近年来，中国外汇储备不断攀升，保值增值压力不断增大。2007年，中国主权财富基金——中投公司成立。然而，作为国际投资中的重要参与者之一，主权财富基金的潜在规模和市场效应决定了，要想得到一个最优的资产配置“结果”，不仅取决于自己的行为，且与投资东道国的行为有关。即并不是我们战略配置需要的、想要的，就能够进行投资，还受制于东道国的需求和环境。在当前外围国际市场的波动加剧、不确定性增强，各种金融保护主义、金融壁垒和管制并无弱化趋势的背景下，中国主权财富基金面临着较大的管理压力与挑战。因此，在实现中国梦的征途中，中国主权财富基金如何冲破各种壁垒，基于东道国投资环境与东道国实现投资共赢，是实现投资多元化、提高投资收益的战略关键。同时，中国参与国际经济的动力、信心在增强，如何在主权财富基金对外投资过程中传递中国梦的正能量，在共赢中投资，在包容中增长，共享经济发展的红利，为世界经济和平发展、为全球化做出应有贡献显得尤为迫切。本书认为，中国主权财富基金在对外投资中应该有所担当，应该以负责任的姿态和自信的战略眼光进行战略投资。要以构建和谐共赢、包容增长的机制为导向，在关注自身利益的同时，关注东道国的需求。向东道国让渡价值和投资更多正外部性的领域，发挥资金的正向推动作用，利用各种机构的多边协调机制，优化投资环境，提高双方的和谐共容性。同时，注重维系中国主权财富基金负责任、讲声誉的大型投资机构的良好形象，发挥自身战略模式和范式的导向作用，以提升投资合作的深度和广度。本书总体上分为战略背景与现状、战略要素、战略内容、战略实施与对策四大模块。第一模块主要通过对全球主权财富基金发展现状、战略及趋势和中国主权财富基金发展现状进行研究，分析战略背景与现状。第二模块围绕影响多元化投资的战略要素进行深入剖析，主要分析东道国设置的各种投资壁垒和国际投资环境的不确定性。第三模块基于国际经济环境以及中国中投公司的投资经验，在战略要素分析的基础上，归纳提炼出了中国主权财富基金对外投资的核心战略——共容性投资战略。第四模块围绕中国主权财富基金共容性投资战略给出相应的支撑体系和辅助战略。主要从东道国投资壁垒和国际经济环境不确定两方面给出透明度选择、构建合作联盟、共容性投资信号发送与投资约束、基于经济周期的发达市场行业投资、基于新兴市场经济发展需求的投资选择等战略。 关键词：主权财富基金；投资战略；共容性投资

In recent years，as Chinese foreign exchange reserve rapidly rising，the preservation and appreciation of assets facing great pressure. In 2007，the Chinese government set up Sovereign Wealth Fund named China Investment Corporation（CIC）. As an importantparticipants in the international investment，in order to get the optimal asset allocation，it is notonly rely on their own behavior，butalso is associated with the behavior of investment in the host country due to the potential size and the market effect of Sovereign wealth funds. Specifically，the investment is not only subject to the needs of our strategic configuration，also subject to the demand of the host country and the environment. Various financial protectionism，investment barriers and control are strengthened under the background of internationalmarket volatility and the uncertainty enhanced. It makes China’s Sovereign Wealth Fund face the huge pressures and challenges. Therefore，the key of strategies to achieve investment diversification and improve investment returns is to implement the“China dream”，to break through all kinds of barriers，to investbased on the host country environment，and to realize win-win investment in host countries. Meanwhile，the impetus and confidence of China to participate in the international economy are enhanced. In the outward investment process of sovereign wealth funds，it is particularly urgent to transmit the positive energy of“China dream”，invest in the win-win situation，grow in the inclusivity，and share the dividend of the economic development，in order tomake efforts to peaceful development of the world economy and the globalization.This book argues that China’s Sovereign Wealth Fund should always keep its words in the foreign investment，and keep responsible attitude and self-confidence vision to make strategic investment. China’s Sovereign Wealth Fund should focus on its interests，at the same time pay close attention to the demand of the host country，under the guidance of harmoniouswin-win and inclusive growth mechanism strategies. China should givemore delivery value to the host country and invests in more positive externalities in order to play a positive role in promoting capital. It also should use multilateral coordination mechanism of institutions to optimize the investment environment，improve the harmony of both sides. At the same time，China’s Sovereign Wealth Fund should pay attention to sustain its good image of the large investment institution and guiding role of its own strategic model，in order to extend the depth and scope of investment cooperation.This book is divided into four parts：strategy background and status quo，strategic elements，strategy content，strategy implementation and countermeasure. The first partmainly analyzes the strategy background and status quo，through the analysis on status quo，strategy and trend of global Sovereign Wealth Funds and status quo，opportunities and challenges of China’s Sovereign Wealth Fund. The second part deeply analyzes the affect around the diversification strategy elements，mainly including various barriers to investment of host countries and the uncertainty of international investment environment. In the third chapter，the core strategy—“harmonious investment”strat-egy—is extracted based on the international economic environment，CIC’investment experience and the strategic factor analysis. The last part presents the corresponding support system and auxiliary strategies of China’s Sovereign Wealth Fund“harmonious investment”strategy. Itmainly includes strategies of transparency selection，establishing cooperation alliance，signal transmission and investment constraint for “harmonious investment”，on the economic cycle basis of industry choice in developed markets and on the basis of investment choice of economic development demand in the emergingmarkets. Key words：Sovereign Wealth Funds；Investment Strategy；Harmonious Investment