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\u54ea\u4e9b\u7279\u5f81\u8868\u660e\u4e2a\u80a1\u65f6\u673a\u6210\u719f\uff1f<\/p>\n

\u3000\u3000\u6709\u76f8\u5f53\u4e00\u90e8\u5206 \u5728\u884c\u60c5\u8d77\u6765\u4e4b\u524d\u662f\u6709\u4e00\u4e9b\u5f81\u5146\u7684\uff0c\u53ea\u662f\u6ca1\u6709\u5f15\u8d77\u6295\u8d44\u8005\u7684\u6ce8\u610f\u800c\u5df2\u3002<\/p>\n<\/blockquote>\n

\u80a1\u7968\u516c\u5f0f\u5927\u5168<\/a>     <\/p>\n

\u3000\u3000\u5982\u4f55\u8d2d\u4e70\u9ec4\u91d1<\/strong>\uff1f\u600e\u6837\u8d2d\u4e70\u9ec4\u91d1\u80a1\u7968\uff1f\u8d2d\u4e70\u9ec4\u91d1\u80a1\u7968\u7684\u6280\u5de7\uff1f<\/p>\n

\u3000\u3000\u65e0\u8bba\u9ec4\u91d1\u7684\u4ef7\u683c\u662f\u4e0a\u6da8\u8fd8\u662f\u4e0b\u8dcc\uff0c\u4eba\u7c7b\u90fd\u5df2\u7ecf\u65e0\u6cd5\u963b\u6b62\u6295\u8d44\u8005\u6295\u8d44\u9ec4\u91d1\u7684\u70ed\u60c5\u4e86\u3002\u5982\u4f55\u8d2d\u4e70\u9ec4\u91d1\u80a1\u7968\uff1f\u4f60\u5e38\u770b\u5230\u7684\u8fd9\u6837\u7684\u573a\u666f\uff1a\u5f53\u9ec4\u91d1\u4ef7\u683c\u4e0a\u6da8\u65f6\uff0c\u4eba\u4eec\u7eb7\u7eb7\u8868\u793a\u9ec4\u91d1\u679c\u7136\u662f\u786c\u901a\u8d27\uff0c\u4e0d\u4ec5\u907f\u9669\u4fdd\u503c\u800c\u4e14\u6536\u76ca\u60ca\u4eba\uff0c\u66f4\u4f55\u51b5\u8fd8\u6709\u201c\u6cbd\u795e\u201d\u7ea6\u7ff0\u00b7\u4fdd\u5c14\u68ee\uff08JohnPaulson\uff09\u7684\u5927\u80c6\u9884\u6d4b\u2014\u8fd9\u4f4d\u5bf9\u51b2\u57fa\u91d1\u5927\u4f6c\u9884\u6d4b\u9ec4\u91d1\u4ef7\u683c\u5c06\u57282012\u5e74\u7ad9\u4e0a4000\u7f8e\u5143\u2014\u8d81\u5b83\u8fd8\u6ca1\u771f\u6da8\u52304000\u7f8e\u5143\u8d76\u7d27\u5148\u4e70\u4e00\u70b9\u513f\u5427\uff1b\u800c\u5f53\u9ec4\u91d1\u4ef7\u683c\u4e0b\u8dcc\u65f6\uff0c\u4eba\u4eec\u540c\u6837\u5728\u4e0d\u9057\u4f59\u529b\u5730\u638f\u94b1\u3002\u4eca\u5e748\u670823\u65e5\u300124\u65e5\uff0c\u9ec4\u91d1\u4ef7\u683c\u4e24\u5929\u5185\u75311900\u591a\u7f8e\u5143\/\u76ce\u53f8\u8dcc\u81f31760\u7f8e\u5143\/\u76ce\u53f8\u3002\u7136\u800c\u6469\u6839\u65af\u5766\u5229\uff08MorganStanley\uff09\u5f88\u5feb\u8868\u793a\uff0c\u4ed6\u4eec\u8ba4\u4e3a\u8fd9\u6b21\u9ec4\u91d1\u7684\u56de\u8c03\u6700\u7ec8\u4f1a\u88ab\u8bc1\u660e\u662f\u4e00\u6b21\u4e70\u5165\u673a\u4f1a\u3002\u8fd9\u53e5\u8bdd\u7ffb\u8bd1\u5f97\u901a\u4fd7\u70b9\u5c31\u662f\uff1a\u53ef\u4ee5\u4e86\u3002<\/p>\n

\u3000\u3000\u4eba\u4eec\u773c\u4e2d\u88ab\u89c6\u4e3a\u907f\u9669\u8d44\u4ea7\u7684\u9ec4\u91d1\u771f\u7684\u6ca1\u6709\u5417\uff1f\u9ec4\u91d1\u7684\u4ef7\u683c\u6bcf\u65e5\u6ce2\u52a8\u5c11\u5219\u5341\u51e0\u7f8e\u5143\uff0c\u591a\u5219\u4e00\u767e\u591a\u7f8e\u5143\uff0c\u8fd9\u4e2a\u6ce2\u52a8\u5e45\u5ea6\u82e5\u6362\u7b97\u6210\u4eba\u6c11\u5e01\uff0c\u76f8\u5f53\u4e8e\u6bcf\u5929\u8981\u6da8\u8dcc\u4e00\u767e\u5143\u5230\u4e0a\u5343\u5143\u3002\u5176\u6b21\uff0c\u4e0d\u5c11\u9ec4\u91d1\u6295\u8d44\u54c1\u8fd8\u5f15\u5165\u4e86\u6760\u6746\u5de5\u5177\u3002\u6760\u6746\u7684\u5f15\u5165\u4e00\u65b9\u9762\u5f53\u7136\u4f1a\u5e26\u6765\u4ee5\u5c0f\u640f\u5927\u7684\u8d85\u989d\u6536\u76ca\uff0c\u4f46\u4e00\u65b9\u9762\u4e5f\u653e\u5927\u4e86\u98ce\u9669\u3002\u6700\u540e\uff0c\u56fd\u5185\u6295\u8d44\u9ec4\u91d1\u8fd8\u4e0d\u5f97\u4e0d\u8003\u8651\u6c47\u7387\u95ee\u9898\u3002\u56e0\u4e3a\u56fd\u9645\u91d1\u4ef7\u4e3b\u8981\u662f\u4ee5\u7f8e\u5143\u6807\u4ef7\u7684\uff0c\u5728\u91d1\u4ef7\u4e0d\u53d8\u7684\u524d\u63d0\u4e0b\uff0c\u82e5\u4eba\u6c11\u5e01\u5347\u503c\uff0c\u6295\u8d44\u9ec4\u91d1\u7684\u6536\u76ca\u5c31\u4f1a\u53d7\u635f\u3002<\/p>\n

\u3000\u3000\u603b\u7684\u6765\u8bf4\uff0c\u9ec4\u91d1\u53ef\u4e0d\u662f\u4ec0\u4e48\u4f4e\u98ce\u9669\u7684\u6295\u8d44\u54c1\u3002\uff0c\u5b83\u662f\u9ad8\u6536\u76ca\u548c\u9ad8\u98ce\u9669\u5e76\u5b58\u3002\u4f46\u5982\u679c\u4f60\u771f\u7684\u8981\u6295\u8d44\u9ec4\u91d1\uff0c\u5e94\u8be5\u6ce8\u610f\u4e9b\u4ec0\u4e48\u5462\uff1f<\/p>\n

\u3000\u3000MONEY+\u7684\u5efa\u8bae\u662f\uff1a\u9009\u62e9\u4e00\u4e2a\u5408\u9002\u7684\u6295\u8d44\u65b9\u5f0f\u3002\u5047\u5982\u91d1\u4ef7\u731b\u6da8\uff0c\u4f46\u4f60\u6295\u8d44\u7684\u9ec4\u91d1\u6295\u8d44\u54c1\u4ef7\u683c\u7eb9\u4e1d\u4e0d\u52a8\uff0c\u90a3\u4e48\u9ec4\u91d1\u7684\u524d\u666f\u518d\u597d\u548c\u4f60\u53c8\u6709\u4ec0\u4e48\u5173\u7cfb\u5462\uff1f<\/p>\n

\u3000\u3000\u6211\u4eec\u5217\u4e3e\u4e86\u5305\u62ec\u5b9e\u7269\u9ec4\u91d1\u5728\u5185\u76846\u79cd\u9ec4\u91d1\u6295\u8d44\u54c1\uff0c\u5206\u6790\u4e86\u5b83\u4eec\u6263\u9664\u5404\u79cd\u624b\u7eed\u8d39\u540e\u7684\u771f\u5b9e\u6536\u76ca\u548c\u5404\u81ea\u7684\u98ce\u9669\uff0c\u5e76\u901a\u8fc7PK\u9009\u51fa\u4e86\u6700\u9002\u5408\u666e\u901a\u6295\u8d44\u8005\u7684\u4e00\u79cd\u3002<\/p>\n

\u3000\u3000\u5982\u4f55\u8d2d\u4e70\u9ec4\u91d1\u80a1\u7968\uff1f\u5982\u679c\u4f60\u771f\u7684\u51b3\u5b9a\u53bb\u5192\u9669\uff0c\u90a3\u5c31\u9009\u62e9\u4e00\u4e2a\u6700\u597d\u7684\u6295\u8d44\u5de5\u5177\u3002<\/p>\n

\u3000\u3000ROUND1<\/p>\n

\u3000\u3000\u90a3\u4e9b\u4e0e\u91d1\u4ef7\u6700\u8d34\u7684\u54c1\u79cd<\/p>\n

\u3000\u3000\u9996\u5148\u6211\u4eec\u6765\u6bd4\u8f83\u4e00\u4e0b\u6536\u76ca\u4e0e\u91d1\u4ef7\u8d70\u52bf\u5bc6\u5ea6\u6700\u9ad8\u7684\u9ec4\u91d1\u6295\u8d44\u54c1\u3002\u5b83\u4eec\u7684\u62a5\u4ef7\u8ddf\u968f\u56fd\u9645\u91d1\u4ef7\u5b9e\u65f6\u53d8\u5316\uff0c\u5982\u679c\u4f60\u5728\u91d1\u4ef7\u4f4e\u65f6\u4e70\u5165\uff0c\u9ad8\u65f6\uff0c\u5c31\u80fd\u4ece\u4e2d\u8d5a\u5f97\u4e00\u7b14\u5dee\u4ef7\u3002<\/p>\n

\u3000\u3000\u6211\u4eec\u53d1\u73b0\uff0c\u4ece\u8d34\u8fd1\u7a0b\u5ea6\u770b\uff0c\u5b9e\u7269\u9ec4\u91d1\u3001\u7eb8\u9ec4\u91d1\u548c\u9ec4\u91d1QDII\u90fd\u5dee\u4e0d\u591a\uff0c\u5b83\u4eec\u7684\u6536\u76ca\u5dee\u522b\u4e3b\u8981\u5728\u624b\u7eed\u8d39\uff0c\u6216\u8005\u8bf4\u7ba1\u7406\u6210\u672c\u4e0a\uff0c\u800c\u7eb8\u9ec4\u91d1\u5360\u636e\u4e86\u660e\u663e\u7684\u4f18\u52bf\u3002<\/p>\n

\u3000\u3000\u5b9e\u7269\u9ec4\u91d1<\/p>\n

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\u3000\u3000\u5047\u5982\u4f60\u662f\u4e2a\u8c28\u614e\u7684\u4eba\uff0c\u6700\u8fd1\u53c8\u53d1\u73b0\u4e86\u5f88\u591a\u5173\u4e8e\u9ec4\u91d1\u62a2\u52ab\u6848\u7684\u62a5\u9053\uff0c\u4f60\u4e5f\u8bb8\u8fd8\u4f1a\u8003\u8651\u5728\u94f6\u884c\u79df\u4e2a\u4fdd\u9669\u7bb1\u3002\u90a3\u6837\u6bcf\u5929\u53c8\u8981\u4ed8\u51e0\u5143\u5230\u51e0\u5341\u5143\u7684\u8d39\u7528\u3002<\/p>\n

\u3000\u3000\u62ff3700\u5143\u94b1\u4e7010\u514b\u9ec4\u91d1\uff0c\u4ee51\uff05\u7684\u635f\u8017\u8ba1\u7b97\uff0c\u4ece\u8d2d\u4e70\u3001\u4fdd\u5b58\u5230\u56de\u8d2d\uff0c\u7ba1\u7406\u6210\u672c\u5927\u6982\u662f100\u5143\u5230150\u5143\u3002<\/p>\n

\u3000\u3000\u7eb8\u9ec4\u91d1<\/p>\n

\u3000\u3000\u65e2\u7136\u5b9e\u7269\u91d1\u5bb9\u6613\u88ab\u6253\u52ab\uff0c\u8d39\u7528\u4e5f\u4e0d\u4f4e\uff0c\u90a3\u7eb8\u9ec4\u91d1\u5982\u4f55\uff1f\u5176\u5b9e\u6295\u8d44\u7eb8\u9ec4\u91d1\u76f8\u5f53\u4e8e\u4e70\u5356\u91d1\u6761\uff0c\u4f46\u4f60\u5374\u4e0d\u7528\u771f\u7684\u63d0\u4ea4\u5b9e\u7269\uff0c\u53ea\u8981\u5728\u94f6\u884c\u7684\u201c\u4e2a\u4eba\u9ec4\u91d1\u8d26\u6237\u201d\u4e0a\u5212\u4e0a\u4e00\u7b14\u5373\u53ef\u3002<\/p>\n

\u3000\u3000\u7eb8\u9ec4\u91d1\u7684\u624b\u7eed\u8d39\u53c8\u79f0\u201c\u70b9\u5dee\u201d\u3002\u70b9\u5dee\u5373\u94f6\u884c\u62a5\u7ed9\u6295\u8d44\u8005\u7684\u4e70\u5165\u4ef7\u548c\u5356\u51fa\u4ef7\u95f4\u7684\u4ef7\u5dee\u3002\u6bd4\u5982\u56fd\u9645\u9ec4\u91d1\u4e3a1815\u7f8e\u5143\/\u76ce\u53f8\uff0c\u7ecf\u6c47\u7387\u548c\u5355\u4f4d\u6362\u7b97\u540e\uff0c\u94f6\u884c\u4f1a\u7ed9\u51fa\u4e00\u4e2a373\u300229\u5143\/\u514b\u7684\u62a5\u4ef7\uff0c\u4e5f\u79f0\u4e3a\u4e2d\u95f4\u4ef7\u3002\u5047\u5982\u8fd9\u5bb6\u94f6\u884c\u7684\u57fa\u51c6\u70b9\u5dee\u662f0\u30028\u5143\/\u514b\uff0c\u90a3\u4e48\u6295\u8d44\u8005\u5728\u8fd9\u4e2a\u4ef7\u4f4d\u4e70\u5165\u65f6\u5c31\u8981\u4ed8373\u300269\u5143\/\u514b\uff0c\u800c\u5356\u51fa\u65f6\u5219\u53ea\u80fd\u4e3a372\u300289\u5143\/\u514b\u3002\u76ee\u524d\u5927\u90e8\u5206\u94f6\u884c\u7684\u70b9\u5dee\u4ecb\u4e8e0\u30027\u5143\/\u514b\u81f31\u5143\/\u514b\u4e4b\u95f4\u3002\u5982\u679c\u4f60\u53c8\u82b13700\u5143\u4e70\u4e8610\u514b\u9ec4\u91d1\uff0c\u4e70\u5356\u4e00\u6b21\u7684\u624b\u7eed\u8d39\u4e3a7\u5143\u81f310\u5143\uff0c\u7b97\u8d77\u6765\u8d39\u7387\u6700\u9ad8\u624d0\u300227\uff05\uff0c\u771f\u662f\u76f8\u5f53\u4fbf\u5b9c\u4e86\u3002<\/p>\n

\u3000\u3000\u4e0d\u8fc7\u8981\u6ce8\u610f\u7684\u662f\uff0c\u9664\u4e86\u624b\u7eed\u8d39\uff0c\u8fd8\u6709\u4e00\u4e2a\u5f71\u54cd\u7eb8\u9ec4\u91d1\u6536\u76ca\u7684\u91cd\u8981\u56e0\u7d20\u662f\u7f8e\u5143\u5151\u4eba\u6c11\u5e01\u6c47\u7387\u3002\u94f6\u884c\u63d0\u4f9b\u7684\u9ec4\u91d1\u4eba\u6c11\u5e01\u62a5\u4ef7\u662f\u7531\u7f8e\u5143\u62a5\u4ef7\u6362\u7b97\u800c\u6765\u7684\uff0c\u90a3\u4e48\u4e00\u65e6\u4eba\u6c11\u5e01\u5347\u503c\uff0c\u7eb8\u9ec4\u91d1\u7684\u83b7\u5229\u5c31\u4f1a\u964d\u4f4e\uff0c\u751a\u81f3\uff0c\u5f53\u91d1\u4ef7\u6da8\u5e45\u8d76\u4e0d\u4e0a\u4eba\u6c11\u5e01\u6da8\u5e45\u7684\u65f6\u5019\uff0c\u4f60\u7684\u7eb8\u9ec4\u91d1\u8fd8\u6709\u53ef\u80fd\u4e8f\u635f\u3002<\/p>\n

\u3000\u3000\u4e3e\u4e2a\u4f8b\u5b50\uff0c\u4e0a\u9762\u63d0\u5230\u76841815\u7f8e\u5143\/\u76ce\u53f8\u6362\u7b97\u6210372\u300229\u5143\/\u514b\u7684\u4eba\u6c11\u5e01\u62a5\u4ef7\u65f6\uff0c\u4f7f\u7528\u7684\u7f8e\u5143\u5151\u4eba\u6c11\u5e01\u6c47\u7387\u4e3a6\u3002397\uff1b\u5047\u8bbe\u4e00\u4e2a\u6708\u540e\uff0c\u9ec4\u91d1\u4ef7\u683c\u4e0a\u6da8\u81f31850\u7f8e\u5143\/\u76ce\u53f8\uff0c\u5728\u6c47\u7387\u4e0d\u53d8\u7684\u60c5\u51b5\u4e0b\uff0c\u65b0\u7684\u4eba\u6c11\u5e01\u62a5\u4ef7\u4e3a380\u300249\u5143\/\u514b\uff0c\u6bcf\u514b\u6323\u4e868\u30022\u5143\uff1b\u4f46\u82e5\u4e00\u4e2a\u6708\u540e\u4eba\u6c11\u5e01\u5347\u503c\uff0c\u7f8e\u5143\u5151\u4eba\u6c11\u5e01\u6c47\u7387\u53d8\u4e3a6\u3002197\uff0c\u7ecf\u8fc7\u6362\u7b97\uff0c\u65b0\u7684\u4eba\u6c11\u5e01\u62a5\u4ef7\u53ea\u6709368\u300259\u5143\/\u514b\uff0c\u6bcf\u514b\u53cd\u800c\u4e8f\u63893\u30027\u5143\u3002<\/p>\n

\u3000\u3000\u73b0\u5728\u4e5f\u6709\u56fd\u5185\u94f6\u884c\u63d0\u4f9b\u4e86\u4ee5\u7f8e\u5143\u8ba1\u4ef7\u3001\u7f8e\u5143\u6295\u8d44\u7684\u7eb8\u9ec4\u91d1\u4e1a\u52a1\uff0c\u70b9\u5dee\u57283\u7f8e\u5143\/\u76ce\u53f8\u81f35\u7f8e\u5143\/\u76ce\u53f8\u4e0d\u7b49\uff0c\u8fd9\u4e00\u4e1a\u52a1\u53ef\u4ee5\u89c4\u907f\u6c47\u7387\u56e0\u7d20\u9020\u6210\u7684\u5f71\u54cd\u3002<\/p>\n

\u3000\u3000\u9ec4\u91d1QDII<\/p>\n

\u3000\u3000\u53e6\u4e00\u4e2a\u6536\u76ca\u4e0e\u9ec4\u91d1\u672c\u8eab\u8d70\u52bf\u6700\u8d34\u8fd1\u7684\u54c1\u79cd\u8981\u6570\u9ec4\u91d1QDII\u4e86\u3002\u8fd9\u662f\u56e0\u4e3a\u9ec4\u91d1QDII\u4e3b\u8981\u7684\u6295\u8d44\u5bf9\u8c61\u662f\u9ec4\u91d1ETF\u3002\u4e0a\uff0c\u4e70\u5165\u4e00\u4efd\u9ec4\u91d1ETF\u8d44\u4ea7\u5c31\u4ee3\u8868\u4f60\u62e5\u6709\u4e86\u4e00\u5b9a\u6570\u91cf\u7684\u9ec4\u91d1\u3002\u4f60\u4e5f\u53ef\u4ee5\u7528\u5b9e\u7269\u9ec4\u91d1\u8fdb\u884c\u7533\u8d2d\u8d4e\u56de\u3002\u4f46\u5b9e\u7269\u7684\u95e8\u69db\u9ad8\u5f97\u60ca\u4eba\u3002\u4e16\u754c\u4e0a\u6700\u5927\u7684\u9ec4\u91d1ETFSPDRGoldShares\u6bcf\u6b21\u4ea4\u5272\u7684\u8d77\u6b65\u4ef7\u662f1\u4e07\u76ce\u53f8\uff0c\u6298\u5408\u4eba\u6c11\u5e011\u4ebf\u591a\u5143\u3002<\/p>\n

\u3000\u3000\u65e2\u7136\u9ec4\u91d1ETF\u8ffd\u8e2a\u7684\u662f\u73b0\u8d27\u9ec4\u91d1\u4ef7\u683c\uff0c\u5b83\u7684\u6536\u76ca\u548c\u73b0\u8d27\u9ec4\u91d1\u4e00\u6837\u5417\uff1f\u5f88\u53ef\u60dc\uff0c\u6709\u4e09\u4e2a\u56e0\u7d20\u4f7f\u5f97\u9ec4\u91d1ETF\u7684\u6536\u76ca\u900a\u8272\u4e8e\u91d1\u4ef7\u5b9e\u9645\u8d70\u52bf\u3002\u9996\u5148\uff0c\u57fa\u91d1\u5728\u4e70\u5356\u5b9e\u7269\u9ec4\u91d1\u65f6\u4f1a\u4ea7\u751f\u4ea4\u6613\u8d39\u7528\uff1b\u5176\u6b21\uff0c\u57fa\u91d1\u8981\u5411\u6295\u8d44\u8005\u6536\u53d6\u7ba1\u7406\u8d39\uff0c\u6b27\u7f8e\u7684\u9ec4\u91d1ETF\u7684\u8d39\u7387\u57280\u300239\uff05\u81f30\u30025\uff05\u4e4b\u95f4\uff0c\u51e0\u5bb6\u5370\u5ea6\u9ec4\u91d1ETF\u7684\u7ba1\u7406\u8d39\u6700\u9ad8\u53ef\u4ee5\u8fbe\u52302\u30025\uff05\uff1b\u518d\u6b21\uff0c\u5e76\u4e0d\u662f\u6240\u6709\u7684\u9ec4\u91d1ETF\u90fd\u50cfSPDRGoldShares\u4e00\u6837\u5c06\u6240\u6709\u8d44\u4ea7\u90fd\u6295\u8d44\u4e8e\u5b9e\u7269\u9ec4\u91d1\u3002\u5b83\u4eec\u6709\u5927\u7ea6\u5360\u603b\u8d44\u4ea710\uff05\u751a\u81f320\uff05\u7684\u989d\u5ea6\u53ef\u7528\u4e8e\u6301\u6709\u6d41\u52a8\u6027\u8d44\u4ea7\uff0c\u5982\u73b0\u91d1\u548c\u77ed\u671f\u503a\u5238\u7b49\uff0c\u8fd9\u53c8\u6709\u53ef\u80fd\u524a\u5f31\u4f60\u4ece\u9ec4\u91d1\u4e2d\u5f97\u5230\u7684\u6536\u76ca\u3002<\/p>\n

\u3000\u3000\u5982\u4f55\u8d2d\u4e70\u9ec4\u91d1\u80a1\u7968\uff082\uff09<\/p>\n

\u3000\u3000\u6b63\u662f\u8fd9\u4e09\u4e2a\u539f\u56e0\u4f7f\u9ec4\u91d1ETF\u6536\u76ca\u7387\u548c\u9ec4\u91d1\u5b9e\u9645\u7684\u6536\u76ca\u4e4b\u95f4\u5b58\u5728\u7740\u4e00\u4e2a\u504f\u5dee\u3002\u8fd9\u4e2a\u504f\u5dee\u4e5f\u53eb\u505a\u201c\u8ddf\u8e2a\u8bef\u5dee\u201d\u3002\u503c\u5f97\u5e86\u5e78\u7684\u662f\uff0c\u4e00\u4e9b\u7ba1\u7406\u4f18\u79c0\u7684\u9ec4\u91d1ETF\u8ddf\u8e2a\u8bef\u5dee\u975e\u5e38\u5c0f\u3002SPDR\u7684\u8ddf\u8e2a\u8bef\u5dee\u53ea\u67090\u300286\uff05\uff0c\u51e0\u4e4e\u662f\u5fae\u4e4e\u5176\u5fae\u3002\u8fd9\u4e5f\u8bf4\u660e\u4e86\u4e3a\u4ec0\u4e48\u5927\u90e8\u5206\u8d44\u4ea7\u7528\u4e8e\u6295\u8d44\u9ec4\u91d1ETF\u7684\u9ec4\u91d1QDII\u7684\u6536\u76ca\u4f1a\u548c\u7eb8\u9ec4\u91d1\u4e00\u6837\uff0c\u6574\u4f53\u8d70\u52bf\u4e0e\u91d1\u4ef7\u975e\u5e38\u63a5\u8fd1\u3002<\/p>\n

\u3000\u3000\u9ec4\u91d1QDII\u4e5f\u662f\u4e0d\u9519\u7684\u9ec4\u91d1\u6295\u8d44\u54c1\uff0c\u4f46\u5b83\u7684\u7ba1\u7406\u6210\u672c\u6bd4\u8f83\u9ad8\u3002\u7b97\u4e0a\u7ba1\u7406\u8d39\u3001\u7533\u8d2d\u8d39\u548c\u8d4e\u56de\u8d39\uff0c\u6574\u4f53\u8d39\u7387\u5927\u7ea6\u57284\uff05\u5de6\u53f3\uff0c\u6bd4\u7eb8\u9ec4\u91d1\u8d35\u5f88\u591a\u3002\u7efc\u4e0a\u6240\u8ff0\uff0c\u7b2c\u4e00\u8f6ePK\uff0c\u7eb8\u9ec4\u91d1\u80dc\u51fa\uff01<\/p>\n

\u3000\u3000ROUND2<\/p>\n

\u3000\u3000\u52a0\u4e86\u6760\u6746\u7684\u9ec4\u91d1\u4ea7\u54c1<\/p>\n

\u3000\u3000\u7b2c\u4e8c\u8f6e\u6211\u4eec\u9009\u62e9\u7684\u662f\u53ef\u4ee5\u53cc\u5411\u4ea4\u6613\u7684\u4ea7\u54c1\u3002\u4ec0\u4e48\u662f\u201c\u53cc\u5411\u4ea4\u6613\u201d\uff1f\u4e3e\u4f8b\u8bf4\uff0c\u524d\u9762\u63d0\u5230\u7684\u7eb8\u9ec4\u91d1\u3001\u9ec4\u91d1QDII\u53ea\u80fd\u5728\u91d1\u4ef7\u4e0a\u6da8\u7684\u60c5\u51b5\u4e0b\u8d5a\u94b1\uff0c\u5373\u53ea\u80fd\u201c\u505a\u591a\u201d\uff1b\u4f46\u53cc\u5411\u4ea4\u6613\u7684\u4ea7\u54c1\u5374\u80fd\u201c\u505a\u7a7a\u201d\u2014\u91d1\u4ef7\u4e0b\u8dcc\u4e86\uff0c\u5b83\u4eec\u4e5f\u80fd\u8d5a\u4e00\u7b14\u3002\u8fd9\u7c7b\u4ea7\u54c1\u5f80\u5f80\u8fd8\u52a0\u5165\u4e86\u6760\u6746\uff0c\u7ed9\u4e86\u6295\u8d44\u8005\u4ee5\u5c0f\u640f\u5927\u7684\u673a\u4f1a\u3002\u542c\u4e0a\u53bb\u771f\u4e0d\u9519\uff01\u8fd9\u7c7b\u4ea7\u54c1\u4f1a\u662f\u597d\u7684\u6295\u8d44\u54c1\u5417\uff1f<\/p>\n

\u3000\u3000\u9ec4\u91d1\u671f\u8d27<\/p>\n

\u3000\u3000\u56fd\u5185\u671f\u8d27\u4ea4\u6613\u4ee5\u201c\u624b\u201d\u4e3a\u5355\u4f4d\uff0c1\u624b\u7b49\u4e8e1000\u514b\u3002\u6309370\u5143\/\u514b\u6765\u8ba1\u7b97\uff0c\u4e70\u51651\u624b\u9ec4\u91d1\u898137\u4e07\u5143\uff0c\u5bf9\u5927\u90e8\u5206\u6295\u8d44\u8005\u6765\u8bf4\u5927\u6982\u8981\u62ff\u51fa\u4e70\u623f\u672c\u4e86\u3002\u56e0\u6b64\uff0c\u9ec4\u91d1\u671f\u8d27\u5f15\u5165\u4e86\u6760\u6746\u673a\u5236\u3002\u4e0a\u6d77\u9ec4\u91d1\u4ea4\u6613\u6240\u7684\u6700\u4f4e\u4fdd\u8bc1\u91d1\u4e3a\u4ea4\u6613\u603b\u989d\u76847\uff05\uff0c\u90a3\u6837\u4e701\u624b\u9ec4\u91d1\u53ea\u898137\u4e07\u76847\uff05\uff0c\u537325900\u5143\u3002<\/p>\n

\u3000\u30001\u6708\u548c8\u6708\u7684\u4e24\u4e2a\u201c\u6781\u70b9\u201d\u663e\u793a\uff0c\u867d\u7136\u4fdd\u8bc1\u91d1\u4ea4\u6613\u53ef\u4ee5\u8ba9\u4f60\u7684\u6536\u76ca\u6bd4\u540c\u671f\u7eb8\u9ec4\u91d1\u9ad8\u51fa\u8fd110\u500d\uff0c\u4f46\u4e00\u65e6\u505a\u53cd\uff0c\u4e8f\u635f\u4e5f\u662f\u76f8\u5f53\u53ef\u6015\u7684\u3002\u5047\u5982\u4e00\u4e2a\u505a\u591a\u7684\u6295\u8d44\u8005\u5728370\u5143\/\u514b\u7684\u65f6\u5019\u4e70\u5165\u4e861\u624b\u671f\u8d27\u5408\u7ea6\u5e76\u5728\u91d1\u4ef7\u6da8\u81f3380\u5143\/\u514b\u65f6\u5356\u51fa\uff0c\u4ed6\u7684\u6536\u76ca\u5c31\u662f\uff08380-370\uff09\u00d71000=10000\u5143\u3002\u7528\u4e24\u4e07\u591a\u5757\u8d5a\u5230\u4e00\u4e07\u5757\uff0c\u6295\u8d44\u6536\u76ca\u7387\u9ad8\u8fbe38\u30026\uff05\uff1b\u4f46\u5047\u5982\u4ed6\u4e0d\u5e78\u770b\u9519\uff0c\u91d1\u4ef7\u8dcc\u5012\u4e86360\u5143\/\u514b\uff0c\u6536\u76ca\u7387\u4e00\u4e0b\u5b50\u5c31\u4f1a\u53d8\u6210-38\u30026\uff05\u3002\u4eca\u5e741\u6708\uff0c\u4e0a\u6d77\u9ec4\u91d1\u4ea4\u6613\u624012\u6708\u4ea4\u5272\u7684\u9ec4\u91d1\u671f\u8d27\u4e0b\u8dcc\u4e86-6\u300238\uff05\u3002\u8fd8\u591f\u4e0d\u5230\u80a1\u5e02\u91cc\u8dcc\u505c\u7684\u8dcc\u5e45\uff0c\u7ecf\u8fc7\u6760\u6746\u4f5c\u7528\uff0c\u6295\u8d44\u8005\u4e70\u4e00\u624b\u8981\u4e8f91\uff05\uff0c\u51e0\u4e4e\u8d54\u5149\u672c\u91d1\u3002<\/p>\n

\u3000\u3000\u4ece\u4eca\u5e741\u67084\u65e5\u5f00\u76d8\u52309\u670815\u65e5\uff0c\u8fd1250\u5929\u4e2d\u670912\u5929\uff0c\u9ec4\u91d1\u671f\u8d27\u7684\u6bcf\u65e5\u6700\u5927\u6da8\u8dcc\u5e45\u8d85\u8fc71\u30025\uff05\u3002\u6da8\u8dcc\u5e45\u8d85\u8fc71\u30025\uff05\u610f\u5473\u7740\u4e00\u65e6\u4f60\u5224\u65ad\u5931\u8bef\u5c31\u8981\u4e8f\u635f20\uff05\u4ee5\u4e0a\u3002\u800c\u4f6012\u6b21\u90fd\u5224\u65ad\u6b63\u786e\u7684\u6982\u7387\u662f\uff081\/2\uff0912\uff0c\u5373\u5927\u7ea60\u30020002\uff0c\u8fd9\u4e2a\u6982\u7387\u8fd8\u771f\u548c\u4e2d\u5f69\u7968\u5dee\u4e0d\u591a\u3002<\/p>\n

\u3000\u3000\u4ea4\u6613\u6240\u8fd8\u4f1a\u6536\u53d6\u4ea4\u6613\u603b\u989d0\u300202\uff05\u7684\u624b\u7eed\u8d39\u3002\u5343\u4e07\u522b\u5c0f\u770b\u8fd90\u300202\uff05\u3002\u4ea4\u6613\u603b\u989d\u4e0d\u662f\u6309\u7167\u5b9e\u9645\u6295\u5165\u8d44\u91d125900\u5143\u6765\u7b97\u7684\u3002\u6309\u7167\u4ea4\u6613\u6240\u89c4\u5b9a\uff0c1\u624b\u9ec4\u91d1\u7684\u4ea4\u6613\u603b\u989d\u4e3a37\u4e07\u5143\uff0c\u6295\u516525900\u5143\u7684\u624b\u7eed\u8d39\u5c31\u662f74\u5143\u3002\u7b97\u4e0b\u6765\uff0c\u5b9e\u9645\u7684\u624b\u7eed\u8d39\u7387\u4e3a0\u30023\uff05\uff0c\u662f\u540d\u4e49\u8d39\u7387\u768415\u500d\u3002\u5982\u679c\u518d\u52a0\u4e0a\u5356\u51fa\u65f6\u7684\u624b\u7eed\u8d39\uff0c\u4e00\u6b21\u6295\u8d44\u7684\u7ba1\u7406\u6210\u672c\u5927\u7ea6\u4e3a0\u30026\uff05\uff0c\u98ce\u9669\u5927\u4e0d\u8bf4\uff0c\u7ba1\u7406\u6210\u672c\u8fd8\u6bd4\u7eb8\u9ec4\u91d1\u7565\u9ad8\u4e00\u70b9\u3002<\/p>\n

\u3000\u3000\u9ec4\u91d1T+D<\/p>\n

\u3000\u3000\u9ec4\u91d1T+D\u7684\u6536\u8d39\u6bd4\u671f\u8d27\u8fd8\u9ad8\u5f88\u591a\u3002\u6211\u4eec\u6765\u6bd4\u8f83\u4e00\u4e0b\u5427\u2014\u9ec4\u91d1T+D\u4e70\u5165\u3001\u5356\u51fa\u65f6\u7684\u624b\u7eed\u8d39\uff0c\u5927\u7ea6\u4e3a\u4ea4\u6613\u603b\u989d\u76840\u300214\uff05\u52300\u300217\uff05\uff1b\u6b64\u5916\u8fd8\u6709\u4e00\u7b14\u5ef6\u9012\u8d39\uff0c\u8fd9\u7b14\u8d39\u7528\u5e76\u975e\u6240\u6709\u4eba\u90fd\u9700\u652f\u4ed8\u3002\u671f\u8d27\u5e02\u573a\u4e2d\uff0c\u591a\u4ed3\u6570\u91cf\u5fc5\u987b\u548c\u7a7a\u4ed3\u76f8\u7b49\uff0c\u4f8b\u5982\u6709100\u624b\u591a\u4ed3\uff0c\u5c31\u5f97\u6709100\u624b\u7a7a\u4ed3\u3002\u4f46\u5b9e\u9645\u4ea4\u6613\u65f6\uff0c\u591a\u4ed3\u548c\u7a7a\u4ed3\u672a\u5fc5\u6b63\u597d\u540c\u65f6\u4ea4\u6536\u3002\u5047\u5982\u67d0\u5929100\u624b\u591a\u4ed3\u4e2d\u4ea4\u6536\u4e8650\u624b\uff0c\u7a7a\u4ed3\u4ea4\u6536\u4e8670\u624b\uff0c\u90a3\u4e48\u5269\u4f59\u768450\u624b\u591a\u4ed3\u548c30\u624b\u7a7a\u4ed3\u95f4\u5c31\u51fa\u73b0\u4e8620\u624b\u7684\u7a7a\u7f3a\u3002<\/p>\n

\u3000\u3000\u6b64\u65f6\uff0c\u4e3a\u4e86\u4fdd\u6301\u591a\u7a7a\u53cc\u65b9\u7684\u5e73\u8861\uff0c\u4ea4\u6613\u6240\u5c31\u4f1a\u5411\u4e2d\u7acb\u4ed3\u501f\u516520\u624b\u3002\u8fd9\u4e9b\u4e2d\u7acb\u4ed3\u7684\u6301\u6709\u4eba\u591a\u662f\u94f6\u884c\u548c\u4ea4\u6613\u6240\u4f1a\u5458\u3002\u5f53\u7136\uff0c\u5411\u4ed6\u4eec\u501f\u5165\u4ed3\u4f4d\u662f\u8981\u4ed8\u94b1\u7684\u3002\u4ed8\u94b1\u7684\u662f\u8c01\uff1f\u5c31\u662f\u5269\u4f59\u7684\u90a3\u4e9b\u6ca1\u6709\u9009\u62e9\u4ea4\u6536\u7684\u6301\u4ed3\u8005\u3002<\/p>\n

\u3000\u3000\u5ef6\u9012\u8d39\u7684\u8d39\u7387\u4e3a\u4ea4\u6613\u603b\u989d\u7684\u4e07\u5206\u4e4b\u4e8c\u3002\u4ee5\u62db\u884c\u4e3a\u4f8b\uff0c\u8d2d\u4e701\u624b\u9ec4\u91d1\u9700\u8981\u5b9e\u9645\u6295\u516562900\u5143\uff0c\u4ea4\u6613\u8d39592\u5143\uff1b\u540c\u65f6\uff0c\u6bcf\u5ef6\u671f\u4e00\u5929\u5c31\u8981\u4ed8\u5ef6\u9012\u8d39740\u5143\u3002\u4e00\u7b14\u6295\u8d44\u5ef6\u671f\u51e0\u5929\uff0c\u635f\u5931\u7684\u6210\u672c\u4e5f\u591f\u9ad8\u4e86\u3002\u548c\u7eb8\u9ec4\u91d1\u3001\u9ec4\u91d1QDII\u6bd4\uff0c\u671f\u8d27\u548c\u9ec4\u91d1T+D\u4e1a\u52a1\u7684\u8d77\u59cb\u95e8\u69db\u9ad8\uff0c\u98ce\u9669\u5927\uff0c\u5e76\u4e0d\u9002\u5408\u666e\u901a\u6295\u8d44\u8005\u3002<\/p>\n

\u3000\u3000ROUND3<\/p>\n

\u3000\u3000\u9ec4\u91d1\u677f\u5757\u7684\u80a1\u7968<\/p>\n

\u3000\u3000\u4f60\u53ef\u80fd\u4f1a\u60f3\uff0c\u65e2\u7136\u9ec4\u91d1\u6da8\u4e86\uff0c\u90a3\u4e48\u9ec4\u91d1\u80a1\u7968\u5982\u4f55\uff1f\u5b83\u4eec\u662f\u5426\u4e5f\u5f88\u6709\u6295\u8d44\uff1f\u8fd9\u4e00\u8f6e\u6211\u4eec\u5c31\u6765\u5206\u6790\u4e00\u4e0b\u9ec4\u91d1\u80a1\u7968\u7684\u6536\u76ca\u3002\u6211\u4eec\u53d1\u73b0\uff0c\u5b83\u7684\u8d70\u52bf\u5927\u591a\u6570\u65f6\u5019\u5176\u5b9e\u548c\u91d1\u4ef7\u6ca1\u4ec0\u4e48\u592a\u5927\u5173\u7cfb\u3002<\/p>\n

\u3000\u3000\u9ec4\u91d1\u4e3b\u9898\u80a1<\/p>\n

\u3000\u3000\u548c\u9ec4\u91d1\u6709\u5173\u7684\u4f01\u4e1a\u6709\u4e24\u7c7b\uff0c\u4e00\u7c7b\u662f\u4ece\u4e8b\u9ec4\u91d1\u91c7\u6398\u548c\u51b6\u70bc\u7684\uff0c\u5982\u5c71\u4e1c\u9ec4\u91d1\uff08600547\uff09\u3001\u8fb0\u5dde\u77ff\u4e1a\uff08002155\uff09\uff1b\u53e6\u4e00\u7c7b\u662f\u4ece\u4e8b\u9ec4\u91d1\u9996\u9970\u8bbe\u8ba1\u3001\u751f\u4ea7\u548c\u9500\u552e\u7684\uff0c\u5982\u8001\u51e4\u7965\uff08600612\uff09\u548c\u660e\u724c\u73e0\u5b9d\uff08002574\uff09\u3002<\/p>\n

\u3000\u3000\u91d1\u4ef7\u4e0a\u6da8\u5bf9\u8fd9\u4e24\u7c7b\u4f01\u4e1a\u6765\u8bf4\u65e0\u7591\u662f\u4e2a\u559c\u5fe7\u53c2\u534a\u7684\u6d88\u606f\u3002\u5bf9\u4e8e\u90a3\u4e9b\u4ece\u4e8b\u9ec4\u91d1\u91c7\u6398\u548c\u51b6\u70bc\u7684\u4f01\u4e1a\uff0c\u91d1\u4ef7\u4e0a\u6da8\u81ea\u7136\u662f\u5229\u597d\u3002\u8fd9\u610f\u5473\u7740\u4ed6\u4eec\u5f00\u91c7\u51fa\u6765\u7684\u9ec4\u91d1\u80fd\u591f\u5356\u51fa\u4e00\u4e2a\u5f88\u9ad8\u7684\u4ef7\u94b1\u3002\u4f46\u4ed4\u7ec6\u89c2\u5bdf\u8fd9\u4e9b\u80a1\u7968\u7684\u5386\u53f2\u8d70\u52bf\uff0c\u4f60\u4f1a\u53d1\u73b0\u4e00\u4e2a\u9887\u4ee4\u4eba\u8d39\u89e3\u7684\u73b0\u8c61\uff1a\u80a1\u4ef7\u8d70\u52bf\u548c\u91d1\u4ef7\u4ef7\u683c\u5e76\u4e0d\u662f\u540c\u6b65\u7684\u3002\u7279\u522b\u662f\u5f53\u9ec4\u91d1\u80a1\u6982\u5ff5\u8fd8\u6ca1\u906d\u5230\u8fd9\u4e00\u8f6e\u70ed\u7092\u524d\uff0c\u5f80\u5f80\u8981\u7b49\u5230\u4e00\u8f6e\u91d1\u4ef7\u4e0a\u6da8\u63a5\u8fd1\u5c3e\u58f0\u65f6\uff0c\u8fd9\u4e9b\u516c\u53f8\u7684\u80a1\u7968\u624d\u53cd\u5e94\u8fdf\u949d\u5730\u6da8\u4e0a\u90a3\u4e48\u4e00\u70b9\u70b9\uff1b\u751a\u81f3\u6709\u65f6\u9ec4\u91d1\u7ecf\u5386\u4e86\u4e00\u9635\u66b4\u6da8\uff0c\u8fd9\u4e9b\u80a1\u7968\u7684\u4ef7\u683c\u5374\u4f9d\u7136\u6de1\u5b9a\u5730\u6309\u5175\u4e0d\u52a8\u3002\u4e3a\u4ec0\u4e48\u91d1\u4ef7\u66b4\u6da8\uff0c\u9ec4\u91d1\u80a1\u5374\u6ca1\u6709\u540c\u6b65\u66b4\u6da8\u5462\uff1f\u5206\u6790\u4e0b\u6765\uff0c\u4e3b\u8981\u6709\u4e09\u4e2a\u539f\u56e0\uff1a\u9664\u4e86\u9ec4\u91d1\u5916\uff0c\u8fd9\u4e9b\u4f01\u4e1a\u901a\u5e38\u8fd8\u6709\u5f88\u591a\u4f34\u751f\u77ff\u4e1a\u6216\u5176\u4ed6\u6709\u8272\u91d1\u5c5e\u4e1a\u52a1\u3002\u4ee5\u8fb0\u5dde\u77ff\u4e1a\u4e3a\u4f8b\uff0c\u9ec4\u91d1\u53ea\u5360\u8fd9\u5bb6\u516c\u53f8\u603b\u6536\u5165\u768451\uff05\uff0c\u5176\u4f59\u8fd8\u6709\u7cbe\u9511\u3001\u94a8\u7b49\u4e1a\u52a1\uff1b\u8fd9\u4f7f\u5b83\u4eec\u7684\u80a1\u4ef7\u4e0d\u5b8c\u5168\u53d6\u51b3\u4e8e\u9ec4\u91d1\u4ef7\u683c\uff1b\u4e00\u4e9b\u516c\u53f8\u51b6\u70bc\u7684\u9ec4\u91d1\u5e76\u975e\u5168\u90e8\u7531\u90fd\u81ea\u5df1\u5f00\u91c7\u3002\u5b83\u4eec\u4f1a\u4ece\u56fd\u5916\u5e02\u573a\u8d2d\u5165\u51b6\u70bc\u91d1\uff0c\u5728\u56fd\u5185\u8fdb\u884c\u51b6\u70bc\u52a0\u5de5\u3002\u56fd\u9645\u91d1\u4ef7\u5728\u8fd9\u65f6\u5c31\u53d8\u6210\u4e86\u6210\u672c\u7684\u4e00\u90e8\u5206\u3002\u91d1\u4ef7\u8d8a\u9ad8\uff0c\u516c\u53f8\u7684\u6210\u672c\u8d8a\u5927\u3002\u4eca\u5e74\u4e0a\u534a\u5e74\uff0c\u5c71\u4e1c\u9ec4\u91d1\u7684\u81ea\u4ea7\u91d1\u51b6\u70bc\u4e1a\u52a1\u6bdb\u5229\u7387\u4e3a59\u300242\uff05\uff0c\u5916\u8d2d\u91d1\u51b6\u70bc\u4e1a\u52a1\u6bdb\u5229\u7387\u53ea\u67090\u300228\uff05\uff0c\u4e25\u91cd\u62c9\u4f4e\u4e86\u516c\u53f8\u7684\u7efc\u5408\u6bdb\u5229\u7387\u3002\u8868\u73b0\u5728\u4e0a\uff0c\u516c\u53f8\u7684\u80a1\u4ef7\u81ea\u7136\u4e0d\u80fd\u968f\u7740\u91d1\u4ef7\u4e00\u8def\u8d70\u9ad8\u3002<\/p>\n

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