{"id":8880,"date":"2026-05-13T21:26:36","date_gmt":"2026-05-13T13:26:36","guid":{"rendered":"https:\/\/www.syfe.com\/hk\/magazine\/?p=8880"},"modified":"2026-05-07T15:14:20","modified_gmt":"2026-05-07T07:14:20","slug":"%e5%83%b9%e5%80%bc-%e6%8a%95%e8%b3%87","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e5%83%b9%e5%80%bc-%e6%8a%95%e8%b3%87\/","title":{"rendered":"\u8ca1\u5bcc\u7d2f\u7a4d\uff5c\u50f9\u503c\u6295\u8cc7\u76842\u500b\u6838\u5fc3\u539f\u5247\u8207\u9078\u80a1\u65b9\u6cd5"},"content":{"rendered":"\n<p>\u6709\u5225\u65bc<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/meme-%E8%82%A1-gme-%E4%BA%8B%E4%BB%B6\/\">\u8ff7\u56e0\u80a1<\/a>\uff0c\u50f9\u503c\u6295\u8cc7\uff08\u82f1\u6587\uff1aValue Investing\uff09\u662f\u4e00\u7a2e\u4ee5\u4f01\u696d\u57fa\u672c\u9762\u70ba\u4f9d\u6b78\u7684\u6295\u8cc7\u54f2\u5b78\uff0c\u6838\u5fc3\u7cbe\u795e\u5728\u65bc\u5c0b\u627e\u4e26\u8cfc\u5165\u90a3\u4e9b\u5e02\u5834\u4ea4\u6613\u50f9\u683c\u986f\u8457\u4f4e\u65bc\u5176\u5167\u5728\u50f9\u503c\u7684\u8cc7\u7522\uff0c\u7136\u5f8c\u9577\u671f\u6301\u6709\uff0c\u7b49\u5f85\u5e02\u5834\u50f9\u683c\u9010\u6b65\u53cd\u6620\u4f01\u696d\u7684\u771f\u5be6\u50f9\u503c\u3002<\/p>\n\n\n\n<p>\u50f9\u503c\u6295\u8cc7\u7b56\u7565\u6e90\u65bc\u4e00\u500b\u57fa\u672c\u4fe1\u5ff5\uff1a\u91d1\u878d\u5e02\u5834\u7d93\u5e38\u5c0d\u5404\u985e\u6d88\u606f\u4f5c\u51fa\u904e\u5ea6\u53cd\u61c9\uff0c\u7121\u8ad6\u662f\u597d\u6d88\u606f\u9084\u662f\u58de\u6d88\u606f\uff0c\u90fd\u53ef\u80fd\u4ee4\u80a1\u50f9\u8207\u516c\u53f8\u7684\u9577\u671f\u57fa\u672c\u9762\u51fa\u73fe\u812b\u7bc0\uff0c\u800c\u9019\u7a2e\u812b\u7bc0\u6070\u6070\u70ba\u7406\u6027\u7684\u50f9\u503c\u6295\u8cc7\u8005\u5275\u9020\u4e86\u4ee5\u6298\u8b93\u50f9\u683c\u8cb7\u5165\u512a\u8cea\u8cc7\u7522\u7684\u6a5f\u6703\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-c9b10d59      \"\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=\"#\u50f9\u503c\u6295\u8cc7\u958b\u5275\u8005benjamin-graham\" class=\"uagb-toc-link__trigger\">\u50f9\u503c\u6295\u8cc7\u958b\u5275\u8005\uff1aBenjamin Graham<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u50f9\u503c\u6295\u8cc72\u5927\u6838\u5fc3\u539f\u5247\" class=\"uagb-toc-link__trigger\">\u50f9\u503c\u6295\u8cc72\u5927\u6838\u5fc3\u539f\u5247<\/a><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#\u7576\u4ee3\u6700\u8457\u540d\u7684\u50f9\u503c\u6295\u8cc7\u8005\u80a1\u795e\u5df4\u83f2\u7279warren-buffett\" class=\"uagb-toc-link__trigger\">\u7576\u4ee3\u6700\u8457\u540d\u7684\u50f9\u503c\u6295\u8cc7\u8005\uff1a\u300c\u80a1\u795e\u300d\u5df4\u83f2\u7279Warren Buffett<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u80a1\u5e02\u6eab\u5ea6\u8a08-\u5df4\u83f2\u7279\u6307\u6a19\" class=\"uagb-toc-link__trigger\">\u80a1\u5e02\u6eab\u5ea6\u8a08 &#8211; \u5df4\u83f2\u7279\u6307\u6a19<\/a><\/li><\/ul><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#\u900f\u904e\u65b0\u6642\u4ee3fintech\u958b\u59cb\u6295\u8cc7\" class=\"uagb-toc-link__trigger\">\u900f\u904e\u65b0\u6642\u4ee3Fintech\u958b\u59cb\u6295\u8cc7<\/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<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\/05\/\u50f9\u503c-\u6295\u8cc7-1-1024x576.png\" alt=\"\" class=\"wp-image-8885\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/05\/\u50f9\u503c-\u6295\u8cc7-1-1024x576.png 1024w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/05\/\u50f9\u503c-\u6295\u8cc7-1-300x169.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/05\/\u50f9\u503c-\u6295\u8cc7-1-768x432.png 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/05\/\u50f9\u503c-\u6295\u8cc7-1-1536x864.png 1536w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/05\/\u50f9\u503c-\u6295\u8cc7-1-747x420.png 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/05\/\u50f9\u503c-\u6295\u8cc7-1-696x392.png 696w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/05\/\u50f9\u503c-\u6295\u8cc7-1-1068x601.png 1068w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/05\/\u50f9\u503c-\u6295\u8cc7-1.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u50f9\u503c\u6295\u8cc7\u958b\u5275\u8005\uff1aBenjamin Graham<\/h2>\n\n\n\n<p>\u66fe\u7d93\u5728\u83ef\u723e\u8857\u7684\u7d93\u7d00\u516c\u53f8\u4efb\u8077\u7684Benjamin Graham\u65bc1928\u5e74\u56de\u5230\u6bcd\u6821\u54e5\u502b\u6bd4\u4e9e\u5927\u5b78\u958b\u8a2d\u6295\u8cc7\u8ab2\u7a0b\uff0c\u4e26\u57281934\u5e74\u8207\u54e5\u502b\u6bd4\u4e9e\u5546\u5b78\u9662\u6559\u8077\u54e1David Dodd\u5408\u8457\u51fa\u7248\u300aSecurity Analysis\u300b\uff08\u4e2d\u6587\uff1a\u8b49\u5238\u5206\u6790\uff09\uff0c\u9996\u6b21\u7cfb\u7d71\u5730\u95e1\u8ff0\u4e86\u5167\u5728\u50f9\u503c\u3001\u5b89\u5168\u908a\u969b\u7b49\u6838\u5fc3\u6982\u5ff5\uff0c\u4e26\u660e\u78ba\u5340\u5206\u4e86\u6295\u8cc7\u8207\u6295\u6a5f\uff0c\u300c\u6295\u8cc7\u64cd\u4f5c\u662f\u7d93\u904e\u5fb9\u5e95\u5206\u6790\u5f8c\uff0c\u627f\u8afe\u672c\u91d1\u5b89\u5168\u548c\u6eff\u610f\u56de\u5831\u7684\u64cd\u4f5c\uff0c\u4e0d\u7b26\u5408\u9019\u4e9b\u8981\u6c42\u7684\u64cd\u4f5c\u5247\u5c6c\u6295\u6a5f\u6027\u8cea\u300d\uff0c\u5982\u4eca\u9019\u672c\u66f8\u88ab\u8b7d\u70ba\u300c\u50f9\u503c\u6295\u8cc7\u8056\u7d93\u300d\u3002<\/p>\n\n\n\n<p>\u5341\u4e94\u5e74\u5f8c\uff0cBenjamin Graham\u57281949\u5e74\u51fa\u7248\u9762\u5411\u666e\u901a\u6295\u8cc7\u8005\u7684\u300aThe Intelligent Investor\u300b\uff08\u4e2d\u6587\uff1a\u8070\u660e\u7684\u6295\u8cc7\u8005\uff09\uff0c\u66f8\u4e2d\u63d0\u51fa\u7684\u300c\u5e02\u5834\u5148\u751f\u300d\uff08Mr. Market\uff09\u6bd4\u55bb\u6210\u70ba\u6d41\u50b3\u81f3\u4eca\u7684\u7d93\u5178\u3002<\/p>\n\n\n\n<p>\u5728\u66f8\u4e2d\uff0cBenjamin Graham\u5c07\u5e02\u5834\u6bd4\u55bb\u70ba\u4e00\u4f4d\u6975\u5ea6\u60c5\u7dd2\u4e0d\u7a69\u5b9a\u7684\u5408\u5925\u4eba\uff0c\u6bcf\u5929\u4ed6\u90fd\u6703\u5411\u6295\u8cc7\u8005\u63d0\u51fa\u4e00\u500b\u5831\u50f9\uff0c\u8981\u9ebc\u8cb7\u4e0b\u6295\u8cc7\u8005\u7684\u80a1\u4efd\uff0c\u8981\u9ebc\u8ce3\u51fa\u81ea\u5df1\u6301\u6709\u7684\u80a1\u4efd\u3002\u5728\u67d0\u4e9b\u65e5\u5b50\uff0c\u9019\u4f4d\u5408\u5925\u4eba\u5145\u6eff\u6a02\u89c0\uff0c\u5831\u50f9\u9ad8\u5f97\u96e2\u8b5c\uff1b\u5728\u53e6\u4e00\u4e9b\u65e5\u5b50\uff0c\u4ed6\u53c8\u6975\u5ea6\u60b2\u89c0\uff0c\u5831\u50f9\u4f4e\u5f97\u8352\u8b2c\u3002<\/p>\n\n\n\n<p>\u4e0a\u8ff0\u6838\u5fc3\u555f\u793a\u5728\u65bc\uff1a\u5e02\u5834\u7684\u5831\u50f9\u53cd\u6620\u7684\u662f\u60c5\u7dd2\u800c\u975e\u4f01\u696d\u771f\u5be6\u50f9\u503c\uff0c\u7406\u6027\u7684\u6295\u8cc7\u8005\u61c9\u7576\u5584\u7528\u9019\u7a2e\u60c5\u7dd2\u6ce2\u52d5\uff0c\u5728\u5e02\u5834\u6975\u5ea6\u60b2\u89c0\u6642\u8cb7\u5165\uff0c\u5728\u6975\u5ea6\u6a02\u89c0\u6642\u4fdd\u6301\u5be9\u614e\u3002<\/p>\n\n\n\n<p>\u66f4\u591a\u91d1\u878d\u5e02\u5834\u5927\u4e8b\u4ef6\uff1a<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e7%b6%93%e6%bf%9f-%e8%95%ad%e6%a2%9d\/\">1929\u7d93\u6fdf\u856d\u689d<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%87%91%e8%9e%8d-%e9%a2%a8%e6%9a%b4\/\">1997\u91d1\u878d\u98a8\u66b4<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/meme-%e8%82%a1-gme-%e4%ba%8b%e4%bb%b6\/\">GameStop\u4e8b\u4ef6<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u50f9\u503c\u6295\u8cc72\u5927\u6838\u5fc3\u539f\u5247<\/h3>\n\n\n\n<p>\u5728\u50f9\u503c\u6295\u8cc7\u7684\u7406\u8ad6\u6846\u67b6\u4e2d\uff0c\u300c\u5167\u5728\u50f9\u503c\u300d\uff08\u82f1\u6587\uff1aIntrinsic Value\uff09\u8207\u300c\u5b89\u5168\u908a\u969b\u300d\uff08\u82f1\u6587\uff1aMargin of Safety\uff09\u662f\u5169\u6839\u4e0d\u53ef\u52d5\u6416\u7684\u652f\u67f1\u3002\u80a1\u795eWarren Buffett\u66fe\u5c07\u5b89\u5168\u908a\u969b\u5217\u70ba\u4ed6\u5f9e Benjamin Graham\u5b78\u5230\u7684\u6700\u91cd\u8981\u6982\u5ff5\u4e4b\u4e00\u3002<\/p>\n\n\n\n<p>\u5167\u5728\u50f9\u503c\u6307\u7684\u662f\u4e00\u5bb6\u516c\u53f8\u57fa\u65bc\u5176\u8cc7\u7522\u3001\u76c8\u5229\u3001\u80a1\u606f\u548c\u696d\u52d9\u524d\u666f\u7b49\u57fa\u672c\u9762\u56e0\u7d20\u6240\u5177\u5099\u7684\u771f\u5be6\u50f9\u503c\uff0c\u800c\u975e\u7531\u5e02\u5834\u60c5\u7dd2\u6240\u6c7a\u5b9a\u7684\u4ea4\u6613\u50f9\u683c\u3002Benjamin Graham\u66fe\u7d93\u6307\u51fa\uff0c\u4efb\u4f55\u4f01\u696d\u8b49\u5238\u90fd\u5b58\u5728\u5167\u5728\u50f9\u503c\uff0c\u800c\u9019\u500b\u50f9\u503c\u7531\u4e8b\u5be6\u6240\u8b49\u660e\u3002<\/p>\n\n\n\n<p>\u4f30\u7b97\u5167\u5728\u50f9\u503c\u7684\u65b9\u6cd5\u5305\u62ec\u6298\u73fe\u73fe\u91d1\u6d41\u6a21\u578b\uff08\u82f1\u6587\uff1aDiscounted Cash Flow, DCF\uff09\u3001\u8cc7\u7522\u4f30\u503c\u6cd5\u3001\u76c8\u5229\u500d\u6578\u6cd5\u7b49\uff0c\u4e5f\u6709\u6295\u8cc7\u8005\u6703\u53c3\u8003Benjamin Graham\u63d0\u51fa\u7684\u516c\u5f0f\u4f86\u9032\u884c\u521d\u6b65\u4f30\u7b97\u3002\u503c\u5f97\u7559\u610f\u7684\u662f\uff0c\u5167\u5728\u50f9\u503c\u7684\u4f30\u7b97\u6d89\u53ca\u4e00\u5b9a\u7a0b\u5ea6\u7684\u4e3b\u89c0\u5224\u65b7\uff0c\u5169\u4f4d\u4e0d\u540c\u7684\u6295\u8cc7\u8005\u5373\u4f7f\u5206\u6790\u540c\u4e00\u5bb6\u516c\u53f8\u7684\u76f8\u540c\u8ca1\u52d9\u6578\u64da\uff0c\u5f97\u51fa\u7684\u7d50\u8ad6\u4e5f\u53ef\u80fd\u4e0d\u76e1\u76f8\u540c\u3002<\/p>\n\n\n\n<p>\u5b89\u5168\u908a\u969b\u5247\u662f\u6307\u80a1\u7968\u5167\u5728\u50f9\u503c\u8207\u5176\u5e02\u5834\u50f9\u683c\u4e4b\u9593\u7684\u5dee\u984d\u3002\u8209\u4f8b\u800c\u8a00\uff0c\u5982\u679c\u4e00\u96bb\u80a1\u7968\u7684\u5167\u5728\u50f9\u503c\u70ba20\u7f8e\u5143\uff0c\u800c\u73fe\u6642\u5e02\u50f9\u70ba15\u7f8e\u5143\uff0c\u90a3\u9ebc\u5b89\u5168\u908a\u969b\u5373\u70ba25%\u3002Benjamin Graham\u5efa\u8b70\u6295\u8cc7\u8005\u50c5\u5728\u5b89\u5168\u908a\u969b\u9054\u523020%\u81f330%\u6216\u4ee5\u4e0a\u6642\u624d\u9032\u884c\u6295\u8cc7\uff0c\u8b93\u6295\u8cc7\u8005\u5728\u5224\u65b7\u51fa\u932f\u6216\u5e02\u5834\u51fa\u73fe\u610f\u5916\u4e8b\u4ef6\u6642\u6709\u7de9\u885d\u5730\u5e36\u63d0\u4f9b\u4fdd\u8b77\u3002<\/p>\n\n\n\n<p><strong>\u66f4\u591a<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/tag\/%e6%b8%af%e8%82%a1\/\"><strong>\u80a1\u7968\u6295\u8cc7\u5165\u9580<\/strong><\/a><strong>\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\/%e8%82%a1%e7%a5%a8-%e5%81%9c%e7%89%8c\/\"><strong>\u505c\u724c<\/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\/%e7%99%bc-%e9%88%94-%e9%8a%80%e8%a1%8c\/\"><strong>\u767c\u9214\u9280\u884c<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e8%82%a1%e7%a5%a8-%e5%81%9c%e7%89%8c\/\"><strong>\u80a1\u7968\u505c\u724c<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/?p=7556\"><strong>\u80a1\u7968\u56de\u8cfc<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e7%a7%81%e6%9c%89-%e5%8c%96\/\"><strong>\u79c1\u6709\u5316<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u7576\u4ee3\u6700\u8457\u540d\u7684\u50f9\u503c\u6295\u8cc7\u8005\uff1a\u300c\u80a1\u795e\u300d\u5df4\u83f2\u7279Warren Buffett<\/h2>\n\n\n\n<p>\u73fe\u4ee3\u50f9\u503c\u6295\u8cc7\u7684\u50b3\u627f\u96e2\u4e0d\u958b\u300c\u80a1\u795e\u300d\u5df4\u83f2\u7279Warren Buffett\u30021949\u5e74\uff0cWarren Buffett\u5728\u5927\u5b78\u9ad8\u5e74\u7d1a\u6642\u8b80\u5230\u300aThe Intelligent Investor\u300b\uff0c\u5f62\u5bb9\u9019\u6b21\u95b1\u8b80\u7d93\u6b77\u5e36\u4f86\u4e86\u9813\u609f\u30021950\u5e74\uff0cWarren Buffett\u9032\u5165\u54e5\u502b\u6bd4\u4e9e\u5546\u5b78\u9662\u6b63\u5f0f\u5e2b\u5f9e Graham\uff0c\u7562\u696d\u5f8c\u66f4\u66fe\u77ed\u66ab\u5728Graham\u7ba1\u7406\u516c\u53f8\u4efb\u8077\u3002<\/p>\n\n\n\n<p>Warren Buffett\u65e9\u671f\u56b4\u683c\u9075\u5faa Graham \u7684\u6559\u5c0e\uff0c\u5c0b\u627e\u6240\u8b02\u7684\u300c\u96ea\u8304\u7159\u8482\u300d\u5f0f\u80a1\u7968\uff0c\u5373\u90a3\u4e9b\u50f9\u683c\u4f4e\u65bc\u6e05\u7b97\u50f9\u503c\u7684\u516c\u53f8\u3002\u5230\u4e861970\u5e74\u4ee3\uff0c\u5728\u9577\u671f\u5546\u696d\u5925\u4f34Charlie Munger\u7684\u5f71\u97ff\u4e0b\uff0cWarren Buffett\u958b\u59cb\u8f49\u8b8a\u601d\u8def\uff0c\u66f4\u52a0\u91cd\u8996\u4f01\u696d\u672c\u8eab\u7684\u8cea\u7d20\uff0c\u9010\u6b65\u8d70\u5411\u300c\u4ee5\u5408\u7406\u50f9\u683c\u8cfc\u8cb7\u512a\u79c0\u4f01\u696d\u300d\uff08wonderful companies at fair prices\uff09\u7684\u6295\u8cc7\u65b9\u5411\u3002<\/p>\n\n\n\n<p>\u9019\u7a2e\u50f9\u503c\u6295\u8cc7\u7684\u6f14\u8b8a\u9ad4\u73fe\u5728\u4ed61980\u5e74\u4ee3\u5c0d\u53ef\u53e3\u53ef\u6a02\uff08Coca-Cola\uff09\u7684\u9245\u984d\u6295\u8cc7\u4e2d\u3002\u7576\u6642\u53ef\u53e3\u53ef\u6a02\u96d6\u7136\u9762\u81e8\u66ab\u6642\u632b\u6298\uff0c\u4f46\u5176\u54c1\u724c\u5be6\u529b\u3001\u5168\u7403\u5f71\u97ff\u529b\u548c\u7a69\u5b9a\u73fe\u91d1\u6d41\u4ee4Warren Buffett\u8a8d\u70ba\u8a72\u516c\u53f8\u88ab\u5e02\u5834\u4f4e\u4f30\u3002\u9019\u9805\u6295\u8cc7\u6b64\u5f8c\u6578\u5341\u5e74\u6301\u7e8c\u7522\u751f\u5927\u91cf\u80a1\u606f\u548c\u8cc7\u672c\u589e\u503c\uff0c\u88ab\u8996\u70ba\u50f9\u503c\u6295\u8cc7\u7684\u6559\u79d1\u66f8\u6848\u4f8b\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><strong>\uff5c<\/strong><a href=\"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\/\"><strong>\u6eef\u8139<\/strong><\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u80a1\u5e02\u6eab\u5ea6\u8a08 &#8211; \u5df4\u83f2\u7279\u6307\u6a19<\/h3>\n\n\n\n<p>\u5df4\u83f2\u7279\u57282001\u5e74\u660e\u78ba\u6307\u51fa\uff0c\u4e00\u570b\u80a1\u5e02\u7e3d\u5e02\u503c\u8207 GDP \u7684\u6bd4\u503c\uff0c\u662f\u7528\u4f86\u8a55\u4f30\u80a1\u5e02\u4f30\u503c\u9ad8\u4f4e\u7684\u6700\u4f73\u55ae\u4e00\u6307\u6a19\u4e4b\u4e00\uff0c\u5f9e\u6b64\u5e02\u5834\u958b\u59cb\u5c07\u9019\u500b\u6bd4\u7387\u76f4\u63a5\u7a31\u70ba\u300c\u5df4\u83f2\u7279\u6307\u6a19\u300d\uff08\u82f1\u6587\uff1aBuffett Indicator\uff09\u3002<\/p>\n\n\n\n<p>\u5e38\u7528\u8a08\u7b97\u516c\u5f0f\uff1a<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u5df4\u83f2\u7279\u6307\u6a19 = \u80a1\u5e02\u7e3d\u5e02\u503c \u00f7 GDP\uff08\u6216 GNP\uff09 \u00d7 100%<\/p>\n<\/blockquote>\n\n\n\n<p>\u4f8b\u5982\u67d0\u500b\u570b\u5bb6\u80a1\u5e02\u7e3d\u5e02\u503c\u70ba30\u842c\u5104\uff0cGDP\u70ba20\u842c\u5104\uff0c\u5df4\u83f2\u7279\u6307\u6a19=30\u00f720\u00d7100%\uff0c\u5373150%\u3002\u5df4\u83f2\u7279\u6307\u6a19\u6bd4\u7387\u6108\u9ad8\uff0c\u4ee3\u8868\u5e02\u5834\u7d66\u51fa\u7684\u80a1\u50f9\uff0c\u5df2\u7d93\u8f03\u5be6\u9ad4\u7d93\u6fdf\u80fd\u652f\u6490\u7684\u7a0b\u5ea6\u9ad8\u5f88\u591a\uff0c\u4f30\u503c\u5c31\u6108\u504f\u8cb4\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u900f\u904e\u65b0\u6642\u4ee3Fintech\u958b\u59cb\u6295\u8cc7<\/h2>\n\n\n\n<p>\u8fd1\u5e74\u667a\u80fd\u6295\u8cc7\u5e73\u53f0\u8208\u8d77\uff0c\u900f\u904e\u6578\u4f4d\u670d\u52d9\u985b\u8986\u91d1\u878d\u754c\u3002<a href=\"https:\/\/www.syfe.com\/hk\">Syfe<\/a>\u63a8\u51fa\u7684<a href=\"https:\/\/www.syfe.com\/hk\/cash-plus-fixed\">\u5b9a\u606f\u5bf6<\/a>\uff0c\u4ee5\u6e2f\u5143\u7d50\u7b97\uff0c\u6240\u6295\u8cc7\u7684\u76f8\u95dc\u8cc7\u7522\u70ba\u5b9a\u671f\u5b58\u6b3e\uff0c\u606f\u7387\u8207\u5b9a\u5b58\u4e00\u6a23\u5c6c\u56fa\u5b9a\u6027\u8cea\uff0c\u4e26\u4e14\u6c92\u6709\u7ba1\u7406\u8cbb\uff0c\u8a2d\u67091\u500b\u6708\u30013\u500b\u6708\u30016\u500b\u6708\u671f\u53ca12\u500b\u6708\u671f\u9078\u64c7\uff0c\u5206\u5225\u70ba2.8\u5398\u30012.8\u5398\u30012.9\u5398\u53ca2.85\u5398<a href=\"https:\/\/www.syfe.com\/hk\/cash-plus-fixed\">\u56fa\u5b9a\u6536\u76ca\u7387<\/a>\uff0c\u8f03\u4e00\u822c\u5b9a\u5b58\u70ba\u9ad8\uff1b\u66f4\u91cd\u8981\u7684\u662f\uff0c\u5b9a\u606f\u5bf6\u4e0d\u8a2d\u6700\u4f4e\u6295\u8cc7\u984d\uff0c\u9664\u4e86\u9069\u5408\u8f03\u5c0f\u984d\u6295\u8cc7\u8005\u5916\uff0c\u4ea6\u9069\u5408\u6240\u6709\u4eba\u58eb\u914d\u7f6e\u9591\u7f6e\u8cc7\u91d1\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/01\/image-1.png\" alt=\"\" class=\"wp-image-7908\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/01\/image-1.png 1024w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/01\/image-1-300x169.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/01\/image-1-768x432.png 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/01\/image-1-747x420.png 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/01\/image-1-696x392.png 696w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.syfe.com\/hk\/create-account\">\u7acb\u5373\u514c\u63db<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4f7f\u7528\u6307\u5b9a\u514c\u63db\u78bc\u958b\u6236\u3002<\/li>\n\n\n\n<li>\u5982\u6295\u5165\u9996\u7b46\u6b3e\u9805 HK$10,000 \u65bc\u4efb\u4f55\u6295\u8cc7\u7d44\u5408\uff0cHK$200 \u734e\u52f5\u5c07\u6703\u5b58\u5165\u4f60\u7684\u76f8\u95dc\u7d44\u5408\u3002\u9808\u7dad\u6301 90 \u65e5 HK$10,000 \u6216\u4ee5\u4e0a\u7684\u73fe\u91d1\u6d41\u65bc\u4f60\u7684\u76f8\u95dc\u7d44\u5408\u3002<\/li>\n\n\n\n<li>\u5982\u6295\u5165\u9996\u7b46\u6b3e\u9805 HK$50,000\uff0cHK$500 \u734e\u52f5\u5c07\u6703\u5b58\u5165\u4f60\u7684\u76f8\u95dc\u7d44\u5408\u3002\u9808\u7dad\u6301 90 \u65e5 HK$50,000 \u6216\u4ee5\u4e0a\u7684\u73fe\u91d1\u6d41\u65bc\u4f60\u7684\u76f8\u95dc\u7d44\u5408\u3002<\/li>\n\n\n\n<li>\u5982\u6295\u5165\u9996\u7b46\u6b3e\u9805 HK$100,000\uff0cHK$1,000 \u734e\u52f5\u5c07\u6703\u5b58\u5165\u4f60\u7684\u76f8\u95dc\u7d44\u5408\u3002\u9808\u7dad\u6301 90 \u65e5 HK$100,000 \u6216\u4ee5\u4e0a\u7684\u73fe\u91d1\u6d41\u65bc\u4f60\u7684\u76f8\u95dc\u7d44\u5408\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u5728\u98a8\u96aa\u5c64\u9762\u4e0a\uff0c\u96d6\u7136Syfe\u4e0d\u662f\u4e00\u5bb6\u9280\u884c\uff0c\u4f46\u6211\u5011\u900f\u904e\u4f5c\u70ba\u91d1\u878d\u6a5f\u69cb\u7684\u898f\u6a21\uff0c\u80fd\u5920\u8207\u9280\u884c\u5354\u5546\u5177\u7af6\u722d\u529b\u7684\u5b9a\u671f\u5b58\u6b3e\u5229\u7387\u3002\u6b64\u6295\u8cc7\u670d\u52d9\u4e0d\u5c6c\u65bc\u9999\u6e2f\u5b58\u6b3e\u4fdd\u969c\u8a08\u5283\uff08DPS\uff09\u7bc4\u570d\uff0c\u4f46\u6295\u8cc7\u8005\u53ef\u4ee5\u653e\u5fc3\u6295\u8cc7\uff0c\u56e0\u70ba\u6211\u5011\u53ea\u8207\u8ca1\u52d9\u7a69\u5065\u7684\u9280\u884c\u5408\u4f5c\u3002\u800c\u900f\u904e\u6211\u5011\u7684\u5408\u4f5c\u5925\u4f34\u95dc\u4fc2\uff0c\u4ee4\u5230\u5b9a\u606f\u5bf6\u7121\u9700\u4efb\u4f55\u7684\u9644\u5e36\u689d\u4ef6\uff0c\u4ea6\u53ef\u53d6\u5f97\u5177\u7af6\u722d\u529b\u7684\u6536\u76ca\u7387\uff0c\u7576\u4e2d\u5c0d\u6295\u8cc7\u91d1\u984d\u4e5f\u6c92\u6709\u4efb\u4f55\u4e0a\u9650\uff0c\u4e5f\u4e0d\u6536\u53d6\u4efb\u4f55\u8cbb\u7528\u3002<a 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Buffett\u7b49\u8457\u540d\u50f9\u503c\u6295\u8cc7\u8005\u7684\u9078\u80a1\u539f\u5247\uff0c\u52a9\u6295\u8cc7\u8005\u5efa\u7acb\u7a69\u5065\u7684\u8ca1\u52d9\u5206\u6790\u57fa\u790e\uff0c\u7d2f\u7a4d\u512a\u8cea\u8cc7\u7522\u3002<\/p>\n","protected":false},"author":46,"featured_media":8885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_uag_custom_page_level_css":"","footnotes":""},"categories":[24],"tags":[559,557,561,556,563,558,562,270,269,560],"class_list":{"0":"post-8880","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-syfe","8":"tag-559","9":"tag-557","10":"tag-561","11":"tag-556","12":"tag-563","13":"tag-558","14":"tag-562","15":"tag-270","16":"tag-269","17":"tag-560"},"acf":{"readingTime":"","authorName":"","authorThumbnail":false,"BLUE_TIER":"0","BLACK_TIER":"0","GOLD_TIER":"0","PRIVATE_WEALTH_TIER":"0","PRE_AML":"0","POST_AML":"0","NO_GLOBAL_PORTFOLIO":"0","NO_REITS_PORTFOLIO":"0","NO_EQUITY_PORTFOLIO":"0","NO_CASH_PORTFOLIO":"0","HAS_ADVISOR":"0","INVESTMENT_PORTFOLIO_AUM":"0","AFTER_AML_DATE":"","AFTER_ACCOUNT_CREATED_DATE":"","language":"all"},"yoast_head":"<!-- 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