{"id":2356,"date":"2025-11-26T14:53:44","date_gmt":"2025-11-26T06:53:44","guid":{"rendered":"https:\/\/www.yixiangtian.com\/?p=2356"},"modified":"2025-11-26T14:53:44","modified_gmt":"2025-11-26T06:53:44","slug":"grayscale%ef%bc%9a%e5%8a%a0%e5%af%86%e7%89%9b%e5%b8%82%e6%9c%aa%e5%88%b0%e5%b7%85%e5%b3%b0%ef%bc%8c%e4%b8%8a%e6%b6%a8%e6%88%96%e6%8c%81%e7%bb%ad%e5%88%b02025%e5%b9%b4%e4%b9%8b%e5%90%8e","status":"publish","type":"post","link":"http:\/\/www.yixiangtian.com\/?p=2356","title":{"rendered":"Grayscale\uff1a\u52a0\u5bc6\u725b\u5e02\u672a\u5230\u5dc5\u5cf0\uff0c\u4e0a\u6da8\u6216\u6301\u7eed\u52302025\u5e74\u4e4b\u540e"},"content":{"rendered":"<h1 class=\"art_tit\">Grayscale\uff1a\u52a0\u5bc6\u725b\u5e02\u672a\u5230\u5dc5\u5cf0\uff0c\u4e0a\u6da8\u6216\u6301\u7eed\u52302025\u5e74\u4e4b\u540e<\/h1>\n<div class=\"content_text\">\n<p>\u539f\u6587\u4f5c\u8005\uff1aZach Pandl\u3001Michael Zhao<\/p>\n<p>\u539f\u6587\u7f16\u8bd1\uff1aLuffy\uff0cForesight News<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u4ece\u5386\u53f2\u4e0a\u770b\uff0c\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u9075\u5faa\u660e\u663e\u7684\u56db\u5e74\u5468\u671f\uff0c\u4ef7\u683c\u7ecf\u5386\u4e86\u8fde\u7eed\u7684\u4e0a\u5347\u548c\u4e0b\u964d\u9636\u6bb5\u3002Grayscale Research \u8ba4\u4e3a\uff0c\u6295\u8d44\u8005\u53ef\u4ee5\u76d1\u63a7\u5404\u79cd\u57fa\u4e8e\u533a\u5757\u94fe\u7684\u6307\u6807\u548c\u5176\u4ed6\u6307\u6807\uff0c\u4ee5\u8ffd\u8e2a\u52a0\u5bc6\u8d27\u5e01\u5468\u671f\u5e76\u4e3a\u81ea\u8eab\u98ce\u9669\u7ba1\u7406\u51b3\u7b56\u63d0\u4f9b\u53c2\u8003\u3002<\/p>\n<\/li>\n<li>\n<p>\u52a0\u5bc6\u8d27\u5e01\u662f\u4e00\u79cd\u65e5\u8d8b\u6210\u719f\u7684\u8d44\u4ea7\u7c7b\u522b\uff1a\u65b0\u7684\u73b0\u8d27\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a ETF \u6269\u5bbd\u4e86\u5e02\u573a\u8fdb\u5165\u6e20\u9053\uff0c\u800c\u5373\u5c06\u4e0a\u4efb\u7684\u7279\u6717\u666e\u653f\u5e9c\u53ef\u80fd\u4f1a\u4e3a\u52a0\u5bc6\u884c\u4e1a\u5e26\u6765\u66f4\u5927\u7684\u76d1\u7ba1\u900f\u660e\u5ea6\u3002\u9274\u4e8e\u8fd9\u4e9b\u539f\u56e0\uff0c\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u4f30\u503c\u53ef\u80fd\u7a81\u7834\u5386\u53f2\u65b0\u9ad8\u3002<\/p>\n<\/li>\n<li>\n<p>Grayscale Research \u8ba4\u4e3a\u5f53\u524d\u5e02\u573a\u6b63\u5904\u4e8e\u65b0\u4e00\u8f6e\u52a0\u5bc6\u5468\u671f\u7684\u4e2d\u671f\u9636\u6bb5\u3002\u53ea\u8981\u57fa\u672c\u9762\uff08\u5982\u5e94\u7528\u91c7\u7528\u548c\u5b8f\u89c2\u5e02\u573a\u6761\u4ef6\uff09\u53ef\u9760\uff0c\u725b\u5e02\u5c31\u6709\u53ef\u80fd\u5ef6\u7eed\u5230 2025 \u5e74\u751a\u81f3\u66f4\u4e45\u3002<\/p>\n<\/li>\n<\/ul>\n<p>\u4e0e\u8bb8\u591a\u5b9e\u7269\u5546\u54c1\u4e00\u6837\uff0c\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u5e76\u4e0d\u4e25\u683c\u9075\u5faa\u300c\u968f\u673a\u6e38\u8d70\u300d\u6a21\u578b\u3002\u76f8\u53cd\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u8d70\u52bf\u663e\u793a\u51fa\u7edf\u8ba1\u52a8\u91cf\u7684\u7279\u5f81\uff1a\u6da8\u52bf\u5f80\u5f80\u7d27\u968f\u6da8\u52bf\uff0c\u8dcc\u52bf\u5f80\u5f80\u4e5f\u7d27\u968f\u8dcc\u52bf\u3002\u6bd4\u7279\u5e01\u867d\u7136\u5728\u77ed\u671f\u5185\u4f1a\u4e0a\u6da8\u6216\u4e0b\u8dcc\uff0c\u4f46\u957f\u671f\u6765\u770b\uff0c\u5176\u4ef7\u683c\u5448\u73b0\u663e\u8457\u7684\u4e0a\u5347\u5468\u671f\u6027\u8d8b\u52bf\uff08\u56fe 1\uff09\u3002<\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" alt=\"Grayscale\uff1a\u52a0\u5bc6\u725b\u5e02\u672a\u5230\u5dc5\u5cf0\uff0c\u4e0a\u6da8\u6216\u6301\u7eed\u52302025\u5e74\u4e4b\u540e\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241217\/8da6525c0dc974aeb6178a81976901eb.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\">\u56fe 1\u00a0\uff1a\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u53cd\u590d\u6ce2\u52a8\uff0c\u4f46\u6574\u4f53\u5448\u73b0\u4e0a\u6da8\u8d8b\u52bf<\/p>\n<p>\u8fc7\u53bb\u7684\u6bcf\u4e2a\u4ef7\u683c\u5468\u671f\u90fd\u6709\u5176\u72ec\u7279\u7684\u9a71\u52a8\u56e0\u7d20\uff0c\u672a\u6765\u7684\u4ef7\u683c\u8d70\u52bf\u4e5f\u4e0d\u4f1a\u5b8c\u5168\u9075\u5faa\u4ee5\u5f80\u7684\u7ecf\u9a8c\u3002\u6b64\u5916\uff0c\u968f\u7740\u6bd4\u7279\u5e01\u9010\u6e10\u6210\u719f\u548c\u88ab\u66f4\u5e7f\u6cdb\u7684\u4f20\u7edf\u6295\u8d44\u8005\u6240\u91c7\u7528\uff0c\u4ee5\u53ca\u56db\u5e74\u51cf\u534a\u4e8b\u4ef6\u5bf9\u4f9b\u5e94\u7684\u5f71\u54cd\u4e0b\u964d\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u7684\u5468\u671f\u6027\u53d8\u5316\u7684\u89c4\u5f8b\u53ef\u80fd\u4f1a\u91cd\u5851\u6216\u5b8c\u5168\u6d88\u5931\u3002\u5c3d\u7ba1\u5982\u6b64\uff0c\u7814\u7a76\u8fc7\u53bb\u7684\u5468\u671f\u8fd8\u662f\u80fd\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u4e00\u4e9b\u6709\u5173\u6bd4\u7279\u5e01\u5178\u578b\u7edf\u8ba1\u884c\u4e3a\u7684\u6307\u5bfc\uff0c\u53ef\u4ee5\u4e3a\u5176\u98ce\u9669\u7ba1\u7406\u51b3\u7b56\u63d0\u4f9b\u53c2\u8003\u3002<\/p>\n<h2>\u6bd4\u7279\u5e01\u5386\u53f2\u5468\u671f\u89c2\u6d4b<\/h2>\n<p>\u56fe 2 \u663e\u793a\u4e86\u6bd4\u7279\u5e01\u5728\u4e4b\u524d\u6bcf\u4e2a\u5468\u671f\u4e0a\u6da8\u9636\u6bb5\u7684\u4ef7\u683c\u8868\u73b0\u3002\u4ef7\u683c\u5728\u5468\u671f\u4f4e\u70b9\uff08\u5468\u671f\u4e0a\u6da8\u9636\u6bb5\u7684\u5f00\u59cb\uff09\u5904\u4ee5 100 \u4e3a\u6307\u6570\uff0c\u5e76\u4e00\u76f4\u8ddf\u8e2a\u5230\u5cf0\u503c\uff08\u4e0a\u6da8\u9636\u6bb5\u7684\u7ed3\u675f\uff09\u3002\u56fe 3 \u4ee5\u8868\u683c\u5f62\u5f0f\u5c55\u793a\u4e86\u4e0e\u56fe 2 \u76f8\u540c\u7684\u4fe1\u606f\u3002<\/p>\n<p>\u6bd4\u7279\u5e01\u5386\u53f2\u4e0a\u7684\u7b2c\u4e00\u4e2a\u4ef7\u683c\u5468\u671f\u76f8\u5bf9\u8f83\u77ed\u4e14\u6ce2\u52a8\u8f83\u5927\uff1a\u7b2c\u4e00\u4e2a\u5468\u671f\u6301\u7eed\u4e86\u4e0d\u5230\u4e00\u5e74\uff0c\u7b2c\u4e8c\u4e2a\u5468\u671f\u6301\u7eed\u4e86\u5927\u7ea6\u4e24\u5e74\u3002\u5728\u8fd9\u4e24\u4e2a\u5468\u671f\u4e2d\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u90fd\u76f8\u5bf9\u4f4e\u70b9\u4e0a\u6da8\u4e86 500 \u591a\u500d\u3002\u968f\u540e\u7684\u4e24\u4e2a\u5468\u671f\u5206\u522b\u6301\u7eed\u4e86\u4e0d\u5230\u4e09\u5e74\u3002\u5728 2015 \u5e74 1 \u6708\u81f3 2017 \u5e74 12 \u6708\u7684\u5468\u671f\u4e2d\uff0c\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u4e0a\u6da8\u4e86 100 \u591a\u500d\uff0c\u800c\u5728 2018 \u5e74 12 \u6708\u81f3 2021 \u5e74 11 \u6708\u7684\u5468\u671f\u4e2d\uff0c\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u4e0a\u6da8\u4e86\u7ea6 20 \u500d\u3002<\/p>\n<p class=\"ql-align-center\"><img alt=\"Grayscale\uff1a\u52a0\u5bc6\u725b\u5e02\u672a\u5230\u5dc5\u5cf0\uff0c\u4e0a\u6da8\u6216\u6301\u7eed\u52302025\u5e74\u4e4b\u540e\"><\/p>\n<p class=\"img-desc customstyle_text\">\u56fe 2\u00a0\uff1a\u5728\u8fc7\u53bb\u7684\u4e24\u4e2a\u5e02\u573a\u5468\u671f\u4e2d\uff0c\u6bd4\u7279\u5e01\u8d70\u52bf\u76f8\u8fd1<\/p>\n<p>\u5728 2021 \u5e74 11 \u6708\u8fbe\u5230\u5cf0\u503c\u540e\uff0c\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u5728 2022 \u5e74 11 \u6708\u8dcc\u81f3\u7ea6 16,\u00a0000 \u7f8e\u5143\u7684\u5468\u671f\u6027\u4f4e\u70b9\u3002\u5f53\u524d\u7684\u4ef7\u683c\u4e0a\u6da8\u9636\u6bb5\u4ece\u90a3\u65f6\u5f00\u59cb\uff0c\u6301\u7eed\u4e86\u4e24\u5e74\u591a\u3002\u5982\u56fe 2 \u6240\u793a\uff0c\u6700\u65b0\u4ef7\u683c\u4e0a\u6da8\u4e0e\u8fc7\u53bb\u4e24\u4e2a\u6bd4\u7279\u5e01\u5468\u671f\u76f8\u5bf9\u63a5\u8fd1\uff0c\u8fd9\u4e24\u4e2a\u5468\u671f\u5728\u4ef7\u683c\u8fbe\u5230\u5cf0\u503c\u4e4b\u524d\u90fd\u6301\u7eed\u4e86\u5927\u7ea6\u4e09\u5e74\u3002\u4ece\u4e0a\u6da8\u5e45\u5ea6\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u6bd4\u7279\u5e01\u672c\u5468\u671f\u76ee\u524d\u7684\u6da8\u5e45\u7ea6\u4e3a 6 \u500d\uff0c\u867d\u7136\u56de\u62a5\u76f8\u5f53\u53ef\u89c2\uff0c\u4f46\u660e\u663e\u4f4e\u4e8e\u8fc7\u53bb\u56db\u4e2a\u5468\u671f\u4e2d\u5b9e\u73b0\u7684\u56de\u62a5\u3002\u603b\u800c\u8a00\u4e4b\uff0c\u867d\u7136\u6211\u4eec\u4e0d\u80fd\u786e\u5b9a\u672a\u6765\u7684\u4ef7\u683c\u56de\u62a5\u662f\u5426\u4f1a\u4e0e\u8fc7\u53bb\u7684\u5468\u671f\u76f8\u4f3c\uff0c\u4f46\u6bd4\u7279\u5e01\u7684\u5386\u53f2\u544a\u8bc9\u6211\u4eec\uff0c\u6700\u65b0\u7684\u725b\u5e02\u5728\u6301\u7eed\u65f6\u95f4\u548c\u5e45\u5ea6\u65b9\u9762\u90fd\u8fd8\u53ef\u4ee5\u5ef6\u7eed\u3002<\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" alt=\"Grayscale\uff1a\u52a0\u5bc6\u725b\u5e02\u672a\u5230\u5dc5\u5cf0\uff0c\u4e0a\u6da8\u6216\u6301\u7eed\u52302025\u5e74\u4e4b\u540e\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241217\/608aca5804d97d93c6712dcc13555d33.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\">\u56fe 3\u00a0\uff1a\u6bd4\u7279\u5e01\u4ef7\u683c\u5386\u53f2\u4e0a\u7684\u56db\u4e2a\u4e0d\u540c\u5468\u671f<\/p>\n<h2>\u94fe\u4e0a\u6307\u6807<\/h2>\n<p>\u9664\u4e86\u89c2\u5bdf\u8fc7\u53bb\u5468\u671f\u7684\u4ef7\u683c\u8868\u73b0\u5916\uff0c\u6295\u8d44\u8005\u8fd8\u53ef\u4ee5\u5e94\u7528\u5404\u79cd\u57fa\u4e8e\u533a\u5757\u94fe\u7684\u6307\u6807\u6765\u8861\u91cf\u6bd4\u7279\u5e01\u725b\u5e02\u7684\u6210\u719f\u5ea6\u3002\u4f8b\u5982\uff0c\u5e38\u89c1\u6307\u6807\u6709\uff1a\u6bd4\u7279\u5e01\u4e70\u5bb6\u7684\u76c8\u5229\u72b6\u51b5\u3001\u6bd4\u7279\u5e01\u7684\u65b0\u8d44\u91d1\u6d41\u5165\u72b6\u51b5\u4ee5\u53ca\u4e0e\u6bd4\u7279\u5e01\u77ff\u5de5\u6536\u5165\u76f8\u5173\u7684\u4ef7\u683c\u6c34\u5e73\u3002<\/p>\n<p>\u4e00\u4e2a\u7279\u522b\u6d41\u884c\u7684\u6307\u6807\u662f\u8ba1\u7b97\u6bd4\u7279\u5e01\u7684\u5e02\u503c (MV)\uff08\u6bd4\u7279\u5e01\u6d41\u901a\u91cf * \u5f53\u524d\u5e02\u573a\u4ef7\u683c\uff09\u4e0e\u5176\u5b9e\u73b0\u4ef7\u503c (RV)\uff08\u6bcf\u679a\u6bd4\u7279\u5e01\u6700\u8fd1\u4e00\u6b21\u5728\u94fe\u4e0a\u8f6c\u8d26\u65f6\u4ef7\u683c\u7684\u603b\u548c\uff09\u7684\u6bd4\u7387\u3002\u8fd9\u4e2a\u6307\u6807\u88ab\u79f0\u4e3a MVRV \u6bd4\u7387\uff0c\u53ef\u4ee5\u88ab\u8ba4\u4e3a\u662f\u6bd4\u7279\u5e01\u7684\u5e02\u503c\u8d85\u8fc7\u5e02\u573a\u603b\u6210\u672c\u57fa\u7840\u7684\u7a0b\u5ea6\u3002\u5728\u8fc7\u53bb\u56db\u4e2a\u5468\u671f\u4e2d\uff0cMVRV \u6bd4\u7387\u90fd\u81f3\u5c11\u8fbe\u5230\u4e86\uff08\u56fe 4\uff09\u3002\u76ee\u524d MVRV \u6bd4\u7387\u4e3a 2.6\u00a0\uff0c\u8fd9\u8868\u660e\u6700\u65b0\u5468\u671f\u53ef\u80fd\u8fd8\u4f1a\u6301\u7eed\u66f4\u957f\u65f6\u95f4\u3002\u7136\u800c\uff0cMVRV \u6bd4\u7387\u5728\u8fc7\u53bb\u5468\u671f\u4e2d\u7684\u5cf0\u503c\u4e00\u76f4\u5728\u4e0b\u964d\uff0c\u56e0\u6b64\u672c\u8f6e\u5468\u671f\u8fd9\u4e2a\u6307\u6807\u53ef\u80fd\u6c38\u8fdc\u4e0d\u4f1a\u8fbe\u5230 4 \u7684\u6c34\u5e73\u3002<\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" alt=\"Grayscale\uff1a\u52a0\u5bc6\u725b\u5e02\u672a\u5230\u5dc5\u5cf0\uff0c\u4e0a\u6da8\u6216\u6301\u7eed\u52302025\u5e74\u4e4b\u540e\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241217\/adbd66f2be0ab17519ddf9b620c347d7.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\"><img alt=\"Grayscale\uff1a\u52a0\u5bc6\u725b\u5e02\u672a\u5230\u5dc5\u5cf0\uff0c\u4e0a\u6da8\u6216\u6301\u7eed\u52302025\u5e74\u4e4b\u540e\"><\/p>\n<p class=\"img-desc customstyle_text\">\u56fe 5\u00a0\uff1a\u8fc7\u53bb\u4e00\u5e74\u6d3b\u8dc3\u7684\u6bd4\u7279\u5e01\u4e0e\u6d41\u901a\u91cf\u7684\u6bd4\u7387\u4e0d\u5230 60%\u00a0<\/p>\n<p>\u4e00\u4e9b\u5468\u671f\u6027\u6307\u6807\u5219\u4fa7\u91cd\u4e8e\u6bd4\u7279\u5e01\u77ff\u5de5\uff0c\u5373\u4fdd\u62a4\u6bd4\u7279\u5e01\u7f51\u7edc\u7684\u4e13\u4e1a\u670d\u52a1\u63d0\u4f9b\u5546\u3002\u4f8b\u5982\uff0c\u4e00\u79cd\u5e38\u89c1\u7684\u8861\u91cf\u6807\u51c6\u662f\u8ba1\u7b97\u77ff\u5de5\u6301\u4ed3 (MC)\uff08\u77ff\u5de5\u6301\u6709\u7684\u6240\u6709\u6bd4\u7279\u5e01\u7684\u7f8e\u5143\u4ef7\u503c\uff09\u4e0e\u6240\u8c13\u7684\u300cthermocap\u300d(TC)\uff08\u901a\u8fc7\u533a\u5757\u5956\u52b1\u548c\u4ea4\u6613\u8d39\u5411\u77ff\u5de5\u53d1\u653e\u7684\u6bd4\u7279\u5e01\u7684\u7d2f\u8ba1\u4ef7\u503c\uff09\u7684\u6bd4\u7387\u3002\u901a\u5e38\u800c\u8a00\uff0c\u5f53\u77ff\u5de5\u8d44\u4ea7\u7684\u4ef7\u503c\u8fbe\u5230\u67d0\u4e2a\u9608\u503c\u65f6\uff0c\u4ed6\u4eec\u53ef\u80fd\u4f1a\u5f00\u59cb\u83b7\u5229\u3002\u4ece\u5386\u53f2\u4e0a\u770b\uff0c\u5f53 MCTC \u6bd4\u7387\u8d85\u8fc7 10 \u65f6\uff0c\u4ef7\u683c\u968f\u540e\u4f1a\u5728\u8be5\u5468\u671f\u5185\u8fbe\u5230\u5cf0\u503c\uff08\u56fe\u8868 6\uff09\u3002\u76ee\u524d\uff0cMCTC \u6bd4\u7387\u7ea6\u4e3a 6\u00a0\uff0c\u8868\u660e\u6211\u4eec\u4ecd\u5904\u4e8e\u5f53\u524d\u5468\u671f\u7684\u4e2d\u95f4\u9636\u6bb5\u3002\u7136\u800c\uff0c\u4e0e MVRV \u6bd4\u7387\u7c7b\u4f3c\uff0c\u8be5\u6307\u6807\u5728\u6700\u8fd1\u5468\u671f\u4e2d\u5cf0\u503c\u6b63\u5728\u4e0d\u65ad\u4e0b\u964d\uff0c\u6240\u4ee5\u4ef7\u683c\u5cf0\u503c\u53ef\u80fd\u5728 MCTC \u6bd4\u7387\u8fbe\u5230 10 \u4e4b\u524d\u5230\u6765\u3002<\/p>\n<p class=\"ql-align-center\"><img alt=\"Grayscale\uff1a\u52a0\u5bc6\u725b\u5e02\u672a\u5230\u5dc5\u5cf0\uff0c\u4e0a\u6da8\u6216\u6301\u7eed\u52302025\u5e74\u4e4b\u540e\"><\/p>\n<p class=\"img-desc customstyle_text\">\u56fe 6\u00a0\uff1a\u6bd4\u7279\u5e01\u77ff\u5de5\u6307\u6807 MCTC \u7684\u5468\u671f\u5cf0\u503c\u4e5f\u5728\u4e0d\u65ad\u4e0b\u964d<\/p>\n<p>\u8fd8\u6709\u8bb8\u591a\u5176\u4ed6\u94fe\u4e0a\u6307\u6807\uff0c\u8fd9\u4e9b\u6307\u6807\u4e0e\u5176\u4ed6\u6570\u636e\u6e90\u7684\u6307\u6807\u53ef\u80fd\u4f1a\u6709\u7ec6\u5fae\u5dee\u5f02\u3002\u6b64\u5916\uff0c\u8fd9\u4e9b\u5de5\u5177\u53ea\u80fd\u5927\u81f4\u4e86\u89e3\u5f53\u524d\u6bd4\u7279\u5e01\u4ef7\u683c\u4e0a\u6da8\u9636\u6bb5\u4e0e\u8fc7\u53bb\u76f8\u6bd4\u7684\u60c5\u51b5\uff0c\u5e76\u4e0d\u80fd\u4fdd\u8bc1\u8fd9\u4e9b\u6307\u6807\u4e0e\u672a\u6765\u4ef7\u683c\u56de\u62a5\u4e4b\u95f4\u7684\u5173\u7cfb\u4f1a\u4e0e\u8fc7\u53bb\u76f8\u4f3c\u3002\u8bdd\u867d\u5982\u6b64\uff0c\u4f46\u7efc\u5408\u6765\u770b\uff0c\u6bd4\u7279\u5e01\u5468\u671f\u7684\u5e38\u89c1\u6307\u6807\u4ecd\u4f4e\u4e8e\u8fc7\u53bb\u4ef7\u683c\u8fbe\u5230\u5cf0\u503c\u65f6\u7684\u6c34\u5e73\u3002\u8fd9\u8868\u660e\uff0c\u5982\u679c\u57fa\u672c\u9762\u53ef\u9760\uff0c\u5f53\u524d\u7684\u725b\u5e02\u53ef\u80fd\u4f1a\u6301\u7eed\u4e0b\u53bb\u3002<\/p>\n<h2>\u6bd4\u7279\u5e01\u4ee5\u5916\u7684\u5e02\u573a\u6307\u6807<\/h2>\n<p>\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u4e0d\u4ec5\u4ec5\u53ea\u662f\u6bd4\u7279\u5e01\uff0c\u6765\u81ea\u884c\u4e1a\u5176\u4ed6\u9886\u57df\u7684\u4fe1\u53f7\u4e5f\u53ef\u80fd\u4e3a\u5e02\u573a\u5468\u671f\u72b6\u6001\u63d0\u4f9b\u6307\u5bfc\u3002\u6211\u4eec\u8ba4\u4e3a\uff0c\u7531\u4e8e\u6bd4\u7279\u5e01\u548c\u5176\u4ed6\u52a0\u5bc6\u8d44\u4ea7\u7684\u76f8\u5bf9\u8868\u73b0\uff0c\u8fd9\u4e9b\u6307\u6807\u5728\u672a\u6765\u4e00\u5e74\u53ef\u80fd\u5c24\u4e3a\u91cd\u8981\u3002\u5728\u8fc7\u53bb\u4e24\u4e2a\u5e02\u573a\u5468\u671f\u4e2d\uff0c\u6bd4\u7279\u5e01\u7684\u4e3b\u5bfc\u5730\u4f4d\uff08\u6bd4\u7279\u5e01\u5728\u52a0\u5bc6\u8d27\u5e01\u603b\u5e02\u503c\u4e2d\u7684\u4efd\u989d\uff09\u5728\u725b\u5e02\u5f00\u59cb\u4e24\u5e74\u5de6\u53f3\u8fbe\u5230\u9876\u5cf0\uff08\u56fe 7\uff09\u3002\u6bd4\u7279\u5e01\u7684\u4e3b\u5bfc\u5730\u4f4d\u6700\u8fd1\u5f00\u59cb\u4e0b\u964d\uff0c\u6b63\u5904\u4e8e\u672c\u8f6e\u5e02\u573a\u5468\u671f\u5f00\u59cb\u4e24\u5e74\u5de6\u53f3\u7684\u65f6\u95f4\u70b9\u3002\u5982\u679c\u8fd9\u79cd\u60c5\u51b5\u6301\u7eed\u4e0b\u53bb\uff0c\u6295\u8d44\u8005\u5e94\u8be5\u8003\u8651\u5173\u6ce8\u66f4\u5e7f\u6cdb\u7684\u8861\u91cf\u6307\u6807\uff0c\u4ee5\u786e\u5b9a\u52a0\u5bc6\u8d27\u5e01\u4f30\u503c\u662f\u5426\u6b63\u5728\u63a5\u8fd1\u5468\u671f\u6027\u9ad8\u70b9\u3002\u00a0\u00a0<\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" alt=\"Grayscale\uff1a\u52a0\u5bc6\u725b\u5e02\u672a\u5230\u5dc5\u5cf0\uff0c\u4e0a\u6da8\u6216\u6301\u7eed\u52302025\u5e74\u4e4b\u540e\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241217\/dfae2a70acfb260c6b18649fda02ace4.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\">\u56fe 7\u00a0\uff1a\u8fc7\u53bb\u4e24\u4e2a\u5468\u671f\u4e2d\uff0c\u6bd4\u7279\u5e01\u7684\u4e3b\u5bfc\u5730\u4f4d\u5728\u7684\u7b2c\u4e09\u5e74\u5448\u4e0b\u964d\u8d8b\u52bf<\/p>\n<p>\u4f8b\u5982\uff0c\u6295\u8d44\u8005\u53ef\u4ee5\u76d1\u63a7\u8d44\u91d1\u8d39\u7387\uff0c\u5373\u6301\u6709\u6c38\u7eed\u671f\u8d27\u5408\u7ea6\u591a\u5934\u5934\u5bf8\u7684\u6210\u672c\u3002\u5f53\u6295\u673a\u4ea4\u6613\u8005\u5bf9\u6760\u6746\u7684\u9700\u6c42\u8f83\u9ad8\u65f6\uff0c\u8d44\u91d1\u8d39\u7387\u5f80\u5f80\u4f1a\u4e0a\u5347\u3002\u56e0\u6b64\uff0c\u6574\u4e2a\u5e02\u573a\u7684\u8d44\u91d1\u8d39\u7387\u6c34\u5e73\u53ef\u4ee5\u8868\u660e\u6295\u673a\u4ea4\u6613\u8005\u7684\u6574\u4f53\u6301\u4ed3\u91cf\u3002\u56fe\u8868 8 \u5c55\u793a\u4e86\u6bd4\u7279\u5e01\u4e4b\u540e 10 \u79cd\u6700\u5927\u52a0\u5bc6\u8d44\u4ea7\uff08\u5373\u6700\u5927\u7684\u300c\u5c71\u5be8\u5e01\u300d\uff09\u7684\u52a0\u6743\u5e73\u5747\u8d44\u91d1\u8d39\u7387\u3002\u76ee\u524d\uff0c\u8d44\u91d1\u8d39\u7387\u660e\u663e\u4e3a\u6b63\uff0c\u8fd9\u8868\u660e\u6760\u6746\u6295\u8d44\u8005\u5bf9\u591a\u5934\u5934\u5bf8\u7684\u9700\u6c42\uff0c\u5c3d\u7ba1\u5728\u8fc7\u53bb\u4e00\u5468\u7684\u4e0b\u8dcc\u4e2d\u8d44\u91d1\u8d39\u7387\u6025\u5267\u4e0b\u964d\u3002\u6b64\u5916\uff0c\u5373\u4f7f\u5f53\u524d\u5904\u4e8e\u5c40\u90e8\u9ad8\u70b9\uff0c\u8d44\u91d1\u8d39\u7387\u4ecd\u4f4e\u4e8e\u4eca\u5e74\u65e9\u4e9b\u65f6\u5019\u7684\u6c34\u5e73\u4ee5\u53ca\u4e0a\u4e00\u4e2a\u5468\u671f\u7684\u9ad8\u70b9\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u8ba4\u4e3a\u5f53\u524d\u8d44\u91d1\u8d39\u7387\u6c34\u5e73\u8868\u660e\u5e02\u573a\u7684\u6295\u673a\u6027\u5c1a\u672a\u8fbe\u5230\u5dc5\u5cf0\u3002<\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" alt=\"Grayscale\uff1a\u52a0\u5bc6\u725b\u5e02\u672a\u5230\u5dc5\u5cf0\uff0c\u4e0a\u6da8\u6216\u6301\u7eed\u52302025\u5e74\u4e4b\u540e\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241217\/b754647199a6f3d37240b671e87c9706.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\"><img decoding=\"async\" alt=\"Grayscale\uff1a\u52a0\u5bc6\u725b\u5e02\u672a\u5230\u5dc5\u5cf0\uff0c\u4e0a\u6da8\u6216\u6301\u7eed\u52302025\u5e74\u4e4b\u540e\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241217\/e15807ab4dd040c7d2c2d7258bba916a.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\">\u56fe 9\u00a0\uff1a\u8fd1\u671f\u6e05\u7b97\u524d\u5c71\u5be8\u5e01\u6301\u4ed3\u91cf\u8f83\u9ad8<\/p>\n<h2>\u725b\u5e02\u8fd8\u4f1a\u7ee7\u7eed<\/h2>\n<p>\u81ea 2009 \u5e74\u6bd4\u7279\u5e01\u8bde\u751f\u4ee5\u6765\uff0c\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u5df2\u7ecf\u53d6\u5f97\u4e86\u957f\u8db3\u7684\u8fdb\u6b65\uff0c\u5f53\u524d\u52a0\u5bc6\u725b\u5e02\u7684\u8bb8\u591a\u7279\u70b9\u4e0e\u8fc7\u53bb\u4e0d\u540c\u3002\u6700\u91cd\u8981\u7684\u662f\uff0c\u7f8e\u56fd\u5e02\u573a\u5bf9\u73b0\u8d27\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a ETF \u7684\u6279\u51c6\u5e26\u6765\u4e86 367 \u4ebf\u7f8e\u5143\u7684\u51c0\u8d44\u672c\u6d41\u5165\uff0c\u5e76\u5e2e\u52a9\u5c06\u52a0\u5bc6\u8d44\u4ea7\u7eb3\u5165\u66f4\u5e7f\u9614\u7684\u4f20\u7edf\u6295\u8d44\u7ec4\u5408\u3002\u6b64\u5916\uff0c\u6211\u4eec\u8ba4\u4e3a\uff0c\u6700\u8fd1\u7684\u7f8e\u56fd\u5927\u9009\u53ef\u80fd\u4f1a\u7ed9\u5e02\u573a\u5e26\u6765\u66f4\u591a\u7684\u76d1\u7ba1\u6e05\u6670\u5ea6\uff0c\u5e76\u6709\u52a9\u4e8e\u786e\u4fdd\u52a0\u5bc6\u8d44\u4ea7\u5728\u5168\u7403\u6700\u5927\u7ecf\u6d4e\u4f53\u4e2d\u7684\u6c38\u4e45\u5730\u4f4d\u3002\u4e0e\u8fc7\u53bb\u76f8\u6bd4\uff0c\u8fd9\u662f\u4e00\u4e2a\u91cd\u5927\u53d8\u5316\uff0c\u6b64\u524d\u89c2\u5bdf\u4eba\u58eb\u4e00\u518d\u8d28\u7591\u52a0\u5bc6\u8d44\u4ea7\u7c7b\u522b\u7684\u957f\u671f\u524d\u666f\u3002\u51fa\u4e8e\u8fd9\u4e9b\u539f\u56e0\uff0c\u6bd4\u7279\u5e01\u548c\u5176\u4ed6\u52a0\u5bc6\u8d44\u4ea7\u7684\u4f30\u503c\u53ef\u80fd\u4e0d\u4f1a\u9075\u5faa\u65e9\u671f\u7684\u5386\u53f2\u89c4\u5f8b\u3002<\/p>\n<p>\u4e0e\u6b64\u540c\u65f6\uff0c\u6bd4\u7279\u5e01\u548c\u8bb8\u591a\u5176\u4ed6\u52a0\u5bc6\u8d44\u4ea7\u53ef\u4ee5\u88ab\u89c6\u4e3a\u6570\u5b57\u5546\u54c1\uff0c\u4e0e\u5176\u4ed6\u5546\u54c1\u4e00\u6837\uff0c\u53ef\u80fd\u4f1a\u8868\u73b0\u51fa\u4e00\u5b9a\u7a0b\u5ea6\u7684\u4ef7\u683c\u52a8\u80fd\u3002\u56e0\u6b64\uff0c\u5bf9\u94fe\u4e0a\u6307\u6807\u4ee5\u53ca\u5c71\u5be8\u5e01\u6570\u636e\u7684\u8bc4\u4f30\u53ef\u80fd\u5bf9\u6295\u8d44\u8005\u505a\u51fa\u98ce\u9669\u7ba1\u7406\u51b3\u7b56\u6709\u5e2e\u52a9\u3002Grayscale Research \u8ba4\u4e3a\uff0c\u5f53\u524d\u7684\u6307\u6807\u7ec4\u603b\u4f53\u6765\u770b\uff0c\u52a0\u5bc6\u5e02\u573a\u6b63\u5904\u4e8e\u725b\u5e02\u7684\u4e2d\u671f\u9636\uff1aMVRV \u6bd4\u7387\u7b49\u6307\u6807\u8fdc\u9ad8\u4e8e\u5468\u671f\u4f4e\u70b9\uff0c\u4f46\u5c1a\u672a\u8fbe\u5230\u6807\u5fd7\u7740\u5148\u524d\u5e02\u573a\u9876\u90e8\u7684\u6c34\u5e73\u3002\u53ea\u8981\u57fa\u672c\u9762\uff08\u5982\u5e94\u7528\u91c7\u7528\u548c\u5b8f\u89c2\u5e02\u573a\u6761\u4ef6\uff09\u53ef\u9760\uff0c\u6211\u4eec\u8ba4\u4e3a\u52a0\u5bc6\u725b\u5e02\u4f1a\u6301\u7eed\u5230 2025 \u5e74\u53ca\u4ee5\u540e\u3002<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Grayscale\uff1a\u52a0\u5bc6\u725b\u5e02\u672a\u5230\u5dc5\u5cf0\uff0c\u4e0a\u6da8\u6216\u6301\u7eed\u52302025\u5e74\u4e4b\u540e \u539f\u6587\u4f5c\u8005\uff1aZach Pandl\u3001Michae [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2356","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=\/wp\/v2\/posts\/2356","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2356"}],"version-history":[{"count":1,"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=\/wp\/v2\/posts\/2356\/revisions"}],"predecessor-version":[{"id":4111,"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=\/wp\/v2\/posts\/2356\/revisions\/4111"}],"wp:attachment":[{"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2356"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}