{"id":13740,"date":"2025-04-14T10:10:06","date_gmt":"2025-04-14T02:10:06","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=13740"},"modified":"2026-10-27T17:45:01","modified_gmt":"2026-10-27T09:45:01","slug":"%e7%be%8e%e5%9c%8b%e6%94%bf%e5%ba%9c%e5%82%b5%e5%88%b8%e6%9c%83%e9%81%95%e7%b4%84%e5%97%8e%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=13740","title":{"rendered":"\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u6703\u9055\u7d04\u55ce\uff1f"},"content":{"rendered":"<p class=\"wp-block-paragraph\">\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\uff08U.S. Treasury Bonds\uff09\u88ab\u8b7d\u70ba\u5168\u7403\u6700\u5b89\u5168\u7684\u6295\u8cc7\u5de5\u5177\u4e4b\u4e00\uff0c\u9577\u671f\u4ee5\u4f86\u88ab\u8996\u70ba\u300c\u7121\u98a8\u96aa\u300d\u7684\u4ee3\u540d\u8a5e\u3002\u7136\u800c\uff0c\u96a8\u8457\u7f8e\u570b\u50b5\u52d9\u898f\u6a21\u4e0d\u65b7\u6500\u5347\u3001\u8ca1\u653f\u8d64\u5b57\u64f4\u5927\uff0c\u4ee5\u53ca\u50b5\u52d9\u4e0a\u9650\u8ac7\u5224\u5c62\u5c62\u5f15\u767c\u5e02\u5834\u6ce2\u52d5\uff0c\u6295\u8cc7\u8005\u4e0d\u7981\u958b\u59cb\u7591\u554f\uff1a\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u771f\u7684\u6703\u9055\u7d04\u55ce\uff1f<\/p>\n\n<p class=\"wp-block-paragraph\">\u5224\u65b7\u7f8e\u50b5\u6703\u4e0d\u6703\u9055\u7d04\uff0c\u53ef\u4ee5\u5f9e\u5169\u500b\u89d2\u5ea6\u770b\uff0c\u4e00\u662f\u300c\u50b5\u52d9\u4eba\u7684\u9084\u6b3e\u4f86\u6e90\u300d\uff08Source of Repayment\uff09\uff0c\u4e8c\u662f\u5e02\u5834\u7528<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=13762\">\u300c\u4fe1\u7528\u9055\u7d04\u4e92\u63db\u300d\uff08Credit Default Swap, CDS\uff09<\/a>\u66ff\u5b83\u5b9a\u51fa\u7684\u9055\u7d04\u4fdd\u8cbb\u3002<\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u7684\u9084\u6b3e\u4f86\u6e90\uff1a\u7121\u8207\u502b\u6bd4\u7684\u512a\u52e2<\/h2>\n\n<p class=\"wp-block-paragraph\">\u8981\u5224\u65b7\u4e00\u500b\u50b5\u52d9\u4eba\u662f\u5426\u6703\u9055\u7d04\uff0c\u6838\u5fc3\u5728\u65bc\u5176\u300c\u9084\u6b3e\u80fd\u529b\u300d\u8207\u300c\u9084\u6b3e\u610f\u9858\u300d\u3002\u5c0d\u65bc\u4e3b\u6b0a\u653f\u5e9c\uff0c\u7279\u5225\u662f\u50cf\u7f8e\u570b\u9019\u6a23\u7684\u767c\u9054\u5e02\u5834\uff0c\u5176\u9084\u6b3e\u4f86\u6e90\u5177\u6709\u7368\u7279\u7684\u512a\u52e2\uff1a<\/p>\n\n<ol class=\"wp-block-list\">\n<li><strong>\u5fb5\u7a05\u7684\u884c\u653f\u80fd\u529b\uff08Sovereign Right to Tax Economic Activity\uff09<\/strong><br\/>\n   \u7f8e\u570b\u653f\u5e9c\u64c1\u6709\u5f37\u5927\u7684\u7a05\u6536\u80fd\u529b\uff0c\u652f\u6490\u5176\u511f\u50b5\u9700\u6c42\uff0c\u7f8e\u570b\u7d93\u6fdf\u898f\u6a21\u9f90\u5927\uff0c2024\u5e74GDP\u8d85\u904e29.2\u5146\u7f8e\u5143\uff0c\u7a05\u6536\u6536\u5165\u70ba\u653f\u5e9c\u63d0\u4f9b\u4e86\u7a69\u5b9a\u7684\u73fe\u91d1\u6d41\uff0c\u9019\u7a2e\u5fb5\u7a05\u6b0a\u529b\u662f\u4e3b\u6b0a\u653f\u5e9c\u511f\u50b5\u7684\u6838\u5fc3\u652f\u67f1\u3002<\/li>\n<li><strong>\u5370\u88fd\u8ca8\u5e63\u7684\u6b0a\u5229\uff08Print Currency\uff09<\/strong><br\/>\n   \u4f5c\u70ba\u7f8e\u5143\u7684\u767c\u884c\u570b\uff0c\u7f8e\u570b\u806f\u90a6\u5132\u5099\u7cfb\u7d71\uff08Federal Reserve\uff09\u53ef\u4ee5\u901a\u904e\u5370\u9214\u4f86\u61c9\u5c0d\u77ed\u671f\u8cc7\u91d1\u58d3\u529b\u3002\u96d6\u7136\u9019\u53ef\u80fd\u5f15\u767c\u901a\u8ca8\u81a8\u8139\uff0c\u4f46\u9019\u4e00\u80fd\u529b\u78ba\u4fdd\u4e86\u7f8e\u570b\u5728\u6280\u8853\u4e0a\u5e7e\u4e4e\u4e0d\u53ef\u80fd\u56e0\u7f3a\u4e4f\u8cc7\u91d1\u800c\u9055\u7d04\u3002<\/li>\n<li><strong>\u6700\u9ad8\u7684\u4fe1\u7528\u8cea\u91cf\uff08Highest Credit Quality\uff09<\/strong><br\/>\n   \u7f8e\u570b\u653f\u5e9c\u767c\u884c\u7684\u570b\u50b5\u88ab\u5e02\u5834\u8996\u70ba\u300c\u7121\u98a8\u96aa\u8cc7\u7522\u300d\uff0c\u5176\u4fe1\u7528\u8cea\u91cf\u5728\u5168\u7403\u7bc4\u570d\u5167\u7121\u51fa\u5176\u53f3\u3002\u5373\u4f7f\u8fd1\u5e74\u4f86\u4fe1\u7528\u8a55\u7d1a\u7565\u6709\u8abf\u6574\uff08\u4f8b\u59822023\u5e74\u60e0\u8b7d\u5c07\u7f8e\u570b\u8a55\u7d1a\u5f9eAAA\u964d\u81f3AA+\uff09\uff0c\u7f8e\u570b\u570b\u50b5\u4ecd\u7136\u88ab\u8a8d\u70ba\u662f\u767c\u9054\u5e02\u5834\u4e2d\u300c\u6c92\u6709\u9055\u7d04\u98a8\u96aa\u300d\uff08no default risk\uff09\u7684\u6a19\u6746\u3002<\/li>\n<\/ol>\n\n<p class=\"wp-block-paragraph\">\u9019\u4e9b\u9084\u6b3e\u4f86\u6e90\u4f7f\u5f97\u7f8e\u570b\u653f\u5e9c\u5728\u511f\u50b5\u80fd\u529b\u4e0a\u64c1\u6709\u7121\u53ef\u6bd4\u64ec\u7684\u512a\u52e2\u3002\u7136\u800c\uff0c\u9084\u6b3e\u610f\u9858\u540c\u6a23\u91cd\u8981\uff0c\u5c24\u5176\u662f\u5728\u653f\u6cbb\u74b0\u5883\u8907\u96dc\u7684\u80cc\u666f\u4e0b\u3002<\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-5.png\" alt=\"\"\/><\/figure>\n\n<h2 class=\"wp-block-heading\">\u4ec0\u9ebc\u662f\u4fe1\u7528\u9055\u7d04\u4e92\u63db\uff08CDS\uff09\uff1f\u5e02\u5834\u5982\u4f55\u770b\u5f85\u7f8e\u570b\u7684\u9055\u7d04\u98a8\u96aa\uff1f<\/h2>\n\n<p class=\"wp-block-paragraph\">\u4fe1\u7528\u9055\u7d04\u4e92\u63db\uff08CDS\uff09\u662f\u4e00\u7a2e\u91d1\u878d\u884d\u751f\u5de5\u5177\uff0c\u8cb7\u65b9\u5411\u8ce3\u65b9\u652f\u4ed8\u4fdd\u8cbb\uff0c\u4ee5\u63db\u53d6\u5728\u50b5\u52d9\u9055\u7d04\u6642\u7684\u8ce0\u511f\u3002CDS\u5c31\u50cf\u4e00\u4efd\u4fdd\u96aa\uff0c\u4fdd\u8b77\u6295\u8cc7\u8005\u514d\u53d7\u50b5\u52d9\u4eba\u9055\u7d04\u7684\u640d\u5931\uff0cCDS\u7684\u5831\u50f9\u6578\u503c\uff08\u4ee5\u57fa\u9ede\u8a08\uff09\u8d8a\u9ad8\uff0c\u4ee3\u8868\u5e02\u5834\u8a8d\u70ba\u9055\u7d04\u98a8\u96aa\u8d8a\u9ad8\uff0c\u8ce3\u65b9\u8981\u6c42\u66f4\u9ad8\u7684\u4fdd\u8cbb\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5c0d\u65bc\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\uff0cCDS\u50f9\u683c\u662f\u8861\u91cf\u5176\u9055\u7d04\u98a8\u96aa\u7684\u91cd\u8981\u5e02\u5834\u6307\u6a19\uff0c\u622a\u81f32025\u5e744\u670813\u65e5\uff0c\u7f8e\u570b5\u5e74\u671fCDS\u50f9\u683c\u7d04\u70ba41.87\u500b\u57fa\u9ede\u3002\u9019\u610f\u5473\u8457\uff0c\u82e5\u6295\u8cc7\u8005\u60f3\u70ba100\u842c\u7f8e\u5143\u7684\u7f8e\u570b\u570b\u50b5\u8cfc\u8cb7\u9055\u7d04\u4fdd\u96aa\uff0c\u6bcf\u5e74\u9700\u652f\u4ed8\u7d044,187\u7f8e\u5143\u7684\u4fdd\u8cbb\u3002\u5047\u8a2d\u56de\u6536\u7387\u70ba40%\uff0c\u9019\u4e00\u50f9\u683c\u96b1\u542b\u76845\u5e74\u671f\u7d2f\u7a4d\u9055\u7d04\u6a5f\u7387\u7d04\u70ba3.38%\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-4.png\" alt=\"\"\/><\/figure>\n\n<p class=\"wp-block-paragraph\">\u8207\u5176\u4ed6\u8cc7\u7522\u76f8\u6bd4\uff0c\u7f8e\u570b\u7684CDS\u50f9\u683c\u6975\u4f4e\u3002\u4f8b\u5982\uff0c\u6295\u8cc7\u7d1a\u4f01\u696d\u50b5\u5238\u7684CDS\u50f9\u683c\u901a\u5e38\u572850-100\u500b\u57fa\u9ede\u4ee5\u4e0a\uff0c\u800c\u9ad8\u6536\u76ca\u50b5\u5238\u53ef\u80fd\u9ad8\u9054\u6578\u767e\u57fa\u9ede\uff0c\u7f8e\u570b\u7684\u4f4eCDS\u50f9\u683c\u53cd\u6620\u4e86\u5e02\u5834\u5c0d\u5176\u9055\u7d04\u98a8\u96aa\u7684\u6975\u4f4e\u9810\u671f\uff0c\u7b26\u5408\u300c\u767c\u9054\u5e02\u5834\u4e3b\u6b0a\u50b5\u5238\u901a\u5e38\u88ab\u8a8d\u70ba\u6c92\u6709\u9055\u7d04\u98a8\u96aa\u300d\u7684\u4e00\u822c\u770b\u6cd5\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u7136\u800c\uff0cCDS\u50f9\u683c\u4e26\u975e\u4e00\u6210\u4e0d\u8b8a\uff0c\u5177\u6709\u5229\u7387\u770b\u8dcc\u671f\u6b0a\u7684\u5143\u7d20\u3002\u7576\u570b\u50b5\u6b96\u5229\u7387\u4e0a\u5347\u3001\u50f9\u683c\u4e0b\u8dcc\u6642\uff0c\u8a72\u9078\u64c7\u6b0a\u7684\u50f9\u503c\u6703\u589e\u52a0\uff0c\u4f46\u53ea\u6709\u7f8e\u570b\u9055\u7d04\u6642\u624d\u6703\u7522\u751f\u6536\u76ca\u3002\u653f\u6cbb\u4e8b\u4ef6\uff08\u5982\u50b5\u52d9\u4e0a\u9650\u8ac7\u5224\uff09\u6216\u7d93\u6fdf\u58d3\u529b\u53ef\u80fd\u5c0e\u81f4\u50f9\u683c\u77ed\u671f\u6ce2\u52d5\uff0c\u4f8b\u5982\uff0c2023\u5e74\u7684\u50b5\u52d9\u4e0a\u9650\u5371\u6a5f\u66fe\u63a8\u9ad8CDS\u50f9\u683c\uff0c\u986f\u793a\u5e02\u5834\u5c0d\u653f\u6cbb\u4e0d\u78ba\u5b9a\u6027\u7684\u654f\u611f\u6027\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u7f8e\u570b\u653f\u5e9c\u7684CDS\u5c31\u53ef\u4ee5\u88ab\u8996\u70ba\u6df7\u5408\u5de5\u5177\uff0c\u65e2\u53d7\u5230\u5c0d\u653f\u5e9c\u511f\u9084\u50b5\u52d9\u80fd\u529b\u7684\u4fe1\u7528\u64d4\u6182\u7684\u5f71\u97ff\uff0c\u4e5f\u53d7\u5230\u8ca8\u5e63\u653f\u7b56\u3001\u901a\u81a8\u8da8\u52e2\u548c\u5176\u4ed6\u975e\u4fe1\u7528\u56e0\u7d20\u5c0e\u81f4\u7684\u570b\u50b5\u6b96\u5229\u7387\u8b8a\u5316\u7684\u5f71\u97ff\u3002<\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<div class=\"wp-block-group alpha-cta alpha-cta-mid alpha-cta-alloc has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"border-left-color:#006ece;border-left-width:4px;background-color:#f3f7fb;padding:16px 20px\">\n<p class=\"wp-block-paragraph\"><strong>\u60f3\u77e5\u9053\u9019\u6a23\u7684\u914d\u7f6e\u9069\u4e0d\u9069\u5408\u4f60\u7684\u76ee\u6a19\u8207\u671f\u9593\uff1f<\/strong><\/p>\n\n\n<div class=\"wp-block-buttons is-content-justification-left is-layout-flex wp-container-core-buttons-is-layout-7b4500cd wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/roboadvisor.com.tw\/portfolio-calculator\/?Camp=Blog\" style=\"border-radius:50px;color:#ffffff;background-color:#006ece;border:2px solid #006ece;font-size:clamp(14px, 0.875rem + ((1vw - 3.2px) * 0.234), 17px);line-height:1.4;padding:10px 26px\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>\u514d\u8cbb\u8a66\u7b97\u6211\u7684\u6295\u8cc7\u7d44\u5408<\/strong><\/a><\/div>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\">\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u6703\u9055\u7d04\u55ce\uff1f\u6f5b\u5728\u98a8\u96aa\u8207\u6311\u6230<\/h2>\n\n<p class=\"wp-block-paragraph\">\u96d6\u7136\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u7684\u9084\u6b3e\u4f86\u6e90\u7121\u6bd4\u5f37\u5927\uff0c\u9055\u7d04\u98a8\u96aa\u6975\u4f4e\uff0c\u4f46\u4ee5\u4e0b\u56e0\u7d20\u53ef\u80fd\u5728\u7279\u5b9a\u60c5\u5883\u4e0b\u589e\u52a0\u4e0d\u78ba\u5b9a\u6027\uff1a<\/p>\n\n<ol class=\"wp-block-list\">\n<li><strong>\u8ca1\u653f\u8d64\u5b57\u8207\u50b5\u52d9\u898f\u6a21<\/strong><br\/>\n   \u7f8e\u570b\u516c\u5171\u50b5\u52d9\u5df2\u8d85\u904e33\u842c\u5104\u7f8e\u5143\uff0c\u50b5\u52d9\u4f54GDP\u6bd4\u4f8b\u63a5\u8fd1100%\u3002\u6301\u7e8c\u64f4\u5927\u7684\u8ca1\u653f\u8d64\u5b57\u53ef\u80fd\u5728\u9577\u671f\u5167\u5c0d\u511f\u50b5\u80fd\u529b\u69cb\u6210\u58d3\u529b\u3002\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb\u5982\u7a46\u8fea\uff08Moody\u2019s\uff09\u96d6\u7dad\u6301Aaa\u8a55\u7d1a\uff0c\u4f46\u5176\u8ca0\u9762\u5c55\u671b\u986f\u793a\u5c0d\u672a\u4f86\u8ca1\u653f\u53ef\u6301\u7e8c\u6027\u7684\u64d4\u6182\u3002<\/li>\n<li><strong>\u653f\u6cbb\u98a8\u96aa\u8207\u50b5\u52d9\u4e0a\u9650<\/strong><br\/>\n   \u7f8e\u570b\u7684\u50b5\u52d9\u4e0a\u9650\u8ac7\u5224\u662f\u9055\u7d04\u98a8\u96aa\u7684\u4e3b\u8981\u4f86\u6e90\u4e4b\u4e00\u3002\u96d6\u7136\u6b77\u53f2\u4e0a\u5f9e\u672a\u56e0\u8ac7\u5224\u5931\u6557\u5c0e\u81f4\u9055\u7d04\uff0c\u4f46\u5ef6\u9072\u6216\u50f5\u5c40\u53ef\u80fd\u5f15\u767c\u5e02\u5834\u6050\u614c\u30022023\u5e74\u7684\u8ac7\u5224\u5371\u6a5f\u5c31\u662f\u4e00\u4f8b\uff0c\u7576\u6642CDS\u50f9\u683c\u4e00\u5ea6\u6500\u5347\uff0c\u986f\u793a\u5e02\u5834\u5c0d\u300c\u6280\u8853\u6027\u9055\u7d04\u300d\u7684\u64d4\u6182\u3002<\/li>\n<li><strong>\u4fe1\u7528\u8a55\u7d1a\u7684\u4e0b\u8abf\u58d3\u529b<\/strong><br\/>\n   2023\u5e74\u60e0\u8b7d\u4e0b\u8abf\u7f8e\u570b\u8a55\u7d1a\u81f3AA+\uff0c\u7406\u7531\u5305\u62ec\u6cbb\u7406\u6a19\u6e96\u7684\u4fb5\u8755\u548c\u50b5\u52d9\u8ca0\u64d4\u7684\u52a0\u91cd\u3002\u96d6\u7136\u9019\u4e26\u672a\u986f\u8457\u5f71\u97ff\u7f8e\u570b\u570b\u50b5\u7684\u5e02\u5834\u9700\u6c42\uff0c\u4f46\u8a55\u7d1a\u4e0b\u8abf\u53ef\u80fd\u5728\u672a\u4f86\u63a8\u9ad8\u501f\u8cb8\u6210\u672c\uff0c\u9593\u63a5\u5f71\u97ff\u511f\u50b5\u80fd\u529b\u3002<\/li>\n<\/ol>\n\n<p class=\"wp-block-paragraph\">\u5118\u7ba1\u5b58\u5728\u9019\u4e9b\u6311\u6230\uff0c\u7f8e\u570b\u7684\u9055\u7d04\u98a8\u96aa\u4ecd\u7136\u6975\u4f4e\uff0c\u5fb5\u7a05\u80fd\u529b\u548c\u8ca8\u5e63\u767c\u884c\u6b0a\u78ba\u4fdd\u4e86\u653f\u5e9c\u5728\u6280\u8853\u4e0a\u7684\u511f\u50b5\u80fd\u529b\uff0c\u800c\u7a69\u5b9a\u7684\u5236\u5ea6\u6846\u67b6\u548c\u5e02\u5834\u4fe1\u5fc3\u5247\u652f\u6490\u4e86\u5176\u9084\u6b3e\u610f\u9858\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u6b77\u53f2\u6578\u64da\u986f\u793a\uff0c\u7f8e\u570b\u5f9e\u672a\u9055\u7d04\uff0c\u9019\u4e00\u8a18\u9304\u9032\u4e00\u6b65\u978f\u56fa\u4e86\u5176\u4fe1\u7528\u8cea\u91cf\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u65e2\u7136\u7f8e\u50b5\u9055\u7d04\u7684\u6a5f\u7387\u6975\u4f4e\uff0c\u5b83\u5728\u7d44\u5408\u88e1\u7684\u89d2\u8272\u5c31\u662f\u80a1\u5e02\u4e0b\u8dcc\u6642\u7684\u7a69\u5b9a\u5668\uff0c\u8981\u653e\u591a\u5c11\u6bd4\u4f8b\u3001\u600e\u9ebc\u548c\u80a1\u7968\u642d\u914d\uff0c<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=14764\">\u80a1\u50b5\u914d\u7f6e\u7d42\u6975\u6307\u5357<\/a>\u6709 60\/40 \u8207\u4f9d\u5e74\u9f61\u8abf\u6574\u7684\u6bd4\u8f03\u3002<\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-6.png\" alt=\"\"\/><\/figure>\n\n<h2 class=\"wp-block-heading\">\u5730\u65b9\u653f\u5e9c\u8207\u516c\u53f8\u50b5\u7684\u9084\u6b3e\u4f86\u6e90\uff1a\u8207\u7f8e\u570b\u570b\u50b5\u7684\u5c0d\u6bd4<\/h2>\n\n<p class=\"wp-block-paragraph\">\u70ba\u4e86\u66f4\u5168\u9762\u5730\u7406\u89e3\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u7684\u7368\u7279\u6027\uff0c\u6211\u5011\u53ef\u4ee5\u5c0d\u6bd4\u5176\u4ed6\u50b5\u52d9\u4eba\u7684\u9084\u6b3e\u4f86\u6e90\uff1a<\/p>\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5730\u65b9\u653f\u5e9c\u50b5\u5238<\/strong><br\/>\n  \u5730\u65b9\u653f\u5e9c\u4e3b\u8981\u4f9d\u9760\u7a05\u6536\u6536\u5165\u6216\u7279\u5b9a\u9805\u76ee\u7684\u73fe\u91d1\u6d41\uff08\u5982\u9ad8\u901f\u516c\u8def\u7684\u904e\u8def\u8cbb\uff09\u511f\u50b5\u3002\u8207\u7f8e\u570b\u806f\u90a6\u653f\u5e9c\u76f8\u6bd4\uff0c\u5730\u65b9\u653f\u5e9c\u7684\u5fb5\u7a05\u80fd\u529b\u548c\u7d93\u6fdf\u898f\u6a21\u8f03\u5c0f\uff0c\u56e0\u6b64\u9055\u7d04\u98a8\u96aa\u7565\u9ad8\u3002<\/li>\n<li><strong>\u516c\u53f8\u50b5\u5238<\/strong><br\/>\n  \u516c\u53f8\u50b5\u7684\u9084\u6b3e\u4f9d\u8cf4\u4f01\u696d\u7684\u7d93\u71df\u6d3b\u52d5\u73fe\u91d1\u6d41\uff08Operating Cash Flow\uff09\u3002\u5c0d\u65bc\u975e\u64d4\u4fdd\u50b5\u5238\uff08Unsecured Bond\uff09\uff0c\u73fe\u91d1\u6d41\u662f\u552f\u4e00\u7684\u9084\u6b3e\u4f86\u6e90\uff1b\u5c0d\u65bc\u64d4\u4fdd\u50b5\u5238\uff08Secured Bond\uff09\uff0c\u9084\u6709\u62b5\u62bc\u8cc7\u7522\u4f5c\u70ba\u7b2c\u4e8c\u9084\u6b3e\u4f86\u6e90\u3002\u4f01\u696d\u7684\u9084\u6b3e\u80fd\u529b\u53d7\u5e02\u5834\u7af6\u722d\u3001\u884c\u696d\u6ce2\u52d5\u7b49\u56e0\u7d20\u5f71\u97ff\uff0c\u9055\u7d04\u98a8\u96aa\u9060\u9ad8\u65bc\u4e3b\u6b0a\u50b5\u5238\u3002<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u7684\u512a\u52e2\u5728\u65bc\u5176\u9084\u6b3e\u4f86\u6e90\u7684\u7a69\u5b9a\u6027\u548c\u591a\u6a23\u6027\u3002\u5fb5\u7a05\u80fd\u529b\u548c\u8ca8\u5e63\u767c\u884c\u6b0a\u63d0\u4f9b\u4e86\u96d9\u91cd\u4fdd\u969c\uff0c\u800c\u516c\u53f8\u50b5\u548c\u5730\u65b9\u653f\u5e9c\u50b5\u5238\u5247\u66f4\u4f9d\u8cf4\u55ae\u4e00\u6216\u6709\u9650\u7684\u73fe\u91d1\u6d41\u4f86\u6e90\u3002<\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">\u7d50\u8ad6\uff1a\u7f8e\u570b\u570b\u50b5\u4ecd\u662f\u5b89\u5168\u7684\u907f\u98a8\u6e2f<\/h2>\n\n<p class=\"wp-block-paragraph\">\u7d9c\u5408\u4f86\u770b\uff0c\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u9055\u7d04\u7684\u53ef\u80fd\u6027\u6975\u4f4e\u3002\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u5f37\u5927\u7684\u9084\u6b3e\u4f86\u6e90\u2014\u2014\u5fb5\u7a05\u80fd\u529b\u3001\u8ca8\u5e63\u767c\u884c\u6b0a\u4ee5\u53ca\u6700\u9ad8\u7684\u4fe1\u7528\u8cea\u91cf\u2014\u2014\u78ba\u4fdd\u4e86\u5176\u7121\u8207\u502b\u6bd4\u7684\u511f\u50b5\u80fd\u529b\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5e02\u5834\u6578\u64da\u9032\u4e00\u6b65\u4f50\u8b49\u4e86\u9019\u4e00\u9ede\uff1a5\u5e74\u671fCDS\u50f9\u683c\u50c541.87\u500b\u57fa\u9ede\uff0c\u96b1\u542b\u9055\u7d04\u6982\u7387\u4f4e\u65bc3.38%\uff0c\u986f\u793a\u6295\u8cc7\u8005\u5c0d\u7f8e\u570b\u570b\u50b5\u7684\u4fe1\u5fc3\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u7136\u800c\uff0c\u653f\u6cbb\u4e0d\u78ba\u5b9a\u6027\u548c\u9577\u671f\u8ca1\u653f\u6311\u6230\u4ecd\u9700\u5bc6\u5207\u95dc\u6ce8\uff0c\u50b5\u52d9\u4e0a\u9650\u8ac7\u5224\u548c\u8d64\u5b57\u554f\u984c\u53ef\u80fd\u5f15\u767c\u77ed\u671f\u5e02\u5834\u6ce2\u52d5\uff0c\u4f46\u9019\u4e9b\u56e0\u7d20\u5c1a\u4e0d\u8db3\u4ee5\u52d5\u6416\u7f8e\u570b\u570b\u50b5\u7684\u300c\u7121\u98a8\u96aa\u300d\u5730\u4f4d\uff0c\u5c0d\u65bc\u6295\u8cc7\u8005\u800c\u8a00\uff0c\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u4ecd\u7136\u662f\u5168\u7403\u91d1\u878d\u5e02\u5834\u4e2d\u6700\u5b89\u5168\u7684\u907f\u98a8\u6e2f\uff0c\u7576\u7136\u9019\u4e0d\u4ee3\u8868\u8aaa\u98a8\u96aa\u4e0d\u6703\u767c\u751f\uff0c\u56e0\u6b64\u64c1\u6709\u591a\u5143\u5206\u6563\u7684\u6295\u8cc7\u7d44\u5408\u4e5f\u5f88\u91cd\u8981\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5e02\u5834\u6ce2\u52d5\u96e3\u4ee5\u9810\u6e2c\uff0c\u6311\u9078\u50b5\u5238\u6a19\u7684\u662f\u8a31\u591a\u4eba\u982d\u75db\u7684\u554f\u984c\u3002\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u9055\u7d04\u7387\u6975\u4f4e\uff0c\u582a\u7a31\u7a69\u5065\u6295\u8cc7\u9996\u9078\uff0c\u66f4\u68d2\u7684\u662f\uff0c\u622a\u81f32025\u5e743\u67084\u65e5\uff0c\u963f\u723e\u767c\u7a69\u5b9a\u76c8\u6295\u8cc7\u7d44\u5408\u8fd130\u5929\u5e74\u5316\u5e73\u5747\u6b96\u5229\u7387\u9ad8\u9054<strong>4.96%<\/strong>\uff01\u4e14\u6709\u4ee5\u4e0b\uff14\u7279\u8272\uff1a<\/p>\n\n<ul class=\"wp-block-list\">\n<li><strong>\u9580\u6abb\u4f4e<\/strong>\uff1a\u50c5\u9700100\u7f8e\u5143\u5b9a\u671f\u5b9a\u984d\uff0c\u8f15\u9b06\u958b\u555f\u6295\u8cc7\uff01<\/li>\n<li><strong>\u6ce2\u52d5\u5c0f<\/strong>\uff1a\u7f8e\u570b\u77ed\u671f\u653f\u5e9c\u50b5\u5238\u98a8\u96aa\u6975\u4f4e\uff0c\u7a69\u5065\u5b89\u5fc3\uff01<\/li>\n<li><strong>\u6d41\u52d5\u4f73<\/strong>\uff1a\u517c\u9867\u6536\u76ca\u8207\u9748\u6d3b\u6027\uff0c\u96a8\u6642\u61c9\u5c0d\u9700\u6c42\uff01<\/li>\n<li><strong>\u7d44\u5408\u512a<\/strong>\uff1a\u6a5f\u5668\u4eba\u7406\u8ca1\u5efa\u7acb\u9ad8\u6548\u6295\u8cc7\u7d44\u5408\uff0c\u7701\u5fc3\u7701\u529b\uff01<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\"><strong>\u963f\u723e\u767c\u6a5f\u5668\u4eba\u7406\u8ca1<\/strong>\u5c07\u667a\u80fd\u8abf\u6574\u4e0d\u540c\u5929\u671f\u7684\u7f8e\u570b\u653f\u5e9c\u50b5\u5238ETF\u7d44\u5408\uff0c\u5f48\u6027\u61c9\u5c0d\u5e02\u5834\u8b8a\u5316\uff1a\u806f\u6e96\u6703\u5347\u606f\u6642\uff0c\u8f49\u5411\u6975\u77ed\u5929\u671f\u7f8e\u50b5ETF\u78ba\u4fdd\u7a69\u5b9a\u6536\u76ca\uff1b\u5229\u7387\u6b63\u5e38\u5316\u6642\uff0c\u5247\u914d\u7f6e\u8f03\u9577\u5929\u671f\u7f8e\u50b5ETF\uff0c\u517c\u9867\u6d41\u52d5\u6027\u8207\u7372\u5229\u80fd\u529b\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u7acb\u5373\u555f\u52d5\u500b\u4eba\u8ca1\u5bcc\u8a08\u756b<\/h2>\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/urli.ai\/line\/jOAm2Tj0\" target=\"_blank\" rel=\"noopener\">\u514d\u8cbb\u8a3b\u518a\u963f\u723e\u767c\u6703\u54e1<\/a><\/p>\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/urli.ai\/line\/XpZpxkKi\" target=\"_blank\" rel=\"noopener\">\u7acb\u5373\u52a0\u5165\u963f\u723e\u767c\u5b98\u65b9Line@<\/a><\/p>\n\n\n<div class=\"wp-block-group alpha-cta alpha-cta-end alpha-cta-alloc has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f3f7fb;padding:32px 20px\">\n<p class=\"has-text-align-center wp-block-paragraph\" style=\"font-size:clamp(16.834px, 1.052rem + ((1vw - 3.2px) * 0.716), 26px);font-weight:700\">\u5148\u7b97\u4e00\u6b21\uff0c\u518d\u6c7a\u5b9a\u600e\u9ebc\u914d<\/p>\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\u8f38\u5165\u91d1\u984d\u3001\u671f\u9593\u8207\u76ee\u6a19\uff0c\u770b\u80a1\u50b5\u6bd4\u4f8b\u8207\u53ef\u80fd\u7684\u5831\u916c\u7bc4\u570d\uff1b\u8a66\u7b97\u7d50\u679c\u50c5\u4f9b\u53c3\u8003\uff0c\u4e0d\u4ee3\u8868\u672a\u4f86\u7e3e\u6548<\/p>\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe0a7de2 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/roboadvisor.com.tw\/portfolio-calculator\/?Camp=Blog\" style=\"border-radius:50px;color:#ffffff;background-color:#006ece;border:2px solid #006ece;font-size:clamp(14px, 0.875rem + ((1vw - 3.2px) * 0.234), 17px);line-height:1.4;padding:10px 26px\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>\u514d\u8cbb\u8a66\u7b97\u6211\u7684\u6295\u8cc7\u7d44\u5408<\/strong><\/a><\/div>\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/urli.ai\/line\/XpZpxkKi\" style=\"border-radius:50px;color:#00b900;background-color:#ffffff;border:2px solid #00b900;font-size:clamp(14px, 0.875rem + ((1vw - 3.2px) * 0.234), 17px);line-height:1.4;padding:10px 26px\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>\u52a0 LINE \u554f\u9867\u554f<\/strong><\/a><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\uff08U.S. Treasury Bonds\uff09\u88ab\u8b7d\u70ba\u5168\u7403\u6700\u5b89\u5168\u7684\u6295\u8cc7\u5de5\u5177\u4e4b\u4e00\uff0c\u9577\u671f\u4ee5\u4f86\u88ab\u8996\u70ba\u300c\u7121\u98a8\u96aa\u300d<\/p>\n","protected":false},"author":3,"featured_media":13750,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_llm_markdown_disabled":false},"categories":[566],"tags":[],"class_list":["post-13740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-566"],"jetpack_sharing_enabled":true,"jetpack-related-posts":[],"jetpack_featured_media_url":"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/rocks-1757593_1280.jpg","_links":{"self":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/13740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13740"}],"version-history":[{"count":15,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/13740\/revisions"}],"predecessor-version":[{"id":19290,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/13740\/revisions\/19290"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/media\/13750"}],"wp:attachment":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}