{"id":7646,"date":"2026-06-10T03:20:31","date_gmt":"2026-06-10T03:20:31","guid":{"rendered":"https:\/\/www.primavera-capital.com\/?post_type=thought-leadership&#038;p=7646"},"modified":"2026-06-10T03:22:01","modified_gmt":"2026-06-10T03:22:01","slug":"%e5%ae%8f%e8%a7%82%e5%8d%81%e5%ad%97%e8%b7%af%e5%8f%a3-%e7%89%b9%e6%9c%97%e6%99%ae%e8%ae%bf%e5%8d%8e%ef%bc%9a%e5%b0%8f%e6%ad%a5%e6%85%a2%e8%b7%91%ef%bc%8c%e8%a1%8c%e7%a8%b3%e8%87%b4%e8%bf%9c","status":"publish","type":"thought-leadership","link":"https:\/\/www.primavera-capital.com\/zh-hans\/thought-leadership\/%e5%ae%8f%e8%a7%82%e5%8d%81%e5%ad%97%e8%b7%af%e5%8f%a3-%e7%89%b9%e6%9c%97%e6%99%ae%e8%ae%bf%e5%8d%8e%ef%bc%9a%e5%b0%8f%e6%ad%a5%e6%85%a2%e8%b7%91%ef%bc%8c%e8%a1%8c%e7%a8%b3%e8%87%b4%e8%bf%9c\/","title":{"rendered":"\u5b8f\u89c2\u5341\u5b57\u8def\u53e3 | \u7279\u6717\u666e\u8bbf\u534e\uff1a\u5c0f\u6b65\u6162\u8dd1\uff0c\u884c\u7a33\u81f4\u8fdc"},"content":{"rendered":"<div class=\"grid-container section-wrapper full\" data-layout=\"text\" data-category=\"block\" data-doc-type-alias=\"standard\" >\n\t<div class=\"grid-container \">\n\t\t<div class=\"grid-x grid-padding-x \">\n\t\t\t<div class=\"cell \">\n\t\t\t\t\t\t\t\t\t<div class=\"text standard anim-reveal anim-triggered-movefade\">\n\t<div class=\"grid-x grid-padding-x anim-me\">\n\t\t<div class=\"cell small-24 medium-16 medium-offset-4 large-12 large-offset-6\">\n\t\t\t   \t \t\t<p>\u6625\u534e\u8d44\u672c\u8d44\u6df1\u5b8f\u89c2\u6218\u7565\u987e\u95ee \u6731\u5b81 \u6559\u6388<\/p>\n<p>&nbsp;<\/p>\n<p><em>\u300a\u5b8f\u89c2\u5341\u5b57\u8def\u53e3\u300b\u662f\u6625\u534e\u8d44\u672c\u8d44\u6df1\u5b8f\u89c2\u6218\u7565\u987e\u95ee\u6731\u5b81\u6559\u6388\u7684\u4e13\u680f\uff0c\u4ed6\u5c06\u5c31\u4e2d\u56fd\u53ca\u5168\u7403\u5b8f\u89c2\u7ecf\u6d4e\u8d70\u52bf\u3001\u6280\u672f\u4e0e\u4ea7\u4e1a\u53d1\u5c55\u4ee5\u53ca\u5173\u952e\u653f\u7b56\u8f6c\u5411\u7b49\u8bae\u9898\uff0c\u5206\u4eab\u6df1\u5ea6\u6d1e\u5bdf\u4e0e\u5206\u6790\u3002<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>\u4e0a\u5468\uff0c\u7f8e\u56fd\u603b\u7edf\u7279\u6717\u666e\u5bf9\u4e2d\u56fd\u8fdb\u884c\u4e86\u4e3a\u671f\u4e09\u5929\u7684\u56fd\u4e8b\u8bbf\u95ee\uff0c\u8fd9\u662f\u65f6\u9694\u4e5d\u5e74\u540e\u7f8e\u56fd\u603b\u7edf\u518d\u6b21\u8bbf\u534e\u3002\u4f5c\u4e3a\u5f53\u4eca\u4e16\u754c\u6700\u91cd\u8981\u53cc\u8fb9\u5173\u7cfb\u4e2d\u7684\u4e00\u4ef6\u5927\u4e8b\uff0c\u6b64\u6b21\u8bbf\u95ee\u6210\u4e3a2026\u5e74\u6700\u53d7\u77a9\u76ee\u7684\u56fd\u9645\u4e8b\u4ef6\u4e4b\u4e00\u3002\u9274\u4e8e\u4e2d\u7f8e\u5728\u5173\u7a0e\u3001\u51fa\u53e3\u7ba1\u5236\u4ee5\u53ca\u4e4c\u514b\u5170\u548c\u4f0a\u6717\u5c40\u52bf\u7b49\u8bae\u9898\u4e0a\u7acb\u573a\u5206\u6b67\u4f9d\u65e7\uff0c\u751a\u81f3\u4e0d\u65f6\u4ea4\u950b\uff0c\u53cc\u65b9\u5728\u4f1a\u6664\u4e4b\u521d\u4fbf\u5bf9\u6210\u679c\u62b1\u6301\u7740\u52a1\u5b9e\u4e14\u7406\u6027\u7684\u9884\u671f\u3002\u56e0\u6b64\uff0c\u5c3d\u7ba1\u4e2d\u65b9\u6b64\u6b21\u7ed9\u4e88\u4e86\u7279\u6717\u666e\u603b\u7edf\u6781\u4e3a\u9686\u91cd\u7684\u56fd\u4e8b\u8bbf\u95ee\u793c\u9047\u4e0e\u70ed\u60c5\u63a5\u5f85\uff0c\u4f46\u4e24\u56fd\u5728\u5cf0\u4f1a\u7ed3\u675f\u540e\u5e76\u672a\u7acb\u5373\u53d1\u8868\u8054\u5408\u58f0\u660e\uff0c\u8fd9\u4e00\u7ed3\u679c\u672c\u5e94\u5728\u610f\u6599\u4e4b\u4e2d\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u4ece\u53cc\u65b9\u5404\u81ea\u53d1\u8868\u7684\u58f0\u660e\u6765\u770b\uff0c\u4e2d\u65b9\u7740\u91cd\u5f3a\u8c03\u4e86\u6784\u5efa\u5168\u65b0\u201c\u6218\u7565\u7a33\u5b9a\u201d\u5173\u7cfb\u7684\u79ef\u6781\u610f\u4e49\uff0c\u8bd5\u56fe\u5728\u627f\u8ba4\u5f7c\u6b64\u5206\u6b67\u3001\u7406\u6027\u7ba1\u63a7\u7ade\u4e89\u7684\u524d\u63d0\u4e0b\uff0c\u6253\u7834\u7f8e\u65b9\u957f\u671f\u4ee5\u6765\u8bd5\u56fe\u5355\u65b9\u9762\u5f3a\u52a0\u7ed9\u4e2d\u7f8e\u5173\u7cfb\u7684\u201c\u6218\u7565\u7ade\u4e89\u201d\u53d9\u4e8b\uff1b\u7f8e\u65b9\u5219\u5c06\u7126\u70b9\u653e\u5728\u4e86\u53cc\u65b9\u8fbe\u6210\u5171\u8bc6\u7684\u5177\u4f53\u9886\u57df\uff0c\u5bf9\u672a\u66fe\u63a2\u8ba8\u6216\u5c1a\u672a\u8fbe\u6210\u4e00\u81f4\u7684\u8bae\u9898\u9009\u62e9\u907f\u800c\u4e0d\u8c08 \u3002<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-7636 size-full\" src=\"https:\/\/www.primavera-capital.com\/wp-content\/uploads\/2026\/06\/zhu-ning-Trump.jpg\" alt=\"\" width=\"991\" height=\"1024\" srcset=\"https:\/\/www.primavera-capital.com\/wp-content\/uploads\/2026\/06\/zhu-ning-Trump.jpg 991w, https:\/\/www.primavera-capital.com\/wp-content\/uploads\/2026\/06\/zhu-ning-Trump-290x300.jpg 290w, https:\/\/www.primavera-capital.com\/wp-content\/uploads\/2026\/06\/zhu-ning-Trump-768x794.jpg 768w\" sizes=\"auto, (max-width: 991px) 100vw, 991px\" \/><\/p>\n<p class=\"text-small\"><em>Figure 1. 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