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西安市人民代表大会常务委员会公告[十五届]第61..

2019-05-23 02:55 来源:中国贸易新闻

  西安市人民代表大会常务委员会公告[十五届]第61..

  他们技术很厉害,但是应用不如中国应用好。Special:PresidentXiJinpingsaidonSundaythatbroadconsensushadbeenreachedatthe18thShanghaiCooperationOrganizationSummitasleadersendtyonLong-TermGood-Neighborliness,FriendshipandCooperationoftheSCOMemberStates,acooperationprogramtocombatterrorism,separatismandextremism,ityandenvironmentalprotection,andamemorandoperationinsectorsincludingbusiness,customs,,Xisaidatamediabriefingthatallpartieshadagreedtoincreaseunityandcooperationanddeepenthepartnershipthatadvocatespeaceandreform,equaltreatment,openness,,deputysecretary-generaloftheSCO,saidtheQingdammit,PotapenkosaidtheSCOSecretariathadalsoheededmanygoodproposalsfromtheleadersofmembercountries."Inthenextstep,itisourjobtoseethemthrough,",,comprehensive,nceandjointactions."Withtheglobaleconomyfacedwithdifficultiesandsetbacksinitsrecoveryandwithfrequentfront-burnerissuesregionallyandinternationally,nocountrycancopealoneorstandunscathed,"fWTOrules,consolidatetheopen,inclusive,transparent,nondiscriminatoryandrules-basedmultilateraltradesystem,ntstrategieswillalsobereinforced,andcooperationinsectorsincludingbusiness,investment,finance,connectivityandagriculturewillbeenhancedtopromotetradeandinvestmentfacilitationandinjectnewmomentumintotheworldeconomy,ilateralcooperationinareasincludingculture,education,scienceandtechnology,environmentalprotection,health,tourism,youth,mediaandsphangeandcooperationfortheSCO,andallpartiesarewillingtodeepencooperationwithobserverstateanddialoguepartners,aswellasdialogueandexchangeswithUNandotherinternationalorregionalorganizations.

  网络借贷等领域将有征信服务统一平台  新华社北京1月4日电(记者许晟)中国人民银行4日发布公示称,已受理百行征信有限公司(筹)的个人征信业务申请。AteacherteachesstudentsbasicperformingactionsofChinesedramaataprimaryschoolinNeiqiuCounty,northChinasHebeiProvince,June8,ritingtraditionalChineseculture.(Xinhua/ZhuXudong)AteacherteachesstudentsbasicperformingactionsofChinesedramaataprimaryschoolinNeiqiuCounty,northChinasHebeiProvince,June8,ritingtraditionalChineseculture.(Xinhua/ZhuXudong)StudentspracticebasicperformingactionsofChinesedramaataprimaryschoolinNeiqiuCounty,northChinasHebeiProvince,June8,ritingtraditionalChineseculture.(Xinhua/ZhuXudong)StudentspracticebasicperformingactionsofChinesedramaataprimaryschoolinNeiqiuCounty,northChinasHebeiProvince,June8,ritingtraditionalChineseculture.(Xinhua/ZhuXudong)AteacherteachesstudentsbasicperformingactionsofChinesedramaataprimaryschoolinNeiqiuCounty,northChinasHebeiProvince,June8,ritingtraditionalChineseculture.(Xinhua/ZhuXudong)

  English-LanguageNewsWebEditorRequirements::Aminimumofabachelor’sdegreeatanaccreditedcollegeoruniversitywithamajorinjournalism,English,economics,internationalpolitics,,:Haveathoroughunderstandingandappreciationfortheroleofjournalismandaccurate,ftWord,AdobePhotoshop,Dreamweaver,:Previousjoborinternshipexperienceinan:Responsibleforconductingnewsinterviews,andcompiling,editingandrevisingnewsmanuscriptsfromothersourcesforwebsitenews,dupdates,andproducingspecialnewspackages,aswellasothe,:’sdegreeatanaccreditedcollegeoruniversitywithamajorinjournalism,English,economics,internationalpolitics,andaccurate,,:-Thejobisfull-time.-rewritingandcopy-editingstorieswrittenbystaffandfromothermediaresources;-writingoredittingheadlines,readingprovesandcontributingideasinstoryselectionandlayoutandsoon;-helpingproductionanddevelopmentofothereditorialmaterials,whichincludewritingstories,columns,reviewsandrecordings  “一旦填写就留下痕迹,被不法分子收集起来进行诈骗或者卖给其他骗子。

  ThaipolicesergeantTanitBussabongdirectstrafficwearingacostumewhereheappearstorideaT-rexdinosauroutsideaschoolinNakhonNayokonJune4,,whohasaround20differentoutfitsincludingMinnieMouseandabearforhistrafficdutyoutsidethekindergarten,saidhisprehistoricuniformisteachingkidsroadsafetyandconvincingparentstoobeytrafficlaws.(Photo/Agencies)ThaipolicesergeantTanitBussabongdirectstrafficwearingacostumewhereheappearstorideaT-rexdinosauroutsideaschoolinNakhonNayokonJune4,,whohasaround20differentoutfitsincludingMinnieMouseandabearforhistrafficdutyoutsidethekindergarten,saidhisprehistoricuniformisteachingkidsroadsafetyandconvincingparentstoobeytrafficlaws.(Photo/Agencies)ThaipolicesergeantTanitBussabongdirectstrafficwearingacostumewhereheappearstorideaT-rexdinosauroutsideaschoolinNakhonNayokonJune4,,whohasaround20differentoutfitsincludingMinnieMouseandabearforhistrafficdutyoutsidethekindergarten,saidhisprehistoricuniformisteachingkidsroadsafetyandconvincingparentstoobeytrafficlaws.(Photo/Agencies)ThaipolicesergeantTanitBussabongdirectstrafficwearingacostumewhereheappearstorideaT-rexdinosauroutsideaschoolinNakhonNayokonJune4,,whohasaround20differentoutfitsincludingMinnieMouseandabearforhistrafficdutyoutsidethekindergarten,saidhisprehistoricuniformisteachingkidsroadsafetyandconvincingparentstoobeytrafficlaws.(Photo/Agencies)AerialphototakenonJune1,2018showstheQingdaoJiaozhouBayBridgeinQingdao,eastChinauangdaodistrict.(Xinhua/GuoXulei)AerialphototakenonJune1,2018showstheQingdaoJiaozhouBayBridgeinQingdao,eastChinauangdaodistrict.(Xinhua/GuoXulei)AerialphototakenonJune1,2018showstheQingdaoJiaozhouBayBridgeinQingdao,eastChinauangdaodistrict.(Xinhua/GuoXulei)AerialphototakenonJune1,2018showstheQingdaoJiaozhouBayBridgeinQingdao,eastChinauangdaodistrict.(Xinhua/GuoXulei)AerialphototakenonJune1,2018showstheQingdaoJiaozhouBayBridgeinQingdao,eastChinauangdaodistrict.(Xinhua/GuoXulei)

ContestantsperformintheChinaBodybuildingChampionshipsinTianjin,June7,,thechampions(Photo:ChinaNewsService/TongYu)ContestantsperformintheChinaBodybuildingChampionshipsinTianjin,June7,,thechampions(Photo:ChinaNewsService/TongYu)ContestantsperformintheChinaBodybuildingChampionshipsinTianjin,June7,,thechampions(Photo:ChinaNewsService/TongYu)ContestantsperformintheChinaBodybuildingChampionshipsinTianjin,June7,,thechampions(Photo:ChinaNewsService/TongYu)

  PublichealthworkerssprayinsecticideamidfearsofanewcholeraoutbreakinSanaa,Yemen,June7,’srainyseasonwilllikelytriggeranotherwaveofcholera,puttingmillionsatriskinthewar-torncountry,whichisstillreelingfromoneoftheworld’sworstoutbreaksofthekillerdisease,scientistswarnedinMay.(Photo/Agencies)PublichealthworkerssprayinsecticideamidfearsofanewcholeraoutbreakinSanaa,Yemen,June7,’srainyseasonwilllikelytriggeranotherwaveofcholera,puttingmillionsatriskinthewar-torncountry,whichisstillreelingfromoneoftheworld’sworstoutbreaksofthekillerdisease,scientistswarnedinMay.(Photo/Agencies)PublichealthworkerssprayinsecticideamidfearsofanewcholeraoutbreakinSanaa,Yemen,June7,’srainyseasonwilllikelytriggeranotherwaveofcholera,puttingmillionsatriskinthewar-torncountry,whichisstillreelingfromoneoftheworld’sworstoutbreaksofthekillerdisease,scientistswarnedinMay.(Photo/Agencies)

  FormerprofessionalfootballstarDavidBeckhamplayscuju,knownastheoriginofmodernfootball,attheBengbuAncientBuildingsExpoParkaheadofthe2018G-EXPOGlobalTopSummitinBengbuCity,EastChina’sAnhuiProvince,June6,2018.(Photo:ChinaNewsService/ZhongXin)FormerprofessionalfootballstarDavidBeckhamplayscuju,knownastheoriginofmodernfootball,attheBengbuAncientBuildingsExpoParkaheadofthe2018G-EXPOGlobalTopSummitinBengbuCity,EastChina’sAnhuiProvince,June6,2018.(Photo:ChinaNewsService/ZhongXin)  《通知》明确,各地在实施养老保险中央调剂基金制度之前累计结余原则上都留存地方,用于本地区养老保险基金余缺的调剂。

  TheMatryoshkaPiazzainManchuria,NorthChinasInnerMongoliaautonomousregion,June5,2018.()A30-meter-tallmatryoshkadoll,deemedthelargestofitskindworldwide,hasbecomeamajorattractioninManchuria,China,anditissurroundedby30exquisiteEastereggtryosh,NorthChinasInnerMongoliaautonomousregion,June5,2018.()TheMatryoshkaPiazzainManchuria,NorthChinasInnerMongoliaautonomousregion,June5,2018.()TheMatryoshkaPiazzainManchuria,NorthChinasInnerMongoliaautonomousregion,June5,2018.()TheMatryoshkaPiazzainManchuria,NorthChinasInnerMongoliaautonomousregion,June5,2018.()TheMatryoshkaPiazzainManchuria,NorthChinasInnerMongoliaautonomousregion,June5,2018.()

  规范校内教育秩序的同时,一些地方探索通过校内体制创新引导校外培训机构发展。AwomanisseenatGhandrukvillageofKaskidistrictinNepal,June6,2018.(Xinhua/SunilSharma)MulescarryingemptygascylindersproceedtowardsGhandrukvillagefromChhomrongvillageofKaskidistrictinNepal,June6,2018.(Xinhua/SunilSharma)PeoplecarryironnetsusedforconstructionatChhomrongvillageofKaskidistrictinNepal,June6,2018.(Xinhua/SunilSharma)AmanworksinthefieldatChhomrongvillageofKaskidistrictinNepal,June6,2018.(Xinhua/SunilSharma)LocalscutthehairofsheepatChhomrongvillageofKaskidistrictinNepal,June6,2018.(Xinhua/SunilSharma)

  BrocadepaintingTheDrunkenBeautydisplayedattheParisChinaCulturalCenteronJune5,2018.()ExhibitionReconstruction:TechniquesandDesignofChineseSilkopenCultureDepartment,andorganizedbytheChinaNationalSilkMuseum,theexhibitionisanotherhighlightoftheChineseCultureandTourismMinistrysinternationalprogramofChinaWeek:InheritanceandInnovat,thenewexhibitionpresentsthetechniquesandcharmoftheancientChinesesilkthroughfoursub-themes:Broderie,Impression,Tissage,andTeinture,thatis,embroidery,printing,nJune5,2018.()ZhouWei,theevent’scuratorandassistanttothedirectoroftheChinaNationalSilkMuseum,saidtheexhibitioninfusednewdesignswithtraditionalcraftsman,thecenteralsoheldapubliclectureon"ReconstructionofChineseSilksDesignMaterials"onJune4,andanindustrialexchangemeetingthemed"Reconstruction:TechniquesandDesignofSilk"()Theindustryexchangemeetingon"Reconstruction:TechniquesandDesignofSilk"isheldattheParisChinaCulturalCenteronJune5,2018.()TheexhibitionhallofTeinture.()AmodelshowsasilkflowerdressattheParisChinaCulturalCenteronJune5,2018.()AmodelsshowsasilkdressattheParisChinaCulturalCenteronJune5,2018.()AmodelshowssilkscarvesandhandbagsattheParisChinaCulturalCenteronJune5,2018.()VisitorslookatanembroidereddressattheParisChinaCulturalCenteronJune5,2018.()

  AteacherteachesstudentsbasicperformingactionsofChinesedramaataprimaryschoolinNeiqiuCounty,northChinasHebeiProvince,June8,ritingtraditionalChineseculture.(Xinhua/ZhuXudong)AteacherteachesstudentsbasicperformingactionsofChinesedramaataprimaryschoolinNeiqiuCounty,northChinasHebeiProvince,June8,ritingtraditionalChineseculture.(Xinhua/ZhuXudong)StudentspracticebasicperformingactionsofChinesedramaataprimaryschoolinNeiqiuCounty,northChinasHebeiProvince,June8,ritingtraditionalChineseculture.(Xinhua/ZhuXudong)StudentspracticebasicperformingactionsofChinesedramaataprimaryschoolinNeiqiuCounty,northChinasHebeiProvince,June8,ritingtraditionalChineseculture.(Xinhua/ZhuXudong)AteacherteachesstudentsbasicperformingactionsofChinesedramaataprimaryschoolinNeiqiuCounty,northChinasHebeiProvince,June8,ritingtraditionalChineseculture.(Xinhua/ZhuXudong)

  各地从本省的养老保险基金中上解的中央调剂基金中央一分不留,按照统一的核算办法全部拨付给各地,纳入到各地养老保险基金中,用于确保基本养老金发放。ThaipolicesergeantTanitBussabongdirectstrafficwearingacostumewhereheappearstorideaT-rexdinosauroutsideaschoolinNakhonNayokonJune4,,whohasaround20differentoutfitsincludingMinnieMouseandabearforhistrafficdutyoutsidethekindergarten,saidhisprehistoricuniformisteachingkidsroadsafetyandconvincingparentstoobeytrafficlaws.(Photo/Agencies)ThaipolicesergeantTanitBussabongdirectstrafficwearingacostumewhereheappearstorideaT-rexdinosauroutsideaschoolinNakhonNayokonJune4,,whohasaround20differentoutfitsincludingMinnieMouseandabearforhistrafficdutyoutsidethekindergarten,saidhisprehistoricuniformisteachingkidsroadsafetyandconvincingparentstoobeytrafficlaws.(Photo/Agencies)ThaipolicesergeantTanitBussabongdirectstrafficwearingacostumewhereheappearstorideaT-rexdinosauroutsideaschoolinNakhonNayokonJune4,,whohasaround20differentoutfitsincludingMinnieMouseandabearforhistrafficdutyoutsidethekindergarten,saidhisprehistoricuniformisteachingkidsroadsafetyandconvincingparentstoobeytrafficlaws.(Photo/Agencies)ThaipolicesergeantTanitBussabongdirectstrafficwearingacostumewhereheappearstorideaT-rexdinosauroutsideaschoolinNakhonNayokonJune4,,whohasaround20differentoutfitsincludingMinnieMouseandabearforhistrafficdutyoutsidethekindergarten,saidhisprehistoricuniformisteachingkidsroadsafetyandconvincingparentstoobeytrafficlaws.(Photo/Agencies)

  

  西安市人民代表大会常务委员会公告[十五届]第61..

 
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交易所交易基金在国内发展的思考

2019-05-23 14:41:08责任编辑: 孙吉正来源: 百灵信息网点击: 次
CraftswomanLiWenlingshowsherpaper-cuttingworksatthemediacenterforthe18thShanghaiCooperationOrganization(SCO)SummitinQingdao,eastChinasShandongProvince,June6,2018.(Xinhua/LiZiheng)PhototakenonJune6,2018showsafolkmusicperformanceatthemediacenterforthe18thShanghaiCooperationOrganization(SCO)SummitinQingdao,eastChinasShandongProvince.(Xinhua/GuoXulei)PhototakenonJune6,2018showsateaartshowatthemediacenterforthe18thShanghaiCooperationOrganization(SCO)SummitinQingdao,eastChinasShandongProvince.(Xinhua/LiZiheng)CraftsmanMuXujianshowsdoughsculpturemakingtojournalistsatthemediacenterforthe18thShanghaiCooperationOrganization(SCO)SummitinQingdao,eastChinasShandongProvince,June6,2018.(Xinhua/GuoXulei)CraftsmanMuXujianmakesdoughsculpturesatthemediacenterforthe18thShanghaiCooperationOrganization(SCO)SummitinQingdao,eastChinasShandongProvince,June6,2018.(Xinhua/LiZiheng)

   交易型开放式指数基金,通常又被称为交易所交易基金(Exchange Traded Funds,以下简称“ETF”),是一种在交易所上市交易的、基金份额可变的一种开放式基金。

  ETF特点

  一是分散投资并降低投资风险。被动式投资组合通常较一般的主动式投资组合包含较多的标的数量,标的数量的增加可减少单一标的波动对整体投资组合的影响,同时借由不同标的对市场风险的不同影响,得以降低投资组合的波动。

  二是交易成本低廉。指数化投资往往具有低管理费及低交易成本的特性。相对于其他基金而言,指数投资不以跑赢指数为目的,经理人只会根据指数成分变化来调整投资组合,不需支付投资研究分析费用,因此可收取较低的管理费用;另一方面,指数投资倾向于长期持有购买的证券,而区别于主动式管理因积极买卖形成高周转率而必须支付较高的交易成本,指数投资不主动调整投资组合,周转率低,交易成本自然降低。

  三是高透明性。ETF 采用被动式管理,完全复制指数的成分股作为基金投资组合及投资报酬率,基金持股相当透明,投资人较易明了投资组合特性并完全掌握投资组合状况,做出适当的预期。加上盘中每 15 秒更新指数值及估计基金净值供投资人参考,让投资人能随时掌握其价格变动,并随时以贴近基金净值的价格买卖。无论是封闭式基金还是开放式基金,都无法提供ETF交易的便利性与透明性。

  四是增加市场避险工具。由于 ETF 商品在概念上可以看作一档指数现货,配合ETF本身多空皆可操作的商品特性,若机构投资者手上有股票,但看坏股市表现的话,就可以利用融券方式卖出ETF来做反向操作,以减少手上现货损失的金额。对整体市场而言,ETF的诞生使得金融投资渠道更加多样化,也增加了市场的做空通道。例如,过去机构投资者在操作基金时,只能通过减少仓位来避险,期货推出后虽然增加做空通道,但投资者使用期货做长期避险工具时,还须面临每月结仓、交易成本和价差问题,使用ETF作为避险工具,不但能降低股票仓位风险,也无须在现货市场卖股票,从而为投资者提供了更多样化的选择。

  ETF在全球的发展:大型机构配置资产的重要工具

  美国股票交易所1993年推出了第一只真正意义上跟踪S&;;P500指数的ETF—SP-DR,至今仍是世界上规模最大、最受欢迎的ETF,截至今年1月底市值规模约合1.14万亿元人民币。2000年之后全球 ETF进入快速发展期。截至2015年12月底,全球ETF超过5400只,市值规模超过4.4万亿美元。近十年市值规模复合增长率超过30%,是全球金融市场上增长最快的产品。

  MSCI(明晟)、FTSE(富时)等全球大型指数公司的主要产品都是以ETF形式存在的,ETF是国际金融市场上的共同基金、对冲基金等金融机构配置资产的基础工具。通过ETF衍生出的金融衍生品数量众多,已经成为金融市场不可或缺的投资标的。

  ETF在我国的发展与现状:基础投资工具地位凸显

  2005 年,A股首支ETF(上证50ETTF)开始上市交易,截止 2019-05-23,国内合计上市ETF产品136支,规模超过5000亿人民币。ETF 在国内的参与市场主体为社保、险资、公募基金、私募基金和其他机构投资者;投资标的从上证50、上证180、沪深300和中证500等核心宽基指数拓展到了各类行业指数以及黄金、国债和美股、港股等其他领域,极大的丰富了场内投资品种,作为基础工具的地位越发重要。

  近期ETF市场萎缩原因及对我国资本市场影响

  从 2015年下半年开始,我国 ETF市场呈现萎靡状态,主要体现在核心品种的成交额巨减,新品推出节奏缓慢,个别品种由于规模减少而导致清盘。分析原因主要有以下三点。

  首先,2015年市场大幅振动,受监管部门政策影响,ETF 市场中的套利资金大量退出,很少参与ETF的申购赎回,造成成交量大幅萎缩,这也导致 ETF 的市场流动性急剧减小。

  其次,套利资金的退出导致机构投资者买进或卖出ETF时发生流动性不足问题,ETF 拥有的流动性充裕的优势丧失,导致机构投资者转向投资其他类型的指数基金。

  再次,受监管政策影响,公募基金发行 ETF 的积极性下降,转而发行其他类型的指数基金,如LOF。

  综上原因,ETF市场萎缩最主要原因是监管政策对原有的市场生态产生了影响,导致市场参与各方的参与积极性不高,造成生态体系运转不畅通。

  作为基础类的投资工具,我国ETF市场的萎靡对构建健康良性的资本市场有一定的不利影响。

  首先,作为低风险、高流动性和透明度较高的指数类产品,ETF是我国资本市场重要的基础类投资工具。国家耗费心力打造了十年的ETF市场面临生存危机,持续的萎缩会导致恶性循环,进而影响到了资本市场尤其是二级市场基础性投资工具的完善工作。

  其次,各类投资者丧失了成本低廉,进出方便的指数化工具,导致原有参与者被迫去买卖其他类型的指数工具,而其他类型的工具的成本高,进出效率低。本质上增加了二级市场的运行成本,产生了所谓的“劣币驱逐良币”效应,不利于证券市场的发展。

  再次,国内ETF市场萎靡的同时,国外各类交易所发行的盯住国内指数的ETF数量增加,变相损伤了我国证券交易所的全球竞争力。

  最后,作为全球公认的最优质被动投资基础工具,持续萎靡会拉大国内证券市场与国外的差距,不利于我国资本市场的基石构建和良性发展。

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