{"id":8815,"date":"2026-02-09T15:53:08","date_gmt":"2026-02-09T07:53:08","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=8815"},"modified":"2026-02-09T15:53:15","modified_gmt":"2026-02-09T07:53:15","slug":"%e7%99%bd%e9%93%b6%e6%9e%81%e8%87%b4%e5%b7%a8%e9%9c%87%e4%b8%8b%e7%9a%84%e5%af%bb%e5%ba%95%e5%9b%b0%e5%b1%80%ef%bc%8c%e5%b8%82%e5%9c%ba%e7%89%b9%e8%b4%a8%e5%88%86%e5%8c%96%e5%bc%95%e8%b5%84%e9%87%91","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/8815","title":{"rendered":"T\u00ecnh th\u1ebf ti\u1ebfn tho\u00e1i l\u01b0\u1ee1ng nan t\u1eeb \u0111\u00e1y c\u1ee7a b\u1ea1c d\u01b0\u1edbi tr\u1eadn \u0111\u1ed9ng \u0111\u1ea5t c\u1ef1c \u0111\u1ed9, s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 \u0111\u1eb7c \u0111i\u1ec3m th\u1ecb tr\u01b0\u1eddng d\u1eabn \u0111\u1ebfn vi\u1ec7c t\u00e1i c\u01a1 c\u1ea5u c\u01a1 c\u1ea5u v\u1ed1n"},"content":{"rendered":"

D\u1ef1a tr\u00ean theo d\u00f5i chuy\u00ean s\u00e2u c\u0169ng nh\u01b0 nghi\u00ean c\u1ee9u v\u00e0 \u0111\u00e1nh gi\u00e1 chuy\u00ean nghi\u1ec7p v\u1ec1 m\u00f4 h\u00ecnh bi\u1ebfn \u0111\u1ed9ng gi\u00e1, c\u1ea5u tr\u00fac thanh kho\u1ea3n, d\u00f2ng v\u1ed1n v\u00e0 c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i qu\u00fd to\u00e0n c\u1ea7u, Wmax tin r\u1eb1ng s\u1ef1 s\u1ee5t gi\u1ea3m l\u1ecbch s\u1eed g\u1ea7n \u0111\u00e2y v\u00e0 nh\u1eefng bi\u1ebfn \u0111\u1ed9ng l\u1eb7p \u0111i l\u1eb7p l\u1ea1i c\u1ee7a b\u1ea1c kh\u00f4ng ph\u1ea3i do s\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n m\u00e0 l\u00e0 do t\u00e2m l\u00fd e ng\u1ea1i r\u1ee7i ro, thi\u1ebfu thanh kho\u1ea3n, tr\u00f2 ch\u01a1i \u0111\u1ea7u c\u01a1 v\u1ed1n v\u00e0 \u0111i\u1ec1u ch\u1ec9nh c\u00e1c k\u1ef3 v\u1ecdng v\u0129 m\u00f4. N\u00f3 hi\u1ec7n \u0111ang trong giai \u0111o\u1ea1n t\u00ecm ki\u1ebfm \u0111\u00e1y kh\u00f3 kh\u0103n, v\u1edbi r\u1ee7i ro ng\u1eafn h\u1ea1n cao v\u00e0 bi\u1ebfn \u0111\u1ed9ng c\u1ef1c \u0111\u1ed9. Tuy nhi\u00ean, v\u00e0ng v\u00e0 b\u1ea1c cho th\u1ea5y kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i gi\u00e1 ho\u00e0n to\u00e0n kh\u00e1c nhau do \u0111\u1eb7c \u0111i\u1ec3m th\u1ecb tr\u01b0\u1eddng v\u00e0 s\u1ef1 kh\u00e1c bi\u1ec7t \u0111\u00e1ng k\u1ec3 trong c\u01a1 c\u1ea5u v\u1ed1n. S\u1ef1 kh\u00e1c bi\u1ec7t trong l\u1ef1a ch\u1ecdn v\u1ed1n gi\u1eefa c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c c\u00e0ng khu\u1ebfch \u0111\u1ea1i tr\u00f2 ch\u01a1i n\u1ed9i b\u1ed9 c\u1ee7a th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i qu\u00fd. M\u1eb7c d\u00f9 logic t\u0103ng gi\u00e1 c\u1ea5u tr\u00fac d\u00e0i h\u1ea1n c\u1ee7a b\u1ea1c t\u1ed3n t\u1ea1i nh\u01b0ng \u0111\u00e1y ng\u1eafn h\u1ea1n v\u1eabn ch\u01b0a r\u00f5 r\u00e0ng.<\/p>\n

<\/a>Bi\u1ebfn \u0111\u1ed9ng c\u1ef1c \u0111\u1ed9 c\u1ee7a b\u1ea1c: S\u1ef1 c\u1ed9ng h\u01b0\u1edfng c\u1ee7a nhi\u1ec1u y\u1ebfu t\u1ed1 \u0111\u00e3 g\u00e2y ra s\u1ef1 s\u1ee5t gi\u1ea3m v\u00e0 qu\u00e1 tr\u00ecnh t\u00ecm \u0111\u00e1y ng\u00e0y c\u00e0ng t\u0103ng c\u01b0\u1eddng.<\/strong><\/p>\n

Wmax \u0111\u01b0\u1ee3c ph\u00e1t hi\u1ec7n th\u00f4ng qua gi\u00e1m s\u00e1t d\u1eef li\u1ec7u t\u1ea7n s\u1ed1 cao theo th\u1eddi gian th\u1ef1c v\u1ec1 gi\u00e1 b\u1ea1c r\u1eb1ng lo\u1ea1i b\u1ea1c n\u00e0y \u0111\u00e3 tr\u1ea3i qua s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh s\u00e2u sau khi \u0111\u1ea1t m\u1ee9c cao k\u1ef7 l\u1ee5c. N\u00f3 \u0111\u00e3 gi\u1ea3m h\u01a1n 1\/3 k\u1ec3 t\u1eeb m\u1ee9c \u0111\u1ec9nh v\u00e0o ng\u00e0y 29\/1. Trong n\u0103m, n\u00f3 ghi nh\u1eadn 11 bi\u1ebfn \u0111\u1ed9ng d\u1eef d\u1ed9i v\u1edbi m\u1ee9c t\u0103ng ho\u1eb7c gi\u1ea3m t\u1eeb 5% tr\u1edf l\u00ean. Nh\u1eefng bi\u1ebfn \u0111\u1ed9ng g\u1ea7n \u0111\u00e2y \u0111\u00e3 l\u1eadp k\u1ef7 l\u1ee5c m\u1edbi k\u1ec3 t\u1eeb n\u0103m 1980. Trong s\u1ed1 \u0111\u00f3, gi\u00e1 l\u1ea7n \u0111\u1ea7u ti\u00ean gi\u1ea3m m\u1ea1nh g\u1ea7n 30% sau khi ch\u1ea1m m\u1ee9c cao k\u1ef7 l\u1ee5c, sau \u0111\u00f3 b\u1eadt tr\u1edf l\u1ea1i m\u00e0 kh\u00f4ng th\u00e0nh c\u00f4ng. N\u00f3 l\u1ea1i gi\u1ea3m m\u1ea1nh 19% v\u00e0o th\u1ee9 N\u0103m v\u00e0 gi\u1ea3m g\u1ea7n 10% xu\u1ed1ng c\u00f2n 64 USD\/ounce trong phi\u00ean giao d\u1ecbch ch\u00e2u \u00c1 v\u00e0o th\u1ee9 S\u00e1u, sau \u0111\u00f3 nhanh ch\u00f3ng ph\u1ee5c h\u1ed3i v\u00e0 t\u0103ng 6,2%. T\u1ed1c \u0111\u1ed9 v\u00e0 m\u1ee9c \u0111\u1ed9 chuy\u1ec3n \u0111\u1ed5i gi\u1eefa t\u0103ng v\u00e0 gi\u1ea3m l\u00e0m n\u1ed5i b\u1eadt nh\u1eefng c\u1ea3m x\u00fac c\u1ef1c \u0111oan c\u1ee7a th\u1ecb tr\u01b0\u1eddng. <\/p>\n

Theo ph\u00e2n t\u00edch th\u00e1o g\u1ee1 c\u1ee7a Wmax, \u0111\u1ee3t lao d\u1ed1c b\u1ea1c n\u00e0y kh\u00f4ng ph\u1ea3i do c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n suy y\u1ebfu m\u00e0 l\u00e0 s\u1ef1 c\u1ed9ng h\u01b0\u1edfng c\u1ee7a nhi\u1ec1u y\u1ebfu t\u1ed1 phi c\u01a1 b\u1ea3n: Th\u1ee9 nh\u1ea5t, t\u00e2m l\u00fd lo ng\u1ea1i r\u1ee7i ro to\u00e0n c\u1ea7u chi ph\u1ed1i giao d\u1ecbch, k\u00ecm h\u00e3m gi\u00e1 ng\u1eafn h\u1ea1n; th\u1ee9 hai, t\u00ecnh tr\u1ea1ng thi\u1ebfu thanh kho\u1ea3n v\u00e0 bi\u1ebfn \u0111\u1ed9ng t\u1ea1o th\u00e0nh m\u1ed9t chu k\u1ef3 ti\u00eau c\u1ef1c t\u1ef1 c\u1ee7ng c\u1ed1; th\u1ee9 ba, \u0111\u1ea7u t\u01b0 Vi\u1ec7c t\u00e1i c\u00e2n b\u1eb1ng t\u1eadp trung c\u1ee7a c\u00e1c qu\u1ef9 c\u01a1 h\u1ed9i c\u00e0ng l\u00e0m t\u0103ng th\u00eam bi\u1ebfn \u0111\u1ed9ng; th\u1ee9 t\u01b0, Trump \u0111\u1ec1 c\u1eed Warsh l\u00e0m ch\u1ee7 t\u1ecbch ti\u1ebfp theo c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang, \u0111i\u1ec1u n\u00e0y l\u00e0m gi\u1ea3m b\u1edbt lo ng\u1ea1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t m\u1ea1nh m\u1ebd c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang v\u00e0 l\u00e0m suy y\u1ebfu s\u1ee9c h\u1ea5p d\u1eabn tr\u00fa \u1ea9n an to\u00e0n c\u1ee7a kim lo\u1ea1i qu\u00fd; th\u1ee9 n\u0103m, L\u1ec5 h\u1ed9i m\u00f9a xu\u00e2n c\u1ee7a Trung Qu\u1ed1c \u0111ang \u0111\u1ebfn g\u1ea7n v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang xem nh\u1eb9 v\u1ecb th\u1ebf c\u1ee7a h\u1ecd trong k\u1ef3 ngh\u1ec9 l\u1ec5, \u0111i\u1ec1u n\u00e0y d\u1eabn \u0111\u1ebfn vi\u1ec7c mua b\u1ea1c v\u00e0 v\u1ecb th\u1ebf th\u1ea5p h\u01a1n, g\u00e2y kh\u00f3 kh\u0103n cho vi\u1ec7c h\u00ecnh th\u00e0nh h\u1ed7 tr\u1ee3 hi\u1ec7u qu\u1ea3. Ngo\u00e0i ra, d\u1eef li\u1ec7u c\u1ee7a UBS cho th\u1ea5y m\u1ee9c \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng h\u00e0ng th\u00e1ng hi\u1ec7n t\u1ea1i c\u1ee7a b\u1ea1c \u0111\u00e3 v\u01b0\u1ee3t qu\u00e1 100% v\u00e0 c\u00e1c v\u1ecb th\u1ebf ng\u1eafn h\u1ea1n ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi r\u1ee7i ro giao d\u1ecbch r\u1ea5t l\u1edbn.<\/p>\n

<\/a>S\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 c\u1ea5u tr\u00fac qu\u1ef9: c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb \u0111i ng\u01b0\u1ee3c xu h\u01b0\u1edbng v\u00e0 mua b\u1ea1c \u1edf m\u1ee9c \u0111\u00e1y, trong khi c\u00e1c t\u1ed5 ch\u1ee9c th\u1eadn tr\u1ecdng r\u1eddi kh\u1ecfi tr\u00f2 ch\u01a1i d\u00e0i h\u1ea1n<\/strong><\/p>\n

X\u00e1c minh Wmax cho th\u1ea5y r\u1eb1ng trong th\u1eddi k\u1ef3 b\u1ea1c s\u1ee5t gi\u1ea3m, c\u00f3 kho\u1ea3ng c\u00e1ch t\u00e0i tr\u1ee3 r\u00f5 r\u00e0ng gi\u1eefa c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb \u0111i ng\u01b0\u1ee3c xu h\u01b0\u1edbng v\u00e0 mua \u0111\u00e1y. D\u1eef li\u1ec7u c\u1ee7a Vanda Research cho th\u1ea5y trong s\u00e1u ng\u00e0y giao d\u1ecbch t\u00ednh \u0111\u1ebfn th\u1ee9 N\u0103m tu\u1ea7n tr\u01b0\u1edbc, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb \u0111\u00e3 b\u01a1m t\u1ed5ng c\u1ed9ng 430 tri\u1ec7u USD v\u00e0o qu\u1ef9 ETF b\u1ea1c (SLV) l\u1edbn nh\u1ea5t. V\u00e0o ng\u00e0y lao d\u1ed1c 30\/1, h\u1ecd \u0111\u00e3 \u0111\u1ea7u t\u01b0 h\u01a1n 100 tri\u1ec7u USD. SLV duy tr\u00ec d\u00f2ng ti\u1ec1n r\u00f2ng v\u00e0o trong su\u1ed1t qu\u00e1 tr\u00ecnh; S\u1ef1 s\u1eb5n s\u00e0ng mua \u0111\u00e1y c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb \u0111\u00e3 h\u00ecnh th\u00e0nh n\u00ean \u0111\u1ed9ng l\u1ef1c th\u1ecb tr\u01b0\u1eddng ng\u1eafn h\u1ea1n, l\u00e0m tr\u1ea7m tr\u1ecdng th\u00eam s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a b\u1ea1c. C\u00e1c t\u1ed5 ch\u1ee9c th\u1eadn tr\u1ecdng v\u00e0 th\u1eadm ch\u00ed r\u1eddi kh\u1ecfi th\u1ecb tr\u01b0\u1eddng. M\u1ed9t m\u1eb7t, nh\u1eefng bi\u1ebfn \u0111\u1ed9ng c\u1ef1c \u0111\u1ed9 c\u1ee7a b\u1ea1c \u0111\u00e3 v\u01b0\u1ee3t qu\u00e1 gi\u1edbi h\u1ea1n ki\u1ec3m so\u00e1t r\u1ee7i ro c\u1ee7a h\u1ecd v\u00e0 \u00e1p l\u1ef1c \u0111\u00f2n b\u1ea9y \u0111\u00e3 ng\u0103n c\u1ea3n c\u00e1c t\u1ed5 ch\u1ee9c. M\u1eb7t kh\u00e1c, t\u00ednh \u0111\u1ebfn tu\u1ea7n c\u1ee7a ng\u00e0y 3 th\u00e1ng 2, c\u00e1c nh\u00e0 \u0111\u1ea7u c\u01a1 nh\u01b0 c\u00e1c qu\u1ef9 ph\u00f2ng h\u1ed9 \u0111\u00e3 gi\u1ea3m 23% v\u1ecb th\u1ebf mua r\u00f2ng v\u00e0ng c\u1ee7a h\u1ecd xu\u1ed1ng m\u1ee9c th\u1ea5p nh\u1ea5t trong 15 tu\u1ea7n v\u00e0 s\u1ef1 nhi\u1ec7t t\u00ecnh c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c \u0111\u1ed1i v\u1edbi ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u c\u01a1 kim lo\u1ea1i qu\u00fd \u0111\u00e3 ngu\u1ed9i d\u1ea7n. Ngo\u00e0i ra, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb \u201cb\u1ecf v\u00e0ng v\u00e0 mua b\u1ea1c\u201d, c\u00e0ng l\u00e0m t\u0103ng th\u00eam s\u1ef1 kh\u00e1c bi\u1ec7t trong c\u01a1 c\u1ea5u v\u1ed1n v\u00e0ng v\u00e0 b\u1ea1c. B\u1ea1c \u0111\u00e3 tr\u1edf th\u00e0nh ch\u1ee7 \u0111\u1ec1 c\u1ed1t l\u00f5i c\u1ee7a ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u c\u01a1 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb v\u00ec n\u00f3 c\u00f3 \u0111\u1eb7c t\u00ednh c\u1ee7a kim lo\u1ea1i qu\u00fd, kim lo\u1ea1i c\u00f4ng nghi\u1ec7p v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 \u0111\u1ea7u c\u01a1. N\u00f3 \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 \"h\u00e0ng h\u00f3a lan truy\u1ec1n\" v\u00e0 \"hi\u1ec7u \u1ee9ng x\u1ed5 s\u1ed1\" c\u1ee7a \"phi\u00ean b\u1ea3n v\u00e0ng c\u00f3 t\u00ednh bi\u1ebfn \u0111\u1ed9ng cao\" thu h\u00fat c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb. Nh\u1eefng ng\u01b0\u1eddi n\u1eafm gi\u1eef qu\u1ef9 v\u00e0ng ch\u1ee7 y\u1ebfu l\u00e0 c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c d\u00e0i h\u1ea1n, c\u00f3 \u0111\u1ed9 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh cao h\u01a1n. \u0110\u00e2y l\u00e0 nguy\u00ean nh\u00e2n c\u1ed1t l\u00f5i d\u1eabn \u0111\u1ebfn s\u1ef1 ph\u00e2n k\u1ef3 c\u1ee7a d\u00f2ng v\u1ed1n gi\u1eefa hai b\u00ean.<\/p>\n

\"IMG_256\"<\/p>\n

<\/a>Ph\u00e2n bi\u1ec7t th\u1ecb tr\u01b0\u1eddng v\u00e0ng v\u00e0 b\u1ea1c: S\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 \u0111\u1eb7c \u0111i\u1ec3m t\u1ea1o n\u00ean kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i, bi\u1ebfn \u0111\u1ed9ng v\u00e0 h\u1ed7 tr\u1ee3 r\u1ea5t kh\u00e1c nhau<\/strong><\/p>\n

D\u1ef1a tr\u00ean ph\u00e2n t\u00edch chuy\u00ean s\u00e2u v\u1ec1 d\u1eef li\u1ec7u bi\u1ebfn \u0111\u1ed9ng l\u1ecbch s\u1eed v\u00e0 \u0111\u1eb7c \u0111i\u1ec3m th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i c\u1ee7a v\u00e0ng v\u00e0 b\u1ea1c, Wmax tin r\u1eb1ng m\u1eb7c d\u00f9 c\u1ea3 hai \u0111\u1ec1u c\u00f3 c\u00f9ng n\u1ec1n t\u1ea3ng kinh t\u1ebf v\u0129 m\u00f4 nh\u01b0ng nh\u1eefng kh\u00e1c bi\u1ec7t c\u01a1 b\u1ea3n v\u1ec1 \u0111\u1eb7c \u0111i\u1ec3m th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 t\u1ea1o ra m\u1ee9c \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng v\u00e0 kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i gi\u00e1 ho\u00e0n to\u00e0n kh\u00e1c nhau. \u0110\u00e2y c\u0169ng l\u00e0 logic c\u1ed1t l\u00f5i t\u1ea1i sao v\u00e0ng ho\u1ea1t \u0111\u1ed9ng t\u1ed1t h\u01a1n nhi\u1ec1u so v\u1edbi b\u1ea1c trong \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh n\u00e0y. \u0110\u1ed9 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a b\u1ea1c cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi v\u00e0ng. Ch\u1ec9 s\u1ed1 bi\u1ebfn \u0111\u1ed9ng ETF b\u1ea1c c\u1ee7a Chicago Board Options Exchange hi\u1ec7n t\u1ea1i l\u00e0 kho\u1ea3ng 95, trong khi v\u00e0ng ch\u1ec9 kho\u1ea3ng 36, g\u1ea7n g\u1ea5p ba l\u1ea7n v\u00e0ng. D\u1eef li\u1ec7u l\u1ecbch s\u1eed cho th\u1ea5y bi\u1ebfn \u0111\u1ed9ng c\u1ee7a b\u1ea1c cao h\u01a1n v\u00e0ng v\u00e0 S&P 500 trong th\u1eddi gian d\u00e0i, trong khi v\u00e0ng th\u1ea5p h\u01a1n th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. Nguy\u00ean nh\u00e2n s\u00e2u xa l\u00e0 th\u1ecb tr\u01b0\u1eddng b\u1ea1c c\u00f3 quy m\u00f4 nh\u1ecf, t\u00ednh thanh kho\u1ea3n k\u00e9m v\u00e0 c\u00f3 \u0111\u1eb7c t\u00ednh kim lo\u1ea1i c\u00f4ng nghi\u1ec7p, d\u1ec5 b\u1ecb \u1ea3nh h\u01b0\u1edfng thu\u1eadn chu k\u1ef3 v\u00e0 \u0111i\u1ec1u ch\u1ec9nh m\u1ea1nh; v\u00e0ng c\u00f3 t\u00ednh thanh kho\u1ea3n t\u1ed1t v\u00e0 \u0111\u1eb7c t\u00ednh ph\u00f2ng ng\u1eeba r\u1ee7i ro thu\u1ea7n t\u00fay, v\u00e0 nhu c\u1ea7u mua v\u00e0ng c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u0111\u00e3 c\u1ee7ng c\u1ed1 \u0111\u00e1y v\u00e0 ng\u0103n ch\u1eb7n s\u1ef1 bi\u1ebfn \u0111\u1ed9ng \u0111i xu\u1ed1ng m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3.\u5e02\u573a\u7279\u8d28\u7684\u672c\u8d28\u5dee\u5f02<\/strong>\u9020\u5c31\u4e86\u622a\u7136\u4e0d\u540c\u7684\u4ef7\u683c\u97e7\u6027\u4e0e\u6ce2\u52a8\u7387\u6c34\u5e73\uff0c\u8fd9\u4e5f\u662f\u672c\u8f6e\u8c03\u6574\u4e2d\u9ec4\u91d1\u8868\u73b0\u8fdc\u4f18\u4e8e\u767d\u94f6\u7684\u6838\u5fc3\u903b\u8f91\u3002\u767d\u94f6\u6ce2\u52a8\u7387\u663e\u8457\u9ad8\u4e8e\u9ec4\u91d1\uff0c\u5f53\u524d\u829d\u52a0\u54e5\u671f\u6743\u4ea4\u6613\u6240\u767d\u94f6ETF\u6ce2\u52a8\u7387\u6307\u6570\u7ea695\uff0c\u9ec4\u91d1\u4ec536\u4e0a\u4e0b\uff0c\u8fd1\u4e4e\u9ec4\u91d1\u4e09\u500d\u3002\u5386\u53f2\u6570\u636e\u663e\u793a\uff0c\u767d\u94f6\u6ce2\u52a8\u7387\u957f\u671f\u9ad8\u4e8e\u9ec4\u91d1\u548c\u6807\u666e500\u6307\u6570\uff0c\u9ec4\u91d1\u5219\u4f4e\u4e8e\u80a1\u5e02\u3002\u6839\u6e90\u5728\u4e8e\u767d\u94f6\u5e02\u573a\u89c4\u6a21\u5c0f\u3001\u6d41\u52a8\u6027\u5dee\u4e14\u517c\u5177\u5de5\u4e1a\u91d1\u5c5e\u5c5e\u6027\uff0c\u6613\u53d7\u987a\u5468\u671f\u5f71\u54cd\u800c\u5927\u5e45\u56de\u8c03\uff1b\u9ec4\u91d1\u5219\u6d41\u52a8\u6027\u4f73\u3001\u907f\u9669\u5c5e\u6027\u7eaf\u7cb9\uff0c\u592e\u884c\u8d2d\u91d1\u9700\u6c42\u592f\u5b9e\u5e95\u90e8\uff0c\u6709\u6548\u6291\u5236\u4e0b\u884c\u6ce2\u52a8\u7387\u3002<\/p>\n

T\u1eeb g\u00f3c \u0111\u1ed9 h\u1ed7 tr\u1ee3 gi\u00e1 c\u0169ng nh\u01b0 nghi\u00ean c\u1ee9u v\u00e0 \u0111\u00e1nh gi\u00e1 c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c, logic t\u0103ng gi\u00e1 d\u00e0i h\u1ea1n c\u1ee7a v\u00e0ng v\u1eabn \u0111\u01b0\u1ee3c c\u00e1c t\u1ed5 ch\u1ee9c c\u00f4ng nh\u1eadn. Sau khi \u0111i\u1ec1u ch\u1ec9nh t\u1eeb cu\u1ed1i th\u00e1ng 1 \u0111\u1ebfn \u0111\u1ea7u th\u00e1ng 2, n\u00f3 \u0111\u00e3 nh\u1eadn \u0111\u01b0\u1ee3c s\u1ef1 h\u1ed7 tr\u1ee3 s\u0103n h\u00e0ng gi\u00e1 h\u1eddi r\u00f5 r\u00e0ng trong kho\u1ea3ng 4.500-5.000 \u0111\u00f4 la M\u1ef9 m\u1ed7i ounce. Fidelity International, C\u00f4ng ty qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 Th\u00e1i B\u00ecnh D\u01b0\u01a1ng v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c kh\u00e1c nh\u1eafc l\u1ea1i quan \u0111i\u1ec3m t\u0103ng gi\u00e1 d\u00e0i h\u1ea1n c\u1ee7a h\u1ecd \u0111\u1ed1i v\u1edbi v\u00e0ng. State Street Global Advisors ch\u1ec9 ra kh\u1ea3 n\u0103ng v\u00e0ng t\u0103ng l\u00ean 6.000 USD\/ounce trong 6-12 th\u00e1ng t\u1edbi cao h\u01a1n nhi\u1ec1u so v\u1edbi kh\u1ea3 n\u0103ng gi\u1ea3m xu\u1ed1ng 4.000 USD\/ounce. B\u1ea1c \u0111\u00e3 b\u01b0\u1edbc v\u00e0o th\u1ecb tr\u01b0\u1eddng gi\u00e1 xu\u1ed1ng v\u00e0 xu h\u01b0\u1edbng gi\u00e1 c\u1ee7a n\u00f3 t\u1eeb l\u00e2u \u0111\u00e3 l\u1ec7ch kh\u1ecfi c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n. Theo t\u00ednh to\u00e1n, ph\u1ea1m vi gi\u00e1 c\u01a1 b\u1ea3n h\u1ee3p l\u00fd c\u1ee7a b\u1ea1c l\u00e0 70-80 \u0111\u00f4 la M\u1ef9 m\u1ed7i ounce, kh\u00e1c xa so v\u1edbi m\u1ee9c cao tr\u01b0\u1edbc \u0111\u00f3 l\u00e0 110-120 \u0111\u00f4 la M\u1ef9 m\u1ed7i ounce do \u0111\u1ea7u c\u01a1 th\u00fac \u0111\u1ea9y. Trong ng\u1eafn h\u1ea1n, n\u1ebfu kh\u00f4ng c\u00f3 s\u1ef1 h\u1ed7 tr\u1ee3 c\u1ee7a nhu c\u1ea7u \u0111\u1ea7u t\u01b0 b\u1ec1n v\u1eefng, s\u1ebd kh\u00f3 duy tr\u00ec m\u1ee9c tr\u00ean 85 \u0111\u00f4 la M\u1ef9 m\u1ed7i ounce.<\/p>\n

\"IMG_256\"<\/p>\n

<\/a>Wmax nghi\u00ean c\u1ee9u v\u00e0 \u0111\u00e1nh gi\u00e1 to\u00e0n di\u1ec7n: C\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n d\u00e0i h\u1ea1n c\u1ee7a B\u1ea1c v\u1eabn c\u00f2n nguy\u00ean v\u1eb9n, nh\u01b0ng ch\u01b0a x\u00e1c \u0111\u1ecbnh \u0111\u01b0\u1ee3c \u0111\u00e1y ng\u1eafn h\u1ea1n v\u00e0 ch\u00fang ta v\u1eabn c\u1ea7n c\u1ea3nh gi\u00e1c v\u1edbi c\u00e1c r\u1ee7i ro.<\/strong><\/p>\n

Wmax tin r\u1eb1ng logic t\u0103ng gi\u00e1 c\u1ea5u tr\u00fac d\u00e0i h\u1ea1n c\u1ee7a b\u1ea1c v\u1eabn ch\u01b0a b\u1ecb ph\u00e1 v\u1ee1, nh\u01b0ng trong ng\u1eafn h\u1ea1n, n\u00f3 b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi c\u00e1c y\u1ebfu t\u1ed1 nh\u01b0 bi\u1ebfn \u0111\u1ed9ng c\u1ef1c \u0111\u1ed9, tr\u00f2 ch\u01a1i v\u1ed1n v\u00e0 thi\u1ebfu h\u1ee5t thanh kho\u1ea3n. \u0110\u00e1y bi\u1ebfn \u0111\u1ed9ng v\u00e0 \u0111\u00e1y ch\u01b0a bi\u1ebft. Ch\u00fang ta c\u1ea7n c\u1ea3nh gi\u00e1c v\u1edbi nh\u1eefng r\u1ee7i ro ng\u1eafn h\u1ea1n. C\u00e1c y\u1ebfu t\u1ed1 h\u1ed7 tr\u1ee3 d\u00e0i h\u1ea1n v\u1eabn t\u1ed3n t\u1ea1i: UBS ch\u1ec9 ra r\u1eb1ng l\u00e3i su\u1ea5t danh ngh\u0129a v\u00e0 th\u1ef1c t\u1ebf gi\u1ea3m, n\u1ee3 to\u00e0n c\u1ea7u, \u0111\u1ed3ng USD m\u1ea5t gi\u00e1 v\u00e0 ph\u1ee5c h\u1ed3i kinh t\u1ebf n\u0103m 2026 \u0111\u1ec1u l\u00e0 \u0111\u1ed9ng l\u1ef1c d\u00e0i h\u1ea1n; b\u1ea1c d\u1ef1 ki\u1ebfn \u200b\u200b\u200b\u200bs\u1ebd c\u00f3 kho\u1ea3ng c\u00e1ch cung g\u1ea7n 300 tri\u1ec7u ounce v\u00e0o n\u0103m 2026, nhu c\u1ea7u \u0111\u1ea7u t\u01b0 d\u1ef1 ki\u1ebfn \u200b\u200b\u200b\u200bs\u1ebd v\u01b0\u1ee3t qu\u00e1 400 tri\u1ec7u ounce v\u00e0 c\u00e1c \u1ee9ng d\u1ee5ng c\u00f4ng nghi\u1ec7p c\u0169ng s\u1ebd h\u1ed7 tr\u1ee3. Ng\u00e2n h\u00e0ng OCBC d\u1ef1 \u0111o\u00e1n b\u1ea1c s\u1ebd \u0111\u1ea1t 134 USD\/ounce v\u00e0o th\u00e1ng 3 n\u0103m 2027, x\u00e1c nh\u1eadn logic t\u0103ng gi\u00e1 c\u1ee7a n\u00f3.<\/p>\n

B\u1ea1c v\u1eabn b\u1ecb \u1ee9c ch\u1ebf b\u1edfi nhi\u1ec1u y\u1ebfu t\u1ed1 trong ng\u1eafn h\u1ea1n v\u00e0 s\u1ebd c\u1ea7n th\u1eddi gian \u0111\u1ec3 x\u00e1c nh\u1eadn \u0111\u00e1y: Th\u1ee9 nh\u1ea5t, Ng\u00e2n h\u00e0ng Saxo cho bi\u1ebft tr\u01b0\u1edbc khi tr\u1eadt t\u1ef1 th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c kh\u00f4i ph\u1ee5c, r\u1ee7i ro bi\u1ebfn \u0111\u1ed9ng s\u1ebd ti\u1ebfp t\u1ee5c v\u00e0 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 l\u00e0 kh\u00f4ng th\u1ec3 tr\u00e1nh kh\u1ecfi; th\u1ee9 hai, UBS c\u1ea3nh b\u00e1o r\u1eb1ng vi\u1ec7c thi\u1ebfu s\u1ef1 h\u1ed7 tr\u1ee3 t\u1eeb nhu c\u1ea7u \u0111\u1ea7u t\u01b0 b\u1ec1n v\u1eefng c\u00f3 ngh\u0129a l\u00e0 b\u1ea1c s\u1ebd g\u1eb7p kh\u00f3 kh\u0103n \u0111\u1ec3 gi\u1eef m\u1ed1c 85 USD\/ounce v\u00e0 b\u1ed1 c\u1ee5c ng\u1eafn h\u1ea1n tr\u00ean 65 USD\/ounce s\u1ebd h\u1ea5p d\u1eabn h\u01a1n; th\u1ee9 ba, gi\u00e1 cao c\u00f3 th\u1ec3 h\u1ea1n ch\u1ebf nhu c\u1ea7u c\u00f4ng nghi\u1ec7p v\u00e0 h\u1ea1n ch\u1ebf l\u1ee3i nhu\u1eadn ng\u1eafn h\u1ea1n; th\u1ee9 t\u01b0, MKS PAMP d\u1ef1 \u0111o\u00e1n b\u1ea1c s\u1ebd kh\u00f3 ph\u1ee5c h\u1ed3i trong v\u00e0i tu\u1ea7n t\u1edbi, ho\u1eb7c c\u00f3 th\u1ec3 gi\u1ea3m xu\u1ed1ng m\u1ee9c th\u1ea5p nh\u1ea5t l\u00e0 60 USD\/ounce. Ngo\u00e0i ra, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb \u0111i ng\u01b0\u1ee3c xu h\u01b0\u1edbng v\u00e0 mua \u0111\u00e1y ch\u1ec9 c\u00f3 th\u1ec3 cung c\u1ea5p h\u1ed7 tr\u1ee3 ng\u1eafn h\u1ea1n v\u00e0 b\u1ea3n ch\u1ea5t \u0111\u1ea7u c\u01a1 c\u1ee7a h\u1ecd c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng k\u00edch ho\u1ea1t s\u1ef1 \u0111\u1ea3o chi\u1ec1u gi\u00e1. \u0110\u00e1y th\u1ef1c s\u1ef1 c\u1ee7a b\u1ea1c c\u1ea7n ch\u1edd thanh kho\u1ea3n ph\u1ee5c h\u1ed3i, t\u00e2m l\u00fd \u0111\u1ea7u c\u01a1 h\u1ea1 nhi\u1ec7t, nhu c\u1ea7u \u0111\u1ea7u t\u01b0 ti\u1ebfp t\u1ee5c v\u00e0 c\u00e1c t\u00edn hi\u1ec7u v\u0129 m\u00f4 r\u00f5 r\u00e0ng.<\/p>\n

\"IMG_256\"<\/p>\n

<\/a>WmaxK\u1ebft lu\u1eadn c\u1ed1t l\u00f5i<\/strong><\/p>\n

M\u00e2u thu\u1eabn c\u1ed1t l\u00f5i trong th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i qu\u00fd hi\u1ec7n nay n\u1eb1m \u1edf \"s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n v\u00e0 t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng\" c\u1ee7a b\u1ea1c v\u00e0 \"s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 \u0111\u1eb7c \u0111i\u1ec3m th\u1ecb tr\u01b0\u1eddng\" gi\u1eefa v\u00e0ng v\u00e0 b\u1ea1c. B\u1ea1c b\u1ecb chi ph\u1ed1i b\u1edfi t\u00e2m l\u00fd e ng\u1ea1i r\u1ee7i ro, t\u00ednh thanh kho\u1ea3n v\u00e0 qu\u1ef9 \u0111\u1ea7u c\u01a1 trong ng\u1eafn h\u1ea1n, v\u00e0 \u0111\u00e1y v\u1eabn ch\u01b0a r\u00f5 r\u00e0ng d\u01b0\u1edbi nh\u1eefng bi\u1ebfn \u0111\u1ed9ng c\u1ef1c \u0111\u1ed9. M\u1eb7c d\u00f9 c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n d\u00e0i h\u1ea1n v\u1eabn c\u00f2n nguy\u00ean v\u1eb9n v\u00e0 c\u00f3 s\u1ef1 h\u1ed7 tr\u1ee3 t\u1eeb kho\u1ea3ng c\u00e1ch cung, nh\u01b0ng trong ng\u1eafn h\u1ea1n, ch\u00fang ta c\u1ea7n c\u1ea3nh gi\u00e1c v\u1edbi nguy c\u01a1 ph\u00e1 v\u1ee1 m\u1ee9c h\u1ed7 tr\u1ee3 quan tr\u1ecdng 60-65 \u0111\u00f4 la M\u1ef9 m\u1ed7i ounce; V\u00e0ng, v\u1edbi t\u00ednh thanh kho\u1ea3n t\u1ed1t h\u01a1n v\u00e0 s\u1ef1 h\u1ed7 tr\u1ee3 v\u1eefng ch\u1eafc t\u1eeb vi\u1ec7c mua v\u00e0ng c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, \u0111\u00e3 cho th\u1ea5y kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i gi\u00e1 m\u1ea1nh h\u01a1n v\u00e0 logic t\u0103ng gi\u00e1 d\u00e0i h\u1ea1n v\u1eabn ch\u01b0a b\u1ecb ph\u00e1 h\u1ee7y, tr\u1edf th\u00e0nh \"m\u1ecf neo \u1ed5n \u0111\u1ecbnh\" cho th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i qu\u00fd.<\/p>\n

\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 v\u00e0ng v\u00e0 b\u1ea1c c\u1ea7n \u0111\u01b0\u1ee3c x\u1eed l\u00fd kh\u00e1c nhau: v\u00e0ng c\u00f3 th\u1ec3 n\u1eafm b\u1eaft c\u01a1 h\u1ed9i s\u0103n h\u00e0ng gi\u00e1 h\u1eddi sau khi th\u1ecb tr\u01b0\u1eddng \u0111i\u1ec1u ch\u1ec9nh v\u00e0 \u0111\u00f3ng vai tr\u00f2 l\u00e0 m\u1ee5c ti\u00eau c\u1ed1t l\u00f5i c\u1ee7a vi\u1ec7c ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n d\u00e0i h\u1ea1n; b\u1ea1c ph\u00f9 h\u1ee3p h\u01a1n v\u1edbi nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n c\u00f3 th\u1ec3 ch\u1ecbu \u0111\u01b0\u1ee3c nh\u1eefng bi\u1ebfn \u0111\u1ed9ng kh\u1eafc nghi\u1ec7t. Trong ng\u1eafn h\u1ea1n, h\u1ecd n\u00ean tr\u00e1nh theo \u0111u\u1ed5i th\u0103ng tr\u1ea7m v\u00e0 th\u1eadn tr\u1ecdng tham gia giao d\u1ecbch xoay v\u00f2ng, t\u1eadp trung v\u00e0o hi\u1ec7u qu\u1ea3 c\u1ee7a s\u1ef1 h\u1ed7 tr\u1ee3 60-65 \u0111\u00f4 la M\u1ef9 m\u1ed7i ounce, s\u1ef1 ph\u1ee5c h\u1ed3i c\u1ee7a thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng v\u00e0 s\u1ef1 b\u1ec1n b\u1ec9 c\u1ee7a nhu c\u1ea7u \u0111\u1ea7u t\u01b0. Wmax s\u1ebd ti\u1ebfp t\u1ee5c theo d\u00f5i bi\u1ebfn \u0111\u1ed9ng gi\u00e1, d\u00f2ng v\u1ed1n, thay \u0111\u1ed5i thanh kho\u1ea3n v\u00e0 t\u00edn hi\u1ec7u ch\u00ednh s\u00e1ch v\u0129 m\u00f4 tr\u00ean th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i qu\u00fd, \u0111\u1ed3ng th\u1eddi cung c\u1ea5p cho nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00e0i li\u1ec7u tham kh\u1ea3o ra quy\u1ebft \u0111\u1ecbnh k\u1ecbp th\u1eddi v\u00e0 \u0111\u00e1ng tin c\u1eady d\u1ef1a tr\u00ean kh\u1ea3 n\u0103ng nghi\u00ean c\u1ee9u v\u00e0 ph\u00e1n \u0111o\u00e1n chuy\u00ean nghi\u1ec7p c\u1ee7a m\u00ecnh tr\u00ean th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i qu\u00fd.<\/p>","protected":false},"excerpt":{"rendered":"

B\u1ea1c \u0111\u00e3 gi\u1ea3m h\u01a1n 1\/3 k\u1ec3 t\u1eeb m\u1ee9c \u0111\u1ec9nh v\u00e0o th\u00e1ng 1, v\u1edbi m\u1ee9c bi\u1ebfn \u0111\u1ed9ng h\u00e0ng n\u0103m v\u01b0\u1ee3t qu\u00e1 100%, l\u1eadp k\u1ef7 l\u1ee5c v\u00e0o n\u0103m 1980. B\u1ea1c hi\u1ec7n \u0111ang trong giai \u0111o\u1ea1n kh\u00f3 t\u00ecm \u0111\u00e1y. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb \u0111i ng\u01b0\u1ee3c l\u1ea1i xu h\u01b0\u1edbng v\u00e0 mua SLV ETF \u1edf m\u1ee9c gi\u00e1 th\u1ea5p nh\u1ea5t, trong khi c\u00e1c t\u1ed5 ch\u1ee9c th\u1eadn tr\u1ecdng r\u1eddi kh\u1ecfi th\u1ecb tr\u01b0\u1eddng. Bi\u1ebfn \u0111\u1ed9ng v\u00e0ng ch\u1ec9 l\u00e0 36 v\u00e0 vi\u1ec7c mua v\u00e0ng c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng h\u1ed7 tr\u1ee3 kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i. \u0110\u00e1y ng\u1eafn h\u1ea1n c\u1ee7a b\u1ea1c v\u1eabn ch\u01b0a r\u00f5 r\u00e0ng v\u00e0 ch\u00fang ta n\u00ean c\u1ea3nh gi\u00e1c v\u1edbi vi\u1ec7c ph\u00e1 v\u1ee1 m\u1ee9c h\u1ed7 tr\u1ee3 60-65 USD. Logic v\u1ec1 kho\u1ea3ng c\u00e1ch ngu\u1ed3n cung d\u00e0i h\u1ea1n g\u1ea7n 300 tri\u1ec7u ounce v\u1eabn t\u1ed3n t\u1ea1i.<\/p>","protected":false},"author":1,"featured_media":8820,"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":[605,607,606],"class_list":["post-8815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-605","tag-607","tag-606"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/comments?post=8815"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8815\/revisions"}],"predecessor-version":[{"id":8825,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8815\/revisions\/8825"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/8820"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=8815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=8815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=8815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}