<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/ChatGPT-Image-Dec-23-2025-03_42_39-PM.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1536" height="1024" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/ChatGPT-Image-Dec-23-2025-03_42_39-PM.png"/></p>
<p>歐洲以積極的態勢進入 2026 年。通脹得到控制，利率停止變動，最糟糕的衰退擔憂已經消退。</p>
<p>但增長依然微薄、不均勻，且高度依賴資金實際支出的位置，而不是任何宏觀槓桿的作用。</p>
<p>簡單的解釋已經不再適用。</p>
<p>隨着貨幣政策不再那麼緊縮，能源價格得到控制，歐洲現在必須專注於真正能幫助其在全球排名中上升的因素。</p>
<h2>穩定的歐洲央行但沒有安全網</h2>
<p>歐洲央行已表明降息週期最有可能結束。存款利率在經歷八次降息後維持在 2%。</p>
<p>官員們明確表示加息不在考慮之中，但進一步放鬆政策需要通脹明顯且持續低於目標。</p>
<p>市場預計利率將在 2027 年之前大致保持不變。</p>
<p>這改變了增長的性質。貨幣政策不再推動需求，也不再抑制需求。</p>
<p>歐洲央行已將政策保持在中立狀態，並暫時退居幕後。</p>
<p>通脹支持了這一立場。</p>
<p>預計 2026 年和 2027 年，歐元區的整體通脹將接近 2%，主要是因為能源價格不再引發大幅波動。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/image-218.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="638" height="378" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/image-218.png"/></p>
<p>來源：彭博社</p>
<p>剩餘的壓力主要集中在服務和工資上，即使在這些領域，動能也在減弱。</p>
<p>歐洲央行自己的預測顯示，通脹將在目標以下略微下降，然後在本十年晚些時候回升至 2%。</p>
<p>這為歐洲帶來了一個罕見的狀態。價格和利率穩定。</p>
<p>這聽起來乏味，但消除了藉口。疲弱的增長不再能歸咎於緊縮政策。</p>
<h2>增長温和但不脆弱</h2>
<p>大多數預測顯示，2026 年歐元區的增長約為 1.1-1.2%，而 2027 年接近 1.4%。這並不令人印象深刻，但卻是持久的。</p>
<p>西班牙在大型經濟體中表現突出。</p>
<p>2026 年超過 2% 的增長得益於就業創造、實際工資增長和歐盟支持的投資。</p>
<p>德國正在改善，經過一段時間的低迷後，預計 2026 年增長將接近 1%，並在 2027 年進一步上升。法國和意大利的增長則接近 1% 或更低。</p>
<p>剔除愛爾蘭波動較大的國民賬户，歐元區看起來增長緩慢但穩定。消費不再萎縮。信貸增長正在穩定。投資開始復甦。</p>
<p>關鍵點在於，歐洲並不缺乏需求，但缺乏動能。動能現在取決於資本流向何處，以及項目從批准到現實的推進速度。</p>
<h2>投資是明年的真正故事</h2>
<p>歐盟前景中最重要的因素是投資作為增長驅動因素的迴歸。</p>
<p>這一點在公共和私人數據中都可見一斑。</p>
<p>歐洲央行官員公開表示，最近的上行意外來自投資而非消費。</p>
<p>經濟合作與發展組織的調查顯示，與人工智能相關的支出急劇上升。歐洲各公司的指導意見也指向同一方向。</p>
<p>但歐洲的人工智能故事與美國的不同。歐盟並未捕獲大部分軟件收益。</p>
<p>它提供的是物理基礎設施。這些包括數據中心、電力系統、電纜、自動化和能夠承載更高負荷的建築。</p>
<p>這就是為什麼與電氣化和電力基礎設施相關的工業公司訂單量強勁的原因。儘管 GDP 增長几乎沒有變化，但對歐洲工業的盈利預期在 2026 年大幅上升。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/image-219.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="611" height="182" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/image-219.png"/></p>
<p>來源：彭博社</p>
<p>這一投資週期不如消費科技那樣引人注目，但更具持續性。數據中心沒有電力是無法運作的。</p>
<p>電網不會在一夜之間擴展。一旦啓動，這些項目將持續多年。</p>
<h2>財政政策將決定誰勝誰負</h2>
<p>隨着歐洲央行保持觀望，財政政策已成為主要槓桿。在這裏，歐洲顯得支離破碎。</p>
<p>德國的潛在影響最大。5000 億歐元的基礎設施計劃和不斷上升的國防支出可能會提升整個地區的增長。</p>
<p>但速度是制約因素。緩慢的審批、薄弱的項目管道和勞動力短缺削弱了效果。</p>
<p>德國的復甦將是真實的，但漸進的。</p>
<p>南歐則呈現出不同的模式。</p>
<p>西班牙受益於早期的改革和強勁的勞動力市場動態。意大利比許多同行更快地吸收了歐盟復甦資金，但實際支出仍滯後於分配。</p>
<p>法國面臨更緊的預算約束和政治噪音，這限制了上行空間。</p>
<p>在歐盟層面，復甦資金仍然具有支持作用，但其峯值影響即將到來。</p>
<p>2027 年及以後的問題是，什麼將取而代之。將歐盟資金視為通往私人投資的橋樑的國家將表現優於那些將其視為替代品的國家。</p>
<p>那些將其視為替代品的國家將在資金消退後放緩。</p>
<h2>隱藏的制約因素</h2>
<p>貿易風險仍然存在，但不再是主導因素。企業已經適應。</p>
<p>重新佈局和庫存緩衝減輕了關税帶來的衝擊。歐洲並沒有繁榮，但正在應對。</p>
<p>更緊迫的制約因素是能源和基礎設施。</p>
<p>人工智能投資正在變成一場電力競賽。電網容量的審批、時間表和電價現在比出口量更能影響增長。</p>
<p>這就是歐洲結構性問題的重要性。支離破碎的能源市場減緩了審批，電網投資的不均勻限制了規模。</p>
<p>解決這一瓶頸的國家將獲得安靜的優勢。那些不解決的國家將看到投資停滯，儘管需求健康。</p>
<h2>投資者應該關注的地方</h2>
<p>2026 年歐盟前景獎勵關注基礎設施而非頭條新聞。</p>
<p>最大的宏觀收益不會來自意外增長，而是來自資本與制約相遇的領域。</p>
<p>這意味着關注資產負債表而非情緒。</p>
<p>能夠迅速將資本投入電網、發電、物流、國防供應鏈和數字基礎設施的行業和國家，在低增長環境中有望表現優於其他。審批拖延的地方，收益迅速減弱。</p>
<p>這也意味着估值再次變得重要。由於整體層面的盈利增長有限，收益將越來越依賴於現金生成、資產負債表的強度和定價紀律。</p>
<p>歐洲股市充滿了那些在不提升 GDP 統計的情況下不斷增值的公司。到 2026 年，這些公司可能會比周圍的宏觀故事更受關注。</p>
<p>公用事業公司在不斷上升的電力投資中獲得監管回報。國防供應商正在簽訂多年訂單，而沒有立即的產出激增。</p>
<p>基礎設施和服務公司正在通過維護、升級和瓶頸的貨幣化來獲利，而不是依賴新的需求。</p>
<p>歐盟經濟正進入一個階段，結果越來越依賴於摩擦而非預測。項目推進的速度。</p>
<p>能源交付的成本。資本回收的效率。</p>
<p>降息後的歐盟經濟：投資者在 2026 年需要知道的事項首次出現在 Invezz 上。</p>

<p>在 2026 年，歐盟經濟將保持穩定的通脹和利率，增長依賴於投資而非貨幣政策。歐洲央行已停止降息，維持中立立場。增長温和，主要由投資推動，尤其是在人工智能和基礎設施方面。各國的財政政策各不相同，德國的基礎設施支出和南歐的改革對增長產生影響。歐盟的復甦基金提供支持，但其最大影響即將達到頂峯，這引發了對未來增長動力的質疑</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/ChatGPT-Image-Dec-23-2025-03_42_39-PM.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/ChatGPT-Image-Dec-23-2025-03_42_39-PM.png"/></p>
<p>Europe enters 2026 with a positive ending to the year. Inflation is under control, interest rates have stopped moving, and the worst fears of recession have faded.</p>
<div class="lb-trans"><p>歐洲以積極的態勢進入 2026 年。通脹得到控制，利率停止變動，最糟糕的衰退擔憂已經消退。</p>
</div><p>But growth remains thin, uneven, and heavily dependent on where money actually gets spent rather than on any macro lever being pulled.</p>
<div class="lb-trans"><p>但增長依然微薄、不均勻，且高度依賴資金實際支出的位置，而不是任何宏觀槓桿的作用。</p>
</div><p>The easy explanations are gone.</p>
<div class="lb-trans"><p>簡單的解釋已經不再適用。</p>
</div><p>With monetary policy being less restrictive and energy prices coming under control, Europe now has to focus on what could really help it rise in the global rankings.</p>
<div class="lb-trans"><p>隨着貨幣政策不再那麼緊縮，能源價格得到控制，歐洲現在必須專注於真正能幫助其在全球排名中上升的因素。</p>
</div><h2>A stable ECB but no safety net</h2>
<div class="lb-trans"><h2>穩定的歐洲央行但沒有安全網</h2>
</div><p>The ECB has indicated that the cycle of rate cuts is most likely over. The deposit rate sits at 2% after eight cuts from the peak.</p>
<div class="lb-trans"><p>歐洲央行已表明降息週期最有可能結束。存款利率在經歷八次降息後維持在 2%。</p>
</div><p>Officials are clear that hikes are not on the table, but further easing would require a clear and persistent undershoot of inflation.</p>
<div class="lb-trans"><p>官員們明確表示加息不在考慮之中，但進一步放鬆政策需要通脹明顯且持續低於目標。</p>
</div><p>Markets expect rates to stay broadly unchanged well into 2027.</p>
<div class="lb-trans"><p>市場預計利率將在 2027 年之前大致保持不變。</p>
</div><p>This changes the nature of growth. Monetary policy is no longer pushing demand forward. It is no longer pulling it back either.</p>
<div class="lb-trans"><p>這改變了增長的性質。貨幣政策不再推動需求，也不再抑制需求。</p>
</div><p>The ECB has parked policy in neutral and stepped aside.</p>
<div class="lb-trans"><p>歐洲央行已將政策保持在中立狀態，並暫時退居幕後。</p>
</div><p>Inflation supports this stance.</p>
<div class="lb-trans"><p>通脹支持了這一立場。</p>
</div><p>Headline euro area inflation is expected to sit close to 2% through 2026 and 2027, mainly because energy prices are no longer driving big swings.</p>
<div class="lb-trans"><p>預計 2026 年和 2027 年，歐元區的整體通脹將接近 2%，主要是因為能源價格不再引發大幅波動。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/image-218.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/image-218.png"/></p>
<p>Source: Bloomberg</p>
<div class="lb-trans"><p>來源：彭博社</p>
</div><p>The remaining pressure sits in services and wages, and even there, momentum is easing.</p>
<div class="lb-trans"><p>剩餘的壓力主要集中在服務和工資上，即使在這些領域，動能也在減弱。</p>
</div><p>The ECB’s own projections show inflation dipping slightly below target before returning to 2% later in the decade.</p>
<div class="lb-trans"><p>歐洲央行自己的預測顯示，通脹將在目標以下略微下降，然後在本十年晚些時候回升至 2%。</p>
</div><p>The result is a rare condition for Europe. Stable prices and stable rates.</p>
<div class="lb-trans"><p>這為歐洲帶來了一個罕見的狀態。價格和利率穩定。</p>
</div><p>That sounds dull, but it removes excuses. Weak growth can no longer be blamed on restrictive policy.</p>
<div class="lb-trans"><p>這聽起來乏味，但消除了藉口。疲弱的增長不再能歸咎於緊縮政策。</p>
</div><h2>Growth is modest but not fragile</h2>
<div class="lb-trans"><h2>增長温和但不脆弱</h2>
</div><p>Most forecasts point to euro area growth around 1.1-1.2% in 2026 and closer to 1.4% in 2027. That is not impressive, but it is durable.</p>
<div class="lb-trans"><p>大多數預測顯示，2026 年歐元區的增長約為 1.1-1.2%，而 2027 年接近 1.4%。這並不令人印象深刻，但卻是持久的。</p>
</div><p>Spain remains the standout among large economies.</p>
<div class="lb-trans"><p>西班牙在大型經濟體中表現突出。</p>
</div><p>Growth above 2% in 2026 is supported by job creation, real wage gains and EU-backed investment.</p>
<div class="lb-trans"><p>2026 年超過 2% 的增長得益於就業創造、實際工資增長和歐盟支持的投資。</p>
</div><p>Germany is improving, having been at a low base for a while. After three years of stagnation, growth is expected to approach 1% in 2026 and pick up further in 2027. France and Italy lag with growth closer to 1% and below.</p>
<div class="lb-trans"><p>德國正在改善，經過一段時間的低迷後，預計 2026 年增長將接近 1%，並在 2027 年進一步上升。法國和意大利的增長則接近 1% 或更低。</p>
</div><p>Strip out Ireland’s volatile national accounts, and the euro area looks slower but steadier. Consumption is no longer shrinking. Credit growth is stabilising. Investment has started to recover.</p>
<div class="lb-trans"><p>剔除愛爾蘭波動較大的國民賬户，歐元區看起來增長緩慢但穩定。消費不再萎縮。信貸增長正在穩定。投資開始復甦。</p>
</div><p>The key point is that Europe is not short of demand, but short of momentum. That momentum now depends on where capital goes and how fast projects move from approval to reality.</p>
<div class="lb-trans"><p>關鍵點在於，歐洲並不缺乏需求，但缺乏動能。動能現在取決於資本流向何處，以及項目從批准到現實的推進速度。</p>
</div><h2>Investment is the real story for next year</h2>
<div class="lb-trans"><h2>投資是明年的真正故事</h2>
</div><p>The most important factor in the EU outlook is the return of investment as a growth driver.</p>
<div class="lb-trans"><p>歐盟前景中最重要的因素是投資作為增長驅動因素的迴歸。</p>
</div><p>This is visible in both public and private data.</p>
<div class="lb-trans"><p>這一點在公共和私人數據中都可見一斑。</p>
</div><p>ECB officials have openly said that recent upside surprises came from investment rather than consumption.</p>
<div class="lb-trans"><p>歐洲央行官員公開表示，最近的上行意外來自投資而非消費。</p>
</div><p>OECD surveys show a sharp rise in spending linked to artificial intelligence. Corporate guidance across Europe points in the same direction.</p>
<div class="lb-trans"><p>經濟合作與發展組織的調查顯示，與人工智能相關的支出急劇上升。歐洲各公司的指導意見也指向同一方向。</p>
</div><p>But Europe’s AI story does not look like America’s. The EU is not capturing most of the software rents.</p>
<div class="lb-trans"><p>但歐洲的人工智能故事與美國的不同。歐盟並未捕獲大部分軟件收益。</p>
</div><p>It is supplying the physical backbone instead. Those are data centres, power systems, cables, automation, and buildings that can handle higher loads.</p>
<div class="lb-trans"><p>它提供的是物理基礎設施。這些包括數據中心、電力系統、電纜、自動化和能夠承載更高負荷的建築。</p>
</div><p>That is why industrial companies linked to electrification and power infrastructure are seeing strong order books. It is also why earnings expectations for European industrials jump sharply in 2026, even though GDP growth barely moves.</p>
<div class="lb-trans"><p>這就是為什麼與電氣化和電力基礎設施相關的工業公司訂單量強勁的原因。儘管 GDP 增長几乎沒有變化，但對歐洲工業的盈利預期在 2026 年大幅上升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/image-219.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/image-219.png"/></p>
<p>Source: Bloomberg</p>
<div class="lb-trans"><p>來源：彭博社</p>
</div><p>This investment cycle is less flashy than consumer tech but more persistent. Data centres do not run without electricity.</p>
<div class="lb-trans"><p>這一投資週期不如消費科技那樣引人注目，但更具持續性。數據中心沒有電力是無法運作的。</p>
</div><p>Grids do not expand overnight. Once started, these projects run for years.</p>
<div class="lb-trans"><p>電網不會在一夜之間擴展。一旦啓動，這些項目將持續多年。</p>
</div><h2>Fiscal policy will decide who wins and who stalls</h2>
<div class="lb-trans"><h2>財政政策將決定誰勝誰負</h2>
</div><p>With the ECB on hold, fiscal policy has become the main lever. Here, Europe looks fragmented.</p>
<div class="lb-trans"><p>隨着歐洲央行保持觀望，財政政策已成為主要槓桿。在這裏，歐洲顯得支離破碎。</p>
</div><p>Germany has the biggest potential impact. A 500 billion euro infrastructure package and rising defence spending could lift growth across the region.</p>
<div class="lb-trans"><p>德國的潛在影響最大。5000 億歐元的基礎設施計劃和不斷上升的國防支出可能會提升整個地區的增長。</p>
</div><p>But speed is the constraint. Slow permitting, weak project pipelines and labour shortages dilute the effect.</p>
<div class="lb-trans"><p>但速度是制約因素。緩慢的審批、薄弱的項目管道和勞動力短缺削弱了效果。</p>
</div><p>Germany’s rebound will be real but gradual.</p>
<div class="lb-trans"><p>德國的復甦將是真實的，但漸進的。</p>
</div><p>Southern Europe shows a different pattern.</p>
<div class="lb-trans"><p>南歐則呈現出不同的模式。</p>
</div><p>Spain benefits from earlier reforms and strong labour market dynamics. Italy has absorbed EU recovery funds faster than many peers, but actual spending still lags allocations.</p>
<div class="lb-trans"><p>西班牙受益於早期的改革和強勁的勞動力市場動態。意大利比許多同行更快地吸收了歐盟復甦資金，但實際支出仍滯後於分配。</p>
</div><p>France faces tighter budget constraints and political noise, which caps upside.</p>
<div class="lb-trans"><p>法國面臨更緊的預算約束和政治噪音，這限制了上行空間。</p>
</div><p>At the EU level, recovery funds remain supportive,e but their peak impact is approaching.</p>
<div class="lb-trans"><p>在歐盟層面，復甦資金仍然具有支持作用，但其峯值影響即將到來。</p>
</div><p>The question for 2027 and beyond is what replaces them. Countries that treat EU money as a bridge to private investment will outperform.</p>
<div class="lb-trans"><p>2027 年及以後的問題是，什麼將取而代之。將歐盟資金視為通往私人投資的橋樑的國家將表現優於那些將其視為替代品的國家。</p>
</div><p>Those who treat it as a substitute will slow once the funds fade.</p>
<div class="lb-trans"><p>那些將其視為替代品的國家將在資金消退後放緩。</p>
</div><h2>The hidden constraint</h2>
<div class="lb-trans"><h2>隱藏的制約因素</h2>
</div><p>Trade risks still exist, but they are no longer the dominant factor. Companies have adapted.</p>
<div class="lb-trans"><p>貿易風險仍然存在，但不再是主導因素。企業已經適應。</p>
</div><p>Rerouting and inventory buffers have softened the blow from tariffs. Europe is not booming but it is coping.</p>
<div class="lb-trans"><p>重新佈局和庫存緩衝減輕了關税帶來的衝擊。歐洲並沒有繁榮，但正在應對。</p>
</div><p>The tighter constraint is energy and infrastructure.</p>
<div class="lb-trans"><p>更緊迫的制約因素是能源和基礎設施。</p>
</div><p>AI investment is turning into an electricity race. Grid capacity permitting, timelines and power prices now shape growth more than export volumes.</p>
<div class="lb-trans"><p>人工智能投資正在變成一場電力競賽。電網容量的審批、時間表和電價現在比出口量更能影響增長。</p>
</div><p>This is where Europe’s structural issues matter. Fragmented energy markets slow approvals and uneven grid investment limit scale.</p>
<div class="lb-trans"><p>這就是歐洲結構性問題的重要性。支離破碎的能源市場減緩了審批，電網投資的不均勻限制了規模。</p>
</div><p>Countries that fix this bottleneck will gain a quiet advantage. Those that do not will see investment stall despite healthy demand.</p>
<div class="lb-trans"><p>解決這一瓶頸的國家將獲得安靜的優勢。那些不解決的國家將看到投資停滯，儘管需求健康。</p>
</div><h2>Where investors should actually look</h2>
<div class="lb-trans"><h2>投資者應該關注的地方</h2>
</div><p>The EU outlook for 2026 rewards attention to plumbing rather than headlines.</p>
<div class="lb-trans"><p>2026 年歐盟前景獎勵關注基礎設施而非頭條新聞。</p>
</div><p>The biggest macro gains will not come from surprise growth, but from areas where capital meets constraint.</p>
<div class="lb-trans"><p>最大的宏觀收益不會來自意外增長，而是來自資本與制約相遇的領域。</p>
</div><p>That means following the balance sheets instead of sentiment.</p>
<div class="lb-trans"><p>這意味着關注資產負債表而非情緒。</p>
</div><p>Sectors and countries that can deploy capital quickly into grids, power generation, logistics, defence supply chains and digital infrastructure are positioned to outperform even in a low-growth environment. Where approvals drag, returns fade fast.</p>
<div class="lb-trans"><p>能夠迅速將資本投入電網、發電、物流、國防供應鏈和數字基礎設施的行業和國家，在低增長環境中有望表現優於其他。審批拖延的地方，收益迅速減弱。</p>
</div><p>It also means that valuation matters again. With earnings growth limited at the aggregate level, returns will increasingly come from cash generation, balance sheet strength and pricing discipline.</p>
<div class="lb-trans"><p>這也意味着估值再次變得重要。由於整體層面的盈利增長有限，收益將越來越依賴於現金生成、資產負債表的強度和定價紀律。</p>
</div><p>Europe’s equity market is full of companies that are compounding value without ever lifting GDP statistics. In 2026, those firms will likely get more attention than the macro story around them.</p>
<div class="lb-trans"><p>歐洲股市充滿了那些在不提升 GDP 統計的情況下不斷增值的公司。到 2026 年，這些公司可能會比周圍的宏觀故事更受關注。</p>
</div><p>Utilities earn regulated returns on rising power investment. Defence suppliers are booking multi-year orders without immediate output spikes.</p>
<div class="lb-trans"><p>公用事業公司在不斷上升的電力投資中獲得監管回報。國防供應商正在簽訂多年訂單，而沒有立即的產出激增。</p>
</div><p>Infrastructure and services firms are monetising maintenance, upgrades and bottlenecks rather than new demand.</p>
<div class="lb-trans"><p>基礎設施和服務公司正在通過維護、升級和瓶頸的貨幣化來獲利，而不是依賴新的需求。</p>
</div><p>The EU economy is entering a phase where outcomes depend less on forecasts and more on friction. How fast projects move.</p>
<div class="lb-trans"><p>歐盟經濟正進入一個階段，結果越來越依賴於摩擦而非預測。項目推進的速度。</p>
</div><p>How cheaply energy is delivered. How effectively capital is recycled.</p>
<div class="lb-trans"><p>能源交付的成本。資本回收的效率。</p>
</div><p>The post EU economy after rate cuts: what investors need to know in 2026 appeared first on Invezz</p>
<div class="lb-trans"><p>降息後的歐盟經濟：投資者在 2026 年需要知道的事項首次出現在 Invezz 上。</p>
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歐盟經濟在降息後的表現：2026 年投資者需要了解的事項