?戒骇杞?欢?＄エ榫?澶村??????:?????璧?骞冲??涓?俊璇??革?甯??哄?浜????????告?拌?浠ュ????褰??哄??琛?涓???缃???璁ㄨ?瀛??ㄤ?浜?璇???/h1>
????涓?俊璇??哥???ヨ?涓 锛?甯??哄?浜????????告?拌?浠ュ????褰??哄??琛?涓???缃???璁ㄨ?瀛??ㄤ?浜?璇????浠?娴峰?缁?楠??ョ?? 锛???褰??哄??????杩??哄????琛?涓???姣????洪????浠???姣?婕?????涓????稿??锛?浜у????璧?绛??ュ??瀹㈡?风???╁?????褰?锛??ㄩ?挎??瑙???涓? 锛?杩?涓?杩芥???????缁?瀵规?剁??骞朵???? 锛????????涓???锛?璺?杈??哄?????╃??哄?舵??缁?瀵艰?寸?????洪????灏???寮??ф??浠?锛??挎???ョ????澶х??褰卞????椿璺?澶村?????姣?涓??? ??濡?浣??绘?????拌?瀹??哄?????挎????瑷?瀹??板??峰?╃?? ??璧㈠?绔?浜?骞堕?垮??琚???ㄥ??浜у???夸唬?????抽????? ??瀵逛?涓诲?ㄦ??????浜у????瑷? 锛?娌?繁300 ??涓??800浠ュ??A500浣?涓哄?ㄥ??哄?洪???哄???芥??杈?澶х??灞???? 锛??藉??????拌川??浜у?????扮?娴?瓒??跨??涓??借?浜у?????哄??锛?搴?璇ユ????琛℃腐A??姣?锛?娓??″??哄???诲?哄????姣?渚????瓒?琛?涓???姣?棣?瑕???瑕????????????姝ゅ? 锛??ㄥ???荤?煎???荤?? 锛????ュ???澶?璧???姝ュ??娴?锛?甯??虹????涔?浼??歌?杩???骞村??????澶ц浆?? 锛?涓??界?ㄥ??瑙???瑙?瑙??????荤??琛?涓???姣? 锛?濂藉???稿??宸????镐??寸??宸??浼?杩?杩?瓒?杩???璋?????濂借?涓???????宸??涓? ?? ??
???????ュ?ㄦ??????绛??ヨ???︼??充???褰??哄????缃?????涓???哄????涓??瀹?
??????锝?瑁?缈? ?ㄥ?楠 楂???妫 ???ュ饯 杩?涓?甯?/p>
??????浠??涓哄??哄?浜????????告?拌?浠ュ????褰??哄??琛?涓???缃???璁ㄨ?瀛??ㄤ?浜?璇?? ??浠?娴峰?缁?楠??ョ??锛???褰??哄??????杩??哄????琛?涓???姣????洪????浠???姣?婕?????涓????稿??锛?浜у????璧?绛??ュ??瀹㈡?风???╁?????褰? 锛??ㄩ?挎??瑙???涓? 锛?杩?涓?杩芥???????缁?瀵规?剁??骞朵????锛????????涓???锛?璺?杈??哄?????╃??哄?舵??缁?瀵艰?寸?????洪????灏???寮??ф??浠? 锛??挎???ョ????澶х??褰卞????椿璺?澶村?????姣?涓?????濡?浣??绘?????拌?瀹??哄?????挎????瑷?瀹??板??峰?╃????璧㈠?绔?浜?骞堕?垮??琚???ㄥ??浜у???夸唬?????抽????? ??瀵逛?涓诲?ㄦ??????浜у????瑷? 锛?娌?繁300 ??涓??800浠ュ??A500浣?涓哄?ㄥ??哄?洪???哄???芥??杈?澶х??灞????锛??藉??????拌川??浜у?????扮?娴?瓒??跨??涓??借?浜у?????哄?? 锛?搴?璇ユ????琛℃腐A??姣? 锛?娓??″??哄???诲?哄????姣?渚????瓒?琛?涓???姣?棣?瑕???瑕?????????? ??姝ゅ?锛??ㄥ???荤?煎???荤??锛????ュ???澶?璧???姝ュ??娴? 锛?甯??虹????涔?浼??歌?杩???骞村??????澶ц浆?? 锛?涓??界?ㄥ??瑙???瑙?瑙??????荤??琛?涓???姣?锛?濂藉???稿??宸????镐??寸??宸??浼?杩?杩?瓒?杩???璋?????濂借?涓? ??????宸??涓?????
??????褰??哄??????杩??哄????琛?涓???姣????洪????浠???姣?婕??? 锛???涓????稿??
????娴峰??卞???洪??琛?涓?涔?缁???杩?浠??翠??у??绂诲?哄????婵?杩???浠?绛??ュ???哄????褰???杩?绋???1987~1995骞寸??藉?卞???洪????缁??杈?????00 锛??ㄨ?涓??舵??锛??翠釜琛?涓??芥???捐???淇℃?????????????垮?? 锛?1995骞翠俊???????垮????楂?瓒???姣?渚?杈惧??0.0% 锛????????垮??????楂?瓒????虹?板??992骞锛?杈惧??2.3%锛??颁?2002骞 锛?杩?涓や釜琛?涓???瓒???姣?渚?????????.2%??3.1% ??浣?浠?缁?瑙?瀵?浼???? 锛?1995骞寸??藉?卞???洪????缃?俊????????姣?渚???9.4%锛?????00???扮???哄????.4%锛??颁?2000骞 锛??卞???洪??瀵逛俊??????????缃??渚?杈惧??3.3% 锛???????00???伴??淇℃??????????9.2%锛??颁?2002骞锛?????浜???缃?娉℃搏?磋?锛??卞???洪??瀵硅??垮??????缃??渚?????4.8% 锛???????00???颁腑璇ユ?垮???????藉??4.6% 锛?浜????烘????? ??1995骞村??002骞锛?淇℃???????垮???ㄦ????00??琛?涓???姣?涓?????浜?5.2涓??惧??? 锛????哄???????卞???洪??琛?涓???姣???杩???涓????稿?????????垮??涔???绫讳技????? ???ㄤ骇涓?缁????х?????????舵? 锛?瑕????绘?х???荤??寰?琛?涓?姣?渚?锛??﹀??琚??ㄥ??褰??????哄???充究?у?朵???绂 锛??挎??瀵瑰??蜂??????? ??
????浜у????瀹㈡?风???╁?????褰? 锛??挎??瑙???涓?涓?杩芥???????缁?瀵规?剁??骞朵?????/p>
?????规???????洪??璐㈡?锛?2007骞翠互?ヤ????虹?拌?涓诲?ㄤ骇??3骞寸淮搴﹀ぇ?㈢Н璺?杈?娌?繁300????0涓??惧???逛互涓?????? 锛??充娇???稿?琛ㄧ?版??宸???2012~2014 ??2022~2024?舵? 锛?涔???58.2%??55.2%???洪??杈惧?版勃娣?00绱???剁????-10ppts杩?涓????????㈣?涔?锛?浠绘??3骞寸淮搴﹁??板?ㄥ??轰富?ㄥ?洪??????50% 锛?灏辫?戒?璺?杈?娌?繁300????0涓??惧??? 锛??挎??浠ュ??风???╁???峰??缁?瀵规?剁??瀵煎????绛??ュ苟涓?浼????拌???告?拌???褰卞?? ????姝ｅ??褰卞??????负浜?杩芥???????????娴????????煎?х??娉㈠?ㄧ??浜у?? ??瀹???涓?锛????稿?涓??ㄥ????骞翠腑??1骞存????灞?????浜у??锛???骞寸淮搴﹁?杈?浜??哄?? 锛?渚?濡???022骞磋??024骞存??? 锛???涓?骞村害??????10% ??20%??浜у??涓锛???????22%??33%??浜у????022~2024涓?骞寸淮搴﹁?杈?浜??哄??????姝ゆ??浠??涓 锛????告?拌???川涓?骞舵???瑰??璧?浜х???琛?涓???搴?灞??昏? 锛??冲?????挎??瀹㈡?峰?╃??浼??? ??
?????╃??哄?朵?瀵艰?村?洪????灏???寮??ф??浠?锛??挎???ョ??娲昏?澶村?????姣?浼?涓???
?????变??洪??浜у???????╄〃?扮?存?ュ?宠???洪?????搁?绠＄????? 锛??ㄥ???洪?????镐????藉?????涓?缁╂?捐??璺?杈??哄?????洪??缁???瀹??芥?翠弗?肩?????ㄨ???稿??绾︽?? ??灏界?姝ょ被?哄?舵???绾冲?ョ??绠¤???告?拌? 锛?浣?瀹?????浣?涓锛??ヤ骇????骞磋?杈??哄??杈句?瀹?骞?搴 锛??洪??缁??????介??复纭??х害?????虫???存? 锛?浠???澶卞?诲??缁?讥琛ヤ?缁╃???轰???杩?绉?绾︽??浼?杩?娇?洪??缁???寮哄??骞村害???ゆ?у?朵??哄????绂诲害绠＄??锛??垮??瑙﹀?????????哥孩绾 ???ㄨ?绉??哄?朵??ㄤ? 锛?涓诲?ㄥ????浜у?????戒????板??寮??ф??浠???缁???灏? ???稿???浠?绋冲??ф???????挎??瓒?? 锛?浣??颁负?翠?娲昏???浠???姣?涓??????㈡????瓒?浜???浣? ??浠ョ??戒负渚?锛??规??RSP锛??ㄤ?涓?绾?0骞翠唬??????缁??杈??哄???? 锛??卞???洪??琛?涓?娲昏?澶村?浠?40%~50%??姝ヤ?婊???002骞撮??杩???30%锛??㈡????涔?缁???浜??挎??涓???瓒?? 锛?浠?70%~80%??姝ヤ?婊???021骞寸??30%宸﹀?筹?骞村??杈规?㈡????锛???
????娌?繁300??涓??800浠ュ??A500浣?涓哄?哄???芥???稿?杈?澶х??灞?????/p>
????杩?绉?灞????ц〃?板?ㄤ袱涓??归?锛?涓???釜?＄撼?ユ???扮??杩?绋?涓?涓?瀹?缁?杩?浜???????澶?绌哄??寮???甯??哄??瀹?浠 锛?浜?????ㄦ?翠釜涓??借?浜х??缁村害 锛?娆?缂烘腐?＄????缃????戒???澶变?浜??扮?娴?娴?疆????璧??洪????棣????????版??韩???????ч??? ??A?℃?ц?¤?′?IPO涔????????????炬?撮?锛?涓?瑙ｇ???????????????涓?????璧?涓讳????????????舵?翠负涓ユ? 锛?骞惰?绔?浜??村??/?村??/??绾??杈炬??涓???????绛?绯诲??瑙??? 锛?瀹规???虹?板???哥??ヨ川??涓?绋崇?????典?锛?娴??????????村? 锛??村????虹?伴?舵??ц?澶?澶存??楂?甯??肩?????佃??琚?撼?ュ??烘???扮????? ???舵???????㈤??? 锛?绾??″??虹??瀹藉?哄?ㄨ?涓?涓???涓?瀹?灞????锛?浠ュぇ甯??兼?????????镐负涓 锛????挎?х?告?浜?娓??℃????绉????村急????绾??????″?哄?? 锛???杩??╄?″???涓?缁╁?哄?????锛?涔?璁歌?借?峰?涓?瀹???????锛?浣??挎????瑷?浜у????韩??杩?浜??扮?娴?璧?浜 锛??ㄨ?绠¤?涓????戒?娆?缂虹?浜??? ??
?????????拌川??浜у??瓒??跨??涓??借?浜у?????哄?? 锛?搴?璇ユ????琛＄??娓???姣?
????娓??″?ㄤ???缃? ?????拌? ???鸿?借溅???版?璐圭????胯?￠?????涓?灏??峰??ㄧ??绔?浜?????榫?澶村???锛?杩?浜????稿???ㄦ腐?′?甯? 锛???????? ??杩?涓?娓?氦???稿?绋冲????????涓?甯??跺害?????2022~2024骞 锛?灏界?娓??″??洪??复琛ㄧ?颁?浣 ??娴??ㄦ?ф?跺????????锛?姣?骞翠???涓?浣?浜?70瀹跺???稿?ㄦ腐?′?甯? 锛???蹇???娑?璐 ???荤??淇????璧?璁????琛?涓???IPO?伴????褰?骞存腐??PO?绘?版?渚?骞冲??涓?1% ??21%??18% 锛???璁¤?杩?60% ??浼撮??A+H涓?甯?娼?互???稿?绉???浼?涓???18C?跺害锛????ユ腐?″?澶??稿?璧?浜ф??????涓??芥?拌川??浜у????灞?涓?????缂虹??缁??? ?????瑰?扮????涓烘?宸插??娓?氦????琛ㄧ??A?′?甯???? 锛??堕??涓???姣?杈?0%锛????????版????涓??堕??涓???姣?涓?2.4%锛? 锛?杩?瀵规???ユ腐?¤?浜ц川???????娆￠??澶х??????????浠??ㄦ?ュ????A?″??虹???归?疯???涓??借?＄エ??缃?腑锛?娓??″???????锛???锛?2025-03-25锛?涓??绠? 锛?娓??＄????????缃??渚????借?????0%~50% ??浠??哄????瑙?搴︽?ョ?? 锛?娆?缂烘腐?＄???哄??锛??挎???ョ??浜у???ㄥ??轰腑??绔?浜???涔??稿?杈?寮 ??骞宠 娓?姣?搴?璇ユ???????哄???????ф?堕?瑕??????????锛?琛?涓???缃??渚?搴?璇ユ??釜?￠???╃??缁??? 锛???涓?????????
????濡???澶?璧???姝ュ??娴? 锛?甯??虹????涔?浼??歌?杩???骞村??????澶ц浆??
????1锛?杩??诲??骞寸??璧??????????璧?娴?? ??????璧???锛????藉???澶ц?妯℃?? ??瀛???涓诲?ㄦ????绫讳骇????021Q2浠ユ?ュ????缁???璧?????? 锛?2023骞翠互?ュ??璧???瓒??垮???? 锛???浠??绠?2023骞??2024骞村???涓诲?ㄦ????绫讳骇????????璧??? 2488 ??5845浜垮??锛??规??ind缁?璁锛?????璧???浠?2023骞翠???骞村?濮?????娴?? 锛?2023骞翠???骞寸疮璁″??????396浜垮?? ????浠??绠?2024骞村????璧?????娴??虹害200浜垮?????????藉??? ???版?颁?23Q4寮?濮?澶ц?妯″???ETF 锛???腑澶????浜?2023骞?0??????涔板??TF浠ユ?锛???浠??绠? 锛?????024Q4?藉???宸茬疮璁″??涔板?ヨ?8000浜垮????杩?绉?璧???娴?缁???灏卞???瀵艰?存?烘??浣????垮???稿??剁??浼??挎?存??? ??
????2锛????ュ???澶?璧???娴? 锛?濂藉???稿??宸????镐??寸??宸??浼?杩?杩?瓒?杩???璋?????濂借?涓? ??????宸??涓??? ??浠?AH涓ゅ?颁?甯????哥??H?℃??浠风???ョ??锛?琛?涓????ㄧ??AH??婧?环宸?????充?瓒?杩?琛?涓??寸????婧?环宸????浠?H涓ゅ?颁?甯????惰??′负渚? 锛?????琛???A?″钩??婧?环??杈惧??0% 锛????鹃?浜??′唤?堕?惰???16% ??????琛???22%浠ュ???芥??澶ц???27% ??杩?浜??惰???娓??′及?煎樊寮???澶锛???A?″??????烘????X~7X锛?骞舵病??寰?澶у樊寮? ?????风??瑙?寰??ㄦ苯杞??浜よ? ???昏?????垫?拌?涓?涔??芥?惧?版?渚???杩??????哄?澶?璧??跨嚎璧?????瑷? 锛??峰???????? ??瀹?浠锋????绋冲??╂鼎?????藉?绌胯??ㄦ????涓??℃???煎?浼板?兼孩浠 锛??ㄦ???у己??浜у??宸????浣???涓??″?寰?搴?璇ユ????浠 ????瀵瑰?藉????涓?灏?璧?????瑷?锛????告孩浠峰?寰??ヨ???琛?涓??????涓?琛? 锛??????杈归??涓?琛?? 锛?璧?浜ц川??浼?璐ㄧ??榫?澶翠?浼???复浼板?兼??浠烽??? ??姝ｅ??涓烘??杩?绉?瀹?浠峰樊寮???瀛??锛?褰????ュ?璧???娴????跺?? 锛??╃?ㄥソ???稿??宸????镐??寸??瀹?浠风?????板???????芥????虹?稿????板?哄??瓒?棰???????绛????
????椋??╁??绱?
????涓??绉?????璐告?? ??????棰????╂?﹀???э????芥?跨???搴 ??瀹??芥??????缁?娴?澶???涓???棰???锛?娴峰??澶?瀹?瑙?娴??ㄦ?ц?棰????剁揣锛?淇?涔???涓???板?哄?茬?杩?涓?姝ュ??绾э????芥?垮?颁骇搴?瀛?娑???涓???棰???锛??规?????跨?渚ч???硅?棰??? ??
??琛ㄨ?璁
杩?娌℃??璇?璁猴?蹇??ヨ??逛?涔???
