{"id":7577,"date":"2026-09-22T18:00:28","date_gmt":"2026-09-22T10:00:28","guid":{"rendered":"https:\/\/www.zgwlgc.com\/?p=7577"},"modified":"2026-09-22T18:00:28","modified_gmt":"2026-09-22T10:00:28","slug":"%e8%a7%a3%e8%af%bb2024%e5%b9%b4%e6%9c%ba%e6%9e%84%e6%8a%95%e8%b5%84%e8%80%85%e6%af%94%e7%89%b9%e5%b8%81%e6%8c%81%e4%bb%93%ef%bc%9a13f%e6%96%87%e4%bb%b6%e9%80%8f%e9%9c%b2%e4%ba%86%e5%93%aa%e4%ba%9b","status":"publish","type":"post","link":"https:\/\/www.xztj168.com\/?p=7577","title":{"rendered":"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f"},"content":{"rendered":"<p>\u4f5c\u8005\uff1a@samcallah<\/p>\n<p>\u7f16\u8bd1\uff1a\u767d\u8bdd\u533a\u5757\u94fe<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/2\/23\/images\/0fee4eaf87aa4a8d944843416b4f7eeb.png\" alt=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\" title=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\u63d2\u56fe\" \/><\/p>\n<p>\u6211\u67e5\u9605\u4e86 13F \u6587\u4ef6\uff0c\u636e\u6211\u7edf\u8ba1\uff0c2024 \u5e74\u7b2c\u56db\u5b63\u5ea6\u5171\u6709 1,573 \u5bb6\u673a\u6784\u6301\u6709\u6bd4\u7279\u5e01\u7684\u591a\u5934\u5934\u5bf8\u3002<\/p>\n<p>\u8fd9\u4e9b\u673a\u6784\u5305\u62ec\u94f6\u884c\u3001\u5bf9\u51b2\u57fa\u91d1\u3001\u6ce8\u518c\u6295\u8d44\u987e\u95ee\uff08RIA\uff09\u3001\u5bb6\u65cf\u529e\u516c\u5ba4\u3001\u6350\u8d60\u57fa\u91d1\u3001\u517b\u8001\u91d1\u3001\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u53ca\u5176\u4ed6\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u3002\u4ee5\u4e0b\u662f\u4e00\u4e9b\u4e3b\u8981\u53d1\u73b0\uff1a<\/p>\n<h3>1\u300113F \u6587\u4ef6\u662f\u4ec0\u4e48<\/h3>\n<p>\u5728\u6df1\u5165\u63a2\u8ba8\u4e4b\u524d\uff0c\u6211\u60f3\u5148\u6f84\u6e05\u4e00\u4e0b 13F \u6587\u4ef6\u5230\u5e95\u662f\u4ec0\u4e48\u3002\u6bcf\u4e2a\u5b63\u5ea6\uff0c\u7ba1\u7406\u8d44\u4ea7\u8d85\u8fc7 1 \u4ebf\u7f8e\u5143\u7684\u5927\u578b\u6295\u8d44\u516c\u53f8\u5fc5\u987b\u5411\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u63d0\u4ea4 13F \u6587\u4ef6\uff0c\u62ab\u9732\u5176\u6301\u6709\u7684\u7f8e\u56fd\u80a1\u7968\u53ca\u4e0e\u80a1\u7968\u76f8\u5173\u7684\u8d44\u4ea7\uff0c\u4f8b\u5982 ETF\u3001REITs\uff08\u623f\u5730\u4ea7\u6295\u8d44\u4fe1\u6258\uff09\u3001\u671f\u6743\u548c\u53ef\u8f6c\u6362\u503a\u5238\u3002<\/p>\n<p>\u9700\u8981\u7279\u522b\u6ce8\u610f\u7684\u662f\uff0c13F \u6587\u4ef6\u4ec5\u5305\u542b\u673a\u6784\u5728\u7f8e\u56fd\u80a1\u7968\u53ca\u80a1\u7968\u76f8\u5173\u8d44\u4ea7\u4e0a\u7684\u591a\u5934\u5934\u5bf8\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u5b83\u4e0d\u5305\u62ec\u4ee5\u4e0b\u8d44\u4ea7\uff1a\u503a\u5238\u3001\u623f\u5730\u4ea7\u3001\u5927\u5b97\u5546\u54c1\u3001\u8d35\u91d1\u5c5e\u3001\u7b79\u5f97\u6295\u8d44\uff08\u5982\u5bf9\u51b2\u57fa\u91d1\u3001\u98ce\u6295\u7b49\uff09\u3001\u671f\u8d27\u3001\u73b0\u8d27\u6bd4\u7279\u5e01\u3001\u73b0\u91d1\u3001\u5916\u56fd\u80a1\u7968\/\u8d27\u5e01\u4ee5\u53ca\u7a7a\u5934\u5934\u5bf8\u3002<\/p>\n<p>\u56e0\u6b64\uff0c13F \u6587\u4ef6\u65e0\u6cd5\u5168\u9762\u53cd\u6620\u673a\u6784\u7684\u6574\u4f53\u6295\u8d44\u7ec4\u5408\u3002<\/p>\n<p>\u6211\u4eec\u65e0\u6cd5\u5f97\u77e5\u8be5\u673a\u6784\u5728\u5176\u4ed6\u8d44\u4ea7\u7c7b\u522b\u4e0a\u7684\u6301\u4ed3\u6bd4\u4f8b\uff0c\u4e5f\u65e0\u6cd5\u786e\u5b9a\u67d0\u4e2a\u591a\u5934\u5934\u5bf8\u662f\u5426\u53ea\u662f\u7528\u6765\u5bf9\u51b2\u5176\u4ed6\u5730\u65b9\u7684\u7a7a\u5934\u5934\u5bf8\u3002<\/p>\n<p>\u6211\u4e4b\u6240\u4ee5\u5f3a\u8c03\u8fd9\u4e00\u70b9\uff0c\u662f\u56e0\u4e3a\u63a5\u4e0b\u6765\u6211\u5c06\u8ba8\u8bba\u8fd9\u4e9b 13F \u6587\u4ef6\u4e2d\u7684\u6bd4\u7279\u5e01\u6301\u4ed3\u89c4\u6a21\u3002\u4f46\u8bf7\u6ce8\u610f\uff0c\u8fd9\u4e9b\u6570\u636e\u4ec5\u53cd\u6620\u4e86\u673a\u6784\u5728\u7f8e\u56fd\u80a1\u7968\u53ca\u76f8\u5173\u8d44\u4ea7\u4e2d\u7684\u914d\u7f6e\u60c5\u51b5\u3002<\/p>\n<p>\u5b9e\u9645\u4e0a\uff0c\u8fd9\u4e9b\u673a\u6784\u7684\u6bd4\u7279\u5e01\u6301\u4ed3\u89c4\u6a21\u53ef\u80fd\u6bd4\u62a5\u544a\u4e2d\u663e\u793a\u7684\u8981\u5c0f\uff0c\u524d\u63d0\u662f\u5b83\u4eec\u8fd8\u6295\u8d44\u4e8e\u5176\u4ed6\u8d44\u4ea7\u7c7b\u522b\u3002<\/p>\n<p>\u4e00\u4e2a\u5f88\u597d\u7684\u4f8b\u5b50\u662f\u963f\u5e03\u624e\u6bd4\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u6700\u8fd1\u62ab\u9732\u4e86\u5176\u6301\u6709\u7684 $IBIT\uff08iShares \u6bd4\u7279\u5e01\u4fe1\u6258\uff09\uff0c\u8fd9\u662f\u8fc4\u4eca\u4e3a\u6b62\u6700\u4ee4\u4eba\u5174\u594b\u7684 13F \u7533\u62a5\u4e4b\u4e00\u3002<\/p>\n<p>\u5728\u8fd9\u4efd\u7533\u62a5\u4e2d\uff0c\u6bd4\u7279\u5e01\u662f\u57fa\u91d1\u7684\u7b2c\u4e8c\u5927\u6301\u4ed3\uff0c\u655e\u53e3\u7ea6 4.37 \u4ebf\u7f8e\u5143\u3002<\/p>\n<p>\u4f46\u5173\u952e\u5728\u4e8e\u2026\u202613F \u7533\u62a5\u4e2d\u62ab\u9732\u7684\u8d44\u4ea7\u7ba1\u7406\u89c4\u6a21\uff08AUM\uff09\u4ec5\u4e3a 200 \u4ebf\u7f8e\u5143\uff0c\u800c\u8be5\u57fa\u91d1\u7684\u5b9e\u9645\u603b AUM \u9ad8\u8fbe 3,020 \u4ebf\u7f8e\u5143\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c13F \u7533\u62a5\u7684\u6301\u4ed3\u4ec5\u5360\u57fa\u91d1\u603b\u8d44\u4ea7\u7684\u7ea6 6.6%\u3002<\/p>\n<p>\u8fd9\u5f88\u5408\u7406\uff0c\u56e0\u4e3a\u8be5\u57fa\u91d1\u6295\u8d44\u8986\u76d6\u5168\u7403\u591a\u4e2a\u8d44\u4ea7\u7c7b\u522b\uff0c\u8fdc\u4e0d\u6b62\u4e8e\u7f8e\u56fd\u80a1\u7968\u5e02\u573a\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u6bd4\u7279\u5e01\u5728\u5176\u603b\u6295\u8d44\u7ec4\u5408\u4e2d\u7684\u5b9e\u9645\u5360\u6bd4\u4ec5\u4e3a 0.1%\uff0c\u800c\u975e 2.1%\u3002\u4f46\u5373\u4fbf\u5982\u6b64\uff0c\u8fd9\u4f9d\u7136\u662f\u4e00\u4e2a\u6781\u5177\u79ef\u6781\u610f\u4e49\u7684\u53d1\u5c55\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/2\/23\/images\/cb82452f8a95c4ee407307542c71d117.png\" alt=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\" title=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\u63d2\u56fe1\" \/><\/p>\n<p>\u8003\u8651\u5230\u8fd9\u4e00\u70b9\uff0c\u8fd9\u4e9b 13F \u7533\u62a5\u6587\u4ef6\u4e2d\uff0c\u6240\u6709\u673a\u6784\u7684\u6bd4\u7279\u5e01\u6301\u4ed3\u4e2d\u4f4d\u6570\u4ec5\u4e3a 0.13%\u3002<\/p>\n<p>\u8fd9\u4e2a\u6bd4\u4f8b\u975e\u5e38\u5c0f\u2026\u2026\u4f46\u5374\u662f\u5229\u597d\u4fe1\u53f7\u3002\u8fd9\u8868\u660e\u6bd4\u7279\u5e01\u5728\u673a\u6784\u4e2d\u7684\u91c7\u7528\u4ecd\u5904\u4e8e\u975e\u5e38\u65e9\u671f\u7684\u9636\u6bb5\u3002\u503c\u5f97\u63d0\u9192\u7684\u662f\uff0cBlackRock\uff08\u8d1d\u83b1\u5fb7\uff09\u6700\u8fd1\u5efa\u8bae\u5c06 1-2% \u8d44\u4ea7\u914d\u7f6e\u5230\u6bd4\u7279\u5e01\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/2\/23\/images\/cbd2cb845c713c0425a696d053dac0b4.png\" alt=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\" title=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\u63d2\u56fe2\" \/><\/p>\n<p>\u4f46\u5728\u8fd9\u4e9b\u6295\u8d44\u516c\u53f8\u4e2d\uff0c\u6709\u5c11\u6570\u673a\u6784\u7684\u6bd4\u7279\u5e01\u914d\u7f6e\u6bd4\u4f8b\u660e\u663e\u9ad8\u4e8e\u540c\u884c\uff0c\u800c\u5de7\u5408\u7684\u662f\uff0c\u5b83\u4eec\u7684\u7ba1\u7406\u8005\u90fd\u662f\u4e1a\u754c\u9876\u7ea7\u7684\u8d44\u7ba1\u4e13\u5bb6\uff0c\u5e76\u62e5\u6709\u7ecf\u8fc7\u9a8c\u8bc1\u7684\u5353\u8d8a\u6295\u8d44\u4e1a\u7ee9\u3002<\/p>\n<h3>2\u3001\u503c\u5f97\u5173\u6ce8\u7684\u4fe1\u606f<\/h3>\n<p>\u4ee5\u4e0b\u662f\u4e00\u4e9b\u6700\u5f15\u4eba\u6ce8\u76ee\u7684 13F \u7533\u62a5\u6587\u4ef6\uff0c\u5b83\u4eec\u683c\u5916\u503c\u5f97\u5173\u6ce8\u2026\u2026<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/2\/23\/images\/58fb7d04ee53425a81bf0ed2fd02860a.png\" alt=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\" title=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\u63d2\u56fe3\" \/><\/p>\n<p>1) Horizon Kinetics<\/p>\n<p>Horizon Kinetics \u7684\u7b2c\u4e8c\u5927\u6301\u4ed3\u662f\u6bd4\u7279\u5e01\uff0816.16%\uff09\uff0c\u655e\u53e3\u7ea6 13 \u4ebf\u7f8e\u5143\u3002\u8fd9\u5bb6\u516c\u53f8\u7531\u6295\u8d44\u754c\u6700\u6770\u51fa\u7684\u4eba\u7269\u4e4b\u4e00\u2014\u2014Murray Stahl \u9886\u5bfc\u3002\u5728\u51762024 \u5e74\u7b2c\u56db\u5b63\u5ea6\u8bc4\u8bba\u4e2d\uff0c\u8be5\u516c\u53f8\u89e3\u91ca\u4e86\u4e3a\u4ec0\u4e48\u4ed6\u4eec\u6ca1\u6709\u91cd\u65b0\u5e73\u8861\u6bd4\u7279\u5e01\u6301\u4ed3\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/2\/23\/images\/0abb8339a3bae219ec75af2a2f0c5fcb.png\" alt=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\" title=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\u63d2\u56fe4\" \/><\/p>\n<p>2) Bracebridge Capital<\/p>\n<p>\u8be5\u516c\u53f8\u7684\u6700\u5927\u6301\u4ed3\u662f\u6bd4\u7279\u5e01\uff0823.6%\uff09\uff0c\u655e\u53e3\u7ea6 3.34 \u4ebf\u7f8e\u5143\u3002<\/p>\n<p>Bracebridge Capital \u7531 Nancy Zimmerman \u9886\u5bfc\uff0c\u4e13\u95e8\u4e3a\u57fa\u91d1\u4f1a\u3001\u517b\u8001\u91d1\u3001\u9ad8\u51c0\u503c\u4e2a\u4eba\uff08HNWIs\uff09\u7ba1\u7406\u8d44\u4ea7\uff0c\u5e76\u8d1f\u8d23\u7ba1\u7406\u8036\u9c81\u5927\u5b66\u548c\u666e\u6797\u65af\u987f\u5927\u5b66\u8fd9\u4e24\u6240\u8fc7\u53bb 20 \u5e74\u8868\u73b0\u6700\u51fa\u8272\u7684\u6350\u8d60\u57fa\u91d1\u7684\u90e8\u5206\u6295\u8d44\u7ec4\u5408\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/2\/23\/images\/b3b480b9aa55faa2a9378eaf9963f244.png\" alt=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\" title=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\u63d2\u56fe5\" \/><\/p>\n<p>3) Tudor Investment Corp<\/p>\n<p>Tudor \u7684\u6700\u5927\u6301\u4ed3\u662f\u6bd4\u7279\u5e01\uff081.625%\uff09\uff0c\u655e\u53e3\u7ea6 4.36 \u4ebf\u7f8e\u5143\u3002\u8fd9\u4efd\u7533\u62a5\u767b\u4e0a\u4e86\u4e00\u4e9b\u5934\u6761\uff0c\u800c\u4e14\u786e\u5b9e\u503c\u5f97\u5173\u6ce8\u3002<\/p>\n<p>Paul Tudor Jones \u662f\u8fd9\u4e00\u4ee3\u6700\u4f1f\u5927\u7684\u6295\u8d44\u8005\u4e4b\u4e00\u3002\u4e0a\u4e2a\u6708\uff0c\u4ed6\u8fd8\u8c08\u5230\u4e86\u81ea\u5df1\u4e3a\u4ec0\u4e48\u4ecd\u7136\u6301\u6709\u6bd4\u7279\u5e01\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/2\/23\/images\/a52b5a6fda803326825cb48a11dc73fd.png\" alt=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\" title=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\u63d2\u56fe6\" \/><\/p>\n<p>4) Fortress Investment Group\u8be5\u516c\u53f8\u7684\u7b2c\u56db\u5927\u6301\u4ed3\u662f\u6bd4\u7279\u5e01\uff0811.2%\uff09\uff0c\u655e\u53e3\u7ea6 7000 \u4e07\u7f8e\u5143\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u963f\u5e03\u624e\u6bd4\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\uff08Mubadala\uff09\u53bb\u5e74\u6536\u8d2d\u4e86 Fortress 68% \u7684\u80a1\u4efd\uff0c\u6210\u4e3a\u5176\u63a7\u80a1\u80a1\u4e1c\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u5b9e\u9645\u4e0a\uff0c\u8fd9\u53ea\u662f\u963f\u8054\u914b\u5728\u6bd4\u7279\u5e01\u4e0a\u7684\u8fdb\u4e00\u6b65\u5e03\u5c40\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/2\/23\/images\/db9c61cf639d21eaf99ad2957e7c4c80.png\" alt=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\" title=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\u63d2\u56fe7\" \/><\/p>\n<p>5) Brevan Howard<\/p>\n<p>\u8be5\u516c\u53f8\u7684\u7b2c\u4e8c\u5927\u6301\u4ed3\u662f\u6bd4\u7279\u5e01\uff088.74%\uff09\uff0c\u655e\u53e3\u7ea6 14 \u4ebf\u7f8e\u5143\u3002Brevan Howard \u7684\u56e2\u961f\u591a\u5e74\u6765\u4e00\u76f4\u662f\u6bd4\u7279\u5e01\u7684\u575a\u5b9a\u652f\u6301\u8005\uff0c\u8fd9\u5bb6\u5927\u578b\u5b8f\u89c2\u5bf9\u51b2\u57fa\u91d1\u663e\u7136\u6df1\u8c19\u957f\u671f\u6301\u6709\uff08HODLing\uff09\u7684\u827a\u672f\u3002<\/p>\n<p>\u5728 2022 \u5e74\u7684\u718a\u5e02\u4e2d\uff0c\u6bd4\u7279\u5e01\u66b4\u8dcc50%\uff0c\u4f46\u4ebf\u4e07\u5bcc\u7fc1Alan Howard\u4f9d\u7136\u8868\u793a\u4e86\u575a\u5b9a\u7684\u770b\u6cd5\u2026\u2026<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/2\/23\/images\/1b2623efe8d8cf1094593d40f26008b3.png\" alt=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\" title=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\u63d2\u56fe8\" \/><\/p>\n<p>6) Discovery Capital Management<\/p>\n<p>\u8be5\u516c\u53f8\u7684\u7b2c\u4e94\u5927\u6301\u4ed3\u662f\u6bd4\u7279\u5e01\uff084.6%\uff09\uff0c\u655e\u53e3\u7ea6 6800 \u4e07\u7f8e\u5143\u3002Discovery \u7531 Robert Citrone \u9886\u5bfc\uff0c\u4ed6\u66fe\u4e0e Julian Robertson \u548c George Soros \u5171\u4e8b\uff0c\u5e76\u4e14\u662f \u5339\u5179\u5821\u94a2\u4eba\u961f\uff08Pittsburgh Steelers\uff09\u7684\u5c11\u6570\u80a1\u4e1c\u3002<\/p>\n<p>\u4ed6\u66fe\u89e3\u91ca\u8fc7\u81ea\u5df1\u4e3a\u4f55\u5173\u6ce8\u6bd4\u7279\u5e01\u3002<\/p>\n<p>7) Jericho Capital<\/p>\n<p>\u8be5\u516c\u53f8\u7684\u7b2c\u4e94\u5927\u6301\u4ed3\u662f\u6bd4\u7279\u5e01\uff085.4%\uff09\uff0c\u655e\u53e3\u7ea6 3.78 \u4ebf\u7f8e\u5143\u3002Jericho \u7531 Josh Resnick \u9886\u5bfc\uff0c\u8be5\u57fa\u91d1\u7684\u6210\u957f\u8f68\u8ff9\u76f8\u5f53\u60ca\u4eba\u2014\u2014\u4ece 2009 \u5e74\u7684 3600 \u4e07\u7f8e\u5143\u589e\u957f\u81f3\u5982\u4eca\u7ba1\u7406\u8d85\u8fc7 70 \u4ebf\u7f8e\u5143\u7684\u8d44\u4ea7\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/2\/23\/images\/68f0d35be7cbc75aed0e4230bbdd4822.png\" alt=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\" title=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\u63d2\u56fe9\" \/><\/p>\n<p>8) Hudson Bay Capital Management<\/p>\n<p>\u8be5\u516c\u53f8\u6301\u67090.15% \u7684\u6bd4\u7279\u5e01\u4ed3\u4f4d\uff0c\u655e\u53e3\u7ea6 4400 \u4e07\u7f8e\u5143\u3002\u4f46\u771f\u6b63\u6709\u8da3\u7684\u5730\u65b9\u4e0d\u662f\u8fd9\u4e2a\u6301\u4ed3\uff0c\u800c\u662f\u2014\u2014\u81ed\u540d\u662d\u8457\u7684\u6bd4\u7279\u5e01\u7a7a\u5934 Nouriel Roubini\uff08\u9c81\u6bd4\u5c3c\uff09\u7adf\u7136\u662f\u8be5\u516c\u53f8\u7684\u9ad8\u7ea7\u987e\u95ee\u3002<\/p>\n<p>\u5e78\u597d\u4ed6\u4eec\u6ca1\u542c\u4ed6\u7684\u6bd4\u7279\u5e01\u5efa\u8bae\uff01<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/2\/23\/images\/f9fd50fc6503fc08853fd3a9585b77b6.png\" alt=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\" title=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\u63d2\u56fe10\" \/><\/p>\n<p>9) \u5a01\u65af\u5eb7\u661f\u5dde\u6295\u8d44\u59d4\u5458\u4f1a\uff08State of Wisconsin Investment Board\uff09\u8fd9\u91cc\u7684\u91cd\u78c5\u6d88\u606f\u662f\uff0c\u8be5\u5dde\u7684\u517b\u8001\u91d1\u57fa\u91d1\u5728\u6700\u540e\u5b63\u5ea6\u6bd4\u7279\u5e01\u6301\u4ed3\u589e\u957f\u4e86\u4e09\u500d\u4ee5\u4e0a\u3002<\/p>\n<p>Q2: \u6301\u4ed3 9900 \u4e07\u7f8e\u5143\uff0c2,898,051 \u80a1\uff080.26%\uff09<\/p>\n<p>Q3: \u6301\u4ed3 1.04 \u4ebf\u7f8e\u5143\uff0c2,889,251 \u80a1\uff080.26%\uff09<\/p>\n<p>Q4: \u6301\u4ed3 3.21 \u4ebf\u7f8e\u5143\uff0c6,060,351 \u80a1\uff080.82%\uff09<\/p>\n<p>\u52a0\u4ed3\u8d62\u5bb6\uff01<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/2\/23\/images\/0ff7c807a9c6410900b8298969473c68.png\" alt=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\" title=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\u63d2\u56fe11\" \/><\/p>\n<p>10) \u5bc6\u6b47\u6839\u5dde\u9000\u4f11\u57fa\u91d1\uff08State of Michigan Retirement System\uff09<\/p>\n<p>\u4f46\u5a01\u65af\u5eb7\u661f\u5dde\u5e76\u975e\u552f\u4e00\u589e\u6301\u6bd4\u7279\u5e01\u7684\u5dde\u2014\u2014\u5bc6\u6b47\u6839\u5dde\u7684\u517b\u8001\u91d1\u57fa\u91d1\u4e5f\u51e0\u4e4e\u8ba9\u5176\u6bd4\u7279\u5e01\u6301\u4ed3\u7ffb\u500d\u4e86\u3002<\/p>\n<p>Q2: \u6301\u4ed3 660 \u4e07\u7f8e\u5143\uff0c110,000 \u80a1\uff080.03%\uff09<\/p>\n<p>Q3: \u6301\u4ed3 690 \u4e07\u7f8e\u5143\uff0c110,000 \u80a1\uff080.03%\uff09<\/p>\n<p>Q4: \u6301\u4ed3 930 \u4e07\u7f8e\u5143\uff0c100,000 \u80a1\uff080.05%\uff09<\/p>\n<p>\u89c4\u6a21\u4ecd\u7136\u4e0d\u5927\uff0c\u4f46\u6b63\u5728\u589e\u957f\uff01<\/p>\n<p>11) \u57c3\u9ed8\u91cc\u5927\u5b66\uff08Emory University\uff09<\/p>\n<p>\u8be5\u5927\u5b66\u7684\u7b2c\u4e8c\u5927\u6301\u4ed3\u662f\u6bd4\u7279\u5e01\uff0832.3%\uff09\uff0c\u655e\u53e3\u7ea6 2200 \u4e07\u7f8e\u5143\u3002\u8be5\u6350\u8d60\u57fa\u91d1\u7684\u6bd4\u7279\u5e01\u6301\u4ed3\u4e0e\u4e0a\u4e2a\u5b63\u5ea6\u4fdd\u6301\u4e0d\u53d8\uff0c\u8fd9\u610f\u5473\u7740\u5c3d\u7ba1\u6bd4\u7279\u5e01\u4ef7\u683c\u4e0a\u6da8\u7ea6 50%\uff0c\u4ed6\u4eec\u5e76\u672a\u4e3b\u52a8\u8c03\u6574\u6301\u4ed3\u6bd4\u4f8b\u3002<\/p>\n<p>\u57c3\u9ed8\u91cc\u5927\u5b66\u9009\u62e9\u7ee7\u7eed\u6301\u6709\uff08HODL\uff09\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/2\/23\/images\/097263b3ec5a29b9f1fe55012d8626cc.png\" alt=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\" title=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\u63d2\u56fe12\" \/><\/p>\n<p>12) Pine Ridge Advisors<\/p>\n<p>\u8be5\u516c\u53f8\u7684\u7b2c\u4e8c\u5927\u6301\u4ed3\u662f\u6bd4\u7279\u5e01\uff0818.4%\uff09\uff0c\u655e\u53e3\u7ea6 2.09 \u4ebf\u7f8e\u5143\u3002\u6211\u5bf9\u8fd9\u5bb6\u516c\u53f8\u4e86\u89e3\u4e0d\u591a\uff0c\u4f46\u4e4b\u6240\u4ee5\u63d0\u53ca\u5b83\uff0c\u662f\u56e0\u4e3a\u5bf9\u4e8e\u4e00\u5bb6\u8fd9\u79cd\u89c4\u6a21\u7684\u5bb6\u65cf\u529e\u516c\u5ba4\u6765\u8bf4\uff0c\u5176\u6bd4\u7279\u5e01\u914d\u7f6e\u6bd4\u4f8b\u76f8\u5f53\u96c6\u4e2d\u3002<\/p>\n<p>\u987a\u4fbf\u4e00\u63d0\uff0c\u8fd9\u662f\u4ed6\u4eec\u7684\u6574\u4e2a\u5b98\u7f51\u754c\u9762\u2014\u2014\u6240\u4ee5\u4f60\u77e5\u9053\u4ed6\u4eec\u786e\u5b9e\u662f\u201c\u6b63\u89c4\u519b\u201d\u4e86\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/2\/23\/images\/d07c18fd568387813c8b0cca05b38947.png\" alt=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\" title=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\u63d2\u56fe13\" \/><\/p>\n<p>13) Capula Management<\/p>\n<p>\u8be5\u516c\u53f8\u7684\u7b2c\u4e8c\u5927\u6301\u4ed3\u662f\u6bd4\u7279\u5e01\uff085.4%\uff09\uff0c\u655e\u53e3\u7ea6 9.36 \u4ebf\u7f8e\u5143\u3002\u8fd9\u5bb6\u6b27\u6d32\u7b2c\u56db\u5927\u5bf9\u51b2\u57fa\u91d1\u7531 Yan Huo \u9886\u5bfc\uff0c\u4ed6\u66fe\u662f\u6469\u6839\u5927\u901a\u56fa\u5b9a\u6536\u76ca\u4ea4\u6613\u90e8\u95e8\u7684\u8d1f\u8d23\u4eba\u3002<\/p>\n<p>\u4ed6\u4eec\u7684\u6295\u8d44\u7b56\u7565\u662f\u521b\u65b0\u4e14\u4f4e\u76f8\u5173\u6027\u7684\u6295\u8d44\uff0c\u96be\u602a\u4ed6\u4eec\u505a\u591a\u6bd4\u7279\u5e01\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/2\/23\/images\/aeec720155a77b914dc720187adb3123.png\" alt=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\" title=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\u63d2\u56fe14\" \/><\/p>\n<p>14) Cresset Asset Management<\/p>\n<p>\u6bd4\u7279\u5e01\u5df2\u6210\u4e3a\u7f8e\u56fd\u6700\u5927\u3001\u6392\u540d\u9886\u5148\u7684\u72ec\u7acb\u6ce8\u518c\u6295\u8d44\u987e\u95ee\uff08RIA\uff09\u4e4b\u4e00 Cresset \u7684\u524d 30 \u5927\u6301\u4ed3\u3002Cresset \u6bcf\u4e2a\u5b63\u5ea6\u90fd\u5728\u589e\u52a0\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a<\/p>\n<p>Q2: \u6301\u4ed3 3370 \u4e07\u7f8e\u5143\uff080.14%\uff09<\/p>\n<p>Q3: \u6301\u4ed3 5390 \u4e07\u7f8e\u5143\uff080.21%\uff09<\/p>\n<p>Q4: \u6301\u4ed3 1.075 \u4ebf\u7f8e\u5143\uff080.51%\uff09<\/p>\n<p>\u8fd9\u4e2a\u503c\u5f97\u5173\u6ce8\uff0c\u4ee5\u8861\u91cf\u5176\u8d22\u52a1\u987e\u95ee\uff08FA\uff09\u5bf9\u6bd4\u7279\u5e01\u7684\u6295\u8d44\u52a8\u5411\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/2\/23\/images\/8f15c21c6d181a22f18a45abe15426a4.png\" alt=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\" title=\"\u89e3\u8bfb2024\u5e74\u673a\u6784\u6295\u8d44\u8005\u6bd4\u7279\u5e01\u6301\u4ed3\uff1a13F\u6587\u4ef6\u900f\u9732\u4e86\u54ea\u4e9b\u91cd\u8981\u4fe1\u606f\uff1f\u63d2\u56fe15\" \/><\/p>\n<p>\u4f60\u53ef\u80fd\u5df2\u7ecf\u6ce8\u610f\u5230\uff0c\u6211\u5e76\u6ca1\u6709\u63d0\u53ca\u4e00\u4e9b\u6301\u6709\u5927\u91cf\u6bd4\u7279\u5e01 ETF \u7684\u77e5\u540d\u673a\u6784\uff0c\u4f8b\u5982\uff1a<\/p>\n<p>Millennium\uff0826 \u4ebf\u7f8e\u5143\uff0c1.28%\uff09<\/p>\n<p>Jane Street\uff0824 \u4ebf\u7f8e\u5143\uff0c0.52%\uff09<\/p>\n<p>Susquehanna\uff0810 \u4ebf\u7f8e\u5143\uff0c0.16%\uff09<\/p>\n<p>DE Shaw\uff088.69 \u4ebf\u7f8e\u5143\uff0c0.64%\uff09<\/p>\n<p>Citadel\uff084.46 \u4ebf\u7f8e\u5143\uff0c0.08%\uff09<\/p>\n<p>Point72\uff081.55 \u4ebf\u7f8e\u5143\uff0c0.34%\uff09<\/p>\n<p>\u8fd9\u662f\u56e0\u4e3a\u8fd9\u4e9b\u673a\u6784\u4e3b\u8981\u662f\u91cf\u5316\u57fa\u91d1\u548c\u505a\u5e02\u5546\u3002\u5b83\u4eec\u7684\u7b97\u6cd5\u5e76\u4e0d\u5173\u5fc3\u4ea4\u6613\u6807\u7684\u662f\u4ec0\u4e48\uff0c\u65e0\u8bba\u662f IBIT\u3001META\u3001GE\u3001SPY \u8fd8\u662f TLT\uff0c\u5b83\u4eec\u53ea\u662f\u5728\u5bfb\u627e\u5957\u5229\u673a\u4f1a\u548c\u5e02\u573a\u4f4e\u6548\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u5b83\u4eec\u5e76\u975e\u957f\u671f\u6301\u6709\u8005\uff0c\u6211\u63a8\u6d4b\u8bb8\u591a\u673a\u6784\u7684\u6bd4\u7279\u5e01\u5934\u5bf8\u53ef\u80fd\u662f\u5e02\u573a\u4e2d\u6027\uff08net-neutral\uff09\uff0c\u8fd9\u4f7f\u5f97\u5b83\u4eec\u7684\u655e\u53e3\u5bf9\u6211\u800c\u8a00\u6ca1\u90a3\u4e48\u6709\u8da3\u3002<\/p>\n<p>\u8bdd\u867d\u5982\u6b64\uff0c\u6211\u4ecd\u7136\u5f88\u6b23\u8d4f\u5b83\u4eec\u5728\u5e02\u573a\u4e2d\u7684\u4ea4\u6613\u6d3b\u52a8\u3002 \u5b83\u4eec\u7684\u53c2\u4e0e\u63d0\u5347\u4e86\u5e02\u573a\u6548\u7387\uff0c\u901a\u8fc7\u7f29\u5c0f\u4e70\u5356\u4ef7\u5dee\u3001\u52a0\u6df1\u8ba2\u5355\u7c3f\u3001\u63d0\u9ad8\u6d41\u52a8\u6027\uff0c\u8ba9\u5e02\u573a\u8fd0\u884c\u5f97\u66f4\u52a0\u987a\u7545\u3002<\/p>\n<p>\u540c\u6837\u7684\u60c5\u51b5\u4e5f\u9002\u7528\u4e8e\u90e8\u5206\u6301\u6709\u6bd4\u7279\u5e01 ETF \u7684\u5927\u578b\u94f6\u884c\uff1a<\/p>\n<p>JPMorgan\uff08\u6469\u6839\u5927\u901a\uff09\uff1a96.4 \u4e07\u7f8e\u5143\uff080.0001%\uff09<\/p>\n<p>Goldman Sachs\uff08\u9ad8\u76db\uff09\uff1a23 \u4ebf\u7f8e\u5143\uff080.37%\uff09<\/p>\n<p>Wells Fargo\uff08\u5bcc\u56fd\u94f6\u884c\uff09\uff1a37.5 \u4e07\u7f8e\u5143\uff080.0001%\uff09<\/p>\n<p>Bank of America\uff08\u7f8e\u56fd\u94f6\u884c\uff09\uff1a2400 \u4e07\u7f8e\u5143\uff080.002%\uff09<\/p>\n<p>Morgan Stanley\uff08\u6469\u6839\u58eb\u4e39\u5229\uff09\uff1a2.59 \u4ebf\u7f8e\u5143\uff080.02%\uff09<\/p>\n<p>\u6469\u6839\u5927\u901a\u7b49\u94f6\u884c\u662f\u8bb8\u591a\u6bd4\u7279\u5e01 ETF \u7684\u6388\u6743\u53c2\u4e0e\u8005\uff08APs\uff09\uff0c\u540c\u65f6\u4e5f\u627f\u62c5\u505a\u5e02\u5546\u7684\u89d2\u8272\u3002\u5bf9\u4e8e APs \u6765\u8bf4\uff0c\u5728\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u6301\u6709\u90e8\u5206 ETF \u4efd\u989d\u662f\u5b8c\u5168\u6b63\u5e38\u7684\uff0c\u56e0\u4e3a\u5b83\u4eec\u8d1f\u8d23\u521b\u5efa\u548c\u8d4e\u56de ETF \u4efd\u989d\u3002<\/p>\n<p>\u505a\u5e02\u5546\u4e5f\u9700\u8981\u6301\u6709\u4e00\u5b9a\u6570\u91cf\u7684 ETF \u4efd\u989d\uff0c\u4ee5\u4fbf\u66f4\u597d\u5730\u63d0\u4f9b\u6d41\u52a8\u6027\uff0c\u4fc3\u8fdb\u5e02\u573a\u4ea4\u6613\u3001\u63d0\u5347\u5b9a\u4ef7\u6548\u7387\uff0c\u5e76\u786e\u4fdd ETF \u4ef7\u683c\u7684\u51c6\u786e\u6027\u3002<\/p>\n<p>\u9664\u6b64\u4e4b\u5916\uff0c\u94f6\u884c\u76ee\u524d\u53d7\u5230\u7f8e\u8054\u50a8\u7684\u76d1\u7ba1\u9650\u5236\uff0c\u7981\u6b62\u5728\u81ea\u8eab\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u4ee5\u81ea\u8425\u65b9\u5f0f\u6301\u6709\u6bd4\u7279\u5e01\u3002\u5177\u4f53\u89c4\u5b9a\u53ef\u4ee5\u53c2\u8003\u8fd9\u4efd\u5b98\u65b9\u6587\u4ef6\uff1a\u7f8e\u8054\u50a8\u58f0\u660e\u3002<\/p>\n<p>\u4e0d\u8fc7\uff0c\u968f\u7740 SAB-121 \u89c4\u5b9a\u7684\u64a4\u9500\uff0c\u76d1\u7ba1\u73af\u5883\u6b63\u5728\u53d1\u751f\u53d8\u5316\u3002\u5728\u8fd9\u4e9b\u94f6\u884c\u4e2d\uff0c\u6469\u6839\u58eb\u4e39\u5229\u6700\u4e3a\u7a81\u51fa\u2014\u2014\u53bb\u5e74 8 \u6708\uff0c\u5b83\u6210\u4e3a\u9996\u5bb6\u5141\u8bb8\u8d22\u52a1\u987e\u95ee\u5411\u5ba2\u6237\u63a8\u8350\u6bd4\u7279\u5e01 ETF \u7684\u5927\u578b\u94f6\u884c\u3002<\/p>\n<p>\u9ad8\u76db\u4e5f\u4e00\u76f4\u5f88\u6d3b\u8dc3\uff0c\u591a\u5e74\u6765\u4e00\u76f4\u901a\u8fc7\u5176\u8d44\u4ea7\u7ba1\u7406\u90e8\u95e8\u4e3a\u9ad8\u51c0\u503c\u5ba2\u6237\u63d0\u4f9b\u6bd4\u7279\u5e01\u655e\u53e3\u3002\u4f46\u5982\u679c\u5176\u4ea4\u6613\u90e8\u95e8\u6301\u6709\u6bd4\u7279\u5e01\uff0c\u6211\u731c\u6d4b\u5b83\u66f4\u53ef\u80fd\u662f\u5728\u8fd0\u884c\u5e02\u573a\u4e2d\u6027\u5957\u5229\u7b56\u7565\uff08\u4f8b\u5982\u57fa\u5dee\u4ea4\u6613\uff09\uff0c\u4e5f\u5c31\u662f\u8bf4\uff0c\u5b83\u5e76\u975e\u771f\u6b63\u7684\u51c0\u591a\u5934\u3002<\/p>\n<p>\u968f\u7740\u94f6\u884c\u76d1\u7ba1\u7684\u6f14\u53d8\uff0c\u672a\u6765\u51e0\u4e2a\u5b63\u5ea6\u8fd9\u4e9b\u5927\u578b\u94f6\u884c\u5982\u4f55\u8c03\u6574\u5176\u6bd4\u7279\u5e01\u6301\u4ed3\u3001\u6269\u5927\u5728\u6bd4\u7279\u5e01\u5e02\u573a\u7684\u53c2\u4e0e\uff0c\u5c06\u662f\u503c\u5f97\u5bc6\u5207\u5173\u6ce8\u7684\u8d8b\u52bf\u3002<\/p>\n<p>\u8fd9\u4e00\u70b9\uff0c\u503c\u5f97\u91cd\u70b9\u5173\u6ce8\u3002<\/p>\n<h3>3\u3001\u5c0f\u7ed3<\/h3>\n<p>\u603b\u4f53\u6765\u770b\uff0c\u8fd9\u4e9b 13F 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