{"id":2616,"date":"2026-07-09T03:28:42","date_gmt":"2026-07-08T19:28:42","guid":{"rendered":"https:\/\/www.yqcsfz.com\/?p=2616"},"modified":"2026-07-09T03:28:42","modified_gmt":"2026-07-08T19:28:42","slug":"%e7%be%8e%e8%82%a1%ef%bc%8c%e6%af%94%e7%89%b9%e5%b8%81%e4%b8%8e%e7%99%bd%e9%93%b6%e9%81%ad%e8%a1%80%e6%b4%97%ef%bc%9a%e4%b8%80%e5%9c%ba%e8%af%a1%e5%bc%82%e7%9a%84%e5%85%a8%e7%90%83%e8%b5%84%e4%ba%a7","status":"publish","type":"post","link":"https:\/\/www.zaixinjiang.com\/?p=2616","title":{"rendered":"\u7f8e\u80a1\uff0c\u6bd4\u7279\u5e01\u4e0e\u767d\u94f6\u906d\u8840\u6d17\uff1a\u4e00\u573a\u8be1\u5f02\u7684\u5168\u7403\u8d44\u4ea7\u5927\u5c60\u6740 &#8211;"},"content":{"rendered":"<p>\u80a1\u7968\u3001\u8d35\u91d1\u5c5e\u3001\u52a0\u5bc6\u4e00\u8d77\u906d\u6b83\uff0c\u4e00\u4e2a\u7eaf\u7cb9\u7684\u201c\u6d41\u52a8\u6027\u9ed1\u6d1e\u201d\u3002<\/p><\/div>\n<div>\n<p style=\"text-align: justify\"><span>\u64b0\u6587\uff1a\u5b87\u667a\u6ce2\u9e23\u4eba\uff0c\u6df1\u6f6e TechFlow <\/span><\/p>\n<p style=\"text-align: justify\"><span>2 \u6708 6 \u65e5\uff0c\u7f8e\u5143\u8d44\u4ea7\u6295\u8d44\u8005\u96be\u4ee5\u5165\u7720\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u6253\u5f00\u4ea4\u6613\u8f6f\u4ef6\uff0c\u6ee1\u5c4f\u8840\u7ea2\u3002\u6bd4\u7279\u5e01\u4e00\u5ea6\u8dcc\u81f3 6 \u4e07\u7f8e\u5143\uff0c24 \u5c0f\u65f6\u84b8\u53d1 16%\uff0c\u8f83\u6b64\u524d\u9ad8\u70b9\u5df2\u8dcc\u53bb 50%\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u767d\u94f6\u50cf\u65ad\u4e86\u7ebf\u7684\u98ce\u7b5d\uff0c\u5355\u65e5\u66b4\u8dcc 17%\u3002\u7eb3\u65af\u8fbe\u514b\u5927\u8dcc 1.5%\uff0c\u79d1\u6280\u80a1\u54c0\u9e3f\u904d\u91ce\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u52a0\u5bc6\u5e02\u573a\uff0c58 \u4e07\u4eba\u7206\u4ed3\uff0c26 \u4ebf\u7f8e\u5143\u7070\u98de\u70df\u706d\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span><strong>\u4f46\u6700\u8be1\u5f02\u7684\u662f\uff1a\u6ca1\u4eba\u77e5\u9053\u7a76\u7adf\u53d1\u751f\u4e86\u4ec0\u4e48\uff1f<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span>\u6ca1\u6709\u96f7\u66fc\u5012\u95ed\uff0c\u6ca1\u6709\u9ed1\u5929\u9e45\u4e8b\u4ef6\uff0c\u751a\u81f3\u8fde\u50cf\u6837\u7684\u574f\u6d88\u606f\u90fd\u6ca1\u6709\u3002\u7f8e\u80a1\u3001\u767d\u94f6\u3001\u52a0\u5bc6\u8d27\u5e01\uff0c\u4e09\u7c7b\u8d44\u4ea7\uff0c\u5728\u540c\u4e00\u65f6\u95f4\u96c6\u4f53\u8df3\u6c34\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u5f53\u201c\u907f\u9669\u8d44\u4ea7\u201d\uff08\u767d\u94f6\uff09\u3001\u201c\u79d1\u6280\u4fe1\u4ef0\u201d\uff08\u7f8e\u80a1\uff09\u3001\u201c\u6295\u673a\u8d4c\u573a\u201d\uff08\u52a0\u5bc6\u8d27\u5e01\uff09\u540c\u65f6\u5d29\u76d8\uff0c\u5e02\u573a\u4f20\u9012\u7684\u4fe1\u606f\u6216\u8bb8\u53ea\u6709\u4e00\u4e2a\uff1a<\/span><span><strong>\u6d41\u52a8\u6027\u6ca1\u4e86\u3002<\/strong><\/span><\/p>\n<h2 style=\"text-align: justify\">\u7f8e\u80a1\uff1a\u6ce1\u6cab\u5728\u8d22\u62a5\u5b63\u7206\u88c2<\/h2>\n<p style=\"text-align: justify\"><span>2 \u6708 4 \u65e5\u76d8\u540e\uff0cAMD \u4ea4\u4e86\u4e00\u4efd\u6f02\u4eae\u7684\u6210\u7ee9\u5355\uff1a\u8425\u6536\u3001\u5229\u6da6\u5168\u90e8\u8d85\u9884\u671f\u3002CEO \u82cf\u59ff\u4e30\u5728\u7535\u8bdd\u4f1a\u4e0a\u8bf4\uff1a\u6211\u4eec\u4ee5\u5f3a\u52b2\u52bf\u5934\u8fdb\u5165 2026 \u5e74\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u7136\u540e\u80a1\u4ef7\u66b4\u8dcc 17%\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u95ee\u9898\u51fa\u5728\u54ea\uff1fQ1 \u8425\u6536\u6307\u5f15 95-101 \u4ebf\u7f8e\u5143\uff0c\u4e2d\u503c 98 \u4ebf\u3002\u8fd9\u4e2a\u6570\u5b57\u8d85\u8fc7\u534e\u5c14\u8857\u5171\u8bc6\u9884\u671f\uff0893.7 \u4ebf\uff09\uff0c\u6309\u8bf4\u5e94\u8be5\u6b22\u547c\u624d\u5bf9\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span><strong>\u4f46\u5e02\u573a\u4e0d\u8ba4\u53ef\u3002<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span>\u90a3\u4e9b\u6700\u6fc0\u8fdb\u7684\u5206\u6790\u5e08\uff0c\u90a3\u4e9b\u558a\u7740\u201cAI \u9769\u547d\u201d\u3001\u7ed9 AMD \u6253\u51fa\u5929\u4ef7\u76ee\u6807\u4ef7\u7684\u4eba\uff0c\u4ed6\u4eec\u671f\u5f85\u7684\u662f\u201c100 \u4ebf+\u201d\u3002\u5dee\u4e86 2%\uff0c\u5728\u4ed6\u4eec\u773c\u91cc\u5c31\u662f\u201c\u589e\u957f\u653e\u7f13\u201d\u7684\u4fe1\u53f7\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u7ed3\u679c\u5c31\u662f\u5168\u7ebf\u8e29\u8e0f\u3002AMD \u66b4\u8dcc 17%\uff0c\u5e02\u503c\u4e00\u591c\u84b8\u53d1\u6570\u767e\u4ebf\uff1b\u8d39\u57ce\u534a\u5bfc\u4f53\u6307\u6570\u66b4\u8dcc\u8d85 6%\uff1b\u7f8e\u5149\u79d1\u6280\u8dcc\u8d85 9%\uff0c\u95ea\u8fea\u66b4\u8dcc 16%\uff0c\u897f\u90e8\u6570\u636e\u8dcc 7%\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u6574\u4e2a\u82af\u7247\u677f\u5757\u88ab AMD \u4e00\u5bb6\u516c\u53f8\u62d6\u4e0b\u6c34\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>AMD \u7684\u4f24\u53e3\u8fd8\u6ca1\u6108\u5408\uff0cAlphabet \u53c8\u8865\u4e86\u4e00\u5200\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>2 \u6708 6 \u65e5\u76d8\u540e\uff0c\u8c37\u6b4c\u6bcd\u516c\u53f8\u8d22\u62a5\u51fa\u7089\u3002\u8425\u6536\u3001\u5229\u6da6\u53c8\u662f\u5168\u9762\u8d85\u9884\u671f\uff0c\u4e91\u4e1a\u52a1\u589e\u957f 48%\uff0cCEO \u76ae\u67e5\u4f0a\u6625\u98ce\u5f97\u610f\uff1aAI \u6b63\u5728\u63a8\u52a8\u6211\u4eec\u6240\u6709\u4e1a\u52a1\u589e\u957f\u3002\u7136\u540e\uff0cCFO Anat Ashkenazi \u5730\u4e22\u51fa\u4e00\u4e2a\u6570\u5b57\uff1a<\/span><span><strong>\u201c2026 \u5e74\uff0c\u6211\u4eec\u8ba1\u5212\u6295\u5165 1750 \u5230 1850 \u4ebf\u7f8e\u5143\u8d44\u672c\u652f\u51fa\u3002\u201d<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span>\u534e\u5c14\u8857\u96c6\u4f53\u61f5\u4e86\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u8fd9\u4e2a\u6570\u5b57\u662f Alphabet \u53bb\u5e74\uff08914 \u4ebf\uff09\u7684\u4e24\u500d\uff0c\u662f\u534e\u5c14\u8857\u9884\u671f\uff081195 \u4ebf\uff09\u7684 1.5 \u500d\u3002\u76f8\u5f53\u4e8e\u6bcf\u5929\u70e7 5 \u4ebf\u7f8e\u5143\uff0c\u8fde\u7eed\u70e7\u4e00\u6574\u5e74\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>Alphabet \u80a1\u4ef7\u76d8\u540e\u66b4\u8dcc 6%\uff0c\u7136\u540e\u53c8\u62bd\u6410\u822c\u5730\u53cd\u5f39\u3001\u4e0b\u8dcc\uff0c\u6700\u7ec8\u52c9\u5f3a\u6301\u5e73\uff0c\u4f46\u6050\u614c\u4e0e\u62c5\u5fe7\u5df2\u7ecf\u5728\u5e02\u573a\u4e2d\u5f25\u6f2b\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u8fd9\u5c31\u662f 2026 \u5e74\u771f\u5b9e\u7684 AI \u519b\u5907\u7ade\u8d5b\uff1a\u8c37\u6b4c\u70e7 1800 \u4ebf\uff0cMeta \u70e7 1150-1350 \u4ebf\uff0c\u5fae\u8f6f\u3001\u4e9a\u9a6c\u900a\u4e5f\u5728\u75af\u72c2\u7838\u94b1\u3002\u56db\u5927\u79d1\u6280\u5de8\u5934\u4eca\u5e74\u5408\u8ba1\u8981\u70e7\u6389\u8d85\u8fc7 5000 \u4ebf\u7f8e\u5143\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u4f46\u6ca1\u4eba\u77e5\u9053\u8fd9\u573a\u519b\u5907\u7ade\u8d5b\u7684\u7ec8\u70b9\u5728\u54ea\u3002\u5c31\u50cf\u4e24\u4e2a\u4eba\u7ad9\u5728\u60ac\u5d16\u8fb9\u4e92\u76f8\u63a8\u6421\uff0c\u8c01\u5148\u505c\u624b\uff0c\u8c01\u5c31\u4f1a\u88ab\u63a8\u4e0b\u53bb\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u79d1\u6280\u4e03\u5de8\u5934\u5728 2025 \u5e74\u7684\u6da8\u5e45\uff0c\u51e0\u4e4e\u5168\u90e8\u6765\u81ea\u201cAI \u9884\u671f\u201d\u3002\u5927\u5bb6\u90fd\u5728\u8d4c\uff1a\u867d\u7136\u73b0\u5728\u8d35\uff0c\u4f46 AI \u4f1a\u8ba9\u8fd9\u4e9b\u516c\u53f8\u8d5a\u5f97\u76c6\u6ee1\u94b5\u6ee1\uff0c\u6240\u4ee5\u73b0\u5728\u4e70\u4e0d\u4e8f\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u4f46\u662f\u5f53\u5e02\u573a\u610f\u8bc6\u5230\u201cAI \u4e0d\u662f\u5370\u949e\u673a\uff0c\u800c\u662f\u70e7\u94b1\u673a\u201d\u65f6\uff0c\u9ad8\u4f30\u503c\u4e0b\u7684\u5929\u4ef7\u8d44\u672c\u652f\u51fa\u5c31\u6210\u4e86\u60ac\u5728\u5934\u4e0a\u7684\u8fbe\u6469\u514b\u5229\u65af\u4e4b\u5251\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>AMD \u53ea\u662f\u4e00\u4e2a\u5f00\u7aef\u3002\u63a5\u4e0b\u6765\uff0c\u6bcf\u4e00\u4efd\u4e0d\u591f\u5b8c\u7f8e\u7684\u8d22\u62a5\uff0c\u90fd\u53ef\u80fd\u5f15\u53d1\u65b0\u4e00\u8f6e\u8e29\u8e0f\u3002<\/span><\/p>\n<h2 style=\"text-align: justify\">\u767d\u94f6\uff1a\u4ece\u201c\u7a77\u4eba\u7684\u9ec4\u91d1\u201d\u5230\u6d41\u52a8\u6027\u796d\u54c1<\/h2>\n<p style=\"text-align: justify\"><span>\u4e00\u4e2a\u6708\u6da8 68%\uff0c\u4e09\u5929\u8dcc 50%\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>1 \u6708\u81f3\u4eca\uff0c\u767d\u94f6\u8d70\u51fa\u4e86\u4e00\u6761\u8ba9\u6240\u6709\u4eba\u76ee\u77aa\u53e3\u5446\u7684\u66f2\u7ebf\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u6708\u521d\u8fd8\u5728 70 \u7f8e\u5143\u5f98\u5f8a\uff0c\u6708\u5e95\u5c31\u51b2\u5230 121 \u7f8e\u5143\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u793e\u4ea4\u5a92\u4f53\u4e00\u5ea6\u5f00\u542f\u201c\u767d\u94f6\u72c2\u6b22\u201d\u3002Reddit \u7684\u767d\u94f6\u7248\u5757\u6324\u6ee1\u4e86\u201cDiamond Hands\u201d\uff08\u94bb\u77f3\u624b\uff0c\u6307\u575a\u5b9a\u6301\u6709\u8005\uff09\uff0c\u63a8\u7279\u4e0a\u5230\u5904\u90fd\u662f\u201c\u767d\u94f6\u8981\u4e0a\u5929\u201d\u3001\u201c\u5de5\u4e1a\u9700\u6c42\u7206\u70b8\u201d\u3001\\&#8221;\u592a\u9633\u80fd\u677f\u79bb\u4e0d\u5f00\u767d\u94f6\u201d\u7684\u5e16\u5b50\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u5f88\u591a\u4eba\u771f\u7684\u4fe1\u4e86\u201c\u8fd9\u6b21\u4e0d\u4e00\u6837\u201d\u3002\u592a\u9633\u80fd\u9700\u6c42\u3001AI \u6570\u636e\u4e2d\u5fc3\u3001\u7535\u52a8\u6c7d\u8f66\uff0c\u8fd9\u4e9b\u5b9e\u6253\u5b9e\u7684\u5de5\u4e1a\u9700\u6c42\uff0c\u52a0\u4e0a\u8fde\u7eed 5 \u5e74\u7684\u4f9b\u5e94\u8d64\u5b57\uff0c\u600e\u4e48\u770b\u90fd\u50cf\u662f\u767d\u94f6\u7684\u9ec4\u91d1\u65f6\u4ee3\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span><strong>\u7136\u540e 1 \u6708 30 \u65e5\uff0c\u767d\u94f6\u7528\u4e00\u5929\u65f6\u95f4\u8dcc\u4e86 30%\u3002<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span>\u4ece 121 \u7f8e\u5143\u76f4\u63a5\u7838\u5230 78 \u7f8e\u5143\u9644\u8fd1\u3002\u8fd9\u662f 1980 \u5e74\u201c\u4ea8\u7279\u5144\u5f1f\u4e8b\u4ef6\u201d\u4ee5\u6765\uff0c\u767d\u94f6\u6700\u60e8\u70c8\u7684\u5355\u65e5\u5d29\u76d8\u3002\u90a3\u4e00\u5e74\uff0c\u4e24\u4e2a\u5fb7\u5dde\u5bcc\u8c6a\u8bd5\u56fe\u5784\u65ad\u767d\u94f6\u5e02\u573a\uff0c\u6700\u540e\u88ab\u4ea4\u6613\u6240\u5f3a\u5236\u5e73\u4ed3\uff0c\u5f15\u53d1\u5e02\u573a\u5d29\u6e83\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>45 \u5e74\u8fc7\u53bb\u4e86\uff0c\u5386\u53f2\u91cd\u6f14\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>2 \u6708 6 \u65e5\uff0c\u767d\u94f6\u53c8\u8dcc\u4e86 17%\u3002\u90a3\u4e9b\u5728 90 \u7f8e\u5143\u201c\u6284\u5e95\u201d\u7684\u4eba\uff0c\u773c\u7741\u7741\u770b\u7740\u81ea\u5df1\u7684\u94b1\u518d\u84b8\u53d1\u4e00\u6b21\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u767d\u94f6\u8fd9\u4e1c\u897f\u5f88\u7279\u522b\uff0c\u5b83\u65e2\u662f\u201c\u7a77\u4eba\u7684\u9ec4\u91d1\u201d\uff08\u907f\u9669\u8d44\u4ea7\uff09\uff0c\u53c8\u662f\u201c\u5de5\u4e1a\u5fc5\u9700\u54c1\u201d\uff08\u7528\u4e8e\u592a\u9633\u80fd\u677f\u3001\u624b\u673a\u3001\u6c7d\u8f66\uff09\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u725b\u5e02\u7684\u65f6\u5019\uff0c\u8fd9\u662f\u53cc\u91cd\u5229\u597d\uff1a\u7ecf\u6d4e\u597d\uff0c\u5de5\u4e1a\u9700\u6c42\u65fa\uff1b\u7ecf\u6d4e\u5dee\uff0c\u907f\u9669\u9700\u6c42\u6da8\u3002\u600e\u4e48\u90fd\u80fd\u6da8\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span><strong>\u4f46\u4e00\u65e6\u8fdb\u5165\u718a\u5e02\uff0c\u8fd9\u5c31\u6210\u4e86\u53cc\u91cd\u8bc5\u5492\u3002<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span>\u66b4\u8dcc\u7684\u6e90\u5934\u8981\u56de\u5230 1 \u6708 30 \u65e5\uff0c\u90a3\u5929\u7279\u6717\u666e\u5ba3\u5e03\u63d0\u540d Kevin Warsh \u62c5\u4efb\u65b0\u7684\u7f8e\u8054\u50a8\u4e3b\u5e2d\uff0c\u767d\u94f6\u5f53\u65e5\u66b4\u8dcc 31.4%\uff0c\u521b 1980 \u5e74\u4ee5\u6765\u6700\u5927\u5355\u65e5\u8dcc\u5e45\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>Warsh \u662f\u4e2a\u8457\u540d\u7684\u9e70\u6d3e\uff0c\u4e3b\u5f20\u7ef4\u6301\u9ad8\u5229\u7387\u63a7\u5236\u901a\u80c0\u3002\u4ed6\u7684\u63d0\u540d\u610f\u5473\u7740\u5e02\u573a\u5bf9\u201c\u7f8e\u8054\u50a8\u5931\u53bb\u72ec\u7acb\u6027\u201d\u3001\u201c\u8d27\u5e01\u653f\u7b56\u6df7\u4e71\u201d\u3001\u201c\u901a\u80c0\u5931\u63a7\u201d\u7684\u62c5\u5fe7\u77ac\u95f4\u964d\u6e29\uff0c\u800c\u8fd9\u4e9b\u62c5\u5fe7\uff0c\u6070\u6070\u662f\u63a8\u52a8\u9ec4\u91d1\u767d\u94f6\u5728 2025 \u5e74\u66b4\u6da8\u7684\u6838\u5fc3\u52a8\u529b\u3002Warsh \u63d0\u540d\u5f53\u5929\uff0c\u7f8e\u5143\u6307\u6570\u6da8 0.8%\uff0c\u6240\u6709\u907f\u9669\u8d44\u4ea7\uff08\u9ec4\u91d1\u3001\u767d\u94f6\u3001\u65e5\u5143\uff09\u88ab\u540c\u65f6\u629b\u552e\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u56de\u5934\u770b\u8fd9\u573a\u5d29\u76d8\uff0c\u4e09\u4ef6\u4e8b\u5728 48 \u5c0f\u65f6\u5185\u63a5\u8fde\u53d1\u751f\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>1 \u6708 30 \u65e5\uff0c\u829d\u52a0\u54e5\u5546\u54c1\u4ea4\u6613\u6240\u7a81\u7136\u5ba3\u5e03\uff1a\u767d\u94f6\u4fdd\u8bc1\u91d1\u4ece 11% \u6da8\u5230 15%\uff0c\u9ec4\u91d1\u4ece 6% \u6da8\u5230 8%\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u4e0e\u6b64\u540c\u65f6\uff0c\u505a\u5e02\u5546\u5f00\u59cb\u64a4\u9000\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>Saxo Bank \u5546\u54c1\u7b56\u7565\u4e3b\u7ba1 Ole Hansen \u76f4\u8a00\uff1a\u201c\u5f53\u6ce2\u52a8\u6027\u592a\u5927\u65f6\uff0c\u94f6\u884c\u548c\u7ecf\u7eaa\u5546\u4f1a\u9000\u51fa\u5e02\u573a\uff0c\u7ba1\u7406\u81ea\u5df1\u7684\u98ce\u9669\uff0c\u800c\u8fd9\u79cd\u9000\u5b88\u53cd\u800c\u4f1a\u52a0\u5267\u4ef7\u683c\u6ce2\u52a8\uff0c\u89e6\u53d1\u6b62\u635f\u5355\u3001\u8ffd\u52a0\u4fdd\u8bc1\u91d1\u901a\u77e5\u548c\u5f3a\u5236\u629b\u552e\u3002\u201d<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u6700\u8be1\u5f02\u7684\u662f\uff0c\u5c31\u5728\u767d\u94f6\u6ce2\u52a8\u6700\u6fc0\u70c8\u7684\u65f6\u5019\uff0c\u4f26\u6566\u91d1\u5c5e\u4ea4\u6613\u6240\uff08LME\uff09\u7684\u4ea4\u6613\u7cfb\u7edf\u7a81\u7136\u201c\u51fa\u73b0\u6280\u672f\u95ee\u9898\u201d\uff0c\u63a8\u8fdf\u5f00\u76d8\u4e00\u5c0f\u65f6\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260206\/177035191963310.jpg\"  data-href=\"\" width=\"\" height=\"\" style=\"height: auto !important\" title=\"\u7f8e\u80a1\uff0c\u6bd4\u7279\u5e01\u4e0e\u767d\u94f6\u906d\u8840\u6d17\uff1a\u4e00\u573a\u8be1\u5f02\u7684\u5168\u7403\u8d44\u4ea7\u5927\u5c60\u6740 &#8211;\u63d2\u56fe\" alt=\"\u7f8e\u80a1\uff0c\u6bd4\u7279\u5e01\u4e0e\u767d\u94f6\u906d\u8840\u6d17\uff1a\u4e00\u573a\u8be1\u5f02\u7684\u5168\u7403\u8d44\u4ea7\u5927\u5c60\u6740 &#8211;\u63d2\u56fe\" \/><\/p>\n<p style=\"text-align: justify\"><span><strong>\u51e0\u4ef6\u4e8b\u53e0\u52a0\u5728\u51e0\u4e4e\u540c\u4e00\u5929\uff0c\u767d\u94f6\u4ece 120 \u7f8e\u5143\u8dcc\u5230 78 \u7f8e\u5143\uff0c\u5355\u65e5\u8dcc\u5e45 35%\uff0c\u65e0\u6570\u4eba\u7206\u4ed3\u51fa\u5c40\u3002<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span>\u662f\u5de7\u5408\u5417\uff1f\u8fd8\u662f\u6709\u4eba\u7cbe\u5fc3\u8bbe\u8ba1\u7684\u201c\u6d41\u52a8\u6027\u9677\u9631\u201d\uff1f\u6ca1\u4eba\u77e5\u9053\u7b54\u6848\u3002\u4f46\u767d\u94f6\u5e02\u573a\u4ece\u6b64\u53c8\u7559\u4e0b\u4e86\u4e00\u9053\u6df1\u6df1\u7684\u4f24\u75a4\u3002<\/span><\/p>\n<h2 style=\"text-align: justify\">\u52a0\u5bc6\u8d27\u5e01\uff1a\u88ab\u63a8\u8fdf\u7684\u846c\u793c\u7ec8\u4e8e\u4e3e\u884c<\/h2>\n<p style=\"text-align: justify\"><span>\u4e00\u53e5\u8bdd\u603b\u7ed3\u8fd1\u671f\u52a0\u5bc6\u8d27\u5e01\u7684\u6301\u7eed\u66b4\u8dcc\u884c\u60c5\uff1a<\/span><span><strong>\u8fd9\u662f\u4e00\u573a\u88ab\u63a8\u8fdf\u7684\u846c\u793c\u3002<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span>2 \u6708\u521d\uff0cBitwise \u9996\u5e2d\u6295\u8d44\u5b98 Matt Hougan \u53d1\u4e86\u4e00\u7bc7\u6587\u7ae0\uff0c\u6807\u9898\u5f88\u76f4\u767d\u300aThe Depths of Crypto Winter\u300b\uff0c\u4ed6\u7684\u5206\u6790\u5224\u65ad\u662f\uff1a\u725b\u5e02\u65e9\u5728 2025 \u5e74 1 \u6708\u5c31\u7ed3\u675f\u4e86\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>2025 \u5e74 10 \u6708\uff0cBTC \u51b2\u4e0a 126,000 \u7f8e\u5143\u5386\u53f2\u65b0\u9ad8\uff0c\u6240\u6709\u4eba\u90fd\u5728\u6b22\u547c\u201c\u5341\u4e07\u5200\u53ea\u662f\u5f00\u59cb\u201d\uff0cHougan \u8ba4\u4e3a\uff0c\u8fd9\u573a\u77ed\u6682\u725b\u5e02\u662f\u4eba\u5de5\u7ef4\u6301\u7684\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>2025 \u5e74\u5168\u5e74\uff0c\u6bd4\u7279\u5e01 ETF \u548c DAT \u516c\u53f8\uff08\u6570\u5b57\u8d44\u4ea7\u8d22\u653f\u516c\u53f8\uff09\uff0c\u4e00\u5171\u4e70\u5165\u4e86 744,000 \u679a\u6bd4\u7279\u5e01\uff0c\u4ef7\u503c\u7ea6 750 \u4ebf\u7f8e\u5143\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u5bf9\u6bd4\u4e00\u4e2a\u6570\u636e\uff0c2025 \u5e74\u5168\u5e74\uff0c\u6bd4\u7279\u5e01\u65b0\u589e\u6316\u77ff\u4ea7\u51fa\u7ea6 16 \u4e07\u679a\uff08\u51cf\u534a\u540e\uff09\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u673a\u6784\u4e70\u8d70\u4e86\u65b0\u589e\u4f9b\u5e94\u7684 4.6 \u500d\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u5728 Hougan \u770b\u6765\uff0c\u5982\u679c\u6ca1\u6709\u8fd9 750 \u4ebf\u7f8e\u5143\u7684\u4e70\u76d8\uff0c\u6bd4\u7279\u5e01\u53ef\u80fd\u5728 2025 \u5e74\u4e2d\u671f\u5c31\u8dcc 60%\u4e86\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u846c\u793c\u88ab\u63a8\u8fdf\u4e86 9 \u4e2a\u6708\uff0c\u4f46\u7ec8\u7a76\u8fd8\u662f\u8981\u4e3e\u884c\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span><strong>\u4f46\u4e3a\u4ec0\u4e48\u76f8\u8f83\u4e4b\u4e0b\uff0c\u52a0\u5bc6\u8dcc\u5f97\u6700\u60e8\uff1f<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span>\u5728\u673a\u6784\u7684\u201c\u8d44\u4ea7\u6e05\u5355\u201d\u91cc\uff0c\u6709\u4e00\u4e2a\u9690\u5f62\u7684\u6392\u5e8f\uff1a<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u6838\u5fc3\u8d44\u4ea7\uff1a\u7f8e\u503a\u3001\u9ec4\u91d1\u3001\u84dd\u7b79\u80a1\uff0c\u5371\u673a\u65f6\u6700\u540e\u624d\u5356\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u6b21\u6838\u5fc3\u8d44\u4ea7\uff1a\u516c\u53f8\u503a\u3001\u5927\u76d8\u80a1\u3001\u623f\u5730\u4ea7\uff0c\u6d41\u52a8\u6027\u7d27\u5f20\u65f6\u5f00\u59cb\u5356\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u8fb9\u7f18\u8d44\u4ea7\uff1a\u5c0f\u76d8\u80a1\u3001\u5546\u54c1\u671f\u8d27\u3001\u52a0\u5bc6\u8d27\u5e01\uff0c\u7b2c\u4e00\u4e2a\u88ab\u727a\u7272\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u5728\u6d41\u52a8\u6027\u5371\u673a\u9762\u524d\uff0c\u52a0\u5bc6\u8d27\u5e01\u603b\u662f\u7b2c\u4e00\u4e2a\u88ab\u727a\u7272\u7684\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u8fd9\u4e5f\u6e90\u4e8e\u52a0\u5bc6\u8d27\u5e01\u672c\u8eab\u7684\u7279\u6027\u3002\u6d41\u52a8\u6027\u6700\u597d\uff0c7\u00d724 \u5c0f\u65f6\u4ea4\u6613\uff0c\u968f\u65f6\u80fd\u53d8\u73b0\uff0c\u5e76\u4e14\u9053\u5fb7\u8d1f\u62c5\u6700\u8f7b\uff0c\u76d1\u7ba1\u538b\u529b\u6700\u5c0f\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span><strong>\u4e8e\u662f\uff0c\u6bcf\u5f53\u673a\u6784\u9700\u8981\u73b0\u91d1\uff0c\u65e0\u8bba\u662f\u8865\u4fdd\u8bc1\u91d1\u3001\u5e73\u4ed3\u6b62\u635f\u3001\u8fd8\u662f\u8001\u677f\u7a81\u7136\u4e0b\u4ee4\u201c\u964d\u4f4e\u98ce\u9669\u655e\u53e3\u201d\uff0c\u7b2c\u4e00\u4e2a\u88ab\u5356\u7684\uff0c\u603b\u662f\u52a0\u5bc6\u8d27\u5e01\u3002<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span>\u5f53\u7f8e\u80a1\u4e0e\u9ec4\u91d1\u767d\u94f6\u884c\u60c5\u9006\u8f6c\uff0c\u8fdb\u5165\u4e0b\u8dcc\u8d8b\u52bf\uff0c\u52a0\u5bc6\u8d27\u5e01\u4e5f\u65e0\u8f9c\u629b\u552e\u6ca6\u4e3a\u8865\u4fdd\u8bc1\u91d1\u7684\u71c3\u6599\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u4e0d\u8fc7\uff0cHougan \u4e5f\u8ba4\u4e3a\u52a0\u5bc6\u5bd2\u51ac\u5df2\u6301\u7eed\u5f88\u4e45\uff0c\u6625\u5929\uff0c\u80af\u5b9a\u4e0d\u8fdc\u4e86\u3002<\/span><\/p>\n<h2 style=\"text-align: justify\">\u771f\u6b63\u7684\u9707\u6e90\uff1a\u65e5\u672c\u90a3\u9897\u88ab\u5ffd\u89c6\u7684\u5b9a\u65f6\u70b8\u5f39\uff1f<\/h2>\n<p style=\"text-align: justify\"><span>\u6240\u6709\u4eba\u90fd\u5728\u627e\u7f6a\u9b41\u7978\u9996\uff1a\u662f AMD \u8d22\u62a5\uff1f\u662f Alphabet \u70e7\u94b1\uff1f\u662f\u7279\u6717\u666e\u63d0\u540d\u7f8e\u8054\u50a8\u4e3b\u5e2d\uff1f<\/span><\/p>\n<p style=\"text-align: justify\"><span><strong>\u771f\u6b63\u7684\u9707\u6e90\uff0c\u6216\u8bb8\u65e9\u5728 1 \u6708 20 \u65e5\u5c31\u57cb\u4e0b\u4e86\u3002<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span>\u90a3\u5929\uff0c\u65e5\u672c 40 \u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u7a81\u7834 4%\uff0c\u8fd9\u662f 2007 \u5e74\u8be5\u671f\u9650\u63a8\u51fa\u4ee5\u6765\u7684\u9996\u6b21\uff0c\u4e5f\u662f\u65e5\u672c\u4efb\u4f55\u671f\u9650\u56fd\u503a 30 \u591a\u5e74\u6765\u9996\u6b21\u7834 4%\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u8fc7\u53bb\u51e0\u5341\u5e74\uff0c\u65e5\u672c\u56fd\u503a\u4e00\u76f4\u662f\u5168\u7403\u91d1\u878d\u4f53\u7cfb\u7684\u201c\u5b89\u5168\u57ab\u201d\u3002\u5229\u7387\u63a5\u8fd1\u96f6\uff0c\u751a\u81f3\u662f\u8d1f\u6570\uff0c\u7a33\u5f97\u50cf\u77f3\u5934\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u5168\u7403\u7684\u5bf9\u51b2\u57fa\u91d1\u3001\u517b\u8001\u91d1\u3001\u4fdd\u9669\u516c\u53f8\uff0c\u90fd\u5728\u73a9\u4e00\u4e2a\u53eb\u201c\u65e5\u5143\u5957\u5229\u4ea4\u6613\u201d\u7684\u6e38\u620f\uff1a<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u5728\u65e5\u672c\u501f\u8d85\u4f4e\u5229\u7387\u7684\u65e5\u5143\uff0c\u6362\u6210\u7f8e\u5143\uff0c\u4e70\u7f8e\u56fd\u56fd\u503a\u3001\u79d1\u6280\u80a1\u3001\u6216\u8005\u52a0\u5bc6\u8d27\u5e01\uff0c\u7136\u540e\u8d5a\u5229\u5dee\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u53ea\u8981\u65e5\u672c\u56fd\u503a\u6536\u76ca\u7387\u4e0d\u52a8\uff0c\u8fd9\u4e2a\u6e38\u620f\u5c31\u80fd\u4e00\u76f4\u73a9\u4e0b\u53bb\u3002\u5e02\u573a\u89c4\u6a21\u6709\u591a\u5927\uff1f\u6ca1\u4eba\u8bf4\u5f97\u6e05\uff0c\u4f46\u4fdd\u5b88\u4f30\u8ba1\u81f3\u5c11\u51e0\u4e07\u4ebf\u7f8e\u5143\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u968f\u7740\u65e5\u5143\u8fdb\u5165\u52a0\u606f\u5468\u671f\uff0c\u65e5\u5143\u5957\u5229\u89c4\u6a21\u9010\u6e10\u6536\u7f29\uff0c\u4f46 1 \u6708 20 \u65e5\u540e\uff0c\u8fd9\u4e2a\u5957\u5229\u6e38\u620f\u76f4\u63a5\u8fdb\u5165\u5730\u72f1\u6a21\u5f0f\uff0c\u751a\u81f3\u662f\u6e05\u7b97\u6a21\u5f0f\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u65e5\u672c\u9996\u76f8\u9ad8\u5e02\u65e9\u82d7\u5ba3\u5e03\u63d0\u524d\u5927\u9009\uff0c\u627f\u8bfa\u51cf\u7a0e\u3001\u589e\u52a0\u8d22\u653f\u652f\u51fa\uff0c\u95ee\u9898\u662f\u65e5\u672c\u653f\u5e9c\u8d1f\u503a\u7387\u5df2\u7ecf\u9ad8\u8fbe GDP \u7684 240%\uff0c\u5168\u7403\u6700\u9ad8\u3002\u518d\u51cf\u7a0e\uff0c\u62ff\u4ec0\u4e48\u8fd8\u503a\uff1f<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u5e02\u573a\u70b8\u4e86\uff0c\u65e5\u672c\u56fd\u503a\u88ab\u75af\u72c2\u629b\u552e\uff0c\u6536\u76ca\u7387\u66b4\u6da8\u300240 \u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u4e00\u5929\u6da8\u4e86 25 \u4e2a\u57fa\u70b9\uff0c\u8fd9\u79cd\u6ce2\u52a8\uff0c\u5728\u65e5\u672c 30 \u5e74\u6765\u4ece\u672a\u89c1\u8fc7\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u5f53\u65e5\u672c\u56fd\u503a\u5d29\u76d8\uff0c\u8fde\u9501\u53cd\u5e94\u5c31\u5f00\u59cb\u4e86\uff1a<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u65e5\u5143\u5347\u503c\uff0c\u90a3\u4e9b\u501f\u65e5\u5143\u4e70\u7f8e\u503a\u3001\u4e70\u80a1\u7968\u3001\u4e70\u6bd4\u7279\u5e01\u7684\u57fa\u91d1\uff0c\u7a81\u7136\u53d1\u73b0\u8fd8\u6b3e\u6210\u672c\u66b4\u6da8\u3002\u8981\u4e48\u7acb\u523b\u5e73\u4ed3\u6b62\u635f\uff0c\u8981\u4e48\u7b49\u7740\u7206\u4ed3\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u7f8e\u503a\u3001\u6b27\u503a\u3001\u6240\u6709\u201c\u957f\u4e45\u671f\u8d44\u4ea7\u201d\u90fd\u88ab\u8fde\u5e26\u629b\u552e\uff0c\u56e0\u4e3a\u6295\u8d44\u8005\u9700\u8981\u73b0\u91d1\u3002<\/span><\/p>\n<p style=\"text-align: justify\"><span>\u80a1\u7968\u3001\u8d35\u91d1\u5c5e\u3001\u52a0\u5bc6\u8d27\u5e01\u4e00\u8d77\u906d\u6b83\u3002\u5f53\u8fde\u201c\u65e0\u98ce\u9669\u8d44\u4ea7\u201d\u90fd\u5728\u88ab\u629b\uff0c\u5176\u4ed6\u8d44\u4ea7\u81ea\u7136\u65e0\u4e00\u5e78\u514d\u3002<\/span><\/p>\n<p style=\"text-align: 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