2010 8 9 20101066 / 2011 4 30 2011 3 31
... 1... 2... 9... 20... 25... 33... 40... 50... 52... 54... 56... 65... 67... 72... 73... 77... 82... 84... 85... 91... 96... 99... 121... 134... 136... 137... 142
1
2
1:1 3.00% 1.000 3
4
/ T T+n 3 T n T 1:1 5
3 3 10% 6
40 A 7
() 8
300 40 200021 2004 1 15 2003144-86-21-23261188 67% UFJ 33% 1 1957 1980 1984 1984 1992 1992 1996 1996 2004 2 2004 2 1963 1989 1990 1990 1993 1993 1998 1998 2000 7 2003 10 9
1961 1982 1983 1986 1994 1994 2003 2004 2006 6 2007 1 2007 1 8 2007 9 1960 1982 4 UFJ UFJ 1955 1990 7 UFJ 1957 1982 2000 2000 5 1956 1983 1988 1988 1990 1990 1998 1998-2000 2001 2 1953 1983 1985 1985 1987 1987 1998 1998 2000 2000-2010 2003-2010 2010 10
1960 1985 4 UFJ UFJ 1951 1978 1994 1997 2004 1 3 1969 1992 1994 1995 1999 1999 2002 HFR 2002 2007 1964 1983 1990 1990 1993 1997 1999 1999 2004 2 2004 3 2005 2 4 1969 5 1999 1999 7 2003 1 2003 1 2004 2 2009 3 2010 2 300 11
6 7 1 2 3 4 5 6, 7 8 9 12
10 11 12 13 14 15 16 15 17 18, 19 20 21 22 13
23 24 30 25 26 27 1 2 1 2 3 4 5 3 1 2 3 4 14
1 2 1 2 3 4 5 3 1 15
2 3 4 1 1 2 3 16
4 5 6 2 1 2 3 4 5 6 3 1 1 17
2 3 4 5 2 3 4 5 6 4 1 2 3 5 1 18
2 3 4 5 6 7 1 2 19
55 1984 1 1 334,018,850,026 010-66105799 2011 3 130 30 95% 1998 QFII QDII 20
QDII ESCROW 2011 3 205 8 197 2003 25 2010 2010 SAS70 70 SAS70 SAS70 1 2 21
3 1 2 3 4 5 6 4 1 22
2 3 4 5 6 7 5 1 2 23
3 4 24
1 300 40 +86 21 23261188 +86 21 23261199 400 880 8588 +86 21 962299 2 (1) 55 95588 +86 10 66107914 www.icbc.com.cn (2) 69 +86-10-85109219 95599 www.abchina.com (3) 500 25
12 02163604199 95528 www.spdb.com.cn (4) 2 88 95568 010-83914283 www.cmbc.com.cn (5) 8 C 8 C 95558 +86-10-65550827 http://bank.ecitic.com (6) 22 95577 010-85238680 26
www.hxb.com.cn 7 981 021-962999 021-50105124 www.srcb.com (8) 171 +86 21 54035333 021-962505 www.sw2000.com.cn (9) 66 4 188 400-8888-108 01065182261 www.csc108.com (10) 98 689 27
400-8888-001021-95553 www.htsec.com (11) 618 168 29 021-38670161 4008888666 www.gtja.com (12) A 3 45 86 755 82943636 400888811195565 www.newone.com.cn (13) 35 C 400 8888 888 86 010-66568116 www.chinastock.com.cn (14) 183 43 1819363841 42 28
95575 02087555305 www.gf.com.cn (15) 1508 : 400 8888 78810108998 021-68815009 www.ebscn.com (16) 318 2 22-29 021-63326173 +86-21-95503 www.dfzq.com.cn (17) 9 1 9 1 400-800-8899 www.cindasc.com (18) 291 29
07916768763 www.scstock.com (19) 1012 1012 6 0755-82133302 95536 www.guosen.com.cn (20) 8 027-85481900 95579 4008-888-999 www.95579.com (21) 168 0510-82830162 4008885288 www.glsc.com.cn (22) 5 A 6-9 30
5 A 6-9 100140 400-889-5618 www.e5618.com (23) 26 8 A 35 01058568062 010-58568118 www.hrsec.com.cn (24) 4018 35 28 A02 4018 35 28 A02 2008 1 9 0755-82558355 4008001001 www.essence.com.cn 2 1 2 31
27 23 27 23 01058598835 01058598907 68 19 +86-21-31358666 +86-21-31358600 1233 1604-1608 202 11 +86-21-23238888 +86-21-23238800 32
1:1 1:1 1:11:1 1 2 3, 1.000 33
1.000/ 3.00% 11 () 3.00% 2 0.100 0.100 3, 0.100 0.100 0.100 0.100 1 it NAVi,T ( ) i,t NAV A NAV ( B) i,t 34
1 it NAVi,T T/T T20101420.46 488 NAVi,T 20.46/4881.023 2 it ( ) = ( ) NAV B 2 NAV NAV A i,t i,t i,t T2010141.023 1.001 NAV ( B) i,t 21.0231.0011.045 3 T (1) ( ) ( ) ' NAV A = NAV A + R i,t i,(t-1) i NAV ( A) i,(t-1) T1 ' R i i 2 0.100 [NAV B 0.100] < [2 (NAV NAV ) + R ] ( ) ' i,(t-1) i,(t-1) i,t i 35
[NAV B 0.100] 2 (NAV NAV ) ( ) i,(t-1) i,t i,(t-1) 0.1000.100 ( ) 2 (NAV NAV ) [NAV(B) 0.100] i,(t-1) i,t i,(t-1) NAV A = NAV(A) i,t i,(t-1) {1 } [NAV(A) i,(t-1) + 0.100] [NAV(B) 0.100] T10.100 i,(t-1) 2 (NAV NAV ) T i,(t-1) i,t [NAV(A) i,(t-1) + 0.100] NAV(A) i,(t-1) 0.100 NAV(A) + 0.100 NAV(A) + 0.100 i,(t-1) i,(t-1) ( ) ' 2 (NAV NAV )<[NAV B 0.100] < [2 (NAV NAV ) + R ] i,(t-1) i,t i,(t-1) i,(t-1) i,t i 0.100 0.100 T ( ) = i,(t-1) + i,(t-1) i,(t-1) i,t NAV A NAV(A) {[NAV(B) 0.100] 2 (NAV NAV )} i,t {[NAV(B) i,(t-1) 0.100] 2 (NAVi,(T-1) NAV i,t )} T 3 0.1000.100 36
, K ( ) NAV i,t NAV B 0.100 K NAVK ( ) ( ) NAV i,t NAV A =Min NAV A NAV(A) i,t K K-1+N R i) NAVK ( ) NAV A NAV i,t T K NAVK [NAV(A) K-1+N R i] TT T K 1 NAV ( B) K K NAVK K NAV ( A) k K NAV ( A) k-1 K1 N TK(TK) ' N R i KK Ki N ( ) NAV > i,t NAV B 0.100 K NAVK 1 T 37
NAV ( B) NAV i,t 0.100 K NAVK, K ( ) ( ) ' NAV A =Min{ NAV A +N R NAV 0.100} i,t k-1 i NAV 0.100) i,t 0.100 2/3 2/3 i,t 38
39
2010 10 22 3 2 40
2 1 2 3 4 1 41
2 T T+1 T2 3 T T7 1 1,000 1,000 2 1,000 3 1,000 1,000 4 42
1 1 () 100 1.2% 100 ()500 0.7% 500-1,000 0.2% 1,000 1000 / 2 2 1 1 0.5% 1 1 2 0.25% 2 2 0% 2 0.5% 25% 2 43
1 = /1+ = =/ 2 2 10,000 1.2% 1.068 = 10,000 / (1+1.2%) =9,881.42 = 10,000 9,881.42 =118.58 =9,881.42 /1.068=9,252.27 10,000 1.068 9,252.27 1.2% 9,252 1 9,2521.0689,881.14 44
10,0009,881.14118.580.28 2 = = = 2 10,000 1 0.5% 1.068 = 10,000 1.068= 10,680.00 = 10,680.00 0.5% = 53.40 =10,680.00-53.40 = 10,626.60 10,000 1 1.068 10,626.60 3 T T /T 3 3 T T+1 T+1 T+2 T+1 45
3 1 1 2 3 4 5 6 7 16 2 1 2 3 4 2 2 46
5 4 20 1 10% 2 1 2 47
10% 3 2 3 4 2 20 48
49
3 1 2 310% 4100 50.001 6 50
51
1 2 3 1 2 3 1 2 52
53
1 2 6 2 930-1130 1 00-300 1 2 54
3 4 5 2 1 2 55
0.35% 4%, 90 5% 56
1 90% 5% 3 2 1 2 3 3 1 2 1 57
1 2 3 4 5 6 7 8 2 1 2 3 3 4 10 58
95%+5% 40 A, 1 2 3 4 59
2011 03 31 1 % 1 1,117,093,184.99 93.06 1,117,093,184.99 93.06 2 - - - - - - 3 - - 4 - - - - 5 81,569,483.86 6.80 6 1,705,736.87 0.14 7 1,200,368,405.72 100.00 2 A - - B 92,099,557.74 7.69 C 637,845,010.26 53.23 C0 139,976,844.39 11.68 C1 - - 60
C2 - - C3 - - C4 30,690,132.39 2.56 C5 - - C6 152,492,523.07 12.73 C7 238,397,173.74 19.89 C8 76,288,336.67 6.37 C99 - - D - - E - - F - - G 49,698,950.00 4.15 H 63,466,455.94 5.30 I 110,853,972.09 9.25 J 119,400,133.42 9.96 K 23,774,008.02 1.98 L - - M 19,955,097.52 1.67 1,117,093,184.99 93.22 3 () 1 000002 9,895,968 85,995,961.92 7.18 2 000858 2,052,705 65,460,762.45 5.46 3 002024 4,940,018 63,380,430.94 5.29 61
4 000651 2,364,856 53,587,636.96 4.47 5 000063 1,655,857 49,675,710.00 4.15 6 000001 3,007,928 48,367,482.24 4.04 7 000983 1,769,316 46,939,953.48 3.92 8 000338 850,782 45,244,586.76 3.78 9 000157 2,573,230 39,782,135.80 3.32 10 000527 2,103,797 39,425,155.78 3.29 4 5 6 7 8 8.1 8.2 8.3 1 1,685,014.42 2-3 - 4 16,760.49 5 3,961.96 62
6-7 - 8-9 1,705,736.87 8.4 8.5 63
64
1 2 3 4 5 6 7 8 9 10 1 65
2 3 4 5, 6, 66
1 1 2 67
3 4 2 1 2 3 3, 4 5 6 7 68
3 4 3 0.25% 0.5% 1 2 1 69
2 3 4 5 6 7 3 1 70
2 3 4 5 0.25% 0.5% 1 2 3 1 6 2 71
72
1 2 3 4 5 6 7 8 9 10 1 1% HE 1% H E 2 2 0.22% H = E 0.22% H 73
E 2 3 0.02%220 H= E0.02% H E 33 10 20 20 410 1 1 100 1% 100 500 0.6% 74
500 1000 0.1% 1000 1000 / 2 2 1 () 100 1.2% 100 ()500 0.7% 500-1,000 0.2% 1,000 1000 / 2 3 1 1 0.5% 1 1 2 0.25% 2 2 0% 2 0.5% 25% 75
1 2 3 4 2 76
1 2 3 4 2 1 12 31 1.000 2 1 1 = 77
NAV =.000 = NUM(A).000 NAV NAV NUM NUM(A) 1 2 3 NAV =.000 = NUM.000 2 NAV = + NAV NUM 78
1 5 6 2.000 1 2.000 2 3 4 2.000 1 2 79
11 NUM = NUM NAV = NAV B) =NAV(A) = [N A V (B ) N A V (A )] N U M (B ) NAV NUMB NUM B NAV(B) NAV(A) NAV NAVB) 1 3 NUM = NAV NUM NAV 80
NUM NUM NAV NAV 1 5 6 81
2/3 2/3 1 / 82
2 83
1 2 111231 2 3 4 5 6 7 1 2 3 2 84
1 2 3 4 5 6 1 85
2 3 1 3 1 6 45 15 2 3 2 3 4 86
3 5 2 6 7 8 90 60 15 87
2 2 9 2 1 2 3 4 5 6 7 8 9 50% 10 30% 11 12 13 14 88
15 16 17 0.5% 18 19 20 21 22 23 24 25 26 27 28 29 30 31 10 11 40 89
12 90
: 1 2 3 4 91
1 2 1 2 3 4 5 6 7 8 9 3 1 0.100 92
2 0.100 10 2.000 2 3 4 5 6/ / 93
/ 7 1 1 2 8 94
1 2 95
1 1 2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 2 96
1 2 6 3 4 1 30 2 3 4 1 2 3 4 5 6 7 5 97
5 15 98
1 1 2 3 4 5 6 7 8 9 10 11 12 13 99
14 15 16 17 2 1 2 3, 4 5, 6, 7 8 9 10 100
11 12 13 14 15 16 15 17 18, 19 20 21 22 23 101
24 30 25 26 27 1 1 2 3 4 5 6 7 8 9 2 102
1 2 3 4 5 6, 7 8 9 10 11 15 12 13 14 103
15 16 17 18 19 20 21 22 1 1 2 3 104
4 5 6 7 8 9 2 1 2 3 4 5 6 7 1 105
1 2 3 4 5 6 7 8 9 10 11 12 2 1 2 3 4 5 6 7 8 106
1 2 3 10 60 4 10% 10% 10 60 10% 10% 10 60 5 10% 10% 10% 10% 30 6 107
1 40 1 2 3 4 5 2 3 1 1 108
2 50% 50% 2 1 2 2 3 50% 50% 43 5 1 109
10% 10% 35 30 30 1 2 10% 10% 6 30 30 110
2 1 50% 50% 2 30 2 1 50% 50% 2 2 111
1 1 2 3 4, 2 112
5 2 1 1% HE1% H E 113
2, 2 0.22% HE0.22% H E 2, 3 0.02%220 H= E0.02% H E 33 10 20 20 114
0.35% 4%, 90 5% 1 1 2 3 4 5 6 7 8 115
, 2 1 2 3 3 4 10 116
1 1 2 3 4 5 6 7 8 9 10 11 2 1 2 3 4 5 117
6 1 26 3 4 130 2 3 4 1 2 3 4 5 118
6 7 5 5 15 119
120
300 40 200021 2004 1 15 2003144 : +86-21-23261188 +86-21-23261199 55 100032 01066105799 01066105798 1984 1 1 334,018,850,026 121
[1983]146 2008 9 4 1,90 5% 2 122
1 90% 5% 2 1 2 3 3 4 3 10 2 4 5 3 1 123
2 3 4 5 6 7 8 4 2 5 1 124
2 2 2 3 6 125
7 1 2, 3 4 5 126
127
128
1 2 3 4 5 2 2 129
/ / 1 2 130
/ 5 15 3 4 131
6 30 12 31 15 6 30 12 31 12 31 10 10 15 132
1 2 3 4 133
1 2 3 4 5 6 134
1+86-21-962299 400-880-8588 2www.swsmu.com 3 135
136
137
138
139
140
141
142