{"id":3280,"date":"2024-02-11T17:14:15","date_gmt":"2024-02-11T09:14:15","guid":{"rendered":"https:\/\/ufqi.com\/blog\/?p=3280"},"modified":"2025-02-06T18:19:21","modified_gmt":"2025-02-06T10:19:21","slug":"risk-hedge-and-market-neutral-with-edward-throp","status":"publish","type":"post","link":"https:\/\/ufqi.com\/blog\/risk-hedge-and-market-neutral-with-edward-throp\/","title":{"rendered":"\u91d1\u878d\u8bc1\u5238\u4ea4\u6613\u7684\u5e02\u573a\u4e2d\u6027\u98ce\u9669\u5bf9\u51b2\u7684\u6295\u8d44\u7b56\u75653\/4"},"content":{"rendered":"\n<blockquote class=\"wp-block-quote\"><p>\u4e00\u6837\u4e1c\u897f\u662f\u5426\u968f\u673a\u53d6\u51b3\u4e8e\u8fd9\u4e2a\u4eba\u5f97\u5230\u4fe1\u606f\u7684\u591a\u5be1\uff0c\u5f97\u5230\u7684\u4fe1\u606f\u8d8a\u591a\uff0c\u968f\u673a\u6027\u5c31\u8d8a\u5c0f\u3002<br \/>&#8212;- \u300a\u6218\u80dc\u4e00\u5207\u5e02\u573a\u7684\u4eba\u300b\uff08\u5f15\u7528\u4e0b\u540c\uff09<\/p><\/blockquote>\n\n\n\n<p>\u8fd9\u4e2a\u7cfb\u5217\u662f\u8ba8\u8bba\u5728\u91d1\u878d\u8bc1\u5238\u5e02\u573a\u9886\u57df\uff0c\u5982\u4f55\u901a\u8fc7\u98ce\u9669\u5bf9\u51b2\u5c06\u6295\u8d44\u6d3b\u52a8\u4e2d\u7684\u76c8\u4e8f\u4e92\u89c1\u8f6c\u4e3a\u7a33\u8d5a\u4e0d\u8d54\u7684\u751f\u610f\u3001\u5b9e\u73b0\u5e02\u573a\u4e2d\u6027\u7684\u6295\u8d44\u7b56\u7565\u3002\u64cd\u4f5c\u5c42\u9762\u4e0a\u770b\u98ce\u9669\u5bf9\u51b2\u53ef\u4ee5\u5206\u4e3a\u5728\u7a7a\u95f4\u7ef4\u5ea6\u4e0a\u5bf9\u51b2\u6389\u98ce\u9669\u548c\u5728\u65f6\u95f4\u7ef4\u5ea6\u4e0a\u5c06\u6295\u8d44\u98ce\u9669\u5bf9\u51b2\u6389\u3002<br \/>\u6211\u4eec\u8ba1\u5212\u7528\u56db\u4e2a\u7ae0\u8282\u8fdb\u884c\u5206\u6790\uff0c\u5176\u4e2d\u5728\u7b2c\u4e00\u8282\u5df2\u7ecf\u5206\u6790\u4e86\u6295\u8d44\u7406\u5ff5\u7684\u8f6c\u53d8\u2014\u2014\u4ece\u6700\u5927\u5316\u6536\u76ca\u5230\u6700\u4f4e\u6536\u76ca\u6700\u5927\u5316\u7684\u6539\u53d8\uff0c\u5728\u7b2c\u4e8c\u8282\u6211\u4eec\u4f7f\u7528\u6c34\u6728\u793e\u533aBBS\u53ca\u6709\u798f\u91d1\u878d\u4e0a\u7684\u591a\u4e2a\u4f8b\u5b50\u4ea4\u53c9\u5370\u8bc1\u4e86\u5728\u65f6\u95f4\u7ef4\u5ea6\u4e0a\u5c06\u6295\u8d44\u98ce\u9669\u5bf9\u51b2\u6389\u7684\u5408\u7406\u4e0e\u53ef\u9760\u3002<br \/>\u8fd9\u662f\u7b2c\u4e09\u8282\uff0c\u6211\u4eec\u6253\u7b97\u4ece\u8f83\u5177\u4f53\u7684\u89c6\u89d2\u6765\u770b\u770b\u91cf\u5316\u6295\u8d44\u5927\u5e08\u7231\u5fb7\u534eO\u7d22\u666e\uff08Edward O. Throp\uff09\u7684\u6295\u8d44\u5c65\u5386\u548c\u5176\u80cc\u540e\u7684\u7406\u5ff5\u3002<\/p>\n\n\n\n<p>\u7231\u5fb7\u534eO\u7d22\u666e\u7684\u6295\u8d44\u601d\u8def\u662f\u4ece\u7f8e\u56fd\u62c9\u65af\u7ef4\u52a0\u65af\u8d4c\u573a\u91cc\u7684\u8d4c\u535a21\u70b9\u7b97\u724c\u5f00\u59cb\u7684\u3002<br \/>\u5728\u4ed6\u770b\u6765\uff0c\u8d4c\u535a\u4e2d\u768421\u70b9\u6e38\u620f\uff0c\u53ef\u4ee5\u901a\u8fc7\u5df2\u7ecf\u53d1\u51fa\u724c\u9762\u70b9\u6570\u8ba1\u7b97\u540e\u7eed\u8f93\u8d62\u7684\u6982\u7387\uff0c\u5728\u8d62\u7684\u6982\u7387\u8f83\u5927\u65f6\u4e0b\u5927\u6ce8\uff0c\u800c\u5728\u8f93\u7684\u6982\u7387\u8f83\u5927\u65f6\u5219\u4e0b\u5c0f\u6ce8\u6216\u4e0d\u4e0b\u6ce8\u3002\u4ece\u800c\u4f9d\u636e\u8f83\u4e3a\u5fae\u5f31\u7684\u6982\u7387\u4f18\u52bf\u83b7\u80dc\u3002<br 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\/>\u6240\u8c13\u4e0d\u540c\u5e02\u573a\uff0c\u5c31\u662f\u73b0\u8d27\u5e02\u573a\u4e0e\u671f\u8d27\u5e02\u573a\u3002\u5728\u73b0\u8d27\u5e02\u573a\uff0c\u5c31\u662f\u6211\u4eec\u666e\u904d\u8ba4\u4e3a\u7684\u80a1\u7968\u4ea4\u6613\uff0c\u7edd\u5927\u591a\u6570\u4eba\u90fd\u4ece\u5165\u95e8\u5230\u7cbe\u901a\u7684\u80a1\u7968\u4ea4\u6613\uff0c\u53ef\u4ee5\u4e70\u591a\u6216\u8005\u4e70\u7a7a\u2014\u2014\u751a\u81f3\u53ef\u4ee5\u4f7f\u7528\u98ce\u9669\u5bf9\u51b2\u601d\u60f3\u2014\u2014\u540c\u65f6\u4e70\u7a7a\u4e0e\u4e70\u591a\u540c\u4e00\u652f\u80a1\u7968\u3002<\/p>\n\n\n\n<p>\u8fd9\u79cd\u5bf9\u540c\u4e00\u652f\u80a1\u7968\u540c\u65f6\u8fdb\u884c\u4e70\u591a\u4e0e\u4e70\u7a7a\u7684\u64cd\u4f5c\uff0c\u867d\u7136\u542c\u8d77\u6765\u53ef\u4ee5\u64cd\u4f5c\uff0c\u4f46\u843d\u5b9e\u5230\u5b9e\u64cd\u5c42\u9762\uff0c\u4f3c\u4e4e\u53c8\u73b0\u5f97\u8fc7\u4e8e\u9669\u9698\u4e0e\u5185\u5377\u3002\u5982\u679c\u8bf4\u80a1\u4ef7\u5df2\u7ecf\u53cd\u6620\u4e86\u88ab\u6295\u8d44\u6807\u7684\u6240\u6709\u53ef\u4ee5\u8fd0\u7528\u7684\u4fe1\u606f\uff0c\u90a3\u4e48\u540c\u4e00\u65f6\u95f4\u70b9\u4e0a\u540c\u4e00\u6807\u7684\u7269\u5728\u540c\u4e00\u80a1\u7968\u5e02\u573a\u4e0a\uff0c\u5176\u4e70\u591a\u4ef7\u683c\u4e0e\u4e70\u7a7a\u4ef7\u683c\u4e4b\u95f4\u7684\u5dee\u5f02\u7a7a\u95f4\uff0c\u5e94\u8be5\u662f\u975e\u5e38\u5c0f\u7684\u3002\u53ef\u64cd\u4f5c\u7a7a\u95f4\u72ed\u5c0f\uff0c\u610f\u5473\u7740\u98ce\u9669\u5c0f\uff0c\u98ce\u9669\u5c0f\u4e5f\u540c\u65f6\u610f\u5473\u7740\u6536\u76ca\u4f4e\u3002<br 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\/>\u5982\u6b64\u4ee5\u6765\uff0c\u76f8\u5f53\u4e8e\u5728\u73b0\u8d27\u5e02\u573a\u80a1\u7968\u4ea4\u6613\u4e2d\u4e70\u591a\uff0c\u5bf9\u5e94\u7684\u5728\u671f\u8d27\u5e02\u573a\u5bf9\u540c\u4e00\u652f\u80a1\u7968\u7684\u671f\u6743\u8fdb\u884c\u4e70\u7a7a\uff1b\u6216\u8005\u5728\u73b0\u8d27\u5e02\u573a\u4e70\u7a7a\uff0c\u7136\u540e\u5728\u671f\u8d27\u5e02\u573a\u5bf9\u671f\u6743\u8fdb\u884c\u4e70\u591a\u3002<br \/>\u6700\u7ec8\uff0c\u672a\u6765\u67d0\u4e2a\u65f6\u95f4\u70b9\uff0c\u65e0\u8bba\u662f\u8fd9\u652f\u80a1\u7968\u7684\u4ef7\u683c\u662f\u5426\u6309\u9884\u671f\u7684\u4e0a\u5347\u6216\u4e0b\u8dcc\uff0c\u4ed6\u4eec\u603b\u80fd\u591f\u5728\u4e70\u591a\u6216\u8005\u4e70\u7a7a\u4e00\u9762\u6536\u83b7\u76c8\u5229\uff0c\u800c\u4e14\uff0c\u91cd\u8981\u7684\u662f\u8fd9\u4e2a\u76c8\u5229\u5dee\u53ef\u4ee5\u8986\u76d6\u6389\u53cd\u5411\u64cd\u4f5c\u7684\u4e8f\u635f\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><strong>\u505a\u7a7a\u4ef7\u683c\u88ab\u9ad8\u4f30\u7684\u6743\u8bc1\u603b\u4f53\u4e0a\u662f\u76c8\u5229\u7684\uff0c\u4f46\u98ce\u9669\u975e\u5e38\u5927\u3002\u4e70\u5165\u80a1\u7968\u4e5f\u662f\u5982\u6b64\u3002\u4e0d\u8fc7\u5f53\u6211\u4eec\u5bf9\u51b2\u6743\u8bc1\u548c\u76f8\u5e94\u80a1\u7968\u7684\u65f6\u5019\uff0c\u4e24\u8005\u7684\u98ce\u9669\u5927\u90e8\u5206\u4f1a\u76f8\u4e92\u62b5\u6d88\u3002<\/strong><br \/>&nbsp; \u5728\u7528\u5386\u53f2\u6570\u636e\u8fdb\u884c\u6a21\u62df\u6d4b\u8bd5\u65f6\uff0c\u6211\u4eec\u7684\u5e74\u4f18\u5316\u7b56\u7565\u8fbe\u5230\u4e8625%\u7684\u5e74\u56de\u62a5\u7387\uff0c\u5e76\u4e14\u98ce\u9669\u975e\u5e38\u4f4e\uff0c\u5373\u4f7f\u75281929\u5e74\u7ecf\u6d4e\u5927\u8427\u6761\u65f6\u671f\u7684\u6570\u636e\u56de\u6d4b\u7ed3\u679c\u4e5f\u662f\u5982\u6b64\u3002<\/p><\/blockquote>\n\n\n\n<p>\u8fd9\u4e5f\u662f\u4e3a\u4f55\u4ed6\u4eec\u6ca1\u6709\u9009\u62e9\u540c\u6837\u5728\u73b0\u8d27\u5e02\u573a\u8fdb\u884c\u4e70\u7a7a\u4e70\u591a\u7684\u4e92\u65a5\u64cd\u4f5c\uff0c\u4e5f\u6ca1\u6709\u9009\u62e9\u5728\u671f\u8d27\u5e02\u573a\u8fdb\u884c\u4e2a\u80a1\u671f\u8d27\u7684\u53cd\u5411\u62bc\u6ce8\uff0c\u800c\u662f\u9009\u62e9\u4e86\u66f4\u8fdc\u7684\u7a7a\u95f4\u2014\u2014\u80a1\u7968\u671f\u6743\uff08\u80a1\u7968\u671f\u8d27\u6743\u8bc1\uff09\u3002<br \/>\u8fd9\u4ece\u53e6\u5916\u4e00\u4e2a\u4fa7\u9762\u4e5f\u53cd\u5e94\u51fa\u6765\uff0c\u5728\u57fa\u4e8e\u7a7a\u95f4\u7ef4\u5ea6\u4e0a\u8fdb\u884c\u5957\u5229\u64cd\u4f5c\u6216\u8005\u8fdb\u884c\u98ce\u9669\u5bf9\u51b2\uff0cv0\u7a7a\u95f4\u91cc\u7684\u4e70\u591a\u4e0ev1\u7a7a\u95f4\u91cc\u7684\u4e70\u7a7a\uff0c\u4e24\u8005\u76f8\u8ddd\u8d8a\u8fdc\uff0c\u5176\u4ef7\u5dee\u53ef\u80fd\u8d8a\u5927\uff0c\u98ce\u9669\u8f83\u5c0f\uff0c\u4e14\u83b7\u76ca\u8f83\u5927\u3002<br \/>\u73b0\u8d27\u5e02\u573a\u7684\u80a1\u7968\u4ef7\u683c\u4e0e\u671f\u8d27\u5e02\u573a\u91cc\u7684\u671f\u6743\u4ef7\u683c\uff0c\u81f3\u5c11\u5dee\u4e86\u4e24\u4e2a\u6570\u636e\u91cf\u7ea7\u7684\u7a7a\u95f4\u7ef4\u5ea6\u3002\u6070\u5982\uff0c\u505a\u9ec4\u91d1\u5e02\u573a\u95f4\u7684\u4ef7\u683c\u8ba8\u8bba\uff0c\u5370\u5ea6\u4e0e\u7f8e\u56fd\u7684\u9ec4\u91d1\u4ef7\u5dee\u5e94\u8be5\u8fdc\u8fdc\u5927\u4e8e\u7f8e\u56fd\u4e1c\u897f\u6d77\u5cb8\u4e4b\u95f4\u7684\u9ec4\u91d1\u4ef7\u5dee\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2024\/02\/\u671f\u8d27futures\u4e0e\u671f\u6743options.jpg\"><img loading=\"lazy\" width=\"1024\" height=\"518\" src=\"https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2024\/02\/\u671f\u8d27futures\u4e0e\u671f\u6743options-1024x518.jpg\" alt=\"\" class=\"wp-image-3287\" srcset=\"https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2024\/02\/\u671f\u8d27futures\u4e0e\u671f\u6743options-1024x518.jpg 1024w, https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2024\/02\/\u671f\u8d27futures\u4e0e\u671f\u6743options-300x152.jpg 300w, https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2024\/02\/\u671f\u8d27futures\u4e0e\u671f\u6743options-768x388.jpg 768w, https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2024\/02\/\u671f\u8d27futures\u4e0e\u671f\u6743options-1536x776.jpg 1536w, https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2024\/02\/\u671f\u8d27futures\u4e0e\u671f\u6743options-2048x1035.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>\u671f\u8d27Futures\u4e0e\u671f\u6743Options<\/figcaption><\/figure>\n\n\n\n<p>\u8fd8\u6709\u66f4\u52a0\u5177\u6709\u52a0\u6210\u610f\u4e49\u7684\u673a\u4f1a\uff0c\u5f53\u65f6\u671f\u8d27\u5e02\u573a\u91cc\u7684\u671f\u6743\u5e02\u573a\u65b9\u5174\u672a\u827e\uff0c\u8fd8\u662f\u4e2a\u65b0\u4e8b\u7269\uff0c\u5f88\u591a\u4ece\u4e1a\u8005\u5e76\u4e0d\u719f\u6089\uff0c\u4e5f\u5f88\u5c11\u6709\u80fd\u6478\u6e05\u95e8\u8def\u7684\u3002\u5728\u8fd9\u6837\u7684\u80cc\u666f\u4e0b\uff0c\u7231\u5fb7\u534eO\u7d22\u666e\u5148\u751f\u4f3c\u4e4e\u662f\u671f\u6743\u4ea4\u6613\u9886\u57df\u7b2c\u4e00\u6279\u5403\u8783\u87f9\u7684\u4eba\uff0c\u8d5a\u5f97\u76c6\u6ee1\u94b5\u6ee1\uff0c\u4e8b\u540e\u770b\u6765\uff0c\u786e\u4e4e\u6709\u5929\u65f6\u5730\u5229\u4eba\u548c\u5b8c\u7f8e\u52a0\u6301\u3002<\/p>\n\n\n\n<p><strong>B2. \u95f7\u58f0\u53d1\u8d22\u4e0e\u89c1\u5149\u6b7b\u7684\u9b54\u5492<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2024\/02\/291703843308161531.png\"><img loading=\"lazy\" width=\"477\" height=\"332\" src=\"https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2024\/02\/291703843308161531.png\" alt=\"\" class=\"wp-image-3282\" srcset=\"https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2024\/02\/291703843308161531.png 477w, https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2024\/02\/291703843308161531-300x209.png 300w\" sizes=\"(max-width: 477px) 100vw, 477px\" \/><\/a><figcaption>\u671f\u6743\u6743\u8bc1\u5b9a\u4ef7\u6a21\u578b\u516c\u5f0f<\/figcaption><\/figure>\n\n\n\n<p>\u671f\u6743\u5b9a\u4ef7\u6a21\u578b\u516c\u5f0f\uff0c\u8fd9\u662f\u91cf\u5316\u6295\u8d44\u5927\u5e08\u7231\u5fb7\u534eO\u7d22\u666e\u4e00\u6218\u6210\u540d\u7684\u5229\u5668\u3002<br \/>\u5c3d\u7ba1\u4ed6\u662f\u6700\u65e9\u53d1\u73b0\u5e76\u5c06\u4e4b\u5e94\u7528\u5230\u91d1\u878d\u8bc1\u5238\u4ea4\u6613\uff0c\u5e76\u4e14\u83b7\u5f97\u5de8\u989d\u6295\u8d44\u56de\u62a5\u7684\u4eba\uff0c\u4f46\u8fd9\u4e2a\u671f\u6743\u5b9a\u4ef7\u6a21\u578b\u7684\u8457\u4f5c\u6743\u5374\u88ab\u53e6\u5916\u7684\u4eba\u7387\u5148\u53d1\u8868\u5e76\u7531\u6b64\u83b7\u5f97\u8bfa\u8d1d\u5c14\u7ecf\u6d4e\u5b66\u5956\u3002<\/p>\n\n\n\n<p>\u201c<br \/>\u57281967\u5e74\uff0c\u6211\u5bf9\u6743\u8bc1\u5b9a\u4ef7\u7684\u7814\u7a76\u53c8\u5411\u524d\u63a8\u8fdb\u4e86\u4e00\u6b65\u3002<br \/>\u76f4\u89c9\u4e0a\u6211\u89c9\u5f97\u516c\u5f0f\u4e2d\u7684\u90a3\u4e24\u4e2a\u53d8\u91cf\u2014\u2014\u6298\u73b0\u7cfb\u6570\u548c\u589e\u957f\u7387\uff0c\u53ef\u4ee5\u7531\u6240\u8c13\u7684\u65e0\u98ce\u9669\u5229\u7387\uff0c\u5373\u7f8e\u56fd\u8d22\u653f\u90e8\u5728\u6743\u8bc1\u5931\u6548\u65e5\u5230\u671f\u7684\u7968\u636e\u5229\u7387\u4ee3\u66ff\u3002\u8fd9\u53ef\u4ee5\u5c06\u539f\u672c\u6709\u51e0\u4e2a\u672a\u77e5\u6570\u7684\u4e0d\u53ef\u7528\u7684\u516c\u5f0f\u8f6c\u6362\u6210\u7b80\u5355\u800c\u5b9e\u7528\u7684\u4ea4\u6613\u8f85\u52a9\u5de5\u5177\u3002<br \/>\u6211\u57281967\u5e74\u5c31\u5c06\u4e4b\u5e94\u7528\u5230\u4e86\u6211\u81ea\u5df1\u548c\u6295\u8d44\u4eba\u7684\u8d26\u6237\u3002<br \/>\u8fd9\u4e2a\u65b9\u6cd5\u7684\u5b9e\u6d4b\u6548\u679c\u975e\u5e38\u597d\u3002\u6211\u5f53\u65f6\u5e76\u4e0d\u77e5\u9053\uff0c\u57281969\u5e74\uff0c\u8d39\u820d\u5c14\u00b7\u5e03\u83b1\u514b\u548c\u8fc8\u4f26\u00b7\u8212\u5c14\u5179\u53d7\u5230\u300a\u51fb\u8d25\u5e02\u573a\u300b\u7684\u542f\u53d1\uff0c\u5bf9\u8fd9\u4e2a\u516c\u5f0f\u8fdb\u884c\u4e86\u4e25\u5bc6\u7684\u8bc1\u660e\uff0c\u6700\u540e\u57281972\u5e74\u548c1973\u5e74\u53d1\u8868\u4e86\u8bba\u6587\u3002<br \/>\u8fd9\u5f15\u9886\u4e86\u91d1\u878d\u5e02\u573a\u91cc\u884d\u751f\u8bc1\u5238\u7684\u5feb\u901f\u53d1\u5c55\u548c\u4f20\u64ad\u3002<br \/>\u7531\u4e8e\u4ed6\u4eec\u7684\u8d21\u732e\uff0c\u8fc8\u4f26\u00b7\u8212\u5c14\u5179\u548c\u7f57\u4f2f\u7279\u00b7\u9ed8\u987f\u83b7\u5f97\u4e861997\u5e74\u7684\u8bfa\u8d1d\u5c14\u7ecf\u6d4e\u5b66\u5956\u3002\u8bfa\u8d1d\u5c14\u5956\u59d4\u5458\u4f1a\u8fd8\u5bf9\u8d39\u820d\u5c14\u00b7\u5e03\u83b1\u514b\uff081938\u20141995\uff09\u7684\u8d21\u732e\u81f4\u8c22\uff0c\u5e76\u4e14\u8868\u793a\u5982\u679c\u4ed6\u6ca1\u6709\u56e0\u54bd\u5589\u764c\u65e9\u65e9\u53bb\u4e16\uff0c\u5c31\u80fd\u548c\u4ed6\u4eec\u5171\u4eab\u8fd9\u4e00\u5c4a\u7684\u8bfa\u8d1d\u5c14\u7ecf\u6d4e\u5b66\u5956\u3002<br \/>\u201d<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>\u5e02\u573a\u4e0a\u7684\u4efb\u4f55\u6295\u8d44\u4f18\u52bf\u90fd\u662f\u6709\u9650\u3001\u5fae\u5c0f\u5e76\u4e14\u77ed\u6682\u7684\uff0c\u53ea\u6709\u6700\u806a\u660e\u6216\u8005\u6d88\u606f\u6700\u591a\u7684\u6295\u8d44\u8005\u624d\u80fd\u6293\u4f4f\u8fd9\u4e9b\u4f18\u52bf\u3002<br \/>&#8212;-\u4ef7\u503c\u6295\u8d44\u6559\u7236\u672c\u6770\u660e-\u683c\u96f7\u5384\u59c6<\/p><\/blockquote>\n\n\n\n<p>\u7531\u4e8e\u671f\u6743\u5b9a\u4ef7\u516c\u5f0f\u7684\u53d1\u8868\u9762\u4e16\uff0c\u66f4\u591a\u7684\u6295\u8d44\u673a\u6784\u548c\u4eba\u5f00\u59cb\u6d8c\u5165\u8fd9\u4e00\u72ed\u7a84\u7684\u9886\u57df\u8fdb\u884c\u6dd8\u91d1\uff0c\u5f88\u5feb\u5229\u6da6\u88ab\u644a\u8584\uff0c\u6295\u8d44\u6536\u76ca\u7387\u5f00\u59cb\u964d\u4f4e\uff0c\u6700\u540e\u5c06\u8d8b\u4e8e\u5e02\u573a\u5e73\u5747\u6c34\u5e73\u3002\u6700\u7ec8\u4f9d\u9760\u8fd9\u4e00\u72ec\u95e8\u79d8\u7b08\u5c06\u518d\u65e0\u53ef\u80fd\u6218\u80dc\u5e02\u573a\u3001\u83b7\u5f97\u8d85\u989d\u6536\u76ca\u3002<br \/>\u6709\u6548\u5e02\u573a\u5047\u8bf4\u91cc\u9762\uff0c\u5e02\u573a\u603b\u662f\u5b58\u5728\u7ec6\u5fae\u7684\u8d5a\u94b1\u673a\u4f1a\uff0c\u7136\u540e\u88ab\u6700\u5177\u6709\u7ade\u4e89\u4f18\u52bf\u7684\u4eba\u6355\u6349\u5230\u83b7\u5229\u673a\u4f1a\uff0c\u7136\u540e\u5e02\u573a\u8d8b\u4e8e\u66f4\u52a0\u6709\u6548\uff0c\u83b7\u5229\u673a\u4f1a\u6d88\u5931\uff0c\u7b49\u5f85\u65b0\u7684\u673a\u4f1a.<br \/>(  \u5173\u4e8e\u80a1\u5e02\u9884\u6d4b\u80a1\u7968\u4ef7\u683c\u968f\u673a\u6e38\u8d70\u4e0e\u6709\u6548\u5e02\u573a\u5047\u8bf4\uff0c https:\/\/ufqi.com\/blog\/stock-price-at-random-stochastic\/ )<\/p>\n\n\n\n<p>\u6700\u540e\uff0c\u4e5f\u662f\u5bf9\u793e\u4f1a\u653f\u6cbb\u7684\u538c\u6076\u3001\u5bf9\u5bb6\u4eba\u671d\u5915\u76f8\u4f34\u7684\u5411\u5f80\uff0c\u4e00\u4ee3\u6295\u8d44\u5927\u5e08\uff0c\u5f00\u521b\u4f7f\u7528\u8ba1\u7b97\u673a\u8fdb\u884c\u91cf\u5316\u6295\u8d44\u4ea4\u6613\u7684\u4eba\uff0c\u9009\u62e9\u4e86\u91d1\u76c6\u6d17\u624b\u3001\u6302\u9774\u800c\u53bb\uff0c\u5f53\u7136\u5e26\u7740\u4ed6\u4ece\u91d1\u878d\u8bc1\u5238\u5e02\u573a\u6323\u5f97\u4e00\u8f88\u5b50\u90fd\u82b1\u4e0d\u5b8c\u7684\u91d1\u94b1\u4e0e\u8d22\u5bcc\u3002<br \/>\u795d\u798f\u4ed6\u3002\u4eba\u5df2\u4e0d\u5728\u6c5f\u6e56\uff0c\u4f46\u6c5f\u6e56\u4e0a\u8fd8\u6709\u5173\u4e8e\u4ed6\u7684\u4f20\u8bf4\uff0c\u5df2\u662f\u5bf9\u7231\u5fb7\u534eO\u7d22\u666e\u5148\u751f\u6700\u5927\u7684\u8912\u5956\u4e0e\u81f4\u656c\u3002<\/p>\n\n\n\n<p><strong>C3. \u4e0b\u4e00\u4e2a\u6295\u8d44\u673a\u4f1a<\/strong><\/p>\n\n\n\n<p>\u7231\u5fb7\u534eO\u7d22\u666e\u610f\u5916\u5730\u53d1\u73b0\u671f\u6743\u5b9a\u4ef7\u6a21\u578b\uff0c\u5e76\u7531\u6b64\u83b7\u5f97\u8d85\u989d\u56de\u62a5\uff0c\u6216\u8bb8\u5e76\u4e0d\u662f\u4e2a\u4f8b\uff0c\u800c\u662f\u91d1\u878d\u8bc1\u5238\u6295\u8d44\u6d3b\u52a8\u4e2d\u7684\u6848\u4f8b\u3002<br \/>\u4e5f\u8bb8\u6b64\u523b\uff0c\u5168\u4e16\u754c\u7684\u91d1\u878d\u6295\u8d44\u4ea4\u6613\u4e2d\uff0c\u8fd8\u6709\u5f88\u591a\u672a\u516c\u5f00\u53d1\u5e03\u7684\u8d5a\u94b1\u65b9\u6cd5\uff0c\u6b63\u5728\u6e90\u6e90\u4e0d\u65ad\u7684\u4e3a\u4ed6\u4eec\u7684\u4e3b\u4eba\u201c\u65e5\u8fdb\u6597\u91d1\u201d\u3002\u6211\u4eec\u60df\u80fd\u795d\u613f\uff0c\u90a3\u4e9b\u5e78\u8fd0\u513f\u4e09\u89c2\u7eaf\u6b63\uff0c\u5728\u5de8\u989d\u8d22\u5bcc\u7684\u52a0\u6301\u4e0b\uff0c\u4e3a\u4eba\u7c7b\u793e\u4f1a\u53d1\u5c55\u548c\u6587\u660e\u8fdb\u6b65\u8d21\u732e\u529b\u91cf\u3002<\/p>\n\n\n\n<p>\u5728\u8fd9\u4e00\u8282\uff0c\u901a\u8fc7\u5728\u7a7a\u95f4\u7ef4\u5ea6\u4e0a\u7684\u98ce\u9669\u5bf9\u51b2\uff0c\u7d22\u666e\u5148\u751f\u5c06\u4e70\u7a7a\u4e0e\u4e70\u591a\u7684\u9ad8\u98ce\u9669\u80a1\u7968\u4e70\u5356\uff0c\u53d8\u6210\u4e86\u7a33\u8d5a\u4e0d\u8d54\u7684\u666e\u901a\u751f\u610f\uff0c\u662f\u5e78\u8fd0\u4e5f\u662f\u5fc5\u7136\u3002\u4ed6\u7684\u6210\u529f\uff0c\u65e0\u7591\u662f\u5bf9\u6295\u8d44\u7406\u5ff5\u7684\u8f6c\u53d8\u7684\u53c8\u4e00\u6b21\u7684\u5370\u8bc1\u2014\u2014<br \/>\u771f\u6b63\u7684\u6295\u8d44\u751f\u610f\uff0c\u8ffd\u6c42\u7684\u4e0d\u662f\u201c\u6700\u5927\u5316\u6536\u76ca\u201d\uff0c\u800c\u662f\u201c\u6700\u4f4e\u6536\u76ca\u6700\u5927\u5316\u201d\u3002<\/p>\n\n\n\n<p>\u8981\u786e\u4fdd\u6709\u201c\u6700\u4f4e\u6536\u76ca\u201d\uff0c\u7136\u540e\u518d\u8bbe\u6cd5\u5b9e\u73b0\u201c\u6700\u4f4e\u6536\u76ca\u6700\u5927\u5316\u201c\u3002<br \/>\u4ec5\u5c31\u91d1\u878d\u4ea4\u6613\u800c\u8a00\uff0c\u65e0\u8bba\u662f\u901a\u8fc7\u5728\u65f6\u95f4\u7ef4\u5ea6\u4e0a\u5c06\u98ce\u9669\u5bf9\u51b2\u6389\u2014\u2014\u7528t0\u65f6\u95f4\u4e0a\u7684\u4ef7\u683c\u4e0a\u6da8\u5bf9\u51b2t1\u65f6\u95f4\u4e0a\u7684\u4ef7\u683c\u4e0b\u8dcc\uff0c\u8fd8\u662f\u901a\u8fc7\u5728\u7a7a\u95f4\u7ef4\u5ea6\u4e0a\u7684\u5c06\u98ce\u9669\u5bf9\u51b2\u6389\u2014\u2014\u7528v0\u7a7a\u95f4\u4e0a\u7684\u4ef7\u683c\u4e0a\u6da8\u5bf9\u51b2v1\u7a7a\u95f4\u4e0a\u7684\u4ef7\u683c\u4e0b\u8dcc\uff0c\u6700\u7ec8\u90fd\u8981\u786e\u4fdd\u6709\u8fd9\u4e2a\u515c\u5e95\u7684\u201c\u6700\u4f4e\u6536\u76ca\u201d\u3002<\/p>\n\n\n\n<p>\u6211\u4eec\u770b\u5230<a href=\"https:\/\/ufqi.com\/blog\/risk-hedge-and-market-neutral-in-investing\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u666e\u6797\u65af\u987f\u6982\u7387\u8bba\u8bfb\u672c\u4e2d\u5173\u4e8e\u7f8e\u56fd\u8d85\u7ea7\u7897\u8d4c\u7403<\/a>\u4e2d\u6700\u7ec8\u80fd\u591f\u7a33\u8d5a\u4e0d\u8d54\u7684\u7b56\u7565\u662f\u8fd9\u6837\u7684\uff0c<br \/>\u6211\u4eec\u770b\u5230<a rel=\"noreferrer noopener\" href=\"https:\/\/ufqi.com\/blog\/risk-hedge-and-market-neutral-with-smth-bbs\/\" target=\"_blank\">\u4e2d\u56fd\u80a1\u6c11\u5728\u6c34\u6728\u793e\u533aBBS\u4e2d\u6652\u51fa\u7684\u9ad8\u9891\u91cf\u5316\u4ea4\u6613<\/a>\u6536\u76ca\u6240\u4f7f\u7528\u7684\u7b56\u7565\u662f\u8fd9\u6837\u7684\uff0c<br \/>\u6211\u4eec\u4e5f\u770b\u5230<a rel=\"noreferrer noopener\" href=\"https:\/\/ufqi.com\/news\/ulongpage.3684.html?tit=%E4%B8%8A%E6%B5%B7%E9%9D%92%E5%B1%B1%E6%8E%A7%E8%82%A1%E4%BC%A6%E6%95%A6%E6%9C%9F%E8%B4%A7%E9%87%91%E5%B1%9E%E9%95%8D%E7%A9%BA%E5%8D%95%E8%A2%AB%E9%80%BC%E4%BB%93%E4%BA%8B%E4%BB%B6\" target=\"_blank\">\u4e2d\u570b\u4e0a\u6d77\u9752\u5c71\u91d1\u5c6c\u93b3\u671f\u8d27\u5957\u671f\u4fdd\u503c\u7684\u64cd\u4f5c<\/a>\u6240\u4f7f\u7528\u7684\u7b56\u7565\u662f\u8fd9\u6837\u7684\uff0c<br \/>\u6211\u4eec\u4e5f\u770b\u5230\u80a1\u7968\u73b0\u8d27\u4ef7\u683c\u4e0e\u80a1\u7968\u671f\u6743\u98ce\u9669\u5bf9\u51b2\u7684\u7b56\u7565\u4e5f\u662f\u8fd9\u6837\u7684\u3002<\/p>\n\n\n\n<p>\u4e0b\u4e00\u4e2a\u6295\u8d44\u673a\u4f1a\uff0c\u5e94\u8be5\u4e5f\u662f\u8fd9\u6837\u7684\u2014\u2014<br \/>\u901a\u8fc7\u5728\u4e0d\u540c\u65f6\u95f4\u7ef4\u5ea6\u6216\u8005\u4e0d\u540c\u7a7a\u95f4\u7ef4\u5ea6\u4e0a\uff0c\u5c06\u6295\u8d44\u98ce\u9669\u5bf9\u51b2\u6389\uff0c\u52aa\u529b\u505a\u5230\u5e02\u573a\u4e2d\u6027\uff0c\u65e0\u8bba\u6da8\u8dcc\uff0c\u90fd\u80fd\u591f\u6709\u201c\u6700\u4f4e\u6536\u76ca\u201d\u3002<br \/>\u8fd9\u5c31\u662f\u7a33\u8d5a\u4e0d\u8d54\u7684\u5236\u80dc\u6cd5\u5b9d\u3002<\/p>\n\n\n\n<p>\u8fd9\u662f\u6e29\u4e60\u7ecf\u6d4e\u5b66\u8457\u4f5c\u7684\u7b2c\u4e09\u5341\u56db\u7bc7\u4e60\u4f5c\uff0c\u4e4b\u524d\u7684\u5404\u7bc7\u9644\u5217\u5982\u4e0b\u3002\u6700\u8fd1\u7684\u9644\u5217\u5728\u524d\u3002<\/p>\n\n\n\n<ol><li><a href=\"https:\/\/ufqi.com\/blog\/risk-hedge-and-market-neutral-with-smth-bbs\/\">\u91d1\u878d\u8bc1\u5238\u4ea4\u6613\u7684\u5e02\u573a\u4e2d\u6027\u98ce\u9669\u5bf9\u51b2\u7684\u6295\u8d44\u7b56\u75652\/4<\/a>\uff0c https:\/\/ufqi.com\/blog\/risk-hedge-and-market-neutral-with-smth-bbs\/ <\/li><li><a rel=\"noreferrer noopener\" href=\"https:\/\/ufqi.com\/blog\/risk-hedge-and-market-neutral-in-investing\/\" target=\"_blank\">\u91d1\u878d\u8bc1\u5238\u4ea4\u6613\u7684\u5e02\u573a\u4e2d\u6027\u98ce\u9669\u5bf9\u51b2\u7684\u6295\u8d44\u7b56\u75651\/4<\/a>\uff0c https:\/\/ufqi.com\/blog\/risk-hedge-and-market-neutral-in-investing\/<\/li><li><a rel=\"noreferrer noopener\" href=\"https:\/\/ufqi.com\/blog\/security-martket-inside-information\/\" target=\"_blank\">\u91d1\u878d\u8b49\u5238\u6295\u8cc7\u4e2d\u7684\u5185\u5e55\u6d88\u606f Inside Information<\/a>\u00a0\uff0c https:\/\/ufqi.com\/blog\/security-martket-inside-information\/<\/li><li>\u98a8\u96aa\u5c0d\u51b2\u57fa\u91d1\u5169\u982d\u4e0b\u6ce8\u5c0d\u8ced\u6295\u8cc7<a rel=\"noreferrer noopener\" href=\"https:\/\/ufqi.com\/blog\/hedge-fund-win-max-minimal-income\/\" target=\"_blank\">\u7684\u7a69\u8d0f\u7b56\u7565\u2013\u6700\u5927\u5316\u6700\u4f4e\u6536\u76ca\u00a0<\/a>\uff0c https:\/\/ufqi.com\/blog\/hedge-fund-win-max-minimal-income\/<\/li><li><a href=\"https:\/\/ufqi.com\/blog\/strategic-routines-to-succ-with-low-cost\/\">\u5169\u7a2e\u6210\u529f\u5546\u696d\u7b56\u7565\u4e4b\u4e00:\u5f9e\u4f4e\u6210\u672c\u4f4e\u50f9\u683c\u4e2d\u958b\u5275\u54c1\u724c<\/a>\uff0c https:\/\/ufqi.com\/blog\/strategic-routines-to-succ-with-low-cost\/<\/li><li><a rel=\"noreferrer noopener\" href=\"https:\/\/ufqi.com\/blog\/political-structure-pair-fortunate\/\" target=\"_blank\">\u653f\u6cbb\u653f\u9ad4\u5c0d\u7d93\u6fdf\u8ca1\u5bcc\u7684\u5f71\u97ff<\/a>\uff0c https:\/\/ufqi.com\/blog\/political-structure-pair-fortunate\/<\/li><li><a rel=\"noreferrer noopener\" href=\"https:\/\/ufqi.com\/blog\/index-fund-win-manipulate-fund\/\" target=\"_blank\">\u7232\u4f55\u88ab\u52d5\u6307\u6578\u57fa\u91d1\u8dd1\u8d0f\u5927\u591a\u6578\u4e3b\u52d5\u7ba1\u7406\u57fa\u91d1<\/a>? https:\/\/ufqi.com\/blog\/index-fund-win-manipulate-fund\/<\/li><li><a rel=\"noreferrer noopener\" href=\"https:\/\/ufqi.com\/blog\/step-up-savings-rate-consequences\/\" target=\"_blank\">\u91cd\u65b0\u8a8d\u8b58\u9280\u884c\u52a0\u606f\u2013\u5b58\u6b3e\u5229\u7387\u5347\u9ad8\u610f\u5473\u8457\u4ec0\u9ebd<\/a>?\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/ufqi.com\/blog\/step-up-savings-rate-consequences\/\" target=\"_blank\">https:\/\/ufqi.com\/blog\/step-up-savings-rate-consequences\/<\/a><\/li><li>\u91d1\u878d\u8bc1\u5238\u5e02\u573a\u4e2d\u95dc\u65bc\u80a1\u7968\u7684\u4f9b\u7d66\u8207\u6d88\u8cbb\uff0c\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/ufqi.com\/blog\/security-market-in-china-by-fraud\/\" target=\"_blank\">https:\/\/ufqi.com\/blog\/security-market-in-china-by-fraud\/<\/a><\/li><li><a href=\"https:\/\/ufqi.com\/blog\/security-technical-analysis-ma\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u80a1\u7968\u57fa\u91d1\u8bc1\u5238\u6295\u8d44\u56fe\u8868\u6280\u672f\u5206\u6790\u4e4b\u79fb\u52a8\u5e73\u5747\u7ebfMA-Moving Average<\/a>\uff0c\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/ufqi.com\/blog\/security-technical-analysis-ma\/\" target=\"_blank\">https:\/\/ufqi.com\/blog\/security-technical-analysis-ma\/<\/a><\/li><li>11~33\u6682\u6536\u8d77\u7565\u8fc7\uff0c\u8bf7\u4ece\u4e0a\u4e00\u8282\u8fdb\u5165\u67e5\u8be2\u67e5\u770b\u3002<br \/>\u2014-<\/li><\/ol>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/ufqi.com\/finance\"><img loading=\"lazy\" width=\"256\" height=\"256\" src=\"https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2022\/01\/ufqifina-logo.png\" alt=\"ufqifina\" class=\"wp-image-2724\" srcset=\"https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2022\/01\/ufqifina-logo.png 256w, https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2022\/01\/ufqifina-logo-150x150.png 150w\" sizes=\"(max-width: 256px) 100vw, 256px\" \/><\/a><figcaption>\u6709\u798f\u91d1\u878dUfqiFina : https:\/\/ufqi.com\/finance<\/figcaption><\/figure>\n\n\n\n<p>\u6709\u798f\u91d1\u878d \u662f\u4e00\u4e2a\u65e8\u5728\u4fc3\u8fdb\u8d22\u5bcc\u7a33\u6b65\u589e\u957f\u7684\u5de5\u5177\u5e73\u53f0\u3002<br \/>UfqiFina is a platform of tools designed to promote wealth growth steadily.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4e00\u6837\u4e1c\u897f\u662f\u5426\u968f\u673a\u53d6\u51b3\u4e8e\u8fd9\u4e2a\u4eba\u5f97\u5230\u4fe1\u606f\u7684\u591a\u5be1\uff0c\u5f97\u5230\u7684\u4fe1\u606f\u8d8a\u591a\uff0c\u968f\u673a\u6027\u5c31\u8d8a\u5c0f\u3002&#038;#8 &hellip; <a href=\"https:\/\/ufqi.com\/blog\/risk-hedge-and-market-neutral-with-edward-throp\/\">\u7ee7\u7eed\u9605\u8bfb <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":3282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[752,3],"tags":[591,564,710,704,97,563,708,590,707,396,397,709,706],"_links":{"self":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts\/3280"}],"collection":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/comments?post=3280"}],"version-history":[{"count":6,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts\/3280\/revisions"}],"predecessor-version":[{"id":3288,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts\/3280\/revisions\/3288"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/media\/3282"}],"wp:attachment":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/media?parent=3280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/categories?post=3280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/tags?post=3280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}