{"id":1778,"date":"2026-02-12T04:27:43","date_gmt":"2026-02-12T04:27:43","guid":{"rendered":"https:\/\/tetsu811.com\/understanding-sharpe-ratio-investment-evaluation\/"},"modified":"2026-02-12T04:27:52","modified_gmt":"2026-02-12T04:27:52","slug":"understanding-sharpe-ratio-investment-evaluation","status":"publish","type":"post","link":"https:\/\/tetsu811.com\/ja\/understanding-sharpe-ratio-investment-evaluation\/","title":{"rendered":"\u590f\u666e\u503c\u5927\u89e3\u5bc6\uff1a\u5982\u4f55\u8a55\u4f30\u6295\u8cc7\u7684\u771f\u5be6\u50f9\u503c\u8207\u98a8\u96aa CP \u503c"},"content":{"rendered":"
\n \"\u91d1\u878d\u9867\u554f\u6bd4\u8f03\u5169\u5f35\u6295\u8cc7\u5716\u8868\uff0c\u4f7f\u7528\u653e\u5927\u93e1\u5f37\u8abf\u98a8\u96aa\u8a55\u4f30\u8207\u5831\u916c\u6bd4\u7387\uff0c\u5145\u6eff\u6d3b\u529b\u8272\u5f69\u8207\u67d4\u548c\u71c8\u5149\uff0c\u9069\u5408\u590f\u666e\u503c\u98a8\u96aa\u8abf\u6574\u8aaa\u660e\"
\n<\/figure>\n

\u590f\u666e\u503c\u662f\u4ec0\u9ebc\uff1f\u5f9e\u767d\u8a71\u5b9a\u7fa9\u5230\u6838\u5fc3\u908f\u8f2f<\/h2>\n

\u6295\u8cc7\u4e16\u754c\u7e3d\u662f\u5145\u6eff\u8b8a\u6578\uff0c\u4f60\u807d\u904e\u300c\u9ad8\u5831\u916c\u4f34\u96a8\u9ad8\u98a8\u96aa\u300d\u9019\u53e5\u8a71\u5427\uff1f\u4f46\u7576\u5169\u6a94\u57fa\u91d1\u90fd\u558a\u51fa\u9ad8\u5831\u916c\uff0c\u600e\u9ebc\u6311\u51fa\u771f\u6b63\u5212\u7b97\u7684\u90a3\u500b\uff1f\u590f\u666e\u503c\uff08Sharpe Ratio\uff09\u5c31\u662f\u95dc\u9375\u5de5\u5177\u3002\u9019\u9805\u6307\u6a19\u6e90\u81ea\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\u5f97\u4e3b\u5a01\u5ec9\u00b7\u590f\u666e\uff08William Sharpe\uff09\u7684\u767c\u660e\u3002\u5b83\u4e0d\u53ea\u76ef\u8457\u5831\u916c\u7387\uff0c\u9084\u6aa2\u8996\u6295\u8cc7\u7d44\u5408\u5728\u6bcf\u55ae\u4f4d\u98a8\u96aa\u4e0b\uff0c\u5230\u5e95\u63db\u4f86\u591a\u5c11\u8d85\u984d\u5831\u916c\u3002<\/p>\n

\u7c21\u55ae\u8b1b\uff0c\u590f\u666e\u503c\u597d\u6bd4\u6295\u8cc7\u754c\u7684CP\u503c\u3002\u5b83\u8b93\u4f60\u770b\u6e05\uff0c\u5728\u540c\u6a23\u98a8\u96aa\u6c34\u6e96\u4e0b\uff0c\u54ea\u500b\u6a19\u7684\u80fd\u591a\u69a8\u51fa\u9ede\u56de\u5831\u3002\u8d85\u984d\u5831\u916c\u5462\uff1f\u5c31\u662f\u6263\u6389\u7121\u98a8\u96aa\u5229\u7387\u5f8c\u7684\u5269\u9918\u90e8\u5206\uff0c\u9019\u624d\u7b97\u4f60\u5192\u96aa\u7684\u771f\u5be6\u6536\u7a6b\u3002\u9760\u8457\u590f\u666e\u503c\uff0c\u6295\u8cc7\u4eba\u80fd\u907f\u958b\u53ea\u770b\u8868\u9762\u6578\u5b57\u7684\u9677\u9631\uff0c\u6293\u5230\u66f4\u5168\u9762\u7684\u8868\u73fe\u8108\u7d61\u3002<\/p>\n

\n \"\u5e73\u8861\u79e4\u4e00\u908a\u6258\u8457\u4e0a\u5347\u80a1\u7968\u5716\u8868\uff0c\u53e6\u4e00\u908a\u6301\u76fe\u724c\u8c61\u5fb5\u98a8\u96aa\uff0c\u85cd\u5929\u80cc\u666f\u50b3\u9054\u5b89\u5168\u611f\uff0c\u547c\u61c9\u590f\u666e\u503c\u516c\u5f0f\u4e2d\u7684\u98a8\u96aa\u8207\u5831\u916c\u5e73\u8861\"
\n<\/figure>\n

\u590f\u666e\u503c\u516c\u5f0f\u62c6\u89e3\uff1a\u70ba\u4ec0\u9ebc\u300c\u7121\u98a8\u96aa\u5229\u7387\u300d\u662f\u95dc\u9375\uff1f<\/h2>\n

\u60f3\u641e\u61c2\u590f\u666e\u503c\uff0c\u5f97\u5148\u62c6\u89e3\u5b83\u7684\u516c\u5f0f\u3002\u6838\u5fc3\u8a08\u7b97\u662f\uff1a<\/p>\n

\u590f\u666e\u503c = (\u9810\u671f\u5831\u916c\u7387 – \u7121\u98a8\u96aa\u5229\u7387) \/ \u6a19\u6e96\u5dee<\/strong><\/p>\n

\u516c\u5f0f\u5206\u6210\u4e09\u584a\u4f86\u770b\uff1a<\/p>\n

    \n
  • \u9810\u671f\u5831\u916c\u7387\uff1a<\/strong> \u9019\u662f\u6295\u8cc7\u7d44\u5408\u5728\u67d0\u6bb5\u6642\u9593\u7684\u7e3d\u56de\u5831\u3002<\/li>\n
  • \u7121\u98a8\u96aa\u5229\u7387 (Risk-free Rate)\uff1a<\/strong> \u60f3\u50cf\u4e00\u500b\u96f6\u98a8\u96aa\u8cc7\u7522\u7684\u6536\u76ca\u3002\u5728\u53f0\u7063\uff0c\u5e38\u62ff\u53f0\u7063\u9280\u884c\u4e00\u5e74\u671f\u5b9a\u5b58\u5229\u7387\uff0c\u6216\u7f8e\u570b\u77ed\u671f\u516c\u50b5\u6b96\u5229\u7387\u7576\u57fa\u6e96\u3002\u70ba\u4ec0\u9ebc\u5b83\u9019\u9ebc\u91cd\u8981\uff1f\u56e0\u70ba\u5982\u679c\u4f60\u9078\u4e86\u6709\u98a8\u96aa\u7684\u6771\u897f\uff0c\u5831\u916c\u81f3\u5c11\u5f97\u84cb\u904e\u9019\u6a94\u7121\u98a8\u96aa\u8ca8\uff0c\u5426\u5247\u5192\u96aa\u6709\u4ec0\u9ebc\u597d\u8655\uff1f<\/li>\n
  • \u6a19\u6e96\u5dee (Standard Deviation)\uff1a<\/strong> \u5b83\u91cf\u6e2c\u5831\u916c\u7387\u504f\u96e2\u5e73\u5747\u7684\u5e45\u5ea6\u3002\u6578\u5b57\u8d8a\u5927\uff0c\u6ce2\u52d5\u5c31\u8d8a\u731b\uff0c\u98a8\u96aa\u81ea\u7136\u6c34\u6f32\u8239\u9ad8\u3002<\/li>\n<\/ul>\n

    \u516c\u5f0f\u4e00\u904b\u7b97\uff0c\u5c31\u628a\u6bcf\u55ae\u4f4d\u98a8\u96aa\u63db\u4f86\u7684\u6ea2\u916c\u91cf\u5316\u51fa\u4f86\u3002\u6295\u8cc7\u4eba\u56e0\u6b64\u80fd\u5728\u5831\u916c\u8207\u98a8\u96aa\u9593\uff0c\u627e\u5230\u90a3\u500b\u503c\u5f97\u4e0b\u624b\u7684\u5e73\u8861\u3002<\/p>\n

    \u590f\u666e\u503c\u8d8a\u9ad8\u771f\u7684\u8d8a\u597d\u55ce\uff1f\u5982\u4f55\u5224\u65b7\u6578\u503c\u9ad8\u4f4e\uff1f<\/h2>\n

    \u770b\u5230\u590f\u666e\u503c\u9ad8\uff0c\u5927\u5bb6\u672c\u80fd\u89ba\u5f97\u9019\u6a94\u6295\u8cc7\u68d2\u3002\u4f46\u5927\u591a\u6578\u6642\u5019\uff0c\u9019\u60f3\u6cd5\u6c92\u932f\u3002\u9ad8\u503c\u610f\u5473\u5728\u540c\u98a8\u96aa\u4e0b\uff0c\u8d85\u984d\u5831\u916c\u66f4\u8c50\u539a\u3002\u4e0d\u904e\uff0c\u5224\u65b7\u6642\u5f97\u7559\u610f\u5e7e\u9ede\uff0c\u5225\u88ab\u6578\u5b57\u9a19\u4e86\u3002<\/p>\n

      \n
    • \u8de8\u985e\u5225\u6bd4\u8f03\u7121\u610f\u7fa9\uff1a<\/strong> \u53ea\u5728\u540c\u985e\u6a19\u7684\u9593\u6bd4\u624d\u5c0d\u5473\u3002\u79d1\u6280\u57fa\u91d1\u5c0d\u4e0a\u50b5\u5238\u57fa\u91d1\uff1f\u90a3\u6839\u672c\u662f\u860b\u679c\u6a58\u5b50\u3002\u98a8\u96aa\u672c\u8cea\u3001\u5831\u916c\u6f5b\u529b\u3001\u6ce2\u52d5\u6a21\u5f0f\u90fd\u5929\u5dee\u5730\u5225\uff0c\u5c31\u8ddf\u5225\u62ff\u99ac\u62c9\u677e\u6210\u7e3e\u6bd4\u77ed\u8dd1\u4e00\u6a23\u8352\u8b2c\u3002<\/li>\n
    • \u5340\u9593\u53c3\u8003\uff1a<\/strong> \u53f0\u7063\u5e02\u5834\u88e1\uff0c\u590f\u666e\u503c\u8d85\u904e1\u7b97\u512a\u7570\uff0c\u6bcf\u55ae\u4f4d\u98a8\u96aa\u63db\u4f86\u903e\u4e00\u55ae\u4f4d\u8d85\u984d\u5831\u916c\u30020.5\u52301\u662f\u4e2d\u898f\u4e2d\u77e9\uff0c\u4f4e\u65bc0.5\u5f97\u60f3\u60f3\u503c\u4e0d\u503c\u3002\u4f46\u9019\u4e9b\u4e0d\u662f\u9435\u5f8b\uff0c\u5e02\u5834\u6c1b\u570d\u3001\u6a19\u7684\u7279\u6027\u90fd\u6703\u5de6\u53f3\u89e3\u8b80\u3002<\/li>\n
    • \u6642\u9593\u7bc4\u570d\uff1a<\/strong> \u8a08\u7b97\u671f\u9577\u77ed\u6703\u62c9\u626f\u7d50\u679c\u3002\u77ed\u671f\u6ce2\u52d5\u5927\uff0c\u6578\u5b57\u5bb9\u6613\u4e82\u7ac4\uff1b\u9577\u671f\u6578\u64da\uff0c\u81f3\u5c11\u4e09\u5e74\uff0c\u624d\u986f\u51fa\u7a69\u5b9a\u771f\u8c8c\u3002\u5efa\u8b70\u591a\u770b\u9577\u7dda\u8868\u73fe\u3002<\/li>\n<\/ul>\n

      \u7e3d\u4e4b\uff0c\u8a55\u590f\u666e\u503c\u5225\u53ea\u76ef\u6578\u5b57\u3002\u5f97\u914d\u4e0a\u985e\u5225\u3001\u74b0\u5883\u3001\u6642\u9593\uff0c\u4e00\u8d77\u62fc\u6e4a\u5168\u8c8c\u3002<\/p>\n

      \n \"\u5bf6\u7bb1\u6ea2\u51fa\u91d1\u5e63\uff0c\u5468\u570d\u7e8f\u7e5e\u6372\u5c3a\u8c61\u5fb5\u6e2c\u91cf\u98a8\u96aa\u8207\u5831\u916c\uff0c\u6696\u91d1\u8272\u5149\u8292\u5c08\u696d\u89aa\u5207\uff0c\u9069\u5408\u590f\u666e\u503c\u9032\u968e\u6bd4\u8f03\u8207\u5be6\u6230\u61c9\u7528\"
      \n<\/figure>\n

      \u9032\u968e\u5224\u8b80\uff1a\u590f\u666e\u503c vs. Beta \u503c vs. \u6a19\u6e96\u5dee<\/h2>\n

      \u98a8\u96aa\u5de5\u5177\u7bb1\u88e1\uff0c\u590f\u666e\u503c\u4e0d\u662f\u5b64\u8ecd\u596e\u6230\u3002Beta\u503c\u548c\u6a19\u6e96\u5dee\u4e5f\u5e38\u4e0a\u5834\u3002\u5b83\u5011\u90fd\u78b0\u89f8\u98a8\u96aa\uff0c\u4f46\u8996\u89d2\u5404\u7570\u3002\u641e\u6e05\u695a\u5dee\u5225\uff0c\u5c31\u80fd\u5efa\u69cb\u7acb\u9ad4\u98a8\u96aa\u5716\u50cf\u3002<\/p>\n

      \n\n\n\n\n\n\n\n
      \u6307\u6a19\u540d\u7a31<\/th>\n\u8861\u91cf\u91cd\u9ede<\/th>\n\u590f\u666e\u503c\u95dc\u806f\u6027<\/th>\n\u9069\u7528\u60c5\u5883<\/th>\n<\/tr>\n<\/thead>\n
      \u590f\u666e\u503c (Sharpe Ratio)<\/strong><\/td>\n\u6bcf\u627f\u64d4\u4e00\u55ae\u4f4d\u300c\u7e3d\u98a8\u96aa\u300d\u6240\u7372\u5f97\u7684\u8d85\u984d\u5831\u916c\u3002<\/td>\n\u7d9c\u5408\u8003\u91cf\u5831\u916c\u8207\u7e3d\u98a8\u96aa\u7684\u6548\u7387\u6307\u6a19\u3002<\/td>\n\u8a55\u4f30\u6295\u8cc7\u7d44\u5408\u7684\u98a8\u96aa\u8abf\u6574\u5f8c\u8868\u73fe\u3002<\/td>\n<\/tr>\n
      \u6a19\u6e96\u5dee (Standard Deviation)<\/strong><\/td>\n\u6295\u8cc7\u5831\u916c\u7387\u7684\u300c\u7e3d\u6ce2\u52d5\u7a0b\u5ea6\u300d\u3002<\/td>\n\u4f5c\u70ba\u590f\u666e\u503c\u516c\u5f0f\u4e2d\u7684\u5206\u6bcd\uff0c\u4ee3\u8868\u7e3d\u98a8\u96aa\u3002<\/td>\n\u8861\u91cf\u6295\u8cc7\u7d44\u5408\u7684\u7d55\u5c0d\u6ce2\u52d5\u6027\u3002<\/td>\n<\/tr>\n
      Beta \u503c (Beta)<\/strong><\/td>\n\u6295\u8cc7\u7d44\u5408\u76f8\u5c0d\u65bc\u300c\u5e02\u5834\u5927\u76e4\u300d\u7684\u7cfb\u7d71\u6027\u98a8\u96aa\uff0c\u5373\u5e02\u5834\u654f\u611f\u5ea6\u3002<\/td>\n\u590f\u666e\u503c\u4e0d\u76f4\u63a5\u4f7f\u7528 Beta\uff0c\u4f46 Beta \u5f71\u97ff\u6295\u8cc7\u7d44\u5408\u7684\u6574\u9ad4\u5831\u916c\u8207\u6ce2\u52d5\uff0c\u9593\u63a5\u5f71\u97ff\u590f\u666e\u503c\u3002<\/td>\n\u8861\u91cf\u6295\u8cc7\u7d44\u5408\u8207\u5e02\u5834\u5927\u76e4\u7684\u9023\u52d5\u6027\uff0c\u5224\u65b7\u5176\u662f\u5426\u70ba\u9632\u79a6\u578b\u6216\u653b\u64ca\u578b\u8cc7\u7522\u3002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n
        \n
      • \u6a19\u6e96\u5dee\uff1a<\/strong> \u5b83\u6355\u6349\u5831\u916c\u7387\u7684\u5168\u90e8\u6643\u52d5\uff0c\u5305\u62ec\u5404\u7a2e\u8b8a\u56e0\u3002\u4f5c\u70ba\u590f\u666e\u503c\u5206\u6bcd\uff0c\u5b83\u5b9a\u7fa9\u7e3d\u98a8\u96aa\u898f\u6a21\u3002<\/li>\n
      • Beta \u503c\uff1a<\/strong> \u5c08\u6ce8\u7cfb\u7d71\u6027\u98a8\u96aa\uff0c\u4e5f\u5c31\u662f\u5c0d\u5927\u76e4\u7684\u654f\u611f\u5ea6\u3002Beta\u5927\u65bc1\uff0c\u6ce2\u52d5\u6bd4\u5927\u76e4\u5147\uff08\u653b\u64ca\u578b\uff09\uff1b\u5c0f\u65bc1\uff0c\u5247\u8f03\u7a69\uff08\u9632\u79a6\u578b\uff09\uff1b\u7b49\u65bc1\uff0c\u8ddf\u5927\u76e4\u6b65\u8abf\u4e00\u81f4\u3002Beta\u4e0d\u9032\u590f\u666e\u516c\u5f0f\uff0c\u4f46\u5b83\u5de6\u53f3\u5831\u916c\u8207\u6ce2\u52d5\uff0c\u9593\u63a5\u62c9\u52d5\u590f\u666e\u503c\u3002<\/li>\n<\/ul>\n

        \u590f\u666e\u503c\u7d66\u4f60\u98a8\u96aa\u8abf\u6574\u5f8c\u7684\u6574\u9ad4\u6548\u76ca\u3002\u6a19\u6e96\u5dee\u9ede\u51fa\u6ce2\u52d5\u5927\u5c0f\uff0cBeta\u63ed\u793a\u5927\u76e4\u9023\u52d5\u3002\u4e09\u7ba1\u9f4a\u4e0b\uff0c\u98a8\u96aa\u7279\u5fb5\u624d\u8e8d\u7136\u7d19\u4e0a\u3002<\/p>\n

        \u5be6\u6230\u9677\u9631\uff1a\u590f\u666e\u503c\u51fa\u73fe\u8ca0\u6578\u3001\u6392\u540d\u843d\u5f8c\u6642\u8a72\u8ce3\u55ce\uff1f<\/h2>\n

        \u57fa\u91d1\u590f\u666e\u503c\u8b8a\u8ca0\uff0c\u6216\u5728\u540c\u985e\u4e2d\u540a\u8eca\u5c3e\uff0c\u662f\u4e0d\u662f\u8a72\u8d95\u7dca\u812b\u624b\uff1f\u9019\u60f3\u6cd5\u807d\u8d77\u4f86\u5408\u7406\uff0c\u537b\u85cf\u8457\u5be6\u6230\u5751\u3002<\/p>\n

        \u8ca0\u590f\u666e\u503c\u591a\u534a\u51fa\u73fe\u5728\u5169\u60c5\u5883\uff1a<\/p>\n

          \n
        1. \u6295\u8cc7\u7d44\u5408\u5831\u916c\u7387\u4f4e\u65bc\u7121\u98a8\u96aa\u5229\u7387\uff1a<\/strong> \u6536\u76ca\u9023\u7121\u98a8\u96aa\u6c34\u6e96\u90fd\u6490\u4e0d\u4f4f\uff0c\u66f4\u5225\u63d0\u98a8\u96aa\u63db\u4f86\u7684\u984d\u5916\u597d\u8655\u3002<\/li>\n
        2. \u6295\u8cc7\u7d44\u5408\u5831\u916c\u7387\u70ba\u8ca0\u6578\uff1a<\/strong> \u718a\u5e02\u6216\u5927\u8dcc\u6642\uff0c\u6a19\u7684\u5e38\u898b\u7d05\u71c8\u3002\u7121\u8ad6\u7121\u98a8\u96aa\u5229\u7387\u591a\u5c11\uff0c\u5206\u5b50\uff08\u5831\u916c\u7387 – \u7121\u98a8\u96aa\u5229\u7387\uff09\u90fd\u8ca0\uff0c\u590f\u666e\u503c\u8ddf\u8457\u7ffb\u8239\u3002<\/li>\n<\/ol>\n

          \u5f8c\u8005\u5c24\u5176\u68d8\u624b\u3002\u5206\u6bcd\u6a19\u6e96\u5dee\u6c38\u9060\u6b63\uff0c\u5206\u5b50\u8ca0\u6642\uff0c\u590f\u666e\u503c\u8ca0\u503c\u8d8a\u5c0f\uff08\u9760\u8fd1\u96f6\uff09\uff0c\u53ef\u80fd\u8868\u793a\u8667\u640d\u6c92\u90a3\u9ebc\u6158\uff0c\u6216\u98a8\u96aa\u7ba1\u5f97\u7dca\u3002\u9019\u8ddf\u300c\u8d8a\u9ad8\u8d8a\u597d\u300d\u7684\u76f4\u89ba\u5357\u8f45\u5317\u8f4d\u3002<\/p>\n

          \u9047\u8ca0\u503c\uff0c\u5225\u6025\u8457\u7528\u5927\u5c0f\u5b9a\u751f\u6b7b\u3002\u6316\u6df1\u539f\u56e0\u5427\u3002\u5982\u679c\u662f\u5927\u76e4\u4e0b\u632b\uff0c\u8ca0\u503c\u7d55\u5c0d\u5c0f\uff0c\u53cd\u5012\u51f8\u986f\u6297\u8dcc\u529b\u3002\u9019\u7a2e\u6642\u5019\uff0c\u8f49\u770b\u5176\u4ed6\u6307\u6a19\uff1a<\/p>\n

            \n
          • \u7d22\u63d0\u8afe\u6bd4\u7387 (Sortino Ratio)\uff1a<\/strong> \u985e\u4f3c\u590f\u666e\uff0c\u4f46\u53ea\u76ef\u5411\u4e0b\u6ce2\u52d5\uff08\u8667\u640d\u9762\uff09\uff0c\u66f4\u8cbc\u8fd1\u6295\u8cc7\u4eba\u75db\u9ede\u3002<\/li>\n
          • \u6700\u5927\u56de\u64a4 (Maximum Drawdown)\uff1a<\/strong> \u5f9e\u5cf0\u5230\u8c37\u7684\u6700\u5927\u6ed1\u843d\uff0c\u76f4\u64ca\u53ef\u80fd\u7684\u6700\u5927\u640d\u5931\u3002<\/li>\n<\/ul>\n

            \u6392\u540d\u843d\u5f8c\u4e5f\u5225\u614c\u3002\u67e5\u67e5\u7b56\u7565\u8b8a\u52d5\u3001\u5e02\u5834\u98a8\u683c\u4e0d\u5408\u7b49\u56e0\u7d20\u3002\u6c7a\u7b56\u9760\u591a\u89d2\u5206\u6790\uff0c\u55ae\u6191\u4e00\u6307\u6a19\uff0c\u5bb9\u6613\u683d\u8ddf\u982d\u3002<\/p>\n

            \u5e38\u898b\u554f\u984c FAQ<\/h2>\n
            \n
            \n

            \u590f\u666e\u503c\u8d8a\u9ad8\u771f\u7684\u8d8a\u597d\u55ce\uff1f\u6709\u6c92\u6709\u4f8b\u5916\uff1f<\/h3>\n
            \n

            \u4e00\u822c\u4f86\u8aaa\uff0c\u590f\u666e\u503c\u8d8a\u9ad8\uff0c\u8868\u793a\u5728\u540c\u6a23\u98a8\u96aa\u4e0b\uff0c\u8d85\u984d\u5831\u916c\u8d8a\u8c50\u539a\uff0c\u6240\u4ee5\u7576\u7136\u8d8a\u597d\u3002\u4f46\u4f8b\u5916\u5b58\u5728\uff1a\u5831\u916c\u7387\u8ca0\u6642\uff0c\u590f\u666e\u503c\u4e5f\u8ca0\u3002\u6b64\u523b\uff0c\u8ca0\u503c\u8d8a\u63a5\u8fd1\u96f6\uff0c\u53ef\u80fd\u610f\u5473\u8667\u640d\u8f03\u5c0f\u6216\u98a8\u96aa\u63a7\u7ba1\u4f73\uff0c\u9019\u8ddf\u76f4\u89ba\u5224\u65b7\u80cc\u9053\u800c\u99b3\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

            \n

            \u590f\u666e\u503c\u5982\u679c\u662f\u8ca0\u6578\uff0c\u4ee3\u8868\u9019\u6a94\u57fa\u91d1\u5b8c\u5168\u4e0d\u80fd\u8cb7\u55ce\uff1f<\/h3>\n
            \n

            \u4e0d\u898b\u5f97\u3002\u8ca0\u590f\u666e\u503c\u610f\u5473\u6263\u9664\u7121\u98a8\u96aa\u5229\u7387\u5f8c\u5831\u916c\u70ba\u8ca0\uff0c\u6216\u4f4e\u65bc\u7121\u98a8\u96aa\u6c34\u6e96\u3002\u5728\u718a\u5e02\uff0c\u5927\u591a\u57fa\u91d1\u90fd\u53ef\u80fd\u8ca0\u503c\u3002\u9019\u6642\uff0c\u770b\u8ca0\u503c\u7d55\u5c0d\u5927\u5c0f\uff0c\u4e26\u6bd4\u5c0d\u540c\u985e\u57fa\u91d1\u3002\u7d55\u5c0d\u503c\u5c0f\uff0c\u6216\u8a31\u6297\u8dcc\u8868\u73fe\u4f73\u3002\u9084\u5f97\u914d\u7d22\u63d0\u8afe\u6bd4\u7387\u3001\u6700\u5927\u56de\u64a4\u7b49\uff0c\u4e00\u4f75\u8a55\u4f30\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

            \n

            \u5982\u4f55\u67e5\u8a62\u53f0\u80a1\u6216\u7f8e\u80a1\u500b\u5225\u6a19\u7684\u7684\u590f\u666e\u503c\uff1f<\/h3>\n
            \n

            \u57fa\u91d1\u65b9\u9762\uff0c\u9245\u4ea8\u7db2\u3001\u57fa\u5bcc\u901a\u3001\u6295\u4fe1\u5b98\u7db2\uff0c\u6216MoneyDJ\u3001Cmoney\u7b49\u7db2\u7ad9\uff0c\u5e38\u6709\u590f\u666e\u503c\u8cc7\u6599\u3002\u500b\u80a1\u6ce2\u52d5\u7b97\u8907\u96dc\uff0c\u5c11\u76f4\u63a5\u7d66\u503c\u3002\u4f46\u4f60\u80fd\u6293\u5831\u916c\u7387\u8207\u6a19\u6e96\u5dee\uff0c\u81ea\u884c\u904b\u7b97\u3002\u5238\u5546\u6216\u5206\u6790\u8edf\u9ad4\u4e5f\u4f9b\u6b77\u53f2\u6578\u64da\u53c3\u8003\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

            \n

            \u590f\u666e\u503c\u8207\u6a19\u6e96\u5dee\u6709\u4ec0\u9ebc\u4e0d\u540c\uff1f\u770b\u54ea\u4e00\u500b\u6bd4\u8f03\u6e96\uff1f<\/h3>\n
            \n

            \u6a19\u6e96\u5dee\u53ea\u91cf\u6ce2\u52d5\u7a0b\u5ea6\uff08\u7e3d\u98a8\u96aa\uff09\uff0c\u590f\u666e\u503c\u5247\u5728\u9019\u57fa\u790e\u4e0a\uff0c\u52a0\u9032\u8d85\u984d\u5831\u916c\u8003\u91cf\u3002\u6a19\u6e96\u5dee\u8aaa\u300c\u6ce2\u52d5\u591a\u5927\u300d\uff0c\u590f\u666e\u503c\u554f\u300c\u9019\u6ce2\u52d5\u503c\u4e0d\u503c\u5f97\u300d\u3002\u6c92\u7d55\u5c0d\u6e96\u78ba\uff0c\u8996\u89d2\u4e0d\u540c\uff0c\u5b9c\u4f75\u7528\u3002\u590f\u666e\u503c\u7d66\u98a8\u96aa\u8abf\u6574\u7e3e\u6548\uff0c\u66f4\u6709\u53c3\u8003\u6027\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

            \n

            Beta \u503c\u591a\u5c11\u7b97\u9ad8\uff1f\u8ddf\u590f\u666e\u503c\u8981\u4e00\u8d77\u770b\u55ce\uff1f<\/h3>\n
            \n

            Beta\u8d85\u904e1\u7b97\u9ad8\uff0c\u6ce2\u52d5\u6bd4\u5927\u76e4\u70c8\uff0c\u4e0a\u6f32\u591a\u6f32\u3001\u4e0b\u8dcc\u591a\u8dcc\u3002\u5c0f\u65bc1\u5247\u4f4e\uff0c\u8f03\u7a69\u3002Beta\u8207\u590f\u666e\u7121\u76f4\u806f\uff0c\u4f46\u540c\u70ba\u98a8\u96aa\u6307\u6a19\u3002\u590f\u666e\u770b\u7e3d\u98a8\u96aa\u8abf\u6574\u5831\u916c\uff0cBeta\u6e2c\u7cfb\u7d71\u98a8\u96aa\u3002\u5408\u770b\uff0c\u80fd\u61c2\u6548\u7387\u8207\u5e02\u5834\u9023\u52d5\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

            \n

            \u5728 PTT \u770b\u5230\u7684\u300c\u590f\u666e\u503c\u6392\u540d\u300d\u5c0d\u9078\u80a1\u6709\u5be6\u8cea\u5e6b\u52a9\u55ce\uff1f<\/h3>\n
            \n

            PTT\u590f\u666e\u6392\u540d\u53ef\u7576\u521d\u6b65\u6ffe\u93e1\uff0c\u4f46\u5225\u7576\u552f\u4e00\u4f9d\u64da\u3002\u6709\u6548\u6027\u770b\u985e\u5225\u4e00\u81f4\u3001\u6642\u9593\u5408\u7406\u3001\u80cc\u5f8c\u56e0\u7d20\u3002\u81ea\u5df1\u6df1\u6316\u7b56\u7565\u3001\u7522\u696d\u524d\u666f\uff0c\u914d\u4e0a\u98a8\u96aa\u504f\u597d\uff0c\u624d\u662f\u738b\u9053\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

            \n

            \u77ed\u7dda\u4ea4\u6613\u8005\u4e5f\u9700\u8981\u53c3\u8003\u590f\u666e\u503c\u55ce\uff1f<\/h3>\n
            \n

            \u77ed\u7dda\u73a9\u5bb6\uff0c\u590f\u666e\u503c\u5e6b\u52a9\u6709\u9650\u3002\u5b83\u8a55\u4e2d\u9577\u671f\u7d44\u5408\u98a8\u96aa\u8abf\u6574\u7e3e\u6548\uff0c\u57fa\u65bc\u671f\u5167\u5831\u916c\u8207\u6ce2\u52d5\u3002\u77ed\u7dda\u8ffd\u50f9\u683c\u52d5\u80fd\u3001\u6280\u8853\u3001\u60c5\u7dd2\uff0c\u5716\u5feb\u5229\u3002\u4f46\u61c2\u590f\u666e\u80cc\u5f8c\u98a8\u96aa\u5831\u916c\u908f\u8f2f\uff0c\u5c0d\u6293\u98a8\u96aa\u672c\u8cea\u4ecd\u6709\u52a9\u76ca\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

            \n

            \u70ba\u4ec0\u9ebc\u6709\u4e9b\u9ad8\u5831\u916c\u7684 ETF \u590f\u666e\u503c\u53cd\u800c\u4e0d\u9ad8\uff1f<\/h3>\n
            \n

            \u9ad8\u5831\u916cETF\u590f\u666e\u4e0d\u9ad8\uff0c\u5e38\u56e0\u6ce2\u52d5\uff08\u6a19\u6e96\u5dee\uff09\u4e5f\u9ad8\u3002\u590f\u666e\u91cd\u55ae\u4f4d\u98a8\u96aa\u8d85\u984d\u5831\u916c\uff0c\u82e5\u5831\u916c\u96d6\u9ad8\u4f46\u98a8\u96aa\u66f4\u5927\uff0c\u503c\u5c31\u62c9\u4e0d\u4e0a\u53bb\u3002\u9019\u9ede\u63d0\u9192\uff0c\u5831\u916c\u80cc\u5f8c\u7684\u98a8\u96aa\u4ee3\u50f9\uff0c\u4e0d\u80fd\u5ffd\u8996\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"

            \u590f\u666e\u503c\u662f\u4ec0\u9ebc\uff1f\u9019\u7bc7\u6587\u7ae0\u5c07\u70ba\u60a8\u6df1\u5165\u89e3\u6790\uff0c\u4e86\u89e3\u5982\u4f55\u900f\u904e\u590f\u666e\u503c\u8a55\u4f30\u6295\u8cc7\u7684\u300cCP\u503c\u300d\uff0c\u4e0d\u518d\u53ea\u770b\u55ae\u7d14\u5831\u916c\u7387\u3002\u6211\u5011\u5c07\u62c6\u89e3\u516c\u5f0f\uff0c\u63a2\u8a0e\u5176\u91cd\u8981\u6027\uff0c\u4e26\u63d0\u4f9b\u5224\u65b7\u590f\u666e\u503c\u9ad8\u4f4e\u7684\u5be6\u6230\u6280\u5de7\uff0c\u5e36\u60a8\u5168\u9762\u638c\u63e1\u98a8\u96aa\u5831\u916c\u7684\u5e73\u8861\u9ede\u3002<\/p>","protected":false},"author":1,"featured_media":1779,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_gspb_post_css":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-1778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/tetsu811.com\/ja\/wp-json\/wp\/v2\/posts\/1778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tetsu811.com\/ja\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tetsu811.com\/ja\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tetsu811.com\/ja\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tetsu811.com\/ja\/wp-json\/wp\/v2\/comments?post=1778"}],"version-history":[{"count":1,"href":"https:\/\/tetsu811.com\/ja\/wp-json\/wp\/v2\/posts\/1778\/revisions"}],"predecessor-version":[{"id":1780,"href":"https:\/\/tetsu811.com\/ja\/wp-json\/wp\/v2\/posts\/1778\/revisions\/1780"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tetsu811.com\/ja\/wp-json\/wp\/v2\/media\/1779"}],"wp:attachment":[{"href":"https:\/\/tetsu811.com\/ja\/wp-json\/wp\/v2\/media?parent=1778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tetsu811.com\/ja\/wp-json\/wp\/v2\/categories?post=1778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tetsu811.com\/ja\/wp-json\/wp\/v2\/tags?post=1778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}