文｜阿尔法工场

jiuzai“shishangzuidaguangfuzhaobiaoxiangmu”zhongguodianjian（601669.sh）51gwzhongshuofenyun、mashangjiekaimidizhiji，nanwangnengyuan（003035.sz）xianjichuyigemimian。

12yue12ri，nanwangnengyuan（003035.sz）gongbule2.5gwzujianxiangmuzhongbiaohouxuanren。yidaoxinnengyi0.668yuan/wjiagechenggongruwei，zheiyijiagediyuguangfu“zilvchengbenjia”0.68yuan/w。

yexubiqizhongguodianjian51gwdetaotiedacan，nanwangnengyuande2.5gwzhinengsuanshigeqiancai，yincibingweiyinlaiyeneijizhongshengtao。

nanwangnengyuanxiangmucong11yue25rikaibiaozhizuizhonggongbu，lijingbangeyue。ancishijianjisuan，jiexialaizhongguodianjian51gwzujianzhaobiao，yujizuikuaibenzhouyejianggongbuzhongbiaohouxuanren。

12yue9ri，zhongguodianjian51gwguangfuzujianjicaixiangmukaibiao，yeneigaoduguanzhu。

zheishiguangfuxingyezilvjizhideyicidakao。you58jiaguangfuzujianqiyecanyulecicitoubiao，qizhong20jiaqiyedebaojiadiyu10yue18rixingyezilvyuedingdejiage0.68yuan/w。

gejiaguangfuqiyedetoubiaojiagejunyipilu。zhongguodianjianyu11yue13rifabujicaizhaobiaogonggao，ruogenjuguangfuxingyexiehuijichude10yue“zilvchengbenjia”0.68yuan/wzuoweihongxian，xingyezhongdeyixianguganqiyequanbudabiao。

qizhong，jingke（688223.sh），jingao（002459.sz），tianheguangneng（688599.sh），longji（601012.sh）sidalongtouzujianchangtongyibaochule0.703yuan/wdedanjia，biaoxianchuweiweihuxingyejiankangfazhanchengdanzeren、budaneijuanshi“jiagezhan”deyiyuan。

danhaishiyou“houjinqiye”butinghua，zai“shengsixian”shangfenliyibo。lirudahengnengyuan、yijingguangdian（600537.sz）、yinglinengyuan、hongyuanlvneng（603185.sh）deng，qituyongdijiaqiangbiao。

zhongguodianjianbencixiangmuweikuangjiacaigou。zheizhongfangshiyunxucaigoufangzaiyidingqixiannei，yixieyizhongyuedingdetiaojianhejiage，linghuodinggouchanpinhefuwu，wuxumeicidoujinxingdandudezhaobiaoguocheng。

yinci，bupaichuyouxieqiyebaoyou“tongguodijiaxianjinrumingdan、houxulvyueguochengzhongzaiboyijutijiage”deyinmixinsi。

muqiandekaibiaojieguo，shiduiguangfuxingyezilvjizhideyicikaoyan，yeduiyangguoqidezhaobiaoyuanzetichuletiaozhan。

bijing，nengruwei，shuomingyishidianjianhegedetoubiaofang。ruguozhenyoubaodijiazhechenggongruxuan，shuomingsuowei“zilv”nanyidedaoxiayoukehuyangqijiafangdezhichi，“xingyezilvlianmeng”yejiangmianlintubengwajiedejumian。

02 如何管制“刺头”？

xingyezilvnengfoushixian，genbenzaiyugejiaguangfuqiyedeliyifenpeinengfoudachengyizhi。

zaishichangjingjideguizexia，meiyouqiyeyuanyixishengzijideliyi，weisuoweixingyezilvmaidan。

buhuanguaerhuanbujun。guoqu，erxianzujianchangpingjiezishenjiageyoushiqiangbiao，shizaizhengchangbuguodeshangyexingwei。

danxianzaijiagezilvdefenweixia，guangfudachangpingjiechuhuolianghepinpaiyoushi，guchuixianjiaxianranduizijigengyouli。

jiashecantoufangyizhitouchu0.68yuan/wdejiage“tiedifeixing”，lilunshang，xiayouyangguoqidianzhanhuixuanzemingqigengda、chuhuolianggengduo、zhilianggengyoubaozhangdedachang。

zaizhe，tongyangshixianchan20%，dachangnenggouyikaokucundiaojienenglihexiangduichongpeidexianjinliu，kekangzhujiaoxiaodesunshi。

danduiyuxiaoqiyelaishuo，kenengyiweizheshishengcunhaishisiwang。dangrenzaishengcunbianyuanzhengzhashi，zilvjidengyu“hebushiroumi”。

gengyouyeneirenshifachuzhiyi：zilvjizhi，shifouzhishilongtouqiyeqiangjiayuxiaoqiyededaodeshufu？

mianduineixiejuedingmingyun、nengrangbinlinpochandeguangfuqiyecunhuoyuhandongdechaojidadan，napazhiyouyidiandian，zheiyangdeyouhuo，zhengzhazaishengcunxianshangdexiaoqiyejihuwufadidang。

genghekuang，haiyouyixieruhongyuanlvnengdengganyutiaozhanquanweide“citou”qiyezhengnishikuozhang，shituzaixingyediguqizhanjugengyoulideshengtaiwei。

如何管制“刺头”？

jubizhecongyeneilejie，weilenengrangqiandingzilvgongyuedesanshiduojiagongsizhengtijianchan，guangfuxingyedexiehuicaiquleyixieteshuyingxingshouduan：canyujianchandeqiyeyaojiao1yiyuanzuoweibaozhengjin，wanbuchengjianchanrenwuzexiangyingconglimiankouqian，weilaikenenggaiweigenjuchannengfeneshangjiaobutongjine。

zheicidianjianxiangmukaibiaohou，yeneiyoutaoluncheng，weilaiguangfuxiehuikenenghuizaitoubiaojiageshang，shezhigengweiyanlidecuoshi，yichengfa“nixingzhe”。

甲方的难题

guangfuqiyezilvlianmeng，zhiqianbeiyuweiguangfu“oupeike”。shijishang，zheigebiyubingbuzhunque。

guangfujiezhenzhengde“oupeike”，shizhangwozhezhaobiaoliang“shengsidaquan”dexiayoudianzhan，tamencaishinengyuandegongyingshang。guangfuzhizaoqiyezegengxiangyouqikaicaishebeishang，chongqiliangshimaichanrendejiaose。

guangfuxiehuiguantianguandidaochu“kaiqiang”，quenanyixiazhi“wudaliuxiao”guoyoudianzhandexingdongbingshijiayouxiaoyingxiang。zheicaishilingrentoutengdenanti。

zuoweijiafang，yangguoqidetouzicaigoumoshi，xianglaigengkanzhongchuqitouzichengben。qiyiguandezhaobiaoyuanze，shizaipingguyifangnengbaozhibaoliangjiaofudeqiantixia“jiadizhede”。

2021nian，guiliaoduanquezhishizujianjiagekuaisushangsheng。zujianchangweileliyizuidahua，cengbaotuangaojiaweibiao——jijiazujianchanggongtongtigaotoubiaojiage，lingjiafangshifenbeidong。

zheizhongzuofaduanqineixianzhileshichangjingzheng，daozhizhaobiaofangxuzhifugenggaodecaigouchengben，sunhailezheixieyangguoqidianzhandeliyi。

rujin，gongxuguanxinizhuan，shichangjuecequanjiaodaolemaifangshouzhong。

zhongguodianjianzuoweijiafang，youzizhupinggucaigouchanpindequanli，fuheshichanghuajizhi，benjiuwukehoufei。congkaibiaojieguoshangkan，diyu0.68yuan/wdebaojia，yerengranbeizhongguodianjianshiweiyouxiaobaojia。

kuangqie，jibianjiafangconggaoyu0.68yuan/wde“zilvjia”zhongxuanzezhongbiaoqiye，jiubencisidazujianchangbaojiatongwei0.703yuan/weryan，yangqijiafanggaiyihezhongbiaozhunxuanze、zenmefenpeiedu？

dijia，qimashiyizhonggongshi。

xingyechuqing，faxinshihaode。danjiaoweichenggongdemeitangongjicegaigezi2016niankaishi，yehuale4niandeshijian，caizhujianqingchuluohouchanneng。

meitanxingyezhong，guoqizhanbijiaogao，zheishidezhengcezhixinggengweixunsuhetongyi。

erguangfudaduoweiminqi，zhengfubunengzhijiexiachangganyugaodushichanghuadejiaoyi，yinweizheibujinwufajiejuedangaofenpeiwenti，haishexianweifa。

xingyexiehuiyuguangfujutou，cengxiwang“kandejiandeshou”chumianxiediao，danzuizhongluokongle。

hualuosheijia，jieguogongbuzaiji。yujizuikuaibenzhounei，dianjianjianggongshizhongbiaohouxuanren。

ruzhongguodianjianrengan“jiadizhede”yuanzequedingzhongbiaozhe，zaimouzhongchengdushangyebingfeihuaishi。

youxingzhishouyuwuxingzhishou，wozaiyiqideneiyitian，huoxuguangfucaiyouxintiandi。erbushixiangxianzaizheiyanghubaishouwan、lachejiaojing。