{"id":68496,"date":"2021-01-25T03:46:23","date_gmt":"2021-01-25T03:46:23","guid":{"rendered":"https:\/\/www.zfx.com\/?post_type=academy&p=68496"},"modified":"2022-04-21T14:43:13","modified_gmt":"2022-04-21T14:43:13","slug":"%e7%be%8e%e9%87%91-%e5%8c%af%e7%8e%87-%e8%b5%b0%e5%8b%a2-%e9%a0%90%e6%b8%ac","status":"publish","type":"academy","link":"https:\/\/www.zfx.com\/zh-hant\/academy\/%e7%be%8e%e9%87%91-%e5%8c%af%e7%8e%87-%e8%b5%b0%e5%8b%a2-%e9%a0%90%e6%b8%ac\/","title":{"rendered":"\u7f8e\u91d1\u532f\u7387\u8d70\u52e2\u9810\u6e2c 2021: \u5f71\u97ff\u7f8e\u532f\u8d70\u52e2\u7684\u4e09\u5927\u56e0\u7d20"},"content":{"rendered":"

\u7f8e\u5143\u662f\u4e16\u754c\u4e0a\u4ea4\u6613\u91cf\u6700\u9f90\u5927\u3001\u570b\u969b\u8a8d\u53d7\u6027\u6700\u9ad8\u7684\u8ca8\u5e63\u3002\u81ea1944\u5e74\u5e03\u96f7\u9813\u68ee\u6797\u9ad4\u7cfb<\/a><\/strong><\/span>\u5efa\u7acb\u5f8c\uff0c\u7f8e\u5143\u9010\u6b65\u7ad9\u4e0a\u4e86\u570b\u969b\u8ca8\u5e63\u9ad4\u7cfb\u9738\u4e3b\u7684\u5730\u4f4d\uff0c\u5168\u7403\u8ca8\u5e63\u4ea4\u6613\u8fd190%\u90fd\u8207\u7f8e\u5143\u76f8\u95dc\uff0c\u9019\u4e5f\u4ee4\u7f8e\u5143\u6210\u70ba\u4e86\u4e16\u754c\u5404\u570b\u6700\u4e3b\u8981\u7684\u5132\u5099\u8ca8\u5e63\u3002\u4ea4\u6613\u54e1\u5728\u8cfc\u8cb7\u98a8\u96aa\u8cc7\u7522\u6216\u662f\u4ea4\u6613\u5916\u532f\u5408\u7d04\u6642\uff0c\u7f8e\u5143\u4e5f\u662f\u6700\u5e38\u88ab\u7528\u4f5c\u7d50\u7b97\u7684\u8ca8\u5e63\u3002\u5373\u4fbf\u5e02\u5834\u907f\u96aa\u60c5\u7dd2\u9ad8\u6f32\uff0c\u4ea4\u6613\u54e1\u4e5f\u6703\u8f49\u5411\u8cfc\u8cb7\u7f8e\u570b\u570b\u50b5\uff0c\u5f9e\u800c\u589e\u52a0\u5c0d\u7f8e\u5143\u7684\u9700\u6c42\u3002<\/p>\n

\u672c\u6587\u5c07\u5f9e\u7f8e\u5143\u7684\u904e\u53bb\u8868\u73fe\u53ca\u5f71\u97ff\u7f8e\u91d1\u532f\u7387\u7684\u56e0\u7d20\uff0c\u9810\u6e2c2021\u5e74\u7684\u7f8e\u5143\u8d70\u52e2\u3002<\/p>\n

\u6587\u7ae0\u5c0e\u822a<\/strong><\/span><\/h5>\n
    \n
  1. \u7f8e\u5143\u904e\u53bb\u8d70\u52e2\u56de\u9867<\/a><\/strong><\/li>\n
  2. \u8fd1\u671f\u5f71\u97ff\u7f8e\u91d1\u532f\u7387\u8d70\u52e2\u7684\u56e0\u7d20<\/a><\/strong><\/li>\n
  3. \u7f8e\u91d1\u532f\u7387\u8d70\u52e2\u9810\u6e2c 2021<\/a><\/strong><\/li>\n
  4. \u6295\u8cc7\u7f8e\u91d1\u7684\u4e09\u7a2e\u7ba1\u9053<\/a><\/strong><\/li>\n<\/ol>\n

    <\/a>\u2014\u2014<\/p>\n

    \u7f8e\u5143\u904e\u53bb\u8d70\u52e2\u56de\u9867<\/strong><\/span><\/h3>\n

    \u7f8e\u5143\u904e\u53bb\u7684\u8d70\u52e2\u81ea1973\u5e74\u5e03\u96f7\u9813\u68ee\u6797\u9ad4\u7cfb\u74e6\u89e3\u5f8c\uff0c\u53ef\u4ee5\u5206\u5272\u70ba\u4e09\u8f2a\u5927\u5468\u671f\u4f86\u770b\u5f85\uff0c\u76ee\u524d\u6b63\u8655\u65bc\u7b2c\u4e09\u500b\u5927\u5468\u671f\u4e2d\u3002<\/p>\n

    1. \u7b2c\u4e00\u5468\u671f(1979\u5e74\u81f31987\u5e74)<\/strong><\/h5>\n

    1979\u5e74\u7f8e\u570b\u56e0\u77f3\u6cb9\u5371\u6a5f\u9020\u6210\u505c\u6eef\u6027\u901a\u8ca8\u81a8\u8139\uff0c\u7f8e\u806f\u5132\u8207\u767d\u5bae\u806f\u624b\u63a1\u53d6\u4e86\u300c\u62c9\u7dca\u8ca8\u5e63\u653f\u7b56 + \u5bec\u9b06\u8ca1\u653f\u653f\u7b56\u300d\u6551\u5e02\uff0c\u540c\u6642\u63a7\u5236\u8ca8\u5e63\u4f9b\u7d66\u91cf\u5c07\u5229\u7387 (Effective Federal Funds Rate, EFFR) \u63a8\u81f31981\u5e74\u7684\u6b77\u53f2\u9ad8\u9ede22.36%\u30021979\u5e74\u81f31985\u5e74\u9593\uff0c\u7f8e\u5143\u53c8\u56e0\u904e\u65bc\u5f37\u52e2\uff0c\u4f7f\u5f97\u8cbf\u6613\u8d64\u5b57\u5927\u5e45\u589e\u9577\uff0c\u5c24\u5176\u662f\u4ef0\u8cf4\u51fa\u53e3\u7684\u88fd\u9020\u696d\u53d7\u5230\u6c89\u91cd\u6253\u64ca\uff0c\u5c0e\u81f4\u7f8e\u570b\u8207\u5176\u4ed6\u570b\u5bb6\u65bc1985\u5e74\u7c3d\u8a02\u5ee3\u5834\u5354\u8b70\uff0c\u624d\u89e3\u6c7a\u4e86\u8cbf\u6613\u9006\u5dee\u7684\u554f\u984c\u3002\u4f46\u7f8e\u5143\u4e5f\u958b\u59cb\u4e86\u8cb6\u503c\u4e4b\u8def\uff0c\u76f4\u81f31987\u5e7412\u6708\u624d\u6709\u6240\u4f01\u7a69\u3002<\/p>\n

    \"\u4ec0\u9ebc\u662f\u91cf\u5316\u5bec\u9b06\"
    \n<\/strong>\u5716\u4e00\uff1a\u4ec0\u9ebc\u662f\u91cf\u5316\u5bec\u9b06<\/em><\/p>\n

    2. \u7b2c\u4e8c\u5468\u671f (1995\u5e74\u81f32008\u5e74)<\/strong><\/h5>\n

    1993\u5e74\u81f32000\u5e74\u7f8e\u570bGDP\u589e\u9577\u7387\u5e74\u5747\u9054\u5230\u4e863.5%-4%\u7684\u6c34\u5e73\u3001\u901a\u8139\u7387\u964d\u81f32%\u5de6\u53f3\u3001\u5931\u696d\u7387\u4e5f\u5f9e1992\u5e74\u76847.4%\u4e0b\u964d\u81f32000\u5e745\u6708\u76844.1%\uff0c\u7531\u6b64\u6578\u64da\u53ef\u4ee5\u5f97\u77e5\uff0c\u7f8e\u5143\u9019\u6bb5\u6642\u9593\u7684\u8d70\u5f37\uff0c\u662f\u5efa\u7acb\u5728\u5176\u57fa\u672c\u9762\u7684\u5f37\u5927\u4e4b\u4e0a\u3002<\/p>\n

    \u4e0d\u904e\u5176\u5f8c\u57282001\u5e74\u4e92\u806f\u7db2\u6ce1\u6cab\u7206\u7834\u8207911\u6050\u6016\u653b\u64ca\u5f8c\uff0c\u5e02\u5834\u5c0d\u65bc\u7f8e\u570b\u7684\u7d93\u6fdf\u524d\u666f\u6f38\u8f49\u5be9\u614e\uff0c\u7d93\u6fdf\u589e\u901f\u958b\u59cb\u653e\u7de9\uff0c\u758a\u52a0\u7f8e\u806f\u5132\u57282000\u5e74\u81f32003\u5e74\u63a1\u53d6\u5bec\u9b06\u8ca8\u5e63\u653f\u7b56\uff0c\u4ee4\u7f8e\u5143\u518d\u6b21\u6b65\u4e0a\u4e86\u8cb6\u503c\u4e4b\u8def\u3002\u5118\u7ba12004\u5e74\u8d77\u7f8e\u806f\u5132\u958b\u59cb\u4e86\u65b0\u4e00\u8f2a\u7684\u52a0\u606f\u52d5\u4f5c\uff0c\u4f46\u672a\u80fd\u963b\u6b62\u7f8e\u5143\u8dcc\u52e2\u3002<\/p>\n

    \u60c5\u6cc1\u5230\u4e862007\u5e74\u66f4\u5cf0\u8ff4\u8def\u8f49\uff0c\u5229\u7387\u4e0a\u6f32\u662f\u6b21\u8cb8\u5371\u6a5f\u7684\u5c0e\u706b\u7dda\uff0c\u9593\u63a5\u5f15\u7206\u4e862008\u5e74\u5168\u7403\u91d1\u878d\u5371\u6a5f\uff0c\u800c\u7f8e\u5143\u4e00\u4e0b\u5b50\u53c8\u5145\u7576\u8cc7\u91d1\u907f\u96e3\u6240\u800c\u5347\u503c\u3002\u7f8e\u806f\u5132\u9042\u65bc2009\u5e74\u6642\u5ba3\u5e03\u5be6\u65bd\u300c\u91cf\u5316\u5bec\u9b06\u300d\u7684\u8ca8\u5e63\u653f\u7b56\uff0c\u52a0\u5927\u8ca8\u5e63\u4f9b\u61c9\u57fa\u790e\uff0c\u58d3\u4f4e\u4e86\u7f8e\u5143\u8d70\u52e2\u3002<\/p>\n

    3. \u7b2c\u4e09\u5468\u671f (2014\u5e74\u81f3\u4eca)<\/strong><\/h5>\n

    \u57282009-2014\u5e74\u7f8e\u570b\u5171\u5be6\u65bd\u4e86\u4e09\u6b21\u301d\u91cf\u5316\u5bec\u9b06\u301e\u653f\u7b56\uff0c\u65bc2014\u5e74\u958b\u59cb\u4e86\u9000\u5834\u6a5f\u5236\uff0c\u7576\u6642\u5168\u4e16\u754c\u5c1a\u672a\u65bc2008\u5e74\u5168\u7403\u91d1\u878d\u5371\u6a5f\u7684\u98a8\u66b4\u4e2d\u51fa\u9003\uff0c\u7f8e\u570b\u5df2\u56e0\u5176\u5f37\u5927\u7684\u7d93\u6fdf\u57fa\u790e\u7387\u5148\u8d70\u51fa\u4e86\u98a8\u66b4\uff0c\u4ee4\u7f8e\u5143\u91cd\u62fe\u5347\u52e2\u3002\u7f8e\u806f\u5132\u65bc2015\u5e74\u6642\u958b\u59cb\u4e86\u7de9\u6b65\u5347\u606f\u7684\u8ca8\u5e63\u653f\u7b56\uff0c\u76f4\u81f3\u4eca\u5e74(2020)\u7b2c\u4e00\u5b63\u6642\u56e0\u75ab\u60c5\u7206\u767c\uff0c\u624d\u8feb\u4f7f\u7f8e\u806f\u5132\u53c8\u518d\u5ea6\u555f\u52d5\u65b0\u4e00\u8f2a\u7684\u8ca8\u5e63\u5bec\u9b06\u653f\u7b56\u3002<\/a><\/p>\n

    \u8fd1\u671f\u5f71\u97ff\u7f8e\u91d1\u532f\u7387\u8d70\u52e2\u7684\u56e0\u7d20<\/strong><\/span><\/h3>\n

    \u4eca\u5e74\u7b2c\u4e00\u5b63\u65bc\u65b0\u51a0\u75ab\u60c5\u7684\u7206\u767c\u5f8c\uff0c\u7f8e\u806f\u5132\u958b\u59cb\u4e86\u53f2\u4e0a\u6700\u5927\u898f\u6a21\u7684\u5370\u9214\uff0c\u5e02\u5834\u5c0d\u65bc\u7f8e\u5143\u7684\u5f8c\u7e8c\u8d70\u52e2\uff0c\u4e00\u76f4\u6709\u8457\u6fc3\u539a\u7684\u8208\u8da3\uff0c\u672c\u7ae0\u7bc0\u5c07\u4ee5\u7f8e\u806f\u5132\u8ca8\u5e63\u653f\u7b56\u3001\u7f8e\u570b\u7d93\u6fdf\u57fa\u672c\u9762\u3001\u8207\u5e02\u5834\u907f\u96aa\u60c5\u7dd2\u4f86\u5206\u6790\u8fd1\u671f\u7f8e\u5143\u7684\u8d70\u52e2\u3002<\/p>\n

    1. \u7f8e\u806f\u5132\u8ca8\u5e63\u653f\u7b56<\/strong><\/h5>\n

    \u81ea\u4eca\u5e74\u7b2c\u4e00\u5b63\u75ab\u60c5\u7206\u767c\u8207\u6cb9\u50f9\u5d29\u8dcc\u4e4b\u5f8c\uff0c\u5168\u7403\u7d93\u6fdf\u90fd\u53d7\u5230\u5371\u5bb3\uff0c\u672a\u4f86\u767c\u5c55\u5145\u6eff\u4e86\u9ad8\u5ea6\u4e0d\u78ba\u5b9a\u6027\uff0c\u6b64\u6642\u7f8e\u5143\u5c55\u73fe\u4e86\u6fc3\u539a\u7684\u907f\u96aa\u5c6c\u6027\uff0c\u4ee4\u5168\u7403\u8ca8\u5e63\u5e02\u5834\u5c0d\u7f8e\u5143\u7684\u9700\u6c42\u91cf\u76f4\u7dda\u4e0a\u5347\uff0c\u5176\u6d41\u52d5\u6027\u5927\u5e45\u6536\u7dca\uff0c\u7f8e\u806f\u5132\u7576\u6642\u70ba\u4e86\u7d66\u4e88\u7f8e\u5143\u5145\u8db3\u7684\u6d41\u52d5\u6027\u652f\u6301\uff0c\u958b\u555f\u4e86\u300c\u96f6\u5229\u7387+\u7121\u9650\u91cfQE\u300d\u7684\u8ca8\u5e63\u5bec\u9b06\u6a21\u5f0f\uff0c\u4e26\u9678\u7e8c\u63a8\u51faPMCCF(\u4e00\u7d1a\u5e02\u5834\u4f01\u696d\u4fe1\u8cb8\u652f\u6301\u5de5\u5177)\u3001SMCCF(\u4e8c\u7d1a\u5e02\u5834\u4f01\u696d\u4fe1\u8cb8\u652f\u6301\u5de5\u5177)\u3001PPPLF(\u5de5\u8cc7\u4fdd\u969c\u6d41\u52d5\u6027\u5de5\u5177)\u8207\u4e3b\u8857\u8cb8\u6b3e\u8a08\u756b\u7b49\u591a\u9805\u975e\u5e38\u898f\u8ca8\u5e63\u5de5\u5177\uff0c\u4ee4\u7f8e\u5143\u6d41\u52d5\u6027\u81f3\u4eca\u4e0d\u865e\u5331\u4e4f\uff0c\u4f46\u96a8\u4e4b\u800c\u4f86\u7684\u662f\u7f8e\u806f\u5132\u8cc7\u7522\u8ca0\u50b5\u8868\u898f\u6a21\u5927\u589e\uff0c\u800c\u4e14\u6839\u64da\u8fd1\u671f\u6703\u8b70\u7d00\u8981\u4e2d\u53ef\u4ee5\u5f97\u77e5\uff0c\u5c0d\u672a\u4f86\u8ca8\u5e63\u653f\u7b56\u7684\u770b\u6cd5\u6301\u7e8c\u504f\u9d3f\uff0c\u5e02\u5834\u4e5f\u9810\u671f\u7f8e\u806f\u5132\u5c07\u6301\u7e8c\u7121\u9650\u5370\u9214\u7684\u52d5\u4f5c\uff0c\u58d3\u5236\u7f8e\u5143\u8d70\u52e2\u3002<\/p>\n

    2. \u7f8e\u570b\u7d93\u6fdf\u57fa\u672c\u9762<\/strong><\/h5>\n

    \u7f8e\u570b\u7d93\u6fdf\u7684\u57fa\u672c\u9762\u4e5f\u662f\u5f71\u97ff\u7f8e\u5143\u532f\u7387\u5f37\u5f31\u7684\u91cd\u8981\u56e0\u7d20\uff0c\u5f9e\u8fd1\u671f\u7f8e\u570b\u57fa\u672c\u9762\u6578\u64da\u8868\u73fe\u4f86\u770b\uff0c\u7f8e\u570b\u78ba\u5be6\u5df2\u7d93\u5be6\u73fe\u4e86\u301d\u5de5\u4f5c\u8207\u75c5\u6bd2\u5171\u5b58\u301e\u7684\u76ee\u6a19\uff0c\u5118\u7ba1\u66fe\u57286\u6708\u5e95\u6642\u906d\u5230\u75ab\u60c5\u7684\u53cd\u64b2\uff0c\u6240\u5e78\u5176\u7d93\u6fdf\u589e\u901f\u672a\u9677\u5165\u505c\u6eef\uff0c\u518d\u5f9e\u6578\u64da\u7d30\u9805\u4e2d\u53ef\u5f97\u77e5\uff0c\u76ee\u524d\u7f8e\u570b\u7d93\u6fdf\u5fa9\u7526\u662f\u7531\u88fd\u9020\u696d\u9818\u8ecd\uff0c\u670d\u52d9\u696d\u5247\u56e0\u4eba\u7fa4\u63a5\u89f8\u7684\u95dc\u4fc2\u7a0d\u5fae\u843d\u5f8c\uff0c\u4f46\u8207\u8fd1\u671f\u9677\u5165\u91cd\u707d\u5340\u7684\u6b50\u6d32\u76f8\u6bd4\uff0c\u7f8e\u570b\u7d93\u6fdf\u57fa\u672c\u9762\u76f8\u5c0d\u8f03\u4f73\uff0c\u9019\u4e5f\u5c0d\u7f8e\u5143\u7684\u5f37\u52e2\u6709\u4e00\u5b9a\u7684\u652f\u6490\u4f5c\u7528\u3002<\/p>\n

    3. \u5e02\u5834\u907f\u96aa\u60c5\u7dd2<\/strong><\/h5>\n

    \u7f8e\u5143\u5728\u6b64\u6b21\u75ab\u60c5\u4e2d\u5c55\u73fe\u5176\u6fc3\u539a\u7684\u907f\u96aa\u5c6c\u6027\uff0c\u56e0\u6b64\u5e02\u5834\u907f\u96aa\u60c5\u7dd2\u4e5f\u5c07\u6301\u7e8c\u5f71\u97ff\u7f8e\u5143\u3002\u56de\u9867\u4e4b\u524d\u7f8e\u5143\u8207\u9ec3\u91d1\u7684\u8d70\u52e2\uff0c3\u6708\u6642\u65b0\u51a0\u75ab\u60c5\u5927\u7206\u767c\u8207\u6cb9\u50f9\u5d29\u8dcc\uff0c\u7576\u6642\u5168\u7403\u80a1\u5e02\u91cd\u632b\u3001VIX\u6050\u614c\u6307\u6578\u9ad8\u6f32\uff0c\u8cc7\u91d1\u7d1b\u7d1b\u6e67\u5165\u907f\u96aa\u8cc7\u7522\uff0c\u4f46\u6295\u8cc7\u8005\u51fa\u65bc\u5c0d\u91d1\u878d\u5e02\u5834\u7684\u64d4\u6182\uff0c\u7d1b\u7d1b\u653e\u68c4\u50b3\u7d71\u91d1\u878d\u907f\u96aa\u8cc7\u7522(\u5982\u65e5\u5e63\u3001\u9ec3\u91d1\u7b49)\uff0c\u8f49\u800c\u624b\u6301\u73fe\u91d1\u7f8e\u5143\u70ba\u4e3b\uff0c\u9020\u6210\u7f8e\u5143\u6d41\u52d5\u6027\u7dca\u7e2e\uff0c\u4e00\u5ea6\u5f15\u767c\u8ca8\u5e63\u5e02\u5834\u300c\u7f8e\u5143\u8352\u300d\uff0c\u7f8e\u5143\u6307\u6578\u4e5f\u56e0\u800c\u4e00\u8def\u98c6\u6f32\u3002<\/p>\n

    \u6240\u5e784\u6708\u81f36\u6708\u671f\u9593\uff0c\u7f8e\u806f\u5132\u7684\u7a4d\u6975\u6551\u5e02\u7522\u751f\u4e86\u6548\u7528\uff0c\u7f8e\u5143\u6d41\u52d5\u6027\u7d42\u898b\u7de9\u89e3\uff0c\u4f46\u5404\u570b\u906d\u75ab\u60c5\u837c\u6bd2\u7684\u7d93\u6fdf\u57fa\u672c\u9762\u958b\u59cb\u986f\u9732\uff0c\u6295\u8cc7\u8005\u7684\u64d4\u6182\u7531\u91d1\u878d\u5e02\u5834\u8f49\u5411\u5404\u570b\u5be6\u9ad4\u7d93\u6fdf\uff0c\u5728\u9019\u671f\u9593\u5167\u7f8e\u5143\u6307\u6578\u8207\u9ec3\u91d1\u671f\u8ca8\u50f9\u683c\u8d70\u52e2\u76f8\u540c\uff0c\u5169\u8005\u56e0\u540c\u5c6c\u907f\u96aa\u6027\u8cea\u96d9\u96d9\u5805\u633a\u65bc\u9ad8\u4f4d\uff0c\u5118\u7ba1\u65bc7\u6708\u958b\u59cb\u5169\u8005\u8d70\u52e2\u518d\u5ea6\u5448\u73fe\u9ad8\u5ea6\u8ca0\u76f8\u95dc\uff0c\u4f46\u6709\u9451\u65bc\u6b64\u6b21\u75ab\u60c5\u671f\u9593\u7f8e\u5143\u6240\u5c55\u73fe\u51fa\u4f86\u7684\u907f\u96aa\u50f9\u503c\uff0c\u5c0d\u65bc\u5176\u5f8c\u7e8c\u8d70\u52e2\uff0c\u907f\u96aa\u60c5\u7dd2\u4ecd\u662f\u4e0d\u53ef\u5ffd\u8996\u7684\u56e0\u7d20\u4e4b\u4e00\u3002<\/p>\n

    \"\u904e\u53bb\u4e00\u5e74\u7f8e\u5143\u6307\u6578\u8207\u9ec3\u91d1\u671f\u8ca8\u8d70\u52e2\"
    \n\u5716\u4e8c\uff1a\u904e\u53bb\u4e00\u5e74\u7f8e\u5143\u6307\u6578\u8207\u9ec3\u91d1\u671f\u8ca8\u8d70\u52e2<\/em>    <\/a><\/p>\n

    \u7f8e\u91d1\u532f\u7387\u8d70\u52e2\u9810\u6e2c 2021<\/strong><\/span><\/h3>\n

    2020\u5e74\u5168\u5e74\u53d7\u5230COVID-19\u5f71\u97ff\uff0c\u5168\u7403\u96f6\u552e\u92b7\u552e\u72c0\u6cc1\u4e0b\u6ed1\uff0c\u88fd\u9020\u696d\u8a02\u55ae\u6e1b\u5c11\uff0c\u5404\u5730\u670d\u52d9\u696d\u53d7\u5230\u9632\u75ab\u898f\u5b9a\u5f71\u97ff\u800c\u6025\u901f\u8870\u9000\uff0c\u7d93\u6fdf\u51fa\u73fe\u6709\u53f2\u4ee5\u4f86\u6700\u56b4\u91cd\u7684\u8870\u9000\u3002<\/p>\n

    \u70ba\u4e86\u6e1b\u7de9\u75ab\u60c5\u5c0d\u7d93\u6fdf\u5e36\u4f86\u7684\u885d\u64ca\uff0c\u5404\u570b\u76f8\u7e7c\u796d\u51fa\u512a\u6e25\u7684\u8ca1\u653f\u63aa\u65bd\uff0c\u800c\u592e\u884c\u5247\u7d1b\u7d1b\u964d\u606f\uff0c\u7f8e\u806f\u5132\u66f4\u4e00\u9f13\u4f5c\u6c23\u5c07\u5229\u7387\u964d\u81f3\u6700\u4f4e\u5340\u9593(0%-0.25%)\uff0c\u4ee5\u6c42\u5bec\u9b06\u653f\u7b56\u5967\u63f4\u80fd\u70ba\u75b2\u8edf\u7684\u7d93\u6fdf\u5e36\u4f86\u523a\u6fc0\u3002<\/p>\n

    \u9019\u500b\u5168\u7403\u7684\u7d93\u6fdf\u5371\u6a5f\u96d6\u7136\u4e00\u5ea6\u4ee4\u7f8e\u5143\u53d7\u907f\u96aa\u8cc7\u91d1\u8ffd\u6367\uff0c\u4f46\u5404\u570b\u653f\u5e9c\u53ca\u592e\u884c\u5728\u8ca1\u653f\u53ca\u8ca8\u5e63\u653f\u7b56\u96d9\u7ba1\u9f4a\u4e0b\uff0c\u6295\u8cc7\u8005\u7684\u7dca\u5f35\u60c5\u7dd2\u4f3c\u4e4e\u6709\u6240\u7de9\u89e3\uff0c\u5e02\u5834\u60c5\u7dd2\u6f38\u8da8\u6a02\u89c0\uff0c\u9019\u4e5f\u8b93\u6295\u8cc7\u8005\u91cd\u65b0\u95dc\u6ce8\u80a1\u5e02\u7b49\u98a8\u96aa\u8cc7\u7522\uff0c\u91cd\u65b0\u8cb7\u9032\u5728\u75ab\u60c5\u4e2d\u88ab\u5927\u5e45\u4f4e\u4f30\u7684\u50f9\u503c\u80a1\u3002\u5728\u6574\u9ad4\u907f\u96aa\u9700\u6c42\u88ab\u524a\u5f31\u7684\u60c5\u6cc1\u4e0b\uff0c\u7f8e\u5143\u8cb6\u503c\u58d3\u529b\u6f38\u73fe\u3002<\/p>\n

    \u800c\u57282020\u5e74\u7b2c\u56db\u5b63\u5ea6\uff0c\u7f8e\u570b\u7e3d\u7d71\u5927\u9078\u5875\u57c3\u843d\u5b9a\uff0c\u6295\u8cc7\u8005\u6f38\u6f38\u9032\u53d6\u8d77\u4f86\uff0c\u52a0\u4e0a\u751f\u6280\u5927\u5ee0\u5982\u8f1d\u745e\u3001\u963f\u65af\u5229\u5eb7\u8207\u6469\u767b\u7d0d\u76f8\u7e7c\u6210\u529f\u958b\u767c\u51faCOVID-19\u75ab\u82d7\uff0c\u66f4\u4ee4\u80a1\u5e02\u8d70\u52e2\u5982\u65e5\u4e2d\u5929\u3002\u7f8e\u570b\u80a1\u5e02\u63a5\u9023\u5275\u6b77\u53f2\u65b0\u9ad8\uff0c\u5728\u98a8\u96aa\u504f\u597d\u5341\u8db3\u7684\u74b0\u5883\u4e4b\u4e0b\uff0c\u7e7c\u7e8c\u6301\u6709\u7f8e\u5143\u4f3c\u4e4e\u4e0d\u662f\u5f88\u597d\u7684\u9078\u64c7\u3002<\/p>\n

    \u518d\u8005\uff0c\u591a\u6578\u5c08\u5bb6\u9810\u671fCOVID-19\u5c0d\u7f8e\u570b\u7d93\u6fdf\u7684\u5f71\u97ff\u5c07\u7dad\u6301\u4e00\u5e74\uff0c\u4e5f\u5c31\u662f\u8aaa\u7d93\u6fdf\u4f30\u8a08\u8981\u52302021\u5e74\u51ac\u5b63\u624d\u6bd4\u8f03\u53ef\u80fd\u6709\u986f\u8457\u6539\u5584\uff0c\u9019\u610f\u5473\u8457\u5728\u9019\u4e00\u6bb5\u6642\u9593\u88e1\uff0c\u7f8e\u570b\u653f\u5e9c\u5fc5\u9808\u7dad\u6301\u958b\u652f\u3001\u88dc\u52a9\u8207\u6551\u6fdf\u63aa\u65bd\u3002\u5de8\u984d\u8d64\u5b57\u9810\u8a08\u572810\u5e74\u5167\u96e3\u4ee5\u76e1\u6578\u56de\u6536\uff0c\u751a\u81f3\u4e0d\u6703\u56de\u6536\uff0c\u7f8e\u806f\u5132\u4e5f\u5c07\u88ab\u8feb\u8457\u7dad\u6301\u4f4e\u5229\u7387\uff0c\u914d\u5408\u5927\u5e45\u589e\u52a0\u7684\u653f\u5e9c\u958b\u652f\uff0c\u4ee5\u5229\u7d93\u6fdf\u5fa9\u7526\u3002<\/p>\n

    \u7f8e\u806f\u5132\u65e9\u9663\u5b50\u5c31\u5df2\u63a8\u51fa\u65b0\u5347\u606f\u6a19\u6e96\u300e\u5e73\u5747\u901a\u8139\u6a5f\u5236\u300f\uff0c\u5e02\u5834\u9810\u671f\u7f8e\u806f\u5132\u57282023\u5e74\u524d\u90fd\u5c07\u7dad\u6301\u4f4e\u5229\u7387\u6c34\u5e73\u3002\u5728\u7f8e\u5143\u6d41\u901a\u6c3e\u6feb\u4e0b\uff0c\u7f8e\u5143\u5728\u672a\u4f86\u4e00\u5169\u5e74\u6050\u5c07\u96e3\u4ee5\u6709\u6548\u8d70\u5f37\uff0c\u751a\u81f3\u5408\u7406\u9810\u671f\u8d70\u718a\u7684\u6982\u7387\u7d55\u5c0d\u8f03\u9ad8\u3002<\/p>\n

    \u6280\u8853\u9762\u4e0a\uff0c\u7f8e\u5143\u5468\u7dda\u5e7e\u7d93\u62c9\u62ac\u672a\u80fd\u7a81\u7834\u5148\u524d\u9ad8\u9ede\uff0c\u5411\u4e0b\u56de\u5410\u64ca\u7834\u5747\u7dda\u652f\u6490\uff0c\u4e14\u96a820\u300160MA\u6b7b\u53c9\u5f8c\u5411\u4e0b\u58d3\u5236\uff0c\u6ce2\u6bb5\u9ad8\u4f4e\u9ede\u4ea6\u9678\u7e8c\u4e0b\u79fb\uff0c\u77ed\u7dda\u8ce3\u58d3\u76f8\u5c0d\u6c89\u91cd\uff0c\u800c\u5468KD\u96d6\u9810\u793a\u53cd\u5f48\u8a0a\u865f\uff0c\u4f46\u6295\u8cc7\u8005\u61c9\u7559\u610f\u5176\u53cd\u5f48\u52d5\u80fd\uff0c\u5982\u80fd\u5411\u4e0a\u7a81\u783494.81\u524d\u9ad8\uff0c\u624d\u6709\u671b\u919e\u91c0\u5f37\u52e2\u53cd\u5f48\u3002<\/p>\n

    \u53cd\u4e4b\uff0c\u82e5\u672a\u80fd\u7a81\u783494.81\uff0c\u5247\u7a7a\u65b9\u6216\u91cd\u65b0\u96c6\u7d50\uff0c\u81f4\u8d70\u52e2\u627f\u58d3\u4e0b\u632b\uff0c\u4e26\u6311\u623088.34\u524d\u4f4e\u652f\u6490\uff0c\u82e5\u7834\u5e95\u5247\u8dcc\u52e2\u52a0\u901f\uff0c\u5426\u5247\u7f8e\u5143\u5c07\u8fce\u4f86\u8f03\u9577\u7684\u9707\u76ea\u5e02\u3002<\/a><\/p>\n

    \u6295\u8cc7\u7f8e\u91d1\u7684\u4e09\u7a2e\u7ba1\u9053<\/strong><\/span><\/h3>\n

    \u7f8e\u5143\u4f5c\u70ba\u4e16\u754c\u4e0a\u6d41\u901a\u6027\u6700\u9ad8\u7684\u8ca8\u5e63\uff0c\u7f8e\u5143\u65e9\u5df2\u6210\u70ba\u5168\u7403\u90fd\u71b1\u611b\u7684\u4e00\u500b\u6295\u8cc7\u9805\u76ee\uff0c\u4ee5\u4e0b\u5e36\u4f86\u5e7e\u7a2e\u6295\u8cc7\u7f8e\u5143\u7684\u65b9\u5f0f\uff1a<\/p>\n

    I. \u5916\u5e63\u5e33\u6236\u8cb7\u8ce3<\/strong><\/span><\/h5>\n

    \u5916\u5e63\u5e33\u6236\u8cb7\u8ce3\u70ba\u8f03\u70ba\u4fdd\u5b88\u7684\u6295\u8cc7\u65b9\u5f0f\uff0c\u4f46\u9700\u8981\u4e8b\u5148\u958b\u7acb\u4e00\u500b\u672c\u5e63\u5e33\u6236\u4f86\u505a\u514c\u63db\u7684\u52d5\u4f5c\uff0c\u5982\u679c\u9810\u671f\u7f8e\u5143\u532f\u7387\u5c07\u5728\u672a\u4f86\u8d70\u5f37\uff0c\u6295\u8cc7\u8005\u53ef\u89c0\u5bdf\u9280\u884c\u724c\u544a\u532f\u7387\uff0c\u9069\u6642\u9022\u4f4e\u8cfc\u5165\u7f8e\u5143\u81f3\u5916\u5e63\u5e33\u6236\uff0c\u7b49\u5230\u7f8e\u5143\u5982\u9810\u671f\u822c\u8d70\u5f37\u5f8c\uff0c\u518d\u5c07\u7f8e\u5143\u65bc\u9ad8\u50f9\u8ce3\u51fa\uff0c\u514c\u63db\u56de\u4f86\u7684\u672c\u5e63\u5dee\u5373\u662f\u7372\u5229\u3002<\/p>\n

    \u76f8\u95dc\u6587\u7ae0\uff1a\u5916\u5e63\u5e33\u6236\u7684\u4e09\u5927\u529f\u80fd \u7c21\u6613\u958b\u6236\u6d41\u7a0b\u6559\u5b78<\/a><\/span><\/strong><\/p>\n

    II. \u671f\u8ca8\u4ea4\u6613<\/strong><\/span><\/h5>\n

    \u671f\u8ca8\u5e02\u5834\u4e2d\u4e5f\u6709\u63a8\u51fa\u6709\u95dc\u7f8e\u5143\u6307\u6578\u7684\u5546\u54c1\uff0c\u4f9b\u6295\u8cc7\u8005\u9032\u884c\u4ea4\u6613\uff0c\u4f46\u9700\u8981\u6ce8\u610f\u7684\u662f\u671f\u8ca8\u4ea4\u6613\u662f\u6709\u671f\u9650\u7684\uff0c\u82e5\u5728\u6700\u5f8c\u4ea4\u6613\u65e5\u6642\u672a\u9032\u884c\u5e73\u5009\u7684\u52d5\u4f5c\uff0c\u5c31\u5fc5\u9808\u9032\u884c\u4ea4\u5272\uff0c\u67d0\u4e9b\u671f\u7d04(\u4f8b\u5982\uff1a\u7f8e\u5143\u6307\u6578\u3001\u80a1\u6307)\u56e0\u70ba\u4e26\u7121\u5be6\u7269\u6216\u662f\u5be6\u969b\u91d1\u878d\u5546\u54c1\u53ef\u4ee5\u4ea4\u5272\uff0c\u9019\u6642\u5c07\u4f9d\u73fe\u8ca8\u50f9\u683c\u8207\u6700\u5f8c\u4ea4\u6613\u65e5\u7d50\u7b97\u7684\u50f9\u5dee\uff0c\u9032\u884c\u73fe\u91d1\u7d50\u7b97\u3002<\/p>\n

    III. \u50f9\u5dee\u5408\u7d04 (\u5916\u532f\u4fdd\u8b49\u91d1\u4ea4\u6613)<\/strong><\/span><\/h5>\n

    \u76ee\u524d\u5e02\u9762\u4e0a\u8f03\u6d41\u884c\u7684\u662f\u5dee\u50f9\u5408\u7d04(CFD)\u4ea4\u6613\uff0cCFD\u70ba\u4e00\u7a2e\u884d\u751f\u6027\u6295\u8cc7\u5de5\u5177\uff0c\u53ef\u4ee5\u8b93\u6295\u8cc7\u8005\u4ea4\u6613\u5404\u985e\u80a1\u7968\u6307\u6578\u3001\u5927\u5b97\u5546\u54c1\u7b49\u591a\u985e\u5225\u6a19\u7684\u7269\u3002\u901a\u904e\u4ea4\u6613CFD\uff0c\u6295\u8cc7\u8005\u53ef\u4ee5\u4fbf\u6377\u7684\u5c0d\u6240\u5c6c\u610f\u6a19\u7684\u7269\u9032\u884c\u6295\u8cc7\uff0c\u5176\u6982\u5ff5\u662f\u8cb7\u5bb6\u8207\u8ce3\u5bb6\u8a02\u7acb\u4e00\u5f35\u5408\u540c\uff0c\u76c8\u8667\u4f86\u81ea\u65bc\u8a72\u5408\u540c\u5167\u7684\u6a19\u7684\u7269\u50f9\u683c\u8b8a\u5316\uff0c\u4ea4\u6613\u96d9\u65b9\u53ea\u4f5c\u73fe\u91d1\u7d50\u7b97\u50f9\u5dee\uff0c\u4e26\u4e0d\u9700\u8981\u5be6\u969b\u6301\u6709\u8a72\u6a19\u7684\u7269\uff0c\u5176\u4fbf\u5229\u6027\u8207\u591a\u7a7a\u7686\u53ef\u76c8\u5229\u7684\u7279\u6027\uff0c\u5438\u5f15\u8457\u5168\u7403\u6295\u8cc7\u8005\u7684\u76ee\u5149\uff0cCFD\u4ea4\u6613\u4e5f\u8b8a\u5f97\u8d8a\u4f86\u8d8a\u76db\u884c\u3002<\/p>\n

    \u56e0\u6b64\u900f\u904e\u4ea4\u6613CFD\uff0c\u5982\u679c\u4ea4\u6613\u8005\u770b\u597d\u7f8e\u5143\u6307\u6578\u7684\u8d70\u52e2\uff0c\u53ef\u4ee5\u9078\u64c7\u5728\u532f\u5e02\u7684\u8ca8\u5e63\u5c0d\u4e2d\u505a\u591aUSD\/JPY\u6216\u662f\u505a\u7a7aAUD\/USD\uff1b\u4f46\u82e5\u662f\u4e0d\u770b\u597d\u7f8e\u5143\u8d70\u52e2\uff0c\u4e5f\u53ef\u9078\u64c7\u505a\u591aEUR\/USD\u3001GBP\/USD\u6216\u662f\u505a\u7a7aUSD\/CAD\u3002\u53e6\u4e00\u500b\u65b9\u5f0f\u662f\u76f4\u63a5\u505a\u591a\u7f8e\u5143\u76f8\u95dcCFD\uff0c\u4f8b\u5982\u7f8e\u532f\u6307\u6578CFD\u7b49\u3002<\/p>\n

    \u95b1\u8b80\u66f4\u591a\u5176\u4ed6\u8ca8\u5e63\u76842021\u8d70\u52e2\u5206\u6790\uff1a<\/strong><\/p>\n

    \u65e5\u5e63\u532f\u7387\u8d70\u52e2\u9810\u6e2c 2021<\/a><\/strong><\/span><\/p>\n

    \u6b50\u5143\u532f\u7387\u8d70\u52e2\u5206\u67902021<\/a><\/strong><\/span><\/p>\n

    \u2014\u2014<\/p>\n

    \u95dc\u65bc\u00a0ZFX (Zeal Capital Market)<\/a><\/strong><\/h5>\n