{"id":581,"date":"2021-05-29T23:56:28","date_gmt":"2021-05-29T15:56:28","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=581"},"modified":"2024-07-12T12:43:50","modified_gmt":"2024-07-12T04:43:50","slug":"%e4%b8%bb%e6%ac%8a%e5%9f%ba%e9%87%91sovereign-wealth-fund","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/29\/%e4%b8%bb%e6%ac%8a%e5%9f%ba%e9%87%91sovereign-wealth-fund\/","title":{"rendered":"\u4e3b\u6b0a\u57fa\u91d1\uff08Sovereign Wealth Fund\uff1aSWF\uff09"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"\u986f\u793a\/\u96b1\u85cf\u5167\u5bb9\u76ee\u9304\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/29\/%e4%b8%bb%e6%ac%8a%e5%9f%ba%e9%87%91sovereign-wealth-fund\/#%E4%BB%80%E9%BA%BC%E6%98%AF%E4%B8%BB%E6%AC%8A%E5%9F%BA%E9%87%91%EF%BC%9F\" >\u4ec0\u9ebc\u662f\u4e3b\u6b0a\u57fa\u91d1\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/29\/%e4%b8%bb%e6%ac%8a%e5%9f%ba%e9%87%91sovereign-wealth-fund\/#%E4%B8%BB%E6%AC%8A%E5%9F%BA%E9%87%91%E9%83%BD%E5%85%B7%E6%9C%89%E7%AD%96%E7%95%A5%E6%80%A7%E5%92%8C%E7%9B%AE%E7%9A%84\" >\u4e3b\u6b0a\u57fa\u91d1\u90fd\u5177\u6709\u7b56\u7565\u6027\u548c\u76ee\u7684<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/29\/%e4%b8%bb%e6%ac%8a%e5%9f%ba%e9%87%91sovereign-wealth-fund\/#%E4%B8%BB%E6%AC%8A%E5%9F%BA%E9%87%91%E8%B3%87%E7%94%A2%E7%B5%84%E5%90%88%E7%9A%84%E6%BC%94%E8%AE%8A\" >\u4e3b\u6b0a\u57fa\u91d1\u8cc7\u7522\u7d44\u5408\u7684\u6f14\u8b8a<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/29\/%e4%b8%bb%e6%ac%8a%e5%9f%ba%e9%87%91sovereign-wealth-fund\/#%E5%85%A8%E7%90%83%E5%8D%81%E5%A4%A7%E5%9C%8B%E5%AE%B6%E4%B8%BB%E6%AC%8A%E5%9F%BA%E9%87%91\" >\u5168\u7403\u5341\u5927\u570b\u5bb6\u4e3b\u6b0a\u57fa\u91d1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/29\/%e4%b8%bb%e6%ac%8a%e5%9f%ba%e9%87%91sovereign-wealth-fund\/#%E6%B2%BB%E7%90%86%E7%9A%84%E7%96%91%E6%85%AE\" >\u6cbb\u7406\u7684\u7591\u616e<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/29\/%e4%b8%bb%e6%ac%8a%e5%9f%ba%e9%87%91sovereign-wealth-fund\/#%E7%9B%B8%E9%97%9C%E6%96%87%E7%AB%A0\" >\u76f8\u95dc\u6587\u7ae0<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BB%80%E9%BA%BC%E6%98%AF%E4%B8%BB%E6%AC%8A%E5%9F%BA%E9%87%91%EF%BC%9F\"><\/span><strong>\u4ec0\u9ebc\u662f\u4e3b\u6b0a\u57fa\u91d1\uff1f<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4e3b\u6b0a\u57fa\u91d1\u6307\u7684\u662f\u4e3b\u6b0a\u570b\u5bb6\u653f\u5e9c\u6240\u5efa\u7acb\u4e26\u64c1\u6709\u7528\u65bc\u9577\u671f\u6295\u8cc7\u7684\u91d1\u878d\u8cc7\u7522\u6216\u57fa\u91d1\uff1b\u4e00\u822c\u4f86\u8aaa\uff0c\u6703\u7531\u5c08\u9580\u7684\u653f\u5e9c\u6295\u8cc7\u6a5f\u69cb\u7ba1\u7406\u3002\u4e2d\u6771\u5404\u7522\u6cb9\u570b\u5728\u5f88\u65e9\u5c31\u6709\u6b64\u69cb\u60f3\uff1b\u4f8b\u59821953\u5e74\u8a2d\u7acb\u7684\u79d1\u5a01\u7279KIA \u30011976\u5e74\u8a2d\u7acb\u7684\u963f\u806fADIA \u30011976\u5e74\u8a2d\u7acb\u7684\u963f\u62c9\u65af\u52a0 APRF\u3002\u5f8c\u4f86\u5373\u4f7f\u975e\u7522\u6cb9\u570b\u4e5f\u7af6\u76f8\u6210\u7acb\uff0c\u540d\u7a31\u53ef\u80fd\u4e0d\u53eb\u570b\u5bb6\u4e3b\u6b0a\u57fa\u91d1\u3002\u570b\u5bb6\u4e3b\u6b0a\u57fa\u91d1\u6210\u7acb\u7684\u76ee\u7684\u4f9d\u7136\u662f\u70ba\u570b\u5bb6\u8cfa\u53d6\u984d\u5916\u7684\u6295\u8cc7\u6536\u5165\u3002\u4e00\u822c\u800c\u8a00\uff0c\u570b\u5bb6\u4e3b\u6b0a\u57fa\u91d1\u7684\u8cc7\u91d1\u4f86\u6e90\u70ba\u5929\u7136\u8cc7\u6e90\u548c\u5927\u5b97\u7269\u8cc7\u51fa\u53e3\u7372\u5229\u76c8\u9918\uff0c\u4f8b\u5982\u77f3\u6cb9\u3001\u5929\u7136\u6c23\u3001\u9285\u548c\u947d\u77f3\u7b49\u3002\u7b2c\u4e8c\u7a2e\u4f86\u6e90\u70ba\u5916\u532f\u5b58\u5e95\u3001\u51fa\u53e3\u76c8\u9918\u7b49\u4f5c\u70ba\u6295\u8cc7\u7684\u8cc7\u672c\u3002\u4e5f\u6709\u8cc7\u91d1\u4f86\u6e90\u662f\u767c\u884c\u7279\u5225\u570b\u50b5\uff0c\u6216\u570b\u969b\u63f4\u52a9\u57fa\u91d1\u7b49\u3002<\/p>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%B8%BB%E6%AC%8A%E5%9F%BA%E9%87%91%E9%83%BD%E5%85%B7%E6%9C%89%E7%AD%96%E7%95%A5%E6%80%A7%E5%92%8C%E7%9B%AE%E7%9A%84\"><\/span><strong>\u4e3b\u6b0a\u57fa\u91d1\u90fd\u5177\u6709\u7b56\u7565\u6027\u548c\u76ee\u7684<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4e0d\u540c\u76ee\u7684\u7684\u570b\u5bb6\u4e3b\u6b0a\u57fa\u91d1\u6295\u8cc7\u7b56\u7565\u548c\u64cd\u4f5c\u65b9\u5f0f\u4e5f\u6703\u6709\u4e0d\u540c\u7684\u6295\u8cc7\u884c\u70ba\u3001\u64cd\u4f5c\u3001\u548c\u7ba1\u7406\u65b9\u5f0f\u3002\u4e3b\u6b0a\u8ca1\u5bcc\u57fa\u91d1\u7684\u6210\u7acb\u76ee\u7684\u901a\u5e38\u90fd\u5177\u6709\u7b56\u7565\uff08\u4e0d\u8ad6\u662f\u570b\u5bb6\u7684\u7b56\u7565\u6216\u7522\u696d\u7b56\u7565\uff09\u7684\u6027\u8cea\uff1b\u5b83\u548c\u4e00\u822c\u5171\u540c\u57fa\u91d1\u6700\u5927\u7684\u4e0d\u540c\u7279\u9ede\u662f\u9996\u91cd\u8cc7\u7522\u7684\u9577\u671f\u6536\u76ca\uff0c\u77ed\u671f\u6ce2\u52d5\u4e26\u4e0d\u5217\u5165\u8003\u91cf\u3002\u4f46\u662f\u7531\u65bc\u5404\u570b\u7684\u570b\u60c5\u548c\u9700\u6c42\u5dee\u7570\u6975\u5927\uff0c\u56e0\u6b64\u6703\u9020\u6210\u57fa\u91d1\u6295\u8cc7\u7d44\u5408\u5c0d\u5176\u6240\u6295\u8cc7\u7684\u8cc7\u7522\u7a2e\u985e\u3001\u8ca8\u5e63\u3001\u570b\u5225\u3001\u884c\u696d\u3001\u98a8\u96aa\u627f\u53d7\u5ea6\u7684\u4e0d\u540c\u800c\u9032\u884c\u4e0d\u540c\u7684\u914d\u7f6e\u3002\u4e00\u822c\u7684\u570b\u5bb6\u4e3b\u6b0a\u57fa\u91d1\uff0c\u65e9\u671f\u8cc7\u7522\u591a\u96c6\u4e2d\u65bcG7\u5404\u570b\u6240\u767c\u884c\u7684\u5b9a\u606f\u50b5\u5238\u985e\u5de5\u5177\u3002<\/p>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%B8%BB%E6%AC%8A%E5%9F%BA%E9%87%91%E8%B3%87%E7%94%A2%E7%B5%84%E5%90%88%E7%9A%84%E6%BC%94%E8%AE%8A\"><\/span><strong>\u4e3b\u6b0a\u57fa\u91d1\u8cc7\u7522\u7d44\u5408\u7684\u6f14\u8b8a<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4f46\u8fd1\u5e74\u5247\u5df2\u7d93\u8457\u773c\u65bc\u5305\u62ec\u80a1\u7968\u548c\u5176\u4ed6\u98a8\u96aa\u6027\u8cc7\u7522\u5728\u5167\u7684\u5168\u7403\u6027\u591a\u5143\u5316\u8cc7\u7522\u7d44\u5408\uff0c\u751a\u81f3\u64f4\u5c55\u5230\u4e86\u5176\u5b83\u7684\u53e6\u985e\u8cc7\u7522\uff08\u5916\u570b\u623f\u5730\u7522\u3001\u79c1\u4eba\u80a1\u6b0a\u6295\u8cc7\u3001\u5546\u54c1\u671f\u8ca8\u3001\u907f\u96aa\u57fa\u91d1\u7b49\u975e\u50b3\u7d71\u7684\u80a1\u5e02\u548c\u50b5\u5238\u985e\u578b\u7684\u6295\u8cc7\u985e\u5225\u8cc7\u7522\uff09\u3002\u76ee\u524d\u4e3b\u6b0a\u57fa\u91d1\u6295\u8cc7\u6700\u71b1\u9580\u7684\u6295\u8cc7\u6a19\u7684\uff0c\u5247\u662f\u633e\u5176\u9f90\u5927\u7684\u8cc7\u91d1\uff0c\u7af6\u76f8\u9032\u5165\u98a8\u96aa\u6295\u8cc7\u7684\u9818\u57df\uff0c\u5e0c\u671b\u627e\u51fa\u80fd\u6210\u70ba\u4e0b\u4e00\u500b\u4e9e\u99ac\u905c\u3001\u81c9\u66f8\u3001\u6216\u963f\u91cc\u5df4\u5df4\u4e4b\u985e\u7684\u7368\u89d2\u7378\u3002\u6ce2\u58eb\u9813\u9867\u554f\u96c6\u5718\u57282017\u5e74\u7684\u4e00\u4efd\u7684\u7814\u7a76\u986f\u793a\uff0c\u904e\u53bb\u4e94\u5e74\u4f86\uff0c\u6578\u4f4d\u8207\u79d1\u6280\u4ea4\u6613\u5360\u4e3b\u6b0a\u8ca1\u5bcc\u57fa\u91d1\u8cc7\u52a9\u7684\u6574\u9ad4\u4ea4\u6613\u6bd4\u91cd\u5df2\u63d0\u9ad8\u5230\u63a5\u8fd1\u4e09\u6210\uff0c\u6d88\u8cbb\u8005\u76f8\u95dc\u7522\u54c1\u8207\u670d\u52d9\u4ea4\u6613\u5360\u6bd4\u5247\u660e\u986f\u5730\u4e0b\u6ed1\u3002\u6642\u81f3\u4eca\u65e5\uff0c\u4e3b\u6b0a\u57fa\u91d1\u5df2\u7d93\u662f\u5168\u7403\u5404\u4e3b\u8981\u80a1\u5e02\u7684\u5927\u578b\u85cd\u7c4c\u80a1\u7684\u4e3b\u8981\u6301\u80a1\u4eba\u4e4b\u4e00\uff0c\u4ed6\u5011\u7684\u4e00\u8209\u4e00\u52d5\uff0c\u5c0d\u80a1\u5e02\u90fd\u6703\u6709\u5f88\u5927\u7684\u5f71\u97ff\u529b\u2500\u2500\u2500\u2500\u632a\u5a01\u4e3b\u6b0a\u57fa\u91d12020\u5e74\u5e95\u70ba\u6b62\u7684\u524d\u4e94\u5927\u6301\u80a1\u548c\u4f54\u57fa\u91d1\u7684\u6b0a\u91cd\u5206\u5225\u70ba\uff1a\u860b\u679c4.4%\u3001\u5fae\u8edf3.5%\u3001\u4e9e\u99ac\u905c2.9%\u3001\u5b57\u6bcd2.2%\u3001\u81c9\u66f81.4%\u3002<\/p>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%85%A8%E7%90%83%E5%8D%81%E5%A4%A7%E5%9C%8B%E5%AE%B6%E4%B8%BB%E6%AC%8A%E5%9F%BA%E9%87%91\"><\/span><strong>\u5168\u7403\u5341\u5927\u570b\u5bb6\u4e3b\u6b0a\u57fa\u91d1  <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4ee5\u4e0b\u5c31\u662f\u5168\u7403\u5341\u5927\u570b\u5bb6\u4e3b\u6b0a\u57fa\u91d1 (12\/06\/2020\u70ba\u6b62)\uff1b\u4e2d\u570b\u5927\u9678\u5c31\u4f54\u4e86\u4e09\u5e2d\uff0c\u53ea\u6709\u4e00\u5e2d\u662f\u975e\u4e9e\u6d32\u7684\u570b\u5bb6\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\" id=\"block-b8c64422-3888-4b78-a9ea-dc6e1d6007c5\">\n<li><a href=\"https:\/\/www.nbim.no\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u632a\u5a01\u4e3b\u6b0a\u57fa\u91d1\uff08Norway Government Pension Fund Global\uff09<\/a>\uff0c\u57fa\u91d1\u6de8\u503c\u7f8e\u91d1 1.122\u5146\u3002<\/li>\n\n\n\n<li>\u4e2d\u570b\u7684\u4e2d\u6295\u516c\u53f8\uff08CIC\uff09\uff0c\u57fa\u91d1\u6de8\u503c\u7f8e\u91d11.046\u5146\u3002<\/li>\n\n\n\n<li>\u963f\u5e03\u9054\u6bd4\u6295\u8cc7\u5c40\uff08Abu Dhabi Investment Authority\uff09\uff0c\u57fa\u91d1\u6de8\u503c\u7f8e\u91d1 5,800\u5104\u3002<\/li>\n\n\n\n<li>\u79d1\u5a01\u7279\u6295\u8cc7\u5c40\uff08Kuwait Investment Authority\uff09\uff0c\u57fa\u91d1\u6de8\u503c\u7f8e\u91d1 5,340\u5104\u3002<\/li>\n\n\n\n<li>\u9999\u6e2f\u91d1\u878d\u7ba1\u7406\u5c40\uff08Hong Kong Monetary Authority Investment Portfolio\uff09\uff0c\u57fa\u91d1\u6de8\u503c\u7f8e\u91d1 5,280\u5104\u3002<\/li>\n\n\n\n<li>\u65b0\u52a0\u5761\u653f\u5e9c\u6295\u8cc7\u516c\u53f8\uff08GIC Private Limited\uff09\uff0c\u57fa\u91d1\u6de8\u503c\u7f8e\u91d14,530\u5104\u3002<\/li>\n\n\n\n<li>\u6de1\u99ac\u935a\u63a7\u80a1\uff08Temasek Holdings\uff09\uff0c\u57fa\u91d1\u6de8\u503c\u7f8e\u91d14,170\u5104\u3002<\/li>\n\n\n\n<li>\u6c99\u70cf\u5730\u963f\u62c9\u4f2f\u4e3b\u6b0a\u8ca1\u5bcc\u57fa\u2fa6-\u516c\u5171\u6295\u8cc7\u57fa\u2fa6\uff08Public Investment Fund\uff1aPIF\uff09\uff0c\u57fa\u91d1\u6de8\u503c\u7f8e\u91d13,470\u5104\u3002<\/li>\n\n\n\n<li>\u4e2d\u570b\u793e\u4fdd\u57fa\u91d1\uff08National Council for Social Security Fund) \uff0c\u57fa\u91d1\u6de8\u503c\u7f8e\u91d13,250\u5104\u3002<\/li>\n\n\n\n<li>\u675c\u62dc\u6295\u8cc7\u516c\u53f8\uff08Investment Corporation\uff09\uff0c\u57fa\u91d1\u6de8\u503c\u7f8e\u91d13,050\u5104\u3002<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"164\" height=\"90\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2022\/09\/swf-1600x1200-1.jpg\" alt=\"\u4e3b\u6b0a\u57fa\u91d1\" class=\"wp-image-25524\"\/><\/figure>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%B2%BB%E7%90%86%E7%9A%84%E7%96%91%E6%85%AE\"><\/span><strong>\u6cbb\u7406\u7684\u7591\u616e<\/strong><span 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href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/29\/%e4%b8%bb%e6%ac%8a%e5%9f%ba%e9%87%91%ef%bc%88sovereign-wealth-fund%ef%bc%9aswf%ef%bc%89\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e3b\u6b0a\u57fa\u91d1\uff08Sovereign Wealth Fund\uff1aSWF\uff09<\/a>\u300b<\/li>\n<\/ul>\n\n\n\n<p><em><strong>\u91cd\u8981\u8072\u660e<\/strong><\/em><\/p>\n\n\n\n<ul 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