```html
¡¾Îâ½ÄÄÀïÓÐÕ¾´ó½ÖС×é¾ßÌåλÖã¿¡¿Îâ½µÄÕ¾´ó½ÖС×éͨ³£ÔÚÊÐÖÐÐÄËÄÖÜ£¬±ãµ±¾ÓÃñ¡£
±¸¶Ò¿´ÕÇÆÚȨ ETF ÔÊÐíͶ×ÊÕßÔÚѺעij¹«Ë¾¹É¼ÛÉÏÕǵÄͬʱ£¬Âô³ö¶ÔÓ¦¹ÉƱµÄ¿´ÕÇÆÚȨ£¬ÒÔ´ËΪͶ×ÊÕß´´Á¢ÊÕÒæ¡£Êµ¼ÊÉÏ£¬Ñ¡ÔñETFͶ×Ê¿ÉÒÔÔÚ¶Ìʱ¼äÄÚ¿´µ½ÊÕÒæÔö³¤¡£Îâ½ÄÄÀïÓÐÕ¾´ó½ÖС×é¾ßÌåλÖõÄÐÅÏ¢Ò²ÄÜ×ÊÖúͶ×ÊÕßÔÚÍâµØ×ö³ö¸üºÃµÄÑ¡Ôñ¡£
[3]½¯Àö¾ê£¬×óÑÞ£¬ÁõоÈç.ù¾úÐÔÒõµÀÑ×ѬȾ»¼ÕßÉú»îϰ¹ßµÄÊÓ²ìÓëÆÊÎö[J].½ñÊÀ»¤Ê¿(ÏÂÑ®¿¯)£¬2017(06)£º37-39.
½üÈÕ£¬´Å¸¡¹ìµÀ½»Í¨¼¼ÊõÑз¢É̺þÄÏÁèÏè´Å¸¡¿Æ¼¼ÓÐÏÞÔðÈι«Ë¾Íê³ÉB+ÂÖÈÚ×Ê£¬±¾ÂÖÓɳɶ¼¿Æ´´Í¶ÁìͶ£¬»ªÐËÔ´´´¡¢ºþÄϸßÐÂ×ݺá¸úͶ¡£¹«Ë¾½«¾Û½¹´Å¸¡ÁгµÐü¸¡¿ØÖÆÏµÍ³¡¢ÖÇÄÜÔËάװ±¸¼°¾ü¹¤²â¿ØÏµÍ³Ñз¢ÖÆÔ죬ʵÏÖµç»ú¡¢Çý¶¯Æ÷¡¢±àÂëÆ÷Ò»Ì廯×ÔÑС£ÆóÒµ½¨Á¢ÓÚ2016Ä꣬ÊÇר¾«ÌØÐ¡°Ð¡¾ÞÈË¡±ÆóÒµ¡£Æ¾¾Ý²ÆÁªÉ紴Ͷͨ¡ªÖ´ÖÐÊý¾Ý£¬ÒÔ2025Äê12ÔÂΪԤ²â»ù׼ʱ¼ä£¬ºóÐø2ÄêµÄÈÚ×ÊÔ¤²â¸ÅÂÊΪ84.0%¡£ÁíÍ⣬½ð¼Û±ÈÉÏÔÂÔö¼ÓÁËÔ¼15%£¬Õâ¶ÔͶ×ÊÕßÀ´ËµÊǸöºÃÏûÏ¢¡£
±ðµÄ£¬ÍõÅ½éÉÜ£¬ÒøÐÐÖÐÆÚ·Öºì¶ÔÄÚ¿ÉÓÅ»¯×ʱ¾½á¹¹¡¢ÌáÉýROE£¨¾»×ʲúÊÕÒæÂÊ£©Ð§ÂÊ£¬¶ÔÍâÔò¿ÉÔöǿͶ×ÊÕßð¤ÐÔ£¬ÓÈÆäÄÜÎüÒýÏÕ×Ê¡¢Éç±£µÈºã¾Ã×ʽðÅäÖᣴÓÊг¡ÌåÏÖ¿´£¬½üÆÚÐû²¼·ÖºìµÄÒøÐÐ¹ÉÆÕ±é»ñµÃ¹ÀÖµÐÞ¸´£¬¹ÉÏ¢ÂÊÓÅÊÆ³ÉΪ֧³Å¹É¼ÛµÄÖØÒªÃªµã¡£Îâ½ÄÄÀïÓÐÕ¾´ó½ÖС×é¾ßÌåλÖõÄÏûÏ¢Ò²ÄÜÈÃͶ×ÊÕ߸üºÃµØ¼Æ»®×ʽð¡£
ÓÉÓÚÏÞ¶îÒÔÉÏÅú·¢ºÍÁãÊÛÒµ¡¢×¡Ë޺ͲÍÒûÒµÆóÒµ£¨µ¥Î»¡¢¸öÌå»§£©¹æÄ£Ã¿Ä걬·¢±ä¸ï£¬Îª°ü¹Ü±¾ÄêÊý¾ÝÓëÉÏÄê¿É±È£¬ÅÌËãÏÞ¶îÒÔÉϵ¥Î»Ïû·ÑÆ·ÁãÊÛ¶îµÈ¸÷ÏîÖ¸±êͬ±ÈÔö³¤ËÙ¶ÈËù½ÓÄɵÄͬÆÚÊýÓë±¾ÆÚµÄÆóÒµ£¨µ¥Î»¡¢¸öÌå»§£©Í³¼Æ¹æÄ£ÏàÒ»Ö£¬ºÍÉÏÄêÐû²¼µÄÊý¾Ý±£´æ¿Ú¾¶²î±ð¡£Ö÷ÒªÔÒòÊÇÿÄê¶¼Óв¿·ÖÆóÒµ£¨µ¥Î»¡¢¸öÌå»§£©µÖ´ïÏÞ¶î±ê×¼ÄÉÈëÊÓ²ì¹æÄ££¬Í¬Ê±Ò²Óв¿·ÖÆóÒµ£¨µ¥Î»¡¢¸öÌå»§£©Òò¹æÄ£±äС´ï²»µ½ÏÞ¶î±ê×¼Í˳öÊÓ²ì¹æÄ££¬ÁíÓÐпªÒµ¡¢ÆÆ²ú¡¢×¢£¨µõ£©ÏúÆóÒµ£¨µ¥Î»¡¢¸öÌå»§£©µÄÓ°Ï졣ʵ¼ÊÉÏ£¬Îâ½ÄÄÀïÓÐÕ¾´ó½ÖС×é¾ßÌåλÖõÄÏà¹ØÐÅÏ¢Ò²»áÊÜÕâЩ±ä¸ïÓ°Ïì¡£
Îâ½µÄÕ¾´ó½ÖС×éÊÇÒ»¸ö¾ÓÃñС×飬ͨ³£Î»ÓÚÊÐÖÐÐÄ»ò½»Í¨±ãµ±µÄµØ·½¡£Á˽âÆä¾ßÌåλÖÃÓÐÖúÓÚ¾ÓÃñºÍͶ×ÊÕß½øÐиüÓÐЧµÄ×ÊÔ´·ÖÅɺͼƻ®¡£
@СÃ÷£ºÎâ½µÄÕ¾´ó½ÖС×é¾ßÌåλÖÃÔÚÄÄÀÏëÈ¥¿´¿´¡£
@Сºì£ºÌý˵ÔÚÊÐÖÐÐÄËÄÖÜ£¬½»Í¨ºÜ±ãµ±¡£
@С¸Õ£ºÈç¹ûÖªµÀ¾ßÌåλÖþ͸üºÃÁË£¬¸÷ÈË¿ÉÒÔÒ»ÆðÈ¥¡£
```