{"id":12090,"date":"2026-04-06T16:32:08","date_gmt":"2026-04-06T19:32:08","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=12090"},"modified":"2026-04-06T16:32:10","modified_gmt":"2026-04-06T19:32:10","slug":"%ea%b2%bd%ec%a0%9c-%ec%86%8c%ec%8b%9d-%ec%98%a4%eb%8a%98%ec%9d%98-%ed%95%b5%ec%8b%ac-%ed%8f%ac%ec%9d%b8%ed%8a%b8","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=12090","title":{"rendered":"[\uacbd\uc81c \uc18c\uc2dd] \uc624\ub298\uc758 \ud575\uc2ec \ud3ec\uc778\ud2b8"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

\uc624\ub298\uc758 \ud575\uc2ec \ud3ec\uc778\ud2b8<\/p>\n\n\n\n

    \n
  1. \ubc14\uce74 \ubb34\uc5d0\ub974\ud0c0, \uae00\ub85c\ubc8c \uc0c1\uc2b9 \uc18d \uc11d\uc720 \uc0dd\uc0b0 \uae30\ub85d \uacbd\uc2e0
    \uc544\ub974\ud5e8\ud2f0\ub098\ub294 2\uc6d4 \ud558\ub8e8 874,000\ubc30\ub7f4\uc758 \uc0dd\uc0b0\uc744 \uae30\ub85d\ud558\uba70 \ucd5c\uadfc \uc5ed\uc0ac\uc0c1 \ucd5c\uace0 \uc218\uc900\uc5d0 \ub3c4\ub2ec\ud588\ub2e4. \uc774 \uc911 \ubc14\uce74 \ubb34\uc5d0\ub974\ud0c0\uac00 \uc11d\uc720\uc758 68%, \uac00\uc2a4\uc758 56%\ub97c \ucc28\uc9c0\ud558\uace0 \uc788\ub2e4. RICSA ALyC\uc5d0 \ub530\ub974\uba74 \ud604\uc7ac 4,470\uac1c\uc758 \uc720\uc815\uc774 \uac00\ub3d9 \uc911\uc774\uba70, \ube44\uc804\ud1b5 \uc5d0\ub108\uc9c0 \uac1c\ubc1c\uc774 \uc774\ubbf8 \uc5d0\ub108\uc9c0 \ub9e4\ud2b8\ub9ad\uc2a4\ub97c \uc9c0\ubc30\ud558\uace0 \uc788\ub2e4. \uc774 \uc218\uce58\ub294 \uad6d\uc81c \uc720\uac00\uac00 \ub192\uc740 \uc0c1\ud669\uc5d0\uc11c \ub098\uc628 \uac83\uc73c\ub85c, \uc678\ud654 \uc720\uc785\uc744 \ud655\ub300\ud558\uace0 \uc5d0\ub108\uc9c0 \ubd80\ubb38\uc758 \uc804\ub7b5\uc801 \uc5ed\ud560\uc744 \uac15\ud654\ud558\uace0 \uc788\ub2e4.<\/li>\n\n\n\n
  2. \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8, \u2018\uc9c0\ucf1c\ubcf4\uc790\u2019 \ubaa8\ub4dc \uc2e0\uc911 \ucd9c\ubc1c
    \ubbf8\uad6d \uc2dc\uc7a5\uc740 \uc911\ub3d9 \uae34\uc7a5 \uc18d\uc5d0\uc11c \uadf9\ub3c4\uc758 \uc2e0\uc911\ud568\uc774 \uc9c0\ubc30\ud558\ub294 \uac00\uc6b4\ub370, \uc644\ub9cc\ud55c \uc0c1\uc2b9\uc138\ub85c \ud55c \uc8fc\ub97c \uc2dc\uc791\ud588\ub2e4. \ub2e4\uc6b0\uc874\uc2a4 \uc0b0\uc5c5\ud3c9\uade0\uc9c0\uc218\ub294 0.1% \uc0c1\uc2b9, S&P 500\uc740 0.2% \uc0c1\uc2b9, \ub098\uc2a4\ub2e5 \uc885\ud569\uc9c0\uc218\ub294 0.4% \uc0c1\uc2b9\ud588\ub2e4. \uc720\ub7fd\uc774 \uc131\uc8fc\uac04\uc73c\ub85c \ud734\uc7a5\ud558\uba74\uc11c \uc720\ub3d9\uc131\uc740 \uc904\uc5b4\ub4e0 \uc0c1\ud0dc\uc774\uba70, \uc5b4\ub5a4 \uc9c0\uc815\ud559\uc801 \ub274\uc2a4\ub3c4 \uc2dc\uc7a5\uc744 \ud06c\uac8c \uc6c0\uc9c1\uc77c \uc218 \uc788\ub294 \uc0c1\ud669\uc774\ub2e4.<\/li>\n\n\n\n
  3. \uacf5\uc2dd \ud658\uc728: \uc608\uc0c1 \ubc16 \uc548\uc815, \uc9c0\uc5f0 \ub17c\uc7c1 \ubd80\uac01
    \ub3c4\ub9e4 \ud658\uc728\uc740 1,388\ud398\uc18c\ub85c \ud558\ub77d\ud558\uba70 \ubc34\ub4dc \uc0c1\ub2e8 \ub300\ube44 \uc57d 20% \ub0ae\uc740 \uc218\uc900\uc5d0 \uc704\uce58\ud574, \uc5f0\ucd08 \uc774\ud6c4 \uc2dc\uc7a5\uc774 \ubcf4\uc9c0 \ubabb\ud588\ub358 \uc548\uc815 \uad6d\uba74\uc744 \ud615\uc131\ud558\uace0 \uc788\ub2e4. \uc18c\ub9e4 \uc2dc\uc7a5\uc5d0\uc11c\ub294 Banco Naci\u00f3n \uae30\uc900 1,415\ud398\uc18c\uc5d0 \uac70\ub798\ub418\uace0, \uce74\ub4dc \ub2ec\ub7ec\ub294 1,839.5\ud398\uc18c\uae4c\uc9c0 \uc0c1\uc2b9\ud588\ub2e4. \uc774\ub7ec\ud55c \uc0c1\ud669\uc740 \ud658\uc728\uc758 \uc9c0\uc18d \uac00\ub2a5\uc131\uacfc \uc2e4\uc9c8 \ud658\uc728 \uc9c0\uc5f0(\uacfc\ub300\ud3c9\uac00) \ub17c\uc7c1\uc744 \ub2e4\uc2dc \ubd88\ub7ec\uc77c\uc73c\ud0a4\uace0 \uc788\ub2e4.<\/li>\n\n\n\n
  4. \ucc44\uad8c \uac15\uc138, \uad6d\uac00\uc704\ud5d8\uc9c0\uc218 \ubc29\ud5a5\uc131 \ud0d0\uc0c9 \uad6c\uac04
    \ub2ec\ub7ec \ud45c\uc2dc \uad6d\ucc44\ub294 \ud68c\ubcf5\uc138\ub97c \uc774\uc5b4\uac00\uba70 \uad6d\uac00\uc704\ud5d8\uc9c0\uc218\ub294 \uc57d 600bp \uc218\uc900\uc5d0 \uc720\uc9c0\ud558\uace0 \uc788\ub2e4. \uc774 \uc218\uc900\uc740 \uc5ec\uc804\ud788 \uc2dc\uc7a5\uc5d0\uc11c \uc2ec\ub9ac\uc801 \uc0c1\ud55c\uc120\uc73c\ub85c \uc791\uc6a9\ud55c\ub2e4. \ud604\uc7ac \ud750\ub984\uc740 \uad6c\uc870\uc801 \ubcc0\ud654\ubcf4\ub2e4\ub294 \uc804\uc220\uc801 \uc7ac\uc870\uc815\uc5d0 \uac00\uae5d\uace0, \uc678\ud658\ubcf4\uc720\uace0 \ucd95\uc801\uc774 \uc5ec\uc804\ud788 \ud575\uc2ec \ubcc0\uc218\ub85c \ub0a8\uc544 \uc788\ub2e4.<\/li>\n\n\n\n
  5. \uc8fc\uc2dd: \uad6d\ub0b4 \ubcc0\ub3d9\uc131, ADR \uc81c\ud55c\uc801 \ubc18\ub4f1
    S&P \uba54\ub974\ubc1c \uc9c0\uc218\ub294 \ub4f1\ub77d\uc744 \ubc18\ubcf5\ud558\uba70 \uc77c\uc2dc\uc801\uc73c\ub85c \ud558\ub77d \uc601\uc5ed\uc5d0 \uc9c4\uc785, \uba85\ud655\ud55c \ubc29\ud5a5\uc131\uc774 \ubd80\uc871\ud568\uc744 \ubc18\uc601\ud558\uace0 \uc788\ub2e4. \ubc18\uba74 \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8\uc5d0\uc11c\ub294 \uc544\ub974\ud5e8\ud2f0\ub098 ADR\uc774 \uc0c1\uc2b9 \uc6b0\uc704\ub97c \ubcf4\uc774\uc9c0\ub9cc \uc0c1\uc2b9\ud3ed\uc740 \ucd5c\ub300 2% \uc218\uc900\uc73c\ub85c \uc81c\ud55c\uc801\uc774\uba70, \uae00\ub85c\ubc8c \uc2dc\uc7a5 \uc5ed\uc2dc \uc544\uc9c1 \ud655\uc2e4\ud55c \uc0c1\uc2b9 \ucd94\uc138\ub97c \uc778\uc815\ud558\uc9c0 \uc54a\ub294 \uc0c1\ud669\uc774\ub2e4.<\/li>\n\n\n\n
  6. \uc9c0\uc815\ud559 \uae34\uc7a5 \ucd5c\uace0\uc870: \ubbf8\uad6d \uc774\ub780 \uc555\ubc15
    \ub3c4\ub110\ub4dc \ud2b8\ub7fc\ud504\ub294 \uc774\ub780 \uc5d0\ub108\uc9c0 \uc778\ud504\ub77c\uc5d0 \ub300\ud55c \uc9c1\uc811 \uacf5\uaca9 \uc704\ud611\uacfc \ud568\uaed8 \ud638\ub974\ubb34\uc988 \ud574\ud611 \uc7ac\uac1c\ub97c \uc694\uad6c\ud558\uba70 \uae34\uc7a5\uc744 \uadf9\ub300\ud654\ud588\ub2e4. \uc774\ub780\uc740 \uc774\ub7ec\ud55c \uc870\uac74\uc5d0\uc11c\uc758 \ud734\uc804\uc744 \uac70\ubd80\ud588\uc73c\uba70, \ud30c\ud0a4\uc2a4\ud0c4\u00b7\uc774\uc9d1\ud2b8\u00b7\ud280\ub974\ud0a4\uc608 \ub4f1\uc740 45\uc77c \ud734\uc804\uc744 \ucd94\uc9c4 \uc911\uc774\ub2e4. \uc2dc\uc7a5\uc740 \uae34\uc7a5 \uace0\uc870\uc640 \uc644\ud654 \uc0ac\uc774\uc758 \uc774\ubd84\ubc95\uc801 \uc2dc\ub098\ub9ac\uc624\uc5d0 \ubb36\uc5ec \uc788\ub2e4.<\/li>\n\n\n\n
  7. \uae00\ub85c\ubc8c \uc2dc\uc7a5: \uc8fc\uc2dd \uc0c1\uc2b9, \uc720\uac00 \uc77c\uc2dc \ud558\ub77d
    \uc99d\uc2dc\ub294 4\uac70\ub798\uc77c \uc5f0\uc18d \uc0c1\uc2b9\ud558\uba70 S&P 500\uc740 1\uc6d4 \uc774\ud6c4 \ucd5c\uace0 \uc0c1\uc2b9 \ud750\ub984\uc744 \ud5a5\ud558\uace0 \uc788\ub2e4. \uc774\ub294 \ud734\uc804 \uae30\ub300\uac10\uc5d0 \ud798\uc785\uc740 \uac83\uc774\ub2e4. \uc720\uac00\ub294 \ubc30\ub7f4\ub2f9 \uc57d 111\ub2ec\ub7ec \uc218\uc900\uc73c\ub85c \ud558\ub77d\ud588\uace0, \ub2ec\ub7ec\ub294 \uc57d\uc138\ub97c \ubcf4\uc600\uc73c\uba70, \ucc44\uad8c\uc740 \ud63c\uc870\uc138\ub97c \ub098\ud0c0\ub0c8\ub2e4. \uc804\ubc18\uc801\uc73c\ub85c \uacf5\ud3ec\ub294 \uc904\uc5c8\uc9c0\ub9cc \uad6c\uc870\uc801 \ubcc0\ud654\ub294 \uc5c6\ub294 \u2018\uc804\uc220\uc801 \uc548\uc815\u2019\uc73c\ub85c \ud574\uc11d\ub41c\ub2e4.<\/li>\n\n\n\n
  8. \uc5f0\uc900: \uae08\ub9ac \uc778\ud558 \uae30\ub300 \ud6c4\ud1f4
    \uacac\uc870\ud55c \uace0\uc6a9 \ub370\uc774\ud130 \uc774\ud6c4 \uc2dc\uc7a5\uc740 \ub0b4\ub144 \uae08\ub9ac \uc778\ud558 \uac00\ub2a5\uc131\uc744 \uc0ac\uc2e4\uc0c1 \ubc30\uc81c\ud558\uace0 \uc788\ub2e4. 2\ub144\ubb3c \uad6d\ucc44 \uae08\ub9ac\ub294 \uc57d 3.86%, 10\ub144\ubb3c\uc740 4.34% \uc218\uc900\uc5d0\uc11c \uc548\uc815\ub410\ub2e4. \uc774\ub780 \uad00\ub828 \uc804\uc7c1 \ub9ac\uc2a4\ud06c\uac00 \ud380\ub354\uba58\ud138\ubcf4\ub2e4 \ub354 \ud070 \uc601\ud5a5\uc744 \ubbf8\uce58\uace0 \uc788\uc9c0\ub9cc, \uc815\ucc45 \uae30\uc870\ub294 \uc5ec\uc804\ud788 \ub9e4\ud30c\uc801\uc774\ub2e4.<\/li>\n\n\n\n
  9. \uc81c\uc774\ubbf8 \ub2e4\uc774\uba3c: \ubbf8\uad6d\uc740 \ub354 \uac15\ud574\uc838\uc57c \ud55c\ub2e4
    JP\ubaa8\uac74 \uccb4\uc774\uc2a4 CEO \uc81c\uc774\ubbf8 \ub2e4\uc774\uba3c\uc740 \ubbf8\uad6d\uc758 \uacbd\uc81c \ubc0f \uad70\uc0ac \ub9ac\ub354\uc2ed\uc774 \ubcf4\uc7a5\ub418\uc5b4 \uc788\uc9c0 \uc54a\ub2e4\uace0 \uacbd\uace0\ud588\ub2e4. \uc740\ud589\uc740 \uacbd\uc81c \uc548\ubcf4\uc640 \ud68c\ubcf5\ub825\uc744 \uac15\ud654\ud558\uae30 \uc704\ud55c \ud504\ub85c\uc81d\ud2b8\uc5d0 10\uc5b5 \ub2ec\ub7ec \uc774\uc0c1\uc744 \ud22c\uc790\ud560 \uacc4\ud68d\uc774\uba70, \uae30\ud68c \ud655\ub300\uc640 \uc804\ub7b5 \uc0b0\uc5c5 \uac15\ud654\ub97c \ubaa9\ud45c\ub85c \ud55c\ub2e4.<\/li>\n\n\n\n
  10. \uc5d0\ub108\uc9c0: \uae30\ud6c4\uc640 \uc804\uc7c1 \uc601\ud5a5 \uac00\uc2a4 \uc0c1\uc2b9
    \ubbf8\uad6d \uc624\ud558\uc774\uc624 \ubc38\ub9ac\uc758 \ud55c\ud30c \uc601\ud5a5\uc73c\ub85c \ucc9c\uc5f0\uac00\uc2a4 \uac00\uaca9\uc774 \uc0c1\uc2b9\ud558\uba70 \uc5d0\ub108\uc9c0 \uc218\uc694 \uc555\ubc15\uc774 \ucee4\uc9c0\uace0 \uc788\ub2e4. \uc5ec\uae30\uc5d0 \uc911\ub3d9 \ubd84\uc7c1\uc73c\ub85c \uc778\ud55c \uc720\uac00 \ubcc0\uc218\ub3c4 \uacc4\uc18d \uc601\ud5a5\uc744 \ubbf8\uce58\uace0 \uc788\ub2e4.<\/li>\n\n\n\n
  11. \uc0ac\ubaa8 \uc2e0\uc6a9: \uae34\uc7a5 \uc18d \uc810\uc9c4\uc801 \uc545\ud654
    \uace8\ub4dc\ub9cc\uc0ad\uc2a4\uc758 \ud55c \ud380\ub4dc\ub294 1\ubd84\uae30 \uc57d 5% \uc218\uc900\uc758 \ud658\ub9e4 \uc694\uccad\uc744 \uae30\ub85d\ud588\uc73c\uba70, \uc774\ub294 \uc5c5\uacc4 \ud55c\ub3c4 \ubc14\ub85c \uc544\ub798 \uc218\uc900\uc774\ub2e4. \uaddc\uc81c \uc218\uc900\uc5d0\ub294 \ub3c4\ub2ec\ud558\uc9c0 \uc54a\uc558\uc9c0\ub9cc \ud22c\uc790\uc790\ub4e4\uc774 \uc2e0\uc6a9 \ub9ac\uc2a4\ud06c\uc640 AI\ub85c \uc778\ud55c \uad6c\uc870 \ubcc0\ud654\uc5d0 \ub354\uc6b1 \uc2e0\uc911\ud574\uc9c0\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc900\ub2e4.<\/li>\n\n\n\n
  12. \uae30\uc5c5: \uae30\uc220\uacfc M&A \uc911\uc2ec\uc758 \uc8fc\uc694 \uc6c0\uc9c1\uc784
    \uc624\ub77c\ud074\uc740 \ub370\uc774\ud130\uc13c\ud130 \ud655\uc7a5 \uad6d\uba74\uc5d0\uc11c \uc0c8\ub85c\uc6b4 CFO\ub97c \uc784\uba85\ud588\uace0, \uc624\ud508AI\ub294 AI \uc601\ud5a5 \ub300\uc751\uc744 \uc704\ud55c \uad6d\ubd80\ud380\ub4dc \uc124\ub9bd\uc744 \uc81c\uc548\ud588\ub2e4. \ub274\ub85c\ud06c\ub9b0 \ubc14\uc774\uc624\uc0ac\uc774\uc5b8\uc2a4\ub294 \ud76c\uadc0 \uc720\uc804\uc9c8\ud658 \uc0ac\uc5c5 \ud655\ub300\ub97c \uc704\ud574 \uc194\ub808\ub178\ub97c 29\uc5b5 \ub2ec\ub7ec\uc5d0 \uc778\uc218\ud560 \uc608\uc815\uc774\ub2e4.<\/li>\n\n\n\n
  13. IPO (\uc8fc\uc2dd\uc2dc\uc7a5 \uc0c1\uc7a5) : \uc0b0\uc5c5 \uae30\uc5c5 \uc911\uc2ec\uc73c\ub85c \ub2e4\uc2dc \uc5f4\ub9ac\ub294 \uc2dc\uc7a5
    \ub9e4\ub514\uc2a8 \uc5d0\uc5b4\ub294 \ucd5c\ub300 22\uc5b5 3\ucc9c\ub9cc \ub2ec\ub7ec \uc870\ub2ec\uc744 \ubaa9\ud45c\ub85c \ud558\uba70, \uc774\ub294 \ubbf8\uad6d\uc5d0\uc11c \uac70\uc758 30\ub144 \ub9cc\uc5d0 \ucd5c\ub300 \uaddc\ubaa8 \uc0b0\uc5c5 IPO\uac00 \ub420 \uc804\ub9dd\uc774\ub2e4. \uc544\uc9c1 \uc120\ud0dd\uc801\uc774\uc9c0\ub9cc, \uc8fc\uc2dd \ubc1c\ud589 \uc2dc\uc7a5\uc774 \ub2e4\uc2dc \uc5f4\ub9ac\uace0 \uc788\ub2e4\ub294 \uc2e0\ud638\ub2e4.<\/li>\n\n\n\n
  14. \ud06c\ub9bd\ud1a0: \uae30\uc5c5 \uc7ac\ubb34 \uc7a0\uc7ac \uc190\uc2e4 \ud655\ub300
    \ub9c8\uc774\ud074 \uc138\uc77c\ub7ec\uac00 \uc774\ub044\ub294 \uc2a4\ud2b8\ub798\ud2f0\uc9c0(Strategy Inc.)\ub294 \ube44\ud2b8\ucf54\uc778 \uac00\uaca9 \ud558\ub77d\uc73c\ub85c 1\ubd84\uae30 \uc57d 145\uc5b5 \ub2ec\ub7ec\uc758 \ubbf8\uc2e4\ud604 \uc190\uc2e4\uc744 \uae30\ub85d\ud588\ub2e4. \uc774\ub294 \uae30\uc5c5 \uc7ac\ubb34\uc81c\ud45c\uc5d0\uc11c \uc554\ud638\uc790\uc0b0\uc758 \ubcc0\ub3d9\uc131\uacfc \ub9ac\uc2a4\ud06c\uc5d0 \ub300\ud55c \ub17c\uc7c1\uc744 \ub2e4\uc2dc \ucd09\ubc1c\uc2dc\ud0a4\uace0 \uc788\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    \uc624\ub298\uc758 \ud575\uc2ec \ud3ec\uc778\ud2b8<\/p>\n","protected":false},"author":6,"featured_media":12091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_themeisle_gutenberg_block_has_review":false,"_joinchat":[],"footnotes":""},"categories":[23,25,61],"tags":[],"class_list":["post-12090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-noticias-argentina","category-informes-economicos"],"_links":{"self":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/12090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12090"}],"version-history":[{"count":1,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/12090\/revisions"}],"predecessor-version":[{"id":12092,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/12090\/revisions\/12092"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/12091"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}