1-5-1
( ) ( ) ( ) 1 2 3 2 A 80 20 1.00 1.0 1.5 0.5 1.5 0.25 0.8 0.8 0.2 0.75 0.2 1.0 1.5 0.5 1.5 0.25 1-5-2
3 0.5 3 / 1,000 1,000 453 3 30 T 0.0001 T+1, 1-5-3
1-5-4 ( ) ( ) ( ) 1 2 3 2 A 80 20 1 70-80 20-30 0-20% 80-100% 20-80% 20-80%
2 1, 2 3 3 1 2,,, :, 1-5-5
:, : 10% BBB+ AA+ : VAR : 4 5 80% 20 2 1-5-6
1997 11 14 2000 10 8 ( ) ( ) ( ) : 1997 11 5 11 14 2000 10 8
1-5-8 3 10%
T T+n T n T 6 www.sse.com.cn www.sse.org.cn [2003]96 1-5-9
1093 16 2003 6 12 0755 25989099 0755 25987356 1 1912 2 5 010 66594856 010 66594853 1-5-10
1 1093 16 2003 76 0755 82370388 283 0755 25987239 2 1 1 010 66594916 2 5047 0755 82080714 3 188 010 65186758 4 171 021 54033888 5 A 38-45 1-5-11
0755 82943212 1093 16 0755 82370388 283 0755 25987239 24 17 010 65150080 010 65263519 325 333 12 Kent Watson 021-63863388 021-63863300 1 2 453 3 1-5-12
2003 9 1 2003 10 15 1.0 0.8 1.0 = = + - / 1-5-13
1.00 30 10,000 10 1.0% 10,000 1.0% 100 10,000+10 100 /1.00 9,910 : 10,000 9,910 1,000 50 2 100 1 30 2 1-5-14
20 100 20 5000 60 100 60 5000 1 2 453 30 3 3 3 1-5-15
1 2 3 15 00 4 3 1 2 3 T T+2 4 T+5 T 7 5 T T+1 1 1,000 50 2 3 3 4 1-5-16
1.5 0.5 0.8 0.2 1.5 0.5 1 2 3 50 50 1 = = - /T 5,000 0.8% 1.1283 = 5,000 0.8% = 40 = (5,000-40)/1.1283 =4395.99 2 = = 10,000 0.5%, 1.1489 = 1.1489 10,000 0.5% =57.45 = (1.1489 10,000)-57.45= 11,431.55 T+1 T+2 T+1 3 1 1-5-17
10% 2 1 2 10 3 3 20 ( ) 1 1 2 3 4 5 6 2 1-5-18
1 2 3 1 1 1 3 30 3 3 3 1-5-19
1 2 3 15 00 4 3 1 2 3 T T+2 4 5 T T+1 1 3 2 3 0.5 25 75 3 A B, : B = A Anav 1-x /Bnav :B B A A 1-5-20
Anav A x Bnav B 10,000 3 1.0579 1.0123 = 10,000 1.0579 1-0.5% /1.0123 = 10,398.20 10,000 3 1.0588 1.0633 = (10,000 1.0588)/1.0633 = 9,957.67 T+1 3 ( ) 1 2 3 1-5-21
1 1 1 3 2 2003 76 ( ) 2003 6 9 33% 33% 17% 17% 1-5-22
24 19 1 Babson Capital House 1992 1996 1996 1997 1997 2000 1997 2001,,, 1975 (BA) 1999 (MBA) 1990 1998 (LGT Asset Management Asia Ltd.) 1998 (INVESCO) (LGT Asset Mangement) 1-5-23
1995 9 1972 HKSA ACCA CPA CMA 1972-1977 [KPMG] 1982 1987 C1yde Co. 1993 2 Mr. Dean Chisholm London School of Economic (Institute of Chartered Accountants in England and Wales) (PwC) Hong Kong Securities Industry Group Omgeo Hong Kong Advisory Board 1989 1992 3 1989 1998 4 1 ACA (CFA) 1992 1-5-24
2003 2 1994 1998 10 2000 2003 3 1 1 2 3 4 5 6 7 8 9 10 11 12 13 2 1 2 3 4 5 1-5-25
6 7 8 9 10 11 12 13 14 15 16 15 17 18 19 20 21 22 23 24 25 1 2 1 1-5-26
2 3 4 5 6 7 8 9 10 11 3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1 2 3 1-5-27
4 1 1 2 3 50% 50% 4 2 1 2 3 4 5 5 5 1 2 3 4 1 2 3 1-5-28
4 5 6 1 2 3 4 5 1 1 2 3 4 1-5-29
5 2 : (1) (2) (3) (4) (5) 1 2, 3 4 3 1-5-30
1 1421 1912 2 5 [1998 ]24 010 66594856 010 66594853 1-5-31
1912 2002 12,090 581 2002 35,939 6.91% 137.91, 26.38% 6 34 15 44 8 2003 7 4 60 180 6 143.67 203.67 1 2000 1 2 3 2 1-5-32
1-5-33 3 1998 4
1. 1 2 3 4 5 6 2. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1-5-34
16 17 18 19 20 21 22 23 1 1 2 3 50% 50% 4 2 1 2 3 4 5 5 1 2 1 2 1-5-35
3 4 5 6 7 8 9 10 3 1 2 3 4 5 1 2 1 2 3 4 5 6 10% 7 1-5-36
8 1 2 10% 10% 3 4 1 2 3 4 5 6 3 1 2 3 10% 4 20 1 2 3 4 5 6 5 1 1-5-37
2 3 10 100 25% 7 50 3 30% 15 5 20% 1-5-38
4 50 25 50 30% 2 ( ), 15 25 20% 25 25% 2 1 10 10 1-5-39
1-5-40 10% 15 10 1 2 2 1 50% 50% 2 20 1 2 1 50% 50% 50% 50% 2 2 50%
50% 50% 50% 3 4 5 1 1 2 3 2 5 1-5-41
1 2 10 www.invescogreatwall.com Call Center 0755 82370688 1 2 3 2 1-5-42
1-5-43 A 80 20 1 70-80 20-30 0-20% 80-100% 20-80% 20-80% 2 1, 2 3 3 1
2,,, :, :, : 10% BBB+ AA+ : VAR : 4 1-5-44
1-5-45 5 80 20 2 1 80% 2 20% 3 10% 4 10% 5 80% 6 7 3 6 1 2 3 4 5 6 7 8 9 10 1 2 3
4 1 2 3 4 5 85% 1-5-46
1 2 3 4 5 6 7 1-5-47
1 2 1 2 3 4 5 1-5-48
6 7 8 9 1 2 0.5% 3 4 1 2 3 1-5-49
1 2 3 4 5 6 7 8 1/n n = 1 H=E H E 1.5% 0.75% 1.5% 2 H E 1-5-50
H E 0.25% 0.2% 0.25% 3 4 3 7 1 2 3 1-5-51
4 5 1 2 3 4 5 3 4 6 7 1 2 1 2 1 1 12 31 3 1-5-52
3 4 5 6 7 1 2 3 5 3 15 1 2 1-5-53
1-5-54 3 4 5 1 90 2 60 3 15 4 1 1 2 3 4 50% 5 30% 6 7 8 9 10 11 12 13 14 15
16 17 18 1 2 3 4 5 6 7 1 30 2 15 1-5-55
3 1 2 3 4 5 6 7 8 9 1 2 3 4 1 3 5 3 15 1 1 2 1-5-56
3 4 5 2 30 1-5-57
1-5-58
1-5-59