1-2-1-- 1 -
2006 4 28 1-2-1-- 2 -
() [1999]121 1999 1-2-1-- 3 -
12 29 1995 10 25 24.815 2002 [2002]129 2002 12 17 45% 2002 12 19 55% 40,000 [2002]196 40,000 2003 1 6 2002 2003 8.16 3.65 2004 8.14 1.66 2005 9.18 4.00 2005 12 31 203.16 56.46 2005 12 31 65,782 2005 12 31 1-2-1-- 4 -
1979 10 300 () 3.42 3.00 9.09 63.91% 44.70% 10.49% 38.99% 30.89% 9.49% 2.28 2.17 2.21 21.40% 23.73% 6.48% 33.65% 39.72% 7.40% 8.22% 7.53% 6.55% 5.21% 4.22% 7.78% 63.98% 64.32% 61.52% 40.99 43.49 48.48 0.73 0.81 0.88 113.59% 181.08% 843.32% 46.46 34.35 46.49 1-2-1-- 5 -
100 1-2-1-- 6 -
12006 06 2 RMB1,500,000,000 100 315 4 5 31 5 100 6 7 AAA AA+ 8 9 2006 5 29 2006 5 31 3 10 15 11 1215 13 12 5 17 3 20 1-2-1-- 7 -
1030 01084588888 01084865561 19 B 01066575888 01065232181 A2 17 01068569800 010685695 90 168 2103A 021-62495619 021-62494026 26 B 20 (010)64606677 01084583355 1-2-1-- 8 -
01084868648 01064661145 8 C 01084865390 33 B 5 01088087972 2006 5 25 1-2-1-- 9 -
1 2 1 2 3 4 AA+ AAA AAA, 1-2-1-- 10 -
2006 1 17 1-2-1-- 11 -
4.5 2004 2005 12 31 38.99 24.60 26.58% 11.89 20.53% 2005 27 " " 1-2-1-- 12 -
2003 2005 23% 12% WTO IT 1-2-1-- 13 -
2000 2001 2 B 1-2-1-- 14 -
1-2-1-- 15 -
1-2-1-- 16 -
[ ] 12006 2 RMB1,500,000,000, 3 100 4 100 5 6 7 8 9 10 5 31 11 5 31 12 5 31 132021 5 31 14 1 1-2-1-- 17 -
2 3 4 15 1-2-1-- 18 -
2006 2 2006 AA+ AAA 1994 10 AA+ AAA AAA, AA+ 1 1-2-1-- 19 -
2 10 2006 15 15 AAA 2002-2004 2005 1-2-1-- 20 -
2003-2005 1-2 2004 2004 4.5 5 3.9 1-2-1-- 21 -
2006 3 15 1979 10 2004 300 20 43 2004 7014.11 486.18 2004 567.94 17.81 85% 2000 10 2002 6 2002 8 15% 1-2-1-- 22 -
2002 2003 2004 5011.193 5966.61 7014.11 450.52 465.68 486.18 367.56 450.14 567.94 45.07 51.56 88.43 22.55 17.13 17.82 0.97% 0.94% 1.36% 5.16% 3.74% 3.74% 242.56 311.77 317.89 39.40% 43.36% 42.05% 35.03% 40.10% 39.65% EBITDA - - 46.26 X - - 3.06 /EBITDA - - 6.87 1982 100 2002 24 50 2001200220032005 35 45 100 90 2005 407.89 375.15 1-2-1-- 23 -
2002-2004 24.3% 40.1% 2002 0.97% 1.36% 110 2004 18.14 11.92 15.12 1.08 46.26 3.06 6.87 2004 EBITDA 3.06 /EBITDA 6.87 1-2-1-- 24 -
75% 50% 45 110% 1-2-1-- 25 -
20 1 2 3 1-2-1-- 26 -
1 2 3 4 1 15 2 15 5 1-2-1-- 27 -
2006 1 2 1-2-1-- 28 -
1-2-1-- 29 -
1 2 3 4 5 1-2-1-- 30 -
2006 2 1988 1 2 3 4 5 6 7 1 2 3 1-2-1-- 31 -
4 5 6 30 10% 7 8 9 10 11 1 2 3 4 5 1-2-1-- 32 -
6 1-2-1-- 33 -
[1999]121 1999 12 29 1 CITIC Securities Company LimitedCITIC Securities Co., Ltd. 2 31999 12 29 4 1030 518001 507558248517701084588888 07558248522501084865567 6http://www.ecitic.com http://www.citics.com 7zxzq@citics.com 2002 [2002]129 2002 12 17 45% 2002 12 19 55% 40,000 4.50 / [2002]196, 40,000 2003 1 6 24.815 2003 8.16 3.65 2004 8.14 1.66 2005 9.18 4.00 2005 12 31 203.16 56.46 40.99 180 50 2003 2004 2005 1-2-1-- 34 -
15 2005 427 1 1995313 1995 10 25 2 1999 3 15 1999 7 5 199950 1999 78 4 40 4 48 4 10 10 40 4 1.60 10.815 1999 9 9 99 146 199950 1999 10 27 1999121 1999 12 29 1000001001830 20.815 2000 4 6 6 1030 3 2002 [2002]129 2002 12 17 45% 2002 12 19 55% 40,000 4.50 / 1-2-1-- 35 -
[2002]196, 40,000 2003 1 6 1 1 % 1 78,780 37.85 2 20,000 9.61 3 20,000 9.61 4 12,500 6.01 5 10,000 4.80 6 9,500 4.56 7 6,250 3.00 8 6,000 2.88 9 5,000 2.40 10 5,000 2.40 2 12002 [2002]129 2002 12 17 45% 2002 12 19 55% 40000 4.5 / [2002]196 40000 2003 1 6 2 3 160 4 3000 1-2-1-- 36 -
3 2005 2005 1, 10 3.5 2 3, 14,000, 4, 12, 1%,,,, 12,, 12 5%, 24 10% 2005 8 15 1-2-1-- 37 -
1 807800000 32.55% -54332006 753467994 30.36% 11642587 2 200,000,000 8.06% -13,451,837 186,548,163 7.52% 3 200,000,000 8.06% -13,451,837 186,548,163 7.52% 4 5 6 7 8 9 10 125,000,000 5.04% -8,407,398 116,592,602 4.70% 100,000,000 4.03% -6,725,918 93,274,082 3.76% 62,500,000 2.52% -4,203,699 58,296,301 2.35% 60,000,000 2.42% -4,035,551 55,964,449 2.26% 55,000,000 2.22% -3,699,255 51,300,745 2.07% 50,000,000 2.01% -3,362,959 46,637,041 1.88% 50,000,000 2.01% -3,362,959 46,637,041 1.88% 1-2-1-39
CITICS 2000 7 7 CITICS 200009931320000993142001 11 14 1667847 2001 9 23 CITICS 29 25 4 11999121 2 2002 7 16 Z20374000 3 2000 3 16 SC200004 4 2002 11 12 99-Z06 5 2002 1 17 02Y-112 6 2000 6 1 0009 72002 5 8 [2002]112 82001 2 7 20013 92000 3 16 2000120 102001 11 2 [2001]866 112003 7 3 2003121 122003 8 8 1-2-1-40
132004 10 142005 8 2005 12 31 1029 CITICS 1-2-1-41
17 208,150 2002 12 40,000 16.12% 2 % % 78,780 37.85 78,780 31.75 20,000 9.61 20,000 8.06 20,000 9.61 20,000 8.06 12,500 6.01 12,500 5.04 10,000 4.80 10,000 4.03 9,500 4.56 9,500 3.83 6,250 3.00 6,250 2.52 6,000 2.88 6,000 2.42 5,000 2.40 5,000 2.01 5,000 2.40 5,000 2.01 2005 8 39 1 1-2-1-42
1 1979 10 300 6 2 2004 12 31 7,014.11 486.18 2004 76.89 17.82 3 29.89% 43 2 1993 6 56,809.50 1 600177 26.13%14.44% 13.66% 44.77% 2005 10254 2004 12 31 101.42 34.21 2004 41.55 5.58 7.40% 33 3 1994 5 50,000 1 2005 12 31 178.80 40.67 7.40% 16 1-2-1-43
17 1 40 8 1 1-2-1-44
( 1 () ( 15 ) ( 21 ) 1-2-1-- 45 -
1 40 8 2 1 2004 4 8 2005 12 31 73.64% 2005 389 18 7 2005 12 31 165,094.61 14,129.3 2,094.49 3,072.02 35 11 11 9 19 5 4 4 2005 2 2005 [2005]96 2,700,000,000 16.2 60% 10.8 40% 2005 9 12 16.2 2005 9 13 [2005]67 10.8 2005 11 2 1-2-1-- 46 -
110000190176844 66 4 2005 11 02 2055 11 01 3 2005 4 18,, 2005 7 [2005]73,,2005 11 15, [2005]305,, 2005 11 23 1000 2006 1 3 20% 3 4 4 2003 10 15 1-2-1-- 47 -
1 49 86 5 50 64% 2005 12 31 19,348 5,097 14,505 6,218 2005 12 15 5 2005 9 30 19 30% 2005 12 31 33.9-204 6 2005 12 27 100 50% 2004 3 300 50 50 50% 1-2-1-- 48 -
1 1 2 1995 2003 2004 234.50 204.37 120.32 116.35 05 5 IPO 117.69 2.98 403.25 429.41 955.69 166 2003 2004 2005 2,029 410 4,981 03 03 3 2 1 2005 12 31 24.815 56.46 1-2-1-- 49 -
40.99 2 2 QFII S&P 300 50 1 2003 120.32 8.86%2004 106.37 12.442005 IPO 12.85 2003 2004 2005 114.18 98 955.69 2002 2003 2004 101.50 87.5 108.40 5.20%2.20% 2.31% 2003 100.10 2004 107.20 2 2003 2004 2005 1,511.11 1,511.69 1,154.84 2003 1,130.83 1.73%2004 1,315.5 1.55%2005 1,058.75 1.50% 1-2-1-- 50 -
2004 4 1 1996 1995 2005 12 31 145 1,347.83 2003 234.50 120.32 8.86%2004 204.37 106.37 12.44%2005 117.69 2.99 2002 30.30 1-2-1-- 51 -
90 2003 6 2004 4 2005 1 2 42 2003 4 114.18 2004 3 98 2005 6 114.70 2003 30 03 2003 03 03 2002 16 88.3 1.90%2003 14 87.5 2.31% 2004 14 108.40 3 2005 12 31 166 2003 27 2,029 2004 25 3023 2005 35 4,981 2002 2003 2004 2005 26.64 35.54 30.59 48.61%66.13% 54.18% 2.44-1.63 2.35 2005 1-2-1-- 52 -
2004 2004 42.7 2005 4 7 [2005]57 2005 4 9 2005 4 18 2005 6 16 1,089,378,161.19 2005 6 16 32,681,344.84 1.00 1,122,059,506.03 242,242.80 242,242.80 2005 12 31 1,190,186,628.33 2.31% 2 2006 1 26 11 2005 2002 2003 42.45 1.72 0.08 2004 42.70 1.02 0.07 2005 22.82 1.03 0.15 20032004 2005 1511.11 1511.69 1151.84 2003 1,130.83 1.73%2004 1,315.5 1.55%2005 1,058.75 1-2-1-- 53 -
1.50% 2003 261.21 22.97%2004 684.38 2003 9.24% 483.90 2003 85.25%2005 539.12 2004 21.23% A 475.62 1 1996 1-2-1-- 54 -
30 2003 7 2 3 2005 2003 1,074.64 1,250.32 % 1.30 1.53 4 1 a. b. c. 1-2-1-- 55 -
d. 2 30 3 2003 1,438 123 a. b. CDR c. 2003 3 d. e.s&p 300 1-2-1-- 56 -
50 2004 3 1 300 A A 300 50 ETFs 300 50 1 2003 2004 2005 305 84.5 86.9 2 3 1-2-1-- 57 -
19 9 5 2 19 111 1 54 2 45 3 40 4 50 5 43 Greenwich Capital MarketsBank of Tokyo Securities Springfield Financial Advisory Limited 2000 3 CITIC Pacific Communications Limited 1-2-1-- 58 -
6 55 1998 7 45 8 60 9 43 10 50 11 53 28 1 51 2002 5 2 61 3 62 1-2-1-- 59 -
4 63 5 50 6 50 7 56 8 55 9 1 53 2 55 3 53 1-2-1-- 60 -
4 35 5 41 6 49 7 38 8 49 9 38 8 5859 1 39,, 2 50,, 3 38, 4 44, 5 46 1-2-1-- 61 -
6 53,, 1000 18 1-2-1-- 62 -
1-2-1-- 63 -
(2004) 009-41 (2005) 009-01 (2006) 009-01 2003 12 31 2004 12 31 2005 12 31 2003 2004 2005 2003 2004 2005 1-2-1-- 64 -
1-2-1-- 65 -
1-2-1-- 66 -
1-2-1-- 67 -
1,041,900,947.15 2,881,210,544.53-8,716,271.64 320,519,109.56 177,225,330.18 8,380,536,342.97 16,627,894,408.04 299,212,116.86 29,737,215,070.93 - - 955,875,341.58-17,693,168.74 69,224,551.48 16,479,232,035.82 7,811,929,103.22 197,377,478.18 265,610,156.07 32,714,501.74 17,134,346.74 321,600,620.73 26,168,391,304.30 3,568,823,766.63 1-2-1-- 68 -
1-2-1-- 69 -
()/( ) ()/ ()/( ) / / / / / / =/ // 9 1-2-1-- 70 -
0.16 7.54 0.17 1 3.42 3.00 9.09 38.99% 30.89% 9.49% 21.40% 23.73% 6.48% 20.53% 27.45% 6.69% 5.02% 5.21% 5.93% 19.59% 34.96% 37.91% 38.22% 64.70% 44.60% 70.91% 66.24% 86.26% 74.47 50 2 2005 1-2-1-- 71 -
128,565.04 13.89% 180,044.69 23.15% 198,058.70 32.70% 29,448.79 3.18% 97,603.50 12.55% 26,875.62 4.44% 91,402.77 9.88% 29,937.03 3.85% 8,621.46 1.42% 41,325.97 4.47% 102,820.17 13.22% 81,629.45 13.48% 78,656.94 8.50% 93,904.84 12.08% 106,878.63 17.65% 0 0.00% 14,500.18 1.86% 90,001.18 14.86% 118,931.95 12.85% 38,189.22 4.91% 40,349.82 6.66% 71,039.37 7.68% 175,237.20 22.54% 184.70 0.03% 46,439.40 5.02% 40,484.94 5.21% 35,896.19 5.93% 319,695.37 34.54% 4,868.34 0.63% 17,115.53 2.83% 925,505.60 777,590.11 605,611.28 128,565.04 194,544.87 288,059.88 13.89% 25.02% 47.57% 319,587.32 566,507.08 476,752.66 34.53% 72.85% 78.72% 30 60 2004 4.5 3 1-2-1-- 72 -
2006 2 17 2005 2004 1-2-1-- 73 -
2003 2005 12 12 2005 12 16 2005 12 31 2,751,505,065.87 2006 1 12 135,180,951.57 16.08 2005 12 31 1-2-1-- 74 -
2005 12 16 [2005] 5133-4 2005 1,002,000,000.00 1,002,000,000.00 964,764,294.85 401,311,109.00 563,453,185.85 1 3 2 1 2006 3 31 264,031.48 12006 1 13,518.10 2 159.87 3 2,558.94 2006 12 31 1-2-1-- 75 -
2005 1-2-1-- 76 -
1. 2. 3. 4. 5. 15 15 1 1 1-2-1-- 77 -
2 3 WTO 4 5 IPO 2 1 2005 203.16 56.46 2 38.99% 15 47.50% 3 2004 2.16 2005 3.79 1 22002 180 2004 500 1-2-1-- 78 -
20 3 10,588,069,067.92 5,437,431,822.28 7,153,101,885.86 813,904,781.14 1-2-1-- 79 -
1-2-1-- 80 -