{"id":3332,"date":"2026-02-08T04:48:29","date_gmt":"2026-02-07T20:48:29","guid":{"rendered":"http:\/\/www.jineng168.com\/?p=3332"},"modified":"2026-02-08T04:48:29","modified_gmt":"2026-02-07T20:48:29","slug":"arthur-hayes-%e6%96%b0%e6%96%87%ef%bc%9a%e5%b8%82%e5%9c%ba%e4%bc%9a%e5%9b%9e%e6%8a%a5%e6%9c%89%e4%ba%a7%e5%93%81%e7%9a%84%e5%b1%b1%e5%af%a8%e5%b8%81%ef%bc%8c%e6%af%94%e7%89%b9%e5%b8%81-2028-%e5%b9%b4","status":"publish","type":"post","link":"http:\/\/www.jineng168.com\/?p=3332","title":{"rendered":"Arthur Hayes \u65b0\u6587\uff1a\u5e02\u573a\u4f1a\u56de\u62a5\u6709\u4ea7\u54c1\u7684\u5c71\u5be8\u5e01\uff0c\u6bd4\u7279\u5e01 2028 \u5e74\u5c06\u7a81\u7834 100 \u4e07\u7f8e\u5143"},"content":{"rendered":"<h1 class=\"art_tit\">Arthur Hayes \u65b0\u6587\uff1a\u5e02\u573a\u4f1a\u56de\u62a5\u6709\u4ea7\u54c1\u7684\u5c71\u5be8\u5e01\uff0c\u6bd4\u7279\u5e01 2028 \u5e74\u5c06\u7a81\u7834 100 \u4e07\u7f8e\u5143<\/h1>\n<div class=\"content_text\">\n<div class=\"quote\">                        \u8d8b\u52bf\u662f\u4f60\u7684\u670b\u53cb\u3002                    <\/div>\n<p><span>\u4f5c\u8005\uff1a<\/span><span>Arthur Hayes<\/span><\/p>\n<p><span>\u7f16\u8bd1\uff1a\u6df1\u6f6eTechFlow<\/span><\/p>\n<p>\uff08\u672c\u6587\u4ec5\u4ee3\u8868\u4f5c\u8005\u4e2a\u4eba\u89c2\u70b9\uff0c\u4e0d\u5e94\u4f5c\u4e3a\u6295\u8d44\u51b3\u7b56\u7684\u4f9d\u636e\uff0c\u4e5f\u4e0d\u5e94\u88ab\u89e3\u8bfb\u4e3a\u6295\u8d44\u4ea4\u6613\u7684\u5efa\u8bae\u6216\u6307\u5bfc\u3002\uff09<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250515\/bf5c530125178fabf6dc046407005ff5.jpg\" \/><\/p>\n<p>\u4ee4\u4eba\u610f\u5916\u7684\u662f\uff0c\u5021\u5bfc\u201c\u80d6\u7f8e\u5b66\u201d\u7684\u6b4c\u624bLizzo\u548c\u201c\u7f8e\u5f0f\u548c\u5e73\u201d\uff08Pax 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Big Ag \uff09\u52ab\u6301\uff0c\u4ed6\u4eec\u901a\u8fc7\u4f2a\u9020\u7684\u8425\u517b\u6307\u5357\u63a8\u5e7f\u81ea\u5df1\u52a0\u5de5\u540e\u7684\u201c\u7f8e\u5473\u201d\u4f46\u8425\u517b\u532e\u4e4f\u7684\u5b9e\u9a8c\u5ba4\u98df\u54c1\u3002\u7f8e\u56fd\u4eba\u5728\u98df\u7528\u8fd9\u4e9b\u7f3a\u4e4f\u8425\u517b\u7684\u98df\u7269\u540e\u53d8\u5f97\u8d8a\u6765\u8d8a\u80a5\u80d6\u5e76\u60a3\u4e0a\u6162\u6027\u75be\u75c5\uff0c\u800c\u5236\u836f\u5de8\u5934\uff08Big Pharma\uff09\u5219\u8d81\u673a\u63a8\u51fa\u5404\u79cd\u836f\u7269\u6765\u6cbb\u7597\u8fd9\u4e9b\u4ee3\u8c22\u75be\u75c5\uff08\u5982\u7cd6\u5c3f\u75c5\uff09\u7684\u75c7\u72b6\uff0c\u800c\u975e\u6839\u672c\u539f\u56e0\u3002\u5728\u4e0d\u613f\u904f\u5236\u63a7\u5236\u98df\u54c1\u4f9b\u5e94\u7684\u4f01\u4e1a\u5f71\u54cd\u529b\u7684\u60c5\u51b5\u4e0b\uff0c\u793e\u4f1a\u8bdd\u8bed\u8f6c\u5411\u4e86\u201c\u80d6\u7f8e\u5b66\u201d\u6216\u201c\u80d6\u5373\u7f8e\u201d\u7684\u53d9\u4e8b\uff0c\u544a\u8bc9\u80a5\u80d6\u60a3\u8005\uff0c\u8fd9\u4e0d\u662f\u8150\u8d25\u7cfb\u7edf\u7684\u9519\uff0c\u800c\u662f\u4ed6\u4eec\u5e94\u8be5\u4e3a\u81ea\u5df1\u7684\u201c\u7f8e\u4e3d\u8eab\u6750\u201d\u611f\u5230\u81ea\u8c6a\u3002\u4e8e\u662f\uff0c\u50cfLizzo\u8fd9\u6837\u7684\u660e\u661f\u88ab\u63a8\u4e0a\u795e\u575b\uff0c\u5c3d\u7ba1\u5979\u662f\u4e00\u4f4d\u624d\u534e\u6a2a\u6ea2\u7684\u6b4c\u624b\uff0c\u4f46\u5979\u6240\u4f20\u9012\u7684\u4fe1\u606f\u5374\u662f\u5728\u5ba3\u626c\u4e00\u79cd\u53ef\u80fd\u5bfc\u81f4\u65e9\u901d\u7684\u751f\u6d3b\u65b9\u5f0f\u3002Lizzo\u4ee3\u8868\u4e86\u80a5\u80d6\u7684\u73b0\u72b6\uff0c\u800c\u8fd9\u79cd\u73b0\u72b6\u5bf9\u5c11\u6570\u4f01\u4e1a\u5de8\u5934\u6765\u8bf4\u6781\u5176\u6709\u5229\u53ef\u56fe\u3002<\/p>\n<p>\u7f8e\u56fd\u7ecf\u6d4e\u540c\u6837\u88ab\u201c\u5370\u949e\u673a\u201d\u52ab\u6301\u3002\u57281913\u5e74\u7f8e\u8054\u50a8\uff08Federal 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Tate\uff09\uff01\u7f8e\u6cf0\u516c\u53f8\u9700\u8981\u4ee5\u6700\u4f4e\u4ef7\u683c\u5feb\u901f\u751f\u4ea7\u4e00\u767e\u4e07\u4e2a\u5355\u4f4d\u3002\u7531\u4e8e\u7f8e\u56fd\u5236\u9020\u4e1a\u57fa\u7840\u51e0\u4e4e\u4e0d\u5b58\u5728\uff0c\u7f8e\u6cf0\u516c\u53f8\u5fc5\u987b\u4ece\u4e2d\u56fd\u5de5\u5382\u8d2d\u4e70\u8fd9\u4e9b\u73a9\u5177\u3002<\/p>\n<p>\u5468\u5148\u751f\u5728\u5e7f\u4e1c\u7701\u62e5\u6709\u4e00\u5bb6\u751f\u4ea7\u5ec9\u4ef7\u5851\u6599\u73a9\u5177\u7684\u5236\u9020\u516c\u53f8\u3002\u4ed6\u540c\u610f\u7f8e\u6cf0\u516c\u53f8\u7684\u6761\u6b3e\uff0c\u5176\u4e2d\u4e4b\u4e00\u662f\u4ee5\u7f8e\u5143\u652f\u4ed8\u3002\u7f8e\u6cf0\u516c\u53f8\u5c06\u94b1\u6c47\u7ed9\u5468\u5148\u751f\uff0c\u4e00\u4e2a\u6708\u540e\u73a9\u5177\u5c31\u5230\u4e86\u3002\u54c7\uff0c\u771f\u5feb\u3002<\/p>\n<p>\u5468\u5148\u751f\u7684\u5229\u6da6\u7387\u662f1%\u3002\u4e2d\u56fd\u7ade\u4e89\u975e\u5e38\u6fc0\u70c8\u3002\u7531\u4e8e\u4ed6\u5904\u7406\u7684\u8ba2\u5355\u91cf\u5f88\u5927\uff0c\u6765\u81ea\u7f8e\u6cf0\u516c\u53f8\u548c\u5176\u4ed6\u7c7b\u4f3c\u516c\u53f8\u7684\u8ba2\u5355\u603b\u6536\u5165\u8fbe\u523010\u4ebf\u7f8e\u5143\u3002<\/p>\n<p>\u5468\u5148\u751f\u5fc5\u987b\u51b3\u5b9a\u5982\u4f55\u5904\u7406\u8fd9\u4e9b\u7f8e\u5143\u3002\u4ed6\u4e0d\u60f3\u901a\u8fc7\u5c06\u7f8e\u5143\u5151\u6362\u6210\u4eba\u6c11\u5e01\u7684\u65b9\u5f0f\u5c06\u5176\u5e26\u56de\u4e2d\u56fd\uff0c\u56e0\u4e3a\u8003\u8651\u5230\u653f\u5e9c\u548c\u516c\u53f8\u503a\u5238\u7684\u4f4e\u5229\u7387\uff0c\u4eba\u6c11\u5e01\u6ca1\u6709\u751f\u4ea7\u6027\u7528\u9014\u3002\u6b64\u5916\uff0c\u94f6\u884c\u5bf9\u5b58\u6b3e\u51e0\u4e4e\u4e0d\u652f\u4ed8\u5229\u606f\u3002<\/p>\n<p>\u5468\u5148\u751f\u4e0d\u559c\u6b22\u6240\u6709\u8fd9\u4e9b\u53cd\u534e\u8a00\u8bba\uff0c\u56e0\u4e3a\u4ed6\u4e0a\u6b21\u5728\u7f8e\u56fd\u65f6\u611f\u5230\u4e0d\u53d7\u6b22\u8fce\u3002\u4ed6\u7684\u5973\u513f\u5728\u52a0\u5dde\u5927\u5b66\u6d1b\u6749\u77f6\u5206\u6821\uff08UCLA\uff09\u4e0a\u5b66\uff0c\u5979\u56e0\u4e3a\u5f00\u7740\u6700\u65b0\u6b3e\u7684\u5e7b\u5f71\u655e\u7bf7\u8f66\u800c\u53d7\u5230\u5f02\u6837\u7684\u76ee\u5149\uff0c\u800c\u7f8e\u56fd\u7684\u666e\u901a\u4eba\u5219\u4e58\u5750\u6d1b\u6749\u77f6\u5730\u94c1\uff0c\u54b3\u54b3\uff0c\u6211\u662f\u8bf4Uber\u53bb\u4e0a\u8bfe\u3002\u56e0\u6b64\uff0c\u5373\u4f7f\u7f8e\u56fd\u56fd\u503a\u6536\u76ca\u7387\u662f\u4e16\u754c\u4e0a\u6700\u9ad8\u7684\u653f\u5e9c\u503a\u5238\u6536\u76ca\u7387\u4e4b\u4e00\uff0c\u5982\u679c\u53ef\u4ee5\u7684\u8bdd\uff0c\u4ed6\u5b81\u613f\u4e0d\u8d2d\u4e70\u8fd9\u4e9b\u503a\u5238\u3002\u5468\u5148\u751f\u5bf9\u65e5\u672c\u6709\u597d\u611f\uff0c\u800c\u4e14\u957f\u671f\u653f\u5e9c\u503a\u5238\u6536\u76ca\u7387\u6bd4\u4ee5\u524d\u9ad8\u5f97\u591a\u3002\u4ed6\u8bf7\u4ed6\u7684\u94f6\u884c\u5bb6\u5e2e\u4ed6\u8d2d\u4e70\u65e5\u672c\u653f\u5e9c\u503a\u5238\uff08JGB\uff09\u3002\u94f6\u884c\u5bb6\u544a\u8bc9\u4ed6\uff0c\u65e5\u672c\u653f\u5e9c\u4e0d\u5e0c\u671b\u5916\u56fd\u4eba\u5927\u91cf\u8d2d\u4e70\u4ed6\u4eec\u7684\u503a\u52a1\uff0c\u56e0\u4e3a\u8fd9\u4f1a\u63a8\u9ad8\u65e5\u5143\u7684\u4ef7\u503c\uff0c\u800c\u4ed6\u4eec\u5e0c\u671b\u4fdd\u6301\u51fa\u53e3\u7ade\u4e89\u529b\u3002\u5982\u679c\u5468\u5148\u751f\u5356\u6389\u7f8e\u5143\u4ee5\u83b7\u53d6\u8d2d\u4e70JGB\u6240\u9700\u7684\u65e5\u5143\uff0c\u65e5\u5143\u5c06\u5347\u503c\u3002<\/p>\n<p>JGB\u5e02\u573a\u662f\u552f\u4e00\u8db3\u591f\u5927\u7684\u5e02\u573a\uff0c\u53ef\u4ee5\u5438\u6536\u4ed6\u7684\u76c8\u4f59\uff0c\u800c\u65e5\u672c\u4e0d\u5e0c\u671b\u5916\u56fd\u4eba\u63a8\u9ad8\u4ed6\u4eec\u8d27\u5e01\u7684\u4ef7\u503c\u3002\u5468\u5148\u751f\u63a5\u53d7\u4e86\u73b0\u5b9e\uff0c\u52c9\u5f3a\u7528\u4ed6\u7684\u7f8e\u5143\u51fa\u53e3\u6536\u5165\u8d2d\u4e70\u7f8e\u56fd\u56fd\u503a\u3002<\/p>\n<p>\u8fd9\u5bf9\u7f8e\u56fd\u7684\u8d38\u6613\u548c\u8d44\u672c\u8d26\u6237\u6709\u4ec0\u4e48\u5f71\u54cd\u5462\uff1f<\/p>\n<p><strong>\u7f8e\u56fd\u8d38\u6613\u8d26\u6237\uff1a<\/strong><\/p>\n<ul>\n<li>\n<p><strong>\u8d38\u6613\u8d26\u6237\u8d64\u5b57\uff1a<\/strong> 10\u4ebf\u7f8e\u5143<\/p>\n<\/li>\n<li>\n<p><strong>\u5468\u8001\u677f\u7684\u94f6\u884c\u8d26\u6237\uff1a<\/strong> 10\u4ebf\u7f8e\u5143\u73b0\u91d1<\/p>\n<\/li>\n<\/ul>\n<p><strong>\u8d2d\u4e70\uff1a<\/strong><\/p>\n<p>10\u4ebf\u7f8e\u5143\u7684\u8d22\u653f\u503a\u5238 \u3002<\/p>\n<p>\u56e0\u4e3a\u8fd9\u4e9b\u76c8\u4f59\u5e76\u6ca1\u6709\u56de\u6d41\u5230\u4e2d\u56fd\u3001\u65e5\u672c\u6216\u5176\u4ed6\u5730\u65b9\uff0c\u800c\u662f\u88ab\u5faa\u73af\u6295\u8d44\u5230\u7f8e\u56fd\u7684\u56fd\u503a\u4e2d\uff1a<\/p>\n<p><strong>\u7f8e\u56fd\u8d44\u672c\u8d26\u6237\uff1a<\/strong><\/p>\n<ul>\n<li>\n<p><strong>\u8d44\u672c\u8d26\u6237\u76c8\u4f59\uff1a<\/strong> 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Portfolio Assets\uff09\uff0c\u4e5f\u5c31\u662f\u6d41\u52a8\u6027\u8f83\u5f3a\u7684\u80a1\u7968\u3001\u503a\u5238\u548c\u623f\u4ea7\uff0c\u800c\u4e0d\u5305\u62ec\u50cf\u5916\u56fd\u6c7d\u8f66\u5236\u9020\u5546\u5728\u4fc4\u4ea5\u4fc4\u5dde\u62e5\u6709\u7684\u5de5\u5382\u8fd9\u6837\u7684\u975e\u6d41\u52a8\u6027\u8d44\u4ea7\u3002<\/p>\n<p>\u76ee\u524d\uff0c\u5916\u56fd\u6295\u8d44\u7ec4\u5408\u8d44\u4ea7\u7684\u603b\u4ef7\u503c\u7ea6\u4e3a33\u4e07\u4ebf\u7f8e\u5143\u3002\u5047\u8bbe\u4ef7\u683c\u6052\u5b9a\u4e14\u6ca1\u6709\u8d44\u672c\u56e0\u7a0e\u6536\u800c\u5916\u6d41\uff0c\u6211\u4eec\u6765\u770b\u770b\u6bcf\u5e74\u7684\u7a0e\u6536\u6536\u76ca\u60c5\u51b5\u3002<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250515\/11a36c274e9e837bc366f6fa2bbc31bb.jpg\" 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Pettis\uff09\u5728\u6700\u8fd1\u7684\u4e00\u6b21\u7f51\u7edc\u7814\u8ba8\u4f1a\u4e0a\u63a8\u6d4b\uff0c\u5173\u7a0e\u4e0d\u4f1a\u5b9e\u8d28\u6027\u51cf\u5c11\u7f8e\u56fd\u4e0e\u5168\u7403\u7684\u8d38\u6613\u9006\u5dee\u548c\u8d44\u672c\u8d26\u6237\u76c8\u4f59\uff0c\u4ed6\u7684\u7ed3\u8bba\u662f\uff0c\u8d44\u672c\u7ba1\u5236\u5373\u5c06\u5230\u6765\uff0c\u56e0\u4e3a\u653f\u5e9c\u610f\u8bc6\u5230\u8fd9\u662f\u552f\u4e00\u80fd\u771f\u6b63\u6539\u53d8\u8d44\u91d1\u6d41\u5411\u7684\u65b9\u5f0f\u3002<\/p>\n<p>\u6211\u63d0\u5230\u8fd9\u4e9b\u4eba\uff0c\u662f\u4e3a\u4e86\u8bc1\u660e\u5982\u4eca\u7684\u91d1\u878d\u667a\u56ca\u4eec\u90fd\u5728\u5021\u5bfc\u8d44\u672c\u7ba1\u5236\uff0c\u800c\u975e\u5173\u7a0e\u3002\u6295\u8d44\u8005\u7684\u597d\u5904\u5728\u4e8e\uff0c\u6211\u4eec\u53ef\u4ee5\u5b9e\u65f6\u89c2\u5bdf\u7531\u5546\u52a1\u90e8\u957f\u970d\u534e\u5fb7\u00b7\u5362\u7279\u5c3c\u514b\uff08Howard Lutnick\uff09\u9886\u5bfc\u7684\u5f3a\u786c\u5173\u7a0e\u6d3e\u5982\u4f55\u6267\u884c\u524a\u51cf\u7f8e\u56fd\u5931\u8861\u7684\u8ba1\u5212\u3002\u7136\u800c\uff0c\u7531\u4e8e\u4eca\u5e74\u56db\u6708\u521d\u91d1\u878d\u5e02\u573a\u7684\u5d29\u76d8\uff0c\u5173\u7a0e\u653f\u7b56\u88ab\u5306\u5fd9\u6267\u884c\uff0c\u5185\u90e8\u6597\u4e89\u4f3c\u4e4e\u5df2\u7ecf\u7ed3\u675f\u3002\u8d44\u672c\u7ba1\u5236\u7684\u6e38\u8bf4\u8005\uff0c\u5982Bessent\uff0c\u73b0\u5728\u5f00\u59cb\u63a5\u624b\u3002 \u6211\u5bf9\u8d44\u672c\u7ba1\u5236\u6709\u6548\u6027\u7684\u63cf\u8ff0\u53ef\u80fd\u548cSam Bankman-Fried\uff08SBF\uff09\u5411\u6295\u8d44\u8005\u5c55\u793aFTX\/Alameda\u8d22\u52a1\u72b6\u51b5\u65f6\u7684\u201c\u753b\u997c\u201d\u4e00\u6837\u4e50\u89c2\u3002\u7136\u800c\uff0c\u5728\u201c\u7f8e\u5f0f\u548c\u5e73\u201d\uff08Pax 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decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250515\/d5fc6ee180aad99a702e356d8879c434.jpg\" \/><\/p>\n<p>\u63a5\u4e0b\u6765\u7684\u4e09\u4e2a\u56fe\u8868\uff0c\u6211\u4f7f\u7528\u7684\u662f2002\u5e74\u81f32025\u5e74\u521d\u7684\u6570\u636e\uff0c\u56e0\u4e3a\u4e2d\u56fd\u57282002\u5e74\u52a0\u5165\u4e86\u4e16\u754c\u8d38\u6613\u7ec4\u7ec7\uff0c\u800c2025\u5e741\u6708\u521d\u662f\u7f8e\u56fd\u5e02\u573a\u4e0a\u201c\u7279\u6717\u666e\u8981\u4fee\u590d\u4e16\u754c\u201d\u7684\u4e50\u89c2\u60c5\u7eea\u9ad8\u6da8\u7684\u65f6\u671f\u3002<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250515\/2e135a1f143ecc51eac56e2e44c15e9b.jpg\" \/><\/p>\n<p>\u81ea2022\u5e74\u4ee5\u6765\uff0cMSCI\u7f8e\u56fd\u6307\u6570\uff08\u767d\u8272\uff09\u8868\u73b0\u4f18\u4e8eMSCI\u4e16\u754c\u6307\u6570\uff08\u91d1\u8272\uff09148%\uff1a\u7f8e\u56fd\u80a1\u5e02\u7684\u7279\u6b8a\u8868\u73b0\u3002<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250515\/dbb7ab84f58908e5720d09a703114d8a.jpg\" \/><\/p>\n<p>\u53ef\u4ea4\u6613\u7684\u7f8e\u56fd\u56fd\u503a\u603b\u989d\uff08\u91d1\u8272\uff09\u589e\u957f\u4e861000%\uff0c\u4f4610\u5e74\u671f\u7f8e\u56fd\u56fd\u503a\u6536\u76ca\u7387\u7565\u6709\u4e0b\u964d\uff1a\u7f8e\u56fd\u503a\u5238\u5e02\u573a\u7684\u7279\u6b8a\u8868\u73b0\u3002<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250515\/2fa0be8d14ebdc291dff794c286f33bc.jpg\" \/><\/p>\n<p>\u7f8e\u56fd15-64\u5c81\u5de5\u4f5c\u5e74\u9f84\u4eba\u53e3\uff08\u91d1\u8272\uff09\u4ec5\u589e\u957f\u4e8614%\uff0c\u4f46Cash 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Americana\uff09\u4f9d\u8d56\u4e8e\u5916\u56fd\u8d44\u672c\uff0c\u5982\u679c\u8d44\u672c\u7ba1\u5236\u5b9e\u65bd\uff0c\u5916\u56fd\u8d44\u672c\u79bb\u5f00\uff0c\u90a3\u4e48\u5bf9\u7ecf\u6d4e\u6765\u8bf4\u662f\u574f\u6d88\u606f\u3002\u653f\u6cbb\u5bb6\u3001\u7f8e\u8054\u50a8\u548c\u8d22\u653f\u90e8\u80fd\u5426\u91c7\u53d6\u63aa\u65bd\u66ff\u4ee3\u5916\u56fd\u8d44\u672c\u5e76\u7ef4\u6301\u91d1\u878d\u5e02\u573a\u7684\u7a33\u5b9a\uff1f<\/p>\n<p>\u8bb0\u4f4f\u90a3\u4e2a\u56db\u5206\u4e4b\u56db\u7684\u9f13\u70b9\uff0cBrrr\u6309\u94ae\u3002\u5927\u5bb6\u90fd\u77e5\u9053\u7b54\u6848\u3002\u7b54\u6848\u548c\u5f80\u5e38\u4e00\u6837\u3002\u5982\u679c\u5916\u56fd\u4eba\u4e0d\u63d0\u4f9b\u7f8e\u5143\uff0c\u653f\u5e9c\u5c31\u4f1a\u901a\u8fc7\u5370\u949e\u673a\u6765\u63d0\u4f9b\u3002<\/p>\n<p>\u4ee5\u4e0b\u662f\u7f8e\u8054\u50a8\u3001\u8d22\u653f\u90e8\u548c\u5171\u548c\u515a\u7acb\u6cd5\u8005\u5c06\u91c7\u53d6\u7684\u653f\u7b56\uff0c\u4ee5\u66ff\u4ee3\u5916\u56fd\u8d44\u672c\uff1a<\/p>\n<p><strong>\u7f8e\u8054\u50a8\uff1a<\/strong><\/p>\n<ul>\n<li>\n<p>\u505c\u6b62\u5bf9\u62b5\u62bc\u8d37\u6b3e\u652f\u6301\u8bc1\u5238\uff08MBS\uff09\u548c\u56fd\u503a\u7684\u91cf\u5316\u7d27\u7f29\uff08QT\uff09\u3002<\/p>\n<\/li>\n<li>\n<p>\u91cd\u65b0\u542f\u52a8\u5bf9MBS\u548c\u56fd\u503a\u7684\u91cf\u5316\u5bbd\u677e\uff08QE\uff09\u3002<\/p>\n<\/li>\n<li>\n<p>\u5c06MBS\u548c\u56fd\u503a\u6392\u9664\u5728\u8865\u5145\u6760\u6746\u7387\uff08SLR\uff09\u4e4b\u5916\u3002<\/p>\n<\/li>\n<\/ul>\n<p><strong>\u8d22\u653f\u90e8\uff1a<\/strong><\/p>\n<ul>\n<li>\n<p>\u6bcf\u5b63\u5ea6\u589e\u52a0\u56fd\u503a\u56de\u8d2d\u7684\u6570\u91cf\u3002<\/p>\n<\/li>\n<li>\n<p>\u7ee7\u7eed\u53d1\u884c\u5927\u91cf\u77ed\u671f\u56fd\u5e93\u5238\uff0810\u5e74\u5230\u671f\uff09\u3002<\/p>\n<\/li>\n<\/ul>\n<p><strong>\u5171\u548c\u515a\u7acb\u6cd5\u8005\uff1a<\/strong><\/p>\n<ul>\n<li>\n<p>\u7ed3\u675f\u5bf9\u623f\u5229\u7f8e\uff08Fannie 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Express\uff09\uff0c\u5373\u4e00\u4e2a\u9762\u5411\u5bcc\u6709\u6301\u5e01\u8005\u7684\u539f\u578b\u52a0\u5bc6\u91d1\u878d\u673a\u6784\u3002\u6211\u5c06\u5728\u540e\u7eed\u6587\u7ae0\u4e2d\u8fdb\u4e00\u6b65\u8bc4\u8bba\u8fd9\u4e9b\u201c\u5c71\u5be8\u5e01\u201d\u3002<\/p>\n<p>\u5c3d\u7ba1\u6211\u76f8\u4fe1\u6bd4\u7279\u5e01\u5c06\u8fbe\u5230100\u4e07\u7f8e\u5143\uff0c\u4f46\u8fd9\u5e76\u4e0d\u610f\u5473\u7740\u6ca1\u6709\u673a\u4f1a\u8fdb\u884c\u6218\u672f\u6027\u7684\u7a7a\u5934\u64cd\u4f5c\u3002\u8d44\u672c\u7ba1\u5236\u548c\u8d27\u5e01\u5370\u5237\u5373\u5c06\u5230\u6765\uff0c\u4f46\u4ece\u73b0\u5728\u5230\u90a3\u65f6\u7684\u9053\u8def\u5145\u6ee1\u574e\u5777\u3002\u7279\u6717\u666e\u56e2\u961f\u5e76\u672a\u5b8c\u5168\u62bc\u6ce8\u8d44\u672c\u7ba1\u5236\uff0c\u56e0\u6b64\u53ef\u4ee5\u9884\u671f\uff0c\u90a3\u4e9b\u5e0c\u671b\u7279\u6717\u666e\u5e26\u9886\u5e1d\u56fd\u8d70\u5411\u4e0d\u540c\u65b9\u5411\u7684\u4eba\u5c06\u91cd\u65b0\u53d1\u58f0\u3002\u7279\u6717\u666e\u6ca1\u6709\u56fa\u5b9a\u7684\u610f\u8bc6\u5f62\u6001\uff1b\u4ed6\u4f1a\u6839\u636e\u73af\u5883\u7684\u9650\u5236\u800c\u8c03\u6574\u65b9\u5411\uff0c\u66f2\u6298\u524d\u884c\u4ee5\u5b9e\u73b0\u76ee\u6807\u3002\u56e0\u6b64\uff0c\u8d8b\u52bf\u662f\u4f60\u7684\u670b\u53cb\u2014\u2014\u76f4\u5230\u5b83\u4e0d\u518d\u662f\u4e3a\u6b62\u3002<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n<div class=\"pl30 pr30 pb30\">\n<p class=\"f18 fw\">\u6b22\u8fce\u52a0\u5165\u6df1\u6f6eTechFlow\u5b98\u65b9\u793e\u7fa4<\/p>\n<div class=\"line32 mt20\">                        Telegram\u8ba2\u9605\u7fa4\uff1ahttps:\/\/t.me\/TechFlowDaily<br \/>                        Twitter\u5b98\u65b9\u8d26\u53f7\uff1ahttps:\/\/x.com\/TechFlowPost<br \/>                        Twitter\u82f1\u6587\u8d26\u53f7\uff1ahttps:\/\/x.com\/BlockFlow_News                    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Arthur Hayes \u65b0\u6587\uff1a\u5e02\u573a\u4f1a\u56de\u62a5\u6709\u4ea7\u54c1\u7684\u5c71\u5be8\u5e01\uff0c\u6bd4\u7279\u5e01 2028 \u5e74\u5c06\u7a81\u7834 100 \u4e07\u7f8e\u5143 \u8d8b\u52bf\u662f\u4f60 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