(Citic Securities) RA Chi.indb
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- 圭镖思 缪
- 9 years ago
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Transcription
1 H 1
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3
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5 Crédit Agricole Corporate and Investment Bank CASA B.V. Crédit Agricole Securities Asia B.V. A H A A H H 5
6 6
7 1.1 CITIC Securities Company Limited CITIC Securities Co., Ltd ) [email protected]
8 A H M A H ,101, ,101, A 983, H 117, (1) H 81,101, (2)
9 (3) % , % A 40, , % : , ,150194, % % A 50, , , % A 33, , , % , , , , H 107, , H109,483H H 7,590.70H H
10 994, ,101,690.84A 983, H 117, % % % [2012] % (QDII) A AA HAH MSCI (1) (QDII) (2) (3) 10
11 (4) (5) Interbrand 21 50IPO 2012 IPO 2012 TMT 11
12 2012 A+H 2012 IPO IPO IPO 11 12
13 Vision Awards 30 13
14
15 PE
16 % ,071 26, ,281 5,055 14, ,296 5,487 15, ,320 4,237 12, ,311-17, , % , , ,178 81,823 61, ,330 86,465 86, ,435 11,017 11,017 9, % % % %
17 % ,471,726, ,627,965, ,592,882, ,770,509, % 1, , % % % % % (1) (2) ,071 26,371 30,281 23,868 19,837 8,016 11,756 13,985 10,669 10, ,487 15,031 16,320 13,302 9,561 4,237 12,576 11,311 8,984 7, ,017 11,017 9,946 6,630 6,630 86,685 86,990 70,848 64,814 57,526 86,465 86,587 70,435 61,599 55,222 81,823 61,290 82, ,993 79,362 34,807 36,477 62, ,478 61, , , , , ,888 17
18 % % (1) (2) (3) 2, , , , , % 17.28% 17.00% % 35.17% % 24.13% 22.23% 22.19% 4.90%
19 BBB % % 1372, % , %QFII IBS IBS 19
20
21 IPO % %
22
23 IPO AIPO A % IPO63.63%11.83% IPO IPO A % % 71.85% 2012 A 57.27% % 2012 IBS IPO 23
24 % IPO , , , , , , , IPO IPO , % % 24
25 , % , , , , , , , , , , , , ,
26 Mergermarket % , % 30.43% 1, % % 30.75% % Bloomberg A1, % , % % % 4.54% 26
27 % 102QFII , A , A , , % 2012 ETF ETF 27
28 10 ETF ETFLOF % 9.87% ,921 4,534 11,680 5,674 32,275 4,534 6,236 2,616 1, ,837 2,
29 , , , , , , , , , , ,
30 QDII PE2008 LP IPOLPPE % %
31 , % % % 4.90%
32 % , , % % 65.00% 2.90% % % %
33 % ,090 9,713 2,172 2,056 3,648 14, ,016 11, ,487 15,031 1,180 2,427 4,237 12, % 54.24% % % 36.83% 54.81% 76.05% 67.34% 16.62% 7.80% 6.57% 8.46% 16.30% 27.91% 54.58% 37.98% 14.36% 15.67% 1.23% 0.79% 0.64% 1.13% 0.69% % % % % % 33
34 % ,603 4, % 2,754 1, % % 320 3,097-2, % % 801 1, % 6,289 8,646-2, % % 1.19% 4.51% 3.36% 50.82% 31.89% 46.51% 0.00% 38.84% 20.41% % %2012 A %
35 % ,675 1, % % % % 1,224 1, % % % % % ,646 1, % 1,815-1,568 3,383 13,081-13, % 187 1,626-1, % 3,648 14,393-10, % % % % 35
36 % % ,786 4,997-1, % % % 1,771 2,842-1, % 30 1,514-1, % 6,268 10,033-3, % % % % % % % 36
37 ,518-1, % % % 30 1,514-1, % , % 20121, % ,878 36,828 1, % 9,796 9, % 38,808 19,049 19, % 423 1, % 3,873 3, % 25,836 33,444-7, % 17,087 8,133 8, % 133, ,803 21, % 37
38 0.31% 2.90% 19.32% 29.91% 3.39% 12.78% 0.96% 7.28% 29.03% 17.04% 7.33% 28.33% 8.48% 32.94% % 65.00% , % 36, % 9, % 9, % 38, % 19, % % 1, % 86, % 66, % % 28.33% 38
39 , % 14, % 21, % 21, % 3, % % 37, % 36, % ,027 8, % % 9,796 9, % % %29.03%
40 ,573 12,269 12, % 13,568 6,442 7, % % % 38,808 19,049 19, % % ,320 3, % % % 3,873 3, % ,836 33,444-7, % 40
41 % % ,807 36,477-1, % 22,044 14,233 7, % 2, ,800 2,800.00% % 13,000 13, % 8,281 10,480-2, % 81,823 61,290 20, % % 42.54% ,109 35,005-1, % 27,915 27, % 5,194 7,212-2, % 1,698 1, % 34,807 36,477-1, % % % % 41
42 % ,017 11,017 34,524 34,527 5,885 5,465 10,425 9, ,220 26, ,685 86, [2012] CITICS Global Absolute Return Fund CITICS Global Multi-Strategy Fund 8 CITICS Global Absolute Return Fund CITICS Global Multi-Strategy Fund 42
43 [2008] % 4.4 PE [2012]43 43
44 25% 30% 2/ [2012] % ,315,233, ,287,900, % 8,984,029, % ,972,850, ,140,553, % 11,311,343, % ,737,270, ,688,226, % 12,576,482, % 44
45
46 46
47
48 VaR VaR VaR195%VaR VaR VaR VaR 95% 1 VaR VaR VaRVaR VaR VaR 48
49 ,110 10,551 AAA 8,463 9,584 AA 8,922 9,926 A A-1 5,918 4,848 2,510 33,458 35,598 AAA AAAAA-1 AA AA+ AA AA- A A+ A A- 134% 150% 150% 49
50
51 (2011) _A H H
52 64 % , , , , , , , , , B D A C F A (1) ,155, , , , , ,488 52
53 (2) 8 96% 99% , , , , , ,149 (3) 651, ,105, , , , , (4) ,125, , , , , (5) ,007, , , , , (6) , , , , , (7) % , , , , , (8) 18 35% , , , , ,
54 (9) 19 30% , , (10) 10050% % 54
55 5% XV 352 % A 2,649, % A 1,733, % A 1,733, % A 1,644, % A 1,728, % A 483, % A 108, %
56 5.13 A [2012]85 15%1 1 5% (QFII) QFII [2009]47 10% QFII H [1993]045 [2011]348 10% 10% 10%(1)10% (2)10%20% (3)20% H [2008]897 H %
57 ,
58 [(2011)131 ] ,944, (2008) (2008) (2010) (2010)723 (2011) 64 (2008) ,000 58
59 % % % 19.9% % % % 80.1% CASA B.V. 80.1% % %2, %14, %99% 1%
60
61 ,361 22, , % % % % 61
62 ,000 2, , % 120,000 28, % H 4414A 14A ,
63 % % 3, ,746,835 5, % ,
64 , % % 70% 64
65 0 ISDA 2, ,000 ISDA ISDA 1 1 CSI Capital Management Limited 1, , ,000 4 CITIC Securities International USA, LLC 5 CSI Capital Management Limited ISDA , , % % , ,
66 %12 5%2410% 6.7 5% 5% ,826,344, ,130,651, ,737,270, ,219,725, %313,065, %313,065, %313,065, ,195,
67 13,280,530, ,208,953, AH11,016,908,400 AH ,305,072, % ,903,880, AH % H (1)
68 (2) (3) (4) (5) 5 68
69 ,946,210, ,169, ,120, ,964, ,726, ,153, ,276,423, ,704, ,709, ,067,653, ,912, ,619, ,989, ,177, ,586, ,021, ,989, ,896, ,729, ,297,450, ,615,168, ,160, ,616,574, ,616,776, ,102,801, ,000, ,000, ,010, ,922,702,
70 7.1 % A 2,303,963, A A 7,544,617, H H 1,178,327, ,016,98, A % % ,919, ,919, ,919, ,919, ,919, ,919, ,814,661, ,814,661, ,178,327, ,178,327, ,992,989, ,992,989, ,016,908, ,016,908,
71 , , ,530H139,953 H ,483H ,590.70H H 7,590.70H H759.07H , ,101, [2012] % % % % % ,238 A 604,106H ,532 A 580,405 H
72 % 2,236,890, ,236,890,620 23,510, ,510, ,178,056, ,500 1,178,056, ,059, ,172, ,059, ,141, ,141, ,478, ,478,308 71,223, ,600,000 71,223, ,737, ,094,025 66,737,803 63,739, ,739,930 59,040, ,040,332 59,040, ,000, ,000,000 58,000,000 1 H 2-005L-CT L-FH002351,322,7739,737, ,300 23,510, HA 7 A 72
73 A B H 2,236,890,620 A 1,178,056,700 H 361,059,999 A 231,141,935 A 106,478,308 A 71,223,634 A 66,737,803 A 63,739,930 A 59,040,332 A 12 58,000,000 A ,919, (1) 20.30% % % % [2012]1387 5% 2,236,890, %) ,370, X
74 ,771 29,423 2, , , ,800, % % 100% 0.10% 99.90% 20.30% (2) % H 74
75 A H % % 1 2 A A 2,303,963, ,700,626 H 93,499,500 Temasek Holdings (Private) H 87,938,000 Limited 3 Citigroup Inc. 4 H 84,927,023 H H H 42,380,120 45,059,640 2,675,000 BlackRock, Inc. 5 H 80,519,364 H H H 17,690,727 2,387, ,000 The Capital Group H 76,769,500 Companies, Inc. 6 Banco BTG Pactual S.A. H 58,625, ,236,890,620 A 67,072,930 A 2,303,963,550 A 20.91% 2 231,141,935 A 457,558,691 A688,700,626 A 6.25% ,201, % 75
76 3 Temasek Holdings (Private) Limited Fullerton Management Pte Ltd. Cairnhill Investments (Mauritius) Pte Ltd. 87,938,000 H 4 Citigroup Inc. 5 BlackRock, Inc. 6 The Capital Group Companies, Inc. Capital Research and Management Company 76,769,500 H 7 Temasek Holdings (Private) Limited Banco BTG Pactual S.A.H HH (i)10% (ii)h H H10.696% (2012) [2011] , ,
77 ,649,750 2,649, ,733,160 1,733, ,733,160 1,733, ,644,182 1,644, ,728,363 1,728, , , , , ,728,363 1,728, , , ,740,000 1,310, , ,418,263 13,988, ,000 3, A 77
78 A 13.36H (1)
79 (2) (3) ACT 360Solutions Limited (4) (5) (6)
80 (7) (8) (9) (1) (2) (3)
81 (4) (5) (1) (2) (3) (4) A (MBA) (5) A
82 (3 (2 (
83 (1) (2) (3)
84 8.4.4 (1) ,081, (2) IT (3)
85
86 8.5.2 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19)
87
88
89 ,452 4,618 % % 7, , , , , , , , , , , , , , , , ,
90 ,553 5,183 6,703 3,203 3,483 1, (1) 37 (2) (3)
91 8.6.3 (1) (2) (3) 91
92 % % % 3% 3%
93
94 % % % % % % % % % % % % 94
95 /
96 2012 IT IT MD ABED (1) (2) (3)
97 (4) (5) (6) % (7) (8) (9) (10) % (11) (12)
98 (1) H H [2012]49 [2012]41 (2) A H (3)
99 (4) (5) , (6) [2012] (7) [2012]278 [2012]190 (8) [2012]
100
101
102 2/2 1/ /2 1/ / / / /
103 /7 4/ / / / / /
104
105 / / /4 2/ /2 2/
106 / / / / / / /
107
108 3/ / /4 3/ / / /1 1/1 1/
109 (1) (2) , , [2003]
110 (1) (2) (3)
111 (4) (5) (1) (2) 2012 (3) 230 (4) (5) (6) ( sse.com.cn) ( 111
112 (7) (8)
113 (1) H 8 1,101,
114 (2) (3) A+H 2012 BBB+ ca A+ ca A-1 114
115 Vision Awards
116 [2012] [2012]
117 [2010]
118 A2011 H ,177,629 1,697, % 479, % % ,522,498 1,101, % 420, %1, % %
119 2012 [2003]56 [2004]338 (2013) _A [2003]
120
121
122
123 ,089,695 9,713, ,172,183 2,056, ,648,018 14,392,596 12,909,896 26,162, , ,612 13,071,241 26,370, ,805 1,067, , , ,785,608 4,996, , , , , ,770,933 2,842, ,039 1,513,625 8,016,140 11,755,633 5,055,101 14,615, , ,127 (7,176) 39,636 5,487,269 15,031, ,180,466 2,426,514 4,306,803 12,604,489 4,237,418 12,576,483 69,385 28,006 4,306,803 12,604,
124 ,306,803 12,604, ,365 (1,816,623) (32,802) 436, ,296 (1,289,967) 409,859 (2,670,391) 5,417 (28,582) (202,233) 386,694 (2,872,624) 4,693,497 9,731,865 4,624,149 9,715,170 69,348 16,695 4,693,497 9,731,
125 ,319,826 3,338, , , , , , , ,027,265 8,703, , , ,985,629 7,993, , , , ,688 1,344, , ,838 28,337,858 24,191,853 48,387 35, ,423,188 2,967, ,892,481 28,833, ,325,031 18,750, , , ,192 1,077, , , , ,366,768 1,554, ,851,517 35,760, ,835,767 33,444, ,169, ,088, ,807,288 36,477, ,272 1,127,702 14,303 4,475 6, ,043,614 14,232,693 2,900, , ,004,471 2,689, , ,533,863 5,041,520 79,734,850 59,675,008 60,434,847 64,413,519 88,772,705 88,605,
126 ,500,000 1,500, , , ,232 10,691 2,088,408 1,615,169 86,684,297 86,990, ,016,908 11,016, ,228,214 48,723,982 25,219,882 26,846,395 86,465,004 86,587, , ,918 86,684,297 86,990,
127 ,016,908 34,527,836 5,464,621 9,718,593 (542,468) (444,600) 26,846,395 86,587, ,918 86,990,203 4,237,418 4,237,418 69,385 4,306,803 5, ,896 (28,582) 386,731 (37) 386,694 5, ,896 (28,582) 4,237,418 4,624,149 69,348 4,693, (4,737,271) (4,737,271) (4,737,271) 420,568 (420,568) 706,092 (706,092) 26,744 26,744 (9,159) (9,159) (12,921) (22,080) (72,572) (72,572) (194,224) (194,224) ,016,908 34,524,094 5,885,189 10,424,685 (132,572) (473,182) 25,219,882 86,465, ,293 86,684, ,945,702 24,199,570 4,679,619 9,073,546 2,116,612 (242,367) 20,662,217 70,434, ,816 70,847,715 12,576,483 12,576,483 28,006 12,604,489 (2,659,080) (202,233) (2,861,313) (11,311) (2,872,624) (2,659,080) (202,233) 12,576,483 9,715,170 16,695 9,731, (4,972,851) (4,972,851) (4,972,851) 876,632 (876,632) 1,596,929 (1,596,929) 1,071,206 10,434,721 11,505,927 86,965 11,592,892 (106,455) (91,630) (951,882) 1,052,119 (97,848) (100,571) (198,419) (13,760) (13,760) 1,988 1, , ,016,908 34,527,836 5,464,621 9,718,593 (542,468) (444,600) 26,846,395 86,587, ,918 86,990,
128 ,487,269 15,031, ,890 63,750 (432,168) (415,763) (939,206) (720,174) (707,201) (534,058) (82,823) (570) (13,081,306) (416,774) 755, , , , ,908 33,922 1,517,836 (3,883) (4,211) 3,596,752 2,918,889 (18,279,029) (5,286,391) 1,908,721 27,046,255 (11,610,687) (3,494,901) (27,980,995) 18,264,963 (1,610,766) (26,478,795) 7,810,921 7,331,093 3,017,367 1,950,932 9,217,522 (17,196,770) (15,166,721) 3,987,082 (2,027,246) (3,864,736) (17,193,967) 122,
129 , ,620 (506,170) (1,792,735) 7,944,870 (17,988) 37, ,840 (119,008) (48,895) 1,136, ,676 1,799, ,854 9,812,749 13,819,367 11,589,980 (184,631) (4,969,594) (5,050,361) 8,849,773 6,354,988 (7,600,340) 16,290,083 33,444,451 17,353,363 (8,344) (198,995) 41 25,835,767 33,444, ,835,767 33,444, ,835,767 33,444,
130 ,118,746 3,101, , , ,257 82, ,066,759 10,428, ,877,276 2,573, ,302,490 1,269, ,783,536 1,318, ,948 1,294, , ,739 31,558,629 20,503,558 48,387 35, ,990,043 2,600, ,868,201 26,810, ,178,305 17,680, ,991 1,071, ,623 55, , , ,571,019 16,921, ,924,821 27,843,736 98,642,871 93,886, ,919,595 17,207, ,136 1,127, ,925,313 14,785,763 2,800, , ,015 2,440, ,880,344 3,458,727 55,863,403 39,119,896 42,779,468 54,766,951 74,338,097 75,270,
131 ,500,000 1,500, ,215 1,745,215 1,500,000 72,592,882 73,770, ,016,908 11,016, ,295,444 46,927,256 13,280,530 15,826,345 72,592,882 73,770,
132 H [2011] H 1.00H 1,071,207,000 75,907, ,016,908, (2011) _A % 2,236,890, %
133 (a) (b) (c) (d) (e) (f) (g) 3. (1) (2) 133
134 (3) (a) (i) (ii) (i) (ii) (b) (i) (ii) 134
135 (iii) (iv) (v) (c) (i) (ii) (iii) 135
136 (d) (i) (ii) (iii) (iv) (v) (vi) 1 1 Black-Scholes B-S B-S B-S
137 (e) (i) (ii) 30% (4) (5) (a) (b) (i) 0.5% (ii) 10% (iii) 20% (iv) 50% 137
138 (6) (7) (8) (9) 20% (10) 138
139 (11) (12) (a) 2,000 (b) % 5% % 4.167% 0% % 3% % 3% % 0% % 3% % 3% 139
140 (c) (i) (ii) (d) (13) (a) 10 (b) 5 50% (14) 140
141 (15) (a) (b) (a) (b) 141
142 (16) (17) (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i)(a)(i) 142
143 (18) (a) (b) (c) (19) 10% 10% 10%5% 10% 50% 25%
144 5. (1) [2008]28 25% (2) 52 [2004]203 5% [2006]172 (3) (4) 7% 3% 2% 144
145
146
147
148 7. (a) (b) (c) (d) (e) 148
149 ,754,659 4,574,422 4,238, ,918 1,175,974 13,071,241 2,754,315 3,602, , , ,206 7,089, ,204 1,267,278 3,341 7,967 2,172, ,711,835 4, ,758 3,648,018 (49) 78,040 21, , ,345 1,632,138 3,373,948 2,377, , ,492 8,016, , , , ,693 (3,854) 27,637 6,284 (28) 30,039 1,122,521 1,200,474 1,860,401 63, ,482 5,055, , ,168 1,122,521 1,200,474 1,860,401 63,223 1,240,650 5,487,269 1,180,466 1,122,521 1,200,474 1,860,401 63,223 1,240,650 4,306,803 22, ,278 12,859 5, , , , ,260 59,176 19, , ,
150 ,984,984 5,728, ,643 3,251,135 14,559,421 26,370,873 1,982,638 4,517,536 3,097, ,665 9,713, ,154, ,164 35,991 10,856 2,056, ,403 (17,242) 71,045 14,337,305 14,392,596 2,065 55,525 8,721 46,706 95, ,612 1,586,335 3,691,043 2,357,256 2,289,855 1,831,144 11,755, , ,374 9, ,986 1,927 (2,410) 1,517,836 (3,728) 1,513, ,649 2,037,647 (1,510,613) 961,280 12,728,277 14,615, , , ,649 2,037,647 (1,510,613) 961,280 13,144,040 15,031,003 2,426, ,649 2,037,647 (1,510,613) 961,280 13,144,040 12,604,489 13, ,657 4,595 30,991 85, , , , , , ,865 1,815, ,675,381 1,774, , ,590 3,417 3,769 2,172,183 2,056,
151 , , , ,174 1,672,851 (1,622,917) 147,636 55,334 (5,658) 13,081,306 (i) 186,782 1,624,641 3,648,018 14,392,596 (i) ,302 1,048,699 12,503 18, ,805 1,067, , , , , ,890 63,750 5,891 9, , , ,147 8,
152 ,211,313 4,402, , ,338 (i) 205, ,735 3,785,608 4,996,961 (i) , , , , , , , , , , , , , ,257 93,727 83,288 54, ,021 49,518 35,005 8,623 5, ,181 1,114,763 1,770,933 2,842,
153 (1) (2) (3) (4)=(1)+(2)+(3) 2,414 1,065 3,479 1,782 1,044 2,826 3,002 5,027 8, , ,251 1,014 2, ,094 1,007 2, ,900 11,067 10, ,
154 2011 (1) (2) (3) (4)=(1)+(2)+(3) 2,586 1,123 3,709 3,522 12,485 16, ,414 1,123 2, ,419 1,123 2, , , ,814 11,115 17, , ,984 12,672 47,717 31,832 3,141 53,701 47,
155 ,000,001 9,500, ,500,001 10,000, ,000,001 10,500, ,500,001 11,000, ,000,001 11,500, ,500,001 12,000, ,000,001 12,500, ,000,001 14,500, (i) 33,922 1,517,836 (3,883) (5,363) 1,152 30,039 1,513,625 (i) (a) ,656 2,576, ,121 2,539,235 2,535 37, ,810 (150,032) 1,180,466 2,426,
156 (b) 25% ,487,269 15,031,003 1,371,817 3,757,751 (20,082) (44,397) 42,266 49,353 (220,381) (117,639) (10,805) (50,554) 17,651 (1,168,000) 1,180,466 2,426, ,737,271 4,972,851 3,305,073 4,737,
157 ,237,418 12,576,483 11,016,908 10,192, [2010]
158 ,276,176 4, ,363 71,633 5, ,782 36,589 3,292, ,921 3,984, ,641 1,170 14,834 3, ,156 10, , , ,466 89, ,181 16, , , , , ,324,753 5, ,016 58,666 5, ,362 46,673 3,435, ,675 4,204, ,108 2,144 45,765 36,482 2, ,277 29, , ,808 59, ,811 10, ,989 4, , ,185 1, , , ,790 41, ,902 2,725 83,751 38,424 3, ,771 34, , , ,142,851 2,777 71,265 20,242 1, ,591 12,548 2,551, ,675 3,319, ,152,068 2,366 95,598 35,151 2, ,505 7,262 2,646, ,921 3,338,
159 ,437 2,834 69,580 71,926 4, ,173 63,630 1,168,354 1,926,559 3,094,913 2,015,620 2,211 86,129 12, ,049 3,976 2,440,708 1,108,329 3,549, , ,346 12, ,440 31, ,728 2,342,967 2,659, ,276,176 4, ,363 71,633 5, ,782 36,589 3,292, ,921 3,984, ,523 1,685 37,114 32,182 1, ,428 47, , ,367 27, ,880 13, ,770 6, , ,972 18, ,229 8, ,921 24, , , ,108 2,144 45,765 36,482 2, ,277 29, , , ,152,068 2,366 95,598 35,151 2, ,505 7,262 2,646, ,921 3,338, ,914 1,149 32,466 39,744 2, ,745 16, ,987 1,926,559 2,490,
160 ,117,301 2,270 88,360 38,596 2, , ,659, ,458 3,349, , ,581 1, , , , ,188 89, , , , , ,165,879 2,308 93,251 39,220 2, , ,767, ,254 3,535, ,199 1,153 14,231 19,865 1, , , ,248 55, ,623 6, , , ,063 1, ,997 26,749 26, ,186 1,336 41,348 25,379 1, , , , ,060, ,903 13, , ,350, ,254 3,118, ,066,102 1,117 74,129 18, , ,410, ,458 3,101,
161 ,213 1,340 19,421 33,666 2, , ,184 1,885,693 2,256,877 2,015, ,969 5, ,520 2,326,915 1,103,632 3,430,547 19, , , ,063 2,298,867 2,337, ,117,301 2,270 88,360 38,596 2, , ,659, ,458 3,349, ,328 1,040 11,725 14, , , ,907 21, ,292 5, ,874 89,413 89, , , ,072 19, ,199 1,153 14,231 19,865 1, , , , ,066,102 1,117 74,129 18, , ,410, ,458 3,101, , ,696 18,767 1,216 74, ,277 1,885,693 2,078,
162 , , , , , , (324,232) 500, , , , , , ,066,759 10,428,
163 (a) % (i) 590, , % 5,010 5, % 1,500 1, % 83,100 83, % 10,000 10, % 32,000 22, % 67,200 67, % % % 10,000 10, % 21,000 11, % % % (ii) 300, , % (iii) 651, % 25, % 5, % 38, % 1 100% Dragon Stream Investments Limited 1, % 163
164 % CSI Capital Management Limited (iv) CITIC Securities Equity Trading Company Limited CITIC Securities International Partners, Ltd. CSI REITs Investment Management Company Limited CSIAM (CAC) Investment Limited August Sky Holdings Limited CSI Direct Investments Limited 5, % % 1,800 72% 1 100% 1 100% 1 100% 1 100% CSI USA Securities Holdings, Inc % CITIC Securities Carbon Trade and Investment Company Limited % CSI Nominee Services Limited 1 100% CSI Capital Advisors, Limited % GMMC Limtied 1 100% CITICS Global Absolute Return Fund (v) 10, % CITICS Global Multi-strategy Fund (v) 5, % 164
165 (b) % 7,000 (vi) 80,000 88,500 (vii) 150,000 1,250 12, % 95, % 100% 150, % 1, % (i) 759 (ii) (iii) (iv) CITIC Securities International Fixed Income Limited CSI Capital Management Limited (v) CITICS Global Absolute Return Fund CITICS Global Multi-strategy Fund (vi) 0.5% 96% (vii) ,027,265 8,703,425 2,877,276 2,573, , , ,795,541 9,478,812 2,877,276 2,573,
166 180,000 35% 35% 23,800 49% 49% 3,000 33% 33% 62, % 32.26% CITIC PE (Hong Kong) Limited 35% 35% World Deluxe Entreprise Limited 40% 40% % 50% CITIC Securities Alpha Leaders 33,862 (i) (i) Fund Limited CSI RMB Fund Ltd. (i) (i) (i) ,746,750 8,126,966 1,633,835 1,524,370 7,112,915 6,602,596 3,654,973 4,722, ,712 1,723, ,469 1,537, , , , ,002 50, ,934 (6,158) 43,
167 ,299,264 63,840 3,033,177 8,852,696 8,096,007 1,421,042 1,421,441 12,151,960 8,159,847 4,454,219 1,421, , , , ,729 11,985,629 7,993,916 4,302,490 1,269,712 3,299,264 63,840 3,033,177 8,852,696 8,096,007 1,421,042 1,421,441 12,151,960 8,159,847 4,454,219 1,421,
168 ,556,957 14,940,175 13,845,139 14,520,340 (i) 9,803,086 14,818,519 7,994,922 13,740,031 3,632, ,005 60,082 60,000 25,992,844 30,415,699 21,900,143 28,320, ,363 1,581,883 31,942 1,510,237 25,892,481 28,833,816 21,868,201 26,810,134 21,472,658 28,028,745 19,254,643 26,850,527 4,520,186 2,386,954 2,645,500 1,469,844 25,992,844 30,415,699 21,900,143 28,320,371 (i) , , , , ,312, , ,797 12, ,958 12, , ,411 1,783,536 1,318,
169 , , , ,976 7,023 1,344,367 (54,781) (369,674) 262,307 (200,687) (192) (363,027) (144,652) (144,652) ,224 7, , ,289 6, , ,076 2,268 84,630 1,018,647 6,943 1,128,067 (503) 39, , (364,938) (927) 50, , ,608 (82) (84,169) (20,733) 1,007 (103,977) , , , ,976 7,023 1,344, , , , ,783 (28,085) (28,085) ,271 76, ,
170 ,795 99, ,158 (99,208) (155) (99,363) (516,664) (516,664) (76,653) (76,653) , , , , , ,025 5,213 1,294,981 (54,781) (369,574) 257,862 (194,726) (3,623) (364,842) (141,191) (141,191) ,160 7, , ,299 1, , , ,589 5, ,160 40, , (318,564) (536) 98, , , , , , ,025 5,213 1,294,
171 , , , , ,874 99, ,082 (99,208) (99,208) (364,874) (364,874) ,572,542 12,268,816 22,879,988 11,627,555 (i) 13,567,693 6,441,654 12,113,521 6,012, ,796 40, ,796 40,000 38,325,031 18,750,470 35,178,305 17,680,535 34,421,284 17,587,970 34,060,922 17,202,457 3,903,747 1,162,500 1,117, ,078 38,325,031 18,750,470 35,178,305 17,680,535 (i)
172 , , , , ,885 91, , , , , , , , , , , , ,755 5,531 8, , ,272 1,077,628 1,127,
173 , , , , ,367 87, , , , ,136 1,071,567 1,127, , , ,623 55, , , ,193 40,000 40, ,430 15, ,430 15, , , ,623 55,
174 , , , ,859 51,589 36,919 10,707 7,603 20,166 20, , , , ,234 90,331 92,525 3,670, ,000 4,421 17,139 1,420 1,499 5,366,768 1,554, , , ,835,454 33,444,265 18,924,754 27,843,656 25,835,767 33,444,451 18,924,821 27,843, ,807,288 36,477,143 14,919,595 17,207,
175 ,846,684 14,232,693 20,925,313 14,785,763 1,196,930 22,043,614 14,232,693 20,925,313 14,785,763 10,663,889 7,327,700 10,663,889 7,327,700 5,754,959 6,904,993 4,738,029 7,458,063 5,624,766 5,523,395 22,043,614 14,232,693 20,925,313 14,785, ,927 1,862, ,400 1,672,035 59,874 46,132 41,315 34, , , , ,335 1,004,471 2,689, ,015 2,440, , , , ,
176 ,313,600 3,120,181 1,608,931 2,370, , , , , , , , , ,094 37, ,708 37,188 4,944 19,355 4,944 19,355 13,000,000 13,000,000 1,705,704 1,571, , ,127 17,533,863 5,041,520 15,880,344 3,458, ,500,000 1,500,000 1,500,000 1,500, /29/ % 5/31/2006 5/31/2021 8/18/2006 1,500,
177 A 1 9,838,580 9,838,580 9,838,580 9,838,580 H 1 1,178,328 1,178,328 1,178,328 1,178,328 11,016,908 11,016,908 11,016,908 11,016, ,016,908, ,016,908, (a) (b) (i) 10% 50% 25% (ii) (c) 10% 177
178 (d) (e) (f) ,369,462 4,748,611 8,576,500 (767,317) 46,927,256 15,826,345 3,130, , , , ,993 3,130, (4,737,271) 313, ,065 (313,065) 626, ,130 (626,130) ,369,462 5,061,676 9,202,630 (338,324) 48,295,444 13,280,
179 ,166,746 3,957,671 6,994,621 1,195,477 36,314,515 15,262,618 7,360,910 (1,962,794) (1,962,794) (1,962,794) (1,962,794) 7,360, (4,972,851) 736, ,091 (736,091) 1,472,182 1,472,182 (1,472,182) 10,199,718 10,199,718 2,998 54, , , , ,369,462 4,748,611 8,576,500 (767,317) 46,927,256 15,826, ,835,454 33,444,265 25,835,767 33,444,
180 ,199,630 8,309,118 2,794,239 2,754, ,817 15,477 8,450,447 8,309,118 2,809,716 2,754, (a) , ,891 28, ,642 (b) (i) , , , , , ,571 93,451 87, , ,297 74,912 75, , , , , , , , ,
181 (ii) (c) (1) % % 1, % 20.30% X (2) 20 (3) 21 (4) (a) (i) , , , ,
182 (ii) ,590 (b) ,468 26,465 72,241 3,249 34,203 10,978 3,173 4, ,140 1,769 2, , , ,576,793 1,961,756 1,864,955 1,312, ,592 18,109 33, , ,000 68,010 34, ,542 6,255,458 2,912,
183 (c) ,850 19,663 32,957 40, , ,504 6,689 11, ,615 55,081 57,498 79,768 16,946 18,168 5,399 3, , , ,688 3,688 (i) 5,124,615 4,482,444 (i) 8,264,703 12,738,243 13,393,648 17,255,017 (i) 183
184 (d) ,225 (e) , , ,912 (f) (g) ,147 22,
185
186 (a) ,328,086 14,924,758 72,187 38,325,031 10,361,955 14,210,587 24,572,542 12,966, ,375 72,187 13,567, , ,796 95, , , ,578 1, , ,192 10,536,708 14,943,747 3,811,653 29,292,108 1,248,991 11,307,966 12,556,957 9,287,717 2,980 3,811,653 13,102,350 3,632,801 3,632,801 33,962,060 30,563,176 3,997,673 68,522,909 14,303 14,303 4,475 4,475 4, , ,272 23, , ,
187 ,881,803 6,836,579 32,088 18,750,470 5,472,237 6,796,579 12,268,816 6,409,566 32,088 6,441,654 40,000 40, , ,885 3,269 1,074,359 1,077,628 18,168,508 11,525, ,926 30,479,539 4,092,311 10,847,864 14,940,175 14,076,197 20, ,926 14,882, , ,005 30,053,580 19,436,043 1,116,899 50,606,522 6,283 6,283 1,127,702 1,127,702 6,283 1,127,702 1,133,
188 (b) , ,580 32,088 72,187 32, ,580 32,088 72, , ,452 31,502 6,737 91, , , , ,893 (336,109) 3,638, , ,822 3,811, , ,893 (336,109) 3,638, , ,822 3,811, ,818 (1,730) 33,818 (33,818) 32,088 33,818 (33,818) (1,730) 33,818 32, ,294 50,434 40,956 (192,799) 298,885 1,970, , ,125 44,000 (1,859,522) 785,926 1,970, , ,125 44,000 (1,859,522) 785, , , ,952 42,561 6,143 48,
189 (c) , ,500 (d)
190 (a) 190
191 (i) ,952,000 14,940, , ,411 24,732,339 12,268, ,192 1,077, , , ,000 33,851,517 35,760,238 25,835,454 33,444,265 14,626,361 4,180, ,033, ,877,
192 ,880,971 14,520,340 1,783,536 1,318,629 23,039,784 11,627, ,991 1,071, ,623 55,760 14,571,019 16,921,210 18,924,754 27,843,656 6,911,930 3,487,027 80,280,608 76,845,744 (ii) ,841, ,300 14,952, ,095 3, ,533 23,039,784 1,692,555 24,732, ,646 82, , , ,623 32,432,456 1,419,061 33,851,517 19,660,212 6,175,242 25,835,454 11,171,466 3,454,895 14,626, ,094,982 12,938, ,033,
193 ,940,175 14,940, ,773 1, ,411 11,627, ,261 12,268,816 1,071,567 6,061 1,077, , , , ,000 34,288,353 1,471,885 35,760,238 21,576,861 11,867,404 33,444,265 3,534, ,090 4,180,232 89,243,186 14,634, ,877,525 (b) 193
194 ,807,288 34,807,288 14,303 14,303 4,475 4,475 20,393,342 1,760,329 22,153,671 2,904,765 2,904, , , ,597 63, ,000 1,755,000 2,073, ,521 13,134,331 13,500,852 35,173,809 36,923,035 2,147, ,000 1,755,000 18,778 76,272,701 23, , , ,762 (18,524,538) (18,524,538) 18,612,266 18,612,266 87,728 87,
195 ,477,143 36,477,143 6,283 6,283 14,244,935 14,244, , ,109 63, ,000 1,818,750 2,137, ,734 10, ,425 36,770,877 14,345,044 63, ,000 1,829,441 6,283 53,270,395 24,786 74, ,965 1,033,323 (16,958,781) (99,683) (17,058,464) 17,098,003 99,947 17,197, , ,
196 ,919,595 14,919,595 20,472, ,659 20,972,683 2,803,590 2,803,590 63, ,000 1,755,000 2,073, ,988 13,134,331 13,487,319 15,272,583 36,409, , ,000 1,755,000 54,256,937 6, , , ,867 (18,524,538) (18,524,538) 18,612,266 18,612,266 87,728 87,
197 ,207,569 17,207,569 14,798,005 14,798, , ,109 63, ,000 1,818,750 2,137, , ,358 17,487,927 14,898,114 63, ,000 1,818,750 34,523,541 24,786 74, ,965 1,033,053 (16,948,551) (99,683) (17,048,234) 17,087,403 99,947 17,187, , ,116 (c) VaR 197
198 VaR195%VaR VaR VaR (i) (VaR) (VaR) (VaR) VaR95% 1VaR VaR (VaR) , , , ,045 8,308 26,471 63,021 7,737 6,544 5,015 12, , , , , , , , ,976 46,304 36,102 74,433 13, , , , ,
199 (ii) (109,375) (148,866) , , (41,152) (78,106) 25 41,614 79,033 (iii) 13% VaR (iv) % 8%
200 %14,323 96%99% 1% [2012] % 3.65% 3.80% % 313,06510%313,06510% 313, ,305,
201
202
203 ( H H H H H H H H H H % 80.1% A H 203
204 H H H H % H H
205 ( % 80.1% A %
206 CASA BV % 80.1%
207 [2012] [2012] [2012] [2012] [2012] [2012] [2012] [2012] [2012] [2012] [2012] [2012] [2012] [2012] [2012] [2012] [2012] [2012] [2012] [2012] [2012] [2012] [2012] [2012] % [2012] [2012] [2012] [2012] [2012]
208 A F A B B A C
209 C B B
210 A B B A C
211 B C B B A
212 A A B
213 A1A C-15D B B E D B
214
2013 10 1.50 2
6030 2013 2013 12 31 2013 2013 2014 4 30 H http://www.hkexnews.hk http://www.cs.ecitic.com 1 2013 10 1.50 2 ... 4... 7... 8... 17... 20... 22... 52... 59... 71... 80... 92... 123... 214... 215.... 216....
2013 10 1.50 2 5 6 16 20 22 62 65 80 88 106 141 290 291 292 298 299 2013 12 24 2 2013 CLSA BV 2013 7 31 2013 12 2 2013 2013 CASA BV Crédit Agricole Securities Asia BV 3 A 1.00 600030 H 1.00 6030 A A H
2015 10 5.00 2
6030 2015 2015 12 31 2015 2015 2016 4 30 H http://www.hkexnews.hk http://www.cs.ecitic.com 1 2015 10 5.00 2 ... 4... 7... 8... 18... 22... 23... 65... 72... 92... 103... 117... 150... 228... 229... 230...
2
6030 2 0 1 5 2015 6 30 6 2015 2015 http://www.hkexnews.hk http://www.cs.ecitic.com 1 2 ... 4... 7... 11... 13... 33... 37... 51... 56... 57... 58... 104... 105... 109 3 4 2013 2013 CITIC Securities Finance
2016 2
6030 2016 2016 6 30 6 2016 2016 http://www.hkexnews.hk http://www.cs.ecitic.com 1 2016 2 ... 4... 6... 10... 11... 31... 35... 44... 49... 51... 52... 100... 101... 105 3 A A A 1.00 600030 100% 2013 2013
WPIP Chi.indb
2010 2010 20082010 2009 20082010 2008 2010 2011630 181517 20082010 2007 2008512200912 7201037222011630 171420116309 2006 20103110 1820 85 19952003 200420052006 200720072008 2006 2011713 (CASA BV) 19.9%
6837 2016 12 31 2016 12 31 2016 (www.hkexnews.hk) (www.htsec.com) H2016 2017 3 29 * 3 7 23 28 62 91 100 101 149 184 193 194 195 13 11 2016 12 31AH11,501,700,000 AH 10 2.20 2,530,374,000.00 16,131,942,148.54
6837 2017 12 31 2017 12 31 2017 2017 12 31 (www.hkexnews.hk) (www.htsec.com) H2017 2018 3 27 * 3 7 23 29 74 104 114 115 164 200 210 211 212 1 13 11 2017 12 31AH11,501,700,000 AH102.30 2,645,391,000.0017,817,845,957.76
為华泰证券股份有限公司 HTSC 2016 Annual Report 6886 2 4 8 01 14 32 38 02 44 105 03 138 148 149 175 226 04 234 374 375 377 383 401 20164,638,186,983.63 10% 10% 10% 1,391,456,095.083,246,730,888.55 10,929,349,736.652015
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2012 2 3 5 8 11 13 13 72 77 79 86 180 18 38 56 69 71 2012 8 30 2012 2012 2 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED ICBC A www.sse.com.cn 55 100140 www.icbc.com.cn, www.icbc-ltd.com 3 55 86-10-66108608
2016 中 期 報 告 02 03 06 11 14 52 66 72 73 78 87 88 89 2016H 02 2016 2016 03 2016H A 1.00 H 1.00 Haitong Bank, S.A 2016H 04 665 05 2016H IPO QFII 2016 1 12016 6 30 RQFII 571 2016H 06 Haitong Securities Co.,
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2012 19841120051028 20061027 39 17,1253831,771 4383.93 2 3 5 7 10 13 17 17 22 39 63 82 84 86 88 92 94 102 114 133 136 141 145 148 150 2012 293 297 HIBOR Hong Kong Interbank Offered Rate LIBOR London Interbank
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3 4 7 18 24 79 85 98 99 145 169 176 177 178
2014 年 度 報 告 3 4 7 18 24 79 85 98 99 145 169 176 177 178 13 12 AH102.5 2015 2 92015 2015AH HH 1,916,978,820H H HAH 11,501,700,0002,875,425,000.00H 479,244,705.0010,369,758,976.60 2 2014 IT FICC Banco Espírito
目 录 中 国 资 本 市 场 开 放 再 起 航... 1 深 港 通 为 两 地 新 添 投 资 标 的... 2 什 么 在 驱 动 AH 折 溢 价?... 4 AH 市 场 融 合, 弥 合 风 险 偏 好 差... 5 投 资 者 结 构... 5 AH 市 场 给 予 不 同 市 值
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2 2 1908 2005 6 2007 5 128307 90 220 2,643 11 2010 1,00049 50 5046 2 4 6 8 14 20 53 58 70 77 83 96 98 101 103 109 231 240 248 2 0 20,000 40,000 60,000 80,000 100,000 84,995 53,943 65,862 66,668 39,497
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SINOCHEM HONG KONG HOLDINGS LIMITED i ii iii iv 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54
( 於中華人民共和國註冊成立的股份有限公司 ) 股 份代號 3606 (A joint stock limited company incorporated in the People's Republic of China with limited liability) Stock Code: 3606 2016 2016 中期報告 Interim Report 2016 中期報告 Interim
6837 2015 12 31 2015 12 31 2015 (www.hkexnews.hk) (www.htsec.com) H2015 2016 3 30 * 3 8 23 28 62 84 92 93 129 160 170 171 172 13 11 2015 12 31AH11,501,700,000AH 104.505,175,765,000.00 14,655,043,372.86
2 3 4 7 8 25 25 27 29 32 1313.22 33 34 34 35 35 35 35 36 37 38 40 41 42 44 45 84 1 China COSCO Holdings Company Limited China COSCO 1 3 300461 183 49 CEO ** * ** * ** H A H 1919 A 601919 H 183 18 1806-1807
25% 100% (i) (ii)676,020, % 60,000, % (i) (ii) (iii)(iv) % 2
KONG SUN HOLDINGS LIMITED 295 44.587% 44.587% 347,800,000 10,000,000 337,800,000 1 25% 100% (i) (ii)676,020,000 6.9% 60,000,000 35.331% (i) (ii) (iii)(iv) 44.587% 2 (1) (2) 371044.587% (3) (4) 44.587%
i ii 1 2 3 4 6 10 12 122 123 126 128 129 131 132 133 134 135 275 14 14 17 30 35 42 45 48 54 56 62 64 277 287 288 66 78 92 106 112 114
二 零 一 四 年 年 報 i ii 1 2 3 4 6 10 12 122 123 126 128 129 131 132 133 134 135 275 14 14 17 30 35 42 45 48 54 56 62 64 277 287 288 66 78 92 106 112 114 释 义 及 重 大 风 险 提 示 2010 5 2011 72012 7 27 2011 7 2011
2015 2015
2015 2015 2015 2 5 11 13 65 88 94 95 99 193 194 報 告 中 中 中 中 華 泰 證 券 2007 12 7 華 泰 證 券 HTSC 16 782 中 780 Huatai Securities Co., Ltd. A2010 2 26 601688 華 泰 證 券 期 華 泰 證 券 期 2015 中 期 報 告 2 釋 義 華 泰 證 券 華 泰
68003 (Project Unity TC)_.indb
2014 8 31 2016 2 6 104 2015 4 24 105 2008 6 1 2014 7 29 2 5,000 1 106 5 2008 3 5% 5% 2012 10 11 5% 5% 20% 25% H 17.51% A 107 A0.07% A 0.06% A H 25% H 25% 30 10 2015 8 27 5% 108 5% 2008 12 1 5% 2012 9 23
CHINA MERCHANTS BANK CO., LTD. 03968 2010 2010 12 31 2010 2010 2011 4 H www.hkex.com.hk www.cmbchina.com www.cmbchina.com www.hkex.com.hk www.cmbchina.comwww.sse.com.cn 2011 3 31 2 3 8 12 16 22 88 97 113
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中州証券 Central China Securities Co., Ltd. (2002 年於中華人民共和國河南省成立的股份有限公司, 中文公司名稱為 中原證券股份有限公司, 在香港以 中州證券 名義開展業務 ) 股份代號 : 01375 二零一六年度報告 2 3 4 9 39 45 99 119 128 129 147 177 188 證 2016 189 190 196 1 2016 2016
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目錄 董事長致辭 HAR1402017_C_Haitong Securities()F_.indb 1 3 第一節 釋義及重大風險提示 4 第二節 公司簡介 7 第三節 會計數據和財務指標摘要 18 第四節 董事會報告 24 第五節 重要事項 71 第六節 股份變動及股東情況 77 第七節 董事 監
6837 20131231 201312312013 (www.hkexnews.hk) (www.htsec.com) H2013 2014328 * 目錄 董事長致辭 HAR1402017_C_Haitong Securities()F_.indb 1 3 第一節 釋義及重大風險提示 4 第二節 公司簡介 7 第三節 會計數據和財務指標摘要 18 第四節 董事會報告 24 第五節 重要事項 71
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目 錄 第 一 節 重 要 提 示 和 釋 義 2 第 二 節 公 司 簡 介 4 第 三 節 會 計 數 據 和 財 務 指 標 摘 要 7 第 四 節 董 事 會 報 告 10 第 五 節 重 要 事 項 40 第 六 節 股 本 變 動 及 股 東 情 況 43 第 七 節 優 先 股 相 關
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二零一七年中期報告 1 2 4 6 8 11 11 14 18 22 24 28 32 34 36 42 64 65 68 70 72 74 75 76 77 78 135 136 44 54 56 2017 8 172017 17 17 18,280,241,4102017 6 306 0.5091.40 2010 5 2011 7 2012 7 27 2011 7 2011 7 2012 6 12
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CHINA LIFE INSURANCE COMPANY LIMITED 2628 2016 12 31 2016 2016 4,304.98 18.3% 20094,000 939.45 51.8% 513.78 59.0% 400.60 23.7% 2,235.02 16.6%2012 2,000 1 56.28% 12.06 54.69% 2.49 493.11 56.4% 181.4 57.1%
表 1: 小 白 龙 符 合 新 三 板 创 新 层 标 准 三 分 层 标 准 标 准 细 则 青 雨 传 媒 情 况 符 合 情 况 符 合 情 况 最 近 两 年 连 续 盈 利, 且 平 均 净 利 润 不 少 于 2014 年 净 利 润 为 1209 万 元,2015 年 净 利 润 为
/ / 证 券 研 究 报 告 小 白 龙 (831015)2015 年 年 报 点 评 多 渠 道 营 销 推 动 收 入 增 长, 漫 影 游 联 动 助 力 业 绩 发 展 新 三 板 公 司 研 究 消 费 2016 年 4 月 20 日 投 资 要 点 业 绩 增 长 约 73% 公 司 2015 年 收 入 和 归 母 净 利 润 分 别 为 1.57 亿 元 和 2156 万 元, 同