{"id":8287,"date":"2026-03-19T01:21:04","date_gmt":"2026-03-18T17:21:04","guid":{"rendered":"https:\/\/www.syfe.com\/hk\/magazine\/?p=8287"},"modified":"2026-03-04T17:56:06","modified_gmt":"2026-03-04T09:56:06","slug":"%e5%9e%83%e5%9c%be-%e5%82%b5%e5%88%b8-%e9%ab%98-%e6%94%b6%e7%9b%8a-%e6%94%b6%e6%81%af","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e5%9e%83%e5%9c%be-%e5%82%b5%e5%88%b8-%e9%ab%98-%e6%94%b6%e7%9b%8a-%e6%94%b6%e6%81%af\/","title":{"rendered":"\u56fa\u5b9a\u6536\u76ca\uff5c\u4f55\u8b02\u9ad8\u6536\u76ca\u50b5\u5238\uff0f\u5783\u573e\u50b5\uff1f\u4e00\u6587\u68b3\u7406\u7279\u9ede\u8207\u98a8\u96aa\u00a0"},"content":{"rendered":"\n<p>\u50b5\u5238\u6295\u8cc7\u7684\u5176\u4e2d\u4e00\u7a2e\u7c21\u55ae\u4e8c\u5206\u6cd5\u662f\u6309\u7167\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb\u7684\u8a55\u7d1a\uff0c\u5c07\u56fa\u5b9a\u6536\u76ca\u7522\u54c1\u5206\u985e\u70ba\u6295\u8cc7\u7d1a\u5225\u50b5\u5238\u53ca\u9ad8\u6536\u76ca\u50b5\u5238\uff08\u82f1\u6587\uff1aHigh-Yield Bonds\uff09\uff0c\u5f8c\u8005\u4ea6\u88ab\u7a31\u70ba\u300c\u5783\u573e\u50b5\u5238\u300d\uff08\u82f1\u6587\uff1aJunk Bonds\uff09\u3002\u672c\u6587\u70ba\u6295\u8cc7\u8005\u68b3\u7406\u8003\u616e\u9019\u985e\u9ad8\u606f\u50b5\u5238\u6642\u5fc5\u9808\u91d0\u6e05\u7684\u95dc\u9375\u7279\u9ede\u53ca\u98a8\u96aa\u3002<\/p>\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\/2026\/03\/\u5783\u573e-\u50b5\u5238-\u9ad8-\u6536\u76ca-\u6536\u606f-\u6295\u6a5f-1024x576.png\" alt=\"\" class=\"wp-image-8288\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/\u5783\u573e-\u50b5\u5238-\u9ad8-\u6536\u76ca-\u6536\u606f-\u6295\u6a5f-1024x576.png 1024w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/\u5783\u573e-\u50b5\u5238-\u9ad8-\u6536\u76ca-\u6536\u606f-\u6295\u6a5f-300x169.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/\u5783\u573e-\u50b5\u5238-\u9ad8-\u6536\u76ca-\u6536\u606f-\u6295\u6a5f-768x432.png 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/\u5783\u573e-\u50b5\u5238-\u9ad8-\u6536\u76ca-\u6536\u606f-\u6295\u6a5f-1536x864.png 1536w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/\u5783\u573e-\u50b5\u5238-\u9ad8-\u6536\u76ca-\u6536\u606f-\u6295\u6a5f-747x420.png 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/\u5783\u573e-\u50b5\u5238-\u9ad8-\u6536\u76ca-\u6536\u606f-\u6295\u6a5f-696x392.png 696w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/\u5783\u573e-\u50b5\u5238-\u9ad8-\u6536\u76ca-\u6536\u606f-\u6295\u6a5f-1068x601.png 1068w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/\u5783\u573e-\u50b5\u5238-\u9ad8-\u6536\u76ca-\u6536\u606f-\u6295\u6a5f.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\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-2f4d8c2d      \"\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\u6536\u606f\u7522\u54c1\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=\"#\u4f55\u8b02\u9ad8\u6536\u76ca\u50b5\u5238\u5783\u573e\u50b5\u5238\" class=\"uagb-toc-link__trigger\">\u4f55\u8b02\u9ad8\u6536\u76ca\u50b5\u5238\uff0f\u5783\u573e\u50b5\u5238\uff1f<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u5783\u573e\u50b5\u5238\u4e4b\u7236michael-milken\" class=\"uagb-toc-link__trigger\">\u300c\u5783\u573e\u50b5\u5238\u4e4b\u7236\u300dMichael Milken<\/a><li class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u9ad8\u6536\u76ca\u50b5\u5238\u7684\u56de\u5831\u8207\u98a8\u96aa\u88dc\u511f\" class=\"uagb-toc-link__trigger\">\u9ad8\u6536\u76ca\u50b5\u5238\u7684\u56de\u5831\u8207\u98a8\u96aa\u88dc\u511f<\/a><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#\u9ad8\u6536\u76ca\u50b5\u5238\u5e02\u5834\u7684\u91cd\u8981\u6b77\u53f2\u4e8b\u4ef6\" class=\"uagb-toc-link__trigger\">\u9ad8\u6536\u76ca\u50b5\u5238\u5e02\u5834\u7684\u91cd\u8981\u6b77\u53f2\u4e8b\u4ef6<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u516b\u5341\u5e74\u4ee3-\u5fb7\u5d07\u8b49\u5238\u7834\u7522-\u9ad8\u6536\u76ca\u50b5\u5e02\u5834\u4e7e\u6db8\" class=\"uagb-toc-link__trigger\">\u516b\u5341\u5e74\u4ee3 -\u5fb7\u5d07\u8b49\u5238\u7834\u7522 \u9ad8\u6536\u76ca\u50b5\u5e02\u5834\u4e7e\u6db8<\/a><li class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u6b21\u6309\u5371\u6a5f-\u91d1\u878d\u6a5f\u69cb\u69d3\u687f\u904e\u9ad8\u5c0e\u81f4\u7cfb\u7d71\u6027\u98a8\u96aa\" class=\"uagb-toc-link__trigger\">\u6b21\u6309\u5371\u6a5f- \u91d1\u878d\u6a5f\u69cb\u69d3\u687f\u904e\u9ad8\u5c0e\u81f4\u7cfb\u7d71\u6027\u98a8\u96aa<\/a><li class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#covid\u5f8c-\u4e2d\u570b\u5167\u623f\u9ad8\u6536\u76ca\u50b5\u9023\u74b0\u9055\u7d04\" class=\"uagb-toc-link__trigger\">COVID\u5f8c -\u4e2d\u570b\u5167\u623f\u9ad8\u6536\u76ca\u50b5\u9023\u74b0\u9055\u7d04<\/a><\/li><\/ul><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#\u6700\u65b0\u9999\u6e2f\u88ab\u52d5\u6536\u5165\u9078\u64c7\" class=\"uagb-toc-link__trigger\">\u6700\u65b0\u9999\u6e2f\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\">\u4f55\u8b02\u9ad8\u6536\u76ca\u50b5\u5238\uff0f\u5783\u573e\u50b5\u5238\uff1f<\/h2>\n\n\n\n<p>\u9ad8\u6536\u76ca\u50b5\u5238\uff08High-Yield Bonds\uff09\u9664\u4e86\u65e9\u5e74\u88ab\u7a31\u70ba\u5783\u573e\u50b5\u5238\uff08Junk Bonds\uff09\u4ee5\u5916\uff0c\u9084\u6709\u975e\u6295\u8cc7\u7d1a\u50b5\u5238\uff08\u82f1\u6587\uff1aNon\u2011investment\u2011grade bonds\uff09\u53ca\u6295\u6a5f\u7d1a\u50b5\u5238\uff08Speculative\u2011grade bonds\uff09\u7b49\u7a31\u547c\u3002\u9019\u7a2e\u9ad8\u606f\u50b5\u5238\u7684\u5b9a\u7fa9\u662f\u6307<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E4%BF%A1%E7%94%A8-%E8%A9%95%E7%B4%9A-%E6%A9%9F%E6%A7%8B\/\">\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb<\/a>\u7684\u8a55\u7d1a\u4f4e\u65bc\u6295\u8cc7\u7d1a\u5225\uff0c\u5373\u6a19\u6e96\u666e\u723e\uff08Standard &amp; Poor&#8217;s\uff09\uff0f\u60e0\u8b7d\uff08Fitch Ratings\uff09\u4f4e\u65bcBBB\u2212\u3001\u7a46\u8fea\uff08Moody&#8217;s\uff09\u4f4e\u65bc Baa3\u7684\u516c\u53f8\u50b5\uff0c\u88ab\u6b78\u985e\u70ba\u6295\u6a5f\u7d1a\u5225\uff08\u82f1\u6587\uff1aSpeculative-grade\uff09\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\u5340\u9593<\/strong><\/td><td><strong>\u6027\u8cea<\/strong><\/td><td><strong>S&amp;P \/ Fitch<\/strong><\/td><td><strong>Moody\u2019s<\/strong><\/td><td><strong>\u5e38\u898b\u7a31\u547c<\/strong><\/td><\/tr><tr><td>BBB\u2212 \/ Baa3 \u4ee5\u4e0a<\/td><td>\u6295\u8cc7\u7d1a\u5225\u50b5\u5238\uff08Investment\u2011grade\uff09<\/td><td>AAA \uff5e BBB\u2212<\/td><td>Aaa \uff5e Baa3<\/td><td>\u6295\u8cc7\u7d1a\u50b5\u5238\u3001Investment\u2011grade bonds<\/td><\/tr><tr><td>BB+ \/ Ba1 \u4ee5\u4e0b<\/td><td>\u5783\u573e\u50b5\u5238\uff0f\u9ad8\u6536\u76ca\u50b5\u5238\uff0f\u6295\u6a5f\u7d1a\u5225\u50b5\u5238\uff08Junk Bonds\uff0fSpeculative\u2011grade \/ High\u2011yield\uff09<\/td><td>BB+ \u4ee5\u4e0b\u81f3 D<\/td><td>Ba1 \u4ee5\u4e0b\u81f3 C<\/td><td>\u9ad8\u6536\u76ca\u50b5\u5238\u3001\u6295\u6a5f\u7d1a\u50b5\u5238\u3001\u5783\u573e\u50b5\u5238\uff08junk bonds\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u503c\u5f97\u7559\u610f\u7684\u662f\u9ad8\u6536\u76ca\u50b5\u7684\u300c\u9ad8\u6536\u76ca\u300d\u662f\u6e90\u81ea\u6574\u9ad4\u767c\u884c\u4eba\u8a55\u7d1a\u4f4e\u65bc\u6295\u8cc7\u7d1a\uff0c\u4e26\u975e\u55ae\u7d14\u6307\u9ad8\u5229\u606f\u3002\u9ad8\u6536\u76ca\u50b5\u5238\u7684\u767c\u884c\u4eba\u5171\u540c\u7279\u5fb5\u662f\u4f01\u696d\u8ca1\u52d9\u69d3\u687f\u8f03\u9ad8\u3001\u73fe\u91d1\u6d41\u7a69\u5b9a\u6027\u8f03\u5f31\u3001\u6b63\u8655\u65bc\u8f49\u578b\u6216\u9762\u5c0d\u4e0b\u884c\u58d3\u529b\u884c\u696d\uff0c\u9055\u7d04\u6a5f\u7387\u660e\u986f\u9ad8\u65bc\u6295\u8cc7\u7d1a\u4f01\u696d\u6216<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E6%94%BF%E5%BA%9C-%E5%82%B5%E5%88%B8\/\">\u653f\u5e9c\u50b5\u5238<\/a>\u3002\u9019\u985e\u4f01\u696d\u70ba\u5438\u7d0d\u8cc7\u91d1\uff0c\u9700\u8981\u652f\u4ed8\u9ad8\u65bc\u6295\u8cc7\u7d1a\u50b5\u5238\u7684\u7968\u9762\u606f\u7387\u3002<\/p>\n\n\n\n<p><strong>\u66f4\u591a\u50b5\u5238\u6295\u8cc7\u8cc7\u8a0a\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/?p=7307\">\u653f\u5e9c\u50b5\u5238<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/ibond-%E9%A6%99%E6%B8%AF-%E6%94%BF%E5%BA%9C-%E9%80%9A%E8%84%B9-%E6%8E%9B%E9%89%A4-%E5%82%B5%E5%88%B8\/\">iBond<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%8a%80%e8%89%b2-%e5%82%b5%e5%88%b8\/\">\u9280\u50b5<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/?p=7291\">\u96f6\u552e\u7da0\u50b5<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e6%a9%9f-%e7%ae%a1-%e5%b1%80-%e5%82%b5%e5%88%b8\/\">\u6a5f\u7ba1\u5c40\u50b5\u5238<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%bb%9e%e5%bf%83-%e5%82%b5-%e7%86%8a%e8%b2%93-%e5%82%b5\/\">\u9ede\u5fc3\u50b5<\/a>\uff5c<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u300c\u5783\u573e\u50b5\u5238\u4e4b\u7236\u300dMichael Milken<\/h3>\n\n\n\n<p>\u9ad8\u6536\u76ca\u50b5\u5238\u7531\u65e9\u671f\u88ab\u8996\u4f5c\u908a\u7de3\u5316\u6295\u6a5f\u5de5\u5177\uff0c\u6f14\u8b8a\u70ba\u73fe\u4ee3\u8cc7\u7522\u914d\u7f6e\u4e2d\u5e38\u898b\u7684\u7d44\u6210\u90e8\u5206\uff0c\u4e0d\u5f97\u4e0d\u63d0\u300c\u5783\u573e\u50b5\u5238\u4e4b\u7236\u300dMichael Milken\u3002<\/p>\n\n\n\n<p>1946\u5e74\u751f\u65bc\u52a0\u5dde\u7684Michael Milken\uff0c\u81ea\u5b78\u751f\u6642\u4ee3\u8d77\u4fbf\u5c0d\u4f4e\u8a55\u7d1a\u4f01\u696d\u50b5\u5238\u7522\u751f\u6fc3\u539a\u8208\u8da3\uff0c\u81f3\u4e03\u5341\u5e74\u4ee3\u52a0\u5165\u6295\u8cc7\u9280\u884cDrexel Burnham Lambert\u958b\u59cb\u63d0\u5021\u5e02\u5834\u4f4e\u4f30\u9ad8\u6536\u76ca\u50b5\u5238\u7684\u5be6\u969b\u50f9\u503c\uff0c\u6307\u9019\u985e\u9ad8\u606f\u7522\u54c1\u5be6\u969b\u4e0a\u80fd\u70ba\u6295\u8cc7\u8005\u5e36\u4f86\u8c50\u539a\u7684\u7d93\u98a8\u96aa\u8abf\u6574\u56de\u5831\uff0c<\/p>\n\n\n\n<p>Michael Milken\u5728\u4e03\u5341\u5e74\u4ee3\u4e2d\u671f\u958b\u59cb\u7cfb\u7d71\u6027\u7d93\u71df\u4f4e\u8a55\u7d1a\u516c\u53f8\u50b5\uff0c\u8b93\u4e2d\u5c0f\u578b\u4f01\u696d\u3001\u65b0\u8208\u884c\u696d\uff08\u5982\u5a92\u9ad4\u3001\u96fb\u8a0a\uff09\u80fd\u5920\u85c9\u4f4f\u9ad8\u6536\u76ca\u50b5\u7372\u5f97\u5927\u898f\u6a21\u8cc7\u672c\uff0c\u63a8\u52d5\u5927\u91cf\u69d3\u687f\u6536\u8cfc\u53ca\u6575\u610f\u4f75\u8cfc\u3002\u57281987\u5e74\u9ad8\u5cf0\u6642\u671f\uff0cMichael Milken\u55ae\u5e74\u6536\u5165\u9ad8\u90545.5\u5104\u7f8e\u5143\uff0c\u5c6c\u83ef\u723e\u8857\u6700\u9ad8\u6536\u5165\u7684\u91d1\u878d\u4eba\u58eb\u4e4b\u4e00\u3002<\/p>\n\n\n\n<p>\u4e0d\u904e\u5728\u516b\u5341\u5e74\u4ee3\u672b\uff0cMichael Milken\u56e0\u5167\u5e55\u4ea4\u6613\u3001\u5e02\u5834\u64cd\u63a7\u7b49\u591a\u9805\u6307\u63a7\u906d\u7f8e\u570b\u53f8\u6cd5\u90e8\u53ca\u8b49\u76e3\u6703\uff08SEC\uff09\u8abf\u67e5\uff0c\u6700\u7d42\u88ab\u5224\u8655\u76e3\u7981\u53ca<a href=\"https:\/\/site.warrington.ufl.edu\/miles-livingston\/files\/2019\/06\/Drexel-Burnham-Lambert%E2%80%99s-Bankruptcy-and-the-Subsequent-Decline-in-Underwriter-Fees.pdf\">\u7e73\u4ed8<\/a>6\u5104\u7f8e\u5143\u7f70\u6b3e\uff0c\u4e26\u88ab\u7d42\u8eab\u7981\u6b62\u5f9e\u4e8b\u8b49\u5238\u696d\uff1b\u540c\u6642\u5168\u7403\u76e3\u7ba1\u6a5f\u69cb\u81ea\u6b64\u5c0d\u92b7\u552e\u7d50\u69cb\u6027\u3001\u6295\u6a5f\u6027\u56fa\u5b9a\u6536\u76ca\u7522\u54c1\u7684\u898f\u7ba1\u660e\u986f\u6536\u7dca\u30022020\u5e74\u7f8e\u570b\u7e3d\u7d71\u7279\u6717\u666e<a href=\"https:\/\/hk.finance.yahoo.com\/news\/%E7%BE%8E%E5%9C%8B%E6%9C%80%E9%AB%98%E6%B3%95%E9%99%A2%E5%88%A4%E5%B7%9D%E6%99%AE%E9%97%9C%E7%A8%85%E9%81%95%E6%86%B2-%E6%AD%90%E7%9B%9F-%E8%8B%B1%E5%9C%8B-%E5%8A%A0%E6%8B%BF%E5%A4%A7-%E5%A2%A8%E8%A5%BF%E5%93%A5-010713443.html?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAASOZmiYsD41t2T6tibtCyDZ3PjzLS1uGCNuPle2tQRTwrtq86tQKENzUNFmUcrcNKypqUbvM5o_P_QwFY7Xjb91pMpCpGi7IjUozeRDIipGVlOzgUwPqMQPc4aN73hNByaLJk49HToXcthquim_WqvVg9JZMLtnNl0XxDf7i5b1\">\u8d66\u514d<\/a>Michael Milken\u7f6a\u540d\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u9ad8\u6536\u76ca\u50b5\u5238\u7684\u56de\u5831\u8207\u98a8\u96aa\u88dc\u511f<\/h3>\n\n\n\n<p>\u9ad8\u6536\u76ca\u50b5\u5238\u7684\u56de\u5831\u53ef\u4ee5\u7406\u89e3\u7531\u7121\u98a8\u96aa\u7684\u7f8e\u50b5\u6536\u76ca\u7387\u8207\u4fe1\u7528\u5229\u5dee2\u5927\u90e8\u5206\u7d44\u6210\uff0c\u5f8c\u8005\u53cd\u6620\u767c\u884c\u4eba\u4f01\u696d\u53ca\u56fa\u5b9a\u6536\u76ca\u7522\u54c1\u98a8\u96aa\u6ea2\u50f9\u3002\u6839\u64da\u4e0d\u540c<a href=\"https:\/\/www.morningstar.com\/bonds\/corporate-credit-spreads-trading-within-tightest-historical-decile\">\u91d1\u878d<\/a><a href=\"https:\/\/www.franklintempleton.co.uk\/articles\/2023\/brandywine-global\/is-it-the-spread-or-the-yield-its-both\">\u6a5f\u69cb<\/a>\u7d71\u8a08\uff0c\u81ea2000\u5e74\u4ee5\u4f86\uff0c\u7f8e\u570b\u7684\u9ad8\u6536\u76ca\u50b5\u5238\u5e73\u5747\u6bcf\u5e74\u6bd4\u540c\u671f\u9650\u7684\u7f8e\u570b\u570b\u50b5\u9ad8\u51fa\u7d04500\u81f3600\u57fa\u9ede\u7684\u5229\u606f\u4f5c\u70ba\u5c0d\u4fe1\u7528\u3001\u6d41\u52d5\u6027\u7b49\u984d\u5916\u98a8\u96aa\u7684\u88dc\u511f\uff0c\u800c\u5e73\u5747\u4fe1\u7528\u5229\u5dee\u5340\u9593\u6703\u96a8\u6642\u671f\u4e0d\u540c\u800c\u6ce2\u52d5\u3002<\/p>\n\n\n\n<p>\u7531\u65bc\u9ad8\u6536\u76ca\u50b5\u5238\u5c6c\u5178\u578b\u7684\u5468\u671f\u6027\u8cc7\u7522\uff0c\u4e0a\u8ff0\u7684\u4fe1\u7528\u5229\u5dee\u5728\u7d93\u6fdf\u64f4\u5f35\u671f\u6703\u53d7\u60e0\u4f01\u696d\u76c8\u5229\u6539\u5584\u800c\u6536\u7a84\uff0c\u53cd\u4e4b\u5728\u7d93\u6fdf\u8870\u9000\u9810\u671f\u6642\u5247\u6703\u51fa\u73fe\u64f4\u5f35\u3002&nbsp;<\/p>\n\n\n\n<p><strong>\u6295\u8cc7\u50b5\u5238\u77e5\u8b58\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E5%96%AE-%E8%A4%87-%E5%88%A9%E6%81%AF-%E6%9C%AC%E5%88%A9%E5%92%8C-%E5%88%A9%E7%8E%87-%E8%A8%88%E7%AE%97-%E5%85%AC%E5%BC%8F\/\"><strong>\u55ae\u5229\u606f\u8207\u8907\u5229\u606f\u7684\u8a08\u7b97\u516c\u5f0f\u6709\u4ec0\u9ebc\u5206\u5225\uff1f<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u9ad8\u6536\u76ca\u50b5\u5238\u5e02\u5834\u7684\u91cd\u8981\u6b77\u53f2\u4e8b\u4ef6<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u516b\u5341\u5e74\u4ee3 -\u5fb7\u5d07\u8b49\u5238\u7834\u7522 \u9ad8\u6536\u76ca\u50b5\u5e02\u5834\u4e7e\u6db8<\/h3>\n\n\n\n<p>\u516b\u5341\u5e74\u4ee3\u662f\u7f8e\u570b\u9ad8\u6536\u76ca\u50b5\u5238\u5e02\u5834\u7684\u7206\u767c\u671f\uff0c\u5728\u300c\u5783\u573e\u50b5\u5238\u4e4b\u738b\u300dMichael Milken\u9818\u8ecd\u7684\u6295\u884cDrexel Burnham Lambert\u4e3b\u5c0e\u4e0b\uff0c\u5e02\u5834\u898f\u6a21<a href=\"https:\/\/www.investopedia.com\/articles\/investing\/022616\/history-high-yield-bond-meltdowns.asp#:~:text=The%20junk%20bond%20market%20has,and%20the%202008%20financial%20crisis.\">\u5f9e<\/a>1979\u5e74\u7684100\u5104\u7f8e\u5143\u6fc0\u589e\u81f31989\u5e74\u76841,890\u5104\u7f8e\u5143\uff0c\u5e74\u8907\u5408\u589e\u9577\u7387\u8d85\u904e34%\u3002<\/p>\n\n\n\n<p>\u4e0d\u904e\u5728\u904e\u5ea6\u69d3\u687f\u3001\u5167\u5e55\u4ea4\u6613\u919c\u805e\u53ca\u76e3\u7ba1\u6a5f\u69cb\u51fa\u624b\u7b49\u591a\u91cd\u6253\u64ca\u4e0b\uff0c\u9ad8\u6536\u76ca\u50b5\u5238<a href=\"https:\/\/www.leveragedlioncapital.com\/history-of-high-yield-markets\">\u81ea<\/a>1989\u5e74\u8d77\u767c\u884c\u91cf\u6025\u5287\u840e\u7e2e\uff0c\u81f31990\u5e74\u5e7e\u4e4e\u5b8c\u5168\u505c\u6eef\uff0c\u800cDrexel\u57281990\u5e74\u7533\u8acb\u7834\u7522\uff0c\u6210\u70ba\u7576\u6642\u83ef\u723e\u8857\u6709\u7d00\u9304\u4ee5\u4f86\u6700\u5927\u7684\u6295\u8cc7\u9280\u884c\u5012\u9589\u6848\u30021990\u5e74\u9ad8\u6536\u76ca\u50b5\u5238\u5e02\u5834\u7d50\u675f\u9023\u7e8c\u5341\u591a\u5e74\u7684\u6b63\u56de\u5831\u7d00\u9304\uff0c\u9996\u6b21\u51fa\u73fe\u8ca0\u56de\u5831\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6b21\u6309\u5371\u6a5f- \u91d1\u878d\u6a5f\u69cb\u69d3\u687f\u904e\u9ad8\u5c0e\u81f4\u7cfb\u7d71\u6027\u98a8\u96aa<\/h3>\n\n\n\n<p>\u6b21\u6309\u5371\u6a5f\u4e0b\u4fe1\u7528\u5229\u5dee\u6025\u901f\u64f4\u5927\u3001\u9ad8\u6536\u76ca\u50b5\u6307\u6578\u5728\u77ed\u6642\u9593\u5167<a href=\"https:\/\/hexn.io\/blog\/the-history-of-the-us-high-yield-bond-market-abjvs0p28rj4vsx5uc0fm1ng\">\u9304\u5f97<\/a>\u96d9\u4f4d\u6578\u8dcc\u5e45\uff0c\u9055\u7d04\u7387\u5728\u91d1\u878d\u5371\u6a5f\u5f8c\u671f\u98c6\u5347\uff0c2009\u5e74\u9054\u523013%\u4ee5\u4e0a\uff0c\u9280\u884c\u3001\u91d1\u878d\u6a5f\u69cb\u3001\u4f11\u9592\/\u5a92\u9ad4\u3001\u68ee\u6797\u53ca\u5efa\u7bc9\u7522\u54c1\/\u623f\u5c4b\u5efa\u7bc9\u5546\u7b49\u884c\u696d\u7684\u9055\u7d04\u7387\u9060\u8d85\u9577\u671f\u5e73\u5747\u6c34\u5e73\u3002<\/p>\n\n\n\n<p>\u4e0a\u8ff0\u60c5\u6cc1\u53cd\u6620\u9ad8\u6536\u76ca\u50b5\u5238\u5c0d\u7cfb\u7d71\u6027\u58d3\u529b\u6975\u70ba\u654f\u611f\uff0c\u540c\u6642\u6d41\u52d5\u6027\u51cd\u7d50\u4f7f\u8f03\u70ba\u512a\u8cea\u9ad8\u6536\u76ca\u50b5\u5238\u4e5f\u540c\u6b65\u906d\u62cb\u552e\u3002\u81f32009\u5e74\u5f8c\u5728\u5404\u570b\u653f\u5e9c\u6551\u5e02\u63aa\u65bd\u548c\u7d93\u6fdf\u5fa9\u7526\u4e0b\uff0c\u9ad8\u6536\u76ca\u50b5\u7684\u9055\u7d04\u7387\u8fc5\u901f\u964d\u4f4e\u3002<\/p>\n\n\n\n<p>\u671f\u9593\u9999\u6e2f\u767c\u751f\u300c\u96f7\u66fc\u8ff7\u50b5\u300d\u4e8b\u4ef6\uff0c\u9999\u6e2f\u76e3\u7ba1\u6a5f\u69cb\u96a8\u5f8c<a href=\"https:\/\/www.legco.gov.hk\/yr08-09\/english\/hc\/sub_com\/hs01\/report\/hs01_rpt-e.pdf\">\u5f15\u5165<\/a>\u591a\u91cd\u898f\u7bc4\uff0c\u5305\u62ec\u52a0\u5f37\u7522\u54c1\u5206\u985e\u8207\u8cc7\u7522\u5206\u9694\u7ba1\u7406\uff0c\u4ee5\u53ca\u5f37\u5316\u9069\u5408\u6027\u8a55\u4f30\u8207\u98a8\u96aa\u62ab\u9732\u8981\u6c42\u7b49\u3002<\/p>\n\n\n\n<p><strong>\u66f4\u591a\u50b5\u5238\u6295\u8cc7\u8cc7\u8a0a\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E9%A6%99%E6%B8%AF-%E6%80%8E%E9%BA%BC-%E8%B2%B7-%E7%BE%8E%E5%82%B5-10%E5%B9%B4-etf\/\"><strong>\u5982\u4f55\u8cb7\u7f8e\u50b5<\/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\/%E6%B0%B8%E7%BA%8C-%E5%82%B5%E5%88%B8-perpetual-bond\/\"><strong>\u6c38\u7e8c\u50b5\u5238<\/strong><\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e5%9f%8e-%e6%8a%95-%e5%82%b5\/\">\u57ce\u6295\u50b5<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e4%bf%a1%e7%94%a8-%e8%a9%95%e7%b4%9a-%e6%a9%9f%e6%a7%8b\/\">\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">COVID\u5f8c -\u4e2d\u570b\u5167\u623f\u9ad8\u6536\u76ca\u50b5\u9023\u74b0\u9055\u7d04<\/h3>\n\n\n\n<p>\u4e2d\u570b\u653f\u5e9c\u57282020\u5e74\u63a8\u51fa\u300c\u4e09\u689d\u7d05\u7dda\u300d\u653f\u7b56\uff0c\u5f37\u5236\u8981\u6c42\u623f\u5730\u7522\u5546\u964d\u4f4e\u69d3\u687f\u89f8\u767c\u9023\u9396\u53cd\u61c9\uff0c\u4e2d\u570b\u6c11\u71df\u5730\u7522\u5546\u767c\u884c\u7684\u9ad8\u6536\u76ca\u7f8e\u5143\u5728COVID\u5f8c\u9023\u74b0\u9055\u7d04\uff0c\u4e9e\u6d32\u9ad8\u6536\u76ca\u6307\u6578\u5728\u4e00\u5e74\u5167<a href=\"https:\/\/secure.fundsupermart.com\/fsm\/article\/view\/rcms254601\/the-asian-high-yield-bond-market-is-presenting-attractive-value-for-long-term-investors\">\u66b4\u8dcc<\/a>\u8d85\u904e\u56db\u6210\u3002<\/p>\n\n\n\n<p>\u53d7\u623f\u4f01\u9055\u7d04\u62d6\u7d2f\uff0c\u4e9e\u6d32\u9ad8\u6536\u76ca\u516c\u53f8\u50b5\u9055\u7d04\u7387\u57282022\u5e74\u98c6\u5347\u81f3\u7d0416.8%\uff0c2023\u5e74\u4ecd<a href=\"https:\/\/www.pinebridge.com\/en\/insights\/asia-high-yield-still-attractively-valued-amid-declining-default-rates\">\u7dad\u6301\u5728<\/a>\u7d0410%\uff0c\u4e4b\u5f8c\u96a8\u623f\u4f01\u898f\u6a21\u7e2e\u5c0f\u8207\u653f\u7b56\u8abf\u6574\u624d\u958b\u59cb\u56de\u843d\u3002\u81ea\u6b64\u4e9e\u6d32\u7684\u9ad8\u6536\u76ca\u50b5\u5238\u6536\u76ca\u8207\u98a8\u96aa\u66f4\u96c6\u4e2d\u65bc\u975e\u623f\u5730\u7522\u884c\u696d\u53ca\u5177\u570b\u4f01\u80cc\u666f\u7684\u767c\u884c\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u6700\u65b0\u9999\u6e2f\u88ab\u52d5\u6536\u5165\u9078\u64c7<\/strong><\/h2>\n\n\n\n<p>\u667a\u80fd\u6295\u8cc7\u5e73\u53f0<a href=\"https:\/\/www.syfe.com\/hk\">Syfe<\/a>\u57282023\u5e74\u958b\u59cb\u70ba\u9999\u6e2f\u5ba2\u6236\u65b0\u589e\u9580\u6abb\u4f4e\u3001\u64cd\u4f5c\u7c21\u55ae\u7684\u300c<a href=\"https:\/\/www.syfe.com\/hk\/income-plus\">Syfe\u6536\u606f\u5bf6<\/a>\u300d*\u6a5f\u69cb\u7d1a\u5225\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>\u96f6\u552e\u6295\u8cc7\u8005\u6bcf\u6708\u7372\u5f97\u6d3e\u606f\uff0c\u76f4\u63a5\u5b58\u5165\u4f60\u7684\u9280\u2f8f\u8cec\u2f3e\u6216\u2f83\u52d5\u518d\u6295\u8cc7\uff0c\u4e26\u53ef\u7bc0\u7701\u2fbc\u905460% \u7684\u6295\u8cc7\u7d1a\u5225\u57fa\u2fa6\u8cbb\u2f64\u3002<\/p>\n\n\n\n<p>\u4e86\u89e3\u66f4\u591a\ufe30<a 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