\u62db\u5b57\u53f7\u666e\u91d1\u7816\u56db\u90a6\u6307\u6570\u8bc1\u5238\u6295\u8d44\u57fa\u91d1\uff08LOF\uff09\uff08\u4ee5\u4e0b\u7b80\u79f0\u201c\u672c\u57fa\u91d1\u201d\uff09\u7ecf\u4e2d\u90a6\u8bc1\u5238\u76d1\u89c6<\/p>\n
\u5904\u7f6e\u59d4\u5458\u4f1a 2010 \u5e74 9 \u6708 9 \u65e5\u300a\u95ed\u4e8e\u7167\u51c6\u62db\u5b57\u53f7\u666e\u91d1\u7816\u56db\u90a6\u6307\u6570\u8bc1\u5238\u6295\u8d44\u57fa\u91d1\uff08LOF\uff09\u53ec\u52df\u7684<\/p>\n
\u6279\u590d\u300b\uff08\u8bc1\u76d1\u8bb8\u53ef\u5b57\u30142010\u30151244 \u53f7\u6587\uff09\u7167\u51c6\u516c\u7136\u53ec\u52df\u3002\u672c\u57fa\u91d1\u7684\u57fa\u91d1\u5408\u540c\u4e8e 2011 \u5e74 2 \u6708<\/p>\n
\u62db\u5546\u57fa\u91d1\u5904\u7f6e\u6709\u9650\u516c\u53f8\uff08\u4ee5\u4e0b\u79f0\u201c\u672c\u57fa\u91d1\u5904\u7f6e\u4eba\u201d\u6216\u201c\u5904\u7f6e\u4eba\u201d\uff09\u4fdd\u969c\u62db\u52df\u4eff\u5355\u7684\u5b9e\u8d28\u771f\u6b63\u3001\u786e\u5b9e\u3001\u5b8c\u5584\u3002\u672c\u62db\u52df\u4eff\u5355\u7ecf\u4e2d\u90a6\u8bc1\u76d1\u4f1a\u7167\u51c6\uff0c\u4f46\u4e2d\u90a6\u8bc1\u76d1\u4f1a\u5bf9\u672c\u57fa\u91d1\u53ec\u52df\u7684\u7167\u51c6\uff0c\u5e76\u4e0d\u8bc1\u660e\u5176\u5bf9\u672c\u57fa\u91d1\u7684\u4ef7\u94b1\u548c\u6536\u76ca\u4f5c\u51fa\u672c\u8d28\u6027\u5224\u5b9a\u6216\u4fdd\u969c\uff0c\u4e5f\u4e0d\u8bc1\u660e\u6295\u8d44\u4e8e\u672c\u57fa\u91d1\u6ca1\u6709\u5371\u6025\u3002<\/p>\n
\u672c\u57fa\u91d1\u6295\u8d44\u4e8e\u6b63\u5728\u73af\u7403\u56db\u4e2a\u7545\u65fa\u8bc1\u5238\u589f\u5e02\u80a1\u7968\u5f80\u8fd8\u6240\u4e0a\u5e02\u7684\u91d1\u7816\u56db\u90a6\u4e0a\u5e02\u516c\u53f8\u80a1\u7968\uff0c\u57fa\u91d1\u51c0\u503c\u4f1a\u7531\u4e8e\u6240\u6295\u8d44\u8bc1\u5238\u589f\u5e02\u9707\u52a8\u3001\u91d1\u7816\u56db\u90a6\u7ecf\u6d4e\u9707\u52a8\u7b49\u8981\u7d20\u5f62\u6210\u9707\u52a8\u3002\u6295\u8d44\u8005\u6295\u672c\u94b1\u57fa\u91d1\u5927\u6982\u9762\u5bf9\u7684\u5371\u6025\u5305\u542b\uff1a\u4e00\u662f\u73af\u7403\u6295\u8d44\u5371\u6025\uff0c\u5305\u542b\u6d77\u5916\u589f\u5e02\u5371\u6025\u3001\u65b0\u5174\u589f\u5e02\u6295\u8d44\u5371\u6025\u3001\u653f\u5e9c\u7ba1\u5236\u5371\u6025\u3001\u6c47\u7387\u5371\u6025\u3001\u653f\u4e8b\u548c\u6cd5\u4ee4\u5371\u6025\u3001\u53f8\u5e10\u6838\u7b97\u5371\u6025\u3001\u7a0e\u52a1\u5371\u6025\u7b49\uff1b\u4e8c\u662f\u672c\u57fa\u91d1\u6295\u8d44\u5371\u6025\uff0c\u5305\u542b\u6295\u8d44\u6807\u7684\u5371\u6025\u3001\u5229\u7387\u5371\u6025\u3001\u884d\u751f\u54c1\u5371\u6025\u3001\u4fe1\u7528\u5371\u6025\u3001\u6d3b\u52a8\u6027\u5371\u6025\u3001\u5f80\u8fd8\u7ed3\u7b97\u5371\u6025\u3001\u91d1\u878d\u6a21\u5b50\u5371\u6025\u7b49\uff1b\u4e09\u662f\u5904\u7f6e\u5371\u6025\u3001\u64cd\u4f5c\u548c\u672c\u9886\u5371\u6025\u4ee5\u53ca\u4e0d\u6210\u6297\u529b\u5371\u6025\u3002\u672c\u57fa\u91d1\u5c5e\u4e8e\u5177\u6709\u8f83\u9ad8\u5371\u6025\u548c\u8f83\u9ad8\u6536\u76ca\u9884\u671f\u7684\u8bc1\u5238\u6295\u8d44\u57fa\u91d1\u79cd\u7c7b\uff0c\u6295\u8d44\u8005\u6b63\u5728\u6295\u672c\u94b1\u57fa\u91d1\u4e4b\u524d\uff0c\u8bf7\u8be6\u7ec6\u9605\u8bfb\u672c\u57fa\u91d1\u7684\u62db\u52df\u4eff\u5355\u548c\u57fa\u91d1\u5408\u540c\uff0c\u7edf\u7edf\u77e5\u9053\u672c\u57fa\u91d1\u7684\u5371\u6025\u6536\u76ca\u7279\u8d28\u548c\u4ea7\u7269\u6027\u5b50\uff0c\u5e76\u5bbd\u88d5\u7814\u8ba8\u672c\u8eab\u7684\u5371\u6025\u79c9\u627f\u624d\u80fd\uff0c\u7406\u6027\u5224\u5b9a\u589f\u5e02\uff0c\u614e\u91cd\u505a\u51fa\u6295\u8d44\u51b3\u8bae\u3002<\/p>\n
\u57fa\u91d1\u5904\u7f6e\u4eba\u6309\u7167\u606a\u5c3d\u8d1f\u62c5\u3001\u8bda\u7b03\u4fe1\u7528\u3001\u614e\u91cd\u52aa\u529b\u7684\u89c4\u77e9\u5904\u7f6e\u548c\u884c\u4f7f\u57fa\u91d1\u8d44\u4ea7\uff0c\u4f46\u4e0d\u4fdd\u969c\u57fa\u91d1\u5fc5\u7136\u76c8\u4f59\uff0c\u4e5f\u4e0d\u4fdd\u969c\u6700\u4f4e\u6536\u76ca\u3002\u5f53\u6295\u8d44\u4eba\u8d4e\u56de\u65f6\uff0c\u6240\u5f97\u6216\u4f1a\u9ad8\u4e8e\u6216\u4f4e\u4e8e\u6295\u8d44\u4eba\u5148\u524d\u6240\u652f\u62e8\u7684\u91d1\u989d\u3002\u5982\u5bf9\u672c\u62db\u52df\u4eff\u5355\u6709\u4efb\u4f55\u7591\u96be\uff0c\u5e94\u5bfb\u6c42\u72ec\u7acb\u53ca\u4e13\u4e1a\u7684\u8d22\u653f\u4e3b\u5f20\u3002<\/p>\n
\u6295\u8d44\u6709\u5371\u6025\uff0c\u8fc7\u5f80\u529f\u7ee9\u5e76\u4e0d\u9884\u793a\u5176\u5f02\u65e5\u9610\u626c\u3002\u57fa\u91d1\u5904\u7f6e\u4eba\u6240\u5904\u7f6e\u7684\u5176\u5b83\u57fa\u91d1\u7684\u529f\u7ee9\u5e76\u4e0d\u7ec4\u6210\u5bf9\u672c\u57fa\u91d1\u529f\u7ee9\u9610\u626c\u7684\u4fdd\u969c\u3002\u6295\u8d44\u4eba\u6b63\u5728\u8ba4\u8d2d\uff08\u6216\u7533\u8d2d\uff09\u672c\u57fa\u91d1\u65f6\u5e94\u5f53\u771f\u9605\u8bfb\u672c\u62db\u52df\u4eff\u5355\u3002<\/p>\n
\u300a\u57fa\u91d1\u5408\u540c\u300b\u751f\u6548\u540e\uff0c\u57fa\u91d1\u62db\u52df\u4eff\u5355\u8baf\u606f\u53d1\u4f5c\u5e9e\u5927\u8f6c\u79fb\u7684\uff0c\u57fa\u91d1\u5904\u7f6e\u4eba\u8be5\u5f53\u6b63\u5728\u4e09\u4e2a\u4e8b\u52a1\u65e5\u5185\uff0c\u66f4\u65b0\u57fa\u91d1\u62db\u52df\u4eff\u5355\uff0c\u5e76\u520a\u8f7d\u6b63\u5728\u6307\u5b9a\u7f51\u7ad9\u4e0a\u3002\u57fa\u91d1\u62db\u52df\u4eff\u5355\u5176\u4ed6\u8baf\u606f\u53d1\u4f5c\u8f6c\u79fb\u7684\uff0c\u57fa\u91d1\u5904\u7f6e\u4eba\u8d77\u7801\u6bcf\u5e74\u66f4\u65b0\u4e00\u6b21\u3002\u57fa\u91d1\u5408\u540c\u7ec8\u6b62\u7684\uff0c\u57fa\u91d1\u5904\u7f6e\u4eba\u53ef\u80fd\u4e0d\u518d\u66f4\u65b0\u57fa\u91d1\u62db\u52df\u4eff\u5355\u3002<\/p>\n
\u95ed\u4e8e\u57fa\u91d1\u4ea7\u7269\u539f\u6599\u6982\u8981\u7f16\u5236\u3001\u62ab\u9732\u4e0e\u66f4\u65b0\u8bf7\u6c42\uff0c\u81ea\u300a\u8baf\u606f\u62ab\u9732\u6cd5\u5b50\u300b\u5949\u884c\u4e4b\u65e5\u8d77\u4e00\u5e74\u540e\u521d\u6b65\u63a8\u5e7f\u3002<\/p>\n
\u672c\u66f4\u65b0\u62db\u52df\u4eff\u5355\u95ed\u952e\u51ed\u636e\u300a\u8baf\u606f\u62ab\u9732\u6cd5\u5b50\u300b\u548c\u4fee\u8ba2\u540e\u7684\u57fa\u91d1\u5408\u540c\u5bf9\u5b50\u7cfb\u8baf\u606f\u4e3e\u529e\u4e86\u66f4\u65b0\uff0c\u66f4\u65b0\u622a\u6b62\u65e5\u4e3a2020\u5e741\u670811\u65e5\u3002\u9664\u975e\u53e6\u6709\u8bc1\u5b9e\uff0c\u672c\u62db\u52df\u4eff\u5355\u5176\u4ed6\u6240\u8f7d\u5b9e\u8d28\u622a\u6b62\u65e5\u4e3a<\/p>\n
2019 \u5e74 2 \u6708 11 \u65e5\uff0c\u76f8\u95ed\u8d22\u653f\u548c\u529f\u7ee9\u9610\u626c\u6570\u636e\u622a\u6b62\u65e5\u4e3a 2018 \u5e74 12 \u6708 31 \u65e5\uff0c\u8d22\u653f\u548c\u529f\u7ee9\u5916<\/p>\n
\u62db\u5546\u57fa\u91d1\u5904\u7f6e\u6709\u9650\u516c\u53f8\u4e8e 2002 \u5e74 12 \u6708 27 \u65e5\u7ecf\u4e2d\u90a6\u8bc1\u76d1\u4f1a\u8bc1\u76d1\u57fa\u91d1\u5b57[2002]100 \u53f7\u6587<\/p>\n
\u51c6\u8bb8\u8bbe\u7acb\uff0c\u662f\u4e2d\u90a6\u7b2c\u4e00\u5bb6\u4e2d\u5916\u5408\u80a1\u57fa\u91d1\u5904\u7f6e\u516c\u53f8\u3002\u76ee\u524d\u516c\u53f8\u6ce8\u518c\u672c\u94b1\u91d1\u4e3a\u90a6\u6c11\u5e01\u5341\u4e09\u4ebf\u4e00\u4e07\u4e07\u5143\uff08RMB1,310,000,000 \u5143\uff09\uff0c\u80a1\u4e1c\u53ca\u80a1\u6743\u7ec4\u7ec7\u4e3a\uff1a\u62db\u5546\u94f6\u884c\u80a1\u4efd\u6709\u9650\u516c\u53f8\uff08\u4ee5\u4e0b\u7b80\u79f0\u201c\u62db\u5546\u94f6\u884c\u201d\uff09\u6301\u6709\u516c\u53f8\u901a\u76d8\u80a1\u6743\u7684 55%\uff0c\u62db\u5546\u8bc1\u5238\u80a1\u4efd\u6709\u9650\u516c\u53f8\uff08\u4ee5\u4e0b\u7b80\u79f0\u201c\u62db\u5546\u8bc1\u5238\u201d\uff09\u6301\u6709\u516c\u53f8\u901a\u76d8\u80a1\u6743\u7684 45%\u3002<\/p>\n
\u529b\u8d22\u653f\u6709\u9650\u516c\u53f8\u3001\u4e2d\u90a6\u534e\u80fd\u8d22\u653f\u6709\u9650\u8d1f\u62c5\u516c\u53f8\u3001\u4e2d\u8fdc\u8d22\u653f\u6709\u9650\u8d1f\u62c5\u516c\u53f8\u8054\u5408\u6295\u8d44\u7ec4\u7b51\uff0c\u521b\u5236\u65f6\u6ce8\u518c\u672c\u94b1\u91d1\u90a6\u6c11\u5e01\u4e00\u4ebf\u5143\uff0c\u80a1\u4e1c\u53ca\u80a1\u6743\u7ec4\u7ec7\u4e3a\uff1a\u62db\u5546\u8bc1\u5238\u6301\u6709\u516c\u53f8\u901a\u76d8\u80a1\u6743\u7684 40%\uff0cING Asset Management B.V.\uff08\u8377\u5170\u6295\u8d44\uff09\u6301\u6709\u516c\u53f8\u901a\u76d8\u80a1\u6743\u7684 30%\uff0c\u4e2d\u90a6\u7535\u529b\u8d22\u653f\u6709\u9650\u516c\u53f8\u3001\u4e2d\u90a6\u534e\u80fd\u8d22\u653f\u6709\u9650\u8d1f\u62c5\u516c\u53f8\u3001\u4e2d\u8fdc\u8d22\u653f\u6709\u9650\u8d1f\u62c5\u516c\u53f8\u5404\u6301\u6709\u516c\u53f8\u901a\u76d8\u80a1\u6743\u7684 10%\u3002<\/p>\n
2005 \u5e74 4 \u6708\uff0c\u7ecf\u516c\u53f8\u80a1\u4e1c\u4f1a\u5ba1\u8bae\u901a\u8fc7\u5e76\u7ecf\u4e2d\u90a6\u8bc1\u76d1\u4f1a\u6279\u590d\u5141\u8bb8\uff0c\u516c\u53f8\u6ce8\u518c\u672c\u94b1\u91d1\u7531\u4eba<\/p>\n
2007 \u5e74 5 \u6708\uff0c\u7ecf\u516c\u53f8\u80a1\u4e1c\u4f1a\u5ba1\u8bae\u901a\u8fc7\u5e76\u7ecf\u4e2d\u90a6\u8bc1\u76d1\u4f1a\u6279\u590d\u5141\u8bb8\uff0c\u62db\u5546\u94f6\u884c\u53d7\u8ba9\u4e2d\u90a6\u7535<\/p>\n
\u529b\u8d22\u653f\u6709\u9650\u516c\u53f8\u3001\u4e2d\u90a6\u534e\u80fd\u8d22\u653f\u6709\u9650\u8d1f\u62c5\u516c\u53f8\u3001\u4e2d\u8fdc\u8d22\u653f\u6709\u9650\u8d1f\u62c5\u516c\u53f8\u53ca\u62db\u5546\u8bc1\u5238\u5206\u8fa9\u6301<\/p>\n
\u8ba9\u62db\u5546\u8bc1\u5238\u6301\u6709\u7684\u516c\u53f8 3.3\uff05\u7684\u80a1\u6743\u3002\u4e0a\u8ff0\u80a1\u6743\u8ba9\u4e0e\u5b8c\u7ed3\u540e\uff0c\u516c\u53f8\u7684\u80a1\u4e1c\u53ca\u80a1\u6743\u7ec4\u7ec7\u4e3a\uff1a\u62db\u5546\u94f6\u884c\u6301\u6709\u516c\u53f8\u901a\u76d8\u80a1\u6743\u7684 33.4%\uff0c\u62db\u5546\u8bc1\u5238\u6301\u6709\u516c\u53f8\u901a\u76d8\u80a1\u6743\u7684 33.3%\uff0cING AssetManagement B.V.\uff08\u8377\u5170\u6295\u8d44\uff09\u6301\u6709\u516c\u53f8\u901a\u76d8\u80a1\u6743\u7684 33.3%\u3002\u540c\u65f6\uff0c\u516c\u53f8\u6ce8\u518c\u672c\u94b1\u91d1\u7531\u90a6\u6c11\u5e01\u4e00\u4ebf\u516d\u4e07\u4e07\u5143\u8865\u5145\u81f3\u90a6\u6c11\u5e01\u4e8c\u4ebf\u4e00\u4e07\u4e07\u5143\u3002<\/p>\n
2013 \u5e74 8 \u6708\uff0c\u7ecf\u516c\u53f8\u80a1\u4e1c\u4f1a\u5ba1\u8bae\u901a\u8fc7\u5e76\u7ecf\u4e2d\u90a6\u8bc1\u76d1\u4f1a\u6279\u590d\u5141\u8bb8\uff0c ING Asset<\/p>\n
Management B.V.\uff08\u8377\u5170\u6295\u8d44\uff09\u5c06\u5176\u6301\u6709\u7684\u516c\u53f8 21.6%\u80a1\u6743\u8ba9\u4e0e\u7ed9\u62db\u5546\u94f6\u884c\u300111.7%\u80a1\u6743\u8ba9\u4e0e\u7ed9\u62db\u5546\u8bc1\u5238\u3002\u4e0a\u8ff0\u80a1\u6743\u8ba9\u4e0e\u5b8c\u7ed3\u540e\uff0c\u516c\u53f8\u7684\u80a1\u4e1c\u53ca\u80a1\u6743\u7ec4\u7ec7\u4e3a\uff1a\u62db\u5546\u94f6\u884c\u6301\u6709\u901a\u76d8\u80a1\u6743\u768455\uff05\uff0c\u62db\u5546\u8bc1\u5238\u6301\u6709\u901a\u76d8\u80a1\u6743\u7684 45\uff05\u3002<\/p>\n
2017\u5e7412\u6708\uff0c\u7ecf\u516c\u53f8\u80a1\u4e1c\u4f1a\u5ba1\u8bae\u901a\u8fc7\u5e76\u7ecf\u62a5\u5907\u4e2d\u90a6\u8bc1\u76d1\u4f1a\uff0c\u516c\u53f8\u80a1\u4e1c\u62db\u5546\u94f6\u884c\u548c\u62db\u5546\u8bc1\u5238\u6309\u539f\u6709\u80a1\u6743\u6bd4\u4f8b\u5411\u516c\u53f8\u540c\u6bd4\u4f8b\u589e\u8d44\u90a6\u6c11\u5e01\u5341\u4e00\u4ebf\u5143\u3002\u589e\u8d44\u5b8c\u7ed3\u540e\uff0c\u516c\u53f8\u6ce8\u518c\u672c\u94b1\u91d1\u7531\u90a6\u6c11\u5e01\u4e8c\u4ebf\u4e00\u4e07\u4e07\u5143\u8865\u5145\u81f3\u90a6\u6c11\u5e01\u5341\u4e09\u4ebf\u4e00\u4e07\u4e07\u5143\uff0c\u80a1\u4e1c\u53ca\u80a1\u6743\u7ec4\u7ec7\u7a33\u5b9a\u3002<\/p>\n
\u516c\u53f8\u95ed\u952e\u80a1\u4e1c\u62db\u5546\u94f6\u884c\u80a1\u4efd\u6709\u9650\u516c\u53f8\u521b\u5236\u4e8e 1987 \u5e74 4 \u6708 8 \u65e5\u3002\u62db\u5546\u94f6\u884c\u6c38\u8fdc\u50f5\u6301\u201c\u56e0<\/p>\n
\u60a8\u800c\u53d8\u201d\u7684\u89c4\u5212\u4efb\u804c\u7406\u5ff5\uff0c\u5df2\u53d1\u5c55\u4e3a\u4e2d\u90a6\u5883\u5185\u6700\u5177\u54c1\u724c\u5f71\u54cd\u529b\u7684\u8d38\u6613\u94f6\u884c\u4e4b\u4e00\u30022002 \u5e74 4<\/p>\n
\u6708 9 \u65e5\uff0c\u62db\u5546\u94f6\u884c\u6b63\u5728\u4e0a\u6d77\u8bc1\u5238\u5f80\u8fd8\u6240\u4e0a\u5e02\uff08\u80a1\u7968\u4ee3\u7801\uff1a600036\uff09\uff1b2006 \u5e74 9 \u6708 22 \u65e5\uff0c\u62db\u5546<\/p>\n
\u62db\u5546\u8bc1\u5238\u80a1\u4efd\u6709\u9650\u516c\u53f8\u662f\u767e\u5e74\u62db\u5546\u5c40\u96c6\u56e2\u65d7\u4e0b\u7684\u8bc1\u5238\u516c\u53f8\uff0c\u901a\u8fc7\u4f17\u5e74\u521b\u4e1a\u8d77\u8272\uff0c\u5df2\u6210<\/p>\n
\u4e3a\u5177\u6709\u8bc1\u5238\u589f\u5e02\u4ea4\u6613\u5168\u6267\u7167\u7684\u4e00\u6d41\u5238\u5546\u30022009 \u5e74 11 \u6708 17 \u65e5\uff0c\u62db\u5546\u8bc1\u5238\u6b63\u5728\u4e0a\u6d77\u8bc1\u5238\u5f80\u8fd8\u6240<\/p>\n
\u4e0a\u5e02\uff08\u4ee3\u7801 600999\uff09\uff1b2016 \u5e74 10 \u6708 7 \u65e5\uff0c\u62db\u5546\u8bc1\u5238\u6b63\u5728\u9999\u6e2f\u8fde\u5408\u5f80\u8fd8\u6240\u4e0a\u5e02\uff08\u80a1\u4efd\u4ee3\u53f7\uff1a<\/p>\n
\u516c\u53f8\u5c06\u7ee7\u627f\u201c\u8bda\u4fe1\u3001\u7406\u6027\u3001\u4e13\u4e1a\u3001\u56e2\u7ed3\u3001\u53d1\u5c55\u201d\u7684\u7406\u5ff5\uff0c\u4ee5\u201c\u4e3a\u6295\u8d44\u8005\u521b\u4f5c\u66f4\u4f17\u4ef7\u94b1\u201d\u4e3a\u4efb\u52a1\uff0c\u529b\u56fe\u6210\u4e3a\u4e2d\u90a6\u8d44\u4ea7\u5904\u7f6e\u884c\u4e1a\u5177\u6709\u201c\u533a\u522b\u5316\u7ade\u8d5b\u4e0a\u98ce\u3001\u4e00\u6d41\u54c1\u724c\u201d\u7684\u8d44\u4ea7\u5904\u7f6e\u516c\u53f8\u3002<\/p>\n
\u5218\u8f89\u5bc6\u65af\uff0c\u7ecf\u6d4e\u5b66\u7855\u58eb\uff0c\u62db\u5546\u94f6\u884c\u80a1\u4efd\u6709\u9650\u516c\u53f8\u884c\u957f\u52a9\u7406\u30021995 \u5e74 4 \u6708\u63d2\u8db3\u62db\u5546\u94f6\u884c\uff0c<\/p>\n
2010 \u5e74\u81f3 2013 \u5e74\u62c5\u8d1f\u603b\u884c\u94fa\u6392\u8d22\u653f\u90e8\u526f\u603b\u53f8\u7406\uff0c2013 \u5e74\u81f3 2015 \u5e74\u62c5\u8d1f\u603b\u884c\u589f\u5e02\u5371\u6025\u5904\u7f6e<\/p>\n
\u90e8\u603b\u53f8\u7406\uff0c2015 \u5e74\u81f3 2017 \u5e74\u62c5\u8d1f\u603b\u884c\u8d44\u4ea7\u6b20\u503a\u5904\u7f6e\u90e8\u603b\u53f8\u7406\u517c\u603b\u884c\u6295\u8d44\u5904\u7f6e\u90e8\u603b\u53f8\u7406\uff0c2017\u5e7412\u6708\u8d77\u62c5\u8d1f\u603b\u884c\u6295\u884c\u4e0e\u91d1\u878d\u589f\u5e02\u603b\u90e8\u603b\u88c1\u517c\u603b\u884c\u8d44\u4ea7\u5904\u7f6e\u90e8\u603b\u53f8\u7406\u30022019\u5e744\u6708\u8d77<\/p>\n
\u62c5\u8d1f\u62db\u5546\u94f6\u884c\u884c\u957f\u52a9\u7406\u517c\u62db\u5546\u94f6\u884c\u8d44\u4ea7\u5904\u7f6e\u90e8\u603b\u53f8\u7406\uff0c\u540c\u65f6\u517c\u4efb\u62db\u94f6\u91d1\u878d\u79df\u8d41\u6709\u9650\u516c\u53f8\u8463\u4e8b\u3001\u62db\u94f6\u90a6\u9645\u91d1\u878d\u6709\u9650\u516c\u53f8\u8463\u4e8b\u3002\u73b0\u4efb\u516c\u53f8\u8463\u4e8b\u957f\u3002<\/p>\n
\u9093\u6653\u529b\u5bc6\u65af\uff0c\u7ed3\u4e1a\u4e8e\u7f8e\u90a6\u7ebd\u7ea6\u5dde\u7acb\u5927\u5b66\uff0c\u83b7\u7ecf\u6d4e\u5b66\u535a\u58eb\u5b66\u4f4d\u30022001 \u5e74\u63d2\u8db3\u62db\u5546\u8bc1\u5238\uff0c<\/p>\n
\u5e76\u4e8e 2004 \u5e74 1 \u6708\u81f3 2004 \u5e74 12 \u6708\u88ab\u4e2d\u90a6\u8bc1\u76d1\u4f1a\u501f\u8c03\u81f3\u5357\u65b9\u8bc1\u5238\u884c\u653f\u6536\u53d7\u7ec4\u4efb\u6536\u53d7\u6784\u6210\u5458\u3002<\/p>\n
\u6b63\u5728\u63d2\u8db3\u62db\u5546\u8bc1\u5238\u524d\uff0c\u9093\u5bc6\u65af\u66fe\u4efb Citigroup\uff08\u82b1\u65d7\u96c6\u56e2\uff09\u4fe1\u7528\u5371\u6025\u9ad8\u7ea7\u7406\u4f1a\u5e08\u3002\u73b0\u4efb\u62db\u5546\u8bc1\u5238\u80a1\u4efd\u6709\u9650\u516c\u53f8\u526f\u603b\u88c1\uff0c\u5206\u62c5\u62db\u5546\u8d44\u4ea7\u5904\u7f6e\u6709\u9650\u516c\u53f8\u3001\u62db\u5546\u81f4\u8fdc\u672c\u94b1\u6295\u8d44\u6709\u9650\u516c\u53f8\uff1b\u517c\u4efb\u4e2d\u90a6\u8bc1\u5238\u4e1a\u534f\u4f1a\u5371\u6025\u9a7e\u5fa1\u59d4\u5458\u4f1a\u526f\u4e3b\u4efb\u59d4\u5458\u3002\u73b0\u4efb\u516c\u53f8\u526f\u8463\u4e8b\u957f\u3002<\/p>\n
\u91d1\u65ed\u5bc6\u65af\uff0c\u5317\u4eac\u5927\u5b66\u7855\u58eb\u54a8\u8be2\u751f\u30021993\u5e747\u6708\u81f32001\u5e7411\u6708\u6b63\u5728\u4e2d\u90a6\u8bc1\u76d1\u4f1a\u4e8b\u52a1\u30022001<\/p>\n
\u5b9d\u76c8\u57fa\u91d1\u5904\u7f6e\u6709\u9650\u516c\u53f8\u4efb\u603b\u53f8\u7406\u30022006 \u5e74 1 \u6708\u81f3 2007 \u5e74 5 \u6708\u6b63\u5728\u6885\u9686\u73af\u7403\u6295\u8d44\u6709\u9650\u516c\u53f8\u5317\u4eac<\/p>\n
\u4ee3\u5916\u5904\u4efb\u9996\u5e2d\u4ee3\u5916\u30022007 \u5e74 6 \u6708\u81f3 2014 \u5e74 12 \u6708\u62c5\u8d1f\u90a6\u6cf0\u57fa\u91d1\u5904\u7f6e\u6709\u9650\u516c\u53f8\u603b\u53f8\u7406\u30022015<\/p>\n
\u5e74 1 \u6708\u63d2\u8db3\u62db\u5546\u57fa\u91d1\u5904\u7f6e\u6709\u9650\u516c\u53f8\uff0c\u73b0\u4efb\u516c\u53f8\u526f\u8463\u4e8b\u957f\u3001\u603b\u53f8\u7406\u517c\u62db\u5546\u8d44\u4ea7\u5904\u7f6e\uff08\u9999\u6e2f\uff09\u6709\u9650\u516c\u53f8\u8463\u4e8b\u957f\u3002<\/p>\n
\u5434\u51a0\u96c4\u5148\u751f\uff0c\u7855\u58eb\u54a8\u8be2\u751f\uff0c22\u5e74\u6cd5\u4ee4\u4ece\u4e1a\u5c65\u5386\u30021994\u5e748\u6708\u81f31997\u5e749\u6708\u6b63\u5728\u4e2d\u90a6\u5317\u65b9<\/p>\n
\u4efb\u4e2d\u738b\u6cd5\u5f8b\u7167\u6599\u30021999 \u5e74 2 \u6708\u81f3\u4eca\u6b63\u5728\u5317\u4eac\u5e02\u5929\u5143\u72b6\u5e08\u4e8b\u4ef6\u6240\u4e8b\u52a1\uff0c\u5148\u540e\u62c5\u8d1f\u4e13\u804c\u72b6\u5e08\u3001\u4e8b\u4ef6\u6240\u6743\u67c4\u5408\u80a1\u4eba\u3001\u4e8b\u4ef6\u6240\u5904\u7f6e\u5408\u80a1\u4eba\u3001\u4e8b\u4ef6\u6240\u63a8\u5e7f\u4e3b\u4efb\u548c\u5904\u7f6e\u59d4\u5458\u4f1a\u6210\u5458\u30022009 \u5e74 9 \u6708\u81f3\u4eca\u517c\u4efb\u5317\u4eac\u5e02\u534e\u8fdc\u96c6\u56e2\u6709\u9650\u516c\u53f8\u5916\u90e8\u8463\u4e8b\uff0c2016 \u5e74 4 \u6708\u81f3\u4eca\u517c\u4efb\u5317\u4eac\u58a8\u8ff9\u98ce\u4e91\u79d1\u6280\u80a1\u4efd\u6709\u9650\u516c\u53f8\u72ec\u7acb\u8463\u4e8b\uff0c2016 \u5e74 12 \u6708\u81f3\u4eca\u517c\u4efb\u65b0\u4e16\u7eaa\u533b\u7597\u63a7\u80a1\u6709\u9650\u516c\u53f8\uff08\u9999\u6e2f\u8054\u4ea4\u6240\u4e0a\u5e02\u516c\u53f8\uff09\u72ec\u7acb\u8463\u4e8b\uff0c2016\u5e7411\u6708\u81f3\u4eca\u4efb\u4e2d\u90a6\u8bc1\u5238\u76d1\u89c6\u5904\u7f6e\u59d4\u5458\u4f1a\u7b2c\u4e09\u5c4a\u4e0a\u5e02\u516c\u53f8\u5e76\u8d2d\u91cd\u7ec4\u4e13\u5bb6\u7b79\u8bae\u59d4\u5458\u4f1a\u59d4\u5458\u3002\u73b0\u4efb\u516c\u53f8\u72ec\u7acb\u8463\u4e8b\u3002<\/p>\n
\u738b\u8389\u5bc6\u65af\uff0c\u9ad8\u7ea7\u7ecf\u6d4e\u5e08\u3002\u7ed3\u4e1a\u4e8e\u4e2d\u90a6\u90a6\u6c11\u89e3\u653e\u519b\u5916\u90a6\u8bed\u5b66\u9662\uff0c\u5386\u4efb\u4e2d\u90a6\u90a6\u6c11\u89e3\u653e\u519b\u6606\u660e\u519b\u533a\u4e09\u5c40\u58eb\u5175\u3001\u52a9\u7406\u54a8\u8be2\u5458\uff1b\u90a6\u52a1\u9662\u79d1\u6280\u5e72\u90e8\u5c40\u4e8c\u5904\u5e72\u90e8\uff1b\u4e2d\u4fe1\u516c\u53f8\u8d22\u653f\u90e8\u90a6\u9645\u91d1\u878d\u5904\u5e72\u90e8\u3001\u94f6\u884c\u90e8\u8d44\u91d1\u5904\u526f\u5904\u957f\uff1b\u4e2d\u4fe1\u94f6\u884c(\u539f\u4e2d\u4fe1\u5b9e\u4e1a\u94f6\u884c) \u672c\u94b1\u589f\u5e02\u90e8\u603b\u53f8\u7406\u3001\u884c\u957f\u52a9\u7406\u3001\u526f\u884c\u957f\u7b49\u804c\u3002\u73b0\u4efb\u4e2d\u90a6\u8bc1\u5238\u589f\u5e02\u54a8\u8be2\u6253\u7b97\u4e2d\u592e(\u8054\u529e)\u5e38\u52a1\u5e72\u4e8b\u517c\u57fa\u91d1\u90e8\u603b\u53f8\u7406; \u8054\u529e\u63a7\u80a1\u6709\u9650\u516c\u53f8\u8463\u4e8b\u603b\u53f8\u7406\u7b49\u3002\u73b0\u4efb\u516c\u53f8\u72ec\u7acb\u8463\u4e8b\u3002<\/p>\n
\u4f55\u7389\u6167\u5bc6\u65af\uff0c\u52a0\u62ff\u5927\u7687\u540e\u5927\u5b66\u5149\u8363\u5546\u5b66\u58eb\uff0c26 \u5e74\u53f8\u5e10\u4ece\u4e1a\u5c65\u5386\u3002\u66fe\u5148\u540e\u5c31\u804c\u4e8e\u52a0\u62ff\u5927<\/p>\n
2015 \u5e74 9 \u6708\u9000\u606f\u524d\u7cfb\u9999\u6e2f\u6bd5\u9a6c\u5a01\u53f8\u5e10\u5e08\u4e8b\u4ef6\u6240\u91d1\u878d\u4e1a\u5185\u90e8\u5ba1\u8ba1\u3001\u5371\u6025\u5904\u7f6e\u548c\u5408\u89c4\u4efb\u804c\u4e3b\u7ba1<\/p>\n
\u5408\u80a1\u4eba\u30022016 \u5e74 8 \u6708\u81f3\u4eca\u4efb\u6cf0\u5eb7\u4fdd\u969c\u96c6\u56e2\u80a1\u4efd\u6709\u9650\u516c\u53f8\u72ec\u7acb\u8463\u4e8b\uff0c2017 \u5e74 9 \u6708\u81f3\u4eca\u4efb\u6c47\u4e30<\/p>\n
\u524d\u6d77\u8bc1\u5238\u516c\u53f8\u72ec\u7acb\u8463\u4e8b\uff0c\u540c\u65f6\u517c\u4efb\u4f17\u4e2a\u9999\u6e2f\u653f\u5e9c\u673a\u6784\u8f96\u4e0b\u59d4\u5458\u4f1a\u7684\u59d4\u5458\u548c\u9999\u6e2f\u53f8\u5e10\u5e08\u516c\u4f1a\u6b21\u5e8f\u8bc4\u5224\u5c0f\u7ec4\u59d4\u5458\u3002\u73b0\u4efb\u516c\u53f8\u72ec\u7acb\u8463\u4e8b\u3002<\/p>\n
\u5b59\u8c26\u5148\u751f\uff0c\u65b0\u52a0\u5761\u7c4d\uff0c\u7ecf\u6d4e\u5b66\u535a\u58eb\u30021980\u5e74\u81f31991\u5e74\u5148\u540e\u5c31\u8bfb\u4e8e\u5317\u4eac\u5927\u5b66\u3001\u590d\u65e6\u5927\u5b66\u3001<\/p>\n
\u7ecf\u6d4e\u5b66\u535a\u58eb\u5b66\u4f4d\u3002\u66fe\u4efb\u65b0\u52a0\u5761\u5357\u6d0b\u7406\u5de5\u5927\u5b66\u5546\u5b66\u9662\u526f\u6559\u5e08\u3001\u53a6\u95e8\u5927\u5b66\u4efb\u8d22\u653f\u5904\u7f6e\u4e0e\u53f8\u5e10\u54a8\u8be2\u9662\u9662\u957f\u53ca\u7279\u8058\u6559\u5e08\u3001\u4e0a\u6d77\u8bc1\u5238\u5f80\u8fd8\u6240\u9ad8\u7ea7\u63a2\u8bbf\u91d1\u878d\u4e13\u5bb6\u3002\u73b0\u4efb\u590d\u65e6\u5927\u5b66\u5904\u7f6e\u5b66\u9662\u7279\u8058\u6559\u5e08\u548c\u8d22\u653f\u91d1\u878d\u7cfb\u4e3b\u4efb\u3002\u517c\u4efb\u4e0a\u6d77\u8bc1\u5238\u5f80\u8fd8\u6240\uff0c\u4e2d\u90a6\u91d1\u878d\u671f\u8d27\u5f80\u8fd8\u6240\u548c\u4e0a\u6d77\u671f\u8d27\u5f80\u8fd8\u6240\u535a\u58eb\u540e\u4e8b\u52a1\u7ad9\u5bfc\u5e08\uff0c\u79d1\u6280\u90e8\u590d\u65e6\u79d1\u6280\u56ed\u4e2d\u5c0f\u578b\u79d1\u6280\u4f01\u4e1a\u66f4\u59cb\u578b\u878d\u8d44\u5e73\u53f0\u9879\u76ee\u523b\u610f\u4eba\u3002\u73b0\u4efb\u516c\u53f8\u72ec\u7acb\u8463\u4e8b\u3002<\/p>\n
\u8d75\u658c\u5148\u751f\uff0c\u7ed3\u4e1a\u4e8e\u6df1\u5733\u5927\u5b66\u90a6\u9645\u91d1\u878d\u4e13\u4e1a\u3001\u683c\u6797\u5a01\u6cbb\u5927\u5b66\u9879\u76ee\u5904\u7f6e\u4e13\u4e1a\uff0c\u5206\u8fa9\u83b7\u7ecf\u6d4e<\/p>\n
\u5b66\u5b66\u58eb\u5b66\u4f4d\u3001\u7406\u5b66\u7855\u58eb\u5b66\u4f4d\u30021992 \u5e74 7 \u6708\u81f3 1996 \u5e74 4 \u6708\u5386\u4efb\u62db\u5546\u94f6\u884c\u8bc1\u5238\u90e8\u5458\u5de5\u3001\u798f\u7530\u8425<\/p>\n
\u4e1a\u90e8\u5f80\u8fd8\u5ba4\u4e3b\u4efb\uff1b1996 \u5e74 4 \u6708\u81f3 2006 \u5e74 1 \u6708\u5386\u4efb\u62db\u5546\u8bc1\u5238\u80a1\u4efd\u6709\u9650\u516c\u53f8\u6d77\u53e3\u4e70\u5356\u90e8\u3001\u6df1\u5733<\/p>\n
\u9f99\u5c97\u8bc1\u5238\u4e70\u5356\u90e8\u3001\u6df1\u5733\u5357\u5c71\u5357\u6cb9\u5927\u9053\u8bc1\u5238\u4e70\u5356\u90e8\u523b\u610f\u4eba\uff1b2006 \u5e74 1 \u6708\u81f3 2016 \u5e74 1 \u6708\u5386\u4efb\u62db<\/p>\n
\u5546\u8bc1\u5238\u4e2a\u4eba\u5ba2\u6237\u90e8\u603b\u53f8\u7406\u3001\u96f6\u552e\u7ecf\u7eaa\u603b\u90e8\u603b\u53f8\u7406\u3002\u8d75\u658c\u5148\u751f\u4e8e2007\u5e747\u6708\u81f32011\u5e745\u6708\u62c5<\/p>\n
\u4efb\u62db\u5546\u8bc1\u5238\u804c\u5de5\u4ee3\u5916\u76d1\u4e8b\uff0c2008 \u5e74 7 \u6708\u8d77\u62c5\u8d1f\u62db\u5546\u671f\u8d27\u6709\u9650\u516c\u53f8\u8463\u4e8b\uff0c2015 \u5e74 7 \u6708\u8d77\u62c5\u8d1f<\/p>\n
\u62db\u5546\u8bc1\u5238\u8d44\u4ea7\u5904\u7f6e\u6709\u9650\u516c\u53f8\u8463\u4e8b\u30022016 \u5e74 1 \u6708\u81f3 2018 \u5e74 11 \u6708\uff0c\u62c5\u8d1f\u62db\u5546\u8bc1\u5238\u5408\u89c4\u603b\u76d1\u3001<\/p>\n
\u7eaa\u59d4\u4e66\u8bb0\uff0c2018 \u5e74 11 \u6708\u8d77\u62c5\u8d1f\u62db\u5546\u8bc1\u5238\u526f\u603b\u88c1\u3002\u73b0\u4efb\u516c\u53f8\u76d1\u4e8b\u4f1a\u4e3b\u5e2d\u3002<\/p>\n
\u5f6d\u5bb6\u6587\u5148\u751f\uff0c\u4e2d\u5357\u8d22\u7ecf\u5927\u5b66\u90a6\u6c11\u7ecf\u6d4e\u94fa\u6392\u5b66\u4e13\u4e1a\u672c\u79d1\uff0c\u6b66\u6c49\u5927\u5b66\u76d8\u7b97\u63a8\u7b97\u673a\u8f6f\u4ef6\u4e13\u4e1a\u672c\u79d1\u30022001 \u5e74 9 \u6708\u63d2\u8db3\u62db\u5546\u94f6\u884c\u3002\u5386\u4efb\u62db\u5546\u94f6\u884c\u603b\u884c\u94fa\u6392\u8d44\u91d1\u90e8\u53f8\u7406\u3001\u9ad8\u7ea7\u53f8\u7406\uff0c\u94fa\u6392\u8d22\u653f\u90e8\u603b\u53f8\u7406\u52a9\u7406\u3001\u526f\u603b\u53f8\u7406\u30022011\u5e7411\u6708\u8d77\u4efb\u96f6\u552e\u5f52\u7eb3\u5904\u7f6e\u90e8\u526f\u603b\u53f8\u7406\u3001\u603b\u53f8\u7406\u30022014\u5e746\u6708\u8d77\u4efb\u96f6\u552e\u91d1\u878d\u603b\u90e8\u526f\u603b\u53f8\u7406\u3001\u526f\u603b\u88c1\u30022016 \u5e74 2 \u6708\u8d77\u4efb\u96f6\u552e\u91d1\u878d\u603b\u90e8\u526f\u603b\u88c1\u517c\u603b\u884c\u96f6\u552e\u4fe1\u8d37<\/p>\n
\u90e8\u603b\u53f8\u7406\u30022017 \u5e74 3 \u6708\u8d77\u4efb\u62db\u5546\u94f6\u884c\u90d1\u5dde\u5206\u884c\u884c\u957f\u30022018 \u5e74 1 \u6708\u8d77\u4efb\u603b\u884c\u8d44\u4ea7\u6b20\u503a\u5904\u7f6e\u90e8<\/p>\n
\u7f57\u7433\u5bc6\u65af\uff0c\u53a6\u95e8\u5927\u5b66\u7ecf\u6d4e\u5b66\u7855\u58eb\u30021996 \u5e74\u63d2\u8db3\u62db\u5546\u8bc1\u5238\u80a1\u4efd\u6709\u9650\u516c\u53f8\u6295\u8d44\u94f6\u884c\u90e8\uff0c\u5148<\/p>\n
\u540e\u62c5\u8d1f\u9879\u76ee\u53f8\u7406\u3001\u9ad8\u7ea7\u53f8\u7406\u3001\u4ea4\u6613\u8463\u4e8b\uff1b2002 \u5e74\u8d77\u4ecb\u5165\u62db\u5546\u57fa\u91d1\u5904\u7f6e\u6709\u9650\u516c\u53f8\u7b79\u5212\uff0c\u516c\u53f8\u521b\u5236\u540e\u5148\u540e\u62c5\u8d1f\u57fa\u91d1\u6838\u7b97\u90e8\u9ad8\u7ea7\u53f8\u7406\u3001\u4ea7\u7269\u7814\u53d1\u90e8\u9ad8\u7ea7\u53f8\u7406\u3001\u526f\u603b\u76d1\u3001\u603b\u76d1\u3001\u4ea7\u7269\u8fd0\u8425\u5b98\uff0c\u73b0\u4efb\u9996\u5e2d\u589f\u5e02\u5b98\u517c\u589f\u5e02\u589e\u6dfb\u90e8\u603b\u76d1\u3001\u6e20\u9053\u8d44\u4ea7\u5904\u7f6e\u90e8\u603b\u76d1 \u3001\u516c\u53f8\u76d1\u4e8b\u3002<\/p>\n
\u9c81\u4e39\u5bc6\u65af\uff0c\u4e2d\u5c71\u5927\u5b66\u90a6\u9645\u5de5\u5546\u5904\u7f6e\u7855\u58eb\uff1b2001 \u5e74\u63d2\u8db3\u7f8e\u7684\u96c6\u56e2\u80a1\u4efd\u6709\u9650\u516c\u53f8\u4efb Oracle<\/p>\n
ERP\u7f16\u5236\u5949\u884c\u7167\u6599\uff1b2005\u5e745\u6708\u81f32006\u5e7412\u6708\u4e8e\u97ec\u777f\u60e0\u60a6\u7b79\u8bae\u6709\u9650\u516c\u53f8\u4efb\u7b79\u8bae\u7167\u6599\uff1b2006<\/p>\n
\u4efb\u500d\u667a\u4eba\u624d\u5904\u7f6e\u7b79\u8bae\u6709\u9650\u516c\u53f8\u9996\u5e2d\u8fd0\u8425\u5b98\uff1b\u73b0\u4efb\u62db\u5546\u57fa\u91d1\u5904\u7f6e\u6709\u9650\u516c\u53f8\u653f\u7b56\u4e0e\u4eba\u529b\u8d44\u6e90\u603b\u76d1\u517c\u4eba\u529b\u8d44\u6e90\u90e8\u603b\u76d1\u3001\u516c\u53f8\u76d1\u4e8b\uff0c\u517c\u4efb\u62db\u5546\u8d44\u4ea7\u8d44\u4ea7\u5904\u7f6e\u6709\u9650\u516c\u53f8\u8463\u4e8b\u3002<\/p>\n
\u674e\u626c\u5148\u751f\uff0c\u91cd\u5fc3\u8d22\u7ecf\u5927\u5b66\u7ecf\u6d4e\u5b66\u7855\u58eb\uff0c2002 \u5e74\u63d2\u8db3\u62db\u5546\u57fa\u91d1\u5904\u7f6e\u6709\u9650\u516c\u53f8\uff0c\u5386\u4efb\u57fa\u91d1<\/p>\n
\u6838\u7b97\u90e8\u9ad8\u7ea7\u53f8\u7406\u3001\u526f\u603b\u76d1\u3001\u603b\u76d1\uff0c\u73b0\u4efb\u4ea7\u7269\u8fd0\u8425\u5b98\u517c\u4ea7\u7269\u7814\u53d1\u4e00\u90e8\u603b\u76d1\u3001\u516c\u53f8\u76d1\u4e8b\u3002<\/p>\n
\u949f\u6587\u5cb3\u5148\u751f\uff0c\u5e38\u52a1\u526f\u603b\u53f8\u7406\uff0c\u53a6\u95e8\u5927\u5b66\u7ecf\u6d4e\u5b66\u7855\u58eb\u30021992 \u5e74 7 \u6708\u81f3 1997 \u5e74 4 \u6708\u4e8e\u4e2d\u90a6<\/p>\n
\u6751\u843d\u8d77\u8272\u76f8\u4fe1\u6295\u8d44\u516c\u53f8\u4efb\u798f\u7b51\uff08\u96c6\u56e2\uff09\u516c\u53f8\u90a6\u9645\u4ea4\u6613\u90e8\u53f8\u7406\uff1b1997 \u5e74 4 \u6708\u81f3 2000 \u5e74 1 \u6708\u4e8e<\/p>\n
\u7533\u94f6\u4e07\u90a6\u8bc1\u5238\u80a1\u4efd\u6709\u9650\u516c\u53f8\u4efb\u4e5d\u6c5f\u4e70\u5356\u90e8\u603b\u53f8\u7406\uff1b2000 \u5e74 1 \u6708\u81f3 2001 \u5e74 1 \u6708\u4efb\u53a6\u95e8\u6d77\u53d1\u6295<\/p>\n
\u8d44\u80a1\u4efd\u6709\u9650\u516c\u53f8\u603b\u53f8\u7406\uff1b2001 \u5e74 1 \u6708\u81f3 2004 \u5e74 1 \u6708\u4efb\u6df1\u5733\u4e8c\u5341\u4e00\u4e16\u7eaa\u5371\u6025\u6295\u8d44\u516c\u53f8\u526f\u603b\u7ecf<\/p>\n
6\u6708\u4efb\u62db\u5546\u94f6\u884c\u80a1\u4efd\u6709\u9650\u516c\u53f8\u6295\u8d44\u5904\u7f6e\u90e8\u603b\u53f8\u7406\uff1b2015\u5e746\u6708\u63d2\u8db3\u62db\u5546\u57fa\u91d1\u5904\u7f6e\u6709\u9650\u516c\u53f8\uff0c\u73b0\u4efb\u516c\u53f8\u5e38\u52a1\u526f\u603b\u53f8\u7406\u517c\u62db\u5546\u8d44\u4ea7\u8d44\u4ea7\u5904\u7f6e\u6709\u9650\u516c\u53f8\u8463\u4e8b\u3002<\/p>\n
\u6c99\u9a8e\u5148\u751f\uff0c\u526f\u603b\u53f8\u7406\uff0c\u5357\u4eac\u901a\u8baf\u5de5\u7a0b\u5b66\u9662\u5de5\u5b66\u7855\u58eb\u30022000\u5e7411\u6708\u63d2\u8db3\u5b9d\u76c8\u57fa\u91d1\u5904\u7f6e\u6709<\/p>\n
\u9650\u516c\u53f8\uff0c\u5386\u4efb TMT \u884c\u4e1a\u54a8\u8be2\u5458\u3001\u57fa\u91d1\u53f8\u7406\u52a9\u7406\u3001\u5f80\u8fd8\u4e3b\u7ba1\uff1b2008 \u5e74 2 \u6708\u63d2\u8db3\u90a6\u6cf0\u57fa\u91d1\u5904\u7f6e<\/p>\n
\u6709\u9650\u516c\u53f8\uff0c\u5386\u4efb\u5f80\u8fd8\u90e8\u603b\u76d1\u3001\u54a8\u8be2\u90e8\u603b\u76d1\uff0c\u6295\u8d44\u603b\u76d1\u517c\u57fa\u91d1\u53f8\u7406\uff0c\u91cf\u5316&\u4fdd\u672c\u6295\u8d44\u804c\u4e1a\u90e8\u603b\u53f8\u7406\uff1b2015 \u5e74\u63d2\u8db3\u62db\u5546\u57fa\u91d1\u5904\u7f6e\u6709\u9650\u516c\u53f8\uff0c\u73b0\u4efb\u516c\u53f8\u526f\u603b\u53f8\u7406\u517c\u62db\u5546\u8d44\u4ea7\u5904\u7f6e\uff08\u9999\u6e2f\uff09\u6709\u9650\u516c\u53f8\u8463\u4e8b\u3002<\/p>\n
\u6b27\u5fd7\u660e\u5148\u751f\uff0c\u526f\u603b\u53f8\u7406\uff0c\u534e\u4e2d\u79d1\u6280\u5927\u5b66\u7ecf\u6d4e\u5b66\u53ca\u6cd5\u5b66\u53cc\u5b66\u58eb\u3001\u6295\u8d44\u7ecf\u6d4e\u7855\u58eb\u30022002 \u5e74<\/p>\n
\u63d2\u8db3\u5e7f\u53d1\u8bc1\u5238\u6df1\u5733\u4ea4\u6613\u603b\u90e8\u4efb\u673a\u6784\u5ba2\u6237\u53f8\u7406\uff1b2003 \u5e74 4 \u6708\u81f3 2004 \u5e74 7 \u6708\u4e8e\u5e7f\u53d1\u8bc1\u5238\u603b\u90e8\u4efb<\/p>\n
\u5371\u6025\u9a7e\u5fa1\u5c97\u4ece\u4e8b\u5371\u6025\u5904\u7f6e\u4e8b\u52a1\uff1b2004 \u5e74 7 \u6708\u63d2\u8db3\u62db\u5546\u57fa\u91d1\u5904\u7f6e\u6709\u9650\u516c\u53f8\uff0c\u66fe\u4efb\u6cd5\u4ee4\u5408\u89c4\u90e8\u9ad8\u7ea7\u53f8\u7406\u3001\u526f\u603b\u76d1\u3001\u603b\u76d1\u3001\u7763\u5bdf\u957f\uff0c\u73b0\u4efb\u516c\u53f8\u526f\u603b\u53f8\u7406\u3001\u8463\u4e8b\u4f1a\u79d8\u4e66\uff0c\u517c\u4efb\u62db\u5546\u8d44\u4ea7\u8d44\u4ea7\u5904\u7f6e\u6709\u9650\u516c\u53f8\u8463\u4e8b\u517c\u62db\u5546\u8d44\u4ea7\u5904\u7f6e\uff08\u9999\u6e2f\uff09\u6709\u9650\u516c\u53f8\u8463\u4e8b\u3002<\/p>\n
\u6768\u6e3a\u5148\u751f\uff0c\u526f\u603b\u53f8\u7406\uff0c\u7ecf\u6d4e\u5b66\u7855\u58eb\u30022002 \u5e74\u8d77\u5148\u540e\u5c31\u804c\u4e8e\u5357\u65b9\u8bc1\u5238\u80a1\u4efd\u6709\u9650\u516c\u53f8\u3001\u5de8<\/p>\n
\u7530\u57fa\u91d1\u5904\u7f6e\u6709\u9650\u516c\u53f8\uff0c\u5386\u4efb\u91d1\u878d\u5de5\u7a0b\u54a8\u8be2\u5458\u3001\u884c\u4e1a\u54a8\u8be2\u5458\u3001\u52a9\u7406\u57fa\u91d1\u53f8\u7406\u30022005 \u5e74\u63d2\u8db3\u62db\u5546\u57fa\u91d1\u5904\u7f6e\u6709\u9650\u516c\u53f8\uff0c\u5386\u4efb\u9ad8\u7ea7\u6570\u76ee\u7406\u4f1a\u5e08\u3001\u6295\u8d44\u53f8\u7406\u3001\u6295\u8d44\u5904\u7f6e\u4e8c\u90e8(\u539f\u4e13\u6237\u8d44\u4ea7\u6295\u8d44\u90e8)\u523b\u610f\u4eba\u53ca\u603b\u53f8\u7406\u52a9\u7406\uff0c\u73b0\u4efb\u516c\u53f8\u526f\u603b\u53f8\u7406\u3002<\/p>\n
\u6f58\u897f\u91cc\u5148\u751f\uff0c\u7763\u5bdf\u957f\uff0c\u6cd5\u5b66\u7855\u58eb\u30021998 \u5e74\u63d2\u8db3\u5927\u9e4f\u8bc1\u5238\u6709\u9650\u8d1f\u62c5\u516c\u90a6\u6cd5\u5f8b\u90e8\uff0c\u523b\u610f\u6cd5<\/p>\n
\u52a1\u4e8b\u52a1\uff1b2001\u5e7410\u6708\u63d2\u8db3\u5929\u540c\u57fa\u91d1\u5904\u7f6e\u6709\u9650\u516c\u53f8\u76d1\u5bdf\u8003\u5bdf\u90e8\uff0c\u4efb\u804c\u4e3b\u7ba1\uff1b2003\u5e742\u6708\u63d2\u8db3\u4e2d\u90a6\u8bc1\u5238\u76d1\u89c6\u5904\u7f6e\u59d4\u5458\u4f1a\u6df1\u5733\u62d8\u62bc\u5c40\uff0c\u5386\u4efb\u526f\u4e3b\u4efb\u79d1\u5458\u3001\u4e3b\u4efb\u79d1\u5458\u3001\u526f\u5904\u957f\u53ca\u5904\u957f\uff1b2015\u5e74\u63d2\u8db3\u62db\u5546\u57fa\u91d1\u5904\u7f6e\u6709\u9650\u516c\u53f8\uff0c\u73b0\u4efb\u516c\u53f8\u7763\u5bdf\u957f\u3002<\/p>\n
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\u7406\uff08\u5904\u7f6e\u671f\u95f4\uff1a2016 \u5e74 11 \u6708 8 \u65e5\u81f3\u4eca\uff09\u3001\u62db\u5546\u73af\u7403\u8d44\u6e90\u80a1\u7968\u578b\u8bc1\u5238\u6295\u8d44\u57fa\u91d1\u57fa\u91d1\u53f8\u7406\uff08\u7ba1<\/p>\n
\u7406\u671f\u95f4\uff1a2016 \u5e74 11 \u6708 8 \u65e5\u81f3\u4eca\uff09\u3001\u62db\u5b57\u53f7\u666e\u91d1\u7816\u56db\u90a6\u6307\u6570\u8bc1\u5238\u6295\u8d44\u57fa\u91d1(LOF)\u57fa\u91d1\u53f8\u7406\uff08\u7ba1<\/p>\n
\u7406\u671f\u95f4\uff1a2016 \u5e74 11 \u6708 8 \u65e5\u81f3\u4eca\uff09\u3001\u62db\u5546\u6caa\u6e2f\u6df1\u79d1\u6280\u66f4\u59cb\u5927\u65e8\u7cbe\u9009\u6d3b\u8dc3\u7b51\u8bbe\u6400\u548c\u578b\u8bc1\u5238\u6295\u8d44<\/p>\n
\u57fa\u91d1\u57fa\u91d1\u53f8\u7406\uff08\u5904\u7f6e\u671f\u95f4\uff1a2017 \u5e74 5 \u6708 13 \u65e5\u81f3\u4eca\uff09\u3001\u62db\u5546 MSCI \u4e2d\u90a6 A \u80a1\u90a6\u9645\u901a\u6307\u6570\u578b\u8bc1<\/p>\n
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\u4e2d\u90a6\u94f6\u884c\u6258\u7ba1\u4ea4\u6613\u90e8\u8bbe\u7acb\u4e8e 1998 \u5e74\uff0c\u73b0\u6709\u5458\u5de5 110 \u4f59\u4eba\uff0c\u5927\u5c40\u90e8\u5458\u4e1c\u897f\u6709\u4e30\u76db\u7684\u94f6\u884c\u3001<\/p>\n
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\u622a\u81f32018\u5e7412\u670831\u65e5\uff0c\u4e2d\u90a6\u94f6\u884c\u5df2\u6258\u7ba1700\u53ea\u8bc1\u5238\u6295\u8d44\u57fa\u91d1\uff0c\u4e2a\u4e2d\u5883\u5185\u57fa\u91d1662\u53ea\uff0cQDII \u57fa\u91d1 38 \u53ea\uff0c\u7b3c\u7f69\u4e86\u80a1\u7968\u578b\u3001\u503a\u5238\u578b\u3001\u6400\u548c\u578b\u3001\u94b1\u5e01\u578b\u3001\u6307\u6570\u578b\u3001FOF \u7b49\u4f17\u54c1\u79cd\u578b\u7684\u57fa\u91d1\uff0c\u990d\u8db3\u4e86\u5206\u6b67\u5ba2\u6237\u4f17\u5143\u5316\u7684\u6295\u8d44\u7406\u8d22\u9700\u6c42\uff0c\u57fa\u91d1\u6258\u7ba1\u8303\u56f4\u4f4d\u5c45\u540c\u884c\u524d\u54e8\u3002<\/p>\n
\u4e2d\u90a6\u94f6\u884c(\u9999\u6e2f)\u6709\u9650\u516c\u53f8\uff08\u201c\u4e2d\u94f6\u9999\u6e2f\u201d\uff09\u65e9\u4e8e 1964 \u5e74\u521b\u5236\uff0c\u5e76\u6b63\u5728 2001 \u5e74 10 \u6708 1 \u65e5<\/p>\n
\u6b63\u5f0f\u91cd\u7ec4\u4e3a\u4e2d\u90a6\u94f6\u884c(\u9999\u6e2f)\u6709\u9650\u516c\u53f8\uff0c\u662f\u4e00\u5bb6\u6b63\u5728\u9999\u6e2f\u6ce8\u518c\u7684\u6301\u724c\u94f6\u884c\u3002\u5176\u63a7\u80a1\u516c\u53f8-\u4e2d\u94f6\u9999<\/p>\n
\u6e2f(\u63a7\u80a1)\u6709\u9650\u516c\u53f8\uff08\u201c\u4e2d\u94f6\u9999\u6e2f(\u63a7\u80a1)\u201d\uff09-\u5219\u4e8e 2001 \u5e74 2 \u65e5\u6b63\u5728\u9999\u6e2f\u6ce8\u518c\u521b\u5236\uff0c\u5e76\u4e8e 2002<\/p>\n
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\u622a\u81f3 2017 \u5c81\u665a\uff0c\u4e2d\u94f6\u9999\u6e2f(\u63a7\u80a1)\u6709\u9650\u516c\u53f8\u7684\u603b\u8d44\u4ea7\u9ad8\u51fa 23\uff0c399 \u4ebf\u6e2f\u5143\uff0c\u672c\u94b1\u603b\u989d\u8d85<\/p>\n
\u8fc7 2,417.4 \u4ebf\u6e2f\u5143, \u603b\u672c\u94b1\u6bd4\u7387\u4e3a 21.76%\u3002\u4e2d\u94f6\u9999\u6e2f(\u63a7\u80a1)\u7684\u8d22\u653f\u6c14\u529b\u53ca\u53cc A \u7ea7\u4fe1\u7528\u8bc4\u7ea7\uff0c<\/p>\n
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QDII \u4ea7\u7269\u4e4b\u5883\u5916\u6258\u7ba1\u884c\uff0c\u4e8e 2007 \u5e74\u88ab\u59d4\u4efb\u4e3a\u90a6\u5185\u9996\u53ea\u5238\u5546\u7c7b QDII \u96c6\u6210\u94fa\u6392\u4e4b\u5883\u5916\u6258\u7ba1\u884c\uff0c<\/p>\n
\u53e6\u4e8e 2010 \u5e74\u4efb\u804c\u589f\u5e02\u9996\u5b97\u7684\u8de8\u5883 QDII-ETF \u7b49; \u81f3\u4e8e\u4efb\u804c\u5883\u5916\u673a\u6784\u5ba2\u6237\u65b9\u9762\u4ea6\u6210\u6548\u660e\u663e :<\/p>\n
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\u6210\u4e3a\u589f\u5e02\u4e0a\u9996\u5bb6\u4efb\u804c\u5546(2010 \u5e74 8 \u6708)<\/p>\n
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\u622a\u81f3 2017 \u5c81\u665a\uff0c\u4e2d\u94f6\u9999\u6e2f(\u63a7\u80a1)\u7684\u6258\u7ba1\u8d44\u4ea7\u8303\u56f4\u8fbe 11\uff0c623 \u4ebf\u6e2f\u5143\u3002<\/p>\n
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\u9ec4\u5bc6\u65af\u4e8e\u9999\u6e2f\u5927\u5b66\u7ed3\u4e1a\uff0c\u5e76\u8d62\u5f97\u82f1\u90a6 Heriot-Watt University \u7684\u5de5\u5546\u5904\u7f6e\u7855\u58eb\u53ca\u82f1<\/p>\n
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\u7f16\u5236\u53ef\u76f8\u5bb9\u4f17\u79cd\u94b1\u5e01\u3001\u4f17\u79cd\u672c\u94b1\u8ba2\u4ef7\u6cd5\u53ca\u4f17\u79cd\u53f8\u5e10\u6838\u7b97\u6cd5\uff0c\u4ee5\u990d\u8db3\u5206\u6b67\u673a\u6784\u5ba2\u6237\u53ca\u5404\u79cd\u57fa\u91d1\u7684\u9700\u6c42\u3002\u7f16\u5236\u4e0a\u98ce\u5305\u542b: \u4f17\u79cd\u94b1\u5e01\uff1b\u4f17\u79cd\u5206\u7c7b\uff1b\u53ca\u65f6\u66f4\u65b0\uff1b\u6491\u6301\u5f3a\u5927\u6570\u636e\u91cf\uff1b\u7b80\u6377\u64cd\u4f5c,\u4fbf\u5f53\u7528\u6237\u3002\u7f16\u5236\u6240\u6491\u6301\u7684\u6838\u7b97\u683c\u5f0f\u5305\u542b: \u6743\u91cd\u5747\u5300(Weighted Average)\uff1b\u540e\u5165\u5148\u51fa(LIFO)\uff1b\u5148\u5165\u5148\u51fa(FIFO)\uff1b\u5176\u5b83\u683c\u5f0f\u53ef\u7ecf\u4e0e\u5ba2\u6237\u78cb\u5546\u540e\u5949\u884c\u3002\u7f16\u5236\u6240\u6491\u6301\u7684\u4f30\u503c\u683c\u5f0f\u6709: \u4ee5\u589f\u5e02\u4ee3\u4ef7\u6807\u660e (Marking to Market)\uff1b\u672c\u94b1\u6cd5\uff1b\u672c\u94b1\u6216\u589f\u5e02\u4ef7\u7684\u8f83\u4f4e\u8005\uff1b\u5165\u4ef7\u4e0e\u51fa\u4ef7(Bid andoffer)\uff1b\u5206\u671f\u5f52\u8fd8(Amortization)\uff1b\u542b\u606f\u6216\u9664\u606f(Clean\/dirty)\uff1b\u53ca\u5176\u5b83\u51ed\u636e\u8bc1\u5238\u79cd\u522b\u7684\u7834\u4f8b\u4f30\u503c\u7b49\u3002<\/p>\n
\u6240\u5728\uff1a\u4e0a\u6d77\u5e02\u6d66\u4e1c\u65b0\u533a\u9646\u5bb6\u5634\u73af\u9053 1088 \u53f7\u4e0a\u6d77\u62db\u5546\u94f6\u884c\u5927\u53a6\u5357\u5854 15 \u697c<\/p>\n
\u6240\u5728\uff1a\u4e0a\u6d77\u5e02\u6d66\u4e1c\u65b0\u533a\u9646\u5bb6\u5634\u73af\u9053 1088 \u53f7\u4e0a\u6d77\u62db\u5546\u94f6\u884c\u5927\u53a6\u5357\u5854 15 \u697c<\/p>\n
\u6240\u5728\uff1a\u6df1\u5733\u5e02\u798f\u7530\u533a\u6df1\u5357\u5927\u9053 6019 \u53f7\u91d1\u6da6\u5927\u53a6 11 \u5c42\u62db\u5546\u57fa\u91d1\u5ba2\u6237\u4efb\u804c\u90e8\u76f4\u9500\u67dc\u53f0<\/p>\n
\u6c5f\u82cf\u6c5f\u5357\u6751\u843d\u8d38\u6613\u94f6\u884c\u80a1\u4efd\u6709\u9650\u516c\u53f8 \u6ce8\u518c\u6240\u5728\uff1a\u5e38\u5dde\u5e02\u5929\u5b81\u533a\u5ef6\u5b81\u4e2d\u9053 668 \u53f7<\/p>\n
\u4e2d\u4fe1\u7b51\u6295\u8bc1\u5238\u80a1\u4efd\u6709\u9650\u516c\u53f8 \u6ce8\u518c\u6240\u5728\uff1a\u5317\u4eac\u5e02\u671d\u9633\u533a\u5b89\u7acb\u9053 66 \u53f7 4 \u53f7<\/p>\n
\u7533\u4e07\u5b8f\u6e90\u8bc1\u5238\u6709\u9650\u516c\u53f8\uff08\u539f\u7533\u94f6\u4e07\u90a6\u8bc1\u5238\uff09 \u6ce8\u518c\u6240\u5728\uff1a\u4e0a\u6d77\u5e02\u5f90\u6c47\u533a\u957f\u4e50\u9053 989 \u53f7 45<\/p>\n
\u4e2d\u4fe1\u8bc1\u5238\uff08\u5c71\u4e1c\uff09\u6709\u9650\u8d1f\u62c5\u516c\u53f8\uff08\u539f\u4e2d\u4fe1\u4e07 \u6ce8\u518c\u6240\u5728\uff1a\u9752\u5c9b\u5e02\u5d02\u5c71\u533a\u6df1\u5733\u9053 222 \u53f7\u9752<\/p>\n
\u7533\u4e07\u5b8f\u6e90\u897f\u90e8\u8bc1\u5238\u6709\u9650\u516c\u53f8\uff08\u539f\u5b8f\u6e90\u8bc1\u5238\uff09 \u6ce8\u518c\u6240\u5728\uff1a\u65b0\u7586\u4e4c\u9c81\u6728\u9f50\u5e02\u9ad8\u65b0\u533a\uff08\u65b0\u5e02<\/p>\n
\u4e5d\u5dde\u8bc1\u5238\u80a1\u4efd\u6709\u9650\u516c\u53f8\uff08\u539f\u5929\u6e90\u8bc1\u5238\uff09 \u6ce8\u518c\u6240\u5728\uff1a\u9752\u6d77\u7701\u897f\u5b81\u5e02\u957f\u6c5f\u9053 53 \u53f7\u6c47\u901a<\/p>\n
\u4e0a\u6d77\u957f\u91cf\u57fa\u91d1\u53d1\u552e\u6295\u8d44\u7167\u6599\u6709\u9650\u516c\u53f8 \u6ce8\u518c\u6240\u5728\uff1a\u4e0a\u6d77\u5e02\u6d66\u4e1c\u65b0\u533a\u9ad8\u7fd4\u9053 526 \u53f7 2<\/p>\n
\u6df1\u5733\u4f17\u7984\u57fa\u91d1\u53d1\u552e\u80a1\u4efd\u6709\u9650\u516c\u53f8 \u6ce8\u518c\u6240\u5728\uff1a\u6df1\u5733\u5e02\u7f57\u6e56\u533a\u6df1\u5357\u4e1c\u9053 5047 \u53f7<\/p>\n
\u8bfa\u4e9a\u6b63\u884c\uff08\u4e0a\u6d77\uff09\u57fa\u91d1\u53d1\u552e\u6295\u8d44\u7167\u6599\u6709\u9650\u516c \u6ce8\u518c\u6240\u5728\uff1a\u4e0a\u6d77\u5e02\u91d1\u5c71\u533a\u5eca\u4e0b\u9547\u6f15\u5eca\u516c\u9053<\/p>\n
\u4e0a\u6d77\u597d\u4e70\u57fa\u91d1\u53d1\u552e\u6709\u9650\u516c\u53f8 \u6ce8\u518c\u6240\u5728\uff1a\u4e0a\u6d77\u5e02\u8679\u53e3\u533a\u573a\u4e2d\u9053 685 \u5f04 37<\/p>\n
\u4e2d\u6c11\u8d44\u4ea7\u57fa\u91d1\u53d1\u552e\uff08\u4e0a\u6d77\uff09\u6709\u9650\u516c\u53f8 \u6ce8\u518c\u6240\u5728\uff1a\u4e0a\u6d77\u5e02\u9ec4\u6d66\u533a\u4e2d\u5c71\u5357\u9053 100 \u53f7 7<\/p>\n
\u6d4e\u5b89\u8d44\u4ea7\uff08\u5317\u4eac\uff09\u57fa\u91d1\u53d1\u552e\u6709\u9650\u516c\u53f8 \u6ce8\u518c\u6240\u5728\uff1a\u5317\u4eac\u5e02\u671d\u9633\u533a\u592a\u9633\u5bab\u4e2d\u9053 16 \u53f7<\/p>\n
\u897f\u85cf\u4e1c\u65b9\u8d44\u4ea7\u8bc1\u5238\u80a1\u4efd\u6709\u9650\u516c\u53f8 \u6ce8\u518c\u6240\u5728\uff1a\u4e0a\u6d77\u5e02\u5f90\u6c47\u533a\u5b9b\u5e73\u5357\u9053 88 \u53f7\u91d1<\/p>\n
\u5317\u4eac\u767e\u5ea6\u767e\u76c8\u57fa\u91d1\u53d1\u552e\u6709\u9650\u516c\u53f8 \u6ce8\u518c\u6240\u5728\uff1a\u5317\u4eac\u5e02\u6d77\u6dc0\u533a\u4e0a\u5730\u5341\u8857 10 \u53f7 1<\/p>\n
\u57fa\u91d1\u5904\u7f6e\u4eba\u53ef\u51ed\u636e\u76f8\u95ed\u6cd5\u4ee4\u6cd5\u5219\u5212\u5b9a\uff0c\u62d4\u53d6\u5176\u4ed6\u9002\u5f53\u8bf7\u6c42\u7684\u673a\u6784\u4ee3\u526a\u53d1\u552e\u672c\u57fa\u91d1\u3002<\/p>\n
\u672c\u57fa\u91d1\u7684\u573a\u5185\u8ba4\u8d2d\u901a\u8fc7\u6df1\u5733\u8bc1\u5238\u5f80\u8fd8\u6240\u5185\u5177\u6709\u57fa\u91d1\u4ee3\u9500\u4ea4\u6613\u8d44\u5386\u7684\u4f1a\u5458\u5355\u5143\uff08\u5b9e\u5728\u540d\u5355\u8be6\u7779\u57fa\u91d1\u4efd\u989d\u53d1\u552e\u901a\u544a\u6216\u8054\u7cfb\u4ea4\u6613\u901a\u544a\uff09\u4e3e\u529e\u3002\u672c\u57fa\u91d1\u53ec\u52df\u671f\u7ed3\u5c3e\u524d\u5f97\u56de\u57fa\u91d1\u4ee3\u9500\u8d44\u5386\u7684\u8bc1\u5238\u516c\u53f8\u4e5f\u53ef\u4ee3\u5e96\u573a\u5185\u57fa\u91d1\u4efd\u989d\u7684\u53d1\u552e\u3002\u5c1a\u672a\u8d62\u5f97\u76f8\u5e94\u4ea4\u6613\u8d44\u5386\uff0c\u4f46\u5c5e\u4e8e\u6df1\u5733\u8bc1\u5238\u5f80\u8fd8\u6240\u4f1a\u5458\u7684\u5176\u4ed6\u673a\u6784\uff0c\u53ef\u6b63\u5728\u672c\u57fa\u91d1\u4e0a\u5e02\u540e\uff0c\u4ee3\u5e96\u6295\u8d44\u8005\u901a\u8fc7\u6df1\u5733\u8bc1\u5238\u5f80\u8fd8\u6240\u5f80\u8fd8\u7f16\u5236\u4ecb\u5165\u672c\u57fa\u91d1\u7684\u4e0a\u5e02\u5f80\u8fd8\u3002<\/p>\n
\u672c\u57fa\u91d1\u91c7\u7528\u6307\u6570\u5316\u6295\u8d44\u65b9\u6cd5\uff0c\u901a\u8fc7\u6295\u8d44\u6b21\u5e8f\u675f\u7f1a\u548c\u91cf\u5316\u5371\u6025\u5904\u7f6e\uff0c\u529b\u56fe\u544a\u7ae3\u5bf9\u6807\u7684\u6307\u6570\u7684\u6709\u7528\u8ddf\u8e2a\uff0c\u5f97\u56de\u4e0e\u6807\u7684\u6307\u6570\u6536\u76ca\u597d\u4f3c\u7684\u56de\u62a5\u3002\u672c\u57fa\u91d1\u9a7e\u5fa1\u6807\u7684\u4e3a\u57fa\u91d1\u51c0\u503c\u6536\u76ca\u7387\u4e0e\u6807\u7684\u6307\u6570\u6536\u76ca\u7387\u4e4b\u95f4\u7684\u5e74\u8ddf\u8e2a\u5dee\u9519\u4e0d\u9ad8\u51fa 6%\u3002<\/p>\n
\u672c\u57fa\u91d1\u95ed\u952e\u6295\u8d44\u4e8e\u73af\u7403\u8bc1\u5238\u589f\u5e02\u4e2d\u5177\u6709\u6770\u51fa\u6d3b\u52a8\u6027\u7684\u91d1\u878d\u4e1c\u897f\uff0c\u5305\u542b\u5927\u51e1\u80a1\u3001\u4f18\u5148\u80a1\u3001\u5b58\u6258\u51ed\u8bc1\u7b49\u6743\u67c4\u7c7b\u8bc1\u5238\uff1b\u94f6\u884c\u5b58\u6b3e\u3001\u53ef\u8ba9\u4e0e\u5b58\u5355\u3001\u56de\u8d2d\u8ba2\u5b9a\u3001\u77ed\u671f\u653f\u5e9c\u503a\u5238\u7b49\u94b1\u5e01\u589f\u5e02\u4e1c\u897f\uff1b\u653f\u5e9c\u503a\u5238\u3001\u516c\u53f8\u503a\u5238\u3001\u53ef\u8f6c\u6362\u503a\u5238\u7b49\u56fa\u5b9a\u6536\u76ca\u7c7b\u8bc1\u5238\uff1b\u4ee5\u53ca\u57fa\u91d1\u3001ETFs\u3001\u91d1\u878d\u884d\u751f\u54c1\u548c\u4e2d\u90a6\u8bc1\u76d1\u4f1a\u8bb8\u53ef\u7684\u5176\u4ed6\u91d1\u878d\u4e1c\u897f\u3002<\/p>\n
\u672c\u57fa\u91d1\u4e3a\u80a1\u7968\u578b\u6307\u6570\u57fa\u91d1\uff0c\u80a1\u7968\u7b49\u6743\u67c4\u7c7b\u8d44\u4ea7\u7684\u6295\u8d44\u6bd4\u4f8b\u4e0d\u4f4e\u4e8e\u57fa\u91d1\u8d44\u4ea7\u7684 90\uff05\uff0c\u5176<\/p>\n
\u4e2d\u6295\u8d44\u4e8e\u6807\u7684\u6307\u6570\u6210\u4efd\u80a1\u3001\u5907\u9009\u6210\u4efd\u80a1\u7684\u8d44\u4ea7\u5360\u57fa\u91d1\u8d44\u4ea7\u7684\u6bd4\u4f8b\u4e0d\u4f4e\u4e8e 80%\u3002\u73b0\u91d1\u53ca\u5230\u671f\u65e5\u6b63\u5728\u4e00\u5e74\u4ee5\u5185\u7684\u653f\u5e9c\u503a\u5238\u7684\u6bd4\u4f8b\u4e0d\u4f4e\u4e8e\u57fa\u91d1\u8d44\u4ea7\u51c0\u503c\u7684 5%\uff0c\u4e2a\u4e2d\uff0c\u73b0\u91d1\u7c7b\u8d44\u4ea7\u4e0d\u5305\u542b\u7ed3\u7b97\u5907\u4ed8\u91d1\u3001\u5b58\u51fa\u4fdd\u969c\u91d1\u3001\u5e94\u6536\u7533\u8d2d\u6b3e\u7b49\u3002<\/p>\n
\u5982\u6cd5\u4ee4\u6cd5\u5219\u6216\u62d8\u62bc\u673a\u6784\u81ea\u6b64\u6279\u51c6\u672c\u57fa\u91d1\u6295\u8d44\u5176\u4ed6\u79cd\u7c7b\uff0c\u57fa\u91d1\u5904\u7f6e\u4eba\u6b63\u5728\u9a7e\u5fa1\u8ddf\u8e2a\u5dee\u9519\u7684\u6761\u4ef6\u4e0b\uff0c\u6b63\u5728\u5b9e\u65bd\u5f97\u5f53\u63aa\u65bd\u540e\uff0c\u53ef\u80fd\u5c06\u5176\u7eb3\u5165\u6295\u8d44\u8303\u7574\u3002<\/p>\n
\u6b63\u5728\u4fdd\u969c\u6d3b\u52a8\u6027\u7684\u6761\u4ef6\u4e0b\uff0c\u672c\u57fa\u91d1\u73b0\u91d1\u5934\u5bf8\u53ef\u5b58\u653e\u4e8e\u5883\u5185\uff0c\u990d\u8db3\u57fa\u91d1\u8d4e\u56de\u3001\u652f\u62e8\u5904\u7f6e\u8d39\u3001\u6258\u7ba1\u8d39\u3001\u624b\u7eed\u8d39\u7b49\u9700\u6c42\uff0c\u5e76\u53ef\u80fd\u6295\u8d44\u94b1\u5e01\u589f\u5e02\u4e1c\u897f\u3002<\/p>\n
\u672c\u57fa\u91d1\u8d77\u7801 80%\u4ee5\u4e0a\u7684\u8d44\u4ea7\u91c7\u7528\u9f50\u5907\u590d\u5236\u6cd5\u4e3e\u529e\u6307\u6570\u5316\u6295\u8d44\uff0c\u5373\u9075\u5faa\u8f68\u8303\u666e\u5c14\u91d1\u7816\u56db\u90a6<\/p>\n
40 \u6307\u6570\u6210\u4efd\u80a1\u53ca\u5176\u6743\u91cd\u4fee\u7b51\u6307\u6570\u6295\u8d44\u7ec4\u5408\uff0c\u5e76\u51ed\u636e\u6807\u7684\u6307\u6570\u6210\u4efd\u80a1\u53ca\u5176\u6743\u91cd\u7684\u53d8\u52a8\u4e3e\u529e\u76f8\u5e94\u8c03\u7406\u3002\u6b63\u5728\u56e0\u683c\u5916\u73af\u5883\u5bfc\u81f4\u65e0\u6cd5\u5f97\u56de\u8db3\u8db3\u6570\u76ee\u7684\u80a1\u7968\u65f6\uff0c\u57fa\u91d1\u5904\u7f6e\u4eba\u5c06\u91c7\u7528\u4f18\u5316\u683c\u5f0f\u4fee\u7b51\u6700\u4f18\u6295\u8d44\u7ec4\u5408\u7684\u4e2a\u80a1\u6743\u91cd\u6bd4\u4f8b\uff0c\u4ee5\u6c42\u5c3d\u5927\u6982\u903c\u8fd1\u6807\u7684\u6307\u6570\u7684\u9610\u626c\u3002<\/p>\n
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\uff082\uff09\u8bc8\u9a97\u91d1\u878d\u884d\u5750\u84d0\u54c1\u7684\u6760\u6746\u6548\u7387\uff0c\u8282\u51cf\u73b0\u91d1\u5934\u5bf8\u6216\u8005\u67d0\u4e9b\u6210\u4efd\u80a1\u7684\u5f80\u8fd8\u6d3b\u52a8\u6027\u5927\u6982\u5e26\u6765\u7684\u8ddf\u8e2a\u5dee\u9519\uff1b<\/p>\n
\uff083\uff09\u57fa\u91d1\u53f8\u7406\u6839\u636e\u6307\u6570\u7f16\u5236\u5355\u5143\u544a\u793a\u7684\u6307\u6570\u6210\u4efd\u80a1\u540d\u5355\u53ca\u6743\u91cd\uff0c\u4e3e\u529e\u6295\u8d44\u7ec4\u5408\u4fee\u7b51\uff1b<\/p>\n
\uff084\uff09\u57fa\u91d1\u53f8\u7406\u53ca\u5371\u6025\u5904\u7f6e\u90e8\u5bf9\u6295\u8d44\u7ec4\u5408\u7684\u504f\u79bb\u5ea6\u548c\u8ddf\u8e2a\u5dee\u9519\u4e3e\u529e\u4e0d\u65ad\u8ddf\u8e2a\u548c\u8bc4\u4f30\uff0c\u5371\u6025\u5904\u7f6e\u90e8\u5bf9\u5371\u6025\u9690\u60a3\u63d0\u51fa\u9884\u8b66\uff0c\u57fa\u91d1\u53f8\u7406\u63a5\u7eb3\u6b65\u8c03\u9a7e\u5fa1\u6295\u8d44\u7ec4\u5408\u7684\u504f\u79bb\u5ea6\u548c\u8ddf\u8e2a\u5dee\u9519\uff1b<\/p>\n
\uff085\uff09\u57fa\u91d1\u53f8\u7406\u51ed\u636e\u6307\u6570\u6210\u4efd\u80a1\u6216\u6743\u91cd\u53d8\u52a8\u73af\u5883\u3001\u57fa\u91d1\u7533\u8d2d\u8d4e\u56de\u73af\u5883\u3001\u6307\u6570\u6210\u4efd\u80a1\u6d3e\u606f\u73af\u5883\u7b49\uff0c\u5f53\u4ee4\u4e3e\u529e\u6295\u8d44\u7ec4\u5408\u8c03\u7406\uff1b<\/p>\n
\uff086\uff09\u6b63\u5728\u6295\u8d44\u51b3\u8bae\u5386\u7a0b\u4e2d\uff0c\u5371\u6025\u5904\u7f6e\u90e8\u523b\u610f\u5bf9\u5404\u51b3\u8bae\u95ed\u5934\u7684\u4e8b\u524d\u53ca\u8fc7\u540e\u5371\u6025\u3001\u64cd\u6001\u5ea6\u9669\u7b49\u6295\u8d44\u5371\u6025\u4e3e\u529e\u76d1\u63a7\uff0c\u5e76\u6b63\u5728\u5168\u9762\u6295\u8d44\u6d41\u7a0b\u5b8c\u7ed3\u540e\uff0c\u5bf9\u6295\u8d44\u5371\u6025\u53ca\u7ee9\u6548\u505a\u51fa\u8bc4\u4f30\uff0c\u4f9b\u7ed9\u7ed9\u6295\u8d44\u51b3\u8bae\u59d4\u5458\u4f1a\u3001\u6295\u8d44\u603b\u76d1\u3001\u57fa\u91d1\u53f8\u7406\u7b49\u8054\u7cfb\u804c\u5458\uff0c\u4ee5\u4f9b\u51b3\u8bae\u53c2\u8003\u3002<\/p>\n
\u672c\u57fa\u91d1\u7684\u529f\u7ee9\u5bf9\u6bd4\u57fa\u51c6\u4e3a\uff1a\u8f68\u8303\u666e\u5c14\u91d1\u7816\u56db\u90a6 40 \u603b\u6536\u76ca\u6307\u6570\uff08S&P BRIC 40 Index\uff08Net<\/p>\n
\u8f68\u8303\u666e\u5c14\u91d1\u7816\u56db\u90a6 40 \u6307\u6570\u7531\u5bf0\u5b87\u7740\u540d\u6307\u6570\u7f16\u5236\u5b57\u53f7\u51c6\u666e\u5c14\uff08Standard & Poor\u2019s\uff09\u7f16<\/p>\n
\u5236\u5e76\u63ed\u6653\u3002\u8be5\u6307\u6570\u4e2d\u90a6\u5ea6\u5360\u6bd4\u6700\u5927\u7684\u4e3a\u4e2d\u90a6\uff08\u9ad8\u51fa 40%\uff09\uff0c\u6700\u5c0f\u4e3a\u5370\u5ea6\uff08\u8fd1 6%\uff09\uff1b\u5185\u884c\u4e1a\u5206\u6563\u4e0a\uff0c\u91d1\u878d\u3001\u80fd\u6e90\u548c\u8d28\u6599\u4e09\u4e2a\u884c\u4e1a\u5360\u5bf9\u6bd4\u9ad8\uff08\u5408\u8ba1\u5230\u8fbe 80%\uff09\uff0c\u6307\u6570\u7684\u90a6\u5ea6\u5360\u6bd4\u548c\u884c\u4e1a\u5360\u6bd4\u90fd\u8f83\u597d\u7684\u53cd\u54cd\u4e86\u91d1\u7816\u56db\u90a6\u5404\u4e2a\u90a6\u5ea6\u7ecf\u6d4e\u8d77\u8272\u548c\u884c\u4e1a\u8d77\u8272\u7684\u8fd1\u51b5\u3002\u4ece\u4ee3\u5916\u6027\u4e0a\u770b\uff0c\u6309\u4e0a\u5e02\u516c\u53f8\u6b63\u5728\u672c\u5730\u80a1\u7968\u589f\u5e02\u7684\u5e02\u503c\u3001\u5404\u90a6\u672c\u5730\u5f80\u8fd8\u6240\u6307\u6570\u4ee5\u53ca\u672c\u5730\u94b1\u5e01\u6765\u76d8\u7b97\u63a8\u7b97\uff0c\u5df4\u897f\u548c\u5370\u5ea6\u6709 1\/3<\/p>\n
\u7684\u80a1\u7968\u5e02\u503c\uff0c\u4fc4\u7f57\u65af\u67092\/3\u7684\u80a1\u7968\u5e02\u503c\uff0c\u4ee5\u53ca\u9999\u6e2f\u6052\u751f\u90a6\u4f01\u6307\u657072%\u7684\u80a1\u7968\u5e02\u503c\u5165\u9009\u4e86\u91d1\u7816\u56db\u90a6\u6210\u4efd\u80a1\u3002\u540c\u65f6 S&P BRIC 40 \u6307\u6570\u4e0e\u5404\u90a6\u672c\u5730\u589f\u5e02\u6700\u5177\u4ee3\u5916\u6027\u7684\u80a1\u7968\u6307\u6570\u7684\u8054\u7cfb\u6027\u90fd\u9ad8\u4e8e80%\uff0c\u5177\u6709\u6770\u51fa\u7684\u589f\u5e02\u4ee3\u5916\u6027\u3002\u6307\u6570\u6210\u4efd\u80a1\u4e3a\u5df4\u897f\u3001\u4fc4\u7f57\u65af\u3001\u5370\u5ea6\u548c\u4e2d\u90a6\u56db\u4e2a\u90a6\u5ea6\u7684 40 \u5bb6\u84dd\u7b79\u516c\u53f8\uff0c\u5168\u8c79\u516c\u53f8\u5747\u6b63\u5728\u7545\u65fa\u589f\u5e02\u8bc1\u5238\u5f80\u8fd8\u6240\u4e0a\u5e02\u5f80\u8fd8\uff08\u5305\u542b\u9999\u6e2f\u8bc1\u5238\u5f80\u8fd8\u6240\u3001\u4f26\u6566\u80a1\u7968\u5f80\u8fd8\u6240\u3001\u7eb3\u65af\u8fbe\u514b\u53ca\u7ebd\u7ea6\u8bc1\u5238\u5f80\u8fd8\u6240\uff09\uff0c\u4ee5\u662f\u89c4\u907f\u4e86\u65b0\u5174\u589f\u5e02\u90a6\u5ea6\u5bf9\u5883\u5916\u6295\u8d44\u8005\u7684\u6295\u8d44\u8282\u5236\u548c\u5916\u6c47\u7ba1\u5236\uff0c\u4fdd\u969c\u4e86\u6307\u6570\u7684\u53ef\u6295\u8d44\u6027\u3002\u6307\u6570\u7f16\u5236\u683c\u5f0f\u5212\u5b9a\u4e86\u6210\u4efd\u80a1\u6700\u4f4e\u901a\u7545\u5e02\u503c\uff08\u4e0d\u4f4e\u4e8e 10\u4ebf\u7f8e\u5143\uff09\u548c\u6700\u4f4e\u5f80\u8fd8\u91cf\uff08\u8fe9\u6765\u4e09\u4e2a\u6708\u65e5\u5747\u5f80\u8fd8\u91cf\u4e0d\u4f4e\u4e8e 500 \u4e07\u7f8e\u5143\uff09\u7b49\u8bf7\u6c42\uff0c\u4fdd\u969c\u4e86\u6307\u6570\u5177\u6709\u6770\u51fa\u6d3b\u52a8\u6027\u3002\u522b\u7684\uff0c\u8be5\u6307\u6570\u4e0e\u6caa\u6df1300\u6307\u6570\u7684\u8054\u7cfb\u6027\u4ec5\u4e3a0.197\uff0c\u53ef\u6709\u7528\u5206\u79bb\u6295\u8d44\u8005\u7b80\u5355\u6295\u8d44\u90a6\u5185 A \u80a1\u589f\u5e02\u7684\u6295\u8d44\u5371\u6025\u3002<\/p>\n
\u5047\u82e5\u6807\u666e\u91d1\u7816\u56db\u90a640\u6307\u6570\u88ab\u505c\u606f\u7f16\u5236\u53ca\u63ed\u6653\uff0c\u6216\u6807\u666e\u91d1\u7816\u56db\u90a640\u6307\u6570\u7531\u5176\u4ed6\u6307\u6570\u53d6\u4ee3\uff0c\u6216\u56e0\u4e3a\u6307\u6570\u7f16\u5236\u683c\u5f0f\u7b49\u5e9e\u5927\u8f6c\u79fb\u5bfc\u81f4\u6807\u666e\u91d1\u7816\u56db\u90a6 40 \u6307\u6570\u4e0d\u5b9c\u8fde\u63a5\u4e3e\u52a8\u6807\u7684\u6307\u6570\uff0c\u6216\u8bc1\u5238\u589f\u5e02\u4e0a\u663e\u73b0\u5176\u4ed6\u66f4\u9002\u5e94\u7684\u6307\u6570\u4e3e\u52a8\u672c\u57fa\u91d1\u7684\u6807\u7684\u6307\u6570\uff0c\u672c\u57fa\u91d1\u5904\u7f6e\u4eba\u53ef\u80fd\u6839\u636e\u8c28\u614e\u6027\u89c4\u77e9\uff0c\u6b63\u5728\u5bbd\u88d5\u7814\u8ba8\u6301\u6709\u4eba\u4f18\u70b9\u53ca\u5b9e\u65bd\u5f97\u5f53\u63aa\u65bd\u7684\u6761\u4ef6\u4e0b\uff0c\u8f6c\u6362\u672c\u57fa\u91d1\u7684\u6807\u7684\u6307\u6570\u548c\u6295\u8d44\u5bf9\u8c61\uff0c\u5e76\u6839\u636e\u589f\u5e02\u4ee3\u5916\u6027\u3001\u6d3b\u52a8\u6027\u3001\u4e0e\u539f\u6307\u6570\u7684\u8054\u7cfb\u6027\u7b49\u8bf8\u4f17\u8981\u7d20\u62d4\u53d6\u786e\u5b9a\u65b0\u7684\u6807\u7684\u6307\u6570\u3002<\/p>\n
\u672c\u57fa\u91d1\u662f\u88ab\u52a8\u5904\u7f6e\u7684\u6307\u6570\u578b\u57fa\u91d1\uff0c\u95ed\u952e\u6295\u8d44\u5b97\u65e8\u4e3a\u6807\u666e\u91d1\u7816\u56db\u90a6 40 \u6307\u6570\u7684\u6210\u4efd\u80a1\u53ca\u5907<\/p>\n
\u9009\u6210\u4efd\u80a1\uff0c\u5c5e\u4e8e\u5177\u6709\u8f83\u9ad8\u5371\u6025\u548c\u6536\u76ca\u9884\u671f\u7684\u8bc1\u5238\u6295\u8d44\u57fa\u91d1\u79cd\u7c7b\uff0c\u5176\u9884\u671f\u5371\u6025\u4e0e\u6536\u76ca\u6c34\u51c6\u9ad8\u4e8e\u503a\u5238\u578b\u57fa\u91d1\u548c\u6400\u548c\u578b\u57fa\u91d1\u3002\u800c\u4e14\uff0c\u672c\u57fa\u91d1\u95ed\u952e\u6295\u8d44\u4e8e\u4ee5\u91d1\u7816\u56db\u90a6\u4e3a\u4ee3\u5916\u7684\u65b0\u5174\u589f\u5e02\uff0c\u5176\u5371\u6025\u6536\u76ca\u6c34\u51c6\u9ad8\u4e8e\u6295\u8d44\u4e8e\u6d77\u5916\u6210\u719f\u589f\u5e02\u7684\u57fa\u91d1\u3002<\/p>\n
\u62db\u5b57\u53f7\u666e\u91d1\u7816\u56db\u90a6\u6307\u6570\u8bc1\u5238\u6295\u8d44\u57fa\u91d1(LOF)\u5904\u7f6e\u4eba\uff0d\u62db\u5546\u57fa\u91d1\u5904\u7f6e\u6709\u9650\u516c\u53f8\u7684\u8463\u4e8b\u4f1a\u53ca\u8463\u4e8b\u4fdd\u969c\u672c\u9648\u8bc9\u6240\u8f7d\u539f\u6599\u4e0d\u5b58\u6b63\u5728\u5b50\u865a\u7eaa\u5f55\u3001\u8bef\u5bfc\u6027\u9648\u8ff0\u6216\u5e9e\u5927\u8131\u6f0f\uff0c\u5e76\u5bf9\u5176\u5b9e\u8d28\u7684\u771f\u6b63\u6027\u3001\u786e\u5b9e\u6027\u548c\u5b8c\u5584\u6027\u627f\u5f53\u5c40\u90e8\u53ca\u8fde\u5e26\u8d1f\u62c5\u3002<\/p>\n
\u672c\u6295\u8d44\u7ec4\u5408\u9648\u8bc9\u6240\u8f7d\u6570\u636e\u622a\u81f3 2018 \u5e74 12 \u6708 31 \u65e5\uff0c\u7531\u6765\u4e8e\u300a\u62db\u5b57\u53f7\u666e\u91d1\u7816\u56db\u90a6\u6307\u6570\u8bc1<\/p>\n
\u6ce8\uff1a\u56e0\u4e3a\u56db\u820d\u4e94\u5165\u7684\u56e0\u4e3a\u5e73\u6b63\u4ef7\u94b1\u5360\u57fa\u91d1\u603b\u8d44\u4ea7\u7684\u6bd4\u4f8b\u5206\u9879\u4e4b\u548c\u4e0e\u5408\u8ba1\u5927\u6982\u6709\u5c3e\u5dee\u3002\u5546\u6807\u514d\u8d392 \u9648\u8bc9\u671f\u672b\u6b63\u5728\u5404\u4e2a\u90a6\u5ea6\uff08\u5730\u57df\uff09\u8bc1\u5238\u589f\u5e02\u7684\u80a1\u7968\u53ca\u5b58\u6258\u51ed\u8bc1\u6295\u8d44\u5206\u6563<\/p>\n
4 \u9648\u8bc9\u671f\u672b\u6309\u5e73\u6b63\u4ef7\u94b1\u5360\u57fa\u91d1\u8d44\u4ea7\u51c0\u503c\u6bd4\u4f8b\u5de8\u7ec6\u6392\u5e8f\u7684\u524d\u5341\u540d\u80a1\u7968\u53ca\u5b58\u6258\u51ed\u8bc1\u6295\u8d44\u660e\u7ec6<\/p>\n
4.1 \u9648\u8bc9\u671f\u672b\u6307\u6570\u6295\u8d44\u6309\u5e73\u6b63\u4ef7\u94b1\u5360\u57fa\u91d1\u8d44\u4ea7\u51c0\u503c\u6bd4\u4f8b\u5de8\u7ec6\u6392\u5e8f\u7684\u524d\u5341\u540d\u80a1\u7968\u53ca\u5b58\u6258\u51ed\u8bc1\u6295\u8d44\u660e\u7ec6<\/p>\n
4.2 \u9648\u8bc9\u671f\u672b\u4e3b\u52a8\u6295\u8d44\u6309\u5e73\u6b63\u4ef7\u94b1\u5360\u57fa\u91d1\u8d44\u4ea7\u51c0\u503c\u6bd4\u4f8b\u5de8\u7ec6\u6392\u5e8f\u7684\u524d\u5341\u540d\u80a1\u7968\u53ca\u5b58\u6258\u51ed\u8bc1\u6295\u8d44\u660e\u7ec6<\/p>\n
7 \u9648\u8bc9\u671f\u672b\u6309\u5e73\u6b63\u4ef7\u94b1\u5360\u57fa\u91d1\u8d44\u4ea7\u51c0\u503c\u6bd4\u4f8b\u5de8\u7ec6\u6392\u540d\u7684\u524d\u5341\u540d\u8d44\u4ea7\u6491\u6301\u8bc1\u5238\u6295\u8d44\u660e\u7ec6<\/p>\n
8 \u9648\u8bc9\u671f\u672b\u6309\u5e73\u6b63\u4ef7\u94b1\u5360\u57fa\u91d1\u8d44\u4ea7\u51c0\u503c\u6bd4\u4f8b\u5de8\u7ec6\u6392\u540d\u7684\u524d\u4e94\u540d\u91d1\u878d\u884d\u751f\u54c1\u6295\u8d44\u660e\u7ec6<\/p>\n
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4\u3001\u672c\u6761\u7b2c 15.1 \u6b3e\u7b2c 4 \u81f3\u7b2c 12 \u9879\u7528\u5ea6\u7531\u57fa\u91d1\u5904\u7f6e\u4eba\u548c\u57fa\u91d1\u6258\u7ba1\u4eba\u51ed\u636e\u76f8\u95ed\u6cd5\u5219\u53ca\u76f8\u5e94<\/p>\n
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4\u3001\u57fa\u91d1\u5904\u7f6e\u4eba\u53ef\u80fd\u8c03\u7406\u7533\u8d2d\u3001\u8d4e\u56de\u8d39\u7387\u6216\u6536\u8d39\u65b9\u6cd5\uff0c\u5e76\u6700\u8fdf\u5c06\u4e8e\u65b0\u7684\u8d39\u7387\u6216\u6536\u8d39\u65b9\u6cd5\u521d\u6b65\u5949\u884c\u524d 3 \u65e5\u6b63\u5728\u4e2d\u90a6\u8bc1\u76d1\u4f1a\u6307\u5b9a\u7684\u8baf\u606f\u62ab\u9732\u5e8f\u8a00\u901a\u544a\u3002<\/p>\n
5\u3001\u57fa\u91d1\u5904\u7f6e\u4eba\u53ef\u80fd\u6b63\u5728\u4e0d\u8fdd\u53cd\u6cd5\u4ee4\u6cd5\u5219\u5212\u5b9a\u53ca\u57fa\u91d1\u5408\u540c\u5546\u5b9a\u7684\u73af\u5883\u4e0b\u51ed\u636e\u589f\u5e02\u73af\u5883\u62df\u5b9a\u57fa\u91d1\u4fc3\u9500\u94fa\u6392\uff0c\u7ecf\u4ee3\u9500\u673a\u6784\u5141\u8bb8\u540e\uff0c\u9488\u5bf9\u6295\u8d44\u8005\u6309\u671f\u548c\u4e0d\u6309\u671f\u5730\u53d1\u5c55\u57fa\u91d1\u4fc3\u9500\u884c\u5f84\u3002\u6b63\u5728\u57fa\u91d1\u4fc3\u9500\u884c\u5f84\u529f\u592b\uff0c\u57fa\u91d1\u5904\u7f6e\u4eba\u53ef\u80fd\u6309\u4e2d\u90a6\u8bc1\u76d1\u4f1a\u8bf7\u6c42\u5b9e\u65bd\u987b\u8981\u624b\u7eed\u540e\uff0c\u5bf9\u6295\u8d44\u8005\u5f97\u5f53\u8c03\u7406\u57fa\u91d1\u7533\u8d2d\u8d39\u7387\u548c\u8d4e\u56de\u8d39\u7387\uff0c\u5e76\u6b63\u5728\u4e0d\u8fdf\u4e8e\u4fc3\u9500\u884c\u5f84\u521d\u6b65\u65e5\u524d\u901a\u544a\u3002<\/p>\n
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