??????????????:????
??????????????2025.2.17?????1175???????«?????????????»??
???????????,???
?????1????,????????
????????2022????????????4??4??????,?????????,?????,?????????S??????????????????????????????,??????????????,????,?????
??????????????????,???????,????????????????????????????????,?????????????????????,?????????????????????????????,??,??????????
3????????,?????,???????????????,???????????,????????,????????,?????????????,??????,????,?????????????????????????,??????3.7?????????
“????????,????????????????”?????????«?????»??,??????,????????
?
?????????????????,??“????????????????????????”???????
????????1?????????3???????????,??????,?????????,????????????????????,??????????,????????????,?????,????????????????,??????????,????????????,????????????????
?????????,?????????????,????????,????“?????????”??“??????‘????’?????????,??????????????????,???,?????????????????”??????????????(????)????????«??????????????»????
2022???????????????,??????????,???“????????”??“??????”?????????,???,??????????????,??
?????????,??????????,?????????????????????,?????????? “???????”“????????????”????????,???
“????????????”??,???????,??????????,??????“??”???????????????????,?,???????“???”,????,????,???????????????????
????????????12?????,???????,?????????,????????????,????????????,???????,?????????????7????????,??????????1012????,????????
??????????,????????,???????????????????,?????????,??????????,??????????,????????????????,?????
“???????????????,????,?????????????,????????????????”?????«????????»,?????????2013????????????????,??????,??,???,??????
????,?????????????,??????????????,????,???????????????????????,???,????????,???????????????????,???????????????????
??????????,??????????????????????,???????????????????????,????????,?,??,????????,????????????????????,?????????????,????,??????
????????,?????????,???????“?,?????,???????”?????????,???????????,???????????????????,?????
??????????,??????????????????????,??,??????,???
??????????,????????,???????,???????????,????????????????????,??????,???????????,????????????
?1?????????,?????????????15?????,????“??????”?????????????,???????????????????????????????????????
?????????????????,??????,?????????????,?????“?????????”????????????,???????“??????”?“?????,?????????????????,????????”???????????«???????????»?
????
??????????,????????“????????”?
“????????????,???????????????????,????????????”???????????,?????1996?????,?,????????
??,???,????2001??????????????,???????,???????????????????????2013??,????????,??????,???,?,??????????3????????
“????????????????????”??????????,21????,???????????????,??????????????????????,2015????????,??3?????????,?“???????”?????
??????????????43??????,??????6.1%????,????????????????????????2025?????,????????????,??????????3?????
“?????,?????????????”????????????2023??,?????????,??????????,???????????????????????,????????????,?????????????????????????????????????,??????
???????,????«????????(??)??????»,????????????????????????“????????????????????????”????????,????,??????????????????????“?????????????????,5????????????,4??????,1????????”???
???????,?“??????????”?????????,???????,??????????????
????,???????????,??????????,???????????????????,?????????
“?????????,??????”???????????????2012?????,??,???,????????,???????
??????????“????????????????”?“????????????????‘????’,??????????????,??????????????,????????????????”??????????,???????????,???????????????????????,“???”????????,?????,?????????,???????,??
??????2022??????,????????????,??,???????,????,????????,????????????,??????,??????,?????????????????“????????????”????????????
“?????????????”????????????????,????????,???????????,???????????????,????????,???????,????????????????????,???????????????????1??????
????,?????????????????,???????????,???????????????????????,????????
????????,??10???????????????????????????????????????????????,??,?????????????????????????????????????????,?????????2/3??????????????????????????????????????????????????,????????????????????
“??”???????,???????,??,????????????????????????“?????”????????????????????,???????,???????????????“????????????”???,????????
???????
??????????,??????1??????????,??,“???????????????????”????????????
??????,??7?,??????????????????“??????????????”?????????????????????????,??????????????????????????????????????????????????????????????,???“??”,????????,????????????
??,????????????,??????????????????????????????????“?????????”?????,?????????????????,??,??,?????????????????,????“?????????????????????????”,???????????????“?????????”??????,“????,????”?
??,????????????????????,??,?????????????:?????????????????????
????12?,??????,????????“??????????,????????????,??????1/6?”???
????????,??????????????????????????????????,?????????,?????????????????????????????????????????????,????????,?????????????????,???????????????,????????,???????????????????????,???,????????????????,????,??9????,?????
“???????,?????????????,??????,??”??????????
??????????????????????????,??????????????200??,??????????300400?????????????,???????????,???,??100%,?????????????1????????????1??????,??????
??,?,“???????????”??????????????????,???,????????,??????????????????,???????
“????????????????10%?,???????????,????????????????????????????????????”?????????,?????????????
????,?????????????,??????????????,???????????????????,???,????????????????,????????????????,“??????????,????”?
“?????????,????”?????????????????????????????????????????????????????????????????,????????1/10?“??????????????????,????????????”
????????«?????????»,???????????????????????????????,????????????????????????????????,????????????????????????????????,?????????,?,??,??????6??????????
???,?????,??????,?????????????????????????????????????????????????????????????,?????“????”,?????????????,???
“????????????,??????”????,???????????????????,???????“????????????????????????”,???????????????“??????????????????”?
???????????????????
?????????????????,???
2003??,????????,????????????,???????????????????????60?????????????,??????????40?????????????????????,????????,??????,???????????,??????????????????,?????????????????,?????????????????????
20????50????,??,??????????????,??????,???????,????????,?????????????????????21???????????????????????,?????????????,??????????????????????????,???????,?????????,?????????????????,???????????????
?14????????????????????????,??????????,?????????????2008??????????????,??????,????????????????,????,?,???????????????,“????????????”?????????,????,????????????
“????????,?????????????????????????????”????????,???????????????????????????????????????????????????????????????,??????????????????????,?????????????,???
“????????????????,???????”????????????????“???????????”,????????“????????”,????????????,???????,??????,????
?????????????????????2013?,??????????????????,??????,??????,?,????????????,?????,?????????
“?????????????,??????”??????????????,?????(SBINZ)?????????,????????????,????????????,?????1????????,????????????1???????????????????????,???????,???????????????????,???????
??????????????????????????????????????????????????
“??????”???????????,?????(USSA)??????(SIA)?????????(NSAA)??????(PSIA-AASI)?????????????????????????(NSP)??????????6??????????“???,?????????”
“???????????????????????????”?????????????????,????,????????,????????????????
“?????????????,????????????,???????????,???,???????”??«??????»?
(????)
«??????????»2025???????????????????5???????????
???????????????:?????????«????????»????? ???????????????:?????????????
??????????????
????????????????????
MSCI??????????“??”????
??2???????0.8%??????
????????????????????
??:???????????????????
??:????????7000????OLED??
??????????????????
??2?????????:?????????
????????????:???????
??????!??:???????????
??????????????PMI????
?????????,??????????40??
????????????:????????????
??:????????????
???????????????????
?????????????????????
?????????????????????
??????:??2??6??????????
????????????????12?19?
??????????????????????
??:??????????????
???????!??????20???????
??????????????2000?????
????????????????????