ÖÐÖ¤ÄÏ·½Ð¡¿µ²úÒµ½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯ
Ͷ×Ê»ù½ðÁª½Ó»ù½ðÕÐļ˵Ã÷Ê飨2021Äê3
Ô¸üУ©
»ù½ð¹ÜÀíÈË£ºÄÏ·½»ù½ð¹ÜÀí¹É·ÝÓÐÏÞ¹«Ë¾
»ù½ðÍйÜÈË£ºÖйú¹¤ÉÌÒøÐйɷÝÓÐÏÞ¹«Ë¾
Ŀ¼
¡ì1 Ð÷ÑÔ............................................................................................................................................. 4
¡ì2 ÊÍÒå............................................................................................................................................. 5
¡ì3 »ù½ð¹ÜÀíÈË ................................................................................................................................. 9
¡ì4 »ù½ðÍйÜÈË ............................................................................................................................... 19
¡ì5 Ïà¹Ø·þÎñ»ú¹¹ ........................................................................................................................... 24
¡ì6 »ù½ðµÄļ¼¯ ............................................................................................................................... 91
¡ì7 »ù½ðºÏͬµÄÉúЧ ....................................................................................................................... 91
¡ì8 »ù½ð·Ý¶îµÄÉ깺ºÍÊê»Ø ........................................................................................................... 92
¡ì9 »ù½ðµÄͶ×Ê ............................................................................................................................. 102
¡ì10 »ù½ðµÄ²Æ²ú ........................................................................................................................... 115
¡ì11 »ù½ð×ʲú¹ÀÖµ ....................................................................................................................... 116
¡ì12 »ù½ðµÄÊÕÒæÓë·ÖÅä ............................................................................................................... 121
¡ì13 »ù½ðµÄ·ÑÓÃÓëË°ÊÕ ............................................................................................................... 123
¡ì14 »ù½ðµÄ»á¼ÆÓëÉó¼Æ ............................................................................................................... 125
¡ì15 »ù½ðµÄÐÅÏ¢Åû¶ ................................................................................................................... 126
¡ì16 ·çÏÕ½Òʾ ............................................................................................................................... 131
¡ì17 »ù½ðºÏͬµÄ±ä¸ü¡¢ÖÕÖ¹ºÍ»ù½ð²Æ²úµÄÇåËã ....................................................................... 135
¡ì18 »ù½ðºÏͬµÄÄÚÈÝÕªÒª ........................................................................................................... 138
¡ì19 »ù½ðÍйÜÐÒéµÄÄÚÈÝÕªÒª ................................................................................................... 156
¡ì20 »ù½ð·Ý¶î³ÖÓÐÈË·þÎñ ........................................................................................................... 170
¡ì21 ÆäËûÓ¦Åû¶ÊÂÏî ................................................................................................................... 172
¡ì22 ÕÐļ˵Ã÷Êé´æ·Å¼°Æä²éÔÄ·½Ê½ ........................................................................................... 173
¡ì23 ±¸²éÎļþ ............................................................................................................................... 174
ÖØÒªÌáʾ
±¾»ù½ð¾ÖйúÖ¤¼à»á2010Äê6ÔÂ30ÈÕÖ¤¼àÐí¿É[2010]892ºÅÎĺË׼ļ¼¯¡£±¾»ù½ð»ù½ð
ºÏͬÓÚ2010Äê8ÔÂ27ÈÕÕýʽÉúЧ¡£»ù½ð¹ÜÀíÈ˱£Ö¤ÕÐļ˵Ã÷ÊéµÄÄÚÈÝÕæʵ¡¢×¼È·¡¢ÍêÕû¡£
±¾ÕÐļ˵Ã÷Êé¾ÖйúÖ¤¼à»áºË×¼£¬µ«ÖйúÖ¤¼à»á¶Ô±¾»ù½ðļ¼¯µÄºË×¼£¬²¢²»±íÃ÷Æä¶Ô±¾»ù
½ðµÄ¼ÛÖµºÍÊÕÒæ×ö³öʵÖÊÐÔÅжϻò±£Ö¤£¬Ò²²»±íÃ÷Ͷ×ÊÓÚ±¾»ù½ðûÓзçÏÕ¡£
ÔÚͶ×ʱ¾»ù½ðÇ°£¬Í¶×ÊÕßӦȫÃæÁ˽Ȿ»ù½ðµÄ²úÆ·ÌØÐÔ£¬³ä·Ö¿¼ÂÇ×ÔÉíµÄ·çÏÕ³ÐÊÜÄÜ
Á¦£¬ÀíÐÔÅжÏÊг¡£¬¶ÔÈϹº£¨»òÉ깺£©»ù½ðµÄÒâÔ¸¡¢Ê±»ú¡¢ÊýÁ¿µÈͶ×ÊÐÐΪ×÷³ö¶ÀÁ¢¾ö²ß£¬
»ñµÃ»ù½ðͶ×ÊÊÕÒ棬Òà³Ðµ£»ù½ðͶ×ÊÖгöÏֵĸ÷Àà·çÏÕ£¬°üÀ¨£ºÒòÕûÌåÕþÖΡ¢¾¼Ã¡¢Éç»á
µÈ»·¾³ÒòËضÔ֤ȯ¼Û¸ñ²úÉúÓ°Ïì¶øÐγɵÄϵͳÐÔ·çÏÕ£¬¸ö±ð֤ȯÌØÓеķÇϵͳÐÔ·çÏÕ£¬ÓÉ
ÓÚ»ù½ðͶ×ÊÈËÁ¬Ðø´óÁ¿Êê»Ø»ù½ð²úÉúµÄÁ÷¶¯ÐÔ·çÏÕ£¬»ù½ð¹ÜÀíÈËÔÚ»ù½ð¹ÜÀíʵʩ¹ý³ÌÖвú
ÉúµÄ»ù½ð¹ÜÀí·çÏÕ£¬±¾»ù½ðµÄÌض¨·çÏÕ£º±¾»ù½ðΪĿ±êETFµÄÁª½Ó»ù½ð£¬Í¨¹ýͶ×ÊÄ¿±êETF
½ôÃÜÖÐÖ¤ÄÏ·½Ð¡¿µ²úÒµÖ¸ÊýµÄ±íÏÖ£¬ÓëÄ¿±êETFÔÚͶ×Ê·½·¨¡¢½»Ò×·½Ê½µÈ·½Ãæ´æÔÚ×ÅÁªÏµ
ºÍÇø±ðµÈ¡£±¾»ù½ðͶ×Ê·¶Î§°üÀ¨Öйú´æÍÐƾ֤,´æÔÚÖйú´æÍÐƾ֤¼Û¸ñ´ó·ù²¨¶¯ÉõÖÁ³öÏÖ½Ï
´ó¿÷ËðµÄ·çÏÕ¡¢ÓëÖйú´æÍÐƾ֤·¢ÐлúÖÆÏà¹ØµÄ·çÏյȡ£Í¶×ÊÓзçÏÕ£¬Í¶×ÊÕßÈϹº£¨»òÉ깺£©
»ù½ðʱӦÈÏÕæÔĶÁ±¾ÕÐļ˵Ã÷Êé¡·¡¢¡¶»ù½ðºÏͬ¡·¼°»ù½ð²úÆ·×ÊÁϸÅÒªµÈÐÅÏ¢Åû¶Îļþ¡£
±¾»ù½ðΪָÊý»ù½ð£¬Í¶×ÊÕßͶ×ÊÓÚ±¾»ù½ðÃæÁÙ¸ú×ÙÎó²î¿ØÖÆδ´ïÔ¼¶¨Ä¿±ê¡¢Ö¸Êý±àÖÆ
»ú¹¹Í£Ö¹·þÎñ¡¢³É·Ý¹ÉÍ£ÅÆ¡¢ÕªÅƵÈDZÔÚ·çÏÕ¡£
»ù½ðµÄ¹ýÍùÒµ¼¨²¢²»Ô¤Ê¾ÆäδÀ´±íÏÖ¡£
»ù½ð¹ÜÀíÈËÒÀÕÕ㡾¡Ö°ÊØ¡¢³ÏʵÐÅÓᢽ÷É÷ÇÚÃãµÄÔÔò¹ÜÀíºÍÔËÓûù½ð×ʲú£¬µ«²»±£
Ö¤»ù½ðÒ»¶¨Ó¯Àû£¬Ò²²»±£Ö¤×îµÍÊÕÒæ¡£
±¾»ù½ð±êµÄÖ¸ÊýΪÖÐÖ¤ÄÏ·½Ð¡¿µ²úÒµÖ¸Êý¡£ÖÐÖ¤ÄÏ·½Ð¡¿µ²úÒµÖ¸ÊýÒÔÉÏÖ¤180Ö¸ÊýÑù
±¾¹ÉΪѡÑù¿Õ¼ä£¬´ÓÏȽøÖÆÔìÒµ¡¢ÏÖ´ú·þÎñÒµºÍ»ù´¡²úÒµÖÐÌôÑ¡×î¾ß´ú±íÐÔµÄ100Ö»¹ÉƱ
×é³ÉÑù±¾¹É£¬ÒÔ×ۺϷ´Ó³´ú±í¹úÃñ¾¼Ã²úÒµ½á¹¹ÓÅ»¯Éý¼¶Ö÷Òª·½ÏòµÄÉÏÊй«Ë¾µÄÕûÌå×´
¿ö¡£
ÓйرêµÄÖ¸Êý¾ßÌå±àÖÆ·½°¸¼°³É·Ý¹ÉÐÅÏ¢Ïê¼ûÖÐÖ¤Ö¸ÊýÓÐÏÞ¹«Ë¾ÍøÕ¾£¬ÍøÖ·£º
www.csindex.com.cn¡£
±¾ÕÐļ˵Ã÷ÊéµÄ±¾´Î¸üÐÂΪÒÀ¾ÝÖйúÖ¤¼à»á2021Äê1ÔÂ22ÈÕ°ä²¼¡¢Í¬Äê2ÔÂ1ÈÕʵʩ
µÄ¡¶¹«¿ªÄ¼¼¯Ö¤È¯Í¶×Ê»ù½ðÔË×÷Ö¸ÒýµÚ3ºÅ¡ª¡ªÖ¸Êý»ù½ðÖ¸Òý¡·Ëù×÷³öµÄÏàÓ¦ÐÞ¶©£¬²¢¶Ô»ù
½ð¹ÜÀíÈËÐÅÏ¢½øÐиüС£ÆäËûÐÅÏ¢ÄÚÈݽØÖ¹ÈÕΪ2020Äê8ÔÂ25ÈÕ,ÓйزÆÎñÊý¾ÝºÍ¾»Öµ±í
ÏÖ½ØÖ¹ÈÕΪ2020Äê6ÔÂ30ÈÕ£¨Î´¾Éó¼Æ£©¡£
¡ì1 Ð÷ÑÔ
±¾»ù½ð°´ÕÕÖйú·¨ÂÉ·¨¹æ³ÉÁ¢²¢ÔË×÷£¬Èô»ù½ðºÏͬ¡¢ÕÐļ˵Ã÷ÊéµÄÄÚÈÝÓë½ìʱÓÐЧµÄ
·¨ÂÉ·¨¹æµÄÇ¿ÖÆÐԹ涨²»Ò»Ö£¬Ó¦µ±ÒÔ½ìʱÓÐЧµÄ·¨ÂÉ·¨¹æµÄ¹æ¶¨Îª×¼¡£
±¾ÕÐļ˵Ã÷ÊéÒÀ¾Ý¡¶ÖлªÈËÃñ¹²ºÍ¹ú֤ȯͶ×Ê»ù½ð·¨¡·£¨ÒÔϼò³Æ¡¶»ù½ð·¨¡·£©¡¢¡¶Ö¤
ȯͶ×Ê»ù½ðÔË×÷¹ÜÀí°ì·¨¡·£¨ÒÔϼò³Æ¡¶ÔË×÷°ì·¨¡·£©¡¢¡¶Ö¤È¯Í¶×Ê»ù½ðÏúÊÛ¹ÜÀí°ì·¨¡·£¨ÒÔ
ϼò³Æ¡¶ÏúÊÛ°ì·¨¡·£©¡¢¡¶¹«¿ªÄ¼¼¯Ö¤È¯Í¶×Ê»ù½ðÐÅÏ¢Åû¶¹ÜÀí°ì·¨¡·£¨ÒÔϼò³Æ¡¶ÐÅÏ¢Åû
¶°ì·¨¡·£©¡¢¡¶¹«¿ªÄ¼¼¯¿ª·Åʽ֤ȯͶ×Ê»ù½ðÁ÷¶¯ÐÔ·çÏÕ¹ÜÀí¹æ¶¨¡·£¨ÒÔϼò³Æ¡¶Á÷¶¯ÐÔ·ç
Ïչ涨¡·£©¡¢¡¶¹«¿ªÄ¼¼¯Ö¤È¯Í¶×Ê»ù½ðÔË×÷Ö¸ÒýµÚ3ºÅ¡ª¡ªÖ¸Êý»ù½ðÖ¸Òý¡·£¨ÒÔϼò³Æ¡¶Ö¸
Êý»ù½ðÖ¸Òý¡·£©ÒÔ¼°¡¶ÖÐÖ¤ÄÏ·½Ð¡¿µ²úÒµ½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ðÁª½Ó»ù½ð»ù½ðºÏͬ¡·
±àд¡£
»ù½ð¹ÜÀíÈ˳Ðŵ±¾ÕÐļ˵Ã÷Êé²»´æÔÚÈκÎÐé¼Ù¼ÇÔØ¡¢Îóµ¼ÐÔ³ÂÊö»òÕßÖØ´óÒÅ©£¬²¢¶Ô
ÆäÕæʵÐÔ¡¢×¼È·ÐÔ¡¢ÍêÕûÐԳе£·¨ÂÉÔðÈΡ£±¾»ù½ðÊǸù¾Ý±¾ÕÐļ˵Ã÷ÊéËùÔØÃ÷µÄ×ÊÁÏÉêÇë
ļ¼¯µÄ¡£±¾»ù½ð¹ÜÀíÈËûÓÐίÍлòÊÚȨÈκÎÆäËûÈËÌṩδÔÚ±¾ÕÐļ˵Ã÷ÊéÖÐÔØÃ÷µÄÐÅÏ¢,£¬
»ò¶Ô±¾ÕÐļ˵Ã÷Êé×÷ÈκνâÊÍ»òÕß˵Ã÷¡£
±¾ÕÐļ˵Ã÷Êé¸ù¾Ý±¾»ù½ðµÄ»ù½ðºÏͬ±àд£¬²¢¾ÖйúÖ¤¼à»áºË×¼¡£»ù½ðºÏͬÊÇÔ¼¶¨»ù
½ðµ±ÊÂÈËÖ®¼äȨÀû¡¢ÒåÎñµÄ·¨ÂÉÎļþ¡£Èç±¾ÕÐļ˵Ã÷ÊéÄÚÈÝÓë»ù½ðºÏͬÓгåÍ»»ò²»Ò»ÖÂÖ®
´¦£¬¾ùÒÔ»ù½ðºÏͬΪ׼¡£»ù½ðͶ×ÊÈË×ÔÒÀ»ù½ðºÏͬȡµÃ»ù½ð·Ý¶î£¬¼´³ÉΪ»ù½ð·Ý¶î³ÖÓÐÈË
ºÍ»ù½ðºÏͬµÄµ±ÊÂÈË£¬Æä³ÖÓлù½ð·Ý¶îµÄÐÐΪ±¾Éí¼´±íÃ÷Æä¶Ô»ù½ðºÏͬµÄ³ÐÈϺͽÓÊÜ£¬²¢
°´ÕÕ¡¶»ù½ð·¨¡·¡¢»ù½ðºÏͬ¼°ÆäËûÓйع涨ÏíÓÐȨÀû¡¢³Ðµ£ÒåÎñ¡£»ù½ðͶ×ÊÈËÓûÁ˽â»ù½ð·Ý
¶î³ÖÓÐÈ˵ÄȨÀûºÍÒåÎñ£¬Ó¦Ïêϸ²éÔÄ»ù½ðºÏͬ¡£
¡ì2 ÊÍÒå
ÔÚ±¾ÕÐļ˵Ã÷ÊéÖгý·ÇÎÄÒåÁíÓÐËùÖ¸£¬ÏÂÁдÊÓï¾ßÓÐÒÔϺ¬Ò壺
±¾ºÏͬ¡¢¡¶»ù½ðºÏͬ¡· ¡¶ÖÐÖ¤ÄÏ·½Ð¡¿µ²úÒµ½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ðÁª½Ó
»ù½ð»ù½ðºÏͬ¡·¼°¶Ô±¾ºÏͬµÄÈκÎÓÐЧµÄÐÞ¶©ºÍ²¹³ä
Öйú ÖлªÈËÃñ¹²ºÍ¹ú(½öΪ¡¶»ù½ðºÏͬ¡·Ä¿µÄ²»°üÀ¨Ïã¸ÛÌرðÐÐÕþÇø¡¢°ÄÃÅÌرðÐÐ
ÕþÇø¼°Ì¨ÍåµØÇø)
·¨ÂÉ·¨¹æ ÖйúÏÖʱÓÐЧ²¢¹«²¼ÊµÊ©µÄ·¨ÂÉ¡¢ÐÐÕþ·¨¹æ¡¢²¿ÃŹæÕ¼°¹æ·¶ÐÔÎļþ
¡¶»ù½ð·¨¡· ¡¶ÖлªÈËÃñ¹²ºÍ¹ú֤ȯͶ×Ê»ù½ð·¨¡·
¡¶ÏúÊÛ°ì·¨¡· ¡¶Ö¤È¯Í¶×Ê»ù½ðÏúÊÛ¹ÜÀí°ì·¨¡·
¡¶ÔË×÷°ì·¨¡· ¡¶Ö¤È¯Í¶×Ê»ù½ðÔË×÷¹ÜÀí°ì·¨¡·
¡¶ÐÅÏ¢Åû¶°ì·¨¡· Ö¸ÖйúÖ¤¼à»á2019Äê7ÔÂ26ÈÕ°ä²¼¡¢Í¬Äê9ÔÂ1ÈÕʵʩµÄ¡¶¹«
¿ªÄ¼¼¯Ö¤È¯Í¶×Ê»ù½ðÐÅÏ¢Åû¶¹ÜÀí°ì·¨¡·¼°°ä²¼»ú¹Ø¶ÔÆ䲻ʱ×ö³öµÄÐÞ¶©
¡¶Á÷¶¯ÐÔ·çÏչ涨¡· Ö¸ÖйúÖ¤¼à»á2017Äê8ÔÂ31ÈÕ°ä²¼¡¢Í¬Äê10ÔÂ1ÈÕʵʩµÄ¡¶¹«
¿ªÄ¼¼¯¿ª·Åʽ֤ȯͶ×Ê»ù½ðÁ÷¶¯ÐÔ·çÏÕ¹ÜÀí¹æ¶¨¡·¼°°ä²¼»ú¹Ø¶ÔÆ䲻ʱ×ö³öµÄÐÞ¶©
¡¶Ö¸Êý»ù½ðÖ¸Òý¡· Ö¸ÖйúÖ¤¼à»á2021Äê1ÔÂ22ÈÕ°ä²¼¡¢Í¬Äê2ÔÂ1ÈÕʵʩµÄ¡¶¹«¿ª
ļ¼¯Ö¤È¯Í¶×Ê»ù½ðÔË×÷Ö¸ÒýµÚ3ºÅ¡ª¡ªÖ¸Êý»ù½ðÖ¸Òý¡·¼°°ä²¼»ú¹Ø¶ÔÆ䲻ʱ×ö³öµÄÐÞ¶©
Ôª Öйú·¨¶¨»õ±ÒÈËÃñ±ÒÔª
»ù½ð»ò±¾»ù½ð ÒÀ¾Ý¡¶»ù½ðºÏͬ¡·Ëùļ¼¯µÄÖÐÖ¤ÄÏ·½Ð¡¿µ²úÒµ½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯ
Ͷ×Ê»ù½ðÁª½Ó»ù½ð
ÕÐļ˵Ã÷Êé ¡¶ÖÐÖ¤ÄÏ·½Ð¡¿µ²úÒµ½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ðÁª½Ó
»ù½ðÕÐļ˵Ã÷Êé¡·¼°Æä¸üÐÂ
»ù½ð²úÆ·×ÊÁϸÅÒª Ö¸¡¶ÖÐÖ¤ÄÏ·½Ð¡¿µ²úÒµ½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ðÁª½Ó»ù
½ð»ù½ð²úÆ·×ÊÁϸÅÒª¡·¼°Æä¸üÐÂ
ÍйÜÐÒé »ù½ð¹ÜÀíÈËÓë»ù½ðÍйÜÈËÇ©¶©µÄ¡¶ÖÐÖ¤ÄÏ·½Ð¡¿µ²úÒµ½»Ò×ÐÍ¿ª·ÅʽָÊýÖ¤
ȯͶ×Ê»ù½ðÁª½Ó»ù½ðÍйÜÐÒé¡·¼°ÆäÈκÎÓÐЧÐÞ¶©ºÍ²¹³ä
·¢ÊÛ¹«¸æ ¡¶ÖÐÖ¤ÄÏ·½Ð¡¿µ²úÒµ½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ðÁª½Ó»ù½ð»ù½ð·Ý¶î
·¢ÊÛ¹«¸æ¡·
¡¶ÒµÎñ¹æÔò¡· ¡¶ÄÏ·½»ù½ð¹ÜÀí¹É·ÝÓÐÏÞ¹«Ë¾¿ª·Åʽ»ù½ðÒµÎñ¹æÔò¡·
ÖйúÖ¤¼à»á Öйú֤ȯ¼à¶½¹ÜÀíίԱ»á
ÒøÐмà¹Ü»ú¹¹ ÖйúÒøÐб£Ïռල¹ÜÀíίԱ»á»òÆäËû¾¹úÎñÔºÊÚȨµÄ»ú¹¹
»ù½ð¹ÜÀíÈË ÄÏ·½»ù½ð¹ÜÀí¹É·ÝÓÐÏÞ¹«Ë¾
»ù½ðÍйÜÈË Öйú¹¤ÉÌÒøÐйɷÝÓÐÏÞ¹«Ë¾
»ù½ð·Ý¶î³ÖÓÐÈË ¸ù¾Ý¡¶»ù½ðºÏͬ¡·¼°Ïà¹ØÎļþºÏ·¨È¡µÃ±¾»ù½ð»ù½ð·Ý¶îµÄͶ×ÊÕß
»ù½ð´úÏú»ú¹¹ ·ûºÏ¡¶ÏúÊÛ°ì·¨¡·ºÍÖйúÖ¤¼à»á¹æ¶¨µÄÆäËûÌõ¼þ£¬È¡µÃ»ù½ð´úÏúÒµÎñ
×ʸñ£¬²¢Óë»ù½ð¹ÜÀíÈËÇ©¶©»ù½ðÏúÊÛÓë·þÎñ´úÀíÐÒ飬´úΪ°ìÀí±¾»ù½ð·¢ÊÛ¡¢É깺¡¢Êê»Ø
ºÍÆäËû»ù½ðÒµÎñµÄ´úÀí»ú¹¹
ÏúÊÛ»ú¹¹ »ù½ð¹ÜÀíÈ˼°»ù½ð´úÏú»ú¹¹
»ù½ðÏúÊÛÍøµã »ù½ð¹ÜÀíÈ˵ÄÖ±ÏúÍøµã¼°»ù½ð´úÏú»ú¹¹µÄ´úÏúÍøµã
×¢²áµÇ¼ÇÒµÎñ »ù½ðµÇ¼Ç¡¢´æ¹Ü¡¢ÇåËãºÍ½»ÊÕÒµÎñ£¬¾ßÌåÄÚÈÝ°üÀ¨Í¶×ÊÕß»ù½ðÕË»§
¹ÜÀí¡¢»ù½ð·Ý¶î×¢²áµÇ¼Ç¡¢ÇåËã¼°»ù½ð½»Ò×È·ÈÏ¡¢·¢·ÅºìÀû¡¢½¨Á¢²¢±£¹Ü»ù½ð·Ý¶î³ÖÓÐÈË
Ãû²áµÈ
»ù½ð×¢²áµÇ¼Ç»ú¹¹ ÄÏ·½»ù½ð¹ÜÀí¹É·ÝÓÐÏÞ¹«Ë¾»òÆäίÍеÄÆäËû·ûºÏÌõ¼þµÄ°ìÀí»ù
½ð×¢²áµÇ¼ÇÒµÎñµÄ»ú¹¹
¡¶»ù½ðºÏͬ¡·µ±ÊÂÈË ÊÜ¡¶»ù½ðºÏͬ¡·Ô¼Êø£¬¸ù¾Ý¡¶»ù½ðºÏͬ¡·ÏíÊÜȨÀû²¢³Ðµ£ÒåÎñµÄ
·¨ÂÉÖ÷Ì壬°üÀ¨»ù½ð¹ÜÀíÈË¡¢»ù½ðÍйÜÈ˺ͻù½ð·Ý¶î³ÖÓÐÈË
¸öÈËͶ×ÊÕß ·ûºÏ·¨ÂÉ·¨¹æ¹æ¶¨µÄÌõ¼þ¿ÉÒÔͶ×Ê¿ª·Åʽ֤ȯͶ×Ê»ù½ðµÄ×ÔÈ»ÈË
»ú¹¹Í¶×ÊÕß ·ûºÏ·¨ÂÉ·¨¹æ¹æ¶¨¿ÉÒÔͶ×Ê¿ª·Åʽ֤ȯͶ×Ê»ù½ðµÄÔÚÖйúºÏ·¨×¢²áµÇ¼Ç
²¢´æÐø»ò¾Õþ¸®Óйز¿ÃÅÅú×¼ÉèÁ¢µÄ²¢´æÐøµÄÆóÒµ·¨ÈË¡¢ÊÂÒµ·¨ÈË¡¢Éç»áÍÅÌåºÍÆäËû×éÖ¯
ºÏ¸ñ¾³Íâ»ú¹¹Í¶×ÊÕß ·ûºÏ¡¶ºÏ¸ñ¾³Íâ»ú¹¹Í¶×ÊÕß¾³ÄÚ֤ȯͶ×ʹÜÀí°ì·¨¡·¼°Ïà¹Ø·¨ÂÉ
·¨¹æ¹æ¶¨µÄ¿ÉͶ×ÊÓÚÖйú¾³ÄںϷ¨Ä¼¼¯µÄ֤ȯͶ×Ê»ù½ðµÄÖйú¾³ÍâµÄ»ù½ð¹ÜÀí»ú¹¹¡¢±£ÏÕ
¹«Ë¾¡¢Ö¤È¯¹«Ë¾ÒÔ¼°ÆäËû×ʲú¹ÜÀí»ú¹¹
Ͷ×ÊÕß ¸öÈËͶ×ÊÕß¡¢»ú¹¹Í¶×ÊÕß¡¢ºÏ¸ñ¾³Íâ»ú¹¹Í¶×ÊÕߺͷ¨ÂÉ·¨¹æ»òÖйúÖ¤¼à»áÔÊ
Ðí¹ºÂò¿ª·Åʽ֤ȯͶ×Ê»ù½ðµÄÆäËûͶ×ÊÕßµÄ×ܳÆ
ETFÁª½Ó»ù½ð ÊÇÖ¸½«Æä¾ø´ó²¿·Ö»ù½ð²Æ²úͶ×ÊÓÚ¸ú×Ùͬһ±êµÄÖ¸ÊýµÄETF£¨ÒÔϼò³ÆÄ¿
±êETF£©£¬½ôÃܸú×Ù±êµÄÖ¸Êý±íÏÖ£¬×·Çó¸ú×ÙÆ«Àë¶ÈºÍ¸ú×ÙÎó²î×îС»¯£¬²ÉÓÿª·ÅʽÔË×÷·½
ʽµÄ»ù½ð¡£¼ò³ÆÁª½Ó»ù½ð
Ä¿±êETF Ö¸ÖÐÖ¤ÄÏ·½Ð¡¿µ²úÒµ½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ð(¼ò³ÆС¿µETF)
±êµÄÖ¸Êý Ö¸ÖÐÖ¤Ö¸ÊýÓÐÏÞ¹«Ë¾Ëù±àÖƲ¢·¢²¼µÄÖÐÖ¤ÄÏ·½Ð¡¿µ²úÒµÖ¸Êý¼°ÆäδÀ´¿É
ÄÜ·¢ÉúµÄ±ä¸ü
»ù½ðºÏͬÉúЧÈÕ »ù½ðļ¼¯´ïµ½·¨Âɹ涨¼°¡¶»ù½ðºÏͬ¡·Ô¼¶¨µÄÌõ¼þ£¬»ù½ð¹ÜÀíÈËƸÇë
·¨¶¨»ú¹¹Ñé×ʲ¢°ìÀíÍê±Ï»ù½ð±¸°¸ÊÖÐø£¬»ñµÃÖйúÖ¤¼à»áÊéÃæÈ·ÈÏÖ®ÈÕ
ļ¼¯ÆÚ ×Ô»ù½ð·Ý¶î·¢ÊÛÖ®ÈÕÆð²»³¬¹ý3¸öÔµÄÆÚÏÞ
»ù½ð´æÐøÆÚ ¡¶»ù½ðºÏͬ¡·ÉúЧºóºÏ·¨´æÐøµÄ²»¶¨ÆÚÖ®ÆÚ¼ä
ÈÕ/Ìì ¹«ÀúÈÕ
Ô ¹«ÀúÔÂ
¹¤×÷ÈÕ ÉϺ£Ö¤È¯½»Ò×ËùºÍÉîÛÚ֤ȯ½»Ò×ËùµÄÕý³£½»Ò×ÈÕ
¿ª·ÅÈÕ ÏúÊÛ»ú¹¹°ìÀí±¾»ù½ð·Ý¶îÉ깺¡¢Êê»ØµÈÒµÎñµÄ¹¤×÷ÈÕ
TÈÕ É깺¡¢Êê»Ø»ò°ìÀíÆäËû»ù½ðÒµÎñµÄÉêÇëÈÕ
T+nÈÕ ×ÔTÈÕÆðµÚn¸ö¹¤×÷ÈÕ£¨²»°üº¬TÈÕ£©
ÈϹº ÔÚ±¾»ù½ðļ¼¯ÆÚÄÚͶ×ÊÕß¹ºÂò±¾»ù½ð»ù½ð·Ý¶îµÄÐÐΪ
·¢ÊÛ ÔÚ±¾»ù½ðļ¼¯ÆÚÄÚ£¬ÏúÊÛ»ú¹¹ÏòͶ×ÊÕßÏúÊÛ±¾»ù½ð·Ý¶îµÄÐÐΪ
É깺 »ù½ðͶ×ÊÕ߸ù¾Ý»ù½ðÏúÊÛÍøµã¹æ¶¨µÄÊÖÐø£¬Ïò»ù½ð¹ÜÀíÈ˹ºÂò»ù½ð·Ý¶îµÄÐÐ
Ϊ
Êê»Ø »ù½ðͶ×ÊÕ߸ù¾Ý»ù½ðÏúÊÛÍøµã¹æ¶¨µÄÊÖÐø£¬Ïò»ù½ð¹ÜÀíÈËÂô³ö»ù½ð·Ý¶îµÄÐÐ
Ϊ
¾Þ¶îÊê»Ø ÔÚµ¥¸ö¿ª·ÅÈÕ£¬±¾»ù½ðµÄ»ù½ð·Ý¶î¾»Êê»ØÉêÇ루Êê»ØÉêÇë×ÜÊý¼ÓÉÏ»ù½ðת
»»ÖÐת³öÉêÇë·Ý¶î×ÜÊýºó¿Û³ýÉ깺ÉêÇë×ÜÊý¼°»ù½ðת»»ÖÐתÈëÉêÇë·Ý¶î×ÜÊýºóµÄÓà¶î£©³¬¹ý
ÉÏÒ»ÈÕ±¾»ù½ð×ܷݶîµÄ10%ʱµÄÇéÐÎ
AÀà»ù½ð·Ý¶î Ö¸²»´Ó»ù½ð×ʲúÖмÆÌáÏúÊÛ·þÎñ·ÑµÄ»ù½ð·Ý¶î
CÀà»ù½ð·Ý¶î Ö¸´Ó»ù½ð×ʲúÖмÆÌáÏúÊÛ·þÎñ·ÑµÄ»ù½ð·Ý¶î
»ù½ðÕË»§ »ù½ð×¢²áµÇ¼Ç»ú¹¹¸øͶ×ÊÕß¿ªÁ¢µÄÓÃÓڼǼͶ×ÊÕß³ÖÓлù½ð¹ÜÀíÈ˹ÜÀí
µÄ¿ª·Åʽ»ù½ð·Ý¶îÇé¿öµÄÕË»§
½»Ò×ÕË»§ ¸÷ÏúÊÛ»ú¹¹ÎªÍ¶×ÊÕß¿ªÁ¢µÄ¼Ç¼Ͷ×ÊÕßͨ¹ý¸ÃÏúÊÛ»ú¹¹°ìÀí»ù½ð½»Ò×Ëù
ÒýÆðµÄ»ù½ð·Ý¶îµÄ±ä¶¯¼°½áÓàÇé¿öµÄÕË»§
תÍÐ¹Ü Í¶×ÊÕß½«Æä³ÖÓеÄͬһ»ù½ðÕË»§ÏµĻù½ð·Ý¶î´Óijһ½»Ò×ÕË»§×ªÈëÁíÒ»½»Ò×
ÕË»§µÄÒµÎñ
»ù½ðת»» Ͷ×ÊÕßÏò»ù½ð¹ÜÀíÈËÌá³öÉêÇ뽫ÆäËù³ÖÓеĻù½ð¹ÜÀíÈ˹ÜÀíµÄÈÎÒ»¿ª·Å
ʽ»ù½ð£¨×ª³ö»ù½ð£©µÄÈ«²¿»ò²¿·Ö»ù½ð·Ý¶îת»»Îª»ù½ð¹ÜÀíÈ˹ÜÀíµÄÈκÎÆäËû¿ª·Åʽ»ù½ð£¨×ª
Èë»ù½ð£©µÄ»ù½ð·Ý¶îµÄÐÐΪ
¶¨ÆÚ¶¨¶îͶ×ʼƻ® Ͷ×ÊÕßͨ¹ýÓйØÏúÊÛ»ú¹¹Ìá³öÉêÇ룬Լ¶¨Ã¿ÆÚ¿Û¿îÈÕ¡¢¿Û¿î½ð
¶î¼°¿Û¿î·½Ê½£¬ÓÉÏúÊÛ»ú¹¹ÓÚÿÆÚÔ¼¶¨¿Û¿îÈÕÔÚͶ×ÊÕßÖ¸¶¨ÒøÐÐÕË»§ÄÚ×Ô¶¯Íê³É¿Û¿î¼°»ù
½ðÉ깺ÉêÇëµÄÒ»ÖÖͶ×Ê·½Ê½
Á÷¶¯ÐÔÊÜÏÞ×ʲú Ö¸ÓÉÓÚ·¨ÂÉ·¨¹æ¡¢¼à¹Ü¡¢ºÏͬ»ò²Ù×÷ÕÏ°µÈÔÒòÎÞ·¨ÒÔºÏÀí¼Û¸ñÓè
ÒÔ±äÏÖµÄ×ʲú£¬°üÀ¨µ«²»ÏÞÓÚµ½ÆÚÈÕÔÚ10¸ö½»Ò×ÈÕÒÔÉϵÄÄæ»Ø¹ºÓëÒøÐж¨ÆÚ´æ¿î£¨º¬ÐÒé
Ô¼¶¨ÓÐÌõ¼þÌáǰ֧ȡµÄÒøÐдæ¿î£©¡¢Í£ÅƹÉƱ¡¢Á÷ͨÊÜÏÞµÄйɼ°·Ç¹«¿ª·¢ÐйÉƱ¡¢×ʲúÖ§
³Ö֤ȯ¡¢Òò·¢ÐÐÈËÕ®ÎñÎ¥Ô¼ÎÞ·¨½øÐÐתÈûò½»Ò×µÄծȯµÈ¡£·¨ÂÉ·¨¹æ»òÖйúÖ¤¼à»áÁíÓйæ
¶¨µÄ£¬´ÓÆä¹æ¶¨
»ù½ðÀûÈó »ù½ðÀûÏ¢ÊÕÈ롢Ͷ×ÊÊÕÒæ¡¢¹«ÔʼÛÖµ±ä¶¯ÊÕÒæºÍÆäËûÊÕÈë¿Û³ýÏà¹Ø·ÑÓÃ
ºóµÄÓà¶î£¬»ù½ðÒÑʵÏÖÊÕÒæÖ¸»ù½ðÀûÈó¼õÈ¥¹«ÔʼÛÖµ±ä¶¯ÊÕÒæºóµÄÓà¶î
»ù½ð×ʲú×ÜÖµ »ù½ðËùÓµÓеĸ÷Àà֤ȯ¼°Æ±¾Ý¼ÛÖµ¡¢ÒøÐдæ¿î±¾Ï¢ºÍ±¾»ù½ðÓ¦ÊÕµÄ
É깺»ù½ð¿îÒÔ¼°ÆäËûͶ×ÊËùÐγɵļÛÖµ×ܺÍ
»ù½ð×ʲú¾»Öµ »ù½ð×ʲú×ÜÖµ¿Û³ý¸ºÕ®ºóµÄ¾»×ʲúÖµ
»ù½ð×ʲú¹ÀÖµ ¼ÆËãÆÀ¹À»ù½ð×ʲúºÍ¸ºÕ®µÄ¼ÛÖµ£¬ÒÔÈ·¶¨»ù½ð×ʲú¾»ÖµµÄ¹ý³Ì
»õ±ÒÊг¡¹¤¾ß ÏÖ½ð£»Ò»ÄêÒÔÄÚ(º¬Ò»Äê)µÄÒøÐж¨ÆÚ´æ¿î¡¢´ó¶î´æµ¥£»Ê£ÓàÆÚÏÞÔÚ
Èý°Ù¾ÅÊ®ÆßÌìÒÔÄÚ(º¬Èý°Ù¾ÅÊ®ÆßÌì)µÄծȯ£»ÆÚÏÞÔÚÒ»ÄêÒÔÄÚ(º¬Ò»Äê)µÄծȯ»Ø¹º£»ÆÚÏÞ
ÔÚÒ»ÄêÒÔÄÚ(º¬Ò»Äê)µÄÖÐÑëÒøÐÐƱ¾Ý£»ÖйúÖ¤¼à»á¡¢ÖйúÈËÃñÒøÐÐÈϿɵÄÆäËû¾ßÓÐÁ¼ºÃÁ÷
¶¯ÐԵĽðÈÚ¹¤¾ß
Ö¸¶¨Ã½½é Ö¸ÖйúÖ¤¼à»áÖ¸¶¨µÄÓÃÒÔ½øÐÐÐÅÏ¢Åû¶µÄÈ«¹úÐÔ±¨¿¯¼°Ö¸¶¨»¥ÁªÍøÍøÕ¾
£¨°üÀ¨»ù½ð¹ÜÀíÈËÍøÕ¾¡¢»ù½ðÍйÜÈËÍøÕ¾¡¢ÖйúÖ¤¼à»á»ù½ðµç×ÓÅû¶ÍøÕ¾£©µÈý½é
²»¿É¿¹Á¦ ±¾ºÏͬµ±ÊÂÈ˲»ÄÜÔ¤¼û¡¢²»ÄܱÜÃâÇÒ²»ÄÜ¿Ë·þµÄ¿Í¹Ûʼþ
ÒÔÉÏÊÍÒåÖÐÉæ¼°·¨ÂÉ·¨¹æ¡¢ÒµÎñ¹æÔòµÄÄÚÈÝ£¬·¨ÂÉ·¨¹æ¡¢ÒµÎñ¹æÔòÐÞ¶©ºó£¬ÈçÊÊÓñ¾
»ù½ð£¬Ïà¹ØÄÚÈÝÒÔÐÞ¶©ºó·¨ÂÉ·¨¹æ¡¢ÒµÎñ¹æÔòΪ׼¡£
¡ì3 »ù½ð¹ÜÀíÈË
3.1 »ù½ð¹ÜÀíÈ˸ſö
Ãû³Æ£ºÄÏ·½»ù½ð¹ÜÀí¹É·ÝÓÐÏÞ¹«Ë¾
סËù¼°°ì¹«µØÖ·£ºÉîÛÚÊи£ÌïÇøÁ«»¨½ÖµÀÒæÌï·5999ºÅ»ù½ð´óÏÃ32-42Â¥
³ÉÁ¢Ê±¼ä£º1998Äê3ÔÂ6ÈÕ
·¨¶¨´ú±íÈË£ºÑîСËÉ£¨´úΪÂÄÐз¨¶¨´ú±íÈËÖ°Ôð£©
×¢²á×ʱ¾£º3.6172ÒÚÔªÈËÃñ±Ò
µç»°£º£¨0755£©82763888
´«Õ棺£¨0755£©82763889
ÁªÏµÈË£º³£¿Ë´¨
1998Ä꣬ÄÏ·½»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¾ÖйúÖ¤¼à»áÖ¤¼à»ù×Ö[1998]4ºÅÎÄÅú×¼£¬ÓÉÄÏ·½Ö¤
ȯÓÐÏÞ¹«Ë¾¡¢ÏÃÃŹú¼ÊÐÅÍÐͶ×ʹ«Ë¾¡¢¹ãÎ÷ÐÅÍÐͶ×ʹ«Ë¾¹²Í¬·¢ÆðÉèÁ¢¡£2000Ä꣬¾Öйú
Ö¤¼à»áÖ¤¼à»ù½ð×Ö[2000]78ºÅÎÄÅú×¼½øÐÐÁËÔö×ÊÀ©¹É£¬×¢²á×ʱ¾´ïµ½1ÒÚÔªÈËÃñ±Ò¡£2005
Ä꣬¾ÖйúÖ¤¼à»áÖ¤¼à»ù½ð×Ö[2005]201ºÅÎÄÅú×¼½øÐÐÔö×ÊÀ©¹É£¬×¢²á×ʱ¾ÔöÖÁ1.5ÒÚÔªÈË
Ãñ±Ò¡£2014Ä깫˾½øÐÐÔö×ÊÀ©¹É£¬×¢²á×ʱ¾½ðÔöÖÁ3ÒÚÔªÈËÃñ±Ò¡£
2018Äê1Ô£¬¹«Ë¾ÕûÌå±ä¸üÉèÁ¢ÎªÄÏ·½»ù½ð¹ÜÀí¹É·ÝÓÐÏÞ¹«Ë¾,×¢²á×ʱ¾½ð3ÒÚÔªÈËÃñ
±Ò¡£
2019Äê7ÔÂ30ÈÕ£¬¹«Ë¾×¢²á×ʱ¾ÔöÖÁ3.6172ÒÚÔª£¬¹ÉȨ½á¹¹µ÷ÕûΪ»ªÌ©Ö¤È¯¹É·ÝÓÐ
ÏÞ¹«Ë¾41.16%¡¢ÉîÛÚÊÐͶ×ʿعÉÓÐÏÞ¹«Ë¾27.44%¡¢ÏÃÃŹú¼ÊÐÅÍÐÓÐÏÞ¹«Ë¾13.72%¡¢ÐËÒµÖ¤
ȯ¹É·ÝÓÐÏÞ¹«Ë¾9.15%¡¢ÏÃÃźÏÔó¼ªÆóÒµ¹ÜÀíºÏ»ïÆóÒµ£¨ÓÐÏ޺ϻ2.10%¡¢ÏÃÃźÏÔóÏéÆó
Òµ¹ÜÀíºÏ»ïÆóÒµ£¨ÓÐÏ޺ϻ2.12%¡¢ÏÃÃźÏÔóÒæÆóÒµ¹ÜÀíºÏ»ïÆóÒµ£¨ÓÐÏ޺ϻ2.11%¡¢ÏÃ
ÃźÏÔóÓ¯ÆóÒµ¹ÜÀíºÏ»ïÆóÒµ£¨ÓÐÏ޺ϻ2.20%¡£
3.2 Ö÷ÒªÈËÔ±Çé¿ö
3.2.1 ¶Ê»á³ÉÔ±
ÍõÁ¬·ÒŮʿ£¬¶Ê£¬½ðÈÚרҵ˶ʿ£¬Öйú¼®¡£ÔøÈÎÖ°Èü¸ñ¼¯ÍÅÏúÊÛ£¬ÉîÛÚͶ×Ê»ù½ð¹Ü
Àí¹«Ë¾Í¶×ÊÒ»²¿Ñо¿ÊÒÖ÷ÈΣ¬´óÅô֤ȯ¾¼ÍÒµÎñ²¿¸±×ܾÀí¡¢ÉîÛÚ¸£ºç·Ӫҵ²¿×ܾÀí¡¢
ÄÏ·½×ܲ¿×ܾÀí¡¢×ܲÃÖúÀí£¬µÚһ֤ȯ×ܲÃÖúÀí£¬»ªÌ©ÁªºÏ֤ȯÉîÛÚ»ªÇ¿±±Â·ÓªÒµ²¿×ܾ
Àí¡¢ÇþµÀ·þÎñ²¿×ܾÀí¡¢ÔËÓªÖÐÐÄ×ܾÀí¡¢ÁãÊÛ¿Í»§²¿×ܾÀí¡¢Ö´ÐаìÖ÷ÈΡ¢×ܲÃÖúÀí¡£
ÏÖÈλªÌ©Ö¤È¯¹É·ÝÓÐÏÞ¹«Ë¾×ܲÃÖúÀí¼æÉîÛÚ·Ö¹«Ë¾×ܾÀí¡£
ÕÅ»ÔÏÈÉú£¬¶Ê£¬¹ÜÀíѧ²©Ê¿£¬Öйú¼®¡£ÔøÈÎÖ°±±¾©¶«³ÇÇøÈ˲Ž»Á÷·þÎñÖÐÐÄ¡¢»ª³¿
¼¯ÍÅÉϺ£°ìÊ´¦¡¢Í¨É̿عÉÓÐÏÞ¹«Ë¾¡¢±±¾©Áª´´Í¶×ʹÜÀíÓÐÏÞ¹«Ë¾¸É²¿£¬»ªÌ©Ö¤È¯×ʲú¹Ü
Àí×ܲ¿¸ß¼¶¾Àí¡¢Ö¤È¯Í¶×ʲ¿Í¶×ʲ߻®Ô±¡¢ÄÏͨҦ¸Û·Ӫҵ²¿¸±×ܾÀí¡¢ÉϺ£Èð½ðһ·Ӫ
Òµ²¿×ܾÀí¡¢Ö¤È¯Í¶×ʲ¿¸±×ܾÀí¡¢×ÛºÏÊÂÎñ²¿×ܾÀí¡£ÏÖÈλªÌ©Ö¤È¯¹É·ÝÓÐÏÞ¹«Ë¾¶ÊÂ
»áÃØÊé¡¢ÈËÁ¦×ÊÔ´²¿×ܾÀí¼æµ³Î¯×éÖ¯²¿³¤¡£
·ëÇàɽÏÈÉú£¬¶Ê£¬¹¤Ñ§Ñ§Ê¿£¬Öйú¼®¡£ÔøÈÎְ½¾üµÚ124ʦ¹¤±øÓªµØ±¬Á¬¸±Á¬Ö°ÅÅ
³¤¡¢´úÕþÖÎÖ¸µ¼Ô±¡¢Ê¦ÕþÖβ¿×éÖ¯¿ÆÕýÁ¬Ö°¸ÉÊÂ,½¾üµÚ42¼¯ÍžüÕþÖβ¿×éÖ¯´¦¸±ÓªÖ°¸É
Ê£¬×¤Ïã¸Û²¿¶ÓÕþÖβ¿×éÖ¯´¦ÕýÓªÖ°¸ÉÊ£¬×¤°ÄÃŲ¿¶ÓÕþÖβ¿ÕýÓªÖ°¸ÉÊ£¬Â½¾üµÚ163ʦ
ÕþÖβ¿Ðû´«¿Æ¸±¿Æ³¤(ÕýÓªÖ°)£¬ÉîÛÚÊмÍί½ÌÓýµ÷ÑÐÊÒÖ÷ÈοÆÔ±¡¢¸±´¦¼¶¼Í¼ìÔ±¡¢°ì¹«Ìü
¸±Ö÷ÈΡ¢µ³·çÁ®Õþ½¨ÉèÊÒÖ÷ÈΡ£ÏÖÈÎÉîÛÚÊÐͶ×ʿعÉÓÐÏÞ¹«Ë¾¶Ê¡¢µ³Î¯¸±Êé¼Ç¡¢¼ÍίÊé
¼Ç£¬ÉîÛÚÊÐͶ¿Ø×ʱ¾ÓÐÏÞ¹«Ë¾¼àÊ¡£
ÀîƽÏÈÉú£¬¶Ê£¬¹¤É̹ÜÀí˶ʿ£¬Öйú¼®¡£ÔøÈÎÖ°ÉîÛÚÊгǽ¨¼¯ÍŰ칫ÊÒÎÄÃØ¡¢¶°ì
ÎÄÃØ£¬ÉîÛÚÊÐͶ×ʿعÉÓÐÏÞ¹«Ë¾°ì¹«ÊÒ£¨Ðŷð죩¸ß¼¶Ö÷¹Ü¡¢ÆóÒµÈý²¿¸ß¼¶Ö÷¹Ü¡£ÏÖÈÎÉîÛÚ
ÊÐͶ×ʿعÉÓÐÏÞ¹«Ë¾½ðÈÚ·¢Õ¹²¿¸±²¿³¤£¬ÉîÛÚÊгÇÊн¨É迪·¢£¨¼¯ÍÅ£©¹«Ë¾¶Ê¡£
Àî×Ô³ÉÏÈÉú£¬¶Ê£¬½üÏÖ´úʷרҵ˶ʿ£¬Öйú¼®¡£ÔøÈÎÖ°ÏÃÃÅ´óѧÕÜѧϵÍÅ×ÜÖ§¸±Êé
¼Ç£¬ÏÃÃŹú¼ÊÐÅÍÐͶ×ʹ«Ë¾°ì¹«ÊÒÖ÷ÈΡ¢ÓªÒµ²¿¾Àí¡¢¼Æ²Æ²¿¾Àí¡¢¹«Ë¾×ܾÀíÖúÀí£¬ÏÃ
ÃŹú¼ÊÐÅÍÐͶ×ÊÓÐÏÞ¹«Ë¾¸±×ܾÀí¡¢¹¤»áÖ÷ϯ¡¢µ³×ÜÖ§¸±Êé¼Ç¡£ÏÖÈÎÏÃÃŹú¼ÊÐÅÍÐÓÐÏÞ¹«
˾µ³×ÜÖ§¸±Êé¼Ç¡¢×ܾÀí¡£
Íõ±óÏÈÉú£¬¶Ê£¬ÁÙ´²Ò½Ñ§²©Ê¿£¬Öйú¼®¡£ÔøÈÎÖ°°²»ÕãôÏØÈËÃñÒ½ÔºÁÙ´²Ò½Éú£¬Èð½ð
Ò½ÔºÖ÷ÖÎҽʦ£¬ÐËҵ֤ȯÑо¿ËùÒ½Ò©ÐÐÒµÑо¿Ô±¡¢×ܾÀíÖúÀí¡¢¸±×ܼࡢ¸±×ܾÀí¡£ÏÖÈÎ
ÐËҵ֤ȯÑо¿Ëù×ܾÀí¡£
ÑîСËÉÏÈÉú£¬¶Ê£¬¾¼Ãѧ˶ʿ£¬Öйú×¢²á»á¼Æʦ£¬Öйú¼®£¬ÎÞ¾³ÍâÓÀ¾Ã¾ÓÁôȨ¡£Ôø
ÈÎÖ°µÂÇÚ¹ú¼Ê»á¼ÆʦÐлá¼Æרҵ·Ò룬¹â´óÒøÐÐ֤ȯ²¿Ö°Ô±£¬ÃÀ¹úNASDAQʵϰְԱ£¬Ö¤¼à
»á´¦³¤¡¢¸±Ö÷ÈΣ¬ÄÏ·½»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¶½²ì³¤¡£ÏÖÈÎÄÏ·½»ù½ð¹ÜÀí¹É·ÝÓÐÏÞ¹«Ë¾¶Ê¡¢
×ܲᢵ³Î¯¸±Êé¼Ç£¬ÄÏ·½¶«Ó¢×ʲú¹ÜÀíÓÐÏÞ¹«Ë¾¶Ê¡£
Ò¦¾°Ô´ÏÈÉú£¬¶ÀÁ¢¶Ê£¬¾¼Ãѧ˶ʿ£¬Öйú¼®¡£ÔøÈÎÖ°¹ú¼Ò¾Î¯¸±´¦³¤£¬ÉÌÒµ²¿Õþ²ß
Ñо¿ÊÒ¸±´¦³¤¡¢¹ú¼ÊºÏ×÷˾´¦³¤¡¢¸±Ë¾³¤£¬Öйú¹ú¼ÊóÒ×´Ù½ø»áÉÌÒµÐÐÒµ·Ö»á¸±»á³¤¡¢³£
Îñ¸±»á³¤£¬¹úÄÚóÒײ¿ÉÌÒµ·¢Õ¹ÖÐÐÄÖ÷ÈΣ¬ÖйúÉÌÒµÁªºÏ»á¸±»á³¤¡¢ÃØÊ鳤£¬°²»ÕÊ¡Õþ¸®
¸±ÃØÊ鳤£¬°²»ÕÊ¡¸·ÑôÊÐÕþ¸®Êг¤£¬°²»Õʡͳ¼Æ¾Ö¾Ö³¤¡¢µ³×éÊé¼Ç£¬¹ú¼Òͳ¼Æ¾Ö×ܾ¼Ãʦ
¼æÐÂÎÅ·¢ÑÔÈË¡£ÏÖÈιúÎñÔº²ÎÊÂÊÒÌØÔ¼Ñо¿Ô±£¬Öйú¾¼Ã50ÈËÂÛ̳³ÉÔ±£¬Öйúͳ¼Æѧ»á¸±
»á³¤¡£
ÀîÐĵ¤ÏÈÉú£¬¶ÀÁ¢¶Ê£¬½ðÈÚѧ²©Ê¿£¬¹úÎñÔºÌØÊâ½òÌùר¼Ò£¬Öйú¼®¡£ÔøÈÎÖ°¶«ÄÏ´ó
ѧ¾¼Ã¹ÜÀíѧԺ½ÌÊÚ£¬ÄϾ©´óѧ¹¤³Ì¹ÜÀíѧԺԺ³¤¡£ÏÖÈÎÄϾ©´óѧ-Å£½ò´óѧ½ðÈÚ´´ÐÂÑо¿
ÔºÔº³¤¡¢½ðÈÚ¹¤³ÌÑо¿ÖÐÐÄÖ÷ÈΣ¬ÄϾ©´óѧ´´ÒµÍ¶×ÊÑо¿Óë·¢Õ¹ÖÐÐÄÖ´ÐÐÖ÷ÈΡ¢½ÌÊÚ¡¢²©
Ê¿Éúµ¼Ê¦£¬Öйú½ðÈÚѧÄê»á³£ÎñÀíÊ£¬½ËÕÊ¡×ʱ¾Êг¡Ñо¿»á»á³¤£¬½ËÕÊ¡¿Æ¼¼´´ÐÂлá
¸±»á³¤¡£
ÖܽõÌÎÏÈÉú£¬¶ÀÁ¢¶Ê£¬¹¤É̹ÜÀí²©Ê¿£¬·¨Ñ§Ë¶Ê¿£¬Ïã¸Û֤ȯ¼°Í¶×Êѧ»á½Ü³ö×ÊÉî»á
Ô±¡£ÔøÈÎÖ°Ïã¸Û¾¯Îñ´¦(ÉÌÒµ×ï°¸µ÷²é¿Æ)¾¯Îñ×ܶ½²ì£¬Ïã¸Û֤ȯ¼°ÆÚ»õרԱ°ìÊ´¦Ö¤È¯Ö÷
ÈΣ¬Ïã¸Û֤ȯ¼°ÆÚ»õÊÂÎñ¼à²ìίԱ»á·¨¹æÖ´Ðв¿×ܼࡣÏÖÈÎÏã¸Û½ðÈÚ¹ÜÀí¾Ö¹ËÎÊ¡£
Ö£½¨±ëÏÈÉú£¬¶ÀÁ¢¶Ê£¬¾¼Ãѧ˶ʿ£¬¹¤É̹ÜÀí˶ʿ£¬Öйú×¢²á»á¼Æʦ£¬Öйú¼®¡£Ôø
ÈÎÖ°±±¾©ÊвÆÕþ¾Ö¸É²¿£¬ÉîÛÚÉß¿ÚÖлª»á¼ÆʦÊÂÎñËù¾Àí£¬¾©¶¼»á¼ÆʦÊÂÎñËù¸±Ö÷ÈΡ£ÏÖ
ÈÎÖÂͬ»á¼ÆʦÊÂÎñËù£¨ÌØÊâÆÕͨºÏ»ï£©¹ÜÀíºÏ»ïÈË£¬ÖйúÖ¤¼à»áµÚÈý½ìÉÏÊй«Ë¾²¢¹ºÖØ×éר
¼Ò×ÉѯίԱ»áίԱ¡£
ÖÜÈïŮʿ£¬¶ÀÁ¢¶Ê£¬·¨Ñ§Ë¶Ê¿£¬Öйú¼®¡£ÔøÈÎÖ°±±¾©ÊÐÍòÉÌÌìÇÚ£¨ÉîÛÚ£©ÂÉʦÊÂÎñËù
ÂÉʦ£¬±±¾©ÊÐÖÐÂ×£¨ÉîÛÚ£©ÂÉʦÊÂÎñËùÂÉʦ£¬±±¾©ÊÐÐÅÀû£¨ÉîÛÚ£©ÂÉʦÊÂÎñËùÂÉʦ¡¢ºÏ»ïÈË¡£
ÏÖÈνð¶ÅÂÉʦÊÂÎñËùºÏ»ïÈË£¬È«Áª²¢¹º¹«»á¹ã¶«·Ö»á»á³¤£¬¹ã¶«Ê¡ÂÉʦлáÅ®ÂÉʦ¹¤×÷ί
Ô±»á¸±Ö÷ÈΣ¬ÉîÛÚÊÐÖÐСÆóÒµ¸ÄÖÆר¼Ò·þÎñÍÅר¼Ò£¬ÉîÛÚÊÐÅ®ÆóÒµ¼ÒлáÀíÊ¡£
3.2.2 ¼àÊ»á³ÉÔ±
ÎâÏþ¶«ÏÈÉú£¬¼àÊ»áÖ÷ϯ£¬·¨Âɲ©Ê¿£¬Öйú¼®£¬ÎÞ¾³ÍâÓÀ¾Ã¾ÓÁôȨ¡£ÔøÈÎÖ°ÖйúÖ¤¼à
»á¸±´¦³¤¡¢´¦³¤£¬»ªÌ©Ö¤È¯ºÏ¹æ×ܼ࣬»ªÌ©ÁªºÏ֤ȯ¸±×ܲᢵ³Î¯Êé¼Ç¡¢¶Ê³¤£¬ÄÏ·½¹É
ȨͶ×Ê»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¶Ê³¤¡£ÏÖÈÎÄÏ·½»ù½ð¹ÜÀí¹É·ÝÓÐÏÞ¹«Ë¾¼àÊ»áÖ÷ϯ¡¢ÄÏ·½¹ÉȨ
Ͷ×Ê»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¼àÊ¡£
³ÂÀòŮʿ£¬¼àÊ£¬·¨Ñ§Ë¶Ê¿£¬Öйú¼®¡£ÔøÈÎÖ°»ªÌ©Ö¤È¯ÉîÛÚÃñÌï·Ӫҵ²¿×ܾÀí¡¢Éî
ÛÚÒæÌï·Ӫҵ²¿×ܾÀí¡¢Ñо¿Ëù¸±Ëù³¤µÈÖ°Îñ¡£ÏÖÈλªÌ©Ö¤È¯¹É·ÝÓÐÏÞ¹«Ë¾Ñо¿ËùËù³¤¡¢
»ªÌ©ÆÚ»õÓÐÏÞ¹«Ë¾¼àÊ»áÖ÷ϯ¡¢»ªÌ©¹ú¼Ê½ðÈڿعÉÓÐÏÞ¹«Ë¾¶Ê£¬ÄÏ·½»ù½ð¹ÜÀí¹É·ÝÓÐÏÞ
¹«Ë¾¼àÊ¡£
½ªÀö»¨Å®Ê¿£¬¼àÊ£¬´óѧѧÀú£¬¸ß¼¶»á¼Æʦ£¬Öйú¼®¡£ÔøÈÎÖ°Õã½À¼ÏªÂí½§ÄëÃ׳§Ö÷
¹Ü»á¼Æ£¬Õã½À¼Ïª·ÄÖ¯»úе³§Ö÷¹Ü»á¼Æ£¬ÉîÛÚÊн¨Öþ»úе¶¯Á¦¹«Ë¾Ö÷¹Ü»á¼Æ£¬ÉîÛÚÊн¨Éè
¼¯Íżƻ®²ÆÎñ²¿ÖúÀí»á¼Æʦ£¬ÉîÛÚÊн¨ÉèͶ×ʿعɹ«Ë¾¼Æ»®²ÆÎñ²¿¸ß¼¶»á¼Æʦ¡¢¾ÀíÖúÀí£¬
ÉîÛÚÊÐͶ×ʿعÉÓÐÏÞ¹«Ë¾¼Æ»®²ÆÎñ²¿¾Àí¡¢²ÆÎñÔ¤Ë㲿¸±²¿³¤¡¢¿¼ºË·ÖÅ䲿²¿³¤¡£ÏÖÈÎÉî
ÛÚÊÐͶ×ʿعÉÓÐÏÞ¹«Ë¾²ÆÎñ²¿£¨½áËãÖÐÐÄ£©²¿³¤¡¢ÉîÛÚ¾¼ÃÌØÇø·¿µØ²ú£¨¼¯ÍÅ£©¹É·ÝÓÐÏÞ¹«
˾¶Ê¡¢ÉîÛÚÊн¨°²£¨¼¯ÍÅ£©¹É·ÝÓÐÏÞ¹«Ë¾¶Ê¡¢ºþ±±ÉîͶ¿ØͶ×Ê·¢Õ¹ÓÐÏÞ¹«Ë¾¶Ê¡¢
ULTRARICH INTERNATIONAL LIMITED¶Ê£¬ÄÏ·½»ù½ð¹ÜÀí¹É·ÝÓÐÏÞ¹«Ë¾¼àÊ¡£
Íõ¿ËÁ¦ÏÈÉú£¬¼àÊ£¬´¬²°¹¤³Ìרҵѧʿ£¬Öйú¼®¡£ÔøÈÎÖ°ÏÃÃÅÔì´¬³§¼¼ÊõÔ±£¬ÏÃÃÅÆû
³µ¹¤Òµ¹«Ë¾×ܾÀíÖúÀí£¬ÏÃÃŹú¼ÊÐÅÍÐÓÐÏÞ¹«Ë¾¹ú¼Ê¹ã³¡³ï½¨´¦¸±Ö÷ÈΣ¬ÏÃÐÅÖÃÒµ·¢Õ¹¹«
˾×ܾÀí¡¢Í¶×ʲ¿¸±¾Àí¡¢×ÔÓÐ×ʲú¹ÜÀí²¿¸±¾ÀíÖ°Îñ¡£ÏÖÈÎÏÃÃŹú¼ÊÐÅÍÐÓÐÏÞ¹«Ë¾Í¶×Ê
·¢Õ¹²¿×ܾÀí£¬ÄÏ·½»ù½ð¹ÜÀí¹É·ÝÓÐÏÞ¹«Ë¾¼àÊ¡£
ÁÖºìÕäŮʿ£¬¼àÊ£¬¹¤É̹ÜÀí˶ʿ£¬Öйú¼®¡£ÔøÈÎÖ°ÏÃÃŶÔÍ⹩Ӧ×ܹ«Ë¾»á¼Æ£¬ÏÃÃÅ
ÖÐÓÑóÒ×ÁªºÏ¹«Ë¾²ÆÎñ²¿¸±¾Àí£¬ÏÃÃÅÍ⹩·¿µØ²ú¿ª·¢¹«Ë¾²ÆÎñ²¿¾Àí£¬ÐËҵ֤ȯ¼Æ²Æ²¿
²ÆÎñ×ÛºÏ×鸺ÔðÈË¡¢Ö±ÊôÓªÒµ²¿²ÆÎñ²¿¾Àí¡¢¼Æ»®²ÆÎñ²¿¾Àí¡¢·çÏÕ¿ØÖƲ¿×ܾÀíÖúÀí¼æ
Éó¼Æ²¿¾Àí¡¢·çÏÕ¹ÜÀí²¿¸±×ܼࡢ»üºËÉó¼Æ²¿¸±×ܼࡢ·çÏÕ¹ÜÀí²¿¸±×ܾÀí£¨Ö÷³Ö¹¤×÷£©¡¢
·çÏÕ¹ÜÀí²¿×ܾÀí¡¢²ÆÎñ²¿×ܾÀí¡¢×ʽðÔËÓª¹ÜÀí²¿×ܾÀí¡¢¼Æ»®²ÆÎñ²¿×ܾÀí¡£ÏÖÈÎÐË
ҵ֤ȯÊ×ϯ²ÆÎñ¹Ù£¬ÄÏ·½»ù½ð¹ÜÀí¹É·ÝÓÐÏÞ¹«Ë¾¼àÊ¡£
Ðì¸ÕÏÈÉú£¬Ö°¹¤¼àÊ£¬¹¤É̹ÜÀí˶ʿ£¬Öйú¼®£¬ÎÞ¾³ÍâÓÀ¾Ã¾ÓÁôȨ¡£ÔøÈÎÖ°ÉîÛÚÆÚ»õ
Ͷ×ʹ«Ë¾Ö°Ô±¡¢ÏîÄ¿¾Àí£¬ÄÏ·½»ù½ð¹ÜÀí¹É·ÝÓÐÏÞ¹«Ë¾ÉϺ£·Ö¹«Ë¾Ö°Ô±¡¢»ú¹¹ÒµÎñ²¿Ö°Ô±¡¢
ÑøÀϽðÒµÎñ²¿Ö÷¹Ü¡¢ÉϺ£·Ö¹«Ë¾¸ß¼¶¾Àí¡¢¸±×ܾÀí£¬ÏÖÈÎÄÏ·½»ù½ð¹ÜÀí¹É·ÝÓÐÏÞ¹«Ë¾Ö°
¹¤¼àÊ¡¢ÉϺ£·Ö¹«Ë¾¶Ê¡£
¶ÐÇ»ªÅ®Ê¿£¬Ö°¹¤¼àÊ£¬Ë¶Ê¿Ñ§Àú£¬Öйú¼®£¬ÎÞ¾³ÍâÓÀ¾Ã¾ÓÁôȨ¡£ÔøÈÎÖ°ÖйúÈ˱£Îä
ºº·Ö¹«Ë¾¡¢ÖйúÈËÊÙÔÙ±£ÏÕ¹«Ë¾¡¢ÖйúÔÙ±£ÏÕ¹«Ë¾¡¢ÉîÛÚ֤ȯͨÐŹ«Ë¾£¬ÄÏ·½»ù½ð¹ÜÀí¹É
·ÝÓÐÏÞ¹«Ë¾×ۺϹÜÀí²¿¾Àí¡¢°ì¹«ÊҸ߼¶¾Àí£¬ÏÖÈÎÄÏ·½»ù½ð¹ÜÀí¹É·ÝÓÐÏÞ¹«Ë¾Ö°¹¤¼àÊ¡¢
°ì¹«ÊҸ߼¶¸±×ܲá£
ËÕÍûÏÈÉú£¬Ö°¹¤¼àÊ£¬·¨Ñ§Ë¶Ê¿Ñ§Î»£¬Öйú¼®£¬ÎÞ¾³ÍâÓÀ¾Ã¾ÓÁôȨ¡£ÔøÈιúÐÅ֤ȯ¹É
·ÝÓÐÏÞ¹«Ë¾ºÏ¹æ¹ÜÀí×ܲ¿Ö°Ô±£¬ÉîÛÚÊÐÈÚͨ×ʱ¾¹ÜÀí¹É·ÝÓÐÏÞ¹«Ë¾Ö°Ô±¡£ÏÖÈÎÄÏ·½»ù½ð¹Ü
Àí¹É·ÝÓÐÏÞ¹«Ë¾Ö°¹¤¼àÊ¡¢¼à²ì»üºË²¿¸ß¼¶¸±×ܲá£
3.2.3 ¹«Ë¾¸ß¼¶¹ÜÀíÈËÔ±
ÑîСËÉÏÈÉú£¬×ܲ㬾¼Ãѧ˶ʿ£¬Öйú×¢²á»á¼Æʦ£¬Öйú¼®£¬ÎÞ¾³ÍâÓÀ¾Ã¾ÓÁôȨ¡£Ôø
ÈÎÖ°µÂÇÚ¹ú¼Ê»á¼ÆʦÐлá¼Æרҵ·Ò룬¹â´óÒøÐÐ֤ȯ²¿Ö°Ô±£¬ÃÀ¹úNASDAQʵϰְԱ£¬Ö¤¼à
»á´¦³¤¡¢¸±Ö÷ÈΣ¬ÄÏ·½»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¶½²ì³¤¡£ÏÖÈÎÄÏ·½»ù½ð¹ÜÀí¹É·ÝÓÐÏÞ¹«Ë¾¶Ê¡¢
×ܲᢵ³Î¯¸±Êé¼Ç£¬ÄÏ·½¶«Ó¢×ʲú¹ÜÀíÓÐÏÞ¹«Ë¾¶Ê¡£
ÓáÎĺêÏÈÉú£¬¸±×ܲ㬹¤É̹ÜÀí˶ʿ£¬¾¼Ãʦ£¬Öйú¼®£¬ÎÞ¾³ÍâÓÀ¾Ã¾ÓÁôȨ¡£ÔøÈÎÖ°
½ËÕʡͶ×ʹ«Ë¾ÒµÎñ¾Àí£¬½ËÕ¹ú¼ÊÕÐÉ̹«Ë¾²¿ÃžÀí£¬½ËÕÊ¡¹ú¼ÊÐÅÍÐͶ×ʹ«Ë¾Í¶×ÊÒø
Ðв¿×ܾÀí£¬½ËÕ¹úП߿Ƽ¼´´ÒµÍ¶×ÊÓÐÏÞ¹«Ë¾¶Ê³¤¼æ×ܾÀí£¬ÄÏ·½×ʱ¾¹ÜÀíÓÐÏÞ¹«Ë¾
¶Ê³¤¡£ÏÖÈÎÄÏ·½»ù½ð¹ÜÀí¹É·ÝÓÐÏÞ¹«Ë¾¸±×ܲᢵ³Î¯Î¯Ô±¡£
ÖìÔ˶«ÏÈÉú£¬¸±×ܲ㬾¼Ãѧѧʿ£¬¸ß¼¶¾¼Ãʦ£¬Öйú¼®£¬ÎÞ¾³ÍâÓÀ¾Ã¾ÓÁôȨ¡£ÔøÈÎ
Ö°²ÆÕþ²¿µØ·½Ô¤Ëã˾¼°°ì¹«ÌüÃØÊ飬Öйú¾¼Ã¿ª·¢ÐÅÍÐͶ×ʹ«Ë¾×ۺϹÜÀí²¿×ܾÀí£¬ÄÏ·½
»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾±±¾©·Ö¹«Ë¾×ܾÀí¡¢²úÆ·¿ª·¢²¿×ܼࡢ×ܲÃÖúÀí¡¢Ê×ϯÊг¡Ö´Ðй١£ÏÖ
ÈÎÄÏ·½»ù½ð¹ÜÀí¹É·ÝÓÐÏÞ¹«Ë¾¸±×ܲᢵ³Î¯Î¯Ô±¡£
³£¿Ë´¨ÏÈÉú£¬¸±×ܲã¬EMBA¹¤É̹ÜÀí˶ʿ£¬Öйú¼®£¬ÎÞ¾³ÍâÓÀ¾Ã¾ÓÁôȨ¡£ÔøÈÎÖ°Öйú
Å©ÒµÒøÐи±´¦¼¶ÃØÊ飬ÄÏ·½Ö¤È¯ÓÐÏÞÔðÈι«Ë¾Í¶×ÊÒµÎñ²¿×ܾÀí¡¢ÉòÑô·Ö¹«Ë¾×ܾÀí¡¢×Ü
²ÃÖúÀí£¬»ªÌ©ÁªºÏ֤ȯ¶Ê»áÃØÊé¡¢ºÏ¹æ×ܼàµÈÖ°Îñ£¬ÄÏ·½×ʱ¾¹ÜÀíÓÐÏÞ¹«Ë¾¶Ê¡£ÏÖÈÎ
ÄÏ·½»ù½ð¹ÜÀí¹É·ÝÓÐÏÞ¹«Ë¾¸±×ܲᢶʻáÃØÊ