ÉÏͶĦ¸ùMSCIÖйúA¹É½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ
×Ê»ù½ðÁª½Ó»ù½ð
ÕÐļ˵Ã÷Ê飨¸üУ©
×¢²áÎĺţºÖйúÖ¤¼à»áÖ¤¼àÐí¿É[2020]3ºÅÎÄ
×¢²áÈÕÆÚ£º[2020Äê1ÔÂ2ÈÕ ]
»ù½ð¹ÜÀíÈË£ºÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾
»ù½ðÍйÜÈË£ºÆ½°²ÒøÐйɷÝÓÐÏÞ¹«Ë¾
¶þ©–¶þÒ»ÄêÈýÔÂ
¡¾ÖØÒªÌáʾ¡¿
1¡¢±¾»ù½ðÓÚ¡¾2020¡¿Ä꡾1¡¿Ô¡¾2¡¿ÈÕ¾Öйú֤ȯ¼à¶½¹ÜÀíίԱ»áÖ¤¼àÐí
¿É[2020]3ºÅÎÄ×¢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»ù½ðû
ÓзçÏÕ¡£
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¡£
3¡¢±¾»ù½ð±êµÄÖ¸ÊýΪMSCIÖйúA¹ÉÈËÃñ±ÒÖ¸Êý¡£
ÓйرêµÄÖ¸Êý¾ßÌå±àÖÆ·½°¸¼°»ù±¾ÐÅÏ¢Ïê¼ûÈçÏÂÍøÖ·£º
https://www.msci.com/zh/msciÖ¸ÊýÐÅÏ¢
4¡¢±¾»ù½ðͶ×ÊÓÚ֤ȯ¡¢ÆÚ»õÊг¡£¬»ù½ð¾»Öµ»áÒòΪ֤ȯ¡¢ÆÚ»õÊг¡²¨¶¯µÈ
ÒòËزúÉú²¨¶¯£¬Í¶×ÊÕßÔÚͶ×ʱ¾»ù½ðÇ°£¬Ó¦È«ÃæÁ˽Ȿ»ù½ðµÄ²úÆ·ÌØÐÔ£¬³ä·Ö¿¼
ÂÇ×ÔÉíµÄ·çÏÕ³ÐÊÜÄÜÁ¦£¬ÀíÐÔÅжÏÊг¡£¬²¢³Ðµ£»ù½ðͶ×ÊÖгöÏֵĸ÷Àà·çÏÕ£¬°ü
À¨£ºÒòÕþÖΡ¢¾¼Ã¡¢Éç»áµÈ»·¾³ÒòËضÔ֤ȯ¼Û¸ñ²úÉúÓ°Ïì¶øÐγɵÄϵͳÐÔ·çÏÕ¡¢
¸ö±ð֤ȯÌØÓеķÇϵͳÐÔ·çÏÕ¡¢ÓÉÓÚ»ù½ðͶ×ÊÕßÁ¬Ðø´óÁ¿Êê»Ø»ù½ð²úÉúµÄÁ÷¶¯ÐÔ
·çÏÕ¡¢»ù½ð¹ÜÀíÈËÔÚ»ù½ð¹ÜÀíʵʩ¹ý³ÌÖвúÉúµÄ»ù½ð¹ÜÀí·çÏÕ¡¢±¾»ù½ðµÄÌض¨·ç
ÏÕ¡¢Á÷¶¯ÐÔ·çÏÕ¡¢×ʲúÖ§³Ö֤ȯ¡¢¹ÉÖ¸ÆÚ»õ¡¢¹ÉƱÆÚȨ¡¢²ÎÓëÈÚ×ʼ°×ªÈÚ֤ͨȯ
³ö½èÒµÎñµÄͶ×Ê·çÏÕ¡¢Í¶×ÊÓÚ´æÍÐƾ֤µÄ·çÏÕ¼°ÆäËû·çÏÕ¡£
5¡¢±¾»ù½ð¿ÉÒÔ²ÎÓë´æÍÐƾ֤µÄͶ×Ê£¬³ýÓëÆäËû½öͶ×ÊÓÚ»¦ÉîÊг¡¹ÉƱµÄ»ù
½ðËùÃæÁٵĹ²Í¬·çÏÕÍ⣬±¾»ù½ð»¹½«ÃæÁÙÖйú´æÍÐƾ֤¼Û¸ñ´ó·ù²¨¶¯ÉõÖÁ³öÏÖ½Ï
´ó¿÷ËðµÄ·çÏÕ£¬ÒÔ¼°ÓëÖйú´æÍÐƾ֤·¢ÐлúÖÆÏà¹ØµÄ·çÏÕ¡£
6¡¢µ±±¾»ù½ð³ÖÓÐÌض¨×ʲúÇÒ´æÔÚ»òDZÔÚ´ó¶îÊê»ØÉêÇëʱ£¬»ù½ð¹ÜÀíÈËÂÄÐÐ
ÏàÓ¦³ÌÐòºó£¬¿ÉÒÔÆô¶¯²à´ü»úÖÆ£¬¾ßÌåÏê¼û»ù½ðºÏͬºÍ±¾ÕÐļ˵Ã÷ÊéµÄÏà¹ØÕ½ڡ£
²à´ü»úÖÆʵʩÆڼ䣬»ù½ð¹ÜÀíÈ˽«¶Ô»ù½ð¼ò³Æ½øÐÐÌØÊâ±êʶ£¬²¢²»°ìÀí²à´üÕË»§
µÄÉ깺Êê»Ø¡£Çë»ù½ð·Ý¶î³ÖÓÐÈË×ÐϸÔĶÁÏà¹ØÄÚÈݲ¢¹Ø×¢±¾»ù½ðÆôÓòà´ü»úÖÆʱ
µÄÌض¨·çÏÕ¡£
7¡¢±¾»ù½ðΪÉÏͶĦ¸ùMSCIÖйúA¹É½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ð£¨ÒÔ
ϼò³Æ¡°ÉÏͶĦ¸ùMSCIÖйúA¹ÉETF¡±£©µÄÁª½Ó»ù½ð£¬Ö÷Ҫͨ¹ýͶ×ÊÓÚÉÏͶĦ
¸ùMSCIÖйúA¹ÉETFÀ´ÊµÏÖ¶Ô±êµÄÖ¸ÊýµÄ½ôÃܸú×Ù¡£Òò´Ë£¬±¾»ù½ðµÄÒµ¼¨±í
ÏÖÓëMSCIÖйúA¹ÉÈËÃñ±ÒÖ¸ÊýÒÔ¼°ÉÏͶĦ¸ùMSCIÖйúA¹ÉETFµÄ±íÏÖÃÜÇÐ
Ïà¹Ø¡£±¾»ù½ð¿ÉÄÜÓöµ½µÄÓë´ËÏà¹ØµÄ·çÏÕ°üÀ¨£ºÁª½Ó»ù½ð·çÏÕ¡¢¸ú×ÙÆ«Àë·çÏÕ¡¢
ÓëÄ¿±êETFÒµ¼¨²îÒìµÄ·çÏÕ¡¢¸ú×ÙÎó²î¿ØÖÆδ´ïÔ¼¶¨Ä¿±êµÄ·çÏÕ¡¢±êµÄÖ¸Êý±ä
¸üµÄ·çÏÕ¡¢ÆäËûͶ×ÊÓÚÄ¿±êETFµÄ·çÏÕ¡¢Ö¸Êý±àÖÆ»ú¹¹Í£Ö¹·þÎñµÄ·çÏÕ¡¢³É·Ý
¹ÉÍ£ÅƵķçÏÕÒÔ¼°³É·Ý¹ÉÍËÊеķçÏյȡ£±¾»ù½ð³¤ÆÚÔ¤ÆÚ·çÏÕºÍÔ¤ÆÚÊÕÒæ¸ßÓÚ
»õ±ÒÊг¡»ù½ð¡¢Õ®È¯ÐÍ»ù½ðºÍ»ìºÏÐÍ»ù½ð¡£
8¡¢Í¶×ÊÕßÔÚ½øÐÐͶ×ʾö²ßÇ°£¬Çë×ÐϸÔĶÁ±¾»ù½ðµÄ¡¶ÕÐļ˵Ã÷Êé¡·¡¢»ù½ð²ú
Æ·×ÊÁϸÅÒª¼°¡¶»ù½ðºÏͬ¡·¡£
9¡¢±¾ÕÐļ˵Ã÷Êé¸ù¾ÝÖйúÖ¤¼à»á°ä²¼²¢ÓÚ2021Äê2ÔÂ1ÈÕÆðʵʩµÄ¡¶¹«¿ª
ļ¼¯Ö¤È¯Í¶×Ê»ù½ðÔË×÷Ö¸ÒýµÚ3ºÅ¡ª¡ªÖ¸Êý»ù½ðÖ¸Òý¡·µÄ¹æ¶¨ÒÔ¼°±¾»ù½ð»ù½ðºÏ
ͬµÄÐÞ¶©¸üÐÂÁËÏà¹ØÕ½Ú,²¢¸üÐÂÁË¡°»ù½ð¹ÜÀíÈË¡±Õ½ÚÖеÄÏà¹ØÄÚÈÝ£¬½ØÖ¹ÈÕ
Ϊ2021Äê3ÔÂ31ÈÕ£»±¾ÕÐļ˵Ã÷ÊéËùÔØÆäËûÄÚÈݽØÖ¹ÖÁ2020Äê6ÔÂ23ÈÕ¡£
ÉÏͶĦ¸ùMSCIÖйúA¹É½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ðÁª½Ó»ù½ðÕÐļ˵Ã÷Êé
Ŀ¼
Ò»¡¢Ð÷ÑÔ........................................................................................................................................... 1
¶þ¡¢ÊÍÒå........................................................................................................................................... 1
Èý¡¢»ù½ð¹ÜÀíÈË ............................................................................................................................... 7
ËÄ¡¢»ù½ðÍйÜÈË ............................................................................................................................. 17
Îå¡¢Ïà¹Ø·þÎñ»ú¹¹ ......................................................................................................................... 23
Áù¡¢»ù½ðµÄļ¼¯¼°»ù½ðºÏͬµÄÉúЧ ............................................................................................. 32
Æß¡¢»ù½ð·Ý¶îµÄÉ깺¡¢Êê»Ø ......................................................................................................... 32
°Ë¡¢»ù½ðµÄͶ×Ê ............................................................................................................................. 42
¾Å¡¢»ù½ðµÄ²Æ²ú ............................................................................................................................. 50
Ê®¡¢»ù½ð×ʲúµÄ¹ÀÖµ ..................................................................................................................... 51
ʮһ¡¢»ù½ðµÄÊÕÒæÓë·ÖÅä ............................................................................................................. 57
Ê®¶þ¡¢»ù½ðµÄ·ÑÓÃÓëË°ÊÕ ............................................................................................................. 58
Ê®Èý¡¢»ù½ðµÄ»á¼ÆÓëÉó¼Æ ............................................................................................................. 60
Ê®ËÄ¡¢»ù½ðµÄÐÅÏ¢Åû¶ ................................................................................................................. 61
Ê®Îå¡¢²à´ü»úÖÆ ............................................................................................................................. 68
Ê®Áù¡¢·çÏÕ½Òʾ ............................................................................................................................. 72
Ê®Æß¡¢»ù½ðºÏͬµÄ±ä¸ü¡¢ÖÕÖ¹Óë»ù½ð²Æ²úµÄÇåËã ..................................................................... 79
Ê®°Ë¡¢»ù½ðºÏͬµÄÄÚÈÝÕªÒª ......................................................................................................... 80
Ê®¾Å¡¢»ù½ðÍйÜÐÒéµÄÄÚÈÝÕªÒª ............................................................................................... 109
¶þÊ®¡¢¶Ô»ù½ð·Ý¶î³ÖÓÐÈ˵ķþÎñ ............................................................................................... 130
¶þʮһ¡¢ÕÐļ˵Ã÷ÊéµÄ´æ·Å¼°²éÔÄ·½Ê½ ................................................................................... 130
¶þÊ®¶þ¡¢±¸²éÎļþ ....................................................................................................................... 130
Ò»¡¢Ð÷ÑÔ
ÕÐļ˵Ã÷ÊéÒÀ¾Ý¡¶ÖлªÈËÃñ¹²ºÍ¹ú֤ȯͶ×Ê»ù½ð·¨¡·ºÍÆäËûÓйط¨ÂÉ·¨¹æµÄ
¹æ¶¨£¬ÒÔ¼°¡¶ÉÏͶĦ¸ùMSCIÖйúA¹É½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ðÁª½Ó»ù
½ð»ù½ðºÏͬ¡·(ÒÔϼò³Æ¡°ºÏͬ¡±»ò¡°»ù½ðºÏͬ¡±)±àд¡£
±¾ÕÐļ˵Ã÷Êé²ûÊöÁËÉÏͶĦ¸ùMSCIÖйúA¹É½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê
»ù½ðÁª½Ó»ù½ð(ÒÔϼò³Æ¡°±¾»ù½ð¡±»ò¡°»ù½ð¡±)µÄͶ×ÊÄ¿±ê¡¢²ßÂÔ¡¢·çÏÕ¡¢·ÑÂÊ
µÈÓëͶ×ÊÈËͶ×ʾö²ßÓйصÄÈ«²¿±ØÒªÊÂÏͶ×ÊÕßÔÚ×ö³öͶ×ʾö²ßÇ°Ó¦×ÐϸÔĶÁ
ÕÐļ˵Ã÷Êé¡£
»ù½ð¹ÜÀíÈ˳Ðŵ±¾ÕÐļ˵Ã÷Êé²»´æÔÚÈκÎÐé¼ÙÄÚÈÝ¡¢Îóµ¼ÐÔ³ÂÊö»òÖØ´óÒÅ©£¬
²¢¶ÔÆäÕæʵÐÔ¡¢×¼È·ÐÔ¡¢ÍêÕûÐԳе£·¨ÂÉÔðÈΡ£±¾»ù½ðÊǸù¾Ý±¾ÕÐļ˵Ã÷ÊéËùÔØ
Ã÷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¶¨»ù
½ðµ±ÊÂÈËÖ®¼äȨÀûÒåÎñµÄ·¨ÂÉÎļþ¡£ÕÐļ˵Ã÷ÊéÖ÷ÒªÏòͶ×ÊÕßÅû¶Óë±¾»ù½ðÏà¹Ø
ÊÂÏîµÄÐÅÏ¢£¬ÊÇͶ×ÊÕß¾ÝÒÔÑ¡Ôñ¼°¾ö¶¨ÊÇ·ñͶ×ÊÓÚ±¾»ù½ðµÄÒªÔ¼ÑûÇëÎļþ¡£»ù½ð
Ͷ×ÊÕß×ÔÒÀ»ù½ðºÏͬȡµÃ»ù½ð·Ý¶î£¬¼´³ÉΪ»ù½ð·Ý¶î³ÖÓÐÈ˺ͻù½ðºÏͬµÄµ±ÊÂÈË£¬
Æä³ÖÓлù½ð·Ý¶îµÄÐÐΪ±¾Éí¼´±íÃ÷¶Ô»ù½ðºÏͬµÄ³ÐÈϺͽÓÊÜ£¬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¸ùMSCIÖйúA¹É½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê
»ù½ðÁª½Ó»ù½ð
2¡¢»ù½ð¹ÜÀíÈË£ºÖ¸ÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾
3¡¢»ù½ðÍйÜÈË£ºÖ¸Æ½°²ÒøÐйɷÝÓÐÏÞ¹«Ë¾
4¡¢»ù½ðºÏͬ£ºÖ¸¡¶ÉÏͶĦ¸ùMSCIÖйúA¹É½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù
½ðÁª½Ó»ù½ð»ù½ðºÏͬ¡·¼°¶Ô¸Ã»ù½ðºÏͬµÄÈκÎÓÐЧÐÞ¶©ºÍ²¹³ä
5¡¢ÍйÜÐÒ飺ָ»ù½ð¹ÜÀíÈËÓë»ù½ðÍйÜÈ˾ͱ¾»ù½ðÇ©¶©Ö®¡¶ÉÏͶĦ¸ùMSCI
ÖйúA¹É½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ðÁª½Ó»ù½ðÍйÜÐÒé¡·¼°¶Ô¸ÃÍйÜÐÒé
µÄÈκÎÓÐЧÐÞ¶©ºÍ²¹³ä
6¡¢ÕÐļ˵Ã÷Ê飺ָ¡¶ÉÏͶĦ¸ùMSCIÖйúA¹É½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê
»ù½ðÁª½Ó»ù½ðÕÐļ˵Ã÷Êé¡·¼°Æä¸üÐÂ
7¡¢»ù½ð²úÆ·×ÊÁϸÅÒª£ºÖ¸¡¶ÉÏͶĦ¸ùMSCIÖйúA¹É½»Ò×ÐÍ¿ª·ÅʽָÊýÖ¤
ȯͶ×Ê»ù½ðÁª½Ó»ù½ð»ù½ð²úÆ·×ÊÁϸÅÒª¡·¼°Æä¸üС£»ù½ð²úÆ·×ÊÁϸÅÒª±àÖÆ¡¢Åû
¶Óë¸üÐÂÒªÇó£¬×Ô¡¶ÐÅÏ¢Åû¶°ì·¨¡·ÊµÊ©Ö®ÈÕÆðÒ»Äêºó¿ªÊ¼Ö´ÐÐ
8¡¢»ù½ð·Ý¶î·¢ÊÛ¹«¸æ£ºÖ¸¡¶ÉÏͶĦ¸ùMSCIÖйúA¹É½»Ò×ÐÍ¿ª·ÅʽָÊýÖ¤
ȯͶ×Ê»ù½ðÁª½Ó»ù½ð»ù½ð·Ý¶î·¢ÊÛ¹«¸æ¡·
9¡¢·¨ÂÉ·¨¹æ£ºÖ¸ÖйúÏÖÐÐÓÐЧ²¢¹«²¼ÊµÊ©µÄ·¨ÂÉ¡¢ÐÐÕþ·¨¹æ¡¢¹æ·¶ÐÔÎļþ¡¢
˾·¨½âÊÍ¡¢ÐÐÕþ¹æÕÂÒÔ¼°ÆäËû¶Ô»ù½ðºÏͬµ±ÊÂÈËÓÐÔ¼ÊøÁ¦µÄ¾ö¶¨¡¢¾öÒ顢֪ͨµÈ
10¡¢¡¶»ù½ð·¨¡·£ºÖ¸2012Äê12ÔÂ28ÈÕ¾µÚʮһ½ìÈ«¹úÈËÃñ´ú±í´ó»á³£Îñί
Ô±»áµÚÈýÊ®´Î»áÒéÐÞ¶©£¬×Ô2013Äê6ÔÂ1ÈÕÆðʵʩ£¬²¢¾2015Äê4ÔÂ24ÈÕµÚ
Ê®¶þ½ìÈ«¹úÈËÃñ´ú±í´ó»á³£ÎñίԱ»áµÚÊ®ËĴλáÒ顶ȫ¹úÈËÃñ´ú±í´ó»á³£ÎñίԱ
»á¹ØÓÚÐ޸ģ¼ÖлªÈËÃñ¹²ºÍ¹ú¸Û¿Ú·¨£¾µÈÆß²¿·¨Âɵľö¶¨¡·ÐÞÕýµÄ¡¶ÖлªÈËÃñ¹²ºÍ
¹ú֤ȯͶ×Ê»ù½ð·¨¡·¼°°ä²¼»ú¹Ø¶ÔÆ䲻ʱ×ö³öµÄÐÞ¶©
11¡¢¡¶ÏúÊÛ°ì·¨¡·£ºÖ¸ÖйúÖ¤¼à»á2020Äê8ÔÂ28ÈÕ°ä²¼¡¢Í¬Äê10ÔÂ1ÈÕʵ
Ê©µÄ¡¶¹«¿ªÄ¼¼¯Ö¤È¯Í¶×Ê»ù½ðÏúÊÛ»ú¹¹¼à¶½¹ÜÀí°ì·¨¡·¼°°ä²¼»ú¹Ø¶ÔÆ䲻ʱ×ö³ö
µÄÐÞ¶©
12¡¢¡¶ÐÅÏ¢Åû¶°ì·¨¡·£ºÖ¸ÖйúÖ¤¼à»á2019Äê7ÔÂ26ÈÕ°ä²¼¡¢Í¬Äê9ÔÂ1ÈÕ
ʵʩµÄ¡¶¹«¿ªÄ¼¼¯Ö¤È¯Í¶×Ê»ù½ðÐÅÏ¢Åû¶¹ÜÀí°ì·¨¡·¼°°ä²¼»ú¹Ø¶ÔÆ䲻ʱ×ö³öµÄ
ÐÞ¶©
13¡¢¡¶ÔË×÷°ì·¨¡·£ºÖ¸ÖйúÖ¤¼à»á2014Äê7ÔÂ7ÈÕ°ä²¼¡¢Í¬Äê8ÔÂ8ÈÕʵʩ
µÄ¡¶¹«¿ªÄ¼¼¯Ö¤È¯Í¶×Ê»ù½ðÔË×÷¹ÜÀí°ì·¨¡·¼°°ä²¼»ú¹Ø¶ÔÆ䲻ʱ×ö³öµÄÐÞ¶©
14¡¢¡¶Á÷¶¯ÐÔ·çÏÕ¹ÜÀí¹æ¶¨¡·£ºÖ¸ÖйúÖ¤¼à»á2017Äê8ÔÂ31ÈÕ°ä²¼¡¢Í¬Äê10
ÔÂ1ÈÕʵʩµÄ¡¶¹«¿ªÄ¼¼¯¿ª·Åʽ֤ȯͶ×Ê»ù½ðÁ÷¶¯ÐÔ·çÏÕ¹ÜÀí¹æ¶¨¡·¼°°ä²¼»ú¹Ø
¶ÔÆ䲻ʱ×ö³öµÄÐÞ¶©
15¡¢¡¶Ö¸Êý»ù½ðÖ¸Òý¡·£ºÖ¸ÖйúÖ¤¼à»á°ä²¼²¢ÓÚ2021Äê2ÔÂ1ÈÕʵʩµÄ¡¶¹«
¿ªÄ¼¼¯Ö¤È¯Í¶×Ê»ù½ðÔË×÷Ö¸ÒýµÚ3ºÅ¡ª¡ªÖ¸Êý»ù½ðÖ¸Òý¡·¼°°ä²¼»ú¹Ø¶ÔÆ䲻ʱ×ö
³öµÄÐÞ¶©
16¡¢½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ð£ºÖ¸¡¶ÉϺ£Ö¤È¯½»Ò×Ëù½»Ò×ÐÍ¿ª·Åʽָ
Êý»ù½ðÒµÎñʵʩϸÔò¡·¶¨ÒåµÄ¡°½»Ò×ÐÍ¿ª·ÅʽָÊý»ù½ð¡±£¬¼ò³Æ¡°ETF£¨Exchange
Traded Fund£©¡±
17¡¢Ä¿±êETF£ºÖ¸ÉÏͶĦ¸ùMSCIÖйúA¹É½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù
½ð
18¡¢±êµÄÖ¸Êý£ºÖ¸ÓÉMSCI¹«Ë¾±àÖƲ¢·¢²¼µÄMSCIÖйúA¹ÉÈËÃñ±ÒÖ¸Êý
¼°ÆäδÀ´¿ÉÄÜ·¢ÉúµÄ±ä¸ü£¬»ò»ù½ð¹ÜÀíÈ˸ù¾ÝÐèÒª¸ü»»µÄÆäËûÖ¸Êý
19¡¢Áª½Ó»ù½ð£ºÊÇÖ¸½«Æä¾ø´ó²¿·Ö»ù½ð²Æ²úͶ×ÊÓÚ¸ú×Ùͬһ±êµÄÖ¸ÊýµÄETF
£¨ÒÔϼò³ÆÄ¿±êETF£©£¬½ôÃܸú×Ù±êµÄÖ¸Êý±íÏÖ£¬×·Çó¸ú×ÙÆ«Àë¶ÈºÍ¸ú×ÙÎó²î×î
С»¯£¬²ÉÓÿª·ÅʽÔË×÷·½Ê½µÄ»ù½ð£¬¼ò³ÆÁª½Ó»ù½ð
20¡¢ÖйúÖ¤¼à»á£ºÖ¸Öйú֤ȯ¼à¶½¹ÜÀíίԱ»á
21¡¢ÒøÐÐÒµ¼à¶½¹ÜÀí»ú¹¹£ºÖ¸ÖйúÈËÃñÒøÐкÍ/»òÖйúÒøÐб£Ïռල¹ÜÀíί
Ô±»á
22¡¢»ù½ðºÏͬµ±ÊÂÈË£ºÖ¸ÊÜ»ù½ðºÏͬԼÊø£¬¸ù¾Ý»ù½ðºÏͬÏíÓÐȨÀû²¢³Ðµ£Òå
ÎñµÄ·¨ÂÉÖ÷Ì壬°üÀ¨»ù½ð¹ÜÀíÈË¡¢»ù½ðÍйÜÈ˺ͻù½ð·Ý¶î³ÖÓÐÈË
23¡¢¸öÈËͶ×ÊÕߣºÖ¸ÒÀ¾ÝÓйط¨ÂÉ·¨¹æ¹æ¶¨¿ÉͶ×ÊÓÚ֤ȯͶ×Ê»ù½ðµÄ×ÔÈ»ÈË
24¡¢»ú¹¹Í¶×ÊÕߣºÖ¸ÒÀ·¨¿ÉÒÔͶ×Ê֤ȯͶ×Ê»ù½ðµÄ¡¢ÔÚÖлªÈËÃñ¹²ºÍ¹ú¾³ÄÚ
ºÏ·¨µÇ¼Ç²¢´æÐø»ò¾ÓйØÕþ¸®²¿ÃÅÅú×¼ÉèÁ¢²¢´æÐøµÄÆóÒµ·¨ÈË¡¢ÊÂÒµ·¨ÈË¡¢Éç»á
ÍÅÌå»òÆäËû×éÖ¯
25¡¢ºÏ¸ñ¾³Íâ»ú¹¹Í¶×ÊÕߣºÖ¸·ûºÏ¡¶ºÏ¸ñ¾³Íâ»ú¹¹Í¶×ÊÕß¾³ÄÚ֤ȯͶ×ʹÜÀí
°ì·¨¡·¼°Ïà¹Ø·¨ÂÉ·¨¹æ¹æ¶¨¿ÉÒÔͶ×ÊÓÚÔÚÖйú¾³ÄÚÒÀ·¨Ä¼¼¯µÄ֤ȯͶ×Ê»ù½ðµÄÖÐ
¹ú¾³ÍâµÄ»ú¹¹Í¶×ÊÕß
26¡¢ÈËÃñ±ÒºÏ¸ñ¾³Íâ»ú¹¹Í¶×ÊÕߣºÖ¸°´ÕÕ¡¶ÈËÃñ±ÒºÏ¸ñ¾³Íâ»ú¹¹Í¶×ÊÕß¾³ÄÚ
֤ȯͶ×ÊÊÔµã°ì·¨¡·¼°Ïà¹Ø·¨ÂÉ·¨¹æ¹æ¶¨£¬ÔËÓÃÀ´×Ô¾³ÍâµÄÈËÃñ±Ò×ʽð½øÐо³ÄÚ
֤ȯͶ×ʵľ³Íâ·¨ÈË
27¡¢Í¶×ÊÈË¡¢Í¶×ÊÕߣºÖ¸¸öÈËͶ×ÊÕß¡¢»ú¹¹Í¶×ÊÕß¡¢ºÏ¸ñ¾³Íâ»ú¹¹Í¶×ÊÕߺÍ
ÈËÃñ±ÒºÏ¸ñ¾³Íâ»ú¹¹Í¶×ÊÕßÒÔ¼°·¨ÂÉ·¨¹æ»òÖйúÖ¤¼à»áÔÊÐí¹ºÂò֤ȯͶ×Ê»ù½ð
µÄÆäËûͶ×ÊÈ˵ĺϳÆ
28¡¢»ù½ð·Ý¶î³ÖÓÐÈË£ºÖ¸ÒÀ»ù½ðºÏͬºÍÕÐļ˵Ã÷ÊéºÏ·¨È¡µÃ»ù½ð·Ý¶îµÄͶ×Ê
ÈË
29¡¢»ù½ðÏúÊÛÒµÎñ£ºÖ¸»ù½ð¹ÜÀíÈË»òÏúÊÛ»ú¹¹Ðû´«Íƽé»ù½ð£¬·¢ÊÛ»ù½ð·Ý¶î£¬
°ìÀí»ù½ð·Ý¶îµÄÉ깺¡¢Êê»Ø¡¢×ª»»¡¢×ªÍйܼ°¶¨ÆÚ¶¨¶îͶ×ʵÈÒµÎñ
30¡¢ÏúÊÛ»ú¹¹£ºÖ¸ÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾ÒÔ¼°·ûºÏ¡¶ÏúÊÛ°ì·¨¡·ºÍÖйú
Ö¤¼à»á¹æ¶¨µÄÆäËûÌõ¼þ£¬È¡µÃ»ù½ðÏúÊÛÒµÎñ×ʸñ²¢Óë»ù½ð¹ÜÀíÈËÇ©¶©ÁË»ù½ðÏúÊÛ
·þÎñÐÒ飬°ìÀí»ù½ðÏúÊÛÒµÎñµÄ»ú¹¹
31¡¢µÇ¼ÇÒµÎñ£ºÖ¸»ù½ðµÇ¼Ç¡¢´æ¹Ü¡¢¹ý»§¡¢ÇåËãºÍ½áËãÒµÎñ£¬¾ßÌåÄÚÈÝ°üÀ¨
Ͷ×ÊÈË»ù½ðÕË»§µÄ½¨Á¢ºÍ¹ÜÀí¡¢»ù½ð·Ý¶îµÇ¼Ç¡¢»ù½ðÏúÊÛÒµÎñµÄÈ·ÈÏ¡¢ÇåËãºÍ½á
Ëã¡¢´úÀí·¢·ÅºìÀû¡¢½¨Á¢²¢±£¹Ü»ù½ð·Ý¶î³ÖÓÐÈËÃû²áºÍ°ìÀí·Ç½»Ò×¹ý»§µÈ
32¡¢µÇ¼Ç»ú¹¹£ºÖ¸°ìÀíµÇ¼ÇÒµÎñµÄ»ú¹¹¡£»ù½ðµÄµÇ¼Ç»ú¹¹ÎªÉÏͶĦ¸ù»ù½ð¹Ü
ÀíÓÐÏÞ¹«Ë¾»ò½ÓÊÜÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾Î¯ÍдúΪ°ìÀíµÇ¼ÇÒµÎñµÄ»ú¹¹
33¡¢»ù½ðÕË»§£ºÖ¸µÇ¼Ç»ú¹¹ÎªÍ¶×ÊÈË¿ªÁ¢µÄ¡¢¼Ç¼Æä³ÖÓеġ¢»ù½ð¹ÜÀíÈËËù
¹ÜÀíµÄ»ù½ð·Ý¶îÓà¶î¼°Æä±ä¶¯Çé¿öµÄÕË»§
34¡¢»ù½ð½»Ò×ÕË»§£ºÖ¸ÏúÊÛ»ú¹¹ÎªÍ¶×ÊÈË¿ªÁ¢µÄ¡¢¼Ç¼Ͷ×ÊÈËͨ¹ý¸ÃÏúÊÛ»ú
¹¹°ìÀíÈϹº¡¢É깺¡¢Êê»Ø¡¢×ª»»¡¢·Ç½»Ò×¹ý»§¡¢×ªÍйܻò¶¨ÆÚ¶¨¶îͶ×ʵÈÒµÎñ¶ø
ÒýÆðµÄ»ù½ð·Ý¶î±ä¶¯¼°½áÓàÇé¿öµÄÕË»§
35¡¢»ù½ðºÏͬÉúЧÈÕ£ºÖ¸»ù½ðļ¼¯´ïµ½·¨ÂÉ·¨¹æ¹æ¶¨¼°»ù½ðºÏͬ¹æ¶¨µÄÌõ¼þ£¬
»ù½ð¹ÜÀíÈËÏòÖйúÖ¤¼à»á°ìÀí»ù½ð±¸°¸ÊÖÐøÍê±Ï£¬²¢»ñµÃÖйúÖ¤¼à»áÊéÃæÈ·ÈϵÄ
ÈÕÆÚ
36¡¢»ù½ðºÏͬÖÕÖ¹ÈÕ£ºÖ¸»ù½ðºÏͬ¹æ¶¨µÄ»ù½ðºÏͬÖÕÖ¹ÊÂÓɳöÏֺ󣬻ù½ð²Æ
²úÇåËãÍê±Ï£¬ÇåËã½á¹û±¨ÖйúÖ¤¼à»á±¸°¸²¢ÓèÒÔ¹«¸æµÄÈÕÆÚ
37¡¢»ù½ðļ¼¯ÆÚ£ºÖ¸×Ô»ù½ð·Ý¶î·¢ÊÛÖ®ÈÕÆðÖÁ·¢ÊÛ½áÊøÖ®ÈÕÖ¹µÄÆڼ䣬×
²»µÃ³¬¹ý3¸öÔÂ
38¡¢´æÐøÆÚ£ºÖ¸»ù½ðºÏͬÉúЧÖÁÖÕÖ¹Ö®¼äµÄ²»¶¨ÆÚÆÚÏÞ
39¡¢¹¤×÷ÈÕ£ºÖ¸ÉϺ£Ö¤È¯½»Ò×Ëù¡¢ÉîÛÚ֤ȯ½»Ò×ËùµÄÕý³£½»Ò×ÈÕ
40¡¢TÈÕ£ºÖ¸ÏúÊÛ»ú¹¹Ôڹ涨ʱ¼äÊÜÀíͶ×ÊÈËÉ깺¡¢Êê»Ø»òÆäËûÒµÎñÉêÇëµÄ
¿ª·ÅÈÕ
41¡¢T+nÈÕ£ºÖ¸×ÔTÈÕÆðµÚn¸ö¹¤×÷ÈÕ£¨²»°üº¬TÈÕ£©
42¡¢¿ª·ÅÈÕ£ºÖ¸ÎªÍ¶×ÊÈË°ìÀí»ù½ð·Ý¶îÉ깺¡¢Êê»Ø»òÆäËûÒµÎñµÄ¹¤×÷ÈÕ
43¡¢¿ª·Åʱ¼ä£ºÖ¸¿ª·ÅÈÕ»ù½ð½ÓÊÜÉ깺¡¢Êê»Ø»òÆäËû½»Ò×µÄʱ¼ä¶Î
44¡¢¡¶ÒµÎñ¹æÔò¡·£ºÖ¸¡¶ÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¿ª·Åʽ»ù½ðÒµÎñ¹æÔò¡·£¬
Êǹ淶»ù½ð¹ÜÀíÈËËù¹ÜÀíµÄ¿ª·Åʽ֤ȯͶ×Ê»ù½ðµÇ¼Ç·½ÃæµÄÒµÎñ¹æÔò£¬ÓÉ»ù½ð¹Ü
ÀíÈ˺ÍͶ×ÊÈ˹²Í¬×ñÊØ
45¡¢ÈϹº£ºÖ¸ÔÚ»ù½ðļ¼¯ÆÚÄÚ£¬Í¶×ÊÈ˸ù¾Ý»ù½ðºÏͬºÍÕÐļ˵Ã÷ÊéµÄ¹æ¶¨Éê
Ç빺Âò»ù½ð·Ý¶îµÄÐÐΪ
46¡¢É깺£ºÖ¸»ù½ðºÏͬÉúЧºó£¬Í¶×ÊÈ˸ù¾Ý»ù½ðºÏͬºÍÕÐļ˵Ã÷ÊéµÄ¹æ¶¨Éê
Ç빺Âò»ù½ð·Ý¶îµÄÐÐΪ
47¡¢Êê»Ø£ºÖ¸»ù½ðºÏͬÉúЧºó£¬»ù½ð·Ý¶î³ÖÓÐÈË°´»ù½ðºÏͬºÍÕÐļ˵Ã÷Êé¹æ
¶¨µÄÌõ¼þÒªÇ󽫻ù½ð·Ý¶î¶Ò»»ÎªÏÖ½ðµÄÐÐΪ
48¡¢»ù½ðת»»£ºÖ¸»ù½ð·Ý¶î³ÖÓÐÈË°´ÕÕ»ù½ðºÏͬºÍ»ù½ð¹ÜÀíÈ˽ìʱÓÐЧ¹«¸æ
¹æ¶¨µÄÌõ¼þ£¬ÉêÇ뽫Æä³ÖÓлù½ð¹ÜÀíÈ˹ÜÀíµÄ¡¢Ä³Ò»»ù½ðµÄ»ù½ð·Ý¶îת»»Îª»ù½ð
¹ÜÀíÈ˹ÜÀíµÄÆäËû»ù½ð»ù½ð·Ý¶îµÄÐÐΪ
49¡¢×ªÍйܣºÖ¸»ù½ð·Ý¶î³ÖÓÐÈËÔÚ±¾»ù½ðµÄ²»Í¬ÏúÊÛ»ú¹¹Ö®¼äʵʩµÄ±ä¸üËù
³Ö»ù½ð·Ý¶îÏúÊÛ»ú¹¹µÄ²Ù×÷
50¡¢¶¨ÆÚ¶¨¶îͶ×ʼƻ®£ºÖ¸Í¶×ÊÈËͨ¹ýÓйØÏúÊÛ»ú¹¹Ìá³öÉêÇ룬Լ¶¨Ã¿ÆÚÉê
¹ºÈÕ¡¢¿Û¿î½ð¶î¼°¿Û¿î·½Ê½£¬ÓÉÏúÊÛ»ú¹¹ÓÚÿÆÚÔ¼¶¨¿Û¿îÈÕÔÚͶ×ÊÈËÖ¸¶¨ÒøÐÐÕË
»§ÄÚ×Ô¶¯Íê³É¿Û¿î¼°ÊÜÀí»ù½ðÉ깺ÉêÇëµÄÒ»ÖÖͶ×Ê·½Ê½
51¡¢¾Þ¶îÊê»Ø£ºÖ¸±¾»ù½ðµ¥¸ö¿ª·ÅÈÕ£¬»ù½ð¾»Êê»ØÉêÇ루Êê»ØÉêÇë·Ý¶î×ÜÊý
¼ÓÉÏ»ù½ðת»»ÖÐת³öÉêÇë·Ý¶î×ÜÊýºó¿Û³ýÉ깺ÉêÇë·Ý¶î×ÜÊý¼°»ù½ðת»»ÖÐתÈë
ÉêÇë·Ý¶î×ÜÊýºóµÄÓà¶î£©³¬¹ýÉÏÒ»¿ª·ÅÈÕ»ù½ð×ܷݶîµÄ10%µÄÇéÐÎ
52¡¢Ôª£ºÖ¸ÈËÃñ±ÒÔª
53¡¢»ù½ðÊÕÒ棺ָ»ù½ðͶ×ÊËùµÃºìÀû¡¢¹ÉÏ¢¡¢Õ®È¯ÀûÏ¢¡¢ÂòÂô֤ȯ¼Û²î¡¢Òø
Ðдæ¿îÀûÏ¢¡¢ÒÑʵÏÖµÄÆäËûºÏ·¨ÊÕÈë¼°ÒòÔËÓûù½ð²Æ²ú´øÀ´µÄ³É±¾ºÍ·ÑÓõĽÚÔ¼
54¡¢»ù½ð×ʲú×ÜÖµ£ºÖ¸»ù½ðÓµÓеĸ÷ÀàÓмÛ֤ȯ¡¢Ä¿±êETF»ù½ð·Ý¶î¡¢ÒøÐÐ
´æ¿î±¾Ï¢¡¢»ù½ðÓ¦ÊÕ¿îÏî¼°ÆäËû×ʲúµÄ¼ÛÖµ×ܺÍ
55¡¢»ù½ð×ʲú¾»Öµ£ºÖ¸»ù½ð×ʲú×ÜÖµ¼õÈ¥»ù½ð¸ºÕ®ºóµÄ¼ÛÖµ
56¡¢»ù½ð·Ý¶î¾»Öµ£ºÖ¸¼ÆËãÈÕ»ù½ð×ʲú¾»Öµ³ýÒÔ¼ÆËãÈÕ»ù½ð·Ý¶î×ÜÊý
57¡¢»ù½ð×ʲú¹ÀÖµ£ºÖ¸¼ÆËãÆÀ¹À»ù½ð×ʲúºÍ¸ºÕ®µÄ¼ÛÖµ£¬ÒÔÈ·¶¨»ù½ð×ʲú¾»
ÖµºÍ»ù½ð·Ý¶î¾»ÖµµÄ¹ý³Ì
58¡¢°Ú¶¯¶¨¼Û»úÖÆ£ºÖ¸µ±±¾»ù½ðÔâÓö´ó¶îÉ깺Êê»Øʱ£¬Í¨¹ýµ÷Õû»ù½ð·Ý¶î¾»
ÖµµÄ·½Ê½£¬½«»ù½ðµ÷ÕûͶ×Ê×éºÏµÄÊг¡³å»÷³É±¾·ÖÅä¸øʵ¼ÊÉ깺¡¢Êê»ØµÄͶ×ÊÕߣ¬
´Ó¶ø¼õÉÙ¶Ô´æÁ¿»ù½ð·Ý¶î³ÖÓÐÈËÀûÒæµÄ²»ÀûÓ°Ï죬ȷ±£Í¶×ÊÕߵĺϷ¨È¨Òæ²»ÊÜËð
º¦²¢µÃµ½¹«Æ½¶Ô´ý
59¡¢Á÷¶¯ÐÔÊÜÏÞ×ʲú£ºÖ¸ÓÉÓÚ·¨ÂÉ·¨¹æ¡¢¼à¹Ü¡¢ºÏͬ»ò²Ù×÷ÕÏ°µÈÔÒòÎÞ·¨
ÒÔºÏÀí¼Û¸ñÓèÒÔ±äÏÖµÄ×ʲú£¬°üÀ¨µ«²»ÏÞÓÚµ½ÆÚÈÕÔÚ10¸ö½»Ò×ÈÕÒÔÉϵÄÄæ»Ø¹º
ÓëÒøÐж¨ÆÚ´æ¿î£¨º¬ÐÒéÔ¼¶¨ÓÐÌõ¼þÌáǰ֧ȡµÄÒøÐдæ¿î£©¡¢Í£ÅƹÉƱ¡¢Á÷ͨÊÜ
ÏÞµÄйɼ°·Ç¹«¿ª·¢ÐйÉƱ¡¢×ʲúÖ§³Ö֤ȯ¡¢Òò·¢ÐÐÈËÕ®ÎñÎ¥Ô¼ÎÞ·¨½øÐÐתÈûò
½»Ò×µÄծȯµÈ
60¡¢×ªÈÚ֤ͨȯ³ö½èÒµÎñ£ºÖ¸»ù½ðÒÔÒ»¶¨µÄ·ÑÂÊͨ¹ý֤ȯ½»Ò×Ëù×ÛºÏÒµÎñƽ
̨ÏòÖйú֤ȯ½ðÈڹɷÝÓÐÏÞ¹«Ë¾³ö½è֤ȯ£¬Öйú֤ȯ½ðÈڹɷÝÓÐÏÞ¹«Ë¾µ½Æڹ黹
Ëù½è֤ȯ¼°ÏàӦȨÒæ²¹³¥²¢Ö§¸¶·ÑÓõÄÒµÎñ
61¡¢AÀà»ù½ð·Ý¶î£ºÖ¸ÔÚͶ×ÊÈËÈϹº/É깺»ù½ðʱÊÕÈ¡ÈϹº/É깺·ÑÓ㬲¢²»
ÔÙ´Ó±¾Àà±ð»ù½ð×ʲúÖмÆÌáÏúÊÛ·þÎñ·ÑµÄ»ù½ð·Ý¶î
62¡¢CÀà»ù½ð·Ý¶î£ºÖ¸´Ó±¾Àà»ù½ð×ʲúÖмÆÌáÏúÊÛ·þÎñ·Ñ£¬²¢ÔÚͶ×ÊÈËÈϹº
/É깺»ù½ðʱ²»ÊÕÈ¡ÈϹº/É깺·ÑÓõĻù½ð·Ý¶î
63¡¢Ö¸¶¨Ã½½é£ºÖ¸ÖйúÖ¤¼à»áÖ¸¶¨µÄÓÃÒÔ½øÐÐÐÅÏ¢Åû¶µÄÈ«¹úÐÔ±¨¿¯¼°Ö¸¶¨
»¥ÁªÍøÍøÕ¾£¨°üÀ¨»ù½ð¹ÜÀíÈËÍøÕ¾¡¢»ù½ðÍйÜÈËÍøÕ¾¡¢ÖйúÖ¤¼à»á»ù½ðµç×ÓÅû¶
ÍøÕ¾£©µÈý½é
64¡¢²à´ü»úÖÆ£ºÖ¸½«»ù½ðͶ×Ê×éºÏÖеÄÌض¨×ʲú´ÓÔÓÐÕË»§·ÖÀëÖÁÒ»¸öרÃÅ
ÕË»§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»§
65¡¢Ìض¨×ʲú£º°üÀ¨£º£¨1£©Î޿ɲο¼µÄ»îÔ¾Êг¡¼Û¸ñÇÒ²ÉÓùÀÖµ¼¼ÊõÈÔµ¼ÖÂ
¹«ÔʼÛÖµ´æÔÚÖØ´ó²»È·¶¨ÐÔµÄ×ʲú£»£¨2£©°´Ì¯Óà³É±¾¼ÆÁ¿ÇÒ¼ÆÌá×ʲú¼õÖµ×¼±¸ÈÔ
µ¼ÖÂ×ʲú¼ÛÖµ´æÔÚÖØ´ó²»È·¶¨ÐÔµÄ×ʲú£»£¨3£©ÆäËû×ʲú¼ÛÖµ´æÔÚÖØ´ó²»È·¶¨ÐÔµÄ
×ʲú
66¡¢²»¿É¿¹Á¦£ºÖ¸»ù½ðºÏͬµ±ÊÂÈ˲»ÄÜÔ¤¼û¡¢²»ÄܱÜÃâÇÒ²»ÄÜ¿Ë·þµÄ¿Í¹ÛÊÂ
¼þ¡£
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£¬ÓÚ
2004Äê5ÔÂ12ÈÕ³ÉÁ¢µÄºÏ×Ê»ù½ð¹ÜÀí¹«Ë¾¡£2005Äê8ÔÂ12ÈÕ£¬»ù½ð¹ÜÀíÈËÍê
³ÉÁ˹ɶ«Ö®¼äµÄ¹ÉȨ±ä¸üÊÂÏî¡£¹«Ë¾×¢²á×ʱ¾±£³Ö²»±ä£¬¹É¶«¼°³ö×ʱÈÀý·Ö±ðÓÉ
ÉϺ£¹ú¼ÊÐÅÍÐÓÐÏÞ¹«Ë¾67£¥ºÍĦ¸ù×ʲú¹ÜÀí£¨Ó¢¹ú£©ÓÐÏÞ¹«Ë¾33£¥±ä¸üΪĿǰ
µÄ51%ºÍ49%¡£
2006Äê6ÔÂ6ÈÕ£¬»ù½ð¹ÜÀíÈ˵ÄÃû³ÆÓÉ¡°ÉÏͶĦ¸ù¸»ÁÖÃ÷»ù½ð¹ÜÀíÓÐÏÞ¹«
˾¡±±ä¸üΪ¡°ÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¡±£¬¸Ã¸üÃûÉêÇëÓÚ2006Äê4ÔÂ29ÈÕ»ñ
µÃÖйúÖ¤¼à»áµÄÅú×¼£¬²¢ÓÚ2006Äê6ÔÂ2ÈÕÔÚ¹ú¼Ò¹¤ÉÌ×ܾÖÍê³ÉËùÓбä¸üÏà¹Ø
ÊÖÐø¡£
2009Äê3ÔÂ31ÈÕ£¬»ù½ð¹ÜÀíÈ˵Ä×¢²á×ʱ¾½ðÓÉÒ»ÒÚÎåǧÍòÔªÈËÃñ±ÒÔö¼Óµ½
¶þÒÚÎåǧÍòÔªÈËÃñ±Ò£¬¹«Ë¾¹É¶«µÄ³ö×ʱÈÀý²»±ä¡£¸Ã±ä¸üÊÂÏîÓÚ2009Äê3ÔÂ31
ÈÕÔÚ¹ú¼Ò¹¤ÉÌ×ܾÖÍê³ÉËùÓбä¸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£¹ú¼ÊÐÅÍÐÓÐÏÞ¹«Ë¾¸±×ܾÀí¼æ¶Ê»áÃØÊ飬ÉϺ£¹ú¼ÊÐÅÍÐÓÐ
ÏÞ¹«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«Çò
Ͷ×ʹÜÀíÒµÎñÐÐÕþ×ܲ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×ʹÜÀí
ÔËÓª×ܼࡢŷÖÞÔËÓª×ܼࡢŷÖÞ×¢²áµÇ¼ÇÒµÎñ×ܼࡢ¬ɱ¤ÔËÓª×ܼࡢŷÖÞ×¢²á
µÇ¼ÇÒµÎñ¼°Â׶ØͶ×ÊÔËÓª¾Àí¡¢¸»ÁÖÃ÷Ͷ×ÊÔËÓªÍŶӾÀíµÈÖ°Îñ¡£
ÏÖÈÎĦ¸ù×ʲú¹ÜÀíÑÇÖÞÒµÎñÊ×ϯִÐй١¢×ʲú¹ÜÀíÔËӪίԱ»á³ÉÔ±¡¢¼¯ÍÅÑÇ
Ì«¹ÜÀíÍŶӳÉÔ±¡£
¶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×ʲú¹Ü
Àí¼¯ÍĄ̊ÍåÇø¸ºÔðÈË¡£
ÏÖÈÎÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾×ܾÀí¡£
¶Ê£º³Âº£Äþ
Ñо¿ÉúѧÀú¡¢¾¼Ãʦ¡£
ÔøÈÎÉϺ£ÆÖ¶«·¢Õ¹ÒøÐнðÈÚ²¿×ܾÀíÖúÀí¡¢¹«Í¶×ܲ¿Ã³Ò×ÈÚ×ʲ¿×ܾÀí¡¢Îä
ºº·ÖÐи±Ðг¤¡¢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×ÜÐнðÈÚ
Êг¡²¿×ܾÀíÖúÀí£¬º£¿Ú·ÖÐÐÐг¤ÖúÀí(¹ÒÖ°)£¬ÆÖ·¢ÒøÐÐ×ÜÐнðÈÚ»ú¹¹²¿×ܾÀí
ÖúÀí£¬×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§ÐÐ
Ðг¤ÖúÀí¡¢¸±Ðг¤¼æ¿µÇŹ¤ÒµÔ°ÇøÖ§ÐÐÐг¤£¬ÁãÊÛÒµÎñ¹ÜÀí²¿¸±×ܾÀí£¨Ö÷³Ö¹¤
×÷£©¡¢×ܾÀí¼æ²Æ¸»¹ÜÀí²¿×ܾÀí£¬ÁãÊÛÒµÎñ²¿×ܾÀí¡£
ÏÖÈÎÉϺ£ÆÖ¶«·¢Õ¹ÒøÐÐ×ÜÐÐÁãÊÛÒµÎñ²¿×ܾÀíÖúÀí¡£
¶ÀÁ¢¶Ê£ºÁõºìÖÒ
¹ú¼Ê½ðÈÚϵ¾¼Ãѧ²©Ê¿¡£
ÏÖÈθ´µ©´óѧ¾¼ÃѧԺ½ÌÊÚ£¬¸´µ©´óѧ½ðÈÚÑо¿ÖÐÐĸ±Ö÷ÈΣ»Í¬Ê±¼æÈÎÉêÒø
Íò¹úÆÚ»õÓÐÏÞÔðÈι«Ë¾¡¢¶«º£ÆÚ»õÓÐÏÞÔðÈι«Ë¾¡¢ÐËҵ֤ȯ¹É·ÝÓÐÏÞ¹«Ë¾¡¢½»Òø
¹ú¼ÊÐÅÍÐÓÐÏÞ¹«Ë¾¶ÀÁ¢¶Êºͽõ½¹ú¼Ê¼¯ÍÅÓÐÏÞ¹«Ë¾Íⲿ¶Ê¡£
¶ÀÁ¢¶Ê£ºÍôé¦
ÃÀ¹ú¼ÓÖÝ´óѧÂåÉ¼í¶·ÖУ½ðÈÚרҵ¹¤É̹ÜÀí˶ʿѧ룬²¢ÏȺó»ñµÃÃÀ¹ú¼ÓÖÝ
×¢²á»á¼ÆʦִÕÕºÍÖйú×¢²á»á¼Æʦ֤Êé¡£
Ôøµ£ÈÎÆÕ»ªÓÀµÀ½ðÈÚ·þÎñ²¿ºÏ»ïÈ˼°ÆÕ»ªÓÀµÀÖйúͶ×ʹÜÀíÐÐÒµÖ÷¹ÜºÏ»ï
ÈË¡£
ÏÖµ£ÈÎÕÐÉÌ֤ȯ¹É·ÝÓÐÏÞ¹«Ë¾¡¢¸´ÐÇÁªºÏ½¡¿µ±£ÏչɷÝÓÐÏÞ¹«Ë¾¡¢ÑÇÌ«²Æ²ú
±£ÏÕÓÐÏÞ¹«Ë¾¼°51ÐÅÓÿ¨ÓÐÏÞ¹«Ë¾¶ÀÁ¢¶Ê¡¢Öйų́ÍåÐñêÆÉúÎï¿Æ¼¼¹É·ÝÓÐÏÞ
¹«Ë¾¼àÊ¡£
¶ÀÁ¢¶Ê£ºÔøÁˆ
Ó¢¹úÌØÐí¹«ÈÏ»á¼Æʦ¹«»á×ÊÉî»áÔ±¡£
ÔøÈÎÏã¸ÛÈüÂí»á¼¯ÍŲÆÎñ×ܼ࣬Ïã¸ÛÖ¤¼à»á²úÆ·×ÉѯίԱ»áίԱ£¬Ð¿µ»áÃû
Óþ˾¿âºÍÖ´ÐÐίԱ»áºÍͶ×ÊС×éίԱ»á³ÉÔ±£¬´÷÷ëÖº¾ôÊ¿¿µÀÖ»ù½ð¡¢¾¯²ì×ÓÅ®½Ì
ÓýÐÅÍлù½ðºÍ¾¯²ì½ÌÓý¼°¸£ÀûÐÅÍлù½ðͶ×Ê×ÉѯίԱ»áÖ÷ϯ£¬Ïã¸Û·¿ÎÝлá×ʽð
¹ÜÀíÌØÉèίԱ»á³ÉÔ±£¬ÒÔ¼°ÁíÀàͶ×ʹÜÀíлᣨAIMA£©È«ÇòͶ×ÊÕßÖ¸µ¼Î¯Ô±»á
³ÉÔ±¡£
ÏÖΪ¶ÀÁ¢¹ËÎÊ£¬±¦»ý×ʱ¾¿Ø¹ÉÓÐÏÞ¹«Ë¾¶ÀÁ¢·ÇÖ´ÐжÊÂÒÔ¼°°²Áª»·ÇòͶ×ÊÏã
¸ÛÓÐÏÞ¹«Ë¾¼æÖ°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£¹ú
¼ÊÐÅÍÐÓÐÏÞ¹«Ë¾ºóÀúÈÎ×ʽðÐÅÍÐ×ܲ¿¡¢×ʲú¹ÜÀí×ܲ¿¡¢ÐÅÍз¢Õ¹×ܲ¿¸ºÔðÈË¡£
ÏÖÈÎÉϺ£¹ú¼ÊÐÅÍÐÓÐÏÞ¹«Ë¾¸±×ܾÀí¡¢ÉÏÐÅ×ʲú¹ÜÀíÓÐÏÞ¹«Ë¾×ܾÀí£¬Í¬Ê±
¼æÈÎÉϺ£Êйɷݹ«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¿×Ü
¼à¡¢Í¶×ʼ¨Ð§ÆÀ¹À×ܼࡢ¹ú¼ÊͶ×ʲ¿×ܼࡢ×éºÏ»ù½ðͶ×ʲ¿×ܼࡣ
ÏÖÈÎÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾Í¶×ʶÊ£¬¹ÜÀíÉÏͶĦ¸ùÑÇÌ«ÓÅÊÆ»ìºÏÐÍÖ¤
ȯͶ×Ê»ù½ð¡¢ÉÏͶĦ¸ùÈ«ÇòÌìÈ»×ÊÔ´»ìºÏÐÍ֤ȯͶ×Ê»ù½ðºÍÉÏͶĦ¸ùÈ«Çò¶àÔªÅä
ÖÃ֤ȯͶ×Ê»ù½ð£¨QDII£©¡£
¼àÊ£ºÍòöÁå·
ÔøÈÎÉϺ£¹ú¼Ê¼¯ÍÅÓÐÏÞ¹«Ë¾¸ß¼¶·¨Îñ¾Àí£¬ÉÏͶĦ¸ù»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾Ê×ϯ
·çÏÕ¹Ù£¬ÉÐÌÚ×ʱ¾¹ÜÀíÓÐÏÞ¹«Ë¾¶Ê¡£
ÏÖÈÎÉÐÌÚ×ʱ¾¹ÜÀíÓÐÏÞ¹«Ë¾×ܾÀí¡£
3. ×ܾÀí»ù±¾Çé¿ö£º
Íõ´óÖÇÏÈÉú£¬×ܾÀí
ѧʿѧλ¡