{"id":14212,"date":"2026-08-18T20:48:39","date_gmt":"2026-08-18T23:48:39","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=14212"},"modified":"2026-08-18T20:48:40","modified_gmt":"2026-08-18T23:48:40","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c08%ec%9b%94-18%ec%9d%bc-2","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=14212","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(08\uc6d4 18\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

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

    \n
  1. \ub2ec\ub7ec \ud658\uc728 \ud558\ub77d, \ud398\uc18c \uae08\ub9ac \uc0c1\uc2b9
    \ub3c4\ub9e4 \ub2ec\ub7ec \ud658\uc728\uc740 \uc9c0\ub09c \uae08\uc694\uc77c 4.50\ud398\uc18c \ud558\ub77d\ud55c \ub370 \uc774\uc5b4 1\ub2ec\ub7ec\ub2f9 1,487.50\ud398\uc18c\ub97c \uae30\ub85d\ud588\ub2e4. \uc774\ub294 \uc9c0\ub09c 7\uc6d4 \uc774\ud6c4 \uac00\uc7a5 \ub0ae\uc740 \uc218\uc900\uc774\ub2e4.
    \uc774\uc5d0 \ub530\ub77c \ub2ec\ub7ec\ub294 1,500\ud398\uc18c \uc120\uc5d0\uc11c \uba40\uc5b4\uc84c\uc73c\uba70, \ud658\uc728 \ubcc0\ub3d9\ubc34\ub4dc \uc0c1\ub2e8\ubcf4\ub2e4 24.9% \ub0ae\uc740 \uc218\uc900\uc5d0 \uc704\uce58\ud588\ub2e4. \uc2dc\uc7a5\uc5d0\uc11c\ub294 1,500\ud398\uc18c\ub97c \uc911\uc694\ud55c \uc0c1\ub2e8 \uc800\ud56d\uc120\uc73c\ub85c \ubcf4\uace0 \uc788\ub2e4.
    \uae08\uc735\uc2dc\uc7a5\uc758 \ub2ec\ub7ec \ud658\uc728\uc740 \uc5c7\uac08\ub9b0 \uc6c0\uc9c1\uc784\uc744 \ubcf4\uc600\ub2e4. CCL \ud658\uc728\uc740 1,583\ud398\uc18c\uc5d0 \uadfc\uc811\ud588\uace0, MEP \ud658\uc728\uc740 \uc57d 1,521\ud398\uc18c\ub85c \ub9c8\uac10\ud588\ub2e4.
    \uadf8\ub7ec\ub098 \ud658\uc728 \uc548\uc815\uc5d0\ub294 \ub300\uac00\uac00 \ub530\ub790\ub2e4. \ud398\uc18c \uc720\ub3d9\uc131 \ube44\uc6a9\uc774 \uc989\uac01 \uc0c1\uc2b9\ud558\uba74\uc11c \uae08\ub9ac\uac00 \uac15\ud55c \uc0c1\uc2b9 \uc555\ub825\uc744 \ubc1b\uc558\ub2e4.
    \uc815\ubd80\ub294 \ud604\uc7ac \uc138 \uac00\uc9c0 \ubbfc\uac10\ud55c \uacfc\uc81c\ub97c \ub3d9\uc2dc\uc5d0 \uad00\ub9ac\ud558\uace0 \uc788\ub2e4. \ub2ec\ub7ec \ud658\uc728\uc744 \uc5b5\uc81c\ud558\uace0, \uae08\ub9ac\ub97c \uad00\ub9ac\ud558\ub294 \ud55c\ud3b8 \uc678\ud658\ubcf4\uc720\uc561\ub3c4 \ub298\ub824\uc57c \ud558\ub294 \uc0c1\ud669\uc774\ub2e4.
    \uc774\ub97c \uc704\ud574 \uc911\uc559\uc740\ud589\uc740 \ub2ec\ub7ec \ub9e4\uc785 \uaddc\ubaa8\ub97c \uc904\uc600\ub2e4. \uc9c0\ub09c 7\uc6d4 \ud558\ub8e8 \ud3c9\uade0 1\uc5b5300\ub9cc \ub2ec\ub7ec\ub97c \ub9e4\uc785\ud588\uc9c0\ub9cc, 8\uc6d4\uc5d0\ub294 \ud558\ub8e8 \ud3c9\uade0 3,300\ub9cc \ub2ec\ub7ec\ub85c \uac10\uc18c\ud588\ub2e4. \uc911\uc559\uc740\ud589\uc758 \ub2ec\ub7ec \uc218\uc694\uac00 \uc904\uc5b4\ub4e4\uba74\uc11c \uc678\ud658\uc2dc\uc7a5\uc5d0 \ub300\ud55c \uc555\ub825\ub3c4 \uc644\ud654\ub410\ub2e4.
    \ub610\ud55c \uc911\uc559\uc740\ud589\uc740 \ub2ec\ub7ec \uc120\ubb3c\uc2dc\uc7a5\uc5d0 \uac1c\uc785\ud558\uace0 \uc788\uc73c\uba70, \ub2ec\ub7ec \ud658\uc728\uc5d0 \uc5f0\ub3d9\ub41c \ucc44\uad8c \uac70\ub798\uc5d0\ub3c4 \ub098\uc11c\uace0 \uc788\ub2e4. \uc774\uc640 \ud568\uaed8 \ub808\ud3ec(repo, \ud658\ub9e4\uc870\uac74\ubd80\ucc44\uad8c) \uc2dc\uc7a5\uc758 \uc720\ub3d9\uc131\uc744 \uc870\uc808\ud574 \ud398\uc18c \uc790\uae08\uc774 \ub2ec\ub7ec \ub9e4\uc785\uc73c\ub85c \uc774\ub3d9\ud558\ub294 \uac83\uc744 \uc5b5\uc81c\ud558\uace0 \uc788\ub2e4.<\/li>\n\n\n\n
  2. \ub18d\uc0b0\ubb3c \uc218\ud655\ub7c9 \uc99d\uac00\ub85c \ub18d\uc5c5 \ubd80\ubb38 \uc138\uc218\ub3c4 \uc99d\uac00
    2026\ub144 \ub18d\uc5c5 \ubd80\ubb38\uc740 \uc218\ucd9c\uc138\ub97c \ud1b5\ud574 46\uc5b51,300\ub9cc \ub2ec\ub7ec\ub97c \uc815\ubd80\uc5d0 \ub0a9\ubd80\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub41c\ub2e4. \uc774\ub294 2025\ub144\ubcf4\ub2e4 1% \uac10\uc18c\ud55c \uaddc\ubaa8\ub2e4.
    \uc9c0\ub09c\ud574 12\uc6d4 \uc218\ucd9c\uc138\uc728\uc774 \uc778\ud558\ub410\uc9c0\ub9cc \uc218\ucd9c \ubb3c\ub7c9 \uc99d\uac00\uac00 \uc774\ub97c \uc0c1\ub2f9 \ubd80\ubd84 \uc0c1\uc1c4\ud560 \uac83\uc73c\ub85c \uc804\ub9dd\ub41c\ub2e4.
    \ub85c\uc0ac\ub9ac\uc624 \uace1\ubb3c\uac70\ub798\uc18c\ub294 \uc62c\ud574 \ud558\ubc18\uae30 \uc138\uc218\uac00 \ud06c\uac8c \uc99d\uac00\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ud588\ub2e4. \ud558\ubc18\uae30 \uc218\ucd9c\uc138 \uc218\uc785\uc740 27\uc5b53,100\ub9cc \ub2ec\ub7ec\ub85c, \uc804\ub144 \uac19\uc740 \uae30\uac04\uc758 \uc57d 3\ubc30\uc5d0 \ub2ec\ud560 \uc804\ub9dd\uc774\ub2e4.
    \ud488\ubaa9\ubcc4\ub85c\ub294 \ub300\ub450\uac00 32\uc5b57,500\ub9cc \ub2ec\ub7ec\ub85c \uac00\uc7a5 \ud070 \ube44\uc911\uc744 \ucc28\uc9c0\ud558\uace0, \uc625\uc218\uc218 7\uc5b55,400\ub9cc \ub2ec\ub7ec, \ubc00 3\uc5b52,400\ub9cc \ub2ec\ub7ec\uac00 \ub4a4\ub97c \uc774\uc744 \uac83\uc73c\ub85c \uc608\uc0c1\ub41c\ub2e4. \ub098\uba38\uc9c0\ub294 \ud574\ubc14\ub77c\uae30, \ubcf4\ub9ac, \uc218\uc218 \ub4f1\uc5d0\uc11c \ubc1c\uc0dd\ud55c\ub2e4.
    \ud604\uc7ac\uc758 \uc138\uc218 \uaddc\ubaa8\ub294 \uad6d\uc81c \ub18d\uc0b0\ubb3c \uac00\uaca9\uc774 \ub192\uc558\ub358 2021~2022\ub144\uc758 80\uc5b5 \ub2ec\ub7ec \uc774\uc0c1\uc5d0\ub294 \ud06c\uac8c \ubabb \ubbf8\uce5c\ub2e4. \uadf8\ub7ec\ub098 \uac00\ubb44\uc73c\ub85c \uc138\uc218\uac00 \ud06c\uac8c \uac10\uc18c\ud588\ub358 2023\ub144\ubcf4\ub2e4\ub294 \uc57d 50% \ub192\uc740 \uc218\uc900\uc774\ub2e4.<\/li>\n\n\n\n
  3. \uad6d\ucc44 \uac00\uaca9 \ud558\ub77d\uc73c\ub85c \uad6d\uac00\uc704\ud5d8\uc9c0\uc218 490bp \uadfc\uc811
    \ub2ec\ub7ec \ud45c\uc2dc \uc544\ub974\ud5e8\ud2f0\ub098 \uad6d\ucc44\ub294 \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8\uc5d0\uc11c \ucd5c\ub300 0.4% \ud558\ub77d\ud588\ub2e4.
    \uc774\uc5d0 \ub530\ub77c JP\ubaa8\uac74\uc774 \uc0b0\ucd9c\ud558\ub294 \uc544\ub974\ud5e8\ud2f0\ub098 \uad6d\uac00\uc704\ud5d8\uc9c0\uc218\ub294 489bp\uae4c\uc9c0 \uc0c1\uc2b9\ud588\ub2e4. \uc774 \uc9c0\uc218\ub294 8\uc6d4 \ub4e4\uc5b4 12% \uc774\uc0c1 \uc62c\ub790\ub2e4.
    \uc774 \uac19\uc740 \uc0c1\uc2b9\uc740 2027\ub144 \uc120\uac70\ub97c \uc55e\ub450\uace0 \uc815\uce58\uc801 \ubd88\ud655\uc2e4\uc131\uc774 \uc810\ucc28 \ucee4\uc9c0\uace0 \uc788\uae30 \ub54c\ubb38\uc73c\ub85c \ubd84\uc11d\ub41c\ub2e4.
    \uadf8\ub7ec\ub098 \ub274\uc695\uc2dc\uc7a5\uc5d0\uc11c \uc544\ub974\ud5e8\ud2f0\ub098 \uae30\uc5c5 \uc8fc\uc2dd\uc740 \uc0c1\uc2b9\uc138\ub97c \ubcf4\uc600\ub2e4. ADR(\ubbf8\uad6d\uc608\ud0c1\uc99d\uc11c)\uc740 \ucd5c\ub300 5.29% \uc0c1\uc2b9\ud588\ub2e4.
    \uc774\uc5d0 \ub530\ub77c \uc544\ub974\ud5e8\ud2f0\ub098 \uc790\uc0b0\uc740 \uc138\uacc4 \uae08\uc735\uc2dc\uc7a5\uc758 \uc804\ubc18\uc801\uc778 \ud750\ub984\uacfc \ub2e4\ub978 \uc6c0\uc9c1\uc784\uc744 \ubcf4\uc600\ub2e4. \ucd5c\uadfc \uc2e0\ud765\uc2dc\uc7a5\uc740 \uc138\uacc4 \uc2dc\uc7a5\ubcf4\ub2e4\ub294 \uac01\uad6d\uc758 \uad6d\ub0b4 \uc694\uc778\uc5d0 \ub530\ub77c \uc6c0\uc9c1\uc774\ub294 \uacbd\ud5a5\uc744 \ub098\ud0c0\ub0b4\uace0 \uc788\ub2e4.<\/li>\n\n\n\n
  4. \uae08\uc735\uc815\ucc45: \uc815\ubd80, \uae30\uc5c5\uc758 \ub2ec\ub7ec \ub300\ucd9c \uaddc\uc81c \uc644\ud654
    \uc815\ubd80\ub294 \uc218\ucd9c\uae30\uc5c5\uc774 \uc544\ub2cc \ub0b4\uc218\uae30\uc5c5\ub3c4 \uc740\ud589\uc5d0\uc11c \ub2ec\ub7ec \ub300\ucd9c\uc744 \ubc1b\uc744 \uc218 \uc788\ub3c4\ub85d \ud558\ub294 \uc870\uce58\ub97c \uacf5\uc2dd\ud654\ud588\ub2e4.
    \uc774\ubc88 \uc870\uce58\ub294 2001\ub144 \uacbd\uc81c\uc704\uae30 \uc774\ud6c4 \uc720\uc9c0\ub3fc \uc628 \uaddc\uc81c\ub97c \uc644\ud654\ud558\ub294 \uac83\uc774\ub2e4.
    \uc740\ud589\ub4e4\uc740 \ub2ec\ub7ec \uc608\uae08\uc758 \ucd5c\ub300 15%\uae4c\uc9c0 \ud398\uc18c\ud654\ub85c \ub9e4\ucd9c\uc744 \uc62c\ub9ac\ub294 \ub0b4\uc218\uae30\uc5c5\uc5d0 \ub2ec\ub7ec \ub300\ucd9c\ub85c \uc81c\uacf5\ud560 \uc218 \uc788\uac8c \ub41c\ub2e4.
    \ub8e8\uc774\uc2a4 \uce74\ud478\ud1a0 \uacbd\uc81c\ubd80 \uc7a5\uad00\uc740 \uc774\ubc88 \uc870\uce58\uac00 \uae08\ub9ac\ub97c \ub0ae\ucd94\uace0 \uacbd\uc81c\ud65c\ub3d9\uc744 \ud65c\uc131\ud654\ud560 \uac83\uc774\ub77c\uace0 \ubc1d\ud614\ub2e4.
    \ub300\ucd9c\uc744 \ubc1b\uc740 \uae30\uc5c5\ub4e4\uc740 \ud574\ub2f9 \ub2ec\ub7ec\ub97c \uacf5\uc2dd \uc678\ud658\uc2dc\uc7a5\uc5d0\uc11c \ub9e4\uac01\ud574 \ud398\uc18c\ub85c \ud658\uc804\ud574\uc57c \ud55c\ub2e4.
    \uc911\uc559\uc740\ud589\uc740 \uae08\uc735 \uac74\uc804\uc131\uc744 \ud655\ubcf4\ud558\uae30 \uc704\ud574 \uc5c4\uaca9\ud55c \uae30\uc900\uc744 \uc801\uc6a9\ud560 \ubc29\uce68\uc774\ub2e4. \uc774\ub7ec\ud55c \ub2ec\ub7ec \ub300\ucd9c\uc5d0\ub294 \uc77c\ubc18 \ub300\ucd9c\ubcf4\ub2e4 125% \uc218\uc900\uc758 \ucd5c\uc18c \uc790\ubcf8 \uc694\uac74\uc774 \uc801\uc6a9\ub41c\ub2e4.
    \ub610\ud55c \uc740\ud589\ub4e4\uc740 \ud658\uc728 \ubcc0\ub3d9\uc774 \ub300\ucd9c\uae30\uc5c5\uc758 \uc0c1\ud658\ub2a5\ub825\uc5d0 \ubbf8\uce58\ub294 \uc601\ud5a5\uc744 \ud3c9\uac00\ud574\uc57c \ud55c\ub2e4.<\/li>\n\n\n\n
  5. \uc911\ub3d9 \uc704\uae30 \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8 \ud558\ub77d, \uad6d\uc81c\uc720\uac00 \uc0c1\uc2b9
    \uc911\ub3d9 \uc9c0\uc5ed\uc758 \uad70\uc0ac\uc801 \uae34\uc7a5\uc774 \uace0\uc870\ub418\uba74\uc11c \uc774\ub0a0 \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8 \uc8fc\uc694 \uc9c0\uc218\ub294 \ud558\ub77d\uc138\ub85c \ucd9c\ubc1c\ud588\ub2e4.
    \ubd84\uc7c1 \ud655\ub300\uc5d0 \ub300\ud55c \uc6b0\ub824\ub85c \uc778\ud50c\ub808\uc774\uc158\uc5d0 \ub300\ud55c \uacbd\uacc4\uc2ec\uc774 \ub2e4\uc2dc \ub192\uc544\uc84c\uace0, \uc774\uc5d0 \ub530\ub77c \ubbf8\uad6d \uad6d\ucc44 \ub9e4\ub3c4\uc138\uac00 \uac15\ud574\uc84c\ub2e4.
    \ubbf8\uad6d 30\ub144\ubb3c \uad6d\ucc44 \uc218\uc775\ub960\uc740 2007\ub144 \uc774\ud6c4 \ucd5c\uace0 \uc218\uc900\uae4c\uc9c0 \uc0c1\uc2b9\ud588\ub2e4.
    \ud55c\ud3b8 \uad6d\uc81c\uc720\uac00\ub294 3\uac70\ub798\uc77c \uc5f0\uc18d \uc0c1\uc2b9\ud588\ub2e4.
    \ube0c\ub80c\ud2b8\uc720\ub294 0.1% \uc0c1\uc2b9\ud574 \ubc30\ub7f4\ub2f9 90.90\ub2ec\ub7ec\ub97c \ub118\uc5b4\uc130\uace0, \uc11c\ubd80\ud14d\uc0ac\uc2a4\uc0b0\uc6d0\uc720(WTI)\ub294 0.41% \uc0c1\uc2b9\ud55c 84.04\ub2ec\ub7ec\ub97c \uae30\ub85d\ud588\ub2e4.
    \ubbf8\uad6d \uc6cc\uc2f1\ud134\uacfc \uc774\ub780 \ud14c\ud5e4\ub780\uc5d0\uc11c \ub098\uc628 \uc2e0\ud638\ub4e4\uc740 \ud3c9\ud654\ud611\uc0c1\uc5d0 \ub300\ud55c \uae30\ub300\ub97c \ub0ae\ucdc4\ub2e4.
    \uc774\ub7ec\ud55c \ubd88\uc548\uac10\uc740 \ub274\uc695\uc99d\uc2dc\uc5d0\ub3c4 \uc9c1\uc811\uc801\uc778 \uc601\ud5a5\uc744 \ubbf8\ucce4\ub2e4. \uc7a5 \uc2dc\uc791 \uc804 \uae30\uc900 S&P 500 \uc9c0\uc218\ub294 0.45%, \uae30\uc220\uc8fc \uc911\uc2ec\uc758 \ub098\uc2a4\ub2e5\uc740 1.17%, \ub2e4\uc6b0\uc874\uc2a4 \uc0b0\uc5c5\ud3c9\uade0\uc9c0\uc218\ub294 0.05% \ud558\ub77d\ud588\ub2e4.
    \uc911\ub3d9 \uc704\uae30\ub85c \uad6d\uc81c \uae08\uc735\uc2dc\uc7a5\uc758 \uc704\ud5d8 \uc218\uc900\uc740 \uc5ec\uc804\ud788 \ub192\uc740 \uc0c1\ud0dc\ub2e4. \uae34\uc7a5\uc774 \ub354\uc6b1 \uace0\uc870\ub420 \uacbd\uc6b0 \uc6d0\uc790\uc7ac\uc640 \ucc44\uad8c, \uc138\uacc4 \uc8fc\uc2dd\uc2dc\uc7a5 \uc804\ubc18\uc5d0 \uc601\ud5a5\uc744 \ubbf8\uce60 \uac83\uc73c\ub85c \uc804\ub9dd\ub41c\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    \uc624\ub298\uc758 \uacbd\uc81c<\/p>\n","protected":false},"author":6,"featured_media":14213,"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-14212","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\/14212","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=14212"}],"version-history":[{"count":1,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/14212\/revisions"}],"predecessor-version":[{"id":14214,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/14212\/revisions\/14214"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/14213"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}