2005
CIP 2005 /. - 2006. 3 ISBN 7-5017-7378-5 Ⅰ. Ⅱ. Ⅲ. 2005 Ⅳ. F832. 49 CIP 2006 014717 100037 3 www. economyph. com 010-68354371 e-mail winterpeng@126. com 889mm 1194mm 1 /16 26 450 2006 3 1 2006 3 1 ISBN 7-5017-7378-5 /F5935 150. 00 68344225 68369586 68346406 68309176 68359418 68319282
2004 2005 1979-2003 2004 2005 2005 2006 2005 2005 2005 2006 1
1980 14 25 120 www. tjtrust. com 2
2005 18 509 68 21 31% 6 05% 2 06 141 40 73 45% 6 522 07 34 73% 17 70 36 28 40 85 34 24 33 61 26% 1 84 41% 2005 100% 1 22% 2005 e Trust 2005 www. sitico. com. cn 3
2000 4 20 63 1981 20 5 40 JP 2005 12 20 10 65% 200 900 2001 2003 JP 4
5 1987 1992 1994 600816 www. anxintrust. com
1986 4 1993 2 2002 5 2002 9 3 5 1500 1993 1997 13 2005 42 www. brtic. com 6
2002 9 CBD 135 155 2003 2005 140% 2005 60% 45% 7% 2005 www. bjitic. com 7
1998 2001 10 1500 98% 2% 2004 500 309 2005 8 2 www. huabaotrust. com 8
1981 2002 8 248389 9 6000 www. jsitic. net 9
1988 2002 4 11 57 200 28 000 48 95% 24 000 41 96% 5 000 8 74% 100 0 175% 2003 12 2 2 21 12 38 29 3 98 20 2002 11 2005 94 18 2004 2005 10 www. imtic. com 10
1985 2002 11 13 5 2004 12 80 14 20 285 85 10 48 300 6000 5000 30 2001 50 www. sxxt. net 11
1987 2002 7 3 3 1500 27063 81 86% 5000 15 12% 500 3 02% 10 2 65 53 12 22 21 82% 36 www. xitic. com. cn 12
1986 11 1987 1996 2002 9 4 8 17 1987 2003 10 077 363 198 25 1% 870 44 898 29 3% www. hftic. com. cn 13
2005 1 3 1. 1 3 1. 2 9 2 2005 16 2. 1 17 2. 2 22 2. 3 30 2. 4 36 2. 5 45 2. 6 47 2. 7 48 2. 8 49 3 2006 52 3. 1 52 3. 2 53 1 59 1. 1 59 1. 2 60 1
1. 3 61 1. 4 62 2 62 2. 1 62 2. 2 63 2. 3 65 2. 4 66 3 67 3. 1 67 3. 2 69 3. 3 70 4 71 4. 1 3 1 /3 50 71 4. 2 73 4. 3 5% 74 4. 4 76 5 76 5. 1 77 5. 2 QFII 81 6 83 6. 1 83 6. 2 84 7 87 7. 1 88 7. 2 88 8 91 9 93 1 2005 99 1. 1 2005 99 2
1. 2 2005 110 1. 3 2005 114 1. 4 120 2 REITs 121 2. 1 2005 122 2. 2 126 2. 3 REITs 130 3 133 3. 1 2005 133 3. 2 136 4 138 4. 1 138 4. 2 140 5 141 5. 1 141 5. 2 141 5. 3 142 5. 4 143 1 148 1. 1 148 1. 2 2005 149 2 155 2. 1 157 2. 2 160 2. 3 161 2. 4 162 2. 5 164 2. 6 165 3 166 3
3. 1 167 3. 2 SWOT 168 3. 3 169 3. 4 170 3. 5 171 4 171 4. 1 171 4. 2 172 4. 3 173 5 174 5. 1 174 5. 2 177 5. 3 181 5. 4 182 5. 5 182 5. 6 184 5. 7 184 1 2005 189 1. 1 189 1. 2 190 1. 3 192 1. 4 193 1. 5 196 1. 6 198 2 2005 201 2. 1 201 2. 2 201 2. 3 205 2. 4 214 4
3 2005 215 3. 1 2005 215 3. 2 2005 216 3. 3 2005 217 4 2005 229 4. 1 229 4. 2 230 4. 3 2005 232 5 2006 234 2005 1 238 1. 1 238 1. 2 238 1. 3 239 2 242 2. 1 242 2. 2 243 2. 3 245 2. 4 246 3 248 3. 1 248 3. 2 250 3. 3 251 4 252 4. 1 252 4. 2 254 4. 3 256 4. 4 257 5 260 5. 1 260 5
5. 2 263 5. 3 265 2005 268 2005 387 6
2005
2005 2005 1. 1. 1 2005 1. 1. 1 2005 2003 2005 27% 1-1 2005 1
05 2005 2005 10 1-2 13% 1-3 2
2005 2005 17 6% 28 4% 1-4 2005 2005 1. 1. 2 2005 CPI PPI 2004 5 3 8 4 15% M2 PPI CPI PPI CPI PPI CPI 2003 11 M2 18 3% 3
1-5 2005 PPI CPI 1-6 2005 1. 1. 3 2002 2004 2005 3 16 0 20 4
2005 20% 30% 1-7 2005 1. 1. 4 10 2005 2005 7 21 2% 2005 12 31 1-8 5
8 08 12 NDF 7 80 7 85 2005 1000 1. 1. 5 GDP 2005 12 20 2004 GDP 2 3 16 8% 2004 GDP 6 GDP GDP M2 / GDP GDP GDP 1. 1. 6 2010 2000 20% 6
2005 1. 2 1. 2. 1 M2 15% M2 17 57% 2 57 2 35 2 5 1-9 2005 M2 2005 8189 7
1-10 1. 2. 2 2006 12 2004 2 2005 5 25 2005 1-1 1 2 3 4 5 8
2005 2005 2006 1-2 2005 18 2005. 8 10 10% 2005. 8 2 ~ 3 2005. 8 14 5. 1% 2005. 7 25 9% 2005. 6 31 10% 2005. 8 67. 75 21. 85% 2005. 10 8. 8 4. 51% 2005. 1 GE 1 7. 4% 2005. 9 2. 74 13. 98% 2005. 9 10. 115 6. 88% 2005. 9 1-11 9
1. 2. 3 1-12 1-13 10
2005 2005 9 2006 1. 2. 4 2005 3 16 1 62% 0 99% 2003 12 21 2004 1-14 2005 7 11
1. 2. 5 2005 4 11 2005 2005 5 2005 1400 2006 6000 1-15 2005 2006 T + 0 12
2005 1. 2. 6 2005 2005 5 9 2005 12 31 424 2 / 3 2005 1. 2. 7 2005 10 13
2. 2005 2005 458 1 489 9 2004 30% 1-16 95% 80% 113 141 6 2005 12 1 14
2005 70% / 1-17 2005 2. 1 2. 1. 1 2005 2005 2005 4 28 1968 15
16 2004 7 2005 30% 1
2005 17 2 IT 3 4
5% 2% 700 200 150 15 2. 1. 2 2005 2005 9 212 40% 2 2005 9 18
2005 2005 5 2005 11 15 10 39 2006 3 1 22 2006 3 1 2005 SPV Special Purpose Vehicle 200 2002 37 19
37 3 1-3 2. 2 WTO 20
2005 2004 11 2004 9 2006 2003 2004 2004 11 2003 12 11 2004 10 2005 8 CDMA 2005 21
2. 2. 1 2003 2004 2004 7 B 2 8% 2004 9 2005 20 3 24% 2004 2005 11 1 22
2005 5 2004 6 46 2. 2. 2 2004 12 18 23
20 9 2005 109 A 2005 8 CD MA CDMA CDMA 1-4 CDMA CDMA CDMA 6 12 100 24
2005 25 1-18 CDMA 1-5 5 100 CDMA 100 200 CDMA
2. 2. 3 2001 2002 7 18 56 2004 2004 3000 200 5 26
2005 2. 2. 4 2003 10 2005 4 18 1000 400 2. 2. 5 2004 6 1 2005 14135 84 3357 2 31 15% 2000 5 53 2005 3 6% 2004 0 7 77% 1997 2001 16 29% 0 05% 1 1 27
28 2 3 4 2 3 2005 11 15 10 39 2006 3 1 22 2. 3
2005 12 1 2 3 1-6 2005 12. 31. 134 28. 45% 162. 0658 33. 07% 47 9. 98% 17. 8272 3. 64% 82 17. 41% 107. 8395 22. 01% 109 23. 14% 85. 0540 17. 36% 55 11. 68% 19. 0575 3. 89% 11 2. 34% 15. 1379 3. 09% 17 3. 61% 5. 1596 1. 05% 16 3. 40% 12. 3240 2. 52% 29
2004 2005 1-19 2004 1-20 2005 30
2005 1-7 2005 20 14 16 20 3 14 30 26 19 4 4 8 2 1 2 34 44 42 39 4 4 8 2 1 5 2005 31
32 5 1 2 3 4 2004 2005 2005 7
2005 33 2004 11 1
34 2 3 4 5 6 7 2. 4 2005 212 35% 121212
2005 1-8 121 212 2003 6 5 2005 8 28 2003 121 2005 212 35% 30% 70% 2 212 212 212 35
36 2005
2005 1-9 2005. 3. 11 0. 8515 1. 5 5. 30% 2005. 4. 6 1. 5 1. 5 5. 30% 2005. 6. 27 0. 875 1. 5 5. 30% 2005. 8. 12 0. 55 2 5. 3 ~ 5. 8% 2005. 8. 20 1. 5 0. 75 ~ 1. 5 5. 3% 2005. 10. 20 2. 125 0. 75 ~ 1. 5 5. 3 ~ 6. 2% 2005. 11. 30 1. 5368 0. 75 ~ 3 5. 3 ~ 7. 39% 1-10 200501 2005. 1. 2 0. 1757 1 3. 90% 200502 2005. 2. 2 0. 25 1 3. 90% 200503 2005. 2. 28 0. 2 1 3. 90% 200504 2005. 3. 21 0. 25 1 3. 90% 200505 2005. 4. 31 0. 1805 1 4. 20% 200506 2005. 5. 29 0. 1989 1 4. 20% 2005. 5. 16 0. 1408 1 5. 51% 2005. 1. 31 0. 4 1 5. 37% 2004. 11. 1 0. 8 1 4% 2004. 10. 28 0. 2383 1 3% 37
2004. 6. 4 0. 4255 1 4. 19% 2004. 3. 16 0. 15 1 3. 2% 2004. 3. 16 0. 3 1 3. 6% 2004. 2. 20 0. 1 1 4. 59% 2004. 2. 16 0. 18 1 4. 59% 2004. 2. 12 0. 15 1 3. 2% 2004. 1. 14 0. 3721 1 4. 44% 2003. 12. 2 0. 2 1 4. 8% 2003. 11. 13 0. 3 1 4. 8% 2003. 11. 1 0. 2 1 3. 2% 2003. 9. 26 0. 6 1 4. 8% 2003. 9. 1 0. 3 1 4. 8% 1-11 2005. 6. 10 0. 1671 4 2004. 7. 1 0. 0107 3 2004. 8. 9 0. 77 2 5. 5% 2003. 5. 12 0. 093 10 8% 1-12 2005. 9. 26 0. 6045 2 4. 50% 2005. 10. 29 0. 786 2 4. 5% 38
2005 2005. 8. 25 0. 505 2 4. 50% 2005. 6. 20 0. 017 1 4. 20% 2005. 3. 8 0. 5 1 4. 00% 500 2004 3 2004. 2. 28 0. 1116 2 4. 15% 500 2004 2 2004. 2. 28 0. 2699 2 4. 15% 500 2004 1 2004. 2. 28 0. 1362 2 4. 15% 500 03 10 2003. 11. 22 0. 1297 2 4% 500 03 09 2003. 11. 22 0. 2878 2 4% 500 03 08 2003. 11. 18 0. 1422 2 4% 500 03 07 2003. 10. 24 0. 2121 2 4% 500 03 06 2003. 10. 24 0. 1827 2 4% 500 03 05 2003. 10. 24 0. 2041 2 4% 500 03 04 2003. 10. 24 0. 2284 2 4% 500 03 03 2003. 10. 5 0. 2139 2 4% 500 03 02 2003. 10. 5 0. 1840 2 4% 500 03 01 2003. 10. 5 0. 1978 2 4% 4 2003. 5. 18 0. 0739 3 3% 3 2003. 5. 3 0. 163 3 3% 2 2003. 4. 18 0. 1766 3 3. 5% 1 2003. 3. 15 0. 1265 3 3. 5% 39
1-13 2005. 1. 19 2004. 2. 6 2005. 1. 26 1. 62% 2005. 3. 1 2005. 10. 28 1-14 2005. 6. 1 2. 18 2 6% 2005. 7. 11 1. 38 0. 5 ~ 2 6% 2005. 8. 1 1. 418 2 6% 2004. 11. 8 1. 5 2 4. 5% 2005. 10. 28 1. 26 2 6% 40
2005 1-15 2005. 7. 8 0. 5 3 4. 7% 2005. 6. 6 2 1 4% 2005. 5. 8 2 1 4% 2005. 9. 1 2 2 4. 3% 2005. 9. 1 1 2 4. 3% 2004. 11. 8 2 1 2 4% 6% 2004. 11. 8 2. 4 1 2 4% 6% 2004. 11. 8 2. 2 1 2 4% 6% 2004. 11. 8 3 1 2 4% 6% 2005. 12. 5 2 1 3. 9% 3. 7% 2005. 12. 5 2. 7 1 3. 9% 3. 7% 2005. 12. 5 1 1 3. 9% 3. 7% 41
1-16 2005. 2. 14 1. 5398 2005. 3. 20 1. 07 2005. 4. 16 1 2005. 4. 25 0. 5035 2005. 5. 28 1. 517 2005. 5. 28 1. 01 2005. 10. 15 1. 23 1-17 2003. 4 0. 5 3 4% 2003. 12. 22 0. 478 1 1. 5 2 3. 5% 3. 7% 3. 9% 2004. 4. 26 1. 2914 123 3. 5% 3. 9% 4. 1% 2004. 6. 15 0. 4058 2 4% 2004. 6. 23 1. 102 2 3 3. 9% 4. 1% 42
2005 2004. 7. 26 1. 4988 2 3 3. 9% 4. 1% 2004. 9. 20 0. 4912 4 4. 4% 2004. 10. 19 1. 9273 3 4. 1% 2004. 11. 23 18. 066 3 4. 3% 2005. 5. 19 5 2 3 4% 4. 3% 2005. 6. 8 0. 69 1 3. 8% 2005 2005. 10. 25 3 234 4% 4. 3% 4. 6% 2005. 10. 20 2. 1 2345 4% 4. 3% 4. 6% 5% 2005. 11. 16 1. 5914 2 4% 2005. 12. 12 2 2 3 4% 4. 3% 2. 5 200 5 43
2 500 200 5 2005 12 12 100 12 1 5 9 1 2 3 100 11 29 1 5 ~ 4 2 100 11 22 3 1 100 11 8 8 ~ 10 2 180 9 20 0 ~ 3 1 5 ~ 4 3 5 100 9 28 5 20 100 200 500 9 20 4 2 100 5 10 3 2 100 44
2005 5 9 6 1 2 3 100 5 8 1 1 5 100 2. 6 2005 2005 2005 11 2005 10 28 72 39% 58 86% 13 53% 2005 11 22 2 8 48 95% 45
5 72 2005 11 2 9800 49% 51% 2 35 2005 2. 7 2005 10 2004 4 5 200 110 54 5 30 20 20 30 50 4 46
2005 47 20 20 5 5 30 40 10 2. 8 2005 REITs
48 121 REITs 2005 20 20 80
2005 2003 80% REITs LINKREIT 0823. HK 2005 12 13 2005 12 14 2005 12 17 2005 12 19 2005 12 25 0001. HK 0123. HK REITs 0405. HK 2005 12 21 20 REIT REITs REITs 7% REITs 39 REITs REITs 2005 12 22 3 5 13 8% 5 856 18 REITs 49
CDMA 3. 2006 3. 1 3. 1. 1 2005 200 50
2005 3. 1. 2 2006 200 2006 2006 200 2005 2006 2006 2006 3. 1. 3 REITs REITs 2006 3. 2 3. 2. 1 2006 51
2006 3. 2. 2 WTO 20% 33% 49% WTO 2004 3 5 46 6% 2005 2005 52
53 3. 2. 3
2005 4 2005 35 1. 2005 33 24 90% 33 28 28 2 1 4 1. 1 55
2-1 33 15 45% 24 73% 22 67% 6 18% 1. 2 56
57 WTO 1. 3 200
1. 4 6 2. 2. 1 33 33 3 27 80% 2005 58
24 6 3 2. 2 10% 32 2-1 10% 2 1 10% 2 21 66% 2 16 10% 59
7 9 18% 6 10% 21% 2 2 20 50% 62 5% 9 90% 99 26% 2-2 99. 26% 98. 35% 98. 14% 98% 98% 97. 67% 97. 50% 95% 90% 89. 80% 86. 67% 83. 33% 81. 85% 80. 30% 78. 85% 67. 28% 66. 33% 59. 89% 52. 31% 51. 00% 44. 80% 40% 60
34. 50% 32. 35% 31. 50% 30% 29. 97% 29. 41% 23. 16% 21. 45% 15. 02% 9. 18% 2. 3 2005 6 61
62 2004 133 2. 4 2 6
3. 35 34 2004 3. 1 2004 35 23 58 8 5 1194 33% 2 7 35 12 5889 30% 2004 5000 1 5257 2005 35 8 2192 1 0490 53 10 100 / 2 3 / 50% 21 2 4 2004 2963 149% 2 38% 3 80% 10 3% 6 67% 4% 12 9 77% 2 5 63
2-3 1 2 3 4 5 6 7 8 9 10 2-4 = / + 1 100. 00% 12 66. 75% 23 41. 65% 2 97. 50% 13 66. 60% 24 40. 72% 3 91. 23% 14 65. 36% 25 35. 41% 4 85. 81% 15 59. 92% 26 34. 44% 5 82. 40% 16 58. 80% 27 27. 83% 6 78. 02% 17 58. 52% 28 23. 48% 7 75. 31% 18 55. 81% 29 21. 75% 8 73. 06% 19 54. 88% 30 17. 24% 9 72. 31% 20 54. 52% 31 13. 90% 10 71. 81% 21 53. 11% 32 11. 94% 11 66. 87% 22 44. 86% 33 7. 79% 64
2-5 1 2 3 4 5 6 7 8 9 10 33 3. 2 2004 35 21 2003 11 20% 64 74% 2004 2005 12 31 2004 65
2004 4125 345 1521 61 3. 3 2004 66 138 / 1 / 140 2005 2005 2005 32 6 2005 134% 2005 2005 33 44 5 5 4 66
4. 33 4. 1 3 1 / 3 50 2 6 33 2004 1316 2003 746 100 3 50 12 1 / 3 1 32 2004 5 57 257 56 83 47 2007 44 6559 38 9 100% 10 1153 9% 474 29% 301 7% 201 38% 187 7% 155 78% 147 81% 133 11% 128% 121 27% 67
2-6 33 2004 2003 1 13 387 637 304. 63 7 515 108 754. 63 2 12 182 554 935. 08 7 716 955 726. 80 3 10 345 592 727. 25 6 882 537 216. 12 4 8 505 000 000. 00 2 822 000 000. 00 5 8 355 000 000. 00 4 465 000 000. 00 6 7 913 326 881. 14 3 193 258 724. 13 7 6 445 894 684. 90 5 052 900 528. 02 8 6 369 120 000. 00 5 474 440 000. 00 9 6 184 324 722. 84 4 266 786 550. 95 10 5 659 883 513. 06 4 230 010 016. 90 11 5 068 337 303. 37 4 581 494 358. 85 12 5 048 445 037. 41 2 165 709 513. 97 13 4 508 700 000. 00 2 559 590 000. 00 14 3 731 661 845. 84 1 636 694 103. 49 15 3 582 538 500. 00 1 400 577 300. 00 16 3 467 934 300. 00 1 757 680 300. 00 17 3 150 638 100. 00 1 845 250 100. 00 18 3 063 454 173. 81 1 064 823 365. 31 19 1 775 456 500. 00 802 387 900. 00 20 1 725 110 000. 00 1 256 140 000. 00 21 1 506 928 353. 53 790 109 275. 20 22 1 231 860 000. 00 630 410 000. 00 23 1 201 520 000. 00 95 820 000. 00 24 1 173 318 100. 00 292 040 400. 00 25 1 129 659 900. 00 1 360 660 900. 00 68
2004 2003 26 1 084 440 000. 00 188 830 000. 00 27 1 040 048 559. 62 28 777 265 906. 66 29 602 691 854. 05 102 300 631. 80 30 585 042 406. 66 298 302 654. 31 31 467 878 239. 72 32 339 737 706. 88 242 775 191. 68 33 58 566 646. 20 131 669 568 202. 65 74 690 593 512. 16 4 4. 2 2 7 2004 1 15 8 5 1000 15 15 15 13 15 33 100% 7 79% 21 54 84% 69
2-7 1 848 040 748. 04 2 430 340 000. 00 3 424 528 888. 54 4 340 238 689. 45 5 270 683 362. 66 6 257 520 156. 99 7 230 552 274. 00 8 175 903 700. 00 9 163 259 969. 47 10 143 916 896. 07 11 135 573 807. 62 12 132 604 743. 96 13 123 334 193. 55 14 121 951 121. 15 15 119 483 572. 02 4. 3 5% 2004 30 24000 295 1549 2 5% 2 8 33 10% 2 5% 9 2004 2 7% - 12% 2 25% 3% 2% ~ 3 5% 2004 10 6 48% 70
2005 2005 4 8% 1 4 37% 2 4 94% 2-8 2004 1 20. 40% 4. 23% 2 10. 16% 3. 88% 10 3 6. 12% 4 5. 96% 5. 60% 5 5. 94% 6 5. 59% 7 5. 55% 8 5. 34% 5. 03% 9 5. 12% 10 5. 00% 11 4. 99% 4. 98% 12 4. 89% 4. 81% 13 4. 75% 4. 71% 14 4. 55% 4. 69% 15 4. 52% 4. 52% 16 4. 37% 4. 19% 17 4. 30% 4. 27% 18 4. 05% 3. 39% 19 3. 97% 3. 67% 20 3. 95% 3. 43% 21 3. 60% 3. 60% 22 3. 52% 3. 52% 23 3. 48% 3. 48% 2 24 3. 38% 3. 38% 25 2. 70% 5. 50% 26 2. 25% 71
27 4% 4% 4% 8% 4. 10% 4. 06% 4. 07% 8% 28 3. 59% 3. 53% 3. 56% 4. 58% 29 3. 21% 2. 36% 3. 38% 4. 5% 2. 24% 4. 67% 30 3. 89% 6. 48% 2. 23% 4. 66% 3. 88% 3. 43% 31 32 33 4. 4 5. 72
2004 5. 1 33 2 2 2-2 2 9 33 2004 61 9590 14% 4 65 9% 1 12 10% 12 25 2004 15 2 10 2 11 73
0 25 4 2892 10 15 7 3953 10 2004 7 2 7000 2004 5 28% 15 4% 2-9 102819 44. 16% 94367 41. 83% 83734 38. 76% 53532 28. 63% 40565 27. 38% 39270 20. 37% 32998 19. 56% 28536 17. 60% 28163 17. 53% 27198 16. 49% 21529 13. 66% 18943 10. 55% 8281 9. 10% 6774 7. 37% 6055 7. 32% 5746 5. 27% 74
4107 3. 92% 3419 3. 39% 3346 2. 84% 2818 2. 51% 2243 2. 14% 1409 2. 14% 948 1. 97% 827 1. 23% 678 0. 84% 658 0. 82% 281 0. 63% 253 0. 29% 93 0. 10% 619590 13. 69% 2-10 2004 2004 63 878 50 106 40 572 4 328 39 270 44 730 30 413 34 683 27 772 32 921 22 342 21 411 20 476 15 530 75
2004 2004 5 743 9 665 5 451 61 032 4 082 4 306 4 035 1 538 2 941 397 2 481 11 336 2 176 322 1 920 10 217 1 256 5 105 947 4 032 826 0 697 4 827 427 421 348 1 473 281 81 93 215 59 2 496 0 204 278 485 321 377 2-11 2004 2004 27 054 9 509 23 155 3 000 19 013 2 208 14 471 1 621 9 921 1 868 5 664 6 801 76
2004 2004 4 000 2 519 2 398 3 690 2 113 500 982-658 954 515 827 100-66 - - 2 660 110 110 36 157 5. 2 QFII 33 2-3 2004 77
8 5% 6 10% 3 49 98% 28 37% 38 51% 10 75% 3 2004 56 59 50 68 83 55 28 19 8 7 4151 8193 3371 1409 522 10 2 2680 3 43% 6 48% 2004 2004 20 70 20 3578 17 68% 5 36% 2004 8 7 10 1 2005 60 A 2 38 2004 A 33 3222 QFII 78
6. 6. 1 33 2 12 20% 8 30% 57% 2 13 2-12 2004 4526436 990993 21. 89% 874894 19. 33% 857902 18. 95% 619590 13. 69% 79
2-13 172563 57. 63% 143794 49. 35% 65563 43. 63% 63571 38. 86% 61175 36. 27% 58708 34. 99% 44561 34. 13% 35271 34. 08% 29799 29. 52% 26416 29. 30% 6. 2 33 99 7 26 10 1 44 2 4 2-4 26 67% 27 82% 100% 80
81 50% 5 30% 15 10% 25 400 2004 22 2004 2004
2-14 67. 00% 1316 36. 82% 0. 16% 49 25. 00% 40. 00% 31. 30% - 35 33. 33% 15. 60% 0. 45% 24. 29% 48. 4% 75% 73% 396 162 1. 67% 736 2. 64% 48% - 284 17. 98% 48% 0. 40% 0. 30% 10% 4. 21% 7. 77% 40% 14. 48% 4. 25% 101 0. 49% 4. 65% 82
38. 37% 1117 4. 44% 4. 47% 6. 14% 4% 8. 47% 0. 25% 30. 78% 25. 00% 869 5. 79% 8. 56% 7. 96% 274 13% 10% 25% 100% 1 2004 9 22 67% 2 0 7. 33 83
7. 1 2 15 33 2004 328 4309 225 6 5752 10 8 97 4941 4 50% 2004 33 159 2959 69 7% 1 2 3 4 5 6 7. 2 84
85 2005 6 2004 1 1 2004 12 31
2-15 33 974941 43 446248 11 303534 16 266645 14 159061 5 124611 7 113700 3 108508 9 92225 6 89030 6 36 84562 12 73265 6 72700 11 68570 3 58120 4 57162 8 450 34523 5 5 29000 2 28416 6 20153 3 18018 5 2702 17076 3 7 17056 10 13178 4 5000 1 13 100 4527 2 3 2150 2 86
2030 2 2500 300 1 10 3 2 3284309 225 1: 8. 23 2-5 8. 2005 2005 33 14 14 87
8 33 1 / 4 56 14% 2 16 80% 2005 2-16 14 100. 00% 4844 0 100. 00% 1466 0 100. 00% 0 100. 00% 0 100. 00% 0 127 97. 22% 100823 2884 80. 77% 258198 61462 50. 00% 2578 2572 214786 182610 100000 9373 8047 32809 2004 88
60% 2005 12 31 2006 9. 2005 4 9 2 89
2004 2004 1 8 65% 2004 2004 5 ~ 6 6000 90
91 2-17
2005 30 2005 2005 2005 4 8% 92
1. 2005 1. 1 2005 1. 1. 1 2005 12 31 48 458 489 9 1 10695 1 94 4 76% 3 1 3-1 2003 2005 3 1 2004 2005 15 66% 29 06% 1 93
2004 2005 2005 2005 458 3 2 3-2 2005 2005 1 21 10 3 2004 2 3 4 5 5 12 11 57 62 9 10 9 212 10 11 12 212 2005 12 1 56 94
2005 2005 458 48 2004 2004 2005 2005 2004 2005 2005 2005 47 2005 48 3-1 2004 2005 2005 2004 5 32. 09% 30. 89% 24. 49% 31. 63% 10 51. 74% 54. 33% 38. 38% 49. 22% 20 76. 63% 80. 99% 60. 10% 71. 79% 3 2 2005 5 32 09% 30 89% 20 76 63% 80 99% 2004 95
3 2 1 3 3 3-2 2005 32 323 3741170 11582. 50 1. 78 4. 71% 8 46 342941 7455. 24 2. 20 5. 02% 8 89 814888 9156. 04 1. 94 5. 00% /48 458 4899000 9397. 92 1. 85 4. 80% 3-3 2005 35 32 323 12 8 46 8 89 1 458 458 458 348 110 96
70 27% 75 77% 1. 1. 2 2005 458 1 3 3 3-3 2005 281 61. 30% 3393047. 40 69. 26% 12074. 90 47 10. 36% 221924. 70 4. 53% 4721. 80 44 9. 68% 194490. 30 3. 97% 4420. 23 22 4. 73% 403677. 60 8. 24% 18348. 98 22 4. 73% 299818. 80 6. 12% 13628. 13 13 2. 93% 169015. 50 3. 45% 13001. 19 5 1. 13% 13717. 20 0. 28% 2743. 44 5 1. 13% 56828. 40 1. 16% 11365. 68 4 0. 91% 57808. 20 1. 18% 14452. 05 1 0. 23% 14 2. 93% 88182. 00 1. 80% 6298. 71 458 100. 00% 4899000. 00 100. 00% 10696. 51 1 97
281 61 3% 2004 46 97% 339 3 69 26% 2004 2005 47 10 36% 2004 29 2006 2005 2005 32 91 8 24% 3 4 3-4 2005 98
3 5 3 6 3-5 2005 3-6 2005 3 5 3 6 2004 2005 119 145 04 113 141 6 2005 99
1. 1. 3 1 2005 3 4 1 3-4 2005 N < 1 3 3. 38% 4. 20% 2. 63% N = 1 145 4. 29% 6. 50% 3. 00% 1 < N < 2 51 4. 64% 7. 20% 3. 80% N = 2 176 4. 94% 8. 00% 3. 94% 2 < N < 3 14 5. 21% 7. 50% 4. 40% N = 3 74 5. 08% 7. 39% 4. 00% N > 3 27 5. 66% 9. 00% 4. 20% 4. 77% 2005 1 2 0 25 20 2 63% 9 00% 3 7 1 458 540 50 490 100
3-7 2005 2005 2003 2004 3 8 3-8 2003 2005 2005 2004 2 14% 4 00% 5 18% 2 2005 3 9 101
3-9 2005 3 9 5% 5 54% 3 9 4 36% 4 01% 3 2005 3 10 5% 2005 102
3-10 2005 1. 1. 4 2005 / 2005 458 1 3 11 3 12 3-11 2005 1 416 458 518 102 103
2004 2005 2004 2004 16 8% 2005 25 5% 7 4% 3 4% 3-12 2004 2005 1. 2 2005 1. 2. 1 2005 25 5% 2005 104
2005 2005 13 2 93% 2005 2005 1. 2. 2 2005 2005 11 1 12 10 30% 2005 8 15 105
3000 2005 5 9 1. 2. 3 2005 2005 43 10% 2005 2005 12 50 ~ 200 3 7% 200 200 3 9% 2005 1 106
250 4 07% 30 ~ 250 3 8% 1. 2. 4 2005 1 2005 11 20 100 200 500 2 2005 8 11 2620 43 107
2005 2 3 2005 9 2005 2004 12 1 ~ 6 10% 1. 3 2005 1. 3. 1 2005 108
2005 2005 3 5 118 125 43 18 11 107 32 18 23 21 3-5 2005 18 19. 60 11 3. 80 7 15. 80 13 23. 21 13 23. 21 11 17. 20 6 2. 05 5 15. 16 10 10. 93 10 10. 93 9 2. 04 9 2. 04 7 7. 18 3 0. 51 4 6. 68 5 0. 58 5 0. 58 5 3. 43 4 2. 43 1 1. 00 5 4. 20 5 4. 20 5 5. 35 3 0. 80 2 4. 55 4 3. 10 3 2. 50 1 0. 60 3 1. 29 2 0. 59 1 0. 70 3 2. 22 3 2. 22 3 4. 40 3 4. 40 109
2 0. 48 2 0. 48 2 1. 00 2 1. 00 2 3. 00 2 3. 00 2 7. 00 1 1. 00 1 6. 00 1 0. 20 1 0. 20 1 0. 50 1 0. 50 1 0. 70 1 0. 70 1 1. 00 1 1. 00 1 1. 60 1 1. 60 1 1. 72 1 1. 72 1 3. 50 1 3. 50 1 1 1 1 118 125. 43 46 18. 11 72 107. 32 44 43 3 6 3-6 2005 44 72. 67 1 1. 00 43 71. 67 18 7. 48 17 5. 48 1 2. 00 11 6. 20 9 2. 85 2 3. 35 7 11. 00 7 11. 00 110
6 5. 50 5 4. 50 1 1. 00 5 4. 80 2 3 4. 80 5 4. 20 5 4. 20 3 4. 01 1 0. 29 2 3. 72 2 0. 80 2 0. 80 1 0. 60 1 0. 60 1 0. 40 1 0. 40 1 2. 50 1 2. 50 1 2. 00 1 2. 00 1 0. 48 1 0. 48 8 2. 79 8 2. 79 114 125. 43 46 18. 11 68 107. 32 2005 12 10 1. 3. 2 111
2005 1 5 5% 2% 700 10 2005 12 23 30 1 1. 3. 3 200 112
2005 2005 6 5 7 3 2005 12 10 15 200 5 ~ 10 1. 3. 4 2004 2004 12 15 93 2004 49 113
12 37% 2005 43 9 68% 1. 4 1. 4. 1 2005 2005 9 29 2005 17 41 4 2005 2 2004 170 2005 17 65 2004 2004 2 1 2005 9 8 8 1 2 2005 1 2005 9 114
115 1. 4. 2 200 2004 2. REITs 2005
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3-8 2005 1 156000 2 124500 3 115600 4 111000 5 102380 6 100855 7 94383 8 85500 9 74733 10 60300 3-9 2005 1 10 1 10 3 9 3 9 5 8 6 7 7 6 8 5 8 5 8 5 8 5 2005 118
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3-14 2005 2. 2 2005 212 2. 2. 1 2004 10 2005 3 11 1 120
121 10% 2 20% 5 3% / / 3 3000 1 REITs REITs REITs 200 RE ITs 1
2. 2. 2 2005 9 212 35% 1 35% 212 8 17 3 3 119 5% + + 42 5 49% 51% 3 36 7% 121 30% 212 212 122
123 212 + 2005 11 2 212 60% 212
2. 2. 3 2005 5 ~ 10 3 + 25 5 2. 3 REITs 2005 REITsREITs Real Estate Investment Trusts 124
2. 3. 1 REITs REITs 3 11 3-11 REITs REITs 1 ~ 3 2. 3. 2 REITs 1 REITs 125
126 REITs 200 REITs 2 1 212 212 2
3. 2005 2005 2005 20051 3. 1 2005 3. 1. 1 2005 16 55 18 11 3 12 11 9 6 3-12 2005 13 19973 11 27378 6 20455 3 19213 3 25000 3 8035 2 5055 2 5908 2 7000 2 17000 2 5 1 10000 1 3393 1 2165 1 10000 1 2000 55 190575 127
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3 3 4. 1. 2 2005 2004 2 2004 4 2005 2 22 4. 1. 3 133
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5. 5. 1 2002 7 18 2002 12 2004 2 12 2 178% 2 178% 2005 5. 2 5. 2. 1 135
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144 1. 2. 4 1
145 2 3 1. 2. 5
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161 MEASURABLE ATTAINABLE REALISTIC TIME 3. 4
3. 5 4. 2005 2006 4. 1 2005 2005 162
163 4. 2
164 4. 3 4-1 4-2
165 REITs 5. 2006 5. 1
166 80 / 20 100 2005 4-1
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5. 2 168
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174
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4 6 4-6 176
177
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182 1. 3 200 1 5 1 2 3 4 5 6 1 200
183 1 2 3 1 1. 4 10 1
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185 2 3 1 2 1 2 3 1 2 3 3 4 4 1 2 1 2 3 1 2
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100 10 10 10 100 10 100 10 100 2. 2. 4 194
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217 30 20 20 10 30 1 2 3 4 5 6 2006
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6 2 6-2 1 2 246
2005 247 3 4 5
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2005 3 4 255
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2005 269 5
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11 2005 6 24 2005 12 2005 7 16 2005 13 2005 7 2004 14 2005 7 23 12 15 2005 8 2 16 2005 8 17 2005 9 212 18 2005 9 20 9 19 2005 10 20 2005 10 29 2005 30 376
2005 21 2005 12 15 22 2005 12 23 23 2005 12 30 24 2005 12 377