1

1

2016 16 14 RMB1, 400,000,000 7 3 4 5 6 7 20% 20% 20% 20% 20% (www.shibor.org) Shanghai Interbank Offered Rate Shibor 2

A 3 14 20% AA 14 2016 16 3

4 / 2016 2016 2016

[2015]2731 2014 1 6 1 4 202 5 0571-85083273 0571-85089286 310004 1 5

16 1 C 6F 0571-87902550 87903140 0571-87902508 310007 1 28 A 16-18 28 A 010-85127685 85127672 010-85127929 100005 2 268 1199 1 20 021-38565560 021-38565885 6

021-38565905 200135 10 10 010-88170745 010-88170731 010-66168715 100033 166 3 166 34 021-68870172 021-68875802-8245 200120 77 158 13 19 0571-28182389 7

0571-28193609 310020 1555 A 103 K 22 398 14 021-63501349-867 021-63500872 200001 1 A 11 1 A 11 0571-87902171 0571-87901501 310007 1 1 C 600 0571-87902970 0571-87902508 8

3100 07 160 160 0571-87211180 0571-87213563 310003 2016 16 14 RMB1, 400,000,000 7 3 4 5 6 7 20% 20% 20% 20% 20% (www.shibor.org) Shanghai Interbank Shibor Offered Rate 9

A 100 1,000 1,000 1,000 3 2016 3 14 2016 3 16 2016 3 11 1 2016 3 14 10

3 14 2016 3 14 2023 3 13 3 14 20% 2017 2023 3 14 1 2019 2023 3 14 1 AA 1 11

2016 www.chinabond.com.cn A 12

13

1 3 14 1 14

3 14 20% 2019 2023 3 14 1 1998 4 21 15

20,000 1 4 RMB200,000,000.00 1998 4 21 [1998]39 330103000158180 6 2014 12 31 98.61 54.45 44.16 55.22% 2012-2014 2.56 2.82 0.93 2.10 16

1998 4 21 3301031000214 1,500 1,000 66.66% 500 33.34% [1998] 118 2006 10 66.66% 1,000 66.66% 33.34% 2013 12 33.34% 18,500 [2013] 00038 20,000 100% 2013 12 11 330103000158180 17

1 18

2 19

3 20

7 21

22

23

2014 12 31 6 1 10,000 100 2 500 90 3 3,000 100 4 2,000 100 5 1,500 100 6 1,000 100 24

1969 12 1993 7 2006 1968 1 1989 12 2004 1980 2 2002 7 2012 1978 5 2001 1973 5 1995 2001 1979 10 200 6 2007 25

1978 1 1999 1969 3 1986 1981 12 2005 1961 8 1981 1998 1978 9 2000 7 2007 26

27 1 2014 61 16.5% 15 15 25.5% 31 2014105 3,522 6,552 5,277 742 0.39% 0.69% 1.45% 5.16% 3.90% 4.85% 6.03% 1 4 2014 300

2014 300 36,26020% 135,659 24% 1108826% 48,486 28% 7,327 20% 21,021 25% 2014 105 4.26 2014 3.2% 932 90% GDP GDP 2 2014 28

29 152 532.51 1,349.16 844.92013 36.3% 57 597.5226.6 647.4 2013 29.4% 63 313.40 4,701 545.86 2013 1 40 2014 1 FG01 -B1/B2/S42-01 1 2007 24 2009 2010

2011 2014 3,200 2,000 2014 740 700 2016 2 30

2011 2014 1 2003GDP 1,000 20082,400 2010 4,283 2014 GDP 7,485 GDP MarketSco 2, 31

100 17 2011 2014 20.9% 8.7% 9.5% 17 2-3 1 23 32

33 2009 4,000 500 20% 2

1 31.46 52.61 2013 643.57 591 7.80% 8.81% 124.79 77.50 2.80% 0.41% 152.84 25.57% 2014 690.76 640.87 6.60% 7.00% 130.04 80.17 4.21% 3.45% 101.70 2011-2015 34

74010% 10% 100 680 2013 GDP 1 GDP 1 2 3 4 2014 35

425.5 [201 5] 3001 2014 12 31 406,491.89 390,412.29 5 100% 201 2-2014 84,603.60 42,778.07 48,392.51 36

2014 2013 2012 20,429.39 1,375.50 12,491.86 0.00 15,603.03 46,729.21 10,930.84 9,970.79 9,474.82 15,485.21 13,552.89 14,752.28 1,481.61 267.73 389.28 65.46 2,008.13 766.15 48,392.51 42,778.07 84,603.60 1 9-1 2011 2012 2013 2014 467.68 47.22 15.77 0.00 400.82 0.00 0.00 0.00 868.50 47.22 15.77 0.00 158,095.62 46,729.21 15,603.03 0.00 87,379.29 0.00 0.00 0.00 37

245,474.91 46,729.21 15,603.03 0.00 2014 425.5 2 2004 2014 9 14 118.88 56.25 PH-02 01 03 81 3 1 38

4,000 101 2 1987 11 2.5 45 500 3 1.2 39

241 2014 246,751.15 205,663.23 2014 10,930.84 4 1991 4 100 3,000 430 2,400 1 1,300 800 2-2014 1.46 40

2+1 2012-2014 2015 07277 2012-2014 2012-2014 2014 2013 2012 12 31 12 31 12 31 541,456.55 518,492.33 385,773.51 41

444,702.49 425,969.91 239,038.05 986,159.04 944,462.24 624,811.57 250,217.59 323,696.89 169,429.66 294,326.69 188,816.51 201,946.11 251,620.00 151,520.00 152,040.00 544,544.29 512,513.40 371,375.77 441,614.75 431,948.84 253,435.80 439,114.98 429,667.23 251,201.12 2012-2014 2014 2013 2012 48,392.52 42,778.07 84,603.60 40,576.06 32,995.88 72,485.81 12,009.35 32,569.74 11,614.70 13,459.52 38,245.11 34,323.91 9,268.31 28,152.96 25,560.51 9,047.63 28,015.20 25,378.08 2012-2014 2014 2013 2012-63,299.41-85,498.85-22,408.43-5,436.69-12,130.18-2,855.68 28,179.27 145,573.38 27,396.21-40,556.83 47,944.35 2,132.10 2014 12 31 2013 12 31 2012 12 31 /2014 /2013 /2012 2.16 1.60 2.28 0.85 0.74 0.94 % 55.22 54.27 59.44 42

/ 143.38 42.46 58.46 / 0.13 0.13 0.32 / 0.05 0.05 0.14 0.74 3.64 2.93 % 2.12 8.22 10.09 201 2-2014 11,702.41 10,221.73 19,370.53 1 / 2 / 3 / 4 =/, 2012 2012 5 /, 2012 6 /, 2012 2012 7 + + /( +) 8 /, 2012 2012 2014 12 31 986,159.04 544,544.29 441,614.75 55.22% 2012-2014 20,993.92 3,173.21 64,157.64 2012-2014 9,519.63 43

2014 12 31 2013 12 31 2012 12 31 53,101.21 5.38% 93,658.03 9.92% 45,713.68 7.32% 107.36 0.01% 567.66 0.06% 1,447.18 0.23% 2,549.93 0.26% 3,409.21 0.36% 6,683.40 1.07% 157,635.58 15.98% 142,540.39 15.09% 104,908.29 16.79% 328,007.12 33.26% 278,188.36 29.45% 226,745.62 36.29% 55.35 0.01% 128.68 0.01% 275.34 0.04% 541,456.55 54.91% 518,492.33 54.90% 385,773.51 61.74% 10,788.46 1.09% 9,010.54 0.95% 4,916.77 0.79% 6,499.40 0.66% 6,399.40 0.68% 5,389.50 0.86% 406,491.89 41.22% 393,323.74 41.65% 216,470.23 34.65% 4,741.41 0.48% 1,872.49 0.20% 2,478.48 0.40% 15,552.15 1.58% 15,184.53 1.61% 9,610.49 1.54% 568.11 0.06% 127.09 0.01% 109.82 0.02% 61.07 0.01% 52.11 0.01% 62.75 0.01% 444,702.49 45.09% 425,969.91 45.10% 239,038.05 38.26% 986,159.04 100.00% 944,462.24 100.00% 624,811.57 100.00% 130,415.00 23.95% 181,495.00 35.41% 49,935.00 13.45% 5,000.00 0.92% - - - - 1,005.12 0.18% 657.89 0.13% 743.49 0.20% 34,888.52 6.41% 23,152.49 4.52% 14,482.21 3.90% 9.98 0.00% 10.64 0.00% 7.77 0.00% 28,493.07 5.23% 28,783.79 5.62% 25,721.90 6.93% 50,405.90 9.26% 89,597.08 17.48% 78,539.30 21.15% 44

250,217.59 45.95% 323,696.89 63.16% 169,429.66 45.62% 251,620.00 46.21% 151,520.00 29.56% 152,040.00 40.94% 1,142.20 0.21% - - 20,000.00 5.39% 41,564.49 7.63% 37,296.51 7.28% 29,906.11 8.05% 294,326.69 54.05% 188,816.51 36.84% 201,946.11 54.38% 544,544.29 100.00% 512,513.40 100.00% 371,375.77 100.00% 2012 624,811.57 2014 986,159.04 57.83% 52,727.28 101,261.51 190,021.66 2012 6 28 5 9.00%/ 60 2014 12 31 4.5 14 45

R21-NJ-03 R21-NJ-01 E61-07 4 1 2 3 4 R21-NJ-01 25,100 17,470.00 69.60% R21-NJ-03 36,907 25,830.00 69.99% E61-07 17,466 12,220.00 69.96% 99,034 69,320.00 70.00% 5-15,160.00-178,507.00 140,000.00 - R21-NJ-01 1 2010 3 4 [2010]50 R21-NJ-01 46

2010 2 12 [2010]0127 2008 6 6 [2008]339 R21-NJ-01 2010 4 23 330100201000250 2 3 25,100 17,470 4 22,933 88,330 68,330 63,180 5,150 20,000 812 7 55-65 76 85-90 145 105-139 192 140-180 128 541 5 47

6 63,180 4,454 460 [ 05]77 2005 2016 44 910 / 45-55 2,182 / 55 3,472 / 35,600 / 150,000 / 11,636.71 15,856.24 6,900.00 34,392.95 32,329.37 7 2010 7 2015 10 13,496 53.76% 50% 48

R21-NJ-03 1 2009 12 8 [2009]426 R21-NJ-03 2009 11 27 [2009]0432 2008 1 17 [2008]044 R21-NJ-03 2009 12 21 330100200900880 2 3 36,907 25,830 4 4.55 3.7332 131,950 95,000 8,400 27,000 1,550 1,241 10 49

55-65 125 85-90 216 105-139 288 140-180 199 828 5 6 95,000 7,168.90 707 [ ]77 2005 2016 44 910 / 45-55 2,182 / 55 3,472 / 35,600 / 150,000 / 17,233.49 25,521.28 10,605.00 53,359.77 50,158.18 50

7 2010 4 2014 20,415 55.31% 50% E61-07 1 2010 2 10 [2010]43 E61-07 2010 11 3 JT2010036 2010 9 6 [2010]0384 2009 5 20 [2009]274 2010 10 18 330100200900283 2 3 17,466 12,220 4 28,763 51

70,878 48,095 4,810, 17,972 737 7 60-90 244 100-139 94 140-150 153 491 5 6 48,095 3,103 398 [ 2005 07]53 2016 44 910 / 45-55 2,182 / 55 3,472 / 34,410 / 150,000 / 7,344.74 10,677.42 5,970.00 52

23,992.16 22,552.63 7 2011 1 2014 3,587 20.54% 20% 1 2010 11 12 [2010]426 2013 9 24 [2013]42 2010 11 13 [2010]0384 2010 10 22 [2010]628 2010 11 22 330100201000746 2 3 99,034 53

69,320 4 4.11 163,228 A B A 53,435 6,786 13,826 B 63,475 3,714 21,992 74,786 12 62.07 95.52 1,375 5 6 116,910 9,520 890 2016 10% 910 / 10%-30% 25% 5,250 / 30%-40% 54

45% 9,450 / 40%-50% 75% 15,750 / 50% 85% 17,850 / 37,000 / 150,000 / 50,404.35 35,224.00 13,350.00 98,978.35 93,039.65 7 2013 9 2014 20,279 20.47% 20% 15,160.00 55

14 7 14 3 56

57

2012-2014 58,591.39 20,993.92 2013 58

8,343.52 8.0% 1,734.98 6.6% 945.2 9.9% 2 014 9,201.16 8.2% 1,920.11 10.7% 1,027.32 8.7% 198,079.83 1 2014 425.5 121.3 304.2 59

1 121.3 [2005]266 [2007]64 [2008]2 139,412.49 / 1 R21-04-B 41,857 2.5 1.35 55% 77,697.06 2 3 FG01-C1/C2-11 15,720 3.9 0.95 55% 32,033.43 XC08-C1/C2-04 23,280 2.0 0.85 75% 29,682.00 80,857 139,412.49 2 1 60.0 2 78.2 3 400 25.0 4 64.5 5 76.5 304.2 2 246,751.15 205,663.23 [201 5] 3001 2014 12 31 60

406,491.89 390,412.29 360,711.02 04398334 04398322 1 30 30-2 32 32-1 32-2 40 42 04398315 04398340 04398319 04398312 04398306 2 04385897 04385898 3 102 104 04383578 105 202 10 14,308.70 04383581 04385901 04385901 04385901 3 456 458 460 44,677.30 07553295 4 200 26,505.06 0000983 5 7 17,072.10 6 2 10,247.90 7 4 1-5 8,591.80 08571417 8 3 8,323.86 9 335 7,523.75 10 18-54 58-61,65-68 69-71 1-1,1-2,1-8 9-17 90-1 6,918.30 11 197 413 6,482.25 0311200 0010498 0010497 0010496 0010501 0010500 0010495 09672777 61

12 1 6,428.40 13 8 102 103 6,374.90 0015602 0018803 0007783 14 66 6,366.90 15 70 6,154.10 16 92 5,762.00 05443495 17 11 5,532.80 0058521 18 160,479.22 360,711.02 14 62

1 2 3 1 63

2 2014 108,680.00 3 64

1 65

2 198,079.83 7,048.62 205,128.45 2014 425.5 121.3 139,412.49 246,751.15 205,663.23 [201 5] 3001 406,491.89 390,412.29 66

3 1 1 67

2 3 2014 55.22% 54.05% 198,079.83 7,048.62 205,128.45 2014 425.5 121.3 139,412.49 68

69

AA 70

71

19 2881 3451 72

AA AA 2014 2014 73

1 2016 2016 2012-2014 ( 十一 ) 募集资金投资项目审批或备案文件 1 1 4 74

202 5 0571-85083273 0571-85089286 310004 2 1 C 6F 0571-87902550 0571-87902508 310007 1 www.ndrc.gov.cn 2 www.chinabond.com.cn 75

2016 1 0571-87902550 C 6F 0571-87903140 28 010-85127685 A 16-18 010-85127672 1199 021-38565560 1 20 76