投资策略分析——以石基信息为例摘要：近年来，中国外汇储备屡创新高。首先，由于我国国民经济的快速发展，对外贸易实力大大增强，国际收支顺差逐年扩大。超过 1 万亿美元的巨额外汇储备,虽然意味着我们国家拥有丰富的国际支付能力,在一定程度上,揭示了我国足以影响世界经济,但是,过多的外汇储备为我国的风险,所以要满足需求的外汇储备安全性和流动性改善高效运行和优化我国外汇储备的管理,提高外汇储备资产的经济效益和资产收益率，已成为人们关注的焦点问题。在此背景下，中国政府决定成立国家主权财富基金——中国投资公司，以更加积极的方式管理外汇储备。石基信息的建立是我国外汇制度改革的一项开拓性举措，旨在拓宽外汇使用渠道和方式，提高国家外汇资产经营收入。但其成立时间较短，缺乏资本运营技能和投资经验。此外，由于中投公司不同于其他主权财富基金的特殊性，其外汇资产投资面临更多的风险和压力。因此，研究适合石基信息的投资策略，对于完善我国外汇管理体制改革提高外汇资产投资回报率具有重要的战略意义。关键词：外汇储备 主权财富基金 投资策略 绩效评价Abstract: There have been a steady increase in Chinese foreign exchange reserves these years caused by factors below:(1) the fast development of our national economy, and the favourable balance in international payment;(2) the impact of compulsory settlement and payment of exchange, and the system of tax reimbursement for export;(3) the inburst of foreign direct investment and speculative capital. The large amount reserves in excess of 1 trillion U.S. dollars indicates that China have a great capacity for international payment, and can influence world economy to a certain extent, however, excessive foreign reserves lead various risks to China. Therefore, it is high time we should reinforce the management of forex reserves and increase profitability beyond security and liquidity demand. In this background, our government decide to establish Sovereign Wealth Funds, namely China Investment Corporation, so as to introduce active method ...
