding:0px;overflow:hidden;clip:rect(0px, 0px, 0px, 0px);white-space:nowrap;clip-path:inset(50%);border:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">Image Pop Up</span></i></div></p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">如前文所說明，債券價格的起伏，必然與殖利率水準的移動方向相反。想要領略這個債市的重要特徵，就必須先瞭解，債券的價格所反映的乃是債券透過定期支付票息所帶來的收入價值。而在利率下降 ，尤其是政府公債利率下降的期間，於先前發行的各種類型債券均將變得更具價值，因為這些債券是在較高的利率環境當中售出，附帶的票息也偏高；持有較早發行債券的投資人若是在日後的次級市場出售債券，就可以收取較高的「溢價」。另一方面，如果利率上升，較早期的債券反而會變得較不值錢，反映其票息水準偏低，這麼一來這樣的債券就只能以「折價」進行交易。</p>\\\n<h3 style=\\\"box-sizing:border-box;padding:0px;color:rgb(34, 34, 34);line-height:1.3em;margin:1em 0px;font-size:1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">瞭解債市價格</h3>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">在市場上，債券價格係按其面額的百分比報價。瞭解債券價格最簡單的方法，即是在市場報價的後面再加一個零。例如，若某檔債券在市場上的報價為 99 元，則每 1,000 美元面額的價格為 990 美元，該檔債券即為折價交易。若該檔債券的交易價為 101 元，則每 1,000 美元面額的價格為 1,010 美元，該檔債券即為溢價交易。若該檔債券的交易價為 100 元，則每 1,000 美元面額的價格為 1,000 美元，該檔債券即為依面額交易。另一個常見的術語是「面額」，這是票面價值的另一種說法。大多數債券的發行價略低於面額，可在次級市場以高於或低於面額的不同方式買賣，成交價格則取決於利率、信用或其他因素。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><div style=\\\"box-sizing:border-box;margin:0px;padding:0px;position:relative;display:inline-block;cursor:pointer;max-width:100%;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><img src=\\\"你必須了解的所有債券知識  PIMCO_files/MohjadnlO+cAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"MohjadnlO+cAAAAASUVORK5CYII=\\\" height=\\\"156\\\" style=\\\"box-sizing:border-box;border:0px;max-width:100%;height:auto;\\\" width=\\\"566\\\"/><i style=\\\"box-sizing:border-box;font-family:icomoon;speak:none;font-weight:400;font-variant:normal;text-transform:none;line-height:1;-webkit-font-smoothing:antialiased;user-select:none;position:absolute;top:3px;right:3px;font-size:25px;color:rgba(23, 74, 124, 0.35);border-top:1px solid rgba(23, 74, 124, 0.35);border-right:1px solid rgba(23, 74, 124, 0.35);transition:0.35s ease-in-out;font-style:normal;\\\"><span style=\\\"font-family:icomoon;font-style:normal;font-weight:400;font-variant:normal;text-transform:none;line-height:1;font-size:25px;color:rgba(23, 74, 124, 0.35);\\\"></span><span style=\\\"box-sizing:border-box;position:absolute;width:1px;height:1px;padding:0px;overflow:hidden;clip:rect(0px, 0px, 0px, 0px);white-space:nowrap;clip-path:inset(50%);border:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">Image Pop Up</span></i></div></p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">簡而言之，在利率上升的期間，較新債券支付予投資人的利率就會高於更早之前發行的債券，因此發行迄今較久的債券往往會因此跌價。然而，利率下降的期間，較早之前發行的債券則會提供優於較新債券的更高利率，因此往往導致較早期債券在市場上以較高溢價出售。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">從短期來看，利率下降可能提高投資組合當中的債券價值，利率上升則可能減損其價值。不過長期而言，只要將債券到期的利得重新投資於較高殖利率的債券，利率的持續揚升仍將提升債券投資組合的報酬水準。反之，在利率下降的環境裡，\\\n到期債券的利得一旦重新投資，也只能選擇利率相對偏低的新發行債券，從而抑制了長期的報酬表現。</p>\\\n<h3 style=\\\"box-sizing:border-box;padding:0px;color:rgb(34, 34, 34);line-height:1.3em;margin:1em 0px;font-size:1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">衡量債券風險：何謂存續期？</h3>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">價格與收益率的反比關係，乃是理解債券價值的關鍵。另一個關鍵，則是必須掌握利率變動期間的債券價格波動幅度。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">為了預估特定債券價格對於利率走勢的敏感程度，債市採用所謂的<a href=\\\"https://www.pimco.com.tw/zh-tw/resources/education/understanding-duration\\\" style=\\\"box-sizing:border-box;cursor:pointer;border-radius:0px;text-underline-position:under;text-decoration:underline;color:rgb(26, 101, 185);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">存續期</a>作為指標。存續期是債券現金流現值的加權平均值，包括一連串的定期票息付款，乃至於日後債券到期、償還面額所支付的更大筆款項，如下圖所示。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">如同債券的期滿年數，存續期亦是以年數表示，但如圖所示，存續期通常小於期滿年數。定期付息金額和債券面額皆會影響存續期。零息債券的期滿年數等於存續期，因為無須定期付息，且所有現金流皆發生在期滿時。由於具備該項特點，零息債券往往因利率的特定變動而產生最劇烈的價格波動，故此可能對預期利率下降的投資人具有吸引力。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><div style=\\\"box-sizing:border-box;margin:0px;padding:0px;position:relative;display:inline-block;cursor:pointer;max-width:100%;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><img src=\\\"你必須了解的所有債券知識  PIMCO_files/g8FwcvDAAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"g8FwcvDAAAAABJRU5ErkJggg==\\\" height=\\\"254\\\" style=\\\"box-sizing:border-box;border:0px;max-width:100%;height:auto;\\\" width=\\\"566\\\"/><i style=\\\"box-sizing:border-box;font-family:icomoon;speak:none;font-weight:400;font-variant:normal;text-transform:none;line-height:1;-webkit-font-smoothing:antialiased;user-select:none;position:absolute;top:3px;right:3px;font-size:25px;color:rgba(23, 74, 124, 0.35);border-top:1px solid rgba(23, 74, 124, 0.35);border-right:1px solid rgba(23, 74, 124, 0.35);transition:0.35s ease-in-out;font-style:normal;\\\"><span style=\\\"font-family:icomoon;font-style:normal;font-weight:400;font-variant:normal;text-transform:none;line-height:1;font-size:25px;color:rgba(23, 74, 124, 0.35);\\\"></span><span style=\\\"box-sizing:border-box;position:absolute;width:1px;height:1px;padding:0px;overflow:hidden;clip:rect(0px, 0px, 0px, 0px);white-space:nowrap;clip-path:inset(50%);border:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">Image Pop Up</span></i></div></p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">每檔債券的存續期計算結果均獨一無二、各不相同，這樣的風險指標亦可方便投資人基於公允合理的標準，比較不同到期日、票息與面額的各種債券。存續期所反映的，乃是利率變動幅度達 100 個基本點 (1個百分點) 之際，特定債券價格可能經歷的近似變化。例如，假設利率下降了 1 個百分點，導致市場上所有債券的殖利率以同樣幅度下滑；這種情況下，存續期兩年的債券價格將上漲 2%，存續期五年的債券價格將上升 5%。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">此外，也可以依據投資組合內個別債券的存續期，計算整體債券組合之加權平均存續期。</p>\\\n<h3 style=\\\"box-sizing:border-box;padding:0px;color:rgb(34, 34, 34);line-height:1.3em;margin:1em 0px;font-size:1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">債券在投資組合內所扮演的功能</h3>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">自二十世紀初以來，政府開始更頻繁發行債券，促成了現代債市的崛起，如今投資人則基於各種不同理由買進債券，包括實現保本、追求收益、多元分散投資，乃至於針對潛在的經濟疲軟或通貨緊縮等情況實施避險。1970 及 1980 年代的債市則變得更具規模、\\\n更多樣化，債券的價格也開始出現更大、更頻繁的波動，許多投資人開始從事交債券交易，以追求其他的潛在利益：價格的上升或資本的增值。時至今日，投資人可能基於前述部分或全部理由，選擇買進債券。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">保本</strong>：債券不同於股票，債券須在指定日期或年期屆滿當日償還本金。如此一來債券就能吸引不願冒險損失資本的投資人，以及必須於在未來特定時間履行債務的投資人。債券還提供額外的利益，依據指定之利率提供配息，並且這種固定利率往往高於短期儲蓄利率。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">收益</strong>：多數債券均可提供「固定」收益予投資人。無論是每季一次、每年兩次或每年一次，債券發行人皆會依據設定的時程表配發利息予債券持有人，相關收益可供花費或再投資於其他債券。股票亦可透過支付股利，提供收入予投資人，不過股利金額往往低於債券票息，並且公司也有可能決定不發放股利，不像債券發行人本身即有義務給付票息。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">資本增值</strong>：債券價格可能因為若干理由而上漲，包括利率調降以及發行人的信用狀況改善。若是持有債券至到期日，則代表著年期屆滿之前的債券價格漲幅均未處分兌現；而是任由債券價格於到期日前逐漸回歸面額（100）水準，並且全額償還本金。另一方面，若投資人選擇在債券價格上漲過後 – 也就是搶先在債券到期之前 – 先行出脫債券，就能享有債券價格升值的獲利，亦即所謂資本增值。針對債券的資本增值實施獲利了結，也將提升持債的總報酬，相關報酬同時包含收益與資本增值利得。過去 40 年來，追求總報酬率的投資，已成為最廣泛採用的債券策略之一。（詳情請參閱「債券投資策略」）</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">分散風險</strong>：將債券納入投資組合，亦可實現投資組合的多元分散佈局。許多投資人分散投資於各種資產，從股票及債券到大宗商品和另類投資，旨在避免投資組合報酬率偏低甚至降為負值，降低風險。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">針對景氣降溫或通貨緊縮實施避險</strong>：債券也能保障投資人免受景氣降溫衝擊，理由概如下述。債券的價格，取決於投資人所認定的債券相關收益價值高低。大多數債券支付的乃是固定收益，不會產生高低起伏。當商品及服務價格上漲時（這樣的經濟條件又稱為通貨膨脹），債券收益所提供的吸引力也會因此降低，畢竟相關收益所能購買的商品和服務隨之縮水。通貨膨脹現象往往與經濟成長加快的情況同步發生，經濟的成長則會帶動商品跟服務的市場需求水漲船高。反之，經濟成長步伐趨緩，通常會導致通貨膨脹率降低，從而相對提高債券收益的吸引力。景氣若是降溫，通常亦不利於公司利潤和股票報酬，債券收益作為報酬來源的吸引力就會更加引人矚目。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">萬一經濟趨緩的情況相當嚴重，導致消費者停止採購各種商品，經濟規模開始萎縮 – 這種負面經濟條件也就是所謂的通貨緊縮 – 債券所保證的收益就會更令投資人難以抗拒，畢竟債券持有人將能憑藉同樣的債券收益買進更多的商品和服務（物價走跌所致）。而只要市場對於債券的需求有所增加，債券價格以及債券持有人的報酬也會同步上升。</p>\\\n<h3 style=\\\"box-sizing:border-box;padding:0px;color:rgb(34, 34, 34);line-height:1.3em;margin:1em 0px;font-size:1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">種類繁多的債券</h3>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">在 1970 年代，現代債券市場開始演變。由於供給量增加，投資人開始瞭解到，在次級市場買賣債券也能賺取價差，實現資本利得。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">然而在此之前，債券市場主要只是政府和大公司借錢的場域；債券的主要投資人則僅限於保險公司、退休基金與個別投資散戶，基於未來某種具體的特定資金需求，選擇優質投資目標。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">到 1970 及 1980 年代，由於投資人對債券的興趣提高（且更快速的電腦科技也有能力更輕鬆完成債券相關運算），因此金融專業人士開始針對借款人打造創新的方式，不但可利用債市融資，亦可為投資人量身設定曝險與潛在報酬率。美國在過去是最為豐富且活絡的債券市場，但從 1999 年歐元推出以來，歐洲也大幅擴張相關市場，而 2000 年代經濟強勁成長的開發中國家，如今也已融入全球債市。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">從廣義上講，政府公債和公司債仍然是債市的最大類別，但包括抵押貸款擔保證券在內的其他類型債券，則在資助特定類別（例如房市）和滿足特定投資需求方面，發揮獨特的關鍵作用。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">政府公債</strong>：政府公債類別屬於廣義類別，包括一般由中央政府發行並予以擔保的「主權」債券在內。加拿大政府公債（GoC）、英國國債、美國國庫券、德國公債、日本政府公債（JGB）和巴西政府公債，都是主權政府債券的範例。美國、日本和歐洲，則是歷來政府公債市場上最大規模發行機構。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">部分國家的政府還發行了連結通膨水準的主權債券，又稱為通膨連結債券，例如美國的抗通膨債券（TIPS）。通膨連結債券方面，利息及/或本金均將定期調整，據以反映通膨率的變化，從而提供所謂「即時性」或者通膨調節過後的報酬率。但是與其他債券不同的是，實質利率波動的速度萬一超過了名目利率，通膨連結債券易可能蒙受更大損失。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">除主權債券外，政府公債類別還包括其他附屬類別，例如：</p>\\\n<ul style=\\\"box-sizing:border-box;margin:0px;list-style:none;list-style-type:disc;margin-left:2em;padding:0.25em 1em;\\\">\\\n    <li style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 0.5em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">機構債券與「準政府機構」債券</strong>：中央政府若是須透過公家機構而實現各種目標 – 例如支援平價住宅方案的推動或是中小企業的發展 – 就有可能核准部分機構發行債券，支應相關業務或政策的預算。某些機構債券係由中央政府提供擔保，其他則無擔保。世界銀行和歐洲投資銀行等超國家組織亦透過債市借款，以資助公共工程及/或重大開發計畫。</li>\\\n    <li style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 0.5em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">地方政府債券</strong>：無論是省、州還是城市的地方政府，均可透過發行債券向各界借款，從而籌措各種專案或建設的所需資金，例如橋樑工程、學校興建以及一般性業務。美國的地方政府債券市場即相當完善，類似的債券有時稱為市政債券；其他已開發國家的市場也會發行省級/地方政府債券。</li>\\\n</ul>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">公司債券</strong>：公司債券堪稱是歷來最大的債市類別，僅次於政府公債。公司透過債市借貸，以擴大營運或為新事業投資提供資金。目前公司債類別正在快速發展中，特別是在歐洲和多數開發中國家更是如此。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">公司債約可分為兩大類：投資等級以及非投資等級。非投資等級債券係由公認信用品質較差的企業所發行，其違約風險高於信用評等較高，也就是投資級公司所發行的債券。前述兩大類公司債涵蓋多種不同評等的債券，反映出不同發行人的財務體質良莠不齊，可能差異甚遠。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">非投資等級債券多半由較新成立、業界競爭較激烈或波動較大，或基本面體質較有疑慮的企業所發行。由於非投資等級債券信用評等往往反映出較高的違約可能性，故而該類債券通常會支付較高的票息，藉以補償投資人所承擔的較高風險。如遇發行人信用品質惡化，信用評等就會遭到調降，反之如有基本面改善情況則會獲得調升。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">新興市場債券</strong>：開發中國家所發行之主權債和公司債，又稱為新興市場債券。自 1990 年代以來，新興市場資產類別已經發展相當成熟，並涵蓋以主要的外部貨幣發行之各種政府公債和公司債券，包括美元、歐元和當地貨幣（通常稱為新興市場當地貨幣債券）。由於該類債券係由不同國家所發行，且各國成長前景各不相同，因此新興市場債券可以發揮多元分散的投資組合效益，提供了具備潛在吸引力的風險調整後報酬率。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">房地產及資產抵押證券(Mortgage-backed and asset-backed securities)</strong>：這是全球債券市場的另一個主要領域，這樣的投資產品源自於所謂的「證券化」過程，過程中將各類貸款（例如房貸款項、車貸款項或信用卡款項）的現金流相互搭配或組合，以債券的形式轉售其債權予投資人。房地產及資產抵押證券，則是證券化產品當中，最具規模的類別。</p>\\\n<ul style=\\\"box-sizing:border-box;margin:0px;list-style:none;list-style-type:disc;margin-left:2em;padding:0.25em 1em;\\\">\\\n    <li style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 0.5em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">房地產抵押貸款證券（MBS）</strong>：該類債券源自於購屋者所償付的抵押貸款。抵押放款機構通常是銀行或金融公司，由放款機構將個人抵押貸款組合在一起成為證券，再出售予其他機構，該類貸款所支付的利率近似於購屋者所支付之抵押貸款利率。與其他債券一樣，房地產抵押貸款證券亦對現行利率的變化起伏相當敏感，利率上升就可能導致此類證券貶值。由固定利率抵押貸款予以擔保的特定證券，對於利率的變化尤其敏感，因為借款人可能在利率下降時預先清償抵押貸款或進行再融資，導致以此類貸款擔保的證券提早支付。因應這種狀況，亦為吸引不同類型的投資人，房地產抵押貸款證券還能實施結構化，成為適用特定付款日期、具備特定性質的債券，稱之為擔保房產抵押貸款債券（CMO）。</li>\\\n    <li style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 0.5em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">資產擔保證券（ABS）</strong>：該類債券源自於車貸款項、信用卡款項，或其他貸款的還款。如同房地產抵押貸款證券，將類似的貸款組合起來之後成為證券產品，再售予投資人。為管理資產擔保證券，業者更成立專門機構，以利信用卡公司和其他放款機構將貸款從資產負債表內移出。資產擔保證券通常採「分券式」，意味著各筆貸款的債權經過配套跟組合，分別成為品質較高和品質較低的不同證券類別。資產擔保證券所涵蓋的風險，包括信用風險。</li>\\\n    <li style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 0.5em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">德國抵押貸款擔保和金融資產擔保債券</strong>：德國抵押貸款擔保的證券又稱為 Pfandbriefe（德式附擔保債券），規模較大者則稱為「巨型 Pfandbriefe」。巨型 Pfandbriefe 市場素來都是歐洲債市中最大的類別之一。Pfandbriefe 與房地產抵押貸款證券或資產擔保證券之間的主要差異，在於承接放款業務並將債權組合成 Pfandbriefe 的銀行業者，往往仍將該類貸款留在自身帳目。由於這樣的特色，Pfandbriefe 有時也被歸類為公司債的一種。歐洲其他國家所發行的類 Pfandbriefe 證券也日益增加，這就是所謂的金融資產擔保債券。</li>\\\n</ul>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">上述的非政府公債券種，往往依據政府公債的殖利率，或是參考倫敦銀行同業拆款利率（LIBOR）實施訂價。非政府債券殖利率與政府公債殖利率或 LIBOR 利率之間的差額，稱之為「信用利差」。例如，信用評等略低於政府的公司，可能發行殖利率或信用利差為 50 個基本點（0.5%）的債券，高於到期日相同的政府公債。信用利差的調整與增減，反映的乃是投資人看待信用品質和經濟成長的觀點，以及投資人渴求風險與較高報酬的程度。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">發行人發售債券後，債券即可在次級市場進行買賣，此時債券價格可能出現波動，取決於經濟前景的變化、債券或發行人的信用品質，以及供需關係等其他因素。經紀自營商是債券次級市場的主要買家與賣家，散戶投資人通常透過自營商購買債券，例如直接以客戶身分買進，或是間接透過共同基金以及交易所交易基金買進。</p>\\\n<h3 style=\\\"box-sizing:border-box;padding:0px;color:rgb(34, 34, 34);line-height:1.3em;margin:1em 0px;font-size:1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">債券投資策略</h3>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">債券投資人有多項不同投資策略可選擇，端看債券在其投資組合中扮演何種角色。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">被動式的投資策略，包括買進並持有債券至期滿為止，以及投資於債券基金或追蹤債券指數的投資組合。被動式投資適合保守的投資人，包括追求傳統性債券利益，例如保本、穩定收益、多元佈局，但無意謀求利率、信用或市場環境相關利益者。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">對照之下，主動式投資策略往往透過頻繁的買進與賣出，賺取債券漲跌的價差，試圖超越債券指數的績效。該種方式或許提供絕大部分，甚至全部的債券利益，然而，為確保投資績效長期超越相關指標或指數，成功的積極型投資方法須滿足以下條件：1) 針對經濟、利率走勢及/或信用環境，組成投資看法；2) 秉持高效率完成債券交易，有效落實投資看法；以及 3) 有效管理風險。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">被動式策略（買進並持有）</strong>：尋求保本、收益及/或多元化的投資人，可能只是購買債券並持有至期滿。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">利率環境影響買進並持有型(Buy-and-hold)投資人最初投資所支付的債券價格，同時也影響到債券到期時須重新投資該筆資金的投資人。相關策略歷經長期演變，也能協助買進並持有型投資人妥善管理相關的利率風險。最受歡迎的策略之一是階梯式債券投資。階梯式債券投資組合平均投資於不同到期日的債券，通常每年或每隔一年皆有債券到期。隨著債券逐筆到期，所收回資金須再行投資，從而維持不同債券年期的階梯式結構。投資人通常採用階梯式佈局，尋求穩定的債務流，藉以盡可能避免在低利率環境下執行大部分資金的再次投資。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><div style=\\\"box-sizing:border-box;margin:0px;padding:0px;position:relative;display:inline-block;cursor:pointer;max-width:100%;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><img src=\\\"你必須了解的所有債券知識  PIMCO_files/lTYfM2jrIhgAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"lTYfM2jrIhgAAAABJRU5ErkJggg==\\\" height=\\\"613\\\" style=\\\"box-sizing:border-box;border:0px;max-width:100%;height:auto;\\\" width=\\\"1227\\\"/><i style=\\\"box-sizing:border-box;font-family:icomoon;speak:none;font-weight:400;font-variant:normal;text-transform:none;line-height:1;-webkit-font-smoothing:antialiased;user-select:none;position:absolute;top:3px;right:3px;font-size:25px;color:rgba(23, 74, 124, 0.35);border-top:1px solid rgba(23, 74, 124, 0.35);border-right:1px solid rgba(23, 74, 124, 0.35);transition:0.35s ease-in-out;font-style:normal;\\\"><span style=\\\"font-family:icomoon;font-style:normal;font-weight:400;font-variant:normal;text-transform:none;line-height:1;font-size:25px;color:rgba(23, 74, 124, 0.35);\\\"></span><span style=\\\"box-sizing:border-box;position:absolute;width:1px;height:1px;padding:0px;overflow:hidden;clip:rect(0px, 0px, 0px, 0px);white-space:nowrap;clip-path:inset(50%);border:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">Image Pop Up</span></i></div></p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">槓鈴式投資則是另外一種買進並持有的方式，亦即將資金投資於短期和長期債券的組合；隨著短期債券到期，相關資金則由投資人再行投資，充分掌握市場機會，至於長期債券的部位則負責提供優渥的票面利率。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">其他被動式策略</strong>：尋求債券傳統利益的投資人也可能選擇被動式投資策略，追求近似債券指數走勢的績效。比方說，以美國核心債券為主的投資組合，可能採用廣義的投資等級債券指數做為其績效的參考指標或準則，例如美國彭博巴克萊綜合債券指數。類似於股票指數，債券指數亦經透明化（指數的成分證券均經公開），並且每日更新並公佈績效。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">許多交易所交易基金（ETF）和某些債券基金投資於與債券指數持有之相同或類似證券，藉此密切跟蹤指數表現。在這樣的被動式債券策略中，投資組合經理人會根據相應的指數變化調整投資組合，但通常不會主動、自行決定買進或賣出債券。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">主動式策略</strong>：旨在超越債券指數的投資人，可能會採用主動式管理的債券策略。主動式投資組合經理人可能試圖最大化債券的收益或資本（價格）增值，或者盡量兩者兼顧。多數的債券投資組合乃是代表機構投資人進行管理，許多債券基金與越來越多的 ETF 亦採主動式管理方式。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">在主動式管理策略當中，最廣泛採用的方法之一是總回報投資法，即透過各種策略實現資本增值最大化。主動式債券投資組合經理人尋求價格增值，試圖買進遭低估的債券，在其價格上漲期間持有，並於債券到期前賣出，以實現利潤，因此理想的做法是「逢低買進，高點賣出」。主動式經理人可能採用不同的技術，努力尋找具有價格上漲可能的債券。</p>\\\n<ul style=\\\"box-sizing:border-box;margin:0px;list-style:none;list-style-type:disc;margin-left:2em;padding:0.25em 1em;\\\">\\\n    <li style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 0.5em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">信用分析</strong>：透過基本面的「由下而上」信用分析，主動式經理人試圖找出發行人信用狀況改善過後可望漲價的個別債券。例如，某家公司一旦起用或任命了全新且更理想的主管團隊，其債券價格就可能會上漲。</li>\\\n    <li style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 0.5em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">總體經濟分析</strong>：投資組合經理人透過「由上而下」的分析，尋找可能因為經濟條件、有利的利率環境，或全球成長模式而上漲的債券。例如，近年來新興市場成為全球經濟成長的較大動力，已帶動該區各國政府和企業所發行的多數債券價格上漲。</li>\\\n    <li style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 0.5em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">產業輪動</strong>：根據個別產業的經濟前景，在特定的經濟週期中，投資組合經理人可能投資於歷史資料裡有上漲的產業並避免表現落後的產業。隨著景氣循環進入下個階段，經理人則可能賣出某個產業的債券，再買進其他產業的債券。</li>\\\n    <li style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 0.5em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">市場分析</strong>：隨著債券供給變化，影響債券價格變動，投資組合經理人可透過買賣債券來因應。</li>\\\n    <li style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 0.5em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">存續期管理</strong>：為實現投資觀點，並協助管理利率變動風險，投資組合經理人可能調整其債券投資組合的存續期。預期利率將走升的經理人，可能透過縮短存續期，試圖保護債券投資組合免遭跌價的影響，可能的做法包括脫售部分的長天期債券，再買進短天期的債券。反之，為實現最大的利率下降正面效應，主動式經理人也有可能延長債券投資組合的存續期。</li>\\\n    <li style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 0.5em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">殖利率曲線佈局</strong>：主動式投資組合經理人可能依據不同年期的債券間產生的預期變化，調整債券投資組合的到期結構，以殖利率曲線表示。一般來說，殖利率通常隨著債券屆期而上升，這樣的關係也有可能出現變化，藉此主動式投資組合經理人可以有機會打造在特定景氣環境中，可能表現最佳的投資組合殖利率曲線。</li>\\\n    <li style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 0.5em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">向下滾動</strong>：當短期利率低於長期利率（又稱為「正常」的利率環境），隨著債券趨近到期日的過程中，債券價格將沿其逐漸降低的殖利率與逐步上揚的價格變化（也就是「沿著殖利率曲線而向下滾動」的歷程）。投資組合經理人可於債券漲價期間，持有該檔債券，並於債券到期前出售，以獲取相關資本利得。這樣策略可望在正常利率環境期間，持續提升總回報。</li>\\\n    <li style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 0.5em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">衍生性商品</strong>：投資組合經理人可透過期貨、選擇權和衍生性商品，實現各種投資看法，例如特定發行人的信譽、利率走向等。</li>\\\n    <li style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 0.5em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><strong style=\\\"box-sizing:border-box;font-style:normal;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">風險管理</strong>：主動式投資組合經理人亦可採取各項措施，在不大幅增加風險的情況下最大化收益，例如投資於某些較長期或評等較低、但票息較高的債券。</li>\\\n</ul>\\\n<h3 style=\\\"box-sizing:border-box;padding:0px;color:rgb(34, 34, 34);line-height:1.3em;margin:1em 0px;font-size:1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">主動式與被動式策略</h3>\\\n<p style=\\\"box-sizing:border-box;margin:0px;font-size:1.125em;line-height:1.6667em;padding:0px 0px 1.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">長期以來投資人持續爭論的焦點，莫過於總回報投資法之類的主動式投資管理，是否確實優於被動式管理和階梯/槓鈴策略。相關爭論的重點在於，債券市場是否屬於高度效率市場，導致主動式經理人無法持續締造優於大盤的良好績效。包括 PIMCO 在內的主動式債券資產管理機構，則以行動反駁這樣的主張，並試圖證明積極主動的投資管理只要善用規模與彈性的優勢，實現短期及長期趨勢的最佳化，就能順利超越大盤表現。此外，萬一市場條件發生變化，主動式經理人亦可管理債券組合的利率、信用和其他潛在風險，周全保障投資報酬。</p>    \\\n\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n\\t\\\n</div></div>\\\n                        </div>\\\n                        <div style=\\\"margin:0px;vertical-align:top;box-sizing:content-box;display:table-cell;padding:0px 1.25em;width:296px;padding-bottom:1.25em;padding-left:3.75em;padding-top:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                            <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n</div>\\\n\\\n        <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;overflow:auto;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n            \\\n        <div style=\\\"box-sizing:border-box;margin-bottom:1.25em;position:relative;margin-top:0px;background-color:transparent;float:left;overflow:hidden;border:none;background:rgb(240, 240, 240);margin-left:0px;width:100%;margin-right:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\t\\t\\t<div style=\\\"box-sizing:border-box;margin:0px;padding:2px;overflow:hidden;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\t\\t\\t\\t<a href=\\\"https://www.pimco.com.tw/zh-tw/decumulation\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;color:rgb(0, 0, 0);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;display:block;\\\"><img src=\\\"你必須了解的所有債券知識  PIMCO_files/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\\\" type=\\\"image/gif\\\" data-filename=\\\"yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\\\" height=\\\"162\\\" style=\\\"box-sizing:border-box;border:none;vertical-align:middle;width:100%;height:auto;\\\" width=\\\"292\\\"/>\\\n\\t\\t\\t\\t<div style=\\\"box-sizing:border-box;position:absolute;width:100%;text-align:center;padding:7%;top:47.5%;transform:translateY(-50%);visibility:visible;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><h2 style=\\\"box-sizing:border-box;margin:0px;padding:0px;margin-bottom:2px;display:block;font-size:1.25em;line-height:1.2em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;color:#fff;\\\">債券黃金時代來臨</h2>\\\n<p style=\\\"box-sizing:border-box;margin:0px;padding:0px;padding-bottom:0.25em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;color:#fff;font-size:0.875em;line-height:1.25em;display:block;\\\">PIMCO為您領路</p></div>\\\n\\t\\t\\t\\t<div style=\\\"box-sizing:border-box;padding:0px;color:rgb(56, 181, 156);position:absolute;display:inline-block;bottom:0px;left:0px;width:99%;visibility:visible;margin:0px 0px 2px 2px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\t\\t\\t\\t\\t<span style=\\\"box-sizing:border-box;opacity:0.6;position:absolute;display:inline-block;width:100%;height:8px;left:0px;right:0px;bottom:8px;background:rgb(56, 181, 156);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"></span>\\\n\\t\\t\\t\\t\\t<span style=\\\"box-sizing:border-box;position:absolute;display:inline-block;width:100%;height:8px;left:0px;right:0px;opacity:1;bottom:0px;background:rgb(56, 181, 156);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"></span>\\\n\\t\\t\\t\\t</div></a>\\\n\\t\\t\\t</div>\\\n        </div>\\\n    \\\n        </div>\\\n    \\\n\\\n\\\n\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n\\t\\\n</div></div><div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n</div>\\\n\\\n\\\n\\\n\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n\\t\\\n</div></div><div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n</div>\\\n\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n\\t\\\n</div></div><div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n</div>\\\n\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n\\t\\\n</div></div><div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n</div>\\\n\\\n\\\n\\\n\\\n<div style=\\\"box-sizing:border-box;margin-bottom:1.25em;clear:both;overflow:inherit;border:none;background:rgb(240, 240, 240);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;visibility:visible;\\\">\\\n    \\\n    <div style=\\\"box-sizing:border-box;overflow:hidden;border-top:none;border-bottom:1px solid rgb(255, 255, 255);display:block;position:relative;background:0px 0px;\\\">\\\n        <h1 style=\\\"box-sizing:border-box;margin:0px;text-transform:uppercase;font-size:1em;line-height:1em;color:rgb(54, 60, 68);border-top:none;padding:1.25em 2.75em;text-align:left;padding-left:2em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">\\\n            相關資訊\\\n        </h1>\\\n        \\\n    </div>\\\n    <div style=\\\"box-sizing:border-box;text-transform:uppercase;text-align:center;display:table;color:rgb(111, 113, 116);width:100%;background:rgb(255, 255, 255);padding:0px;border-bottom:0px;\\\">\\\n        \\\n        \\\n        \\\n        \\\n        \\\n        \\\n                \\\n    </div>\\\n    \\\n    \\\n    \\\n\\\n    \\\n            <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;overflow:hidden;clear:both;padding-left:0px;list-style:none;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\t\\\n                \\\n\\\n            <div style=\\\"margin:0px;color:rgb(95, 147, 120);overflow:hidden;min-height:100px;margin-bottom:0px;box-sizing:content-box;padding:1.875em 2em;background:0px 0px;border-bottom:1px solid rgb(255, 255, 255);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                \\\n                <div style=\\\"box-sizing:border-box;color:rgb(29, 31, 35);width:100%;border-bottom:0px;\\\">\\\n                    <a href=\\\"https://www.pimco.com.tw/zh-tw/insights/investment-strategies?section=Investment%20Strategies\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;font-size:0.8em;line-height:19px;margin-bottom:0.4em;vertical-align:top;display:inline-block;text-transform:uppercase;color:rgb(95, 147, 120);clear:both;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><span style=\\\"color:rgb(95, 147, 120);cursor:pointer;font-size:0.8em;line-height:19px;font-family:Roboto Condensed, Roboto, Arial, Microsoft JhengHei, 微軟正黑體, 华文黑体, STHeiti, sans-serif;text-transform:uppercase;speak:none;font-style:normal;font-weight:400;font-variant:normal;vertical-align:top;-webkit-font-smoothing:antialiased;padding-right:0.25em;padding-bottom:0.1em;float:left;\\\"></span>投資策略</a>\\\n                    <div style=\\\"box-sizing:border-box;margin-bottom:0.5em;\\\">\\\n                        <h1 style=\\\"box-sizing:border-box;margin:0px;padding:0px;color:rgb(29, 31, 35);display:inline;word-break:break-word;line-height:1.2em;font-size:1.375em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\"><a href=\\\"https://www.pimco.com.tw/zh-tw/resources/video-library/media/gain-an-active-edge-in-the-bond-market\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;clear:both;color:rgb(29, 31, 35);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">在債市中取得主動優勢<span style=\\\"box-sizing:border-box;position:absolute;width:1px;height:1px;padding:0px;overflow:hidden;clip:rect(0px, 0px, 0px, 0px);white-space:nowrap;clip-path:inset(50%);border:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">(video)</span><span style=\\\"box-sizing:border-box;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><i style=\\\"box-sizing:border-box;font-family:icomoon;speak:none;font-weight:400;font-variant:normal;text-transform:none;line-height:1;-webkit-font-smoothing:antialiased;user-select:none;padding-left:5px;vertical-align:-3px;font-style:normal;\\\"><span style=\\\"font-family:icomoon;font-style:normal;font-weight:400;font-variant:normal;text-transform:none;line-height:1;\\\"></span></i></span></a> </h1>\\\n                        \\\n                        \\\n                    </div>\\\n                    <p style=\\\"box-sizing:border-box;margin:0px;padding:0px;padding-bottom:1em;display:block;line-height:1.2em;font-size:0.95em;overflow:hidden;color:rgb(111, 113, 116);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">PIMCO的投資組合旨在利用結構性的市場無效率來追求報酬，因此相較於被動投資...</p>                    \\\n                    <div style=\\\"box-sizing:border-box;color:rgb(150, 150, 150);display:block;font-family:&quot;Roboto Light&quot;, Roboto, Arial, sans-serif;font-size:0.6875em;line-height:1.3em;text-transform:uppercase;\\\">\\\n                        \\\n\\t                    <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                        作者: <a href=\\\"https://www.pimco.com.tw/zh-tw/experts/daniel-j-ivascyn\\\" rel=\\\"author\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;color:rgb(28, 53, 94);display:inline-block;clear:both;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">Daniel J. Ivascyn</a>, <a href=\\\"https://www.pimco.com.tw/zh-tw/experts/mohit-mittal\\\" rel=\\\"author\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;color:rgb(28, 53, 94);display:inline-block;clear:both;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">Mohit Mittal</a> \\\n                            <span style=\\\"box-sizing:border-box;display:block;line-height:1em;\\\">2024年06月</span> \\\n\\t\\t                    \\\n\\t\\t                    <span style=\\\"box-sizing:border-box;color:rgb(29, 31, 35);font-size:1.1em;display:block;margin-top:0.5em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"></span>\\\n\\t                    </div>\\\n                    </div>\\\n                    <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"></div>\\\n                </div>\\\n            </div>\\\n        \\\n\\\n            <div style=\\\"margin:0px;overflow:hidden;min-height:100px;margin-bottom:0px;box-sizing:content-box;padding:1.875em 2em;background:0px 0px;border-bottom:1px solid rgb(255, 255, 255);color:rgb(36, 70, 113);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                \\\n                <div style=\\\"box-sizing:border-box;color:rgb(29, 31, 35);width:100%;border-bottom:0px;\\\">\\\n                    <a href=\\\"https://www.pimco.com.tw/zh-tw/insights/economic-and-market-commentary?section=Economic%20and%20Market%20Commentary\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;font-size:0.8em;line-height:19px;margin-bottom:0.4em;vertical-align:top;display:inline-block;text-transform:uppercase;color:rgb(36, 70, 113);clear:both;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><span style=\\\"color:rgb(36, 70, 113);cursor:pointer;font-size:0.8em;line-height:19px;font-family:Roboto Condensed, Roboto, Arial, Microsoft JhengHei, 微軟正黑體, 华文黑体, STHeiti, sans-serif;text-transform:uppercase;speak:none;font-style:normal;font-weight:400;font-variant:normal;vertical-align:top;-webkit-font-smoothing:antialiased;padding-right:0.25em;padding-bottom:0.1em;float:left;\\\"></span>經濟和市場評論</a>\\\n                    <div style=\\\"box-sizing:border-box;margin-bottom:0.5em;\\\">\\\n                        <h1 style=\\\"box-sizing:border-box;margin:0px;padding:0px;color:rgb(29, 31, 35);display:inline;word-break:break-word;line-height:1.2em;font-size:1.375em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\"><a href=\\\"https://www.pimco.com.tw/zh-tw/resources/video-library/media/get-ahead-term-out-your-assets\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;clear:both;color:rgb(29, 31, 35);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">領先⼀步：延⻑你的資產期限<span style=\\\"box-sizing:border-box;position:absolute;width:1px;height:1px;padding:0px;overflow:hidden;clip:rect(0px, 0px, 0px, 0px);white-space:nowrap;clip-path:inset(50%);border:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">(video)</span><span style=\\\"box-sizing:border-box;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><i style=\\\"box-sizing:border-box;font-family:icomoon;speak:none;font-weight:400;font-variant:normal;text-transform:none;line-height:1;-webkit-font-smoothing:antialiased;user-select:none;padding-left:5px;vertical-align:-3px;font-style:normal;\\\"><span style=\\\"font-family:icomoon;font-style:normal;font-weight:400;font-variant:normal;text-transform:none;line-height:1;\\\"></span></i></span></a> </h1>\\\n                        \\\n                        \\\n                    </div>\\\n                    <p style=\\\"box-sizing:border-box;margin:0px;padding:0px;padding-bottom:1em;display:block;line-height:1.2em;font-size:0.95em;overflow:hidden;color:rgb(111, 113, 116);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">隨著央⾏準備降息，尋求更⾼報酬的投資人可能會考慮延長到期⽇，超越傳統現⾦的投...</p>                    \\\n                    <div style=\\\"box-sizing:border-box;color:rgb(150, 150, 150);display:block;font-family:&quot;Roboto Light&quot;, Roboto, Arial, sans-serif;font-size:0.6875em;line-height:1.3em;text-transform:uppercase;\\\">\\\n                        \\\n\\t                    <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                        作者: <a href=\\\"https://www.pimco.com.tw/zh-tw/experts/marc-p-seidner\\\" rel=\\\"author\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;color:rgb(28, 53, 94);display:inline-block;clear:both;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">Marc P. Seidner</a>, <a href=\\\"https://www.pimco.com.tw/zh-tw/experts/kenneth-chambers\\\" rel=\\\"author\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;color:rgb(28, 53, 94);display:inline-block;clear:both;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">Kenneth Chambers</a> \\\n                            <span style=\\\"box-sizing:border-box;display:block;line-height:1em;\\\">2024年04月</span> \\\n\\t\\t                    \\\n\\t\\t                    <span style=\\\"box-sizing:border-box;color:rgb(29, 31, 35);font-size:1.1em;display:block;margin-top:0.5em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"></span>\\\n\\t                    </div>\\\n                    </div>\\\n                    <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"></div>\\\n                </div>\\\n            </div>\\\n        \\\n\\\n            <div style=\\\"margin:0px;overflow:hidden;min-height:100px;margin-bottom:0px;box-sizing:content-box;padding:1.875em 2em;background:0px 0px;border-bottom:1px solid rgb(255, 255, 255);color:rgb(36, 70, 113);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                \\\n                <div style=\\\"box-sizing:border-box;color:rgb(29, 31, 35);width:100%;border-bottom:0px;\\\">\\\n                    <a href=\\\"https://www.pimco.com.tw/zh-tw/insights/economic-and-market-commentary?section=%E6%8A%95%E8%B3%87%E5%A7%94%E5%93%A1%E6%9C%83%E6%84%8F%E8%A6%8B\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;font-size:0.8em;line-height:19px;margin-bottom:0.4em;vertical-align:top;display:inline-block;text-transform:uppercase;color:rgb(36, 70, 113);clear:both;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><span style=\\\"color:rgb(36, 70, 113);cursor:pointer;font-size:0.8em;line-height:19px;font-family:Roboto Condensed, Roboto, Arial, Microsoft JhengHei, 微軟正黑體, 华文黑体, STHeiti, sans-serif;text-transform:uppercase;speak:none;font-style:normal;font-weight:400;font-variant:normal;vertical-align:top;-webkit-font-smoothing:antialiased;padding-right:0.25em;padding-bottom:0.1em;float:left;\\\"></span>投資委員會意見</a>\\\n                    <div style=\\\"box-sizing:border-box;margin-bottom:0.5em;\\\">\\\n                        <h1 style=\\\"box-sizing:border-box;margin:0px;padding:0px;color:rgb(29, 31, 35);display:inline;word-break:break-word;line-height:1.2em;font-size:1.375em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\"><a href=\\\"https://www.pimco.com.tw/zh-tw/resources/video-library/media/what-higher-for-longer-rates-mean-for-investors\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;clear:both;color:rgb(29, 31, 35);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">更高更長的利率對投資人來說意味著什麼<span style=\\\"box-sizing:border-box;position:absolute;width:1px;height:1px;padding:0px;overflow:hidden;clip:rect(0px, 0px, 0px, 0px);white-space:nowrap;clip-path:inset(50%);border:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">(video)</span><span style=\\\"box-sizing:border-box;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><i style=\\\"box-sizing:border-box;font-family:icomoon;speak:none;font-weight:400;font-variant:normal;text-transform:none;line-height:1;-webkit-font-smoothing:antialiased;user-select:none;padding-left:5px;vertical-align:-3px;font-style:normal;\\\"><span style=\\\"font-family:icomoon;font-style:normal;font-weight:400;font-variant:normal;text-transform:none;line-height:1;\\\"></span></i></span></a> </h1>\\\n                        \\\n                        \\\n                    </div>\\\n                    <p style=\\\"box-sizing:border-box;margin:0px;padding:0px;padding-bottom:1em;display:block;line-height:1.2em;font-size:0.95em;overflow:hidden;color:rgb(111, 113, 116);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">PIMCO集團首席投資長，提供投資人債券、股票和現金在面對央行維持高利率下的...</p>                    \\\n                    <div style=\\\"box-sizing:border-box;color:rgb(150, 150, 150);display:block;font-family:&quot;Roboto Light&quot;, Roboto, Arial, sans-serif;font-size:0.6875em;line-height:1.3em;text-transform:uppercase;\\\">\\\n                        \\\n\\t                    <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                        作者: <a href=\\\"https://www.pimco.com.tw/zh-tw/experts/daniel-j-ivascyn\\\" rel=\\\"author\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;color:rgb(28, 53, 94);display:inline-block;clear:both;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">Daniel J. Ivascyn</a>, <a href=\\\"https://www.pimco.com.tw/zh-tw/experts/kimberley-stafford\\\" rel=\\\"author\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;color:rgb(28, 53, 94);display:inline-block;clear:both;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">Kimberley Stafford</a> \\\n                            <span style=\\\"box-sizing:border-box;display:block;line-height:1em;\\\">2024年02月</span> \\\n\\t\\t                    \\\n\\t\\t                    <span style=\\\"box-sizing:border-box;color:rgb(29, 31, 35);font-size:1.1em;display:block;margin-top:0.5em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"></span>\\\n\\t                    </div>\\\n                    </div>\\\n                    <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"></div>\\\n                </div>\\\n            </div>\\\n        \\\n\\\n            <div style=\\\"margin:0px;overflow:hidden;min-height:100px;margin-bottom:0px;box-sizing:content-box;padding:1.875em 2em;background:0px 0px;border-bottom:1px solid rgb(255, 255, 255);color:rgb(36, 70, 113);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                \\\n                <div style=\\\"box-sizing:border-box;color:rgb(29, 31, 35);width:100%;border-bottom:0px;\\\">\\\n                    <a href=\\\"https://www.pimco.com.tw/zh-tw/insights/economic-and-market-commentary?section=%E6%8A%95%E8%B3%87%E5%A7%94%E5%93%A1%E6%9C%83%E6%84%8F%E8%A6%8B\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;font-size:0.8em;line-height:19px;margin-bottom:0.4em;vertical-align:top;display:inline-block;text-transform:uppercase;color:rgb(36, 70, 113);clear:both;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><span style=\\\"color:rgb(36, 70, 113);cursor:pointer;font-size:0.8em;line-height:19px;font-family:Roboto Condensed, Roboto, Arial, Microsoft JhengHei, 微軟正黑體, 华文黑体, STHeiti, sans-serif;text-transform:uppercase;speak:none;font-style:normal;font-weight:400;font-variant:normal;vertical-align:top;-webkit-font-smoothing:antialiased;padding-right:0.25em;padding-bottom:0.1em;float:left;\\\"></span>投資委員會意見</a>\\\n                    <div style=\\\"box-sizing:border-box;margin-bottom:0.5em;\\\">\\\n                        <h1 style=\\\"box-sizing:border-box;margin:0px;padding:0px;color:rgb(29, 31, 35);display:inline;word-break:break-word;line-height:1.2em;font-size:1.375em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\"><a href=\\\"https://www.pimco.com.tw/zh-tw/resources/video-library/media/value-returns-to-fixed-income-markets\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;clear:both;color:rgb(29, 31, 35);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">固定收益市場價值回歸<span style=\\\"box-sizing:border-box;position:absolute;width:1px;height:1px;padding:0px;overflow:hidden;clip:rect(0px, 0px, 0px, 0px);white-space:nowrap;clip-path:inset(50%);border:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">(video)</span><span style=\\\"box-sizing:border-box;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><i style=\\\"box-sizing:border-box;font-family:icomoon;speak:none;font-weight:400;font-variant:normal;text-transform:none;line-height:1;-webkit-font-smoothing:antialiased;user-select:none;padding-left:5px;vertical-align:-3px;font-style:normal;\\\"><span style=\\\"font-family:icomoon;font-style:normal;font-weight:400;font-variant:normal;text-transform:none;line-height:1;\\\"></span></i></span></a> </h1>\\\n                        \\\n                        \\\n                    </div>\\\n                    <p style=\\\"box-sizing:border-box;margin:0px;padding:0px;padding-bottom:1em;display:block;line-height:1.2em;font-size:0.95em;overflow:hidden;color:rgb(111, 113, 116);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">PIMCO集團首席投資長艾達信 (Dan Ivascyn)探討過去兩年的波動...</p>                    \\\n                    <div style=\\\"box-sizing:border-box;color:rgb(150, 150, 150);display:block;font-family:&quot;Roboto Light&quot;, Roboto, Arial, sans-serif;font-size:0.6875em;line-height:1.3em;text-transform:uppercase;\\\">\\\n                        \\\n\\t                    <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                        作者: <a href=\\\"https://www.pimco.com.tw/zh-tw/experts/daniel-j-ivascyn\\\" rel=\\\"author\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;color:rgb(28, 53, 94);display:inline-block;clear:both;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">Daniel J. Ivascyn</a>, <a href=\\\"https://www.pimco.com.tw/zh-tw/experts/kimberley-stafford\\\" rel=\\\"author\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;color:rgb(28, 53, 94);display:inline-block;clear:both;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">Kimberley Stafford</a> \\\n                            <span style=\\\"box-sizing:border-box;display:block;line-height:1em;\\\">2023年12月</span> \\\n\\t\\t                    \\\n\\t\\t                    <span style=\\\"box-sizing:border-box;color:rgb(29, 31, 35);font-size:1.1em;display:block;margin-top:0.5em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"></span>\\\n\\t                    </div>\\\n                    </div>\\\n                    <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"></div>\\\n                </div>\\\n            </div>\\\n        \\\n\\\n            <div style=\\\"margin:0px;overflow:hidden;min-height:100px;margin-bottom:0px;box-sizing:content-box;padding:1.875em 2em;background:0px 0px;border-bottom:1px solid rgb(255, 255, 255);color:rgb(36, 70, 113);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                \\\n                <div style=\\\"box-sizing:border-box;color:rgb(29, 31, 35);width:100%;border-bottom:0px;\\\">\\\n                    <a href=\\\"https://www.pimco.com.tw/zh-tw/insights/economic-and-market-commentary?section=Economic%20and%20Market%20Commentary\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;font-size:0.8em;line-height:19px;margin-bottom:0.4em;vertical-align:top;display:inline-block;text-transform:uppercase;color:rgb(36, 70, 113);clear:both;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><span style=\\\"color:rgb(36, 70, 113);cursor:pointer;font-size:0.8em;line-height:19px;font-family:Roboto Condensed, Roboto, Arial, Microsoft JhengHei, 微軟正黑體, 华文黑体, STHeiti, sans-serif;text-transform:uppercase;speak:none;font-style:normal;font-weight:400;font-variant:normal;vertical-align:top;-webkit-font-smoothing:antialiased;padding-right:0.25em;padding-bottom:0.1em;float:left;\\\"></span>經濟和市場評論</a>\\\n                    <div style=\\\"box-sizing:border-box;margin-bottom:0.5em;\\\">\\\n                        <h1 style=\\\"box-sizing:border-box;margin:0px;padding:0px;color:rgb(29, 31, 35);display:inline;word-break:break-word;line-height:1.2em;font-size:1.375em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\"><a href=\\\"https://www.pimco.com.tw/zh-tw/resources/video-library/media/forecast-favors-fixed-income\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;clear:both;color:rgb(29, 31, 35);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">前景有利於固定收益<span style=\\\"box-sizing:border-box;position:absolute;width:1px;height:1px;padding:0px;overflow:hidden;clip:rect(0px, 0px, 0px, 0px);white-space:nowrap;clip-path:inset(50%);border:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">(video)</span><span style=\\\"box-sizing:border-box;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"><i style=\\\"box-sizing:border-box;font-family:icomoon;speak:none;font-weight:400;font-variant:normal;text-transform:none;line-height:1;-webkit-font-smoothing:antialiased;user-select:none;padding-left:5px;vertical-align:-3px;font-style:normal;\\\"><span style=\\\"font-family:icomoon;font-style:normal;font-weight:400;font-variant:normal;text-transform:none;line-height:1;\\\"></span></i></span></a> </h1>\\\n                        \\\n                        \\\n                    </div>\\\n                    <p style=\\\"box-sizing:border-box;margin:0px;padding:0px;padding-bottom:1em;display:block;line-height:1.2em;font-size:0.95em;overflow:hidden;color:rgb(111, 113, 116);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">了解為何我們認為債券迎來黃金期，並強調分散風險以及優先考慮品質，在當前與未來...</p>                    \\\n                    <div style=\\\"box-sizing:border-box;color:rgb(150, 150, 150);display:block;font-family:&quot;Roboto Light&quot;, Roboto, Arial, sans-serif;font-size:0.6875em;line-height:1.3em;text-transform:uppercase;\\\">\\\n                        \\\n\\t                    <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n                        作者: <a href=\\\"https://www.pimco.com.tw/zh-tw/experts/erin-browne\\\" rel=\\\"author\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;color:rgb(28, 53, 94);display:inline-block;clear:both;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">Erin Browne</a>, <a href=\\\"https://www.pimco.com.tw/zh-tw/experts/emmanuel-s-sharef\\\" rel=\\\"author\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;color:rgb(28, 53, 94);display:inline-block;clear:both;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">Emmanuel S. Sharef</a>, <a href=\\\"https://www.pimco.com.tw/zh-tw/experts/berdibek-ahmedov\\\" rel=\\\"author\\\" style=\\\"box-sizing:border-box;text-decoration:none;cursor:pointer;border-radius:0px;color:rgb(28, 53, 94);display:inline-block;clear:both;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">Berdibek Ahmedov</a> \\\n                            <span style=\\\"box-sizing:border-box;display:block;line-height:1em;\\\">2023年11月</span> \\\n\\t\\t                    \\\n\\t\\t                    <span style=\\\"box-sizing:border-box;color:rgb(29, 31, 35);font-size:1.1em;display:block;margin-top:0.5em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"></span>\\\n\\t                    </div>\\\n                    </div>\\\n                    <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"></div>\\\n                </div>\\\n            </div>\\\n        \\\n            \\\n</div>\\\n        \\\n    \\\n    <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\"></div>\\\n    \\\n \\\n    \\\n    \\\n    \\\n    \\\n    \\\n</div>\\\n\\\n\\\n\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n\\t\\\n</div></div><div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n</div>\\\n\\\n\\\n\\\n            \\\n          \\\n        \\\n        \\\n\\\n\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n\\t\\\n</div></div><div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n</div>\\\n\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n\\t\\\n</div></div><div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n</div>\\\n\\\n\\\n\\\n\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n\\t\\\n</div></div>\\\n                        </div>\\\n                    </div>\\\n\\\n                    <div style=\\\"box-sizing:border-box;\\\">\\\n                        <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n</div>\\\n\\\n\\\n<div style=\\\"box-sizing:border-box;overflow:hidden;clear:both;margin:2.5em 1.25em 0px;padding:0px 0px 1.25em;background:0px 0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n    <div style=\\\"box-sizing:border-box;border-bottom:1px solid rgb(223, 226, 228);overflow:hidden;border-top:none;\\\">\\\n        <h1 style=\\\"box-sizing:border-box;margin:0px;text-transform:uppercase;font-size:1em;line-height:1em;padding:1.25em 0px 1.25em 2.75em;text-align:left;color:rgb(58, 63, 67);font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;font-weight:700;\\\">注意 </h1>\\\n    </div>\\\n    <div style=\\\"box-sizing:border-box;margin:0px;position:relative;transition:none 1s;max-height:none;overflow:visible;visibility:visible;padding:1.25em 2.75em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n        <div style=\\\"box-sizing:border-box;margin:0px;padding:0px;width:100%;visibility:visible;display:block;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n            \\\n\\\n            \\\n\\\n            <p style=\\\"box-sizing:border-box;margin:0px;padding:0px;padding-bottom:1em;font-size:0.8em;line-height:1.6em;color:rgb(58, 63, 67);letter-spacing:0.03em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n<strong style=\\\"box-sizing:border-box;font-style:normal;font-weight:700;font-family:&quot;Roboto Condensed Bold&quot;, Roboto, Arial, sans-serif;\\\">\\\n過往績效並非未來業績的保證或可靠指標。</strong>投資<strong style=\\\"box-sizing:border-box;font-style:normal;font-weight:700;font-family:&quot;Roboto Condensed Bold&quot;, Roboto, Arial, sans-serif;\\\">債券市場</strong>的各項風險包括了市場風險、利率風險、發行人風險、信用風險、通貨膨脹風險以及流動性風險。多數債券與債券投資策略的價值，均受到利率變動所影響。存續期較長的債券與債券投資策略，其敏感與波動程度多半高於存續期較短者；利率攀升期間，債券價格大致走低，至於目前的低利率環境也會提升這種風險。目前的債券交易對手容量降低，也有可能導致市場流動性降低，並提升價格波動程度。債券投資的贖回價值，可能高於也可能低於原始購債成本。投資於<strong style=\\\"box-sizing:border-box;font-style:normal;font-weight:700;font-family:&quot;Roboto Condensed Bold&quot;, Roboto, Arial, sans-serif;\\\">外幣計價及/或海外註冊證券</strong>，諸如匯率波動以及經濟和政治風險均可能導致投資風險增加，且新興市場的這種情況可能更加明顯。<strong style=\\\"box-sizing:border-box;font-style:normal;font-weight:700;font-family:&quot;Roboto Condensed Bold&quot;, Roboto, Arial, sans-serif;\\\">不動產抵押貸款證券和資產擔保證券</strong>可能對利率變動表現敏感，或須承受提早還款風險。儘管有關有價證券一般由政府、政府機構或私人擔保人提供擔保，但並不保證擔保人將履行其責任。<strong style=\\\"box-sizing:border-box;font-style:normal;font-weight:700;font-family:&quot;Roboto Condensed Bold&quot;, Roboto, Arial, sans-serif;\\\">非投資等級債、較低評等證券</strong>的風險，大於較高評等的證券；投資於此類證券的投資組合所承擔之信用和流動性風險，可能超過了未投資此類證券的投資組合。源自於<strong style=\\\"box-sizing:border-box;font-style:normal;font-weight:700;font-family:&quot;Roboto Condensed Bold&quot;, Roboto, Arial, sans-serif;\\\">地方政府債券</strong>的收益，可能必須繳納州政府及地方稅款，特定情況下則可適用最低稅率。部分美國政府債券已獲得政府當局賦予全額信譽擔保。至於<strong style=\\\"box-sizing:border-box;font-style:normal;font-weight:700;font-family:&quot;Roboto Condensed Bold&quot;, Roboto, Arial, sans-serif;\\\">美國政府</strong>機構與公家機關債券所獲擔保程度則高低有別，但通常並未獲得美國政府的全額信譽擔保。投資組合若是投資此類機構債券，即不享有全部保障，且將歷經價值波動。政府發行的<strong style=\\\"box-sizing:border-box;font-style:normal;font-weight:700;font-family:&quot;Roboto Condensed Bold&quot;, Roboto, Arial, sans-serif;\\\">通膨連結債券(ILB)</strong>為固定收益證券，係依據通膨率定期調整其本金價值；實質利率上升期間，ILB 的價值隨之下降。美國政府發行的<strong style=\\\"box-sizing:border-box;font-style:normal;font-weight:700;font-family:&quot;Roboto Condensed Bold&quot;, Roboto, Arial, sans-serif;\\\">美國抗通膨公債 (TIPS)</strong>即是 ILB。<strong style=\\\"box-sizing:border-box;font-style:normal;font-weight:700;font-family:&quot;Roboto Condensed Bold&quot;, Roboto, Arial, sans-serif;\\\">多元分散</strong>佈局概不保證絕對免於損失。</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;padding:0px;padding-bottom:1em;font-size:0.8em;line-height:1.6em;color:rgb(58, 63, 67);letter-spacing:0.03em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n本項資料之發佈僅供資訊參考之用，不得視同投資建議，亦不得視為特定證券、策略或投資產品之推薦或勸誘。本文件內所有資訊均得自於可靠程度經過研判之各項來源，惟不保證必然無誤。未經明文書面同意，不得以任何形式重製或在其他刊物引述或摘用本項資料任何部分之內容。\\\n</p>\\\n<p style=\\\"box-sizing:border-box;margin:0px;padding:0px;padding-bottom:1em;font-size:0.8em;line-height:1.6em;color:rgb(58, 63, 67);letter-spacing:0.03em;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">CMR2017-090-287547</p>\\\n        </div>\\\n    </div>\\\n</div>\\\n\\\n<div style=\\\"box-sizing:border-box;margin:0px;padding:0px;font-family:&quot;Roboto Condensed&quot;, Roboto, Arial, &quot;Microsoft JhengHei&quot;, 微軟正黑體, 华文黑体, STHeiti, sans-serif;\\\">\\\n\\\n\\t\\\n</div></div>\\\n                    </div>\\\n                </div></div></div></div></span></div></div></div></div></div>\\\n</span>\\\n</div></body></html>\\u0000\"]],\"start1\":0,\"start2\":0,\"length1\":0,\"length2\":97520}]"
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updated_time: 2025-11-28T16:20:18.683Z
created_time: 2025-11-28T16:20:18.683Z
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