界面新闻记者 | 张熹珑

judiguantongguanwang3yue19rixiaoxi，rongyuetai、orii、ludaogong22jiamendianzaidiguantongaojiaosuoguapaichao2800wanyuan。

jiemianxinwenshulifaxian，3yueyilai，aojiaosuo“shangxin”sudumingxianjiakuai，yiyou16gepinpai96jiamendianguapaimeirishourufenchengpingzheng（jianchengdro），rongziguimochaoguo6100wanyuan。

zaigaosukuozhangdebeihou，diguantongyidujuanruyulunxuanwo，chanpinshuxing、shouyihuibaolvgaodi、fengxiankongzhi、jianguankongbai，junshiqizhengyidian。

2024nian1yue16riduidiguantongeryanshiyigezhuanzhedian。《diguantongaojiaosuotongyongbiaozhun》（map）defabugongkailezaidiguantongaojiaosuoshangshidemeixiangdicengzichanxijie，diguantongaojiaosuoquanmiankuaru“dierjieduan”。

“1yue16haohoujiujinrulequanmianyunyingjiaoyisuodejieduan。”3yue21ri，diguantonghehuoren、shouxishichangguanliweijieshoujiemianxinwencaifangshibiaoshi，weilaihuiyuelaiyueruohuatouzijiaose、qianghuajiaoyisuojiaose，“youzuotouzi，youzuojiaoyisuopingtai，kendinghuiyouliyichongtu，womenhenqingchu，dantuichuxuyaoyigeguocheng。womenxiwangjinnianzheigeshichangdesuoyoutouzizhong，womendezhanbinengcongquniande100%xiajiangdaowuchengyixia。”

DRO是一种好资产吗？

diguantongdezichanleibieyidubeireyi。diguantongchuangzaoleyizhongxindetouzigongju——shourufenchengmoshi（dro），zheizhongyishouruweijichudezichanzuheyuchuantongguquan、duigongzhaiquanleizichanjuyouxianzhuchayixing，dantongshiyouyubufenzichanzhengquanhuachanpin（abs）xiangsi。

lianhezixinjiegourongzierbujishuzongjianguanxuegaosujiemianxinwen，drozichanyuxiaoweizhaiquanleizichanyushouyiquanleizichanleisi。drojuyougaodufensanxing，dangepinpaihuozhedangemendianchuxianbidian，buhuiduizhenggezichanchizaochengtaidabodong；ciwaitazaitongxingyejuyoujiaogaodetongzhixing，shoudaojingjichongjidebodongchengduyeshileiside。zheishiyuxiaoweizhaiquanleizichandexiangtongdian。

“yushouyiquanleidezichanxiangbi，dicengdoushixiaoweiqiyedeshouru，suoyigaoduyilaiyuxiaoweiqiyedechixuyunying；weilaixianjinliudewendingxingyehuishoudaoduozhongyinsudeyingxiang，biruquweijingzhengyinsu、xingyezhengcebianhua、jingpindechuxian、shichanghuanjingbianhuadengdeng。”guanxueshuo。

2023年8月，滴灌通在澳门成立了金融资产交易所，将DRO资产投资组合形成DRP挂牌交易，呈现 “海外募资-内地投资-澳门交易”的业务模式，目前已挂牌了三款DRP产品。

diguantongaojiaosuoyugangjiaosuozaixianggangdefalvdiweileisi，junweifadingjiaoyisuo，youaomenjinguanjujianguan。

danliweitidao，“aoshiipo”he“gangshiipo”juyouchayi：“aojiaosuogengupiaojiaoyideyigehendaqubiezaiyu，gengcezhongyijishichangderongzi，zhijiejiejueshitijingjidefazhan，erbucezhongerjijiaoyi。tabenshenxianjinshouyifudumeineimeda，suoyimeitianqujingjiazuoerjijiaoyideyiyibuda。zheigecengmianshang，tagengxiangzhaiquandejiaoyishichang，tongguochiyoudaoqiquzhengqutouzishouyi。”

3yue19ri，lianheguojifabu《diguantongmeirishourufenchengxianjinliuyucefangfajizhengquanhuaxinyongpingjiyanjiu》，weiraodiguantongdedroxianjinliuyuce、drozichanzhengquanhuadexinyongpingjiyanjiuzhankai。

feigufeizhai，yincidroyecaiqulewanquanbuyiyangdepingjifangshi。gaiyanjiujiangpingjihexinsheweizichanchidexianjinliuruduizhengquanduandexianjinliuchudefugaichengdu，bingtichule“xingyeguangpu”degainian。

guanxuegaosujizhe，huiduidiguantongdemeigezichanbaozhankaipingji，danhaixudengdiguantongjichujutidejingyingshuju。

“drpchanpinjiangbutongdrojinxinglezichanzuheheyouxianliehoufenceng，tongguoyouxianliehoudefencengjizhi，liehoujinengjinyibuweiyouxianjizhengquantigongyigexinyongzhichi，bafengxianzhongxinfenpeidaoyouxianheliehoudebutongzhengquanzhijian，shiyouxianjizhengquanyougenghaodexinyongbaozhang。”guanxuebiaoshi，jiyudrozichandegaodufensanxing，tashiheyuzuochengabschanpindezichan，“suoyishuobatadabaolaikanhaishiyizhongshihedezichanxingshi。”

tajulidao，touzi1000jiabutongpinpaimendiandezichanbao，yijitouziyigeyou1000gediandepinpai，fengxianshiwanquanbutongde。zichanbaokeyizaipinpai、xingye、quyushangzuodaoyidingdefensanxing，fensanfeixitongxingdefengxian；danshihouzhezebafengxiandoujizhongzaipinpaishenshang，dangyudaoxingyezhengcebianhua、fumianyuqinghuodaguimobidian，jiuhuidailaijiaodadefengxian。

计划今年资金端投资比重下降至五成

zuizaoqishi，diguantongaojiaosuozhiyouyigetouziren，jidiguantongyinlingjijin，jieguansuoyoutouzirendetouzi。zheizhongmoshiyidubeishichangzhiyiwei“jizuocaipanyuanyouzuoyundongyuan”。

如何扩大参与者、建立有效市场是眼下滴灌通澳交所面临的议题。李炜透露道，越来越多第三方加入市场后，滴灌通作为投资人的角色会慢慢退出，逐步降低其在市场投资debili，jinniandemubiaoshidadao50%yixia。

xiangyaotuidong“yundongyuan”piliangjinchang，diguantongzhengnulirongruchuantongjinrongshichangdehuayutixizhong。qianwentidaodepingjijiushishouduanzhiyi。

shishishang，lianheguojizhiwai，zhongzhengpengyuanguojihezhongchengxinyataifenbiezaiqunian9yuehejinnian2yuejiangdiguantongnarupingjifanwei。

“meigepinpaidepinggubaogao，xiangdangyugupiaoshichangdequanshangyanjiubaogao。”liweizhichu，zhenzhengde“daqian”，baoxian、yinxing、dadezhuquanjijinhetouzijijin，tamensuolijiedeyuyan，jiushipingji，yeyincixuyaotongguopingjibadiguantongmoshifanyichengchuantongjinrongshichangnenggoulijiedeyuyan，rangtouzirenrenzhinaizhirenke，“zheishidatongweilaishangguimodetujing。”

“jijinzenmeguzhi，weilaizichanruhepinggu，zairongzijinxingpingji，chuantongdeguhezhaidoujingliguozheiyitaozhengtiguocheng。tuiyizhongxindezichan，yeyaojingguozheiyangdelujing。womenyezaigenyixieguojijigoujiechu，mubiaojinniannianneinengyouyijiaguojipingjijigoujiwomenchupingjiyanjiuhejieguo。”dantatanyan“zheigeguochenghenmanzhang”。

muqian，diguantongtichuleyuanlaiguidingjinxianhegeyijijiaoyishangcainengjiaoyidro、qitatouzizhezhinengjiaoyidrpdezhidu，kaifangjiquanbuhezigetouzirenjiyumapxinxilaitouzidro。mapdefabu，yerang“yundongyuan”youlecanyuhefenxitouzijihuidejinchangyiju。

guoyu，youyuaojiaosuoyaoqiuyijijiaoyishangweijinrongchipaijigou，juyouhengaodemenjian，jiashangjigoujijindeshelizhouqihecanyuzhouqifeichangzhang，youdexuyaobannianqianjiukaishizhunbei，xianzhileaojiaosuodeshichangguimo。

“womenjinnianyou‘baiqianwan’deguihua，100gejigou、1000gechanyehuozhuanyetouziren、1wangedicenghuiyuan。”liweigaosujiemianxinwen，weilaiyijijiaoyishanghejinrongjigouchengweihuiyuanhou，keyibaxiaoshoudechanpinjitamendekehu，yejiushizhuanyetouziren，“womencaiqulexianggangaomendebiaozhun，jizhuanyetouzirenmenjianwei100wanmeiyuanyishang，tamenjubeifengxianchengdannengli。”

buguo，xiangbiyugupiaoshichangyousanhucanyu，duanqineiaojiaosuonanyishixianzheiyidian，“（diguantong）haishiyigehenxindezichan，sanhucanyuhuiyougezhongleixingdefengxian。ciwai，youyujianguanheheguidewenti，aojiaosuomianxiangtouzizhejunweihaiwai。”

“weilaijiaoyichengbenbushidiguantonglaidingjia，yinggaiyoushichangqudingjia。liruganggujiaoyibushigangjiaosuolaidingjia，shishichangdetouzirenqudingjiade。rangshichangweizhudaochanshengzichan、chanshengjiage、chanshengguzhi。”liweitanyan，“diguantongbenshenbushiyigezhenzhengyiyishangdexiaofeitouziren，tazhishiyigepingtai、yizhonggongju。”