{"version":"1.0","provider_name":"Fortune Insight","provider_url":"https:\/\/prime.fortuneinsight.com\/web","author_name":"\u83ef\u723e\u8857\u65e5\u5831\uff08\u514d\u8cbb\u8a66\u95b1\uff09","author_url":"https:\/\/prime.fortuneinsight.com\/web\/posts\/author\/wsj","title":"\u52d5\u614b\u6e05\u96f6\u7d50\u675f\u5f8c\u9996\u500b\u6625\u7bc0\uff0c\u4e2d\u570b\u6d88\u8cbb\u5e02\u5834\u8fc5\u901f\u56de\u6eab - Fortune Insight","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\"><a href=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/720208\">\u52d5\u614b\u6e05\u96f6\u7d50\u675f\u5f8c\u9996\u500b\u6625\u7bc0\uff0c\u4e2d\u570b\u6d88\u8cbb\u5e02\u5834\u8fc5\u901f\u56de\u6eab<\/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\/720208\/embed\" width=\"600\" height=\"338\" title=\"&#8220;\u52d5\u614b\u6e05\u96f6\u7d50\u675f\u5f8c\u9996\u500b\u6625\u7bc0\uff0c\u4e2d\u570b\u6d88\u8cbb\u5e02\u5834\u8fc5\u901f\u56de\u6eab&#8221; &#8212; Fortune Insight\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe>","thumbnail_url":"https:\/\/prime-fortuneinsight-cloud.s3.ap-southeast-1.amazonaws.com\/web\/wp-content\/uploads\/2023\/01\/27123651\/WSJ-FIP-Template-33.png","thumbnail_width":1000,"thumbnail_height":525,"description":"BY STELLA YIFAN XIE, THE WALL STREET JOURNAL | UPDATED 1\u6708 26, 2023 11:10 \u665a\u4e0a EST \u4e2d\u570b\u653f\u5e9c\u7d50\u675f\u52d5\u614b\u6e05\u96f6\u9632\u75ab\u653f\u7b56\u4ee5\u4f86\u7684\u9996\u500b\u516c\u5171\u9577\u5047\u904e\u534a\u6642\uff0c\u570b\u5167\u65c5\u904a\u71b1\u9580\u666f\u9ede\u88ab\u4eba\u6f6e\u6df9\u6c92\uff0c\u51fa\u5883\u6e38\u9810\u8a02\u91cf\u589e\u591a\uff0c\u5f71\u9662\u4eba\u6c23\u706b\u7206\u3002\u9019\u8207\u4ee5\u5f80\u9632\u75ab\u63aa\u65bd\u9650\u5236\u6c11\u773e\u51fa\u884c\u4e26\u91cd\u5275\u6d88\u8cbb\u8005\u4fe1\u5fc3\u7684\u60c5\u6cc1\u5f62\u6210\u9bae\u660e\u5c0d\u6bd4\u3002 \u4e2d\u570b\u653f\u5e9c\u7d50\u675f\u52d5\u614b\u6e05\u96f6\u9632\u75ab\u653f\u7b56\u4ee5\u4f86\u7684\u9996\u500b\u516c\u5171\u9577\u5047\u904e\u534a\u6642\uff0c\u570b\u5167\u65c5\u904a\u71b1\u9580\u666f\u9ede\u88ab\u4eba\u6f6e\u6df9\u6c92\uff0c\u51fa\u5883\u6e38\u9810\u8a02\u91cf\u589e\u591a\uff0c\u5f71\u9662\u4eba\u6c23\u706b\u7206\u3002\u9019\u8207\u4ee5\u5f80\u9632\u75ab\u63aa\u65bd\u9650\u5236\u6c11\u773e\u51fa\u884c\u4e26\u91cd\u5275\u6d88\u8cbb\u8005\u4fe1\u5fc3\u7684\u60c5\u6cc1\u5f62\u6210\u9bae\u660e\u5c0d\u6bd4\u3002 \u672c\u5468\u516c\u5e03\u7684\u6578\u64da\u986f\u793a\uff0c\u81ea\u4e0a\u5468\u516d\u958b\u59cb\u7684\u6625\u7bc0\u9577\u5047\u671f\u9593\uff0c\u4e2d\u570b\u65c5\u904a\u696d\u660e\u986f\u56de\u6eab\u3002\u4e0d\u904e\uff0c\u4e00\u4e9b\u7d93\u6fdf\u5b78\u5bb6\u63d0\u9192\u8aaa\uff0c\u6d88\u8cbb\u8005\u4fe1\u5fc3\u5373\u4fbf\u6709\u53ef\u80fd\u5b8c\u5168\u4fee\u5fa9\uff0c\u4e5f\u5c07\u9700\u8981\u8f03\u9577\u4e00\u6bb5\u6642\u9593\u3002 \u64da\u5728\u7dda\u65c5\u884c\u670d\u52d9\u516c\u53f8\u651c\u7a0b\u96c6\u5718(Trip.com, 9961.HK, TCOM)\u7684\u6578\u64da\uff0c\u570b\u5167\u4f4f\u5bbf\u52a0\u65e9\u9910\u9152\u5e97\u9810\u8a02\u91cf\u662f\u4e0a\u5e74\u540c\u671f\u7684\u5169\u500d\u591a\u3002\u96fb\u5f71\u7968\u623f\u8e8d\u5347\u8fd1\u4e09\u5206\u4e4b\u4e00\u3002\u9019\u5169\u500b\u6578\u5b57\u90fd\u9ad8\u65bc2019\u5e74\u540c\u671f\u6c34\u5e73\uff0c\u4e5f\u5c31\u662f\u65b0\u51a0\u75ab\u60c5\u4f86\u8972\u524d\u6700\u5f8c\u4e00\u500b\u6625\u7bc0\u5047\u671f\u3002\u4eca\u5e74\u6625\u7bc0\u5047\u671f\u524d\u56db\u5929\u8d74\u6fb3\u9580\u7684\u904a\u5ba2\u6578\u91cf\u5e7e\u4e4e\u662f\u53bb\u5e74\u540c\u671f\u7684\u8fd1\u56db\u500d\u3002 \u4e2d\u570b\u96fb\u5546\u5de8\u982d\u4eac\u6771\u96c6\u5718\u80a1\u4efd\u6709\u9650\u516c\u53f8(JD.com, Inc., 9618.HK)\u9996\u5e2d\u7d93\u6fdf\u5b78\u5bb6\u6c88\u5efa\u5149\u8868\u793a\uff0c\u5728\u904e\u53bb\u4e09\u5e74\u5927\u90e8\u5206\u6642\u9593\u90fd\u53d7\u5230\u58d3\u6291\u7684\u670d\u52d9\u6d88\u8cbb\u652f\u51fa\u5df2\u8fc5\u901f\u53cd\u5f48\uff0c\u4f46\u73fe\u5728\u5c31\u5224\u65b7\u6d88\u8cbb\u662f\u5426\u6703\u5168\u9762\u5fa9\u7526\u9084\u70ba\u6642\u904e\u65e9\u3002 \u81ea2020\u5e74\u521d\u65b0\u51a0\u75ab\u60c5\u66b4\u767c\u4ee5\u4f86\uff0c\u4e2d\u570b\u4e3b\u8981\u4f9d\u9760\u7531\u653f\u5e9c\u4e3b\u5c0e\u7684\u6295\u8cc7\u4ee5\u53ca\u51fa\u53e3\u4f86\u63a8\u52d5\u7d93\u6fdf\u589e\u9577\u3002\u4e2d\u570b\u653f\u5e9c\u4f9d\u8cf4\u65bc\u983b\u7e41\u6838\u9178\u6aa2\u6e2c\u3001\u5927\u898f\u6a21\u9694\u96e2\u548c\u5ee3\u6cdb\u5c01\u63a7\u7684\u56b4\u683c\u9632\u75ab\u653f\u7b56\u5c0d\u6d88\u8cbb\u8005\u4fe1\u5fc3\u9020\u6210\u4e86\u6c89\u91cd\u6253\u64ca\u3002 2022\u5e74\uff0c\u4f5c\u70ba\u6d88\u8cbb\u8005\u652f\u51fa\u8861\u91cf\u6307\u6a19\u7684\u793e\u6703\u6d88\u8cbb\u54c1\u96f6\u552e\u7e3d\u984d\u540c\u6bd4\u4e0b\u964d0.2%\uff0c\u62d6\u7d2f\u6574\u9ad4\u7d93\u6fdf\u589e\u901f\u4e0b\u6ed1\u81f33%\uff0c\u63a5\u8fd1\u6b77\u53f2\u6700\u4f4e\u6c34\u5e73\u3002 \u73fe\u5728\uff0c\u9451\u65bc\u4e2d\u570b\u885b\u751f\u90e8\u9580\u8868\u793a\u65b0\u51a0\u611f\u67d3\u4eba\u6578\u5df2\u9054\u5cf0\u503c\uff0c\u800c\u4e14\u53bb\u5e74\u5bb6\u5ead\u7684\u9280\u884c\u5b58\u6b3e\u589e\u52a0\u4e86\u903e2.5\u5146\u7f8e\u5143\uff0c\u4e00\u4e9b\u7d93\u6fdf\u5b78\u5bb6\u9810\u8a08\uff0c\u6d88\u8cbb\u5fa9\u7526\u5c07\u652f\u6490\u4e2d\u570b\u4eca\u5e74\u7684\u7d93\u6fdf\u589e\u9577\u3002 \u4e0d\u904e\uff0c\u91ce\u6751\u63a7\u80a1(Nomura Holdings)\u7d93\u6fdf\u5b78\u5bb6\u5728\u5468\u56db\u767c\u8868\u7684\u4e00\u4efd\u7814\u7a76\u5831\u544a\u4e2d\u5beb\u9053\uff0c\u5373\u4f7f\u65b0\u51a0\u611f\u67d3\u4eba\u6578\u5df2\u7d93\u9054\u5cf0\uff0c\u6c7d\u8eca\u548c\u4f4f\u623f\u7b49\u5927\u5b97\u6d88\u8cbb\u53ef\u80fd\u4ecd\u7136\u4f4e\u8ff7\u3002 \u5176\u4ed6\u4e00\u4e9b\u4eba\u5247\u8cea\u7591\u5a1b\u6a02\u548c\u65c5\u904a\u9700\u6c42\u7684\u91cb\u653e\u662f\u5426\u6703\u6301\u7e8c\u5230\u6625\u7bc0\u5047\u671f\u4e4b\u5f8c\uff0c\u4ee5\u53ca\u589e\u52a0\u7684\u5132\u84c4\u6703\u6709\u591a\u5c11\u8f49\u5316\u70ba\u5be6\u969b\u652f\u51fa\u3002\u4ed6\u5011\u8aaa\uff0c\u6c7a\u7b56\u8005\u53ef\u80fd\u9700\u8981\u63a1\u53d6\u66f4\u5927\u81bd\u7684\u63aa\u65bd\uff0c\u6bd4\u5982\u767c\u653e\u73fe\u91d1\uff0c\u4ee5\u5b89\u64ab\u90a3\u4e9b\u9762\u81e8\u5c31\u696d\u4e0d\u7a69\u5b9a\u5f62\u52e2\u548c\u6536\u5165\u589e\u9577\u4e4f\u529b\u7684\u6d88\u8cbb\u8005\u3002 \u6700\u65b0\u767c\u5e03\u7684\u5b98\u65b9\u6578\u64da\u986f\u793a\uff0c\u4e00\u9805\u8861\u91cf\u6d88\u8cbb\u8005\u4fe1\u5fc3\u7684\u6307\u6a19\u5728\u53bb\u5e7411\u6708\u964d\u81f3\u6b77\u53f2\u6700\u4f4e\u6c34\u5e73\uff0c\u4e5f\u5c31\u662f\u4e2d\u570b\u653f\u5e9c\u51fa\u4eba\u610f\u6599\u5730\u958b\u59cb\u53d6\u6d88\u65b0\u51a0\u9632\u75ab\u63aa\u65bd\u7684\u524d\u4e00\u500b\u6708\u3002 \u4e0d\u904e\uff0c\u6700\u65b0\u6578\u64da\u986f\u793a\uff0c\u5118\u7ba1\u81ea\u53bb\u5e74\u5e74\u5e95\u4ee5\u4f86\u65b0\u51a0\u611f\u67d3\u4eba\u6578\u6fc0\u589e\uff0c\u4f46\u4e2d\u570b\u4eba\u4ecd\u6e34\u671b\u51fa\u884c\u3002 \u91ce\u6751\u6839\u64da\u5b98\u65b9\u6578\u64da\u8a08\u7b97\u5f97\u51fa\uff0c\u81ea1\u67087\u65e5\u6625\u904b\u958b\u59cb\u4ee5\u4f86\uff0c\u4e2d\u570b\u570b\u5167\u65e5\u5747\u65c5\u5ba2\u6d41\u91cf\u70ba3,680\u842c\u4eba\u6b21\uff0c\u8f032022\u5e74\u540c\u671f\u589e\u52a0\u7d0450%\uff0c\u4f46\u8f032019\u5e74\u540c\u671f\u4e0b\u964d47%\u3002 \u963f\u91cc\u5df4\u5df4\u96c6\u5718\u63a7\u80a1\u6709\u9650\u516c\u53f8(Alibaba Group Holding Limited, 9988.HK, BABA, \u7c21\u7a31\uff1a\u963f\u91cc\u5df4\u5df4)\u65d7\u4e0b\u7684\u7dda\u4e0a\u65c5\u904a\u5e73\u53f0\u98db\u8c6c(Fliggy)\u516c\u5e03\u7684\u6578\u64da\u986f\u793a\uff0c\u5154\u5e74\u6625\u7bc0\u524d\u56db\u5929\uff0c\u5883\u5167\u9577\u9014\u6e38\u8a02\u55ae\u91cf\u540c\u6bd4\u589e\u9577\u8d85500%\uff0c\u51fa\u5883\u6e38\u76f8\u95dc\u5546\u54c1\u9810\u8a02\u91cf\u7ffb\u500d\u589e\u9577\u3002 Chen Peiyu\u548c\u5979\u7684\u7236\u6bcd\u4e09\u5e74\u4f86\u7b2c\u4e00\u6b21\u51fa\u9060\u9580\u65c5\u884c\uff0c\u4ed6\u5011\u5728\u6d77\u5357\u5cf6\u73a9\u4e86\u4e94\u5929\u3002 \u4ed6\u5011\u4e00\u5bb6\u4eba\u5728\u5f9e\u8001\u5bb6\u6cb3\u5357\u958b\u8eca\u4e09\u5929\u4f86\u5230\u4e2d\u570b\u5357\u6d77\u5cb8\u5f8c\u624d\u5f97\u77e5\uff0c\u7531\u65bc\u8a31\u8a31\u591a\u591a\u60f3\u6cd5\u985e\u4f3c\u7684\u904a\u5ba2\u90fd\u5954\u5411\u6d77\u5357\uff0c\u4ed6\u5011\u81f3\u5c11\u8981\u7b49\u4e00\u5929\u624d\u80fd\u642d\u4e0a\u524d\u5f80\u6d77\u5357\u5cf6\u7684\u6e21\u8f2a\u3002Chen\u8aaa\uff0c\u4ed6\u5011\u7d66\u4e86\u7576\u5730\u4e00\u500b\u300c\u9ec3\u725b\u300d\u5927\u7d04\u4eba\u6c11\u5e63500\u5143\uff08\u7d04\u540875\u7f8e\u5143\uff09\uff0c\u4ee5\u4fbf\u4e0d\u7528\u6392\u968a\u5c31\u80fd\u767b\u8239\u3002\u5979\u8aaa\uff0c\u9152\u5e97\u4f4f\u5bbf\u50f9\u683c\u662f\u5e73\u5e38\u7684\u56db\u500d\uff0c\u9910\u9928\u4e5f\u64e0\u6eff\u4e86\u4eba\u3002\u4f46\u5979\u4ecd\u89ba\u5f97\u9019\u4e00\u5207\u90fd\u662f\u503c\u5f97\u7684\u3002 25\u6b72\u7684Chen\u8aaa\uff0c\u6c90\u6d74\u5728\u6d77\u5357\u7684\u6eab\u6696\u6c23\u5019\u4e2d\uff0c\u4e0d\u7528\u64d4\u6182\u5065\u5eb7\u6216\u5176\u4ed6\u554f\u984c\uff0c\u9019\u7a2e\u65c5\u884c\u771f\u662f\u592a\u597d\u4e86\uff0c\u611f\u89ba\u751f\u6d3b\u50cf\u662f\u56de\u5230\u4e86\u75ab\u60c5\u524d\u3002 \u6839\u64da\u5b98\u65b9\u6578\u64da\uff0c\u4eca\u5e74\u6625\u7bc0\u524d\u56db\u5929\uff0c\u8d74\u6fb3\u9580\u65c5\u5ba2\u4eba\u6578\u8fd124.5\u842c\u4eba\u6b21\u3002\u5118\u7ba1\u5982\u6b64\uff0c\u9019\u500b\u6625\u7bc0\u8d74\u6fb3\u9580\u65c5\u904a\u4eba\u6b21\u4e0d\u592a\u53ef\u80fd\u6062\u5fa9\u5230\u75ab\u60c5\u524d\u7684\u6c34\u5e73\u30022019\u5e74\u6625\u7bc0\u5047\u671f\u671f\u9593\uff0c\u6fb3\u9580\u5165\u5883\u65c5\u5ba2\u8d85\u904e121\u842c\u4eba\u6b21\u3002\u6fb3\u9580\u66fe\u662f\u8461\u8404\u7259\u6b96\u6c11\u5730\uff0c\u76ee\u524d\u662f\u4e2d\u570b\u4e00\u500b\u9ad8\u5ea6\u81ea\u6cbb\u7684\u7279\u5225\u884c\u653f\u5340\u3002 \u4e2d\u570b\u5176\u4ed6\u4e00\u4e9b\u71b1\u9580\u65c5\u904a\u666f\u9ede\uff0c\u6bd4\u5982\u56db\u5ddd\u7701\u7684\u5ce8\u7709\u5c71\uff0c\u70ba\u4e86\u907f\u514d\u4eba\u6d41\u904e\u65bc\u64c1\u64e0\u5df2\u66ab\u505c\u552e\u7968\u3002 \u8207\u6b64\u540c\u6642\uff0c\u5f85\u5728\u57ce\u5e02\u88e1\u7684\u4eba\u5011\u7d1b\u7d1b\u8d70\u9032\u5f71\u9662\u770b\u96fb\u5f71\u3002 \u6839\u64da\u7968\u623f\u7d71\u8a08\u6a5f\u69cb\u71c8\u5854(Lighthouse)\u7684\u6578\u64da\uff0c\u6625\u7bc0\u5047\u671f\u524d\u56db\u5929\u7684\u5168\u570b\u7968\u623f\u6536\u5165\u540c\u6bd4\u589e\u957730%\uff0c\u6bd42019\u5e74\u540c\u671f\u589e\u957711%\u3002 \u4f46\u5c0d\u6709\u4e9b\u4eba\u800c\u8a00\uff0c\u5c0d\u65b0\u51a0\u75c5\u6bd2\u63ee\u4e4b\u4e0d\u53bb\u7684\u6050\u61fc\u548c\u5c0d\u5de5\u4f5c\u4fdd\u969c\u7684\u64d4\u6182\u7e7c\u7e8c\u5236\u7d04\u4ed6\u5011\u7684\u65c5\u884c\u548c\u6d88\u8cbb\u898f\u5283\u3002 \u8eab\u8655\u4e0a\u6d77\u7684Xu Xiaoyan\u9019\u500b\u6625\u7bc0\u9078\u64c7\u4e0d\u56de\u8001\u5bb6\u5ee3\u6771\u904e\u5e74\uff0c\u64d4\u5fc3\u56de\u53bb\u6703\u589e\u52a0\u5979\u7236\u6bcd\u611f\u67d3\u65b0\u51a0\u7684\u98a8\u96aa\u3002\u5979\u7684\u7236\u6bcd\u9084\u6c92\u6709\u6aa2\u6e2c\u51fa\u65b0\u51a0\u75c5\u6bd2\u967d\u6027\u3002 Xu\u5728\u6625\u7bc0\u5047\u671f\u53bb\u53c2\u89c0\u4e86\u85dd\u8853\u9928\uff0c\u4e26\u5728\u5496\u5561\u9928\u6253\u767c\u6642\u9593\uff0c\u5979\u7a31\u8a08\u5283\u6522\u66f4\u591a\u9322\u7528\u65bc\u672a\u4f86\u7684\u65c5\u904a\u51fa\u884c\u3002 \u73fe\u5e7437\u6b72\u3001\u5728\u79d1\u6280\u516c\u53f8\u64d4\u4efb\u7d93\u7406\u7684Xu\u8868\u793a\uff0c\u5979\u672c\u4f86\u5c31\u4e0d\u662f\u4e00\u500b\u82b1\u9322\u5927\u624b\u5927\u8173\u7684\u4eba\u3002\u5979\u9084\u8aaa\uff0c\u6700\u8fd1\u5728\u5de5\u4f5c\u4e2d\u5979\u611f\u5230\u7af6\u722d\u52a0\u5287\uff0c\u5728\u9019\u7a2e\u7d93\u6fdf\u74b0\u5883\u4e0b\uff0c\u5979\u81ea\u7136\u4e0d\u6703\u5927\u8086\u6d88\u8cbb\u3002 &nbsp; [&hellip;]"}