缃?涓??$エ寮??锋?绋???姝ラ?:??璧?骞冲?板??风????娆х??璁″??????涓?缇??界??璐告??璋?? 娆ц?℃??定 ????浜哄+锛???璧???浠?????绯诲ソ瀹??ㄥ甫??
????缇??戒?娆х????璐告??璋??や??ュ?╁ソ淇″? ??
?????????版?? 锛?娆х??璁″??????涓?缇??借??锛?浠????垮??澶цタ娲?涓ゅ哺??????璐告???? ????褰??版?堕????26?锛?娆х????瑷?浜洪??? 锛?娆х??璐告????缁?娴?瀹??ㄤ??′???濉?澶??缁村?灏?浜?褰??版?堕?村?ㄤ?涓???涓?缇??藉???¢?ㄩ?垮?㈢?瑰凹??杩?琛???璇???
??????姝ゅ奖??锛?娆ф床澶??借?″??ㄧ嚎???锛????冲??绋锛?涓归害?℃??澶ф定瓒?2% 锛?娆ф床??????50?????寰峰??AX 30??? ??娉???AC 40???板??娑ㄨ?1% ??缇??芥?荤??规???????琛ㄧず锛?????灏?瀵规???寰???0%?崇???????????寤堕?胯????9???
?????抽???跺?锛?娆ф床澶??绐??跺???鸿?????娆ф床澶??绠$??濮???浼?濮?????寰锋??蹇????﹂?惰?琛??跨害?垮?濮?路绾虫?煎??ㄤ?琛ㄧず 锛??????ㄧ??璐告??绱у?灞??垮???锛?缁?娴?涓?纭???у???戒???涓轰?涓???涔??瑰???浠?璀﹀??绉锛?棰?璁″?崇?瀵圭??介??????缁?娴???澶卞?澶т??惰锤??浼?浼撮??????缁?娴???澶 ??
????娆ф床???╁ソ
??????浜??堕????26?ユ??? 锛???江??绀炬?ラ??锛?娆х??璁″????蹇????ㄨ???涓?缇??界??璐告??璋??锛?浠ラ?垮??璺ㄥぇ瑗挎???璐告?????? 锛?杩?琛ㄦ?????瑰??????村????濂界????搴??灏卞?ㄥ??澶╁??锛??规?????????硅?娆х????寤惰??よ?绋???
???????板?ㄨ??ゆ??浜??扮???ㄥ?? ?? ??娆х??濮???浼???瑷?浜轰???路??凹濂ュ?ㄤ?琛ㄧず锛??????瑰??????蹇?锤??璋??よ?绋? 锛?骞朵???瀵?????绯????
????淇???路??凹濂ヨ〃绀锛?娆х??濮???浼?涓诲腑??痉?辨?╀?缇??芥?荤??规????????璇?涓鸿锤??璋??ゆ敞?ヤ??扮???ㄥ????娆х??璐告????缁?娴?瀹??ㄤ??′???濉?澶??缁村?灏?浜?褰??版?堕?村?ㄤ?涓???涓?缇??藉???¢?ㄩ?垮?㈢?瑰凹??杩?琛???璇? ??
????淇???路??凹濂ヨ?涓?姝ヨ〃绀锛??ㄤ?缇??界??璋??や腑锛?娆х?????虹?????跺?崇?瀵归?跺?崇?????妗?浠??ㄨ??ゆ?涓???
?????ㄦ?涔??? 锛??规????〃绀锛?娆х??璇锋?灏??崇?璋??ゆ????寤堕?胯????9?锛?浠?宸插????杩?涓?璇锋???
????杩?涓?娑??????寸?圭??浜?甯??虹??涔?瑙???缁 锛?娆ф床澶??借?″??ㄤ???浣?澶ф定锛????冲??绋锛?涓归害OMX20???板ぇ娑ㄨ?2% 锛?娆ф床??????50?????寰峰??AX 30??? ??娉???AC 40???????澶у?╁???IB???板??娑ㄨ?1% ??
????浣?????浜哄+璀﹀??绉锛?灏界?缇??芥?荤??规?????ㄨ?浜?瀵规???寰???0%?崇???璁″??锛?浣???璧???浠?????绯诲ソ瀹??ㄥ甫?? 锛???涓烘??ㄧ??璐告????椋??╁?????ㄨВ?锛?甯??烘尝?ㄥ???芥??缁??
????浼︽??aye Capital Markets棣?甯???璧?瀹?Naeem Aslam琛ㄧず锛??崇?寤舵???界?跺???浜???璇??㈡?х??椋??╁??濂藉??寮 ?? 锛?浣??????涓???????
????浠??ㄤ?灏??靛???欢涓????锛?灞??????锛?7??9?ュ???藉????涓?涓???寮?????? ??娆х??姝e?ㄦ?ㄥ?ㄥ???舵???浣??崇??????镐?灏?????璋??锛?浣??规????????缇??戒??? ??濮挎?????戒?灏?璋??ゅ????涓??烘?????杈??? 锛??颁贡渚?搴??惧苟?藉?ㄩ?????????
????璐?浼﹁??奸?惰?棣?甯??娴?瀛﹀?Holger Schmieding??璁や负锛????ㄦ?堕?村???戒?瓒充互??瑙e?虫????缁????????锛?浣?搴?璇ヨ冻浠ュ缓绔?涓?涓?锤????璁?????
????Schmieding璀﹀??绉 锛?濡?????缁?缁??????娆х??????寰???0%??30%???ㄩ?㈠?崇?锛???娆х???????????锛????藉?缇??介????????澶у???舵??? ????浠?寮鸿? 锛?娆х??涓??借???寰???涓剧?芥????????锛?璋??ゅ?璇ユ??钩绛??? ??
????Commerzbank璐у?绛??ュ?Michael Pfister瀵规???涓?缇??藉?崇???璋??ゅ??????璋ㄦ????搴??浠?琛ㄧず锛?????浠?韩?????????崇????????????剁??????
????娆ф床澶??璀﹀??
??????浜??堕????26?ユ???锛?娆ф床澶??绠$??濮???浼?濮?????寰锋??蹇????﹂?惰?琛??跨害?垮?濮?路绾虫?煎?琛ㄧず 锛??????ㄧ??璐告??绱у?灞??垮???锛?缁?娴?涓?纭???у???戒???涓轰?涓???涔??瑰? ??
????绾虫?煎????猴???涓?纭???у???戒???涓烘?板父???? ??浠?璀﹀??绉锛?棰?璁″?崇?瀵圭??介??????缁?娴???澶卞?澶т??惰锤??浼?浼撮??????缁?娴???澶??
????涓?姝ゅ??? 锛?娆ф床澶??琛??垮????????濞?路????寰峰?ㄤ?琛ㄧず锛??寸?缇???涓诲??颁???涓?纭???у???戒负娆у???挎???村ぇ???介??瑙??叉??寮?澶ч? ??濂硅?涓锛?杩?灏?浣挎????????藉??浼?涓??藉?浠ユ?翠?????????璐锛?浣挎????哄????姹???娉㈠?ㄧ??褰卞?? 锛?骞朵??ゆ????????惰??????朵?寮哄?舵?ф???????褰卞????
????????寰疯?涓?姝ユ???锛?娆х??蹇?椤绘弧瓒冲??涓??′欢???藉珐?烘??????颁?锛?????????瀹?涓?绉诲?拌?村??浜?寮??捐锤??骞朵互瀹??ㄨ?藉??涓哄?舵??渚??????? 锛???杩?寤虹??存繁灞?娆???村?锋??ㄦ?х??璧?????烘?ュ?稿?澶??借??锛?淇??ゅ?舵?娌诲苟???ㄦ?挎不涓??㈢?璧锋?锛?浠ヤ究??浠??藉??靛尽澶??ㄥ???? ????
??????缇??藉?崇??跨????板? 锛??ㄧ????璧???杩???涓????ヤ??村?ㄥ??灏?瀵圭???璧?浜х????璧? ??????寰峰?ㄦ?璁蹭腑琛ㄧず锛?姝e?ㄨ?琛??????╀负???ㄧ??娆у???跺???????浜??′欢??
????????寰疯?涓锛?涓烘? 锛?娆ф床??瑕?涓?涓??存繁灞?娆 ??娴??ㄦ?ф?村己??璧?????锛?蹇?椤诲??寮哄?舵?寰??虹?锛?骞堕??瑕?浠ュ??ㄨ?藉???????跺??捐锤?????胯???
????娆ф床娓??eぇ?ュ?
??????鸡?︽捣浜??ㄨ?????rewry???板??甯????ュ?? 锛????规???????崇??跨?褰卞??锛???娆т富瑕??㈢航??娓??f?ュ?垫??ㄥ???锛?骞堕?璁¤?绉????典??跺?? ??
?????ュ?????锛???????瑰?????楣跨?逛腹??姹??″??涓??ユ?娓??ㄥ????娆ф床涓昏?娓?? 锛???瑁?绠辫?规???复瓒??ヨ?澶???娉?浣?寤惰?锛?????姝e?ㄥ????瑙e?宠揣?╃Н?????????
?????ュ???剧ず锛?3??涓???????涓?????? 锛?寰峰?戒??ユ?娓????娉?浣????堕?村???浜?77%锛?姹??℃腐??寤惰??堕?村???浜?49%锛?瀹??瑰????腐??寤惰??堕?村???浜?37%锛?????锛?楣跨?逛腹娓????卞?借垂?╁??????娓???绛?寰??堕?翠?寤堕?夸???
?????ュ?????锛?????娓??f?ュ?电?????? 锛???????芥??璧风????璐告?????? ???冲?ㄥ????己浠ュ??娌虫?姘翠?浣?绛???
?????规?????崇??跨???涓?纭???т?浣垮?颁腑娴疯???绛????宸ㄥご浠?6??寮?濮?瀹??借?浠蜂?璋?????寰??哄?????璐锛?灏ゅ?舵???浜?娲插?哄????璐х? ??
??????娲ョ?娴???绌堕?㈡???板??甯?????绌舵?ュ?????锛???棰?澶????跨?涓?纭???х??ㄧ??缁?娴?娲诲?ㄥ甫?ヤ?娌?????澶????璇ョ??绌堕??及璁 锛???褰卞????澶х???藉?????痉???姣??╂????卞?? ????澶у?╁???峰?锛???涓鸿?浜??藉?楂?搴︿?璧?瀵圭??界???哄???
??琛ㄨ?璁
杩?娌℃??璇?璁猴?蹇??ヨ??逛?涔???