{"id":524,"date":"2025-01-23T22:17:19","date_gmt":"2025-01-23T14:17:19","guid":{"rendered":"https:\/\/www.db-hk.com\/?p=524"},"modified":"2025-01-23T22:17:19","modified_gmt":"2025-01-23T14:17:19","slug":"arthur-hayes%e6%96%b0%e6%96%87%ef%bc%9a%e6%af%94%e7%89%b9%e5%b8%81%e5%9b%bd%e5%ae%b6%e5%82%a8%e5%a4%87%e4%b9%8b%e5%a4%96%ef%bc%8c%e7%be%8e%e5%9b%bd%e7%9a%84%e5%8a%a0%e5%af%86%e9%9c%b8%e6%9d%83","status":"publish","type":"post","link":"http:\/\/www.fubairui.net\/?p=524","title":{"rendered":"Arthur Hayes\u65b0\u6587\uff1a\u6bd4\u7279\u5e01\u56fd\u5bb6\u50a8\u5907\u4e4b\u5916\uff0c\u7f8e\u56fd\u7684\u52a0\u5bc6\u9738\u6743\u53e6\u6709\u6240\u56fe"},"content":{"rendered":"<p>\u4f4d\u4e8e Mar-a-Lago \u7684 Pax Americana Make-A-Wish Corporation\uff08\u7f8e\u5f0f\u548c\u5e73\u8bb8\u613f\u516c\u53f8\uff09\u6bcf\u5929\u90fd\u63a5\u5f85\u5927\u6279\u300c\u8bb8\u613f\u8005\u300d\u3002\u52a0\u5bc6\u8d27\u5e01\u9886\u57df\u7684\u4eba\u4eec\u4e5f\u548c\u5176\u4ed6\u4eba\u4e00\u6837\uff0c\u6392\u7740\u957f\u961f\uff0c\u8bd5\u56fe\u6293\u4f4f\u673a\u4f1a\u5b9e\u73b0\u4e00\u4e2a\u6216\u591a\u4e2a\u613f\u671b\u3002\u8fd9\u4f4d\u5584\u53d8\u7684\u300c\u7cbe\u7075\u300d\u2014\u2014\u88ab\u79f0\u4e3a\u300c\u6a59\u8272\u4e4b\u4eba\u300d\u7684\u4e3b\u4eba\uff0c\u6bcf\u5468\u90fd\u4f1a\u5728\u5357\u4f5b\u7f57\u91cc\u8fbe\u7684\u6cbc\u6cfd\u5730\u5e26\uff0c\u4ed6\u90a3\u4e61\u6751\u98ce\u4e0e\u591c\u603b\u4f1a\u98ce\u683c\u7ed3\u5408\u7684\u79c1\u4eba\u4ff1\u4e50\u90e8\u4e2d\u300c\u5f00\u5ead\u300d\uff0c\u4f34\u968f\u7740\u4e0a\u4e16\u7eaa 80 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(Bitcoin Strategic Reserve, BSR)\uff0c\u53e6\u4e00\u4e2a\u662f\u63a8\u52a8 Pax Americana 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BSR \u548c\u62fc\u51d1\u51fa\u6765\u7684\u52a0\u5bc6\u76d1\u7ba1\u6cd5\u6848\u5bf9\u884c\u4e1a\u53d1\u5c55\u800c\u8a00\uff0c\u65e0\u8bba\u662f\u5728\u672c\u5730\u8fd8\u662f\u5168\u7403\u8303\u56f4\u5185\uff0c\u90fd\u4f1a\u5e26\u6765\u8d1f\u9762\u5f71\u54cd\u3002\u968f\u540e\uff0c\u6211\u5c06\u4e3a\u90a3\u4e9b\u6bcf\u5929\u7a7f\u7740\u6761\u7eb9\u897f\u88c5\u6216\u590f\u5b63\u8fde\u8863\u88d9\uff0c\u6392\u961f\u7b49\u5f85\u5411\u8fd9\u4f4d\u300c\u6a59\u8272\u7cbe\u7075\u300d\u8bb8\u613f\u7684\u4eba\u4eec\uff0c\u63d0\u4f9b\u4e00\u4e9b\u5efa\u8bae\uff0c\u544a\u8bc9\u4ed6\u4eec\u5e94\u8be5\u8bb8\u54ea\u4e9b\u66f4\u6709\u4ef7\u503c\u7684\u613f\u671b\u3002<\/p>\n<p><strong>\u6bd4\u7279\u5e01\u6218\u7565\u50a8\u5907 (Bitcoin Strategic Reserve, BSR)<\/strong><\/p>\n<p>\u4efb\u4f55\u53ef\u4ee5\u88ab\u8d2d\u4e70\u7684\u4e1c\u897f\uff0c\u540c\u6837\u4e5f\u53ef\u4ee5\u88ab\u51fa\u552e\u3002\u5f53\u653f\u5e9c\u56e4\u79ef\u67d0\u79cd\u8d44\u4ea7\u65f6\uff0c\u5176\u6838\u5fc3\u95ee\u9898\u5728\u4e8e\uff0c\u8fd9\u79cd\u4e70\u5356\u884c\u4e3a\u901a\u5e38\u662f\u51fa\u4e8e\u653f\u6cbb\u76ee\u7684\uff0c\u800c\u975e\u7ecf\u6d4e\u5229\u76ca\u3002\u5728\u5f53\u524d\u5168\u7403\u7ecf\u6d4e\u4f53\u7cfb\u7684\u6846\u67b6\u4e0b\uff0c\u6bd4\u7279\u5e01\u80fd\u4e3a\u7f8e\u56fd\u653f\u5e9c\u5e26\u6765\u4ec0\u4e48\u76f4\u63a5\u4f5c\u7528\u5417\uff1f\u7b54\u6848\u662f\u5426\u5b9a\u7684\u3002\u6bd4\u7279\u5e01\u4e0d\u8fc7\u662f\u53e6\u4e00\u79cd\u91d1\u878d\u8d44\u4ea7\u3002\u867d\u7136\u4e00\u4e9b\u8bfb\u8005\u53ef\u80fd\u8ba4\u4e3a\u6bd4\u7279\u5e01\u662f\u300c\u53f2\u4e0a\u6700\u575a\u786c\u7684\u8d27\u5e01\u300d\uff0c\u7531\u300c\u552f\u4e00\u7684\u771f\u795e\u300d\u4e2d\u672c\u806a\u521b\u9020\uff0c\u4f46\u6211\u53ef\u4ee5\u80af\u5b9a\u5730\u544a\u8bc9\u4f60\uff0c\u90a3\u4f4d\u300c\u7cbe\u7075\u300d\uff08\u6697\u6307\u653f\u6cbb\u4eba\u7269\uff09\u7684\u884c\u52a8\u5e76\u4e0d\u662f\u6e90\u4e8e\u5bf9\u795e\u7075\u7684\u656c\u4ef0\uff0c\u800c\u662f\u4e3a\u4e86\u8fce\u5408\u90a3\u4e9b\u5c06\u4ed6\u9001\u4e0a\u6743\u529b\u5b9d\u5ea7\u7684\u9009\u6c11\u7fa4\u4f53\u3002<\/p>\n<p>\u5047\u8bbe\u7279\u6717\u666e\u771f\u7684\u6210\u529f\u5efa\u7acb\u4e86\u4e00\u4e2a\u6bd4\u7279\u5e01\u6218\u7565\u50a8\u5907 (BSR)\u3002\u653f\u5e9c\u6309\u7167\u7f8e\u56fd\u53c2\u8bae\u5458 Lummis \u7684\u63d0\u8bae\uff0c\u8d2d\u4e70\u4e86\u4e00\u767e\u4e07\u679a\u6bd4\u7279\u5e01\u3002\u7ed3\u679c\u4f1a\u5982\u4f55\uff1f\u6bd4\u7279\u5e01\u4ef7\u683c\u8fc5\u901f\u98d9\u5347\uff0c\u5e02\u573a\u9677\u5165\u72c2\u70ed\uff0c\u4f46\u968f\u7740\u653f\u5e9c\u5b8c\u6210\u8d2d\u4e70\uff0c\u6bd4\u7279\u5e01\u7684\u300c\u53ea\u6da8\u4e0d\u8dcc\u300d\u8d8b\u52bf\u4e5f\u621b\u7136\u800c\u6b62\u3002<\/p>\n<p>\u65f6\u95f4\u5feb\u8fdb\u4e24\u5230\u56db\u5e74\u3002\u5230 2026 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Newsom)\uff0c\u4ed6\u53ef\u80fd\u4f1a\u4ee5\u300c\u51e4\u51f0\u6d85\u69c3\u300d\u822c\u7684\u59ff\u6001\u5d1b\u8d77\u3002\u800c\u4e0e\u6b64\u540c\u65f6\uff0c\u67d0\u4e9b\u4e89\u8bae\u6027\u653f\u7b56\uff0c\u6bd4\u5982\u5141\u8bb8\u672a\u6210\u5e74\u4eba\u5728\u672a\u7ecf\u7236\u6bcd\u540c\u610f\u7684\u60c5\u51b5\u4e0b\u8fdb\u884c\u53d8\u6027\u624b\u672f\uff0c\u53ef\u80fd\u518d\u6b21\u6210\u4e3a\u73b0\u5b9e\u3002\u5bf9\u6b64\uff0c\u90e8\u5206\u9009\u6c11\u6216\u8bb8\u4f1a\u6b22\u547c\u96c0\u8dc3\u3002<\/p>\n<p>\u5bf9\u4e8e\u4e00\u4e2a\u5373\u5c06\u4e0a\u53f0\u7684\u6c11\u4e3b\u515a\u63a7\u5236\u7684\u653f\u5e9c\u6765\u8bf4\uff0c\u5bfb\u627e\u73b0\u6210\u7684\u8d44\u91d1\u6765\u6ee1\u8db3\u5176\u652f\u6301\u8005\u7684\u9700\u6c42\u662f\u9996\u8981\u4efb\u52a1\u3002\u800c\u8fd9\u4e0d\u4ec5\u662f\u6c11\u4e3b\u515a\uff0c\u5b9e\u9645\u4e0a\u4efb\u4f55\u653f\u515a\u90fd\u96be\u4ee5\u907f\u514d\u8fd9\u4e00\u903b\u8f91\u3002\u6b64\u65f6\uff0c\u653f\u5e9c\u624b\u5934\u7684\u6bd4\u7279\u5e01\u50a8\u5907\u2014\u2014\u4e00\u767e\u4e07\u679a\u9759\u9759\u8eba\u5728\u90a3\u91cc\uff0c\u53ea\u9700\u8981\u4e00\u7eb8\u7b7e\u5b57\uff0c\u5c31\u53ef\u4ee5\u88ab\u7528\u4f5c\u300c\u63d0\u6b3e\u673a\u300d\u3002\u5e02\u573a\u81ea\u7136\u4f1a\u62c5\u5fe7\u8fd9\u4e9b\u6bd4\u7279\u5e01\u4f55\u65f6\u3001\u4ee5\u4f55\u79cd\u65b9\u5f0f\u88ab\u629b\u552e\u3002\u653f\u5e9c\u662f\u4f1a\u5c3d\u53ef\u80fd\u51cf\u5c11\u5bf9\u5e02\u573a\u7684\u51b2\u51fb\u3001\u6700\u5927\u5316\u7f8e\u5143\u6536\u76ca\uff0c\u8fd8\u662f\u4f1a\u51fa\u4e8e\u653f\u6cbb\u76ee\u7684\uff0c\u6545\u610f\u6253\u538b\u90a3\u4e9b\u652f\u6301\u300c\u6a59\u8272\u4e4b\u4eba\u300d\u7684\u52a0\u5bc6\u8d27\u5e01\u6301\u6709\u8005\uff1f\u6211\u4eec\u4e0d\u5f97\u800c\u77e5\u3002\u4f46\u8fd9\u79cd\u4e0d\u786e\u5b9a\u6027\u5c06\u4e25\u91cd\u6253\u51fb\u5e02\u573a\u5bf9\u6bd4\u7279\u5e01\u53ca\u6574\u4e2a\u52a0\u5bc6\u8d27\u5e01\u884c\u4e1a\u7684\u4fe1\u5fc3\u3002<\/p>\n<p>\u5982\u679c\u7f8e\u56fd\u653f\u5e9c\u51b3\u5b9a\u56e4\u79ef\u5305\u62ec Ripple \u5728\u5185\u7684\u300c\u5783\u573e\u5e01\u300d (shitcoins)\uff0c\u8fd9\u4e9b\u52a0\u5bc6\u8d27\u5e01\u5c06\u4e0d\u53ef\u907f\u514d\u5730\u88ab\u8f6c\u5316\u4e3a\u4e00\u79cd\u5f3a\u6709\u529b\u7684\u653f\u6cbb\u5de5\u5177\u3002\u7136\u800c\uff0c\u4f5c\u4e3a\u4e00\u9879\u7eaf\u7cb9\u7684\u653f\u6cbb\u7b56\u7565\uff0c\u7f8e\u56fd\u653f\u5e9c\u771f\u7684\u4f1a\u8ba4\u771f\u53c2\u4e0e\u5230\u52a0\u5bc6\u793e\u533a\u4e2d\u5417\uff1f\u4ed6\u4eec\u4f1a\u6350\u6b3e\u652f\u6301\u6bd4\u7279\u5e01\u6838\u5fc3\u5f00\u53d1\u8005\u7684\u5de5\u4f5c\u5417\uff1f\u4f1a\u8fd0\u884c\u6bd4\u7279\u5e01\u8282\u70b9\u5417\uff1f\u6216\u8bb8\u6709\u53ef\u80fd\u2026\u2026\u4f46\u4ece\u76ee\u524d\u5173\u4e8e BSR \u7684\u8ba8\u8bba\u6765\u770b\uff0c\u8fd9\u66f4\u50cf\u662f\u4e00\u4e2a\u300c\u4e70\u4e86\u5c31\u653e\u7740\u4e0d\u7ba1\u300d\u7684\u8ba1\u5212\u3002\u7279\u6717\u666e\u548c\u5171\u548c\u515a\u53ef\u80fd\u4f1a\u770b\u5230\u6bd4\u7279\u5e01\u4ef7\u683c\u98d9\u5347\uff0c\u7136\u540e\u5ba3\u5e03\u300c\u4efb\u52a1\u5b8c\u6210\u300d\uff0c\u5e76\u501f\u6b64\u673a\u4f1a\u5728\u6bcf\u76d8 10,000 \u7f8e\u5143\u7684\u8c6a\u534e\u665a\u5bb4\u4e0a\u5411 David Bailey \u52df\u96c6\u66f4\u591a\u7ade\u9009\u8d44\u91d1\u3002\u522b\u53bb\u8d23\u602a\u73a9\u5bb6\uff0c\u8d23\u602a\u8fd9\u4e2a\u6e38\u620f\u89c4\u5219\u5427\u3002\u7136\u800c\uff0c\u5411\u300c\u7cbe\u7075\u300d\u63d0\u51fa\u8fd9\u6837\u7684\u613f\u671b\uff0c\u53ef\u80fd\u4f1a\u5728\u4e24\u5e74\u5185\u7ed9\u52a0\u5bc6\u884c\u4e1a\u5e26\u6765\u4e0d\u5fc5\u8981\u7684\u75db\u82e6\u3002<\/p>\n<p><strong>Frankenstein \u5f0f\u7684\u52a0\u5bc6\u6cd5\u6848<\/strong><\/p>\n<p>\u8981\u7406\u89e3\u4e00\u4e2a\u52a0\u5bc6\u8d27\u5e01\u6301\u6709\u8005 (Hodler) \u5e0c\u671b\u7684\u76d1\u7ba1\u653f\u7b56\uff0c\u6700\u7b80\u5355\u7684\u65b9\u6cd5\u5c31\u662f\u770b\u770b\u4ed6\u4eec\u7684\u6295\u8d44\u7ec4\u5408\u3002\u4ece\u6211\u8fdc\u79bb\u300c\u7cbe\u7075\u300d\u5468\u56f4\u55a7\u56a3\u7684\u89c6\u89d2\u6765\u770b\uff0c\u90a3\u4e9b\u5728\u4e2d\u5fc3\u5316\u52a0\u5bc6\u91d1\u878d\u4e2d\u4ecb\u673a\u6784\u4e2d\u6709\u5927\u91cf\u6295\u8d44\u7684\u4eba\uff0c\u5f80\u5f80\u662f\u6700\u6709\u53ef\u80fd\u5b9e\u73b0\u5176\u76d1\u7ba1\u613f\u671b\u7684\u7fa4\u4f53\uff0c\u56e0\u4e3a\u4ed6\u4eec\u7684\u58f0\u97f3\u6700\u5927\u3002\u4e0d\u5e78\u7684\u662f\uff0c\u90a3\u4e9b\u81f4\u529b\u4e8e\u6784\u5efa\u771f\u6b63\u53bb\u4e2d\u5fc3\u5316\u6280\u672f\u548c\u5e94\u7528\u7684\u5f00\u53d1\u8005\uff0c\u5728\u8fd9\u4e2a\u5468\u671f\u4e2d\u5e76\u6ca1\u6709\u8db3\u591f\u7684\u8d22\u529b\u6765\u53c2\u4e0e\u653f\u6cbb\u535a\u5f08\u3002\u5f53\u524d\u6700\u5bcc\u6709\u7684\u52a0\u5bc6\u4ece\u4e1a\u8005\u901a\u5e38\u638c\u63a7\u7740\u4ea4\u6613\u6240\u3001\u7ecf\u7eaa\u670d\u52a1\u6216\u67d0\u79cd\u501f\u8d37\u5e73\u53f0\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u5982\u679c\u52a0\u5bc6\u76d1\u7ba1\u613f\u671b\u771f\u7684\u88ab\u6ee1\u8db3\uff0c\u53ef\u80fd\u4f1a\u4ee5\u4e00\u79cd\u590d\u6742\u4e14\u5e26\u6709\u9ad8\u5ea6\u89c4\u8303\u6027\u7684\u6cd5\u89c4\u5f62\u5f0f\u5448\u73b0\uff0c\u800c\u53ea\u6709\u90a3\u4e9b\u8d44\u91d1\u96c4\u539a\u7684\u5927\u578b\u4e2d\u5fc3\u5316\u516c\u53f8\u624d\u80fd\u627f\u62c5\u5f97\u8d77\u5408\u89c4\u6210\u672c\u3002\u8fd9\u662f\u56e0\u4e3a\uff0c\u552f\u4e00\u80fd\u591f\u7406\u89e3\u8fd9\u4e9b\u6cd5\u5f8b\u7684\u4eba\uff0c\u662f\u90a3\u4e9b\u5728\u5404\u79cd\u76d1\u7ba1\u673a\u6784\u4e4b\u95f4\u6e38\u8d70\u7684\u804c\u4e1a\u4f01\u4e1a\u5f8b\u5e08\u3002\u800c\u8fd9\u4e9b\u5f8b\u5e08\u7684\u6536\u8d39\u53ef\u4e0d\u4fbf\u5b9c\u2014\u2014\u6bcf\u5c0f\u65f6\u9ad8\u8fbe 2,000 \u7f8e\u5143\u3002\u4e5f\u8bb8\u5728\u8fea\u62dc\u8fd9\u7b97\u662f\u300c\u767d\u83dc\u4ef7\u300d\uff0c\u4f46\u5728\u6211\u770b\u6765\uff0c\u8fd9\u53ef\u662f\u4e00\u7b14\u6602\u8d35\u7684\u82b1\u8d39\u3002<\/p>\n<p>\u8fd9\u771f\u7684\u662f\u66f4\u5e7f\u6cdb\u7684\u52a0\u5bc6\u793e\u533a\u5e0c\u671b\u4ece\u300c\u7cbe\u7075\u300d\u90a3\u91cc\u5f97\u5230\u7684\u7ed3\u679c\u5417\uff1f\u96be\u9053\u8fd9\u4e00\u5207\u53ea\u662f\u4e3a\u4e86\u8ba9 Brian Armstrong \u548c Larry Fink \u66f4\u52a0\u5bcc\u6709\uff1f\u6211\u5e76\u4e0d\u662f\u5728\u6279\u8bc4\u4ed6\u4eec\uff1b\u4ed6\u4eec\u53ea\u662f\u5c3d\u804c\u5c3d\u8d23\u5730\u5b8c\u6210\u81ea\u5df1\u7684\u5de5\u4f5c\u2014\u2014\u901a\u8fc7\u5efa\u7acb\u5784\u65ad\u7ed3\u6784\u6765\u6700\u5927\u5316\u80a1\u4e1c\u4ef7\u503c\uff0c\u4ece\u800c\u8ba9\u4ed6\u4eec\u7684\u4e1a\u52a1\u8131\u9896\u800c\u51fa\u3002\u6216\u8bb8\u90a3\u4e9b Coinbase \u548c BlackRock \u7684\u80a1\u4e1c\u786e\u5b9e\u5e0c\u671b\u770b\u5230\u8fd9\u6837\u4e00\u4e2a Frankenstein \u5f0f\u7684\u52a0\u5bc6\u6cd5\u6848\u3002\u4f46\u5728\u6211\u770b\u6765\uff0c\u8fd9\u79cd\u6cd5\u89c4\u5e76\u4e0d\u80fd\u6539\u53d8\u73b0\u6709\u7684\u884c\u4e1a\u683c\u5c40\u3002\u867d\u7136\u5b83\u5bf9\u52a0\u5bc6\u884c\u4e1a\u6ca1\u6709\u76f4\u63a5\u7684\u8d1f\u9762\u5f71\u54cd\uff0c\u4f46\u4e5f\u7edd\u5bf9\u8c08\u4e0d\u4e0a\u6709\u4efb\u4f55\u79ef\u6781\u4f5c\u7528\u3002<\/p>\n<p>\u5bf9\u4e8e\u90a3\u4e9b\u56e0\u4e3a\u8ba4\u4e3a\u7f8e\u56fd\u62e5\u6709\u4e00\u4e2a\u300c\u5bf9\u52a0\u5bc6\u8d27\u5e01\u53cb\u597d\u300d\u7684\u653f\u5e9c\u800c\u9009\u62e9\u642c\u8fc1\u5230\u8fd9\u91cc\u7684\u521b\u4e1a\u8005\u4eec\uff0c\u8bf7\u52a1\u5fc5\u4e09\u601d\u800c\u540e\u884c\u3002\u5982\u679c\u4f60\u9ed8\u8bb8\u8fd9\u6837\u7684\u5c40\u9762\uff0c\u4f60\u7684\u521b\u4e1a\u516c\u53f8\u5f88\u53ef\u80fd\u4f1a\u4ee5\u5931\u8d25\u544a\u7ec8\u3002\u90a3\u4e9b\u4f9d\u9760\u590d\u6742\u7e41\u7410\u7684\u76d1\u7ba1\u58c1\u5792\u4fdd\u62a4\u81ea\u5df1\u7684\u5784\u65ad\u4f01\u4e1a\uff0c\u5bf9\u771f\u6b63\u7684\u521b\u65b0\u6beb\u65e0\u5174\u8da3\u3002\u4ed6\u4eec\u4f1a\u5229\u7528\u81ea\u5df1\u72ec\u7279\u7684\u7279\u6743\u5730\u4f4d\uff0c\u5c06\u6f5c\u5728\u7684\u7ade\u4e89\u8005\u62d2\u4e4b\u95e8\u5916\u3002\u4f5c\u4e3a\u521b\u4e1a\u8005\uff0c\u4f60\u6216\u8bb8\u662f\u4e58\u5750\u5546\u52a1\u8231\u98de\u62b5 JFK \u673a\u573a\u7684\uff0c\u4f46\u6700\u7ec8\u79bb\u5f00\u65f6\uff0c\u5f88\u53ef\u80fd\u53ea\u80fd\u5750\u7ecf\u6d4e\u8231\u56de\u53bb\u3002<\/p>\n<p><strong>\u8bb8\u4e2a\u613f\u5427<\/strong><\/p>\n<p>\u5982\u679c\u8ba9\u6211\u8bb8\u613f\uff0c\u6211\u4f1a\u5e0c\u671b\u4ec0\u4e48\uff1f\u6211\u4f1a\u544a\u8bc9\u4f60\u7b54\u6848\u3002\u4f46\u6309\u7167\u6211\u7684\u98ce\u683c\uff0c\u5728\u63ed\u6653\u4e4b\u524d\uff0c\u6211\u4eec\u9700\u8981\u5148\u56de\u987e\u4e00\u4e0b\u91d1\u878d\u53f2\uff0c\u5e76\u7ed3\u5408\u6211\u7684\u89c6\u89d2\u6765\u89e3\u8bfb\u67d0\u4e9b\u5173\u952e\u4e8b\u4ef6\u3002<\/p>\n<p>\u95ee\u9898\u7684\u6838\u5fc3\u5728\u4e8e\uff0c\u4e3a\u4ec0\u4e48\u300c\u7cbe\u7075\u300d\u4f1a\u6ee1\u8db3\u6211\u7684\u613f\u671b\uff0c\u6216\u8005\u81f3\u5c11\u662f\u4e00\u4e2a\u63a5\u8fd1\u7684\u53d8\u4f53\uff1f\u300c\u7cbe\u7075\u300d\u4ee5\u53ca\u90a3\u4e9b\u5b9e\u9645\u638c\u63a7\u56fd\u5bb6\u8fd0\u4f5c\u7684\u52a9\u624b\u4eec\uff0c\u53ea\u4f1a\u5728\u6211\u7684\u613f\u671b\u6709\u52a9\u4e8e\u5b9e\u73b0\u4ed6\u4eec\u76ee\u6807\u7684\u60c5\u51b5\u4e0b\uff0c\u624d\u53ef\u80fd\u7b54\u5e94\u3002<\/p>\n<p>\u7279\u6717\u666e\u7684\u4e24\u4f4d\u5173\u952e\u52a9\u624b\u2014\u2014\u7f8e\u56fd\u8d22\u653f\u90e8\u957f Scott Bessent \u548c\u7f8e\u56fd\u56fd\u52a1\u537f Mark Rubio \u7684\u4e3b\u8981\u76ee\u6807\uff0c\u662f\u901a\u8fc7\u6539\u9769\u5168\u7403\u7ecf\u6d4e\u79e9\u5e8f\uff0c\u6765\u5de9\u56fa\u7f8e\u5143\u7684\u5730\u4f4d\u5e76\u7ef4\u6301\u7f8e\u56fd\u7684\u9738\u6743\u3002\u5982\u6211\u5728\u4e0a\u4e00\u7bc7\u6587\u7ae0 The Ugly \u4e2d\u63d0\u5230\u7684\uff0c\u7f8e\u5143\u4f53\u7cfb\u5b9e\u9645\u4e0a\u7531\u4e24\u90e8\u5206\u7ec4\u6210\uff1a\u4e00\u79cd\u662f\u8d27\u5e01\uff0c\u53e6\u4e00\u79cd\u662f\u50a8\u5907\u8d44\u4ea7\u3002\u81ea 1944 \u5e74\u5e03\u96f7\u987f\u68ee\u6797\u534f\u8bae\u7b7e\u8ba2\u4ee5\u6765\uff0c\u7f8e\u5143\u4e00\u76f4\u662f\u5168\u7403\u7684\u50a8\u5907\u8d27\u5e01\uff0c\u4f46\u50a8\u5907\u8d44\u4ea7\u7684\u5f62\u5f0f\u5374\u968f\u7740\u65f6\u4ee3\u7684\u53d8\u8fc1\u800c\u53d1\u751f\u4e86\u53d8\u5316\u3002<\/p>\n<p><strong>\u7f8e\u5143\u4f53\u7cfb\u7684\u50a8\u5907\u8d44\u4ea7\u6f14\u53d8<\/strong><\/p>\n<p><strong>1944 &#8211; 1971\uff1a\u9ec4\u91d1<\/strong><\/p>\n<p>&nbsp;\u5728\u8fd9\u4e00\u65f6\u671f\uff0c\u7f8e\u5143\u7684\u4ef7\u503c\u88ab\u56fa\u5b9a\u4e3a\u6bcf\u76ce\u53f8\u9ec4\u91d1 35 \u7f8e\u5143\u3002\u90a3\u4e9b\u4e0e\u300c\u7f8e\u5f0f\u548c\u5e73\u300d (Pax Americana) \u7ed3\u76df\u7684\u4e3b\u6743\u56fd\u5bb6\u53ef\u4ee5\u4ee5\u8fd9\u4e00\u4ef7\u683c\u7528\u7f8e\u5143\u5151\u6362\u9ec4\u91d1\u3002<\/p>\n<p><strong>1971 &#8211; 1994\uff1a\u77f3\u6cb9<\/strong><\/p>\n<p>&nbsp;\u4e3a\u4e86\u652f\u4ed8\u8d8a\u5357\u6218\u4e89\u7684\u5e9e\u5927\u5f00\u652f\uff0c\u4ee5\u53ca\u5176\u524d\u4efb\u603b\u7edf\u6797\u767b\u00b7\u7ea6\u7ff0\u900a (Lyndon B. Johnson) \u63a8\u884c\u7684\u5927\u89c4\u6a21\u793e\u4f1a\u798f\u5229\u8ba1\u5212\uff0c\u7f8e\u56fd\u603b\u7edf\u7406\u67e5\u5fb7\u00b7\u5c3c\u514b\u677e (Richard Nixon) \u51b3\u5b9a\u7ec8\u7ed3\u91d1\u672c\u4f4d\u5236\u3002\u81ea\u6b64\uff0c\u50a8\u5907\u8d44\u4ea7\u8f6c\u53d8\u4e3a\u77f3\u6cb9\u7f8e\u5143\u3002\u6c99\u7279\u963f\u62c9\u4f2f\u6210\u4e3a\u7b2c\u4e00\u4e2a\u660e\u786e\u540c\u610f\u4ee5\u7f8e\u5143\u5b9a\u4ef7\u77f3\u6cb9\u7684\u56fd\u5bb6\uff0c\u5e76\u5c06\u5176\u77f3\u6cb9\u6536\u5165\u7684\u7f8e\u5143\u76c8\u4f59\u6295\u8d44\u4e8e\u7f8e\u56fd\u56fd\u503a\u3002\u8fd9\u4e00\u5b89\u6392\u4f7f\u5f97\u7f8e\u56fd\u8d22\u653f\u90e8\u80fd\u591f\u53d1\u884c\u503a\u5238\uff0c\u800c\u8fd9\u4e9b\u503a\u5238\u5b9e\u9645\u4e0a\u7531\u5168\u7403\u6700\u5927\u8fb9\u9645\u77f3\u6cb9\u751f\u4ea7\u56fd\u7684\u77f3\u6cb9\u6d41\u91cf\u4f5c\u4e3a\u652f\u6491\u3002<\/p>\n<p><strong>1994 &#8211; 2025\uff1a\u5168\u7403\u51fa\u53e3\u56fd\u7684\u5916\u6c47\u50a8\u5907<\/strong><\/p>\n<p>&nbsp;\u8fdb\u5165 1980 \u5e74\u4ee3\uff0c\u7f8e\u56fd\u901a\u8fc7\u63d0\u9ad8\u77f3\u6cb9\u4ea7\u91cf\u548c\u63d0\u5347\u7ecf\u6d4e\u7684\u80fd\u6e90\u6548\u7387\uff0c\u5927\u5e45\u589e\u5f3a\u4e86\u81ea\u8eab\u7684\u7ecf\u6d4e\u97e7\u6027\u3002\u800c\u4e0e\u6b64\u540c\u65f6\uff0c\u4e2d\u56fd\u4ee5\u53ca\u97e9\u56fd\u3001\u53f0\u6e7e\u3001\u65e5\u672c\u3001\u9a6c\u6765\u897f\u4e9a\u3001\u6cf0\u56fd\u7b49\u4e9a\u6d32\u300c\u56db\u5c0f\u9f99\u300d\u7684\u5d1b\u8d77\uff0c\u4f7f\u5f97\u5546\u54c1\u80fd\u591f\u4ee5\u6781\u4f4e\u7684\u6210\u672c\u751f\u4ea7\u51fa\u6765\uff0c\u4f9b\u7f8e\u56fd\u548c\u897f\u6b27\u7684\u6d88\u8d39\u8005\u6d88\u8d39\u30021994 \u5e74\uff0c\u4e2d\u56fd\u91c7\u53d6\u4e86\u5927\u89c4\u6a21\u4eba\u6c11\u5e01\u8d2c\u503c\u7684\u7b56\u7565\uff0c\u6b63\u5f0f\u52a0\u5165\u4e86\u4ee5\u51fa\u53e3\u6362\u53d6\u5916\u6c47\u50a8\u5907\u7684\u5168\u7403\u91cd\u5546\u4e3b\u4e49\u7ade\u8d5b\u3002\u8fd9\u4e9b\u51fa\u53e3\u56fd\u88ab\u5141\u8bb8\u8fdb\u5165\u5e9e\u5927\u7684\u897f\u65b9\u6d88\u8d39\u5e02\u573a\uff0c\u4f46\u6761\u4ef6\u662f\u5fc5\u987b\u4ee5\u7f8e\u5143\u5b9a\u4ef7\u5546\u54c1\uff0c\u5e76\u5c06\u76c8\u4f59\u7f8e\u5143\u6295\u8d44\u4e8e\u7f8e\u56fd\u56fd\u503a\u3002<\/p>\n<p><strong>2025 &#8211; \u672a\u6765\uff1a\u6bd4\u7279\u5e01 \/ \u9ec4\u91d1<\/strong><\/p>\n<p>&nbsp;\u7136\u800c\uff0c\u4e2d\u56fd\u5e76\u4e0d\u7518\u5fc3\u7ee7\u7eed\u5145\u5f53\u300c\u7f8e\u5f0f\u548c\u5e73\u300d (Pax Americana) \u4f53\u7cfb\u4e2d\u7684\u9644\u5c5e\u89d2\u8272\u3002\u5bf9\u4e8e\u4e2d\u56fd\u6765\u8bf4\uff0c20 \u4e16\u7eaa\u662f\u4e00\u4e2a\u300c\u5c48\u8fb1\u7684\u4e16\u7eaa\u300d\uff0c\u8f6f\u5f31\u7684\u6e05\u671d\u7687\u5e1d\u4e0e\u5217\u5f3a\u7b7e\u8ba2\u4e86\u4e0d\u5e73\u7b49\u6761\u7ea6\uff0c\u800c\u63a5\u8e35\u800c\u81f3\u7684\u4e24\u6b21\u4e16\u754c\u5927\u6218\u548c\u4e00\u573a\u5185\u6218\u66f4\u662f\u8ba9\u56fd\u5bb6\u9677\u5165\u6df1\u6e0a\u3002\u5728\u6b27\u6d32\u6587\u827a\u590d\u5174\u4e4b\u524d\u7684\u6f2b\u957f\u5386\u53f2\u4e2d\uff0c\u4e2d\u56fd\u66fe\u662f\u5168\u7403\u6700\u5927\u7684\u7ecf\u6d4e\u4f53\u3002\u56e0\u6b64\uff0c\u4e2d\u56fd\u5171\u4ea7\u515a (CCP) \u5c06\u300c\u5b9e\u73b0\u4e2d\u534e\u6c11\u65cf\u7684\u4f1f\u5927\u590d\u5174\u300d\u89c6\u4e3a\u6838\u5fc3\u76ee\u6807\u3002\u5b9e\u9645\u4e0a\uff0c\u300c\u8ba9\u7f8e\u56fd\u518d\u6b21\u4f1f\u5927\u300d\uff08MAGA\uff09\u7684\u7406\u5ff5\u5e76\u975e\u7f8e\u56fd\u72ec\u6709\u2014\u2014\u4e2d\u56fd\u81ea 1949 \u5e74\u4ee5\u6765\u5c31\u4e00\u76f4\u5728\u8ffd\u6c42\u81ea\u5df1\u7684\u6c11\u65cf\u590d\u5174\u3002<\/p>\n<p>\u4e3a\u4e86\u5b9e\u73b0\u8fd9\u4e00\u76ee\u6807\uff0c\u4e2d\u56fd\u4ece\u4e00\u4e2a\u4f4e\u6210\u672c\u3001\u4f4e\u8d28\u91cf\u7684\u5236\u9020\u56fd\u6210\u529f\u8f6c\u578b\u4e3a\u4e00\u4e2a\u4f4e\u6210\u672c\u3001\u9ad8\u8d28\u91cf\u7684\u751f\u4ea7\u56fd\u3002\u7136\u800c\uff0c\u5f53\u4e2d\u56fd\u9886\u5bfc\u5c42\u610f\u8bc6\u5230\uff0c\u7528\u76c8\u4f59\u8d2d\u4e70\u66f4\u591a\u7684\u7f8e\u56fd\u56fd\u503a\u53ea\u4f1a\u8fdb\u4e00\u6b65\u5de9\u56fa\u5176\u4f5c\u4e3a\u7f8e\u56fd\u300c\u6b21\u7ea7\u5f3a\u56fd\u300d\u7684\u5730\u4f4d\u65f6\uff0c\u4ed6\u4eec\u51b3\u5b9a\u505c\u6b62\u79ef\u7d2f\u56fd\u503a\u3002\u5728\u8fc7\u53bb\u7684\u9ed8\u5951\u4e0b\uff0c\u6bcf\u4e00\u7f8e\u5143\u7684\u51fa\u53e3\u76c8\u4f59\u90fd\u5fc5\u987b\u7528\u6765\u8d2d\u4e70\u7b49\u503c\u7684\u7f8e\u56fd\u56fd\u503a\u3002\u7136\u800c\uff0c\u6839\u636e\u8fc7\u53bb 12 \u4e2a\u6708\u7684\u516c\u5f00\u6570\u636e\uff0c\u4e2d\u56fd\u867d\u7136\u901a\u8fc7\u51fa\u53e3\u76c8\u4f59\u8d5a\u53d6\u4e86 1 \u4e07\u4ebf\u7f8e\u5143\uff0c\u4f46\u5176\u7f8e\u56fd\u56fd\u503a\u50a8\u5907\u5374\u51cf\u5c11\u4e86 140 \u4ebf\u7f8e\u5143\u3002<\/p>\n<p>\u8fd9\u4e00\u8d8b\u52bf\u4e5f\u5f15\u8d77\u4e86\u5176\u4ed6\u51fa\u53e3\u56fd\u5bb6\u7684\u6ce8\u610f\u3002\u5728\u5feb\u901f\u53d1\u5c55\u7684\u5168\u7403\u5357\u65b9\u56fd\u5bb6\u4e2d\uff0c\u5927\u591a\u6570\u4e0e\u4e2d\u56fd\u7684\u8d38\u6613\u989d\u5df2\u7ecf\u8d85\u8fc7\u4e86\u4e0e\u7f8e\u56fd\u7684\u8d38\u6613\u989d\uff0c\u5c3d\u7ba1\u8fd9\u4e9b\u8d38\u6613\u5927\u591a\u4ecd\u4ee5\u7f8e\u5143\u8ba1\u4ef7\u3002\u300c\u53bb\u7f8e\u5143\u5316\u300d\u5e76\u4e0d\u610f\u5473\u7740\u5b8c\u5168\u629b\u5f03\u7f8e\u5143\uff0c\u800c\u662f\u5c06\u76c8\u4f59\u6295\u8d44\u4e8e\u90a3\u4e9b\u672a\u88ab\u300c\u7f8e\u5f0f\u548c\u5e73\u300d\u4e3b\u5bfc\u7684\u8d44\u4ea7\uff0c\u4f8b\u5982\u6bd4\u7279\u5e01\u548c\u9ec4\u91d1\u3002\u8fd9\u6807\u5fd7\u7740\u5168\u7403\u7ecf\u6d4e\u79e9\u5e8f\u7684\u4e00\u79cd\u6f5c\u5728\u8f6c\u578b\u3002<\/p>\n<p>\u7279\u6717\u666e\u7684\u52a9\u624b\u4eec\u9762\u4e34\u7740\u4e00\u4e2a\u68d8\u624b\u7684\u95ee\u9898\uff1a\u4ed6\u4eec\u9700\u8981\u8bbe\u8ba1\u4e00\u4e2a\u65b0\u4f53\u7cfb\uff0c\u65e2\u80fd\u4fdd\u7559\u7f8e\u5143\u4f5c\u4e3a\u5168\u7403\u8d38\u6613\u7684\u4e3b\u8981\u8ba1\u4ef7\u8d27\u5e01\uff0c\u53c8\u80fd\u627e\u5230\u4e00\u79cd\u5408\u9002\u7684\u50a8\u5907\u8d44\u4ea7\uff0c\u4ee5\u7ef4\u6301\u7f8e\u56fd\u56fd\u503a\u5e02\u573a\u7684\u6b63\u5e38\u8fd0\u8f6c\u3002\u5982\u679c\u4ed6\u4eec\u771f\u7684\u6709\u8db3\u591f\u7684\u80fd\u529b\uff0c\u6216\u8bb8\u8fd8\u80fd\u8bbe\u6cd5\u5c06\u7f8e\u56fd\u516c\u5171\u503a\u52a1\u5360 GDP \u7684\u6bd4\u4f8b\u8fc5\u901f\u964d\u81f3 30% \u5de6\u53f3\u2014\u2014\u8fd9\u662f\u7f8e\u56fd\u5728 2000 \u5e74\u65f6\u7684\u6c34\u5e73\u3002<\/p>\n<p>\u7136\u800c\uff0c\u5168\u7403\u5e02\u573a\u5df2\u7ecf\u4e0d\u518d\u613f\u610f\u5c06\u7f8e\u56fd\u56fd\u503a\u89c6\u4e3a\u50a8\u84c4\u5de5\u5177\u3002\u8fd9\u4e5f\u6b63\u662f\u4e3a\u4f55\u9700\u8981\u5f15\u5165\u4e00\u79cd\u300c\u4e2d\u7acb\u7684\u50a8\u5907\u8d44\u4ea7\u300d\u3002\u6ca1\u6709\u54ea\u4e2a\u56fd\u5bb6\u8bd5\u56fe\u7528\u81ea\u5df1\u7684\u672c\u5e01\u53d6\u4ee3\u7f8e\u5143\uff0c\u56e0\u4e3a\u300c\u7f8e\u5f0f\u548c\u5e73\u300d (Pax Americana) \u7684\u8870\u9000\u5df2\u7ecf\u663e\u800c\u6613\u89c1\uff0c\u800c\u8fd9\u4e00\u8870\u9000\u6b63\u662f\u7531\u7f8e\u5143\u4f5c\u4e3a\u5168\u7403\u50a8\u5907\u8d27\u5e01\u6240\u5e26\u6765\u7684\u7ecf\u6d4e\u5931\u8861\u6240\u5bfc\u81f4\u7684\u3002<\/p>\n<p>\u5728\u7ee7\u7eed\u8ba8\u8bba\u6211\u7684\u613f\u671b\u4e4b\u524d\uff0c\u6211\u60f3\u8c08\u8c08\u4e00\u4f4d\u4f20\u7edf\u91d1\u878d (TradFi) \u8d27\u5e01\u5e02\u573a\u9886\u57df\u7684\u9876\u5c16\u7b56\u7565\u5e08\u662f\u5982\u4f55\u770b\u5f85\u8fd9\u4e2a\u95ee\u9898\u7684\u3002<\/p>\n<p><strong>DeepSeek<\/strong><\/p>\n<p>Zoltan Pozsar \u662f\u4e00\u4f4d\u524d\u8fbe\u62c9\u65af\u8054\u90a6\u50a8\u5907 (Fed) \u7684\u5de5\u4f5c\u4eba\u5458\uff0c\u540c\u65f6\u4e5f\u662f\u745e\u58eb\u4fe1\u8d37\u7684\u7b56\u7565\u5e08\u3002\u4ed6\u76ee\u524d\u64b0\u5199\u7684\u4e00\u4efd\u535a\u5ba2\u6df1\u53d7\u300c\u7f8e\u5f0f\u548c\u5e73\u300d\u91d1\u878d\u7cbe\u82f1\u7684\u8ffd\u6367\u3002\u4ed6\u7684\u89e3\u51b3\u65b9\u6848\uff08\u7a0d\u540e\u6211\u4f1a\u8be6\u7ec6\u4ecb\u7ecd\uff09\u53ef\u80fd\u4f1a\u88ab\u4ed8\u8bf8\u5b9e\u8df5\uff0c\u56e0\u6b64\u503c\u5f97\u63a2\u8ba8\u3002\u4f46\u6211\u4e5f\u4f1a\u6307\u51fa\uff0c\u6211\u4e0e\u4ed6\u7684\u89c2\u70b9\u7684\u5206\u6b67\u6240\u5728\u3002\u5f52\u6839\u7ed3\u5e95\uff0c\u6211\u8ba4\u4e3a\u4ed6\u7684\u89e3\u51b3\u65b9\u6848\u66f4\u9002\u5408 1980 \u5e74\u4ee3\uff0c\u800c\u4e0d\u662f 2025 \u5e74\u3002<\/p>\n<p>\u8bb8\u591a\u76f8\u4fe1\u300c\u7f8e\u56fd\u4f8b\u5916\u8bba\u300d\u7684\u7b56\u7565\u5e08\u8ba4\u4e3a\uff0c\u91cd\u65b0\u593a\u56de\u300c\u7f8e\u5f0f\u548c\u5e73\u300d\u7684\u529b\u91cf\u548c\u5a01\u671b\uff0c\u5c31\u50cf\u7535\u5f71\u300a\u58ee\u5fd7\u51cc\u4e91\u300b\u7684\u60c5\u8282\u4e00\u6837\u3002\u5728\u4ed6\u4eec\u7684\u60f3\u8c61\u4e2d\uff0c\u4e00\u4f4d\u82f1\u59ff\u98d2\u723d\u7684\u6c64\u59c6\u00b7\u514b\u9c81\u65af\u9a7e\u9a76\u7740 F-14 \u6218\u6597\u673a\uff0c\u8f7b\u677e\u51fb\u8d25\u4ed6\u7684\u4fc4\u7f57\u65af\u548c\u4e2d\u56fd\u5bf9\u624b\u3002\u7136\u800c\uff0c\u8fd9\u79cd\u60f3\u6cd5\u663e\u7136\u662f\u9519\u7684\u3002<\/p>\n<p>\u6700\u8fd1\u7684\u300a\u58ee\u5fd7\u51cc\u4e91\u300b\u7eed\u96c6\u6216\u8bb8\u66f4\u80fd\u53cd\u6620\u5f53\u524d\u7684\u56fd\u9645\u5c40\u52bf\uff0c\u53ea\u9700\u7a0d\u4f5c\u8c03\u6574\u5373\u53ef\u3002\u5c06\u4ef7\u503c\u8fd1 7500 \u4e07\u7f8e\u5143\u7684 F-18 \u6218\u6597\u673a\uff0c\u66ff\u6362\u4e3a\u4f0a\u6717\u5236\u9020\u7684 Shahed \u65e0\u4eba\u673a\u3002\u8fd9\u79cd\u65e0\u4eba\u673a\u552e\u4ef7\u4ec5\u4e3a 5 \u4e07\u7f8e\u5143\uff0c\u5e76\u4e14\u5728\u5168\u7403\u5357\u65b9\u56fd\u5bb6\u5e7f\u6cdb\u9500\u552e\u3002\u6c64\u59c6\u00b7\u514b\u9c81\u65af\uff0c\u5c3d\u7ba1\u5df2\u7ecf\u5e74\u8fc7 60\uff0c\u4f9d\u7136\u9a7e\u9a76\u7740\u8fd9\u4e9b\u8fc7\u4e8e\u6602\u8d35\u7684\u6218\u673a\uff0c\u800c\u4ed6\u7684\u5bf9\u624b\u5374\u662f\u4e00\u7fa4\u901a\u8fc7 AI \u6280\u672f\u8fde\u63a5\u7684\u65e0\u4eba\u673a\u7fa4\uff0c\u5176\u6210\u672c\u53ea\u662f\u6218\u673a\u7684\u4e00\u5c0f\u90e8\u5206\u3002\u5728\u4e4c\u514b\u5170\u6218\u573a\u4e0a\uff0c\u4fc4\u7f57\u65af\u548c\u7f8e\u56fd\u90fd\u5df2\u7ecf\u76ee\u7779\u4e86 20 \u4e16\u7eaa\u7684\u4f20\u7edf\u6b66\u5668\u5728\u73b0\u4ee3\u65e0\u4eba\u673a\u4e3b\u5bfc\u7684\u6218\u573a\u4e0a\u662f\u591a\u4e48\u65e0\u529b\u3002<\/p>\n<p>\u8fd9\u8ba9\u6211\u60f3\u5230\u4e86 DeepSeek\u3002\u5982\u679c\u4f60\u5bf9 TikTok \u7684\u4e16\u754c\u8fc7\u4e8e\u6c89\u8ff7\uff0c\u53ef\u80fd\u8fd8\u4e0d\u77e5\u9053\uff0cDeepSeek \u662f\u4e00\u79cd\u6781\u5177\u9769\u547d\u6027\u7684 AI \u5927\u8bed\u8a00\u6a21\u578b (LLM)\u3002\u5b83\u7684\u6027\u80fd\u53ef\u4ee5\u5ab2\u7f8e ChatGPT \u6216 Claude\uff0c\u4f46\u8bad\u7ec3\u6210\u672c\u5374\u4f4e\u4e86 95%\u3002\u66f4\u91cd\u8981\u7684\u662f\uff0c\u5b83\u662f\u5f00\u6e90\u7684\u3002\u622a\u81f3\u76ee\u524d\uff0c\u6ca1\u6709\u4efb\u4f55\u79d1\u6280\u5de8\u5934\u7684 CEO\uff0c\u6bd4\u5982 NVIDIA \u7684 Jensen Huang \u6216 Microsoft \u7684 Satya Nadella\uff0c\u7ad9\u51fa\u6765\u8d28\u7591\u5176\u7ed3\u679c\u7684\u771f\u5b9e\u6027\u6216\u6210\u672c\u7684\u5408\u7406\u6027\u3002<\/p>\n<p>DeepSeek \u7684\u610f\u4e49\u5728\u4e8e\uff0c\u5b83\u662f\u7531\u4e00\u4f4d\u6765\u81ea\u676d\u5dde\u7684\u4e2d\u56fd\u5bf9\u51b2\u57fa\u91d1\u4ece\u4e1a\u8005\u5f00\u53d1\u7684\u3002\u5728\u7f8e\u56fd\u5bf9\u4e2d\u56fd\u5b9e\u65bd\u9ad8\u6027\u80fd\u534a\u5bfc\u4f53\u7ecf\u6d4e\u5c01\u9501\u7684\u80cc\u666f\u4e0b\uff0c\u7f8e\u56fd\u7684\u903b\u8f91\u8ba4\u4e3a\uff0c\u4e2d\u56fd\u4f01\u4e1a\u5bb6\u4e0d\u53ef\u80fd\u8bad\u7ec3\u548c\u90e8\u7f72\u6027\u80fd\u63a5\u8fd1\u90a3\u4e9b\u4f9d\u8d56\u7f8e\u56fd\u9ad8\u6027\u80fd\u82af\u7247\u8bad\u7ec3\u7684 LLM\u3002\u7136\u800c\uff0cDeepSeek \u7684\u6210\u529f\u76f4\u63a5\u51fb\u788e\u4e86\u300c\u8c01\u82b1\u94b1\u6700\u591a\uff0c\u8c01\u7684 LLM \u6027\u80fd\u6700\u597d\u300d\u8fd9\u4e00\u6839\u6df1\u8482\u56fa\u7684\u89c2\u5ff5\u3002\u8fd9\u4e5f\u518d\u6b21\u9a8c\u8bc1\u4e86\u90a3\u53e5\u8001\u8bdd\uff1a\u300c\u9700\u6c42\u662f\u53d1\u660e\u4e4b\u6bcd\u300d\u3002\u5373\u4f7f\u9762\u4e34\u7ecf\u6d4e\u5236\u88c1\uff0c\u4e00\u652f\u4ec5\u6709 200 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Zoltan \u7684\u653f\u7b56\u5efa\u8bae\u5c24\u5176\u91cd\u8981\uff0c\u56e0\u4e3a\u4ed6\u7684\u63aa\u65bd\u662f\u57fa\u4e8e\u53cc\u8fb9\u5408\u4f5c\u7684\u3002Bessent \u5982\u679c\u63d0\u51fa\u300c\u7167\u505a\u300d\u7684\u8981\u6c42\uff0c\u4e00\u4e2a\u56fd\u5bb6\u7684\u8d22\u653f\u90e8\u6216\u56fd\u5e93\u53ef\u80fd\u4f1a\u670d\u4ece\uff0c\u4f46\u5982\u679c\u8be5\u56fd\u62d2\u7edd\uff0c\u90a3\u4e48\u4e00\u5207\u90fd\u65e0\u4ece\u8c08\u8d77\u3002\u8fd9\u6b63\u662f Zoltan \u653f\u7b56\u65b9\u6848\u7684\u81f4\u547d\u5f31\u70b9\u3002<\/p>\n<p>Zoltan \u7684\u76ee\u6807\u548c\u6211\u7684\u76ee\u6807\u662f\u4e00\u81f4\u7684\uff1a\u524a\u5f31\u7f8e\u56fd\u56fd\u503a\u7684\u4ef7\u503c\u3002\u6b64\u5916\uff0cZoltan \u4e5f\u6b63\u786e\u5730\u6307\u51fa\uff0c\u7f8e\u56fd\u9700\u8981\u5ef6\u957f\u503a\u52a1\u7684\u5b58\u7eed\u671f\uff0c\u5e76\u51cf\u5c11\u652f\u4ed8\u7684\u5229\u606f\u3002\u5047\u8bbe Bessent \u5e0c\u671b\u5c06\u503a\u52a1\u5360 GDP \u7684\u6bd4\u4f8b\u4ece 100% \u964d\u81f3 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70%\uff0c\u4f46\u7968\u9762\u4ef7\u503c\u4ecd\u4fdd\u6301\u5728 100 \u7f8e\u5143\u4e0d\u53d8\u3002<\/li>\n<li>\u5982\u679c\u4f60\u662f\u4e00\u4e2a\u300c\u542c\u8bdd\u7684\u76df\u53cb\u300d\uff08\u6bd4\u5982\u6b27\u6d32\u2026\u2026\u867d\u7136\u6709\u70b9\u9760\u4e0d\u4f4f\uff09\u6216\u8005\u4e00\u4e2a\u300c\u5fe0\u8bda\u7684\u9644\u5eb8\u300d\uff08\u6bd4\u5982\u83f2\u5f8b\u5bbe\u2026\u2026\u5176\u5b9e\u6b27\u6d32\u53ef\u80fd\u4e5f\u5c5e\u4e8e\u8fd9\u4e00\u7c7b\uff09\uff0c\u4f60\u53ef\u4ee5\u968f\u65f6\u8054\u7cfb\u7f8e\u8054\u50a8\uff0c\u5c06\u8fd9\u5f20\u767e\u5e74\u671f\u56fd\u503a\u6309\u7968\u9762\u4ef7\u503c\u6362\u6210\u7f8e\u5143\uff0c\u800c\u4e14\u4e0d\u9700\u8981\u652f\u4ed8\u4efb\u4f55\u8d39\u7528\u3002\u6bd4\u5982\uff0c\u5f53\u4f60\u9700\u8981\u7528\u7f8e\u5143\u4ece\u6c99\u7279\u963f\u62c9\u4f2f\u8d2d\u4e70\u77f3\u6cb9\u65f6\uff0c\u8fd9\u5f20\u767e\u5e74\u671f\u56fd\u503a\u7684\u5b9e\u9645\u5e02\u573a\u4ef7\u503c\u53ea\u6709 30 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70%\uff0c\u8fd9\u7b49\u4e8e\u662f\u8ba9\u4f60\u7684\u56fd\u5bb6\u50a8\u84c4\u4f53\u7cfb\u906d\u53d7\u91cd\u521b\u3002\u66f4\u7cdf\u7cd5\u7684\u662f\uff0c\u4f60\u540c\u610f\u4e86\u53ea\u80fd\u4ece\u503a\u52a1\u53d1\u884c\u8005\u2014\u2014\u4e5f\u5c31\u662f\u7f8e\u8054\u50a8\u2014\u2014\u90a3\u91cc\u83b7\u5f97\u6d41\u52a8\u6027\u652f\u6301\uff0c\u800c\u4e0d\u80fd\u901a\u8fc7\u5168\u7403\u5e02\u573a\u81ea\u7531\u4ea4\u6613\u3002\u4f46\u53e6\u4e00\u65b9\u9762\uff0c\u5982\u679c\u4f60\u300c\u4e56\u4e56\u542c\u8bdd\u300d\uff0c\u7f8e\u8054\u50a8\u4f1a\u6309\u7968\u9762\u4ef7\u503c\u4e3a\u4f60\u63d0\u4f9b\u65e0\u606f\u8d37\u6b3e\u3002<\/p>\n<p>\u8fd9\u7b14\u4ea4\u6613\u7684\u597d\u5904\u5728\u4e8e\uff0c\u5982\u679c\u4f60\u613f\u610f\u63a5\u53d7\u8fd9\u79cd\u300c\u8d64\u88f8\u88f8\u7684\u7f9e\u8fb1\u300d\uff0c\u4f60\u5c31\u80fd\u8fdb\u5165\u300c\u7f8e\u5f0f\u548c\u5e73\u300d\u7684\u5171\u540c\u7e41\u8363\u5708\u3002\u800c\u60e9\u7f5a\u5219\u662f\uff0c\u5982\u679c\u4f60\u62d2\u7edd\u63a5\u53d7\u8fd9\u7b14\u4ea4\u6613\uff0c\u4f60\u7684\u51fa\u53e3\u5546\u54c1\u5c06\u88ab\u9ad8\u989d\u5173\u7a0e\u6253\u538b\uff0c\u751a\u81f3\u88ab\u5b8c\u5168\u5c01\u9501\uff0c\u540c\u65f6\u4f60\u4e5f\u65e0\u6cd5\u83b7\u5f97\u7f8e\u56fd\u7684\u6b66\u5668\u6765\u5e94\u5bf9\u56fd\u5185\u5916\u7684\u51b2\u7a81\u3002<\/p>\n<p>\u7136\u800c\uff0c\u6709\u51e0\u70b9\u9700\u8981\u7279\u522b\u6307\u51fa\uff0c\u8fd9\u4e9b\u56e0\u7d20\u7efc\u5408\u8d77\u6765\u53ef\u80fd\u5bfc\u81f4\u8fd9\u7b14\u4ea4\u6613\u4e0d\u4f1a\u88ab\u8bb8\u591a\u56fd\u5bb6\u63a5\u53d7\u3002\u9996\u5148\uff0c\u5bf9\u4e8e\u8bb8\u591a\u56fd\u5bb6\u6765\u8bf4\uff0c\u4e2d\u56fd\u73b0\u5728\u5df2\u7ecf\u53d6\u4ee3\u7f8e\u56fd\uff0c\u6210\u4e3a\u5b83\u4eec\u6700\u5927\u7684\u8d38\u6613\u4f19\u4f34\u3002\u5176\u6b21\uff0c\u7f8e\u56fd\u7684\u6b66\u5668\u4f9b\u5e94\u5df2\u7ecf\u6349\u895f\u89c1\u8098\uff0c\u56e0\u4e3a\u5b83\u4eec\u51e0\u4e4e\u90fd\u88ab\u7528\u6765\u6b66\u88c5\u4e4c\u514b\u5170\u3002\u6b64\u5916\uff0c\u7f8e\u56fd\u7684\u6b66\u5668\u5f88\u591a\u53ea\u662f\u91cd\u65b0\u51fa\u53e3\u7684\u4e2d\u56fd\u4e2d\u95f4\u4ea7\u54c1\uff0c\u90a3\u4e48\u4e3a\u4ec0\u4e48\u4e0d\u76f4\u63a5\u53bb\u627e\u4e2d\u56fd\u8d2d\u4e70\u5462\uff1f\u6700\u540e\uff0c\u4ece\u5fc3\u7406\u5c42\u9762\u6765\u8bf4\uff0c\u5982\u679c\u4e00\u4e2a\u56fd\u5bb6\u5df2\u7ecf\u6446\u8131\u4e86\u300c\u5974\u96b6\u5fc3\u6001\u300d\uff0c\u4e3a\u4ec0\u4e48\u8fd8\u8981\u81ea\u613f\u63a5\u53d7\u8fd9\u79cd\u300c\u8d64\u88f8\u88f8\u7684\u7f9e\u8fb1\u300d\uff1f<\/p>\n<p><strong>\u6211\u7684\u613f\u666f<\/strong><\/p>\n<p>\u6211\u80fd\u5426\u6539\u8fdb Zoltan \u7684\u60f3\u6cd5\uff1f\u7b54\u6848\u663e\u7136\u662f\u53ef\u4ee5\u7684\u3002<\/p>\n<p>\u6211\u4eec\u7684\u6838\u5fc3\u76ee\u6807\u4f9d\u7136\u4e0d\u53d8\uff1a\u524a\u5f31\u73b0\u6709\u7f8e\u56fd\u56fd\u503a\u7684\u5b9e\u9645\u4ef7\u503c\uff0c\u7ef4\u6301\u7f8e\u5143\u4f5c\u4e3a\u5168\u7403\u8d38\u6613\u7684\u4e3b\u8981\u7ed3\u7b97\u8d27\u5e01\uff0c\u5e76\u5c06\u56fd\u503a\u7684\u671f\u9650\u5ef6\u957f\u81f3 100 \u5e74\u3002\u540c\u65f6\uff0c\u6211\u8fd8\u63d0\u51fa\u4e86\u4e00\u4e2a\u65b0\u7684\u76ee\u6807\uff1a\u5c06\u6bd4\u7279\u5e01\u6253\u9020\u4e3a\u5168\u7403\u4e2d\u7acb\u7684\u50a8\u5907\u8d27\u5e01\u3002<\/p>\n<p>\u9009\u62e9\u8ba9\u6cd5\u5b9a\u8d27\u5e01\u8d2c\u503c\u7684\u53c2\u7167\u7269\u975e\u5e38\u5173\u952e\u3002\u5982\u679c\u9009\u62e9\u7684\u53c2\u7167\u7269\u662f\u77f3\u6cb9\u6216\u98df\u54c1\u7b49\u5177\u6709\u5b9e\u9645\u7528\u9014\u7684\u5546\u54c1\uff0c\u53ef\u80fd\u4f1a\u56e0\u901a\u8d27\u81a8\u80c0\u5f15\u53d1\u793e\u4f1a\u52a8\u8361\u3002\u56e0\u6b64\uff0c\u8d2c\u503c\u5fc5\u987b\u9488\u5bf9\u4e00\u79cd\u4e0d\u4f1a\u5b9e\u8d28\u6027\u635f\u5bb3\u666e\u901a\u5927\u4f17\u751f\u6d3b\u6c34\u5e73\u7684\u8d44\u4ea7\u3002<\/p>\n<p>Zoltan \u7684\u65b9\u6848\u662f\u4ee5\u65f6\u95f4\u4e3a\u53c2\u7167\u7269\u8fdb\u884c\u8d2c\u503c\u3002\u4ed6\u7684\u601d\u8def\u662f\u7528\u4e00\u5f20 10 \u5e74\u671f\u503a\u5238\u7f6e\u6362\u6210\u4e00\u5f20 100 \u5e74\u671f\u503a\u5238\u3002\u6839\u636e\u8d27\u5e01\u7684\u65f6\u95f4\u4ef7\u503c\u7406\u8bba\uff0c100 \u5e74\u540e\u624d\u80fd\u5151\u73b0\u7684\u8d44\u4ea7\uff0c\u5176\u5185\u5728\u4ef7\u503c\u8981\u8fdc\u4f4e\u4e8e 10 \u5e74\u540e\u53ef\u5151\u73b0\u7684\u8d44\u4ea7\u3002\u4f46\u8fd9\u79cd\u7f6e\u6362\u9700\u8981\u4ea4\u6613\u5bf9\u624b\u7684\u540c\u610f\u3002\u800c\u6211\u8ba4\u4e3a\uff0c\u8d2c\u503c\u7684\u53c2\u7167\u7269\u5e94\u8be5\u662f\u6bd4\u7279\u5e01\u3002\u66f4\u91cd\u8981\u7684\u662f\uff0c\u8fd9\u79cd\u8d2c\u503c\u53ef\u4ee5\u5355\u65b9\u9762\u5b9e\u65bd\uff0c\u6700\u7ec8\u6548\u679c\u4e0e Zoltan \u7684\u65b9\u6cd5\u76f8\u540c\u3002<\/p>\n<p><strong>\u6211\u7684\u8ba1\u5212\uff1a<\/strong><\/p>\n<p><strong>\u7b2c\u4e00\u6b65\uff1a\u516c\u5f00\u58f0\u660e<\/strong><\/p>\n<p>Bessent \u53d1\u8868\u6f14\u8bb2\uff0c\u5ba3\u5e03\u7f8e\u56fd\u8ba1\u5212\u91cd\u6784\u5168\u7403\u50a8\u5907\u8d27\u5e01\u4f53\u7cfb\u3002\u7f8e\u5143\u5c06\u7ee7\u7eed\u4f5c\u4e3a\u5168\u7403\u8d38\u6613\u7684\u8ba1\u4ef7\u8d27\u5e01\uff0c\u4f46\u50a8\u5907\u8d44\u4ea7\u5c06\u7531\u6bd4\u7279\u5e01\u53d6\u4ee3\u3002<\/p>\n<p><strong>\u7b2c\u4e8c\u6b65\uff1a\u9010\u6b65\u8d2c\u503c<\/strong><\/p>\n<p>\u7f8e\u56fd\u8d22\u653f\u90e8\u5c06\u4ee5\u9ad8\u4e8e\u5f53\u524d\u5e02\u573a\u4ef7\u683c\u7684\u7f8e\u5143\u8d2d\u4e70\u6bd4\u7279\u5e01\u3002\u901a\u8fc7\u8fd9\u79cd\u65b9\u5f0f\uff0c\u9010\u6b65\u63d0\u5347\u6bd4\u7279\u5e01\u7684\u603b\u5e02\u503c\uff0c\u4f7f\u5176\u8db3\u591f\u5927\u4ee5\u80dc\u4efb\u5168\u7403\u50a8\u5907\u8d44\u4ea7\u7684\u89d2\u8272\u3002\u4e3e\u4f8b\u6765\u8bf4\uff0c\u5982\u679c\u6bd4\u7279\u5e01\u7684\u5e02\u503c\u8981\u8fbe\u5230\u4e0e\u7f8e\u56fd\u56fd\u503a\u5e02\u573a\u76f8\u5f53\u7684\u89c4\u6a21\uff0c\u5176\u4ef7\u683c\u5fc5\u987b\u5347\u81f3 180 \u4e07\u7f8e\u5143\u3002<\/p>\n<p><strong>\u793a\u4f8b\uff1a<\/strong><\/p>\n<p>\u5047\u8bbe\u6bd4\u7279\u5e01\u5f53\u524d\u4ef7\u683c\u4e3a 10 \u4e07\u7f8e\u5143\uff0cBessent \u5ba3\u5e03\u8d22\u653f\u90e8\u5c06\u4ee5 20 \u4e07\u7f8e\u5143\u7684\u4ef7\u683c\u8d2d\u4e70\u6bd4\u7279\u5e01\u3002\u4f46\u4e0e\u4f20\u7edf\u8d2d\u4e70\u65b9\u5f0f\u4e0d\u540c\uff0c\u8d22\u653f\u90e8\u4e0d\u4f1a\u652f\u4ed8\u73b0\u91d1\uff0c\u800c\u662f\u63d0\u4f9b\u4e00\u5f20\u57fa\u4e8e\u533a\u5757\u94fe\u7684 100 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BlackRock \u662f\u4e2a\u597d\u4e3b\u610f\u4e00\u6837\u3002\u5982\u679c\u4ef7\u683c\u8db3\u591f\u5438\u5f15\u4eba\uff0c\u5927\u591a\u6570\u7406\u60f3\u4e3b\u4e49\u548c\u5e38\u8bc6\u90fd\u4f1a\u88ab\u629b\u5728\u8111\u540e\u3002<\/p>\n<p><strong>\u7b2c\u4e09\u6b65\uff1a\u5ef6\u957f\u56fd\u503a\u671f\u9650<\/strong><\/p>\n<p>\u6b64\u65f6\uff0c\u7f8e\u56fd\u8d22\u653f\u90e8\u7684\u8d44\u4ea7\u7aef\u6301\u6709\u6bd4\u7279\u5e01\uff0c\u800c\u8d1f\u503a\u7aef\u5219\u662f\u767e\u5e74\u671f\u56fd\u503a\u3002\u5e02\u573a\u4f1a\u9884\u671f Bessent \u4f1a\u7ee7\u7eed\u63d0\u9ad8\u51fa\u4ef7\uff0c\u4ece\u800c\u63d0\u524d\u91c7\u53d6\u884c\u52a8\u3002\u8fd9\u65f6\uff0c\u8d22\u653f\u90e8\u53ef\u4ee5\u4ee5\u66f4\u9ad8\u7684\u4ef7\u683c\u51fa\u552e\u6bd4\u7279\u5e01\u6362\u53d6\u7f8e\u5143\u3002\u4f8b\u5982\uff0c\u5f53\u5e02\u573a\u4ef7\u683c\u6da8\u81f3 30 \u4e07\u7f8e\u5143\u65f6\uff0c\u800c\u8d22\u653f\u90e8\u6b64\u524d\u4ee5 20 \u4e07\u7f8e\u5143\u8d2d\u5165\u6bd4\u7279\u5e01\uff0c\u8fd9 10 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\u94f6\u884c\u3002<\/p>\n<p>\u6b64\u524d\u6211\u5df2\u7ecf\u8ba8\u8bba\u8fc7\u5982\u4f55\u901a\u8fc7\u5355\u65b9\u9762\u8d2c\u503c\u7f8e\u5143\u4ee5\u53ca\u76f8\u5173\u7684\u6280\u672f\u624b\u6bb5\u6765\u5b9e\u65bd\u8fd9\u4e00\u7b56\u7565\u3002\u63a5\u4e0b\u6765\uff0c\u6211\u5c06\u63a2\u8ba8\u4e3a\u4ec0\u4e48\u7f8e\u56fd\u53ef\u4ee5\u901a\u8fc7\u5236\u5b9a\u9002\u5f53\u7684\u6cd5\u5f8b\uff0c\u5728\u300c\u4e2d\u6027\u50a8\u5907\u8d44\u4ea7\u300d\u7684\u751f\u4ea7\u4e0a\u83b7\u5f97\u72ec\u7279\u7684\u4f18\u52bf\u3002<\/p>\n<p><strong>\u4e2d\u6027\u50a8\u5907\u8d44\u4ea7\uff1a\u7f8e\u56fd\u7684\u6f5c\u5728\u4f18\u52bf<\/strong><\/p>\n<p>\u5982\u679c\u8981\u8ba9\u90a3\u4e9b\u638c\u63a7 Pax Americana\uff08\u7f8e\u5f0f\u548c\u5e73\uff09\u7684\u7cbe\u82f1\u4eec\u63a5\u53d7\u8fd9\u4e00\u65b9\u6848\uff0c\u7f8e\u56fd\u5fc5\u987b\u5728\u6bd4\u7279\u5e01\u7684\u5f00\u91c7\u4e0a\u62e5\u6709\u67d0\u79cd\u72ec\u7279\u7684\u7ade\u4e89\u4f18\u52bf\u3002\u4f17\u6240\u5468\u77e5\uff0c\u6bd4\u7279\u5e01\u6316\u77ff\u9700\u8981\u8017\u8d39\u5927\u91cf\u80fd\u6e90\u6765\u89e3\u51b3\u590d\u6742\u7684\u6570\u5b66\u96be\u9898\u3002\u90a3\u4e48\u95ee\u9898\u6765\u4e86\uff0c\u7f8e\u56fd\u662f\u5426\u5177\u5907\u5ec9\u4ef7\u4e14\u5145\u8db3\u7684\u80fd\u6e90\u4f9b\u5e94\uff1f\u7b54\u6848\u662f\u80af\u5b9a\u7684\uff0c\u7f8e\u56fd\u5728\u80fd\u6e90\u751f\u4ea7\u65b9\u9762\u6709\u4e24\u5927\u663e\u8457\u4f18\u52bf\u3002<\/p>\n<p>\u7b2c\u4e00\uff0c\u7f8e\u56fd\u4e30\u5bcc\u7684\u78b3\u6c22\u5316\u5408\u7269\u8d44\u6e90\u3002\u7f8e\u56fd\u5883\u5185\u8574\u85cf\u7740\u5927\u91cf\u672a\u5f00\u53d1\u7684\u78b3\u6c22\u5316\u5408\u7269\u8d44\u6e90\uff0c\u8fd9\u4e9b\u8d44\u6e90\u5206\u5e03\u5728\u6211\u4eec\u6240\u8c13\u7684\u300c\u56fd\u5bb6\u8fb9\u754c\u300d\u5185\u3002\u6240\u9700\u7684\u53ea\u662f\u8db3\u591f\u7684\u8d44\u672c\u548c\u653f\u5e9c\u7684\u94bb\u63a2\u8bb8\u53ef\u3002\u66f4\u91cd\u8981\u7684\u662f\uff0c\u4e3a\u6bd4\u7279\u5e01\u77ff\u573a\u63d0\u4f9b\u80fd\u6e90\u7684\u94bb\u63a2\u6d3b\u52a8\u5e76\u4e0d\u53d7\u80fd\u6e90\u5730\u7406\u4f4d\u7f6e\u7684\u9650\u5236\u3002\u901a\u5e38\u60c5\u51b5\u4e0b\uff0c\u80fd\u6e90\u50a8\u5907\u5f80\u5f80\u8ddd\u79bb\u4e3b\u8981\u4eba\u53e3\u4e2d\u5fc3\u8f83\u8fdc\uff0c\u800c\u5c06\u8fd9\u4e9b\u8d44\u6e90\u8fd0\u9001\u5230\u57ce\u5e02\u7684\u8fd0\u8f93\u6210\u672c\u6709\u65f6\u751a\u81f3\u9ad8\u4e8e\u5f00\u91c7\u6210\u672c\u3002\u7136\u800c\uff0c\u5982\u679c\u76f4\u63a5\u5728\u8d44\u6e90\u6240\u5728\u5730\u5efa\u9020\u53d1\u7535\u5382\uff0c\u4e3a\u6bd4\u7279\u5e01\u77ff\u573a\u63d0\u4f9b\u7535\u529b\uff0c\u5219\u53ef\u4ee5\u5b8c\u5168\u7701\u53bb\u8fd0\u8f93\u7684\u9ebb\u70e6\u3002<\/p>\n<p>\u8bb8\u591a\u504f\u8fdc\u5730\u533a\u867d\u7136\u80fd\u6e90\u8d44\u6e90\u4e30\u5bcc\uff0c\u4f46\u7531\u4e8e\u7f3a\u4e4f\u7ba1\u9053\u548c\u8fd0\u8f93\u57fa\u7840\u8bbe\u65bd\uff0c\u8fd9\u4e9b\u8d44\u6e90\u5f80\u5f80\u65e0\u6cd5\u88ab\u6709\u6548\u5229\u7528\u3002\u800c\u901a\u8fc7\u5728\u8fd9\u4e9b\u5730\u533a\u5efa\u7acb\u672c\u5730\u5316\u7684\u53d1\u7535\u7ad9\u548c\u6bd4\u7279\u5e01\u77ff\u573a\uff0c\u53ef\u4ee5\u8ba9\u8fd9\u4e9b\u300c\u88ab\u56f0\u300d\u7684\u80fd\u6e90\u8d44\u6e90\u5f97\u5230\u5145\u5206\u53d1\u6325\u3002\u4f8b\u5982\uff0c\u963f\u62c9\u65af\u52a0\u5dde\u4e0d\u4ec5\u5730\u5904\u504f\u8fdc\uff0c\u78b3\u6c22\u5316\u5408\u7269\u8d44\u6e90\u6781\u4e3a\u4e30\u5bcc\uff0c\u800c\u4e14\u6c14\u5019\u5bd2\u51b7\uff0c\u975e\u5e38\u9002\u5408\u5efa\u9020\u6bd4\u7279\u5e01\u77ff\u573a\u3002\u5bd2\u51b7\u7684\u6c14\u5019\u53ef\u4ee5\u663e\u8457\u964d\u4f4e\u77ff\u573a\u8bbe\u5907\u7684\u51b7\u5374\u6210\u672c\uff0c\u4f7f\u963f\u62c9\u65af\u52a0\u6210\u4e3a\u7406\u60f3\u7684\u6bd4\u7279\u5e01\u6316\u77ff\u57fa\u5730\u3002<\/p>\n<p>\u7b2c\u4e8c\uff0c\u7f8e\u56fd\u7684\u8d44\u672c\u4e3b\u4e49\u4f20\u7edf\u3002\u7f8e\u56fd\u7684\u8d44\u672c\u4e3b\u4e49\u4f53\u7cfb\u662f\u5176\u53e6\u4e00\u5927\u4f18\u52bf\u3002\u65e0\u8bba\u8d44\u672c\u4e3b\u4e49\u5728\u9053\u5fb7\u4e0a\u662f\u5426\u53d7\u5230\u4e89\u8bae\uff0c\u8fd9\u4e00\u4f53\u7cfb\u7684\u5b58\u5728\u662f\u4e0d\u53ef\u5426\u8ba4\u7684\u4e8b\u5b9e\u3002\u7f8e\u56fd\u662f\u4e00\u4e2a\u7531\u4e00\u7fa4\u9003\u7a0e\u7684\u5974\u96b6\u4e3b\u5efa\u7acb\u7684\u56fd\u5bb6\uff0c\u4ed6\u4eec\u901a\u8fc7\u5236\u5b9a\u5baa\u6cd5\uff0c\u786e\u4fdd\u81ea\u5df1\u7684\u8d44\u672c\u80fd\u591f\u6301\u7eed\u589e\u503c\uff0c\u5e76\u8ba9\u5176\u540e\u4ee3\u5728\u7ecf\u6d4e\u548c\u653f\u6cbb\u4e0a\u7ee7\u7eed\u638c\u6743\u3002\u5728\u8fd9\u6837\u7684\u5236\u5ea6\u4e0b\uff0c\u5f00\u5c55\u4e00\u9879\u591a\u5e74\u7684\u5927\u578b\u8d44\u672c\u6295\u8d44\u9879\u76ee\uff0c\u5982\u94bb\u63a2\u78b3\u6c22\u5316\u5408\u7269\u548c\u5f00\u91c7\u6bd4\u7279\u5e01\uff0c\u65e0\u7591\u662f\u518d\u5408\u9002\u4e0d\u8fc7\u7684\u9009\u62e9\u3002<\/p>\n<p>\u53e6\u4e00\u4e2a\u70b9\u662f\u7f8e\u56fd\u672c\u571f\u534a\u5bfc\u4f53\u5de5\u5382\u5efa\u8bbe\u5e26\u6765\u7684\u65b0\u4f18\u52bf\u3002\u53f0\u79ef\u7535 (Taiwan Semiconductor) \u5df2\u63a5\u8fd1\u5b8c\u6210\u5176\u5728\u4e9a\u5229\u6851\u90a3\u5dde\u5efa\u8bbe\u7684\u51e0\u5ea7\u6700\u5148\u8fdb\u7684\u6676\u5706\u5382\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u5728\u653f\u5e9c\u63d0\u4f9b\u8865\u8d34\u548c\u7a0e\u6536\u51cf\u514d\u7684\u6fc0\u52b1\u4e0b\uff0c\u5176\u4ed6\u534a\u5bfc\u4f53\u4ee3\u5de5\u5382\u4e5f\u5c06\u88ab\u9f13\u52b1\u5728\u7f8e\u56fd\u5efa\u5382\u3002\u8fd9\u610f\u5473\u7740\u6bd4\u7279\u5e01 ASIC \u82af\u7247\uff08\u4e13\u7528\u96c6\u6210\u7535\u8def\u82af\u7247\uff09\u53ef\u4ee5\u5728\u7f8e\u56fd\u672c\u571f\u751f\u4ea7\u3002\u5373\u4f7f\u672a\u6765\u6bd4\u7279\u5e01\u4ef7\u683c\u4e0a\u6da8\u5bfc\u81f4\u5168\u7403\u9700\u6c42\u6fc0\u589e\uff0c\u7f8e\u56fd\u4e5f\u80fd\u786e\u4fdd\u82af\u7247\u4f9b\u5e94\u5145\u8db3\uff0c\u4e0d\u4f1a\u51fa\u73b0\u77ed\u7f3a\u95ee\u9898\u3002<\/p>\n<p>\u4f46\u5f53\u524d\u5b58\u5728\u4e00\u4e2a\u91cd\u5927\u6311\u6218\uff1a\u867d\u7136\u4f20\u7edf\u7684\u6cd5\u5e01\u8d44\u672c\u5728\u7f8e\u56fd\u4eab\u53d7\u7740\u9876\u7ea7\u7684\u653f\u7b56\u5f85\u9047\uff0c\u4f46\u6bd4\u7279\u5e01\u548c\u5176\u4ed6\u52a0\u5bc6\u8d27\u5e01\u5374\u672a\u80fd\u83b7\u5f97\u540c\u6837\u7684\u652f\u6301\u3002\u8981\u89e3\u51b3\u8fd9\u4e00\u95ee\u9898\uff0c\u7f8e\u56fd\u9700\u8981\u5728\u5baa\u6cd5\u5c42\u9762\u4e3a\u6bd4\u7279\u5e01\u548c\u52a0\u5bc6\u8d27\u5e01\u63d0\u4f9b\u4fdd\u969c\u3002\u6bd4\u7279\u5e01\u77ff\u5de5\u7684\u6838\u5fc3\u539f\u5219\u662f\u53bb\u4e2d\u5fc3\u5316\u548c\u4e0d\u53ef\u5ba1\u67e5\uff0c\u4f46\u76ee\u524d\u5b58\u5728\u4e00\u79cd\u53ef\u80fd\u6027\uff0c\u5373\u7acb\u6cd5\u8005\u53ef\u80fd\u8981\u6c42\u77ff\u5de5\u6216\u8282\u70b9\u8fd0\u8425\u8005\u6267\u884c\u67d0\u79cd\u5f62\u5f0f\u7684\u5ba1\u67e5\u884c\u4e3a\u3002\u56e0\u6b64\uff0c\u516c\u5171\u52a0\u5bc6\u8d26\u672c\uff08\u5982\u533a\u5757\u94fe\uff09\u9700\u8981\u88ab\u89c6\u4e3a\u4e00\u79cd\u53d7\u4fdd\u62a4\u7684\u8a00\u8bba\u5f62\u5f0f\u3002\u8fd9\u79cd\u89c2\u70b9\u662f\u5408\u7406\u7684\uff0c\u56e0\u4e3a\u516c\u5171\u533a\u5757\u94fe\u672c\u8d28\u4e0a\u662f\u4e00\u4e2a\u7531\u77ff\u5de5\u901a\u8fc7\u6d88\u8017\u7535\u529b\u9a71\u52a8\u7684\u53bb\u4e2d\u5fc3\u5316\u7f51\u7edc\uff0c\u5176\u6838\u5fc3\u662f\u4e00\u6761\u4e0d\u53ef\u7be1\u6539\u7684\u6570\u5b57\u8a00\u8bba\u94fe\u3002<\/p>\n<p>\u5982\u679c\u7f8e\u56fd\u5e0c\u671b\u6210\u4e3a\u6bd4\u7279\u5e01\u6316\u77ff\u7684\u5168\u7403\u4e2d\u5fc3\uff0c\u53ea\u9700\u901a\u8fc7\u4e00\u9879\u4e0d\u5230 200 \u5b57\u7684\u6cd5\u6848\u5373\u53ef\u5b9e\u73b0\uff1a\u300c\u52a0\u5bc6\u8d27\u5e01\u53ca\u5176\u57fa\u4e8e\u533a\u5757\u94fe\u8fd0\u884c\u7684\u4ee3\u5e01\u5e94\u88ab\u89c6\u4e3a\u53d7\u4fdd\u62a4\u7684\u8a00\u8bba\u5f62\u5f0f\u3002\u6240\u6709\u9002\u7528\u4e8e\u8a00\u8bba\u81ea\u7531\u7684\u6cd5\u5f8b\u540c\u6837\u9002\u7528\u4e8e\u516c\u5171\u533a\u5757\u94fe\u6280\u672f\u7684\u7528\u6237\u6216\u4e2d\u4ecb\u673a\u6784\u3002\u52a0\u5bc6\u8d27\u5e01\u548c\u516c\u5171\u533a\u5757\u94fe\u5c5e\u4e8e\u79c1\u4eba\u9886\u57df\uff0c\u4efb\u4f55\u653f\u5e9c\u673a\u6784\u4e0d\u5f97\u5f3a\u5236\u4e2d\u4ecb\u673a\u6784\u3001\u53c2\u4e0e\u8005\u6216\u533a\u5757\u94fe\u8282\u70b9\u8fd0\u8425\u8005\u6536\u96c6\u6216\u63d0\u4f9b\u6709\u5173\u53c2\u4e0e\u8005\u548c\u4ea4\u6613\u7684\u6570\u636e\u3002\u300d<\/p>\n<p>\u5982\u679c\u7f8e\u56fd\u62e5\u6709\u4e00\u4e2a\u652f\u6301\u80fd\u6e90\u53d1\u5c55\u7684\u653f\u5e9c\uff0c\u518d\u8f85\u4e4b\u4ee5\u4e00\u9879\u652f\u6301\u65e0\u8bb8\u53ef\u521b\u65b0\u7684\u52a0\u5bc6\u8d27\u5e01\u7acb\u6cd5\uff0c\u5c31\u80fd\u591f\u4e3a\u5438\u5f15\u5168\u7403\u52a0\u5bc6\u6d3b\u52a8\u5960\u5b9a\u575a\u5b9e\u7684\u57fa\u7840\u3002\u80fd\u6e90\u751f\u4ea7\u548c ASIC \u82af\u7247\u5236\u9020\u9700\u8981\u5de8\u989d\u8d44\u672c\u652f\u51fa (CAPEX)\uff0c\u800c\u7f8e\u56fd\u4e0d\u4ec5\u62e5\u6709\u5145\u8db3\u7684\u8d44\u672c\u5e02\u573a\uff0c\u8fd8\u80fd\u63d0\u4f9b\u5bf9\u70b9\u5bf9\u70b9\u53bb\u4e2d\u5fc3\u5316\u7f51\u7edc\u8fd0\u884c\u7684\u6cd5\u5f8b\u4fdd\u62a4\u3002\u8fd9\u4e9b\u6761\u4ef6\u5c06\u4f7f\u7f8e\u56fd\u6210\u4e3a\u6bd4\u7279\u5e01\u7f51\u7edc\u7b97\u529b\u7684\u4e3b\u8981\u96c6\u4e2d\u5730\u3002\u6700\u7ec8\uff0c\u300c\u4e2d\u6027\u50a8\u5907\u8d44\u4ea7\u300d\u5c06\u5728\u7f8e\u56fd\u5883\u5185\u751f\u4ea7\uff0c\u8fd9\u5c06\u4e3a\u7f8e\u56fd\u5728\u5168\u7403\u7ecf\u6d4e\u4e2d\u5e26\u6765\u5de8\u5927\u7684\u6218\u7565\u4f18\u52bf\u3002<\/p>\n<p>\u4e00\u65e6\u76f8\u5173\u7acb\u6cd5\u901a\u8fc7\uff0c\u63a8\u7ffb\u5b83\u5c06\u53d8\u5f97\u6781\u5176\u56f0\u96be\u3002\u5c31\u50cf\u8bb8\u591a\u653f\u5ba2\u867d\u7136\u5bf9\u5927\u578b\u79d1\u6280\u516c\u53f8\u548c\u793e\u4ea4\u5a92\u4f53\u7684\u8d1f\u9762\u5f71\u54cd\u9887\u6709\u5fae\u8bcd\uff0c\u4f46\u81ea 1996 \u5e74\u300a\u901a\u4fe1\u6cd5\u6848\u300b(Communications Bill) \u7b2c 230 \u6761\u751f\u6548\u4ee5\u6765\uff0c\u51e0\u4e4e\u6ca1\u6709\u4efb\u4f55\u5b9e\u8d28\u6027\u8fdb\u5c55\u80fd\u591f\u5e9f\u9664\u8fd9\u4e00\u6761\u6b3e\u3002\u8be5\u6761\u6b3e\u8d4b\u4e88\u4e86\u79d1\u6280\u5e73\u53f0\u5bf9\u5176\u7f51\u7edc\u4e0a\u7684\u5185\u5bb9\u548c\u6d3b\u52a8\u514d\u4e8e\u627f\u62c5\u8d23\u4efb\u7684\u8c41\u514d\u6743\uff0c\u800c\u8fd9\u4e00\u73b0\u72b6\u5bf9\u76f8\u5173\u5404\u65b9\u6765\u8bf4\u5b9e\u5728\u8fc7\u4e8e\u6709\u5229\u53ef\u56fe\u3002\u7c7b\u4f3c\u7684\u300c\u5229\u76ca\u8054\u76df\u300d\u4e5f\u53ef\u80fd\u5728\u52a0\u5bc6\u8d27\u5e01\u4e0e\u653f\u5ba2\u4e4b\u95f4\u5f62\u6210\uff0c\u540c\u65f6\u8fd8\u4f1a\u4e3a\u90a3\u4e9b\u9700\u8981\u9ad8\u85aa\u5de5\u4f5c\u548c\u7a0e\u6536\u589e\u957f\u7684\u4f01\u4e1a\u548c\u4e2a\u4eba\u5e26\u6765\u5b9e\u9645\u597d\u5904\u3002<\/p>\n<p><strong>\u6301\u5e01\u8005\u7684\u5d1b\u8d77<\/strong><\/p>\n<p>\u5982\u679c Bessent \u80fd\u591f\u6210\u529f\u63a8\u52a8\u6bd4\u7279\u5e01\u4ef7\u683c\u7a81\u7834 180 \u4e07\u7f8e\u5143\uff0c\u5c06\u4f1a\u8bde\u751f\u4e00\u6279\u4eba\u7c7b\u5386\u53f2\u4e0a\u6700\u5bcc\u6709\u7684\u4eba\u7fa4\u3002\u76ee\u524d\uff0c\u6bd4\u7279\u5e01\u7684\u4e00\u4e9b\u6700\u5927\u6301\u6709\u8005\u8981\u4e48\u662f\u7f8e\u56fd\u5c45\u6c11\uff0c\u8981\u4e48\u662f\u7f8e\u56fd\u6ce8\u518c\u7684\u516c\u53f8\u3002\u4f8b\u5982\uff0cBlackRock \u5728\u63a8\u51fa\u6bd4\u7279\u5e01 ETF \u4e0d\u5230\u4e00\u5e74\u65f6\u95f4\u91cc\uff0c\u5df2\u7ecf\u79ef\u7d2f\u4e86\u63a5\u8fd1 60 \u4e07\u679a\u6bd4\u7279\u5e01\uff0c\u4ef7\u503c\u8fd1 600 \u4ebf\u7f8e\u5143\u3002\u8003\u8651\u5230\u7f8e\u56fd\u7684\u653f\u6cbb\u6743\u529b\u5f88\u5927\u7a0b\u5ea6\u4e0a\u4f9d\u8d56\u4e8e\u8d22\u5bcc\uff0c\u8fd9\u4e9b\u6bd4\u7279\u5e01\u6301\u6709\u8005\u5c06\u80fd\u591f\u5bf9\u653f\u6cbb\u65bd\u52a0\u5de8\u5927\u5f71\u54cd\u3002\u5982\u679c\u5171\u548c\u515a\u91c7\u7eb3\u4e86\u652f\u6301\u52a0\u5bc6\u8d27\u5e01\u7684\u653f\u7b56\uff0c\u8fd9\u4e9b\u6301\u5e01\u8005\u53ef\u80fd\u4f1a\u5728\u672a\u6765\u8bb8\u591a\u5e74\u751a\u81f3\u51e0\u5341\u5e74\u91cc\u6210\u4e3a\u5176\u575a\u5b9a\u7684\u652f\u6301\u8005\u3002<\/p>\n<p>\u5bf9\u4e8e\u653f\u5ba2\u6765\u8bf4\uff0c\u8fde\u4efb\u662f\u4ed6\u4eec\u7684\u6838\u5fc3\u76ee\u6807\u3002\u9664\u4e86\u7279\u6717\u666e\u4ee5\u5916\uff0c\u90a3\u4e9b\u8ba4\u540c\u4ed6\u653f\u6cbb\u7406\u5ff5\u7684\u5171\u548c\u515a\u4eba\u5f88\u53ef\u80fd\u5728 2026 \u5e74\u6216 2028 \u5e74\u518d\u6b21\u5f53\u9009\u3002\u800c\u901a\u8fc7\u8ba9\u7f8e\u56fd\u7684\u52a0\u5bc6\u8d27\u5e01\u6301\u6709\u8005\u53d8\u5f97\u6781\u5176\u5bcc\u6709\uff0c\u540c\u65f6\u8fdb\u4e00\u6b65\u5de9\u56fa\u7f8e\u5143\u7684\u5168\u7403\u9738\u6743\u5730\u4f4d\uff0c\u65e0\u7591\u662f\u5171\u548c\u515a\u653f\u5ba2\u786e\u4fdd\u8fde\u4efb\u7684\u6700\u4f73\u7b56\u7565\u4e4b\u4e00\u3002<\/p>\n<p><strong>\u5168\u7403\u5bf9\u6bd4\u7279\u5e01\u4f5c\u4e3a\u50a8\u5907\u8d44\u4ea7\u7684\u63a5\u53d7\u5ea6<\/strong><\/p>\n<p>\u5176\u4ed6\u5927\u578b\u8d38\u6613\u987a\u5dee\u56fd\u5bb6\u4f1a\u63a5\u53d7\u6bd4\u7279\u5e01\u53d6\u4ee3\u56fd\u503a\u6210\u4e3a\u50a8\u5907\u8d44\u4ea7\u5417\uff1f\u7b54\u6848\u662f\u80af\u5b9a\u7684\u3002<\/p>\n<p>\u5047\u8bbe\u6bd4\u7279\u5e01\u7684\u5e02\u503c\u8db3\u591f\u5927\uff0c\u80fd\u591f\u652f\u6491\u6570\u4e07\u4ebf\u7f8e\u5143\u7684\u56fd\u9645\u8d38\u6613\uff0c\u6bd4\u7279\u5e01\u76f8\u8f83\u4e8e\u56fd\u503a\u5177\u6709\u4ee5\u4e0b\u663e\u8457\u4f18\u52bf\uff1a<\/p>\n<p>\u6bd4\u7279\u5e01\u7684\u4ee3\u7801\u4e0d\u53ef\u5355\u65b9\u9762\u66f4\u6539\u3002<\/p>\n<p>\u6bd4\u7279\u5e01\u7684\u53bb\u4e2d\u5fc3\u5316\u8bbe\u8ba1\u786e\u4fdd\u4e86\u4efb\u4f55\u4eba\u90fd\u65e0\u6cd5\u5355\u65b9\u9762\u66f4\u6539\u5176\u4ee3\u7801\u3002\u5373\u4f7f\u67d0\u4e9b\u7f8e\u56fd\u77ff\u5de5\u8bd5\u56fe\u901a\u8fc7\u786c\u5206\u53c9 (Hard Fork) \u6539\u53d8\u533a\u5757\u94fe\uff0c\u4f8b\u5982\u6392\u9664\u67d0\u4e9b\u4ea4\u6613\u6216\u4fee\u6539\u6bd4\u7279\u5e01\u7684\u603b\u4f9b\u5e94\u91cf\uff0c\u8fd9\u4e5f\u53ea\u4f1a\u5bfc\u81f4\u65b0\u94fe\u4e0a\u7684\u6bd4\u7279\u5e01\u4ef7\u503c\u5f52\u96f6\uff0c\u4f7f\u5f97\u4ed6\u4eec\u7684\u8d44\u4ea7\u7acb\u5373\u53d8\u5f97\u6beb\u65e0\u4ef7\u503c\u3002\u6bd4\u7279\u5e01\u533a\u5757\u94fe\u80cc\u540e\u7684\u7ecf\u6d4e\u535a\u5f08\u8bba\u786e\u4fdd\u4e86\u8fd9\u79cd\u60c5\u51b5\u4e0d\u4f1a\u53d1\u751f\u3002<\/p>\n<p>\u6bd4\u7279\u5e01\u4ea4\u6613\u65e0\u56fd\u754c\u3002\u53ea\u8981\u6709\u4e92\u8054\u7f51\u8fde\u63a5\uff0c\u6bd4\u7279\u5e01\u5c31\u53ef\u4ee5\u5728\u4efb\u4f55\u65f6\u95f4\u3001\u4efb\u4f55\u5730\u70b9\u8fdb\u884c\u65e0\u8bb8\u53ef\u7684\u8bbf\u95ee\u548c\u4ea4\u6613\u3002<\/p>\n<p>\u6bd4\u7279\u5e01\u662f\u6700\u7eaf\u7cb9\u7684\u8d27\u5e01\u80fd\u91cf\u884d\u751f\u7269\u3002\u5b83\u80fd\u591f\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\u6709\u6548\u4fdd\u5b58\u8d38\u6613\u987a\u5dee\u7684\u80fd\u91cf\u4ef7\u503c\uff0c\u4ece\u800c\u6210\u4e3a\u4e00\u79cd\u7406\u60f3\u7684\u50a8\u5907\u8d44\u4ea7\u3002<\/p>\n<p>\u6ca1\u6709\u4efb\u4f55\u56fd\u5bb6\uff0c\u751a\u81f3\u5305\u62ec\u4e2d\u56fd\uff0c\u613f\u610f\u627f\u62c5\u5168\u7403\u50a8\u5907\u8d27\u5e01\u53d1\u884c\u8005\u7684\u89d2\u8272\uff0c\u5e76\u8ba9\u81ea\u5df1\u7684\u503a\u5238\u5e02\u573a\u6210\u4e3a\u5168\u7403\u50a8\u5907\u8d44\u4ea7\u3002\u8fd9\u662f\u56e0\u4e3a\uff0c\u8fd9\u4e00\u89d2\u8272\u81ea\u7136\u8981\u6c42\u5f00\u653e\u8d44\u672c\u8d26\u6237\uff0c\u540c\u65f6\uff0c\u5f53\u4e00\u4e2a\u56fd\u5bb6\u505c\u6b62\u751f\u4ea7\u5b9e\u9645\u5546\u54c1\u800c\u8f6c\u5411\u91d1\u878d\u5de5\u7a0b\u65f6\uff0c\u5927\u591a\u6570\u666e\u901a\u6c11\u4f17\u5c06\u9762\u4e34\u4e25\u91cd\u7684\u4e0d\u5229\u5f71\u54cd\u3002\u8fd9\u663e\u7136\u4e0e\u300c\u5171\u540c\u5bcc\u88d5\u300d\u7684\u7406\u5ff5\u80cc\u9053\u800c\u9a70\u3002\u56e0\u6b64\uff0c\u4e00\u4e2a\u6539\u8fdb\u7684\u7cfb\u7edf\u53ef\u80fd\u662f\uff1a\u7ee7\u7eed\u4f7f\u7528\u7f8e\u5143\u8fdb\u884c\u8d38\u6613\uff0c\u6216\u8005\u5141\u8bb8\u53cc\u8fb9\u672c\u5730\u8d27\u5e01\u7684\u4ea4\u6362\uff0c\u4f46\u5c06\u8d38\u6613\u987a\u5dee\u50a8\u5b58\u5728\u6bd4\u7279\u5e01\u4e2d\u3002\u8fd9\u79cd\u7cfb\u7edf\u5bf9\u6240\u6709\u4eba\u90fd\u6709\u597d\u5904\u2026\u2026\u9664\u4e86\u90a3\u4e9b\u300c\u592a\u5927\u800c\u4e0d\u80fd\u5012\u95ed\u300d\u7684\u4f20\u7edf\u91d1\u878d\u673a\u6784 (TradFi)\u3002\u8fd9\u4e9b\u673a\u6784\u5c06\u4e0d\u5f97\u4e0d\u9762\u5bf9\u81ea\u8eab\u6743\u529b\u548c\u58f0\u671b\u7684\u9010\u6e10\u8870\u9000\uff0c\u800c\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u7684\u5f71\u54cd\u529b\u5219\u4f1a\u4e0e\u65e5\u4ff1\u589e\u3002<\/p>\n<p><strong>\u6b63\u786e\u7684\u613f\u671b<\/strong><\/p>\n<p>\u56e4\u79ef\u6bd4\u7279\u5e01 (Stacking sats) \u662f\u6211\u7684\u7231\u597d\uff0c\u6211\u4e5f\u5e0c\u671b\u662f\u4f60\u7684\u3002\u56e0\u6b64\uff0c\u5982\u679c\u4f60\u6709\u673a\u4f1a\u5750\u5728\u300c\u7cbe\u7075\u7684\u684c\u5b50\u300d\u524d\uff0c\u76db\u88c5\u51fa\u5e2d\uff0c\u8bf7\u786e\u4fdd\u4f60\u8bb8\u4e0b\u4e86\u6b63\u786e\u7684\u613f\u671b\u3002<\/p>\n<p><strong>\u540e\u8bb0\uff1a\u52a0\u5bc6\u8d27\u5e01\u5708\u7684\u5929\u771f\u4e0e\u73b0\u5b9e<\/strong><\/p>\n<p>\u52a0\u5bc6\u8d27\u5e01\u5708\u5b50\u91cc\u7684\u4eba\uff0c\u5f80\u5f80\u662f\u4e16\u754c\u4e0a\u6700\u806a\u660e\u7684\u4e00\u7fa4\u4eba\uff0c\u540c\u65f6\u4e5f\u662f\u6700\u5929\u771f\u7684\u4e00\u7fa4\u4eba\u3002\u800c\u7279\u6717\u666e\u6b63\u5728\u4e3a\u4ed6\u4eec\u4e0a\u4e86\u4e00\u5802\u653f\u6cbb\u901f\u6210\u8bfe\u3002<\/p>\n<p>\u6bd4\u7279\u5e01\u4ef7\u683c\u5728\u4e0d\u5230 60 \u5929\u5185\u4ece 70,000 \u7f8e\u5143\u98d9\u5347\u81f3 110,000 \u7f8e\u5143\uff0c\u8fd9\u4e00\u73b0\u8c61\u7684\u80cc\u540e\uff0c\u662f\u52a0\u5bc6\u8d27\u5e01\u5708\u5b50\u666e\u904d\u8ba4\u4e3a\u4ed6\u4eec\u7684\u6240\u6709\u613f\u671b\u90fd\u4f1a\u5728 Pax Americana ( \u7f8e\u5f0f\u548c\u5e73 ) \u7684\u6846\u67b6\u4e0b\u5f97\u5230\u6ee1\u8db3\u3002\u7136\u800c\uff0c\u8fd9\u79cd\u60f3\u6cd5\u5b58\u5728\u4e00\u4e2a\u5173\u952e\u95ee\u9898\uff1a\u5728\u4efb\u4f55\u53cc\u8fb9\u4ef7\u503c\u4ea4\u6362\u4e2d\uff0c\u7406\u667a\u7684\u9009\u62e9\u662f\u5148\u6536\u5230\u5546\u54c1\u518d\u4ed8\u6b3e\u3002\u800c\u7279\u6717\u666e\u548c\u5171\u548c\u515a\u663e\u7136\u662f\u5148\u4ece\u52a0\u5bc6\u8d27\u5e01\u5708\u5b50\u91cc\u62ff\u5230\u4e86\u4ed6\u4eec\u60f3\u8981\u7684\u4e1c\u897f\u2014\u2014\u8db3\u591f\u7684\u9009\u7968\u8d62\u5f97\u603b\u7edf\u804c\u4f4d\uff0c\u5e76\u5728\u4f17\u8bae\u9662\u548c\u53c2\u8bae\u9662\u53d6\u5f97\u515a\u6d3e\u591a\u6570\u3002\u73b0\u5728\u8f6e\u5230\u4ed6\u4eec\u300c\u4ed8\u6b3e\u300d\u4e86\uff0c\u4f46\u4ed6\u4eec\u7684\u65f6\u95f4\u8868\u663e\u7136\u548c\u6211\u4eec\u8fd9\u4e9b\u300c\u6295\u673a\u72c2\u4eba\u300d\u76ef\u7740\u4e00\u79d2\u949f\u8721\u70db\u56fe\u7684\u6025\u5207\u5fc3\u6001\u5b8c\u5168\u4e0d\u540c\u3002<\/p>\n<p>\u7279\u6717\u666e\u76ee\u524d\u6b63\u5728\u6210\u7acb\u5de5\u4f5c\u7ec4\u548c\u53c2\u8bae\u9662\u5c0f\u7ec4\u59d4\u5458\u4f1a\uff0c\u4f46\u5e76\u672a\u91c7\u53d6\u5b9e\u9645\u884c\u52a8\u3002\u800c\u5f53\u7279\u6717\u666e\u771f\u7684\u60f3\u884c\u52a8\u65f6\uff0c\u4ed6\u4f1a\u8fc5\u901f\u6267\u884c\u3002\u6bd4\u5982\uff0c\u4ed6\u5bf9\u7f8e\u56fd\u6700\u5927\u8d38\u6613\u4f19\u4f34\u5f81\u6536 25% \u5173\u7a0e\uff0c\u4ece\u5ba3\u5e03\u5230\u5b9e\u65bd\u4ec5\u7528\u4e86\u51e0\u5929\uff1b\u4ed6\u8fc5\u901f\u5e9f\u9664\u4e86\u653f\u5e9c\u673a\u6784\u4e2d\u7684 ESG ( \u73af\u5883\u3001\u793e\u4f1a\u548c\u6cbb\u7406 ) \u548c DEI ( \u591a\u6837\u6027\u3001\u516c\u5e73\u548c\u5305\u5bb9\u6027 ) 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\u5e74\u7b2c\u56db\u5b63\u5ea6\u7684\u6c34\u5e73\u3002\u6211\u4f9d\u7136\u575a\u6301\u6bd4\u7279\u5e01\u5c06\u91cd\u65b0\u6d4b\u8bd5 70,000 \u81f3 75,000 \u7f8e\u5143\u533a\u95f4\u7684\u9884\u6d4b\u3002<\/p>\n<p><strong>\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u5982\u4f55\u6446\u8131\u4f4e\u8ff7\uff1f<\/strong><\/p>\n<p>\u8981\u8ba9\u5e02\u573a\u91cd\u65b0\u632f\u4f5c\u8d77\u6765\uff0c\u53ef\u80fd\u9700\u8981\u4ee5\u4e0b\u51e0\u79cd\u60c5\u51b5\u53d1\u751f\uff1a\u7f8e\u8054\u50a8\u3001\u7f8e\u56fd\u8d22\u653f\u90e8\u3001\u4e2d\u56fd\u6216\u65e5\u672c\u7b49\u673a\u6784\u63a8\u51fa\u67d0\u79cd\u5f62\u5f0f\u7684\u8d27\u5e01\u5bbd\u677e\u653f\u7b56\uff0c\u6216\u8005\u51fa\u53f0\u660e\u786e\u652f\u6301\u65e0\u8bb8\u53ef\u52a0\u5bc6\u521b\u65b0 (Permissionless Crypto Innovation) \u7684\u7acb\u6cd5\u3002\u7136\u800c\uff0c\u5982\u679c\u8fd9\u90e8\u6cd5\u6848\u50cf\u300c\u5f17\u5170\u80af\u65af\u5766\u300d\u4e00\u6837\u88ab\u62fc\u51d1\u800c\u6210\uff0c\u53ea\u662f\u4e3a\u4e86\u8fce\u5408 Coinbase\u3001BlackRock \u548c\u4f20\u7edf\u80a1\u7968\u6295\u8d44\u8005\u7684\u5229\u76ca\uff0c\u5bf9\u6211\u4eec\u8fd9\u4e9b\u52a0\u5bc6\u72c2\u70ed\u8005 (crypto degens) \u6765\u8bf4\uff0c\u5b83\u65e2\u4e0d\u4f1a\u63a8\u52a8\u5e02\u573a\u8fbe\u5230\u65b0\u7684\u9ad8\u5ea6\uff0c\u4e5f\u65e0\u6cd5\u5b9e\u73b0\u300c\u53bb\u4e2d\u5fc3\u5316\u4e00\u5207\u300d\u7684\u76ee\u6807\u3002\u8fd9\u6837\u7684\u6cd5\u6848\u4e0d\u4ec5\u662f\u5bf9\u52a0\u5bc6\u7406\u60f3\u7684\u80cc\u79bb\uff0c\u66f4\u662f\u5bf9\u300c\u53bb\u4e2d\u5fc3\u5316\u7cbe\u795e\u300d\u7684\u5192\u72af\uff0c\u5176\u540e\u679c\u5c06\u662f\u8fc5\u901f\u4e14\u4e25\u5389\u7684\u3002<\/p>\n<p><strong>\u884c\u52a8\u8d77\u6765\uff0c\u4e3a\u52a0\u5bc6\u672a\u6765\u53d1\u58f0<\/strong><\/p>\n<p>\u5c3d\u7ba1\u5982\u6b64\uff0c\u6211\u4eec\u4ecd\u7136\u6709\u5e0c\u671b\u3002\u5982\u679c\u4f60\u662f\u7f8e\u56fd\u7684\u52a0\u5bc6\u8d27\u5e01\u6301\u6709\u8005 (Hodler)\uff0c\u73b0\u5728\u662f\u65f6\u5019\u884c\u52a8\u4e86\uff01\u8ba9\u4f60\u9009\u51fa\u7684\u4ee3\u8868\u77e5\u9053\uff0c\u4f60\u4e0d\u4f1a\u5bb9\u5fcd\u4e00\u6210\u4e0d\u53d8\u7684\u653f\u6cbb\u73b0\u72b6\u3002\u7ed9\u4ed6\u4eec\u53d1\u90ae\u4ef6\u3001\u5199\u4fe1\uff0c\u6216\u8005\u4eb2\u81ea\u62dc\u8bbf\u4ed6\u4eec\u7684\u5730\u65b9\u529e\u516c\u5ba4\u3002\u653f\u5ba2\u901a\u5e38\u4f1a\u5bf9\u90a3\u4e9b\u5173\u5fc3\u653f\u7b56\u7684\u4eba\u4f5c\u51fa\u56de\u5e94\u3002\u5982\u679c\u4f60\u8ba4\u4e3a\u5efa\u7acb\u6bd4\u7279\u5e01\u6218\u7565\u50a8\u5907\u662f\u5fc5\u8981\u7684\uff0c\u73b0\u5728\u5c31\u5927\u58f0\u75be\u547c\uff0c\u800c\u4e0d\u662f\u4ec5\u4ec5\u5728 X \u5e73\u53f0 ( \u539f Twitter) \u4e0a\u70b9\u8d5e\u4e00\u6761\u8bc4\u8bba\u3002<\/p>\n<p>\u95ee\u9898\u5728\u4e8e\uff0c\u6570\u5b57\u8bbe\u5907\u8ba9\u6211\u4eec\u53ef\u4ee5\u5728\u81ea\u5df1\u7684\u56de\u97f3\u5ba4\u91cc\u968f\u610f\u8868\u8fbe\u6124\u6012\uff0c\u4f46\u5374\u5f88\u5c11\u4fc3\u4f7f\u6211\u4eec\u5728\u73b0\u5b9e\u4e16\u754c\u4e2d\u91c7\u53d6\u771f\u6b63\u7684\u884c\u52a8\u3002\u800c\u4e8b\u5b9e\u4e0a\uff0c\u4f60\u771f\u6b63\u73cd\u89c6\u7684\u4e00\u5207\uff0c\u90fd\u662f\u901a\u8fc7\u67d0\u79cd\u52aa\u529b\u548c\u4ee3\u4ef7\u6362\u6765\u7684\u3002\u52a0\u5bc6\u8d27\u5e01\u7684\u653f\u6cbb\u4e4b\u8def\u6ca1\u6709\u300c\u7b80\u5355\u6309\u94ae\u300d\u2014\u2014\u7741\u5f00\u773c\u775b\uff0c\u884c\u52a8\u8d77\u6765\uff0c\u5426\u5219\u5e02\u573a\u53ef\u80fd\u4f1a\u7ee7\u7eed\u4e0b\u63a2\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4f4d\u4e8e Mar-a-Lago \u7684 Pax Americana Make-A-Wish Corporation\uff08\u7f8e [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-524","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=524"}],"version-history":[{"count":0,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/524\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=524"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}