ÉÏͶĦ¸ù±êÆÕ¸Û¹ÉͨµÍ²¨ºìÀûÖ¸ÊýÐÍ֤ȯͶ×Ê»ù½ð
ÕÐļ˵Ã÷Ê飨¸üУ©
×¢²áÎĺţºÖйúÖ¤¼à»áÖ¤¼àÐí¿É[2017]1342ºÅÎÄ
ÉúЧÈÕÆÚ£º[2017Äê12ÔÂ4ÈÕ ]
»ù½ð¹ÜÀíÈË£ºÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾
»ù½ðÍйÜÈË£ºÖйúÒøÐйɷÝÓÐÏÞ¹«Ë¾
¡¾ÖØÒªÌáʾ¡¿
1¡¢±¾»ù½ðÓÚ¡¾2017¡¿Ä꡾7¡¿Ô¡¾25¡¿ÈÕ¾Öйú֤ȯ¼à¶½¹ÜÀíίԱ»áÖ¤¼àÐí¿É[2017]1342
ºÅÎÄ×¢²á¡£
2¡¢»ù½ð¹ÜÀíÈ˱£Ö¤±¾ÕÐļ˵Ã÷ÊéµÄÄÚÈÝÕæʵ¡¢×¼È·¡¢ÍêÕû¡£
±¾ÕÐļ˵Ã÷Êé¾ÖйúÖ¤¼à»á×¢²á£¬µ«ÖйúÖ¤¼à»á¶Ô±¾»ù½ðļ¼¯µÄ×¢²á£¬²¢²»±íÃ÷Æä¶Ô±¾
»ù½ðµÄ¼ÛÖµºÍÊÕÒæ×÷³öʵÖÊÐÔÅжϻò±£Ö¤£¬Ò²²»±íÃ÷Ͷ×ÊÓÚ±¾»ù½ðûÓзçÏÕ¡£
Ͷ×ÊÓзçÏÕ£¬Í¶×ÊÈËÈϹº£¨»òÉ깺£©»ù½ðʱӦµ±ÈÏÕæÔĶÁ±¾ÕÐļ˵Ã÷Êé¡£
»ù½ðµÄ¹ýÍùÒµ¼¨²¢²»Ô¤Ê¾ÆäδÀ´±íÏÖ£¬»ù½ð¹ÜÀíÈ˹ÜÀíµÄÆäËû»ù½ðµÄÒµ¼¨²¢²»¹¹³É¶Ô±¾
»ù½ðÒµ¼¨±íÏֵı£Ö¤¡£
»ù½ð¹ÜÀíÈËÒÀÕÕ㡾¡Ö°ÊØ¡¢³ÏʵÐÅÓᢽ÷É÷ÇÚÃãµÄÔÔò¹ÜÀíºÍÔËÓûù½ð×ʲú£¬µ«²»±£Ö¤
»ù½ðÒ»¶¨Ó¯Àû£¬Ò²²»±£Ö¤×îµÍÊÕÒæ¡£
±¾»ù½ðµÄÄ¿±ê¿Í»§²»°üÀ¨Ìض¨µÄ»ú¹¹Í¶×ÊÕߣ¬±£Ö¤¹«Æ½¶Ô´ýÿһλͶ×ÊÕß¡£
3¡¢±¾»ù½ð±êµÄÖ¸ÊýΪ±êÆÕ¸Û¹ÉͨµÍ²¨ºìÀûÖ¸Êý¡£
ÓйرêµÄÖ¸Êý¾ßÌå±àÖÆ·½°¸¼°»ù±¾ÐÅÏ¢Ïê¼ûÈçÏÂÍøÖ·£º
https://chinese.spindices.com/indices/strategy/sp-access-hong-kong-low-volatility-high-
dividend-index-cny¡£
4¡¢±¾»ù½ðͶ×ÊÓÚ֤ȯÊг¡£¬»ù½ð¾»Öµ»áÒòΪ֤ȯÊг¡²¨¶¯µÈÒòËزúÉú²¨¶¯£¬Í¶×ÊÕßÔÚ
Ͷ×ʱ¾»ù½ðÇ°£¬Ðè³ä·ÖÁ˽Ȿ»ù½ðµÄ²úÆ·ÌØÐÔ£¬²¢³Ðµ£»ù½ðͶ×ÊÖгöÏֵĸ÷Àà·çÏÕ£¬°üÀ¨£º
ÒòÕþÖΡ¢¾¼Ã¡¢Éç»áµÈ»·¾³ÒòËضÔ֤ȯ¼Û¸ñ²úÉúÓ°Ïì¶øÐγɵÄϵͳÐÔ·çÏÕ£¬¸ö±ð֤ȯÌØÓеÄ
·ÇϵͳÐÔ·çÏÕ£¬ÓÉÓÚ»ù½ðͶ×ÊÈËÁ¬Ðø´óÁ¿Êê»Ø»ù½ð²úÉúµÄÁ÷¶¯ÐÔ·çÏÕ£¬»ù½ð¹ÜÀíÈËÔÚ»ù½ð¹Ü
Àíʵʩ¹ý³ÌÖвúÉúµÄ»ù½ð¹ÜÀí·çÏÕ£¬±¾»ù½ðµÄÌض¨·çÏյȡ£
5¡¢±¾»ù½ðΪָÊý»ù½ð£¬Í¶×ÊÕßͶ×ÊÓÚ±¾»ù½ðÃæÁÙ¸ú×ÙÎó²î¿ØÖÆδ´ïÔ¼¶¨Ä¿±ê¡¢Ö¸Êý±à
ÖÆ»ú¹¹Í£Ö¹·þÎñÒÔ¼°³É·Ý¹ÉÍ£ÅƵÈDZÔÚ·çÏÕ¡£
6¡¢±¾»ù½ð¿ÉÒÔ²ÎÓëÖÐСÆóҵ˽ļծȯµÄͶ×Ê¡£ÖÐСÆóҵ˽ļծ·¢ÐÐÈËΪÖÐС΢¡¢·ÇÉÏ
ÊÐÆóÒµ£¬´æÔÚ׏«Ë¾ÖÎÀí½á¹¹Ïà¶Ô±¡Èõ¡¢ÆóÒµ¾Óª·çÏոߡ¢ÐÅÏ¢Åû¶͸Ã÷¶È²»×ãµÈÌص㡣Ͷ
×ÊÖÐСÆóҵ˽ļծ½«´æÔÚÎ¥Ô¼·çÏÕºÍÁ÷¶¯ÐÔ²»×ãµÄ·çÏÕ£¬Õ⽫ÔÚÒ»¶¨³Ì¶ÈÉÏÔö¼Ó»ù½ðµÄÐÅÓÃ
·çÏÕºÍÁ÷¶¯ÐÔ·çÏÕ¡£
7¡¢±¾»ù½ðÊôÓÚ¹ÉƱÐÍ»ù½ð²úÆ·£¬Ô¤ÆÚ·çÏÕºÍÊÕÒæˮƽ¸ßÓÚ»ìºÏÐÍ»ù½ð¡¢Õ®È¯ÐÍ»ù½ðºÍ
»õ±ÒÊг¡»ù½ð£¬ÊôÓڽϸ߷çÏÕÊÕÒæˮƽµÄ»ù½ð²úÆ·¡£±¾»ù½ð½«Í¶×ʸ۹Éͨ±êµÄ¹ÉƱ£¬Ðè³Ðµ£
»ãÂÊ·çÏÕÒÔ¼°¾³ÍâÊг¡µÄ·çÏÕ¡£
8¡¢±¾»ù½ð¿ÉÒÔ²ÎÓë´æÍÐƾ֤µÄͶ×Ê£¬³ýÓëÆäËû½öͶ×ÊÓÚ»¦ÉîÊг¡¹ÉƱµÄ»ù½ðËùÃæÁÙµÄ
¹²Í¬·çÏÕÍ⣬±¾»ù½ð»¹½«ÃæÁÙÖйú´æÍÐƾ֤¼Û¸ñ´ó·ù²¨¶¯ÉõÖÁ³öÏֽϴó¿÷ËðµÄ·çÏÕ£¬ÒÔ¼°Óë
Öйú´æÍÐƾ֤·¢ÐлúÖÆÏà¹ØµÄ·çÏÕ¡£
9¡¢µ±±¾»ù½ð³ÖÓÐÌض¨×ʲúÇÒ´æÔÚ»òDZÔÚ´ó¶îÊê»ØÉêÇëʱ£¬»ù½ð¹ÜÀíÈËÂÄÐÐÏàÓ¦³ÌÐòºó£¬
¿ÉÒÔÆô¶¯²à´ü»úÖÆ£¬¾ßÌåÏê¼û»ù½ðºÏͬºÍ±¾ÕÐļ˵Ã÷ÊéµÄÏà¹ØÕ½ڡ£²à´ü»úÖÆʵʩÆڼ䣬»ù
½ð¹ÜÀíÈ˽«¶Ô»ù½ð¼ò³Æ½øÐÐÌØÊâ±êʶ£¬²¢²»°ìÀí²à´üÕË»§µÄÉ깺Êê»Ø¡£Çë»ù½ð·Ý¶î³ÖÓÐÈË×Ð
ϸÔĶÁÏà¹ØÄÚÈݲ¢¹Ø×¢±¾»ù½ðÆôÓòà´ü»úÖÆʱµÄÌض¨·çÏÕ¡£
10¡¢Í¶×ÊÕßÔÚ½øÐÐͶ×ʾö²ßÇ°£¬Çë×ÐϸÔĶÁ±¾»ù½ðµÄ¡¶ÕÐļ˵Ã÷Êé¡·¡¢»ù½ð²úÆ·×ÊÁϸÅ
Òª¼°¡¶»ù½ðºÏͬ¡·¡£
11¡¢±¾ÕÐļ˵Ã÷ÊéËùÔØÄÚÈݽØÖ¹ÈÕΪ2021Äê6ÔÂ23ÈÕ£¬»ù½ðͶ×Ê×éºÏ¼°»ù½ðÒµ¼¨µÄÊý
¾Ý½ØÖ¹ÈÕΪ2021Äê3ÔÂ31ÈÕ¡£
¶þ©–¶þÒ»ÄêÆßÔÂ
ÉÏͶĦ¸ù±êÆÕ¸Û¹ÉͨµÍ²¨ºìÀûÖ¸ÊýÐÍ֤ȯͶ×Ê»ù½ðÕÐļ˵Ã÷Ê飨¸üУ©
Ŀ¼
Ò»¡¢Ð÷ÑÔ........................................................................................................................................... 1
¶þ¡¢ÊÍÒå........................................................................................................................................... 1
Èý¡¢»ù½ð¹ÜÀíÈË ............................................................................................................................... 5
ËÄ¡¢»ù½ðÍйÜÈË ............................................................................................................................. 15
Îå¡¢Ïà¹Ø·þÎñ»ú¹¹ ......................................................................................................................... 17
Áù¡¢»ù½ðµÄļ¼¯¼°»ù½ðºÏͬµÄÉúЧ ............................................................................................. 28
Æß¡¢»ù½ð·Ý¶îµÄÉ깺¡¢Êê»ØºÍת»» ............................................................................................. 29
°Ë¡¢»ù½ðµÄͶ×Ê ............................................................................................................................. 37
¾Å¡¢»ù½ðµÄÒµ¼¨ ............................................................................................................................. 49
Ê®¡¢»ù½ðµÄ²Æ²ú ............................................................................................................................. 51
ʮһ¡¢»ù½ð×ʲúµÄ¹ÀÖµ ................................................................................................................. 51
Ê®¶þ¡¢»ù½ðµÄÊÕÒæÓë·ÖÅä ............................................................................................................. 56
Ê®Èý¡¢»ù½ðµÄ·ÑÓÃÓëË°ÊÕ ............................................................................................................. 57
Ê®ËÄ¡¢»ù½ðµÄ»á¼ÆÓëÉó¼Æ ............................................................................................................. 60
Ê®Îå¡¢»ù½ðµÄÐÅÏ¢Åû¶ ................................................................................................................. 61
Ê®Áù¡¢²à´ü»úÖÆ ............................................................................................................................. 68
Ê®Æß¡¢·çÏÕ½Òʾ ............................................................................................................................. 71
Ê®°Ë¡¢»ù½ðºÏͬµÄ±ä¸ü¡¢ÖÕÖ¹Óë»ù½ð²Æ²úµÄÇåËã ..................................................................... 77
Ê®¾Å¡¢»ù½ðºÏͬµÄÄÚÈÝÕªÒª ......................................................................................................... 79
¶þÊ®¡¢»ù½ðÍйÜÐÒéµÄÄÚÈÝÕªÒª ............................................................................................... 104
¶þʮһ¡¢¶Ô»ù½ð·Ý¶î³ÖÓÐÈ˵ķþÎñ ........................................................................................... 116
¶þÊ®¶þ¡¢ÕÐļ˵Ã÷ÊéµÄ´æ·Å¼°²éÔÄ·½Ê½ ................................................................................... 117
¶þÊ®Èý¡¢ÆäËûÓ¦Åû¶ÊÂÏî ........................................................................................................... 117
¶þÊ®ËÄ¡¢±¸²éÎļþ ....................................................................................................................... 118
Ò»¡¢Ð÷ÑÔ
ÕÐļ˵Ã÷ÊéÒÀ¾Ý¡¶ÖлªÈËÃñ¹²ºÍ¹ú֤ȯͶ×Ê»ù½ð·¨¡·ºÍÆäËûÓйط¨ÂÉ·¨¹æµÄ¹æ¶¨£¬ÒÔ¼°
¡¶ÉÏͶĦ¸ù±êÆÕ¸Û¹ÉͨµÍ²¨ºìÀûÖ¸ÊýÐÍ֤ȯͶ×Ê»ù½ð»ù½ðºÏͬ¡·(ÒÔϼò³Æ¡°ºÏͬ¡±»ò¡°»ù½ðºÏ
ͬ¡±)±àд¡£
±¾ÕÐļ˵Ã÷Êé²ûÊöÁËÉÏͶĦ¸ù±êÆÕ¸Û¹ÉͨµÍ²¨ºìÀûÖ¸ÊýÐÍ֤ȯͶ×Ê»ù½ð(ÒÔϼò³Æ¡°±¾
»ù½ð¡±»ò¡°»ù½ð¡±)µÄͶ×ÊÄ¿±ê¡¢²ßÂÔ¡¢·çÏÕ¡¢·ÑÂʵÈÓëͶ×ÊÈËͶ×ʾö²ßÓйصÄÈ«²¿±ØÒªÊÂÏ
Ͷ×ÊÕßÔÚ×ö³öͶ×ʾö²ßÇ°Ó¦×ÐϸÔĶÁÕÐļ˵Ã÷Êé¡£
»ù½ð¹ÜÀíÈ˳Ðŵ±¾ÕÐļ˵Ã÷Êé²»´æÔÚÈκÎÐé¼ÙÄÚÈÝ¡¢Îóµ¼ÐÔ³ÂÊö»òÖØ´óÒÅ©£¬²¢¶ÔÆäÕæ
ʵÐÔ¡¢×¼È·ÐÔ¡¢ÍêÕûÐԳе£·¨ÂÉÔðÈΡ£±¾»ù½ðÊǸù¾Ý±¾ÕÐļ˵Ã÷ÊéËùÔØÃ÷µÄ×ÊÁÏÉêÇëļ¼¯µÄ¡£
±¾»ù½ð¹ÜÀíÈËûÓÐίÍлòÊÚȨÈκÎÆäËûÈËÌṩδÔÚ±¾ÕÐļ˵Ã÷ÊéÖÐÔØÃ÷µÄÐÅÏ¢£¬»ò¶Ô±¾ÕÐļ
˵Ã÷Êé×÷ÈκνâÊÍ»òÕß˵Ã÷¡£
»ù½ð¹ÜÀíÈ˳ÐŵÒÔ³ÏʵÐÅÓá¢ÇÚÃ㾡ÔðµÄÔÔò¹ÜÀíºÍÔËÓûù½ð×ʲú£¬µ«²»±£Ö¤»ù½ðÒ»¶¨
Ó¯Àû£¬Ò²²»±£Ö¤×îµÍÊÕÒæ¡£»ù½ð¸ù¾ÝÕÐļ˵Ã÷ÊéËùÔØÃ÷×ÊÁÏ·¢ÐС£
±¾ÕÐļ˵Ã÷ÊéÒÀ¾Ý»ù½ðºÏͬ±àд£¬²¢¾ÖйúÖ¤¼à»á×¢²á¡£»ù½ðºÏͬÊÇÔ¼¶¨»ù½ðµ±ÊÂÈËÖ®
¼äȨÀûÒåÎñµÄ·¨ÂÉÎļþ¡£ÕÐļ˵Ã÷ÊéÖ÷ÒªÏòͶ×ÊÕßÅû¶Óë±¾»ù½ðÏà¹ØÊÂÏîµÄÐÅÏ¢£¬ÊÇͶ×ÊÕß
¾ÝÒÔÑ¡Ôñ¼°¾ö¶¨ÊÇ·ñͶ×ÊÓÚ±¾»ù½ðµÄÒªÔ¼ÑûÇëÎļþ¡£»ù½ðͶ×ÊÕß×ÔÒÀ»ù½ðºÏͬȡµÃ»ù½ð·Ý
¶î£¬¼´³ÉΪ»ù½ð·Ý¶î³ÖÓÐÈ˺ͻù½ðºÏͬµÄµ±ÊÂÈË£¬Æä³ÖÓлù½ð·Ý¶îµÄÐÐΪ±¾Éí¼´±íÃ÷¶Ô»ù½ð
ºÏͬµÄ³ÐÈϺͽÓÊÜ£¬²¢°´ÕÕ¡¶»ù½ð·¨¡·¡¢»ù½ðºÏͬ¼°ÆäËüÓйع涨ÏíÓÐȨÀû£¬³Ðµ£ÒåÎñ¡£
»ù½ðͶ×ÊÈËÓûÁ˽â»ù½ð·Ý¶î³ÖÓÐÈ˵ÄȨÀûºÍÒåÎñ£¬Ó¦Ïêϸ²éÔÄ»ù½ðºÏͬ¡£
¶þ¡¢ÊÍÒå
ÔÚ±¾ÕÐļ˵Ã÷ÊéÖУ¬³ý·ÇÎÄÒâÁíÓÐËùÖ¸£¬ÏÂÁдÊÓï»ò¼ò³Æ¾ßÓÐÈçϺ¬Ò壺
1¡¢»ù½ð»ò±¾»ù½ð£ºÖ¸ÉÏͶĦ¸ù±êÆÕ¸Û¹ÉͨµÍ²¨ºìÀûÖ¸ÊýÐÍ֤ȯͶ×Ê»ù½ð
2¡¢»ù½ð¹ÜÀíÈË£ºÖ¸ÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾
3¡¢»ù½ðÍйÜÈË£ºÖ¸ÖйúÒøÐйɷÝÓÐÏÞ¹«Ë¾
4¡¢»ù½ðºÏͬ£ºÖ¸¡¶ÉÏͶĦ¸ù±êÆÕ¸Û¹ÉͨµÍ²¨ºìÀûÖ¸ÊýÐÍ֤ȯͶ×Ê»ù½ð»ù½ðºÏͬ¡·¼°¶Ô
¸Ã»ù½ðºÏͬµÄÈκÎÓÐЧÐÞ¶©ºÍ²¹³ä
5¡¢ÍйÜÐÒ飺ָ»ù½ð¹ÜÀíÈËÓë»ù½ðÍйÜÈ˾ͱ¾»ù½ðÇ©¶©Ö®¡¶ÉÏͶĦ¸ù±êÆÕ¸Û¹ÉͨµÍ²¨
ºìÀûÖ¸ÊýÐÍ֤ȯͶ×Ê»ù½ðÍйÜÐÒé¡·¼°¶Ô¸ÃÍйÜÐÒéµÄÈκÎÓÐЧÐÞ¶©ºÍ²¹³ä
6¡¢ÕÐļ˵Ã÷Ê飺ָ¡¶ÉÏͶĦ¸ù±êÆÕ¸Û¹ÉͨµÍ²¨ºìÀûÖ¸ÊýÐÍ֤ȯͶ×Ê»ù½ðÕÐļ˵Ã÷Êé¡·
¼°Æä¸üÐÂ
7¡¢»ù½ð·Ý¶î·¢ÊÛ¹«¸æ£ºÖ¸¡¶ÉÏͶĦ¸ù±êÆÕ¸Û¹ÉͨµÍ²¨ºìÀûÖ¸ÊýÐÍ֤ȯͶ×Ê»ù½ð»ù½ð·Ý
¶î·¢ÊÛ¹«¸æ¡·
8¡¢·¨ÂÉ·¨¹æ£ºÖ¸ÖйúÏÖÐÐÓÐЧ²¢¹«²¼ÊµÊ©µÄ·¨ÂÉ¡¢ÐÐÕþ·¨¹æ¡¢¹æ·¶ÐÔÎļþ¡¢Ë¾·¨½âÊÍ¡¢
ÐÐÕþ¹æÕÂÒÔ¼°ÆäËû¶Ô»ù½ðºÏͬµ±ÊÂÈËÓÐÔ¼ÊøÁ¦µÄ¾ö¶¨¡¢¾öÒ顢֪ͨµÈ
9¡¢¡¶»ù½ð·¨¡·£ºÖ¸2012Äê12ÔÂ28ÈÕ¾µÚʮһ½ìÈ«¹úÈËÃñ´ú±í´ó»á³£ÎñίԱ»áµÚÈýÊ®´Î
»áÒéÐÞ¶©£¬×Ô2013Äê6ÔÂ1ÈÕÆðʵʩµÄ¡¶ÖлªÈËÃñ¹²ºÍ¹ú֤ȯͶ×Ê»ù½ð·¨¡·¼°°ä²¼»ú¹Ø¶Ô
Æ䲻ʱ×ö³öµÄÐÞ¶©
10¡¢¡¶ÏúÊÛ°ì·¨¡·£ºÖ¸ÖйúÖ¤¼à»á2020Äê8ÔÂ28ÈÕ°ä²¼¡¢Í¬Äê10ÔÂ1ÈÕʵʩµÄ¡¶¹«¿ª
ļ¼¯Ö¤È¯Í¶×Ê»ù½ðÏúÊÛ»ú¹¹¼à¶½¹ÜÀí°ì·¨¡·¼°°ä²¼»ú¹Ø¶ÔÆ䲻ʱ×ö³öµÄÐÞ¶©
11¡¢¡¶ÐÅÏ¢Åû¶°ì·¨¡·£ºÖ¸ÖйúÖ¤¼à»á2019Äê7ÔÂ26ÈÕ°ä²¼¡¢Í¬Äê9ÔÂ1ÈÕʵʩµÄ¡¶¹«
¿ªÄ¼¼¯Ö¤È¯Í¶×Ê»ù½ðÐÅÏ¢Åû¶¹ÜÀí°ì·¨¡·¼°°ä²¼»ú¹Ø¶ÔÆ䲻ʱ×ö³öµÄÐÞ¶©
12¡¢¡¶ÔË×÷°ì·¨¡·£ºÖ¸¡¶¹«¿ªÄ¼¼¯Ö¤È¯Í¶×Ê»ù½ðÔË×÷¹ÜÀí°ì·¨¡·¼°°ä²¼»ú¹Ø¶ÔÆ䲻ʱ×ö³ö
µÄÐÞ¶©
13¡¢¡¶Á÷¶¯ÐÔ·çÏÕ¹ÜÀí¹æ¶¨¡·£ºÖ¸ÖйúÖ¤¼à»á2017Äê8ÔÂ31ÈÕ°ä²¼¡¢Í¬Äê10ÔÂ1ÈÕʵ
Ê©µÄ¡¶¹«¿ªÄ¼¼¯¿ª·Åʽ֤ȯͶ×Ê»ù½ðÁ÷¶¯ÐÔ·çÏÕ¹ÜÀí¹æ¶¨¡·¼°°ä²¼»ú¹Ø¶ÔÆ䲻ʱ×ö³öµÄÐÞ¶©
14¡¢¡¶Ö¸Êý»ù½ðÖ¸Òý¡·£ºÖ¸ÖйúÖ¤¼à»á°ä²¼²¢ÓÚ2021Äê2ÔÂ1ÈÕʵʩµÄ¡¶¹«¿ªÄ¼¼¯Ö¤È¯
Ͷ×Ê»ù½ðÔË×÷Ö¸ÒýµÚ3ºÅ¡ª¡ªÖ¸Êý»ù½ðÖ¸Òý¡·¼°°ä²¼»ú¹Ø¶ÔÆ䲻ʱ×ö³öµÄÐÞ¶©
15¡¢ÖйúÖ¤¼à»á£ºÖ¸Öйú֤ȯ¼à¶½¹ÜÀíίԱ»á
16¡¢ÒøÐÐÒµ¼à¶½¹ÜÀí»ú¹¹£ºÖ¸ÖйúÈËÃñÒøÐкÍ/»òÖйúÒøÐб£Ïռල¹ÜÀíίԱ»á
17¡¢»ù½ðºÏͬµ±ÊÂÈË£ºÖ¸ÊÜ»ù½ðºÏͬԼÊø£¬¸ù¾Ý»ù½ðºÏͬÏíÓÐȨÀû²¢³Ðµ£ÒåÎñµÄ·¨ÂÉÖ÷
Ì壬°üÀ¨»ù½ð¹ÜÀíÈË¡¢»ù½ðÍйÜÈ˺ͻù½ð·Ý¶î³ÖÓÐÈË
18¡¢¸öÈËͶ×ÊÕߣºÖ¸ÒÀ¾ÝÓйط¨ÂÉ·¨¹æ¹æ¶¨¿ÉͶ×ÊÓÚ֤ȯͶ×Ê»ù½ðµÄ×ÔÈ»ÈË
19¡¢»ú¹¹Í¶×ÊÕߣºÖ¸ÒÀ·¨¿ÉÒÔͶ×Ê֤ȯͶ×Ê»ù½ðµÄ¡¢ÔÚÖлªÈËÃñ¹²ºÍ¹ú¾³ÄںϷ¨µÇ¼Ç²¢
´æÐø»ò¾ÓйØÕþ¸®²¿ÃÅÅú×¼ÉèÁ¢²¢´æÐøµÄÆóÒµ·¨ÈË¡¢ÊÂÒµ·¨ÈË¡¢Éç»áÍÅÌå»òÆäËû×éÖ¯
20¡¢ºÏ¸ñ¾³Íâ»ú¹¹Í¶×ÊÕߣºÖ¸·ûºÏÏà¹Ø·¨ÂÉ·¨¹æ¹æ¶¨¿ÉÒÔͶ×ÊÓÚÔÚÖйú¾³ÄÚÒÀ·¨Ä¼¼¯µÄ
֤ȯͶ×Ê»ù½ðµÄÖйú¾³ÍâµÄ»ú¹¹Í¶×ÊÕß
21¡¢Í¶×ÊÈË£ºÖ¸¸öÈËͶ×ÊÕß¡¢»ú¹¹Í¶×ÊÕߺͺϸñ¾³Íâ»ú¹¹Í¶×ÊÕßÒÔ¼°·¨ÂÉ·¨¹æ»òÖйúÖ¤
¼à»áÔÊÐí¹ºÂò֤ȯͶ×Ê»ù½ðµÄÆäËûͶ×ÊÈ˵ĺϳÆ
22¡¢»ù½ð·Ý¶î³ÖÓÐÈË£ºÖ¸ÒÀ»ù½ðºÏͬºÍÕÐļ˵Ã÷ÊéºÏ·¨È¡µÃ»ù½ð·Ý¶îµÄͶ×ÊÈË
23¡¢»ù½ðÏúÊÛÒµÎñ£ºÖ¸»ù½ð¹ÜÀíÈË»òÏúÊÛ»ú¹¹Ðû´«Íƽé»ù½ð£¬·¢ÊÛ»ù½ð·Ý¶î£¬°ìÀí»ù½ð
·Ý¶îµÄÉ깺¡¢Êê»Ø¡¢×ª»»¡¢×ªÍйܼ°¶¨ÆÚ¶¨¶îͶ×ʵÈÒµÎñ
24¡¢ÏúÊÛ»ú¹¹£ºÖ¸ÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾ÒÔ¼°·ûºÏ¡¶ÏúÊÛ°ì·¨¡·ºÍÖйúÖ¤¼à»á¹æ¶¨
µÄÆäËûÌõ¼þ£¬È¡µÃ»ù½ðÏúÊÛÒµÎñ×ʸñ²¢Óë»ù½ð¹ÜÀíÈËÇ©¶©ÁË»ù½ðÏúÊÛ·þÎñ´úÀíÐÒ飬´úΪ°ì
Àí»ù½ðÏúÊÛÒµÎñµÄ»ú¹¹
25¡¢µÇ¼ÇÒµÎñ£ºÖ¸»ù½ðµÇ¼Ç¡¢´æ¹Ü¡¢¹ý»§¡¢ÇåËãºÍ½áËãÒµÎñ£¬¾ßÌåÄÚÈÝ°üÀ¨Í¶×ÊÈË»ù½ð
ÕË»§µÄ½¨Á¢ºÍ¹ÜÀí¡¢»ù½ð·Ý¶îµÇ¼Ç¡¢»ù½ðÏúÊÛÒµÎñµÄÈ·ÈÏ¡¢ÇåËãºÍ½áËã¡¢´úÀí·¢·ÅºìÀû¡¢½¨
Á¢²¢±£¹Ü»ù½ð·Ý¶î³ÖÓÐÈËÃû²áºÍ°ìÀí·Ç½»Ò×¹ý»§µÈ
26¡¢µÇ¼Ç»ú¹¹£ºÖ¸°ìÀíµÇ¼ÇÒµÎñµÄ»ú¹¹¡£»ù½ðµÄµÇ¼Ç»ú¹¹ÎªÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾
»ò½ÓÊÜÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾Î¯ÍдúΪ°ìÀíµÇ¼ÇÒµÎñµÄ»ú¹¹
27¡¢»ù½ðÕË»§£ºÖ¸µÇ¼Ç»ú¹¹ÎªÍ¶×ÊÈË¿ªÁ¢µÄ¡¢¼Ç¼Æä³ÖÓеġ¢»ù½ð¹ÜÀíÈËËù¹ÜÀíµÄ»ù½ð
·Ý¶îÓà¶î¼°Æä±ä¶¯Çé¿öµÄÕË»§
28¡¢»ù½ð½»Ò×ÕË»§£ºÖ¸ÏúÊÛ»ú¹¹ÎªÍ¶×ÊÈË¿ªÁ¢µÄ¡¢¼Ç¼Ͷ×ÊÈËͨ¹ý¸ÃÏúÊÛ»ú¹¹ÂòÂô»ù½ð
µÄ»ù½ð·Ý¶î±ä¶¯¼°½áÓàÇé¿öµÄÕË»§
29¡¢»ù½ðºÏͬÉúЧÈÕ£ºÖ¸»ù½ðļ¼¯´ïµ½·¨ÂÉ·¨¹æ¹æ¶¨¼°»ù½ðºÏͬ¹æ¶¨µÄÌõ¼þ£¬»ù½ð¹ÜÀí
ÈËÏòÖйúÖ¤¼à»á°ìÀí»ù½ð±¸°¸ÊÖÐøÍê±Ï£¬²¢»ñµÃÖйúÖ¤¼à»áÊéÃæÈ·ÈϵÄÈÕÆÚ
30¡¢»ù½ðºÏͬÖÕÖ¹ÈÕ£ºÖ¸»ù½ðºÏͬ¹æ¶¨µÄ»ù½ðºÏͬÖÕÖ¹ÊÂÓɳöÏֺ󣬻ù½ð²Æ²úÇåËãÍê±Ï£¬
ÇåËã½á¹û±¨ÖйúÖ¤¼à»á±¸°¸²¢ÓèÒÔ¹«¸æµÄÈÕÆÚ
31¡¢»ù½ðļ¼¯ÆÚ£ºÖ¸×Ô»ù½ð·Ý¶î·¢ÊÛÖ®ÈÕÆðÖÁ·¢ÊÛ½áÊøÖ®ÈÕÖ¹µÄÆڼ䣬×²»µÃ³¬¹ý3
¸öÔÂ
32¡¢´æÐøÆÚ£ºÖ¸»ù½ðºÏͬÉúЧÖÁÖÕÖ¹Ö®¼äµÄ²»¶¨ÆÚÆÚÏÞ
33¡¢¹¤×÷ÈÕ£ºÖ¸ÉϺ£Ö¤È¯½»Ò×Ëù¡¢ÉîÛÚ֤ȯ½»Ò×Ëù¼°Ïà¹ØµÄÆÚ»õ½»Ò×ËùµÄÕý³£½»Ò×ÈÕ
34¡¢TÈÕ£ºÖ¸ÏúÊÛ»ú¹¹Ôڹ涨ʱ¼äÊÜÀíͶ×ÊÈËÉ깺¡¢Êê»Ø»òÆäËûÒµÎñÉêÇëµÄ¿ª·ÅÈÕ
35¡¢T+nÈÕ£ºÖ¸×ÔTÈÕÆðµÚn¸ö¹¤×÷ÈÕ(²»°üº¬TÈÕ)
36¡¢¿ª·ÅÈÕ£ºÖ¸ÎªÍ¶×ÊÈË°ìÀí»ù½ð·Ý¶îÉ깺¡¢Êê»Ø»òÆäËûÒµÎñµÄ¹¤×÷ÈÕ£¨Èô¸Ã¹¤×÷ÈÕΪ
·Ç¸Û¹Éͨ½»Ò×ÈÕ£¬Ôò±¾»ù½ð²»¿ª·Å£©
37¡¢¿ª·Åʱ¼ä£ºÖ¸¿ª·ÅÈÕ»ù½ð½ÓÊÜÉ깺¡¢Êê»Ø»òÆäËû½»Ò×µÄʱ¼ä¶Î
38¡¢¡¶ÒµÎñ¹æÔò¡·£ºÖ¸¡¶ÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¿ª·Åʽ»ù½ðÒµÎñ¹æÔò¡·£¬Êǹ淶»ù½ð
¹ÜÀíÈËËù¹ÜÀíµÄ¿ª·Åʽ֤ȯͶ×Ê»ù½ðµÇ¼Ç·½ÃæµÄÒµÎñ¹æÔò£¬ÓÉ»ù½ð¹ÜÀíÈ˺ÍͶ×ÊÈ˹²Í¬×ñÊØ
39¡¢ÈϹº£ºÖ¸ÔÚ»ù½ðļ¼¯ÆÚÄÚ£¬Í¶×ÊÈ˸ù¾Ý»ù½ðºÏͬºÍÕÐļ˵Ã÷ÊéµÄ¹æ¶¨ÉêÇ빺Âò»ù½ð
·Ý¶îµÄÐÐΪ
40¡¢É깺£ºÖ¸»ù½ðºÏͬÉúЧºó£¬Í¶×ÊÈ˸ù¾Ý»ù½ðºÏͬºÍÕÐļ˵Ã÷ÊéµÄ¹æ¶¨ÉêÇ빺Âò»ù½ð
·Ý¶îµÄÐÐΪ
41¡¢Êê»Ø£ºÖ¸»ù½ðºÏͬÉúЧºó£¬»ù½ð·Ý¶î³ÖÓÐÈË°´»ù½ðºÏͬºÍÕÐļ˵Ã÷Êé¹æ¶¨µÄÌõ¼þÒª
Ç󽫻ù½ð·Ý¶î¶Ò»»ÎªÏÖ½ðµÄÐÐΪ
42¡¢»ù½ðת»»£ºÖ¸»ù½ð·Ý¶î³ÖÓÐÈË°´ÕÕ»ù½ðºÏͬºÍ»ù½ð¹ÜÀíÈ˽ìʱÓÐЧ¹«¸æ¹æ¶¨µÄÌõ¼þ£¬
ÉêÇ뽫Æä³ÖÓлù½ð¹ÜÀíÈ˹ÜÀíµÄ¡¢Ä³Ò»»ù½ðµÄ»ù½ð·Ý¶îת»»Îª»ù½ð¹ÜÀíÈ˹ÜÀíµÄÆäËû»ù½ð»ù
½ð·Ý¶îµÄÐÐΪ
43¡¢×ªÍйܣºÖ¸»ù½ð·Ý¶î³ÖÓÐÈËÔÚ±¾»ù½ðµÄ²»Í¬ÏúÊÛ»ú¹¹Ö®¼äʵʩµÄ±ä¸üËù³Ö»ù½ð·Ý¶î
ÏúÊÛ»ú¹¹µÄ²Ù×÷
44¡¢¶¨ÆÚ¶¨¶îͶ×ʼƻ®£ºÖ¸Í¶×ÊÈËͨ¹ýÓйØÏúÊÛ»ú¹¹Ìá³öÉêÇ룬Լ¶¨Ã¿ÆÚÉ깺ÈÕ¡¢¿Û¿î
½ð¶î¼°¿Û¿î·½Ê½£¬ÓÉÏúÊÛ»ú¹¹ÓÚÿÆÚÔ¼¶¨¿Û¿îÈÕÔÚͶ×ÊÈËÖ¸¶¨ÒøÐÐÕË»§ÄÚ×Ô¶¯Íê³É¿Û¿î¼°»ù
½ðÉ깺ÉêÇëµÄÒ»ÖÖͶ×Ê·½Ê½
45¡¢¾Þ¶îÊê»Ø£ºÖ¸±¾»ù½ðµ¥¸ö¿ª·ÅÈÕ£¬»ù½ð¾»Êê»ØÉêÇë(Êê»ØÉêÇë·Ý¶î×ÜÊý¼ÓÉÏ»ù½ðת
»»ÖÐת³öÉêÇë·Ý¶î×ÜÊýºó¿Û³ýÉ깺ÉêÇë·Ý¶î×ÜÊý¼°»ù½ðת»»ÖÐתÈëÉêÇë·Ý¶î×ÜÊýºóµÄÓà¶î)
³¬¹ýÉÏÒ»¿ª·ÅÈÕ»ù½ð×ܷݶîµÄ10%
46¡¢Ôª£ºÖ¸ÈËÃñ±ÒÔª
47¡¢»ù½ðÊÕÒ棺ָ»ù½ðͶ×ÊËùµÃºìÀû¡¢¹ÉÏ¢¡¢Õ®È¯ÀûÏ¢¡¢ÂòÂô֤ȯ¼Û²î¡¢ÒøÐдæ¿îÀûÏ¢¡¢
ÒÑʵÏÖµÄÆäËûºÏ·¨ÊÕÈë¼°ÒòÔËÓûù½ð²Æ²ú´øÀ´µÄ³É±¾ºÍ·ÑÓõĽÚÔ¼
48¡¢»ù½ð×ʲú×ÜÖµ£ºÖ¸»ù½ðÓµÓеĸ÷ÀàÓмÛ֤ȯ¡¢ÒøÐдæ¿î±¾Ï¢¡¢»ù½ðÓ¦ÊÕ¿îÏî¼°ÆäËû
×ʲúµÄ¼ÛÖµ×ܺÍ
49¡¢»ù½ð×ʲú¾»Öµ£ºÖ¸»ù½ð×ʲú×ÜÖµ¼õÈ¥»ù½ð¸ºÕ®ºóµÄ¼ÛÖµ
50¡¢»ù½ð·Ý¶î¾»Öµ£ºÖ¸¼ÆËãÈÕ»ù½ð×ʲú¾»Öµ³ýÒÔ¼ÆËãÈÕ»ù½ð·Ý¶î×ÜÊý
51¡¢»ù½ð×ʲú¹ÀÖµ£ºÖ¸¼ÆËãÆÀ¹À»ù½ð×ʲúºÍ¸ºÕ®µÄ¼ÛÖµ£¬ÒÔÈ·¶¨»ù½ð×ʲú¾»ÖµºÍ»ù½ð·Ý
¶î¾»ÖµµÄ¹ý³Ì
52¡¢»ù½ð·Ý¶îµÄ·ÖÀࣺ±¾»ù½ð¸ù¾ÝÈϹº·Ñ¡¢É깺·Ñ¡¢ÏúÊÛ·þÎñ·ÑÊÕÈ¡·½Ê½µÄ²»Í¬£¬½«»ù
½ð·Ý¶î·ÖΪ²»Í¬µÄÀà±ð
53¡¢AÀà·Ý¶î£ºÖ¸ÔÚͶ×ÊÈËÈϹº¡¢É깺»ù½ðʱÊÕÈ¡ÈϹº¡¢É깺·ÑÓ㬲¢²»ÔÙ´Ó±¾Àà±ð»ù
½ð×ʲúÖмÆÌáÏúÊÛ·þÎñ·ÑµÄ»ù½ð·Ý¶î
54¡¢CÀà·Ý¶î£ºÖ¸ÔÚͶ×ÊÈËÈϹº¡¢É깺»ù½ðʱ²»ÊÕÈ¡ÈϹº¡¢É깺·ÑÓ㬶ø´Ó±¾Àà±ð»ù½ð
×ʲúÖмÆÌáÏúÊÛ·þÎñ·ÑµÄ»ù½ð·Ý¶î
55¡¢°Ú¶¯¶¨¼Û»úÖÆ£ºÖ¸µ±ÔâÓö´ó¶îÉ깺Êê»Øʱ£¬Í¨¹ýµ÷Õû»ù½ð·Ý¶î¾»ÖµµÄ·½Ê½£¬½«»ù½ð
µ÷ÕûͶ×Ê×éºÏµÄÊг¡³å»÷³É±¾·ÖÅä¸øʵ¼ÊÉ깺¡¢Êê»ØµÄͶ×ÊÕߣ¬´Ó¶ø¼õÉÙ¶Ô´æÁ¿»ù½ð·Ý¶î³Ö
ÓÐÈËÀûÒæµÄ²»ÀûÓ°Ï죬ȷ±£Í¶×ÊÕߵĺϷ¨È¨Òæ²»ÊÜË𺦲¢µÃµ½¹«Æ½¶Ô´ý
56¡¢Á÷¶¯ÐÔÊÜÏÞ×ʲú£ºÖ¸ÓÉÓÚ·¨ÂÉ·¨¹æ¡¢¼à¹Ü¡¢ºÏͬ»ò²Ù×÷ÕÏ°µÈÔÒòÎÞ·¨ÒÔºÏÀí¼Û¸ñ
ÓèÒÔ±äÏÖµÄ×ʲú£¬°üÀ¨µ«²»ÏÞÓÚµ½ÆÚÈÕÔÚ10¸ö½»Ò×ÈÕÒÔÉϵÄÄæ»Ø¹ºÓëÒøÐж¨ÆÚ´æ¿î£¨º¬Ð
ÒéÔ¼¶¨ÓÐÌõ¼þÌáǰ֧ȡµÄÒøÐдæ¿î£©¡¢Í£ÅƹÉƱ¡¢Á÷ͨÊÜÏÞµÄйɼ°·Ç¹«¿ª·¢ÐйÉƱ¡¢×ʲú
Ö§³Ö֤ȯ¡¢Òò·¢ÐÐÈËÕ®ÎñÎ¥Ô¼ÎÞ·¨½øÐÐתÈûò½»Ò×µÄծȯµÈ
57¡¢Ö¸¶¨Ã½½é£ºÖ¸ÖйúÖ¤¼à»áÖ¸¶¨µÄÓÃÒÔ½øÐÐÐÅÏ¢Åû¶µÄÈ«¹úÐÔ±¨¿¯¡¢»¥ÁªÍøÍøÕ¾£¨°ü
À¨»ù½ð¹ÜÀíÈËÍøÕ¾¡¢»ù½ðÍйÜÈËÍøÕ¾¡¢ÖйúÖ¤¼à»á»ù½ðµç×ÓÅû¶ÍøÕ¾£©µÈý½é
58¡¢»ù½ð²úÆ·×ÊÁϸÅÒª£ºÖ¸¡¶ÉÏͶĦ¸ù±êÆÕ¸Û¹ÉͨµÍ²¨ºìÀûÖ¸ÊýÐÍ֤ȯͶ×Ê»ù½ð»ù½ð²ú
Æ·×ÊÁϸÅÒª¡·¼°Æä¸üÐÂ
59¡¢²à´ü»úÖÆ£ºÖ¸½«»ù½ðͶ×Ê×éºÏÖеÄÌض¨×ʲú´ÓÔÓÐÕË»§·ÖÀëÖÁÒ»¸öרÃÅÕË»§½øÐд¦
ÖÃÇåË㣬ĿµÄÔÚÓÚÓÐЧ¸ôÀë²¢»¯½â·çÏÕ£¬È·±£Í¶×ÊÕߵõ½¹«Æ½¶Ô´ý£¬ÊôÓÚÁ÷¶¯ÐÔ·çÏÕ¹ÜÀí¹¤
¾ß¡£²à´ü»úÖÆʵʩÆڼ䣬ÔÓÐÕË»§³ÆΪÖ÷´üÕË»§£¬×¨ÃÅÕË»§³ÆΪ²à´üÕË»§
60¡¢Ìض¨×ʲú£º°üÀ¨£º£¨1£©Î޿ɲο¼µÄ»îÔ¾Êг¡¼Û¸ñÇÒ²ÉÓùÀÖµ¼¼ÊõÈÔµ¼Ö¹«ÔʼÛÖµ´æ
ÔÚÖØ´ó²»È·¶¨ÐÔµÄ×ʲú£»£¨2£©°´Ì¯Óà³É±¾¼ÆÁ¿ÇÒ¼ÆÌá×ʲú¼õÖµ×¼±¸ÈÔµ¼ÖÂ×ʲú¼ÛÖµ´æÔÚÖØ´ó
²»È·¶¨ÐÔµÄ×ʲú£»£¨3£©ÆäËû×ʲú¼ÛÖµ´æÔÚÖØ´ó²»È·¶¨ÐÔµÄ×ʲú
61¡¢²»¿É¿¹Á¦£ºÖ¸»ù½ðºÏͬµ±ÊÂÈ˲»ÄÜÔ¤¼û¡¢²»ÄܱÜÃâÇÒ²»ÄÜ¿Ë·þµÄ¿Í¹Ûʼþ
62¡¢±êµÄÖ¸Êý£ºÖ¸±êÆÕ¸Û¹ÉͨµÍ²¨ºìÀûÖ¸Êý¡£
Èý¡¢»ù½ð¹ÜÀíÈË
Ò»¡¢»ù½ð¹ÜÀíÈ˸ſö
±¾»ù½ðµÄ»ù½ð¹ÜÀíÈËΪÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾£¬»ù±¾ÐÅÏ¢ÈçÏ£º
×¢²áµØÖ·£ºÖйú£¨ÉϺ££©×ÔÓÉóÒ×ÊÔÑéÇø¸»³Ç·99ºÅÕ𵩹ú¼Ê´óÂ¥25²ã
°ì¹«µØÖ·£ºÖйú£¨ÉϺ££©×ÔÓÉóÒ×ÊÔÑéÇø¸»³Ç·99ºÅÕ𵩹ú¼Ê´óÂ¥25²ã
·¨¶¨´ú±íÈË£º³Â±ø
×ܾÀí£ºÍõ´óÖÇ
³ÉÁ¢ÈÕÆÚ£º2004Äê 5 Ô 12 ÈÕ
ʵ½É×¢²á×ʱ¾£º·¡ÒÚÎéǪÍòÔªÈËÃñ±Ò
¹É¶«Ãû³Æ¡¢¹ÉȨ½á¹¹¼°³Ö¹É±ÈÀý£º
ÉϺ£¹ú¼ÊÐÅÍÐÓÐÏÞ¹«Ë¾ 51%
JPMorgan Asset Management (UK) Limited 49%
ÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾ÊǾÖйúÖ¤¼à»áÖ¤¼à»ù×Ö[2004]56ºÅÎÄÅú×¼£¬ÓÚ2004Äê5
ÔÂ12ÈÕ³ÉÁ¢µÄºÏ×Ê»ù½ð¹ÜÀí¹«Ë¾¡£2005Äê8ÔÂ12ÈÕ£¬»ù½ð¹ÜÀíÈËÍê³ÉÁ˹ɶ«Ö®¼äµÄ¹ÉȨ
±ä¸üÊÂÏî¡£¹«Ë¾×¢²á×ʱ¾±£³Ö²»±ä£¬¹É¶«¼°³ö×ʱÈÀý·Ö±ðÓÉÉϺ£¹ú¼ÊÐÅÍÐÓÐÏÞ¹«Ë¾67£¥ºÍ
Ħ¸ù×ʲú¹ÜÀí£¨Ó¢¹ú£©ÓÐÏÞ¹«Ë¾33£¥±ä¸üΪĿǰµÄ51%ºÍ49%¡£
2006Äê6ÔÂ6ÈÕ£¬»ù½ð¹ÜÀíÈ˵ÄÃû³ÆÓÉ¡°ÉÏͶĦ¸ù¸»ÁÖÃ÷»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¡±±ä¸üΪ¡°ÉÏ
ͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¡±£¬¸Ã¸üÃûÉêÇëÓÚ2006Äê4ÔÂ29ÈÕ»ñµÃÖйúÖ¤¼à»áµÄÅú×¼£¬²¢ÓÚ
2006Äê6ÔÂ2ÈÕÔÚ¹ú¼Ò¹¤ÉÌ×ܾÖÍê³ÉËùÓбä¸üÏà¹ØÊÖÐø¡£
2009Äê3ÔÂ31ÈÕ£¬»ù½ð¹ÜÀíÈ˵Ä×¢²á×ʱ¾½ðÓÉÒ»ÒÚÎåǧÍòÔªÈËÃñ±ÒÔö¼Óµ½¶þÒÚÎåǧÍò
ÔªÈËÃñ±Ò£¬¹«Ë¾¹É¶«µÄ³ö×ʱÈÀý²»±ä¡£¸Ã±ä¸üÊÂÏîÓÚ2009Äê3ÔÂ31ÈÕÔÚ¹ú¼Ò¹¤ÉÌ×ܾÖÍê³É
ËùÓбä¸üÏà¹ØÊÖÐø¡£
»ù½ð¹ÜÀíÈËÎÞÈκÎÊÜ´¦·£¼Ç¼¡£
¶þ¡¢Ö÷ÒªÈËÔ±Çé¿ö
1. ¶Ê»á³ÉÔ±»ù±¾Çé¿ö£º
¶Ê³¤£º³Â±ø
²©Ê¿Ñо¿Éú£¬¸ß¼¶¾¼Ãʦ¡£
ÔøÈÎÉϺ£ÆÖ¶«·¢Õ¹ÒøÐдóÁ¬·ÖÐÐ×ʽð²ÆÎñ²¿×ܾÀí£¬ÉϺ£ÆÖ¶«·¢Õ¹ÒøÐÐ×ÜÐÐ×ʽð²ÆÎñ²¿
×ܾÀíÖúÀí£¬ÉϺ£ÆÖ¶«·¢Õ¹ÒøÐÐ×ÜÐиöÈËÒøÐÐ×ܲ¿¹ÜÀí»á¼Æ²¿¡¢²Æ¸»¹ÜÀí²¿×ܾÀí£¬ÉϺ£¹ú
¼ÊÐÅÍÐÓÐÏÞ¹«Ë¾¸±×ܾÀí¼æ¶Ê»áÃØÊ飬ÉϺ£¹ú¼ÊÐÅÍÐÓÐÏÞ¹«Ë¾µ³Î¯¸±Êé¼Ç¡¢×ܾÀí¡£
ÏÖÈÎÉϺ£¹ú¼ÊÐÅÍÐÓÐÏÞ¹«Ë¾µ³Î¯Êé¼Ç¡¢×ܾÀí£»ÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¶Ê³¤¡£
¶Ê£ºPaul Bateman
´óѧ±¾¿Æѧλ¡£
ÔøÈÎChase Fleming Asset Management LimitedÈ«Çò×ܼࡢĦ¸ù×ʲú¹ÜÀíÈ«ÇòͶ×ʹÜÀíÒµ
ÎñÐÐÕþ×ܲá£
ÏÖÈÎĦ¸ù×ʲú¹ÜÀíÈ«ÇòÖ÷ϯ¡¢×ʲú¹ÜÀíÓªÔËίԱ»á³ÉÔ±¼°Í¶×ÊίԱ»á³ÉÔ±¡£
¶Ê£ºDaniel J. Watkins
ѧʿѧλ¡£
ÔøÈÎÅ·ÖÞÒµÎñ¸±Ê×ϯִÐй١¢Ä¦¸ù×ʲúÅ·ÖÞÒµÎñÊ×ϯÔËÓª¹Ù¡¢È«ÇòͶ×ʹÜÀíÔËÓª×ܼࡢ
Å·ÖÞÔËÓª×ܼࡢŷÖÞ×¢²áµÇ¼ÇÒµÎñ×ܼࡢ¬ɱ¤ÔËÓª×ܼࡢŷÖÞ×¢²áµÇ¼ÇÒµÎñ¼°Â׶ØͶ×ÊÔË
Óª¾Àí¡¢¸»ÁÖÃ÷Ͷ×ÊÔËÓªÍŶӾÀíµÈÖ°Îñ¡£
ÏÖÈÎĦ¸ù×ʲú¹ÜÀíÑÇÖÞÒµÎñÊ×ϯִÐй١¢×ʲú¹ÜÀíÔËӪίԱ»á³ÉÔ±¡¢¼¯ÍÅÑÇÌ«¹ÜÀíÍŶÓ
³ÉÔ±¡£
¶Ê£ºRichard Titherington
Å£½ò´óѧÕþÖΡ¢ÕÜѧºÍ¾¼Ã˶ʿѧλ¡£
ÔøÈÎĦ¸ù×ʲú¹ÜÀí»·ÇòÐÂÐËÊг¡¹ÉƱͶ×ʲ¿×ܼࡣ
ÏÖÈÎĦ¸ù×ʲú¹ÜÀí¶ÊÂ×ܾÀí¡¢ÐÂÐËÊг¡¼°ÑÇÌ«¹ÉƱ×é±ðͶ×Ê×ܼࡣ
¶Ê£ºÍõ´óÖÇ
ѧʿѧλ¡£
ÔøÈÎĦ¸ù×ʲú¹ÜÀíÏã¸Û¼°Öйú»ù½ðÒµÎñ×ܼࡢĦ¸ùͶÐŶʳ¤ôßĦ¸ù×ʲú¹ÜÀí¼¯ÍĄ̊Íå
Çø¸ºÔðÈË¡£
ÏÖÈÎÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾×ܾÀí¡£
¶Ê£º³Âº£Äþ
Ñо¿ÉúѧÀú¡¢¾¼Ãʦ¡£
ÔøÈÎÉϺ£ÆÖ¶«·¢Õ¹ÒøÐнðÈÚ²¿×ܾÀíÖúÀí¡¢¹«Í¶×ܲ¿Ã³Ò×ÈÚ×ʲ¿×ܾÀí¡¢Î人·ÖÐи±ÐÐ
³¤¡¢Î人·ÖÐе³Î¯Êé¼Ç¡¢Ðг¤¡¢×ÜÐÐ×ʲú¸ºÕ®¹ÜÀí²¿×ܾÀí¡£
ÏÖÈÎÉϺ£ÆÖ¶«·¢Õ¹ÒøÐÐ×ÜÐÐÐÅÏ¢¿Æ¼¼²¿×ܾÀí¡£
¶Ê£ºÁÖÒÇÇÅ
˶ʿÑо¿Éú¡¢»á¼Æʦ¡¢¾¼Ãʦ¡£
ÔøÈÎÆÖ·¢ÒøÐÐ×ÜÐÐ×ʽð×ܲ¿Í¶×Ê×éºÏÒµÎñ²¿×ܾÀíÖúÀí£¬ÆÖ·¢ÒøÐÐ×ÜÐнðÈÚÊг¡²¿×ܾ
ÀíÖúÀí£¬º£¿Ú·ÖÐÐÐг¤ÖúÀí(¹ÒÖ°)£¬ÆÖ·¢ÒøÐÐ×ÜÐнðÈÚ»ú¹¹²¿×ܾÀíÖúÀí£¬×ÜÐнðÈÚÊг¡²¿
£¨ÉîÛÚ£©¸±×ܾÀí£¬×ÜÐнðÈÚ»ú¹¹²¿¸±×ܾÀí¡£
ÏÖÈÎÆÖ·¢ÒøÐÐ×ÜÐй«Ë¾ÒµÎñ°å¿éºÏ¹æ¹Ù¡£
¶Ê£ºÖÜêÊ
˶ʿѧλ¡£
ÔøÈÎÆÖ·¢ÒøÐÐÉϺ£·ÖÐиöÈËÐÅ´û²¿¸±¿Æ³¤£¬°ì¹«ÊÒ¸±¿Æ³¤¡¢¿Æ³¤£¬ÈýÁÖÖ§ÐÐÐг¤ÖúÀí¡¢
¸±Ðг¤¼æ¿µÇŹ¤ÒµÔ°ÇøÖ§ÐÐÐг¤£¬ÁãÊÛÒµÎñ¹ÜÀí²¿¸±×ܾÀí£¨Ö÷³Ö¹¤×÷£©¡¢×ܾÀí¼æ²Æ¸»¹Ü
Àí²¿×ܾÀí£¬ÁãÊÛÒµÎñ²¿×ܾÀí¡£
ÏÖÈÎÉϺ£ÆÖ¶«·¢Õ¹ÒøÐÐ×ÜÐÐÁãÊÛÒµÎñ²¿×ܾÀíÖúÀí¡£
¶ÀÁ¢¶Ê£ºÁõºìÖÒ
¹ú¼Ê½ðÈÚϵ¾¼Ãѧ²©Ê¿¡£
ÏÖÈθ´µ©´óѧ¾¼ÃѧԺ½ÌÊÚ£¬¸´µ©´óѧ½ðÈÚÑо¿ÖÐÐĸ±Ö÷ÈΣ»Í¬Ê±¼æÈÎÉêÒøÍò¹úÆÚ»õÓÐ
ÏÞÔðÈι«Ë¾¡¢¶«º£ÆÚ»õÓÐÏÞÔðÈι«Ë¾¡¢ÐËҵ֤ȯ¹É·ÝÓÐÏÞ¹«Ë¾¡¢½»Òø¹ú¼ÊÐÅÍÐÓÐÏÞ¹«Ë¾¶ÀÁ¢
¶Êºͽõ½¹ú¼Ê¼¯ÍÅÓÐÏÞ¹«Ë¾Íⲿ¶Ê¡£
¶ÀÁ¢¶Ê£ºÍôé¦
ÃÀ¹ú¼ÓÖÝ´óѧÂåÉ¼í¶·ÖУ½ðÈÚרҵ¹¤É̹ÜÀí˶ʿѧ룬²¢ÏȺó»ñµÃÃÀ¹ú¼ÓÖÝ×¢²á»á¼Æʦ
Ö´ÕÕºÍÖйú×¢²á»á¼Æʦ֤Êé¡£
Ôøµ£ÈÎÆÕ»ªÓÀµÀ½ðÈÚ·þÎñ²¿ºÏ»ïÈ˼°ÆÕ»ªÓÀµÀÖйúͶ×ʹÜÀíÐÐÒµÖ÷¹ÜºÏ»ïÈË¡£
ÏÖµ£ÈÎÕÐÉÌ֤ȯ¹É·ÝÓÐÏÞ¹«Ë¾¡¢¸´ÐÇÁªºÏ½¡¿µ±£ÏչɷÝÓÐÏÞ¹«Ë¾¡¢ÑÇÌ«²Æ²ú±£ÏÕÓÐÏÞ¹«
˾¼°51ÐÅÓÿ¨ÓÐÏÞ¹«Ë¾¶ÀÁ¢¶Ê¡¢Öйų́ÍåÐñêÆÉúÎï¿Æ¼¼¹É·ÝÓÐÏÞ¹«Ë¾¼àÊ¡£
¶ÀÁ¢¶Ê£ºÔøÁˆ
Ó¢¹úÌØÐí¹«ÈÏ»á¼Æʦ¹«»á×ÊÉî»áÔ±¡£
ÔøÈÎÏã¸ÛÈüÂí»á¼¯ÍŲÆÎñ×ܼ࣬Ïã¸ÛÖ¤¼à»á²úÆ·×ÉѯίԱ»áίԱ£¬Ð¿µ»áÃûÓþ˾¿âºÍÖ´
ÐÐίԱ»áºÍͶ×ÊС×éίԱ»á³ÉÔ±£¬´÷÷ëÖº¾ôÊ¿¿µÀÖ»ù½ð¡¢¾¯²ì×ÓÅ®½ÌÓýÐÅÍлù½ðºÍ¾¯²ì½ÌÓý
¼°¸£ÀûÐÅÍлù½ðͶ×Ê×ÉѯίԱ»áÖ÷ϯ£¬Ïã¸Û·¿ÎÝлá×ʽð¹ÜÀíÌØÉèίԱ»á³ÉÔ±£¬ÒÔ¼°ÁíÀàͶ
×ʹÜÀíлᣨAIMA£©È«ÇòͶ×ÊÕßÖ¸µ¼Î¯Ô±»á³ÉÔ±¡£
ÏÖΪ¶ÀÁ¢¹ËÎÊ£¬±¦»ý×ʱ¾¿Ø¹ÉÓÐÏÞ¹«Ë¾¶ÀÁ¢·ÇÖ´ÐжÊÂÒÔ¼°°²Áª»·ÇòͶ×ÊÏã¸ÛÓÐÏÞ¹«Ë¾
¼æÖ°¹ËÎÊ¡£
¶ÀÁ¢¶Ê£ºÍõѧ½Ü
»ª¶«Õþ·¨´óѧ·¨Ñ§Ñ§Ê¿¡¢ÈÕ±¾µÛ¾©´óѧÃñÉÌ·¨×¨Òµ²©Ê¿Ç°ÆÚѧλ¡£
ÔøÔÚÈÕ±¾Sunroute¹«Ë¾º£ÍâÒµÎñÊÒרÃÅ´ÓÊÂÓйØÑÇÌ«µØÇøÊг¡·¢Õ¹ºÍÉèÁ¢ÆóÒµµÄÈÕ³£
·¨ÂɹËÎʹ¤×÷¡£
ÏÖÈÎÉϺ£ÊнõÌì³ÇÂÉʦÊÂÎñËù¸ß¼¶ºÏ»ïÈË¡¢ÂÉʦ¡£
2. ¼àÊ»á³ÉÔ±»ù±¾Çé¿ö£º
¼àÊ»áÖ÷ϯ£ºÒ¶Á¦¼ó
¹ÜÀíѧ˶ʿ¡£
Ôø¾ÍÖ°ÓÚÉϺ£ÊлÆÆÖÇø¹úÓÐ×ʲú×ܹ«Ë¾¡¢º£Í¨Ö¤È¯Í¶×ÊÒøÐв¿£»ÈëÖ°ÉϺ£¹ú¼ÊÐÅÍÐÓÐÏÞ
¹«Ë¾ºóÀúÈÎ×ʽðÐÅÍÐ×ܲ¿¡¢×ʲú¹ÜÀí×ܲ¿¡¢ÐÅÍз¢Õ¹×ܲ¿¸ºÔðÈË¡£
ÏÖÈÎÉϺ£¹ú¼ÊÐÅÍÐÓÐÏÞ¹«Ë¾¸±×ܾÀí¡¢ÉÏÐÅ×ʲú¹ÜÀíÓÐÏÞ¹«Ë¾×ܾÀí£¬Í¬Ê±¼æÈÎÉϺ£ÊÐ
¹É·Ý¹«Ë¾ÁªºÏ»á¸±Àíʳ¤¡£
¼àÊ£ºÁº±ó
ѧʿѧλ¡£
ÔøÔÚ¸ßΰÉðÂÉʦÊÂÎñËù£¨Ïã¸Û£©ÈÎÖ°ÂÉʦ¶àÄê¡£
ÏÖÈÎĦ¸ù´óͨ¼¯ÍÅÖйú·¨ÂÉ×ܼࡣ
¼àÊ£ºÕžü
ÔøÈÎÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾½»Òײ¿×ܼࡢ»ù½ð¾Àí¡¢Í¶×Ê×éºÏ¹ÜÀí²¿×ܼࡢͶ×ʼ¨
ЧÆÀ¹À×ܼࡢ¹ú¼ÊͶ×ʲ¿×ܼࡢ×éºÏ»ù½ðͶ×ʲ¿×ܼࡣ
ÏÖÈÎÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾Í¶×ʶÊ£¬¹ÜÀíÉÏͶĦ¸ùÑÇÌ«ÓÅÊÆ»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢
ÉÏͶĦ¸ùÈ«ÇòÌìÈ»×ÊÔ´»ìºÏÐÍ֤ȯͶ×Ê»ù½ðºÍÉÏͶĦ¸ùÈ«Çò¶àÔªÅäÖÃ֤ȯͶ×Ê»ù½ð£¨QDII£©¡£
¼àÊ£ºÍòöÁå·
ÔøÈÎÉϺ£¹ú¼Ê¼¯ÍÅÓÐÏÞ¹«Ë¾¸ß¼¶·¨Îñ¾Àí£¬ÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾Ê×ϯ·çÏÕ¹Ù£¬ÉÐ
ÌÚ×ʱ¾¹ÜÀíÓÐÏÞ¹«Ë¾¶Ê¡£
ÏÖÈÎÉÐÌÚ×ʱ¾¹ÜÀíÓÐÏÞ¹«Ë¾×ܾÀí¡£
3. ×ܾÀí»ù±¾Çé¿ö£º
Íõ´óÖÇÏÈÉú£¬×ܾÀí
ѧʿѧλ¡£
ÔøÈÎĦ¸ù×ʲú¹ÜÀíÏã¸Û¼°Öйú»ù½ðÒµÎñ×ܼࡢĦ¸ùͶÐŶʳ¤ôßĦ¸ù×ʲú¹ÜÀí¼¯ÍĄ̊Íå
Çø¸ºÔðÈË¡£
4. ÆäËû¸ß¼¶¹ÜÀíÈËÔ±Çé¿ö£º
ÑîºìŮʿ£¬¸±×ܾÀí
±ÏÒµÓÚͬ¼Ã´óѧ£¬»ñ¼¼Êõ¾¼ÃÓë¹ÜÀí²©Ê¿
ÔøÈÎÕÐÉÌÒøÐÐÉϺ£·ÖÐлüºË¼à¶½²¿ÒµÎñ¸±¾Àí¡¢ÓªÒµ²¿¸±¾Àí¼æ¹¤»áÖ÷ϯ¡¢ÁãÊÛÒøÐв¿
¸±×ܾÀí¡¢Ïû·ÑÐÅ´ûÖÐÐÄ×ܾÀí£»ÔøÈÎÉϺ£ÆÖ¶«·¢Õ¹ÒøÐÐÉϺ£·ÖÐиöÈËÐÅ´û²¿×ܾÀí¡¢¸öÈË
ÒøÐз¢Õ¹¹ÜÀí²¿×ܾÀí¡¢ÁãÊÛÒµÎñ¹ÜÀí²¿×ܾÀí¡£
¶ÅÃÍÏÈÉú£¬¸±×ܾÀí
±ÏÒµÓÚÄϾ©´óѧ£¬»ñ¾¼Ãѧ˶ʿѧλ¡£
ÀúÈÎÌì֤ͬȯ¡¢ÖÐÔ֤ȯ¡¢¹úÐÅ֤ȯ¡¢ÖÐÒø¹ú¼ÊÑо¿Ô±£»ÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾ÐÐ
ҵר¼Ò¡¢»ù½ð¾ÀíÖúÀí¡¢»ù½ð¾Àí¡¢×ܾÀíÖúÀí/¹úÄÚȨÒæͶ×ÊÒ»²¿×ܼà¼æ×ÊÉî»ù½ð¾Àí¡£
Ë﷼Ůʿ£¬¸±×ܾÀí
±ÏÒµÓÚ»ª¶«Ê¦·¶´óѧ£¬»ñÊÀ½ç¾¼Ãѧ˶ʿѧλ¡£
ÀúÈ몱¦ÐËÒµ»ù½ðÑо¿Ô±£»ÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾ÐÐҵר¼Ò¡¢»ù½ð¾ÀíÖúÀí¡¢Ñо¿
²¿¸±×ܼࡢ»ù½ð¾Àí¡¢×ܾÀíÖúÀí/¹úÄÚȨÒæͶ×ʶþ²¿×ܼà¼æ×ÊÉî»ù½ð¾Àí¡£
¹ùÅôÏÈÉú£¬¸±×ܾÀí
±ÏÒµÓÚÉϺ£²Æ¾´óѧ£¬»ñÆóÒµ¹ÜÀí˶ʿѧλ¡£
ÀúÈÎÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾Êг¡¾Àí¡¢Êг¡²¿¸±×ܼ࣬²úÆ·¼°¿Í»§ÓªÏú²¿×ܼࡢÊÐ
³¡²¿×ܼà¼æ»¥ÁªÍø½ðÈÚ²¿×ܼࡢ×ܾÀíÖúÀí¡£
Áõ³µ©ÏÈÉú£¬¸±×ܾÀí
²©Ê¿Ñо¿Éú¡£
ÀúÈλªÏÄ»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¹Ì¶¨ÊÕÒæ×ܼࡢÖйú¹ú¼Ê½ðÈڹɷÝÓÐÏÞ¹«Ë¾×ʲú¹ÜÀí²¿¹Ì¶¨
ÊÕÒæ×ܼà/¶ÊÂ×ܾÀí¡£
×ÞÊ÷²¨ÏÈÉú£¬¶½²ì³¤
»ñ¹ÜÀíѧѧʿѧλ¡£
ÔøÈÎÌ콡»á¼ÆʦÊÂÎñËù¸ß¼¶ÏîÄ¿¾Àí£¬ÉϺ£Ö¤¼à¾ÖÖ÷ÈοÆÔ±£¬ÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«
˾¼à²ì»üºË²¿¸±×ܼࡢ¼à²ì»üºË²¿×ܼࡣ
¬ÈØŮʿ£¬Ê×ϯÐÅÏ¢¹Ù
˶ʿÑо¿Éú¡£
ÔøÈεÚÒ»´´ÒµÄ¦¸ù´