榛???璧板己???昏?

2023-03-15 09:33:06 ?ユ?锛? ?稿?????ョ簿?? 浣???锛? 娴烽??绛?? ?????广??????榫?????瀛?????搴???濞?!--jrj_final_author_end-->

?????稿?缁?璁猴???榛?????涓?涓???璧?灞??э?涓?缁?娴??稿?崇??????灞??с??涓?缇????稿?崇??娴??ㄦ?с??涓?榛?澶╅??稿?崇???块?╂??缁????″??????娴峰?锛??板?村??虹?锛?寰?寰????板??????????娉㈠?ㄥ???块?╂??缁???娓╁?╂?ㄩ???璧板己??姝ゅ?锛?澶??涔????虹????璐?????姹??????甯????稿?╂鼎寮规?уぇ浜???浠峰脊?э?寤鸿??虫敞灞变?榛?????璧ゅ嘲榛??????舵嘲榛?????

?????婚??瀵硅????诧?榛???璧板己???昏?

????1.榛?????涓?涓???璧??昏?

????榛??????绉??规?????璧???绉?锛?瀹??锋??涓?绉???璧?灞??э???????????灞??э?????灞??у???块?╁??э??蜂?????濡?涓?锛?

??????????灞??э?缁?娴?杩????浣块???涓?娑ㄣ??榛?????????灞??т富瑕?浣??板?ㄩ???棣?楗板??宸ヤ??ㄩ???归???姝ゆ?堕???浠锋?艰蛋?夸富瑕?涓?缁?娴?瀹?瑙?褰㈠?挎???筹?褰?瀹?瑙?缁?娴???缁???濂斤?缁?娴?姝ュ?ヨ????舵?锛??╀环涓?娑ㄥ??撮????????????锛?榛???浠锋?煎???涔?涓?娑????涔?浜�>?躲???稿??浠ｈ〃?舵??灏辨??002-2007骞存???达?褰???OMEX榛???浠锋?兼??澶ф定骞?涓?03锛?锛?甯?浼�>?瑰??娌逛负420锛?锛?LME??涓?96锛?锛?LME??涓?46锛???杩??堕???浠锋?煎ぇ娑ㄧ??????????朵腑?藉??????TO锛?绉??????ュ?ㄧ???堕????宸ヤ?绯伙????芥??涓哄?ㄧ??宸ュ??锛?缁?娴?淇???楂???澧??匡?GDP澧???骞冲??淇?????1.2锛?锛?缁?娴??虹?拌???抗璞★??╀环蹇???涓?娑ㄨ??ラ?????舵?锛???绫诲????浠锋?煎ぇ骞?涓?娑??榛???涔?涓?渚?澶???

?????￠????灞??э?缇???璐??间?浣夸互缇???璁′环??榛???涓?娑ㄣ??榛???浣?涓哄??璐甸??灞?锛????や互?ュぉ?跺?锋??????灞??э??界?剁????榛???宸查???烘???娴???锛?浣????ㄥ???藉?介???ㄥ?涓????渚??舵????瑕????ㄥ?璧?浜с??褰???榛???浠ョ???璁′环锛?褰?缇???娴??ㄦ?у??炬????缇???璐??兼?讹?榛???浠锋?艰???涓?娑????涔?浜�>?躲???稿??浠ｈ〃?舵????008骞?0????009骞???锛?褰???OMEX榛???浠锋?肩????浼?绋筹???澶ф定骞?涓?2锛?锛??朵?澶у???????缁??璺???8骞?2??锛?姝ゅ????寮?濮???寮癸?甯?浼�>?瑰??娌规??澶ф定骞?涓?6锛?锛?LME??涓?5锛?锛?LME??涓?1锛???褰??堕???浠锋?间?娑ㄧ????????007骞村??缇??藉凡缁???缁??虹?伴?????烘??浣??挎??????＄??宸ㄩ?浜??????????烘???????2008骞?????涓ゆ?库??婵?涓村??????9???锋?肩?翠骇灏?娆¤捶?辨?虹?????ㄥ??楂?娼??娴??ㄦ?х揣寮?寮???浜??ㄧ??椋??╄?浜х??绯荤??ч??┿??涓虹?瑙ｅ??烘??ㄦ?у????锛?缇????ㄦ??甯??规?灏??哄???╃??????-0.25锛??洪?村苟浣跨?ㄦ?昏?8000浜跨????存?ヨ喘涔板?藉?哄????????甯??虹???瑰?棰???娉ㄥ?ユ??ㄦ?с??褰??剁???涔?杩???璐??硷?缇??????颁?08骞?0???舵??ч???7?硅???????8骞?2??浣???8?癸?绱??璺?骞?杈惧??.9锛????ㄥ?ㄧ??瀹芥?炬??ㄦ?у??缇???璐??艰?????锛?浠ョ???涓鸿?浠峰??浣???榛???浠锋?煎?濮?涓?娑ㄣ??

?????㈤?块?╁??э?榛?澶╅?浜?浠朵?浣块???涓?娑ㄣ???ㄥ?介??涓??虹?版?挎不????浜???缁?娴?????讹???璧????惧??浜?蹇?????浣?椋??╁??濂介??缃????锛?瀵艰?撮??浠峰揩??涓?娑ㄣ???稿??浠ｈ〃?舵??????012骞村??2016骞存??椴???宀?灞??跨揣寮?锛?浠ュ??2022骞翠?涔?浜?浠躲??2012骞?OMEX榛???浠锋?肩疮璁′?娑ㄤ?5锛?锛?骞村????澶ф定骞?杈惧??6锛?锛?褰??堕??浠蜂?娑ㄧ??????????椴???宀?灞??跨揣寮?锛?VIX???????板揩??????锛?骞村????澶ф定骞?杈?7锛???2016骞?OMEX榛???浠锋?肩疮璁′?娑ㄤ?7锛?锛?骞村????澶ф定骞?杈惧??8锛?锛?褰??堕??浠蜂?娑ㄧ??????????椴???宀?灞??垮??搴�>揣寮???2022骞撮????淇?涔?浜?浠剁??????锛?22骞村??3??COMEX榛???浠锋?兼??澶т?娑ㄤ?15锛???

???? ?婚??瀵硅????诧?榛???璧板己???昏?锛??????广??????榫?????瀛?????搴???濞达?

????2.瀹?瑙?瑙?瑙?锛?榛????????????块?╁??у?哥??/STRONG>

????浠????????块?╁??ф?ョ??锛???022骞翠互?ワ?缇???娴??ㄦ?у???块?╅??姹?杞??瀵归???浠锋?间骇??褰卞????浠???璁鸿?搴�=?ヨ?锛?缇??哄????╃??浣?涓鸿　??????榛????轰?????????瑕?????锛?涓?榛???浠锋?煎??ㄦ?捐????璐??稿?虫?с??2022骞村勾??浠ユ?ワ?缇??哄????╃??澶у?涓?琛?锛?浣??ㄤ???骞撮???浠锋?煎苟娌℃??澶у?涓?璺?锛?杩?涓昏?????朵?涔??扮??挎不椋??╁甫?ュ?榛??????块?╅??姹???涔???锛??????块?╅??姹?璧板急锛?缇???娴??ㄦ?у???颁富瀵煎?颁?锛?榛???浠锋?兼??寮?濮????句?璺??????板?诲勾10??锛?缇??介?????版???棰?????娓╋???????????斤?浜?????哄?╃??瑙?椤跺???斤?榛???浠锋?煎????澶磋蛋楂???

????浠?骞翠互?ワ?褰卞??榛???浠锋?肩????绱?涓昏?浠??????娴??ㄦ?с???变?缇??界?娴????????版???ヨ?瓒?棰???锛?2??浠ュ??缇???娴??ㄦ?х????搴�=?剁揣锛?缇??哄????╃??????锛?榛???浠锋?兼??????璋?????????7?ワ?2??浠ユ?ラ???浠锋?间?璺?绾?锛???

???? ?婚??瀵硅????诧?榛???璧板己???昏?锛??????广??????榫?????瀛?????搴???濞达?

????纭?璋烽?惰?椋??╀?浠剁???锛?缇????ㄥ?????????娓╋????跺?ㄧ???块?╂??缁???娓╋?涓ゅぇ??绱????卞???ㄥ??榛???浠锋?笺??3??11?ワ???浜??堕?达?锛?缇??藉??宸???绠℃?烘??瀹ｅ??抽???璋烽?惰?骞剁?辫???兀?娆句??╁???稿??惰?琛??ョ?锛?寮???甯??哄ぇ骞?娉㈠?ㄣ??浠???????锛?纭?璋烽?惰??ㄨ??虹?瀛?娆捐?妯″??灏???璧?浜х?绉?疮澶ч??娴???????典?锛??????哄???浜т????ㄥ????璧????瑰?瀵绘?娴??ㄦ?ф??????????姝や妇寮???甯??哄??惰?涓??靛?虹????蹇э?杈?澶??ㄦ?峰?姹????哄?娆撅?杩?涓?姝ュ??澶т?娴??ㄦ?х??????锛???缁?瀵艰?寸?璋烽?惰??翠骇????杩?涓?浜?浠讹??跺?璐ㄥ????????ㄥ揩?????????????╃????褰卞??涔?涓???

????灏界?缇????ㄥ凡缁?绱ф?ユ?ㄥ?轰??板伐??TFP锛?浣?椋??╀?浠剁??浼?瀵兼??搴????戒????绘?????ㄧ户缁??????????典?锛??烘??璧?浜х???娴??????寰??炬??わ????变??ㄦ?风??淇″?浜х???ㄦ??锛????借?涓?姝ュ?璧疯??虹???璧?????????濡????村?涓?????惰???浠ュ??璧?浜ц??烘???典?纭?璋烽?惰??镐技???烘??锛??介??瑕?琚?揩纭????澶憋?灏?寮?璧锋?村ぇ???辨?恒???辨?锛?椋??╀?浠跺????芥?板?ㄧ????ㄥ?????浼?锛???????13?ワ?10骞存??缇??哄?╃????涓???浣?????.42锛?锛?杈?3??8?ユ?剁??涓?璺?56bp锛????????宸插?濮?淇????

???? ?婚??瀵硅????诧?榛???璧板己???昏?锛??????广??????榫?????瀛?????搴???濞达?

????濡???椋??╄?涓?姝ヨ??寤讹?榛??????块?╁??т?灏?????涓???锛???缇???娴??ㄦ?т???????榛???璧板己?????讹?绔??ㄥ????剁?癸???浠??涓鸿???璀�=???ヨ???朵?娴峰??藉???椋??╀?浠跺?插?伙?濡??板?村??哄?藉???娆ф床浠ュ???ユ?????规??MF缁?璁★??????板?村??烘??绾?370浜跨?????澶??洪??复杩?绾﨎??╋?25锛????板?村??哄?藉??ヨ??哄?″?板???寰?????锛?缇????ㄧ??绱х缉?ㄦ??涓???板?村??虹??涓绘???哄?￠??╁??ㄦ??婕??????????姐?????ㄧ????娆ф床寮辩?娴???楂???????绱ц揣甯???瀹?瑙????涓?锛?娆у???洪?ㄥ??楂??????藉???涓绘???哄?℃?????峰??ㄩ??蹇с???ユ???归????ユ???ュ??拌揩浜??????????惧?YCC?跨?锛??╃??涓??????ユ???垮???璐﨎????????垮?烘??????捐??澧???锛?灞??跺????缇稿急??缁?娴??烘??????辨?寮??????ユ???哄?″?辨?轰?瀛??ㄦ尝???ㄧ???????姐??锛??蜂?????娴烽??绛??ヤ?棰???纭?璋烽?惰???????灏???娴峰?椋??┾????23骞存捣澶??扮????绯诲??1??锛?

???? ?婚??瀵硅????诧?榛???璧板己???昏?锛??????广??????榫?????瀛?????搴???濞达?

????3.琛?涓?瑙?瑙?锛?渚????崇郴??????浠疯蛋寮?/STRONG>

????榛???渚?缁?锛??变?榛?????绋?缂烘?э?渚?缁??挎??杈?涓虹ǔ瀹???榛?????涓昏?渚?缁??ユ?涓洪???跨??浜у?????堕????浜э?22骞村?ㄧ?????夸骇??3612?????澧?1锛?锛?10骞?AGR涓?锛?锛?22骞村?ㄧ?????堕??浜ч??1144?????澧?1锛?锛?10骞?AGR涓?4锛????朵腑锛?22骞?4?ㄧ???夸骇??浜ч??杈?30???????1锛?锛????堕??浜ч??292.3???????1锛???
????榛?????姹?锛???浠??规???娓镐娇?ㄥ?烘???榛?????姹???涓轰??ㄥ??锛?1.浠ラ??楗板?堕????绉???涓轰富??浼?缁???姹?锛?涓昏?搴??ㄤ?娑?璐规??瀹?浣?缁?娴?棰???锛?2.浠ラ???ETF涓轰富????璧???姹?锛?涓昏?搴??ㄤ???璧?棰???锛?3.澶??璐?????姹?锛?涓昏?搴??ㄤ?澶???ㄥ???22 Q4?ㄧ??榛?????姹?杈?337.4?????澧?17锛????朵腑??楗板?堕????姹?杈?02.5???????16锛?锛?绉?????姹?72???????16锛?锛???璧???姹?245.7???????19锛?锛?澶?????朵??烘????姹?417?????澧?1116锛???
????浼?缁???姹?????璧???姹????????ㄣ????浠?????浜??ㄧ??瑙?妯¤?澶х??涓ゆ?????ETF锛??舵??浠???涓???浠峰???版??稿?冲?崇郴???ㄩ??浠蜂?娑?涓?璺??讹?璐?????姹????颁???/涓???瓒??匡???浼?缁???姹??????颁???/涓???瓒??匡???浠??涓猴???璧???姹??????????ㄥ?浼??ㄥ钩?翠???姹????????杩???????浠锋尝?ㄥ?搴嗀?灏???????涔?涓???
????
????澶??璐?????姹??虹?????????榛?????浼?锛?22 Q4澶?????朵??烘??璐?????姹?417?????澧?1116锛??????藉ぎ琛???2骞?1??锛?杩?缁?涓???澧???榛???锛????翠?杩?3骞存?????榛????????诧?????3骞???锛????藉??瑰?ㄥ?璧?浜т腑?辨????6592涓????搁???锛???绾?050??????1.23锛???
??????浠??涓猴??ㄢ?????ㄧ???????????锛??ㄧ??澶??瀵硅揣甯???????富???х????瑙?绋?搴﨎??娓?????锛??轰?绋冲?甯?绉?淇＄?ㄣ??浼???澶?姹??ㄥ?璧?浜х???浠ュ??淇???榛????ㄥ?姹??ㄥ?涓???姣???????锛???浠??璁￠?????瓒?涓绘????璐у???灞??у???缁??告?撅?澶??璐?????姹???淇???楂?浣???浠??翠???姹?瑙?搴�=?ョ??锛??ㄤ?缁???姹?????璧???姹????婚??淇????烘??ǔ瀹??????典?锛?澶??璐??????虹????瀵归??浠蜂骇????????
????4.?稿?虫????锛?灞变?榛?????璧ゅ嘲榛??????舵嘲榛???
????榛????夸??藉?????????浜???浠蜂?琛?锛??ㄤ?缁╁脊?х???╂?ㄤ?锛????稿?╂鼎涓?娑ㄥ?搴�??澶т???浠蜂?娑ㄥ?搴�:??涓????ヨ?锛??夸骇??涓??″??姣?杈?楂?????浣???浜ф?????楂????哄?璐圭?ㄨ?楂??????革????哥??涓?缁╁脊?ц?寮猴??ㄨ??灞变?榛?????璧ゅ嘲榛??????舵嘲榛???锛?寤鸿??虫敞?????夸???涓???榛?????婀???榛???????宸?榛?????
?????ㄤ?????浠峰??璁句?锛???浠??榛????夸???褰?姣????╂鼎杩?琛??????у????锛??烘???娉?涓猴???璁句环?间????搁?娴?褰?姣????╂鼎=?哄?????典????搁?娴?褰?姣????╂鼎+锛???璁句环???哄??浠锋?硷???????????锛?1-??寰?绋???锛????ㄩ??浠蜂?娑?锛??????典?锛?灞变?榛???锛?璧ゅ嘲榛??????舵嘲榛?????褰?姣????╂鼎?????娑?6锛?锛?16锛???9锛?锛????镐?缁╁脊?ф?捐????
????
????浜ч???????碉?
????灞变?榛???锛?????021骞村?锛????告?ユ??9搴у北涓??????垮北锛?4搴у北涓???澶??垮北??2搴ф捣澶??垮北锛???璁￠??璧?婧???1479?????????1280.65????朵腑灞变??????垮北?ㄥ??浣?浜??ㄧ??涓?澶ч?????垮甫-灞变??朵????垮甫锛?璧?婧?绂?璧?浼?寮?????浠??涓猴??ㄩ???⑩??????浜???瑙??????╂?ㄤ?锛????歌?婧?浼??垮????????撅??规?????????告???ユ???垮北椤圭?????杩?灞?锛???浠??璁?2-24骞寸?夸骇??浜ч??39.2/42.8/48.0???????????36.3/39.5/44.4???瀵瑰?澧???61锛?/9锛?/12锛???
????璧ゅ嘲榛???锛?????022骞翠腑?ワ????镐富瑕?榛????ц?″????稿???℃????姣?涓哄?????夸?锛?浜?榫??夸?锛?涓?璞＄?夸????????嗀?ㄣ??????3骞村????????????夸??ㄥ缓椤圭????浜с??涓?璞＄?夸????￠??宸ョ???浜т互???????嗀?ㄧ????缁?缓璁撅?24骞村????????榫??夸??ㄥ缓椤圭????浜с??涓?璞＄?夸????????嗀?ㄧ????缁?缓璁俱????浠??璁★?????2-24骞翠骇??灏?????揪??4.6??17.0??22.8???瀵瑰?????浜ч??11.4 /13.3 /17.8???????浜ч??澧???54.4锛?/16.6锛?/33.3锛???
?????舵嘲榛???锛?璧?婧?浼??挎??缁?浆??涓轰骇??浼??裤????浠??璁″????3-25骞寸?夸骇??浜ч??灏???缁???匡??朵腑23骞翠富瑕?澧???涓洪??娴峰ぇ?存?�?骇?戒慨澶?锛?24骞翠富瑕?澧???涓洪??娴峰ぇ?存?兀?ㄥ缓浜ц?芥??浜э?25骞翠富瑕?澧???涓哄???????挎??浜у????娴峰ぇ?存?�?骇?界???★?棰?璁?3-25骞寸?夸骇??浜ч??灏?杈?.2/9.2/13.2???瀵瑰???????7.8/8.7/11.4???????浜ч??澧???15锛?/12锛?/31锛???
????
????椋??╂??绀猴?缇????ㄨ揣甯??跨?瓒?棰???锛??╀骇杩?灞?涓???棰???锛??????????????锛?涓?娓搁?? 姹?涓???棰?????

?抽?????璇伙? 榛???

璐ｄ换缂?杈?锛???娆?nbsp;RF12607

绮惧僵?ㄨ??

??杞芥?村?

?ㄩ?ㄨ?璁

?轰????

榛???璧板己???昏?

??浜??板井淇?/h3>