{"id":1933,"date":"2026-02-27T16:27:43","date_gmt":"2026-02-27T16:27:43","guid":{"rendered":"https:\/\/tetsu811.com\/understanding-htm-assets-and-financial-risk\/"},"modified":"2026-02-27T16:27:51","modified_gmt":"2026-02-27T16:27:51","slug":"understanding-htm-assets-and-financial-risk","status":"publish","type":"post","link":"https:\/\/tetsu811.com\/ja\/understanding-htm-assets-and-financial-risk\/","title":{"rendered":"HTM\u8cc7\u7522\u89e3\u6790\uff1a\u5f9e\u77fd\u8c37\u9280\u884c\u4e8b\u4ef6\u770b\u91d1\u878d\u6a5f\u69cb\u7684\u7a69\u5065\u914d\u7f6e\u8207\u98a8\u96aa\u6f5b\u85cf"},"content":{"rendered":"

HTM \u662f\u4ec0\u9ebc\uff1f\u5b9a\u7fa9\u8207\u6703\u8a08\u57fa\u790e<\/h2>\n
\n \"\u5be7\u975c\u7684\u8ca1\u52d9\u6703\u8a08\u8fa6\u516c\u5ba4\uff0c\u5806\u758a\u7684\u5e33\u518a\u5728\u67d4\u548c\u6668\u5149\u4e2d\uff0c\u6eab\u6696\u9080\u8acb\u7684\u63d2\u5716\u98a8\u683c\uff0c\u8c61\u5fb5
\n<\/figure>\n

\u91d1\u878d\u6703\u8a08\u88e1\uff0c\u641e\u6e05\u695a\u5404\u7a2e\u8cc7\u7522\u7684\u8861\u91cf\u65b9\u6cd5\u771f\u7684\u5f88\u91cd\u8981\u3002\u5176\u4e2d\uff0c\u6309\u6524\u92b7\u5f8c\u6210\u672c\u8861\u91cf\u4e4b\u91d1\u878d\u8cc7\u7522\uff08Held to Maturity\uff0c\u7c21\u7a31 HTM\uff09\u5c31\u662f\u4e00\u500b\u95dc\u9375\u6982\u5ff5\u3002\u7c21\u55ae\u8b1b\uff0cHTM \u5c31\u662f\u4f01\u696d\u6253\u7b97\u7262\u7262\u6301\u6709\u5230\u5230\u671f\u65e5\u7684\u50b5\u52d9\u5de5\u5177\u3002\u516c\u53f8\u4e00\u62ff\u5230\u9019\u4e9b\u8cc7\u7522\uff0c\u5c31\u6c7a\u5b9a\u4e0d\u52d5\u5b83\u5011\uff0c\u7b49\u5230\u5408\u7d04\u7d50\u675f\uff0c\u62ff\u56de\u672c\u91d1\u548c\u5229\u606f\u3002<\/p>\n

\u570b\u969b\u8ca1\u52d9\u5831\u5c0e\u6e96\u5247\u7b2c\u4e5d\u865f\u516c\u5831\uff08IFRS 9\uff09\u898f\u5b9a\uff0c\u91d1\u878d\u8cc7\u7522\u7684\u5206\u985e\u5f97\u901a\u904e\u56b4\u683c\u7684\u5408\u7d04\u73fe\u91d1\u6d41\u91cf\u6e2c\u8a66\uff08Solely Payments of Principal and Interest\uff0c\u7c21\u7a31 SPPI\uff09\u3002\u9019\u6e2c\u8a66\u78ba\u8a8d\uff0c\u53ea\u6709\u5408\u7d04\u689d\u6b3e\u5728\u7279\u5b9a\u65e5\u671f\u7522\u751f\u7d14\u7cb9\u672c\u91d1\u52a0\u4e0a\u5229\u606f\u7684\u73fe\u91d1\u6d41\u91cf\uff0c\u9019\u4e9b\u8cc7\u7522\u624d\u80fd\u6b78\u985e\u70ba\u6309\u6524\u92b7\u5f8c\u6210\u672c\u8861\u91cf\u3002\u63db\u8a00\u4e4b\uff0c\u73fe\u91d1\u6d41\u91cf\u5f97\u4e7e\u6de8\u4fd0\u843d\uff0c\u6c92\u647b\u96dc\u884d\u751f\u6027\u5546\u54c1\u7684\u8907\u96dc\u5143\u7d20\u3002<\/p>\n

HTM \u7684\u6703\u8a08\u8655\u7406\u7a69\u7576\u591a\u4e86\u3002\u5e02\u5834\u5229\u7387\u600e\u9ebc\u8b8a\uff0c\u5b83\u5011\u7684\u5e33\u9762\u50f9\u503c\u90fd\u4e0d\u52d5\u6416\u3002\u5728\u8cc7\u7522\u8ca0\u50b5\u8868\u4e0a\uff0c\u7528\u6524\u92b7\u5f8c\u6210\u672c\u8a18\u9304\uff1b\u5229\u606f\u6536\u5165\u5247\u7528\u6709\u6548\u5229\u7387\u6cd5\uff0c\u8a8d\u5217\u5230\u640d\u76ca\u8868\u3002\u9019\u65b9\u6cd5\u7684\u597d\u8655\u5728\u65bc\uff0c\u80fd\u8b93\u640d\u76ca\u5e73\u7a69\uff0c\u4e0d\u53d7\u5e02\u5834\u6643\u52d5\u76f4\u63a5\u6253\u64ca\u3002\u91d1\u878d\u6a5f\u69cb\u5e38\u628a HTM \u7576\u6210\u907f\u96aa\u7684\u8cc7\u7522\u9078\u64c7\u3002<\/p>\n

HTM\u3001FVOCI \u548c FVPL \u6709\u4ec0\u9ebc\u4e0d\u540c\uff1f<\/h2>\n
\n \"\u4e09\u7a2e\u91d1\u878d\u8cc7\u7522\u7684\u5947\u5e7b\u63d2\u5716\uff1aHTM\n<\/p>\n

\u8981\u771f\u6b63\u638c\u63e1 HTM \u7684\u7279\u9ede\uff0c\u5f97\u62ff\u5b83\u8ddf\u53e6\u5916\u5169\u7a2e\u91d1\u878d\u8cc7\u7522\u5206\u985e\u6bd4\u6bd4\u770b\uff1a\u516c\u5141\u50f9\u503c\u8861\u91cf\u4e14\u8b8a\u52d5\u8a08\u5165\u5176\u4ed6\u7d9c\u5408\u640d\u76ca\uff08FVOCI\uff0c\u539f\u70ba Available-for-Sale\uff0c\u7c21\u7a31 AFS\uff09\uff0c\u4ee5\u53ca\u900f\u904e\u640d\u76ca\u6309\u516c\u5141\u50f9\u503c\u8861\u91cf\u4e4b\u91d1\u878d\u8cc7\u7522\uff08Fair Value Through Profit or Loss\uff0c\u7c21\u7a31 FVPL\uff09\u3002\u9019\u4e09\u7a2e\u5728\u516c\u5141\u50f9\u503c\u8b8a\u52d5\u7684\u8655\u7406\u4e0a\u5dee\u7570\u5f88\u5927\uff0c\u76f4\u63a5\u5de6\u53f3\u8ca1\u52d9\u5831\u8868\u7684\u6a23\u5b50\u3002<\/p>\n

\n\n\n\n\n\n\n\n\n\n
\u7279\u6027<\/th>\nHTM\uff08\u6309\u6524\u92b7\u5f8c\u6210\u672c\u8861\u91cf\uff09<\/th>\nFVOCI\uff08\u516c\u5141\u50f9\u503c\u8861\u91cf\u4e14\u8b8a\u52d5\u8a08\u5165\u5176\u4ed6\u7d9c\u5408\u640d\u76ca\uff09<\/th>\nFVPL\uff08\u900f\u904e\u640d\u76ca\u6309\u516c\u5141\u50f9\u503c\u8861\u91cf\uff09<\/th>\n<\/tr>\n<\/thead>\n
\u6301\u6709\u76ee\u7684<\/b><\/td>\n\u610f\u5716\u6301\u6709\u81f3\u5230\u671f\uff0c\u6536\u53d6\u5408\u7d04\u73fe\u91d1\u6d41\u91cf<\/td>\n\u540c\u6642\u4ee5\u6536\u53d6\u5408\u7d04\u73fe\u91d1\u6d41\u91cf\u53ca\u51fa\u552e\u70ba\u76ee\u7684<\/td>\n\u4e3b\u8981\u70ba\u4ea4\u6613\u76ee\u7684\uff0c\u6216\u6307\u5b9a\u70ba FVPL<\/td>\n<\/tr>\n
\u6703\u8a08\u8861\u91cf<\/b><\/td>\n\u6524\u92b7\u5f8c\u6210\u672c<\/td>\n\u516c\u5141\u50f9\u503c<\/td>\n\u516c\u5141\u50f9\u503c<\/td>\n<\/tr>\n
\u516c\u5141\u50f9\u503c\u8b8a\u52d5<\/b><\/td>\n\u4e0d\u8a8d\u5217\u516c\u5141\u50f9\u503c\u8b8a\u52d5<\/td>\n\u8a08\u5165\u5176\u4ed6\u7d9c\u5408\u640d\u76ca (OCI)\uff0c\u5f8c\u7e8c\u53ef\u80fd\u91cd\u5206\u985e\u81f3\u640d\u76ca<\/td>\n\u76f4\u63a5\u8a08\u5165\u7576\u671f\u640d\u76ca<\/td>\n<\/tr>\n
\u5c0d\u6de8\u503c\u5f71\u97ff<\/b><\/td>\n\u7121\u76f4\u63a5\u5f71\u97ff\uff08\u9593\u63a5\u5f71\u97ff\u4f86\u81ea\u5229\u606f\u6536\u5165\uff09<\/td>\n\u76f4\u63a5\u5f71\u97ff\u6de8\u503c\uff08\u900f\u904e OCI\uff09<\/td>\n\u76f4\u63a5\u5f71\u97ff\u6de8\u503c\uff08\u900f\u904e\u640d\u76ca\uff09<\/td>\n<\/tr>\n
\u5c0d\u640d\u76ca\u5f71\u97ff<\/b><\/td>\n\u5229\u606f\u6536\u5165\u4f9d\u6709\u6548\u5229\u7387\u6cd5\u8a8d\u5217<\/td>\n\u51fa\u552e\u6642\u6216\u6e1b\u640d\u6642\u8a8d\u5217\u640d\u76ca<\/td>\n\u516c\u5141\u50f9\u503c\u8b8a\u52d5\u8207\u5229\u606f\u6536\u5165\u7686\u8a8d\u5217\u640d\u76ca<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

\u6253\u500b\u6bd4\u65b9\uff0cHTM \u50cf\u585e\u9032\u51b0\u7bb1\u4e0d\u6253\u7b97\u78b0\u7684\u6771\u897f\uff0c\u5e02\u50f9\u8d77\u4f0f\u5168\u7576\u6c92\u4e8b\uff1bFVOCI \u50cf\u64fa\u5728\u6ae5\u7a97\u3001\u8aaa\u8ce3\u5c31\u8ce3\u7684\u8ca8\u8272\uff0c\u5e02\u50f9\u8b8a\u5316\u6253\u5230\u6de8\u503c\uff0c\u537b\u4e0d\u99ac\u4e0a\u52d5\u640d\u76ca\uff1bFVPL \u5247\u662f\u5929\u5929\u5728\u5e02\u5834\u515c\u552e\u7684\u71b1\u9580\u54c1\uff0c\u5e02\u50f9\u4e00\u6643\u5c31\u76f4\u64ca\u7576\u671f\u640d\u76ca\uff0c\u6ce2\u52d5\u6700\u5287\u70c8\u3002\u4f60\u60f3\u60f3\uff0c\u9078\u54ea\u7a2e\u5206\u985e\uff0c\u5f97\u770b\u516c\u53f8\u600e\u9ebc\u6253\u7b97\u7528\u9019\u4e9b\u8cc7\u7522\u3002<\/p>\n

\u70ba\u4ec0\u9ebc HTM \u6210\u70ba\u7126\u9ede\uff1f\u89e3\u6790 SVB \u77fd\u8c37\u9280\u884c\u4e8b\u4ef6<\/h2>\n
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HTM \u5c0d\u53f0\u7063\u6295\u8cc7\u4eba\u6709\u4f55\u5f71\u97ff\uff1f\u91d1\u878d\u80a1\u6de8\u503c\u8207\u914d\u606f\u80fd\u529b<\/h2>\n

SVB \u4e8b\u4ef6\u5f8c\uff0c\u53f0\u7063\u91d1\u878d\u696d\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u5c24\u5176\u662f HTM \u90e8\u4f4d\uff0c\u5099\u53d7\u77da\u76ee\u3002\u5c0d\u53f0\u7063\u7684\u5b58\u80a1\u65cf\u6216\u50b5\u5238\u6295\u8cc7\u4eba\u4f86\u8aaa\uff0c\u5f04\u61c2 HTM \u600e\u9ebc\u5f71\u97ff\u91d1\u878d\u80a1\uff0c\u7279\u5225\u662f\u6de8\u503c\u548c\u914d\u606f\uff0c\u7d55\u5c0d\u662f\u95dc\u9375\u3002<\/p>\n

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\u5982\u4f55\u67e5\u8a62\u516c\u53f8\u7684 HTM \u8cc7\u7522\uff1f\u770b\u61c2\u4e09\u5927\u5831\u8868<\/h3>\n

\u6295\u8cc7\u4eba\u8981\u5f9e\u516c\u958b\u8cc7\u6599\u6316\u51fa\u516c\u53f8 HTM \u8cc7\u7522\u7684\u5e95\u7d30\uff0c\u9019\u662f\u8ca1\u52d9\u5206\u6790\u7684\u57fa\u672c\u529f\u3002\u9019\u4e9b\u7d30\u7bc0\u591a\u85cf\u5728\u8ca1\u52d9\u5831\u8868\u88e1\uff0c\u5c24\u5176\u662f\u8cc7\u7522\u8ca0\u50b5\u8868\u548c\u9644\u8a3b\u3002<\/p>\n

\u5148\u7ffb\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u627e\u300c\u6309\u6524\u92b7\u5f8c\u6210\u672c\u8861\u91cf\u4e4b\u91d1\u878d\u8cc7\u7522\u300d\u79d1\u76ee\u3002\u90a3\u5152\u986f\u793a\u671f\u672b\u5e33\u9762\u50f9\u503c\u3002\u4f46\u5149\u770b\u6578\u5b57\u4e0d\u5920\uff0c\u5f97\u947d\u9032\u8ca1\u52d9\u5831\u8868\u9644\u8a3b\u3002\u9644\u8a3b\u624d\u662f\u8ca1\u5831\u7684\u5167\u5e55\uff0c\u8a73\u8ff0\u91d1\u878d\u8cc7\u7522\u5206\u985e\u3001\u6703\u8a08\u653f\u7b56\u3001\u516c\u5141\u50f9\u503c\uff0c\u9084\u6709\u672a\u5be6\u73fe\u640d\u76ca\u3002\u4f8b\u5982\uff0c\u5b83\u53ef\u80fd\u79c0\u51fa HTM \u7684\u516c\u5141\u50f9\u503c\u8ddf\u5e33\u9762\u50f9\u5dee\uff0c\u8b93\u4f60\u77a7\u898b\u90a3\u4e9b\u6f5b\u5728\u8667\u640d\u6216\u7372\u5229\u3002<\/p>\n

\u7d30\u8b80\u9019\u4e9b\uff0c\u4f60\u5c31\u80fd\u8a55\u4f30\u516c\u53f8 HTM \u98a8\u96aa\uff0c\u6bd4\u5982\u898f\u6a21\u3001\u5230\u671f\u5206\u5e03\uff0c\u548c\u5c0d\u5229\u7387\u8b8a\u52d5\u7684\u654f\u611f\u5ea6\u3002\u5728\u5e02\u5834\u52d5\u76ea\u6642\uff0c\u9019\u662f\u5224\u65b7\u91d1\u878d\u6a5f\u69cb\u7a69\u5065\u5ea6\u7684\u8981\u8a23\u3002<\/p>\n

\n
\n

HTM \u8207 AFS \u6700\u7c21\u55ae\u7684\u5340\u5225\u662f\u4ec0\u9ebc\uff1f<\/h3>\n
\n

\u6700\u7c21\u55ae\u7684\u5340\u5225\u5728\u65bc\uff1aHTM \u662f\u653e\u5728\u51b0\u7bb1\u88e1\u4e0d\u6253\u7b97\u52d5\u7684\u8cc7\u7522\uff0c\u5176\u5e02\u50f9\u6ce2\u52d5\u4e0d\u6703\u5f71\u97ff\u5e33\u9762\u50f9\u503c\u6216\u6de8\u503c\uff1bAFS\uff08\u6216 IFRS 9 \u7684 FVOCI\uff09\u662f\u653e\u5728\u6ae5\u7a97\u88e1\u53ef\u80fd\u96a8\u6642\u8981\u8ce3\u7684\u8cc7\u7522\uff0c\u5176\u5e02\u50f9\u8b8a\u52d5\u6703\u76f4\u63a5\u53cd\u6620\u5728\u6de8\u503c\uff0c\u4f46\u4e0d\u76f4\u63a5\u5f71\u97ff\u7576\u671f\u640d\u76ca\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

\n

\u70ba\u4ec0\u9ebc\u9280\u884c\u559c\u6b61\u628a\u8cc7\u7522\u653e\u5728 HTM\uff1f<\/h3>\n
\n

\u9280\u884c\u559c\u6b61\u5c07\u90e8\u5206\u8cc7\u7522\u5206\u985e\u70ba HTM\uff0c\u4e3b\u8981\u662f\u70ba\u4e86\u898f\u907f\u5e02\u5834\u5229\u7387\u6ce2\u52d5\u5c0d\u6de8\u503c\u548c\u640d\u76ca\u7684\u76f4\u63a5\u5f71\u97ff\u3002\u9019\u6a23\u80fd\u8b93\u8ca1\u5831\u770b\u8d77\u4f86\u66f4\u7a69\u5065\uff0c\u907f\u514d\u56e0\u77ed\u671f\u5e02\u5834\u9707\u76ea\u800c\u5c0e\u81f4\u6de8\u503c\u5927\u5e45\u6ce2\u52d5\uff0c\u5f71\u97ff\u8cc7\u672c\u9069\u8db3\u7387\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

\n

\u591a\u5c11\u9322\u7b97\u9ad8\u8cc7\u7522\u5ba2\u6236\uff1f\u5728\u53f0\u7063\u6709\u6a19\u6e96\u55ce\uff1f<\/h3>\n
\n

\u5728\u53f0\u7063\uff0c\u91d1\u7ba1\u6703\u5c0d\u65bc\u300c\u9ad8\u8cc7\u7522\u5ba2\u6236\u300d\u901a\u5e38\u6c92\u6709\u7d71\u4e00\u7684\u6cd5\u5b9a\u6a19\u6e96\uff0c\u4f46\u5404\u5bb6\u9280\u884c\u6216\u91d1\u878d\u6a5f\u69cb\u5167\u90e8\u6703\u81ea\u884c\u8a02\u5b9a\u3002\u4e00\u822c\u800c\u8a00\uff0c\u5e38\u898b\u7684\u9580\u6abb\u53ef\u80fd\u843d\u5728\u5f80\u4f86\u8cc7\u7522\u9054\u65b0\u53f0\u5e63 3,000 \u842c\u5143\u4ee5\u4e0a\u4e4b\u81ea\u7136\u4eba\uff0c\u4f46\u9019\u50c5\u4f9b\u53c3\u8003\uff0c\u5be6\u969b\u5b9a\u7fa9\u53ef\u80fd\u56e0\u6a5f\u69cb\u800c\u7570\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

\n

\u6309\u6524\u92b7\u5f8c\u6210\u672c\u8861\u91cf\u4e4b\u91d1\u878d\u8cc7\u7522\uff0c\u5230\u671f\u6642\u6703\u767c\u751f\u4ec0\u9ebc\u4e8b\uff1f<\/h3>\n
\n

\u7576\u6309\u6524\u92b7\u5f8c\u6210\u672c\u8861\u91cf\u4e4b\u91d1\u878d\u8cc7\u7522\u5230\u671f\u6642\uff0c\u516c\u53f8\u6703\u6536\u56de\u5176\u539f\u59cb\u6295\u8cc7\u7684\u672c\u91d1\uff0c\u4e26\u6536\u53d6\u6700\u5f8c\u4e00\u671f\u7684\u5229\u606f\u3002\u7531\u65bc\u9019\u985e\u8cc7\u7522\u662f\u6309\u6524\u92b7\u5f8c\u6210\u672c\u8861\u91cf\uff0c\u4e14\u6301\u6709\u81f3\u5230\u671f\uff0c\u56e0\u6b64\u5728\u5230\u671f\u6642\u901a\u5e38\u4e0d\u6703\u7522\u751f\u4efb\u4f55\u8655\u5206\u640d\u76ca\uff08\u9664\u975e\u767c\u751f\u9055\u7d04\uff09\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

\n

\u5982\u679c\u516c\u53f8\u88ab\u8feb\u8ce3\u6389 HTM \u8cc7\u7522\u6703\u600e\u6a23\uff1f<\/h3>\n
\n

\u5982\u679c\u516c\u53f8\u88ab\u8feb\u5728\u5230\u671f\u524d\u51fa\u552e HTM \u8cc7\u7522\uff0c\u9019\u6703\u89f8\u767c\u6703\u8a08\u6e96\u5247\u4e2d\u7684\u300c\u6c61\u67d3\uff08Tainting\uff09\u300d\u689d\u6b3e\u3002\u9019\u53ef\u80fd\u5c0e\u81f4\u516c\u53f8\u5728\u4e00\u5b9a\u6642\u9593\u5167\uff08\u901a\u5e38\u662f\u5169\u5e74\uff09\u4e0d\u80fd\u518d\u5c07\u5176\u4ed6\u7b26\u5408\u689d\u4ef6\u7684\u91d1\u878d\u8cc7\u7522\u5206\u985e\u70ba HTM\uff0c\u4e14\u5176\u9918 HTM \u8cc7\u7522\u53ef\u80fd\u9700\u8981\u5168\u90e8\u91cd\u5206\u985e\u70ba FVOCI \u6216 FVPL\uff0c\u9019\u5c07\u5c0d\u516c\u53f8\u7684\u6de8\u503c\u548c\u640d\u76ca\u7522\u751f\u5287\u70c8\u885d\u64ca\uff0c\u56e0\u70ba\u539f\u672c\u96b1\u85cf\u7684\u672a\u5be6\u73fe\u640d\u76ca\u5c07\u7acb\u5373\u5be6\u73fe\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

\n

Net Asset Value (NAV) \u610f\u601d\u662f\u4ec0\u9ebc\uff1f\u8ddf HTM \u6709\u4ec0\u9ebc\u95dc\u4fc2\uff1f<\/h3>\n
\n

Net Asset Value (NAV) \u610f\u6307\u300c\u6de8\u8cc7\u7522\u50f9\u503c\u300d\uff0c\u7c21\u7a31\u6de8\u503c\uff0c\u4ee3\u8868\u4e00\u5bb6\u516c\u53f8\u7e3d\u8cc7\u7522\u6e1b\u53bb\u7e3d\u8ca0\u50b5\u5f8c\u7684\u5269\u9918\u50f9\u503c\u3002HTM \u8cc7\u7522\u7684\u516c\u5141\u50f9\u503c\u8b8a\u52d5\u4e0d\u6703\u76f4\u63a5\u5f71\u97ff\u6de8\u503c\uff0c\u56e0\u70ba\u5176\u662f\u6309\u6524\u92b7\u5f8c\u6210\u672c\u5165\u5e33\u3002\u7136\u800c\uff0cFVOCI\uff08\u539f AFS\uff09\u8cc7\u7522\u7684\u516c\u5141\u50f9\u503c\u8b8a\u52d5\u5247\u6703\u900f\u904e\u5176\u4ed6\u7d9c\u5408\u640d\u76ca\uff08OCI\uff09\u76f4\u63a5\u5f71\u97ff\u6de8\u503c\u3002\u56e0\u6b64\uff0cHTM \u8cc7\u7522\u7684\u4f54\u6bd4\u8d8a\u9ad8\uff0c\u516c\u53f8\u7684\u6de8\u503c\u53d7\u5e02\u5834\u6ce2\u52d5\u7684\u5f71\u97ff\u5c31\u8d8a\u5c0f\uff0c\u53cd\u4e4b\u5247\u8d8a\u5927\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"

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