2012 7 18 2000 1 2012 6 35 4 SAC S0850511030001 021-23219450 Emailloujig@htsec.com SAC S0850512060002 021-23219774 Emailwy6254@htsec.com
2 1 1.1 1990 A 2 1 0 1000 2000 3000 4000 5000 6000 7000 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 wid 2
3 3 6.55 13 5 3 4.78 13 1 3 13 3 13 6.55 2 4 13 3 13 3 6.55 6 1.2 1.3 2
4 3 3 2000 1 2012 6 IRR
5 1 10.01% 153.31% -51.36% 50.36% 24.57% 365.78% -77.66% 50.36% 9.20% 67.94% -10.70% 63.48% 17.92% 132.59% -20.81% 63.48% 10.53% 39.17% -4.81% 75.82% 19.61% 71.26% -9.62% 75.82% 12.94% 26.58% 3.73% 100.00% 23.74% 46.97% 7.21% 100.00% 9-13% 17-25% 153.31% 67.94% 39.17% 26.58% 51.36% 50.36% 10.70% 63.48% 4.81% 75.82% 3.73% 100% 35 4 4.1 1 3 13 2 3 18 1 6.55 2 7.85 1 6.45 2 10.15 4
6 4.2 1.00 1.10 1.02 1 1 2 1 2 1.00 1000.00 1.00 1000.00 1.05 952.38 1.00 1000.00 1.15 869.57 1.00 1000.00 0.80 1250.00 1.00 1000.00 1.10 909.09 1.10 909.09 1.02 1.02 0.1351 0.0447 4981.04 4909.09 1000 Pi i=1,2,, 1 i = 1 P i P i = 1 1 P i Pi + j = 1, j i i = 1 P Pi i = 1 j = 1, j i i= 1 Pi P j j = 1, j i i= 1 Pi P j j *(-1) P P P 2 P (P P ) i + j i + i j j + 2 *(-1)/2 P P j P P PP i j i i j P P i j 5 4
7 5.1 A 1.50% 100 1 1 3 A 0 <= <100 1.50% 0 <= <1 1.50% 100 <= <1000 1% 1 <= <2 1.30% 1000 <= 1000 2 <= <3 1.20% -- -- 3 <= <4 1% wid -- -- 4 <= <5 0.50% -- -- 5 <= 0% 5.2 B 1 1.8% 1 4 B 0 <= <100 1.50% 0 <= <1 1.80% 100 <= <1000 1.20% 1 <= <3 1.20% 1000 <= 1000 3 <= <5 0.60% wid 5 <= 0% 5.3 4 8 B 4 0.6% 5
8 0.6% 9 9 8 B 8 1.2% 4 4 5.4 6 PE PE PE 7 7.1 PE
9 7.2 7.3
10 http://www.htsec.com
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