{"id":691,"date":"2010-03-16T08:02:21","date_gmt":"2010-03-16T00:02:21","guid":{"rendered":"http:\/\/192.168.1.157\/wordpress\/?p=691"},"modified":"2013-05-06T19:26:16","modified_gmt":"2013-05-06T11:26:16","slug":"%e6%88%91%e4%bb%ac%e9%9c%80%e8%a6%81%e4%bb%80%e4%b9%88%e6%a0%b7%e7%9a%84%e5%a4%96%e6%b1%87%e6%8a%95%e8%b5%84%e4%ba%a7%e5%93%81%ef%bc%9f","status":"publish","type":"post","link":"http:\/\/www.jsvest.com.cn\/?p=691","title":{"rendered":"\u6211\u4eec\u9700\u8981\u4ec0\u4e48\u6837\u7684\u5916\u6c47\u6295\u8d44\u4ea7\u54c1\uff1f"},"content":{"rendered":"
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\u5916\u6c47\u6295\u8d44\u662f\u5426\u7b49\u4e8e\u7092\u6c47\u201d\uff1f<\/strong><\/p>\n

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\u88681\uff1a\u5916\u6c47\u6295\u8d44\u7684\u4e09\u5927\u7c7b\u578b<\/strong><\/p>\n

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\u4fdd\u5b88\u578b\u5916\u6c47\u6295\u8d44<\/strong><\/td>\n

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\n

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\u6295\u8d44\u76ee\u6807<\/strong><\/td>\n\n

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\n

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\n

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\n

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\n

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\u6295\u8d44\u8303\u56f4<\/strong><\/td>\n\n

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\n

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\n

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\n

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\n

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\n

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\n

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\u4eba\u6c11\u5e01\u5347\u503c\u65f6\u662f\u5426\u9700\u8981\u5168\u7403\u914d\u7f6e\u8d44\u4ea7\uff1f<\/strong><\/p>\n

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\u4ee5\u80a1\u7968\u5e02\u573a\u4e3a\u4f8b\uff0c\u5c3d\u7ba1\u5168\u7403\u80a1\u5e02\u7684\u8054\u52a8\u6027\u5728\u65e5\u76ca\u589e\u5f3a\uff0c\u4f46\u662f\uff0c\u53ea\u8981\u8fd9\u4e9b\u5e02\u573a\u53d8\u52a8\u540c\u4e2d\u56fd\u80a1\u5e02\u53d8\u52a8\u4e4b\u95f4\u4e0d\u5b8c\u5168\u6b63\u76f8\u5173\uff0c\u76f8\u4e92\u95f4\u5206\u6563\u98ce\u9669\u3001\u589e\u5f3a\u6536\u76ca\u7684\u591a\u6837\u5316\u597d\u5904\u5c31\u4ecd\u7136\u5b58\u5728\u3002\u5047\u8bbe\u6211\u4eec\u4e8e1993\u5e7412\u670831\u65e5\u75281\u4e07\u5143\u4eba\u6c11\u5e01\u5efa\u7acb\u4e24\u4e2a\u6295\u8d44\u7ec4\u5408\uff1a\u6295\u8d44\u7ec4\u5408X\u5c0655%\u7684\u8d44\u91d1\u6295\u8d44\u5728\u4ee5\u9053\u743c\u65af\u4e2d\u56fd\u6307\u6570\u4e3a\u4ee3\u8868\u7684A\u80a1\u5e02\u573a\u300115%\u7684\u8d44\u91d1\u6295\u8d44\u5728\u4ee5\u6807\u51c6\u666e\u5c14500\u7efc\u5408\u6307\u6570\u4e3a\u4ee3\u8868\u7684\u7f8e\u56fd\u80a1\u5e02\u300115%\u7684\u8d44\u91d1\u6295\u8d44\u5728\u4ee5\u6469\u6839\u58eb\u4e39\u5229\u8d44\u672c\u56fd\u9645\u516c\u53f8\u6b27\u6fb3\u8fdc\u4e1c\uff08MSCI EAFE\uff09\u6307\u6570\u53ca15%\u7684\u8d44\u91d1\u6295\u8d44\u5728\u6469\u6839\u58eb\u4e39\u5229\u8d44\u672c\u56fd\u9645\u516c\u53f8\u65b0\u5174\u5e02\u573a\u6307\u6570\uff1b\u6295\u8d44\u7ec4\u5408Y\u5c06100%\u8d44\u91d1\u6295\u8d44\u5728A\u80a1\u4e0a\u3002\u90a3\u4e48\uff0c\u5728\u622a\u81f32006\u5e74\u672b\u768413\u5e74\u91cc\uff0c\u56fd\u9645\u5316\u7684\u6295\u8d44\u7ec4\u5408X\u9010\u6b65\u79ef\u7d2f\u4e3a22485\u5143\u4eba\u6c11\u5e01\uff0c\u800c\u6295\u8d44\u7ec4\u5408Y\u7684\u7ec8\u6781\u4ef7\u503c\u53ea\u670919047\u5143\u4eba\u6c11\u5e01\u3002\u540c\u65f6\uff0c\u7ec4\u5408X\u7684\u6295\u8d44\u8005\u8981\u6bd4\u7ec4\u5408Y\u7684\u6295\u8d44\u8005\u906d\u9047\u66f4\u5c0f\u7684\u98ce\u9669\uff08\u56fe1\uff09\u3002<\/p>\n

\u56fe1\uff1a\u6295\u8d44\u6d77\u5916\u80a1\u5e02\u7684\u591a\u6837\u5316\u4f5c\u7528\u660e\u663e\uff08\u7ecf\u6c47\u7387\u8c03\u6574\uff0c1993\u5e74\u672b\u6295\u8d441\u4e07\u5143\uff09<\/strong><\/p>\n

<\/p>\n

\u8d44\u6599\u6765\u6e90\uff1a\u9053\u743c\u65af\u516c\u53f8\u3001\u6807\u51c6\u666e\u5c14\u516c\u53f8\u3001\u6469\u6839\u58eb\u4e39\u5229\u8d44\u672c\u56fd\u9645\u516c\u53f8\u3001\u91d1\u601d\u7ef4\u6295\u8d44\u54a8\u8be2\uff08\u4e0a\u6d77\uff09\u6709\u9650\u516c\u53f8<\/strong><\/p>\n

\u8fd9\u91cc\u6211\u4eec\u4ec5\u4ec5\u8003\u8651\u4e86\u6d77\u5916\u80a1\u7968\u5e02\u573a\u7684\u591a\u6837\u5316\u529f\u80fd\uff0c\u5982\u679c\u5c06\u6d77\u5916\u503a\u5238\u3001\u623f\u5730\u4ea7\u3001\u6536\u85cf\u54c1\u7b49\u66f4\u591a\u8d44\u4ea7\u52a0\u5165\u8fdb\u6765\u7684\u8bdd\uff0c\u6211\u4eec\u7684\u6295\u8d44\u7ec4\u5408\u5c31\u66f4\u52a0\u591a\u6837\u5316\uff0c\u5176\u957f\u671f\u98ce\u9669\u66f4\u5c0f\u3002\u4e8b\u5b9e\u4e0a\uff0c\u4ece\u5168\u5c40\u770b\uff0c\u4e2d\u56fd\u7684\u8d44\u672c\u8d44\u4ea7\u5360\u4e16\u754c\u53ef\u6295\u8d44\u8d44\u4ea7\u7684\u6bd4\u4f8b\u76f8\u5f53\u5c0f\uff0c\u8fd9\u4e00\u65b9\u9762\u8bf4\u660e\u6211\u4eec\u6709\u5de8\u5927\u7684\u8d22\u5bcc\u589e\u957f\u6f5c\u529b\uff0c\u53e6\u4e00\u65b9\u9762\u4e5f\u610f\u5473\u7740\u5168\u7403\u914d\u7f6e\u53ef\u4ee5\u4e3a\u6211\u4eec\u5efa\u7acb\u5145\u5206\u591a\u6837\u5316\u7684\u6295\u8d44\u7ec4\u5408\u63d0\u4f9b\u66f4\u5e7f\u6cdb\u7684\u9009\u62e9\uff08\u56fe2\uff09\u3002<\/p>\n

\u56fe<\/strong>2<\/strong>\uff1a\u5168\u7403\u53ef\u6295\u8d44\u8d44\u4ea7\u89c4\u6a21\u9ad8\u8fbe<\/strong>93.7<\/strong>\u4e07\u4ebf\u7f8e\u5143\uff08\u622a\u81f3<\/strong>2005<\/strong>\u5e74\u5e95\uff09<\/strong><\/p>\n

<\/p>\n

\u8d44\u6599\u6765\u6e90\uff1a\u745e\u58eb\u94f6\u884c\u5168\u7403\u8d44\u4ea7\u7ba1\u7406\u90e8\u3001\u6c64\u59c6\u900a\u91d1\u878d\u7b49<\/strong><\/p>\n

\u5fc5\u987b\u6307\u51fa\uff0c\u4eba\u6c11\u5e01\u7684\u5347\u503c\u9884\u671f\u4e0d\u5e94\u8be5\u6210\u4e3a\u963b\u6b62\u6211\u4eec\u5168\u7403\u914d\u7f6e\u7684\u7406\u7531\u3002\u4e00\u65b9\u9762\uff0c\u672c\u5e01\u7684\u8fc7\u5ea6\u5347\u503c\u5f80\u5f80\u610f\u5473\u7740\u672c\u56fd\u8d44\u4ea7\u7684\u6ce1\u6cab\u5316\uff0c\u800c\u8fd9\u5c06\u4e25\u91cd\u524a\u5f31\u5176\u672a\u6765\u6536\u76ca\u80fd\u529b\uff0c\u56e0\u6b64\uff0c\u6211\u4eec\u66f4\u5e94\u8be5\u5c06\u4e00\u90e8\u5206\u8d44\u91d1\u6295\u8d44\u5230\u6d77\u5916\u8d44\u4ea7\u4e0a\u6765\u5206\u6563\u98ce\u9669\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u5916\u6c47\u5e02\u573a\u4e0a\u591a\u79cd\u8d27\u5e01\u7684\u4ea4\u7ec7\u4f5c\u7528\u4e92\u62b5\u540e\uff0c\u4eba\u6c11\u5e01\u53ef\u80fd\u4ec5\u9488\u5bf9\u90e8\u5206\u8d27\u5e01\u5b58\u5728\u5347\u503c\u6f5c\u529b\u3002\u4ee52005\u5e747\u670822\u65e5\u5f00\u59cb\u7684\u672c\u8f6e\u4eba\u6c11\u5e01\u5bf9\u7f8e\u5143\u6c47\u7387\u5347\u503c\u5468\u671f\u4e3a\u4f8b\uff0c\u7531\u4e8e\u6b27\u5143\u7684\u5f3a\u52b2\u8868\u73b0\uff0c\u622a\u81f32007\u5e744\u670830\u65e5\uff0c\u4eba\u6c11\u5e01\u76f8\u5bf9\u4e8e\u6b27\u5143\u5b9e\u9645\u4e0a\u8d2c\u503c\u4e86\u7ea65%\uff08\u56fe3\uff09\u3002<\/p>\n

\u56fe<\/strong>3<\/strong>\uff1a\u4eba\u6c11\u5e01\u76f8\u5bf9\u90e8\u5206\u5916\u5e01\u7684\u5347<\/strong>\/<\/strong>\u8d2c\u503c\u8d70\u52bf\uff08<\/strong>2005<\/strong>\u5e74<\/strong>7<\/strong>\u6708<\/strong>21<\/strong>\u65e5<\/strong>=100<\/strong>\uff09<\/strong><\/p>\n

<\/p>\n

\u8d44\u6599\u6765\u6e90\uff1a\u56fd\u5bb6\u5916\u6c47\u7ba1\u7406\u5c40\u3001\u91d1\u601d\u7ef4\u6295\u8d44\u54a8\u8be2\uff08\u4e0a\u6d77\uff09\u6709\u9650\u516c\u53f8<\/strong><\/p>\n

\u7531\u4e8e\u6211\u4eec\u6295\u8d44\u7684\u5e76\u4e0d\u662f\u5916\u6c47\u8d27\u5e01\uff0c\u800c\u662f\u4ee5\u5916\u6c47\u8d27\u5e01\u5b9a\u4e49\u7684\u8d44\u4ea7\u3002\u6211\u4eec\u6d77\u5916\u6295\u8d44\u7684\u6536\u76ca\u56fa\u7136\u4f1a\u906d\u9047\u6c47\u7387\u53d8\u52a8\u7684\u98ce\u9669\uff0c\u4f46\u662f\u6700\u7ec8\u7684\u957f\u671f\u6536\u76ca\u4ecd\u53d6\u51b3\u4e8e\u8fd9\u4e9b\u6d77\u5916\u8d44\u4ea7\u7684\u6536\u76ca\u80fd\u529b\u3002\u5931\u4e4b\u4e1c\u9685\uff0c\u6536\u4e4b\u6851\u6986\u3002\u53ea\u8981\u6211\u4eec\u5728\u8d44\u4ea7\u3001\u5730\u57df\u3001\u7b56\u7565\u548c\u7ecf\u7406\u7b49\u6295\u8d44\u914d\u7f6e\u4e0a\u505a\u8db3\u4e86\u529f\u592b\uff0c\u6295\u8d44\u6d77\u5916\u7684\u957f\u671f\u591a\u6837\u5316\u5229\u76ca\u5fc5\u5c06\u5927\u4e8e\u77ed\u671f\u6c47\u7387\u53d8\u52a8\u7684\u98ce\u9669\u6210\u672c\u3002<\/p>\n

\u6211\u4eec\u9700\u8981\u4ec0\u4e48\u6837\u7684<\/strong>QDII<\/strong>\u4ea7\u54c1\uff1f<\/strong><\/p>\n

\u4efb\u4f55\u6210\u529f\u7684\u6295\u8d44\u90fd\u5fc5\u987b\u9075\u5faa\u201c\u8d44\u4ea7\u914d\u7f6e\u51b3\u5b9a\u957f\u671f\u56de\u62a5\u201d\u8fd9\u4e00\u6cd5\u5219\u548c\u201c\u7406\u8d22\u89c4\u5212\uff0d\u5236\u5b9a\u6295\u8d44\u653f\u7b56\uff0d\u5b9e\u65bd\u6295\u8d44\u8ba1\u5212\uff0d\u76d1\u6d4b\u6295\u8d44\u7ec4\u5408\uff0d\u8c03\u6574\u6295\u8d44\u7ec4\u5408\u201d\u8fd9\u4e00\u52a8\u6001\u5faa\u73af\u5f0f\u7684\u51b3\u7b56\u7a0b\u5e8f\uff0c\u5916\u6c47\u8d44\u4ea7\u6295\u8d44\u4e5f\u4e0d\u4f8b\u5916\uff08\u56fe4\uff09\u3002\u5f53\u7136\uff0c\u6295\u8d44\u8005\u4e5f\u53ef\u4ee5\u901a\u8fc7\u76f8\u5173\u91d1\u878d\u4ea7\u54c1\u8fdb\u884c\u5916\u6c47\u6295\u8d44\u3002<\/p>\n

<\/p>\n

\u76ee\u524d\uff0c\u56fd\u5185\u91d1\u878d\u670d\u52a1\u673a\u6784\u6b63\u5728\u7ade\u76f8\u4ee5\u201c\u5916\u6c47\u6295\u8d44\u201d\u4e3a\u540d\u5411\u6295\u8d44\u8005\u63a8\u9500\u5916\u6c47\u4ea4\u6613\u3001\u5916\u6c47\u7406\u8d22\u4ea7\u54c1\u548cQDII\uff08\u5408\u683c\u5883\u5185\u6295\u8d44\u8005\uff09\u4ea7\u54c1\u3002\u5c3d\u7ba1\u5c11\u6570\u4ea7\u54c1\u7684\u67d0\u4e9b\u7279\u5f81\u786e\u5b9e\u53ef\u5708\u53ef\u70b9\uff0c\u4f46\u662f\u7b14\u8005\u8ba4\u4e3a\uff0c\u5176\u4e2d\u7684\u7edd\u5927\u591a\u6570\u90fd\u4e0d\u4e00\u5b9a\u9002\u7528\u4e8e\u79c1\u4eba\u8d22\u5bcc\u589e\u503c\u3002\u7a76\u5176\u539f\u56e0\uff0c\u5916\u6c47\u4ea4\u6613\u672c\u8eab\u7684\u529f\u80fd\u8981\u4e48\u5728\u4e8e\u5bf9\u51b2\u6c47\u7387\u53d8\u52a8\u7684\u98ce\u9669\uff0c\u8981\u4e48\u5728\u4e8e\u77ed\u7ebf\u6295\u673a\u83b7\u5229\uff0c\u6295\u8d44\u8005\u957f\u671f\u4ece\u4e2d\u83b7\u53d6\u5229\u76ca\u7684\u6982\u7387\u5fae\u4e4e\u5176\u5fae\u3002\u6b64\u5916\uff0c\u76ee\u524d\u56fd\u5185\u94f6\u884c\u63d0\u4f9b\u7684\u591a\u6570\u5916\u6c47\u7ed3\u6784\u6027\u7406\u8d22\u4ea7\u54c1\uff08\u88682\uff09\uff0c\u5b9e\u9645\u4e0a\u662f\u534e\u5c14\u8857\u8f6c\u5ac1\u98ce\u9669\u7684\u201c\u6784\u9020\u503a\u5238\u201d\uff08Structured Notes\uff09\uff0c\u65e0\u8bba\u5176\u201c\u9884\u671f\u6536\u76ca\u7387\u201d\u7684\u5e7f\u544a\u505a\u5f97\u591a\u4e48\u6f02\u4eae\uff0c\u5176\u957f\u671f\u8fde\u7eed\u518d\u6295\u8d44\u6536\u76ca\u7387\u80fd\u5426\u8dd1\u8d62\u56fd\u9645\u5e02\u573a\u4e0a\u7684\u8d27\u5e01\u5e02\u573a\u57fa\u91d1\u56de\u62a5\uff0c\u90fd\u662f\u975e\u5e38\u503c\u5f97\u6000\u7591\u7684\u3002<\/p>\n

\u88682\uff1a\u56fd\u5185\u90e8\u5206\u94f6\u884c\u63a8\u51fa\u7684\u5916\u6c47\u7ed3\u6784\u6027\u7406\u8d22\u4ea7\u54c1\u670d\u52a1<\/strong><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u94f6\u884c<\/strong><\/td>\n\u5916\u6c47\u7ed3\u6784\u6027\u7406\u8d22\u4ea7\u54c1\u54c1\u724c<\/strong><\/td>\n<\/tr>\n
\u5de5\u5546\u94f6\u884c<\/td>\n\u6c47\u8d22\u901a<\/td>\n<\/tr>\n
\u5efa\u8bbe\u94f6\u884c<\/td>\n\u6c47\u5f97\u76c8<\/td>\n<\/tr>\n
\u4e2d\u56fd\u94f6\u884c<\/td>\n\u6c47\u805a\u5b9d<\/td>\n<\/tr>\n
\u62db\u5546\u94f6\u884c<\/td>\n\u5916\u6c47\u901a<\/td>\n<\/tr>\n
\u6c11\u751f\u94f6\u884c<\/td>\n\u5b89\u5fc3\u7406\u8d22\u3001\u975e\u51e1\u7406\u8d22<\/td>\n<\/tr>\n
\u5149\u5927\u94f6\u884c<\/td>\n\u9633\u5149\u7406\u8d22 A\u8ba1\u5212<\/td>\n<\/tr>\n
\u4e2d\u4fe1\u94f6\u884c<\/td>\n\u7406\u8d22\u5b9d<\/td>\n<\/tr>\n
\u6d66\u4e1c\u53d1\u5c55\u94f6\u884c<\/td>\n\u6c47\u7406\u8d22<\/td>\n<\/tr>\n
\u6df1\u5733\u53d1\u5c55\u94f6\u884c<\/td>\n\u805a\u6c47\u5b9d<\/td>\n<\/tr>\n
\u4ea4\u901a\u94f6\u884c<\/td>\n\u5f97\u5229\u5b9d<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\u65e2\u7136\u5916\u6c47\u4ea4\u6613\u548c\u7406\u8d22\u4ea7\u54c1\u90fd\u4e0d\u80fd\u6ee1\u8db3\u8d22\u5bcc\u7ba1\u7406\u7684\u9700\u8981\uff0c\u4f9d\u8d56\u4e8e\u56fd\u5185\u670d\u52a1\u5546\u7684\u6295\u8d44\u8005\u53ea\u6709\u5c06\u5e0c\u671b\u5bc4\u6258\u5728QDII\u4ea7\u54c1\u4e0a\u4e86\u3002\u4ee4\u4eba\u9057\u61be\u7684\u662f\uff0c\u76ee\u524d\u94f6\u884c\u6240\u63d0\u4f9b\u7684QDII\u4ea7\u54c1\u5b9e\u9645\u4e0a\u662f\u5916\u6c47\u7406\u8d22\u4ea7\u54c1\u7684\u7ffb\u7248\uff0c\u540c\u6837\u662f\u4e13\u4e1a\u6295\u8d44\u8005\u4e0d\u5c51\u4e00\u987e\u7684\u6784\u9020\u503a\u5238\u3002\u5269\u4e0b\u7684\u552f\u4e00\u9009\u62e9\u5c31\u662f\u534e\u5b89\u57fa\u91d1\u7ba1\u7406\u6709\u9650\u516c\u53f8\u65d7\u4e0b\u7684\u534e\u5b89\u56fd\u9645\u914d\u7f6e\u57fa\u91d1\u3002\u4f46\u662f\u57fa\u4e8e\u4ee5\u4e0b\u7406\u7531\uff0c\u7b14\u8005\u5bf9\u8fd9\u53ea\u57fa\u91d1\u7684\u6295\u8d44\u4ef7\u503c\u540c\u6837\u5b58\u7591\u3002<\/p>\n

\u8d44\u4ea7\u548c\u5e01\u79cd\u914d\u7f6e\u4e0d\u5408\u7406<\/strong>\u3000<\/p>\n

\u5c3d\u7ba1\u5728\u52df\u96c6\u8bf4\u660e\u4e66\u4e2d\uff0c\u5176\u81ea\u5b9a\u4e49\u4e1a\u7ee9\u6bd4\u8f83\u57fa\u51c6\u663e\u793a\u56fa\u5b9a\u6536\u76ca\u8d44\u4ea7\u7684\u914d\u7f6e\u6bd4\u4f8b\u53ea\u670945%[\u6469\u6839\u58eb\u4e39\u5229\u8d44\u672c\u56fd\u9645\u5168\u7403\u6307\u6570\uff08MSCI World Index\uff09\u00d735%\uff0b\u96f7\u66fc\u5144\u5f1f\u5168\u7403\u7efc\u5408\u6307\u6570\uff08Lehman Brothers Global Aggregate Index\uff09\u00d745%\uff0b\u7f8e\u56fd\u623f\u5730\u4ea7\u4fe1\u6258\u51ed\u8bc1\u884c\u4e1a\u534f\u4f1a\u6307\u6570\uff08NAREIT All REITs Index\uff09\u00d710%\uff0b\u9053\u743c\u65af-\u7f8e\u56fd\u56fd\u9645\u96c6\u56e2\u5546\u54c1\u6307\u6570\uff08DJ-AIG Commodity Index\uff09\u00d710%]\uff0c\u4f46\u662f\u57fa\u91d1\u7684\u4fdd\u672c\u6761\u6b3e\u5fc5\u7136\u5bfc\u81f4\u5927\u90e8\u5206\u8d44\u91d1\u5c06\u88ab\u7528\u4e8e\u4f4e\u6536\u76ca\u7684\u77ed\u671f\u96f6\u606f\u7968\u503a\u5238\u4e0a\u3002\u6b64\u5916\uff0c\u57fa\u91d1\u7684\u4e3b\u8981\u5e01\u79cd\u914d\u7f6e\u4e3a\u65e5\u76ca\u8d70\u5f31\uff08\u76f8\u5bf9\u4eba\u6c11\u5e01\uff09\u7684\u7f8e\u5143\uff0c\u5176\u6536\u76ca\u5c06\u96be\u4ee5\u62b5\u6d88\u4eba\u6c11\u5e01\u5347\u503c\u7684\u98ce\u9669\u3002<\/p>\n

\u57fa\u91d1\u7ecf\u7406\u914d\u7f6e\u4e0d\u5408\u7406<\/strong>\u3000<\/p>\n

\u5c3d\u7ba1\u57fa\u91d1\u62db\u52df\u8bf4\u660e\u4e66\u4e2d\u7f57\u5217\u4e86\u4ee4\u4eba\u7729\u76ee\u7684\u3001\u6d0b\u4e2d\u7ed3\u5408\u7684\u8c6a\u534e\u57fa\u91d1\u7ba1\u7406\u56e2\u961f\uff0c\u4f46\u662f\u4ed4\u7ec6\u7814\u8bfb\u6211\u4eec\u4e0d\u96be\u53d1\u73b0\uff0c\u5176\u56fd\u5185\u6295\u8d44\u7ba1\u7406\u56e2\u961f\u57fa\u672c\u7531\u534e\u5b89\u65d7\u4e0b\u5176\u4ed6\u56fd\u5185\u57fa\u91d1\u7684\u57fa\u91d1\u7ecf\u7406\u7ec4\u6210\uff0c\u62ff\u6295\u8d44\u8005\u7684\u94b1\u6765\u201c\u7ec3\u5175\u201d\u7684\u610f\u56fe\u975e\u5e38\u660e\u663e\uff1b\u5176\u56fd\u5916\u6295\u8d44\u987e\u95ee\u96f7\u66fc\u5144\u5f1f\u8d44\u4ea7\u7ba1\u7406\uff08\u6b27\u6d32\uff09\u5728\u57fa\u91d1\u7ba1\u7406\u9886\u57df\u5e76\u65e0\u8fc7\u4eba\u4e4b\u5904\uff0c\u800c\u4e14\u6211\u4eec\u65e0\u6cd5\u4ece\u62db\u52df\u4e66\u4e2d\u7f57\u5217\u7684\u4e00\u5806\u6d0b\u540d\u5b57\u4e2d\u627e\u51fa\u8c01\u662f\u672c\u57fa\u91d1\u7684\u4e13\u804c\u6216\u8005\u5b9e\u8d28\u6027\u7ba1\u7406\u4eba\u3002\u5f88\u663e\u7136\uff0c\u8be5\u57fa\u91d1\u5c5e\u4e8e\u5178\u578b\u7684\u65e0\u4eba\u5177\u4f53\u627f\u62c5\u8d23\u4efb\u7684\u201c\u96c6\u4f53\u51b3\u7b56\u201d\u7ba1\u7406\u6a21\u5f0f\uff0c\u65e2\u65e0\u5177\u4f53\u6295\u8d44\u4e13\u957f\u53ef\u8a00\uff0c\u53c8\u65e0\u65e2\u5f80\u4e1a\u7ee9\u53ef\u5faa\uff0c\u6211\u4eec\u5b9e\u5728\u770b\u4e0d\u51fa\u6765\u5176\u4e3b\u52a8\u6295\u8d44\u7ba1\u7406\u7684\u4f18\u52bf\u4f55\u5728\u3002<\/p>\n

\u8d39\u7528\u7ed3\u6784\u4e0d\u5408\u7406<\/strong>\u3000<\/p>\n

\u5ba2\u89c2\u5730\u8bf4\uff0c\u8be5\u57fa\u91d1\u6700\u9ad81.5%\u7684\u540e\u7aef\u7533\u8d2d\u8d39\u7528\u76f8\u5f53\u4f4e\u5ec9\uff0c\u5176\u6700\u9ad82.75%\u7684\u8d4e\u56de\u8d39\u7528\u4e5f\u76f8\u5bf9\u5408\u7406\u3002\u4f46\u662f\uff0c\u8be5\u57fa\u91d1\u7684\u5e74\u5ea6\u8fd0\u4f5c\u8d39\u7528\uff081.5%\u7684\u57fa\u91d1\u7ba1\u7406\u8d39\u30010.1%\u7684\u56fd\u5185\u6258\u7ba1\u8d39\uff09\u4ee5\u53ca\u7ed3\u6784\u6027\u4fdd\u672c\u7968\u636e\u90e8\u5206\u7684\u989d\u5916\u5e74\u8d39\uff081%\u7684\u4fdd\u672c\u8d39\u30010.1%\u7684\u6295\u8d44\u54a8\u8be2\u8d39\u30010.1%\u7684\u5883\u5916\u5b58\u7ba1\u8d39\uff0c\u5916\u52a0\u6240\u91c7\u7528\u7684\u57fa\u91d1\u6216\u8005\u4e13\u6237\u7b49\u6295\u8d44\u5de5\u5177\u672c\u8eab\u7684\u8d39\u7528\uff09\u5374\u8fd1\u4e4e\u5bf9\u6295\u8d44\u8005\u7684\u63a0\u593a\u3002<\/p>\n

\u4fe1\u606f\u62ab\u9732\u4e0d\u900f\u660e<\/strong>\u3000<\/p>\n

\u9664\u4e86\u4e0a\u8ff0\u57fa\u91d1\u7ecf\u7406\u7684\u62ab\u9732\u8ba9\u4eba\u6478\u4e0d\u7740\u5934\u8111\u4ee5\u5916\uff0c\u57fa\u91d1\u8fd0\u4f5c\u81f3\u4eca\u7684\u6295\u8d44\u7ec4\u5408\u7ec6\u8282\u548c\u57fa\u91d1\u51c0\u503c\u7b49\u4fe1\u606f\u7684\u62ab\u9732\u53ca\u65f6\u6027\u548c\u5168\u9762\u6027\uff0c\u90fd\u96be\u514d\u8ba9\u4eba\u5bf9\u5176\u900f\u660e\u5ea6\u4ea7\u751f\u6000\u7591\u3002<\/p>\n

\u8003\u8651\u5230\u5176\u4fdd\u5b88\u7684\u8d44\u4ea7\u914d\u7f6e\u3001\u5bf9\u5f31\u52bf\u7f8e\u5143\u8d44\u4ea7\u7684\u503e\u659c\u3001\u65e0\u660e\u663e\u4f18\u52bf\u7684\u6295\u8d44\u7ecf\u7406\u548c\u6fc0\u8fdb\u7684\u8d39\u7528\u6210\u672c\u7ed3\u6784\uff0c\u534e\u5b89\u56fd\u9645\u914d\u7f6e\u57fa\u91d1\u7684\u201c\u56fd\u9645\u914d\u7f6e\u201d\u529f\u80fd\u5c06\u6781\u5176\u6709\u9650\u3002\u6709\u4eba\u79f0\u8bb8\u8be5\u53ea\u57fa\u91d1\u4e3a\u7b2c\u4e00\u6279\u8bd5\u5403\u56fd\u9645\u8d44\u672c\u5e02\u573a\u201c\u8783\u87f9\u201d\u7684\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u673a\u4f1a\uff0c\u4f46\u7b14\u8005\u8ba4\u4e3a\uff0c\u6295\u8d44\u8005\u5982\u6b64\u8bd5\u5403\u201c\u8783\u87f9\u201d\u7684\u4ee3\u4ef7\u4e5f\u592a\u9ad8\u4e86\uff0c\u8d29\u5356\u201c\u8783\u87f9\u201d\u7684\u96f7\u66fc\u5144\u5f1f\u96c6\u56e2\u548c\u7ec4\u7ec7\u201c\u8783\u87f9\u201d\u5bb4\u7684\u534e\u5b89\u57fa\u91d1\u7ba1\u7406\u516c\u53f8\u624d\u662f\u6700\u5927\u7684\u8d62\u5bb6\u3002<\/p>\n

\u90a3\u4e48\u4f5c\u4e3a\u4e2a\u4eba\u6295\u8d44\u8005\uff0c\u6211\u4eec\u5230\u5e95\u9700\u8981\u4ec0\u4e48\u6837\u7684QDII\u4ea7\u54c1\u5462\uff1f<\/p>\n

\u9996\u5148\uff0c\u6295\u8d44\u5916\u6c47\u8d44\u4ea7\u662f\u6211\u4eec\u7ba1\u7406\u8d22\u5bcc\u7684\u591a\u6837\u5316\u9009\u62e9\uff0c\u73b0\u6709\u56fa\u5b9a\u6536\u76ca\u7c7b\u53ca\u7b49\u540c\u73b0\u91d1\u7c7b\u6295\u8d44\u4ea7\u54c1\u548c\u9014\u5f84\u5df2\u7ecf\u8db3\u4ee5\u8ba9\u6211\u4eec\u53d6\u5f97\u76f8\u5f53\u4e8e\u5e73\u5747\u5229\u606f\u6c34\u5e73\u7684\u6536\u76ca\uff0c\u6240\u4ee5QDII\u4ea7\u54c1\u7684\u4e3b\u8981\u8d44\u4ea7\u914d\u7f6e\u5e94\u8be5\u662f\u80a1\u6743\u7c7b\u8d44\u4ea7\u3002<\/p>\n

\u5176\u6b21\uff0c\u4eba\u6c11\u5e01\u5347\u503c\u7684\u4e3b\u8981\u538b\u529b\u6765\u81ea\u4e8e\u4e2d\u56fd\u7684\u8d38\u6613\u987a\u5dee\u4e3b\u6765\u6e90\u56fd\u7f8e\u56fd\uff0c\u56e0\u6b64\uff0cQDII\u4ea7\u54c1\u5e94\u4e3b\u8981\u6295\u8d44\u90a3\u4e9b\u80fd\u4ea7\u751f\u6b27\u5143\u3001\u82f1\u9551\u7b49\u975e\u7f8e\u5143\u73b0\u91d1\u6d41\u6536\u76ca\u7684\u4ea7\u54c1\u3002<\/p>\n

\u518d\u6b21\uff0c\u53d1\u8fbe\u8d44\u672c\u5e02\u573a\u7684\u6709\u6548\u6027\u8f83\u597d\uff0c\u4e3b\u52a8\u578b\u6295\u8d44\u7ecf\u7406\u8dd1\u8d62\u5927\u5e02\uff08\u5982\u679c\u80fd\u7684\u8bdd\uff09\u7684\u4e1a\u7ee9\u96be\u4ee5\u62b5\u6d88\u5176\u9ad8\u6602\u7684\u7ba1\u7406\u8d39\u7528\uff0c\u56e0\u6b64\uff0cQDII\u7684\u5883\u5916\u6295\u8d44\u987e\u95ee\u6700\u597d\u662f\u6765\u81ea\u5148\u950b\u96c6\u56e2\uff08The Vanguard Group\uff09\u8fd9\u7c7b\u6210\u672c\u4f4e\u5ec9\u3001\u4e1a\u7ee9\u4f18\u826f\u7684\u57fa\u91d1\u516c\u53f8\uff08\u88683\uff09\u3002<\/p>\n

\u6700\u540e\uff0c\u4e3a\u4e86\u6d88\u9664\u77ed\u7ebf\u6295\u8d44\u8005\u5bf9\u957f\u7ebf\u6295\u8d44\u8005\u5229\u76ca\u7684\u635f\u5bb3\uff0cQDII\u6700\u597d\u4ee5\u5c01\u95ed\u57fa\u91d1\u6216\u8005\u957f\u671f\u4fe1\u6258\u7684\u7ec4\u7ec7\u5f62\u5f0f\u6765\u957f\u671f\u6295\u8d44\u6d77\u5916\u8d44\u672c\u8d44\u4ea7\u5e02\u573a\u3002<\/p>\n

\u603b\u4e4b\uff0c\u5168\u7403\u6027\u8d44\u4ea7\u3001\u7b56\u7565\u548c\u7ecf\u7406\u914d\u7f6e\u5bf9\u4e8e\u8d22\u5bcc\u7684\u957f\u671f\u589e\u503c\u662f\u81f3\u5173\u91cd\u8981\u7684\u3002\u53ea\u6709\u90a3\u4e9b\u5bf9\u5982\u4f55\u6295\u8d44\u5916\u6c47\u8d44\u4ea7\u6709\u57fa\u7840\u77e5\u8bc6\u3001\u7406\u6027\u7684\u9884\u671f\u3001\u8282\u7ea6\u7684\u6210\u672c\u610f\u8bc6\u548c\u957f\u8fdc\u773c\u5149\u7684\u6295\u8d44\u8005\uff0c\u624d\u80fd\u771f\u6b63\u4ece\u56fd\u9645\u914d\u7f6e\u4e2d\u53d7\u76ca\u3002<\/p>\n

\u88683\uff1a\u90e8\u5206\u503c\u5f97\u4e2d\u56fd\u6295\u8d44\u8005\u5173\u6ce8\u7684\u5148\u950b\u96c6\u56e2\u65d7\u4e0b\u56fd\u9645\u6295\u8d44\u8005\u57fa\u91d1?\/B><\/strong><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u57fa\u91d1\u540d\u79f0<\/strong><\/td>\n\u5b9a\u4e49\u8d27\u5e01<\/strong><\/td>\n\u6210\u7acb\u65e5\u671f<\/strong>\uff08\u5e74\/\u6708\/\u65e5\uff09<\/td>\n\u8d39\u7528\u6bd4<\/strong>\uff08%\uff09<\/td>\n\u5e74\u5316\u56de\u62a5<\/strong>\uff08%\uff09?\/P><\/td>\n<\/tr>\n
\u7533\u8d2d?\/P><\/td>\n\u8d4e\u56de<\/td>\n\u8fd0\u4f5c<\/td>\n1\u5e74<\/td>\n3\u5e74<\/td>\n5\u5e74<\/td>\n<\/tr>\n
Prime Liquidity\uff08\u8d27\u5e01\u5e02\u573a\uff09<\/td>\n\u7f8e\u5143<\/td>\n1999\/05\/06<\/td>\n0<\/td>\n0<\/td>\n0.38<\/td>\n4.98<\/td>\n3.28<\/td>\n2.38<\/td>\n<\/tr>\n
U.S. Government Bond Index\uff08\u7f8e\u56fd\u56fd\u503a\uff09<\/td>\n\u7f8e\u5143<\/td>\n2002\/06\/22<\/td>\n0<\/td>\n0<\/td>\n0.30<\/td>\n5.65<\/td>\n2.48<\/td>\n4.85<\/td>\n<\/tr>\n
Euro Government Bond Index\uff08\u6b27\u5143\u533a\u56fd\u503a\uff09<\/td>\n\u6b27\u5143<\/td>\n2001\/04\/18<\/td>\n0.10<\/td>\n0<\/td>\n0.30<\/td>\n1.65<\/td>\n2.97<\/td>\n5.10<\/td>\n<\/tr>\n
Euro Investment Grade Bond Index\uff08\u6b27\u5143\u533a\u6295\u8d44\u7ea7\u522b\u503a\uff09<\/td>\n\u6b27\u5143<\/td>\n2001\/05\/30<\/td>\n0.25<\/td>\n0<\/td>\n0.40<\/td>\n2.26<\/td>\n2.65<\/td>\n4.78<\/td>\n<\/tr>\n
Japan Government Bond Index\uff08\u65e5\u672c\u56fd\u503a\uff09<\/td>\n\u65e5\u5143<\/td>\n2007\/03\/21<\/td>\n0.10<\/td>\n0<\/td>\n0.30<\/td>\n—<\/td>\n—<\/td>\n—<\/td>\n<\/tr>\n
Global Stock Index\uff08\u53d1\u8fbe\u5e02\u573a\u80a1\u7968<\/td>\n\u7f8e\u5143<\/td>\n1998\/08\/12<\/td>\n0<\/td>\n0<\/td>\n0.50<\/td>\n14.99<\/td>\n14.18<\/td>\n9.99<\/td>\n<\/tr>\n
Emerging Markets Stock Index\uff08\u65b0\u5174\u5e02\u573a\u80a1\u7968\uff09<\/td>\n\u6b27\u5143<\/td>\n2006\/06\/07<\/td>\n0.40<\/td>\n0.40<\/td>\n0.65<\/td>\n—<\/td>\n—<\/td>\n—<\/td>\n<\/tr>\n
U.S. 500 Stock Index \uff08\u6807\u666e500\u6307\u6570\uff09<\/td>\n\u7f8e\u5143<\/td>\n1998\/11\/04<\/td>\n0<\/td>\n0<\/td>\n0.38<\/td>\n10.80<\/td>\n9.04<\/td>\n5.32<\/td>\n<\/tr>\n
European Stock Index\uff08\u6b27\u6d32\u5e02\u573a\u80a1\u7968\uff09<\/td>\n\u6b27\u5143<\/td>\n1999\/10\/08<\/td>\n0.20<\/td>\n0<\/td>\n0.50<\/td>\n13.78<\/td>\n18.60<\/td>\n6.17<\/td>\n<\/tr>\n
Japan Stock Index\uff08\u65e5\u672c\u80a1\u7968\uff09<\/td>\n\u7f8e\u5143<\/td>\n2003\/12\/15<\/td>\n0<\/td>\n0<\/td>\n0.50<\/td>\n2.65<\/td>\n11.33<\/td>\n—<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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\u8d44\u6599\u6765\u6e90\uff1a\u5148\u950b\u96c6\u56e2\uff08http:\/\/global.vanguard.com<\/a>\uff09\uff0c\u6570\u636e\u622a\u81f32007\u5e743\u670831\u65e5<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

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