[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-JP2026061617313057399":3,"related-JP2026061617313057399":29},{"pageSize":4,"id":5,"productLine":6,"status":7,"articleCode":8,"articleType":9,"showStyle":7,"mediaType":10,"articleTitle":11,"coverImage":12,"listImage":12,"introduction":13,"description":14,"nonVipDescription":15,"postTime":16,"viewTime":16,"sortNumber":17,"isFree":18,"isShowList":7,"isRecommend":18,"linkType":7,"isOriginal":6,"hasMiniUrl":18,"hasAdvertising":18,"createBy":19,"updateBy":19,"createTime":20,"visitCount":21,"isLiked":18,"realSearch":22,"isRead":18,"productId":23,"isCollected":18,"collectCount":7,"vipExclusive":18,"allowComment":7,"style":24,"canCopy":18,"likeCount":10,"seoKeywords":15,"articleModuleVoList":25,"extendContentList":26,"noteCount":18,"categoryList":27,"dailyKeywordList":28},10,8114,"1",1,"JP2026061617313057399","1041018",3,"股市赚的钱，是别人亏的吗？","https:\u002F\u002Fimage.jane7.com\u002F3f1913af-09f7-429e-accc-1dca311ea46d.jpg","你的钱，在哪场游戏里","\u003Cdiv>\n \u003Cp style=\"text-align: center;\">\u003Cspan leaf=\"\">⚖️\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">Hi，我是简七编辑部的卫星~\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">最近刷到一条留言，挺有意思的：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">「韩国股市今年翻倍了，我就想问，韩国人都在赚吗，那谁亏了？」\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">这个问题背后，是很多人一直想搞清楚的事：\u003C\u002Fspan>\u003Cstrong>\u003Cspan leaf=\"\">股市到底是零和游戏还是正和游戏？我赚的钱，是不是一定是别人亏的？\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">今天就来试着聊聊这个问题：股市里的钱，到底从哪来、往哪去。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin: 0px 16px;line-height: 1.5em;\">\u003Cspan style=\"color: rgb(216, 57, 49);background-color: rgba(255, 246, 122, 0.8);\">\u003Cspan leaf=\"\">\u003Cspan style=\"font-size: 14px;background-color: rgb(255, 254, 213);color: rgb(255, 104, 39);\" textstyle=\"\">*风险提示：本文仅为观点分享，不构成投资建议，不代表收益承诺，投资有风险，决策须谨慎~\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin: 0px 16px;line-height: 2em;text-align: left;color: rgb(222, 120, 2);\">\u003Cstrong>\u003Cspan leaf=\"\">01\u002F\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin: 0px 16px;line-height: 2em;text-align: left;color: rgb(222, 120, 2);\">\u003Cstrong>\u003Cspan leaf=\"\">股市，是怎么赚钱的？\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">很多人觉得股市里的钱很神秘，其实说穿了就两个来源。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin: 0px 16px;line-height: 2em;\">\u003Cstrong>\u003Cspan leaf=\"\">第一个来源：投资者之间的买卖。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">你10块买入一只股票，15块卖给下家，你赚的5块，就是下家掏的。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">所有投资者加在一起看，这部分钱只是从一个口袋搬到另一个口袋，总量没变。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">再扣掉每次交易的手续费和印花税，整体甚至是\u003C\u002Fspan>\u003Cstrong>\u003Cspan leaf=\"\">负和\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan leaf=\"\">的，交易越频繁，大家合计亏得越多。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">不过，现在有个特殊情况：\u003C\u002Fspan>\u003Cspan style=\"background-color:rgba(254, 212, 164, 0.8);\">\u003Cstrong>\u003Cspan leaf=\"\">新钱不断涌入\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cspan leaf=\"\">。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">韩国现在有超过1.05亿个交易账户，人均两个。今年一季度，18岁以下新开户数同比暴增了近10倍。大量新投资者带着资金入场，买盘推着价格往上走，每个在场的人看一眼账户，都觉得自己赚了。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">但这个「赚」，跟下面要说的第二种「赚」，性质不一样。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin: 0px 16px;line-height: 2em;\">\u003Cstrong>\u003Cspan leaf=\"\">第二个来源：企业跟投资者之间的钱来钱往。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">这又分两个方向——\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">一是企业\u003C\u002Fspan>\u003Cstrong>\u003Cspan leaf=\"\">从投资者手里拿钱\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan leaf=\"\">：IPO、定增、可转债，你的真金白银给了公司，换回一张股权凭证。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">二是企业\u003C\u002Fspan>\u003Cstrong>\u003Cspan leaf=\"\">把钱还给投资者\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan leaf=\"\">：分红和回购注销。公司赚了利润，把一部分现金分给股东，或者用利润买回自己的股票然后注销。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">这笔钱是企业从实体经济里赚来的。当它通过分红和回购回到股东手里，投资者这个群体的钱就确实变多了。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cstrong>\u003Cspan leaf=\"\">这就是股市能成为正和游戏的根本原因。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">但反过来也成立：如果一个市场上企业拿走的钱\u003C\u002Fspan>\u003Cspan style=\"color:#646a73;\">\u003Cspan leaf=\"\">（不断IPO圈钱、增发融资）\u003C\u002Fspan>\u003C\u002Fspan>\u003Cspan leaf=\"\">长期大于还回来的钱\u003C\u002Fspan>\u003Cspan style=\"color:#646a73;\">\u003Cspan leaf=\"\">（分红少、不回购）\u003C\u002Fspan>\u003C\u002Fspan>\u003Cspan leaf=\"\">，那投资者整体就是亏的。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin: 0px 16px;line-height: 2em;text-align: left;color: rgb(222, 120, 2);\">\u003Cstrong>\u003Cspan leaf=\"\">02\u002F\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin: 0px 16px;line-height: 2em;text-align: left;color: rgb(222, 120, 2);\">\u003Cstrong>\u003Cspan leaf=\"\">消失的「韩国折价」\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">说到这儿，其实可以聊聊韩国的一个变化。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">长期以来，韩国股市有个现象叫\u003Cspan style=\"font-weight: bold;\" textstyle=\"\">「韩国折价」\u003C\u002Fspan>，虽然有三星这样的一流企业，但股价不被看好，整体市净率长期低于1。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Csection nodeleaf=\"\" style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;text-align: center;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002Ff2a0ef05-6020-48e8-ab6f-cee0a9669584.jpg\">\n \u003C\u002Fsection>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">原因就在于那些庞大的家族财阀更在意自己的利益，对普通小股东并不友好，赚了钱也不太愿意分享。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">但2025年之后，情况变了。新政府动真格把「保护股东」写进了法律，规定董事必须考虑全体股东的利益，限制大股东的投票权，还对愿意分红、回购的公司给税收优惠。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">换句话说，韩国正在努力让企业还给投资者的钱变多。这也是这轮牛市背后，除了AI芯片红利之外，重要的结构性变化。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cstrong>\u003Cspan leaf=\"\">那么，股市到底是零和还是正和？\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">取决于企业拿走的钱多，还是还回来的钱多：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">投资者之间的交易是「分蛋糕」，新钱涌入是把「蛋糕标价」抬高了。只有企业赚了钱、分回来，蛋糕本身才会变大。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">现在的韩国市场，两股力量同时在起作用——\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">半导体企业利润暴增，加上股东保护改革，这是真实的价值创造；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">全民开户、融资余额创历史新高，这是新钱在推高水位。两者叠加，营造了「所有人都在赚钱」的感受。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin: 0px 16px;line-height: 2em;text-align: left;color: rgb(222, 120, 2);\">\u003Cstrong>\u003Cspan leaf=\"\">03\u002F\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin: 0px 16px;line-height: 2em;text-align: left;color: rgb(222, 120, 2);\">\u003Cstrong>\u003Cspan leaf=\"\">谁在亏钱？\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">在一个指数翻倍的市场里，确实有人在亏。谁呢？\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">主要是那些\u003C\u002Fspan>\u003Cstrong>\u003Cspan leaf=\"\">借钱炒股的人。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">到今年5月底，韩国券商融资余额飙到了38万亿韩元，历史新高，比去年底涨了近40%。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">韩国金融监管部门公开表示对杠杆化投资感到担忧。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">杠杆到底危险在哪？举个例子——\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">假设你拿10万自己的钱买了一只股票，跌了20%，亏了2万。心疼归心疼，但你可以不卖，等它涨回来，等企业继续赚钱分红。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">但如果你借了40万，加上自己的10万，一共50万买入。同样跌20%，亏10万，本金直接没了。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">券商会强制卖掉你的股票\u003C\u002Fspan>\u003Cspan style=\"color:#646a73;\">\u003Cspan leaf=\"\">（强制平仓）\u003C\u002Fspan>\u003C\u002Fspan>\u003Cspan leaf=\"\">，把借款收回去，你连选择继续持有的机会都没有。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan style=\"color:#646a73;\">\u003Cspan leaf=\"\">\u003Cspan style=\"font-size: 12px;\" textstyle=\"\">（韩国今年新推出了单股2倍杠杆ETF，如果用融资买这类ETF，实际杠杆很容易到4-5倍。）\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">6月5日，韩国综合指数单日暴跌超过5.5%，盘中触发熔断。SK海力士当天跌了近10%。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">拿自己的钱买的人，这只是一天的波动。开了高杠杆进去的人，这一天可能就被永久清退出局了。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cstrong>\u003Cspan leaf=\"\">在一个长期可能是正和的游戏里，杠杆投资者硬是给自己制造了一场负和游戏\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan leaf=\"\">，额外付着利息，还会被迫在最差的时候离场，把时间帮你赚企业利润这个最大优势，彻底丢掉。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin: 0px 16px;line-height: 2em;text-align: left;color: rgb(222, 120, 2);\">\u003Cstrong>\u003Cspan leaf=\"\">04\u002F\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin: 0px 16px;line-height: 2em;text-align: left;color: rgb(222, 120, 2);\">\u003Cstrong>\u003Cspan leaf=\"\">同一个股市，两场游戏\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">回到开头：大家都在赚，谁亏了？\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cstrong>\u003Cspan leaf=\"\">看你在玩哪场游戏。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">用自己的闲钱，买能持续赚钱、愿意分红回购的好公司，耐心持有，时间是你的朋友。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Ca class=\"normal_text_link\" data-itemshowtype=\"0\" data-linktype=\"2\" href=\"https:\u002F\u002Fmp.weixin.qq.com\u002Fs?__biz=MjM5MzA3MjI2NQ==&mid=2650669255&idx=1&sn=f6c2a5d534ce26e24f77afa645a1518b&scene=21#wechat_redirect\" linktype=\"text\" style=\"color: rgb(0, 82, 255);;color:#409eff\" target=\"_blank\" textvalue=\"研究了130年的股市，原来投资赚的钱都是TA给的\">\u003Cspan style=\"color: rgb(0, 82, 255);\" textstyle=\"\">《投资者的未来》\u003C\u002Fspan>\u003C\u002Fa>这本书里提到过一个数据：从长期来看，分红再投资\u003C\u002Fspan>\u003Cspan leaf=\"\">\u003Cspan style=\"color: rgb(136, 136, 136);\" textstyle=\"\">（股利到手后，再用于买股）\u003C\u002Fspan>\u003C\u002Fspan>\u003Cspan leaf=\"\">贡献了\u003C\u002Fspan>\u003Cspan leaf=\"\">投资者总回报的97%。真正让投资者赚到钱的，是企业赚到利润。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">而借钱加杠杆，你赚的是有人愿意出更高价接盘的差价。一旦没人接盘，杠杆还会把你第一个踢出局。时间反而是你的敌人。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">虽然今天聊的是韩国股市，但背后的逻辑是通用的。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">比如A股，你可能在熊市听到过「暂停IPO」的新闻，本质就是让企业少从市场拿钱。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Csection nodeleaf=\"\" style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;text-align: center;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F04b140fc-5094-4f29-a0f1-77678c26f237.jpg\">\n \u003C\u002Fsection>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">这两年，监管也在推动上市公司加大分红力度。2025年A股分红总额达到2.55万亿，是同期IPO和再融资规模的两倍。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">算上回购、扣掉减持，A股已经连续四年实现了正向「净回报」。蛋糕变大的逻辑，哪里都一样。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">今天聊完了谁在赚、谁在亏，你可能心里还有个问题：\u003C\u002Fspan>\u003Cstrong>\u003Cspan leaf=\"\">我的钱，处在一场什么游戏里呢？\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cspan style=\"font-weight: bold;\" textstyle=\"\">明晚\u003C\u002Fspan>\u003Cspan style=\"font-size: 14px;color: rgb(136, 136, 136);\" textstyle=\"\">（6月17日）\u003C\u002Fspan>\u003Cspan style=\"font-weight: bold;\" textstyle=\"\">7点\u003C\u002Fspan>，简七编辑部的卫星，会在直播间带你做一次「年中体检」，把上半年的几件大事都过一遍，哪些是噪音，哪些真的跟你有关，聊完你心里就有数了~\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin: 0px 16px;line-height: 1.5em;text-align: center;\">\u003Cspan style=\"color: rgb(216, 57, 49);background-color: rgba(255, 246, 122, 0.8);\">\u003Cspan data-pm-slice=\"1 1 ["para",{"tagName":"p","attributes":{"style":"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin: 0px 16px;line-height: 1.5em;"},"namespaceURI":"http:\u002F\u002Fwww.w3.org\u002F1999\u002Fxhtml"},"node",{"tagName":"span","attributes":{"style":"color: rgb(216, 57, 49);background-color: rgba(255, 246, 122, 0.8);"},"namespaceURI":"http:\u002F\u002Fwww.w3.org\u002F1999\u002Fxhtml"}]\" leaf=\"\">\u003Cspan style=\"font-size: 14px;background-color: rgb(255, 254, 213);color: rgb(255, 104, 39);\" textstyle=\"\">扫码了解~↓↓↓\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Csection nodeleaf=\"\" style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;text-align: center;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002Fa85c1c6c-4189-4ef8-86f0-17ba04296ba7.jpg\">\n \u003C\u002Fsection>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">直播见~\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-top:0;margin-bottom:0;margin-right: 16px;margin-left: 16px;line-height: 2em;\">\u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin: 0px 16px;line-height: 1.5em;\">\u003Cspan leaf=\"\">\u003Cspan style=\"font-size: 12px;color: rgb(136, 136, 136);\" textstyle=\"\">参考资料：证券时报网《韩国掀起“全民炒股”热潮，股市波动正在加剧》；中信建投《策略周思考：震荡寻机，预期校准-260614》；AMRO《Narrowing the Korea Discount: Stock Market Reform via Corporate Value-up》\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Csection style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;\">\n  \u003Cspan leaf=\"\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n\u003C\u002Fdiv>","","2026-06-16 17:28:00",100,0,"py自动生成","2026-06-16 17:31:30",57,false,18363,"1038002",[],[],[],[],[]]