{"id":6663,"date":"2025-08-04T14:00:00","date_gmt":"2025-08-04T06:00:00","guid":{"rendered":"https:\/\/www.syfe.com\/hk\/magazine\/?p=6663"},"modified":"2025-08-06T13:16:11","modified_gmt":"2025-08-06T05:16:11","slug":"%e5%b0%8d%e6%b2%96-%e5%9f%ba%e9%87%91-%e6%98%af-%e4%bb%80%e9%ba%bc-%e6%84%8f%e6%80%9d-%e9%81%8b%e4%bd%9c","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e5%b0%8d%e6%b2%96-%e5%9f%ba%e9%87%91-%e6%98%af-%e4%bb%80%e9%ba%bc-%e6%84%8f%e6%80%9d-%e9%81%8b%e4%bd%9c\/","title":{"rendered":"\u61f6\u4eba\u5305\uff5c\u5c0d\u6c96\u57fa\u91d1\u662f\u5982\u4f55\u904b\u4f5c\uff1f\u4e00\u6587\u4e86\u89e3Hedge Fund\u662f\u4ec0\u9ebc"},"content":{"rendered":"\n<p><strong>\u5c0d\u6c96\u57fa\u91d1\uff08\u82f1\u6587\uff1aHedge Funds\uff0c\u53c8\u7a31\u907f\u96aa\u57fa\u91d1\uff09\u540d\u7a31\u9ad8\u6df1\u83ab\u6e2c\uff0c\u5be6\u969b\u4e0a\u662f\u7a2e\u5177\u9ad8\u5ea6\u7684\u6295\u8cc7\u7b56\u7565\u5f48\u6027\u3001\u80fd\u5920\u6cbd\u7a7a\u53ca\u904b\u7528\u69d3\u687f\u7684\u96c6\u9ad4\u6295\u8cc7\u5de5\u5177\uff0c\u6700\u5927\u7279\u9ede\u662f\u5728\u8d77\u4f0f\u4e0d\u5b9a\u7684\u5e02\u6cc1\u4e0b\u8ffd\u6c42\u7d55\u5c0d\u56de\u5831\u3002\u672c\u6587\u4ecb\u7d39\u5c0d\u6c96\u57fa\u91d1\u662f\u4ec0\u9ebc\uff0c\u4ee5\u53ca\u73fe\u6642\u4e3b\u6d41\u7684\u5c0d\u6c96\u57fa\u91d1\u662f\u5982\u4f55\u904b\u4f5c\u3002<\/strong><\/p>\n\n\n\t\t\t\t<div class=\"wp-block-uagb-table-of-contents uagb-toc__align-left uagb-toc__columns-1  uagb-block-dc90b48e      \"\n\t\t\t\t\tdata-scroll= \"1\"\n\t\t\t\t\tdata-offset= \"30\"\n\t\t\t\t\tstyle=\"\"\n\t\t\t\t>\n\t\t\t\t<div class=\"uagb-toc__wrap\">\n\t\t\t\t\t\t<div class=\"uagb-toc__title\">\n\t\t\t\t\t\t\tTable Of Contents\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"uagb-toc__list-wrap \">\n\t\t\t\t\t\t<ol class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u5c0d\u6c96\u57fa\u91d1\u662f\u4ec0\u9ebc\u95dc\u65bc\u5730\u7403\u4e0a\u9996\u9593hedge-fund\u7684\u722d\u8b70\" class=\"uagb-toc-link__trigger\">\u5c0d\u6c96\u57fa\u91d1\u662f\u4ec0\u9ebc\uff5c\u95dc\u65bc\u5730\u7403\u4e0a\u9996\u9593Hedge Fund\u7684\u722d\u8b70<\/a><li class=\"uagb-toc__list\"><a href=\"#\u5c0d\u6c96\u57fa\u91d1\u662f\u5982\u4f55\u904b\u4f5c\" class=\"uagb-toc-link__trigger\">\u5c0d\u6c96\u57fa\u91d1\u662f\u5982\u4f55\u904b\u4f5c\uff1f<\/a><li class=\"uagb-toc__list\"><a href=\"#\u5177\u722d\u8b70\u6027\u7684\u5c0d\u6c96\u57fa\u91d1\u6848\u4f8b\" class=\"uagb-toc-link__trigger\">\u5177\u722d\u8b70\u6027\u7684\u5c0d\u6c96\u57fa\u91d1\u6848\u4f8b<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u9577\u671f\u8cc7\u672c\u7ba1\u7406\u516c\u53f8long-term-capital-management-ltcm\" class=\"uagb-toc-link__trigger\">\u9577\u671f\u8cc7\u672c\u7ba1\u7406\u516c\u53f8\uff08Long-Term Capital Management, LTCM\uff09<\/a><li class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u99ac\u591a\u592b\u6295\u8cc7\u919c\u805emadoff-investment-scandal\" class=\"uagb-toc-link__trigger\">\u99ac\u591a\u592b\u6295\u8cc7\u919c\u805e\uff08Madoff Investment Scandal\uff09<\/a><li class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#archegos\u8cc7\u672c\u7ba1\u7406\u516c\u53f8archegos-capital-management\" class=\"uagb-toc-link__trigger\">Archegos\u8cc7\u672c\u7ba1\u7406\u516c\u53f8\uff08Archegos Capital Management\uff09<\/a><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#\u8fd1\u5e74\u5c0d\u6c96\u57fa\u91d1\u884c\u696d\u7684\u8b8a\u5316\" class=\"uagb-toc-link__trigger\">\u8fd1\u5e74\u5c0d\u6c96\u57fa\u91d1\u884c\u696d\u7684\u8b8a\u5316<\/a><\/ul><\/ol>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/08\/\u5c0d\u6c96-\u57fa\u91d1-\u662f-\u4ec0\u9ebc-\u610f\u601d-\u904b\u4f5c-1024x576.png\" alt=\"\" class=\"wp-image-6664\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/08\/\u5c0d\u6c96-\u57fa\u91d1-\u662f-\u4ec0\u9ebc-\u610f\u601d-\u904b\u4f5c-1024x576.png 1024w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/08\/\u5c0d\u6c96-\u57fa\u91d1-\u662f-\u4ec0\u9ebc-\u610f\u601d-\u904b\u4f5c-300x169.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/08\/\u5c0d\u6c96-\u57fa\u91d1-\u662f-\u4ec0\u9ebc-\u610f\u601d-\u904b\u4f5c-768x432.png 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/08\/\u5c0d\u6c96-\u57fa\u91d1-\u662f-\u4ec0\u9ebc-\u610f\u601d-\u904b\u4f5c-1536x864.png 1536w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/08\/\u5c0d\u6c96-\u57fa\u91d1-\u662f-\u4ec0\u9ebc-\u610f\u601d-\u904b\u4f5c-747x420.png 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/08\/\u5c0d\u6c96-\u57fa\u91d1-\u662f-\u4ec0\u9ebc-\u610f\u601d-\u904b\u4f5c-696x392.png 696w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/08\/\u5c0d\u6c96-\u57fa\u91d1-\u662f-\u4ec0\u9ebc-\u610f\u601d-\u904b\u4f5c-1068x601.png 1068w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/08\/\u5c0d\u6c96-\u57fa\u91d1-\u662f-\u4ec0\u9ebc-\u610f\u601d-\u904b\u4f5c.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5c0d\u6c96\u57fa\u91d1\u662f\u4ec0\u9ebc\uff5c\u95dc\u65bc\u5730\u7403\u4e0a\u9996\u9593Hedge Fund\u7684\u722d\u8b70<\/strong><\/h2>\n\n\n\n<p>\u76ee\u524d\u91d1\u878d\u754c\u5c0d\u8ab0\u662f\u9996\u500b\u5c0d\u6c96\u57fa\u91d1\u7684\u4e3b\u6d41\u8aaa\u6cd5\u6709\u5169\u500b\u3002\u8457\u540d\u6295\u8cc7\u8005\u3001\u300c\u80a1\u795e\u300d\u5df4\u83f2\u7279\u57282006\u5e74\u81f4<a href=\"https:\/\/www.moaf.org\/news\/media_mentions\/2012-04-24-what-was-the-very-first-hedge-fund-ask-warren-buffett\">\u7f8e\u570b\u91d1\u878d\u535a\u7269\u9928<\/a>\u7684\u4fe1\u4ef6\u4e2d\u6307\u51fa\uff0cBen Graham\u65e9\u57281920\u5e74\u4ee3\u4e2d\u671f\u5c31\u5275\u5efa\u4e86\u985e\u4f3c\u5c0d\u6c96\u57fa\u91d1\u7684\u6295\u8cc7\u5de5\u5177\uff0cGraham-Newman Partnership\u7684\u57fa\u91d1\u6d89\u53ca\u5408\u5925\u7d50\u69cb\u3001\u4ee5\u5229\u6f64\u5206\u6210\u70ba\u57fa\u790e\u7684\u85aa\u916c\u5b89\u6392\u3001\u773e\u591a\u6709\u9650\u5408\u5925\u4eba\uff0c\u4ee5\u53ca\u5404\u7a2e\u9577\u5009\u548c\u77ed\u5009\u7684\u982d\u5bf8\u3002<\/p>\n\n\n\n<p>\u4f46\u5be6\u969b\u4e0a\u9996\u500b\u4f7f\u7528\u300c\u5c0d\u6c96\u57fa\u91d1\u300d\u4e00\u8a5e\u7684<a href=\"https:\/\/cfasociety.nl\/uploads\/2004\/Winter%202004\/04\/04.pdf\">\u662f<\/a>\u793e\u6703\u5b78\u5bb6\u517c\u91d1\u878d\u8a18\u8005Alfred Winslow Jones\u57281949\u5e74\u5275\u7acb\u7684<a href=\"https:\/\/awjones.com\/about-us\/firm\/\">A.W. Jones &amp; Co<\/a>\u3002\u4ed6\u5728\u5176<a href=\"https:\/\/fortune.com\/article\/hedge-funds-fortune-1966\/\">\u6587\u7ae0<\/a>\u8207\u57fa\u91d1\u6587\u4ef6\u4e2d\u6700\u521d\u7a31\u5176\u9577\u5009\u8207\u77ed\u5009\u7d50\u5408\u7684\u7522\u54c1\u70ba\u300chedged fund\u300d\uff0c\u5f37\u8abf\u57fa\u91d1\u5df2\u5c0d\u6c96\uff08hedged\uff09\u5e02\u5834\u98a8\u96aa\u7684\u7279\u6027\uff0c\u96a8\u5f8c\u540d\u7a31\u6f14\u8b8a\u70ba\u4eca\u65e5\u666e\u904d\u4f7f\u7528\u7684\u300chedge fund\u300d\u3002<\/p>\n\n\n\n<p>Jones\u7684\u5c0d\u6c96\u57fa\u91d1\u7406\u5ff5\u5728\u65bc\u300c\u56de\u5831\u4f86\u81ea\u9078\u80a1\u800c\u975e\u5e02\u5834\u65b9\u5411\u300d\uff0c\u662f\u4e00\u7a2e\u5f37\u8abf\u7d55\u5c0d\u56de\u5831\u7684\u6295\u8cc7\u7b56\u7565\uff0c\u6709\u5225\u65bc\u50b3\u7d71\u57fa\u91d1\u4ee5\u6307\u6578\u6216\u57fa\u6e96\uff08\u4f8b\u5982\u6a19\u666e500\u6307\u6578\uff09\u6bd4\u8f03\u7e3e\u6548\u7684\u300c\u76f8\u5c0d\u56de\u5831\u300d\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5c0d\u6c96\u57fa\u91d1\u662f\u5982\u4f55\u904b\u4f5c\uff1f<\/strong><\/h2>\n\n\n\n<p>\u5c0d\u6c96\u57fa\u91d1\u666e\u904d\u63a1\u7528\u6709\u9650\u5408\u5925\uff08Limited Partnership, LP\uff09\u7d50\u69cb\uff0c\u7531\u57fa\u91d1\u7d93\u7406\u4eba\u6216\u7ba1\u7406\u516c\u53f8\u64d4\u4efb\u666e\u901a\u5408\u5925\u4eba\uff08General Partner\uff09\uff0c\u8ca0\u8cac\u57fa\u91d1\u7684\u6240\u6709\u65e5\u5e38\u904b\u71df\u548c\u6295\u8cc7\u6c7a\u7b56\uff0c\u800c\u63d0\u4f9b\u8cc7\u91d1\u7684\u6295\u8cc7\u8005\u5247\u662f\u6709\u9650\u5408\u5925\u4eba\uff08Limited Partner\uff09\u3002<\/p>\n\n\n\n<p>\u96d6\u7136\u5c0d\u6c96\u57fa\u91d1\u7684\u6295\u8cc7\u76ee\u6a19\u662f\u898f\u907f\u98a8\u96aa\uff0c\u4f46\u6b77\u53f2\u4e0a\u4e0d\u4e4f\u5c0d\u6c96\u57fa\u91d1\u56e0\u5229\u7528\u904e\u9ad8\u8ca1\u52d9\u69d3\u687f\u5c0d\u5b8f\u89c0\u4e8b\u4ef6\u9032\u884c\u5927\u898f\u6a21\u62bc\u6ce8\u5c0e\u81f4\u91d1\u878d\u5371\u6a5f\uff0c\u5982\u4eca\u7684\u5c0d\u6c96\u57fa\u91d1\u591a\u6578\u8f49\u8b8a\u70ba\u900f\u904e\u7cbe\u5fc3\u9078\u64c7\u7684\u8907\u96dc\u6295\u8cc7\u7b56\u7565\u548c\u8cc7\u7522\u591a\u5143\u5316\u4f86\u5206\u6563\u6295\u8cc7\u7d44\u5408\u98a8\u96aa\uff0c\u7279\u5fb5\u5982\u4e0b\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u591a\u5143\u5316\u6295\u8cc7\u7b56\u7565<\/strong>\uff1a\u53ef\u4ee5\u63a1\u7d0d\u9577\uff0f\u77ed\u5009\u7b56\u7565\u3001\u69d3\u687f\u64cd\u4f5c\uff08Leverage\uff09\u3001\u884d\u751f\u5de5\u5177\uff08Derivatives\uff09\u3001\u91cf\u5316\u7b56\u7565\uff08Quantitative Strategy\uff09\u3001\u4e8b\u4ef6\u9a45\u52d5\u7b56\u7565\uff08Event-Driven Strategy\uff09\uff0c\u4ee5\u53ca\u5f9e\u8b49\u5238\u5e02\u5834\u3001\u5229\u7387\u3001\u532f\u7387\u53ca\u5546\u54c1\u50f9\u683c\u7684\u5927\u8da8\u52e2\u8f49\u8b8a\u4e2d\u7372\u5229\u7684\u74b0\u7403\u5b8f\u89c0\u7b56\u7565\u7b49\uff0c\u4ee5\u9069\u61c9\u4e0d\u65b7\u8b8a\u5316\u7684\u5e02\u5834\u74b0\u5883\u3002<\/li>\n\n\n\n<li><strong>\u300c2\uff0f20\u300d\u8cbb\u7528\u7d50\u69cb<\/strong>\uff1a\u5c0d\u6c96\u57fa\u91d1\u666e\u904d\u63a1\u7528\u300c2\uff0f20\u300d\u8cbb\u7528\u7d50\u69cb\uff0c\u53732%\u7684\u7ba1\u7406\u8cbb\u52a0\u4e0a20%\u7684\u696d\u7e3e\u5206\u6210\u3002\u5373\u4f7f\u91d1\u878d\u5371\u6a5f\u5f8c\uff0c\u591a\u9593\u5c0d\u6c96\u57fa\u91d1\u5c07\u7ba1\u7406\u8cbb\u964d\u81f31%\u3001\u696d\u7e3e\u5206\u6210\u4e5f\u4e0b\u8abf\u81f315%\u201317%\u4e0d\u7b49\uff0c\u4f46\u4ecd\u7136\u9ad8\u65bc\u4e00\u822c\u7684\u57fa\u91d1\u50c5\u53d6\u500b\u4f4d\u6578\u767e\u5206\u6bd4\u7684\u7ba1\u7406\u8cbb\u3002<\/li>\n\n\n\n<li><strong>\u50c5\u9762\u5411\u9ad8\u6de8\u503c\u4eba\u58eb<\/strong>\uff1a\u7531\u65bc\u5c0d\u6c96\u57fa\u91d1\u7684\u76e3\u7ba1\u76f8\u5c0d\u65bc\u67d0\u4e9b\u57fa\u91d1\u5bec\u9b06\uff0c\u56e0\u6b64\u5404\u570b\u901a\u5e38\u50c5\u9650\u5c0d\u6c96\u57fa\u91d1\u63a5\u7d0d\u80fd\u5920\u8a55\u4f30\u5176\u8907\u96dc\u6027\u4e26\u627f\u53d7\u6f5b\u5728\u640d\u5931\u7684\u6210\u719f\u6295\u8cc7\u8005\uff0c\u6545\u4e0d\u6703\u6709\u5c0d\u6c96\u57fa\u91d1\u9ad8\u8abf\u5730\u5728\u5e02\u5834\u516c\u958b\u52df\u96c6\u8cc7\u91d1\uff1b\u540c\u6642\u5c0d\u6c96\u57fa\u91d1\u7533\u8cfc\u91d1\u984d\u901a\u5e38\u8f03\u9ad8\uff0c\u5e38\u898b\u7bc4\u570d\u70ba10\u842c\u7f8e\u5143\u81f3500\u842c\u7f8e\u5143\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u5177\u722d\u8b70\u6027\u7684\u5c0d\u6c96\u57fa\u91d1\u6848\u4f8b<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u9577\u671f\u8cc7\u672c\u7ba1\u7406\u516c\u53f8\uff08Long-Term Capital Management, LTCM\uff09<\/strong><\/h3>\n\n\n\n<p>LTCM\u662f\u5c0d\u6c96\u57fa\u91d1\u6b77\u53f2\u4e0a\u6700\u8457\u540d\u7684\u5931\u6557\u6848\u4f8b\u4e4b\u4e00\u3002LTCM\u7531\u8afe\u8c9d\u723e\u734e\u5f97\u4e3b\u548c\u83ef\u723e\u8857\u9802\u5c16\u4ea4\u6613\u54e1\u65bc1994\u5e74\u5275\u7acb\uff0c\u63a1\u7528\u8907\u96dc\u7684\u91cf\u5316\u6a21\u578b\u548c\u9ad8\u69d3\u687f\u7b56\u7565\uff0c\u65e8\u5728\u5229\u7528\u8b49\u5238\u4e4b\u9593\u7684\u5fae\u5c0f\u50f9\u5dee\u9032\u884c\u5957\u5229\u4ea4\u6613\u3002<\/p>\n\n\n\n<p>\u521d\u671fLTCM\u8868\u73fe\u975e\u5e38\u6210\u529f\uff0c\u5e74\u5316\u56de\u5831\u7387\u4e00\u5ea6\u8d85\u904e40%\uff0c\u4f46\u7531\u65bc\u53d7\u5230\u4e9e\u6d32\u91d1\u878d\u98a8\u66b4\u53ca\u4fc4\u7f85\u65af\u91d1\u878d\u5371\u6a5f\u7684\u96d9\u91cd\u6253\u64ca\uff0c\u5c0e\u81f4LTCM\u7b56\u7565\u5931\u9748\uff0c\u8a72\u57fa\u91d1\u5728\u4e0d\u5230\u56db\u500b\u6708\u7684\u6642\u9593\u5167\u8667\u640d\u4e8646\u5104\u7f8e\u5143\u3002\u7531\u65bcLTCM\u8207\u591a\u5bb6\u5927\u578b\u9280\u884c\u548c\u91d1\u878d\u6a5f\u69cb\u9ad8\u5ea6\u95dc\u806f\uff0c\u5012\u9589\u53ef\u80fd\u5f15\u767c\u7cfb\u7d71\u6027\u91d1\u878d\u98a8\u96aa\uff0c\u6700\u7d42\u9700\u8981\u7f8e\u570b\u806f\u5132\u5c40\u51fa\u624b\u4ee4LTCM\u5be6\u73fe\u6709\u5e8f\u6e05\u7b97\u4e26\u907f\u514d\u66f4\u5ee3\u6cdb\u7684\u91d1\u878d\u5371\u6a5f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u99ac\u591a\u592b\u6295\u8cc7\u919c\u805e\uff08Madoff Investment Scandal\uff09<\/strong><\/h3>\n\n\n\n<p>\u524d\u7d0d\u65af\u9054\u514b\uff08NASDAQ\uff09\u4ea4\u6613\u6240\u4e3b\u5e2dBernard Madoff\uff08\u99ac\u591a\u592b\uff09\u5275\u7acb\u99ac\u591a\u592b\u5c0d\u6c96\u907f\u96aa\u57fa\u91d1\uff0c\u5c0d\u5916\u5ba3\u7a31\u5176\u8cc7\u7522\u7ba1\u7406\u90e8\u9580\u904b\u7528\u8907\u96dc\u7b56\u7565\u6bcf\u5e74\u7a69\u5b9a\u7372\u5f9710%\u81f320%\u7684\u56de\u5831\uff0c\u4f46\u5be6\u969b\u4e0a\u4e0d\u5b58\u5728\u771f\u5be6\u7684\u4ea4\u6613\uff0c\u53ea\u662f\u5229\u7528\u65b0\u6295\u8cc7\u8005\u7684\u8cc7\u91d1\u4f86\u652f\u4ed8\u820a\u6295\u8cc7\u8005\u7684\u56de\u5831\u3002<\/p>\n\n\n\n<p>2008\u5e74\u99ac\u591a\u592b\u627f\u8a8d\u5176\u6b3a\u8a50\u884c\u70ba\uff0c3.7\u842c\u540d\u53d7\u5bb3\u8005\u904d\u5e03\u65bc136\u500b\u570b\u5bb6\uff0c\u88ab\u7a31\u70ba\u53f2\u4e0a\u6700\u5927\u8a50\u9a19\u6848\uff0c\u800c\u99ac\u591a\u592b\u6700\u7d42\u88ab\u5224\u8655150\u5e74\u76e3\u7981\uff0c2021\u5e74\u5728\u7344\u4e2d\u8fad\u4e16\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Archegos\u8cc7\u672c\u7ba1\u7406\u516c\u53f8\uff08Archegos Capital Management\uff09<\/strong><\/h3>\n\n\n\n<p>\u63a1\u7528\u5c0d\u6c96\u57fa\u91d1\u5f62\u5f0f\u904b\u4f5c\u6a21\u5f0f\u7684Archegos\u57282021\u5e74\u56e0\u672a\u80fd\u6eff\u8db3\u8ffd\u52a0\u4fdd\u8b49\u91d1\u8981\u6c42\uff0c\u800c\u5c0e\u81f4\u5176\u6301\u6709\u7684\u5de8\u984d\u80a1\u7968\u5009\u4f4d\u88ab\u300c\u65ac\u5009\u300d\uff0c\u9020\u6210\u81f3\u5c1170\u5104\u7f8e\u5143\u7684\u640d\u5931\uff0c\u6ce2\u53ca\u591a\u5bb6\u91d1\u878d\u6a5f\u69cb\u3002<\/p>\n\n\n\n<p>\u4e8b\u4ef6\u5c0e\u81f4\u591a\u5bb6\u5168\u7403\u6027\u6295\u8cc7\u9280\u884c\u8499\u53d7\u5de8\u5927\u640d\u5931\uff0c\u5176\u4e2d\u745e\u58eb\u4fe1\u8cb8\uff08Credit Suisse\uff09\u640d\u5931\u9ad8\u905455\u5104\u7f8e\u5143\uff0c\u5c0d\u745e\u58eb\u4fe1\u8cb8\u9020\u6210\u4e86\u6c89\u91cd\u6253\u64ca\uff0c\u66b4\u9732\u4e86\u745e\u4fe1\u5167\u90e8\u98a8\u96aa\u7ba1\u7406\u7684\u56b4\u91cd\u7f3a\u9677\uff0c\u6700\u7d42\u9019\u9593\u300c\u767e\u5e74\u8001\u5e97\u300d\u52a0\u901f\u5176\u8d70\u5411\u7d50\u5c40\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u8fd1\u5e74\u5c0d\u6c96\u57fa\u91d1\u884c\u696d\u7684\u8b8a\u5316<\/strong><\/h2>\n\n\n\n<p>\u6839\u64daAurum\u6578\u64da\uff0c\u7531\u65bc\u5c0d\u6c96\u57fa\u91d1\u8fd1\u5e74\u7684\u6574\u9ad4\u5831\u916c\u7387\u672a\u80fd\u6301\u7e8c\u8d85\u8d8a\u6307\u6578\u578b\u80a1\u7968\u6295\u8cc7\uff0c\u52a0\u4e0a\u9ad8\u6602\u7684\u6536\u8cbb\uff0c\u4fc3\u4f7f\u6a5f\u69cb\u8207\u9ad8\u6de8\u503c\u6295\u8cc7\u8005\u5728\u5c0d\u6c96\u57fa\u91d1\u4e0a\u7684\u8208\u8da3\u6709\u6240\u6e1b\u4f4e\uff0c\u751a\u6216\u6709\u500b\u5225\u5e74\u4efd\u51fa\u73fe\u5de8\u984d\u6de8\u8d16\u56de\uff0c\u66f4\u591a\u7684\u6295\u8cc7\u8005\u50be\u5411\u8f49\u800c\u914d\u7f6e\u66f4\u4f4e\u6210\u672c\u3001\u900f\u660e\u5ea6\u66f4\u9ad8\u7684\u88ab\u52d5\u6216\u591a\u7b56\u7565\u7522\u54c1\u3002<\/p>\n\n\n\n<p><strong>\u57fa\u91d1\u6295\u8cc7\u5168\u653b\u7565\uff1a<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E8%B2%A8%E5%B9%A3-%E5%B8%82%E5%A0%B4-%E5%9F%BA%E9%87%91-%E9%A2%A8%E9%9A%AA-%E6%8E%A8%E8%96%A6-money-market-fund-%E4%B8%AD%E6%96%87\/\"><strong>\u8ca8\u5e63\u5e02\u5834\u57fa\u91d1<\/strong><\/a><strong>\u3001<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E6%94%B6%E6%81%AF-%E6%B4%BE%E6%81%AF-%E5%82%B5%E5%88%B8-%E5%9F%BA%E9%87%91\/\"><strong>\u6d3e\u606f\u57fa\u91d1<\/strong><\/a><strong>\u3001<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E6%94%B6%E6%81%AF-%E6%B4%BE%E6%81%AF-%E5%82%B5%E5%88%B8-%E5%9F%BA%E9%87%91\/\"><strong>\u50b5\u5238\u57fa\u91d1<\/strong><\/a><\/p>\n\n\n\n<p>\u4e8b\u5be6\u4e0a\uff0c\u5373\u4f7f\u53ea\u662f1%\u6295\u8cc7\u6210\u672c\uff0c\u4ea6\u8db3\u4ee5\u8836\u98df\u6295\u8cc7\u8005\u7684<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/1%E6%8A%95%E8%B3%87%E6%88%90%E6%9C%AC-%E8%B6%B3%E4%BD%A0%E8%A0%B6%E9%A3%9F%E4%BD%A0%E7%9A%84%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87%E6%88%90%E6%9E%9C\/\">\u9577\u7dda\u6295\u8cc7<\/a>\u7684\u6210\u679c\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/08\/image-1024x576-1.png\" alt=\"\" class=\"wp-image-6666\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/08\/image-1024x576-1.png 1024w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/08\/image-1024x576-1-300x169.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/08\/image-1024x576-1-768x432.png 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/08\/image-1024x576-1-747x420.png 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/08\/image-1024x576-1-696x392.png 696w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Syfe\u6b63\u6b63\u4e86\u89e3\u5230\u6295\u8cc7\u8005\u6240\u9700\uff0c\u5f9e\u5169\u65b9\u9762\u964d\u4f4e\u6295\u8cc7\u6210\u672c\uff0c\u540c\u6642\u5e36\u4f86\u4ee5\u5f80\u53ea\u6709\u6a5f\u69cb\u7d1a\u5225\u6295\u8cc7\u8005\u624d\u80fd\u63a5\u89f8\u5230\u7684\u670d\u52d9\u3002<\/p>\n\n\n\n<p>\u4e00\u65b9\u9762Syfe\u5c07\u4e00\u6b21\u6027\u7684\u8a8d\u8cfc\u8cbb\u3001\u53d6\u6b3e\u8cbb\u3001\u8f49\u63db\u8cbb\u901a\u901a\u964d\u81f3\u96f6\uff0c\u8b93\u6295\u8cc7\u8005\u9748\u6d3b\u51fa\u5165\uff0c\u800c\u6bcb\u9808\u4ed8\u51fa\u984d\u5916\u6210\u672c\u3002<\/p>\n\n\n\n<p>\u53e6\u4e00\u65b9\u9762Syfe\u900f\u904e\u5c07\u57fa\u91d1\u516c\u53f8\u7684\u92b7\u552e\u4f63\u91d1(trailer 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