{"id":6242,"date":"2026-01-15T08:07:16","date_gmt":"2026-01-15T00:07:16","guid":{"rendered":"https:\/\/www.dm-yq.com\/?p=6242"},"modified":"2026-01-15T08:07:16","modified_gmt":"2026-01-15T00:07:16","slug":"%e6%91%a9%e6%a0%b9%e5%a4%a7%e9%80%9a%e5%af%b9-circle-%e7%bb%99%e4%ba%88%e3%80%8c%e4%bd%8e%e9%85%8d%e3%80%8d%e8%af%84%e7%ba%a7%ef%bc%8c%e7%9b%ae%e6%a0%87%e4%bb%b7-2026-%e5%b9%b4%e5%ba%95-80-%e7%be%8e","status":"publish","type":"post","link":"https:\/\/www.dm-yq.com\/?p=6242","title":{"rendered":"\u6469\u6839\u5927\u901a\u5bf9 Circle \u7ed9\u4e88\u300c\u4f4e\u914d\u300d\u8bc4\u7ea7\uff0c\u76ee\u6807\u4ef7 2026 \u5e74\u5e95 80 \u7f8e\u5143"},"content":{"rendered":"<p> \u6469\u6839\u5927\u901a(JPMorgan)\u5bf9 Circle Internet Group (CRCL) \u7ed9\u4e88\u300c\u4f4e\u914d\u300d(underweight) \u8bc4\u7ea7\uff0c\u76ee\u6807\u4ef7 80 \u7f8e\u5143\uff0c\u6697\u793a\u6f5c\u5728\u4e0b\u8dcc\u7ea6 55% \u3002\u867d\u7136\u627f\u8ba4\u5176\u5728\u7a33\u5b9a\u5e01\u5e02\u573a\u7684\u5f3a\u52b2\u5b9a\u4f4d\uff0c\u4f46\u62c5\u5fc3\u7ade\u4e89\u6fc0\u70c8\u548c CBDC \u5f71\u54cd\u3002\u5176\u4ed6\u5206\u6790\u5e08\u5219\u8f83\u4e3a\u4e50\u89c2\uff0c\u666e\u904d\u8bc4\u7ea7\u5728\u300c\u6301\u6709\u300d(Hold) \u9644\u8fd1\uff0c\u5e73\u5747\u76ee\u6807\u4ef7\u63a5\u8fd1 187 \u7f8e\u5143\u3002<br \/>\n<BR \/> <\/p>\n<p>\u7f8e\u56fd\u5927\u578b\u6295\u8d44\u94f6\u884c\u6469\u6839\u5927\u901a (JPMorgan) \u5206\u6790\u5e08\u8ba4\u4e3a Circle \u5728\u5e02\u573a\u4e0a\u5360\u636e\u6709\u5229\u5730\u4f4d\uff0c\u4f46\u8b66\u544a\u79f0\uff0c\u300c\u7ade\u4e89\u300d\u5bf9\u8fd9\u5bb6\u7a33\u5b9a\u5e01\u53d1\u884c\u5546\u6784\u6210\u4e86\u6f5c\u5728\u5a01\u80c1\u3002<\/p>\n<p>\u6469\u6839\u5927\u901a\u7684\u5206\u6790\u5e08\u5728\u6700\u65b0\u7684\u300c\u5317\u7f8e\u80a1\u7968\u7814\u7a76\u62a5\u544a\u300d\u4e2d\u9996\u6b21\u6b63\u5f0f\u53d1\u8868\u4e86 Circle Internet Group (CRCL) \u80a1\u7968\u5206\u6790\u62a5\u544a\uff0c\u7ed9\u4e88\u300c\u4f4e\u914d\u300d(underweight) \u8bc4\u7ea7\uff0c\u5e76\u9884\u8ba1\u5230 2026 \u5e74 12 \u6708\u5c06\u76ee\u6807\u4ef7\u5b9a\u5728 80 \u7f8e\u5143\u3002\u8fd9\u4e00\u76ee\u6807\u6697\u793a\uff0c\u4ece\u76ee\u524d\u7ea6 180 \u7f8e\u5143\u7684\u4ea4\u6613\u4ef7\u683c\u6765\u770b\uff0c\u6f5c\u5728\u4e0b\u8dcc\u7ea6 55% \u3002\u76ee\u6807\u4ef7\u5bf9\u5e94\u7684\u5e02\u503c\u7ea6 210 \u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e\u76ee\u524d\u7ea6 440 \u4ebf\u7f8e\u5143\u7684\u4f30\u503c\u3002<\/p>\n<p>\uff08\u7f16\u6309\uff1a\u300c\u4f4e\u914d\u300d(Underweight) \u5728\u6295\u8d44\u9886\u57df\u4e2d\u6307\u7684\u662f\uff0c\u5bf9\u67d0\u4e2a\u7279\u5b9a\u8d44\u4ea7\u7c7b\u522b\u6216\u5e02\u573a\u7684\u914d\u7f6e\u6bd4\u4f8b\u4f4e\u4e8e\u57fa\u51c6\u6307\u6807\uff0c\u8868\u793a\u6295\u8d44\u8005\u5bf9\u5176\u672a\u6765\u8868\u73b0\u6301\u60b2\u89c2\u6001\u5ea6\u3002 \u5177\u4f53\u6765\u8bf4\uff0c\u5982\u679c\u4e00\u4e2a\u6295\u8d44\u7ec4\u5408\u7684\u914d\u7f6e\u6bd4\u4f8b\u4f4e\u4e8e\u57fa\u51c6\uff0c\u4f8b\u5982\u4f4e\u4e8e\u5e02\u573a\u6307\u6570\u7684\u6743\u91cd\uff0c\u5c31\u8868\u793a\u8be5\u6295\u8d44\u7ec4\u5408\u5bf9\u8fd9\u4e2a\u8d44\u4ea7\u7c7b\u522b\u91c7\u53d6\u300c\u4f4e\u914d\u300d\u7b56\u7565\u3002\u00a0\uff09<\/p>\n<p>\u8be5\u6295\u8d44\u94f6\u884c\u627f\u8ba4 Circle \u5728\u7a33\u5b9a\u5e01\u5e02\u573a\u4e2d\u7684\u5f3a\u52b2\u5b9a\u4f4d\uff0c\u5f3a\u8c03\u5176\u65e9\u671f\u8fdb\u5165\u5e02\u573a\u7684\u4f18\u52bf\uff0c\u4ee5\u53ca\u65d7\u4e0b\u5e02\u503c\u8fd1 620 \u4ebf\u7f8e\u5143\u7684 USDC \u7a33\u5b9a\u5e01\u7684\u5e7f\u6cdb\u5e94\u7528\u573a\u666f\u3002\u6469\u6839\u5927\u901a\u8fd8\u6307\u51fa\uff0cCircle \u5728\u8de8\u5883\u548c\u6d88\u8d39\u8005\u652f\u4ed8\u9886\u57df\u6709\u6f5c\u5728\u589e\u957f\u673a\u4f1a\uff0c\u5bf9\u516c\u53f8\u7ba1\u7406\u56e2\u961f\u5145\u6ee1\u4fe1\u5fc3\u3002<\/p>\n<p>\u7136\u800c\uff0c\u6469\u6839\u5927\u901a\u7684\u8c28\u614e\u7acb\u573a\u662f\u53d7\u5230\u7a33\u5b9a\u5e01\u9886\u57df\u7ade\u4e89\u6fc0\u70c8\u7684\u62c5\u5fe7\u9a71\u52a8\uff0c\u4ee5\u53ca\u4e2d\u592e\u94f6\u884c\u6570\u4f4d\u8d27\u5e01 (CBDC) \u53ef\u80fd\u5bf9 Circle \u589e\u957f\u524d\u666f\u7684\u5f71\u54cd\u3002\u5206\u6790\u5e08\u5199\u9053\uff1a\u300c\u5168\u7403\u8303\u56f4\u5185\uff0c\u5c24\u5176\u662f\u5728\u6b27\u6d32\uff0c\u8fdb\u4e00\u6b65\u91c7\u7528 CBDC \u53ef\u80fd\u4f1a\u5f71\u54cd Circle \u7684\u5168\u7403\u6269\u5f20\u80fd\u529b\uff0c\u4ece\u800c\u5bf9\u957f\u671f\u589e\u957f\u548c\u76c8\u5229\u80fd\u529b\u4ea7\u751f\u4e0d\u5229\u5f71\u54cd\u3002\u300d<\/p>\n<p>\u8fd9\u4e9b\u56e0\u7d20\u4f7f\u6469\u6839\u5927\u901a\u8ba4\u4e3a Circle \u5f53\u524d\u5e02\u503c\u504f\u9ad8\u3001\u80a1\u4ef7\u88ab\u9ad8\u4f30\uff0c\u5c3d\u7ba1\u516c\u53f8\u57fa\u672c\u9762\u8868\u73b0\u4eae\u773c\uff0c\u4f46\u4ecd\u6709\u7406\u7531\u300c\u8dd1\u8f93\u5927\u76d8\u300d\u3002<\/p>\n<p>\u6469\u6839\u5927\u901a\u5206\u6790\u5e08\u8ba4\u4e3a\uff0c\u9274\u4e8e Circle \u7684\u5148\u53d1\u4f18\u52bf\u548c\u8bb8\u591a\u7528\u4f8b\uff0c\u5176\u5728\u65b0\u5174\u7a33\u5b9a\u5e01\u5e02\u573a\u4e2d\u5360\u636e\u6709\u5229\u5730\u4f4d\uff0c\u4f46\u76ee\u524d\u7684\u5e02\u503c\u5df2\u7ecf\u8fc7\u9ad8\uff0c\u300c\u57fa\u4e8e\u9884\u8ba1 2027 \u5e74\u6bcf\u80a1\u76c8\u4f59 (EPS) \u5728 1.56 \u7f8e\u5143\u7684 45 \u500d\uff0c\u5373\u8fbe\u5230 70 \u7f8e\u5143\uff0c\u518d\u52a0\u4e0a 10 \u7f8e\u5143\u7684\u4e0a\u6da8\u6f5c\u529b\u6ea2\u4ef7\u3002\u6211\u4eec\u7684\u76ee\u6807\u4ef7\u8f83 31 \u7f8e\u5143\u7684 IPO \u4ef7\u683c\u6709\u5927\u5e45\u6ea2\u4ef7\uff0c\u4f46\u4e5f\u8f83\u5f53\u524d 180 \u7f8e\u5143\u7684\u80a1\u4ef7\u6709\u5927\u5e45\u6298\u8ba9\u3002\u300d<\/p>\n<p>\u4e3a\u4e86\u8bc1\u660e\u5bf9 Circle \u7684\u51cf\u6301\u8bc4\u7ea7\u662f\u5408\u7406\u7684\uff0c\u6469\u6839\u5927\u901a\u5206\u6790\u5e08\u63d0\u5230\u4e86\u4e00\u4e9b\u53ef\u80fd\u5728\u672a\u6765\u51e0\u4e2a\u6708\u5f71\u54cd\u8be5\u516c\u53f8\u5e02\u503c\u7684\u53d1\u5c55\uff0c\u5305\u62ec\u5e02\u573a\u7ade\u4e89\u7684\u5f71\u54cd\u3002<\/p>\n<p>\u5206\u6790\u5e08\u8868\u793a\uff1a\u300c\u6211\u4eec\u8ba4\u4e3a\u7ade\u4e89\u5bf9 Circle \u6784\u6210\u4e86\u6f5c\u5728\u5a01\u80c1\u3002\u300d\u4ed6\u4eec\u4e0d\u4ec5\u6307\u76f4\u63a5\u7684\u7a33\u5b9a\u5e01\u7ade\u4e89\u5bf9\u624b\uff0c\u8fd8\u5305\u62ec\u5176\u4ed6\u52a0\u5bc6\u6295\u8d44\u4ea7\u54c1\uff0c\u5982\u4ee3\u5e01\u5316\u5b58\u6b3e\u5e10\u6237\u548c\u6570\u4f4d\u8d27\u5e01\u5e02\u573a\u57fa\u91d1\uff0c\u300c\u98ce\u9669\u5728\u4e8e\uff0c\u53ea\u6709\u5c11\u6570\u516c\u53f8\u80fd\u591f\u4ee5\u8f83\u4f4e\u7684\u8f6c\u6362\u6210\u672c\u6210\u529f\u5360\u636e\u8db3\u591f\u7684\u5e02\u573a\u4efd\u989d\uff0c\u8fbe\u5230\u4e1a\u52a1\u7684\u4e34\u754c\u89c4\u6a21\u3002\u300d<\/p>\n<p>\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u5176\u4ed6\u5206\u6790\u5e08\u5219\u7ef4\u6301\u8f83\u4e3a\u4e50\u89c2\u7684\u770b\u6cd5\uff0c\u666e\u904d\u8bc4\u7ea7\u5728\u300c\u6301\u6709\u300d(Hold) \uff0c\u5e73\u5747\u76ee\u6807\u4ef7\u63a5\u8fd1 187 \u7f8e\u5143\uff0c\u751a\u81f3\u6709\u5206\u6790\u5e08\u7ed9\u4e88\u300c\u4e70\u8fdb\u300d\u8bc4\u7ea7\u3001\u76ee\u6807\u4ef7\u5728 200 \u7f8e\u5143\u4ee5\u4e0a\u3002\u8fd9\u79cd\u5206\u6b67\u51f8\u663e\u51fa\u5e02\u573a\u5bf9 Circle \u7684\u4f30\u503c\u548c\u589e\u957f\u8f68\u8ff9\u7684\u770b\u6cd5\u4e0d\u4e00\u3002<\/p>\n<p>\u76f8\u5173\u5185\u5bb9\uff1aCircle \u80a1\u4ef7\u6025\u632b 15% \u3001\u75af\u6da8\u884c\u60c5\u6682\u6b47\uff01BIS \u793a\u8b66\uff1a\u7a33\u5b9a\u5e01\u6f5c\u85cf\u7cfb\u7edf\u6027\u98ce\u9669<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6469\u6839\u5927\u901a(JPMorgan)\u5bf9 Circle Internet Group (CRCL) \u7ed9\u4e88\u300c\u4f4e\u914d\u300d(und&#8230;<\/p>\n","protected":false},"author":3,"featured_media":5985,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-6242","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts\/6242","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6242"}],"version-history":[{"count":1,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts\/6242\/revisions"}],"predecessor-version":[{"id":8814,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts\/6242\/revisions\/8814"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/media\/5985"}],"wp:attachment":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}