{"id":648,"date":"2024-02-26T00:07:24","date_gmt":"2024-02-26T05:07:24","guid":{"rendered":"https:\/\/diaomao.cc\/?p=648"},"modified":"2024-12-01T14:30:39","modified_gmt":"2024-12-01T19:30:39","slug":"zhong-guo-liang-hua-shi-chang-bei-che-di-cui-hui","status":"publish","type":"post","link":"https:\/\/diaomao.cc\/?p=648","title":{"rendered":"\u4e2d\u56fd\u91cf\u5316\u5e02\u573a\u88ab\u5f7b\u5e95\u6467\u6bc1"},"content":{"rendered":"\n

\u5f53\u4e0a\u4e2a\u6708\u9ebb\u70e6\u5f00\u59cb\u915d\u917f\u65f6\uff0c\u4e2d\u56fd\u5bf9\u51b2\u57fa\u91d1\u6b63\u671f\u5f85\u7740\u5047\u671f\u4f11\u606f\uff0c\u4ee5\u6446\u8131\u5e02\u573a\u52a8\u8361\u3002\u4e00\u4f4d\u7ecf\u7406\u7684\u5356\u7a7a\u6307\u4ee4\u7a81\u7136\u88ab\u7ecf\u7eaa\u5546\u62d2\u7edd\u3002\u53e6\u4e00\u4e2a\u5219\u5b8c\u5168\u4e0e\u80a1\u5e02\u9694\u7edd\u3002\u76d1\u7ba1\u673a\u6784\u51fa\u73b0\u5728\u591a\u4e2a\u57fa\u91d1\u7684\u4ea4\u6613\u5927\u5385\uff0c\u4eb2\u81ea\u76d1\u63a7\u4ea4\u6613\u3002<\/p>\n\n\n\n

\u6b63\u5982\u4e00\u53ea\u57fa\u91d1\u6240\u8bf4\uff0c\u8fde\u7eed\u4e09\u4e2a\u4ea4\u6613\u65e5\u7684\u6df7\u4e71\u4ea4\u6613\u201c\u5bf9\u6211\u4eec\u6765\u8bf4\u5c31\u50cf\u4e00\u6574\u5e74\u201d\u3002<\/p>\n\n\n\n

\u5373\u4f7f\u6309\u7167\u957f\u671f\u5728\u9634\u5f71\u4e0b\u8fd0\u4f5c\u7684\u5e02\u573a\u7684\u6807\u51c6\u6765\u770b\uff0c\u8fd9\u4e9b\u573a\u666f\u4e5f\u662f\u975e\u540c\u5bfb\u5e38\u7684\uff0c\u4f46\u6700\u8fd1\u51e0\u5468\u5728\u4e00\u573a\u6539\u5199\u4e2d\u56fd\u8ba1\u7b97\u673a\u9a71\u52a8\u4ea4\u6613\u89c4\u5219\u7684\u9547\u538b\u884c\u52a8\u4e2d\u4e0a\u6f14\u4e86\u8fd9\u4e9b\u573a\u666f\u3002<\/p>\n\n\n\n

\u4e2d\u56fd\u4e00\u5ea6\u7e41\u8363\u7684\u91cf\u5316\u884c\u4e1a\u5df2\u6210\u4e3a\u5317\u4eac\u963b\u6b624 \u4e07\u4ebf\u7f8e\u5143\u80a1\u7968\u629b\u552e\u884c\u52a8\u7684\u6700\u65b0\u53d7\u5bb3\u8005\u3002<\/p>\n\n\n\n

\u867d\u7136\u8fd9\u4e9b\u63aa\u65bd\u81f3\u5c11\u6682\u65f6\u652f\u6491\u4e86\u80a1\u4ef7\uff0c\u4f46\u4e5f\u5f15\u53d1\u4e86\u66f4\u5927\u7684\u95ee\u9898\uff1a\u653f\u5e9c\u5c06\u5728\u591a\u5927\u7a0b\u5ea6\u4e0a\u5b9e\u73b0\u77ed\u671f\u76ee\u6807\uff0c\u800c\u727a\u7272\u7ef4\u6301\u67d0\u79cd\u5438\u5f15\u4e86\u6570\u5341\u4ebf\u7f8e\u5143\u8d44\u91d1\u7684\u81ea\u7531\u5e02\u573a\u7684\u5047\u8c61\u3002<\/mark>\u8fd1\u5e74\u6765\u534e\u5c14\u8857\u516c\u53f8\u3002<\/p>\n\n\n\n

\u5bf9\u4e8e\u5bf9\u4e2d\u56fd\u8d8a\u6765\u8d8a\u4e0d\u5b89\u7684\u56fd\u9645\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u7a81\u7136\u7684\u4ea4\u6613\u9650\u5236\u7ed9\u4e86\u4ed6\u4eec\u53c8\u4e00\u4e2a\u656c\u800c\u8fdc\u4e4b\u7684\u7406\u7531\u3002<\/p>\n\n\n\n

\u8fea\u62dc\u8fbe\u5c14\u9a6c\u8d44\u672c\u7ba1\u7406\u6709\u9650\u516c\u53f8(Dalma Capital Management Ltd.)\u9996\u5e2d\u6295\u8d44\u5b98\u52a0\u91cc\u00b7\u675c\u6839(Gary Dugan)\u8868\u793a\uff1a\u201c\u5f53\u5c40\u8fd9\u4e9b\u770b\u4f3c\u6050\u614c\u7684\u884c\u52a8\u53ef\u80fd\u4f1a\u7834\u574f\u8fc7\u53bb\u4e8c\u5341\u5e74\u4e3a\u4e2d\u56fd\u8fdb\u5165\u5168\u7403\u8d44\u672c\u6c60\u6240\u505a\u7684\u6240\u6709\u826f\u597d\u5de5\u4f5c\u3002\u201d\u00a0<\/mark>\u4ed6\u8868\u793a\uff0c\u8fd9\u4e9b\u4e3e\u63aa\u5c06\u4f7f\u201c\u5373\u4f7f\u662f\u6700\u4e45\u7ecf\u6c99\u573a\u7684\u6295\u8d44\u8005\u201d\u8d28\u7591\u4e2d\u56fd\u662f\u5426\u503c\u5f97\u5192\u8fd9\u4e2a\u98ce\u9669\u3002<\/p>\n\n\n\n

\u65b0\u7684\u9650\u5236\u63aa\u65bd\u662f\u5168\u9762\u7684\u3002\u4f9d\u8d56\u8ba1\u7b97\u673a\u7b97\u6cd5\u8fdb\u884c\u4ea4\u6613\u7684\u91cf\u5316\u57fa\u91d1\u5c06\u53d7\u5230\u5ba1\u67e5\uff0c\u65b0\u8fdb\u5165\u8005\u5fc5\u987b\u5728\u4ea4\u6613\u524d\u5411\u76d1\u7ba1\u673a\u6784\u62a5\u544a<\/a>\u5176\u7b56\u7565\u3002\u5317\u4eac\u8fd8\u5c06\u901a\u8fc7\u5185\u5730\u4e0e\u9999\u6e2f\u7684\u8d38\u6613\u5f80\u6765\u6269\u5927\u5411\u5883\u5916\u6295\u8d44\u8005\u62a5\u544a\u7684\u8303\u56f4\u3002<\/a><\/p>\n\n\n\n

\u77e5\u60c5\u4eba\u58eb\u79f0\uff0c\u4e2d\u56fd\u8bc1\u5238\u76d1\u7ba1\u673a\u6784\u540c\u65f6\u6210\u7acb\u4e86\u4e00\u4e2a\u5de5\u4f5c\u7ec4<\/a>\u6765\u76d1\u63a7\u5356\u7a7a\u884c\u4e3a\uff0c\u5e76\u53ef\u80fd\u5411\u4ece\u62bc\u6ce8\u4e2d\u83b7\u5229\u7684\u516c\u53f8\u53d1\u51fa\u8b66\u544a\u3002\u4ed6\u4eec\u8865\u5145\u8bf4\uff0c\u5b83\u751a\u81f3\u91c7\u53d6\u4e86\u6781\u7aef\u63aa\u65bd\uff0c\u963b\u6b62<\/a>\u4e00\u4e9b\u4e3b\u8981\u673a\u6784\u6295\u8d44\u8005\u5728\u4ea4\u6613\u7684\u524d 30 \u5206\u949f\u548c\u6700\u540e 30 \u5206\u949f\u5185\u51fa\u552e\u591a\u4e8e\u8d2d\u4e70\u7684\u80a1\u7968\u3002<\/p>\n\n\n\n

\u603b\u90e8\u4f4d\u4e8e\u4e0a\u6d77\u7684Semimartingale Private Fund Management LP<\/a>\u5199\u9053\uff1a\u201c\u91cf\u5316\u7ecf\u7406\u53d7\u5230\u4e86\u91cf\u5316\u53f2\u4e0a\u6700\u5927\u7684\u9ed1\u5929\u9e45\u7684\u6253\u51fb\u3002\u201d\u4ed6\u5728\u5f6d\u535a\u793e\u770b\u5230\u7684\u4e00\u5c01\u4fe1\u4e2d\u56de\u987e\u4e86\u5e02\u573a\u7684\u5267\u70c8\u6ce2\u52a8\u3002<\/strong><\/p>\n\n\n\n

\u8fd9\u6b21\u6253\u51fb\u884c\u52a8\u662f\u4e00\u7cfb\u5217\u65e8\u5728\u963b\u6b62\u80a1\u5e02\u591a\u5e74\u6765\u66b4\u8dcc\u7684\u4e3e\u63aa\u7684\u8fdb\u4e00\u6b65\u4e3e\u63aa\uff0c\u80a1\u5e02\u53d7\u5230\u623f\u5730\u4ea7\u5371\u673a<\/a>\u3001\u7ecf\u6d4e\u589e\u957f\u75b2\u8f6f\u4ee5\u53ca\u4e0e\u7f8e\u56fd\u6301\u7eed\u7d27\u5f20\u5173\u7cfb\u7684\u6253\u51fb\u3002\u8fd9\u4e5f\u547c\u5e94\u4e86\u7528\u6765\u6253\u538b<\/a>\u4ece\u4e92\u8054\u7f51\u5230\u6559\u80b2\u5e73\u53f0\u7b49\u884c\u4e1a\u7684\u4e25\u5389\u624b\u6bb5\u3002<\/p>\n\n\n\n

BCA Research \u65b0\u5174\u5e02\u573a\u9996\u5e2d\u7b56\u7565\u5e08\u963f\u745f\u00b7\u5e03\u8fbe\u5409\u5b89 (Arthur Budaghyan)\u8868\u793a\uff1a\u201c\u4e2d\u56fd\u80a1\u7968\u7684\u98ce\u9669\u6ea2\u4ef7\u672a\u6765\u5fc5\u987b\u4e0a\u5347\uff0c\u56e0\u4e3a\u4e00\u4e9b\u673a\u6784\u5c06\u4e0d\u613f\u610f\u5728\u8fd9\u4e2a\u5e02\u573a\u8fdb\u884c\u4ea4\u6613\u3002\u201d\u00a0\u201c\u8fd9\u662f\u8bb8\u591a\u5916\u56fd\u6295\u8d44\u8005\u5bf9\u6295\u8d44\u4e2d\u56fd\u80a1\u7968\u7684\u5730\u7f18\u653f\u6cbb\u62c5\u5fe7\u4e4b\u5916\u7684\u4e8b\u60c5\u3002\u201d<\/p>\n\n\n\n

\u6700\u8fd1\u51e0\u5468\uff0c\u5317\u4eac\u5c06\u76ee\u5149\u8f6c\u5411\u4e86\u91cf\u5316\u57fa\u91d1\uff0c\u8fd9\u4e9b\u57fa\u91d1\u5728\u8fc7\u53bb\u4e09\u5e74\u7684\u5927\u90e8\u5206\u65f6\u95f4\u91cc\u5229\u7528\u5927\u6570\u636e\u6a21\u578b\u8dd1\u8d62\u4e86\u5e02\u573a\u3002<\/a><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

\u201c\u91cf\u5316\u5206\u6790\u5e08\u9700\u8981\u4e00\u81f4\u7684\u5e02\u573a\u8fd0\u8425\u89c4\u5219\u548c\u6cd5\u89c4\uff0c\u4ee5\u5e94\u5bf9\u6240\u6709\u5e02\u573a\u6761\u4ef6\uff0c\u201dDalma Capital \u7684\u675c\u6839\u8868\u793a\u3002\u201c\u76ee\u524d\u4e2d\u56fd\u7684\u60c5\u51b5\u5e76\u975e\u5982\u6b64\u3002\u201d<\/p>\n\n\n\n

\u4e00\u4e9b\u4e2d\u56fd\u91cf\u5316\u57fa\u91d1\u7ecf\u7406\u5728\u516c\u5f00\u8bc4\u8bba\u4e2d\u8868\u793a\u652f\u6301\u8fd9\u4e9b\u63aa\u65bd\uff0c\u79f0\u8fd9\u4e9b\u63aa\u65bd\u5c06\u6dd8\u6c70\u9ad8\u98ce\u9669\u53c2\u4e0e\u8005\u3002\u4ed6\u4eec\u6307\u51fa\uff0c\u4e0e\u5176\u4ed6\u56fd\u5bb6\u4e00\u6837\uff0c\u7f8e\u56fd\u5728\u5168\u7403\u91d1\u878d\u5371\u673a\u671f\u95f4\u4e5f\u9650\u5236\u4e86\u5356\u7a7a\u884c\u4e3a\u3002\u7136\u800c\uff0c\u4e2d\u56fd\u5b9e\u65bd\u8fd9\u4e9b\u4e3e\u63aa\u7684\u65b9\u5f0f\u2014\u2014\u5bf9\u8d44\u91d1\u4f7f\u7528\u53e3\u5934\u201c\u7a97\u53e3\u6307\u5bfc\u201d\u7f3a\u4e4f\u4e00\u81f4\u6027\u6216\u900f\u660e\u5ea6\u2014\u2014\u53ea\u4f1a\u8ba9\u5168\u7403\u6295\u8d44\u8005\u671b\u800c\u5374\u6b65\u3002<\/strong><\/p>\n\n\n\n

\u516c\u5f00\u5e02\u573a<\/h3>\n\n\n\n

\u4e2d\u56fd\u8bc1\u76d1\u4f1a\u8868\u793a\uff0c\u8fd9\u4e9b\u63aa\u65bd\u9488\u5bf9\u7684\u662f\u201c\u5f02\u5e38\u4ea4\u6613\u201d\uff0c\u800c\u975e\u9650\u5236\u80a1\u7968\u629b\u552e\u3002<\/p>\n\n\n\n

\u201c\u80a1\u5e02\u6da8\u8dcc\uff0c\u6295\u8d44\u8005\u4e70\u8fdb\u5356\u51fa\uff0c\u8fd9\u662f\u5e38\u6001\u3002\u76d1\u7ba1\u673a\u6784\u4e0d\u5e72\u9884\u6b63\u5e38\u7684\u5e02\u573a\u4ea4\u6613\uff0c\u201d\u4e2d\u56fd\u8bc1\u76d1\u4f1a\u5468\u56db\u5728\u4e00\u4efd\u58f0\u660e<\/a>\u4e2d\u8868\u793a\u3002\u5f53\u5730\u5a92\u4f53\u63f4\u5f15<\/a>\u8bc1\u76d1\u4f1a\u5b98\u5458\u7684\u8bdd\u8bf4\uff0c\u76d1\u7ba1\u673a\u6784\u7684\u76ee\u7684\u5e76\u4e0d\u662f\u8981\u201c\u6253\u6b7b\u5bbd\u5ba2\u201d \u3002<\/p>\n\n\n\n

\u5c3d\u7ba1\u5982\u6b64\uff0c\u4ea4\u6613\u6050\u614c\u8fd8\u662f\u5bf9\u76d1\u7ba1\u673a\u6784\u4e09\u5341\u5e74\u6765\u8f9b\u52e4\u6253\u9020\u7684\u200b\u200b\u5f62\u8c61\u9020\u6210\u4e86\u6253\u51fb\uff0c\u76d1\u7ba1\u673a\u6784\u7684\u5f62\u8c61\u662f\u8ba9\u6295\u8d44\u8005\u76f8\u4fe1\u4e2d\u56fd\u81f4\u529b\u4e8e\u5efa\u7acb<\/a>\u4e00\u4e2a\u7b26\u5408\u56fd\u9645\u6807\u51c6\u7684\u66f4\u52a0\u4e13\u4e1a\u548c\u5f00\u653e\u7684\u5e02\u573a\u3002<\/p>\n\n\n\n

\u76f8\u53cd\uff0c\u53d7\u5230\u8bdf\u75c5\u7684\u884c\u4e1a\u540d\u5355\u5374\u5728\u4e0d\u65ad\u589e\u52a0\u3002\u50cf\u8682\u8681\u96c6\u56e2\u8fd9\u6837\u7684\u79d1\u6280\u516c\u53f8\u53d7\u5230\u4e86\u9650\u5236<\/a>\uff0c\u800c\u534e\u5c14\u8857\u94f6\u884c\u5219\u9762\u4e34\u7740\u8d8a\u6765\u8d8a\u591a\u7684\u6570\u636e\u9650\u5236<\/a>\uff0c\u8fd9\u8ba9\u5b83\u4eec\u5728\u4e16\u754c\u7b2c\u4e8c\u5927\u7ecf\u6d4e\u4f53\u591a\u5e74\u7684\u6269\u5f20\u4e4b\u540e\u505c\u4e86\u4e0b\u6765\u3002<\/p>\n\n\n\n

K2\u8d44\u4ea7\u7ba1\u7406\u6709\u9650\u516c\u53f8\u7814\u7a76\u4e3b\u7ba1\u4e54\u6cbb\u00b7\u5e03\u5e03\u62c9\u65af(George Boubouras)\u8868\u793a\uff0c\u672a\u6765\u5341\u5e74\uff0c\u4e2d\u56fd\u9700\u8981\u201c\u6765\u81ea\u4e16\u754c\u5176\u4ed6\u5730\u533a\u7684\u8d44\u672c\u201d\u3002\u8fd9\u201c\u57fa\u672c\u4e0a\u53d1\u51fa\u4e86\u4e00\u4e2a\u4fe1\u53f7\uff0c\u8868\u660e\u5e02\u573a\u900f\u660e\u5ea6\u548c\u5bf9\u5e02\u573a\u900f\u660e\u5ea6\u7684\u8ffd\u6c42\u662f\u4e0d\u88ab\u5141\u8bb8\u7684\u3002\u201d <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

\u5f53\u4e0a\u4e2a\u6708\u9ebb\u70e6\u5f00\u59cb\u915d\u917f\u65f6\uff0c\u4e2d\u56fd\u5bf9\u51b2\u57fa\u91d1\u6b63\u671f\u5f85\u7740\u5047\u671f\u4f11\u606f\uff0c\u4ee5\u6446\u8131\u5e02\u573a\u52a8\u8361\u3002\u4e00\u4f4d\u7ecf\u7406\u7684\u5356\u7a7a\u6307\u4ee4\u7a81\u7136\u88ab\u7ecf\u7eaa\u5546\u62d2\u7edd\u3002\u53e6\u4e00\u4e2a\u5219\u5b8c\u5168\u4e0e\u80a1\u5e02\u9694\u7edd\u3002\u76d1\u7ba1\u673a\u6784\u51fa\u73b0\u5728\u591a\u4e2a\u57fa\u91d1\u7684\u4ea4\u6613\u5927\u5385\uff0c\u4eb2\u81ea\u76d1\u63a7\u4ea4\u6613\u3002 \u6b63\u5982\u4e00\u53ea\u57fa\u91d1\u6240\u8bf4\uff0c\u8fde\u7eed\u4e09\u4e2a\u4ea4\u6613\u65e5\u7684\u6df7\u4e71\u4ea4\u6613\u201c\u5bf9\u6211\u4eec\u6765\u8bf4\u5c31\u50cf\u4e00\u6574\u5e74\u201d\u3002 \u5373\u4f7f\u6309\u7167\u957f\u671f\u5728\u9634\u5f71\u4e0b\u8fd0\u4f5c\u7684\u5e02\u573a\u7684\u6807\u51c6\u6765\u770b\uff0c\u8fd9\u4e9b\u573a\u666f\u4e5f\u662f\u975e\u540c\u5bfb\u5e38\u7684\uff0c\u4f46\u6700\u8fd1\u51e0\u5468\u5728\u4e00\u573a\u6539\u5199\u4e2d\u56fd\u8ba1\u7b97\u673a\u9a71\u52a8\u4ea4\u6613\u89c4\u5219\u7684\u9547\u538b\u884c\u52a8\u4e2d\u4e0a\u6f14\u4e86\u8fd9\u4e9b\u573a\u666f\u3002 \u4e2d\u56fd\u4e00\u5ea6\u7e41\u8363\u7684\u91cf\u5316\u884c\u4e1a\u5df2\u6210\u4e3a\u5317\u4eac\u963b\u6b624 \u4e07\u4ebf\u7f8e\u5143\u80a1\u7968\u629b\u552e\u884c\u52a8\u7684\u6700\u65b0\u53d7\u5bb3\u8005\u3002 \u867d\u7136\u8fd9\u4e9b\u63aa\u65bd\u81f3\u5c11\u6682\u65f6\u652f\u6491\u4e86\u80a1\u4ef7\uff0c\u4f46\u4e5f\u5f15\u53d1\u4e86\u66f4\u5927\u7684\u95ee\u9898\uff1a\u653f\u5e9c\u5c06\u5728\u591a\u5927\u7a0b\u5ea6\u4e0a\u5b9e\u73b0\u77ed\u671f\u76ee\u6807\uff0c\u800c\u727a\u7272\u7ef4\u6301\u67d0\u79cd\u5438\u5f15\u4e86\u6570\u5341\u4ebf\u7f8e\u5143\u8d44\u91d1\u7684\u81ea\u7531\u5e02\u573a\u7684\u5047\u8c61\u3002\u8fd1\u5e74\u6765\u534e\u5c14\u8857\u516c\u53f8\u3002 \u5bf9\u4e8e\u5bf9\u4e2d\u56fd\u8d8a\u6765\u8d8a\u4e0d\u5b89\u7684\u56fd\u9645\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u7a81\u7136\u7684\u4ea4\u6613\u9650\u5236\u7ed9\u4e86\u4ed6\u4eec\u53c8\u4e00\u4e2a\u656c\u800c\u8fdc\u4e4b\u7684\u7406\u7531\u3002 \u8fea\u62dc\u8fbe\u5c14\u9a6c\u8d44\u672c\u7ba1\u7406\u6709\u9650\u516c\u53f8(Dalma Capital Management Ltd.)\u9996\u5e2d\u6295\u8d44\u5b98\u52a0\u91cc\u00b7\u675c\u6839(Gary Dugan)\u8868\u793a\uff1a\u201c\u5f53\u5c40\u8fd9\u4e9b\u770b\u4f3c\u6050\u614c\u7684\u884c\u52a8\u53ef\u80fd\u4f1a\u7834\u574f\u8fc7\u53bb\u4e8c\u5341\u5e74\u4e3a\u4e2d\u56fd\u8fdb\u5165\u5168\u7403\u8d44\u672c\u6c60\u6240\u505a\u7684\u6240\u6709\u826f\u597d\u5de5\u4f5c\u3002\u201d\u00a0\u4ed6\u8868\u793a\uff0c\u8fd9\u4e9b\u4e3e\u63aa\u5c06\u4f7f\u201c\u5373\u4f7f\u662f\u6700\u4e45\u7ecf\u6c99\u573a\u7684\u6295\u8d44\u8005\u201d\u8d28\u7591\u4e2d\u56fd\u662f\u5426\u503c\u5f97\u5192\u8fd9\u4e2a\u98ce\u9669\u3002 \u65b0\u7684\u9650\u5236\u63aa\u65bd\u662f\u5168\u9762\u7684\u3002\u4f9d\u8d56\u8ba1\u7b97\u673a\u7b97\u6cd5\u8fdb\u884c\u4ea4\u6613\u7684\u91cf\u5316\u57fa\u91d1\u5c06\u53d7\u5230\u5ba1\u67e5\uff0c\u65b0\u8fdb\u5165\u8005\u5fc5\u987b\u5728\u4ea4\u6613\u524d\u5411\u76d1\u7ba1\u673a\u6784\u62a5\u544a\u5176\u7b56\u7565\u3002\u5317\u4eac\u8fd8\u5c06\u901a\u8fc7\u5185\u5730\u4e0e\u9999\u6e2f\u7684\u8d38\u6613\u5f80\u6765\u6269\u5927\u5411\u5883\u5916\u6295\u8d44\u8005\u62a5\u544a\u7684\u8303\u56f4\u3002 \u77e5\u60c5\u4eba\u58eb\u79f0\uff0c\u4e2d\u56fd\u8bc1\u5238\u76d1\u7ba1\u673a\u6784\u540c\u65f6\u6210\u7acb\u4e86\u4e00\u4e2a\u5de5\u4f5c\u7ec4\u6765\u76d1\u63a7\u5356\u7a7a\u884c\u4e3a\uff0c\u5e76\u53ef\u80fd\u5411\u4ece\u62bc\u6ce8\u4e2d\u83b7\u5229\u7684\u516c\u53f8\u53d1\u51fa\u8b66\u544a\u3002\u4ed6\u4eec\u8865\u5145\u8bf4\uff0c\u5b83\u751a\u81f3\u91c7\u53d6\u4e86\u6781\u7aef\u63aa\u65bd\uff0c\u963b\u6b62\u4e00\u4e9b\u4e3b\u8981\u673a\u6784\u6295\u8d44\u8005\u5728\u4ea4\u6613\u7684\u524d 30 \u5206\u949f\u548c\u6700\u540e 30 \u5206\u949f\u5185\u51fa\u552e\u591a\u4e8e\u8d2d\u4e70\u7684\u80a1\u7968\u3002 \u603b\u90e8\u4f4d\u4e8e\u4e0a\u6d77\u7684Semimartingale Private Fund Management LP\u5199\u9053\uff1a\u201c\u91cf\u5316\u7ecf\u7406\u53d7\u5230\u4e86\u91cf\u5316\u53f2\u4e0a\u6700\u5927\u7684\u9ed1\u5929\u9e45\u7684\u6253\u51fb\u3002\u201d\u4ed6\u5728\u5f6d\u535a\u793e\u770b\u5230\u7684\u4e00\u5c01\u4fe1\u4e2d\u56de\u987e\u4e86\u5e02\u573a\u7684\u5267\u70c8\u6ce2\u52a8\u3002 \u8fd9\u6b21\u6253\u51fb\u884c\u52a8\u662f\u4e00\u7cfb\u5217\u65e8\u5728\u963b\u6b62\u80a1\u5e02\u591a\u5e74\u6765\u66b4\u8dcc\u7684\u4e3e\u63aa\u7684\u8fdb\u4e00\u6b65\u4e3e\u63aa\uff0c\u80a1\u5e02\u53d7\u5230\u623f\u5730\u4ea7\u5371\u673a\u3001\u7ecf\u6d4e\u589e\u957f\u75b2\u8f6f\u4ee5\u53ca\u4e0e\u7f8e\u56fd\u6301\u7eed\u7d27\u5f20\u5173\u7cfb\u7684\u6253\u51fb\u3002\u8fd9\u4e5f\u547c\u5e94\u4e86\u7528\u6765\u6253\u538b\u4ece\u4e92\u8054\u7f51\u5230\u6559\u80b2\u5e73\u53f0\u7b49\u884c\u4e1a\u7684\u4e25\u5389\u624b\u6bb5\u3002 BCA Research \u65b0\u5174\u5e02\u573a\u9996\u5e2d\u7b56\u7565\u5e08\u963f\u745f\u00b7\u5e03\u8fbe\u5409\u5b89 (Arthur Budaghyan)\u8868\u793a\uff1a\u201c\u4e2d\u56fd\u80a1\u7968\u7684\u98ce\u9669\u6ea2\u4ef7\u672a\u6765\u5fc5\u987b\u4e0a\u5347\uff0c\u56e0\u4e3a\u4e00\u4e9b\u673a\u6784\u5c06\u4e0d\u613f\u610f\u5728\u8fd9\u4e2a\u5e02\u573a\u8fdb\u884c\u4ea4\u6613\u3002\u201d\u00a0\u201c\u8fd9\u662f\u8bb8\u591a\u5916\u56fd\u6295\u8d44\u8005\u5bf9\u6295\u8d44\u4e2d\u56fd\u80a1\u7968\u7684\u5730\u7f18\u653f\u6cbb\u62c5\u5fe7\u4e4b\u5916\u7684\u4e8b\u60c5\u3002\u201d \u6700\u8fd1\u51e0\u5468\uff0c\u5317\u4eac\u5c06\u76ee\u5149\u8f6c\u5411\u4e86\u91cf\u5316\u57fa\u91d1\uff0c\u8fd9\u4e9b\u57fa\u91d1\u5728\u8fc7\u53bb\u4e09\u5e74\u7684\u5927\u90e8\u5206\u65f6\u95f4\u91cc\u5229\u7528\u5927\u6570\u636e\u6a21\u578b\u8dd1\u8d62\u4e86\u5e02\u573a\u3002 \u201c\u91cf\u5316\u5206\u6790\u5e08\u9700\u8981\u4e00\u81f4\u7684\u5e02\u573a\u8fd0\u8425\u89c4\u5219\u548c\u6cd5\u89c4\uff0c\u4ee5\u5e94\u5bf9\u6240\u6709\u5e02\u573a\u6761\u4ef6\uff0c\u201dDalma Capital \u7684\u675c\u6839\u8868\u793a\u3002\u201c\u76ee\u524d\u4e2d\u56fd\u7684\u60c5\u51b5\u5e76\u975e\u5982\u6b64\u3002\u201d \u4e00\u4e9b\u4e2d\u56fd\u91cf\u5316\u57fa\u91d1\u7ecf\u7406\u5728\u516c\u5f00\u8bc4\u8bba\u4e2d\u8868\u793a\u652f\u6301\u8fd9\u4e9b\u63aa\u65bd\uff0c\u79f0\u8fd9\u4e9b\u63aa\u65bd\u5c06\u6dd8\u6c70\u9ad8\u98ce\u9669\u53c2\u4e0e\u8005\u3002\u4ed6\u4eec\u6307\u51fa\uff0c\u4e0e\u5176\u4ed6\u56fd\u5bb6\u4e00\u6837\uff0c\u7f8e\u56fd\u5728\u5168\u7403\u91d1\u878d\u5371\u673a\u671f\u95f4\u4e5f\u9650\u5236\u4e86\u5356\u7a7a\u884c\u4e3a\u3002\u7136\u800c\uff0c\u4e2d\u56fd\u5b9e\u65bd\u8fd9\u4e9b\u4e3e\u63aa\u7684\u65b9\u5f0f\u2014\u2014\u5bf9\u8d44\u91d1\u4f7f\u7528\u53e3\u5934\u201c\u7a97\u53e3\u6307\u5bfc\u201d\u7f3a\u4e4f\u4e00\u81f4\u6027\u6216\u900f\u660e\u5ea6\u2014\u2014\u53ea\u4f1a\u8ba9\u5168\u7403\u6295\u8d44\u8005\u671b\u800c\u5374\u6b65\u3002 \u516c\u5f00\u5e02\u573a \u4e2d\u56fd\u8bc1\u76d1\u4f1a\u8868\u793a\uff0c\u8fd9\u4e9b\u63aa\u65bd\u9488\u5bf9\u7684\u662f\u201c\u5f02\u5e38\u4ea4\u6613\u201d\uff0c\u800c\u975e\u9650\u5236\u80a1\u7968\u629b\u552e\u3002 \u201c\u80a1\u5e02\u6da8\u8dcc\uff0c\u6295\u8d44\u8005\u4e70\u8fdb\u5356\u51fa\uff0c\u8fd9\u662f\u5e38\u6001\u3002\u76d1\u7ba1\u673a\u6784\u4e0d\u5e72\u9884\u6b63\u5e38\u7684\u5e02\u573a\u4ea4\u6613\uff0c\u201d\u4e2d\u56fd\u8bc1\u76d1\u4f1a\u5468\u56db\u5728\u4e00\u4efd\u58f0\u660e\u4e2d\u8868\u793a\u3002\u5f53\u5730\u5a92\u4f53\u63f4\u5f15\u8bc1\u76d1\u4f1a\u5b98\u5458\u7684\u8bdd\u8bf4\uff0c\u76d1\u7ba1\u673a\u6784\u7684\u76ee\u7684\u5e76\u4e0d\u662f\u8981\u201c\u6253\u6b7b\u5bbd\u5ba2\u201d \u3002 \u5c3d\u7ba1\u5982\u6b64\uff0c\u4ea4\u6613\u6050\u614c\u8fd8\u662f\u5bf9\u76d1\u7ba1\u673a\u6784\u4e09\u5341\u5e74\u6765\u8f9b\u52e4\u6253\u9020\u7684\u200b\u200b\u5f62\u8c61\u9020\u6210\u4e86\u6253\u51fb\uff0c\u76d1\u7ba1\u673a\u6784\u7684\u5f62\u8c61\u662f\u8ba9\u6295\u8d44\u8005\u76f8\u4fe1\u4e2d\u56fd\u81f4\u529b\u4e8e\u5efa\u7acb\u4e00\u4e2a\u7b26\u5408\u56fd\u9645\u6807\u51c6\u7684\u66f4\u52a0\u4e13\u4e1a\u548c\u5f00\u653e\u7684\u5e02\u573a\u3002 \u76f8\u53cd\uff0c\u53d7\u5230\u8bdf\u75c5\u7684\u884c\u4e1a\u540d\u5355\u5374\u5728\u4e0d\u65ad\u589e\u52a0\u3002\u50cf\u8682\u8681\u96c6\u56e2\u8fd9\u6837\u7684\u79d1\u6280\u516c\u53f8\u53d7\u5230\u4e86\u9650\u5236\uff0c\u800c\u534e\u5c14\u8857\u94f6\u884c\u5219\u9762\u4e34\u7740\u8d8a\u6765\u8d8a\u591a\u7684\u6570\u636e\u9650\u5236\uff0c\u8fd9\u8ba9\u5b83\u4eec\u5728\u4e16\u754c\u7b2c\u4e8c\u5927\u7ecf\u6d4e\u4f53\u591a\u5e74\u7684\u6269\u5f20\u4e4b\u540e\u505c\u4e86\u4e0b\u6765\u3002 K2\u8d44\u4ea7\u7ba1\u7406\u6709\u9650\u516c\u53f8\u7814\u7a76\u4e3b\u7ba1\u4e54\u6cbb\u00b7\u5e03\u5e03\u62c9\u65af(George Boubouras)\u8868\u793a\uff0c\u672a\u6765\u5341\u5e74\uff0c\u4e2d\u56fd\u9700\u8981\u201c\u6765\u81ea\u4e16\u754c\u5176\u4ed6\u5730\u533a\u7684\u8d44\u672c\u201d\u3002\u8fd9\u201c\u57fa\u672c\u4e0a\u53d1\u51fa\u4e86\u4e00\u4e2a\u4fe1\u53f7\uff0c\u8868\u660e\u5e02\u573a\u900f\u660e\u5ea6\u548c\u5bf9\u5e02\u573a\u900f\u660e\u5ea6\u7684\u8ffd\u6c42\u662f\u4e0d\u88ab\u5141\u8bb8\u7684\u3002\u201d<\/p>\n","protected":false},"author":1,"featured_media":649,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[1926],"tags":[18,270,271],"class_list":["post-648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1926","tag-18","tag-tou-ming","tag-liang-hua"],"yoast_head":"\n\u4e2d\u56fd\u91cf\u5316\u5e02\u573a\u88ab\u5f7b\u5e95\u6467\u6bc1 - DiaoMao<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/diaomao.cc\/?p=648\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u4e2d\u56fd\u91cf\u5316\u5e02\u573a\u88ab\u5f7b\u5e95\u6467\u6bc1 - DiaoMao\" \/>\n<meta property=\"og:description\" content=\"\u5f53\u4e0a\u4e2a\u6708\u9ebb\u70e6\u5f00\u59cb\u915d\u917f\u65f6\uff0c\u4e2d\u56fd\u5bf9\u51b2\u57fa\u91d1\u6b63\u671f\u5f85\u7740\u5047\u671f\u4f11\u606f\uff0c\u4ee5\u6446\u8131\u5e02\u573a\u52a8\u8361\u3002\u4e00\u4f4d\u7ecf\u7406\u7684\u5356\u7a7a\u6307\u4ee4\u7a81\u7136\u88ab\u7ecf\u7eaa\u5546\u62d2\u7edd\u3002\u53e6\u4e00\u4e2a\u5219\u5b8c\u5168\u4e0e\u80a1\u5e02\u9694\u7edd\u3002\u76d1\u7ba1\u673a\u6784\u51fa\u73b0\u5728\u591a\u4e2a\u57fa\u91d1\u7684\u4ea4\u6613\u5927\u5385\uff0c\u4eb2\u81ea\u76d1\u63a7\u4ea4\u6613\u3002 \u6b63\u5982\u4e00\u53ea\u57fa\u91d1\u6240\u8bf4\uff0c\u8fde\u7eed\u4e09\u4e2a\u4ea4\u6613\u65e5\u7684\u6df7\u4e71\u4ea4\u6613\u201c\u5bf9\u6211\u4eec\u6765\u8bf4\u5c31\u50cf\u4e00\u6574\u5e74\u201d\u3002 \u5373\u4f7f\u6309\u7167\u957f\u671f\u5728\u9634\u5f71\u4e0b\u8fd0\u4f5c\u7684\u5e02\u573a\u7684\u6807\u51c6\u6765\u770b\uff0c\u8fd9\u4e9b\u573a\u666f\u4e5f\u662f\u975e\u540c\u5bfb\u5e38\u7684\uff0c\u4f46\u6700\u8fd1\u51e0\u5468\u5728\u4e00\u573a\u6539\u5199\u4e2d\u56fd\u8ba1\u7b97\u673a\u9a71\u52a8\u4ea4\u6613\u89c4\u5219\u7684\u9547\u538b\u884c\u52a8\u4e2d\u4e0a\u6f14\u4e86\u8fd9\u4e9b\u573a\u666f\u3002 \u4e2d\u56fd\u4e00\u5ea6\u7e41\u8363\u7684\u91cf\u5316\u884c\u4e1a\u5df2\u6210\u4e3a\u5317\u4eac\u963b\u6b624 \u4e07\u4ebf\u7f8e\u5143\u80a1\u7968\u629b\u552e\u884c\u52a8\u7684\u6700\u65b0\u53d7\u5bb3\u8005\u3002 \u867d\u7136\u8fd9\u4e9b\u63aa\u65bd\u81f3\u5c11\u6682\u65f6\u652f\u6491\u4e86\u80a1\u4ef7\uff0c\u4f46\u4e5f\u5f15\u53d1\u4e86\u66f4\u5927\u7684\u95ee\u9898\uff1a\u653f\u5e9c\u5c06\u5728\u591a\u5927\u7a0b\u5ea6\u4e0a\u5b9e\u73b0\u77ed\u671f\u76ee\u6807\uff0c\u800c\u727a\u7272\u7ef4\u6301\u67d0\u79cd\u5438\u5f15\u4e86\u6570\u5341\u4ebf\u7f8e\u5143\u8d44\u91d1\u7684\u81ea\u7531\u5e02\u573a\u7684\u5047\u8c61\u3002\u8fd1\u5e74\u6765\u534e\u5c14\u8857\u516c\u53f8\u3002 \u5bf9\u4e8e\u5bf9\u4e2d\u56fd\u8d8a\u6765\u8d8a\u4e0d\u5b89\u7684\u56fd\u9645\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u7a81\u7136\u7684\u4ea4\u6613\u9650\u5236\u7ed9\u4e86\u4ed6\u4eec\u53c8\u4e00\u4e2a\u656c\u800c\u8fdc\u4e4b\u7684\u7406\u7531\u3002 \u8fea\u62dc\u8fbe\u5c14\u9a6c\u8d44\u672c\u7ba1\u7406\u6709\u9650\u516c\u53f8(Dalma Capital Management Ltd.)\u9996\u5e2d\u6295\u8d44\u5b98\u52a0\u91cc\u00b7\u675c\u6839(Gary Dugan)\u8868\u793a\uff1a\u201c\u5f53\u5c40\u8fd9\u4e9b\u770b\u4f3c\u6050\u614c\u7684\u884c\u52a8\u53ef\u80fd\u4f1a\u7834\u574f\u8fc7\u53bb\u4e8c\u5341\u5e74\u4e3a\u4e2d\u56fd\u8fdb\u5165\u5168\u7403\u8d44\u672c\u6c60\u6240\u505a\u7684\u6240\u6709\u826f\u597d\u5de5\u4f5c\u3002\u201d\u00a0\u4ed6\u8868\u793a\uff0c\u8fd9\u4e9b\u4e3e\u63aa\u5c06\u4f7f\u201c\u5373\u4f7f\u662f\u6700\u4e45\u7ecf\u6c99\u573a\u7684\u6295\u8d44\u8005\u201d\u8d28\u7591\u4e2d\u56fd\u662f\u5426\u503c\u5f97\u5192\u8fd9\u4e2a\u98ce\u9669\u3002 \u65b0\u7684\u9650\u5236\u63aa\u65bd\u662f\u5168\u9762\u7684\u3002\u4f9d\u8d56\u8ba1\u7b97\u673a\u7b97\u6cd5\u8fdb\u884c\u4ea4\u6613\u7684\u91cf\u5316\u57fa\u91d1\u5c06\u53d7\u5230\u5ba1\u67e5\uff0c\u65b0\u8fdb\u5165\u8005\u5fc5\u987b\u5728\u4ea4\u6613\u524d\u5411\u76d1\u7ba1\u673a\u6784\u62a5\u544a\u5176\u7b56\u7565\u3002\u5317\u4eac\u8fd8\u5c06\u901a\u8fc7\u5185\u5730\u4e0e\u9999\u6e2f\u7684\u8d38\u6613\u5f80\u6765\u6269\u5927\u5411\u5883\u5916\u6295\u8d44\u8005\u62a5\u544a\u7684\u8303\u56f4\u3002 \u77e5\u60c5\u4eba\u58eb\u79f0\uff0c\u4e2d\u56fd\u8bc1\u5238\u76d1\u7ba1\u673a\u6784\u540c\u65f6\u6210\u7acb\u4e86\u4e00\u4e2a\u5de5\u4f5c\u7ec4\u6765\u76d1\u63a7\u5356\u7a7a\u884c\u4e3a\uff0c\u5e76\u53ef\u80fd\u5411\u4ece\u62bc\u6ce8\u4e2d\u83b7\u5229\u7684\u516c\u53f8\u53d1\u51fa\u8b66\u544a\u3002\u4ed6\u4eec\u8865\u5145\u8bf4\uff0c\u5b83\u751a\u81f3\u91c7\u53d6\u4e86\u6781\u7aef\u63aa\u65bd\uff0c\u963b\u6b62\u4e00\u4e9b\u4e3b\u8981\u673a\u6784\u6295\u8d44\u8005\u5728\u4ea4\u6613\u7684\u524d 30 \u5206\u949f\u548c\u6700\u540e 30 \u5206\u949f\u5185\u51fa\u552e\u591a\u4e8e\u8d2d\u4e70\u7684\u80a1\u7968\u3002 \u603b\u90e8\u4f4d\u4e8e\u4e0a\u6d77\u7684Semimartingale Private Fund Management LP\u5199\u9053\uff1a\u201c\u91cf\u5316\u7ecf\u7406\u53d7\u5230\u4e86\u91cf\u5316\u53f2\u4e0a\u6700\u5927\u7684\u9ed1\u5929\u9e45\u7684\u6253\u51fb\u3002\u201d\u4ed6\u5728\u5f6d\u535a\u793e\u770b\u5230\u7684\u4e00\u5c01\u4fe1\u4e2d\u56de\u987e\u4e86\u5e02\u573a\u7684\u5267\u70c8\u6ce2\u52a8\u3002 \u8fd9\u6b21\u6253\u51fb\u884c\u52a8\u662f\u4e00\u7cfb\u5217\u65e8\u5728\u963b\u6b62\u80a1\u5e02\u591a\u5e74\u6765\u66b4\u8dcc\u7684\u4e3e\u63aa\u7684\u8fdb\u4e00\u6b65\u4e3e\u63aa\uff0c\u80a1\u5e02\u53d7\u5230\u623f\u5730\u4ea7\u5371\u673a\u3001\u7ecf\u6d4e\u589e\u957f\u75b2\u8f6f\u4ee5\u53ca\u4e0e\u7f8e\u56fd\u6301\u7eed\u7d27\u5f20\u5173\u7cfb\u7684\u6253\u51fb\u3002\u8fd9\u4e5f\u547c\u5e94\u4e86\u7528\u6765\u6253\u538b\u4ece\u4e92\u8054\u7f51\u5230\u6559\u80b2\u5e73\u53f0\u7b49\u884c\u4e1a\u7684\u4e25\u5389\u624b\u6bb5\u3002 BCA Research \u65b0\u5174\u5e02\u573a\u9996\u5e2d\u7b56\u7565\u5e08\u963f\u745f\u00b7\u5e03\u8fbe\u5409\u5b89 (Arthur Budaghyan)\u8868\u793a\uff1a\u201c\u4e2d\u56fd\u80a1\u7968\u7684\u98ce\u9669\u6ea2\u4ef7\u672a\u6765\u5fc5\u987b\u4e0a\u5347\uff0c\u56e0\u4e3a\u4e00\u4e9b\u673a\u6784\u5c06\u4e0d\u613f\u610f\u5728\u8fd9\u4e2a\u5e02\u573a\u8fdb\u884c\u4ea4\u6613\u3002\u201d\u00a0\u201c\u8fd9\u662f\u8bb8\u591a\u5916\u56fd\u6295\u8d44\u8005\u5bf9\u6295\u8d44\u4e2d\u56fd\u80a1\u7968\u7684\u5730\u7f18\u653f\u6cbb\u62c5\u5fe7\u4e4b\u5916\u7684\u4e8b\u60c5\u3002\u201d \u6700\u8fd1\u51e0\u5468\uff0c\u5317\u4eac\u5c06\u76ee\u5149\u8f6c\u5411\u4e86\u91cf\u5316\u57fa\u91d1\uff0c\u8fd9\u4e9b\u57fa\u91d1\u5728\u8fc7\u53bb\u4e09\u5e74\u7684\u5927\u90e8\u5206\u65f6\u95f4\u91cc\u5229\u7528\u5927\u6570\u636e\u6a21\u578b\u8dd1\u8d62\u4e86\u5e02\u573a\u3002 \u201c\u91cf\u5316\u5206\u6790\u5e08\u9700\u8981\u4e00\u81f4\u7684\u5e02\u573a\u8fd0\u8425\u89c4\u5219\u548c\u6cd5\u89c4\uff0c\u4ee5\u5e94\u5bf9\u6240\u6709\u5e02\u573a\u6761\u4ef6\uff0c\u201dDalma Capital \u7684\u675c\u6839\u8868\u793a\u3002\u201c\u76ee\u524d\u4e2d\u56fd\u7684\u60c5\u51b5\u5e76\u975e\u5982\u6b64\u3002\u201d \u4e00\u4e9b\u4e2d\u56fd\u91cf\u5316\u57fa\u91d1\u7ecf\u7406\u5728\u516c\u5f00\u8bc4\u8bba\u4e2d\u8868\u793a\u652f\u6301\u8fd9\u4e9b\u63aa\u65bd\uff0c\u79f0\u8fd9\u4e9b\u63aa\u65bd\u5c06\u6dd8\u6c70\u9ad8\u98ce\u9669\u53c2\u4e0e\u8005\u3002\u4ed6\u4eec\u6307\u51fa\uff0c\u4e0e\u5176\u4ed6\u56fd\u5bb6\u4e00\u6837\uff0c\u7f8e\u56fd\u5728\u5168\u7403\u91d1\u878d\u5371\u673a\u671f\u95f4\u4e5f\u9650\u5236\u4e86\u5356\u7a7a\u884c\u4e3a\u3002\u7136\u800c\uff0c\u4e2d\u56fd\u5b9e\u65bd\u8fd9\u4e9b\u4e3e\u63aa\u7684\u65b9\u5f0f\u2014\u2014\u5bf9\u8d44\u91d1\u4f7f\u7528\u53e3\u5934\u201c\u7a97\u53e3\u6307\u5bfc\u201d\u7f3a\u4e4f\u4e00\u81f4\u6027\u6216\u900f\u660e\u5ea6\u2014\u2014\u53ea\u4f1a\u8ba9\u5168\u7403\u6295\u8d44\u8005\u671b\u800c\u5374\u6b65\u3002 \u516c\u5f00\u5e02\u573a \u4e2d\u56fd\u8bc1\u76d1\u4f1a\u8868\u793a\uff0c\u8fd9\u4e9b\u63aa\u65bd\u9488\u5bf9\u7684\u662f\u201c\u5f02\u5e38\u4ea4\u6613\u201d\uff0c\u800c\u975e\u9650\u5236\u80a1\u7968\u629b\u552e\u3002 \u201c\u80a1\u5e02\u6da8\u8dcc\uff0c\u6295\u8d44\u8005\u4e70\u8fdb\u5356\u51fa\uff0c\u8fd9\u662f\u5e38\u6001\u3002\u76d1\u7ba1\u673a\u6784\u4e0d\u5e72\u9884\u6b63\u5e38\u7684\u5e02\u573a\u4ea4\u6613\uff0c\u201d\u4e2d\u56fd\u8bc1\u76d1\u4f1a\u5468\u56db\u5728\u4e00\u4efd\u58f0\u660e\u4e2d\u8868\u793a\u3002\u5f53\u5730\u5a92\u4f53\u63f4\u5f15\u8bc1\u76d1\u4f1a\u5b98\u5458\u7684\u8bdd\u8bf4\uff0c\u76d1\u7ba1\u673a\u6784\u7684\u76ee\u7684\u5e76\u4e0d\u662f\u8981\u201c\u6253\u6b7b\u5bbd\u5ba2\u201d \u3002 \u5c3d\u7ba1\u5982\u6b64\uff0c\u4ea4\u6613\u6050\u614c\u8fd8\u662f\u5bf9\u76d1\u7ba1\u673a\u6784\u4e09\u5341\u5e74\u6765\u8f9b\u52e4\u6253\u9020\u7684\u200b\u200b\u5f62\u8c61\u9020\u6210\u4e86\u6253\u51fb\uff0c\u76d1\u7ba1\u673a\u6784\u7684\u5f62\u8c61\u662f\u8ba9\u6295\u8d44\u8005\u76f8\u4fe1\u4e2d\u56fd\u81f4\u529b\u4e8e\u5efa\u7acb\u4e00\u4e2a\u7b26\u5408\u56fd\u9645\u6807\u51c6\u7684\u66f4\u52a0\u4e13\u4e1a\u548c\u5f00\u653e\u7684\u5e02\u573a\u3002 \u76f8\u53cd\uff0c\u53d7\u5230\u8bdf\u75c5\u7684\u884c\u4e1a\u540d\u5355\u5374\u5728\u4e0d\u65ad\u589e\u52a0\u3002\u50cf\u8682\u8681\u96c6\u56e2\u8fd9\u6837\u7684\u79d1\u6280\u516c\u53f8\u53d7\u5230\u4e86\u9650\u5236\uff0c\u800c\u534e\u5c14\u8857\u94f6\u884c\u5219\u9762\u4e34\u7740\u8d8a\u6765\u8d8a\u591a\u7684\u6570\u636e\u9650\u5236\uff0c\u8fd9\u8ba9\u5b83\u4eec\u5728\u4e16\u754c\u7b2c\u4e8c\u5927\u7ecf\u6d4e\u4f53\u591a\u5e74\u7684\u6269\u5f20\u4e4b\u540e\u505c\u4e86\u4e0b\u6765\u3002 K2\u8d44\u4ea7\u7ba1\u7406\u6709\u9650\u516c\u53f8\u7814\u7a76\u4e3b\u7ba1\u4e54\u6cbb\u00b7\u5e03\u5e03\u62c9\u65af(George Boubouras)\u8868\u793a\uff0c\u672a\u6765\u5341\u5e74\uff0c\u4e2d\u56fd\u9700\u8981\u201c\u6765\u81ea\u4e16\u754c\u5176\u4ed6\u5730\u533a\u7684\u8d44\u672c\u201d\u3002\u8fd9\u201c\u57fa\u672c\u4e0a\u53d1\u51fa\u4e86\u4e00\u4e2a\u4fe1\u53f7\uff0c\u8868\u660e\u5e02\u573a\u900f\u660e\u5ea6\u548c\u5bf9\u5e02\u573a\u900f\u660e\u5ea6\u7684\u8ffd\u6c42\u662f\u4e0d\u88ab\u5141\u8bb8\u7684\u3002\u201d\" \/>\n<meta property=\"og:url\" content=\"https:\/\/diaomao.cc\/?p=648\" \/>\n<meta property=\"og:site_name\" content=\"DiaoMao\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-26T05:07:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-01T19:30:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/diaomao.cc\/wp-content\/uploads\/2024\/02\/image-47.png\" \/>\n\t<meta property=\"og:image:width\" content=\"688\" \/>\n\t<meta property=\"og:image:height\" content=\"373\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"sandeli4444\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@zhezhetalk\" \/>\n<meta name=\"twitter:site\" content=\"@zhezhetalk\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"sandeli4444\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/diaomao.cc\/?p=648#article\",\"isPartOf\":{\"@id\":\"https:\/\/diaomao.cc\/?p=648\"},\"author\":{\"name\":\"sandeli4444\",\"@id\":\"https:\/\/diaomao.cc\/#\/schema\/person\/7013688eeb33fc17f3c38c452929766e\"},\"headline\":\"\u4e2d\u56fd\u91cf\u5316\u5e02\u573a\u88ab\u5f7b\u5e95\u6467\u6bc1\",\"datePublished\":\"2024-02-26T05:07:24+00:00\",\"dateModified\":\"2024-12-01T19:30:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/diaomao.cc\/?p=648\"},\"wordCount\":20,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/diaomao.cc\/#organization\"},\"image\":{\"@id\":\"https:\/\/diaomao.cc\/?p=648#primaryimage\"},\"thumbnailUrl\":\"https:\/\/diaomao.cc\/wp-content\/uploads\/2024\/02\/image-47.png\",\"keywords\":[\"\u4e2d\u56fd\",\"\u900f\u660e\",\"\u91cf\u5316\"],\"articleSection\":[\"\u56fd\u5185-\u516c\u53f8\u548c\u884c\u4e1a\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/diaomao.cc\/?p=648#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/diaomao.cc\/?p=648\",\"url\":\"https:\/\/diaomao.cc\/?p=648\",\"name\":\"\u4e2d\u56fd\u91cf\u5316\u5e02\u573a\u88ab\u5f7b\u5e95\u6467\u6bc1 - DiaoMao\",\"isPartOf\":{\"@id\":\"https:\/\/diaomao.cc\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/diaomao.cc\/?p=648#primaryimage\"},\"image\":{\"@id\":\"https:\/\/diaomao.cc\/?p=648#primaryimage\"},\"thumbnailUrl\":\"https:\/\/diaomao.cc\/wp-content\/uploads\/2024\/02\/image-47.png\",\"datePublished\":\"2024-02-26T05:07:24+00:00\",\"dateModified\":\"2024-12-01T19:30:39+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/diaomao.cc\/?p=648#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/diaomao.cc\/?p=648\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/diaomao.cc\/?p=648#primaryimage\",\"url\":\"https:\/\/diaomao.cc\/wp-content\/uploads\/2024\/02\/image-47.png\",\"contentUrl\":\"https:\/\/diaomao.cc\/wp-content\/uploads\/2024\/02\/image-47.png\",\"width\":688,\"height\":373},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/diaomao.cc\/?p=648#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/diaomao.cc\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"\u4e2d\u56fd\u91cf\u5316\u5e02\u573a\u88ab\u5f7b\u5e95\u6467\u6bc1\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/diaomao.cc\/#website\",\"url\":\"https:\/\/diaomao.cc\/\",\"name\":\"DiaoMao\",\"description\":\"\u51fa\u6d77\u7f51\u8d5a, \u5168\u7403\u6295\u8d44, \u526f\u4e1a, \u65f6\u4e8b\u8d22\u7ecf\",\"publisher\":{\"@id\":\"https:\/\/diaomao.cc\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/diaomao.cc\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/diaomao.cc\/#organization\",\"name\":\"DiaoMao\",\"url\":\"https:\/\/diaomao.cc\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/diaomao.cc\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/diaomao.cc\/wp-content\/uploads\/2023\/12\/diaomao.cc-4.png\",\"contentUrl\":\"https:\/\/diaomao.cc\/wp-content\/uploads\/2023\/12\/diaomao.cc-4.png\",\"width\":151,\"height\":131,\"caption\":\"DiaoMao\"},\"image\":{\"@id\":\"https:\/\/diaomao.cc\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/x.com\/zhezhetalk\",\"https:\/\/t.me\/ido2022\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/diaomao.cc\/#\/schema\/person\/7013688eeb33fc17f3c38c452929766e\",\"name\":\"sandeli4444\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/diaomao.cc\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/349304385dfc2cac2b789bbc6c9c4b2a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/349304385dfc2cac2b789bbc6c9c4b2a?s=96&d=mm&r=g\",\"caption\":\"sandeli4444\"},\"sameAs\":[\"http:\/\/www.diaomao.cc\"],\"url\":\"https:\/\/diaomao.cc\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"\u4e2d\u56fd\u91cf\u5316\u5e02\u573a\u88ab\u5f7b\u5e95\u6467\u6bc1 - DiaoMao","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/diaomao.cc\/?p=648","og_locale":"en_US","og_type":"article","og_title":"\u4e2d\u56fd\u91cf\u5316\u5e02\u573a\u88ab\u5f7b\u5e95\u6467\u6bc1 - DiaoMao","og_description":"\u5f53\u4e0a\u4e2a\u6708\u9ebb\u70e6\u5f00\u59cb\u915d\u917f\u65f6\uff0c\u4e2d\u56fd\u5bf9\u51b2\u57fa\u91d1\u6b63\u671f\u5f85\u7740\u5047\u671f\u4f11\u606f\uff0c\u4ee5\u6446\u8131\u5e02\u573a\u52a8\u8361\u3002\u4e00\u4f4d\u7ecf\u7406\u7684\u5356\u7a7a\u6307\u4ee4\u7a81\u7136\u88ab\u7ecf\u7eaa\u5546\u62d2\u7edd\u3002\u53e6\u4e00\u4e2a\u5219\u5b8c\u5168\u4e0e\u80a1\u5e02\u9694\u7edd\u3002\u76d1\u7ba1\u673a\u6784\u51fa\u73b0\u5728\u591a\u4e2a\u57fa\u91d1\u7684\u4ea4\u6613\u5927\u5385\uff0c\u4eb2\u81ea\u76d1\u63a7\u4ea4\u6613\u3002 \u6b63\u5982\u4e00\u53ea\u57fa\u91d1\u6240\u8bf4\uff0c\u8fde\u7eed\u4e09\u4e2a\u4ea4\u6613\u65e5\u7684\u6df7\u4e71\u4ea4\u6613\u201c\u5bf9\u6211\u4eec\u6765\u8bf4\u5c31\u50cf\u4e00\u6574\u5e74\u201d\u3002 \u5373\u4f7f\u6309\u7167\u957f\u671f\u5728\u9634\u5f71\u4e0b\u8fd0\u4f5c\u7684\u5e02\u573a\u7684\u6807\u51c6\u6765\u770b\uff0c\u8fd9\u4e9b\u573a\u666f\u4e5f\u662f\u975e\u540c\u5bfb\u5e38\u7684\uff0c\u4f46\u6700\u8fd1\u51e0\u5468\u5728\u4e00\u573a\u6539\u5199\u4e2d\u56fd\u8ba1\u7b97\u673a\u9a71\u52a8\u4ea4\u6613\u89c4\u5219\u7684\u9547\u538b\u884c\u52a8\u4e2d\u4e0a\u6f14\u4e86\u8fd9\u4e9b\u573a\u666f\u3002 \u4e2d\u56fd\u4e00\u5ea6\u7e41\u8363\u7684\u91cf\u5316\u884c\u4e1a\u5df2\u6210\u4e3a\u5317\u4eac\u963b\u6b624 \u4e07\u4ebf\u7f8e\u5143\u80a1\u7968\u629b\u552e\u884c\u52a8\u7684\u6700\u65b0\u53d7\u5bb3\u8005\u3002 \u867d\u7136\u8fd9\u4e9b\u63aa\u65bd\u81f3\u5c11\u6682\u65f6\u652f\u6491\u4e86\u80a1\u4ef7\uff0c\u4f46\u4e5f\u5f15\u53d1\u4e86\u66f4\u5927\u7684\u95ee\u9898\uff1a\u653f\u5e9c\u5c06\u5728\u591a\u5927\u7a0b\u5ea6\u4e0a\u5b9e\u73b0\u77ed\u671f\u76ee\u6807\uff0c\u800c\u727a\u7272\u7ef4\u6301\u67d0\u79cd\u5438\u5f15\u4e86\u6570\u5341\u4ebf\u7f8e\u5143\u8d44\u91d1\u7684\u81ea\u7531\u5e02\u573a\u7684\u5047\u8c61\u3002\u8fd1\u5e74\u6765\u534e\u5c14\u8857\u516c\u53f8\u3002 \u5bf9\u4e8e\u5bf9\u4e2d\u56fd\u8d8a\u6765\u8d8a\u4e0d\u5b89\u7684\u56fd\u9645\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u7a81\u7136\u7684\u4ea4\u6613\u9650\u5236\u7ed9\u4e86\u4ed6\u4eec\u53c8\u4e00\u4e2a\u656c\u800c\u8fdc\u4e4b\u7684\u7406\u7531\u3002 \u8fea\u62dc\u8fbe\u5c14\u9a6c\u8d44\u672c\u7ba1\u7406\u6709\u9650\u516c\u53f8(Dalma Capital Management Ltd.)\u9996\u5e2d\u6295\u8d44\u5b98\u52a0\u91cc\u00b7\u675c\u6839(Gary Dugan)\u8868\u793a\uff1a\u201c\u5f53\u5c40\u8fd9\u4e9b\u770b\u4f3c\u6050\u614c\u7684\u884c\u52a8\u53ef\u80fd\u4f1a\u7834\u574f\u8fc7\u53bb\u4e8c\u5341\u5e74\u4e3a\u4e2d\u56fd\u8fdb\u5165\u5168\u7403\u8d44\u672c\u6c60\u6240\u505a\u7684\u6240\u6709\u826f\u597d\u5de5\u4f5c\u3002\u201d\u00a0\u4ed6\u8868\u793a\uff0c\u8fd9\u4e9b\u4e3e\u63aa\u5c06\u4f7f\u201c\u5373\u4f7f\u662f\u6700\u4e45\u7ecf\u6c99\u573a\u7684\u6295\u8d44\u8005\u201d\u8d28\u7591\u4e2d\u56fd\u662f\u5426\u503c\u5f97\u5192\u8fd9\u4e2a\u98ce\u9669\u3002 \u65b0\u7684\u9650\u5236\u63aa\u65bd\u662f\u5168\u9762\u7684\u3002\u4f9d\u8d56\u8ba1\u7b97\u673a\u7b97\u6cd5\u8fdb\u884c\u4ea4\u6613\u7684\u91cf\u5316\u57fa\u91d1\u5c06\u53d7\u5230\u5ba1\u67e5\uff0c\u65b0\u8fdb\u5165\u8005\u5fc5\u987b\u5728\u4ea4\u6613\u524d\u5411\u76d1\u7ba1\u673a\u6784\u62a5\u544a\u5176\u7b56\u7565\u3002\u5317\u4eac\u8fd8\u5c06\u901a\u8fc7\u5185\u5730\u4e0e\u9999\u6e2f\u7684\u8d38\u6613\u5f80\u6765\u6269\u5927\u5411\u5883\u5916\u6295\u8d44\u8005\u62a5\u544a\u7684\u8303\u56f4\u3002 \u77e5\u60c5\u4eba\u58eb\u79f0\uff0c\u4e2d\u56fd\u8bc1\u5238\u76d1\u7ba1\u673a\u6784\u540c\u65f6\u6210\u7acb\u4e86\u4e00\u4e2a\u5de5\u4f5c\u7ec4\u6765\u76d1\u63a7\u5356\u7a7a\u884c\u4e3a\uff0c\u5e76\u53ef\u80fd\u5411\u4ece\u62bc\u6ce8\u4e2d\u83b7\u5229\u7684\u516c\u53f8\u53d1\u51fa\u8b66\u544a\u3002\u4ed6\u4eec\u8865\u5145\u8bf4\uff0c\u5b83\u751a\u81f3\u91c7\u53d6\u4e86\u6781\u7aef\u63aa\u65bd\uff0c\u963b\u6b62\u4e00\u4e9b\u4e3b\u8981\u673a\u6784\u6295\u8d44\u8005\u5728\u4ea4\u6613\u7684\u524d 30 \u5206\u949f\u548c\u6700\u540e 30 \u5206\u949f\u5185\u51fa\u552e\u591a\u4e8e\u8d2d\u4e70\u7684\u80a1\u7968\u3002 \u603b\u90e8\u4f4d\u4e8e\u4e0a\u6d77\u7684Semimartingale Private Fund Management LP\u5199\u9053\uff1a\u201c\u91cf\u5316\u7ecf\u7406\u53d7\u5230\u4e86\u91cf\u5316\u53f2\u4e0a\u6700\u5927\u7684\u9ed1\u5929\u9e45\u7684\u6253\u51fb\u3002\u201d\u4ed6\u5728\u5f6d\u535a\u793e\u770b\u5230\u7684\u4e00\u5c01\u4fe1\u4e2d\u56de\u987e\u4e86\u5e02\u573a\u7684\u5267\u70c8\u6ce2\u52a8\u3002 \u8fd9\u6b21\u6253\u51fb\u884c\u52a8\u662f\u4e00\u7cfb\u5217\u65e8\u5728\u963b\u6b62\u80a1\u5e02\u591a\u5e74\u6765\u66b4\u8dcc\u7684\u4e3e\u63aa\u7684\u8fdb\u4e00\u6b65\u4e3e\u63aa\uff0c\u80a1\u5e02\u53d7\u5230\u623f\u5730\u4ea7\u5371\u673a\u3001\u7ecf\u6d4e\u589e\u957f\u75b2\u8f6f\u4ee5\u53ca\u4e0e\u7f8e\u56fd\u6301\u7eed\u7d27\u5f20\u5173\u7cfb\u7684\u6253\u51fb\u3002\u8fd9\u4e5f\u547c\u5e94\u4e86\u7528\u6765\u6253\u538b\u4ece\u4e92\u8054\u7f51\u5230\u6559\u80b2\u5e73\u53f0\u7b49\u884c\u4e1a\u7684\u4e25\u5389\u624b\u6bb5\u3002 BCA Research \u65b0\u5174\u5e02\u573a\u9996\u5e2d\u7b56\u7565\u5e08\u963f\u745f\u00b7\u5e03\u8fbe\u5409\u5b89 (Arthur Budaghyan)\u8868\u793a\uff1a\u201c\u4e2d\u56fd\u80a1\u7968\u7684\u98ce\u9669\u6ea2\u4ef7\u672a\u6765\u5fc5\u987b\u4e0a\u5347\uff0c\u56e0\u4e3a\u4e00\u4e9b\u673a\u6784\u5c06\u4e0d\u613f\u610f\u5728\u8fd9\u4e2a\u5e02\u573a\u8fdb\u884c\u4ea4\u6613\u3002\u201d\u00a0\u201c\u8fd9\u662f\u8bb8\u591a\u5916\u56fd\u6295\u8d44\u8005\u5bf9\u6295\u8d44\u4e2d\u56fd\u80a1\u7968\u7684\u5730\u7f18\u653f\u6cbb\u62c5\u5fe7\u4e4b\u5916\u7684\u4e8b\u60c5\u3002\u201d \u6700\u8fd1\u51e0\u5468\uff0c\u5317\u4eac\u5c06\u76ee\u5149\u8f6c\u5411\u4e86\u91cf\u5316\u57fa\u91d1\uff0c\u8fd9\u4e9b\u57fa\u91d1\u5728\u8fc7\u53bb\u4e09\u5e74\u7684\u5927\u90e8\u5206\u65f6\u95f4\u91cc\u5229\u7528\u5927\u6570\u636e\u6a21\u578b\u8dd1\u8d62\u4e86\u5e02\u573a\u3002 \u201c\u91cf\u5316\u5206\u6790\u5e08\u9700\u8981\u4e00\u81f4\u7684\u5e02\u573a\u8fd0\u8425\u89c4\u5219\u548c\u6cd5\u89c4\uff0c\u4ee5\u5e94\u5bf9\u6240\u6709\u5e02\u573a\u6761\u4ef6\uff0c\u201dDalma Capital \u7684\u675c\u6839\u8868\u793a\u3002\u201c\u76ee\u524d\u4e2d\u56fd\u7684\u60c5\u51b5\u5e76\u975e\u5982\u6b64\u3002\u201d \u4e00\u4e9b\u4e2d\u56fd\u91cf\u5316\u57fa\u91d1\u7ecf\u7406\u5728\u516c\u5f00\u8bc4\u8bba\u4e2d\u8868\u793a\u652f\u6301\u8fd9\u4e9b\u63aa\u65bd\uff0c\u79f0\u8fd9\u4e9b\u63aa\u65bd\u5c06\u6dd8\u6c70\u9ad8\u98ce\u9669\u53c2\u4e0e\u8005\u3002\u4ed6\u4eec\u6307\u51fa\uff0c\u4e0e\u5176\u4ed6\u56fd\u5bb6\u4e00\u6837\uff0c\u7f8e\u56fd\u5728\u5168\u7403\u91d1\u878d\u5371\u673a\u671f\u95f4\u4e5f\u9650\u5236\u4e86\u5356\u7a7a\u884c\u4e3a\u3002\u7136\u800c\uff0c\u4e2d\u56fd\u5b9e\u65bd\u8fd9\u4e9b\u4e3e\u63aa\u7684\u65b9\u5f0f\u2014\u2014\u5bf9\u8d44\u91d1\u4f7f\u7528\u53e3\u5934\u201c\u7a97\u53e3\u6307\u5bfc\u201d\u7f3a\u4e4f\u4e00\u81f4\u6027\u6216\u900f\u660e\u5ea6\u2014\u2014\u53ea\u4f1a\u8ba9\u5168\u7403\u6295\u8d44\u8005\u671b\u800c\u5374\u6b65\u3002 \u516c\u5f00\u5e02\u573a \u4e2d\u56fd\u8bc1\u76d1\u4f1a\u8868\u793a\uff0c\u8fd9\u4e9b\u63aa\u65bd\u9488\u5bf9\u7684\u662f\u201c\u5f02\u5e38\u4ea4\u6613\u201d\uff0c\u800c\u975e\u9650\u5236\u80a1\u7968\u629b\u552e\u3002 \u201c\u80a1\u5e02\u6da8\u8dcc\uff0c\u6295\u8d44\u8005\u4e70\u8fdb\u5356\u51fa\uff0c\u8fd9\u662f\u5e38\u6001\u3002\u76d1\u7ba1\u673a\u6784\u4e0d\u5e72\u9884\u6b63\u5e38\u7684\u5e02\u573a\u4ea4\u6613\uff0c\u201d\u4e2d\u56fd\u8bc1\u76d1\u4f1a\u5468\u56db\u5728\u4e00\u4efd\u58f0\u660e\u4e2d\u8868\u793a\u3002\u5f53\u5730\u5a92\u4f53\u63f4\u5f15\u8bc1\u76d1\u4f1a\u5b98\u5458\u7684\u8bdd\u8bf4\uff0c\u76d1\u7ba1\u673a\u6784\u7684\u76ee\u7684\u5e76\u4e0d\u662f\u8981\u201c\u6253\u6b7b\u5bbd\u5ba2\u201d \u3002 \u5c3d\u7ba1\u5982\u6b64\uff0c\u4ea4\u6613\u6050\u614c\u8fd8\u662f\u5bf9\u76d1\u7ba1\u673a\u6784\u4e09\u5341\u5e74\u6765\u8f9b\u52e4\u6253\u9020\u7684\u200b\u200b\u5f62\u8c61\u9020\u6210\u4e86\u6253\u51fb\uff0c\u76d1\u7ba1\u673a\u6784\u7684\u5f62\u8c61\u662f\u8ba9\u6295\u8d44\u8005\u76f8\u4fe1\u4e2d\u56fd\u81f4\u529b\u4e8e\u5efa\u7acb\u4e00\u4e2a\u7b26\u5408\u56fd\u9645\u6807\u51c6\u7684\u66f4\u52a0\u4e13\u4e1a\u548c\u5f00\u653e\u7684\u5e02\u573a\u3002 \u76f8\u53cd\uff0c\u53d7\u5230\u8bdf\u75c5\u7684\u884c\u4e1a\u540d\u5355\u5374\u5728\u4e0d\u65ad\u589e\u52a0\u3002\u50cf\u8682\u8681\u96c6\u56e2\u8fd9\u6837\u7684\u79d1\u6280\u516c\u53f8\u53d7\u5230\u4e86\u9650\u5236\uff0c\u800c\u534e\u5c14\u8857\u94f6\u884c\u5219\u9762\u4e34\u7740\u8d8a\u6765\u8d8a\u591a\u7684\u6570\u636e\u9650\u5236\uff0c\u8fd9\u8ba9\u5b83\u4eec\u5728\u4e16\u754c\u7b2c\u4e8c\u5927\u7ecf\u6d4e\u4f53\u591a\u5e74\u7684\u6269\u5f20\u4e4b\u540e\u505c\u4e86\u4e0b\u6765\u3002 K2\u8d44\u4ea7\u7ba1\u7406\u6709\u9650\u516c\u53f8\u7814\u7a76\u4e3b\u7ba1\u4e54\u6cbb\u00b7\u5e03\u5e03\u62c9\u65af(George Boubouras)\u8868\u793a\uff0c\u672a\u6765\u5341\u5e74\uff0c\u4e2d\u56fd\u9700\u8981\u201c\u6765\u81ea\u4e16\u754c\u5176\u4ed6\u5730\u533a\u7684\u8d44\u672c\u201d\u3002\u8fd9\u201c\u57fa\u672c\u4e0a\u53d1\u51fa\u4e86\u4e00\u4e2a\u4fe1\u53f7\uff0c\u8868\u660e\u5e02\u573a\u900f\u660e\u5ea6\u548c\u5bf9\u5e02\u573a\u900f\u660e\u5ea6\u7684\u8ffd\u6c42\u662f\u4e0d\u88ab\u5141\u8bb8\u7684\u3002\u201d","og_url":"https:\/\/diaomao.cc\/?p=648","og_site_name":"DiaoMao","article_published_time":"2024-02-26T05:07:24+00:00","article_modified_time":"2024-12-01T19:30:39+00:00","og_image":[{"width":688,"height":373,"url":"https:\/\/diaomao.cc\/wp-content\/uploads\/2024\/02\/image-47.png","type":"image\/png"}],"author":"sandeli4444","twitter_card":"summary_large_image","twitter_creator":"@zhezhetalk","twitter_site":"@zhezhetalk","twitter_misc":{"Written by":"sandeli4444","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/diaomao.cc\/?p=648#article","isPartOf":{"@id":"https:\/\/diaomao.cc\/?p=648"},"author":{"name":"sandeli4444","@id":"https:\/\/diaomao.cc\/#\/schema\/person\/7013688eeb33fc17f3c38c452929766e"},"headline":"\u4e2d\u56fd\u91cf\u5316\u5e02\u573a\u88ab\u5f7b\u5e95\u6467\u6bc1","datePublished":"2024-02-26T05:07:24+00:00","dateModified":"2024-12-01T19:30:39+00:00","mainEntityOfPage":{"@id":"https:\/\/diaomao.cc\/?p=648"},"wordCount":20,"commentCount":0,"publisher":{"@id":"https:\/\/diaomao.cc\/#organization"},"image":{"@id":"https:\/\/diaomao.cc\/?p=648#primaryimage"},"thumbnailUrl":"https:\/\/diaomao.cc\/wp-content\/uploads\/2024\/02\/image-47.png","keywords":["\u4e2d\u56fd","\u900f\u660e","\u91cf\u5316"],"articleSection":["\u56fd\u5185-\u516c\u53f8\u548c\u884c\u4e1a"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/diaomao.cc\/?p=648#respond"]}]},{"@type":"WebPage","@id":"https:\/\/diaomao.cc\/?p=648","url":"https:\/\/diaomao.cc\/?p=648","name":"\u4e2d\u56fd\u91cf\u5316\u5e02\u573a\u88ab\u5f7b\u5e95\u6467\u6bc1 - DiaoMao","isPartOf":{"@id":"https:\/\/diaomao.cc\/#website"},"primaryImageOfPage":{"@id":"https:\/\/diaomao.cc\/?p=648#primaryimage"},"image":{"@id":"https:\/\/diaomao.cc\/?p=648#primaryimage"},"thumbnailUrl":"https:\/\/diaomao.cc\/wp-content\/uploads\/2024\/02\/image-47.png","datePublished":"2024-02-26T05:07:24+00:00","dateModified":"2024-12-01T19:30:39+00:00","breadcrumb":{"@id":"https:\/\/diaomao.cc\/?p=648#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/diaomao.cc\/?p=648"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/diaomao.cc\/?p=648#primaryimage","url":"https:\/\/diaomao.cc\/wp-content\/uploads\/2024\/02\/image-47.png","contentUrl":"https:\/\/diaomao.cc\/wp-content\/uploads\/2024\/02\/image-47.png","width":688,"height":373},{"@type":"BreadcrumbList","@id":"https:\/\/diaomao.cc\/?p=648#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/diaomao.cc\/"},{"@type":"ListItem","position":2,"name":"\u4e2d\u56fd\u91cf\u5316\u5e02\u573a\u88ab\u5f7b\u5e95\u6467\u6bc1"}]},{"@type":"WebSite","@id":"https:\/\/diaomao.cc\/#website","url":"https:\/\/diaomao.cc\/","name":"DiaoMao","description":"\u51fa\u6d77\u7f51\u8d5a, \u5168\u7403\u6295\u8d44, \u526f\u4e1a, \u65f6\u4e8b\u8d22\u7ecf","publisher":{"@id":"https:\/\/diaomao.cc\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/diaomao.cc\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/diaomao.cc\/#organization","name":"DiaoMao","url":"https:\/\/diaomao.cc\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/diaomao.cc\/#\/schema\/logo\/image\/","url":"https:\/\/diaomao.cc\/wp-content\/uploads\/2023\/12\/diaomao.cc-4.png","contentUrl":"https:\/\/diaomao.cc\/wp-content\/uploads\/2023\/12\/diaomao.cc-4.png","width":151,"height":131,"caption":"DiaoMao"},"image":{"@id":"https:\/\/diaomao.cc\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/zhezhetalk","https:\/\/t.me\/ido2022"]},{"@type":"Person","@id":"https:\/\/diaomao.cc\/#\/schema\/person\/7013688eeb33fc17f3c38c452929766e","name":"sandeli4444","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/diaomao.cc\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/349304385dfc2cac2b789bbc6c9c4b2a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/349304385dfc2cac2b789bbc6c9c4b2a?s=96&d=mm&r=g","caption":"sandeli4444"},"sameAs":["http:\/\/www.diaomao.cc"],"url":"https:\/\/diaomao.cc\/?author=1"}]}},"uagb_featured_image_src":{"full":["https:\/\/diaomao.cc\/wp-content\/uploads\/2024\/02\/image-47.png",688,373,false],"thumbnail":["https:\/\/diaomao.cc\/wp-content\/uploads\/2024\/02\/image-47-150x150.png",150,150,true],"medium":["https:\/\/diaomao.cc\/wp-content\/uploads\/2024\/02\/image-47-300x163.png",300,163,true],"medium_large":["https:\/\/diaomao.cc\/wp-content\/uploads\/2024\/02\/image-47.png",688,373,false],"large":["https:\/\/diaomao.cc\/wp-content\/uploads\/2024\/02\/image-47.png",688,373,false],"1536x1536":["https:\/\/diaomao.cc\/wp-content\/uploads\/2024\/02\/image-47.png",688,373,false],"2048x2048":["https:\/\/diaomao.cc\/wp-content\/uploads\/2024\/02\/image-47.png",688,373,false],"yarpp-thumbnail":["https:\/\/diaomao.cc\/wp-content\/uploads\/2024\/02\/image-47.png",120,65,false]},"uagb_author_info":{"display_name":"sandeli4444","author_link":"https:\/\/diaomao.cc\/?author=1"},"uagb_comment_info":0,"uagb_excerpt":"\u5f53\u4e0a\u4e2a\u6708\u9ebb\u70e6\u5f00\u59cb\u915d\u917f\u65f6\uff0c\u4e2d\u56fd\u5bf9\u51b2\u57fa\u91d1\u6b63\u671f\u5f85\u7740\u5047\u671f\u4f11\u606f\uff0c\u4ee5\u6446\u8131\u5e02\u573a\u52a8\u8361\u3002\u4e00\u4f4d\u7ecf\u7406\u7684\u5356\u7a7a\u6307\u4ee4\u7a81\u7136\u88ab\u7ecf\u7eaa\u5546\u62d2\u7edd\u3002\u53e6\u4e00\u4e2a\u5219\u5b8c\u5168\u4e0e\u80a1\u5e02\u9694\u7edd\u3002\u76d1\u7ba1\u673a\u6784\u51fa\u73b0\u5728\u591a\u4e2a\u57fa\u91d1\u7684\u4ea4\u6613\u5927\u5385\uff0c\u4eb2\u81ea\u76d1\u63a7\u4ea4\u6613\u3002 \u6b63\u5982\u4e00\u53ea\u57fa\u91d1\u6240\u8bf4\uff0c\u8fde\u7eed\u4e09\u4e2a\u4ea4\u6613\u65e5\u7684\u6df7\u4e71\u4ea4\u6613\u201c\u5bf9\u6211\u4eec\u6765\u8bf4\u5c31\u50cf\u4e00\u6574\u5e74\u201d\u3002 \u5373\u4f7f\u6309\u7167\u957f\u671f\u5728\u9634\u5f71\u4e0b\u8fd0\u4f5c\u7684\u5e02\u573a\u7684\u6807\u51c6\u6765\u770b\uff0c\u8fd9\u4e9b\u573a\u666f\u4e5f\u662f\u975e\u540c\u5bfb\u5e38\u7684\uff0c\u4f46\u6700\u8fd1\u51e0\u5468\u5728\u4e00\u573a\u6539\u5199\u4e2d\u56fd\u8ba1\u7b97\u673a\u9a71\u52a8\u4ea4\u6613\u89c4\u5219\u7684\u9547\u538b\u884c\u52a8\u4e2d\u4e0a\u6f14\u4e86\u8fd9\u4e9b\u573a\u666f\u3002 \u4e2d\u56fd\u4e00\u5ea6\u7e41\u8363\u7684\u91cf\u5316\u884c\u4e1a\u5df2\u6210\u4e3a\u5317\u4eac\u963b\u6b624 \u4e07\u4ebf\u7f8e\u5143\u80a1\u7968\u629b\u552e\u884c\u52a8\u7684\u6700\u65b0\u53d7\u5bb3\u8005\u3002 \u867d\u7136\u8fd9\u4e9b\u63aa\u65bd\u81f3\u5c11\u6682\u65f6\u652f\u6491\u4e86\u80a1\u4ef7\uff0c\u4f46\u4e5f\u5f15\u53d1\u4e86\u66f4\u5927\u7684\u95ee\u9898\uff1a\u653f\u5e9c\u5c06\u5728\u591a\u5927\u7a0b\u5ea6\u4e0a\u5b9e\u73b0\u77ed\u671f\u76ee\u6807\uff0c\u800c\u727a\u7272\u7ef4\u6301\u67d0\u79cd\u5438\u5f15\u4e86\u6570\u5341\u4ebf\u7f8e\u5143\u8d44\u91d1\u7684\u81ea\u7531\u5e02\u573a\u7684\u5047\u8c61\u3002\u8fd1\u5e74\u6765\u534e\u5c14\u8857\u516c\u53f8\u3002 \u5bf9\u4e8e\u5bf9\u4e2d\u56fd\u8d8a\u6765\u8d8a\u4e0d\u5b89\u7684\u56fd\u9645\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u7a81\u7136\u7684\u4ea4\u6613\u9650\u5236\u7ed9\u4e86\u4ed6\u4eec\u53c8\u4e00\u4e2a\u656c\u800c\u8fdc\u4e4b\u7684\u7406\u7531\u3002 \u8fea\u62dc\u8fbe\u5c14\u9a6c\u8d44\u672c\u7ba1\u7406\u6709\u9650\u516c\u53f8(Dalma Capital Management Ltd.)\u9996\u5e2d\u6295\u8d44\u5b98\u52a0\u91cc\u00b7\u675c\u6839(Gary Dugan)\u8868\u793a\uff1a\u201c\u5f53\u5c40\u8fd9\u4e9b\u770b\u4f3c\u6050\u614c\u7684\u884c\u52a8\u53ef\u80fd\u4f1a\u7834\u574f\u8fc7\u53bb\u4e8c\u5341\u5e74\u4e3a\u4e2d\u56fd\u8fdb\u5165\u5168\u7403\u8d44\u672c\u6c60\u6240\u505a\u7684\u6240\u6709\u826f\u597d\u5de5\u4f5c\u3002\u201d\u00a0\u4ed6\u8868\u793a\uff0c\u8fd9\u4e9b\u4e3e\u63aa\u5c06\u4f7f\u201c\u5373\u4f7f\u662f\u6700\u4e45\u7ecf\u6c99\u573a\u7684\u6295\u8d44\u8005\u201d\u8d28\u7591\u4e2d\u56fd\u662f\u5426\u503c\u5f97\u5192\u8fd9\u4e2a\u98ce\u9669\u3002 \u65b0\u7684\u9650\u5236\u63aa\u65bd\u662f\u5168\u9762\u7684\u3002\u4f9d\u8d56\u8ba1\u7b97\u673a\u7b97\u6cd5\u8fdb\u884c\u4ea4\u6613\u7684\u91cf\u5316\u57fa\u91d1\u5c06\u53d7\u5230\u5ba1\u67e5\uff0c\u65b0\u8fdb\u5165\u8005\u5fc5\u987b\u5728\u4ea4\u6613\u524d\u5411\u76d1\u7ba1\u673a\u6784\u62a5\u544a\u5176\u7b56\u7565\u3002\u5317\u4eac\u8fd8\u5c06\u901a\u8fc7\u5185\u5730\u4e0e\u9999\u6e2f\u7684\u8d38\u6613\u5f80\u6765\u6269\u5927\u5411\u5883\u5916\u6295\u8d44\u8005\u62a5\u544a\u7684\u8303\u56f4\u3002 \u77e5\u60c5\u4eba\u58eb\u79f0\uff0c\u4e2d\u56fd\u8bc1\u5238\u76d1\u7ba1\u673a\u6784\u540c\u65f6\u6210\u7acb\u4e86\u4e00\u4e2a\u5de5\u4f5c\u7ec4\u6765\u76d1\u63a7\u5356\u7a7a\u884c\u4e3a\uff0c\u5e76\u53ef\u80fd\u5411\u4ece\u62bc\u6ce8\u4e2d\u83b7\u5229\u7684\u516c\u53f8\u53d1\u51fa\u8b66\u544a\u3002\u4ed6\u4eec\u8865\u5145\u8bf4\uff0c\u5b83\u751a\u81f3\u91c7\u53d6\u4e86\u6781\u7aef\u63aa\u65bd\uff0c\u963b\u6b62\u4e00\u4e9b\u4e3b\u8981\u673a\u6784\u6295\u8d44\u8005\u5728\u4ea4\u6613\u7684\u524d 30 \u5206\u949f\u548c\u6700\u540e 30 \u5206\u949f\u5185\u51fa\u552e\u591a\u4e8e\u8d2d\u4e70\u7684\u80a1\u7968\u3002 \u603b\u90e8\u4f4d\u4e8e\u4e0a\u6d77\u7684Semimartingale Private Fund Management LP\u5199\u9053\uff1a\u201c\u91cf\u5316\u7ecf\u7406\u53d7\u5230\u4e86\u91cf\u5316\u53f2\u4e0a\u6700\u5927\u7684\u9ed1\u5929\u9e45\u7684\u6253\u51fb\u3002\u201d\u4ed6\u5728\u5f6d\u535a\u793e\u770b\u5230\u7684\u4e00\u5c01\u4fe1\u4e2d\u56de\u987e\u4e86\u5e02\u573a\u7684\u5267\u70c8\u6ce2\u52a8\u3002 \u8fd9\u6b21\u6253\u51fb\u884c\u52a8\u662f\u4e00\u7cfb\u5217\u65e8\u5728\u963b\u6b62\u80a1\u5e02\u591a\u5e74\u6765\u66b4\u8dcc\u7684\u4e3e\u63aa\u7684\u8fdb\u4e00\u6b65\u4e3e\u63aa\uff0c\u80a1\u5e02\u53d7\u5230\u623f\u5730\u4ea7\u5371\u673a\u3001\u7ecf\u6d4e\u589e\u957f\u75b2\u8f6f\u4ee5\u53ca\u4e0e\u7f8e\u56fd\u6301\u7eed\u7d27\u5f20\u5173\u7cfb\u7684\u6253\u51fb\u3002\u8fd9\u4e5f\u547c\u5e94\u4e86\u7528\u6765\u6253\u538b\u4ece\u4e92\u8054\u7f51\u5230\u6559\u80b2\u5e73\u53f0\u7b49\u884c\u4e1a\u7684\u4e25\u5389\u624b\u6bb5\u3002 BCA Research \u65b0\u5174\u5e02\u573a\u9996\u5e2d\u7b56\u7565\u5e08\u963f\u745f\u00b7\u5e03\u8fbe\u5409\u5b89 (Arthur Budaghyan)\u8868\u793a\uff1a\u201c\u4e2d\u56fd\u80a1\u7968\u7684\u98ce\u9669\u6ea2\u4ef7\u672a\u6765\u5fc5\u987b\u4e0a\u5347\uff0c\u56e0\u4e3a\u4e00\u4e9b\u673a\u6784\u5c06\u4e0d\u613f\u610f\u5728\u8fd9\u4e2a\u5e02\u573a\u8fdb\u884c\u4ea4\u6613\u3002\u201d\u00a0\u201c\u8fd9\u662f\u8bb8\u591a\u5916\u56fd\u6295\u8d44\u8005\u5bf9\u6295\u8d44\u4e2d\u56fd\u80a1\u7968\u7684\u5730\u7f18\u653f\u6cbb\u62c5\u5fe7\u4e4b\u5916\u7684\u4e8b\u60c5\u3002\u201d \u6700\u8fd1\u51e0\u5468\uff0c\u5317\u4eac\u5c06\u76ee\u5149\u8f6c\u5411\u4e86\u91cf\u5316\u57fa\u91d1\uff0c\u8fd9\u4e9b\u57fa\u91d1\u5728\u8fc7\u53bb\u4e09\u5e74\u7684\u5927\u90e8\u5206\u65f6\u95f4\u91cc\u5229\u7528\u5927\u6570\u636e\u6a21\u578b\u8dd1\u8d62\u4e86\u5e02\u573a\u3002 \u201c\u91cf\u5316\u5206\u6790\u5e08\u9700\u8981\u4e00\u81f4\u7684\u5e02\u573a\u8fd0\u8425\u89c4\u5219\u548c\u6cd5\u89c4\uff0c\u4ee5\u5e94\u5bf9\u6240\u6709\u5e02\u573a\u6761\u4ef6\uff0c\u201dDalma Capital \u7684\u675c\u6839\u8868\u793a\u3002\u201c\u76ee\u524d\u4e2d\u56fd\u7684\u60c5\u51b5\u5e76\u975e\u5982\u6b64\u3002\u201d \u4e00\u4e9b\u4e2d\u56fd\u91cf\u5316\u57fa\u91d1\u7ecf\u7406\u5728\u516c\u5f00\u8bc4\u8bba\u4e2d\u8868\u793a\u652f\u6301\u8fd9\u4e9b\u63aa\u65bd\uff0c\u79f0\u8fd9\u4e9b\u63aa\u65bd\u5c06\u6dd8\u6c70\u9ad8\u98ce\u9669\u53c2\u4e0e\u8005\u3002\u4ed6\u4eec\u6307\u51fa\uff0c\u4e0e\u5176\u4ed6\u56fd\u5bb6\u4e00\u6837\uff0c\u7f8e\u56fd\u5728\u5168\u7403\u91d1\u878d\u5371\u673a\u671f\u95f4\u4e5f\u9650\u5236\u4e86\u5356\u7a7a\u884c\u4e3a\u3002\u7136\u800c\uff0c\u4e2d\u56fd\u5b9e\u65bd\u8fd9\u4e9b\u4e3e\u63aa\u7684\u65b9\u5f0f\u2014\u2014\u5bf9\u8d44\u91d1\u4f7f\u7528\u53e3\u5934\u201c\u7a97\u53e3\u6307\u5bfc\u201d\u7f3a\u4e4f\u4e00\u81f4\u6027\u6216\u900f\u660e\u5ea6\u2014\u2014\u53ea\u4f1a\u8ba9\u5168\u7403\u6295\u8d44\u8005\u671b\u800c\u5374\u6b65\u3002 \u516c\u5f00\u5e02\u573a \u4e2d\u56fd\u8bc1\u76d1\u4f1a\u8868\u793a\uff0c\u8fd9\u4e9b\u63aa\u65bd\u9488\u5bf9\u7684\u662f\u201c\u5f02\u5e38\u4ea4\u6613\u201d\uff0c\u800c\u975e\u9650\u5236\u80a1\u7968\u629b\u552e\u3002 \u201c\u80a1\u5e02\u6da8\u8dcc\uff0c\u6295\u8d44\u8005\u4e70\u8fdb\u5356\u51fa\uff0c\u8fd9\u662f\u5e38\u6001\u3002\u76d1\u7ba1\u673a\u6784\u4e0d\u5e72\u9884\u6b63\u5e38\u7684\u5e02\u573a\u4ea4\u6613\uff0c\u201d\u4e2d\u56fd\u8bc1\u76d1\u4f1a\u5468\u56db\u5728\u4e00\u4efd\u58f0\u660e\u4e2d\u8868\u793a\u3002\u5f53\u5730\u5a92\u4f53\u63f4\u5f15\u8bc1\u76d1\u4f1a\u5b98\u5458\u7684\u8bdd\u8bf4\uff0c\u76d1\u7ba1\u673a\u6784\u7684\u76ee\u7684\u5e76\u4e0d\u662f\u8981\u201c\u6253\u6b7b\u5bbd\u5ba2\u201d \u3002 \u5c3d\u7ba1\u5982\u6b64\uff0c\u4ea4\u6613\u6050\u614c\u8fd8\u662f\u5bf9\u76d1\u7ba1\u673a\u6784\u4e09\u5341\u5e74\u6765\u8f9b\u52e4\u6253\u9020\u7684\u200b\u200b\u5f62\u8c61\u9020\u6210\u4e86\u6253\u51fb\uff0c\u76d1\u7ba1\u673a\u6784\u7684\u5f62\u8c61\u662f\u8ba9\u6295\u8d44\u8005\u76f8\u4fe1\u4e2d\u56fd\u81f4\u529b\u4e8e\u5efa\u7acb\u4e00\u4e2a\u7b26\u5408\u56fd\u9645\u6807\u51c6\u7684\u66f4\u52a0\u4e13\u4e1a\u548c\u5f00\u653e\u7684\u5e02\u573a\u3002 \u76f8\u53cd\uff0c\u53d7\u5230\u8bdf\u75c5\u7684\u884c\u4e1a\u540d\u5355\u5374\u5728\u4e0d\u65ad\u589e\u52a0\u3002\u50cf\u8682\u8681\u96c6\u56e2\u8fd9\u6837\u7684\u79d1\u6280\u516c\u53f8\u53d7\u5230\u4e86\u9650\u5236\uff0c\u800c\u534e\u5c14\u8857\u94f6\u884c\u5219\u9762\u4e34\u7740\u8d8a\u6765\u8d8a\u591a\u7684\u6570\u636e\u9650\u5236\uff0c\u8fd9\u8ba9\u5b83\u4eec\u5728\u4e16\u754c\u7b2c\u4e8c\u5927\u7ecf\u6d4e\u4f53\u591a\u5e74\u7684\u6269\u5f20\u4e4b\u540e\u505c\u4e86\u4e0b\u6765\u3002 K2\u8d44\u4ea7\u7ba1\u7406\u6709\u9650\u516c\u53f8\u7814\u7a76\u4e3b\u7ba1\u4e54\u6cbb\u00b7\u5e03\u5e03\u62c9\u65af(George Boubouras)\u8868\u793a\uff0c\u672a\u6765\u5341\u5e74\uff0c\u4e2d\u56fd\u9700\u8981\u201c\u6765\u81ea\u4e16\u754c\u5176\u4ed6\u5730\u533a\u7684\u8d44\u672c\u201d\u3002\u8fd9\u201c\u57fa\u672c\u4e0a\u53d1\u51fa\u4e86\u4e00\u4e2a\u4fe1\u53f7\uff0c\u8868\u660e\u5e02\u573a\u900f\u660e\u5ea6\u548c\u5bf9\u5e02\u573a\u900f\u660e\u5ea6\u7684\u8ffd\u6c42\u662f\u4e0d\u88ab\u5141\u8bb8\u7684\u3002\u201d","_links":{"self":[{"href":"https:\/\/diaomao.cc\/index.php?rest_route=\/wp\/v2\/posts\/648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/diaomao.cc\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/diaomao.cc\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/diaomao.cc\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/diaomao.cc\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=648"}],"version-history":[{"count":1,"href":"https:\/\/diaomao.cc\/index.php?rest_route=\/wp\/v2\/posts\/648\/revisions"}],"predecessor-version":[{"id":650,"href":"https:\/\/diaomao.cc\/index.php?rest_route=\/wp\/v2\/posts\/648\/revisions\/650"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/diaomao.cc\/index.php?rest_route=\/wp\/v2\/media\/649"}],"wp:attachment":[{"href":"https:\/\/diaomao.cc\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/diaomao.cc\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/diaomao.cc\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}