{"id":618,"date":"2009-09-26T10:02:30","date_gmt":"2009-09-26T10:02:30","guid":{"rendered":""},"modified":"2009-09-26T10:02:30","modified_gmt":"2009-09-26T10:02:30","slug":"","status":"publish","type":"post","link":"https:\/\/inhaoxu.com\/blog\/?p=618","title":{"rendered":"\u5404\u79cd\u6295\u8d44\u5de5\u5177\u4e4b\u6bd4\u8f83"},"content":{"rendered":"

\u4ece\u6295\u8d44\u54c1\u79cd\u6765\u8bf4\u5206\u4e3a:\u91d1\u878d\u6295\u8d44, \u4e0d\u52a8\u4ea7\u6295\u8d44, \u5b9e\u4e1a\u6295\u8d44, \u5176\u4ed6\u6295\u8d44\u3002
\n1. \u91d1\u878d\u6295\u8d44\u5305\u62ec:\u80a1\u7968\u6295\u8d44 A, B, H\u80a1\u7b49; \u503a\u5238:\u56fd\u503a, \u516c\u53f8\u503a, \u91d1\u878d\u503a, \u53ef\u8f6c\u503a\u7b49; \u8bc1\u5238\u6295\u8d44\u57fa\u91d1; \u96c6\u5408\u57fa\u91d1\u4fe1\u6258; \u671f\u8d27; \u9ec4\u91d1; \u5916\u6c47; \u94f6\u884c\u7406\u8d22\u4ea7\u54c1\u3002<\/p>\n

\u80a1\u7968A\u80a1\u5e02\u573a\u53ef\u4ee5\u8bf4\u662f\u73b0\u5728\u6700\u6d41\u884c\u7684\u6295\u8d44\u65b9\u5f0f\u4e86, \u8fd1\u4e4e\u75af\u72c2\u7684\u8868\u73b0, \u52fe\u8d77\u4e86\u5927\u5bb6\u5185\u5fc3\u6323\u94b1\u7684\u6b32\u671b, \u65e0\u8bba\u61c2\u8fd8\u662f\u4e0d\u61c2, \u90fd\u60f3\u4ece\u8fd9\u4e2a\u7f25\u7f08\u7684\u4e16\u754c\u635e\u5f97\u4e00\u7b14\u8d22\u5bcc. \u5c31\u5728\u524d\u5929, \u6caa\u6df1\u4e24\u5e02\u603b\u5e02\u503c\u8fbe\u523021.1465\u4e07\u4ebf\u5143,\u8d85\u8fc72006\u5e74\u65f6\u7684GDP\u603b\u989d21.09\u4e07\u4ebf\u5143\u3002\u8fd9\u4e2a\u53ef\u4ee5\u8bf4\u660e\u54b1\u4eec\u5f97\u91d1\u878d\u5e02\u573a\u5df2\u7ecf\u8fbe\u5230\u4e00\u4e2a\u76f8\u5f53\u5f97\u9ad8\u5ea6. \u4f46\u662f\u5c31\u662f\u8fd9\u4e2a\u770b\u4f3c\u5145\u6ee1\u673a\u4f1a\u7684\u4e1c\u4e1c, \u4f34\u968f\u5f97\u662f\u65e0\u7a77\u5f97\u98ce\u9669, \u4ece\u56fd\u5916\u4e00\u76f4\u4ee5\u6765\u7684\u80a1\u7968\u6295\u8d44\u7edf\u8ba1\u6765\u770b, \u6240\u6709\u6295\u8d44\u8005\u4e2d, \u53ea\u670910%\u7684\u4eba\u662f\u8d5a\u7684, \u65e0\u8bba\u662f\u725b\u5e02\u8fd8\u662f\u718a\u5e02, \u8fd9\u662f\u4e0d\u53d8\u7684\u5b9a\u5f8b. \u5927\u5bb6\u73b0\u5728\u770b\u7740\u81ea\u5df1\u7684\u76d8\u5b50\u90fd\u662f\u7ea2\u7684, \u4f46\u662f\u53ea\u8981\u6ca1\u6709\u8d4e\u56de, \u90a3\u90fd\u53ea\u662f\u6570\u5b57\u800c\u5df2. \u6240\u4ee5\u5728\u8fd9\u6837\u7684\u4e16\u754c, \u65f6\u523b\u8981\u6ce8\u610f\u98ce\u9669\u7684\u5b58\u5728\u3002
\n
\n \u503a\u5238\u867d\u7136\u5206\u4e3a\u5f88\u591a\u79cd, \u4f46\u662f\u54b1\u4eec\u8001\u767e\u59d3\u6700\u5bb9\u6613\u63a5\u89e6\u7684\u5c31\u662f\u56fd\u503a\u4e86. \u5728\u94f6\u884c\u5c31\u80fd\u591f\u8d2d\u4e70, \u572806\u5e74\u4e4b\u524d, \u53ef\u4ee5\u8bf4\u56fd\u503a\u662f\u5f88\u96be\u6c42\u7684, \u4e00\u822c\u90fd\u88ab\u8001\u7237\u7237\u8001\u5976\u5976\u6240\u628a\u5b88. \u5728\u6709\u5229\u606f\u7a0e\u7684\u65f6\u5019, \u56fd\u503a\u7684\u786e\u662f\u5f88\u597d\u7684\u7406\u8d22\u4ea7\u54c1, \u81f3\u5c11\u6bd4\u5b9a\u671f\u6536\u76ca\u8981\u9ad820%\u4ee5\u4e0a. \u800c\u4e14\u6ca1\u6709\u62c5\u5fc3\u65e0\u6cd5\u8d4e\u56de, \u53ea\u8981***\u4e0d\u5012, \u54c8\u54c8\u3002
\n \u8bc1\u5238\u6295\u8d44\u57fa\u91d1\u53ef\u4ee5\u8bf4\u968f\u7740\u80a1\u7968\u7684\u706b\u7206\u4e5f\u6d3b\u8dc3\u4e86\u8d77\u6765, \u57fa\u91d1\u4ee5\u5b83\u7701\u4e8b, \u4e13\u4e1a, \u8f83\u9ad8\u7684\u56de\u62a5\u7387\u5438\u5f15\u8d8a\u6765\u8d8a\u591a\u7684\u4eba\u7684\u773c\u7403. \u4e2d\u56fd\u76ee\u524d\u57fa\u91d1\u6570\u91cf\u5df2\u7a81\u7834300\u53ea\uff0c\u89c4\u6a21\u5373\u5c06\u7a81\u78341\u4e07\u4ebf. \u57fa\u91d1\u4ece\u5206\u7c7b\u6765\u8bf4:\u5206\u4e3a\u516c\u52df\u57fa\u91d1\u4ee5\u53ca\u79c1\u52df\u57fa\u91d1. \u516c\u52df\u57fa\u91d1\u662f\u5927\u5bb6\u73b0\u5728\u63a5\u89e6\u7684. \u800c\u79c1\u52df\u57fa\u91d1\u4e0d\u516c\u5f00\u53d1\u884c, \u6216\u8005\u8bf4\u53ea\u7528\u5c11\u6570\u9ad8\u7aef\u7684\u5ba2\u6237\u624d\u53ef\u4ee5\u53c2\u4e0e\u7684\u57fa\u91d1, \u50cf\u5df4\u8001\u7237\u5c31\u662f\u8fd9\u6837\u7684\u57fa\u91d1\u7ecf\u7406. \u76ee\u524d\u79c1\u52df\u57fa\u91d1\u5728\u4e2d\u56fd\u4e5f\u5df2\u7ecf\u5411\u96e8\u540e\u6625\u7b0b\u822c\u7684\u84ec\u52c3\u53d1\u5c55\u4e86. \u597d\u591a\u539f\u6765\u4f18\u79c0\u7684\u516c\u52df\u57fa\u91d1\u7684\u7ecf\u7406\u90fd\u8df3\u69fd\u8fdb\u519b\u79c1\u52df, \u76ee\u524d\u79c1\u52df\u57fa\u91d1\u7684\u95e8\u69db\u5f88\u9ad8, \u6700\u5c11\u5728100w, \u76ee\u524d\u90fd\u662f\u5728200-300w\u6700\u5c11\u7684\u6295\u8d44, \u800c\u4e14\u5f88\u96be\u627e, \u6240\u4ee5\u5f88\u5c11\u6709\u4eba\u95ee\u53ca\u3002
\n \u516c\u52df\u57fa\u91d1\u5206\u4e3a4\u79cd, \u80a1\u7968\u578b\u57fa\u91d1, \u6df7\u5408\u578b\u57fa\u91d1, \u503a\u5238\u578b\u57fa\u91d1, \u4ee5\u53ca\u8d27\u5e01\u5e02\u573a\u578b\u57fa\u91d1. \u98ce\u9669\u4e5f\u9010\u6e10\u9012\u51cf\u7684, \u5f53\u7136\u6536\u76ca\u662f\u4e5f\u662f\u9010\u6e10\u9012\u51cf\u7684. \u5927\u591a\u6570\u80a1\u7968\u578b\u57fa\u91d1\u8fd1\u4e24\u5e74\u90fd\u6709\u4e0d\u4fd7\u7684\u8868\u73b0, \u7ed9\u5f88\u591a\u6295\u8d44\u8005\u5e26\u6765\u4e86\u4e30\u539a\u7684\u56de\u62a5. \u4f46\u662f\u5927\u5bb6\u597d\u50cf\u5ffd\u89c6\u4e86\u4e00\u79cd\u80a1\u7968\u578b\u57fa\u91d1, \u6307\u6570\u578b\u57fa\u91d1. \u7efc\u5408\u4e16\u754c\u6240\u6709\u7684\u57fa\u91d1\u7684\u8868\u73b0, \u53ea\u670920%\u7684\u57fa\u91d1\u6700\u540e\u662f\u8dd1\u8d62\u6307\u6570\u7684. \u6240\u4ee5\u5927\u5bb6\u4e0d\u5bb9\u914d\u7f6e\u4e9b\u6307\u6570\u578b\u7684\u57fa\u91d1 \u6df7\u5408\u578b\u57fa\u91d1\u76f8\u5bf9\u7684\u7a33\u5b9a\u6027\u4ee5\u53ca\u89c4\u907f\u98ce\u9669\u6027\u5176\u5b9e\u662f\u4e00\u822c\u5bb6\u5ead\u5f88\u597d\u7684\u8d44\u4ea7\u914d\u7f6e\u578b\u7684\u4ea7\u54c1. \u8d27\u5e01\u578b\u57fa\u91d1\u6211\u4eec\u4e00\u822c\u628a\u5b83\u53eb\u4e3a\u6d3b\u671f\u5b58\u6b3e\u7684\u66ff\u4ee3\u54c1, \u662f\u5bb6\u5ead\u5e94\u6025\u8d44\u91d1\u6700\u597d\u7684\u914d\u7f6e\u65b9\u5f0f. \u5bf9\u4e86\u5fd8\u8bb0\u8bf4\u4e86, \u8fd8\u6709\u4e00\u79cd\u53ef\u80fd\u5927\u5bb6\u77e5\u9053\u7684\u6bd4\u8f83\u5c11\u7684\u662f\u5c01\u95ed\u57fa\u91d1. \u5c01\u95ed\u57fa\u91d1\u548c\u6307\u6570\u578b\u57fa\u91d1\u90fd\u53ef\u4ee5\u50cf\u80a1\u7968\u4e00\u6837\u4ea4\u6613\u7684, \u6240\u4ee5\u65b9\u4fbf\u5f88\u591a, \u5927\u5bb6\u53ef\u4ee5\u6839\u636e\u81ea\u5df1\u7684\u60c5\u51b5\u914d\u7f6e\u4e0d\u540c\u7684\u57fa\u91d1\u54c1\u79cd.
\n \u96c6\u5408\u57fa\u91d1\u4fe1\u6258\u4e5f\u8bb8\u662f\u4e2a\u5f88\u964c\u751f\u7684\u8bcd\u6c47, \u7684\u786e\u73b0\u5728\u8fd9\u4e2a\u5728\u4e2d\u56fd\u5f88\u5c11, \u666e\u901a\u4eba\u63a5\u89e6\u7684\u66f4\u5c11, \u6839\u636e<<\u4fe1\u6258\u6cd5>> "\u4fe1\u6258\u662f\u6307\u59d4\u6258\u4eba\u57fa\u4e8e\u5bf9\u53d7\u6258\u4eba\u7684\u4fe1\u4efb, \u5c06\u5176\u8d22\u4ea7\u6743\u59d4\u6258\u7ed9\u53d7\u6258\u4eba, \u7531\u53d7\u6258\u4eba\u6309\u7167\u59d4\u6258\u4eba\u7684\u610f\u613f\u4ee5\u81ea\u5df1\u7684\u540d\u4e49, \u4e3a\u6536\u76ca\u4eba\u7684\u5229\u76ca\u6216\u7279\u5b9a\u76ee\u7684, \u8fdb\u884c\u7ba1\u7406\u6216\u8005\u5904\u5206\u7684\u884c\u4e3a." \u76ee\u524d\u8fd9\u4e2a\u5728\u4e2d\u56fd\u7684\u91d1\u878d\u884c\u4e1a\u662f\u6700\u524d\u6cbf\u7684\u9886\u57df, \u7531\u5174\u8da3\u7684\u53ef\u4ee5\u7814\u7a76\u7814\u7a76, \u4e0d\u8fc7\u5728\u54b1\u4eec\u7684\u9999\u6e2f\u5df2\u7ecf\u6bd4\u8f83\u7684\u6d41\u884c\u4e86. <\/p>\n

\u671f\u8d27\u4ea4\u6613\u662f\u4e00\u79cd\u96c6\u4e2d\u4ea4\u6613\u6807\u51c6\u5316\u8fdc\u671f\u5408\u7ea6\u7684\u4ea4\u6613\u5f62\u5f0f\u3002\u5373\u4ea4\u6613\u53cc\u65b9\u5728\u671f\u8d27\u4ea4\u6613\u6240\u901a\u8fc7\u4e70\u5356\u671f\u8d27\u5408\u7ea6\u5e76\u6839\u636e\u5408\u7ea6\u89c4\u5b9a\u7684\u6761\u6b3e\u7ea6\u5b9a\u5728\u672a\u6765\u67d0\u4e00\u7279\u5b9a\u65f6\u95f4\u548c\u5730\u70b9\uff0c\u4ee5\u67d0\u4e00\u7279\u5b9a\u4ef7\u683c\u4e70\u5356\u67d0\u4e00\u7279\u5b9a\u6570\u91cf\u548c\u8d28\u91cf\u7684\u5546\u54c1\u7684\u4ea4\u6613\u884c\u4e3a\u3002\u671f\u8d27\u4ea4\u6613\u7684\u6700\u7ec8\u76ee\u7684\u5e76\u4e0d\u662f\u5546\u54c1\u6240\u6709\u6743\u7684\u8f6c\u79fb\uff0c\u800c\u662f\u901a\u8fc7\u4e70\u5356\u671f\u8d27\u5408\u7ea6\u3001\u56de\u907f\u73b0\u8d27\u4ef7\u683c\u98ce\u9669\u3002\u6211\u53ea\u80fd\u8bf4\u8fd9\u4e2a\u4e0d\u662f\u4e00\u73ed\u4eba\u80fd\u591f\u9a7e\u9a6d\u7684, \u9700\u8981\u77e5\u8bc6, \u52c7\u6c14, \u5fc3\u91cc, \u6240\u4ee5\u5efa\u8bae\u5927\u5bb6\u4e0d\u8981\u968f\u4fbf\u78b0\u3002
\n \u9ec4\u91d1\u5176\u5b9e\u5f88\u597d\u7684\u4e1c\u4e1c, \u73b0\u5728\u5728\u4e2d\u56fd\u4e3b\u8981\u8fd8\u662f\u4ee5\u7eb8\u9ec4\u91d1\u7684\u4ea4\u6613\u4e3a\u4e3b, \u4f46\u662f\u6211\u6bd4\u8f83\u63a8\u5d07\u7684\u662f\u5b9e\u7269\u9ec4\u91d1, \u5b9e\u7269\u9ec4\u91d1\u7684\u50a8\u5907\u53ef\u4ee5\u8bf4\u662f\u4e16\u754c\u4e0a\u73b0\u5728\u6700\u5b89\u5168\u7684\u6295\u8d44\u65b9\u5f0f, \u65e0\u8bba\u5728\u4ec0\u4e48\u65f6\u5019, \u5373\u4f7f\u5728\u6218\u4e89\u65f6\u671f, \u9ec4\u91d1\u4e5f\u4e0d\u4f1a\u5931\u53bb\u5176\u4ef7\u503c.
\n \u5916\u6c47\u7092\u4f5c\u4e5f\u662f\u4e00\u79cd\u6295\u8d44\u65b9\u5f0f, \u5206\u4e3a\u5b9e\u9645\u7684\u8fd8\u6709\u4fdd\u8bc1\u91d1\u4ea4\u6613. \u8fd9\u4e2a\u4e5f\u9700\u8981\u6bd4\u8f83\u4e13\u4e1a\u7684\u77e5\u8bc6, \u5c24\u5176\u5bf9\u56fd\u9645\u4e0a\u7684\u5927\u5bb6\u6bd4\u8f83\u654f\u611f\u7684\u4eba\u4f1a\u6bd4\u8f83\u597d\u628a\u63e1\u5916\u6c47\u7684\u6ce2\u52a8. \u98ce\u9669\u4e0d\u5c0f, \u6240\u4ee5\u5982\u679c\u60f3\u8fdb\u5165, \u5efa\u8bae\u62ff\u51fa\u5bb6\u5ead\u8d22\u4ea7\u7684\u6700\u5c0f\u90e8\u5206\u5c1d\u8bd5.
\n \u94f6\u884c\u7406\u8d22\u4ea7\u54c1\u6700\u4e3b\u8981\u5305\u62ec\u4fdd\u9669\u4ee3\u9500\u4ea7\u54c1, QDII\u4ea7\u54c1, \u7b49\u7b49. \u4fdd\u9669\u4ee3\u9500\u4ea7\u54c1\u4e00\u822c\u4ee5\u6295\u8054\u9669\u4e07\u80fd\u9669\u4e3a\u4e3b, \u65e0\u8bba\u53eb\u4ec0\u4e48, \u5728\u94f6\u884c\u5356\u7684\u90a3\u4e2a\u4e1c\u4e1c\u8fd8\u662f\u4fdd\u9669\u4ea7\u54c1, \u6240\u4ee5\u5927\u5bb6\u64e6\u4eae\u773c\u775b. \u800c\u4e14\u6211\u89c9\u5f97\u65e2\u7136\u662f\u4fdd\u9669\u4ea7\u54c1\u8fd8\u662f\u53bb\u4fdd\u9669\u516c\u53f8\u4e70\u66f4\u597d, \u6bd5\u7adf\u4fdd\u9669\u516c\u53f8\u5bf9\u4e8e\u4fdd\u9669\u7684\u4e86\u89e3\u80af\u5b9a\u6bd4\u94f6\u884c\u4e13\u4e1a\u7684\u591a. QDII\u4ea7\u54c1\u662f\u6700\u8fd1\u624d\u6d41\u884c\u7684\u4e00\u79cd\u7406\u8d22\u4ea7\u54c1. \u7531\u4ee5\u5916\u8d44\u94f6\u884c\u4e3b\u6253. QDII\u5373Qualified Domestic Institutional Investors\uff0c\u4e2d\u6587\u610f\u601d\u4e3a\u5408\u683c\u5883\u5185\u673a\u6784\u6295\u8d44\u8005. \u6295\u8d44\u4e8e\u5883\u5916\u7684\u80a1\u5e02\u7b49. \u76ee\u524d\u4e3b\u8981\u5206\u4e3a\u4fdd\u672c\u7684\u4ee5\u53ca\u4e0d\u4fdd\u672c\u7684. \u6211\u89c9\u5f97\u8fd9\u4e2a\u662f\u5f88\u597d\u7684\u5bb6\u5ead\u98ce\u9669\u89c4\u907f\u578b\u7684\u7406\u8d22\u4ea7\u54c1. . \u56e0\u4e3a\u65e0\u8bba\u6295\u8d44A\u80a1\u8fd8\u662f\u57fa\u91d1, \u90fd\u65e0\u6cd5\u89c4\u907fA\u80a1\u5e02\u573a\u7684\u7cfb\u7edf\u6027\u98ce\u9669, \u6240\u4ee5\u6295\u8d44\u56fd\u5916\u5e02\u573a\u53ef\u9002\u5f53\u6709\u6548\u7684\u89c4\u907f\u8fd9\u6837\u7684\u98ce\u9669.
\n2\u3001\u4e0d\u52a8\u4ea7\u6295\u8d44\u5305\u62ec\u4f4f\u5b85, \u5199\u5b57\u697c, \u5546\u94fa. \u5bf9\u4e8e\u8fd9\u6837\u7684\u6295\u8d44, \u76f8\u5bf9\u4e8e\u91d1\u878d\u6295\u8d44\u9996\u5148\u9700\u8981\u4e00\u7b14\u4e0d\u5c0f\u7684\u6295\u8d44, \u5c24\u5176\u5e02\u5546\u94fa\u7684\u6295\u8d44. \u4f4f\u5b85, \u5199\u5b57\u697c\u7684\u6295\u8d44\u53d8\u73b0\u7684\u80fd\u529b\u76f8\u5bf9\u6bd4\u8f83\u7684\u5dee\u4e0d\u8981\u5168\u90e8\u6295\u5165\u8fd9\u6837\u7684\u4e0d\u52a8\u4ea7. \u4e0d\u52a8\u4ea7\u6295\u8d44\u53ef\u4ee5\u4fdd\u503c\u589e\u503c, \u5c24\u5176\u662f\u5bf9\u4e8e\u73b0\u5728\u7684\u697c\u5e02, \u8fd9\u6837\u7684\u6295\u8d44\u4e5f\u4e0d\u662f\u4e0d\u53ef\u4ee5\u7684. \u5546\u94fa\u6295\u8d44\u5982\u679c\u5f62\u6210\u89c4\u6a21\u4e5f\u662f\u5ba2\u89c2\u7684\u6536\u5165, \u800c\u4e14\u751f\u6d3b\u4f1a\u76f8\u5f53\u7684\u60ec\u610f, \u4f46\u4e5f\u4e0d\u662f\u4e00\u822c\u4eba\u80fd\u591f\u63a5\u89e6\u5230\u7684
\n\uff13\u3001\u6709\u4e9b\u4eba\u4e0d\u61c8\u73b0\u5728\u7684\u91d1\u878d\u6295\u8d44\u7684, \u8fd9\u79cd\u4eba\u4e00\u822c\u90fd\u662f\u5b9e\u4e1a\u5bb6. \u7684\u786e\u5b9e\u4e1a\u6295\u8d44\u597d\u7684\u8bdd\u4e5f\u80fd\u5e26\u6765\u4e30\u539a\u7684\u5229\u6da6. \u8fd9\u6837\u7684\u6295\u8d44\u9700\u8981\u673a\u9047, \u52c7\u6c14, \u5546\u4e1a\u667a\u6167, \u5546\u4e1a\u624b\u6bb5\u7b49\u7b49. \u800c\u4e14\u5f88\u7d2f\u795e, \u7d2f\u8eab. \u4f46\u5bf9\u4e8e\u613f\u610f\u6311\u6218\u7684\u4eba\u6765\u8bf4\u4e0d\u5f97\u4e0d\u8bf4\u662f\u4e00\u5757\u4e50\u571f
\n\uff14\u3001\u5176\u4ed6\u6295\u8d44, \u5305\u62ec\u827a\u672f\u54c1, \u6536\u85cf\u54c1\u7b49\u7b49. \u8fd9\u6837\u7684\u6295\u8d44\u9700\u8981\u4e13\u4e1a\u7684\u77e5\u8bc6, \u4ee5\u53ca\u72ec\u5230\u7684\u773c\u5149, \u6211\u611f\u89c9\u8fd0\u6c14\u4e5f\u662f\u5f88\u91cd\u8981\u7684. \u73b0\u5728\u8bdd\u9898\u6700\u591a\u7684\u53ef\u80fd\u662f\u5965\u8fd0\u6536\u85cf\u4e86, \u8fd9\u79cd\u6295\u8d44\u73b0\u5728\u5f88\u706b, \u4e5f\u6bd4\u8f83\u7684\u89c1\u6210\u6548. \u5965\u8fd0\u5546\u54c1\u6295\u8d44\u4e3b\u8981\u770b\u6570\u91cf, \u4fdd\u5b58, \u4ee5\u53ca\u6210\u5957\u578b. \u73b0\u5728\u6700\u6d41\u884c\u7684\u5965\u8fd0\u5546\u54c1\u7684\u6295\u8d44\u8fd8\u662f\u5404\u79cd\u7684"\u5e01".
\n\u3000\u4ed8\u4e0a\u6295\u8d44\u7684\u6d41\u7a0b, \u5e0c\u671b\u8ba9\u5927\u5bb6\u66f4\u52a0\u4e86\u89e3\u5982\u4f55\u81ea\u5df1\u53bb\u6295\u8d44, \u8fd9\u4e2a\u6d41\u7a0b\u4e5f\u662f\u6211\u4eec\u7406\u8d22\u89c4\u5212\u5e08\u4e25\u683c\u9075\u5faa\u7684. \u5ba2\u6237\u5206\u6790(\u98ce\u9669\u627f\u53d7\u5ea6, \u6295\u8d44\u504f\u597d, \u8d44\u91d1\u6027\u8d28, \u6295\u8d44\u76ee\u6807—>\u8d44\u4ea7\u914d\u7f6e(\u5404\u79cd\u6295\u8d44\u5de5\u5177)—>\u8bc1\u5238\u9009\u62e9(\u5177\u4f53\u7684\u67d0\u4e2a\u6295\u8d44\u5de5\u5177)—>\u6295\u8d44\u5b9e\u65bd(\u6295\u8d44\u9891\u7387, \u4ea4\u6613\u89c4\u6a21, \u98ce\u9669\u7ba1\u7406)—>\u6295\u8d44\u8bc4\u4ef7(\u6295\u8d44\u7ec4\u5408\u627f\u62c5\u7684\u98ce\u9669, \u6295\u8d44\u6536\u76ca\u7387\u3002
\n\u3000\u6700\u540e\u6211\u8981\u8bf4\u7684, \u8fd8\u662f\u63d0\u793a\u98ce\u9669, \u65e0\u8bba\u4ec0\u4e48\u6837\u7684\u6295\u8d44\u90fd\u662f\u6709\u98ce\u9669\u7684, \u6536\u76ca\u6c38\u8fdc\u548c\u98ce\u9669\u662f\u6210\u6b63\u6bd4\u7684\u5173\u7cfb. \u800c\u4e14\u6295\u8d44\u89c4\u5212\u662f\u4e2a\u957f\u671f\u7684\u8fc7\u7a0b, \u5927\u5bb6\u8981\u5b9a\u671f\u5ba1\u89c6\u8bc4\u4f30\u73b0\u6709\u7684\u6295\u8d44, \u770b\u662f\u5426\u9700\u8981\u66f4\u6539\u73b0\u6709\u7684\u6295\u8d44\u5de5\u5177, \u4ee5\u53ca\u8d44\u91d1.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u4ece\u6295\u8d44\u54c1\u79cd\u6765\u8bf4\u5206\u4e3a:\u91d1\u878d\u6295\u8d44, \u4e0d\u52a8\u4ea7\u6295… more →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[240,129,226,241],"_links":{"self":[{"href":"https:\/\/inhaoxu.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/618"}],"collection":[{"href":"https:\/\/inhaoxu.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/inhaoxu.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/inhaoxu.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/inhaoxu.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=618"}],"version-history":[{"count":0,"href":"https:\/\/inhaoxu.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/618\/revisions"}],"wp:attachment":[{"href":"https:\/\/inhaoxu.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/inhaoxu.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/inhaoxu.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}