{"id":2933,"date":"2026-08-07T14:38:41","date_gmt":"2026-08-07T06:38:41","guid":{"rendered":"https:\/\/www.yqcsfz.com\/?p=2933"},"modified":"2026-08-07T14:38:41","modified_gmt":"2026-08-07T06:38:41","slug":"%e4%b8%80%e4%bb%bd%e6%9d%a5%e8%87%aa%e7%99%bd%e9%93%b6%e6%88%98%e5%a3%95%e7%9a%84%e6%ae%8b%e9%85%b7%e5%8f%8d%e6%80%9d%ef%bc%9a%e5%85%b3%e4%ba%8e%e6%9d%a0%e6%9d%86%e3%80%81%e5%8d%9a%e5%bc%88%e4%b8%8e","status":"publish","type":"post","link":"https:\/\/www.zaixinjiang.com\/?p=2933","title":{"rendered":"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;"},"content":{"rendered":"<p>\u539f\u6587\u4f5c\u8005\uff1a Alexander Campbell<\/p>\n<p class=\"ql-align-justify\">\u539f\u6587\u7f16\u8bd1\uff1a \u6df1\u6f6e TechFlow<\/p>\n<p class=\"ql-align-justify\"><strong>\u5bfc\u8bfb\uff1a<\/strong> 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55-60%\u3002G\u00f6del\uff08\u54e5\u5fb7\u5c14\uff09\u7684\u673a\u5668\u6c38\u8fdc\u4e0d\u4f1a\u771f\u6b63\u5b8c\u6574\u3002\u8fd9\u5c31\u662f\u4e3a\u4ec0\u4e48\u8981\u591a\u5143\u5316\uff0c\u4e3a\u4ec0\u4e48\u8981\u5bf9\u51b2\uff0c\u8fd9\u4e5f\u662f\u4e3a\u4ec0\u4e48\u4f60\u4f1a\u770b\u5230\u6700\u4f18\u79c0\u7684\u6295\u8d44\u8005\u51e0\u4e4e\u5728\u6240\u6709\u65f6\u95f4\u90fd\u4fdd\u6301\u7740\u4e00\u79cd\u8c26\u900a\u3002\u5c3d\u7ba1\u6709\u65f6\u968f\u4e4b\u800c\u6765\u7684\u5408\u89c4\u8f9e\u4ee4\u8ba9\u4eba\u5f88\u96be\u8bfb\u61c2\u4ed6\u4eec\u7684\u771f\u610f\u3002<\/p>\n<p class=\"ql-align-justify\">\u5c3d\u7ba1\u5982\u6b64\uff0c\u6211\u8ba4\u4e3a\u76ef\u7740\u4f60\u72af\u9519\u7684\u65f6\u523b\uff0c\u8bca\u65ad\u53d1\u751f\u4e86\u4ec0\u4e48\uff0c\u5e76\u5c1d\u8bd5\u53bb\u5b66\u4e60\u2014\u2014\u5173\u4e8e\u4e16\u754c\uff0c\u4e5f\u5173\u4e8e\u4f60\u81ea\u5df1\u2014\u2014\u662f\u975e\u5e38\u91cd\u8981\u7684\u3002\u5f53\u4f60\u4e00\u5e74\u6536\u76ca\u589e\u957f 130% \u65f6\uff0c\u5f88\u96be\u8fdb\u884c\u53cd\u601d\u3002\u4f46\u5f53\u4f60\u4e00\u4e2a\u9884\u671f\u5e74\u6ce2\u52a8\u7387\u4e3a 40% \u7684\u8d26\u672c\u5728\u4e00\u5929\u5185\u635f\u5931 10% \u65f6\uff0c\u53cd\u601d\u5c31\u662f\u4e00\u9879\u5fc5\u987b\u7684\u8981\u6c42\u3002<\/p>\n<p class=\"ql-align-justify\">\u5468\u56db\u665a\u4e0a\u5230\u5468\u4e94\u4e0b\u5348\uff0c\u6211\u8111\u5b50\u91cc\u95ea\u8fc7\u5f88\u591a\u5ff5\u5934\u3002\u7a0d\u540e\u6211\u4eec\u4f1a\u8ba8\u8bba\u8bd5\u56fe\u8ffd\u8e2a\u4e16\u754c\u6f14\u53d8\u3001\u62fc\u51d1\u6545\u4e8b\u771f\u76f8\u3001\u5206\u6790\u539f\u56e0\u4ee5\u53ca\u5e94\u5bf9\u63aa\u65bd\u7684\u7406\u6027\u8fc7\u7a0b\u3002\u4f46\u5728\u90a3\u4e4b\u524d\uff0c\u6211\u60f3\u8c08\u8c08\u611f\u6027\u7684\u4e00\u9762\u3002<\/p>\n<p 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class=\"ql-align-justify\">\u5982\u679c\u4f60\u5173\u6ce8\u6211\u7684 Twitter\/X\uff0c\u4f60\u4f1a\u77e5\u9053\u6211\u5c1d\u8bd5\u7528\u4e00\u79cd\u73a9\u4e16\u4e0d\u606d\uff08Irreverent\uff09\u7684\u53e3\u543b\u3002\u8fd9\u662f\u6211\u4ece\u725b\u6d25\u8054\u5408\u4f1a\uff08Oxford Union\uff09\u8fa9\u8bba\u65f6\u671f\u5b66\u5230\u7684\u98ce\u683c\u2014\u2014\u6e38\u8d70\u5728\u6f2b\u4e0d\u7ecf\u5fc3\uff08Insouciant\uff09\u4e0e\u6d1e\u5bdf\u6df1\u523b\uff08Incisive\uff09\u4e4b\u95f4\u3002\u8fd9\u4e0d\u5b8c\u5168\u662f\u5728\u6f14\u620f\uff0c\u800c\u662f\u4e00\u79cd\u4e16\u754c\u89c2\uff1a\u6211\u901a\u5e38\u5f3a\u70c8\u76f8\u4fe1\u6211\u662f\u5bf9\u7684\uff0c\u540c\u65f6\u4e5f\u77e5\u9053\u6211\u7ecf\u5e38\u5b8c\u5168\u662f\u5728\u80e1\u626f\uff08Full of shit\uff09\uff0c\u4e14\u8fd9\u4e9b\u89c2\u70b9\u5728\u9762\u5bf9\u65b0\u4fe1\u606f\u65f6\u4f1a\u8fc5\u901f\u6f14\u53d8\u3002\u6211\u60f3\u8fd9\u79cd\u89c6\u89d2\u4e0e\u5f88\u591a\u4e13\u4e1a\u7684\u201c\u7caa\u4f5c\u535a\u4e3b\u201d\uff08Shitposters\uff0c\u4eba\u4eec\u8fd9\u4e48\u79f0\u547c\u4ed6\u4eec\uff09\u662f\u5171\u901a\u7684\u3002<\/p>\n<p class=\"ql-align-justify\">\u5f53\u4f60\u53d8\u5f97\u201c\u5fae\u7ea2\u201d\uff08Micro-viral\uff09\u65f6\uff0c\u53d1\u751f\u53d8\u5316\u7684\u662f\uff0c\u5373\u4f7f\u4f60\u52aa\u529b\u4fdd\u6301\u90a3\u79cd\u73a9\u4e16\u4e0d\u606d\u7684\u53e3\u543b\u6765\u4f20\u8fbe\u4fe1\u606f\uff0c\u5b9e\u9645\u503e\u542c\u7684\u4eba\u7fa4\u5206\u5e03\u4e5f\u4f1a\u53d8\u5f97\u8d8a\u6765\u8d8a\u5927\u3002\u4f60\u4ece\u670b\u53cb\u3001\u540c\u4e8b\u548c\u4e92\u8054\u7f51\u7ea2\u4eba\uff0c\u53d8\u6210\u4e86\u8bfb\u4f60\u6587\u7ae0\u3001\u89e3\u8bfb\u4f60\u3001\u4e0e\u4f60\u4e92\u52a8\u7684\u65e0\u6570\u964c\u751f\u4eba\u3002\u9664\u4e86\u77e5\u9053\u968f\u7740\u4f20\u64ad\u8303\u56f4\u53d8\u5e7f\uff0c\u4f60\u7684\u4fe1\u606f\u8bed\u5883\u53ef\u80fd\u4f1a\u88ab\u7a00\u91ca\uff08\u5c31\u50cf\u4e92\u8054\u7f51\u4f20\u58f0\u7b52\u6e38\u620f\uff09\uff0c\u8fd8\u6709\u4e00\u4e2a\u65f6\u6ede\uff08Lag\uff09\u95ee\u9898\u3002<\/p>\n<p class=\"ql-align-justify\">\u6211\u6700\u65e9\u662f\u5728 2023 \u5e74\u5f00\u59cb\u5199\u767d\u94f6\/\u592a\u9633\u80fd\u5173\u7cfb\u7684\u3002\u5927\u7ea6 18 \u4e2a\u6708\u524d\uff0c\u6211\u5f00\u59cb\u201c\u6572\u684c\u5b50\u201d\u63a8\u8350\u3002\u5f53\u65f6\u6211\u7684\u6295\u8d44\u7ec4\u5408\u662f 100% \u505a\u591a\u3002\u968f\u7740\u4ef7\u683c\u4e0a\u6da8\uff0c\u4ece 25 \u7f8e\u5143\u5230 40 \u7f8e\u5143\uff0c\u518d\u5230 60 \u7f8e\u5143\u548c 80 \u7f8e\u5143\u3002\u6211\u6162\u6162\u5c06\u8fd9\u79cd\u98ce\u9669\u655e\u53e3\u4ece\u201c\u4e0d\u8d1f\u8d23\u4efb\u5730\u505a\u591a\u201d\u51cf\u5c11\u5230\u201c\u5371\u9669\u5730\u505a\u591a\u201d\uff0c\u518d\u5230\u201c\u4f9d\u7136\u633a\u591a\u201d\u3002\u5356\u6389\u4e00\u70b9\uff0c\u6216\u8005\u8ba9\u671f\u6743\u6eda\u52a8\uff0c\u8bd5\u56fe\u9501\u5b9a\u5229\u6da6\u7684\u540c\u65f6\u4fdd\u6301\u655e\u53e3\u3002\u95ee\u9898\u662f\uff0c\u968f\u7740\u767d\u94f6\u6500\u5347\uff0c\u5b83\u7684\u6ce2\u52a8\u6027\u4e5f\u53d8\u5927\u4e86\u3002\u6240\u4ee5\u6211\u8868\u73b0\u5f97\u4f9d\u7136\u4e0d\u9519\u3002\u5bf9\u6b64\uff0c\u53cd\u5bf9\u8005\u4f1a\u8bf4\u8fd9\u662f\u4e00\u4e2a\u7ea2\u65d7\u4fe1\u53f7\uff0c\u4e8b\u5b9e\u4e5f\u786e\u5b9e\u5982\u6b64\uff08\u6211\u4eec\u7a0d\u540e\u4f1a\u5728\u5173\u4e8e\u201c\u8ff9\u8c61\u201d\u7684\u90e8\u5206\u8ba8\u8bba\uff09\uff0c\u4f46\u91cd\u70b9\u5728\u4e8e\uff0c\u4f60\u6700\u7ec8\u5904\u4e8e\u8fd9\u6837\u4e00\u4e2a\u5c34\u5c2c\u7684\u5883\u5730\uff1a\u5c3d\u7ba1\u5f88\u591a\u4eba\u5728 25 \u7f8e\u5143\u6216 40 \u7f8e\u5143\u65f6\u5c31\u5728\u8f66\u4e0a\uff0c\u4f46\u4f60\u610f\u8bc6\u5230\uff0c\u7531\u4e8e\u4eba\u4eec\u5199\u6587\u7ae0\u548c\u9605\u8bfb\u4fe1\u606f\u7684\u65f6\u6ede\uff0c\u773c\u7403\u52a0\u6743\u7684\u5e73\u5747\u4e70\u5165\u4ef7\u53ef\u80fd\u9ad8\u8fbe 90 \u7f8e\u5143\u3002<\/p>\n<p class=\"ql-align-justify\">\u8fd9\u8ba9\u4f60\u5904\u4e8e\u4e00\u4e2a\u5f88\u6709\u8da3\u7684\u4f4d\u7f6e\u3002\u4f60\u4f1a\u89c9\u5f97\uff0c\u5982\u679c\u4ec5\u4ec5\u56e0\u4e3a\u540e\u80cc\u4e00\u9635\u53d1\u51c9\u5c31\u201c\u5207\u4ed3\u8dd1\u8def\u201d\uff0c\u4f1a\u6709\u8d1f\u7f6a\u611f\uff0c\u5c31\u50cf\u6211\u5728\u8fc7\u53bb\u4e00\u5468\u5de6\u53f3\u7684\u67d0\u4e9b\u65f6\u523b\u6240\u611f\u53d7\u5230\u7684\u90a3\u6837\u3002\u4f60\u89c9\u5f97\u4f60\u6b20\u90a3\u4e9b\u559c\u6b22\u4f60\u4f5c\u54c1\u7684\u4eba\u4e00\u4efd\u60c5\uff0c\u5e94\u8be5\u575a\u5b88\u8fd9\u7b14\u4ea4\u6613\uff0c\u628a\u81ea\u5df1\u653e\u5728\u4ed6\u4eec\u7684\u5904\u5883\u4e2d\u3002<\/p>\n<p class=\"ql-align-justify\">\u4ece\u8d44\u91d1\u7ba1\u7406\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u8fd9\u5b8c\u5168\u662f\u611a\u8822\u7684\u3002\u4f60\u53ef\u4ee5\u544a\u8bc9\u81ea\u5df1\uff0c\u5982\u679c\u4f60\u662f\u5728\u7ba1\u7406\u522b\u4eba\u7684\u94b1\uff0c\u4f60\u65e9\u5728\u5468\u4e94\u65e9\u4e0a\uff0c\u5f53\u4e2d\u56fd\u5e02\u573a\u5f00\u76d8\u5e76\u6ca1\u6709\u6551\u5e02\u53cd\u800c\u5927\u89c4\u6a21\u629b\u552e\u9ec4\u91d1\u65f6\uff0c\u5c31\u4f1a\u780d\u6389\u5168\u90e8\u5934\u5bf8\u3002\u4f60\u53ef\u4ee5\u7406\u6027\u5316\u5730\u8bf4\uff0c\u5982\u679c\u6211\u7ba1\u7406\u522b\u4eba\u7684\u94b1\uff0c\u6211\u5c31\u4e0d\u4f1a\u5728\u94dc\u4e0a\u6301\u6709\u90a3\u4e48\u591a\u5934\u5bf8\u3002\u6211\u4f1a\u5728\u5468\u4e94\u65e9\u4e0a\u5b83\u4e0a\u6da8 10% \u65f6\u5c31\u64a4\u6389\u98ce\u9669\u3002\u4f46\u6700\u7ec8\uff0c\u8d26\u672c\u5c31\u662f\u8d26\u672c\u3002<\/p>\n<p class=\"ql-align-justify\">\u5728\u8fdb\u5165\u4f60\u4eec\u6700\u5173\u5fc3\u7684\u90e8\u5206\u4e4b\u524d\uff0c\u518d\u8bf4\u4e00\u4ef6\u4e8b\u3002<\/p>\n<p class=\"ql-align-justify\">\u4f60\u4eec\u4e2d\u6709\u4e9b\u4eba\u8ba2\u9605\u662f\u56e0\u4e3a\u559c\u6b22\u6211\u5bf9\u767d\u94f6\u548c\u5e02\u573a\u7684\u770b\u6cd5\u3002\u6709\u4e9b\u662f\u56e0\u4e3a\u559c\u6b22\u6211\u7684\u6742\u8c08\uff08Rambles\uff09\u3002<\/p>\n<p class=\"ql-align-justify\">\u5c55\u671b\u672a\u6765\uff0c\u6211\u5728\u8003\u8651\u5c06\u5b83\u4eec\u5206\u5f00\u3002\u6742\u8c08\u2014\u2014\u5173\u4e8e\u54f2\u5b66\u3001\u4e16\u754c\u89c2\u3001\u5bf9\u8fc7\u7a0b\u7684\u601d\u8003\u2014\u2014\u8fd9\u4e9b\u5c06\u4fdd\u6301\u514d\u8d39\u3002\u5982\u679c\u6211\u5f00\u59cb\u53d1\u5e03\u7279\u5b9a\u7684\u3001\u53ef\u64cd\u4f5c\u7684\u4ea4\u6613\u60f3\u6cd5\u5e76\u63d0\u4f9b\u5b9e\u65f6\u66f4\u65b0\uff0c\u90a3\u53ef\u80fd\u4f1a\u53d8\u6210\u4e00\u4e2a\u4ed8\u8d39\u9879\u76ee\u3002\u8fd9\u4f1a\u5728\u6211\u8fd9\u8fb9\u4ea7\u751f\u771f\u6b63\u7684\u8d23\u4efb\u611f\uff0c\u5e76\u5728\u4f60\u90a3\u8fb9\u521b\u9020\u771f\u6b63\u7684\u4ef7\u503c\u3002<\/p>\n<p class=\"ql-align-justify\">\u73b0\u5728\uff0c\u53ea\u9700\u77e5\u9053\u5e76\u4e0d\u662f\u6bcf\u4e00\u7bc7\u5e16\u5b50\u90fd\u4f1a\u5173\u4e8e\u201c\u77f3\u5934\u201d\u3002\u4f60\u4eec\u4e2d\u6709\u4e9b\u4eba\u4e0d\u4f1a\u559c\u6b22\u8fd9\u4e00\u70b9\u3002\u6ca1\u5173\u7cfb\u3002<\/p>\n<p class=\"ql-align-justify\">\u8003\u8651\u5230\u8fd9\u4e00\u5207\u3002\u5230\u5e95\u53d1\u751f\u4e86\u4ec0\u4e48\uff1f<\/p>\n<h2 class=\"ql-align-justify\"><strong>\u8fd9\u6709\u591a\u4e48\u5386\u53f2\u6027\uff1f<\/strong><\/h2>\n<p class=\"ql-align-justify\">\u5728\u8fdb\u5165\u9010\u6761\u5206\u6790\u4e4b\u524d\uff0c\u8ba9\u6211\u4eec\u5148\u628a\u4e0a\u5468\u4e94\u7684\u60c5\u51b5\u653e\u5728\u80cc\u666f\u4e2d\u3002\u56e0\u4e3a\u6211\u4e0d\u8ba4\u4e3a\u4eba\u4eec\u610f\u8bc6\u5230\u8fd9\u79cd\u5e45\u5ea6\u7684\u6ce2\u52a8\u6709\u591a\u7f55\u89c1\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012362388366.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe\" \/><\/p>\n<p class=\"ql-align-justify\">\u90a3\u662f\u767d\u94f6 275 \u5e74\u7684\u6bcf\u65e5\u6536\u76ca\u7387\u6570\u636e\u3002\u4e0a\u5468\u4e94\u7684\u6ce2\u52a8\u662f\u8be5\u91d1\u5c5e\u6574\u4e2a\u5386\u53f2\u4e0a\u6700\u5927\u7684\u5355\u65e5\u8dcc\u5e45\u4e4b\u4e00\u3002\u6211\u4eec\u8ba8\u8bba\u7684\u662f\u8db3\u4ee5\u5ab2\u7f8e\u91d1\u94f6\u590d\u672c\u4f4d\u5236\u7ec8\u7ed3\u3001Hunt \u5144\u5f1f\u5d29\u6e83\u4ee5\u53ca 2020 \u5e74 3 \u6708\u7684\u6ce2\u52a8\u2014\u2014\u53ea\u4e0d\u8fc7\u8fd9\u6b21\u53d1\u751f\u5728 1 \u6708\u4efd\u4e00\u4e2a\u6beb\u65e0\u5f81\u5146\u7684\u666e\u901a\u5468\u4e94\u3002<\/p>\n<p class=\"ql-align-justify\">\u5468\u4e94\u524d\u7684\u6ce2\u52a8\u7387\u66f2\u9762\uff08Vol surface\uff09\u5b9a\u4ef7\u663e\u793a\uff0c3-Sigma\uff08\u4e09\u500d\u6807\u51c6\u5dee\uff09\u7684\u53d8\u52a8\u5df2\u88ab\u89c6\u4e3a\u5c3e\u90e8\u4e8b\u4ef6\u3002\u800c\u6211\u4eec\u5f97\u5230\u7684\u662f\u5927\u7ea6 <strong>6-Sigma<\/strong>\u3002\u8fd9\u79cd\u4e8b\u6839\u636e\u5386\u53f2\u5206\u5e03\u662f\u4e0d\u5e94\u8be5\u53d1\u751f\u7684\uff0c\u4f46\u5f53\u6240\u6709\u4eba\u7684\u5934\u5bf8\u65b9\u5411\u4e00\u81f4\u4e14\u6d41\u52a8\u6027\u6d88\u5931\u65f6\uff0c\u6070\u6070\u4f1a\u53d1\u751f\u8fd9\u79cd\u4e8b\u3002<\/p>\n<h2 class=\"ql-align-justify\"><strong>\u5177\u4f53\u8be6\u8ff0<\/strong><\/h2>\n<p class=\"ql-align-justify\">\u5982\u679c\u4f60\u4ece\u53d9\u4e8b\u89d2\u5ea6\u8ffd\u8e2a\u8fd9\u4e2a\u6545\u4e8b\uff0c\u5373\u4f7f\u5728\u5468\u4e94\u4e4b\u524d\uff0c\u8fc7\u53bb\u51e0\u4e2a\u6708\u4e5f\u662f\u4e00\u6bb5\u75af\u72c2\u7684\u65c5\u7a0b\u3002\u767d\u94f6\u5728 11 \u6708\u5f00\u76d8\u65f6\u5904\u4e8e 40 \u591a\u7f8e\u5143\u7684\u9ad8\u4f4d\uff0c\u5230\u5e74\u5e95\u524d\u53cd\u5f39\u4e86 74% \u8fbe\u5230\u7ea6 85 \u7f8e\u5143\uff0c\u968f\u540e\u5728\u5e74\u5e95\u524d\u56de\u8c03\u4e86 15%\u3002\u6b63\u5982\u6211\u4eec\u5728\u4e0a\u4e00\u7bc7\u6587\u7ae0\u4e2d\u6240\u8ff0\uff0c\u591a\u5934\u968f\u540e\u634d\u536b\u4e86\u8d8b\u52bf\uff0c\u5f00\u542f\u4e86\u53e6\u4e00\u6ce2\u602a\u517d\u7ea7\u522b\u7684 65% \u53cd\u5f39\uff0c\u5e76\u5728\u5468\u4e00\u8fbe\u5230\u7ea6 117 \u7f8e\u5143\u7684\u9ad8\u5cf0\uff08\u6ce8\u610f\uff0c\u8fd9\u662f\u5728\u7ebd\u7ea6\u5e02\u573a\uff09\uff0c\u968f\u540e\u897f\u65b9\u5356\u5bb6\u8fdb\u573a\u629b\u552e\uff0c\u4ef7\u683c\u518d\u6b21\u4e0b\u8dcc 15%\u3002<\/p>\n<p class=\"ql-align-justify\">\u9ec4\u91d1\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u955c\u50cf\u4e86\u8fd9\u4e9b\u8d70\u52bf\uff0c\u201c\u7ebd\u7ea6\u629b\u552e\uff0c\u4e0a\u6d77\u4e70\u5165\uff0c\u91d1\u5c5e\u6d41\u5411\u4e1c\u65b9\u201d\u7684\u8d8b\u52bf\u770b\u8d77\u6765\u5b8c\u597d\u65e0\u635f\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012362575726.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe1\" \/><\/p>\n<p class=\"ql-align-justify\">\u751a\u81f3\u76f4\u5230\u5468\u56db\u4e0a\u5348\uff0c\u65b0\u95fb\u8fd8\u88ab\u94dc\u4ef7\u9694\u591c\u4e0a\u6da8 10% \u6240\u5360\u636e\u3002\uff08\u8fd9\u662f\u53e6\u4e00\u4e2a\u8b66\u544a\u4fe1\u53f7\uff0c\u9884\u793a\u7740\u4e8b\u60c5\u6b63\u53d8\u5f97\u6709\u70b9\u96be\u4ee5\u63a7\u5236\uff0c\u6211\u4eec\u5c06\u5728\u968f\u540e\u5173\u4e8e\u7ea2\u91d1\u5c5e\u7684\u6587\u7ae0\u4e2d\u8ba8\u8bba\u8fd9\u4e00\u70b9\uff09\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012362990561.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe2\" \/><\/p>\n<p class=\"ql-align-justify\">\u611f\u89c9\u5230\u8fd9\u79cd\u5267\u70c8\u9707\u8361\uff08Chop\uff09\uff0c\u6211\u51cf\u5c11\u4e86\u4e00\u70b9\u4ed3\u4f4d\uff0c\u5e76\u53d1\u5e03\u4e86\u8fd9\u6761\u63a8\u6587\u3002\u8fd9\u66f4\u591a\u662f\u53d1\u7ed9\u6211\u81ea\u5df1\u7684\u4fe1\u606f\u300230% \u8fd9\u4e2a\u6570\u5b57\u4e00\u76f4\u6302\u5728\u6211\u8111\u6d77\u6df1\u5904\uff0c\u53ea\u662f\u88ab\u5f53\u4f5c\u4e00\u79cd\u51fa\u81ea\u6050\u60e7\u800c\u975e\u7406\u6027\u7684\u58f0\u97f3\u88ab\u6392\u6324\u5f00\u4e86\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012363199333.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe3\" \/><\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012363477917.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe4\" \/><\/p>\n<p class=\"ql-align-justify\">\u5468\u56db\u665a\u4e9b\u65f6\u5019\uff0cKevin Warsh \u767b\u573a\u4e86\uff0c\u4ed6\u5728 Polymarket \u4e0a\u88ab\u786e\u8ba4\/\u6cc4\u9732\u5c06\u88ab\u63d0\u540d\u4e3a\u7f8e\u8054\u50a8\u4e3b\u5e2d\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012363568543.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe5\" \/><\/p>\n<p class=\"ql-align-justify\">Warsh \u88ab\u89c6\u4e3a\u67d0\u79cd\u7a0b\u5ea6\u4e0a\u7684\u201c\u786c\u901a\u8d27\u201d\uff08Hard money\uff09\u5021\u5bfc\u8005\uff0c\u6211\u5bf9\u6b64\u6cf0\u7136\u5904\u4e4b\u3002\u4f60\u770b\uff0c\u5341\u5e74\u524d\u6211\u5728\u65af\u5766\u798f\u5927\u5b66\u66fe\u77ed\u6682\u89c1\u8fc7\u4ed6\u3002\u5f53\u65f6\uff08\u7ea6 2011-2015 \u5e74\uff09\uff0c\u4ed6\u56e0\u547c\u5401\u7f8e\u8054\u50a8\u5728\u91d1\u878d\u5371\u673a\u540e\u7684\u5de8\u989d\u91cf\u5316\u5bbd\u677e\uff08QE\uff09\u653f\u7b56\u56de\u5f52\u6b63\u5e38\u5316\u800c\u95fb\u540d\u3002\u5728\u90a3\u65f6\uff0c\u4ed6\u770b\u8d77\u6765\u66f4\u50cf\u4e2a\u653f\u6cbb\u5bb6\u800c\u975e\u7ecf\u6d4e\u5b66\u5bb6\uff0c\u6211\u603b\u89c9\u5f97\u4ed6\u7684\u9e70\u6d3e\u7acb\u573a\u662f\u4ed6\u5728\u5bbd\u677e\u8d27\u5e01\u5021\u5bfc\u8005\u7684\u6d77\u6d0b\u4e2d\u6210\u540d\u7684\u4e00\u79cd\u65b9\u5f0f\u3002\u6bd5\u7adf\uff0c\u5f53\u4f60\u4e0d\u5728\u9a7e\u9a76\u5ea7\u4e0a\u65f6\uff0c\u547c\u5401\u52a0\u606f\u548c\u7f29\u8868\u662f\u5f88\u5bb9\u6613\u7684\u3002<\/p>\n<p class=\"ql-align-justify\">\u6240\u4ee5\uff0c\u5c3d\u7ba1\u6211\u5728\u5927\u5b97\u5546\u54c1\u4e0a\u6709\u4e0d\u5c11\u98ce\u9669\u655e\u53e3\uff08\u5b9e\u9645\u4e0a\u94dc\u548c\u91d1\u6bd4\u94f6\u66f4\u591a\uff09\uff0c\u6211\u4ee5\u4e3a\u6211\u53ea\u4f1a\u53d7\u70b9\u8f7b\u4f24\uff0c\u7136\u540e\u7b49\u5f85\u4e2d\u56fd\u5e02\u573a\u5f00\u76d8\u3002\u63d0\u9192\u4e00\u4e0b\uff0c\u6b63\u5982\u6211\u51e0\u4e2a\u6708\u6765\u4e00\u76f4\u53d1\u5e03\u7684\uff0c\u5bf9\u6211\u6765\u8bf4\uff0c\u897f\u65b9\u91d1\u5c5e\u6295\u8d44\u8005\u4f3c\u4e4e\u6ca1\u6709\u610f\u8bc6\u5230\u5982\u4eca\u201c\u4f60\u662f\u5c3e\u5df4\uff0c\u72d7\u5728\u4e0a\u6d77\u201d\u3002\u4ed6\u4eec\u4f4e\u4f30\u4e86\uff1a<\/p>\n<p class=\"ql-align-justify\">a\uff09 \u4e1c\u65b9\u5bf9\u8fd9\u4e9b\u91d1\u5c5e\u7684\u5b9e\u9645\u9700\u6c42\u6709\u591a\u96c6\u4e2d\uff1a<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012363619606.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe6\" \/><\/p>\n<p class=\"ql-align-justify\">b\uff09 \u8fd9\u4e9b\u91d1\u5c5e\u7684\u603b\u6536\u76ca\u4e2d\u6709\u591a\u5c11\u6765\u81ea\u201c\u9694\u591c\u201d\u5e02\u573a\uff08\u901a\u8fc7\u4ece\u6628\u5929\u6536\u76d8\u5230\u4eca\u5929\u5f00\u76d8\u7684\u6536\u76ca\u6765\u8861\u91cf\uff09\uff1a<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012363705508.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe7\" \/><\/p>\n<p class=\"ql-align-justify\">c\uff09 \u4e0e\u897f\u65b9\u76f8\u6bd4\uff0c\u4e2d\u56fd\u5b9e\u9645\u62e5\u6709\u591a\u5c11\u8d44\u91d1\uff1a<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012363927171.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe8\" \/><\/p>\n<p class=\"ql-align-justify\">\u662f\u7684\uff0c\u7f51\u4e0a\u6709\u5f88\u591a\u5173\u4e8e\u201c\u4e2d\u56fd\u6ea2\u4ef7\u201d\u4e2d\u6709\u591a\u5c11\u662f\u56e0\u4e3a\u5bf9\u96f6\u552e\u5b9e\u7269\u4ea4\u5272\u5f81\u6536\u7684\u589e\u503c\u7a0e\uff08VAT\uff09\u800c\u4ea7\u751f\u7684\u6df7\u4e71\u3002\u5b8f\u89c2\u9886\u57df\u6709\u5f88\u591a\u4e8b\u60c5\u65e2\u56f0\u96be\u53c8\u6df7\u4e71\uff0c\u6240\u4ee5\u7f51\u4e0a\u7684\u5927\u5bb6\u4e0d\u53bb\u6309\u8ba1\u7b97\u5668\uff0c\u800c\u662f\u4e92\u76f8\u7529\u56fe\u8868\uff0c\u591a\u5934\u5ffd\u89c6\u8fd9\u4e00\u70b9\uff0c\u7a7a\u5934\u5219\u5229\u7528\u5b83\u4f5c\u4e3a\u6b66\u5668\uff0c\u5728\u201c\u4e2d\u56fd\u6b63\u5728\u63a8\u9ad8\u4ef7\u683c\u201d\u7684\u53d9\u4e8b\u4e2d\u64ad\u6492\u6000\u7591\u3002\u5728\u6211\u770b\u6765\uff0c\u8fd9\u662f\u4e00\u4e2a\u5178\u578b\u7684\u201c\u770b\u53d8\u5316\uff0c\u800c\u4e0d\u662f\u770b\u6c34\u5e73\u201d\u7684\u6848\u4f8b\uff0c\u56e0\u4e3a\u5f88\u660e\u663e\uff1aa\uff09 \u8fd9\u79cd\u6ea2\u4ef7\uff08\u6216\u6298\u4ef7\uff09\u6700\u8fd1\u589e\u52a0\u4e86\uff0cb\uff09 \u8fd9\u79cd\u60c5\u51b5\u5728\u5370\u5ea6\u4e5f\u51fa\u73b0\u4e86\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012363974373.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe9\" \/><\/p>\n<p class=\"ql-align-justify\">\u4f46\u6211\u80fd\u611f\u89c9\u5230\u7a7a\u5934\u53d9\u4e8b\u6b63\u5728\u83b7\u5f97\u52a8\u529b\u3002\u5373\u4fbf\u6709\u9700\u6c42\u4f50\u8bc1\uff0c\u6bd4\u5982\u552f\u4e00\u7684\u7eaf\u5728\u5cb8\u767d\u94f6\u57fa\u91d1\u51fa\u73b0\u4e86\u79bb\u8c31\u7684\u6ea2\u4ef7\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012364165387.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe10\" \/><\/p>\n<p class=\"ql-align-justify\">\u800c\u4e14\uff0c\u786e\u5b9e\u6709\u4e00\u4e9b\u8bc1\u636e\u8868\u660e\u5b9e\u7269\u8d2d\u4e70\u538b\u529b\u5df2\u7ecf\u7f13\u89e3\uff0c\u6700\u76f4\u63a5\u7684\u8868\u73b0\u662f\u4f26\u6566\u767d\u94f6\u66f2\u7ebf\u7684\u201c\u524d\u7aef\u201d\u3002\u5728\u8fc7\u53bb\u4e00\u4e2a\u6708\u91cc\uff0c\u5b83\u7684\u201c\u73b0\u8d27\u5347\u6c34\u201d\uff08Backwardated\uff09\u7a0b\u5ea6\u663e\u8457\u964d\u4f4e\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012364283115.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe11\" \/><\/p>\n<p class=\"ql-align-justify\">\u6211\u5728\u5165\u591c\u524d\u5c06\u6211\u7684 Delta\uff08\u5bf9\u51b2\u503c\uff09\u524a\u51cf\u5230\u51e0\u4e4e\u6301\u5e73\uff0c\u4f46\u6211\u60f3\u201c\u7b49\u7b49\u770b\u4e2d\u56fd\u5f00\u76d8\u201d\u3002\u8fd9\u4e5f\u8bb8\u662f\u6211\u6700\u5927\u7684\u9519\u8bef\u3002<\/p>\n<p class=\"ql-align-justify\">\u4e2d\u56fd\u5f00\u76d8\u4e86\uff0c\u4e0d\u4f46\u6ca1\u6709\u53cd\u653b\uff0c\u53cd\u800c\u906d\u9047\u629b\u552e\u3002\u4e0d\u53ea\u662f\u767d\u94f6\uff0c<strong>\u9ec4\u91d1\u4e5f\u4e0b\u8dcc\u4e86 8%<\/strong>\u3002\u8fd9\u662f\u7b2c\u4e00\u8bb0\u91cd\u9524\uff08Strike one\uff09\u3002\u5f53\u65f6\u6211\u4e0d\u77e5\u9053\uff0c\u4f46\u5f53\u5730\u7684\u4e2d\u56fd\u767d\u94f6 ETF \u5b9e\u9645\u4e0a\u505c\u724c\u4e86\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012364763622.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe12\" \/><\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012364889590.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe13\" \/><\/p>\n<p class=\"ql-align-justify\">\u8fd9\u610f\u5473\u7740\u4e2d\u56fd\u6563\u6237\u6ca1\u6709\u6551\u5e02\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012364948783.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe14\" \/><\/p>\n<p class=\"ql-align-justify\">\u8fd9\u672c\u6765\u662f\u64a4\u9000\u7684\u4fe1\u53f7\u3002\u6211\u68c0\u67e5\u4e86\u8d26\u672c\uff0c\u8349\u62df\u4e86\u4e00\u4efd\u5934\u5bf8\u6e05\u5355\uff0c\u5bf9\u81ea\u5df1\u611f\u5230\u6ee1\u610f\uff0c\u56e0\u4e3a\u6211\u7684\u5927\u90e8\u5206\u505a\u591a\u655e\u53e3\u662f\u4ee5\u671f\u6743\u5f62\u5f0f\u5b58\u5728\u7684\uff0c\u6240\u4ee5\u5982\u679c\u771f\u7684\u5f7b\u5e95\u6d17\u76d8\uff0c\u6211\u4f1a\u611f\u5230\u75db\u82e6\uff0c\u4f46\u4e0d\u4f1a\u7206\u4ed3\u3002\u8fd9\u662f\u7b2c\u4e8c\u8bb0\u91cd\u9524\u3002\u4e0d\u53ea\u662f\u56e0\u4e3a\u6211\u672c\u8be5\u5728\u671f\u8d27\u4e0a\u76f4\u63a5\u5356\u51fa\uff08\u5f53\u65f6 GLD \u548c SLV \u8fd8\u6ca1\u5f00\u76d8\uff0c\u800c\u6211\u5bf9\u671f\u8d27\u6709\u79cd\u53cd\u611f\uff0c\u56e0\u4e3a\u8fc7\u53bb\u51e0\u5e74\u6ca1\u5168\u804c\u4ea4\u6613\u65f6\u6709\u8fc7\u51e0\u6b21\u5fd8\u8bb0\u5c55\u4ed3\u7684\u60e8\u75db\u6559\u8bad\uff09\uff0c\u800c\u662f\u6211\u672c\u8be5\u627f\u8bfa\u5728\u5e02\u573a\u5f00\u76d8\u65f6\u7acb\u5373\u51cf\u4ed3\u3002\u662f\u7684\uff0c\u6211\u90a3\u5929\u6392\u6ee1\u4e86\u4f1a\u8bae\uff0c\u8fd9\u4f7f\u5f97\u5e73\u6389\u4e00\u4e2a\u7531 20 \u4e2a\u671f\u6743\u5934\u5bf8\u7ec4\u6210\u7684\u7ec4\u5408\u53d8\u5f97\u4e0d\u5207\u5b9e\u9645\uff0c\u4f46\u6211\u4e0d\u60f3\u50cf\u5728\u9ed1\u591c\u91cc\u9003\u8dd1\u7684\u72d7\u4e00\u6837\u5077\u5077\u6e9c\u8d70\uff0c\u56e0\u4e3a\u8fd8\u6709\u90a3\u4e48\u591a\u4eba\u5728\u8f66\u4e0a\u505a\u591a\u3002\u8fd9\u662f\u7b2c\u4e09\u8bb0\u91cd\u9524\uff0c\u4e5f\u8bb8\u662f\u6211\u6700\u7cdf\u7cd5\u7684\u51b3\u5b9a\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012365272677.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe15\" \/><\/p>\n<p class=\"ql-align-justify\">\u63a5\u4e0b\u6765\u7684\u6545\u4e8b\u4f60\u5927\u6982\u77e5\u9053\u4e86\u3002\u7f8e\u56fd\u5f00\u76d8\u5927\u8dcc\uff0c\u7136\u540e\u4e00\u8def\u72c2\u8dcc\u3002\u629b\u552e\u662f\u65e0\u60c5\u7684\uff0c\u7b49\u6211\u610f\u8bc6\u5230\u53d1\u751f\u4e86\u4ec0\u4e48\uff0c\u5df2\u7ecf\u592a\u665a\u4e86\u3002\u56e0\u4e3a\u968f\u7740\u4e00\u5929\u7684\u8fdb\u884c\uff0c\u6211\u7684\u7b2c\u56db\u8bb0\u91cd\u9524\u7acb\u5373\u663e\u73b0\u51fa\u6765\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012365391836.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe16\" \/><\/p>\n<p class=\"ql-align-justify\">\u6211\u4eec\u5904\u4e8e\u4e00\u4e2a\u201c\u77ed Gamma\u201d\uff08Short Gamma\uff09\u5e02\u573a\u3002<\/p>\n<h2 class=\"ql-align-justify\"><strong>\u8fd9\u5c31\u662f\u505a\u7a7a\u6ce2\u52a8\u7387\u7684\u611f\u89c9<\/strong><\/h2>\n<p class=\"ql-align-justify\">\u201c\u77ed\u6ce2\u52a8\u7387\u201d\uff08Short Vol\uff09\u4e0d\u4ec5\u662f\u4e00\u79cd\u795e\u79d8\u7684\u72b6\u6001\uff0c\u5b83\u5b9e\u9645\u4ee3\u8868\u7684\u662f\u4e00\u79cd\u673a\u68b0\u8fc7\u7a0b\uff0c\u5e02\u573a\u53d8\u52a8\u4f1a\u56e0\u4e3a\u673a\u5668\u822c\u7684\u5e02\u573a\u884c\u4e3a\u800c\u52a0\u5267\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012365588405.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe17\" \/><\/p>\n<p class=\"ql-align-justify\">\u6700\u660e\u663e\u7684\u4f8b\u5b50\u662f 1987 \u5e74\uff0c\u5f53\u65f6\u7ec4\u5408\u4fdd\u62a4\u4f7f\u5e02\u573a\u5904\u4e8e\u77ed\u6ce2\u52a8\u7387\u72b6\u6001\uff08\u6216\u671f\u6743\u672f\u8bed\u4e2d\u7684\u201c\u77ed Gamma\u201d\uff09\uff0c\u56e0\u4e3a\u968f\u7740\u201c\u73b0\u8d27\u201d\u4ef7\u683c\u6076\u5316\uff0c\u4fdd\u9669\u8ba1\u5212\u88ab\u8feb\u5356\u51fa\u8d8a\u6765\u8d8a\u591a\u7684\u671f\u8d27\u3002<\/p>\n<p class=\"ql-align-justify\">\u56de\u60f3\u8d77\u6765\uff0c\u75af\u72c2\u7684\u662f\u6211\u5176\u5b9e\u5df2\u7ecf\u719f\u6089\u8fd9\u79cd\u52a8\u6001\u4e86\uff0c\u56e0\u4e3a\u5728 10 \u6708\u4efd\uff0c\u5f53 GLD \u548c SLV \u8dcc\u7834\u6211\u671f\u6743\u5230\u671f\u7684\u5e95\u90e8\u884c\u6743\u4ef7\u65f6\uff0c\u6211\u5c31\u66fe\u53d7\u8fc7\u8fd9\u79cd\u82e6\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012365725761.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe18\" \/><\/p>\n<p class=\"ql-align-justify\">\u7b80\u5355\u6765\u8bf4\uff0c\u8fd9\u79cd\u673a\u5236\u662f\u8fd9\u6837\u7684\uff1a\u4f60\u6211\u53bb\u4e70\u770b\u6da8\u671f\u6743\uff08Call Options\uff09\u3002\u901a\u5e38\u5356\u7ed9\u4f60\u671f\u6743\u7684\u4eba\u9700\u8981\u8fdb\u884c\u5bf9\u51b2\u3002\u4ed6\u4eec\u5e76\u4e0d\u662f\u5728\u8d4c\u65b9\u5411\uff0c\u800c\u662f\u8d4c\u4f60\u4ed8\u7684\u6743\u5229\u91d1\u9ad8\u4e8e\u4ed6\u4eec\u901a\u8fc7\u201cDelta \u5bf9\u51b2\u201d\u53e6\u4e00\u7aef\u6240\u5e26\u6765\u7684\u9884\u671f\u635f\u5931\u3002\u4ed6\u4eec\u5356\u51fa\u770b\u6da8\u671f\u6743\uff0c\u5e76\u4e70\u5165\u80a1\u7968\u4f5c\u4e3a\u5bf9\u51b2\u3002\u5982\u679c\u4ef7\u683c\u4e0a\u6da8\u5e76\u7a81\u7834\u884c\u6743\u4ef7\uff0c\u671f\u6743\u7684 Delta \u5c31\u4f1a\u4e0a\u5347\uff0c\u4ed6\u4eec\u5fc5\u987b\u4e70\u5165\u66f4\u591a\u80a1\u7968\u3002\u53cd\u4e4b\u4ea6\u7136\uff0c\u5982\u679c\u4ef7\u683c\u56de\u843d\u5230\u884c\u6743\u4ef7\u4ee5\u4e0b\uff0cDelta \u4e0b\u964d\u3002\u73b0\u5728\u4ed6\u4eec\u624b\u91cc\u80a1\u7968\u591a\u4e86\uff0c\u6240\u4ee5\u5fc5\u987b\u5356\u7ed9\u4e00\u4e2a\u6b63\u5728\u4e0b\u8dcc\u7684\u5e02\u573a\u3002<\/p>\n<p class=\"ql-align-justify\">\u8fd9\u79cd\u884c\u4e3a\u51e0\u4e4e\u662f\u673a\u68b0\u8fd0\u4f5c\u7684\uff0c\u901a\u5e38\u53ef\u4ee5\u4ece\u90a3\u79cd\u8dcc\u8d77\u6765\u4f3c\u4e4e\u6ca1\u6709\u5e95\u90e8\u7684\u8d44\u4ea7\u4ef7\u683c\u8d70\u52bf\u4e2d\u89c2\u5bdf\u5230\u3002\u5e02\u573a\u5728\u63a5\u8fd1\u6708\u5ea6\u6216\u5b63\u5ea6\u671f\u6743\u5230\u671f\u65f6\u901a\u5e38\u7279\u522b\u5bb9\u6613\u53d7\u5230\u77ed\u4f3d\u9a6c\u7684\u5f71\u54cd\u3002\u5982\u679c\u4f60\u67e5\u770b\u8fd9\u4e9b\u95ea\u5d29\u7684\u5386\u53f2\u8bb0\u5f55\uff0c\u6211\u6562\u6253\u8d4c\uff0c\u5176\u4e2d\u5927\u591a\u6570\u53d1\u751f\u5728\u8fd9\u4e9b\u5230\u671f\u65e5\u9644\u8fd1\u6216\u9644\u8fd1\u3002<\/p>\n<p class=\"ql-align-justify\">\u8fd9\u53d1\u751f\u5728\u671f\u6743\u5e02\u573a\uff0c\u4e5f\u901a\u8fc7\u6760\u6746\u5b9e\u73b0\u3002\u5f53\u6295\u8d44\u8005\u901a\u8fc7\u6760\u6746\u8d2d\u4e70\u8d44\u4ea7\u65f6\uff0c\u901a\u5e38\u9700\u8981\u63d0\u4f9b\u62b5\u62bc\u54c1\u4ee5\u4fbf\u8fdb\u884c\u4ea4\u6613\u3002\u5f53\u4ef7\u683c\u4e0b\u8dcc\u65f6\uff0c\u4ea4\u6613\u6240\u6216\u5176\u505a\u5e02\u5546\u4f1a\u8981\u6c42\u4ed6\u4eec \\&#8217;\u63d0\u4f9b\u62b5\u62bc\u54c1\\&#8217;\uff0c\u4e5f\u5c31\u662f\u8ffd\u52a0\u66f4\u591a\u73b0\u91d1\u3002\u5f53\u5e02\u573a\u4e2d\u7684\u6760\u6746\u8fc7\u591a\u65f6\uff0c\u901a\u5e38\u4ed6\u4eec\u5fc5\u987b\u51fa\u552e\u67d0\u4e9b\u8d44\u4ea7\u4ee5\u5151\u73b0\u8fd9\u4e9b\u73b0\u91d1\u3002\u5b9e\u8d28\u4e0a\uff0c\u8fd9\u4f7f\u4ed6\u4eec\u5904\u4e8e\u505a\u7a7a\u6ce2\u52a8\u7387\u7684\u72b6\u6001\u3002<\/p>\n<p class=\"ql-align-justify\">\u7b2c\u4e09\u79cd\u8ba9\u8fd9\u4e2a\u5e02\u573a\u5904\u4e8e\u201c\u77ed\u6ce2\u52a8\u7387\u201d\u7684\u65b9\u5f0f\u8ba9\u6211\u6709\u70b9\u5403\u60ca\u3002\u6211\u6ca1\u610f\u8bc6\u5230\uff0c\u201c\u53cc\u500d\u6760\u6746\u201d\u767d\u94f6\u57fa\u91d1 AGQ \u5df2\u7ecf\u79ef\u7d2f\u4e86 50 \u4ebf\u7f8e\u5143\u7684\u8d44\u4ea7\u3002\u8fd9\u610f\u5473\u7740\u5b83\u6301\u6709 100 \u4ebf\u7f8e\u5143\u7684\u767d\u94f6\uff08\u901a\u8fc7\u671f\u8d27\uff09\u3002\u8be5\u57fa\u91d1\u6bcf\u5929\u90fd\u4f1a\u201c\u91cd\u65b0\u5e73\u8861\u201d\uff08Rebalance\uff09\uff0c\u6240\u4ee5\u5f53\u4eba\u4eec\u9192\u6765\u53d1\u73b0\u767d\u94f6\u4e0b\u8dcc 15% \u65f6\uff0c\u8be5\u57fa\u91d1\u5b9e\u8d28\u4e0a\u4e8f\u635f\u4e86 20% * 100 \u4ebf\u7f8e\u5143\uff0c\u5373 20 \u4ebf\u7f8e\u5143\u3002\u8fd9\u4f7f\u5f97\u8d4e\u56de\u524d\u7684\u57fa\u91d1\u4ef7\u503c\u5269\u4e0b 30 \u4ebf\u7f8e\u5143\u3002\u8fd9\u610f\u5473\u7740\u4ed6\u4eec\u65b0\u7684 Delta \u662f 60 \u4ebf\u7f8e\u5143\uff0c\u4ed6\u4eec\u5fc5\u987b\u5356\u51fa 40 \u4ebf\u7f8e\u5143\u7684\u767d\u94f6\uff01<\/p>\n<p class=\"ql-align-justify\">\u4e4b\u524d\u671f\u6743\u4e13\u5bb6 Kris \u5728\u8fd9\u91cc\u6982\u8ff0\u4e86\u52a8\u6001\uff1a<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012365814616.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe19\" \/><\/p>\n<p class=\"ql-align-justify\">\u670b\u53cb Andy Constan \u63d0\u9192\u6211\u8fd9\u4e00\u52a8\u6001\uff0c\u8fd8\u544a\u8bc9\u6211\u201c\u6eda\u52a8\u201d\u53d1\u751f\u7684\u65f6\u95f4\u662f\u4e0b\u5348 1:30\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012365972223.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe20\" \/><\/p>\n<p class=\"ql-align-justify\">\u5728\u6211\u51e0\u5206\u949f\u524d\u521a\u7b49\u5f85\u4e86\u4e00\u4e9b\u8bd5\u63a2\u6027\u7684\u89c1\u5e95\u4fe1\u53f7\u540e\uff0c\u6211\u5728 71 \u7f8e\u5143\u7684\u4ef7\u4f4d\u4e70\u5165\u4e86 SLV\uff0c\u5e76\u901a\u8fc7\u4e70\u5165\u80a1\u7968\u3001\u4e70\u5165\u770b\u6da8\u671f\u6743\u548c\u5356\u51fa\u4e0b\u65b9\u884c\u6743\u4ef7\u7684\u770b\u8dcc\u4ef7\u5dee\uff08Put Spread\uff09\u5c06\u4ed3\u4f4d\u7ffb\u500d\u3002\u5373\u4fbf\u6ca1\u80fd\u8dd1\u8d62\u6211\u81ea\u5df1\u7684\u5de5\u4f5c\uff0c\u4e5f\u8981\u901a\u8fc7\u5229\u7528\u5e02\u573a\u5173\u7cfb\u7684 Alpha \u6765\u83b7\u5229\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012366015164.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe21\" \/><\/p>\n<p class=\"ql-align-justify\">\u5b9e\u9645\u4e0a\uff0c\u6211\u8fd8\u6709\u7b2c\u56db\u79cd\u5904\u4e8e\u201c\u77ed\u6ce2\u52a8\u7387\u201d\u7684\u65b9\u5f0f\u3002\u7531\u4e8e\u6211\u503e\u5411\u4e8e\u4e70\u5165\u770b\u6da8\u4ef7\u5dee\uff08Call Spreads\uff09\u548c\u8776\u5f0f\u4ef7\u5dee\uff08Flys\uff09\uff0c\u968f\u7740\u884c\u6743\u4ef7\u8d8a\u6765\u8d8a\u9ad8\uff0c\u6211\u4e00\u76f4\u5728\u201c\u5c55\u671f\u201d\uff08Rolling\uff09\u6211\u7684\u671f\u6743\u3002\u8fd9\u7ed9\u6211\u7559\u4e0b\u4e86\u865a\u5047\u7684\u5b89\u5168\u611f\u3002\u5230\u90a3\u5929\u7ed3\u675f\u65f6\uff0c\u6211\u5728\u767d\u94f6\u4e0a\u635f\u5931\u4e86 2%\uff0c\u9ec4\u91d1\u4e0a\u635f\u5931\u4e86 2%\u3002\u7b97\u4e0a\u94dc\u548c\u5176\u4ed6\u5934\u5bf8\u7684\u635f\u5931\uff0c\u6211\u4eec\u5168\u5929\u4e0b\u8dcc\u4e86 8%\uff0c\u5e26\u4f24\u4f46\u672a\u5012\u4e0b\u3002\u8fd9\u4f7f\u6211\u4eec\u7684\u5e74\u5e74\u521d\u81f3\u4eca\uff08YTD\uff09\u6536\u76ca\u53d8\u4e3a 12.6%\uff0c\u81ea 25 \u5e74 1 \u6708\u4ee5\u6765\u7684\u7d2f\u8ba1\u6536\u76ca\u4e3a 165%\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012366059119.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe22\" \/><\/p>\n<p class=\"ql-align-justify\">\u597d\u4e86\uff0c\u5982\u679c\u4f60\u8fd8\u5728\u8bfb\uff0c\u6211\u4eec\u73b0\u5728\u5bf9\u767d\u94f6\u4e3a\u4f55\u88ab\u6467\u6bc1\u6709\u4e86\u7b54\u6848\uff0c\u6211\u4eec\u6709\u4e86\u4e00\u4e2a\u673a\u5236\u2014\u2014\u77ed\u6ce2\u52a8\u7387\u2014\u2014\u901a\u8fc7\u4e09\u4e2a\u6e20\u9053\uff1a\u8fc7\u5ea6\u6760\u6746\u3001\u7a7a\u5934\u671f\u6743 Gamma\u3001\u6760\u6746 ETF\u3002<\/p>\n<p class=\"ql-align-justify\">\u4f46\u6211\u4eec\u63a5\u4e0b\u6765\u8be5\u53bb\u5411\u4f55\u65b9\uff1f<\/p>\n<h2 class=\"ql-align-justify\"><strong>\u6218\u4e89\u8ff7\u96fe<\/strong><\/h2>\n<p class=\"ql-align-justify\">\u9996\u5148\uff0c\u6211\u4eec\u9700\u8981\u62e8\u5f00\u6218\u4e89\u7684\u8ff7\u96fe\u3002\u8003\u8651\u5230\u4e2d\u56fd\u5e02\u573a\u5728\u7f8e\u56fd\u6700\u7cdf\u7cd5\u7684\u8d70\u52bf\u53d1\u751f\u524d\u5c31\u5173\u95ed\u4e86\uff0c\u76ee\u524d\u5bf9\u201c\u4e2d\u56fd\u6ea2\u4ef7\u201d\u7684\u7b80\u5355\u4f30\u7b97\u5b8c\u5168\u662f\u8131\u8282\u7684\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012366722621.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe23\" \/><\/p>\n<p class=\"ql-align-justify\">\u540c\u6837\u7684\u9053\u7406\u4e5f\u9002\u7528\u4e8e\u201cSLV \u4ea4\u6613\u4ef7\u683c\u4f4e\u4e8e\u8d44\u4ea7\u51c0\u503c\uff08NAV\uff09\u201d\u7684\u8bf4\u6cd5\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012366847982.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe24\" \/><\/p>\n<p class=\"ql-align-justify\">\u8fd9\u770b\u8d77\u6765\u66f4\u591a\u662f\u56e0\u4e3a SLV \u4f7f\u7528\u4f26\u6566\u6e05\u7b97\u4ef7\u683c\u6765\u8ba1\u7b97\u5176 NAV\uff08\u800c\u5f53\u6700\u7cdf\u7cd5\u7684\u60c5\u51b5\u53d1\u751f\u65f6\uff0c\u4f26\u6566\u5df2\u7ecf\u4f11\u5e02\u4e86\uff09\u3002\u4ece\u5468\u4e94\u7684\u65e5\u5185\u4ef7\u683c\u6765\u770b\uff0c\u8be5 ETF \u770b\u8d77\u6765\u4e0e\u671f\u8d27\u4ef7\u683c\u7684\u8d70\u52bf\u975e\u5e38\u4e00\u81f4\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012367141603.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe25\" \/><\/p>\n<p class=\"ql-align-justify\">\u76ee\u524d\uff0c\u9664\u4e86\u5468\u4e00\u53ef\u80fd\u51fa\u73b0\u7684\u53cd\u5f39\uff0c\u771f\u6b63\u7684\u95ee\u9898\u662f\u201c\u4e2d\u56fd\u5728\u5468\u65e5\u665a\u4e0a\u5982\u4f55\u5f00\u76d8\uff1f\u201d\u5982\u679c\u4f60\u76f8\u4fe1\u7f51\u4e0a\u7684\u4f20\u8a00\uff0c\u4e1c\u65b9\u7684\u5b9e\u7269\u4ef7\u683c\u4ecd\u5904\u4e8e 136 \u7f8e\u5143\u7684\u6c34\u5e73\uff0c\u8fd9\u610f\u5473\u7740\u6211\u4eec\u53ef\u80fd\u4f1a\u5728\u5468\u4e00\u770b\u5230 +5-10% \u7684\u6da8\u5e45\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012367492260.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe26\" \/><\/p>\n<p class=\"ql-align-justify\">\u6211\u672a\u5a5a\u59bb\u76ee\u524d\u6b63\u5728\u5f92\u6b65\u65c5\u884c\uff0c\u5979\u8868\u793a\u897f\u90e8\u7684\u73e0\u5b9d\u5546\u4ecd\u7136\u4ee5\u6bcf\u514b 1.90 \u7f8e\u5143\uff08\u6216\u8005\u6362\u7b97\u6210\u6bcf\u76ce\u53f8\u7eaf\u94f6\u5927\u7ea6 64 \u7f8e\u5143\uff09\u7684\u4ef7\u683c\u51fa\u552e 925 \u94f6\uff0892%\u7eaf\u5ea6\uff09\u3002\u6240\u4ee5\u57fa\u672c\u7684\u60c5\u51b5\u4f3c\u4e4e\u4ecd\u7136\u662f\u94f6\u5728\u897f\u65b9\u5f88\u4fbf\u5b9c\uff0c\u800c\u5728\u4e2d\u56fd\u5f88\u8d35\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012367543892.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe27\" \/><\/p>\n<p class=\"ql-align-justify\">\u8fd9\u662f\u5426\u4f1a\u5bfc\u81f4\u4ef7\u683c\u4e0a\u6da8\u5c06\u53d6\u51b3\u4e8e\u5f53\u5730\u60c5\u51b5\u3002\u6b63\u5982 Merridew \u6240\u6307\u51fa\u7684\u90a3\u6837\uff0c\u975e\u5e38\u53ef\u80fd\u4e2d\u56fd\u6760\u6746\u6295\u8d44\u8005\u5c06\u5728\u5468\u65e5\u591c\u95f4\/\u5468\u4e00\u65e9\u6668\u7684\u5f00\u76d8\u65f6\u88ab\u8feb\u6e05\u7b97\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012367844934.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe28\" \/><\/p>\n<p class=\"ql-align-justify\">\u52a0\u4e0a CME \u661f\u671f\u4e94\u518d\u6b21\u63d0\u9ad8\u4fdd\u8bc1\u91d1\uff0c\u4e0d\u8fc7\u8bf7\u8bb0\u4f4f\uff0c\u7531\u4e8e\u4ef7\u683c\u964d\u4f4e\u7ea6 30%\uff0c\u5373\u4f7f\u66f4\u9ad8\u7684\u4fdd\u8bc1\u91d1\u610f\u5473\u7740\u591a\u5934\u7684\u51c0\u73b0\u91d1\u63d0\u53d6\u53ef\u80fd\u5fae\u4e4e\u5176\u5fae\u3002\u6bcf\u5355\u4f4d\u94f6\u7684\u4fdd\u8bc1\u91d1\u63d0\u9ad8\u4e86\u5f88\u591a\uff0c\u4f46\u671f\u8d27\u4fdd\u8bc1\u91d1\u603b\u91d1\u989d\u5927\u81f4\u76f8\u540c\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012368219314.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe29\" \/><\/p>\n<p class=\"ql-align-justify\">\u6765\u6e90\uff1a<u>@profitsplusid<\/u><\/p>\n<p class=\"ql-align-justify\">\u6bd4\u7279\u5e01\u7684\u5b9a\u4ef7\u5728\u8fd9\u91cc\u5e76\u4e0d\u770b\u6da8\uff0c\u800c\u4e14\u4f3c\u4e4e\u662f\u5f3a\u5236\u51fa\u552e\u3001\u5bf9\u91cf\u5b50\u8ba1\u7b97\u7684\u6301\u7eed\u62c5\u5fe7\u4ee5\u53ca\u53ef\u80fd\u5bf9 MSTR \u95ee\u9898\u7684\u9884\u671f\u67d0\u79cd\u7ec4\u5408\u7684\u7ed3\u679c\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012368282905.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe30\" \/><\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012368373931.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe31\" \/><\/p>\n<p class=\"ql-align-justify\">\u57fa\u4e8e 14 \u4e2a\u6708\u524d\u5bf9\u5176\u5546\u4e1a\u6a21\u5f0f\u5947\u7279\u6027\u8d28\u7684\u5206\u6790\uff0c\u6211\u4eec\u4ecd\u7136\u6301\u6709\u7a7a\u5934\u5934\u5bf8\u3002<\/p>\n<h2 class=\"ql-align-justify\"><strong>\u770b\u6da8\u7684\u539f\u56e0\u662f\u4ec0\u4e48\uff1f<\/strong><\/h2>\n<p class=\"ql-align-justify\">\u9996\u5148\uff0cSLV\uff08\u767d\u94f6\u4ee3\u53f7\uff09\u7684\u80a1\u4ef7\u5728\u5468\u4e94\u5927\u8dcc\u4e4b\u524d\u5c31\u5df2\u7ecf\u5f00\u59cb\u8d70\u4f4e\u3002\u968f\u7740\u4ef7\u683c\u7684\u4e0b\u8dcc\uff0c\u8fd9\u610f\u5473\u7740\u540d\u4e49\u98ce\u9669\u655e\u53e3\uff08Notional Exposure\uff09\u5df2\u7ecf\u5927\u5e45\u4e0b\u964d\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012368427935.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe32\" \/><\/p>\n<p class=\"ql-align-justify\">\u9664\u975e\u5468\u65e5\u665a\u4e0a\u4e2d\u56fd\u5e02\u573a\u51fa\u73b0\u67d0\u79cd\u6781\u7aef\u7684\u53bb\u6760\u6746\u884c\u52a8\uff0c\u5426\u5219 AGQ\uff08\u53cc\u500d\u505a\u591a\u767d\u94f6 ETF\uff09\u7684\u629b\u552e\u6f6e\u5df2\u7ecf\u6210\u4e3a\u8fc7\u53bb\u5f0f\u3002\u4efb\u4f55\u663e\u8457\u7684\u53cd\u5f39\u6216\u56de\u5347\u90fd\u5c06\u8d77\u5230\u53cd\u5411\u4f5c\u7528\u2014\u2014\u5c31\u50cf\u7a7a\u5934\u770b\u6da8\u671f\u6743\uff08Short Call Option\uff09\u4e00\u6837\uff0c\u8feb\u4f7f\u90a3\u4e9b\u4eba\u5728\u4ef7\u683c\u4e0a\u6da8\u65f6\u8865\u5165\u989d\u5916\u7684\u80a1\u4efd\u3002 \u81f3\u4e8e\u6211\uff0c\u6211\u6253\u8d4c\u4e2d\u56fd\u5e02\u573a\u4e0d\u4f1a\u4e00\u8def\u8dcc\u5230\u5e95\u3002\u800c\u4e14\u5982\u679c\u6211\u4eec\u771f\u7684\u770b\u5230\u67d0\u79cd\u5f3a\u5236\u6e05\u7b97\uff0c\u80a1\u5e02\u6050\u6015\u4e5f\u96be\u4ee5\u5e78\u514d\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012368510985.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe33\" \/><\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012368564865.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe34\" \/><\/p>\n<p class=\"ql-align-justify\">\u6700\u540e\u4e00\u70b9\u503c\u5f97\u6ce8\u610f\u2014\u2014\u5730\u7f18\u653f\u6cbb\u80cc\u666f\u5e76\u6ca1\u6709\u53d8\u5f97\u66f4\u52a0\u5e73\u9759\u3002\u5982\u679c\u8bf4\u6709\u4ec0\u4e48\u53d8\u5316\u7684\u8bdd\uff0c\u6765\u81ea\u5fb7\u9ed1\u5170\uff08Tehran\uff09\u7684\u4fe1\u53f7\u8868\u660e\uff0c\u6211\u4eec\u8ddd\u79bb\u67d0\u79cd\u5bf9\u6297\u4e0d\u662f\u66f4\u8fdc\uff0c\u800c\u662f\u66f4\u8fd1\u4e86\u3002\u4ece\u5386\u53f2\u4e0a\u770b\uff0c\u8d35\u91d1\u5c5e\u5728\u8fd9\u79cd\u73af\u5883\u4e0b\u8868\u73b0\u826f\u597d\uff0c\u54ea\u6015\u901a\u5f80\u6210\u529f\u7684\u9053\u8def\u4f1a\u53d8\u5f97\u6781\u5176\u6df7\u4e71\u3002 \u8003\u8651\u5230\u6240\u6709\u8fd9\u4e9b\u6f5c\u5728\u7684\u53bb\u6760\u6746\u529b\u91cf\uff0c\u4f60\u5e94\u8be5\u5c06\u76ee\u524d\u7684\u5934\u5bf8\u89c6\u4e3a\u6781\u5177\u6218\u672f\u6027\u7684\u3002\u6211\u4fdd\u7559\u6839\u636e\u60c5\u51b5\u6f14\u53d8\uff0c\u5bf9\u6574\u4e2a\u5927\u5b97\u5546\u54c1\u66f2\u7ebf\u8f6c\u4e3a\u5b8c\u5168\u5e73\u4ed3\u6216\u8d1f Delta\uff08Short Delta\uff09\u7684\u6743\u5229\u3002<\/p>\n<p class=\"ql-align-justify\">\u4e5f\u8bb8\u6211\u5bf9\u7a7a\u5934\u5934\u5bf8\u62bc\u6ce8\u8fc7\u5934\u4e86\uff0c\u4f46\u6211\u8d8a\u6765\u8d8a\u62c5\u5fc3\u80a1\u5e02\u4f1a\u51fa\u73b0\u5b9e\u8d28\u6027\u7684\u56de\u64a4\uff0c\u56e0\u4e3a\u4eba\u4eec\u5f00\u59cb\u5bf9\u6295\u8d44\u6570\u636e\u4e2d\u5fc3\u6240\u9700\u7684\u73b0\u91d1\u6d41\u4e0e\u8fd9\u4e9b\u516c\u53f8\u5b9e\u9645\u6536\u5165\u4e4b\u95f4\u7684\u201c\u7a7a\u6c14\u5c42\uff08Air Gap\uff09\u201d\u8fdb\u884c\u5b9a\u4ef7\u3002\u662f\u7684\uff0cAI \u667a\u80fd\u4f53\uff08Agents\uff09\u65f6\u4ee3\u5373\u5c06\u5230\u6765\uff0c\u662f\u7684\uff0cMoltbook\uff08AI \u5de5\u5177\u540d\uff09\u786e\u5b9e\u5f88\u6709\u8da3\uff08\u5982\u679c\u64cd\u4f5c\u5f97\u5f53\uff0c\u5b83\u4f1a\u6d88\u8017\u5927\u91cf\u7684\u4ee3\u5e01\/Tokens\uff09\uff0c\u4f46\u5728\u4f01\u4e1a\u4e2d\u90e8\u7f72 AI \u4ecd\u7136\u9762\u4e34\u5de8\u5927\u7684\u7269\u6d41\u3001\u5408\u89c4\u548c\u8fd0\u8425\u969c\u788d\u3002\u4f60\u5728 Twitter\/X \u4e0a\u770b\u5230\u7684\u90a3\u4e9b\u5173\u4e8e\u5de5\u4f5c\u6d41\u9769\u547d\u7684\u5185\u5bb9\uff0c\u5927\u591a\u6765\u81ea\u72ec\u7acb\u9ed1\u5ba2\u3001\u521b\u4f5c\u8005\u6216\u4e1a\u52a1\u6d41\u7a0b\u7075\u6d3b\u4e14\u6613\u4e8e\u7ffb\u65b0\u7684\u5c0f\u578b\u516c\u53f8\u3002\u6211\u7684\u4f30\u8ba1\u4ecd\u7136\u662f\uff0c\u667a\u80fd\u4f53\u4e3b\u8981\u5728\u7b2c\u4e8c\u5b63\u5ea6\u672b\u5f00\u59cb\u5728\u4f01\u4e1a\u7aef\u4e0a\u7ebf\uff0c\u968f\u540e\u624d\u6709\u6536\u5165\u3002\u8fd9\u4f7f\u5f97\u7f8e\u80a1\u6781\u6613\u53d7\u5230\u4e0a\u5468\u91cd\u521b\u5fae\u8f6f\uff08Microsoft\uff09\u7684\u90a3\u79cd\u52a8\u6001\u5f71\u54cd\u3002<\/p>\n<p class=\"ql-align-justify\">\u56e0\u6b64\uff0c\u4ece\u76f8\u5bf9\u4ef7\u503c\u6765\u770b\uff0c\u6211\u4ecd\u7136\u770b\u597d\u91d1\u5c5e\u3002\u4f46\u6211\u613f\u610f\u627f\u8ba4\u81ea\u5df1\u53ef\u80fd\u9519\u8bef\uff0c\u5e76\u5bfb\u6c42\u5bf9\u5e02\u573a\u72b6\u51b5\u505a\u51fa\u66f4\u53ca\u65f6\u7684\u53cd\u5e94\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260203\/177012368672938.jpg\" alt=\"image\" title=\"\u4e00\u4efd\u6765\u81ea\u767d\u94f6\u6218\u58d5\u7684\u6b8b\u9177\u53cd\u601d\uff1a\u5173\u4e8e\u6760\u6746\u3001\u535a\u5f08\u4e0e\u4eba\u6027\u67b7\u9501 &#8211;\u63d2\u56fe35\" \/><\/p>\n<p class=\"ql-align-justify\">\u8fd9\u4e00\u5207\u90fd\u59cb\u4e8e\u90a3\u53e5\u5173\u4e8e\u75db\u82e6\u4e0e\u53cd\u601d\u7684\u683c\u8a00\u3002\u5468\u4e94\u5e26\u6765\u4e86\u5927\u91cf\u7684\u75db\u82e6\uff0c\u800c\u8fd9\u7bc7\u6587\u7ae0\u662f\u6211\u53cd\u601d\u7684\u5c1d\u8bd5\u3002 \u6838\u5fc3\u903b\u8f91\uff08Thesis\uff09\u5e76\u672a\u6539\u53d8\u2014\u2014\u5149\u4f0f\u9700\u6c42\u3001\u4e2d\u56fd\u8d44\u672c\u5916\u9003\u3001\u4f9b\u5e94\u9650\u5236\u3002\u6539\u53d8\u7684\u662f\u4ef7\u683c\u548c\u5934\u5bf8\uff0c\u4ee5\u53ca\u6211\u610f\u8bc6\u5230\u5728\u4e00\u4e2a\u611f\u89c9\u53ea\u4f1a\u4e00\u8def\u4e0a\u6da8\u7684\u5e02\u573a\u4e2d\uff0c\u7adf\u7136\u9690\u85cf\u7740\u5982\u6b64\u591a\u7684\u201c\u77ed Gamma\u201d\uff08Short Gamma\uff09\u98ce\u9669\u3002<\/p>\n<p class=\"ql-align-justify\">\u75db\u82e6 + \u53cd\u601d = \u8fdb\u6b65\u3002\u8ba9\u6211\u4eec\u770b\u770b\u5f53\u5468\u65e5\u665a\u4e0a\u4e2d\u56fd\u5e02\u573a\u5f00\u76d8\u65f6\uff0c\u8fd9\u79cd\u8fdb\u6b65\u4f1a\u4ee5\u4f55\u79cd\u59ff\u6001\u5448\u73b0\u3002 \u795d\u5927\u5bb6\u4ea4\u6613\u987a\u5229\uff0c\u6ce8\u610f\u5b89\u5168\u3002 \u4e0b\u6b21\u518d\u89c1\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u539f\u6587\u4f5c\u8005\uff1a Alexander Campbell \u539f\u6587\u7f16\u8bd1\uff1a \u6df1\u6f6e TechFlow \u5bfc\u8bfb\uff1a \u5728\u4e0a\u5468\u4e94\u7ecf\u5386\u4e86\u4e00 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2934,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news"],"_links":{"self":[{"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/posts\/2933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2933"}],"version-history":[{"count":1,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/posts\/2933\/revisions"}],"predecessor-version":[{"id":8085,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/posts\/2933\/revisions\/8085"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/media\/2934"}],"wp:attachment":[{"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}