{"id":9339,"date":"2026-07-17T17:33:32","date_gmt":"2026-07-17T09:33:32","guid":{"rendered":"https:\/\/www.syfe.com\/hk\/magazine\/?p=9339"},"modified":"2026-07-17T17:33:35","modified_gmt":"2026-07-17T09:33:35","slug":"%e9%87%91%e8%9e%8d-%e6%b5%b7%e5%98%af-2008-%e6%98%af%e4%bb%80%e9%ba%bc","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%87%91%e8%9e%8d-%e6%b5%b7%e5%98%af-2008-%e6%98%af%e4%bb%80%e9%ba%bc\/","title":{"rendered":"\u91d1\u878d\u6d77\u562f\u662f\u4ec0\u9ebc\uff1f2008\u5e74\u74b0\u7403\u91d1\u878d\u5371\u6a5f\u6642\u9593\u7dda\u8207\u96f7\u66fc\u50b5\u5238\u4e8b\u4ef6"},"content":{"rendered":"\n<p>2008\u5e749\u670815\u65e5\uff0c\u83ef\u723e\u8857\u7b2c\u4e94\u5927\u6295\u8cc7\u9280\u884c\u96f7\u66fc\u5144\u5f1f\uff08Lehman Brothers\uff09\u6b63\u5f0f\u5411\u6cd5\u9662\u63d0\u4ea4\u7834\u7522\u4fdd\u8b77\u7533\u8acb\uff0c\u8cc7\u7522\u8ca0\u50b5\u8868\u4e0a\u9ad8\u90546,000\u5104\u7f8e\u5143\u7684\u8cc7\u7522\u898f\u6a21\u5728\u4e00\u591c\u4e4b\u9593\u5316\u70ba\u70cf\u6709\uff0c\u88ab\u666e\u904d\u8996\u70ba\u9019\u5834\u91d1\u878d\u5371\u6a5f\u5168\u9762\u7206\u767c\u7684\u5206\u6c34\u5dba\uff0c\u7834\u58de\u529b\u5982\u6d77\u562f\u822c\uff0c\u7531\u6e90\u982d\u5411\u5916\u64f4\u6563\uff0c\u5e2d\u6372\u5168\u7403\u6bcf\u4e00\u500b\u91d1\u878d\u89d2\u843d\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u91d1\u878d\u6d77\u562f\u6210\u56e0 &#8211; \u8ca8\u5e63\u5bec\u9b06\u653f\u7b56\u8207\u6b21\u7d1a\u6309\u63ed\u7522\u54c1\u6cdb\u6feb<\/h2>\n\n\n\n<p>2001\u5e74\u4e92\u806f\u7db2\u6ce1\u6cab\u7834\u88c2\u5f8c\u806f\u5132\u5c40\u5c07\u806f\u90a6\u57fa\u91d1\u5229\u7387\u5927\u5e45\u4e0b\u8abf\u81f31%\u7684\u6b77\u53f2\u4f4e\u4f4d\u4e26\u7dad\u6301\u9577\u9054\u4e00\u5e74\uff0c\u6975\u5ea6\u5bec\u9b06\u7684\u8ca8\u5e63\u74b0\u5883\u4ee4\u6a13\u5e02\u9032\u5165\u524d\u6240\u672a\u6709\u7684\u7e41\u69ae\u5468\u671f\u3002\u5728\u4f4e\u606f\u74b0\u5883\u4e0b\uff0c\u4e00\u985e\u540d\u70ba\u300c\u6b21\u7d1a\u6309\u63ed\u8cb8\u6b3e\u300d\uff08\u82f1\u6587\uff1aSubprime Mortgage\uff09\u7684\u91d1\u878d\u7522\u54c1\u8fc5\u901f\u81a8\u8139\u3002<\/p>\n\n\n\n<p>\u6b21\u7d1a\u6309\u63ed\u662f\u6307\u5411\u4fe1\u7528\u8a55\u5206\u8f03\u4f4e\u3001\u9084\u6b3e\u80fd\u529b\u8f03\u5f31\u6216\u6536\u5165\u8b49\u660e\u4e0d\u8db3\u7684\u501f\u6b3e\u4eba\u6240\u6279\u51fa\u7684\u4f4f\u5b85\u6309\u63ed\u8cb8\u6b3e\uff0c\u9019\u985e\u8cb8\u6b3e\u7684\u9055\u7d04\u7387\u9060\u9ad8\u65bc\u300c\u512a\u7d1a\u6309\u63ed\u300d\uff08\u82f1\u6587\uff1aPrime Mortgage\uff09\uff0c\u4f46\u9280\u884c\u53ca\u6309\u63ed\u4e2d\u4ecb\u4ecd\u7a4d\u6975\u63a8\u92b7\uff0c\u539f\u56e0\u662f\u6a13\u50f9\u6301\u7e8c\u4e0a\u5347\u4ee4\u8cb8\u6b3e\u4eba\u5373\u4f7f\u7121\u529b\u4f9b\u6b3e\uff0c\u4ea6\u53ef\u900f\u904e\u51fa\u552e\u7269\u696d\u6216\u518d\u878d\u8cc7\u511f\u9084\u50b5\u52d9\u3002<\/p>\n\n\n\n<p>\u83ef\u723e\u8857\u7684\u6295\u8cc7\u9280\u884c\u5c07\u6210\u5343\u4e0a\u842c\u7b46\u6b21\u7d1a\u6309\u63ed\u8cb8\u6b3e\u6253\u5305\uff0c\u900f\u904e\u8b49\u5238\u5316\u7a0b\u5e8f\u5305\u88dd\u6210\u300c\u64d4\u4fdd\u50b5\u52d9\u6191\u8b49\u300d\uff08\u82f1\u6587\uff1aCollateralized Debt Obligation\uff0c\u7c21\u7a31CDO\uff09\u3002\u5728\u9019\u500b\u904e\u7a0b\u4e2d\uff0c\u4e00\u500b\u7d50\u69cb\u4e0a\u9ad8\u5ea6\u8907\u96dc\u7684CDO\u53ef\u80fd\u5305\u542b\u4e86\u6578\u767e\u751a\u81f3\u6578\u5343\u7b46\u4f86\u81ea\u5168\u7f8e\u5404\u5730\u7684\u6309\u63ed\u8cb8\u6b3e\uff0c\u7576\u4e2d\u76f8\u7576\u6bd4\u4f8b\u5c6c\u65bc\u6b21\u7d1a\u8cb8\u6b3e\u3002<\/p>\n\n\n\n<p>\u9019\u4e9b\u4ee5BBB\u7d1a\uff08\u5373\u63a5\u8fd1<a href=\"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\/\">\u5783\u573e\u7d1a\u5225\u50b5\u5238<\/a>\uff09\u6b21\u7d1a\u6309\u63ed\u70ba\u5e95\u5c64\u8cc7\u7522\u7684CDO\uff0c\u5728\u4fe1\u8cb8\u8a55\u7d1a\u6a5f\u69cb\u7684\u8a55\u4f30\u4e0b\u7adf\u53ef\u7372\u5f97AAA\u7d1a\u7684\u6700\u9ad8\u8a55\u7d1a\u3002\u9019\u7a2e\u8a55\u7d1a\u4e0a\u7684\u56b4\u91cd\u504f\u5dee\uff0c\u6e90\u65bc\u8a55\u7d1a\u6a5f\u69cb\u6240\u63a1\u7528\u7684\u6578\u5b78\u6a21\u578b\u904e\u5ea6\u4f9d\u8cf4\u6b77\u53f2\u6a13\u50f9\u6578\u64da\uff0c\u5047\u8a2d\u5168\u7f8e\u6a13\u50f9\u4e0d\u6703\u540c\u6642\u4e0b\u8dcc\uff0c\u537b\u5ffd\u7565\u4e86\u7cfb\u7d71\u6027\u98a8\u96aa\u7684\u53ef\u80fd\u6027\u3002<\/p>\n\n\n\n<p>\u8207\u6b64\u540c\u6642\uff0c\u53e6\u4e00\u985e\u884d\u751f\u5de5\u5177\u300c\u4fe1\u8cb8\u9055\u7d04\u6389\u671f\u300d\uff08\u82f1\u6587\uff1aCredit Default Swap\uff0c\u7c21\u7a31CDS\uff09\u5e02\u5834\u4ea6\u4ee5\u9a5a\u4eba\u7684\u901f\u5ea6\u81a8\u8139\u3002CDS\u672c\u8cea\u4e0a\u662f\u4e00\u7a2e\u91dd\u5c0d\u50b5\u52d9\u9055\u7d04\u98a8\u96aa\u7684\u4fdd\u96aa\u5408\u7d04\uff0c\u8cb7\u65b9\u5b9a\u671f\u652f\u4ed8\u4fdd\u8cbb\uff0c\u8ce3\u65b9\u5247\u627f\u8afe\u5728\u50b5\u52d9\u9055\u7d04\u6642\u8ce0\u511f\u640d\u5931\u3002<\/p>\n\n\n\n<p>\u6839\u64da\u570b\u969b\u6e05\u7b97\u9280\u884c\u7684\u7d71\u8a08\uff0c\u5168\u7403CDS\u5e02\u5834\u7684\u672a\u5e73\u5009\u540d\u7fa9\u672c\u91d1\u898f\u6a21\u65bc2007\u5e74\u5e95\u9054\u5230\u7d0462\u842c\u5104\u7f8e\u5143\u7684\u5cf0\u503c\uff0c\u81f32008\u5e74\u5e95\u56de\u843d\u81f3\u7d0438.6\u842c\u5104\u7f8e\u5143\uff0c\u9060\u8d85\u7576\u6642\u7f8e\u570b\u7684\u570b\u5167\u751f\u7522\u7e3d\u503c\u3002\u554f\u984c\u5728\u65bcCDS\u5e02\u5834\u5e7e\u4e4e\u5b8c\u5168\u4e0d\u53d7\u76e3\u7ba1\uff0c\u5e02\u5834\u53c3\u8207\u8005\u7121\u9808\u6301\u6709\u5be6\u969b\u50b5\u52d9\u5373\u53ef\u8cb7\u8ce3\u76f8\u95dc\u4fdd\u96aa\uff0c\u5c0e\u81f4\u5927\u91cf\u6295\u6a5f\u6027\u4ea4\u6613\u5145\u65a5\u5176\u4e2d\u3002<\/p>\n\n\n\n<p>\u7576\u7f8e\u570b\u6a13\u5e02\u65bc2006\u5e74\u4e0b\u534a\u5e74\u958b\u59cb\u9006\u8f49\u3001\u6b21\u7d1a\u6309\u63ed\u9055\u7d04\u7387\u6500\u5347\u6642\uff0c\u4ee5CDO\u548cCDS\u70ba\u6838\u5fc3\u7684\u884d\u751f\u54c1\u7db2\u7d61\u4fbf\u5982\u591a\u7c73\u8afe\u9aa8\u724c\u822c\u5c64\u5c64\u50b3\u5c0e\u98a8\u96aa\uff0c\u6700\u7d42\u6f14\u8b8a\u6210\u7cfb\u7d71\u6027\u5371\u6a5f\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u91cd\u7d44\u91d1\u878d\u6d77\u562f\u6642\u9593\u7dda<\/h2>\n\n\n\n<p>\u82e5\u679c\u5c07\u91d1\u878d\u6d77\u562f\u4ee5\u6642\u9593\u7dda\u5448\u73fe\uff0c2007\u5e74\u53ef\u8996\u70ba\u98a8\u66b4\u919e\u91c0\u671f\u3002\u8a72\u5e742\u6708\uff0c\u7f8e\u570b\u6700\u5927\u6b21\u7d1a\u6309\u63ed\u8cb8\u6b3e\u516c\u53f8New Century Financial\u767c\u51fa\u76c8\u5229\u9810\u8b66\uff0c\u63ed\u958b\u6b21\u6309\u5371\u6a5f\u7684\u5e8f\u5e55\uff1b\u540c\u5e749\u6708\uff0c\u82f1\u570b\u7b2c\u4e94\u5927\u6309\u63ed\u8cb8\u6b3e\u9280\u884cNorthern Rock\u56e0\u540c\u696d\u62c6\u501f\u5e02\u5834\u51cd\u7d50\u800c\u9677\u5165\u6d41\u52d5\u6027\u5371\u6a5f\uff0c\u89f8\u767c\u4e86\u82f1\u570b\u81ea1866\u5e74\u4ee5\u4f86\u9996\u6b21<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E7%B6%93%E6%BF%9F-%E8%95%AD%E6%A2%9D-2\/\">\u9280\u884c\u64e0\u63d0<\/a>\u3002<\/p>\n\n\n\n<p>2008\u5e74\u5247\u662f\u5371\u6a5f\u5168\u9762\u5347\u7d1a\u7684\u4e00\u5e74\u3002\u8a72\u5e743\u6708\uff0c\u8c9d\u723e\u65af\u767b\uff08Bear Stearns\uff09\u56e0\u6301\u6709\u5927\u91cf\u6b21\u7d1a\u6309\u63ed\u76f8\u95dc\u8cc7\u7522\u800c\u7015\u81e8\u7834\u7522\uff0c\u6700\u7d42\u5728\u806f\u5132\u5c40\u63d0\u4f9b\u7dca\u6025\u8cb8\u6b3e\u652f\u6301\u4e0b\uff0c\u4ee5\u6bcf\u80a1\u50c52\u7f8e\u5143\u88ab\u6469\u6839\u5927\u901a\u6536\u8cfc\u3002<\/p>\n\n\n\n<p>\u9019\u5b97\u4f75\u8cfc\u6848\u5411\u5e02\u5834\u50b3\u9054\u4e86\u5371\u96aa\u4fe1\u865f\uff1a\u5373\u4f7f\u64c1\u670985\u5e74\u6b77\u53f2\u7684\u6295\u8cc7\u9280\u884c\u5de8\u64d8\uff0c\u4ea6\u53ef\u80fd\u5728\u6578\u65e5\u4e4b\u5167\u5d29\u584c\u30022008\u5e749\u67087\u65e5\uff0c\u7f8e\u570b\u653f\u5e9c\u5ba3\u5e03\u63a5\u7ba1\u5169\u5927\u6309\u63ed\u8b49\u5238\u5316\u5de8\u982d\u623f\u5229\u7f8e\uff08Fannie Mae\uff09\u548c\u623f\u5730\u7f8e\uff08Freddie Mac\uff09\uff0c\u5169\u8005\u5408\u8a08\u6301\u6709\u6216\u64d4\u4fdd\u4e86\u7f8e\u570b\u7d0412\u842c\u5104\u7f8e\u5143\u7684\u6309\u63ed\u8cb8\u6b3e\uff0c\u76f8\u7576\u65bc\u5168\u7f8e\u6309\u63ed\u5e02\u5834\u7684\u8fd1\u4e00\u534a\u898f\u6a21\u3002\u653f\u5e9c\u7684\u63a5\u7ba1\u884c\u52d5\u96d6\u7136\u907f\u514d\u4e86\u5373\u6642\u7684\u7cfb\u7d71\u6027\u5d29\u6f70\uff0c\u4f46\u540c\u6642\u53cd\u6620\u79c1\u71df\u91d1\u878d\u9ad4\u7cfb\u7684\u554f\u984c\u5df2\u56b4\u91cd\u5230\u9023\u653f\u5e9c\u90fd\u7121\u6cd5\u5750\u8996\u4e0d\u7406\u3002<\/p>\n\n\n\n<p>\u91d1\u878d\u6d77\u562f\u7684\u6700\u9ad8\u6f6e\u51fa\u73fe\u57282008\u5e749\u670815\u65e5\u3002\u96f7\u66fc\u5144\u5f1f\u56e0\u6642\u4efb\u8ca1\u653f\u90e8\u9577Henry Paulson\u62d2\u7d55\u63d0\u4f9b\u653f\u5e9c\u6551\u52a9\u800c\u88ab\u8feb\u7533\u8acb\u7834\u7522\u4fdd\u8b77\uff0c\u5f15\u767c\u5168\u7403\u91d1\u878d\u5e02\u5834\u5287\u70c8\u9707\u76ea\u3002\u96f7\u66fc\u5012\u9589\u6b21\u65e5\uff0c\u5168\u7403\u6700\u5927\u4fdd\u96aa\u96c6\u5718\u7f8e\u570b\u570b\u969b\u96c6\u5718\uff08\u7c21\u7a31AIG\uff09\u56e0\u65d7\u4e0b\u91d1\u878d\u7522\u54c1\u90e8\u9580\u6301\u6709\u9ad8\u90544,400\u5104\u7f8e\u5143\u7684CDS\u5408\u7d04\u800c\u7015\u81e8\u5012\u9589\uff0c\u7f8e\u570b\u806f\u5132\u5c40\u88ab\u8feb\u63d0\u4f9b850\u5104\u7f8e\u5143\u7684\u7dca\u6025\u8cb8\u6b3e\u63db\u53d6\u8a72\u516c\u53f879.9%\u7684\u80a1\u6b0a\uff0c\u5be6\u8cea\u4e0a\u5c07AIG\u570b\u6709\u5316\u3002<\/p>\n\n\n\n<p>\u96f7\u66fc\u5012\u9589\u5f8c\u7684\u9023\u9396\u53cd\u61c9\u8fc5\u901f\u64f4\u6563\uff1a\u8ca8\u5e63\u5e02\u5834\u57fa\u91d1\u56e0\u6301\u6709\u96f7\u66fc\u77ed\u671f\u7968\u64da\u800c\u8dcc\u7834\u9762\u503c\uff0c\u5168\u7403\u80a1\u5e02\u61c9\u8072\u66b4\u8dcc\uff0c\u4fe1\u8cb8\u5e02\u5834\u5b8c\u5168\u51cd\u7d50\u3002\u7f8e\u570b\u570b\u6703\u65bc2008\u5e7410\u67083\u65e5\u901a\u904e\u7e3d\u503c7,000\u5104\u7f8e\u5143\u7684\u300c\u554f\u984c\u8cc7\u7522\u6551\u52a9\u8a08\u5283\u300d\uff08\u82f1\u6587\uff1aTroubled Asset Relief Program\uff0c\u7c21\u7a31TARP\uff09\uff0c\u6388\u6b0a\u8ca1\u653f\u90e8\u8cfc\u8cb7\u91d1\u878d\u6a5f\u69cb\u7684\u4e0d\u826f\u8cc7\u7522\u6216\u76f4\u63a5\u5411\u9280\u884c\u6ce8\u8cc7\uff0c\u6b64\u4e43\u7f8e\u570b\u6b77\u53f2\u4e0a\u6700\u5927\u898f\u6a21\u7684\u653f\u5e9c\u6551\u5e02\u884c\u52d5\u4e4b\u4e00\u3002<\/p>\n\n\n\n<p>\u56de\u9867\u91d1\u878d\u5371\u6a5f\uff1a<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%87%91%e8%9e%8d-%e9%a2%a8%e6%9a%b4\/\">1997\u4e9e\u6d32\u91d1\u878d\u98a8\u66b4<\/a>\uff5c<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\/meme-%e8%82%a1-gme-%e4%ba%8b%e4%bb%b6\/\">GameStop\u4e8b\u4ef6<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/vix-%e6%81%90%e6%85%8c-%e6%8c%87%e6%95%b8-%e6%98%af-%e4%bb%80%e9%ba%bc\/\">\u6050\u614c\u6307\u6578<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u91d1\u878d\u6d77\u562f\u5c0d\u9999\u6e2f\u5f71\u97ff&nbsp;<\/h3>\n\n\n\n<p>\u91d1\u878d\u6d77\u562f\u5c0d\u9999\u6e2f\u9019\u500b\u958b\u653e\u578b\u7d93\u6fdf\u9ad4\u7684\u885d\u64ca\u65e2\u6df1\u4e14\u5ee3\uff0c\u800c\u80a1\u5e02\u9996\u7576\u5176\u885d\u3002\u6052\u751f\u6307\u6578\u65bc2007\u5e7410\u670830\u65e5\u5275\u4e0b31,958\u9ede\u7684\u65b0\u9ad8\uff0c\u7136\u800c\u96a8\u7740\u6b21\u6309\u5371\u6a5f\u9010\u6b65\u5347\u7d1a\uff0c\u6046\u6307\u958b\u59cb\u4e86\u9577\u9054\u4e00\u5e74\u7684\u4e0b\u8dcc\u8da8\u52e2\uff0c2008\u5e7410\u670827\u65e5\u6700\u4f4e\u89f8\u53ca10,676\u9ede\uff0c\u8f03\u6b77\u53f2\u9ad8\u4f4d\u7d2f\u8a08\u4e0b\u8dcc66%\uff0c\u8dcc\u5e45\u4e4b\u6df1\u5728\u6052\u6307\u6b77\u53f2\u4e0a\u50c5\u6b21\u65bc1973\u5e74\u7684\u80a1\u707d\u3002<\/p>\n\n\n\n<p>\u9019\u8f2a\u66b4\u8dcc\u4e0d\u50c5\u4ee4\u6a5f\u69cb\u6295\u8cc7\u8005\u640d\u5931\u6158\u91cd\uff0c\u5927\u91cf\u4ee5\u5b56\u5c55\u878d\u8cc7\u8cb7\u5165\u80a1\u7968\u7684\u6563\u6236\u6295\u8cc7\u8005\u66f4\u88ab\u8feb\u65ac\u5009\uff0c\u90e8\u5206\u4eba\u751a\u81f3\u56e0\u69d3\u687f\u64cd\u4f5c\u800c\u9762\u81e8\u7834\u7522\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u96f7\u66fc\u8ff7\u4f60\u50b5\u5238\u4e8b\u4ef6<\/h4>\n\n\n\n<p>\u7136\u800c\uff0c\u91d1\u878d\u6d77\u562f\u5c0d\u9999\u6e2f\u793e\u6703\u6700\u70ba\u5207\u8eab\u7684\u885d\u64ca\uff0c\u83ab\u904e\u65bc\u96f7\u66fc\u8ff7\u4f60\u50b5\u5238\u4e8b\u4ef6\u3002\u6839\u64da\u9999\u6e2f\u7acb\u6cd5\u6703\u65bc2012\u5e746\u6708\u767c\u5e03\u7684\u96f7\u66fc\u8ff7\u4f60\u50b5\u5238<a href=\"https:\/\/www.legco.gov.hk\/yr08-09\/cn\/hc\/sub_com\/hs01\/report\/hs01_rpt-c.pdf\">\u8abf\u67e5\u5831\u544a<\/a>\uff0c\u7d71\u8a08\u51fa\u9999\u6e2f\u6709\u8d85\u904e43,700\u540d\u6295\u8cc7\u8005\u8cfc\u8cb7\u4e86\u8207\u96f7\u66fc\u5144\u5f1f\u76f8\u95dc\u7684\u300c\u8ff7\u4f60\u50b5\u5238\u300d\uff08\u82f1\u6587\uff1aMini-bonds\uff09\uff0c\u6d89\u53ca\u91d1\u984d\u903e202.3\u5104\u6e2f\u5143\u3002<\/p>\n\n\n\n<p>\u9019\u4e9b\u6240\u8b02\u7684\u300c\u50b5\u5238\u300d\u5be6\u969b\u4e0a\u662f\u4fe1\u8cb8\u639b\u920e\u7968\u64da\uff08\u82f1\u6587\uff1aCredit-linked Notes\uff09\uff0c\u7d50\u69cb\u6975\u70ba\u8907\u96dc\uff0c\u901a\u5e38\u4ee5\u9ad8\u606f\u70ba\u62db\u5fa0\uff0c\u5167\u542b\u8207\u4e00\u7c43\u5b50\u53c3\u8003\u5be6\u9ad4\u639b\u920e\u7684CDS\u6210\u5206\u3002\u96f7\u66fc\u5144\u5f1f\u65e2\u662f\u9019\u4e9b\u7968\u64da\u7684\u767c\u884c\u4eba\uff0c\u4e5f\u662f\u53c3\u8003\u5be6\u9ad4\u4e4b\u4e00\uff0c\u4e00\u65e6\u96f7\u66fc\u5012\u9589\uff0c\u7968\u64da\u5373\u544a\u9055\u7d04\uff0c\u6295\u8cc7\u8005\u8840\u672c\u7121\u6b78\u3002<\/p>\n\n\n\n<p>\u4e8b\u4ef6\u66dd\u5149\u5f8c\uff0c\u793e\u6703\u8f3f\u8ad6\u5629\u7136\uff0c\u5927\u91cf\u6295\u8cc7\u8005\u8d70\u4e0a\u8857\u982d\u6297\u8b70\uff0c\u6279\u8a55\u9280\u884c\u7684\u92b7\u552e\u624b\u6cd5\u8aa4\u5c0e\uff0c\u7279\u5225\u662f\u90e8\u5206\u9280\u884c\u8077\u54e1\u5c07\u9ad8\u98a8\u96aa\u7d50\u69cb\u6027\u7522\u54c1\u7576\u4f5c\u300c\u5b9a\u671f\u5b58\u6b3e\u66ff\u4ee3\u54c1\u300d\u5411\u9577\u8005\u53ca\u9000\u4f11\u4eba\u58eb\u63a8\u92b7\u3002\u7d93\u904e\u591a\u5e74\u8ac7\u5224\uff0c\u6839\u64da\u9999\u6e2f\u9280\u884c\u516c\u6703\u65bc2011\u5e743\u670827\u65e5\u516c\u5e03\u7684<a href=\"https:\/\/www.bbc.com\/zhongwen\/trad\/china\/2011\/03\/110327_hk_lehmanbothers\">\u548c\u89e3\u65b9\u6848<\/a>\uff0c\u8ff7\u4f60\u50b5\u5238\u7684\u6700\u7d42\u56de\u6536\u7387\u4ecb\u4e4e85%\u81f396.5%\u4e4b\u9593\uff0c\u8996\u4e4e\u7522\u54c1\u7d50\u69cb\u800c\u5b9a\uff0c\u4f46\u8a31\u591a\u6295\u8cc7\u8005\u5728\u9577\u9054\u6578\u5e74\u7684\u7b49\u5019\u904e\u7a0b\u4e2d\u627f\u53d7\u4e86\u5de8\u5927\u7cbe\u795e\u58d3\u529b\u8207\u8ca1\u52d9\u640d\u5931\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<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/coco-bond-at-1-%e5%82%b5%e5%88%b8\/\">CoCo Bond<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/coco-bond-at-1-%e5%82%b5%e5%88%b8\/\">AT1\u50b5\u5238<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e5%82%b5%e5%8b%99-%e9%81%95%e7%b4%84-%e5%be%8c%e6%9e%9c\/\">\u6280\u8853\u6027\u9055\u7d04<\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u91d1\u878d\u6d77\u562f\u5f8c\u6e2f\u5e9c\u52a0\u5f37\u76e3\u7ba1\u7d50\u69cb\u6027\u7522\u54c1\u92b7\u552e<\/h4>\n\n\n\n<p>\u5728\u6295\u8cc7\u8005\u4fdd\u969c\u65b9\u9762\uff0c\u8b49\u76e3\u6703\u8207\u91d1\u7ba1\u5c40\u5728\u96f7\u66fc\u8ff7\u4f60\u50b5\u5238\u4e8b\u4ef6\u5f8c\u52a0\u5f37\u4e86\u5c0d\u7d50\u69cb\u6027\u7522\u54c1\u92b7\u552e\u7684\u76e3\u7ba1\uff0c\u5305\u62ec\u5f15\u5165\u66f4\u56b4\u683c\u7684\u7522\u54c1\u5be9\u6279\u7a0b\u5e8f\u3001\u5f37\u5316\u9280\u884c\u8077\u54e1\u7684\u57f9\u8a13\u8981\u6c42\uff0c\u4ee5\u53ca\u898f\u5b9a\u9280\u884c\u5fc5\u9808\u9032\u884c\u66f4\u8a73\u76e1\u7684\u5ba2\u6236\u98a8\u96aa\u8a55\u4f30\u3002<\/p>\n\n\n\n<p>\u9999\u6e2f\u6295\u8cc7\u8005\u6559\u80b2\u4e2d\u5fc3\uff08Investor Education Centre\uff0c\u7c21\u7a31IEC\uff09\u65bc2012\u5e74\u6210\u7acb\uff0c\u65e8\u5728\u63d0\u5347\u5e02\u6c11\u7684\u91d1\u878d\u7406\u8ca1\u77e5\u8b58\u53ca\u98a8\u96aa\u610f\u8b58\uff0c\u53ca\u5f8c\u6539\u540d\u70ba\u6295\u8cc7\u8005\u53ca\u7406\u8ca1\u6559\u80b2\u59d4\u54e1\u6703\uff08\u7c21\u7a31\u6295\u59d4\u6703\uff09<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u900f\u904e\u65b0\u6642\u4ee3Fintech\u5132\u9322<\/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\u70ba2.45\u5398\u30012.6\u5398\u30012.95\u5398\u53ca3.25\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 size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/07\/1920x1080_PROMOINCOME_CN-1-1024x576.png\" alt=\"\" class=\"wp-image-9309\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/07\/1920x1080_PROMOINCOME_CN-1-1024x576.png 1024w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/07\/1920x1080_PROMOINCOME_CN-1-300x169.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/07\/1920x1080_PROMOINCOME_CN-1-768x432.png 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/07\/1920x1080_PROMOINCOME_CN-1-1536x864.png 1536w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/07\/1920x1080_PROMOINCOME_CN-1-747x420.png 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/07\/1920x1080_PROMOINCOME_CN-1-696x392.png 696w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/07\/1920x1080_PROMOINCOME_CN-1-1068x601.png 1068w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/07\/1920x1080_PROMOINCOME_CN-1.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\"><a href=\"https:\/\/syfe.onelink.me\/7gTt\/r4exfuxh\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color 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