2025骞锛?A?″??洪???″??? 锛????伴??涓虹?? ??????璧??昏???缁???娓 ????????澶? ???芥嘲 ??骞垮??绛?澶?瀹跺?????烘??瀵???甯?灞????辩?伴??娴?ETF 锛?杩?涓?涓婚?浜у??杩?????涓烘??璧????虫敞???︾? ??????????锛?甯??轰?宸叉??瓒?20?????辩?伴??娴?ETF?????板?洪??锛????╃?????板?????借???瀵????涓??涓?澶х郴?? 锛?璺?韪???????浼肩?镐技?存????宸????杩?浜?浜у??绌剁???浣?涓???锛???????璧?????璇ュ?浣????╋?
涓? ?????辩?伴??娴????颁?绯伙?涓?澶ф?娲 锛???????绉?
???辩?伴??娴?ETF???稿?宸??婧?浜??惰?韪??????扮??堕?昏????????藉??甯??哄凡褰㈡??涓?澶т富娴????颁?绯锛??????辨繁浜ゆ????涓??借????板??? ??瀵??剁?绱???涓?????板???镐富瀵 锛?瀹?浠??ㄦ?锋???????琛?涓???濂 ??璋?浠??哄?剁?缁村害涓?瀛??ㄦ?捐?????? ??
1.??借????辩?伴??娴????帮???琛￠??缃?????璐㈠?″?ュ悍涓?瀹 ??
?辨繁浜ゆ???ㄨ?瀛????哥??剁???借???? 锛?浠モ??涓ヨ??绛???????绉 ???舵?稿??昏??????ら???? ???颁骇琛?涓?锛????伴??娴?缁???澶???锛?锛?骞剁患??ROE绋冲?????伴??娴????╂鼎姣?渚?绛????? 锛?浠????′腑绛?????00?????辩?伴??娴???锛????辩?伴??娴?/浼?涓?浠峰?硷???楂???浼?涓???璇ユ???伴???ㄥ?搴﹁?浠? 锛?琛?涓???甯???琛锛?瑕????虫补?冲??锛?18%锛? ??姹借溅锛?15%锛? ??瀹剁?碉?12%锛?绛??伴??娴?绋冲???棰??? 锛?涓?涓??甯??煎??姣?杩?60% ?????叉?版???剧ず 锛?璇ユ???拌???骞村勾???剁????杈?7%锛?涓?2019-2024骞磋?缁?骞村??版??剁?? ??
2.?瀵??朵腑???¤???辩?伴??娴????︽???帮?榫?澶撮??涓??????跨?绾㈠?╂??????
?卞?璧????版?烘??瀵??剁?绱?缂??剁??杩?涓???? 锛?绛??ユ?村????澶у??煎ぎ?戒????剁??????磋?????? 锛?浣???杩?璐ㄩ????瀛?锛?濡?ROE绋冲?????伴??娴????╂鼎姣?渚?锛?浼??????锛???缁?????0????伴??娴?榫?澶锛??朵腑??浜垮??煎??姣?70% 锛?澶??戒?????杈?4% ??琛?涓?楂?搴﹂??涓???虫补?冲??锛?32%锛? ????淇★?18%锛?绛??跨?????棰??? 锛?涓?璁炬????????璇?浼板??绾 ???哄?锛?2024骞磋?℃????杈?.44% 锛??捐??楂?浜???绫绘??? ????013骞村?烘?ヤ互? 锛?璇ユ???板勾???剁????杈?0.14%锛?绱??娑ㄥ?602.17% 锛?澶??????0.93 锛???璺??х????
3.?涓???ㄦ?????辩?伴??娴????帮?瑕?????骞跨????涓?????????? ??
涓?????板????024骞存?ㄥ?虹??杩?涓????锛?浠モ???ㄥ??鸿?????涓虹?硅? 锛?涓????や换浣?琛?涓? 锛?浠????′腑????100?????辩?伴??娴?????楂????＄エ锛????ㄧ???浼??????? ???舵?????℃?村????涓??甯??硷?300浜夸互涓???姣?45%锛? 锛?琛?涓???甯?骞挎? 锛?娑电??娑?璐 ??宸ヤ??堕??绛????挎?ч??? ??????025骞???锛?宸叉??12瀹跺?????锋?硅?韪?????扮??ETF锛???涓虹????浜у???伴????澶??????辩?伴??娴?绛??ユ?????浠????插??婧??? 锛???018-2023骞存???村勾???剁??19.2% 锛???澶у???や慨澶??ㄦ??姣?娌?繁300蹇?0% ??
姝ゅ?锛?涓??绯诲??杩?琛????烘勃娣?00??涓??800绛?缁?????? ??渚?濡?娌?繁300???辩?伴??娴?ETF???﹀ぇ????绛 锛?瓒????芥?锛?29%锛? ????淇℃???★?13%锛? 锛???涓??800???辩?伴??娴?ETF???奸【澶т腑甯??锛?褰???浼板?煎??浣?浠?15% 锛?琚??涓哄???煎??褰?娼?????绉???
浜? ???稿?宸??锛?浠?缂??惰????板???琛ㄧ??/strong>
灏界???绉扮?镐技 锛?浣?涓??????辩?伴??娴????扮??搴?灞??昏?宸???捐??锛?杩??存?ュ奖??浜??堕??╂?剁???瑰?锛?
1.琛?涓???濂戒?椋??╂?у??/strong>
?借????伴??杩????ら?????颁骇瑙??垮?ㄦ???烽? 锛?瀵??舵???板??渚?璧?璐ㄩ????瀛?杩?婊よ储?￠?? 锛???涓???ㄦ??淇????ㄨ?涓?浣???杩?绛??????ｉ????渚?濡???022骞磋?芥??℃尝?ㄤ腑锛??借????板??琛?涓???琛￠??缃????や?-12.5% 锛???瀵??舵???板????榫?澶存??璺??ц?骞??村? ??
2.甯??奸??间??跨?濂???搴?/strong>
瀵??舵???伴?搴﹀???褰?????涓??逛及 ??涓荤嚎 锛?澶??戒???姣?瓒?????锛??借????板?奸【涓???????挎?э?涓???ㄦ???????扳??????缁??? ??锛??㈡????浜挎?稿?璧?浜锛?涔???涓?绮剧?规?颁?涓? ??杩?绉?宸????024骞寸??甯??洪??煎????腑灏や负???撅?瀵??舵???板?ㄥ勾娑ㄥ?36.54% 锛??借?????2.44% 锛???涓???ㄦ????025骞?1???″?涓??骞???灏?锛?-1.9%锛???
3.浼板?间?璋?浠??垫椿??/strong>
褰???瀵??舵???板?????11.22??锛?????5%??浣?锛?锛??借????扮害13?? 锛?涓???ㄦ??12.5??锛?30%??浣?锛? ??璋?浠?棰????归? 锛??借???涓??绯诲??瀛ｅ害璋?浠?锛?瀵??舵???板??骞磋?浠? 锛??????磋?芥????琛?涓?杞??ㄦ?洪?? ??
涓???甯??鸿??匡?浠???浜у???╁????扳??绛??ヨ??? ??
2025骞???浠ユ? 锛????辩?伴??娴?ETF杩??ョ????寮?澧????缁ч??瑰????骇??瑙?妯＄???0浜垮????锛?12??腑璇??ㄦ?????辩?伴??娴?ETF?????锋? 锛?涓?浜??烘????浜у???冲?杩??ュ??琛??? ??杩?涓???疆???? 锛??㈡????绠″?瀵瑰??绾㈡?版?跨???ㄥ???濡????戒?? ??寮哄????绾㈣?姹?锛?锛?涔?????浜??╄?绛??跨嚎璧???浠???楂??℃???????楂??伴??娴? ????绛??ヨ????????????借??垮??绾??????缁???椋?? ??
?煎?娉ㄦ????? 锛????辩?伴??娴?ETF骞堕??绠???????绾㈠?╃??ュ??绾х?? ????浠ュ?借????颁负渚? 锛??舵?????″钩??ROE锛?12.8%锛?瓒?甯??哄????.2涓??惧???锛????辩?伴??娴?瑕?????锛??伴??娴?/璧??????猴?杈???锛??煎?风???╄川??涓?澧??挎??? ??杩?涓?浼?缁?绾㈠?╂???颁?璧??惰? ??浜よ?绛???璧?浜ц?涓?褰㈡??椴???瀵规? ??
???辩?伴??娴?ETF??宸????绔?浜? 锛???川????璧?绛??ヤ????伴??娴?瑙?妯???扳???伴??娴?璐ㄩ?? ????杩????瀵逛???????璧??? 锛?????绾?缁?浜????宸??锛???搴??虫敞涓?涓??稿????锛??????℃???︾??姝ｅ?峰???缁???琛??藉??锛?琛?涓???甯????﹀???缁?娴??ㄦ??锛?浜у???哄?舵???﹀?归????韩???剁????????椋??╂?垮????锛?????绌块??姒?蹇佃糠? 锛??硅?借????伴??濂剁?? ????姝ｄ负璐㈠??よ? ??
