{"id":89284,"date":"2025-11-12T23:10:00","date_gmt":"2025-11-13T03:10:00","guid":{"rendered":"https:\/\/www.chinesepress.com\/?p=89284"},"modified":"2025-11-12T22:49:58","modified_gmt":"2025-11-13T02:49:58","slug":"%e5%8c%97%e7%be%8e%e8%82%a1%e5%b8%82%e8%a6%81%e5%b4%a9%e7%9b%a4%ef%bc%9f%e5%8a%a0%e6%8b%bf%e5%a4%a7%e9%9d%a2%e8%87%a8%e7%b6%93%e6%bf%9f%e8%a1%b0%e9%80%80%e9%a2%a8%e9%9a%aa","status":"publish","type":"post","link":"https:\/\/www.chinesepress.com\/pre\/archives\/89284","title":{"rendered":"\u5317\u7f8e\u80a1\u5e02\u8981\u5d29\u76e4\uff1f\u52a0\u62ff\u5927\u9762\u81e8\u7d93\u6fdf\u8870\u9000\u98a8\u96aa"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"365\" height=\"300\" src=\"https:\/\/www.chinesepress.com\/wp-content\/uploads\/2025\/11\/636136c5f9type_png_size_635_122_end-365x300.png\" alt=\"\" class=\"wp-image-89285\" srcset=\"https:\/\/www.chinesepress.com\/pre\/wp-content\/uploads\/2025\/11\/636136c5f9type_png_size_635_122_end-365x300.png 365w, https:\/\/www.chinesepress.com\/pre\/wp-content\/uploads\/2025\/11\/636136c5f9type_png_size_635_122_end.png 635w\" sizes=\"(max-width: 365px) 100vw, 365px\" \/><\/figure>\n<\/div>\n\n\n<p>\u8fd1\u671f\u79d1\u6280\u80a1\u5287\u70c8\u6ce2\u52d5\uff0c\u8b93\u4e0d\u5c11\u6295\u8cc7\u8005\u5750\u7acb\u4e0d\u5b89\u3002\u5bc6\u6b47\u6839\u5927\u5b78\u6700\u65b0\u6578\u64da\u986f\u793a\uff0c\u7f8e\u570b\u6d88\u8cbb\u8005\u4fe1\u5fc3\u6307\u6578\u8dcc\u81f3\u4ee4\u4eba\u64d4\u6182\u7684\u4f4e\u9ede\uff0c\u66f4\u52a0\u5287\u4e86\u5e02\u5834\u7684\u6050\u614c\u60c5\u7dd2\u3002\u9762\u5c0d\u52d5\u76ea\uff0c\u4e0d\u5c11\u52a0\u62ff\u5927\u4eba\u958b\u59cb\u64d4\u5fc3\u2014\u2014\u5e02\u5834\u662f\u5426\u96a8\u6642\u6703\u5d29\uff1f\u624b\u4e2d\u82e5\u63e1\u6709200\u842c\u5143\u73fe\u91d1\uff0c\u8a72\u653e\u5728\u54ea\u88e1\u624d\u7b97\u5b89\u5168\uff1f\u300a\u74b0\u7403\u90f5\u5831\u300b\u5c08\u6b04\u4f5c\u8005 <strong>Gordon Pap<\/strong> \u8fd1\u65e5\u64b0\u6587\uff0c\u4ee5\u554f\u7b54\u5f62\u5f0f\u5206\u6790\u4e86\u9019\u4e00\u666e\u904d\u56f0\u60d1\uff0c\u70ba\u6295\u8cc7\u8005\u63d0\u4f9b\u4e86\u53ef\u501f\u9451\u7684\u601d\u8def\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>\u7126\u616e\u7684\u6295\u8cc7\u8005\u63d0\u554f\uff1a\u73fe\u91d1\u8a72\u653e\u54ea\uff1f<\/strong><\/p>\n\n\n\n<p>Pap\u63d0\u5230\uff0c\u4e00\u4f4d\u540d\u53ebBert B.\u7684\u8b80\u8005\u5beb\u4fe1\u8aaa\uff1a\u201c\u6211\u60f3\u77e5\u9053\u73fe\u5728\u8a72\u628a\u73fe\u91d1\u653e\u5728\u54ea\u88e1\uff0c\u4ee5\u514d\u5e02\u5834\u5d29\u76e4\u3002\u904e\u53bb\u5341\u5e74\uff0c\u6211\u4e00\u76f4\u81ea\u5df1\u7ba1\u7406\u5bb6\u5ead\u6295\u8cc7\u7d44\u5408\uff0c\u7e3d\u8cc7\u7522\u7d04200\u842c\u52a0\u5143\u300225%\u7684\u8cc7\u91d1\u653e\u5728Mawer\u5e73\u8861\u57fa\u91d1\uff08balanced fund\uff09\uff0c\u5176\u4e2d30%\u662f\u50b5\u5238\uff0c\u5176\u9918\u4e3b\u8981\u662fETF\u3002\u4f46\u6700\u8fd1\u6211\u5df2\u9010\u6b65\u8ce3\u51faETF\uff0c\u6539\u6301\u73fe\u91d1\u3002\u8acb\u554f\uff0c\u9019\u4e9b\u73fe\u91d1\u8a72\u5982\u4f55\u5b89\u7f6e\uff1f\u662f\u589e\u52a0\u5e73\u8861\u57fa\u91d1\uff0c\u9084\u662f\u8003\u616e\u5e74\u91d1\uff08annuity\uff09\uff1f\u201d<\/p>\n\n\n\n<p>Pap\u8a8d\u70ba\uff0c\u9019\u500b\u554f\u984c\u4ee3\u8868\u4e86\u7576\u4e0b\u8a31\u591a\u6295\u8cc7\u8005\u7684\u7126\u616e\uff1a\u5e02\u5834\u524d\u666f\u4e0d\u7a69\uff0c\u624b\u63e1\u73fe\u91d1\uff0c\u537b\u4e0d\u77e5\u4f55\u8655\u5b89\u653e\u624d\u7b97\u201c\u5b89\u5168\u201d\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>\u5e73\u8861\u57fa\u91d1\u2260\u907f\u96aa\u8cc7\u7522<\/strong><\/p>\n\n\n\n<p>\u9996\u5148\u8981\u660e\u78ba\uff0c<strong>\u5e73\u8861\u57fa\u91d1\u4e26\u975e\u73fe\u91d1\u985e\u8cc7\u7522<\/strong>\u3002\u5b83\u5011\u901a\u5e38\u7531\u80a1\u7968\u548c\u50b5\u5238\u7d44\u6210\uff0c\u5373\u4fbf\u914d\u7f6e\u76f8\u5c0d\u4fdd\u5b88\uff0c\u4e5f\u7121\u6cd5\u5b8c\u5168\u898f\u907f\u5e02\u5834\u6ce2\u52d5\u3002\u5982\u679c\u76ee\u7684\u662f\u201c\u66ab\u907f\u98a8\u96aa\u201d\uff0c\u5c31\u5fc5\u9808\u8003\u616e\u771f\u6b63\u7684\u73fe\u91d1\u985e\u5de5\u5177\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>\u5132\u84c4\u8cec\u6236\uff1a\u5b89\u5168\u4f46\u5e7e\u4e4e\u7121\u6536\u76ca<\/strong><\/p>\n\n\n\n<p>\u6700\u7c21\u55ae\u7684\u907f\u96aa\u65b9\u5f0f\u662f\u9280\u884c\u5132\u84c4\u8cec\u6236\u3002\u8cc7\u91d1\u96a8\u6642\u53ef\u53d6\uff0c\u5b58\u6b3e\u53d7\u4fdd\u96aa\u4fdd\u969c\uff08\u6700\u9ad810\u842c\u52a0\u5143\uff09\uff0c\u8207\u5e02\u5834\u6f32\u8dcc\u7121\u95dc\u3002<\/p>\n\n\n\n<p>\u554f\u984c\u5728\u65bc\uff0c\u9019\u500b\u4fdd\u96aa\u984d\u5ea6\u592a\u4f4e\uff0c\u4e14\u5229\u7387\u6975\u4f4e\u2014\u2014\u4f8b\u5982\u52a0\u62ff\u5927\u7687\u5bb6\u9280\u884c\uff08RBC\uff09\u7684\u9ad8\u606f\u5132\u84c4\u8cec\u6236\u76ee\u524d\u50c50.55%\u3002\u5728\u901a\u8139\u4ecd\u9ad8\u7684\u60c5\u6cc1\u4e0b\uff0c\u9019\u7b49\u65bc\u8cc7\u91d1\u5728\u201c\u9ed8\u9ed8\u7e2e\u6c34\u201d\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>GIC<\/strong><strong>\uff1a\u6536\u76ca\u9ad8\u4e00\u9ede\uff0c\u4f46\u6d41\u52d5\u6027\u5dee<\/strong><\/p>\n\n\n\n<p><strong>\u4fdd\u8b49\u6295\u8cc7\u8b49\uff08<\/strong><strong>GIC<\/strong><strong>\uff09<\/strong> \u63d0\u4f9b\u56fa\u5b9a\u5229\u7387\u56de\u5831\uff0c\u5728\u5230\u671f\u524d\u4e0d\u6703\u8b8a\u52d5\uff0c\u540c\u6a23\u53d7\u5b58\u6b3e\u4fdd\u96aa\u4fdd\u8b77\u3002\u512a\u9ede\u662f\u56de\u5831\u9ad8\u65bc\u5132\u84c4\u8cec\u6236\uff1b\u7f3a\u9ede\u662f\u8cc7\u91d1\u88ab\u9396\u5b9a\uff0c\u5728\u5230\u671f\u524d\u7121\u6cd5\u52d5\u7528\u3002\u4e5f\u5c31\u662f\u8aaa\uff0c\u5b89\u5168\u6c92\u554f\u984c\uff0c\u4f46\u9748\u6d3b\u6027\u5e7e\u4e4e\u70ba\u96f6\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>\u73fe\u91d1<\/strong><strong>ETF<\/strong><strong>\uff1a\u6536\u76ca\u66f4\u9ad8\uff0c\u4f46\u98a8\u96aa\u66f4\u8907\u96dc<\/strong><\/p>\n\n\n\n<p><strong>\u73fe\u91d1\u985e<\/strong><strong>ETF<\/strong><strong>\uff08<\/strong><strong>Cash ETFs<\/strong><strong>\uff09<\/strong> \u8fd1\u5e74\u8208\u8d77\uff0c\u5b83\u5011\u5c07\u6295\u8cc7\u96c6\u4e2d\u5728\u5404\u5927\u9280\u884c\u7684\u9ad8\u606f\u8cec\u6236\u4e2d\uff0c\u6191\u85c9\u5927\u984d\u8cc7\u91d1\u7372\u5f97\u66f4\u9ad8\u5229\u7387\u3002<\/p>\n\n\n\n<p>\u98a8\u96aa\u5728\u65bc\uff1a\u82e5\u5229\u7387\u4e0b\u884c\uff0c\u6536\u76ca\u4e5f\u6703\u540c\u6b65\u4e0b\u964d\uff1b\u6b64\u985eETF\u4e0d\u53d7\u5b58\u6b3e\u4fdd\u96aa\u4fdd\u8b77\uff1b\u4e14\u5c1a\u672a\u7d93\u6b77\u771f\u6b63\u7684\u5e02\u5834\u5d29\u76e4\u8003\u9a57\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>\u8ca8\u5e63\u5e02\u5834\u57fa\u91d1\uff1a\u5b89\u5168\u4f46\u56de\u5831\u5fae\u8584<\/strong><\/p>\n\n\n\n<p><strong>\u8ca8\u5e63\u5e02\u5834\u57fa\u91d1\uff08<\/strong><strong>Money Market Funds<\/strong><strong>\uff09<\/strong> \u4e3b\u8981\u6295\u8cc7\u65bc\u77ed\u671f\u570b\u5eab\u5238\uff08T-bills\uff09\u7b49\u8d85\u5b89\u5168\u50b5\u5238\u3002\u7406\u8ad6\u4e0a\u98a8\u96aa\u6975\u4f4e\uff0c\u56e0\u70ba\u4e00\u65e6\u653f\u5e9c\u50b5\u5238\u9055\u7d04\uff0c\u6574\u500b\u91d1\u878d\u7cfb\u7d71\u90fd\u5c07\u5d29\u6f70\u3002<\/p>\n\n\n\n<p>\u4f46\u5b89\u5168\u7684\u4ee3\u50f9\u662f\u6536\u76ca\u6975\u4f4e\uff0c\u5e7e\u4e4e\u53ea\u80fd\u8dd1\u8d0f\u6975\u77ed\u671f\u901a\u8139\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>\u5e74\u91d1\uff1a\u7a69\u5b9a\u6536\u5165\u4f46\u5931\u53bb\u63a7\u5236<\/strong><\/p>\n\n\n\n<p><strong>\u5e74\u91d1\uff08<\/strong><strong>Annuity<\/strong><strong>\uff09<\/strong> \u5c6c\u65bc\u5411\u4fdd\u96aa\u516c\u53f8\u8cfc\u8cb7\u7684\u4e00\u7a2e\u9577\u671f\u5408\u7d04\uff0c\u6295\u8cc7\u4eba\u53ef\u5b9a\u671f\u9818\u53d6\u56fa\u5b9a\u6536\u5165\uff0c\u901a\u5e38\u70ba\u7d42\u8eab\u767c\u653e\u3002<\/p>\n\n\n\n<p>\u597d\u8655\u662f\u73fe\u91d1\u6d41\u7a69\u5b9a\u3001\u53ef\u9810\u6e2c\uff1b\u4f46\u58de\u8655\u4e5f\u660e\u986f\u2014\u2014\u4e00\u65e6\u8cb7\u5165\uff0c\u8cc7\u91d1\u9396\u5b9a\uff0c\u63a7\u5236\u6b0a\u55aa\u5931\u3002\u82e5\u7121\u201c\u6700\u4f4e\u4fdd\u969c\u671f\u201d\u689d\u6b3e\uff0c\u6295\u4fdd\u4eba\u53bb\u4e16\u5f8c\u4ed8\u6b3e\u5373\u505c\u6b62\uff0c\u7121\u6cd5\u7559\u907a\u7522\u3002\u800c\u5728\u6975\u7aef\u60c5\u6cc1\u4e0b\uff0c\u82e5\u4fdd\u96aa\u516c\u53f8\u5728\u5371\u6a5f\u4e2d\u5012\u9589\uff0c\u5e74\u91d1\u6301\u6709\u4eba\u4ecd\u53ef\u80fd\u53d7\u640d\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>\u628a\u9322\u85cf\u5bb6\u88e1\uff1f\u5b89\u5168\u611f\u662f\u5047\u8c61<\/strong><\/p>\n\n\n\n<p>\u628a\u73fe\u91d1\u5b58\u5bb6\u4e2d\u4f3c\u4e4e\u6700\u5b89\u5168\uff0c\u7562\u7adf\u201c\u770b\u5f97\u898b\u3001\u6478\u5f97\u7740\u201d\u3002\u4f46\u9019\u7a2e\u5b89\u5168\u611f\u53ea\u662f\u932f\u89ba\u2014\u2014\u6c92\u6709\u5229\u606f\uff0c\u901a\u8139\u4e0d\u65b7\u4fb5\u8755\u8cfc\u8cb7\u529b\uff1b\u82e5\u9047\u706b\u707d\u6216\u76dc\u7aca\uff0c\u640d\u5931\u7121\u6cd5\u5f4c\u88dc\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>\u5c08\u5bb6\u5efa\u8b70\uff1a\u5206\u671f\u6295\u8cc7<\/strong><strong>GIC<\/strong><strong>\u6700\u7a69\u59a5<\/strong><\/p>\n\n\n\n<p>Pap\u7e3d\u7d50\u9053\uff0c\u5728\u5e02\u5834\u4e0d\u78ba\u5b9a\u6027\u9ad8\u3001\u901a\u8139\u4f9d\u820a\u9811\u56fa\u7684\u7576\u4e0b\uff0c<strong>\u6700\u52d9\u5be6\u7684\u907f\u96aa\u65b9\u6848\u662f\u63a1\u7528\u201c<\/strong><strong>GIC<\/strong><strong>\u968e\u68af\u7b56\u7565\u201d\uff08<\/strong><strong>GIC Ladder<\/strong><strong>\uff09<\/strong>\u3002<\/p>\n\n\n\n<p>\u5177\u9ad4\u505a\u6cd5\u5982\u4e0b\uff1a<\/p>\n\n\n\n<p>\u00b7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \u5c07\u73fe\u91d1\u5206\u70ba\u4e94\u7b49\u4efd\uff1b<\/p>\n\n\n\n<p>\u00b7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \u5206\u5225\u8cfc\u8cb71\u5e74\u30012\u5e74\u30013\u5e74\u30014\u5e74\u30015\u5e74\u671f\u7684GIC\uff1b<\/p>\n\n\n\n<p>\u00b7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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class=\"wp-block-heading\">\u52a0\u62ff\u5927\u9762\u81e8\u7d93\u6fdf\u8870\u9000\u98a8\u96aa\uff01\u5c08\u5bb6\uff1a\u592e\u884c\u4e0b\u4e00\u884c\u52d5\u5c07\u662f\u52a0\u606f<\/h2>\n\n\n\n<p>\u6839\u64da\u52a0\u62ff\u5927\u592e\u884c\u6700\u65b0\u767c\u5e03\u7684\u4e00\u9805\u8abf\u67e5\uff0c\u5927\u591a\u6578\u5546\u696d\u8207\u91d1\u878d\u754c\u9818\u8896\u8a8d\u70ba\uff0c\u52a0\u62ff\u5927\u7d93\u6fdf\u5728\u672a\u4f86\u516d\u500b\u6708\u5167\u9762\u81e8\u660e\u986f\u7684\u8870\u9000\u98a8\u96aa\u3002\u8abf\u67e5\u540c\u6642\u986f\u793a\uff0c\u5e02\u5834\u666e\u904d\u9810\u8a08\u592e\u884c\u4e0b\u4e00\u500b\u52d5\u4f5c\u53ef\u80fd\u662f<strong>\u52a0\u606f<\/strong>\uff0c\u800c\u52a0\u5143\u532f\u7387\u6709\u671b\u5728\u660e\u5e74\u51fa\u73fe\u53cd\u5f48\u3002<\/p>\n\n\n\n<p>\u52a0\u62ff\u5927\u592e\u884c\u5468\u4e00\u516c\u5e03\u4e86\u7b2c\u4e09\u5b63\u5ea6\u300a\u5e02\u5834\u53c3\u8207\u8005\u8abf\u67e5\u300b\uff08Market Participants 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