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CITIC Securities Company Limited CITIC Securities Co., Ltd. 7088A 518040 8 518048 48 100125 http://www.cs.ecitic.com ir@citics.com +86-755-2383 5383, +86-10-6083 6030 +86-755-2383 5525, +86-10-6083 6031 +86-40088 95548 +86-10-6083 6688 2 2011

1 26 http://www.sse.com.cn http://www.hkex.com.hk 816 4815 1 26 1 16 1 22 A 16636 H 183 17M A600030 H6030 1995 10 25 2010 8 30 2011 3

100000000018305 440300101781440 440300101781440 10178144-0 994,570.14H 1,101,690.84 1,101,690.84A 983,858.07H 117,832.77 5,002,984.28 1995 10 2530,000 1999 12 29208,150 2000 4 6 1030 2003 6 25248,150 A 4 2006 12 5298,150A 5 2008 1 7331,523.38A 33,373.38 2008 6 306 2008 10 24663,046.761010 2008 11 11 7088A 2009 8 28 2010 3 22 2010 8 30994,570.14105 4 2011

1995 10 25 3 1999 12 29 208,150 2000 4 6 2002 12 A40,0004.50 2003 1 6 248,150 2005 8 15248,150 194,15078.24% 2008 8 15 2006 5 29 A 50,0009.29 248,150 298,150 2007 8 27A 33,373.3874.91 298,150 331,523.38 2008 4200710510 10331,523.38 663,046.76 2010 6200910510 5663,046.76 994,570.14 2011 9 10H107,120.70 13.30113 10,712.07 H109,483H H 7,590.70HH759.07 2011 10 62011 11 12011 11 7 994,570.14 1,101,690.84A 983,858.07 H 117,832.77 1996 1999 2011 5

10 2002 20062007 2008 2009 2010 2011 20082011A AA 4 1 180 50 300 2012 3 HAH QDII 6 2011

12 IPO 2011 12 RQFII2012 1 RQFII RQFII 2011 7

2011 The Asset FinanceAsia IFR Asia The Banker AsiaMoney 2010 2010 IPO IPO 8 2011

IPO IPO 1001 2011 2011 IPO A+H IPO 2011 (IIChina.com) 2011 2011 2011 9

2011 2010 % 2009 26,370,873 30,280,871-12.91 23,867,892 14,615,240 16,295,653-10.31 13,199,253 15,031,003 16,319,941-7.90 13,301,992 12,576,483 11,311,343 11.18 8,984,029 122,346-9,457,295 101.29 13,880,554 2011 2010 2009 % 148,280,380 153,177,670-3.20 206,807,444 61,290,177 82,329,955-25.56 141,993,065 86,587,285 70,434,899 22.93 61,599,436 11,016,908 9,945,702 10.77 6,630,468 2011 2010 % 2009 1.23 1.14 7.89 0.90 1.23 1.14 7.89 0.90 % 17.00 17.28 0.28 15.38 2011 2010 2009 % 7.86 7.08 11.02 6.19 % 22.19 22.23 0.04 31.29 10 2011

2011 12 31500.302010 410.50 21.88% H 2011 2010 50,029,842,757.01 41,049,607,708.61 73,770,509,385.01 61,522,834,602.63 % 618.93 524.56 % 67.82 66.72 % 213.69 241.75 % 315.09 362.33 % 56.86 61.86 % 52.74 55.06 5 2011 2010 2009 2008 2007 26,370,873 30,280,871 23,867,892 19,837,193 32,985,873 11,755,633 13,985,218 10,668,639 10,276,449 13,090,809 415,763 24,288 102,739 633 9,109 15,031,003 16,319,941 13,301,992 9,561,377 19,904,173 12,576,483 11,311,343 8,984,029 7,305,001 12,388,521 2011 11

2011 2010 2009 2008 2007 11,016,908 9,945,702 6,630,468 6,630,468 3,315,234 86,990,203 70,847,715 64,814,379 57,526,310 54,023,426 86,587,285 70,434,899 61,599,436 55,221,765 51,599,432 61,290,177 82,329,955 141,993,065 79,361,962 135,630,456 36,477,143 62,081,222 112,477,670 61,069,719 117,805,514 148,280,380 153,177,670 206,807,444 136,888,272 189,653,882 2011 2010 2009 2008 2007 0.43 0.50 0.50 0.50 0.50 1.23 1.14 0.90 0.73 1.25 1.23 1.14 0.90 0.73 1.25 % 17.00 17.28 15.38 13.49 46.46 % 22.19 22.23 31.29 24.13 24.81 (1) (2) 2007 20102010 (3) 12 2011

2011 13 2011 2010 2009 2008 2007 2011 2010 2009 2008 2007 2011 2010 2009 2008 2007 263.71 198.37 238.68 302.81 329.86 865.87 552.22 615.99 704.35 515.99 2011 2010 2009 2008 2007 17.00% 13.49% 15.38% 17.28% 46.46% 2011 2010 2009 2008 2007 22.19% 24.13% 31.29% 22.23% 24.81% 125.76 73.05 89.84 113.11 123.89 2011 2010 2009 2008 2007 1,482.80 1,368.88 2,068.07 1,531.78 1,896.54

H 112.71

2011 11.18% H 2011 2011 201011.18%IPO 51% IPO 16 2011

2011 2011 20.66% 20.20%2010 25.15% 2011 2011 2011869.9 22.78% 2011 The Asset The Banker FinanceAsia IFR Asia IPO 2011 400700 350 2011 17

2011 18 16 2011 870

2011 IT 2011 A+H 2011 2012 2012 2012 3 29 2011 19

2011 IPO A IPO 2011 IPO 2011 IBS IBS IBS 20 2011

IBS 20114 IPO 31IPO 68.5 42.1IPO 2006 15 450.28.4% IPO8 177.96 234.01 38.3 2010 2011 57,846 24 17,786 8 59,605 16 23,402 6 20,000 1 3,833 1 137,451 41 45,021 15 2012 2012 2011 2011 2011 21

2011 601,534.4 5.6% 2010 2011 38.4 33 16.5 12 10.5 6 55.5 18 93.9 19 13.1 10 18.9 14 9.7 10 13.5 8 0.1 1 116.7 71 153.4 60 2011 2011 12.8 2011 60 2011 27.5 2012 2012 22 2011

2011 2.2 2.5% 2008 2011 1.5 13.6% 67% 5,571 25% 2011IBS 2011 2011 2012 2012 2011 A 41.90 22.8%2009201020% 2011 2011 0.08%18% 2011 4.95 4.67 QFII 2011 23

2011 24 2011 900 2011 2011 160182010 1812 2012 2012 2011 A 2011 379.5 197.1% 2011

2011 ETF 2011 ETF ETF ETFETF 2011 2011 12 314,534 230.2%26.2 67.4%6.9% 2010 2011 1,373 4,534 1,563 2,616 (Prime Service) 2011 170 2011 2011 25

2012 2012 FICC 2011 2011 12 31 620 46010 2010 2011 15,659 157.6 14,066 187.9 29,914 22.9 46,905 29.5 383 0.4 1,037 0.4 45,956 180.9 62,008 217.8 2011 4 7 3 2011 26 1,790 26 2011

2011 27 2012 2012 QDII 20082009 2010 2011 2011 2010 2007 2011 7 201129 4 2012 2012 IPO 90 100 2011 201151%

2011 28 140 800A 70A+H 35 2011 8 TMT 2012 2011 2011 263.71 12.91% 125.7611.18% 1.237.89% 17.00% 0.28 2011 H 2011 865.87161.52 22.93% 2011 1,118.03 2010 910.97 207.06 22.73% 29.91% 59.42% 3.39% 2011 248.132010 202.4945.64 22.54% 201122.19%2010 22.23% 2011 H 51%

2010 20111.22 2010-94.57101.29% 2011 98.132010 1.795,382.12% 2011 63.552010-4.07 1,661.43% 2011 162.902010-96.85 268.20% 2011 201115,031,0037.90% 2011 2010 9,713,232 16,598,338 2,056,433 1,988,081 14,392,596 11,500,603 208,612 193,849 11,755,633 13,985,218 415,763 24,288 15,031,003 16,319,941 2,426,514 4,183,890 12,576,483 11,311,343 2011 29

2011 26,370,873 12.91% 36.83%17.9854.58%16.60 2011 2010 2009 2008 2007 36.83% 54.81% 76.05% 67.34% 59.80% 7.80% 6.57% 8.46% 16.30% 6.93% 54.58% 37.98% 14.36% 15.67% 33.10% 0.79% 0.64% 1.13% 0.69% 0.17% 100.00% 100.00% 100.00% 100.00% 100.00% 20118,645,74941.81% 2010 2011 2011 2010 4,517,536 9,447,023-4,929,487-52.18% 1,982,638 3,286,597-1,303,959-39.68% 3,097,393 3,740,934-643,541-17.20% 115,665 123,784-8,119-6.56% 1,067,483 1,739,911-672,428-38.65% 8,645,749 14,858,427-6,212,678-41.81% 30 2011

2010 2011 1.19% 0.74% 22.54% 31.89% 46.51% 56.92% 19.80% 20.41% 4,929,487 52.18%2010 2011 1,176,180 20.66% 2011 A 1,303,959 39.68%2010 2011501,834 20.20%A 201044% 643,541 17.20% 20.38% 20111,401,447 7.54%2010 536,386 62.01% 2011 2010 1,774,074 1,821,359-47,285-2.60% 278,590 143,445 135,145 94.21% 3,769 23,277-19,508-83.81% 654,986 684,840-29,854-4.36% 1,401,447 1,303,241 98,206 7.54% 2011 31

47,285 2.60%20102011 541,330 43.91% 2010 135,145 94.21%2010 2011192,713 224.41% 201114,392,596 25.15%2010 3,323,431 30.02% 2011 2010 1,254,232 3,978,972-2,724,740-68.48% -1,567,583 1,025,783-2,593,366-252.82% 13,081,306 5,765,347 7,315,959 126.90% 1,624,641 730,501 894,140 122.40% 14,392,596 11,500,603 2,891,993 25.15% 2,724,740 68.48% 80.17% 44.02% 2,593,366252.82% 7,315,959 126.90%2011 51% 894,140 122.40% 32 2011

2011 10,033,1641,527,303 13.21%2010765,490 8.26% 2011 2010 4,996,961 6,980,960-1,983,999-28.42% 191,601 240,361-48,760-20.29% 488,343 961,660-473,317-49.22% 2,842,634 3,359,961-517,327-15.40% 1,513,625 17,525 1,496,100 8,536.95% 10,033,164 11,560,467-1,527,303-13.21% 201128.42%2010 12.03% 48,760 20.29% 2010 35,352 22.63% 49.22% 517,327 15.40% 2010 4.45% 20111,517,836 2010 2011 2010 1,517,836-11,470 1,529,306-13,333.10% -5,363 28,995-34,358-118.50% 1,152 1,152 100.00% 1,513,625 17,525 1,496,100 8,536.95% 2011 33

2011 148,280,3803.20% 2011111,803,23722.73% 2011 2010 36,827,732 43,038,901-6,211,169-14.43% 9,478,812 1,762,263 7,716,549 437.88% 19,049,355 14,256,149 4,793,206 33.62% 1,077,628 732,537 345,091 47.11% 3,791,629 2,677,108 1,114,521 41.63% 33,444,451 18,444,157 15,000,294 81.33% 8,133,630 10,185,333-2,051,703-20.14% 111,803,237 91,096,448 20,706,789 22.73% 3.39% 0.96% 29.91% 7.28% 15.65% 0.80% 2.94% 20.25% 11.18% 17.04% 1.93% 8.48% 32.94% 47.25% 34 2011

2011 12 3166,433,52711.11% 59.42% 6.21 2011 2010 36,827,732 32.94% 43,038,901 47.25% 9,478,812 8.48% 1,762,263 1.93% 19,049,355 17.04% 14,256,149 15.65% 1,077,628 0.96% 732,537 0.80% 66,433,527 59.42% 59,789,850 65.63% 2011 6,211,169 14.43% 32.94% 2011 2011 2010 14,940,175 40.57% 14,818,620 34.43% 21,230,552 57.65% 27,640,085 64.22% 657,005 1.78% 580,196 1.35% 36,827,732 100.00% 43,038,901 100.00% 2011 35

2011 2010 8,703,425 1,021,991 7,681,434 751.61% 775,387 740,272 35,115 4.74% 9,478,812 1,762,263 7,716,549 437.88% 20117,716,549437.88%2011 51% 2011 12 31 7,215,106 2011 2010 12,268,816 9,635,373 2,633,443 27.33% 6,441,654 3,812,320 2,629,334 68.97% 298,885 400,294-101,409-25.33% 40,000 408,162-368,162-90.20% 19,049,355 14,256,149 4,793,206 33.62% 36 2011

2011 3,791,62941.63% 2011 2010 3,338,447 2,490,546 847,901 34.04% 314,424 83,477 230,947 276.66% 138,758 103,085 35,673 34.61% 3,791,629 2,677,108 1,114,521 41.63% 2011 15,000,294 81.33%2011H 112.71 2011 2010 33,444,451 18,444,157 15,000,294 81.33% 2011 12 3161,290,17725.56% 201124,813,03422.54% 2011 12 3136,477,14341.24% 59.52% 2011 2010 35,005,258 60,711,520-25,706,262-42.34% 27,793,360 50,098,794-22,305,434-44.52% 7,211,898 10,612,726-3,400,828-32.04% 1,471,885 1,369,702 102,183 7.46% 36,477,143 62,081,222-25,604,079-41.24% 2011 37

2011 12 3125,604,07941.24% 20112010 2011 12 3186,990,20322.78%2011H 2011 2010 11,016,908 9,945,702 34,527,836 24,199,570 5,464,621 4,679,619 9,718,593 9,073,546-542,468 2,116,612-444,600-242,367 26,846,395 20,662,217 402,918 412,816 86,990,203 70,847,715 3 [2012]11 24 2011 2011 12 3151% 20112012 1 1 2011 12 31 5 2008 1 1 [2007]39 [2008]28 2011 24% 25% 38 2011

2011 39

40 2011

2011 41 VaR VaR VaR 195%VaR VaR VaR VaR95% 1

VaR 2011 2010 310.48 533.82 46.30 48.11-34.20-27.20 VaR 322.58 554.73 1 2 3 VaRVaR VaR2010 12 315.5 2011 12 313.2 VaR 42 2011

2011 2010 10,550.98-4,671.90 AAA 9,583.59 6,654.60 AA 9,926.20 3,650.60 A 689.09 217.96 A-1 4,848.37 1,214.53 35,598.24 7,065.80 AAA~AAAAA-1AAAA+ AA AA-A A+ A A- 260,067 1,54813 100 3.1 2011 2011 43

400 700 350

H % 1 A 2,303,963,550 20.913 A A 90,000,000 0.817 A A 7,444,617,150 67.574 H 2 H 1,178,327,700 10.696 11,016,908,400 100.000 1 A 2 1,178,327,700 H(i) 1,071,207,000 H(ii) A107,120,700 H H + - % % 1 2 3 90,000,000 0.91-66,081,000-66,081,000 23,919,000 0.217 90,000,000 0.91-66,081,000-66,081,000 23,919,000 0.217 4 90,000,000 0.91-66,081,000-66,081,000 23,919,000 0.217 1 9,855,701,400 99.09-107,120,700 66,081,000-41,039,700 9,814,661,700 89.087 2 3 1,071,207,000 1,071,207,000 1,071,207,000 9.724 4 H 107,120,700 107,120,700 107,120,700 0.972 9,855,701,400 99.09 1,071,207,000 66,081,000 1,137,288,000 10,992,989,400 99.783 9,945,701,400 100.00 1,071,207,000 1,071,207,000 11,016,908,400 100.000 2006 9 7 46 2011

2011 9 666,081,000 23,919,0002011 8 27 2,400,000 2,400,000 2011 9 6 1,560,000 1,560,000 2011 9 6 1,560,000 1,560,000 2011 9 6 1,560,000 1,560,000 2011 9 6 108,000 108,000 2011 9 6 435,000 435,000 2011 9 6 1,560,000 1,560,000 2011 9 6 1,560,000 1,560,000 2011 9 6 1,560,000 1,560,000 2011 9 6 870,000 870,000 2011 9 6 1,740,000 1,740,000 2011 9 6 1,560,000 1,560,000 2011 9 6 73,527,000 49,608,000 23,919,000 90,000,000 66,081,000 23,919,000 2006 9 7 20102009105105 663,046.76994,570.142010 6 25 2011 999,530H139,953 H2011 10 6109,483H 2011 10 277,590.70 H13759.07 H7,590.70H H759.07H 2011 11 12011 11 7 994,570.141,101,690.84 2011 47

745,727 A745,587H 140 2012 2 29714,046 A713,910H 136 2011 9 % 1 2,236,890,620 20.30-95,640,601 7 2,236,890,620 23,510,652 0.21 23,510,652 2 1,178,083,200 10.69 1,178,083,200 1,178,083,200 3 497,969,991 4.52 497,969,991 231,141,935 2.10-50,000,000 231,141,935 106,478,308 0.97-4,552,592 7 106,478,308 91,823,634 0.83 91,823,634 69,699,685 0.63-17,914,468 69,699,685 UBS AG 65,688,055 0.60 6,061,018 65,688,055 65,643,778 0.60 65,643,778 65,643,778 4 63,739,930 0.58-2,725,268 7 63,739,930 1 2 H 3 005L CT001 005L FH002 488,232,7659,737,226 4 5 2011 12 316,700 23,510,652 6 7 H H 8 HA 9 A 48 2011

2011 A B H 2,236,890,620 A 1,178,083,200 H 497,969,991 A 231,141,935 A 106,478,308 A 91,823,634 A 69,699,685 A UBS AG 65,688,055 A 65,643,778 A 63,739,930 A 2011 12 31 23,919,000 2011 12 27 20.30%2011 12 27 2011 12 282012 1 17 2011 12 27 18,370,263 2011 12 2712,800,000 2011 49

2011 12 312,236,890,620 A 20.30% 20.30% 100% 0.10% 99.90% 20.30% 2011 12 315%H 571336 2011 A H % 2011 % 1 A 2,310,933,872 23.47 20.98 A 729,111,926 7.41 6.62 2 3 H 117,415,000 10.72 1.07 Temasek Holdings H 87,938,000 8.03 0.80 (Private) Limited 4 Banco BTG Pactual S.A. H 58,625,500 5.35 0.53 50 2011

1 2,243,667,826 A 67,266,046 A 2011 12 312,303,963,550 A20.91% 2 231,141,935 A 497,969,991 A 2011 12 31729,111,9266.62% 3 H107,120,700 H 4 Temasek Holdings (Private) Limited Fullerton Management Pte Ltd. Cairnhill Investments (Mauritius) Pte Ltd. 87,938,000 H Temasek Holdings (Private) Limited Fullerton Management Pte Ltd. 87,938,000 H 5 Temasek Holdings (Private) Limited Banco BTG Pactual S.A. H 2011 2011 12 31 336 HH(i)10%(ii) H HH 10.696% 8.08 H H994,570.14 1,101,690.84 2011 4 7 2 52011 8 1 [2011]11972011 9 3 8 2010 7 5 22 2011 126162012 346 52 2011 51

52 2011

2011 53

2011 1 2 2 60 2009.6.29 2012.6.30 2,649,750 2,649,750 370.90 48 2011.3.24 2012.6.30 1,974.50 48 2009.6.29 2012.6.30 8.00 56 2009.6.29 2012.6.30 8.00 46 2009.6.29 2012.6.30 1,733,160 1,733,160 47 2009.6.29 2012.6.30 38 2009.6.29 2012.6.30 55 2009.6.29 2012.6.30 1,644,182 1,644,182 253.70 57 2009.6.29 2012.6.30 12.00 58 2009.6.29 2012.6.30 12.00 57 2011.11.14 2012.6.30 2.00 64 2011.8.11 2012.6.30 5.00 57 2009.6.29 2011.11.14 12.00 60 2009.6.29 2011.8.11 56 2010.6.28 2012.6.30 1,728,363 1,728,363 254.20 55 2009.6.29 2012.6.30 8.00 49 2009.6.29 2012.6.30 8.00 44 2009.6.29 2012.6.30 483,285 483,285 215.40 41 2009.6.29 2012.6.30 108,000 108,000 181.40 50 2010.2.10 2012.6.30 1,733,160 1,733,160 319.30 59 2009.6.29 2012.6.30 557.00 44 2009.6.29 2012.6.30 1,728,363 1,728,363 288.80 42 2010.9.30 2012.6.30 870,000 870,000 288.60 41 2010.9.30 2012.6.30 1,740,000 1,740,000 276.80 56 2009.11.27 2012.6.30 197.30 39 2011.4.14 2012.6.30 175.40 45 2009.6.29 2011.4.7 1,728,363 1,728,363 96.10 52 2009.6.29 2011.4.14 1,733,160 1,733,160 84.90 17,879,786 17,879,786 5,235.50 1 54 2011

2 3 2006128 2007 4 10 2009 8 2011 1 4 4 5 H2011 9 9 2011.12.27 2011.12.27 2011.12.27 2011.12.27 2001.1 2007.2 2009.1 2008.6 2011.3 1994.8 1999.9 2008.10 2011 55

8 601995 1999 9 26 19871992 19921993 19931995 200220091997 12 1977 1984 482007 2009 6 30 19911992 19921998 19981999 19981999 19992000 20002002 2002 2007 20072009 20002009 ACT 360Solutions Limited 20052009 20062010 19851991 56 2011

482002 2002 5 30 19951998 20002002 19982000 200420111998 81987 562005 2005 5 23 19882002 1986 19861988 1996 2 14 1997 11 221998 2 241998 11 20 1995 6 301999 9 17 2004 6 20 1995 12 1985 2011 57

4619951999 9 26 1998 200120052006 20062011 19871990 472008 2008 5 4 1993 199519951997 19971999 19992002 20022003 20032006 20062011 1998 8 2002 1987 382008 2008 5 4 19951998 20002002 2004 20062009 20042009 1995 2006 55 1995 1999 9 26 1993 19951983 1991 58 2011

4 57 2006 2006 5 12 19911997 19971998 19982003 1987 2003 58 2006 2006 5 12 19831997 57 2011 2011 11 14 5100 29 2007 10 1996 121983 9 1984 31995 7 2007 19801988 64 2011 2011 8 11 1982 2011 59

5 561995 2010 5 19 1988 1994 1996 101982 551999 1999 9 26 19881992 19922002 1993 9 1988 492006 2006 5 12 19842008 1998 441995 2002 5 30 1994 60 2011

411997 2005 12 16 1993 7 50 2001 19871993 19932001 19941995 1984 1987 1998 59 2002 198019831985 199019901993 19931999 19992001 20012002 20002001 2009 9 19761985 441995 1987 1993 2011 61

42 1998 401991 19962000 41 1997 A 2007 19941997 MBA 56 2006 19821996 19961997 19972004 20022009 20032009 20042005 20052006 20052008 1998 11 1982 1994 391997 A 20032011 1996 2011 4 2011 5 62 2011

2006 9 6 22,163,11660 2011 9 666,081,000 2006 9 6 2006 9 72011 9 6 66,081,000 IT 60 2011 63

1 2011.3.24 2 2011.8.11 3 2011.8.11 4 2011.11.14 5 2011.11.14 6 2011.4.7 7 2011.4.14 8 2011.4.14 2010 2 10 2011 3 24 [2011]82 2009 8 14 2011 6 92011 2011 8 11 [2011]202 2011 6 232011 8 262011 2011 11 14 [2011]287 2011 4 7 2010 2 10 2011 4 14 [2011]98 64 2011

37 2011.12.29 38 2010.8.17 42 2011.12.29 42 2010.8.17 43 2011.12.29 39 2011.11.1 48 2009.1.19 45 2007.10.16 47 2009.10.15 40 2011.12.29 46 2011.12.29 50 2011.12.29 42 2009.1.19 41 2010.4.20 39 2006.1.17 37 2011.4.8 46 2009.9.8 41 2009.1.19 55 2007.1.24 39 2011.4.29 44 2010.12.16 45 2011.9.16 45 2007.8.9 41 2012.1.17 49 2009.3.27 44 2010.2.1 44 2011.12.12 45 2008.1.16 50 2011.5.9 34 2010.1.26 39 2010.4.15 57 2008.1.16 2011 65

44 2010.4.16 45 2010.4.16 38 2011.5.4 53 2010.4.30 44 2011.3.21 46 2011.12.5 41 2011.5.4 45 2006.1.17 46 2009.1.19 46 2005.9.1 42 2011.12.20 42 2010.12.27 46 2007.1.24 40 2011.11.1 29 2011.12.29 44 2010.4.15 34 2010.4.15 46 2011.3.30 38 2009.5.8 45 2011.2.22 39 2011.11.7 39 2012.1.16 47 2011.4.26 39 2008.1.16 35 2011.11.7 41 2011.12.19 41 2011.11.1 2011 2 22 2011 3 21 2011 3 30 2011 4 8 2011 4 26 66 2011

2011 4 29 2011 5 4 2011 5 9 2011 9 16 2011 11 1 2011 11 7 2011 12 5 2011 12 12 2011 12 19 2011 12 20 2011 12 29 2012 1 16 2012 1 17 451997 44 2010 46 2002 371997 2011 67

47 2004 39 2011 41 2011 38 2011 50 2009 45 2011 39 2006 40 2011 41 2011 352000 39 1997 46 2010 44 2011 41 2011 42 2011 68 2011

371998 421995 431995 401996 461996 501994 292007 392012 41 2008 2011 13,260 5,371 % % 8,494 64.06 3,791 70.58 743 5.60 689 12.83 756 5.70 101 1.88 103 0.78 90 1.68 197 1.48 138 2.57 50 0.38 1,339 10.10 233 1.76 144 2.68 99 0.74 55 1.02 2011 69

% % 103 0.78 28 0.52 130 0.98 58 1.08 367 2.77 124 2.31 248 1.87 46 0.86 176 1.33 73 1.36 222 1.67 34 0.63 13,260 100.00 5,371 100.00 187 1.41 140 2.61 2,163 16.31 1,365 25.41 6,493 48.97 2,554 47.55 4,417 33.31 1,312 24.43 13,260 100.00 5,371 100.00 34 9,203 69.40 3,809 70.92 3550 3,771 28.44 1,476 27.48 51 286 2.16 86 1.60 13,260 100.00 5,371 100.00 2011 4528 34 3550 51 70 2011

10 2011 71

72 2011

16 2011 12 31 20112011 4 13 2011 4 14 20102011 4 29 2011 4 30 20112011 6 9 2011 6 10 20112011 8 15 2011 8 16 20112011 8 262011 8 27 20112011 12 23 2011 73

12 264 3.13 2011 2011 2011 1 26 2011 3 28 2011 3 29 2011 4 7 2011 4 9 74 2011

2011 4 292011 4 30 2011 5 13 2011 5 242011 5 25 2011 6 92011 6 10 2011 7 282011 7 29 2011 8 102011 8 11 2011 8 192011 2011 2011 9 92011 9 10 2011 10 28 2011 11 14 2011 12 26 2011 12 28 2011 75

14 14 10 14 14 10 14 12 10 2 14 12 10 2 14 14 10 14 13 10 1 14 13 10 1 14 14 10 14 13 10 1 12 12 9 14 13 10 1 2 2 2 5 5 4 14 4 10 2011 4 132011H H117,832.77H 2011 10 62011 11 12011 11 7 76 2011

2011 4 2920102010 105 2011 6 820102011 6 22 2011 4 292010 20112012 3 29 2011 6 92011 51%2011 12 2151% 2011 12 31 2011 6 92011 2011 8 11 [2011]2022011 8 1 2011 8 152011 2011 9 23 2011 8 262011 2011 11 14 [2011]287 2011 12 232011 2011 12 232011 H 2011 2011 77

1 2 3 4 5 6 2 1 2 2011 1 8 78 2011

2011 3 21 2011 4 7 2011 4 29 2011 8 19 2011 9 9 2011 10 28 2011 11 28 2011 12 26 2012 3 12 2012 3 28 2010 20102010 2011 2011 2011 2011 2011 20112011 2011 2/2 2011 11 14 8/8 7/8 2011 7/8 2011 8/8 6/6 2011 11 14 2011 79

2011 2011 9 2012 3 29 2011 2012 2012 32010 2010 3/3 1/1 2011 11 14 2/2 2011 8 112011 9 9 3/3 1/1 2011 9 9 80 2011

2011 2006 9 4 2/2 2011 9 9 2/2 2011 9 9 4/4 4/4 2/2 2011 9 9 2011 81

420102010 2011 4/4 4/4 4/4 4/4 4/4 20112011 2011 9 9 2011 82 2011

2010 2011 3 21 2010 2011 4 72010 2010[2003]56 2011 2011 11 282011 5 3 2011 12 52011 2012 3 12 2011 2011 4 720112010 2011 4 28 2011 7 28 2011 10 285 2 2011 83

2008 7 28 2011 84 2011

2011 4429 DDD 2011602 14 1,200 20 2011 12 31 2011 85

[2011]031 [2011]31 2011 2011 86 2011

2010 3 29 2011 20102011 20112011 5 2000 2006 1 20112010 190 2011 380 2012 2011 87

2011 2012 2012 2011H 6 3 240 2011 HH 220 2012 2008 3 13 88 2011

2011 7343647 7 34899 8 3 6 2011 89

20062007A2011H 408.88 2011 12 31500.30 2011 2011 12 312,065,0061,708,087 82.71%356,13517.25%7840.04% 2011 12 311,618,9701,262,009 77.95%355,78721.98%1,1460.07% 280.0017% 2011 2011 [2011]7 2012 4 90 2011

2011 9 9 30 2011 5 206 3 2011 [2003]56 [2004]338 (2012)60469435_A05 2011 [2003]56 [2003]56 2011 12 31 2011 91

20072009 1010105 2008105 2009105105 2010105 2008201030% 2008 3,315,233,800.00 9,274,627,211.08 35.75% 7,305,001,010.04 45.38% 2009 3,315,233,800.00 10,287,900,448.49 32.22% 8,984,029,173.87 36.90% 2010 4,972,850,700.00 15,140,553,398.01 32.84% 11,311,343,211.09 43.96% 2011 201115,262,618,301.1720117,360,909,917.94 2011 4,972,850,700.00201117,650,677,519.11 2011 201110%736,090,991.79 201110% 736,090,991.79 92 2011

201110% 736,090,991.79 2,208,272,975.37 15,442,404,543.74 2011 2011 15,688,226,816.78 2011 2011 12 31AH11,016,908,400A H104.304,737,270,612.00 30.20% 201110,950,956,204.78 AH 2011 2011 2011 H H(2011) 60469435_A09 H112.712011 11 1 2011 0.51 112.20 2012 56 4.1%1.802012 3 0.5%2,20896% 2011 93

54 % 1 100.00 2002.2.6 88,500 588 19 20 588 19 20 +86-571-85783737 95.50 1988.6.2 80,000 222 121 29 15 (1507 1510 +86-532-85022517 100.00 2005.9.28 373,675 1 26 1 26 +852-22376899 100.00 1993.3.30 80,000 8 14 8 14 +86-755-83343493 100.00 2007.10.11 520,000 48 17 16 1703 +86-10-60833838 2 49.00 1998.4.9 23,800 33 B 16 A +86-10-60838866 35.00 2008.6.6 180,000 89 11 C +86-10-85079070 30.00 2005.9.30 190,000 1 21032 188 5 +86-10-66276508 50.00 2005.12.27 100 3 6D 1601 3 F 4 401 A-16 +86-10-65692913 1 2 51%49% 3 8.852011 12 31 1,245,151.67 214,864.60 134,833.26 52,920.04 38,118.58522,812 895.50%96%2011 12 31 740,781.09266,419.3779,436.3429,742.75 21,201.76422,272 94 2011

373,675 2011 12 31 572,394.59369,585.5164,165.525,349.96681.35 7391 82011 763,393.76 93,831.3428,921.9211,542.368,014.20 181,599 522011 738,634.10 701,981.34125,696.72107,797.1082,076.98 51 2.3849%2011 297,266.65 234,549.30283,994.9288,508.8366,735.61 764 18 35%2011 12 31 415,388.21 340,758.26 161,390.67 131,509.63 100,058.41 145 1930%2011 12 31 164,412.11144,417.612,176.59 10050%2011 49.43-16.57-22.70 2011 95

5 2010.9.29 6 3801 3802 +86-10-52360939 2010.10.26 1568 22 23 +86-21-53858268 2010.12.10 5 11 02 +86-20-38983511 2010.9.26 747 16 +86-27-85355366 2010.10.21 5 +86-25-83600560 2011 2011 4 29 http://www.sse.com.cn 2009 9 29 2010 6 [2010]126 96 2011

2011 3.55% 5% 2011 12 31XV 352 % A 2,649,750 0.024% A 1,733,160 0.016% A 1,644,182 0.015% A 1,728,363 0.016% A 483,285 0.004% A 108,000 0.001% A 1,733,160 0.016% 2011 97

2011 12 31 18 39 A [2005]102 10% QFIIQFII 2009[47]10%QFII H [1993]045[2011]348 10% 10%10% (1)10% (2)10%20% (3) 20% H [2008]897H2008 10% 98 2011

2011 12 31332 2011 12 3118 2011 201149.73 32.84%451 100100 30 32 300 2011 2011 2011 99

2011 100 2011 3 28 2011 3 29 2011 4 7 2010 20102010 2010 2011 4 9 2011 4 29 2011 2011 4 30 2011 8 19 2011 2011 8 20 2011 10 28 2011 2011 H 107,120.70 11,270,925,677.34 (http://www.sse.com. cn)(http://www.hkexnews.hk) 2011

51% 2011 6 9 2011 100%51% 2011 11 8 POWER CORPORATION OF CANADA 5 2011 12 15 [2011]2014 51%5 2011 12 21 100%49% 1 49% 2 11% 3 10% 4 POWER CORPORATION OF CANADA 10% 5 10% 6 10% 100% 2011 12 312012 1 1 83.44 2011 6 9 19.9% 3.74 19.9% 2012 3 29 19.9% 19.9% 2011 101

2011 10 8 3.1175 2011 11 22 [2011]18302011 12 234 2011 12 30 112012 1 20 2010 3 29 8.6% 64.1%1.80 2012 30.5%2,208 91.4%96%4% 2011 2011 10 17 2011 11 29 2011 11 14 102 2011

2011 10 11 2011 11 2 2011 9 H 2011-2013 2011 20102011 20112011 9 23 32011 9 23 2014 9 22 2011 103

2011 2,340,129.01 1,906,846.12 2011 12 31 2011130,00073,107.21 201112,000 6,204.67 2011 2011 1 2 2,340,129.01 1,906,846.12 130,000 73,107.21 12,000 6,204.67 104 2011

102011 9 23 2021 9 22 2011 12 312011 4,0001,966.34 20116,5004,025.48 2011 2011 4,000 1,966.34 6,500 4,025.48 32011 9 23 2014 9 22 2011 12 312011 3002011 20116,0003,818.35 2011 2011 300 6,000 3,818.35 2011 105

2011 9 22H 42 14A 14A 2011 10 28 5 2010 2011 106 2011

2011 % 1 2 122.45 0.01 122.45 500 358.97 1.09-358.97 3 500 5,000 9,279.45 4 2 5 6,500 6,311.79 1 2011 10 6H5% 2 3 2011 4 28 4 2010 2011 5 2011 10 28 5% 2011 107

5% 3390101,300 237006-73,000 5% 12 125%24 10% 5%12 1% 5% CITIC Securities International USA, LLCCSIUSA (FINRA)CSIUSA 2011 7 28 302011 12 23 2011 108 2011

2011 9 9 2-5 2-516,244.12 6-23 7.6 2011 12 316.07 2009 8 3 2011 12 31 5,5902012 3 15 8,400 4:3:3 12,746,835 5,0352012 2 24 202009 6 13 515 59 1021 10 1 16 11A F 2 18 3 187 4 71C103 C201 5 15 155 6 3 11-2 B2-10 7 61B 8 52-1 9 283 304 10 113 7 2011 109

2 1 2 1 1 98 20225 A3201 98 2 12 32 5 4 52 5 3 1 42 1 3 11 18 3 71 82 2011 1 13201,562,229.823 2011 4 15248,680,161.83 2011 5 19 2,524,383,903.5352011 7 18 102,436,693.75 2011 8 25906,913,954.62 110 2011

62011 10 24116,991,210.50 2011 12 23253,714,323.40 2012 3 2 15 142011 12 31 1 2 2,499,321,478.66 2006 3 22 2 1,294,981,937.21 2007 4 6 3 1,445,450,536.60 2009 1 6 4 1,241,063,751.69 2009 5 8 5 1,229,823,560.31 2010 2 25 6 1 309,613,293.33 2010 9 28 7 2,824,501,128.18 2010 12 10 8 2 194,760,146.07 2011 1 13 9 3 219,363,159.02 2011 4 15 10 1,778,661,889.06 2011 5 19 11 5 103,930,642.60 2011 7 18 12 554,006,798.98 2011 8 25 13 6 116,991,210.50 2011 10 24 14 253,714,323.40 2011 12 23 2012 3 2612,904,710.66 (http://www.sse.com.cn) 1 2011-1-12 2010 12 2 2011-1-15 2010 3 2011-1-29 4 2011-2-12 2011 1 5 2011-2-26 6 2011-3-4 7 2011-3-5 2011 2 2011 111

8 2011-3-23 9 2011-3-29 10 2011-3-29 11 2011-3-29 2011 12 2011-4-6 13 2011-4-9 14 2011-4-9 15 2011-4-9 2010 16 2011-4-9 2010 17 2011-4-9 2011 18 2011-4-12 2011 3 19 2011-4-14 2011 20 2011-4-22 21 2011-4-30 2010 22 2011-4-30 23 2011-4-30 24 2011-4-30 2011 25 2011-5-7 2011 4 26 2011-5-23 27 2011-5-25 28 2011-5-25 29 2011-5-25 2011 30 2011-6-8 2011 5 31 2011-6-8 2010 32 2011-6-10 2011 33 2011-6-10 34 2011-6-24 35 2011-7-9 2011 6 36 2011-7-13 2011 37 2011-7-29 38 2011-7-29 39 2011-7-29 2011 40 2011-8-2 41 2011-8-5 2011 7 42 2011-8-6 5 43 2011-8-11 44 2011-8-11 2011 112 2011

45 2011-8-12 46 2011-8-16 2011 47 2011-8-17 48 2011-8-20 2011 49 2011-8-27 2011 50 2011-8-27 51 2011-8-30 52 2011-9-6 53 2011-9-6 H 54 2011-9-7 2011 8 55 2011-9-10 56 2011-9-22 H 57 2011-9-30 HA 58 2011-10-10 H 59 2011-10-11 60 2011-10-14 2011 9 61 2011-10-29 2011 62 2011-10-29 63 2011-10-29 64 2011-10-31 65 2011-11-05 2011 10 66 2011-11-08 2011 67 2011-11-09 68 2011-11-24 69 2011-11-24 70 2011-12-06 2011 71 2011-12-07 2011 11 72 2011-12-16 51% 73 2011-12-17 19.9% 74 2011-12-22 51% 75 2011-12-24 2011 76 2011-12-27 77 2011-12-28 78 2011-12-28 79 2011-12-28 2011 113

(http://www.hkexnews.hk) 1 2011-09-05 H 2 2011-9-22 3 2011-9-22 H 4 2011-9-22 H 5 2011-10-04 H 6 2011-10-14 2011 9 7 2011-10-17 8 2011-10-27 9 2011-10-28 10 2011-10-28 2011 11 2011-10-28 12 2011-10-31 13 2011-11-01 14 2011-11-04 2011 10 15 2011-11-04 16 2011-11-07 2011 17 2011-11-07 2011 18 2011-11-07 2011 19 2011-11-07 2011 20 2011-11-08 21 2011-11-23 22 2011-11-23 23 2011-12-02 24 2011-12-05 2011 25 2011-12-06 2011 11 26 2011-12-15 51% 27 2011-12-16 19.9% 28 2011-12-21 51% 29 2011-12-23 2011 30 2011-12-27 31 2011-12-28 32 2011-12-28 33 2011-12-28 114 2011

1 2011-1-25 [2011]4 2 2011-2-22 [2011]80 3 2011-2-22 [2011]5 4 2011-2-22 [2011]6 5 2011-2-25 [2011]129 6 2011-2-28 [2011]18 7 2011-3-1 [2011]13 8 2011-3-1 [2011]15 9 2011-3-8 [2011]343 10 2011-3-17 3 [2011]393 11 2011-3-23 [2011]28 12 2011-3-24 [2011]82 13 2011-4-6 [2011]56 14 2011-4-7 [2011]34 15 2011-4-8 [2011]144 16 2011-4-11 [2011]75 17 2011-4-12 [2011]30 18 2011-4-12 2010[2011]269 19 2011-4-14 [2011]98 20 2011-5-17 [2011]732 21 2011-5-24 5 [2011]796 22 2011-5-30 [2011]86 2011 115

23 2011-6-30 [2011]116 24 2011-7-7 6 [2011]1065 25 2011-7-15 [2011]1117 26 2011-8-2 5 [2011]1217 27 2011-8-9 [2011]397 28 2011-8-11 [2011]202 29 2011-10-11 [2011]512 30 2011-10-17 [2011]307 31 2011-10-20 [2011]1692 32 2011-10-24 [2011]189 33 2011-10-27 [2011]26 34 2011-11-14 [2011]287 35 2011-12-15 [2011]240 36 2011-12-16 78 [2011]2018 37 2011-12-22 [2011]2073 38 2011-12-23 [2011]1011 116 2011

1 22 119199 2011 12 312011 12 31 2011 117

2011 12 312011 2012 3 29 118 2011

2011 12 31 2011 2010 9,713,232 16,598,338 8 2,056,433 1,988,081 9 14,392,596 11,500,603 26,162,261 30,087,022 208,612 193,849 26,370,873 30,280,871 10 1,067,483 1,739,911 10 654,986 684,840 10 4,996,961 6,980,960 191,601 240,361 488,343 961,660 10 2,842,634 3,359,961 13 1,513,625 17,525 11,755,633 13,985,218 14,615,240 16,295,653 376,127 36,889 39,636 (12,601) 15,031,003 16,319,941 14 2,426,514 4,183,890 12,604,489 12,136,051 12,576,483 11,311,343 28,006 824,708 12,604,489 12,136,051 2011 119

2011 12 31 2011 2010 17 1.23 1.14 17 1.23 1.14 16 120 2011

2011 12 31 2011 2010 12,604,489 12,136,051 (1,816,623) 2,069,620 436,199 (403,785) (1,289,967) (739,019) (2,670,391) 926,816 (202,233) (129,488) (2,872,624) 797,328 9,731,865 12,933,379 9,715,170 12,151,478 16,695 781,901 9,731,865 12,933,379 2011 121

2011 2011 2010 18 3,338,447 2,490,546 314,424 83,477 19 500,880 825,112 138,758 103,085 21 8,703,425 1,021,991 21 775,387 740,272 22 7,993,916 5,982,636 23 840,411 1,006,749 24 1,344,367 1,128,067 241,838 206,094 24,191,853 13,588,029 35,993 392,422 25 2,967,278 1,975,415 22 28,833,816 37,056,265 26 18,750,470 13,855,855 27 298,885 400,294 28 1,077,628 732,537 29 575,760 1,866,466 790,000 30 1,554,008 2,954,765 31 35,760,238 61,911,465 32 33,444,451 18,444,157 124,088,527 139,589,641 33 36,477,143 62,081,222 28 1,127,702 434,575 6,283 34 14,232,693 6,901,600 100,000 35 2,689,667 3,860,920 127,640 36 5,041,520 6,616,149 59,675,008 80,022,106 64,413,519 59,567,535 88,605,372 73,155,564 122 2011

2011 2011 2010 37 1,500,000 1,500,000 24 104,478 797,158 10,691 10,691 1,615,169 2,307,849 86,990,203 70,847,715 38 11,016,908 9,945,702 39 48,723,982 39,826,980 26,846,395 20,662,217 86,587,285 70,434,899 402,918 412,816 86,990,203 70,847,715 2011 123

2011 12 31 2011 1 1 9,945,702 24,199,570 4,679,619 9,073,546 2,116,612 (242,367) 20,662,217 70,434,899 412,816 70,847,715 12,576,483 12,576,483 28,006 12,604,489 (2,659,080) (202,233) (2,861,313) (11,311) (2,872,624) (2,659,080) (202,233) 12,576,483 9,715,170 16,695 9,731,865 2010 (4,972,851) (4,972,851) (4,972,851) 876,632 (876,632) 1,596,929 (1,596,929) 1,071,206 10,434,721 11,505,927 86,965 11,592,892 (106,455) (91,630) (951,882) 1,052,119 (97,848) (100,571) (198,419) (13,760) (13,760) 1,988 1,988 773 2,761 2011 11,016,908 34,527,836 5,464,621 9,718,593 (542,468) (444,600) 26,846,395 86,587,285 402,918 86,990,203 2010 1 1 6,630,468 27,515,523 3,723,989 6,922,940 1,146,989 (112,879) 15,772,406 61,599,436 3,214,943 64,814,379 11,311,343 11,311,343 824,708 12,136,051 969,623 (129,488) 840,135 (42,807) 797,328 969,623 (129,488) 11,311,343 12,151,478 781,901 12,933,379 2009 (3,315,234) (3,315,234) (3,315,234) 1,371,397 (1,371,397) 2,972,329 (2,972,329) 90,598 90,598 (719) (415,767) (821,723) 1,237,428 (781) (3,658,146) (3,658,927) (16,480) (16,480) 3,315,234 (3,315,234) 2010 9,945,702 24,199,570 4,679,619 9,073,546 2,116,612 (242,367) 20,662,217 70,434,899 412,816 70,847,715 124 2011

2011 12 31 2011 2010 15,031,003 16,319,941 63,750 63,750 (415,763) (24,288) (720,174) (1,286,441) (534,058) (2,692,531) (570) (51,668) (13,081,306) (5,765,347) 755,001 (565,100) 196,473 244,470 110,908 125,321 1,517,836 (11,470) (4,211) 28,995 2,918,889 6,385,632 (5,286,391) (5,253,266) 27,046,255 8,301,831 (3,494,901) (6,390,578) 18,264,963 (3,342,013) (26,478,795) (8,433,374) 7,331,093 (3,341,578) 1,950,932 2,083,409 (17,196,770) (9,691,543) 3,987,082 (6,647,924) (3,864,736) (2,809,371) 122,346 (9,457,295) 2011 125

2011 12 31 2011 2010 805,620 1,287,984 (1,792,735) (886,851) 20(e) 7,944,870 (3,324,056) 20(c) 37,737 (119,008) (659,541) 1,136,347 3,761,788 1,799,918 9,812,749 179,324 11,589,980 3,024,702 (184,631) (5,050,361) (3,395,464) (35,782) 6,354,988 (406,544) 16,290,083 (9,684,515) 17,353,363 27,132,312 (198,995) (94,434) 40 33,444,451 17,353,363 32 33,444,451 18,444,157 32 (1,090,794) 33,444,451 17,353,363 126 2011

2011 2011 2010 18 3,101,246 2,078,970 314,424 83,477 82,089 50,805 20 10,428,305 10,118,047 21 2,573,413 849,705 21 20 88 22 1,269,712 1,044,312 23 1,318,629 767,961 24 1,294,981 927,160 120,739 103,340 20,503,558 16,023,865 35,993 48,430 25 2,600,668 1,558,012 22 26,810,134 32,580,269 26 17,680,535 12,177,461 28 1,071,567 732,537 29 55,760 1,226,616 30 867,244 2,420,096 31 16,921,210 30,541,324 32 27,843,736 12,062,712 93,886,847 93,347,457 2011 127

2011 2011 2010 33 17,207,569 30,868,612 28 1,127,063 434,172 34 14,785,763 6,901,600 100,000 35 2,440,774 3,085,763 36 3,458,727 4,594,258 39,119,896 45,884,405 54,766,951 47,463,052 75,270,509 63,486,917 37 1,500,000 1,500,000 24 464,082 1,500,000 1,964,082 73,770,509 61,522,835 38 11,016,908 9,945,702 39 46,927,256 36,314,515 15,826,345 15,262,618 73,770,509 61,522,835 128 2011

2011 1 1995 10 25 1999 2003 7088A 2011H [2011]1366 2011 910 H 1.00H 1,071,207,000 75,907,000 2011 12 3111,016,908,400.00 (2011)60469435_A09 99.90% 2011 129

2011 2. 2011 1 1 2011 12 31 (a) (b) (c) (d) (e) (f) (g) 130 2011

2011 3. (1) (2) (3) (a) (i) (ii) (i) (ii) 2011 131

2011 3. (3) (b) (i) (ii) (iii) (iv) 132 2011

2011 3. (3) (b) (v) (c) (i) (ii) (iii) (d) 2011 133

2011 3. (3) (d) (i) (ii) (iii) (iv) (v) (vi) 1 1 Black-Scholes B-S B-S B-S 180 134 2011

2011 3. (3) (e) (i) (ii) (4) (5) (a) 2011 135

2011 3. (5) (b) (i) 0.5% (ii) 10% (iii) 20% (iv) 50% (6) (7) (8) (9) 20% 136 2011

2011 3. (9) (10) (11) (12) (a) 2,000 (b) 2011 137

2011 3. (12) (b) 35 0.2262% 5% 2-5 1.667% 4.167% 0% 5 1.617% 3% 5 1.617% 3% 3 2.778% 0% 5 1.617% 3% 5 1.617% 3% (c) (i) (ii) (d) 138 2011

2011 3. (13) (a) 10 (b) 5 50% (14) (15) (a) 2011 139

2011 3. (15) (b) (a) (b) (16) 140 2011

2011 3. (19) 10%10% 10% 5% 10% 50% 25% 4. 142 2011

2011 4. 5. (1) 2008 1 1 [2007]39 [2008]28 24% 25% (2) 52 [2001]21[2004]203 5% [2006]172 (3) (4) 7% 3%[2011]60 2011 1 1 2% 2011 143

2011 6. 1 1 1 7 7 1 9 5 10 4 11 4 12 4 13 4 1 3 12 12 2 19 4 27 4 28 4 1 2011 7 1 2 2012 1 1 3 2012 7 1 4 2013 1 1 5 2015 1 1 1 1 1 7 144 2011

2011 6. 9 39 92009 1139 92010 1039 2015 1 1 9 10 11 12 2011 5(IASB) 10 11 12 10(1) (2) (3) 27 11 11 28 12 10 11 12 31 12 132728 2013 1 1 13 13 2013 1 1 1 2011 145

2011 6. 12 2012 1 140 16 19 2013 1 1 27 10 1227 28 11 1228 28 7. (a) (b) (c) (d) (e) 146 2011

2011 7. 2011 12 31 1,984,984 5,728,690 846,643 3,251,135 14,559,421 26,370,873 1,982,638 4,517,536 3,097,393 115,665 9,713,232 196 1,154,226 855,164 35,991 10,856 2,056,433 85 1,403 (17,242) 71,045 14,337,305 14,392,596 2,065 55,525 8,721 46,706 95,595 208,612 1,586,335 3,691,043 2,357,256 2,289,855 1,831,144 11,755,633 242,445 403,374 9,167 654,986 1,927 (2,410) 1,517,836 (3,728) 1,513,625 398,649 2,037,647 (1,510,613) 961,280 12,728,277 14,615,240 415,763 415,763 398,649 2,037,647 (1,510,613) 961,280 13,144,040 15,031,003 2,426,514 398,649 2,037,647 (1,510,613) 961,280 13,144,040 12,604,489 13,628 172,657 4,595 30,991 85,510 307,381 492,453 233,160 203,675 296,507 589,865 1,815,660 2011 147

2011 7. 2010 12 31 3,289,621 11,045,854 5,225,957 4,039,676 6,679,763 30,280,871 3,286,597 9,447,023 3,740,934 123,784 16,598,338 144 1,540,376 285,510 23,934 138,117 1,988,081 2,880 321 4,940,447 226,245 6,330,710 11,500,603 58,134 48,563 87,152 193,849 2,155,613 6,120,933 2,822,229 2,681,514 204,929 13,985,218 383,626 296,756 4,458 684,840 25,022 (7,497) 17,525 1,134,008 4,924,921 2,403,728 1,358,162 6,474,834 16,295,653 24,288 24,288 1,134,008 4,924,921 2,403,728 1,358,162 6,499,122 16,319,941 4,183,890 1,134,008 4,924,921 2,403,728 1,358,162 6,499,122 12,136,051 33,199 208,306 18,909 37,290 72,087 369,791 185,407 489,911 249,743 77,542 20,719 1,023,322 8. 2011 2010 1,774,074 1,821,359 278,590 143,445 3,769 23,277 2,056,433 1,988,081 148 2011

2011 9. 2011 2010 534,058 2,692,531 720,174 1,286,441 (1,622,917) 972,155 4,900 50,434 53,628 13,081,306 5,765,347 (i) 1,624,641 730,501 14,392,596 11,500,603 (i) 10. 2011 2010 1,048,699 1,713,719 18,784 26,192 1,067,483 1,739,911 2011 2010 242,445 383,626 339,622 233,006 63,750 63,750 9,169 4,458 654,986 684,840 2011 149

2011 10. 2011 2010 8,059 4,458 2011 2010 4,402,888 6,353,768 406,338 351,402 187,735 275,790 4,996,961 6,980,960 2011 2010 407,115 615,344 329,755 411,452 226,594 209,496 213,956 251,850 212,006 164,572 180,893 168,109 171,401 170,870 168,021 283,220 151,918 199,262 130,257 164,379 5,670 5,206 645,048 716,201 2,842,634 3,359,961 150 2011

2011 11. 161 2011 (1) (2) (3) (4)=(1)+(2)+(3) 2,586 1,123 3,709 3,522 12,485 16,007 80 80 80 80 1,414 1,123 2,537 120 120 120 120 20 20 50 50 120 120 1,419 1,123 2,542 80 80 80 80 1,264 890 2,154 910 904 1,814 11,115 17,648 750 29,513 2011 151

2011 11. 2010 (1) (2) (3) (4)=(1)+(2)+(3) 1,300 1,680 2,980 3,723 2,014 5,737 1,076 2,500 3,576 80 80 80 80 3,004 12,028 15,032 1,100 1,456 2,556 120 120 120 120 120 120 1,100 1,328 2,428 80 80 80 80 850 677 1,527 510 338 848 12,663 22,021 680 35,364 12. 120101 114 20104 2011 2010 12,672 2,975 31,832 27,496 3,141 47,645 30,471 152 2011

2011 12. 2011 2010 6,500,001 7,000,000 2 7,500,001 8,000,000 1 9,000,001 9,500,000 1 10,000,001 10,500,000 1 11,000,001 11,500,000 1 11,500,001 12,000,000 1 14,000,001 14,500,000 1 4 4 13. 2011 2010 (i) 1,517,836 (11,470) (5,363) 28,995 1,152 1,513,625 17,525 (i) 15.1820100.11 2011 153

2011 14. (a) 2011 2010 2,576,546 4,569,671 2,539,235 4,524,174 37,311 45,497 (150,032) (385,781) 2,426,514 4,183,890 (b) 25% 2011 2010 15,031,003 16,319,941 3,757,751 4,079,985 (44,397) (149,669) 49,353 69,488 (117,639) (76,957) (50,554) (59,923) (i) (1,168,000) 320,966 2,426,514 4,183,890 (i) 51% 15. 2011 73.612010 118.1439 154 2011

2011 16. 2011 2010 4,972,851 3,315,234 4,737,271 4,972,851 20110.4320100.50 17. 2011 2010 12,576,483 11,311,343 10,192,688 9,945,702 1.23 1.14 [2010]2 9 2010 33 20112010 2011 155

2011 18. 2011 2010 2011 1 1 376,437 2,834 69,580 71,926 4,774 579,173 63,630 1,168,354 1,926,559 3,094,913 2,015,620 2,211 86,129 12,204 519 320,049 3,976 2,440,708 1,108,329 3,549,037 115,881 535 14,346 12,497 12 142,440 31,017 316,728 2,342,967 2,659,695 2011 2,276,176 4,510 141,363 71,633 5,281 756,782 36,589 3,292,334 691,921 3,984,255 2010 12 31 2011 1 1 115,523 1,685 37,114 32,182 1,861 368,428 47,574 604,367 604,367 27,480 519 18,880 13,051 855 131,770 6,417 198,972 198,972 18,895 60 10,229 8,751 11 94,921 24,664 157,531 157,531 2011 124,108 2,144 45,765 36,482 2,705 405,277 29,327 645,808 645,808 2011 2,152,068 2,366 95,598 35,151 2,576 351,505 7,262 2,646,526 691,921 3,338,447 2010 260,914 1,149 32,466 39,744 2,913 210,745 16,056 563,987 1,926,559 2,490,546 1.352010 4.49 0.072010 156 2011

2011 18. 2010 2009 12 31 2010 1 1 577,186 5,881 73,337 79,902 7,538 761,558 63,720 1,569,122 1,534,045 3,103,167 154,734 722 29,733 24,407 4,181 181,163 17,150 412,090 484,149 896,239 355,483 3,769 33,490 32,383 6,945 363,548 17,240 812,858 91,635 904,493 2010 376,437 2,834 69,580 71,926 4,774 579,173 63,630 1,168,354 1,926,559 3,094,913 2009 12 31 2010 1 1 133,068 3,422 39,744 36,552 3,096 463,892 43,201 722,975 722,975 15,423 719 20,166 13,085 1,265 178,776 10,219 239,653 239,653 32,968 2,456 22,796 17,455 2,500 274,240 5,846 358,261 358,261 2010 115,523 1,685 37,114 32,182 1,861 368,428 47,574 604,367 604,367 2010 260,914 1,149 32,466 39,744 2,913 210,745 16,056 563,987 1,926,559 2,490,546 2009 444,118 2,459 33,593 43,350 4,442 297,666 20,519 846,147 1,534,045 2,380,192 2011 157

2011 18. 2011 2010 12 31 2011 1 1 121,213 1,340 19,421 33,666 2,027 193,233 284 371,184 1,885,693 2,256,877 2,015,620 991 72,969 5,731 84 231,520 2,326,915 1,103,632 3,430,547 19,532 61 4,030 801 12 14,624 3 39,063 2,298,867 2,337,930 2011 2,117,301 2,270 88,360 38,596 2,099 410,129 281 2,659,036 690,458 3,349,494 2010 12 31 2011 1 1 30,328 1,040 11,725 14,899 811 118,830 274 177,907 177,907 21,015 172 6,292 5,743 317 55,874 89,413 89,413 144 59 3,786 777 11 14,292 3 19,072 19,072 2011 51,199 1,153 14,231 19,865 1,117 160,412 271 248,248 248,248 2011 2,066,102 1,117 74,129 18,731 982 249,717 10 2,410,788 690,458 3,101,246 2010 90,885 300 7,696 18,767 1,216 74,403 10 193,277 1,885,693 2,078,970 158 2011

2011 18. 2010 2009 12 31 2010 1 1 79,221 1,321 13,948 29,236 1,434 156,153 284 281,597 1,510,305 1,791,902 43,214 128 5,603 6,713 711 47,849 104,218 467,023 571,241 1,222 109 130 2,283 118 10,769 14,631 91,635 106,266 2010 121,213 1,340 19,421 33,666 2,027 193,233 284 371,184 1,885,693 2,256,877 2009 12 31 2010 1 1 28,974 840 7,730 12,348 679 86,499 272 137,342 137,342 1,800 218 4,091 4,766 228 40,835 2 51,940 51,940 446 18 96 2,215 96 8,504 11,375 11,375 2010 30,328 1,040 11,725 14,899 811 118,830 274 177,907 177,907 2010 90,885 300 7,696 18,767 1,216 74,403 10 193,277 1,885,693 2,078,970 2009 50,247 481 6,218 16,888 755 69,654 12 144,255 1,510,305 1,654,560 2011 159

2011 19. 2011 2010 825,112 829,154 825,112 829,154 825,112 829,154 (324,232) (4,042) 500,880 825,112 500,880 825,112 500,880 825,112 20. 2011 2010 10,428,305 10,118,047 160 2011

2011 20. (a) % (i) 520,000 520,000 100% 5,010 5,010 100% 10,000 10,000 100% 100 100 100% Dragon Stream Investments Limited CITIC Securities International Fixed Income Limited CITIC Securities Equity Trading Company Limited CITIC Securities International Partners, Ltd. August Sky Holdings Limited 373,675 100% 11,300 100% 2,000 100% 25,500 100% 1 100% 1,000 100% 200 100% 200 100% 18 72% 1 100% 2011 161

2011 20. (a) % CSI REITs Investment Management Company Limited CSIAM (CAC) Investment Limited CSI Direct Investments Limited CSI USA Securities Holdings, Inc. 1 100% 1 100% 1 100% 30.1 100% (b) % 7,000 12,072 91.35% 80,000 93,101 95.50% (ii) 88,500 100% (iii) (iv) 80,000 80,303 100% (i) (ii) (iii) (iv) 652 4.10% 95.50% 58 162 2011

2011 20. (d) 51%49% 2011 1 1 12 31 2,844,188 1,959,008 667,356 (e) 2011 2010 8,344,000 7,290,000 8,344,000 6,560,000 (399,130) (9,884,056) 7,944,870 (3,324,056) 21. 2011 2010 2011 2010 1 2 31 8,703,425 1,021,991 2,573,413 849,705 775,387 740,272 20 88 9,478,812 1,762,263 2,573,433 849,793 164 2011

2011 21. 180,000 35% 35% 23,800 49% 49% 3,000 33% 33% 62,000 32.26% 32.26% CITIC PE 35% 35% (Hong Kong) Limited World Deluxe 40% 40% Entreprise Limited CAC Capital Holdings General Partner Limited 49% 49% 803 50% 50% CITIC Securities Alpha 33,862 (i) (i) Leaders Fund Limited CSI RMB Fund Ltd. (i) (i) (i) 2011 165

2011 21. 2011 2010 8,126,966 3,629,623 1,524,370 1,069,380 6,602,596 2,560,243 4,722,192 247,758 1,723,012 38,528 1,537,876 1,956,804 745,874 880,289 792,002 1,076,515 123,934 46,206 43,530 (11,847) 22. 2011 2010 2011 2010 63,840 131,250 8,096,007 6,017,317 1,421,441 1,196,041 8,159,847 6,148,567 1,421,441 1,196,041 165,931 165,931 151,729 151,729 7,993,916 5,982,636 1,269,712 1,044,312 63,840 131,250 8,096,007 6,017,317 1,421,441 1,196,041 8,159,847 6,148,567 1,421,441 1,196,041 166 2011

2011 22. 2011 2010 2011 2010 14,940,175 14,818,620 14,520,340 13,077,573 (i) 14,818,519 22,061,299 13,740,031 19,196,021 657,005 580,196 60,000 308,217 30,415,699 37,460,115 28,320,371 32,581,811 1,581,883 403,850 1,510,237 1,542 28,833,816 37,056,265 26,810,134 32,580,269 28,028,745 34,394,332 26,850,527 29,849,219 2,386,954 3,065,783 1,469,844 2,732,592 30,415,699 37,460,115 28,320,371 32,581,811 (i) 2011 12 310.152010 0.05 23. 2011 2010 2011 2010 827,599 1,006,719 389,225 403,559 30 30 916,622 364,402 12,782 12,782 840,411 1,006,749 1,318,629 767,961 2011 167

2011 24. 2011 1 1 503 15,076 2,268 84,630 1,018,647 6,943 1,128,067 (503) 39,787 377,198 52 (364,938) (927) 50,669 269,608 269,608 (82) (84,169) (20,733) 1,007 (103,977) 2011 54,781 271,876 377,659 52 632,976 7,023 1,344,367 2010 1 1 505 389 84,613 1,257 853,709 13,798 954,271 (2) 14,687 17 (1,257) 456,172 1,125 470,742 2,268 2,268 (291,234) (7,980) (299,214) 2010 503 15,076 2,268 84,630 1,018,647 6,943 1,128,067 2011 1 1 697,795 99,208 155 797,158 (99,208) (155) (99,363) (516,664) (516,664) (76,653) (76,653) 2011 104,478 104,478 168 2011

2011 24. 2010 1 1 16,382 390,893 5,454 412,729 (15,424) 99,776 609 84,961 335,967 335,967 (958) (29,065) (568) (5,908) (36,499) 2010 697,795 99,208 155 797,158 2011 1 1 14,461 361 906,589 5,749 927,160 40,320 377,198 52 (318,564) (536) 98,470 269,351 269,351 2011 54,781 269,351 377,559 52 588,025 5,213 1,294,981 2010 1 1 344 1,257 613,929 278 615,808 14,461 17 (1,257) 292,660 5,471 311,352 2010 14,461 361 906,589 5,749 927,160 2011 169

2011 24. 2011 1 1 364,874 99,208 464,082 (99,208) (99,208) (364,874) (364,874) 2011 2010 1 1 14,099 181,038 4,794 199,931 (14,099) 99,208 (4,794) 80,315 183,836 183,836 2010 364,874 99,208 464,082 25. 2010 12 312011 12 31 26. 2011 2010 2011 2010 12,268,816 9,635,373 11,627,555 8,753,994 6,441,654 3,812,320 6,012,980 3,015,305 40,000 408,162 40,000 408,162 18,750,470 13,855,855 17,680,535 12,177,461 17,587,970 13,216,543 17,202,457 11,571,967 1,162,500 639,312 478,078 605,494 18,750,470 13,855,855 17,680,535 12,177,461 170 2011

2011 27. 2011 2010 298,885 400,294 298,885 400,294 298,885 400,294 28. 2011 2010 962,737 987,947 510,219 357,174 114,891 139,755 222,318 77,401 1,077,628 1,127,702 732,537 434,575 2011 2010 962,737 987,947 510,219 357,174 108,830 139,116 222,318 76,998 1,071,567 1,127,063 732,537 434,172 2011 12 31 2011 171

2011 29. 2011 2010 2011 2010 575,760 1,866,466 55,760 1,226,616 520,000 1,606,616 1,216,616 40,000 259,850 40,000 10,000 15,760 15,760 575,760 1,866,466 55,760 1,226,616 2011 12 31 2010 30. 2011 2010 2011 2010 495,072 343,978 489,859 325,451 36,919 34,815 7,603 2,356 20,166 20,000 278,756 278,756 740,234 2,580,113 92,525 2,097,523 17,139 24,141 1,499 5,234 1,554,008 2,954,765 867,244 2,420,096 31. 172 2011

2011 32. 2011 2010 2011 2010 186 258 80 58 33,444,265 18,443,899 27,843,656 12,062,654 33,444,451 18,444,157 27,843,736 12,062,712 2011 2010 10.91 33. 2011 2010 2011 2010 36,477,143 62,081,222 17,207,569 30,868,612 31 34. 2011 2010 2011 2010 14,232,693 6,901,600 14,785,763 6,901,600 7,327,700 5,988,450 7,327,700 5,988,450 6,904,993 913,150 7,458,063 913,150 14,232,693 6,901,600 14,785,763 6,901,600 2011 173

2011 35. 2011 2010 2011 2010 1,862,516 3,188,721 1,672,035 2,628,296 46,132 176,904 34,404 116,098 781,019 495,295 734,335 341,369 2,689,667 3,860,920 2,440,774 3,085,763 36. 2011 2010 2011 2010 3,120,181 5,057,690 2,370,699 3,888,371 187,291 181,156 173,915 167,595 106,443 66,649 106,443 66,649 37,188 37,188 37,188 37,188 19,355 19,355 19,355 19,355 1,571,062 1,254,111 751,127 415,100 5,041,520 6,616,149 3,458,727 4,594,258 37. 2011 2010 1,500,000 1,500,000 1,500,000 1,500,000 174 2011

2011 37. 2006 5 252006 6 21515 06 5/29/2006 100 4.25% 5/31/2006 5/31/2021 8/18/2006 1,500,000 38. 2011 2010 A1 9,838,580 9,838,580 9,945,702 9,945,702 H1 1,178,328 1,178,328 11,016,908 11,016,908 9,945,702 9,945,702 2011H [2011]1366 2011 910H 1.00 H1,071,207,00075,907,000 [2001]22 H [2011]17H 13 107,120,700 A H 2011 12 31 9,945,701,400 11,016,908,400 2010 12 31 9,945,701,400 2011 175

2011 39. (a) (b) (i) 10% 50% 25% (ii) (c) 10% (d) (e) (f) 176 2011

2011 39. (f) 2011 1 1 24,166,746 3,957,671 6,994,621 1,195,477 36,314,515 15,262,618 7,360,910 (1,962,794) (1,962,794) (1,962,794) (1,962,794) 7,360,910 2010 (4,972,851) 736,091 736,091 (736,091) 1,472,182 1,472,182 (1,472,182) 10,199,718 10,199,718 2,998 54,849 109,697 167,544 383,941 2011 34,369,462 4,748,611 8,576,500 (767,317) 46,927,256 15,826,345 2010 1 1 27,482,761 2,775,193 4,631,893 630,565 35,520,412 10,308,303 11,813,641 564,912 564,912 564,912 564,912 11,813,641 2009 (3,315,234) 1,181,364 1,181,364 (1,181,364) 2,362,728 2,362,728 (2,362,728) (3,315,234) (3,315,234) (781) 1,114 333 2010 24,166,746 3,957,671 6,994,621 1,195,477 36,314,515 15,262,618 2011 177

2011 40. 2011 2010 186 258 33,444,265 17,353,105 33,444,451 17,353,363 41. (a) 2011 2010 2011 2010 228,891 348,307 171,642 331,272 (b) (i) 2011 2010 2011 2010 310,183 223,940 199,164 71,958 156,571 182,642 87,391 59,594 123,297 128,908 75,331 49,118 322,808 316,732 267,093 158,744 912,859 852,222 628,979 339,414 (ii) (c) 2011 12 31 178 2011

2011 42. (1) % % 1,837 20.30% 20.30% 10168558-X (2) 20 (3) 21 (4) (a) (i) 2011 2010 12,683 21,395 158,483 129,865 826 1,113 171,992 152,373 2006 5 252006 6 21515 2011 12 31 152010 15 (ii) 2011 2010 3,590 2011 179

2011 42. (4) (b) 2011 2010 3,173 3,249 26,465 2,412 6,586 239,140 1,722 274,439 8,308 2011 2010 1,961,756 362,806 916,592 364,372 34,209 23,060 2,912,557 750,238 180 2011

2011 42. (4) (c) 2011 2010 19,663 119 27,572 31,086 517,504 178,897 11,746 9,566 55,081 80,642 78,942 71,045 18,168 7,018 5,399 3,318 737,393 378,373 2011 2010 642 523 3,688 4,805 (i) 4,482,444 7,468,043 (i) 12,738,243 4,358,128 17,225,017 11,831,499 (i) (d) 2011 2010 1,225 641 2011 181

2011 42. (4) (e) 2011 2010 5 2011 2010 155,912 (f) 11 2011 2010 22,842 20,999 43. 182 2011

2011 43. (a) 2011 11,881,803 6,836,579 32,088 18,750,470 5,472,237 6,796,579 12,268,816 6,409,566 32,088 6,441,654 40,000 40,000 298,885 298,885 3,269 1,074,359 1,077,628 18,168,508 11,525,105 785,926 30,479,539 4,092,311 10,847,864 14,940,175 14,076,197 20,236 785,926 14,882,359 657,005 657,005 30,053,580 19,436,043 1,116,899 50,606,522 6,283 6,283 1,127,702 1,127,702 6,283 1,127,702 1,133,985 2011 183

2011 43. (a) 2010 7,995,039 5,826,998 33,818 13,855,855 4,182,719 5,418,836 33,818 9,635,373 3,812,320 3,812,320 408,162 408,162 400,294 400,294 732,537 732,537 22,245,321 13,375,272 1,970,772 37,591,365 2,441,089 12,377,531 14,818,620 19,804,232 417,545 1,970,772 22,192,549 580,196 580,196 30,240,360 19,934,807 2,404,884 52,580,051 403 434,172 434,575 403 434,172 434,575 184 2011

2011 43. (b) 2011 2011 1 1 33,818 (1,730) 33,818 (33,818) 32,088 33,818 (33,818) (1,730) 33,818 32,088 400,294 50,434 40,956 (192,799) 298,885 1,970,772 271,551 359,125 44,000 (1,859,522) 785,926 1,970,772 271,551 359,125 44,000 (1,859,522) 785,926 2010 2010 1 1 831 32,987 33,818 831 32,987 33,818 53,628 346,666 400,294 1,828,856 794,896 1,137,194 (1,790,174) 1,970,772 1,828,856 794,896 1,137,194 (1,790,174) 1,970,772 2011 185

2011 44. 2011 187

2011 44. 188 2011

2011 44. (a) 2011 189

2011 44. (a) (i) 2011 2010 14,940,175 14,818,620 840,411 1,006,749 12,268,816 9,635,373 1,077,628 732,537 575,760 1,866,466 790,000 35,760,238 61,911,465 33,444,265 18,443,899 4,180,232 5,169,189 103,877,525 113,584,298 2011 2010 14,520,340 13,077,573 1,318,629 767,961 11,627,555 8,753,994 1,071,567 732,537 55,760 1,226,616 16,921,210 30,541,324 27,843,656 12,062,654 3,487,027 4,018,886 76,845,744 71,181,545 190 2011