( ) ( ) 4~5 ( ) ( ) ( ) http://www.jpmrich. com.tw ( ) RR4 ( ) ( ) ( ) (1) ( ) (2) (3) (4) ( CNH) ( ) (5) 5% Rule 144A 144A (6) (CDS CDX Index) (7) 18 23 25 31 ( ) ( ) (http:// mops.twse.com.tw) (http://www.jpmrich. com.tw)
( ) ( www.jpmrich.com.tw) 1 20 (02) 8726-8686 (02) 8786-8976 285 25 (02) 2252-2665 (02) 2251-4125 386 25 1 (04) 2258-8128 (04) 2258-8148 6 26 2 (07) 335-1799 (07) 335-6880 ( service.jpmrich@jpmorgan.com) (02) 8726-8686 ( www.hncb.com.tw) 123 (02) 2181-0101 ( ) JF JF Asset Management ( www.jpmorgan.com) 8 21 (852) 2265-1199 JPMorgan Chase Bank ( www.chase.com) 270 1-888-6924273 ( ) ( ) ( ) ( www.pwc.com/tw) 333 27 (02) 2729-6666 ( )
3 3 11 ( ) ( ) ( ) 12 15 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 25 31 31 ( ) ( ) ( ) ( ) 33 ( ) ( ) ( ) ( ) ( ) ( ) 35 ( ) ( ) ( ) ( ) 38 43 67 1
72 72 74 82 82 113 113 114 116 116 118 119 122 171 179 184 2
( ) ( ) ( ) 1. ( ) 2. ( ) ( ) 1. 2. ( ) ( ) 3. ( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. ( ) ( ETF ETF) ( ) ( ) ( ) 3
2. (1) ( ) ( ETF ETF ETF) ( ) (Participatory Notes) A. B. A.M. Best Company, Inc. DBRS Ltd. Fitch, Inc. Japan Credit Rating Agency, Ltd. Moody's Investor Services, Inc. Rating and Investment Information, Inc. Standard & Poor's Rating Services Egan-Jones Rating Company Kroll Bond Rating Agency Morningstar, Inc. a(a.m.best Company, Inc.) /A/A2 (Moody's Investor Services, Inc.) (2) ( Rule 144A ) (3) (4) ( ) ( ) 1. (1) ( ) (2) ( ) A. ( ) ( ETF ETF ETF) ( ) (Participatory Notes) B. (Bloomberg) (Country of Risk) C. (Lipper) 2. 3 (4) ( ) 4
3. (1) (4) (2) (1) (4) (4) (3) (REATs) (4) (4) A.M. Best Company, Inc. DBRS Ltd. Fitch, Inc. Japan Credit Rating Agency, Ltd. Moody's Investor Services, Inc. Rating and Investment Information, Inc. Standard & Poor's Rating Services Egan-Jones Rating Company Kroll Bond Rating Agency Morningstar, Inc. bbb-/bbb-/baa3 4. 1 (1) (2) ( ) ( ) ( ) ( ) (3) ( ) ( ) (4) ( ) 5. (2) (3) (4) 1 ( ) 1. (1) A QFII QFII (A ) ( ) (2) (3) (Top Down) (Bottom-up) 5
(Top Down) (Bottom-up) 2. 50~70% 30~50% 90% 10% (1) (Top Down) (Bottom-Up) (2) ( ) A.(Top Down) (Bottom-up) B. C. ( A ) 6
( ) 3. (1) : (2) ( ) RR4 ( ) ( ) ( ) ( Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations of the Commodities Futures Trading Commission ) ( ) ( 1 4 ) ( 5 ) 1. (i) ( ) (ii) (i) 31 (ii) 1/3 1/6 183 2. ( ) 3. 4. 1996 8 20 1996 8 19 5. ( 1 ) ( Controlling Persons ) ( Passive NFFE ) ( ( FATCA ) ( 1471 1474 ) 7
( IGA ) ) ( Active NFFE ) ( IGA ) ( ) 104 8 16 ( ) ( ) 1. 2. (1) ( ) (2) (3) 3. ( ) 1. ( ) (1) ( ) (2) (3) (4) 2. (1) (2) (3) (4) 3. ( ) ( ) ( ) 8
( ) ( ) ( ) ( ) ( ) A 5 4 5 1,428.2 A 5 16 500 35.65 A 0.3% A 500 ( ) x 35.65 ( ) x 0.3% ( ) =53 ( ) ( ) ( ) 1. (1.6%) 2. ( ) (0.26%) ( ) ( ) 1. 9
2. ( ) ( ) ( ) ( ) ( ) 4. 3. ( ) 4. ( ) 5. ( ) 6. 7. 8. ( ) ( ) 9. 104 10 10 10 7 1,500,000.0 10 1,500,000.0 13,995,864.8 0.1071
( ) ( ) ( ) ( ) ( ) 10 7 375,000.00 10 375,000.00 16,967,325.79 0.0221 ( ) ( ) ( ) ( ) ( ) ( ) ( ) 104 7 14 1040021864 ( ) ( ) ( ) 11
1. ( ) 2. ( ) 1. 2. 3. 4. 5. 6. 7. 8. (2) (4) (1) (2) (3) (4) (5) (6) 9. 10. 11. 12
12. ( ) 13. 14. 15. 16. 17. 18. 19. 20. ( ) 21. (1) (2) ( ) 1. 2. 3. 4. 13
5. 6. 7. (1) A. B. C. D. E. (2) (3) 8. ( ) 9. (1) (2) (3) 10. 11. 12. 14
13. 14. 15. 16. 17. ( ) ( ) ( ) 1. (1) (advisor) (2) (advisor) (3) (4) 2. (1) (2) (3) 15
(4) 3. (University of Bradford) 2015.10~ 2015.10~ A 2015.10~ 2015.10~ 2014.10~ 2015.08~ 35 2013~ 2015.09~2015.10 2015.06~2015.10 2013~2014.10 2007~2013 2007~2007 2004~2007 1998~2002 35 A 2015.10~ 2015.08~2015.10 2015.08~ 2014.11~ 2014.02~ 2013.2~ 2012.9~ 2011.9~ 2011.4~ 2010.10~ 2010.10~2016.07 2013.11~2016.04 16
2014.10~2015.06 2010.10~2013.9 2010.10~2013.2 2009.2~2010.10 2007.2~2010.6 α 2005.9~2006.4 2005.7~2008.1 2004.9~2004.11 2002.3~2004.9 2015.08~ 2015.09~2015.10 4. ( ) (1) (2) (3) ( ) (4) ( ) ( ) (5) 17
(6) ( ) ( ) JF (JF Asset Management Limited) 2016 6 JF 494.45 (J.P. Morgan Asset Management) 40 780 ( ) JF 1. 2. 3. 4. 5. 6. ( ) 1. ( ) 2. 3. 4. ( ) ( ) 5. (1) 18
(2) ( CDS<Credit Default Swap> CDX index) A. Standard & Poor's Rating Services A- ( ) B. Moody's Investor Services, Inc. A3 ( ) C. Fitch, Inc A- ( ) D. twaa ( ) E. AA (twn) ( ) (Total Return Swap, TRS) (Credit Default Swap, CDS) (Collateralized Debt Obligations, CDO) (Credit Linked Notes, CLN) (Credit Spread Options, CSO) (OTC) (Credit Default Swap CDS) (Credit Default Swap CDS) (Credit Default Swap CDS) (credit derivative) ( ) (protection buyer ) (protection seller) CDS (Reference Asset) (ISDA) CDS CDS ( ) B A ( ) (1) (Reference Entity) 19
(credit event) (2) ( CDX Index Itraxx Index) CDS (3) (counterparty risk) Standard &Poor's Corporation A- Moody's Investors Service A3 confirmation ( ) CDS CDX index 9 20 100 (Deal Spread) 500 10 31 (CDS Spreads) 600 95.8461 A 1,000 A A ( ) 10,000,000 (100-95.8461)/100=$415,390 A 42/360 10,000,000 0.05=$58,333 $415,390-$58,333=$357,057 11 30 A 700 92.0530 A $694,700 10,000,000 (100-92.0530)/100-72/360 10,000,000 0.05=$694,700 (Recovery Rate) 25% 25 ( ) A 75 2.5% ( ) A 2.5% 0.75 CDX 1,000 $187,500 6. (Proxy Basket Hedge) ( ) 7. (1) (2) (3) (4) 20
(5) (6) (7) (8) ( ) ( ) ( ) ( ) (9) ( ) ( ) ( ) ( ) (Netting) (10) ( ) ( ) (11) (12) (13) (14) (15) ETF ETF ETF (16) (17) (18) (19) (20) ( ) (21) (22) ( ) ( ) 21
( ) (23) (24) (25) ( ) (26) (27) (28) (29) ( ) (30) (31) (32) (33) Rule 144A (34) (35) (36) (37) 8. (5) (9) (12) (16) 9. 7 (8) (12) (14) (17) (20) (26) (28) 22
(31) (33) (35) 10. 7 7 ( ) 1. (1) A. B. a. b. c. d. b c e. f. b c C. D. E. 23
(2) A. B. C. D. ( ) E. 2. ( ) 1. (1) i. ii. (2) i ii. iii. iv. (ii) (iii) 2. (1) (2) 24
i. ii. ( ) ( ) ( ) ( ) ( ) 1. 2. 3. ( CNH) ( ) ( ) ( ) ( ) 1. 25
2. ( ) ( ) ( ) ( ) 1. 2. 3. ( ) (MBS) (ABS) (Prepayment Risk) 4. ( Refinancing) (Reinvestment Risk) 26
5. ( ) (1) (2) (3) (4) (5) 6. Rule 144A 144A 7. 8. ETF (1) ETF ETF (2) ETF (3) ETF (4) ETF ETF (5) 9. ETF ETF ETF 27
(Tracking error) (Tracking error) 10. ETF ETF ETF (Tracking Error) 11. ( ) 12. 13. 14. ( ) ( ) ( ) ( ) 2014 11 17 (Shanghai-Hong Kong Stock Connect ) 1. 28
2. A 3. A ( ) 4. A 5. A 6. ( ) 7. A A 8. 9. A 10. A 30% 30% 11. 29
12. 13. () ( 10%) 10% 100% 10% ( ) 1. 2. ( ) ( FATCA ) ( HIRE ) FATCA FATCA 2014 6 30 ( ( ) ) 2016 12 31 ( ( ) ) 30% (FFI) (IRS) FATCA ( FATCA 7~8 ) (Model II) ( IGA ) FATCA ( IGA FATCA ) FATCA IGA FATCA 30
FATCA 30% 2017 FATCA FATCA FATCA FATCA 30% FATCA ( ) FATCA FATCA ( ) FATCA FATCA FATCA ( ) (Passive Foreign Investment Company ( PFIC )) (Passive Foreign Investment Company ( PFIC )) PFIC 1296 1294 ( Qualified Electing Funds ) ( ) ( ) ( 9~11 ( ) ) ( ) 1. 2. 3. 4. 5. 4. 31
5. 6. 7. 8. (1) 4 (2) ( ) 1. (1) (2) (3) A. ( ) B. C. (4) (5) (6) ( ) ( ) 32
2. 3. ( ) ( ) 1. 2. (1) (2) ( ) ( ) ( ) 1. 2. 33
3. ( ) 1. ( ) 2. ( ( ) 1. ) 3. ( ( ) 2. ) 4. ( ) 5. 6. 7. 9 ( ) ( ) 1. (1) A. B. (2) 2. ( ) ( ) ( ) 34
1. 2. (1) (2) (3) (4) ( ) ( ) ( ) ( ) ( ) 1. (1) (2) ( ) (3) (4) 2. (1) (2) (3) 3. 4. ( ) (1) (1.6%) (2) 35
(0.26%) 3% ( ) 0.3% (1) (2) ( ) ( ) (1) (2) (3) (4) (5) (6) ( ) ( ) (7) (8) ( ) (9) ( ) 36
( ) 1. (1) (2) 2. (1) (2) 0.1% (3) 3. (1) 10% (2) (3) 4. 5. ( ) 1. (1) (2) (3) (4) 37
(5) (6) (7) 2. (1) (2) (3) ( ) 3. (1) (2) (3) 4. ( ) 1. (1) (2) (3) 2. (1) (2) ( ) (3) (4) (5) (6) 38
(7) 3. (1) (2) (3) (4) (5) (6) (7) (8) (9) ( ) 4. (1) (2) [ ] (3) A. ( ) B. C. D. E. (4) 39
A. B. Telekurs ( ) Telekurs (Bloomberg) (Reuters) Indicative Price Telekurs (Bloomberg) (Reuters) C. D. E. (5) (6) ( ) (Reuters) (Reuters) (Bloomberg) (Reuters) (Bloomberg) (7) ( ( ) ETF) A. ( ) ETF B. 40
( ) 1. 2. (1) A. B. C. (2) A. B. C. D. E. F. G. H. I. J. K. L. M. 3. (1) 1 (2) 2 (3) 1 2 4. 5. 6. (1) 41
(2) (3) 7. (www.jpmrich. com.tw) (www.sitca.org.tw) 42
( ) 1. 105 6 30 ( ) (%) $ 79.476 2.80 1,831.481 64.57 $ 1,910.957 67.37 175.737 6.21 ( ) 9.970 0.35 75.234 2.65 6.749 0.24 61.122 2.16 164.597 5.80 53.513 1.89 305.009 10.74 6.477 0.23 $ 858.408 30.27 89.229 3.15 ( ) ( 22.305) ( 0.79) ( ) $ 2,836.289 100.00 43
2. 105 6 30 ( ( ) ( ) ) (%) China Merchants Bank 1,316.742 85.04 111.975 3.95 'A' China Petroleum & 1,351.000 22.94 30.987 1.09 Chemical 'A' Wuliangye Yibin 'A' 463.500 158.08 73.269 2.58 China Vanke 'A' 941.348 78.80 74.176 2.62 Guangxi Guiguan 1,314.700 32.66 42.932 1.51 Electric Power 'A' Kweichow Moutai 'A' 22.426 1,418.56 31.813 1.12 Henan Shuanghui Inv 'A' 726.432 101.46 73.707 2.60 Zhengzhou Yutong Bus 599.926 96.22 57.723 2.04 'A' Gree Electric Appliances 534.623 93.40 49.933 1.76 'A' Inner Mongolia Yili Ind 529.600 81.01 42.901 1.51 'A' China Yangtze Power 'A' 1,106.300 60.69 67.146 2.37 Ind & Comm Bank of 2,330.200 21.58 50.276 1.77 China 'A' Industrial Bank 'A' 785.970 74.06 58.207 2.05 Huayu Automotive 867.709 68.08 59.074 2.08 Systems 'A' Anhui Conch Cement 'A' 493.156 70.66 34.844 1.23 Poly Real Estate Group 1,306.282 41.94 54.781 1.93 'A' Bank of Nanjing 'A' 1,312.247 45.63 59.878 2.11 China State Construction 1,970.164 25.85 50.933 1.80 Eng 'A' Fuyao Group Glass 1,132.549 68.03 77.049 2.72 Industries 'A' SAIC Motor Corp 'A' 684.786 98.60 67.518 2.38 Youngor Group 'A' 685.200 67.01 45.916 1.62 GF Securities 'A' 1,437.636 81.44 117.086 4.13 Jiangsu Expressway 'A' 1,555.700 40.53 63.049 2.22 Midea Group 'A' 821.014 115.27 94.634 3.34 Huatai Securities 'A' (CI) 721.401 91.63 66.104 2.33 1% 44
3. 105 6 30 ( ) (%) CRCC Yupeng VRN 3.95% Perp-RegS 33.303 1.17 CCCI Treasure VRN 3.5% Perp-RegS 32.794 1.16 CITIC Ltd 6.375% 10/04/20-RegS 29.448 1.04 United Over Bk VRN 3.75% 09/24-RegS 33.416 1.18 1% 45
( ) 104 8 25 1. ( ) 105 6 30 ( ) ( ) 46
( ) 2. (1) (2) ( ) 95 96 97 98 99 100 101 102 103 104 N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.072 ( ) 95 96 97 98 99 100 101 102 103 104 N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.109 3. 95 96 97 98 99 100 101 102 103 104 % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 95 96 97 98 99 100 101 102 103 104 % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 95 96 97 98 99 100 101 102 103 104 % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 95 96 97 98 99 100 101 102 103 104 % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 104 8 25 47
4. ( ) % -0.64% -8.30% N/A N/A N/A N/A -1.66% ( ) (104 8 25 ) ( ) % -0.64% -8.27% N/A N/A N/A N/A -1.67% ( ) (104 8 25 ) 5 ( ) % 0.93% -5.13% N/A N/A N/A N/A 3.10% ( ) (104 8 25 ) ( ) % 0.88% -5.01% N/A N/A N/A N/A 3.44% ( ) (104 8 25 ) ( ) 100 101 102 103 104 N/A N/A N/A N/A 0.90% ( ) 48
( ) 49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
( ) ( ) ( ) ( ) (%) 104 87,343 0 0 87,343 131 0 0 Citigroup 3,044 30,993 0 34,037 4 0 0 UBS 4,558 28,135 0 32,693 8 0 0 HSBC 2,649 18,254 0 20,903 5 0 0 JP Morgan 18,226 0 0 18,226 45 0 0 105 1~6 23,925 0 0 23,925 36 0 0 Haitong Sec 10,732 0 0 10,732 16 0 0 CHINA INT CA 7,204 0 0 7,204 11 0 0 JP Morgan 6,243 0 0 6,243 16 0 0 UBS 1,612 2,070 0 3,682 3 0 0 ( ) ( ) 2016 1~6 JP Morgan Secs (Asia Pacific) Ltd JPM08 206,850,195 517,127 66
3 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. 2. 3. 4. 5. 6. 7. ( ) 31~33 3 33 67
( ) ( ) ( ) ( ) ( ) 1. 2. 3. 4. ( ) 5. 6. 7. ( ) 8. ( ) ( ) 35~37 35~38 12~13 13~15 4~5 9~11 31 33~35 ( ) ( ) 39~41 ( ) 1. 68
2. 3. ( ) ( ) 1. 2. 3. 4. ( ) ( ) ( ) ( ) ( ) 1. 2. 3. 4. 5. 6. ( ) ( ) ( ) ( ) ( ) 1. 2. 69
3. 4. 5. 6. 7. 8. ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. 2. 3. 4. 5. ( ) ( ) 70
( ) ( ) ( ) ( ) ( ) ( ) 37~38 41~42 ( ) 71
( ) ( ) 105 6 30 81.9 10 31,254,115 312,541,150 31,254,115 312,541,150 ( ) 1. 2. 3. 4. 5. 6. 7. ( ) 1. 105 6 30 ( ) 100/04/27 795,788,668 100/04/27 529,286,783 100/09/29 1,764,404,244 100/09/29 4,837,017,887 101/09/26 481,423,652 101/09/26 453,583,088 102/06/26 A 5,577,832,130 103/06/19 839,740,904 103/06/19 917,795,541 103/10/15 3,782,543,969 103/10/15 4,335,891,581 104/04/17 1,436,842,794 104/04/17 851,703,043 104/08/25 1,531,699,866 104/08/25 968,960,549 105/03/29 1,124,901,427 105/03/29 1,326,756,314 ( ) 103/03/13 ( ) 3,640,118.74 103/06/19 ( ) 10,900,166.80 103/10/15 ( ) 33,309,363.61 104/04/17 ( ) 11,361,516.98 104/10/20 A ( ) 7,954,705.60 105/03/29 ( ) 48,886,055.73 72
( ) 103/10/15 ( ) 783,067,333.61 103/10/20 ( ) 35,162,983.99 104/01/07 ( ) 20,622,391.33 104/04/17 ( ) 71,897,366.43 104/08/25 ( ) 19,087,095.17 104/08/25 ( ) 50,212,386.54 105/03/29 ( ) 88,803,394.24 2. ( ) 3. (1)85.11.23. 1,500,000 (2)86.04.17 7,500,000 (3)86.06.11. 7,200,000 (4)86.06.11. 875,000 (5)87.03.25 3,000,000 (6)87.04.23 1,500,000 (7)87.06.05 13 240,000 (8)87.06.10 3 40,000 (9)87.06.12 15,000 (10)87.09.30 3,000,000 (11)89.08.24 23,370,000 (12)89.08.25 1,500,000 (13)89.09.13 3,600,000 (14)90.05.30 1,000 JF ASEAN MANAGEMENT LIMITED 73
(15)90.05.30 1,000 JF UNIT TRUST MANAGEMENT LIMITED (16)90.05.30 7,000 JF INVESTOR SERVICES LIMITED (17)90.05.30 1,000 JFIM (KOREA) LIMITED (18)90.05.30 10,000 JF ASSET MANAGEMENT INTERNATIONAL LIMITED (19)90.05.30 10,000 JF ASSET MANAGEMENT LIMITED (20)91.05.06 JF UNIT TRUST MANAGEMENT LIMITED 1,000 JF ASSET MANAGEMENT INTERNATIONAL LIMITED (21)94.05.05 JF Funds Limited JF Asset Management Limited 10,000 JF Asset Management International Limited 11,000 JFIM (KOREA) Limited 1,000 JF Investor Services Limited 7,000 JF Asean Management Limited 1,000 (22)98.01.16 JPMorgan Funds (Asia) Limited JPMorgan Asset Management (Asia) Inc. (23)102.11.1 JPMorgan Asset Management (Asia) Inc. ( ) 1,254,115 4. ( ) 1. 105 6 30 0 0 0 1 0 1 0 0 0 31,254,115 0 31,254,115 (%) 0 0 0 100 0 100 2. 105 6 30 JPMorgan Asset Management (Asia) Inc. 31,254,115 100% 74
( ) 1. 105 6 30 (51 ) (35 ) (3 ) (9 ) (6 ) (29 ) (13 ) (7 ) (29 ) (83 ) (62 ) (25 ) 75
2. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) 76
( ) ( ) ( ) (%) 102/06/13 101/02/01 101/02/01 101/02/01 101/02/01 ( ) Pace University, Master of Science ( ) ( ) Man Investments-Associate Director ( ) ( ) ( ) / / ( ) 105 6 30 77
( ) (%) 101/02/01 101/02/01 102/06/01 102/12/05 103/08/08 101/02/01 105/04/01 102/07/01 ( ) ( ) ( ) Syracuse University, Master of Business Administration ( ) ( ) Manchester Business School, Master of Business Administration ( ) University of Exeter, Master of Finance & Management ( ) ( ) Heriot-Watt University, Master of Business Administration ( ) ( ) ( ) ( ) 78
( ) (%) 101/04/01 103/07/01 98/02/01 103/02/01 105/04/01 104/03/01 104/03/01 EMBA ( ) ( ) ( ) Segment & Product (SPC) ( ) ( ) ( ) Tamkang University, Master of Business Administration ( ) The University of Houston, Business Administration ( ) ( ) ( ) ( ) ( ) ( ) ( ) 79
( ) (%) 104/03/01 104/01/01 104/04/01 ( ) ( ) ( ) EMBA ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 80
( ) ( ) 105 6 30 104.01.16 107.01.15 31,254,115 100% 31,254,115 100% Lisa Hsi 104.06.15 107.01.15 31,254,115 100% 31,254,115 100% 104.01.16 107.01.15 31,254,115 100% 31,254,115 100% 104.01.16 107.01.15 31,254,115 100% 31,254,115 100% ( ) ( ) Master of Science in Accountancy from Bentley College JF Vice President Pace University, Master of Science ( ) The National University of Singapore / Business Administration ( ) JPMorgan Asset Management (Asia) Inc JPMorgan Asset Management (Asia) Inc JPMorgan Asset Management (Asia) Inc JPMorgan Asset Management (Asia) Inc 81
( ) ( ) ( ) 105 6 30 JPMorgan Asset Management (Asia) Inc. 5% ( ) 105 6 30 α - - 35 ( ) 82.03.04 83.04.07 84.01.21 84.03.23 84.06.15 84.10.18 85.10.15 86.01.29 86.09.08 87.06.01 87.08.19 89.09.28 92.12.09 93.11.12 94.05.23 94.05.23 95.04.04 95.07.25 96.04.03 97.01.25 97.06.25 97.09.22 98.12.01 99.02.02 99.07.20 99.12.20 99.12.20 51,616.06 35,244.74 56,047.80 92,853.86 164,517.20 119,199.99 296,733.19 249,269.12 112,186.90 247,600.12 64,247.18 92,634.24 102,024.67 181,246.00 128,571.87 27,842.06 190,468.58 521,760.60 60,601.47 170,468.27 115,941.92 47,719.68 293,752.10 136,637.96 164,413.27 97,696.69 8,007.68 ( ) 536,889 1,467,656 1,143,469 4,008,582 2,667,085 4,778,661 4,448,724 5,892,179 2,764,424 3,777,068 1,396,840 2,264,419 1,512,875 2,765,728 1,612,936 299,044 2,396,214 5,427,863 610,663 1,396,831 1,473,460 746,874 2,781,761 2,344,689 1,504,431 1,084,594 78,252 ( ) 10.4 41.64 20.4 43.17 16.2116 40.09 14.9923 23.64 24.64 15.25 21.74 24.44 14.8285 15.26 12.545 10.7407 12.58 10.4 10.08 8.19 12.71 15.65 9.47 17.16 9.15 11.1016 9.7721 82
( ) A 100.04.27 100.04.27 100.09.29 100.09.29 101.09.26 101.09.26 102.06.26 103.06.19 103.06.19 103.10.15 103.10.15 104.04.17 104.04.17 104.08.25 104.08.25 105.03.29 105.03.29 71,819.72 61,140.73 139,060.82 493,950.01 44,618.56 49,263.02 471,324.19 82,146.17 96,382.36 363,970.80 442,096.42 157,787.53 98,212.35 155,824.54 101,308.09 114,505.21 135,507.88 ( ) 795,789 529,287 1,764,404 4,837,018 481,424 453,583 5,577,832 839,741 917,796 3,782,544 4,335,892 1,436,843 851,703 1,531,700 968,961 1,124,901 1,326,756 ( ) 11.0804 8.6569 12.688 9.7925 10.7898 9.2074 11.83 10.22 9.52 10.3924 9.8076 9.1062 8.6721 9.8296 9.5645 9.82 9.79 ( ) ( ) ( ) ( ) ( ) A ( ) ( ) 103.03.13 103.06.19 103.10.15 104.04.17 104.10.20 105.03.29 376.92 1,229.70 3,404.38 1,339.67 895.89 4,937.08 ( ) 3,640 10,900 33,309 11,362 7,955 48,886 ( ) 9.6576 8.86 9.7843 8.4808 8.88 9.9 ( ) ( ) 103.10.15 ( ) 103.10.20 ( ) 104.01.07 ( ) 104.04.17 ( ) 104.08.25 ( ) 104.08.25 ( ) 105.03.29 77,279.91 3,830.78 1,971.21 8,205.46 1,844.19 5,020.85 8,957.61 ( ) 783,067 35,163 20,622 71,897 19,087 50,212 88,803 ( ) 10.1329 9.18 10.4618 8.7621 10.3499 10.0008 9.91 83
( ) 104 103 1 20 (02)8726-8686 84
(105) 15003328 104 12 31 103 12 31 104 103 1 1 12 31 1010053706 104 12 31 103 12 31 104 103 1 1 12 31 0930005641 105 3 18 85
104 103 12 31 1041231 1031231 % % ( ) $ 3,935,992,961 80 $ 3,566,611,937 88 ( ) 18,193,650 ( ) 590,454,181 12 163,806,493 4 1,493,111 12,230,314 12,538,437 4,556,871,106 92 3,744,449,978 92 ( ) 7,000,000 7,000,000 ( ) 124,756,547 3 109,629,066 3 ( ) 80,000,000 2 50,000,000 1 ( ) 47,969,541 1 84,492,228 2 ( ) 58,409,593 1 37,102,503 1 ( ) 71,437,038 1 45,822,933 1 389,572,719 8 334,046,730 8 $ 4,946,443,825 100 $ 4,078,496,708 100 $ 2,097,284 $ 1,502,623 ( ) 737,799,728 15 373,483,559 9 91,331,604 2 15,696,711 1 11,777,370 7,102,938 843,005,986 17 397,785,831 10 71,437,038 1 45,822,933 1 ( ) 97,722,942 2 31,155,540 1 ( ) 1,851,683 892,746 1,014,017,649 20 475,657,050 12 ( ) 312,541,150 6 312,541,150 8 ( ) 115,288,524 3 115,288,524 3 ( ) 326,044,516 7 326,044,516 8 499,292,794 10 499,292,794 12 2,679,259,192 54 2,349,672,674 57 3,932,426,176 80 3,602,839,658 88 $ 4,946,443,825 100 $ 4,078,496,708 100 86
104 103 1 1 12 31 104 103 % % $ 3,229,063,767 100 $ 1,689,731,352 100 ( ) ( )( ) ( 2,835,088,826 ) ( 88 ) ( 1,495,507,704 ) ( 88 ) 393,974,941 12 194,223,648 12 5,422,341 5,792,297 ( ) ( 264,669 ) 2,488,591 1,689,705 2,505,026 4,502,672 ( 3,728,954 ) ( 123,336 ) ( ) 25,516,763 1 ( 5,601,389 ) 31,140,212 1 7,058,835 425,115,153 13 201,282,483 12 ( ) ( 88,236,255 ) ( 3 ) ( 88,755,222 ) ( 6 ) 336,878,898 10 112,527,261 6 ( ) ( 8,786,000 ) 15,366,000 1 ( ) 1,493,620 ( 2,612,220 ) ( ) ( 7,292,380 ) 12,753,780 1 $ 329,586,518 10 $ 125,281,041 7 87
104 103 1 1 12 31 103 103 1 1 $ 312,541,150 $ 115,331,583 $ 326,044,516 $ 499,292,794 $ 2,224,391,633 $ 3,477,601,676 ( 43,059 ) ( 43,059 ) 103 112,527,261 112,527,261 12,753,780 12,753,780 103 12 31 $ 312,541,150 $ 115,288,524 $ 326,044,516 $ 499,292,794 $ 2,349,672,674 $ 3,602,839,658 104 104 1 1 $ 312,541,150 $ 115,288,524 $ 326,044,516 $ 499,292,794 $ 2,349,672,674 $ 3,602,839,658 104 336,878,898 336,878,898 ( 7,292,380 ) ( 7,292,380 ) 104 12 31 $ 312,541,150 $ 115,288,524 $ 326,044,516 $ 499,292,794 $ 2,679,259,192 $ 3,932,426,176 88
104 103 1 1 12 31 104 103 $ 425,115,153 $ 201,282,483 48,596,012 45,952,272 ( 1,704,205 ) ( 43,059 ) 3,733,954 123,336 ( 16,489,445 ) ( 426,647,688 ) ( 6,031,484 ) 355,530,169 12,451,734 1,493,111 308,123 ( 2,039,714 ) 36,522,687 ( 26,024,000 ) ( 25,614,105 ) 7,198,736 594,661 ( 273,967 ) 4,674,432 268,664 ( 30,000,000 ) 5,000,000 25,614,105 ( 7,198,736 ) 66,567,402 ( 60,420,652 ) ( 31,455,895 ) ( 188,314,964 ) ( ) 436,838,471 ( 18,069,351 ) ( 67,457,447 ) ( 7,368,754 ) ( 67,457,447 ) ( 7,368,754 ) ( ) 369,381,024 ( 25,438,105 ) 3,566,611,937 3,592,050,042 $ 3,935,992,961 $ 3,566,611,937 89
104 103 ( ) 81 9 26 98 7 9 0980030573 100 9 30 10000047239 102 8 26 1020035562 ( ) 102 10 17 102 11 1 103 10 13 103 11 3 104 3 1 105 3 18 ( ) ( ) 103 4 3 1030010325 104 2013 ( 9 ) 2013 IFRSs 1. 19 ( ) 2. 1 ( ) 90
( ) 2013 9 10 28 11 14 15 16 1 7 12 16 38 16 41 19 27 36 39 21 2010-2012 2011-2013 2012-2014 107 1 1 105 1 1 105 1 1 106 1 1 108 1 1 105 1 1 106 1 1 106 1 1 105 1 1 105 1 1 103 7 1 105 1 1 103 1 1 103 1 1 103 7 1 103 7 1 103 7 1 105 1 1 ( ) ( IFRSs) 1010053706 ( ) 1. 91
(1) (2) 2. IFRSs ( ) 1. ( ) 2. (1) (2) ( ) 1. (1) (2) (3) (4) 2. (1) (2) (3) (4) ( ) ( ) 1. 2. 92
3. ( ) ( ) 1. ( ) 2. (1) (2) (3) (4) (5) (6) (7) (8) 3. ( ) 1. 2. ( ) 1. 2. 3. 4. 93
8 55 5~10 3~10 ( ) ( ) ( ) ( ) 1. 2. (1) (2) 3. A. ( ) B. C. 12 94
( ) 4. 1. 2. 10% 10% 3. ( ) ( ) ( ) 4. 5. ( ) JPMorgan Chase & Co. ( ) 1. 2. 3. 95
1. ( ) 104 12 31 103 12 31 $ 40,000 $ 40,000 102,123,251 95,240,878 580,329,710 67,831,059 3,253,500,000 3,403,500,000 $ 3,935,992,961 $ 3,566,611,937 ( ) 104 12 31 103 12 31 $ 16,489,445 $ 1,704,205 ( ) $ 18,193,650 $ 104 12 31 103 12 31 $ 125,177,910 $ 143,154,864 462,356,490 5,846,929 2,919,781 14,804,700 ( ) $ 590,454,181 $ 163,806,493 104 12 31 103 12 31 $ 7,000,000 $ 7,000,000 ( ) 104 1 1 $ 199,860,959 $ 136,629,303 $ 336,490,262 ( 139,493,217 ) ( 87,367,979 ) ( 226,861,196 ) $ 60,367,742 $ 49,261,324 $ 109,629,066 96
104 1 1 12 31 1 1 $ 60,367,742 $ 49,261,324 $ 109,629,066 47,374,286 20,083,161 67,457,447 ( 22,881,381 ) ( 40,634,957 ) ( 63,516,338 ) 22,025,002 37,757,382 59,782,384 ( 33,857,455 ) ( 14,738,557 ) ( 48,596,012 ) 12 31 $ 73,028,194 $ 51,728,353 $ 124,756,547 104 12 31 $ 224,353,864 $ 116,077,507 $ 340,431,371 ( 151,325,670 ) ( 64,349,154 ) ( 215,674,824 ) $ 73,028,194 $ 51,728,353 $ 124,756,547 103 1 1 $ 275,677,718 $ 135,273,529 $ 410,951,247 ( 189,172,133 ) ( 73,443,194 ) ( 262,615,327 ) 103 1 1 12 31 $ 86,505,585 $ 61,830,335 $ 148,335,920 1 1 $ 86,505,585 $ 61,830,335 $ 148,335,920 6,012,980 1,355,774 7,368,754 ( 81,829,739 ) ( 81,829,739 ) 81,706,403 81,706,403 ( 32,027,487 ) ( 13,924,785 ) ( 45,952,272 ) 12 31 $ 60,367,742 $ 49,261,324 $ 109,629,066 103 12 31 $ 199,860,959 $ 136,629,303 $ 336,490,262 ( 139,493,217 ) ( 87,367,979 ) ( 226,861,196 ) ( ) $ 60,367,742 $ 49,261,324 $ 109,629,066 104 12 31 103 12 31 $ 80,000,000 $ 50,000,000 47,969,541 84,492,228 58,409,593 37,102,503 71,437,038 45,822,933 $ 257,816,172 $ 217,417,664 1. $25,000,000 98 $25,000,000 104 $30,000,000 104 12 31 103 12 31 $80,000,000 $50,000,000 97
2. ( ) 104 103 $ 45,822,933 $ 53,021,669 9,862,114 7,165,525 28,825,645 797,610 2,265,397 ( 12,326,112 ) ( 16,017,005 ) ( 639,530 ) ( 108,012 ) ( 1,410,263 ) $ 71,437,038 $ 45,822,933 104 12 31 103 12 31 $ 237,510,005 $ 159,240,607 210,974,234 56,180,010 12,097,223 7,143,740 23,394,700 28,254,289 5,497,785 3,770,933 201,927,022 79,586,498 46,398,759 39,307,482 ( ) $ 737,799,728 $ 373,483,559 1. 94 7 1 6 15 ( ) 15 45 2% (1) 104 12 31 103 12 31 ( $ 290,922,000 ) ( $ 178,033,000 ) 196,685,000 149,082,000 ( $ 94,237,000 ) ( $ 28,951,000 ) 98
(2) 104 1 1 $ 178,033,000 ( $ 149,082,000 ) $ 28,951,000 10,422,000 10,422,000 ( ) 5,376,000 ( 3,977,000 ) 1,399,000 15,798,000 ( 3,977,000 ) 11,821,000 2,597,000 2,597,000 ( ) 8,120,000 8,120,000 ( 1,931,000 ) ( 1,931,000 ) 6,189,000 2,597,000 8,786,000 ( 10,550,000 ) ( 10,550,000 ) ( 20,771,000 ) 20,771,000 111,673,000 ( 56,444,000 ) 55,229,000 12 31 $ 290,922,000 ( $ 196,685,000 ) $ 94,237,000 103 1 1 $ 257,414,000 ( $ 167,928,000 ) $ 89,486,000 9,068,000 9,068,000 ( ) 5,402,000 ( 3,333,000 ) 2,069,000 14,470,000 ( 3,333,000 ) 11,137,000 ( 3,826,000 ) ( 3,826,000 ) ( ) 3,624,000 3,624,000 ( 15,164,000 ) ( 15,164,000 ) ( 11,540,000 ) ( 3,826,000 ) ( 15,366,000 ) ( 8,383,000 ) ( 8,383,000 ) ( 83,492,000 ) 35,569,000 ( 47,923,000 ) 1,181,000 ( 1,181,000 ) 12 31 $ 178,033,000 ( $ 149,082,000 ) $ 28,951,000 99
(3) 100 (%) 104 12 31 103 12 31 24.90% 23.03% 54.42% 53.96% 20.31% 21.67% 0.37% 1.34% 100.00% 100.00% (4) ( ) 19 142 104 12 31 103 12 31 ( ) (5) 104 103 1.75% 2.00% 4.00% 4.00% 5 0.25% 0.25% 0.25% 0.25% 104 12 31 ( 8,120 ) 8,466 8,390 ( 8,082 ) 105 $10,972,000 2. 94 7 1 6% 104 103 1 1 12 31 $19,942,121 $12,976,878
( ) 102 11 1 1,254,115 104 12 31 103 12 31 $312,541,150 10 31,254,115 ( ) 102 4 17 1020008405 101 104 12 31 103 12 31 $ 3,070,535 $ 3,070,535 112,217,989 112,217,989 ( ) $ 115,288,524 $ 115,288,524 1. 10% 2. 50% 3. 97 1 11 0960071550 4. 5. 104 6 29 103 6. 87 ( ) 10% ( ) 104 103 $ 716,558,677 $ 487,662,749 6,963,777 5,221,747 39,275,643 27,768,302 4,843,596 2,534,596 2,452,257 380,676 38,439,774 32,511,479 $ 808,533,724 $ 556,079,549
1. 0.01% 2. 104 5 20 3. 104 103 ( ) $125,281 $534,086 4. 104 0.01% $125,281 5. 103 0.1% 103 103 ( ) 104 103 $ 48,596,012 $ 45,952,272 ( ) ( ) 104 103 $ 73,260,677 $ 49,412,436 72,177,241 41,825,825 14,397,103 15,672,346 345,586,114 337,615,802 18,970,304 16,213,732 1,115,505,924 249,201,477 338,061,727 183,534,265 $ 1,977,959,090 $ 893,475,883 1. 104 103 $ 109,073,920 $ 80,463,764 ( 1,983,132 ) ( 2,054,573 ) 107,090,788 78,409,191 ( 18,854,533 ) 10,346,031 ( 18,854,533 ) 10,346,031 $ 88,236,255 $ 88,755,222 102
2. 104 103 $ 1,493,620 ( $ 2,612,220 ) 3. 104 103 $ 77,982,577 $ 34,218,022 ( 1,983,132 ) ( 2,054,573 ) ( 291,294 ) ( 727,394 ) 10% 12,528,104 57,319,167 $ 88,236,255 $ 88,755,222 4. 104 1 1 12 31 $ 7,533,932 $ 6,992,749 $ 1,493,620 $ 16,020,301 29,568,571 12,820,721 42,389,292 $ 37,102,503 $ 19,813,470 $ 1,493,620 $ 58,409,593 ( 892,746 ) ( 958,937 ) ( 1,851,683 ) $ 36,209,757 $ 18,854,533 $ 1,493,620 $ 56,557,910 103 1 1 12 31 $ 39,996,867 ( $ 29,850,715 ) ( $ 2,612,220 ) $ 7,533,932 9,171,141 20,397,430 29,568,571 $ 49,168,008 ( $ 9,453,285 ) ( $ 2,612,220 ) $ 37,102,503 ( 892,746 ) ( 892,746 ) $ 49,168,008 ( $ 10,346,031 ) ( $ 2,612,220 ) $ 36,209,757 5. 104 12 31 103 12 31 87 $ 2,679,259,192 $ 2,349,672,674 6. 104 12 31 103 12 31 $899,708,393 $869,929,950 104 103 32.81% 44.95% 103
7. 102 ( ) 1. 2. 104 12 31 103 12 31 30,794 33,955 US$54.00 US$47.19 3. 104 103 $18,082,176 $10,709,738 $46,398,759 $39,307,482 104 12 31 103 12 31 $3,070,535 ( ) 1. JF Asset Management Limited ( ) 2. 93 ( ) 50% ( ) 3. 95 ( ) 4. 99 JPMorgan Asset Management Limited JPMorgan Taiwan Fund ( ) 5. 100 JPMorgan Asset Management (UK) Limited ( ) 6. 103 ( ) 7. 103 8 21 ( 104
) ( ) $510,497,749 ( ) JPMorgan Asset Management (Asia) Inc. 100% JPMorgan Chase & Co ( ) 1. 104 12 31 $ 3,150,000,000 $ 3,150,000,000 0.15% $ 4,478,498 $ 179,600 103 12 31 $ 3,300,000,000 $ 3,300,000,000 0.15%~0.52% $ 4,855,005 $ 265,188 2. 104 12 31 103 12 31 $ 457,760,262 $ 4,227,052 3. 104 12 31 103 12 31 $ $ 11,620,000 4. 104 12 31 103 12 31 $ 2,019,530 $ 2,774,247 5. 104 12 31 103 12 31 $ 19,830,092 $ 21,666,009 ( ) 6. 104 12 31 103 12 31 $ $ 33,000,000 ( ) 105
7. 104 12 31 103 12 31 $ 46,398,759 $ 39,307,482 ( ) 8. 104 103 $ 1,492,727,911 $ 11,170,279 14,856,283 $ 1,503,898,190 $ 14,856,283 9. 104 103 $ 43,170,943 $ 53,133,019 ( ) 10. 104 103 $ 266,098 $ 1,824,268 11. 104 103 $ 25,231,127 $ 7,635,812 683,793 3,825,253 $ 25,914,920 11,461,065 12. 104 103 $ 305,715,955 $ 287,097,032 ( ) 13. 104 103 $ 110,000 $ 711,000 14. 104 103 $ 2,299,216 $ 2,064,255 15. 104 103 $ 22,942,553 $ 126,567,234 ( ) 106
( ) 104 103 $ 363,966,766 $ 208,265,802 1. 104 12 31 103 12 31 2. (1) 1 6 104 12 31 103 12 31 104 12 31 103 12 31 1 $ 67,596,515 $ 46,990,117 1 5 67,696,489 66,080,066 $ 135,293,004 $ 113,070,183 ( ) 1. (1) 2. ( ) 107
1. (1) (2) (3) (4) 2. (1) (2) (3) 3. A. B. (1) 108
( ) (2) 109
104 104 1. 104 12 31 2. 3. 4. 5. 104 12 31 ( ) ( ) 100% 100% 100% 100% 100% 100% 104 104 103 (%) 12% 12% 0% ( ) 50% 110
( ) 50% 104 103 (%) ( ) $ 25,516,763 ( $ 5,601,389 ) $ 31,118,152-556% ( ) ( ) 111
112
( ) 113
1 20 (02) 8726-8686 386 25 1 (04) 2258-8128 6 26 2 (07) 335-1799 ( ) 285 25 (02) 2252-2665 109 1 2 (02) 2507-4066 2 246 1 2 (02) 2752-5252 6 6 1 6 2 32-1 (04) 2224-5171 2 68 (02) 2962-9170 225 13 14 (02) 2718-1234 101 4 (02) 8789-8888 698 3 700 3 (02) 2181-8888 209 1 3 (02) 2325-5818 111 3 4 (02) 2504-8888 2 38 (02) 2536-2951 2 44 1 1 (02) 2326-8899 5 2 1 2 5 6 8 (02) 8786-9888 9 10 13 14 15 1 125 127 (02) 8023-9077 125 2 125 3 1 10 1 (02) 2561-5888 30 (02) 2348-1111 123 (02) 2371-3111 77 (02) 2311-8811 100 (02) 2563-3156 7 1 (02) 8722-6666 2 (02) 2581-7111 166 168 170 186 (02) 2769-5000 188 115 117 (02) 2175-1313 106 1 6 7 110 (03) 524-3151 B1 4 5 205 207 209 1 (02) 2378-6868 203 207 2 36 1 3 4 5 20 21 (02) 8758-7288 32 3 4 5 20 21 32 3 1 32 4 1 32 5 1 168 (07) 557-0535 209 1 3 (02) 2325-5818 114
55 (02) 2321-4311 169 (02) 2771-6699 54 4 4 2 (02) 2545-6888 4 12 5 7 3 7 9 10 46 (02) 2348-3456 120 (02) 2349-3456 66 1 3 8 (02) 2173-6699 68 1 1 20 (02) 8726-8686 386 25 1 (04) 2258-8128 6 26 2 (07) 335-1799 285 25 (02) 2252-2665 38 (02) 2536-2951 36 (02) 2506-3333 115
116
117
118
( ) 1. ( ( ) ) 2. ( ) 1. ( ( ) ) 2. ( ) JPMorgan Asset Management (Asia) Inc JPMorgan Asset Management (Asia) Inc JPMorgan Asset Management (Asia) Inc ( ) 1. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 2. ( ) Lisa Hsi JPMorgan Asset Management (Asia) Inc 1. 2. 3. 4. (1) (2) (3) 119
5. ( ) 1. 2. (1) (2) (3) ( ) 3. 4. ( ) 105 6 30 6 2 ( ) (GIM(Taiwan)Risk Control Committee) (Investment Director) (Compliance) (Legal) (Oversight & Control) 1. (1) (2) 2. (1) (2) (3) (4) (5) (6) (7) (8) / (9) (10) ( ) ( ) 120
( ) 1. 2. 3. ( ) 1. 2. 3 1 ( ) ( ) ( ) 121
( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) OBU ( ) OSU ( ) ( ) 122
( ) 123
( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 124
( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 125
( ) ( ) ( ) ( ) ( ) ( ) 126
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( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 128
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( ) ( ) ( ) ( ) ( ) ( ) 132
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( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 134
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( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 136
12 16 1 137
( ) ( ) ( ) ( ) ( ) 138
( ) (1) (2) (3) ( ) (1) (2) (3) 139
(4) (5) ( ) ( ) ( ) (1) (4) (5) ( ) ( ) ( ) ( ) 140
(2) (3) ( ) 141
( ) ( ) ( ETF ETF) ( ) ( ) ( ) ( ) 1. ( 142
) ( ETF ETF ETF) ( ) (Participatory Notes) (1) (2) 2. ( Rule 144A ) 3. 4. 143
( ) 1. ( ) 2. ( ) (1) ( ) ( ETF ETF ETF) ( ) 144
(Participatory Notes) (2) (Bloomberg) (Country of Risk) (3) (Lipper) ( ) ( ) ( ) 145
1. 2. 1 3. (REATs) ( ) ( ) 1. 2. ( ) ( ) ( ) 146
( ) 3. ( ) ( ) 4. ( ) ( ) 2 3 4 ( ) ( ) 147
( ) ( ) ( ) ( ) ( CDS<Credit Default Swap> CDX index) 148
1. Standard & Poor's Rating Services A- ( ) 2.Moody's Investor Services, Inc. A3 ( ) 3. Fitch, Inc A- ( ) 4. twaa ( ) 5. AA (twn) ( ) (Proxy Basket Hedge) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 103 3 31 10300004655 149
( ) ( ) ( ) ( ) ( ) (Netting) ( ) ( ) ( ) ( ) ( ) 103 10 17 10300398151 ( ) 103 10 17 150
ETF ETF ETF ( ) ( ) ( ) ( ) 10300398151 ETF ETF ETF ( ) 103 10 17 10300398151 ( ) ( ) ( ) ( ) ( ) 103 10 17 10300398151 151
( ) ( ( ) ) Rule 144A ( ) 103 3 31 10300046551 Rule 144A 152
103 3 31 10300046551 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 103 3 31 10300046551 ( ) 103 3 31 10300046551 ( ) 10 1 19 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 15 1 153
( ) ( ) ( ) ( ) ( ) ( ) ( ) 154
( ) ( ) ( ) ( ) 22 155
( ) ( ) ( ) ( ) ( ) ( ) (1.6%) ( %) 156
(0.26%) ( %) 157
( ) ( ) 158
( ) ( ) ( ) 159
( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 160
( ) ( ) ( ) ( ) ( ) ( ) 161
( ) ( ) ( ) 1. 2. Telekurs ( ) Telekurs (Bloomberg) 162
(Reuters) Indicative Price Telekurs (Bloomberg) (Reuters) 3. 4. 5. 163
( ) ( ) ( ) (Reuters) (Reuters) (Bloomberg) (Reuters) (Bloomberg) 164
( ) ( ) 165
166
( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 167
2 ( ) ( ) ( ) ( ) 168
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JPMorgan ( JPMorgan CEMBI Broad Diversified Index) 2016 6 3,855 5.29% 4.78 62.18% 37.82% 39.18% 29.44% 14.90% 11.91% 4.57% 32.3% 22.2% 9.0% 14.2% 8.2% 7.2% 7.0% JPMorgan MorganMarkets2016.6.30 JPMorgan MorganMarkets2016.6.30 (1) 2016 6 JPMorgan (JPMorgan CEMBI Broad Diversified HG Index) 4.05% JPMorgan (JPMorgan JULI US High Grade Index) 3.39% (2) 2016 6 JPMorgan (JPMorgan CEMBI Broad Diversified HY Index) 7.34% 171
(3) NYSE (Cross- Matching System) NSCC DTC Bondscape.Net DVP 6 2 Bank of England (T+0 T+40) T+0 (Asset-Backed Security, ABS) (Mortgage-Backed Security, MBS) MBS ABS ABS MBS MBS GNMA FNMA FHLMC MBS MBS 172
60%( ) 105 6 ( ) ( ) ( ) 1. (1) ( ) 1,367.49 (2015) (CNY) 4.35% (2016.6) AA- ( ) (10 ) 3,191.7 (2016.5) (YOY) 6.70% (2016.3) 4.04% (2016.3) PMI 50.0 (2016.6) (YOY) 2.00% (2016.5) GDP 7.5% 7.4% 2012 7.4% 6 M2 10 6 4639 5.9% 6 PMI 50.8 50 6 5 CPI PPI 6 6 7.2% 5.5% 2. (1) ( ) Bloomberg Goldman Sachs CIA 2013 2014 2015 2016 2017 1,676.4 3,203.4 4,953.1 7,162.2 9,984.7 2010 3% 2015 4.1 15% 2020 21% 24% 81% ; 18 35 173
; 2020 42% 2015 16.2 21.2% O2O38.4% 37.2% 4G (2) 7 ( ) (3) 2015 12 278.55 265.58 7 150.3 5 2,640 4.7% 2014 6.9% 2012 9 1,600cc 2016 SUV 2016 SUV MPV( ) 2016 Bloomberg JPMorgan CICC Morgan Stanley BP TAITRA 3. ( ) (QFII) (1) 20% (2) ( ) (3) 174
(4) QFII 4. 2013 6.0543 6.2445 6.0543 2014 6.0406 6.2598 6.2055 2015 6.4937 6.1883 6.4937 1. (1) Bloomberg ( ) 10.41 (2015) (USD) N/A N/A (10 ) N/A (YOY) N/A N/A PMI N/A (YOY) N/A ( ) 50% ( ) 45% 2008 6 823,502 2000 41% N/A 2. ( ) 3. Bloomberg CIA 2013 84.58 79.125 80.035 2014 90.269 79.093 90.269 2015 100.33 91.08 98.631 Bloomberg 175
( ) 1. (1) ( ) (2) (3) ( ) 2014 2015 2014 2015 2014 2015 2014 2015 995 1,081 3,933 4,549 2,094 3,141 N/A N/A 1,618 1,746 2,072 3,639 518 1,170 5 11 COMPOSITE ( ) 2014 2015 2014 2015 2014 2015 3,234.68 3,539.18 6,085.2 21,342.9 270.11 336.90 1,415.19 2,308.91 5,940.9 19,611.2 39.51 47.37 (%) ( ) 2014 2015 2014 2015 203.60 437.87 15.99 17.63 341.73 593.25 34.05 52.75 The World Federation of Exchanges (4) ( ) ( ) (5) 9:30~11:30 13:30~15:00 A 10% B 10% ST 5% 176
A T+1 B <T+0 > B <T+3 > 2. (1) ( ) (2) (3) ( ) 2014 2015 2014 2015 2014 2015 2014 2015 2,752 2,685 4,013 3,915 17,835 17,225 702 597 FTSE 100 The World Federation of Exchanges (4) Criminal Justice Act (1993) (5) 8:30~16:30 SEAQ TAURUS(Transfer and automated Registration of Uncertified Stocks) 1. 2. ( ) 2014 2015 2014 2015 2014 2015 6,566.09 6,242.32 2,770.7 2,648.8 N/A N/A (%) ( ) 2014 2015 2014 2015 63.76 64.85 15.17 17.19 177
( ) ( ) ( 23~25 ) 178
( 104 5 4 ) call put (Maturity) (Maturity) ( ) 1. ( ) ( ) 2. 3. 4. 5. 6. ( ) ( ) 1 179
7. ( ) ( ) 8. ( ) ( ) ( ) 1 9. 10. (1) (2) (3) (4) ( ) (5) (6) (7) (8) ( ) ( ) ( ) ( ) ( ) 1. ( ) ( ) 2. ( ) ( ) 1 3. ( ) ( ) 10bps( ) 10bps ( ) 180
( ) 1. 94 12 31 ( ) 95 1 1 ( ) (1) (2) (3) (4) (5) ( ) ( ) 1 2. 94 12 31 ( ) 95 1 1 ( ) 95 1 1 ( ) (1) 20bps( ) 20bps 20bps A. (Maturity) 1 1 call put B. (A) + - ( A-A+ A) (B) (C) (2) ( ) 2 3. ( ) ( ) 181
( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. ( ) 2. ( ) ( ) ( ) ( ) 1. 94 12 31 ( ) 95 1 1 ( ) ( )1 3 2. 94 12 31 ( ) 95 1 1 ( ) 95 1 1 ( ) 3 ( ) ( ) 1. 94 12 31 ( ) 2. 95 1 1 ( ) ( ) ( ) 182
( ) ( ) 183
101 4 3 1010000481 ( ) 0.125%( ) ( ) 0.25%( ) ( ) 0.5%( ) ( ) 0.25%( ) ( ) 7 20 ( ) 1. 2. 3. $800 NAV:$8 100 100 NAV:$8 $800 ( ) 1. 2. 3. 184 $800 NAV:$10 80 100 NAV:$10 $1000 $800 $1000 $200
$800 NAV:$8 80 100 NAV:$10 $1000 $800 NAV:$8 100 100 NAV:$8 $800 ( ) ( ) ( ) / ( ) ( ) ( ) 7 20 ( ) ( ) $800 $800 185
186
187