{"id":15407,"date":"2026-05-22T19:46:21","date_gmt":"2026-05-22T11:46:21","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=15407"},"modified":"2026-05-22T19:46:21","modified_gmt":"2026-05-22T11:46:21","slug":"ai%e6%8a%95%e8%b3%87%e9%95%b7%e5%a6%82%e4%bd%95%e5%84%aa%e5%8c%96%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e9%85%8d%e7%bd%ae","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=15407","title":{"rendered":"AI\u6295\u8cc7\u9577\u5982\u4f55\u512a\u5316\u6295\u8cc7\u7d44\u5408\u914d\u7f6e"},"content":{"rendered":"\n<p>\u5927\u591a\u6578\u6295\u8cc7\u4eba\u82b1 90% \u7684\u6642\u9593\u601d\u8003\u300c\u8cb7\u4ec0\u9ebc\u300d\uff0c\u537b\u5e7e\u4e4e\u4e0d\u82b1\u6642\u9593\u601d\u8003\u300c\u600e\u9ebc\u7d44\u5408\u300d\u3002<\/p>\n\n\n\n<p>\u9019\u500b\u6bd4\u4f8b\uff0c\u525b\u597d\u985b\u5012\u4e86\u3002<\/p>\n\n\n\n<p>\u5b78\u8853\u7814\u7a76\u53cd\u8986\u544a\u8a34\u6211\u5011\u540c\u4e00\u4ef6\u4e8b\uff1a\u9577\u671f\u6c7a\u5b9a\u6295\u8cc7\u7e3e\u6548\u7684\uff0c\u4e0d\u662f\u4f60\u9078\u4e2d\u4e86\u54ea\u652f\u80a1\u7968\uff0c\u800c\u662f\u8cc7\u7522\u914d\u7f6e\u7684\u7d50\u69cb\uff08Asset Allocation\uff09\u2014\u2014\u5404\u985e\u8cc7\u7522\u5982\u4f55\u642d\u914d\u3001\u6bd4\u4f8b\u5982\u4f55\u6c7a\u5b9a\u2014\u2014\u9019\u500b\u6c7a\u7b56\uff0c\u8ca2\u737b\u4e86\u8d85\u904e\u4e5d\u6210\u7684\u5831\u916c\u8b8a\u7570\u3002\u9078\u80a1\u662f\u6709\u8da3\u7684\uff0c\u914d\u7f6e\u662f\u67af\u71e5\u7684\u3002\u4f46\u6295\u8cc7\u4e16\u754c\u5c31\u662f\u9019\u6a23\u6b98\u5fcd\uff1a\u771f\u6b63\u91cd\u8981\u7684\u4e8b\uff0c\u5f80\u5f80\u4e0d\u5920\u5438\u5f15\u4eba\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u5f9e\u4e00\u500b\u6578\u5b78\u554f\u984c\u8aaa\u8d77<\/h3>\n\n\n\n<p>1952 \u5e74\uff0cHarry Markowitz \u5728\u4e00\u7bc7\u8ad6\u6587\u88e1\u554f\u4e86\u4e00\u500b\u5728\u6b64\u4e4b\u524d\u6c92\u6709\u4eba\u8a8d\u771f\u56de\u7b54\u904e\u7684\u554f\u984c\uff1a<\/p>\n\n\n\n<p><strong>\u7d66\u5b9a\u4e00\u7d44\u8cc7\u7522\uff0c\u600e\u6a23\u7684\u6301\u5009\u6bd4\u4f8b\uff0c\u80fd\u8b93\u6295\u8cc7\u4eba\u5728\u627f\u64d4\u6700\u5c11\u98a8\u96aa\u7684\u524d\u63d0\u4e0b\uff0c\u7372\u5f97\u6700\u9ad8\u7684\u5831\u916c\uff1f<\/strong><\/p>\n\n\n\n<p>\u4ed6\u7684\u7b54\u6848\uff0c\u662f\u6240\u8b02\u7684\u300c\u6709\u6548\u524d\u7de3\u300d\uff08Efficient Frontier\uff09\uff1a\u5728\u5831\u916c\u8207\u98a8\u96aa\u7684\u5ea7\u6a19\u4e0a\uff0c\u5b58\u5728\u4e00\u689d\u66f2\u7dda\uff0c\u66f2\u7dda\u4e0a\u7684\u6bcf\u4e00\u500b\u9ede\uff0c\u90fd\u4ee3\u8868\u300c\u5728\u9019\u500b\u98a8\u96aa\u6c34\u6e96\u4e0b\uff0c\u6c92\u6709\u6bd4\u5b83\u66f4\u597d\u7684\u7d44\u5408\u300d\u3002\u843d\u5728\u66f2\u7dda\u4e0b\u65b9\u7684\uff0c\u53eb\u505a\u7121\u6548\u7387\u7684\u7d44\u5408\u2014\u2014\u4f60\u627f\u64d4\u4e86\u67d0\u7a0b\u5ea6\u7684\u98a8\u96aa\uff0c\u537b\u6c92\u6709\u62ff\u5230\u5c0d\u61c9\u7684\u5831\u916c\u3002<\/p>\n\n\n\n<p>\u9019\u500b\u6846\u67b6\u5960\u5b9a\u4e86\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\uff08Modern Portfolio Theory, MPT\uff09\u7684\u57fa\u790e\uff0c\u4e5f\u8b93 Markowitz \u5728\u4e09\u5341\u516b\u5e74\u5f8c\u62ff\u5230\u4e86\u8afe\u8c9d\u723e\u734e\u3002\u4f46\u5b83\u540c\u6642\u958b\u555f\u4e86\u4e00\u500b\u66f4\u5927\u7684\u554f\u984c\uff1a\u9019\u500b\u6846\u67b6\u9700\u8981\u4f60\u8f38\u5165\u300c\u9810\u671f\u5831\u916c\u300d\u3002\u800c\u9810\u671f\u5831\u916c\uff0c\u6070\u6070\u662f\u91d1\u878d\u4e16\u754c\u88e1\u6700\u96e3\u9810\u6e2c\u7684\u6771\u897f\u3002<\/p>\n\n\n\n<p>\u9019\u500b\u6839\u672c\u7684\u8106\u5f31\u6027\uff0c\u50ac\u751f\u4e86\u4e03\u5341\u5e74\u7684\u6f14\u5316\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e03\u5341\u5e74\u7684\u6f14\u5316\uff1a\u6bcf\u500b\u6642\u4ee3\u7684\u50b7\u75a4<\/h3>\n\n\n\n<p>\u6bcf\u4e00\u500b\u65b0\u65b9\u6cd5\u7684\u8a95\u751f\uff0c\u80cc\u5f8c\u90fd\u662f\u4e00\u5834\u5371\u6a5f\u8207\u4e00\u500b\u820a\u6846\u67b6\u7121\u6cd5\u89e3\u91cb\u7684\u73fe\u5be6\u3002<\/p>\n\n\n\n<p>1966 \u5e74\uff0cWilliam Sharpe \u63d0\u51fa\u4ee5\u300c\u6bcf\u55ae\u4f4d\u98a8\u96aa\u7684\u5831\u916c\u300d\u2014\u2014\u590f\u666e\u6bd4\u7387\uff08Sharpe Ratio\uff09\u2014\u2014\u4f5c\u70ba\u8861\u91cf\u7d44\u5408\u6548\u7387\u7684\u6307\u6a19\uff0c\u6709\u6548\u524d\u7de3\u4e0a\u7684\u5207\u7dda\u7d44\u5408\u5f9e\u6b64\u6709\u4e86\u540d\u5b57\u3002<\/p>\n\n\n\n<p>1970 \u5e74\u4ee3\uff0c\u5927\u898f\u6a21\u6a5f\u69cb\u59d4\u5916\u7ba1\u7406\u8208\u8d77\uff0c\u8ffd\u8e64\u8aa4\u5dee\uff08Tracking Error\uff09\u8207\u4fe1\u606f\u6bd4\u7387\uff08Information Ratio\uff09\u6210\u70ba\u8a55\u4f30\u4e3b\u52d5\u7ba1\u7406\u80fd\u529b\u7684\u884c\u696d\u8a9e\u8a00\u3002<\/p>\n\n\n\n<p>1997 \u5e74\u4e9e\u6d32\u91d1\u878d\u5371\u6a5f\u8207 1998 \u5e74 LTCM \u4e8b\u4ef6\uff0c\u66b4\u9732\u4e86\u6a19\u6e96\u5dee\u7121\u6cd5\u6355\u6349\u80a5\u5c3e\u98a8\u96aa\uff08Fat Tail Risk\uff09\u7684\u81f4\u547d\u7f3a\u9677\uff0c\u4fc3\u4f7f Rockafellar \u8207 Uryasev \u5728 2000 \u5e74\u6b63\u5f0f\u63d0\u51fa\u689d\u4ef6\u98a8\u96aa\u503c\uff08CVaR, Conditional Value-at-Risk\uff09\u3002<\/p>\n\n\n\n<p>2008 \u5e74\u91d1\u878d\u6d77\u562f\u5f8c\uff0cRay Dalio \u7684 Bridgewater \u4ee5\u98a8\u96aa\u5e73\u50f9\uff08Risk Parity\uff09\u793a\u7bc4\u4e86\u4e00\u7a2e\u4e0d\u4f9d\u8cf4\u5831\u916c\u9810\u6e2c\u7684\u914d\u7f6e\u54f2\u5b78\u3002<\/p>\n\n\n\n<p>\u6bcf\u4e00\u500b\u65b9\u6cd5\uff0c\u90fd\u662f\u67d0\u4e00\u500b\u6642\u4ee3\u7684\u7b54\u6848\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"689\" height=\"580\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2026\/05\/image-7.png\" alt=\"\" class=\"wp-image-15409\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2026\/05\/image-7.png 689w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2026\/05\/image-7-300x253.png 300w\" sizes=\"auto, (max-width: 689px) 100vw, 689px\" \/><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e03\u7a2e\u65b9\u6cd5\uff0c\u4e03\u7a2e\u53d6\u6368<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">1\uff5c\u6700\u5927\u5316\u590f\u666e\u6bd4\u7387\uff08Maximize Sharpe Ratio\uff09<\/h4>\n\n\n\n<p>\u5728\u6bcf\u4e00\u55ae\u4f4d\u98a8\u96aa\u4e2d\u722d\u53d6\u6700\u9ad8\u5831\u916c\uff0c\u662f\u6709\u6548\u524d\u7de3\u4e0a\u7684\u5207\u7dda\u7d44\u5408\u3002\u7406\u8ad6\u56b4\u8b39\u3001\u6982\u5ff5\u6e05\u6670\uff0c\u4f46\u5c0d\u9810\u671f\u5831\u916c\u7684\u8f38\u5165\u6975\u5ea6\u654f\u611f\u2014\u2014\u4f30\u8a08\u7a0d\u6709\u504f\u5dee\uff0c\u4fbf\u53ef\u80fd\u7522\u751f\u9ad8\u5ea6\u96c6\u4e2d\u7684\u6975\u7aef\u6301\u5009\u3002\u5728\u5be6\u52d9\u4e2d\uff0c\u901a\u5e38\u9700\u8981\u642d\u914d\u6301\u5009\u4e0a\u4e0b\u9650\uff08Box Constraint\uff09\u624d\u80fd\u843d\u5730\u57f7\u884c\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">2\uff5c\u7d66\u5b9a\u98a8\u96aa\u4e0a\u9650\uff0c\u6700\u5927\u5316\u5831\u916c\uff08Maximize Return subject to Risk Constraint\uff09<\/h4>\n\n\n\n<p>\u5148\u8a2d\u5b9a\u6ce2\u52d5\u7387\uff08Volatility\uff09\u4e0a\u9650\u7684\u786c\u6027\u7d05\u7dda\uff0c\u5728\u7d05\u7dda\u4e4b\u5167\u8ffd\u6c42\u6700\u9ad8\u5831\u916c\u3002\u9019\u662f\u6cd5\u898f\u6216\u5408\u7d04\u7d04\u675f\u8f49\u5316\u70ba\u6578\u5b78\u8a9e\u8a00\u7684\u76f4\u63a5\u7522\u7269\uff0c\u9069\u5408\u6709\u660e\u6587\u898f\u5b9a\u98a8\u96aa\u4e0a\u9650\u7684\u6a5f\u69cb\u3002\u7f3a\u9ede\u540c\u6a23\u662f\u4f9d\u8cf4\u5831\u916c\u9810\u6e2c\uff0c\u4e14\u82e5\u4e0a\u9650\u8a2d\u5f97\u904e\u7dca\uff0c\u7d44\u5408\u6703\u4e0d\u81ea\u89ba\u5730\u5411\u50b5\u5238\u50be\u659c\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">3\uff5c\u6700\u5c0f\u5316\u8b8a\u7570\u6578\uff08Minimize Variance\uff09<\/h4>\n\n\n\n<p>\u5b8c\u5168\u653e\u68c4\u5831\u916c\u9810\u6e2c\uff0c\u53ea\u6c42\u6ce2\u52d5\u6700\u4f4e\u3002\u770b\u4f3c\u4fdd\u5b88\uff0c\u5be6\u5247\u6709\u4e00\u500b\u53cd\u76f4\u89ba\u7684\u512a\u52e2\uff1a\u5b83\u662f\u6a21\u578b\u5047\u8a2d\u6700\u5c11\u3001\u5c0d\u4f30\u8a08\u8aa4\u5dee\u6700\u4e0d\u654f\u611f\u7684\u5747\u503c-\u8b8a\u7570\u6578\u65b9\u6cd5\u3002\u5be6\u8b49\u7814\u7a76\u4ea6\u4e00\u518d\u767c\u73fe\uff0c\u4f4e\u6ce2\u52d5\u7d44\u5408\u7684\u9577\u671f\u5831\u916c\u5f80\u5f80\u4e0d\u905c\u65bc\u9ad8\u6ce2\u52d5\u7d44\u5408\u2014\u2014\u9019\u662f\u6240\u8b02\u7684\u300c\u4f4e\u6ce2\u52d5\u7570\u5e38\u300d\uff08Low Volatility Anomaly\uff09\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">4\uff5c\u6700\u5c0f\u5316\u8ffd\u8e64\u8aa4\u5dee\uff08Minimize Tracking Error\uff09<\/h4>\n\n\n\n<p>\u4ee5\u8907\u88fd\u57fa\u6e96\u6307\u6578\uff08Benchmark\uff09\u70ba\u76ee\u6a19\uff0c\u628a\u4e3b\u52d5\u504f\u96e2\u58d3\u5230\u6700\u4f4e\u3002\u9019\u662f\u88ab\u52d5\u7ba1\u7406\u8207\u6307\u6578\u6295\u8cc7\u7684\u6838\u5fc3\u908f\u8f2f\uff0c\u6210\u672c\u4f4e\u3001\u900f\u660e\u5ea6\u9ad8\uff0c\u4ee3\u50f9\u662f Alpha \u7a7a\u9593\u5e7e\u4e4e\u70ba\u96f6\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">5\uff5c\u6700\u5927\u5316\u4fe1\u606f\u6bd4\u7387\uff08Maximize Information Ratio\uff09<\/h4>\n\n\n\n<p>\u4fe1\u606f\u6bd4\u7387 = \u8d85\u984d\u5831\u916c\uff08Alpha\uff09\u00f7 \u8ffd\u8e64\u8aa4\u5dee\uff0c\u8861\u91cf\u6bcf\u627f\u64d4\u4e00\u55ae\u4f4d\u4e3b\u52d5\u98a8\u96aa\u6240\u63db\u4f86\u7684\u8d85\u984d\u5831\u916c\u3002\u9019\u662f\u4e3b\u52d5\u7ba1\u7406\u7684\u6838\u5fc3\u8a9e\u8a00\uff0c\u4e5f\u662f\u6700\u8aa0\u5be6\u7684\u4e00\u500b\u6846\u67b6\u2014\u2014\u5b83\u8981\u6c42\u6295\u8cc7\u4eba\u5fc5\u9808\u5148\u56de\u7b54\uff1a\u6211\u5011\u771f\u7684\u6709\u53ef\u4fe1\u7684 Alpha \u4f86\u6e90\u55ce\uff1f<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">6\uff5c\u7d66\u5b9a\u8ffd\u8e64\u8aa4\u5dee\u9810\u7b97\uff0c\u6700\u5927\u5316\u8d85\u984d\u5831\u916c\uff08Maximize Excess Return subject to TE Constraint\uff09<\/h4>\n\n\n\n<p>\u5728\u59d4\u8a17\u5408\u7d04\u898f\u5b9a\u7684\u8ffd\u8e64\u8aa4\u5dee\u4e0a\u9650\uff08TE Budget\uff09\u4e4b\u5167\uff0c\u8ffd\u6c42\u6700\u5927\u7684\u8d85\u984d\u5831\u916c\u3002\u9019\u662f\u6a5f\u69cb OCIO \u59d4\u8a17\u7ba1\u7406\u7684\u5be6\u52d9\u8a9e\u8a00\uff0c\u76f4\u63a5\u5c0d\u61c9\u5408\u7d04\u689d\u6b3e\uff0c\u8b93\u53d7\u8a17\u4eba\u8207\u59d4\u8a17\u4eba\u90fd\u6709\u6e05\u6670\u53ef\u7a3d\u6838\u7684\u5171\u540c\u4f9d\u64da\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">7\uff5c\u6700\u5c0f\u5316\u689d\u4ef6\u98a8\u96aa\u503c\uff08Minimize CVaR\uff09<\/h4>\n\n\n\n<p>\u4e0d\u554f\u5e73\u5747\u6ce2\u52d5\uff0c\u53ea\u554f\u6975\u7aef\u60c5\u5883\u4e0b\u7684\u9810\u671f\u640d\u5931\u2014\u2014\u5373\u300c\u5728\u6700\u58de\u7684\u90a3 5% \u6216 1% \u60c5\u5883\u4e0b\uff0c\u5e73\u5747\u640d\u5931\u662f\u591a\u5c11\u300d\u3002\u9019\u662f\u6a19\u6e96\u5dee\u5bb6\u65cf\u7121\u6cd5\u56de\u7b54\u7684\u554f\u984c\uff0c\u9069\u5408\u6301\u6709\u9ad8\u6536\u76ca\u50b5\u3001\u79c1\u52df\u4fe1\u7528\u7b49\u975e\u5e38\u614b\u5206\u4f48\u8cc7\u7522\u7684\u7d44\u5408\u3002\u6e9d\u901a\u96e3\u5ea6\u8f03\u9ad8\uff0c\u4f46\u5c0d\u5c3e\u90e8\u98a8\u96aa\u7684\u63cf\u8ff0\u9060\u6bd4\u6a19\u6e96\u5dee\u66f4\u8aa0\u5be6\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">8\uff5c\u98a8\u96aa\u5e73\u50f9\uff08Risk Parity\uff09<\/h4>\n\n\n\n<p>\u8b93\u6bcf\u4e00\u7a2e\u8cc7\u7522\u5c0d\u7d44\u5408\u7e3d\u98a8\u96aa\u7684\u8ca2\u737b\u76f8\u7b49\uff0c\u4e0d\u4f9d\u8cf4\u4efb\u4f55\u5831\u916c\u9810\u6e2c\u3002\u6838\u5fc3\u7cbe\u795e\u662f\u8b19\u905c\uff1a\u65e2\u7136\u6211\u5011\u7121\u6cd5\u53ef\u9760\u5730\u9810\u6e2c\u54ea\u500b\u8cc7\u7522\u6703\u6f32\uff0c\u5c31\u8b93\u98a8\u96aa\u5747\u52fb\u5206\u6563\u3002\u4ee3\u50f9\u662f\u5929\u751f\u4f4e\u914d\u80a1\u7968\uff0c\u82e5\u8981\u9054\u5230\u76ee\u6a19\u5831\u916c\u901a\u5e38\u9700\u8981\u52a0\u69d3\u687f\uff0c\u5728\u5229\u7387\u6025\u5347\u74b0\u5883\u4e0b\uff08\u5982 2022 \u5e74\uff09\u8868\u73fe\u6703\u627f\u58d3\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u7d9c\u5408\u6bd4\u8f03<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u65b9\u6cd5<\/th><th>\u6700\u4f73\u5316\u76ee\u6a19<\/th><th class=\"has-text-align-center\" data-align=\"center\">\u9700\u8981\u5831\u916c\u9810\u6e2c<\/th><th>\u98a8\u96aa\u8861\u91cf<\/th><th>\u4e3b\u8981\u512a\u9ede<\/th><th>\u4e3b\u8981\u9650\u5236<\/th><th>\u6700\u9069\u60c5\u5883<\/th><\/tr><\/thead><tbody><tr><td>\u6700\u5927\u5316\u590f\u666e\u6bd4\u7387<\/td><td>\u5831\u916c \u00f7 \u98a8\u96aa\u6700\u5927<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u2705<\/td><td>\u6a19\u6e96\u5dee\uff08\u03c3\uff09<\/td><td>\u7406\u8ad6\u56b4\u8b39\u3001\u6982\u5ff5\u6e05\u6670<\/td><td>\u5c0d\u9810\u6e2c\u8aa4\u5dee\u6975\u654f\u611f\uff1b\u6613\u96c6\u4e2d\u6301\u5009<\/td><td>\u907f\u96aa\u57fa\u91d1\uff1b\u5831\u916c\u9810\u6e2c\u4fe1\u5fc3\u9ad8\u7684\u60c5\u5883<\/td><\/tr><tr><td>\u6700\u5927\u5316\u5831\u916c\uff08\u542b\u98a8\u96aa\u4e0a\u9650\uff09<\/td><td>\u7d66\u5b9a \u03c3 \u4e0a\u9650\u4e0b\u5831\u916c\u6700\u5927<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u2705<\/td><td>\u6a19\u6e96\u5dee\uff08\u03c3\uff09<\/td><td>\u76f4\u63a5\u5c0d\u61c9\u6cd5\u898f\u6216\u5408\u7d04\u7d04\u675f<\/td><td>\u4f9d\u8cf4\u5831\u916c\u9810\u6e2c\uff1b\u4e0a\u9650\u904e\u7dca\u5247\u55aa\u5931\u591a\u5143\u5316<\/td><td>\u6709\u6ce2\u52d5\u7387\u9650\u5236\u7684\u6a5f\u69cb\uff0c\u5982\u54e1\u5de5\u798f\u5229\u4fe1\u8a17<\/td><\/tr><tr><td>\u6700\u5c0f\u5316\u8b8a\u7570\u6578<\/td><td>\u6ce2\u52d5\u6700\u5c0f<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u274c<\/td><td>\u6a19\u6e96\u5dee\uff08\u03c3\uff09<\/td><td>\u6a21\u578b\u5047\u8a2d\u6700\u5c11\uff1b\u4f4e\u6ce2\u52d5\u7570\u5e38\u652f\u6301\u9577\u671f\u8868\u73fe<\/td><td>\u6613\u904e\u5ea6\u96c6\u4e2d\u4f4e\u6ce2\u52d5\u8cc7\u7522\uff1b\u72a7\u7272\u6210\u9577\u6f5b\u529b<\/td><td>\u4fdd\u5b88\u578b\u6a5f\u69cb\uff1b\u5e02\u5834\u9ad8\u5ea6\u4e0d\u78ba\u5b9a\u6642\u671f<\/td><\/tr><tr><td>\u6700\u5c0f\u5316\u8ffd\u8e64\u8aa4\u5dee<\/td><td>\u8cbc\u8fd1\u6307\u6578<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u274c<\/td><td>\u8ffd\u8e64\u8aa4\u5dee\uff08TE\uff09<\/td><td>\u6210\u672c\u4f4e\u3001\u900f\u660e\u3001\u53ef\u9810\u6e2c<\/td><td>Alpha \u7a7a\u9593\u5e7e\u4e4e\u70ba\u96f6<\/td><td>\u88ab\u52d5\u7ba1\u7406\uff1bSmart Beta ETF<\/td><\/tr><tr><td>\u6700\u5927\u5316\u4fe1\u606f\u6bd4\u7387<\/td><td>Alpha \u00f7 TE \u6700\u5927<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u2705<\/td><td>\u8ffd\u8e64\u8aa4\u5dee\uff08TE\uff09<\/td><td>\u4e3b\u52d5\u7ba1\u7406\u6548\u7387\u6700\u9ad8<\/td><td>\u4f9d\u8cf4\u53ef\u4fe1 Alpha \u4f86\u6e90\uff1b\u9810\u6e2c\u8aa4\u5dee\u5f71\u97ff\u5927<\/td><td>\u4e3b\u52d5\u578b\u57fa\u91d1\uff1b\u6a5f\u69cb OCIO \u59d4\u8a17\u7ba1\u7406<\/td><\/tr><tr><td>\u6700\u5927\u5316\u8d85\u984d\u5831\u916c\uff08\u542bTE\u4e0a\u9650\uff09<\/td><td>\u7d66\u5b9a TE \u4e0a\u9650\u4e0b Alpha \u6700\u5927<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u2705<\/td><td>\u8ffd\u8e64\u8aa4\u5dee\uff08TE\uff09<\/td><td>\u76f4\u63a5\u5c0d\u61c9 TE Budget \u5408\u7d04\u689d\u6b3e<\/td><td>TE \u4e0a\u9650\u904e\u7dca\u6642\u4e3b\u52d5\u7a7a\u9593\u8da8\u8fd1\u65bc\u96f6<\/td><td>\u5927\u5b78\u6350\u8d08\u57fa\u91d1\uff1b\u9000\u4f11\u91d1 OCIO \u5408\u7d04<\/td><\/tr><tr><td>\u6700\u5c0f\u5316 CVaR<\/td><td>\u6975\u7aef\u640d\u5931\u6700\u5c0f<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u53ef\u9078<\/td><td>\u689d\u4ef6\u98a8\u96aa\u503c\uff08CVaR\uff09<\/td><td>\u6355\u6349\u80a5\u5c3e\u98a8\u96aa\uff1b\u66f4\u8cbc\u8fd1\u5be6\u969b\u640d\u5931\u611f\u53d7<\/td><td>\u9700\u5927\u91cf\u6578\u64da\u6216\u6a21\u64ec\uff1b\u6e9d\u901a\u96e3\u5ea6\u9ad8<\/td><td>\u542b\u9ad8\u6536\u76ca\u50b5\u3001\u79c1\u52df\u8cc7\u7522\u7684\u7d44\u5408\uff1b\u91d1\u878d\u6a5f\u69cb\u76e3\u7ba1\u9700\u6c42<\/td><\/tr><tr><td>\u98a8\u96aa\u5e73\u50f9<\/td><td>\u98a8\u96aa\u8ca2\u737b\u5747\u7b49<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u274c<\/td><td>\u98a8\u96aa\u8ca2\u737b\u6bd4\u4f8b<\/td><td>\u4e0d\u4f9d\u8cf4\u9810\u6e2c\uff1b\u591a\u5143\u5206\u6563\u6548\u679c\u4f73<\/td><td>\u9700\u52a0\u69d3\u687f\u624d\u80fd\u9054\u6a19\uff1b\u5229\u7387\u4e0a\u5347\u6642\u627f\u58d3<\/td><td>\u591a\u8cc7\u7522\u5168\u5929\u5019\u7b56\u7565\uff1b\u5c0d\u9810\u6e2c\u5931\u53bb\u4fe1\u5fc3\u6642<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u9078\u64c7\u7684\u8d77\u9ede\uff1a\u4e09\u500b\u95dc\u9375\u554f\u984c<\/h3>\n\n\n\n<p>\u9762\u5c0d\u516b\u7a2e\u65b9\u6cd5\uff0c\u9078\u64c7\u7684\u908f\u8f2f\u53ef\u4ee5\u6536\u6582\u5230\u4e09\u500b\u554f\u984c\uff1a<\/p>\n\n\n\n<p><strong>\u4e00\u3001\u4f60\u5c0d\u9810\u671f\u5831\u916c\u7684\u4f30\u8a08\uff0c\u6709\u591a\u5c11\u8aa0\u5be6\u7684\u4fe1\u5fc3\uff1f<\/strong> <\/p>\n\n\n\n<p>\u4fe1\u5fc3\u9ad8 \u2192 \u5747\u503c-\u8b8a\u7570\u6578\uff08Mean-Variance\uff09\u5bb6\u65cf\u6216\u4fe1\u606f\u6bd4\u7387\u6846\u67b6\u3002<\/p>\n\n\n\n<p> \u4fe1\u5fc3\u4f4e \u2192 \u6700\u5c0f\u5316\u8b8a\u7570\u6578\u3001CVaR\u3001\u6216\u98a8\u96aa\u5e73\u50f9\u3002<\/p>\n\n\n\n<p><strong>\u4e8c\u3001\u4f60\u6709\u6c92\u6709\u57fa\u6e96\u6307\u6578\uff08Benchmark\uff09\u9700\u8981\u5c0d\u9f4a\uff1f<\/strong> <\/p>\n\n\n\n<p>\u6709 \u2192 \u8ffd\u8e64\u8aa4\u5dee\uff08Tracking Error\uff09\u5bb6\u65cf\u3002<\/p>\n\n\n\n<p> \u6c92\u6709 \u2192 \u5747\u503c-\u8b8a\u7570\u6578\u6216\u8d85\u8d8a\u8b8a\u7570\u6578\u7684\u65b9\u6cd5\u3002<\/p>\n\n\n\n<p><strong>\u4e09\u3001\u4f60\u6700\u64d4\u5fc3\u7684\u662f\u5e73\u5747\u6ce2\u52d5\uff0c\u9084\u662f\u6975\u7aef\u640d\u5931\uff1f<\/strong> <\/p>\n\n\n\n<p>\u5e73\u5747\u6ce2\u52d5 \u2192 \u6a19\u6e96\u5dee\u985e\u65b9\u6cd5\u3002 \u6975\u7aef\u640d\u5931 \u2192 CVaR\u3002 <\/p>\n\n\n\n<p>\u5169\u8005\u7686\u64d4\u5fc3 \u2192 \u6df7\u5408\u67b6\u69cb\uff0c\u4ee5\u4e3b\u65b9\u6cd5\u642d\u914d CVaR \u4f5c\u70ba\u5c3e\u90e8\u98a8\u96aa\u8b77\u6b04\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u963f\u723e\u767c AI \u6295\u8cc7\u9577\u5982\u4f55\u904b\u7528\u9019\u4e9b\u65b9\u6cd5<\/h3>\n\n\n\n<p>\u963f\u723e\u767c AI \u6295\u8cc7\u9577\u7684\u6838\u5fc3\u54f2\u5b78\uff0c\u5960\u57fa\u65bc\u300c\u7b56\u7565\u6027\u88ab\u52d5\u8cc7\u7522\u914d\u7f6e\u300d\uff08Strategic Passive Asset Allocation\uff09\u2014\u2014\u6211\u5011\u76f8\u4fe1\uff0c\u9577\u671f\u6c7a\u5b9a\u6295\u8cc7\u6210\u679c\u7684\uff0c\u4e0d\u662f\u64c7\u6642\u9032\u51fa\u6216\u9078\u80a1\uff0c\u800c\u662f\u4e00\u958b\u59cb\u5c31\u5efa\u7acb\u6b63\u78ba\u7684\u7d44\u5408\u7d50\u69cb\uff0c\u7136\u5f8c\u6709\u7d00\u5f8b\u5730\u6301\u5b88\u5b83\u3002<\/p>\n\n\n\n<p>\u9019\u500b\u54f2\u5b78\u770b\u4f3c\u7c21\u55ae\uff0c\u57f7\u884c\u537b\u6975\u70ba\u56f0\u96e3\u3002\u56f0\u96e3\u4e0d\u5728\u65bc\u6578\u5b78\uff0c\u800c\u5728\u65bc\u4eba\u3002\u5e02\u5834\u6bcf\u4e00\u6b21\u7684\u5287\u70c8\u6ce2\u52d5\uff0c\u90fd\u5728\u8003\u9a57\u6295\u8cc7\u4eba\u80fd\u5426\u4e0d\u504f\u96e2\u539f\u5b9a\u7684\u914d\u7f6e\u6846\u67b6\u3002AI \u6295\u8cc7\u9577\u5b58\u5728\u7684\u610f\u7fa9\uff0c\u6b63\u662f\u5728\u9019\u500b\u904e\u7a0b\u4e2d\uff0c\u6392\u9664\u60c5\u7dd2\u5e72\u64fe\uff0c\u5fe0\u5be6\u57f7\u884c\u9577\u671f\u7b56\u7565\u3002<\/p>\n\n\n\n<p><strong>\u5728\u4e86\u89e3\u4f60\u9019\u4ef6\u4e8b\u4e0a\uff0c<\/strong> AI \u6295\u8cc7\u9577\u900f\u904e\u7cfb\u7d71\u6027\u7684\u76ee\u6a19\u8a2d\u5b9a\u8207\u98a8\u96aa\u5c6c\u6027\u5206\u6790\uff08Risk Profiling\uff09\uff0c\u5c07\u6bcf\u4e00\u4f4d\u6295\u8cc7\u4eba\u7684\u8ca1\u52d9\u76ee\u6a19\u3001\u6295\u8cc7\u671f\u9650\u3001\u6d41\u52d5\u6027\u9700\u6c42\u8207\u771f\u5be6\u98a8\u96aa\u627f\u53d7\u80fd\u529b\uff0c\u8f49\u5316\u70ba\u4e00\u4efd\u6e05\u6670\u7684\u6295\u8cc7\u8a08\u756b\uff08Investment Policy Statement\uff09\u3002\u9019\u4efd\u8a08\u756b\u4e0d\u662f\u554f\u5377\u586b\u5b8c\u5c31\u675f\u4e4b\u9ad8\u95a3\u7684\u6587\u4ef6\uff0c\u800c\u662f\u6574\u500b\u6295\u8cc7\u7d44\u5408\u5efa\u69cb\u8207\u5f8c\u7e8c\u6c7a\u7b56\u7684\u6839\u672c\u4f9d\u64da\u3002<\/p>\n\n\n\n<p><strong>\u5728\u5efa\u7acb\u7d44\u5408\u9019\u4ef6\u4e8b\u4e0a\uff0c<\/strong> AI \u6295\u8cc7\u9577\u4f9d\u64da\u6295\u8cc7\u8a08\u756b\uff0c\u5f9e\u5168\u7403\u591a\u8cc7\u7522\u7684\u89d2\u5ea6\u51fa\u767c\uff0c\u904b\u7528\u4e0a\u8ff0\u6700\u4f73\u5316\u6846\u67b6\uff0c\u70ba\u6bcf\u4e00\u4f4d\u6295\u8cc7\u4eba\u91cf\u8eab\u5efa\u7acb\u6700\u7b26\u5408\u5176\u76ee\u6a19\u8207\u7d04\u675f\u689d\u4ef6\u7684\u7b56\u7565\u6027\u8cc7\u7522\u914d\u7f6e\uff08Strategic Asset Allocation, SAA\uff09\u3002\u7d44\u5408\u4e00\u65e6\u5efa\u7acb\uff0c\u7d50\u69cb\u672c\u8eab\u5c31\u662f\u6700\u91cd\u8981\u7684\u8b77\u57ce\u6cb3\u2014\u2014\u6211\u5011\u4e0d\u4f9d\u8cf4\u5c0d\u5e02\u5834\u8d70\u5411\u7684\u9810\u6e2c\uff0c\u800c\u662f\u4f9d\u8cf4\u591a\u5143\u5206\u6563\u8207\u6642\u9593\u8907\u5229\u7684\u529b\u91cf\u3002<\/p>\n\n\n\n<p><strong>\u5728\u7dad\u8b77\u7d44\u5408\u9019\u4ef6\u4e8b\u4e0a\uff0c<\/strong> \u96a8\u8457\u6642\u9593\u63a8\u79fb\uff0c\u5e02\u5834\u6f32\u8dcc\u6703\u4f7f\u5404\u8cc7\u7522\u7684\u5be6\u969b\u6bd4\u4f8b\u504f\u96e2\u539f\u5b9a\u914d\u7f6e\u3002AI 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