{"version":"1.0","provider_name":"Fortune Insight","provider_url":"https:\/\/prime.fortuneinsight.com\/web","author_name":"\u9322\u741b","author_url":"https:\/\/prime.fortuneinsight.com\/web\/posts\/author\/chinshun","title":"\u300a\u8a08\u91cf\u7b56\u7565\u300b\u6709\u5426\u60f3\u904e\u5982\u4f55\u4f7f\u7528\u65e5\u672c\u53ca\u9999\u6e2f\u7684\u6578\u64da\u69cb\u601d\u7b56\u7565\uff1f - Fortune Insight","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\"><a href=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/534432\">\u300a\u8a08\u91cf\u7b56\u7565\u300b\u6709\u5426\u60f3\u904e\u5982\u4f55\u4f7f\u7528\u65e5\u672c\u53ca\u9999\u6e2f\u7684\u6578\u64da\u69cb\u601d\u7b56\u7565\uff1f<\/a><\/blockquote>\n<script type='text\/javascript'>\n<!--\/\/--><![CDATA[\/\/><!--\n\t\t!function(c,d){\"use strict\";var e=!1,n=!1;if(d.querySelector)if(c.addEventListener)e=!0;if(c.wp=c.wp||{},!c.wp.receiveEmbedMessage)if(c.wp.receiveEmbedMessage=function(e){var t=e.data;if(t)if(t.secret||t.message||t.value)if(!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var r,a,i,s=d.querySelectorAll('iframe[data-secret=\"'+t.secret+'\"]'),n=d.querySelectorAll('blockquote[data-secret=\"'+t.secret+'\"]'),o=0;o<n.length;o++)n[o].style.display=\"none\";for(o=0;o<s.length;o++)if(r=s[o],e.source===r.contentWindow){if(r.removeAttribute(\"style\"),\"height\"===t.message){if(1e3<(i=parseInt(t.value,10)))i=1e3;else if(~~i<200)i=200;r.height=i}if(\"link\"===t.message)if(a=d.createElement(\"a\"),i=d.createElement(\"a\"),a.href=r.getAttribute(\"src\"),i.href=t.value,i.host===a.host)if(d.activeElement===r)c.top.location.href=t.value}}},e)c.addEventListener(\"message\",c.wp.receiveEmbedMessage,!1),d.addEventListener(\"DOMContentLoaded\",t,!1),c.addEventListener(\"load\",t,!1);function t(){if(!n){n=!0;for(var e,t,r=-1!==navigator.appVersion.indexOf(\"MSIE 10\"),a=!!navigator.userAgent.match(\/Trident.*rv:11\\.\/),i=d.querySelectorAll(\"iframe.wp-embedded-content\"),s=0;s<i.length;s++){if(!(e=i[s]).getAttribute(\"data-secret\"))t=Math.random().toString(36).substr(2,10),e.src+=\"#?secret=\"+t,e.setAttribute(\"data-secret\",t);if(r||a)(t=e.cloneNode(!0)).removeAttribute(\"security\"),e.parentNode.replaceChild(t,e)}}}}(window,document);\n\/\/--><!]]>\n<\/script><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/534432\/embed\" width=\"600\" height=\"338\" title=\"&#8220;\u300a\u8a08\u91cf\u7b56\u7565\u300b\u6709\u5426\u60f3\u904e\u5982\u4f55\u4f7f\u7528\u65e5\u672c\u53ca\u9999\u6e2f\u7684\u6578\u64da\u69cb\u601d\u7b56\u7565\uff1f&#8221; &#8212; Fortune Insight\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe>","thumbnail_url":"https:\/\/prime.fortuneinsight.com\/web\/wp-content\/uploads\/2021\/04\/hk-jp_iv_diff_pnl_curve.png","thumbnail_width":1653,"thumbnail_height":993,"description":"\u4e4b\u524d\u5e7e\u500b\u79ae\u62dc\u8aaa\u591a\u4e86\u601d\u7dad\u4e0a\u7684\u6846\u67b6\uff0c\u9019\u6b21\u60f3\u91cd\u9ede\u8a0e\u8ad6\u91cf\u5316\u7b56\u7565\u3002 \u5f88\u591a\u670b\u53cb\u8ddf\u6211\u8aaa\u904e\uff0c\u5b78\u61c2\u7528\u7a0b\u5f0f\u5de5\u5177\u56de\u6e2c\u3001\u8a2d\u8a08\u7b56\u7565\u5f8c\uff0c\u6700\u96e3\u7684\u9084\u662f\u69cb\u601d\u7b56\u7565idea\u3002\u91dd\u5c0d\u9019\u4e00\u9ede\uff0c\u60f3\u5c07\u4ee5\u524d\u7814\u7a76\u904e\u7684\u4e00\u500b\u7b56\u7565\u5b8c\u6574\u5730\u89e3\u91cb\u4e00\u6b21\uff0c\u5206\u4eab\u767c\u5c55\u9019\u500b\u7b56\u7565\u7684\u601d\u60f3\u8def\u5f91\u3002 \u9996\u5148\uff0c\u4f7f\u7528\u50b3\u7d71\u91d1\u878d\u6578\u64da\u6642\uff0c\u6211\u504f\u5411\u4f7f\u7528\u6709\u524d\u77bb\u6027\u7684\uff08forward looking\uff09\u6307\u6a19\u3002\u9019\u985e\u6307\u6a19\u4e00\u822c\u662f\u884d\u751f\u5de5\u5177\u50f9\u683c\/\u7531\u884d\u751f\u5de5\u5177\u50f9\u683c\u7522\u751f\uff0c\u4f8b\u5b50\u6709\u671f\u8ca8\u50f9\u683c\u3001\u671f\u8ca8\u7684\u671f\u9650\u7d50\u69cb\uff08term structure\uff09\u3001\u671f\u6b0a\u5f15\u4f38\u6ce2\u5e45\u7b49\u7b49\u3002\u5b83\u5011\u6709\u524d\u77bb\u6027\uff0c\u662f\u56e0\u70ba\u884d\u751f\u5de5\u5177\u4e00\u822c\u5728\u672a\u4f86\u5230\u671f\uff0c\u5176\u50f9\u683c\u6703\u53cd\u6620\u5e02\u5834\u5c0d\u672a\u4f86\u7684\u9810\u671f\u3002\u8981\u6578\u5b78proof\u7684\u8a71\uff0c\u53ef\u4ee5\u770b\u671f\u8ca8\u6216\u671f\u6b0a\u7684\u5b9a\u50f9\u6a21\u578b\uff08pricing model\uff09\u3002 \u76f8\u53cd\uff0c\u5229\u7528\u73fe\u8ca8\u50f9\u683c\u6216\u5176\u884d\u751f\u51fa\u4f86\u7684\u6307\u6a19\u4f5c\u70ba\u4ea4\u6613\u8a0a\u865f\uff0c\u53ef\u4ee5\u53cd\u6620\u51fa\u4f86\u7684\u8cc7\u8a0a\u591a\u6578\u53ea\u6709\u73fe\u5728\u7684\u8cc7\u8a0a\uff0c\u4f60\u591a\u6578\u53ea\u80fd\u8207\u5e02\u5834\u300c\u540c\u6b65\u300d\uff0c\u800c\u975e\u53ef\u4ee5\u300c\u884c\u5148\u4e00\u6b65\u300d\u3002\u56e0\u6b64\uff0c\u6211\u5f88\u5c11\u55ae\u7d14\u4f7f\u7528\u55ae\u4e00\u80a1\u7968\u50f9\u683c\u4f5c\u7092\u91ce\u6307\u6a19\u3002\u53e6\u5916\u4e00\u9ede\uff0c\u4ee5\u5f80\u56de\u6e2c\u986f\u793a\uff0c\u4e0d\u5c11\u6280\u8853\u6307\u6a19\u6240\u7522\u751f\u7684\u56de\u5831\u7a69\u5b9a\u6027\u4e5f\u4e0d\u9ad8\u3002 \u7136\u5f8c\uff0c\u5c31\u8981\u8003\u616e\u6578\u64da\u4f86\u6e90\u7684\u554f\u984c\u3002\u4e00\u822c\u6563\u6236\u63a5\u89f8\u5230\u3001\u540c\u6642\u6bd4\u8f03\u5bb9\u6613\u8655\u7406\u7684\u884d\u751f\u5de5\u5177\u6578\u64da\uff0c\u9996\u9078\u4e00\u5b9a\u662f\u5f15\u4f38\u6ce2\u5e45\u6578\u64da\u3002\u8655\u7406\u7531\u6307\u6578\u516c\u53f8\u7de8\u5236\u7684\u5f15\u4f38\u6ce2\u5e45\u6307\u6578\u6642\uff0c\u9664\u4e86\u53ef\u4ee5\u7701\u7565\u4e0d\u540c\u5408\u7d04\u5230\u671f\u7684\u8655\u7406\u5916\uff0c\u5f15\u4f38\u6ce2\u5e45\u4e5f\u5df2\u7d93\u88ab\u6b63\u5e38\u5316\uff08normalised\uff09\uff0c\u57fa\u672c\u4e0a\u4e0b\u8f09\u5f8c\u5c31\u53ef\u4ee5\u76f4\u63a5\u4f7f\u7528\u5230\u56de\u6e2c\u4e2d\u3002 \u5927\u5bb6\u61c9\u8a72\u975e\u5e38\u719f\u6089\u9999\u6e2f\u7684\u5f15\u4f38\u6ce2\u5e45\u6307\u6578\uff08VHSI\uff09\uff0c\u5728investing.com\u53ef\u4ee5\u76f4\u63a5\u4e0b\u8f09\u6b77\u53f2\u6578\u64da\u3002\u5229\u7528\u9019\u500b\u6307\u6a19\uff0c\u6211\u5011\u53ef\u4ee5\u767c\u5c55\u51fa\u4ec0\u9ebc\u6a23\u7684\u7b56\u7565\uff1f \u6211\u5011\u53ef\u4ee5\u5148\u5f9e\u4e00\u500b\u91d1\u878d\u300c\u5e38\u8b58\u300d\u5165\u624b\u3002\u901a\u5e38\u5f15\u4f38\u6ce2\u5e45\uff08VHSI\uff09\u504f\u9ad8\uff0c\u4ee3\u8868\u5e02\u5834\u907f\u96aa\u60c5\u7dd2\u5347\u6eab\uff0c\u53ef\u80fd\u610f\u5473\u5f8c\u5e02\u6703\u8dcc\uff1b\u5f15\u4f38\u6ce2\u5e45\u504f\u4f4e\uff0c\u5247\u4ee3\u8868\u5e02\u5834\u907f\u96aa\u60c5\u7dd2\u6e1b\u5f31\uff0c\u53ef\u80fd\u610f\u5473\u5f8c\u5e02\u6703\u5347\u3002\u91cd\u9ede\u662f\uff0c\u5982\u4f55\u91cf\u5ea6\u5f15\u4f38\u6ce2\u5e45\u7684\u9ad8\u4f4e\uff1f \u9019\u6642\u5c31\u9700\u8981\u53e6\u5916\u4e00\u500b\u570b\u5bb6\u7684\u5f15\u4f38\u6ce2\u5e45\uff0c\u8207VHSI\u4f5c\u6bd4\u8f03\u3002\u5728investing.com\uff0c\u6709\u65e5\u7d93225\u6307\u6578\u7684\u5f15\u4f38\u6ce2\u5e45\uff08JNIV\uff09\uff0c\u5c07\u9999\u6e2f\u7684VHSI\u6e1b\u53bbJNIV\uff08\u5169\u8005\u90fd\u540c\u6a23\u4f7f\u7528\u6bcf\u65e5\u6536\u5e02\u50f9\uff09\uff0c\u5c31\u80fd\u5f97\u51fa\u5169\u8005\u7684\u5dee\uff08difference\uff09\uff0c\u4ee3\u8868\u6e2f\u80a1\u6bd4\u65e5\u80a1\u5f15\u4f38\u6ce2\u5e45\u7684\u76f8\u5c0d\u9ad8\u5ea6\uff0c\u6211\u5011\u5c07\u4e4b\u7c21\u7a31\u70baIV\u5dee\u3002IV\u5dee\u5347\uff0c\u6e2f\u80a1IV\u504f\u9ad8\uff0c\u53ef\u80fd\u610f\u5473\u9999\u6e2f\u5927\u5e02\u6703\u8dcc\uff0cshort\u6709\u5229\u53ef\u5716\uff1bIV\u5dee\u8dcc\uff0c\u6e2f\u80a1IV\u504f\u4f4e\uff0c\u53ef\u80fd\u610f\u5473\u9999\u6e2f\u5927\u5e02\u6703\u5347\uff0clong\u5247\u6709\u5229\u53ef\u5716\u3002 \u8b80\u8005\u53ef\u80fd\u6703\u6709\u4e00\u500b\u554f\u984c\uff0c\u5c31\u662f\u5169\u5730\u80a1\u5e02\u7684\u6536\u5e02\u6642\u9593\u5404\u6709\u4e0d\u540c\uff0c\u61c9\u8a72\u5982\u4f55\u50b3\u8b6fIV\u5dee\u9019\u500b\u6578\u5b57\uff1f\u7531\u65bcJNIV\u6536\u5e02\u50f9\u7684\u767c\u4f48\u6642\u9593\u6bd4\u9999\u6e2f\u7684VHSI\u65e9\uff0c\u4ee5IV\u5dee\u4f5c\u8a0a\u865f\u4ea4\u6613\u9999\u6e2f\u5e02\u5834\uff0c\u5982\u679c\u5728\u81e8\u8fd1\u9999\u6e2f\u6536\u5e02\u6642\u624d\u843d\u76e4\uff0c\u4e26\u6c92\u6709time mismatch\u7684\u554f\u984c\u3002 \u9019\u500b\u8d77\u59cb\u7b56\u7565\u7684\u8868\u73fe\u5982\u4f55\uff1f\u521d\u6b65\u512a\u5316\u7684\u7d50\u679c\uff0c\u590f\u666e\u6bd4\u7387\u67091.35\u3002\u4f46\u5207\u8a18\uff0c\u9019\u500b\u6700\u7c21\u55ae\u7684\u7b56\u7565\u908f\u8f2f\u9084\u6709\u5f88\u591a\u554f\u984c\uff0c\u5c0e\u81f4\u6211\u81ea\u5df1\u4e0d\u6703\u76f4\u63a5\u4f7f\u7528\u9019\u500b\u908f\u8f2f\u4ea4\u6613\u3002\u5404\u4f4d\u5f9e\u6587\u7ae0\u9802\u7aef\u7684\u7d2f\u8a08\u76c8\u8667\u5716\u8868\u4e5f\u61c9\u8a72\u53ef\u4ee5\u770b\u51fa\u7aef\u502a\u3002 \u5176\u4ed6\u7684\u8a0e\u8ad6\uff0c\u4e0b\u56de\u5206\u89e3\u3002"}