{"id":10626,"date":"2025-01-10T14:11:50","date_gmt":"2025-01-10T06:11:50","guid":{"rendered":"https:\/\/vcai.cn\/?p=10626"},"modified":"2025-01-13T21:29:24","modified_gmt":"2025-01-13T13:29:24","slug":"yanbao-2025-zhengquan-pingan","status":"publish","type":"post","link":"https:\/\/vcai.cn\/index.php\/yanbao-2025-zhengquan-pingan\/","title":{"rendered":"2025\u5e74\u5e74\u5ea6\u7b56\u7565\u62a5\u544a\u4e4b\u8bc1\u5238\u884c\u4e1a\uff1a\u62d0\u70b9\u5df2\u73b0\uff0c\u666f\u6c14\u53ef\u671f"},"content":{"rendered":"\n<p>\u5e73\u5b89\u8bc1\u5238\u53d1\u5e03\u7684\u300a\u8bc1\u5238\u884c\u4e1a2025 \u5e74\u5e74\u5ea6\u7b56\u7565\u62a5\u544a\uff1a\u62d0\u70b9\u5df2\u73b0\uff0c\u666f\u6c14\u53ef\u671f\u300b\u5bf9\u8bc1\u5238\u884c\u4e1a\u8fdb\u884c\u4e86\u5168\u9762\u5206\u6790\uff0c\u5e76\u7ed9\u51fa\u4e86\u7b56\u7565\u5efa\u8bae\u3002<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><i class=\"ez-toc-toggle-el\"><\/i><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/vcai.cn\/index.php\/yanbao-2025-zhengquan-pingan\/#25E425B8258025E32580258125E6259D25BF25E5259D259725E825A1258C25E62583258525E525A4258D25E7259B2598\" >\u4e00\u3001\u677f\u5757\u884c\u60c5\u590d\u76d8<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/vcai.cn\/index.php\/yanbao-2025-zhengquan-pingan\/#25E425BA258C25E32580258125E5259F25BA25E6259C25AC25E9259D25A225E525B1259525E6259C259B\" >\u4e8c\u3001\u57fa\u672c\u9762\u5c55\u671b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/vcai.cn\/index.php\/yanbao-2025-zhengquan-pingan\/#25E5259B259B25E32580258125E6258A259525E825B5258425E525BB25BA25E825AE25AE25E52592258C25E925A3258E25E9259925A925E6258F259025E725A425BA\" >\u56db\u3001\u6295\u8d44\u5efa\u8bae\u548c\u98ce\u9669\u63d0\u793a<\/a><\/li><\/ul><\/nav><\/div>\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"25E425B8258025E32580258125E6259D25BF25E5259D259725E825A1258C25E62583258525E525A4258D25E7259B2598\"><\/span><strong>\u4e00\u3001\u677f\u5757\u884c\u60c5\u590d\u76d8<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>\u5386\u53f2\u884c\u60c5\u89c4\u5f8b<\/strong>\uff1a\u8fc7\u53bb\u5341\u5e74\u5238\u5546\u591a\u8f6e\u4e0a\u6da8\u884c\u60c5\u4e2d\uff0c\u4f30\u503c\u63d0\u5347\u5e38\u51fa\u73b0\u5728\u5e02\u573a\u666f\u6c14\u5ea6\u8f6c\u6298\u70b9\uff0c\u4f34\u968f\u5e02\u573a\u3001\u653f\u7b56\u3001\u8d44\u91d1\u5229\u597d\u5171\u632f\u3002\u59822014\u5e746\u6708\u30012018\u5e7410\u6708\u4e24\u8f6e\u884c\u60c5\u6301\u7eed\u8d855\u4e2a\u6708\uff0c\u8bc1\u5238\u6307\u6570\u6da8\u5e45\u8d8580%\u3002\u5927\u884c\u60c5\u542f\u52a8\u9700\u4e09\u56e0\u7d20\u5171\u632f\uff0c\u5305\u62ec\u677f\u5757\u524d\u671f\u8c03\u6574\u3001\u653f\u7b56\u5229\u597d\u3001\u8d44\u91d1\u5145\u88d5\uff1b\u5c0f\u884c\u60c5\u591a\u7531\u5e02\u573a\u53cd\u5f39\u5f15\u53d1\uff0c\u82e5\u6709\u91cd\u5927\u5229\u597d\u56e0\u7d20\u6da8\u5e45\u53ef\u66f4\u9ad8\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"620\" src=\"https:\/\/vcai.cn\/wp-content\/uploads\/2025\/01\/image-4-1024x620.png\" alt=\"\" class=\"wp-image-10783\" srcset=\"https:\/\/vcai.cn\/wp-content\/uploads\/2025\/01\/image-4-1024x620.png 1024w, https:\/\/vcai.cn\/wp-content\/uploads\/2025\/01\/image-4-300x182.png 300w, https:\/\/vcai.cn\/wp-content\/uploads\/2025\/01\/image-4-768x465.png 768w, https:\/\/vcai.cn\/wp-content\/uploads\/2025\/01\/image-4.png 1152w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>\u4e09\u8f6e\u884c\u60c5\u56de\u987e<\/strong>\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2014\/6 &#8211; 2015\/4<\/strong>\uff1a\u5e02\u573a\u524d\u671f\u4e0b\u884c\uff0c\u653f\u7b56\u4e0a\u521b\u65b0\u6539\u9769\u63a8\u8fdb\u3001\u8d44\u91d1\u9762\u6760\u6746\u8d44\u91d1\u5165\u5e02\u3002\u884c\u60c5\u5206\u56db\u9636\u6bb5\uff0c\u4e3b\u5347\u671f\u8bc1\u5238\u6307\u6570\u6da8156%\uff0c\u9886\u6da8\u6807\u7684\u6709\u4e2d\u5c0f\u5238\u5546\u3001\u5927\u578b\u5238\u5546\u3001\u65b0\u80a1\u4e0e\u4e2d\u5c0f\u5238\u5546\u7684\u8f6e\u52a8\uff0c\u6b64\u8f6e\u884c\u60c5\u4e2d\u8bc1\u5238\u884c\u4e1a\u51c0\u5229\u6da6\u5927\u5e45\u589e\u957f\uff0c\u4e3b\u8981\u7531\u7ecf\u7eaa\u3001\u81ea\u8425\u3001\u4fe1\u7528\u4e1a\u52a1\u9a71\u52a8\u3002<\/li>\n\n\n\n<li><strong>2018\/10 &#8211; 2019\/3<\/strong>\uff1a\u5e02\u573a\u524d\u671f\u53d7\u591a\u56e0\u7d20\u538b\u5236\u4e0b\u884c\uff0c\u653f\u7b56\u8fb9\u9645\u5bbd\u677e\u3001\u80a1\u8d28\u98ce\u9669\u7f13\u91ca\u3001\u6ce8\u518c\u5236\u8bd5\u70b9\u63a8\u8fdb\uff0c\u8d44\u91d1\u9762\u8d27\u5e01\u653f\u7b56\u5bbd\u677e\u3001\u5916\u8d44\u52a0\u901f\u5165\u5e02\u3002\u884c\u60c5\u5206\u4e09\u9636\u6bb5\uff0c\u9886\u6da8\u6807\u7684\u4e3a\u6b21\u65b0\u80a1\u3001\u6295\u884c\u7279\u8272\u5238\u5546\u7b49\uff0c2019\u5e74\u5238\u5546\u5404\u4e1a\u52a1\u4e1a\u7ee9\u5168\u7ebf\u4fee\u590d\u3002<\/li>\n\n\n\n<li><strong>2024\/9 \u4ee5\u6765<\/strong>\uff1a\u5e02\u573a\u524d\u671f\u9707\u8361\u4e0b\u884c\uff0c\u653f\u7b56\u6539\u9769\u63a8\u8fdb\u3001\u591a\u8f6e\u653f\u7b56\u63d0\u632f\u9884\u671f\uff0c\u8d44\u91d1\u65b0\u5de5\u5177\u843d\u5730\u3001\u8d44\u91d1\u52a0\u901f\u5165\u5e02\u30029 \u6708 24 \u65e5 &#8211; 12 \u6708 6 \u65e5\u8bc1\u5238\u6307\u6570\u7d2f\u8ba1\u4e0a\u6da855%\uff0c\u677f\u5757\u5185\u90e8\u8f6e\u52a8\u5feb\uff0c\u4e1c\u65b9\u8d22\u5bcc\u7b49\u9886\u6da8\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"25E425BA258C25E32580258125E5259F25BA25E6259C25AC25E9259D25A225E525B1259525E6259C259B\"><\/span><strong>\u4e8c\u3001\u57fa\u672c\u9762\u5c55\u671b<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>9M24\u4e1a\u7ee9\u8868\u73b0<\/strong>\uff1a24Q1 &#8211; Q3 \u4e0a\u5e02\u5238\u5546\u8425\u6536\u548c\u5f52\u6bcd\u51c0\u5229\u6da6\u964d\u5e45\u6536\u7a84\uff0cQ3\u5355\u5b63\u5ea6\u8425\u6536\u548c\u5f52\u6bcd\u51c0\u5229\u6da6\u73af\u6bd4\u589e\u957f\u3002\u81ea\u8425\u662f\u4e1a\u7ee9\u4fee\u590d\u4e3b\u8981\u9a71\u52a8\uff0c\u4e0a\u5e02\u5238\u5546\u4e1a\u7ee9\u5206\u5316\u660e\u663e\uff0c\u8fd1\u534a\u6570\u5229\u6da6\u540c\u6bd4\u56de\u6b63\uff0c\u6760\u6746\u53d8\u52a8\u5206\u5316\uff0c\u6574\u4f53\u6760\u6746\u73af\u6bd4\u57fa\u672c\u6301\u5e73\uff0c\u884c\u4e1a\u5e74\u5316ROE\u4e3a5.51%\u3002<\/p>\n\n\n\n<p><strong>\u4e1a\u52a1\u5c55\u671b<\/strong>\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u7ecf\u7eaa\u4e1a\u52a1<\/strong>\uff1a\u524d\u4e09\u5b63\u5ea6\u6210\u4ea4\u989d\u4e0b\u6ed1\u3001\u4f63\u91d1\u7387\u4e0b\u964d\uff0c\u4f469\u6708\u4e0b\u65ec\u540e\u5e02\u573a\u70ed\u5ea6\u4e0a\u5347\uff0c\u65b0\u5f00\u8d26\u6237\u548c\u5b58\u91cf\u7528\u6237\u5165\u91d1\u589e\u957f\u3001\u6760\u6746\u8d44\u91d1\u6d3b\u8dc3\uff0c\u9884\u8ba124Q4\u7ecf\u7eaa\u6536\u5165\u6539\u5584\u3002\u4e92\u8054\u7f51\u6e20\u9053\u662f\u65b0\u5ba2\u83b7\u53d6\u5173\u952e\uff0c\u4e0d\u540c\u6a21\u5f0f\u5238\u5546\u8868\u73b0\u6709\u5dee\u5f02\u3002<\/li>\n\n\n\n<li><strong>\u6295\u884c\u4e1a\u52a1<\/strong>\uff1a\u524d\u4e09\u5b63\u5ea6\u80a1\u6743\u627f\u9500\u4f4e\u8ff7\u3001\u503a\u5238\u627f\u9500\u6301\u5e73\uff0c\u8fd1\u671fIPO\u5ba1\u6838\u52a0\u901f\uff0c\u9884\u8ba124Q4\u53ca2025\u5e74\u540c\u6bd4\u57fa\u6570\u538b\u529b\u51cf\u5f31\u3002<\/li>\n\n\n\n<li><strong>\u8d44\u7ba1\u4e1a\u52a1<\/strong>\uff1a\u79c1\u52df\u8d44\u7ba1\u89c4\u6a21\u89e6\u5e95\u56de\u5347\u3001\u6536\u5165\u7a33\u5065\uff0c\u516c\u52df\u4e1a\u52a1\u5206\u5316\uff0cETF\u548c\u503a\u57fa\u7b49\u7279\u8272\u57fa\u91d1\u516c\u53f8\u8868\u73b0\u597d\uff0c\u5e02\u573a\u56de\u6696\u6709\u671b\u63a8\u52a8\u4e1a\u52a1\u53d1\u5c55\u3002<\/li>\n\n\n\n<li><strong>\u81ea\u8425\u4e1a\u52a1<\/strong>\uff1a\u5e02\u573a\u8f6c\u6696\u4f7f24Q3\u81ea\u8425\u6536\u5165\u521b\u65b0\u9ad8\uff0c\u5238\u5546\u6295\u8d44\u89c4\u6a21\u672a\u660e\u663e\u589e\u957f\u3001\u6760\u6746\u8f83\u4f4e\uff0c\u82e5\u5e02\u573a\u666f\u6c14\u5ea6\u5ef6\u7eed\uff0c\u81ea\u8425\u6295\u8d44\u6709\u671b\u7ee7\u7eed\u4fee\u590d\uff0c\u65b0\u8d27\u5e01\u653f\u7b56\u5de5\u5177\u5e26\u6765\u4f4e\u6210\u672c\u8d44\u91d1\u3002<\/li>\n\n\n\n<li><strong>\u4fe1\u7528\u4e1a\u52a1<\/strong>\uff1a\u4e24\u878d\u4e0e\u80a1\u8d28\u89c4\u6a21\u5feb\u901f\u56de\u5347\u3001\u8d1f\u503a\u6210\u672c\u4e0b\u964d\uff0c\u9884\u8ba124Q4\u5229\u606f\u51c0\u6536\u5165\u6539\u5584\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>\u4e1a\u7ee9\u5c55\u671b<\/strong>\uff1a\u4e2d\u6027\u5047\u8bbe\u4e0b\uff0c\u9884\u8ba12024\u5e74\u884c\u4e1a\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f10%\uff0c2025\u5e74\u540c\u6bd4\u589e\u957f16%\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"25E5259B259B25E32580258125E6258A259525E825B5258425E525BB25BA25E825AE25AE25E52592258C25E925A3258E25E9259925A925E6258F259025E725A425BA\"><\/span><strong>\u56db\u3001\u6295\u8d44\u5efa\u8bae\u548c\u98ce\u9669\u63d0\u793a<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>\u6295\u8d44\u5efa\u8bae<\/strong>\uff1a\u5f53\u524d\u653f\u7b56\u5229\u597d\uff0c\u5e02\u573a\u666f\u6c14\u5ea6\u548c\u4ea4\u6295\u6d3b\u8dc3\u5ea6\u9ad8\uff0c\u8bc1\u5238\u677f\u5757\u6709\u671b\u8fce\u6765\u4f30\u503c\u4e0e\u4e1a\u7ee9\u53cc\u51fb\u3002\u957f\u671f\u770b\u884c\u4e1a\u6539\u9769\u7a7a\u95f4\u5927\uff0c\u5efa\u8bae\u5173\u6ce8\u5934\u90e8\u5238\u5546\u5982\u4e2d\u4fe1\u3001\u94f6\u6cb3\u3001\u534e\u6cf0\uff0c\u4ee5\u53ca\u4e1a\u7ee9\u4e0e\u4f30\u503c\u5177\u03b2\u5c5e\u6027\u7684\u4e1c\u65b9\u8d22\u5bcc\u3001\u540c\u82b1\u987a\u7b49\u3002<\/p>\n\n\n\n<p><strong>\u98ce\u9669\u63d0\u793a<\/strong>\uff1a\u5305\u62ec\u6743\u76ca\u5e02\u573a\u6ce2\u52a8\u3001\u5b8f\u89c2\u7ecf\u6d4e\u4e0b\u884c\u3001\u6539\u9769\u653f\u7b56\u4e0d\u53ca\u9884\u671f\u3001\u76d1\u7ba1\u8d8b\u4e25\u3001\u8d44\u4ea7\u91cd\u7ec4\u4e0d\u786e\u5b9a\u6027\u7b49\u98ce\u9669\u3002<\/p>\n\n\n\n<p>\u539f\u62a5\u544a\uff1a\u300a\u8bc1\u5238\u884c\u4e1a2025\u5e74\u5e74\u5ea6\u7b56\u7565\u62a5\u544a\uff1a\u62d0\u70b9\u5df2\u73b0\uff0c\u666f\u6c14\u53ef\u671f\u300b\uff0c\u5e73\u5b89\u8bc1\u5238\u3002<\/p>\n\n\n\n<p class=\"has-vivid-red-color has-text-color has-link-color wp-elements-92930929a4fec5d3cce09676729fd0c6\" style=\"font-size:24px\">\u62a5\u544a\u539f\u6587\u4e0b\u8f7d\uff1a<\/p>\n\n\n\n<div class=\"wp-block-file\"><a id=\"wp-block-file--media-6ee9ea4a-d5ed-444b-b628-3d023cb84130\" href=\"https:\/\/vcai.cn\/wp-content\/uploads\/2025\/01\/2025011313291227.pdf\"><strong>\u8bc1\u5238\u884c\u4e1a2025\u5e74\u5e74\u5ea6\u7b56\u7565\u62a5\u544a\uff1a\u62d0\u70b9\u5df2\u73b0\uff0c\u666f\u6c14\u53ef\u671f<\/strong><\/a><a href=\"https:\/\/vcai.cn\/wp-content\/uploads\/2025\/01\/2025011313291227.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-6ee9ea4a-d5ed-444b-b628-3d023cb84130\">\u4e0b\u8f7d<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u5e73\u5b89\u8bc1\u5238\u53d1\u5e03\u7684\u300a\u8bc1\u5238\u884c\u4e1a2025 \u5e74\u5e74\u5ea6\u7b56\u7565\u62a5\u544a\uff1a\u62d0\u70b9\u5df2\u73b0\uff0c\u666f\u6c14\u53ef\u671f\u300b\u5bf9\u8bc1\u5238\u884c\u4e1a\u8fdb\u884c\u4e86\u5168\u9762\u5206\u6790\uff0c\u5e76\u7ed9\u51fa\u4e86\u7b56\u7565\u5efa\u8bae\u3002 \u4e00\u3001\u677f\u5757\u884c\u60c5\u590d\u76d8 \u5386\u53f2\u884c\u60c5\u89c4\u5f8b\uff1a\u8fc7\u53bb\u5341\u5e74\u5238\u5546\u591a\u8f6e\u4e0a\u6da8\u884c\u60c5\u4e2d\uff0c\u4f30\u503c\u63d0\u5347\u5e38\u51fa\u73b0\u5728\u5e02\u573a\u666f\u6c14\u5ea6\u8f6c\u6298\u70b9\uff0c\u4f34\u968f\u5e02\u573a\u3001\u653f\u7b56\u3001\u8d44\u91d1\u5229\u597d\u5171\u632f\u3002\u59822014\u5e746\u6708\u30012018\u5e7410\u6708\u4e24\u8f6e\u884c\u60c5\u6301\u7eed\u8d855\u4e2a\u6708\uff0c\u8bc1\u5238\u6307\u6570\u6da8\u5e45\u8d8580%\u3002\u5927\u884c\u60c5\u542f\u52a8\u9700\u4e09\u56e0\u7d20\u5171\u632f\uff0c\u5305\u62ec\u677f\u5757\u524d\u671f\u8c03\u6574\u3001\u2026<\/p>\n","protected":false},"author":1,"featured_media":10783,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[146],"tags":[186],"special":[119],"attr":[],"class_list":["post-10626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hangye","tag-186","special-hangyemantan","entry"],"views":872,"_links":{"self":[{"href":"https:\/\/vcai.cn\/index.php\/wp-json\/wp\/v2\/posts\/10626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vcai.cn\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vcai.cn\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vcai.cn\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/vcai.cn\/index.php\/wp-json\/wp\/v2\/comments?post=10626"}],"version-history":[{"count":0,"href":"https:\/\/vcai.cn\/index.php\/wp-json\/wp\/v2\/posts\/10626\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vcai.cn\/index.php\/wp-json\/wp\/v2\/media\/10783"}],"wp:attachment":[{"href":"https:\/\/vcai.cn\/index.php\/wp-json\/wp\/v2\/media?parent=10626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vcai.cn\/index.php\/wp-json\/wp\/v2\/categories?post=10626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vcai.cn\/index.php\/wp-json\/wp\/v2\/tags?post=10626"},{"taxonomy":"special","embeddable":true,"href":"https:\/\/vcai.cn\/index.php\/wp-json\/wp\/v2\/special?post=10626"},{"taxonomy":"attr","embeddable":true,"href":"https:\/\/vcai.cn\/index.php\/wp-json\/wp\/v2\/attr?post=10626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}