$B2hA|$,$&$^$/I=<($5$l$J$$J}$O!"(B
$B$3$A$i(B$B$N(BWEB$B%Z!<%8$r$4Mw$/$@$5$$!#(B
GLOBAL INVESTMENT ACADEMY GIA$BDL?.!!(BVol.331
5$BG/$G(B6$BG\4|BT!*(B
$B%P%s%0%i%G%7%e:G?7%;%_%J!<3+:E7hDj!*(B
$B$_$J$5$s$3$s$K$A$O!*(B
Global Investment Academy$B$N(B
$BD9C+@n$G$9(B^ ^


GIA$BDL?.$O(B
$B5W$7$V$j$NEP>l$G$9!*(B


GIA$BDL?.$b$*1"MM$G(B
$BFI $B=i$a$^$7$F$NJ}$bB?$$$H;W$$$^$9!"(B
$B$<$R$h$m$7$/$*4j$$$$$?$7$^$9!#(B


$B;d!&D9C+@n$O(B
$B%a%k%^%,$H$OJL$G!"(B
1$B%F!<%^$r2?==K\$b=q$$$F(B
$B7!$j2<$2$k7O$N=q$-J*$r$7$F$$$^$9!#(B


$B99?7$7$?;~$K$O(B
$B!X(BLINE$B!w(BGIA$B!Y(B$B$GG[?.$7$F$$$^$9!#(B


$B$$$D$bFI$s$G$/$@$5$C$F$$$k3'MM!"(B
$B$"$j$,$H$&$4$6$$$^$9!*(B


$B:#!"2A3J>e>:$GOCBj$N(B
$B%4!<%k%I$K$D$$$F$b!"(B
3$B7n$+$i=q$-B3$1$FA4(B25$BK\!v(B


$B!VCM>e$,$jMh$A$c$&!*!W(B
$B$H>G$j$J$,$iCM>e$,$jA0$N(B
5$B7nCf=\$KL5;v=q$-=*$o$j$^$7$F!"(B


$B3'$5$s$K>/3[$+$i$G$b(B
$BMx1W$r $B@K$7$_$J$/8x3+$7$F$$$^$9(B(*´꒳`*)
$B!J;d$b$A$c$C$+$jMx1W$r $B$=$s$J;d$,(B
$B:#$^$?$;$C$;$H=q$-B3$1$F!"(B
$BCM>e$,$j1W$rA@$C$F$$$k$b$N$,$"$j$^$9!#(B


$B$=$l$O$H$$$&$H(B$B!ZEZCO![(B$B!#(B


$B:#$G(B11$BK\(B
$B=q$-=*$o$j$^$7$F!"(B


$BEj;q=i?4 $BEZCOEj;q$N%$%a!<%8$,M/$/=j$^$G(B
$B=q$->e$,$C$F$-$F$$$^$9$+$i!"(B
$B$<$R%A%'%C%/$7$F$/$@$5$$!#(B
$B!J%A%'%C%/J}K!$OJT=88e5-$G!K(B


$B$J$<:#(B$B!ZEZCO![(B$B$J$N$+!)(B


$B$H$$$&M}M3$O!"(B
$B:#$=$3$K;q;:$rA}$d$95!2q$,$"$j!"(B
$B%?%$%_%s%0$,Mh$F$$$k$+$i$G$9!#(B
$BA49q$GKhG/>e>:Cf!*EZCO2A3J$r%A%'%C%/(B
$B$3$3?tG/!"(B
$BKhG/(B3$B7n$K$J$k$H!"(B


$B!VEl5~$NCO2A$,$^$?>e>:!*!W(B


$B$HL@$k$$%K%e!<%9$,(B
$BN.$l$k$h$&$K$J$j$^$7$?$M!#(B


$BCO2A$N>e>:$O(B
$B $BF|K\A4BNE*$JF0$-$G!"(B


2019$BG/(B3$B7nH/I=$N(B
$BA49qJ?6Q$OA0G/Hf(B+1.16%$B!#(B
22$BK|(B4177$B1_(B/$B-V$G$9!#(B


47$BETF;I\8)$N(B
$B8x<(CO2A:G9bCM$O$I$3$b!"(B
$BA0G/Hf(B+$B!{(B%$B$rC!$-=P$7$F$^$9!#(B


$B3'$5$s$N$*=;$$$NETF;I\8)$O(B
$B$I$l$/$i$$>e>:$7$F$$$k$+(B
$B$4B8CN$G$9$+!)!)(B


$B!V$((Bw$B!*!*$&$A$NCO85$,!*!)!W(B
$B$H!"$S$C$/$j$9$k9b3[$K(B
$B$J$C$F$$$^$9(B(*´꒳`*)
$B@h=R$N;d$N=q$-J*$NCf$G!"(B
47$BETF;I\8)JL$N:G9bCM$N!"(B
$B2A3J!"M}M3!"CO?^!"7zJ* $Be$2$F$$$^$9!#(B


$BKL3$F;!"@D?98)!"4dk8)!"(B
$B=)ED8)!";37A8)!"J!Eg8)!"?73c8)!"(B
$B0q>k8)!"FJLZ8)!"72GO8)!":k6L8)!"(B
$B@iMU8)!"El5~ET!"?@F`@n8)!"(B
$B;3M|8)!"D9Ln8)!"(B


$B$O=q$-=*$o$j$^$7$?$N$G!"(B
$B$*=;$$$NJ}$O$3$A$i$r(B
$B%A%'%C%/$7$F$/$@$5$$(B(*´꒳`*)
$B;D$j$NCO0h$O!"(B
$BMh=5!":FMh=5$G=q$->e$2$F!"(B
$B?o;~(BLINE@GIA$B$GG[?.$7$^$9!#(B
$BF|K\:G9bCM%(%j%"$O%P%V%kD6$($^$G!*(B
$BF|K\A4BN$G>e>:Cf$H$O$$$((B
$B$d$C$Q$j@($$$N$,El5~$G$9!#(B


$BB>8)$r4s$;IU$1$J$$(B
$B05E]E*$J2A3J$rC!$-=P$7$F$$$^$9!#(B


$BEl5~$N:G9bCM$G$"$j!"(B
$BF1;~$KF|K\$N:G9bCM$,!"(B
$B!X6d:B(B4-6-5$B!Y(B$B!#(B


$B$=$N6b3[$J$s$H(B
5720$BK|1_(B/$B-V(B$B$G$9(B(*´꒳`*;)
$B3'$5$s$NB-85$r(B
$B:#$<$R8+$F$/$@$5$$!#(B


$BB-85(B1m$B!_(B2m$B$r(B
$B$@$$$?$$6h@Z$C$F$_$F$/$@$5$$!#(B


$B$=$N$?$C$?(B1m$B!_(B2m$B$,!"(B
5720$BK|1_!_(B2$B!a(B1$B2/(B1440$BK|1_$G$9(B($B6C(B


$B$3$N2A3J$,$D$$$?M}M3$O(B
$B

$B!&6d:B=;=j$K$h$k%9%F%$%?%9@-(B
$B!&Ej;q2H$N<{MW$N=EAX2=(B
$B!&9-9p@kEA8z2L(B
$B!&4u>/@-(B



$B2A3J?d0\$bCmL\$7$F$/$@$5$$!#(B
$B$5$9$,$N6d:B$NEZCO$G$b!"(B
$B%P%V%kJx2u$H%j!<%^%s%7%g%C%/$G!"(B
$B2

$B$J$s$H>l=j$K$h$C$F$O!"(B
$B%P%V%k4|$N:G9bCM$rD6$($k(B
$BEZCO$^$G=P$F$-$F$$$^$9!#(B


$B;dC#$NJk$i$7!";E;v!"(B
$BF;O)$dEE5$$dEE $BA4$F$OEZCO$,$J$1$l$P@.$jN)$?$:!"(B


$BEZCO$N<{MW$H$$$&$N$O7h$7$F(B
$BL5$/$J$i$J$$$b$N$J$N$G$9!#(B


$B$=$7$F$=$NCf$G$b(B
$B!XA*$P$l$kEZCO!Y(B$B$K$O!"(B
$B$S$C$/$j$9$k$/$i$$$N2A3J$,$D$-!"(B
$B$^$?2A3J>e>:$,5/$-$k$N$G$9!#(B
$BEZCO$b%?%$%`%^%7!<%sM}O@K!$G96$a$k(B
$B:#J@$B!ZEZCO![(B$B$NEj;q$G(B
$BCM>e$,$j1W$r4|BT$7$F$$$^$9$,!"(B


$B$=$N(B$B!ZEZCO![(B$B$H$O(B
$BF|K\$G$O$"$j$^$;$s!#(B


$BF|K\A4BN!"El5~!"6d:B!"(B
$BCM>e$,$j$7$F$$$k>l=j$,B?$$$N$G!"(B
$B%A%c%s%9$,$"$j$^$9!#(B


$B$G$9$,$b$C$HCM>e$,$j$r(B
$B4|BT$7$F$$$k9q$,$"$k$N$G$9!#(B


$B$=$N9q$O(B
$B!Z%P%s%0%i%G%7%e![(B$B!#(B


$B%P%s%0%i%G%7%e$O:#!"(B
$BF|K\$N9bEY7P:Q@.D9$NA0$N;~Be$G!"(B
$B!V9bEY7P:Q@.D9Mh$k$>!
$B$H$$$&CzEY$=$N:"$G$9!#(B


$B@$3&$K$O(B
196$B$N9q$,$"$j$^$9!#(B


$B?M8}(B1$B2/?M$rD6$(!"(B
$B$+$D:#>0A}$($F$$$k9q$O!"(B
$B$?$C$?(B10$B%+9q$7$+$"$j$^$;$s!#(B


$B$3$N8B$i$l$?(B10$B%+9q$NCf$G(B
$B?M8}L)EY(BNo.1$B$,$3$N(B
$B%P%s%0%i%G%7%e$G$9!#(B
$BF|K\$h$j>.$5$J9q$G$9!#(B
$BF|K\$N$?$C$?(B39%$B$N(B
$BEZCO$7$+$"$j$^$;$s!#(B


$B$3$NCf$KF|K\$N(B1.3$BG\!"(B
1.6$B2/?M$b$NJ}$,Jk$i$7$F$$$^$9!#(B


2050$BG/$K$O(B2$B2/?M$r(B
$BFMGK$9$k$H8@$o$l$F$$$^$9!#(B


$BKhG/(B6$B!s!"(B7%$B$rD6$($k(B
GDP$B@.D9N($rC!$-=P$7$F$$$^$9!#(B


$B%f%K%/%m!"(BGAP$B!"(B
ZARA$B!"(BH&M$B$J$I3$304k6H$,(B
$B0B$/$FK-IY$J?M7oHq$r6/$_$K?J=P$7!"(B


$B0aI~M"=P9b$O@$3&Bh(B2$B0L!#(B
$B7P:Q5,LO$O%_%c%s%^!<$N(B3$BG\!#(B
$B9qL1Am=jF@$O%Y%H%J%`$rD6$($^$7$?!#(B
$B$D$$@hF|(B5$B7n(B26-31$BF|!#(B
$B%P%s%0%i%G%7%e$N%O%7%J $BF|K\$G0BG\Fb3UAmM}Bg?C$H(B
$B2qCL$r9T$$!"(B


1326$B2/1_D6$N(B
$B1_7@Ls$r8r$o$7$^$7$?!#(B


2018$BG/$K$O(B2,003$B2/1_!"(B
2017$BG/$K$O(B1,782$B2/1_!"(B
2016$BG/$K$O(B1,735$B2/1_!"(B
$BF|K\$O3+H/1g=u$r9T$J$C$F$$$^$9!#(B


$B%P%s%0%i%G%7%e$r(B
$B@.D9;T>l$H4|BT$7$F!"(B
$B=t309q$+$i$*6b$,=8$^$C$F$$$^$9!#(B


$B$B!X%@%C%+!Y(B
$B!#(B
$B:#$3$N39$G$O@/I\ $BET;T3+H/$,9T$o$l$F$$$^$9!#(B


$B@$3&$+$i4k6H$,2!$74s$;!"(B
$BCOJ}$+$i$O;E;v$r5a$a(B
$BB?$/$N?M$,=8$^$C$F$$$^$9!#(B


$B=;$`2H$,B-$j$^$;$s!#(B
$BEE $BEE5$$,B-$j$^$;$s!#(B
$B?eF;$,B-$j$^$;$s!#(B


$B $BEE $BH/EE;\@_$N7z@_!"(B
$BJ*N.5rE@$H$J$k9A@0Hw!"(B
$B%S%8%M%94D6-$N@0Hw!"(B
$B<+A3:R32BP:v$,9T$o$l!"(B


$B5;=Q!"?M!"$*6b$,=8$^$j!"(B
$B5^7c$J@.D9$r?k$2$F$$$^$9!#(B


$B2?$b$J$+$C$?=j$K39$,$G$-!#(B
$B2?$b$J$+$C$?=j$K6u9A$,$G$-!#(B
$BF;O)$,Av$j!"EE5$$,Et$j$^$9!#(B


$B$=$NEZCO$rGc$$$^$9(B(*´꒳`*)


$B"';d!&D9C+@n$,8=CO;k;!$r$7$?;~$N
100$BK|1_$+$i(B5$BG/$G$B%P%s%0%i%G%7%eEZCO%/%m!<%:%;%_%J!<(B
$B$?$@FqE@$O!#!#(B
$BEZCO$O-VC12A$,0B$/$F$b!"(B
$B9-$/Gc$&I,MW$,$"$k$N$G!"(B
$BGc$*$&$H$9$k$H$I$&$7$F$b(B
$B$^$H$^$C$?$*6b$,I,MW$K$J$k$3$H$G$9!#(B


$B$=$&$J$k$H!"(B
$B$H$F$bJ@ $B3'$5$s$H0l=o$KGc$$$?$$$H9M$($F$$$^$9!#(B


$B:#2sGc$&EZCO$O(B
$B%P%s%0%i%G%7%e$G(B7$B$DL\$NEZCO$G$9!#(B


$B4{$K(B70%$B$N$*6b$,(B
$B=8$^$C$F$$$^$9$N$G!"(B
$B$40FFb$G$-$k$N$O;D$j$N(B30%$B$G$9!#(B


$B$=$7$F$b$A$m$s(B
$B!X$B$G$9!#(B


$B$3$l$^$G$KJ@ $B0l=o$KGc$C$F$$$kEj;q2H$5$^$b(B
$BBg@*$$$i$C$7$c$$$^$9!J(B╹◡╹$B!K(B


$B$H$$$&$3$H$G(B
$B%P%s%0%i%G%7%eEZCO%;%_%J!<$r(B
8$B7n(B4$BF|$K3+:E$7$^$9!#(B


$B!&(B5$BG/A08e$GBg$-$/Mx1W$r4|BT$7$?$$J}!*(B

$B!&0E9fDL2_;q;:$r!"0lIt8=J*$K$7$?$$J}!*(B

$B!&EZCO$NEj;q$r3X$S$?$$J}!*(B

$B!&%P%s%0%i%G%7%e$,9%$-$JJ}!*(B


$B$J$I$<$R%;%_%J!<$K$4;22C$/$@$5$$(B(*´꒳`*)


$B!Z(B8$B7n(B4$BF|3+:E!'El5~2q>l(B&WEB$B![(B
$B"'%;%_%J! 2019$BG/(B8$B7n(B4$BF|!JF|!K$G$9!#(B
$B"(Dy@ZF|0J9_$NF02h$NHNGd$O$$$?$7$^$;$s!#(B



$B%;%_%J!<>\:Y%Z!<%8Fb$G$O!"(B
$B%@%C%+$N39JB$_$NF02h$rF~$l$F$$$^$9!#(B
$B$=$A$i$b$<$R%A%'%C%/$7$F$/$@$5$$!v(B
$BJT=88e5-(B
LINE@GIA$B$G$O(B
GIA$BDL?.$b$b$A$m$s!"(B


$B%4!<%k%I$dEZCO$J$I(B
1$B%F!<%^$r?<$/7!$j2<$2$J$,$i!"(B
$BEj;q$N?'!9$JCN<1$r=q$$$F$$$k(B
$B%9%?%C%U%V%m%0$rEj9F$7$F$$$^$9!#(B


$B%9%?%C%U%V%m%0$NCf$G$O!"(B
$B;d$r%4!<%k%IEj;q$KL\3P$a$5$;$?(B
$BJ@3Q$K$h$k!"(B


2015$BG/3+:E%;%_%J!<$r0lIt(B
$BL5NA%W%l%<%s%H$7$F$$$^$9!#(B


$B$*M'C#EPO?$r$7$F!"(B
$BEZCO$d$=$NB>$NCN<1!"(B
$BL5NA%;%_%J!<$r$<$R $BMh=5$N%9%?%C%U%V%m%0$G$O!"(B
$BIY;3!"@P@n!"J!0f!"4tIl!"(B
$B@E2,!"0&CN!";0=E!"<"2l!"(B
$B5~ET!"Bg:e!"J<8K!"F`NI!"OB2N;3$N(B
$B8x<(CO2A!&:G9bCM$r$4>R2pM=Dj$G$9(B(*´꒳`*)


$B$<$R$*3Z$7$_$K!*(B
$B:#2s$N(BGIA$BDL?.$O$$$+$,$G$7$?$+!)(B
$B46A[!&$40U8+$J$I$4$6$$$^$7$?$i!"$3$A$i$+$i$*5$7Z$K$*4s$;$/$@$5$$!#(B

$B0J>e!":#2s$b:G8e$^$G$*FI$_$$$?$@$-!"@?$K$"$j$,$H$&$4$6$$$^$7$?!#(B
$B$=$l$G$O!"
$B"(K\%a!<%k$NFbMF$O;vA0$N=qLL$K$h$k5v2D$J$/J#@=!"J#:\!"E>Aw$9$k;v$r6X$8$^$9!#(B
$B"(K\%a!<%k$O!"Ej;q$K$46=L#$r;}$C$FD:$$$?J}$KFCJL$K$*Aw$j$7$F$$$k%a%k%^%,$G!"Ej;q3X=,MQ$K:n@.$5$l$F$$$^$9!#(B
$B!!5-:\$5$l$F$$$kFbMF$O!">pJs$NDs6!$rL\E*$H$7$?$b$N$G$"$j!"Ej;q$N4+M6$rL\E*$H$9$k$b$N$G$O$"$j$^$;$s!#(B
$B"($4>R2p$7$F$$$k;vNc$d?tCM!";T>lF08~$N8+DL$7$J$I$O!"$3$NJ8>O$r=q$$$?;~E@$G$N?tCM$r85$K$7$?;29MNc$G$"$j!"(B
$B!!>-Mh$NMx2s$j$d1?MQ@.2L!";T>l4D6-$NJQF0Ey$rJ]>Z$9$k$b$N$G$O$"$j$^$;$s(B
$B%P%C%/%J%s%P!<$O$3$A$i(B
$B%a!<%k%"%I%l%9$NJQ99(B$B!C(B$BG[?.2r=|(B$B!C(B$BMxMQ5,Ls(B$B!C(B$B8D?M>pJsJ]8n$NJ}?K(B$B!C(B$B$*Ld$$9g$o$;(B

$B"(%a!<%k%^%,%8%sG[?.@_Dj8e$KB`2q$5$l$?>l9g!"B`2qEvF|!"$^$?$OMbF|$K%a!<%k$,FO$/>l9g$,$"$j$^$9!#(B
$B2?B4$4N;>5$/$@$5$$!#(B

Global Investment Academy
Rm.804, Boss Commercial Centre, 28 Ferry Street, Jordan, Kowloon, Hong Kong
info@academy-global-investment.com

Copyright(C) GLOBAL INVESTMENT ACADEMY All Rights Reserved.

$B$3$N%a!<%k$O(BGIA$BDL?.(B$B$KEPO?$5$l$?J}$K$*Aw$j$7$F$*$j$^$9!#(B