{"id":116772,"date":"2021-07-27T17:51:55","date_gmt":"2021-07-27T09:51:55","guid":{"rendered":"https:\/\/\/?p=116772"},"modified":"2021-07-27T18:02:03","modified_gmt":"2021-07-27T10:02:03","slug":"%e8%aa%8d%e8%ad%98%e3%80%8c%e5%a4%a7%e6%95%b8%e6%93%9a%e6%8a%95%e8%b3%87%e3%80%8d%e7%9a%84%e6%96%b9%e6%b3%95%ef%bc%8c%e6%8e%8c%e6%8f%a1%e5%b8%82%e5%a0%b4%e7%8d%b2%e5%88%a9%e7%9a%84%e9%97%9c%e9%8d%b5","status":"publish","type":"post","link":"https:\/\/\/%e8%aa%8d%e8%ad%98%e3%80%8c%e5%a4%a7%e6%95%b8%e6%93%9a%e6%8a%95%e8%b3%87%e3%80%8d%e7%9a%84%e6%96%b9%e6%b3%95%ef%bc%8c%e6%8e%8c%e6%8f%a1%e5%b8%82%e5%a0%b4%e7%8d%b2%e5%88%a9%e7%9a%84%e9%97%9c%e9%8d%b5\/","title":{"rendered":"\u8a8d\u8b58\u300c\u5927\u6578\u64da\u6295\u8cc7\u300d\u7684\u65b9\u6cd5\uff0c\u638c\u63e1\u5e02\u5834\u7372\u5229\u7684\u95dc\u9375\uff01"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=/index.html"https:\/\/\/wp-content\/uploads\/2021\/07\/\u638c\u63e1\u5927\u6578\u64da\u6295\u8cc7\u7684\u7372\u5229\u95dc\u9375-1024x696.png\" alt=\"\u638c\u63e1\u5927\u6578\u64da\u6295\u8cc7\u6cd5\u7684\u7372\u5229\u95dc\u9375\" class=\"wp-image-116773\" title=\"\"><figcaption> 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class=\"wp-block-heading\"><strong>\u4ec0\u9ebc\u662f\u5927\u6578\u64da\uff1f<\/strong><\/h2>\n\n\n\n<p>\u300c\u5927\u6578\u64da\u300d\u662f\u7531\u6536\u96c6\u5927\u91cf\u8cc7\u6599\uff0c\u4f8b\u5982\uff1a\u958b\u8eca\u51fa\u9580\u9664\u4e86\u8981\u77ad\u89e3\u585e\u8eca\u72c0\u6cc1\u4e4b\u5916\uff0c\u53ef\u80fd\u6703\u7d50\u5408\u5929\u5019\u72c0\u6cc1\uff0c\u6216\u8a31\u4e5f\u8981\u52a0\u5165\u6642\u9593\u8003\u91cf\uff0c\u5c31\u50cf\u9031\u4e94\u4e0b\u73ed\u6642\u9593\uff0c\u82e5\u53c8\u52a0\u4e0a\u5929\u5019\u4e0d\u4f73\uff0c\u585e\u8eca\u7684\u7a0b\u5ea6\u5247\u6703\u5927\u5e45\u63d0\u9ad8\u3002<br><br>\u800c\u5927\u6578\u64da\u82e5\u904b\u7528\u5728\u6295\u8cc7\u4e0a\uff0c\u5247\u662f\u628a\u6295\u8cc7\u6a19\u7684\u76f8\u95dc\u8cc7\u6599\u6536\u96c6\u8d77\u4f86\uff0c\u518d\u5229\u7528\u7d71\u8a08\u65b9\u6cd5\u627e\u51fa\u5176\u884c\u60c5\u898f\u5f8b\uff0c\u9032\u5834\u53ca\u51fa\u5834\u6709\u660e\u78ba\u7684\u6642\u9593\u8868\u53ca\u884c\u60c5\u5e45\u5ea6\uff0c\u5229\u7528\u5e02\u5834\u7279\u5b9a\u4e8b\u4ef6\uff0c\u627e\u5230\u6700\u4f73\u8cb7\u8ce3\u9ede\u3002<br><br>\u56e0\u6b64\uff0c\u5927\u6578\u64da\u904b\u7528\u7684\u7bc4\u570d\u5f88\u5ee3\uff0c\u8cc7\u6599\u96a8\u8655\u53ef\u898b\u3001\u96a8\u6642\u90fd\u6709\u8cc7\u6599\u53ef\u4ee5\u6536\u96c6\uff0c\u53ea\u6709\u904b\u7528\u5f97\u5b9c\uff0c\u751f\u6d3b\u66f4\u65b9\u4fbf\u3002<br><br>\u82e5\u662f\u628a\u6578\u64da\u61c9\u7528\u5230\u6295\u8cc7\u4e0a\uff0c\u5247\u53ef\u4ee5\u5275\u9020\u9ad8\u52dd\u7b97\u7684\u6295\u8cc7\u6c7a\u7b56\u3002<\/p>\n\n\n\n<div 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class=\"wp-block-heading\"><strong>\u6a5f\u7387\u662f\u7d93\u904e\u7d71\u8a08\u7684\u7d50\u679c<\/strong><\/h2>\n\n\n\n<p>\u300c\u6a5f\u7387\u300d\u672c\u8eab\u5c31\u662f\u7531\u5927\u6578\u64da\u7d44\u6210\uff0c\u8db3\u5920\u7684\u6578\u64da\u5c31\u5f97\u4ee5\u77e5\u9053\u6a5f\u7387\u5f80\u54ea\u908a\u8d70\uff1b\u800c\u6280\u8853\u5206\u6790\u5247\u662f\u7528\u904e\u53bb\u7684\u8cc7\u6599\u53bb\u9810\u6e2c\u672a\u4f86\uff0c\u662f\u5169\u500b\u4e0d\u4e00\u6a23\u7684\u6982\u5ff5\u3002<br><br>\u9019\u5c31\u50cf\u5f9e\u5bb6\u9580\u53e3\u8d70\u5230\u516c\u8eca\u7ad9\uff0c\u901a\u5e38\u8d70\u8def\u7684\u6b65\u6578\u662f\u5dee\u4e0d\u591a\u7684\u6c92\u932f\uff0c\u4f46\u6578\u5b57\u4e0d\u6703\u6bcf\u5929\u90fd\u4e00\u6a23\u3002<br><br>\u4f46\u82e5\u904b\u7528\u5927\u6578\u64da\uff0c\u5c31\u53ef\u4ee5\u4f9d\u7167\u6bcf\u6b21\u4e0d\u540c\u7684\u6b65\u6578\uff0c\u63a8\u6e2c\u51fa\u5927\u6982\u9700\u8981\u8d70\u5e7e\u5206\u9418\uff0c\u9019\u5c31\u662f\u6578\u64da\u8a08\u7b97\u7684\u65b9\u5f0f\u3002<br><br>\u82e5\u4ee5\u6295\u8cc7\u5e02\u5834\u4f86\u8209\u4f8b\uff0c2019\u5e74 7 \u6708\u53f0\u7a4d\u96fb\u7684 K \u7dda\u5716\uff0c\u6280\u8853\u5206\u6790\u6307\u6a19\u5df2\u7d93\u904e\u71b1\uff0c\u4e0d\u904e\u7576\u6642\u5916\u8cc7\u6301\u7e8c\u8cb7\u9032\uff0c\u9019\u662f\u70ba\u4ec0\u9ebc\uff1f<br><br>\u56e0\u70ba\u4ed6\u5011\u770b\u7684\u4e0d\u662f\u6280\u8853\u5206\u6790\uff0c\u800c\u662f\u7576\u6642\u6cd5\u8aaa\u6703\u516c\u5e03\u7684\u597d\u6d88\u606f\u30022019\u5e74 10 \u6708\u6642\uff0c K \u7dda\u5716\u5448\u73fe\u51fa\u660e\u986f\u7684\u8ce3\u58d3\uff0c\u4e5f\u662f\u56e0\u70ba\u71df\u6536\u4e0b\u4fee\u7684\u95dc\u4fc2\uff0c\u91cd\u9ede\u4e0d\u662f\u770b\u6280\u8853\u5206\u6790\uff0c\u800c\u662f\u770b\u6578\u64da\u3002<br><br>\u5982\u679c\u662f\u770b\u6280\u8853\u5206\u6790\uff0c\u99ac\u4e0a\u5c31\u6703\u770b\u5230\u81ea\u5df1\u8a8d\u77e5\u76f2\u9ede\u3002<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u539f\u4f86\u751f\u6d3b\u4e2d\u5145\u6eff\u6578\u64da\uff1f<\/strong><\/h2>\n\n\n\n<p>\u5176\u5be6\u6211\u5011\u7684\u751f\u6d3b\u4e2d\u8655\u8655\u570d\u7e5e\u8457\u5927\u6578\u64da\uff0c\u53ea\u662f\u5176\u7bc4\u570d\u50c5\u7528\u5728\u6240\u53d7\u95dc\u5207\u7684\u4e8b\u4ef6\u9805\u76ee\u4e0a\u3002<br><br>\u4f8b\u5982\uff1a\u53bb\u5e02\u5834\u8cb7\u83dc\u6642\uff0c\u65e9\u9ede\u5230\u5e02\u5834\u53ef\u4ee5\u8cb7\u5230\u8f03\u65b0\u9bae\u7684\u852c\u679c\uff0c\u508d\u665a\u6642\u5206\u53ef\u4ee5\u8cb7\u5230\u8f03\u4fbf\u5b9c\u7684\u852c\u679c\uff1b\u6216\u662f\u51fa\u9580\u53bb\u53f0\u5317\uff0c\u6703\u95dc\u5fc3\u53f0\u5317\u5929\u6c23\uff0c\u800c\u4e0d\u7406\u6703\u9999\u6e2f\u5929\u6c23\u7684\u72c0\u6cc1\uff1b\u958b\u8eca\u524d\u77ad\u89e3\u4ea4\u901a\u72c0\u6cc1\u6642\uff0c\u4e5f\u4ee5\u95dc\u5207\u5373\u5c07\u958b\u8eca\u884c\u7d93\u7684\u8def\u5f91\u70ba\u4e3b\u3002<br><br>\u8aaa\u7684\u66f4\u7c21\u6f54\u4e00\u9ede\uff0c\u6642\u5e8f\u9032\u5165\u5341\u6708\u4efd\u4e4b\u5f8c\u7684\u53f0\u7063\u5730\u5340\uff0c\u6c23\u6eab\u660e\u986f\u6703\u6162\u6162\u4e0b\u964d\uff0c\u4f46\u6709\u6642\u9593\u6027\uff0c\u800c\u4e0d\u662f\u4e00\u76f4\u6301\u7e8c\u4e0b\u964d\u5230\u6b21\u5e74\uff16\u6708\uff0c\u6c23\u8c61\u5c40\u6703\u4f9d\u5f80\u5e74\u7684\u6c23\u6eab\u8cc7\u6599\u53ca\u8fd1\u671f\u51b7\u92d2\u72c0\u6cc1\uff0c\u4f5c\u51fa\u9ad8\u6eab\u53ca\u4f4e\u6eab\u5dee\u3001\u964d\u96e8\u91cf\u53ca\u964d\u96e8\u6a5f\u7387\u7684\u6c23\u8c61\u9810\u5831\u3002<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5927\u6578\u64da\u7684\u7372\u5229\u95dc\u9375<\/strong><\/h2>\n\n\n\n<p>\u5f9e\u6c11\u570b 83 \u5e74\u8d77\uff0cDr. \u8521\u5728\u671f\u8ca8\u516c\u53f8\u64cd\u4f5c\u6d77\u5916\u671f\u8ca8\u6642\uff0c\u610f\u5916\u767c\u73fe\u4e86\u5927\u6578\u64da\u7372\u5229\u7684\u95dc\u9375\u3002<br><br>\u7f8e\u570b\u8fb2\u696d\u90e8\u6bcf\u9031\u4e8c\u90fd\u6703\u516c\u5e03\u8fb2\u4f5c\u7269\u7684\u76f8\u95dc\u6578\u64da\uff0c\u5305\u542b\u9ec3\u8c46\u3001\u5c0f\u9ea5\u3001\u7389\u7c73\u3001\u68c9\u82b1\u3001\u53ef\u53ef\u3001\u7cd6\u3001\u5496\u5561\u7b49\u5404\u985e\u4f5c\u7269\uff0c\u90fd\u6709\u7a2e\u690d\u9762\u7a4d\u3001\u767c\u82bd\u3001\u958b\u82b1\u3001\u7d50\u679c\u3001\u63a1\u6536\u3001\u9032\u51fa\u53e3\u7b49\u76f8\u95dc\u6578\u64da\u3002<br><br>\u7576\u6642\u5df4\u897f\u5496\u5561\u5712\u906d\u53d7\u971c\u5bb3\uff0c\u7522\u91cf\u5927\u6e1b\uff0c\u5c0e\u81f4\u5496\u5561\u7684\u50f9\u683c\u72c2\u6f32\uff0cDr. \u8521\u56e0\u6b64\u767c\u73fe\u9019\u4e9b\u6578\u64da\u7684\u8b8a\u5316\u6703\u5f71\u97ff\u884c\u60c5\uff0c\u4ee5\u53ca\u4f9b\u9700\u4e4b\u9593\u7684\u95dc\u4fc2\u3002<br><br>Dr. \u8521\u5728\u7576\u6642\u5c31\u4f9d\u6b64\u6578\u64da\u8349\u5275\u51fa\u6578\u64da\u7372\u5229\u7684\u7b56\u7565\uff0c\u4e45\u800c\u4e45\u4e4b\u56e0\u70ba\u8cc7\u6599\u91cf\u5df2\u7d2f\u7a4d\u5f97\u975e\u5e38\u9f90\u5927\uff0c\u642d\u4e0a\u8fd1\u671f\u5de8\u91cf\u8cc7\u6599\u7684\u5d1b\u8d77\u76db\u884c\uff0c\u6f14\u8b8a\u6210\u4eca\u5929\u7684\u300c\u5927\u6578\u64da\u5957\u5229\u7b56\u7565\u300d\u3002<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u7528\u66f4\u6709\u908f\u8f2f\u7684\u65b9\u5f0f\u4f86\u6295\u8cc7<\/strong><\/h2>\n\n\n\n<p>Dr. \u8521\u5728\u4e4b\u524d\u8b80\u5230\u300a\u6d1e\u6089\u5e02\u5834\u7684\u4eba\u300b\u9019\u672c\u66f8\uff0c\u66f8\u4e2d\u89e3\u5bc6\u4e86\u6295\u8cc7\u754c\u50b3\u5947\u5927\u5e2b\u5409\u59c6\u2027\u897f\u8499\u65af\u7684\u6545\u4e8b\u3002<br><br>Dr.&nbsp; \u8521\u8a8d\u70ba\u5409\u59c6\u7684\u6210\u9577\u904e\u7a0b\u548c\u81ea\u5df1\u5f88\u6709\u5171\u9cf4\uff0c\u4f46\u53c8\u66f4\u760b\u72c2\u4e86\u9ede\uff0c\u672c\u66f8\u4e2d\u6700\u503c\u5f97\u5b78\u7fd2\u4e4b\u8655\u662f\u897f\u8499\u65af\u7684\u601d\u8003\u908f\u8f2f\u3002<br><br>\u7576\u8a31\u591a\u4eba\u9084\u5728\u7528\u300c\u76f4\u89ba\u300d\u3001\u8a18\u4e8b\u672c\u8cfa\u9322\u6642\uff0c\u4ed6\u5df2\u7d93\u7368\u5230\u5730\u904b\u7528\u6578\u5b78\u6a21\u578b\uff0c\u4e5f\u5c31\u662f\u5927\u6578\u64da\u3001\u6f14\u7b97\u6cd5\u505a\u8a08\u7b97\uff0c\u8d85\u9ad8\u7e3e\u6548\u300c\u5927\u734e\u7ae0\u57fa\u91d1\u300d\uff0c\u4e5f\u662f\u904b\u7528\u81ea\u52d5\u5316\u4ea4\u6613\uff0c\u548c Dr.&nbsp; \u8521\u904b\u7528\u7684\u65b9\u5f0f\u9817\u6709\u96f7\u540c\u3002<br><br>\u7136\u800c\u81ea\u52d5\u4e0b\u55ae\u6709\u500b\u7f3a\u9ede\uff1a\u82e5\u6c92\u6709\u63a7\u5236\u597d\u8cc7\u91d1\u898f\u6a21\uff0c\u53ef\u80fd\u6703\u4e0b\u55ae\u4e0b\u5230\u8d85\u51fa\u8cc7\u91d1\uff0c\u5c31\u6703\u767c\u751f\u9055\u7d04\u7684\u60c5\u6cc1\u3002<br><br>\u5409\u59c6\u6240\u4f7f\u7528\u7684\u7406\u8ca1\u5de5\u5177\u662f\u7d71\u8a08\u3001\u5206\u6790\u4ee5\u53ca\u6a5f\u7387\u7406\u8ad6\uff0c\u524d\u5169\u8005\u4e5f\u662f Dr.&nbsp; \u8521\u4e00\u518d\u63d0\u53ca\u3001\u91cd\u8996\u7684\u3002<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5927\u6578\u64da\u5c0d\u6295\u8cc7\u7684\u61c9\u7528<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=/index.html"https:\/\/\/wp-content\/uploads\/2021\/07\/\u5927\u6578\u64da\u6295\u8cc7\u7684\u61c9\u7528-1024x682.png\" alt=\"\u5927\u6578\u64da\u6295\u8cc7\u6cd5\u7684\u904b\u7528\" class=\"wp-image-116776\" title=\"\"><figcaption><\/figcaption><\/figure>\n\n\n\n<p>\u5927\u6578\u64da\u82e5\u53ef\u4ee5\u878d\u5165\u751f\u6d3b\u4e2d\uff0c\u90a3\u9ebc\u7d55\u5c0d\u53ef\u4ee5\u61c9\u7528\u5728\u6295\u8cc7\u4e0a\uff01<br><br>\u5f9e\u6975\u5177\u53c3\u8003\u6027\u7684\u6b0a\u5a01\u6a5f\u69cb\u6240\u516c\u5e03\u7684\u6578\u64da\u4e2d\uff0c\u6211\u5011\u53ef\u4ee5\u7528\u4f86\u4f5c\u70ba\u53c3\u8003\u8cc7\u6599\u3002<br><br>\u4f8b\u5982\uff1a2015\u6307\u6578\u7de8\u64b0\u516c\u53f8 MSCI \u660e\u665f\uff08MSCI Inc.\uff09\u65bc\u4eca\u5e7411\u670812\u65e5\u516c\u5e03\uff0cMSCI \u4e16\u754c\u6240\u6709\u570b\u5bb6\u6307\u6578\uff08ACWI\uff09\u5b63\u5ea6\u6aa2\u8a0e\u5c07\u65b0\u589e74\u6a94\u6210\u5206\u80a1\uff0c\u4e26\u540c\u6642\u522a\u6e1b60\u6a94\u65e2\u6709\u6210\u5206\u80a1\uff0c\u9019\u6a23\u7684\u4e8b\u4ef6\u8b8a\u52d5\u5c31\u6703\u5f71\u97ff\u6295\u8cc7\u6642\u7684\u601d\u8003\u7b56\u7565\u3002<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u80a1\u5e02\u5927\u4ea8\u7684\u6545\u4e8b<\/strong><\/h3>\n\n\n\n<p>Dr. \u8521\u5728\u696d\u754c\u95d6\u76ea\u4e09\u5341\u9918\u5e74\uff0c\u4e5f\u8a8d\u8b58\u4e86\u4e0d\u5c11\u6295\u8cc7\u670b\u53cb\uff0c\u5176\u4e2d\u6709\u4e00\u4f4d\u8463\u4e8b\u9577\u8b93 Dr. \u8521\u5370\u8c61\u975e\u5e38\u6df1\u523b\u3002<br><br>\u9019\u4f4d\u8463\u4e8b\u9577\u7fd2\u6163\u8cb7\u5165\u7576\u6642\u7684\u300c\u80a1\u738b\u300d\uff0c\u96a8\u5f8c\u5b9a\u671f\u5b9a\u984d\u6301\u7e8c\u8cb7\u5165\u5176\u80a1\u7968\u3001\u4e0d\u8ce3\u51fa\uff0c\u9577\u671f\u6301\u6709\u6240\u6709\u624b\u4e2d\u80a1\u738b\u3002<br><br>\u4e0d\u904e\u9019\u6a23\u7684\u7b56\u7565\u4e26\u975e\u6b7b\u6b7b\u62b1\u4f4f\uff0c\u800c\u662f\u6bcf\u7576\u6709\u65b0\u7684\u80a1\u738b\u51fa\u73fe\u6642\uff0c\u4ed6\u5c31\u6703\u5c07\u539f\u6301\u6709\u7684\u820a\u80a1\u7968\u7acb\u5373\u5168\u6578\u51fa\u812b\uff0c\u63db\u8cfc\u70ba\u65b0\u80a1\u738b\u7684\u80a1\u7968\u3002<br><br>\u4f8b\u5982\uff1a2012 \u5e74 4 \u6708\uff0c\u539f\u80a1\u738b\u5b8f\u9054\u96fb\u7684\u80a1\u50f9\u8dcc\u7834 450 \u5143\uff0c\u65b0\u80a1\u738b\u5927\u7acb\u5149\u80a1\u50f9\u6b63\u597d\u7a81\u7834 450 \u5143\uff0c\u9019\u6642\u5c31\u9678\u7e8c\u5c07\u624b\u4e2d\u7684\u5b8f\u9054\u96fb\u8ce3\u51fa\u3001\u8f49\u800c\u8cb7\u5165\u5927\u7acb\u5149\u3002<br><br>\u9019\u5c31\u662f\u4ed6\u7684\u63db\u80a1\u7b56\u7565\uff0c\u4e4b\u5f8c\u6539\u4ee5\u65b0\u80a1\u738b\u5927\u7acb\u5149\u5f9e\u4e8b\u5b9a\u671f\u5b9a\u984d\u6295\u8cc7\u3002<br><br>\u96d6\u7136\u73fe\u5728\uff08 2020 \u5e74 9 \u6708\uff09\u5927\u7acb\u5149\u4e00\u5f35\u8981\u4e09\u5343\u591a\u5143\uff0c\u751a\u81f3\u66fe\u4e00\u5ea6\u9ad8\u9054\u516d\u5343\u591a\u5143\uff0c\u4f46\u5f9e 2012 \u5e74\u8d77\u7684 8 \u5e74\u9593\uff0c\u5df2\u7d93\u9664\u6b0a\u606f\u4e86\u5f88\u591a\u6b21\uff0c\u6301\u6709\u6210\u672c\u5176\u5be6\u662f\u5f88\u4f4e\u7684\u3002<br><br>\u9577\u671f\u4e0b\u4f86\uff0c\u8b93\u4ed6\u6210\u529f\u7372\u5229\u4e0d\u5c11\uff01<br><br>\u7576\u7136\u672a\u4f86\u7576\u5927\u7acb\u5149\u4e0d\u518d\u662f\u80a1\u738b\u6642\uff0c\u9019\u4f4d\u8463\u4e8b\u9577\u4e5f\u6703\u4ee5\u540c\u6a23\u7684\u65b9\u5f0f\uff0c\u51fa\u812b\u5927\u7acb\u5149\u3001\u8cb7\u9032\u65b0\u80a1\u738b\uff0c\u8b93\u81ea\u5df1\u624b\u4e2d\u6301\u80a1\u90fd\u662f\u80a1\u738b\u3002<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u80a1\u5e02\u5c0f\u8cc7\u65cf\u7684\u6a5f\u6703<\/strong><\/h3>\n\n\n\n<p>\u53ea\u8cb7\u4e00\u652f\u80a1\u7968\uff0c\u5c31\u80fd\u7a69\u7a69\u7372\u5229\uff0c\u662f\u4e0d\u662f\u5f88\u8b93\u4eba\u5fc3\u52d5\u5462\uff1f<br><br>\u4f46\u662f\u5c0d\u4e00\u822c\u5c0f\u8cc7\u65cf\u6240\u64c1\u6709\u7684\u8cc7\u91d1\u4f86\u8aaa\uff0c\u7121\u6cd5\u50cf\u4e0a\u8ff0\u90a3\u4f4d\u8463\u4e8b\u9577\u4e00\u6a23\uff0c\u8cb7\u4e0b\u4e00\u80a1\u8981\u50f9\u4e09\u5343\u591a\u5143\u7684\u80a1\u738b\uff0c\u96e3\u9053\u5c31\u548c\u9019\u500b\u7b56\u7565\u7121\u7de3\u4e86\u55ce\uff1f<br><br>\u5176\u5be6\u9084\u662f\u53ef\u4ee5\u5982\u6cd5\u70ae\u88fd\u7684\uff01<br><br>\u96d6\u7136\u96e3\u4ee5\u7acb\u523b\u6301\u6709\u80a1\u738b\u7684\u6574\u80a1\uff0c\u6211\u5011\u9084\u662f\u53ef\u4ee5\u8cb7\u9032\u5b83\u7684\u96f6\u80a1\u3002<br><br>\u9019\u6a23\u7684\u63db\u80a1\u7b56\u7565\uff0c\u4e5f\u53ef\u4ee5\u884d\u4f38\u51fa\u53e6\u4e00\u7a2e\u65b9\u5f0f\uff1a\u9664\u4e86\u80a1\u738b\uff0c\u9084\u53ef\u4ee5\u6295\u8cc7\u300c\u6b0a\u738b\u300d\u3002<br><br>\u4f8b\u5982\uff1a\u570b\u6cf0\u4eba\u58fd\u3001\u570b\u6cf0\u91d1\u662f\u53f0\u80a1\u6700\u65e9\u7684\u6b0a\u738b\uff0c\u7576\u6642\u540c\u6642\u4e5f\u662f\u80a1\u738b\uff0c\u5f8c\u4f86\u80a1\u738b\u8f49\u63db\u6210\u76ca\u901a\u3001\u83ef\u78a9\u3001\u5a01\u76db\u7b49\uff0c\u800c\u73fe\u5728\u7684\u6b0a\u738b\u662f\u53f0\u7a4d\u96fb\u3002<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u5fc5\u9808\u77e5\u9053\u7684\u8a23\u7ac5<\/strong><\/h3>\n\n\n\n<p>\u6bd4\u8d77\u80a1\u738b\uff0c\u627e\u5c0b\u300c\u6b0a\u738b\u300d\u6703\u76f8\u5c0d\u56f0\u96e3\uff0c\u56e0\u70ba\u80a1\u738b\u53ea\u8981\u770b\u80a1\u50f9\u5c31\u77e5\u9053\u4e86\uff0c\u6b0a\u738b\u537b\u5fc5\u9808\u67e5\u8a62\u80a1\u672c\u7b49\u8cc7\u8a0a\uff0c\u624d\u80fd\u505a\u5224\u65b7\u3002<br><br>\u591a\u5b78\u4e86\u4e00\u62db\u80a1\u5e02\u5927\u4ea8\u7684\u6295\u8cc7\u7b56\u7565\uff0c\u662f\u4e0d\u662f\u5728\u80a1\u6d77\u4e2d\uff0c\u53c8\u591a\u4e86\u4e00\u4e9b\u52dd\u7b97\u5462\uff1f<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5927\u6578\u64da\u5728\u671f\u8ca8\u7684\u7372\u5229\u908f\u8f2f<\/strong><\/h2>\n\n\n\n<p>\u4f9d\u64da\u5927\u6578\u64da\u7684\u7d71\u8a08\uff0c 2017 \u81f3 2018 \u5169\u5e74\u5408\u8a08\u6709 110 \u5929\u3001\u6bdb\u5229\u7e3d\u8a08 345 \u9ede \/ \u53e3\uff08\u640d\u5931\u90e8\u5206 48 \u6b21\u3001\u6700\u5927\u640d\u5931 177 \u9ede\u3001\u5e73\u5747\u640d\u5931 41.25 \u9ede\uff1b\u7372\u5229\u90e8\u5206 62 \u6b21\u3001\u6700\u5927\u7372\u5229 174 \u9ede\u3001\u5e73\u5747\u7372\u5229 37.5 \u9ede\uff09\u3002<br><br>\u82e5\u6263\u9664\u5927\u53f0\u671f\u8ca8\u50f9\u683c\u4f4e\u65bc\u6708\u5e73\u5747\u50f9\u683c\u4e4b\u4e0b\u7684 2 \u5929\u5f8c\uff0c\u6bdb\u5229\u7e3d\u8a08\u70ba 395 \u9ede\u3002<br><br>\u82e5\u662f\u5916\u8cc7\u53ca\u81ea\u71df\u5546\u5c0f\u53f0\u671f\u8ca8\u591a\u55ae\u7559\u5009\u4f4e\u65bc\u7a7a\u55ae\u7559\u5009\u7684\u4e00\u534a\uff0c\uff08\u591a\u7a7a\u6bd4\u70ba 0.5 \u4ee5\u4e0b\uff09\uff0c\u5927\u53f0\u958b\u76e4\u50f9\u653e\u7a7a\u3001\u6536\u76e4\u50f9\u5e73\u5009\u7684\u4ea4\u6613\u7b56\u7565\u3002<br><br>\u5728 2017 \u3001 2018 \u5169\u5e74\u4e2d\u50c5\u6709 31 \u5929\uff0c\u6bdb\u5229\u7e3d\u8a08 489 \u9ede\/\u53e3\uff08\u640d\u5931\u90e8\u5206 15 \u6b21\u3001\u6700\u5927\u640d\u5931 136 \u9ede\u3001\u5e73\u5747\u640d\u5931 45 \u9ede\uff1b\u7372\u5229\u90e8\u5206 15 \u6b21\u3001\u6700\u5927\u7372\u5229 384 \u9ede\u3001\u5e73\u5747\u7372\u5229 76.13 \u9ede\uff09\u3002<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5927\u6578\u64da\u6295\u8cc7\u7684\u512a\u9ede\u662f\u4ec0\u9ebc\uff1f<\/strong><\/h2>\n\n\n\n<p>\u5927\u6578\u64da\u53ef\u4ee5\u63d0\u9ad8\u52dd\u7b97\uff0c\u4f46\u4e26\u975e100%\u6b63\u78ba\uff0c\u6b63\u5982\u6c23\u8c61\u5c40\u7684\u6c23\u5019\u9810\u5831\uff0c\u662f\u4ee5\u6a5f\u7387\u9810\u6e2c\u53ef\u80fd\u6703\u51fa\u73fe\u7684\u5929\u6c23\u72c0\u614b\uff0c\u56e0\u6b64\uff0c\u6295\u8cc7\u6642\u89c0\u5bdf\u4e8b\u4ef6\u5c0e\u5411\u7576\u4e2d\u7684ETF\u6210\u5206\u80a1\u7684\u7d0d\u5165\u3001\u5254\u9664\u6216\u6b0a\u91cd\u8abf\u6574\uff0c\u5c0d\u76f8\u95dc\u500b\u80a1\u7684\u884c\u60c5\u8d70\u5411\u6709\u8457\u83ab\u5927\u7684\u5f71\u97ff\uff0c\u904b\u7528\u5f97\u5b9c\u4e5f\u53ef\u4ee5\u589e\u52a0\u7372\u5229\u6a5f\u6703\u3002<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5927\u6578\u64da\u7372\u5229\uff1a\u7528\u9322\u751f\u9322\u624d\u662f\u8cfa\u9322<\/strong><\/h2>\n\n\n\n<p>\u6709\u53e5\u8a71\u8aaa\uff1a\u300c\u7528\u529b\u751f\u9322\u53eb\u6399\u9322\uff1b\u7528\u9322\u751f\u9322\u53eb\u8cfa\u9322\u3002\u300d<br><br>\u5168\u7403\u6700\u8cfa\u9322\u7684\u57fa\u91d1\u7d93\u7406\u4eba\u8a79\u59c6\u65af\uff0e\u897f\u8499\u65af\uff08 James Simons \uff09\uff0c\u5728 2005 \u5e74\u6210\u70ba\u5168\u7403\u6536\u5165\u6700\u9ad8\u7684\u5c0d\u6c96\u57fa\u91d1\u7d93\u7406\uff0c\u6de8\u8cfa\u8d85\u904e\u7d22\u7f85\u65af\u7684\u5169\u500d\uff1a 15 \u5104\u7f8e\u5143\u3002<br><br>1988 \u5e74\u8d77\uff0c\u4ed6\u638c\u7ba1\u7684\u300c\u5927\u734e\u7ae0\u57fa\u91d1\u300d\uff0c\u5e74\u5747\u56de\u5831\u7387\u9ad8\u9054 34% \u3001 15 \u5e74\u4f86\u8cc7\u7522\u5f9e\u672a\u6e1b\u5c11\u3002<br><br>2008 \u5e74\u5168\u7403\u91d1\u878d\u5371\u6a5f\u7684\u91cd\u632b\u4e2d\uff0c\u300c\u5927\u734e\u7ae0\u57fa\u91d1\u300d\u7684\u56de\u5831\u4e5f\u9ad8\u9054 80% \u3002<br><br>\u800c\u57282020\u5e74\u80ba\u708e\u75ab\u60c5\u4e4b\u4e0b\uff0c 3 \u3001 4 \u6708\u96d6\u7136\u906d\u9022\u80a1\u707d\uff0c\u4ecd\u7372\u5229 40% \uff0c\u7e3e\u6548\u52dd\u904e\u5df4\u83f2\u7279\u7684 20% \uff0c\u5df4\u83f2\u7279\u4eca\u5e74\u751a\u81f3\u662f\u8ce0\u9322\uff01<br><br>\u8a79\u59c6\u65af\u00b7\u897f\u8499\u65af\u66fe\u662f\u9ebb\u7701\u7406\u5de5\u5b78\u9662\u7684\u6578\u5b78\u7cfb\u6559\u6388\uff0c\u4ed6\u904b\u7528\u6578\u5b78\u6a21\u578b\u4f86\u64cd\u4f5c\u5c0d\u6c96\u57fa\u91d1\uff0c\u300c\u4e0d\u7528\u6280\u8853\u5206\u6790\u3001\u4e0d\u7528\u57fa\u672c\u9762\u6578\u64da\u3001\u4e0d\u7528\u9810\u6e2c\u300d\uff0c\u5c31\u80fd\u6709\u5982\u6b64\u4f73\u7e3e\u3002\u904b\u7528\u5927\u6578\u64da\uff0c\u624d\u80fd\u771f\u6b63\u8b93\u8cfa\u9322\u6301\u7e8c\u767c\u751f\uff01<\/p>\n\n\n\n<div 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