{"id":7470,"date":"2026-03-12T15:50:00","date_gmt":"2026-03-12T07:50:00","guid":{"rendered":"http:\/\/www.djking.cn\/?p=7470"},"modified":"2026-03-12T15:51:28","modified_gmt":"2026-03-12T07:51:28","slug":"%e5%a4%a7%e7%a9%ba%e5%a4%b42-0-%e6%ad%a3%e5%9c%a8%e8%b7%af%e4%b8%8a%e4%ba%86%ef%bc%81","status":"publish","type":"post","link":"http:\/\/www.djking.cn\/?p=7470","title":{"rendered":"\u5927\u7a7a\u59342.0 \u6b63\u5728\u8def\u4e0a\u4e86\uff01"},"content":{"rendered":"<p><a href=\"http:\/\/www.djking.cn\/wp-content\/uploads\/2026\/03\/1-e1773299583906.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-7472 size-full\" src=\"http:\/\/www.djking.cn\/wp-content\/uploads\/2026\/03\/1-e1773299583906.jpg\" alt=\"\" width=\"600\" height=\"403\" \/><\/a><br 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href=\"http:\/\/www.djking.cn\/wp-content\/uploads\/2026\/03\/f00de0ee-367c-49d3-a96f-71510a39d34d-e1773301692828.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7479\" src=\"http:\/\/www.djking.cn\/wp-content\/uploads\/2026\/03\/f00de0ee-367c-49d3-a96f-71510a39d34d-e1773301692828.jpg\" alt=\"\" width=\"600\" height=\"403\" \/><\/a>\u5728\u9610\u8ff0\u95ee\u9898\u524d\uff0c\u5148\u7ed9\u5927\u5bb6\u8bf4\u4e0b\u4e00\u4e2a\u7ecf\u6d4e\u6982\u5ff5\uff0c\u5728\u7f8e\u56fd\u79c1\u52df\u4fe1\u8d37\uff08Private 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Lending\uff09\u3001\u5939\u5c42\u878d\u8d44\uff08Mezzanine Debt\uff09\u3001\u4e0d\u826f\u503a\u52a1\uff08Distressed Debt\uff09\u7b49\u3002\u4e0e\u4f20\u7edf\u94f6\u884c\u4fe1\u8d37\u76f8\u6bd4\uff0c\u79c1\u52df\u4fe1\u8d37\u66f4\u6ce8\u91cd\u5173\u7cfb\u548c\u5b9a\u5236\u5316\uff0c\u8fd1\u5e74\u6765\u56e0\u4f4e\u5229\u7387\u73af\u5883\u548c\u76d1\u7ba1\u53d8\u5316\u800c\u5feb\u901f\u53d1\u5c55\uff0c\u6210\u4e3a\u66ff\u4ee3\u878d\u8d44\u7684\u91cd\u8981\u6765\u6e90\u3002\u6839\u636e\u884c\u4e1a\u6570\u636e\uff0c\u5168\u7403\u79c1\u52df\u4fe1\u8d37\u5e02\u573a\u89c4\u6a21\u5df2\u8d85\u8fc71\u4e07\u4ebf\u7f8e\u5143\uff0c\u4e3b\u8981\u53c2\u4e0e\u8005\u5305\u62ecBlackstone\u3001Apollo\u7b49\u57fa\u91d1\u3002<\/p>\n<p><a href=\"http:\/\/www.djking.cn\/wp-content\/uploads\/2026\/03\/312cc1d4-9136-4d40-94c3-e8cecf532810-e1773301729887.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7480\" src=\"http:\/\/www.djking.cn\/wp-content\/uploads\/2026\/03\/312cc1d4-9136-4d40-94c3-e8cecf532810-e1773301729887.jpg\" alt=\"\" width=\"600\" height=\"403\" \/><\/a><br \/>\n\u5f88\u591a\u4e8b\u60c5\u8fde\u5728\u4e00\u8d77\u770b\uff0c\u5c31\u8ba9\u4eba\u4e0d\u5f97\u4e0d\u89c9\u5f97\u6709\u95ee\u9898\uff0c\u7ba1\u7406\u89c4\u6a21\u9ad8\u8fbe14\u4e07\u4ebf\u7f8e\u5143\u7684\u8d1d\u83b1\u5fb7\uff08BlackRock\uff09\u65d7\u4e0b\u67d0\u65d7\u8230\u4ea7\u54c1\u89e6\u53d1\u8d4e\u56de\u6761\u6b3e\uff0c\u6295\u8d44\u8005\u7533\u8bf7\u8d4e\u56de12\u4ebf\u7f8e\u5143\uff0c\u7ed3\u679c\u53ea\u80fd\u7ed9\u4f606\u4ebf\u3002\u53e6\u7c7b\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u9ed1\u77f3\uff08Blackstone\uff09\u4e5f\u906d\u9047\u4e86\u521b\u7eaa\u5f55\u7684\u6324\u5151\u5f0f\u8d4e\u56de\uff0c\u4ed6\u4eec\u81ea\u638f\u8170\u53054\u4ebf\u7f8e\u5143\u57ab\u4e0a\uff0c\u518d\u8ba9150\u4e2a\u9ad8\u7ba1\u51d1\u4e861.5\u4ebf\u96c6\u4f53\u4e70\u5165\u3002\u84dd\u732b\u6295\u9e70\u8d44\u672c\uff08Blue Owl 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href=\"http:\/\/www.djking.cn\/wp-content\/uploads\/2026\/03\/b23a3837-fafd-4274-a89e-9cf110d753d2-e1773300170691.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-7474 size-full\" src=\"http:\/\/www.djking.cn\/wp-content\/uploads\/2026\/03\/b23a3837-fafd-4274-a89e-9cf110d753d2-e1773300170691.jpg\" alt=\"\" width=\"600\" height=\"403\" \/><\/a><br \/>\n\u6240\u4ee5\u6211\u4eec\u4e0d\u59a8\u6765\u770b\u770b\u662f\u4e0d\u662f\u50cf\u6211\u8bf4\u7684\u90a3\u6837\uff0c\u6211\u4eec\u5c31\u4ece\u8d1d\u83b1\u5fb7\u662f\u7f8e\u56fd\u56fd\u503a\u548c\u517b\u8001\u91d1\u7684\u201c\u770b\u5b88\u4eba\u201d\u6765\u770b\uff0c\u4f5c\u4e3a\u5168\u7403\u6700\u5927\u7684\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\uff08\u7ba1\u7406\u8d44\u4ea7\u89c4\u6a21\u7ea610-14\u4e07\u4ebf\u7f8e\u5143\uff09\uff0c\u5728\u7f8e\u56fd\u7684\u56fd\u503a\uff08US 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href=\"http:\/\/www.djking.cn\/wp-content\/uploads\/2026\/03\/e365adc0-b3be-4eeb-9626-ec1e20d94877-e1773301556575.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7477\" src=\"http:\/\/www.djking.cn\/wp-content\/uploads\/2026\/03\/e365adc0-b3be-4eeb-9626-ec1e20d94877-e1773301556575.jpg\" alt=\"\" width=\"600\" height=\"403\" \/><\/a><br \/>\n\u6b64\u5916\u8d1d\u83b1\u5fb7\u4f5c\u4e3a\u88ab\u52a8\u6295\u8d44\u5de8\u5934\uff08\u901a\u8fc7\u6307\u6570\u57fa\u91d1\u5982\u8ddf\u8e2aS&amp;P 500\u7684ETF\uff09\uff0c\u6301\u6709\u8fd9\u4e9b\u79d1\u6280\u516c\u53f8\u7684\u5de8\u989d\u80a1\u4efd\u3002\u6839\u636e\u6700\u65b013F\u5907\u6848\uff082025\u5e74Q4\u6570\u636e\uff09\uff0c\u8d1d\u83b1\u5fb7\u6301\u6709\uff1aNVIDIA\uff1a\u7ea619\u4ebf\u80a1\uff0c\u4ef7\u503c\u7ea63630\u4ebf\u7f8e\u5143\uff0c\u5360\u5176\u6295\u8d44\u7ec4\u5408\u76846.16%\u3002 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Corporate Lending Fund\uff08\u7b80\u79f0HLEND\uff0c\u4e00\u6b3e\u65d7\u8230\u79c1\u52df\u4fe1\u8d37\u57fa\u91d1\uff0c\u7ba1\u7406\u89c4\u6a21\u7ea6260\u4ebf\u7f8e\u5143\uff09\u57282026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u5230\u6295\u8d44\u8005\u7ea612\u4ebf\u7f8e\u5143\u7684\u8d4e\u56de\u8bf7\u6c42\uff0c\u8fd9\u5360\u57fa\u91d1\u51c0\u8d44\u4ea7\u503c\uff08NAV\uff09\u76849.3%\u3002 \u4f46\u6839\u636e\u57fa\u91d1\u5408\u540c\u6761\u6b3e\uff0c\u8be5\u57fa\u91d1\u8bbe\u5b9a\u4e86\u5b63\u5ea6\u8d4e\u56de\u4e0a\u9650\u4e3aNAV\u76845%\uff0c\u56e0\u6b64\u53ea\u5b9e\u9645\u5151\u4ed8\u4e86\u7ea66.2\u4ebf\u7f8e\u5143\uff0c<strong>\u5269\u4f59\u90e8\u5206\u88ab\u201cgated\u201d\uff08\u9650\u5236\u6216\u5ef6\u8fdf\uff09<\/strong>\uff0c\u8fd9\u662f\u8be5\u57fa\u91d1\u81ea\u6210\u7acb\u4ee5\u6765\u9996\u6b21\u89e6\u53d1\u8fd9\u4e00\u673a\u5236\u3002 \u52a0\u4e0a\u9ed1\u77f3\uff0c\u84dd\u732b\u5934\u9e70\uff0c\u7b49\u7b49\u7cfb\u5217\u7684\u95ee\u9898\u5c55\u73b0\uff01<\/p>\n<p><a href=\"http:\/\/www.djking.cn\/wp-content\/uploads\/2026\/03\/606f54d9-e51e-4f1f-90e7-346410fd769e-e1773301616741.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-7478 size-full\" src=\"http:\/\/www.djking.cn\/wp-content\/uploads\/2026\/03\/606f54d9-e51e-4f1f-90e7-346410fd769e-e1773301616741.jpg\" alt=\"\" width=\"600\" height=\"403\" \/><\/a><br \/>\n\u4e0d\u53bb\u5371\u8a00\u8038\u542c\uff0c\u6839\u672c\u4e0a\u8fd9\u662f\u4e00\u6b21\u7c7b\u4f3c2008\u5e74\u7684<strong>\u65b0\u7248\u5927\u7a7a\u5934<\/strong>\u7684\u538b\u529b\u6d4b\u8bd5\u9636\u6bb5\uff0c\u60c5\u51b5\u53ef\u4ee5\u8bf4\u662f\u60ca\u4eba\u76f8\u4f3c\uff0c<br \/>\n2008\u5e74\u6b21\u8d37 (CDOs\/MBS)\uff1a<br \/>\n\u5e95\u5c42\u8d44\u4ea7\uff1a\u4fe1\u7528\u6781\u5dee\u7684\u4e2a\u4eba\u623f\u8d37\uff0c\u4f20\u67d3\u8def\u5f84\uff1a\u5168\u7403\u94f6\u884c\u7cfb\u7edf\u8fde\u9501\u53cd\u5e94\uff0c\u900f\u660e\u5ea6\uff1a\u6781\u4f4e\uff08\u8bc4\u7ea7\u673a\u6784\u5931\u804c\uff09\uff0c\u89e6\u53d1\u70b9\uff1a\u623f\u4ef7\u4e0b\u8dcc+\u5229\u7387\u4e0a\u8c03\uff1b<\/p>\n<p>\u73b0\u5728\u7684\u79c1\u52df\u4fe1\u8d37 (Private Credit)\uff1a<br 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