MSCI A 2002 10 9 2005

...1-1...2-1...2-1...2-1...2-1...2-1...2-1...2-2...2-3...2-3...2-4...2-5...3-1...3-1...3-1...3-2...3-3...3-4...3-4...3-5...3-6...4-1...4-1...4-1...4-1...4-1...4-1...4-2 MSCI A...5-1

...5-1...5-1...5-1...5-1...5-1...5-1...6-1...6-1...6-1...6-1...6-1...6-1...6-1...7-1...7-1...7-1...7-1...8-1...8-1...8-1...8-1...8-2...8-2...8-3...8-3...8-4...8-5...8-5...8-6...8-6...8-6...9-1

...10-1...11-1...12-1...12-1...12-1...12-1...12-1...12-1...12-2...12-3...12-3...12-3...12-4...12-4...12-5...12-5...13-1...13-1...13-1...13-1...13-2...14-1...14-1...14-1...14-1...14-1...14-1...14-2...14-4...14-4...15-1

...15-1...15-1...15-2...15-2...16-1...16-1...16-1...16-1...16-1...16-1...16-2...17-1...17-1...17-1...18-1...18-1...18-1...18-2...18-2...18-2...18-2...19-1...20-1...21-1...22-1...23-1...23-1...23-1...23-1

...23-2...23-2...23-2...23-2...24-1

MSCI A 1-1 MSCI A MSCI A

MSCI A, : MSCI A 2003 10 28 2004 6 1 ( ) : MSCI A MSCI A / 180 / : 1-2

MSCI A 18 : 2 100 3 : / : T T+n T n T 30 30 : 1-3

MSCI A 1-4

MSCI A 360 38 :1998 6 1998 20 : : 1.5 1 1 2 2 1 2 3 4 5 360 38 2-1

1998 6 MSCI A 1998 20 : 1.5 1 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 2 (1) (2), (3) (4) 2-2

MSCI A (5) (6), (7), (8) (9) (10) (11) (12) (13) (14) (15) (16) 15 (17) (18), (19) (20) (21) (22) (23) (24) 2-3

MSCI A 55 1984 1 1 1983 9 17 1710.24 1 (1) (2) (3) (4) (5) (6) 2 (1) (2) (3) (4) (5) (6) (7) (8) 2-4

MSCI A (9) (10) (11) (12) (13) (14) (15) (16) 15 (17) (18) (19) (20) (21) (22) (23) (24) 1 (1) (2) (3) 2-5

MSCI A (4) (5) (6) (7) (8) (9) 2 (1) (2) (3) (4) (5) 2-6

MSCI A 10% 10% (1) (2) (3) (4) (5) (6) (1) (2) (3) (4) (5) (6) 1, 2 3-1

MSCI A 3-2 3 10 10% 10 10% 4 10 10% 10 10% 1 30 1 2 3 4 5 6 2 3

MSCI A 1 (1) (2) 50% 50% 2 (1) (2) (3) 50% 50% (4) (5) 3-3

MSCI A 1 10% (1) (2) 2 (1) 10% 10% 50% 50% (2) 1 3-4

MSCI A 2 (1) 50% 50% 2 (2) 3 4 5 1 (1) (2) (3) (4) 2 3-5

MSCI A 2 3-6

MSCI A, 1 2 3 4, : 1 2 3 4 1 2 3 4 2 2 5 4-1

MSCI A 1 2 3 4 2 2 4-2

MSCI A MSCI A MSCI A MSCI A 1.00 5-1

MSCI A 1 3 ( ) = - / 1.20% 5000 1000 6-1

MSCI A 2 100 30 200 5000 20 60 100 60 5000 7-1

MSCI A 1 30 3 2 9:30-11:30 1:00-3:00 3 3 1 2 3 2 3 3 8-1

MSCI A 1 2 T T+1 T 2 3 T 7 1 5000 1000 5000 2 1,000 1000 3 3 4 1 5 8-2

MSCI A 1.5% 0.5% 3 ( ) 1 = / T 2 T = - 3 T T+1 4 T+1 T+2 T+1 3 8-3

MSCI A 1 (1) (2) (3) (4) (5) (6) 5 2 2 (1) (2) (3) (4) 3 20 2 3 4 5 8-4

MSCI A 1 10% 2 (1) (2) 10 (3) 3 2 20 2 2 2 8-5

MSCI A 8-6 3 MSCI A,

MSCI A ( ) 8-7

MSCI A 9-1

MSCI A 10-1

MSCI A 1 2 3 1 2 3 15 4 5 6 11-1

MSCI A MSCI A A MSCI A = 95% MSCI A + 5% MSCI MSCI A MSCI A MSCI A 1 95% MSCI A 50 80% 2 MSCI A 3 4 5% 5 12-1

MSCI A 1 95% 2 MSCI A 3 1 MSCI A 1 MSCI A 2 3 4 2 1 2 3 4 5 12-2

MSCI A 1 1 2 3 4 0.5% 30 0.5% 1 MSCI A 70% 2 70 1 2 3 12-3

MSCI A 4 5 0.5% 6 1 2 3 4 5 MSCI A 6 3 1 1 1 10 2 1 10 3 2 (1) (2) (3) 12-4

MSCI A (4) (5) (6) 1 2 3 12-5

MSCI A 1 2 3 4 5 6 7 8 9 1 2 3 MSCI A MSCI A 13-1

MSCI A 13-2

MSCI A 1 2 (1) (2) 3 4 5 14-1

MSCI A 0.5% 1 2 1 2 3 14-2

MSCI A 4 5 6 7 3 1 2 3 4 5 0.5% 14-3

MSCI A 1 2 1 2 14-4

MSCI A 1 1% H E 1% H E 2 0.20% H = E 0.20% H E 3 4 5 6 7 8 3 8 15-1

MSCI A 15-2

MSCI A 1, 2 3, 3 4 5 6 7 2 16-1

MSCI A 16-2

MSCI A 1 2 1 1 12 31 3 3 4 5 6 7 1 2 3 2 17-1

MSCI A 1 90 2 60 1 2 3 4 30 5 6 7 8 9 10 11 12 13 14 18-1

MSCI A 15 45 15 www.huaan.com.cn 18-2

MSCI A ( ),,,, 19-1

MSCI A 1 2 3 20-1

MSCI A 21-1

MSCI A 1 2 3 4 5 22-1

MSCI A 1 2 3 1 60 100 60 5000 (1) (2) (3) 1 30 2 3 4 1 2 23-1

3 4 5 MSCI A 6 7 15 23-2

MSCI A 24-1 MSCI A MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI / MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI

MSCI A MSCI A