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title_diff: "[{\"diffs\":[[1,\"一位谦逊的投资者分享：把“承认无知”，变为你的最大优势\"]],\"start1\":0,\"start2\":0,\"length1\":0,\"length2\":27}]"
body_diff: "[{\"diffs\":[[1,\"<html>\\\r\\\n<head>\\\r\\\n  <title>一位谦逊的投资者分享：把“承认无知”，变为你的最大优势</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  <meta name=\\\"content-class\\\" content=\\\"yinxiang.peso.superNote\\\"/>\\\r\\\n  <meta name=\\\"application-data:yinxiang.noteLayout\\\" content=\\\"{\\\"lineSpace\\\":\\\"recommend\\\",\\\"paragraphSpace\\\":\\\"recommend\\\"}\\\"/>\\\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=\\\"47571\\\"></a>\\\r\\\n<h1>一位谦逊的投资者分享：把“承认无知”，变为你的最大优势</h1>\\\r\\\n\\\r\\\n<div><span style=\\\"margin:0px;\\\"><div style=\\\"padding:8px 0px;margin:8px auto;max-width:700px;\\\"> <div><span></span></div>\\\n<p></p>\\\n<div style=\\\"--en-blockquote:true;box-sizing: border-box; padding-left: 19px; padding-top: 6px; padding-bottom: 6px; border-left: 3px solid #b4c0cc; background-position: initial initial; background-repeat: initial initial; margin-top: 6px\\\"><div>原文链接: <a href=\\\"https://mp.weixin.qq.com/s?__biz=MzA5MjE3ODgzNA==&amp;mid=2652382722&amp;idx=1&amp;sn=65bf9f0529ce0bab7dc1fa1d78104b4c&amp;chksm=8a9947b8cf42cf15cd55327dfed7ff7b9ece5c537198d5e72bd1ce563220dae9666ed79d9552&amp;mpshare=1&amp;scene=1&amp;srcid=1015uCMb4PArpzb6w40pWT7U&amp;sharer_shareinfo=c21584dfa61ffcdcfb39d7b0b9ef5d2c&amp;sharer_shareinfo_first=c21584dfa61ffcdcfb39d7b0b9ef5d2c#rd\\\"><span>https://mp.weixin.qq.com/s?__biz=MzA5MjE3ODgzNA==&amp;mid=265238...</span></a></div></div>\\\n<p></p>\\\n<div><span></span></div>\\\n<div style=\\\"-webkit-tap-highlight-color:transparent;\\\"><div style=\\\"-webkit-tap-highlight-color:transparent;\\\"><div style=\\\"-webkit-tap-highlight-color:transparent;\\\"><h1 style=\\\"margin:0;-webkit-tap-highlight-color:transparent\\\"> 一位谦逊的投资者分享：把“承认无知”，变为你的最大优势</h1><div style=\\\"-webkit-tap-highlight-color:transparent;\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><a style=\\\"position:relative;-webkit-tap-highlight-color:transparent\\\"> 雪球 </a></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><em style=\\\"-webkit-tap-highlight-color:transparent\\\"></em></span></div><div style=\\\"-webkit-tap-highlight-color:transparent;\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;text-align:center\\\"><a style=\\\"-webkit-tap-highlight-color:transparent\\\"><img src=\\\":/9996a6a511e14e18bc9cf24b8450980c\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" style=\\\"--en-marks:%7B%22align%22%3A%22center%22%7D;-webkit-tap-highlight-color:transparent\\\"/></a><span style=\\\"-webkit-tap-highlight-color:transparent;margin:0;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;color:rgb(136,136,136);font-size:13px;letter-spacing:0.544px;caret-color:rgb(53,53,53);pointer-events:initial;__visibility:visible\\\">↑点击上面图片 加雪球核心交流群</span><span style=\\\"-webkit-tap-highlight-color:transparent;margin:0;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;color:rgb(136,136,136);font-size:13px;letter-spacing:0.544px;caret-color:rgb(53,53,53);pointer-events:initial;__visibility:visible\\\">↑</span></span><p style=\\\"-webkit-tap-highlight-color:transparent;margin:8px;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;clear:both;min-height:1em;font-family:&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;font-size:17px;font-style:normal;font-variant-ligatures:normal;font-variant-caps:normal;font-weight:400;orphans:2;text-align:justify;text-indent:0;text-transform:none;widows:2;word-spacing:0;-webkit-text-stroke-width:0;white-space:normal;background-color:rgb(255,255,255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;letter-spacing:0.578px;line-height:1.75em;__visibility:visible;pointer-events:initial;color:rgb(163,163,163) !important\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;margin:0;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;font-size:13px;caret-color:rgb(53,53,53);color:rgb(136,136,136);pointer-events:initial;letter-spacing:0.544px;__visibility:visible;display:inline-block;text-indent:initial\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;margin:0;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;__visibility:visible;pointer-events:initial\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:14px\\\">风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。</span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:8px;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;clear:both;min-height:1em;font-family:&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;font-size:17px;font-style:normal;font-variant-ligatures:normal;font-variant-caps:normal;font-weight:400;orphans:2;text-indent:0;text-transform:none;widows:2;word-spacing:0;-webkit-text-stroke-width:0;white-space:normal;background-color:rgb(255,255,255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;text-align:right;letter-spacing:0.578px;line-height:1.75em;__visibility:visible;pointer-events:initial;color:rgb(163,163,163) !important\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;margin:0;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;font-size:13px;caret-color:rgb(53,53,53);color:rgb(136,136,136);pointer-events:initial;letter-spacing:0.544px;__visibility:visible;display:inline-block;text-indent:initial\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;margin:0;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;__visibility:visible;pointer-events:initial\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:14px\\\">作者：</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\">炼金女王</span><span style=\\\"-webkit-tap-highlight-color:transparent;margin:0;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;color:rgba(0,0,0,0.9);font-size:17px;letter-spacing:0.034em;__visibility:visible\\\"><br style=\\\"-webkit-tap-highlight-color:transparent\\\"/></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:8px;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;clear:both;min-height:1em;color:rgba(0,0,0,0.9);font-family:&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;font-size:17px;font-style:normal;font-variant-ligatures:normal;font-variant-caps:normal;font-weight:400;letter-spacing:0.544px;orphans:2;text-indent:0;text-transform:none;widows:2;word-spacing:0;-webkit-text-stroke-width:0;white-space:normal;background-color:rgb(255,255,255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;line-height:1.75em;text-align:right;__visibility:visible;pointer-events:initial\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;margin:0;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;letter-spacing:0.5px;font-size:13px;__visibility:visible;color:rgb(136,136,136);pointer-events:initial\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;margin:0;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;__visibility:visible;pointer-events:initial\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:14px\\\">来源：雪球</span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">有幸在假期看Daniel Rasmussen的</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">《</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">The Humble Investor</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">》（谦逊的投资者）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">有别于定性的投资书籍</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">Rasmussen提出的投资洞见都是通过实证研究与市场实践验证的可复制框架</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">而非主观臆测</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">开篇他就讲了</span></span><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">人类几乎无法预测未来</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">投资是</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">‘</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">元分析游戏</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">’</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">研究市场如何犯错</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">而非预测游戏</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">Daniel Rasmussen毕业于哈佛大学和斯坦福大学</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">职业起步于桥水基金和贝恩资本</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">在2014年创立了Verdad基金</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">目前管理着10亿美元资金</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">近期新建了日本小盘股基金</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">《</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">The Humble Investor</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">》</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">的核心价值在于将</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">承认无知</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">转化为</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">投资优势</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">——</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\"> 通过识别规律</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">而非预测</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">聚焦极端定价的资产</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">特别是小盘价值股</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">构建全天候资产组合</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">进阶版布朗组合</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span></b><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">在不确定性中捕捉确定性收益</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">其理念与Daniel Kahneman的</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">系统1与系统2</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">理论呼应</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">主张用</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">慢思考</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">替代</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">快直觉</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">最终实现长期复利</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">Daniel Rasmussen</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">投资的终极目标是找到一种方法</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">既能产生与股票相似的回报</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">又能使其波动性更加合理</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">同时又不会出现投资者容易惊慌失措</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">做出错误决策的大幅回撤</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">Rasmussen对以上目标进行了回答</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">并在</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">《</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">The Humble Investor</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">》</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">毫无保留地分享了出来</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">为了更好地提炼要点</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">我认真读了两遍</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">Rasmussen主要分享了他对</span></span><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">市场本质</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">周期定位</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">资产选择与组合构建</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span></b><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">的研究</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">我也将从这几个维度进行提炼</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">本文共分两个部分</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">第一个部分是直接呈现高度凝练的结论</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">；</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">第二个部分则是更夯实的定量支撑和操作指南</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">适配中国市场</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">作者提供的数据以30-50年为主</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">实证性较强</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">本文耗时13个小时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">总字数在8692字</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">小懒猫可以直接看第一部分</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">；</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">有耐心的宝子可同步看第二部分</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">如果没时间可先做收藏</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">空了再看</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></p><h4 style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em;text-align:center\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(46,122,251);font-weight:bold\\\">第一部分</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(46,122,251);font-weight:bold\\\">：</span></span></span></span></b></h4><h4 style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">《</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">The Humble Investor</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">》</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">的八大投资要点</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></b></h4><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">1</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">大部分人不具备预测的能力</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">当然世界上一定存在一些天赋异禀的人</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">不如识别规律</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">研究市场如何犯错</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">获取概率优势</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">2</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">利差和通胀是识别周期的有效信号</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">是霍华德马克斯的</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">《</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">周期</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">》</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">的极简量化版</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">1</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高收益利差放大</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高配防御型资产</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">；</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高收益利差收窄</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高配小盘价值股和大宗商品</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">2</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">60/40组合存在BUG</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高通胀期股债同跌</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">未降低股票风险敞口</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">通胀上升期</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">优先配置大宗商品</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">原油</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">能源和工业金属的价格弹性高</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黄金</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黄金在极端通胀和地缘风险中具备不可替代性</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">新兴市场股票</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">资源出口国受益</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">通缩周期</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">超配长期国债</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">利率下行推升债券价格</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高股息蓝筹股</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">必需消费</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">公用事业等板块盈利稳定</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">股息率高</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但需规避高杠杆企业</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">如地产</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">航空</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">3</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">估值变化奖励廉价股票</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">惩罚昂贵股票</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">是全球股市最显著的反复特征之一</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">长期来看</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高盈利股在扩张期领跑</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">小盘价值股在复苏期爆发</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高分红蓝筹股在防御期抗跌</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">低资本投入股在衰退期稳定</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">组合起来可穿越牛熊</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">价值</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">和</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">盈利能力</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">因子长期来看能超越大盘</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">4</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">危机往往孕育机会</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">机会常裹挟泡沫</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">！</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">5</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高质量小盘股</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">特别是</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">低估值+净现金</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">具备极佳投资机会</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">！</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">6</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">长期来看</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜油价格关系正相关</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">7</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黄金</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">从避险工具到战略资产</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">！</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黄金的终极价值在于它是唯一无法被任何政府或央行操纵的资产</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">8</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">投资组合中添加货币和大宗商品有助于降低波动性和最大回撤并提高回报率</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><h4 style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em;text-align:center\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(46,122,251);font-weight:bold\\\">第二部分</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(46,122,251);font-weight:bold\\\">：</span></span></span></span></b></h4><h4 style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">精解</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">《</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">The Humble Investor</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">》</span></span></span></span></b></h4><h4 style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em;text-align:center\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">1</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">市场本质</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">不可预测</span></span></b></h4><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">人类对复杂系统的认知存在天然局限</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">宏观经济</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">政策变化</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黑天鹅事件均无法精准预判</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">市场本质是</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">群体心理的共振</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">而非</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">理性定价的集合</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">&quot;利率有涨有跌</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">股市有兴有衰</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但人类心理始终不变</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">研究人们如何看待和应对市场</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">尤其是研究投资者最常犯的错误</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">能够让我们在这个充满变数的世界中获得优势&quot;</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">投资者应放弃</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">战胜市场</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\"> 的执念</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">转向研究</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">市场如何犯错</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">我们一次又一次地看到同样的现象</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">人类高估了自己预测未来的能力</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">我们总是错误地依赖糟糕的预测来判断未来</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">而</span></span><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">最大的错误在于我们一开始就相信自己能够做出准确的预测</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">我们不够谦虚</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">正如经济学家H</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">·</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">伍迪</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">·</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">布洛克所指出的</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">错误</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">和</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">预测误差</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">这两个词在任何现代金融理论教科书的索引中都没有出现</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">如果大多数市场参与者大多数时候都是错误的</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">那么通往胜利的道路就需要分析市场中蕴含的预测</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">并在投资者的观点过于一致地乐观或悲观时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">选择交易的另一端</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">这表明</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">最好的投资策略并非源于才华横溢</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">洞察力或远见卓识</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">而是源于坦然接受我们对未来的了解是多么有限</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">然后利用他人高估自身远见的倾向</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">我称之为对抗傲慢</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">Rasmussen认为投资者的优势并非来自于准确预测市场走势</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">而是来自于三个方面</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">基本面分析而非预测</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">谦逊而非傲慢</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">遵循经过验证的规则而非教条</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">这种理念的转变意味着投资者需要从&quot;主动预测者&quot;转变为&quot;被动适应者&quot;</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">从&quot;追求完美&quot;转变为&quot;追求概率优势&quot;</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><h4 style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em;text-align:center\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">2</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">周期定位</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">利差与通胀的信号作用</span></span></b></h4><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">Rasmussen提出的利差与通胀的信号作用与霍华德马克斯的信贷周期理论在本质上高度一致</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但Rasmussen通过量化指标</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">如信用利差</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">通胀预期</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">实现了更细化的周期定位</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">对我们来说是很好的补充</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></p><h4 style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">1</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">高收益利差</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">High Yield Spread</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">）</span></span></span></span></b></h4><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">规律一</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高收益利差放大</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高配防御型资产</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">；</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高收益利差收窄</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高配小盘价值股和大宗商品</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:12px;letter-spacing:0.5px;color:rgb(136,136,136)\\\">数据</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:12px;letter-spacing:0.5px;color:rgb(136,136,136)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:12px;letter-spacing:0.5px;color:rgb(136,136,136)\\\">1990-2023</span></span></b></p><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;line-height:1.75em;letter-spacing:0.034em;font-style:normal;font-weight:normal;margin:16px 8px\\\"><img src=\\\":/5bb75ec089704030bb46e76e8229e0a7\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks:%7B%22align%22%3A%22center%22%7D;-webkit-tap-highlight-color:transparent;box-sizing:border-box;border-style:none\\\"/></span><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">我发现预测超额回报的最佳工具是高收益利差的水平和趋势</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高收益债券利差上升预示着美国国债的回报会上升</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">1990-2025</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">利差扩大反映企业违约风险上升</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">投资者转向国债避险</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">推动国债价格上涨</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">美国国债收益率与名义GDP挂钩</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">因此GDP放缓意味着收益率下降</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">从而导致债券价格上涨</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">只有在利差上升时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">美国国债才会有正回报</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">小盘股</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">石油和铜在利差下降时的回报率远高于利差上升时的回报率而在利差上升期间</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">石油和铜的回报几乎为正</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高收益利差</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">High Yield Spread</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">公式</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高收益债利差</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">OAS</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">=高收益债收益率−同期美国国债收益率</span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">例</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">若BB级高收益债收益率为7%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">10年期美债收益率为4%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">则利差为3% 或 300bps</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">Rasmussen实证的出的结论是最高等级的收益率并不及中低档的</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">这里需要引起重视</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">中国市场替代公式</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高收益债利差</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">中国信用债利差</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高评级债</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">风险阈值80-100BP</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">配置阈值 30-40BP</span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">中低评级债</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">危机预警300-400BP</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">修复配置150-200BP</span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">以美国为例</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">分两类情况</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">：</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">利差放大</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">＞600bps</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">预示经济衰退风险</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">是</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">恐慌性买入信号</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">利差上升时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">资金从高风险小盘股转向国债等避险资产</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">此时应超配防御性资产</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">如长期国债</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黄金</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">低配高风险资产</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">如垃圾债</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">小盘价值股</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">利差收窄</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">＜300bps</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">反映经济复苏预期</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">可加仓顺周期资产</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">如小盘价值股</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">大宗商品</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">小盘股</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">——</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">因高贝塔属性</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">β≈1.2</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">更受益于风险偏好回升</span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">1990-2025 年</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">利差上升时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">罗素2000年化回报率仅4.7%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">跑输标普500的6.2%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">当利差同比下降时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">罗素2000指数年化回报率为12.3%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">远超标普500的8.1%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">石油与铜</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">——</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">利差下降伴随经济复苏</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">工业需求增加推升铜价</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">；</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">原油则受益于运输与制造业活动扩张</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">1990-2025 年</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">利差同比下降时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">原油</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">WTI</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">年化回报率为15.2%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">利差上升时仅 6.1%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">；</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">LME</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">年化回报率为18.7%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">利差上升时仅 3.5%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></p><h4 style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">2</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">通胀与通缩</span></span></b></h4><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">一般而言</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">60/40组合是建立在股票和债券呈现反比的情况下而成立的</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但Rasmussen的研究方向</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">股票和债券并非一直反比</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">存在异像</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;line-height:1.75em;letter-spacing:0.034em;font-style:normal;font-weight:normal;margin:16px 8px\\\"><img src=\\\":/35e71ecc1c1a4f64a3b4ab7052d019f7\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks:%7B%22align%22%3A%22center%22%7D;-webkit-tap-highlight-color:transparent;box-sizing:border-box;border-style:none\\\"/></span><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">规律二</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">60/40组合存在BUG</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高通胀期股债同跌</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">未降低股票风险敞口</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">股票和债券对增长冲击的反应方向相反</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">股票上涨</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">债券下跌</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">增长放缓时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">债券作为避险资产与股票负相关</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">股票和债券对通胀冲击的反应方向则相同</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">股票下跌</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">债券通常跌幅更大</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高通胀引发紧缩预期</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">股债均受利率上行压制而正相关</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">通胀越高</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">未来通胀的不确定性越高</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">股票和债券走势越有可能趋于一致</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">当核心通胀率平均高于4%时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">股票和债券的相关性呈正相关</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">几乎没有例外</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">简而言之</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高通胀通过利率预期</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">盈利恶化和政策不确定性压制股债</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">导致两者同跌</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">60/40 组合在低通胀期有效</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但高通胀期需调整配置</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">增加抗通胀资产以分散风险</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">具体落地时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">我们可以关注以下指标</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">增长指标</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">官方制造业PMI</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">&gt;50 代表经济扩张</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">&lt;50 代表收缩</span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">社融增速</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">&gt;10% 代表信用扩张</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">其拐点领先GDP增速约3-6 个月</span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">通胀指标</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">PPI</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">工业品出厂价格</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">&gt;3% 代表上游通胀压力</span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">CPI</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">消费品价格</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">&gt;2% 代表下游通胀</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">中国CPI波动较小</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">2025年均值2.1%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">通胀上升期</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">优先配置大宗商品</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">原油</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">能源和工业金属的价格弹性高</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黄金</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黄金在极端通胀和地缘风险中具备不可替代性</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">新兴市场股票</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">资源出口国受益</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">通缩周期</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">超配长期国债</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">利率下行推升债券价格</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高股息蓝筹股</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">必需消费</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">公用事业等板块盈利稳定</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">股息率高</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但需规避高杠杆企业</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">如地产</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">航空</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:12px;letter-spacing:0.5px;color:rgb(136,136,136)\\\">数据</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:12px;letter-spacing:0.5px;color:rgb(136,136,136)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:12px;letter-spacing:0.5px;color:rgb(136,136,136)\\\">1970-2020</span></span></p><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;line-height:1.75em;letter-spacing:0.034em;font-style:normal;font-weight:normal;margin:16px 8px\\\"><img src=\\\":/1d27dd0f4b344cda84b8f6c1a68af916\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks:%7B%22align%22%3A%22center%22%7D;-webkit-tap-highlight-color:transparent;box-sizing:border-box;border-style:none\\\"/></span><h4 style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em;text-align:center\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">3</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">资产选择</span></span></b></h4><h4 style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">——</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">股票部分</span></span></b></h4><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">规律三</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">均值回归</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">估值变化奖励廉价股票</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">惩罚昂贵股票</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">是全球股市最显著的反复特征之一</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">尽管股市的走向难以预测</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">公司的未来收益也同样难以预测</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但仔细研究市场历史</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">可以发现一些反复出现的模式</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">估值变化奖励廉价股票</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">惩罚昂贵股票</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">是全球股市最显著的反复特征之一</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">从日本到欧洲</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">从加拿大到巴西</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">在所有有股票交易的地方都能看到这种变化</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">这种模式反复出现</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">部分原因在于人性的一致性</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">我们天生就想要规划</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">想要预测未来</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">而且由于这一发现意义重大</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">大多数投资者使用基于历史数据的增长预测来评估股票价值</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但这些历史数据对于洞察未来增长毫无用处</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">因此</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">为了在股票投资中获得优势</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">我们需要停止使用糟糕的模型</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">我们需要停止预测收入和利润增长</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">停止构建折现现金流模型</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">相反</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">我们需要专注于我们目前所掌握的</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">能够帮助我们做出正确决策的知识</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">我们今天所知的最重要的事情是当前的估值</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">这些估值很重要</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">尤其是在投资小型公司时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">廉价股票之所以便宜</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">是因为投资者对未来盈利能力持悲观态度</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但正如我们所见</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">未来利润难以预测</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">这可能导致悲观情绪过度</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">事实上</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">许多价值股在一两年后会随着预测更新以反映新信息而重新估值</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span></p><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;line-height:1.75em;letter-spacing:0.034em;font-style:normal;font-weight:normal;margin:16px 8px\\\"><img src=\\\":/b7454e73969b4d808e3e1bd493cc8b80\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks:%7B%22align%22%3A%22center%22%7D;-webkit-tap-highlight-color:transparent;box-sizing:border-box;border-style:none\\\"/></span><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">规律四</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">危机往往孕育机会</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">机会常裹挟泡沫</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">！</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">戈茨曼研究了1692年至2015年期间的101个全球股市</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">并提出理论</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">超过50%的跌幅代表</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">负泡沫</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">此后股票回报率往往非常高在跌幅达到50%之后的一年里</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">回报率超过18%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">投资者不太可能在规模较小的危机后获得显著收益</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">跌幅达到0%至40%后</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">回报可能为负</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但真正的</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">贱卖</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">却能带来丰厚的回报</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;line-height:1.75em;letter-spacing:0.034em;font-style:normal;font-weight:normal;margin:16px 8px\\\"><img src=\\\":/3c867e6a65cd441f955dd911f4c7bda1\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks:%7B%22align%22%3A%22center%22%7D;-webkit-tap-highlight-color:transparent;box-sizing:border-box;border-style:none\\\"/></span><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">危机期间</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">市场恐慌</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">投资者预测未来情况恶化的可能性也过于相似</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但谦逊的投资者知道</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">这些可怕的预测不太可能成真</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">就像股市狂热时期的狂热幻想一样不可能</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">只要保持冷静的头脑</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">关注危机后的长期复苏速度</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">投资者就能获得可观的超额回报</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">只需在其他人抛售时买入</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">避免恐慌情绪在社会蔓延</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">在个股层面</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">估值范围远超我们无法预测未来收益的合理范围</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">——</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">这解释了价值溢价的合理性</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">这一点在各个时间和市场中都得到了充分的证明</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">在资产类别层面</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">当所有投资者都对同一种未来观点感到兴奋时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">泡沫就诞生了</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">——</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">例如</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">互联网公司将统治世界</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">或者每个人都将驾驶电动汽车</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">而当投资者同时陷入恐慌</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">对经济未来变得极度悲观时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">危机就发生了</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">规律五</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">价值</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">和</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">盈利能力</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">因子长期来看能超越大盘</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">大多数投资者使用基于历史数据的增长预测来评估股票价值</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但这些历史数据对于洞察未来增长毫无用处</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">数据来看</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">增长</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">因子的表现和稳定性远不如</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">价值</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">和</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">盈利能力</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">因子</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">基于这两个核心特征构建的股票投资组合有机会随着时间的推移超越大盘</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span></b></p><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;line-height:1.75em;letter-spacing:0.034em;font-style:normal;font-weight:normal;margin:16px 8px\\\"><img src=\\\":/3c6d7000899e4a27a8fcbce11757ea17\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks:%7B%22align%22%3A%22center%22%7D;-webkit-tap-highlight-color:transparent;box-sizing:border-box;border-style:none\\\"/></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;line-height:1.75em;letter-spacing:0.034em;font-style:normal;font-weight:normal;margin:16px 8px\\\"><img src=\\\":/9e0bea2f5baa4915a5b03e2976eb7fb2\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks:%7B%22align%22%3A%22center%22%7D;-webkit-tap-highlight-color:transparent;box-sizing:border-box;border-style:none\\\"/></span><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">——</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">价值因子</span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">估值低于内在价值</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">Rasmussen喜欢用估值倍数</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">即</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">TEV/EBITDA</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">会以标普500价值指数为基准</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">强调</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">估值低于历史30%分位</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">排名靠前的十分之一的公司通过市盈率的变化带来回报</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">这些公司的资产增长乏力</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">毛利/资产比率也未见改善</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但估值市盈率却显著提升</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">这反映了我们对价值运作机制的理解</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">低市盈率通常反映出盈利不佳</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">不过</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">尽管盈利可能持续疲软</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但其估值水平已不及估值时那么糟糕</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">因此市盈率有所提升</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;line-height:1.75em;letter-spacing:0.034em;font-style:normal;font-weight:normal;margin:16px 8px\\\"><img src=\\\":/d7a5beb364414b01a4e7a542f9ceaafe\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks:%7B%22align%22%3A%22center%22%7D;-webkit-tap-highlight-color:transparent;box-sizing:border-box;border-style:none\\\"/></span><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">——</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">盈利能力因子</span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">盈利能力</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">以毛利润/资产比率定义</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">是衡量企业内在质量的有力指标</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">我们也可以用ROIC</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">这些股票在很大程度上并非价值股</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但它们的投资回报率很高</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">并且随着时间的推移</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">其复合收益率也颇具吸引力</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">具体指标</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">ROIC</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">投入资本回报率</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">＞15%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">净利润率＞10%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">且盈利增长稳定</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">过去5年增速波动＜20%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">这类公司的护城河深厚</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">抗周期能力强</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">价值型投资和盈利型投资都能带来回报</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但它们的运作机制不同</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">价值更多靠外部驱动</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">而盈利能多靠内生驱动</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">通常运作时间也不同</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">它们选择的公司类型也完全不同</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">并且需要不同程度的主动管理</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但重要的是</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">价值型投资和盈利型投资的相似之处在于它们都不考虑增长</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">当你将价值视为基于当前财务状况的倍数</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">将盈利视为毛利润/资产时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">你就能以与那些痴迷于增长的人截然不同的视角看待世界</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">因为增长本质上是不可预测的</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">这些模型假设我们可以预测未来几年的收入和利润增长</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但我已经证明</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">收入和利润增长既不是持久的</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">也不是可预测的</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">由于价值源于市场估值</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">而市场估值波动较大</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">而盈利能力源于公司盈利能力</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">而公司盈利能力变化较慢</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">因此盈利能力组合中的公司留在盈利能力组合中的周转率往往低于价值组合中的公司</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">3P股票的周转率也更高</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">关于盈利能力因子</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">根据不同周期</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">可结合</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">investment</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">因子</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">虽然Rasmussen可能会选择将其作为</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">做空</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">因子</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但我们可以用规避的方式来操作</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></p><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;line-height:1.75em;letter-spacing:0.034em;font-style:normal;font-weight:normal;margin:16px 8px\\\"><img src=\\\":/f9415212a0764fe1aa368673fcb8d784\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks:%7B%22align%22%3A%22center%22%7D;-webkit-tap-highlight-color:transparent;box-sizing:border-box;border-style:none\\\"/></span><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">什么是</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">investment</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">因子</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">？</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">一个词就是</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">资本投入</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">收益最大化就是</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高盈利能力+低资本投入</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">轻资产模式</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">最后反应在现金流上</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">资本投入因子运用公式</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">再投资率</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">资本支出 / 经营活动现金流</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">＜30%</span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">资产周转率</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">营业收入 / 总资产</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">＞1.5</span></span></p><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;line-height:1.75em;letter-spacing:0.034em;font-style:normal;font-weight:normal;margin:16px 8px\\\"><img src=\\\":/a07a89f529d14ff8b1782ec3f72a919f\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks:%7B%22align%22%3A%22center%22%7D;-webkit-tap-highlight-color:transparent;box-sizing:border-box;border-style:none\\\"/></span><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高盈利能力公司回报的主要驱动力是资产增长</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高盈利能力公司通常通过扩大规模来实现回报</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">毛利/资产比率的下降会被估值倍数的上升所抵消</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但是机会往往产生在资本投入逐步变少</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">而收入却在持续增长</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">；</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">当我们发现公司资本支出巨大</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">现金流减少就要小心了</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">这种公司要暂时回避</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">历史经验为这些技术创新浪潮中的投资者敲响了警钟</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">研究人员发现</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">在技术创新浪潮的最初几年</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">生产力的提升主要集中在创新者身上</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">——</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但三到五年后</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">非创新者也会融入新技术</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">并体验到自身的生产力提升</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">此外</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">创新者往往会被资本淹没</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">然后相对于中位数公司</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">其投资支出会增加5-6%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">相比之下</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">为了吸引资本</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">非创新者往往会增加资本支出</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">股息和去杠杆</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">并相对于中位数公司</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">其支出会减少7-13%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">这意味着</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">创新者最终会因为过去的创新而股价上涨</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">进而过度投资</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">；</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">而落后者则会提高股息和回购</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">并因稍晚采用创新技术而获益</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">Zoom或许通过简化视频通话获得了初步回报</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但许多其他公司却通过实施在家办公政策和减少办公空间等措施提高了利润率</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">规律六</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高质量小盘股具备极佳投资机会</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">！</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">在贝恩资本期间</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">Rasmussen通过分析2500个私募股权投资案例</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">涉及3500亿美元投资</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">发现了成功私募股权投资的三大要素</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">小市值 + 高杠杆 + 低估值</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">当然他现在也表示私募股权的收购价格越来越高</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">溢价空间被压缩</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">特别是对捐赠基金而言</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">另类投资不再是好选择</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">Rasmussen在书中多次提及小盘股的投资机会</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">为什么是小盘股</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">？</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">我在索金的文章也专门讲解过</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">具体详见</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">严重被低估</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">！</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">保罗</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">·</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">索金30年穿越周期的小盘股制胜策略</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">！</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">现在我们来看</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">Rasmussen为什么痴迷于小盘股</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">？</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:12px;letter-spacing:0.5px;color:rgb(136,136,136)\\\">数据</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:12px;letter-spacing:0.5px;color:rgb(136,136,136)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:12px;letter-spacing:0.5px;color:rgb(136,136,136)\\\">1973-2023</span></span></p><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;line-height:1.75em;letter-spacing:0.034em;font-style:normal;font-weight:normal;margin:16px 8px\\\"><img src=\\\":/74a1d8c52fb9429883e34e55e5aff2ce\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks:%7B%22align%22%3A%22center%22%7D;-webkit-tap-highlight-color:transparent;box-sizing:border-box;border-style:none\\\"/></span><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">简而言之</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">市场关注度低</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">小盘股</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">市值＜5 亿美元</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">的研究覆盖不足</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">易出现错误定价</span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">弹性与成长性</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">小盘股的营收增长对经济周期更敏感</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">在复苏期涨幅显著高于大盘股</span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">买入我认为不会破产的规模最小</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">成本最低</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">杠杆率最高的公司</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">并在危机时期找到制胜优势是我的理论取得成果的真实例证</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">在收入和现金流暴跌</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">资产负债表疲软以及借贷成本飙升的背景下</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">小盘股的运营往往受到更大的冲击</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">然而</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">危机爆发时对小盘股不利的两个因素</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">——</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">估值暴跌和增长乏力恰恰是危机触底</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">市场准备复苏时对幸存者有利的因素</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">因此</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">危机时期小盘股的买家支付的费用更少(得益于更低的估值)</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">得到的回报却更多(得益于复苏期间高于平均水平的盈利增长)</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">Rasmussen会重点关注</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高杠杆vs 现金储备</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">的小盘股</span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高杠杆小盘股</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></b><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">筛选标准为</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">长期债务/企业价值＞行业均值+正在偿还债务+资产周转率改善</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">这类公司在债务重组后往往出现价值修复</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">对于普通人而言</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">建议放弃该类选择</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高现金储备小盘股</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></b><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">现金/市值＞20%的公司</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">往往被低估</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">市场常忽视其现金价值</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">存在套利空间</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">这是我们普通人的主要狩猎标的</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">日本第一私募大佬-清源达郎800亿日币的资产就是通过投资该类股票获得的</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">我们在讲投资小盘股时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">对现金流和负债率要求其实很高</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">Rasmussen虽然说他倾向于高杠杆小公司</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但当我细读时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">却发现他的选股要求其实很苛刻</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">危机投资组合中的平均股票为微型股</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">其买入价格约为TEV/EBITDA倍数的2倍</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">资产周转率(定义为收入增长除以资产增长)为1.4倍</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">自由现金流收益率为12%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">投资组合中的平均公司买入价格比12个月前的水平低55%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">——</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">大宗商品部分</span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">规律七</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">长期来看</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜油价格关系正相关</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">Rasmussen提出铜油比和历史数据验证</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜与原油的价格关系呈现长期正相关</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">短期负相关的特征</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">长期规律</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜与原油的价格正相关</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜作为 </span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">工业金属之王</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">需求与制造业 PMI高度相关</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">相关系数 0.82</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">；</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">原油作为 </span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">工业血液</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">需求与实际GDP增速紧密挂钩</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">相关系数 0.78</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">两者共同反映全球经济冷热</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">相关系数约 0.5-0.7</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜油比均值98</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">50-150区间波动</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">例如</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">2009-2011 年全球经济复苏</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜价上涨170%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">油价上涨150%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜油比维持高位</span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">2016-2018 年全球增长放缓</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜价下跌20%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">油价下跌15%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜油比回落至80附近</span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">短期背离</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">供给冲击</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">如地缘政治</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">成本传导</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">如油价上涨</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">和政策扰动</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">如美联储加息</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">会导致铜油比阶段性下跌</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">此时铜价滞后反应或下跌幅度小于油价</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">实战指南</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜油比可作为经济周期预警指标</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜油比＞120 时增配周期股</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">如铜</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">钢铁</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">；</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜油比＜80 时转向避险资产</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黄金</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">国债</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">也可以作为跨资产套利工具</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高铜油比时做多铜</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">低铜油比时做空铜</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">让我们来看目前的市场情况</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">国际市场</span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜价</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">截至2025年10月5日</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">伦敦金属交易所</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">LME</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜价收于10,700 美元/吨</span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">油价</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">布伦特原油期货价格在10月3日收于64.36 美元/桶</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">受OPEC + 增产预期影响</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">近期油价承压下行</span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜油比</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">166.2</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">10,700÷64.36</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">较2025年9月的164.1进一步上升</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">处于1988年以来90%分位的历史高位</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">中国市场</span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜价</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">上海期货交易所</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">SHFE</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜价在9月26日收于82,470元/吨</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">油价</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">国内原油价格受国际市场传导</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">10月3日布伦特原油进口到岸价约为470元/桶</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">铜油比</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">175.5</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">82,470÷470</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高于国际水平</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">反映国内铜需求更为旺盛</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">我把江西铜业卖掉实属过早</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">！</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">规律八</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黄金</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">——</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">从避险工具到战略资产</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黄金的终极价值在于它是唯一无法被任何政府或央行操纵的资产</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">极端通胀和通缩的优选配置</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;line-height:1.75em;letter-spacing:0.034em;font-style:normal;font-weight:normal;margin:16px 8px\\\"><img src=\\\":/68f7aa46a313414a82c9557a50194aca\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks:%7B%22align%22%3A%22center%22%7D;-webkit-tap-highlight-color:transparent;box-sizing:border-box;border-style:none\\\"/></span><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">不同通胀水平下发达市场和新兴市场的黄金平均回报率</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">超主权货币替代</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></b><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">在美元信用弱化</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">如美国债务/GDP超130%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">和</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">去美元化</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">趋势下</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黄金成为终极价值锚</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">跨周期收益稳定性</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></b><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">长期来看</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黄金年化波动率</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">18.7%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">与股票接近</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但与债券相关性仅 0.12</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">可有效降低组合波动</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">过去30年</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">配置10%黄金的组合年化波动率较纯股债组合降低2.1%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">通胀黏性应对</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></b><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">在</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">成本推动型通胀</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">如能源价格上涨</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">中</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黄金表现优于大宗商品</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">例如</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">2025 年能源价格上涨推动PPI同比3.7%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黄金涨幅</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">42%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">远超原油</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">28%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">三个关键指标</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">：</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">实际利率锚定</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></b><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黄金价格与美国10年期TIPS收益率</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">实际利率</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">呈显著负相关</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">相关系数 - 0.78</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">当收益率＜1% 时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">持有黄金的机会成本降低</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">进入配置窗口</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">当收益率下行时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">逐步建仓黄金ETF</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">针对中国市场</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">当10年期美债TIPS收益率＜1% 且中美10 年期国债利差＞-100BP时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">或人民币汇率破</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">7</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">配置黄金 ETF</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">央行购金趋势跟踪</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></b><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">全球央行购金是黄金长期需求的</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">稳定器</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">全球央行2024年购金量达1180吨</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">创历史新高</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">中国央行2025年 1-8月增持66万盎司</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">显示</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">反周期配置</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">特征</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">投资者可关注中国人民银行官网每月发布的黄金储备数据</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">跟踪</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黄金储备环比增速</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">当连续3个月增速＞0.5% 时</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">加仓黄金ETF</span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">地缘风险与技术信号</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span></b><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">当VIX恐慌指数＞30</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">如 2025 年 5 月中东冲突期间</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">市场避险情绪升温</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黄金短期受益</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">可加仓黄金ETF</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">针对国内市场</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">可参考信达China-VIX50</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">基于上证50ETF期权隐含波动率</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">与黄金相关性达0.68</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">中国市场因政策干预较多</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">阈值需下修至20</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">中国股市波动率中枢</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">近五年年化 21%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高于美股</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">15%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">导致 VIX50 的 </span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">恐慌区间</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">前移</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">；</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黄金ETF在A股的流动性溢价</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">平均溢价率 0.3%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">低于美股</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">0.8%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">需更早布局以捕捉收益</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">目前</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">信达 China-VIX50 为19.19</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">数据截至9月26日</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">反映市场对上证50指数未来 30天波动率的预期处于历史中等偏低水平</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">近一年均值为 21.3</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">黄金ETF可继续持有</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><h4 style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em;text-align:center\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">4</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">组合构建</span></span></b></h4><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em;text-align:justify\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">怎么建立我们的全天候组合</span></span><span style=\\\"-webkit-tap-highlight-color:transparent;line-height:1.75em;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:bold\\\">？</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em;text-align:justify\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;line-height:1.75em;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:normal\\\">可</span></span><span style=\\\"-webkit-tap-highlight-color:transparent;line-height:1.75em;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:normal\\\">以下面的</span></span><span style=\\\"-webkit-tap-highlight-color:transparent;line-height:1.75em;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76);font-weight:normal\\\">雪球三分法小程序来做自己的投资组合，</span><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">雪球三分法是一个配置理念，也是一个可落地的配置方案：</span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">利用不同资产之间的低相关性配置方案，实现短期收益互补，获得长期向上的收益曲线。</span></span></span></span></span></b></p><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"></span></span><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">投资的终极目标是找到一种方法</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">既能产生与股票相似的回报</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">又能使其波动性更加合理</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">同时又不会出现投资者容易惊慌失措</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">、</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">做出错误决策的大幅回撤</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">规律九</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">：</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">投资组合中添加货币和商品有助于降低波动性和最大回撤并提高回报率</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span></b></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">Rasmussen认为60/40组合并未有效化解股票的风险敞口</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">高达90%</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">可以考虑建立全天候组合</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">其实就是进阶版布朗组合</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">老哥对我的这个比喻进行了抨击</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但我们普通人要的投资策略就是简单</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">易懂</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">可执行</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">而布朗组合则完美契合</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">不用对投资策略进行包装</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">因为都是来源于美林时钟</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:16px 8px;line-height:1.75em\\\"><b style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">“</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">尽管这些资产相对于股票的预期回报率普遍较低</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">但添加货币和商品有助于降低波动性和最大回撤并提高回报率</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">。</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">”</span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">（</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">波动性和相关性是有规律的</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">，</span></span></span></span><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">而增长是难以预测的</span></span><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;color:rgba(0,0,0,0.9);font-size:17px;font-family:mp-quote,&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;letter-spacing:0.034em;font-style:normal;font-weight:normal\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;font-size:16px;letter-spacing:0.5px;color:rgb(76,76,76)\\\">）</span></span></span></span></b></p><span style=\\\"-webkit-tap-highlight-color:transparent;margin:8px;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;color:rgba(0,0,0,0.9);font-family:&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;font-size:17px;font-style:normal;font-variant-ligatures:normal;font-variant-caps:normal;font-weight:400;letter-spacing:0.544px;orphans:2;text-align:justify;text-indent:0;text-transform:none;widows:2;word-spacing:0;-webkit-text-stroke-width:0;white-space:normal;background- text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;clear:both;min-height:1em;line-height:1.75em\\\"><img src=\\\":/2605c80c93a84e268e968db491385530\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" alt=\\\"图片\\\" style=\\\"--en-marks:%7B%22align%22%3A%22center%22%7D;-webkit-tap-highlight-color:transparent;margin:0;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;vertical-align:bottom;height:auto !important;color:rgb(102,102,102);font-size:15px;letter-spacing:3px;text-align:center;display:inline;__visibility:visible !important;width:660.938px !important\\\" title=\\\"银色金属分割线\\\" width=\\\"100%\\\"/></span><p style=\\\"-webkit-tap-highlight-color:transparent;margin:8px;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;clear:both;min-height:1em;font-family:&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;font-style:normal;font-variant-ligatures:normal;font-variant-caps:normal;font-weight:400;orphans:2;text-align:justify;text-indent:0;text-transform:none;widows:2;word-spacing:0;-webkit-text-stroke-width:0;white-space:normal;background-color:rgb(255,255,255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;color:rgb(102,102,102);font-size:15px;letter-spacing:3px\\\"><strong style=\\\"-webkit-tap-highlight-color:transparent;margin:0;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;margin:0;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;font-size:14px;background-color:rgb(46,122,251)\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;margin:0;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important\\\">  </span></span></strong></p><p style=\\\"-webkit-tap-highlight-color:transparent;margin:8px 8px 24px;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;clear:both;min-height:1em;color:rgba(0,0,0,0.9);font-family:&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;font-size:17px;font-style:normal;font-variant-ligatures:normal;font-variant-caps:normal;font-weight:400;letter-spacing:0.544px;orphans:2;text-align:justify;text-indent:0;text-transform:none;widows:2;word-spacing:0;-webkit-text-stroke-width:0;white-space:normal;background-color:rgb(255,255,255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;margin:0;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;color:rgb(136,136,136);letter-spacing:2px;font-size:13px\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;margin:0;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;margin:0;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;font-size:15px;float:none;display:inline !important\\\"><span style=\\\"-webkit-tap-highlight-color:transparent;margin:0;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important\\\">雪球三分法是雪球基于“长期投资+资产配置”推出的基金配置理念，通过资产分散、市场分散、时机分散这三大分散进行基金长期投资，从而实现投资收益来源多元化和风险分散化。<span style=\\\"-webkit-tap-highlight-color:transparent;font-size:15px\\\">点击下方图片立即领取课程👇</span></span></span></span></span></p><span style=\\\"-webkit-tap-highlight-color:transparent;margin:0;padding:0;outline:0;max-width:100%;box-sizing:border-box !important;overflow-wrap:break-word !important;color:rgba(0,0,0,0.9);font-family:&quot;PingFang SC&quot;,system-ui,-apple-system,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft 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updated_time: 2025-11-28T21:04:04.837Z
created_time: 2025-11-28T21:04:04.837Z
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