{"id":7581,"date":"2025-12-12T01:14:43","date_gmt":"2025-12-11T17:14:43","guid":{"rendered":"https:\/\/www.syfe.com\/hk\/magazine\/?p=7581"},"modified":"2025-12-08T15:59:24","modified_gmt":"2025-12-08T07:59:24","slug":"%e4%bf%a1%e7%94%a8-%e8%a9%95%e7%b4%9a-%e6%a9%9f%e6%a7%8b","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e4%bf%a1%e7%94%a8-%e8%a9%95%e7%b4%9a-%e6%a9%9f%e6%a7%8b\/","title":{"rendered":"\u50b5\u5238\u5e02\u5834\u5b88\u9580\u4eba\uff5c\u570b\u969b\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb\u70ba\u4f55\u75313\u5de8\u982d\u4e3b\u5c0e"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/12\/\u4fe1\u7528-\u8a55\u7d1a-\u6a5f\u69cb-1024x576.png\" alt=\"\" class=\"wp-image-7582\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/12\/\u4fe1\u7528-\u8a55\u7d1a-\u6a5f\u69cb-1024x576.png 1024w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/12\/\u4fe1\u7528-\u8a55\u7d1a-\u6a5f\u69cb-300x169.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/12\/\u4fe1\u7528-\u8a55\u7d1a-\u6a5f\u69cb-768x432.png 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/12\/\u4fe1\u7528-\u8a55\u7d1a-\u6a5f\u69cb-1536x864.png 1536w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/12\/\u4fe1\u7528-\u8a55\u7d1a-\u6a5f\u69cb-747x420.png 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/12\/\u4fe1\u7528-\u8a55\u7d1a-\u6a5f\u69cb-696x392.png 696w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/12\/\u4fe1\u7528-\u8a55\u7d1a-\u6a5f\u69cb-1068x601.png 1068w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/12\/\u4fe1\u7528-\u8a55\u7d1a-\u6a5f\u69cb.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>\u5168\u7403\u50b5\u5238\u5e02\u5834\u898f\u6a21\u8d85\u904e120\u842c\u5104\u7f8e\u5143 \uff0c\u800c\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb\uff08Credit Rating Agencies, CRAs\uff09\u5c07\u8907\u96dc\u8ca1\u5831\u3001\u6cd5\u5f8b\u5951\u7d04\u4ee5\u53ca\u7d93\u6fdf\u6578\u64da\u5316\u70ba\u5b57\u6bcd\u7b26\u865f\u8a55\u7d1a\uff0c\u964d\u4f4e\u4fe1\u606f\u8207\u4ea4\u6613\u6210\u672c\u3002\u672c\u6587\u8aaa\u660e\u570b\u969b\u4e09\u5927\u8a55\u7d1a\u6a5f\u69cb\u6a19\u6e96\u666e\u723eS&amp;P\u3001\u7a46\u8feaMoody&#8217;s\u53ca\u60e0\u8b7d Fitch\u5728\u8a55\u7d1a\u65b9\u9762\u7684\u5dee\u7570\u3002<\/p>\n\n\n\t\t\t\t<div class=\"wp-block-uagb-table-of-contents uagb-toc__align-left uagb-toc__columns-1  uagb-block-0d65dcd1      \"\n\t\t\t\t\tdata-scroll= \"1\"\n\t\t\t\t\tdata-offset= \"30\"\n\t\t\t\t\tstyle=\"\"\n\t\t\t\t>\n\t\t\t\t<div class=\"uagb-toc__wrap\">\n\t\t\t\t\t\t<div class=\"uagb-toc__title\">\n\t\t\t\t\t\t\t\u4e86\u89e3\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"uagb-toc__list-wrap \">\n\t\t\t\t\t\t<ol class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb\u7684\u5b58\u5728\u50f9\u503c\u8207\u4f5c\u7528\" class=\"uagb-toc-link__trigger\">\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb\u7684\u5b58\u5728\u50f9\u503c\u8207\u4f5c\u7528<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u6b50\u7f8e\u4e09\u5927\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb\u6a19\u6e96\u666e\u723e\u7a46\u8fea\u60e0\u8b7d\" class=\"uagb-toc-link__trigger\">\u6b50\u7f8e\u4e09\u5927\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb\uff1a\u6a19\u6e96\u666e\u723e\u3001\u7a46\u8fea\u3001\u60e0\u8b7d<\/a><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#\u6295\u8cc7\u7d1a\u8207\u6295\u6a5f\u7d1a\u50b5\u5238\u7684\u5206\u5225\" class=\"uagb-toc-link__trigger\">\u6295\u8cc7\u7d1a\u8207\u6295\u6a5f\u7d1a\u50b5\u5238\u7684\u5206\u5225<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u9999\u6e2f\u653f\u5e9c\u7684\u4fe1\u7528\u8a55\u7d1a\" class=\"uagb-toc-link__trigger\">\u9999\u6e2f\u653f\u5e9c\u7684\u4fe1\u7528\u8a55\u7d1a<\/a><\/li><\/ul><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#\u4e2d\u570b\u5883\u5167\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb\u5e02\u5834\u751f\u614b\" class=\"uagb-toc-link__trigger\">\u4e2d\u570b\u5883\u5167\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb\u5e02\u5834\u751f\u614b<\/a><li class=\"uagb-toc__list\"><a href=\"#\u6700\u65b0\u9999\u6e2f\u88ab\u52d5\u6536\u5165\u9078\u64c7\" class=\"uagb-toc-link__trigger\">\u6700\u65b0\u9999\u6e2f\u88ab\u52d5\u6536\u5165\u9078\u64c7<\/a><\/ul><\/ul><\/ol>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\n\n\n<h2 class=\"wp-block-heading\"><strong>\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb\u7684\u5b58\u5728\u50f9\u503c\u8207\u4f5c\u7528<\/strong><\/h2>\n\n\n\n<p>\u50b5\u5238\u7522\u54c1\u6210\u5343\u4e0a\u842c\uff0c\u91d1\u878d\u6a5f\u69cb\u96e3\u4ee5\u5c0d\u6bcf\u9805\u50b5\u5238\u9032\u884c\u6df1\u5165\u76e1\u8077\u8abf\u67e5\uff0c\u800c\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb\u900f\u904e\u8a55\u4f30\u50b5\u5238\u767c\u884c\u4eba\u7684\u4fe1\u7528\u98a8\u96aa\uff0c\u5305\u62ec\u653f\u5e9c\u3001\u4f01\u696d\u6216\u91d1\u878d\u6a5f\u69cb\uff0c\u70ba\u6295\u8cc7\u8005\u63d0\u4f9b\u7368\u7acb\u7684\u7b2c\u4e09\u65b9\u610f\u898b\uff0c\u6e1b\u5c11\u8cc7\u8a0a\u4e0d\u5c0d\u7a31\u4ee5\u4fc3\u9032\u8cc7\u672c\u6d41\u52d5\uff0c\u5f9e\u800c\u4fc3\u4f7f\u767c\u50b5\u6a5f\u69cb\u63d0\u9ad8\u8ca1\u52d9\u7ba1\u7406\u6c34\u5e73\u3002<\/p>\n\n\n\n<p>\u56e0\u70ba\u4fe1\u7528\u8a55\u7d1a\u6703\u76f4\u63a5\u6c7a\u5b9a\u50b5\u5238\u5b9a\u50f9\uff1a\u9ad8\u8a55\u7d1a\uff08\u4f8b\u5982AAA\uff09\u610f\u5473\u8457\u4f4e\u98a8\u96aa\uff0c\u50b5\u5238\u767c\u884c\u65b9\u80fd\u4ee5\u8f03\u4f4e\u5229\u7387\u7c4c\u96c6\u8cc7\u91d1\uff1b\u76f8\u53cd\uff0c\u8f03\u4f4e\u8a55\u7d1a\u8feb\u4f7f\u767c\u884c\u4eba\u652f\u4ed8\u66f4\u9ad8\u98a8\u96aa\u6ea2\u50f9\uff0c\u589e\u52a0\u878d\u8cc7\u96e3\u5ea6\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u6b50\u7f8e\u4e09\u5927\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb\uff1a\u6a19\u6e96\u666e\u723e\u3001\u7a46\u8fea\u3001\u60e0\u8b7d<\/strong><\/h3>\n\n\n\n<p>\u6b50\u7f8e\u4e09\u5927\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb<a href=\"https:\/\/www.spglobal.com\/ratings\/en\">\u6a19\u6e96\u666e\u723e<\/a>\uff08S&amp;P Global Ratings\uff09\u3001<a href=\"https:\/\/www.moodys.com\/\">\u7a46\u8fea<\/a>\uff08Moody&#8217;s Investors Service\uff09\u548c<a href=\"https:\/\/www.fitchratings.com\/\">\u60e0\u8b7d<\/a>\uff08Fitch Ratings\uff09<a href=\"https:\/\/www.cfr.org\/backgrounder\/credit-rating-controversy\">\u4f54\u6709<\/a>\u5168\u7403<a href=\"https:\/\/corporatefinanceinstitute.com\/resources\/fixed-income\/rating-agency\/\">\u8d85\u904e<\/a>90%\u7684\u4fe1\u7528\u8a55\u7d1a\u5e02\u5834\uff0c\u4e26\u63a1\u7528\u767c\u884c\u4eba\u4ed8\u8cbb\uff08Issuer-Pays\uff09\u7684\u5236\u5ea6\uff1a\u7531\u50b5\u5238\u767c\u884c\u4eba\u652f\u4ed8\u4fe1\u7528\u8a55\u7d1a\u8cbb\u7528\uff0c\u800c\u6295\u8cc7\u8005\u514d\u8cbb\u7372\u5f97\u4fe1\u7528\u8a55\u7d1a\u8cc7\u8a0a\u3002<\/p>\n\n\n\n<p>\u6a19\u6e96\u666e\u723e\u3001\u7a46\u8fea\u53ca\u60e0\u8b7d\u5148\u5f8c\u65bc20\u4e16\u7d00\u521d\u767c\u5e03\u50b5\u5238\u8a55\u7d1a\u8cc7\u8a0a\uff0c\u4e26\u5275\u7acb\u7528\u5b57\u6bcd\u7b26\u865f\uff08\u4f8b\u5982Aaa\uff09\u91cf\u5316\u50b5\u5238\u767c\u884c\u65b9\u7684\u4fe1\u7528\u98a8\u96aa\u3002\u81f31975\u5e74\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\uff08SEC\uff09\u63a8\u51fa\u300c\u5168\u570b\u516c\u8a8d\u7d71\u8a08\u8a55\u7d1a\u6a5f\u69cb\u300d\uff08NRSRO\uff09\u6307\u5f15\uff0c\u898f\u5b9a\u7d93\u7d00\u5546\u5728\u8a08\u7b97\u8cc7\u672c\u6642\uff0c\u6301\u6709\u7684\u50b5\u5238\u8cc7\u7522\u53ea\u6709\u7d93NRSRO\u8a8d\u53ef\u7684\u8a55\u7d1a\u624d\u80fd\u7d0d\u5165\u8a08\u7b97\uff0c\u540c\u6642\u5c07\u6a19\u6e96\u666e\u723e\u3001\u7a46\u8fea\u548c\u60e0\u8b7d3\u9593\u516c\u53f8\u76f4\u63a5\u5217\u70ba<a href=\"https:\/\/blj.ucdavis.edu\/archives\/5\/1\/rating-raters\">\u5217\u70ba<\/a>NRSRO\u8a8d\u53ef\u7684\u4fe1\u7528\u8a55\u7d1a\u7d44\u7e54\uff0c\u4ee4\u4e09\u5de8\u982d\u7522\u751f\u5de8\u5927\u7af6\u722d\u512a\u52e2\u3002\u5b57\u6bcd\u7b26\u865f\u6a19\u6e96\u96a8\u8457\u5168\u7403\u91d1\u878d\u767c\u5c55\u800c\u6210\u70ba\u696d\u5167\u901a\u7528\u8a9e\u8a00\uff0c\u9032\u4e00\u6b65\u978f\u56fa\u5e02\u5834\u5730\u4f4d\u3002<\/p>\n\n\n\n<p><strong>\u6295\u8cc7\u50b5\u5238\u77e5\u8b58\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E5%96%AE-%E8%A4%87-%E5%88%A9%E6%81%AF-%E6%9C%AC%E5%88%A9%E5%92%8C-%E5%88%A9%E7%8E%87-%E8%A8%88%E7%AE%97-%E5%85%AC%E5%BC%8F\/\"><strong>\u55ae\u5229\u606f\u8207\u8907\u5229\u606f\u7684\u8a08\u7b97\u516c\u5f0f\u6709\u4ec0\u9ebc\u5206\u5225\uff1f<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u6295\u8cc7\u7d1a\u8207\u6295\u6a5f\u7d1a\u50b5\u5238\u7684\u5206\u5225<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>\u8a55\u7d1a\u7b49\u7d1a<\/td><td>\u6a19\u6e96\u666e\u723e (S&amp;P)<\/td><td>\u60e0\u8b7d (Fitch)<\/td><td>\u7a46\u8fea (Moody&#8217;s)<\/td><\/tr><tr><td>\u6700\u9ad8\u7d1a (Prime)<\/td><td>AAA<\/td><td>AAA<\/td><td>Aaa<\/td><\/tr><tr><td>\u9ad8\u7d1a (High Grade)<\/td><td>AA+, AA, AA-<\/td><td>AA+, AA, AA-<\/td><td>Aa1, Aa2, Aa3<\/td><\/tr><tr><td>\u4e2d\u4e0a\u7d1a (Upper Medium)<\/td><td>A+, A, A-<\/td><td>A+, A, A-<\/td><td>A1, A2, A3<\/td><\/tr><tr><td>\u4e2d\u4e0b\u7d1a (Lower Medium)<\/td><td>BBB+, BBB, BBB-<\/td><td>BBB+, BBB, BBB-<\/td><td>Baa1, Baa2, Baa3<\/td><\/tr><tr><td>\u6295\u6a5f\u7d1a\u5206\u754c (Speculative)<\/td><td>BB+, BB, BB-<\/td><td>BB+, BB, BB-<\/td><td>Ba1, Ba2, Ba3<\/td><\/tr><tr><td>\u9ad8\u5ea6\u6295\u6a5f (Highly Speculative)<\/td><td>B+, B, B-<\/td><td>B+, B, B-<\/td><td>B1, B2, B3<\/td><\/tr><tr><td>\u5be6\u8cea\u98a8\u96aa (Substantial Risk)<\/td><td>CCC+ \u81f3 C<\/td><td>CCC+ \u81f3 C<\/td><td>Caa1 \u81f3 Ca<\/td><\/tr><tr><td>\u9055\u7d04 (Default)<\/td><td>D<\/td><td>D \/ \u9650\u5236\u6027\u9055\u7d04\uff08Restricted Default\uff09<\/td><td>C<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><sub>\u8cc7\u6599\u4f86\u6e90\uff1a<a href=\"https:\/\/www.moodys.com\/sites\/products\/productattachments\/moodys%20rating%20symbols%20and%20definitions.pdf\">Moodys<\/a>, <a href=\"https:\/\/www.nasdaq.com\/articles\/what-fitch-rating-scale-and-how-does-it-work\">Nasdaq<\/a><\/sub><\/figcaption><\/figure>\n\n\n\n<p>\u6a19\u6e96\u666e\u723e\u3001\u7a46\u8fea\u8207\u60e0\u8b7d\u7684\u300c\u6295\u8cc7\u7d1a\u50b5\u5238\u300d(\u82f1\u6587\uff1aInvestment-Grade Bond)\u5206\u5225\u70baBaa3\u6216BBB\u2212\uff0c\u5728\u8a72\u6c34\u6e96\u4ee5\u4e0b\u5247\u5c6c\u300c\u6295\u6a5f\u7d1a\u50b5\u5238\u300d(\u82f1\u6587\uff1aSpeculative-Grade Bond)\u6216\u300c\u975e\u6295\u8cc7\u7d1a\u50b5\u5238\u300d\u6216\u300c\u9ad8\u6536\u76ca\u50b5\u5238\u300d\uff08\u82f1\u6587\uff1aHigh-Yield Bond\uff09\uff0c\u4ea6\u5373\u9999\u6e2f\u574a\u9593\u4fd7\u7a31\u7684\u300c\u5783\u573e\u50b5\u5238\u300d\u3002<\/p>\n\n\n\n<p>\u4e0d\u904e\u5c07\u6975\u5ea6\u8907\u96dc\u7684\u4fe1\u7528\u98a8\u96aa\u58d3\u7e2e\u70ba\u7b26\u865f\u53ef\u80fd\u5c0e\u81f4\u6295\u8cc7\u8005\u7522\u751f\u904e\u5ea6\u7c21\u5316\u98a8\u96aa\uff0c\u800c\u8a55\u7d1a\u50c5\u662f\u5c0d\u9055\u7d04\u6982\u7387\u7684\u610f\u898b\u93b3\uff0c\u4e0d\u5c6c\u65bc\u6295\u8cc7\u5efa\u8b70\u6216\u64d4\u4fdd\u3002\u4f8b\u59822008\u5e74\u6b21\u6309\u5371\u6a5f\u7684\u6838\u5fc3\u554f\u984c\u4e4b\u4e00\u662f\u7d50\u69cb\u5316\u91d1\u878d\u7522\u54c1\u7372\u5f97\u6700\u9ad8\u7684AAA\u8a55\u7d1a\uff0c\u6700\u7d42\u7522\u54c1\u4f9d\u7136\u53ef\u80fd\u9055\u7d04\u3002<\/p>\n\n\n\n<p>\u540c\u6642BBB-\/Baa3\u8207BB+\/Ba1\u4e4b\u9593\u7684\u5206\u5225\u4ea6\u88ab\u7a31\u70ba\u6295\u8cc7\u7d1a\u61f8\u5d16\uff08\u82f1\u6587\uff1aInvestment Grade Cliff\uff09\uff0c\u56e0\u70ba\u8a31\u591a\u990a\u8001\u57fa\u91d1\u3001\u4fdd\u96aa\u516c\u53f8\u53ca\u4e3b\u6b0a\u8ca1\u5bcc\u57fa\u91d1\u7684\u6295\u8cc7\u7ae0\u7a0b\u660e\u78ba\u898f\u5b9a\uff0c\u7981\u6b62\u6301\u6709\u6295\u6a5f\u7d1a\u50b5\u5238\uff0c\u6240\u4ee5\u4e00\u65e6\u767c\u50b5\u65b9\u5f9e BBB- \u88ab\u964d\u7d1a\u81f3BB+\uff0c\u5c07\u5c0e\u81f4\u50b5\u5238\u88ab\u62cb\u552e\uff0c\u50b5\u50f9\u5927\u8dcc\uff0c\u5373\u58ae\u843d\u5929\u4f7f\uff08Fallen Angel\uff09\u6548\u61c9\u3002<\/p>\n\n\n\n<p><strong>\u66f4\u591a\u50b5\u5238\u6295\u8cc7\u8cc7\u8a0a\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E9%A6%99%E6%B8%AF-%E6%80%8E%E9%BA%BC-%E8%B2%B7-%E7%BE%8E%E5%82%B5-10%E5%B9%B4-etf\/\"><strong>\u5982\u4f55\u8cb7\u7f8e\u50b5<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E5%B7%A8%E7%81%BD%E5%82%B5%E5%88%B8-%E6%98%AF%E4%BB%80%E9%BA%BC-%E9%A6%99%E6%B8%AF-%E5%9F%BA%E9%87%91-%E5%8E%9F%E7%90%86-%E4%BF%9D%E9%9A%AA%E7%9B%B8%E9%80%A3-%E8%8B%B1%E6%96%87\/\"><strong>\u5de8\u707d\u50b5\u5238<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E6%B0%B8%E7%BA%8C-%E5%82%B5%E5%88%B8-perpetual-bond\/\"><strong>\u6c38\u7e8c\u50b5\u5238<\/strong><\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u9999\u6e2f\u653f\u5e9c\u7684\u4fe1\u7528\u8a55\u7d1a<\/strong><\/h3>\n\n\n\n<p>\u4ee5\u9999\u6e2f\u653f\u5e9c\u653f\u5e9c\u70ba\u4f8b\uff0c\u6b77\u5e74\u9762\u5c0d\u91d1\u878d\u6a5f\u69cb\u6216\u96f6\u552e\u6295\u8cc7\u8005\u767c\u884c\u4e00\u7cfb\u5217<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e6%94%bf%e5%ba%9c-%e5%82%b5%e5%88%b8\/\">\u653f\u5e9c\u50b5\u5238<\/a>\uff1a<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/ibond-%e9%a6%99%e6%b8%af-%e6%94%bf%e5%ba%9c-%e9%80%9a%e8%84%b9-%e6%8e%9b%e9%89%a4-%e5%82%b5%e5%88%b8\/\">iBond<\/a>\u3001<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%8a%80%e8%89%b2-%e5%82%b5%e5%88%b8\/\">\u9280\u8272\u50b5\u5238<\/a>\u3001<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e7%b6%a0%e8%89%b2-%e5%82%b5%e5%88%b8\/\">\u7da0\u8272\u50b5\u5238<\/a>\u7b49\u3002\u622a\u81f32025\u5e745\u6708\u4efd\uff0c\u9999\u6e2f\u7279\u5225\u884c\u653f\u5340\u653f\u5e9c\u7372\u5f97\u4e09\u5927\u570b\u969b\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb\u7d66\u4e88AA+\u3001AA-\u53caAa3\u7684\u9577\u671f\u767c\u884c\u4eba\u4fe1\u7528\u8a55\u7d1a\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>\u8a55\u7d1a\u6a5f\u69cb<\/strong><\/td><td><strong>\u9577\u671f\u767c\u884c\u4eba\u4fe1\u7528\u8a55\u7d1a<\/strong><\/td><td><strong>\u8a55\u7d1a\u5c55\u671b<\/strong><\/td><\/tr><tr><td>\u6a19\u6e96\u666e\u723e (S&amp;P)<\/td><td>AA+<\/td><td>\u7a69\u5b9a (Stable)<\/td><\/tr><tr><td>\u7a46\u8fea (Moody&#8217;s)<\/td><td>Aa3<\/td><td>\u7a69\u5b9a (Stable)<\/td><\/tr><tr><td>\u60e0\u8b7d (Fitch)<\/td><td>AA-<\/td><td>\u7a69\u5b9a (Stable)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u4e09\u5927\u570b\u969b\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb\u5747<a href=\"https:\/\/www.news.gov.hk\/chi\/2025\/05\/20250527\/20250527_180819_529.html\">\u8a8d\u53ef<\/a>\u9999\u6e2f\u64c1\u6709\u9f90\u5927\u7684\u8ca1\u653f\u5132\u5099\u548c\u5916\u532f\u5132\u5099\uff0c\u9019\u662f\u652f\u6490\u9999\u6e2f\u653f\u5e9c\u767c\u50b5\u9ad8\u8a55\u7d1a\u7684\u6838\u5fc3\u56e0\u7d20\u3002\u7576\u4e2d\u7a46\u8fea\uff08Moody&#8217;s\uff09\u66fe\u57282023\u5e7412\u6708\u5c07\u9999\u6e2f\u5c55\u671b\u4e0b\u8abf\u81f3\u300c\u8ca0\u9762\u300d\uff0c\u4f46\u57282025\u5e745\u6708\u5c07\u8a55\u7d1a\u5c55\u671b\u7531\u300c\u8ca0\u9762\u300d\u4e0a\u8abf\u56de\u300c\u7a69\u5b9a\u300d\uff0c\u7a31\u65e9\u524d\u63d0\u5230\u7684\u98a8\u96aa\u5df2\u5728\u76ee\u524d\u8a55\u7d1a\u4e2d\u5f97\u5230\u5145\u5206\u53cd\u6620\uff0c\u4e14\u9999\u6e2f\u7d93\u6fdf\u8868\u73fe\u51fa\u8db3\u5920\u7a69\u5b9a\u6027\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u4e2d\u570b\u5883\u5167\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb\u5e02\u5834\u751f\u614b<\/strong><\/h2>\n\n\n\n<p>\u4e2d\u570b\u7684\u4fe1\u7528\u8a55\u7d1a\u5e02\u5834\u7531\u6578\u9593\u570b\u5167\u6a5f\u69cb\u4e3b\u5c0e\uff0c\u4f8b\u5982\u806f\u5408\u8cc7\u4fe1\uff08Lianhe\uff09\u3001\u4e2d\u8aa0\u4fe1\u570b\u969b\u4fe1\u7528\u8a55\u7d1a\uff08CCXI\uff09\u53ca\u5927\u516c\u570b\u969b\uff08Dagong\uff09\u7b49\uff0c\u800c\u4e2d\u570b\u6709\u6240\u8b02\u7684<a href=\"https:\/\/www.hk01.com\/%E8%B2%A1%E7%B6%93%E5%BF%AB%E8%A8%8A\/1067556\/%E4%BA%BA%E8%A1%8C%E6%93%9A%E5%A0%B1%E8%88%87%E6%95%B8%E5%AE%B6%E4%BF%A1%E7%94%A8%E8%A9%95%E7%B4%9A%E6%A9%9F%E6%9C%83%E9%96%8B%E6%9C%83-%E8%A8%8E%E8%AB%96%E8%A1%8C%E6%A5%AD%E7%8F%BE%E7%8B%80%E5%8F%8A%E5%95%8F%E9%A1%8C\">\u8a55\u7d1a\u901a\u8139<\/a>\uff08Rating Inflation\uff09\uff0c\u5927\u90e8\u4efd\u50b5\u5238\u767c\u884c\u4eba\u90fd\u90fd\u64c1\u6709AA\u7d1a\u4ee5\u4e0a\u7684\u8a55\u7d1a\uff0c\u800c\u60c5\u6cc1\u5728\u570b\u969b\u5e02\u5834\u4e0a\u662f\u96e3\u4ee5\u60f3\u50cf\uff0c\u6240\u4ee5\u6295\u8cc7\u4e2d\u570b\u50b5\u5238\u6642\uff0c\u4e0d\u80fd\u76f4\u63a5\u5c07\u4e2d\u570b\u5883\u5167\u7684\u8a55\u7d1a\u76f4\u63a5\u5c0d\u6a19\u570b\u969b\u4fe1\u7528\u8a55\u7d1a\u6a19\u6e96\uff0c\u5169\u8005\u96b1\u542b\u7684\u9055\u7d04\u7387\u5b8c\u5168\u4e0d\u540c\u3002<\/p>\n\n\n\n<p><strong>\u66f4\u591a\u91d1\u878d\u884c\u696d\u5c08\u9580\u540d\u8a5e\u89e3\u91cb\uff1a<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e5%a6%82%e4%bd%95%e9%80%8f%e9%81%8e%e6%88%90%e6%9c%ac%e5%b9%b3%e5%9d%87%e6%b3%95%e7%a9%8d%e7%b4%af%e9%95%b7%e6%9c%9f%e8%b2%a1%e5%af%8c\/\"><strong>\u5e73\u5747\u6210\u672c\u6cd5<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%87%91%e8%9e%8d%e5%85%a5%e9%96%80%ef%bd%9c%e7%a7%81%e5%8b%9f%e5%9f%ba%e9%87%91%e8%88%87%e7%a7%81%e5%8b%9f%e8%82%a1%e6%ac%8a%e5%9f%ba%e9%87%91%e6%9c%89%e4%bd%95%e5%88%a5%ef%bc%9f\/\"><strong>\u79c1\u52df\u57fa\u91d1<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e8%b2%a8%e5%b9%a3-%e5%b8%82%e5%a0%b4-%e5%9f%ba%e9%87%91-%e9%a2%a8%e9%9a%aa-%e6%8e%a8%e8%96%a6-money-market-fund-%e4%b8%ad%e6%96%87\/\"><strong>\u8ca8\u5e63\u57fa\u91d1<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%a6%99%e6%b8%af-%e9%80%80%e4%bc%91-%e9%95%b7%e5%a3%bd-%e9%a2%a8%e9%9a%aa-%e9%a6%99%e6%b8%af-%e8%8b%b1%e6%96%87-longevity-risk\/\"><strong>\u9577\u58fd\u98a8\u96aa<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/?p=7052\"><strong>\u99ac\u592a\u6548\u61c9<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u6700\u65b0\u9999\u6e2f\u88ab\u52d5\u6536\u5165\u9078\u64c7<\/strong><\/h2>\n\n\n\n<p>\u667a\u80fd\u6295\u8cc7\u5e73\u53f0<a href=\"https:\/\/www.syfe.com\/hk\">Syfe<\/a>\u57282023\u5e74\u958b\u59cb\u70ba\u9999\u6e2f\u5ba2\u6236\u65b0\u589e\u9580\u6abb\u4f4e\u3001\u64cd\u4f5c\u7c21\u55ae\u7684\u300c<a href=\"https:\/\/www.syfe.com\/hk\/income-plus\">Syfe\u6536\u606f\u5bf6<\/a>\u300d*\u6a5f\u69cb\u7d1a\u5225\u6295\u8cc7\u7522\u54c1\uff0c\u70ba\u6295\u8cc7\u8005\u63d0\u4f9b\u6bcf\u6708\u7372\u5f97\u7a69\u5b9a\u73fe\u91d1\u6d41\u7684\u65b0\u9078\u64c7\uff0c\u5e74\u5316\u6536\u76ca\u7387\u75316.0%\u81f3\u9ad8\u90548.6%\u3002<\/p>\n\n\n\n<p>\u96f6\u552e\u6295\u8cc7\u8005\u6bcf\u6708\u7372\u5f97\u6d3e\u606f\uff0c\u76f4\u63a5\u5b58\u5165\u4f60\u7684\u9280\u2f8f\u8cec\u2f3e\u6216\u2f83\u52d5\u518d\u6295\u8cc7\uff0c\u4e26\u53ef\u7bc0\u7701\u2fbc\u905460% 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