{"id":2569,"date":"2025-09-10T07:15:00","date_gmt":"2025-09-09T23:15:00","guid":{"rendered":"https:\/\/blog.laoyulaoyu.top\/?p=2569"},"modified":"2025-09-04T20:17:58","modified_gmt":"2025-09-04T12:17:58","slug":"%e6%8f%ad%e7%a7%98%e9%87%8f%e5%8c%96%e5%a4%a7%e4%bd%ac%e5%a6%82%e4%bd%95%e7%94%a8%e6%b3%a2%e5%8a%a8%e7%8e%87%e9%ad%94%e6%b3%95%e5%9c%a8%e5%b8%82%e5%9c%ba%e6%9a%b4%e8%b7%8c%e4%b8%ad%e7%8b%82","status":"publish","type":"post","link":"https:\/\/www.laoyulaoyu.com\/index.php\/2025\/09\/10\/%e6%8f%ad%e7%a7%98%e9%87%8f%e5%8c%96%e5%a4%a7%e4%bd%ac%e5%a6%82%e4%bd%95%e7%94%a8%e6%b3%a2%e5%8a%a8%e7%8e%87%e9%ad%94%e6%b3%95%e5%9c%a8%e5%b8%82%e5%9c%ba%e6%9a%b4%e8%b7%8c%e4%b8%ad%e7%8b%82\/","title":{"rendered":"\u63ed\u79d8\u91cf\u5316\u5927\u4f6c\u5982\u4f55\u7528”\u6ce2\u52a8\u7387\u9b54\u6cd5”\u5728\u5e02\u573a\u66b4\u8dcc\u4e2d\u72c2\u8d5a4144%"},"content":{"rendered":"\n

\u4f5c \u8005\uff1a\u8001\u4f59\u635e\u9c7c<\/a><\/p>\n\n\n\n

\u539f\u521b\u4e0d\u6613\uff0c\u8f6c\u8f7d\u8bf7\u6807\u660e\u51fa\u5904\u53ca\u539f\u4f5c\u8005\u3002<\/mark><\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n
\n
\u5199\u5728\u524d\u9762\u7684\u8bdd\uff1a<\/strong>\u5f532020\u5e743\u6708\u7f8e\u80a1\u5e02\u573a\u5d29\u76d8\u65f6\uff0c\u7cbe\u901aHeston\u6a21\u578b\u7684\u91cf\u5316\u57fa\u91d1\u7adf\u521b\u9020\u4e864144%\u7684\u56de\u62a5<\/mark>\u3002\u8fd9\u4e0d\u662f\u8fd0\u6c14\uff0c\u800c\u662f\u6df1\u523b\u7406\u89e3\u6ce2\u52a8\u7387\u6570\u5b66\u7279\u6027\u7684\u5fc5\u7136\u7ed3\u679c\u3002\u4e0b\u9762\u6211\u7528\u7b80\u5355\u7684\u8bdd\u8bed\u6765<\/mark>\u89e3\u91ca\u6a21\u578b\uff0c\u600e\u4e48\u4ea4\u6613\uff0c\u600e\u4e48\u907f\u9669<\/mark>\uff0c\u5e2e\u4f60\u770b\u61c2\u8fd9\u79cd\u80a1\u5e02\u7684\u9ad8\u7ea7\u73a9\u6cd5\u3002<\/pre>\n<\/blockquote>\n\n\n\n
\u4e00\u3001\u80a1\u5e02\u5d29\u76d8\u540e\u7684\u72c2\u6b22<\/strong><\/h2>\n\n\n\n

1.1 \u5f53\u5168\u5e02\u573a\u90fd\u5728\u5272\u8089\u65f6\uff0c\u4ed6\u4eec\u5374\u72c2\u8d5a41\u500d\uff01<\/strong><\/h3>\n\n\n\n
2020\u5e743\u670816\u65e5\uff0cVIX\u6050\u614c\u6307\u6570\u51b2\u4e0a82.69\uff0c\u521b\u4e0b30\u5e74\u6700\u9ad8\u7eaa\u5f55\u4e4b\u4e00\uff0c\u4ec5\u6b21\u4e8e2008\u5e74\u91d1\u878d\u5371\u673a\u3002 \u90a3\u5929A\u80a1\u4e5f\u8840\u6d41\u6210\u6cb3\uff0c\u521b\u4e1a\u677f\u6ce2\u52a8\u7387\u51b2\u783450%\uff0c\u8001\u80a1\u6c11\u4eec\u8fde\u591c\u6302\u8dcc\u505c\u4ef7\u5356\u80a1\u7968\u3002<\/p>\n\n\n\n
\u4f46\u4f60\u7edd\u5bf9\u60f3\u4e0d\u5230\uff1a\u6709\u7fa4\u7a7f\u683c\u5b50\u886b\u7684\u91cf\u5316\u6781\u5ba2\uff0c\u5f53\u5929\u6b63\u4e3e\u676f\u5e86\u795d\uff0c\u4ed6\u4eec\u5355\u5b63\u5ea6\u8d5a\u4e864144%<\/strong>\uff01\u8fd9\u4e0d\u662f\u5929\u65b9\u591c\u8c2d\uff0c\u800c\u662fUniversa\u5bf9\u51b2\u57fa\u91d1\u7684\u771f\u5b9e\u6218\u7ee9\u3002<\/p>\n\n\n\n
\u8bf4\u767d\u4e86<\/strong>\uff1a\u5f53\u5e02\u573a\u6050\u614c\u5230\u6781\u70b9\uff0c\u806a\u660e\u4eba\u53cd\u800c\u5728\u62a2\u8d2d”\u6ce2\u52a8\u7387\u5f69\u7968”\u3002\u5c31\u50cf\u53f0\u98ce\u5929\u5356\u96e8\u4f1e\uff0c\u8d8a\u614c\u4e71\u8d8a\u8d5a\u94b1\u3002<\/p>\n\n\n\n
1.2 \u4e3a\u4ec0\u4e48\u4f60\u603b\u5728\u9ad8\u70b9\u63a5\u76d8\uff1f<\/strong><\/h3>\n\n\n\n
\u5e02\u573a\u60c5\u7eea\u5c31\u50cf\u9752\u6625\u671f\u7684\u5b69\u5b50\uff1a\u4f1a\u7a81\u7136\u66b4\u8e81\uff0c\u4f46\u95f9\u5b8c\u603b\u4f1a\u51b7\u9759\u3002 \u8001\u6a21\u578b\u5374\u5f53\u6210\u6210\u5e74\u4eba\u5bf9\u5f85\uff0c\u7ed3\u679c\u5d29\u76d8\u65f6\u5168\u519b\u8986\u6ca1\u3002<\/p>\n\n\n\n
\u9014\u5f84<\/th>\u901a\u4fd7\u7406\u89e3<\/th>\u5d29\u76d8\u6570\u636e\u56de\u653e<\/th>\u7ed3\u679c<\/th><\/tr><\/thead>
\u9ed1\u978b\u6a21\u578b<\/td>\u5e02\u573a\u60c5\u7eea\u7a33\u5b9a\u5982\u8001\u5e72\u90e8<\/td>VIX\u4ece12\u98d9\u523083<\/td>\u671f\u6743\u4ef7\u683c\u7b97\u6210\u5e9f\u7eb8<\/td><\/tr>
\u4f20\u7edf\u601d\u7ef4<\/td>\u8dcc\u540e\u80af\u5b9a\u7ee7\u7eed\u8dcc<\/td>3\u670823\u65e5\u5c31\u662f\u5386\u53f2\u5927\u5e95<\/td>\u8e29\u8e0f\u5f0f\u5272\u8089<\/td><\/tr>
\u670b\u53cb\u5708\u6d88\u606f<\/td>\u8fd9\u6b21\u771f\u7684\u4e0d\u4e00\u6837<\/td>\u6050\u614c\u6307\u6570\u4e24\u5468\u56de\u843d70%<\/td>\u767d\u767d\u9519\u8fc7\u9ec4\u91d1\u5751<\/td><\/tr><\/tbody><\/table>
\u8001\u6d3e\u6a21\u578b\u4e09\u5927\u81f4\u547d\u4f24<\/figcaption><\/figure>\n\n\n\n
\u771f\u76f8<\/strong>\uff1a\u5728\u80a1\u5e02\u5d29\u76d8\u540e\u80fd\u8d5a\u94b1\u7684\u80cc\u540e\u4e0d\u662f\u8fd0\u6c14\u800c\u662f\u6293\u4f4f\u4e86\u6ce2\u52a8\u3002\u4f46\u80a1\u5e02\u7684\u6ce2\u52a8\u7387\u4e0d\u4ec5\u4e0d\u662f\u5e38\u6570\uff0c\u751a\u81f3\u90fd\u4e0d\u662f\u786e\u5b9a\u6027\u7684\uff0c\u800c\u662f\u968f\u673a\u7684\u3002\u5e02\u573a\u9700\u8981\u4e00\u79cd\u66f4\u5148\u8fdb\u7684\u6a21\u578b\u6765\u6355\u6349\u6ce2\u52a8\u7387\u7684\u771f\u5b9e\u884c\u4e3a\u3002<\/p>\n\n\n\n
\u4e8c\u3001\u4ec0\u4e48\u662fHeston\u6a21\u578b<\/strong>\uff1f<\/h2>\n\n\n\n
Heston\u6a21\u578b\u7684\u51fa\u73b0\u5f7b\u5e95\u6539\u53d8\u4e86\u6e38\u620f\u89c4\u5219\u3002\u8fd9\u4e2a\u6a21\u578b\u7684\u6838\u5fc3\u6d1e\u5bdf\u5728\u4e8e\uff1a\u6ce2\u52a8\u7387\u672c\u8eab\u662f\u968f\u673a\u6ce2\u52a8\u7684\uff0c\u5e76\u4e14\u5177\u6709\u5747\u503c\u56de\u5f52\u7279\u6027<\/strong>\u3002<\/p>\n\n\n\n
\u8fd9\u610f\u5473\u7740\u9ad8\u6ce2\u52a8\u671f\u540e\u5f80\u5f80\u4f1a\u8ddf\u7740\u4f4e\u6ce2\u52a8\u671f\uff0c\u5e02\u573a\u6ce2\u52a8\u6709\u81ea\u5df1\u7684\u8282\u594f\u548c\u89c4\u5f8b\u3002<\/p>\n\n\n\n
\"\"<\/figure>\n\n\n\n
\u4e0e\u4f20\u7edf\u6a21\u578b\u76f8\u6bd4\uff0cHeston\u6a21\u578b\u901a\u8fc7\u4e09\u4e2a\u5173\u952e\u53c2\u6570\u66f4\u597d\u5730\u6355\u6349\u4e86\u73b0\u5b9e\u5e02\u573a\u4e2d\u7684\u6ce2\u52a8\u7387\u884c\u4e3a\uff1a<\/p>\n\n\n\n
\u5747\u503c\u56de\u5f52\u901f\u5ea6<\/strong>\uff08\u03ba\uff09\uff1a\u6ce2\u52a8\u7387\u56de\u5f52\u5230\u957f\u671f\u5e73\u5747\u6c34\u5e73\u7684\u901f\u5ea6\u3002<\/p>\n\n\n\n
\u957f\u671f\u6ce2\u52a8\u7387\u6c34\u5e73<\/strong>\uff08\u03b8\uff09\uff1a\u6ce2\u52a8\u7387\u901a\u5e38\u4f1a\u56de\u5f52\u7684\u957f\u671f\u5e73\u5747\u6c34\u5e73\u3002<\/p>\n\n\n\n
\u6ce2\u52a8\u7387\u7684\u6ce2\u52a8\u7387<\/strong>\uff08\u03c3\uff09\uff1a\u6ce2\u52a8\u7387\u672c\u8eab\u7684\u53d8\u5316\u5e45\u5ea6\uff0c\u51b3\u5b9a\u4e86\u6ce2\u52a8\u7387\u7684\u6ce2\u52a8\u6709\u591a\u5267\u70c8\u3002<\/p>\n\n\n\n
\u6b64\u5916\uff0c\u8be5\u6a21\u578b\u8fd8\u8003\u8651\u4e86\u80a1\u4ef7\u4e0e\u6ce2\u52a8\u7387\u4e4b\u95f4\u7684\u76f8\u5173\u6027\uff08\u03c1\uff09\uff0c\u5373\u6240\u8c13\u7684\u201c\u6760\u6746\u6548\u5e94\u201d\u2014\u2014\u5f53\u80a1\u4ef7\u4e0b\u8dcc\u65f6\uff0c\u6ce2\u52a8\u7387\u5f80\u5f80\u4f1a\u4e0a\u5347\u3002<\/p>\n\n\n\n
\u4e09\u3001\u5b9e\u6218\u5e94\u7528<\/strong><\/strong><\/h2>\n\n\n\n
\u7406\u89e3\u4e86\u7406\u8bba\uff0c\u4f46\u8fd9\u4e9b\u91cf\u5316\u57fa\u91d1\u662f\u5982\u4f55\u5b9e\u9645\u64cd\u4f5c\u8d5a\u53d6\u5de8\u989d\u5229\u6da6\u7684\u5462\uff1f<\/p>\n\n\n\n
3.1 \u5982\u4f55\u628a\u7406\u8bba\u53d8\u6210\u5229\u6da6<\/strong><\/h3>\n\n\n\n
\u7b54\u6848\u5728\u4e8e\u65b9\u5dee\u4e92\u6362<\/strong>\uff08Variance Swaps\uff09\u548c\u6ce2\u52a8\u7387\u66f2\u9762\u5957\u5229<\/strong>\uff08Volatility Surface Arbitrage\uff09\uff0c\u8fd9\u4e9b\u662f\u8d4c\u5b9e\u9645\u6ce2\u52a8 vs \u5e02\u573a\u9884\u671f\u3002<\/p>\n\n\n\n
\u57282020\u5e742\u6708\uff0c\u5e02\u573a\u5448\u73b0\u51fa\u4e00\u4e2a\u5173\u952e\u4fe1\u53f7\uff1aHeston\u6a21\u578b\u663e\u793a\uff0c\u5e02\u573a\u6b63\u5728\u4f4e\u4f30\u672a\u6765\u7684\u6ce2\u52a8\u7387\u53d8\u5316\u3002\u6ce2\u52a8\u7387\u66f2\u9762\u88ab\u538b\u7f29\uff0c\u4ef7\u5916\u770b\u8dcc\u671f\u6743\u76f8\u5bf9\u4e8e\u5386\u53f2\u6a21\u5f0f\u663e\u5f97\u4fbf\u5b9c\u3002<\/p>\n\n\n\n
\u9884\u5907\u9636\u6bb5\uff1a<\/strong>\u5386\u53f2\u6570\u636e\u663e\u793a\uff0c\u9690\u542b\u6ce2\u52a8\u5e38\u9ad8\u4e8e\u5b9e\u9645\uff0c\u53eb\u98ce\u9669\u6ea2\u4ef7\u3002\u591a\u6570\u57fa\u91d1\u5356\u6ce2\u52a8\uff0c\u5403\u5c0f\u94b1\u3002\u4f462020\u5e742\u6708\uff0cHeston\u663e\u793a\u5e02\u573a\u4f4e\u4f30vol-of-vol\u3002\u806a\u660e\u94b1\u4e70\u65b9\u5dee\u4e92\u6362\u3002<\/p>\n\n\n\n
\u6267\u884c\uff1a<\/strong>Universa\u6ca1\u7b80\u5355\u4e70VIX call\u3002\u4ed6\u4eec\u7528Heston\u7b97\u516c\u5e73\u4ef7\u3002\u5982\u679c\u5e02\u573a\u4ef7\u4f4e\uff0c\u5c31\u4e70\u957f\u4ed3\u3002\u8fd8\u505a\u6ce2\u52a8\u8868\u9762\u5957\u5229\uff1a\u4e70\u4f4e\u6ce2\u52a8\uff0c\u5356\u9ad8\u6ce2\u52a8\uff0cdelta\u4e2d\u6027\uff0c\u4e0d\u7ba1\u80a1\u4ef7\u65b9\u5411\uff0c\u53ea\u8d5a\u6ce2\u52a8\u53d8\u3002<\/p>\n\n\n\n
\u7528\u8499\u7279\u5361\u6d1b\u6a21\u62df\uff0cHeston\u5e2e\u5bf9\u51b2\u3002\u7f51\u4e0a\u6848\u4f8b\u8bf4\uff0c\u6bcf\u5468\u5bf9\u51b2\u6bd4\u8fde\u7eed\u597d\u3002\u6536\u76ca\u5462\uff1f\u5047\u59822\u6708\u4e701\u6708\u65b9\u5dee\u4e92\u6362\uff0c\u9884\u671f20%\u6ce2\u52a8\uff0c3\u6708\u5b9e\u964580%\uff0c\u6bcf\u767e\u4e07\u540d\u4e49\u8d5a6000\u57fa\u70b9\u3002\u6df1out-of-the-money put\uff0c\u4ece\u51e0\u5206\u94b1\u53d8\u51e0\u7f8e\u5143\u3002VIX\u671f\u8d27\u4ece1\u670815\u8df3\u523080\u3002<\/p>\n\n\n\n
\u53e6\u4e00\u4e2a\u73a9\u6cd5\uff1a\u5206\u6563\u4ea4\u6613\u3002<\/strong><\/p>\n\n\n\n
Heston\u5e2e\u6bd4\u6307\u6570\u6ce2\u52a8 vs \u4e2a\u80a1\u6ce2\u52a8\u30022020\u5e74\uff0c\u6307\u6570\u6ce2\u52a8\u8d35\uff0c\u4e2a\u80a1\u4fbf\u5b9c\uff0c\u8d5a\u5dee\u4ef7\u3002\u770b\u4e2a\u8868\u683c\uff0c2020\u5173\u952e\u4e8b\u4ef6\u65f6\u95f4\u7ebf\u4ee5\u53caHeston\u600e\u4e48\u6293\u65f6\u673a\u3002<\/p>\n\n\n\n
\u65e5\u671f<\/th>\u4e8b\u4ef6<\/th>VIX\u6c34\u5e73<\/th>\u4ea4\u6613\u673a\u4f1a<\/th><\/tr><\/thead>
2020-02-20<\/td>S&P\u9876\u5cf0<\/td>\u7ea615<\/td>Heston\u9884\u8b66\uff0c\u4f4e\u4e70\u6ce2\u52a8<\/td><\/tr>
2020-03-16<\/td>VIX\u5cf0\u503c82.69<\/td>82.69<\/td>\u5356\u9ad8\u6ce2\u52a8\uff0c\u5957\u5229\u5cf0\u503c<\/td><\/tr>
2020-03-18<\/td>\u76d8\u4e2d85.47<\/td>85.47<\/td>\u65b9\u5dee\u4e92\u6362\u5927\u8d5a<\/td><\/tr>
2020-03-23<\/td>\u80a1\u5e02\u5e95<\/td>\u9ad8\u4f4d\u56de\u843d<\/td>\u6ce2\u52a8\u56de\u5f52\uff0c\u5e73\u4ed3\u83b7\u5229<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
3.2 \u56fd\u5185\u5916\u5b9e\u6218\u6848\u4f8b\u9a8c\u8bc1<\/strong><\/h3>\n\n\n\n
Heston\u6a21\u578b\u7684\u5e94\u7528\u4e0d\u4ec5\u9650\u4e8e\u7f8e\u56fd\u5e02\u573a\uff0c\u5728\u4e2d\u56fd\u5e02\u573a\u540c\u6837\u5f97\u5230\u4e86\u9a8c\u8bc1\u3002<\/p>\n\n\n\n
\u4e00\u98792022\u5e74\u7684\u7814\u7a76\u6784\u5efa\u4e86\u5e26\u671f\u6743\u5e02\u573a\u53cd\u9988\u7684Heston\u578b\u968f\u673a\u6ce2\u52a8\u7387\u6a21\u578b\uff0c\u53d1\u73b0\u8be5\u6a21\u578b\u80fd\u66f4\u7075\u6d3b\u3001\u51c6\u786e\u5730\u523b\u753b\u73b0\u5b9e\u5e02\u573a\u6536\u76ca\u7387\u7edf\u8ba1\u5206\u5e03\u7684\u8d85\u5cf0\u3001\u80a5\u5c3e\u3001\u6709\u504f\u4ee5\u53ca\u6ce2\u52a8\u805a\u96c6<\/strong>\u7b49\u73b0\u8c61<\/a><\/a>\u3002<\/p>\n\n\n\n
\u7814\u7a76\u5e94\u7528\u4e8e\u4e0a\u8bc150ETF\u548c\u6caa\u6df1300ETF\u671f\u6743\u5b9a\u4ef7\uff0c\u53d1\u73b0\u5728\u5230\u671f\u65e5\u4e34\u8fd1\u65f6\uff0c\u5e26\u53cd\u9988\u7684Heston\u578b\u968f\u673a\u6ce2\u52a8\u7387\u6a21\u578b\u7684\u5b9a\u4ef7\u6027\u80fd\u603b\u662f\u4f18\u4e8e\u4e0d\u5e26\u53cd\u9988\u7684\u6a21\u578b\u3002<\/p>\n\n\n\n
\u5728\u5b9e\u9645\u4ea4\u6613\u7b56\u7565\u65b9\u9762\uff0c\u57fa\u4e8eDelta\u4e2d\u6027\u7684\u9690\u542b\u4e0e\u5386\u53f2\u6ce2\u52a8\u7387\u4ef7\u5dee\u5957\u5229\u7b56\u7565\u5728\u4e2d\u56fd\u5e02\u573a\u8868\u73b0\u51fa\u8272\u3002\u8be5\u7b56\u7565\u4f7f\u7528\u4e0a\u8bc150ETF\u671f\u6743\u6570\u636e\uff0c\u6784\u5efa\u5356\u51fa\u8de8\u5f0f\u671f\u6743\u5e76\u7ed3\u5408\u671f\u8d27\u8fdb\u884cDelta\u5bf9\u51b2<\/a><\/a>\u3002<\/p>\n\n\n\n
\u56de\u6d4b\u6570\u636e\u663e\u793a\uff0c\u5f53\u53c2\u6570\u53d690\u65e5\u65f6\uff0c\u7b56\u7565\u83b7\u5f97\u6700\u4f18\u590f\u666e\u6bd4\u73871.01\uff0c\u5e74\u5316\u6536\u76ca5.9%\uff0c\u6700\u5927\u56de\u64a4\u7a33\u5b9a\u5728-6.5%<\/a><\/a>\u3002<\/p>\n\n\n\n
\u53c2\u6570h\u503c<\/th>\u7d2f\u8ba1\u6536\u76ca\u7387<\/th>\u5e74\u5316\u6536\u76ca\u7387<\/th>\u6700\u5927\u56de\u64a4<\/th>\u590f\u666e\u6bd4\u7387<\/th><\/tr><\/thead>
30\u65e5<\/td>15.3%<\/td>5.3%<\/td>-6.5%<\/td>0.76<\/td><\/tr>
60\u65e5<\/td>16.2%<\/td>5.6%<\/td>-6.5%<\/td>0.83<\/td><\/tr>
90\u65e5<\/strong><\/td>17.2%<\/strong><\/td>5.9%<\/strong><\/td>-6.5%<\/strong><\/td>1.01<\/strong><\/td><\/tr>
120\u65e5<\/td>15.4%<\/td>5.4%<\/td>-6.4%<\/td>0.82<\/td><\/tr>
150\u65e5<\/td>11.9%<\/td>4.2%<\/td>-7.8%<\/td>0.39<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
\u53e6\u4e00\u9879\u7814\u7a76\u5173\u6ce8\u671f\u6743\u6ce2\u52a8\u7387\u504f\u659c\u4e2d\u7684\u4ea4\u6613\u673a\u4f1a\uff0c\u63d0\u51fa\u4e86\u6ce2\u52a8\u7387\u504f\u659c\u6307\u6570\uff08VSI\uff09\u7684\u6982\u5ff5<\/a><\/a>\u3002<\/p>\n\n\n\n
\u901a\u8fc7\u8bc6\u522b\u4ef7\u5916\u4e0e\u4ef7\u5185\u671f\u6743\u9690\u542b\u6ce2\u52a8\u7387\u7684\u504f\u79bb\uff0c\u6784\u5efa\u91cf\u5316\u7b56\u7565\uff0c\u56de\u6d4b\u663e\u793a\u7ec4\u5408\u7b56\u7565\u5e74\u5316\u6536\u76ca55%\uff0c\u6700\u5927\u56de\u64a410.32%<\/a><\/a>\u3002<\/p>\n\n\n\n
3.3 \u5728\u5916\u6c47\u4e0e\u5546\u54c1\u4e2d\u7684\u673a\u4f1a<\/strong><\/h3>\n\n\n\n
Heston\u6a21\u578b\u7684\u5e94\u7528\u8fdc\u4e0d\u6b62\u80a1\u7968\u5e02\u573a\u3002\u5728\u5916\u6c47\u5e02\u573a\uff0c\u8fd1\u671f\u5206\u6790\u663e\u793a\uff0c\u6b27\u5143\/\u7f8e\u5143\u671f\u6743\u5b58\u5728\u5957\u5229\u673a\u4f1a<\/a><\/a>\u3002<\/p>\n\n\n\n
\u6570\u636e\u663e\u793a\uff0c\u6b27\u5143\u5151\u7f8e\u5143\u76841\u4e2a\u6708\u671f\u9690\u542b\u6ce2\u52a8\u7387\u4e3a7.6\uff0c\u800c\u5386\u53f2\u6ce2\u52a8\u7387\u4e3a8.4\uff0c\u4e24\u8005\u4e4b\u95f4\u5b58\u5728\u5dee\u5f02<\/a><\/a>\u3002\u8fd9\u610f\u5473\u7740\u5b9e\u9645\u6ce2\u52a8\u7387\u66f4\u6709\u53ef\u80fd\u8d85\u8fc7\u9690\u542b\u6ce2\u52a8\u7387\uff0c\u7279\u522b\u662f\u5728\u5373\u5c06\u516c\u5e03\u7f8e\u56fd\u6570\u636e\u548c\u7f8e\u8054\u50a8\u51b3\u8bae\u7b49\u4e8b\u4ef6\u7684\u80cc\u666f\u4e0b\u3002<\/p>\n\n\n\n
\u5546\u54c1\u5e02\u573a\u540c\u6837\u5b58\u5728\u6ce2\u52a8\u7387\u4ea4\u6613\u673a\u4f1a\u3002\u4ee5\u7532\u9187\u4e3a\u4f8b\uff0c\u7814\u7a76\u53d1\u73b0\u5176\u5bf9\u4e0d\u540c\u7c7b\u578b\u98ce\u9669\u4e8b\u4ef6\u7684\u53cd\u5e94\u5b58\u5728\u5dee\u5f02<\/a><\/a>\u3002<\/p>\n\n\n\n
\u7532\u9187\u5bf9\u5f71\u54cd\u56fd\u5185\u57fa\u672c\u9762\u7684\u56e0\u5b50\u8868\u73b0\u66f4\u4e3a\u7075\u654f\uff0c\u5bf9\u5f71\u54cd\u5b8f\u89c2\u7ecf\u6d4e\u3001\u539f\u6cb9\u7b49\u4e8b\u4ef6\u7684\u53cd\u5e94\u5e45\u5ea6\u5f31\u4e8e\u56fd\u5185\u57fa\u672c\u9762\u56e0\u5b50<\/a><\/a>\u3002<\/p>\n\n\n\n
\u540c\u65f6\uff0c\u7532\u9187\u7684\u6ce2\u52a8\u7387\u5bf9\u7f8e\u8054\u50a8\u653f\u7b56\u7684\u56e0\u5b50\u53cd\u5e94\u89c4\u5f8b\u76f8\u5bf9\u8f83\u4e3a\u660e\u663e\uff0c\u800c\u5bf9\u4e8e\u57fa\u672c\u9762\u53ca\u56fd\u5185\u5b8f\u89c2\u56e0\u5b50\u53cd\u5e94\u6682\u672a\u53d1\u73b0\u660e\u663e\u89c4\u5f8b<\/a><\/a>\u3002<\/p>\n\n\n\n
\u56db\u3001\u7559\u7ed9\u666e\u901a\u6295\u8d44\u8005\u7684\u673a\u4f1a<\/strong><\/h2>\n\n\n\n
\u56de\u5934\u770b2020\u5e743\u6708\uff0c\u5f53\u5e02\u573a\u9677\u5165\u6050\u614c\u3001\u653e\u5f03\u7406\u6027\u5b9a\u4ef7\u65f6\uff0c\u90a3\u4e9b\u7406\u89e3\u8fd9\u4e9b\u7279\u6027\u7684\u91cf\u5316\u4ea4\u6613\u8005\u5c31\u5df2\u7ecf\u505a\u597d\u4e86\u76c8\u5229\u7684\u51c6\u5907\uff0c\u4e0d\u4ec5\u907f\u514d\u4e86\u635f\u5931\uff0c\u53cd\u800c\u83b7\u5f97\u4e86\u60ca\u4eba\u6536\u76ca\u3002<\/p>\n\n\n\n
\u4ed6\u4eec\u6210\u529f\u7684\u79d8\u5bc6\u4e0d\u5728\u4e8e\u9884\u6d4b\u75ab\u60c5\uff0c\u800c\u662f\u6df1\u77e5\u6ce2\u52a8\u7387\u672c\u8eab\u5c31\u662f\u4e00\u4e2a\u8d44\u4ea7\u7c7b\u522b<\/strong>\uff0c\u6709\u7740\u53ef\u9884\u6d4b\u7684\u7edf\u8ba1\u7279\u6027\u3002\u57fa\u4e8e\u6b64\uff0c\u6211\u4eec\u53ef\u4ee5\u8fd9\u6837\u505a\uff1a<\/p>\n\n\n\n
4.1  \u5c0f\u8d44\u91d1\u8bd5\u6c34\u6ce2\u52a8\u7387<\/strong><\/h3>\n\n\n\n