???????ㄦ勃??涓?娑?.91% 锛?娣辫?????涓?娑?.73%
锛???涓??挎??涓?娑?.69% ??涓????″?濡?浣?杩?琛?锛???浠???讳???澶ф?烘???????版??璧?绛??锛?渚???璧???????
??

?????充?瀹?婧?锛?澶??归?㈢Н????绱????? ????甯??鸿?????寮??х???查?

??????浠??涓 锛?澶??归?㈢Н????绱?浼???026-27骞村????
锛???????甯????稿??洪???杩???A?″??涓???搴﹀急锛???涓???搴﹀己 锛?涔??ㄦ??绀哄??烘?村??虫敞?挎??绉?????绱? ??涔?瑕??胯?锛?褰?涓?琛???璺?绂荤??甯????ㄤ???涓?瀹?宸??
??涓昏?浣??颁负锛??婚???烘???㈤?????寮
锛?缁????ф?瑰??杩?涓?????甯?绾у?????绫昏???棰???渚??跺?茶?锛??虫敞?烘???㈣??跨????璧????稿?璋ㄦ?? ?????????借?????寮??х?????板?查? 锛?25Q2-Q3浠?缁存??涓??㈠??楂????″??ゆ???

????娴???绛??ワ?澶х??纭???颁?杞?定? ?稿??寮?棰?绉???涓???/p>

????灞?????甯?
锛?涓?璇??ㄧ??村????楂???439?逛互??锛?????宸茬??存???诲勾11????楂???509? 锛?涓?涓????や?????3509?逛??
锛?棰?璁″?澶村?ㄦ??澶ф???浼??冲?????涓??
????瑕????虹???锛?浣?涓烘??疆琛???????妫???? 锛?璇??稿???告???扮????浠??跺??诲勾11??浠ユ?ヨ?骞???杩?40%
锛???缁????涓??荤┖?达????ㄢ??妫?? ??浠???涓?琛?绌洪? ???ㄥ??洪??╁??濂芥??楂??????典?锛???宸
??璁＄????浼?濯? ???靛?
???垫?扮?绉??????挎?垮???芥?????峰??稿???澶??轰?????缃??归? 锛???浠?缓璁??涓?????楂?
??
锛?缁х画????褰???涓?嚎浠?浣?锛?骞跺?ㄩ??涓???翠腑浠ユ?ョ嚎妯″???褰?澧??? ??

????涓?俊绛??ワ?涓??ュ?杩???互缁????ф?轰?涓轰富

?????告?2014骞村???2019骞村?? 锛?褰???甯??轰?浼板?间??ョ?????借?涓?????绾?补娴??ㄦ?ч┍?ㄧ??琛???锛?浣?濡???缇????ㄥ??????澶????
锛?骞朵?涓??藉ぎ琛???姝ュ??锛????芥??涓哄???甯??烘??缁???涓?涓?????
??浠??垮??杞??ㄦ?ョ?? 锛?娲昏?璧?????姝ｄ??昏????娑?璐瑰????绉?????????
锛?绾㈠?╀?寮?濮?婊?娑??缁????ф?轰?浠???灏???疮绌夸腑?ュ???璇?棰?锛????板???轰????借???瑕?绛?涓?瀛ｅ害???板??瀛ｅ害 ??杩??? 锛?YU7澶х???娆ф床寤剁?????补杞
锛???蹇???浜у????姝ｆ?夸唬浜у??褰㈠?锛??ㄥ?ㄥ?ㄧ???垫???杩?绋??ㄩ?㈠????涓?绉 锛?涓?涓?涓??舵???琛????昏????芥???垫???棰????ㄤ骇涓??惧???拌?藉????????
锛?浠ュ??AI?鸿?藉??棰?????杩借刀
??涓?瀛ｅ害A?＄???浼?涓?IPO???锛?绉???棰???浜у??????棰?? 锛???灏?甯︽?ュ??烘敞???????拌浆??绉????垮??
锛??????ュ?????拌?????版?璐圭??琛?????棰?璁?I????宸ユ???瀛ｅ害瀵绘?剧????ф?轰?????蹇? ??

????骞垮??绛??ワ?甯??轰?缂洪??/p>

????澶у??版???典?锛?A?＄???哄?璧????介??甯稿??瑁?
??甯??轰??ヤ?缂洪? 锛?缂虹?????涓???辫??ョ???????浠?骞翠???骞寸?????垫?存???姝 ??涓??归?锛??藉??骞胯氨?╃??杩?涓?姝ヤ?琛?
锛?澶ц?涓?骞存??瀹?瀛??╃??涓???%锛???绫荤??璐㈠???烘?剁被浜у???剁??????缁???? 锛?浜????娆炬???锛?灞?姘?瀛?娆惧?ュ?锛???棰??????板箍娉??虫敞
???︿??归?
锛?骞村???充?缇??????拌?骞?瓒?杩?10%锛?缇??轰俊?ㄥ??????澶 锛???缇??戒?澶?璁??璇?浼???棰???璁╂??璧?浜哄?濮?璁ㄨ??ㄧ??璧???浠?缇???璧?浜у??娴???缇?璧?浜
锛?灏ゅ?舵??ぇ涓????虹?????芥???

????????绛??ワ?A?¤??ョ??甯?II?舵? ??瀛ｅ害???芥??涓洪??兼????/p>

??????疆??甯?杩??ラ?舵?II???′欢锛?娑???????ㄥ???ョ???＄エ锛?寮???A?′及?奸??浼 ??2025骞翠腑?界?娴?杩??ョ??姝ｆ??涔?涓????板父?? 锛??婚??姹?澧???缁???涓?骞翠?杩峰??涓?琛?
锛?杩??ュ???绋冲?娉㈠?ㄧ????浣????版?朵唬锛?A?¤???辩?伴??娴??剁????涓???????????2018骞翠互? 锛??ㄧ?娴?缁???璋??村??璧?浜ц????澶ц?????
锛???椋??╁?╃????缁??琛?锛?姝ゅ???惰??¤?℃?????稿???椋??╁?╃???╁樊?舵?? 锛?浠ュ??娌?繁300??????寤虹??????辩?伴??娴???SIRR?稿???椋??╁?╃???╁樊?舵??涓?琛?瀵瑰???灏辨??及?肩??????
????及绠?锛?娌?繁300???版?诲??煎?骞???7~58%涔????姝ゅ?
锛???疆澧???璧?????姝ｅ??棣??哄?锛?涓?浠?浼?瀵瑰??鸿蛋?夸骇???捐??褰卞?? 锛?涔?浼?瀵瑰??洪??肩??婕???璧峰?板?抽???? ??杩?涓??昏?涔?涓?
锛?楂?璐ㄩ??绫昏?＄エ???戒?浼板?间慨澶???????绌洪?存?村ぇ锛?????瑕??????℃?瑰??
??

??????澶х??ワ?棰?璁＄?????????版?翠?灏?缁存????? ?虫敞涓??′富绾?/p>

??????澶???绱?浜ょ?涓? 锛?棰?璁℃???版?翠?灏?缁存???????????澶??ㄩ??╂?板?ㄦ??涓ラ?????跺????璁稿凡缁?杩??
锛?浣?浠???瑕?瀵圭?规??????缁??跨?????澶?淇???璀︽?? ??????涓??涓ゅ?戒负??瀵圭??崇? ????涓?90澶┾???????
??锛????????哄?ｆ??灏?淇???楂?澧? 锛?棰?璁℃?璐逛????娴?淇??????瑕??ㄨ?戒?涓?
????澶???绱?浜ょ?涔?涓?
锛?棰?璁＄?????????版?翠?灏?淇?????????虫敞涓??′富绾 ??1锛?????娑?璐锛??╁????涓??存??????藉???跨?????? 锛????ユ??????缁???ユ?跨?????
??2锛??戒骇?夸唬
锛??虫敞涓?缁╃‘瀹??т?涓婚???璧?涓ゆ?＄嚎绱??3锛??洪??浣????瑰??锛????ㄥ?ㄥ?????洪??楂?璐ㄩ????灞?琛??ㄦ?规?????灏?瀵瑰?洪??琛?涓???缃?骇??娣辫?褰卞?? 锛??ㄥ??琚??洪??浣?????琛?涓??ㄤ腑?挎??缁村害???煎??虫敞 ??

????涓??寸??ワ????扮??存?伴??? 甯??烘??涔?璧帮?

?????荤???瑷?锛?褰???甯??哄?浜?娉㈠?ㄧ????娉㈠?ㄧ??浜ゆ??????瑙ｄ???娆?缂
??娉㈠?ㄧ???颁???韩骞朵?浠ｈ〃甯??哄??剁??娑?璺?
锛??抽???ㄤ???瀛??????????????Risk-On??杩?????Risk-Off ???????ㄦ勃??????涓?杩????锛???川涓????????绱?????涓?娉㈠?ㄧ????褰?浜ゆ????缁??? ???????? 锛?骞村?????版??杈?澶у???芥?х??村?诲勾楂??
锛?浣???????瑷?锛???浠??ㄧ????缁???娉㈠?ㄧ??????褰?浜ゆ???? 锛?浠?瑕????伴?昏?椹卞?ㄧ???瑰??锛?涓??挎????瑷?
锛??撮??瑕??????ゆ????锛?涓昏????寮辩????ㄦ??涓?A?″??烘???块??肩????瀹??????

????????绛??ワ?7??A?″???藉欢缁????¤? ?块??煎???藉????琛?/p>

????7???烘???㈠???藉欢缁?急淇??瓒??
??涓?????缁?娴????藉欢缁?急淇??瓒????浜??????浼?涓????╁???介??复涓?瀹????藉????锛?棣??? 锛? 4-5??宸ヤ?浼?涓??╂鼎澧???杈?1-3??澧????虹?板???斤??舵?
锛?宸叉???蹭腑?ヤ?缁╅???渚??跺??濂锛?A?＄???╀????藉?浜??????ㄦ????涓???娈 ??7???跨?浠????界Н?? 锛?浣??扮?椋??╀???涓?瀹???涓?纭???
??涓??????跨?浠???绉???
锛?浣?澶?浜??稿???绌虹?????浜??????扮?椋??╀????介??复涓?瀹???涓?纭???э?棣???锛??崇?璞????版????澶ф???寤舵?? 锛?涓????寮???腑?挎??瓒??匡??舵?锛?浼?浠ョ??????????浠????戒?????澶? ??7??娴??ㄦ?у???界淮??瀹芥?
??涓?????瀹?瑙?娴??ㄦ?у???界淮??瀹芥???浜??????″?璧??????界淮??骞崇ǔ娴??ワ?棣???
锛?2015浠ユ?ョ??杩?10骞???澶?璧???娴???娆锛???璧???娴???娆★??舵? 锛?浠?骞????ョ??
锛?澶?璧????芥??缁???ヤ腑?借?浜锛???璧?娴??ュ???藉???板??烘??缁????褰卞?? ??

????瑗块?ㄧ??ワ???6?????
???藉?﹀欢缁?????锛?

??????6????????ㄦ???ㄩ??涓??缁? 锛?涓诲????汉姘?甯???涓??????
????浠??ㄨ????ュ??涓???澶?寮鸿?杩?涓??癸???4骞?2??寮?濮?浜烘?甯?姹???涓?涓?寰???璧板?垮?ㄧ?澶у??版?堕?村????姝
锛?姹?????涓轰??冲?澶у?跨??涓诲??????缁???涓?涔????锋部????浠???杩?????绀虹????寮规? ??+??浣?缃
??????璺??缁?锛?浣?浣?楂?寮规?ц?涓?濡?TMT ????宸???垫?扮?琛ㄧ?颁寒? ??姹???灏??冲???缁????茶?????寤剁画?э??
??涓???挎??缁村害涓?锛??????瑙???绱???浼?
??

????涓?嘲绛??ワ?濡?浣???寰?绉???????寮哄?垮??寮癸?

????褰????舵?缁存???哄?稿??轰?绾㈠?╃被璧?浜т?涓洪??缃?富绾???ㄦ??虹?涓? 锛?绉????垮??
锛?灏ゅ?舵???AI璧???????稿?崇???瑰??锛?濡?绠??? ?????″?ㄧ?锛?锛??ㄧ???杩?涓や釜??????缁???村?? 锛?浼板?间?绛圭??缁???宸查??姝ユ?瑰??
锛???浠??涓哄凡杩??ュ????????瑰?灞????????洪? ??1锛?娴峰?绉?????灏??瑰??濡???妯″??
???变?杈句骇涓??惧????浜?缇?????娴???绾虫??涓?娑锛?浠??锋????浠峰?硷?2锛??藉??AI浜т??句腑 锛?涓?娓哥????????″?ㄧ?????????浜?涓??绉???绔?浜????锛?璁㈠?????跺?ョ淮??楂????
锛?????寮规?ф?村己锛?3锛???宸ユ?垮????9??3?ユ????绾?康???甸?????娓锛??ㄥ?扮??茬?棰???涓?涓??界???瀹???涓?????????? 锛???杩??ラ?舵??т富棰?琛?????

锛???绔??ユ?锛?涓??硅储瀵???绌朵腑蹇?锛?