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2012 2012 2012 6 30 1 34

2012 1 1.1 2012 8 28 2012 1 1 6 30 2

2012 1.2 1...2 1.1...2 1.2...3 2...5 2.1...5 2.2...5 2.3...5 2.4...6 2.5...6 3...6 3.1...6 3.2...7 4...8 4.1...8 4.2...9 4.3...9 4.4...9 4.5...10 4.6...10 4.7...10 5...10 5.1...10 5.2... 11 5.3... 11 6... 11 6.1... 11 6.2...12 6.3...13 6.4...14 7...25 7.1...25 7.2...26 7.3...26 7.4...28 7.5...30 7.6...30 7.7...30 7.8...30 7.9...30 8...31 3

2012 8.1...31 8.2...31 9...31 10...31 10.1...31 10.2...32 10.3...32 10.4...32 10.5...32 10.6...32 10.7...32 10.8...33 11...33 12...33 12.1...33 12.2...34 12.3...34 4

2012 2 2.1 376510 376510 2010 12 20 899,722,707.43 2.2 300 85%+ 15% 2.3 021-38794999 010-67595003 xia.hong@jpmf-sitico.com yindong.zh@ccb.com 400-889-4888 010-67595096 021-68881170 010-66275853 5

2012 99 20 25 99 20 1 1 200120 100033 2.4 http://www.51fund.com 2.5 99 20 3 3.1 3.1.1 2012 1 1 2012 6 30-62,657,175.36 39,596,534.98 0.0422 5.43% 5.64% 3.1.2 (2012 6 30 ) -222,278,397.79-0.2471 724,588,614.73 0.805 3.1.3 (2012 6 30 ) -19.50% 1. 2. 6

2012 3.2 3.2.1 0.37% 1.11% -5.46% 0.93% 5.83% 0.18% 8.34% 1.01% 0.37% 0.95% 7.97% 0.06% 5.64% 1.18% 4.46% 1.13% 1.18% 0.05% -14.18% 1.18% -15.66% 1.14% 1.48% 0.04% - - - - - - -19.50% 1.06% -19.26% 1.12% -0.24% -0.06% 300 85%+ 15% 3.2.2 2010 12 20 2012 6 30 1. 2010 12 20 2010 12 20 2012 6 30 2. 2010 12 20 2011 6 19 7

2012 4 4.1 4.1.1 2004 5 12 2007 10 8 2.5 2012 6 4.1.2 1999 72002 9 2002 10 2005 5 2005 5 2009 7 2010-12-20-13 2009 7 2009 10 2010 12 8

2012 1. 2. 3. 4.2 4.3 4.3.1 4.3.2 5% 4.4 4.4.1 08 9

2012 4.4.2 5.64% 4.46% 4.5 4.6 4.7 5 5.1 10

2012 5.2 5.3 6 6.1 2012 6 30 2012 6 30 2011 12 31 6.4.7.1 60,327,845.54 109,327,053.29 2,422,292.94 1,959,231.66 1,094,313.34 977,673.70 6.4.7.2 661,019,452.74 638,782,691.88 661,019,452.74 638,782,691.88 - - - - - - 6.4.7.3 - - 6.4.7.4 - - 2,676,574.38 1,837,750.11 6.4.7.5 11,936.56 26,517.90 60,977.48-44,913.83 22,626.87 - - 6.4.7.6 - - 727,658,306.81 752,933,545.41 2012 6 30 2011 12 31 11

2012 - - - - 6.4.7.3 - - - - - 6,593,522.53 237,826.47 242,569.02 885,529.48 980,130.58 147,588.26 163,355.11 - - 6.4.7.7 1,099,140.18 1,264,834.05 - - - - - - - - 6.4.7.8 699,607.69 900,672.17 3,069,692.08 10,145,083.46 6.4.7.9 899,722,707.43 974,416,780.36 6.4.7.10-175,134,092.70-231,628,318.41 724,588,614.73 742,788,461.95 727,658,306.81 752,933,545.41 2012 6 30 0.805 899,722,707.43 6.2 2012 1 1 2012 6 30 2012 1 1 2012 6 30 2011 1 1 2011 6 30 50,169,524.05-52,686,951.62 1. 360,129.51 3,558,996.20 6.4.7.11 353,424.65 1,234,069.91 6,704.86 690,296.98 - - - 1,634,629.31 - - 2. - -52,505,127.60-36,891,942.71 6.4.7.12-56,689,440.76-41,518,800.41 12

2012 - - 6.4.7.13-317,303.46 181,763.92 - - 6.4.7.14 - - 6.4.7.15 4,501,616.62 4,445,093.78 3. 6.4.7.16 102,253,710.34-19,632,559.91-4. - - 5. - 6.4.7.17 60,811.80 278,554.80 10,572,989.07 15,292,235.49 1 5,431,617.80 7,790,204.98 2 905,269.62 1,298,367.52 3 - - 4 6.4.7.18 4,027,030.67 5,991,071.06 5 - - - - 6 6.4.7.19 209,070.98 212,591.93-39,596,534.98-67,979,187.11 - - - 39,596,534.98-67,979,187.11 6.3 2012 1 1 2012 6 30 2012 1 1 2012 6 30 974,416,780.36-231,628,318.41 742,788,461.95-39,596,534.98 39,596,534.98 - -74,694,072.93 16,897,690.73-57,796,382.20 13

2012 1. 13,602,888.43-2,997,777.80 10,605,110.63 2. -88,296,961.36 19,895,468.53-68,401,492.83 - - - - 899,722,707.43-175,134,092.70 724,588,614.73 2011 1 1 2011 6 30 1,190,330,307.52 3,906,720.76 1,194,237,028.28 - -67,979,187.11-67,979,187.11-198,705,676.50 2,376,195.29-196,329,481.21-1. 27,373,396.53-862,131.05 26,511,265.48 2. -226,079,073.03 3,238,326.34-222,840,746.69 - - - - 991,624,631.02-61,696,271.06 929,928,359.96 6.1 6.4 6.4 6.4.1 ( ) ( ) [2010] 1245 1,190,182,910.59 (2010) 408 2010 12 20 1,190,330,307.52 147,396.93 14

2012 80%-95% 80% 0-20% 0-3% 5% 300 85%+ 15% 2012 8 28 6.4.2 2006 2 15 38 ( )[2010]5 XBRL 3 <> 2007 5 15 6.4.4 6.4.3 2012 2012 6 30 2012 6.4.4 6.4.5 6.4.5.1 6.4.5.2 6.4.5.3 6.4.6 [2002]128 [2004]78 [2005]102 [2005]107 [2008]1 (1) (2) 15

2012 (3) 20% 50% 20% (4) 0.1% 6.4.7 6.4.7.1 2012 6 30 60,327,845.54 - - 60,327,845.54 6.4.7.2 2012 6 30 614,225,937.10 661,019,452.74 46,793,515.64 - - - - - - - - - - - - - - - - - - 614,225,937.10 661,019,452.74 46,793,515.64 6.4.7.3 / 6.4.7.4 6.4.7.5 2012 6 30 10,834.80 - - 1,090.00 16

2012 - - 11.76-11,936.56 6.4.7.6 6.4.7.7 2012 6 30 1,099,140.18-1,099,140.18 6.4.7.8 2012 6 30 500,000.00 701.71 198,905.98 699,607.69 6.4.7.9 2012 1 1 2012 6 30 974,416,780.36 974,416,780.36 13,602,888.43 13,602,888.43 - -88,296,961.36-88,296,961.36 899,722,707.43 899,722,707.43 6.4.7.10-176,222,067.62-55,406,250.79-231,628,318.41-62,657,175.36 102,253,710.34 39,596,534.98 16,600,845.19 296,845.54 16,897,690.73-3,082,272.70 84,494.90-2,997,777.80 19,683,117.89 212,350.64 19,895,468.53 - - - 17

2012-222,278,397.79 47,144,305.09-175,134,092.70 6.4.7.11 2012 1 1 2012 6 30 334,488.38 - - 18,925.11 11.16 353,424.65 6.4.7.12 2012 1 1 2012 6 30 1,331,622,324.08 1,388,311,764.84-56,689,440.76 6.4.7.13 2012 1 12012 6 30 27,306,793.90 27,547,580.68 76,516.68-317,303.46 6.4.7.14 6.4.7.15 2012 1 12012 6 30 4,501,616.62-4,501,616.62 6.4.7.16 2012 1 12012 6 30 1. 102,253,710.34 102,253,710.34-18

2012 - - 2. - - 3. - 102,253,710.34 6.4.7.17 2012 1 12012 6 30 51,472.71 9,339.09 60,811.80 1. 25% 2. 25% 6.4.7.18 2012 1 12012 6 30 4,027,030.67-4,027,030.67 6.4.7.19 2012 1 12012 6 30 49,726.04 149,179.94 1,165.00 9,000.00 209,070.98 6.4.8 6.4.8.1 6.4.8.2 6.4.9 6.4.9.1 6.4.9.2 19

2012 ("") 6.4.10 6.4.10.1 6.4.10.2 6.4.10.2.1 2012 1 12012 6 2011 1 12011 6 30 30 5,431,617.80 7,790,204.98 1,592,918.17 3,062,403.27 1.5% X 1.5% / 6.4.10.2.2 2012 1 12012 6 2011 1 12011 6 30 30 905,269.62 1,298,367.52 0.25% X 0.25% / 6.4.10.3 ( ) 6.4.10.4 6.4.10.5 2012 1 12012 6 30 2011 1 12011 6 30 60,327,845.54 334,488.38 50,336,855.39 1,193,269.23 20

2012 6.4.10.6 6.4.10.7 6.4.11 6.4.12 2012 6 30 6.4.12.1 / 6.4.12.1.1 () 002029 12/06/26 13/06/27 23.00 23.08 500,000 11,500,000.00 11,540,000.00 6.4.12.2 6.4.12.3 6.4.13 6.4.13.1 21

2012 6.4.13.2 2012 6 30 (2011 12 31 ) 6.4.13.3 10% 10% 6.4.12 ( ) 22

2012 6.4.13.4 6.4.13.4.1 6.4.13.4.1.1 2012 6 30 3 3 1 1 5 5 60,327,845.54 - - - - 60,327,845.54 2,422,292.94 - - - - 2,422,292.94 - - - - 1,094,313.34 1,094,313.34 - - - - 661,019,452.74 661,019,452.74 - - - - 60,977.48 60,977.48 - - - - 11,936.56 11,936.56 297.77 - - - 44,616.06 44,913.83 - - - - 2,676,574.38 2,676,574.38 62,750,436.25 - - - 664,907,870.56 727,658,306.81 - - - - 237,826.47 237,826.47 - - - - 885,529.48 885,529.48 - - - - 147,588.26 147,588.26 - - - - 1,099,140.18 1,099,140.18 - - - - 699,607.69 699,607.69 - - - - 3,069,692.08 3,069,692.08 62,750,436.25 - - - 661,838,178.48 724,588,614.73 2011 12 31 3 3 1 1 5 5 109,327,053.29 - - - - 109,327,053.29 1,959,231.66 - - - - 1,959,231.66 - - - - 977,673.70 977,673.70 23

2012 - - - - 638,782,691.88 638,782,691.88 - - - - 1,837,750.11 1,837,750.11 - - - - 26,517.90 26,517.90 5,167.99 - - - 17,458.88 22,626.87 111,291,452.94 - - - 641,642,092.47 752,933,545.41 - - - - 6,593,522.53 6,593,522.53 - - - - 242,569.02 242,569.02 - - - - 980,130.58 980,130.58 - - - - 163,355.11 163,355.11 - - - - 1,264,834.05 1,264,834.05 - - - - 900,672.17 900,672.17 - - - - 10,145,083.46 10,145,083.46 111,291,452.94 - - - 631,497,009.01 742,788,461.95 6.4.13.4.1.2 2012 6 30 (2011 12 31 ) (2011 12 31 ) 6.4.13.4.2 6.4.13.4.3 80%-95% 0-20% 0-3% VaR(Value at Risk) 6.4.13.4.3.1 2012 6 30 2011 12 31 24

2012 % % - 661,019,452.74 91.23 638,782,691.88 86.00 - - - - - - - - - 661,019,452.74 91.23 638,782,691.88 86.00 6.4.13.4.3.2 300 2012 6 30 2011 12 31 1.3005% 3,261 3,108 2.3005% 3,261 3,108 6.4.14 7 7.1 % 1 661,019,452.74 90.84 661,019,452.74 90.84 2 - - - - - - 3 - - 4 - - - - 5 62,750,138.48 8.62 6 3,888,715.59 0.53 7 727,658,306.81 100.00 2012 6 30 724,588,614.73 0.805 0.805 25

7.2 2012 A - - B 16,834,204.50 2.32 C 346,873,591.23 47.87 C0 80,597,849.04 11.12 C1 18,864,550.00 2.60 C2 - - C3 - - C4 4,798,542.08 0.66 C5 96,990,024.67 13.39 C6 9,690,788.71 1.34 C7 38,413,337.03 5.30 C8 97,518,499.70 13.46 C99 - - D 12,979,806.15 1.79 E 26,348,956.63 3.64 F - - G 28,656,645.80 3.95 H 6,207,016.00 0.86 I 80,877,346.70 11.16 J 76,272,983.16 10.53 K 59,576,168.99 8.22 L 6,392,733.58 0.88 M - - 661,019,452.74 91.23 7.3 1 600016 4,201,888 25,169,309.12 3.47 2 600519 104,623 25,020,590.45 3.45 3 002241 639,325 23,328,969.25 3.22 4 600518 1,418,758 21,877,248.36 3.02 5 600048 1,839,144 20,855,892.96 2.88 6 300070 690,652 20,650,494.80 2.85 26

2012 7 300115 856,147 20,376,298.60 2.81 8 000024 780,114 19,136,196.42 2.64 9 601318 415,205 18,991,476.70 2.62 10 601788 1,429,200 18,822,564.00 2.60 11 002353 347,097 16,834,204.50 2.32 12 600199 672,374 16,795,902.52 2.32 13 002635 348,872 16,243,480.32 2.24 14 002236 505,294 15,512,525.80 2.14 15 600535 341,605 14,934,970.60 2.06 16 600383 2,300,505 14,907,272.40 2.06 17 000718 1,739,505 14,089,990.50 1.94 18 002029 500,000 11,540,000.00 1.59 19 002310 195,839 11,497,707.69 1.59 20 002304 77,124 10,377,034.20 1.43 21 000049 285,249 10,069,289.70 1.39 22 600750 342,210 9,551,081.10 1.32 23 601166 722,500 9,378,050.00 1.29 24 002672 156,263 9,219,517.00 1.27 25 601633 512,149 9,116,252.20 1.26 26 600011 1,355,055 8,740,104.75 1.21 27 000538 143,588 8,511,896.64 1.17 28 000826 366,400 8,390,560.00 1.16 29 300088 497,309 8,295,114.12 1.14 30 600079 352,284 8,169,465.96 1.13 31 600406 427,262 7,985,526.78 1.10 32 000823 547,300 7,634,835.00 1.05 33 002081 199,328 7,574,464.00 1.05 34 601566 263,000 7,324,550.00 1.01 35 000926 779,832 7,283,630.88 1.01 36 002375 294,726 7,276,784.94 1.00 37 300026 301,809 7,249,452.18 1.00 38 000799 135,280 7,088,672.00 0.98 39 000157 684,930 6,869,847.90 0.95 40 000895 110,000 6,806,800.00 0.94 41 002038 210,320 6,772,304.00 0.93 42 600887 308,069 6,340,060.02 0.87 43 000848 357,647 6,276,704.85 0.87 44 002099 566,304 6,025,474.56 0.83 45 600594 295,814 5,857,117.20 0.81 46 300241 444,623 5,793,437.69 0.80 47 601888 190,437 5,374,132.14 0.74 27

2012 48 600893 399,918 5,202,933.18 0.72 49 600315 123,008 4,798,542.08 0.66 50 002007 194,795 4,788,061.10 0.66 51 000527 432,461 4,778,694.05 0.66 52 300219 473,600 4,641,280.00 0.64 53 002400 238,863 4,574,226.45 0.63 54 002415 163,632 4,450,790.40 0.61 55 002179 323,476 4,438,090.72 0.61 56 601601 197,600 4,382,768.00 0.60 57 000888 A 200,000 4,276,000.00 0.59 58 000539 A 642,379 4,239,701.40 0.59 59 601336 120,712 4,133,178.88 0.57 60 000963 134,700 4,067,940.00 0.56 61 600763 178,380 3,910,089.60 0.54 62 002384 335,400 3,823,560.00 0.53 63 600329 305,200 3,781,428.00 0.52 64 300291 59,291 3,404,489.22 0.47 65 600549 75,419 3,311,648.29 0.46 66 300015 151,700 3,181,149.00 0.44 67 300058 179,044 2,988,244.36 0.41 68 600720 244,086 2,555,580.42 0.35 69 002273 134,761 2,518,683.09 0.35 70 002638 150,400 2,376,320.00 0.33 71 002230 113,801 2,241,879.70 0.31 72 000669 *ST 84,100 2,185,759.00 0.30 73 600729 75,800 2,139,076.00 0.30 74 002570 93,900 1,892,085.00 0.26 7.4 7.4.1 2% 20 1 600837 27,793,841.86 3.74 2 601788 27,041,293.58 3.64 3 002241 25,520,104.11 3.44 4 300070 23,953,947.30 3.22 5 000401 23,286,518.90 3.14 6 000527 21,936,631.79 2.95 7 000157 21,610,706.28 2.91 28

2012 8 601166 20,230,288.59 2.72 9 600518 19,293,474.60 2.60 10 600101 18,983,894.52 2.56 11 601328 18,977,768.00 2.55 12 002024 18,812,440.81 2.53 13 601601 18,525,112.91 2.49 14 600893 17,964,000.83 2.42 15 000926 16,596,946.90 2.23 16 300115 16,297,734.69 2.19 17 000718 16,142,622.27 2.17 18 600535 16,102,091.62 2.17 19 600016 15,804,900.64 2.13 20 600199 15,752,815.34 2.12 21 600383 15,670,700.56 2.11 22 000024 15,516,409.08 2.09 7.4.2 2% 20 1 000423 39,150,820.17 5.27 2 601601 34,302,073.86 4.62 3 600837 31,293,305.43 4.21 4 600036 30,563,731.40 4.11 5 000401 26,713,901.82 3.60 6 002241 26,067,686.98 3.51 7 000024 22,334,808.90 3.01 8 600104 21,764,334.58 2.93 9 600030 20,491,774.71 2.76 10 000002 20,401,777.30 2.75 11 601328 19,713,491.26 2.65 12 002086 19,582,108.85 2.64 13 600101 18,827,274.56 2.53 14 000895 18,045,881.35 2.43 15 600048 17,063,205.30 2.30 16 601288 16,448,478.42 2.21 17 002024 16,357,273.27 2.20 18 600000 16,177,916.02 2.18 19 600016 15,995,338.30 2.15 20 000527 15,646,231.33 2.11 29

2012 21 601699 15,308,649.37 2.06 7.4.3 1,308,294,815.36 1,331,622,324.08 7.5 7.6 7.7 7.8 7.9 7.9.1 7.9.2 7.9.3 1 1,094,313.34 2 2,676,574.38 3 60,977.48 4 11,936.56 5 44,913.83 6-7 - 8-9 3,888,715.59 30

2012 7.9.4 7.9.5 7.9.6 8 8.1 ( ) 15,065 59,722.72 231,823,414.82 25.77% 667,899,292.61 74.23% 8.2 600,797.77 0.0668% 00 9 2010 12 20 1,190,330,307.52 974,416,780.36 13,602,888.43 88,296,961.36-899,722,707.43 10 10.1 31

2012 10.2 10.3 10.4 10.5 10.6 10.7 10.7.1 1 946,685,308.12 36.02% 809,430.12 36.81% - 1 888,368,009.23 33.80% 727,366.84 33.07% - 1 484,277,149.57 18.43% 411,634.85 18.72% - 1 308,624,489.28 11.74% 250,759.41 11.40% - 1. 2. 1, 2, 3, 32

2012 4,, 5,, 3. 1 2 4. 2012 10.7.2 27,560,860.00 50.18% - - - - - - - - - - 27,363,326.40 49.82% - - - - - - - - - - 10.8 1. 2012 1 17 2. 2012 6 28 11 2012 1 16, 2012 1 16 12 12.1 1. 33

2012 2. 3. 4. 5. 6. 12.2 12.3 www.51fund.com 34