????,???????????????????????????????,????????????,?,??,??????,???????,???????????
???????????????????????????⋯⋯??????????,????,??????,?????
?????????
????????????????? ?????????? ????
???????????,?????????????,?????????,??????????“????”???????????
“???,???????,??,???????????”??
?????????????????,??,????????,????????????????????,??????8?????,???5.01?????,?????????????5.9%;??????6770.02????????,????7.0%?
??????,??????,???????????????????????????????,?,???5????,“???”???168%,“????”?212%,“???”?????????633%??????????,??????,?????????????????????17%?
“?????,????,??????????????!”?????????????????,??????????????,??????????????????????????,?????,????????????????,?????????????,???,?????????????“?????,??????”???????“??”????????????
??????,????????????????????????????????????????????????????????????“????????”????,????????“?”????,???????????????????????????????,???????????????;???????????????“???”?,??????,????????,????????????……
????????,??????????,???????24???????????????425.58?????????19.82%,???1.86??????30.33%?
?????????????????????
?? ???????????? ?????????? ???????
????,?????????????????????,????,????????,????
??,??????????????,??????????1???????????14??????????????????????????????217???????????,????????????????
???,??????????????????2024????????????,????“??????????”?????,????5856??????????5.3???????????,?????????????????2024???,??6.7????,???4.3%,????????0.9??????;?????????6.1%,??????1.4??
“???,?????????,????????,??????????????????,????????,??????????????????,?????????????”?????????????????????????,???????,??2???????????????1????????????????14???????????????????14???????136?????
???,????????????15.8????,95%??????????????????????????,“??,???????”?????????????????????
??????????????,????????????,??????????????????,?????,???????????????,????????????
????
??? ???????
?«??????:????????»«????????????»??????,?????????,?????????????
????????????????,?????????“«???????»??????????,???,?????????????????”?????
??????????,???????????????,????????,??????????????????????????????,?????????????????????????????,??,??????????????????????????????????«???»??????,????????????«???????»?????IP?????????????,???
?????????????,?“????????”???????????????????,???????????????????????????,??????????80??????
????,??????????,??????,?????????????????????????????????????,???????,????????????“??????????,???????,????,?????”???????????????????????
????,???????????????????????????????,“?????????”“??”????,???,“?”“???????????”??;????,????????????????,?,???,??;???,?,???,????
???
????????? ??????????? ?????? ????
“??????????????????,??????,????????????????”???????,????????????????????????,???????
???????:“??????????????20????,???????,???????????”
????????????????,???,“?????????”?????“????????????????”?????????2024??????150%,?????????
???????????????????????????????????,???????????????????????????,???????????????????????????:“???????????????,?????????38.5%,???21.2%?????,?????????????,?60??????????????”
??????????????“????”,?????????????,????????????,??87%,????????????????????????,???????????????88%??????????,??????????5000??????????????????
????“????”,???????????????????????,?,1?28???????2?????1?,?????5??,??????????????1.5?,?????????
“?”???,?????????????????????,???????,??????? ????????:????
??!«?????»??????7???
MSCI??????????15%????????A…
????2016???54?PB??????????…
??????????????????????
?????«??????»?????????
?????????????????????
???????????:???????????
?????????????????????
3?29?16?????????
?????????????????????
?????????«????»:?????10%
??????????????????70??
?????????“??”??????????
?????????18.71?
?????????????:????
???????????????????!
????????????682?????????
??????7???,??????!
??????560?????????2000??
NHL???????????????????
??????????????500????80%?
??????7???,??????!
*ST??:??????????????????
?????????18.71?
?????????????????????