{"id":2364,"date":"2025-11-28T05:17:44","date_gmt":"2025-11-27T21:17:44","guid":{"rendered":"https:\/\/www.yixiangtian.com\/?p=2364"},"modified":"2025-11-28T05:17:44","modified_gmt":"2025-11-27T21:17:44","slug":"%e9%a6%99%e6%b8%af%e8%99%9a%e6%8b%9f%e8%b5%84%e4%ba%a7%e6%8c%87%e6%95%b0%e5%a6%82%e4%bd%95%e6%94%b9%e5%8f%98%e4%ba%9a%e6%b4%b2%e5%8a%a0%e5%af%86%e8%b4%a7%e5%b8%81%e5%b8%82%e5%9c%ba%ef%bc%9f","status":"publish","type":"post","link":"http:\/\/www.yixiangtian.com\/?p=2364","title":{"rendered":"\u9999\u6e2f\u865a\u62df\u8d44\u4ea7\u6307\u6570\u5982\u4f55\u6539\u53d8\u4e9a\u6d32\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\uff1f"},"content":{"rendered":"<h1 class=\"art_tit\">\u9999\u6e2f\u865a\u62df\u8d44\u4ea7\u6307\u6570\u5982\u4f55\u6539\u53d8\u4e9a\u6d32\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\uff1f<\/h1>\n<div class=\"content_text\">\n<p>\u4f5c\u8005\uff1aCHI ANH\u3001RYAN YOON\u3001YOON LEE\u00a0\u7f16\u8bd1\uff1aTiger Research<\/p>\n<h2>\u8981\u70b9<\/h2>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u5efa\u7acb\u4e9a\u6d32\u57fa\u51c6\uff1a\u9999\u6e2f\u4ea4\u6613\u6240\u865a\u62df\u8d44\u4ea7\u6307\u6570\u7cfb\u5217\u5f15\u5165\u6807\u51c6\u5316\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a\u5b9a\u4ef7\uff0c\u4ece\u800c\u89e3\u51b3\u533a\u57df\u4ef7\u683c\u5dee\u5f02\u5e76\u63d0\u9ad8\u4e9a\u592a\u5e02\u573a\u6295\u8d44\u900f\u660e\u5ea6\u3002<\/p>\n<\/li>\n<li>\n<p>\u53cc\u91cd\u5de5\u5177\uff0c\u7075\u6d3b\u7a33\u5b9a\uff1a\u9999\u6e2f\u4ea4\u6613\u6240\u6307\u6570\u7cfb\u5217\u5305\u62ec\u53ef\u4f9b\u5373\u65f6\u4f5c\u51fa\u4ea4\u6613\u51b3\u7b56\u7684\u5b9e\u65f6\u53c2\u8003\u6307\u6570\uff0c\u4ee5\u53ca\u53ef\u4f9b\u91d1\u878d\u5408\u7ea6\u6301\u7eed\u7ed3\u7b97\u7684\u6bcf\u65e5\u53c2\u8003\u5229\u7387\uff0c\u6ee1\u8db3\u5404\u7c7b\u4ea4\u6613\u53ca\u6295\u8d44\u9700\u6c42\u3002<\/p>\n<\/li>\n<li>\n<p>\u8fc8\u5411\u673a\u6784\u6574\u5408\u7684\u4e00\u6b65\uff1a\u901a\u8fc7\u7b26\u5408\u6b27\u76df\u6807\u51c6\u5e76\u63d0\u4f9b\u53ef\u9760\u7684\u6570\u636e\uff0c\u9999\u6e2f\u4ea4\u6613\u6240\u7684\u6307\u6570\u65e8\u5728\u5438\u5f15\u673a\u6784\u6295\u8d44\u8005\uff0c\u652f\u6301\u7ed3\u6784\u5316\u52a0\u5bc6\u4ea7\u54c1\u7684\u589e\u957f\u5e76\u63a8\u52a8\u52a0\u5bc6\u8d27\u5e01\u878d\u5165\u4e3b\u6d41\u91d1\u878d\u3002<\/p>\n<\/li>\n<\/ul>\n<h2>1. \u7b80\u4ecb<\/h2>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241217\/5b8140681bcdfec821079606a01106d0.jpg\" \/><\/p>\n<p><em>\u6765\u6e90\uff1a\u6e2f\u4ea4\u6240\u63a8\u7279<\/em><\/p>\n<p>10 \u6708 28 \u65e5\uff0c\u9999\u6e2f\u4ea4\u6613\u6240 (HKEX) \u865a\u62df\u8d44\u4ea7\u6307\u6570\u7cfb\u5217\u6b63\u5f0f\u63a8\u51fa\uff0c\u4e2d\u56fd\u9999\u6e2f\u671d\u7740\u786e\u7acb\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u9886\u5148\u5730\u4f4d\u8fc8\u51fa\u4e86\u51b3\u5b9a\u6027\u7684\u4e00\u6b65\uff0c\u4e3a\u8be5\u5730\u533a\u7684\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a\u4ef7\u683c\u5efa\u7acb\u4e86\u53ef\u9760\u7684\u57fa\u51c6\u3002<\/p>\n<p>\u76ee\u524d\u4e3a\u6b62\uff0c\u52a0\u5bc6\u8d27\u5e01\u6307\u6570\u4e3b\u8981\u7531\u79c1\u8425\u516c\u53f8\u5f00\u53d1\u3002\u7f3a\u4e4f\u673a\u6784\u7ea7\u57fa\u51c6\uff0c\u5bfc\u81f4\u4e86\u4ea4\u6613\u5e73\u53f0\u4e4b\u95f4\u7684\u4ef7\u683c\u5dee\u5f02\uff0c\u7ed9\u6295\u8d44\u8005\u5e26\u6765\u4e0d\u786e\u5b9a\u6027\u548c\u98ce\u9669\uff0c\u963b\u788d\u4e86\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u4e0e\u4f20\u7edf\u91d1\u878d\u4e4b\u95f4\u7684\u65e0\u7f1d\u6574\u5408\u3002<\/p>\n<p>\u5728\u4f20\u7edf\u91d1\u878d\u4e2d\uff0c\u6307\u6570\u5bf9\u4e8e\u4ef7\u683c\u53d1\u73b0\u3001\u98ce\u9669\u7ba1\u7406\u548c\u7ee9\u6548\u8bc4\u4f30\u81f3\u5173\u91cd\u8981\u3002\u9999\u6e2f\u4ea4\u6613\u6240\u865a\u62df\u8d44\u4ea7\u6307\u6570\u7cfb\u5217\u65e8\u5728\u901a\u8fc7\u63d0\u4f9b\u5b9e\u65f6\u3001\u6210\u4ea4\u91cf\u52a0\u6743\u7684\u53c2\u8003\u4ef7\u683c\uff0c\u5c06\u8fd9\u4e9b\u4f18\u52bf\u5e26\u5165\u52a0\u5bc6\u8d27\u5e01\u9886\u57df\u3002\u8fd9\u4e00\u52aa\u529b\u65e8\u5728\u589e\u5f3a\u4f20\u7edf\u5e02\u573a\u548c\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u4e4b\u95f4\u7684\u4fe1\u4efb\u3001\u900f\u660e\u5ea6\u548c\u4e00\u81f4\u6027\u3002<\/p>\n<p>\u672c\u62a5\u544a\u63a2\u8ba8\u4e86\u9999\u6e2f\u4ea4\u6613\u6240\u6307\u6570\u7cfb\u5217\u7684\u65b9\u6cd5\u8bba\u3001\u5efa\u7acb\u5e02\u573a\u4fe1\u4efb\u7684\u6f5c\u529b\u53ca\u5176\u5bf9\u4e9a\u6d32\u52a8\u6001\u52a0\u5bc6\u8d27\u5e01\u683c\u5c40\u4e2d\u7684\u4ea4\u6613\u548c\u6295\u8d44\u7b56\u7565\u7684\u5f71\u54cd\u3002<\/p>\n<h2>2. \u9999\u6e2f\u4ea4\u6613\u6240\u865a\u62df\u8d44\u4ea7\u6307\u6570\u7cfb\u5217<\/h2>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241217\/2a855d57264f81a2d44f1777705ae4d0.jpg\" \/><\/p>\n<p>\u9999\u6e2f\u4ea4\u6613\u6240\u865a\u62df\u8d44\u4ea7\u6307\u6570\u7cfb\u5217\u4e8e 2024 \u5e74 11 \u6708 15 \u65e5\u63a8\u51fa\uff0c\u5f15\u5165\u4e86\u4e24\u4e2a\u91cd\u8981\u5de5\u5177\uff1a\u53c2\u8003\u6307\u6570\u53ca\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a\u7684\u53c2\u8003\u5229\u7387\uff0c\u63d0\u4f9b\u4e0e\u4e9a\u6d32\u65f6\u533a\u4e00\u81f4\u7684\u6807\u51c6\u5316\u5b9a\u4ef7\u3002<\/p>\n<h3>2.1. \u53c2\u8003\u7d22\u5f15<\/h3>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241217\/57aa8736a18547f255ad150b63705912.jpg\" \/><\/p>\n<p><em>\u8d44\u6599\u6765\u6e90\uff1a\u9999\u6e2f\u4ea4\u6613\u6240<\/em><\/p>\n<p>\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u4e00\u76f4\u53d7\u5230\u4ea4\u6613\u6240\u95f4\u4ef7\u683c\u5dee\u5f02\u7684\u56f0\u6270\u3002\u4e3a\u4e86\u89e3\u51b3\u8fd9\u4e2a\u95ee\u9898\uff0c\u9999\u6e2f\u4ea4\u6613\u6240\u5f00\u53d1\u4e86\u4e00\u4e2a\u6210\u4ea4\u91cf\u52a0\u6743\u5e73\u5747\u6307\u6570\uff0c\u4ee5\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a\u4f5c\u4e3a\u521d\u59cb\u8d44\u4ea7\u3002<\/p>\n<p>\u8be5\u65b9\u6cd5\u901a\u8fc7\u6839\u636e\u4ea4\u6613\u91cf\u5206\u914d\u6743\u91cd\u6765\u51cf\u5c11\u7531\u4f4e\u4ea4\u6613\u91cf\u6216\u4e0d\u89c4\u5219\u4ea4\u6613\u9020\u6210\u7684\u626d\u66f2\u3002\u901a\u8fc7\u4f18\u5148\u8003\u8651\u4ea4\u6613\u91cf\u8f83\u5927\u7684\u4ea4\u6613\uff0c\u8be5\u6307\u6570\u66f4\u51c6\u786e\u5730\u4ee3\u8868\u4e86\u5e02\u573a\u53c2\u4e0e\u8005\u7684\u96c6\u4f53\u5171\u8bc6\u3002<\/p>\n<p>\u6210\u4ea4\u91cf\u52a0\u6743\u65b9\u6cd5\u5728\u51cf\u8f7b\u5e02\u573a\u64cd\u7eb5\u65b9\u9762\u7279\u522b\u6709\u6548\u3002\u5728\u4ea4\u6613\u6240\u95f4\u6d41\u52a8\u6027\u5dee\u5f02\u5f88\u5927\u7684\u5e02\u573a\u4e2d\uff0c\u7b80\u5355\u5e73\u5747\u503c\u5f88\u5bb9\u6613\u53d7\u5230\u4f4e\u6210\u4ea4\u91cf\u4ea4\u6613\u7684\u5f71\u54cd\u3002\u901a\u8fc7\u4e3a\u9ad8\u6d41\u52a8\u6027\u4ea4\u6613\u6240\u7684\u4ea4\u6613\u5206\u914d\u66f4\u5927\u7684\u6743\u91cd\uff0c\u6210\u4ea4\u91cf\u52a0\u6743\u5e73\u5747\u503c\u53ef\u663e\u8457\u964d\u4f4e\u64cd\u7eb5\u98ce\u9669\u3002<\/p>\n<p>\u867d\u7136\u8fd9\u79cd\u65b9\u6cd5\u5bf9\u4e8e\u4ef7\u683c\u6ce2\u52a8\u8f83\u5927\u7684\u5c71\u5be8\u5e01\u5c24\u5176\u91cd\u8981\uff0c\u4f46\u6e2f\u4ea4\u6240\u6218\u7565\u6027\u5730\u9009\u62e9\u9996\u5148\u5173\u6ce8\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a\u3002\u8fd9\u4e9b\u8d44\u4ea7\u7684\u4ef7\u683c\u5dee\u5f02\u8f83\u5c0f\uff0c\u4e3a\u5efa\u7acb\u53ef\u4fe1\u5ea6\u548c\u786e\u4fdd\u6307\u6570\u7684\u987a\u5229\u91c7\u7528\u63d0\u4f9b\u4e86\u7a33\u5b9a\u7684\u57fa\u7840\u3002<\/p>\n<p>\u8fd9\u79cd\u65b9\u6cd5\u6709\u671b\u672a\u6765\u6269\u5c55\u5230\u5c71\u5be8\u5e01\u5e02\u573a\u3002\u901a\u8fc7\u5148\u884c\u4f7f\u7528\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a\u9a8c\u8bc1\u8be5\u65b9\u6cd5\uff0c\u6e2f\u4ea4\u6240\u6b63\u5728\u521b\u5efa\u4e00\u4e2a\u53ef\u6269\u5c55\u7684\u6846\u67b6\uff0c\u8be5\u6846\u67b6\u53ef\u4ee5\u6269\u5c55\u5230\u6ce2\u52a8\u6027\u66f4\u5927\u7684\u8d44\u4ea7\uff0c\u4ece\u800c\u63d0\u9ad8\u53ef\u9760\u6027\u548c\u5e02\u573a\u5305\u5bb9\u6027\u3002<\/p>\n<h3>2.2 \u53c2\u8003\u5229\u7387<\/h3>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241217\/c1d1cd9082f7b3f7ef0937f2b9b72be7.jpg\" \/><\/p>\n<p><em>\u8d44\u6599\u6765\u6e90\uff1a\u9999\u6e2f\u4ea4\u6613\u6240<\/em><\/p>\n<p>\u53c2\u8003\u5229\u7387\u662f\u4e00\u79cd\u6bcf\u65e5\u4ef7\u683c\u6307\u6570\uff0c\u65e8\u5728\u4fc3\u8fdb\u884d\u751f\u54c1\u548c\u671f\u8d27\u7b49\u91d1\u878d\u4ea7\u54c1\u7684\u6807\u51c6\u5316\u7ed3\u7b97\u3002<\/p>\n<p>\u53c2\u8003\u6c47\u7387\u6bcf\u65e5\u4e8e\u9999\u6e2f\u65f6\u95f4\u4e0b\u5348 4:00 \u8ba1\u7b97\u4e00\u6b21\u2014\u2014\u6839\u636e\u4e0b\u5348 3:00 \u81f3\u4e0b\u5348 4:00 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\u7b49\u5148\u8fdb\u91d1\u878d\u5de5\u5177\u7684\u53d1\u5c55\uff0c\u4fc3\u8fdb\u4e86\u673a\u6784\u5bf9\u6570\u5b57\u8d44\u4ea7\u7684\u91c7\u7528\u3002<\/p>\n<p>\u968f\u7740\u52a0\u5bc6\u8d27\u5e01\u4e0e\u4f20\u7edf\u91d1\u878d\u7684\u878d\u5408\u65e5\u76ca\u52a0\u6df1\uff0c\u9999\u6e2f\u4ea4\u6613\u6240\u53c2\u8003\u6c47\u7387\u5c06\u5728\u51b3\u7b56\u548c\u5e02\u573a\u7a33\u5b9a\u4e2d\u53d1\u6325\u5173\u952e\u4f5c\u7528\u3002\u8fd9\u4e00\u4e3e\u63aa\u8fdb\u4e00\u6b65\u5de9\u56fa\u4e86\u9999\u6e2f\u5728\u6570\u5b57\u8d44\u4ea7\u751f\u6001\u7cfb\u7edf\u4e2d\u7684\u5168\u7403\u9886\u5148\u5730\u4f4d\u3002<\/p>\n<h2>3. \u6307\u6570\u7cfb\u5217\u5bf9\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u7684\u6218\u7565\u5f71\u54cd<\/h2>\n<h3>3.1 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