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6. 风险≠波动 真正的风险是本金永久性损失,而非价格起伏。 避开三类“价值陷阱”:高负债(现金流断裂)、伪成长(需求证伪)、强周期(顶点接盘); 杠杆是毒药:爆仓只需一次极端波动,再强的逻辑也敌不过强制平仓。

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