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\u4e0a\u6d77<\/span>2025\u5e7412\u670812\u65e5<\/span> \/\u7f8e\u901a\u793e\/ — 2025\u5e7412\u670810\u65e5\uff0c\u4ee5”\u97e7\u6027\u4e0e\u8fdc\u89c1\uff1a\u91cd\u5851\u8d22\u5bcc\u65b0\u6218\u7565”\u4e3a\u4e3b\u9898\u76842025\u5b89\u8054\u4e2d\u56fd\u8d22\u5bcc\u8bba\u575b\u5728\u4e0a\u6d77\u9686\u91cd\u53ec\u5f00\u3002\u672c\u5c4a\u8bba\u575b\u6c47\u805a\u5b89\u8054\u5168\u7403\u667a\u5e93\u4e0e\u884c\u4e1a\u6743\u5a01\u4e13\u5bb6\uff0c\u5b89\u8054\uff08\u4e2d\u56fd\uff09\u4fdd\u9669\u63a7\u80a1\u6709\u9650\u516c\u53f8\uff08\u4ee5\u4e0b\u7b80\u79f0”\u5b89\u8054\u63a7\u80a1”\uff09\u9996\u5e2d\u6267\u884c\u5b98\u6797\u987a\u624d\u3001\u6d59\u5546\u8bc1\u5238\u9996\u5e2d\u7ecf\u6d4e\u5b66\u5bb6\u674e\u8d85\u3001\u5b89\u8054\u6295\u8d44\u4e9a\u592a\u533a\u9ad8\u7ea7\u7ecf\u6d4e\u5e08\u6c64\u7ee7\u6210\u53d1\u8868\u4e3b\u65e8\u6f14\u8bb2\u3002\u8bba\u575b\u91cd\u78c5\u53d1\u5e03\u4e86\u300a\u5f3a\u52bf\u589e\u957f\u2014\u20142025\u5e74\u5b89\u8054\u5168\u7403\u8d22\u5bcc\u62a5\u544a\u300b\uff0c\u5b89\u8054\u7ecf\u6d4e\u7814\u7a76\u4e2d\u5fc3\u9ad8\u7ea7\u7ecf\u6d4e\u5b66\u5bb6Michaela Grimm\u524d\u77bb\u89e3\u8bfb\u5168\u7403\u5b8f\u89c2\u8d8b\u52bf\u6f14\u53d8\u3002\u6b64\u5916\uff0c\u8bba\u575b\u8fd8\u6c47\u805a\u4e86\u6765\u81ea\u5b89\u8054\u4eba\u5bff\u4fdd\u9669\u6709\u9650\u516c\u53f8\uff08\u4ee5\u4e0b\u7b80\u79f0”\u5b89\u8054\u4eba\u5bff”\uff09\u3001\u5b89\u8054\u4fdd\u9669\u8d44\u4ea7\u7ba1\u7406\u6709\u9650\u516c\u53f8\uff08\u4ee5\u4e0b\u7b80\u79f0”\u5b89\u8054\u8d44\u7ba1”\uff09\u53ca\u5b89\u8054\u57fa\u91d1\u7ba1\u7406\u6709\u9650\u516c\u53f8\uff08\u4ee5\u4e0b\u7b80\u79f0”\u5b89\u8054\u57fa\u91d1”\uff09\u7684\u4e13\u4e1a\u529b\u91cf\uff0c\u5171\u540c\u63a2\u8ba8\u65b0\u65f6\u671f\u4e0b\uff0c\u4e2a\u4eba\u4e0e\u91d1\u878d\u4f01\u4e1a\u5982\u4f55\u8df5\u884c\u8d22\u5bcc\u7ba1\u7406\u4e0e\u8d44\u4ea7\u914d\u7f6e\u957f\u671f\u4e3b\u4e49\u7684\u6838\u5fc3\u8def\u5f84\u3002<\/p>\n

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\u5b89\u8054\u6295\u8d44(Allianz Global Investor)\u4e9a\u592a\u533a\u9ad8\u7ea7\u7ecf\u6d4e\u5e08\u6c64\u7ee7\u6210\u5148\u751f\u5219\u8fdb\u4e00\u6b65\u56f4\u7ed5\u5168\u7403\u53ca\u4e9a\u6d32\u5b8f\u89c2\u7ecf\u6d4e\u8109\u7edc\u53d1\u8868\u4e86\u7cbe\u5f69\u6f14\u8bb2\u3002\u4ed6\u6307\u51fa\uff0c2026\u5e74\u4e9a\u6d32\u5b8f\u89c2\u73af\u5883\u5c06\u4fdd\u6301\u5f3a\u97e7\u3002\u7136\u800c\uff0c\u4f34\u968f\u8d38\u6613\u4e0d\u786e\u5b9a\u6027\u4e0a\u5347\u53ca\u57fa\u6570\u6548\u5e94\u5e26\u52a8\u901a\u80c0\u56de\u5347\uff0c\u589e\u957f\u4e0e\u901a\u80c0\u4e4b\u95f4\u7684\u5e73\u8861\u6216\u5c06\u7a0d\u5fae\u8f6c\u5f31\u3002\u5373\u4f7f\u9762\u5bf9\u7f8e\u56fd\u5927\u5e45\u52a0\u5f81\u5173\u7a0e\u7b49\u5916\u90e8\u538b\u529b\uff0c\u4e9a\u6d32\u5728\u5f3a\u52b2\u7684\u79d1\u6280\u51fa\u53e3\uff0c\u4ee5\u53ca\u5bbd\u677e\u653f\u7b56\u7a7a\u95f4\u4e0b\uff0c\u5176\u6574\u4f53\u8868\u73b0\u4ecd\u6709\u671b\u9886\u5148\u5168\u7403\u5176\u4ed6\u4e3b\u8981\u5730\u533a\u3002\u6c64\u7ee7\u6210\u8fd8\u5c31\u7f8e\u56fd\u8d22\u653f\u72b6\u51b5\u53ca\u5176\u5bf9\u7f8e\u5143\u3001\u4e9a\u6d32\u8d27\u5e01\u548c\u9ec4\u91d1\u4ef7\u683c\u7684\u5f71\u54cd\u9610\u8ff0\u4e86\u81ea\u5df1\u7684\u89c2\u70b9\u3002<\/p>\n

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\u00a0\u5728\u5f00\u573a\u81f4\u8f9e\u4e2d\uff0c\u5b89\u8054\u63a7\u80a1\u526f\u603b\u7ecf\u7406\u3001\u5b89\u8054\u4eba\u5bff\u6267\u884c\u8463\u4e8b\u3001\u9996\u5e2d\u6267\u884c\u5b98\u5d14\u6bf3\u5973\u58eb\u7279\u522b\u6307\u51fa\uff0c”\u4eba\u53e3\u7ed3\u6784\u53d8\u8fc1\u3001\u5e02\u573a\u6ce2\u52a8\u52a0\u5267\u3001\u5168\u7403\u683c\u5c40\u6f14\u53d8\uff0c\u8fd9\u4e9b\u4e0d\u4ec5\u662f\u5b8f\u89c2\u8d8b\u52bf\uff0c\u66f4\u662f\u6bcf\u4e00\u4e2a\u5bb6\u5ead\u6b63\u5728\u9762\u5bf9\u7684\u771f\u5b9e\u8bfe\u9898\u3002\u5b89\u8054\u4eba\u5bff\u613f\u4ee5\u6301\u7eed\u7684\u4e13\u4e1a\u6df1\u8015\u3001\u7a33\u5065\u7ecf\u8425\u4e0e\u5f00\u653e\u521b\u65b0\uff0c\u4e0e\u5e7f\u5927\u5408\u4f5c\u4f19\u4f34\u548c\u5ba2\u6237\u4e00\u8d77\uff0c\u4ee5\u4e13\u4e1a\u79ef\u6dc0\u5b88\u62a4\u5bb6\u65cf\u613f\u666f\uff0c\u4ee5\u957f\u671f\u4e3b\u4e49\u5171\u5efa\u97e7\u6027\u672a\u6765\u3002”<\/p>\n

\u00a0\u5b89\u8054\u4eba\u5bff\u7684\u4e13\u5bb6\u56e2\u961f\u56f4\u7ed5\u8d22\u5bcc\u4f20\u627f\u3001\u5bb6\u65cf\u6cbb\u7406\u7b49\u9ad8\u51c0\u503c\u5ba2\u6237\u5173\u6ce8\u7684\u9700\u6c42\uff0c\u5206\u4eab\u4e86\u524d\u6cbf\u7684\u4fdd\u9669\u89e3\u51b3\u65b9\u6848\u3002\u5b89\u8054\u4eba\u5bff\u9996\u5e2d\u5408\u4f5c\u4f19\u4f34\u4e1a\u52a1\u5b98\u8131\u514b\u5148\u751f\u6df1\u5165\u63a2\u8ba8\u4e86\u5bb6\u65cf\u529e\u516c\u5ba4\u4e1a\u52a1\u4e0e\u9ad8\u5ba2\u670d\u52a1\u7684\u6f14\u8fdb\u8d8b\u52bf\u3002”\u9ad8\u51c0\u503c\u4eba\u58eb\u7684\u9700\u6c42\u56fe\u8c31\u5df2\u975e\u5e38\u6e05\u6670\uff1a\u4ed6\u4eec\u8981\u7684\u4e0d\u518d\u662f\u5355\u4e00\u4ea7\u54c1\uff0c\u800c\u662f\u4e00\u4e2a\u4ee5\u2018\u5b89\u5168\u4e0e\u4f20\u627f’\u4e3a\u6838\u5fc3\uff0c\u80fd\u591f\u6574\u5408\u4fdd\u9669\u3001\u6cd5\u5f8b\u3001\u7a0e\u52a1\u53ca\u5168\u7403\u8d44\u6e90\u7684\u7efc\u5408\u89e3\u51b3\u65b9\u6848\u3002”\u4ed6\u5f3a\u8c03\uff0c”\u5b89\u8054\u5bb6\u65cf\u529e\u516c\u5ba4\u7684\u8bbe\u7acb\uff0c\u6b63\u662f\u6211\u4eec\u4e3a\u56de\u5e94\u8fd9\u4e2a\u65f6\u4ee3\u9ad8\u51c0\u503c\u4eba\u58eb\u9700\u6c42\u800c\u7cbe\u5fc3\u6784\u7b51\u7684\u5b89\u8054\u5bb6\u65cf\u8d22\u5bcc\u670d\u52a1\u751f\u6001\u7cfb\u3002”<\/p>\n

\u00a0\u5b89\u8054\u57fa\u91d1\u526f\u603b\u7ecf\u7406\u517c\u9996\u5e2d\u6295\u8d44\u5b98\u90d1\u5b87\u5c18\u5148\u751f\u5728\u300a\u4e2d\u56fd\u6295\u8d44\u5e02\u573a\u5206\u6790\u4e0e\u5c55\u671b\u300b\u62a5\u544a\u4e2d\uff0c\u8fdb\u4e00\u6b65\u5177\u8c61\u5316\u4e86\u4e2d\u56fd\u8d44\u672c\u5e02\u573a\u7684\u6295\u8d44\u673a\u9047\u3002\u4ed6\u6307\u51fa\uff0c2026\u5e74\u7684\u4e2d\u56fdGDP\u589e\u957f\u76ee\u6807\u9884\u8ba1\u5c06\u7ef4\u6301\u57285%\u5de6\u53f3\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u5f3a\u52b2\u7684\u51fa\u53e3\u548c\u9700\u6c42\u7684\u7a33\u5b9a\u590d\u82cf\u3002\u62a5\u544a\u5206\u6790\u8ba4\u4e3a\uff0c\u5f53\u524d\u7684\u653f\u7b56\u73af\u5883\u6f14\u53d8\u548c\u5411\u597d\u7684\u4ea7\u4e1a\u8d8b\u52bf\u63a8\u52a8\u4e86\u80a1\u5e02\u725b\u5e02\uff0c\u4e14\u80a1\u7968\u4f30\u503c\u9690\u542b\u7684\u98ce\u9669\u6ea2\u4ef7\u5904\u4e8e\u5408\u7406\u6c34\u5e73\u3002A\u80a1\u76c8\u5229\u6c34\u5e73\u9884\u8ba1\u57282025\u5e74\u5e95\u4f01\u7a33\uff0c\u4e3a\u6765\u5e74\u7684\u6162\u725b\u884c\u60c5\u5960\u5b9a\u4e86\u57fa\u7840\u3002\u6295\u8d44\u8005\u53ef\u4ee5\u5173\u6ce8\u591a\u4e2a\u5177\u5907\u589e\u957f\u6f5c\u529b\u7684\u9886\u57df\uff0c\u7279\u522b\u662f\u79d1\u6280\u3001\u81ea\u4e3b\u53ef\u63a7\u548c\u521b\u65b0\u836f\u677f\u5757\uff0c\u4ee5\u53ca\u65b0\u6d88\u8d39\u548c\u53d7\u76ca\u4e8e\u6d77\u5916\u5e02\u573a\u62d3\u5c55\u7684\u7ed3\u6784\u6027\u673a\u4f1a\u3002<\/p>\n

\u5b89\u8054\u4eba\u5bff\u603b\u7cbe\u7b97\u5e08\u7ae5\u91cd\u4eae\u5148\u751f\u5f15\u5bfc\u4e0e\u4f1a\u8005\u6df1\u5165\u63a2\u8ba8\u4e86\u957f\u5bff\u65f6\u4ee3\u7684\u8d22\u5bcc\u903b\u8f91\u3002\u4ed6\u7ed3\u5408\u4eba\u8eab\u9669\u4e1a\u56db\u5957\u7ecf\u9a8c\u751f\u547d\u8868\u63ed\u793a\u7684\u9884\u671f\u5bff\u547d\u589e\u957f\u8d8b\u52bf\uff0c\u6307\u51fa\uff1a\u9884\u671f\u5bff\u547d\u5ef6\u957f\u662f\u5fc5\u7136\u8d8b\u52bf\uff0c\u957f\u5bff\u7684\u4eba\u751f\u4f1a\u9762\u4e34\u8d22\u5bcc\u89c4\u5212\u7684\u4e09\u5927\u96be\u9898\uff0c\u5373”\u5982\u4f55\u7528\u786e\u5b9a\u6027\u7684\u65b9\u5f0f\u5316\u89e3\u8d22\u5bcc\u9762\u4e34\u7684\u4e0d\u786e\u5b9a\u6027\uff1f”\u3001”\u5982\u4f55\u4f7f\u4f34\u968f\u751f\u547d\u5468\u671f\u7684\u8d22\u5bcc\u7a7f\u8d8a\u7ecf\u6d4e\u5468\u671f\uff1f”\u548c”\u5982\u4f55\u8ba9\u4e0a\u4e00\u4ee3\u521b\u9020\u7684\u8d22\u5bcc\u6709\u6548\u60e0\u53ca\u4e0b\u4e00\u4ee3\uff1f”\uff0c\u5e76\u7ed9\u51fa\u4e86”\u5168\u9762\u4fdd\u969c\u94fe\u63a5\u670d\u52a1\u751f\u6001”\u3001”\u5206\u7ea2\u4e1a\u52a1\u5171\u4eab\u6d6e\u52a8\u6536\u76ca”\u3001”\u7ec8\u8eab\u5bff\u9669\u7ed3\u5408\u4fe1\u6258\u5b89\u6392”\u4e09\u4e2a\u5bcc\u6709\u9488\u5bf9\u6027\u7684\u89e3\u51b3\u4e4b\u9053\u3002<\/p>\n

\u91d1\u878d\u4f01\u4e1a\u5206\u8bba\u575b\u7a7f\u8d8a\u5468\u671f\uff0c\u76f4\u9762”\u4f4e\u5229\u7387”\u65f6\u4ee3\u6311\u6218\uff0c\u5171\u5546\u91d1\u878d\u4f01\u4e1a\u8d44\u4ea7\u8d1f\u503a\u7ba1\u7406\u65b0\u8def\u5f84<\/p>\n

\u4e2a\u4eba\u8d22\u5bcc\u7ba1\u7406\u5206\u8bba\u575b\u540c\u671f\uff0c\u5b89\u8054\u63a7\u80a1\u3001\u5b89\u8054\u8d44\u7ba1\u4e0e\u6b27\u76df\u5546\u4f1a\u8054\u5408\u4e3b\u529e\u7684\u91d1\u878d\u4f01\u4e1a\u8d44\u4ea7\u7ba1\u7406\u5206\u8bba\u575b\u540c\u6b65\u53ec\u5f00\u3002\u8bba\u575b\u56f4\u7ed5”\u76f4\u9762\u2018\u4f4e\u5229\u7387’\u65f6\u4ee3\uff1a\u8d44\u4ea7\u7ba1\u7406\u7684\u6311\u6218\u4e0e\u673a\u9047”\u8bae\u9898\uff0c\u4e91\u96c6\u5b89\u8054\u8d44\u7ba1\u6838\u5fc3\u4e13\u5bb6\u3001\u6b27\u6d32\u77e5\u540d\u94f6\u884c\u53ca\u516c\u52df\u57fa\u91d1\u4ee3\u8868\uff0c\u6c47\u805a\u884c\u4e1a\u667a\u6167\uff0c\u5171\u540c\u63a2\u8ba8\u4f4e\u5229\u7387\u80cc\u666f\u4e0b\u7684\u91d1\u878d\u4f01\u4e1a\u8d44\u4ea7\u914d\u7f6e\u7b56\u7565\u4e0e\u884c\u4e1a\u524d\u666f\uff0c\u52a9\u529b\u4f01\u4e1a\u7a33\u5065\u7a7f\u8d8a\u5468\u671f\u3002<\/p>\n

\u5b89\u8054\u8d44\u7ba1\u603b\u7ecf\u7406\u517c\u9996\u5e2d\u6295\u8d44\u5b98\u5f20\u5149\u5148\u751f\u5728\u81f4\u8f9e\u4e2d\u7279\u522b\u6307\u51fa\uff0c\u4e2d\u56fd\u4fdd\u9669\u4e1a\u6b63\u7ad9\u5728\u53d8\u9769\u7684\u5173\u952e\u8282\u70b9\uff0c\u4f20\u7edf\u7684\u5229\u5dee\u4f9d\u8d56\u6a21\u5f0f\u6b63\u5728\u88ab\u91cd\u5851\uff0c\u4f46\u6311\u6218\u4e0e\u673a\u9047\u4ece\u6765\u90fd\u662f\u4e00\u4f53\u4e24\u9762\uff0c\u653f\u7b56\u652f\u6301\u548c\u8d44\u672c\u5e02\u573a\u53d8\u9769\u4e3a\u4e13\u4e1a\u8d44\u7ba1\u673a\u6784\u521b\u9020\u4e86\u524d\u6240\u672a\u6709\u7684\u4ef7\u503c\u7a7a\u95f4\u3002\u4f4e\u5229\u7387\u65f6\u4ee3\u4e0d\u662f\u7ec8\u70b9\uff0c\u800c\u662f\u4e13\u4e1a\u5316\u8f6c\u578b\u7684\u65b0\u8d77\u70b9\uff0c\u5b89\u8054\u8d44\u7ba1\u5c06\u81f4\u529b\u4e8e\u6210\u4e3a\u8d44\u4ea7\u8d1f\u503a\u7ba1\u7406\u7684\u7efc\u5408\u89e3\u51b3\u65b9\u6848\u63d0\u4f9b\u5546\uff0c\u4e0e\u5ba2\u6237\u5171\u540c\u7a7f\u8d8a\u5468\u671f\uff0c\u884c\u7a33\u81f4\u8fdc\u3002<\/p>\n

\u5b89\u8054\u6295\u8d44\u7ba1\u7406(Allianz Investment Management)\u4e9a\u592a\u9996\u5e2d\u6295\u8d44\u5b98Sandrine de Bonhome\u5973\u58eb\u5219\u5206\u4eab\u4e86\u4f4e\u5229\u7387\u73af\u5883\u4e0b\u8d44\u4ea7\u8d1f\u503a\u7ba1\u7406\u7684\u5168\u7403\u5b9e\u8df5\u7ecf\u9a8c\uff0c\u5979\u5f3a\u8c03\u673a\u6784\u5fc5\u987b\u660e\u786e\u754c\u5b9a\u98ce\u9669\u504f\u597d\u5e76\u5bf9\u51b2\u975e\u5fc5\u8981\u98ce\u9669\uff0c\u575a\u6301\u5c06\u6295\u8d44\u7b56\u7565\u524d\u7f6e\u4e8e\u4ea7\u54c1\u8bbe\u8ba1\u73af\u8282\u800c\u975e\u4e8b\u540e\u8865\u6551\u3002\u5979\u5efa\u8bae\u901a\u8fc7\u591a\u5143\u5316\u8d44\u4ea7\u914d\u7f6e\u53ca\u6df7\u5408\u878d\u8d44\uff08Blended Finance\uff09\u7b49\u521b\u65b0\u6295\u8d44\u5408\u4f5c\u6a21\u5f0f\u91cd\u65b0\u90e8\u7f72\u8d44\u672c\uff0c\u5e76\u4e3b\u5f20\u6df1\u5316\u4e0e\u8d44\u4ea7\u7ba1\u7406\u65b9\u7684\u5408\u4f5c\uff0c\u4ee5\u786e\u4fdd\u5bf9\u5e95\u5c42\u8d44\u4ea7\u7ed3\u6784\u7684\u900f\u5f7b\u7406\u89e3\u4e0e\u957f\u671f\u4ef7\u503c\u521b\u9020\u3002<\/p>\n

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\u6cd5\u5df4\u519c\u94f6\u7406\u8d22\u526f\u603b\u7ecf\u7406\u517c\u9996\u5e2d\u6295\u8d44\u5b98\u7530\u5b87\u661f\u5148\u751f\u8ba4\u4e3a\uff0c\u9762\u5bf9\u56fd\u5185\u4f4e\u5229\u7387\u8d8b\u52bf\uff0c\u6211\u4eec\u53ef\u4ee5\u501f\u9274\u6b27\u6d32\u5e02\u573a\u7ecf\u9a8c\uff0c\u79ef\u6781\u63d0\u5347\u4fe1\u7528\u5b9a\u4ef7\u3001\u4e45\u671f\u7ba1\u7406\u4e0e\u884d\u751f\u54c1\u8fd0\u7528\u80fd\u529b\uff0c\u540c\u65f6\u52a0\u5feb\u591a\u5143\u8d44\u4ea7\u914d\u7f6e\u4e0e\u5168\u7403\u5316\u5e03\u5c40\uff0c\u8fd9\u65e2\u662f\u6311\u6218\uff0c\u66f4\u662f\u4e2d\u56fd\u8d44\u7ba1\u884c\u4e1a\u8f6c\u578b\u5347\u7ea7\u7684\u5173\u952e\u673a\u9047\u3002<\/p>\n

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Grimm\u524d\u77bb\u89e3\u8bfb\u5168\u7403\u5b8f\u89c2\u8d8b\u52bf\u6f14\u53d8\u3002\u6b64\u5916\uff0c\u8bba\u575b\u8fd8\u6c47\u805a\u4e86\u6765\u81ea\u5b89\u8054\u4eba\u5bff\u4fdd\u9669\u6709\u9650\u516c\u53f8\uff08\u4ee5\u4e0b\u7b80\u79f0”\u5b89\u8054\u4eba\u5bff”\uff09\u3001\u5b89\u8054\u4fdd\u9669\u8d44\u4ea7\u7ba1\u7406\u6709\u9650\u516c\u53f8\uff08\u4ee5\u4e0b\u7b80\u79f0”\u5b89\u8054\u8d44\u7ba1”\uff09\u53ca\u5b89\u8054\u57fa\u91d1\u7ba1\u7406\u6709\u9650\u516c\u53f8\uff08\u4ee5\u4e0b\u7b80\u79f0”\u5b89\u8054\u57fa\u91d1”\uff09\u7684\u4e13\u4e1a\u529b\u91cf\uff0c\u5171\u540c\u63a2\u8ba8\u65b0\u65f6\u671f\u4e0b\uff0c\u4e2a\u4eba\u4e0e\u91d1\u878d\u4f01\u4e1a\u5982\u4f55\u8df5\u884c\u8d22\u5bcc\u7ba1\u7406\u4e0e\u8d44\u4ea7\u914d\u7f6e\u957f\u671f\u4e3b\u4e49\u7684\u6838\u5fc3\u8def\u5f84\u3002 \u4e3b\u8bba\u575b\u6d1e\u5bdf\u5b8f\u89c2\u7ecf\u6d4e\uff0c\u53d1\u5e03\u6700\u65b0\u5b89\u8054\u5168\u7403\u8d22\u5bcc\u62a5\u544a 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Investor)\u4e9a\u592a\u533a\u9ad8\u7ea7\u7ecf\u6d4e\u5e08\u6c64\u7ee7\u6210\u5148\u751f\u5219\u8fdb\u4e00\u6b65\u56f4\u7ed5\u5168\u7403\u53ca\u4e9a\u6d32\u5b8f\u89c2\u7ecf\u6d4e\u8109\u7edc\u53d1\u8868\u4e86\u7cbe\u5f69\u6f14\u8bb2\u3002\u4ed6\u6307\u51fa\uff0c2026\u5e74\u4e9a\u6d32\u5b8f\u89c2\u73af\u5883\u5c06\u4fdd\u6301\u5f3a\u97e7\u3002\u7136\u800c\uff0c\u4f34\u968f\u8d38\u6613\u4e0d\u786e\u5b9a\u6027\u4e0a\u5347\u53ca\u57fa\u6570\u6548\u5e94\u5e26\u52a8\u901a\u80c0\u56de\u5347\uff0c\u589e\u957f\u4e0e\u901a\u80c0\u4e4b\u95f4\u7684\u5e73\u8861\u6216\u5c06\u7a0d\u5fae\u8f6c\u5f31\u3002\u5373\u4f7f\u9762\u5bf9\u7f8e\u56fd\u5927\u5e45\u52a0\u5f81\u5173\u7a0e\u7b49\u5916\u90e8\u538b\u529b\uff0c\u4e9a\u6d32\u5728\u5f3a\u52b2\u7684\u79d1\u6280\u51fa\u53e3\uff0c\u4ee5\u53ca\u5bbd\u677e\u653f\u7b56\u7a7a\u95f4\u4e0b\uff0c\u5176\u6574\u4f53\u8868\u73b0\u4ecd\u6709\u671b\u9886\u5148\u5168\u7403\u5176\u4ed6\u4e3b\u8981\u5730\u533a\u3002\u6c64\u7ee7\u6210\u8fd8\u5c31\u7f8e\u56fd\u8d22\u653f\u72b6\u51b5\u53ca\u5176\u5bf9\u7f8e\u5143\u3001\u4e9a\u6d32\u8d27\u5e01\u548c\u9ec4\u91d1\u4ef7\u683c\u7684\u5f71\u54cd\u9610\u8ff0\u4e86\u81ea\u5df1\u7684\u89c2\u70b9\u3002 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\u5b89\u8054\u6295\u8d44\u7ba1\u7406(Allianz Investment Management)\u4e9a\u592a\u9996\u5e2d\u6295\u8d44\u5b98Sandrine de Bonhome\u5973\u58eb\u5219\u5206\u4eab\u4e86\u4f4e\u5229\u7387\u73af\u5883\u4e0b\u8d44\u4ea7\u8d1f\u503a\u7ba1\u7406\u7684\u5168\u7403\u5b9e\u8df5\u7ecf\u9a8c\uff0c\u5979\u5f3a\u8c03\u673a\u6784\u5fc5\u987b\u660e\u786e\u754c\u5b9a\u98ce\u9669\u504f\u597d\u5e76\u5bf9\u51b2\u975e\u5fc5\u8981\u98ce\u9669\uff0c\u575a\u6301\u5c06\u6295\u8d44\u7b56\u7565\u524d\u7f6e\u4e8e\u4ea7\u54c1\u8bbe\u8ba1\u73af\u8282\u800c\u975e\u4e8b\u540e\u8865\u6551\u3002\u5979\u5efa\u8bae\u901a\u8fc7\u591a\u5143\u5316\u8d44\u4ea7\u914d\u7f6e\u53ca\u6df7\u5408\u878d\u8d44\uff08Blended 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