»ù½ð¹ÜÀíÈË£ºº£¸»Í¨»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾
»ù½ðÍйÜÈË£ºÖйú¹¤ÉÌÒøÐйɷÝÓÐÏÞ¹«Ë¾
±¨¸æËͳöÈÕÆÚ£º¶þ©–Ò»ÆßÄêÈýÔ¶þÊ®°ËÈÕ¡ì1 ÖØÒªÌáʾ
1.1 ÖØÒªÌáʾ
»ù½ð¹ÜÀíÈ˵ĶÊ»ᡢ¶Ê±£Ö¤±¾±¨¸æËùÔØ×ÊÁϲ»´æÔÚÐé¼Ù¼ÇÔØ¡¢Îóµ¼ÐÔ³ÂÊö»òÖØ´óÒÅ©£¬²¢¶ÔÆäÄÚÈݵÄÕæʵÐÔ¡¢×¼È·ÐÔºÍÍêÕûÐԳе£¸ö±ð¼°Á¬´øµÄ·¨ÂÉÔðÈΡ£±¾Äê¶È±¨¸æÒѾÈý·ÖÖ®¶þÒÔÉ϶ÀÁ¢¶ÊÂÇ©×ÖͬÒ⣬²¢Óɶʳ¤Ç©·¢¡£
»ù½ðÍйÜÈËÖйú¹¤ÉÌÒøÐйɷÝÓÐÏÞ¹«Ë¾¸ù¾Ý±¾»ù½ðºÏͬ¹æ¶¨£¬ÓÚ2017Äê3ÔÂ24ÈÕ¸´ºËÁ˱¾±¨¸æÖеIJÆÎñÖ¸±ê¡¢¾»Öµ±íÏÖ¡¢ÀûÈó·ÖÅäÇé¿ö¡¢²ÆÎñ»á¼Æ±¨¸æ¡¢Í¶×Ê×éºÏ±¨¸æµÈÄÚÈÝ£¬±£Ö¤¸´ºËÄÚÈݲ»´æÔÚÐé¼Ù¼ÇÔØ¡¢Îóµ¼ÐÔ³ÂÊö»òÕßÖØ´óÒÅ©¡£
»ù½ð¹ÜÀíÈ˳ÐŵÒÔ³ÏʵÐÅÓá¢ÇÚÃ㾡ÔðµÄÔÔò¹ÜÀíºÍÔËÓûù½ð×ʲú£¬µ«²»±£Ö¤»ù½ðÒ»¶¨Ó¯Àû¡£
»ù½ðµÄ¹ýÍùÒµ¼¨²¢²»´ú±íÆäδÀ´±íÏÖ¡£Í¶×ÊÓзçÏÕ£¬Í¶×ÊÕßÔÚ×÷³öͶ×ʾö²ßÇ°Ó¦×ÐϸÔĶÁ±¾»ù½ðµÄÕÐļ˵Ã÷Êé¼°Æä¸üС£
±¾Äê¶È±¨¸æÕªÒªÕª×ÔÄê¶È±¨¸æÕýÎÄ£¬Í¶×ÊÕßÓûÁ˽âÏêϸÄÚÈÝ£¬Ó¦ÔĶÁÄê¶È±¨¸æÕýÎÄ¡£
±¾±¨¸æÆÚ×Ô2016Äê7ÔÂ27ÈÕ£¨»ù½ðºÏͬÉúЧÈÕ£©ÆðÖÁ12ÔÂ31ÈÕÖ¹¡£
¡ì2 »ù½ð¼ò½é
2.1 »ù½ð»ù±¾Çé¿ö
»ù½ð¼ò³Æ
º£¸»Í¨¸»Ïé»ìºÏ
»ù½ðÖ÷´úÂë
519134
½»Ò×´úÂë
519134
»ù½ðÔË×÷·½Ê½
ÆõÔ¼ÐÍ¡¢¿ª·Åʽ
»ù½ðºÏͬÉúЧÈÕ
2016Äê7ÔÂ27ÈÕ
»ù½ð¹ÜÀíÈË
º£¸»Í¨»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾
»ù½ðÍйÜÈË
Öйú¹¤ÉÌÒøÐйɷÝÓÐÏÞ¹«Ë¾
±¨¸æÆÚÄ©»ù½ð·Ý¶î×ܶî
333,310,366.36·Ý
»ù½ðºÏͬ´æÐøÆÚ
²»¶¨ÆÚ
2.2 »ù½ð²úƷ˵Ã÷
Ͷ×ÊÄ¿±ê
±¾»ù½ðͨ¹ýÎȽ¡µÄ´óÀà×ʲúÅäÖòßÂԺ͸öȯ¼°¸ö¹É¾«Ñ¡²ßÂÔ£¬ÔÚÑϸñ¿ØÖÆ·çÏÕµÄÇ°ÌáÏ£¬Á¦ÕùʵÏÖ³¬Ô½Òµ¼¨±È½Ï»ù×¼µÄÊÕÒæ¡£
Ͷ×ʲßÂÔ
±¾»ù½ðΪ»ìºÏÐÍ»ù½ð£¬¶ÔծȯµÈ¹Ì¶¨ÊÕÒæÀà×ʲúµÄͶ×ʱÈÀý²»µÍÓÚ»ù½ð×ʲúµÄ70%¡£ÔÚ´ËÔ¼ÊøÏ£¬±¾»ù½ðͨ¹ý¶Ôºê¹Û¾¼ÃÇ÷ÊÆ¡¢½ðÈÚ»õ±ÒÕþ²ß¡¢¹©ÇóÒòËØ¡¢¹ÀÖµÒòËØ¡¢Êг¡·çÏÕÊÕÒæÌØÕ÷¼°Êг¡ÐÐΪÒòËصȽøÐÐÆÀ¹À·ÖÎö£¬¶Ô¹Ì¶¨ÊÕÒæÀà×ʲúºÍ¹ÉƱ×ʲúµÈµÄÔ¤ÆÚ·çÏÕÊÕÒæ½øÐж¯Ì¬¸ú×Ù£¬´Ó¶ø¾ö¶¨ÆäÅäÖñÈÀý¡£
Òµ¼¨±È½Ï»ù×¼
ÖÐ֤ȫծָÊýÊÕÒæÂÊ¡Á70%+»¦Éî300Ö¸ÊýÊÕÒæÂÊ¡Á30%¡£
·çÏÕÊÕÒæÌØÕ÷
±¾»ù½ðΪ»ìºÏÐÍ»ù½ð£¬ÆäÔ¤ÆÚÊÕÒæ¼°Ô¤ÆÚ·çÏÕˮƽ¸ßÓÚծȯÐÍ»ù½ðºÍ»õ±ÒÊг¡»ù½ð£¬µ«µÍÓÚ¹ÉƱÐÍ»ù½ð£¬ÊôÓÚÖеȷçÏÕˮƽµÄͶ×ÊÆ·ÖÖ¡£
2.3 »ù½ð¹ÜÀíÈ˺ͻù½ðÍйÜÈË
씀»ù½ð¹ÜÀíÈË
»ù½ðÍйÜÈË
Ãû³Æ
º£¸»Í¨»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾
Öйú¹¤ÉÌÒøÐйɷÝÓÐÏÞ¹«Ë¾
ÐÅÏ¢Åû¶¸ºÔðÈË
ÐÕÃû
ÞÉÍòÈÙ
¹ùÃ÷
ÁªÏµµç»°
021-38650891
010-66105799
µç×ÓÓÊÏä
wrxi@hftfund.com
custody@icbc.com.cn
¿Í»§·þÎñµç»°
40088-40099
95588
´«Õæ
021-33830166
010-66105798
2.4 ÐÅÏ¢Åû¶·½Ê½
µÇÔØ»ù½ðÄê¶È±¨¸æÕýÎĵĹÜÀíÈË»¥ÁªÍøÍøÖ·
http://www.hftfund.com
»ù½ðÄê¶È±¨¸æ±¸Öõصã
»ù½ð¹ÜÀíÈ˼°»ù½ðÍйÜÈ˵ÄסËù
¡ì3 Ö÷Òª²ÆÎñÖ¸±ê¡¢»ù½ð¾»Öµ±íÏÖ¼°ÀûÈó·ÖÅäÇé¿ö
3.1 Ö÷Òª»á¼ÆÊý¾ÝºÍ²ÆÎñÖ¸±ê
½ð¶îµ¥Î»£ºÈËÃñ±ÒÔª
3.1.1 ÆÚ¼äÊý¾ÝºÍÖ¸±ê
2016Äê7ÔÂ27ÈÕ£¨»ù½ðºÏͬÉúЧÈÕ£©ÖÁ2016Äê12ÔÂ31ÈÕ
±¾ÆÚÒÑʵÏÖÊÕÒæ
4,939,164.31
±¾ÆÚÀûÈó
-390,161.04
¼ÓȨƽ¾ù»ù½ð·Ý¶î±¾ÆÚÀûÈó
-0.0009
±¾ÆÚ»ù½ð·Ý¶î¾»ÖµÔö³¤ÂÊ
-0.30%
3.1.2 ÆÚÄ©Êý¾ÝºÍÖ¸±ê
2016ÄêÄ©
ÆÚÄ©¿É¹©·ÖÅä»ù½ð·Ý¶îÀûÈó
-0.0026
ÆÚÄ©»ù½ð×ʲú¾»Öµ
332,457,342.95
ÆÚÄ©»ù½ð·Ý¶î¾»Öµ
0.997
×¢£º1¡¢±¾ÆÚÒÑʵÏÖÊÕÒæÖ¸»ù½ð±¾ÆÚÀûÏ¢ÊÕÈ롢Ͷ×ÊÊÕÒæ¡¢ÆäËûÊÕÈ루²»º¬¹«ÔʼÛÖµ±ä¶¯ÊÕÒ棩¿Û³ýÏà¹Ø·ÑÓúóµÄÓà¶î£¬±¾ÆÚÀûÈóΪ±¾ÆÚÒÑʵÏÖÊÕÒæ¼ÓÉϱ¾ÆÚ¹«ÔʼÛÖµ±ä¶¯ÊÕÒæ¡£
2¡¢ËùÊö»ù½ðÒµ¼¨Ö¸±ê²»°üÀ¨³ÖÓÐÈËÈϹº»ò½»Ò×»ù½ðµÄ¸÷Ïî·ÑÓ㬼ÆÈë·ÑÓúóʵ¼ÊÊÕÒæˮƽҪµÍÓÚËùÁÐÊý×Ö¡£
3¡¢ÆÚÄ©¿É¹©·ÖÅäÀûÈ󣬲ÉÓÃÆÚÄ©×ʲú¸ºÕ®±íÖÐδ·ÖÅäÀûÈóÓëδ·ÖÅäÀûÈóÖÐÒÑʵÏÖ²¿·ÖµÄÊëµÍÊý£¨ÎªÆÚÄ©Óà¶î£¬²»Êǵ±ÆÚ·¢ÉúÊý£©¡£
4¡¢±¾»ù½ðºÏͬÉúЧÈÕΪ2016Äê7ÔÂ27ÈÕ£¬ºÏͬÉúЧµ±ÄêÆÚ¼äµÄÊý¾ÝºÍÖ¸±ê°´Êµ¼Ê´æÐøÆÚ¼ÆËã¡£
3.2 »ù½ð¾»Öµ±íÏÖ
3.2.1 »ù½ð·Ý¶î¾»ÖµÔö³¤Âʼ°ÆäÓëͬÆÚÒµ¼¨±È½Ï»ù×¼ÊÕÒæÂʵıȽÏ
½×¶Î
·Ý¶î¾»ÖµÔö³¤ÂÊ¢Ù
·Ý¶î¾»ÖµÔö³¤Âʱê×¼²î¢Ú
Òµ¼¨±È½Ï»ù×¼ÊÕÒæÂÊ¢Û
Òµ¼¨±È½Ï»ù×¼ÊÕÒæÂʱê×¼²î¢Ü
¢Ù£¢Û
¢Ú£¢Ü
¹ýÈ¥Èý¸öÔÂ
-0.70%
0.16%
-0.66%
0.27%
-0.04%
-0.11%
×Ô»ù½ðºÏͬÉúЧÆðÖÁ½ñ
-0.30%
0.13%
1.82%
0.28%
-2.12%
-0.15%
3.2.2 ×Ô»ù½ðºÏͬÉúЧÒÔÀ´»ù½ð·Ý¶îÀۼƾ»ÖµÔö³¤Âʱ䶯¼°ÆäÓëͬÆÚÒµ¼¨±È½Ï»ù×¼ÊÕÒæÂʱ䶯µÄ±È½Ï
º£¸»Í¨¸»Ïé»ìºÏÐÍ֤ȯͶ×Ê»ù½ð
·Ý¶îÀۼƾ»ÖµÔö³¤ÂÊÓëÒµ¼¨±È½Ï»ù×¼ÊÕÒæÂʵÄÀúÊ·×ßÊƶԱÈͼ
(2016Äê7ÔÂ27ÈÕÖÁ2016Äê12ÔÂ31ÈÕ)/
×¢£º1¡¢±¾»ù½ðºÏͬÓÚ2016Äê7ÔÂ27ÈÕÉúЧ£¬½ØÖÁ±¨¸æÆÚÄ©±¾»ù½ðºÏͬÉúЧδÂúÒ»Äê¡£
2¡¢°´»ù½ðºÏͬ¹æ¶¨£¬±¾»ù½ð×Ô»ù½ðºÏͬÉúЧÆð6¸öÔÂÄÚΪ½¨²ÖÆÚ¡£½ØÖ¹±¾±¨¸æÆÚÄ©£¬±¾»ù½ðÉд¦ÓÚ½¨²ÖÆÚ¡£
3.2.3 ×Ô»ù½ðºÏͬÉúЧÒÔÀ´»ù½ðÿÄê¾»ÖµÔö³¤Âʼ°ÆäÓëͬÆÚÒµ¼¨±È½Ï»ù×¼ÊÕÒæÂʵıȽÏ
º£¸»Í¨¸»Ïé»ìºÏÐÍ֤ȯͶ×Ê»ù½ð
×Ô»ù½ðºÏͬÉúЧÒÔÀ´»ù½ð¾»ÖµÔö³¤ÂÊÓëÒµ¼¨±È½Ï»ù×¼ÊÕÒæÂʵĶԱÈͼ
/
×¢£ºÍ¼ÖÐÁÐʾµÄ2016Äê¶È»ù½ð¾»ÖµÔö³¤ÂÊ°´¸ÃÄê¶È±¾»ù½ðʵ¼Ê´æÐøÆÚ7ÔÂ27ÈÕ£¨»ù½ðºÏͬÉúЧÈÕ£©ÆðÖÁ12ÔÂ31ÈÕÖ¹¼ÆËã¡£
3.3 ¹ýÈ¥ÈýÄê»ù½ðµÄÀûÈó·ÖÅäÇé¿ö
µ¥Î»£ºÈËÃñ±ÒÔª
Äê¶È
ÿ10·Ý»ù½ð·Ý¶î·ÖºìÊý
ÏÖ½ðÐÎʽ·¢·Å×ܶî
ÔÙͶ×ÊÐÎʽ·¢·Å×ܶî
Äê¶ÈÀûÈó·ÖÅäºÏ¼Æ
±¸×¢
2016Äê
-
-
-
-
-
ºÏ¼Æ
-
-
-
-
-
×¢£º±¾»ù½ð¹ýÈ¥Ò»Äêδ·¢ÉúÀûÈó·ÖÅäµÄÇé¿ö¡£
¡ì4 ¹ÜÀíÈ˱¨¸æ
4.1 »ù½ð¹ÜÀíÈ˼°»ù½ð¾ÀíÇé¿ö
4.1.1 »ù½ð¹ÜÀíÈ˼°Æä¹ÜÀí»ù½ðµÄ¾Ñé
»ù½ð¹ÜÀíÈ˺£¸»Í¨»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¾ÖйúÖ¤¼à»áÖ¤¼à»ù½ð×Ö[2003]48ºÅÎÄÅú×¼£¬Óɺ£Í¨Ö¤È¯¹É·ÝÓÐÏÞ¹«Ë¾ºÍ¸»Í¨»ù½ð¹ÜÀí¹«Ë¾£¨ÏÖ¸üÃûΪ¡°·¨¹ú°ÍÀèͶ×ʹÜÀíBE¿Ø¹É¹«Ë¾ ¡±£©ÓÚ2003Äê4ÔÂ1ÈÕ¹²Í¬·¢ÆðÉèÁ¢¡£½ØÖÁ2016Äê12ÔÂ31ÈÕ£¬±¾»ù½ð¹ÜÀíÈ˹²¹ÜÀí42Ö»¹«Ä¼»ù½ð£ºº£¸»Í¨¾«Ñ¡Ö¤È¯Í¶×Ê»ù½ð¡¢º£¸»Í¨ÊÕÒæÔö³¤Ö¤È¯Í¶×Ê»ù½ð¡¢º£¸»Í¨»õ±ÒÊг¡Ö¤È¯Í¶×Ê»ù½ð¡¢º£¸»Í¨¹ÉƱ»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨Ç¿»¯»Ø±¨»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨·ç¸ñÓÅÊÆ»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨¾«Ñ¡·¡ºÅ»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨Öйúº£Í⾫ѡ»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨ÎȽ¡ÌíÀûծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨ÁìÏȳɳ¤»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨ÖÐÖ¤100Ö¸Êý֤ȯͶ×Ê»ù½ð£¨LOF£©¡¢º£¸»Í¨ÖÐСÅÌ»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢ÉÏÖ¤ÖÜÆÚÐÐÒµ50½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨ÉÏÖ¤ÖÜÆÚÐÐÒµ50½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ðÁª½Ó»ù½ð¡¢º£¸»Í¨ÎȹÌÊÕÒæծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨´óÖлª¾«Ñ¡»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢ÉÏÖ¤·ÇÖÜÆÚÐÐÒµ100½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨ÉÏÖ¤·ÇÖÜÆÚÐÐÒµ100½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ðÁª½Ó»ù½ð¡¢º£¸»Í¨ÎȽøÔöÀûծȯÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©¡¢º£¸»Í¨¹ú²ßµ¼Ïò»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨ÖÐÖ¤ÄڵصÍ̼¾¼ÃÖ÷ÌâÖ¸Êý֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨ÑøÀÏÊÕÒæ»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨Ò»Ä궨ÆÚ¿ª·ÅծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨Ë«ÀûծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨ÄÚÐèÈȵã»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨´¿Õ®Õ®È¯ÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨Ë«¸£·Ö¼¶Õ®È¯ÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨¼¾¼¾ÔöÀûÀí²ÆծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢ÉÏÖ¤¿ÉÖÊѺ³ÇͶծ½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨°¢¶û·¨¶Ô³å»ìºÏÐÍ·¢Æðʽ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨ÐÂÄÚÐèÁé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨¶«²Æ´óÊý¾ÝÁé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨¸Ä¸ïÇý¶¯Áé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨¸»Ïé»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨ÐÀÒæÁé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨ÐÀÈÙÁé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨ÈðÒæծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨Èð·áÒ»Ä궨ÆÚ¿ª·ÅծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨¾ÛÀû´¿Õ®Õ®È¯ÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨¼¯Àû´¿Õ®Õ®È¯ÐÍ֤ȯͶ×Ê»ù½ð¡¢º£¸»Í¨È«ÇòÃÀÔªÊÕÒæծȯÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©¡¢º£¸»Í¨»¦¸ÛÉîÁé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡£
4.1.2 »ù½ð¾Àí£¨»ò»ù½ð¾ÀíС×飩¼°»ù½ð¾ÀíÖúÀíµÄ¼ò½é
ÐÕÃû
Ö°Îñ
Èα¾»ù½ðµÄ»ù½ð¾Àí£¨ÖúÀí£©ÆÚÏÞ
֤ȯ´ÓÒµÄêÏÞ
˵Ã÷
ÈÎÖ°ÈÕÆÚ
ÀëÈÎÈÕÆÚ
³Âéóƽ
±¾»ù½ðµÄ»ù½ð¾Àí£»º£¸»Í¨»õ±Ò»ù½ð¾Àí£»º£¸»Í¨¼¾¼¾ÔöÀûÀí²Æծȯ»ù½ð¾Àí£»º£¸»Í¨ÎȽøÔöÀûծȯ»ù½ð£¨LOF£©¾Àí£»º£¸»Í¨ÎȹÌÊÕÒæծȯ»ù½ð¾Àí£»º£¸»Í¨Ò»Ä궨¿ªÕ®È¯»ù½ð¾Àí£»º£¸»Í¨ÉÏÖ¤¿ÉÖÊѺ³ÇͶծETF»ù½ð¾Àí£»º£¸»Í¨ÈðÒæծȯ»ù½ð¾Àí£»º£¸»Í¨Èð·áÒ»Ä궨¿ªÕ®È¯»ù½ð¾Àí£»º£¸»Í¨ÃÀÔªÕ®£¨QDII£©»ù½ð¾Àí
2016-07-27
-
7Äê
²©Ê¿£¬ÌØÐí½ðÈÚ·ÖÎöʦ£¨CFA£©£¬³ÖÓлù½ð´ÓÒµÈËÔ±×ʸñÖ¤Ê飬2009Äê1ÔÂÖÁ2009Äê8ÔÂÈÎMariner Investment Group LLC ·ÖÎöʦ£¬2009Äê10ÔÂÖÁ2011Äê9ÔÂÈÎÈðÒøÆóÒµ¹ÜÀí£¨ÉϺ££©ÓÐÏÞ¹«Ë¾¸±¶Ê£¬2011Äê10Ô¼ÓÈ뺣¸»Í¨»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾£¬ÈÎծȯͶ×ʾÀí£¬2013Äê8ÔÂÆðÈκ£¸»Í¨»õ±Ò»ù½ð¾Àí¡£2014Äê8ÔÂÆð¼æÈκ£¸»Í¨¼¾¼¾ÔöÀûÀí²Æծȯ»ù½ð¾Àí¡£2014Äê11Ô¼æÈκ£¸»Í¨ÉÏÖ¤¿ÉÖÊѺ³ÇͶծETF»ù½ð¾Àí¡£2015Äê12Ô¼æÈκ£¸»Í¨ÎȽøÔöÀûծȯ£¨LOF£©¼°º£¸»Í¨ÎȹÌÊÕÒæծȯ»ù½ð¾Àí¡£2016Äê4ÔÂÆð¼æÈκ£¸»Í¨Ò»Ä궨¿ªÕ®È¯»ù½ð¾Àí¡£2016Äê7ÔÂÆð¼æÈκ£¸»Í¨¸»Ïé»ìºÏ»ù½ð¾Àí¡£2016Äê8ÔÂÆð¼æÈκ£¸»Í¨ÈðÒæծȯºÍº£¸»Í¨Èð·áÒ»Ä궨¿ªÕ®È¯»ù½ð¾Àí¡£2016Äê11ÔÂÆð¼æÈκ£¸»Í¨ÃÀÔªÕ®£¨QDII£©»ù½ð¾Àí¡£
×¢£º1¡¢¶Ô»ù½ðµÄÊ×Èλù½ð¾Àí£¬ÆäÈÎÖ°ÈÕÆÚÖ¸»ù½ðºÏͬÉúЧÈÕ£¬ÀëÈÎÈÕÆÚÖ¸¹«Ë¾×ö³ö¾ö¶¨Ö®ÈÕ£»·ÇÊ×Èλù½ð¾Àí£¬ÆäÈÎÖ°ÈÕÆÚºÍÀëÈÎÈÕÆÚ¾ùÖ¸¹«Ë¾×ö³ö¾ö¶¨Ö®ÈÕ¡£
2¡¢Ö¤È¯´ÓÒµÄêÏ޵ļÆËã±ê×¼£º×ԲμÓ֤ȯÐÐÒµµÄÏà¹Ø¹¤×÷¿ªÊ¼¼ÆËã¡£
4.2 ¹ÜÀíÈ˶Ա¨¸æÆÚÄÚ±¾»ù½ðÔË×÷×ñ¹æÊØÐÅÇé¿öµÄ˵Ã÷
±¾±¨¸æÆÚÄÚ£¬±¾»ù½ð¹ÜÀíÈËÈÏÕæ×ñÑ¡¶ÖлªÈËÃñ¹²ºÍ¹ú֤ȯͶ×Ê»ù½ð·¨¡·¼°ÆäËûÓйط¨ÂÉ·¨¹æ¡¢»ù½ðºÏͬµÄ¹æ¶¨£¬±¾×ųÏʵÐÅÓá¢ÇÚÃ㾡ְµÄÔÔò¹ÜÀíºÍÔËÓûù½ð×ʲú£¬Ã»Óз¢ÉúË𺦻ù½ð·Ý¶î³ÖÓÐÈËÀûÒæµÄÐÐΪ¡£
4.3 ¹ÜÀíÈ˶Ա¨¸æÆÚÄÚ¹«Æ½½»Ò×Çé¿öµÄרÏî˵Ã÷
4.3.1 ¹«Æ½½»Ò×ÖƶȺͿØÖÆ·½·¨
¹«Ë¾¸ù¾ÝÖ¤¼à»á2011Äê·¢²¼µÄ¡¶Ö¤È¯Í¶×Ê»ù½ð¹ÜÀí¹«Ë¾¹«Æ½½»Ò×ÖƶÈÖ¸µ¼Òâ¼û¡·µÄ¾ßÌåÒªÇ󣬳ÖÐøÍêÉÆÁ˹«Ë¾Í¶×ʽ»Ò×ÒµÎñÁ÷³ÌºÍ¹«Æ½½»Ò×Öƶȡ£ÖƶȺÍÁ÷³Ì¸²¸ÇÁ˾³ÄÚÉÏÊйÉƱ¡¢Õ®È¯µÄÒ»¼¶Êг¡É깺¡¢¶þ¼¶Êг¡½»Ò×µÈͶ×ʹÜÀí»î¶¯£¬º¸ÇÁËÊÚȨ¡¢Ñо¿·ÖÎö¡¢Í¶×ʾö²ß¡¢½»Ò×Ö´ÐС¢Òµ¼¨ÆÀ¹ÀµÈͶ×ʹÜÀí»î¶¯Ïà¹ØµÄ¸÷¸ö»·½Ú¡£Í¬Ê±£¬¹«Ë¾Í¶×ʽ»Ò×ÒµÎñ×éÖ¯¼Ü¹¹±£Ö¤Á˸÷Ͷ×Ê×éºÏͶ×ʾö²ßÏà¶Ô¶ÀÁ¢£¬È·±£ÆäÔÚ»ñµÃͶ×ÊÐÅÏ¢¡¢Í¶×ʽ¨ÒéºÍʵʩͶ×ʾö²ß·½ÃæÏíÓй«Æ½µÄ»ú»á¡£Í¬Ê±£¬¹«Ë¾½¨Á¢ÁËÑϸñµÄͶ×ʽ»Ò×ÐÐΪ¼à¿ØÖƶȣ¬¹«Ë¾Í¶×ʽ»Ò×ÐÐΪ¼à¿ØÌåϵÓɽ»Ò×ÊÒ¡¢Í¶×ʲ¿¡¢¼à²ì»üºË²¿ºÍ·çÏÕ¹ÜÀí²¿×é³É£¬¸÷²¿ÃŸ÷˾ÆäÖ°£¬¶ÔͶ×ʽ»Ò×ÐÐΪ½øÐÐÊÂÇ°¡¢ÊÂÖкÍʺóµÄÈ«³Ì¼à¿Ø£¬±£Ö¤¹«Æ½½»Ò×ÖƶȵÄÖ´ÐкÍʵÏÖ¡£
4.3.2 ¹«Æ½½»Ò×ÖƶȵÄÖ´ÐÐÇé¿ö
±¨¸æÆÚÄÚ£¬¹«Ë¾Ñϸñ×ñÊØ·¨ÂÉ·¨¹æ¹ØÓÚ¹«Æ½½»Ò×µÄÏà¹Ø¹æ¶¨£¬È·±£±¾¹«Ë¾¹ÜÀíµÄ²»Í¬Í¶×Ê×éºÏÔÚÊÚȨ¡¢Ñо¿·ÖÎö¡¢Í¶×ʾö²ß¡¢½»Ò×Ö´ÐС¢Òµ¼¨ÆÀ¹ÀµÈͶ×ʹÜÀí»î¶¯ºÍ»·½ÚµÃµ½¹«Æ½¶Ô´ý¡£¸÷Ͷ×Ê×éºÏ¾ùÑϸñ°´ÕÕ·¨ÂÉ¡¢·¨¹æºÍ¹«Ë¾ÖƶÈÖ´ÐÐͶ×ʽ»Ò×£¬±£Ö¤¹«Æ½½»Ò×ÖƶȵÄÖ´ÐкÍʵÏÖ¡£
±¨¸æÆÚÄÚ£¬¶Ô¹«Ë¾ÆìÏÂËùÓÐͶ×Ê×éºÏµÄÕûÌåÊÕÒæÂʲîÒì¡¢·ÖͶ×ÊÀà±ð£¨¹ÉƱ¡¢Õ®È¯£©µÄÊÕÒæÂʲîÒì½øÐÐÁË·ÖÎö£¬²¢²É¼¯ÁËÁ¬ÐøËĸö¼¾¶ÈÆÚ¼äÄÚ¡¢²»Í¬Ê±¼ä´°Ï£¨ÈçÈÕÄÚ¡¢3ÈÕÄÚ¡¢5ÈÕÄÚ£©¹«Ë¾¹ÜÀíµÄ²»Í¬Í¶×Ê×éºÏͬÏò½»Ò×µÄÑù±¾£¬¶ÔÆä½øÐÐÁË95%ÖÃÐÅÇø¼ä£¬¼ÙÉèÒç¼ÛÂÊΪ0µÄT·Ö²¼¼ìÑ飬½áºÏ¸Ãʱ¼ä´°ÏÂ×éºÏ»¥ÏàÖ®¼äµÄÄ£ÄâÊäËͽð¶î¡¢¹±Ï׶ȡ¢½»Ò×Õ¼ÓűȵÈÖ¸±ê×ÛºÏÅжÏÊÇ·ñ´æÔÚ²»¹«Æ½½»Ò×»òÀûÒæÊäË͵ĿÉÄÜ¡£½á¹û±íÃ÷£¬±¨¸æÆÚÄÚ¹«Ë¾¶ÔÆìϸ÷Ͷ×Ê×éºÏ¹«Æ½¶Ô´ý£¬²»´æÔÚÀûÒæÊäË͵ÄÐÐΪ¡£
4.3.3 Òì³£½»Ò×ÐÐΪµÄרÏî˵Ã÷
±¾±¨¸æÆÚÄÚ£¬Î´·¢ÏÖ±¾»ù½ð½øÐпÉÄܵ¼Ö²»¹«Æ½½»Ò׺ÍÀûÒæÊäË͵ÄÒì³£½»Ò×£¬Î´·¢ÉúͶ×Ê×éºÏ²ÎÓëµÄ½»Ò×Ëù¹«¿ª¾º¼ÛͬÈÕ·´Ïò½»Ò׳ɽ»½ÏÉٵĵ¥±ß½»Ò×Á¿³¬¹ý¸Ã֤ȯµ±Èճɽ»Á¿µÄ5%µÄÇéÐΡ£
4.4 ¹ÜÀíÈ˶Ա¨¸æÆÚÄÚ»ù½ðµÄͶ×ʲßÂÔºÍÒµ¼¨±íÏÖµÄ˵Ã÷
4.4.1±¨¸æÆÚÄÚ»ù½ðͶ×ʲßÂÔºÍÔË×÷·ÖÎö
¾ÀúÁË2014¡¢2015Á½ÄêµÄÅ£ÊУ¬2016ÄêµÄծȯÊг¡±íÏÖ¿Éνһ²¨ÈýÕÛ£¬ÊÕÒæÂÊÏÈϺóÉÏ£¬×ÜÌåÕðµ´ÊÕµø¡£´Ó10ÄêÆÚ¹úÕ®µÄÊÕÒæÂÊ×ßÊÆ¿´¿ÉÒÔ½«2016ÄêµÄծȯÊг¡·ÖΪÈý¸ö½×¶Î£º1-5ÔÂÇø¼äÕ·ùÕðµ´£¬6-10ÔÂÊÕÒæÂÊÍ»ÆÆÏÂÐв¢´´ÏÂÀúʷеͣ¬11-12ÔÂÔò³öÏÖ¿Ö»ÅʽµÄ´ó·ùµ÷Õû¡£Ã¿Ò»½×¶Î±³ºó¶¼ÓÐÆä¶ÔÓ¦µÄÊг¡»·¾³ºÍÂß¼£¬¶øÆäÖÐÕþ²ßÒòËØÊǹᴩȫÄêµÄÖ÷µ¼ÒòËØ¡£¾ßÌå·Ö½×¶ÎÀ´¿´£¬Äê³õÕþ¸®ÎÈÔö³¤ÒâԸǿÁÒ£¬ÐÅ´ûͶ·Å¼Ó´ó£¬µØ²úÕþ²ß·ÅËÉ£¬ÑëÐнµµÍ×¼±¸½ðÂÊ£¬¾¼Ã³öÏÖ¶ÌÔÝ»ØÉý¡£ÕâÒ»½×¶ÎծȯÊÕÒæÂÊÇø¼äÕðµ´£¬Ö»ÊÇ4ÔÂÖÐÑ®ÊÜÎ¥Ô¼·çÏÕÀ©É¢Ó°Ï죬ÐÅÓÃÕ®³öÏÖÁËÒ»²¨µ÷Õû¡£5ÔÂÕþ²ß·çÏò³öÏÖת±ä£¬È¨ÍþÈËÊ¿½²»°ºóÕþ²ßÖØÐÄ´ÓÐèÇó²à´Ì¼¤×ªÎª¹©¸ø²à¸Ä¸ï£¬¹¤Òµ²ú³ö¡¢·¿µØ²úͶ×ÊÒÔ¼°³ö¿Ú·×·×³öÏÖ»ØÂ䣬ÐÅ´ûºÍÉçÈÚÒ²¿ªÊ¼Ï»¬¡£»õ±ÒÕþ²ßÔòά³ÖÎȽ¡Æ«¿íËÉ£¬ËäÈ»ÑëÐв¢Î´²ÉÈ¡½µ×¼½µÏ¢µÈÊֶΣ¬µ«ÊÇÁé»îÔËÓù«¿ªÊг¡²Ù×÷¡¢MLF¡¢SLF¡¢SLOµÈ¹¤¾ß½øÐлõ±ÒͶ·Å£¬×ʽðÃæÒÀ¾É¿íËÉ¡£ÕâʱµÄ¾¼ÃÕþ²ß»·¾³¿ªÊ¼¶ÔÕ®ÊбäµÃÓÐÀû£¬¶ø6ÔÂÏÂѮӢ¹úÍÑÅ·¹«Í¶Ôò³ÉΪÁËÕ®ÊеÄÖúȼ¼Á£¬±ÜÏÕÇéÐ÷ºÍ¶Ô»õ±Ò½øÒ»²½¿íËɵÄÔ¤ÆÚÍƶ¯ÁËÕ®ÊгöÏÖ¿ìËÙÉÏÕÇ¡£Óë´Ëͬʱ£¬Ëæ×ÅÀûÂʵÄ×ߵͣ¬ÒøÐÐ×ʲú³ö±í»¯¡¢Î¯ÍâͶ×ÊѸÃÍÀ©´ó£¬Õû¸ö½ðÈÚÌåϵµÄ¸Ü¸ËÓë×ʲú¼Û¸ñÕý·´À¡Ç¿»¯£¬¡°×ʲú»Ä¡±³ÉΪÊг¡Ö÷ÐýÂÉ¡£ÎÞÂÛÊdz¬³¤ÆÚÀûÂÊÕ®»¹ÊǵÍÆÀ¼¶ÐÅÓÃÕ®£¬Ö»ÒªÊÕÒæÂÊÏà¶Ô½Ï¸ß£¬¶¼³ÉΪÊг¡²©È¡ÊÕÒæµÄ¶ÔÏó£¬ÆÚÏÞÀû²î¡¢ÐÅÓÃÀû²î±»³ÖÐøѹËõ¡£ÕâÒ»Çé¿öÓÚ8ÔÂÖÐÑ®µ½´ï¼«Ö£¬10ÄêÆÚ¹úÕ®Ò»¶È´ïµ½2.65%µÄÀúʷеͣ¬ÐÅÓÃÀû²îÒ²À´µ½Á˽üºõÀúÊ·×îµÍµÄ·Öλˮƽ¡£½øÈëËļ¾¶È£¬¹©¸ø²à¸Ä¸ïÈ¡µÃ³õ²½³ÉЧ£¬PPIÓɸº×ªÕý£¬ÆóÒµÓ¯Àû¸ÄÉÆ£¬¾¼ÃÆóÎÈ»ØÉý¡£¼øÓÚÃÀ¹ú¼ÓÏ¢Ô¤ÆÚ½¥½üÈËÃñ±Ò±áֵѹÁ¦¼Ó´óºÍ¹úÄÚÈÕÒæÔö³¤µÄµØ²úÅÝÄ£¬¹ÜÀí²ãÕþ²ßÖØÐÄתÏò¡°·À·çÏÕ¡±ºÍ¡°¼·ÅÝÄ¡±£¬Ò»·½ÃæÑϸñʵʩµØ²úµ÷¿Ø£¬ÁíÒ»·½Ãæ»õ±ÒÕþ²ß±ß¼ÊÊÕ½ô¡£ÑëÐÐͨ¹ý³ÖÐø¹«¿ªÊг¡¡°Ëø¶Ì·Å³¤¡±²Ù×÷£¬²»¶Ï̧Éý×ʽð³É±¾£¬²¢¼ÓÇ¿Àí²Æ¼à¹Ü¿¼ºË¡£Æð³õÊг¡²»ÒÔΪÒ⣬ÈÏΪµØ²úµ÷¿Ø»á¼Ó¾ç×ʲú»ÄºÍ¶Ô¾¼ÃµÄ±¯¹ÛÔ¤ÆÚ£¬10ÄêÆÚ¹úÕ®ÊÕÒæÂÊÓÚ10ÔÂÖÐÏÂÑ®Ôٴαƽü8Ô·ݵĵ͵㡣Ȼ¶ø½øÈë11Ô£¬¸ºÕ®¶ËµÄ¾çÁÒ²¨¶¯Ê¹µÃÔ±¾¾Í´àÈõµÄÊг¡¿ªÊ¼¼±×ªÖ±Ï£¬ÓÈÆäÔÚ11Ôµ××ʽðÃæ½ôÕżӾ磬»õ»ùÔâÓöÊê»Ø£¬¹úº£Ö¤È¯¡°´ú³ÖÎ¥Ô¼¡±Ê¼þ¸üÊÇÑ©ÉϼÓ˪£¬´óÁ¿¸Ü¸ËÅ̱»ÆÈÅ׳ö£¬10ÄêÆÚ¹ú¿ªÕ®ÊÕÒæÂÊÏà¶ÔÄêÄڵ͵ãÒ»¶ÈÉÏÐÐ100bps×óÓÒ¡£ÐÅÓÃÕ®Ò²ÄÑÒÔÐÒÃ⣬ÊÕÒæÂÊÒÔ¼°ÐÅÓÃÀû²î´ó·ùÉÏÉý£¬¶þ¼¶Êг¡Òà³É½»ÁÈÁÈ£¬Õ®ÊÐÁ÷¶¯ÐÔÊܵ½ÖØ´´¡£ÕâÒ»²¨Êг¡µ÷Õû³ÖÐøÁËÈýÖÜ£¬Ö±ÖÁ12ÔÂÏÂÑ®²ÅÔÚÑëÐеÄάÎÈϳöÏÖ»º½â£¬ËäȻʱ¼ä²»Ë㳤µ«µ÷Õû·ù¶ÈÖ®´ó²»ÑÇÓÚÈ¥ÄêµÄ¹ÉÔÖ£¬³ÁÖصĴò»÷ÁËÒ»Ö±´¦ÓÚÅ£ÊйßÐÔ˼άÖеÄծȯÊг¡¡£×ݹÛÈ«Äê±íÏÖ£¬1ÄêÆÚ¹úÕ®ÊÕÒæÂÊÉÏÐÐ35BP£¬10ÄêÆÚ¹úÕ®ÊÕÒæÂÊÉÏÐÐ19BP£¬3ÄêÆÚAA+ÖжÌÆÚƱ¾ÝÊÕÒæÂÊÉÏÐÐÔ¼68BP£¬Õ®ÊÐûÓÐÑÓÐøÇ°Á½ÄêµÄÅ£Êв½·¥¡£¿Éתծ·½Ã棬16ÄêµÄתծÊг¡¸üÊDZíÏÖ²»¼Ñ£¬ÖÐ֤תծָÊý»òÊÜÕý¹ÉÍÏÀÛ»òÊÜÁ÷¶¯ÐÔ³å»÷£¬ÓÚÄê³õ¡¢ÄêÖС¢ÄêÄ©Èý´Î̽µ×£¬È«Äêµø11.76%¡£
±¾»ù½ð×Ô³ÉÁ¢ÒÔÀ´£¬¼á³ÖÒÔ°²È«µæ¾ö¶¨·çÏÕ×ʲú²Öλ£¬Å¬Á¦Îª¿Í»§´´ÔìÎȶ¨µÄÊÕÒæ¡£´¿Õ®·½Ã棬±¾»ù½ðÑÏ¿ØÐÅÓ÷çÏÕ£¬ÒÔ³ÖÓÐƱϢΪÖ÷¡£ËäȻǰÆÚÊÕÒæÔö³¤½ÏÎȶ¨£¬µ«ÊÇ2016ÄêÄ©µÄծȯ´ó·ù»Øµ÷¶Ô±¾»ù½ð¾»Öµ²úÉúÁ˱ȽÏÃ÷ÏÔµÄÓ°Ïì¡£
4.4.2±¨¸æÆÚÄÚ»ù½ðµÄÒµ¼¨±íÏÖ
±¨¸æÆÚÄÚ£¬º£¸»Í¨¸»Ïé»ìºÏ»ù½ð¾»ÖµÔö³¤ÂÊΪ-0.30%£¬Í¬ÆÚÒµ¼¨±È½Ï»ù×¼ÊÕÒæÂÊΪ1.82%¡£
4.5 ¹ÜÀíÈ˶Ժê¹Û¾¼Ã¡¢Ö¤È¯Êг¡¼°ÐÐÒµ×ßÊƵļòÒªÕ¹Íû
¾¼Ã»ù±¾Ãæ¿´£¬2017Ä꾼ÿÉÄܼÌÐøά³ÖÈõÊÆƽÎÈ¡£ËäÈ»½üÆÚ¹¤ÒµÔö³¤¡¢¹Ì¶¨×ʲúͶ×ʽ׶ÎÐÔ»ØÉý£¬Ò»¼¾¶È¾¼ÃÔöËÙÈÔÄÜά³ÖÔڽϸßˮƽ£¬µ«ÖÐÆÚ¿´²¹¿â´æÍƶ¯ÊÇ·ñÄÜ·¢Õ¹ÎªÐèÇóÍƶ¯ÈÔ´æÔڽϴó²»È·¶¨ÐÔ£¬ÓÈÆäÊǾÀúÑÏÀ÷µ÷¿ØºóµÄµØ²úͶ×ÊÇé¿ö¡¢²ÆÕþ¶Ô»ù½¨µÄÖ§³ÖÁ¦¶È¡¢PPPµÄÂäµØÇé¿öµÈ¶¼»¹Óдý¹Û²ì¡£Èç¹ûÐèÇóÎÞ·¨»Ö¸´£¬Ï°ëÄê¾¼ÃÒÀÈ»ÃæÁÙ»ØÂäѹÁ¦¡£Í¨ÕÍ·½Ã棬2017ÄêͨÕÍÖÐÊàÉÏÒÆÊÇ´ó¸ÅÂÊʼþ¡£PPI»ØÉý¶ÔCPIµÄ´«µ¼¡¢ÖØÒª×ÊÔ´Æ·¼Û¸ñÉÏÕÇ´øÀ´¿ÉÄܵÄÊäÈëÐÔͨÕͶ¼Ê¹µÃͨÕÍÔ¤ÆÚ̧Éý£¬µ«Ä¿Ç°¿´»¹²»¾ß±¸È«ÃæͨÕ͵ÄÌõ¼þ¡£»õ±ÒÕþ²ß·½Ã棬2016ÄêÏ°ëÄêÒÔÀ´»õ±ÒÕþ²ßÃæÁÙ»ãÂʱáÖµ¡¢½ðÈÚÈ¥¸Ü¸Ë¡¢µØ²úÈ¥ÅÝĵĶàÖØѹÁ¦£¬»õ±ÒÕþ²ß±ß¼ÊÊÕ½ô£¬Õâһ״̬¿ÉÄÜÈÔ»á³ÖÐø½Ï³¤Ò»¶Îʱ¼ä¡£µ«ÊÇ£¬»õ±ÒÕþ²ßÈÔÊÇ·þÎñÓÚ¹úÄÚ¾¼Ã£¬Ëæ×űáֵѹÁ¦µÄÖð²½ÊÍ·Å£¬»õ±ÒÕþ²ß¿ÉÄÜ»ñµÃ¸ü¶àµÄ¶ÀÁ¢ÐÔ£¬½ìʱ½«ÊÓ¹úÄÚ¾¼ÃºÍͨÕÍˮƽÀ´Ñ¡ÔñÕþ²ßÆ«½ô»òÊÇÆ«ËÉ¡£×ÜÌå¿´£¬2017µÄÕ®Êл·¾³¿ÉÄÜÓë½ñÄêÀàËÆ£¬Ç÷ÊÆÐÔ²»Ç¿¡¢Ô¤Æڱ仯¿ì£¬Ö÷ÒªÔÒò»¹ÊÇÔÚÓÚ¹ÜÀí²ãÕþ²ßÖØÐĵÄÒ¡°Ú¡£2017ÄêÏ°ëÄêÓÀ´¡°Ê®¾Å´ó¡±£¬½ìʱ¿ÉÄÜÈ·Á¢Î´À´µÄÕþ²ßÖØÐÄ£¬µ«ÔÚ´Ë֮ǰÊг¡¿ÉÄÜÈÔÑÓÐøÇø¼ä²¨¶¯µÄÌØÕ÷¡£ÁíÍâÈ«Çò¾¼ÃÕþÖεIJ»Îȶ¨¼Ó¾ç¡¢²»È·¶¨ÒòËØÔö¶àÒ²ÊÇÖØÒªµÄÈŶ¯ÒòËØ£¬ÓÈÆäÊÇÃÀ¹ú»»½ìºóµÄ¾¼ÃºÍ»õ±ÒÕþ²ßÖ±½ÓÓ°ÏìÁËÈ«Çò·çÏÕÆ«ºÃºÍ×ʽðµÄÁ÷Ïò£¬¶ÔÎÒ¹ú¾¼ÃºÍ×ʱ¾Êг¡Ò²ÓÐÖØÒªÓ°Ïì¡£ÔÚ´Ë»·¾³Ï£¬ÎÒÃǶÔ2017ÄêÕ®Êб£³ÖÖÐÐÔ¿´·¨£¬·çÏպͻú»á¹²´æ£¬¾¼ÃºÍÕþ²ßµÄÔ¤ÆÚ²î»òÊÇͶ×Ê»ú»áµÄËùÔÚ¡£´ÓÆ·ÖÖÉÏ¿´£¬½á¹¹ÐÔ»ú»áÏÂÀûÂÊÕ®ÒÀ¾ÉÊÇÐԼ۱ȽϺõIJ¨¶ÎÆ·ÖÖ£¬¿ÉÔñ»ú²ÎÓë¡£ÐÅÓÃÕ®ÐÅÓÃÀû²î¹ýյľÖÃæÒÑÓÐËù¸ÄÉÆ£¬µ«±£»¤ÒÀÈ»²»×㣬¿ÉÄÜÓнøÒ»²½×ßÀ©µÄ·çÏÕ£¬Ðè¸ü¶à¹Ø×¢ÅäÖÃʱµã¡£¿ÉתծÕûÌå¹ÀÖµÓÐËùѹËõ£¬¼Û¸ñ´¦ÓÚÀúÊ·µ×²¿£¬¿É¿¼ÂÇ»ý¼«²¼¾Ö¡£
2017ÄêȨÒæÊг¡µÄ»ú»áÔÚ¾Àú2016Äê´óµøºó´ó¸ÅÂÊ»áÓÐËùºÃת£¬¶ø´¿Õ®·½ÃæÔ¤ÆÚ²¨¶¯»á½Ï´ó£¬µ«ÔÚÏ°ëÄê¿ÉÄÜ»áÓлú»á¡£±¾»ù½ð½«¼ÌÐøÔÚȨÒæºÍתծ·½Ãæ»ý¼«²Ù×÷£¬´¿Õ®·½ÃæÑÏ¿ØÐÅÓ÷çÏÕ£¬Ö÷¶¯²Ù×÷ΪÖ÷£¬×¥×¡¿ÉÄܵIJ¨¶¯»ú»á£¬Å¬Á¦ÎªÍ¶×ÊÕß´´Ôì½ÏºÃµÄÊÕÒæ¡£
4.6 ¹ÜÀíÈ˶Ա¨¸æÆÚÄÚ»ù½ð¹ÀÖµ³ÌÐòµÈÊÂÏîµÄ˵Ã÷
±¾»ù½ð¹ÜÀíÈËÉèÁ¢¹ÀֵίԱ»á£¬Î¯Ô±»á³ÉÔ±¾ßÓÐ3 ÄêÒÔÉϵĻù½ð¼°Ïà¹ØÐÐÒµ¹¤×÷¾Ñ顢רҵ¼¼Êõ¼¼ÄÜ£¬²¢ÇÒÄܹ»ÔÚ¹ÀֵίԱ»áÏà¹Ø¹¤×÷Öб£³Ö¶ÀÁ¢ÐÔ¡£¹ÀֵίԱ»á¸ºÔðÖƶ¨¡¢¸üб¾»ù½ð¹ÜÀíÈ˹ÜÀíµÄ»ù½ðµÄ¹ÀÖµÕþ²ßºÍ³ÌÐò¡£
¹ÀֵίԱ»áÏÂÉè¹ÀÖµ¹¤×÷С×é¡£¹ÀÖµ¹¤×÷С×é³ä·ÖÌýÈ¡Ïà¹Ø²¿ÃŵĽ¨Ò飬²¢ºÍÏà¹ØÍйÜÈ˳ä·ÖÐÉ̺ó£¬Ïò¹ÀֵίԱ»áÌá½»¹ÀÖµ½¨Ò鱨¸æÒÔ¼°¹ÀÖµÕþ²ßºÍ³ÌÐòÆÀ¹À±¨¸æ£¬ÒÔ±ã¹ÀֵίԱ»á¾ö²ß¡£
¹ÀÖµÕþ²ß¾¹ÀֵίԱ»áÉóÔÄͬÒ⣬²¢¾±¾¹«Ë¾×ܲð칫»áÅú×¼ºóʵʩ¡£
»ù½ð»á¼Æ²¿°´ÕÕÅú×¼ºóµÄ¹ÀÖµÕþ²ß½øÐйÀÖµ¡£
³ýÁËͶ×Ê×ܼàÍ⣬ÆäËû»ù½ð¾Àí²»ÊǹÀֵίԱ»áºÍ¹ÀÖµ¹¤×÷С×éµÄ³ÉÔ±£¬²»²ÎÓë¹ÀÖµÕþ²ßµÄ¾ö²ß¡£µ«ÊǶÔÓÚ·Ç»îԾͶ×ÊÆ·ÖÖ£¬»ù½ð¾Àí¿ÉÒÔÏò¹ÀÖµ¹¤×÷С×éÌṩ¹ÀÖµ½¨Òé¡£
ÉÏÊö²ÎÓë¹ÀÖµÁ÷³Ì¸÷·½Ö®¼äÎÞÈκÎÖØ´óÀûÒæ³åÍ»¡£
¶ÔÓÚÔÚ½»Ò×ËùÉÏÊеÄ֤ȯ£¬²ÉÓý»Ò×Ëù·¢²¼µÄÐÐÇéÐÅÏ¢À´¹ÀÖµ¡£¶ÔÓڹ̶¨ÊÕÒæÆ·ÖÖ£¬²ÉÓÃ֤ȯͶ×Ê»ù½ð¹ÀÖµ¹¤×÷С×éÃâ·ÑÌṩµÄ¹Ì¶¨ÊÕÒæÆ·ÖֵĹÀÖµ´¦Àí±ê×¼¡£
4.7 ¹ÜÀíÈ˶Ա¨¸æÆÚÄÚ»ù½ðÀûÈó·ÖÅäÇé¿öµÄ˵Ã÷
¸ù¾Ý»ù½ðºÏͬµÄ¹æ¶¨£¬ÔÚ·ûºÏÓйػù½ð·ÖºìÌõ¼þµÄÇ°ÌáÏ£¬»ù½ð¹ÜÀíÈ˿ɶԱ¾»ù½ð½øÐлù½ð·Öºì£¬»ù½ðÊÕÒæ·ÖÅäºó»ù½ð·Ý¶î¾»Öµ²»ÄܵÍÓÚÃæÖµ¡£
±¾»ù½ð±¾±¨¸æÆÚÄÚδ½øÐÐÀûÈó·ÖÅ䣬µ«·ûºÏ»ù½ðºÏͬ¹æ¶¨¡£
4.8 ±¨¸æÆÚÄÚ¹ÜÀíÈ˶Ա¾»ù½ð³ÖÓÐÈËÊý»ò»ù½ð×ʲú¾»ÖµÔ¤¾¯ÇéÐεÄ˵Ã÷
±¾»ù½ð±¾±¨¸æÆÚÎÞÐèҪ˵Ã÷µÄÇéÐΡ£
¡ì5 ÍйÜÈ˱¨¸æ
5.1 ±¨¸æÆÚÄÚ±¾»ù½ðÍйÜÈË×ñ¹æÊØÐÅÇé¿öÉùÃ÷
±¾±¨¸æÆÚÄÚ£¬±¾»ù½ðÍйÜÈËÔÚ¶Ôº£¸»Í¨¸»Ïé»ìºÏÐÍ֤ȯͶ×Ê»ù½ðµÄÍйܹý³ÌÖУ¬Ñϸñ×ñÊØ¡¶Ö¤È¯Í¶×Ê»ù½ð·¨¡·¼°ÆäËû·¨ÂÉ·¨¹æºÍ»ù½ðºÏͬµÄÓйع涨£¬²»´æÔÚÈκÎË𺦻ù½ð·Ý¶î³ÖÓÐÈËÀûÒæµÄÐÐΪ£¬ÍêÈ«¾¡Ö°¾¡ÔðµØÂÄÐÐÁË»ù½ðÍйÜÈËÓ¦¾¡µÄÒåÎñ¡£
5.2 ÍйÜÈ˶Ա¨¸æÆÚÄÚ±¾»ù½ðͶ×ÊÔË×÷×ñ¹æÊØÐÅ¡¢¾»Öµ¼ÆËã¡¢ÀûÈó·ÖÅäµÈÇé¿öµÄ˵Ã÷
±¾±¨¸æÆÚÄÚ£¬º£¸»Í¨¸»Ïé»ìºÏÐÍ֤ȯͶ×Ê»ù½ðµÄ¹ÜÀíÈË¡ª¡ªº£¸»Í¨»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾ÔÚº£¸»Í¨¸»Ïé»ìºÏÐÍ֤ȯͶ×Ê»ù½ðµÄͶ×ÊÔË×÷¡¢»ù½ð×ʲú¾»Öµ¼ÆËã¡¢»ù½ð·Ý¶îÉ깺Êê»Ø¼Û¸ñ¼ÆËã¡¢»ù½ð·ÑÓÿªÖ§µÈÎÊÌâÉÏ£¬²»´æÔÚÈκÎË𺦻ù½ð·Ý¶î³ÖÓÐÈËÀûÒæµÄÐÐΪ£¬ÔÚ¸÷ÖØÒª·½ÃæµÄÔË×÷Ñϸñ°´ÕÕ»ù½ðºÏͬµÄ¹æ¶¨½øÐС£±¾±¨¸æÆÚÄÚ£¬º£¸»Í¨¸»Ïé»ìºÏÐÍ֤ȯͶ×Ê»ù½ðδ½øÐÐÀûÈó·ÖÅä¡£
5.3 ÍйÜÈ˶Ա¾Äê¶È±¨¸æÖвÆÎñÐÅÏ¢µÈÄÚÈݵÄÕæʵ¡¢×¼È·ºÍÍêÕû·¢±íÒâ¼û
±¾ÍйÜÈËÒÀ·¨¶Ôº£¸»Í¨»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾±àÖƺÍÅû¶µÄº£¸»Í¨¸»Ïé»ìºÏÐÍ֤ȯͶ×Ê»ù½ð2016ÄêÄê¶È±¨¸æÖвÆÎñÖ¸±ê¡¢¾»Öµ±íÏÖ¡¢ÀûÈó·ÖÅäÇé¿ö¡¢²ÆÎñ»á¼Æ±¨¸æ¡¢Í¶×Ê×éºÏ±¨¸æµÈÄÚÈݽøÐÐÁ˺˲飬ÒÔÉÏÄÚÈÝÕæʵ¡¢×¼È·ºÍÍêÕû¡£
¡ì6 Éó¼Æ±¨¸æ
ÆÕ»ªÓÀµÀÖÐÌì»á¼ÆʦÊÂÎñËù(ÌØÊâÆÕͨºÏ»ï)Ϊ±¾»ù½ð³ö¾ßÁ˱ê×¼ÎÞ±£ÁôÒâ¼ûµÄÉó¼Æ±¨¸æ¡£
Ͷ×ÊÕß¿Éͨ¹ýÄê¶È±¨¸æÕýÎIJ鿴Éó¼Æ±¨¸æÈ«ÎÄ¡£
¡ì7 Äê¶È²ÆÎñ±¨±í
7.1 ×ʲú¸ºÕ®±í
»á¼ÆÖ÷Ì壺º£¸»Í¨¸»Ïé»ìºÏÐÍ֤ȯͶ×Ê»ù½ð
±¨¸æ½ØÖ¹ÈÕ£º2016Äê12ÔÂ31ÈÕ
µ¥Î»£ºÈËÃñ±ÒÔª
×ʲú
±¾ÆÚÄ©
2016Äê12ÔÂ31ÈÕ
×Ê ²ú£º
ÒøÐдæ¿î
5,112,270.82
½áË㱸¸¶½ð
5,554,255.48
´æ³ö±£Ö¤½ð
48,724.19
½»Ò×ÐÔ½ðÈÚ×ʲú
361,332,257.38
ÆäÖУº¹ÉƱͶ×Ê
6,538,941.00
»ù½ðͶ×Ê
-
ծȯͶ×Ê
354,793,316.38
×ʲúÖ§³Ö֤ȯͶ×Ê
-
¹ó½ðÊôͶ×Ê
-
ÑÜÉú½ðÈÚ×ʲú
-
ÂòÈë·µÊÛ½ðÈÚ×ʲú
-
Ó¦ÊÕ֤ȯÇåËã¿î
1,072,758.47
Ó¦ÊÕÀûÏ¢
4,120,955.27
Ó¦ÊÕ¹ÉÀû
-
Ó¦ÊÕÉ깺¿î
-
µÝÑÓËùµÃË°×ʲú
-
ÆäËû×ʲú
-
×ʲú×ܼÆ
377,241,221.61
¸ºÕ®ºÍËùÓÐÕßȨÒæ
±¾ÆÚÄ©
2016Äê12ÔÂ31ÈÕ
¸º Õ®£º
¶ÌÆÚ½è¿î
-
½»Ò×ÐÔ½ðÈÚ¸ºÕ®
-
ÑÜÉú½ðÈÚ¸ºÕ®
-
Âô³ö»Ø¹º½ðÈÚ×ʲú¿î
43,000,000.00
Ó¦¸¶Ö¤È¯ÇåËã¿î
-
Ó¦¸¶Êê»Ø¿î
1,097,683.09
Ó¦¸¶¹ÜÀíÈ˱¨³ê
346,106.04
Ó¦¸¶ÍйܷÑ
57,684.33
Ó¦¸¶ÏúÊÛ·þÎñ·Ñ
-
Ó¦¸¶½»Ò×·ÑÓÃ
80,596.49
Ó¦½»Ë°·Ñ
-
Ó¦¸¶ÀûÏ¢
1,052.01
Ó¦¸¶ÀûÈó
-
µÝÑÓËùµÃË°¸ºÕ®
-
ÆäËû¸ºÕ®
200,756.70
¸ºÕ®ºÏ¼Æ
44,783,878.66
ËùÓÐÕßȨÒ棺
ʵÊÕ»ù½ð
333,310,366.36
δ·ÖÅäÀûÈó
-853,023.41
ËùÓÐÕßȨÒæºÏ¼Æ
332,457,342.95
¸ºÕ®ºÍËùÓÐÕßȨÒæ×ܼÆ
377,241,221.61
×¢£º1¡¢±¨¸æ½ØÖ¹ÈÕ2016Äê12ÔÂ31ÈÕ£¬»ù½ð·Ý¶î¾»Öµ0.997Ôª£¬»ù½ð·Ý¶î×ܶî333,310,366.36·Ý¡£
2¡¢»ù½ðºÏͬ³ÉÁ¢ÓÚ2016Äê7ÔÂ27ÈÕ£¬ÉÏÄê¶È¿É±ÈÇø¼äÎޱȽÏÊý¾Ý¡£
7.2 ÀûÈó±í
»á¼ÆÖ÷Ì壺º£¸»Í¨¸»Ïé»ìºÏÐÍ֤ȯͶ×Ê»ù½ð
±¾±¨¸æÆÚ£º2016Äê7ÔÂ27ÈÕ£¨»ù½ðºÏͬÉúЧÈÕ£©ÖÁ2016Äê12ÔÂ31ÈÕ
µ¥Î»£ºÈËÃñ±ÒÔª
씀±¾ÆÚ
2016Äê7ÔÂ27ÈÕ£¨»ù½ðºÏͬÉúЧÈÕ£©ÖÁ2016Äê12ÔÂ31ÈÕ
Ò»¡¢ÊÕÈë
2,922,852.02
1.ÀûÏ¢ÊÕÈë
5,002,897.20
ÆäÖУº´æ¿îÀûÏ¢ÊÕÈë
141,977.18
ծȯÀûÏ¢ÊÕÈë
4,175,217.03
×ʲúÖ§³Ö֤ȯÀûÏ¢ÊÕÈë
-
ÂòÈë·µÊÛ½ðÈÚ×ʲúÊÕÈë
685,702.99
ÆäËûÀûÏ¢ÊÕÈë
-
2.Ͷ×ÊÊÕÒ棨ËðʧÒÔ¡°-¡±ÌîÁУ©
2,494,925.93
ÆäÖУº¹ÉƱͶ×ÊÊÕÒæ
507,302.53
»ù½ðͶ×ÊÊÕÒæ
-
ծȯͶ×ÊÊÕÒæ
1,987,623.40
×ʲúÖ§³Ö֤ȯͶ×ÊÊÕÒæ
-
¹ó½ðÊôͶ×ÊÊÕÒæ
-
ÑÜÉú¹¤¾ßÊÕÒæ
-
¹ÉÀûÊÕÒæ
-
3.¹«ÔʼÛÖµ±ä¶¯ÊÕÒ棨ËðʧÒÔ¡°-¡±ºÅÌîÁУ©
-5,329,325.35
4.»ã¶ÒÊÕÒ棨ËðʧÒÔ¡°-¡±ºÅÌîÁУ©
-
5.ÆäËûÊÕÈ루ËðʧÒÔ¡°-¡±ºÅÌîÁУ©
754,354.24
¼õ£º¶þ¡¢·ÑÓÃ
3,313,013.06
1£®¹ÜÀíÈ˱¨³ê
2,188,218.80
2£®ÍйܷÑ
364,703.15
3£®ÏúÊÛ·þÎñ·Ñ
-
4£®½»Ò×·ÑÓÃ
202,649.13
5£®ÀûÏ¢Ö§³ö
353,681.98
ÆäÖУºÂô³ö»Ø¹º½ðÈÚ×ʲúÖ§³ö
353,681.98
6£®ÆäËû·ÑÓÃ
203,760.00
Èý¡¢ÀûÈó×ܶ¿÷Ëð×ܶîÒÔ¡°-¡±ºÅÌîÁУ©
-390,161.04
¼õ£ºËùµÃË°·ÑÓÃ
-
ËÄ¡¢¾»ÀûÈ󣨾»¿÷ËðÒÔ¡°-¡±ºÅÌîÁУ©
-390,161.04
×¢£º»ù½ðºÏͬ³ÉÁ¢ÓÚ2016Äê7ÔÂ27ÈÕ£¬ÉÏÄê¶È¿É±ÈÇø¼äÎޱȽÏÊý¾Ý¡£
7.3 ËùÓÐÕßȨÒ棨»ù½ð¾»Öµ£©±ä¶¯±í
»á¼ÆÖ÷Ì壺º£¸»Í¨¸»Ïé»ìºÏÐÍ֤ȯͶ×Ê»ù½ð
±¾±¨¸æÆÚ£º2016Äê7ÔÂ27ÈÕ£¨»ù½ðºÏͬÉúЧÈÕ£©ÖÁ2016Äê12ÔÂ31ÈÕ
µ¥Î»£ºÈËÃñ±ÒÔª
씀±¾ÆÚ
2016Äê7ÔÂ27ÈÕ£¨»ù½ðºÏͬÉúЧÈÕ£©ÖÁ2016Äê12ÔÂ31ÈÕ
ʵÊÕ»ù½ð
δ·ÖÅäÀûÈó
ËùÓÐÕßȨÒæºÏ¼Æ
Ò»¡¢ÆÚ³õËùÓÐÕßȨÒ棨»ù½ð¾»Öµ£©
553,450,494.23
-
553,450,494.23
¶þ¡¢±¾ÆÚ¾Óª»î¶¯²úÉúµÄ»ù½ð¾»Öµ±ä¶¯Êý£¨±¾ÆÚÀûÈó£©
-
-390,161.04
-390,161.04
Èý¡¢±¾ÆÚ»ù½ð·Ý¶î½»ÒײúÉúµÄ»ù½ð¾»Öµ±ä¶¯Êý£¨¾»Öµ¼õÉÙÒÔ¡°-¡±ºÅÌîÁУ©
-220,140,127.87
-462,862.37
-220,602,990.24
ÆäÖУº1.»ù½ðÉ깺¿î
503,572.91
3,132.89
506,705.80
2.»ù½ðÊê»Ø¿î
-220,643,700.78
-465,995.26
-221,109,696.04
ËÄ¡¢±¾ÆÚÏò»ù½ð·Ý¶î³ÖÓÐÈË·ÖÅäÀûÈó²úÉúµÄ»ù½ð¾»Öµ±ä¶¯£¨¾»Öµ¼õÉÙÒÔ¡°-¡±ºÅÌîÁУ©
-
-
-
Îå¡¢ÆÚÄ©ËùÓÐÕßȨÒ棨»ù½ð¾»Öµ£©
333,310,366.36
-853,023.41
332,457,342.95
×¢£º»ù½ðºÏͬ³ÉÁ¢ÓÚ2016Äê7ÔÂ27ÈÕ£¬ÉÏÄê¶È¿É±ÈÇø¼äÎޱȽÏÊý¾Ý¡£
±¨±í¸½×¢Îª²ÆÎñ±¨±íµÄ×é³É²¿·Ö¡£
±¾±¨¸æ7.1ÖÁ7.4£¬²ÆÎñ±¨±íÓÉÏÂÁиºÔðÈËÇ©Êð£º
»ù½ð¹ÜÀíÈ˸ºÔðÈË£ºÕÅÎÄ࣬Ö÷¹Ü»á¼Æ¹¤×÷¸ºÔðÈË£ºÌÕÍøÐÛ£¬»á¼Æ»ú¹¹¸ºÔðÈË£ººúÕýÍò
7.4 ±¨±í¸½×¢
7.4.1 »ù½ð»ù±¾Çé¿ö
º£¸»Í¨¸»Ïé»ìºÏÐÍ֤ȯͶ×Ê»ù½ð(ÒÔϼò³Æ¡°±¾»ù½ð¡±)¾Öйú֤ȯ¼à¶½¹ÜÀíίԱ»á(ÒÔϼò³Æ¡°ÖйúÖ¤¼à»á¡±)Ö¤¼àÐí¿É[2016]974ºÅÎÄ¡¶¹ØÓÚ×¼Ó躣¸»Í¨¸»Ïé»ìºÏÐÍ֤ȯͶ×Ê»ù½ð×¢²áµÄÅú¸´¡·×¢²á,Óɺ£¸»Í¨»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾ÒÀÕÕ¡¶ÖлªÈËÃñ¹²ºÍ¹ú֤ȯͶ×Ê»ù½ð·¨¡·ºÍ¡¶º£¸»Í¨¸»Ïé»ìºÏÐÍ֤ȯͶ×Ê»ù½ð»ù½ðºÏͬ¡·¹«¿ªÄ¼¼¯¡£±¾»ù½ðΪÆõÔ¼ÐÍ¿ª·Åʽ,´æÐøÆÚÏÞ²»¶¨,Ê×´ÎÉèÁ¢Ä¼¼¯²»°üÀ¨ÈϹº×ʽðÀûÏ¢¹²Ä¼¼¯ÈËÃñ±Ò553,256,676.39Ôª,Òµ¾ÆÕ»ªÓÀµÀÖÐÌì»á¼ÆʦÊÂÎñËù(ÌØÊâÆÕͨºÏ»ï)ÆÕ»ªÓÀµÀÖÐÌìÑé×Ö(2016)µÚ992ºÅÑé×ʱ¨¸æÓèÒÔÑéÖ¤¡£¾ÏòÖйúÖ¤¼à»á±¸°¸,¡¶º£¸»Í¨¸»Ïé»ìºÏÐÍ֤ȯͶ×Ê»ù½ð»ù½ðºÏͬ¡·ÓÚ2016Äê7ÔÂ27ÈÕÕýʽÉúЧ,»ù½ðºÏͬÉúЧÈյĻù½ð·Ý¶î×ܶîΪ553,450,494.23·Ý»ù½ð·Ý¶î,ÆäÖÐÈϹº×ʽ