2010 2010 12 31
2010 2011 3 28 2010 1 1 12 31 1
2010 1.2... 1... 1... 4... 4... 4... 5... 5... 5... 6... 6... 6... 9... 10... 10... 11... 11... 12... 12... 12... 13... 13... 13... 13 13... 14... 14... 14... 14... 15... 15... 16... 17... 18... 33... 33... 33... 34... 35... 35... 35... 36... 36... 37 2
2010... 37... 37... 37... 37... 37... 38... 38... 38... 38... 39... 39... 39... 39... 40... 40 3
2010 370010 370010 8,170,001,673.04 138,401,211.78 8,031,600,461.26 ( Money-supply Expectations Effect)(Fisher Effect)(Flow of Funds) 4
2010 / / 021-38794999 010-67595003 xia.hong@jpmf-sitico.com yindong@ccb.cn 400-889-4888 010-67595096 021-68881170 010-66275853 9920 25 9920 1 1 200120 100033 http://www.51fund.com 202 2 11 5
2010 99 20 2,163,214.79 85,438,301.23 4,233,456.91 48,408,161.37 18,521,337.00 169,411,606.08 2,163,214.79 85,438,301.23 4,233,456.91 48,408,161.37 18,521,337.00 169,411,606.08 1.2029% 1.4463% 0.7748% 1.0174% 2.6698% 2.9159% 138,401,211.78 8,031,600,461.26 264,681,237.16 4,622,415,669.65 658,893,075.19 5,439,251,423.02 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 10.5191% 12.0454% 9.2055% 10.4479% 8.3660% 9.3356% 3.2.1 1 A 6
2010 0.3897% 0.0475% 0.3403% 0.0000% 0.0494% 0.0475% 0.7142% 0.0375% 0.6805% 0.0000% 0.0337% 0.0375% 1.2029% 0.0326% 1.3500% 0.0000% -0.1471% 0.0326% 4.7098% 0.0735% 5.1264% 0.0021% -0.4166% 0.0714% 9.7914% 0.0991% 9.2797% 0.0020% 0.5117% 0.0971% 10.5191% 0.0966% 10.4730% 0.0018% 0.0461% 0.0948% 2 B 0.4505% 0.0552% 0.3403% 0.0000% 0.1102% 0.0552% 0.8362% 0.0432% 0.6805% 0.0000% 0.1557% 0.0432% 1.4463% 0.0360% 1.3500% 0.0000% 0.0963% 0.0360% 5.4665% 0.0743% 5.1264% 0.0021% 0.3401% 0.0722% 11.1146% 0.0996% 9.2797% 0.0020% 1.8349% 0.0976% 12.0454% 0.0972% 10.4730% 0.0018% 1.5724% 0.0954% 2005 4 13 3.2.2 1 7
2010 2 3.2.3 8
2010 1 2 2005 4 13 2006 1 1 2010 12 31 9
2010 1,936,785.29 225,011.52 1,417.98 2,163,214.79-4,279,283.10 176,927.84-222,754.03 4,233,456.91-16,656,634.30 1,830,963.63 33,739.07 18,521,337.00-22,872,702.69 2,232,902.99-187,596.98 24,918,008.70-79,730,936.81 3,680,596.97 2,026,767.45 85,438,301.23-45,977,107.16 3,988,046.50-1,556,992.29 48,408,161.37-153,850,874.27 15,043,255.90 517,475.91 169,411,606.08-279,558,918.24 22,711,899.37 987,251.07 303,258,068.68-4.1.1 4.1.2 2003 2007 2008-11-29-8 20076 20086 20096 10
2010 2009-9-17-16 20095 20072010 2010-2-9-3 20072 11
2010 12
2010 2,163,214.79 85,438,301.23 A 2,163,214.79 B 85,438,301.23 13
2010 (2011) 20623 2010 12 31 2010 () (1) (2) (3) 14
2010 2010 12 31 2010 2011 3 28 2010 12 31 20101231 20091231 7.4.7.1 195,918,804.49 243,283,716.51 110,863,636.50 46,129,523.81 - - 7.4.7.2 4,668,409,321.34 1,719,829,065.75 - - - - 4,668,409,321.34 1,719,829,065.75 - - 7.4.7.3 - - 7.4.7.4 3,190,000,000.00 3,001,600,000.00 - - 7.4.7.5 83,631,823.90 20,408,230.19 - - - - - - 7.4.7.6 - - 8,248,823,586.23 5,031,250,536.26 20101231 20091231 - - - - 15
2010 7.4.7.3 - - - - 71,479,402.58 139,898,945.39 562,692.78 1,175,917.95 2,437,494.28 1,173,395.75 738,634.65 355,574.46 105,589.09 93,666.80 7.4.7.7 38,800.00 25,014.72 - - - - 3,104,799.81 1,076,614.38 - - 7.4.7.8 354,500.00 354,500.00 78,821,913.19 144,153,629.45 7.4.7.9 8,170,001,673.04 4,887,096,906.81 7.4.7.10 - - 8,170,001,673.04 4,887,096,906.81 8,248,823,586.23 5,031,250,536.26 2010 12 31 A B 1.0000 8,170,001,673.04 A 138,401,211.78 B 8,031,600,461.26 2010 1 1 2010 12 31 201011201012 31 200911200912 31 114,439,168.08 76,893,885.43 114,368,763.82 76,139,938.66 7.4.7.11 2,663,627.61 3,932,586.04 54,106,877.57 54,899,357.08 - - 57,598,258.64 17,307,995.54 - - 70,404.26 753,946.77 16
2010 7.4.7.12 - - - - 7.4.7.13 70,404.26 753,946.77 - - 7.4.7.14 - - 7.4.7.15 - - 7.4.7.16 - - - - 7.4.7.17 - - 26,837,652.06 24,252,267.15 19,420,400.83 16,870,938.15 5,884,969.95 5,112,405.76 1,037,383.73 1,784,195.48 7.4.7.18 - - - - - - 7.4.7.19 494,897.55 484,727.76 87,601,516.02 52,641,618.28 - - 87,601,516.02 52,641,618.28 2010 1 1 2010 12 31 20101120101231 4,887,096,906.81-4,887,096,906.81-87,601,516.02 87,601,516.02 3,282,904,766.23-3,282,904,766.23 30,052,018,223.23-30,052,018,223.23-26,769,113,457.00 - -26,769,113,457.00 - -87,601,516.02-87,601,516.02 17
2010 8,170,001,673.04-8,170,001,673.04 20091120091231 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 28,297,244,678.50-28,297,244,678.50-29,508,292,269.90 - -29,508,292,269.90 - -52,641,618.28-52,641,618.28 4,887,096,906.81-4,887,096,906.81 7.1 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 18
2010 2011 3 28 7.4.2 2006 2 15 38 ( )[2010]5 XBRL 3 < > 2007 5 15 7.4.4 7.4.3 2010 2010 12 31 2010 7.4.4 7.4.4.1 1 1 12 31 7.4.4.2 7.4.4.3 (1) (2) 19
2010 7.4.4.4 7.4.4.5 0.25% (1) (2) (3) 7.4.4.6 7.4.4.7 1.00 20
2010 AB 7.4.4.8 7.4.4.9 /() 7.4.4.10 7.4.4.11 1.00 7.4.4.12 (1) (2) (3) 7.4.4.13 21
2010 [2007]21 < > 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 2010 12 31 2009 12 31 195,918,804.49 243,283,716.51 - - - - 195,918,804.49 243,283,716.51 7.4.7.2 2010 12 31 22
2010 % - - - - 4,668,409,321.34 4,657,656,000.00-10,753,321.34-0.1316 4,668,409,321.34 4,657,656,000.00-10,753,321.34-0.1316 2009 12 31 % - - - - 1,719,829,065.75 1,720,192,000.00 362,934.25 0.0074 1,719,829,065.75 1,720,192,000.00 362,934.25 0.0074 7.4.7.3 / 7.4.7.4 7.4.7.4.1 20101231 3,190,000,000.00 - - - 3,190,000,000.00-20091231 3,001,600,000.00 - - - 3,001,600,000.00-7.4.7.4.2 7.4.7.5 20101231 20091231 54,105.62 37,025.74 - - 23
2010 - - 42,682.53 17,759.83 82,554,764.40 20,189,973.05 980,271.35 163,471.57 - - - - 83,631,823.90 20,408,230.19 7.4.7.6 7.4.7.7 2010 12 31 2009 12 31 25,000.00 20,764.72 13,800.00 4,250.00 38,800.00 25,014.72 7.4.7.8 20101231 20091231 110,000.00 110,000.00 240,000.00 240,000.00 4,500.00 4,500.00 354,500.00 354,500.00 7.4.7.9 A 20101120101231 264,681,237.16 264,681,237.16 8,083,051,939.09 8,083,051,939.09-8,209,331,964.47-8,209,331,964.47 138,401,211.78 138,401,211.78 B 24
2010 20101120101231 4,622,415,669.65 4,622,415,669.65 21,968,966,284.14 21,968,966,284.14-18,559,781,492.53-18,559,781,492.53 8,031,600,461.26 8,031,600,461.26 7.4.7.10 A - - - 2,163,214.79-2,163,214.79 - - - - - - - - - -2,163,214.79 - -2,163,214.79 - - - B - - - 85,438,301.23-85,438,301.23 - - - - - - - - - -85,438,301.23 - -85,438,301.23 - - - 7.4.7.11 20101120101231 20091120091231 1,424,138.72 2,048,903.29-1,286,250.00 - - 1,239,488.89 597,432.75 - - 25
2010 2,663,627.61 3,932,586.04 7.4.7.12 7.4.7.13 20101120101231 20091120091231 574,651,677.17 1,447,961,581.98 569,147,783.17 1,447,207,635.21 5,433,489.74-70,404.26 753,946.77 7.4.7.14 7.4.7.15 7.4.7.16 7.4.7.17 7.4.7.18 7.4.7.19 20101120101231 20091120091231 110,000.00 110,000.00 240,000.00 240,000.00 100,000.00 100,000.00 18,000.00 18,000.00 26,897.55 16,727.76 494,897.55 484,727.76 7.4.8 7.4.8.1 26
2010 7.4.8.2 2011 1 2011/01/25 2010/12/27-2011/01/24 2 2011/02/25 2011/01/25-2011/02/24 3 2011/03/25 2011/02/25-2011/03/24 7.4.9 () 7.4.10 7.4.10.1 7.4.10.2 7.4.10.2.1 20101120101231 20091120091231 19,420,400.83 16,870,938.15 37,510.90 201,080.56 27
2010 7.4.10.2.2 20101120101231 20091120091231 5,884,969.95 5,112,405.76 : 0.10% X 0.10% / 7.4.10.2.3 20101120101231 A B 305,797.92 567,632.50 873,430.42 113,607.45 1,214.13 114,821.58 419,405.37 568,846.63 988,252.00 20091120091231 A B 720,542.81 433,083.27 1,153,626.08 427,212.39 3,772.84 430,985.23 1,147,755.20 436,856.11 1,584,611.31 A B 0.25% 0.01% X / 7.4.10.3 () 314,662,131.79 30,367,643.84 530,950,000.00 111,395.33 - - 20091120091231 28
2010 199,963,619.67 - - - - - 7.4.10.4 7.4.10.5 2010 1 1 2010 12 31 2009 1 1 2009 12 31 195,918,804.49 1,424,138.72 243,283,716.51 2,048,903.29 : 7.4.10.6 7.4.10.7 7.4.11 1,936,785.29 225,011.52 1,417.98 2,163,214.79-79,730,936.81 3,680,596.97 2,026,767.45 85,438,301.23-81,667,722.10 3,905,608.49 2,028,185.43 87,601,516.02-7.4.12 2010 12 31 7.4.13 7.4.13.1 29
2010 7.4.13.2 A-1 AAA 2010 12 31 4.04%(2009 12 31 1.84%) 7.4.13.3 () 10% 30
2010 10% 120 40% ( ) 7.4.13.4 7.4.13.4.1 7.4.13.4.1.1 2010 12 31 3 3 1 1 5 5 195,918,804.49 - - - - 195,918,804.49 110,863,636.50 - - - - 110,863,636.50 3,159,409,080.12 1,509,000,241.22 - - - 4,668,409,321.34 3,190,000,000.00 - - - - 3,190,000,000.00 - - - - 83,631,823.90 83,631,823.90 6,656,191,521.11 1,509,000,241.22 - - 83,631,823.90 8,248,823,586.23 - - - - 71,479,402.58 71,479,402.58 - - - - 562,692.78 562,692.78 - - - - 2,437,494.28 2,437,494.28 - - - - 738,634.65 738,634.65 - - - - 105,589.09 105,589.09 - - - - 38,800.00 38,800.00 - - - - 3,104,799.81 3,104,799.81 - - - - 354,500.00 354,500.00 - - - - 78,821,913.19 78,821,913.19 6,656,191,521.11 1,509,000,241.22 - - 4,809,910.71 8,170,001,673.04 31
2010 2009 12 31 3 3 1 1 5 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 7.4.13.4.1.2 2010 12 31 2009 12 31 1. 25 159 220 2. 25 159 219 7.4.13.4.2 7.4.13.4.3 32
2010 7.4.14 (1) (a) (b) () ()() () 2010 12 31 4,668,409,321.34 (2009 12 31 1,719,829,065.75 ) 2010 (2009 ) (2) 8 % 1 4,668,409,321.34 56.59 4,668,409,321.34 56.59 - - 2 3,190,000,000.00 38.67 - - 3 306,782,440.99 3.72 4 83,631,823.90 1.01 8,248,823,586.23 100.00 33
2010-1 - - - 2 - - 20% 8.3.1 52 68 49 180 8.3.2 % % 1 30 48.06 0.87 397 - - 2 30 ()60 13.34-397 - - 3 60 ()90 17.76-397 - - 4 90 ()180 16.83-397 - - 5 180 ()397 3.95-397 - - 99.94 0.87 34
2010 1 - - 2 3,386,640,018.53 41.45 3 951,618,952.99 11.65 951,618,952.99 11.65 4 - - 5 330,150,349.82 4.04 6 - - 7 4,668,409,321.34 57.14 8 397 - - () 1 1001011 10 11 3,900,000 389,127,400.52 4.76 2 100221 10 21 3,300,000 329,500,230.63 4.03 3 0801035 08 35 3,200,000 321,860,581.13 3.94 4 0801044 08 44 3,100,000 312,245,083.25 3.82 5 0801026 08 26 2,700,000 271,170,604.96 3.32 6 090402 09 02 2,700,000 269,843,926.93 3.30 7 0801017 08 17 2,500,000 250,708,763.04 3.07 8 1001021 10 21 2,500,000 248,885,439.61 3.05 9 1001017 10 17 2,200,000 219,008,741.13 2.68 10 1001023 10 23 1,900,000 189,083,166.29 2.31 0.25()-0.5% - 0.0428% -0.1948% 0.0331% 35
2010 8.8.1 8.8.2 397 397 20% 8.8.3 8.8.4 1-2 - 3 83,631,823.90 4-5 - 6-7 - 8 83,631,823.90 8.8.5 36
2010 3,542 39,074.31 9,410,794.93 6.80% 128,990,416.85 93.20% 86 93,390,703.04 7,988,231,619.14 99.46% 43,368,842.12 0.54% 3,628 2,251,929.90 7,997,642,414.07 97.89% 172,359,258.97 2.11% A B 577,965,478.90 413,395,043.83 264,681,237.16 4,622,415,669.65 8,083,051,939.09 21,968,966,284.14 8,209,331,964.47 18,559,781,492.53 - - 138,401,211.78 8,031,600,461.26 37
2010 2010 2 3 2010 6 12 110,000 6 38
2010 1 239,673,300,000.00 100.00% 100,000.00 100.00% - 0.5% 1. 2010 2 3 2010 2. 2010 2 8 3. 2010 3 29 39
2010 4. 2010 4 26 5. 2010 6 8 6. 2010 6 12 7. 2010 9 16 8. 2010 11 8 9. 2010 12 28 1. 2. 3. 4. 5. 6. 40
2010 www.51fund.com 41