{"id":13364,"date":"2026-07-01T18:55:03","date_gmt":"2026-07-01T21:55:03","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=13364"},"modified":"2026-07-01T18:55:04","modified_gmt":"2026-07-01T21:55:04","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c07%ec%9b%94-01%ec%9d%bc-2","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=13364","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(07\uc6d4 01\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

\uc624\ub298\uc758 \uacbd\uc81c<\/p>\n\n\n\n

    \n
  1. \uc911\uc559\uc740\ud589, \uc678\ud658 \ub9e4\uc785 \uc808\ubc18 \ucd95\uc18c
    \uad6d\ub0b4\uc678 \uc2dc\uc7a5\uc5d0\uc11c \ub2ec\ub7ec\uac00 \uac15\uc138\ub97c \ubcf4\uc774\uba74\uc11c, \uc0b0\ud2f0\uc544\uace0 \ubc14\uc6b0\uc2e4\ub9ac \ucd1d\uc7ac\uac00 \uc774\ub044\ub294 \uc911\uc559\uc740\ud589\uc740 6\uc6d4 \ud55c \ub2ec \ub3d9\uc548 \uc678\ud658\ubcf4\uc720\uc561 \ub9e4\uc785\uc744 \ud06c\uac8c \uc904\uc600\ub2e4.
    \uc911\uc559\uc740\ud589\uc740 6\uc6d4\uc5d0 14\uc5b51,800\ub9cc \ub2ec\ub7ec\ub97c \ub9e4\uc785\ud588\ub294\ub370, \uc774\ub294 \uc804 \ub450 \ub2ec \ud3c9\uade0\ubcf4\ub2e4 47% \uac10\uc18c\ud55c \uc218\uce58\uc774\uba70 2\uc6d4 \uc774\ud6c4 \uac00\uc7a5 \uc801\uc740 \uaddc\ubaa8\ub2e4.
    \ud2b9\ud788 \uc6d4 \ud6c4\ubc18\ubd80\uc5d0\ub294 \ud658\uc728 \uc0c1\uc2b9 \uc555\ub825\uc774 \uc9c0\uc18d\ub418\uba74\uc11c \uacf5\uc2dd \uac1c\uc785\uc774 \ub354\uc6b1 \uc57d\ud654\ub410\ub2e4. \uc774\ubc88 \ud3c9\uac00 \uc808\ud558 \uad6d\uba74\uc5d0\uc11c\ub3c4 \uc911\uc559\uc740\ud589\uc740 \ud604\ubb3c \uc678\ud658\uc2dc\uc7a5\uc5d0\uc11c \uac70\ub798\ub41c 8\uc5b53,600\ub9cc \ub2ec\ub7ec \uac00\uc6b4\ub370 4,700\ub9cc \ub2ec\ub7ec(5.6%)\ub9cc \ub9e4\uc785\ud558\ub294 \ub370 \uadf8\ucce4\ub2e4.
    \uc774\ub294 \ubbfc\uac04\uc758 \ub2ec\ub7ec \uc218\uc694\uac00 \uc804\ubc18\uc801\uc73c\ub85c \ud68c\ubcf5\ub41c \uacb0\uacfc\ub2e4. \uc774\uc5d0 \ub530\ub77c \uc911\uc559\uc740\ud589\uc758 \ud558\ub8e8 \ud3c9\uade0 \uc678\ud658 \ub9e4\uc785\uc561\uc740 5\uc6d4 1\uc5b53,700\ub9cc \ub2ec\ub7ec\uc5d0\uc11c 6\uc6d4 6,800\ub9cc \ub2ec\ub7ec\ub85c \uac10\uc18c\ud588\ub2e4. \uc774\ub7ec\ud55c \ubcc0\ud654\ub294 \uc815\ubd80\uac00 \ubcf4\ub2e4 \ub099\uad00\uc801\uc73c\ub85c \uc81c\uc2dc\ud588\ub358 \uc804\ub9dd\uc744 \uc218\uc815\ud558\ub3c4\ub85d \ub9cc\ub4e4\uc5c8\uc73c\uba70, \uc62c\ud574 \ud558\ubc18\uae30 \uc678\ud658\ubcf4\uc720\uc561 \uc99d\uac00 \uacc4\ud68d\ub3c4 \ub2e4\uc2dc \uac80\ud1a0\ud558\uac8c \ub9cc\ub4e4\uace0 \uc788\ub2e4.<\/li>\n\n\n\n
  2. \ub3c4\ub9e4\ud658\uc728, \uc548\uc815\uc138 \uae68\uc9c0\ub2e4
    \ub3c4\ub9e4\ud658\uc728\uc740 6\uc6d4 \ud55c \ub2ec \ub3d9\uc548 4.82% \uc0c1\uc2b9\ud558\uba70 \uc548\uc815 \uad6d\uba74\uc744 \ubc97\uc5b4\ub0ac\ub2e4.
    \uc774 \uac19\uc740 \uc6c0\uc9c1\uc784\uc740 \uae08\uc735\uc2dc\uc7a5\uc5d0 7\uc6d4\uc744 \uc55e\ub454 \uacbd\uacc4 \uc2e0\ud638\ub97c \ubcf4\ub0c8\ub2e4. \uc2dc\uc7a5\uc740 \ub18d\uc5c5 \ubd80\ubb38\uc758 \uc678\ud658 \uacf5\uae09 \uac10\uc18c\uc640 \uc2e0\ud765\uad6d\uc5d0 \ubd88\ub9ac\ud55c \uad6d\uc81c \ud658\uacbd\uc744 \uc774\uc720\ub85c \uae09\uaca9\ud55c \ud3c9\uac00\uc808\ud558\ub294 \uc608\uc0c1\ud558\uc9c0 \uc54a\uc9c0\ub9cc, \ub2ec\ub7ec \uac00\uce58\uac00 \uc810\uc9c4\uc801\uc73c\ub85c \uc0c1\uc2b9\ud560 \uac00\ub2a5\uc131\uc740 \uc788\ub2e4\uace0 \ubcf4\uace0 \uc788\ub2e4.
    \ud55c\ud3b8 \ucd5c\uadfc \uad6d\ucc44 \uc785\ucc30\uc744 \ud1b5\ud574 \uc815\ubd80\ub294 3\uc870 \ud398\uc18c\ub97c \uc2dc\uc7a5\uc5d0 \uacf5\uae09\ud558\uac8c \ub418\uba70, \uc774\ub294 \ub9cc\uae30 \ub3c4\ub798 \ucc44\uad8c\uc758 101% \ucc28\ud658\uc5d0 \ub530\ub978 \uac83\uc774\ub2e4. \uc774 \uc790\uae08 \uacf5\uae09\uc740 \ub2e8\uae30\uc801\uc73c\ub85c \ud398\uc18c\ud654 \ubd80\uc871\uc744 \uc644\ud654\ud574 \ud658\uc728 \uae09\ub4f1\uc744 \ub9c9\ub294 \uc5ed\ud560\uc744 \ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub41c\ub2e4.
    \uadf8\ub7ec\ub098 \uc2dc\uc7a5\uc5d0\uc11c\ub294 \uc62c\ud574 \ud558\ubc18\uae30 \ub2ec\ub7ec \ud658\uc728\uc758 \ubcc0\ub3d9\uc131\uc774 \uc9c0\uae08\ubcf4\ub2e4 \ucee4\uc9c8 \uac83\uc73c\ub85c \uc804\ub9dd\ud558\uace0 \uc788\uc73c\uba70, \uac00\uc7a5 \ud070 \uad00\uc2ec\uc0ac\ub294 \uc774\ub7ec\ud55c \ud658\uc728 \uc6c0\uc9c1\uc784\uc774 \ud5a5\ud6c4 \ubb3c\uac00\uc640 \uad6d\ub0b4 \uac00\uaca9 \uad6c\uc870\uc5d0 \uc5b4\ub5a4 \uc601\ud5a5\uc744 \ubbf8\uce60\uc9c0\uc5d0 \ubaa8\uc774\uace0 \uc788\ub2e4.<\/li>\n\n\n\n
  3. \uc18c\ube44\uc790\ubb3c\uac00\uc9c0\uc218(IPC), 2% \uc544\ub798 \uac00\ub2a5
    \uc0c8\ub86d\uac8c \ub300\ud1b5\ub839\uc2e4 \ub300\ubcc0\uc778\uc744 \ub9e1\uc740 \uacbd\uc81c\ud559\uc790 \uc544\ub4dc\ub9ac\uc548 \ub77c\ube44\uc5d0\ub974\ub294 \uccab \uc815\ub840 \ube0c\ub9ac\ud551\uc5d0\uc11c \uc815\ubd80\uc758 \uae30\uc874 \uc804\ub9dd\uc744 \uc7ac\ud655\uc778\ud588\ub2e4.
    \uadf8\ub294 \uc778\ud50c\ub808\uc774\uc158\uc774 \uacc4\uc18d \ub454\ud654\ub418\uc5b4 2% \uc774\ud558\ub85c \ub0b4\ub824\uac08 \uac83\uc73c\ub85c \uae30\ub300\ud55c\ub2e4\uace0 \ubc1d\ud614\ub2e4.
    \uc774 \uc804\ub9dd\uc774 \ud604\uc2e4\ud654\ub420 \uacbd\uc6b0, 7\uc6d4 10\uc77c \ubc1c\ud45c \uc608\uc815\uc778 6\uc6d4 \uc18c\ube44\uc790\ubb3c\uac00\uc9c0\uc218\ub294 \uc911\uc694\ud55c \uc804\ud658\uc810\uc774 \ub41c\ub2e4.
    \uc815\ubd80\ub294 \ubb3c\uac00\uac00 \uacc4\uc18d \ub454\ud654\ub418\uace0 \uc788\ub2e4\ub294 \uc810\uc744 \uac15\uc870\ud558\uace0 \uc788\uc73c\uba70, \uae08\uc735\uc2dc\uc7a5\ub3c4 \uac19\uc740 \ubd84\uc11d\uc744 \ub0b4\ub193\uace0 \uc788\ub2e4. 6\uc6d4 IPC\ub294 2%\ub97c \ubc11\ub3cc \uac00\ub2a5\uc131\uc774 \ub192\uc73c\uba70, \uc774\ub294 \uc9c0\ub09c\ud574 8\uc6d4 \uc774\ud6c4 \uac00\uc7a5 \ub69c\ub837\ud55c \ubb3c\uac00 \uc548\uc815 \uc2e0\ud638\uac00 \ub420 \uac83\uc73c\ub85c \uae30\ub300\ub41c\ub2e4.<\/li>\n\n\n\n
  4. 6\uc6d4 \uad6d\uac00\uc704\ud5d8\ub3c4 \ud070 \ud3ed \uac1c\uc120
    6\uc6d4 \ub9c8\uc9c0\ub9c9 \uac70\ub798\uc77c\uc5d0 \ubbf8\uad6d \uad6d\ucc44\uac00 \uc57d\uc138\ub97c \ubcf4\uc774\uba74\uc11c \uc544\ub974\ud5e8\ud2f0\ub098 \uad6d\ucc44\ub3c4 \ub3d9\ubc18 \ud558\ub77d\ud588\ub2e4. \ub2ec\ub7ec \ud45c\uc2dc \uad6d\ucc44\ub294 \ucd5c\ub300 0.2% \ud558\ub77d\ud588\uace0, ADR\uc740 \ud63c\uc870\uc138\ub97c \ub098\ud0c0\ub0c8\ub2e4.
    \uadf8\ub7ec\ub098 \ud558\ub8e8 \ub3d9\uc548\uc758 \uc870\uc815\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 6\uc6d4 \uc804\uccb4 \uc131\uacfc\ub294 \ub9e4\uc6b0 \uae0d\uc815\uc801\uc774\uc5c8\ub2e4.
    \uad6d\uc81c \uc2e0\uc6a9\ud3c9\uac00\uc0ac S&P\uc640 Fitch\uc758 \uc2e0\uc6a9\ub4f1\uae09 \uc0c1\ud5a5\uc774 \ud574\uc678\ubc95 \uc801\uc6a9 \uad6d\ucc44\ub97c \uc6d4\uac04 4.4% \uc0c1\uc2b9\uc2dc\ud0a4\ub294 \ub370 \uae30\uc5ec\ud588\uace0, \uad6d\uac00\uc704\ud5d8\ub3c4\ub294 13.6% \ud558\ub77d\ud558\uc5ec 426bp\ub97c \uae30\ub85d\ud588\ub2e4.
    \ub2e4\ub9cc \uc6d4\ub9d0\uc5d0\ub294 \ub0b4\uac01\uc218\uc11d \ub9c8\ub204\uc5d8 \uc544\ub3c4\ub974\ub2c8\uc758 \uc0ac\uc784\uc744 \ub458\ub7ec\uc2fc \uc815\uce58\uc801 \uc18c\uc74c\uc774 \uc77c\ubd80 \uc601\ud5a5\uc744 \uc8fc\uba70 \uc0c1\uc2b9\ud3ed\uc774 \ub2e4\uc18c \ucd95\uc18c\ub410\ub2e4.
    \ubc18\uba74 \uc8fc\uc2dd\uc2dc\uc7a5\uc740 \ub2e4\uc18c \ubd80\uc9c4\ud588\ub2e4. \ub274\uc695\uc5d0\uc11c \uac70\ub798\ub418\ub294 \uc544\ub974\ud5e8\ud2f0\ub098 \uc8fc\uc2dd\uc740 6\uc6d4 \ucd5c\ub300 15.6% \ud558\ub77d\ud588\uc73c\uba70, \uad6d\ub0b4 \uba54\ub974\ubc1c(Merval) \uc9c0\uc218\ub3c4 \ud398\uc18c \uae30\uc900\uacfc \ub2ec\ub7ec \uae30\uc900 \ubaa8\ub450 \ud558\ub77d\ud588\ub2e4.<\/li>\n\n\n\n
  5. \ud31c\ud30c \uc5d0\ub124\ub974\ud788\uc544\uc758 \ubc14\uce74 \ubb34\uc5d0\ub974\ud0c0 RIGI \ud504\ub85c\uc81d\ud2b8, 170\uc5b5 \ub2ec\ub7ec \uc218\ucd9c \uc804\ub9dd
    \ud31c\ud30c \uc5d0\ub124\ub974\ud788\uc544(Pampa Energ\u00eda)\ub294 \ub9ac\uc624\ub124\uadf8\ub85c\uc8fc\uc758 \uc544\ub780\ub2e4 \ud504\ub85c\uc81d\ud2b8\ub97c RIGI(\ub300\uaddc\ubaa8 \ud22c\uc790 \uc778\uc13c\ud2f0\ube0c \uc81c\ub3c4)\uc5d0 \uacf5\uc2dd \ub4f1\ub85d\ud588\ub2e4.
    \uc774 \ud504\ub85c\uc81d\ud2b8\ub294 \ud0d0\uc0ac, \uac1c\ubc1c \ubc0f \uae30\ubc18\uc2dc\uc124 \uad6c\ucd95\uc5d0 45\uc5b5 \ub2ec\ub7ec\ub97c \ud22c\uc790\ud558\ub294 \uacc4\ud68d\uc73c\ub85c, \ud604\uc7ac\uae4c\uc9c0 RIGI \uc2b9\uc778 \ud504\ub85c\uc81d\ud2b8 \uac00\uc6b4\ub370 20\ubc88\uc9f8\uac00 \ub41c\ub2e4.
    \ud68c\uc0ac \ub300\ud45c \ub9c8\ub974\uc140\ub85c \ubbfc\ub4e4\ub9b0\uc740 \uc774\ubc88 \ud22c\uc790\ub85c \ube14\ub85d \uac1c\ubc1c\uc774 \ud06c\uac8c \uac00\uc18d\ub420 \uac83\uc774\ub77c\uace0 \ubc1d\ud614\ub2e4. \ud574\ub2f9 \uad11\uad6c\ub294 \ud1a0\ud0c8\uc5d0\ub108\uc9c0(TotalEnergies)\uc640\uc758 \uc790\uc0b0 \uad50\ud658\uc744 \ud1b5\ud574 \ud31c\ud30c \uc5d0\ub124\ub974\ud788\uc544\uac00 \ud655\ubcf4\ud55c \uac83\uc774\ub2e4.
    \uac1c\ubc1c\uc774 \ubcf8\uaca9\ud654\ub418\uba74 100\uac1c\uc758 \uc2e0\uaddc \uc720\uc815 \uc2dc\ucd94, \ucc98\ub9ac\uc2dc\uc124 \uac74\uc124, \uadf8\ub9ac\uace0 \ud398\ub9ac\ud1a0 \ubaa8\ub808\ub178 \uac00\uc2a4\uad00 \ubc0f \ubc14\uce74 \ubb34\uc5d0\ub974\ud0c0 \uc218\ub974 \uc1a1\uc720\uad00\uacfc \uc5f0\uacb0\ub418\ub294 \uc2dc\uc124 \uad6c\ucd95\uc774 \ucd94\uc9c4\ub41c\ub2e4.
    \ud68c\uc0ac\ub294 \uc774 \ucd08\ub300\ud615 \ud504\ub85c\uc81d\ud2b8\ub97c \ud1b5\ud574 2027\ub144 \ud558\ub8e8 \uc0dd\uc0b0\ub7c9\uc744 4\ub9cc5\ucc9c \ubc30\ub7f4\uae4c\uc9c0 10\ubc30 \ud655\ub300\ud558\uace0, \ud5a5\ud6c4 30\ub144 \ub3d9\uc548 170\uc5b5 \ub2ec\ub7ec \uc774\uc0c1\uc758 \uc218\ucd9c\uc561\uc744 \ucc3d\ucd9c\ud560 \uac83\uc73c\ub85c \uae30\ub300\ud558\uace0 \uc788\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    \uc624\ub298\uc758 \uacbd\uc81c<\/p>\n","protected":false},"author":6,"featured_media":13365,"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-13364","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\/13364","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=13364"}],"version-history":[{"count":1,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/13364\/revisions"}],"predecessor-version":[{"id":13366,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/13364\/revisions\/13366"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/13365"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}