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% 30 2008200920101231 198239303 739011320102011331 4738 151420113311,411 720 86
201012311,532 7042010303 113 301979 200621.6201039.8 16.5% 2004 2006 20072008 400 87
229111 2011331 35%2011630330400 35% 1517 740160 88
A+H 720 89
90
delta-one 91
92
93
1. 2. 3. 4. 5. 6. 7. 8. 9. 94
1231 331 2008 2009 2010 2010 2011 % % % % %......................... 1,959 9.9 2,637 11.0 3,290 10.9 365 7.8 278 7.2 (a)............... 13,395 67.5 17,061 71.5 16,272 53.7 3,165 67.5 2,435 63.3......................... 3,844 19.4 3,765 15.8 4,040 13.3 1,067 22.8 841 21.9 (b)............................ 640 3.2 405 1.7 6,680 22.1 93 2.0 291 7.6............................. 19,837 100.0 23,868 100.0 30,281 100.0 4,690 100.0 3,845 100.0 (a) (b) 95
2010 400 229111 201133135% 35% 2008 2009 2010 2011630 (c) (c) (c) (a) 1 1 1 1 2 2 1 1 1 1 1 1 (b) 64.5 123.3 187.8 81.2 168.1 249.4 137.5 116.7 254.1 30.0 52.4 82.4 19.8% 11.9% 13.8% 22.2% 8.5% 10.6% 14.3% 6.4% 9.2% 9.1% 4.4% 5.4% 15 58 73 26 81 107 41 71 112 9 18 27 96
(a) (b) (c) 2006 2006 20082010 822,8322011630 92 2010 97
2008 2009 2010 2011 630 (a) (a) (a) (a)......................... 25,087 4 35,397 10 57,846 24 4,576 3........................... 17,978 8 45,027 15 59,605 16 21,607 5........................... 21,390 3 821 1 20,000 1 3,833 1................................. 64,455 15 81,245 26 137,451 41 30,017 9 (a) 20062010 1............. (a) 2010 2........... 2007 3............. 2006 4............. 2007 7...... 2007 8............. 2008 9................. 2010 10................. 2010 (a) AH......... 2010 AA....... HA 2007..... 2006............... A+H 2006 98
2006 2010 1252008 2010 20082010 20082010.............. 1.67% 3.33% 5.91% 0.89% 0.51% 2006 20108,900A+H A+H............... 2011... A+H (a)(b) 2010............... A+H (b) 2010... A+H (b) 2009....... A+H (b) 2008.................... A+H (b)(c) 2007........... A+H 2007 (a) AH (b) (c) AH 99
......................................................................... 2010 2008 2009 2010 2011 630............................... 45.9 22 54.1 24 38.4 33 1.5 2............................. 14.2 4 8.8 7 1.3 1............................... 27.5 6 72.7 23 55.5 18 44.1 6................ 17.9 11 32.5 27 22.7 20 5.4 9................................. 105.5 43 168.1 81 116.7 71 52.4 18 100
2008 134............ 2010....... 2010... 2009 2008........................ 2005 2008 2008 2008 2011 65 2009 102007 20 20091,073 201024 12.25% 101
2010 (a).............................................. 2 2................................ 10,528 5,351 (a)......................................... 5.6% 5.9%........................................... 14 8 (a) 2008 2009 2010 2011 630 (a).................................. 1 1 1 1 (b).............. 5,891 9,965 10,780 3,437 (c)..................... 5,246 9,520 9,615 2,709............................. 645 446 1,165 728 (a)............................. 8.1% 7.9% 8.6% 5.3% (a) (b) (c) 200820102011 630 20082009201024,26040, 590 42,650200820092010 102
2008 2009 2010 2011 630 (a).................................. 1 1 1 1 (a)(b)............... 1,282 2,962 5,351 2,537 (a)............................. 0.7% 1.4% 2.0% 1.9% (a) (b) 2008 2009 2010 2011 630 (a)..................... 0.152% 0.126% 0.098% 0.094% (a) 2004 103
2010123165 20062010 2011 6306140 9738165 2010 300 200544 200520% 104
2008 2009 2010 (a) (b) (c) (a) (b) (c) (a) (b) (c)...................... 32.4 1 4.5% 33.2 2 2.0% 41.0 1 2.3%........... 33.2 1 5.4% 28.7 1 4.3% 43.8 1 5.1%........... 9.3 1 3.3% 12.6 2 4.2% 13.3 1 4.8%........... 12.0 1 6.7% 12.1 2 6.2% 8.1 1 4.3% (a) (b) (c) 2010 105
20116306463103 160 2010681 20103 20116 302,6566.1% 197.0% 30020103 2010 2011 331 630 930 1231 630 (a)............ 13 850 1,037 1,373 2,656 (a)........ 2.4% 2.9% 3.8% 6.1% (a).......... 458 852 1,563 1,913 (a) 106
2010 20118 201163018151 733020072010 2011630 1 1 1 2(1) 2 1 2 37(1) 2 4 2 9 46(1) 2(1) 2 12 (1) 10(1) 9 7 107
75% 20111 20116 30430 108
2008 2009 2010 (a)............................... 2 1 1........ 12.0 29.1 46.0 (a).......................... 13.7% 20.7% 22.2% (a) 2008 2009 2010 2011630......................... 4,980 96.3 10,215 120.3 15,659 157.6 15,479 92.8......................... 5,994 53.2 18,178 25.4 29,914 22.9 39,526 13.6......................... 981 0.4 662 0.4 383 0.4 206 0.4................................. 11,955 150.0 29,055 146.1 45,956 180.9 55,211 106.8 2011630 155 201012311,000 201012 2011630 397 200710 20079 201012312,247 29 109
2008 2009 2010 (a)............................... 1 1 1............. 198.0 265.8 224.7 (a).......................... 10.2% 9.9% 8.9% (a) 20115 49%51%20116 20117 51%81.6 201181131% 5120% 49% Alpha CITIC Securities Alpha Leaders Fund Nextam Partners20111 20116CSI RMB Fund Limited 20101231CSI Alpha CITIC Securities Alpha Leaders Fund 1.90Nextam Partners 1,100 2007 110
2008 2009 2010 2011 630 (a).............. 1,154 653 2,172 1,375.......................... 5 12 37 17 (a) CSI PE 2010123172% CSI PE CSI PE 2009 CSI Capital, L.P. 201012319,900 20101231CSI Capital, L.P 8002,000 CSI Capital, L.P. 20101231 35%2008 201163090 CPE China Fund, L.P.20116309.90 111
2011630121 2874020101231 77% 1,500 2006 20103110 1820 20105 Crédit Agricole Group 2011713 (CASA BV) 19.9% (CASA BV) (CASA BV) 3.74 19.9% 112
20111231 18 50.1% 30% (CASA BV) 1986 1,50015 20101231 150 1,100 113
16 13 12 200920101231 6.337.611.231.03 3,2006,0002010123161 65%35% Stitchting CLSA Foundation 100%98.8% 1001190 Crédit Agricole Crédit Agricole 200920101231 2.893.276004,000 4003,0002010123180 114
20101231 30% 5% 115
201163010,905.......................................................... 9,445.............................................................. 174.......................................................... 60........................................................ 99.......................................................... 400.............................................................. 727............................................................ 10,905 10,5034022011 63068% 116
82011630 35206 166,442.45232,750.58 201163035166,442.45 93,270.622764,983.9 2,698.002,117.27 64,412.73 6,061.10 1,000 117
201163044,386.00 [ ] 2011630206 232,750.58 54,517.1348 7,385.628 2011720133 118