2009 12 31 1
1 1.1 2010 3 30 2009 1 1 12 31 1.2 1... 2 1.1... 2 1.2... 2 2... 4 2.1... 4 2.2... 4 2.3... 5 2.4... 6 2.5... 6 3... 6 3.1... 6 3.2... 7 3.3... 10 4... 10 4.1... 10 4.2... 11 4.3... 11 4.4... 12 4.5... 12 4.6... 13 4.7... 13 2
... 13 5... 14 5.1... 14 5.2... 14 5.3... 14 6... 14... 14... 14 7... 15 7.1... 15 7.2... 16 7.3... 17 7.4... 20 8... 34 8.1... 34 8.2... 35 8.3... 35 8.4... 36 8.5... 36 8.6... 36 8.7... 37 8.8... 37 9... 37 9.1... 37 9.2... 38 10... 38 11... 38 11.1... 38 11.2... 38 11.3... 39 11.4... 39 11.5... 39 11.6... 39 11.7... 39 11.8 0.5%... 39 11.9... 39 12... 40 13... 41 3
2 2.1 370010 370010 2005 4 13 4,887,096,906.81 A B 370010 370010 264,681,237.16 4,622,415,669.65 2.2 ( Money-supply Expectations Effect) (Fisher Effect) (Flow of Funds) 4
/ / 2.3 021-38794999 010-67595003 5
peter.zhu@jpmf-sitico. com yindong@ccb.cn 400-889-4888 010-67595096 021-38794888 021-68881170 010-66275853 99 20 25 99 20 1 1 200120 100033 2.4 www.51fund.com 2.5 202 2 11 99 20 3 3.1 3.1.1 2009 2008 2007 A B A B A B 4,233,456.91 48,408,161.37 18,521,337.00 169,411,606.08 19,658,019.03 94,519,338.37 4,233,456.91 48,408,161.37 18,521,337.00 169,411,606.08 19,658,019.03 94,519,338.37 0.7748% 1.0174% 2.6698% 2.9159% 3.3267% 3.5741% 6
3.1.2 3.1.3 2009 2008 2007 A B A B A B 264,681,237.16 4,622,415,669.65 658,893,075.19 5,439,251,423.02 557,299,674.84 4,542,785,658.70 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 2009 2008 2007 A B A B A B 9.2055% 10.4479% 8.3660% 9.3356% 5.5481% 6.2379% 3.2 3.2.1 A B A B A B A B A B 7 0.1889% 0.0210% 0.3403% 0.0000% -0.1514% 0.0210% 0.2498% 0.0281% 0.3403% 0.0000% -0.0905% 0.0281% 0.3557% 0.0160% 0.6805% 0.0000% -0.3248% 0.0160% 0.4775% 0.0216% 0.6805% 0.0000% -0.2030% 0.0216% 0.7748% 0.0302% 1.3500% 0.0000% -0.5752% 0.0302% 1.0174% 0.0321% 1.3500% 0.0000% -0.3326% 0.0321% 6.9071% 0.1184% 6.2205% 0.0023% 0.6866% 0.1161% 7.6786% 0.1192% 6.2205% 0.0023% 1.4581% 0.1169% 9.2055% 0.1036% 9.1230% 0.0019% 0.0825% 0.1017% 10.4479% 0.1043% 9.1230% 0.0019% 1.3249% 0.1024%
2005 4 13 3.2.2 1 A 2005 4 13 2009 12 31 2 B 8
2005 07 13 2005 04 13 2005 04 13 2009 12 31 3.2.3 2005 4 13 2005 4 13 2009 12 31 9
3.3 A 2009 4,279,283.10 176,927.84-222,754.03 4,233,456.91 2008 16,656,634.30 1,830,963.63 33,739.07 18,521,337.00 2007 16,117,185.00 3,458,326.43 82,507.60 19,658,019.03 37,053,102.40 5,466,217.90-106,507.36 42,412,812.94 B 2009 45,977,107.16 3,988,046.50-1,556,992.29 48,408,161.37 2008 153,850,874.27 15,043,255.90 517,475.91 169,411,606.08 2007 86,920,120.10 6,037,503.37 1,561,714.90 94,519,338.37 286,748,101.53 25,068,805.77 522,198.52 312,339,105.82 4 4.1 4.1.1 2004 5 12 2007 10 8 2.5 2009 12 2004 9 15 1,669,305,034.88 2005 4 13 991,360,522.73 2005 10 11 767,620,088.15 2006 04 26 6,435,738,977.50 2006 09 20 5,480,692,618.04 2007 04 13 9,884,799,607.98 2007 10 22 29,572,160,439.53 2008 5 21 1,423,318,139.20 2009 1 21 826,057,598.05 2009 6 24 1,801,237,418.78 A 423,047,194.30 B 1,378,190,224.48 10
4.1.2 2008-11-29-2009-9-17 - 7 15 2003 2007 2007 6 2008 6 2009 6 2009 5 1. 2. 4.2 4.3, 2009 11
4. 4 2009 4 GDP 6.2% 10.7% 8.7%CPI 2 9 11 2009 2008 6 IPO 7 1 6 1.76% 7 1.0% 7 2.27% 1.56% 1 1.1% 2.05% 100 -- AAA 75 120 3 2009 75 2009 12 31 B A 1.176% 0.934% B A 1.0174% 0.7748% 4.5 2010 09 1-2 12
2009 2010 2010 4.6 1 2 3 4 5, 4.7 25,, 2009 A 4,233,456.91,B 48,408,161.37 13
5 5.1 5.2 A 4,233,456.91 B 48,408,161.37 5.3 6 (2010) (1) (2) (3) 14
200912312009 7 7.1 2009 12 31 2009 12 31 2008 12 31 7.4.7.1 243,283,716.51 1,820,743.94 46,129,523.81 27,585,000.00 - - 7.4.7.2 1,719,829,065.75 4,660,136,855.21 - - - - 1,719,829,065.75 4,660,136,855.21 15
- - 7.4.7.3 - - 7.4.7.4 3,001,600,000.00 1,109,900,000.00-298,887,385.00 7.4.7.5 20,408,230.19 - - - - - - 7.4.7.6 - - 2009 12 31 2008 12 31 - - - - 7.4.7.3 - - - - - 199,255.09 7.4.7.7 54,824.22 - - - 7.4.7.8 - - 7.4.7.9 4,887,096,906.81 6,098,144,498.21 7.4.7.10 - - 4,887,096,906.81 6,098,144,498.21 5,031,250,536.26 6,106,577,794.18 2009 12 31 A B 1.000 4,887,096,906.81 A 264,681,237.16 B 4,622,415,669.65 7.2 16
2009 1 1 2009 12 31 2009 1 1 2009 12 31 2008 1 1 2008 12 31 76,893,885.43 219,047,270.30 1. 76,139,938.66 209,228,721.62 7.4.7.11 3,932,586.04 54,899,357.08 173,512,707.71 - - 17,307,995.54 30,486,974.22 - - 2. - 753,946.77 9,768,548.68 7.4.7.12 - - - - 7.4.7.13 753,946.77 - - 7.4.7.14 - - 7.4.7.15 - - 3. - 7.4.7.16 - - 4. - - 5. - 7.4.7.17-50,000.00 24,252,267.15 31,114,327.22 1 21,677,884.59 2 6,569,056.01 3 2,351,409.35 4 7.4.7.18 - - 5 - - - - 6 7.4.7.19 - - - - 7.3 2009 1 1 2009 12 31 2009 1 1 2009 12 31 17
6,098,144,498.21-6,098,144,498.21-52,641,618.28 52,641,618.28-1,211,047,591.40 - -1,211,047,591.40-1. 28,297,244,678.50-28,297,244,678.50 2. -29,508,292,269.90 - -29,508,292,269.90 - -52,641,618.28-52,641,618.28-4,887,096,906.81-4,887,096,906.81 2008 1 1 2008 12 31 5,100,085,333.54-5,100,085,333.54-187,932,943.08 187,932,943.08 998,059,164.67-998,059,164.67-1. 44,392,537,889.97-44,392,537,889.97 2. -43,394,478,725.30 - -43,394,478,725.30 - -187,932,943.08-187,932,943.08-6,098,144,498.21-6,098,144,498.21 7.1 7.4 18
19
7.4 7.4.1 ( )( )[2005] 15 () 991,196,238.02 (2005) 38 2005 4 13 991,360,522.73 164,284.71 A B A 5,000,000 B B 500,000 A 397 2008 6 1 6 2010 3 30 7.4.2 2006 2 15 38 ( )[2010]5 XBRL 3 <> 2007 5 15 7.4.4 7.4.3 2009 2009 12 31 2009 7.4.4 7.4.4.1 1 1 12 31 7.4.4.2 20
7.4.4.3 (1) (2) 7.4.4.4 7.4.4.5 0.25% (1) 21
(2) (3) 7.4.4.6 7.4.4.7 1.00 AB 7.4.4.8 7.4.4.9 /() 7.4.4.10 7.4.4.11 1.00 7.4.4.12 22
(1) (2) (3) 7.4.4.13 7.4.5 7.4.5.1 7.4.5.2 7.4.5.3 7.4.6 [2002]128 [2004]78 [2008]1 (1) (2) (3) 20% 7.4.7 7.4.7.1 2009 12 31 2008 12 31 243,283,716.51 1,820,743.94 23
- - - - 243,283,716.51 1,820,743.94 7.4.7.2 1 2/ 7.4.7.3 / 7.4.7.4 7.4.7.4.1 2009 12 31 3,001,600,000.00 - - - 3,001,600,000.00-2008 12 31 1,109,900,000.00 - - - 1,109,900,000.00-7.4.7.4.2 24
7.4.7.5 2009 12 31 2008 12 31 37,025.74 90,124.32 - - - - 17,759.83 13,378.78 20,189,973.05 8,080,004.58 163,471.57 64,302.35 - - - - 20,408,230.19 8,247,810.03 7.4.7.6 7.4.7.7 2009 12 31 2008 12 31 20,764.72 20,764.72 4,250.00 34,059.50 25,014.72 54,824.22 7.4.7.8 2009 12 31 2008 12 31 110000.00 110,000.00 240000.00-4500.00 4,500.00 354,500.00 114,500.00 7.4.7.9 2009 1 1 2009 12 31 () A 658,893,075.19 658,893,075.19 25
12,414,488,686.68 12,414,488,686.68 (-) -12,808,700,524.71-12,808,700,524.71 264,681,237.16 264,681,237.16 2009 1 1 2009 12 31 () B 5,439,251,423.02 5,439,251,423.02 15,882,755,991.82 15,882,755,991.82 (-) -16,699,591,745.19-16,699,591,745.19 4,622,415,669.65 4,622,415,669.65 7.4.7.10 A - - - 4,233,456.91-4,233,456.91 - - - - - - - - - -4,233,456.91 - -4,233,456.91 - - - B - - - 48,408,161.37-48,408,161.37 - - - - - - - - - -48,408,161.37 - -48,408,161.37 - - - 7.4.7.11 26
7.4.7.12 7.4.7.13 20091120091231 20081120081231 1,447,961,581.98 5,440,020,801.54 1,447,207,635.21 5,428,438,210.34-1,814,042.52 753,946.77 9,768,548.68 7.4.7.14 7.4.7.15 7.4.7.16 7.4.7.17 2009 1 1 2009 12 31 2008 1 1 2008 12 31-50,000.00-50,000.00 7.4.7.18 7.4.7.19 27
2009 1 1 2008 1 1 2009 12 31 2008 12 31 110,000.00 110,000.00 240,000.00 240,000.00 100,000.00 100,000.00 18,000.00 18,000.00 16,727.76 47,977.27 484,727.76 515,977.27 7.4.8 7.4.8.1 7.4.8.2 2010 1 2010/01/25 2009/12/25-2010/01/24 2 2010/02/25 2010/01/25-2010/02/24 3 2010/03/25 2010/02/25-2010/03/24 7.4.9 28
J.P. Morgan 8CS Investments (GP) Limited (2009 10 27 J.P.Morgan Asset Management Real Estate Advisers Limited) 7.4.10 7.4.10.1 7.4.10.2 7.4.10.2.1 2009 1 1 2009 12 31 2008 1 1 2008 12 31 16,870,938.15 21,677,884.59 201,080.56 227,462.41 : 0.33% X 0.33% / 7.4.10.2.2 2009 1 1 2009 12 31 2008 1 1 2008 12 31 5,112,405.76 6,569,056.01 : 0.10% X 0.10% / 7.4.10.2.3 2009 1 1 2009 12 31 A B 720,542.81 433,083.27 1,153,626.08 29
427,212.39 3,772.84 430,985.23 1,147,755.20 436,856.11 1,584,611.31 2008 1 1 2008 12 31 A B 904,794.67 551,494.98 1,456,289.65 635,745.35 7,121.92 642,867.27 1,540,540.02 558,616.90 2,099,156.92 A B 0.25% 0.01% X / 7.4.10.3 () 2009 1 1 2009 12 31 199,963,619.67 - - - - - 2008 1 1 2008 12 31 1,245,168,592.62 - - - - - 7.4.10.4 7.4.10.5 2009 1 1 2009 12 31 2008 1 1 2008 12 31 243,283,716.51 2,048,903.29 1,820,743.94 4,462,946.11 : 7.4.10.6 7.4.10.7 30
7.4.11 A 4,279,283.10 176,927.84-222,754.03 4,233,456.91 - B 45,977,107.16 3,988,046.50-1,556,992.29 48,408,161.37-50,256,390.26 4,164,974.34-1,779,746.32 52,641,618.28 - : 52,641,618.28 47,400,029.56 4,164,974.34 1,076,614.38 7.4.12 2009 12 31 7.4.13 7.4.13.1 31
7.4.13.2 2009 12 31 1.84% (2008 12 31 ) 7.4.13.3 () 10% 10% 120 40% () 7.4.13.4 7.4.13.4.1 32
7.4.13.4.1.1 1 5 2009 12 31 3 3 1 5 243,283,716.51 - - 243,283,716.51 46,129,523.81-46,129,523.81 821,810,735.09 898,018,330.66-1,719,829,065.75 3,001,600,000.00-3,001,600,000.00 20,408,230.19 20,408,230.19 4,112,823,975.41 898,018,330.66 20,408,230.19 5,031,250,536.26 139,898,945.39 139,898,945.39-1,175,917.95 1,175,917.95 1,173,395.75 1,173,395.75 355,574.46 355,574.46 93,666.80 93,666.80 25,014.72 25,014.72 1,076,614.38 1,076,614.38 354,500.00 354,500.00 144,153,629.45 144,153,629.45 4,112,823,975.41 898,018,330.66-123,745,399.26 4,887,096,906.81 1 5 5 2008 12 31 3 3 1 1,820,743.94 - - 1,820,743.94 27,585,000.00 - - 27,585,000.00 3,526,087,732.95 1,134,049,122.26-4,660,136,855.21 1,109,900,000.00 - - 1,109,900,000.00-298,887,385.00 298,887,385.00-8,247,810.03 8,247,810.03 4,665,393,476.89 1,134,049,122.26 307,135,195.03 6,106,577,794.18 - - - 33
- 2,356,467.68 2,356,467.68-2,188,658.45 2,188,658.45-663,229.83 663,229.83-199,255.09 199,255.09-54,824.22 54,824.22-2,856,360.70 2,856,360.70-114,500.00 114,500.00-8,433,295.97 8,433,295.97 4,665,393,476.89 1,134,049,122.26 298,701,899.06 6,098,144,498.21 7.4.13.4.1.2 220 7.4.13.4.2 7.4.13.4.3 7.4.14 8 8.1 % 1 1,719,829,065.75 34.18 1,719,829,065.75 34.18 34
- - 2 3,001,600,000.00 59.66 - - 3 289,413,240.32 5.75 4 20,408,230.19 0.41 5 5,031,250,536.26 100.00 8.2 - - - - - - 20% 20% 8.3 8.3.1 60 66 40 180 180 8.3.2 % % 1 30 68.78 2.86 397 - - 2 30 () 60 9.84-397 - - 3 60 () 90 5.54-397 - - 4 90 () 180 2.06-397 - - 35
5 180 () 397 16.32-397 - - 102.54 2.86 8.4 1 - - 2 607,600,384.99 12.43 3 1,022,219,210.94 20.92 1,022,219,210.94 20.92 4 90,009,469.82 1.84 5 - - 6 - - 7 1,719,829,065.75 35.19 8 397 - - 8.5 () 1 0701016 07 16 2,000,000 200,624,824.39 4.11 2 070413 07 13 1,800,000 180,397,413.99 3.69 3 090218 09 18 1,700,000 169,951,747.98 3.48 4 090223 09 23 1,700,000 169,901,941.51 3.48 5 0901036 09 36 1,400,000 138,428,473.22 2.83 6 070222 07 22 1,100,000 110,286,281.67 2.26 7 050413 05 13 1,000,000 100,571,583.12 2.06 8 080201 08 01 1,000,000 100,402,255.08 2.05 9 0901040 09 40 1,000,000 98,777,371.67 2.02 10 0981024 09 CP01 900,000 90,009,469.82 1.84 8.6 0.25()-0.5% 4 0.2811% -0.0567% 0.0385% 36
8.7 8.8 8.8.1 8.8.2 397 397 20% 8.8.3 8.8.4 1-2 - 3 20,408,230.19 4-5 - 6-7 - 8 20,408,230.19 8.8.5 9 9.1 () 37
2009 12 31 A B () 5,427 49,771.19 17,266,456.40 0.35% 247,414,780.76 5.06% 55 84,043,921.27 4,581,609,652.38 93.75% 40,806,017.27 0.83% 5,482 891,480.65 4,598,876,108.78 94.10% 288,220,798.03 5.90% 9.2 10 A B 2005 4 13 577,965,478.90 413,395,043.83 658,893,075.19 5,439,251,423.02 12,414,488,686.68 15,882,755,991.82 12,808,700,524.71 16,699,591,745.19 - - 264,681,237.16 4,622,415,669.65 11 11.1 11.2 2009 2 28 2009520 20091031 38
11.3 11.4 11.5 110,000 5 11.6 11.7 1 127,171,300,000.00 100% 100,000.00 100% 11.8 0.5% 0.5% 11.9 2009 1. 2009 1 19 2. 2009 2 6 39
3. 2009 2 28 4. 5. 6. 7. 8. 9. 10. 11. 12. 2009 2009 3 28 2009 4 9 2009 4 28 2009 5 20 2009 5 22 2009 9 17 2009 9 24 2009 10 31 2009 12 29 12 40
13 1. 2. 3. 4. 5. 6. www.51fund.com 41