{"id":7592,"date":"2025-12-21T01:18:20","date_gmt":"2025-12-20T17:18:20","guid":{"rendered":"https:\/\/www.syfe.com\/hk\/magazine\/?p=7592"},"modified":"2025-12-18T18:50:05","modified_gmt":"2025-12-18T10:50:05","slug":"%e6%bb%af%e8%84%b9-stagflation-%e6%8a%95%e8%b3%87-%e7%ad%96%e7%95%a5","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e6%bb%af%e8%84%b9-stagflation-%e6%8a%95%e8%b3%87-%e7%ad%96%e7%95%a5\/","title":{"rendered":"Stagflation\uff5c\u6eef\u8139\u9ede\u89e3\u5f97\u4eba\u9a5a\uff1f70\u5e74\u4ee3\u6eef\u8139\u4ee4\u7f8e\u570b\u80a1\u5e02\u8d85\u7d1a\u9839"},"content":{"rendered":"\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\/12\/\u6eef\u8139-Stagflation-\u6295\u8cc7-\u7b56\u7565-1024x576.png\" alt=\"\" class=\"wp-image-7593\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/12\/\u6eef\u8139-Stagflation-\u6295\u8cc7-\u7b56\u7565-1024x576.png 1024w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/12\/\u6eef\u8139-Stagflation-\u6295\u8cc7-\u7b56\u7565-300x169.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/12\/\u6eef\u8139-Stagflation-\u6295\u8cc7-\u7b56\u7565-768x432.png 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/12\/\u6eef\u8139-Stagflation-\u6295\u8cc7-\u7b56\u7565-1536x864.png 1536w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/12\/\u6eef\u8139-Stagflation-\u6295\u8cc7-\u7b56\u7565-747x420.png 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/12\/\u6eef\u8139-Stagflation-\u6295\u8cc7-\u7b56\u7565-696x392.png 696w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/12\/\u6eef\u8139-Stagflation-\u6295\u8cc7-\u7b56\u7565-1068x601.png 1068w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/12\/\u6eef\u8139-Stagflation-\u6295\u8cc7-\u7b56\u7565.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>\u6eef\u8139(Stagflation)\u662f\u7531\u300c\u505c\u6eef\u300d(stagnation)\u8207\u300c\u901a\u8139\u300d(inflation) \u7d44\u6210\uff0c\u63cf\u8ff0\u7d93\u6fdf\u505c\u6eef\u4f46\u9ad8\u901a\u8139\u7684\u7d93\u6fdf\u60c5\u666f\u3002\u6eef\u8139\u57282025\u5e74\u7531\u65bc\u7279\u6717\u666e\u7684\u95dc\u7a05\u653f\u7b56\u51fa\u53f0\u800c\u91cd\u65b0\u5f15\u8d77\u6295\u8cc7\u8005\u95dc\u6ce8\uff0c\u4e26\u601d\u8003\u4ec0\u9ebc\u6295\u8cc7\u7b56\u7565\u5c0d\u61c9\uff0c\u56e0\u70ba\u4e0a\u4e16\u7d0070\u5e74\u4ee3\u91d1\u878d\u5e02\u5834\u66fe\u53d7\u5230\u6eef\u8139\u5f71\u97ff\u51fa\u73fe\u300c\u80a1\u50b5\u96d9\u6bba\u300d\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-c91ca5c1      \"\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\t\u8a8d\u8b58\u6eef\u8139\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=\"#\u4ec0\u9ebc\u662f\u6eef\u8139\" class=\"uagb-toc-link__trigger\">\u4ec0\u9ebc\u662f\u6eef\u8139\uff1f<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u6eef\u8139\u6642\u671f\u7684\u4e3b\u8981\u7279\u5fb5\" class=\"uagb-toc-link__trigger\">\u6eef\u8139\u6642\u671f\u7684\u4e3b\u8981\u7279\u5fb5<\/a><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#\u70ba\u4ec0\u9ebc\u6703\u767c\u751f\u6eef\u8139\" class=\"uagb-toc-link__trigger\">\u70ba\u4ec0\u9ebc\u6703\u767c\u751f\u6eef\u8139\uff1f<\/a><li class=\"uagb-toc__list\"><a href=\"#\u6eef\u8139\u5c0d\u80a1\u5e02\u53ca\u50b5\u5238\u7684\u8ca0\u9762\u5f71\u97ff\" class=\"uagb-toc-link__trigger\">\u6eef\u8139\u5c0d\u80a1\u5e02\u53ca\u50b5\u5238\u7684\u8ca0\u9762\u5f71\u97ff<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u7279\u6717\u666e\u95dc\u7a05\u653f\u7b56\u4ee4\u80a1\u5e02\u71c3\u8d77\u5c0d\u6eef\u6f32\u6182\u616e\" class=\"uagb-toc-link__trigger\">\u7279\u6717\u666e\u95dc\u7a05\u653f\u7b56\u4ee4\u80a1\u5e02\u71c3\u8d77\u5c0d\u6eef\u6f32\u6182\u616e<\/a><li class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u61c9\u5c0d\u6eef\u8139\u7684\u6295\u8cc7\u7b56\u7565\" class=\"uagb-toc-link__trigger\">\u61c9\u5c0d\u6eef\u8139\u7684\u6295\u8cc7\u7b56\u7565<\/a><li class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u6700\u65b0\u88ab\u52d5\u6536\u5165\u9078\u64c7\" class=\"uagb-toc-link__trigger\">\u6700\u65b0\u88ab\u52d5\u6536\u5165\u9078\u64c7<\/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<h2 class=\"wp-block-heading\">\u4ec0\u9ebc\u662f\u6eef\u8139\uff1f<\/h2>\n\n\n\n<p>\u6eef\u8139\uff08\u82f1\u6587\uff1aStagflation\uff09\u662f\u6307\u9ad8\u901a\u8139\u3001\u7d93\u6fdf\u505c\u6eef\u548c\u9ad8\u5931\u696d\u7387\u540c\u6642\u51fa\u73fe\u7684\u77db\u76fe\u7d93\u6fdf\u73fe\u8c61\u3002\u5728\u50b3\u7d71\u7d93\u6fdf\u7406\u8ad6\u300c\u83f2\u5229\u666e\u65af\u66f2\u7dda\u300d\uff08Phillips Curve\uff09<a href=\"https:\/\/www.morningstar.com.au\/markets\/stagflation-morningstar-explains\">\u57fa\u672c\u5047\u8a2d<\/a>\uff0c\u901a\u8ca8\u81a8\u8139\u8207\u5931\u696d\u7387\u61c9\u8a72\u5448\u73fe\u53cd\u5411\u95dc\u4fc2\uff1a\u5373\u901a\u8139\u4e0a\u5347\uff0c\u5931\u696d\u7387\u61c9\u8a72\u4e0b\u964d\uff1b\u53cd\u4e4b\u4ea6\u7136\u3002\u4e0d\u904e\u767c\u751f\u6eef\u8139\u6642\uff0c\u7269\u50f9\u6c34\u5e73\u4e0a\u6f32\uff0c\u4f46\u5931\u696d\u7387\u537b\u4e0d\u8dcc\u53cd\u5347\uff0c\u540c\u6642\u7d93\u6fdf\u589e\u9577\u7de9\u6162\uff0c\u751a\u81f3\u53ef\u4ee5\u662f\u8ca0\u589e\u9577\uff0c\u653f\u7b56\u5236\u5b9a\u8005\u5728\u6c7a\u5b9a\u7d93\u6fdf\u653f\u7b56\u6642\u9762\u5c0d\u6975\u5927\u6311\u6230\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6eef\u8139\u6642\u671f\u7684\u4e3b\u8981\u7279\u5fb5<\/h3>\n\n\n\n<p>\u7d93\u6fdf\u767c\u5c55\u505c\u6eef\uff1a\u7d93\u6fdf\u589e\u9577\u653e\u7de9\u6216\u70ba\u8ca0\u589e\u9577\uff0cGDP (\u570b\u5167\u751f\u7522\u7e3d\u503c) \u589e\u901f\u5927\u5e45\u4e0b\u964d\u6216\u4e0d\u4f3c\u9810\u671f<\/p>\n\n\n\n<p>\u9ad8\u901a\u8139\u7387\uff1a\u7269\u50f9\u6c34\u5e73\u7684\u4e0a\u5347\u4e0d\u518d\u662f\u6d88\u8cbb\u8005\u9700\u6c42\u62c9\u52d5\uff0c\u800c\u662f\u7531\u6210\u672c\u63a8\u52d5\uff0c\u4fb5\u8755\u5c45\u6c11\u8cfc\u8cb7\u529b\uff0c\u964d\u4f4e\u751f\u6d3b\u6c34\u5e73\u3002\u200b<\/p>\n\n\n\n<p>\u9ad8\u5931\u696d\u7387\uff1a\u57fa\u65bc\u6210\u672c\u58d3\u529b\uff0c\u4f01\u696d\u6e1b\u5c11\u62db\u8058\u548c\u88c1\u54e1\uff0c\u5c0e\u81f4\u5931\u696d\u7387\u4e0a\u5347<\/p>\n\n\n\n<p>\u6295\u8cc7\u610f\u9858\u6e1b\u5f31\uff1a\u4f01\u696d\u5728\u6210\u672c\u4e0a\u5347\u4f46\u92b7\u552e\u53d7\u9650\u7684\u60c5\u6cc1\u4e0b\uff0c\u5229\u6f64\u53d7\u58d3\uff0c\u6295\u8cc7\u610f\u9858\u6e1b\u5f31<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u70ba\u4ec0\u9ebc\u6703\u767c\u751f\u6eef\u8139\uff1f<\/h2>\n\n\n\n<p>\u6eef\u8139\u57281970\u5e74\u4ee3\u9996\u6b21\u6210\u70ba\u5ee3\u6cdb\u8a8d\u8b58\u7684\u7d93\u6fdf\u73fe\u8c61\uff0c\u4e3b\u8981\u539f\u56e0\u5305\u62ec\u4f9b\u61c9\u56e0\u7d20\u53ca\u8ca8\u5e63\u653f\u7b56\u7b49\uff0c\u4e26\u975e\u81ea\u7136\u767c\u751f\u7684\u7d93\u6fdf\u5468\u671f\u6027\u73fe\u8c61\u3002<\/p>\n\n\n\n<p>70\u5e74\u4ee3\u77f3\u6cb9\u5371\u6a5f\u6642\uff0cOPEC\u77f3\u6cb9\u7981\u904b\u53ca\u4f0a\u6717\u9769\u547d\u5c0e\u81f4\u6cb9\u50f9<a href=\"https:\/\/www.empower.com\/the-currency\/money\/stagflation\">\u7ffb\u5347<\/a>\uff0c\u5c0e\u81f4\u5168\u7403\u4f9b\u61c9\u93c8\u4e2d\u65b7\uff0c\u540c\u6642\u751f\u7522\u6210\u672c\u4e0a\u5347\uff0c\u6700\u7d42\u4f01\u696d\u70ba\u4e86\u7dad\u6301\u5229\u6f64\u88ab\u8feb\u63d0\u9ad8\u7522\u54c1\u552e\u50f9\u3002<\/p>\n\n\n\n<p>\u540c\u4e00\u6642\u671f\u806f\u5132\u5c40\u8207\u5176\u4ed6\u4e3b\u8981\u592e\u884c\u8a8d\u70ba\u901a\u8139\u50c5\u662f\u66ab\u6642\u7684\u4f9b\u7d66\u73fe\u8c61\uff0c\u4e14\u64d4\u6182\u5931\u696d\u7387\u4e0a\u5347\uff0c\u56e0\u800c\u901a\u904e\u523a\u6fc0\u6027\u8ca8\u5e63\u653f\u7b56\u3001\u589e\u52a0\u8ca8\u5e63\u4f9b\u61c9\u53bb\u62b5\u6d88\u7522\u51fa\u4e0b\u8dcc\u5e36\u4f86\u7684\u885d\u64ca\u3002\u7576\u5e02\u5834\u610f\u8b58\u5230\u592e\u884c\u91cd\u8996\u5c31\u696d\u76ee\u6a19\u591a\u65bc\u4fdd\u6301\u7269\u50f9\u7a69\u5b9a\u6642\uff0c\u901a\u8139\u9810\u671f\u958b\u59cb\u98c6\u5347\uff0c\u800c\u5de5\u6703\u4e5f\u8981\u6c42\u66f4\u9ad8\u52a0\u85aa\u4ee5\u88dc\u511f\u901a\u8139\uff0c\u4f01\u696d\u5247\u300c\u8d85\u524d\u90e8\u7f72\u300d\u63d0\u524d\u6f32\u50f9\u4ee5\u61c9\u5c0d\u5de5\u8cc7\u6210\u672c\u4e0a\u5347\uff0c\u5f62\u6210\u5de5\u8cc7\u8207\u7269\u50f9\u87ba\u65cb\u5f0f\u4e0a\u5347\u7684\u5faa\u74b0\u3002<\/p>\n\n\n\n<p>\u53e6\u5916\uff0c70\u5e74\u4ee3\u56fa\u5b9a\u532f\u7387\u5236\u5ea6\u74e6\u89e3\uff0c\u91d1\u672c\u4f4d\u88ab\u5ee2\u9664\uff0c\u6d6e\u52d5\u532f\u7387\u6ce2\u52d5\u9032\u4e00\u6b65\u63a8\u9ad8\u901a\u8139\uff0c\u4ea6\u662f\u5c0e\u81f4\u6eef\u8139\u7684\u539f\u56e0\u3002<\/p>\n\n\n\n<p>\u8cc7\u6599<a href=\"https:\/\/www.federalreservehistory.org\/essays\/great-inflation\">\u986f\u793a<\/a>\uff0c1974\u5e74\u901a\u8139\u8d85\u904e12%\uff0c\u5931\u696d\u7387\u8d85\u904e7%\uff1b\u52301980\u5e74\u590f\u5b63\uff0c\u901a\u8139\u63a5\u8fd114.5%\uff0c\u5931\u696d\u7387\u8d85\u904e7.5%\uff0c\u6eef\u8139\u76f4\u63a5\u5c0e\u81f4\u7d93\u6fdf\u5b78\u7814\u7a76\u65b9\u5411\u7684\u8f49\u8b8a\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\/%E6%B0%B8%E7%BA%8C-%E5%82%B5%E5%88%B8-perpetual-bond\/\"><strong>\u6c38\u7e8c\u50b5\u5238<\/strong><\/a><strong>\uff5c<\/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\n\n\n<h2 class=\"wp-block-heading\">\u6eef\u8139\u5c0d\u80a1\u5e02\u53ca\u50b5\u5238\u7684\u8ca0\u9762\u5f71\u97ff<\/h2>\n\n\n\n<p>\u50b3\u7d71\u768460\/40\u80a1\u7968\u8207\u50b5\u5238\u7d44\u5408\u88ab\u8996\u70ba\u6709\u6548\u5206\u6563\u98a8\u96aa\u7684\u8cc7\u7522\u914d\u7f6e\u65b9\u6cd5\uff0c\u4e0d\u904e\u5728\u6eef\u8139\u6642\u671f\u537b\u5931\u53bb\u6548\u7528\u3002\u8cc7\u6599\u986f\u793a\uff0c\u57281973\u5e74\u81f31982\u5e74\u9593\uff0c\u6a19\u666e500<a 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class=\"wp-block-heading\">\u7279\u6717\u666e\u95dc\u7a05\u653f\u7b56\u4ee4\u80a1\u5e02\u71c3\u8d77\u5c0d\u6eef\u6f32\u6182\u616e<\/h3>\n\n\n\n<p>\u6839\u64da\u7f8e\u9280\u5e74\u4e2d\u767c\u8868\u7684\u7814\u7a76<a href=\"https:\/\/www.reuters.com\/business\/global-markets-stagflation-graphic-2025-08-18\/\">\u7d50\u679c<\/a>\uff0c\u9ad8\u9054\u4e03\u6210\u7684\u6295\u8cc7\u8005\u9810\u8a08\u672a\u4f86\u4e00\u5e74\u5167\u7f8e\u570b\u5c07\u7d93\u6b77\u6eef\u8139\u30022025\u5e74\u7f8e\u80a1\u6295\u8cc7\u8005\u5c0d\u6eef\u8139\u7684\u6700\u5927\u64d4\u6182<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-08-07\/stagflation-concerns-ripple-through-wall-street-as-tariffs-hit\">\u6e90\u65bc<\/a>\u7279\u6717\u666e\u653f\u5e9c\u7684\u95dc\u7a05\u653f\u7b56\uff0c\u56e0\u9ad8\u95dc\u7a05\u5c0d\u7f8e\u570b\u7d93\u6fdf\u9020\u6210\u96d9\u91cd\u6253\u64ca\u3002\u4e00\u65b9\u9762\uff0c\u95dc\u7a05\u63a8\u9ad8\u751f\u7522\u6210\u672c\uff0c\u5c0e\u81f4\u5546\u54c1\u50f9\u683c\u4e0a\u5347\uff0c\u52a0\u5287\u901a\u8139\u58d3\u529b\uff1b\u53e6\u4e00\u65b9\u9762\uff0c\u95dc\u7a05\u9650\u5236\u5546\u696d\u6295\u8cc7\u548c\u5c31\u696d\uff0c\u5c0e\u81f4\u7d93\u6fdf\u589e\u901f\u653e\u7de9\u3002<\/p>\n\n\n\n<p>\u592e\u884c\u7684\u8ca8\u5e63\u653f\u7b56\u4e5f\u56e0\u800c\u9677\u5165\u56f0\u5883\uff0c\u9ad8\u901a\u8139\u610f\u5473\u806f\u5132\u5c40\u96e3\u4ee5\u5927\u5e45\u964d\u606f\uff0c\u7d93\u6fdf\u523a\u6fc0\u529b\u5ea6\u53d7\u9650\uff0c\u5c45\u9ad8\u4e0d\u4e0b\u7684\u501f\u8cb8\u6210\u672c\u5c0d\u5bb6\u5ead\u958b\u652f\u548c\u4f01\u696d\u5229\u6f64\u5747\u69cb\u6210\u6301\u7e8c\u58d3\u529b\u3002<\/p>\n\n\n\n<p><strong>\u66f4\u591a<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/tag\/%e6%b8%af%e8%82%a1\/\">\u80a1\u7968\u6295\u8cc7\u5165\u9580<\/a>\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<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e8%82%a1%e7%a5%a8-%e5%81%9c%e7%89%8c\/\">\u505c\u724c<\/a>\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\/%e7%99%bc-%e9%88%94-%e9%8a%80%e8%a1%8c\/\"><strong>\u767c\u9214\u9280\u884c<\/strong><\/a><strong>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e8%82%a1%e7%a5%a8-%e5%81%9c%e7%89%8c\/\">\u80a1\u7968\u505c\u724c<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/?p=7556\">\u80a1\u7968\u56de\u8cfc<\/a><\/strong>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e7%a7%81%e6%9c%89-%e5%8c%96\/\">\u79c1\u6709\u5316<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u61c9\u5c0d\u6eef\u8139\u7684\u6295\u8cc7\u7b56\u7565<\/h3>\n\n\n\n<p>\u91d1\u878d\u6a5f\u69cbFTSE Russell\u5728\u7814\u7a76<a href=\"https:\/\/www.lseg.com\/content\/dam\/ftse-russell\/en_us\/documents\/research\/reimagining-asset-allocation-a-balanced-macro-approach.pdf\">\u4e2d<\/a>\u6307\u51fa\u8cb4\u91d1\u5c6c\u548c\u901a\u8139\u639b\u920e\u50b5\u5238\uff08TIPS \/ Inflation-Linked Bonds\uff09\u662f\u6709\u6548\u5c0d\u6c96\u6eef\u8139\u7684\u8cc7\u7522\u3002<\/p>\n\n\n\n<p>\u8cb4\u91d1\u5c6c\uff0c\u4f8b\u5982\u9ec3\u91d1\u6216\u767d\u9280\uff0c\u5728\u901a\u8139\u4e0a\u5347\u53ca\u7d93\u6fdf\u589e\u9577\u653e\u7de9\u6642\u80fd\u5920\u4ee4\u8cfc\u8cb7\u529b\u4fdd\u503c\uff0c\u540c\u6642\u8207\u80a1\u7968\u3001\u540d\u7fa9\u50b5\u5238\u7684\u95dc\u806f\u4f4e\u751a\u81f3\u8ca0\u76f8\u95dc\u3002<\/p>\n\n\n\n<p>\u81f3\u65bc\u901a\u8139\u639b\u920e\u50b5\u5238\u7684\u6d3e\u606f\u53ef\u76f4\u63a5\u8ddf\u96a8\u7269\u50f9\u8abf\u6574\uff08\u4f8b\u5982\u9999\u6e2f\u7684<a 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href=\"https:\/\/www.syfe.com\/hk\/income-plus\">Syfe\u6536\u606f\u5bf6<\/a>\u300d*\u6295\u8cc7\u7522\u54c1\uff0c\u70ba\u6295\u8cc7\u8005\u63d0\u4f9b\u6bcf\u6708\u7372\u5f97\u7a69\u5b9a\u73fe\u91d1\u6d41\u7684\u65b0\u9078\u64c7\uff0c\u5e74\u5316\u6536\u76ca\u7387\u75316.0%\u81f3\u9ad8\u90548.6%\u3002<\/p>\n\n\n\n<p>\u4e86\u89e3\u66f4\u591a\ufe30<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E4%BA%86%E8%A7%A3%E6%9B%B4%E5%A4%9A%E6%94%B6%E6%81%AF%E5%AF%B6\/#learn-more\">https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/\u4e86\u89e3\u66f4\u591a\u6536\u606f\u5bf6\/#learn-more<\/a><\/p>\n\n\n\n<p><sup>*\u6536\u606f\u5bf6\u6295\u8cc7\u7d44\u5408\u7684\u76ee\u6a19\u662f\u5728\u7576\u524d\u5e02\u5834\u74b0\u5883\u4e0b\u5be6\u73fe\u6bcf\u6708\u76ee\u6a19\u6d3e\u606f\u7bc4\u570d\u3002\u6536\u606f\u5bf6\u7121\u6cd5\u4fdd\u8b49\u6bcf\u6708\u76ee\u6a19\u6d3e\u606f\uff0c\u4e26\u53d7\u5e02\u5834\u56e0\u7d20\u5f71\u97ff\u3002\u904e\u53bb\u7684\u6d3e\u606f\u4e0d\u4e00\u5b9a\u4ee3\u8868\u672a\u4f86\uff0c\u4e26\u6709\u6a5f\u6703\u8abf\u4f4e\u3002\u6bcf\u6708\u6b63\u6578\u6d3e\u606f\u6216\u5206\u914d\u6536\u76ca\u7387\u4e26\u4e0d\u610f\u5473\u8457\u6b63\u7684\u56de\u5831\u3002<\/sup><\/p>\n\n\n\n<p><sup>\u672c\u6587\u50c5\u4f9b\u53c3\u8003\uff0c\u4e0d\u61c9\u8996\u70ba\u8ca1\u52d9\u5efa\u8b70\u3002\u672c\u6587\u7121\u610f\u63a8\u92b7\u4efb\u4f55\u7279\u5b9a\u6295\u8cc7\uff0c\u4e5f\u7121\u610f\u63d0\u4f9b\u6216\u5efa\u8b70\u8cb7\u8ce3\u4efb\u4f55\u7279\u5b9a\u8b49\u5238\u3002\u6240\u6709\u5f62\u5f0f\u7684\u6295\u8cc7\u90fd\u6709\u98a8\u96aa\uff0c\u5305\u62ec\u640d\u5931\u5168\u90e8\u6295\u8cc7\u91d1\u984d\u7684\u98a8\u96aa\u3002\u904e\u53bb\u7684\u56de\u5831\u4e26\u4e0d\u4fdd\u8b49\u672a\u4f86\u7684\u8868\u73fe\u3002\u6295\u8cc7\u8005\u61c9\u8003\u616e\u81ea\u8eab\u60c5\u6cc1\u3002\u6b64\u8655\u5305\u542b\u7684\u8cc7\u8a0a\u4e26\u4e0d\u69cb\u6210\u5f9e\u4e8b\u4efb\u4f55\u6295\u8cc7\u6d3b\u52d5\u7684\u8981\u7d04\u3001\u4efb\u4f55\u62db\u652c\u3001\u9080\u8acb\u6216\u5efa\u8b70\u3002\u672c\u6587\u7ae0\u5167\u5bb9\u672a\u7d93\u9999\u6e2f\u8b49\u5238\u53ca\u671f\u8ca8\u4e8b\u52d9\u76e3\u5bdf\u59d4\u54e1\u6703\u5be9\u95b1\u3002<\/sup><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6eef\u8139(Stagflation)\u662f\u7531\u300c\u505c\u6eef\u300d(stagnation)\u8207\u300c\u901a\u8139\u300d(inflation) 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