{"id":513,"date":"2020-03-25T20:30:00","date_gmt":"2020-03-25T12:30:00","guid":{"rendered":"http:\/\/shiuncorner.com\/?p=513"},"modified":"2020-03-25T20:30:00","modified_gmt":"2020-03-25T12:30:00","slug":"reits-vs-mbs","status":"publish","type":"post","link":"https:\/\/shiuncorner.com\/2020\/03\/25\/reits-vs-mbs\/","title":{"rendered":"\u4e00\u6a23\u90fd\u662f\u623f\u5730\u7522\u76f8\u95dc\u7684\u8b49\u5238\u5316\u5546\u54c1\u70ba\u4ec0\u9ebc\u9019\u6ce2\u80ba\u708e\u80a1\u707d\u8868\u73fe\u6297\u8dcc\u6027\u5dee\u9019\u9ebc\u591a\uff1fREITs v.s. MBS \u6bd4\u4e00\u6bd4"},"content":{"rendered":"\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u52f3\u4ed4\u4f60\u4e0a\u7bc7\u6587\u7ae0\u63d0\u5230\uff0c\u5f9e\u53bb\u5e74\u5e95\u958b\u59cb\u914d\u7f6e\u623f\u8cb8\u62b5\u62bc\u7684\u76f8\u95dc\u57fa\u91d1\u4f86\u505a\u4e00\u4e9b\u907f\u96aa\uff0c\u4e0d\u904e\u6b21\u8cb8\u98a8\u66b4\u4e0d\u5c31\u662f\u7576\u5e74\u5f15\u767c2008\u91d1\u878d\u6d77\u562f\u7684\u798d\u9996\u55ce? \u4f60\u9084\u6295\u8cc7\u9019\u500b\u4ec0\u9ebc\u9b3c\u623f\u8cb8\u62b5\u62bc\u57fa\u91d1\u963f? \u70ba\u4ec0\u9ebc\u623f\u8cb8\u62b5\u62bc\u57fa\u91d1\u53ef\u4ee5\u907f\u96aa\u963f?<\/p><cite>\u7591\u60d1\u7684\u8b80\u8005<\/cite><\/blockquote>\n\n\n\n<p>\u6211\u524d\u4e00\u7bc7<a href=\"https:\/\/shiuncorner.com\/2020\/03\/22\/covid19-stock-crash-mental\/\">\u6587\u7ae0<\/a>\u63d0\u5230\u7684\u623f\u8cb8\u62b5\u62bc\u57fa\u91d1\uff0c\u4ed6\u6295\u8cc7\u7684\u5546\u54c1\u540d\u7a31\u5168\u540d\u662f<em>Mortgage Backed Securities<\/em> (MBS)\uff0c\u4e2d\u6587\u53eb\u505a\u62b5\u62bc\u8cb8\u6b3e\u64d4\u4fdd\u8b49\u5238\uff0c\u9019\u500b\u5546\u54c1\u5728\u53f0\u7063\u76ee\u524d\u7684\u8a0e\u8ad6\u5ea6\u4f3c\u4e4e\u6c92\u6709\u5f88\u9ad8\uff0c\u9019\u908a\u8b93\u6211\u4f86\u7c21\u55ae\u4ecb\u7d39\u4e00\u4e0b\u4ed6\u8ddf\u5927\u5bb6\u6bd4\u8f03\u719f\u77e5\u7684\u4e0d\u52d5\u7522\u6295\u8cc7\u4fe1\u8a17(REITs)\u4e4b\u9593\u7684\u5dee\u7570\u6027\u3002<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_64 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >\u5167\u5bb9\u76ee\u9304<\/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=\"Toggle Table of Content\"><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: #999;color:#999\" 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: #999;color:#999\" 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:\/\/shiuncorner.com\/2020\/03\/25\/reits-vs-mbs\/#REITs_Real_Estate_Investment_Trust%E4%B8%8D%E5%8B%95%E7%94%A2%E6%8A%95%E8%B3%87%E4%BF%A1%E8%A8%97\" title=\"REITs (Real Estate Investment Trust)\u4e0d\u52d5\u7522\u6295\u8cc7\u4fe1\u8a17\">REITs (Real Estate Investment Trust)\u4e0d\u52d5\u7522\u6295\u8cc7\u4fe1\u8a17<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shiuncorner.com\/2020\/03\/25\/reits-vs-mbs\/#MBSMortgage_Backed_Securities_%E4%B8%8D%E5%8B%95%E7%94%A2%E6%8A%B5%E6%8A%BC%E8%B2%B8%E6%AC%BE%E8%AD%89%E5%88%B8\" title=\"MBS(Mortgage Backed Securities) \u4e0d\u52d5\u7522\u62b5\u62bc\u8cb8\u6b3e\u8b49\u5238\">MBS(Mortgage Backed Securities) \u4e0d\u52d5\u7522\u62b5\u62bc\u8cb8\u6b3e\u8b49\u5238<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shiuncorner.com\/2020\/03\/25\/reits-vs-mbs\/#%E9%80%99%E6%B3%A2%E8%82%BA%E7%82%8E%E5%BC%95%E8%B5%B7%E7%9A%84%E8%82%A1%E7%81%BD%E4%B8%AD%EF%BC%8CREITs%E8%B7%9FMBS%E7%9A%84%E8%A1%A8%E7%8F%BE%E5%90%84%E5%BC%8F%E5%A6%82%E4%BD%95%E5%91%A2\" title=\"\u9019\u6ce2\u80ba\u708e\u5f15\u8d77\u7684\u80a1\u707d\u4e2d\uff0cREITs\u8ddfMBS\u7684\u8868\u73fe\u5404\u5f0f\u5982\u4f55\u5462?\">\u9019\u6ce2\u80ba\u708e\u5f15\u8d77\u7684\u80a1\u707d\u4e2d\uff0cREITs\u8ddfMBS\u7684\u8868\u73fe\u5404\u5f0f\u5982\u4f55\u5462?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shiuncorner.com\/2020\/03\/25\/reits-vs-mbs\/#REITs%E7%B8%BE%E6%95%88\" title=\"REITs\u7e3e\u6548\">REITs\u7e3e\u6548<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shiuncorner.com\/2020\/03\/25\/reits-vs-mbs\/#MBS%E7%B8%BE%E6%95%88\" title=\"MBS\u7e3e\u6548\">MBS\u7e3e\u6548<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/shiuncorner.com\/2020\/03\/25\/reits-vs-mbs\/#%E5%BF%83%E5%BE%97_%E5%BE%8C%E8%A8%98\" title=\"\u5fc3\u5f97&amp;\u5f8c\u8a18\">\u5fc3\u5f97&amp;\u5f8c\u8a18<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"REITs_Real_Estate_Investment_Trust%E4%B8%8D%E5%8B%95%E7%94%A2%E6%8A%95%E8%B3%87%E4%BF%A1%E8%A8%97\"><\/span>REITs (Real Estate Investment Trust)\u4e0d\u52d5\u7522\u6295\u8cc7\u4fe1\u8a17<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>REITs (Real Estate Investment Trust) \u4e0d\u52d5\u7522\u6295\u8cc7\u4fe1\u8a17\uff0c\u9019\u9805\u5546\u54c1\u5728\u6700\u8fd1\u5e7e\u5e74\u4e00\u6a23\u53d7\u5230\u6295\u8cc7\u4eba\u7684\u9752\u775e\uff0c\u6210\u70ba\u773e\u591a\u6295\u8cc7\u4eba\u773c\u4e2d\u5206\u6563\u80a1\u5e02\u98a8\u96aa\u7684\u4e00\u7a2e\u6295\u8cc7\u5de5\u5177\u3002<\/p>\n\n\n\n<p>\u4ec0\u9ebc\u662fREITs\uff0c\u4ed6\u7684\u6982\u5ff5\u5176\u5be6\u76f8\u7576\u7c21\u55ae\uff0c\u5c31\u662f\u8eab\u70ba\u50cf\u6211\u5011\u4e00\u6a23\u7684\u5c0f\u6563\u6236\uff0c\u6c92\u6709\u5927\u7b46\u8cc7\u91d1\uff0c\u4f46\u662f\u53c8\u60f3\u8cb7\u4e0d\u52d5\u7522\u51fa\u79df\u4f86\u8cfa\u53d6\u79df\u91d1\uff0c\u6211\u5011\u53ef\u80fd\u6703\u627e\u4e00\u4e9b\u670b\u53cb\u96c6\u8cc7\u4e00\u7b46\u9322\uff0c\u8cfc\u5165\u4e0d\u52d5\u7522\u4e4b\u5f8c\uff0c\u5c07\u9019\u4e9b\u4e0d\u52d5\u7522\u51fa\u79df\u7684\u79df\u91d1\u6839\u64da\u5927\u5bb6\u51fa\u8cc7\u6bd4\u4f8b\uff0c\u5206\u914d\u500b\u6bcf\u500b\u4eba\u3002 <\/p>\n\n\n\n<p>REITs\u5927\u81f4\u4e0a\u5c31\u662f\u9019\u6a23\u7684\u89c0\u5ff5\uff0cREITs\u7684\u767c\u884c\u516c\u53f8\uff0c\u6703\u5c07\u65d7\u4e0b\u4e0d\u52d5\u7522\u7684\u50f9\u503c\u5207\u5206\u6210\u591a\u500b\u5c0f\u55ae\u4f4d\u7136\u5f8c\u8f49\u767c\u884c\u6709\u50f9\u8b49\u5238\uff0c\u958b\u653e\u5e02\u5834\u4e0a\u7684\u6295\u8cc7\u4eba\u4f86\u8cfc\u8cb7\u3002\u7576\u6211\u5011\u5c0f\u5c0f\u6295\u8cc7\u4eba\u4e00\u65e6\u8cb7\u5165\u9019\u500b\u8b49\u5238\uff0c\u7b49\u65bc\u64c1\u6709\u4e00\u5c0f\u90e8\u5206\u7684\u4e0d\u52d5\u7522\uff0c\u5c31\u4eab\u6709\u79df\u91d1\u5206\u6f64\u7684\u6b0a\u5229\uff0c\u53e6\u5916\u5982\u679c\u4e0d\u52d5\u7522\u7684\u50f9\u503c\u96a8\u8457\u6642\u9593\u589e\u9577\uff0c\u6211\u5011\u624b\u4e0a\u7684\u8b49\u5238\u50f9\u503c\u4e5f\u6703\u8ddf\u8457\u6c34\u6f32\u8239\u9ad8\u3002<\/p>\n\n\n\n<p>\u53f0\u7063\u76ee\u524d\u767c\u884c\u7684REITs\u6709\u4e03\u6a94\uff0c\u9019\u4e03\u6a94REITs\u4e3b\u8981\u6301\u6709\u7684\u90fd\u662f\u5546\u8fa6\/\u65c5\u9928\/\u4f4f\u5b85\u7684\u4e0d\u52d5\u7522(\u66f4\u8a73\u7d30\u6bcf\u96bbRETIs\u6301\u6709\u7684\u4e0d\u52d5\u7522\u53ef\u4ee5\u53c3\u8003<a href=\"https:\/\/zh.wikipedia.org\/wiki\/%E8%87%BA%E7%81%A3%E4%B8%8D%E5%8B%95%E7%94%A2%E6%8A%95%E8%B3%87%E4%BF%A1%E8%A8%97\" target=\"_blank\" rel=\"noopener\">wiki<\/a>)\uff0c\u4f46\u662f\u6bcf\u4e00\u6a94\u65d7\u4e0b\u64c1\u6709\u7684\u4e0d\u52d5\u7522\u6578\u76ee\u90fd\u4e0d\u592a\u591a\uff0c\u4e26\u4e14\u56e0\u70ba<strong>\u5927\u90e8\u5206\u5efa\u7bc9\u7269\u5750\u843d\u5728\u53f0\u5317\u5e02\uff0c\u76f8\u5c0d\u9ad8\u7684\u623f\u50f9\u5c0e\u81f4\u79df\u91d1\u7684\u6548\u76ca\u666e\u904d\u4e0d\u9ad8<\/strong>\uff0c\u6240\u4ee5\u6b96\u5229\u7387\u5927\u81f4\u4e0a\u53ea\u843d\u57282~3%\uff0c\u56e0\u6b64\u5f88\u591a\u6295\u8cc7\u4eba\u8f49\u5f80\u6d77\u5916\u5e02\u5834\u5c0b\u6c42\u66f4\u4f73\u7684\u6536\u76ca\u56de\u5831\u6216\u662f\u5206\u6563\u98a8\u96aa\u3002<\/p>\n\n\n\n<p><font color=\"red\"><strong>\u53f0\u7063\u56e0\u70ba\u53d7\u9650\u6cd5\u898f\uff0cREITs\u53ea\u80fd\u662f\u9280\u884c\u4fe1\u8a17\u7684\u65b9\u5f0f\u4f86\u7d93\u71df\uff0c\u4f46\u662f\u7f8e\u570b\u7684REITs\u662f\u53ef\u4ee5\u7d44\u6210\u516c\u53f8<\/strong><\/font>\uff0c\u7531\u5730\u7522\u5c08\u5bb6\u4f86\u8abf\u6574\u6216\u64cd\u4f5c\u624b\u4e0a\u7684\u4e0d\u52d5\u7522\uff0c\u85c9\u4ee5\u7372\u53d6\u8f03\u9ad8\u7684\u6295\u8cc7\u5831\u916c\u7387\uff0c\u6240\u4ee5\u901a\u5e38\u6b96\u5229\u7387\u53ef\u4ee5\u57285%\u4ee5\u4e0a(\u7e31\u4f7f\u8003\u616e\u53f0\u7063\u4eba\u914d\u606f\u8981\u88ab\u9810\u626330%\u7684\u7a05\uff0c\u5be6\u969b\u62ff\u5230\u624b\u7684\u914d\u606f\u7387\u9084\u662f\u9ad8\u65bc\u53f0\u7063\u7684RETIs)\u3002<\/p>\n\n\n\n<p><strong><font color=\"red\">\u53e6\u5916\u7f8e\u80a1\u7684REITs\u767c\u884c\u516c\u53f8\u6240\u6295\u8cc7\u7684\u4e0d\u52d5\u7522\uff0c\u4e0d\u53ea\u6578\u91cf\u975e\u5e38\u591a(\u53ef\u80fd\u542b\u62ec\u7f8e\u570b\u5404\u5dde)\uff0c\u4e5f\u6709\u66f4\u591a\u7a2e\u985e\u7684\u9078\u64c7<\/font><\/strong>\u3002\u50cf\u662f\u52f3\u4ed4\u4e4b\u524d\u6301\u6709\u883b\u9577\u4e00\u6bb5\u6642\u9593\u7684\u91ab\u7642\u985eREITs (EX:\u7f8e\u80a1\u4ee3\u865f:OHI)\uff0c\u9019\u985e\u578b\u7684RETIs\u4e3b\u8981\u6301\u6709\u7684\u5c31\u662f\u4e00\u4e9b\u91ab\u7642\u6a5f\u69cb\u6216\u662f\u9577\u7167\u6a5f\u69cb\u7684\u4e0d\u52d5\u7522\uff0c\u85c9\u7531\u51fa\u79df\u9019\u4e9b\u4e0d\u52d5\u7522\u8ddf\u8a2d\u5099\uff0c\u4f86\u8cfa\u53d6\u79df\u91d1\u6536\u5165\u3002\u9019\u985e\u578b\u7684\u79df\u7d04\u901a\u5e38\u90fd\u4e00\u6b21\u6703\u7c3d\u9577\u5e74\u671f\u7684\uff0c\u6240\u4ee5\u6b63\u5e38\u72c0\u6cc1\u4e0b\u79df\u91d1\u6536\u5165\u76f8\u5c0d\u975e\u5e38\u7a69\u5b9a\uff0c\u6240\u4ee5\u5f88\u53d7\u5230\u4e00\u4e9b\u9000\u4f11\u57fa\u91d1\u7684\u9752\u775e\uff0c\u8996\u70ba\u4e00\u7a2e\u7a69\u5b9a\u7684\u56fa\u5b9a\u6536\u76ca\u5546\u54c1\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"MBSMortgage_Backed_Securities_%E4%B8%8D%E5%8B%95%E7%94%A2%E6%8A%B5%E6%8A%BC%E8%B2%B8%E6%AC%BE%E8%AD%89%E5%88%B8\"><\/span>MBS(<em>Mortgage Backed Securities<\/em>) \u4e0d\u52d5\u7522\u62b5\u62bc\u8cb8\u6b3e\u8b49\u5238<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4e00\u822c\u6c11\u773e\u5728\u8cfc\u5c4b\u7684\u6642\u5019\u6703\u7528\u623f\u5b50\u7576\u4f5c\u62b5\u62bc\uff0c\u8ddf\u9280\u884c\u7c3d\u8a02\u6578\u5341\u5e74\u671f\u7684\u623f\u8cb8\u5951\u7d04\uff0c\u7d04\u5b9a\u597d\u6bcf\u671f\u8981\u9084\u591a\u5c11\u7684\u672c\u91d1\u52a0\u5229\u606f\u3002\u56e0\u70ba\u9019\u500b\u662f\u9577\u5e74\u671f\u7684\u9084\u6b3e\uff0c\u96d6\u7136\u53ef\u4ee5\u6bcf\u5e74\u5275\u9020\u73fe\u91d1\u6d41\uff0c\u4f46\u5c0d\u65bc\u9280\u884c\u4f86\u8aaa\u6d41\u52d5\u6027\u4e0d\u4f73\u3002<\/p>\n\n\n\n<p>\u6240\u4ee5\u570b\u5916\u51fa\u73fe\u4e00\u7a2e\u5546\u54c1\uff0c\u9280\u884c\u6703\u5c07\u9019\u4e9b\u62b5\u62bc\u8cb8\u6b3e\u4ea4\u7d66\u4e00\u4e9b\u6709\u516c\u4fe1\u529b\u7684\u767c\u884c\u6a5f\u69cb(\u901a\u5e38\u9019\u4e9b\u6709\u516c\u4fe1\u529b\u7684\u767c\u884c\u6a5f\u69cb\u662f\u7531\u653f\u5e9c\u51fa\u8cc7\u8cc7\u52a9\u7684\u5b98\u65b9\u6216\u534a\u5b98\u65b9\u6a5f\u69cb\uff0c\u7a31\u70baGSEs (government-sponsored enterprises)\u3002<\/p>\n\n\n\n<p>\u9019\u4e9b\u767c\u884c\u6a5f\u69cb\u532f\u805a\u4e00\u5b9a\u6578\u91cf\u7684\u62b5\u62bc\u8cb8\u6b3e\u4e4b\u5f8c\uff0c\u6703\u5c07\u9019\u4e9b\u8cb8\u6b3e\u505a\u4fe1\u7528\u52a0\u5f37\u5f8c\uff0c\u7531\u9019\u4e9b\u767c\u884c\u6a5f\u69cb\u505a\u64d4\u4fdd\uff0c\u4e00\u6a23\u5c07\u9019\u4e9b\u62b5\u62bc\u8cb8\u6b3e\u5207\u6210\u5c0f\u55ae\u4f4d\u7684\u6709\u50f9\u50b5\u5238\uff0c\u51fa\u552e\u7d66\u5e02\u5834\u6295\u8cc7\u4eba\uff0c\u6295\u8cc7\u4eba\u4e00\u65e6\u6301\u6709\u9019\u4e9b\u8b49\u5238\uff0c\u5c31\u53ef\u4ee5\u5206\u914d\u5230\u8cb8\u6b3e\u5229\u606f\u7684\u6536\u76ca\u3002\u800c\u9280\u884c\u7aef\u53ef\u4ee5\u5728\u77ed\u671f\u5c31\u62ff\u5230\u9019\u4e9b\u5e02\u5834\u6295\u8cc7\u4eba\u7684\u8cc7\u91d1\uff0c\u89e3\u6c7a\u6d41\u52d5\u6027\u554f\u984c\uff0c\u4e26\u4e14\u518d\u62ff\u9019\u4e9b\u8cc7\u91d1\u518d\u53bb\u505a\u66f4\u591a\u7684\u8cb8\u6b3e\u696d\u52d9\u3002<\/p>\n\n\n\n<p>\u9019\u7a2e\u5546\u54c1\u7684\u95dc\u9375\u5c31\u662f\u4e2d\u9593\u64d4\u4fdd\u767c\u884c\u7684\u6a5f\u69cb\uff0c\u5982\u679c\u662f\u5b98\u65b9\u6216\u534a\u5b98\u65b9\u7684\u653f\u5e9c\u8cc7\u52a9\u6a5f\u69cb\u7d93\u904e\u4fe1\u7528\u52a0\u5f37\u6240\u767c\u884c\u7684MBS\uff0c\u5247\u4e00\u822c\u8a8d\u70ba\u98a8\u96aa\u50c5\u4f4e\u65bc\u7f8e\u570b\u516c\u50b5\uff0c\u751a\u81f3\u4fe1\u8a55\u6703\u9ad8\u65bc3A\u7d1a\u7684\u50b5\u5238\uff0c\u662f\u4e00\u7a2e\u98a8\u96aa\u50c5\u9ad8\u65bc\u7f8e\u570b\u516c\u50b5\u7684\u8cc7\u7522\u3002\u4f46\u662f\u56e0\u70ba\u6a5f\u69cb\u9700\u8981\u505a\u64d4\u4fdd\uff0c\u6240\u4ee5\u6b96\u5229\u7387\u901a\u5e38\u4e0d\u6703\u592a\u9ad8\uff0c\u4f46\u662f\u5f80\u5f80\u6703\u6bd4\u7f8e\u570b\u516c\u50b5\u9ad8\u5927\u7d041%\u3002<\/p>\n\n\n\n<p>\u4e0d\u904e\u9019\u4e9b\u534a\u5b98\u65b9\u6a5f\u69cb\u6216\u662f\u7d14\u6c11\u9593\u767c\u884c\u6a5f\u69cb\u4e5f\u53ef\u80fd\u6703\u767c\u884c\u6c92\u6709\u64d4\u4fdd\u7684MBS\uff0c\u9019\u7a2eMBS\u56e0\u70ba\u98a8\u96aa\u8f03\u9ad8\uff0c\u6240\u4ee5\u901a\u5e38\u6b96\u5229\u7387\u4e5f\u6703\u6bd4\u8f03\u9ad8\uff0c\u5c0d\u6295\u8cc7\u4eba\u4f86\u8aaa\uff0c\u5c31\u9700\u8981\u6839\u64da\u98a8\u96aa\u627f\u64d4\u80fd\u529b\u4f86\u81ea\u5df1\u505a\u98a8\u96aa\u8ddf\u6536\u76ca\u4e4b\u9593\u7684\u5e73\u8861\u3002<\/p>\n\n\n\n<p><font color=\"red\"><strong>\u7e3d\u800c\u8a00\u4e4b\uff0c\u6301\u6709REITs\uff0c\u4f60\u5c31\u50cf\u662f\u623f\u6771\uff0c\u9760\u9818\u53d6\u79df\u91d1\u9084\u6709\u623f\u5c4b\u589e\u503c\u7576\u4f5c\u6295\u8cc7\u56de\u5831\u3002\u800c\u6301\u6709MBS\uff0c\u4f60\u5c31\u50cf\u662f\u500b\u5c0f\u578b\u9280\u884c\uff0c\u628a\u9322\u501f\u8cb8\u7d66\u8cb7\u623f\u5b50\u7684\u4eba\uff0c\u4f60\u7684\u6536\u76ca\u5c31\u662f\u6bcf\u671f\u4ed6\u4ed8\u7d66\u4f60\u7684\u5229\u606f\u3002<\/strong><\/font><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%80%99%E6%B3%A2%E8%82%BA%E7%82%8E%E5%BC%95%E8%B5%B7%E7%9A%84%E8%82%A1%E7%81%BD%E4%B8%AD%EF%BC%8CREITs%E8%B7%9FMBS%E7%9A%84%E8%A1%A8%E7%8F%BE%E5%90%84%E5%BC%8F%E5%A6%82%E4%BD%95%E5%91%A2\"><\/span>\u9019\u6ce2\u80ba\u708e\u5f15\u8d77\u7684\u80a1\u707d\u4e2d\uff0cREITs\u8ddfMBS\u7684\u8868\u73fe\u5404\u5f0f\u5982\u4f55\u5462?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u525b\u597d\u9019\u6ce2\u80ba\u708e\u80a1\u707d\uff0c\u8b93\u6211\u5011\u4e00\u6a23\u4f86\u6aa2\u8996\uff0c\u539f\u672c\u9810\u671f\u6703\u8ddf\u80a1\u5e02\u76f8\u95dc\u6027\u6bd4\u8f03\u5c0f\u7684REITs\u8ddfMBS\uff0c\u5728\u9019\u6ce2\u6297\u8dcc\u7684\u80fd\u529b\u5982\u4f55\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"REITs%E7%B8%BE%E6%95%88\"><\/span>REITs\u7e3e\u6548<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6211\u5011\u9019\u908a\u4e00\u6a23\u6311\u9078\u4e00\u96bb\u6bd4\u8f03\u6709\u4ee3\u8868\u6027\u7684REITs\u7684ETF\uff0c\u7531Vanguard\u767c\u884c\uff0c\u7f8e\u80a1\u4ee3\u865f\u70baVNQ\u7684ETF\u4f86\u7576\u4f5c\u5206\u6790\u7684\u5c0d\u8c61\uff0c\u9019\u96bbETF\u8ffd\u8e64\u7684\u6307\u6578\u662fMSCI US Investable Market Real Estate 25\/50\u3002<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"640\" height=\"385\" src=\"https:\/\/i0.wp.com\/shiuncorner.com\/wp-content\/uploads\/2020\/03\/image-23.png?resize=640%2C385&#038;ssl=1\" alt=\"\" class=\"wp-image-553\" srcset=\"https:\/\/i0.wp.com\/shiuncorner.com\/wp-content\/uploads\/2020\/03\/image-23.png?w=650&amp;ssl=1 650w, https:\/\/i0.wp.com\/shiuncorner.com\/wp-content\/uploads\/2020\/03\/image-23.png?resize=300%2C180&amp;ssl=1 300w\" sizes=\"(max-width: 640px) 100vw, 640px\" data-recalc-dims=\"1\" \/><figcaption>(\u5716\u7247\u4f86\u6e90:google.com)<br><\/figcaption><\/figure><\/div>\n\n\n\n<p>\u63a1\u8a082020\/2\/21~2020\/3\/24\u9019\u500b\u5340\u9593\uff0cVNQ\u7684\u5831\u916c\u7387\u70ba-37.7%\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"MBS%E7%B8%BE%E6%95%88\"><\/span>MBS\u7e3e\u6548<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>MBS\u6211\u5011\u5247\u6311\u9078\u7f8e\u80a1\u4ee3\u865f\u70baMBB\u7684ETF\uff0c\u9019\u96bb\u7531iShare\u767c\u884c\u7684MBS ETF\uff0c\u8ffd\u8e64\u7684\u6307\u6578\u662fBarclays Capital U.S. MBS Index\u3002Barclays Capital U.S. MBS Index\u4e3b\u8981\u662f\u8861\u91cf\u7f8e\u570b\u6295\u8cc7\u7d1a\u4e0d\u52d5\u7522\u62b5\u62bc\u8cb8\u6b3e\u64d4\u4fdd\u8b49\u5238\u7684\u6307\u6578\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"640\" height=\"441\" src=\"https:\/\/i0.wp.com\/shiuncorner.com\/wp-content\/uploads\/2020\/03\/image-24.png?resize=640%2C441&#038;ssl=1\" alt=\"\" class=\"wp-image-555\" srcset=\"https:\/\/i0.wp.com\/shiuncorner.com\/wp-content\/uploads\/2020\/03\/image-24.png?w=665&amp;ssl=1 665w, https:\/\/i0.wp.com\/shiuncorner.com\/wp-content\/uploads\/2020\/03\/image-24.png?resize=300%2C207&amp;ssl=1 300w\" sizes=\"(max-width: 640px) 100vw, 640px\" data-recalc-dims=\"1\" \/><figcaption>(\u5716\u7247\u4f86\u6e90:moneyDJ.com)<\/figcaption><\/figure>\n\n\n\n<p>\u9019\u908a\u7528\u540c\u6a23\u7684\u5340\u9593\u4f86\u8a08\u7b97(2020\/2\/21~2020\/3\/24)\uff0cMBB\u7684\u5831\u916c\u7387\u70ba+0.5%\uff0c\u5728\u80a1\u707d\u7684\u9019\u6bb5\u6642\u9593\uff0c\u5e7e\u4e4e\u6c92\u6709\u53d7\u5230\u4ec0\u9ebc\u5f71\u97ff\u3002<\/p>\n\n\n\n<p>\u6211\u5011\u5c07VNQ\/MBB\u8ddfTLT(\u8ffd\u8e64\u7f8e\u570b\u9577\u671f\u516c\u50b5\u6307\u6578ETF)\u9084\u6709VTI(\u8ffd\u8e64\u7f8e\u570b\u80a1\u5e02\u7684ETF)\u4f86\u505a\u4e00\u500b\u6bd4\u8f03\uff0c\u53ef\u4ee5\u5f97\u5230\u4e0b\u9762\u9019\u5f35\u8868<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"576\" height=\"188\" src=\"https:\/\/i0.wp.com\/shiuncorner.com\/wp-content\/uploads\/2020\/03\/image-26.png?resize=576%2C188&#038;ssl=1\" alt=\"\" class=\"wp-image-568\" srcset=\"https:\/\/i0.wp.com\/shiuncorner.com\/wp-content\/uploads\/2020\/03\/image-26.png?w=576&amp;ssl=1 576w, https:\/\/i0.wp.com\/shiuncorner.com\/wp-content\/uploads\/2020\/03\/image-26.png?resize=300%2C98&amp;ssl=1 300w\" sizes=\"(max-width: 576px) 100vw, 576px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>\u4e0a\u8868\u53ef\u4ee5\u5f88\u6e05\u695a\u7684\u770b\u5230\uff0cREITs\u5728\u80a1\u707d\u4e2d\u7684\u8dcc\u5e45\u751a\u81f3\u6bd4\u80a1\u5e02\u7684\u8868\u73fe\u9084\u906d\uff0c\u800cMBB\u96d6\u7136\u4e0d\u50cf\u7f8e\u570b\u516c\u50b5\u4e00\u6a23\u53ef\u4ee5\u6709\u6bd4\u8f03\u5927\u7684\u8ca0\u76f8\u95dc\u4fc2\u6578\uff0c\u4f46\u662f\u4ecd\u7136\u5177\u5099\u5728\u80a1\u707d\u4e2d\u4fdd\u8b77\u6211\u5011\u8cc7\u7522\u7684\u80fd\u529b\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%BF%83%E5%BE%97_%E5%BE%8C%E8%A8%98\"><\/span>\u5fc3\u5f97&amp;\u5f8c\u8a18<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u61c9\u8a72\u5f88\u591a\u6295\u8cc7\u4eba\u6709\u9ede\u610f\u5916\uff0c\u50b3\u7d71\u4e0a\u8a8d\u70baREITs\u8ddf\u80a1\u5e02\u7684\u76f8\u95dc\u6027\u6bd4\u8f03\u4e0d\u5927\uff0c\u4f46\u662f\u5728\u9019\u6ce2\u80a1\u707d\u4e2d\uff0c\u6211\u5011\u537b\u53ef\u4ee5\u770b\u5230<strong><font 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