中信建投睿利灵活配置混合型发起式证券投资基金招募说明书(更新)2020年12月查看PDF公告

 
 
 
 
 
 
中信建投基金管理有限公司 
 
 
中信建投基金管理有限公司
 
投 
 
2020中 12信 
 
 
 
 
中信建投基金管理有限中信建投公司
 
中信建基金管公司
 
 
 
中信建投基金管理有限公司
投















































 
 1
中信建投 
 
中信建投基金管理有限公司
投
 !"#$%&'()*+,-./$%中信建投基金管理有限公司

投&'#0123456201671962 89&':;+,2016
< 8= 29 :>司?/ 2016< 12= 7:@AB> 
CDEFG!HIJ#KLMNO$POQR>G!HIJS中
T3U&'9V中T3UW!"#&'9XYZI[W#\]
^_`abNcdefgF9hYZI投/ijkl>中T3UY
W#投\]mnopqrabNcdefgsF> 
CDEtuvwxyOzN信{O|}~#??CD^?{??9
VYF???金9hYF??_`??\?5?5?9?YF
???jE?????[?投> 
投/no9?]U?+no??r???A??9投
s????j#????_`9??￠￡¤￥#投kl>投
中#kl|§,?R¨?aOS?O?Ur-???Wno\??Aˉ°
±23#′μdkl9?·?j#1′μdkl9o/???jE??
?????A#à?dkl9CDEáCDN???中?A#CD
kl9#??klr>?
#投??|§èéê9?投/èéê9á￠￡?Kì
ní??D投#??klò9ó?￠￡èéê#?jkl>?
+管理有限公司
9?;kl^?;_`?/×
^?ù
no9V?/?D
9ú/投中#中??;kl^中??;
_`??>èá?ü?有限kl9j5??YS?T;Ono-?gC
DEWno??#S?T;^?àT;#efYár??#ˉ°9a?#?
ü?有限?????èéê?9ì投í司#?B?ekl>?
+9á!"?9CDE?{[?jòó??
#?Y?/?÷÷÷?ù9??#???j;úY?/?<>CD
E??#???j;úü?














































 
 2
?j9??9CDEj5?????#??>?ò9司?AB?
:??
投jkl9投Eá投p￥?M??G!HIJO司?O
???ēēr信???()9??t?kl￠???9těef#投
\]9těěb投??9t?￠￡投kl> 
#??à?XY??[?eZ?>CDECD#[?#à?X
Y?3?à?Z?#F> 
CDE??投E投#?st???9á投Eab投?
?y9??īāó?]īé??#投kl9o投Et???> 
??#G!HIJ??KL??:+ 2020< 12= 11:9j.????
^?]??:+ 2020< 9= 30:?????S??>éCE中T?
?????jú??1?????#G!HIJ> 
中信建投基金管理有限公司
投















































 
 3
中





信 
中信建投........................................................................................................................................... 1 
基金管理


有限 ............................................................................................................................... 4 
基公管理


司
 ............................................................................................................................... 5 
基管理


 ................................................................................................................. 10 
基管理


 ................................................................................................................. 19 
基管理


 ............................................................................................................. 24 
基管理





................................................................................................................. 40 
基!管理


"#$% ......................................................................................................... 41 
基&管理


'()*+,- ............................................................................................. 42 
基.管理


/0 ................................................................................................................. 52 
基1管理


23 ................................................................................................................. 63 
基1金管理


45 ............................................................................................................. 66 
基1公管理


0567 ......................................................................................................... 67 
基1管理


89+理: ................................................................................................. 72 
基1管理


;<+=8 ..................................................................................................... 74 
基1管理


>?+@? ................................................................................................. 77 
基1管理


ABCD ..................................................................................................... 78 
基1!管理


EFG投 ................................................................................................................. 85 
基1&管理


"#HIJKL+45MN ......................................................... 90 
基1.管理


"#OPQ信 ................................................................................................. 92 
基公1管理


RSOPQ信 ................................................................................... 108 
基公1金管理 T'(UV ................................................................................. 128 
基公1公管理 WXYCDZ[ ................................................................................................. 130 
基公1管理 \]^_`abcdef ............................................................................. 132 
基公1管理 gchi ............................................................................................................. 133 
中信建投基金管理有限公司
投















































 
 4
基金管理


有限 
 
-中信建投基金管理有限公司
投G!HIJ2
G!HIJgG!HIJt?-中?E??^T投?2O
-??!"投?aCD??2O-投??CD??2O-??
!"投信???CD??2O-??!"??投à?dk
lCD??2-à?dklCD??2rj.?ńO??m-中信
建投基金管理有限公司
投司?2司
???>?
G!HIJ#KL?ň中信建投基金管理有限公司
投
#投??O投D?O投?ōOklm??O
?^??#?ōm??ró投j.#?j¤.??9投sáěb投
??p￥????G!HIJ9X&?CDEWG!HIJ??#?
?信?>?
CDE￠?G!HIJYèá??????O?ad??gs???
?9XW[MNdO$PdOQRd￠￡?ń??>?
???G!HIJ??I#? !"#>CDEij?é
g????[?E???áG!HIJ中?I#信?9gWG!HIJa?
???gsHI>?
G!HIJ??#司???9XS中T3U&'>司?
???司???E???金O??#?ń()>投Ett司??
ū??9ū3+???jE^司???E9[?j??#?+
?ūZI[W司?#￠?^??9X?u-?2O司?m[?j
.???j?金O￠￡??>投E??????jE#?金^??9
￥????司?> 
中信建投基金管理有限公司
投















































 
 5
基公管理


司
 
 
áG!HIJ中9?1(??j??9???g?j???, 
1Og,?中信建投基金管理有限公司
投 
2OCDE,?中信建投CDjú?? 
3OéCE,?中T??????jú??












4O司?,?-中信建投基金管理有限公司
投
司?2mW司?#??jB??^?? 
5OéC??,?CDEóéCE????-中信建投基金
管理有限公司
投éC??2mW?éC??#??jB??
^?? 
6OG!HIJgG!HIJ,?-中信建投基金管理有限公司

投G!HIJ2m[?? 
7O???ēē,?-中信建投基金管理有限公司
投
???ēē2m[?? 
8O?????,?-中信建投基金管理有限公司
投
?????2 
9O?ń??,?中T??jBX??N?#?ńO????O??d()O
????O????m[?W司???Ej???#??O??O??r 
10O-?2,? 2003< 10= 28:S????TE??Z?U????
U???U???9S 2012< 12= 28:?????TE??Z?U????
U????U???9t 2013< 6= 1:N?9XS 2015< 4= 24:??
???TE??Z?U????U????U?-?TE??Z?U????U
./??<中?E??^T???>r???ń#??2??#-中?E??^
T投?2m???.W[Y?ěb#?? 
11O-????2,?中T3U 2020< 8= 28:??O?< 10= 1:N
?#-??!"投????3?CD??2m???.W[Y?ěb
#?? 
12O-信?????2,?中T3U 2019 < 7 = 26 :??O?< 9 = 1
中信建投基金管理有限公司
投















































 
 6
:N?#9XS 2020< 3= 20:中T3U-./????;???#?
?2?@#-??!"投信???CD??2m???.W[Y?ě
b#?? 
13O-?a??2,?中T3U 2014< 7= 7:??O?< 8= 8:N?
#-??!"投?aCD??2m???.W[Y?ěb#?? 
14O-à?dklCD??2,?中T3U 2017 < 8 = 31 :??O?<
10= 1:N?# -??!"??投à?dklCD??2m??
?.W[Y?ěb#?? 
15O中T3U,?中T3?CD??U 
16O??à3?CD??,?中TE???^/g中T??Fl3?CD?
?U 
17O司???E,??司???9??司??j?金X￠￡?
?#?ńě¨9|§CDEOéCE^???jE 
18O?E投s,?t?j.?ń????5投/投#t?E 
19O??投s,?t?5投投#Oá中?E??^T?K
司???Xè?gSj.????0$??Xè?#?à?EO?à?EO?U
?¨g[?í? 
20O司??ò??投s,??司-司??ò??投s?K投CD
??2m¤.?ń????5投/á中T?Kt?!"#投#中
T?ò#??投s 
21O投E,??E投sO??投sO司??ò??投sO
???m?ń??g中T3U?4??投#[?投E#司 
22O???jE,?t司?^G!HIJ司??ū??#投
E 
23O??à?,?CDEg????????9???9
?D??#?O??O??O?éCm?;??投rà? 
24O????,?中信建投CDjú??m?司-????2^中T
3U??#[??)9?ū??à??XóCDE?????
????9?D??à?#?? 
中信建投基金管理有限公司
投















































 
 7
25O??à?,???OèCO??O??^??à?9?¨KL|§
投E??#建?^CDO????O??à?#P?O??^?
?O?D??金O建?XFC???jE*'^?D1í???r 
26O????,??D??à?#??>#????+中信建投C
Djú??g??中信建投CDjú???é?+?D??à?#?? 
27O??,?????+投E??#O??[?j#OCDE?
CD#????m[ī?āā#?? 
28Oí???,?????+投E??#O??投E??????
??D??O?O??O??O?éCm?;??投rà?±?#?
?ī?m??āā#?? 
29O司?AB:,?!"?Y?ń????m司???#?)9
CDE?中T3U?D????Q?9X?ū中T3UJ?P?#
:; 
30O司?AB?:?














































 
 8
DE^投E???y 
40O??,?á!";K9投E??司?^G!HIJ#??
 ????#?+ 
41O?,?司?ABy9投E??司?^G!HIJ#??
 ????#?+ 
42O??,?司?ABy9???jE?司?^G!HIJ?
?#?)ē??????+?#?+ 
43O??,????jE?u司?^CDE??jB??
??#?)9 ?[?jCDECD#O??#????+
CDECD#[???#?+ 
44O?éC,????jEá#Y???????N?#ī??
???????#ǎa 
45O?;??投?ǎ,?投E??j.?????b 9??ǐ;
?:O??mǐǒ?9o????/ǐ;???:á投E???
?Kt?Q3ǐǒm?D? #?ǒ投? 
46Oǔ???,?ǔ???:9??? (?? ??ǖ?
ǖì??中?b ??ǖ?yǐ?? ??ǖ?m??中?ǘ
 ??ǖ?y#??)??ì???:ǖ??# 10% 
47Où,?E?ùù 
48O_`,?投?ū?金O??O×金?O?ǘ\ǚO?
?èǒ金?OǚN?#[?司?_ǘm??{???e#3^?{#ǜ? 
49O?ǖ],?ǜj#?üj\O??èǒ?O￥_
?ǒm[??#\]ǖ^ 
50O??],??ǖ]???×y#\] 
51O???],???:??]???:??ǖ? 
52O??],??????^?×#\]9P???
]^???]#?? 
53O,??司-?a??2^ 中T3U??#¤.?)±!"O
?a9oCDEOCDE??OCDE??CDE?gSD?
中信建投基金管理有限公司
投















































 
 9
CDE??中t??jSD?s9|§VYú/#SDO
SD?ò#??投?E?r9?rE?￠??????X?j??;
ú#投 
54O,?{/???e?/CDE#??O
CDE?jOCDE??CDE?gSDrE?#>
??#?Y?/ 1000?ù9???#???j;úY
?/?< 
55O???,????￠???#
???j;úY?/?<#CDE#??OCDEOCDE??
CDE?gSDrE? 
56O??#ü·,?????O?????r_??#Y?9
????+Y?#ü· 
57OAü??,?á投s??_???{±Y?ü·?
中???????9á??????j;ú_????{#??ü· 
58OCü??,??ü·?中???????±á投s?
?Y_???{9á??????j;ú_????{#??ü· 
59Oà?d?ú?,?o/?ń??O3CO司?gǎa??r????
司D\?%ī?#?9|§VYú/Y;:á 10 ?í?:ì#???
ó???;èǒ?????j?)?p??#??èǒO???DOà??
ú#??m1????DO???O??E×?????????g
í?#×r 
60O????,??司中T3U???)#{??信???#?Td?
?m-信?????2??#?????|§CDE??OéCE?
?O中T3U??????r?? 
61OY5??,?司???EY???OY????Y???#???
) 
中信建投基金管理有限公司
投















































 
 10
基管理






 
?OCDEā 
*,中信建投CDjú?? 
??,??n??????????? 38? 1? 
????,??n??????K?? 2 8??中? B ? 17O19 ? 
????,100010 
???ZE,?=~ 
??:;,2013< 9= 9: 
0$???.m0$??(8,中T3U34562013711088 
í?2,jú???? 
è?;ú,??è? 
&',30000?ùE?ù 
?′E,????
??,÷?÷????÷÷????
????,中信建投??jú??????O??????jú????
????O????????jú????÷?> 
?OěēE?āā?
1O??U3??
?=~9?9??????中信??jú??í??ǖSDO??CD
jú??ǖSD9??中信建投??jú??????O??U??O??
ǖSD9??中信建投CDjú????J?O???>?
?9?9?????????????SC??SDO中信建投????
?ǖSDO中信建投?????中??à??à?SDO中信建投??
jú???????中??à??à?SD9??中信建投CDjú???
??J?O????OǖSD>?
??9?9????














































 
 11 
??U???à9????A??>??中T??ǖ??????ě???O
中?投??Tɑ??投jú???????????ě??aO中?投"
?????ěCě??aO中T??Tɑ????jú??ó投
?ǖSD???????ě?rx>?÷???
T??9?9?????????????ǖɡ"??????ě?9?????
????ǖɡ"?????ě?>?
??9?9???????T????????????SDO中信建投??j
ú???CD?ǖ3O中信建投CDjú??ǖSDr9??中信建投
CDjú?????ǖSDOx???O??ù?信CD??jú?
?????>?
???9?9??????中??S????O??O???O??r9??中T?
U???S???????O中信建投CDjú??????9??T??
U????í??O中T??y????í??O?T??*????
?U??OS???*?????U?ě?>?
??9?9???÷??中T?à??S?CD???′??O中T?à?????
??中????J?O?????????O中信建投CDjú?????
?>?
???9?9????????nWòS?ń????ń?O?
?n?^ń??????司?E?ń?O?????^ń????司?E?ń?9
??nE???U??????9?+中信建投CDjú??????>?
??9?9????














































 
 12
中TU??U??CD?UD?9ǘ???T?ò???E??>?????
中TE???U????9??T???????????????????????????s9
中T&'U??9????TU???E???ü9??nè?E???
?W?9á?à??ě?T?????O???????9Z?ü
?????;?O????(^???(??>?+???à??jú??????O
???é???jú??????O???z????????jú????
??O中???????jú??????m中信建投CDjú?????
?>?
2O3?U3??
??9?9??????x/中TE??????JO中Tno????中????O?
?U?????&'U??O??à?ěCr9??中信建投??jú
????k??OklCD?????EO??ǖSDO中信建投CDjú
??3?Uě?>?
??9?9?????÷÷????????
?jú????klCDó?ń????O中信建投CDjú??3?>?
T?9?9?????????????ǖɡ"??投中?投?à???ě?O中信
建投CDjú??3?>?
??9?9??????x/中信建投??jú??×￠??O×?
?í??Ono?9??中信建投CDjú??ǖSD?DO???
CD???Er9??ù?信CD??jú??ǖSDO中信建投
CDjú??x?3?>?
??9?9????
??x/?????????à??????O????jú??í?
???O中信建投??jú??í????O中信建投??jú??ǖ
中信建投基金管理有限公司
投















































 
 13
????9??中信建投CDjú??ǖSD?DO中信建投CDjú
??x?3?>?
?F?9?9????< ?=A9中TT?9中???9中???????
?>??中?Tɑjú???????à???SDOT??jú?
???í&'??U?OT?{CDjú???????&'?
?U?9??中信建投CDjú??????O??CD?????EO中
信建投CDjú??x?3?>?
3O??CDE??
?=~?A9???????9??ì> 
??A9????????OǖSD9??ì> 
???A9???????ǖSDOx???9??ì> 






???A9???????中??????>?????????ˇ
?)?àjú????????ō?O????????ˉ??SDOˊ
?CDjú??信????ǖ3O?3CDjú??信????ǖ3O
中信建投CDjú??ǖSD?Dr9??中信建投CDjú???ǖ
SD9??中信建投CDjú????信?ˋOù?信CD??j
ú????3?> 






????A9ǖ??Y????????????A??>??中?;?j
ú?????O? ????jú?????O中T3?CD??U??
3C?ě???O?????CDjú??司???r9??中信建投C
Djú??????O??J?O???> 
?OSD?
T??A9????S????>??????jú?????O?
??jú?????OT??jú??m[ú?????O中
信建投CDjú??投??????9??中信建投CDjú??投
???D投?SD>?
?O投????U3??
??A9??ì>?
????A ????^˙?????????>????CD??jú
中信建投基金管理有限公司
投















































 
 14
??SD9??中信建投CDjú??投?????E>?
???A ??? T????????>????ō^???jú??ǖS
D?DO中z信Tɑ信{??jú???????OG???jú????
?O中信建投??jú????_`????ǖ?9??中信建投CD
jú??投???_投???E>?
T??A9??ì>?
4??A9中??S??μ????>??中T??"???投ě?O中
信????jú????_`投SD9??中信建投CDjú??投?
??_投?SD>?
?Oì?E????Yèá??ú.′>?
?OCDE#x??
1t?!"9?Dgs?éS中T3U??#[????+?D
??#?O?O??^????? 
2?D????? 
3t-司?2AB?:9zN信{O|}~#??CD^?
{??? 
4有?á?#?j?à?#E???投??O??9?àé
#S??CD^?a??? 
5建???K?kl??O3?ó??O??CDmE?CDr??9
F?CD#??^CDE#??¤???9W?CD#Y??·
CD9?·??9??投? 
6?t?-?2O-司?2m[?j.??ò9Yū金{?
?+t?m????E??金`9Yū?é??E?a??? 
7t???éCE#3?? 
8????司D#?????????O?O??^&?\?#
???司-司?2r?ń()#??9?j.????X???]信?9
P????O??#\?? 
9??U???X????U???? 
10??????O中;??^














































 
 15
????? 
12Fy?à??9Y??投?ǎO投??r>?-?2O
-司?2m[?j.???j??ò9á信?????p￥%F?9Y
??E??? 
13?-司?2#??P?_`?有??9m?????j
E?有_`? 
14????D?ó?? 9m?Oá?????ǒ?? 
15t?-?2O-司?2m[?j.???"???jE?
Ug有司éCEO???jEt??"???jE?U? 
16???Fè??CDà?理?#U??'O?ZO??^[?¤
.? 15<ì? 
17PF?ē?投s??#??()g?á????b9X?
F投s???u-司?2??#??^?9????Yój.#
???9Xá??司D3#?)ūYj.?#1?)? 
18í?Xòǖ?????í9òó??#FCO?DO?\O
ī?^?有? 
19????Ot????gs?t??????9m???中T3U
X??éCE? 
20???-司?2a???#??g?????jE司?
?`?9￥?￠￡????9[????Y?[??±??? 
213?éCE??ń??^-司?2????t?#??9
éCE??-司?2?3?????9CDE￥+???j
E金`?éCE??? 
22?CDE?[???é????D?9￥?W????Dj.
??#?+￠￡??? 
23CDE*?9?Z???jE金`?????金gN?[
??ń?+?



24CDEá!";????Y#???)9-司?2Y?
AB9CDE￠￡??!"?{9?ǚ!"Xǖ????;理;èǒ金
中信建投基金管理有限公司
投















































 
 16
?á!";??y 30:K?ó??E? 
25??AB#???jE?U#??? 
26建?XFè???jE*'? 
27?ń??m中T3U??#^-司?2??#[???> 
?OCDE￠??
1OCDE￠?Y????-中?E??^T?2O-?2O-?
???2O-?a??2O-信?????2r?ń??#?+9X￠?建???K
?????9??jB??9?????+#A> 
2OCDE#???+, 
1?CDE?j??gs?E??公?/????投? 
2Y???W???CD#Y???? 
3金{??gx???+???jEò#??E??金`? 
4????jE??￠?_`gs￠￡??? 
5??O?{??? 
6???x??金??#???信?O金{?信???gsI?O??
?E??¤.#í?理?? 
7??xy9Y?u????x?? 
8?ńO????m中T3U????#[??+> 
3OCDE￠?ǖ?E?CD9?éxàǎy9??^?????yT
?j.?ń??m?à??9zN信{O~w?9Y??理?, 
1??g??S?? 
2???ń??O司?géC??? 
3???????jEg司?[???E#司??`? 
4á?中T3U??#?中??a?? 
5??O??O??g??ˉ°中T3Ut?3C? 
6??xyO?{x?9Y?u????x?? 
7??á?x;???#j.O#?à??O??t???#
投KLO投?ǎr信?9g???x??金??#???信?9金
{?信???gsI?O???E??¤.#í?理?? 
中信建投基金管理有限公司
投















































 
 17
8??O???ég[???2+[?í?g?E??í?? 
9??í??à???9金{W?O? ?r1???ǎ?no\?9
??no?ō? 
10????9??t?? 
11á??信???^??中???j??O?aO??3?? 
12Y@?????à??? 
13j??U??9??投E?2?? 
14[??ńO????m中T3U??#?+> 
4OSD￠? 
1tuj.?ń??^司?#??9?|}#??+???
jE????金`? 
2Yū金{x???+t?O??Eg????s??金`? 
3Y????jB#j.?ń??O司?^中T3U#j.??9
??á?x;???#j.O#?à??9? ?t???#投K
LO投?ǎr信?9g金{?信???gsI?O???E??¤.#í
?理?? 
4Y??????^???jE金`#í?m[?理?> 
?OCDE#K??????
K?????CDE+??^é?kl9FS??a?司CDE
??ǎ9á????Kò?-?#?ì9??建?í???O?{CD??O
N????ōó????±23#′μ>CDE?司t??¨āā9建??
??司DO????O???B#K???¨′9X?????Q?#K???
??> 
1OK????? 
1FCDES??a?yT??ń??^?à3C??9t?2
3y?S?O???a#S???^S?D?> 
2??^é?S?kl9??S?CDB`9PFS?à?#????
^?é?#??QR9N???O??O???> 
3PFCDE^??m[?信?#MNO$POm?OQR> 
中信建投基金管理有限公司
投















































 
 18
2OK????? 
1??d??>K??????ňCDE#??à?O????^
??E?9X??Y??O??O3?O??r??-ǜ> 
2jBd??>????#K?????^??9建?司D#K???
?ō9??K???#jB??> 
3??d??>CDE???O??^??x?F?¤W??9
?O?j??O[??#?a¤???> 
4¤?????>CDEK???^??#?限???IO¤??
?> 
53B`??>CDE?{??é#S?CD?????a39
??S?B`9司D#??3?Y??#K???B∥> 
3OK???KL 
CDE#K???ē?建?,Y¤Lx?¤??#??OQ?#???
??O??#??CD??OQR#信??F?′μO??#????OjB
#kl??′μ^???￥??r>CDE?yT?j.?ń??9??司
?司?d??O??d??O?}d??^??d??9???′μQ?#K?
????>K???#KL|§投CDà???O信?????O信???′
μ??OU?′μ??mK?????r> 
4OCDE./K??????IJ 
1CDE￠?ì./K?????#??MNO$P> 
2CDE￠???noīé^CDEà??YfQ?K??
???> 
中信建投基金管理有限公司
投















































 
 19
基管理


 
 
?OéCEāā 
?éCEēā 
*,中T??????jú?? 
&'??,??n???1??K?? 558 
3???,1984< 1= 1: 
???ZE, ??? 
&',E?ù 35,640,625.7089?ù 
?′??,010-66105799 
?′E,?I 
?ěēE?āā 
?? 2020< 6=9中T?????éC??j?? 212E9?? 
?éCà?S?āā 
a+中T??éC??#??s9中T????t 1998<áTK????
éC??e9?￠zN信{O~w?#??9t?????#klCD
^K???¨′O??#CD?O??#??′μ^?à#????9???
??éCEx?9+?Kò??投sO??CD??^?à?????
?O?BO?à#éC??9??è?#no2?^ˉ°?>建??TKéC?
?中???O?3?#???>ǜj|§投O信é?OFl?O
?UF?O??FlO?à<OQFII?OQDII?O??投
O??"司?CD?ǎO?????CD?ǎO?à??信
??éO???????CDOQDII???OESCROWr?ü
??#éC??¨′9??áTK?????B??OklCDr?]??95
+?ü?????dé#éC??>?? 2020< 6=9中T?????éC
投 1094?>t 2003<e9?????














































 
 20
??2r?Kò???S?¨??# 73 ???éC???????ū??
??#TKéC??9è?#???c?ūTKò???#???5^???
?> 
?OéCE#K??????
中T?????éC?t3?e9??à????9??F?á?
éC?à#è???>??3?#?ū9?ó?éC????à???9?
??K?建?#ě???Y?#>?éC?1?????^ǖ?K?klC
D?a9á??????éCà?#??9?ǖ?kl??^??#??9??
??K?(é9Q?kl????9?éà??????klCDa+?ē?a
eě>? 2005??ZI????
?W??éC??áklCDOK?????#??d^jBd#???5,h
I中T????éC??#kl????ǚSóTɑ?
éC????9?Y
Tɑ??ê?>?p9ISAE3402??ǚS3+ 
1OK?kl???? 
Fà??a???yT?j.?ń??^?à3C??9?é^建?y?
S?O???a#S???^S?k?923???a??éOCD??éO3
???é#K?¨′???^é?S?kl9FéC?#??QR????
jE#?`?F??éCà???OjBO????> 
2OK?kl??í??? 
中T?????éCà?K?kl??í???o中T??????3
???K?司??OK????O?éC?K?kl???m?éC?
?à?????í3>ǖ???3?????????klCD??9W?à?
??kl???a???aO3?>?éC?K??限??????3??a
#K?kl???9有??x??3?E?9áǖSD#???a9tuj.
?ń??9Wà?#????????3?x?>?à???á?tx???K
N??¨#kl????> 
3OK?kl???? 
1司?d??>K???￥??司T??ń??m3C??#3Cē?9
中信建投基金管理有限公司
投















































 
 21
X??/éCà?S?CD理?#??> 
2QRd??>éCà?#??S?CD理????j¤￥#???ō
^3????3???￥??YéCà?#???^??ǎa-ǜ9? ň?j#
??O??^E?> 
3m?d??>éCà?S?理???áA??$Pm??????
uK?è?#??9????g??à??ǒ?9??ěYǚ建?¤.#?
???> 
4?}d??>??à?S?理?????kl9?}S?9F
?^[??é?#??óQR> 
5jBd??>K???￥??T???O?ńmS?CD#?ē??
??Q?9XFūY???N??9Yūj????O?úmE?#?ò> 
6??d??>??????éCEx?#CD?????ǎaE?^
??E???¤W??9?????K???#??O?\??????/K?
??#??^????> 
4OK?kl????N? 
1??#????>?éCà?ó?μà?N?????9建??I
P#??x?O??#à?à?O??#ǎa?'O??#E??+??r?′
?????9X?????#???????9??PF???O-???O
E???Oà???^CD??O????> 
2????>ěC??aó????CD?a+??éCà???^?
ō#??s^CDs9ē????m???S?CDāā^?·āā9??
?éC?áN?K???????#??9X????āā?bK?????9
??x?CD????> 
3E???>?éC????N?????9建?t???O?
???O3?????????9???B??^????9??E+
#K?(é9????#???^???9??????^?????>X
?????;O??#à?óxà????O??￠?J9?????kl??
ó??D?> 
4S???>?éC??????ǎO????r?????ǒà?
中信建投基金管理有限公司
投















































 
 22
??理?O?D????9?±jB???^有限í??9?Y?金{^B
`??é?#> 
5K?klCD>?éC?????3?Okl??r?ǖ?K?
klCD9?;gY?;?Wà??aīā????O3?9?aà?????
kl?·O??9??XN?kl????9??kl??> 
6??????>????à?ǎa?¤W??O??^?Mǖ?O?
?????#????O3???#?{^F?r??eF?????> 
7￥?$?ó°￥>?éCà?建???#???1中?9???
/??O￥{OǎaO-?????#Q?#???1??9Xí????;?
?>+????ǖ??N?9?éC?Yf?????$9???#?u??
?????Y?á#????>????∥?9?éC?Q?j??á
A??#āā????K?1à?> 
5O?éC?K?kl??āā 
1?éC?K??限?x??3???9有??x??3?E?9á
ǖSD#???a9tuj.?ń??9?????N??3???9PF
?éCà???O????> 
2Q?í???9N???klCD>Q?#klCD¨′?ē?ì?
ǐ???#??òó9?j??9kl????^???U??OjB>?
éC?N???klCD9?kl?????NY?¨à???^à???9ǐ
???Wt???x???K#kl??9??建????E?O??????
#K?í???923Y???OY???¤???#í???> 
3建???????>?éC?????K???#建?9??Α?
?kl??^??#D?^???ǘ??x?O? ?建?^?aà?中>S??
<Β?9?éC?ǚS建???RΓK?kl????9|§,??x?Oà
?ǎaà?O??3???O信?????r9?ň?j??^??9????
à???923??à?-ǜ??#¤?????> 
4K?kl?????éC??a?Δ??9F?óà???r??>
?éCà???à????#中?à?9?éC??3??:??·?Ε
???a9???建???′μO?B#kl??^??¨′a+?a?Δ>?
中信建投基金管理有限公司
投















































 
 23
?no-?#īé^éCà?#???9???O?āāYfb?9?éC
????klCD?áóà???r?ē#?限9?kl??^??+éCà
?Aè^?#AΖ?> 
?OéCEWCDE?a??3?#??^?ō 
??-?2O司?OéC??^j.??#??9éCE
W#投??^投W?O投???O投???+Oòó
???×noO??]#??O???]??O￥_Y?O
?{??m_ǘP?O_`?有O¤.信???O????Η?中?
?à?Z???r??3?^??9[中W#投??#3?^??t
司?AB?yΘ?=??> 
éCE?CDE??-?2O司?OéC??gj.
?ń????#?+9￥m?J?2??CDEú;Ι@9CD
E_Y??y￥m??W9XJ?2WéCEb?ΚP?>áú;K9
éCEj???W??????1?9??CDE?@>CDEW
éCE??#??????áú;KΙ@#9éCE￥??中T3U>
éCE?CDEj?????+9￥?ū??中T3U9????
CDEú;Ι@> 
中信建投基金管理有限公司
投















































 
 24
基管理


 
 
?O????? 
1O???? 
1??中? 
*,中信建投CDjú?? 
??,??n??????????? 38? 1? 
???ZE,?=~ 
????,??n??????K?? 28??中? B? 19? 
?M,010-59100298 
?′E,Λˇˇ 
??????,4009-108-108 
??,www.cfund108.com 
2?ì?? 
????,www.cfund108.com 
2O[????? 
1中T??????jú?? 
??,??n???1??K?? 55 8 
????,??n???1??K?? 55 8 
???ZE,??? 
?′E,?Μ 
??????,95588 
??,www.icbc.com.cn 
2中信建投??jú?? 
??,??n?????? 668 48? 
????,??n????K?? 1888 
???ZE,??Ν 
?′E,?Ξ 
??????,95587O400-8888-108 
中信建投基金管理有限公司
投















































 
 25
??,www.csc108.com 
3ì?Ο??????jú?? 
??,ì?n中Π??? 128 
????,ì?n中Π??? 128 
???ZE,Ρ? 
?′E,?Σ 
??????,95528 
??,www.spdb.com.cn 
4ì?????jú?? 
??,ì?nΤ???Υ? 1908 28??? 
????,ì?nΤ??Φ??? 888??????Χ???ZE,[
N 
?′E,ΨΩ? 
??,www.1234567.com.cn 
??????,95021O400-1818-188 
5ì?????jú?? 
??,ì?nΟ??????-? 1333 8 14 ? 09 ǔù 
????,ì?to????????-? 13338 14? 09ǔù 
???ZE,??? 
?′E,?? 
??,www.lufunds.com 
??????,400-821-9031 
6??αβ??jú?? 
??,γ??αβn?α?????(??? 9698 3δ 5? 599? 
????,γ??αβn?α?????(??? 9698 3δ 5? 599? 
???ZE,εTI 
?′E,ζηΣ 
??,www.antfortune.com 
??????,95188 
中信建投基金管理有限公司
投















































 
 26
7γ??θ???jú?? 
??,γ??αβn(????8ùι?Χ 903 ? 
????,γ??αβn(????8ùι?Χ 903????ZE,κ? 
?′E,?λλ 
??,www.5ifund.com 
??????,952555 
8?μν??jú?? 
??,??n建ξ???中? 1028 708? 
????,??n建ξ???中? 1028 708? 
???ZE,??? 
?′E,οI 
??,www.dtfunds.com 
??????,400-928-2266 
9??πq??jú?? 
??,??n?ρ?中.??? 188 18? 11? B-1108 
????,??n?ρ?中.??? 188 18? 11? B-1108 
???ZE,?金σ?′E,τ? 
??,www.qianjing.com 
??????,400-893-6885 
10??υ????jú?? 
??,??n?ρ???φ建Η?中? 128 178?χ 157 
????,??n?β??ψS?????????? 188???"?
ǖ? A? 17? 
???ZE,??ω 
?′E,??? 
??,www.kenterui.jd.com 
??????,95118O400-098-8511 
11ì?金ū??jú?? 
??,ì?n?Π???? 5475 8 1033 ? 
中信建投基金管理有限公司
投















































 
 27
????,ì?n?????*? 10988Ο?Tɑ??o 53? 
???ZE,??? 
?′E,?? 
??,www.leadfund.com.cn 
??????,95733 
12中信??jú?? 
??,?????n?Υ?中??? 88?????o(?;)?? 
????,??n??????? 48 8中信?Χ 
???ZE,??? 
?′E,??? 
??,www.cs.ecitic.com 
??????,95548 
13中信;?jú?? 
??,??n?Υ?中??? 8 8?????o?;?? 13 ? 
1301-1305O14 ? 
????,??n?Υ?中??? 8 8?????o?;?? 13 ? 
1301-1305O14 ? 
???ZE,?? 
?′E,?? 
??,www.citicsf.com 
??????,400-990-8826 
14中信Π?jú???? 
??,Π??Ν?n?Π???? 222 8 1 8? 2001 
????,Π??Ν?nn?????? 288???o?? 5? 
???ZE,??? 
?′E,??= 
??????,95548 
??,http://sd.citics.com/ 
15???ì?信??jú?? 
中信建投基金管理有限公司
投















































 
 28
??,??n?????-?? 198? 701K 09? 
????,??n?????-?? 198? 701K 09? 
???ZE,??? 
?′E,?? 
??,www.igesafe.com 
??????,400-066-8586 
16????金??jú?? 
??,??nνqΠ????? 1138 3? 342 
????,??nνqΠ????? 1138 3? 342???ZE,??? 
?′E,?ˊ 
??,www.buyforyou.com.cn 
??????,400-188-5687 
17ì?????jú?? 
??,ì?n?????? 1968 268? 2? 418 
????,ì?nΟ???Ο??? 1118 8????Tɑ?Χ 903~906 
? 
???ZE,?(? 
?′E,Τ?? 
??????,400-700-9665 
??,www.howbuy.com 
18??中;????jú?? 
??,??n???建T?ò??? 148 1δ 11? 11038 
????,??n?????? 168中;?Χ 2? 
???ZE,Υ?? 
?′E,??建 
????,010-65807609



??,www.cifcofund.com 
19ì?????jú?? 
??,中T(ì?)to???????? 278OI=? 12578 1δ 1?
中信建投基金管理有限公司
投















































 
 29
103-1O103-2??? 
????,ì?nΟ?????? 278 18? 
???ZE,??I 
?′E,?? 
????,400-820-1515 
??,www.zhengtongfunds.com 
20中信建投;?jú?? 
??,??n?中?中Π?? 107 8ì??? 11-B,*?? 11-A,8-B4,9-BO
C 
????,??n?中?中Π?? 107 8ì??? 11-B,*??
11-A,8-B4,9-BOC 
???ZE,?(? 
?′E,?? 
??????,400-8877-780O023-63600049 
??,www.cfc108.com 
21??n???投??jú?? 
??,??n?Υ??Υ???Υ? 1788???Χ 27? 2704 
????,??n?Υ??Υ???Υ? 1788???Χ 27? 2704 
???ZE,?? 
?′E,??( 
??,www.xinlande.com.cn 
??????,400-166-1188 
22????jú?? 
??,??n?Υ??Υ??Υ? 20268???Χ??? 10-19? 
????,??n?Υ??Υ??Υ? 20268???Χ??? 10-19? 
???ZE,?? 
?′E,Τ?Π 
??,www.cgws.com 
??????,95514O400-666-6888 
中信建投基金管理有限公司
投















































 
 30
23??p?????jú?? 
??,??np???司a?p??? 18 A? 201? 
????,?????n?Υ?`Υ? 40688?????o 1405-1407 
???ZE,Τ? 
?′E,??( 
??,www.xiniujijin.com 
????,400-9928-211 
24???μ????jú?? 
??,??n?ò??ó???í???司A???o 1302? 
????,??n????ò??司A???o 1302 ? 
???ZE,??? 
?′E,ο?? 
??,www.qiandaojr.com 
??????,400-088-8080 
25?Ё????jú?? 
??,????n???????Χ 1513 ? 
????,????n???????Χ 1513 ? 
???ZE,??@ 
?′E,?? 
??,www.xiquefund.com



??????,400-699-7719 
26????????jú?? 
??,??t??中???????? 19888??γ??Χ?? 2-2413
? 
????,??n??????? 288???Fl?Χ 5? 
???ZE,?? 
?′E,?I? 
??,www.wanjiawealth.com 
??????,010-59013825 
中信建投基金管理有限公司
投















































 
 31
27ì?????jú?? 
??,ì?nА???中?? 12078 306? 
????,ì?nΟ?????? 1168?????Χ 7? 
???ZE,?Б? 
?′E,κВ? 
??,www.pytz.cn 
??????,021-68889082 
28???ω??jú?? 
??,??nГД??ω?? 1-58 
????,??nГД??ω?? 1-58 
???ZE,?Е 
?′E,?? 
????,www.snjijin.com 
??????,95177 
29í?????jú?? 
??,ì?nΟ?????中? 188 8 
????,ì?nΟ?????中? 188 8 
???ZE,??Ж 
?′E,?З 
??,www.95559.com.cn 
??????,95559 
30G?????jú?? 
??,??n?Υ????? 70888G????Χ 
????,?????n?Υ????? 70888 
???ZE,?建? 
?′E,??? 
??,www.cmbchina.com 
??????,95555 
31??????jú?? 
中信建投基金管理有限公司
投















































 
 32
??,??n??????И 17 8?? 
????,??n??????Й 17 8 
???ZE,??ω 
?′E,TК 
??,www.bankofbeijing.com.cn 
??????,95526 
32?????à????jú?? 
??,??n???=Л?? 18? 28? 
????,??n???=Л?? 18? 28????ZE,?Π 
?′E,??? 
??,www.bjrcb.com 
??????,96198 
33ì?????jú?? 
??,ì?nΟ?????? 526 8 2 δ 220 ? 
????,ì?nΟ?????? 12678???????o?; 11? 
???ZE,?М? 
?′E,?Н 
??,www.erichfund.com 
??????,400-820-2899 
34?信ОП????jú?? 
??,??n?????Р? 18 9??? 1008 
????,??n?????Р? 18 9??? 1008 
???ZE,?С? 
?′E,τ? 
??,www.yixinfund.com 
??????,400-609-9200 
35??T???jú?? 
??,??S????????? 798MSDC1-28? 2801 
????,??n???Т?? 26 8ˊУ?Χ B ? 9 ? 
中信建投基金管理有限公司
投















































 
 33
???ZE,Ф?? 
?′E,??? 
??,www.gomefund.com 
??????,400-111-0889 
36??ХЦ??jú?? 
??,??n????Ч? 348? 68? 15? 1501? 
????,??n????Ч? 348? 68? 15? 1501? 
???ZE,ШЩЩ 
?′E,?Ъ 
??,www.danjuanapp.com 
??????,400-159-9288 
37中T????jú?? 
??,??n?????? 35 8 2-6 ? 
????,??n?????? 35 8Tɑ?à?Χ C ? 
???ZE,??Ы 
?′E,??Ь 
??,www.chinastock.com.cn 
??????,4008-888-888 g 95551 
38????jú?? 
??,????β?Э?? 23 8投?o 18 ? 
????,ì?nΟ?????? 1928 8???Χ 
???ZE,πЮ( 
?′E,??Ω 
??,www.longone.com.cn 
??????,95531O400-888-8588 
39ЯN??CDjú?? 
??,中T(ì?)to?????а??? 88ì?T中?????; 27
? 2716ǔù 
????,ì?nΟ???а??? 88ì?T中??; 27? 
中信建投基金管理有限公司
投















































 
 34
???ZE,?б 
?′E,?в 
??,www.harvestwm.cn 
??????,021-38789658 
40ì??μ??jú?? 
??,中Tì?to????????? 277 8 3 ? 310 ? 
????,ì?n?ω??г?? 518 8 8 ? 3 ? 
???ZE,дΣΣ 
?′E,?Н 
??,www.66liantai.com 
??????,400-118-1188 
41ì?е??jú?? 
??,ì?nжΟ???? 5008 30? 3001ǔù 
????,ì?nΟ?????中? 4888????Χ 1503? 
???ZE,?? 
?′E,?.? 
??,www.jiyufund.com.cn 
??????,400-820-5369 
42???3??jú?? 
??,??n??????ò?? 18? 28? 17? 19C13????,?
?n??????ò?? 18? 28? 17? 19C13 
???ZE,??σ 
?′E,/?? 
??,www.hcjijin.com 
??????,400-619-9059 
43??з信??jú?? 
??,??n??и???? 8 8? 2 8? 106-67 
????,??n????а??Tй? 10 8? 
???ZE,??? 
中信建投基金管理有限公司
投















































 
 35
?′E,κˊ 
??,www.zhixin-inv.com 
??????,400-680-2123 
44????????jú?? 
??,??n?????к中? 168? 18?лм?Χ 3? 307ǔù 
????,??n?????к中? 168? 18?лм?Χ 3? 307ǔù 
???ZE,?? 
?′E,??н 
??,www.jianfortune.com 






??????,400-673-7010 
45^о?￠??jú?? 
??,??t????Ρβп?Ρ??k????ω?? 6 8? 5 ?
503 
????,??t????Ρβп?(Ρ?)?k????ω?? 68? 503 
???ZE,р?н 
?′E,??с 
??,www.hgcpb.com 
??????,4000-555-671 
46т??у??jú?? 
??,т?n?ф????? 6 8 105 ?-3491 
????,????βn?т?х????


1 8F金Tɑ?o?? 
B1201-1203 
???ZE,цв 
?′E,ч?? 
??,www.yingmi.cn 
??????,020-89629066 
47??p??ш??jú?? 
??,??np???司a??Π??щ??? 1288???投中
? 412 
中信建投基金管理有限公司
投















































 
 36
????,??n?Π??????Aъы?ь 11? A? 3608? 
???ZE,??? 
?′E,эю 
??,www.caiho.cn 
??????,400-1286-800 
48í?????jú?? 
??,ì?nΟ?????中? 1888 
????,ì?nΟ?????中? 1888 
???ZE,??Ж 
?′E,?З 
??,www.95559.com.cn 
??????,95559 
49ЯN??CDjú?? 
??,中T(ì?)to?????а??? 88ì?T中?????; 27
? 2716ǔù 
????,ì?nΟ???а??? 88ì?T中??; 27? 
???ZE,?б 
?′E,?в 
??,www.harvestwm.cn 
??????,021-38789658 
50???ì?信??jú?? 
??,??n?????-?? 198? 701K 09? 
????,??n?????-?? 198? 701K 09? 
???ZE,??? 
?′E,?? 
??,www.igesafe.com 
??????,400-066-8586 
51中???投??jú?? 
??,??n?ɡ??Cя 18 28? 2-45? 
中信建投基金管理有限公司
投















































 
 37
????,??n????Д?ò??И 18-???中? A? 5? 
???ZE,πЗё 
?′E,?? 
??,www.jnlc.com 
??????,4008-909-998 
52中信;?jú?? 
??,??n?Υ?中??? 88?????o?;?? 13? 1301-1305O
14? 
????,??n?Υ?中??? 8 8?????o?;?? 13 ?
1301-1305O14? 
???ZE,?? 
?′E,?? 
??,www.citicsf.com 
??????,400-990-8826 
53中信????jú?? 
??,?βn???т??? 58 501χ 
????,?βn???т??? 58?βTɑ?中?ě? 19?O20? 
???ZE,??? 
?′E,?? 
??,www.gzs.com.cn 
??????,95548 
54????jú?? 
??,????β?Э?? 238投?o 18? 
????,ì?nΟ?????? 19288???Χ 
???ZE,πЮ( 
?′E,??Ω 
??,www.longone.com.cn 
??????,95531O400-8888-588 
55?μ??jú?? 
中信建投基金管理有限公司
投















































 
 38
??,K??ta??^??n????????üа?????à?司? 
????,中T??n?????? 178中TE?中? 11? 
???ZE,??? 
?′E,?? 
??,www.cnht.com.cn 
??????,956088 
56??jú?? 
??,???n????ê? 568 
????,???n??????? 8338 
???ZE,ο?? 
?′E,??? 
??,www.jhzq.com.cn 






??????,400-666-2288 
3OCDE5??-?2O-?a??2O-????2^
司?r#??9??[??司ē?#???D??9Xm???> 
?O???? 
*,中信建投CDjú?? 
??,??n??????????? 38? 1? 
???ZE,?=~ 
????,??n??????K?? 28??中? B? 17O19? 
??,010-59100230 
?M,010-59100298 
?′E,?F? 
?Ob??ń??J#ń???? 
*,ì?n??ń???? 
??,ì?nΟ?????中? 688???中? 19? 
????,ì?nΟ?????中? 688???中? 19? 
??E,?ВЕ 
??,021-31358666 
中信建投基金管理有限公司
投















































 
 39
?M,021-31358600 
S?ń?,КIO?基 
?′E,КI 
?O????#U????? 
*,О???中?U???????О?司? 
??,ì?nΟ??????-? 13188?????Χ 6? 
????,ì?nж????? 202 8???à?o??О???中? 11
? 
???ZE,?? 
??,021-23233277 
?M,021-23238800 
?′E,?? 
S?&'U??,??O????
中信建投基金管理有限公司
投















































 
 40
基管理






 
oCDEtu-?2O-?a??2O-????2O司?
m[?j.??!"9S 2016 < 8 = 29 :中T3U3456201671962
8()$%!"&'> 
+??
??9è?;ú+Y?;>!";t 2016< 10 
= 19:? 2016< 12= 02:9?!" 47,686,882.68???9!"??+
652?> 
中信建投基金管理有限公司
投















































 
 41
基!管理


"#$% 
 
?O司?AB#?? 
司?ǚ/ 2016< 12= 7:AB9t?:9CDE@
??CD> 
?Oè?;K#???jE??^??? 
司?AB?:?



司?AB? 
?ń???j???9?[??> 
中信建投基金管理有限公司
投















































 
 42
基&管理


'()*+,- 
 
?O?^??o? 
#?ó???????????>?¨#???Δ?oCDE
áG!HIJg[?¤.??中?I>CDE5??āāī?g?????
?9XáCDE????>投s￥?á?????D??à?#
?ào?g???????#[???D??#?ó??> 
?O?^??#??:m?? 
1O??:m???? 
投Eá??:?D??#?^??9?¨?D??+ì?í?
?O??í??#@?í?:#í???9VCDE???ń??O中
T3U#ē?g司?#???????O????ò> 
司?ABy9?b??#O;?í?noOO;?í??í?
??ī?g[???āā9CDE??āāWp???:m??????¤
￥#ΕR9V￥áN?:ptu-信?????2#j.??á????ì??> 
2O?O????:mà??D?? 
ǚ/ 2017< 1 = 10 :???D:??O??rà?> 
CDEYūá司????ò#:;gs???D??#?O
??gs??>投Eá司????ò#:;^???b?O??g??
 ?????P???#9[???O??\?+???:?ü
???O??#\?> 
?O?ó??#?? 
1O ??\??9ū?O??\? ?:_ny??#?ü
???]+$????? 
2O??O??????9ū?? 9???? ? 
3O?:#?ó?? 5áCDE??#??K??9V 
S????P?#Yū??? 
4O???????b??9ū?u投E??O?#?y?ō??
?ō??> 
中信建投基金管理有限公司
投















































 
 43
CDE5á?ń???4#āā9Wì?????ΕR>CDE
??á?????N?ptu-信?????2#j.??á????ì??> 
?O?ó??#?ō 
1O?^??# ? 
投E??????????#?ō9á??:#?¨à??D??K?b
?g??# > 
2O?^??#ǒ??? 
投E????9????í??ǒ?9投Eí??ǒ?9
? 3??????P????9?AB> 
???jE?í?? 9??3??????P????9??AB>
投E?? 3?y9CDE?á T?7 :(|§?:)K????ǒ?>
áAǔ????9ǒ?#????òu司?j.?ǒ?D> 
3O?^?? #P? 
CDE￥í?????p?DjB?^?? #??a+?
g?? :(T:)9á@?āā9????á T+1:KW?í?#j
Bd??P?>T:?í#jB 9投E￥á T+2:y(|§?:)m?Y?
??Δ?ɡg??????#[???? #P?āā>??Y3?9
??ǒ??óì投E> 
????W?O?? #?DXY?Z ??3?9±??Z???
?PN?_Y?O?? >?O??#P?????#P??∥+$>
W/ #P?āā9投s￥m???> 
?O?^??#??ú? 
1O投s??[?????gCDE?ì???????#?
?ú?+E?ù 1,000 ù9? ǖ?ǔ??Y?ú?>投s????中??
????#??ú?+E?ù 20,000 ù9?ǖ?ǔ??Y?ú?>
?????W???ú?mí??ǚj[???#9?????#à???
+$> 
2O???jEá?????D???9ǐ??? #????+ 1
???????jE5?[??g??????9V??í?üà
中信建投基金管理有限公司
投















































 
 44
????O??O?éCra?ǔ?í???#?????/ 1
??9????????????> 
3OWǔ?投E???j#??Y?ìú> 
4O???? Wè????jE金`?3?á??Y金ˉ°?9
CDE￥?????ǔ?投s??ìúgǔ:????ìúO
?????O???r??9?NF?è????jE#司??`>
?¨ ò?¤.??> 
5OCDE5á?ń???4#āā9ΕRì?????^??
??r??ú?>CDE??áΕRN?ptu-信?????2#j.?
?á????ì??X?中T3U??> 
ΘO#??^??? 
1O??{ 
 Aü??#??{o? Aü??#???E￠
￡9Y?ǘ??9ěē{/#no??O??O??r???{>C
ü??Y_???{9V?ü·?中???????> 
#????, 
j 2k)*;lmj 
中信建投基金管
理有投金限公理有司
管 理有司管
noopqrs管 ntuov管
noopwxyzuoopq管 ntoov管
uoopwxyz{oopq管 ot{ov管
{oopq|x}r~ ??noooq管
??'(
)*;l?o
 
2O???? 
投E??????????{9#????????j
;ú??9?????, 
j 3k? A?'(,-;lmj 
UV??管 ,-;l管
中信建投基金管理有限公司
投















































 
 45
????管 nt{ov管
??????o? ot?{v
?o????n?管 ot{ov管
n????u? otu{v
u??? ov
w?k1 ??? 30 ??N?金?? 365 ???s#y 
j?k???'(,-;lmj 
管 司管
???? nt{ov
??????o? ot{ov
?o??? ov
 
???{o????#???jE￠￡9W???j;?/ 30 :
#投E9???????ǘ???W???j;?/ 30 :?V?/
3 ?=#投E9???ǖ?# 75%?ǘ???W???j;?/ 3 ?=
?V?/ 6 ?=#投E9????ǖ?# 50%?ǘ???W???
j;?/ 6 ?=?#投E9????ǖ?# 25%?ǘ??9[?{
/?????^[??ē#???> 
3OCDE5á司???#??KΕR??g_??9X??
￥/?#??g_??N?:ptu-信?????2#j.??á????
ì??> 
4OCDE5áY???ń????m司???#āā??n
oāā?????ǎ9?;^Y?;?????理?>á??理?
;?9?¤.3C??ē????ē??y9CDE5??Ε??
??O????> 
?O?^??#??^\? 
1O?^????O??#?D? 
1?#jB??+?????:#???]9jB??ǔ
?+?9ì????∥?????ǘ??9F?Y??Δy 2 ?9o??A#
_`g??o??￠￡> 
2???+?NɑP?#jB??????:???]Xǐ? 
中信建投基金管理有限公司
投















































 
 46
¤￥#?{9???ǔ?+ù>ì????∥?????ǘ??9F?Y??
Δy 2 ?9o??A#_`g??o??￠￡> 
2O???#?? 
1?投s??? Aü??9????#???+, 
W/?{?????#?, 
?ǖ?= ǖ? 
???=?ǖ?/1+??? 
??{=?ǖ?-??? 
???=???/??: Aü??#???] 
W/?{?????{#?, 
?ǖ?= ǖ? 
??{=??? 
?????ǖ????{ 
???=???/??: Aü??#???] 
??,?投E投40,000.00 ù?#Aü??1?ìí?9
W￥#???+ 1. 20%9????: Aü???]+ 1.040 ù9?[
5ūY#???+, 
?ǖ??40,000.00 ù 
???=40,000.00/1+1. 20%=39,525.69 ù 
??{=40,000-39,525.69=474.31 ù 
???=39,525.69/1.040=38,005.47 ? 
投E投 40,000.00 ù?# Aü??1?ìí?9??
??: Aü???]+ 1.040ù95ūY 38,005.47 ? Aü??> 
2?投E??? Cü??9????#???+, 
???=??/??: Cü??#???] 
??,?投s投 50000.00ù?# C ü??9????
: C ü??#???]+ 1.0500 ù9?5ūY#???+, 
???=50000.00/1.0500=47619.05 ? 
ū投s投 50000.00ù?# Cü??9????: Cü
中信建投基金管理有限公司
投















































 
 47
??#???]+ 1.0500ù9?[ūY 47619.05? Cü??> 
3O???#?? 
?投s????Aüg Cü9????#???+, 
???{=?????T :?ü???]????? 
???=?????T :?ü???]-???{ 
??,?投E?? 1 ?? A ü??9?j;ú?/ 30 :VYY 1
<9W￥#????+ 0.50%9?????:???]? 1.010ù9?[5
ūY#???+, 
???{ = 10,000.00?1.010?0.50%?50.50 ù 
??? =10,000.00?1.010?50.5?10,049.50ù 
投Eá?? 1 ?? A ü??9?j;ú?/ 30 :VYY 1
<9???? A ü?:???]? 1.010 ù9?[5ūY#???+
10,049.5ù> 
4O???]#??? 
???]???]ǖ?/?áò#??ǖ? 
 T:#???]á??_ny??9Xá T?1 :K??>??
?āā9S中T3U??95??????g??>???]#
??9F?Y??Δy 4?9??Δy? 5????ǘ9o??A#_`g??
o??￠￡> 
?O??g???#ā2 
A?āā?9CDE5??g????投E#? , 
1O?Y5??a???@??a> 
2OA司???#????]āā?9CDE5????
投E#? > 
3O/;?í??í???1@??n9a?CDE?????:
??]> 
4O????g??? 5?Uˉ°g???j???jE金`?> 
5O?????9?CDE???Y司?#投?ǒ9g[?5
?Wà??A??ˉ°9gb?[????j???jE金`#ā2> 
中信建投基金管理有限公司
投















































 
 48
6O????投s? ya?[????ǖ?? 50%ì#> 
7O?p??]:??] 50%ì#?b??5ò?#理Мno\
???{?]???a???\]èá??YP?d?9SóéCE??P
?y9CDE￥???????? #??> 
8O?ń????g中T3U??#[?ā2> 
Aì?? 1O2O3O5O7O8????ā2???CDE????
??? ?9CDE￥???j.??á????ì???????>
?∥投E#? ???9? ??#?ǒ???óì投E>á???
#āā???9CDE￥m??1?à?#?D> 
?O????g??????ǒ?#ā2 
A?ā2?9CDE5????投E#?? g??????
ǒ?, 
1O?Y5??a?CDEY?????ǒ?> 
2OA司???#????]āā?9CDE5????
投E#?? g??????ǒ?> 
3O/;?í??í???1@??n9a?CDE?????:
??]> 
4O????g??ì??:Aǔ???> 
5O?????? ????j???jE金`#ā2?95???
?投E#?? > 
6O?p??]:??] 50%ì#?b??5ò?#理Мno\
???{?]???a???\]èá??YP?d?9SóéCE??P
?y9CDE￥?????????ǒ?g?????? #??> 
7O?ń????g中T3U??#[?ā2> 
Aì?ā2???CDE??????g??????ǒ??9
CDE￥á?:?中T3U??9ǚP?#?? 9CDE￥á????
???Y?á???9￥?5?????ǔ??? ?? ǖ?#???有
ì?? E9?????5?;??>?b?ì?? 4???ā29?司
?#¤.?ǒ?D>???jEá ???5??????:5????
中信建投基金管理有限公司
投















































 
 49
D??%??>á????#āā???9CDE￥m??1??à?#
?DX??> 
?Oǔ???#ā2m?D? 
1Oǔ???#?? 
?ǔ???:K#????? (?? ??ǖ?ǖì
??中?b ??ǖ?yǐ?? ??ǖ?m??中?ǘ ??
ǖ?y#??)??p???:#ǖ??# 10%9ū?+?A?ǔ???> 
2Oǔ???#?D? 
?b?ǔ????9CDE5????#?í司īā??
????g???;??> 
1????,?CDE?+j????投E#???? ?9
?@????ō??> 
2???;??,?CDE?+??投E#?? j??g?
+???投E#?? ±??#??ī?5?UW??]?3??
???9CDEá?:??????Y?/ì???:ǖ??# 10%
#p?95W[??? ?;?D>W/?:#?? 9￥??ǔ???
?? ???? ǖ?#??9P??:?D#?????W/?????
?9投Eá?í?? ?5???;??g????>???;??#9
?t??ǘ????:????9?Y????+????????#9?:
???D#???? ????>?;#?? ó???:?? ?X
?D9?è??X???:#?ü???]+??????9?
ü?9?Y????+?>?投Eá?í?? ??aIP??9投E?
?????at??;???D> 
3?Aǔ???:Kǔ????jE ??#???p?
??:ǖ??#???? 30%?9CDE5W?ǔ????j
E??p?????#?? N??;??> 
W/????jE???ì???#??9CDEj???p?
1????g2???;??#???ó[????jE#
?? ?X?D>????:9?ǔ????jE?????????
中信建投基金管理有限公司
投















































 
 50
?bp?????#9???p????D9???ǔ????jEǔ??
?:K ??#???p???:ǖ??#???/p???>V?9
???jEá?í?? ???????9?[?:???D#???? 
????> 
4????,?? 2 ???:ì(??)Aǔ???9?CD
E?+j?ē95????#?? ?ǚS??#?? 5????
??ǒ?9VYū?? 20??a:9X￥?á????ì????> 
3Oǔ???#?? 
?Aì??;??X?;?D?9CDE￥?????O?MgsG
!HIJ??#[??á 3?í?:K?????jE9HIj.?D?
?9Xá 2:Ká????ì????> 
??O???g??#??^?????g??#?? 
1OAì????g??āā#9CDE￥á??;úKá???
?ì??????> 
2O?A??#??+ 1:9CDE￥/????:9á????ì
???????g????9X???? 1???:#?ü???]> 
3O?A??#???? 1:9CDEt?P????ǖ??9X?
?-信?????2#??á????????> 
??O?? 
CDE5??¤.?ń??m司?#??????ó
CDECD#[???#??à?9??5_???#???9
¤.??oCDE????¤.?ń??m司?#????X??9X
?p??éCEó¤.??> 
??O#1í??? 
#1í??????????D?￠O? ?^??????rā2
±?A#1í???m?????5O?司?ń??#[?1í???>??
áì??ǒāā9??ǎ?#ě¨???t?5?j??#投
E> 
?￠?????jE??9[?j#??o[司?#?￠E?￠?
中信建投基金管理有限公司
投















































 
 51
??????jE?[司??j#????ì?金dc#Ug?
U?¨?????????????t?AB??(J????jE?j#
????ǎ?ì[?t?EO?Eg[?í?>?D1í???????
????ē???#¤.?9W/?司?)#1í??? ????
?#???D9X???????#?$_?> 
??O#?éC 
???jE5?Dǚ?j??áY???????#?éC9
????5?u??#?$_??éC?> 
??O?;??投?ǎ 
CDE5+投E?D?;??投?ǎ9?¨??oCDE?
???>投Eá?D?;??投?ǎ?5t???ǐ;??9ǐ;?
???Y?/CDEá¤.??g??#G!HIJ中???#?;?
?投?ǎ????> 
?ΘO??#??^?? 
??????DT?j??.t?ē?#??#??ó??9m
?????5O?司?ń??#[?āā#??ó??> 
??O??#?? 
á?ń???4??)??#āā9CDE5?D???jE?
?中T3U?5#í?o?gsí????????# Xo????
?D??#????>CDE??D????à?#9??p??9
???jE￥??CDE??#à????D????à?> 
中信建投基金管理有限公司
投















































 
 52
基.管理


/0 
 
?O投?? 






ěē投/?Dr?`ü???^×r??_`ü???9á
jB??kl#p?9????管理#?有限^í司??9????no?
U9??N??#?????]> 
?O投?? 
#投W???j??à?d#???9|§TKt??ìn#
?D|§中??O?à?Oèéêm[?S中T3U?$ìn#?DO
×|§T×O? ?D?O?×O?à×O??×O??×O????×O
中;D?O5??×???í?5?×O?;?rO???O
×??O??èǒO?O??;?m?ń??g中T3U?4投#
[????V??司中T3U#¤.??> 
??ń??g3C??y?4投[??ǒ9CDEá????
?ōy95?[?ǘ投??> 
#投í司??+,?D???# 0-95%??投?
??]#??Y?? 3%?ǐ?í?::?áǐ???;?司????#í?F
y9?Y|§????OèbFO￥_?ǒrgY;:á
?<K#??×Y?/??]# 5%> 
?O投?ō 
1O?有限?ō



?{tì±#?ō9??W??S??|§S???T;O
??m?ù??O?à??r#??ef9^Wà?dê?|§???
āāOno?]ê?r#?ǘ??9???DnoO×noO?ùno
??ü?#?;kl^_`9X??W?á?DO×O???#
投?????ъΕR> 
2O?D投?ō



#?D投?ō|§?à有限?ō^??投?ō> 
1?à有限?ō



中信建投基金管理有限公司
投















































 
 53
??????Y??à#?金?Oó??S?T;#.′m?à
t?#AΖT;9?yáef?;??S???T;?限#?ì9?司?à#
?金?9è??;?金???+P?m????#?à9???Δ有限> 
2??投?ō



á??投???{tì±^t±ì¤?司#?ō9?
??????q?īā????#?à?я9???????t??????9
??à??;ǖ???#?ǒ> 
3èéê投?ō 
W/èéê投9?á?ǘ??#?ì9???d??^???
?¤?司#?9???j??è?#èéêa+投?#> 
3O×投?ō



W/??_`ü?#??9?\]??+ě?9á?司??#
?ìN???ě?#í司CD9Xěē??üú有限ó×????????投
CD>áüú有限??9?司W??S?Ono金?O×??r??#?司
??9??í??noó???noüú?#kl_`??9?;W投í司
üú???èé有限^ΕR9P?üú?#?è??>áǒ??ì9
中?;金?????+?9?司S???O?ù??mY?×?ǒ#_
`?ê?Oà?d^信{klr??9?Δ????à?d??Oklê?司DO
Y;_`?ó信{c?¤W??#×?ǒ> 
4O??;?投?ō



CDE???????;?#_`dOà?dmkl??9???
有限O?ǒ??9|}??投9?á????;?N?#Γ;F]> 
1ΓF?????ō



??WS?T;??Y???#??^Wnoā?O?]??#??
??9????W投í司??Γ;F]mΓ;F]#???#m[??>



2;?司???^я????ō



áΓ;F]#???#P??y9??;?司?#ǚê?Oà?dr??
??司?#;?司???{?ǒ?é?
??Γ;F]??#;?司?я??W
Γ;F]#???# Beta]???ъ#??9?ъΕRΓ;F]#;?я?> 
中信建投基金管理有限公司
投















































 
 54
3FCD



???Γ;F]#??O???##??d?ъ?????#??$
?9???FYá????a?#ΓF??>



5O?投?ō



?+??d投??9[投??+j金/??]>
á?投???\]??+?9á?{??é?
??[司D?\#?
ì9?á/?klΓ金9w???í司?]???9????#??_`> 
6O???投?ō 
?????o???a+??9?信??r?j???à
#?信éì?é??9o?é???投???9?????A#??
?[_`#>??W????^c?#????O?????
#??ǒO???p?ó?īéW????e?à#ˉ°9|}投
???> 
?O投ú? 
1Oí司ú? 
#投í司￥??ú?, 
1?D???# 0-95%? 
2ǐ?í?::?áǐ???;?司????#í?Fy9F?
Y?/??] 5?#?Y|§????OèbFO￥_?ǒ
rgsY;:á?<K#??×? 
3?j?????#9[n]Y????]# 10?? 
4CDECD#???j?????#9Y???
# 10?? 
5?j#???9[n]Yū????]# 3?? 
6CDECD#???j#???9Yū????#


 
10?? 
7á??í?:?ǘ?#ǖ?9Yū??ì?í?:
??]# 0.5?? 
8投/?????`E#?ü???#??9Yū??
中信建投基金管理有限公司
投















































 
 55
??]# 10?? 
9?j#?????9[n]Yū????]#
20?? 
10?j#??(???信{?·)???#??9Yū??
??????# 10?? 
11CDECD#??投/?????`E#?ü???
9Yū??[?ü???司???# 10?? 
12￥投/信{?·??+BBBì(?BBB)#???>
?j???;?9?∥[信{r??OY??司投?$9￥á?
?????: 3?=K%??ǘb? 
13??òó?D??9??#?Y??#ǖ
?9??#?D??Y?????D?????D#ǖ?? 
14?ǘ?T????àno??×??#??Yū??
??]#40%?á?T????àno中#×????;ú+??<9
×??Y;yYū?;? 
15òó??;?í?9????投??ú?, 
1á??í?::?9?j#?ǘ??;?司?\]9Yū??
??]# 10%? 
2á??í?::?9?j#?ǘ;?司?\]ój\n]?^9Y
ū????]# 95%9[中9j\??DO×Y?Y;:á?<
K#??×O?O???O?ǘ????Y?c???
r?



3á??í?::?9?j#ǘb;?司?\]Yū???j
#?Dǖn]# 20%?



4??j#?Dn]^?ǘOǘb??;?司?\]9司??ǚ
??￥???# 0-95%? 
5á??í?:Kí?(Y|§??)#??;?司?#3í?Y
ū??ì?í?:??]# 20%? 
16ǖ?Yū????# 140%? 
中信建投基金管理有限公司
投















































 
 56
??ó?!üC??m中T3U??#[?ě¨+í?W
??????í?#95??c??#cē?￥?ó司???#投??
F?????
??CDECD#?????|§??m?/??
;#?;????j??ìn???#5à??D9Yū???ìn??
5à??D#????CDECD#??投í司?j??ìn???#
5à??D9Yū???ìn??5à??D#?÷???
??ě?投/à?d?ú?#n]司?Yū????]
#??????no??Oìn???D??O??ī?rCDE?ò
#????Y?司pǒ?????ú?#9CDEYūě???à?d
?ú?#投??
20投èéê#??ú?tuTKt??ìn#?D??9
óTKt??ìn#?D司X??? 
21?ń??m中T3U??#^-司?2??#[?投ú?> 
?ì??2O12O17O19?ò9?/;?no??Oìn?
?司XO??ī?rCDE?ò#????投??Y?司ì??
?投??#9CDE￥?á 10?í?:K??ΕR9V中T3U??
#??ā2?ò>?ń???j??#9?[??> 
CDE￥?t司?AB?: 6 ?=K?#投í司???
司司?#j.??>áì?;?K9#投??O投?ō￥??司
司?#??>éCEW#投#3?ó??t司?AB?:
??> 
?ń??g3C????gī?ì?ú?9??{/9CDEá
?????ōy9?投Y??¤.ú?gī?y#??+$> 
2O???+ 
+?????jE#司??`9??Yū{/?投gs理?, 
1￠?? 
2??????E?ǒgs??￡F? 
3??￠￡?ú??#投? 
中信建投基金管理有限公司
投















































 
 57
4?ǘ[???9V?中T3U?j??#?ò? 
5?[CDEOéCEb? 
6??K?í?Oǎ?í?\?m[?Y@?#í?理?? 
7?ńO????^中T3U????#[?理?> 
CDE?{???ǘCDEOéCEm[????ONɑ
??Egsó[j??金?.′#???#gs￠?;K￠?#9g
s??[???.?í?#9￥??司#投??^投?ō9??
???jE金`è???9??金`??9建???K??0??^????9
?uno??司D\???>¤.í?????ūYéCE??9X??ń
??%??>??.?í?￥?íCDE??U??9XS?????
ì#??????>CDE??U￥??ǐ?



?ńO????g3C????ì?ú?9CDEá?????ōy9
?投Y??¤.ú?> 
?Oà???$ 
60%??? 300??_`?+40%?中×?司??_`? 
?? 300???o中??jú????9?司?????noK?中
n]??#R¨īā>中×?司???o中?T×????????#?j?Z
d#×no??>??#投??^投??9?{ì?à???$
????O司D???#kl_`??> 
?∥?yno中b???j?Zd#à???$9gs???#à???
$9gs?$金????9CDE?+j?ēa¤￥ΕR?9
CDE5t???投s司??`#??9SóéCE????y9ī?
#à???$9?中T3U??Xm???9±???????
jE?U> 
ΘOkl_`?? 
ú/公司
9[?;kl^?;_`?/?ùnoO×

9?/?D
9ú/投中中??;klO中??;_`#?
ǒ> 
 
中信建投基金管理有限公司
投















































 
 58
?O投í司?? 
CDE#??Um??F?????Yèá????O?ad?
?g????9XW[KL#MNdO$Pd^QRd￠￡?·m????> 
éCE中T??????jú????司???9/ 2020< 12
=1????中#????O?]Z?^投í司??rKL9F1?KL
Yèá????O?ad??gs????> 
投í司???????? 2020< 9= 30:?t 2020 
???;??í司āā?
ō8? ??? ??ù??
?ǖ?#??
??
?? ?`投? ????÷???÷?????? ??????
?
[中,?D? ????÷???÷?????? ??????
?? 投? ?? ??
?? ??_`投? ?????????????÷? ?÷????
?
[中,×? ?????????????÷? ?÷????
?
???? ?? ??
?? ?ú投? ?? ??
?? ??A?投? ?? ??
?? ?ǘ????? ????÷÷???÷??÷? ???÷?
?
[中,?f??#?
ǘ?????
?? ??
??
??èǒ^????
司??
???÷????÷???? ??÷??
?? [??? ????????÷???? ÷????
?? 司?? ????÷????÷????? ?÷÷?÷÷?
?
???;???à?ü#?D投í司?
?O??;???à?ü#?K?D投í司?
??? ?àü·? ??\]?ù??
???]??
??
?? ?O?O?O?à? ?? ??
中信建投基金管理有限公司
投















































 
 59
?? ??à? ?? ??
?? ??à? ?????????????? ??????
??
??O??O??mê
A?^?￥à?
?? ??
?? 建?à? ?? ??
?? 0^??à? ???÷??????÷÷? ÷????
??
í???O? ?^??
à?
?? ??
?? ??^??à? ?? ??
??
信???O? )^信?
????à?
?????????????? ?????
?? ?à? ???????????÷÷? ?????
?? χ??à? ??÷??÷÷?÷÷? ÷????
?? ??^????à? ???÷?????÷?÷÷? ???÷?
??
????^????
à?
????????÷?÷÷? ÷????
??
ê金O-?^????
CDà?
?? ??
??
????O?D^[?
??à?
?? ??
?? ??? ?????÷÷?÷÷? ÷?÷??
?? ВA^?U?a? ?÷????÷?÷÷? ÷?÷??
?? (éO¨?^??à? ??÷?÷??÷÷?÷÷? ÷????
?? ?司? ?? ??
?
司?? ????÷???÷?????? ??????
?
?O??;???à?ü#???投?D投í司?
???>?
?
???;????\]???]?????ō#p?*?D投I??
ō
8?
?D?
??
?D*?
??
????
??\]?ù??
???]?
?????
?? ÷÷÷???? ????? ????÷÷÷? ????????÷÷?÷÷? ???÷?
?? ?÷????? 中T??? ?÷??÷÷÷? ?????????÷?÷÷? ?????
中信建投基金管理有限公司
投















































 
 60
?? ÷÷????? ω???? ????÷÷÷? ?÷?????÷?÷?÷÷? ??÷??
?? ?÷÷?÷?? T???? ???????? ????÷???????? ?????
?? ?÷÷??÷? ????? ????÷÷÷? ??÷?????÷?÷÷? ?????
?? ?÷÷÷??? G???? ?÷?????? ??????????÷÷? ?????
?? ÷÷????? ????? ????÷÷÷? ??????÷?÷?÷÷? ???÷?
?? ÷÷????? ????? ??÷?÷÷÷? ??÷????÷÷?÷÷? ?????
?? ?÷????? 中T中?? ????÷÷? ??÷?????÷?÷÷? ?????
?÷? ÷÷????? ???Η? ??÷????? ???????÷????? ?????
?
???;??×?ǒ?ü#×投í司?
ō8? ×?ǒ? ??\]?ù??
???]?
???
?? T?×? ?????????????÷? ??????
?? ??D?? ?? ??
?? ?×? ???÷???÷÷÷?÷÷? ??????
?
[中,??d?×? ???÷???÷÷÷?÷÷? ??????
?? ?à×? ?? ??
?? ?à?;?? ?? ??
?? 中;D?? ?? ??
?? 5?×5í?×? ?? ??
?? ?àèǔ? ????÷??÷÷÷?÷÷? ????÷?
?? [?? ?? ??
?÷? 司?? ?????????????÷? ?÷????
?
???;????\]???]?????ō#p?*×投I??
ō
8?
×??? ×*? ???? ??\]?ù??
??
?]??
??
??÷????÷? ?÷T×?÷? ??÷????÷÷??÷??÷?????÷?÷÷? ???÷??
??÷??÷??÷÷???÷??÷?? ?÷÷?÷÷÷? ???÷???÷÷÷?÷÷? ??????
?????÷?÷????
?÷? à????
????
?÷÷?÷÷÷? ?????÷?÷÷÷?÷÷? ?÷????
?????÷?÷????
?÷?????
????
?÷÷?÷÷÷? ???????÷÷÷?÷÷? ?????
中信建投基金管理有限公司
投















































 
 61
??÷?????? ?÷T×÷?? ?÷???÷÷? ?÷???????÷?÷÷? ???÷?
?
Θ??;????\]???]?????ō#p?*???
投I??
???>?
?
???;????\]???]?????ō#p?*?ú投I
??
???>?
?
???;????\]???]?????ō#p?*?投I??
???>?
?
???;?投#??;?í?āāHI?
?>?
?
???;?投#T×;?í?āāHI?
?>?
?
??投í司???&??
?O??;K9投???ō?司¤.?ń??#ē?9??投
#p?*#?ě¨b??3C????Ε?9gá????:p??
?O投#p?*?D??b司???#???D?>?
?O[???3?
ō8? *? ??ù??
?? èbF? ??????????
?? ￥_??ǒ? ???????????
?? ￥_?金? ??
?? ￥_金?? ?????????????
?? ￥_?ǒ? ??÷?÷????
?? [?￥_ǒ? ??
?? [?? ??
?? 司?? ????????÷????
?
中信建投基金管理有限公司
投















































 
 62
?O??;??j#?/??;#5??×I??
???>?
?O??;?p?*?D中èáà??úāā#HI?
???>?
?O投í司???&#[?(??????
o/???ǘ#??9???^ó司????5?èá?ǚ> 




中信建投基金管理有限公司
投















































 
 63
基1管理


23 

à???:+ 2020< 9= 30:> 
CDEtuvwxyOzN信{O|}~#??CD^?{??9
VYF???金9hYF??_`>#??à?XY?Z[?eZ
?>投jkl9投sáěb投??p￥????#G!HIJ> 
1O???]???m[ó?;à???$_`?#?? 
中信建投基金???
???
?]??
???
?]?
???
$ǚ??
à??
?$
_`?
??
à???
$_`
??$ǚ
??
???? ????
?÷?÷














































 
 64
?÷?÷














































 
 65
?
?knJr~基n????A?/???'(???7??l+#?23??￠89l
￡¤￥|T???§????uon¨?nu???w"#$%?yzuouo????o?a
uJr~基u????A?/???'(???7??l+#?23??￠89l￡
¤￥|T???§????uon??{?u¨?w??'(?-?yzuouo????o??
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
中信建投基金管理有限公司
投















































 
 66
基1金管理


45 
 
?O?ǖ] 
?ǖ]????#?ümD?\]O??èǒ?^￥_#
?ǒm[?投?23#\]ǖ^> 
?O??] 
??]???ǖ]???×y#\]> 
?O??#?? 
éCE??¤.?ń??O??d()+????O?
?O;???m投??#[??{??>??#?{??óCDEO
éCEO????^????tj#????m[????
?¤??> 
?O??#FC^?? 
????/CDEOéCE^????#??9Xo
éCEFC>CDEOéCEO????^????[t
j#??￠￡[t?#?ń??9[×?EYūW???? ???Oǐ
?g[??金>?t?ń??^-司?2#????ò9??Yū??
?> 
CDEOéCE?t???O? t???gs?t?????r?
?????#9??Yú/[????>CDECD?a????
A#×?9Yūó[?j??A#×?¤????CDECD?aY?
#????A#×?×?Yū¤???> 
中信建投基金管理有限公司
投















































 
 67
基1公管理


0567 
 
?O?]: 
#?]:+¤.#í?o?#í?:mT??ń??
???ēWò???]#1í?:> 
?O?]W? 
?ǜj#?DO?O×^??èǒ?O￥_ǒ?O??;?司?O
[?投r?m?×> 
?O?]?? 
1Oí??ìn#?`ü#?] 
í??ìn#?`ü|§?DO?r9[?]:áí??
??#n\_?\?]??]:?í?#9???í?:yS?-??A
??īég????Aˉ°\?#???)#9??í?:#n
\_?\?]????í?:yS?-?A???īég???
Aˉ°\?#???)#95ò?ü?投?ǒ#??n\m??īé??9
ΕR??í?n\9P???\?> 
2O?/?ìn;?#j\￥???āā?D, 
1??O???O有?^???#??9??]:áí????
#???D#?]???]??:?í?#9???:#n\_?\?]? 
2??????ìn#?DO×^?9?{?]??P???\
]9á?]???5?????\]#āā9?3?]? 
3?????jIP??;#?D9???Dáí??ìny9?í
??ìn#???D#?]???]?1???jIP??;#?D9?3C
??g?à?Uj.??P???\]> 
3Oí??noí?#??_`?ǒ#?], 
1Wáí??noìní?g????#??_`?ǒ?ń???j
??#?ò9??????]????#¤￥?ǒ?:#?]?\???]? 
2Wáí??noìní?#5??×9??]:_?\??5??
×_?\中??×￥_金?yūY#?\???]??]:ijí?#9?
中信建投基金管理有限公司
投















































 
 68
??í?:yS?-??A??īé9???í?:_?\??5??×_
?\中??#×￥_金?ūY#?\???]>???í?:yS?-?A
???īé#95ò?ü?投?ǒ#??n\m??īé??9ΕR??í?
n\9P???\?? 
3Wáí??no????#???9?{?]??P???\
]9á?]???5?????\]#āā9?3?]? 
4Wáí??no??ìng?????#×9Wèá理Мno#
āā9理Мnoì?SΕR#?\a+??:#??\]?W/理Мno?
\???Z??:??\]#āā9Wno?\??ΕRP???:#??
\]?W/Yèáno理?gno理???#āā9? {?]??P?[??
\]> 
4O???noí?#??_`?ǒ9??????]????#¤￥?ǒ
?:#?]?\???]>W???no?ìn9?????]??????]
\?#×9?3?]> 
5O??;?司?r??A?#?] 
1ìnà???A???]:[?á/;?í??#??\?]?
?]:?í?#9??í?:#??\?]? 
2?ìn??A??3\?]9?3\Y?????\]9??
{?]?
P???\]> 
6O??×??á??g??ìnoí?#9?×??#no?·?
]> 
7O?jP??ZI?ì??????]Y?????[??\]#9
CDE5???¨āāóéCE??y9???????\]#\??]> 
8O投èéê#?]??9tuTKt??ìn#?D??> 
9O¤.?ń??m3C??j????#9?[??>?j????9
?T??????]> 
?CDEgéCE??]??司??I#?]??O?
ōm¤.?ń??#??gs?????????jE金`?9￥?ū??
W?9???I??9??????> 
中信建投基金管理有限公司
投















































 
 69
??j.?ń??9??]??^U???#??oCDE
￠￡>#U????oCDE￡?9??9?ój.#U
???9?S¤.??á?r?ì????y9????3??#??9?u
CDEW??]#???∥Wò%??> 
?O?]?ō 
1O???]??uǐ??a:?ny9??]??:¤￥ü
·#??#??????9?PY 0.0001 ù9??Δy? 5 ????ǘ>
T??j??#9?[??> 
ǐ??a:????]m?ü???]9X?????> 
2OCDE￥ǐ??a:W??]>VCDE???ń??
g司?#?????]??ò>CDEǐ??a:W??]y9
??ü???]?∥?éCE9SéCE1???y9oC
DE???Wò??> 
?O?]??#?D 
CDE^éCE????ēO? ?O司D#??PF??]
#$PdOm?d>? Aüg Cü???]??Δy 4?K(??
4?)A?]???9?+???]??> 
司?#??E￥?u???D, 
1O?]??ü
 
?a??中9?∥o/CDEgéCEOg????Og?
???Og投Et?#???3?]??9a?[???E????#9??
#??E￥?Wo/??]????????E(???)#??????
?]???D??ì%??9￠￡????> 
ì??]??#ěēü
|§VYú/,??ǚ?O????ǚ?O?
???ǚ?O′μ??ǚ?O???ǚ?r> 
2O?]???D?? 
1?]??ǚA9V??ì??E?3???9?]?????￥m
??Ε??9m????@9??@?]??A#?{o?]?????￠￡?
o/?]??????m??@ǚ?A#?]??9ì??E?3??#9o?
中信建投基金管理有限公司
投















































 
 70
]?????W????￠￡???????]?????ǚS???Ε9X?
j????#??Ejá?#?????@±??@9?[￥?￠￡¤￥???
?>?]?????￥W?@#āā?j.??E??P?9PF?]??ǚū
Y?@> 
2?]??#???Wj.??E#??????9YW??????9
X??W?]??#j.????E??9YW?????> 
3??]??±?ūY?ū金#??E?jm??óY?ū金#??>
V?]??????￥W?]????>?∥o/?ūY?ū金#??EY?ó
gY???óY?ū金?3[???E#金`??(???)9??]???
??￥?????#??9Xá[??#???#??KW?ūY?ū金#?
?E?jē?í?Y?ū金#?金??∥?ūY?ū金#??EǚS????Y
?ū金?óì???9????￥??[ǚS?ū#???ǖìǚS?ū#Y?
ū金?ó#ǖ^??[Nɑ??#ǚ?????ì?]?????> 
4?]??ΕR?{w??1????A?]??#@Pā2#?> 
3O?]???D?ō 
?]????y9j.#??E￥?m????D9?D#?ō?, 
1?I?]??A#??9?I?j#??E9X???]??A
#??P??]??#???? 
2???]???D??g??E??#??W??]???3#??
????? 
3???]???D??g??E??#??o?]??#?????
?@^????? 
4???]???D#??9?ē??????í???#9o
???????@9X??]??#?@?j.??E??P?> 
4O???]?]???D#???, 
1???]??b????9CDE￥??ū%Ι@9??
éCE9X??司D#???????????> 
2???ǚ?Y???]# 0.25%?9CDE￥???é
CEX?中T3U??????ǚ?Y???]# 0.5%?9CDE
中信建投基金管理有限公司
投















































 
 71
￥???> 
3p?KL??ń??g3C?.?j??#9?[???D> 
ΘO???]#ā2 
1O投??m#/;?í?no???ǜ?:g?[??????
à?? 
2O?Y5????CDEOéCE??$P???\]?? 
3O?p??]:??] 50%ì#?b??5ò?#理Мno\
???{?]???a???\]èá??YP?d?9CDESóé
CE??P?y9￥????]? 
4O中T3U^司???#[?ā2> 
?O?]#P? 
{/信???#??]^?ü???]oCDE??
??9éCE????1?>CDE￥/ǐ???:í???y???
:#??]^?ü???]X?ìéCE>éCEW?]
???∥1?P?y?ìCDE9oCDEW?]???%?
?> 
?O??ā2#?D



1OCDEgéCE?司???#?]??#? 7????]
?9??3#?ǚYa+??]???D?



2Oo/Y5????9go//;?í??O??????Oèǒ??
?#????r??9CDE^éCE??ǚS???ēO??O司
D#??????9V???????#9o??3#??]??9
CDE^éCE5??????>VCDEOéCE￥???
???ē#????g??o??3#ˉ°> 
中信建投基金管理有限公司
投















































 
 72
基1管理


89+理:中
 
?O金У#?3 
金У?金?_ǘO投_`O??\]ī?_`^[?_ǘǐ?
¤.?{y#??9ǚN?_`?金У????\]ī?_`y#??> 
?O5??有金У 
5??有金У???_`?有$:??有金Уó??有金У中
ǚN?_`#???> 
?O_`?有?? 
1Oá?司j.???)#p?9ǐ<_`?有????+ 12
?9ǐ???ǐ?_`?有??Yū?/_`?有$:ǐ???
5??有金У# 20%9?-司?2ABYü 3?=5Y??_`?有? 
2O_`?有???ǒ,???ó?金?投9投s5???
?金g???金t??+¤￥ü·#?????投??投sY??9
??#_`?有?????? 
3O_`?有y?ü???]Y??/?]9ū_`?有$
:#?ü???]??ǐǔ???_`?有?yY??/?]? 
4O?ü??á?{_?ìY?9[W￥#5?有_`5?j?
Y?>??ü·#ǐ????j?r?有?? 
5O?ń??g3C?.?j??#9?[??> 
ǐ?_`?有??????CDE?#??> 
áY???ń???W???jE金`?NcdY金ˉ°#p?9
CDE5W_`?有#j.à?????ΕR9Xm???> 
?O_`?有?? 
_`?有??中￥?I??_`?有$:#5??有金УO_
`?有W?O?有??O?有??m??O?有?rKL> 
?O_`?有??#P?O??óN? 
_`?有??oCDE??9XoéCE1?9á 2 :K
á??????> 
中信建投基金管理有限公司
投















































 
 73
?金?:??_`?有$:ū5??有金У????:#?
?Yū?? 15??a:> 
ΘO_`?有中A#?{ 
_`?有??A#????g[????{o投st?￠￡>?
投s#??金?/???9Yá/??????g[????{?9
????5????jE#??金t??+¤￥ü·#??>?金?
投#????9tu-à???2??> 
中信建投基金管理有限公司
投















































 
 74
基1管理


;<+=8>
 
?O?{#ǒü 
1OCDE#CD?? 
2OéCE#éC?? 
3O?????? 
4O-司?2AByó¤.#信????{? 
5O-司?2AByó¤.#U???Oń??^???? 
6O???jE?U?{? 
7O#/;?í??{? 
8O#???ǎ?{? 
9O#?????{O?????{? 
10O?uT?j.??^-司?2??95á??中??#[?
?{> 
?O?{????O???$^??? 
1OCDE#CD?



#CD??p?:??]# 1.5%CD?#??
???, 
H?E×1.5%÷?????ǜ?:O???r9??:;?
?> 
2OéCE#éC? 
#éC??p?:??]# 0.25%#éC?#?
????, 
H?E×0.25%÷?














































 
 75
H+ǐ:￥??#éC? 
E+p?:#??] 
éC?ǐ:??9?:???ǐ==?9?=??9oCDE?
éCE?éC?ǎǒ??9éCE1?y/?=p 3??a:K?
??中??d??>????ǜ?:O??:r9??:;??> 
3O????? 
 A ü??Y_??????9C ü??#?????????????{/#??ó???jE??> 
Cü??#??????p?:Cü????]# 0.40%<
????>?????,



H?E?0.40%????
??ǜ?:O??:r9??:;??> 
ì??O?{#ǒü中? 4?10??{9??j.??m¤￥??
??9??{Nɑ?b??ǘ?;?{9oéCE???中??> 
?OY?ǘ?{#?? 
??{Y?ǘ?{, 
1OCDE^éCE????g?Q?????a?#?{?bg
??#??? 
2OCDE^éCE?Dó?a?.#??A#?{? 
3O-司?2ABp#¤.?{? 
4O[???¤.?ń??m中T3U#j.??Yū?ǘ?{#?
?> 
?O?_ 
?a??中?m#???ě¨9[?????T??_?ńO???
中信建投基金管理有限公司
投















































 
 76
?> 
中信建投基金管理有限公司
投















































 
 77
基1管理


?@+A@ 
 
?OU??? 
1OCDE+#U????? 
2O#U? 
?O# 
2OU???????S?&'U??9￥???ūCDE??> 
3OCDE?+j?áDo??U?????9???éCE>?
?U??????á 2:Ká??????> 
中信建投基金管理有限公司
投















































 
 78
基1管理


BCDE 
 
?O#信???￥?司-?2O-?a??2O-信?????2O
-司?2m[?j.??> 
?O信?????E 
信?????E|§CDEOéCEO? "???jE
?U#???jEr?ńO????^中T3U??#t?EO?E^1
?Eí?> 
信?????EF????jE金`+?bΔ9?u?ń
??^中T3U#????信?9XF???信?#MNdO$PdO
QRdOm?dOId^?ūd> 
信?????E￥?á中T3U????K9?￥%??#信
????司中T3U???)#?Td??????m-信
?????2??#?????????r????9XF
投s???u-司?2??#??^???gs1?????#信
??> 
?O信?????E￠?????#信?9Yūj??+, 
1O????O?ad??gs????? 
2OW投à?????? 
3O??￠?_`gs￠￡??? 
4O??[?CDEOéCEgs????? 
5O????t?EO?E^1?Eí?#??dO??dg??d#(?? 
6O中T3U??#[??+> 
?O????#信?￥?{中((>????{ò((#9
信?????E￥FY?(#KL??>Y?(??A??#9中(
(+$> 
????#信??{????????·HIò9?ùǔ?+E?ù
ù> 
 
中信建投基金管理有限公司
投















































 
 79
?O????#信? 
????#信?|§, 
?G!HIJO-司?2OéC??O???ēē 
1O-司?2???-司?2??E#???金O??.′9IP
???jE?U??#??m?¨?ō9HI??#?dr?m投
s??金`#??#?ń()> 
2OG!HIJ￥???ú????ˉ°投s??#????9
HI??O?^????O投O???dOkl??O信??
?m???jE??rKL>-司?2ABy9G!HIJ#信?
A??ī?#9CDE￥?á???a:K9??G!HIJX??
á????ì?G!HIJ[?信?Aī?#9CDE??ǐ???a#9CDEY???G!HIJ> 
3OéC?????éCE^CDEá??FCm?
a3?r理?中#?金O??.′#?ń()> 
4O???ēē?G!HIJ#?ē()9{/?投s??
I#ēē信?>-司?2ABy9???ēē#信?A??ī
?#9CDE￥?á???a:K9?????ēē9X??á??
??m??????g?à?Δ????ēē[?信?Aī?#9
CDE??ǐ???a#9CDEY?????
?ēē> 
!" S中T3U&'y9CDEá???# 3 :p9
??????OG!HIJ??d??^-司?2??d???
?á????ì9??????OG!HIJO???ēēO
司?^éC????á????ì9X????ēē??á
??????g?à?Δ?éCE￥????-司?2OéC??
??á??ì> 
?????? 
CDE￥?????#?¨?????????9Xá?
?G!HIJ#?:??/????ì> 
中信建投基金管理有限公司
投















































 
 80
?-司?2AB?? 
CDE￥?á_Y中T3UP?()#?:á????ì??-
司?2AB??> 
司?AB??中?HI!"āāmCDEOCDE??C
DE?OSDrE?mCDE???j#??O￠??j#;ú
rāā> 
??]信? 
-司?2ABy9á???D???gs??p9CDE￥
???ǐTá?????????ü???]^?ü?????]> 
á???D???gs??y9CDE￥?áY?/ǐ???:
#?:9??????O??????gs?à?Δ????:#?ü
???]^?ü?????]> 
CDE￥?áY?/? 
Θ?;??9|§<
???中#??U???￥?S??司-中?E??^T?2??#U??
?????> 
CDE￥?áì? 
CDE￥?á?????: 15??a:K9??Q3????9
???????á????ì9X???????d????á????ì> 
-司?2ABYá 2?=#9CDE5Y???;????O中
;??gs 
中信建投基金管理有限公司
投















































 
 81
CDE￥á???;Kb?ǔ?投s?j???Yg??
ǖ?? 20%#ā29+F?[?投s?`9CDE??￥?á?;??
ˉ°投s??#[??ē信?????投s#ü·O??;??j?
?m??O??;K?j??īéāām#?jkl> 
???a??中9￥?á 
????? 
A???)9j.信?????E￥?á 2:K??????J9
X??á????^????ì> 
pǒ????)9??5?W???jE?`gs??#\??
A??ˉ°#??), 
1O???jE?U#??m??#??? 
2O-司?2??O??? 
3O???a?O司X? 
4O??CDEOéCEO??????9??U???
??? 
5OCDE?é?????+?D#????O??O?]r
??9éCE?é?????+?D#??O?]O1?r??? 
6OCDEOéCE#??*O??Aī?? 
7OCDEī??j????ì??#??OCDE#Nɑ??
Eī?? 
8O!";??g?p??!"? 
9OCDE#??CDE?OSD^éCE??éC??
??EAī?? 
10OCDE#??á?














































 
 82
12OCDEg[??CDE?OSD?CDà?¤.?+?Y
??????O????9éCEg[??éC????E?éC
à?¤.?+?Y??????O????? 
13OCDE?{???ǘCDEOéCEm[????O
Nɑ??Egsó[j??金?.′#???#gs￠?;K￠?#
9gs??[???.?í???9V中T3U?j??#?ò? 
14O_`?有??? 
15OCD?OéC?O?????O??O???r?{???$O??
?^??Aī?? 
16O???]?\??????]????Δ?? 
17O???D?O??? 
18OAǔ???X?;?D? 
19O??Aǔ???X?????? g??????ǒ?? 
20O?????O?? g?????O?? ? 
21OA?m?O????ΕRg?áˉ°投s??r?????



22O信?????E?+5?W???jE?`gs??#\
??A??ˉ°#[???g中T3U??m司???#[???> 
????? 
á司?;úK9?????¨中b?#gsánoìà?#??5?W
??\??A?adˉ°gs?????9m5??????jE
?`#9¤.信?????E??y￥??ūW?????????9X?j.
āā?ū??中T3U> 
????jE?U?? 
???jE?U??#??9￥?t??中T3U??9X%??> 
????? 
司???#9CDE￥?t?í??????íW???
???Xab????>?????í￥????????á????ì9
X???????d????á????ì> 
 
中信建投基金管理有限公司
投















































 
 83
??投/??;?#信? 
CDEá????O中;??O 
??投/???#信? 
CDE￥á
CDE￥á????中??[?j#???ǖ?O???
n]???#??^??;??n]????????ō#p 10
*???I?> 
??投èéê#信???tuTKìní?#?D??> 
??中T3U??#[?信?> 
ΘO信?????CD 
CDEOéCE￥?建???信???CD??9??????m
??CDE???CD信?????> 
信?????E????信?9￥??司中T3U¤.信?
??KLó?$?r?ń??#??> 
éCE￥??u¤.?ń??O中T3U#??^-司?2#?
?9WCDE??#??]O?ü???]O?????
\?O?;??O??#G!HIJO???ēēO????r
????#¤.信???1?O??9X?CDE??J?g??P?> 
CDEOéCE￥?á????中????????信?>
CDEOéCE￥??中T3U???????????#
信?9XF¤.??信?#MNO$POQROm?> 
CDEOéCE?t?á????ì??信?ò9ó5???ē
á[???????信?9V?[?????Yū?/??????信?9X?
áY???ì????信?#KL￥???> 
+信?????E????#信?b?????O?ń??J#?
中信建投基金管理有限公司
投















































 
 84
à??9￥??a?a??9X?¤.????FèY-司?2??y 10





 
<> 
?O信???()#è?ó?? 
t?????#信??y9CDEOéCE￥??u¤.?ń?
????信?限?/?t??9??U????O1?> 
?O信??????ń????m?ǜ??#KL+$> 
中信建投基金管理有限公司
投















































 
 85
基1!管理


FGH投 
 
投??ǒ?;投??9[ěē????
?投9? ?投ǔ???e#?·kl>Y?/????^×r?
?????_`?;#???9投E??9?5??[?j????
投??A#_`9h5?￠￡投??e#??> 
á投?a??中5????ǒkl9?|§nokl9h|§t
?#CDklO??kl^司?klr>ǔ???kl?????j#?
ǒkl9ū?ǔ?í?:#??? ?? ??ǖ?ǖì??中
?b ??ǖ?ǐ?? ??ǖ?m??中?ǘ ??ǖ?y#
????ǖ??#?????9投E?5???m????j#??
??> 
?+?D
O公司
O×
O?ùnorY?ü
9
投E投Y?ü
#??ūY?#_`?;9h?￠￡Y???#kl>
??eH9#_`?;??9投E￠￡#klh??> 
投E￥??M??司?O-G!HIJ2r?ń()9??
#kl_`??9X??t?#投?#O投;úO投S?O?īāre
f??^投E#kl￠???¤?￥9těef#投\]9těě
b投??9t?￠￡投kl> 
投E￥??????;??投^?èR?r???#?·>?;
??投??a投E???;投O??投3#?ǒǔ??#投?>
V??;??投XY???投??j#kl9Y?F投E?ū_`9
hY?????#rBD??> 
???r?+a????]īé9YU?ī#kl_`??9YU
??投klg??投_`> 1 ù???]??!"g??
?r?+a????]ΕR? 1 ù???]g 1 ù??9áno??r?
?#ˉ°9投?j5?b???g?]?j5??/???]> 
CDE￠?zN信{O~w?#??CD^?{?9VYF
???金9hYF??_`>CDECD#[?#à?Y?
中信建投基金管理有限公司
投















































 
 86
3Wà?Z?#F>CDE??投E投#?st??
?9áěb投??y9??īāó?]īé??#投kl9o投
Et??￡> 
???jE???X￠?kl, 
?Onokl 
no\???YS???O?a??O投?D^í???r?ǒ??
#ˉ°±?#??9?W_`ê??A?ákl9ěē|§, 
1O??kl 
?T???????ù??O????O?à??O?????r^
no3C??Aīé9a?no\???±?Akl> 
2OS?T;kl 
no???S???#ˉ°9±S????jT;d#?Δ9±??S
???īā?Wno#_`ê??Aˉ°9?±W_`?3ˉ°> 
3O金?kl 
?no金?#??Ua?no\?^_`?#ī?>金???ˉ°?
×#\?^_`?9ˉ °??à#?3^金У>投/×^×?
?9[_`ê?U?Y金?īé^?ùno??īā#ˉ°> 
4Oìn??S?kl 
ìn??#S?īā??ǒ??ˉ°9?CD??O??īāOnopqO
?à??OE??cr9???Ua??à#?金Aīé>?∥?投#
ìn??S?Y?9[?D\?5??9gs??{/?有#金У??9?
投_`?>??5??投??ée???ǒ1′μkl9VY?
Q???> 
5O???kl 
投#?#??#F]?]9?∥A????9投/
??ū#_`5?U???????9?±?#Nɑ_`?9ˉ °
?#F]?]> 
?OCDkl 
áCD?a??中CDE#??OS?OefO??O??r9U 
中信建投基金管理有限公司
投















































 
 87
ˉ°[W信?#?j^WS?2?O\???#ef9?±ˉ°_
`ê?>??9#_`ê?óCDE#CDê?OCD??^CD?
?r¤.d??95??+CDE#??±ˉ°_`ê?>
éCE#CDê?W_`ê?hèáˉ°> 
?Oà?dkl 
ú/??9á#?j??:9CDE5??投E#
?^??>?∥?Y????ī3?9gsī?+????]
?AY金#ˉ°9?Uˉ°?a^_`ê?>?[?áAǔ????9?
∥?ī???ǚ95?U?A??ΕR#??9a?à?dkl95
?ˉ°???]> 
1O?投noO?àm?#à?dkl?? 
#投noěē+í??O?T???×norà?d??#
??
í?o?9ěē投W?+?j??à?d#???|§TKt?
?ìn#?DO×^?ùno??r9??/??投#??á?
à^????j?"中?#??9?司??á@?no-?#à?d
kl?中> 
2Oǔ???ā2#à?dklCD??



b?ǔ???ā29CDE5????#?í司īāg
ǔ???????āā??????g???;??>??9?ǔ?
???jEáǔ???: ??????ǖ??????ì#9
CDEj?W[???;?D?? g??????ǒ?#??> 
3ON??{#à?dklCD??#ā2O?ōmW投s#?áˉ° 
áno????Oà?d??r??āāA??￥W投sǔ???#
ā2?9CDE?F?投s司??`+p?9? ??u?ń??m
司?#??9|}???;?Dǔ??? O?????? O?????
?ǒ?O_??;???rà?dklCD??a+????>W/?üà?d
klCD??#?{9CDE?tu???0O?}??#??9m?jB
?Wkl??3?^??9?{pS?K??0?ōXóéCE????>
áNɑ?{?üà?dklCD???9投s#?? O??ǒ???r5
中信建投基金管理有限公司
投















































 
 88
??Y¤￥ˉ°9CDE???tu?ń??m司?#????ǎa9
??F?投s#司??`> 
?O信{kl 
áí???Aí_??9gs?投×??Eb???O?
???Y;?9?5?a????^_`īé9?±?Akl> 
?O?j#kl 
1O+管理有限公司
9èá?ü?有限kl9j5??+?
YS?T;Ono-?gCDE??r??#ˉ°9a?#?ü?有限?
????èéê?9ì投í司#?B?ekl> 
?9á司?AB?:? 
2O??;?r??A?投kl 
??A???ǒ?司?9[\]??/?ǒg?ǒ??g??9[
?\ěē?t/W???#\?ó\?#???;>投/?A??￠?no
klO信{klOà?dklOǎakl^?ńklr>o/?A????j?
?B￥9\?????#???+??9j???投?#?ē￠￡??#k
l>X?o/?A??\¤?1?9Y??#?]j5???????k
l> 
??;???Fí???9o/Fí??j??d9?b?Y金?
ā?9?\????#ī??j5?U?投s?`??????>??;??
{ǐ:??×????9?∥ijá??#??K?áF9???????
??95?ì投?e??#??> 
3O???投kl 
???#klěē|§信{klO金?klOà?dklO?p??
klr>信{kl??投#????×?Eb???9gáí??
?中Aí_??9go/???信{c???a?\??9? 3
?????金?kl?no金???Ua????#_`?^\?#
中信建投基金管理有限公司
投















































 
 89
ī?9??±?9?∥no金?ì?9?j??????\??O
??#kl9±?∥no金??9???金?#?投_`???
?#kl?à?dkl?????no??mí?理М??#ˉ°9
???5???á??\?ê?ì??????#?ǘgǘb9èá??#
à?dkl??p??kl?×?E5?Uo/金?īér?????p??9
?±?????投kl> 
4Oèéê投kl 
#投??|§èéê9?投/èéê9á￠￡?Kì
ní??D投#??klò9ó?￠￡èéê#?jkl9|§èéê?
jEó?ò??E#??á?ń??O?j?金r??èáǚ?5??
#kl?èéê?jEá????O??Z??r??#????5??
#kl?èé??t???èéê?jE#kl????ìn?3èéê\
?ǚ?m??#kl?èéê?jE?`???#kl?èéê?n#k
l?ǚá?òìn#??E9á??信???3C??ó?K5?èá
ǚ?#kl??Kòí???O?ń??O3C-?ǚ?5?a?#[?k
l> 
ΘO[?kl 
1O?????±?A#kl9??ˉ′μY5??A#kl? 
2O?à????9á??建?OE?有?OK???建?r??#
YQ??A#kl? 
3O?E+??±?A#klO?K?í?O???+r?A#kl? 
4OWěēà?E??SD#t?±5??A#kl? 
5O?à?????5??A#kl? 
6O??Ot???rY5??5?a???#??9ˉ°_`ê
?9?±?ekl? 
7O[??òa?#kl> 
中信建投基金管理有限公司
投















































 
 90
基1&管理


"#IJKLM+45NO 
 
?O-司?2#ī? 
1Oī?司??m?ń????g司???￥S???jE
?U????#??#9￥?????jE?U????>W/5YS
???jE?U????#??9oCDE^éCE??yī?X??9
X?中T3U??> 
 2O./-司?2ī?#???jE?U??tABy?5??9
Xt??ABy?:Ká??????> 
?O-司?2#???o 
j?ā2??#9-司?2￥???, 
1O???jE?U????#? 
2OCDEOéCEx???9á 6 ?=Kij?CDEO?
éCE￠?#? 
3O司?AB?:? 
?O??#?? 
1O?????í,tb?-司?2???o?: 30??a:K
3????í9CDEí??????íXá中T3U#3???
??> 
2O?????íí3,?????í3?oCDEOé
CEO?j??¤.à??#&'U??Oń?m中T3U??#E
?í3>?????í5?{?ē#?aE?> 
3O?????íx?,?????í????#FCO?DO
?\Oī?^?有>?????í5t????ē#??理?> 
4O?????ō, 
1-司?2??ā2b??9o?????íμ??C? 
2W??^×?×????D^P?? 
中信建投基金管理有限公司
投















































 
 91
3W?????]^ī?? 
4?a????? 
5? U?????W??????ò???9? ń????W??
??b??ń??J? 
6??????中T3U??X??? 
7W???????有> 
5O????#;ú+ 6?=9V???#à?d?Yú?
±Y?m?ī?#9??;ú¤￥??> 
?O???{ 
???{???????íá??????中A#?j司D?
{9???{o?????íè????中??> 
?O???????#?有 
t?????#?有??9?????y#?????ǐ?
?????{Oí????ǒX??×?y9????jE?j#
???????有> 
ΘO????#?? 
????中#j.?????m??????????S?司-中?E
??^T?2??#U???????Xoń????b??ń??Jy?
中T3U??X??>??????/???????中T3U?
?y 5??a:Ko?????í????9?????í￥????
????á????ì9X???????d????á????ì> 
?O?????'m()#Fè 
?????'mj.()oéCEFè 15<ì> 
中信建投基金管理有限公司
投















































 
 92
基1.管理


"#PQR信 
 
?OCDEOéCE^???jE#?金O???
??CDE#?金ó???
?O??-?2O-?a??2m[?j.??9CDE#?金|§?
?t?!"??
?t-司?2AB?:9???ń??^-司?2???{
XCD????
?tu-司?2_?CD?m?ń????g中T3U0
$#[??{??
?á?ń??^-司?2??#??KΕR#CD?O??
?O??O???r[??{9gáW?j???jE金`?NcdY金
ˉ°#p?ī?_????
???????
??u???"???jE?U??
?t?-司?2mj.?ń??3?éCE9??+éC
E???-司?2mT?j.?ń??9￥??中T3U^[?3C??9
X???ē??F?投s#金`??
?áéCE???9?*?#éCE??
???O??????9W????#¤.?+??3?^?
D???
?÷￡?g?é[??司?)#??￡??????D??à?
X?ū-司?2??#?{???
??t?-司?2mj.?ń????_`#?有?????
??á-司?2??#??K9??g???D?ó?? ???
??tu?ń??+#金`W?投???????金9+#金
`?????投/??A#?金???
??á?ń???4#p?9+#金`t?+??????
??CDE#*?9?Z???jE#金`?????金gs
中信建投基金管理有限公司
投















































 
 93
N?[??ń?+?? ?
????O??ń????OU?????O?;?S??g[?+
????#ò?????
??á?司j.?ńO??#p?9??^ΕRj.??O?O
??O??^1í???rà?????
???ń??m中T3U??#^-司?2??#[??金>?
?O??-?2O-?a??2m[?j.??9CDE#??|§
VYú/,?
?t?!"9?Dgs?éS中T3U??#[????+?D
??#?O?O??^??????
??D??????
?t-司?2AB?:9zN信{O|}~#??CD^?
{????
?有?á?#?j?à?#E???投??O??9?àé
#S??CD^?a????
?建???K?kl??O3?ó??O??CDmE?CDr??9
F?CD#??^CDE#??¤???9W?CD#Y??·
CD9?·??9??投??
??t?-?2O-司?2m[?j.??ò Y?ū金{??
+t?m????E??金`9Yū?é??E?a????
?t???éCE#3???
?????司D#?????????O?O??^&?\?#
???司-司?2r?ń()#??9?j.????X???]信?9
P????O??#\???
???U???X????U?????
?÷??????O中;??^?-?2O
中信建投基金管理有限公司
投















































 
 94
-司?2m[?j.???j??ò9á信?????p￥%F?9Y
??E????
???-司?2#??P?_`?有??9m?????j
E?有_`??
??????D?ó?? 9m?Oá?????ǒ???
??t?-?2O-司?2m[?j.???"???jE?
Ug有司éCEO???jEt??"???jE?U??
?????Fè??CDà?理?#U??'O?ZO??^[?¤
.???<ì??
??PF?ē?投s??#??()g?á????b9X?
F投s???u-司?2??#??^?9????Yój.#
???9Xá??司D3#?)ūYj.?#1?)??
??í?Xòǖ?????í9òó??#FCO?DO?\O
ī?^?有??
??????Ot????gs?t??????9m???中T3U
X??éCE??
?÷???-司?2a???#??g?????jE司?
?`?9￥?￠￡????9[????Y?[??±????
??3?éCE??ń??^-司?2????t?#??9
éCE??-司?2?3?????9CDE￥+???j
E金`?éCE????
???CDE?[???é????D?9￥?W????Dj.
??#?+￠￡????
??CDE*?9?Z???jE金`?????金gN?[
??ń?+???
??CDEá!";????Y#???)9-司?2Y?
AB9CDE￠￡??!"?{9?ǚ!"Xǖ????;理;èǒ金
?á!";??y?÷:K?ó??E??
????AB#???jE?U#????
中信建投基金管理有限公司
投















































 
 95
??建?XFè???jE*'??
???ń??m中T3U??#^-司?2??#[???>?
??éCE#?金ó???
?O??-?2O-?a??2m[?j.??9éCE#?金|§
VYú/,?
?t-司?2AB?:9t?ń??^-司?2#????
FC????
?t-司?2???ūéC?m?ń????g3C??0
$#[??{??
?3?CDEW#投?a9??CDEj??-
司?2mT??ń???+9W??O[???E#金`?3????#
ā29￥??中T3U9X???ē??F?投s#金`??
???¤.no??9+????O??O;???r投
????9+?DO;?í?????
?????g?"???jE?U??
?áCDE???9?*?#CDE??
??ń??m中T3U??#^-司?2??#[??金>?
?O??-?2O-?a??2m[?j.??9éCE#??|§
VYú/,?
?zN信{O~w?#???jX??FC????
?????#éC??9?j?司ē?#?ào?9有?á?#O
司?#??éCà?#?xE?9????éC????
?建???K?kl??O3?ó??O??CDmE?CDr??9
PF??#??9F[éC#??óéCEtj??mY?#
??¤????W?éC#Y?#?·?限??9????9??CD9
FY???á???限Oǎ?O?'??r??¤?????
??t?-?2O-司?2m[?j.??ò9Yū金{?
?+t?m????E??金`9Yū?é??EéC????
?FCoCDE?Z??#ój.#??司?mj.ê??
中信建投基金管理有限公司
投















































 
 96
????????#??O??^;???r投???
?9?u-司?2#??9??CDE#投??9m??D??Oí
?????
?Fy?à??9?-?2O-司?2m[?j.???j
??ò9á信?????p%F?9Yū??E????
?1?O??CDE??#??]O???]O?
??O??\???
??DóéCà?理?j.#信???????
?÷W??U???O????O中;??^














































 
 97
金`?CDE????
????AB#???jE?U#????
???ń??m中T3U??#^-司?2??#[???>?
????jE#?金ó???
投s?j??#?+ū?+W-司?2#￠?^??9
投stt?-司?2?ū??9ū3+???jE^-
司?2#??E9??[Y??j#??>???jEa+-
司?2??EXYá-司?2ìJ???g??+?ē?)>?
??ü·ǐ????j?r#司??`>?
?O??-?2O-?a??2m[?j.??9???jE#?金
|§VYú/,?
?????_`??
?òó?有??y#??????
?t? ??g??[?j#????
??u??ē??????jE?Ugs?"???jE?U??
?b?gs???Zb????jE?U9W???jE?U
??????Z????
???gs1?????#信????
?3?CDE#投?a??
?WCDEOéCEO??????[司??`#?+t
????g????
??ń??m中T3U??#^-司?2??#[??金>?
?O??-?2O-?a??2m[?j.??9???jE#??
|§VYú/,?
??M??X?y-司?2OG!HIJr信???()??
????投??9??t?kl￠???9těef#投
\]9těěb投??9t?￠￡投kl??
?.&信???9m????金^??????
?????O?ǒ?m?ń??^-司?2???#?{??
中信建投基金管理有限公司
投















































 
 98
?á[?j#????K9￠￡??gs-司?2??#
jú????
?Y????j?m[?-司?2??E司??`#理???
???AB#???jE?U#????
??óáí???中??????ū#Y?ū金??
??ń??m中T3U??#^-司?2??#[???>?
?
?O???jE?U?"O??mZ?#?ō^???
????o?
?O?b?g?ē????o??#9￥??????jE?U,?
???-司?2??
???CDE??
???éCE??
????a???
?ΕRCDEOéCE#???$g???????9V?ń
??ē?ΕR?r???$g???????#?ò??
?ī?ü·??
?ó[?#司X?ń??O中T3U^司??j?
?#?ò??
?ī?投??O??g?ō??
?ī????jE?U?ō??
?÷CDEgéCEē??????jE?U??
??ǔ?g司??jǖ???÷?ì??÷???#?
??jECDE_Y???:#????9??????J?
ē??????jE?U??
??W司???E?金^???A??ˉ°#[?????
???ń??O-司?2g中T3U??#[?￥?????
?jE?U#??>?
?Oāā5oCDE^éCE??y??9Y?????
中信建投基金管理有限公司
投















































 
 99
?jE?U,?
?Ε????????
??ń??ē??ǖ#?{#_???
?á?ń??^-司?2??#??KΕR#???gá
W?j???jE金`?NcdY金ˉ°#p?ī?_??O? ǖgΕ
R??ü·?限??
?á?ń??^司???#??K9áW???jE金`?N
cdY金ˉ°#āā9CDEO????O????ΕRj.?
?O?O??O??O1í???O?éCrà?????
?á?ń??^司???#??K9áW???jE金`?N
cdY金ˉ°#āā9?b?à?g????
??¤￥#?ń??Aī?±￥?W-司?2??????
?W-司?2#??W???jE金`?NcdY金ˉ°g?
?Y?m-司?2??E?金??.′A??īé??
??u?ń??^-司?2??Y??????jE?U#[
?ā2>?
?U??"Em?"??
?O??ń????g-司?2?j??ò9???jE?Uo
CDE?">?
?OCDE?????"gY??"?9oéCE?">?
?OéCE?+j?ē?????jE?U#9￥??CDE
?bJ???>CDE￥?t_YJ????:?÷:K?????"9
XJ???éCE>CDE???"#9￥?tb?J????:
?÷:K???CDE??Y?"9éCE??+j?ē??#9￥?
oéCEt??"9Xtb?J????:?÷:K??X??CD
E9CDE￥?有司>?
?O?Z???÷?ì??÷?#???jE?????J?ē?
?????jE?U9￥??CDE?bJ???>CDE￥?t
_YJ????:?÷:K?????"9XJ????b??#???
中信建投基金管理有限公司
投















































 
 100
jE?Z^éCE>CDE???"#9￥?tb?J????:
?÷:K???CDE??Y?"9?Z???÷?ì??÷?#
???jE??+j?ē??#9￥??éCE?bJ???>éCE
￥?t_YJ????:?÷:K?????"9XJ????b??#
???jE?Z^CDE?éCE???"#9￥?tb?J????
:?÷:K??X??CDE9CDE￥?有司>?
?O?Z???÷?ì??÷?#???jE?????ē???
???jE?U9±CDEOéCE?Y?"#9ǔ?g司??Z
?? ?÷?ì? ?÷?#???jEj?t??"9X???p ?÷
:?中T3U??>???jEt?t??"???jE?U#9
CDEOéCE￥?有司9Yū??O??>?
?O???jEU?#?"E????P??U??O?ΔO?^?
`??:>?
??????jE?U#????O??KLO????
?O?????jE?U9?"E￥/U???p?÷:9á?????
?>???jE?U??￥???IKL,?
?U???#??O?Δ^U?2??
?U????#??O???ō^Z????
?j?b????jE?U#???jE#?`??:??
????éI#KLē?|§VYú/?DE??9?D?ú^?
DjB;úrO????^?Δ??
?U????′E?*m?′????
?b?U?s??$?#()^????#????
??"E?ē??#[???>?
?O?????U?X??Z?#āā9oU??"E??áU???
中HI????jE?U???#?¨???O?é#??.m[?
′?^?′EOJ?Z????í#????^_??>?
?O??"E+CDE9ó￥??J???éCEY???ΔWZ
???#?D??3????"E+éCE9?￥??J???CDE
中信建投基金管理有限公司
投















































 
 101
Y???ΔWZ???#?D??3????"E+???jE9?￥??
J???CDE^éCEY???ΔWZ???#?D??3?>
CDEgéCE?Y??ZWZ???#?D??3?#9Yˉ°Z???
#?DB?>?
????jEb?U?#??
???jE?U5???o?U?O???U?O?ń??g3C
???4#[????9U?#???oU??"EP?>?
?O?o?U>o???jEEb?g?D投D???éI??
?Zb?9?o?U?CDE^éCE#???Z￥??????
jE?U9CDEgéCEY??Z??#9Yˉ°Z?B?>?o?
U???司?)?95?????jE?U??,?
??tb?U?s?j??#êO?éb?U?sb?#?éE
?j??#êm?éE#?D投D???éI?司?ń??O-司
?2^ U???#??9X??j??#êóCDE?j#???
¤???
?S?W9?ǖYUsb?#á?`??:?j??#ê??9
jB#??Y?/á?`??:ǖ??#????????
?>?YUsá?`??:?Z#jB#???/á?`??:
ǖ??#????9?"E5á???#???jE?U????#?
?=yO??=K9??????????"???jE?U>???
"#???jE?UYUsá?`??:?Z#jB#??￥Y?/
á?`??:ǖ??#?????????>?
?O???U>???U′????jE?[WZ???#投DJ?
2áZ???:p????"E??#??>???U￥J????Z
?>?
á???司?)?9???U#??+jB,?
?U??"E?-司?2????U???y9á???a:K?
???¤.??d????
??"E?司?????éCE?∥éCE+?"E9
中信建投基金管理有限公司
投















































 
 102
?+CDEY???ΔWJ?Z???#?D??3?>U??"Eá
éCE?∥éCE+?"E9?+CDE^??.#3??
uU?????#?_????jE#J?Z????éCEg
CDES??Yòǖ_?J?Z???#9Yˉ°Z?B???
?E??b?J???g???E?Zb?J???#9???
jE??j#??Y?/á?`??:ǖ??#????????
???E??b?J???g???E?Zb?J??????jE?
?j#???/á?`??:ǖ??#????9? "E5á???
#???jE?U????#??=yO??=K9????????
??"???jE?U>???"#???jE?U￥?j?Z???
?ì???????#?jE??b?J???g???E?Zb?
J?????
?ì????中??b?J???#???jEg?é?Z?E
b?J???#?DE9???í#?j??#êO?éb?J???#
?DEb?#?éE?j??#êm?éE#?D投D???éI?
司?ń??O-司?2^U???#??9Xó??????¤?>?
?Oá?ń??^3C?.?4#āā95?{[?1?o?g
s?o?ó1?o?¤?司#??????jE?U9U??ō?
u?o?U^????U#?ō??9?¨?oU??"EP?XáU??
?中?I>?
?Oá?ń??^3C?.?4#āā9???jE???E?+b
?U?XZ?#9???5?{?cO??O??O?信g[??9?¨
?oU??"EP?XáU???中?I>?
???KLó?ō?
?O??KLm????
??KL+.′???jE金`#????9?-司?2#???
?O????-司?2O??CDEO??éCEOó[?司
XO?ń??m-司?2??#[???mU??"E?+??í?
??jE?U??#[???>?
中信建投基金管理有限公司
投















































 
 103
???jE?U#?"Eb?"U?#??y9W?j??#??￥
?á???jE?U??pm???>?
???jE?UYūW?????#??KL??Z?>?
?O???ō?
??o?U?
á?o?U#?9? ?o?Uě?E?u???????ōP?^?
?3DE9?yo?Uě?E????9S??y??Z?9X23?U??>
?Uě?E+CDE??b?U?#?Z9áCDE???Z??ě?
?U#āā9oéCE??[b?U?#?Zě???∥CDE??
?Z^éCE???Z???ě??U9?ob??U#???jE^
?DE??Z??#????ì????????A?*???jE
a+?????jE?U#ě?E>CDE^éCE?Yb?gě
????jE?U9Yˉ°???jE?Uab#??#B?>?
U??"E￥??ab?U?E?#?*'>?*'?IòǖU?E??*
gǔ?*O??I()8?O?jg?ZjZ??#??O?éE
?*gǔ?*^?′?r??>?
????U?
á???U#āā9??o?"E?p?÷:????9á???#Z?
??:;y???a:Ká??.3?o?"Eμ???jBZ?9á?
?.3?23??>?
ΘZ??
???jE??ǐ???j?DZ??>?
???jE?U???+????^?·??,?
?O????9?????Sòǖ?U#???jEg[?DE??Z
??#????ì????????+jB?????????#?
?·??????ò#[????????#???>?
?O?·??9?·??￥?Sòǖ?U#???jEg[?DE??
Z??#????ì????????5ěb>???a?O??
CDEgséCEO??-司?2Oó[?司X?·
中信建投基金管理有限公司
投















































 
 104
?????+jB>?
???jE?U???*???投DZ?>?
???????Z??9?1á?D?j??#¤??I9???í
?司U???中??#P?投s??()#Z??+jBb?#投s9Z?
?司U?????#J?Z????+jBZ?9Z?????Y?g¤???
#?+??Z?9V￥??ǘb?J???#???jE??Z#??
ǖ?>?
???jE?U#????g?????KX?#????￥???
??O??Z?>?
??D?
?O?o?U?
???UoCDEgéCE?"9???jE?U#ě?
E￥?áU???y??áb?U?#???jE^?DE中???*
???jE?Zó?U?"E??#?*3????￡?3DE???Uo
???jEt??"g?U??oCDEgéCE?"9V?C
DEgéCE?b??U#9???jE?U#ě?E￥?áU???
y??áb?U?#???jE中???*???jE?Z￡?3D
E>CDEgéCEYb??U#9Yˉ°?D#B?>?
?3DE￥?á???jEZ?y?ū???ΔXo?Uě?E?
o???D?∥>?
??∥U?ě?Eg???jEg?DEW/?í#Z??∥j?
?95á??Z??∥y?ūW?投D?ē??????Δ>3DE￥???
???Δ9???Δ??+ú>???Δy9?Uě?E￥??o?????
Δ?∥>?
??D??￥o??.%?9CDEgéCE?Yb?
?U#9Yˉ°?D#B?>?
?O???U?
á???U#āā9?D?+,o?U?"E??#?*3??á
éCE???Z?oéCE?"9?+CDE???Z#3??
中信建投基金管理有限公司
投















































 
 105
??D9Xo??.W[?D??%?>CDEgéCE???
ZWJ?Z???#?D??3?#9Yˉ°?D^Z??∥>?
?ABó???
???jE?U#??9? "E￥?t???:?:K?中T3U
??>?
???jE?U#??tZ????:AB>?
???jE?U??tAB?:?:Ká????ì??>?∥?{
?????Z?9á?????jE?U???9????J?(O?
??O???*r????>?
CDEOéCE^???jE￥???AB#???jE
?U#??>AB#???jE?U??W?¨???jEOCD
EOéCE?j???>?
???./???jE?U???oO???)O???ōOZ
??)r??9?????{?ń??g3C???#???9??e?ń??g
3C????a?¤.KL???gī?#9CDE?p??y95??W
??KL????^ΕR9???????jE?U??>?
?
?O-司?2ī?^??#?oO?ōm??????
?-司?2#ī???
?Oī?司??m?ń????g司???￥S???jE?
U????#??#9￥?????jE?U????>W/5YS?
??jE?U????#??9oCDE^éCE??yī?X??9
X?中T3U??>?
?O./-司?2ī?#???jE?U??tABy?5??9
Xt??ABy?:Ká??????>?
?-司?2#???o?
j?ā2??#9-司?2￥???,?
?O???jE?U????#??
?OCDEOéCEx???9á??=Kij?CDEO?
中信建投基金管理有限公司
投















































 
 106
éCE￠?#??
?O司?AB?:??
???#???
?O?????í,tb?-司?2???o?:?÷??a:K
3????í9CDEí??????íXá中T3U#3???
??>?
?O?????íí3,?????í3?oCDEOé
CEO?j??¤.à??#&'U??Oń?m中T3U??#E
?í3>?????í5?{?ē#?aE?>?
?O?????íx?,?????í????#FCO?DO
?\Oī?^?有>?????í5t????ē#??理?>?
?O?????ō,?
?-司?2??ā2b??9o?????íμ??C??
?W??^×?×????D^P???
?W?????]^ī???
??a??????
?? U?????W??????ò???9? ń????W??
??b??ń??J??
???????中T3U??X????
?W???????有>?
?O????#;ú+??=9V???#à?d?Yú?
±Y?m?ī?#9??;ú¤￥??>?
????{?
???{???????íá??????中A#?j司D?
{9???{o?????íè????中??>?
????????#?有?
t?????#?有??9?????y#?????ǐ?
中信建投基金管理有限公司
投















































 
 107
?????{Oí????ǒX??×?y9????jE?j#
???????有>?
Θ????#???
????中#j.?????m??????????S?司-中?E
??^T?2??#U???????Xoń????b??ń??Jy?
中T3U??X??>??????/???????中T3U?
?y 5??a:Ko?????í????9?????í￥????
????á????ì9X???????d????á????ì>?
??????'m()#Fè?
?????'mj.()oéCEFè??<ì>?
?
?O??????
????E??9?-司?2±?A#gó-司?2j.#???
?9?S????????#9￥?í中TTɑS???????U???U?
?jB#????????9???Δ+??n9???????d#XW??
??E?j???9???o???￠￡>?
???D;?9司???E￥vy?t#x?9???NO~Ow?
???司???#??9?????jE#司??`>?
-司?2?中T?ńC?>?
?
?O-司?2è??^投s?ū-司?2#??
-司?25??3'9?投sáCDEOéCEO????
#??o?^?ào???>?
中信建投基金管理有限公司
投















































 
 108
基公1管理


STPQR信 
 
?OéC????E 
?CDE 
*,中信建投CDjú?? 
??,??n??????????? 38? 1? 
???ZE,?=~ 
3???,2013< 9= 9: 
0$???.m0$??(8,中T3U34562013711088 
&', 30000?ù 
í?2: jú???? 
S???,!"O??O?????CDO?CD^中T3
U45#[?à? 
è?;?,??è? 
??,010-59100288



?M, 010-59100298 
?′E,??? 
?éCE 
*,中T??????jú?? 
&'??,??n???1??K?? 558 
???ZE,??? 
?′??,01066105799 
?′E,?I 
3???,1984< 1= 1: 
í?2,??jú?? 
&', E?ù 35,640,625.7089?ù 
0$???.^0$??(8,T??-./中TE???????中??
?x?#??2T[1983]1468 
è?;?,??S? 
中信建投基金管理有限公司
投















































 
 109
S???,?DE?ùèǒO?ǒO?à??à??TKò????DD?
￠?O??O???O?ü??à???D?????信{??m￡F?
?D??à???D?O?D￠?O?D????×??_??à???D
投??à?????Fl?Dà???D??d??OòT?
?^Tɑ????ǒà??FC??????×??ǘ??×O?
×?投O?à<éCà???à<?éCD???<??C
D?????#&'??O??O?^??à??信Ε?O??O?
à??? ǒ￠???àO?E???????í?gòǖ???ǒ?ò?èǒ?
ò??ǒ?òù???b?é_m???_?ò?D?￠?^???ò??ǒ?
ò?￡F??O?D?O?ǘg?D?ǘ?Dò#òùj\?t?O
??ò??ǘ?ò???Aà?????à??????O?ì??O???
?à???D??O??à??ST????à3?CD??0$#[?à?> 
 
?OéCEWCDE#à?3?^?? 
?éCEWCDE#投?+??3?? 
1OéCE??j.?ń??#??^-司?2#??9W?
投??O投W???3?> 
#投W???j??à?d#???9|§TKt??ìn#
?D|§中??O?à?Oèéêm[?S中T3U?$ìn#?DO
×|§T×O? ?D?O?×O?à×O??×O??×O????×O
中;D?O5??×???í?5?×O?;?rO???O
×??O??èǒO?O??;?m?ń??g中T3U?4投#
[????V??司中T3U#¤.??> 
Yū投/¤.?ńO??O????m-司?2??投#投
??> 
2OéCE??j.?ń??#??m-司?2#??W?
投?????3?, 
1??ń??#??m-司?2#??9#投?有限?
?+,?D投??#??+ 0%?95 %9?投???
中信建投基金管理有限公司
投















































 
 110
]#??+ 0%?3%9ǐ?í?::?áǐ???;?司????#í?F
y9?Y|§????OèbFO￥_?ǒrgsY;:á?<
K#??×投??司?Y?/??]# 5%> 
???gnoīér??a?投í司Y?司ì???#9CDE
￥á司D#;úKΕR#投í司9?司ì???ú?>?ń???j?
??9?[??> 
??ń??g3C??y?4投[??ǒ9CDEá???
??ōy95?[?ǘ投??9X5t???jB#?ń????司D?Ε
R投??> 
2???ń??#??m-司?2#??9投í司??
投ú?, 
1?D???# 0-95%? 
2ǐ?í?::?áǐ???;?司????#í?Fy9F?Y
?/??] 5?#?Y|§????OèbFO￥_?ǒr
gsY;:á?<K#??×? 
3?j?????#9[n]Y????]# 10?? 
4CDECD?oéCEéC#???j?????#
9Y???# 10?? 
5?j#???9[n]Yū????]# 3?? 
6CDECD?oéCEéC#???j#???9Y
ū????# 10?? 
7á??í?:?ǘ?#ǖ?9Yū??ì?í?:?
?]# 0.5?? 
8投/?????`E#?ü???#??9Yū??
??]# 10?? 
9?j#?????9[n]Yū????]# 20?? 
10?j#??(???信{?·)???#??9Yū???
?????# 10?? 
11CDECD?oéCEéC#??投/?????`
中信建投基金管理有限公司
投















































 
 111
E#?ü???9Yū??[?ü???司???# 10?? 
12￥投/信{?·??+ BBB ì(? BBB)#???>
?j???;?9?∥[信{r??OY??司投?$9￥á?
?????: 3?=K%??ǘb? 
13??òó?D??9??#?Y??#ǖ
?9??#?D??Y?????D?????D#ǖ?? 
14?ǘ?T????àno??×??#??Yū??
??]#40%?á?T????àno中#×????;ú+1 <9
×??Y;yYū?;? 
15òó??;?í?9????投??ú?, 
A.á??í?::?9?j#?ǘ??;?司?\]9Yū??
??]# 10%? 
B.á??í?::?9?j#?ǘ;?司?\]ój\n]?^9Yū
????]# 95%9[中9j\??DO×Y?Y;:á?<
K#??×O?O???O?ǘ????Y?c???
r?



C.á??í?::?9?j#ǘb;?司?\]Yū???j#
?Dǖn]# 20%?



D.??j#?Dn]^?ǘOǘb??;?司?\]9司??ǚ?
?￥???# 0-95%? 
E.á??í?:Kí?(Y|§??)#??;?司?#3í?Yū
??ì?í?:??]# 20%? 
16ǖ?Yū????# 140%? 
17CDECD?oéCEéC#????(|§??
m?/??;#?;??)?j??ìn???#5à??D9
Yū???ìn??5à??D# 15%?CDECD?oéCEé
C#??投í司?j??ìn???#5à??D9Yū???ìn??5
à??D# 30%? 
18ě?投/à?d?ú?#n]司?Yū????]# 
中信建投基金管理有限公司
投















































 
 112
15%? 
19投èéê#??ú?tuTKt??ìn#?D??9ó
TKt??ìn#?D司X??> 
?ń??g3C????gī?ì?ú?9??{/9CDEá
?????ōy9?投Y??¤.ú?gī?y#??+$> 
éCEW#投#3?ó??t司?AB?:??> 
3???4#投??ΕR;ú 
?ì?? 2O12O18?ò9o//;?no??Oìn??司Xg
??ī?rCDE?ò#??a?#投í司Y?司ì???#??9
CDE￥á 10?í?:K??ΕR9V中T3U??#??ā2?ò>
?ń???j??#?[??> 
CDE￥?t司?AB?: 6 ?=K?#投í司???
司司?#j.??>áì?;?K9#投??￥??司司?#
??>CDE￥áb?5???????ī?#āā9???p 2??
a:@?éCEΚHI5?ī???^??￥W??9? /éCE
N?í?3?> 
?投?有限ò9éCEW投#3?^??t-司?2A
B?:??> 
W/??ń??īéa?投??m投ú?ΕR#9CDE￥
?p??éCE9SéCEJ???y?5?ǘ投3???>C
DE??éCE投3?x?#???ò???e?g′μ?r??ˉ
°9CDE￥+éCE′μΕR????#司D?ē??> 
3OéCE??j.?ń??#??m-司?2#??W?
投???+??3?,



???ń??#??m-司?2#??9??????+, 
1￠?? 
2??????E?ǒg??￡F? 
3??￠￡?ú??#投? 
4?ǘ[???9V?ń??g中T3U?j??#?ò? 
中信建投基金管理有限公司
投















































 
 113
5?CDEOéCEb> 
??ńO????g3C????ì???d??9CDEá????
?ōy5Y?ì???#ú?> 
 4OéCEt?j.?ń??#??^-司?2#??WCD
Eòó???×no??3?> 
1éCE??WCDEòó???noí?#í?W?
信kl??????3?> 
CDE?éCE???司?ń??m?à?$#???noí?
W?#*ǔ9X?u?}#kl????á?*ǔ中???í?W???{#í
????>éCEá_Y*ǔy 2??a:K?ΚP?_Y?*ǔ>
CDE￥?;gY?;W???no?m??í?W?#*ǔ????9*ǔ
中?ǖg?????noí?W????pJ???éCE9éCE/
2??a:K?ΚP?_Yy9W*ǔ????>CDE_YéCEJ
?P?y9? P?ΕR#*ǔ??AB9?*ǔABpǚó???#í?W?
???V????#í?9?￥?u??????> 
?∥éCE?CDEóYá*ǔK#???noí?W???
í?9￥m???CDE??í?9S??yCDE???í?X?3
???#9éCEY￠￡??9A?ǒā2?9éCEj???中
T3U> 
2éCEW/CDEòó???noí?#í??#?? 
 CDEá???no????ǘ^??í??9??í?W?*ǔ
中??#?í?W???{#í??????í?>?∥éCE?
CDEij?u????#í????í??9éCE￥m???C
DEóí?W???P?í??9S??y???@??3???#9
éCEY￠￡??> 
3CDEòó???noí?#??í?W?+中T????O中
T??O中T建???O中T?à??^í???9CDEá??éC
Ey95????#noāāΕR??í?W?*ǔ>CDEj????
í?W?#信kl9áó??í?W?ò#í?W???í??9o/í?
中信建投基金管理有限公司
投















































 
 114
W?信kl?#???oCDE￠￡9[yj?ē?¤.??E???
?>éCE#3????ú/??ǚ??#*ǔ9??í?W???á*ǔ
K?I> 
5OéCEWCDE??èǒ????3?> 
投??èǒ#信{klěē|§èǒ??#信{r?Oèǒ??#
????r?mYèǒ??????#kl>??èǒ??*ǔ+中T?
???O中T??O中T建???O中T?à??^í???9投??
?èǒ??ò#??èǒb?o/èǒ??信{kl±?3#???9? o
CDE????9?yj?ē?¤.??E????>CDEá??
éCEy95????#noāāW/??èǒ??*ǔ??ΕR>éC
E#3????ú/??ǚ??#*ǔ9????èǒ????á*ǔK?I> 
6OéCEW投à??ú#3? 
1投à??ú9￥?y-./投1????Drà
??új.??#??2rj.?ń????> 
2à??ú9|§o-ìn???CD??2??#1??
??DO????D?有???rá??IP??;ú??;#5í?
,Y|§o/?????g[???±????#Oǚ??ìn
O??í?中#c?rà??ú> 
3CDE￥á??投à??úp9?éCE??S
CDE??U0$#j.投à??ú#投??à?Okl??
??>投1????D9CDEó￥??CDE??U0$#
à?dkl?限??>ì??￥|§VYú/投à??ú#投?
?^投????āā> 
CDE￥??/????投???p???a:?ì??J?
?éCE9FéCEjá?#??????>éCE￥á_Yì
??y???a:K9J?g[????5#?P?_Yì??> 
4投à??úp9CDE￥?éCE???司?ń
??ē?#j.J?信?9|§VYú/??ě¨#中T3U0$()O
???O?\?O??;9???#??O\?Oǖ3Oǖ3
中信建投基金管理有限公司
投















































 
 115
???]#??Oǚ?jà??ún]???]#??Oǎ?
??r>CDE￥Fì?信?#MNOQR9X￥??/???投??
p???a:?ì?信?J??éCE9FéCEjá?#???
???> 
5éCE￥?u-./投1????Drà??új
.??#??2??9WCDE???y?ń????3?9X??C
DE??#j.J?信?>éCE?+ì??5?a?b?kl#9
j?ē?CDEá投à??úp??kl#??g???????
?J?HI9XF???CDEklCD???投à??úb?
#kl????r???#?金>??9éCEj?????j.??>
?????????3????#9éCEY￠￡????9Xj??
?中T3U> 
?CDE^éCE???3??9￥m?ì?中T3U ???>
?∥éCE?N??3?x?9?Y￠￡????>?∥éCEij?
N??3?x?9a?b?kl9éCE￥￠￡????> 
?éCE￥??j.?ń??#??m-司?2#??9W
??]??O?ü???]??O￥_Y?O?{??m_ǘ
P?O_`?有O¤.信???O????Η?中??à?Z??
?r??3?^??> 
?éCE?CDE#投?am[??a??-?2O
-司?2OéC??j.???9￥m?J?2??CDEú
;Ι@9CDE_Y??y￥á???a:m??W9XJ?2?
éCEb?Κ9????g?> 
áú;K9éCEj???W??????1?9??CDE?@>
CDEWéCE??#??????áú;KΙ@#9éCE￥?
?中T3U>éCEj??ē?CDE???[??-司?2±
??投s??#??> 
W/t?í??ō??3í#?éCEáí?p??3?#投??9
éCE??投????j.?ń????gs? -?司?2??#9
中信建投基金管理有限公司
投















































 
 116
￥?????9?ū??CDE9X?中T3U??> 
W/??/?]Q3y?5??#3???gt?í??ōǚS3í#投
??9éCE??投?????ń??gs? -?司?2??#9
￥??ū??CDE9X??中T3U> 
CDE￥??有司^??éCE#3?^??9? ?á????K
?1éCEX?@9?éCE#??????g?9WéCE?
u??ē???中T3U??3???#9CDE￥??有司??¤
.???^??r> 
éCE?CDEj?????+9￥?ū??中T3U9??
??CDEú;Ι@> 
CDE?@?Do9? ?O? ?éCE????????3??9
g????O? ?r????éCE??jB3?9āǜ??gSéC
E?b???Y?@#9éCE￥??中T3U> 
 
?OCDEWéCE#à??? 
CDEWéCE??éCx?āā????9????|§VYú
/éCE??FC??O????#??^??m投
??#[??{??O1?CDE??#??]^?ü???]O
??CDE???D??í_O¤.信???^3?投?ar?+> 
CDE?éCE?t?{??O?W??N???CDO
?????g??????CDEǎ???O? ?投信?r??
-?2O-司?2OéC??m[?j.???9CDE￥m?
J?2??éCEú;Ι@9éCE_Y??y￥m??WP?X
J?2?CDEb?Κ>áú;K9CDEj???W?????
?1?9??éCE?@9X%??有司>éCEWCDE??#
??????áú;KΙ@#9CDE￥??中T3U>CDEj?
?ē?éCE???????#??> 
CDE?éCEj?????+9￥?ū??中T3U^??
à3?CD??9????éCEú;Ι@> 
中信建投基金管理有限公司
投















































 
 117
éCE￥??有司CDE#???+9|§VYú/,?í¤.
??CDE??éC??#QRd^MNd9á????K?1CD
EX?@> 
éCE?@?Do9? ?O? ?CDE????????3??9
g????O? ?r????CDE??jB3?9āǜ??gSCD
E?b???Y?@#9CDE￥??中T3U> 
 
?O??#FC 
???FC#?? 
1O??￥??/CDEOéCE#?j??> 
2OéCE￥??FC??>?SCDE#@???9Yūt
??{O??O?有#????> 
3OéCE?u??????#??^??m投??
#[??{??> 
4OéCEW?éC#Y????·?限??9óéCE#[
?à?^[?#éCà?N???#??CD9PF??#QRó??> 
5OW/???O投??中?A#￥_??9￥oC
DE??ój.??EP?Y?:;X??éCE9Y?:??ijY
?éCE?#9éCE￥m???CDE???????_>o?
ì?3??#9CDE￥???j.??E??#??9éC
EW?Y￠￡??> 
?!"#? 
!";K???????ó???D??#??9???ǎǘCD
Eá?jéC?#?à????#中信建投CDjú??????>
???oCDE??XCD>!";ü9!"#??ǖ?O!
"?O???jEE??司-?2O-?a??2rj.??y9o
CDE? ?j??à??#U????????9b????9
b?#???￥oòǖ?# 2*ì? 2*中T&'U????jB>
CDE￥?!"#ú/??#??ǎǘéCE+??
中信建投基金管理有限公司
投















































 
 118
#?éC??中9éCEá_Y?:b?P?()> 
?!";ú?ü9???Y-司?2AB#?)9oCDE?
???D?ǒ??> 
?#????#??^CD 
éCEéCE#*?á[?à?????éC??9FC
#??èǒ>???#??^CDoéCE￠￡>#???ù_?理
?9????éCE#?éC????> 
?éC??#??^?{9ú/üá??à?#?ē>éCE
^CDEYū??#*???[?????????Yū?{#
????????à?ò#理?> 
?éC??#CD￥?司-E?ù??????CD??2O-?CD?
???2O-E?ù金?CD??2O-金?CD????2O-??????2m
??à3?CD??#[???> 
???óí???#??^CD 
éCEéCE^?*#?á中T????jú?
?ì????/?????????> 
éCEéCE#*?á中T????jú????ì??
??/???????í???9{/??> 
??#??^?{9ú/üá??à?#?ē>éCE
^CDEYūb?^?SW????t??#??????Yū?
{#??????à?ò#理?> 
?×éC??#??^CD 
1O-司?2ABy9CDE??#*? X?ū?ǘ?T
????à??no#í??9X?Z??í??éCE??
#*?á中?T×????jú?????????×no×éCt??
?9XoéCE??#×#yɡ?有m#??> 
2OCDE^éCE￥???+Wò???T???×n
o??ě??9@oéCEFC9CDEFè?> 
 
中信建投基金管理有限公司
投















































 
 119
Θ[???#??^CD 
áéC????:?y9??4???司?ń???? -^司
?2??#[?投?ǒ#投à??9?∥?m¤.??#??^?{9o
CDE??éCE??j.?ń??#??^-司?2#??9??
j.??>????j.???{XCD> 
???投#j.N?O???;èǒèǔrj\ê#FC 
??投#j.N?oéCEè?/éCE#FC??[
中N?h5èǘ中?T×????jú????g中T????jú
????ì????/?????gD??à中?#?FC?>N?#??
^??9oéCE??CDE#???D>ú/éCENɑjB?
?#N?áéCEFC;?#??O??9o??A#??￥o
éCE￠￡>éCEWéCEò??NɑjB??gFC#Y￠
￡FC??> 
?ó??j.#??司?#FC 
oCDE?Z??#ój.#??司?#?)?·￥o
éCEOCDEFC>????j??ò9CDEá?Z??ó
j.#??司??￥F???j??ì#@9?CDE^
éCE????j??@#?)>CDEá司???y 5??a:K
???E??O?8??r????司??)??éCE?>司??)￥
è?/CDE^éCE?t()FC?? 15<ì> 
 
?O??]??^U???ó1? 
???]#?? 
1O??]#??O1?#??^?ō 
??]???ǖ]???×y#\]>???]????
:??]????:??ǖ??y#?]>???]#??F
?Y??Δy 4?9??Δy? 5????ǘ9o??A#?ǚ?ǘ??> 
CDE￥ǐ?a:W??]>?]??￥?司-司?2O-
投U???à???2m[??ńO??#??>{/信???#
中信建投基金管理有限公司
投















































 
 120
??]^?ü???]oCDE????9éCE1?>
CDE￥/ǐ??a:í???y???:#????]X???
5#??ìéCE>éCEW?]???∥1?y???5#?
?ìCDE9oCDEW?]%??> 
??-?29CDE??X????]9éCE1?O
??CDE??#??]>??9#U?????CDE9
?ój.#U???9?S¤.??á?r?ì????y9????
3??#??9?uCDEW??]#???∥Wò%??>?ń
??m3C??j????#9?[??>?j????9?T??????
]> 
???]?? 
1O?]W? 
?ǜj#?DO×O?^??èǒ?O￥_ǒ?O??;?司?O
[?投r?m?×> 
2O?]?? 
#?]??+, 
1í??ìn#?`ü#?] 
í??ìn#?`ü|§?DO?r9[?]:áí??
??#n\_?\?]??]:?í?#9???í?:yS?-??A
??īég????Aˉ°\?#???)#9??í?:#n
\_?\?]????í?:yS?-?A???īég???
Aˉ°\?#???)#95ò?ü?投?ǒ#??n\m??īé??9
ΕR??í?n\9P???\?> 
2?/?ìn;?#j\￥???āā?D, 
???O???O有?^???#??9??]:áí????#?
??D#?]???]??:?í?#9???:#n\_?\?]? 
???????ìn#?DO×^?9?{?]??P???\]9
á?]???5?????\]#āā9?3?]? 
??????jIP??;#?D9???Dáí??ìny9?í??
中信建投基金管理有限公司
投















































 
 121
ìn#???D#?]???]?1???jIP??;#?D9?3C??
g?à?Uj.??P???\]> 
3í??noí?#??_`?ǒ#?], 
?Wáí??noìní?g????#??_`?ǒ?ń???j??
#?ò9??????]????#¤￥?ǒ?:#?]?\???]? 
?Wáí??noìní?#5??×9??]:_?\??5??×
_?\中??×￥_金?yūY#?\???]??]:ijí?#9???
í?:yS?-??A??īé9???í?:_?\??5??×_?\
中??#×￥_金?ūY#?\???]>???í?:yS?-?A??
?īé#95ò?ü?投?ǒ#??n\m??īé??9ΕR??í?n\9
P???\?? 
?Wáí??no????#???9?{?]??P???\]9
á?]???5?????\]#āā9?3?]? 
?Wáí??no??ìng?????#×9Wèá理Мno#āā
9理Мnoì?SΕR#?\a+??:#??\]?W/理Мno?\?
??Z??:??\]#āā9Wno?\??ΕRP???:#??\]?
W/Yèáno理?gno理???#āā9?{?]??P?[??\]> 
4???noí?#??_`?ǒ9??????]????#¤￥?
ǒ?:#?]?\???]>W???no?ìn9?????]??????
]\?#×9?3?]> 
5??;?司?r??A?#?] 
?ìnà???A???]:[?á/;?í??#??\?]??
]:?í?#9??í?:#??\?]? 
??ìn??A??3\?]9?3\Y?????\]9??{?
]?
P???\]> 
6??×??á??g??ìnoí?#9?×??#no?·
?]>



7?jP??ZI?ì??????]Y?????[??\]#9
CDE5???¨āāóéCE??y9???????\]#\??
中信建投基金管理有限公司
投















































 
 122
]> 
8投èéê#?]??9tuTKt??ìn#?D??> 
9¤.?ń??m3C??j????#9?[??>?j????9
?T??????]> 
??]ǚ??D 
??]??ì投s?3??#￥?oCDE￠￡9CDEW
Y￥o[￠￡#??9j????E??> 
?CDE??#??]O???]ǚoéCE1?P?
y??#9o??3#投sg#??9￥???ń??#??W投sg
????9?Nɑ?投sg??#???9oCDEó
éCE?uCD??^éC??#???t￠￡¤￥#??> 
o/????E??#信???9?????Eá????ē司D#??y
?Y?????9?±a???]O???]?????3投s
g#??9mo??3yí?:??]O???]????
??±?#投sg#??9o????信?#??E??????> 
CDEgéCE??]??#?7????]?9??3#?
ǚYa+??]???D? 
o/Y5????9go//;?í??O??????Oèǒ??
?#????r??9CDE^éCE??ǚS???ēO??O司D
#??????9V???????#9o??3#??]??9
CDE^éCE5??????>VCDE^éCE￥????
??ē#????g??o??3#ˉ°> 
?CDE??#??]óéCE#???∥Y???9¤.
??￥?~w?#ъ??????W9?∥?y????3??9￥
CDE#???∥+$Wò??9o??3#??m??í?:??]
??????±?#??oCDE￠￡????9éCEY????
?> 
??'#建? 
CDE^éCEá-司?2ABy9￥?u¤.????#?
中信建投基金管理有限公司
投















































 
 123
?????^U??D??9?·????限O??^FC#?Γ?'9
W¤.???t#?'?;???W9?¤3?9F?#??>??
?WU??D??èá??9￥CDE#?D??+$> 
SW??¤.??#??èáY?#9CDE^éCE??m?
?I??XΙ@9F¤.??????#?'??Q?¤?>??:?WY?9
??????Y??#??±ˉ°Y??]#??^??#9CD
E#?'+$> 
??;??#??^1? 
???ZoCDE^éCEǐ=?·????>=??Z#?
?9￥/ǐ=??y 5??a:KQ3> 
CDE￥?á?????:????a:K9??Q3????9
???????á????ì9X???????d????á????ì>
CDE￥?áì?CDE
￥?áǐ 
CDEá???a:KQ3=???9á=???Q3?:9W??ǖ
ň??y9ǖ??M??j.????éCE1??éCEá ?
??a:K??1?9X?1??∥m?J???CDE>CDE￥?
á?????:?÷??a:K9??Q3????9á????Q3?
:9?j.????éCE1?9éCEá_Yy???a:K??1
?9X?1??∥J???CDE>CDE￥?áì?CDE￥?áǐ-司?2ABYá??=
#9CDE5Y???;????O中;??gséCE
á1???中9?¤.??#?ZèáY??9CDE^éCE￥?
中信建投基金管理有限公司
投















































 
 124
??I??9??ΕR9ΕR¤.???5#???D?+$>?W??y9
éCEáCDE??#??ìǖňà???gsb?ǖňéCà??
???#1???J9¤.???t?è??>?∥CDEóéCEY
?/￥?????:?p?¤.?Z?3??9CDEj??u[??#
?ZWò???9éCEj??¤.āā?3U??> 
éCEáW??U???O中;??g 
 
ΘO???jE*'#FC 
CDE^éCE??·??FC#???jE*'9|§-
司?2AB:O-司?2??:O???jE?U?`??:Oǐ<
6= 30:O12= 31:#???jE*'>???jE*'#KL??
|§???jE#*^?j#??> 
???jE*'o#??????CDE#????^
FC9CDE^éCE￥?u?p¤.???·FC???jE*
'>FC?5?{??g(?#2>????#FC;út????
?:Yū?/ 20<> 
CDE￥?m??éCE?í?:;#???jE*',
-司?2AB:O-司?2??:O???jE?U?`??:O
ǐ< 6= 30:Oǐ< 12= 31:#???jE*'>???jE*'
#KL??|§???jE#*^?j#??>[中ǐ< 12 = 31
:#???jE*'￥/=p???a:K?í?-司?2AB:O
-司?2??:r?mY?ē??:;#???jE*'￥/A
:y???a:K?í> 
éCE???2??FC???jE*'9X?;?3???
?9Fè;ú+ 20<>éCEYū??FC#???jE*'{/
éCà?ò#[?{?9X￥?yF???> 
?CDEgéCEo/t???????FC???jE*
'9￥?j.?????t￠￡¤￥#??> 
 
中信建投基金管理有限公司
投















































 
 125
?O????? 
¤.????E??9???±?A#gó??j.#????9?S
????5??#9￥?í中TTɑS???????U???U??jB#
????????9??#?Δá??n9???????d#XW¤.???
j???9???{o???￠￡> 
???D;?9¤.????E￥vyCDE^éCEx?9??
?NO~Ow????-司?2^éC????#??9?????
jE#司??`> 
???中T?ńC?> 
 
?OéC??#ī?O??ó??#?? 
?éC??#ī?ó?? 
1OéC??#ī??ō 
??????ES????95W??#KL??ī?>ī?y#éC
??9[KLYūó-司?2#??j????>éC??#ī??中
T3U??> 
2OéC????#ā2 
Aāā9éC????, 
1-司?2??? 
2éCE??Ot????O??gj[?éCE?C
?? 
3CDE??Ot????O??gj[?CDE?CC
D?? 
4A?ń??g-司?2??#????> 
???#?? 
1O?????í,tb?-司?2???o?: 30??a:K
3????í9CDEí??????íXá中T3U#3???
??> 
2Oá?????í?C???p9CDE^éCE￥?
中信建投基金管理有限公司
投















































 
 126
u-司?2^éC??#??????F?????#x?> 
3O?????íí3,?????í3?oCDEOé
CEO?j??¤.à??#&'U??Oń?m中T3U??#E
?í3>?????í5?{?ē#?aE?> 
4O?????íx?,?????í????#FCO?DO
?\Oī?^?有>?????í5t????ē#??理?> 
5O?????ō,



1-司?2??ā2b??9o?????íμ??C? 
2W??^×?×????D^P?? 
3W?????]^ī?? 
4?a????? 
5? U?????W??????ò???9? ń????W??
??b??ń??J? 
6???????中T3U??X??? 
7W???????有> 
6O????#;ú+ 6 ?=9V???#à?d?Yú?
±Y?m?ī?#9??;ú¤￥??> 
7O???{ 
???{?????íá??????中A#?j司D?{9?
??{o???íè????中??> 
8O?????ō??, 
(1)?????{? 
(2)í????ǒ? 
(3)??×?? 
(4)????jE?j#???????有> 
????pǒ(1)?(3)?????p9Y?有ì???jE> 
?????#?? 
????中#j.?????m??????????S?司-中?E
??^T?2??#U???????Xoń????b??ń??Jy?
中信建投基金管理有限公司
投















































 
 127
中T3U??X??>??????/???????中T3U?
?y???a:Ko?????í????9?????í￥????
????á????ì9X???????d????á????ì>?
??????'m()#Fè 
?????'mj.()oéCEFè 15<ì> 
中信建投基金管理有限公司
投















































 
 128
基公1金管理 U'(VW 
 
CDE￠?+???jE????^5?#??>CDE??
????jE#?ē^no#īé9?ǖgī?????9X????>
CDEěē??KL?, 
?O??信????? 
1O??CDE信?? 
2O??信?? 
3O[?信?#??> 
?OW??? 
1OW?信?? 
2O[??> 
?O???? 
1O??信??? 
CDE?CD#???jE9?jCDEì%#????
m????>+???jE???9???????^??????
W￥>???jEá????中?^CDE???5ê??????
?O??g??8?ǘE#??9????信?9|§E#?O
?ǒO??O投_`?r> 
2O????信?#?? 
???jE5????CDE??????#1?ē信?9??
′??O??rr9h5?tY???Δg??????中?9o??E??
?¤.??>+??????jE#金`9????8?O?????信
?r?ē信?#??o???jE?tY??#???Δ??> 
3O信??? 
???jE5áCDE????t???ē#信?9|§C
DE??Ono?āO信?r??#KL> 
?O投#?? 
1O???金?投??? 
中信建投基金管理有限公司
投















































 
 129
2O?;??投?ǎ??,CDE5+投s?D?;??投?
ǎ9?¨????^??oCDEá???#??g??#G!HIJ中
P?> 
?O投?CD?? 
CDE????中?μ?????#投?CD9no???3?投?#
??O?D^?1r>??5?????投?^?b建?, 
1O??CDE?Tμ??????? 4009-108-108? 
2O??CDE?? www.cfund108.com ??á???? 
3O?CDE???? service@cfund108.com ????)> 
ΘO?G!HIJèá???/?????D?#KL9 ??ì??
?′CDE> PF投p9?/???ǚS??D??G!HIJ> 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
中信建投基金管理有限公司
投















































 
 130
基公1公管理 XYZDE[\ 
 
CDE/ 2020< 1= 18:??-中信建投CDjú??φ?
? 2019


CDE/ 2020< 4= 30:??-中信建投CDjú??./φ
??á???3??jú?????投à?m????è?#??2? 
CDE/ 2020< 5= 6:??-中信建投CDjú??./φ
???ǖ????X???投à?m????è?#??2? 
CDE/ 2020< 5= 14:??-中信建投CDjú??./?
?μz??????jú???Dφ¤.??à?#??2? 
CDE/ 2020< 7= 21:??-中信建投CDjú??φ?
? 2020














































 
 131
#??2? 
CDE/ 2020< 8= 7:??-./中信建投CDjú??φ
???ǖ中???投??jú??+????X???投à?
m????è?#??2? 
CDE/ 2020< 8= 12:??-中信建投CDjú??./φ
??á??中?m?ì???ɡ????è?理?#??2? 
CDE/ 2020< 8= 14:??-./中信建投CDjú??φ
??ΕR?????Δ?#??2O-中信建投CDjú??.
/φ??áз信???;??投à?Xòǖ??è?理?#??2? 
CDE/ 2020< 8= 31:??-中信建投CDjú??φ?
? 2020<中;????d??2O-中信建投基金管理有限公司

投 2020<中;??2? 
CDE/ 2020< 9= 1:??-中信建投基金管理有限公司

投???ēē??2? 
CDE/ 2020< 10= 28:??-中信建投CDjú??φ
?? 2020 




中信建投基金管理有限公司
投















































 
 132
基公1管理 ]^_`abcdefg 
 
G!HIJ??y9￥??·限?/CDEOéCE^???
?#??9投s5á?à??????>á????y95á司D??K?
ūì?()1?)>投sh5????CDE#??
www.cfund108.com????>W投s?ì????ū#()m[1?)9
CDE^éCE￥Fó???#KLQ???> 
中信建投基金管理有限公司
投















































 
 133
基公1管理 hdij 
 
??()è?áCDE#??o?9á????5?????> 
?中T3U$%中信建投基金管理有限公司
投!
"&'#() 
?-中信建投基金管理有限公司
投司?2 
?-中信建投基金管理有限公司
投éC??2 
??ń??J 
?CDEà??0)O?à?u^???? 
ΘéCEà??0)O?à?u 
?中T3Uē?#[?() 
???,投E5á?à??????9h5?????1?)> 
 
 
 
 
 






 
中信建投CDjú?? 



2020< 12=
和讯恭候您的意见 - 联系我们 - 关于我们 - 广告服务