2010 2010 2010 12 31 1
2010 2011 3 28 2010 1 1 12 31 2
2010 3
2010 4
2010 021-38794999 010-67595003 xia.hong@jpmf-sitico.com yindong@ccb.cn 400-889-4888 010-67595096 021-68881170 010-66275853 5
2010 9920 25 9920 11 200120 100033 http://www.51fund.com 118,555,555.77 238,701,706.19 56,949,038.21 383,719,999.43 0.0596 0.4202 4.21% 30.85% 4.56% 53.00% 379,154,288.64 329,240,911.97 0.4233 0.3398 1,391,424,010.29 1,482,027,795.03 1.553 1.530 59.97% 53.00% 1 6
2010 2 3.2.1 5.72% 1.84% 5.84% 1.44% -0.12% 0.40% 28.03% 1.55% 25.61% 1.29% 2.42% 0.26% 4.56% 1.50% 2.13% 1.33% 2.43% 0.17% 59.97% 1.69% 75.04% 1.52% -15.07% 0.17% 3.2.2 7
2010 2009 1 21 2009 7 20 2009 1 21 2009 1 21 3.2.3 17,686,340.06 18,890,238.65 36,576,578.71 - - - - - - 17,686,340.06 18,890,238.65 36,576,578.71-2009 12 31 2010 2 11, 10 0.4 36,576,578.71 8
2010 4.1.1 2004 5 12 2007 10 8 2.5 2010 12 4.1.2 2004 2009-1-21-8 20071 20086 20087 2002320045 2004520071 2009-1-21-9 20071 20079 9
2010 20079 2007112008 11 2008 11 200910 4.3.1, 4.3.2 2009 2009 10
2010 4.3.3 4.4.1 2010 2010 4.4.2 2010 12 31 1.553 4.56% 2.13% 2011 CPI 1 2 3 4, 11
2010 2009 12 31 2010 2 11, 10 0.4 36,576,578.71 36,576,578.71 12
2010 (2011) 20630 ( ) 2010 12 31 2010 () (1) (2) (3) 13
2010 2010 12 31 2010 2011 3 28 2010 12 31 20101231 20091231 7.4.7.1 82,610,711.43 85,786,895.03 7,380,625.58 4,400,167.29 1,457,869.46 2,453,140.73 1,299,203,489.50 1,413,184,426.45 1,299,203,489.50 1,383,694,426.45 - - - 29,490,000.00 - - - - - - 7,932,892.35 2,255,455.72 25,188.30 230,644.57 - - 1,314,170.88 1,013,816.81 - - - - 1,399,924,947.50 1,509,324,546.60 20101231 20091231 - - - - - - 14
2010 - - 1,547,480.71 12,337,847.66 843,413.62 9,427,938.96 1,918,214.62 1,921,811.46 319,702.45 320,301.88 - - 3,219,500.05 2,693,319.62 - - - - - - - - 652,625.76 595,531.99 8,500,937.21 27,296,751.57 895,728,944.53 968,883,824.64 495,695,065.76 513,143,970.39 1,391,424,010.29 1,482,027,795.03 1,399,924,947.50 1,509,324,546.60 2 2010 1 1 2010 12 31 2009121 201011201012 20091231 31 100,873,145.19 425,481,426.62 1,834,435.61 1,528,437.12 1,517,018.48 1,327,806.33 317,417.13 200,630.79 - - - - - - 159,636,300.99 276,457,654.68 153,297,691.80 270,566,743.02 - - 15
2010 547,162.44 593,908.20 - - - - 5,791,446.75 5,297,003.46-61,606,517.56 145,018,293.24 - - 1,008,926.15 2,477,041.58 43,924,106.98 41,761,427.19 20,269,254.51 17,493,616.43 3,378,209.17 2,915,602.69 - - 19,830,604.89 21,007,473.28 6,930.13-6,930.13-439,108.28 344,734.79 56,949,038.21 383,719,999.43 - - 56,949,038.21 383,719,999.43 2010 1 1 2010 12 31 20101120101231 968,883,824.64 513,143,970.39 1,482,027,795.03-56,949,038.21 56,949,038.21-73,154,880.11-37,821,364.13-110,976,244.24 545,185,232.87 246,144,097.30 791,329,330.17-618,340,112.98-283,965,461.43-902,305,574.41 - -36,576,578.71-36,576,578.71 16
2010 895,728,944.53 495,695,065.76 1,391,424,010.29 200912120091231 826,057,598.05-826,057,598.05-383,719,999.43 383,719,999.43 142,826,226.59 129,423,970.96 272,250,197.55 1,592,960,823.11 647,664,404.14 2,240,625,227.25-1,450,134,596.52-518,240,433.18-1,968,375,029.70 - - - 968,883,824.64 513,143,970.39 1,482,027,795.03 7.1 7.4 7.4.1 ()( )[2008]1316 2008 12 22 2009 1 16 825,940,005.46 (2009) 015 2009 1 21 826,057,598.05 117,592.59 17
2010 A 60%-95% 5%-40% 5% 80% X 40% X 40% X 20% 2011 3 28 7.4.2 7.4.3 2010 2010 12 31 2010 7.4.4 18
2010 19
2010 20
2010 7.4.5 7.4.5.1 7.4.5.2 7.4.5.3 7.4.6 7.4.7 7.4.7.1 2010 12 31 2009 12 31 82,610,711.43 85,786,895.03 - - - - 82,610,711.43 85,786,895.03 21
2010 7.4.7.2 1,215,791,713.82 1,299,203,489.50 83,411,775.68 - - - - - - - - - - - - - - - - - - 1,215,791,713.82 1,299,203,489.50 83,411,775.68 2009 12 31 1,238,685,043.21 1,383,694,426.45 145,009,383.24 - - - 29,481,090.00 29,490,000.00 8,910.00 29,481,090.00 29,490,000.00 8,910.00 - - - - - - - - - 1,268,166,133.21 1,413,184,426.45 145,018,293.24 7.4.7.3 / 7.4.7.4 7.4.7.5 20101231 20091231 22,324.62 26,222.42 - - - - 2,841.52 1,694.11-201,912.33 22
2010 - - 22.16 815.71 - - 25,188.30 230,644.57 7.4.7.6 7.4.7.7 2010 12 31 2009 12 31 3,219,500.05 2,693,319.62 - - 3,219,500.05 2,693,319.62 7.4.7.8 20101231 20091231 250,000.00 250,000.00 2,625.76 35,531.99 400,000.00 310,000.00 652,625.76 595,531.99 7.4.7.9 20101120101231 968,883,824.64 968,883,824.64 545,185,232.87 545,185,232.87-618,340,112.98-618,340,112.98 895,728,944.53 895,728,944.53 23
2010 7.4.7.10 329,240,911.97 183,903,058.42 513,143,970.39 118,555,555.77-61,606,517.56 56,949,038.21-32,065,600.39-5,755,763.74-37,821,364.13 168,660,848.84 77,483,248.46 246,144,097.30-200,726,449.23-83,239,012.20-283,965,461.43-36,576,578.71 - -36,576,578.71 379,154,288.64 116,540,777.12 495,695,065.76 7.4.7.11 20101120101231 2009121 20091231 1,432,583.85 1,246,666.65 - - - - 68,979.59 73,409.67 15,455.04 7,730.01 1,517,018.48 1,327,806.33 7.4.7.12 2009121 20101120101231 20091231 6,592,468,690.51 6,570,968,484.59 6,439,170,998.71 6,300,401,741.57 153,297,691.80 270,566,743.02 24
2010 7.4.7.13 201011201012 31 2009121 20091231 33,280,581.90 2,215,470.50 32,214,090.00 1,620,000.00 519,329.46 1,562.30 547,162.44 593,908.20 7.4.7.14 7.4.7.15 20101120101231 2009121 20091231 5,791,446.75 5,297,003.46 - - 5,791,446.75 5,297,003.46 7.4.7.16 20101120101231 2009121 20091231-61,606,517.56 145,018,293.24-61,597,607.56 145,009,383.24-8,910.00 8,910.00 - - - - - - - - - - -61,606,517.56 145,018,293.24 25
2010 7.4.7.17 20101120101231 2009121 20091231 819,507.53 2,460,520.43 174,322.53-15,096.09 16,521.15 1,008,926.15 2,477,041.58 7.4.7.18 20101120101231 200912120 091231 19,830,604.89 21,007,248.28-225.00 19,830,604.89 21,007,473.28 7.4.7.19 20101120101231 2009121 20091231 100,000.00 100,000.00 300,000.00 210,000.00 18,000.00 10,500.00 21,108.28 23,334.79-900.00 439,108.28 344,734.79 26
2010 7.4.8 7.4.8.1 7.4.8.2 7.4.9 () () () J.P. Morgan Investment Management Limited J.P. Morgan 8CS Investments (GP) Limited () () 7.4.10 7.4.10.1 7.4.10.2 7.4.10.2.1 20101120101231 2009121 20091231 20,269,254.51 17,493,616.43 2,367,778.39 1,997,285.94 1.5% X 1.5% / 27
2010 7.4.10.2.2 20101120101231 2009121 20091231 3,378,209.17 2,915,602.69 0.25% X 0.25% / 7.4.10.3 () 7.4.10.4 7.4.10.4.1 2010 1 1 2010 12 31 2009 1 21 2009 12 31 - - - - - 7,799,531.98 - - - 7,799,531.98 - - - - 7.4.10.4.2 28
2010 7.4.10.5 2010 1 1 2010 12 31 2009 1 21 2009 12 31 7.4.10.6 7.4.10.7 7.4.11 1 2010-02-10 2010-02-10 0.400 17,686,340.06 18,890,238.65 36,576,578.71 - - - 0.400 17,686,340.06 18,890,238.65 36,576,578.71-7.4.12 2010 12 31 7.4.12.1 / 7.4.12.1.1 () 600963 10/12/28 11/01/06 7.70 10.09 1,634,878 12,588,560.60 16,495,919.02-12,588,560.60 16,495,919.02 29
2010 7.4.12.2 () 600518 10/12/28 19.71 11/01/06 17.29 2,681,010 33,555,238.27 52,842,707.10 600315 10/12/06 36.37 5,437 128,847.31 197,743.69 33,684,085.58 53,040,450.79 7.4.12.3 7.4.13 7.4.13.1 30
2010 7.4.13.2 2010 12 31 (2009 12 31 ) 7.4.13.3 10% 10% 7.4.12 () 7.4.13.4 7.4.13.4.1 31
2010 7.4.13.4.1.1 3 1 1 5 5 82,610,711.43 - - - - 82,610,711.43 7,380,625.58 - - - - 7,380,625.58 - - - - 1,457,869.46 1,457,869.46 - - - - 1,299,203,489.50 1,299,203,489.50 - - - - 7,932,892.35 7,932,892.35 - - - - 25,188.30 25,188.30 194,854.53 - - - 1,119,316.35 1,314,170.88 90,186,191.54 -- - - 1,309,738,755.96 1,399,924,947.50 - - - - 1,547,480.71 1,547,480.71 - - - - 843,413.62 843,413.62 - - - - 1,918,214.62 1,918,214.62 - - - - 319,702.45 319,702.45 - - - - 3,219,500.05 3,219,500.05 - - - - 652,625.76 652,625.76 - - - - 8,500,937.21 8,500,937.21 90,186,191.54 - - - 1,301,237,818.75 1,391,424,010.29 3 1 1 5 5 85,786,895.03 - - - - 85,786,895.03 4,400,167.29 - - - - 4,400,167.29 - - - - 2,453,140.73 2,453,140.73-29,490,000.00 - - 1,383,694,426.45 1,413,184,426.45 32
2010 - - - - 2,255,455.72 2,255,455.72 - - - - 230,644.57 230,644.57 42,597.45 - - - 971,219.36 1,013,816.81 90,229,659.77 29,490,000.00 - - 1,389,604,886.83 1,509,324,546.60 - - - - 12,337,847.66 12,337,847.66 - - - - 9,427,938.96 9,427,938.96 - - - - 1,921,811.46 1,921,811.46 - - - - 320,301.88 320,301.88 - - - - 2,693,319.62 2,693,319.62 - - - - 595,531.99 595,531.99 - - - - 27,296,751.57 27,296,751.57 90,229,659.77 29,490,000.00 - - 1,362,308,135.26 1,482,027,795.03 7.4.13.4.1.2 2010 12 31 (2009 12 31 1.99%) (2009 12 31 ) 7.4.13.4.2 7.4.13.4.3 60%-95% 5%-40% VaR(Value at Risk) 33
2010 7.4.13.4.3.1 2010 12 31 2009 12 31 1,299,203,489.50 93.37 1,383,694,426.45 93.36 - - - - - - - - 1,299,203,489.50 93.37 1,383,694,426.45 93.36 7.4.13.4.3.2 2010 12 31 2009 12 31 7.4.14 (1) (a) (b) () ()() ( ) 2010 12 31 1,246,163,038.71 53,040,450.79 (2009 12 31 1,346,314,404.36 66,870,022.09 ) (2009 ) (2) 34
2010 1 1,299,203,489.50 92.81 1,299,203,489.50 92.81 2 - - - - - - 3 - - 4 - - - - 5 89,991,337.01 6.43 6 10,730,120.99 0.77 7 1,399,924,947.50 100.00 2010 12 31 1,391,424,010.29 1.553 1.593 A 26,319,376.95 1.89 B 222,805,493.97 16.01 C 928,625,110.15 66.74 C0 69,336,334.33 4.98 C1 14,385,580.56 1.03 C2 - - C3 107,258,189.58 7.71 C4 54,596,335.62 3.92 C5 133,206,487.86 9.57 C6 137,144,944.10 9.86 C7 172,411,500.80 12.39 C8 212,348,251.90 15.26 35
2010 C99 27,937,485.40 2.01 D - - E 122.10 0.00 F - - G 121,453,386.33 8.73 H - - I - - J - - K - - L - - M - - 1,299,203,489.50 93.37 1 2,290,270 135,125,930.00 9.71 2 7,684,442 77,536,019.78 5.57 3 2,179,821 70,931,375.34 5.10 4 1,569,770 55,020,438.50 3.95 5 2,681,010 52,842,707.10 3.80 6 1,219,651 48,847,022.55 3.51 7 1,199,457 43,084,495.44 3.10 8 1,032,211 41,474,237.98 2.98 9 1,529,828 38,322,191.40 2.75 10 1,634,733 32,089,808.79 2.31 11 468,990 31,070,587.50 2.23 12 1,579,644 29,760,492.96 2.14 13 1,823,446 29,722,169.80 2.14 14 1,665,208 28,558,317.20 2.05 15 1,099,901 27,937,485.40 2.01 16 1,329,933 27,862,096.35 2.00 17 1,539,724 27,838,209.92 2.00 18 1,349,526 27,165,958.38 1.95 19 1,629,801 26,549,458.29 1.91 20 969,943 25,907,177.53 1.86 36
2010 21 723,451 24,973,528.52 1.79 22 1,064,612 24,379,614.80 1.75 23 1,602,169 22,190,040.65 1.59 24 686,118 21,660,745.26 1.56 25 599,900 20,828,528.00 1.50 26 2,990,849 19,320,884.54 1.39 27 571,827 19,030,402.56 1.37 28 459,686 18,543,733.24 1.33 29 640,000 17,081,600.00 1.23 30 460,159 16,542,716.05 1.19 31 377,720 16,022,882.40 1.15 32 190,822 16,006,149.36 1.15 33 900,000 15,480,000.00 1.11 34 589,907 15,331,682.93 1.10 35 739,999 14,385,580.56 1.03 36 295,120 13,575,520.00 0.98 37 1,020,000 13,056,000.00 0.94 38 1,500,000 12,615,000.00 0.91 39 579,860 11,742,165.00 0.84 40 459,976 11,223,414.40 0.81 41 245,200 11,075,684.00 0.80 42 109,900 10,363,570.00 0.74 43 174,950 9,564,516.50 0.69 44 222,844 8,866,962.76 0.64 45 269,823 8,440,063.44 0.61 46 1,099,970 7,237,802.60 0.52 47 159,946 6,405,837.30 0.46 48 40,000 4,876,000.00 0.35 49 300,000 4,653,000.00 0.33 50 69,941 2,538,858.30 0.18 51 80,000 2,242,400.00 0.16 52 19,909 1,103,157.69 0.08 53 5,437 197,743.69 0.01 54 16 1,143.04 0.00 55 10 171.50 0.00 56 10 122.10 0.00 57 10 88.10 0.00 600760 2011 1 20 37
2010 8.4.1 2% 20 1 150,301,629.90 10.14 2 146,868,769.84 9.91 3 600963 137,469,356.39 9.28 4 600519 135,750,776.12 9.16 5 119,330,578.09 8.05 6 108,381,970.12 7.31 7 94,125,545.67 6.35 8 94,034,125.26 6.34 9 88,639,525.63 5.98 10 87,385,189.27 5.90 11 83,285,825.80 5.62 12 83,268,626.47 5.62 13 79,053,886.28 5.33 14 76,381,568.44 5.15 15 76,152,311.26 5.14 16 72,468,631.80 4.89 17 70,654,363.19 4.77 18 66,627,827.20 4.50 19 66,603,822.03 4.49 20 65,682,999.67 4.43 21 64,455,142.64 4.35 22 600036 61,067,226.58 4.12 23 57,180,012.86 3.86 24 56,541,078.16 3.82 25 56,025,401.18 3.78 26 55,326,686.24 3.73 27 54,862,496.13 3.70 28 52,491,247.24 3.54 29 52,379,807.76 3.53 30 52,362,349.08 3.53 31 50,047,505.76 3.38 32 48,408,744.49 3.27 33 46,677,416.98 3.15 34 46,070,679.98 3.11 38
2010 35 000960 45,346,636.89 3.06 36 600117 45,262,644.77 3.05 37 601688 45,150,971.64 3.05 38 000933 45,004,771.31 3.04 39 000630 44,380,908.79 2.99 40 000063 43,808,601.64 2.96 41 600198 43,508,071.58 2.94 42 000876 43,208,613.10 2.92 43 600499 42,793,783.47 2.89 44 600837 42,731,942.08 2.88 45 42,301,370.00 2.85 46 41,891,209.88 2.83 47 40,719,085.16 2.75 48 40,654,659.73 2.74 49 40,042,377.83 2.70 50 39,224,380.89 2.65 51 38,658,690.41 2.61 52 37,323,648.23 2.52 53 37,143,989.79 2.51 54 36,195,642.63 2.44 55 35,210,711.70 2.38 56 35,193,715.80 2.37 57 34,772,952.94 2.35 58 34,177,437.38 2.31 59 33,938,430.99 2.29 60 33,598,516.56 2.27 61 32,134,786.21 2.17 62 31,820,190.07 2.15 63 31,191,990.16 2.10 64 30,882,416.24 2.08 65 30,858,000.80 2.08 66 30,452,829.00 2.05 67 30,283,979.21 2.04 68 30,261,160.24 2.04 69 30,164,470.96 2.04 70 29,832,429.80 2.01 1 2600335 2011 2 23 *ST 39
2010 8.4.2 2% 20 1 193,869,592.93 13.08 2 145,334,903.77 9.81 3 136,825,642.23 9.23 4 120,024,776.82 8.10 5 115,746,337.82 7.81 6 112,808,110.38 7.61 7 108,113,233.86 7.29 8 93,850,838.36 6.33 9 92,478,929.26 6.24 10 82,865,463.65 5.59 11 79,978,398.91 5.40 12 74,579,978.05 5.03 13 73,000,824.03 4.93 14 71,600,995.18 4.83 15 67,960,562.34 4.59 16 67,495,472.19 4.55 17 66,944,181.36 4.52 18 66,740,295.47 4.50 19 65,337,146.11 4.41 20 64,555,132.57 4.36 21 63,706,856.73 4.30 22 62,264,059.91 4.20 23 59,154,947.47 3.99 24 59,029,322.75 3.98 25 56,932,459.69 3.84 26 55,436,103.97 3.74 27 55,265,206.86 3.73 28 54,824,179.07 3.70 29 52,963,565.04 3.57 30 52,512,705.89 3.54 31 51,054,531.63 3.44 32 50,959,486.79 3.44 33 50,722,225.66 3.42 34 50,501,359.96 3.41 35 49,183,227.44 3.32 36 49,022,684.44 3.31 40
2010 37 47,998,659.55 3.24 38 47,147,335.42 3.18 39 47,138,401.00 3.18 40 46,455,653.06 3.13 41 45,325,659.48 3.06 42 45,213,695.07 3.05 43 44,377,592.15 2.99 44 43,816,060.61 2.96 45 43,331,767.94 2.92 46 43,118,283.11 2.91 47 42,925,626.19 2.90 48 42,711,144.14 2.88 49 42,629,857.34 2.88 50 42,441,080.79 2.86 51 42,298,844.29 2.85 52 41,704,018.66 2.81 53 40,976,976.46 2.76 54 40,928,336.07 2.76 55 40,660,050.72 2.74 56 40,126,188.11 2.71 57 39,765,723.87 2.68 58 37,104,910.05 2.50 59 36,917,908.08 2.49 60 35,803,446.79 2.42 61 35,695,045.90 2.41 62 35,483,772.84 2.39 63 35,418,613.21 2.39 64 35,234,075.46 2.38 65 32,891,089.23 2.22 66 32,573,881.92 2.20 67 32,387,687.44 2.19 68 31,042,365.44 2.09 69 31,019,597.75 2.09 70 30,835,437.29 2.08 71 30,491,818.11 2.06 72 30,221,294.85 2.04 73 30,125,868.22 2.03 74 29,700,557.75 2.00 1 41
2010 2600335 2011 2 23 *ST 8.4.3 6,416,277,669.32 6,592,468,690.51 8.9.1 8.9.2 42
2010 8.9.3 1 1,457,869.46 2 7,932,892.35 3-4 25,188.30 5 1,314,170.88 6-7 - 8-9 10,730,120.99 8.9.4 8.9.5 (%) 1 600518 52,842,707.10 3.80 2 600963 16,495,919.02 1.19 2010 12 31 43
2010 50,246 17,826.87 164,645,104.21 18.38% 731,083,840.32 81.62% 378,245.22 0.0422% 826,057,598.05 968,883,824.64 545,185,232.87 618,340,112.98-895,728,944.53 44
2010 45
2010 11.7 11.7.1 1 5,022,465,520.31 38.72% 4,269,063.52 39.38% 1 4,166,293,966.26 32.12% 3,385,147.83 31.23% 1 2,982,928,428.15 23.00% 2,535,483.76 23.39% 1 800,198,884.06 6.17% 650,168.65 6.00% 11.7.2 3,280,581.90 100.00% - - - - - - - - - - - - - - - - - - - - - - 46
2010 1. 2. 3. 4. 5. 6. 2010 2 3 2010 2 8 2010 5 27 2010 6 12 2010 11 8 2010 12 29 47
2010 48