{"id":16472,"date":"2026-07-06T17:47:36","date_gmt":"2026-07-06T09:47:36","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=16472"},"modified":"2026-07-06T17:47:36","modified_gmt":"2026-07-06T09:47:36","slug":"%e5%a4%a7%e5%ae%97%e5%95%86%e5%93%81%e8%b3%87%e7%94%a2%e6%96%bc%e7%b8%bd%e9%ab%94%e7%b6%93%e6%bf%9f%e6%83%85%e5%a2%83%e8%bd%89%e6%8f%9b%e4%b8%ad%e7%9a%84%e8%a7%92%e8%89%b2%e5%ae%9a%e4%bd%8d%e8%88%87","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=16472","title":{"rendered":"\u5927\u5b97\u5546\u54c1\u8cc7\u7522\u65bc\u7e3d\u9ad4\u7d93\u6fdf\u60c5\u5883\u8f49\u63db\u4e2d\u7684\u89d2\u8272\u5b9a\u4f4d\u8207\u914d\u7f6e\u6bd4\u4f8b\u7814\u7a76"},"content":{"rendered":"\n<p>\u9019\u7bc7\u6587\u7ae0\u7684\u8d77\u9ede\uff0c\u4f86\u81ea\u6cd5\u4eba\u5ba2\u6236\u6703\u8b70\u4e0a\u4e00\u500b\u53cd\u8986\u51fa\u73fe\u7684\u63d0\u554f\uff1a\u5546\u54c1\u5728\u6295\u7d44\u4e2d\uff0c\u61c9\u8a72\u914d\u7f6e\u591a\u5c11\uff1f<\/p>\n\n\n\n<p>\u904e\u53bb\u8207\u6821\u52d9\u57fa\u91d1\u3001\u9000\u4f11\u57fa\u91d1\u59d4\u54e1\u6703\u7684\u8a0e\u8ad6\u4e2d\uff0c\u9019\u500b\u554f\u984c\u7d93\u5e38\u4ee5\u6700\u7d42\u6578\u5b57\u7684\u5f62\u5f0f\u88ab\u62cb\u51fa\u2014\u20142%\u30015%\u3001\u9084\u662f\u66f4\u9ad8\u3002<\/p>\n\n\n\n<p>\u59d4\u54e1\u6703\u771f\u6b63\u9700\u8981\u7684\uff0c\u662f\u4e09\u5c64\u6e05\u695a\u7684\u601d\u8003\u57fa\u790e\uff1a\u5546\u54c1\u5728\u4ec0\u9ebc\u7e3d\u9ad4\u7d93\u6fdf\u60c5\u5883\u4e0b\u6703\u767c\u63ee\u4f5c\u7528\u3001\u9577\u671f\u6301\u6709\u5546\u54c1\u7684\u5831\u916c\u7a76\u7adf\u5f9e\u54ea\u88e1\u4f86\u3001\u4ee5\u53ca\u914d\u7f6e\u6bd4\u4f8b\u7684\u5be6\u8b49\u4f9d\u64da\u843d\u5728\u54ea\u500b\u5340\u9593\u3002<\/p>\n\n\n\n<p>\u9019\u4e09\u500b\u554f\u984c\u5f7c\u6b64\u74b0\u74b0\u76f8\u6263\u3002<\/p>\n\n\n\n<p>\u8ac7\u914d\u7f6e\u6bd4\u4f8b\u4e4b\u524d\uff0c\u5148\u78ba\u7acb\u5546\u54c1\u5728\u6295\u7d44\u4e2d\u7684\u89d2\u8272\uff1b\u8ac7\u89d2\u8272\u4e4b\u524d\uff0c\u5148\u7406\u89e3\u5546\u54c1\u5831\u916c\u7684\u9a45\u52d5\u6a5f\u5236\u5728\u4e0d\u540c\u60c5\u5883\u4e0b\u5982\u4f55\u8b8a\u5316\u3002<\/p>\n\n\n\n<p>\u9019\u7bc7\u6587\u7ae0\u4f9d\u7167\u9019\u500b\u9806\u5e8f\uff0c\u628a\u4e09\u5c64\u601d\u8003\u6574\u7406\u6210\u4e00\u4efd\u5b8c\u6574\u7684\u5be6\u8b49\u6846\u67b6\uff0c\u8b93\u59d4\u54e1\u6703\u5728\u9762\u5c0d\u914d\u7f6e\u6c7a\u7b56\u6642\uff0c\u80fd\u5920\u4f9d\u64da\u6578\u64da\u8207\u60c5\u5883\u6e2c\u8a66\u505a\u51fa\u5224\u65b7\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u6458\u8981<\/h3>\n\n\n\n<p>\u672c\u6587\u6aa2\u8996\u5546\u54c1\u8cc7\u7522\uff08Commodities\uff09\u5728\u4e0d\u540c\u7e3d\u9ad4\u7d93\u6fdf\u60c5\u5883\u4e0b\u7684\u5be6\u8b49\u8868\u73fe\uff0c\u4e26\u91dd\u5c0d\u6295\u7d44\u914d\u7f6e\u6bd4\u4f8b\u63d0\u51fa\u91cf\u5316\u6846\u67b6\u3002<\/p>\n\n\n\n<p>\u6838\u5fc3\u7d50\u8ad6\u6709\u4e09\u9ede\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u7b2c\u4e00\uff0c\u5546\u54c1\u7684\u8d85\u984d\u5831\u916c\u96c6\u4e2d\u5728\u901a\u81a8\u610f\u5916\u8d70\u9ad8\u7684\u5169\u500b\u60c5\u5883\u2014\u2014\u518d\u901a\u81a8\u8207\u505c\u6eef\u6027\u901a\u81a8\uff0c\u5b78\u8853\u6587\u737b\u986f\u793a\u975e\u9810\u671f\u901a\u81a8\u4e0a\u5347\u5e74\u4efd\u8207\u4e0b\u964d\u5e74\u4efd\u7684\u5546\u54c1\u671f\u8ca8\u8d85\u984d\u5831\u916c\u5dee\u8ddd\u53ef\u9054 30 \u500b\u767e\u5206\u9ede\u4ee5\u4e0a\u3002<\/li>\n\n\n\n<li>\u7b2c\u4e8c\uff0c\u5c55\u671f\u6536\u76ca\uff08Roll Yield\uff09\u8207\u9006\u50f9\u5dee\uff08Backwardation\uff09\u7d50\u69cb\u662f\u5546\u54c1\u9577\u671f\u5831\u916c\u7684\u95dc\u9375\u9a45\u52d5\u56e0\u5b50\u3002<\/li>\n\n\n\n<li>\u7b2c\u4e09\uff0c\u5168\u7403\u6a5f\u69cb\u76ee\u524d\u5c0d\u5546\u54c1\u7684\u5e73\u5747\u914d\u7f6e\u6bd4\u4f8b\u7d04 1.7%\uff0c\u5b78\u8853\u8207\u696d\u754c\u4f9d\u64da\u590f\u666e\u6bd4\u7387\u6e2c\u7b97\u7684\u6548\u7387\u5340\u9593\u843d\u5728 4%\u20139%\uff0c\u9019\u500b\u843d\u5dee\u986f\u793a\u591a\u6578\u6295\u7d44\u5c0d\u5546\u54c1\u7684\u914d\u7f6e\u4ecd\u6709\u63d0\u5347\u7a7a\u9593\u3002<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e00\u3001\u7e3d\u9ad4\u7d93\u6fdf\u8c61\u9650\u6846\u67b6\uff1a\u5546\u54c1\u7684\u512a\u52e2\u60c5\u5883<\/h3>\n\n\n\n<p>\u5206\u6790\u5546\u54c1\u8cc7\u7522\u8868\u73fe\u7684\u6a19\u6e96\u65b9\u6cd5\u63a1\u7528\u300c\u6210\u9577\u00d7\u901a\u81a8\u300d\u5169\u8ef8\u7684\u8c61\u9650\u6846\u67b6\uff0c\u5c07\u7e3d\u9ad4\u7d93\u6fdf\u74b0\u5883\u5283\u5206\u70ba\u56db\u7a2e\u60c5\u5883\uff1a\u518d\u901a\u81a8\uff08\u6210\u9577\u56de\u5347\uff0b\u901a\u81a8\u4e0a\u5347\uff09\u3001\u904e\u71b1\uff08\u6210\u9577\u5f37\u52c1\uff0b\u901a\u81a8\u964d\u6eab\uff09\u3001\u53bb\u901a\u81a8\uff08\u6210\u9577\u653e\u7de9\uff0b\u901a\u81a8\u964d\u6eab\uff09\uff0c\u4ee5\u53ca\u505c\u6eef\u6027\u901a\u81a8\uff08\u6210\u9577\u653e\u7de9\uff0b\u901a\u81a8\u4e0a\u5347\uff09\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u8c61\u9650<\/th><th>\u689d\u4ef6<\/th><th>\u8868\u73fe\u6700\u4f73\u8cc7\u7522<\/th><\/tr><\/thead><tbody><tr><td>\u904e\u71b1<\/td><td>\u6210\u9577\u5f37\u52c1\uff0b\u901a\u81a8\u964d\u6eab<\/td><td>\u80a1\u7968\uff0f\u9ad8\u6536\u76ca\u4fe1\u7528<\/td><\/tr><tr><td>\u518d\u901a\u81a8<\/td><td>\u6210\u9577\u56de\u5347\uff0b\u901a\u81a8\u4e0a\u5347<\/td><td>\u5546\u54c1\uff0f\u80fd\u6e90\uff0f\u539f\u7269\u6599\u8ca8\u5e63<\/td><\/tr><tr><td>\u53bb\u901a\u81a8<\/td><td>\u6210\u9577\u653e\u7de9\uff0b\u901a\u81a8\u964d\u6eab<\/td><td>\u516c\u50b5\uff0f\u5b58\u7e8c\u671f\u8cc7\u7522<\/td><\/tr><tr><td>\u505c\u6eef\u6027\u901a\u81a8<\/td><td>\u6210\u9577\u653e\u7de9\uff0b\u901a\u81a8\u4e0a\u5347<\/td><td>\u5546\u54c1\uff0f\u5be6\u8cea\u8cc7\u7522\uff0f\u9ec3\u91d1<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u5546\u54c1\u662f\u901a\u81a8\u7684\u76f4\u63a5\u6295\u5165\u54c1\uff0c\u73fe\u8ca8\u50f9\u683c\u8207\u975e\u9810\u671f\u901a\u81a8\u7684\u76f8\u95dc\u6027\u5728\u4e3b\u8981\u8cc7\u7522\u985e\u5225\u4e2d\u6700\u9ad8\u3002Bloomberg \u65bc 2026 \u5e74\u5546\u54c1\u5c55\u671b\u5831\u544a\u6307\u51fa\uff0c\u901a\u81a8\u7dad\u6301\u5728\u8f03\u904e\u53bb\u5341\u4e94\u5e74\u70ba\u9ad8\u7684\u6c34\u6e96\uff0c\u82e5\u6210\u9577\u540c\u6642\u8d70\u5f31\uff0c\u5c07\u91cd\u73fe\u985e\u4f3c 1970 \u5e74\u4ee3\u7684\u505c\u6eef\u6027\u901a\u81a8\u74b0\u5883\uff0c\u5546\u54c1\u5728\u904e\u53bb\u6b77\u6b21\u6b64\u985e\u60c5\u5883\u4e2d\u90fd\u53d6\u5f97\u512a\u65bc\u5176\u4ed6\u8cc7\u7522\u7684\u8868\u73fe\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e8c\u3001\u5be6\u8b49\u6578\u64da\uff1a\u901a\u81a8\u60c5\u5883\u5982\u4f55\u6c7a\u5b9a\u5546\u54c1\u5831\u916c<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">2.1 \u975e\u9810\u671f\u901a\u81a8\u65b9\u5411\u7684\u6c7a\u5b9a\u6027\u5f71\u97ff<\/h4>\n\n\n\n<p>Gorton\u3001Hayashi \u8207 Rouwenhorst \u5728 NBER \u5de5\u4f5c\u8ad6\u6587\u4e2d\uff0c\u91dd\u5c0d 1982 \u5e74\u81f3 2003 \u5e74\u7684\u6a23\u672c\u671f\u9593\u5206\u6790 S&amp;P GSCI \u5546\u54c1\u671f\u8ca8\u8d85\u984d\u5831\u916c\u8207\u975e\u9810\u671f\u901a\u81a8\u8b8a\u5316\u7684\u95dc\u4fc2\uff1a<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u60c5\u5883<\/th><th>GSCI \u5e74\u5316\u8d85\u984d\u5831\u916c<\/th><\/tr><\/thead><tbody><tr><td>\u975e\u9810\u671f\u901a\u81a8\u4e0a\u5347\u5e74\u4efd<\/td><td><strong>+24.5%<\/strong><\/td><\/tr><tr><td>\u975e\u9810\u671f\u901a\u81a8\u4e0b\u964d\u5e74\u4efd<\/td><td><strong>-8.4%<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u9019\u500b\u8d85\u904e 30 \u500b\u767e\u5206\u9ede\u7684\u5831\u916c\u5dee\u8ddd\uff0c\u5177\u9ad4\u91cf\u5316\u4e86\u901a\u81a8\u60c5\u5883\u5c0d\u5546\u54c1\u8cc7\u7522\u5831\u916c\u65b9\u5411\u7684\u6c7a\u5b9a\u6027\u5f71\u97ff\u3002justETF \u7814\u7a76\u6574\u7406 AQR \u5546\u54c1\u671f\u8ca8\u6307\u6578\u6578\u64da\u9032\u4e00\u6b65\u986f\u793a\uff0c\u5ee3\u6cdb\u5546\u54c1\u7c43\u5b50\u5728\u975e\u9810\u671f\u901a\u81a8\u610f\u5916\u8d70\u9ad8\u7684\u5b63\u5ea6\u4e2d\uff0c\u5e73\u5747\u5b63\u5831\u916c\u7387\u9054 3.93%\uff0c\u5370\u8b49\u5546\u54c1\u4f5c\u70ba\u901a\u81a8\u5c0d\u6c96\u5de5\u5177\u7684\u77ed\u9031\u671f\u53cd\u61c9\u901f\u5ea6\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">2.2 2022 \u5e74\u505c\u6eef\u6027\u901a\u81a8\u885d\u64ca\uff1a\u500b\u6848\u6aa2\u8996<\/h4>\n\n\n\n<p>Lazard Asset Management \u65bc 2024 \u5e74\u767c\u5e03\u7684\u7814\u7a76\u6307\u51fa\uff0c2022 \u5e74\u7f8e\u570b\u901a\u81a8\u5347\u81f3 40 \u5e74\u9ad8\u9ede\u3001\u5229\u7387\u5927\u5e45\u4e0a\u5347\uff0cBloomberg \u5546\u54c1\u6307\u6578\uff08BCOM\uff09\u5168\u5e74\u4e0a\u6f32\u903e 16%\uff0c\u540c\u671f\u80a1\u7968\u8207\u50b5\u5238\u5e02\u5834\u540c\u6b65\u4e0b\u8dcc\u3002\u5546\u54c1\u662f\u7576\u5e74\u5c11\u6578\u7dad\u6301\u6b63\u5831\u916c\u7684\u4e3b\u8981\u8cc7\u7522\u985e\u5225\uff0c\u9a57\u8b49\u4e86\u5546\u54c1\u8207\u80a1\u50b5\u7684\u4f4e\u76f8\u95dc\u6027\u7279\u8cea\u5728\u901a\u81a8\u885d\u64ca\u60c5\u5883\u4e2d\u7684\u5206\u6563\u50f9\u503c\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">2.3 \u6a5f\u69cb\u6295\u7d44\u7684\u5be6\u969b\u907f\u9707\u6548\u679c\uff1aDuke \u5927\u5b78\u6821\u52d9\u57fa\u91d1\u6848\u4f8b<\/h4>\n\n\n\n<p>CAIA \u65bc 2026 \u5e74\u767c\u5e03\u7684\u7f8e\u570b\u524d 17 \u5927\u6821\u52d9\u57fa\u91d1\u7814\u7a76\uff0c\u900f\u904e APT \u56e0\u5b50\u6a21\u578b\u56de\u6e2c\u5404\u6821\u52d9\u57fa\u91d1\u5728\u505c\u6eef\u6027\u901a\u81a8\u58d3\u529b\u60c5\u5883\u4e0b\u7684\u6f5b\u5728\u640d\u5931\uff1a<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6a5f\u69cb<\/th><th>\u5546\u54c1\u56e0\u5b50\u914d\u7f6e<\/th><th>\u505c\u6eef\u6027\u901a\u81a8\u60c5\u5883\u6f5b\u5728\u640d\u5931<\/th><\/tr><\/thead><tbody><tr><td>Duke \u5927\u5b78\u6821\u52d9\u57fa\u91d1<\/td><td>11.7%\uff08\u6a23\u672c\u4e2d\u6700\u9ad8\uff09<\/td><td>-4.3%<\/td><\/tr><tr><td>Notre Dame \u5927\u5b78\u6821\u52d9\u57fa\u91d1<\/td><td>\u6975\u4f4e\uff0c\u80a1\u7968\u56e0\u5b50\u66dd\u96aa 96%<\/td><td>-18.1%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u9019\u500b\u6848\u4f8b\u5177\u9ad4\u5c55\u793a\u5546\u54c1\u914d\u7f6e\u6bd4\u4f8b\u7684\u5dee\u7570\uff0c\u5728\u771f\u5be6\u58d3\u529b\u60c5\u5883\u4e2d\u6703\u8f49\u5316\u70ba\u986f\u8457\u7684\u640d\u5931\u5dee\u8ddd\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e09\u3001\u5c55\u671f\u6536\u76ca\u6a5f\u5236\uff1a\u9577\u671f\u6301\u6709\u7684\u5831\u916c\u4f86\u6e90\u5206\u89e3<\/h3>\n\n\n\n<p>\u5546\u54c1\u671f\u8ca8\u7684\u9577\u671f\u7e3d\u5831\u916c\u62c6\u89e3\u70ba\u4e09\u500b\u90e8\u5206\uff1a<strong>\u73fe\u8ca8\u5831\u916c<\/strong>\uff08Spot Return\uff09\u3001<strong>\u5c55\u671f\u6536\u76ca<\/strong>\uff08Roll Yield\uff09\u8207<strong>\u62b5\u62bc\u54c1\u6536\u76ca<\/strong>\uff08Collateral Yield\uff09\u3002\u9019\u500b\u5206\u89e3\u6846\u67b6\u662f\u8a55\u4f30\u9577\u671f\u6301\u6709\u9069\u5408\u5ea6\u7684\u6838\u5fc3\u5de5\u5177\uff0c\u4e09\u500b\u90e8\u5206\u5404\u81ea\u6709\u7368\u7acb\u7684\u9a45\u52d5\u908f\u8f2f\u3002<\/p>\n\n\n\n<p>\u73fe\u8ca8\u5831\u916c\u53cd\u6620\u5546\u54c1\u672c\u8eab\u7684\u50f9\u683c\u6f32\u8dcc\uff0c\u5b78\u8853\u6587\u737b\u5c0d\u5546\u54c1\u73fe\u8ca8\u7684\u9577\u671f\u5be6\u8cea\u5831\u916c\u4e2d\u6a1e\u4f30\u8a08\u504f\u4f4e\uff0c\u9060\u4e0d\u53ca\u80a1\u7968\u7684\u6b0a\u76ca\u98a8\u96aa\u6ea2\u916c\u3002<\/p>\n\n\n\n<p>\u5c55\u671f\u6536\u76ca\u53d6\u6c7a\u65bc\u671f\u8ca8\u66f2\u7dda\u7684\u5f62\u72c0\uff1a\u66f2\u7dda\u5448\u73fe\u9006\u50f9\u5dee\u6642\uff0c\u5c55\u671f\u81f3\u65b0\u5408\u7d04\u80fd\u5be6\u73fe\u6b63\u6536\u76ca\uff1b\u66f2\u7dda\u5448\u73fe\u6b63\u50f9\u5dee\u6642\uff0c\u5c55\u671f\u6703\u4fb5\u8755\u5831\u916c\u3002<\/p>\n\n\n\n<p>\u300cRoll Select\u300d\u65b9\u6cd5\u8ad6\u7684\u6838\u5fc3\u64cd\u4f5c\uff0c\u662f\u5728\u6574\u689d\u671f\u8ca8\u66f2\u7dda\u4e0a\u7cfb\u7d71\u6027\u9078\u64c7\u5c55\u671f\u640d\u8017\u6700\u5c0f\u3001\u9006\u50f9\u5dee\u5e45\u5ea6\u6700\u5927\u7684\u5408\u7d04\u9032\u884c\u5c55\u671f\uff0c\u85c9\u6b64\u6539\u5584\u9577\u671f\u5c55\u671f\u6536\u76ca\u7684\u54c1\u8cea\u3002<\/p>\n\n\n\n<p>\u62b5\u62bc\u54c1\u6536\u76ca\u662f\u5546\u54c1\u671f\u8ca8\u90e8\u4f4d\u80cc\u5f8c\u914d\u7f6e\u7684\u77ed\u5929\u671f\u516c\u50b5\u5229\u606f\uff0c\u5728\u76ee\u524d\u653f\u7b56\u5229\u7387\u504f\u9ad8\u7684\u74b0\u5883\u4e0b\uff0c\u9019\u90e8\u5206\u6536\u76ca\u5c0d\u7e3d\u5831\u916c\u7684\u8ca2\u737b\u76f8\u7576\u53ef\u89c0\u3002<\/p>\n\n\n\n<p>\u4e09\u500b\u5831\u916c\u4f86\u6e90\u7684\u76f8\u5c0d\u91cd\u8981\u6027\u6703\u96a8\u5229\u7387\u74b0\u5883\u8207\u5546\u54c1\u66f2\u7dda\u7d50\u69cb\u8b8a\u52d5\u3002\u76ee\u524d\u5229\u7387\u504f\u9ad8\u3001\u90e8\u5206\u5546\u54c1\u985e\u5225\u5448\u73fe\u9006\u50f9\u5dee\u7684\u74b0\u5883\uff0c\u70ba\u5c55\u671f\u6536\u76ca\u8207\u62b5\u62bc\u54c1\u6536\u76ca\u63d0\u4f9b\u4e86\u6709\u5229\u7684\u5831\u916c\u57fa\u790e\u3002\u5546\u54c1\u7684\u9577\u671f\u914d\u7f6e\u50f9\u503c\u9700\u8981\u7d50\u5408\u7576\u524d\u5229\u7387\u8207\u66f2\u7dda\u7d50\u69cb\u7684\u5177\u9ad4\u689d\u4ef6\u52d5\u614b\u8a55\u4f30\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u56db\u3001\u6a5f\u69cb\u914d\u7f6e\u6bd4\u4f8b\u7684\u5be6\u8b49\u5340\u9593<\/h3>\n\n\n\n<p>\u78ba\u7acb\u5546\u54c1\u8cc7\u7522\u7684\u89d2\u8272\u5b9a\u4f4d\u2014\u2014\u901a\u81a8\u60c5\u5883\u4e0b\u7684\u5206\u6563\u8207\u907f\u9707\u5de5\u5177\u2014\u2014\u4e4b\u5f8c\uff0c\u95dc\u9375\u554f\u984c\u8f49\u70ba\u914d\u7f6e\u6bd4\u4f8b\u61c9\u8a72\u843d\u5728\u54ea\u500b\u5340\u9593\u3002\u4e09\u7d44\u7368\u7acb\u6578\u64da\u53ef\u4ee5\u4ea4\u53c9\u6aa2\u8996\uff1a<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u8cc7\u6599\u4f86\u6e90<\/th><th>\u7d71\u8a08\u5c0d\u8c61<\/th><th>\u914d\u7f6e\u6bd4\u4f8b<\/th><\/tr><\/thead><tbody><tr><td>Lazard Asset Management (2024)<\/td><td>\u5168\u7403\u6a5f\u69cb\u6295\u8cc7\u4eba\u5e73\u5747\u5be6\u969b\u914d\u7f6e\uff08\u622a\u81f3 2024 \u5e74 1 \u6708\uff09<\/td><td>1.7%<\/td><\/tr><tr><td>Bloomberg \u6548\u7387\u524d\u7de3\u5206\u6790\uff08\u5f15\u81ea Lazard, 2024\uff09<\/td><td>\u4f9d\u64da 2003\u20132024 \u5e74\u590f\u666e\u6bd4\u7387\u8207\u98a8\u96aa\u7279\u6027\u6e2c\u7b97\u4e4b\u7406\u60f3\u5340\u9593<\/td><td>4%\u20139%<\/td><\/tr><tr><td>CAIA US Endowment Study (2026)<\/td><td>Duke \u5927\u5b78\u6821\u52d9\u57fa\u91d1\u5546\u54c1\u56e0\u5b50\u914d\u7f6e<\/td><td>11.7%<\/td><\/tr><tr><td>CFA Institute \u6a5f\u69cb\u6295\u7d44\u7ba1\u7406\u6846\u67b6<\/td><td>\u5927\u578b\u6821\u52d9\u57fa\u91d1\u70ba\u9054\u6210\u7d04 5% \u5be6\u8cea\u5831\u916c\u76ee\u6a19\u6240\u9700\u4e4b\u5be6\u8cea\u8cc7\u7522\u914d\u7f6e\u50be\u5411<\/td><td>\u986f\u8457\u914d\u7f6e<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u5168\u7403\u6a5f\u69cb\u7684\u5be6\u969b\u5e73\u5747\u914d\u7f6e\uff081.7%\uff09\u4f4e\u65bc\u5b78\u8853\u8207\u696d\u754c\u6e2c\u7b97\u7684\u6548\u7387\u5340\u9593\u4e0b\u7de3\uff084%\uff09\uff0c\u986f\u793a\u591a\u6578\u6295\u7d44\u5c0d\u5546\u54c1\u8cc7\u7522\u7684\u914d\u7f6e\u5b58\u5728\u63d0\u5347\u7a7a\u9593\u3002\u5546\u54c1\u8cc7\u7522\u4e0d\u7522\u751f\u73fe\u91d1\u6d41\u3001\u4f30\u503c\u65b9\u6cd5\u8207\u80a1\u50b5\u8cc7\u7522\u4e0d\u540c\u3001\u90e8\u5206\u6a5f\u69cb\u7684\u6295\u8cc7\u653f\u7b56\u66f8\u5c0d\u53e6\u985e\u8cc7\u7522\u8a2d\u6709\u4e0a\u9650\uff0c\u9019\u4e9b\u56e0\u7d20\u5171\u540c\u58d3\u6291\u4e86\u5be6\u969b\u914d\u7f6e\u6bd4\u4f8b\u5411\u7406\u8ad6\u6548\u7387\u503c\u9760\u650f\u7684\u901f\u5ea6\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e94\u3001\u7d50\u8ad6\u8207\u61c9\u7528\u5efa\u8b70<\/h3>\n\n\n\n<p>\u5546\u54c1\u8cc7\u7522\u7684\u914d\u7f6e\u6c7a\u7b56\u5efa\u7acb\u5728\u660e\u78ba\u7684\u89d2\u8272\u5b9a\u4f4d\u4e4b\u4e0a\uff0c\u9019\u500b\u5b9a\u4f4d\u512a\u5148\u65bc\u55ae\u4e00\u76ee\u6a19\u5831\u916c\u6578\u5b57\u7684\u8a0e\u8ad6\u3002<\/p>\n\n\n\n<p><strong>5.1 \u89d2\u8272\u5b9a\u4f4d\u512a\u5148\u65bc\u5831\u916c\u9810\u671f<\/strong><\/p>\n\n\n\n<p>\u5546\u54c1\u5728\u6295\u7d44\u4e2d\u7684\u6838\u5fc3\u50f9\u503c\u662f\u901a\u81a8\u610f\u5916\u60c5\u5883\u4e0b\u7684\u5206\u6563\u8207\u907f\u9707\u80fd\u529b\uff0c\u9019\u500b\u89d2\u8272\u5b9a\u4f4d\u61c9\u8a72\u5beb\u5165\u6295\u8cc7\u653f\u7b56\u66f8\uff08IPS\uff09\uff0c\u4f5c\u70ba\u914d\u7f6e\u6bd4\u4f8b\u6c7a\u7b56\u7684\u8d77\u9ede\u30022% \u5de6\u53f3\u7684\u914d\u7f6e\u6bd4\u4f8b\u843d\u5728\u5168\u7403\u6a5f\u69cb\u5e73\u5747\u503c\u9644\u8fd1\uff0c\u662f\u7ad9\u5f97\u4f4f\u8173\u7684\u8d77\u59cb\u90e8\u4f4d\uff1b\u82e5\u5546\u54c1\u88ab\u8ce6\u4e88\u660e\u78ba\u7684\u901a\u81a8\u4fdd\u96aa\u529f\u80fd\uff0c\u5be6\u8b49\u6578\u64da\u652f\u6301\u5c07\u914d\u7f6e\u6bd4\u4f8b\u63d0\u5347\u81f3 4%\u20139% \u7684\u6548\u7387\u5340\u9593\uff0cDuke \u6848\u4f8b\u986f\u793a\u96d9\u4f4d\u6578\u914d\u7f6e\u80fd\u5728\u771f\u5be6\u58d3\u529b\u60c5\u5883\u4e2d\u767c\u63ee\u6709\u611f\u7684\u907f\u9707\u6548\u679c\u3002<\/p>\n\n\n\n<p><strong>5.2 \u60c5\u5883\u6e2c\u8a66\u652f\u6301\u914d\u7f6e\u6c7a\u7b56<\/strong><\/p>\n\n\n\n<p>\u5efa\u8b70\u5728\u6cd5\u4eba\u59d4\u54e1\u6703\u7c21\u5831\u4e2d\uff0c\u91dd\u5c0d\u4e0d\u540c\u914d\u7f6e\u6bd4\u4f8b\uff08\u5982 2%\u30015%\u30018%\uff09\u9032\u884c\u505c\u6eef\u6027\u901a\u81a8\u60c5\u5883\u7684\u6b77\u53f2\u56de\u6e2c\u8207\u58d3\u529b\u6e2c\u8a66\uff0c\u6bd4\u8f03\u5404\u60c5\u5883\u4e0b\u6295\u7d44\u6574\u9ad4\u640d\u5931\u7684\u5dee\u7570\uff0c\u8b93\u59d4\u54e1\u6703\u57fa\u65bc\u91cf\u5316\u60c5\u5883\u6bd4\u8f03\u505a\u51fa\u53d6\u6368\u6c7a\u7b56\u3002<\/p>\n\n\n\n<p><strong>5.3 \u5de5\u5177\u9078\u64c7\u7d0d\u5165\u65b9\u6cd5\u8ad6\u54c1\u8cea<\/strong><\/p>\n\n\n\n<p>\u5c55\u671f\u65b9\u6cd5\u8ad6\u7684\u54c1\u8cea\u76f4\u63a5\u5f71\u97ff\u9577\u671f\u6301\u6709\u7684\u5831\u916c\u7d50\u679c\u3002\u63a1\u7528\u5f37\u5316\u5f0f\u5c55\u671f\u9078\u64c7\u6a5f\u5236\u7684\u5546\u54c1\u6307\u6578\u57fa\u91d1\uff0c\u9577\u671f\u80fd\u66f4\u6709\u6548\u964d\u4f4e\u6b63\u50f9\u5dee\u74b0\u5883\u5c0d\u5831\u916c\u7684\u4fb5\u8755\uff0c\u9019\u662f\u8a55\u4f30\u5546\u54c1\u914d\u7f6e\u5de5\u5177\u6642\uff0c\u8207\u8cbb\u7528\u7387\u540c\u7b49\u91cd\u8981\u7684\u8003\u91cf\u9762\u5411\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u7d50\u8a9e<\/h3>\n\n\n\n<p>\u963f\u723e\u767c\u5728 OCIO \u670d\u52d9\u4e2d\uff0c\u9577\u671f\u70ba\u6821\u52d9\u57fa\u91d1\u8207\u9000\u4f11\u57fa\u91d1\u7b49\u6a5f\u69cb\u5ba2\u6236\u8655\u7406\u9019\u985e\u914d\u7f6e\u6c7a\u7b56\u3002\u6bcf\u4e00\u9805\u8cc7\u7522\u985e\u5225\u7684\u914d\u7f6e\u5efa\u8b70\uff0c\u90fd\u5efa\u7acb\u5728\u60c5\u5883\u5206\u6790\u8207\u5be6\u8b49\u56de\u6e2c\u4e4b\u4e0a\uff0c\u4e26\u4e14\u91dd\u5c0d\u4e0d\u540c\u914d\u7f6e\u6bd4\u4f8b\u505a\u58d3\u529b\u6e2c\u8a66\uff0c\u8b93\u59d4\u54e1\u6703\u6e05\u695a\u770b\u5230\u6bcf\u500b\u9078\u64c7\u5728\u771f\u5be6\u60c5\u5883\u4e0b\u7684\u640d\u76ca\u7d50\u679c\u3002<\/p>\n\n\n\n<p>\u9019\u500b\u65b9\u6cd5\u8b93\u6bcf\u4e00\u9805\u914d\u7f6e\u5efa\u8b70\u90fd\u80fd\u6e05\u695a\u8aaa\u660e\u80cc\u5f8c\u7684\u4f9d\u64da\uff0c\u4e5f\u7d93\u5f97\u8d77\u59d4\u54e1\u6703\u7684\u6df1\u5165\u8cea\u8a62\u8207\u60c5\u5883\u6e2c\u8a66\u8981\u6c42\u3002\u9019\u662f\u963f\u723e\u767c\u7ba1\u7406\u6a5f\u69cb\u8cc7\u7522\u6642\u4e00\u8cab\u5805\u6301\u7684\u505a\u6cd5\uff1a\u7528\u6578\u64da\u8207\u60c5\u5883\u6e2c\u8a66\u652f\u6301\u6bcf\u4e00\u500b\u914d\u7f6e\u6bd4\u4f8b\u7684\u9078\u64c7\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u53c3\u8003\u6587\u737b<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bloomberg Professional Services. (2026). <em>Indices 2026 outlook: Commodities<\/em>. Bloomberg.<\/li>\n\n\n\n<li>CAIA Association. (2026). <em>US Endowment Study: Top 17 Funds Asset Allocation, Risk, and Risk-Adjusted Returns<\/em>. Portfolio for the Future.<\/li>\n\n\n\n<li>CFA Institute. (2026). <em>Portfolio Management for Institutional Investors<\/em>. CFA Program Curriculum Refresher Readings.<\/li>\n\n\n\n<li>Gorton, G., Hayashi, F., &amp; Rouwenhorst, K. G. (2005). <em>Facts and Fantasies about Commodity Futures<\/em> (NBER Working Paper No. 11222). National Bureau of Economic Research.<\/li>\n\n\n\n<li>justETF Research. (2023). <em>Commodities and Inflation<\/em>. justETF Academy.<\/li>\n\n\n\n<li>Lazard Asset Management. (2024). <em>Why Commodities? A Forgotten Asset Class Deserving of a Strategic Allocation<\/em>.<\/li>\n\n\n\n<li>S&amp;P Dow Jones Indices. (2024). <em>A Historical Perspective on Factor Index Performance Across Macroeconomic Cycles<\/em>.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u9019\u7bc7\u6587\u7ae0\u7684\u8d77\u9ede\uff0c\u4f86\u81ea\u6cd5\u4eba\u5ba2\u6236\u6703\u8b70\u4e0a\u4e00\u500b\u53cd\u8986\u51fa\u73fe\u7684\u63d0\u554f\uff1a\u5546\u54c1\u5728\u6295\u7d44\u4e2d\uff0c\u61c9\u8a72\u914d\u7f6e\u591a\u5c11\uff1f \u904e\u53bb\u8207\u6821\u52d9\u57fa\u91d1\u3001\u9000\u4f11\u57fa\u91d1\u59d4 [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":16474,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[559],"tags":[],"class_list":["post-16472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-559"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/16472","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=16472"}],"version-history":[{"count":2,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/16472\/revisions"}],"predecessor-version":[{"id":16475,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/16472\/revisions\/16475"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/media\/16474"}],"wp:attachment":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}