»ù½ð¹ÜÀíÈË£º½¨ÐÅ»ù½ð¹ÜÀíÓÐÏÞÔðÈι«Ë¾
»ù½ðÍйÜÈË£ºÖйúÒøÐйɷÝÓÐÏÞ¹«Ë¾
ËͳöÈÕÆÚ£º2020Äê 4Ô 29ÈÕ
½¨ÐÅÈ«Çò×ÊÔ´»ìºÏ(QDII)2019ÄêÄê¶È±¨¸æ
µÚ 2Ò³ ¹² 65Ò³
¡ì1 ÖØÒªÌáʾ¼°Ä¿Â¼
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®¶þÒÔ
É϶ÀÁ¢¶ÊÂÇ©×ÖͬÒ⣬²¢Óɶʳ¤Ç©·¢¡£
»ù½ðÍйÜÈËÖйúÒøÐйɷÝÓÐÏÞ¹«Ë¾¸ù¾Ý±¾»ù½ðºÏͬ¹æ¶¨£¬ÓÚ 2020Äê 4Ô 27ÈÕ¸´ºËÁ˱¾±¨¸æ
ÖеIJÆÎñÖ¸±ê¡¢¾»Öµ±íÏÖ¡¢ÀûÈó·ÖÅäÇé¿ö¡¢²ÆÎñ»á¼Æ±¨¸æ¡¢Í¶×Ê×éºÏ±¨¸æµÈÄÚÈÝ£¬±£Ö¤¸´ºËÄÚÈÝ
²»´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£
±¾±¨¸æÖеIJÆÎñ×ÊÁϾÉó¼Æ£¬°²ÓÀ»ªÃ÷»á¼ÆʦÊÂÎñËù£¨ÌØÊâÆÕͨºÏ»ï£©Îª±¾»ù½ð³ö¾ßÁ˱ê×¼
ÎÞ±£ÁôÒâ¼ûµÄÉó¼Æ±¨¸æ£¬ÇëͶ×ÊÕß×¢ÒâÔĶÁ¡£
±¾±¨¸æÆÚ×Ô 2019Äê 1Ô 1ÈÕÆðÖÁ 12Ô 31ÈÕÖ¹¡£
½¨ÐÅÈ«Çò×ÊÔ´»ìºÏ(QDII)2019ÄêÄê¶È±¨¸æ
µÚ 3Ò³ ¹² 65Ò³
1.2 Ŀ¼
¡ì1 ÖØÒªÌáʾ¼°Ä¿Â¼ ...........................................................................................................................2
1.1 ÖØÒªÌáʾ .........................................................................................................................................2
1.2 Ŀ¼ .................................................................................................................................................3
¡ì2 »ù½ð¼ò½é ......................................................................................................................................5
2.1 »ù½ð»ù±¾Çé¿ö .................................................................................................................................5
2.2 »ù½ð²úƷ˵Ã÷ .................................................................................................................................5
2.3 »ù½ð¹ÜÀíÈ˺ͻù½ðÍйÜÈË ..............................................................................................................5
2.4 ¾³ÍâͶ×ʹËÎʺ;³Íâ×ʲúÍйÜÈË ..................................................................................................6
2.5 ÐÅÏ¢Åû¶·½Ê½ .................................................................................................................................6
2.6 ÆäËûÏà¹Ø×ÊÁÏ .................................................................................................................................6
¡ì3 Ö÷Òª²ÆÎñÖ¸±ê¡¢»ù½ð¾»Öµ±íÏÖ¼°ÀûÈó·ÖÅäÇé¿ö ..........................................................................6
3.1 Ö÷Òª»á¼ÆÊý¾ÝºÍ²ÆÎñÖ¸±ê ..............................................................................................................6
3.2 »ù½ð¾»Öµ±íÏÖ .................................................................................................................................7
3.3 ÆäËûÖ¸±ê .........................................................................................................................................8
3.4 ¹ýÈ¥ÈýÄê»ù½ðµÄÀûÈó·ÖÅäÇé¿ö ......................................................................................................9
¡ì4 ¹ÜÀíÈ˱¨¸æ ...................................................................................................................................9
4.1 »ù½ð¹ÜÀíÈ˼°»ù½ð¾ÀíÇé¿ö ..........................................................................................................9
4.2 ¾³ÍâͶ×ʹËÎÊΪ±¾»ù½ðÌṩͶ×ʽ¨ÒéµÄÖ÷Òª³ÉÔ±¼ò½é ............................................................12
4.3 ¹ÜÀíÈ˶Ա¨¸æÆÚÄÚ±¾»ù½ðÔË×÷×ñ¹æÊØÐÅÇé¿öµÄ˵Ã÷ ................................................................12
4.4 ¹ÜÀíÈ˶Ա¨¸æÆÚÄÚ¹«Æ½½»Ò×Çé¿öµÄרÏî˵Ã÷ ............................................................................12
4.5 ¹ÜÀíÈ˶Ա¨¸æÆÚÄÚ»ù½ðµÄͶ×ʲßÂÔºÍÒµ¼¨±íÏÖµÄ˵Ã÷ ............................................................13
4.6 ¹ÜÀíÈ˶Ժê¹Û¾¼Ã¡¢Ö¤È¯Êг¡¼°ÐÐÒµ×ßÊƵļòÒªÕ¹Íû ............................................................14
4.7 ¹ÜÀíÈËÄÚ²¿Óйر¾»ù½ðµÄ¼à²ì»üºË¹¤×÷Çé¿ö ............................................................................14
4.8 ¹ÜÀíÈ˶Ա¨¸æÆÚÄÚ»ù½ð¹ÀÖµ³ÌÐòµÈÊÂÏîµÄ˵Ã÷ ........................................................................15
4.9 ¹ÜÀíÈ˶Ա¨¸æÆÚÄÚ»ù½ðÀûÈó·ÖÅäÇé¿öµÄ˵Ã÷ ............................................................................16
4.10 ±¨¸æÆÚÄÚ¹ÜÀíÈ˶Ա¾»ù½ð³ÖÓÐÈËÊý»ò»ù½ð×ʲú¾»ÖµÔ¤¾¯ÇéÐεÄ˵Ã÷ ..................................16
¡ì5 ÍйÜÈ˱¨¸æ .................................................................................................................................16
5.1 ±¨¸æÆÚÄÚ±¾»ù½ðÍйÜÈË×ñ¹æÊØÐÅÇé¿öÉùÃ÷ ................................................................................16
5.2 ÍйÜÈ˶Ա¨¸æÆÚÄÚ±¾»ù½ðͶ×ÊÔË×÷×ñ¹æÊØÐÅ¡¢¾»Öµ¼ÆËã¡¢ÀûÈó·ÖÅäµÈÇé¿öµÄ˵Ã÷ .............16
5.3 ÍйÜÈ˶Ա¾Äê¶È±¨¸æÖвÆÎñÐÅÏ¢µÈÄÚÈݵÄÕæʵ¡¢×¼È·ºÍÍêÕû·¢±íÒâ¼û ................................17
¡ì6 Éó¼Æ±¨¸æ .....................................................................................................................................17
6.1 Éó¼Æ±¨¸æ»ù±¾ÐÅÏ¢ .......................................................................................................................17
6.2 Éó¼Æ±¨¸æµÄ»ù±¾ÄÚÈÝ ...................................................................................................................17
¡ì7 Äê¶È²ÆÎñ±¨±í .............................................................................................................................19
7.1 ×ʲú¸ºÕ®±í ...................................................................................................................................19
7.2 ÀûÈó±í ...........................................................................................................................................20
7.3 ËùÓÐÕßȨÒ棨»ù½ð¾»Öµ£©±ä¶¯±í ................................................................................................21
7.4 ±¨±í¸½×¢ .......................................................................................................................................23
½¨ÐÅÈ«Çò×ÊÔ´»ìºÏ(QDII)2019ÄêÄê¶È±¨¸æ
µÚ 4Ò³ ¹² 65Ò³
¡ì8 Ͷ×Ê×éºÏ±¨¸æ .............................................................................................................................49
8.1 ÆÚÄ©»ù½ð×ʲú×éºÏÇé¿ö ................................................................................................................49
8.2 ÆÚÄ©ÔÚ¸÷¸ö¹ú¼Ò£¨µØÇø£©Ö¤È¯Êг¡µÄȨÒæͶ×Ê·Ö²¼ ................................................................50
8.3 ÆÚÄ©°´ÐÐÒµ·ÖÀàµÄȨÒæͶ×Ê×éºÏ ................................................................................................50
8.4 ÆÚÄ©°´¹«ÔʼÛÖµÕ¼»ù½ð×ʲú¾»Öµ±ÈÀý´óСÅÅÐòµÄËùÓÐȨÒæͶ×ÊÃ÷ϸ ....................................50
8.5 ±¨¸æÆÚÄÚȨÒæͶ×Ê×éºÏµÄÖØ´ó±ä¶¯ ............................................................................................52
8.6 ÆÚÄ©°´Õ®È¯ÐÅÓõȼ¶·ÖÀàµÄծȯͶ×Ê×éºÏ ................................................................................54
8.7 ÆÚÄ©°´¹«ÔʼÛÖµÕ¼»ù½ð×ʲú¾»Öµ±ÈÀý´óСÅÅÃûµÄÇ°ÎåÃûծȯͶ×ÊÃ÷ϸ ................................55
8.8 ÆÚÄ©°´¹«ÔʼÛÖµÕ¼»ù½ð×ʲú¾»Öµ±ÈÀý´óСÅÅÃûµÄËùÓÐ×ʲúÖ§³Ö֤ȯͶ×ÊÃ÷ϸ ....................55
8.9 ÆÚÄ©°´¹«ÔʼÛÖµÕ¼»ù½ð×ʲú¾»Öµ±ÈÀý´óСÅÅÃûµÄÇ°ÎåÃû½ðÈÚÑÜÉúƷͶ×ÊÃ÷ϸ ....................55
8.10 ÆÚÄ©°´¹«ÔʼÛÖµÕ¼»ù½ð×ʲú¾»Öµ±ÈÀý´óСÅÅÐòµÄÇ°Ê®Ãû»ù½ðͶ×ÊÃ÷ϸ ..............................55
8.11 Ͷ×Ê×éºÏ±¨¸æ¸½×¢ .....................................................................................................................55
¡ì9 »ù½ð·Ý¶î³ÖÓÐÈËÐÅÏ¢ ..................................................................................................................56
9.1 ÆÚÄ©»ù½ð·Ý¶î³ÖÓÐÈË»§Êý¼°³ÖÓÐÈ˽ṹ ....................................................................................56
9.2 ÆÚÄ©»ù½ð¹ÜÀíÈ˵ĴÓÒµÈËÔ±³ÖÓб¾»ù½ðµÄÇé¿ö ........................................................................56
9.3 ÆÚÄ©»ù½ð¹ÜÀíÈ˵ĴÓÒµÈËÔ±³ÖÓб¾¿ª·Åʽ»ù½ð·Ý¶î×ÜÁ¿Çø¼äÇé¿ö ........................................56
¡ì10 ¿ª·Åʽ»ù½ð·Ý¶î±ä¶¯ ................................................................................................................57
¡ì11 ÖØ´óʼþ½Òʾ ...........................................................................................................................57
11.1 »ù½ð·Ý¶î³ÖÓÐÈË´ó»á¾öÒé ..........................................................................................................57
11.2 »ù½ð¹ÜÀíÈË¡¢»ù½ðÍйÜÈ˵ÄרÃÅ»ù½ðÍйܲ¿ÃŵÄÖØ´óÈËʱ䶯 ..........................................57
11.3 Éæ¼°»ù½ð¹ÜÀíÈË¡¢»ù½ð²Æ²ú¡¢»ù½ðÍйÜÒµÎñµÄËßËÏ ..............................................................57
11.4 »ù½ðͶ×ʲßÂԵĸıä .................................................................................................................58
11.5 Ϊ»ù½ð½øÐÐÉó¼ÆµÄ»á¼ÆʦÊÂÎñËùÇé¿ö ......................................................................................58
11.6 ¹ÜÀíÈË¡¢ÍйÜÈ˼°Æä¸ß¼¶¹ÜÀíÈËÔ±ÊÜ»ü²é»ò´¦·£µÈÇé¿ö ......................................................58
11.7 »ù½ð×âÓÃ֤ȯ¹«Ë¾½»Ò×µ¥ÔªµÄÓйØÇé¿ö ..................................................................................58
11.8 ÆäËûÖØ´óʼþ .............................................................................................................................63
¡ì12 Ó°ÏìͶ×ÊÕß¾ö²ßµÄÆäËûÖØÒªÐÅÏ¢ .............................................................................................64
12.1 ±¨¸æÆÚÄÚµ¥Ò»Í¶×ÊÕß³ÖÓлù½ð·Ý¶î±ÈÀý´ïµ½»ò³¬¹ý 20%µÄÇé¿ö ..........................................64
12.2 Ó°ÏìͶ×ÊÕß¾ö²ßµÄÆäËûÖØÒªÐÅÏ¢ ..............................................................................................65
¡ì13 ±¸²éÎļþĿ¼ ...........................................................................................................................65
13.1 ±¸²éÎļþĿ¼ .............................................................................................................................65
13.2 ´æ·ÅµØµã .....................................................................................................................................65
13.3 ²éÔÄ·½Ê½ .....................................................................................................................................65
½¨ÐÅÈ«Çò×ÊÔ´»ìºÏ(QDII)2019ÄêÄê¶È±¨¸æ
µÚ 5Ò³ ¹² 65Ò³
¡ì2 »ù½ð¼ò½é
2.1 »ù½ð»ù±¾Çé¿ö
»ù½ðÃû³Æ ½¨ÐÅÈ«Çò×ÊÔ´»ìºÏÐÍ֤ȯͶ×Ê»ù½ð
»ù½ð¼ò³Æ ½¨ÐÅÈ«Çò×ÊÔ´»ìºÏ(QDII)
»ù½ðÖ÷´úÂë 539003
»ù½ðÔË×÷·½Ê½ ÆõÔ¼ÐÍ¿ª·Åʽ
»ù½ðºÏͬÉúЧÈÕ 2012Äê 6Ô 26ÈÕ
»ù½ð¹ÜÀíÈË ½¨ÐÅ»ù½ð¹ÜÀíÓÐÏÞÔðÈι«Ë¾
»ù½ðÍйÜÈË ÖйúÒøÐйɷÝÓÐÏÞ¹«Ë¾
±¨¸æÆÚÄ©»ù½ð·Ý¶î×ܶî 25,371,623.48·Ý
»ù½ðºÏͬ´æÐøÆÚ ²»¶¨ÆÚ
2.2 »ù½ð²úƷ˵Ã÷
Ͷ×ÊÄ¿±ê ͨ¹ýÈ«Çò»¯µÄ×ʲúÅäÖúÍ×éºÏ¹ÜÀí£¬ÓÅÑ¡×ÊÔ´ÀàÏà¹ØÐÐÒµµÄ¹ÉƱ½ø
ÐÐͶ×Ê£¬ÔÚ¿ØÖÆ·çÏÕµÄͬʱ£¬×·Çó»ù½ð×ʲúµÄ³¤ÆÚÔöÖµ¡£
Ͷ×ʲßÂÔ ±¾»ù½ðÔÚͶ×ʲßÂÔ·½Ã棬½«²ÉÈ¡×ÔÉ϶øϵÄ×ʲúÅäÖÃÓë×Ô϶øÉϵÄ
֤ȯѡÔñÏà½áºÏ¡¢¶¨Á¿Ñо¿Ó붨ÐÔÑо¿Ïà½áºÏ¡¢×éºÏ¹¹½¨Óë·çÏÕ¿Ø
ÖÆÏà½áºÏµÈ¶àÖÖ·½Ê½½øÐÐͶ×Ê×éºÏµÄ¹¹½¨¡£
Òµ¼¨±È½Ï»ù×¼ 50%¡ÁMSCIÈ«ÇòÄÜÔ´ÐÐÒµ¾»×ÜÊÕÒæÖ¸ÊýÊÕÒæÂÊ£¨
MSCI ACWI Energy Net Total Return Index£©£«50%¡ÁMSCI
È«ÇòÔ²ÄÁÏÐÐÒµ¾»×ÜÊÕÒæÖ¸ÊýÊÕÒæÂÊ£¨
MSCI ACWI Material Net Total Return Index£©¡£
·çÏÕÊÕÒæÌØÕ÷ ±¾»ù½ðÊôÓÚ»ìºÏÐÍ֤ȯͶ×Ê»ù½ð£¬ÆäÔ¤ÆÚÊÕÒæ¼°Ô¤ÆÚ·çÏÕˮƽµÍÓÚ
¹ÉƱÐÍ»ù½ð,¸ßÓÚծȯÐÍ»ù½ðºÍ»õ±ÒÊг¡»ù½ð,ÊôÓÚÖиßÊÕÒæ/·çÏÕ
ÌØÕ÷µÄ»ù½ð¡£
2.3 »ù½ð¹ÜÀíÈ˺ͻù½ðÍйÜÈË
ÏîÄ¿ »ù½ð¹ÜÀíÈË »ù½ðÍйÜÈË
Ãû³Æ ½¨ÐÅ»ù½ð¹ÜÀíÓÐÏÞÔðÈι«Ë¾ ÖйúÒøÐйɷÝÓÐÏÞ¹«Ë¾
ÐÕÃû ÎâÊïÃ÷ Ðí¿¡
ÁªÏµµç»° 010-66228888 010-66594319
ÐÅÏ¢Åû¶
¸ºÔðÈË
µç×ÓÓÊÏä xinxipilu@ccbfund.cn fcid@bankofchina.com
¿Í»§·þÎñµç»° 400-81-95533 010-66228000 95566
´«Õæ 010-66228001 010-66594942
×¢²áµØÖ· ±±¾©ÊÐÎ÷³ÇÇø½ðÈÚ´ó½Ö 7ºÅÓ¢À¶
¹ú¼Ê½ðÈÚÖÐÐÄ 16²ã
±±¾©ÊÐÎ÷³ÇÇø¸´ÐËÃÅÄÚ´ó½Ö 1ºÅ
°ì¹«µØÖ· ±±¾©ÊÐÎ÷³ÇÇø½ðÈÚ´ó½Ö 7ºÅÓ¢À¶
¹ú¼Ê½ðÈÚÖÐÐÄ 16²ã
±±¾©ÊÐÎ÷³ÇÇø¸´ÐËÃÅÄÚ´ó½Ö 1ºÅ
ÓÊÕþ±àÂë 100033 100818
·¨¶¨´ú±íÈË ËïÖ¾³¿ ÁõÁ¬ô´
½¨ÐÅÈ«Çò×ÊÔ´»ìºÏ(QDII)2019ÄêÄê¶È±¨¸æ
µÚ 6Ò³ ¹² 65Ò³
2.4 ¾³ÍâͶ×ʹËÎʺ;³Íâ×ʲúÍйÜÈË
ÏîÄ¿ ¾³ÍâͶ×ʹËÎÊ ¾³Íâ×ʲúÍйÜÈË
Ó¢
ÎÄ
Principal Global Investors, LLC.
Brown Brothers Harriman & C
o.
Ãû³Æ
ÖÐ
ÎÄ
ÐÅ°²»·ÇòͶ×ÊÓÐÏÞ¹«Ë¾ ²¼ÀÊÐֵܹþÀïÂüÒøÐÐ
×¢²áµØÖ·
801 Grand Avenue, Des Moines,
IA 50392-0490
140 Broadway New York
°ì¹«µØÖ·
801 Grand Avenue, Des Moines,
IA 50392-0490
140 Broadway New York
ÓÊÕþ±àÂë IA 50392-0490 NY10005
2.5 ÐÅÏ¢Åû¶·½Ê½
±¾»ù½ðÑ¡¶¨µÄÐÅÏ¢Åû¶±¨Ö½Ãû³Æ
¡¶ÉϺ£Ö¤È¯±¨¡·
µÇÔØ»ù½ðÄê¶È±¨¸æÕýÎĵĹÜÀíÈË»¥ÁªÍøÍøÖ· http://www.ccbfund.cn
»ù½ðÄê¶È±¨¸æ±¸Öõص㠻ù½ð¹ÜÀíÈ˺ͻù½ðÍйÜÈ˵ÄסËù
2.6 ÆäËûÏà¹Ø×ÊÁÏ
ÏîÄ¿ Ãû³Æ °ì¹«µØÖ·
»á¼ÆʦÊÂÎñËù
°²ÓÀ»ªÃ÷»á¼ÆʦÊÂÎñËù£¨ÌØÊâ
ÆÕͨºÏ»ï£©
±±¾©Êж«³ÇÇø¶«³¤°²½Ö 1ºÅ¶«·½¹ã³¡°²ÓÀ´óÂ¥
17²ã 01-12ÊÒ
×¢²áµÇ¼Ç»ú¹¹ ½¨ÐÅ»ù½ð¹ÜÀíÓÐÏÞÔðÈι«Ë¾
±±¾©ÊÐÎ÷³ÇÇø½ðÈÚ´ó½Ö 7ºÅÓ¢À¶¹ú¼Ê½ðÈÚÖÐÐÄ
16²ã
¡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 2019Äê 2018Äê 2017Äê
±¾ÆÚÒÑʵÏÖÊÕÒæ 600,516.18 -269,249.42 475,263.38
±¾ÆÚÀûÈó 3,577,478.91 -3,113,450.71 2,593,325.11
¼ÓȨƽ¾ù»ù½ð·Ý¶î±¾ÆÚÀûÈó 0.1228 -0.1017 0.0719
±¾ÆÚ¼ÓȨƽ¾ù¾»ÖµÀûÈóÂÊ 14.21% -11.39% 8.70%
±¾ÆÚ»ù½ð·Ý¶î¾»ÖµÔö³¤ÂÊ 15.33% -10.46% 11.26%
3.1.2 ÆÚÄ©Êý¾ÝºÍÖ¸±ê 2019ÄêÄ© 2018ÄêÄ© 2017ÄêÄ©
ÆÚÄ©¿É¹©·ÖÅäÀûÈó -2,718,129.60 -6,369,254.50 -3,440,916.89
ÆÚÄ©¿É¹©·ÖÅä»ù½ð·Ý¶îÀûÈó -0.1071 -0.2039 -0.1184
ÆÚÄ©»ù½ð×ʲú¾»Öµ 23,279,325.24 24,862,825.28 25,825,438.17
ÆÚÄ©»ù½ð·Ý¶î¾»Öµ 0.918 0.796 0.889
½¨ÐÅÈ«Çò×ÊÔ´»ìºÏ(QDII)2019ÄêÄê¶È±¨¸æ
µÚ 7Ò³ ¹² 65Ò³
3.1.3 ÀÛ¼ÆÆÚÄ©Ö¸±ê 2019ÄêÄ© 2018ÄêÄ© 2017ÄêÄ©
»ù½ð·Ý¶îÀۼƾ»ÖµÔö³¤ÂÊ -5.29% -17.87% -8.28%
×¢:1¡¢±¾ÆÚÒÑʵÏÖÊÕÒæÖ¸»ù½ð±¾ÆÚÀûÏ¢ÊÕÈ롢Ͷ×ÊÊÕÒæ¡¢ÆäËûÊÕÈ루²»º¬¹«ÔʼÛÖµ±ä¶¯ÊÕÒ棩¿Û
³ýÏà¹Ø·ÑÓúóµÄÓà¶î£¬±¾ÆÚÀûÈóΪ±¾ÆÚÒÑʵÏÖÊÕÒæ¼ÓÉϱ¾ÆÚ¹«ÔʼÛÖµ±ä¶¯ÊÕÒæ¡£
2¡¢ÆÚÄ©¿É¹©·ÖÅäÀûÈóµÄ¼ÆËã·½·¨£ºÈç¹ûÆÚĩδ·ÖÅäÀûÈóµÄδʵÏÖ²¿·ÖΪÕýÊý£¬ÔòÆÚÄ©¿É¹©·Ö
ÅäÀûÈóµÄ½ð¶îΪÆÚĩδ·ÖÅäÀûÈóµÄÒÑʵÏÖ²¿·Ö£»Èç¹ûÆÚĩδ·ÖÅäÀûÈóµÄδʵÏÖ²¿·ÖΪ¸ºÊý£¬ÔòÆÚ
Ä©¿É¹©·ÖÅäÀûÈóµÄ½ð¶îΪÆÚĩδ·ÖÅäÀûÈó£¨ÒÑʵÏÖ²¿·ÖÏàµÖδʵÏÖ²¿·Ö£©¡£
3¡¢ËùÊö»ù½ðÒµ¼¨Ö¸±ê²»°üÀ¨³ÖÓÐÈËÈϹº»ò½»Ò×»ù½ðµÄ¸÷Ïî·ÑÓ㬼ÆÈë·ÑÓúóʵ¼ÊÊÕÒæˮƽҪ
µÍÓÚËùÁÐÊý×Ö¡£
3.2 »ù½ð¾»Öµ±íÏÖ
3.2.1 »ù½ð·Ý¶î¾»ÖµÔö³¤Âʼ°ÆäÓëͬÆÚÒµ¼¨±È½Ï»ù×¼ÊÕÒæÂʵıȽÏ
½×¶Î
·Ý¶î¾»Öµ
Ôö³¤ÂÊ¢Ù
·Ý¶î¾»Öµ
Ôö³¤Âʱê
×¼²î¢Ú
Òµ¼¨±È½Ï»ù
×¼ÊÕÒæÂÊ¢Û
Òµ¼¨±È½Ï»ù×¼
ÊÕÒæÂʱê×¼²î¢Ü
¢Ù£¢Û ¢Ú£¢Ü
¹ýÈ¥Èý¸öÔ 5.88% 0.82% 4.94% 0.79% 0.94% 0.03%
¹ýÈ¥Áù¸öÔ 3.03% 0.83% 3.61% 0.79% -0.58% 0.04%
¹ýÈ¥Ò»Äê 15.33% 0.82% 18.16% 0.78% -2.83% 0.04%
¹ýÈ¥ÈýÄê 14.89% 0.86% 17.80% 0.78% -2.91% 0.08%
¹ýÈ¥ÎåÄê -0.54% 1.09% 34.16% 1.02%
-34.70
%
0.07%
×Ô»ù½ðºÏͬ
ÉúЧÆðÖÁ½ñ
-5.29% 1.00% 44.07% 0.97%
-49.36
%
0.03%
×¢:±¾»ù½ðµÄÒµ¼¨±È½Ï»ù׼Ϊ£º50%¡ÁMSCIÈ«ÇòÄÜÔ´ÐÐÒµ¾»×ÜÊÕÒæÖ¸ÊýÊÕÒæÂÊ£¨
MSCI ACWI Energy Net Total Return Index£©£«50%¡ÁMSCIÈ«ÇòÔ²ÄÁÏÐÐÒµ¾»×ÜÊÕÒæÖ¸Êý
ÊÕÒæÂÊ£¨MSCI ACWI Material Net Total Return Index£©¡£MSCIÊÇÈ«ÇòÁìÏȵÄÖ¸Êý¹«Ë¾£¬
¾ßÓг¬¹ý 40ÄêµÄ¼ÆËã±àÖƹú¼Ê¹ÉƱָÊýµÄ·á¸»¾Ñ飬MSCIÈ«ÇòÖ¸ÊýϵÁÐ×Ô±àÖÆÒÔÀ´£¬ÒѾ³ÉΪ
¹ú¼Ê´óÐÍ»ú¹¹Í¶×ÊÕß¼°¸÷ÖÖýÌå¹ã·ºÊ¹ÓõÄÒµ¼¨±È½Ï»ù×¼¡£MSCIÈ«ÇòÄÜÔ´ÐÐÒµ¾»×ÜÊÕÒæÖ¸ÊýºÍ
MSCIÈ«ÇòÔ²ÄÁÏÐÐÒµ¾»×ÜÊÕÒæÖ¸ÊýÊÇ MSCIÈ«ÇòÖ¸ÊýϵÁÐÖеÄÁ½¸öÐÐÒµÖ¸Êý£¬MSCIÈ«ÇòÖ¸ÊýϵÁÐ
µÄ±àÖÆ·½·¨×ñѿ͹ۡ¢¹æÔòΪ±¾ºÍ×ÔÓÉÁ÷ͨÊÐÖµ¼ÓȨµÄÔÔò£¬´Ó¶øʹ¸ÃÖ¸ÊýϵÁÐÄܹ»²¶×½µ½¸üΪ
¹ã·ºµÄͶ×Ê»ú»á£¬Ö¸ÊýµÄά»¤ºÍµ÷Õû¹«¿ªÍ¸Ã÷£¬Âú×ãÁËͶ×ÊÕßÔÚʹÓøÃÖ¸ÊýϵÁÐʱµÄ²»Í¬ÐèÇó£»
MSCIÈ«ÇòÖ¸ÊýϵÁоßÓÐÈ«ÃæÏèʵµÄÀúÊ·Êý¾Ý£¬°üÀ¨Ö¸Êý²ãÃæÊý¾Ý¡¢³É·Ý¹É²ãÃæÊý¾ÝºÍ¸÷ÖÖ¹ÀÖµÊý
¾Ý£¬Îª·ÖÎöÑо¿È«ÇòÊг¡ÌṩÁËÓÐÁ¦Ö§³Ö£»MSCIÈ«ÇòÖ¸ÊýϵÁÐÄܼ°Ê±·´Ó³¹«Ë¾Ê¼þºÍÊг¡±ä»¯£¬
ÿÄê 4´ÎµÄÖ¸ÊýÉóºË¼°Ã¿ÈյĹ«Ë¾Ê¼þÉóÒé±£Ö¤ÁËÖ¸Êý¼°Ê±×¼È··´Ó³Êг¡±ä»¯¡£
½¨ÐÅÈ«Çò×ÊÔ´»ìºÏ(QDII)2019ÄêÄê¶È±¨¸æ
µÚ 8Ò³ ¹² 65Ò³
3.2.2 ×Ô»ù½ðºÏͬÉúЧÒÔÀ´»ù½ð·Ý¶îÀۼƾ»ÖµÔö³¤Âʱ䶯¼°ÆäÓëͬÆÚÒµ¼¨±È½Ï»ù×¼
ÊÕÒæÂʱ䶯µÄ±È½Ï
×¢:±¾±¨¸æÆÚ£¬±¾»ù½ðͶ×Ê×éºÏ±ÈÀý·ûºÏ»ù½ðºÏͬҪÇó¡£
3.2.3 ¹ýÈ¥ÎåÄê»ù½ðÿÄê¾»ÖµÔö³¤Âʼ°ÆäÓëͬÆÚÒµ¼¨±È½Ï»ù×¼ÊÕÒæÂʵıȽÏ
3.3 ÆäËûÖ¸±ê
ÎÞ¡£
½¨ÐÅÈ«Çò×ÊÔ´»ìºÏ(QDII)2019ÄêÄê¶È±¨¸æ
µÚ 9Ò³ ¹² 65Ò³
3.4 ¹ýÈ¥ÈýÄê»ù½ðµÄÀûÈó·ÖÅäÇé¿ö
ÎÞ¡£
¡ì4 ¹ÜÀíÈ˱¨¸æ
4.1 »ù½ð¹ÜÀíÈ˼°»ù½ð¾ÀíÇé¿ö
4.1.1 »ù½ð¹ÜÀíÈ˼°Æä¹ÜÀí»ù½ðµÄ¾Ñé
¾ÖйúÖ¤¼à»áÖ¤¼à»ù½ð×Ö[2005]158ºÅÎÄÅú×¼£¬½¨ÐÅ»ù½ð¹ÜÀíÓÐÏÞÔðÈι«Ë¾³ÉÁ¢ÓÚ 2005Äê 9
Ô 19ÈÕ£¬×¢²á×ʱ¾ 2ÒÚÔª¡£Ä¿Ç°¹«Ë¾µÄ¹É¶«ÎªÖйú½¨ÉèÒøÐйɷÝÓÐÏÞ¹«Ë¾¡¢ÐÅ°²½ðÈÚ·þÎñ¹«Ë¾¡¢
Öйú»ªµç¼¯ÍÅ×ʱ¾¿Ø¹ÉÓÐÏÞ¹«Ë¾£¬ÆäÖÐÖйú½¨ÉèÒøÐйɷÝÓÐÏÞ¹«Ë¾³ö×ʶîÕ¼×¢²á×ʱ¾µÄ 65%£¬ÐÅ
°²½ðÈÚ·þÎñ¹«Ë¾³ö×ʶîÕ¼×¢²á×ʱ¾µÄ 25%£¬Öйú»ªµç¼¯ÍÅ×ʱ¾¿Ø¹ÉÓÐÏÞ¹«Ë¾³ö×ʶîÕ¼×¢²á×ʱ¾ 10%
¡£
¹«Ë¾ÏÂÉè×ۺϹÜÀí²¿¡¢È¨ÒæͶ×ʲ¿¡¢¹Ì¶¨ÊÕÒæͶ×ʲ¿¡¢½ðÈÚ¹¤³Ì¼°Ö¸ÊýͶ×ʲ¿¡¢×¨»§Í¶×ʲ¿¡¢
º£ÍâͶ×ʲ¿¡¢×ʲúÅäÖü°Á¿»¯Í¶×ʲ¿¡¢½»Òײ¿¡¢Ñо¿²¿¡¢´´Ð·¢Õ¹²¿¡¢Êг¡ÓªÏú²¿¡¢×¨»§Àí²Æ²¿¡¢
»ú¹¹ÒµÎñ²¿¡¢ÍøÂç½ðÈÚ²¿¡¢ÈËÁ¦×ÊÔ´¹ÜÀí²¿¡¢»ù½ð»á¼Æ²¿¡¢×¢²áµÇ¼Ç²¿¡¢²ÆÎñ¹ÜÀí²¿¡¢½ðÈڿƼ¼
²¿¡¢Í¶×Ê·çÏÕ¹ÜÀí²¿¡¢ÄڿغϹ沿ºÍÉó¼Æ²¿£¬ÒÔ¼°ÉîÛÚ¡¢³É¶¼¡¢ÉϺ£¡¢±±¾©¡¢¹ãÖÝÎå¼Ò·Ö¹«Ë¾ºÍ
»ª¶«¡¢Î÷±±¡¢¶«±±¡¢Î人¡¢ÄϾ©Îå¸öÓªÏúÖÐÐÄ£¬²¢ÔÚÉϺ£ÉèÁ¢ÁË×Ó¹«Ë¾--½¨ÐÅ×ʱ¾¹ÜÀíÓÐÏÞÔðÈÎ
¹«Ë¾¡£×Ô³ÉÁ¢ÒÔÀ´£¬¹«Ë¾±ü³Ö¡°´´Ð¡¢³ÏÐÅ¡¢×¨Òµ¡¢ÎȽ¡¡¢¹²Ó®¡±µÄºËÐļÛÖµ¹Û£¬ã¡ÊØ¡°³ÖÓÐÈË
ÀûÒæÖØÓÚ̩ɽ¡±µÄÔÔò£¬ÒÔ¡°Éƽ¨²Æ¸» Ïà°é³É³¤¡±Îª³ç¸ßʹÃü£¬¼á³Ö¹æ·¶ÔË×÷£¬ÖÂÁ¦³ÉΪ¡°¿É
ÐÅÀµµÄ²Æ¸»¹ÜÀíר¼Ò ×ʲú¹ÜÀíÐÐÒµµÄÁìÅÜÕß¡±¡£
½ØÖÁ 2019Äê 12Ô 31ÈÕ£¬¹«Ë¾ÆìÏÂÓн¨Ðźã¾Ã¼ÛÖµ»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÓÅÑ¡³É³¤»ìºÏ
ÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐźËÐľ«Ñ¡»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÄÚÉú¶¯Á¦»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅ
Ë«Àû²ßÂÔÖ÷Ìâ·Ö¼¶¹ÉƱÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÉç»áÔðÈλìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÓÅÊƶ¯Á¦»ìºÏ
ÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©¡¢½¨ÐÅ´´ÐÂÖйú»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐŸĸïºìÀû¹ÉƱÐÍ֤ȯͶ×Ê»ù½ð
¡¢ÉîÖ¤»ù±¾Ãæ 60½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ð¼°ÆäÁª½Ó»ù½ð¡¢ÉÏÖ¤Éç»áÔðÈν»Ò×ÐÍ¿ª·Åʽ֤ȯ
Ͷ×ÊÖ¸Êý»ù½ð¼°ÆäÁª½Ó»ù½ð¡¢½¨ÐÅ»¦Éî 300Ö¸Êý֤ȯͶ×Ê»ù½ð£¨LOF£©¡¢½¨ÐÅÉîÖ¤ 100Ö¸ÊýÔöÇ¿ÐÍ
֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÖÐÖ¤ 500Ö¸ÊýÔöÇ¿ÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÑëÊӲƾ 50Ö¸Êý·Ö¼¶·¢Æðʽ֤ȯͶ
×Ê»ù½ð¡¢½¨ÐÅÈ«Çò»úÓö»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÐÂÐËÊг¡ÓÅÑ¡»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÈ«Çò
×ÊÔ´»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÓÅ»¯ÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅ»ý¼«ÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù
½ð¡¢½¨ÐźãÎȼÛÖµ»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÏû·ÑÉý¼¶»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÁé»îÅäÖûìºÏ
½¨ÐÅÈ«Çò×ÊÔ´»ìºÏ(QDII)2019ÄêÄê¶È±¨¸æ
µÚ 10Ò³ ¹² 65Ò³
ÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐŽ¡¿µÃñÉú»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÎȶ¨ÔöÀûծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅ
ÊÕÒæÔöǿծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅ´¿Õ®Õ®È¯ÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅ°²ÐĻر¨¶¨ÆÚ¿ª·ÅծȯÐÍÖ¤
ȯͶ×Ê»ù½ð¡¢½¨ÐÅË«Ï¢ºìÀûծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅתծÔöǿծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅË«Õ®
ÔöǿծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅ°²ÐĻر¨ 6¸öÔ¶¨ÆÚ¿ª·ÅծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÎȶ¨ÌíÀûÕ®
ȯÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÐÅÓÃÔöǿծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÖÜÓ¯°²ÐÄÀí²ÆծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢
½¨ÐÅË«ÖÜ°²ÐÄÀí²ÆծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÔÂÓ¯°²ÐÄÀí²ÆծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅË«Ô°²ÐÄ
Àí²ÆծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐżÎн±¦»õ±ÒÊг¡»ù½ð¡¢½¨ÐÅ»õ±ÒÊг¡»ù½ð¡¢½¨ÐÅÖÐСÅÌÏÈ·æ¹ÉƱ
ÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅDZÁ¦ÐÂÀ¶³ï¹ÉƱÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÏÖ½ðÌíÀû»õ±ÒÊг¡»ù½ð¡¢½¨ÐÅÎȶ¨
µÃÀûծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅî£Ó¯Áé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÐÅÏ¢²úÒµ¹ÉƱÐÍ֤ȯͶ
×Ê»ù½ð¡¢½¨ÐÅÎȽ¡»Ø±¨Áé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅ»·±£²úÒµ¹ÉƱÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅ
öΰ²»Ø±¨Áé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅо¼ÃÁé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅöηá»Ø
±¨Áé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅ»¥ÁªÍø+²úÒµÉý¼¶¹ÉƱÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅ´ó°²È«Õ½ÂÔ¾«
Ñ¡¹ÉƱÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨Ðž«¹¤ÖÆÔìÖ¸ÊýÔöÇ¿ÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅöÎÀûÁé»îÅäÖûìºÏÐÍ֤ȯ
Ͷ×Ê»ù½ð¡¢½¨ÐÅÎȶ¨·áÀûծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÔ£ÀûÁé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨Ðźë
ÀûÁé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅî£âù´¿Õ®Õ®È¯ÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÏÖ´ú·þÎñÒµ¹ÉƱÐÍÖ¤
ȯͶ×Ê»ù½ð¡¢½¨ÐÅ»ãÀûÁé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÐËÀûÁé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢
½¨ÐÅÏÖ½ðÔöÀû»õ±ÒÊг¡»ù½ð¡¢½¨ÐŶàÒò×ÓÁ¿»¯¹ÉƱÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÏÖ½ðÌíÒæ½»Ò×ÐÍ»õ±ÒÊÐ
³¡»ù½ð¡¢½¨ÐÅ·áÔ£¶à²ßÂÔÁé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©¡¢½¨ÐÅÌìÌíÒæ»õ±ÒÊг¡»ù½ð¡¢½¨ÐÅ
Èð·áÌíÀû»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨Ðź㰲һÄ궨ÆÚ¿ª·ÅծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅî£Ïí´¿Õ®Õ®È¯
ÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐźãÈðÒ»Ä궨ÆÚ¿ª·ÅծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐźãÔ¶Ò»Ä궨ÆÚ¿ª·ÅծȯÐÍÖ¤
ȯͶ×Ê»ù½ð¡¢½¨ÐÅ»´¿Õ®Õ®È¯ÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅöÎÈٻر¨Áé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢
½¨ÐÅÎȶ¨öÎÀûծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅöÎÈð»Ø±¨Áé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÖйúÖÆÔì
2025¹ÉƱÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÃñ·á»Ø±¨¶¨ÆÚ¿ª·Å»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÈð¸£ÌíÀû»ìºÏÐÍÖ¤
ȯͶ×Ê»ù½ð¡¢½¨ÐŸ߶ËÒ½ÁƹÉƱÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÖÐÖ¤Õþ²ßÐÔ½ðÈÚÕ® 1-3ÄêÖ¸Êý֤ȯͶ×Ê»ù
½ð£¨LOF£©¡¢½¨ÐÅÖÐÖ¤Õþ²ßÐÔ½ðÈÚÕ® 8-10ÄêÖ¸Êý֤ȯͶ×Ê»ù½ð£¨LOF£©¡¢½¨ÐŽ¨ÐÅÁ¿»¯Ê¼þÇý¶¯¹É
ƱÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐŸ£Ôó°²Ì©»ìºÏÐÍ»ù½ðÖлù½ð£¨FOF£©¡¢½¨ÐÅöÎÎȻر¨Áé»îÅäÖûìºÏÐÍ֤ȯ
Ͷ×Ê»ù½ð¡¢½¨ÐÅÉÏÖ¤ 50½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ð¼°ÆäÁª½Ó»ù½ð¡¢½¨ÐÅᴿծ¶¨ÆÚ¿ª·ÅÕ®
ȯÐÍ·¢Æðʽ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅöÎÀû»Ø±¨Áé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÁ¿»¯ÓÅÏí¶¨ÆÚ¿ª·Å
Áé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÕ½ÂÔ¾«Ñ¡Áé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÁúÍ·ÆóÒµ¹ÉƱ
ÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅʹ¿Õ®¶¨ÆÚ¿ª·ÅծȯÐÍ·¢Æðʽ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÖÇÏíÌíöζ¨ÆÚ¿ª·Å»ì
½¨ÐÅÈ«Çò×ÊÔ´»ìºÏ(QDII)2019ÄêÄê¶È±¨¸æ
µÚ 11Ò³ ¹² 65Ò³
ºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅ´´Òµ°å½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ð¼°ÆäÁª½Ó»ù½ð¡¢½¨ÐÅ MSCIÖйú A
¹É¹ú¼Êͨ½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ð¼°ÆäÁª½Ó»ù½ð¡¢½¨ÐÅöÎÔó»Ø±¨Áé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê
»ù½ð¡¢½¨ÐÅÖÐÖ¤ 1000Ö¸ÊýÔöÇ¿ÐÍ·¢Æðʽ֤ȯͶ×Ê»ù½ð¡¢½¨ÐŸ۹ÉͨºãÉúÖйúÆóÒµ½»Ò×ÐÍ¿ª·Åʽָ
Êý֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÓÅÏíÎȽ¡ÑøÀÏÄ¿±êÒ»Äê³ÖÓÐÆÚ»ìºÏÐÍ»ù½ðÖлù½ð£¨FOF£©¡¢½¨ÐÅÖжÌÕ®´¿Õ®
ծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÖÐÕ® 1-3Äê¹ú¿ªÐÐծȯָÊý֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÈóÀûÔöǿծȯÐÍ֤ȯ
Ͷ×Ê»ù½ð¡¢½¨ÐÅî£ÐË´¿Õ®Õ®È¯ÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÖÐÕ® 3-5Äê¹ú¿ªÐÐծȯָÊý֤ȯͶ×Ê»ù½ð¡¢
½¨ÐŸ£Ôóԣ̩»ìºÏÐÍ»ù½ðÖлù½ð£¨FOF£©¡¢½¨ÐÅÖÐÖ¤ºìÀûDZÁ¦Ö¸Êý֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅ»¦Éî 300ºì
Àû½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÖÐÕ® 5-10Äê¹ú¿ªÐÐծȯָÊý֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅ MSCI
Öйú A¹ÉÖ¸ÊýÔöÇ¿ÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÈÙÈðÒ»Ä궨ÆÚ¿ª·ÅծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÈÙìûÒ»Äê
¶¨ÆÚ¿ª·ÅծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢½¨ÐÅÒ×Ê¢Ö£ÉÌËùÄ