{"id":7078,"date":"2025-10-06T11:19:08","date_gmt":"2025-10-06T03:19:08","guid":{"rendered":"https:\/\/www.syfe.com\/hk\/magazine\/?p=7078"},"modified":"2026-01-27T00:30:45","modified_gmt":"2026-01-26T16:30:45","slug":"%e7%89%9b%e5%b8%82-%e7%86%8a%e5%b8%82","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e7%89%9b%e5%b8%82-%e7%86%8a%e5%b8%82\/","title":{"rendered":"\u80a1\u5e02\u5468\u671f\u7406\u8ad6\uff5c\u5b78\u8b58\u725b\u5e02\u8207\u718a\u5e02\u7684\u9a45\u52d5\u56e0\u7d20\uff01\u6e2f\u80a1\u5df2\u5230\u725b\u4e09\uff1f"},"content":{"rendered":"\n<p>\u91d1\u878d\u5e02\u5834\u4e2d\u300c\u725b\u5e02\u300d(Bull Market)\u8207\u300c\u718a\u5e02\u300d(Bear Market)\u6982\u5ff5\u8d77\u6e90\u8ffd\u6eaf\u523018\u4e16\u7d00\u521d\uff0c\u5f8c\u4f86\u88ab\u9053\u74ca\u65af\u6307\u6578\u767c\u660e\u8005Charles Henry Dow\u5b8c\u5584\u5b9a\u7fa9\u53ca\u91d1\u878d\u5a92\u9ad4\u63a8\u5ee3\u5f8c\uff0c\u88ab\u6295\u8cc7\u8005\u5ee3\u6cdb\u63a5\u53d7\u3002\u672c\u6587\u56de\u9867\u725b\u5e02\/\u718a\u5e02\u6982\u5ff5\u6f14\u8b8a\u3001\u5404\u500b\u968e\u6bb5\u7279\u5fb5(\u5982\u725b\u4e09\u3001\u718a\u4e00)\u53ca\u76f8\u61c9\u7684\u6295\u8cc7\u7b56\u7565\u3002<\/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-9107fef3      \"\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=\"#\u725b\u5e02\u718a\u5e02\u6982\u5ff5\u7684\u7531\u4f86\" class=\"uagb-toc-link__trigger\">\u725b\u5e02\/\u718a\u5e02\u6982\u5ff5\u7684\u7531\u4f86<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u725b\u5e02\u76843\u500b\u968e\u6bb5\" class=\"uagb-toc-link__trigger\">\u725b\u5e02\u76843\u500b\u968e\u6bb5<\/a><li class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u718a\u5e02\u76843\u500b\u968e\u6bb5\" class=\"uagb-toc-link__trigger\">\u718a\u5e02\u76843\u500b\u968e\u6bb5<\/a><li class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u725b\u5e02\u718a\u5e02\u5468\u671f\u80cc\u5f8c\u7684\u9a45\u52d5\u529b\u91cf\" class=\"uagb-toc-link__trigger\">\u725b\u5e02\/\u718a\u5e02\u5468\u671f\u80cc\u5f8c\u7684\u9a45\u52d5\u529b\u91cf<\/a><\/li><\/ul><li class=\"uagb-toc__list\"><a href=\"#\u4ec0\u9ebc\u662f\u6280\u8853\u6027\u725b\u5e02\u8207\u6280\u8853\u6027\u718a\u5e02\" class=\"uagb-toc-link__trigger\">\u4ec0\u9ebc\u662f\u6280\u8853\u6027\u725b\u5e02\u8207\u6280\u8853\u6027\u718a\u5e02<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#2025\u9999\u6e2f\u80a1\u5e02\u5df2\u9032\u5165\u725b\u5e02\u55ce\" class=\"uagb-toc-link__trigger\">2025\u9999\u6e2f\u80a1\u5e02\u5df2\u9032\u5165\u725b\u5e02\u55ce\uff1f<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u725b\u718a\u7406\u8ad6\u7684\u5c40\u9650\" class=\"uagb-toc-link__trigger\">\u725b\u718a\u7406\u8ad6\u7684\u5c40\u9650<\/a><\/ul><\/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<h1 class=\"wp-block-heading\">\u725b\u5e02\/\u718a\u5e02\u6982\u5ff5\u7684\u7531\u4f86<\/h1>\n\n\n\n<p>\u95dc\u65bc\u725b\u5e02\/\u718a\u5e02\u6982\u5ff5\u51fa\u8655\u6709\u6578\u500b\u7248\u672c\u3002\u6b0a\u5a01\u8a5e\u5178<a href=\"https:\/\/www.merriam-webster.com\/\">Merriam-Webste<\/a>r\u6307\u5148\u6709\u300c\u718a\u300d\uff0c\u518d\u6709\u300c\u725b\u300d\uff0c\u725b\u5e02\/\u718a\u5e02\u7684\u6982\u5ff5\u4f86\u81ea18\u4e16\u7d00<a href=\"https:\/\/www.merriam-webster.com\/wordplay\/the-origins-of-the-bear-and-bull-in-the-stock-market\">Bearskin Jobbers<\/a>\uff08\u718a\u76ae\u4ea4\u6613\u5546\uff09\u4e00\u8a5e\u88ab\u7528\u4ee5\u5f62\u5bb9\u90e8\u5206\u8cbf\u6613\u4e2d\u9593\u5546\u6703\u63d0\u524d\u51fa\u552e\u5c1a\u672a\u4ea4\u4ed8\u7684\u718a\u76ae\uff0c\u4e26\u671f\u671b\u672a\u4f86\u718a\u76ae\u50f9\u683c\u4e0b\u8dcc\uff0c\u4ee4\u7c21\u7a31Bear\u300c\u718a\u300d\u88ab\u5f62\u5bb9\u70ba\u6295\u6a5f\u6cbd\u7a7a\u8005\u671f\u671b\u8cc7\u7522\u50f9\u683c\u6703\u4e0b\u8dcc\uff1b<a href=\"https:\/\/repool.com\/blog\/the-history-behind-the-bull-and-the-bear\/\">\u6709\u6307<\/a>\u540c\u671f\u6b50\u6d32\u76db\u884c\u52d5\u7269\u7af6\u6280\uff0c\u4f8b\u5982\u9b25\u725b\u3001\u9b25\u718a\uff0c\u4ee4\u725b\u6210\u70ba\u718a\u7684\u5c0d\u7acb\u9762\uff0c\u6545\u6301\u89c0\u5ff5\u76f8\u53cd\u3001\u300c\u63a5\u8ca8\u300d\u8cb7\u5165\u8cc7\u7522\u7684\u4eba\u5c31\u88ab\u7a31\u70ba\u300c\u725b\u300d\u3002<\/p>\n\n\n\n<p>\u53e6\u4e00\u500b\u5b57\u5178\u725b\u6d25\u82f1\u6587\u5b57\u5178\u5247\u57281825\u5e74<a href=\"https:\/\/easyinv.blogspot.com\/2012\/07\/origin-of-term-bull-market-and-bear.html\">\u6536\u9304<\/a>Bull Market\uff08\u725b\u5e02\uff09\u4e00\u8a5e\uff0c\u5176\u4e2d\u4e00\u7a2e\u8aaa\u6cd5\u662f\u6307\u4f86\u81ea\u6cd5\u8a9ebulle sp\u00e9culative\uff08\u6295\u6a5f\u6ce1\u6cab\u754c\u5b9a\u4e8b\u60c5\uff09\u3002<\/p>\n\n\n\n<p>\u7b2c\u4e09\u500b\u7248\u672c\u5247\u662f\u53d6\u6750\u81ea\u725b\u8207\u718a\u653b\u64ca\u65b9\u5f0f\u7684<a href=\"https:\/\/savantwealth.com\/savant-views-news\/article\/bulls-and-bears-where-do-those-terms-come-from\/\">\u96b1\u55bb<\/a>\uff1a\u725b\u4ee5\u89d2\u5411\u4e0a\u9802\uff0c\u800c\u718a\u4ee5\u722a\u5411\u4e0b\u62cd\uff0c\u5206\u5225\u8c61\u5fb5\u5e02\u5834\u4e0a\u6f32\u8207\u4e0b\u8dcc\uff0c\u6240\u4ee5\u83ef\u723e\u8857\u7684\u9285\u50cf\u4ea6\u5169\u7a2e\u52d5\u7269\u7684\u653b\u64ca\u59ff\u614b\u8868\u73fe\u5e02\u5834\u597d\u53cb\u8207\u6de1\u53cb\u7684<a href=\"https:\/\/hkuspace.hku.hk\/sharing\/bearcow\">\u89d2\u529b<\/a>\u3002<\/p>\n\n\n\n<p><a href=\"https:\/\/www.dowjones.com\/\">\u9053\u74ca\u65af\u516c\u53f8<\/a>\u8207\u300a<a href=\"https:\/\/cn.wsj.com\/zh-hant\">\u83ef\u723e\u8857\u65e5\u5831<\/a>\u300b\u5275\u8fa6\u4ebaCharles H. Dow\u57281902\u5e74\u63d0\u51fa\u300c\u9053\u6c0f\u7406\u8ad6\u300d\uff0c\u300c\u7576\u6bcf\u4e00\u500b\u65b0\u9ad8\u9ede\u7684\u5e73\u5747\u503c\u8d85\u904e\u5148\u524d\u7684\u65b0\u9ad8\u9ede\u6642\uff0c\u5373\u5c6c\u725b\u5e02\uff1b\u7576\u6bcf\u4e00\u500b\u65b0\u4f4e\u9ede\u4f4e\u65bc\u5148\u524d\u7684\u65b0\u4f4e\u9ede\u6642\uff0c\u5373\u5c6c\u718a\u5e02\u300d\uff0c\u5f62\u6210\u73fe\u4ee3\u725b\u718a\u5468\u671f\u7406\u8ad6\u7684\u57fa\u790e\uff1a\u80a1\u5e02\u8207\u7d93\u6fdf\u8868\u73fe\u639b\u920e\uff0c\u725b\u5e02\/\u718a\u5e02\u6bcf\u500b\u5347\u8dcc\u5468\u671f\u75313\u500b\u968e\u6bb5\u7d44\u6210\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u725b\u5e02\u76843\u500b\u968e\u6bb5<\/h3>\n\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\/09\/\u725b\u5e02-\u725b\u4e00-\u725b\u4e8c-\u725b\u4e09-1024x576.png\" alt=\"\" class=\"wp-image-7086\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u725b\u5e02-\u725b\u4e00-\u725b\u4e8c-\u725b\u4e09-1024x576.png 1024w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u725b\u5e02-\u725b\u4e00-\u725b\u4e8c-\u725b\u4e09-300x169.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u725b\u5e02-\u725b\u4e00-\u725b\u4e8c-\u725b\u4e09-768x432.png 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u725b\u5e02-\u725b\u4e00-\u725b\u4e8c-\u725b\u4e09-1536x864.png 1536w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u725b\u5e02-\u725b\u4e00-\u725b\u4e8c-\u725b\u4e09-747x420.png 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u725b\u5e02-\u725b\u4e00-\u725b\u4e8c-\u725b\u4e09-696x392.png 696w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u725b\u5e02-\u725b\u4e00-\u725b\u4e8c-\u725b\u4e09-1068x601.png 1068w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u725b\u5e02-\u725b\u4e00-\u725b\u4e8c-\u725b\u4e09.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>\u725b\u4e00\uff5c\u725b\u5e02\u7b2c1\u671f\uff1a\u840c\u82bd\u671f<\/strong><\/p>\n\n\n\n<p>\u725b\u4e00\u662f\u6574\u500b\u725b\u5e02\u7684\u958b\u7aef\uff0c\u901a\u5e38\u7dca\u63a5\u5728\u718a\u5e02\u7684\u6700\u4f4e\u8c37\u4e4b\u5f8c\uff0c\u6240\u4ee5\u7d93\u6fdf\u8207\u5e02\u5834\u60c5\u7dd2\u6700\u70ba\u60b2\u89c0\uff0c\u4f46\u90e8\u5206\u5177\u6709\u524d\u77bb\u6027\u7684\u5c08\u696d\u6295\u8cc7\u8005\u6216\u6a5f\u69cb\u5df2\u958b\u59cb\u770b\u5230\u7d93\u6fdf\u5fa9\u7526\u7684\u5fae\u5f31\u8de1\u8c61 \uff0c\u958b\u59cb\u9022\u4f4e\u4f48\u5c40\uff0c\u5e02\u5834\u4ea4\u6613\u91cf\u9010\u6f38\u589e\u52a0\uff0c\u4f46\u5927\u591a\u6578\u6563\u6236\u4ecd\u8655\u65bc\u89c0\u671b\u8207\u61f7\u7591\u614b\u5ea6\u3002\u725b\u4e00\u7684\u5e02\u5834\u53cd\u5f48\u5f80\u5f80\u5145\u6eff\u6ce2\u52d5\uff0c\u4e14\u4e0d\u88ab\u5927\u773e\u6240\u4fe1\u8cf4\u3002<\/p>\n\n\n\n<p><strong>\u725b\u4e8c\uff5c\u725b\u5e02\u7b2c2\u671f\uff1a\u52a0\u901f\u671f<\/strong><\/p>\n\n\n\n<p>\u96a8\u8457\u5b8f\u89c0\u7d93\u6fdf\u6578\u64da\uff08\u5982\u4f01\u696d\u76c8\u5229\u3001\u5c31\u696d\u7387\uff09\u958b\u59cb\u986f\u8457\u6539\u5584\uff0c\u5e02\u5834\u4fe1\u5fc3\u5927\u5e45\u63d0\u5347\u3002\u5728\u725b\u4e8c\u5927\u91cf\u8cc7\u91d1\u958b\u59cb\u6e67\u5165\u5e02\u5834\uff0c\u80a1\u50f9\u8fc5\u901f\u4e0a\u6f32\u4e26\u5c62\u5275\u65b0\u9ad8\uff0c\u6210\u4ea4\u91cf\u6301\u7e8c\u653e\u5927\u3002\u725b\u5e02\u7b2c2\u671f\u6642\u6c23\u6c1b\u65e5\u76ca\u71be\u71b1\uff0c\u5a92\u9ad4\u8207\u6295\u8cc7\u793e\u7fa4\u7684\u6b63\u9762\u60c5\u7dd2\u986f\u8457\u589e\u5f37\uff0c\u5438\u5f15\u4e86\u66f4\u591a\u6295\u8cc7\u8005\u53c3\u8207\u3002<\/p>\n\n\n\n<p><strong>\u725b\u4e09\uff5c\u725b\u5e02\u7b2c3\u671f\uff1a\u72c2\u71b1\u671f<\/strong><\/p>\n\n\n\n<p>\u80a1\u7968\u5e02\u5834\u7684\u6a02\u89c0\u60c5\u7dd2\u5728\u725b\u4e09\u9054\u5230\u9802\u5cf0\uff0c\u9032\u5165\u300c\u5168\u6c11\u7686\u80a1\u300d\u7684\u968e\u6bb5 \uff0c\u975e\u7406\u6027\u6295\u6a5f\u884c\u70ba\u666e\u904d\uff0c\u8a31\u591a\u7f3a\u4e4f\u57fa\u672c\u9762\u652f\u6490\u7684\u8cc7\u7522\u50f9\u683c\u88ab\u5927\u5e45\u63a8\u9ad8\uff0c\u5f62\u6210\u8cc7\u7522\u6ce1\u6cab\u3002\u725b\u4e09\u6642\uff0c\u80a1\u7968\u4f30\u503c\u56b4\u91cd\u504f\u96e2\u57fa\u672c\u9762\uff0c\u98a8\u96aa\u4e0d\u65b7\u7d2f\u7a4d\uff0c\u901a\u5e38\u5728\u5e02\u5834\u904e\u5ea6\u6a02\u89c0\u7684\u8de1\u8c61\u4e0b\u7d50\u675f\uff0c\u70ba\u718a\u5e02\u57cb\u4e0b\u4f0f\u7b46 \u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u718a\u5e02\u76843\u500b\u968e\u6bb5<\/h3>\n\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\/09\/\u718a\u5e02-\u718a\u4e00-\u718a\u4e8c-\u718a\u4e09-1024x576.png\" alt=\"\" class=\"wp-image-7084\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u718a\u5e02-\u718a\u4e00-\u718a\u4e8c-\u718a\u4e09-1024x576.png 1024w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u718a\u5e02-\u718a\u4e00-\u718a\u4e8c-\u718a\u4e09-300x169.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u718a\u5e02-\u718a\u4e00-\u718a\u4e8c-\u718a\u4e09-768x432.png 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u718a\u5e02-\u718a\u4e00-\u718a\u4e8c-\u718a\u4e09-1536x864.png 1536w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u718a\u5e02-\u718a\u4e00-\u718a\u4e8c-\u718a\u4e09-747x420.png 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u718a\u5e02-\u718a\u4e00-\u718a\u4e8c-\u718a\u4e09-696x392.png 696w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u718a\u5e02-\u718a\u4e00-\u718a\u4e8c-\u718a\u4e09-1068x601.png 1068w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u718a\u5e02-\u718a\u4e00-\u718a\u4e8c-\u718a\u4e09.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>\u718a\u4e00\uff5c\u718a\u5e02\u7b2c1\u671f\uff1a\u521d\u671f\u8dcc\u52e2<\/strong><\/p>\n\n\n\n<p>\u5728\u725b\u5e02\u72c2\u71b1\u671f\u4e4b\u5f8c\uff0c\u8cc7\u7522\u50f9\u683c\u5f9e\u9ad8\u4f4d\u958b\u59cb\u56de\u843d \u3002\u7576\u5927\u90e8\u5206\u6295\u8cc7\u8005\u4ecd\u5c07\u5176\u8996\u70ba\u6b63\u5e38\u7684\u5e02\u5834\u8abf\u6574\uff0c\u4f46\u654f\u611f\u7684\u6295\u8cc7\u8005\u5df2\u958b\u59cb\u5bdf\u89ba\u5230\u5e02\u5834\u5373\u5c07\u8fce\u4f86\u8b8a\u5c40\uff0c\u958b\u59cb\u5728\u718a\u4e00\u6642\u671f\u7372\u5229\u96e2\u5834\uff0c\u5c0e\u81f4\u80a1\u50f9\u958b\u59cb\u7de9\u6162\u4e0b\u8dcc \u3002<\/p>\n\n\n\n<p><strong>\u718a\u4e8c\uff5c\u718a\u5e02\u7b2c2\u671f\uff1a\u6050\u614c\u671f<\/strong><\/p>\n\n\n\n<p>\u7576\u91cd\u5927\u7684\u8ca0\u9762\u4e8b\u4ef6\uff08\u5982\u91d1\u878d\u5371\u6a5f\u3001\u7d93\u6fdf\u8870\u9000\uff09\u89f8\u767c\u5e02\u5834\u4fe1\u5fc3\u5d29\u6f70\u6642\uff0c\u6295\u8cc7\u8005\u9032\u5165\u6050\u614c\u671f \uff0c\u5373\u718a\u4e8c\u3002\u8cc7\u7522\u50f9\u683c\u52a0\u901f\u4e0b\u8dcc\uff0c\u6295\u8cc7\u8005\u5728\u6050\u61fc\u60c5\u7dd2\u7684\u9a45\u52d5\u4e0b\u5927\u91cf\u62cb\u552e\u8cc7\u7522\uff0c\u6050\u614c\u8513\u5ef6\u81f3\u7d55\u5927\u591a\u6578\u6295\u8cc7\u8005 \u3002<\/p>\n\n\n\n<p><strong>\u718a\u4e09\uff5c\u718a\u5e02\u7b2c3\u671f\uff1a\u7bc9\u5e95\u671f<\/strong><\/p>\n\n\n\n<p>\u5728\u7d93\u6b77\u4e86\u6050\u614c\u6027\u62cb\u552e\u4e4b\u5f8c\uff0c\u5e02\u5834\u4e0b\u8dcc\u8da8\u52e2\u958b\u59cb\u653e\u7de9\uff0c\u8cc7\u7522\u50f9\u683c\u9010\u6f38\u7a69\u5b9a\u3002\u5728\u718a\u4e09\u7684\u4ea4\u6613\u91cf\u53ef\u80fd\u8655\u65bc\u4f4e\u8c37\uff0c\u5e02\u5834\u60c5\u7dd2\u4e5f\u8dcc\u81f3\u6700\u4f4e\u9ede\uff0c\u4f46\u90e8\u5206\u9577\u7dda\u6295\u8cc7\u8005\u8207\u6295\u6a5f\u8005\u958b\u59cb\u6084\u7136\u9032\u5834\uff0c\u5c0b\u627e\u88ab\u932f\u6bba\u7684\u512a\u8cea\u8cc7\u7522\uff0c\u70ba\u4e0b\u4e00\u8f2a\u725b\u5e02\u7684\u840c\u82bd\u5960\u5b9a\u57fa\u790e\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u725b\u5e02\/\u718a\u5e02\u5468\u671f\u80cc\u5f8c\u7684\u9a45\u52d5\u529b\u91cf<\/strong><\/h3>\n\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\/09\/\u725b\u5e02-\u718a\u5e02-1024x576.png\" alt=\"\" class=\"wp-image-7090\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u725b\u5e02-\u718a\u5e02-1024x576.png 1024w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u725b\u5e02-\u718a\u5e02-300x169.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u725b\u5e02-\u718a\u5e02-768x432.png 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u725b\u5e02-\u718a\u5e02-1536x864.png 1536w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u725b\u5e02-\u718a\u5e02-747x420.png 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u725b\u5e02-\u718a\u5e02-696x392.png 696w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u725b\u5e02-\u718a\u5e02-1068x601.png 1068w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u725b\u5e02-\u718a\u5e02.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>\u725b\u718a\u7406\u8ad6\uff08\u82f1\u6587\uff1aBull-Bear Theory\uff09\u671f\u9593\u725b\u5e02\u8207\u718a\u5e02\u7684\u8b8a\u5316\u88ab\u8996\u4f5c\u53cd\u6620\u7d93\u6fdf\u5468\u671f\u3001\u653f\u5e9c\u8ca1\u653f\u8207\u8ca8\u5e63\u653f\u7b56\uff0c\u4ee5\u53ca\u91cd\u5927\u5916\u90e8\u4e8b\u4ef6<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u7d93\u6fdf\u5468\u671f\u8207\u4f01\u696d\u76c8\u5229\uff1a<\/strong><br>\u725b\u5e02\u901a\u5e38\u8207\u7d93\u6fdf\u64f4\u5f35\u540c\u6b65\uff0c\u4f01\u696d\u76c8\u5229\u6301\u7e8c\u589e\u9577\uff0c\u5f9e\u800c\u63a8\u52d5\u80a1\u50f9\u4e0a\u6f32\uff1b\u76f8\u53cd\uff0c\u718a\u5e02\u5247\u8207\u7d93\u6fdf\u8870\u9000\u6216\u4f01\u696d\u76c8\u5229\u4e0b\u6ed1\u76f8\u95dc \u3002\u7531\u65bc\u4f01\u696d\u662f\u5b8f\u89c0\u7d93\u6fdf\u7684\u53c3\u8207\u8005\uff0c\u76c8\u5229\u72c0\u6cc1\u8207\u80a1\u7968\u4f30\u503c\u7dca\u5bc6\u76f8\u9023\u3002<\/li>\n\n\n\n<li><strong>\u653f\u5e9c\u8ca1\u653f\u8207\u8ca8\u5e63\u653f\u7b56\uff1a<\/strong><br>\u4f8b\u5982\u6e1b\u606f\u7b49\u5bec\u9b06\u8ca8\u5e63\u653f\u7b56\u80fd\u589e\u52a0\u5e02\u5834\u4e0a\u7684\u300c\u6d3b\u6c34\u300d\uff0c\u964d\u4f4e\u4f01\u696d\u7684\u501f\u8cb8\u6210\u672c\uff0c\u5f9e\u800c\u523a\u6fc0\u7d93\u6fdf\u6d3b\u52d5\uff0c\u5e38\u88ab\u8996\u70ba\u725b\u5e02\u7684\u50ac\u5316\u5291\uff1b\u7576\u7d93\u6fdf\u904e\u71b1\u3001\u901a\u81a8\u904e\u9ad8\u6642\uff0c\u592e\u884c\u52a0\u606f\u7b49\u8ca8\u5e63\u7dca\u7e2e\u653f\u7b56\u53ef\u80fd\u5c0e\u81f4\u5e02\u5834\u6d41\u52d5\u6027\u8da8\u7dca\uff0c\u5f15\u767c\u91d1\u878d\u8cc7\u7522\u5e02\u5834\u7531\u725b\u5e02\u8f49\u70ba\u718a\u5e02 \u3002&nbsp;<\/li>\n\n\n\n<li><strong>\u91cd\u5927\u5916\u90e8\u4e8b\u4ef6\uff1a<\/strong><br>\u7a81\u767c\u6027\u7684\u8ca0\u9762\u4e8b\u4ef6\uff0c\u5982\u91d1\u878d\u5371\u6a5f\u3001\u5730\u7de3\u653f\u6cbb\u885d\u7a81\u6216\u5168\u7403\u6027\u75ab\u60c5\u90fd\u80fd\u5920\u8fc5\u901f\u6539\u8b8a\u5e02\u5834\u60c5\u7dd2\u8207\u9810\u671f\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u4ec0\u9ebc\u662f\u6280\u8853\u6027\u725b\u5e02\u8207\u6280\u8853\u6027\u718a\u5e02<\/h2>\n\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\/09\/\u6280\u8853-\u5206\u6790-\u725b\u5e02-\u718a\u5e02-1024x576.png\" alt=\"\" class=\"wp-image-7088\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u6280\u8853-\u5206\u6790-\u725b\u5e02-\u718a\u5e02-1024x576.png 1024w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u6280\u8853-\u5206\u6790-\u725b\u5e02-\u718a\u5e02-300x169.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u6280\u8853-\u5206\u6790-\u725b\u5e02-\u718a\u5e02-768x432.png 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u6280\u8853-\u5206\u6790-\u725b\u5e02-\u718a\u5e02-1536x864.png 1536w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u6280\u8853-\u5206\u6790-\u725b\u5e02-\u718a\u5e02-747x420.png 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u6280\u8853-\u5206\u6790-\u725b\u5e02-\u718a\u5e02-696x392.png 696w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u6280\u8853-\u5206\u6790-\u725b\u5e02-\u718a\u5e02-1068x601.png 1068w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u6280\u8853-\u5206\u6790-\u725b\u5e02-\u718a\u5e02.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>\u91d1\u878d\u5e02\u5834\u666e\u904d\u63a1\u7528\u91cf\u5316\u6307\u6a19\u4f86\u754c\u5b9a\u4e8b\u7269\uff0c\u725b\u5e02\u8207\u718a\u5e02\u7684\u6700\u5ee3\u6cdb\u88ab\u63a5\u53d7\u91cf\u5316\u5224\u65b7\u6a19\u6e96\u70ba\u300c20%\u6f32\u8dcc\u5e45\u300d\u539f\u5247\uff08\u4e0d\u8003\u616e\u57fa\u672c\u9762\u56e0\u7d20\uff09\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u6280\u8853\u6027\u725b\u5e02<\/strong>\uff1a\u7576\u91d1\u878d\u8cc7\u7522\u50f9\u683c\u81ea\u6700\u4f4e\u9ede\u958b\u59cb\u53cd\u5f48\uff0c\u4e0a\u6f32\u5e45\u5ea6\u8d85\u904e20%&nbsp;<\/li>\n\n\n\n<li><strong>\u6280\u8853\u6027\u718a\u5e02<\/strong>\uff1a\u7576\u91d1\u878d\u8cc7\u7522\u50f9\u683c\u81ea\u6700\u9ad8\u9ede\u958b\u59cb\u56de\u843d\uff0c\u4e0b\u8dcc\u5e45\u5ea6\u8d85\u904e20%<\/li>\n<\/ul>\n\n\n\n<p><strong>\u66f4\u591a\u80a1\u7968\u6295\u8cc7\u5165\u9580\u6982\u5ff5\uff1a<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e7%a2%8e-%e8%82%a1\/\"><strong>\u788e\u80a1<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e5%90%88%e8%82%a1-%e4%be%9b%e8%82%a1-%e6%8b%86%e8%82%a1-%e6%84%8f%e6%80%9d\/\"><strong>\u5408\u80a1<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e5%90%88%e8%82%a1-%e4%be%9b%e8%82%a1-%e6%8b%86%e8%82%a1-%e6%84%8f%e6%80%9d\/\"><strong>\u4f9b\u80a1<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e5%90%88%e8%82%a1-%e4%be%9b%e8%82%a1-%e6%8b%86%e8%82%a1-%e6%84%8f%e6%80%9d\/\"><strong>\u62c6\u80a1<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e6%8f%9b-%e6%89%8b-%e7%8e%87-turnover-rate-%e6%84%8f%e6%80%9d\/\"><strong>\u63db\u624b\u7387<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%bb%91-%e6%9c%9f\/\"><strong>\u9ed1\u671f<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e6%81%86%e6%8c%87-%e6%81%92%e6%8c%87-%e6%b8%af%e8%82%a1-hsi-%e5%a4%9c%e6%9c%9f-adr-%e9%a0%90%e6%89%98%e8%ad%89%e5%88%b8\/\"><strong>\u591c\u671f<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e7%be%8e%e5%9c%8b-%e9%a0%90%e8%a8%97-%e8%ad%89%e5%88%b8-%e8%8b%b1%e6%96%87-adr-%e6%84%8f%e6%80%9d-%e5%83%b9%e6%a0%bc-%e6%b8%af%e8%82%a1-%e5%8f%83%e8%80%83-%e5%83%b9%e5%80%bc\/\"><strong>\u9810\u8a17\u8a3c\u5238<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e7%99%bc-%e9%88%94-%e9%8a%80%e8%a1%8c\/\"><strong>\u767c\u9214\u9280\u884c<\/strong><\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2025\u9999\u6e2f\u80a1\u5e02\u5df2\u9032\u5165\u725b\u5e02\u55ce\uff1f<\/h3>\n\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\/09\/\u6e2f\u80a1-\u725b\u5e02-1024x576.png\" alt=\"\" class=\"wp-image-7082\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u6e2f\u80a1-\u725b\u5e02-1024x576.png 1024w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u6e2f\u80a1-\u725b\u5e02-300x169.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u6e2f\u80a1-\u725b\u5e02-768x432.png 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u6e2f\u80a1-\u725b\u5e02-1536x864.png 1536w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u6e2f\u80a1-\u725b\u5e02-747x420.png 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u6e2f\u80a1-\u725b\u5e02-696x392.png 696w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u6e2f\u80a1-\u725b\u5e02-1068x601.png 1068w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/09\/\u6e2f\u80a1-\u725b\u5e02.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>\u53d7\u5305\u62ec\u7f8e\u570b\u6e1b\u606f\u9810\u671f\u3001\u4e2d\u8cc7\u300c\u5317\u6c34\u300d\u6301\u7e8c\u6d41\u5165\u3001\u6b0a\u91cd\u516c\u53f8\u696d\u7e3e\u7406\u60f3\u3001\u4ee5\u53ca\u4eba\u6c11\u5e63<a href=\"https:\/\/hkcd.com\/hkcdweb\/content\/2025\/09\/22\/content_8715313.html\">\u5347\u503c<\/a>\u548c\u8cc7\u91d1\u6d41\u52d5\u6027\u6539\u5584\u7b49\u56e0\u7d20<a href=\"https:\/\/hkcd.com\/hkcdweb\/content\/2025\/09\/22\/content_8715313.html\">\u63a8\u52d5<\/a>\uff0c\u622a\u81f32025\u5e749\u6708\uff0c\u6052\u751f\u6307\u6578\u5df2\u91cd\u56de25,000\u9ede\u4ee5\u4e0a\uff0c\u8f03\u4f4e\u4f4d\u53cd\u5f48\u63a5\u8fd140%\uff0c\u7d2f\u8a08\u6f32\u5e45\u4f4d\u5217\u5168\u7403\u4e3b\u8981\u5e02\u5834\u524d\u5217\uff0c\u4e14\u6210\u4ea4\u91cf<a 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class=\"wp-block-heading\">\u725b\u718a\u7406\u8ad6\u7684\u5c40\u9650<\/h4>\n\n\n\n<p>\u4ee5\u4e0a\u725b\u718a\u7406\u8ad6\u3001\u6280\u8853\u6027\u725b\u5e02\u53ca\u6280\u8853\u6027\u718a\u5e02\u88ab\u4e0d\u5c11\u6295\u8cc7\u754c\u540d\u5bbf\u6279\u8a55\u662f\u300c\u4e8b\u5f8c\u5b54\u660e\u300d\uff0c\u5373\u6295\u8cc7\u8005\u5f80\u5f80\u662f\u5728\u8da8\u52e2\u5df2\u7d93\u5f62\u6210\u4e26\u6301\u7e8c\u4e00\u6bb5\u6642\u9593\u5f8c\uff0c\u56de\u904e\u982d\u4f86\u6aa2\u8996\u6642\u624d\u80fd\u660e\u78ba\u5224\u65b7\u65e9\u524d\u7684\u5e02\u6cc1\u662f\u8655\u65bc\u725b\u5e02\u6216\u718a\u5e02\uff0c\u96e3\u4ee5\u88ab\u8996\u70ba\u9810\u6e2c\u8cc7\u7522\u50f9\u683c\u7684\u5de5\u5177\u3002<\/p>\n\n\n\n<p>\u540c\u6642\u91d1\u878d\u5e02\u5834\u7d93\u904e\u9577\u6642\u9593\u7684\u767c\u5c55\uff0c\u5373\u4f7f\u662f\u500b\u540c\u4e00\u500b\u5730\u5340\u7684\u80a1\u7968\u5e02\u5834\u4e2d\u90fd\u6703\u6709\u300c<a href=\"https:\/\/hk.on.cc\/hk\/bkn\/cnt\/finance\/20170726\/bkn-20170726000723749-0726_00842_001.html\">\u725b\u5e02\u8207\u718a\u5e02\u4e26\u5b58<\/a>\u300d\u6216\u8005\u500b\u5225\u677f\u584a\u300c\u5c40\u90e8\u725b\u5e02\u300d\uff0f\u300c\u5c40\u90e8\u718a\u5e02\u300d\u7684\u60c5\u6cc1\uff0c\u5df2\u751a\u5c11\u51fa\u73fe\u6574\u500b\u80a1\u5e02\u9f4a\u6f32\u6216\u9f4a\u8dcc\u7684\u60c5\u6cc1\u3002<\/p>\n\n\n\n<p><strong>\u66f4\u591a\u91d1\u878d\u884c\u696d\u5c08\u9580\u540d\u8a5e\u89e3\u91cb\uff1a<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e5%b7%a8%e7%81%bd%e5%82%b5%e5%88%b8-%e6%98%af%e4%bb%80%e9%ba%bc-%e9%a6%99%e6%b8%af-%e5%9f%ba%e9%87%91-%e5%8e%9f%e7%90%86-%e4%bf%9d%e9%9a%aa%e7%9b%b8%e9%80%a3-%e8%8b%b1%e6%96%87\/\"><strong>\u5de8\u707d\u50b5\u5238<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e5%a6%82%e4%bd%95%e9%80%8f%e9%81%8e%e6%88%90%e6%9c%ac%e5%b9%b3%e5%9d%87%e6%b3%95%e7%a9%8d%e7%b4%af%e9%95%b7%e6%9c%9f%e8%b2%a1%e5%af%8c\/\"><strong>\u5e73\u5747\u6210\u672c\u6cd5<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%87%91%e8%9e%8d%e5%85%a5%e9%96%80%ef%bd%9c%e7%a7%81%e5%8b%9f%e5%9f%ba%e9%87%91%e8%88%87%e7%a7%81%e5%8b%9f%e8%82%a1%e6%ac%8a%e5%9f%ba%e9%87%91%e6%9c%89%e4%bd%95%e5%88%a5%ef%bc%9f\/\"><strong>\u79c1\u52df\u57fa\u91d1<\/strong><\/a><strong>\uff5c<\/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\u57fa\u91d1<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%a6%99%e6%b8%af-%e9%80%80%e4%bc%91-%e9%95%b7%e5%a3%bd-%e9%a2%a8%e9%9a%aa-%e9%a6%99%e6%b8%af-%e8%8b%b1%e6%96%87-longevity-risk\/\"><strong>\u9577\u58fd\u98a8\u96aa<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/?p=7052\"><strong>\u99ac\u592a\u6548\u61c9<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u91d1\u878d\u5e02\u5834\u4e2d\u300c\u725b\u5e02\u300d(Bull Market)\u8207\u300c\u718a\u5e02\u300d(Bear Market)\u6982\u5ff5\u8d77\u6e90\u8ffd\u6eaf\u523018\u4e16\u7d00\u521d\uff0c\u5f8c\u4f86\u88ab\u9053\u74ca\u65af\u6307\u6578\u767c\u660e\u8005Charles Henry 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