{"id":1710,"date":"2025-11-05T23:59:44","date_gmt":"2025-11-05T23:59:44","guid":{"rendered":"https:\/\/toposuranos.com\/InvestorInsight\/?p=1710"},"modified":"2025-11-06T00:45:03","modified_gmt":"2025-11-06T00:45:03","slug":"%e8%92%99%e7%89%b9%e5%8d%a1%e7%bd%97%e6%a8%a1%e6%8b%9f%ef%bc%9a%e6%88%91%e7%9a%84%e7%ae%a1%e7%90%86%e6%8a%95%e5%bd%b1%ef%bc%882024%e5%b9%b42%e6%9c%88-2025%e5%b9%b410%e6%9c%88%ef%bc%89","status":"publish","type":"post","link":"https:\/\/toposuranos.com\/InvestorInsight\/zh\/2025\/11\/05\/%e8%92%99%e7%89%b9%e5%8d%a1%e7%bd%97%e6%a8%a1%e6%8b%9f%ef%bc%9a%e6%88%91%e7%9a%84%e7%ae%a1%e7%90%86%e6%8a%95%e5%bd%b1%ef%bc%882024%e5%b9%b42%e6%9c%88-2025%e5%b9%b410%e6%9c%88%ef%bc%89\/","title":{"rendered":"\u8499\u7279\u5361\u7f57\u6a21\u62df\uff1a\u6211\u7684\u7ba1\u7406\u6295\u5f71\uff082024\u5e742\u6708\u20142025\u5e7410\u6708\uff09"},"content":{"rendered":"<h1>\u8499\u7279\u5361\u7f57\u6a21\u62df\uff1a\u6211\u7684\u7ba1\u7406\u6295\u5f71\uff082024\u5e742\u6708\u20142025\u5e7410\u6708\uff09<\/h1>\n<h2>\u8bc4\u4f30\u4e0e\u900f\u660e\u5316<\/h2>\n<p>\u5728\u52a8\u8361\u7684\u5341\u6708\u6536\u5b98\u4e4b\u9645\uff0c\u6211\u6267\u884c\u4e86\u4e00\u6b21<strong>\u8499\u7279\u5361\u7f57\u6a21\u62df<\/strong>\uff0c\u7528\u6570\u636e\u8bc4\u4f30\u81ea<strong>2024\u5e742\u67081\u65e5<\/strong>\u5f00\u59cb\u4ee5\u771f\u5b9e\u8d44\u91d1\u6295\u8d44\u4ee5\u6765\u6211\u7684\u7ba1\u7406\u8d28\u91cf\u3002\u672c\u6b21\u8fd0\u884c\u7684\u89c2\u6d4b\u7a97\u53e3\u622a\u81f3<strong>2025\u5e7410\u670830\u65e5<\/strong>\u3002\u8fd9\u4e00\u7ec3\u4e60\u4e3a\u6211\u63d0\u4f9b\u4e00\u4e2a\u5ba2\u89c2\u53c2\u7167\u2014\u2014\u6211\u5e0c\u671b\u5728\u6bcf\u6b21\u8fed\u4ee3\u4e2d\u8d85\u8d8a\u7684<em>\u6807\u5c3a<\/em>\uff0c\u5e76\u4e3a\u5728 eToro \u590d\u5236\u6211\u6295\u8d44\u7ec4\u5408\u7684\u4eba\u63d0\u4f9b\u900f\u660e\u5ea6\u3002<\/p>\n<h3>\u4e3a\u4f55\u9009\u62e9\u8499\u7279\u5361\u7f57<\/h3>\n<p>\u56e0\u4e3a\u5b83\u4e0d\u9760\u731c\u6d4b\uff0c\u800c\u662f\u628a\u5df2\u7ecf\u53d1\u751f\u7684\u7ed3\u679c\u8f6c\u8bd1\u4e3a\u6982\u7387\u3002\u57fa\u4e8e<em>\u6708\u5ea6\u6536\u76ca\u7387<\/em>\u6211\u4f30\u8ba1\u5747\u503c\u4e0e\u6ce2\u52a8\u7387\uff0c\u5e76\u636e\u6b64\u53c2\u6570\u6a21\u62df\u6210\u5343\u4e0a\u4e07\u6761\u53ef\u80fd\u8def\u5f84\u3002\u8fd9\u8ba9\u6211\u80fd\u591f\u4ee5\u968f\u65f6\u95f4\u4e00\u81f4\u4e14\u53ef\u6bd4\u8f83\u7684\u6807\u51c6\u5ba1\u8ba1\u6211\u7684\u6d41\u7a0b\u3002<\/p>\n<h3>\u5047\u8bbe\u4e0e\u9650\u5236<\/h3>\n<p>\u8f68\u8ff9\u6309\u6708\u9891\u7387\u751f\u6210\uff0c\u53c2\u6570\u57fa\u4e8e n=21\uff082024\u5e742\u6708\u21922025\u5e7410\u6708\uff09\u4f30\u8ba1\u3002\u7ed3\u679c\u53d7\u8fd9\u4e9b\u6570\u636e\u4e0e\u5047\u8bbe\u7684\u6761\u4ef6\u7ea6\u675f\uff1b\u5e76\u4e0d\u6784\u6210\u9884\u6d4b\u3002\u4e3a\u4f53\u73b0\u4e0d\u786e\u5b9a\u6027\u4e0e\u5c3e\u90e8\u98ce\u9669\uff0c\u91c7\u7528\u7ecf\u9a8c<em>bootstrap<\/em>\uff08\u5206\u4f4d\u6570\/CVaR\uff09\uff0c\u5e76\u5728\u9010\u6b65\u6269\u5927\u7684<em>\u6837\u672c\u5916<\/em>\u7a97\u53e3\u4e2d\u68c0\u67e5\u5206\u4f4d\u6570\u7a33\u5b9a\u6027\u3002\u4efb\u4f55\u98ce\u9669\u89e3\u8bfb\u90fd\u5e94\u8003\u8651\u6f5c\u5728\u7684\u72b6\u6001\u53d8\u6362\u3002<\/p>\n<h2>\u8499\u7279\u5361\u7f57\u6a21\u62df<\/h2>\n<h3>\u8f93\u5165\u6570\u636e<\/h3>\n<table class=\"data-table\" style=\"width:100%;border-collapse:collapse\">\n<thead>\n<tr>\n<th style=\"text-align:left;border-bottom:1px solid #ccc\">\u7a97\u53e3\u671f<\/th>\n<th style=\"text-align:left;border-bottom:1px solid #ccc\">\u89c2\u6d4b\u6570<\/th>\n<th style=\"text-align:left;border-bottom:1px solid #ccc\">\u6708\u5ea6\u5747\u503c (\u03bc)<\/th>\n<th style=\"text-align:left;border-bottom:1px solid #ccc\">\u6708\u5ea6\u6ce2\u52a8\u7387 (\u03c3)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>2024\u5e742\u67081\u65e5 \u81f3 2025\u5e7410\u670830\u65e5<\/td>\n<td>21<\/td>\n<td>1,69&nbsp;%<\/td>\n<td>3,51&nbsp;%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u5982\u9700\u4e86\u89e3\u6211\u6536\u76ca\u4e0e\u6295\u8d44\u7ec4\u5408\u7684\u66f4\u5177\u4f53\u7ec6\u8282\uff0c\u8bf7\u67e5\u770b\u6211\u7684<a href=\"https:\/\/etoro.tw\/3WpJM7a\">eToro \u4e2a\u4eba\u8d44\u6599<\/a>\u3002<\/p>\n<h3>\u6a21\u62df\u53c2\u6570<\/h3>\n<table class=\"data-table\" style=\"width:100%;border-collapse:collapse\">\n<thead>\n<tr>\n<th style=\"text-align:left;border-bottom:1px solid #ccc\">\u6295\u8d44\u671f\u9650<\/th>\n<th style=\"text-align:left;border-bottom:1px solid #ccc\">\u6708\u4efd\u6570<\/th>\n<th style=\"text-align:left;border-bottom:1px solid #ccc\">\u8fed\u4ee3\u6b21\u6570<\/th>\n<th style=\"text-align:left;border-bottom:1px solid #ccc\">\u663e\u793a\u533a\u95f4<\/th>\n<th style=\"text-align:left;border-bottom:1px solid #ccc\">\u57fa\u6570<\/th>\n<th style=\"text-align:left;border-bottom:1px solid #ccc\">\u9891\u7387<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>5 \u5e74<\/td>\n<td>60<\/td>\n<td>1000<\/td>\n<td>50% (P25\u2013P75), 80% (P10\u2013P90), 90% (P05\u2013P95)<\/td>\n<td>\u521d\u59cb\u57fa\u6570\u4e3a 1<\/td>\n<td>\u6309\u6708<\/td>\n<\/tr>\n<tr>\n<td>10 \u5e74<\/td>\n<td>120<\/td>\n<td>5000<\/td>\n<td>50% (P25\u2013P75), 80% (P10\u2013P90), 90% (P05\u2013P95)<\/td>\n<td>\u521d\u59cb\u57fa\u6570\u4e3a 1<\/td>\n<td>\u6309\u6708<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>\u6a21\u62df\u7ed3\u679c<\/h2>\n<p>\u6a21\u62df\u5448\u73b0\u51fa\u4e0e 2024\u20132025 \u5e74\u95f4\u89c2\u5bdf\u5230\u7684\u6539\u5584\u4e00\u81f4\u7684\u4e2d\u67a2\u589e\u957f\u8def\u5f84\u3002\u4e2d\u4f4d\u6570\u5448\u4e0a\u884c\uff0c\u5178\u578b\u5e26\u5bbd\u4fdd\u6301\u6536\u655b\uff0c\u8868\u660e\u5728\u6240\u627f\u62c5\u98ce\u9669\u6c34\u5e73\u4e0b\uff0c\u5f53\u524d\u65b9\u6cd5\u6b63\u5728\u4ea7\u751f\u8f83\u4e3a\u7a33\u5b9a\u7684\u56de\u62a5\u3002<\/p>\n<ul>\n<li><strong>\u4e0a\u884c\u4e00\u81f4\u6027\uff1a<\/strong>\u8f68\u8ff9\u7684\u4e2d\u67a2\u6a21\u5f0f\u4e0e\u6837\u672c\u7684\u5e74\u5ea6\u6539\u5584\u76f8\u543b\u5408\uff082024 \u5e74\u6708\u5ea6\u5747\u503c\u7ea6 1,20% \u5bf9\u6bd4 2025 \u5e74 2,22%\uff0c\u4e14\u6b63\u6536\u76ca\u6708\u4efd\u66f4\u9891\u7e41\uff09\u3002\u8fd9\u652f\u6301\u4e86\u8fd1\u671f\u6267\u884c\u66f4\u4e3a\u624e\u5b9e\u7684\u7ed3\u8bba\u3002<\/li>\n<li><strong>\u98ce\u9669\u53d7\u63a7\uff1a<\/strong>\u5728 5 \u5e74\u4e0e 10 \u5e74\u671f\u9650\u4e0a\uff0c\u8d1f\u5411\u5c3e\u90e8\u4ecd\u8f83\u6e29\u548c\u3002\u4fdd\u5b88\u60c5\u666f\u4fdd\u6301\u7d2f\u8ba1\u589e\u957f\u5927\u4e8e\u96f6\uff0c\u4e0e 2025 \u5e74\u63a5\u8fd1 4 \u7684\u4e2d\u7b49\u98ce\u9669\u753b\u50cf\u4e00\u81f4\u3002<\/li>\n<li><strong>\u6709\u5229\u7684\u504f\u6001\uff1a<\/strong>\u6247\u5f62\u5206\u5e03\u5448\u53f3\u504f\u3002\u5b58\u5728\u4f4e\u6982\u7387\u4f46\u9ad8\u7ed3\u679c\u7684\u60c5\u666f\uff0c\u540c\u65f6\u4e2d\u4f4d\u6570\u4fdd\u6301\u7a33\u5065\uff0c\u8bf4\u660e\u5353\u8d8a\u6708\u4efd\u5728\u4e0d\u524a\u5f31\u57fa\u7ebf\u7684\u60c5\u51b5\u4e0b\u63a8\u5347\u6574\u4f53\u3002<\/li>\n<li><strong>\u76f8\u5bf9\u8868\u73b0\u5f97\u5230\u9a8c\u8bc1\uff1a<\/strong>2025 \u5e74\u4ee5\u6765\uff08YTD\uff09\u7684\u8868\u73b0\u4f18\u4e8e\u4e3b\u8981\u5168\u7403\u6307\u6570\uff0c\u4e14\u6a21\u62df\u8868\u660e\u8be5\u8868\u73b0\u5e76\u975e\u4f9d\u8d56\u67d0\u4e00\u4e2a\u5f02\u5e38\u6708\u4efd\uff0c\u800c\u662f\u6e90\u4e8e\u4e0e\u6837\u672c\u4e00\u81f4\u7684\u7ed3\u679c\u5206\u5e03\u3002<\/li>\n<li><strong>\u64cd\u4f5c\u542b\u4e49\uff1a<\/strong>\u4fdd\u6301\u518d\u5e73\u8861\u7eaa\u5f8b\u4e14\u4e0d\u4f7f\u7528\u6760\u6746\u3002\u4e0b\u4e00\u6b21\u66f4\u65b0\u7684\u76ee\u6807\u662f\u63d0\u5347\u4e2d\u4f4d\u6570\u5e76\u6536\u7a84 P25\u2013P75 \u533a\u95f4\uff0c\u5e76\u5c06\u7b2c 5 \u767e\u5206\u4f4d\u4f5c\u4e3a\u7a00\u6709\u56de\u64a4\u63a7\u5236\u7684\u76d1\u6d4b\u6307\u6807\u3002<\/li>\n<\/ul>\n<figure style=\"margin:1.5rem 0\">\n  <img decoding=\"async\" src=\"https:\/\/toposuranos.com\/InvestorInsight\/wp-content\/uploads\/2025\/11\/montecarlo-5a.jpg\" alt=\"5 \u5e74\u6295\u5f71\uff1a\u767e\u5206\u4f4d\u5e26\u4e0e\u4e2d\u4f4d\u8def\u5f84\" style=\"width:100%;height:auto\" \/><figcaption style=\"font-size:0.95em;color:#555\">5 \u5e74\u6295\u5f71\u3002\u5e26\u5bbd 50%\uff08P25\u2013P75\uff09\u300180%\uff08P10\u2013P90\uff09\u4e0e 90%\uff08P05\u2013P95\uff09\u3002\u9ec4\u8272\u7ebf\u4e3a\u4e2d\u4f4d\u6570\u8f68\u8ff9\u3002<\/figcaption><\/figure>\n<figure style=\"margin:1.5rem 0\">\n  <img decoding=\"async\" src=\"https:\/\/toposuranos.com\/InvestorInsight\/wp-content\/uploads\/2025\/11\/montecarlo-10a.jpg\" alt=\"10 \u5e74\u6295\u5f71\uff1a\u767e\u5206\u4f4d\u5e26\u4e0e\u4e2d\u4f4d\u8def\u5f84\" style=\"width:100%;height:auto\" \/><figcaption style=\"font-size:0.95em;color:#555\">10 \u5e74\u6295\u5f71\u3002\u5e26\u5bbd 50%\uff08P25\u2013P75\uff09\u300180%\uff08P10\u2013P90\uff09\u4e0e 90%\uff08P05\u2013P95\uff09\u3002\u9ec4\u8272\u7ebf\u4e3a\u4e2d\u4f4d\u6570\u8f68\u8ff9\u3002<\/figcaption><\/figure>\n<h2>\u540e\u7eed\u9700\u8981\u5173\u6ce8\u7684\u8981\u7d20<\/h2>\n<p>\u5f53\u524d\u7684\u9650\u5236\u5728\u4e8e\u6837\u672c\u89c4\u6a21\uff1b\u968f\u7740\u89c2\u5bdf\u6708\u4efd\u7684\u589e\u52a0\uff0c\u4f30\u8ba1\u4f1a\u66f4\u7a33\u5b9a\uff08\u8bef\u5dee\u7ea6\u6309 ~1\/\u221an \u4e0b\u964d\uff09\uff0c\u6a21\u62df\u4e5f\u66f4\u53ef\u9760\u3002\u53ef\u4ee5\u901a\u8fc7<strong>\u6eda\u52a8\u7a97\u53e3\u91cd\u65b0\u4f30\u8ba1<\/strong>\uff08\u6bcf\u65b0\u589e\u4e00\u4e2a\u6708\u5c31\u66f4\u65b0\uff09\u5e76\u5728 n 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