1.00 M 0 M<100 1.0% 100 M<1000 0.9% M 1000 0.8% 3 30
/ 1,000 / 500 1,000
1 1 2
40% 2 1 2 3
=35% 30% 280 30% 5% ( ),
... 1-1... 2-1...3-1... 3-1... 3-1...4-1... 4-1... 4-1... 5-1... 5-1... 5-3... 5-3... 5-4... 6-1... 6-1... 6-1... 6-1... 6-1... 6-1... 6-1... 6-3... 7-1... 7-1
... 7-1... 7-1... 8-1... 8-1... 8-1... 8-1... 8-1... 8-1... 8-2... 8-2... 8-3... 8-4... 8-4... 8-5... 8-6... 8-6... 9-1... 9-1... 9-2... 9-2... 10-1...11-1...11-1...11-1...11-2...11-5...11-7
...11-8... 12-1... 12-1... 12-1... 12-2... 12-2... 12-4... 13-1... 13-1... 13-2... 13-4... 13-5... 13-6... 14-1... 14-1... 14-1... 15-1... 15-1... 15-1... 15-1... 15-1... 15-1... 15-3... 15-4... 15-5... 15-5... 15-6
... 16-1... 16-1... 16-3... 16-3... 16-4... 17-1... 17-1... 17-2... 17-2... 17-2... 18-1... 18-1... 18-1... 18-1... 18-2... 19-1... 19-1... 19-1... 19-1... 19-2... 19-2... 19-2... 19-4... 19-4... 20-1... 20-1... 20-1
... 20-1... 20-1... 20-1... 20-2... 21-1... 21-1... 21-1... 22-1... 22-1... 22-1... 22-1... 22-1... 22-1... 22-1... 23-1... 23-1... 23-1... 23-2... 23-2... 23-2... 23-2... 24-1... 24-1... 24-1... 24-1... 24-2... 24-2
... 24-2... 24-2... 25-1... 25-1... 25-1... 25-2... 25-2... 26-1... 27-1... -1
1-1
2-1, ( ) /
3 / T T+n T n T 30 30 2-2
0.001 2-3
2004 7 2 [2004]97 3-1
360 38 021 58881111 021 58406138 021 68604666 18 188 021 58781234 021 58400370 4-1
1 1 360 2 021 68863400 021 68863223 2 23 106 010 66219999 010 66214060 2 1 18 188 021 58781234 021 58408842 95559 2 98 021 53594566-4125 021 53858549 5-1
021-962503 www.htsec.com 3 618 021 62580818-177 021 62583439 4008888666 4 171 021-962505 021-54033888 021-64736644 www.sw2000.com.cn 5 A 39 45 0755-82943511 0755-82943237 4008888111 0755-26951111 6 99 021-68419125 021-68419867 5-2
021-68419125 www.xyzq.com.cn 7 68 188 400-8888-108 010 65186758 010 65182261 www.csc108.com 8 29 3 022 28451883 022 28451616 360 38 021 58881111 021 58406138 021 68604666 : 528 21 5-3
021 68818100 021 68816880 568 200120 333 12 200021 (021)63863388 (021)63863300 5-4
3 2004 7 16 2004 8 17 6-1
M 0 M<100 1.0% 100 M<1000 0.9% M 1000 0.8% ( ) - / / + 1 1.00 2 0.01 3 1 1.97 1.0% 10,000 1.0% 100 10,000-100 9,900 9,900 1.00+1.97 1.00 9,901.97 10,000 9,901.97 100 197.26 0.90 % 1,000,000 0.90 % 9,000 1,000,000-9000 991,000 991,000 1.00+197.26 1.00 991,197.26 6-2
1,000,000 991,197.26 1000 1972.60 0.8 0% 10,000,000 0.80% 80,000 10,000,000-80,000 9,920,000 9,920,000 1.00+1972.60 1.00 9,921,972.60 10,000,000 9,921,972.60 1 2 1,000 500 3 4 6-3
30 20 100 20 5,000 60 100 60 5,000 7-1
1 2 1 30 3 2 9:30-11:30 1:00-3:00 3 3 1 2 3 3 1 8-1
2 T T+1 T 2 3 T 7 1 1,000 500 1,000 2 1,000 1,000 3 3 4 0.01 5 1 8-2
M 0 M<100 1.2% 100 M<1000 1.1% M 1000 1.0% 2 3 0.5% 75% 25% 365 365 0.5% 365 0.25% 4 5 3 6 ( ) 1 - /T T 1.200 10,000 100 1000 1 2 3 A 10,000 1,000,000 10,000,000 B 1.2% 1.1% 1.0% C=A B 120 11,000 100,000 D=A-C 9,880 989,000 9,900,000 =D/1.200 8,233.33 824,166.67 8,250,000.00 2 8-3
T - T 10,000 1.250 0.25% 10,000 1.250 12,500 12,500 0.25% 31.25 12,500-31.25 12,468.75 3 T T+1 T+1 T+2 T+1 3 1 1 2 3 4 5 6 1 5 8-4
2 1 2 3 4 3 20 3 4 5 1 10% 2 1 2 8-5
10 3 3 20 3 8-6
9-1 ( )
9-2
10-1
1 1998 6 4 2 360 38 3 4 1.5 4 3 2003 12 31 180 20 30 5 5 27.66 12.05 42.54 1.0707 1.0802 0.9278 0.9268 1.060 1.025 1.000 2.2377 1.5452 0.9278 0.9968 1.100 1.095 1.000 1998 1999 2001 2002 2003 0.042 0.035 0.07 0.022 0.070 / 1999 2000 2003 0.32 0.32 0.018 2000 2001 0.575 0.11 2001 0.23 500003 500009 184709 500013 040001 040002 040003 11-1
1 11-2
11-3 Perspective Investment Advisory Inc. Alliance Capital Management Corporation 1998 MBA 10 Berens Capital, (Dow Jones) (Goldman Sachs) Alpha Asset Management
11-4 30 80% 2 4 2000 7 2003 1 2002 12 3 4
13 2 8 4 10 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 11-5
16 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 15 17 11-6
18 19 20 21 22 23 24 1 2 1 2 3 4 5 6 7 8 9 10 11 11-7
3 1 2 3 4 5 6 7 8 9 10 4 5 1 2 3 4 1 1 2 3 11-8
4 2 1 2 3 4 5 5 6 11-9
1 2 3 4 5 1 2 3 4 12-1
5 6 1 2 3 1 12-2
2 3 1 1 2 3 2 3 12-3
4 1 2 5 1 2 12-4
1 18 200336 188 200120 021 58781234 170 1987 86 5 2003 9504.44 95 1998 1999 2 5 50 3 1997 6 1998 9 2001 9 13-1
2004 5 2001 4 2004 6 1998 6 1999 12 4 2003 12 31 500 1 1 2 3 4 5 2 (1) (2) 13-2
13-3 (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) 15 (16) (17)
(18) (19) (20) (21) (22) (23) 1 2 3 1 2 3 13-4
4 5 4 5 1. 13-5
2. 3. 1 1 2 3 4 2 1 2 3 4 5 5 5 13-6
1 1 2 3 4 5 6 7 8 2 1 2 3 4 5 6 1 14-1
1 2 3 4 5 6 7 8 1 2 3 4 5 2 1 2 3 3 1 15 14-2
2 4 1 2 14-3
14-4 5 1 15 10 10 10 5 2
3 7 6 1 2 3 4 5 14-5
6 7 1 2 ( ) 8 5 14-6
=35% 30% 280 30% 5% 45% 70% 10% 20% 30% 65% 10% 20% 65% 10% 15-1
1 1 2 40% 2 1 15-2
2 3 1 15-3
2 3 4 5 6 1 2 3 15-4
4 90 1 (1) 80 (2) 1 10 (3) 1 10 (4) 2 1 2 3 4 5 6 7 8 1 2 3 15-5
4 15-6
( ), 1 2 3, 4,, 5 16-1
6 7 8 1 2 9, 16-2
1 2 3, 1 2 3 16-3
4 16-4
1 1.2% H E 1.2% H E 2 0.25 H = E 0.25% H E 3 4 5 6 7 8 3 8 17-1
17-2
1 2 3 4 5 6 7 8 9 1 2 3 18-1
18-2
1 1 2 3 2 1 2 3 4 19-1
5 3 4 1 2 0.5% 1 19-2
2 1 2 3 4 5 6 7 19-3
3 1 2 3 4 5 0.5% 1 2 1 4 1 2 19-4
1 2 3 3 4 5 6 7. 90% 8 0.01 20-1
1 2 20-2
1 2 1 1 12 31 3 4 5 6 7 1 2 3 5 21-1
20 20 180 www.huaan.com.cn 021 22-1
68604666 22-2
1 90 2 60 1 2 3 4 5 6 7 8 9 10 11 12 13 14 23-1
15 15 15 www.huaan.com.cn 23-2
1 60 100 60 5000 2 3 4 5 6 1 30 2 3 1 2 3 4 24-1
5 6 7 5 15 24-2
1 3 2 3 4 5 1 2 3 4 5 6 7 25-1
30% 25-2
26-1
27-1
-1
1 2 3 1-2
2 3 15 4 5 6 ( ),, 1 1 2-3
3 2 3 1 2 3 4 5 1-4
2 3 / / 1 1 60 100 60 5000 2 3 4 5 6 2 2004 7 13-5