¼ÎʵÖÐÖ¤Ò½Ò©ÎÀÉú½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯ
Ͷ×Ê»ù½ð¸üÐÂÕÐļ˵Ã÷Êé
(2020Äê07ÔÂ03ÈÕ¸üÐÂ)
»ù½ð¹ÜÀíÈË£º¼Îʵ»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾
»ù½ðÍйÜÈË£ºÖйúÒøÐйɷÝÓÐÏÞ¹«Ë¾
ÖØÒªÌáʾ
¼ÎʵÖÐÖ¤Ò½Ò©ÎÀÉú½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ð£¨ÒÔϼò³Æ¡°±¾»ù½ð¡±£©¾2013Äê
7ÔÂ12ÈÕÖйú֤ȯ¼à¶½¹ÜÀíίԱ»á¡¶¹ØÓÚºË×¼¼ÎʵÖÐÖ¤Ò½Ò©ÎÀÉú½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ
×Ê»ù½ðļ¼¯µÄÅú¸´¡·£¨Ö¤¼àÐí¿É[2013]918ºÅ£©ºË׼ļ¼¯£¬±¾»ù½ð»ù½ðºÏͬÓÚ2014Äê6ÔÂ
13ÈÕÕýʽÉúЧ£¬×Ô¸ÃÈÕÆð±¾»ù½ð¹ÜÀíÈË¿ªÊ¼¹ÜÀí±¾»ù½ð¡£
±¾ÕÐļ˵Ã÷ÊéÊǶÔÔ¡¶¼ÎʵÖÐÖ¤Ò½Ò©ÎÀÉú½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ðÕÐļ˵Ã÷Êé¡·
µÄ¸üУ¬ÔÕÐļ˵Ã÷ÊéÓë±¾ÕÐļ˵Ã÷Êé²»Ò»Öµģ¬ÒÔ±¾ÕÐļ˵Ã÷ÊéΪ׼¡£»ù½ð¹ÜÀíÈ˱£Ö¤
±¾ÕÐļ˵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»ù½ðµÄ¼ÛÖµºÍÊÕÒæ×÷³öʵÖÊÐÔÅжϻò±£Ö¤£¬Ò²²»±í
Ã÷Ͷ×ÊÓÚ±¾»ù½ðûÓзçÏÕ¡£Í¶×ÊÕßÈϹº»òÉ깺»ù½ð·Ý¶îʱӦÈÏÕæÔĶÁ±¾ÕÐļ˵Ã÷Êé¡£
±¾»ù½ðͶ×ÊÓÚ֤ȯÊг¡£¬»ù½ð¾»Öµ»áÒòΪ֤ȯÊг¡²¨¶¯µÈÒòËزúÉú²¨¶¯£¬Í¶×ÊÕ߸ù¾Ý
Ëù³ÖÓеĻù½ð·Ý¶îÏíÊÜ»ù½ðÊÕÒ棬ͬʱ³Ðµ£ÏàÓ¦µÄͶ×Ê·çÏÕ¡£Í¶×ÊÕßÔÚͶ×ʱ¾»ù½ðÇ°£¬Ó¦
È«ÃæÁ˽Ȿ»ù½ðµÄ²úÆ·ÌØÐÔ£¬³ä·Ö¿¼ÂÇ×ÔÉíµÄ·çÏÕ³ÐÊÜÄÜÁ¦£¬ÀíÐÔÅжÏÊг¡£¬²¢³Ðµ£»ù½ð
Ͷ×ÊÖгöÏֵĸ÷Àà·çÏÕ£¬°üÀ¨£ºÒòÕþÖΡ¢¾¼Ã¡¢Éç»áµÈ»·¾³ÒòËضÔ֤ȯ¼Û¸ñ²úÉúÓ°Ïì¶øÐÎ
³ÉµÄϵͳÐÔ·çÏÕ¡¢¸ö±ð֤ȯÌØÓеķÇϵͳÐÔ·çÏÕ¡¢»ù½ð¹ÜÀíÈËÔÚ»ù½ð¹ÜÀíʵʩ¹ý³ÌÖвúÉú
µÄ»ù½ð¹ÜÀí·çÏÕ¡¢±¾»ù½ðµÄÌض¨·çÏյȵȡ£±¾»ù½ðÊô¹ÉƱÐÍ֤ȯͶ×Ê»ù½ð£¬Ô¤ÆÚ·çÏÕÓëÊÕ
Òæˮƽ¸ßÓÚ»ìºÏÐÍ»ù½ð¡¢Õ®È¯ÐÍ»ù½ðÓë»õ±ÒÊг¡»ù½ð¡£±¾»ù½ðΪָÊýÐÍ»ù½ð£¬Ö÷Òª²ÉÓÃÍê
È«¸´ÖÆ·¨¸ú×Ù±êµÄÖ¸ÊýµÄ±íÏÖ£¬¾ßÓÐÓë±êµÄÖ¸Êý¡¢ÒÔ¼°±êµÄÖ¸ÊýËù´ú±íµÄ¹ÉƱÊг¡ÏàËƵÄ
·çÏÕÊÕÒæÌØÕ÷¡£
Ͷ×ÊÕßͶ×ʱ¾»ù½ðʱÐè¾ßÓÐÉϺ£Ö¤È¯ÕË»§£¬µ«Ðè×¢Ò⣬ʹÓÃÉϺ£Ö¤È¯½»Ò×Ëù»ù½ðÕË»§
Ö»ÄܽøÐлù½ðµÄÏÖ½ðÈϹººÍ¶þ¼¶Êг¡½»Ò×£¬ÈçͶ×ÊÕßÐèҪʹÓñ¾»ù½ð±êµÄÖ¸Êý³É·Ý¹ÉÖеÄ
ÉϺ£Ö¤È¯½»Ò×ËùÉÏÊйÉƱ²ÎÓëÍøϹÉƱÈϹº»ò»ù½ðµÄÉ깺¡¢Êê»Ø£¬ÔòÓ¦¿ªÁ¢ÉϺ£Ö¤È¯½»Ò×
ËùA¹ÉÕË»§£»ÈçͶ×ÊÕßÐèҪʹÓñ¾»ù½ð±êµÄÖ¸Êý³É·Ý¹ÉÖеÄÉîÛÚ֤ȯ½»Ò×ËùÉÏÊйÉƱ²ÎÓë
ÍøϹÉƱÈϹº£¬Ôò»¹Ó¦¿ªÁ¢ÉîÛÚ֤ȯ½»Ò×ËùA¹ÉÕË»§¡£
Ͷ×ÊÕßÔÚͶ×ʱ¾»ù½ð֮ǰ£¬Çë×ÐϸÔĶÁ±¾»ù½ðµÄÕÐļ˵Ã÷Êé¡¢»ù½ðºÏͬºÍ»ù½ð²úÆ·×Ê
ÁϸÅÒª£¬È«ÃæÈÏʶ±¾»ù½ðµÄ·çÏÕÊÕÒæÌØÕ÷ºÍ²úÆ·ÌØÐÔ£¬²¢³ä·Ö¿¼ÂÇ×ÔÉíµÄ·çÏÕ³ÐÊÜÄÜÁ¦£¬
ÀíÐÔÅжÏÊг¡£¬½÷É÷×ö³öͶ×ʾö²ß¡£
»ù½ðµÄ¹ýÍùÒµ¼¨²¢²»Ô¤Ê¾ÆäδÀ´±íÏÖ¡£»ù½ð¹ÜÀíÈ˳ÐŵÒÔ㡾¡Ö°ÊØ¡¢³ÏʵÐÅÓᢽ÷É÷
ÇÚÃãµÄÔÔò¹ÜÀíºÍÔËÓûù½ð²Æ²ú£¬µ«²»±£Ö¤»ù½ðÒ»¶¨Ó¯Àû£¬Ò²²»ÏòͶ×ÊÕß±£Ö¤×îµÍÊÕÒæ¡£
±¾ÕÐļ˵Ã÷ÊéÒѾ±¾»ù½ðÍйÜÈ˸´ºË¡£±¾ÕÐļ˵Ã÷ÊéËùÔØÄÚÈݽØÖ¹ÈÕΪ2020Äê6ÔÂ5
ÈÕ,ÓйزÆÎñÊý¾ÝºÍ¾»Öµ±íÏÖ½ØÖ¹ÈÕΪ2020Äê3ÔÂ31ÈÕ£¨Î´¾Éó¼Æ£©£¬ÌرðÊÂÏî×¢Ã÷³ýÍâ¡£
Ŀ¼
Ò»¡¢Ð÷ÑÔ........................................................................................................................................... 4
¶þ¡¢ÊÍÒå........................................................................................................................................... 5
Èý¡¢»ù½ð¹ÜÀíÈË ............................................................................................................................. 12
ËÄ¡¢»ù½ðÍйÜÈË ............................................................................................................................. 22
Îå¡¢Ïà¹Ø·þÎñ»ú¹¹ ......................................................................................................................... 24
Áù¡¢»ù½ðµÄļ¼¯ ............................................................................................................................. 36
Æß¡¢»ù½ðºÏͬµÄÉúЧ ..................................................................................................................... 41
°Ë¡¢»ù½ð·Ý¶îµÄ½»Ò× ..................................................................................................................... 42
¾Å¡¢»ù½ð·Ý¶îµÄÉ깺,Êê»Ø ............................................................................................................ 44
Ê®¡¢»ù½ðµÄͶ×Ê ............................................................................................................................. 57
ʮһ¡¢»ù½ðµÄÒµ¼¨ ......................................................................................................................... 67
Ê®¶þ¡¢»ù½ðµÄ²Æ²ú ......................................................................................................................... 69
Ê®Èý¡¢»ù½ð×ʲú¹ÀÖµ ..................................................................................................................... 70
Ê®ËÄ¡¢»ù½ðµÄÊÕÒæÓë·ÖÅä ............................................................................................................. 74
Ê®Îå¡¢»ù½ðµÄ·ÑÓÃÓëË°ÊÕ ............................................................................................................. 75
Ê®Áù¡¢»ù½ðµÄ»á¼ÆÓëÉó¼Æ ............................................................................................................. 77
Ê®Æß¡¢»ù½ðµÄÐÅÏ¢Åû¶ ................................................................................................................. 78
Ê®°Ë¡¢·çÏÕ½Òʾ ............................................................................................................................. 82
Ê®¾Å¡¢»ù½ðºÏͬµÄÖÕÖ¹Óë»ù½ð²Æ²úµÄÇåËã ................................................................................. 87
¶þÊ®¡¢»ù½ðºÏͬµÄÄÚÈÝÕªÒª ......................................................................................................... 89
¶þʮһ¡¢»ù½ðÍйÜÐÒéµÄÄÚÈÝÕªÒª ........................................................................................... 102
¶þÊ®¶þ¡¢¶Ô»ù½ð·Ý¶î³ÖÓÐÈË·þÎñ ............................................................................................... 112
¶þÊ®Èý¡¢ÆäËûÓ¦Åû¶ÊÂÏî ........................................................................................................... 113
¶þÊ®ËÄ¡¢ÕÐļ˵Ã÷Êé´æ·Å¼°²éÔÄ·½Ê½ ....................................................................................... 114
¶þÊ®Îå¡¢±¸²éÎļþ ....................................................................................................................... 115
Ò»¡¢Ð÷ÑÔ
±¾ÕÐļ˵Ã÷ÊéÒÀ¾Ý¡¶ÖлªÈËÃñ¹²ºÍ¹ú֤ȯͶ×Ê»ù½ð·¨¡·£¨ÒÔϼò³Æ¡¶»ù½ð·¨¡·£©¡¢¡¶¹«
¿ªÄ¼¼¯Ö¤È¯Í¶×Ê»ù½ðÔË×÷¹ÜÀí°ì·¨¡·£¨ÒÔϼò³Æ¡¶ÔË×÷°ì·¨¡·£©¡¢¡¶Ö¤È¯Í¶×Ê»ù½ðÏúÊÛ¹ÜÀí
°ì·¨¡·£¨ÒÔϼò³Æ¡¶ÏúÊÛ°ì·¨¡·£©¡¢¡¶¹«¿ªÄ¼¼¯Ö¤È¯Í¶×Ê»ù½ðÐÅÏ¢Åû¶¹ÜÀí°ì·¨¡·£¨ÒÔϼò
³Æ¡¶ÐÅÏ¢Åû¶°ì·¨¡·£©¡¢¡¶¹«¿ªÄ¼¼¯¿ª·Åʽ֤ȯͶ×Ê»ù½ðÁ÷¶¯ÐÔ·çÏÕ¹ÜÀí¹æ¶¨¡·£¨ÒÔϼò³Æ
¡¶Á÷¶¯ÐÔ·çÏÕ¹ÜÀí¹æ¶¨¡·£©¡¢¡¶Ö¤È¯Í¶×Ê»ù½ðÐÅÏ¢Åû¶ÄÚÈÝÓë¸ñʽ׼ÔòµÚ5ºÅ£¼ÕÐļ˵Ã÷Êé
µÄÄÚÈÝÓë¸ñʽ£¾¡·µÈÓйط¨ÂÉ·¨¹æÒÔ¼°¡¶¼ÎʵÖÐÖ¤Ò½Ò©ÎÀÉú½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»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¡£»ù½ðºÏͬÊÇÔ¼¶¨»ù½ðµ±ÊÂÈËÖ®¼äȨÀû¡¢Òå
ÎñµÄ·¨ÂÉÎļþ¡£Èç±¾ÕÐļ˵Ã÷ÊéÄÚÈÝÓë»ù½ðºÏͬÓгåÍ»»ò²»Ò»ÖÂÖ®´¦£¬¾ùÒÔ»ù½ðºÏͬΪ׼¡£
»ù½ðͶ×ÊÕß×ÔÒÀ»ù½ðºÏͬȡµÃ»ù½ð·Ý¶î£¬¼´³ÉΪ»ù½ð·Ý¶î³ÖÓÐÈ˺ͻù½ðºÏͬµÄµ±ÊÂÈË£¬Æä
³ÖÓлù½ð·Ý¶îµÄÐÐΪ±¾Éí¼´±íÃ÷Æä¶Ô»ù½ðºÏͬµÄ³ÐÈϺͽÓÊÜ£¬²¢°´ÕÕ¡¶»ù½ð·¨¡·¡¢»ù½ðºÏͬ
¼°ÆäËûÓйع涨ÏíÓÐȨÀû¡¢³Ðµ£ÒåÎñ¡£»ù½ðͶ×ÊÕßÓûÁ˽â»ù½ð·Ý¶î³ÖÓÐÈ˵ÄȨÀûºÍÒåÎñ£¬
Ó¦Ïêϸ²éÔÄ»ù½ðºÏͬ¡£
±¾ÕÐļ˵Ã÷Êé¹ØÓÚ»ù½ð²úÆ·×ÊÁϸÅÒªµÄ±àÖÆ¡¢Åû¶¼°¸üеÈÄÚÈÝ£¬½«²»ÍíÓÚ2020Äê9
ÔÂ1ÈÕÆðÖ´ÐС£
¶þ¡¢ÊÍÒå
±¾ÕÐļ˵Ã÷ÊéÖгý·ÇÎÄÒâÁíÓÐËùÖ¸,ÏÂÁдÊÓïÓÐÈçϺ¬Ò壺
»ù½ð»ò±¾»ù½ð Ö¸¼ÎʵÖÐÖ¤Ò½Ò©ÎÀÉú½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ð£»
»ù½ðºÏͬ Ö¸¡¶¼ÎʵÖÐÖ¤Ò½Ò©ÎÀÉú½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ð»ù½ðºÏͬ¡·¼°¶Ô»ù½ðºÏͬµÄÈκÎÓÐЧÐÞ¶©ºÍ²¹³ä£»
ÕÐļ˵Ã÷Êé»ò±¾ÕÐļ˵Ã÷Êé Ö¸¡¶¼ÎʵÖÐÖ¤Ò½Ò©ÎÀÉú½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ðÕÐļ˵Ã÷Êé¡·¼°Æä¸üУ»
»ù½ð·Ý¶î·¢ÊÛ¹«¸æ Ö¸¡¶¼ÎʵÖÐÖ¤Ò½Ò©ÎÀÉú½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ð»ù½ð·Ý¶î·¢ÊÛ¹«¸æ¡·£»
ÍйÜÐÒé Ö¸¡¶¼ÎʵÖÐÖ¤Ò½Ò©ÎÀÉú½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ðÍйÜÐÒé¡·¼°ÆäÈκÎÓÐЧÐÞ¶©ºÍ²¹³ä£»
Öйú Ö¸ÖлªÈËÃñ¹²ºÍ¹ú(½öΪ»ù½ðºÏͬĿµÄ²»°üÀ¨Ïã¸ÛÌرðÐÐÕþÇø¡¢°ÄÃÅÌرðÐÐÕþÇø¼°Ì¨ÍåµØÇø)£»
ÖйúÖ¤¼à»á Ö¸Öйú֤ȯ¼à¶½¹ÜÀíίԱ»á£»
¡¶»ù½ð·¨¡· Ö¸2003Äê10ÔÂ28ÈÕ¾µÚÊ®½ìÈ«¹úÈËÃñ´ú±í´ó»á³£ÎñίԱ»áµÚÎå´Î»áÒéͨ¹ý£¬×Ô2004Äê6ÔÂ1ÈÕÆðʵʩµÄ¡¶ÖлªÈËÃñ¹²ºÍ¹ú֤ȯͶ×Ê»ù½ð·¨¡·¼°°ä²¼»ú¹Ø¶ÔÆ䲻ʱ×ö³öµÄÐÞ¶©£»
¡¶ÏúÊÛ°ì·¨¡· Ö¸ÖйúÖ¤¼à»á2011Äê6ÔÂ9ÈÕ°ä²¼¡¢Í¬Äê10ÔÂ1ÈÕʵʩµÄ¡¶Ö¤È¯Í¶×Ê»ù½ðÏúÊÛ¹ÜÀí°ì·¨¡·¼°°ä²¼»ú¹Ø¶ÔÆ䲻ʱ×ö³öµÄÐÞ¶©£»
¡¶ÔË×÷°ì·¨¡· Ö¸2004Äê6ÔÂ29ÈÕÓÉÖйúÖ¤¼à»á¹«²¼£¬ÓÚ2004Äê7ÔÂ1ÈÕÆðʵʩ²¢ÓÚ2014Äê7ÔÂ7ÈÕÐÞ¶©µÄ¡¶¹«¿ªÄ¼¼¯Ö¤È¯Í¶×Ê»ù½ðÔË×÷¹ÜÀí°ì·¨¡·¼°²»Ê±×ö³öµÄÐÞ¶©£»
¡¶ÐÅÏ¢Åû¶°ì·¨¡· Ö¸ÖйúÖ¤¼à»á2019Äê7ÔÂ26ÈÕ°ä²¼¡¢Í¬Äê9ÔÂ1ÈÕʵʩµÄ¡¶¹«¿ªÄ¼¼¯Ö¤È¯Í¶×Ê»ù
½ðÐÅÏ¢Åû¶¹ÜÀí°ì·¨¡·¼°°ä²¼»ú¹Ø¶ÔÆ䲻ʱ×ö³öµÄÐÞ¶©£»
¡¶Á÷¶¯ÐÔ·çÏÕ¹ÜÀí¹æ¶¨¡· Ö¸ÖйúÖ¤¼à»á2017Äê8ÔÂ31ÈÕ°ä²¼¡¢Í¬Äê10ÔÂ1ÈÕʵʩµÄ¡¶¹«¿ªÄ¼¼¯¿ª·Åʽ֤ȯͶ×Ê»ù½ðÁ÷¶¯ÐÔ·çÏÕ¹ÜÀí¹æ¶¨¡·¼°°ä²¼»ú¹Ø¶ÔÆ䲻ʱ×ö³öµÄÐÞ¶©£»
ÒµÎñ¹æÔò Ö¸ÉϺ£Ö¤È¯½»Ò×Ëù·¢²¼ÊµÊ©µÄ¡¶ÉϺ£Ö¤È¯½»Ò×Ëù½»Ò×ÐÍ¿ª·ÅʽָÊý»ù½ðÒµÎñʵʩϸÔò¡·¼°Æ䲻ʱÐÞ¶©µÄ°æ±¾¡¢Öйú֤ȯµÇ¼Ç½áËãÓÐÏÞÔðÈι«Ë¾·¢²¼ÊµÊ©µÄ¡¶Öйú֤ȯµÇ¼Ç½áËãÓÐÏÞÔðÈι«Ë¾¹ØÓÚ½»Ò×Ëù½»Ò×ÐÍ¿ª·Åʽ֤ȯͶ×Ê»ù½ðµÇ¼Ç½áËãÒµÎñʵʩϸÔò¡·¼°Æ䲻ʱÐÞ¶©µÄ°æ±¾£¬ÒÔ¼°ÉϺ£Ö¤È¯½»Ò×Ëù¡¢Öйú֤ȯµÇ¼Ç½áËãÓÐÏÞÔðÈι«Ë¾·¢²¼¼°Æ䲻ʱÐÞ¶©µÄÆäËûÏà¹Ø¹æÔòºÍ¹æ¶¨£»
½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ð Ö¸¡¶ÉϺ£Ö¤È¯½»Ò×Ëù½»Ò×ÐÍ¿ª·ÅʽָÊý»ù½ðÒµÎñʵʩϸÔò¡·¶¨ÒåµÄ¡°½»Ò×ÐÍ¿ª·ÅʽָÊý»ù½ð¡±£»
ETFÁª½Ó»ù½ð Ö¸½«¾ø´ó¶àÊý»ù½ð²Æ²úͶ×ÊÓÚ±¾»ù½ð£¬Óë±¾»ù½ðµÄͶ×ÊÄ¿±êÀàËÆ£¬½ôÃܸú×Ù±êµÄÖ¸Êý£¬×·Çó¸ú×ÙÆ«Àë¶ÈºÍ¸ú×ÙÎó²î×îС»¯£¬²ÉÓÿª·ÅʽÔË×÷·½Ê½µÄ»ù½ð£»
Ôª Ö¸ÈËÃñ±ÒÔª£»
»ù½ð¹ÜÀíÈË Ö¸¼Îʵ»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾£»
»ù½ðÍйÜÈË Ö¸ÖйúÒøÐйɷÝÓÐÏÞ¹«Ë¾£»
µÇ¼Ç½áËãÒµÎñ Ö¸¸ù¾Ý¡¶Öйú֤ȯµÇ¼Ç½áËãÓÐÏÞÔðÈι«Ë¾¹ØÓÚ½»Ò×Ëù½»Ò×ÐÍ¿ª·Åʽ֤ȯͶ×Ê»ù½ðµÇ¼Ç½áËãÒµÎñʵʩϸÔò¡·¼°Æ䲻ʱÐÞ¶©ÒÔ¼°Ïà¹ØÒµÎñ¹æÔòËù¶¨ÒåµÄ»ù½ð·Ý¶îµÄµÇ¼Ç¡¢´æ¹ÜºÍ½áËãºÍÏà¹ØÒµÎñ£»
µÇ¼Ç½áËã»ú¹¹ Ö¸°ìÀíµÇ¼Ç½áËãÒµÎñµÄ»ú¹¹¡£±¾»ù½ðµÄµÇ¼Ç½áËã»ú¹¹ÎªÖйú֤ȯµÇ¼Ç½áËãÓÐÏÞÔðÈι«Ë¾£»
Ͷ×ÊÈË Ö¸¸öÈËͶ×ÊÕß¡¢»ú¹¹Í¶×ÊÕߺͺϸñ¾³Íâ»ú¹¹Í¶×ÊÕßÒÔ¼°·¨ÂÉ·¨¹æ»òÖйúÖ¤¼à»áÔÊÐí¹ºÂò֤ȯͶ×Ê»ù½ðµÄÆäËûͶ×ÊÈ˵ĺϳƣ»
¸öÈËͶ×ÊÕß Ö¸ÒÀ¾ÝÓйط¨ÂÉ·¨¹æ¹æ¶¨¿ÉͶ×ÊÓÚ֤ȯͶ×Ê»ù½ðµÄ×ÔÈ»ÈË£»
»ú¹¹Í¶×ÊÕß Ö¸ÒÀ·¨¿ÉÒÔͶ×Ê֤ȯͶ×Ê»ù½ðµÄ¡¢ÔÚÖлªÈËÃñ¹²ºÍ¹ú¾³ÄںϷ¨µÇ¼Ç²¢´æÐø»ò¾ÓйØÕþ¸®²¿ÃÅÅú×¼ÉèÁ¢²¢´æÐøµÄÆóÒµ·¨ÈË¡¢ÊÂÒµ·¨ÈË¡¢Éç»áÍÅÌå»òÆäËû×éÖ¯£»
ºÏ¸ñ¾³Íâ»ú¹¹Í¶×ÊÕß Ö¸·ûºÏÏà¹Ø·¨ÂÉ·¨¹æ¹æ¶¨¿ÉÒÔͶ×ÊÓÚÔÚÖйú¾³ÄÚÒÀ·¨Ä¼¼¯µÄ֤ȯͶ×Ê»ù½ðµÄÖйú¾³ÍâµÄ»ú¹¹Í¶×ÊÕߣ»
»ù½ð·Ý¶î³ÖÓÐÈË Ö¸ÒÀ»ù½ðºÏͬºÍÕÐļ˵Ã÷ÊéºÏ·¨È¡µÃ»ù½ð·Ý¶îµÄͶ×ÊÈË£»
»ù½ðļ¼¯ÆÚ Ö¸×Ô»ù½ð·Ý¶î·¢ÊÛÖ®ÈÕÆðÖÁ·¢ÊÛ½áÊøÖ®ÈÕÖ¹µÄÆڼ䣬×²»µÃ³¬¹ý3¸öÔ£»
»ù½ðºÏͬÉúЧÈÕ Ö¸»ù½ðļ¼¯´ïµ½·¨ÂÉ·¨¹æ¹æ¶¨¼°»ù½ðºÏͬ¹æ¶¨µÄÌõ¼þ£¬»ù½ð¹ÜÀíÈËÏòÖйúÖ¤¼à»á°ìÀí»ù½ð±¸°¸ÊÖÐøÍê±Ï£¬²¢»ñµÃÖйúÖ¤¼à»áÊéÃæÈ·ÈϵÄÈÕÆÚ£»
»ù½ðºÏͬÖÕÖ¹ÈÕ Ö¸»ù½ðºÏͬ¹æ¶¨µÄ»ù½ðºÏͬÖÕÖ¹ÊÂÓɳöÏֺ󣬻ù½ð²Æ²úÇåËãÍê±Ï£¬ÇåËã½á¹û±¨ÖйúÖ¤¼à»á±¸°¸²¢ÓèÒÔ¹«¸æµÄÈÕÆÚ£»
´æÐøÆÚ Ö¸»ù½ðºÏͬÉúЧÖÁÖÕÖ¹Ö®¼äµÄ²»¶¨ÆÚÆÚÏÞ£»
¹¤×÷ÈÕ Ö¸ÉϺ£Ö¤È¯½»Ò×ËùµÄÕý³£½»Ò×ÈÕ£»
ÈϹº Ö¸ÔÚ»ù½ðļ¼¯ÆÚÄÚ£¬Í¶×ÊÈ˸ù¾Ý»ù½ðºÏͬ¼°ÕÐļ˵Ã÷ÊéµÄ¹æ¶¨ÉêÇ빺Âò»ù½ð·Ý¶îµÄÐÐΪ£»
É깺 Ö¸»ù½ðºÏͬÉúЧºó£¬Í¶×ÊÈ˸ù¾Ý»ù½ðºÏͬºÍÕÐļ˵Ã÷ÊéµÄ¹æ¶¨ÉêÇ빺Âò»ù½ð·Ý¶îµÄÐÐΪ£»
Êê»Ø Ö¸»ù½ðºÏͬÉúЧºó£¬»ù½ð·Ý¶î³ÖÓÐÈË°´»ù½ðºÏͬºÍÕÐļ˵Ã÷Êé¹æ¶¨µÄÌõ¼þ£¬ÒªÇ󽫻ù½ð·Ý¶î¶Ò»»Îª»ù½ðºÏͬºÍÕÐļ˵Ã÷ÊéÔ¼¶¨µÄÊê»Ø¶Ô¼ÛµÄÐÐΪ£»
É깺Êê»ØÇåµ¥ Ö¸ÓÉ»ù½ð¹ÜÀíÈ˱àÖƵÄÓÃÒÔ¹«¸æÉ깺¶Ô¼Û¡¢Êê»Ø¶Ô¼ÛµÈÐÅÏ¢µÄÎļþ£»
É깺¶Ô¼Û ָͶ×ÊÈËÉ깺»ù½ð·Ý¶îʱ£¬°´»ù½ðºÏͬºÍÕÐļ˵Ã÷Êé¹æ¶¨Ó¦½»¸¶µÄ×éºÏ֤ȯ¡¢ÏÖ½ðÌæ´ú¡¢ÏÖ½ð²î¶îºÍ/»òÆäËû¶Ô¼Û£»
Êê»Ø¶Ô¼Û Ö¸»ù½ð·Ý¶î³ÖÓÐÈËÊê»Ø»ù½ð·Ý¶îʱ£¬»ù½ð¹ÜÀíÈË°´»ù½ðºÏͬºÍÕÐļ˵Ã÷Êé¹æ¶¨Ó¦½»¸¶¸øÊê»ØÉêÇëÈ˵Ä×éºÏ֤ȯ¡¢ÏÖ½ðÌæ´ú¡¢ÏÖ½ð²î¶îºÍ/»òÆäËû¶Ô¼Û£»
±êµÄÖ¸Êý Ö¸ÖÐÖ¤Ö¸ÊýÓÐÏÞ¹«Ë¾±àÖƲ¢·¢²¼µÄÖÐÖ¤Ò½Ò©ÎÀÉúÖ¸Êý¼°ÆäδÀ´¿ÉÄÜ·¢ÉúµÄ±ä¸ü£¬»ò»ù½ð¹ÜÀíÈË°´ÕÕ±¾»ù½ðºÏͬԼ¶¨¸ü»»µÄÆäËûÖ¸Êý£»
×éºÏ֤ȯ Ö¸±¾»ù½ð±êµÄÖ¸ÊýËù°üº¬µÄÈ«²¿»ò²¿·Ö֤ȯ£»
×îСÉ깺Êê»Øµ¥Î» Ö¸±¾»ù½ðÉ깺·Ý¶î¡¢Êê»Ø·Ý¶îµÄ×îµÍÊýÁ¿£¬Í¶×ÊÈËÉ깺»òÊê»ØµÄ»ù½ð·Ý¶îÊýӦΪ×îСÉ깺Êê»Øµ¥Î»µÄÕûÊý±¶£»
ÏÖ½ðÌæ´ú Ö¸É깺»òÊê»Ø¹ý³ÌÖУ¬Í¶×ÊÕß°´»ù½ðºÏͬºÍÕÐļ˵Ã÷ÊéµÄ¹æ¶¨£¬ÓÃÓÚÌæ´ú×éºÏ֤ȯÖв¿·Ö֤ȯµÄÒ»¶¨ÊýÁ¿µÄÏÖ½ð£»
ÏÖ½ð²î¶î Ö¸×îСÉ깺Êê»Øµ¥Î»µÄ×ʲú¾»ÖµÓë°´µ±ÈÕÊÕÅ̼ۼÆËãµÄ×îСÉ깺Êê»Øµ¥Î»ÖеÄ×éºÏ֤ȯÊÐÖµºÍÏÖ½ðÌæ´úÖ®²î£»Í¶×ÊÕßÉ깺»òÊê»ØʱӦ֧¸¶»òÓ¦»ñµÃµÄÏÖ½ð²î¶î¸ù¾Ý×î
СÉ깺Êê»Øµ¥Î»¶ÔÓ¦µÄÏÖ½ð²î¶î¡¢É깺»òÊê»ØµÄ»ù½ð·Ý¶îÊý¼ÆË㣻
Ô¤¹ÀÏÖ½ð²¿·Ö Ö¸ÓÉ»ù½ð¹ÜÀíÈ˼ÆËã²¢ÔÚTÈÕÉ깺Êê»ØÇåµ¥Öй«²¼µÄµ±ÈÕÏÖ½ð²î¶îµÄÔ¤¹ÀÖµ£¬Ô¤¹ÀÏֽ𲿷ÖÓÉÉ깺Êê»Ø´úÀíȯÉÌ£¨´ú°ì֤ȯ¹«Ë¾£©Ô¤Ïȶ³½á£»
´úÏú»ú¹¹ Ö¸·ûºÏ¡¶ÏúÊÛ°ì·¨¡·ºÍÖйúÖ¤¼à»á¹æ¶¨µÄÆäËûÌõ¼þ£¬È¡µÃ»ù½ðÏúÊÛÒµÎñ×ʸñ²¢Óë»ù½ð¹ÜÀíÈËÇ©¶©ÁË»ù½ðÏúÊÛ·þÎñ´úÀíÐÒ飬´úΪ°ìÀí»ù½ðÏúÊÛÒµÎñµÄ»ú¹¹£¬°üÀ¨·¢ÊÛ´úÀí»ú¹¹ºÍÉ깺Êê»Ø´úÀíȯÉÌ£»
ÏúÊÛ»ú¹¹ Ö¸Ö±Ïú»ú¹¹ºÍ´úÏú»ú¹¹£»
»ù½ðÏúÊÛÍøµã Ö¸Ö±Ïú»ú¹¹µÄÖ±ÏúÖÐÐļ°´úÏú»ú¹¹µÄ´úÏúÍøµã£»
·¢ÊÛ´úÀí»ú¹¹ Ö¸·ûºÏ¡¶ÏúÊÛ°ì·¨¡·ºÍÖйúÖ¤¼à»á¹æ¶¨µÄÆäËûÌõ¼þ£¬ÓÉ»ù½ð¹ÜÀíÈËÖ¸¶¨µÄ´úÀí±¾»ù½ð·¢ÊÛÒµÎñµÄ»ú¹¹£»
É깺Êê»Ø´úÀíȯÉÌ Ö¸·ûºÏ¡¶ÏúÊÛ°ì·¨¡·ºÍÖйúÖ¤¼à»á¹æ¶¨µÄÆäËûÌõ¼þ£¬ÓÉ»ù½ð¹ÜÀíÈËÖ¸¶¨µÄ°ìÀí±¾»ù½ðÉ깺¡¢Êê»ØÒµÎñµÄ֤ȯ¹«Ë¾£¬ÓÖ³ÆΪ´ú°ì֤ȯ¹«Ë¾£»
Ö¸¶¨Ã½½é Ö¸ÖйúÖ¤¼à»áÖ¸¶¨µÄÓÃÒÔ½øÐÐÐÅÏ¢Åû¶µÄÈ«¹úÐÔ±¨¿¯¼°Ö¸¶¨»¥ÁªÍøÍøÕ¾£¨°üÀ¨»ù½ð¹ÜÀíÈËÍøÕ¾¡¢»ù½ðÍйÜÈËÍøÕ¾¡¢ÖйúÖ¤¼à»á»ù½ðµç×ÓÅû¶ÍøÕ¾£©µÈý½é£»
¿ª·ÅÈÕ Ö¸ÎªÍ¶×ÊÈË°ìÀí»ù½ð·Ý¶îÉ깺¡¢Êê»Ø»òÆäËûÒµÎñµÄ¹¤×÷ÈÕ£»
T ÈÕ Ö¸ÏúÊÛ»ú¹¹Ôڹ涨ʱ¼äÊÜÀíͶ×ÊÈËÉ깺¡¢Êê»Ø»òÆäËûÒµÎñÉêÇëµÄ¿ª·ÅÈÕ£»
T+nÈÕ Ö¸×ÔTÈÕÆðµÚn¸ö¹¤×÷ÈÕ(²»°üº¬TÈÕ)£»
ÊÕÒæÆÀ¼ÛÈÕ Ö¸»ù½ð¹ÜÀíÈ˼ÆËã±¾»ù½ð¾»ÖµÔö³¤ÂÊÓë±êµÄÖ¸ÊýͬÆÚÔö³¤Âʲî¶îÖ®ÈÕ£»
»ù½ð¾»ÖµÔö³¤ÂÊ Ö¸ÊÕÒæÆÀ¼ÛÈÕ»ù½ð·Ý¶î¾»ÖµÓë»ù½ðÉÏÊÐÇ°Ò»ÈÕ»ù½ð·Ý¶î¾»ÖµÖ®±È¼õÈ¥1 ³ËÒÔ100%£¨ÆÚ¼äÈç·¢Éú»ù½ð·Ý¶îÕÛË㣬ÔòÒÔ»ù½ð·Ý¶îÕÛËãÈÕΪ³õʼÈÕÖØмÆË㣩£»
±êµÄÖ¸ÊýͬÆÚÔö³¤ÂÊ Ö¸ÊÕÒæÆÀ¼ÛÈÕ±êµÄÖ¸ÊýÊÕÅÌÖµÓë»ù½ðÉÏÊÐÇ°Ò»ÈÕ±êµÄÖ¸ÊýÊÕÅÌÖµÖ®±È¼õÈ¥1 ³ËÒÔ100%£¨ÆÚ¼äÈç·¢Éú»ù½ð·Ý¶îÕÛË㣬ÔòÒÔ»ù½ð·Ý¶îÕÛËãÈÕΪ³õʼÈÕÖØмÆË㣩£»
»ù½ð×ʲú×ÜÖµ Ö¸»ù½ðÓµÓеĸ÷ÀàÓмÛ֤ȯ¡¢ÒøÐдæ¿î±¾Ï¢¡¢»ù½ðÓ¦ÊÕ¿îÏî¼°ÆäËû×ʲúµÄ¼ÛÖµ×ܺͣ»
»ù½ð×ʲú¾»Öµ Ö¸»ù½ð×ʲú×ÜÖµ¼õÈ¥»ù½ð¸ºÕ®ºóµÄ¼ÛÖµ£»
»ù½ð·Ý¶î¾»Öµ Ö¸¼ÆËãÈÕ»ù½ð×ʲú¾»Öµ³ýÒÔ¼ÆËãÈÕ»ù½ð·Ý¶î×ÜÊý£»
»ù½ð×ʲú¹ÀÖµ Ö¸¼ÆËãÆÀ¹À»ù½ð×ʲúºÍ¸ºÕ®µÄ¼ÛÖµ£¬ÒÔÈ·¶¨»ù½ð×ʲú¾»ÖµºÍ»ù½ð·Ý¶î¾»ÖµµÄ¹ý³Ì£»
Á÷¶¯ÐÔÊÜÏÞ×ʲú Ö¸ÓÉÓÚ·¨ÂÉ·¨¹æ¡¢¼à¹Ü¡¢ºÏͬ»ò²Ù×÷ÕÏ°µÈÔÒòÎÞ·¨ÒÔºÏÀí¼Û¸ñÓèÒÔ±äÏÖµÄ×ʲú£¬°üÀ¨µ«²»ÏÞÓÚµ½ÆÚÈÕÔÚ10¸ö½»Ò×ÈÕÒÔÉϵÄÄæ»Ø¹ºÓëÒøÐж¨ÆÚ´æ¿î£¨º¬ÐÒéÔ¼¶¨ÓÐÌõ¼þÌáǰ֧ȡµÄÒøÐдæ¿î£©¡¢Í£ÅƹÉƱ¡¢Á÷ͨÊÜÏÞµÄйɼ°·Ç¹«¿ª·¢ÐйÉƱ¡¢×ʲúÖ§³Ö֤ȯ¡¢Òò·¢ÐÐÈËÕ®ÎñÎ¥Ô¼ÎÞ·¨½øÐÐתÈûò½»Ò×µÄծȯµÈ£»
·¨ÂÉ·¨¹æ Ö¸ÖйúÏÖÐÐÓÐЧ²¢¹«²¼ÊµÊ©µÄ·¨ÂÉ¡¢ÐÐÕþ·¨¹æ¡¢¹æ·¶ÐÔÎļþ¡¢Ë¾·¨½âÊÍ¡¢ÐÐÕþ¹æÕÂÒÔ¼°ÆäËû¶Ô»ù½ðºÏͬµ±ÊÂÈËÓÐÔ¼ÊøÁ¦µÄ¾ö¶¨¡¢¾öÒ顢֪ͨµÈ£»
²»¿É¿¹Á¦ Ö¸»ù½ðºÏͬµ±ÊÂÈ˲»ÄÜÔ¤¼û¡¢²»ÄܱÜÃâÇÒ²»ÄÜ¿Ë·þµÄ¿Í¹Ûʼþ£»
»ù½ð²úÆ·×ÊÁϸÅÒª Ö¸¡¶¼ÎʵÖÐÖ¤Ò½Ò©ÎÀÉú½»Ò×ÐÍ¿ª·ÅʽָÊý֤ȯͶ×Ê»ù½ð»ù½ð²úÆ·×ÊÁϸÅÒª¡·¼°Æä¸üУ¨±¾ÕÐļ˵Ã÷Êé¹ØÓÚ»ù½ð²úÆ·×ÊÁϸÅÒª
µÄ±àÖÆ¡¢Åû¶¼°¸üеÈÄÚÈÝ£¬½«²»ÍíÓÚ2020Äê9ÔÂ1ÈÕÆðÖ´ÐУ©¡£
Èý¡¢»ù½ð¹ÜÀíÈË
£¨Ò»£© »ù½ð¹ÜÀíÈË»ù±¾Çé¿ö
1¡¢»ù±¾ÐÅÏ¢
Ãû³Æ ¼Îʵ»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾
×¢²áµØÖ· Öйú£¨ÉϺ££©×ÔÓÉóÒ×ÊÔÑéÇøÊÀ¼Í´óµÀ8ºÅÉϺ£¹ú½ðÖÐÐĶþÆÚ27Â¥09-14µ¥Ôª
°ì¹«µØÖ· ±±¾©Êг¯ÑôÇø½¨¹úÃÅÍâ´ó½Ö21ºÅ±±¾©¹ú¼Ê¾ãÀÖ²¿C×ùд×ÖÂ¥12A²ã
·¨¶¨´ú±íÈË ¾À×
³ÉÁ¢ÈÕÆÚ 1999Äê3ÔÂ25ÈÕ
×¢²á×ʱ¾ 1.5ÒÚÔª
¹ÉȨ½á¹¹ ÖгÏÐÅÍÐÓÐÏÞÔðÈι«Ë¾40%£¬DWS Investments Singapore Limited 30%£¬Á¢ÐÅͶ×ÊÓÐÏÞÔðÈι«Ë¾30%¡£
´æÐøÆÚ¼ä ³ÖÐø¾Óª
µç»° £¨010£©65215588
´«Õæ £¨010£©65185678
ÁªÏµÈË ºúÓÂÇÕ
¼Îʵ»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¾ÖйúÖ¤¼à»áÖ¤¼à»ù×Ö[1999]5ºÅÎÄÅú×¼£¬ÓÚ1999Äê3ÔÂ25ÈÕ
³ÉÁ¢£¬ÊÇÖйúµÚÒ»Åú»ù½ð¹ÜÀí¹«Ë¾Ö®Ò»£¬ÊÇÖÐÍâºÏ×Ê»ù½ð¹ÜÀí¹«Ë¾¡£¹«Ë¾×¢²áµØÉϺ££¬×ܲ¿
ÉèÔÚ±±¾©²¢ÉèÉîÛÚ¡¢³É¶¼¡¢º¼ÖÝ¡¢Çൺ¡¢ÄϾ©¡¢¸£ÖÝ¡¢¹ãÖÝ¡¢±±¾©»³Èá¡¢Î人·Ö¹«Ë¾¡£¹«Ë¾
»ñµÃÊ×ÅúÈ«¹úÉç±£»ù½ð¡¢ÆóÒµÄê½ðͶ×ʹÜÀíÈË¡¢QDII×ʸñºÍÌض¨×ʲú¹ÜÀíÒµÎñ×ʸñ¡£
2¡¢¹ÜÀí»ù½ðÇé¿ö
½ØÖ¹2020Äê3ÔÂ31ÈÕ£¬»ù½ð¹ÜÀíÈ˹²¹ÜÀí181Ö»¿ª·Åʽ֤ȯͶ×Ê»ù½ð£¬¾ßÌå°üÀ¨¼Î
ʵ³É³¤ÊÕÒæ»ìºÏ¡¢¼ÎʵÔö³¤»ìºÏ¡¢¼ÎʵÎȽ¡»ìºÏ¡¢¼Îʵծȯ¡¢¼Îʵ·þÎñÔöÖµÐÐÒµ»ìºÏ¡¢¼Î
ʵÓÅÖÊÆóÒµ»ìºÏ¡¢¼Îʵ»õ±Ò¡¢¼Îʵ»¦Éî300ETFÁª½Ó£¨LOF£©¡¢¼Îʵ³¬¶Ìծծȯ¡¢¼ÎʵÖ÷Ìâ»ì
ºÏ¡¢¼Îʵ²ßÂÔ»ìºÏ¡¢¼Îʵº£ÍâÖйú¹ÉƱ£¨QDII£©»ìºÏ¡¢¼ÎʵÑо¿¾«Ñ¡»ìºÏ¡¢¼Îʵ¶àԪծȯ¡¢
¼ÎʵÁ¿»¯°¢¶û·¨»ìºÏ¡¢¼Îʵ»Ø±¨»ìºÏ¡¢¼Îʵ»ù±¾Ãæ50Ö¸Êý£¨LOF£©¡¢¼ÎʵÎȹÌÊÕÒæծȯ¡¢¼Î
ʵ¼ÛÖµÓÅÊÆ»ìºÏ¡¢¼ÎʵH¹ÉÖ¸Êý£¨QDII£©¡¢¼ÎʵÖ÷Ìâж¯Á¦»ìºÏ¡¢¼Îʵ¶àÀû·Ö¼¶Õ®È¯¡¢¼Îʵ
ÁìÏȳɳ¤»ìºÏ¡¢¼ÎʵÉîÖ¤»ù±¾Ãæ120ETF¡¢¼ÎʵÉîÖ¤»ù±¾Ãæ120ETFÁª½Ó¡¢¼Îʵ»Æ½ð£¨QDII-
FOF-LOF£©¡¢¼ÎʵÐÅÓÃծȯ¡¢¼ÎʵÖÜÆÚÓÅÑ¡»ìºÏ¡¢¼Îʵ°²ÐÄ»õ±Ò¡¢¼ÎʵÖд´400ETF¡¢¼ÎʵÖÐ
´´400ETFÁª½Ó¡¢¼Îʵ»¦Éî300ETF¡¢¼ÎʵÓÅ»¯ºìÀû»ìºÏ¡¢¼ÎʵȫÇò·¿µØ²ú£¨QDII£©¡¢¼ÎʵÀí
²Æ±¦7Ììծȯ¡¢¼Îʵ´¿Õ®Õ®È¯¡¢¼ÎʵÖÐÖ¤ÖÐÆÚÆóÒµÕ®Ö¸Êý£¨LOF£©¡¢¼ÎʵÖÐÖ¤500ETF¡¢¼Îʵ
ÔöÇ¿ÐÅÓö¨ÆÚծȯ¡¢¼ÎʵÖÐÖ¤500ETFÁª½Ó¡¢¼ÎʵÖÐÖ¤ÖÐÆÚ¹úÕ®ETF¡¢¼ÎʵÖÐÖ¤½ð±ßÖÐÆÚ¹ú
Õ®ETFÁª½Ó¡¢¼Îʵ·áÒæ´¿Õ®¶¨ÆÚծȯ¡¢¼ÎʵÑо¿°¢¶û·¨¹ÉƱ¡¢¼ÎʵÈçÒⱦ¶¨ÆÚծȯ¡¢¼Îʵ
ÃÀ¹ú³É³¤¹ÉƱ£¨QDII£©¡¢¼Îʵ·áÒæ²ßÂÔ¶¨ÆÚծȯ¡¢¼ÎʵÐÂÐËÊг¡Õ®È¯¡¢¼Îʵ¾ø¶ÔÊÕÒæ²ßÂÔ¶¨
ÆÚ»ìºÏ¡¢¼Îʵ±¦A/B¡¢¼Îʵ»îÆÚ±¦»õ±Ò¡¢¼Îʵ1¸öÔÂÀí²Æծȯ¡¢¼Îʵ»îÇ®°ü»õ±Ò¡¢¼Îʵ̩ºÍ
»ìºÏ¡¢¼Îʵн½ð±¦»õ±Ò¡¢¼Îʵ¶Ô³åÌ×Àû¶¨ÆÚ»ìºÏ¡¢¼ÎʵÖÐÖ¤Ö÷ÒªÏû·ÑETF¡¢¼ÎʵÖÐÖ¤Ò½Ò©
ÎÀÉúETF¡¢¼ÎʵÖÐÖ¤½ðÈڵزúETF¡¢¼Îʵ3¸öÔÂÀí²ÆծȯA/E¡¢¼ÎʵҽÁƱ£½¡¹ÉƱ¡¢¼ÎʵÐÂ
Ð˲úÒµ¹ÉƱ¡¢¼ÎʵÐÂÊÕÒæ»ìºÏ¡¢¼Îʵ»¦Éî300Ö¸ÊýÑо¿ÔöÇ¿¡¢¼ÎʵÄæÏò²ßÂÔ¹ÉƱ¡¢¼ÎʵÆó
Òµ±ä¸ï¹ÉƱ¡¢¼ÎʵÐÂÏû·Ñ¹ÉƱ¡¢¼ÎʵȫÇò»¥ÁªÍø¹ÉƱ¡¢¼ÎʵÏȽøÖÆÔì¹ÉƱ¡¢¼ÎʵʼþÇý¶¯
¹ÉƱ¡¢¼Îʵ¿ìÏß»õ±Ò¡¢¼ÎʵµÍ¼Û²ßÂÔ¹ÉƱ¡¢¼ÎʵÖÐÖ¤½ðÈڵزúETFÁª½Ó¡¢¼ÎʵÐÂÆðµã»ìºÏ¡¢
¼ÎʵÌÚѶ×ÔÑ¡¹É´óÊý¾Ý²ßÂÔ¹ÉƱ¡¢¼Îʵ»·±£µÍ̼¹ÉƱ¡¢¼Îʵ´´Ð³ɳ¤»ìºÏ¡¢¼ÎʵÖÇÄÜÆû³µ
¹ÉƱ¡¢¼ÎʵÐÂÆ𺽻ìºÏ¡¢¼ÎʵвƸ»»ìºÏ¡¢¼ÎʵÎÈÏ鴿ծծȯ¡¢¼ÎʵÎÈÈð´¿Õ®Õ®È¯¡¢¼Îʵ
ÐÂÓÅÑ¡»ìºÏ¡¢¼ÎʵÐÂÇ÷ÊÆ»ìºÏ¡¢¼ÎʵÐÂ˼·»ìºÏ¡¢¼Îʵ»¦¸ÛÉѡ¹ÉƱ¡¢¼ÎʵÎÈʢծȯ¡¢
¼ÎʵÎÈöδ¿Õ®Õ®È¯¡¢¼Îʵ°²Òæ»ìºÏ¡¢¼ÎʵÎÄÌåÓéÀÖ¹ÉƱ¡¢¼ÎʵÎÈÔó´¿Õ®Õ®È¯¡¢¼Îʵ»ÝÔó»ì
ºÏ£¨LOF£©¡¢¼Îʵ³É³¤ÔöÇ¿»ìºÏ¡¢¼Îʵ²ßÂÔÓÅÑ¡»ìºÏ¡¢¼ÎʵÑо¿ÔöÇ¿»ìºÏ¡¢¼ÎʵÓÅÊƳɳ¤»ì
ºÏ¡¢¼ÎʵÎÈÈÙծȯ¡¢¼Îʵũҵ²úÒµ¹ÉƱ¡¢¼ÎʵÏֽ𱦻õ±Ò¡¢¼ÎʵÔöÒ汦»õ±Ò¡¢¼ÎʵÎïÁ÷²ú
Òµ¹ÉƱ¡¢¼Îʵ·á°²6¸öÔ¶¨ÆÚծȯ¡¢¼ÎʵÎÈÔª´¿Õ®Õ®È¯¡¢¼ÎʵÐÂÄÜԴвÄÁϹÉƱ¡¢¼ÎʵÎÈ
Îõ´¿Õ®Õ®È¯¡¢¼Îʵ·áºÍ»ìºÏ¡¢¼ÎʵÐÂÌí»ª¶¨ÆÚ»ìºÏ¡¢¼Îʵ¶¨ÆÚ±¦6¸öÔÂÀí²Æծȯ¡¢¼ÎʵÏÖ
½ðÌíÀû»õ±Ò¡¢¼Îʵ»¦¸ÛÉî»Ø±¨»ìºÏ¡¢¼ÎʵÔÓÍ£¨QDII-LOF£©¡¢¼ÎʵǰÑؿƼ¼»¦¸ÛÉî¹ÉƱ¡¢¼Î
ʵÎȺêծȯ¡¢¼ÎʵÖйشåA¹ÉETF¡¢¼ÎʵÎÈ»ª´¿Õ®Õ®È¯¡¢¼Îʵ6¸öÔÂÀí²Æծȯ¡¢¼ÎʵÎÈâùÕ®
ȯ¡¢¼Îʵ¸»Ê±ÖйúA50ETFÁª½Ó¡¢¼Îʵ¸»Ê±ÖйúA50ETF¡¢¼ÎʵÖÐСÆóÒµÁ¿»¯»îÁ¦Áé»îÅäÖûì
ºÏ¡¢¼Îʵ´´Òµ°åETF¡¢¼ÎʵÐÂÌíÔó¶¨ÆÚ»ìºÏ¡¢¼ÎʵÐÂÌí·á¶¨ÆÚ»ìºÏ¡¢¼ÎʵÐÂÌí»Ô¶¨ÆÚ»ìºÏ¡¢
¼ÎʵÁ캽×ʲúÅäÖûìºÏ£¨FOF£©¡¢¼Îʵ¼ÛÖµ¾«Ñ¡¹ÉƱ¡¢¼Îʵҽҩ½¡¿µ¹ÉƱ¡¢¼ÎʵÈóÔóÁ¿»¯¶¨
ÆÚ»ìºÏ¡¢¼ÎʵºËÐÄÓÅÊƹÉƱ¡¢¼ÎʵÈóºÍÁ¿»¯¶¨ÆÚ»ìºÏ¡¢¼Îʵ½ðÈÚ¾«Ñ¡¹ÉƱ¡¢¼ÎʵÐÂÌíÈÙ¶¨
ÆÚ»ìºÏ¡¢¼ÎʵÖÂÐ˶¨ÆÚ´¿Õ®Õ®È¯¡¢¼ÎʵսÂÔÅäÊÛ»ìºÏ¡¢¼ÎʵÈðÏí¶¨ÆÚ»ìºÏ¡¢¼ÎʵÐÂÌí¿µ¶¨
ÆÚ»ìºÏ¡¢¼Îʵ×ÊÔ´¾«Ñ¡¹ÉƱ¡¢¼ÎʵÖÂӯծȯ¡¢¼ÎʵºãÉú¸Û¹Éͨо¼ÃÖ¸Êý£¨ LOF£©¡¢¼ÎʵÖÐ
¶Ìծծȯ¡¢¼ÎʵÖÂÏí´¿Õ®Õ®È¯¡¢¼Îʵ»¥Í¨¾«Ñ¡¹ÉƱ¡¢¼Îʵ»¥ÈÚ¾«Ñ¡¹ÉƱ¡¢¼ÎʵÑøÀÏ 2040
»ìºÏ£¨ FOF£©¡¢¼ÎʵÏû·Ñ¾«Ñ¡¹ÉƱ¡¢¼ÎʵÐÂÌíÔª¶¨ÆÚ»ìºÏ¡¢¼ÎʵÖÐÕ®1-3Õþ½ðÕ®Ö¸Êý¡¢¼Îʵ
ÑøÀÏ2050»ìºÏ£¨FOF£©¡¢¼Îʵ³¤ÇྺÕùÓÅÊƹÉƱ¡¢¼Îʵ¿Æ¼¼´´Ð»ìºÏ¡¢¼Îʵ»ù±¾Ãæ50ETF¡¢
¼ÎʵÎÈÁª´¿Õ®Õ®È¯¡¢¼Îʵ»ã´ïÖжÌծծȯ¡¢¼ÎʵÑøÀÏ2030»ìºÏ£¨FOF£©¡¢¼ÎʵÖÂÔª42¸öÔÂ
¶¨ÆÚծȯ¡¢¼Îʵ»¦Éî300ºìÀûµÍ²¨¶¯ETF¡¢¼ÎʵÐÂÌíÒ涨ÆÚ»ìºÏ¡¢¼ÎʵÈÚÏí»õ±Ò¡¢¼ÎʵÈðºç
ÈýÄ궨ÆÚ»ìºÏ¡¢¼Îʵ¼ÛÖµ³É³¤»ìºÏ¡¢¼ÎʵÑëÆó´´ÐÂÇý¶¯ETF¡¢¼ÎʵÐÂÐ˿Ƽ¼100ETF¡¢¼Îʵ
Ö°²3¸öÔ¶¨ÆÚծȯ¡¢¼Îʵ»ãöÎÖжÌծծȯ¡¢¼ÎʵÐÂÐ˿Ƽ¼ 100ETF Áª½Ó¡¢¼ÎʵÖ»ª´¿Õ®
ծȯ¡¢¼ÎʵÉÌÒµÒøÐо«Ñ¡Õ®È¯¡¢¼ÎʵÑëÆó´´ÐÂÇý¶¯ETFÁª½Ó¡¢¼ÎʵÖ»3¸öÔ¶¨ÆÚ´¿Õ®Õ®
ȯ¡¢¼ÎʵÃñÆó¾«Ñ¡Ò»Ä궨ÆÚծȯ¡¢¼ÎʵÏȽøÖÆÔì100 ETF¡¢¼Îʵ»¦Éî300ºìÀûµÍ²¨¶¯ETFÁª
½Ó¡¢¼Îʵ°²Ôª39¸öÔ¶¨ÆÚ´¿Õ®Õ®È¯¡¢¼ÎʵÖÐÕ®3-5Äê¹ú¿ªÐÐÖ¸Êý¡¢¼ÎʵöκÍÒ»Äê³ÖÓÐÆÚ»ì
ºÏ¡¢¼ÎʵÖÂÈÚÒ»Ä궨ÆÚծȯ¡¢¼ÎʵÈðÎõÈýÄê·â±ÕÔË×÷»ìºÏ¡¢¼ÎʵÖÐÖ¤500Ö¸ÊýÔöÇ¿¡¢¼Îʵ
»Ø±¨¾«Ñ¡¹ÉƱ¡¢¼ÎʵÖÂÄþ3¸öÔ¶¨¿ª´¿Õ®Õ®È¯¡¢¼ÎʵÖÐÖ¤500³É³¤¹ÀÖµETF¡£ÆäÖмÎʵÔö³¤
»ìºÏ¡¢¼ÎʵÎȽ¡»ìºÏºÍ¼ÎʵծȯÊôÓÚ¼ÎʵÀí²ÆͨϵÁлù½ð¡£Í¬Ê±£¬»ù½ð¹ÜÀíÈË»¹¹ÜÀí¶à¸ö
È«¹úÉç±£»ù½ð¡¢ÆóÒµÄê½ð¡¢Ìض¨¿Í»§×ʲúͶ×Ê×éºÏ¡£
£¨¶þ£© Ö÷ÒªÈËÔ±Çé¿ö
1¡¢»ù½ð¹ÜÀíÈ˶ÊÂ,¼àÊÂ,×ܾÀí¼°ÆäËû¹ÜÀíÈËÔ±»ù±¾Çé¿ö
Å£³ÉÁ¢ÏÈÉú£¬ÁªÏ¯¶Ê³¤£¬¾¼Ãѧ˶ʿ£¬Öй²µ³Ô±¡£ÔøÈÎÖйúÈËÃñÒøÐзÇÒøÐнðÈÚ»ú
¹¹¼à¹Ü˾¸±´¦³¤¡¢´¦³¤£»ÖйúÒøÐÐÏÃÃÅ·ÖÐе³Î¯Î¯Ô±¡¢¸±Ðг¤£¨¹ÒÖ°£©£»ÖйúÒøÐÐÒµ¼à¶½¹Ü
ÀíίԱ»á£¨Ï³ÆÒø¼à»á£©·ÇÒøÐнðÈÚ»ú¹¹¼à¹Ü²¿´¦³¤£»Òø¼à»áн®¼à¹Ü¾Öµ³Î¯Î¯Ô±¡¢¸±¾Ö³¤£»
Òø¼à»áÒøÐмà¹ÜËIJ¿¸±Ö÷ÈΣ»Òø¼à»áºÚÁú½¼à¹Ü¾Öµ³Î¯Êé¼Ç¡¢¾Ö³¤£»Òø¼à»áÈÚ×ÊÐÔµ£±£Òµ
Îñ¹¤×÷²¿£¨ÈÚ×ÊÐÔµ£±£ÒµÎñ¼à¹Ü²¿¼ÊÁªÏ¯»áÒé°ì¹«ÊÒ£©Ö÷ÈΣ»ÖгÏÐÅÍÐÓÐÏÞÔðÈι«Ë¾µ³Î¯Î¯
Ô±¡¢×ܲá£ÏÖÈÎÖгÏÐÅÍÐÓÐÏÞÔðÈι«Ë¾µ³Î¯Êé¼Ç¡¢¶Ê³¤£¬¼æÈÎÖйúÐÅÍÐÒµ±£ÕÏ»ù½ðÓÐÏÞ
ÔðÈι«Ë¾¶Ê¡£
ÕÔѧ¾üÏÈÉú£¬¶Ê³¤£¬µ³Î¯Êé¼Ç£¬¾¼Ãѧ²©Ê¿¡£Ôø¾ÍÖ°ÓÚÌì½òͨÐŹ㲥¹«Ë¾µçÊÓÉè¼Æ
Ëù¡¢Íâ¾Ã³²¿ÖйúÒÇÆ÷½ø³ö¿Ú×ܹ«Ë¾¡¢±±¾©ÉÌÆ·½»Ò×Ëù¡¢Ìì½ò·ÄÖ¯Ô²ÄÁϽ»Ò×Ëù¡¢É̶¦ÆÚ
»õ¾¼ÍÓÐÏÞ¹«Ë¾¡¢±±¾©Ö¤È¯ÓÐÏÞ¹«Ë¾¡¢´ó³É»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¡£2000Äê10ÔÂÖÁ2017Äê12
ÔÂÈμÎʵ»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¶Ê¡¢×ܾÀí£¬2017Äê12ÔÂÆðÈι«Ë¾¶Ê³¤¡£
ÖìÀÙŮʿ£¬¶Ê£¬Ë¶Ê¿Ñо¿Éú£¬Öй²µ³Ô±¡£ÔøÈα£¼à»á²Æ»á²¿×ʽðÔËÓô¦Ö÷ÈοÆÔ±£»
¹ú¶¼Ö¤È¯ÓÐÏÞÔðÈι«Ë¾Ñо¿²¿¸ß¼¶¾Àí£»ÖÐÅ·»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¶Ãؼ淢չսÂÔ¹Ù¡£ÏÖÈÎ
ÖгÏÐÅÍÐÓÐÏÞÔðÈι«Ë¾ÒµÎñ×ܼà¼æ¹ú¼ÊÒµÎñ²¿×ܾÀí£¬¼æÈÎÖгϹú¼Ê×ʱ¾ÓÐÏÞ¹«Ë¾×ܾÀí¡¢
Öгϱ¦½Ý˼»õ±Ò¾¼ÍÓÐÏÞ¹«Ë¾¶Ê³¤¼°·¨ÈË´ú±í¡£
º«¼ÒÀÖÏÈÉú£¬¶Ê£¬1990Äê±ÏÒµÓÚÇ廪´óѧ¾¼Ã¹ÜÀíѧԺ£¬Ë¶Ê¿Ñо¿Éú¡£1990Äê2ÔÂ
ÖÁ2000Äê5ÔÂÈκ£ÎÊ֤ȯͶ×Ê×ÉѯÓÐÏÞ¹«Ë¾×ܾÀí£»1994ÄêÖÁ½ñ£¬Èα±¾©µÂºãÓÐÏÞÔðÈι«
˾×ܾÀí£»2001Äê11ÔÂÖÁ½ñ£¬ÈÎÁ¢ÐÅͶ×ÊÓÐÏÞÔðÈι«Ë¾¶Ê³¤¡£
Mark H.CullenÏÈÉú£¬¶Ê£¬°Ä´óÀûÑǼ®£¬°Ä´óÀûÑÇĪÄÉʲ´óѧ¾¼ÃÕþÖÎרҵѧʿ¡£Ôø
ÈδïÁé¶ÙÉÌÆ·(Darlington Commodities)ÉÌÆ·½»Ò×Ö÷¹Ü£¬±´¶÷(Bain&Company)ÆÚ»õÓëÉÌÆ·
²¿¸ºÔðÈË£¬µÂÒâÖ¾ÒøÐУ¨Å¦Ô¼£©È«Çò¹ÉƱͶ×ʲ¿Ê×ϯÔËÓª¹Ù¡¢MD£¬µÂÒâÖ¾×ʲú¹ÜÀí£¨Å¦Ô¼£©
È«ÇòÊ×ϯÔËÓª¹Ù¡¢MD£¬µÂÒâÖ¾ÒøÐУ¨Â׶أ©Ê×ϯÔËÓª¹Ù£¬µÂÒâÖ¾ÒøÐÐÈ«ÇòÉó¼ÆÖ÷¹Ü¡£ÏÖÈÎ
DWS Management GmbHÖ´ÐжÊ¡¢È«ÇòÊ×ϯÔËÓª¹Ù¡£
¸ß·åÏÈÉú£¬¶Ê£¬ÃÀ¹ú¼®£¬ÃÀ¹úŦԼÖÝÁ¢´óѧʯϪ·ÖУ²©Ê¿¡£ÔøÈÎËùÂÞÃÅÐֵܹ«Ë¾Àû
Ï¢ÑÜÉúÆ·¸±×ܲã¬ÃÀ¹úÓÑ°î½ðÈÚ²úÆ·¼¯ÍŽṹ²úÆ·²¿¸±×ܲá£×Ô1996Äê¼ÓÈëµÂÒâÖ¾ÒøÐÐÒÔ
À´£¬ÔøÈεÂÒâÖ¾ÒøÐУ¨Å¦Ô¼¡¢Ïã¸Û¡¢Ð¼ÓÆ£©¶Ê¡¢È«ÇòÊг¡²¿ÖйúÇøÖ÷¹Ü¡¢ÉϺ£·ÖÐÐÐг¤£¬
2008ÄêÖÁ½ñÈεÂÒâÖ¾ÒøÐУ¨Öйú£©ÓÐÏÞ¹«Ë¾Ðг¤¡¢µÂÒâÖ¾ÒøÐм¯ÍÅÖйúÇø×ܾÀí¡£
ÍõΡÏÈÉú£¬¶ÀÁ¢¶Ê£¬ÃÀ¹ú¸£ÌØÄ·´óѧÎÄÀíѧԺ¹ú¼Ê½ðÈÚרҵ²©Ê¿¡£ÔøÈÎÖ°ÓÚÖйú½¨
ÉèÒøÐÐÁÉÄþ·ÖÐС£ÔøÈÎÖйúÒøÐÐ×ÜÐйú¼Ê½ðÈÚÑо¿ËùÖúÀíÑо¿Ô±£¬ÃÀ¹ú»¯Ñ§ÒøÐзÖÎöʦ£¬
ÃÀ¹úÊÀ½çÒøÐйËÎÊ£¬ÖйúÄÏ·½Ö¤È¯ÓÐÏÞ¹«Ë¾¸±×ܲã¬ÍòÃËͶ×ʹÜÀíÓÐÏÞ¹«Ë¾¶Ê³¤¡£2004
ÖÁ½ñÈÎÍòÃ˲¢¹º¼¯ÍŶʳ¤¡£
ÌÀÐÀÏÈÉú£¬¶ÀÁ¢¶Ê£¬Öй²µ³Ô±£¬·¨Ñ§²©Ê¿£¬Ç廪´óѧ·¨Ñ§Ôº½ÌÊÚ¡¢Ç廪´óѧÉÌ·¨ÑÐ
¾¿ÖÐÐĸ±Ö÷ÈΡ¢¡¶Ç廪·¨Ñ§¡·¸±Ö÷±à£¬ÌÀÄ·É·͸¼¯ÍÅ¡°ÖйúÉÌ·¨¡±´ÔÊé±à¼×ÉѯίԱ»á³É
Ô±¡£Ôø¼æÈÎÖйú֤ȯ¼à¶½¹ÜÀíίԱ»áµÚÒ»¡¢¶þ½ì²¢¹ºÖØ×éÉóºËίԱ»áίԱ£¬ÏÖ¼æÈÎÉϺ£Ö¤
ȯ½»Ò×ËùÉÏÊÐίԱ»áίԱ¡¢ÖйúÉÏÊй«Ë¾Ð»á¶ÀÁ¢¶ÊÂίԱ»áÊ×ÈÎÖ÷ÈΡ£
ÍõÈð»ªÏÈÉú£¬¶ÀÁ¢¶Ê£¬¹ÜÀíѧ²©Ê¿£¬»á¼Æѧ½ÌÊÚ£¬×¢²á»á¼Æʦ£¬Öй²µ³Ô±¡£ÔøÈÎÖÐ
Ñë²Æ¾´óѧ²ÆÎñ»á¼Æ½ÌÑÐÊÒÖ÷ÈΡ¢Ñо¿Éú²¿¸±Ö÷ÈΡ¢ÉÌѧԺԺ³¤¼æMBA½ÌÓýÖÐÐÄÖ÷ÈΡ£ÏÖ
ÈÎÖÐÑë²Æ¾´óѧÉÌѧԺ½ÌÊÚ¡£
¾À×ÏÈÉú£¬¶Ê¡¢×ܾÀí£¬½ðÈÚѧ¡¢»á¼Æѧרҵ±¾¿ÆѧÀú£¬¹¤É̹ÜÀíѧѧʿѧ룬ÌØ
Ðí½ðÈÚ·ÖÎöʦ£¨CFA£©¡£1998Äêµ½2008ÄêÔÚÃÀ¹ú¹ú¼Ê¼¯ÍÅ£¨AIG£©¹ú¼ÊͶ×ʹ«Ë¾ÃÀ¹úŦԼ×Ü
²¿µ£ÈÎÑо¿Í¶×ʹ¤×÷¡£2008Äêµ½2013ÄêÀúÈÎÓÑ°î±£ÏÕÖйúÇø×ʲú¹ÜÀíÖÐÐ