{"id":6457,"date":"2014-10-15T03:09:19","date_gmt":"2014-10-14T19:09:19","guid":{"rendered":"http:\/\/blog.moneydj.com\/joe\/?p=6457"},"modified":"2015-12-16T10:57:34","modified_gmt":"2015-12-16T02:57:34","slug":"%e7%be%8e%e5%9c%8b%e6%88%bf%e5%9c%b0%e7%94%a2reits%e5%85%b7%e5%82%99%e9%95%b7%e7%b7%9a%e6%8a%95%e8%b3%87%e5%83%b9%e5%80%bc","status":"publish","type":"post","link":"https:\/\/blog.moneydj.com\/joe\/2014\/10\/15\/%e7%be%8e%e5%9c%8b%e6%88%bf%e5%9c%b0%e7%94%a2reits%e5%85%b7%e5%82%99%e9%95%b7%e7%b7%9a%e6%8a%95%e8%b3%87%e5%83%b9%e5%80%bc\/","title":{"rendered":"\u7f8e\u570b\u623f\u5730\u7522REITs\u5177\u5099\u9577\u7dda\u6295\u8cc7\u50f9\u503c"},"content":{"rendered":"<p>\u6709\u8b80\u8005\u4f86\u4fe1\u8a62\u554f\u6211\u95dc\u65bc\u7814\u7a76\u5831\u544a\u7684\u5167\u5bb9\uff0c\u9019\u4e9b\u5831\u544a\u662f\u7528\u4f86\u63d0\u9192\u6211\u7684\u5ba2\u6236\u548c\u5b78\u54e1\uff0c\u95dc\u65bc\u5373\u6642\u6027\u7684\u6295\u8cc7\u8a0a\u606f\uff0c\u6216\u8005\u6211\u8a8d\u70ba\u67d0\u4e9b\u5546\u54c1\u9577\u9060\u4f86\u770b\u5177\u5099\u6295\u8cc7\u50f9\u503c\uff0c\u53ef\u4ee5\u63d0\u524d\u5e03\u5c40\uff0c\u5982\u679c\u6709\u7591\u4f3c\u7a7a\u982d\u7684\u8a0a\u606f\uff0c\u53ef\u80fd\u9069\u6642\u63d0\u9192\u6295\u8cc7\u4eba\uff0c\u5c11\u6578\u8b80\u8005\u77e5\u9053\uff0c\u7f8e\u570b\u623f\u5730\u7522\u696d\u662f\u6211\u8fd1\u5e74\u4f86\u6301\u7e8c\u8ffd\u8e64\u7684\u91cd\u9ede\uff0c\u6211\u64f7\u53d6\u4e00\u4efd\u5831\u544a\u7684\u5167\u5bb9\uff0c\u628a\u6578\u64da\u66f4\u65b0\u5230\u6700\u65b0\u65e5\u671f\uff0c\u91cd\u65b0\u5206\u6790\u89e3\u8b80\uff0c\u5e0c\u671b\u5c0d\u5404\u4f4d\u8b80\u8005\u6709\u5e6b\u52a9\u3002<\/p>\n<p>2004\u301c2014\u5e74\u7f8e\u570b\u6574\u9ad4\u8cb8\u6b3e\u72c0\u6cc1<\/p>\n<p><a href=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/2003Q12014Q2\u7f8e\u570b\u6c11\u9593\u8cb8\u6b3e\u7d50\u69cb.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6475\" src=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/2003Q12014Q2\u7f8e\u570b\u6c11\u9593\u8cb8\u6b3e\u7d50\u69cb.png\" alt=\"2003Q1~2014Q2\u7f8e\u570b\u6c11\u9593\u8cb8\u6b3e\u7d50\u69cb\" width=\"568\" height=\"386\" \/><\/a><\/p>\n<p>\u6839\u64da\u76ee\u524d\u7f8e\u570b\u7684\u7d93\u6fdf\u6210\u9577\u60c5\u6cc1\u4f86\u5224\u65b7\uff0c\u7f8e\u570b\u76ee\u524d\u6c11\u9593\u50b5\u52d9\u7d50\u69cb\u662f\u76f8\u7576\u5065\u5eb7\u7684\uff0c\u623f\u5730\u7522\u8cb8\u6b3e\u7684\u90e8\u5206\u7d42\u65bc\u5b8c\u5168\u6b62\u8dcc\u4e86\uff0c2015\u5e74Q2\u5347\u606f\u904e\u5f8c\uff0c\u7f8e\u570b\u8cfc\u5c4b\u8cb8\u6b3e\u7684\u7e3d\u984d\u6703\u6b63\u5f0f\u9032\u5165\u6b63\u6210\u9577\u7684\u8da8\u52e2\uff0c\u7834\u7522\u548c\u6eba\u6c34\u5c4b\u7684\u60c5\u6cc1\u5df2\u7d93\u660e\u986f\u964d\u6eab\uff0c\u7f8e\u570bREITs\u5e02\u5834\u5728\u666f\u6c23\u597d\u8f49\u4ee5\u5f8c\uff0c\u672a\u4f86\u4e5f\u6703\u8ddf\u8457\u53d7\u76ca\u3002<\/p>\n<p><a href=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/200407201408\u7f8e\u570b\u4e2d\u53e4\u5c4b\u92b7\u552e.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6474\" src=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/200407201408\u7f8e\u570b\u4e2d\u53e4\u5c4b\u92b7\u552e.png\" alt=\"200407~201408\u7f8e\u570b\u4e2d\u53e4\u5c4b\u92b7\u552e\" width=\"451\" height=\"272\" \/><\/a>\u00a0 <a href=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/200407201408\u7f8e\u570b\u65b0\u5c4b\u92b7\u552e.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6476\" src=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/200407201408\u7f8e\u570b\u65b0\u5c4b\u92b7\u552e.png\" alt=\"200407~201408\u7f8e\u570b\u65b0\u5c4b\u92b7\u552e\" width=\"477\" height=\"265\" \/><\/a><\/p>\n<p>\u5f9e\u7f8e\u570b\u4e2d\u53e4\u5c4b\u6216\u65b0\u5c4b\u7684\u92b7\u552e\u60c5\u6cc1\u4f86\u770b\uff0c\u96d6\u7136\u5df2\u7d93\u662f\u6700\u8fd1\u516d\u5e74\u4f86\u76f8\u5c0d\u7406\u60f3\u7684\u60c5\u6cc1\uff0c\u4f46\u7f8e\u570b\u6c11\u773e\u8cfc\u5c4b\u7684\u60c5\u6cc1\u4f9d\u7136\u4e0d\u5920\u71b1\u7d61\uff0c\u7576\u7136\u60c5\u6cc1\u6700\u906d\u76842011\u5e74\u5df2\u7d93\u904e\u53bb\uff0c\u672a\u4f86\u6703\u6162\u6162\u5fa9\u7526\uff0c\u53ea\u662f\u901f\u5ea6\u9084\u662f\u76f8\u7576\u7de9\u6162\uff0c\u4e3b\u8981\u539f\u56e0\u662f\u7f8e\u570b\u5927\u591a\u6578\u6c11\u773e\u7684\u6536\u5165\u9084\u4e0d\u8db3\u4ee5\u8ca0\u64d4\u8cfc\u5c4b\uff0c\u9700\u8981\u66f4\u591a\u6642\u9593\uff0c\u624d\u6709\u8db3\u5920\u5132\u84c4\uff0c\u53e6\u5916\uff0c2015\u5e74\u7f8e\u570b\u6c11\u9593\u4f01\u696d\u6703\u9010\u6f38\u64f4\u5927\u589e\u52a0\u85aa\u8cc7\uff0c\u53ea\u8981\u6709\u7a69\u5b9a\u52a0\u85aa\uff0c\u8cfc\u5c4b\u5e02\u5834\u5c31\u6703\u8d8a\u4f86\u8d8a\u71b1\u7d61\uff0c\u5f9e\u65b0\u5c4b\u5e02\u5834\u7684\u92b7\u552e\u6578\u91cf\u548c\u6b77\u53f2\u8ecc\u8de1\u4f86\u770b\uff0c\u76ee\u524d\u7f8e\u570b\u623f\u5730\u7522\u624d\u525b\u958b\u59cb\u9032\u884c\u65b0\u7684\u7e41\u69ae\u4e4b\u8def\uff0c2014\u5e748\u6708\u7684\u65b0\u5c4b\u92b7\u552e\u4e0d\u904e50\u842c\u68df\uff0c\u4e26\u4e0d\u662f\u975e\u5e38\u706b\u71b1\u7684\u6578\u64da\uff0c\u623f\u5730\u7522\u5fa9\u7526\u9084\u5728\u8d77\u6b65\u968e\u6bb5\u3002<\/p>\n<p><a href=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/2004Q42014Q2\u7f8e\u570b\u5be6\u8cea\u6c11\u9593\u4f4f\u5b85\u56fa\u5b9a\u6295\u8cc7.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6477\" src=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/2004Q42014Q2\u7f8e\u570b\u5be6\u8cea\u6c11\u9593\u4f4f\u5b85\u56fa\u5b9a\u6295\u8cc7.png\" alt=\"2004Q4~2014Q2\u7f8e\u570b\u5be6\u8cea\u6c11\u9593\u4f4f\u5b85\u56fa\u5b9a\u6295\u8cc7\" width=\"483\" height=\"257\" \/><\/a><\/p>\n<p>\u5728\u8cc7\u672c\u4e3b\u7fa9\u548c\u5546\u696d\u5229\u6f64\u6a6b\u884c\u7684\u7f8e\u570b\uff0c\u7576\u5730\u5efa\u5546\u5c0d\u5e02\u5834\u60c5\u7dd2\u975e\u5e38\u654f\u611f\uff0c2014\u5e74\u7b2c\u4e00\u5b63\uff0c\u5929\u6c23\u56b4\u5bd2\uff0c\u623f\u5730\u7522\u8cb7\u8ce3\u5e02\u5834\u51b7\u6de1\uff0c\u7f8e\u570b\u7684\u4f4f\u5b85\u6295\u8cc7\u518d\u5ea6\u4e0b\u964d\uff0c\u56e0\u70ba\u7f8e\u570b\u623f\u5730\u7522\u5df2\u7d93\u4f4e\u8ff7\u6578\u5e74\uff0c\u53ea\u8981\u4e00\u6709\u98a8\u5439\u8349\u52d5\uff0c\u5efa\u5546\u5011\u7acb\u523b\u6703\u7dca\u7e2e\u4f86\u5c0d\u5f85\uff0c\u898f\u907f\u98a8\u96aa\uff0c\u4f46\u53ea\u8981\u666f\u6c23\u4e00\u597d\u8f49\uff0c\u53c8\u6703\u56de\u982d\u589e\u52a0\u6295\u8cc7\uff0c2014\u5e74\u7b2c\u4e8c\u5b63\u4ee5\u5f8c\uff0c\u6c11\u9593\u4f4f\u5b85\u7684\u56fa\u5b9a\u6295\u8cc7\u6703\u7e7c\u7e8c\u56de\u5230\u6210\u9577\u7684\u8da8\u52e2\u3002<\/p>\n<p><a href=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/20032014\u5e74\u7f8e\u570b\u5168\u570b\u4eba\u53e3\u6578\u91cf\u8b8a\u5316.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6469\" src=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/20032014\u5e74\u7f8e\u570b\u5168\u570b\u4eba\u53e3\u6578\u91cf\u8b8a\u5316.png\" alt=\"2003~2014\u5e74\u7f8e\u570b\u5168\u570b\u4eba\u53e3\u6578\u91cf\u8b8a\u5316\" width=\"483\" height=\"214\" \/><\/a><\/p>\n<p>\u800c\u4e14\u7f8e\u570b\u7e3d\u4eba\u53e3\u662f\u6301\u7e8c\u5728\u589e\u52a0\u7684\uff0c2014\u5e74\u5927\u7d04\u67093.17\u5104\u4eba\u53e3\uff0c\u548c2006\u5e74\u623f\u5730\u7522\u5e02\u5834\u5dd4\u5cf0\u76f8\u6bd4\uff0c\u4eba\u53e3\u589e\u52a0\u4e861%\u4ee5\u4e0a\uff0c\u57fa\u672c\u7684\u6c11\u751f\u4f4f\u5bbf\u80af\u5b9a\u662f\u5fc5\u9808\u7684\uff0c\u5c0d\u65bc\u8cb7\u4e0d\u8d77\u623f\u5730\u7522\u7684\u7f8e\u570b\u6c11\u773e\u4f86\u8aaa\uff0c\u79df\u5c4b\u6703\u662f\u66f4\u597d\u7684\u9078\u64c7\uff0c\u7a05\u52d9\u8ca0\u64d4\u4e5f\u6bd4\u8f03\u8f15\uff0c\u53ea\u8981\u78ba\u4fdd\u627f\u79df\u8005\u80fd\u9806\u5229\u4ed8\u51fa\u79df\u91d1\uff0c\u79df\u5c4b\u5e02\u5834\u5728\u7f8e\u570b\u666f\u6c23\u7e41\u69ae\u671f\u9593\uff0c\u90fd\u6703\u5448\u73fe\u7a69\u5b9a\u6210\u9577\u7684\u8da8\u52e2\u3002<\/p>\n<p><a href=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/200701201408\u7f8e\u570b\u5c45\u6c11\u79df\u5c4b\u79df\u91d1\u50f9\u683c\u8b8a\u5316.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6470\" src=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/200701201408\u7f8e\u570b\u5c45\u6c11\u79df\u5c4b\u79df\u91d1\u50f9\u683c\u8b8a\u5316.png\" alt=\"200701~201408\u7f8e\u570b\u5c45\u6c11\u79df\u5c4b\u79df\u91d1\u50f9\u683c\u8b8a\u5316\" width=\"474\" height=\"247\" \/><\/a><\/p>\n<p>\u7f8e\u570b\u79df\u5c4b\u5e02\u5834\u7684\u79df\u91d1\u6301\u7e8c\u5728\u6500\u5347\uff0c\u7f8e\u570b\u79df\u5c4b\u5e02\u5834\u662f\u900f\u660e\u516c\u958b\u7684\uff0c\u9019\u662f\u4f9b\u9700\u539f\u5247\u6240\u9020\u6210\u7684\u79df\u91d1\u4e0a\u5347\uff0c\u5efa\u5546\u4e0d\u6562\u589e\u5efa\u592a\u591a\u65b0\u5c4b\uff0c\u6c11\u773e\u80fd\u8cfc\u5c4b\u7684\u6578\u91cf\u589e\u52a0\u4e0d\u5920\u5feb\uff0c\u6216\u8005\u4e0d\u6562\u8cfc\u5c4b\uff0c\u5927\u91cf\u4eba\u53e3\u6e67\u5165\u79df\u5c4b\u5e02\u5834\uff0c\u9020\u6210\u79df\u91d1\u4e0a\u63da\uff0c2011\u5e74\u5e02\u7f8e\u570b\u623f\u5730\u7522\u696d\u6700\u7cdf\u7684\u6642\u523b\uff0c\u79df\u5c4b\u6210\u672c\u6307\u6578\u505c\u6eef\u6210\u9577\u81f3\u5c11\u4e00\u5e74\u4ee5\u4e0a\uff0c\u76f4\u52302011\u5e74\u624d\u53c8\u958b\u59cb\u6210\u9577\u3002<\/p>\n<p><a href=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/2008Q32014Q1\u5e74\u7f8e\u570b\u79df\u5c4b\u5e02\u5834\u7a7a\u5c4b\u7387.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6471\" src=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/2008Q32014Q1\u5e74\u7f8e\u570b\u79df\u5c4b\u5e02\u5834\u7a7a\u5c4b\u7387.png\" alt=\"2008Q3~2014Q1\u5e74\u7f8e\u570b\u79df\u5c4b\u5e02\u5834\u7a7a\u5c4b\u7387\" width=\"472\" height=\"265\" \/><\/a><\/p>\n<p>\u7f8e\u570b\u79df\u5c4b\u5e02\u5834\u7a7a\u5c4b\u7387\u6301\u7e8c\u4e0b\u964d\uff0c2014\u5e74\u662f\u8fd1\u5e74\u4f86\u4f4e\u9ede\uff0c\u79df\u5c4b\u4f9b\u4e0d\u61c9\u6c42\uff0c\u6263\u9664\u592a\u8001\u820a\u6216\u6cbb\u5b89\u592a\u5dee\u800c\u4e0d\u80fd\u5c45\u4f4f\u7684\u7a7a\u5c4b\uff0c\u79df\u5c4b\u7387\u9084\u6703\u66f4\u4f4e\uff0c\u4e0d\u904e\u623f\u5c4b\u6709\u79df\u51fa\u53bb\u624d\u80fd\u6709\u79df\u91d1\u6536\u76ca\uff0c\u6240\u4ee5\u623f\u5ba2\u7684\u6536\u5165\u662f\u5f88\u91cd\u8981\u7684\uff0c\u6709\u7a69\u5b9a\u7684\u6536\u5165\uff0c\u79df\u91d1\u624d\u80fd\u6536\u5f97\u66f4\u591a\u3002<\/p>\n<p><a href=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/2003Q22014Q2\u7f8e\u570b\u79df\u5c4b\u8005\u6536\u5165\u60c5\u6cc1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6472\" src=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/2003Q22014Q2\u7f8e\u570b\u79df\u5c4b\u8005\u6536\u5165\u60c5\u6cc1.png\" alt=\"2003Q2~2014Q2\u7f8e\u570b\u79df\u5c4b\u8005\u6536\u5165\u60c5\u6cc1\" width=\"476\" height=\"270\" \/><\/a><\/p>\n<p>\u7f8e\u570b\u653f\u5e9c\u7d71\u8a08\uff0c\u627f\u79df\u8005\u7684\u6536\u5165\u7a69\u5b9a\u6210\u9577\uff0c\u9019\u610f\u5473\u8457\uff0c\u623f\u5ba2\u5c0d\u65bc\u79df\u91d1\u6eab\u548c\u4e0a\u5347\u662f\u53ef\u4ee5\u63a5\u53d7\u7684\uff0c\u4e0d\u904e\u85aa\u8cc7\u6210\u9577\u901f\u5ea6\u5982\u679c\u592a\u5feb\uff0c\u79df\u91d1\u53c8\u4e0a\u6f32\uff0c\u90a3\u9ebc\u79df\u5c4b\u8005\u53ef\u80fd\u6703\u6539\u70ba\u8cfc\u5c4b\uff0c\u9019\u6a23\u5c0d\u79df\u5c4b\u5e02\u5834\u672a\u5fc5\u6709\u5229\uff0c\u4f46\u5c0d\u62c9\u62ac\u623f\u50f9\u6709\u5229\uff0c\u6295\u8cc7\u623f\u5730\u7522\u4f9d\u7136\u662f\u52dd\u7387\u8f03\u9ad8\u7684\u6295\u8cc7\u3002<\/p>\n<p><a href=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/20141009NAV.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6483\" src=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/20141009NAV.png\" alt=\"20141009NAV\" width=\"499\" height=\"276\" srcset=\"https:\/\/moneydj-blog.s3.amazonaws.com\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/20141009NAV.png 651w, https:\/\/moneydj-blog.s3.amazonaws.com\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/20141009NAV.png 300w\" sizes=\"auto, (max-width: 499px) 100vw, 499px\" 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href=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/20141015VNQ.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6484\" src=\"http:\/\/s3.amazonaws.com\/moneydj-blog\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/20141015VNQ.png\" alt=\"20141015VNQ\" width=\"553\" height=\"257\" srcset=\"https:\/\/moneydj-blog.s3.amazonaws.com\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/20141015VNQ.png 615w, https:\/\/moneydj-blog.s3.amazonaws.com\/wp-content\/uploads\/sites\/2\/2014\/10\/14190919\/20141015VNQ.png 300w\" sizes=\"auto, (max-width: 553px) 100vw, 553px\" \/><\/a><\/p>\n<p>\u81f3\u65bcREM\u9019\u6a94ETF\uff0c\u900f\u904e\u77ed\u671f\u501f\u8cb8\uff0c\u6295\u8cc7\u6bd4\u8f03\u9577\u671f\u7684Mortgage Reit\uff0c\u5229\u5dee\u662f\u4e3b\u8981\u7372\u5229\u4f86\u6e90\uff0c\u4f46\u96a8\u8457\u5347\u606f\u7684\u74b0\u5883\u5230\u4f86\uff0c\u5c31\u5f97\u8a55\u4f30\u9577\u671f\u7684\u8cb8\u6b3e\u6295\u8cc7\u56de\u5831\uff0c\u80fd\u5426\u9ad8\u65bc\u501f\u8cb8\u6210\u672c\u4e0a\u5347\uff0c\u5982\u679c\u8cb8\u6b3e\u6295\u8cc7\u56de\u5831\u8d95\u4e0d\u4e0a\u501f\u8cb8\u6210\u672c\u4e0a\u5347\uff0c\u90a3\u5c31\u6703\u8003\u616e\u8f49\u63db\u7522\u54c1\uff0c\u4e0d\u904e\u8981\u89c0\u5bdf\u51fa\u9019\u500b\u60c5\u6cc1\uff0c\u901a\u5e38\u4e5f\u8981\u5347\u606f\u904e\u5f8c\u534a\u5e74\uff0c\u6295\u8cc7\u4eba\u5f88\u53ef\u80fd\u5f97\u9762\u81e8\u76f8\u7576\u5927\u7684\u6295\u8cc7\u58d3\u529b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>\u6709\u8b80\u8005\u4f86\u4fe1\u8a62\u554f\u6211\u95dc\u65bc\u7814\u7a76\u5831\u544a\u7684\u5167\u5bb9\uff0c\u9019\u4e9b\u5831\u544a\u662f\u7528\u4f86 <a class=\"mh-excerpt-more\" 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