{"id":7889,"date":"2026-01-06T22:41:52","date_gmt":"2026-01-06T14:41:52","guid":{"rendered":"https:\/\/www.syfe.com\/hk\/magazine\/?p=7889"},"modified":"2026-01-12T17:52:33","modified_gmt":"2026-01-12T09:52:33","slug":"%e5%9f%8e-%e6%8a%95-%e5%82%b5","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e5%9f%8e-%e6%8a%95-%e5%82%b5\/","title":{"rendered":"\u842c\u5104\u898f\u6a21\uff5c\u57ce\u6295\u50b5\u5168\u89e3\u6790\uff1a\u5f9e\u52a9\u529b\u4e2d\u570b\u57ce\u5e02\u5316\u5230\u9700\u4e2d\u592e\u653f\u5e9c\u51fa\u624b"},"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\/2026\/01\/\u57ce-\u6295-\u50b5-1024x576.png\" alt=\"\" class=\"wp-image-7890\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/01\/\u57ce-\u6295-\u50b5-1024x576.png 1024w, 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class=\"uagb-toc__list\"><a href=\"#\u57ce\u6295\u50b5\u662f\u4ec0\u9ebc\" class=\"uagb-toc-link__trigger\">\u57ce\u6295\u50b5\u662f\u4ec0\u9ebc\uff1f<\/a><li class=\"uagb-toc__list\"><a href=\"#\u70ba\u4ec0\u9ebc\u6703\u51fa\u73fe\u57ce\u6295\u50b5\" class=\"uagb-toc-link__trigger\">\u70ba\u4ec0\u9ebc\u6703\u51fa\u73fe\u57ce\u6295\u50b5\uff1f<\/a><li class=\"uagb-toc__list\"><a href=\"#\u57ce\u6295\u516c\u53f8\u9000\u5e73\u53f0\" class=\"uagb-toc-link__trigger\">\u57ce\u6295\u516c\u53f8\u300c\u9000\u5e73\u53f0\u300d<\/a><li class=\"uagb-toc__list\"><a href=\"#\u57ce\u6295\u50b5\u6700\u65b0\u722d\u8b70-\u5728\u9999\u6e2f\u767c\u50b5\u7684\u56de\u4f63\u98a8\u6ce2\" class=\"uagb-toc-link__trigger\">\u57ce\u6295\u50b5\u6700\u65b0\u722d\u8b70 &#8211; \u5728\u9999\u6e2f\u767c\u50b5\u7684\u56de\u4f63\u98a8\u6ce2<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u6700\u65b0\u88ab\u52d5\u6536\u5165\u9078\u64c7\" class=\"uagb-toc-link__trigger\">\u6700\u65b0\u88ab\u52d5\u6536\u5165\u9078\u64c7<\/a><\/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>\u57ce\u6295\u50b5\u662f\u4ec0\u9ebc\uff1f<\/strong><\/h2>\n\n\n\n<p>\u5f9e\u6cd5\u5f8b\u5f62\u5f0f\u4e0a\u770b\uff0c\u300c\u57ce\u6295\u50b5\u300d\u662f\u7531\u5730\u65b9\u653f\u5e9c\u878d\u8cc7\u5e73\u53f0\u516c\u53f8\uff08Local Government Financing Vehicles, LGFVs\uff09\u767c\u884c\u7684\u50b5\u5238\uff0c\u878d\u8cc7\u5de5\u5177\u53ef\u4ee5\u662f\u516c\u53f8\u50b5\u5238\u3001\u4f01\u696d\u50b5\u5238\u6216\u4e2d\u671f\u7968\u64da\uff0c\u878d\u8cc7\u6240\u5f97\u4e3b\u8981\u662f\u70ba\u4e2d\u570b\u5730\u65b9\u653f\u5e9c\u4f5c\u57fa\u5efa\u548c\u516c\u5171\u4e8b\u52d9\u9805\u76ee\uff0c\u800c\u574a\u9593\u901a\u5e38\u5c07\u5730\u65b9\u653f\u5e9c\u878d\u8cc7\u5e73\u53f0\u516c\u53f8\u7c21\u7a31\u70ba\u300c\u57ce\u6295\u516c\u53f8\u300d\uff0c\u6240\u4ee5\u9019\u7a2e\u50b5\u5238\u6703\u88ab\u7a31\u70ba\u300c\u57ce\u6295\u50b5\u300d\u3002<\/p>\n\n\n\n<p>\u7531\u65bc\u57ce\u6295\u50b5\u5728\u6cd5\u5f8b\u4e0a\u5747\u662f\u4f9d\u64da\u4e2d\u570b\u516c\u53f8\u6cd5\u8a3b\u518a\u7684\u7368\u7acb\u6cd5\u4eba\u5be6\u9ad4\uff0c\u7406\u8ad6\u4e0a\u61c9\u4ee5\u5176\u5168\u90e8\u8cc7\u7522\u627f\u64d4\u6709\u9650\u8cac\u4efb\uff0c\u9019\u610f\u5473\u8457\u57ce\u6295\u50b5\u5728\u6cd5\u5f8b\u4e0a\u662f\u5c6c\u65bc\u4f01\u696d\u50b5\u52d9\uff0c\u800c\u975e\u653f\u5e9c\u50b5\u52d9\u3002<\/p>\n\n\n\n<p>\u4e0d\u904e\u5f9e\u7d93\u6fdf\u5be6\u8cea\u8207\u4fe1\u7528\u57fa\u790e\u89d2\u5ea6\uff0c\u57ce\u6295\u516c\u53f8\u4e3b\u8981\u696d\u52d9\u5f62\u540c\u5730\u65b9\u653f\u5e9c\u8077\u80fd\u5ef6\u4f38\uff0c\u4f8b\u5982\u57ce\u5e02\u57fa\u790e\u8a2d\u65bd\u5efa\u8a2d\u3001\u571f\u5730\u4e00\u7d1a\u958b\u767c\u3001\u4fdd\u969c\u6027\u4f4f\u623f\u5efa\u8a2d\u7b49\uff0c\u800c\u4e3b\u8981\u9805\u76ee\u7684\u73fe\u91d1\u6d41\u5f80\u5f80\u4e0d\u8db3\u4ee5\u8986\u84cb\u672c\u606f\uff0c\u511f\u50b5\u8cc7\u91d1\u9ad8\u5ea6\u4f9d\u8cf4\u65bc\u57ce\u6295\u516c\u53f8\u80cc\u5f8c\u7684\u5730\u65b9\u570b\u8cc7\u59d4\u3001\u8ca1\u653f\u5c40\u7b49\u653f\u5e9c\u90e8\u9580\u4f5c\u51fa\u8ca1\u653f\u88dc\u8cbc\u3001\u8cc7\u672c\u91d1\u6ce8\u5165\u4ee5\u53ca\u571f\u5730\u51fa\u8b93\u6536\u5165\u3002\u56e0\u6b64\uff0c\u5e02\u5834\u4e3b\u6d41\u5171\u8b58\u8a8d\u70ba\u57ce\u6295\u50b5\u662f\u300c\u96b1\u6027\u653f\u5e9c\u64d4\u4fdd\u300d\u7684\u6e96\u653f\u5e9c\u50b5\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>\uff5c<a href=\"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\/\">\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u70ba\u4ec0\u9ebc\u6703\u51fa\u73fe\u57ce\u6295\u50b5\uff1f<\/strong><\/h2>\n\n\n\n<p>1994\u5e74\u4e2d\u570b<a href=\"https:\/\/www.nomurafoundation.or.jp\/wordpress\/wp-content\/uploads\/2014\/09\/CCMR1-2_Sum2007_04.pdf\">\u9032\u884c<\/a>\u5206\u7a05\u5236\u5ea6\u6539\u9769\uff0c\u4e2d\u592e\u653f\u5e9c\u63d0\u9ad8\u5171\u4eab\u7a05\u7684\u5206\u6210\u6bd4\u4f8b\uff0c\u4ee4\u4e2d\u592e\u8ca1\u653f\u60c5\u6cc1\u5f97\u5230\u6539\u5584\uff0c\u4f46\u540c\u6642\u5730\u65b9\u7a05\u6536\u4f54\u6bd4\u660e\u986f\u4e0b\u964d\uff0c\u4e0d\u904e\u6559\u80b2\u3001\u91ab\u7642\u3001\u57fa\u5efa\u3001\u793e\u4fdd\u7b49\u5927\u91cf\u652f\u51fa\u8cac\u4efb\u4ecd\u8981\u7531\u5730\u65b9\u653f\u5e9c\u8ca0\u8cac\u3002<\/p>\n\n\n\n<p>\u540c\u6642\u300a<a href=\"http:\/\/www.npc.gov.cn\/WZWSREL3pncmR3L25wYy9sZnp0LzIwMTQvMjAwMC0xMi8wNS9jb250ZW50XzE4NzU3ODUuaHRt\">\u9810\u7b97\u6cd5<\/a>\u300b\u7981\u6b62\u5730\u65b9\u653f\u5e9c\u81ea\u884c\u767c\u50b5\uff0c\u5408\u6cd5\u7684\u300c\u653f\u5e9c\u50b5\u300d\u53ea\u5c6c\u4e2d\u592e\uff0c\u5730\u65b9\u653f\u5e9c<a href=\"https:\/\/journals.sagepub.com\/doi\/10.1177\/152397211501500404\">\u6709<\/a>\u878d\u8cc7\u7684\u9700\u8981\u53ca\u610f\u9858\u4f46\u7f3a\u4e4f\u5408\u898f\u6e20\u9053\uff0c\u8a2d\u7acb\u878d\u8cc7\u5e73\u53f0\u6210\u70ba\u5730\u65b9\u653f\u5e9c\u7e5e\u9053\u7c4c\u96c6\u8cc7\u91d1\u7684\u7684\u51fa\u8def\u3002\u7814\u7a76<a href=\"https:\/\/www.nafmii.org.cn\/yj\/jrscyj\/qk\/2023\/20230911\/202309\/P020230911602930742695.pdf\">\u986f\u793a<\/a>\uff0c\u57ce\u5e02\u5316\u7684\u6b65\u4f10\u8207\u57ce\u6295\u50b5\u898f\u6a21\u5b58\u5728\u660e\u986f\u6b63\u76f8\u95dc\uff0c\u57ce\u5e02\u64f4\u5f35\u901f\u5ea6\u8d8a\u5feb\u3001\u898f\u6a21\u8d8a\u5927\uff0c\u57ce\u6295\u50b5\u767c\u50b5\u898f\u6a21\u8d8a\u5927\u3002<\/p>\n\n\n\n<p>\u81f32008\u5e74\uff0c\u70ba\u61c9\u5c0d\u5168\u7403\u91d1\u878d\u5371\u6a5f\uff0c\u4e2d\u570b\u63a8\u51fa\u4e864\u842c\u5104\u6295\u8cc7\u8a08\u5283\uff0c\u4e26\u5728\u76e3\u7ba1\u5c64\u653e\u5bec\u5730\u65b9\u653f\u5e9c\u878d\u8cc7\u5e73\u53f0\u7684\u767c\u50b5\u9650\u5236\uff0c\u4ee4\u57ce\u6295\u50b5\u767c\u884c\u91cf\u5448\u73fe\u4e95\u5674\u5f0f\u589e\u9577\u3002\u7531\u65bc\u57ce\u6295\u50b5\u7684\u767c\u50b5\u4e3b\u9ad4\u662f\u57ce\u6295\u516c\u53f8\uff0c\u5c6c\u8868\u5916\u50b5\uff08\u4e0d\u8a18\u9304\u5728\u5730\u65b9\u653f\u5e9c\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u53ca\u5730\u65b9\u4eba\u5927\u7684\u9810\u7b97\u5be9\u6279\u7bc4\u570d\uff09\uff0c\u4ee4\u5728\u4e00\u6bb5\u9577\u6642\u9593\u5167\u5916\u754c\u96e3\u4ee5\u7cbe\u78ba\u4f30\u7b97\u57ce\u6295\u50b5\u7684\u7e3d\u898f\u6a21\u3002<\/p>\n\n\n\n<p>\u65bc\u662f\u4e4e\u52302014\u5e74\u4e2d\u570b\u4e2d\u592e\u653f\u5e9c\u70ba\u4e86\u61c9\u5c0d\u5730\u65b9\u653f\u5e9c\u50b5\u52d9\u898f\u6a21\u904e\u5927\u3001\u98a8\u96aa\u7a4d\u7d2f\u7684\u554f\u984c\uff0c\u300a<a href=\"http:\/\/big5.www.gov.cn\/gate\/big5\/www.gov.cn\/zhengce\/content\/2014-10\/02\/content_9111.htm\">\u570b\u52d9\u9662\u95dc\u65bc\u52a0\u5f37\u5730\u65b9\u653f\u5e9c\u6027\u50b5\u52d9\u7ba1\u7406\u7684\u610f\u898b<\/a>\u300b\u516c\u4ef6\u4e2d\u8868\u793a\u5c07\u904e\u53bb\u5931\u63a7\u7684\u300c\u8868\u5916\u8ca0\u50b5\u300d\u8f49\u5316\u70ba\u53ef\u898b\u3001\u53ef\u63a7\u7684\u300c\u8868\u5167\u653f\u5e9c\u50b5\u300d\uff0c\u8ca1\u653f\u90e8\u555f\u52d5\u5927\u898f\u6a21\u7684\u5730\u65b9\u653f\u5e9c\u50b5\u5238\u7f6e\u63db\u5b58\u91cf\u50b5\u52d9\uff0c\u5230\u75ab\u60c5\u5f8c\u66f4\u9032\u4e00\u6b65\u56b4\u683c\u754c\u5b9a\u96b1\u6027\u50b5\u52d9\uff0c\u4e26\u5c0d\u9055\u898f\u8209\u50b5\u9032\u884c\u7d42\u8eab\u554f\u8cac\uff0c\u518d\u57282023\u5e747\u6708\u7684\u4e2d\u592e\u653f\u6cbb\u5c40\u6703\u8b70\u63d0\u51fa\u300c<a href=\"https:\/\/hk.finance.yahoo.com\/news\/%E6%94%BF%E6%B2%BB%E5%B1%80%E6%9C%83%E8%AD%B0%E7%A8%B1%E8%A6%81%E8%AA%BF%E6%95%B4%E5%84%AA%E5%8C%96%E6%88%BF%E5%9C%B0%E7%94%A2%E6%94%BF%E7%AD%96-%E5%88%B6%E5%AE%9A%E5%AF%A6%E6%96%BD-%E6%94%AC%E5%AD%90%E5%8C%96%E5%82%B5%E6%96%B9%E6%A1%88-100359008.html\">\u5236\u5b9a\u5be6\u65bd\u4e00\u652c\u5b50\u5316\u50b5\u65b9\u6848<\/a>\u300d\uff0c\u6a19\u8a8c\u4f4f\u5316\u50b5\u9032\u5165\u7cfb\u7d71\u5316\u57f7\u884c\u968e\u6bb5\u3002<\/p>\n\n\n\n<p>\u76ee\u524d\u4e2d\u592e\u653f\u5e9c\u7684\u300c10\u842c\u5104\u5143\u5316\u50b5\u5927\u8a08\u300d\u7531\u5730\u65b9\u653f\u5e9c\u767c\u884c4\u842c\u5104\u5143\u5c08\u9805\u50b5\u5238\u7528\u65bc\u7f6e\u63db\u96b1\u6027\u50b5\u52d9\uff0c\u518d\u52a0\u4e0a\u5168\u570b\u4eba\u5927\u5e38\u59d4\u6703<a href=\"https:\/\/www.hk01.com\/%E8%B2%A1%E7%B6%93%E5%BF%AB%E8%A8%8A\/1074074\/%E4%BA%BA%E5%A4%A7%E6%95%91%E5%B8%82%E5%8A%9B%E5%BA%A6%E6%8F%AD%E7%9B%85-%E6%8E%A86%E8%90%AC%E5%84%84%E5%88%BA%E6%BF%80%E7%B6%93%E6%BF%9F%E6%96%B9%E6%A1%88-%E5%88%863%E5%B9%B4%E5%AF%A6%E6%96%BD-%E4%B8%80%E6%96%87%E7%9C%8B%E6%B8%85\">2025\u5e74<\/a>\u6279\u51c6\u76846\u842c\u5104\u5143\u5c08\u9805\u50b5\u5238\u767c\u884c\u984d\u5ea6\u7d44\u6210\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\/?p=7307\">\u653f\u5e9c\u50b5\u5238<\/a>\uff5c<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>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%8a%80%e8%89%b2-%e5%82%b5%e5%88%b8\/\">\u9280\u50b5<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/?p=7291\">\u96f6\u552e\u7da0\u50b5<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e6%a9%9f-%e7%ae%a1-%e5%b1%80-%e5%82%b5%e5%88%b8\/\">\u6a5f\u7ba1\u5c40\u50b5\u5238<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u57ce\u6295\u516c\u53f8\u300c\u9000\u5e73\u53f0\u300d<\/h2>\n\n\n\n<p>\u9ad8\u5cf0\u671f\u5168\u4e2d\u570b\u6709\u903e1.2\u842c\u9593\u57ce\u6295\u516c\u53f8\uff0c\u4f46\u96a8\u8457\u4e2d\u592e\u653f\u5e9c\u52a0\u5f37\u76e3\u7ba1\uff0c\u57ce\u6295\u516c\u53f8\u9678\u7e8c\u300c\u9000\u5e73\u53f0\u300d\uff0c\u6b63\u5f0f\u5ba3\u544a\u4e0d\u518d\u66ff\u653f\u5e9c\u878d\u8cc7\u3001\u81ea\u8ca0\u76c8\u8667\uff0c\u5f9e\u540d\u7fa9\u4e0a\u8207\u5730\u65b9\u653f\u5e9c\u300c\u5207\u5272\u300d\u878d\u8cc7\u95dc\u4fc2\u3002\u4eba\u6c11\u9280\u884c\u6307\u622a\u81f32025\u5e749\u6708\u672b\uff0c\u5168\u570b\u878d\u8cc7\u5e73\u53f0\u6578\u91cf\u8f032023\u5e743\u6708\u672b<a href=\"https:\/\/app.dahecube.com\/nweb\/news\/20251027\/251373n84f41250282.htm?artid=251373\">\u4e0b\u964d<\/a>\u7d0471%\u3002<\/p>\n\n\n\n<p>\u6839\u64da\u5167\u5a92<a href=\"https:\/\/finance.eastmoney.com\/a\/202512263603119171.html\">\u7d71\u8a08<\/a>\uff0c2025\u5e74\u5168\u5e74\u57ce\u6295\u50b5\u767c\u884c\u7e3d\u898f\u6a21\u7d04\u70ba11.2\u842c\u5104\u5143\uff0c\u6309\u5e74\u4e0b\u964d\u4e86\u8fd16%\uff0c\u6295\u8cc7\u8005\u4ee5\u5546\u696d\u9280\u884c\u3001\u4fdd\u96aa\u6a5f\u69cb\u3001\u516c\u52df\u57fa\u91d1\u70ba\u4e3b\u3002\u7531\u65bc2025\u5e74\u5230\u671f\u511f\u9084\u7684\u57ce\u6295\u50b5\u9ad8\u905411.15\u842c\u5104\u5143\uff0c\u63db\u8a00\u4e4b\uff0c\u5168\u5e74\u57ce\u6295\u50b5\u6de8\u878d\u8cc7\u984d\u51fa\u73fe\u4e86\u6b77\u53f2\u6027\u7684\u840e\u7e2e\uff1b\u7576\u4e2d\u524d11\u500b\u6708\u7684\u6de8\u878d\u8cc7\u984d\u50c5\u70ba4\u5104\u5143\uff0c\u540c\u6bd4\u4e0b\u964d\u8d85\u904e98%\uff0c\u5275\u4e0b\u8fd110\u5e74\u65b0\u4f4e\u3002<\/p>\n\n\n\n<p>\u53d6\u800c\u4ee3\u4e4b\u7684\u662f\u7701\u7d1a\u653f\u5e9c\u767c\u884c\u7684\u7279\u6b8a\u518d\u878d\u8cc7\u50b5\u5238\uff0c\u52df\u96c6\u8cc7\u91d1\u7528\u65bc\u511f\u9084\u4e0b\u8f44\u5e02\u7e23\u7684\u57ce\u6295\u50b5\uff0c\u5c07\u9ad8\u6210\u672c\uff086%\u81f310%\u5229\u606f\uff09\u3001\u77ed\u671f\u9650\u3001\u4f4e\u4fe1\u7528\u7684\u57ce\u6295\u50b5\u8f49\u5316\u70ba\u4f4e\u6210\u672c\uff08\u901a\u5e382%\u81f33%\u5229\u606f\uff09\u3001\u9577\u671f\u9650\u3001\u9ad8\u4fe1\u7528\u7684\u7701\u7d1a\u653f\u5e9c\u50b5\u5238\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>\u57ce\u6295\u50b5\u6700\u65b0\u722d\u8b70 &#8211; \u5728\u9999\u6e2f\u767c\u50b5\u7684\u56de\u4f63\u98a8\u6ce2<\/strong><\/h2>\n\n\n\n<p>\u5f6d\u535a\u57282025\u5e7411\u6708<a href=\"https:\/\/www.bloomberg.com\/graphics\/2025-china-hk-bond-stunning-return\/\">\u5f15\u8ff0<\/a>\u6d88\u606f\u4eba\u58eb\u5831\u9053\uff0c\u7b2c\u4e8c\u5b63\u6709\u6578\u5341\u9593\u57ce\u6295\u516c\u53f8\u5728\u9999\u6e2f\u5e02\u5834\u767c\u50b5\u6642\u63d0\u4f9b\u300c\u67b1\u5e95\u56de\u4f63\u300d\uff0c\u4ee4\u6295\u8cc7\u8005\u5be6\u969b\u606f\u7387\u9ad8\u905416\u5398\uff0c\u9060\u8d85\u7968\u9762\u606f\u7387\u4e00\u500d\uff0c\u6d89\u8cc7\u7e3d\u984d\u7d0433\u5104\u7f8e\u5143\uff0c\u4f54\u7576\u5b63\u57ce\u6295\u516c\u53f8\u96e2\u5cb8\u878d\u8cc7\u898f\u6a21\u7684\u5927\u7d04\u4e09\u5206\u4e4b\u4e00\uff0c\u88ab\u6307\u662f\u6709\u7cfb\u7d71\u5730\u4f7f\u7528\u7684\u300c\u975e\u5e38\u898f\u300d\u96c6\u8cc7\u624b\u6cd5\uff0c\u800c\u975e\u96f6\u661f\u500b\u6848\u3002<\/p>\n\n\n\n<p>\u64da\u5831\u9053\u6307\u6709\u95dc\u57ce\u6295\u516c\u53f8\u767c\u884c\u9762\u503c100\u5143\u3001\u7968\u9762\u606f\u73878\u5398\u76841\u5e74\u671f\u50b5\u5238\uff0c\u540c\u6642\u4ee5\u300c\u8aee\u8a62\u8cbb\u300d\u540d\u7fa9\u5411\u4e2d\u4ecb\u92b7\u552e\u6a5f\u69cb\u56de\u8d088\u5143\uff0c\u518d\u7531\u4e2d\u4ecb\u6a5f\u69cb\uff08\u9280\u884c\u53ca\u627f\u92b7\u5238\u5546\uff09\u5c07\u6b3e\u9805\u56de\u994b\u4e88\u6295\u8cc7\u8005\uff0c\u4ee4\u5be6\u969b\u56de\u5831\u7531\u7d048%\u63a8\u9ad8\u81f3\u7d0416%\u3002<\/p>\n\n\n\n<p>\u5167\u5730\u65e9\u5df2\u56b4\u4ee4\u7981\u6b62\u9019\u985e\u300c\u96b1\u6027\u56de\u5831\u300d\uff0c\u4e00\u65e6\u88ab\u67e5\u7372\u6709\u76f8\u95dc\u505a\u6cd5\uff0c\u76f8\u95dc\u57ce\u6295\u516c\u53f8\u548c\u4e2d\u4ecb\u540c\u6a23\u6703\u88ab\u7f70\u6b3e\uff0c\u800c\u6295\u8cc7\u8005\u4ea6\u88ab\u8981\u6c42\u9000\u56de\u984d\u5916\u6536\u76ca\u3002\u57ce\u6295\u516c\u53f8\u7531\u65bc\u5883\u5167\u878d\u8cc7\u6e20\u9053\u53d7\u9650\uff0c\u65bc\u662f\u8f49\u5f80\u9999\u6e2f\u4ee5\u9019\u7a2e\u67b1\u5e95\u88dc\u8cbc\u5438\u5f15\u9858\u610f\u627f\u64d4\u9ad8\u98a8\u96aa\u7684\u6295\u8cc7\u8005\u3002<\/p>\n\n\n\n<p>\u4e0d\u904e<a href=\"https:\/\/www.sfc.hk\/TC\/\">\u9999\u6e2f\u8b49\u76e3\u6703<\/a>\u56de\u61c9\u5831\u5c0e\u6307\uff0c\u4efb\u4f55\u6298\u8b93\u3001\u8cbb\u7528\u53ca\u56de\u6263\u5b89\u6392\u5fc5\u9808\u5728\u767c\u552e\u6587\u4ef6\u4e2d\u5145\u5206\u62ab\u9732\uff0c\u6301\u724c\u4e2d\u4ecb\u4e0d\u5f97\u5411\u6295\u8cc7\u8005\u63d0\u4f9b\u6216\u8f49\u8d08\u56de\u4f63\uff0c\u4e5f\u4e0d\u5f97\u53c3\u8207\u5c0e\u81f4\u540c\u4e00\u767c\u884c\u51fa\u73fe\u5dee\u5225\u5b9a\u50f9\u7684\u5b89\u6392\uff0c\u5426\u5247\u53ef\u80fd\u9055\u53cd\u884c\u70ba\u5b88\u5247\u4e26\u9762\u81e8\u76e3\u7ba1\u884c\u52d5\u3002<a 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