»ù½ð¹ÜÀíÈË£ºÖÐÐű£³Ï»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾
»ù½ðÍйÜÈË£ºÖйúÒøÐйɷÝÓÐÏÞ¹«Ë¾
¡¾ÖØÒªÌáʾ¡¿
Ðųϻù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¾ÖйúÖ¤¼à»áÅú×¼ÓÚ2005Äê9ÔÂ30ÈÕ×¢²á³ÉÁ¢¡£ÒòÒµÎñ·¢Õ¹ÐèÒª£¬¾¹ú¼Ò¹¤ÉÌ×ֺܾË×¼£¬¹«Ë¾Ãû³ÆÓÉ¡°Ðųϻù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¡±±ä¸üΪ¡°ÖÐÐű£³Ï»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¡±£¨ÒÔϼò³Æ¡°ÎÒ˾¡±£©£¬²¢ÓÉÉϺ£Êй¤ÉÌÐÐÕþ¹ÜÀí¾ÖÓÚ2017Äê12ÔÂ18Èպ˷¢ÐµÄÓªÒµÖ´ÕÕ¡£
¸ù¾Ý¡¶ÖлªÈËÃñ¹²ºÍ¹úºÏͬ·¨¡·µÚÆßÊ®ÁùÌõµÄ¹æ¶¨£¬ºÏͬµ±ÊÂÈËÃû³Æ±ä¶¯²»Ó°ÏìºÏͬÒåÎñµÄÂÄÐС£±¾´ÎÎÒ˾Ãû³Æ±ä¸üºó£¬ÒÔ¡°Ðųϻù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¡±»ò¡°ÖÐÐű£³Ï»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¡±Ç©ÊðµÄµÄ·¨ÂÉÎļþ£¨°üÀ¨µ«²»ÏÞÓÚ¹«Ë¾ºÏͬ¡¢¹«¸æµÈ£¬ÒÔϼò³Æ¡°Ô·¨ÂÉÎļþ¡±£©²»ÊÜÈκÎÓ°Ï죬ÎÒ˾½«°´ÕÕÔ¼¶¨ÂÄÐÐȨÀûÒåÎñ¡£ÈçÔ·¨ÂÉÎļþ¼þ¶ÔÉúЧÌõ¼þ¡¢ÓÐЧÆÚÏÞ½øÐÐÌرð˵Ã÷µÄ£¬ÒÔÔ·¨ÂÉÎļþµÄ˵Ã÷Ϊ׼¡£
±¾»ù½ðÓÚ2011Äê12ÔÂ20ÈÕ»ù½ðºÏͬÕýʽÉúЧ¡£
Ͷ×ÊÓзçÏÕ£¬Í¶×ÊÈËÉ깺±¾»ù½ðʱӦÈÏÕæÔĶÁÕÐļ˵Ã÷Êé¡£
»ù½ðµÄ¹ýÍùÒµ¼¨²¢²»Ô¤Ê¾ÆäδÀ´±íÏÖ¡£
±¾ÕªÒª¸ù¾Ý»ù½ðºÏͬºÍ»ù½ðÕÐļ˵Ã÷Êé±àд£¬²¢¾ÖйúÖ¤¼à»áºË×¼¡£»ù½ðºÏͬÊÇÔ¼¶¨»ù½ðµ±ÊÂÈËÖ®¼äȨÀû¡¢ÒåÎñµÄ·¨ÂÉÎļþ¡£»ù½ðͶ×ÊÈË×ÔÒÀ»ù½ðºÏͬȡµÃ»ù½ð·Ý¶î£¬¼´³ÉΪ»ù½ð·Ý¶î³ÖÓÐÈ˺ͱ¾»ù½ðºÏͬµÄµ±ÊÂÈË£¬Æä³ÖÓлù½ð·Ý¶îµÄÐÐΪ±¾Éí¼´±íÃ÷Æä¶Ô»ù½ðºÏͬµÄ³ÐÈϺͽÓÊÜ£¬²¢°´ÕÕ¡¶»ù½ð·¨¡·¡¢¡¶ÔË×÷°ì·¨¡·¡¢»ù½ðºÏͬ¼°ÆäËûÓйع涨ÏíÓÐȨÀû¡¢³Ðµ£ÒåÎñ¡£»ù½ðͶ×ÊÈËÓûÁ˽â»ù½ð·Ý¶î³ÖÓÐÈ˵ÄȨÀûºÍÒåÎñ£¬Ó¦Ïêϸ²éÔÄ»ù½ðºÏͬ¡£
±¾¸üÐÂÕÐļ˵Ã÷ÊéËùÔØÄÚÈݽØÖ¹ÈÕÈôÎÞÌرð˵Ã÷Ϊ2018Äê6ÔÂ20ÈÕ£¬ÓйزÆÎñÊý¾ÝºÍ¾»Öµ±íÏÖ½ØÖ¹ÈÕΪ2018Äê3ÔÂ31ÈÕ£¨Î´¾Éó¼Æ£©¡£
Ò»¡¢»ù½ðµÄÃû³Æ
ÐųÏÈ«ÇòÉÌÆ·Ö÷Ìâ֤ȯͶ×Ê»ù½ð£¨LOF£©
¶þ¡¢»ù½ðµÄÀàÐÍ
ÉÏÊÐÆõÔ¼ÐÍ¿ª·Åʽ£¬»ù½ðÖеĻù½ð
Èý¡¢»ù½ðµÄͶ×ÊÄ¿±ê
ͨ¹ýÔÚÈ«Çò·¶Î§ÄÚ»ý¼«ÅäÖÃÉÌÆ·ÀàÏà¹Ø×ʲú£¬ÔÚÓÐЧ·ÖÉ¢·çÏյĻù´¡ÉÏ£¬×·Çó»ù½ð×ʲúµÄ³¤ÆÚÎȶ¨ÔöÖµ¡£
ËÄ¡¢»ù½ðµÄͶ×Ê·¶Î§
±¾»ù½ð¿ÉͶ×ÊÓÚÏÂÁнðÈÚ²úÆ·»ò¹¤¾ß£ºÔÚÒÑÓëÖйúÖ¤¼à»áÇ©ÊðË«±ß¼à¹ÜºÏ×÷Á½ⱸÍü¼µÄ¹ú¼Ò»òµØÇø֤ȯ¼à¹Ü»ú¹¹µÇ¼Ç×¢²áµÄ¹«Ä¼»ù½ð£¨ÒÔÏÂÎÞÌرð˵Ã÷£¬¾ù°üÀ¨exchangetradedfund,ETF£©£»ÆÕͨ¹É¡¢ÓÅÏȹɡ¢È«Çò´æÍÐƾ֤ºÍÃÀ¹ú´æÍÐƾ֤¡¢·¿µØ²úÐÅÍÐƾ֤£»Õþ¸®Õ®È¯¡¢¹«Ë¾Õ®È¯¡¢¿Éת»»Õ®È¯¡¢×¡·¿°´½ÒÖ§³Ö֤ȯ¡¢×ʲúÖ§³Ö֤ȯµÈ¼°¾ÖйúÖ¤¼à»áÈϿɵĹú¼Ê½ðÈÚ×éÖ¯·¢ÐеÄ֤ȯ£»ÒøÐдæ¿î¡¢¿ÉתÈô浥¡¢ÒøÐгжһãƱ¡¢ÒøÐÐƱ¾Ý¡¢ÉÌҵƱ¾Ý¡¢»Ø¹ºÐÒé¡¢¶ÌÆÚÕþ¸®Õ®È¯µÈ»õ±ÒÊг¡¹¤¾ß£»½ðÈÚÑÜÉú²úÆ·¡¢½á¹¹ÐÔͶ×ʲúÆ·ÒÔ¼°ÖйúÖ¤¼à»áÔÊÐí»ù½ðͶ×ʵÄÆäËû½ðÈÚ¹¤¾ß¡£Èç·¨ÂÉ·¨¹æ»ò¼à¹Ü»ú¹¹ÒÔºóÔÊÐí±¾»ù½ðͶ×ÊÆäËûÆ·ÖÖ£¬»ù½ð¹ÜÀíÈËÔÚÂÄÐÐÊʵ±³ÌÐòºó£¬¿ÉÒÔ½«ÆäÄÉÈëͶ×Ê·¶Î§¡£
±¾»ù½ðµÄͶ×Ê×éºÏ±ÈÀýΪ£º
±¾»ù½ðΪ»ù½ðÖеĻù½ð£¬Òò´Ë£¬Í¶×ÊÓÚ¹«Ä¼»ù½ðµÄ±ÈÀý²»µÍÓÚ»ù½ð×ʲúµÄ60%¡£
±¾»ù½ðÒÔÉÌÆ·Ö÷ÌâͶ×ÊΪÖ÷£¬Òò´Ë£¬Í¶×ÊÓÚÉÌÆ·Àà»ù½ðµÄ±ÈÀý²»µÍÓÚ±¾»ù½ð·Ç¹Ì¶¨ÊÕÒæÀà×ʲúµÄ80%¡£¾Í»ù½ðºÏͬ¶øÑÔ£¬ÉÌÆ·Àà»ù½ðÊÇÖ¸Òµ¼¨±È½Ï»ù×¼ÖÐ90%ÒÔÉÏΪÉÌÆ·Ö¸Êý»òÉÌÆ·¼Û¸ñµÄ»ù½ð¡£ÉÌÆ·Ö÷ÒªÖ¸ÄÜÔ´¡¢¹ó½ðÊô¡¢»ù´¡½ðÊô¼°Å©²úÆ·µÈ´ó×ÚÉÌÆ·¡£
±¾»ù½ð³ÖÓÐÏÖ½ð»òµ½ÆÚÈÕÔÚÒ»ÄêÒÔÄÚµÄÕþ¸®Õ®È¯µÄ±ÈÀý²»µÍÓÚ»ù½ð×ʲú¾»ÖµµÄ5%£¬ÆäÖÐÏֽ𲻰üÀ¨½áË㱸¸¶½ð¡¢´æ³ö±£Ö¤½ð¡¢Ó¦ÊÕÉ깺¿îµÈ¡£·¨ÂÉ¡¢·¨¹æÁíÓй涨µÄ£¬´ÓÆä¹æ¶¨¡£
Îå¡¢»ù½ðµÄͶ×ʲßÂÔ
±¾»ù½ð½«¸ù¾Ýºê¹Û¼°ÉÌÆ··ÖÎö½øÐÐ×ʲúÅäÖ㬲¢Í¨¹ýÈ«Çò·¶Î§ÄÚ¾«Ñ¡»ù½ð¹¹½¨×éºÏ£¬ÒÔ´ïµ½Ô¤ÆڵķçÏÕÊÕÒæˮƽ¡£
Ò»¡¢×ʲúÅäÖòßÂÔ
1¡¢×ÔÉ϶øϵĴóÀà×ʲúÅäÖòßÂÔ
±¾»ù½ðµÄÕ½ÂÔÐÔ×ʲúÅäÖÃÒÔ´ó×ÚÉÌƷΪÖ÷£¬²¢²»ÒòÊг¡µÄÖжÌÆڱ仯¶ø¸Ä±ä¡£ÔÚÌض¨Ê±³£×´¿öÏ£¬µ±»ù½ðÎÞ·¨Í¨¹ýÉÌÆ··ÖɢͶ×ʵȷ½Ê½±ÜÏÕʱ£¬±¾»ù½ð½«Í¶×ÊÓڹ̶¨ÊÕÒæÀà×ʲú¡¢»õ±ÒÊг¡¹¤¾ß¼°ÏÖ½ðµÈ½øÐÐÕ½ÊõÐÔ×ʲúÅäÖõ÷Õû£¬µÖÓùÏÂÐзçÏÕ¡£±ØҪʱ£¬½«Ê¹ÓýðÈÚÑÜÉúÆ·½øÐÐ×éºÏ±ÜÏÕºÍÓÐЧ¹ÜÀí¡£
Ò»°ã¶øÑÔ£¬ÓÉÓÚÉÌÆ·×ßÊÆÓë¾°ÆøÑ»·´æÔÚÕýÏò¹Øϵ£¬Õ®È¯±íÏÖÔòÓë¾°ÆøÑ»·³Ê·´Ïò¹Øϵ£¬Òò´Ë£¬±¾»ù½ð½«Öصã¹Û²âÒÔϾ¼Ã¾°Æø¶ÈÖ¸±ê£¬ÓÃÒÔ´óÀà×ʲúÅäÖþö²ß£º
-ºê¹Û¾¼ÃÖ¸±ê£ºÉú²úÖ¸Êý¡¢ÎïÁ÷Ö¸Êý¼°²úÏúÂÊ£»Í¶×Êпª¹¤ÏîÄ¿£»¾ÍÒµ×´¿ö£¨ÈçʧҵÂÊ£©£»ÃÀ¹ú¾È¼Ã½ðÉêÁìÈËÊýµÈ£»
-Á÷¶¯ÐÔÖ¸±ê£º»õ±Ò¹©Ó¦Á¿M2£»¸÷¹ú»ù×¼ÀûÂÊˮƽ¼°Â׶ØÒøÐÐͬҵ²ð·ÅÀûÂÊ£¨LIBOR£©£»³¤¶ÌÆÚÎÞ·çÏÕÀû²îµÈ£»
-¾¼ÃÐÅÐÄÖ¸±ê£ºÌ©µÂ¼Û²î£¨TreasuryEurodollarSpread£¬TED£©¼°ÆäËü¸÷¹úÐÅÓÃÀû²îˮƽ£»ÐÅÓÃÎ¥Ô¼»¥»»Âʵȣ»Í¶×ÊÕßÐÅÐÄÖ¸±ê£»
-Éç»áÐèÇóÖ¸±ê£ºÏû·ÑÆ·ÁãÊÛÖ¸±ê¡¢Íâó½ø³ö¿ÚÖ¸±ê¡¢Ïû·ÑÕßÔ¤ÆÚÖ¸±êµÈ¡£
°´Í³¼ÆÖ¸±ê±ä¶¯¹ì¼£Ó뾼ñ䶯¹ì¼£Ö®¼äµÄ¹Øϵ»®·Ö£¬ÉÏÊö¾°ÆøÖ¸±êÓÖ·ÖÏÈÐÐÖ¸±ê¡¢Ò»ÖÂÖ¸±êÓëÖͺóÖ¸±ê¡£±¾»ù½ð½«±£³Ö¶ÔÏÈÐÐÖ¸±êµÄ¸ú×Ù£¬¸¨ÒÔÒ»ÖÂÓëÖͺóÖ¸±ê×÷Ϊ¹®¹Ì£¬ÒÔÔ¤²â¾¼Ã¾°Æø±ä»¯¡£
2¡¢ÉÌÆ·ÅäÖòßÂÔ
¸ù¾ÝÊг¡¹ßÀý£¬´ó×ÚÉÌÆ·Ò»°ã·ÖΪËÄ´óÀà±ð£ºÄÜÔ´¡¢»ù´¡½ðÊô¡¢¹ó½ðÊô¼°Å©²úÆ·¡£×ÜÌå¶øÑÔ£¬ÉÌÆ·¾ßÓÐÉÌÆ·ÊôÐԺͽðÈÚÊôÐÔ£¬¸÷ÀàÉÌÆ·ËùÌåÏÖ³öµÄÁ½ÀàÊôÐÔµÄÇ¿Èõ¸÷Òì¡£ÕâÒ²¾ö¶¨ÁËÓ°Ï첻ͬÉÌÆ·Àà±ðµÄ¼Û¸ñ²¨¶¯ÒòËؼȾßÓй²Í¨ÐÔÓÖ´æÔÚ²îÒìÐÔ¡£
±¾»ù½ð½«Ö÷Òª´ÓÒÔÏÂÎå¸ö·½Ãæ½øÐÐÉÌÆ·»ù±¾ÃæµÄ¹²ÐÔ·ÖÎö£º
£¨1£©ÐèÇó×´¿ö
ÉÌÆ·ÐèÇóÍùÍùÓë¾¼ÃÐÐΪ½ôÃÜÏàÁ¬£¬ÌåÏÖ³öÆäÇ¿ÁÒµÄÖÜÆÚÐÔ¡£ÕâÊÇÒòΪ¾°ÆøÉÏÉýÆÚÒ»°ã°éËæ²»¶ÏÅÊÉýµÄͨÕÍˮƽ£¬ÒÔ¼°´óÁ¿µÄÒªËØͶÈëµÈÀ©ÕÅÐÔ¾¼ÃÐÐΪ£¬Òò´ËÉÌÆ·ÐèÇóËæÖ®ÀÉý£¬ÖúÍÆÉÌÆ·¼Û¸ñÉÏÉý¡£·´Ö®£¬µ±¾°ÆøϽµ£¬ÉÌÆ·ÐèÇóÒ»°ãËæ֮Ͻµ£¬¼Û¸ñ´æÔÚÏÂÐÐѹÁ¦¡£Òò´Ë£¬±¾»ù½ð½«Ê¹ÓÃÉÏÊö·ÖÎö¿ò¼ÜÖصã¹Û²â¾¼Ã¾°Æø±ä»¯½øÐÐÐèÇóÔ¤²â¡£³ý´ËÖ®Í⣬ÉÌÆ·±¾ÉíµÄ¼Û¸ñˮƽҲ»á·´×÷ÓÃÓÚÉÌÆ·ÐèÇ󣬶øÕâÖÖ·´×÷ÓõĴóСÒàÈ¡¾öÓÚÆäÐèÇóµ¯ÐÔ¡£
£¨2£©¹©¸ø×´¿ö
±¾»ù½ðÖ÷Òª´Ó²ú³öÒâÔ¸¡¢²úÄÜÏÞÖƺͿâ´æÇé¿öµÈ·½Ãæ·ÖÎöÉÌÆ·µÄ¹©¸ø¡£´ó×ÚÉÌÆ·µÄ¹©¸ø±ä»¯¿ÉÒÔ·ÖΪÁ½Àࣺһ¡¢¹©¸øµÄÀ©ÕÅ»òÊÕËõЧӦ£¬ÕâÖÖЧӦ½öÖ¸ÓÉÓÚÉÌÆ·¼Û¸ñ±ä»¯¶Ô¹©¸øµÄ·´×÷Óá£ÓÉÓÚÉÌÆ·µÄ½ðÊôÊôÐÔ£¬ÕâÀà·´×÷ÓÃÓÈÆäÏÔÖø£¬¼´ÉÌÆ·¹©¸ø·½¿ÉÄÜÓÉÓÚ¼Û¸ñ²¨¶¯¶øÓ°Ïì²ú³öÒâÔ¸£¬ÕâÖÖ·´×÷Óó̶ÈͬÑùÊܹ©¸øµ¯ÐÔËùÏÞ£»¶þ¡¢¹©¸øµÄÒ»°ã±ä»¯£¬ÕâÖֱ仯ָµÄÊdzýÁ˼۸ñÒòËØÒÔÍâµÄÆäËûÓ°ÏìÉÌÆ·¹©¸øµÄÒòËØ£¬Èç²úÄÜÏÞÖÆ¡¢Æøºò×´¿ö¡¢Õþ¸®¸ÉÔ¤¡¢µØÔµÕþÖεȡ£²úÄÜÏÞÖÆ¿ÉÄÜÊܵ½²ú³ö³É±¾¡¢¿Æ¼¼·¢Õ¹Ë®Æ½¼°µ±µØÐÐÒµ¸ñ¾Ö¼°²úÒµÕþ²ßµÈÒòËضø±ä»¯¡£³ýÁËÇ°Õ°ÐԵĶÔDZÔÚ¹©¸øÇé¿ö×öÈçÉϵķÖÎöÍ⣬±¾»ù½ð»¹½«½ôÃܸú×ÙÉÌÆ·µÄµ±Ç°¿â´æ¼°²úÄÜÀûÓÃÇé¿öÅж¨¹©¸øÊÇ·ñÇ÷½ô¡£
£¨3£©Ã³Ò×Õþ²ß
´ó×ÚÉÌÆ·ÔÚ¹ú¼ÊóÒ×¼°È«ÇòGDPÖÐÕ¼¾ÝÖØÒªµØ룬Òò´Ë£¬¸÷¹úóÒ×Õþ²ß½«»áÉî¿ÌÓ°ÏìÉÌÆ·¼Û¸ñ×ßÊÆ¡£±¾»ù½ð½«¶ÔÊÀ½ç¾¼ÃÖÐÕÆÎÕÖ÷Òª¶¨¼ÛȨµÄ¹ú¼ÒÒÔ¼°Ö÷ÒªÉÌÆ·½ø³ö¿Ú¹úµÄÕþ²ß¶¯Ïò½øÐÐÆÊÎö£¬ÀýÈç½ø³ö¿ÚÏÞÖÆ¡¢¹ØË°¼°Õ÷·Ñµ÷Õû¡¢Ã³Ò×±£»¤Ö÷ÒåÇéÐ÷µÈ¡£
£¨4£©Íâ»ã¹ØÁª
ÓÉÓÚ´ó¶àÉÌÆ·½»Ò×ÒÔÃÀԪΪ¼Æ¼Û»õ±Ò£¬ÒÔÃÀԪΪ»ù×¼µÄ»ãÂʱ䶯½«Ö±½ÓÓ°ÏìÉÌÆ·½ø³ö¿ÚÉ̵ijɱ¾ºÍÀûÈó¡£±¾»ù½ð½«¹Ø×¢Íâ»ãÊг¡¶ÔÉÌÆ·×ßÊƵÄÓ°Ï죬ÀýÈçÃÀÔª±áÖµ£¬ÍùÍù°éËæÉÌÆ·¼Û¸ñÉÏÉý¡£
£¨5£©Á÷¶¯ÐÔ×´¿ö
³ýÉÏÊöÒòËØ£¬È«ÇòÁ÷¶¯ÐÔ×´¿öÒà»á¶ÔÉÌÆ·ÖжÌÆÚ¼Û¸ñ±ä»¯¾ßÓÐÖ±½ØµÄÓ°Ïì¡£±¾»ù½ð½«Ô¤²â¼°×·×ÙÀûÂʱ仯¡¢×ʽðÁ÷Ïò¡¢Í¶×ÊÕß·çÏÕÆ«ºÃµÈÒòËØ£¬ÅжÏÉÌÆ·²¨¶¯Çé¿ö¡£Ò»°ã¶øÑÔ£¬ÀûÂʾӸ߻òÉÏÉý£¬Á÷¶¯ÐÔÇ÷½ô£¬ÉÌÆ·¼Û¸ñ½µµÍ£»ÀûÂʽϵͻòϽµ£¬Á÷¶¯ÐÔ¿íÔ££¬ÉÌÆ·¼Û¸ñÉÏÕÇ¡£
¹²ÐÔÖ®Í⣬²»Í¬ÉÌÆ·×ÓÐÐÒµÒòÆä¸÷×ÔÌØÊâµÄÊôÐÔ¡¢ÓÃ;¡¢¶¨¼Û»úÖÆ¡¢ÖÜÆÚÃô¸Ð¶ÈµÈ¶ø±íÏÖ¸÷Òì¡£
£¨1£©ÄÜÔ´£ºÄÜÔ´Ö÷Òª°üÀ¨Ê¯Óͼ°ÌìÈ»Æø£¬ÆäÖÐÒÔʯÓÍΪÖ÷¡£Ê¯ÓͼÈΪ¸÷¹úÕþÖÎÇéÊÆËùÇ££¬ÓÖÊÇÀûÒæ̸ÅеÄÕþÖγïÂë¡£Òò´Ë£¬±¾»ù½ð½«ÃÜÇйØעȫÇòʱÊÂÕþÖΣ¬ÓÈÆä¹Ø×¢ÖØÒª²úÓ͹ú¼ÒµÄµØÔµÕþÖζ¯Ïò£¬ÈçÖж«¡¢±±·ÇµÈ¹ú¡£ÁíÍ⣬±¾»ù½ð»¹½«ÉîÈëÑÐÎöÈ«ÇòʯÓÍÊ£Óà²úÄÜ¡¢¼¾½ÚÐÔÐèÇó±ä»¯¼°²»Í¬ÓÍÆ·²îÒ죨µÍÁòÔÓ͵Ĺ©Ó¦Á¿£©µÈ×÷ΪͶ×ÊÒÀ¾Ý¡£
£¨2£©»ù´¡½ðÊô£ºÏà±ÈÆäËûÉÌÆ·Àà±ð£¬»ù´¡½ðÊôÓëºê¹Û¾¼Ã»î¶¯¹ØÁªÓÈΪÃ÷ÏÔ£¬ÀýÈçÍ¡¢Äø¡¢Ìú¿óʯµÈ¡£±¾»ù½ð½«Öصã¹Ø×¢ÐÂÐËÊг¡£¬ÓÈÆäÊÇÖйúµÄ¾¼ÃÔöËÙ¡¢»ù½¨Í¶ÈëºÍ²úÒµÕþ²ßÔ¤ÆÚ£¬ÒÔÅжϻù´¡½ðÊôÐèÇó±ä»¯¡£ÁíÍ⣬»ù´¡½ðÊôµÄ²úÏú³É±¾Ò²»áÖ±½ÓÓ°ÏìÆä×ßÊÆ£¬ÀýÈçÖØÒªÉú²ú¹úµÄ¹«ÓÃÊÂÒµ³É±¾£¨Ë®¡¢µç·ÑÂÊ£©¡¢À͹¤Õþ²ß¼°ÔËÊä³É±¾µÈ¡£
£¨3£©¹ó½ðÊô£ºÏà±ÈÆäËûÉÌÆ·Àà±ð£¬¹ó½ðÊôµÄ¼Û¸ñ¹æÂÉÓë½ðÈÚ²ÎÊýÏà¹Ø¶È×î¸ß£¬ÕâÊÇÓÉÓÚÆä¼Û¸ñ¹¹³ÉÖб£ÖµÒò×ӽϴó¡£Ïà¹Ø½ðÈÚÖ¸±ê°üÀ¨ÃÀÔªÖ¸Êý×ßÊÆ¡¢ÃÀ¹úÃûÒåÀûÂʺÍʵ¼ÊÀûÂÊˮƽ¼°±ä»¯¡¢Í¨ÕÍˮƽ¼°Ô¤ÆÚ¡£ÉÙÊý¹ó½ðÊôÒà¹ã·ºÓÃÓÚ¹¤ÒµÖÆÔ죬ÀýÈç°×Òø¡¢²¬½ð¡¢îÙ½ð¡£Òò´Ë£¬Õë¶Ô¾ßÌå½ðÊôÀà±ð£¬Ïà¹Ø²úÒµµÄÐèÇó·ÖÎöÓÈΪÖØÒª¡£
£¨4£©Å©²úÆ·£ºÓÉÓÚÖÆÔ¼ÒòËصIJ»Í¬£¬Å©²úÆ·µÄ¼Û¸ñÂß¼ÓÐËù²îÒì¡£±¾»ù½ð½«Ìرð¹Ø×¢ÒÔÏÂÒòËØ£º¹©¸ø·½Ãæ°üÀ¨×÷ÎïÉú³¤ÖÜÆÚ¡¢¸ûµØÃæ»ý±ä»¯¡¢Æøºò±ä»¯¡¢ÖØÒª³ö¿Ú¹úµÄÕþ²ß¶¯Ïò¼°¼¾½ÚÐÔ¿â´æ±ä»¯µÈ£»ÐèÇó·½Ãæ°üÀ¨ÖØÒªÏû·Ñ¹úµÄÕþ²ß¶¯Ïò¡¢È«ÇòÈ˿ڽṹ±ä»¯¡¢Ìæ´úÄÜÔ´¿Æ¼¼½øÕ¹µÈ¡£
¶ÀÁ¢·ÖÎöÖ®Í⣬±¾»ù½ð»¹½«³ä·Ö½è¼ø¹ú¼ÊרҵԤ²â»ú¹¹µÄ×ÊÔ´ºÍÅжϣ¬ÀýÈçÄÜÔ´¹Û²ì»ú¹¹Óйú¼ÊÄÜÔ´Êð£¨IEA£©¡¢ÃÀ¹úÄÜÔ´ÐÅÏ¢Êð£¨EIA£©£»»ù´¡½ðÊô¼°¹ó½ðÊôÑо¿»ú¹¹Ö÷ÒªÒԻƽð¿óÒµ·þÎñ¹«Ë¾£¨GFMS£©ÎªÊ×£»Å©²úÆ·ÔòÓÐÃÀ¹úÅ©Òµ²¿¡¢°ÄÖÞÅ©Òµ¾Ö¡£³ý´ËÖ®Í⣬ȨÍþȯÉ̵ÄÑо¿±¨¸æÒàÊÇÖØÒª²Î¿¼£¬Èç¸ßÊ¢¡¢°Í¿ËÀ³µÈ¡£
»ù±¾Ãæ·ÖÎöÊDZ¾»ù½ðÉÌÆ·ÅäÖõÄÖ÷Òª²ßÂÔ£¬µ«ÓÉÓÚÉÌÆ·¼Û¸ñ´ÓÀúÊ·À´¿´¾ßÓнÏÇ¿µÄÇ÷ÊÆÐÔºÍÖÜÆÚÐÔ£¬±¾»ù½ð½«½áºÏ¼¼ÊõÖ¸±ê£¬ÈçÒ»¸öÔ¼۸ñ¶¯Á¿µÈ£¬¶Ô²»Í¬ÉÌÆ·Àà±ð½øÐÐÕ½Êõµ÷Õû¡£
3¡¢ETFͶ×ʲßÂÔ
±¾»ù½ð½«Ö÷ÒªÒÔ·çÏÕΪÖ÷Òª¿¼Á¿£¬Í¨¹ýÒÔÏÂÁ÷³ÌɸѡETF¡£
£¨1£©ÉÌÆ·ÀàETF¿âµÄ½¨Éè
ͨ¹ý»ù½ð×ÊѶϵͳ£¨ÈçÀí°Ø¡¢³¿ÐÇ¡¢Åí²©µÈ£¬ÊÓ»ù½ðÐèÒª¶ø¶¨£©£¬ËѼ¯·ûºÏ»ù½ðºÏͬ¶¨ÒåµÄÉÌÆ·ÀàETF²¢¶ÔÆä½øÐжàάµÄϸ·Ö·ÖÀà¡£°´±êµÄ×ʲú·Ö£¬ÓÐa)ʵÎïÉÌÆ·ETF£»b)ÉÌÆ·ÑÜÉúÆ·ETF£»°´ÉÌÆ·Àà±ð·Ö£¬ÓÐ×·×ÙÄÜÔ´¡¢»ù´¡½ðÊô¡¢¹ó½ðÊôºÍÅ©²úÆ·¼°µ¥Ò»ÉÌÆ·ÖÖÀàµÄETF¡£
£¨2£©ETFÁ÷¶¯ÐÔɸѡ
ETFµÄÁ÷¶¯ÐÔÊÇ×îÖØÒªµÄɸѡ׼ÔòÖ®Ò»£¬±¾»ù½ð½«¿¼²ìÒÔÏ·½Ãæ¶ÔETF½øÐÐɸѡ£º
-ETF¹æÄ££¬¹æÄ£¹ýС¿ÉÄÜ´æÔÚÌáÇ°ÇåËã»ò±äÏֳɱ¾¹ý´óµÄÎÊÌ⣻¸¨ÒÔ¹Û²ìÈÕ¾ù³É½»Á¿¼°»»ÊÖÂʵÈÖ¸±ê£»
-ETFµÄ×öÊлîÔ¾³Ì¶È£¬Ö÷Òª¹Û²ìÂòÂô¼Û²î£¨bid-askspread£©ÊÇ·ñºÏÀí£»
-ETFµÄÕÛÒç¼Ûˮƽ£¬ÕÛÒç¼Ûˮƽֱ½Ó¾ö¶¨ÁËETFµÄ½»Ò×·çÏÕ£¬¶øETF±êµÄ×ʲúµÄ²¨¶¯ÂÊÔò¾ö¶¨ÁËÕÛÒç¼ÛˮƽµÄºÏÀíÇø¼ä¡£
±¾»ù½ðÒà»á¸ù¾Ý²»Í¬×ʽð¹æÄ£¼ÙÉè¶Ô±êµÄETF½øÐÐÊг¡³å»÷¼ìÑ飬°ÑÎÕETFÂòÂôµÄÏÔÐԳɱ¾ºÍÒþÐԳɱ¾¡£
£¨3£©»ý¼«·çÏÕ×îС»¯
Ͷ×ÊETFµÄÄ¿±êÒ»°ãÒÔ»ñÈ¡Æä¸ÃETFËù×·×Ù×ʲúµÄÊÕÒ棬Òò´Ë£¬ETF¾»ÖµÓëÆä±êµÄ×ʲú¼Û¸ñÖ®¼äµÄ²îÒìÓúСÓúºÃ£¬¼´×·Çó»ý¼«·çÏÕ×îС»¯¡£±¾»ù½ðÖ÷Òª¿¼²ìETFµÄ¸ú×ÙÎó²î¼°¸ú×ÙÆ«Àë¶ÈÀ´¿¼ºËÆä»ý¼«·çÏÕ¡£
£¨4£©ÉÏÊеؼ°¼Æ¼Û±Ò±ð¿¼Á¿
ÏÖʵͶ×Ê»·¾³Ï²»µÃ²»¿¼ÂÇÄâͶ×ÊETFµÄÉÏÊеطֲ¼ºÍÆä¼Æ¼Û±ÒÖÖ¡£ÉÏÊеطֲ¼¹ýÓÚ·ÖÉ¢£¬¿çԽʱÇø¹ý¶à£¬Ò×Ìá¸ß¹ÜÀí³É±¾ºÍ½»Ò×·çÏÕ£»¼Æ¼Û»õ±Ò¾¡Á¿ÒÔÁ÷¶¯ÐԺõÄÖ÷Á÷»õ±ÒΪÖ÷£¬Ìá¸ß»»»ãЧÂÊ¡£
£¨5£©×Ü·ÑÓÃÂÊ¿ØÖÆ
±¾»ù½ð»¹½«±È½Ï²¢¾¡Á¿Ñ¡Ôñ×Ü·ÑÓÃÂÊ£¨TotalExpenseRatio£©½Ï¾ß¾ºÕùÁ¦µÄETFÆ·ÖÖ£¬°üÀ¨Æ乺Âò¼°³ÖÓгɱ¾£¬ÀýÈç¹ÜÀí·Ñ¡¢ÍйܷѼ°Ç°¶ËÊշѵȡ£
£¨6£©¶ÔÊÖ·½·çÏÕ¿ØÖÆ
¶ÔÓںϳÉETF£¬±¾»ù½ð²»½ö½«ÖصãÆÀ¹Àµ¥¸ö·¢ÐÐÈ˵ÄÎ¥Ô¼·çÏÕ£¬²¢Òý¼ø¹ú¼ÊÆÀ¼¶µÈÆäËûµÚÈý·½ÆÀ¹À±¨¸æ£¬»¹½«Í¨¹ý·ÖɢͶ×ʵķ½Ê½½µµÍ¼¯Öл¯µÄ¶ÔÊÖ·½·çÏÕ¡£
4¡¢·ÇÉÏÊлù½ðͶ×ʲßÂÔ
·ÇÉÏÊлù½ðµÄͶ×ÊÖ÷ÒªÓÐÁ½ÀàÄ¿µÄ£ºÒ»ÊÇÔÚETFͶ×ÊÆ·ÖÖȱʧ»òÁ÷¶¯ÐÔ²»×ãµÄÇé¿öÏ£¬Í¶×ÊÓÚ¸ú×Ùijһ»òij¼¸ÀàÉÌÆ·×ßÊƵÄÖ¸Êý»ù½ð£»¶þÊÇÒâÔÚ¼ä½Ó»ñÈ¡¹ÜÀíÒµ¼¨ÓÅÁ¼µÄÖ÷¶¯Ð͹«Ä¼»ù½ðµÄ³¬¶îÊÕÒæ¡£
£¨1£©ÉÌÆ·Àà·ÇÉÏÊлù½ð¿âµÄ½¨Éè
ÓëETF¿âµÄ½¨ÉèÒ»Ñù£¬Ö÷Ҫͨ¹ý»ù½ð×ÊѶϵͳËѼ¯·ûºÏ»ù½ðºÏͬ¶¨ÒåµÄÉÌÆ·Àà·ÇÉÏÊлù½ð²¢¶ÔÆä½øÐжàάµÄϸ·Ö·ÖÀà¡£·ÖÀ෽ʽ³ýÁËÉÏÊöETF·ÖÀàά¶ÈÍ⣬»¹°üÀ¨²»Í¬Í¶×ÊÄ¿±êºÍͶ×ʲßÂԵĻù½ð·ÖÀàµÈ¡£
£¨2£©¶¨Á¿É¸Ñ¡£º
±¾»ù½ðµÄÁ¿»¯É¸Ñ¡Ö÷ÒªÒÀ´Î°üÀ¨»ù½ðÎȶ¨ÐÔ¡¢ÊÕÒæÐԺͷçÏÕµ÷Õû¼¨Ð§ÕâÈý¸ö·½Ãæ¡£
Îȶ¨ÐÔ·½ÃæÖ÷Òª¿¼²ì»ù½ð³ÉÁ¢ÄêÏ޺ͻù½ð¾Àí±ä¶¯Çé¿ö£¬»ù½ð³ÉÁ¢Ê±¼ä½Ï¶ÌºÍ»ù½ð¾Àí±ä¶¯Æµ·±µÄ»ù½ðÒ×ȱ·¦Òµ¼¨Ò»ÖÂÐÔ¡£
ÊÕÒæÐÔ·½ÃæÖ÷Òª¿¼²ì»ù½ðµÄ¶Ì¡¢ÖС¢³¤ÆÚÒµ¼¨£¬²¢¶ÔÆä½øÐÐÅÅÐò£¬Ñ¡ÔñÆäÖжÌÆÚÒµ¼¨£¨3¸öÔ¼°1¸öÔµĻر¨ÂÊ£©ÅÅÃû¿¿Ç°¡¢ÖÐÆÚÒµ¼¨£¨6¸öÔ¼°1ÄêµÄ»Ø±¨ÂÊ£©¼°³¤ÆÚÒµ¼¨£¨3Äê»Ø±¨ÂÊ£©Í»³öµÄ»ù½ð£»
µ¥´¿×·ÇóÊÕÒæÂÊ¿ÉÄܵ¼Ö±¾»ù½ð×éºÏµÄ·çÏÕ¶¨Î»Æ«À룬Òò´Ë±¾»ù½ð½«Öص㿼²ì·çÏÕµ÷Õû¼¨Ð§£¬ÈçÏÄÆÕ±ÈÂʺÍÐÅÏ¢±ÈÂʽϸߵĻù½ð£¬Æ䵥λ·çÏÕÊÕÒæ½Ï´ó¡£
£¨3£©¶¨ÐÔɸѡ£º
¶¨Á¿É¸Ñ¡ÊÇ»ùÓÚ¹ýÍùÊý¾ÝµÄ·ÖÎö£¬¶ø¶¨ÐÔ·ÖÎöÔò¿Éͨ¹ý¶àÖÖÐÎʽÍÚ¾ò»ù½ðÊÕÒæÒòËØÖиü¾ßÑÓÐøÐÔ¡¢¸ü¾ßÔ¤²âÐÔµÄÌØÖÊ£¬ÒÔÍêÉÆ»ù½ðͶ×ʾö²ß¹ý³Ì¡£
Ê×ÏÈ£¬ÆÀ¹À»ù½ð¾Àí¼°Í¶×ÊÍŶӣº¹ØÓÚÔÚÈλù½ð¾Àí£¬½«Ö÷ÒªÁ˽âÆäͶ×ÊÄêÏÞ¼°ÂÄÀú£¬¹ýÍùͶ×ʼ¨Ð§¡¢·çÏÕÆ«ºÃ³Ì¶È¼°ÍŶӺÏ×÷·½Ê½£»¹ØÓÚͶ×ÊÍŶӣ¬½«Ö÷ÒªÁ˽âÆäÑо¿ÍŶӵÄÈËÊý¡¢¸²¸Ç¼°ËùÓµÓеÄ×ÊÁÏ¿âÇé¿öµÈ£»
Æä´Î£¬¼ìÊÓ»ù½ðµÄ²Ù×÷Âß¼£ºÀýÈç¸Ã»ù½ð²ÉÓÃ×ÔÉ϶øÏ»¹ÊÇ×Ô϶øÉÏ»ò¼æÓеÄÂß¼¡¢»ù½ðµÄÕ½ÂÔ¼°Õ½Êõ×ʲúÅäÖò¼¾Ö¡¢×éºÏ¹¹½¨·½·¨ÂÛ£¬µÈ£»
ÔٴΣ¬Á˽âÊг¡Ç°Õ°£ºÍ¨¹ý·Ã̸¡¢µç»°»áÒéµÈ֪Ϥ¸Ã»ù½ð¾Àí¶ÔδÀ´Êг¡µÄ¿´·¨¼°ÏÂÒ»²½²Ù×÷˼·£¬ÀýÈç¶Ô²»Í¬ÐÐÒµ/µØÇø/»õ±ÒµÄÅäÖý«»áÏà¶Ô»ù×¼³¬Åä»òµÍÅäµÈ£»
×îºó£¬ÕÆÎÕ·çÏÕ¹ÜÀíÁ÷³Ì£ºÀýÈçµ¥Ò»³Ö¹É±ÈÀý¡¢µ¥Ò»ÐÐÒµ±ÈÀý¡¢¾ÃÆÚÅä±ÈµÈ¡£
5¡¢¹ÉƱͶ×ʲßÂÔ
¸ö¹ÉͶ×ÊΪ±¾»ù½ð×éºÏµÄÎÀÐÇÅäÖ㬽öÔÚÈ·¶¨ÐԽϸߵÄÇé¿öϽøÐÐÔöÇ¿ÐÔͶ×Ê¡£±¾»ù½ðµÄ¹ÉƱͶ×ÊÆ«Ïò¼¨ÓÅÀ¶³ï¹É£¬Í¨¹ýͶ×Ê´óÊÐÖµ¹ÉƱÀ´»ñÈ¡¸Ã¹ÉƱËù´¦²úÒµ»òÐÐÒµµÄÕûÌåƽ¾ù±íÏÖ¡£
6¡¢¹Ì¶¨ÊÕÒæ×ʲúͶ×ʲßÂÔ
±¾»ù½ðµÄ¹Ì¶¨ÊÕÒæ×ʲúͶ×ʽö×÷Õ½ÊõÐÔ¹æ±Ü·çÏÕÖ®Óᣵ±¾¼Ã½øÈëÖÐÆڻص÷»òË¥ÍËʱ£¬±¾»ù½ð½«ÊʶÈͶ×ÊÓÚծȯµÈ¹Ì¶¨ÊÕÒæÆ·ÖÖÒÔ½µµÍ×éºÏ²¨¶¯ÐÔ¡£¾ßÌå¶øÑÔ£¬ÔÚË¥ÍËÆÚ£¬±¾»ù½ð½«Ö÷ҪͶ×ÊÓÚ¹ú¼ÒÐÅÓÃծȯ¡¢ÖйúÖ¤¼à»áÈϿɵĹú¼Ê½ðÈÚ×éÖ¯·¢ÐеÄծȯµÈ£¬ÀýÈçÃÀ¹ú¹úÕ®¡¢Æß´ó¹¤Òµ¹ú£¨G7£©·¢ÐеÄÖ÷ȨծȯµÈ£»µ±¾¼Ã³öÏÖ¸´ËÕ¼£Ïóʱ£¬¹«Ë¾Õ®µÈÐÅÓÃÀàծȯһ°ã½«ÒòÐÅÓÃÆÀ¼¶»ØÉý¶øÓÐËù±íÏÖ£¬ÔÚ·çÏÕ¿ØÖÆÇé¿öϽ«»áÊʵ±ÅäÖá£Í¶×ʹ¤¾ßÉÏ£¬±¾»ù½ð¼È¿ÉÖ±½ÓͶ×ÊÓÚծȯ£¬Òà¿ÉͶ×ÊÓÚծȯETF»ò»ù½ð¡£
Áù¡¢»ù½ðµÄÒµ¼¨±È½Ï»ù×¼
±¾»ù½ðµÄÒµ¼¨±È½Ï»ù׼Ϊ±ê×¼ÆÕ¶û¸ßÊ¢ÉÌÆ·×ÜÊÕÒæÖ¸Êý£¨S&PGSCICommodityTotalReturnIndex£©¡£
Æß¡¢»ù½ðµÄ·çÏÕÊÕÒæÌØÕ÷
±¾»ù½ðÖ÷ҪͶ×ÊÈ«ÇòÉÌÆ·Àà»ù½ð£¬ÉÌÆ·¼Û¸ñ¾ßÓнϸߵIJ¨¶¯ÐÔ£¬Òò´Ë£¬±¾»ù½ðÊôÓڽϸßÔ¤ÆÚ·çÏպͽϸßÔ¤ÆÚÊÕÒæµÄ֤ȯͶ×Ê»ù½ðÆ·ÖÖ¡£
°Ë¡¢Í¶×ÊÏÞÖÆ
1¡¢×éºÏͶ×ʱÈÀýÏÞÖÆ
±¾»ù½ðÔÚͶ×ʲßÂÔÉϼæ¹ËͶ×ÊÔÔòÒÔ¼°¿ª·Åʽ»ù½ðµÄ¹ÌÓÐÌص㣬ͨ¹ý·ÖɢͶ×ʽµµÍ»ù½ð²Æ²úµÄ·ÇϵͳÐÔ·çÏÕ£¬±£³Ö»ù½ð×éºÏÁ¼ºÃµÄÁ÷¶¯ÐÔ¡£»ù½ðµÄͶ×Ê×éºÏ½«×ñÑÒÔÏÂÏÞÖÆ£º
£¨1£©±¾»ù½ð³ÖÓÐͬһ¼ÒÒøÐеĴæ¿î²»µÃ³¬¹ý»ù½ð¾»ÖµµÄ20%¡£ÔÚÍйÜÕË»§µÄ´æ¿î¿ÉÒÔ²»ÊÜÉÏÊöÏÞÖÆ¡£
£¨2£©±¾»ù½ð³ÖÓÐͬһ»ú¹¹(Õþ¸®¡¢¹ú¼Ê½ðÈÚ×éÖ¯³ýÍâ)·¢ÐеÄ֤ȯÊÐÖµ£¨²»°üÀ¨ETF£©²»µÃ³¬¹ý»ù½ð¾»ÖµµÄ10%¡£
£¨3£©±¾»ù½ð³ÖÓÐÓëÖйúÖ¤¼à»áÇ©ÊðË«±ß¼à¹ÜºÏ×÷Á½ⱸÍü¼¹ú¼Ò»òµØÇøÒÔÍâµÄÆäËû¹ú¼Ò»òµØÇø֤ȯÊг¡¹ÒÅƽ»Ò×µÄ֤ȯ×ʲú£¨²»°üÀ¨ETF£©²»µÃ³¬¹ý»ù½ð×ʲú¾»ÖµµÄ10%,ÆäÖÐ,³ÖÓÐÈÎÒ»¹ú¼Ò»òµØÇøÊг¡µÄ֤ȯ×ʲú£¨²»°üÀ¨ETF£©²»µÃ³¬¹ý»ù½ð×ʲú¾»ÖµµÄ3%¡£
£¨4£©²»µÃ¹ºÂò֤ȯ£¨²»°üÀ¨ETF£©ÓÃÓÚ¿ØÖÆ»òÓ°Ïì·¢ÐиÃ֤ȯµÄ»ú¹¹»òÆä¹ÜÀí²ã¡£±¾»ù½ð¹ÜÀíÈ˹ÜÀíµÄÈ«²¿»ù½ð²»µÃ³ÖÓÐͬһ»ú¹¹10%ÒÔÉϾßÓÐͶƱȨµÄ֤ȯ·¢ÐÐ×ÜÁ¿¡£
Ç°ÏîͶ×ʱÈÀýÏÞÖÆÓ¦µ±ºÏ²¢¼ÆËãͬһ»ú¹¹¾³ÄÚÍâÉÏÊеÄ×ܹɱ¾,ͬʱӦµ±Ò»²¢¼ÆËãÈ«Çò´æÍÐƾ֤ºÍÃÀ¹ú´æÍÐƾ֤Ëù´ú±íµÄ»ù´¡Ö¤È¯,²¢¼ÙÉè¶Ô³ÖÓеĹɱ¾È¨Ö¤ÐÐʹת»»¡£
£¨5£©±¾»ù½ð³ÖÓзÇÁ÷¶¯ÐÔ×ʲúÊÐÖµ²»µÃ³¬¹ý»ù½ð¾»ÖµµÄ10%¡£
Ç°Ïî·ÇÁ÷¶¯ÐÔ×ʲúÊÇÖ¸·¨ÂÉ»ò»ù½ðºÏͬ¹æ¶¨µÄÁ÷ͨÊÜÏÞ֤ȯÒÔ¼°ÖйúÖ¤¼à»áÈ϶¨µÄÆäËû×ʲú¡£
£¨6£©±¾»ù½ð¹ÜÀíÈ˹ÜÀíµÄÈ«²¿»ù½ð³ÖÓÐÈκÎÒ»Ö»¾³Íâ»ù½ð,²»µÃ³¬¹ý¸Ã¾³Íâ»ù½ð×ܷݶîµÄ20%¡£
£¨7£©±¾»ù½ðΪӦ¸¶Êê»Ø¡¢½»Ò×ÇåËãµÈÁÙʱÓÃ;½èÈëÏÖ½ðµÄ±ÈÀý²»µÃ³¬¹ý»ù½ð×ʲú¾»ÖµµÄ10%£¬ÁÙʱ½èÈëÏÖ½ðµÄÆÚÏÞÒÔÖйúÖ¤¼à»á¹æ¶¨µÄÆÚÏÞΪ׼¡£
2¡¢¾³Íâ»ù½ðͶ×Ê
£¨1£©Ã¿Ö»¾³Íâ»ù½ðͶ×ʱÈÀý²»³¬¹ý±¾»ù½ð»ù½ð×ʲú¾»ÖµµÄ20%¡£±¾»ù½ðͶ×ʾ³ÍâÉ¡ÐÍ»ù½ðµÄ£¬¸ÃÉ¡ÐÍ»ù½ðÓ¦µ±ÊÓΪһֻ»ù½ð¡£
£¨2£©±¾»ù½ð²»µÃͶ×ÊÓÚÒÔÏ»ù½ð£º
1£©ÆäËû»ù½ðÖлù½ð£»
2£©Áª½Ó»ù½ð£¨AFeederFund£©£»
3£©Í¶×ÊÓÚÇ°ÊöÁ½Ïî»ù½ðµÄÉ¡ÐÍ»ù½ð×Ó»ù½ð¡£
3¡¢½ðÈÚÑÜÉúƷͶ×Ê
±¾»ù½ðͶ×ʽðÈÚÑÜÉúÆ·Ó¦µ±½öÏÞÓÚͶ×Ê×éºÏ±ÜÏÕ»òÓÐЧ¹ÜÀí£¬²»µÃÓÃÓÚͶ»ú»ò·Å´ó½»Ò×£¬Í¬Ê±Ó¦µ±Ñϸñ×ñÊØÏÂÁй涨£º
£¨1£©±¾»ù½ðµÄ½ðÈÚÑÜÉúÆ·È«²¿³¨¿Ú²»µÃ¸ßÓÚ»ù½ð×ʲú¾»ÖµµÄ100%¡£
£¨2£©±¾»ù½ðͶ×ÊÆÚ»õÖ§¸¶µÄ³õʼ±£Ö¤½ð¡¢Í¶×ÊÆÚȨ֧¸¶»òÊÕÈ¡µÄÆÚȨ·Ñ¡¢Í¶×ʹñ̨½»Ò×ÑÜÉúÆ·Ö§¸¶µÄ³õʼ·ÑÓõÄ×ܶµÃ¸ßÓÚ»ù½ð×ʲú¾»ÖµµÄ10%¡£
£¨3£©±¾»ù½ðͶ×ÊÓÚÔ¶ÆÚºÏÔ¼¡¢»¥»»µÈ¹ñ̨½»Ò×½ðÈÚÑÜÉúÆ·£¬Ó¦µ±·ûºÏÒÔÏÂÒªÇó£º
1£©ËùÓвÎÓë½»Ò׵ĶÔÊÖ·½£¨ÖÐ×ÊÉÌÒµÒøÐгýÍ⣩Ӧµ±¾ßÓв»µÍÓÚÖйúÖ¤¼à»áÈϿɵÄÐÅÓÃÆÀ¼¶»ú¹¹ÆÀ¼¶£»
2£©½»Ò׶ÔÊÖ·½Ó¦µ±ÖÁÉÙÿ¸ö¹¤×÷ÈÕ¶Ô½»Ò×½øÐйÀÖµ£¬²¢ÇÒ»ù½ð¿ÉÔÚÈκÎʱºòÒÔ¹«ÔʼÛÖµÖÕÖ¹½»Ò×£»
3£©ÈÎÒ»½»Ò׶ÔÊÖ·½µÄÊÐÖµ¼Æ¼Û³¨¿Ú²»µÃ³¬¹ý»ù½ð×ʲú¾»ÖµµÄ20%¡£
£¨4£©±¾»ù½ð²»µÃÖ±½ÓͶ×ÊÓëʵÎïÉÌÆ·Ïà¹ØµÄÑÜÉúÆ·¡£
4¡¢Ö¤È¯½è´û½»Ò×
±¾»ù½ð¿ÉÒÔ²ÎÓë֤ȯ½è´û½»Ò×£¬²¢ÇÒÓ¦µ±×ñÊØÏÂÁй涨£º
£¨1£©ËùÓвÎÓë½»Ò׵ĶÔÊÖ·½£¨ÖÐ×ÊÉÌÒµÒøÐгýÍ⣩Ӧµ±¾ßÓÐÖйúÖ¤¼à»áÈϿɵÄÐÅÓÃÆÀ¼¶»ú¹¹ÆÀ¼¶¡£
£¨2£©Ó¦µ±²ÉÈ¡ÊÐÖµ¼Æ¼ÛÖƶȽøÐе÷ÕûÒÔÈ·±£µ£±£ÎïÊÐÖµ²»µÍÓÚÒѽè³ö֤ȯÊÐÖµµÄ102%¡£
£¨3£©½è·½Ó¦µ±ÔÚ½»Ò×ÆÚÄÚ¼°Ê±Ïò±¾»ù½ðÖ§¸¶Òѽè³ö֤ȯ²úÉúµÄËùÓйÉÏ¢¡¢ÀûÏ¢ºÍ·Öºì¡£Ò»µ©½è·½Î¥Ô¼£¬±¾»ù½ð¸ù¾ÝÐÒéºÍÓйط¨ÂÉÓÐȨ±£ÁôºÍ´¦Öõ£±£ÎïÒÔÂú×ãË÷ÅâÐèÒª¡£
£¨4£©³ýÖйúÖ¤¼à»áÁíÓй涨Í⣬µ£±£Îï¿ÉÒÔÊÇÒÔϽðÈÚ¹¤¾ß»òÆ·ÖÖ£º
1£©ÏÖ½ð£»
2£©´æ¿îÖ¤Ã÷£»
3£©ÉÌҵƱ¾Ý£»
4£©Õþ¸®Õ®È¯£»
5£©ÖÐ×ÊÉÌÒµÒøÐлòÓɲ»µÍÓÚÖйúÖ¤¼à»áÈϿɵÄÐÅÓÃÆÀ¼¶»ú¹¹ÆÀ¼¶µÄ¾³Íâ½ðÈÚ»ú¹¹£¨×÷Ϊ½»Ò׶ÔÊÖ·½»òÆä¹ØÁª·½µÄ³ýÍ⣩³ö¾ßµÄ²»¿É³·ÏúÐÅÓÃÖ¤¡£
£¨5£©±¾»ù½ðÓÐȨÔÚÈκÎʱºòÖÕֹ֤ȯ½è´û½»Òײ¢ÔÚÕý³£Êг¡¹ßÀýµÄºÏÀíÆÚÏÞÄÚÒªÇó¹é»¹ÈÎÒ»»òËùÓÐÒѽè³öµÄ֤ȯ¡£
£¨6£©»ù½ð²ÎÓë֤ȯ½è´û½»Ò×£¬ËùÓÐÒѽè³ö¶øδ¹é»¹Ö¤È¯×ÜÊÐÖµ²»µÃ³¬¹ý»ù½ð×Ü×ʲúµÄ50%¡£
ÉÏÊö±ÈÀýÏÞÖƼÆË㣬»ù½ðÒò²ÎÓë֤ȯ½è´û½»Ò׶ø³ÖÓеĵ£±£Îï²»µÃ¼ÆÈë»ù½ð×Ü×ʲú¡£
5¡¢Ö¤È¯»Ø¹º½»Ò×
±¾»ù½ð¿ÉÒÔ¸ù¾ÝÕý³£Êг¡¹ßÀý²ÎÓëÕý»Ø¹º½»Òס¢Äæ»Ø¹º½»Ò×£¬²¢ÇÒÓ¦µ±×ñÊØÏÂÁй涨£º
£¨1£©ËùÓвÎÓëÕý»Ø¹º½»Ò׵ĶÔÊÖ·½£¨ÖÐ×ÊÉÌÒµÒøÐгýÍ⣩Ӧµ±¾ßÓÐÖйúÖ¤¼à»áÈϿɵÄÐÅÓÃÆÀ¼¶»ú¹¹ÐÅÓÃÆÀ¼¶¡£
£¨2£©²ÎÓëÕý»Ø¹º½»Ò×£¬Ó¦µ±²ÉÈ¡ÊÐÖµ¼Æ¼ÛÖƶȶÔÂô³öÊÕÒæ½øÐе÷ÕûÒÔÈ·±£Ïֽ𲻵ÍÓÚÒÑÊÛ³ö֤ȯÊÐÖµµÄ102%¡£Ò»µ©Âò·½Î¥Ô¼£¬±¾»ù½ð¸ù¾ÝÐÒéºÍÓйط¨ÂÉÓÐȨ±£Áô»ò´¦ÖÃÂô³öÊÕÒæÒÔÂú×ãË÷ÅâÐèÒª¡£
£¨3£©Âò·½Ó¦µ±ÔÚÕý»Ø¹º½»Ò×ÆÚÄÚ¼°Ê±Ïò±¾»ù½ðÖ§¸¶ÊÛ³ö֤ȯ²úÉúµÄËùÓйÉÏ¢¡¢ÀûÏ¢ºÍ·Öºì¡£
£¨4£©²ÎÓëÄæ»Ø¹º½»Ò×£¬Ó¦µ±¶Ô¹ºÈë֤ȯ²ÉÈ¡ÊÐÖµ¼Æ¼ÛÖƶȽøÐе÷ÕûÒÔÈ·±£ÒѹºÈë֤ȯÊÐÖµ²»µÍÓÚÖ§¸¶ÏÖ½ðµÄ102%¡£Ò»µ©Âô·½Î¥Ô¼£¬±¾»ù½ð¸ù¾ÝÐÒéºÍÓйط¨ÂÉÓÐȨ±£Áô»ò´¦ÖÃÒѹºÈë֤ȯÒÔÂú×ãË÷ÅâÐèÒª¡£
£¨5£©»ù½ð²ÎÓëÕý»Ø¹º½»Ò×£¬ËùÓÐÒÑÊÛ³ö¶øδ»Ø¹ºÖ¤È¯×ÜÊÐÖµ²»µÃ³¬¹ý»ù½ð×Ü×ʲúµÄ50%¡£
£¨6£©±¾»ù½ðÓë˽ļÀà֤ȯ×ʹܲúÆ·¼°ÖйúÖ¤¼à»áÈ϶¨µÄÆäËûÖ÷ÌåΪ½»Ò׶ÔÊÖ¿ªÕ¹Äæ»Ø¹º½»Ò׵ģ¬¿É½ÓÊÜÖÊѺƷµÄ×ÊÖÊÒªÇóÓ¦µ±Óë»ù½ðºÏͬԼ¶¨µÄͶ×Ê·¶Î§±£³ÖÒ»Ö¡£
ÉÏÊö±ÈÀýÏÞÖƼÆË㣬»ù½ðÒò²ÎÓëÕý»Ø¹º½»Ò׶ø³ÖÓеÄÏֽ𲻵üÆÈë»ù½ð×Ü×ʲú¡£
¾Å¡¢»ù½ðµÄͶ×Ê×éºÏ±¨¸æ£¨Î´¾Éó¼Æ£©
±¾»ù½ð¹ÜÀíÈ˶Ê»ἰ¶Ê±£Ö¤±¾±¨¸æËùÔØ×ÊÁϲ»´æÔÚÐé¼Ù¼ÇÔØ¡¢Îóµ¼ÐÔ³ÂÊö»òÖØ´óÒÅ©£¬²¢¶Ô±¾±¨¸æÄÚÈݵÄÕæʵÐÔ¡¢×¼È·ÐÔºÍÍêÕûÐԳе£¸ö±ð¼°Á¬´øÔðÈΡ£
»ù½ðÍйÜÈËÖйúÒøÐйɷÝÓÐÏÞ¹«Ë¾¸ù¾Ý»ù½ðºÏͬµÄÔ¼¶¨£¬ÓÚ2018Äê4ÔÂ20ÈÕ¸´ºËÁ˱¾ÕÐļ˵Ã÷ÊéÖеÄͶ×Ê×éºÏ±¨¸æºÍÒµ¼¨Êý¾ÝµÈÄÚÈÝ£¬±£Ö¤¸´ºËÄÚÈݲ»´æÔÚÐé¼Ù¼ÇÔØ¡¢Îóµ¼ÐÔ³ÂÊö»òÕßÖØ´óÒÅ©¡£
±¾Í¶×Ê×éºÏ±¨¸æµÄ²ÆÎñÊý¾Ý½ØÖ¹ÖÁ2018Äê3ÔÂ31ÈÕ¡£
1.±¨¸æÆÚÄ©»ù½ð×ʲú×éºÏÇé¿ö
ÐòºÅ ÏîÄ¿ ½ð¶î(ÈËÃñ±ÒÔª) Õ¼»ù½ð×Ü×ʲúµÄ±ÈÀý(%)
1 ȨÒæͶ×Ê 297,584.33 0.94
ÆäÖУºÆÕͨ¹É 297,584.33 0.94
ÓÅÏÈ¹É - -
´æÍÐƾ֤ - -
2 »ù½ðͶ×Ê 22,369,287.56 70.40
3 ¹Ì¶¨ÊÕÒæͶ×Ê - -
ÆäÖУºÕ®È¯ - -
×ʲúÖ§³Ö֤ȯ - -
4 ½ðÈÚÑÜÉúƷͶ×Ê - -
ÆäÖУºÔ¶ÆÚ - -
ÆÚ»õ - -
ÆÚȨ - -
Ȩ֤ - -
5 ÂòÈë·µÊÛ½ðÈÚ×ʲú - -
ÆäÖУºÂò¶Ïʽ»Ø¹ºµÄÂòÈë·µÊÛ½ðÈÚ×ʲú - -
6 »õ±ÒÊг¡¹¤¾ß - -
7 ÒøÐдæ¿îºÍ½áË㱸¸¶½ðºÏ¼Æ 5,080,864.41 15.99
8 ÆäËû×ʲú 4,027,166.61 12.67
9 ºÏ¼Æ 31,774,902.91 100.00
2.±¨¸æÆÚÄ©ÔÚ¸÷¸ö¹ú¼Ò£¨µØÇø£©Ö¤È¯Êг¡µÄ¹ÉƱ¼°´æÍÐƾ֤Ͷ×Ê·Ö²¼
¹ú¼Ò£¨µØÇø£© ¹«ÔʼÛÖµ£¨ÈËÃñ±ÒÔª£© Õ¼»ù½ð×ʲú¾»Öµ±ÈÀý(%)
ÃÀ¹ú 297,584.33 0.97
ºÏ¼Æ 297,584.33 0.97
3.±¨¸æÆÚÄ©°´ÐÐÒµ·ÖÀàµÄ¹ÉƱ¼°´æÍÐƾ֤Ͷ×Ê×éºÏ
ÐÐÒµÀà±ð ¹«ÔʼÛÖµ£¨ÈËÃñ±ÒÔª£© Õ¼»ù½ð×ʲú¾»Öµ±ÈÀý(%)
ÄÜÔ´ 297,584.33 0.97
ºÏ¼Æ 297,584.33 0.97
4.±¨¸æÆÚÄ©°´¹«ÔʼÛÖµÕ¼»ù½ð×ʲú¾»Öµ±ÈÀý´óСÅÅÐòµÄÇ°Ê®Ãû¹ÉƱ¼°´æÍÐƾ֤Ͷ×ÊÃ÷ϸ
ÐòºÅ ¹«Ë¾Ãû³Æ(Ó¢ÎÄ) ¹«Ë¾Ãû³Æ(ÖÐÎÄ) ֤ȯ´úÂë ËùÔÚ֤ȯÊг¡ ËùÊô¹ú¼Ò(µØÇø) ÊýÁ¿£¨¹É£© ¹«ÔʼÛÖµ(ÈËÃñ±ÒÔª) Õ¼»ù½ð×ʲú¾»Öµ±ÈÀý(%)
1 IPATHBLOOMBERG - NIBUS ŦԼ ÃÀ¹ú 1,500 297,584.33 0.97
±¾»ù½ð±¾±¨¸æÆÚÄ©½ö³ÖÓÐÉÏÊö¹ÉƱ¼°´æÍÐƾ֤¡£
5.±¨¸æÆÚÄ©°´Õ®È¯ÐÅÓõȼ¶·ÖÀàµÄծȯͶ×Ê×éºÏ
±¾»ù½ð±¾±¨¸æÆÚĩδ³ÖÓÐծȯ¡£
6.±¨¸æÆÚÄ©°´¹«ÔʼÛÖµÕ¼»ù½ð×ʲú¾»Öµ±ÈÀý´óСÅÅÃûµÄÇ°ÎåÃûծȯͶ×ÊÃ÷ϸ
±¾»ù½ð±¾±¨¸æÆÚĩδ³ÖÓÐծȯ¡£
7.±¨¸æÆÚÄ©°´¹«ÔʼÛÖµÕ¼»ù½ð×ʲú¾»Öµ±ÈÀý´óСÅÅÃûµÄÇ°Ê®Ãû×ʲúÖ§³Ö֤ȯͶ×ÊÃ÷ϸ
±¾»ù½ð±¾±¨¸æÆÚĩδ³ÖÓÐ×ʲúÖ§³Ö֤ȯ¡£
8.±¨¸æÆÚÄ©°´¹«ÔʼÛÖµÕ¼»ù½ð×ʲú¾»Öµ±ÈÀý´óСÅÅÃûµÄÇ°ÎåÃû½ðÈÚÑÜÉúƷͶ×ÊÃ÷ϸ
±¾»ù½ð±¾±¨¸æÆÚĩδ³ÖÓнðÈÚÑÜÉúÆ·¡£
9.±¨¸æÆÚÄ©°´¹«ÔʼÛÖµÕ¼»ù½ð×ʲú¾»Öµ±ÈÀý´óСÅÅÐòµÄÇ°Ê®Ãû»ù½ðͶ×ÊÃ÷ϸ
ÐòºÅ »ù½ðÃû³Æ »ù½ðÀàÐÍ ÔË×÷·½Ê½ ¹ÜÀíÈË ¹«ÔʼÛÖµ£¨Ôª£© Õ¼»ù½ð×ʲú¾»Öµ±ÈÀý
1 UNITEDSTATESBRENTOILFUND ETF»ù½ð ÆõÔ¼ÐÍ¿ª·Åʽ UNITEDSTATESCOMMODITIESFUNDLLC 5,778,808.54 18.75
2 UNITEDSTATESOILFUNDLP ETF»ù½ð ÆõÔ¼ÐÍ¿ª·Åʽ UNITEDSTATESCOMMODITYFUNDS 5,127,989.57 16.64
3 POWERSHARESDBOILF ETF»ù½ð ÆõÔ¼ÐÍ¿ª·Åʽ POWERSHARESDBOILFUND 4,691,903.54 15.22
4 SPDRGOLDSHARESETF ETF»ù½ð ÆõÔ¼ÐÍ¿ª·Åʽ SPDRGOLDTRUSTEquity 3,084,822.39 10.01
5 ISHARESSILVERTRUST ETF»ù½ð ÆõÔ¼ÐÍ¿ª·Åʽ BLACKROCKFUNDADVISORS 3,042,648.10 9.87
6 TEUCRIUMSOYBEANFUND ETF»ù½ð ÆõÔ¼ÐÍ¿ª·Åʽ APTSATELLITEHOLDINGSLIMITED 323,428.42 1.05
7 TEUCRIUMWHEATFUND ETF»ù½ð ÆõÔ¼ÐÍ¿ª·Åʽ APTSATELLITEHOLDINGSLIMITED 319,687.00 1.04
±¾»ù½ð±¾±¨¸æÆÚÄ©½ö³ÖÓÐÉÏÊöÆßÖ»»ù½ð¡£
10.Ͷ×Ê×éºÏ±¨¸æ¸½×¢
1)±¾»ù½ð±¾ÆÚͶ×ʵÄÇ°Ê®Ãû֤ȯÖÐûÓз¢ÐÐÖ÷Ìå±»¼à¹Ü²¿ÃÅÁ¢°¸µ÷²éµÄ,»òÔÚ±¨¸æ±àÖÆÈÕÇ°Ò»ÄêÄÚÊܵ½¹«¿ªÇ´Ôð¡¢´¦·£µÄ֤ȯ¡£
2)±¾»ù½ðͶ×ʵÄÇ°Ê®Ãû¹ÉƱÖÐ,ûÓÐͶ×ÊÓÚ³¬³ö»ù½ðºÏͬ¹æ¶¨±¸Ñ¡¹ÉƱ¿âÖ®ÍâµÄ¹ÉƱ¡£
3)ÆäËû×ʲú¹¹³É
ÐòºÅ Ãû³Æ ½ð¶î£¨ÈËÃñ±ÒÔª£©
1 ´æ³ö±£Ö¤½ð -
2 Ó¦ÊÕ֤ȯÇåËã¿î 4,022,399.98
3 Ó¦ÊÕ¹ÉÀû -
4 Ó¦ÊÕÀûÏ¢ 426.51
5 Ó¦ÊÕÉ깺¿î 4,340.12
6 ÆäËûÓ¦ÊÕ¿î -
7 ´ý̯·ÑÓà -
8 ÆäËû -
9 ºÏ¼Æ 4,027,166.61
4)±¨¸æÆÚÄ©³ÖÓеĴ¦ÓÚת¹ÉÆڵĿÉת»»Õ®È¯Ã÷ϸ
±¾»ù½ð±¾±¨¸æÆÚĩδ³ÖÓд¦ÓÚת¹ÉÆڵĿÉת»»Õ®È¯¡£
5)±¨¸æÆÚÄ©Ç°Ê®Ãû¹ÉƱÖдæÔÚÁ÷ͨÊÜÏÞÇé¿öµÄ˵Ã÷
±¾»ù½ð±¾±¨¸æÆÚÄ©Ç°Ê®Ãû¹ÉƱ²»´æÔÚÁ÷ͨÊÜÏÞÇé¿ö¡£
6£©ÒòËÄÉáÎåÈëÔÒò,Ͷ×Ê×éºÏ±¨¸æÖÐÊÐÖµÕ¼¾»Öµ±ÈÀýµÄ·ÖÏîÖ®ºÍÓëºÏ¼Æ¿ÉÄÜ´æÔÚβ²î¡£
Ê®¡¢»ù½ðµÄÒµ¼¨
»ù½ð¹ÜÀíÈ˳ÐŵÒÔ³ÏʵÐÅÓá¢ÇÚÃ㾡ÔðµÄÔÔò¹ÜÀíºÍÔËÓûù½ð×ʲú,µ«²»±£Ö¤»ù½ðÒ»¶¨Ó¯Àû¡£»ù½ðµÄ¹ýÍùÒµ¼¨²¢²»´ú±íÆäδÀ´±íÏÖ¡£Í¶×ÊÓзçÏÕ,Ͷ×ÊÕßÔÚ×÷³öͶ×ʾö²ßÇ°Ó¦×ÐϸÔĶÁ±¾ÕÐļ˵Ã÷Êé¡£»ù½ðÒµ¼¨Êý¾Ý½ØÖÁ2018Äê3ÔÂ31ÈÕ¡£
£¨Ò»£©»ù½ð·Ý¶î¾»ÖµÔö³¤ÂÊÓëͬÆÚÒµ¼¨±È½Ï»ù×¼ÊÕÒæÂʱȽϱí
½×¶Î ¾»ÖµÔö³¤ÂÊ¢Ù ¾»ÖµÔö³¤Âʱê×¼²î¢Ú Òµ¼¨±È½Ï»ù×¼ÊÕÒæÂÊ¢Û Òµ¼¨±È½Ï»ù×¼ÊÕÒæÂʱê×¼²î¢Ü ¢Ù-¢Û ¢Ú-¢Ü
2012Äê -15.30% 0.62% 0.08% 1.07% -15.38% -0.45%
2013Äê1ÔÂ1ÈÕÖÁ2013Äê12ÔÂ31ÈÕ -10.27% 0.60% -1.22% 0.73% -9.05% -0.13%
2014Äê1ÔÂ1ÈÕÖÁ2014Äê12ÔÂ31ÈÕ -25.26% 0.65% -33.06% 0.90% 7.80% -0.25%
2015Äê1ÔÂ1ÈÕÖÁ2015Äê12ÔÂ31ÈÕ -21.65% 1.19% -32.86% 1.60% 11.21% -0.41%
2016Äê1ÔÂ1ÈÕÖÁ2016Äê12ÔÂ31ÈÕ 8.31% 1.17% 11.37% 1.50% -3.06% -0.33%
2017Äê1ÔÂ1ÈÕÖÁ2017Äê12ÔÂ31ÈÕ -6.22% 0.91% 5.77% 0.89% -11.99% 0.02%
2018Äê1ÔÂ1ÈÕÖÁ2018Äê3ÔÂ31ÈÕ -2.88% 1.15% 2.19% 0.89% -5.07% 0.26%
2011Äê12ÔÂ20ÈÕÖÁ2018Äê3ÔÂ31ÈÕ -56.10% 0.90% -44.33% 1.15% -11.77% -0.25%
£¨¶þ£©»ù½ðÀۼƾ»ÖµÔö³¤ÂÊÓëÒµ¼¨±È½Ï»ù×¼ÊÕÒæÂʵÄÀúÊ·×ßÊƶԱÈͼ
×¢:±¾»ù½ð½¨²ÖÆÚ×Ô2011Äê12ÔÂ20ÈÕÖÁ2012Äê6ÔÂ20ÈÕ,½¨²ÖÆÚ½áÊøʱ×ʲúÅäÖñÈÀý·ûºÏ±¾»ù½ð»ù½ðºÏͬ¹æ¶¨¡£
ʮһ¡¢»ù½ð¹ÜÀíÈË
£¨Ò»£©»ù½ð¹ÜÀíÈ˸ſö
»ù½ð¹ÜÀíÈË£ºÖÐÐű£³Ï»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾
סËù£ºÖйú£¨ÉϺ££©×ÔÓÉóÒ×ÊÔÑéÇøÊÀ¼Í´óµÀ8ºÅÉϺ£¹ú½ðÖÐÐÄ»ã·áÒøÐдóÂ¥9²ã
°ì¹«µØÖ·£ºÖйú£¨ÉϺ££©×ÔÓÉóÒ×ÊÔÑéÇøÊÀ¼Í´óµÀ8ºÅÉϺ£¹ú½ðÖÐÐÄ»ã·áÒøÐдóÂ¥9²ã
·¨¶¨´ú±íÈË£ºÕÅÏèÑà
³ÉÁ¢ÈÕÆÚ£º2005Äê9ÔÂ30ÈÕ
Åú×¼ÉèÁ¢»ú¹Ø¼°Åú×¼ÉèÁ¢ÎĺţºÖйú֤ȯ¼à¶½¹ÜÀíίԱ»áÖ¤¼à»ù½ð×Ö¡¾2005¡¿142ºÅ
×¢²á×ʱ¾£º2ÒÚÔªÈËÃñ±Ò
µç»°£º£¨021£©68649788
ÁªÏµÈË£ºÌÆÊÀ´º
¹ÉȨ½á¹¹£º
¹É¶« ³ö×ʶî
£¨ÍòÔªÈËÃñ±Ò£© ³ö×ʱÈÀý
£¨%£©
ÖÐÐÅÐÅÍÐÓÐÏÞÔðÈι«Ë¾ 9800 49
Ó¢¹ú±£³Ï¼¯ÍŹɷÝÓÐÏÞ¹«Ë¾ 9800 49
ÖÐÐÂËÕÖݹ¤ÒµÔ°Çø´´ÒµÍ¶×ÊÓÐÏÞ¹«Ë¾ 400 2
ºÏ¼Æ 20000 100
£¨¶þ£©Ö÷ÒªÈËÔ±Çé¿ö
1£®»ù½ð¹ÜÀíÈ˶Ê»á³ÉÔ±
ÕÅÏèÑàŮʿ£¬¶Ê³¤£¬¹¤É̹ÜÀí˶ʿ¡£ÀúÈÎÖÐÐÅÒøÐÐ×ÜÐÐ×ۺϼƻ®²¿×ܾÀí£¬ÖÐÐÅÒøÐб±¾©·ÖÐи±Ðг¤¡¢ÖÐÐÅÒøÐÐ×ÜÐÐÓªÒµ²¿¸±×ܾÀí£¬ÖÐÐÅ֤ȯ¹É·ÝÓÐÏÞ¹«Ë¾¸±×ܾ¼Ãʦ£¬ÖÐÐſعÉÓÐÏÞÔðÈι«Ë¾·çÏÕ¹ÜÀí²¿×ܾÀí¡¢ÖÐÐſعÉÓÐÏÞÔðÈι«Ë¾¸±×ܲá¢ÖйúÖÐÐż¯ÍÅÓÐÏÞ¹«Ë¾ÒµÎñÐͬ²¿Ö÷ÈΡ¢ÖÐÐÅÐÅÍÐÓÐÏÞÔðÈι«Ë¾¸±¶Ê³¤¡£ÏÖÈÎÖÐÐű£³Ï»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¶Ê³¤¡£
ÍõµÀÔ¶ÏÈÉú£¬¶Ê£¬¹¤É̹ÜÀí˶ʿ¡£ÀúÈÎÖÐÐÅÐÅÍÐÓÐÏÞÔðÈι«Ë¾×ۺϹÜÀí²¿×ܾÀí¡¢ÐÅÍйÜÀí²¿×ܾÀí¡¢×ܾÀíÖúÀí¡¢¶Ê»áÃØÊé¡¢¸±×ܾÀí¡£ÏÖÈÎÖÐÐÅÐÅÍÐÓÐÏÞÔðÈι«Ë¾¸±×ܾÀí¡¢¶Ê»áÃØÊé¡¢¹ÌÓÐÒµÎñÉó²éίԱ»áÖ÷ÈμæÌì½òÐÅÌÆ»õ±Ò¾¼ÍÓÐÏÞÔðÈι«Ë¾¶Ê³¤¡£
GuyRobertSTRAPPÏÈÉú£¬¶Ê£¬°Ä´óÀûÑǼ®£¬ÉÌ¿Æѧʿ¡£ÀúÈÎå«ÑÇͶ×Ê£¨Ïã¸Û£©ÓÐÏÞ¹«Ë¾Ê×ϯִÐй٣¬Ó¢¹ú±£³Ï¼¯ÍÅÑÇÖÞÇø×ʲú¹ÜÀíÒµÎñͶ×Ê×ܲá¢å«ÑÇͶ×Ê£¨Ð¼ÓÆ£©ÓÐÏÞ¹«Ë¾Ê×ϯִÐй١£ÏÖÈÎå«ÑÇͶ×ʼ¯ÍÅÊ×ϯִÐйټæå«ÑÇͶ×Ê£¨Ïã¸Û£©ÓÐÏÞ¹«Ë¾Ê×ϯִÐй١¢å«ÑÇͶ×ʹÜÀí(ÉϺ£)ÓÐÏÞ¹«Ë¾¶Ê¡£
κÐã±òŮʿ£¬¶Ê£¬Ð¼ÓƼ®£¬¹¤É̹ÜÀí˶ʿ¡£ÀúÈÎÊ©Â޵¹ú¼ÊÉÌÒµÒøÐж«ÄÏÑÇÇøÓòºÏ¹æ¾Àí¡¢Ê©ÂÞµÂͶ×ʹÜÀí(мÓÆÂ)ÓÐÏÞ¹«Ë¾ÑÇÌ«µØÇø·çÏÕ¼°ºÏ¹æ×ܼࡣÏÖÈÎå«ÑÇͶ×ÊÊ×ϯ·çÏÕ¹Ù¡¢å«ÑÇͶ×ʹÜÀí(ÉϺ£)ÓÐÏÞ¹«Ë¾¼àÊ¡£
ÂÀÌÎÏÈÉú£¬¶Ê£¬×ܾÀí£¬¹¤É̹ÜÀí˶ʿ¡£ÀúÈÎÖÐÐÅ֤ȯ¹É·ÝÓÐÏÞ¹«Ë¾×ʲú¹ÜÀí²¿×ܾÀí¡¢ÖÐÐÅ»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾£¨ÖÐÐÅ֤ȯ¹É·ÝÓÐÏÞ¹«Ë¾µÄÈ«×Ê×Ó¹«Ë¾£¬2009Äê2ÔÂÒÑÓ뻪ÏÄ»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾ºÏ²¢£©×ܾÀí¡¢ÖÐÐÅ֤ȯ¹É·ÝÓÐÏÞ¹«Ë¾¶ÊÂ×ܾÀí¡¢ÖÐÐÅ×ʲú¹ÜÀíÓÐÏÞ¹«Ë¾¸±×ܾÀí¡£ÏÖÈÎÖÐÐű£³Ï»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾×ܾÀí¡¢Ê×ϯִÐй١£
Ëï÷ë÷ëÏÈÉú£¬¶ÀÁ¢¶Ê£¬ÃÀ¹ú¼®£¬ÉÌ¿Æѧʿ¡£ÀúÈΰ²ÓÀ»á¼ÆʦÊÂÎñËù£¨Ïã¸Û£©×ʲú¹ÜÀíÉó¼ÆÍŶÓÑÇÌ«ÇøÁªºÏÁìµ¼ÈË£¬°²ÓÀ»á¼ÆÊ