{"id":8387,"date":"2026-01-13T14:53:48","date_gmt":"2026-01-13T06:53:48","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=8387"},"modified":"2026-01-13T14:53:56","modified_gmt":"2026-01-13T06:53:56","slug":"%e9%9d%9e%e5%86%9c%e6%95%b0%e6%8d%ae%e5%bc%82%e5%8a%a8%e6%8a%98%e5%b0%84%e7%bb%8f%e6%b5%8e%e8%bd%ac%e5%9e%8b%ef%bc%8c%e7%be%8e%e8%81%94%e5%82%a8%e6%94%bf%e7%ad%96%e9%94%9a%e7%82%b9%e7%a7%bb%e4%bd%8d","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/ko\/\uc544\uce74\uc774\ube0c\/8387","title":{"rendered":"\u975e\u519c\u6570\u636e\u5f02\u52a8\u6298\u5c04\u7ecf\u6d4e\u8f6c\u578b\uff0c\u7f8e\u8054\u50a8\u653f\u7b56\u951a\u70b9\u79fb\u4f4d\u4e0b\u7684\u5e02\u573a\u65b0\u535a\u5f08"},"content":{"rendered":"<p>\ubbf8\uad6d \uacbd\uc81c\uc758 \ud65c\ub825\uc744 \ubc18\uc601\ud558\ub294 \ud575\uc2ec \"\ubc14\ub85c\ubbf8\ud130\"\ub85c\uc11c \ube44\ub18d\uc5c5 \ub370\uc774\ud130\uc758 \ubaa8\ub4e0 \ubcc0\ud654\ub294 \uae00\ub85c\ubc8c \uc815\ucc45 \uc608\uce21 \ubc0f \uc790\uc0b0 \uac00\uaca9 \ucc45\uc815 \ub17c\ub9ac\uc5d0 \uc601\ud5a5\uc744 \ubbf8\uce69\ub2c8\ub2e4. Wmax\ub294 2025\ub144 \ud558\ubc18\uae30\ubd80\ud130 \ube44\ub18d\uc5c5 \ub370\uc774\ud130\uc5d0 \ub300\ud55c \uc9c0\uc18d\uc801\uc778 \ucd94\uc801\uacfc \ub370\uc774\ud130 \uc138\ubd80 \ub0b4\uc6a9\uc758 \uc2ec\uce35\uc801\uc778 \ud574\uccb4, \uc815\ucc45 \uc804\ub2ec \uacbd\ub85c\uc5d0 \ub300\ud55c \uc804\ubb38\uc801\uc778 \ubd84\uc11d\uc744 \ubc14\ud0d5\uc73c\ub85c \ud604\uc7ac \ubbf8\uad6d \uace0\uc6a9 \uc2dc\uc7a5\uc774 \uad6c\uc870 \uc870\uc815\uc758 \uc911\uc694\ud55c \ub2e8\uacc4\uc5d0 \uc788\ub2e4\uace0 \ud310\ub2e8\ud569\ub2c8\ub2e4. \ube44\ub18d\uc5c5 \ub370\uc774\ud130\uc758 \ud3b8\ucc28\uc640 \ub9c8\uac10 \uc2e0\ud638\ub294 \uc5f0\uc900\uc758 \uc815\ucc45 \uae30\ub300\uce58\ub97c \uc7ac\ud3b8\ud560 \ubfd0\ub9cc \uc544\ub2c8\ub77c \uae00\ub85c\ubc8c \uc790\uc0b0 \uc2dc\uc7a5\uc5d0\uc11c \uc0c8\ub85c\uc6b4 \uac8c\uc784 \ub77c\uc6b4\ub4dc\ub97c \ucd09\ubc1c\ud569\ub2c8\ub2e4. \ub370\uc774\ud130\uc758 \uc131\uaca9\uacfc \ud1b5\uacc4\uc801 \ud2b9\uc774\uc131\uc744 \uc815\ud655\ud558\uac8c \ud30c\uc545\ud574\uc57c\ub9cc \uc2dc\uc7a5 \uc548\uac1c\ub97c \ub6ab\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p><a id=\"post-8387-heading_0\"><\/a><strong>\ube44\ub18d\uc5c5 \ub370\uc774\ud130 \ud3b8\ucc28\uc758 \ud575\uc2ec \ub17c\ub9ac: \uad6c\uc870\uc801 \uc870\uc815\uacfc \ud1b5\uacc4\uc801 \ud2b9\uc218\uc131\uc758 \uc774\uc911 \uc5ed\ud560<\/strong><\/p>\n<p>Wmax\ub294 2025\ub144 \ud558\ubc18\uae30 \ube44\ub18d\uc5c5 \ub370\uc774\ud130\uc5d0 \ub300\ud55c \uad50\ucc28 \uac80\uc99d\uc744 \ud1b5\ud574 \ubbf8\uad6d \uace0\uc6a9 \uc2dc\uc7a5\uc774 '\uc2e0\uaddc \uc77c\uc790\ub9ac \uc99d\uac00\uc640 \uc2e4\uc5c5\ub960 \ub3d9\uc2dc \uc0c1\uc2b9' \ucd94\uc138\uc5d0\uc11c \ub4dc\ubb3c\uac8c \ubc97\uc5b4\ub09c \uac83\uc73c\ub85c \ub098\ud0c0\ub0ac\uc2b5\ub2c8\ub2e4. 9\uc6d4\uc5d0\ub294 119,000\uac1c\uc758 \uc2e0\uaddc \ube44\ub18d\uc5c5 \uc77c\uc790\ub9ac\uac00 \ucd94\uac00\ub418\uc5b4 \uc2dc\uc7a5 \uc608\uc0c1\uce58\uc778 51,000\uc744 \ud06c\uac8c \ucd08\uacfc\ud588\uc9c0\ub9cc \uc2e4\uc5c5\ub960\uc740 4.4%\ub85c \uc0c1\uc2b9\ud588\uc2b5\ub2c8\ub2e4. \ud53c\uc0c1\uc801\uc778 \ub370\uc774\ud130\uc758 \ubaa8\uc21c\uacfc \ub2ec\ub9ac Wmax\ub294 \ud575\uc2ec \uc6d0\uc778\uc744 \uc2ec\uce35\uc801\uc73c\ub85c \ubd84\uc11d\ud569\ub2c8\ub2e4. \uc774\ub294 \"\uc2e4\uc5c5 \uc190\uc2e4\" \ub54c\ubb38\uc774 \uc544\ub2c8\ub77c \ub178\ub3d9 \uacf5\uae09 \ubc0f \uc218\uc694 \uad6c\uc870\uc758 \uc801\uadf9\uc801\uc778 \uc870\uc815\uc785\ub2c8\ub2e4. \uae30\uc5c5 \ucc44\uc6a9\uc740 \uc5ec\uc804\ud788 \u200b\u200b\ud65c\ubc1c\ud569\ub2c8\ub2e4(\ud2b9\ud788 \uc815\ubd80 \ubd80\uc11c \ud3d0\uc1c4 \ud6c4 \uc77c\ud68c\uc131 \uc77c\uc790\ub9ac \uad50\uccb4). \ub3d9\uc2dc\uc5d0 \uc57d 50\ub9cc\uba85\uc758 \ub178\ub3d9\uc790\uac00 \ub178\ub3d9\ucc38\uc5ec\uc728\uc744 \ub192\uc774\uae30 \uc704\ud574 \uc2dc\uc7a5\uc5d0 \uc7ac\uc9c4\uc785\ud588\ub2e4. \uacf5\uae09 \uce21\uba74\uc758 \ud655\uc7a5\uc740 \uc0c8\ub85c\uc6b4 \uc77c\uc790\ub9ac \ucc3d\ucd9c\uc758 \uae0d\uc815\uc801\uc778 \ud6a8\uacfc\ub97c \uc0c1\uc1c4\ud558\uc5ec \ub370\uc774\ud130 \ud3b8\ucc28\ub97c \ud615\uc131\ud588\uc2b5\ub2c8\ub2e4.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" width=\"882\" height=\"462\" class=\"wp-image-8389\" src=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/1.png\" alt=\"\u56fe\u7247 1\" srcset=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/1.png 882w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/1-300x157.png 300w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/1-768x402.png 768w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/1-18x9.png 18w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/1-600x314.png 600w\" sizes=\"(max-width: 882px) 100vw, 882px\" \/><\/p>\n<p>\ub610\ud55c Wmax\ub294 \ud1b5\uacc4\uc801 \ud2b9\uc218\uc131\uc774 \ub370\uc774\ud130\uc5d0 \ubbf8\uce58\ub294 \uc99d\ud3ed \ud6a8\uacfc\ub97c \uc815\ud655\ud558\uac8c \ud3ec\ucc29\ud569\ub2c8\ub2e4. 8\uc6d4 \ube44\ub18d\uc5c5 \uc870\uc0ac\uc5c5\uccb4\uc758 \uc751\ub2f5\ub960\uc740 75.6%\uc5d0 \ubd88\uacfc\ud588\uace0, 12,000\uac1c \uae30\uc5c5\uc758 \uace0\uc6a9 \ub370\uc774\ud130\ub294 9\uc6d4\uae4c\uc9c0 \uc9c0\uc5f0\ub418\uc5c8\uc73c\uba70, 19,000\uac1c \uc9c0\uc790\uccb4\ub294 \uc911\ucca9\ub418\uc5c8\uc2b5\ub2c8\ub2e4. \uad50\uc9c1 \uc9d1\uc911\uc73c\ub85c 9\uc6d4 \uc2e0\uaddc \uc77c\uc790\ub9ac\uac00 \uc57d 38,000\uac1c \uc815\ub3c4 \uc9c1\uc811\uc801\uc73c\ub85c \ub298\uc5b4\ub0ac\uc2b5\ub2c8\ub2e4. \uc81c\ub3c4\uc801 \uc870\uc0ac\uc5d0\uc11c '\ubcf5\uc218\uc9c1\uc704 \uc911\ubcf5\ud1b5\uacc4'\ub85c \uc778\ud574 \uc9c1\uc704\uc218\ub294 \uc57d 7\ub9cc4\ucc9c\uc5ec\uac1c\ub85c \ub354\uc6b1 \ubd80\ud480\ub824\uc84c\uace0, \uac00\uacc4\uc870\uc0ac\uc5d0\uc11c \ub300\uc0c1\uc774 \ub41c \uc790\uc601\uc5c5\uc790\uc640 \uc784\uc2dc\uc9c1 \uadfc\ub85c\uc790\ub294 \ub300\ubd80\ubd84 \uc800\uc784\uae08\uc774\ub098 \uc2dc\uac04\uc81c\uc9c1\uc774\uc5b4\uc11c \uc9c4\uc815\ud55c \uace0\uc6a9\uc758 \uc9c8 \uac1c\uc120\uc774 \uc5b4\ub835\ub2e4. \ub370\uc774\ud130 \ud1b5\uacc4\uc758 \uc138\ubd80 \uc0ac\ud56d\uc5d0 \ub300\ud55c \uc774\ub7ec\ud55c \uc885\ub958\uc758 \uc81c\uc5b4\ub294 \uacbd\uc81c \uc2e0\ud638 \ud574\uc11d\uc5d0 \uc788\uc5b4 Wmax\uc758 \ud575\uc2ec \uc774\uc810\uc785\ub2c8\ub2e4.<\/p>\n<p><a id=\"post-8387-heading_1\"><\/a><strong>12\uc6d4 \ube44\ub18d\uc5c5 \uace0\uc6a9 \ucd5c\uc885 \uc2e0\ud638: \ub370\uc774\ud130 \ud488\uc9c8 \ud5a5\uc0c1 \uc18d \uace0\uc6a9 \uc57d\ud654\uc758 \uc9c4\uc2e4<\/strong><\/p>\n<p>\ubbf8\uad6d \uc815\ubd80\uc758 43\uc77c\uac04\uc758 \ud3d0\uc1c4 \uc774\ud6c4 \uc801\uc2dc\uc5d0 \ubc1c\ud45c\ub41c \uccab \ubc88\uc9f8 \uace0\uc6a9 \ub370\uc774\ud130\ub85c\uc11c 2025\ub144 12\uc6d4 \ube44\ub18d\uc5c5 \ubcf4\uace0\uc11c\uc758 \uc2e0\ub8b0\uc131\uacfc \uc644\uc804\uc131\uc774 \ud06c\uac8c \ud5a5\uc0c1\ub418\uc5c8\uc73c\uba70, \ud574\ub2f9 \ucc38\uace0 \uac12\uc740 Wmax\uc5d0\uc11c \ud6c4\uc18d \ucd94\uc138\ub97c \ud310\ub2e8\ud558\ub294 \ud575\uc2ec \uae30\uc900\uc810\uc73c\ub85c \uac04\uc8fc\ub429\ub2c8\ub2e4. \ud575\uc2ec\uc790\ub8cc\uc758 \uc804\ubb38\uc801\uc778 \ud574\uccb4\ub97c \ud1b5\ud574 12\uc6d4 \uacc4\uc808\uc870\uc815 \uc774\ud6c4 \ube44\ub18d\uc5c5 \uace0\uc6a9\uc740 5\ub9cc\uba85 \uc99d\uac00\uc5d0 \uadf8\ucce4\ub294\ub370, \uc774\ub294 \uc2dc\uc7a5 \uc804\ub9dd\uce58 6\ub9cc\uba85\ubcf4\ub2e4 \ub0ae\uc558\ub2e4. \uc774\uc804 \uac12\uc740 56,000\uba85\uc73c\ub85c \uc218\uc815\ub418\uc5c8\uc2b5\ub2c8\ub2e4. \uc2e4\uc5c5\ub960\uc740 4.4%\ub85c \uc608\uc0c1\ubcf4\ub2e4 \uc57d\uac04 \ub0ae\uc558\uc2b5\ub2c8\ub2e4. \uc5c5\uc885\ubcc4\ub85c\ub294 '\uc694\uc2dd\u00b7\uc758\ub8cc\u00b7\ud5ec\uc2a4\ucf00\uc5b4 \uc5c5\uc885', '\uc720\ud1b5\uc5c5\uc758 \uc9c0\uc18d\uc801\uc778 \uc778\uc6d0 \uc99d\uac00, \uace0\uc6a9 \uac10\uc18c' \ub4f1 \ucc28\ubcc4\ud654\ub41c \ud2b9\uc131\uc744 \ubcf4\uc600\ub2e4. \uc784\uae08 \ubc0f \uadfc\ub85c\uc2dc\uac04 \uce21\uba74\uc5d0\uc11c \ube44\ub18d\uc5c5 \ubbfc\uac04\uadfc\ub85c\uc790\uc758 \uc2dc\uac04\ub2f9 \ud3c9\uade0 \uc784\uae08\uc740 \uc804\uc6d4 \ub300\ube44 0.3% \uc99d\uac00\ud55c 37.02\ub2ec\ub7ec(\uc804\ub144 \ub300\ube44 3.8% \uc99d\uac00)\ub97c \uae30\ub85d\ud588\uace0, \uc8fc\ub2f9 \ud3c9\uade0 \uadfc\ub85c\uc2dc\uac04\uc740 34.2\uc2dc\uac04\uc73c\ub85c \uc18c\ud3ed \uac10\uc18c\ud588\ub2e4.<\/p>\n<p>\ub354\uc6b1 \uc8fc\ubaa9\ub418\ub294 \uc810\uc740 Wmax\uac00 \uacfc\uac70 \ub370\uc774\ud130 \uac80\ud1a0 \ubc0f \ubcf4\uc815\uac12 \ubd84\uc11d\uc744 \ud1b5\ud574 10\uc6d4\uacfc 11\uc6d4 \ube44\ub18d\uc5c5 \ub370\uc774\ud130\uac00 76,000\uba85 \ud558\ud5a5 \uc218\uc815\ub418\uc5c8\uace0, 3\uac1c\uc6d4 \uc774\ub3d9\ud3c9\uade0 \uace0\uc6a9\uc774 22,000\uba85 \uac10\uc18c\ud55c \uac83\uc73c\ub85c \ub098\ud0c0\ub0ac\ub2e4\ub294 \uc810\uc785\ub2c8\ub2e4. Wmax\ub294 \uc774\ub7ec\ud55c \ucd94\uc138\uac00 '\uc18c\ube44\uc790 \uc9c0\ucd9c\uc744 \uc5b5\uc81c\ud560 \uac00\ub2a5\uc131\uc774 \uc788\ub2e4'\uace0 \uacbd\uace0\ud588\uc2b5\ub2c8\ub2e4. \uc5f0\uac04 \uad00\uc810\uc5d0\uc11c \ubcfc \ub54c, \ube44\ub18d\uc5c5 \uace0\uc6a9\uc740 2025\ub144\uc5d0 584,000\uba85 \uc99d\uac00\ud558\ub294\ub370 \uadf8\uce60 \uac83\uc785\ub2c8\ub2e4. \uc774\ub294 2020\ub144 \uc774\ud6c4 \uac00\uc7a5 \uc57d\ud55c \uc131\uacfc\uc774\uba70 2024\ub144\uc758 200\ub9cc \uba85\ubcf4\ub2e4 \ud6e8\uc52c \ub0ae\uc740 \uc218\uce58\uc785\ub2c8\ub2e4. \uc774 \ub370\uc774\ud130 \ube44\uad50\ub294 \ubbf8\uad6d \uace0\uc6a9 \uc2dc\uc7a5\uc758 \ud55c\uacc4 \uc57d\uc810\uc744 \ubd84\uba85\ud788 \ud655\uc778\uc2dc\ucf1c \uc90d\ub2c8\ub2e4.<\/p>\n<p><img decoding=\"async\" width=\"889\" height=\"467\" class=\"wp-image-8390\" src=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/4-1.png\" alt=\"\u56fe\u7247 4\" srcset=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/4-1.png 889w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/4-1-300x158.png 300w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/4-1-768x403.png 768w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/4-1-18x9.png 18w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/4-1-600x315.png 600w\" sizes=\"(max-width: 889px) 100vw, 889px\" \/><\/p>\n<p><a id=\"post-8387-heading_2\"><\/a><strong>\uc815\ucc45 \uae30\uc900 \uc804\ud658: \uc5f0\uc900 \uae08\ub9ac \uc778\ud558 \uae30\ub300\uc758 \uc5ed\ub3d9\uc801 \uc7ac\ud3b8<\/strong><\/p>\n<p>Wmax\ub294 \ud56d\uc0c1 \ube44\ub18d\uc5c5 \ub370\uc774\ud130\ub97c \uc5f0\uc900\uc758 \uc815\ucc45 \ub3d9\ud5a5\uc744 \ud574\uc11d\ud558\ub294 \ud575\uc2ec \ub2e8\uc11c\ub85c \uac04\uc8fc\ud574 \uc654\uc73c\uba70, 2025\ub144 \ud558\ubc18\uae30 \uc774\ud6c4 \uace0\uc6a9 \uc2e0\ud638\ub294 \uae08\ub9ac \uc778\ud558 \uc18d\ub3c4\uc5d0 \ub300\ud55c \uc2dc\uc7a5\uc758 \ubca0\ud305\uc744 \uc9c0\uc18d\uc801\uc73c\ub85c \uc218\uc815\ud588\uc2b5\ub2c8\ub2e4. \ub370\uc774\ud130\uac00 \uc57d\ud55c \ucd08\uae30\ubd80\ud130 Wmax\ub294 \uc9c0\uc6d0 \uc9c0\ud45c\uc5d0\uc11c \uc870\uae30 \uacbd\uace0\ub97c \uac10\uc9c0\ud588\uc2b5\ub2c8\ub2e4. Challenger \ud68c\uc0ac\uc758 \ud574\uace0\ub294 10\uc6d4\uc5d0 \ubd84\uae30\ubcc4\ub85c 183% \uc99d\uac00\ud588\uc73c\uba70(2003\ub144 \uc774\ud6c4 \ucd5c\uace0\uce58), 11\uc6d4 ADP \ub370\uc774\ud130\uc5d0 \ub530\ub974\uba74 \uccab 4\uc8fc \ub3d9\uc548 \uc8fc\ub2f9 \ud3c9\uade0 \uc21c \ud574\uace0\uac00 13,500\uac74\uc5d0 \ub2ec\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub7ec\ud55c \uc138\ubd80\uc815\ubcf4\ub294 \uc815\ucc45 \uc870\uc815 \uc608\uce21\uc5d0 \uc911\uc694\ud55c \uc9c0\uc6d0\uc744 \uc81c\uacf5\ud569\ub2c8\ub2e4.<\/p>\n<p>12\uc6d4\uc5d0 \ubc1c\ud45c\ub41c \ube44\ub18d\uc5c5 \ub370\uc774\ud130\ub294 \uae30\ub300\uce58\ub97c \ub354\uc6b1 \uc7ac\uc870\uc815\ud588\uc2b5\ub2c8\ub2e4. Wmax\uc640 CME \ub370\uc774\ud130 \ucd94\uc801\uc744 \uacb0\ud569\ud55c \uacb0\uacfc, \uc5f0\uc900\uc774 1\uc6d4\uc5d0 \uae08\ub9ac\ub97c 25bp \uc778\ud558\ud560 \uc2dc\uc7a5 \ud655\ub960\uc740 11.6%\uc5d0\uc11c 2.8%\ub85c \uae09\uaca9\ud788 \ub5a8\uc5b4\uc84c\uace0, \uae08\ub9ac\ub97c \uadf8\ub300\ub85c \uc720\uc9c0\ud560 \ud655\ub960\uc740 97.2%\ub85c \ub192\uc558\uc73c\uba70, 3\uc6d4 \uae08\ub9ac \uc778\ud558 \ud655\ub960\uc740 32.3%\uc5d0 \ubd88\uacfc\ud55c \uac83\uc73c\ub85c \ub098\ud0c0\ub0ac\uc2b5\ub2c8\ub2e4. \uc774\ub7ec\ud55c \uc608\uc0c1\ub418\ub294 \ubcc0\ud654\ub294 \uc815\ucc45 \ub17c\ub9ac\uc5d0 \ub300\ud55c Wmax\uc758 \ud310\ub2e8\uacfc \ub9e4\uc6b0 \uc77c\uce58\ud569\ub2c8\ub2e4. Powell\uc740 \uae08\ub9ac \uc778\ud558 \uae30\uc900\uc774 \ub192\ub2e4\ub294 \uc810\uc744 \uc554\uc2dc\ud588\uace0 \ud604\uc7ac \ucc28\uc785 \ube44\uc6a9\uc774 \uc801\uc808\ud558\ub2e4\uace0 \ubbff\uc73c\uba70 \ub178\ub3d9\ud1b5\uacc4\uad6d \ub370\uc774\ud130\uc758 \uc815\ud655\uc131\uc5d0 \ub300\ud574 \uc758\uad6c\uc2ec\uc744 \uac00\uc9c0\uace0 \uc788\uc2b5\ub2c8\ub2e4(\uc6d4\uac04 \uc2e0\uaddc \uace0\uc6a9\uc758 \uc2e4\uc81c \uac00\uce58\ub294 \ubcf4\uace0\ub41c \uac83\ubcf4\ub2e4 60,000\uc774 \uc801\uc740 \uac83\uc73c\ub85c \ucd94\uce21\ub429\ub2c8\ub2e4). Goldman Sachs Lindsay Rosener\uc758 \uacac\ud574\ub294 11\uc6d4 \uc2e4\uc5c5\ub960 \uae09\ub4f1\uc774 \uc2dc\uc2a4\ud15c\uc801 \uc57d\uc810\uc774 \uc544\ub2cc \uac1c\uc778\uc758 \uc2e4\uc9c1\uacfc \ub370\uc774\ud130 \uc65c\uace1\uc5d0 \uc758\ud55c \uac83\uc774\uba70 \uc5f0\uc900\uc774 \ud604\uc7ac\uc758 \uc815\ucc45 \uae30\uc870\ub97c \uc720\uc9c0\ud560 \uac00\ub2a5\uc131\uc774 \ub192\ub2e4\ub294 Wmax\uc758 \uacac\ud574\uc640\ub3c4 \uc77c\uce58\ud569\ub2c8\ub2e4.<\/p>\n<p><a id=\"post-8387-heading_3\"><\/a><strong>\uc790\uc0b0\uc2dc\uc7a5 \uc804\ub2ec\ud6a8\uacfc: \uae00\ub85c\ubc8c \uc8fc\uc694 \uc790\uc0b0\uad70\uc758 \ucc28\ubcc4\ud654\ub41c \ubcc0\ub3d9<\/strong><\/p>\n<p>\ube44\ub18d\uc5c5 \ub370\uc774\ud130\uc758 \ubcc0\ud654\ub294 \uc815\ucc45 \uae30\ub300\ub97c \ud1b5\ud574 \uae00\ub85c\ubc8c \uc790\uc0b0 \uc2dc\uc7a5\uc5d0 \uc804\ub2ec\ub418\uc5c8\uc2b5\ub2c8\ub2e4. Wmax\ub294 \uc790\uc0b0 \uc5f0\uacc4 \ub85c\uc9c1\uc5d0 \ub300\ud55c \uc804\ubb38\uc801\uc778 \uc774\ud574\ub97c \ubc14\ud0d5\uc73c\ub85c \ub2e4\uc591\ud55c \uc790\uc0b0\uc758 \ubcc0\ub3d9 \ud2b9\uc131\uc744 \uc815\ud655\ud558\uac8c \ud3ec\ucc29\ud569\ub2c8\ub2e4.<\/p>\n<ul>\n<li><strong>\uadc0\uae08\uc18d \uc2dc\uc7a5<\/strong>: 12\uc6d4 \ube44\ub18d\uc5c5 \ub370\uc774\ud130 \ubd80\uc9c4\uacfc \uc9c0\uc815\ud559\uc801 \uc704\ud5d8 \uc99d\uac00\ub85c \uc778\ud574 Wmax\ub294 \uad6d\uc81c \uae08 \ud604\ubb3c\uc774 \ucc98\uc74c\uc73c\ub85c \ubbf8\ud654 4,600\ub2ec\ub7ec\ub97c \ub118\uc5b4\uc130\ub2e4\uace0 \ubaa8\ub2c8\ud130\ub9c1\ud588\uc2b5\ub2c8\ub2e4. \uc77c\uc911 \uc99d\uac00\uc728\uc740 \ud55c\ub54c 2%\ub85c \ud655\ub300\ub418\uc5b4 \uc628\uc2a4\ub2f9 \ucd5c\ub300 4612\ub2ec\ub7ec\uc5d0 \ub2ec\ud588\uc73c\uba70, 2026\ub144 \ucd08 \uc774\ud6c4 \ub204\uc801 \uc99d\uac00\uc728\uc740 6% \uc774\uc0c1\uc785\ub2c8\ub2e4. \ud604\ubb3c \uc740\uc740 \uac70\uc758 5% \uc0c1\uc2b9\ud558\uc5ec \uc0ac\uc0c1 \ucd5c\uace0\uce58\uc778 US$84\ub97c \uae30\ub85d\ud588\uc73c\uba70 COMEX \uc740\ub3c4 \ub3d9\uc2dc\uc5d0 5% \uc774\uc0c1 \uc0c1\uc2b9\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub294 \"\uc57d\ud55c \ub370\uc774\ud130\uac00 \ud5e4\uc9d5 \uc218\uc694\ub97c \ub192\uc778\ub2e4\"\ub77c\ub294 \uace0\uc804\uc801\uc778 \uc804\uc1a1 \ub17c\ub9ac\uc5d0 \uc644\ubcbd\ud558\uac8c \ub4e4\uc5b4\ub9de\uc2b5\ub2c8\ub2e4.<\/li>\n<\/ul>\n<p><img decoding=\"async\" width=\"1022\" height=\"537\" class=\"wp-image-8391\" src=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/4-2.png\" alt=\"\u56fe\u7247 4\" srcset=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/4-2.png 1022w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/4-2-300x158.png 300w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/4-2-768x404.png 768w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/4-2-18x9.png 18w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/4-2-900x473.png 900w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/4-2-600x315.png 600w\" sizes=\"(max-width: 1022px) 100vw, 1022px\" \/><\/p>\n<ul>\n<li><strong>\ubbf8\uad6d \uad6d\ucc44 \uc2dc\uc7a5<\/strong>: \ubbf8\uad6d 10\ub144\ub9cc\uae30 \uad6d\ucc44\uc218\uc775\ub960\uc740 4.177% \ub0b4\uc678\uc5d0 \uba38\ubb3c\uace0 \uc788\uc73c\uba70, 30\ub144 \ucd08\uc7a5\uae30 \uad6d\ucc44 \uae08\ub9ac\ub294 \uc5ec\uc804\ud788 4.84%\ub85c \uc0c1\ub300\uc801\uc73c\ub85c \ub192\uc740 \uc218\uc900\uc744 \uc720\uc9c0\ud558\uba70 \uc870\uc815 \ucd94\uc138\ub97c \uc774\uc5b4\uac00\uace0 \uc788\ub2e4. Wmax\ub294 \uc774\uac83\uc774 '\uc57d\ud55c \ub370\uc774\ud130'\uc640 '\uae08\ub9ac \uc778\ud558 \uae30\ub300 \uac8c\uc784' \ud558\uc5d0\uc11c \uc2dc\uc7a5\uc758 \uc870\uc2ec\uc2a4\ub7ec\uc6b4 \ud0dc\ub3c4\uc640 \uacbd\uc81c \ud68c\ubcf5\ub825\uacfc \uc815\ucc45 \uad00\ub9dd \ubd84\uc704\uae30 \uc0ac\uc774\uc758 \uade0\ud615\uc744 \ubc18\uc601\ud55c\ub2e4\uace0 \ubbff\uc2b5\ub2c8\ub2e4.<\/li>\n<li><strong>\uc678\ud658 \ubc0f \uc8fc\uc2dd \uc2dc\uc7a5<\/strong>: \uac19\uc740 \uae30\uac04 \ubbf8\uad6d \ub2ec\ub7ec\uc9c0\uc218\ub294 1.2% \ud558\ub77d\ud574 \uadc0\uae08\uc18d \uac00\uaca9\uacfc \uc804\ud615\uc801\uc778 \uc74c\uc758 \uc0c1\uad00\uad00\uacc4\ub97c \ubcf4\uc784. \ubbf8\uad6d \uc8fc\uc2dd\uc758 \uacbd\uc6b0, Wmax\ub294 \ud6c4\uc18d \ube44\ub18d\uc5c5 \ub370\uc774\ud130\uac00 \uacc4\uc18d\ud574\uc11c \uace0\uc6a9 \uc2dc\uc7a5\uc758 \ucde8\uc57d\uc131\uc744 \ud655\uc778\ud55c\ub2e4\uba74 \uae08\ub9ac \uc778\ud558 \uae30\ub300\uac00 \ub2e4\uc2dc \uac00\uc5f4\ub420 \uc218 \uc788\uace0 \ub098\uc2a4\ub2e5\uacfc \uac19\uc740 \uc131\uc7a5\uc8fc\ub294 \ub2e4\uc2dc \ud55c \ubc88 \uc9c0\uc9c0\ub97c \uc5bb\uc744 \uc218 \uc788\ub294 \ubc18\uba74 \ub2e4\uc6b0\uc640 \uac19\uc740 \uc21c\ud658 \uc8fc\uc2dd\uc758 \uc131\uacfc\ub294 \uacbd\uc81c \uc131\uc7a5 \ub370\uc774\ud130\uc640 \ud568\uaed8 \ucd94\uac00 \uac80\uc99d\uc774 \ud544\uc694\ud558\ub2e4\uace0 \uc608\uce21\ud569\ub2c8\ub2e4.<\/li>\n<\/ul>\n<p><a id=\"post-8387-heading_4\"><\/a><strong>\ub2e8\uc77c \uc9c0\ud45c\ub85c \uc778\ud55c \uc624\ud310 \ubc29\uc9c0 \ubc0f \uc885\ud569\uc801\uc778 \uac80\uc99d \ub85c\uc9c1 \uc900\uc218<\/strong><\/p>\n<p>Wmax\ub294 \uc7a5\uae30\uac04\uc758 \uc804\ubb38\uc801\uc778 \ub370\uc774\ud130 \ud574\uc11d \uacbd\ud5d8\uc744 \ubc14\ud0d5\uc73c\ub85c \ube44\ub18d\uc5c5 \ub370\uc774\ud130 \ubd84\uc11d\uc740 \ub2e8\uc77c \uc9c0\ud45c\uc5d0 \uc758\uc874\ud558\uc9c0 \uc54a\uace0 \ub2e4\uc74c \uc138 \uac00\uc9c0 \uc8fc\uc694 \uce21\uba74\uc744 \uc885\ud569\uc801\uc73c\ub85c \uace0\ub824\ud574\uc57c \ud568\uc744 \uac15\uc870\ud569\ub2c8\ub2e4.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1029\" height=\"531\" class=\"wp-image-8392\" src=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/5-1.png\" alt=\"\u56fe\u7247 5\" srcset=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/5-1.png 1029w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/5-1-300x155.png 300w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/5-1-1024x528.png 1024w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/5-1-768x396.png 768w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/5-1-18x9.png 18w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/5-1-900x464.png 900w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/5-1-600x310.png 600w\" sizes=\"(max-width: 1029px) 100vw, 1029px\" \/><\/p>\n<p>\uccab\uc9f8, \uace0\uc6a9\uc758 \uc591\ubcf4\ub2e4 \uc9c8\uc5d0 \uc8fc\ubaa9\ud558\ub77c. 2025\ub144 12\uc6d4 \uc790\ub8cc\uc5d0 \ub530\ub974\uba74 \uacbd\uc81c\uc801 \uc694\uc778\uc73c\ub85c \uc778\ud55c \uc2dc\uac04\uc81c \uadfc\ub85c\uc790 \uc218\ub294 \uc57d 530\ub9cc\uba85(\uc5f0\uac04 98\ub9cc\uba85 \uc99d\uac00)\uc73c\ub85c, \uc774\ub4e4 \uc911 \ub300\ubd80\ubd84\uc740 \uadfc\ub85c\uc2dc\uac04\uc774 \ub2e8\ucd95\ub418\uac70\ub098 \uc815\uaddc\uc9c1\uc744 \uad6c\ud558\uc9c0 \ubabb\ud574 \uac15\uc81c\ub85c \uc2dc\uac04\uc81c \uadfc\ubb34\ub97c \ud558\uace0 \uc788\ub2e4. \uc774\ub7ec\ud55c \uc138\ubd80\uc801\uc778 \ub370\uc774\ud130\ub294 \uace0\uc6a9 \uc2dc\uc7a5\uc5d0 \uc228\uaca8\uc9c4 \uc555\ub825\uc744 \ub4dc\ub7ec\ub0b4\ubbc0\ub85c \uc6b0\ub9ac\ub294 \uc624\ud574\uc758 \uc18c\uc9c0\uac00 \uc788\ub294 \ud53c\uc0c1\uc801\uc778 \ub370\uc774\ud130\ub97c \uc870\uc2ec\ud574\uc57c \ud569\ub2c8\ub2e4. \ub458\uc9f8, \ub178\ub3d9\ucc38\uac00\uc728\uc758 \uc5ed\ub3d9\uc801\uc778 \ubcc0\ud654\uc5d0 \uc8fc\ubaa9\ud558\ub77c - - 2025\ub144 9\uc6d4\uc5d0\ub294 \ub178\ub3d9\ucc38\uac00\uc728 \ud558\ub77d\uc73c\ub85c \uc2e4\uc5c5\ub960\uc774 '\uac70\uc9d3 \uac10\uc18c'\ud55c \uac83\uc73c\ub85c \ub098\ud0c0\ub0ac\ub2e4. \uc720\uc0ac\ud55c \ud1b5\uacc4 \uc218\uc900\uc73c\ub85c \uc778\ud55c \uad50\ub780\uc744 \uc0ac\uc804\uc5d0 \uc608\uce21\ud574\uc57c \ud569\ub2c8\ub2e4. \uc14b\uc9f8, \ub2e4\uc911 \uc9c0\ud45c \uad50\ucc28 \uac80\uc99d\uc744 \uc900\uc218\ud569\ub2c8\ub2e4. \ube44\ub18d\uc5c5 \ub370\uc774\ud130\uac00 CPI, GDP \ub4f1 \ub2e4\ub978 \uacbd\uc81c \uc9c0\ud45c\uc640 \ub2e4\ub97c \uacbd\uc6b0 \uacbd\uc81c\uc801 \uad6c\uc870\uc801 \ubaa8\uc21c\uc744 \ubc18\uc601\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud604\uc7ac\ub85c\uc11c\ub294 \ucd94\uc138\ub97c \ud655\uc778\ud558\uace0 \uc815\ucc45 \ubc29\ud5a5\uc5d0 \ub300\ud55c \uc131\uae09\ud55c \ud310\ub2e8\uc744 \ud53c\ud558\uae30 \uc704\ud574 \ub354 \ub9ce\uc740 \ub370\uc774\ud130\ub97c \uae30\ub2e4\ub824\uc57c \ud569\ub2c8\ub2e4.<\/p>\n<p><a id=\"post-8387-heading_5\"><\/a><strong>\uc8fc\uc694 \ud6c4\uc18d \uc870\uce58 \ud558\uc774\ub77c\uc774\ud2b8: 12\uc6d4 CPI \ub370\uc774\ud130\uc758 \uc815\ucc45 \uc124\uc815 \uc5ed\ud560<\/strong><\/p>\n<p>Wmax\ub294 \ub2e4\uc74c \uc8fc\uc5d0 \ubc1c\ud45c\ub420 \ubbf8\uad6d 12\uc6d4 CPI \ub370\uc774\ud130\uac00 \uc5f0\uc900 \uc815\ucc45\uc758 \uc8fc\uc694 \ubcf4\uc644 \uae30\uc900\uc774 \ub420 \uac83\uc774\ub77c\uace0 \ubbff\uc2b5\ub2c8\ub2e4. CPI\uac00 \ubc18\ub4f1\ud558\uac70\ub098 \uc608\uc0c1\ubcf4\ub2e4 \ud06c\uac8c \ub0ae\uc9c0 \uc54a\uace0 \ud604\uc7ac \ube44\ub18d\uc5c5 \ub370\uc774\ud130\uac00 \uc804\ub2ec\ud558\ub294 \uace0\uc6a9 \ud0c4\ub825\uc131\uacfc \uacb0\ud569\ub418\uba74 1\uc6d4 \uae08\ub9ac \uc778\ud558\ub294 \uae30\ubcf8\uc801\uc73c\ub85c \uc2e4\ud328\ud560 \uac83\uc774 \ud655\uc2e4\ud569\ub2c8\ub2e4. CPI\uac00 \ud06c\uac8c \ud558\ub77d\ud558\uba74 \uc815\ucc45 \uc644\ud654\uc5d0 \ub300\ud55c \uc2dc\uc7a5 \ub17c\uc758\uac00 \ub2e4\uc2dc \ud65c\uc131\ud654\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uacbd\uc81c \ubcc0\ud654\uc640 \uc815\ucc45 \uc870\uc815\uc758 \uc911\uc694\ud55c \uae30\uac04 \ub3d9\uc548 Wmax\ub294 \ube44\ub18d\uc5c5 \ub370\uc774\ud130, CPI \ub370\uc774\ud130 \uc131\uacfc \ubc0f \uc5f0\ubc29 \uc900\ube44 \uc740\ud589 \uad00\uacc4\uc790\uc758 \uc9c4\uc220\uc5d0 \ub300\ud55c \ud6c4\uc18d \uac1c\uc815\ud310\uc744 \uacc4\uc18d \ucd94\uc801\ud569\ub2c8\ub2e4. \ub370\uc774\ud130 \uc138\ubd80 \uc0ac\ud56d\uc5d0 \ub300\ud55c \uc815\ubc00\ud55c \uc81c\uc5b4, \uc815\ucc45 \ub17c\ub9ac\uc758 \uc2ec\uce35 \ud574\uccb4, \uc790\uc0b0 \uc5f0\uacc4\uc5d0 \ub300\ud55c \uc804\ubb38\uc801\uc778 \uc5f0\uad6c \ubc0f \ud310\ub2e8\uc744 \ud1b5\ud574 \ud22c\uc790\uc790\uc5d0\uac8c \uac1d\uad00\uc801\uc774\uace0 \uc2e0\ub8b0\ud560 \uc218 \uc788\ub294 \uc2dc\uc7a5 \ud574\uc11d \ubc0f \uc758\uc0ac \uacb0\uc815 \ucc38\uc870\ub97c \uc81c\uacf5\ud558\uc5ec \ubcf5\uc7a1\ud55c \uc815\ucc45 \uac8c\uc784 \ubc0f \uc2dc\uc7a5 \ubcc0\ub3d9\uc5d0\uc11c \ud575\uc2ec \uae30\ud68c\ub97c \ud3ec\ucc29\ud558\ub294 \ub370 \ub3c4\uc6c0\uc774 \ub429\ub2c8\ub2e4.<\/p>","protected":false},"excerpt":{"rendered":"<p>2025\u5e74\u4e0b\u534a\u5e74\u975e\u519c\u6570\u636e\u73b0&#8221;\u65b0\u589e\u5c31\u4e1a\u4e0e\u5931\u4e1a\u7387\u540c\u6b65\u4e0a\u5347&#8221;\u80cc\u79bb\uff0c12\u6708\u6536\u5b98\u6570\u636e\u663e\u793a\u5168\u5e74\u4ec5\u589e58.4\u4e07\u4eba\u4e3a2020\u5e74\u6765\u6700\u5f31\uff0c\u7f8e\u8054\u50a81\u6708\u964d\u606f\u6982\u7387\u9aa4\u964d\u81f32.8%\u3002\u6570\u636e\u4f20\u5bfc\u63a8\u5347\u9ec4\u91d1\u81f34600\u7f8e\u5143\uff0c\u7f8e\u5143\u6307\u6570\u4e0b\u8dcc1.2%\u3002\u9700\u5173\u6ce8\u5c31\u4e1a\u54c1\u8d28\u4e0e12\u6708CPI\uff0c\u907f\u514d\u5355\u4e00\u6307\u6807\u8bef\u5224\u3002<\/p>","protected":false},"author":1,"featured_media":8388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[121],"tags":[217,340,476],"class_list":["post-8387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-217","tag-340","tag-476"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/posts\/8387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/comments?post=8387"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/posts\/8387\/revisions"}],"predecessor-version":[{"id":8393,"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/posts\/8387\/revisions\/8393"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/media\/8388"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/media?parent=8387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/categories?post=8387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/tags?post=8387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}