{"id":251284,"date":"2021-09-06T06:41:13","date_gmt":"2021-09-05T22:41:13","guid":{"rendered":"\/\/m.catawbaoil.com\/251284.html"},"modified":"2021-09-06T06:41:13","modified_gmt":"2021-09-05T22:41:13","slug":"%e9%82%b5%e5%ae%87-%e9%99%88%e8%be%be%e9%a3%9e%ef%bc%9a%e7%be%8e%e8%81%94%e5%82%a8%e9%80%80%e5%87%ba%e9%87%8f%e5%8c%96%e5%ae%bd%e6%9d%be%e5%80%92%e8%ae%a1%e6%97%b6%ef%bc%8c%e6%8a%95%e8%b5%84%e8%80%85","status":"publish","type":"post","link":"\/\/m.catawbaoil.com\/251284.html","title":{"rendered":"\u90b5\u5b87 \u9648\u8fbe\u98de\uff1a\u7f8e\u8054\u50a8\u9000\u51fa\u91cf\u5316\u5bbd\u677e\u5012\u8ba1\u65f6\uff0c\u6295\u8d44\u8005\u9700\u505a\u597d\u201c\u9632\u649e\u51fb\u201d\u51c6\u5907"},"content":{"rendered":"
\n

\u7f8e\u8054\u50a8\u975e\u5e38\u89c4\u8d27\u5e01\u653f\u7b56\u9000\u51fa\uff0c\u5c06\u6210\u4e3a\u672a\u6765\u4e00\u6bb5\u65f6\u95f4\u5168\u7403\u5b8f\u89c2\u5206\u6790\u4e2d\u7684\u91cd\u8981\u4e8b\u4ef6\uff0c\u5bf9\u5229\u7387\u53ca\u5176\u671f\u9650\u7ed3\u6784\u3001\u5229\u5dee\u8d70\u52bf\u3001\u6743\u76ca\u5e02\u573a\u3001\u7f8e\u5143\u548c\u5927\u5b97\u5546\u54c1\u4ef7\u683c\u90fd\u6709\u91cd\u8981\u5f71\u54cd<\/strong><\/span><\/span> <\/p>\n

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\u6587<\/strong><\/span> | <\/strong><\/span>\u90b5\u5b87<\/strong><\/span> <\/span>\u9648\u8fbe\u98de<\/strong>\uff08\u90b5\u5b87\u4e3a\u4e1c\u65b9\u8bc1\u5238\u9996\u5e2d\u7ecf\u6d4e\u5b66\u5bb6\u3001\u603b\u88c1\u52a9\u7406\uff0c\u4e2d\u56fd\u9996\u5e2d\u7ecf\u6d4e\u5b66\u5bb6\u8bba\u575b\u7406\u4e8b<\/strong>\uff1b\u9648\u8fbe\u98de\u4e3a\u4e1c\u65b9\u8bc1\u5238\u5b8f\u89c2\u7814\u7a76\u5458\uff0c\u8d22\u5bcc\u7814\u7a76\u4e2d\u5fc3\u4e3b\u7ba1\uff09<\/strong><\/span><\/strong><\/span><\/span> <\/p>\n

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\u5317\u4eac\u65f6\u95f4<\/span>7<\/span>\u6708<\/span>8<\/span>\u65e5\u51cc\u6668\uff0c\u8d27\u5e01\u653f\u7b56\u516c\u5f00\u59d4\u5458\u4f1a\uff08<\/span>FOMC<\/span>\uff09\u516c\u5e03\u4e86<\/span>6<\/span>\u6708\u4f1a\u8bae\u7eaa\u8981\u3002\u7531\u4e8e\u7ecf\u6d4e\u8d85\u9884\u671f\u590d\u82cf\uff0c\u901a\u80c0\u4e5f\u5927\u5e45\u8d85\u9884\u671f\uff0c\u90e8\u5206\u5b98\u5458\u8ba4\u4e3a\uff0c\u7f29\u51cf\u8d44\u4ea7\u8d2d\u4e70\uff08<\/span>Taper<\/span>\uff09\u7684\u65f6\u95f4\u8981\u6bd4\u9884\u671f\u4e2d\u66f4\u65e9\u4e00\u4e9b\u3002\u7ebd\u7ea6\u8054\u50a8\u516c\u5e03\u7684\u5e02\u573a\u53c2\u4e0e\u8005\u8c03\u67e5\uff08<\/span>Survey of Market Participants<\/span>\uff09\u7684\u4e2d\u503c\u9884\u671f\u662f\uff0c<\/span>Taper<\/span>\u5c06\u59cb\u4e8e<\/span>2022<\/span>\u5e74\u4e00\u5b63\u5ea6\uff0c\u7b2c\u4e00\u6b21\u52a0\u606f\u4f4d\u4e8e<\/span>2023<\/span>\u5e74\u4e09\u5b63\u5ea6\uff08\u56fe<\/span>1<\/span>\uff09\u3002<\/span><\/span> <\/p>\n

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\u56fe<\/span>1<\/span>\uff1a\u7f8e\u8054\u50a8\u8d27\u5e01\u653f\u7b56\u6b63\u5e38\u5316\u7684\u65f6\u95f4\u8868\uff08\u9884\u671f\uff09<\/span><\/span> <\/p>\n

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\"\u90b5\u5b87 <\/p>\n

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\u6570\u636e\uff1a\u7f8e\u8054\u50a8\uff0c<\/span>CEIC<\/span>\uff0c\u4e1c\u65b9\u8bc1\u5238\u8d22\u5bcc\u7814\u7a76<\/span><\/span> <\/p>\n

\u8bf4\u660e\uff1a\u201c\u5206\u6d41\u201d\u6307\u7f8e\u8054\u50a8\u7528\u5176\u4ed6\u4e3b\u52a8\u8d1f\u503a\u5de5\u5177\u201c\u51bb\u7ed3\u201d\u51c6\u5907\u91d1\uff0c\u4f8b\u5982\u9006\u56de\u8d2d\uff08<\/span>RRP<\/span>\uff09\u6216\u5b9a\u671f\u5b58\u6b3e\u4fbf\u5229\uff08<\/span>TDF<\/span>\uff09\u3002<\/span><\/span> <\/p>\n

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\u975e\u5e38\u89c4\u8d27\u5e01\u653f\u7b56\u7684\u6b63\u5e38\u5316\u6709\u5176\u5185\u5728\u7684\u89c4\u5f8b\u548c\u903b\u8f91\u3002\u4ee5<\/span>QE<\/span>\u4e3a\u4ee3\u8868\u7684\u975e\u5e38\u89c4\u8d27\u5e01\u653f\u7b56\u7684\u4f7f\u7528\u53ca\u9000\u51fa\u5bfc\u81f4\u592e\u884c\u8d44\u4ea7\u8d1f\u503a\u8868\u7ecf\u5386\u56db\u4e2a\u9636\u6bb5\u7684\u6f14\u53d8\uff1a\u6269\u5f20\u3001\u518d\u6295\u8d44\u3001\u6b63\u5e38\u5316\uff08\u7f29\u8868\uff09\u3001\u5185\u751f\u589e\u957f\uff08\u6216\u6709\u673a\u589e\u957f\uff0c<\/span>organic growth<\/span>\uff09\u3002\u6839\u636e\u7406\u8bba\u5206\u6790\u548c\u5386\u53f2\u7ecf\u9a8c\uff0c\u52a0\u606f\u4e00\u822c\u88ab\u653e\u5728\u7b2c\u4e8c\u4e2a\u9636\u6bb5\u3002\u5386\u53f2\u4e0a\uff0c<\/span>QE3<\/span>\u7ed3\u675f\u65f6<\/span>,<\/span>\u7f8e\u8054\u50a8\u627f\u8bfa\u5c06\u5bf9\u56fd\u503a\u548c<\/span>MBS<\/span>\u7684\u5230\u671f\u672c\u91d1\u8fdb\u884c\u518d\u6295\u8d44<\/span>,<\/span>\u76f4\u5230\u8054\u90a6\u57fa\u91d1\u5229\u7387\u8fbe\u5230\u6b63\u5e38\u6c34\u5e73\uff0c\u800c\u7f29\u8868\u4e00\u822c\u5f00\u59cb\u4e8e\u52a0\u606f\u8fdb\u7a0b\u7684\u4e2d\u6bb5\uff08\u56fe<\/span>1<\/span>\uff09\u3002<\/span><\/span> <\/p>\n

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\u6211\u4eec\u9884\u8ba1\uff0c\u5982\u679c\u7f8e\u8054\u50a8\u5c06\u5728\u4e09\u5b63\u5ea6\u53d1\u51fa\u660e\u786e\u7684<\/span>Taper<\/span>\u4fe1\u53f7\uff0c\u5e76\u5236\u5b9a\u76f8\u5e94\u7684\u8ba1\u5212\uff0c\u6700\u65e9\u6216\u4e8e\u56db\u5b63\u5ea6\u6b63\u5f0f\u542f\u52a8<\/span>Taper<\/span>\u3002\u8fd9\u4e00\u6b21\u8d27\u5e01\u653f\u7b56\u6b63\u5e38\u5316\u662f\u201c\u6025\u5239\u8f66\u201d\uff0c\u7559\u7ed9\u5e02\u573a\u7f13\u51b2\u7684\u65f6\u95f4\u5927\u5e45\u538b\u7f29\uff0c\u6295\u8d44\u8005\u4e5f\u5fc5\u987b\u505a\u597d\u201c\u9632\u649e\u51fb\u201d\u7684\u51c6\u5907\u3002\u5f53\u7136\uff0c\u7f8e\u8054\u50a8\u5e76\u975e\u6ca1\u6709\u817e\u632a\u7a7a\u95f4\u3002\u51c6\u5907\u91d1\u89c4\u6a21\u662f\u5173\u952e\u3002\u52a0\u606f\u8981\u6c42\u51cf\u5c11\u51c6\u5907\u91d1\u7684\u4f9b\u7ed9\u3002\u7f8e\u8054\u50a8\u65e2\u53ef\u4ee5\u7528\u5176\u4ed6\u4e3b\u52a8\u8d1f\u503a\u5de5\u5177\uff08\u5982\u9006\u56de\u8d2d\u534f\u8bae\u6216\u5b9a\u671f\u5b58\u6b3e\u4fbf\u5229\uff09\u6765\u4e34\u65f6\u51bb\u7ed3\u51c6\u5907\u91d1\uff0c\u4e5f\u53ef\u4ee5\u901a\u8fc7\u51fa\u552e\u8bc1\u5238\u6765\u6c38\u4e45\u5438\u6536\u51c6\u5907\u91d1\uff0c\u8fd8\u53ef\u4ee5\u642d\u914d\u4f7f\u7528\u3002<\/span><\/span> <\/p>\n

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\u9000\u51fa<\/span>QE<\/span>\u5bf9\u5229\u7387\u53ca\u5176\u671f\u9650\u7ed3\u6784\u7684\u5f71\u54cd<\/span><\/span> <\/p>\n

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\u8d27\u5e01\u653f\u7b56\u6b63\u5e38\u5316\u5305\u62ec\u5229\u7387\uff08\u542b\u524d\u77bb\u6307\u5f15\uff09\u548c\u8d44\u4ea7\u8d2d\u4e70\uff08<\/span>QE<\/span>\uff09\u3002\u5b9a\u6027\u4e0a\uff0c\u5176\u5bf9\u5927\u7c7b\u8d44\u4ea7\u4ef7\u683c\u7684\u5f71\u54cd\u4e0e\u975e\u5e38\u89c4\u653f\u7b56\u6b63\u597d\u76f8\u53cd\u3002<\/span><\/span> <\/p>\n

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\u5229\u7387\u4e0e\u671f\u9650\u7ed3\u6784\u65b9\u9762\u3002<\/span>2013<\/span>\u5e74<\/span>5<\/span>\u6708\uff0c\u4f2f\u5357\u514b\u5f00\u59cb\u91ca\u653e<\/span>Taper<\/span>\u4fe1\u53f7\uff0c\u7f8e\u503a\u6536\u76ca\u7387\u66f2\u7ebf\u5f00\u59cb\u9661\u5ced\u5316\u3002\u4ee5\u4e09\u4e2a\u6708\u77ed\u671f\u56fd\u503a\u5229\u7387\u4e3a\u4ee3\u8868\u7684\u8d27\u5e01\u5e02\u573a\u5229\u7387\u7d27\u968f\u8054\u90a6\u57fa\u91d1\u5229\u7387\uff0c\u8fd0\u884c\u5728<\/span>0-0.25%<\/span>\u7684\u76ee\u6807\u533a\u95f4\uff0c\u4f46\u5341\u5e74\u671f\u4ee5\u4e0a\u56fd\u503a\u5229\u7387\u5f00\u59cb\u660e\u663e\u4e0a\u884c\uff0c\u622a\u81f3<\/span>2013<\/span>\u5e74<\/span>12<\/span>\u6708<\/span>Taper<\/span>\u4e4b\u524d\uff0c\u957f\u671f\u5229\u7387\u4e0a\u6da8\u5e45\u5ea6\u8d85\u8fc7<\/span>100<\/span>\u4e2a\u57fa\u70b9\u3002\u7ebd\u7ea6\u8054\u50a8\u6d4b\u7b97\u7684\u7ed3\u679c\u8868\u660e\uff0c\u5927\u90e8\u5206\u589e\u957f\u5f52\u56e0\u4e8e\u671f\u9650\u6ea2\u4ef7\u7684\u4e0a\u5347\u2014\u2014\u4e3b\u8981\u90e8\u5206\u4e3a\u901a\u80c0\u9884\u671f<\/span>,<\/span>\u5176\u4f59\u90e8\u5206\u6e90\u4e8e\u9884\u671f\u77ed\u671f\u5229\u7387\u4e0a\u4fee\u3002<\/span><\/span> <\/p>\n

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\u56fe<\/span>2<\/span>\uff1a\u8d27\u5e01\u653f\u7b56\u6b63\u5e38\u5316\u4e0e\u6536\u76ca\u7387\u66f2\u7ebf<\/span><\/span> <\/p>\n

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\"\u90b5\u5b87 <\/p>\n

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\u6570\u636e\uff1a\u7f8e\u8054\u50a8\uff0c<\/span>Wind<\/span>\uff0c\u4e1c\u65b9\u8bc1\u5238\u8d22\u5bcc\u7814\u7a76<\/span><\/span> <\/p>\n

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\u671f\u9650\u5229\u5dee\u5728<\/span>Taper<\/span>\u5f00\u542f\u65f6\u8fbe\u5230\u5cf0\u503c\u3002\u52a0\u606f\u521d\u671f\uff0c\u77ed\u671f\u5229\u7387\u52a0\u901f\u4e0a\u884c\uff0c\u671f\u9650\u5229\u5dee\u8fdb\u4e00\u6b65\u538b\u7f29\u3002<\/span>2016<\/span>\u5e74\u4e8c\u5b63\u5ea6\u672b\uff0c\u968f\u7740\u9884\u671f\u7684\u77ed\u671f\u5229\u7387\u52a0\u901f\u62ac\u5347\uff0c\u671f\u9650\u5229\u5dee\u5f00\u59cb\u8d70\u9614\uff0c\u5728\u7f29\u8868\u5f00\u59cb\u4e00\u5e74\u540e\u8fbe\u5230\u5cf0\u503c\uff08\u56fe<\/span>2<\/span>\uff0c\u5de6\u56fe\uff09\u3002\u671f\u95f4\uff0c\u671f\u9650\u8d8a\u77ed\uff0c\u671f\u9650\u5229\u5dee\u6da8\u5e45\u8d8a\u5927\u3002\u4ece<\/span>2016<\/span>\u5e74<\/span>6<\/span>\u6708\u5230<\/span>2018<\/span>\u5e74<\/span>10<\/span>\u6708\uff0c\u4e00\u5e74\u671f\u56fd\u503a\u671f\u9650\u5229\u5dee\u4ece<\/span>50bp<\/span>\u6da8\u5230\u4e86<\/span>260bp<\/span>\uff0c\u6da8\u5e45<\/span>210bp<\/span>\uff1b\u4e94\u5e74\u671f\u4ece<\/span>100bp<\/span>\u6da8\u5230\u4e86<\/span>300bp<\/span>\uff0c\u6da8\u5e45<\/span>200bp<\/span>\uff1b\u5341\u5e74\u671f\u4ece<\/span>150bp<\/span>\u6da8\u5230\u4e86<\/span>315bp<\/span>\uff0c\u6da8\u5e45<\/span>165bp<\/span>\u3002\u4f46\u662f\uff0c\u957f\u7aef\u5229\u7387\u5747\u672a\u8d85\u8fc7<\/span>Taper<\/span>\u65f6\u7684\u9ad8\u70b9\u3002<\/span><\/span> <\/p>\n

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\u6309\u7167\u8d39\u96ea\u65b9\u7a0b\u5f0f\uff0c\u540d\u4e49\u5229\u7387\u7b49\u4e8e\u5b9e\u9645\u5229\u7387\u52a0\u9884\u671f\u901a\u80c0\uff08\u56fe<\/span>3<\/span>\uff09\u3002\u73b0\u5b9e\u4e16\u754c\u4e2d\uff0c\u4e8c\u8005\u90fd\u65e0\u6cd5\u76f4\u63a5\u89c2\u5bdf\u3002\u5b9e\u8df5\u4e2d\uff0c\u5b9e\u9645\u5229\u7387\u5e38\u4ee5\uff08\u4e0d\u540c\u671f\u9650\u7684\uff09\u901a\u80c0\u6307\u6570\u56fd\u503a\uff08<\/span>TIPS<\/span>\uff09\u6536\u76ca\u7387\u4ee3\u8868\u3002\u671f\u9650\u76f8\u540c\u7684\u56fd\u503a\u7684\u540d\u4e49\u6536\u76ca\u7387\u4e0e<\/span>TIPS<\/span>\u5229\u7387\u4e4b\u5dee\u5c31\u662f\u201c\u76c8\u4e8f\u5e73\u8861\u7684\u901a\u8d27\u81a8\u80c0\u7387\u201d\uff08<\/span>breakeven inflation rate<\/span>\uff0c\u53c8\u79f0\u901a\u80c0\u8865\u507f\uff09\u3002\u5b83\u5e38\u88ab\u89c6\u4f5c\u9884\u671f\u901a\u80c0\u7387\u3002\u4ece\u671f\u9650\u7ed3\u6784\u89d2\u5ea6\u6765\u770b\uff0c\u540d\u4e49\u5229\u7387\u53ef\u4ee5\u88ab\u62c6\u5206\u4e3a\u9884\u671f\u90e8\u5206\u548c\u98ce\u9669\u90e8\u5206\uff0c\u9884\u671f\u901a\u80c0\u53ef\u4ee5\u88ab\u62c6\u5206\u4e3a\u9884\u671f\u901a\u80c0\u7387\u548c\u901a\u80c0\u98ce\u9669\u6ea2\u4ef7\u3002\u6b64\u5916\uff0c\u7531\u4e8e<\/span>TIPS<\/span>\u5e02\u573a\u89c4\u6a21\u8f83\u5c0f\uff0c\u8fd8\u9700\u652f\u4ed8\u4e00\u90e8\u5206\u6d41\u52a8\u6027\u6ea2\u4ef7\u3002\u6240\u4ee5\uff0c\u76c8\u4e8f\u5e73\u8861\u901a\u80c0\u7387\u8fd8\u5305\u542b\u4e86\u901a\u80c0\u98ce\u9669\u6ea2\u4ef7\u548c\u6d41\u52a8\u6027\u98ce\u9669\u6ea2\u4ef7\uff0c\u6240\u4ee5\u5e76\u975e\u9884\u671f\u901a\u80c0\u7387\u7684\u826f\u597d\u4f30\u8ba1\u3002<\/span><\/span> <\/p>\n

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\u56fe<\/span>3<\/span>\uff1a\u7f8e\u503a\u6536\u76ca\u7387\u7684\u5206\u89e3<\/span><\/span> <\/p>\n

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\"\u90b5\u5b87 <\/p>\n

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\u6570\u636e\uff1a<\/span>Wind<\/span>\uff0c<\/span>Krizan<\/span>\uff0c<\/span>2021<\/span>\uff1b\u4e1c\u65b9\u8bc1\u5238\u8d22\u5bcc\u7814\u7a76<\/span><\/span> <\/p>\n

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\u7efc\u5408\u800c\u8a00\uff0c\u540d\u4e49\u5229\u7387\u548c<\/span>TIPS<\/span>\u901a\u80c0\u8865\u507f\u5206\u89e3\u4e3a\uff08<\/span>Kim et al.,2019<\/span>\uff09\uff1a<\/span><\/span> <\/p>\n

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\u6240\u4ee5\uff0c\u53ea\u8981\u901a\u80c0\u98ce\u9669\u6ea2\u4ef7\u6216<\/span>TIPs<\/span>\u6d41\u52a8\u6027\u6ea2\u4ef7\u4e0d\u7b49\u4e8e\u96f6\uff08\u4e24\u8005\u4e4b\u5dee\u4e5f\u4e0d\u7b49\u4e8e\u96f6\uff09\uff0c<\/span>TIPs<\/span>\u901a\u80c0\u8865\u507f\u5c31\u4e0d\u7b49\u4e8e\u9884\u671f\u901a\u80c0\u3002\u901a\u80c0\u98ce\u9669\u6ea2\u4ef7\u662f\u503a\u5238\u6295\u8d44\u8005\u56e0\u627f\u62c5\u901a\u8d27\u81a8\u80c0\u98ce\u9669\u800c\u8981\u6c42\u7684\u989d\u5916\u8865\u507f\uff0c\u5176\u4ef7\u503c\u53d6\u51b3\u4e8e\u901a\u8d27\u81a8\u80c0\u4e0e\u5b9e\u9645\u7ecf\u6d4e\u6d3b\u52a8\u7684\u534f\u65b9\u5dee\u3002\u5728\u4e0a\u4e16\u7eaa<\/span>70<\/span>\u5e74\u4ee3<\/span>-80<\/span>\u5e74\u4ee3\uff0c\u4e3a\u6b63\u503c\uff0c\u4e14\u8f83\u5927\uff0c\u56e0\u4e3a\u5f53\u65f6\u7684\u6295\u8d44\u8005\u66f4\u62c5\u5fc3\u6ede\u80c0\u5c40\u9762\uff0c\u4f46\u6700\u8fd1\u51e0\u5341\u5e74\u6301\u7eed\u4e0b\u964d\uff0c\u5927\u5371\u673a\u671f\u95f4\u751a\u81f3\u51fa\u73b0\u4e86\u8d1f\u503c\uff0c\u56e0\u4e3a\u6295\u8d44\u8005\u8d8a\u6765\u8d8a\u5173\u6ce8\u4f4e\u901a\u80c0\u6216\u901a\u7f29\u95ee\u9898\u3002<\/span>TIPS<\/span>\u6d41\u52a8\u6027\u6ea2\u4ef7\u4e3b\u8981\u53cd\u6620\u7684\u662f\u5e02\u573a\u89c4\u6a21\u548c\u4f9b\u6c42\u5173\u7cfb\uff0c\u4e0e\u901a\u80c0\u98ce\u9669\u65e0\u5173\uff0c\u4e00\u822c\u5728\u53d1\u884c\u521d\u671f\u8f83\u9ad8\u3002<\/span><\/span> <\/p>\n

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\u62c6\u5206\u540e\u53ef\u77e5\uff0c<\/span>Taper<\/span>\u4e4b\u524d<\/span>10<\/span>\u5e74\u671f\u56fd\u503a\u540d\u4e49\u6536\u76ca\u7387\u4e0a\u5347\u662f\u901a\u80c0\u9884\u671f\u3001\u901a\u80c0\u98ce\u9669\u6ea2\u4ef7\u548c\u671f\u9650\u6ea2\u4ef7\u5171\u540c\u4f5c\u7528\u7684\u7ed3\u679c\uff0c\u5176\u4e2d\uff0c\u901a\u80c0\u9884\u671f\u7684\u8d21\u732e\u5360\u7edd\u5bf9\u4e3b\u5bfc\u3002<\/span>2016<\/span>\u5e74\u4e2d\u671f\u5f00\u59cb\uff0c\u9884\u671f\u77ed\u671f\u5229\u7387\u7684\u4e0a\u884c\u5f00\u59cb\u53d1\u6325\u91cd\u8981\u4f5c\u7528\u3002\u9884\u671f\u901a\u80c0\u5728\u5927\u591a\u6570\u65f6\u5019\u90fd\u4e3b\u5bfc\u7740\u76c8\u4e8f\u5e73\u8861\u901a\u80c0\u7684\u8d70\u52bf\uff0c\u4f46\u4e8c\u8005\u5e76\u4e0d\u76f8\u7b49\uff0c\u5c24\u5176\u662f\u5728\u7ecf\u6d4e\u6ce2\u52a8\u52a0\u5267\u65f6\u671f\uff0c\u901a\u80c0\u98ce\u9669\u6ea2\u4ef7\u6216<\/span>TIPS<\/span>\u6d41\u52a8\u6027\u6ea2\u4ef7\u4f1a\u51fa\u73b0\u8d1f\u503c\uff08\u56fe<\/span>4<\/span>\uff09\uff0c\u4f8b\u5982\u5728<\/span>2012<\/span>\u5e74\u5e95\u548c\u65b0\u51a0\u75ab\u60c5\u66b4\u53d1\u4e4b\u540e\u3002<\/span>2020<\/span>\u5e74<\/span>8<\/span>\u6708\u4ee5\u6765\uff0c<\/span>10<\/span>\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u548c\u76c8\u4e8f\u5e73\u8861\u901a\u80c0\u540c\u6b65\u5feb\u901f\u53cd\u5f39\uff0c\u4f46\u5374\u5e76\u975e\u5bf9\u901a\u80c0\u9884\u671f\u7684\u54cd\u5e94\u3002\u4ece<\/span>2020<\/span>\u5e74<\/span>3<\/span>\u6708\u5230<\/span>2021<\/span>\u5e74<\/span>5<\/span>\u6708\uff0c\u76c8\u4e8f\u5e73\u8861\u901a\u80c0\u7387\u4e0a\u6da8\u4e86<\/span>220bp<\/span>\uff0c\u9884\u671f\u901a\u80c0\u53ea\u8d21\u732e\u4e86\u5176\u4e2d\u7684<\/span>30bp<\/span>\uff0c\u671f\u95f4\uff0c\u901a\u80c0\u98ce\u9669\u6ea2\u4ef7\u7531\u8d1f\u8f6c\u6b63\uff0c\u6d41\u52a8\u6027\u98ce\u9669\u6ea2\u4ef7\u7531\u6b63\u8f6c\u8d1f\uff0c\u662f<\/span>TIPS<\/span>\u76c8\u4e8f\u5e73\u8861\u901a\u80c0\u4e0a\u6da8\u7684\u6700\u91cd\u8981\u8d21\u732e\u56e0\u5b50\uff08<\/span>Krizan<\/span>\uff0c<\/span>2021<\/span>\uff09\u3002<\/span><\/span> <\/p>\n

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\u56fe<\/span>4<\/span>\uff1a\u7f8e\u56fd\u5341\u5e74\u671f\u56fd\u503a\u540d\u4e49\u6536\u76ca\u7387\u4e0e<\/span>TIP<\/span>\u76c8\u4e8f\u5e73\u8861\u901a\u80c0\u7684\u5206\u89e3<\/span><\/span> <\/p>\n

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\"\u90b5\u5b87 <\/p>\n

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\u6570\u636e\uff1a<\/span>DAmico, Kim and Wei<\/span>\uff0c<\/span>2018<\/span>\uff1b<\/span>Kim, Walsh and Wei<\/span>\uff0c<\/span>2019<\/span>\uff1b\u4e1c\u65b9\u8bc1\u5238\u8d22\u5bcc\u7814\u7a76\u4e2d\u5fc3<\/span><\/span> <\/p>\n

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\u77ed\u671f\u5185\uff0c\u5341\u5e74\u671f\u56fd\u503a\u5229\u7387\u4e0a\u884c\u6709\u4e09\u4e2a\u6f5c\u5728\u9a71\u52a8\u56e0\u7d20\uff1a\u7b2c\u4e00\uff0c<\/span>2021<\/span>\u5e74\u4e0b\u534a\u5e74\u901a\u80c0\u51cf\u901f\u4e0d\u8fbe\u9884\u671f\uff0c\u6216\u901a\u80c0\u53cd\u5f39\u8d85\u9884\u671f\uff1b\u7b2c\u4e8c\uff0c\u8d27\u5e01\u653f\u7b56\u6b63\u5e38\u5316\u8fdb\u7a0b\u8d85\u9884\u671f\u524d\u7f6e\uff0c\u7f8e\u8054\u50a8\u5f00\u59cb\u7f29\u51cf\u8d2d\u503a\u89c4\u6a21\uff1b\u7b2c\u4e09\uff0c\u62dc\u767b\u653f\u5e9c\u65b0\u4e00\u8f6e\u8d22\u653f\u523a\u6fc0\u8ba1\u5212\u83b7\u5f97\u56fd\u4f1a\u652f\u6301\uff0c\u56fd\u503a\u53d1\u884c\u91cf\u589e\u52a0\u3002\u5b83\u4eec\u5c06\u901a\u8fc7\u5b9e\u9645\u5229\u7387\u3001\u901a\u80c0\u9884\u671f\u3001\u901a\u80c0\u98ce\u9669\u6ea2\u4ef7\u6216\u671f\u9650\u6ea2\u4ef7\u4f20\u5bfc\u81f3\u957f\u7aef\u5229\u7387\u3002<\/span><\/span> <\/p>\n

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\u57fa\u4e8e\u591a\u6a21\u578b\u6d4b\u7b97\u7684\u7ed3\u679c\u8868\u660e\uff0c<\/span>2021<\/span>\u5e74\u5e95\u8d85\u8fc7<\/span>2%<\/span>\u7684\u6982\u7387\u4e0d\u9ad8\uff08<\/span>Krizan<\/span>\uff0c<\/span>2021<\/span>\uff09\uff0c\u957f\u671f\u800c\u8a00\uff0c\u7531\u4e8e\u5b9e\u9645\u5747\u8861\u77ed\u671f\u5229\u7387\u4ecd\u7ef4\u6301\u5728\u4f4e\u4f4d\uff0c\u53ea\u8981\u901a\u80c0\u4fdd\u6301\u5728\u6e29\u548c\u53ef\u63a7\u6c34\u5e73\uff0c\u957f\u7aef\u5229\u7387\u4e5f\u5c06\u8fd0\u884c\u5728\u4f4e\u4f4d\u3002\u4e00\u65e6<\/span>10<\/span>\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u8d85\u8fc7<\/span>2.5%<\/span>\uff0c\u7f8e\u8054\u50a8\u6216\u5c06\u91cd\u542f\u626d\u66f2\u64cd\u4f5c\u3002\u7a76\u5176\u539f\u56e0\uff0c\u4e00\u65b9\u9762\u662f\u56e0\u4e3a\u5229\u7387\u4e0a\u5347\u4f1a\u589e\u52a0\u7f8e\u56fd\u653f\u5e9c\u7684\u503a\u52a1\u8d1f\u62c5\uff0c\u4fb5\u8680\u8d22\u653f\u7a33\u5065\u6027\u548c\u7f8e\u5143\u4fe1\u7528\uff1b\u53e6\u4e00\u65b9\u9762\uff0c<\/span>2008<\/span>\u5e74\u91d1\u878d\u4ee5\u6765\u5bfc\u81f4\u7f8e\u56fd\u7ecf\u6d4e\u201c\u957f\u671f\u505c\u6ede\u201d\u7684\u56e0\u7d20\u4ecd\u5728\u53d1\u6325\u4f5c\u7528\uff0c\u5982\u679c\u6ca1\u6709\u65b0\u4e00\u8f6e\u79d1\u6280\u9769\u547d\u7684\u652f\u6491\uff0c\u7f8e\u56fd\u7ecf\u6d4e\uff0c\u4ece\u800c\u7f8e\u503a\u5229\u7387\u4e0d\u5177\u5907\u6301\u7eed\u4e0a\u6da8\u7684\u57fa\u7840\u3002<\/span><\/span> <\/p>\n

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 <\/span><\/span>\u4e13\u680f\uff1a\u7f8e\u56fd<\/span>4<\/span>\u7c7b\u9884\u671f\u901a\u80c0\u6307\u6807\u54ea\u4e2a\u66f4\u51c6\u786e\uff1f<\/span><\/span> <\/p>\n

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\u7f8e\u56fd\u6709<\/span>4<\/span>\u7c7b\u5e38\u7528\u7684\u9884\u671f\u901a\u80c0\u6307\u6807\uff1a\u4e13\u5bb6\u8c03\u67e5\u901a\u80c0\u7387\uff08\u8d39\u57ce\u8054\u50a8<\/span>SPF<\/span>\uff09\u3001\u5bb6\u5ead\u6216\u6d88\u8d39\u8005\u8c03\u67e5\u901a\u80c0\u7387\uff08\u5bc6\u6b47\u6839\u5927\u5b66<\/span> CSI<\/span>\uff09\u3001\u4f01\u4e1a\u8c03\u67e5\u901a\u80c0\u7387\uff08\u4e9a\u7279\u5170\u5927\u8054\u50a8<\/span> BIE<\/span>\uff09\u548c\u5e02\u573a\u9884\u671f\u7684\u901a\u80c0\u7387\uff08<\/span>TIPS <\/span>\u76c8\u4e8f\u5e73\u8861\u901a\u80c0\uff09\u3002\u4e9a\u7279\u5170\u5927\u8054\u50a8\u4e3b\u5e2d\u535a\u65af\u8482\u514b\uff08<\/span>Bostic<\/span>\uff0c<\/span>2019<\/span>\uff09\u8ba4\u4e3a\uff0c\u4e13\u5bb6\u548c\u4f01\u4e1a\u5bf9\u672a\u6765\u603b\u4f53\u901a\u80c0\u548c\u6838\u5fc3\u901a\u80c0\u7684\u9884\u671f\u66f4\u51c6\u786e\u3002<\/span><\/span> <\/p>\n

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\u6b63\u5e38\u5316\u5bf9\u5176\u4ed6\u5927\u7c7b\u8d44\u4ea7\u7684\u5f71\u54cd<\/span><\/span> <\/p>\n

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\u7f8e\u503a\u5229\u7387\u4e0a\u884c\u4f7f\u7f8e\u56fd\u4e0e\u56fd\u5916\u7684\u5229\u5dee\u6269\u5927\uff0c\u5c06\u5e26\u52a8\u7f8e\u5143\u6c47\u7387\u5347\u503c\uff0c<\/span>Taper<\/span>\u4e4b\u540e\u7f8e\u5143\u5347\u503c\u901f\u5ea6\u663e\u8457\u52a0\u5feb\uff08\u56fe<\/span>5<\/span>\uff09\u3002\u6574\u4f53\u800c\u8a00\uff0c\u7f8e\u5143\u5bf9\u65b0\u5174\u5e02\u573a\u56fd\u5bb6\u6c47\u7387\u5347\u503c\u5e45\u5ea6\u66f4\u5927\u3002\u4ece\u53cc\u8fb9\u6c47\u7387\u6765\u770b\uff0c\u7531\u4e8e\u65e5\u672c\u5b9e\u65bd\u4e86\u6781\u5ea6\u5bbd\u677e\u7684\u8d27\u5e01\u653f\u7b56\uff08\u5b89\u500d\u7ecf\u6d4e\u5b66\uff09\uff0c\u7f8e\u5143\u5bf9\u65e5\u5143\u7684\u5347\u503c\u5e45\u5ea6\u6700\u5927\u3002\u4ece<\/span>2012<\/span>\u5e74<\/span>1<\/span>\u6708\u5230<\/span>2015<\/span>\u5e74<\/span>6<\/span>\u6708\uff0c\u7f8e\u5143\u5151\u65e5\u5143\u5347\u503c\u4e86<\/span>60%<\/span>\u3002<\/span><\/span> <\/p>\n

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\u56fe<\/span>5<\/span>\uff1a\u8d27\u5e01\u653f\u7b56\u6b63\u5e38\u5316\u4e0e\u7f8e\u5143\u6c47\u7387<\/span><\/span> <\/p>\n

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\u6570\u636e\uff1a<\/span>Wind<\/span>\uff0c\u4e1c\u65b9\u8bc1\u5238\u8d22\u5bcc\u7814\u7a76<\/span><\/span> <\/p>\n

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2008<\/span>\u5e74\u91d1\u878d\u5371\u673a\u671f\u95f4\uff0c\u4eba\u6c11\u5e01\u91cd\u65b0\u76ef\u4f4f\u7f8e\u5143\uff0c\u76f4\u5230<\/span>2010<\/span>\u5e74<\/span>6<\/span>\u6708<\/span>19<\/span>\u65e5\u624d\u5f00\u59cb\u9010\u6b65\u89e3\u9664\u3002\u6b64\u540e\uff0c\u76f4\u5230\u201c<\/span>8<\/span>\u2022<\/span>11<\/span>\u201d\u6c47\u6539\uff0c\u4eba\u6c11\u5e01\u6709\u6548\u6c47\u7387\u548c\u4eba\u6c11\u5e01\u5151\u7f8e\u5143\u53cc\u8fb9\u6c47\u7387\u5448\u73b0\u51fa\u540c\u6b65\u3001\u5355\u8fb9\u5347\u503c\u72b6\u6001\uff0c\u8fd9\u4e0e\u7f8e\u5143\u6307\u6570\u663e\u8457\u80cc\u79bb\uff0c\u4e5f\u56e0\u6b64\u79ef\u805a\u4e86\u8d2c\u503c\u9884\u671f\u3002<\/span><\/span> <\/p>\n

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\u6743\u76ca\u8d44\u4ea7\u65b9\u9762\uff0c<\/span>2009<\/span>\u5e74\u521d\u4ee5\u6765\uff0c\u7f8e\u80a1\u5448\u73b0\u5355\u8fb9\u725b\u5e02\u884c\u60c5\uff0c\u4f46\u5728\u7f8e\u8054\u50a8\u8d27\u5e01\u653f\u7b56\u6b63\u5e38\u5316\u7684\u8fdb\u7a0b\u4e2d\uff0c\u7f8e\u80a1\u9636\u6bb5\u6027\u51fa\u73b0\u9707\u8361\u4e0b\u884c\u884c\u60c5\u3002\u7ecf\u9a8c\u4e0a\uff0c\u7f8e\u80a1\u6574\u4f53\u4e0a\u4e0e\u7f8e\u8054\u50a8\u8d44\u4ea7\u8d1f\u503a\u8868\u89c4\u6a21\u6709\u8f83\u5f3a\u7684\u6b63\u76f8\u5173\u6027\uff0c\u6240\u4ee5\uff0c\u4e00\u65e6\u7f8e\u8054\u50a8\u505c\u6b62\u6269\u8868\uff0c\u6216\u8005\u5f00\u59cb\u7f29\u8868\uff0c\u7f8e\u80a1\u90fd\u4f1a\u627f\u538b\u3002<\/span>Taper<\/span>\u5f00\u59cb\u65f6\uff0c\u7531\u4e8e\u7f8e\u8054\u50a8\u4ecd\u7136\u5728\u6269\u8868\uff0c\u6240\u4ee5\u5e76\u672a\u5f71\u54cd\u7f8e\u80a1\u5347\u52bf\u3002<\/span>2018<\/span>\u5e74\uff0c\u7f29\u8868\u3001\u52a0\u606f\u548c\u4e2d\u7f8e\u7ecf\u8d38\u6469\u64e6\u7684\u52a0\u5267\u7b49\u591a\u56e0\u7d20\u53e0\u52a0\uff0c\u5bfc\u81f4\u7f8e\u80a1\u51fa\u73b0\u8f83\u5927\u56de\u64a4\u3002\u66f4\u503c\u5f97\u5173\u6ce8\u7684\u662f\u7ed3\u6784\u6027\u53d8\u5316\uff08\u56fe<\/span>6<\/span>\uff0c\u53f3\u56fe\uff09\u3002<\/span><\/span> <\/p>\n

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2021<\/span>\u5e74\u521d\u4ee5\u6765\uff0c\u201c\u518d\u901a\u80c0\u4ea4\u6613\u201d\u671f\u95f4\uff0c\u79d1\u6280\u6210\u957f\u518d\u6b21\u8dd1\u8f93\u5468\u671f\u548c\u4ef7\u503c\u3002\u5728\u4ea7\u51fa\u7f3a\u53e3\u6536\u655b\u7684\u8fc7\u7a0b\u4e2d\uff0c\u5b9e\u9645\u5229\u7387\u4ecd\u5c06\u4e0a\u884c\uff0c\u4e09\u5b63\u5ea6\u901a\u80c0\u589e\u901f\u9636\u6bb5\u6027\u653e\u7f13\uff0c\u4f46\u4e0b\u884c\u5e45\u5ea6\u4e0b\u964d\u6709\u9650\uff0c\u5927\u5b97\u5546\u54c1\u4ef7\u683c\u548c\u5de5\u8d44\u4ecd\u5c06\u6258\u5e95\u7269\u4ef7\uff0c\u5bbd\u677e\u7684\u8d27\u5e01\u548c\u8d22\u653f\u653f\u7b56\u5bf9\u901a\u80c0\u7684\u6ede\u540e\u5f71\u54cd\u4f1a\u9010\u6b65\u663e\u73b0\u3002<\/strong>\u901a\u80c0\u7070\u7280\u725b\u4e0d\u53ef\u4e0d\u9632\uff0c\u56fa\u5b9a\u6536\u76ca\u7c7b\u8d44\u4ea7\u53ef\u9002\u5f53\u964d\u4f4e\u914d\u7f6e\u6bd4\u4f8b\uff0c\u6743\u76ca\u8d44\u4ea7\u7684\u914d\u7f6e\u4ecd\u5efa\u8bae\u4ee5\u4ef7\u503c\u9632\u5b88\u4e3a\u4e3b\u653b\u65b9\u5411\u3002<\/span><\/span> <\/p>\n

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<\/p>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u7f8e\u8054\u50a8\u975e\u5e38\u89c4\u8d27\u5e01\u653f\u7b56\u9000\u51fa\uff0c\u5c06\u6210\u4e3a\u672a\u6765\u4e00\u6bb5\u65f6\u95f4\u5168\u7403\u5b8f\u89c2\u5206\u6790\u4e2d\u7684\u91cd\u8981\u4e8b\u4ef6\uff0c\u5bf9\u5229\u7387\u53ca\u5176\u671f\u9650\u7ed3\u6784\u3001\u5229\u5dee\u8d70\u52bf\u3001\u6743\u76ca\u5e02\u573a\u3001...<\/p>\n

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