{"id":10250,"date":"2024-10-24T14:41:57","date_gmt":"2024-10-24T06:41:57","guid":{"rendered":"https:\/\/blog.alltick.co\/?p=10250"},"modified":"2025-04-28T14:54:17","modified_gmt":"2025-04-28T06:54:17","slug":"quant-legend","status":"publish","type":"post","link":"https:\/\/blog.alltick.co\/zh-CN\/quant-legend\/","title":{"rendered":"\u91cf\u5316\u4ea4\u6613\u7684\u4f20\u5947\u4eba\u7269\uff1a\u90a3\u4e9b\u6539\u53d8\u5e02\u573a\u7684\u9ad8\u624b\u4eec"},"content":{"rendered":"\n<p>\u5728\u4e0a\u4e00\u7bc7<strong><a href=\"https:\/\/blog.alltick.co\/why-algo-trading\/\">\u4e3a\u4ec0\u4e48\u9009\u62e9\u91cf\u5316\u4ea4\u6613<\/a><\/strong>\u4e2d\uff0c\u6211\u4eec\u804a\u5230\u4e86\u4eba\u548c\u673a\u5668\u6267\u884c\u7b56\u7565\u65f6\u7684\u4e0d\u540c\u3002\u867d\u7136\u51b7\u9759\u65e0\u60c5\u7684\u673a\u5668\u5728\u4ea4\u6613\u4e2d\u8868\u73b0\u5f97\u66f4\u51fa\u8272\uff0c\u4f46\u522b\u5fd8\u4e86\uff0c\u8fd9\u4e9b\u5929\u624d\u673a\u5668\u53ef\u662f\u7531\u4eba\u7c7b\u4e00\u624b\u6253\u9020\u7684\u3002\u91cf\u5316\u4ea4\u6613\u7684\u5d1b\u8d77\u80cc\u540e\uff0c\u5c11\u4e0d\u4e86\u4e00\u4ee3\u4ee3\u91d1\u878d\u5148\u9a71\u7684\u667a\u6167\u548c\u52aa\u529b\u3002\u8fd9\u6b21\uff0c\u6211\u4eec\u5c31\u6765\u8ba4\u8bc6\u4e00\u4e0b\u91cf\u5316\u4ea4\u6613\u5386\u53f2\u4e0a\u7684\u90a3\u4e9b\u4f20\u5947\u4eba\u7269\uff0c\u5411\u8fd9\u4e9b\u6539\u53d8\u6e38\u620f\u89c4\u5219\u7684\u5927\u4f6c\u4eec\u81f4\u656c\uff01<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. <strong>\u6731\u5c14\u65af\u00b7\u96f7\u683c\u7eb3\u7279\uff08Jules Regnault\uff09<\/strong><\/h2>\n\n\n\n<p>\u4ece\u73b0\u5b58\u8d44\u6599\u770b\uff0c\u6700\u65e9\u91c7\u7528\u91cf\u5316\u65b9\u6cd5\u6765\u5206\u6790\u6570\u636e\u53d8\u5316\u5e76\u4ece\u4e2d\u6316\u6398\u5e02\u573a\u4ef7\u683c\u6da8\u8dcc\u89c4\u5f8b\u7684\uff0c\u662f1834\u5e74\u51fa\u751f\u4e8e\u6cd5\u56fd\u8d1d\u5f53\u7684\u6731\u5c14\u65af\u00b7\u96f7\u683c\u7eb3\u7279\uff08Jules Regnault\uff09\u3002<\/p>\n\n\n\n<p>\u96f7\u683c\u7eb3\u7279\u51fa\u8eab\u8d2b\u5bd2\uff0c\u6210\u5e74\u540e\u5230\u5df4\u9ece\u8bc1\u5238\u4ea4\u6613\u6240\u6210\u4e3a\u80a1\u7968\u7ecf\u7eaa\u4eba\u52a9\u7406\uff0c\u5728\u8dd1\u817f\u9001\u4fe1\u7684\u65e5\u5e38\u5de5\u4f5c\u4e2d\u8033\u6fe1\u76ee\u67d3\u7740\u80a1\u7968\u6da8\u8dcc\uff0c\u5f3a\u70c8\u6fc0\u53d1\u8d77\u4ed6\u63a2\u5bfb\u89c4\u5f8b\u5e76\u8d62\u53d6\u80a1\u5e02\u8d22\u5bcc\u7684\u68a6\u60f3\u3002<\/p>\n\n\n\n<p>\u96f7\u683c\u7eb3\u7279\u662f\u4e2a\u52a8\u624b\u80fd\u529b\u8d85\u5f3a\u7684\u4eba\uff0c\u4e0b\u73ed\u540e\u4ed6\u6ca1\u95f2\u7740\uff0c\u9760\u7740\u624b\u5de5\u6574\u7406\u4e861825\u5e74\u52301862\u5e74\u95f4\u7684\u80a1\u7968\u548c\u56fd\u503a\u4ef7\u683c\u6570\u636e\u3002\u6e10\u6e10\u5730\uff0c\u4ed6\u53d1\u73b0\u4e86\u4e2a\u6709\u8da3\u7684\u73b0\u8c61\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u80a1\u7968\u6216\u8005\u56fd\u503a\u7684\u6301\u6709\u5468\u671f\u5982\u679c\u7ffb\u500d\uff0c\u4ef7\u683c\u7684\u504f\u5dee\u5c31\u4f1a\u589e\u52a01.41\u500d\uff1b<\/li>\n\n\n\n<li>\u5468\u671f\u7ffb3\u500d\uff0c\u4ef7\u683c\u504f\u5dee\u5c31\u589e\u52a01.73\u500d\uff1b<\/li>\n\n\n\n<li>\u7ffb4\u500d\u5219\u662f2\u500d\u3002<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>\u8fd9\u4e9b\u6570\u5b57\u90fd\u662f\u5e73\u65b9\u6839\uff01<\/p>\n\n\n\n<p>\u96f7\u683c\u7eb3\u7279\u5174\u594b\u5f97\u4e0d\u884c\uff0c\u89c9\u5f97\u81ea\u5df1\u6478\u5230\u4e86\u80a1\u5e02\u6da8\u8dcc\u7684\u81ea\u7136\u89c4\u5f8b\u3002\u4ed6\u751a\u81f3\u53d1\u73b0\u4e86\u56fd\u503a\u7684\u5b9a\u4ef7\u9519\u8bef\uff0c\u641e\u4e86\u4e00\u5957\u7c7b\u4f3c\u7edf\u8ba1\u5957\u5229\u7684\u64cd\u4f5c\u3002<\/p>\n\n\n\n<p>\u6bd4\u5982\uff0c\u5f53\u65f6\u6709\u4e00\u6b3e\u6bcf\u534a\u5e74\u4ed8\u606f\u4f46\u6c38\u8fdc\u4e0d\u8fd8\u672c\u91d1\u76843%\u6c38\u7eed\u56fd\u503a\uff08\u9762\u503c100\u6cd5\u90ce\uff09\uff0c\u4ef7\u683c\u957f\u671f\u6ce2\u52a8\u572832.50\u523086.65\u6cd5\u90ce\u4e4b\u95f4\u3002\u4ed6\u7cbe\u786e\u5730\u7b97\u51fa\u5408\u7406\u4ef7\u4f4d\u662f73.4\u6cd5\u90ce\uff0c\u4e8e\u662f\u4f4e\u4e8e\u8fd9\u4e2a\u4ef7\u683c\u5c31\u4e70\uff0c\u8d8a\u4fbf\u5b9c\u4e70\u8d8a\u591a\uff1b\u9ad8\u4e8e\u8fd9\u4e2a\u4ef7\u683c\u5c31\u5356\uff0c\u8d8a\u8d35\u5356\u8d8a\u591a\u3002<\/p>\n\n\n\n<p>\u5c31\u8fd9\u6837\uff0c\u867d\u7136\u6709\u65f6\u4e5f\u4f1a\u5c0f\u4e8f\u4e00\u4e0b\uff0c\u4f46\u575a\u6301\u4e86\u51e0\u5e74\uff0c\u5230\u4e8647\u5c81\uff0c\u4ed6\u7ec8\u4e8e\u8d22\u52a1\u81ea\u7531\u4e86\uff01\u4e70\u4e86\u5e84\u56ed\uff0c\u96c7\u4e86\u8f66\u592b\u3001\u56ed\u4e01\uff0c\u8fd8\u914d\u4e863\u8f86\u9a6c\u8f66\uff0c\u8d70\u5411\u4e86\u4eba\u751f\u5dc5\u5cf0\u3002<\/p>\n\n\n\n<p>\u96f7\u683c\u7eb3\u7279\u57281894\u5e74\u53bb\u4e16\u65f6\uff0c\u7559\u4e0b\u4e86300\u4e07\u6cd5\u90ce\u7684\u8d22\u5bcc\uff0c\u91cc\u9762\u5305\u62ec\u503a\u5238\u3001\u80a1\u7968\u548c\u623f\u4ea7\u3002\u800c\u4ed6\u51fa\u7248\u7684\u300a\u6982\u7387\u8ba1\u7b97\u548c\u80a1\u7968\u4ea4\u6613\u54f2\u5b66\u300b\u4e5f\u88ab\u8ba4\u4e3a\u662f\u91cf\u5316\u4ea4\u6613\u7684\u5f00\u7aef\u3002<\/p>\n\n\n\n<p>\u4e0d\u8fc7\uff0c\u771f\u6b63\u628a\u91cf\u5316\u4ea4\u6613\u5e26\u5165\u5927\u4f17\u89c6\u91ce\u7684\uff0c\u8fd8\u662f\u540e\u6765\u4e00\u7fa4\u201c\u4e0d\u52a1\u6b63\u4e1a\u201d\u7684\u5b66\u9738\u4eec\u3002<\/p>\n\n\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"10246\" class=\"elementor elementor-10246\" data-elementor-post-type=\"elementor_library\">\n\t\t\t<div class=\"elementor-element elementor-element-afa4cf5 e-flex e-con-boxed e-con e-parent\" data-id=\"afa4cf5\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-e603864 e-con-full e-flex e-con e-child\" data-id=\"e603864\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f3b598a elementor-align-center elementor-widget elementor-widget-button\" data-id=\"f3b598a\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-size-sm\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">\u4e13\u4e3a\u91cf\u5316\u4ea4\u6613\u800c\u8bbe\u8ba1<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dd143d2 elementor-widget elementor-widget-heading\" data-id=\"dd143d2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">\u5b9e\u65f6\u66f4\u65b0\u3001\u4f4e\u5ef6\u8fdf\u884c\u60c5\u6570\u636eAPI<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-02c7ae7 elementor-widget elementor-widget-text-editor\" data-id=\"02c7ae7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>\u5168\u9762\u8986\u76d6\u7f8e\u80a1\u3001\u6e2f\u80a1\u3001A\u80a1\u3001\u5916\u6c47\u3001\u5546\u54c1\u671f\u8d27\u3001\u52a0\u5bc6\u8d27\u5e01\uff01\u6700\u5168\u9762\u7684\u884c\u60c5\u6570\u636e\u63a8\u9001\u63a5\u53e3\uff01<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-28e47de elementor-align-center e-transform elementor-widget elementor-widget-button\" data-id=\"28e47de\" data-element_type=\"widget\" data-settings=\"{&quot;_transform_scale_effect_hover&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:1.1,&quot;sizes&quot;:[]},&quot;_transform_scale_effect_hover_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;_transform_scale_effect_hover_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/alltick.co\/register\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">\u5f00\u59cb\u514d\u8d39\u8bd5\u7528<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n\n\n\n<h2 class=\"wp-block-heading\">2. <strong>\u7231\u5fb7\u534e\u00b7\u7d22\u666e (Edward Thorp)<\/strong><\/h2>\n\n\n\n<p>\u7231\u5fb7\u534e\u00b7\u7d22\u666e\u5728\u5c0f\u65f6\u5019\u5c31\u5bf9\u6570\u5b57\u663e\u793a\u51fa\u4e86\u6781\u5927\u7684\u70ed\u60c5\u3002\u7531\u4e8e\u5bb6\u5883\u8d2b\u56f0\uff0c\u7d22\u666e\u5f88\u65e9\u5c31\u5f00\u59cb\u60f3\u529e\u6cd5\u6323\u94b1\uff08\u5927\u4f6c\u7684\u6807\u51c6\u5f00\u5c40\ud83d\ude02\uff09\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" width=\"738\" height=\"415\" src=\"https:\/\/i0.wp.com\/blog.alltick.co\/wp-content\/uploads\/2024\/10\/image-4.png?resize=738%2C415&#038;ssl=1\" alt=\"\" class=\"wp-image-10252\" style=\"width:500px\" srcset=\"https:\/\/i0.wp.com\/blog.alltick.co\/zh-CN\/wp-content\/uploads\/2024\/10\/image-4.png?w=738&amp;ssl=1 738w, https:\/\/i0.wp.com\/blog.alltick.co\/zh-CN\/wp-content\/uploads\/2024\/10\/image-4.png?resize=300%2C169&amp;ssl=1 300w\" sizes=\"(max-width: 738px) 100vw, 738px\" \/><\/figure>\n\n\n\n<p>\u6709\u4e00\u6b21\uff0c\u7d22\u666e\u548c\u6742\u8d27\u5e97\u8001\u677f\u6253\u8d4c\u770b\u8c01\u80fd\u4ee5\u6700\u5feb\u7684\u901f\u5ea6\u7b97\u51fa\u8d26\u5355\u91d1\u989d\uff0c\u4ed6\u7528\u5927\u8111\uff0c\u6742\u8d27\u5e97\u8001\u677f\u7528\u8ba1\u7b97\u5668\uff0c\u7ed3\u679c\u7231\u5fb7\u534e\u00b7\u7d22\u666e\u53d6\u80dc\uff0c\u5e76\u83b7\u5f97\u4e86\u51b0\u6fc0\u51cc\u86cb\u5377\u4f5c\u4e3a\u5956\u54c1\u3002<\/p>\n\n\n\n<p>\u6709\u65f6\uff0c\u7d22\u666e\u4f1a\u82b1\u4e94\u5206\u94b1\u4e70\u4e00\u76d2\u996e\u6599\uff0c\u518d\u5f80\u91cc\u9762\u63ba\u4e9b\u6c34\uff0c\u6309\u4e00\u5206\u94b1\u4e00\u76d2\u7684\u4ef7\u683c\u5356\u7ed9\u53e3\u6e34\u7684\u5de5\u4eba\uff0c\u8fd9\u6837\u6bcf\u76d2\u996e\u6599\u53ef\u4ee5\u8d5a\u4e00\u5206\u94b1\u3002<\/p>\n\n\n\n<p>1955\u5e74\uff0c\u7d22\u666e\u5728UCLA\u8bfb\u7814\u7a76\u751f\u65f6\uff0c\u548c\u540c\u5b66\u4eec\u95f2\u804a\u600e\u4e48\u641e\u94b1\u3002\u5927\u5bb6\u4e00\u81f4\u8ba4\u4e3a\u8d4c\u535a\u662f\u6b7b\u8def\u4e00\u6761\uff0c\u4f46\u7d22\u666e\u89c9\u5f97\uff0c\u53ea\u8981\u627e\u5230\u8d4c\u535a\u7684\u6570\u5b66\u5bc6\u7801\uff0c\u662f\u6709\u53ef\u80fd\u6253\u8d25\u5e84\u5bb6\u7684\u3002<\/p>\n\n\n\n<p>\u4ed6\u4e00\u5f00\u59cb\u8bd5\u56fe\u7528\u8ba1\u7b97\u673a\u6765\u9884\u6d4b\u8f6e\u76d8\u8d4c\u7684\u6570\u5b57\uff0c\u5374\u53d1\u73b0\u673a\u5668\u7684\u51c6\u786e\u6027\u5b9e\u5728\u4e0d\u6562\u606d\u7ef4\uff0c\u6700\u7ec8\u4ed6\u653e\u5f03\u4e86\u3002\u540e\u6765\uff0c\u4ed6\u770b\u5230\u4e86\u4e00\u7bc7\u5173\u4e8e\u4e8c\u5341\u4e00\u70b9\u6251\u514b\u7b56\u7565\u7684\u8bba\u6587\uff0c\u51b3\u5b9a\u53bb\u8d4c\u573a\u4eb2\u81ea\u9a8c\u8bc1\uff0c\u7ed3\u679c\u5374\u8f93\u5f97\u5f88\u60e8\u3002<\/p>\n\n\n\n<p>\u76f4\u5230\u4ed6\u6210\u4e3a\u9ebb\u7701\u7406\u5de5\u7684\u6570\u5b66\u8001\u5e08\u540e\uff0c\u7d22\u666e\u624d\u7814\u7a76\u51fa\u4e8c\u5341\u4e00\u70b9\u7684\u80dc\u5229\u6cd5\u5219\uff0c\u5e76\u5199\u4e86\u4e00\u7bc7\u8bba\u6587\u60f3\u53d1\u8868\u3002\u4f46\u6839\u636e\u5f53\u65f6\u7684\u89c4\u5b9a\uff0c\u8bba\u6587\u5fc5\u987b\u7531\u56fd\u5bb6\u79d1\u5b66\u9662\u7684\u9662\u58eb\u63a8\u8350\u624d\u80fd\u767b\u4e0a\u77e5\u540d\u6742\u5fd7\u300a\u56fd\u5bb6\u79d1\u5b66\u9662\u6587\u732e\u300b\u3002<\/p>\n\n\n\n<p>\u4e8e\u662f\uff0c\u7d22\u666e\u627e\u5230\u4e86\u5927\u540d\u9f0e\u9f0e\u7684\u514b\u52b3\u5fb7\u00b7\u9999\u519c\uff0c\u6ca1\u9519\uff0c\u5c31\u662f\u53d1\u660e\u4fe1\u606f\u8bba\u90a3\u4e2a\u9999\u519c\u3002<\/p>\n\n\n\n<p>\u4e24\u4eba\u5f88\u5feb\u6210\u4e3a\u5408\u4f5c\u4f19\u4f34\u3002\u9999\u519c\u5efa\u8bae\u4ed6\u628a\u8bba\u6587\u6807\u9898\u5b9a\u4e3a\u300a\u4e8c\u5341\u4e00\u70b9\u7684\u5236\u80dc\u79d8\u8bc0\u300b\u3002<\/p>\n\n\n\n<p>\u8bba\u6587\u4e00\u51fa\uff0c\u4fe1\u4ef6\u5982\u6f6e\u6c34\u822c\u6d8c\u6765\uff0c\u7d22\u666e\u7684\u4e8c\u5341\u4e00\u70b9\u79d8\u8bc0\u51e0\u4e4e\u6210\u4e86\u9ebb\u7701\u7406\u5de5\u7684\u7981\u5fcc\u8bdd\u9898\uff0c\u56e0\u4e3a\u4fe1\u4ef6\u592a\u591a\uff0c\u6821\u65b9\u4e0d\u5f97\u4e0d\u9650\u5236\u4ed6\u518d\u8c08\u8bba\u8fd9\u4e2a\u8bdd\u9898\u3002<\/p>\n\n\n\n<p>\u4f46\u7d22\u666e\u548c\u9999\u519c\u5e76\u672a\u6b62\u6b65\u4e8e\u7406\u8bba\uff0c\u4ed6\u4eec\u51d1\u5230\u4e86\u4e00\u4e9b\u8d44\u91d1\uff0c\u4eb2\u81ea\u53bb\u62c9\u65af\u7ef4\u52a0\u65af\u8bd5\u6c34\u3002\u7ed3\u679c\u81ea\u7136\u662f\u5927\u83b7\u5168\u80dc\u3002\u56de\u6765\u540e\uff0c\u7d22\u666e\u5199\u4e86\u4e00\u672c\u4e66\u2014\u2014\u300a\u6218\u80dc\u8d4c\u573a\u300b\uff0c\u8fd9\u672c\u5145\u6ee1\u6570\u5b66\u7406\u8bba\u7684\u4e66\u5374\u56e0\u4e3a\u9898\u76ee\u5438\u5f15\u4e86\u5927\u91cf\u8bfb\u8005\uff0c\u6210\u4e3a\u7545\u9500\u4e66\u3002<\/p>\n\n\n\n<p>\u867d\u7136\u7d22\u666e\u8d62\u4e86\u4e0d\u5c11\u94b1\uff0c\u4f46\u4ed6\u4e5f\u4e0d\u5f97\u4e0d\u5728\u8d4c\u573a\u4e54\u88c5\u6253\u626e\uff0c\u907f\u514d\u88ab\u4fdd\u5b89\u8ba4\u51fa\u3002\u7136\u800c\uff0c\u8d4c\u573a\u5e76\u4e0d\u7518\u5fc3\u3002<\/p>\n\n\n\n<p>\u6709\u4e00\u6b21\uff0c\u7d22\u666e\u5728\u73a9\u724c\u65f6\u8981\u4e86\u4e00\u676f\u5496\u5561\uff0c\u559d\u4e0b\u53bb\u540e\uff0c\u4ed6\u7684\u89c6\u529b\u7a81\u7136\u6a21\u7cca\uff0c\u53ea\u5f97\u6447\u6447\u6643\u6643\u5730\u79bb\u5f00\u724c\u684c\u3002\u6b21\u65e5\uff0c\u4ed6\u53c8\u56de\u5230\u540c\u4e00\u5bb6\u8d4c\u573a\uff0c\u53ea\u70b9\u4e86\u767d\u6c34\uff0c\u5e76\u4e14\u6bcf\u6b21\u53ea\u6562\u559d\u4e00\u5c0f\u53e3\u3002\u90a3\u6c34\u7684\u5473\u9053\u975e\u5e38\u602a\uff0c\u50cf\u662f\u653e\u4e86\u5927\u91cf\u82cf\u6253\u7c89\u3002\u663e\u7136\uff0c\u8d4c\u573a\u8001\u677f\u5df2\u7ecf\u6068\u4ed6\u5165\u9aa8\u3002<\/p>\n\n\n\n<p>\u88ab\u8fd9\u6b21\u4e0b\u836f\u4e8b\u4ef6\u5413\u5230\u540e\uff0c\u7d22\u666e\u51b3\u5b9a\u8f6c\u6218\u80a1\u5e02\uff0c\u4ed6\u8ba4\u4e3a\u80a1\u5e02\u624d\u662f\u771f\u6b63\u7684\u5927\u8d4c\u573a\u3002<\/p>\n\n\n\n<p>\u7d22\u666e\u7684\u7b2c\u4e00\u4e2a\u7814\u7a76\u5bf9\u8c61\u662f\u80a1\u7968\u6743\u8bc1\uff0c\u8fd9\u7c7b\u6743\u8bc1\u4e0e\u770b\u6da8\u671f\u6743\u7c7b\u4f3c\uff0c\u8d4b\u4e88\u6301\u6709\u4eba\u5728\u672a\u6765\u4ee5\u67d0\u4e2a\u9884\u5b9a\u4ef7\u683c\u8d2d\u4e70\u80a1\u7968\u7684\u6743\u5229\u3002\u6743\u8bc1\u7684\u4ea4\u6613\u4e3b\u8981\u7531\u505a\u5e02\u5546\u63d0\u4f9b\uff0c\u662f\u5f53\u65f6\u6295\u8d44\u8005\u4eec\u7684\u70ed\u95e8\u9009\u62e9\u3002<\/p>\n\n\n\n<p>\u5728\u5206\u6790\u80a1\u7968\u6743\u8bc1\u65f6\uff0c\u7d22\u666e\u53d1\u73b0\u901a\u8fc7\u8fd0\u7528\u5927\u6570\u5b9a\u5f8b\uff0c\u867d\u7136\u65e0\u6cd5\u51c6\u786e\u9884\u6d4b\u67d0\u53ea\u80a1\u7968\u5728\u672a\u6765\u662f\u5426\u4f1a\u4e0a\u6da8\u6216\u4e0b\u8dcc\uff0c\u4f46\u53ef\u4ee5\u8ba1\u7b97\u5176\u5728\u67d0\u4e2a\u65f6\u95f4\u5185\u6da8\u8dcc\u8fbe\u5230\u7279\u5b9a\u5e45\u5ea6\u7684\u6982\u7387\u3002\u5982\u679c\u80a1\u7968\u7684\u6ce2\u52a8\u7387\u662f\u968f\u673a\u7684\uff0c\u90a3\u5b83\u5c31\u662f\u53ef\u4ee5\u91cf\u5316\u7684\uff0c\u8fd9\u4e00\u53d1\u73b0\u4e3a\u540e\u6765\u7684\u91cf\u5316\u4ea4\u6613\u5960\u5b9a\u4e86\u57fa\u7840\u3002<\/p>\n\n\n\n<p>\u901a\u8fc7\u5bf9\u8fd9\u4e9b\u80a1\u7968\u6743\u8bc1\u6ce2\u52a8\u7387\u7684\u7cbe\u786e\u4f30\u8ba1\uff0c\u53ef\u4ee5\u8bc6\u522b\u51fa\u5e02\u573a\u4e0a\u54ea\u4e9b\u6743\u8bc1\u7684\u5b9a\u4ef7\u51fa\u73b0\u4e86\u504f\u5dee\u3002<\/p>\n\n\n\n<p>\u4f8b\u5982\uff0c\u5047\u8bbe\u4f60\u4e70\u5165\u4e00\u4efd\u8d35\u5dde\u8305\u53f0\u7684\u6743\u8bc1\uff0c\u5f53\u524d\u80a1\u4ef7\u662f100\u5143\uff0c6\u4e2a\u6708\u540e\u80a1\u4ef7\u9700\u8fbe\u5230120\u5143\u4f60\u624d\u80fd\u76c8\u5229\uff0c\u90a3\u4e48\u5c31\u9700\u8981\u8ba1\u7b97\u80a1\u4ef7\u5728\u8fd9\u6bb5\u65f6\u95f4\u5185\u6da8\u5230120\u5143\u7684\u6982\u7387\uff0c\u5e76\u7528\u8fd9\u4e2a\u6982\u7387\u63a8\u7b97\u6743\u8bc1\u7684\u5b9e\u9645\u4ef7\u503c\u3002<\/p>\n\n\n\n<p>\u7d22\u666e\u501f\u52a9\u968f\u673a\u6e38\u8d70\u6a21\u578b\uff0c\u5e76\u5f15\u5165\u4e86\u80a1\u7968\u76f8\u5bf9\u4e8e\u5e02\u573a\u6574\u4f53\u4e0a\u6da8\u6216\u4e0b\u8dcc\u6982\u7387\u66f4\u9ad8\u7684\u4e00\u4e2a\u56e0\u5b50\uff0c\u5f97\u4ee5\u51c6\u786e\u4f30\u7b97\u51fa\u8fd9\u4e9b\u6743\u8bc1\u7684\u5408\u7406\u4ef7\u683c\u3002<\/p>\n\n\n\n<p>\u4e3a\u4e86\u8fdb\u4e00\u6b65\u9a8c\u8bc1\u81ea\u5df1\u7684\u7406\u8bba\uff0c\u7d22\u666e\u4e0e\u91d1\u878d\u5b66\u5bb6\u5e2d\u6069\u00b7\u5361\u7d22\u592b\uff08Sheen Kassouf\uff09\u5408\u4f5c\uff0c\u5f00\u59cb\u5bf9\u5e02\u9762\u4e0a\u6240\u6709\u7684\u80a1\u7968\u6743\u8bc1\u8fdb\u884c\u7cfb\u7edf\u6027\u6d4b\u8bd5\u3002<\/p>\n\n\n\n<p>\u7ed3\u679c\u8ba9\u4ed6\u4eec\u60ca\u559c\u4e07\u5206\uff0c\u56e0\u4e3a\u6839\u636e\u4ed6\u4eec\u7684\u6a21\u578b\uff0c\u5e02\u9762\u4e0a\u5927\u591a\u6570\u6743\u8bc1\u7684\u5b9a\u4ef7\u90fd\u662f\u4e0d\u51c6\u786e\u7684\u3002<\/p>\n\n\n\n<p>\u5229\u7528\u8fd9\u4e9b\u9519\u8bef\u7684\u5b9a\u4ef7\u673a\u4f1a\uff0c\u4ed6\u4eec\u5356\u7a7a\u9ad8\u4ef7\u6743\u8bc1\uff0c\u540c\u65f6\u4ee5\u80a1\u7968\u4f5c\u4e3a\u5bf9\u51b2\u624b\u6bb5\u3002\u5982\u679c\u80a1\u4ef7\u610f\u5916\u4e0a\u6da8\uff0c\u80a1\u7968\u7684\u5347\u5e45\u53ef\u4ee5\u5f25\u8865\u4ed6\u4eec\u5728\u6743\u8bc1\u4e0a\u7684\u635f\u5931\uff0c\u800c\u4ed6\u4eec\u7684\u516c\u5f0f\u7cbe\u786e\u5730\u6307\u793a\u4e86\u5728\u5bf9\u51b2\u65f6\u5e94\u4e70\u5165\u591a\u5c11\u80a1\u7968\u3002<\/p>\n\n\n\n<p>\u8fd9\u4e00\u6a21\u578b\u6210\u4e3a\u540e\u6765\u8457\u540d\u7684Black-Scholes\u671f\u6743\u5b9a\u4ef7\u6a21\u578b\u7684\u65e9\u671f\u5b9e\u8df5\u7248\u672c\uff0c\u63a8\u52a8\u4e86\u73b0\u4ee3\u91d1\u878d\u4e2d\u7684\u671f\u6743\u5b9a\u4ef7\u7406\u8bba\u7684\u53d1\u5c55\u3002<\/p>\n\n\n\n<p>\u7d22\u666e\u662f\u4e00\u4e2a\u5f88\u5927\u65b9\u7684\u4eba\uff0c\u4ed6\u5e76\u6ca1\u6709\u628a\u8fd9\u5957\u4f53\u7cfb\u85cf\u7740\u6396\u7740\uff0c\u4ed6\u544a\u8bc9\u5e2d\u6069\uff0c\u5e94\u8be5\u628a\u8fd9\u65e0\u98ce\u9669\u7684\u5bf9\u51b2\u4f53\u7cfb\u5c55\u793a\u7ed9\u6574\u4e2a\u4e16\u754c\u3002\u4e8e\u662f\u300a\u6218\u80dc\u5e02\u573a\uff1a\u4e00\u4e2a\u79d1\u5b66\u7684\u80a1\u7968\u5e02\u573a\u7cfb\u7edf\u300b\uff08Beat the Market:A Scientific Stock Market System\uff09\u5c31\u8bde\u751f\u4e86\uff0c\u800c\u8fd9\u672c\u4e66\u4e5f\u6210\u4e3a\u91cf\u5316\u6295\u8d44\u9886\u57df\u7684\u5f00\u5c71\u4e4b\u4f5c\u3002\u4e66\u4e2d\u5411\u5c0f\u6563\u6237\u63cf\u8ff0\u4e86\u4e00\u79cd\u5f88\u7b80\u5355\u7684\u6743\u8bc1\u5bf9\u51b2\u4f53\u7cfb\u3002\u5f53\u65f6\u4e00\u822c\u7684\u5bb6\u5ead\u8fd8\u6ca1\u6709\u8ba1\u7b97\u673a\uff0c\u53ea\u80fd\u7528\u56fe\u7eb8\u753b\u51fa\u8868\u683c\u6765\u786e\u5b9a\u6807\u4ef7\u8fc7\u9ad8\u7684\u6743\u8bc1\u3002<\/p>\n\n\n\n<p>1969\u5e74\uff0c\u7d22\u666e\u6210\u7acb\u4e86\u81ea\u5df1\u7684\u5bf9\u51b2\u57fa\u91d1\u2014\u2014\u666e\u6797\u65af\u987f-\u65b0\u6e2f\u516c\u53f8\u3002<\/p>\n\n\n\n<p>\u57fa\u91d1\u6210\u7acb\u7684\u5934\u51e0\u5e74\uff0c\u5e02\u573a\u4e0b\u8dcc5%\uff0c\u4f46\u4ed6\u7684\u57fa\u91d1\u53cd\u800c\u76c8\u5229\u4e863%\u3002\u63a5\u4e0b\u6765\u51e0\u5e74\uff0c\u4ed6\u7684\u5e74\u5747\u56de\u62a5\u90fd\u4fdd\u6301\u5728\u4e24\u4f4d\u6570\u4ee5\u4e0a\u3002\u52301985\u5e74\uff0c\u57fa\u91d1\u89c4\u6a21\u8fbe\u5230\u4e861.3\u4ebf\u7f8e\u5143\u3002<\/p>\n\n\n\n<p>\u5373\u4f7f\u57281987\u5e74\u80a1\u707e\u201c\u9ed1\u8272\u661f\u671f\u4e00\u201d\u671f\u95f4\uff0c\u7d22\u666e\u7684\u57fa\u91d1\u4e5f\u795e\u5947\u5730\u5e78\u514d\u4e8e\u96be\uff0c\u5e76\u53d6\u5f97\u4e8627%\u7684\u76c8\u5229\u3002\u4ed6\u51ed\u501f\u7075\u6d3b\u7684\u53cd\u5411\u64cd\u4f5c\uff0c\u4e0d\u4ec5\u5316\u89e3\u4e86\u98ce\u9669\uff0c\u8fd8\u51e0\u4e4e\u672a\u53d7\u635f\u5931\u3002\u8fd9\u4e00\u5207\u8ba9\u7d22\u666e\u6210\u4e3a\u4e86\u91cf\u5316\u6295\u8d44\u754c\u7684\u4f20\u5947\u4eba\u7269\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. <strong>\u6258\u9a6c\u65af\u00b7\u5f7c\u5f97\u83f2 (Thomas Peterffy)<\/strong><\/h2>\n\n\n\n<p>\u7ecf\u5e38\u505a\u7f8e\u80a1\u91cf\u5316\u4ea4\u6613\u7684\u4eba\u5e94\u8be5\u542c\u8bf4\u8fc7<strong>\u76c8\u900f\u8bc1\u5238<\/strong>\uff0c\u800c\u6211\u4eec\u63a5\u4e0b\u6765\u4ecb\u7ecd\u7684\u5c31\u662f\u76c8\u900f\u8bc1\u5238\u7684\u521b\u59cb\u4eba\uff0c\u6258\u9a6c\u65af\u00b7\u5f7c\u5f97\u83f2\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img data-recalc-dims=\"1\" decoding=\"async\" width=\"800\" height=\"532\" src=\"https:\/\/i0.wp.com\/blog.alltick.co\/wp-content\/uploads\/2024\/10\/image-5-1024x681.png?resize=800%2C532&#038;ssl=1\" alt=\"\" class=\"wp-image-10253\" style=\"width:500px\" srcset=\"https:\/\/i0.wp.com\/blog.alltick.co\/zh-CN\/wp-content\/uploads\/2024\/10\/image-5.png?resize=1024%2C681&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blog.alltick.co\/zh-CN\/wp-content\/uploads\/2024\/10\/image-5.png?resize=300%2C199&amp;ssl=1 300w, https:\/\/i0.wp.com\/blog.alltick.co\/zh-CN\/wp-content\/uploads\/2024\/10\/image-5.png?resize=768%2C510&amp;ssl=1 768w, https:\/\/i0.wp.com\/blog.alltick.co\/zh-CN\/wp-content\/uploads\/2024\/10\/image-5.png?resize=1536%2C1021&amp;ssl=1 1536w, https:\/\/i0.wp.com\/blog.alltick.co\/zh-CN\/wp-content\/uploads\/2024\/10\/image-5.png?w=1920&amp;ssl=1 1920w, https:\/\/i0.wp.com\/blog.alltick.co\/zh-CN\/wp-content\/uploads\/2024\/10\/image-5.png?w=1600&amp;ssl=1 1600w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p>1944\u5e74\uff0c\u6b63\u503c\u4e8c\u6218\u671f\u95f4\uff0c\u6258\u9a6c\u65af\u00b7\u5f7c\u5f97\u83f2\u5728\u5308\u7259\u5229\u9996\u90fd\u5e03\u8fbe\u4f69\u65af\u7684\u4e00\u5bb6\u533b\u9662\u5730\u4e0b\u5ba4\u51fa\u751f\u3002\u4ed6\u7684\u7ae5\u5e74\u5145\u6ee1\u4e86\u9965\u997f\uff0c\u5e76\u56e0\u4e3a\u7236\u6bcd\u6b20\u503a\uff0c\u4e0d\u5f97\u4e0d\u9891\u7e41\u642c\u5bb6\u3002<\/p>\n\n\n\n<p>1965\u5e74\uff0c\u5f7c\u5f97\u83f2\u6293\u4f4f\u673a\u4f1a\u9003\u79bb\u5308\u7259\u5229\uff0c\u51e0\u4e4e\u8eab\u65e0\u5206\u6587\u5730\u6765\u5230\u4e86\u7ebd\u7ea6\uff0c\u5f00\u59cb\u4e86\u4ed6\u5728\u7f8e\u56fd\u7684\u751f\u6d3b\u3002\u4f5c\u4e3a\u4e00\u4e2a\u51e0\u4e4e\u4e0d\u4f1a\u8bf4\u82f1\u8bed\u7684\u5308\u7259\u5229\u79fb\u6c11\uff0c\u4ed6\u5728\u534e\u5c14\u8857\u5f00\u542f\u4e86\u81ea\u5df1\u7684\u4f20\u5947\u4e4b\u8def\u3002<\/p>\n\n\n\n<p>\u521d\u5230\u7ebd\u7ea6\uff0c\u5f7c\u5f97\u83f2\u9760\u7740\u5308\u7259\u5229\u88d4\u623f\u4e1c\u7684\u5e2e\u52a9\uff0c\u627e\u5230\u4e86\u5728\u4e00\u5bb6\u5de5\u7a0b\u516c\u53f8\u505a\u5236\u56fe\u5458\u7684\u5de5\u4f5c\u3002<\/p>\n\n\n\n<p>\u516c\u53f8\u8d2d\u4e70\u4e86\u7b2c\u4e00\u53f0\u8ba1\u7b97\u673a\uff0c\u4f46\u7531\u4e8e\u6ca1\u4eba\u4f1a\u64cd\u4f5c\uff0c\u5f7c\u5f97\u83f2\u81ea\u544a\u594b\u52c7\u5b66\u4e60\u7f16\u7a0b\u3002\u4ed6\u53d1\u73b0\u5b66\u4e60\u8ba1\u7b97\u673a\u8bed\u8a00\u6bd4\u5b66\u4e60\u82f1\u8bed\u8981\u7b80\u5355\u5f97\u591a\uff0c\u4e0d\u4e45\u540e\u4fbf\u5f00\u53d1\u4e86\u4e00\u4e2a\u7b80\u5355\u7684\u52fe\u80a1\u5b9a\u7406\u7b97\u6cd5\uff0c\u901a\u8fc7\u6b63\u5f26\u6216\u4f59\u5f26\u51fd\u6570\u5e2e\u52a9\u5de5\u7a0b\u5e08\u8ba1\u7b97\u9053\u8def\u7684\u534a\u5f84\u548c\u659c\u5761\u3002<\/p>\n\n\n\n<p>\u4ed6\u8fd8\u8bbe\u8ba1\u51fa\u4e86\u4e00\u5957\u6570\u636e\u5e93\u7cfb\u7edf\uff0c\u6210\u4e3a\u516c\u53f8\u4e2d\u5c11\u6570\u638c\u63e1\u8ba1\u7b97\u673a\u6280\u672f\u7684\u4eba\uff0c\u85aa\u6c34\u4e5f\u6da8\u5230\u4e86\u6bcf\u546865\u7f8e\u5143\uff0c\u6210\u4e3a\u5f53\u65f6\u5c11\u6570\u7684\u7a0b\u5e8f\u5458\u4e4b\u4e00\u3002<\/p>\n\n\n\n<p>1967\u5e74\uff0c\u5f7c\u5f97\u83f2\u8df3\u69fd\u5230Aranyi\u516c\u53f8\uff0c\u8be5\u516c\u53f8\u4e13\u95e8\u4e3a\u534e\u5c14\u8857\u5ba2\u6237\u5f00\u53d1\u8ba1\u7b97\u673a\u7cfb\u7edf\u3002\u5728\u6b64\u671f\u95f4\uff0c\u4ed6\u7f16\u5199\u4e86\u4e00\u4e2a\u7b97\u6cd5\u4ea4\u6613\u4ee3\u7801\uff0c\u5e2e\u52a9\u6295\u8d44\u8005\u5feb\u901f\u6bd4\u8f83\u4e0d\u540c\u80a1\u7968\u7684\u7279\u70b9\u548c\u4ef7\u503c\u3002\u8fd9\u6bb5\u4e09\u5e74\u7684\u5de5\u4f5c\u7ecf\u5386\u8ba9\u5f7c\u5f97\u83f2\u6df1\u5165\u4e86\u89e3\u4e86\u91d1\u878d\u5e02\u573a\uff0c\u5e76\u4f7f\u4ed6\u6210\u4e3a\u534e\u5c14\u8857\u5c11\u6570\u5177\u5907\u7f16\u7a0b\u6280\u80fd\u7684\u7cbe\u82f1\u4e4b\u4e00\u3002<\/p>\n\n\n\n<p>1969\u5e74\uff0c\u5f7c\u5f97\u83f2\u52a0\u5165\u4e86\u534e\u5c14\u8857\u77e5\u540d\u4eba\u58eb\u4ea8\u5229\u00b7\u6770\u91cc\u514b\u521b\u529e\u7684\u83ab\u5361\u5854\u516c\u53f8\u3002\u5728\u8fd9\u91cc\uff0c\u4ed6\u83b7\u5f97\u4e86\u5145\u5206\u7684\u65bd\u5c55\u7a7a\u95f4\uff0c\u6770\u91cc\u514b\u975e\u5e38\u8d4f\u8bc6\u4ed6\u7684\u624d\u534e\u3002\u540c\u5e74\uff0c\u5f7c\u5f97\u83f2\u5f00\u53d1\u4e86\u534e\u5c14\u8857\u7b2c\u4e00\u4e2a\u201c\u9ed1\u76d2\u201d\u7cfb\u7edf\uff0c\u8fd9\u662f\u4e00\u79cd\u80fd\u591f\u8bfb\u53d6\u884c\u60c5\u6570\u636e\uff0c\u5e76\u901a\u8fc7\u4e00\u7cfb\u5217\u7b97\u6cd5\u5904\u7406\u540e\uff0c\u751f\u6210\u4e70\u5356\u6307\u4ee4\u7684\u7cfb\u7edf\u3002\u51ed\u501f\u8fd9\u4e2a\u7cfb\u7edf\uff0c\u83ab\u5361\u5854\u516c\u53f8\u5b9e\u73b0\u4e86\u53ef\u89c2\u7684\u5229\u6da6\u3002<\/p>\n\n\n\n<p>20\u4e16\u7eaa70\u5e74\u4ee3\u521d\uff0c\u83ab\u5361\u5854\u516c\u53f8\u5f00\u59cb\u6d89\u8db3\u671f\u6743\u4ea4\u6613\u3002\u5f53\u65f6\uff0c\u671f\u6743\u5b9a\u4ef7\u975e\u5e38\u968f\u7f18\uff0c\u56e0\u4e3aBlack-Scholes\u6a21\u578b\u8fd8\u672a\u8bde\u751f\u3002\u6770\u91cc\u514b\u548c\u5f7c\u5f97\u83f2\u4f9d\u9760\u4ea4\u6613\u5458\u7684\u7ecf\u9a8c\uff0c\u9010\u6b65\u603b\u7ed3\u51fa\u5f71\u54cd\u671f\u6743\u5b9a\u4ef7\u7684\u51e0\u4e2a\u5173\u952e\u56e0\u7d20\uff1a<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u671f\u6743\u884c\u4f7f\u4ef7<\/li>\n\n\n\n<li>\u5230\u671f\u65e5<\/li>\n\n\n\n<li>\u6ce2\u52a8\u7387<\/li>\n\n\n\n<li>\u65e0\u98ce\u9669\u5229\u7387<\/li>\n<\/ol>\n\n\n\n<p><\/p>\n\n\n\n<p>\u5f7c\u5f97\u83f2\u7ecf\u8fc7\u4e00\u5e74\u591a\u7684\u52aa\u529b\uff0c\u5f00\u53d1\u51fa\u4e00\u5957\u57fa\u4e8e\u8fd9\u4e9b\u53c2\u6570\u7684\u671f\u6743\u5b9a\u4ef7\u7b97\u6cd5\u3002\u83ab\u5361\u5854\u516c\u53f8\u5229\u7528\u8fd9\u5957\u7b97\u6cd5\u8fdb\u884c\u671f\u6743\u4ea4\u6613\uff0c\u5e76\u53d6\u5f97\u4e86\u4e0d\u9519\u7684\u4e1a\u7ee9\u3002\u540e\u6765\u4ed6\u4eec\u53d1\u73b0\uff0c\u8fd9\u5957\u7b97\u6cd5\u4e0e\u4e00\u5e74\u540e\u53d1\u8868\u7684Black-Scholes\u671f\u6743\u5b9a\u4ef7\u6a21\u578b\u975e\u5e38\u76f8\u4f3c\u3002<\/p>\n\n\n\n<p>\u5230\u4e8620\u4e16\u7eaa70\u5e74\u4ee3\u672b\uff0c\u968f\u7740\u829d\u52a0\u54e5\u4ea4\u6613\u5e02\u573a\u7684\u5efa\u7acb\uff0c\u5f7c\u5f97\u83f2\u654f\u9510\u5730\u610f\u8bc6\u5230\u80a1\u7968\u671f\u6743\u5e02\u573a\u5373\u5c06\u5d1b\u8d77\uff0c\u5e76\u8ba4\u4e3a\u8fd9\u4e00\u5e02\u573a\u5c06\u6709\u5de8\u5927\u7684\u6f5c\u529b\u548c\u5229\u6da6\u7a7a\u95f4\u3002<\/p>\n\n\n\n<p>1977\u5e74\uff0c\u5f7c\u5f97\u83f2\u79ef\u6512\u4e8620\u4e07\u7f8e\u5143\uff0c\u5e76\u7528\u5176\u4e2d\u76843.6\u4e07\u7f8e\u5143\u5728\u7f8e\u56fd\u80a1\u7968\u4ea4\u6613\u6240\u8d2d\u4e70\u4e86\u4e00\u4e2a\u4ea4\u6613\u5e2d\u4f4d\uff0c\u6b63\u5f0f\u8e0f\u4e0a\u4e86\u4ed6\u7684\u521b\u4e1a\u4e4b\u8def\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u521d\u671f\u7684\u671f\u6743\u4ea4\u6613\u5e76\u4e0d\u987a\u5229\u3002\u4ed6\u4f9d\u9760\u81ea\u5df1\u5f00\u53d1\u7684\u7b97\u6cd5\u6765\u4e3a\u671f\u6743\u5b9a\u4ef7\uff0c\u5e76\u4e25\u683c\u9075\u5faa\u81ea\u5df1\u7684\u5229\u6da6\u533a\u95f4\u3002\u5982\u679c\u67d0\u4e2a\u671f\u6743\u5408\u7ea6\u7684\u4ef7\u683c\u4e0d\u5728\u4ed6\u7684\u4fdd\u5b88\u8303\u56f4\u5185\uff0c\u4ed6\u4fbf\u62d2\u7edd\u8fdb\u884c\u4ea4\u6613\u3002\u5373\u4fbf\u4ed6\u5982\u6b64\u8c28\u614e\uff0c\u4f9d\u7136\u96be\u514d\u5931\u8bef\uff0c\u66fe\u4e00\u5ea6\u635f\u5931\u4e86\u5341\u4e07\u7f8e\u5143\u3002<\/p>\n\n\n\n<p>\u5c3d\u7ba1\u8fd9\u4e00\u5de8\u5927\u7684\u6253\u51fb\u6765\u5f97\u7a81\u7136\u4e14\u6c89\u91cd\uff0c\u4f46\u5f7c\u5f97\u83f2\u6ca1\u6709\u88ab\u51fb\u5012\u3002\u4ed6\u91cd\u65b0\u632f\u4f5c\uff0c\u9010\u6b65\u79ef\u7d2f\u8d44\u91d1\uff0c\u6269\u5927\u4e86\u4ed6\u7684\u4ea4\u6613\u56e2\u961f\u548c\u4ea4\u6613\u91cf\u3002\u7136\u800c\uff0c\u7531\u4e8e\u8bed\u8a00\u969c\u788d\uff0c\u4ed6\u65e0\u6cd5\u50cf\u5176\u4ed6\u4ea4\u6613\u5458\u90a3\u6837\u4e0e\u5e02\u573a\u4e2d\u7684\u5e84\u5bb6\u4eec\u4ea4\u8c08\uff0c\u8fd9\u8ba9\u4ed6\u7684\u8ba2\u5355\u96be\u4ee5\u6210\u4ea4\u3002\u5e02\u573a\u4e0a\u7684\u5e84\u5bb6\u4eec\u4e5f\u4e0d\u613f\u4e0e\u8fd9\u4e2a\u5e26\u7740\u6d53\u91cd\u5308\u7259\u5229\u53e3\u97f3\u7684\u4ea4\u6613\u5458\u6253\u4ea4\u9053\u3002<\/p>\n\n\n\n<p>\u5f7c\u5f97\u83f2\u60f3\u51fa\u4e86\u4e00\u4e2a\u72ec\u7279\u4e14\u51fa\u4eba\u610f\u6599\u7684\u7b56\u7565\uff1a\u4ed6\u96c7\u7528\u4e86\u51e0\u4f4d\u8eab\u6750\u8bf1\u4eba\u7684\u91d1\u53d1\u5973\u90ce\u4f5c\u4e3a\u4ed6\u7684\u4ea4\u6613\u5458\ud83e\udd23\u3002\u5c3d\u7ba1\u8fd9\u4e9b\u5973\u4ea4\u6613\u5458\u5e76\u4e0d\u9700\u8981\u4ea4\u6613\u7ecf\u9a8c\u6216\u76d8\u611f\uff0c\u53ea\u9700\u6839\u636e\u4ed6\u7684\u7b97\u6cd5\u6307\u4ee4\u8fdb\u884c\u64cd\u4f5c\uff0c\u4f46\u5979\u4eec\u7684\u5b58\u5728\u7acb\u523b\u5438\u5f15\u4e86\u5e84\u5bb6\u4eec\u7684\u6ce8\u610f\u3002\u7ed3\u679c\uff0c\u8fd9\u4e9b\u91d1\u53d1\u5973\u90ce\u7684\u8ba2\u5355\u5f88\u5feb\u88ab\u5e84\u5bb6\u4eec\u63a5\u6536\uff0c\u800c\u5e84\u5bb6\u4eec\u5e76\u6ca1\u6709\u610f\u8bc6\u5230\u81ea\u5df1\u6b63\u5728\u8fdb\u884c\u7684\u662f\u4e00\u7cfb\u5217\u5bf9\u81ea\u5df1\u4e0d\u5229\u7684\u4ea4\u6613\u3002<\/p>\n\n\n\n<p>\u5f7c\u5f97\u83f2\u610f\u8bc6\u5230\uff0c\u4f9d\u6258\u4ed6\u7684\u7b97\u6cd5\uff0c\u66f4\u591a\u7684\u4ea4\u6613\u91cf\u53ef\u4ee5\u6709\u6548\u5206\u6563\u98ce\u9669\u5e76\u63d0\u9ad8\u5229\u6da6\u3002\u56e0\u6b64\uff0c\u4ed6\u51b3\u5b9a\u52a0\u5165\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u6240\u7684\u505a\u5e02\u5546\u884c\u5217\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u51e0\u4e2a\u6708\u540e\uff0c\u90a3\u4e9b\u4e0e\u5f7c\u5f97\u83f2\u4ea4\u6613\u7684\u5e84\u5bb6\u4eec\u9010\u6e10\u5bdf\u89c9\u5230\u81ea\u5df1\u51e0\u4e4e\u4ece\u672a\u5728\u4e0e\u5f7c\u5f97\u83f2\u7684\u91d1\u53d1\u4ea4\u6613\u5458\u5bf9\u624b\u4e2d\u83b7\u80dc\u8fc7\u3002\u4f5c\u4e3a\u505a\u5e02\u5546\uff0c\u7406\u8bba\u4e0a\u4ed6\u4eec\u9700\u8981\u6301\u7eed\u63d0\u4f9b\u4e70\u5356\u53cc\u8fb9\u7684\u62a5\u4ef7\uff0c\u800c\u5f7c\u5f97\u83f2\u5219\u9009\u62e9\u6027\u5730\u8fdb\u884c\u4ea4\u6613\uff0c\u53ea\u53c2\u4e0e\u6709\u5229\u7684\u5408\u7ea6\u3002\u8fd9\u79cd\u7b56\u7565\u5f15\u8d77\u4e86\u5e84\u5bb6\u4eec\u7684\u5f3a\u70c8\u4e0d\u6ee1\uff0c\u4ed6\u4eec\u5a01\u80c1\u53d6\u6d88\u5f7c\u5f97\u83f2\u7684\u505a\u5e02\u5546\u8d44\u683c\uff0c\u9664\u975e\u4ed6\u5728\u6240\u6709\u671f\u6743\u4e0a\u540c\u65f6\u63d0\u4f9b\u4e70\u5356\u53cc\u8fb9\u62a5\u4ef7\u3002\u7136\u800c\uff0c\u5f7c\u5f97\u83f2\u7684\u56e2\u961f\u4e3b\u8981\u4f9d\u9760\u8ba1\u7b97\u673a\u7b97\u6cd5\uff0c\u65e0\u6cd5\u65f6\u523b\u624b\u52a8\u76d1\u63a7\u5e02\u573a\u5e76\u968f\u65f6\u62a5\u4ef7\uff0c\u8fd9\u8ba9\u4ed6\u7684\u4ea4\u6613\u518d\u6b21\u53d7\u963b\u3002<\/p>\n\n\n\n<p>\u5f7c\u5f97\u83f2\u840c\u751f\u4e86\u4e00\u4e2a\u65e9\u5df2\u57cb\u85cf\u5728\u5fc3\u4e2d\u7684\u60f3\u6cd5\uff1a\u638c\u4e0a\u7535\u8111\u3002\u4ed6\u5f00\u59cb\u7740\u624b\u5c06\u8fd9\u4e00\u6784\u60f3\u53d8\u4e3a\u73b0\u5b9e\uff0c\u5e76\u4e0e\u7ebd\u7ea6\u5927\u5b66\u7684\u7269\u7406\u5b66\u5bb6\u5408\u4f5c\uff0c\u8bbe\u8ba1\u51fa\u4e86\u4e00\u6b3e\u9769\u547d\u6027\u7684\u89e6\u6478\u5f0f\u5e73\u677f\u7535\u8111\u3002<\/p>\n\n\n\n<p>\u8fd9\u53f0\u8bbe\u5907\u5927\u7ea68\u00d712\u82f1\u5bf8\uff0c\u539a\u5ea62\u82f1\u5bf8\uff0c\u5185\u90e8\u88c5\u6709\u6676\u4f53\u7ba1\u548c\u96c6\u6210\u7535\u8def\u677f\uff0c\u7535\u8def\u677f\u4e4b\u95f4\u901a\u8fc7\u91d1\u7ebf\u76f8\u8fde\uff0c\u5e76\u914d\u5907\u4e86\u9876\u7aef\u7684\u89e6\u6478\u5c4f\u3002\u8fd9\u4e9b\u5e73\u677f\u7535\u8111\u901a\u8fc7\u7535\u8bdd\u7ebf\u8fde\u63a5\u5230Quotron\u884c\u60c5\u6570\u636e\u673a\u5668\uff0c\u63a5\u6536\u5e02\u573a\u6570\u636e\uff0c\u7ecf\u8fc7\u7b97\u6cd5\u5904\u7406\u540e\u751f\u6210\u4ea4\u6613\u6307\u4ee4\uff0c\u968f\u540e\u901a\u8fc7\u77ed\u6ce2\u65e0\u7ebf\u7535\u5c06\u6307\u4ee4\u56de\u4f20\u5230\u5e73\u677f\u7535\u8111\u4e0a\u3002\u91d1\u53d1\u5973\u90ce\u4ea4\u6613\u5458\u63a5\u6536\u5230\u6307\u4ee4\u540e\uff0c\u518d\u8fc5\u901f\u5411\u5e84\u5bb6\u62a5\u4ef7\u3002<\/p>\n\n\n\n<p>\u4e0e\u6b64\u5f62\u6210\u9c9c\u660e\u5bf9\u6bd4\u7684\u662f\uff0c\u5f7c\u5f97\u83f2\u7684\u7ade\u4e89\u5bf9\u624b\u4eec\u4f9d\u65e7\u4f9d\u8d56\u6bcf\u5929\u53ea\u80fd\u66f4\u65b0\u4e00\u4e24\u6b21\u7684\u201c\u516c\u5e73\u4ef7\u503c\u5b9a\u4ef7\u5355\u201d\uff0c\u800c\u5f7c\u5f97\u83f2\u7684\u5b9e\u65f6\u4ea4\u6613\u7cfb\u7edf\u663e\u7136\u5360\u636e\u4e86\u5de8\u5927\u7684\u4f18\u52bf\u3002<\/p>\n\n\n\n<p>\u4ece\u90a3\u65f6\u8d77\uff0c\u5f7c\u5f97\u83f2\u7684\u5e74\u5229\u6da6\u8d85\u8fc7\u4e86100\u4e07\u7f8e\u5143\u3002<\/p>\n\n\n\n<p>\u4e3a\u4e86\u6269\u5c55\u4e1a\u52a1\uff0c\u4ed6\u8ba1\u5212\u8fdb\u5165\u829d\u52a0\u54e5\u671f\u6743\u4ea4\u6613\u6240\uff08\u7f8e\u56fd\u6700\u5927\u7684\u671f\u6743\u4ea4\u6613\u6240\uff09\uff0c\u4f46\u56e0\u8be5\u4ea4\u6613\u6240\u7981\u6b62\u643a\u5e26\u7535\u8111\u7b49\u8bbe\u5907\u800c\u906d\u5230\u62d2\u7edd\u3002\u6700\u7ec8\uff0c\u4ed6\u8f6c\u5411\u7ebd\u7ea6\u8bc1\u5238\u4ea4\u6613\u6240\uff0c\u6269\u5927\u4ed6\u7684\u80a1\u7968\u671f\u6743\u4e1a\u52a1\u3002<\/p>\n\n\n\n<p>\u4e3a\u4e86\u63d0\u5347\u4ea4\u6613\u5458\u4eec\u7684\u6548\u7387\uff0c\u5f7c\u5f97\u83f2\u8bbe\u8ba1\u4e86\u5e26\u6709\u706f\u5149\u7684\u5f69\u8272\u68d2\uff0c\u901a\u8fc7\u4e0d\u540c\u989c\u8272\u6307\u793a\u7cfb\u7edf\u4ea7\u751f\u7684\u4ea4\u6613\u6307\u4ee4\uff0c\u65b9\u4fbf\u573a\u5185\u4ea4\u6613\u5458\u8bc6\u522b\u3002<\/p>\n\n\n\n<p>\u968f\u7740\u4ea4\u6613\u91cf\u7684\u4e0d\u65ad\u589e\u52a0\uff0c\u5f7c\u5f97\u83f2\u7684\u76c8\u5229\u4e5f\u663e\u8457\u4e0a\u5347\u3002\u52301986\u5e74\uff0c\u4ea4\u6613\u6240\u5df2\u6210\u4e3a\u4ed6\u7684\u5927\u63d0\u6b3e\u673a\uff0c\u516c\u53f8\u7684\u521d\u59cb\u8d44\u91d1\u4ece100\u4e07\u7f8e\u5143\u589e\u957f\u81f3\u5e74\u5e95\u7684500\u4e07\u7f8e\u5143\uff0c\u5e74\u56de\u62a5\u7387\u8fbe\u5230\u4e86400%\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u4ed6\u5728\u80a1\u7968\u671f\u6743\u5e02\u573a\u7684\u4ea4\u6613\u9700\u8981\u5728\u80a1\u5e02\u4e2d\u8fdb\u884c\u5bf9\u51b2\uff0c\u8fd9\u4e5f\u4fc3\u4f7f\u4ed6\u7684\u80a1\u5e02\u4ea4\u6613\u91cf\u5927\u5e45\u63d0\u5347\u3002<\/p>\n\n\n\n<p>1987\u5e74\u7684\u4e00\u5929\uff0c\u4e00\u4f4d\u7eb3\u65af\u8fbe\u514b\u5de5\u4f5c\u4eba\u5458\u524d\u5f80\u5f7c\u5f97\u83f2\u4f4d\u4e8e\u4e16\u8d38\u4e2d\u5fc3\u7684\u529e\u516c\u5ba4\u8fdb\u884c\u4f8b\u884c\u68c0\u67e5\u3002\u4ed6\u672c\u4ee5\u4e3a\u4f1a\u770b\u5230\u7199\u7199\u6518\u6518\u7684\u4eba\u7fa4\u3001\u5608\u6742\u7684\u7535\u8bdd\u58f0\u4ee5\u53ca\u4ea4\u6613\u5458\u5728\u7eb3\u65af\u8fbe\u514b\u4ea4\u6613\u7ec8\u7aef\u524d\u5fd9\u788c\u7684\u60c5\u666f\uff0c\u6ca1\u60f3\u5230\u773c\u524d\u5374\u662f\u4e00\u53f0\u8fde\u63a5\u7eb3\u65af\u8fbe\u514b\u7ec8\u7aef\u7684IBM\u7535\u8111\u3002<\/p>\n\n\n\n<p>\u8fd9\u53f0\u7535\u8111\u7adf\u7136\u627f\u62c5\u7740\u5f7c\u5f97\u83f2\u5de8\u989d\u7684\u4ea4\u6613\u91cf\uff0c\u4ee4\u4ed6\u611f\u5230\u4e0d\u53ef\u601d\u8bae\u3002\u7535\u8111\u4e2d\u8fd0\u884c\u7740\u6307\u793a\u4ea4\u6613\u54c1\u79cd\u3001\u65f6\u95f4\u548c\u6570\u91cf\u7684\u4ee3\u7801\u3002<\/p>\n\n\n\n<p>\u8fd9\u4f4d\u5de5\u4f5c\u4eba\u5458\u6ca1\u60f3\u5230\uff0c\u4ed6\u521a\u521a\u89c1\u5230\u7684\u6b63\u662f\u5168\u7403\u7b2c\u4e00\u53f0\u5168\u81ea\u52a8\u7b97\u6cd5\u4ea4\u6613\u7cfb\u7edf\u7684\u7535\u8111\u3002<\/p>\n\n\n\n<p>\u5f7c\u5f97\u83f2\u7684\u7cfb\u7edf\u4e0d\u4ec5\u4ec5\u662f\u7b80\u5355\u7684\u4ea4\u6613\u63d0\u793a\uff0c\u5b83\u80fd\u591f\u76f4\u63a5\u4ece\u7eb3\u65af\u8fbe\u514b\u7ec8\u7aef\u83b7\u53d6\u5b9e\u65f6\u6570\u636e\uff0c\u81ea\u52a8\u51b3\u5b9a\u5e76\u6267\u884c\u4ea4\u6613\uff0c\u65e0\u9700\u4eba\u5de5\u5e72\u9884\u3002<\/p>\n\n\n\n<p>\u5f7c\u5f97\u83f2\u7684\u7b97\u6cd5\u901a\u8fc7\u5206\u6790\u4e0d\u65ad\u6d8c\u5165\u7684\u5e02\u573a\u6570\u636e\uff0c\u8f7b\u677e\u5730\u6839\u636e\u4e70\u5356\u4ef7\u5dee\u751f\u6210\u4ea4\u6613\u6307\u4ee4\u3002\u8fd9\u4e00\u521b\u65b0\u6807\u5fd7\u7740\u534e\u5c14\u8857\u7684\u65b0\u7eaa\u5143\uff0c\u968f\u540e\uff0c\u7a0b\u5e8f\u5458\u3001\u5de5\u7a0b\u5e08\u548c\u6570\u5b66\u5bb6\u4eec\u5229\u7528\u7b97\u6cd5\u548c\u81ea\u52a8\u5316\u4ea4\u6613\u6280\u672f\u5bf9\u91d1\u878d\u5e02\u573a\u5c55\u5f00\u4e86\u957f\u8fbe20\u5e74\u7684\u8fdb\u653b\uff0c\u7b97\u6cd5\u53d8\u5f97\u590d\u6742\u4e14\u667a\u80fd\uff0c\u9010\u6e10\u53d6\u4ee3\u4e86\u4eba\u5de5\uff0c\u6210\u4e3a\u5e02\u573a\u7684\u91cd\u8981\u529b\u91cf\u3002<\/p>\n\n\n\n<p>\u5f53\u7eb3\u65af\u8fbe\u514b\u5de5\u4f5c\u4eba\u5458\u5f97\u77e5\u5f7c\u5f97\u83f2\u901a\u8fc7\u5916\u63a5\u201c\u7a83\u53d6\u201d\u884c\u60c5\u6570\u636e\u5b9e\u73b0\u81ea\u52a8\u5316\u4ea4\u6613\u65f6\uff0c\u4ed6\u7acb\u5373\u8981\u6c42\u5f7c\u5f97\u83f2\u505c\u6b62\u8fd9\u79cd\u64cd\u4f5c\uff0c\u56e0\u4e3a\u7eb3\u65af\u8fbe\u514b\u7684\u8f6f\u4ef6\u4ec5\u4f9b\u4eba\u5de5\u67e5\u770b\u884c\u60c5\u5e76\u8f93\u5165\u4ea4\u6613\u6307\u4ee4\uff0c\u800c\u4e0d\u7528\u4e8e\u81ea\u52a8\u5316\u4ea4\u6613\u3002<\/p>\n\n\n\n<p>\u5728\u7eb3\u65af\u8fbe\u514b\u7684\u8981\u6c42\u4e0b\uff0c\u5f7c\u5f97\u83f2\u548c\u4ed6\u7684\u5de5\u7a0b\u5e08\u4eec\u8fc5\u901f\u8fdb\u884c\u4e86\u6280\u672f\u6539\u8fdb\uff0c\u521b\u9020\u4e86\u4e00\u79cd\u65b0\u7684\u8f93\u5165\u4ea4\u6613\u6307\u4ee4\u7684\u673a\u5668\u624b\u3002<\/p>\n\n\n\n<p>\u7ecf\u8fc7\u4e00\u5468\u7684\u5fd9\u788c\uff0c\u5f53\u7eb3\u65af\u8fbe\u514b\u4eba\u5458\u518d\u6b21\u68c0\u67e5\u65f6\uff0c\u773c\u524d\u7684\u60c5\u666f\u4eff\u4f5b\u6765\u81ea\u79d1\u5e7b\u5c0f\u8bf4\uff1a\u4ea4\u6613\u5355\u6e90\u6e90\u4e0d\u65ad\u6d8c\u5165\uff0c\u673a\u5668\u7684\u566a\u58f0\u76d6\u8fc7\u4e86\u4eba\u58f0\uff0c\u624b\u67c4\u5728\u952e\u76d8\u4e0a\u5feb\u901f\u6572\u51fb\uff0c\u566a\u58f0\u4e4b\u5927\u8ba9\u4eba\u9707\u60ca\u3002\u6bcf\u5f53\u673a\u5668\u6682\u505c\uff0c\u4eff\u4f5b\u5728\u9759\u9ed8\u7247\u523b\uff0c\u968f\u540e\u53c8\u8fc5\u901f\u6062\u590d\uff0c\u53d1\u9001\u51fa\u6bd4\u4e0a\u6b21\u66f4\u591a\u7684\u8ba2\u5355\u3002\u5de5\u4f5c\u4eba\u5458\u5fc3\u6001\u70b8\u88c2\ud83e\udd23<\/p>\n\n\n\n<p>\u5f7c\u5f97\u83f2\u7684\u81ea\u52a8\u5316\u4ea4\u6613\u7cfb\u7edf\u8ba9\u534e\u5c14\u8857\u7684\u4eba\u4eec\u60ca\u53f9\u4e0d\u5df2\uff0c\u8fd9\u4e00\u5e74\u4ed6\u8d5a\u5f97\u4e862500\u4e07\u7f8e\u5143\u3002\u4e4b\u540e\uff0c\u4ed6\u8bbe\u8ba1\u4e86\u66f4\u591a\u7cfb\u7edf\u548c\u7b97\u6cd5\uff0c\u8fdb\u884c\u4e86\u591a\u9879\u6280\u672f\u521b\u65b0\uff0c\u6269\u5c55\u5230\u66f4\u591a\u7684\u4ea4\u6613\u54c1\u79cd\u548c\u5e02\u573a\u3002\u4ed6\u7279\u522b\u9752\u7750\u65b0\u5174\u5e02\u573a\uff0c\u56e0\u4e3a\u8fd9\u4e9b\u5730\u65b9\u673a\u4f1a\u66f4\u591a\uff0c\u7ade\u4e89\u8f83\u5c11\u3002<\/p>\n\n\n\n<p>1990\u5e74\uff0c\u5f7c\u5f97\u83f2\u5c06\u516c\u53f8\u66f4\u540d\u4e3a\u76c8\u900f\u8bc1\u5238\uff08Interactive Brokers\uff0c\u7b80\u79f0IB\uff09\u3002\u5728\u76c8\u900f\u8bc1\u5238\u4e2d\uff0c\u5de5\u7a0b\u5e08\u88ab\u89c6\u4e3a\u516c\u53f8\u7684\u6838\u5fc3\uff0c75%\u7684\u5458\u5de5\u662f\u7a0b\u5e8f\u5458\u548c\u5de5\u7a0b\u5e08\u3002<\/p>\n\n\n\n<p>1993\u5e74\uff0c\u5f7c\u5f97\u83f2\u5c06\u9010\u6e10\u5b8c\u5584\u7684\u4ea4\u6613\u7cfb\u7edf\u4f5c\u4e3a\u670d\u52a1\u63d0\u4f9b\u7ed9\u5ba2\u6237\u3002\u7531\u4e8e\u4ef7\u683c\u4fbf\u5b9c\u3001\u4ea4\u6613\u54c1\u79cd\u4e30\u5bcc\u4e14\u8986\u76d6\u5e7f\u6cdb\uff0c\u8fd9\u4e00\u670d\u52a1\u53d7\u5230\u4e13\u4e1a\u4ea4\u6613\u516c\u53f8\u548c\u804c\u4e1a\u4ea4\u6613\u5458\u7684\u70ed\u70c8\u6b22\u8fce\u3002\u6839\u636e\u6bcf\u65e5\u5e73\u5747\u6536\u5165\u4ea4\u6613\u7684\u7edf\u8ba1\uff0c\u76c8\u900f\u8bc1\u5238\u8fc5\u901f\u6210\u4e3a\u6700\u5927\u7684\u7f51\u7edc\u7ecf\u7eaa\u5546\u3002<\/p>\n\n\n\n<p>2007\u5e745\u67084\u65e5\uff0c\u76c8\u900f\u8bc1\u5238\u5728\u7eb3\u65af\u8fbe\u514b\u6210\u529f\u4e0a\u5e02\u3002\u5f00\u5e02\u949f\u58f0\u54cd\u8d77\u65f6\uff0c\u516c\u53f8\u7684\u5e02\u573a\u4f30\u503c\u8fbe\u5230120\u4ebf\u7f8e\u5143\uff0c\u6210\u4e3a\u5f53\u5e74\u7f8e\u56fd\u7b2c\u4e8c\u5927IPO\u3002<\/p>\n\n\n\n<p>\u867d\u7136\u76c8\u900f\u8bc1\u5238\u7684\u6700\u4f4e\u6ce8\u8d44\u8981\u6c42\u4e3a10,000\u7f8e\u5143\uff0c\u4e0d\u9002\u5408\u5c0f\u6563\uff0c\u4f46\u5728\u56fd\u9645\u4ea4\u6613\u548c\u4e13\u4e1a\u4ea4\u6613\u8005\u8ffd\u6c42\u7684\u4f4e\u6210\u672c\u4f63\u91d1\u9886\u57df\uff0c\u76c8\u900f\u8bc1\u5238\u5374\u5904\u4e8e\u884c\u4e1a\u9886\u5148\u5730\u4f4d\u3002\u6b64\u5916\uff0c\u76c8\u900f\u8bc1\u5238\u8fd8\u63d0\u4f9b\u5168\u80fd\u8d26\u6237\uff0c\u5ba2\u6237\u53ef\u4ee5\u572824\u4e2a\u56fd\u5bb6\u7684100\u591a\u4e2a\u5e02\u573a\u4e2d\u5fc3\u4ea4\u6613\u80a1\u7968\u3001\u671f\u6743\u3001\u4ea4\u6613\u6240\u4ea4\u6613\u57fa\u91d1\uff08ETFs\uff09\u3001\u671f\u8d27\u3001\u5916\u6c47\u3001\u503a\u5238\u53ca<strong><a href=\"https:\/\/blog.alltick.co\/what-are-cfds\/\">\u5dee\u4ef7\u5408\u7ea6\uff08CFD\uff09<\/a><\/strong>\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4. <strong>\u8a79\u59c6\u65af\u00b7\u897f\u8499\u65af\uff08James Harris Simons\uff09<\/strong><\/h2>\n\n\n\n<p>\u76f8\u4fe1\u5927\u5bb6\u5728\u534a\u5e74\u524d\u90fd\u6709\u5237\u5230\u8fc7\u8fd9\u4e2a<a href=\"https:\/\/www.forbeschina.com\/leadership\/67815\" target=\"_blank\" rel=\"noopener\">\u5927\u4f6c\u53bb\u4e16\u7684\u65b0\u95fb<\/a>\u3002\u8a79\u59c6\u65af\u00b7\u897f\u8499\u65af\uff0c\u6587\u827a\u590d\u5174\u516c\u53f8\u7684\u521b\u59cb\u4eba\uff0c\u662f\u6574\u4e2a\u91cf\u5316\u4ea4\u6613\u5386\u53f2\u4e0a\u65e0\u6cd5\u56de\u907f\u7684\u540d\u5b57\u3002<\/p>\n\n\n\n<p>\u548c\u524d\u4e09\u4f4d\u5929\u5d29\u5f00\u5c40\u7684\u5927\u4f6c\u4e0d\u540c\uff0c\u897f\u8499\u65af\u62ff\u5230\u7684\u662f\u4e2d\u4ea7+\u795e\u7ae5\u7684\u5267\u672c\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img data-recalc-dims=\"1\" decoding=\"async\" width=\"800\" height=\"540\" src=\"https:\/\/i0.wp.com\/blog.alltick.co\/wp-content\/uploads\/2024\/10\/image-6.png?resize=800%2C540&#038;ssl=1\" alt=\"\" class=\"wp-image-10254\" style=\"width:500px\" srcset=\"https:\/\/i0.wp.com\/blog.alltick.co\/zh-CN\/wp-content\/uploads\/2024\/10\/image-6.png?w=800&amp;ssl=1 800w, https:\/\/i0.wp.com\/blog.alltick.co\/zh-CN\/wp-content\/uploads\/2024\/10\/image-6.png?resize=300%2C203&amp;ssl=1 300w, https:\/\/i0.wp.com\/blog.alltick.co\/zh-CN\/wp-content\/uploads\/2024\/10\/image-6.png?resize=768%2C518&amp;ssl=1 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p>\u8a79\u59c6\u65af\u00b7\u897f\u8499\u65af\uff08James Harris Simons\uff09\u4e8e1938\u5e74\u51fa\u751f\u4e8e\u7f8e\u56fd\u6ce2\u58eb\u987f\u90ca\u533a\u7684\u4e00\u4e2a\u72b9\u592a\u5bb6\u5ead\u3002\u65e9\u5728\u5b69\u63d0\u65f6\u4ee3\uff0c\u897f\u8499\u65af\u4fbf\u5c55\u73b0\u51fa\u8d85\u51fa\u540c\u9f84\u4eba\u5bf9\u6570\u5b57\u548c\u5f62\u72b6\u7684\u6d53\u539a\u5174\u8da3\uff0c\u4ed6\u81ea\u8ff0\u57283\u5c81\u65f6\u5c31\u6e34\u671b\u5b66\u4e60\u6570\u5b66\u3002<\/p>\n\n\n\n<p>\u5728\u6ce2\u58eb\u987f\u9644\u8fd1\u7684\u725b\u987f\u5c0f\u9547\u5b8c\u6210\u4e2d\u5b66\u5b66\u4e1a\u540e\uff0c\u4ed6\u8fdb\u5165\u9ebb\u7701\u7406\u5de5\u5b66\u9662\u653b\u8bfb\u6570\u5b66\u4e13\u4e1a\u3002\u5176\u65f6\uff0c\u4ed6\u7684\u5bfc\u5e08\u8f9b\u683c\u6559\u6388\u56de\u5fc6\u9053\uff1a\u201c\u897f\u8499\u65af\u7684\u609f\u6027\u6781\u4f73\uff0c\u80fd\u591f\u76f4\u89c2\u5730\u7406\u89e3\u6570\u5b66\u539f\u7406\uff0c\u8fd9\u79cd\u80fd\u529b\u975e\u5e38\u7f55\u89c1\u3002\u201d<\/p>\n\n\n\n<p>1958\u5e74\uff0c20\u5c81\u7684\u897f\u8499\u65af\u5728\u4ec5\u7528\u4e09\u5e74\u65f6\u95f4\u5b8c\u6210\u672c\u79d1\u5b66\u4f4d\u540e\uff0c\u8f6c\u5165\u52a0\u5dde\u5927\u5b66\u4f2f\u514b\u5229\u5206\u6821\u653b\u8bfb\u6570\u5b66\u535a\u58eb\u5b66\u4f4d\u3002\u5728\u6b64\u671f\u95f4\uff0c\u4ed6\u9996\u6b21\u7ed3\u5a5a\uff0c\u5a5a\u793c\u4e0a\u6536\u5230\u7684\u793c\u91d1\u5168\u90e8\u6295\u5165\u5230\u6295\u8d44\u4e2d\uff0c\u65e0\u8bba\u662f\u80a1\u7968\u8fd8\u662f\u5927\u8c46\u671f\u8d27\uff0c\u4ed6\u90fd\u83b7\u5f97\u4e86\u6536\u76ca\u3002\u4e0d\u8fc7\uff0c\u5f7c\u65f6\u7684\u897f\u8499\u65af\u5bf9\u6295\u8d44\u548c\u4ea4\u6613\u5e76\u672a\u8868\u73b0\u51fa\u592a\u5927\u5174\u8da3\u3002<\/p>\n\n\n\n<p>\u4e09\u5e74\u540e\uff0c\u897f\u8499\u65af\u987a\u5229\u83b7\u5f97\u535a\u58eb\u5b66\u4f4d\uff0c\u5e76\u4ee523\u5c81\u7684\u5e74\u7eaa\u56de\u5230\u9ebb\u7701\u7406\u5de5\u5b66\u9662\u4efb\u6559\u3002\u4ed6\u7684\u535a\u58eb\u751f\u5bfc\u5e08\u5bf9\u4ed6\u8bc4\u4ef7\u9053\uff1a\u201c\u5409\u59c6\u662f\u4e2a\u6781\u5177\u521b\u610f\u7684\u4eba\uff0c\u4e50\u4e8e\u575a\u6301\u81ea\u5df1\u7684\u89c1\u89e3\u3002\u201d<\/p>\n\n\n\n<p>\u4ed6\u7684\u535a\u58eb\u8bba\u6587\u63a2\u8ba8\u4e86\u591a\u7ef4\u5f2f\u66f2\u7a7a\u95f4\u4e2d\u7684\u51e0\u4f55\u95ee\u9898\uff0c\u8fd9\u4e0e\u540e\u6765\u4ee5\u4ed6\u548c\u534e\u88d4\u6570\u5b66\u5bb6\u9648\u7701\u8eab\u547d\u540d\u7684Chern-Simons\u7406\u8bba\u540c\u5c5e\u62d3\u6251\u51e0\u4f55\u5b66\u7684\u8303\u7574\u3002<\/p>\n\n\n\n<p>1967\u5e74\uff0c\u897f\u8499\u65af\u5e94\u7ebd\u7ea6\u5dde\u7acb\u5927\u5b66\u77f3\u6eaa\u5206\u6821\u6821\u957f\u9676\u5c14\u7684\u9080\u8bf7\uff0c\u51fa\u4efb\u8be5\u6821\u6570\u5b66\u7cfb\u4e3b\u4efb\u3002\u4ed6\u5e7f\u6cdb\u62db\u63fd\u4eba\u624d\uff0c\u4e0d\u5206\u5730\u57df\uff0c\u8058\u8bf7\u4e86\u4e00\u4e9b\u5f53\u65f6\u6216\u540e\u6765\u7684\u5b66\u79d1\u9886\u519b\u4eba\u7269\uff0c\u8fd9\u4e9b\u4e13\u5bb6\u6765\u81ea\u5fb7\u56fd\u7684\u6ce2\u6069\u5927\u5b66\u3001\u7f8e\u56fd\u7684\u5bc6\u6b47\u6839\u5927\u5b66\u4ee5\u53ca\u4fc4\u7f57\u65af\u7684\u5723\u5f7c\u5f97\u5821\u56fd\u7acb\u5927\u5b66\u7b49\u5730\u3002<\/p>\n\n\n\n<p>\u5728\u77f3\u6eaa\u5927\u5b66\u4efb\u804c\u7684\u516b\u5e74\u91cc\uff0c\u4ed6\u4e0d\u4ec5\u4e0e\u52a0\u5dde\u5927\u5b66\u4f2f\u514b\u5229\u5206\u6821\u5fae\u5206\u51e0\u4f55\u5b66\u7684\u9876\u5c16\u5b66\u8005\u9648\u7701\u8eab\u5171\u540c\u521b\u5efa\u4e86\u8457\u540d\u7684Chern-Simons\u7406\u8bba\uff0c\u8fd8\u5c06\u8be5\u6821\u6570\u5b66\u7cfb\u5728\u62d3\u6251\u51e0\u4f55\u7814\u7a76\u65b9\u9762\u63a8\u5411\u4e86\u5168\u56fd\u9886\u5148\u5730\u4f4d\u3002<\/p>\n\n\n\n<p>1974\u5e74\uff0c\u5728\u5546\u54c1\u5e02\u573a\u8d5a\u53d6\u6536\u76ca\uff08<strong>\u5c0660\u4e07\u7f8e\u5143\u53d8\u4e3a600\u4e07\u7f8e\u5143<\/strong>\uff09\u540e\uff0c\u897f\u8499\u65af\u5f00\u59cb\u5bf9\u4ea4\u6613\u4ea7\u751f\u5174\u8da3\u3002\u5c3d\u7ba1\u4ed6\u5728\u5b66\u672f\u754c\u7684\u6210\u5c31\u5df2\u975e\u5e38\u663e\u8457\uff0c\u4ed6\u5374\u9010\u6e10\u5bf9\u8fd9\u4e00\u9886\u57df\u611f\u5230\u538c\u5026\u3002\u4ed6\u66fe\u8868\u793a\u201c\u5b66\u672f\u754c\u7684\u8282\u594f\u592a\u6162\u4e86\u201d\u3002\u6b64\u5916\uff0c\u897f\u8499\u65af\u6240\u7814\u7a76\u7684\u6570\u5b66\u9886\u57df\u8981\u53d6\u5f97\u6210\u679c\u901a\u5e38\u9700\u8981\u6f2b\u957f\u7684\u65f6\u95f4\uff0c\u6709\u65f6\u8fd8\u9700\u8fd0\u6c14\u7684\u6210\u5206\u3002<\/p>\n\n\n\n<p>1978\u5e74\uff0c\u897f\u8499\u65af\u5f7b\u5e95\u79bb\u5f00\u77f3\u6eaa\u5927\u5b66\uff0c\u8f6c\u578b\u4e3a\u4e13\u4e1a\u6295\u8d44\u8005\u3002\u4ed6\u521b\u7acb\u4e86\u6797\u59c6\u82e5\u4f0a\u57fa\u91d1\uff0c\u4e13\u6ce8\u4e8e\u591a\u79cd\u6295\u8d44\u6d3b\u52a8\uff0c\u5c24\u5176\u662f\u5916\u6c47\u4ea4\u6613\uff0c\u540c\u65f6\u4e5f\u6d89\u8db3\u5404\u79cd\u5c0f\u516c\u53f8\u7684\u6295\u8d44\uff0c\u6709\u70b9\u50cf\u4eca\u5929\u7684\u98ce\u6295\u57fa\u91d1\u3002<\/p>\n\n\n\n<p>\u5728\u968f\u540e\u7684\u5341\u5e74\u4e2d\uff0c\u6797\u59c6\u82e5\u4f0a\u57fa\u91d1\u7684\u6295\u8d44\u56de\u62a5\u7387\u8fbe\u5230\u4e8625\u500d\uff0c\u76f8\u5f53\u4e8e\u5e74\u5747\u589e\u957f\u7ea638%\u3002<\/p>\n\n\n\n<p>\u897f\u8499\u65af\u4e8e1988\u5e74\u5173\u95ed\u4e86\u8fd0\u8425\u4e86\u5341\u5e74\u7684\u6797\u59c6\u82e5\u4f0a\u57fa\u91d1\uff0c\u6210\u7acb\u4e86\u6587\u827a\u590d\u5174\u79d1\u6280\u516c\u53f8\uff0c\u7ba1\u7406\u7740\u540e\u6765\u5e7f\u4e3a\u4eba\u77e5\u7684\u5927\u5956\u7ae0\u57fa\u91d1\u3002\u4e0e\u534e\u5c14\u8857\u91d1\u878d\u4e2d\u5fc3\u4e0d\u540c\uff0c\u8be5\u516c\u53f8\u7684\u5730\u5740\u4f4d\u4e8e\u77f3\u6eaa\u5927\u5b66\u65c1\u8fb9\u3002<\/p>\n\n\n\n<p>\u5728\u8fd9\u4e00\u65f6\u671f\uff0c\u897f\u8499\u65af\u7684\u6295\u8d44\u7b56\u7565\u5b9e\u73b0\u4e86\u4ece\u4e3b\u89c2\u4ea4\u6613\u5230\u91cf\u5316\u4ea4\u6613\u7684\u5b8c\u5168\u8f6c\u578b\u3002<\/p>\n\n\n\n<p>\u5927\u5956\u7ae0\u57fa\u91d1\u4e0e\u6797\u59c6\u82e5\u4f0a\u57fa\u91d1\u6709\u4e24\u4e2a\u663e\u8457\u7684\u533a\u522b\u3002<\/p>\n\n\n\n<p>\u9996\u5148\uff0c\u5927\u5956\u7ae0\u57fa\u91d1\u4e0d\u518d\u6d89\u53ca\u521b\u6295\u57fa\u91d1\u7684\u6295\u8d44\u3002<\/p>\n\n\n\n<p>\u5c3d\u7ba1\u897f\u8499\u65af\u7684\u521d\u6b21\u6210\u529f\u6e90\u4e8e\u5bf9\u5c0f\u516c\u53f8\u7684\u6295\u8d44\uff0c\u5e76\u4e14\u4ed6\u59cb\u7ec8\u5bf9\u76f4\u63a5\u6295\u8d44\u5c0f\u516c\u53f8\u5145\u6ee1\u70ed\u60c5\uff0c\u4f46\u5927\u5956\u7ae0\u57fa\u91d1\u7684\u6295\u8d44\u4ea7\u54c1\u5fc5\u987b\u6ee1\u8db3\u4e09\u4e2a\u6761\u4ef6\uff1a\u4e00\u662f\u5fc5\u987b\u5728\u516c\u5f00\u5e02\u573a\u4e0a\u4ea4\u6613\uff0c\u4e8c\u662f\u5fc5\u987b\u5177\u6709\u8db3\u591f\u7684\u6d41\u52a8\u6027\uff0c\u4e09\u662f\u5fc5\u987b\u9002\u5408\u4f7f\u7528\u6570\u5b66\u6a21\u578b\u8fdb\u884c\u4ea4\u6613\u3002<\/p>\n\n\n\n<p>\u5176\u6b21\uff0c\u5927\u5956\u7ae0\u57fa\u91d1\u91c7\u7528\u7684\u662f\u7eaf\u7cb9\u7684\u91cf\u5316\u6295\u8d44\u65b9\u6cd5\uff0c\u4e3b\u8981\u4f9d\u9760\u6280\u672f\u6570\u636e\uff0c\u800c\u6797\u59c6\u82e5\u4f0a\u57fa\u91d1\u5219\u4e3b\u8981\u4f9d\u8d56\u57fa\u672c\u9762\u6570\u636e\u548c\u4e3b\u89c2\u5224\u65ad\u3002\u5173\u4e8e\u8fd9\u4e00\u8f6c\u578b\u7684\u539f\u56e0\uff0c\u897f\u8499\u65af\u8868\u793a\uff1a\u201c\u9996\u5148\uff0c\u6570\u5b66\u6a21\u578b\u964d\u4f4e\u4e86\u6295\u8d44\u98ce\u9669\u3002\u5176\u6b21\uff0c\u6570\u5b66\u6a21\u578b\u51cf\u8f7b\u4e86\u6bcf\u65e5\u6240\u9700\u627f\u53d7\u7684\u5fc3\u7406\u538b\u529b\u3002\u201d\u540e\u8005\u5c24\u4e3a\u91cd\u8981\uff0c\u56e0\u4e3a\u4f9d\u8d56\u4e3b\u89c2\u5224\u65ad\u7684\u6295\u8d44\u9700\u968f\u65f6\u4fdd\u6301\u9ad8\u5ea6\u8b66\u89c9\uff0c\u4ee5\u5e94\u5bf9\u4e0d\u65ad\u53d8\u5316\u7684\u4fe1\u606f\uff0c\u8c03\u6574\u6295\u8d44\u4ed3\u4f4d\u3002<\/p>\n\n\n\n<p>\u5728\u5f00\u4e1a\u7684\u7b2c\u4e00\u5e74\uff0c\u5927\u5956\u7ae0\u57fa\u91d1\u5b9e\u73b0\u4e868.8%\u7684\u6536\u76ca\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u81ea1989\u5e74\u8d77\uff0c\u6a21\u578b\u4f3c\u4e4e\u51fa\u73b0\u4e86\u95ee\u9898\uff0c\u4ece\u5e74\u521d\u52304\u6708\uff0c\u5927\u5956\u7ae0\u57fa\u91d1\u635f\u5931\u4e8630%\u3002\u897f\u8499\u65af\u7ecf\u8fc7\u516d\u4e2a\u6708\u7684\u6df1\u601d\u719f\u8651\uff0c\u6700\u7ec8\u51b3\u5b9a\u5f7b\u5e95\u5254\u9664\u6a21\u578b\u4e2d\u4e0e\u5b8f\u89c2\u7ecf\u6d4e\u6570\u636e\u76f8\u5173\u7684\u90e8\u5206\uff0c\u4e13\u6ce8\u4e8e\u6280\u672f\u6570\u636e\u3002\u540c\u65f6\uff0c\u516c\u53f8\u7684\u91cd\u70b9\u8f6c\u5411\u77ed\u7ebf\u4ea4\u6613\u3002\u8fd9\u4e00\u7b56\u7565\u8f6c\u53d8\u53ef\u8c13\u5927\u5956\u7ae0\u57fa\u91d1\u7684\u91cd\u8981\u91cc\u7a0b\u7891\uff0c\u81f3\u4eca\u4ecd\u88ab\u6cbf\u7528\uff0c\u6210\u4e3a\u5176\u6301\u7eed\u6210\u529f\u7684\u57fa\u77f3\u3002<\/p>\n\n\n\n<p>\u65b0\u516c\u53f8\u6210\u7acb\u4e4b\u521d\uff0c\u897f\u8499\u65af\u7684\u56e2\u961f\u4e3b\u8981\u6765\u6e90\u4e8e\u4e09\u4e2a\u5730\u65b9\uff1a\u4e00\u4e2a\u662f\u4ed6\u66fe\u62c5\u4efb\u7cfb\u4e3b\u4efb\u7684\u77f3\u6eaa\u5927\u5b66\u6570\u5b66\u7cfb\uff0c\u53e6\u4e00\u4e2a\u662f\u56fd\u9632\u5206\u6790\u7814\u7a76\u9662\uff0c\u7b2c\u4e09\u4e2a\u5219\u662f\u9887\u5177\u610f\u5916\u7684IBM\u516c\u53f8\u7684\u8bed\u97f3\u8bc6\u522b\u5b9e\u9a8c\u5ba4\u3002\u6709\u4f20\u8a00\u79f0\uff0c\u897f\u8499\u65af\u5f53\u5e74\u5c06\u6574\u4e2a\u8bed\u97f3\u8bc6\u522b\u5b9e\u9a8c\u5ba4\u7684\u7cbe\u82f1\u4eba\u624d\u6089\u6570\u6316\u8d70\u3002<\/p>\n\n\n\n<p>\u5728\u8fd9\u7fa4\u5f62\u5f62\u8272\u8272\u3001\u96be\u4ee5\u6349\u6478\u7684\u79d1\u5b66\u5bb6\u4eec\u7684\u5171\u540c\u52aa\u529b\u4e0b\uff0c\u516c\u53f8\u7684\u6570\u5b66\u6a21\u578b\u4e0d\u65ad\u66f4\u65b0\u548c\u6f14\u8fdb\uff0c\u8bb8\u591a\u7075\u611f\u6b63\u662f\u5728\u8fd9\u79cd\u8de8\u5b66\u79d1\u7684\u78b0\u649e\u4e2d\u4ea7\u751f\u7684\u3002\u897f\u8499\u65af\u7684\u5927\u5956\u7ae0\u57fa\u91d1\u56e0\u6b64\u7406\u6240\u5f53\u7136\u5730\u4ece\u4e00\u4e2a\u80dc\u5229\u8d70\u5411\u53e6\u4e00\u4e2a\u80dc\u5229\u3002<\/p>\n\n\n\n<p>1994\u5e74\uff0c\u7f8e\u8054\u50a8\u8fdb\u884c\u4e86\u516d\u6b21\u52a0\u606f\uff0c\u5229\u7387\u4ece3%\u4e0a\u5347\u81f35.5%\uff0c\u5f53\u5e74\u653f\u5e9c\u503a\u5238\u7684\u6536\u76ca\u7387\u4e3a6.7%\u3002\u5728\u8fd9\u79cd\u73af\u5883\u4e0b\uff0c\u5927\u5956\u7ae0\u57fa\u91d1\u5b9e\u73b0\u4e8677%\u7684\u6536\u76ca\u3002<\/p>\n\n\n\n<p>\u57282000\u5e74\u7684\u79d1\u6280\u80a1\u5371\u673a\u4e2d\uff0c\u6807\u51c6\u666e\u5c14500\u6307\u6570\u4e0b\u8dcc\u8d85\u8fc710%\uff0c\u800c\u5927\u5956\u7ae0\u57fa\u91d1\u5219\u83b7\u5f97\u4e86\u524d\u6240\u672a\u6709\u7684\u56de\u62a5\uff0c\u51c0\u6536\u76ca\u9ad8\u8fbe98.5%\u3002<\/p>\n\n\n\n<p>\u4f3c\u4e4e\u6bcf\u5f53\u80a1\u5e02\u6216\u503a\u5e02\u4e0d\u666f\u6c14\u3001\u5e02\u573a\u6ce2\u52a8\u6027\u52a0\u5927\u65f6\uff0c\u5927\u5956\u7ae0\u7684\u8868\u73b0\u5c31\u6108\u52a0\u51fa\u8272\u3002\u897f\u8499\u65af\u81ea\u5df1\u4e5f\u66fe\u8868\u793a\uff0c\u4ed6\u7684\u57fa\u91d1\u5728\u4e00\u5b9a\u7684\u6ce2\u52a8\u6027\u4e2d\u8868\u73b0\u6700\u4f73\uff0c\u4ed6\u8bf4\uff1a\u201c\u8981\u8d5a\u94b1\uff0c\u5c31\u8981\u5e02\u573a\u52a8\u3002\u201d<\/p>\n\n\n\n<p>\u5927\u5956\u7ae0\u57fa\u91d1\u7684\u6295\u8d44\u7ec4\u5408\u6db5\u76d6\u4e86\u4e0a\u5343\u79cd\u4e0d\u540c\u7684\u80a1\u7968\u53ca\u5176\u4ed6\u91d1\u878d\u5de5\u5177\uff0c\u5176\u4ea4\u6613\u9891\u7e41\u4e14\u8fc5\u901f\u3002\u5f88\u591a\u4eba\u5c06\u5927\u5956\u7ae0\u57fa\u91d1\u7684\u4ea4\u6613\u65b9\u5f0f\u5f62\u5bb9\u4e3a\u201c\u50cf\u673a\u5173\u67aa\u4e00\u6837\u201d\uff0c\u8fc7\u53bb\u6bcf\u5e74\u7684\u5468\u8f6c\u7387\u5728\u5341\u51e0\u500d\u5230\u51e0\u5341\u500d\u4e4b\u95f4\u3002<\/p>\n\n\n\n<p>\u52302003\u5e74\u5e95\uff0c\u5927\u5956\u7ae0\u57fa\u91d1\u7684\u80a1\u7968\u6295\u8d44\u989d\u8fbe\u523082\u4ebf\u7f8e\u5143\uff0c\u6301\u67091387\u53ea\u80a1\u7968\uff0c\u800c\u524d\u4e00\u5e74\u5e74\u5e95\u7684\u80a1\u7968\u6301\u4ed3\u91cf\u4e3a123\u4ebf\u7f8e\u5143\u3002\u8fd9\u4e9b\u80a1\u7968\u5e76\u975e\u51b7\u95e8\uff0c\u800c\u662f\u751f\u5316\u3001\u98df\u54c1\u3001\u533b\u836f\u3001\u91c7\u77ff\u3001\u56fd\u9632\u548c\u91d1\u878d\u7b49\u9886\u57df\u4ea4\u6613\u91cf\u8f83\u5927\u7684\u516c\u53f8\u3002<\/p>\n\n\n\n<p>\u5230\u4e862005\u5e74\uff0c\u6587\u827a\u590d\u5174\u79d1\u6280\u516c\u53f8\u7684\u8d22\u52a1\u603b\u76d1\u9a6c\u514b\u00b7\u897f\u5c14\u4f2f\u5411\u5916\u754c\u900f\u9732\uff0c\u5927\u5956\u7ae0\u57fa\u91d1\u5df2\u7ecf\u8fbe\u5230\u4e86\u6d41\u52a8\u6027\u4e0a\u9650\uff0c\u56e0\u6b64\u51b3\u5b9a\u9000\u8fd8\u5916\u754c\u6295\u8d44\u8005\u7684\u8d44\u91d1\u3002\u4e8b\u5b9e\u4e0a\uff0c\u5728\u4e4b\u524d\u7684\u4e09\u5e74\u4e2d\uff0c\u5927\u5956\u7ae0\u57fa\u91d1\u5df2\u7ecf\u5f00\u59cb\u4e0d\u65ad\u8fd4\u8fd8\u5916\u90e8\u6295\u8d44\u8005\u7684\u8d44\u91d1\u3002\u52302005\u5e74\u5e95\uff0c\u6240\u6709\u5916\u90e8\u6295\u8d44\u8005\u5728\u5927\u5956\u7ae0\u57fa\u91d1\u4e2d\u7684\u8d44\u91d1\u5df2\u88ab\u5b8c\u5168\u9000\u8fd8\u3002<\/p>\n\n\n\n<p>\u4ece2006\u5e74\u5f00\u59cb\uff0c\u5927\u5956\u7ae0\u57fa\u91d1\u7684\u6295\u8d44\u8005\u5747\u4e3a\u6587\u827a\u590d\u5174\u79d1\u6280\u516c\u53f8\u7684\u73b0\u4efb\u6216\u524d\u4efb\u5458\u5de5\u53ca\u5176\u5bb6\u5c5e\uff0c\u6b64\u4e3e\u65e8\u5728\u5c06\u5927\u5956\u7ae0\u57fa\u91d1\u7684\u603b\u503c\u4fdd\u6301\u572850\u4ebf\u7f8e\u5143\u5de6\u53f3\uff0c\u4ec5\u5458\u5de5\u8d44\u91d1\u5c31\u5df2\u8fbe\u5230\u8fd9\u4e00\u6570\u5b57\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u6587\u827a\u590d\u5174\u79d1\u6280\u5e76\u6ca1\u6709\u5b8c\u5168\u5173\u95ed\u5bf9\u5916\u90e8\u6295\u8d44\u8005\u7684\u5927\u95e8\uff0c\u800c\u662f\u65b0\u5f00\u8bbe\u4e86\u4e24\u4e2a\u57fa\u91d1\u4ee5\u6b22\u8fce\u65b0\u7684\u6295\u8d44\u8005\u3002\u8fd9\u4e24\u4e2a\u57fa\u91d1\u7684\u6700\u4f4e\u6295\u8d44\u989d\u4e3a2000\u4e07\u7f8e\u5143\uff0c\u4e3b\u8981\u9762\u5411\u673a\u6784\u6295\u8d44\u8005\uff0c\u5c24\u5176\u662f\u9000\u4f11\u91d1\u7ba1\u7406\u516c\u53f8\u3002\u65b0\u57fa\u91d1\u7684\u89c4\u6a21\u4e0a\u9650\u4e3a1000\u4ebf\u7f8e\u5143\uff0c\u6295\u8d44\u8303\u56f4\u9650\u4e8e\u7f8e\u56fd\u4e0a\u5e02\u80a1\u7968\uff0c\u56e0\u6b64\u4e0e\u5927\u5956\u7ae0\u57fa\u91d1\u6709\u6240\u4e0d\u540c\uff0c\u540e\u8005\u6d89\u53ca\u5916\u6c47\u548c\u5546\u54c1\u671f\u8d27\u7684\u4e70\u5356\u3002\u65b0\u57fa\u91d1\u7684\u6295\u8d44\u671f\u9650\u4e5f\u8f83\u5927\u5956\u7ae0\u57fa\u91d1\u957f\uff0c\u5e76\u4e14\u4ee5\u80a1\u7968\u4e70\u5165\u4e3a\u4e3b\uff0c\u66f4\u63a5\u8fd1\u516c\u52df\u57fa\u91d1\u7684\u8fd0\u4f5c\u65b9\u5f0f\u3002<\/p>\n\n\n\n<p>\u4ee5\u4e0a\u5c31\u662f\u5185\u5bb9\u7684\u5168\u90e8\uff0c\u611f\u8c22\u9605\u8bfb\uff01AllTick\u5c06\u4e0d\u65ad\u4e3a\u60a8\u5e26\u6765\u91cf\u5316\u4ea4\u6613\u9886\u57df\u7684\u6700\u65b0\u8d44\u8baf\u4e0e\u77e5\u8bc6\u3002\u6211\u4eec\u7684\u5b9e\u65f6\u884c\u60c5\u6570\u636e\u63a5\u53e3\u4e13\u4e3a\u91cf\u5316\u4ea4\u6613\u8005\u8bbe\u8ba1\uff0c\u6db5\u76d6A\u80a1\u3001\u6e2f\u80a1\u3001\u7f8e\u80a1\u3001\u5916\u6c47\u3001\u671f\u8d27\u548c\u52a0\u5bc6\u8d27\u5e01\u7684<strong><a href=\"https:\/\/alltick.co\/\" target=\"_blank\" rel=\"noopener\">\u5b9e\u65f6\u884c\u60c5Tick\u6570\u636e<\/a><\/strong>\uff0c\u6b22\u8fce\u514d\u8d39\u8bd5\u7528\u3002<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5728\u4e0a\u4e00\u7bc7\u4e3a\u4ec0\u4e48\u9009\u62e9\u91cf\u5316\u4ea4\u6613\u4e2d\uff0c\u6211\u4eec\u804a\u5230\u4e86\u4eba\u548c\u673a\u5668\u6267\u884c\u7b56\u7565\u65f6\u7684\u4e0d\u540c\u3002\u867d\u7136\u51b7\u9759\u65e0\u60c5\u7684\u673a\u5668\u5728\u4ea4\u6613\u4e2d\u8868\u73b0\u5f97\u66f4\u51fa\u8272\uff0c\u4f46\u522b&#8230;<\/p>\n","protected":false},"author":1,"featured_media":10258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tick-data-wiki"],"acf":[],"_links":{"self":[{"href":"https:\/\/blog.alltick.co\/zh-CN\/wp-json\/wp\/v2\/posts\/10250","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.alltick.co\/zh-CN\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.alltick.co\/zh-CN\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.alltick.co\/zh-CN\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.alltick.co\/zh-CN\/wp-json\/wp\/v2\/comments?post=10250"}],"version-history":[{"count":5,"href":"https:\/\/blog.alltick.co\/zh-CN\/wp-json\/wp\/v2\/posts\/10250\/revisions"}],"predecessor-version":[{"id":10260,"href":"https:\/\/blog.alltick.co\/zh-CN\/wp-json\/wp\/v2\/posts\/10250\/revisions\/10260"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.alltick.co\/zh-CN\/wp-json\/wp\/v2\/media\/10258"}],"wp:attachment":[{"href":"https:\/\/blog.alltick.co\/zh-CN\/wp-json\/wp\/v2\/media?parent=10250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.alltick.co\/zh-CN\/wp-json\/wp\/v2\/categories?post=10250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.alltick.co\/zh-CN\/wp-json\/wp\/v2\/tags?post=10250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}