{"id":85397,"date":"2020-09-09T21:39:50","date_gmt":"2020-09-09T11:39:50","guid":{"rendered":"https:\/\/xiongmaotimes.com\/?p=85397"},"modified":"2020-09-09T21:39:50","modified_gmt":"2020-09-09T11:39:50","slug":"%e4%b8%ad%e5%9b%bd%e8%8a%af%e7%89%87%e5%88%b6%e9%80%a0%e5%95%86%e6%ad%a3%e5%88%b6%e5%ae%9a%e8%ae%a1%e5%88%92%e4%bb%a5%e9%80%90%e6%ad%a5%e5%ae%9e%e7%8e%b0%e8%87%aa%e4%b8%bb","status":"publish","type":"post","link":"https:\/\/xiongmaotimes.com\/?p=85397","title":{"rendered":"\u4e2d\u56fd\u82af\u7247\u5236\u9020\u5546\u6b63\u5236\u5b9a\u8ba1\u5212\u4ee5\u9010\u6b65\u5b9e\u73b0\u81ea\u4e3b"},"content":{"rendered":"
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\u3010\u718a\u732b\u65f6\u62a5\u8baf\u3011\u4e86\u89e3\u76f8\u5173\u8ba1\u5212\u7684\u4eba\u58eb\u544a\u8bc9\u300a\u65e5\u7ecf\u4e9a\u6d32\u8bc4\u8bba\u300b(Nikkei Asian Review)\uff0c\u4e2d\u56fd\u9876\u7ea7\u82af\u7247\u5236\u9020\u5546\u6b63\u52a0\u5feb\u52aa\u529b\uff0c\u51cf\u5c11\u4f7f\u7528\u7f8e\u56fd\u534a\u5bfc\u4f53\u8bbe\u5907\uff0c\u56e0\u4e3a\u8d8a\u6765\u8d8a\u591a\u7684\u4eba\u62c5\u5fc3\uff0c\u4f5c\u4e3a\u4e00\u573a\u79d1\u6280\u6218\u4e89\u7684\u4e00\u90e8\u5206\uff0c\u534e\u76db\u987f\u5c06\u8fdb\u4e00\u6b65\u9650\u5236\u5b83\u4eec\u7684\u4e1a\u52a1\u3002<\/p>\n

\u4e2d\u56fd\u6700\u5927\u7684\u82af\u7247\u4ee3\u5de5\u5236\u9020\u5546\u4e2d\u82af\u56fd\u9645(Semiconductor Manufacturing International Corporation)\u548c\u4e2d\u56fd\u9996\u5bb63D NAND\u95ea\u5b58\u5236\u9020\u5546\u957f\u6c5f\u5b58\u50a8\u79d1\u6280\u6709\u9650\u516c\u53f8(Yangtze Memory Technologies\uff0c\u7b80\u79f0:\u626c\u5b50\u8bb0\u5fc6\u4f53)\u90fd\u5236\u5b9a\u4e86\u96c4\u5fc3\u52c3\u52c3\u7684\u76ee\u6807\uff0c\u4ee5\u6d4b\u8bd5\u672c\u571f\u548c\u7f8e\u56fd\u4ee5\u5916\u7684\u5e02\u573a\u3002\u751f\u4ea7\u7ebf\u4e0a\u7684\u8bbe\u5907\u3002\u591a\u4f4d\u77e5\u60c5\u4eba\u58eb\u544a\u8bc9\u300a\u65e5\u7ecf\u4e9a\u6d32\u8bc4\u8bba\u300b(Nikkei Asian Review)\uff0c\u6570\u5bb6\u653f\u5e9c\u652f\u6301\u7684\u82af\u7247\u5236\u9020\u5546\u4e5f\u5728\u8fd9\u4e48\u505a\u3002<\/p>\n

\u6d88\u606f\u4eba\u58eb\u79f0\uff0c\u4e2d\u56fd\u82af\u7247\u5236\u9020\u5546\u8fd8\u4ece Applied Materials \u7b49\u7f8e\u56fd\u5927\u578b\u8bbe\u5907\u5236\u9020\u5546\u90a3\u91cc\u50a8\u5907\u4e86\u6570\u5e74\u7684\u5e93\u5b58\u3002<\/p>\n

\u201c\u63a8\u52a8\u4e2d\u56fd\u82af\u7247\u5236\u9020\u5546\u5c3d\u5feb\u5236\u5b9aB\u8ba1\u5212\u7684\u786e\u5b9e\u662f\u5730\u7f18\u653f\u6cbb\u98ce\u9669\uff0c\u201d\u4e00\u4f4d\u6d88\u606f\u4eba\u58eb\u5bf9\u65e5\u7ecf\u65b0\u95fb(Nikkei)\u8868\u793a\u3002<\/p>\n

\u4e86\u89e3\u8be5\u8ba1\u5212\u7684\u4eba\u58eb\u5bf9\u65e5\u7ecf\u65b0\u95fb\u8868\u793a\uff0c\u4e2d\u82af\u56fd\u9645\u8bbe\u5b9a\u4e86\u4e00\u4e2a\u96c4\u5fc3\u52c3\u52c3\u7684\u76ee\u6807\uff0c\u8981\u5728\u4eca\u5e74\u5e74\u5e95\u524d\u5f00\u59cb\u5728\u6ca1\u6709\u7f8e\u56fd\u8bbe\u5907\u7684\u60c5\u51b5\u4e0b\u8bd5\u4ea740\u7eb3\u7c73\u82af\u7247\u751f\u4ea7\u7ebf\uff0c\u5e76\u8ba1\u5212\u5728\u4e09\u5e74\u5185\u5728\u540c\u6837\u7684\u57fa\u7840\u4e0a\u751f\u4ea7\u51fa\u66f4\u591a\u66f4\u5148\u8fdb\u768428\u7eb3\u7c73\u82af\u7247\u3002<\/p>\n

\u4e0e\u6b64\u540c\u65f6\uff0c\u6d88\u606f\u4eba\u58eb\u79f0\uff0c\u81ea5\u6708\u4efd\u4ee5\u6765\uff0c\u957f\u6c5f\u5b58\u50a8\u51e0\u4e4e\u6bcf\u4e2a\u6708\u90fd\u63d0\u9ad8\u4e86\u4f7f\u7528\u56fd\u4ea7\u82af\u7247\u8bbe\u5907\u548c\u6750\u6599\u7684\u76ee\u6807\u3002\u5176\u4e2d\u4e00\u4f4d\u6d88\u606f\u4eba\u58eb\u8bf4\uff0c\u8be5\u516c\u53f8\u76ee\u524d\u7684\u76ee\u6807\u662f70%\u7684\u8bbe\u5907\u6765\u81ea\u56fd\u5185\u4f9b\u5e94\u5546\uff0c\u800c\u76ee\u524d\u8fd9\u4e00\u6570\u5b57\u7ea6\u4e3a30%\u3002\u5b83\u6b63\u5728\u5c06\u66f4\u591a\u7684\u672c\u571f\u4f01\u4e1a\u7eb3\u5165\u5176\u5408\u683c\u4f9b\u5e94\u5546\u7684\u884c\u5217\u3002<\/p>\n

\u534a\u5bfc\u4f53\u884c\u4e1a\u4e0e\u56fd\u5bb6\u5b89\u5168\u5173\u7cfb\u5bc6\u5207\uff0c\u4e00\u76f4\u662f\u7f8e\u4e2d\u79d1\u6280\u6218\u4e89\u7684\u4e2d\u5fc3\u3002\u82af\u7247\u4f7f\u4ece\u667a\u80fd\u624b\u673a\u3001\u81ea\u52a8\u9a7e\u9a76\u6c7d\u8f66\u5230\u5148\u8fdb\u519b\u4e8b\u6280\u672f\u7684\u4ea7\u54c1\u53d8\u5f97\u66f4\u52a0\u5f3a\u5927\u3002<\/p>\n

\u7f8e\u56fd\u8f6f\u4ef6\u548c\u8bbe\u5907\u662f\u5168\u7403\u534a\u5bfc\u4f53\u5236\u9020\u7684\u6838\u5fc3\uff0c\u4e2d\u56fd\u4f01\u4e1a\u4ee5\u53ca\u4e09\u661f\u7535\u5b50(Samsung Electronics)\u548c\u53f0\u79ef\u7535(TSMC)\u7b49\u5e02\u573a\u9886\u519b\u4f01\u4e1a\u90fd\u5728\u4f7f\u7528\u7f8e\u56fd\u7684\u8f6f\u4ef6\u548c\u8bbe\u5907\u3002\u5982\u679c\u6ca1\u6709\u7f8e\u56fd\u8bbe\u5907\uff0c\u591a\u6570\u82af\u7247\u5236\u9020\u5546\u5c06\u9762\u4e34\u6210\u672c\u4e0a\u5347\u548c\u4e1a\u7ee9\u53d7\u635f\u7684\u5c40\u9762\u3002<\/p>\n

\u5728\u7f8e\u56fd5\u6708\u4efd\u4ee5\u66f4\u4e25\u683c\u7684\u51fa\u53e3\u7ba1\u5236\u6253\u51fb\u4e2d\u56fd\u79d1\u6280\u5de8\u5934\u534e\u4e3a(Huawei Technologies)\u4e4b\u540e\uff0c\u5317\u4eac\u52a0\u5feb\u4e86\u82af\u7247\u81ea\u7ed9\u81ea\u8db3\u7684\u6b65\u4f10\u3002\u534e\u76db\u987f\u7981\u6b62\u534a\u5bfc\u4f53\u751f\u4ea7\u5546\u4e3a\u534e\u4e3a\u5236\u9020\u82af\u7247\uff0c\u524d\u63d0\u662f\u5b83\u4eec\u5728\u81ea\u5df1\u7684\u751f\u4ea7\u7ebf\u4e0a\u4f7f\u7528\u7f8e\u56fd\u7684\u8f6f\u4ef6\u548c\u5de5\u5177\u3002<\/p>\n

\u6d88\u606f\u4eba\u58eb\u79f0\uff0c\u968f\u7740\u7279\u6717\u666e\u653f\u5e9c\u5c06\u6253\u51fb\u8303\u56f4\u6269\u5927\u5230\u5fae\u4fe1\u548cTikTok\u7b49\u5176\u4ed6\u4e2d\u56fd\u62e5\u6709\u7684\u79d1\u6280\u4f01\u4e1a\uff0c\u4e25\u91cd\u4f9d\u8d56\u7f8e\u56fd\u5de5\u5177\u751f\u4ea7\u7684\u4e2d\u56fd\u82af\u7247\u5236\u9020\u5546\u611f\u5230\u4e86\u88ab\u5207\u65ad\u7f8e\u56fd\u4f9b\u5e94\u7684\u8feb\u5728\u7709\u776b\u7684\u5a01\u80c1\u3002<\/p>\n<\/div>\n<\/div>\n

\"\"<\/div>\n
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\u4e2d\u82af\u56fd\u9645\u5728\u9999\u6e2f\u7684\u80a1\u4ef7\u5468\u4e00\u4e0b\u8dcc\u8fd123%\uff0c\u6b64\u524d\u8def\u900f\u793e(Reuters)\u4e0a\u5468\u672b\u62a5\u9053\uff0c\u636e\u62a5\u9053\uff0c\u7f8e\u56fd\u653f\u5e9c\u6b63\u8003\u8651\u5c06\u4e2d\u82af\u56fd\u9645\u4e0e\u534e\u4e3a\u4e00\u8d77\u5217\u5165\u8d38\u6613\u9ed1\u540d\u5355\u3002<\/p>\n

\u4e2d\u82af\u56fd\u9645\u768440\u7eb3\u7c73\u82af\u7247\u5141\u8bb8\u66f4\u9ad8\u7684\u5236\u9020\u7cbe\u5ea6\u516c\u5dee\uff0c\u4e0e\u89c4\u6a21\u5c0f\u5f97\u591a\u7684\u5c16\u7aef\u4ea7\u54c1\u76f8\u6bd4\uff0c\u4ecd\u843d\u540e\u597d\u51e0\u4ee3\u3002\u53f0\u79ef\u7535\u91c7\u75285nm\u6280\u672f\u3002<\/p>\n

\u5c3d\u7ba140\u7eb3\u7c73\u82af\u7247\u65e0\u6cd5\u5728\u6700\u65b0\u7684\u667a\u80fd\u624b\u673a\u3001\u7b14\u8bb0\u672c\u7535\u8111\u548c\u670d\u52a1\u5668\u5904\u7406\u5668\u4e2d\u5360\u636e\u4e00\u5e2d\u4e4b\u5730\uff0c\u4f46\u5b83\u4eec\u53ef\u4ee5\u88ab\u7535\u89c6\u3001\u76d1\u63a7\u6444\u50cf\u5934\u82af\u7247\u5e73\u53f0\u548c\u56fe\u50cf\u4f20\u611f\u5668\u5236\u9020\u5546\u4f7f\u7528\u3002<\/p>\n

\u53f0\u5317\u5b89\u5168\u7814\u7a76\u6240(Institute for National Defense Security Research)\u6240\u957f Su Tzu-yun \u8868\u793a\uff0c\u4e0e\u5c06\u4e8e\u4eca\u5e74\u79cb\u5b63\u63a8\u51fa\u7684\u82f9\u679c5G iphone\u6240\u7528\u7684\u79fb\u52a8\u5904\u7406\u5668\u76f8\u6bd4\uff0c\u91c7\u752828nm\u5236\u7a0b\u6280\u672f\u7684\u667a\u80fd\u624b\u673a\u5904\u7406\u5668\u82af\u7247\u7684\u6027\u80fd\u843d\u540e\u4e86\u5927\u7ea67\u5e74\u3002<\/p>\n

\u751a\u81f3\u5728\u4e2d\u7f8e\u8d38\u6613\u6218\u5347\u7ea7\u4e4b\u524d\uff0c\u957f\u6c5f\u5b58\u50a8\u79d1\u6280\u5c31\u4e00\u76f4\u5021\u5bfc\u4f7f\u7528\u56fd\u4ea7\u8bbe\u5907\uff0c\u4ee5\u54cd\u5e94\u4e2d\u56fd\u5b98\u65b9\u81ea\u7ed9\u81ea\u8db3\u7684\u547c\u5401\u3002<\/p>\n

\u4e00\u4f4d\u77e5\u60c5\u4eba\u58eb\u8868\u793a:\u201c\u4eca\u5e74\u4ee5\u6765\uff0c\u76f8\u5173\u52aa\u529b\u4ee5\u76f8\u5f53\u6fc0\u8fdb\u7684\u65b9\u5f0f\u52a0\u5feb\u4e86\u6b65\u4f10\u3002\u201d\u201c\u8fd9\u5bb6\u82af\u7247\u5236\u9020\u5546\u76ee\u524d\u6b63\u5168\u529b\u4ee5\u8d74\u91c7\u7528\u56fd\u4ea7\u82af\u7247\uff0c\u65e0\u8bba\u8fd9\u4e9b\u82af\u7247\u7684\u6027\u80fd\u5c1a\u672a\u8fbe\u5230\u4ee4\u4eba\u6ee1\u610f\u7684\u6c34\u5e73\uff0c\u6216\u53ef\u80fd\u5bfc\u81f4\u989d\u5916\u7684\u6210\u672c\u3002\u4f46\u8fd8\u6709\u5f88\u957f\u7684\u8def\u8981\u8d70\u3002\u201d<\/p>\n

\u5e02\u573a\u89c2\u5bdf\u4eba\u58eb\u8bf4\uff0c\u626c\u5b50\u8bb0\u5fc6\u4f53\u8fd8\u8bd5\u56fe\u4ece\u6b63\u5728\u663e\u73b0\u7684\u5730\u7f18\u653f\u6cbb\u4e0d\u786e\u5b9a\u6027\u4e2d\u83b7\u76ca\u3002<\/p>\n

\u91ce\u6751\u8bc1\u5238(Nomura Research)\u5206\u6790\u5e08 Donnie Teng \u8868\u793a\uff0c”\u6839\u636e\u884c\u4e1a\u8c03\u67e5\u548c\u534a\u5bfc\u4f53\u8bbe\u5907\u4f9b\u5e94\u5546\u7684\u53cd\u9988\uff0c\u626c\u5b50\u6c5f\u8bb0\u5fc6\u4f53\u9884\u8ba1\u7f8e\u4e2d\u8d38\u6613\u6218\u5c06\u8fdb\u4e00\u6b65\u5347\u7ea7\uff0c\u56e0\u6b64\u51b3\u5b9a\u63d0\u524d\u4e0b(\u8bbe\u5907)\u8ba2\u5355\u3002”<\/p>\n

Donnie Teng \u8868\u793a\uff0c\u8be5\u516c\u53f86\u6708\u4efd\u8ba2\u8d2d\u4e86\u660e\u5e74\u6269\u5f20\u6240\u9700\u7684\u673a\u5668\uff0c\u6bd4\u6700\u521d\u8ba1\u5212\u63d0\u524d\u4e86\u51e0\u4e2a\u6708\u3002<\/p>\n

\u4e2d\u82af\u56fd\u9645\u548c\u957f\u6c5f\u5b58\u50a8\u6ca1\u6709\u56de\u5e94\u8bb0\u8005\u7684\u7f6e\u8bc4\u548c\u91c7\u8bbf\u8bf7\u6c42\u3002<\/p>\n

\u4e2d\u56fd\u653f\u5e9c\u4e0a\u6708\u5ba3\u5e03\u4e86\u66f4\u591a\u6fc0\u52b1\u63aa\u65bd\uff0c\u4ee5\u63a8\u52a8\u672c\u571f\u82af\u7247\u884c\u4e1a\u7684\u53d1\u5c55\uff0c\u5305\u62ec\u5bf9\u90e8\u5206\u82af\u7247\u5236\u9020\u554610\u5e74\u514d\u5f81\u6240\u5f97\u7a0e\u3002\u4e2d\u56fd\u653f\u5e9c\u8fd8\u9f13\u52b1\u82af\u7247\u751f\u4ea7\u5546\u901a\u8fc7\u5728\u4e0a\u6d77\u79d1\u6280\u80a1\u4e91\u96c6\u7684\u79d1\u521b\u677f\u548c\u6df1\u5733\u521b\u4e1a\u677f(ChiNext)\u7b49\u5e02\u573a\u4e0a\u5e02\u7b49\u65b9\u5f0f\u7b79\u96c6\u8d44\u91d1\u3002<\/p>\n

\u91ce\u6751\u8bc1\u5238\u7684 Teng \u8bf4\uff0c\u534e\u4e3a\u662f\u4e2d\u82af\u56fd\u9645\u6700\u5927\u7684\u5ba2\u6237\uff0c\u4e3a\u8be5\u516c\u53f8\u8d21\u732e\u4e8620%\u7684\u6536\u5165\u3002\u534e\u4e3a\u662f\u8fd9\u5bb6\u4e2d\u56fd\u4ee3\u5de5\u82af\u7247\u5236\u9020\u5546\u7814\u7a76\u548c\u4f7f\u7528\u66f4\u591a\u672c\u571f\u534a\u5bfc\u4f53\u751f\u4ea7\u8bbe\u5907\u80cc\u540e\u7684\u4e00\u80a1\u91cd\u8981\u529b\u91cf\u3002<\/p>\n

Donnie Teng \u8bf4\uff0c\u8fdb\u5c55\u7f13\u6162\u3002\u5bf9\u4e8e28nm\u7684\u751f\u4ea7\uff0c\u4e2d\u56fd\u7684\u8bbe\u5907\u76ee\u524d\u53ea\u80fd\u6ee1\u8db320%\u7684\u9700\u6c42\u3002\u4e2d\u82af\u56fd\u9645\u8fd8\u9700\u8981\u65e5\u672c\u3001\u97e9\u56fd\u548c\u6b27\u6d32\u7684\u5de5\u5177\u4f9b\u5e94\u5546\u6765\u5efa\u9020\u4e00\u4e2a\u975e\u7f8e\u56fd\u7684\u5de5\u5382\u751f\u4ea7\u7ebf\u3002<\/p>\n

\u4e2d\u82af\u56fd\u9645\u8054\u5e2d\u9996\u5e2d\u6267\u884c\u957f\u8d75\u6d77\u519b\u57288\u6708\u4efd\u7684\u8d22\u62a5\u7535\u8bdd\u4f1a\u8bae\u4e0a\u8bc1\u5b9e\uff0c\u4e2d\u82af\u56fd\u9645\u6b63\u8bd5\u56fe\u4ece\u4e2d\u56fd\u56fd\u5185\u91c7\u8d2d\u82af\u7247\u5236\u9020\u5de5\u5177\u548c\u6750\u6599\u3002<\/p>\n

\u8d75\u5728\u8d22\u62a5\u7535\u8bdd\u4f1a\u8bae\u4e0a\u8868\u793a\uff1a\u201c\u6211\u4eec\u770b\u5230\u8bb8\u591a\u56fd\u5185\u5173\u952e\u82af\u7247\u8bbe\u5907\u548c\u6750\u6599\u5236\u9020\u5546\u4e5f\u5df2\u7ecf\u4e0a\u5e02\uff0c\u5e76\u5f97\u5230\u4e86\u672c\u5730\u8d44\u672c\u5e02\u573a\u7684\u5927\u91cf\u8d44\u91d1\u652f\u6301\u3002\u201d\u201c\u6211\u4eec\u8ba4\u4e3a\u672a\u6765\u662f\u5149\u660e\u7684\uff0c\u5c3d\u7ba1\u4e0e\u73b0\u6709\u7684\u5e02\u573a\u9886\u519b\u4f01\u4e1a\u76f8\u6bd4\uff0c\u8fd9\u4e9b\u516c\u53f8\u7684\u89c4\u6a21\u4ecd\u7136\u8f83\u5c0f\u3002\u6211\u4eec\u73b0\u5728\u8981\u505a\u7684\u662f\u4e0e\u4ed6\u4eec\u5408\u4f5c\uff0c\u5e76\u5bf9\u8fd9\u4e9b\u672c\u5730\u4f9b\u5e94\u5546\u8fdb\u884c\u6d4b\u8bd5\uff0c\u4f46\u6211\u4eec\u9884\u8ba1\u8fd9\u4e9b\u8ffd\u968f\u8005\u4e0d\u4f1a\u5f88\u5feb\u53d6\u4ee3\u4efb\u4f55\u4e3b\u8981\u4f9b\u5e94\u5546\u3002\u201d<\/p>\n

\u957f\u671f\u4ee5\u6765\uff0c\u5e94\u7528\u6750\u6599(Applied Materials)\u3001Lam Research\u548cKLA\u8fd9\u4e09\u5bb6\u7f8e\u56fd\u516c\u53f8\uff0c\u4ee5\u53ca\u6b27\u6d32\u7684\u963f\u65af\u9ea6(ASML)\u548c\u65e5\u672c\u7684\u4e1c\u4eac\u7535\u5b50(Tokyo Electron)\u4e00\u76f4\u4e3b\u5bfc\u7740\u5148\u8fdb\u534a\u5bfc\u4f53\u7684\u5236\u9020\u8fc7\u7a0b\u3002<\/p>\n

\u4e2d\u56fd\u7684\u65b0\u5174\u4f01\u4e1a\u5728\u82af\u7247\u884c\u4e1a\u4e4b\u5916\u90fd\u9c9c\u4e3a\u4eba\u77e5\uff0c\u5176\u4e2d\u5305\u62ecNaura\u3001\u5148\u8fdb\u5fae\u5236\u9020\u8bbe\u5907(Advanced Micro-Fabrication Equipment)\u3001\u534e\u661f(Hwatsing)\u3001ACM Research\u3001\u9a6c\u7279\u68ee\u79d1\u6280(Mattson Technology)\u548c\u4e0a\u6d77\u7cbe\u5bc6\u6d4b\u91cf\u534a\u5bfc\u4f53\u79d1\u6280(Shanghai Precision Measurement Semiconductor Technology)\u3002<\/p>\n

\u5b83\u4eec\u4e13\u95e8\u4ece\u4e8b\u4e00\u7cfb\u5217\u751f\u4ea7\u548c\u6d4b\u8bd5\u5de5\u5177\uff0c\u5176\u4e2d\u8bb8\u591a\u90fd\u5f97\u5230\u4e86\u4e2d\u56fd\u6240\u8c13\u7684\u201c\u5927\u57fa\u91d1\u201d(Big Fund)\u7684\u652f\u6301\u3002\u201c\u5927\u57fa\u91d1\u201d\u662f\u9762\u5411\u534a\u5bfc\u4f53\u884c\u4e1a\u7684\u56fd\u5bb6\u878d\u8d44\u5de5\u5177\u3002<\/p>\n

\u201c\u4f7f\u7528\u6240\u6709\u975e\u7f8e\u56fd\u82af\u7247\u82af\u7247\u751f\u4ea7\u7ebf\u8bbe\u5907\u80af\u5b9a\u4f1a\u5f71\u54cd\u4e2d\u56fd\u82af\u7247\u5236\u9020\u5546\u7684\u4ea7\u54c1\u7ade\u4e89\u529b\uff0c\u4f46\u5728\u957f\u8fdc\u6765\u770b\uff0c\u8fd9\u4e9b\u7f8e\u56fd\u516c\u53f8\u7684\u5e02\u573a\u5730\u4f4d\u6700\u7ec8\u5c06\u53d7\u5230\u5f71\u54cd\uff0c\u56e0\u4e3a\u4ed6\u4eec\u5c06\u4e0d\u518d\u6210\u4e3a\u5fc5\u987b\uff0c\u201d\u9996\u5e2d\u6295\u8d44\u5b98\u5f3a\u751f\u6295\u8d44\u548c\u745e\u94f6\u8d44\u6df1\u6280\u672f\u5206\u6790\u5e08\u544a\u8bc9\u65e5\u7ecf\u6307\u6570\u3002<\/p>\n

\u745e\u58eb\u4fe1\u8d37(Credit Suisse)\u5206\u6790\u5e08 Randy Abrams \u6697\u793a\uff0c\u4e2d\u56fd\u4e0d\u4f1a\u6539\u53d8\u76ee\u524d\u7684\u8def\u7ebf\u3002\u4ed6\u8bf4:\u201c\u4e2d\u56fd\u7684\u672c\u571f\u5316\u52aa\u529b\u662f\u4e3a\u4e86\u6539\u5584\u56fd\u5bb6\u7684\u53d1\u5c55\uff0c\u4e5f\u662f\u4e3a\u4e86\u907f\u514d\u6765\u81ea\u7f8e\u56fd\u7684\u8fdb\u4e00\u6b65\u5e72\u6270\u3002\u201d\u4ed6\u8bf4:\u201c\u4ece\u7f8e\u56fd\u7684\u653f\u7b56\u65b9\u9762\u6765\u770b\uff0c\u6211\u4eec\u5c06\u7ee7\u7eed\u770b\u5230\u4e00\u4e9b\u963b\u529b\u3002<\/p>\n

\u201c\u4e2d\u56fd\u5f53\u7136\u5e0c\u671b\u83b7\u5f97\u66f4\u5145\u8db3\u7684\u8d44\u6e90\u3002\u7136\u800c\uff0c\u5168\u7403\u79d1\u6280\u4f9b\u5e94\u94fe\u662f\u5982\u6b64\u7d27\u5bc6\u76f8\u8fde\uff0c\u6240\u4ee5\u4efb\u4f55\u56fd\u5bb6\u90fd\u5f88\u96be\u505a\u5230100%\u7684\u81ea\u7ed9\u81ea\u8db3\u3002\u201d<\/p>\n

\u6765\u6e90:\u00a0Nikkei<\/span><\/span><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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