{"id":30564,"date":"2025-11-05T03:42:57","date_gmt":"2025-11-05T03:42:57","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=30564"},"modified":"2025-11-05T03:42:57","modified_gmt":"2025-11-05T03:42:57","slug":"%e9%80%9a%e8%b2%a8%e7%b7%8a%e7%b8%ae%e6%98%af%e4%bb%80%e9%ba%bc%ef%bc%9f%e6%b7%b1%e5%85%a5%e8%a7%a3%e6%9e%90%e5%8e%9f%e5%9b%a0%e3%80%81%e5%bd%b1%e9%9f%bf%e8%88%87%e6%8a%95%e8%b3%87%e7%ad%96%e7%95%a5","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/discover\/30564\/","title":{"rendered":"\u901a\u8ca8\u7dca\u7e2e\u662f\u4ec0\u9ebc\uff1f\u6df1\u5165\u89e3\u6790\u539f\u56e0\u3001\u5f71\u97ff\u8207\u6295\u8cc7\u7b56\u7565"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\u7576\u7269\u50f9\u6301\u7e8c\u4e0b\u8dcc\u6642\uff0c\u6d88\u8cbb\u8005\u624b\u4e0a\u7684\u9322\u4f3c\u4e4e\u66f4\u503c\u9322\uff0c\u4f46\u9019\u80cc\u5f8c\u53ef\u80fd\u4ee3\u8868\u7d93\u6fdf\u9677\u5165\u4e86\u300c\u901a\u8ca8\u7dca\u7e2e\u300d\u3002\u9999\u6e2f\u4f5c\u70ba\u570b\u969b\u91d1\u878d\u4e2d\u5fc3\uff0c\u8cc7\u7522\u5e02\u5834\u958b\u653e\u4e14\u8cc7\u91d1\u6d41\u52d5\u6027\u9ad8\uff0c\u4e00\u65e6\u5168\u7403\u9032\u5165\u901a\u7e2e\u5468\u671f\uff0c\u672c\u5730\u623f\u5730\u7522\u3001\u80a1\u7968\u53ca\u5c31\u696d\u5e02\u5834\u90fd\u96e3\u4ee5\u7368\u5584\u5176\u8eab\u30021998 \u5e74\u4e9e\u6d32\u91d1\u878d\u98a8\u66b4\u5f8c\uff0c\u9999\u6e2f\u4fbf\u66fe\u51fa\u73fe\u9577\u9054\u516d\u5e74\u7684\u901a\u7e2e\u671f\uff0c\u5931\u696d\u7387\u6500\u5347\u3001\u6a13\u50f9\u91cd\u632b\u3002\u672c\u6587\u5c07\u5e36\u4f60\u6df1\u5165\u4e86\u89e3\u901a\u8ca8\u7dca\u7e2e\u7684\u5b9a\u7fa9\u3001\u6210\u56e0\u3001\u5f71\u97ff\u8207\u6295\u8cc7\u7b56\u7565\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">\u4ec0\u9ebc\u662f\u901a\u8ca8\u7dca\u7e2e (\u901a\u7e2e)\uff1f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u901a\u8ca8\u7dca\u7e2e\uff08Deflation\uff09\u6307\u7684\u662f\u4e00\u500b\u7d93\u6fdf\u9ad4\u4e2d\u5546\u54c1\u8207\u670d\u52d9\u7684\u6574\u9ad4\u50f9\u683c\u6c34\u6e96\u6301\u7e8c\u4e0b\u964d\uff0c\u4e26\u975e\u53ea\u662f\u77ed\u671f\u6216\u55ae\u4e00\u7522\u696d\u7684\u50f9\u683c\u4e0b\u8dcc\uff0c\u800c\u662f\u9023\u7e8c\u4e14\u666e\u904d\u6027\u7684\u73fe\u8c61\u3002\u8207\u901a\u8ca8\u81a8\u8139\uff08Inflation\uff09\u76f8\u53cd\uff0c\u901a\u7e2e\u4ee3\u8868\u8ca8\u5e63\u8cfc\u8cb7\u529b\u4e0a\u5347\uff0c\u6d88\u8cbb\u8005\u80fd\u7528\u540c\u6a23\u7684\u9322\u8cb7\u5230\u66f4\u591a\u5546\u54c1\u3002<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">\u901a\u7e2e\u7684\u57fa\u672c\u6982\u5ff5<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u901a\u7e2e\uff1a<\/strong>\u4eca\u5929\u4e00\u7897\u725b\u8169\u9eb5 40 \u5143\uff0c\u660e\u5e74\u53ea\u8981 35 \u5143\uff0c\u9084\u53ef\u80fd\u7e7c\u7e8c\u4e0b\u964d\u3002<\/li>\n\n\n\n<li><strong>\u901a\u81a8\uff1a<\/strong>\u4eca\u5929\u4e00\u7897\u725b\u8169\u9eb5 40 \u5143\uff0c\u4e0b\u500b\u6708\u8b8a\u6210 45 \u5143\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e4d\u770b\u4e4b\u4e0b\uff0c\u901a\u7e2e\u4f3c\u4e4e\u5c0d\u6d88\u8cbb\u8005\u6709\u5229\uff0c\u56e0\u70ba\u6771\u897f\u8b8a\u4fbf\u5b9c\u4e86\u3002\u4f46\u7d93\u6fdf\u5b78\u4e0a\u66f4\u95dc\u6ce8\u7684\u662f\u300c\u70ba\u4ec0\u9ebc\u50f9\u683c\u6703\u4e0b\u8dcc\u300d\uff0c\u4ee5\u53ca\u300c\u9019\u7a2e\u4e0b\u8dcc\u6703\u6301\u7e8c\u591a\u4e45\u300d\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">\u826f\u6027\u901a\u7e2e vs. \u60e1\u6027\u901a\u7e2e<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u901a\u8ca8\u7dca\u7e2e\u4e26\u4e0d\u5168\u662f\u58de\u4e8b\u3002\u6839\u64da\u6210\u56e0\u8207\u5c0d\u7d93\u6fdf\u7684\u5f71\u97ff\uff0c\u901a\u7e2e\u53ef\u5206\u70ba\u300c\u826f\u6027\u901a\u7e2e\u300d\u8207\u300c\u60e1\u6027\u901a\u7e2e\u300d\u3002\u524d\u8005\u901a\u5e38\u8207\u79d1\u6280\u9032\u6b65\u3001\u6210\u672c\u4e0b\u964d\u6709\u95dc\uff0c\u80fd\u4fc3\u9032\u7d93\u6fdf\u6548\u7387\uff1b\u5f8c\u8005\u5247\u6e90\u65bc\u9700\u6c42\u840e\u7e2e\u8207\u4fe1\u5fc3\u4e0b\u6ed1\uff0c\u53ef\u80fd\u5f15\u767c\u5931\u696d\u8207\u7d93\u6fdf\u8870\u9000\u3002\u4e86\u89e3\u5169\u8005\u5dee\u7570\uff0c\u6709\u52a9\u65bc\u6295\u8cc7\u4eba\u6b63\u78ba\u5224\u65b7\u5e02\u5834\u74b0\u5883\u4e26\u5236\u5b9a\u76f8\u61c9\u7b56\u7565\u3002<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">\u826f\u6027\u901a\u7e2e<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u826f\u6027\u901a\u7e2e\u901a\u5e38\u662f\u7531\u79d1\u6280\u9032\u6b65\u3001\u6548\u7387\u63d0\u5347\u6216\u570b\u969b\u8cbf\u6613\u6210\u672c\u4e0b\u964d\u6240\u5e36\u4f86\u7684\u7d50\u679c\u3002\u7576\u4f01\u696d\u80fd\u7528\u66f4\u4f4e\u7684\u6210\u672c\u751f\u7522\u540c\u6a23\u7684\u5546\u54c1\u6642\uff0c\u50f9\u683c\u81ea\u7136\u6703\u96a8\u4e4b\u4e0b\u964d\uff0c\u800c\u6d88\u8cbb\u8005\u540c\u6642\u4eab\u53d7\u5230\u54c1\u8cea\u66f4\u597d\u3001\u50f9\u683c\u66f4\u4f4e\u7684\u7522\u54c1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9019\u7a2e\u60c5\u6cc1\u4e0b\uff0c\u96d6\u7136\u7269\u50f9\u4e0b\u8dcc\uff0c\u4f46\u7d93\u6fdf\u6d3b\u52d5\u4ecd\u7136\u6d3b\u8e8d\uff0c\u4f01\u696d\u6709\u7372\u5229\uff0c\u793e\u6703\u7e3d\u9ad4\u798f\u5229\u53cd\u800c\u63d0\u9ad8\uff0c\u56e0\u6b64\u7d93\u6fdf\u5b78\u5bb6\u5c07\u5176\u8996\u70ba\u300c\u5065\u5eb7\u300d\u7684\u901a\u7e2e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u4f8b\u5982\uff1a<\/strong>\u667a\u80fd\u624b\u6a5f\u5341\u591a\u5e74\u524d\uff0c\u4e00\u90e8 iPhone \u552e\u50f9\u9ad8\u9054 6,000 \u81f3 7,000 \u6e2f\u5143\uff0c\u529f\u80fd\u4e5f\u76f8\u5c0d\u6709\u9650\u3002\u4f46\u5982\u4eca\uff0c\u5e02\u9762\u4e0a\u4e0d\u5c11\u4e2d\u968e\u624b\u6a5f\u53ea\u9700\u7d04 2,000 \u81f3 3,000 \u6e2f\u5143\uff0c\u5c31\u80fd\u64c1\u6709\u66f4\u9ad8\u50cf\u7d20\u7684\u76f8\u6a5f\u3001\u66f4\u5927\u7684\u5132\u5b58\u7a7a\u9593\u8207\u66f4\u5feb\u7684\u8655\u7406\u901f\u5ea6\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">\u60e1\u6027\u901a\u7e2e<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u7576\u6d88\u8cbb\u8005\u5c0d\u672a\u4f86\u7f3a\u4e4f\u4fe1\u5fc3\uff0c\u9078\u64c7\u5ef6\u9072\u6d88\u8cbb\u6216\u5927\u5e45\u524a\u6e1b\u652f\u51fa\uff0c\u4f01\u696d\u92b7\u552e\u4e0b\u6ed1\uff0c\u88ab\u8feb\u900f\u904e\u964d\u50f9\u4f86\u5438\u5f15\u8cb7\u5bb6\uff0c\u5c31\u6709\u53ef\u80fd\u9020\u6210\u60e1\u6027\u901a\u7e2e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u56e0\u70ba\uff0c\u4f01\u696d\u964d\u50f9\u58d3\u7e2e\u4e86\u5229\u6f64\uff0c\u4f7f\u5176\u96e3\u4ee5\u7dad\u6301\u539f\u6709\u898f\u6a21\uff0c\u9032\u4e00\u6b65\u5c0e\u81f4\u6295\u8cc7\u6e1b\u5c11\u3001\u88c1\u54e1\u589e\u52a0\u3002\u96a8\u8457\u5931\u696d\u7387\u4e0a\u5347\uff0c\u6d88\u8cbb\u529b\u9032\u4e00\u6b65\u840e\u7e2e\uff0c\u6700\u7d42\u5f62\u6210\u60e1\u6027\u5faa\u74b0\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u4f8b\u5982\uff1a<\/strong>\u5728\u4e9e\u6d32\u91d1\u878d\u98a8\u66b4\u5f8c\uff0c\u9999\u6e2f\u7d93\u6fdf\u53d7\u5230\u56b4\u91cd\u6253\u64ca\uff0c\u6a13\u5e02\u8207\u80a1\u5e02\u540c\u6642\u5927\u5e45\u4e0b\u8dcc\u3002\u6839\u64da\u9999\u6e2f\u653f\u5e9c\u7d71\u8a08\u8655\u8cc7\u6599\uff0c1998 \u81f3 2004 \u5e74\uff0c\u9999\u6e2f\u9023\u7e8c\u516d\u5e74\u51fa\u73fe\u901a\u7e2e\uff0c2002 \u5e74\u7684\u6d88\u8cbb\u8005\u7269\u50f9\u6307\u6578\uff08CPI\uff09\u6309\u5e74\u8dcc\u5e45\u9054 -3%\u3002\u540c\u4e00\u6642\u671f\uff0c\u5931\u696d\u7387\u6500\u5347\u81f3 8.5%\uff0c\u96f6\u552e\u696d\u8207\u5730\u7522\u5e02\u5834\u9677\u5165\u4f4e\u8ff7\uff0c\u8a31\u591a\u5bb6\u5ead\u9762\u81e8\u6536\u5165\u4e0b\u964d\u751a\u81f3\u5931\u696d\u58d3\u529b\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">\u5f15\u8d77\u901a\u8ca8\u7dca\u7e2e\u7684\u539f\u56e0<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u901a\u8ca8\u7dca\u7e2e\u4e26\u975e\u55ae\u4e00\u56e0\u7d20\u9020\u6210\uff0c\u800c\u662f\u591a\u91cd\u7d93\u6fdf\u529b\u91cf\u4ea4\u4e92\u4f5c\u7528\u7684\u7d50\u679c\u3002\u4ee5\u4e0b\u662f\u4e3b\u8981\u7684\u56db\u5927\u539f\u56e0\uff1a<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">1. \u9700\u6c42\u4e0d\u8db3\uff08Demand Shock\uff09<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u7576\u6d88\u8cbb\u8005\u6216\u4f01\u696d\u56e0\u5c0d\u672a\u4f86\u7d93\u6fdf\u60b2\u89c0\uff0c\u800c\u9078\u64c7\u6e1b\u5c11\u652f\u51fa\uff0c\u7e3d\u9700\u6c42\u4e0b\u964d\uff0c\u4f01\u696d\u5c31\u88ab\u8feb\u964d\u50f9\u4ee5\u5438\u5f15\u8cb7\u5bb6\u3002\u4f8b\u5982\uff0c1990 \u5e74\u4ee3\u65e5\u672c\u7d93\u6fdf\u6ce1\u6cab\u7834\u88c2\u5f8c\uff0c\u5bb6\u5ead\u56e0\u64d4\u6182\u6536\u5165\u4e0b\u964d\u800c\u7e2e\u6e1b\u6d88\u8cbb\uff0c\u4f01\u696d\u92b7\u552e\u56f0\u96e3\uff0c\u9577\u671f\u964d\u50f9\uff0c\u7d50\u679c\u9020\u6210\u300c\u5931\u843d\u7684\u5341\u5e74\u300d\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">2. \u4f9b\u7d66\u904e\u5269\uff08Supply Surplus\uff09<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u7576\u5546\u54c1\u6216\u670d\u52d9\u7684\u4f9b\u61c9\u904e\u5ea6\u81a8\u8139\uff0c\u800c\u5e02\u5834\u9700\u6c42\u7121\u6cd5\u8ddf\u4e0a\uff0c\u5c31\u6703\u51fa\u73fe\u50f9\u683c\u4e0b\u8dcc\u3002\u4ee5\u8fd1\u5e74\u7684\u667a\u80fd\u96fb\u8996\u70ba\u4f8b\uff0c\u96a8\u7740\u5927\u9678\u5ee0\u5546\u5927\u898f\u6a21\u91cf\u7522\uff0c\u4f9b\u61c9\u6025\u901f\u589e\u52a0\uff0c\u9999\u6e2f\u5e02\u5834\u96fb\u8996\u6a5f\u7684\u552e\u50f9\u5927\u5e45\u4e0b\u964d\uff0c\u4e00\u90e8 55 \u540b\u96fb\u8996\u7531\u5341\u5e74\u524d\u7684 1 \u842c\u591a\u6e2f\u5143\u8dcc\u81f3\u4e0d\u8db3 3,000 \u6e2f\u5143\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">3. \u4fe1\u8cb8\u6536\u7e2e\u8207\u8ca8\u5e63\u7dca\u7e2e\uff08Credit Contraction\uff09<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u82e5\u9280\u884c\u6536\u7dca\u8cb8\u6b3e\u6216\u8cc7\u91d1\u6d41\u52d5\u6027\u4e0d\u8db3\uff0c\u4f01\u696d\u96e3\u4ee5\u878d\u8cc7\u64f4\u5f35\uff0c\u500b\u4eba\u4e5f\u6e1b\u5c11\u501f\u8cb8\u8207\u6d88\u8cbb\u3002\u8cc7\u91d1\u93c8\u65b7\u88c2\u6703\u9032\u4e00\u6b65\u58d3\u4f4e\u9700\u6c42\uff0c\u5f62\u6210\u901a\u7e2e\u58d3\u529b\u3002\u5728 2008 \u5e74\u91d1\u878d\u6d77\u562f\u671f\u9593\uff0c\u7f8e\u570b\u9280\u884c\u9ad4\u7cfb\u7206\u767c\u4fe1\u8cb8\u5371\u6a5f\uff0c\u6d88\u8cbb\u8005\u8207\u4f01\u696d\u501f\u8cb8\u80fd\u529b\u9a5f\u964d\uff0cCPI \u4e00\u5ea6\u9304\u5f97\u8ca0\u589e\u9577\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">4. \u751f\u7522\u529b\u5927\u5e45\u63d0\u5347\uff08Productivity Growth\uff09<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u7576\u6280\u8853\u9032\u6b65\u6216\u81ea\u52d5\u5316\u751f\u7522\u4f7f\u5f97\u5546\u54c1\u6210\u672c\u986f\u8457\u4e0b\u964d\uff0c\u50f9\u683c\u4e5f\u6703\u96a8\u4e4b\u8d70\u4f4e\u3002\u9019\u985e\u60c5\u6cc1\u591a\u5c6c\u65bc\u826f\u6027\u901a\u7e2e\uff0c\u56e0\u70ba\u7d93\u6fdf\u6548\u7387\u63d0\u5347\uff0c\u540c\u6642\u4f01\u696d\u8207\u6d88\u8cbb\u8005\u90fd\u80fd\u53d7\u60e0\u3002\u50cf\u662f\u9999\u6e2f\u8fd1\u5e74\u666e\u53ca\u7684\u5171\u4eab\u7d93\u6fdf\uff08\u4f8b\u5982\u5916\u8ce3\u5e73\u53f0\u8207\u5171\u4eab\u55ae\u8eca\uff09\uff0c\u900f\u904e\u79d1\u6280\u964d\u4f4e\u71df\u904b\u6210\u672c\uff0c\u8b93\u6d88\u8cbb\u8005\u80fd\u4ee5\u66f4\u4f4e\u50f9\u683c\u4eab\u53d7\u5230\u4fbf\u6377\u670d\u52d9\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">5. \u570b\u969b\u56e0\u7d20\uff08External Shocks\uff09<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u958b\u653e\u578b\u7d93\u6fdf\u9ad4\u4e2d\uff0c\u570b\u969b\u8cbf\u6613\u8207\u5916\u90e8\u885d\u64ca\u4e5f\u53ef\u80fd\u5c0e\u81f4\u901a\u7e2e\u3002\u4f8b\u5982\u9032\u53e3\u50f9\u683c\u6301\u7e8c\u4e0b\u964d\uff0c\u6703\u58d3\u4f4e\u672c\u5730\u7269\u50f9\u6c34\u5e73\u3002\u4ee5 1998 \u5e74\u4e9e\u6d32\u91d1\u878d\u98a8\u66b4\u5f8c\u70ba\u4f8b\uff0c\u6e2f\u5143\u8207\u7f8e\u5143\u639b\u9264\u7dad\u6301\u7a69\u5b9a\uff0c\u4f46\u4e9e\u6d32\u9130\u8fd1\u570b\u5bb6\u8ca8\u5e63\u5927\u5e45\u8cb6\u503c\uff0c\u4f4e\u6210\u672c\u5546\u54c1\u6e67\u5165\u9999\u6e2f\uff0c\u52a0\u5287\u4e86\u7576\u6642\u7684\u901a\u7e2e\u58d3\u529b\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">\u901a\u8ca8\u7dca\u7e2e\u7684\u5f71\u97ff<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u901a\u8ca8\u7dca\u7e2e\u5c0d\u7d93\u6fdf\u9ad4\u7684\u5f71\u97ff\u53ef\u4ee5\u8aaa\u662f\u4e00\u9ad4\u5169\u9762\u3002\u8868\u9762\u4e0a\uff0c\u6d88\u8cbb\u8005\u56e0\u7269\u50f9\u4e0b\u964d\u800c\u53d7\u60e0\uff0c\u4f46\u9577\u9060\u4f86\u770b\uff0c\u537b\u53ef\u80fd\u62d6\u6162\u6574\u9ad4\u7d93\u6fdf\u589e\u9577\u3002\u4ee5\u4e0b\u5206\u5225\u8aaa\u660e\uff1a<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">\u6b63\u9762\u5f71\u97ff<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u901a\u8ca8\u7dca\u7e2e\u7684\u74b0\u5883\u4e0b\uff0c\u6700\u76f4\u63a5\u7684\u597d\u8655\u5c31\u662f\u6d88\u8cbb\u8005\u7684\u8cfc\u8cb7\u529b\u63d0\u5347\u3002\u7576\u7269\u50f9\u666e\u904d\u4e0b\u8dcc\uff0c\u4eba\u5011\u624b\u4e2d\u7684\u9322\u8b8a\u5f97\u66f4\u503c\u9322\uff0c\u53ef\u4ee5\u7528\u540c\u6a23\u7684\u6536\u5165\u8cfc\u8cb7\u66f4\u591a\u5546\u54c1\u8207\u670d\u52d9\u3002\u540c\u6642\uff0c\u50f9\u683c\u58d3\u529b\u4e5f\u6703\u4fc3\u4f7f\u4f01\u696d\u7a4d\u6975\u5c0b\u627e\u964d\u4f4e\u6210\u672c\u7684\u65b9\u6cd5\uff0c\u63a8\u52d5\u751f\u7522\u529b\u8207\u6548\u7387\u7684\u63d0\u5347\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u4f8b\u5982\uff1a<\/strong>\u5728 1999 \u81f3 2003 \u5e74\u9999\u6e2f\u7684\u901a\u7e2e\u6642\u671f\uff0c\u7c73\u3001\u6cb9\u3001\u9e7d\u7b49\u57fa\u672c\u6c11\u751f\u54c1\u7684\u50f9\u683c\u666e\u904d\u4e0b\u964d\u5916\uff0c\u7576\u6642\u70ba\u4e86\u61c9\u5c0d\u92b7\u552e\u4f4e\u8ff7\uff0c\u8a31\u591a\u4f01\u696d\u958b\u59cb\u5f15\u5165\u81ea\u52a9\u6536\u9280\u7cfb\u7d71\u8207\u7db2\u8cfc\u5e73\u53f0\uff0c\u4e0d\u50c5\u964d\u4f4e\u4e86\u71df\u904b\u6210\u672c\uff0c\u4e5f\u70ba\u65e5\u5f8c\u7684\u96f6\u552e\u6578\u4f4d\u5316\u5960\u5b9a\u57fa\u790e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f9e\u9019\u500b\u89d2\u5ea6\u4f86\u770b\uff0c\u901a\u7e2e\u5728\u67d0\u4e9b\u60c5\u6cc1\u4e0b\u80fd\u5e36\u4f86\u77ed\u671f\u7684\u6d88\u8cbb\u4fbf\u5229\uff0c\u751a\u81f3\u53ef\u80fd\u6210\u70ba\u6280\u8853\u5275\u65b0\u7684\u50ac\u5316\u5291\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">\u8ca0\u9762\u5f71\u97ff<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u7531\u65bc\u50f9\u683c\u6301\u7e8c\u4e0b\u8dcc\uff0c\u4f01\u696d\u92b7\u552e\u6536\u5165\u53d7\u5230\u58d3\u7e2e\uff0c\u5229\u6f64\u6e1b\u5c11\uff0c\u9032\u800c\u5f71\u97ff\u6295\u8cc7\u610f\u9858\uff0c\u8a31\u591a\u516c\u53f8\u6703\u9078\u64c7\u7e2e\u6e1b\u898f\u6a21\u6216\u88c1\u54e1\u4f86\u964d\u4f4e\u6210\u672c\u3002\u9019\u4e0d\u50c5\u9020\u6210\u5931\u696d\u7387\u4e0a\u5347\uff0c\u9084\u9032\u4e00\u6b65\u524a\u5f31\u5bb6\u5ead\u7684\u6536\u5165\u8207\u6d88\u8cbb\u529b\uff0c\u4f7f\u9700\u6c42\u518d\u5ea6\u840e\u7e2e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u9999\u6e2f\u70ba\u4f8b\uff0c\u5728 2002 \u81f3 2003 \u5e74\u7684\u901a\u7e2e\u6642\u671f\uff0cGDP \u589e\u901f\u66fe\u4e00\u5ea6\u8f49\u70ba\u8ca0\u503c\uff0c\u96f6\u552e\u696d\u548c\u5730\u7522\u5e02\u5834\u666e\u904d\u51fa\u73fe\u8667\u640d\uff0c\u5931\u696d\u7387\u66f4\u5728 2003 \u5e74 SARS \u75ab\u60c5\u5f71\u97ff\u4e0b\u6500\u5347\u81f3 8.5%\uff0c\u5275\u4e0b\u6b77\u53f2\u65b0\u9ad8\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c0d\u8a31\u591a\u80cc\u8ca0\u623f\u8cb8\u7684\u5bb6\u5ead\u800c\u8a00\uff0c\u60c5\u6cc1\u66f4\u70ba\u8271\u96e3\u3002\u7531\u65bc\u6a13\u50f9\u5728 1998 \u81f3 2003 \u5e74\u9593\u7d2f\u8a08\u4e0b\u8dcc\u8d85\u904e\u516d\u6210\uff0c\u4e0d\u5c11\u4eba\u9677\u5165\u300c\u8ca0\u8cc7\u7522\u300d\u56f0\u5883\uff0c\u4f46\u8cb8\u6b3e\u537b\u4ecd\u9700\u4ee5\u65e5\u76ca\u300c\u503c\u9322\u300d\u7684\u6e2f\u5143\u511f\u9084\uff0c\u5be6\u969b\u50b5\u52d9\u8ca0\u64d4\u4e0d\u964d\u53cd\u5347\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">\u5168\u7403\u8457\u540d\u7684\u901a\u7e2e\u6848\u4f8b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u901a\u8ca8\u7dca\u7e2e\u4e26\u975e\u50c5\u5b58\u5728\u65bc\u7406\u8ad6\u6216\u8ab2\u672c\u4e2d\uff0c\u4e16\u754c\u591a\u500b\u7d93\u6fdf\u9ad4\u90fd\u66fe\u7d93\u6b77\u904e\u4e0d\u540c\u7a0b\u5ea6\u7684\u901a\u7e2e\u968e\u6bb5\u3002\u4ee5\u4e0b\u662f\u5e7e\u500b\u5177\u4ee3\u8868\u6027\u7684\u5168\u7403\u6848\u4f8b\uff0c\u80fd\u5e6b\u52a9\u6295\u8cc7\u4eba\u66f4\u6df1\u5165\u7406\u89e3\u901a\u7e2e\u7684\u6210\u56e0\u8207\u5f71\u97ff\u3002<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. \u65e5\u672c\u300c\u5931\u843d\u7684\u5341\u5e74\u300d\uff081991 \u81f3 2001\uff09<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e5\u672c\u5728 1990 \u5e74\u4ee3\u521d\u671f\u8cc7\u7522\u6ce1\u6cab\u7834\u88c2\u5f8c\uff0c\u623f\u50f9\u8207\u80a1\u50f9\u5927\u5e45\u4e0b\u8dcc\uff0c\u4f01\u696d\u8207\u5bb6\u5ead\u8cc7\u7522\u8ca0\u50b5\u8868\u60e1\u5316\uff0c\u5c0e\u81f4\u9577\u671f\u901a\u7e2e\u3002\u65e5\u672c\u6d88\u8cbb\u8005\u7269\u50f9\u6307\u6578\uff08CPI\uff09\u9023\u7e8c\u591a\u5e74\u70ba\u8ca0\u589e\u9577\uff0c\u7d93\u6fdf\u9677\u5165\u505c\u6eef\uff0c\u5f62\u6210\u6240\u8b02\u7684\u300c\u5931\u843d\u7684\u5341\u5e74\u300d\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. \u6b50\u5143\u5340\u901a\u7e2e\uff082014 \u81f3 2016\uff09<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2014 \u5e74\u8d77\uff0c\u6b50\u5143\u5340\u9762\u81e8\u4f4e\u901a\u81a8\u751a\u81f3\u901a\u7e2e\u58d3\u529b\uff0c\u7269\u50f9\u589e\u901f\u9577\u671f\u4f4e\u65bc 0%\u3002\u6b50\u6d32\u592e\u884c\uff08ECB\uff09\u70ba\u523a\u6fc0\u7d93\u6fdf\uff0c\u5be6\u65bd\u5927\u898f\u6a21\u91cf\u5316\u5bec\u9b06\uff08QE\uff09\u653f\u7b56\u8207\u8ca0\u5229\u7387\u653f\u7b56\uff0c\u4ee5\u9632\u6b62\u5340\u57df\u7d93\u6fdf\u9677\u5165\u9577\u671f\u901a\u7e2e\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. \u9999\u6e2f\u901a\u7e2e\u6642\u671f\uff081998 \u81f3 2004\uff09<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e9e\u6d32\u91d1\u878d\u98a8\u66b4\u5f8c\uff0c\u9999\u6e2f\u7d93\u6fdf\u56b4\u91cd\u53d7\u632b\u3002\u6a13\u50f9\u5728 1998 \u81f3 2003 \u5e74\u9593\u7d2f\u8a08\u4e0b\u8dcc\u903e\u516d\u6210\uff0c\u5931\u696d\u7387\u5347\u81f3 8.5%\u3002\u6d88\u8cbb\u8005\u7269\u50f9\u6307\u6578\u9023\u7e8c\u516d\u5e74\u4e0b\u8dcc\uff0c\u96f6\u552e\u8207\u5730\u7522\u5e02\u5834\u4f4e\u8ff7\uff0c\u6210\u70ba\u9999\u6e2f\u53f2\u4e0a\u6700\u56b4\u91cd\u7684\u901a\u7e2e\u6642\u671f\u4e4b\u4e00\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9019\u4e9b\u6848\u4f8b\u986f\u793a\uff0c\u901a\u7e2e\u5f80\u5f80\u8207\u4fe1\u8cb8\u7dca\u7e2e\u3001\u8cc7\u7522\u6ce1\u6cab\u7834\u88c2\u6216\u5916\u90e8\u7d93\u6fdf\u885d\u64ca\u5bc6\u5207\u76f8\u95dc\u3002\u6295\u8cc7\u4eba\u9700\u8981\u5728\u9019\u6a23\u7684\u74b0\u5883\u4e0b\u4fdd\u6301\u9748\u6d3b\u8207\u8b66\u89ba\uff0c\u5584\u7528\u591a\u5143\u8cc7\u7522\u914d\u7f6e\u8207\u570b\u969b\u5316\u6295\u8cc7\u5e73\u53f0\uff0c\u624d\u80fd\u6709\u6548\u61c9\u5c0d\u7d93\u6fdf\u6ce2\u52d5\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">\u901a\u8ca8\u7dca\u7e2e\u8207\u901a\u8ca8\u81a8\u8139\u7684\u5dee\u7570<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u901a\u8ca8\u81a8\u8139\uff08Inflation\uff09\u8207\u901a\u8ca8\u7dca\u7e2e\uff08Deflation\uff09\u662f\u5f71\u97ff\u7d93\u6fdf\u7a69\u5b9a\u8207\u8cc7\u7522\u50f9\u683c\u7684\u5169\u5927\u6838\u5fc3\u6982\u5ff5\u3002\u524d\u8005\u6307\u7269\u50f9\u666e\u904d\u4e0a\u5347\u3001\u8ca8\u5e63\u8cfc\u8cb7\u529b\u4e0b\u964d\uff1b\u5f8c\u8005\u5247\u662f\u7269\u50f9\u6301\u7e8c\u4e0b\u8dcc\u3001\u8ca8\u5e63\u8cfc\u8cb7\u529b\u63d0\u5347\u3002\u5169\u8005\u90fd\u6703\u6539\u8b8a\u4f01\u696d\u7372\u5229\u3001\u5c31\u696d\u5e02\u5834\u8207\u6295\u8cc7\u7b56\u7565\u7684\u65b9\u5411\uff0c\u56e0\u6b64\u7406\u89e3\u5b83\u5011\u7684\u5dee\u7570\u5c0d\u6295\u8cc7\u4eba\u81f3\u95dc\u91cd\u8981\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\u6bd4\u8f03\u9805\u76ee<\/strong><\/td><td><strong>\u901a\u8ca8\u81a8\u8139<\/strong><\/td><td><strong>\u901a\u8ca8\u7dca\u7e2e<\/strong><\/td><\/tr><tr><td>\u50f9\u683c\u8d70\u52e2<\/td><td>\u666e\u904d\u4e0a\u6f32<\/td><td>\u666e\u904d\u4e0b\u8dcc<\/td><\/tr><tr><td>\u8ca8\u5e63\u8cfc\u8cb7\u529b<\/td><td>\u6e1b\u5f31<\/td><td>\u589e\u5f37<\/td><\/tr><tr><td>\u7d93\u6fdf\u4fe1\u865f<\/td><td>\u7d93\u6fdf\u904e\u71b1\u6216\u9700\u6c42\u5f37\u52c1<\/td><td>\u9700\u6c42\u4e0d\u8db3\u6216\u4fe1\u5fc3\u4f4e\u8ff7<\/td><\/tr><tr><td>\u5c0d\u4f01\u696d\u5f71\u97ff<\/td><td>\u6536\u5165\u4e0a\u5347\u4f46\u6210\u672c\u589e\u52a0<\/td><td>\u6536\u5165\u4e0b\u964d\u3001\u5229\u6f64\u53d7\u58d3<\/td><\/tr><tr><td>\u5c0d\u6295\u8cc7\u4eba<\/td><td>\u504f\u597d\u5be6\u9ad4\u8cc7\u7522\uff08\u5982\u623f\u5730\u7522\u3001\u539f\u7269\u6599\uff09<\/td><td>\u504f\u597d\u73fe\u91d1\u3001\u9632\u79a6\u578b\u8207\u9ad8\u80a1\u606f\u8cc7\u7522<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f9e\u6295\u8cc7\u89d2\u5ea6\u4f86\u770b\uff0c\u901a\u81a8\u6642\u671f\u6709\u5229\u65bc\u5be6\u9ad4\u8cc7\u7522\u8207\u6210\u9577\u578b\u7522\u696d\uff0c\u800c\u901a\u7e2e\u74b0\u5883\u5247\u66f4\u9069\u5408\u914d\u7f6e\u9632\u79a6\u578b<a href=\"https:\/\/www.vtmarkets.com\/cfd-shares\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\u80a1\u7968<\/a>\u3001<a href=\"https:\/\/www.vtmarkets.com\/cfd-bonds\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\u50b5\u5238<\/a>\u8207\u907f\u96aa\u8cc7\u7522\uff08\u5982\u9ec3\u91d1\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u77ad\u89e3\u901a\u81a8\u8207\u901a\u7e2e\u7684\u5c0d\u6bd4\uff0c\u6709\u52a9\u65bc\u6295\u8cc7\u4eba\u6839\u64da\u4e0d\u540c\u7d93\u6fdf\u968e\u6bb5\u8abf\u6574\u8cc7\u7522\u914d\u7f6e\uff0c\u9748\u6d3b\u61c9\u5c0d\u5e02\u5834\u8b8a\u5316\u4e26\u638c\u63e1\u9577\u671f\u6295\u8cc7\u6a5f\u6703\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">\u5982\u4f55\u5728\u901a\u8ca8\u7dca\u7e2e\u6642\u671f\u7372\u5229<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u901a\u8ca8\u7dca\u7e2e\u7684\u74b0\u5883\u4e0b\uff0c\u7269\u50f9\u4e0b\u8dcc\u3001\u8ca8\u5e63\u8cfc\u8cb7\u529b\u4e0a\u5347\uff0c\u73fe\u91d1\u672c\u8eab\u5c31\u8b8a\u5f97\u66f4\u6709\u50f9\u503c\u3002\u9019\u610f\u5473\u8457\u6295\u8cc7\u4eba\u4e0d\u5fc5\u6025\u65bc\u9032\u5834\uff0c\u800c\u662f\u53ef\u4ee5\u8010\u5fc3\u7b49\u5f85\u5e02\u5834\u51fa\u73fe\u5408\u7406\u7684\u6295\u8cc7\u6a5f\u6703\u3002\u7136\u800c\uff0c\u901a\u7e2e\u4e26\u4e0d\u4ee3\u8868\u5b8c\u5168\u505c\u6b62\u6295\u8cc7\uff0c\u800c\u662f\u8981\u8f49\u5411\u9632\u79a6\u6027\u8207\u50f9\u503c\u578b\u8cc7\u7522\u914d\u7f6e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6295\u8cc7\u4eba\u5728\u901a\u7e2e\u74b0\u5883\u4e0b\u53ef\u8003\u616e\u7684\u4e09\u7a2e\u7b56\u7565\uff1a<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">1. \u4fdd\u6301\u73fe\u91d1\u8207\u4f4e\u98a8\u96aa\u8cc7\u7522\u914d\u7f6e<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u901a\u7e2e\u671f\uff0c\u73fe\u91d1\u7684\u5be6\u969b\u50f9\u503c\u4e0a\u5347\uff0c\u53ef\u4f5c\u70ba\u907f\u98a8\u6e2f\u3002\u77ed\u671f\u570b\u50b5\u8207\u9ad8\u8a55\u7d1a\u516c\u53f8\u50b5\u4e5f\u80fd\u63d0\u4f9b\u7a69\u5b9a\u6536\u76ca\uff0c\u964d\u4f4e\u6ce2\u52d5\u98a8\u96aa\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">2. \u914d\u7f6e\u9632\u79a6\u578b\u80a1\u7968\u8207\u9ad8\u80a1\u606f ETF<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u9632\u79a6\u6027\u7522\u696d\uff08\u4f8b\u5982\u516c\u7528\u4e8b\u696d\u3001\u5fc5\u9700\u6d88\u8cbb\u54c1\u3001\u91ab\u7642\u4fdd\u5065\uff09\u5728\u7d93\u6fdf\u4f4e\u8ff7\u6642\u4ecd\u5177\u7a69\u5b9a\u73fe\u91d1\u6d41\u3002\u9ad8\u80a1\u606f ETF \u80fd\u5728\u50f9\u683c\u6ce2\u52d5\u4e2d\u63d0\u4f9b\u6301\u7e8c\u6536\u76ca\uff0c\u9069\u5408\u4e2d\u9577\u671f\u6301\u6709\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">3. \u6295\u8cc7\u5177\u907f\u96aa\u5c6c\u6027\u7684\u8cb4\u91d1\u5c6c<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.vtmarkets.com\/discover\/18941\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\u9ec3\u91d1<\/a>\u8207<a href=\"https:\/\/www.vtmarkets.com\/discover\/28371\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\u767d\u9280<\/a>\u5728\u901a\u7e2e\u6216\u4e0d\u78ba\u5b9a\u6027\u5347\u9ad8\u7684\u6642\u671f\uff0c\u5f80\u5f80\u80fd\u7dad\u6301\u8cc7\u7522\u50f9\u503c\u3002\u900f\u904e\u5168\u7403\u5316\u4ea4\u6613\u5e73\u53f0\uff08\u5982 VT Markets\uff09\uff0c\u6295\u8cc7\u4eba\u53ef\u9748\u6d3b\u9032\u884c\u9ec3\u91d1\u3001\u767d\u9280\u53ca ETF \u4ea4\u6613\uff0c\u5206\u6563\u98a8\u96aa\u4e26\u6293\u4f4f\u6f5b\u5728\u6a5f\u6703\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u6295\u8cc7\u63d0\u793a\uff1a<\/strong>\u5728\u901a\u7e2e\u968e\u6bb5\uff0c\u8b39\u614e\u8207\u8010\u5fc3\u662f\u95dc\u9375\u3002\u4fdd\u6301\u6d41\u52d5\u6027\uff0c\u5206\u6563\u8cc7\u7522\u914d\u7f6e\uff0c\u4e26\u7d50\u5408\u570b\u969b\u5316\u5e73\u53f0\u5de5\u5177\u9032\u884c\u98a8\u96aa\u63a7\u7ba1\uff0c\u624d\u80fd\u5728\u50f9\u683c\u4e0b\u884c\u4e2d\u5c0b\u627e\u50f9\u503c\u6a5f\u6703\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">\u7d50\u8a9e<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u901a\u8ca8\u7dca\u7e2e\u770b\u4f3c\u5c0d\u6d88\u8cbb\u8005\u6709\u5229\uff0c\u56e0\u70ba\u7269\u50f9\u4e0b\u964d\u3001\u751f\u6d3b\u6210\u672c\u964d\u4f4e\uff0c\u4f46\u9577\u671f\u537b\u53ef\u80fd\u524a\u5f31\u4f01\u696d\u7372\u5229\u3001\u6291\u5236\u6295\u8cc7\u8207\u5c31\u696d\uff0c\u751a\u81f3\u8b93\u7d93\u6fdf\u9677\u5165\u505c\u6eef\u3002\u5c0d\u6295\u8cc7\u4eba\u800c\u8a00\uff0c\u7406\u89e3\u901a\u7e2e\u7684\u6210\u56e0\u8207\u5f71\u97ff\uff0c\u80fd\u5e6b\u52a9\u5728\u98a8\u96aa\u74b0\u5883\u4e2d\u8abf\u6574\u8cc7\u7522\u914d\u7f6e\uff0c\u4e26\u900f\u904e ETF\u3001\u9632\u79a6\u578b\u8cc7\u7522\u6216\u570b\u969b\u5e73\u53f0\u9032\u884c\u9748\u6d3b\u4ea4\u6613\u3002\u628a\u63e1\u6642\u6a5f\u3001\u9748\u6d3b\u61c9\u5c0d\uff0c\u5728\u5e02\u5834\u7684\u6ce2\u52d5\u4e2d\u627e\u5230\u771f\u6b63\u7684\u6a5f\u6703\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">\u901a\u7e2e\u6295\u8cc7\u65b0\u9078\u64c7\uff1aVT Markets<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u60f3\u9032\u4e00\u6b65\u638c\u63e1\u901a\u7e2e\u6642\u671f\u7684\u6295\u8cc7\u7b56\u7565\uff1f\u7acb\u5373\u524d\u5f80 <a href=\"https:\/\/www.vtmarkets.com\/about-vt-markets\/\" target=\"_blank\" rel=\"noopener\" title=\"\">VT Markets<\/a>\uff0c\u4f7f\u7528 <a href=\"https:\/\/www.vtmarkets.com\/metatrader-4\/\" target=\"_blank\" rel=\"noopener\" title=\"\">MetaTrader 4 (MT4)<\/a> \u8207 <a href=\"https:\/\/www.vtmarkets.com\/metatrader-5\/\" target=\"_blank\" rel=\"noopener\" title=\"\">MetaTrader 5 (MT5)<\/a> \u7b49\u5c08\u696d<a href=\"https:\/\/www.vtmarkets.com\/platforms\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\u4ea4\u6613\u5e73\u53f0<\/a>\uff0c\u63a2\u7d22<a href=\"https:\/\/www.vtmarkets.com\/forex\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\u5916\u532f<\/a>\u3001<a href=\"https:\/\/www.vtmarkets.com\/etfs\/\" target=\"_blank\" rel=\"noopener\" title=\"\">ETF<\/a>\u3001\u9ec3\u91d1\u53ca<a href=\"https:\/\/www.vtmarkets.com\/markets\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\u5168\u7403\u5e02\u5834<\/a>\u7684\u6295\u8cc7\u6a5f\u6703\uff0c\u8b93\u4f60\u7684\u8cc7\u7522\u914d\u7f6e\u66f4\u5177\u5f48\u6027\u8207\u7af6\u722d\u529b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u82e5\u4f60\u5e0c\u671b\u5148\u7d2f\u7a4d\u7d93\u9a57\uff0c\u4e5f\u80fd\u900f\u904e <a href=\"https:\/\/www.vtmarkets.com\/demo-account\/\" target=\"_blank\" rel=\"noopener\" title=\"\">VT Markets \u6a21\u64ec\u5e33\u6236<\/a>\u5728\u96f6\u98a8\u96aa\u7684\u74b0\u5883\u4e0b\u6f14\u7df4\u7b56\u7565\uff0c\u9010\u6b65\u5efa\u7acb\u66f4\u5177\u5f48\u6027\u7684\u6295\u8cc7\u65b9\u5f0f\u3002\u82e5\u5728\u64cd\u4f5c\u904e\u7a0b\u4e2d\u9700\u8981\u5354\u52a9\uff0c\u53ef\u524d\u5f80 <a href=\"https:\/\/get.vtmarkets.help\/hc\/zh-tw\/\" target=\"_blank\" rel=\"noopener\" title=\"\">VT Markets \u5e6b\u52a9\u4e2d\u5fc3<\/a>\u67e5\u95b1\u6559\u5b78\u6307\u5357\u6216\u5c0b\u6c42\u6280\u8853\u652f\u63f4\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\u7acb\u5373\u958b\u7acb\u5e33\u6236<\/a>\uff0c\u8207 <a href=\"https:\/\/www.vtmarkets.com\/\" target=\"_blank\" rel=\"noopener\" title=\"\">VT Markets<\/a> \u4e00\u8d77\u628a\u63e1\u901a\u7e2e\u6642\u671f\u7684\u6295\u8cc7\u6a5f\u6703\uff0c\u9748\u6d3b\u5e03\u5c40\u5168\u7403\u5e02\u5834\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">\u5e38\u898b\u554f\u984c\uff08FAQ\uff09<\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">1. \u901a\u8ca8\u7dca\u7e2e\u548c\u901a\u8ca8\u81a8\u8139\u6700\u5927\u7684\u5dee\u5225\u662f\u4ec0\u9ebc\uff1f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u901a\u8ca8\u81a8\u8139\u4ee3\u8868\u7269\u50f9\u666e\u904d\u4e0a\u6f32\u3001\u8ca8\u5e63\u8cfc\u8cb7\u529b\u4e0b\u964d\uff1b\u901a\u8ca8\u7dca\u7e2e\u5247\u662f\u7269\u50f9\u6301\u7e8c\u4e0b\u8dcc\u3001\u8ca8\u5e63\u8cfc\u8cb7\u529b\u4e0a\u5347\u3002\u524d\u8005\u53ef\u80fd\u5c0e\u81f4\u751f\u6d3b\u6210\u672c\u589e\u52a0\uff0c\u5f8c\u8005\u5247\u5bb9\u6613\u58d3\u6291\u4f01\u696d\u7372\u5229\u8207\u7d93\u6fdf\u6210\u9577\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">2. \u901a\u8ca8\u7dca\u7e2e\u4e00\u5b9a\u662f\u58de\u4e8b\u55ce\uff1f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e0d\u4e00\u5b9a\u3002\u82e5\u7269\u50f9\u4e0b\u964d\u4f86\u81ea\u6280\u8853\u9032\u6b65\u8207\u6548\u7387\u63d0\u5347\uff0c\u5c6c\u65bc\u300c\u826f\u6027\u901a\u7e2e\u300d\uff0c\u5c0d\u6d88\u8cbb\u8005\u8207\u7d93\u6fdf\u90fd\u6709\u5229\uff1b\u4f46\u82e5\u662f\u56e0\u9700\u6c42\u4e0d\u8db3\u6216\u4fe1\u5fc3\u4f4e\u8ff7\uff0c\u5247\u6703\u9020\u6210\u300c\u60e1\u6027\u901a\u7e2e\u300d\uff0c\u5e36\u4f86\u5931\u696d\u8207\u6295\u8cc7\u840e\u7e2e\u7684\u60e1\u6027\u5faa\u74b0\u3002<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">3. \u9999\u6e2f\u66fe\u7d93\u6b77\u904e\u901a\u7e2e\u55ce\uff1f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6709\u30021998 \u5e74\u4e9e\u6d32\u91d1\u878d\u98a8\u66b4\u5f8c\uff0c\u9999\u6e2f\u9023\u7e8c\u516d\u5e74\u51fa\u73fe\u901a\u7e2e\uff0c\u6a13\u50f9\u4e0b\u8dcc\u903e\u516d\u6210\uff0c\u5931\u696d\u7387\u4e00\u5ea6\u6500\u5347\u81f3 8.5%\uff0c\u5c0d\u623f\u5730\u7522\u8207\u96f6\u552e\u5e02\u5834\u885d\u64ca\u5c24\u70ba\u660e\u986f\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u7576\u7269\u50f9\u6301\u7e8c\u4e0b\u8dcc\u6642\uff0c\u6d88\u8cbb\u8005\u624b\u4e0a\u7684\u9322\u4f3c\u4e4e\u66f4\u503c\u9322\uff0c\u4f46\u9019\u80cc\u5f8c\u53ef\u80fd\u4ee3\u8868\u7d93\u6fdf\u9677\u5165\u4e86\u300c\u901a\u8ca8\u7dca\u7e2e\u300d\u3002\u9999\u6e2f\u4f5c\u70ba\u570b\u969b\u91d1\u878d\u4e2d\u5fc3\uff0c\u8cc7\u7522\u5e02\u5834\u958b\u653e\u4e14\u8cc7\u91d1\u6d41\u52d5\u6027\u9ad8\uff0c\u4e00\u65e6\u5168\u7403\u9032\u5165\u901a\u7e2e\u5468\u671f\uff0c\u672c\u5730\u623f\u5730\u7522\u3001\u80a1\u7968\u53ca\u5c31\u696d\u5e02\u5834\u90fd\u96e3\u4ee5\u7368\u5584\u5176\u8eab\u30021998 \u5e74\u4e9e\u6d32\u91d1\u878d\u98a8\u66b4\u5f8c\uff0c\u9999\u6e2f\u4fbf\u66fe\u51fa\u73fe\u9577\u9054\u516d\u5e74\u7684\u901a\u7e2e\u671f\uff0c\u5931\u696d\u7387\u6500\u5347\u3001\u6a13\u50f9\u91cd\u632b\u3002\u672c\u6587\u5c07\u5e36\u4f60\u6df1\u5165\u4e86\u89e3\u901a\u8ca8\u7dca\u7e2e\u7684\u5b9a\u7fa9\u3001\u6210\u56e0\u3001\u5f71\u97ff\u8207\u6295\u8cc7\u7b56\u7565\u3002 \u4ec0\u9ebc\u662f\u901a\u8ca8\u7dca\u7e2e (\u901a\u7e2e)\uff1f \u901a\u8ca8\u7dca\u7e2e\uff08Deflation\uff09\u6307\u7684\u662f\u4e00\u500b\u7d93\u6fdf\u9ad4\u4e2d\u5546\u54c1\u8207\u670d\u52d9\u7684\u6574\u9ad4\u50f9\u683c\u6c34\u6e96\u6301\u7e8c\u4e0b\u964d\uff0c\u4e26\u975e\u53ea\u662f\u77ed\u671f\u6216\u55ae\u4e00\u7522\u696d\u7684\u50f9\u683c\u4e0b\u8dcc\uff0c\u800c\u662f\u9023\u7e8c\u4e14\u666e\u904d\u6027\u7684\u73fe\u8c61\u3002\u8207\u901a\u8ca8\u81a8\u8139\uff08Inflation\uff09\u76f8\u53cd\uff0c\u901a\u7e2e\u4ee3\u8868\u8ca8\u5e63\u8cfc\u8cb7\u529b\u4e0a\u5347\uff0c\u6d88\u8cbb\u8005\u80fd\u7528\u540c\u6a23\u7684\u9322\u8cb7\u5230\u66f4\u591a\u5546\u54c1\u3002 \u901a\u7e2e\u7684\u57fa\u672c\u6982\u5ff5 \u4e4d\u770b\u4e4b\u4e0b\uff0c\u901a\u7e2e\u4f3c\u4e4e\u5c0d\u6d88\u8cbb\u8005\u6709\u5229\uff0c\u56e0\u70ba\u6771\u897f\u8b8a\u4fbf\u5b9c\u4e86\u3002\u4f46\u7d93\u6fdf\u5b78\u4e0a\u66f4\u95dc\u6ce8\u7684\u662f\u300c\u70ba\u4ec0\u9ebc\u50f9\u683c\u6703\u4e0b\u8dcc\u300d\uff0c\u4ee5\u53ca\u300c\u9019\u7a2e\u4e0b\u8dcc\u6703\u6301\u7e8c\u591a\u4e45\u300d\u3002 \u826f\u6027\u901a\u7e2e vs. \u60e1\u6027\u901a\u7e2e \u901a\u8ca8\u7dca\u7e2e\u4e26\u4e0d\u5168\u662f\u58de\u4e8b\u3002\u6839\u64da\u6210\u56e0\u8207\u5c0d\u7d93\u6fdf\u7684\u5f71\u97ff\uff0c\u901a\u7e2e\u53ef\u5206\u70ba\u300c\u826f\u6027\u901a\u7e2e\u300d\u8207\u300c\u60e1\u6027\u901a\u7e2e\u300d\u3002\u524d\u8005\u901a\u5e38\u8207\u79d1\u6280\u9032\u6b65\u3001\u6210\u672c\u4e0b\u964d\u6709\u95dc\uff0c\u80fd\u4fc3\u9032\u7d93\u6fdf\u6548\u7387\uff1b\u5f8c\u8005\u5247\u6e90\u65bc\u9700\u6c42\u840e\u7e2e\u8207\u4fe1\u5fc3\u4e0b\u6ed1\uff0c\u53ef\u80fd\u5f15\u767c\u5931\u696d\u8207\u7d93\u6fdf\u8870\u9000\u3002\u4e86\u89e3\u5169\u8005\u5dee\u7570\uff0c\u6709\u52a9\u65bc\u6295\u8cc7\u4eba\u6b63\u78ba\u5224\u65b7\u5e02\u5834\u74b0\u5883\u4e26\u5236\u5b9a\u76f8\u61c9\u7b56\u7565\u3002 \u826f\u6027\u901a\u7e2e \u826f\u6027\u901a\u7e2e\u901a\u5e38\u662f\u7531\u79d1\u6280\u9032\u6b65\u3001\u6548\u7387\u63d0\u5347\u6216\u570b\u969b\u8cbf\u6613\u6210\u672c\u4e0b\u964d\u6240\u5e36\u4f86\u7684\u7d50\u679c\u3002\u7576\u4f01\u696d\u80fd\u7528\u66f4\u4f4e\u7684\u6210\u672c\u751f\u7522\u540c\u6a23\u7684\u5546\u54c1\u6642\uff0c\u50f9\u683c\u81ea\u7136\u6703\u96a8\u4e4b\u4e0b\u964d\uff0c\u800c\u6d88\u8cbb\u8005\u540c\u6642\u4eab\u53d7\u5230\u54c1\u8cea\u66f4\u597d\u3001\u50f9\u683c\u66f4\u4f4e\u7684\u7522\u54c1\u3002 \u9019\u7a2e\u60c5\u6cc1\u4e0b\uff0c\u96d6\u7136\u7269\u50f9\u4e0b\u8dcc\uff0c\u4f46\u7d93\u6fdf\u6d3b\u52d5\u4ecd\u7136\u6d3b\u8e8d\uff0c\u4f01\u696d\u6709\u7372\u5229\uff0c\u793e\u6703\u7e3d\u9ad4\u798f\u5229\u53cd\u800c\u63d0\u9ad8\uff0c\u56e0\u6b64\u7d93\u6fdf\u5b78\u5bb6\u5c07\u5176\u8996\u70ba\u300c\u5065\u5eb7\u300d\u7684\u901a\u7e2e\u3002 \u4f8b\u5982\uff1a\u667a\u80fd\u624b\u6a5f\u5341\u591a\u5e74\u524d\uff0c\u4e00\u90e8 iPhone \u552e\u50f9\u9ad8\u9054 6,000 \u81f3 7,000 \u6e2f\u5143\uff0c\u529f\u80fd\u4e5f\u76f8\u5c0d\u6709\u9650\u3002\u4f46\u5982\u4eca\uff0c\u5e02\u9762\u4e0a\u4e0d\u5c11\u4e2d\u968e\u624b\u6a5f\u53ea\u9700\u7d04 2,000 \u81f3 3,000 \u6e2f\u5143\uff0c\u5c31\u80fd\u64c1\u6709\u66f4\u9ad8\u50cf\u7d20\u7684\u76f8\u6a5f\u3001\u66f4\u5927\u7684\u5132\u5b58\u7a7a\u9593\u8207\u66f4\u5feb\u7684\u8655\u7406\u901f\u5ea6\u3002 \u60e1\u6027\u901a\u7e2e \u7576\u6d88\u8cbb\u8005\u5c0d\u672a\u4f86\u7f3a\u4e4f\u4fe1\u5fc3\uff0c\u9078\u64c7\u5ef6\u9072\u6d88\u8cbb\u6216\u5927\u5e45\u524a\u6e1b\u652f\u51fa\uff0c\u4f01\u696d\u92b7\u552e\u4e0b\u6ed1\uff0c\u88ab\u8feb\u900f\u904e\u964d\u50f9\u4f86\u5438\u5f15\u8cb7\u5bb6\uff0c\u5c31\u6709\u53ef\u80fd\u9020\u6210\u60e1\u6027\u901a\u7e2e\u3002 \u56e0\u70ba\uff0c\u4f01\u696d\u964d\u50f9\u58d3\u7e2e\u4e86\u5229\u6f64\uff0c\u4f7f\u5176\u96e3\u4ee5\u7dad\u6301\u539f\u6709\u898f\u6a21\uff0c\u9032\u4e00\u6b65\u5c0e\u81f4\u6295\u8cc7\u6e1b\u5c11\u3001\u88c1\u54e1\u589e\u52a0\u3002\u96a8\u8457\u5931\u696d\u7387\u4e0a\u5347\uff0c\u6d88\u8cbb\u529b\u9032\u4e00\u6b65\u840e\u7e2e\uff0c\u6700\u7d42\u5f62\u6210\u60e1\u6027\u5faa\u74b0\u3002 \u4f8b\u5982\uff1a\u5728\u4e9e\u6d32\u91d1\u878d\u98a8\u66b4\u5f8c\uff0c\u9999\u6e2f\u7d93\u6fdf\u53d7\u5230\u56b4\u91cd\u6253\u64ca\uff0c\u6a13\u5e02\u8207\u80a1\u5e02\u540c\u6642\u5927\u5e45\u4e0b\u8dcc\u3002\u6839\u64da\u9999\u6e2f\u653f\u5e9c\u7d71\u8a08\u8655\u8cc7\u6599\uff0c1998 \u81f3 2004 \u5e74\uff0c\u9999\u6e2f\u9023\u7e8c\u516d\u5e74\u51fa\u73fe\u901a\u7e2e\uff0c2002 \u5e74\u7684\u6d88\u8cbb\u8005\u7269\u50f9\u6307\u6578\uff08CPI\uff09\u6309\u5e74\u8dcc\u5e45\u9054 -3%\u3002\u540c\u4e00\u6642\u671f\uff0c\u5931\u696d\u7387\u6500\u5347\u81f3 8.5%\uff0c\u96f6\u552e\u696d\u8207\u5730\u7522\u5e02\u5834\u9677\u5165\u4f4e\u8ff7\uff0c\u8a31\u591a\u5bb6\u5ead\u9762\u81e8\u6536\u5165\u4e0b\u964d\u751a\u81f3\u5931\u696d\u58d3\u529b\u3002 \u5f15\u8d77\u901a\u8ca8\u7dca\u7e2e\u7684\u539f\u56e0 \u901a\u8ca8\u7dca\u7e2e\u4e26\u975e\u55ae\u4e00\u56e0\u7d20\u9020\u6210\uff0c\u800c\u662f\u591a\u91cd\u7d93\u6fdf\u529b\u91cf\u4ea4\u4e92\u4f5c\u7528\u7684\u7d50\u679c\u3002\u4ee5\u4e0b\u662f\u4e3b\u8981\u7684\u56db\u5927\u539f\u56e0\uff1a 1. \u9700\u6c42\u4e0d\u8db3\uff08Demand Shock\uff09 \u7576\u6d88\u8cbb\u8005\u6216\u4f01\u696d\u56e0\u5c0d\u672a\u4f86\u7d93\u6fdf\u60b2\u89c0\uff0c\u800c\u9078\u64c7\u6e1b\u5c11\u652f\u51fa\uff0c\u7e3d\u9700\u6c42\u4e0b\u964d\uff0c\u4f01\u696d\u5c31\u88ab\u8feb\u964d\u50f9\u4ee5\u5438\u5f15\u8cb7\u5bb6\u3002\u4f8b\u5982\uff0c1990 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