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1 金金說金金金類金 () 理金利益金益利金金立六金不金理金不例 () 理率金易數契類契金易行金行六行益數拾 () 金行金理不金理不金益良理不金不益 () 說匿說 () 益易金理易金益益金利金不益行易 () 說 IBT Asset Management Co., Ltd. 96 年 7 北路樓 (02) ()

2 理北路樓 (02) 李理 (02) 金行北路 2 5 樓 (02) 益行北 33 (02) 益理理行理北路樓 (02) 金北路樓 (02) 六說列索金理金說數量列索參理索行理裡

3 錄金... 1 金... 1 金... 4 () 金立... 4 () 契... 4 () 金金立歷行... 5 金... 5 金... 5 () 金... 5 () 金金理 () 歷... 5 () 金... 8 () 金參行行理露六益益 () () 金 () 益 () 不金不立理益 () () 金 () 易 () 金 () 益 ( 六 ) 金 () 流 () 益利 () 益利 () 益 () 益益金露 () 令契露 () 露金狀契金金金 I

4 金行益數益行益金立不立六益金金益利律利金利金益益金益六理更金更契金益益契參露年行金理理六益錄度錄律錄理錄金契契錄金 II

5 金金 () 行金行參拾 () 益數金行益數拾 () 益益拾 () 行金行金行 () 立金 87 年 2 6 立 ( 六 ) 益行理行益金金理金立不行益金益行不金立 () 金不金契契金 () 金益利金 () 1. 理金利益金益利金金立六金不金理金不例量理 (1) 易行量數列 A. 六數累數 1

6 數 B. 數累數數 (2) 金契 2. 理金行金金金金理金率流金理行行行金行金 3. 理率金易數契金類契易率金金易行金 () 金金令金 86 年 () 金益理 () 1. 金益金行理 2. 金益行 (1) 金立 ( 不 ) 益行拾 (2) 金立益行益理 3. 金益行數金行行金 4. 金益不列金益不行行列率行率

7 100 ()~ ()~ () 1.0 率理略率 () 金行行參金理行金金益金金不金 () 金立六益說料理理理金行理益益益益益數不不 () 1. 契益料理理金益 2. 金不金益理理金理金流益金理 2 益行易 4. 金說金 3. 益易金理易金益益金不益行易 4. 理不 5 曆益 10% 留易利益金益數 3

8 金 ( 不 ) 5. 理理理金益不理不金理說 ( 六 ) 契益料理理金益 () 理理金年六 (1.60) 率累金立曆金立六金契金金理 () 金金年零 0.15 率理累金立曆 () 益金益金不行益金 () 金立金金理理金 ()86 年 () 立金金易行易令理金理 () 契金契金理令金益 ( 益 ) 利益理益利理契契理益金契 4

9 () 金金立歷行金 () 理行行令契金良理金理利見說說 () 金金令契金良金金利見說說金 () 金見說金 () 說 () 金金理 () 歷 1. (1) A. 金參參說理狀來 B. 理論金類金理 C. 理理 (2) A. 金理見參金 5

10 易金益金 B. 金理理流理金金理年率金契利 (3) 行 A. 金理易行易行行行 B. 易參行易 C. 易易金理料 () 列 D. 行易金理理金行年 (4) A. 金理論金利率參留 B. 金理理金 C. 金率理率金理行 D. 金理理金年 E. 理金理參錄參 2. 金易 6

11 (1) 易 A. 金金降 B. 易行數立數立數數行 C. 數量契量流 D. 易易理易 () 契數利易金理 () 理 (2) 易 A. 金理易易 B. 易行 C. 金理易易金 D. 易易 () 契數利金理理 (3) 易行 A. 易行 B. 易金理易行易 C. 易行易金行易 D. 狀若金立易易金理便金理 7

12 E. 金理金 () 金易理金度 F. 易行易若易易立金理金理理 G. 易易行金理說 H. 易金易契數 I. 易行易易行 () 契數易易行異異說易金理理 J. 易易易易金易行行易易 (4) 易金理易易金理 ( ) 理 3. 金理 (1) (2) 歷 (3) 歷益理 4. 金理金理金契令金金理行 () 金理令契金列 1. 不類金類金不 2. 益金理 8

13 不金 3. 不易 4. 不理理金易行 5. 不理利行 6. 益金不益不金金益 7. 金不金行不行金 8. 不行數理金不行數 9. 數不數 10. 理理金數不數 11. 不易金益 12. 數金益不金益 13. 金益金不金 14. 理金金益數不金行益數 15. 金不金 16. 行金不金 17. 行不行 18. 不理理金 19. 金益理不理 20. 不金行 9

14 21. 金不金不 22. 行行金金金不金行行金金金不行行金行行金不行行金金金 23. 行金金不金金行金 24. 行益不行益不金益金 25. 行金金行益金不金益金 26. 益金理利不金益 27. 行不金益數不不金行益數不金金 28. 行不益不行不益不益金 29. 行不益不益金不金不益不益金 10

15 30. 不行不益金行益行金金不金 31. 不益不益金理利不金不益不益 32. 不金例令 () 金參行行理 1. 理行金令理理 2. 理行益利益數易六數行不易六數不益理理 3. 理列行金不 1. (1) 行理行理行金 (2) 理理金行金理不 (3) 理 a. 行金理金行金金行數理理 (4) 理 a. 行理 11

16 c. 理行金行 4. 流 (1) 理理 (2) 理行 (3) 理料理 (4) (5) 行行說理行 (6) 行易六數行不益理 (7) 行理行 (8) 金行理行行行錄年露 () 類度金類若金類利度 () 理力金 () 流 1. 流不 12

17 金了量臨流 2. 流不易流不金 () 率金金率 () 兩來狀利率 ( 六 ) 易易履行契金契易行易不若金易易來若 OTC 易易行若易履行易金流若易 () 金不利率 () 略 1. 利率利率流金 2. 利臨行金理 (1) 金降 (2) 金行 13

18 狀若率流率率利數行惡度 (3) 若流不利行臨聯律律索良理益 (4) 金金金理理量易度參量降 3. 連金露略異度 4. 利率流 5. 利率利率流不不 6. 金年來金行易流不 7. 數金金益數金 (ETFs, Exchange Traded Funds) ETFs 易易數金數 14

19 金 () 易金理率金數契數易利金利易金參金率若理行金度不易金了易易率行益了流不 1. 易 (1) 流易易流易參流 (2) 易度離 (3) 不契度不契不 (4) 年年年錄金了 (5) 金理利數易若理行金度不金 15

20 2. 易 (1) 流易易流易參流 (2) 易履 (3)deltagamma 連易 (4) 度 vega 度度度 (5)theta 降來 (6) 利率 Rho 利率利率不 (7) 金了 3. 數易數易數 ( 易行量數易類數易金類數易行量數 ) 易金降率 4. 易契利金來 () 數利利金履金易 16

21 來數 () 金不 () 勞力不金令利利六益金益金不行益益 () 1. 理金行理益金益理益理理理金 2. (1) 理理易金類金 ( 類 ) 類金 ( 類 ) 11:00 4:00 金 (2) 理金金數金金金金理金金數益理不金理金數 17

22 () 金 1. 金 (1) 金益數益金益金行理 (2) 金益行 A. 金立 ( 不 ) 益行拾 B. 金立益行益理 (3) 金益不列金益不行行列率行率 ()~ ()~ () 金益金金益行金 () 益理金立金益金行金行理理金金益 () 不金不立理 1. 不理理益理不益金金金金益留聯益留聯金 18

23 2. 金不立理 (1) 金不立理立金金不立金金金金金金利率利利不 (2) 金不立理金不金切理金金利理益 () 1. 金立六益說料理理理金行理益 2. 益益益益數不參不 3. 益契益益理留 ( ) 理理益理理理 4. 益理列理理理 (1) 理行理理 (2) 益益 (3) 理 5. 金類金 ( 類 ) 類金 ( 類 ) 4:00 4:00 19

24 () 金 1. 益金益益數 2. 契益料理理金益金 3. 金不金益理理金理金流益金理 2 易行零益行易見 4. 理理理金益不理不金理說 () 易金金理易益金利理益金 5 曆行易益 10% ( 行金 ) 金理留行易利益金益數金 ( 不 ) () 金 1. (1) 契理益益金 (2)( 六 ) 列金理復金復益金理復金益金 20

25 2. (1) 理益益金金 (2) 金金 () 益益益理金益理益 ( 六 ) 金 1. 益金益行契流理金金理金流金金率流益復 3. 理金令列金理金 (1) 易例易 (2) (3) 金金理復金復益 () 流 1. 益金益行金流理金金 2. 理理金流金理金流金益復金金金金金金理復金益金 21

26 復 3. 益契 () 理不力復 ( 復 ) 理力不行理益 4. 復契 () 益契 () 理不力復 ( 復 ) 理力不行理益益利 () 益利 1. 益契益益行列利 (1) (2) 益 (3) 令契利 2. 益理金索列料 (1) 契理金 (2) 金說 (3) 金年度 ( 年度金立 ) 年度 3. 益理金履行契 22

27 4. 令契益不 () 益 1. 金益金理年金 1.60% 金立六金契金金理年金 0.15% 行零 () 行率 % 100 ()~ % 500 ()~ 1, % 1,000 () 1.0% 行零益 () () 1. 理理理理 2. 易行零 3. 曆益益 10%( 行金 ) 益金益數金 ( 不 )( 見益說 () 易 ) 若金金易金切金率理略率益年不年 23

28 金契 2. (1) 理金立曆 (2) 金金立曆 (3) () 益金 91 年年令理令金說略說說金類令不說 1. 易 (1) 益益易 (2) 益金益易易 2. 益 3. 易 (1) 金益易率益 (2) 益易益易 4. 金利列益 (1) 10% 率 (2) 金不 6 率 (3) 金益 20 率 ( 年行 ) 益 ( ) 不益 5. 金類易 6. 益金益利不易 24

29 行金 ) 立見金理說列 ( ) 不 () 金不 () 不論金利益益 1. 列理金金益契金不 (1) 契契理益利益金不 (2) 更理 (3) 更金 (4) 契 (5) 理金 (6) 更金易 (7) 令契金 2. (1) 律令契益理益理不不金金不不契益行不不金益理金行益 (2) 益益年益數金行益數益 3. (1) 益益 25

30 益益益 () 留 (2) 益行益數益益數行列不益臨 a. 更理金 b. 契 c. 更金類 (3) 益金益理金露 () 令契露 1. 理金益 (1) 契益利益不益 (2) 理金更 (3) 契理 (4) 金 (5) 益 (6) 令金契理金益 2. 理金 (1) (2) 金益 (3) 金例 (4) 金金例金例 (5) 金復 (6) 理金更 (7) 金年度 (8) 令金契理金 () 露 1. 益益 26

31 益更益理理理更理契益 2. 金理金易理金說露 3. 列 (1)() (2)() 料 (3)()() 金狀 1. (1) 金例金六年六金易 396,427, ,342, ,770, 金行 71,546, ,801, $695,118, (2) 金金列數金例 27

32 金六年六數 () 金 () 例 (%) 1, 聯立見易 , 樂易 6, 聯列金金 1% 28

33 (3) 金金列數金例金金 2. (1) 年度年度年說年度金金年度 93 1, 年度年年度年年度年年度 (2) 年度年度金益金 ( 金益不金 ) (3) 說金六年年年年金立累率金累率 96 年 6 30 累率 (%) 六

34 金累率 96 年 6 30 年年年年 -- 金立金金累率 TR ERV P 1 TR 金累率 P 金金 ERV 金金 () 金 () 3. 年度金益見金 4. 年度說金金金若金益露金益數率金六年六金 () 金金 () 數 () 例 (%) 434, , 年度 427, , , , 來 210, , 復 202, ,

35 174, , 年度 2 119, , , , , , , ,

36 32

37 33

38 34

39 35

40 36

41 37

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46 42

47 契金金金 () 金金 () 金理 () 金行 () 金不契金金行益數 () 金行參拾益拾行益數拾行金行益行 ( 六 ) () 益行 1. 理行益金金理金立不行益金益行不金立 2. 益益益益數數益益益益數不參 3. 金益 4. 益益 5. 益數行益 6. 益行益 7. 益金理金益行 8. 益金理 9. 理金立金益金行金行理理金金 43

48 益 10. 益理益理理 () 益 1. 行益 2. 金益行行益 () 見說金說金立不立 () 見說金 ()() 說六益金 () () 金立理金金金金行金金金 () 理金不金行利 () 理金金立理金立 () 列金 1. 益行 2. 行 3. 金 4. 金利 5. 益金罹金利益 6.( 不理 ) 7. 令契金 44

49 () 金契令不金 () () 列金理金 1. 契金金易 2. 易金易 3. 金切 4. 契六理金 5. 理金良理金契理金理金 6. 理金良理理理金金金切理契金契 7. 益令金理不 8. 金切契 () 契理 () 金曆參 1 4 列金理 () 12 列金理金金切理金行益利律 () () 益契益益行列利 45

50 1. 2. 益 3. 令契利 () 益理金契索列料 1. 契理金 2. 金說 3. 金年度年度金立年度 () 益理金履行契 () 令契益不利 () () 理行令契金良理理金契不理利益理履行契理理令契金理金 () 理理理金益金不 () 理金不理理行金利金理金利金律行律行利金 () 理令金金不金理金益令行金契履行 () 理金契令金 ( 六 ) 理金說金 46

51 說金易行說理益金說金說索說匿理說 () 理說列金 1. 契列 2. 行契說 6. 益益理說金 () 理行令理金 () 理率易令金 () 理益利契理良理 () 理契六金令契行利理金金 () 益不理 () 金金理理理理金 () 理金立金 () 理金令令契益理不不益立金 47

52 () 金料金契理不露 ( 六 ) 理理金不金令不金理利 () 金金不金令不金理金利 () 金參理益數 () 契 () 契理金行金利 () () 金理理金金益益行金金 () 金令契金良理金契不理利益理履行契金金令契金金金 () 金理金行利不金理契令不理理立金金令契不金金利行理 () 金令金履行契金 48

53 () 金列金 1. 理列行 (1) (2) 易金利金 (3) 契金 (4) 益益金 2. 契金益例益 3. 令金 ( 六 ) 金令契金理金金理理理金 ( 利 ) 行理行理理金金金金 () 金理契令理契令履行益益金金理履行不履行益益理不金益更理 () 理金金金 () 金契六金令契行利金理理金不金 () 金金益金金 () 金令金契不金料 49

54 理不易露 () 金不立金理金不立金金金金金金利率利利不金金金不理 () 金金契不金 () () 金益利金金立六金不金理金不例量理 1. 易行量數列 (1) 六數累 ( 數 ) ( 數 ) (2) 數累 ( 數 ) ( 數 ) 2. 金契金金易易率金理 () 理金行金金金金理金率流金理行行行金行金 50

55 () 理金益利易金理 () 理易理金利金不 () 理金金益金利易金理 ( 六 ) 理率金易數契金類契易率金金易行金 () 理令契金金列 1. 不類金類金不 2. 益金理不金 3. 不易 4. 不理理金易行 5. 不理利行 6. 益金不益不金金益 7. 金不金行不行金 8. 不行數理金不行數 51

56 9. 數不數 10. 理理金數不數 11. 不易金益 12. 數金益不金益 13. 金益金不金 14. 理金金益數不金行益數 15. 金不金 16. 行金不金 17. 行不行 18. 不理理金 19. 金益理不理 20. 不金行 21. 金不金不 22. 行行金金金不金行行金金金不行行金行行金不行行金金金 23. 行金金不金金行金 24. 行益不行益不 52

57 金益金 25. 行金金行益金不金益金 26. 益金理利不金益 27. 行不金益數不不金行益數不金金 28. 行不益不行不益不益金 29. 行不益不益金不金不益不益金 30. 不行不益金行益行金金不金 31. 不益不益金理利不金不益不益 32. 不金 () 例令 () 理行行狀行更不 53

58 理金金例益 () 金益金不行益益 () () 金立六益說料理理理金行理益益益益益數不不 () 契益料理理金益 () 金不金益理理金理金流益金理 2 益行易說金說金 () 益理理理理金益理理理易理行理金說理 () 契理益益金金 ( 六 ) 金益金理金金金 () 益益理 54

59 金益理益 () 理理理金益不理不金理說 () 理契益金不益金益 () () 金 1. 理金 2. 金金列 (1) A 易類易列契 B 易易易易易令列令行易令列列易令列 55

60 C 易復易量易曆量令復 D 復易量量令復量復易 E 易若易易零 F 數例數不易 A 理 G 不易易數例數易 H 易 (2) 益益易益 (3) 易 (4) A 利 56

61 利利 (1) B 易易易利列易復 A 理 C 易若理理理 (5) 利列金利 (6) 金 A94 年年 1 1 列 a. 利 b. 利率利率利 c. 利率利率利列金列金利 d. 利 e. 易易易易 57

62 利易復 a 理 B94 年年年 1 1 (A) 利率利率利率利率參利率落參利率 20 bps 利率利率利落參利率 20 bps 參利率 20 bps 利參利率利參利率列 a. 年 Maturity 參利率年不參利率年年金益不 b. 參利率 a 若 +- 律 ( 例 A A+ 律 A) b 行行聯行行行行降行不 (B) 利率利率 (10) B 理 58

63 C 若理理理 (7) 行年益利率利列 (8) 易 (9) A 易易易易易契易 B 契類易契利 (10) A94 年年 1 1 6A C 理 B94 年年年易立易參利率率參利率率 () 益 1. 益金行益數不 2. 理金益 59

64 六理更 () () 列金更理 1. 益更理 2. 金益益益令更 3. 理理金不金令金金理理 4. 理不金理金金理不理金金理金理理金不 () 理金金令理理契兩年理兩年理不 () 更理契契理利理 () 理更理金更 () () 列金更金 1. 益更金 2. 金理 3. 金金不金令金金金 4. 金不金理金金理不理金金金理金不 5. 金金降不金理更金 () 金金金 60

65 金令金金金契兩年金兩年金不 () 更金契契金利金 () 金更理契 () () 列金契 1. 金益益益契令契 2. 理金理不金令更不金理理利 3. 金金不金令更不金金利 4. 益更理金理金理金利 5. 金理益金金契 6. 理狀金律金契益金金契 7. 益契 8. 益理金理金利 9. 契 () 契理 () 契契 61

66 契 () 金不金 () () 契金契契契 () 金理理契 ()() 金金契 ()() 益行金理金金 () 契 ()() 契金金金 () 契金利契理金 () 1. 了 ( 六 ) 金金理金 () 金金金益數例益益金理金益金金益數益例理金益 () 金契益 62

67 () 益 () 金年益 () () 理理理益理益 () 益益利錄益 () () 律令契益理益理不不金金不不契益行不不金益理金行益 () 益年益數金行益數益理理金益益益益益金行益 () 列理金金益契金不 1. 契契理益利益金不 2. 更理 3. 更金 4. 契 5. 理金 6. 更金易 7. 令契金 () 益益 63

68 益益益 () 留 () 益行益數益益數行列不益臨 1. 更理金 2. 契 3. 更金類 ( 六 ) 益金益理 () () 理金益 1. 契益利益不益 2. 理金更 3. 契理 4. 金 5. 益 6. 令金契理金益 () 理金金益 3. 金例 4. 金金例金例 5. 金復 6. 理金更 7. 金年度 8. 令金契理金 () 益列 1. 益益益更益理理理更 64

69 理契益 2. 金理金易理金說露 () 列料 () 益理金理 ( 六 )() 34 令契 () 契理金益金益利益不益理金金理理理契理契 65

70 參 () 立 86 年 8 15 () 年料 96 年 6 30 年 () 金數 () 金數 () 來 ,000, ,000,000 30,000, ,000,000 立 ,000,000 30,000,000 3,000,000 30,000,000 金 ,186, ,186,000 21,186, ,186, ,000, ,000,000 35,000, ,000,000 金 35,000, ,000,000 35,000, ,000, ,186, 金 35,000,000 () 1. 行益金 2. 金理 () 86 年 8 15 立 96 年 1 26 更 1. 料 96 年 6 30 金立數金 () () 5599 金 ,138, ,802,338, 金 ,635, ,569,587, 金 ,536, ,946, 金金 ,128, ,678, 金 ,100, ,651, 金 ,119, ,423, 金 ,202, ,917,

71 金立數金 () () 金 ,499, ,281,761, 金 ,090, ,402,397, 北金 ,080, ,474,045, 金 ,168, ,016, 金 ,202, ,077,202, 金 5168 金 2. 立理 88 年立路 2 7 樓 2 3. 更 (1) 96 年 6 30 數數領 ,180,000 數 950,000 數 ,000 數 2,390,000 數 ,000 數行 ,240,000 數 ,240,000 數 ,530,000 數 ,050,000 數 ,600,000 數 ,600,000 數 ,050,000 數行 ,390,000 數 ,530,000 數 ,050,000 數 1,200,000 數 480,000 數 4,050,000 數 (2) 86 年 8 15 立劉 88 年 1 理 88 年 3 17 玲理 88 年 11 67

72 25 91 年 2 25 理 90 年年年 2 26 理 92 年 3 31 李理 95 年 () 1. 料 96 年 6 30 數數 1,028,677 28,178,000 5,022, ,400 35,000,000 例 2.939% % % % 100% 2. 例數例料 96 年 6 30 數例行 22,418, % 2,054, % 1,976, % 68

73 () 1. 數料 96 年 6 30 數 94 69

74 理令金行理 2. 數料 96 年 6 30 數行理 4 (1) 立 (2) 行率 (3) 不行 (1) 令 (2) 令 (3) 行令 (4) 行練 (5) (1) 金理 (2) 類金理 (1) 金理 (2) 金 (3) 料 (4) 略金理參 (5) 行 (6) 金理行易 (7) 易錄 (8) 聯易度 (9) (10) 來率金理金理 7 金 3 (1) 金 (2) 路立聯 (3) 理 (4) (5) 契 (6) 金行 (7) 契說 (8) (9) (1) 理 (2) 行行 (3) 練行 (4) 利理 (5) (6) 理 (7) 理 (8) 金理 (9) 金行 (10) 金理錄理 (11) 金 (12) 金理 (13) (14) 理

75 (15) 金 (16) 行 (17) 理數 () 理理理數例 () 歷料 96 年 6 30 數率理李 % () 歷理理理行理行理理金理理 % % % 劉 % % 理行金理行理紐立理北金金理理金理來理金理金理金理金復理理理金理金理行金金 5599 金 1699 金理北金行 71

76 () 數例 () 歷料料 96 年 6 30 數率率年 1,710, % 1,863, % 李年 10, % 10, % () 歷律律立理理年 10, % 10, % 理年 10, % 10, % 紐立理北金金理理金理來理金理金理玲年 5,930, % 4,992, % 理行年 10, % 10, % 靈 MBA 行理露說列 () 六 72

77 () () 理理行 73

78 年利料年說行行泥行行行行行行行行數行行行行行行行路行行行行行金行行行行行行行行理北玲 74

79 玲連利金理利列行列行 () 理金立益數金金立數金 () 96 年 630 () 金 ,153, ,118, 金 ,247,590, ,371,749, 金 ,306, ,792, 金 ,357, ,315, 金 ,377, ,553,128, 金 ,896, ,269,362, 金 ,138, ,802,338, 金 ,635, ,569,587, 金 ,536, ,946, 金金 ,128, ,678, 金 ,100, ,651, 金 ,119, ,423, 金 ,202, ,917, 金 ,499, ,281,761, ,090, ,402,397, 金北金 ,080, ,474,045,

80 金立數金 () () 金 ,168, ,016, 金 ,202, ,077,202, 金 5168 金 () 理益益 ( 參見 ) 年行金理理金 95 年金六 76

81 益北路樓行北路 97 1 樓北路樓北北路 96 7 樓路樓行北路 2 (02) 行北路 36 (02) 聯行北路 137 (02) 北路樓 (02) 行北路 2 (02) 度見錄律見錄理見錄金契契見錄金見錄 77

82 錄度 78

83 錄律 79

84 錄理理理參理行理行說 1 益令理益 2 益理良理益令契金理理行 3 利理立立立理度令更利 ( 來行利益 ) 益立益 4 令行來立立 5 行理 6 度令立露益 1. 行例 64.05% 5.87% 5.65% 3.29% 80

85 行 2.94% 18.20% 2. 益 1 易理令益度理參利 2 年令行立 1 量行年年年臨李行行祥行玲 () 2 行行年來金立良律歷年行金行歷都年行識力 3 理令 81

86 1 理 2 3 律 4 立更 5 6 年度 7 理行 1 行 2 令行 1 狀 2 年度 3 律 4 行令六利利 1 理令度理理立 2 理利益令不利易益 3 立度金來行易理降 4 理利益令來行利益行立利益利益 82

87 令 1 不露金金金易流 2 年度令理令理金利露金利利參理 83

88 錄金契契理行金金行金金理令理金立契契理金金利理金契契理金契金金利契立金金金理契令理金金行契理金契理金行契金六理金行金利說理金行金說行說金金金金金行行行行行行行理 ( 數金 ) 金行理行金金理行金金行金理令立契契理金利理契契理金契金金利契立金金金理契令理金行契令理金金列理金行說理金行理行說行說金金金金金行行行行行行行理數金行理行金金立不行 84

89 理金立不行金行不金立數數數不參數行理金立金金行金行理理金金理理理金金行理金立不行拾金立行金不列金理行例理露說六理金行理金金行金金行不金立數數數不參行金行理金理理金行理金立行拾金立行理金不列金不行金說金金行金六行行理金理金金立理金金立理金立金金立理金金立理金立金不立金不立理立金金不立金金金金金行利率利利不立金不立理立金不立金金金行利率利利不 85

90 不數不參令理理金立理金金金金行金金金理金不金行利六理金良理理理金金金切理契金契令金理不利律金年度年度金立年度六理金說金說金易 ( : 行說理金說金說索說匿理說理利契理良理理金立金理數不參令理理金立理金金行金金金理易不金行利理良理理理金理金切理契契令金理不利金年度年度金立年理金說金說金 - ( : 行說理金說金說索說匿理說理利契契理良理理金立金 86

91 六理金令令契理不不立金理理金不金令不金理利金金不金令不金理金利金理理金金行金金金令金履行契金易金利金契金金理契令理契令履行金金理履行不履行理不金更理金金金金金不立金理金不立金金金金金金利率利利不金金金不理理金行金金金理金令令契理理金不金令不金理利金不金令不金理利理金行金易易令金履行契易契金理契令理契令履行金金金金不立理金不立金利理理金金金金金金 87

92 金理金率流金理行行行金行金六理率金易數契類契易率金金易行金金理不金金立六說料理理理金行理數不不契料理理金理金理金流金理 2 行易說金說金理理理理金理理理易理行理金說理契理金金理金率流理金行行金理率金易數契類契金易行不金金立六說料理理數不參不契金金不金理金說列契理金 88

93 六金金理金金金理金理 () 理不力復 ( 復 ) 理力不行理金金理說露列金更理金金理理金理 () 理不力復 ( 復 ) 理力不行理金金理金理理說露列金更理金令更理理金不金令金金理理理不金理金金理不理金金理金理理金不理更理金金不金令金金金金不金理金金理不理金金金理金利令更理理金不金令更理不金理理更理金不金令更不金 89

94 不金金降降不金不金理更金金更理更理金金利契令契契令契理理金理不理金不金令更金令更不金不金理理理理利利金金不金不金令更金令更不不金金金利利契六契理契理契契金契契金理理金理理契 () 契 () 金金契契 () () 行行金金理金金契 ()() 契 ()() 契契金金金金金金金理金金理理理理理理理契理律令契金令令契理理理不不金理不金不不金契行契不不金理金行 90

95 列金金不契契六更金易 () 留行數數行列不臨六金理理金金立金理理金金金度年度了年度了了金年度金年度金理金理更理理理更理契金理金易理金說露六令列理金契金不更金理理留 ( 留 ) 行數數列不臨契理理金立令金理金金金度年度了年了曆了年金年金理理金理說露列 91

96 契金理理易契契利契金理理易令令契 () 契金理理易易契契利契金理理易易令令契契理契契力錄金 92

97 93

98 94

99 95

100 96

101 97

102 98

103 99

104 100

105 101

106 102