[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio3737d82b":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":77},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio3737d82b","大空基金经理Steve Eisman警告SOFI可能正处于私人信贷风险","\u002Fdoc\u002Fdcio3737d82b","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">一、美股投资网核心调研\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">《大空头》中的基金经理\u003C\u002Fspan> Steve Eisman \u003Cspan style=\"font-family: DengXian;\">表示，一个信贷周期正在形成，而\u003C\u002Fspan> SoFi Technologies\u003Cspan style=\"font-family: DengXian;\">（\u003C\u002Fspan>SOFI\u003Cspan style=\"font-family: DengXian;\">）可能正处于这个周期的中心。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">“\u003Cspan style=\"font-family: DengXian;\">我毫不怀疑，一个信贷周期正在出现。\u003C\u002Fspan>”Eisman \u003Cspan style=\"font-family: DengXian;\">在他的每周播客中说道。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">他在节目中用了相当大篇幅讨论\u003C\u002Fspan> SoFi \u003Cspan style=\"font-family: DengXian;\">的证券化问题，并称其\u003C\u002Fspan>“\u003Cspan style=\"font-family: DengXian;\">可能是一场灾难\u003C\u002Fspan>”\u003Cspan style=\"font-family: DengXian;\">。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">二、触发机制（\u003C\u002Fspan>How The Trigger Works\u003Cspan style=\"font-family: DengXian;\">）\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Eisman \u003Cspan style=\"font-family: DengXian;\">解释了运作逻辑：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">SoFi \u003Cspan style=\"font-family: DengXian;\">发放消费贷款\u003C\u002Fspan>\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-size: large;\"> \u003Cspan style=\"font-family: DengXian;\">将贷款打包成证券化产品（\u003C\u002Fspan>ABS\u003Cspan style=\"font-family: DengXian;\">）\u003C\u002Fspan>\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-family: DengXian; font-size: large;\"> 卖给投资者\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">盈利模式：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">向借款人收取\u003C\u002Fspan> 10% \u003Cspan style=\"font-family: DengXian;\">利率\u003C\u002Fspan>\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-size: large;\"> \u003Cspan style=\"font-family: DengXian;\">向投资者支付\u003C\u002Fspan> 5% \u003Cspan style=\"font-family: DengXian;\">收益\u003C\u002Fspan>\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-size: large;\"> \u003Cspan style=\"font-family: DengXian;\">中间的利差就是\u003C\u002Fspan> SoFi \u003Cspan style=\"font-family: DengXian;\">的全部利润来源\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">关键风险点：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">当损失超过一个预设水平（累计净损失触发线\u003C\u002Fspan> CNL\u003Cspan style=\"font-family: DengXian;\">）时：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">SoFi \u003Cspan style=\"font-family: DengXian;\">将停止获得现金流分成\u003C\u002Fspan>\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-family: DengXian; font-size: large;\"> 所有现金流优先支付给投资者，直到他们回本\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">根据美股大数据情况：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">SCP 2025-1\u003Cspan style=\"font-family: DengXian;\">：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">实际损失为\u003C\u002Fspan> 2.97%\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-size: large;\"> \u003Cspan style=\"font-family: DengXian;\">触发线为\u003C\u002Fspan> 2.60%\u003Cspan style=\"font-family: DengXian;\">（已经触发）\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">已经进入现金流被截断状态\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">SCP 2025-2\u003Cspan style=\"font-family: DengXian;\">：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">很可能也将触发\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Eisman \u003Cspan style=\"font-family: DengXian;\">的关键警告：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">“\u003Cspan style=\"font-family: DengXian;\">如果证券化投资者不再愿意买\u003C\u002Fspan> SoFi \u003Cspan style=\"font-family: DengXian;\">的资产，\u003C\u002Fspan>SoFi \u003Cspan style=\"font-family: DengXian;\">将无法继续放贷。\u003C\u002Fspan>”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">本质是：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">融资渠道断裂等于商业模式崩塌\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">三、做空机构加入（\u003C\u002Fspan>Muddy Waters\u003Cspan style=\"font-family: DengXian;\">）\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">做空机构\u003C\u002Fspan> Muddy Waters Research\u003Cspan style=\"font-family: DengXian;\">（创始人\u003C\u002Fspan> Carson Block\u003Cspan style=\"font-family: DengXian;\">）：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">发布了\u003C\u002Fspan> 28 \u003Cspan style=\"font-family: DengXian;\">页做空报告（\u003C\u002Fspan>3\u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan>17\u003Cspan style=\"font-family: DengXian;\">日）\u003C\u002Fspan>\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-family: DengXian; font-size: large;\"> 指控内容包括：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">SoFi \u003Cspan style=\"font-family: DengXian;\">是\u003C\u002Fspan>“\u003Cspan style=\"font-family: DengXian;\">金融工程跑步机\u003C\u002Fspan>”\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-size: large;\"> \u003Cspan style=\"font-family: DengXian;\">存在\u003C\u002Fspan> 3.12 \u003Cspan style=\"font-family: DengXian;\">亿美元未记录债务\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">公司回应：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">SoFi \u003Cspan style=\"font-family: DengXian;\">表示报告不准确且具有误导性\u003C\u002Fspan>\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-family: DengXian; font-size: large;\"> 威胁采取法律行动\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-size: large;\"> CEO Anthony Noto \u003Cspan style=\"font-family: DengXian;\">买入\u003C\u002Fspan> 50 \u003Cspan style=\"font-family: DengXian;\">万美元股票试图稳定市场\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">做空机构后续回应：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">在报告《\u003C\u002Fspan>Eleven Questions, Zero Answers\u003Cspan style=\"font-family: DengXian;\">》中表示：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">SoFi \u003Cspan style=\"font-family: DengXian;\">没有回应任何实质性问题\u003C\u002Fspan>\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-size: large;\"> Noto \u003Cspan style=\"font-family: DengXian;\">的买入金额仅占其已套现资金的\u003C\u002Fspan> 0.86%\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">股价表现：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">SOFI \u003Cspan style=\"font-family: DengXian;\">年内已经下跌约\u003C\u002Fspan> 35%\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">四、更大的宏观背景（\u003C\u002Fspan>The Bigger Picture\u003Cspan style=\"font-family: DengXian;\">）\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Eisman \u003Cspan style=\"font-family: DengXian;\">认为：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">SoFi \u003Cspan style=\"font-family: DengXian;\">只是更大规模私人信贷风险的一个缩影\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">私人信贷市场：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">过去十年规模从\u003C\u002Fspan> 3000 \u003Cspan style=\"font-family: DengXian;\">亿美元增长到\u003C\u002Fspan> 1.8 \u003Cspan style=\"font-family: DengXian;\">万亿美元\u003C\u002Fspan>\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-size: large;\"> \u003Cspan style=\"font-family: DengXian;\">其中\u003C\u002Fspan> 80% \u003Cspan style=\"font-family: DengXian;\">用于私募股权杠杆收购\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">结构性问题：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">“\u003Cspan style=\"font-family: DengXian;\">一边私募基金买公司，另一边私募基金又借钱给自己去买这些公司。\u003C\u002Fspan>”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">本质是资金在体系内自循环，类似影子银行体系\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">风险信号：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Apollo Global Management \u003Cspan style=\"font-family: DengXian;\">联席总裁\u003C\u002Fspan> John Zito \u003Cspan style=\"font-family: DengXian;\">表示：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">软件贷款的回收率可能只有\u003C\u002Fspan> 20% \u003Cspan style=\"font-family: DengXian;\">到\u003C\u002Fspan> 40%\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">五、市场定价（衰退概率）\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">预测市场显示：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Polymarket \u003Cspan style=\"font-family: DengXian;\">认为美国衰退概率为\u003C\u002Fspan> 35%\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-size: large;\"> Kalshi \u003Cspan style=\"font-family: DengXian;\">一度达到\u003C\u002Fspan> 38%\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">驱动因素包括：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">油价超过\u003C\u002Fspan> 100 \u003Cspan style=\"font-family: DengXian;\">美元\u003C\u002Fspan>\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-family: DengXian; font-size: large;\"> 霍尔木兹海峡关闭\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">六、重点投资解读\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Col start=\"1\" style=\"margin-top: 0in;\">\r\n\u003Cli>\u003Cspan style=\"font-size: large;\">SoFi \u003Cspan style=\"font-family: DengXian;\">的核心风险\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003C\u002Fol>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">不是普通金融股问题，而是依赖证券化融资的脆弱模式\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">一旦投资者不再购买其资产，或者触发损失条款\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">现金流会立即中断\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Col start=\"2\" style=\"margin-top: 0in;\">\r\n\u003Cli>\u003Cspan style=\"font-family: DengXian; font-size: large;\">信用周期拐点信号\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003C\u002Fol>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">类似历史上的阶段：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">2006 \u003Cspan style=\"font-family: DengXian;\">至\u003C\u002Fspan> 2008 \u003Cspan style=\"font-family: DengXian;\">年次贷危机前期\u003C\u002Fspan>\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-size: large;\"> 2021 \u003Cspan style=\"font-family: DengXian;\">至\u003C\u002Fspan> 2022 \u003Cspan style=\"font-family: DengXian;\">年\u003C\u002Fspan> SPAC \u003Cspan style=\"font-family: DengXian;\">和加密泡沫破裂\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">当前信号包括：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">违约率上升\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-family: DengXian; font-size: large;\"> 证券化结构触发机制被触发\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-family: DengXian; font-size: large;\"> 做空机构集中攻击\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Col start=\"3\" style=\"margin-top: 0in;\">\r\n\u003Cli>\u003Cspan style=\"font-family: DengXian; font-size: large;\">潜在影响方向\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003C\u002Fol>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">可能承压的领域：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">消费金融和金融科技公司\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-size: large;\"> \u003Cspan style=\"font-family: DengXian;\">例如\u003C\u002Fspan> SoFi \u003Cspan style=\"font-family: DengXian;\">和\u003C\u002Fspan> Upstart\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">私人信贷和私募股权融资链\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">可能受益的方向：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">对冲工具\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-family: DengXian; font-size: large;\"> 资金成本更低的大型银行\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-family: DengXian; font-size: large;\"> 现金流稳定、负债较低的公司\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">总结\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Eisman \u003Cspan style=\"font-family: DengXian;\">的核心观点是：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">SoFi \u003Cspan style=\"font-family: DengXian;\">并不是唯一的问题，而是一个信号\u003C\u002Fspan>\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-family: DengXian; font-size: large;\"> 整个依赖金融工程和证券化支撑的信用扩张周期，正在开始反转\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FS\u002FSOFI\u002FSOFI.jpg","2026-03-23T19:10:45","2026.03.23","2026\u002F03\u002F23",40416,[22],"SOFI","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" target=\"_blank\" rel=\"noopener noreferrer\">\u003Cimg style=\"display:block;margin-left:auto;margin-right:auto;\" src=\"https:\u002F\u002Fstockwewebfiles.blob.core.windows.net\u002Fweb-202408-stk\u002F1586109431mceclip0.jpg\">\u003C\u002Fa>\u003C\u002Ffigure>\u003Cdiv class=\"text-center\">\u003Ch2 class=\"card-title mx-auto\">\u003Cbr>\u003Ca target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":68,"summaryHtml":73,"aboutTitle":74,"aboutHtml":75,"copyrightHtml":76},[44,47,50,53,56,59,62,65],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fplan",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":60,"url":61},"美股课程","\u002Fcol\u002Fvideos",{"label":63,"url":64},"免责声明","\u002Fdisclaimer",{"label":66,"url":67},"联系我们","\u002FContactUs",[69,70,71,72],"https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploaderzic2tuwsol2_2025_09_11_18_21_07.gif","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadercakzdvydksw_2025_09_03_09_00_56.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadergtjyagwvoyk_2025_09_14_08_32_05.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploader3u0tt4jhlqh_2025_09_23_22_30_48.png","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 StockWe.com 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理千万级股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":78,"search":79,"searchPlaceholder":79,"hotContent":80,"draft":81,"noData":82,"searchNoData":83,"edit":84,"editVideo":85,"courseContent":86,"more":87,"buyNow":88,"subscribeNow":89,"encoding":90,"paidContent":91},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]