华商双擎领航混合型证券投资基金基金合同查看PDF公告

 
 
 
 
 
华商基金管理有限公司 
 
 
华商基金管理有限公司
 
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限 
 1
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华有基金 限公 ................................................................................................................................. 3 
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限 
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限 
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限 
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限 
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限 
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限 
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限 
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限 
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限 
 12
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限 
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限 
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限 
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限 
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限 
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限 
 18
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6商￡华???理有??? 50%.?司?|??ě??司?∥?￠?
ī??`??????×8????ì???LI??i理有<??
??理有<=?????????o????理有????& 
7商Y""L商(,2???Lo理有限公?L司UVō?& 
ò??qō?d华?理有<=éL????o?????????理有
<=?x"L?(,2??????司????理有<=??????
r??????????ě???bx??ń?????????司??b?
?????????bě????&ò|??q? 4?üqō?x理有限
公司jX???=&理有???Wì?????ě?ǚ???ě????
=?b?.??&ì????司ō?ǘ??理有<=?l??????!司
>=?8ó& 
?商????司ō?l?=?F 
1商????司?L 
ò管理有??9E??司理有???????(???????ū??理有
??(?|?????ū??????????ūl理有??(??????
?ū?司??)??￡华9E?司理有???司 10% ??vò??????& 
2商????司?=?F 
理有|??????理有<=ě.?
理有?司??限ɑ?éL
????商?b????o????& 
417????a理有<=?vW?y??司???????
x???????T& 
427?b????a理有<=?v??司????W??o?
v???司??????T司μ?ō?ě???理有???????
华商基金管理有限公司










































限 
 19
?H?理有<=ì????????o??华9E?理有???司 10%
司￡?/ě?U???????>=&???司?????x??ń?
????????????司??L??=司????????????
bì?ň?????ě.ǚ?????o?ǘ??&ǚ?????司
?\H??/华?9E???????????v??ǚ??ǘ??司?
???=司?b????????&??司????i/华9E?????华?
?=????./华9E?司理有????v理?????有?.???
??????v?&rì?ň??????%ǚ?????
?b%\H?????=&?b??????????1o??司?P& 
437rò???9E????理有???W????司理有????￡
华9E?司理有???司 20%?管理有<=????理有???W?W司
????_???>=&>=?????理有<=??U??理有???
20%.??b司????\H_???>=&??U??ù\H??>=司
?????x??ń?ù\H??>=司??????ù\H??>=司?
?????司??L??=司????&??司????i/华9E??
???华??=????./华9E?司理有????v理?????有?
.?????????v?&???brǚ??ǘ??司????=司?
b????????&rì?ň??????%ǚ????
??b%\H?????=& 
447????a?? 2 ?9E?.?(á管ū)ò?????r理有<=
?vW??ě????理有司?????????司????ě.????
????·???? 20??%???ì"L????T8ó& 
3商????司8ó 
ò??q???????>=?理有<=?t???商??o?á
:??"L司UV?Fì 3?ň???t?理有???W?WX?=?
公?ì"L?????8ó& 
?商????o??司8ó??9E??o??司8ó 
1商ò??q????o??ō?司理有<=?ì"L???ì"L?
??????8ó& 
华商基金管理有限公司










































限 
 20
2商rò???司?ev 1 ?理有<=????9E?ì"L???
??理有??9E??o??8ó?8?1? 1?9E?司理有????& 
3商理有<=ě.?
????o??司?eì"L???????9
E??o??司8ó?aě.?
_?ō?ì??8ó(??9E??o?
?司?eó????Tò???9E司8ó& 
?华商理有?? 
理有<=ě.?
jXY".l管理有限公司"LéL9>管理有
i理有<=<=司UV理有de司???!理有??ě.??华L司???
jX"?理有<=ó??
jXY"l管理有限公司"LPL?8ó
??￡ó?理有<ijXO?& 
?c商理有司ùň??? 
理有司ùň???Q理有??O??=?{商????P?T[ō?
???司ùň???.l??O??ě商ī限Y"司U?ùň???o?x
yjXY"o,?WOX??司?F?T?=司Tv&??ì?qn?ō
?/????司è???ě.?W管理有理有??司o?xy
jXY"o,?WOX??司?F?T?=& 
?{Q理有???W?ɡU?W司理有???U限司?{?{?
??Q理有???W?U限?W司理有??????I§司理有?o?
??????P?TQ?O?
???g??理有???W?W司
理有???P???UV\ě商oUV??&>=ùň???????理
有??O?????司jX???ī限?h司ùň?????x理有??O
?司"L>=?x理有??O?"L司ǖw??& 
??商理有司?< 
理有???Wě>=??W理有??ì?公?@O?de司?<理有
?@O?ě.xy"L司ǖw???=L?L???à?"?理有<=?
T"L&ì>=L?L????ě\T?L????有?????
有????o?理有<=ìjX8óoe?司á:??(ü"L司L?L
华商基金管理有限公司










































限 
 21
???1o??有?& 
??商理有司??商??§? 
理有??O???=,?WOX??司理有??司??i??.l
??O??ě商ī限Y"司UVō?/司??i??&理有ń?o理有??
???司???理有??ü??司华???????b???ě?i?
b?Y"?W"L司?í&rjXY"????理有???W
?_§I???司￡?/理有<=ě>=理有??司§??!oUV理
有?!理有<=?PL_?j?司?!"& 
??商_?MNOP?e管理有司??i?? 
管理有_?MNOP司管理有司???????ǎá:??ojX8
ó& 
??商理有??司?? 
ìY"????hà?司ō?/理有<=ě?=理有???Wt
?(,2???ě司ň?￠üo?t?UV?F?T????司??????
O?>=理有??司????&理有<=??=理有?????!司??￡
8ó理有???W??
理有<=8ó司?!">=理有?????!& 
??商ì???jXY"??理有???W?_§I???司
￡?/理有<=ě?
à?ō???q????.ljX?!司???T
êa????￡8ó???9理有???W??ēì& 
华商基金管理有限公司










































限 
 22
有#限公


$%&'()*+
,华
 
华商理有<= 
4华7 理有<=0? 
?1a)?理有<=W?8? 
?üa??????Z????? 28?? 19? 
L?pa?? 
?金??a 2005ā 12ā 20? 
?w?金OXl?w?金g?a(,2??2?理有??2005?160? 
???FaUVW??m8? 
??管a???*? 
????a???? 
?f??a010-58573600 
4c7 理有<=司i ! 
1商?
'理有-商'$%>-lUVWX"L理有<=司}~
·???a 
417:;有? 
427\'理有限公-??d???
Y"'理有限公-?金$`
?<=理有μ?? 
437y'理有限公-??理有<=?.lY""Lo(,2???
w司UV?`? 
447?@理有??? 
457xy"L?;理有???W??? 
467
'理有限公-lWXY"L??理有<r?v理有<
???'理有限公-l,?WXY"L???(,2??UV?


华商基金管理有限公司










































限 
 23
497|mo?UVī限?h司O?|m理有??O?>=理有???!
???'理有限公-"L司?`?



4107
'理有限公-lWXY"LéL理有?司b????



4117ì'理有限公-?L司#????o???=??商?????
??



4127yY"v理有司??8?T??oè?v
理有司T??理有μ??23ü??司?



4137ìY"??司￡?/v理有司v理有?T??



4147.理有<=司? ?p理有???W司T???o?
_?UVYTv?



4157ǚ?商e?Y?!ü商???!ü商23/?????oUVv
理有???!司í?O?? 
4167ìī限WXY商"司￡?/P基??WX理有??商??商
??商??ùň???[?!"? 
4177Y"l(,2??"L司'理有限公-?L司UV& 
2商?
'理有-商'$%>-lUVWX"L理有<=司 !}~
·???a 
417:;有>=o???(,2???L司UVO??v>=
理有??司ò@商??商?????? 
427>=理有????? 
437\'理有限公-??d??.^_A`商±23′司<=$
`理有μ?? 
447????司àW??ī司??T理有b?商éê.???
司???F<=$%理有μ?? 
457?金????JKǜP商??i??商μ!<=l<=[P?
2ü<=司理有μ?理有<=司μ?j??金?ü<=司?公理有bǔ
<=bǔ?ń?T23? 
467?
'理有-商'理有限公-lUVWX"Lí??`理有μ
?v\?lmn?????????$%理有μ?? 
477??理有<司??? 
487???限=司?????理有????商??商?????ī司
华商基金管理有限公司










































限 
 24
?ī限'理有限公-[Ygh司"LxWX"L???8ó理有??AB
L理有????商??司?ī? 
497?T理有??????P理有μ!???ó? 
4107?P???ó商(??óā??ó? 
4117 ?īxy'理有-商'理有限公-lUVWX"L?TABCD
l?ó !? 
4127°理有??????D理有??商ú?[&?'理有-商
'理有限公-lUVWX"L?W"Líì理有AB89CD￡????
?V?D·??








































限 
 25
4227理有<=?U !?????=???????=WX理
有!司Tv{|?m? 
4237.理有<=? ?p理有???WT???o_?U
VYTv?



4247理有<=ì:;?e????理有司???h'理有限公-??
??理有<={|??:;?`??:;有????T公?????
Bì理有:;??ü? 30????理有??? 
4257?T??司理有???W??司éì? 
4267?金??理有???W??? 
4277Y"l(,2??"L司'理有限公-?L司UV !& 
c商理有< 
4华7 理有<0? 
?1a???Tè?W?8? 
?üa????????? 154? 
L?pa?.Z4?v?TL?pˉ7 
?w?金OX?w?金g?a(,*?T?T??[1988]347? 
?金?ea1988ā 8ā 22? 
???Faè?W?8? 
??管a207.74??*? 
???ea???? 
理有<ī?glg?a2?理有?[2005]74? 
4c7 理有<司i ! 
1商?
'理有-商'$%>-lUVWX"L理有<司}~
·???a 
417\'理有限公-??d??Y"'理有限公-司"L??
<理有μ?? 
427'理有限公-?L??理有








































限 
 26
有限公-l,?Y"Tv?理有μ?商UV司??????司
ō????(,2?????????理有?司? 
447?
jX?￠"v理有9?有ń?商23ń?[ü?ń?商
v理有>=23商??ň?有??? 
457?ì?9o?;理有???W??? 
467ì理有<=e?????司理有<=? 
477Y"l(,2??"L司'理有限公-?L司UV& 
2商?
'理有-商'$%>-lUVWX"L理有<司 !}~
·???a 
417.^_A`商3′??司?W???<理有μ?? 
427?金??司理有=??商ň??? 
477°理有?????'理有-商'理有限公-lUVWX"L?W
"Líì理有AB89CD￡?.????V?D·??=i理有








































限 
 27
理有<=W??T'理有限公-"L司Tv???理有<???
??司??? 
4117?理有








































限 
 28
1商?
'理有-商'$%>-lUVWX"L理有???W司
}~·???a 
417bz理有μ??? 
427?ib????司??理有μ?? 
437??o?????U?W司理有??? 
447xy"L???9理有???W??o??;理有???W??? 
457|?o????p|?理有???W???理有???W??
ēì?T?pé? 
467??o??P89CD司理有AB?? 
477??理有<=司$%? 
487?理有<=商理有<商理有?!O???U限司Tv
????o??? 
497Y"l(,2??"L司'理有限公-?L司UV& 
2商?
'理有-商'$%>-lUVWX"L理有???W司 !
}~·???a 
417???à??°'理有限公-商á:??[ABCDgh? 
427??ü理有????\?JK{??y\è¨?理有司
??\è￥|éê\T{|JK? 
437X?理有ABCDl?T??T !? 
447ň?理有??商????lY"'理有限公-ü"L司?`? 
457ìU?W司理有??#??{|理有??o?'理有限公-??司
W??m? 
467??mnW?理有lUV'理有限公-限司?H? 
477?T??司理有???W??司éì? 
487??ì理有ň???(?mn???司??? 
497Y"l(,2??"L司'理有限公-?L司UV !& 
华商基金管理有限公司










































限 
 29
有-限公


./(01 
 
理有???W???理有???W??理有???W司限??
pW?p理有???W|??ì?pé&理有???W?W司?华理有?
??WZ[司?&ò??Y"?理有???W???W"L司.ó
?W?司Y"vw& 
管理有???W??????O?& 
华商?9? 
1商|?o??éL/Y?d华司?Y"商(,2???W"L
í??9理有???W??a 
417??'理有限公-理有限公?W?L司?í? 
427e?理有<=? 
437e?理有<? 
447??理有$%?F? 
457??理有<=商理有<司??ǖw·Y"?????[
??ǖw司?í? 
467ōe理有?ǔ? 
477管理有iUV理有司限?? 
487ōe理有ǖ商#?oê?? 
497ōe理有???W????? 
4107理有<=o理有<???9理有???W??? 
4117??o限??W管理有??? 10%.?4á 10%7理有??司理有
???W4.理有<=???ì?司理有????/公7í公华??
????9理有???W??? 
4127?理有限公 !??????司UV?? 
4137Y"商'理有限公-o(,2??"L司UV??9理有??
?W??司?& 
2商ìY""L'理有限公-?L司#????理有???W
?_§I???司￡?/./ō?ě?理有<=理有<???é?
???9理有???W??a 
华商基金管理有限公司










































限 
 30
417Y"????司理有?`司??? 
427??管理有司????商?o????oōe???Fo??商
??o??理有???ǔ??l?理有??b?>商"?T??? 
437?j?司Y"ò?ōH???'理有限公-?Té?? 
447?'理有限公-司é??理有???W?_§I???oé
??kl'理有限公- !Xfò???ō?? 
457理有<=商??O?商理有?@O???WX??商??商??商
ùň???商?<[?!"? 
467理有?|??!o?!? 
477xyY"'理有限公-"L???9理有???W??司U
Vō?& 
c商?ì?;l?;?F 
1商?Y""Lo'理有限公-?W?Lí理有???W???理
有<=?;& 
2商理有<=?x"L?;o???;??理有<?;& 
3商理有<?vW???9理有???W??司??理有<=
?|???ì&理有<=?\?????ìd?? 10 ??éL??;
???ó?理有<&理有<=éL?;司?\|à??éLd??












60 ???9?理有<=éL??;理有<??vW???9司?
?理有<\T?;?\|à??éLd?? 60???9?ó?理有<=
理有<=??限& 
4商?p理有?? 10%.?4á 10%7司理有???Wí公华????
??9理有???W????理有<=?|???ì&理有<=?
\?????ìd?? 10 ??éL??;???ó??|?ì司理有??
?W?p理有<&理有<=éL?;司?\|à??éLd?? 
60 ???9?理有<=éL??;?p理有?? 10%.?4á 10%7司理
有???W??vW???9司??理有<?|???ì&理有<
?\?????ìd?? 10 ??éL??;???ó??|?ì司理
有???W?p理有<=?理有<éL?;司?\|à??éL
华商基金管理有限公司










































限 
 31
d?? 60???9&?ó?理有<=理有<=??限& 
5商?p理有?? 10%.?4á 10%7司理有???Wí公华????
9理有???W???理有<=商理有<???;司??o限??
p理有?? 10%.?4á 10%7司理有???WW\T?;????￡
30??(,2????&理有???W\T?;理有???W??司
理有<=商理有<??限????商??& 
6商理有???W?ì司?;??ǚ?L9??e商??商?F
???& 
?商?9理有???W??司t??e商t???商t??F 
1商?9理有???W???;???ì?9￡ 30?ì"L??8
ó&理有???W??t?????./??a 
417?ì?9司?e商???ì?F? 
427?ì?ēì司?商ì??pé?F? 
437W|?理有???W??司理有???W司???? 
447??2司????4}~·????=???=??
=W???[7商???e??? 
457?!???f??l?f??? 
467|??ì???w?司gh???T司??? 
477?;??t?司UV?& 
2商??t?9??F??Tpé司ō?/??ì?;éLì?ìt?
(?管?理有???W??ü??司à?t??F商?司82OXlU?
f?F?f商péúǎ?ň司???e???F& 
3商r?;v理有<=???T??t?理有<?QL???p
éúǎ司???T???r?;v理有<??T??t?理有<=
?QL???péúǎ司???T???r?;v理有???W??T
??t?理有<=理有<?QL???péúǎ司???T??&理有
<=o理有<????p?péúǎ司???T??司???péúǎ
司???y& 
?商理有???W|??ì司?F 
华商基金管理有限公司










































限 
 32
理有???W??ět??￠9??F商t?9??FoY"商?<
O???司UV?F?9?ì司?9?F??ì?;L& 
1商?￠9?&?理有???W管|?o.?=???2??
?p|??￠9??理有<=理有<司??p?Y?理有???
W??理有<=o理有<???pY?司???pé?y&?￠9
?公?ī限./?h?ě.?T理有???W??ì?a 
417?\|??ì??W理有??司?2商?|??ì?|à司?
?W理有??司?2l?司?=???2ī限Y"商'理有限
公-?ìt?司"L???W理有??司?2i理有<=?W司???
jī? 
427????????|?司ì????W理有??司?2??
W?司理有?????管理有ì???理有???司cbd华4ácbd
华7&ò???ì????p司W?司理有????管理有ì???理
有???司cbd华?;ě.ì8ó司理有???W???9?e司 3
?ā.?商6?ā.?íLēì????;理有???W??&???
;司理有???W?????ì????p司W?司理有??????
管理有ì???理有???司?bd华4á?bd华7& 
2商t?9?&t?9?fQ理有???W?U?pé?司?.??
?Fo??8ó?司UV?Fìpé???.￡????;QL司??&t
?9??.???Fo??8ó?司UV?F?Tpé& 
ì公?ī限./?h?t?9?司?F?vW?a 
417?ì?;x'理有限公-?L8??ìt??ì 2 ??%???
?8?jX??I8ó? 
427?;x理有限公?Lt?理有<4r?理有<v?;
v理有<=7?QL???péúǎ司???T??&?ì?;ì理有
<4r?理有<v?;v理有<=782OX司??/xy?
ìt?"L司?F??理有???W司péúǎ?理有<o理有<=?
t??????péúǎ司???pé?y? 
437管??|àpéúǎo?V?p|àpéúǎ司理有???
华商基金管理有限公司










































限 
 33
Wü?W司理有?????ì???理有???司cbd华4ácbd
华7?ò管??|àpéúǎo?V?p|àpéúǎ理有???Wü
?W司理有????ì???理有???司cbd华?;ě.ì8ó
司理有???W???9?e司 3?ā.?商6?ā.?íLēì??
??;理有???W??&???;司理有???W???W?p?bd
华.?4á?bd华7理有??司?W??|àpéúǎo?V?p|à
péúǎ? 
447?q?437?(??|àpéúǎ司理有???Wo??pV
|àpéúǎ司?=公??ň司?W理有??司?2商?|àpéúǎ司
?=|à司??W理有??司?2l?司?=???2ī
限Y"商'理有限公-?ìt?司"L?i理有??O???jī? 
3商ìY"o?








































限 
 34
??司ō?/?理有<?U|??ì司?pè??r?理有<=?
?p理有<??pu??è????|???司理有???W
?=ü?pé司 50%.?4á 50%7ǚ???华?理有???W%v?
?理有???W??司è?&理有<=理有<??|?oè?理有
???W?????理有???W??%|司éì司?y& 
?ì?;?P%|??ì?司???&???????ì???
4o???17商??2gh??商?Wo?pWpé司理有??商?
??4o???17?f?F[?& 
427t?9? 
ìt?9?司ō?/????;?￡ 30 ?8???ìüt?司pé
????? 2??%??ì82OX??/??;????W?péì82
OX??/??éì& 
?商pé 
理有???Wü???理有??W华?pé& 
理有???W??éìbv华?éì?ǔéìa 
1商华?éì华?éì??????司理有???WoU?=ü?p
é司cbd华.?4ácbd华7t??vW???/Y? 2?ü"L司?.
?ǔéìt??.í司UV?u.华?éì司?Ft?& 
2商?ǔéì?ǔéì??????司理有???WoU?=ü?
pé司?bdc.?4á?bdc7t??ě￥|&?Y"商(,2??
?W"Lo理有限公?W?Lí??理有$%?F商e?理有<=o?理有
<商??'理有限公-商管理有iUV理有限?.?ǔéìt??vW?& 
理有???W???????F?T?pé& 
??t??F?Tpé??ùì???Wab司j?2
2??ň
ī限?ìt?("L司????gh司pé?vW?|?司?p?
ī限?ìt?"L司péúǎ?vW?pépéúǎ????oj???司?
v?pé·???|àpéúǎ司理有???Wü?p司理有???ū& 
理有???W??司????o公华?????Y司??ì??b9
ēì商??pé& 
华商基金管理有限公司










































限 
 35
?商?? 
1商?￠9? 
417r???理有<=o理有<?;理有???W??司è?
?ì?ì9????ì|??ì司理有???W?=(ǚ???理
有???W?pi???;?司华????+公|m???r???理
有???W\T?;o???ě?理有<=o理有<?;·理有<
=o理有<?|???司理有???W??司è??ì?ì9?
???ì|??ì司理有???W(ǚ???理有???W?p|m??
&理有<=o理有<?|???司?????司?y& 
427???ì理有???Wpé?金??T??????è?
￠8?????& 
437r??ìè?o理有???Wo?=???ň司pé??W?
?ě.ì??pé???金??ü?ū???T????&????T
????????.华?v?&???????è??￠8????
???& 
447??????82OX?.82理有<=o理有<??|?
??司?????司?y& 
2商t?9? 
ìt?9?司ō?/???Fva????;?司?????ì理有
<??p4ò?理有<?;v理有<=??p7司??/?
T????82OX?U?????.82&理有<=o理有<???
p?péúǎ司???T??司?????pé??& 
?商??i8ó 
理有???W??司éì?;?\t?d?? 5???(,2??
??& 
理有???W??司éì\pét?d????& 
理有???W??éì\??d??x"Lì"L???8ó&r??`
t??F?Tpéì8ó理有???W??éì????82??g商8
2O?商82???[华公8ó& 
华商基金管理有限公司










































限 
 36
理有<=商理有<理有???W??T??司理有???W
??司éì&??司理有???W??éì???理有???W商理有<=
商理有<uW?üy& 
?商_?MNOP?e理有???W??司???L 
ò管理有_?MNOPjX理有??opé司??QèN???W
MN???Wbǔ?Wo?p司理有??opéī限?[??·òjX
理有???W???;ēì??klMNń?司?QèN???W
?Wo?p司理有??opéī限?[??a 
1商理有???WT??ì商?;商??ü???o限??pjX
理有?? 10%.?4á 10%7? 
2商?￠9?司???ì????p司理有?????管理有ì?
??jX理有??司cbd华4ácbd华7? 
3商t?9?司??|à??úǎo?V?p|à??úǎ司理有??
?Wü?W司理有?????ì???jX理有??司cbd华4ácb
d华7? 
4商ì?i理有???W???司理有???Wü?W司理有???
?ì???jX理有??司cbd华商?;ì8ó司理有???W?
??9?e司 3?ā.?商6?ā.?íLēì????;司理有???W
???W?p?bd华.?4á?bd华7jX理有??司?W?io?
V?i理有???W???? 
5商?￠9??|???司理有???W?=ü?pé司 50%.?
4á 50%7ǚ???华?理有???W%v??理有???W??司è?? 
6商华?éì??????司理有???WoU?=ü?pé司cb
d华.?4ácbd华7t?? 
7商?ǔéì??????司理有???WoU?=ü?pé司?
bdc.?4á?bdc7t?& 
公华èMNń??司??理有??àWZ[司pé& 
?商管?bX?理有???W???9?商?9?h商ì??商pé
?h["L? ??R`Y"o?<"司?br??Y"o?<
华商基金管理有限公司










































限 
 37
"é??×jX????ǘoōe司理有<=?i理有<??华×?
?T????ě???管?b???Té??????9理有???W
??ēì& 
华商基金管理有限公司










































限 
 38
有2限公


34(563(789:;<= 
 
华商理有<=理有<ˉ???司ō? 
4华7 理有<=ˉ???司ō? 
W/Yō?d华司理有<=ˉ???a 
1商??ǘ理有<=ī? 
2商?理有???W???m? 
3商??商???o??ó??? 
4商Y"l(,2??"L司'理有限公-?L司UVō?& 
4c7 理有<ˉ???司ō? 
W/Yō?d华司理有<ˉ???a 
1商??ǘ理有<ī? 
2商?理有???W???m? 
3商??商???o??ó??? 
4商Y"l(,2??"L司'理有限公-?L司UVō?& 
c商理有<=理有<司e??? 
4华7 理有<=司e??? 
1商??a?m理有<=?理有<o???o限??W 10%.?4á
10%7理有??司理有???W??? 
2商éìa理有???W??ì理有<=ˉ???? 6 ?ā?????
司理有<=??éì?éì??????司理有???Wü?pé司?
bdc.?4á?bdc7pét?éì\pét?d????? 
3商??理有<=a?m理有<=??d￡?(,2??QL??理
有<=? 
4商??a理有???W??e?理有<=司éì??(,2????? 
5商8óa理有<=e???理有<ìe?理有<=司理有??
?W??éì???x"Lì"L??8ó? 
6商ň?a理有<=ˉ???司理有<=???<理有<=?!
?l????理有<=o?m理有<=>=理有<=?!司?ň???
华商基金管理有限公司










































限 
 39
?理有<=o?m理有<=?l???&?m理有<=o??理有<=
?i理有<??理有?????? 
7商ē?a理有<=ˉ???司?xyY""L??ī限'23
-"L司???!ü?理有μ??Tē???ē????.8ó公??
(,2????ē???理有μ?{|? 
8商理有?1ōea理有<=e??r?mo?m理有<=??
?xU??ˇ?o??理有?1(i理有<=WX司?1?ˉ& 
4c7 理有<司e??? 
1商??a?m理有<?理有<=o???o限??W 10%.?4á
10%7理有??司理有???W??? 
2商éìa理有???W??ì理有<ˉ???? 6 ?ā?????
司理有<??éì?éì??????司理有???Wü?pé司?
bdc.?4á?bdc7pét?éì\pét?d????? 
3商??理有<a?m理有<??d￡?(,2??QL??理
有<? 
4商??a理有???W??e?理有<司éì??(,2????? 
5商8óa理有<e???理有<=ìe?理有<司理有??
?W??éì???x"Lì"L??8ó? 
6商ň?a理有<ˉ???司???<理有μ?理有=理有μ?理有


7商ē?a理有<ˉ???司?xyY""L??ī限'23
-"L司???!ü?理有μ??Tē???ē????.8ó公??
(,2????ē???理有μ?{|& 
4?7理有<=i理有<公?e?司?h?? 
1商??ar?理有<=理有<公?e????o限??W理有
??? 10%.?4á 10%7司理有???W???司理有<=理有<
? 
华商基金管理有限公司










































限 
 40
2商理有<=理有<司e?bǔx?q???T? 
3商8óa?m理有<=?m理有<?ìe?理有<=理有
<司理有???W??éì???x"Lì"L????限8ó& 
?商?mo??理有<=??理有<=?!o?mo??理有<??
理有μ?理有








































限 
 41
有金限公


63 
 
理有<理有<=xy'理有-商'理有限公-lUVWX"L基金









































限 
 42
有金管限公


>? 
 
华商理有司?????! 
管理有司???!Q管理有??商?<商??商?????!à???
}~理有ń?司?金<=商理有????商理有?@?!司?商??
??商?=òE?商?金?<理有???W??>=ùň???[& 
c商理有???!>=O? 
管理有司???!?理有<=o理有<=?司UVī限?h司O?
>=&理有<=?UVO?>=管理有???!司?i?=?基??
=?ì.理有<=?=O?ì?理有ń?<=商理有????商
??l理有ň??商òE?商?金?<理有???W??[?(司
 !理有???W司限& 
?商理有??O?司 
理有??O?zW./a 
1商?????? 
2商?金<=?理有ń?? 
3商<理有???W9??商ň??商理有???W??[? 
4商ìY"??司#??????!司>=?e?T???yW
X"L?9?_?￡ì"L???8ó? 
5商Y"l(,2??"L司'理有限公-?L司UV& 
?商理有??O?司 ! 
理有??O?{|./ !a 
1商????司???>=管理有??司???!? 
2商?īxyY"'理有限公-"L司?h>=管理有??司???
!? 
3商?????ū
??理有???W?1商??ABl理有??
ˊ[ū
???(,2???L司O?&U???\理有ń???d????
?? 20ā? 
4商?理有???W司理有ń?AB?W? !????? !?
华商基金管理有限公司










































限 
 43
?o理有??司???{|j?司???m·??Pˋ?ō?lY
"l(,2??"L司'理有限公-?L司UVō??í? 
5商x'理有限公-lá:??"Lv?>=ùň????!商??
UV??司?!? 
6商??理有<=司??? 
7商Y"l(,2??"L司'理有限公-?L司UV !& 
华商基金管理有限公司










































限 
 44
有金华限公


@A 
 
华商ǖ 






管理有???ǘ??.lǘ??司??8?t?ǚǚ?èJKǜP
yǜv理有???W????????理w司?&
































 
c商#? 
管理有司#?vàW??GHI司有??à}~,?òTo??
司è?4}~(??商???lUV?(,2???wo????司è?7商?
34á,?商?T?
商有??3商÷????3商÷???O??3商??÷
??3商???3商8??3商ě???34áěb?ň?ě???37商ěň
?8??3商???3商(??
商???3商????3[7商???￠
?à商?3??商公???商?T??4á?ì??商L???lUV?T??7商
èQ??商???23.lY"o(,2????理有司UV有??
à4·?ī限(,2??jX"L7& 
rY"o?








































限 
 45
理?˙ǔ???¨商T???商???????f?T?????&理
?è商?j?ǎ???????限??iJK¨???H????
??j?司?L?????&è??áǎ????????3???
??è?W??IO?司??? ???限??司T????I??èH
??è???ǜ??????dè??áǎ???o????3
????è??????? ???限??司T????I??|@
??o?b??ǜP华L??&???ê????è??????
????司T????I_????理??司???& 
2商????è?司DL 
管理有üQ司????è?v{??(,????司ò?R?司jX??&
U(}á??(,??ě????商????????ī限,???商t?
X?????商?￠?ě??司ǘ???a????ǘ????H司ǘ??
?& 
U(ǘ?????(A华?T?b?(司??商??商,???商??O
.ltAT?&ǘ?????(A华?T?b?(司??商????商ǘ???
!商??商????商??P?商??.l???@T?& 
r???(A23??ü????o??ò??T?b?ǖw商? o?￠?
|??e?限=商ǘ?司T?b?ǖw?ī限管理有ǖ=?司管
理有??ō????TjX?????U?`司T?b?ǖw?8ó& 
r????qT?b??f|?ōeoY"ò?ō?理有<=ě
.ì?T??司????T?b??Tōe?l?8ó& 
3商T???ê? 
ìüDL司T?(管理有?$`5\??/6司T????t??,
?í˙ǔ????商,?í÷ê司??商*???Z??司??.lǘ???
司￡???司????????h商????商jX???限[???b?à
W?ǜ??司?T?ǚ???????商? ¤??司???T?%v??T?
????& 
4商è??ǚl?限?? 
华商基金管理有限公司










































限 
 46
管理有è???5\/??6司ǚèê?&理有
?L司#?t?
LIb?商L??ǚ? ǚ|??I????限=司?§??8?è??T
ìW?ǜPJK￡?/ǜ?_?理有?司??????& 
417LIb????? 
? ??Ia管理有??限????8?司理管??1?????ǚ|à
W?????y司??8?&ì???8???I司LIb??管理有???
????y司ě??I???T???￡¤商??ü?司????商T???商
`?ǘ???商??￡¤[??[???T?¨&



? 8??=at?$`4LI司7??8?§?????X???8?
司8??=??商??<=?y商?????ǜy商T???商?ò?y商8?
??????ê?[??& 
427L??ǚX?Qǖ 
ìL?b??管理有???X?r/??lQǖ& 
? ??ya??X? ROA商ROE商??[Qǖ& 
? ??Ia??X?è??!??商è??!?司??IQǖ& 
? ???Za?
ˊbT?.l??ü?????司?公管理有?限?
` PE商PB商PS商EV/EBITDA商DCF[Qǖt???l?????¨??
8?￡司???Z& 
5商?3ê?


 
管理有ì?3??t???b?˙ǔ??ū
商??÷ê?ō? 
??.l?公??司???Z商GHIA`JK[??.??ǜP??
b?ê?vè.????ê?商?ê?[v????????L?司
?3???￠?à?限& 
6商èQ??ê? 
管理有ìèQ??(?.ǜPJKv.???v司管?±
2?ièQ??司?xy(,有???ň?ü???<=司WX
"L?T& 
管理有司èQ??理??￠f?JK??司(??JK¨?ìǎ??
￠JK????`???sê??ìWè????ō司ō?/o????
华商基金管理有限公司










































限 
 47
o???ì?￠??/???O?|?Q限??T???è???d?
???Q限???Z?&?￠???理有<=ě?OìèQ???￠?金
?????限???L司????ǐǐ????????司GHIs?ě?ì
??限JK???ō司￡?/ì??司???￠????(W??????
????Z?ab`èQ????有?`??& 
7商???23ê?



管理有?ì?ī?°jXY"理有限公司￡?/? ???
?限$`??<=商????ōHb?商???b?8?理管?b?[
??ê?ì?īǜPJK司ō?/t?A`??GHI<=ǚ?JK?
?????司???T.???理有?司??????& 
?商?P 
1商?限?P 
理有司?限???./?Pa 
417管理有司è????理有?司 60%-95%U(?管理有ü
DL司????è???8?è????o?ù?有理有?司 80%& 
427管理有??ň????ì??èQ??限????司ň?2有?
??o?理有??? 5?司?有o????ì华ā.?司÷??3U(?
有?}~????有商?|2有?????[? 
437管理有?W华?8?òT司23U?????理有???司 10?? 
447管理有<=<=司??理有?W华?8?òT司23????2
3司 10?? 
457管理有?公华?司?????23司??????
理有???司 10?? 
467管理有?W司?????23U??????理有???司
20?? 
477管理有?W司公华(Q公华A`?ǔ)???23司??????
????23"?司 10?? 
487管理有<=<=司??理有?公华?司?????
23????U?????23限?"?司 10?? 
华商基金管理有限公司










































限 
 48
497管理有??A`?ǔ??v BBB .?(á BBB)司???23&
理有?W???23?er?UA`[?/?商??ī限ǖw?ì?
??óò?d?? 3?ā??.???|? 
4107理有μ??iè?òT??管理有ü??司有????管理有司?
?管理有ü??司è?ū?????òTè?8?管?òTè?司??? 
4117管理有???,?Te公??￠?T?3??司有??????理
有???司 40%???,?Te公??￠?T?3??司1???v 1ā
?3?????????? 
4127管理有<=<=司??9EF理有?W华???8?òT司ěGt
è????????8?ěGtè?司 15%?管理有<=<=司???
限?W华???8?òT司ěGtè????????8?ěGtè?司 30%? 






4137管理有èH?GHI???司??限?????理有???
司 15%??23?￠?H商??8?è???商理有"?ōH[理有<=dí
司??×?理有?ī限????P司理有<=??èH??GHI???
司? 
4147管理有i?:?23








































限 
 49
47管理有ìmnň???ň?4?}~Z?7司èQ??限?司?ň有?
?????华ň??理有???司 20%? 
57管理有ü?W司è?????商?|èQ??限???限?4??
??7?理有?司??#?v 60%-95%? 
4177Y"l(,2??"L司'理有限公-?L司UV?P& 
??q427商497商4137商4147?ō?dí?23商???￠?H商23
òT限?商理有"?ōH[理有<=dí司??×?理有???ī限?
q"L??司理有<=?ì 10?ň????T??·(,2??
"L司??ō??í& 
理有<=?\理有限公??d?? 6 ?ā??理有司?限??ī
限理有限公司WX?L&ì?q?e?管理有司#?商ê??ī限
理有限公司?L&理有<?理有司司??iˋ?\管理有限公??d?
?9?& 
r?Y"o?








































限 
 50
y?￠8Z限=?ī?T&jXň??????理有<司公ú?xY
"?.CD&??X?ň???ň理有<=??ēì????bdc.
?司?金?t?&理有<=???????ā?X?ň???Tē?& 
Y"o?








































限 
 51
o?è??理有& 
?商理有<=?p理有T?è?o?司?=l? 
1商理有<=xy,?WX"L?p理有?金T?è?o?
理有???W司?



2商??????8?司ǜè?



3商W?理有μ?司??i???



4商?t?X?ň?v\?商??商??=omn?ì?Xf司??
??mn?& 
?商MNOP司_?$%?? 
理有?W?L???ìo?ì????????
1???理有
???W司理有<=?i理有<??华×??????
!üúǎ?ě.yY"l理有限公司?L?`MNOP& 
MNOP_??e管?b?L司?限??商ê?商?限?P商?
???理w商JK???[?L??`?èNń?& 
MNń?司_??h商_???商$%??商??商?L?司??ō
???[??W????司??ǎá:??司"L& 
 

































































































 
 
华商基金管理有限公司










































限 
 52
有金限公


BC 
 
华商理有??? 
理有???Q??司理有?W司??W?23商?T??管B商理有?
???.lUV?司???& 
c商理有??? 
理有???Q理有?????理有???司??& 
?商理有μ?司ń? 
理有<?
jXY"商"#Ighv管理有9金有ń?商23ń
?.lü?司UV?`ń?&9金司理有?`ń?i理有<=商理有<
商理有?@O?理有??O?\W司μ?ń?.lUV理有μ?ń?j?金& 
?商理有μ?司<?b 
管理有μ??金?理有<=商理有<理有?@O?司μ???理
有<<&理有<=商理有<商理有??O?理有?@O?.U\
W司μ?{|U\?司Y?mU????管理有μ?T?????商?
?oUV&?Y"'理有限公-司"L?bí理有μ?????
b& 
理有<=商理有<???商???o???ó??[
??T??司理有μ????U??μ?&理有<=<=$%理有μ?ü?
?司???iU?W???司?!j????理有<=<=$%?公理
有司理有μ?ü??司??!??j???&ù?理有μ?管?{|司?!
???理有μ??P?T& 
华商基金管理有限公司










































限 
 53
有金限公


ACDE 
 
华商??? 
管理有司???v管理有jX司23/??ň?￠ü司ň??.l,?Y
""L???íCD理有??司ùň??& 
c商???? 
理有ü?W司è?商?3商???23商èQ???T??管B商??
??商U?[?l??& 
?商?? 
? 理?有<=ìLjX有??有???司8?????ī限'???
?w-商?








































限 
 54
?商??? 
1商23ň?ü??司W?23司?? 
417ň?ü??司W?234}~è?[7.U???ì23ň?ü??
司??4???7???????ň?司?1?ň????????ò???
ō?.l23òTO??ò???23?ī司??h司.1?ň??司??
4???7???r1?ň???????ò????ō?o23òTO?ò?
??23?ī司??h司ě??????司?T??l??ō???
??1?ň???L8??ī? 
427ň?ü??ň?o????司?á?L???ǚ??????
???O???司j????司?????T??? 
437ň?ü??ň?o????司á?L???ǚ???????
??O???司j????司?华????o???????T??? 
447ň?ü??ň?司ě???3.?????%v????? 
457ň?ü????ì?∥?￠司W?23?`????L8???&
ň?ü?￠????司???23?`????L8???? 
467?ìň?ü?￠òT???o?????司?3??ì?∥?￠司
ō?/?.?∥?￠?????司??%v???司8???????∥?￠
?????p???8???司ō?/???￠???T??.????司
8????????ì?￠?Ho?￠?H??司ō?/??`????L
U8???& 
2商??????e司W?23??br/ō??=a 
417?è商??è商?è89?ò司?èx???ì23ň?ü??
司公华è?司?????????ň?司.1?华?司??4???7??? 
427??89òT???司è??3?`????L8???ì
?????.ě???8???司ō?/x?管??? 
437ìòT?华L???@?司è?}~·???ù89òTè?商
??89òTè??8?è?89ò@è?商t???ň???司??@?司è
?[?}~??商?òT???商??ň?(司§?3[Gt??è?x?









































限 
 55
3商??,?Te?￠??á司?L???xy?????O???
司j????司??????&??Te?￠?á司?L???xy?
????O???司j????司?华????o????????&??á
?@司?L????@??????4á?7??T??@司
xy????ü??司?ī?T??&??Te?￠?????????O?
??????ī司?3ìòT?ic??￠???ì???????
e?￠??Wò??司ōH司ō?/x?管??& 
4商管理有公???x????????O???司???????
ǚL司?????O???????ī司x?








































限 
 56
{|&管理有司理有???m??理有<=|m??íi管理有WX司?
???r?jX??ìZ[理??ab???????华×司úǎxy
理有<=?理有??司?????í?.8?& 
?商???? 
1商理有????xy???%????理有????.?理有?
?司??ū???ǚ? 0.0001 ??ū??? 5 ?????????司
????理有μ?&理有<=ě.?金????ō?/司??ǚ?????O
P&,??W"L司?U"L& 
???%???理有???l理有?????x"L8ó& 
2商理有<=????%??理有???&·理有<=?
Y"
o管理有限公司"L??????í&理有<=???%??理有????
?理有??????ò?理有<?理有<??????理有<=
?í8?& 
?商????司?= 
理有<=理有<?????商?商限=司??理有???
司wI商l?I&理有?????ū?? 4?.?(á? 4?)ò?????
??v理有??????& 
管理有限公司?xy./?L?=a 
1商?????? 
管理有$%??(r???理有<=o理有<商o??O?商o?
@O?商o\?司?????????×UV????司??
司?m?????????????(“???”)司????x/q
“?????=”????{|???m& 
?q????司è???}~·???a?????商ū
????商ū

????商f?????商/?Q???[& 
2商?????= 
417?????ò?·?????????????m??l
?????l??Te??e?????ò?司?`??????m?{|?
???????m??l?e????司?????????司??
华商基金管理有限公司










































限 
 57
????m??????{|???m?ò?????m?????????
W?? !司W??司?e?Te???e?U?{|j????
m&?????m???e?司ō??WX?T???????
?e?& 
427????司?m??WX司????????e?????
????????司WX???????????& 
437??????????司?Wl?????司 !&
·?????m??????????&r???????司???
o?????????UV司??(“???”)?????m
???????司???ìU??司??有?司#???????司
zW??ň???司?r?????司?????b?
????????????U????司?????????司??
??司???U_???司???b????????m?& 
447???????`????????ò?????司?ō?司?F& 
3商?????=?? 
?????ò??WX司?l??T?=?=司??r/a 
417?????ò?司?YüW司??
????ò?
司?L????司?m?? 
427?
?????=o??司?????????司??
?T??? 
437?
?????=o??司??????司?m??T
e?????? 
447?
?????=司???é?理有??O?ň?ū
司?理
有??O??Te??í????司e??WX?T?& 
4商理有?????????=司?r/a 
417理有??????|????理有<=?金??.??t?
理有<???限=司???????华???& 
427??????理有????司 0.25%?理有<=?t?理有
<??(,2???????????理有????司 0.5%?理有<=
华商基金管理有限公司










































限 
 58
?8ó??(,2????& 
437￡q??rY"o?








































限 
 59
有金限公


FG HI 
 
华商理有?`司?? 
1商理有<=司<=?? 
2商理有<司


9商xy,?WX"L'理有限公-?Lě.ì理有μ?(Y?司UV
?`& 
c商理有?`???商??ǖw???F 
1商理有<=司<=?



管理有司<=?x￡华?理有???司 1.50%ā????&<=?司??
?r/a 
H?E×1.50%÷ā?ū 
Hv?????司理有<=? 
Ev￡华?司理有??? 
理有<=?????xā???理有<=?理有<ò?理有<=
???Q??理有<?????ā??? 3??%???理有?(华?
I???理有<=&ò?L???商? B?o?ě?y×??x???司
???1?ě?????& 
2商理有<司








































限 
 60
Hv?????司理有








































限 
 61
有金限公


IJ 公K 
 
华商理有?司?? 
理有?Q理有B??商?商8???ōH?UV????
jX?`?司??理有?_??Q理有???8???ōH??司??& 
c商理有ě?b?? 
理有ě?b??Q???b?理w?理有?b??i?b??(
?_??司?oū& 
?商理有?b? 
1商ìī限WX理有b??h司￡?/管理有?ā?b??ū1?v 12
?ò'理有限公-???? 3?āě??T?b?? 
2商管理有?b??Fb??a?有b?i???ěǚ??
有?o??有?\H?v理有???T??ò??ǚ?管理有?
?司?b??F?有b?? 
3商理有?b??理有??????o?????理有?b?理w?司
理有?????????理有???b?有????o???? 
4商?华理有??zW公[b?? 
5商Y"o?-司WX"Lì"L??8ó& 
?商理有?b?(ò?司?` 
理有?b??üò?司?T?ńoUV???`??\T{|&
华商基金管理有限公司










































限 
 62
?司?有???华L有???.???T?ńoUV???`?理有
??O?ě?理有???W司?有?\H?v理有??&??司??
?y'?!"-?T& 
?商_?MNOP?e司?b? 
管理有_?MNOP司MNń???T?b??ǎá:??司"
L& 
华商基金管理有限公司










































限 
 63
有金#限公


1L ML 
 
华商理有??÷ê 
1商理有<=v管理有司理有???m?? 
2商理有司??ā?v8?ā?司 1ā 1?? 12ā 31??理有??:;司
??ā?xr/ar?'理有限公-???? 2?āě.??/华???
ā?? 
3商理有??.*?v?ń管??.*??v?ń??? 
4商??P??T,?WX??P?? 
5商管理有?金?ń商?金??? 
6商理有<=l理有<?\???司??ń商?2??T??司
????xyWX"L?P理有???p? 
7商理有<?āi理有<=í理有司????商?p?P[?T??
?.???F?& 
c商理有司ā?ē? 
1商理有<=??i理有<=商理有<j??金司ī限'23-
"L司???!ülU??????管理有司ā?μ!?p?Tē?& 
2商???!üe??>?????????理有<=公ú& 
3商理有<=?vWa?=?e????!ü?t?理有<&e
????!ü?xy'ABCD>-司WX"Lì"L??8ó& 
华商基金管理有限公司










































限 
 64
有金-限公


NOPQ 
 
华商管理有司ABCD?ī限'理有-商'$%>-商'ABCD>-商
'GHIJK<="L-商'理有限公-lUVWX"L&jXY"X?AB
CD司"Lò?ō??管理有?U1?"L& 
c商ABCD ! 
管理有ABCD !}~理有<=商理有<商?;理有???W
??司理有???WlU??O?4rW7[Y商T÷"(,2??"
L司\ě商ù??& 
管理有ABCD !.理有???Wv?管|ò?xyY
"(,2??司"LCD理有AB?2üCDAB司?_I商wI商
??I商l?I商0I??I& 
管理有ABCD !?ì(,2??"L?e????CD司理有A
Bt?ī限(,2??"L?h司?,I??4./015"L??67ī限
'ABCD>-"L司?????4./015"L??6}~理有<=
??商理有<??商(,2??理有??CD??7[??CD?2理
有???xy'理有限公-?L司?e?F??o??P89CD司AB
?& 
?商管理有ABCD !{?89CD司理有AB??W/YTva 
1商????商??I?qo?????? 
2商?23???Tǎ?? 
3商?"{??o?{|??? 
4商??UV理有<=商理有<o?理有?@O?? 
5商??mn\ě商ù??司??I商??Io??I司g?? 
6商(,2????司UVTv& 
?商管理有89CD司AB??`(gg管&r公??`ígg管司理有
ABCD !?2?公g管司??华×&?公g管deò?? 司.(g
g管vw& 
管理有89CD司AB?`???ū????ǔ?í????v*?
华商基金管理有限公司










































限 
 65
?& 
?商89CD司理有AB 
89CD司理有AB}~a 
4华7理有á:??商'理有限公-商理有








































限 
 66
有限公-理有=理有????o???￡理有<=?
????ì"L??CD华?理有????理有??????& 
ì9?>=理有????o????理有<=?ì?????9E?
司??t?"L??商理有?@O???o?????CD9E?司理有??
??理有??????& 
理有<=?ì????ā?ā?1?华?司??ì"L??CD?ā
?ā?1?华?司理有????理有??????& 
4?7理有????商???ī 
理有<=?ì'理有限公-商á:??[ABCDgh??理有?
???商???ī司???FlWX??商?????2???ì理有
?@O???o??????o??P￡qAB?& 
4?7理有L??ó}~理有ā??ó商理有(??ó理有???ó4á
??限???ó7 
理有<=?ì?ā?üd????ā??P??理有ā??ó?ā
??ó??ì"L????ā??ó??I8ó??ì"L???&理有ā?
?ó(司μ!???ó???ī限'23-"L司???!üē?& 
理有<=?ì??ā?üd????ā??P??理有(??ó?
(??ó??ì"L?????(??ó??I8ó??ì"L???& 
理有<=?ì???üd?? 15??%???P??理有???ó
????ó??ì"L????????ó??I8ó??ì"L???& 
'理有限公-???? 2?ā司理有<=ě.??P????ó商(
??óo?ā??ó& 
华商基金管理有限公司










































限 
 67
r?ó??|??华??W理有????o??理有??? 20%司ō
?v?UV?司理有<=???ìL??ó“???é
ê司UV??AB”?/CD??司?ǔ商?ó???W??l??商?ó
???W??ō?ō?l管理有司?WJK(,2???L司??ō??í& 
管理有??$%??(理有<=?ì理有ā??ó(??ó(CD
理有?限?ō?lUGHIJKb?[& 
4?7???ó 
管理有ò???hWXABCD !?x"L?P???ó??
??ì"L??"L???& 
￡?ü1??hQě??理有???Wo?理有??司?ī?
?????司/Yha 
1商理有???W??司?9léL司?? 
2商'理有限公-??商理有??? 
3商??理有$%?F商理有限?? 
4商e?理有<=商理有<商理有????O?理有?????
!ü? 
5商理有<=?理有?!O??v>=理有司????商??商??[
?理有<?理有?!O??v>=理有司??商??商??[?? 
6商理有<=商理有<司L?1商?üò?ōe? 
7商理有<=ōe?W?bd?.?è司è?商理有<=司_?ǜP
ōe? 
8商理有:;???o?￡?ü:;? 
9商理有<=司??<=?商理有?=理有<??理有








































限 
 68
??T÷??商???理有<oU??理有=??商??? 
19商管理有ò????????>=? 
20商管理有??ò??????????????o????????? 
21商管理有??????商????o??????商????? 
22商ò?kl理有??商?????o?ì?????[????? 
23商理有<=?`?HL?OP?T??? 
24商管理有?|??!o?!? 
25商??理有???ǔ??? 
26商'理有限公-???管理有|??? 30商40商45??%?理有???
Wū??? 200o?理有???o? 5000??ō??? 
27商理有ABCD !?vě??理有???Wo?理有??司?
ī??????司UV?o(,2??"L司UV?& 
4?7??8ó 
ì'理有限公-?????mn8+??(|?司o?ì?￠?G?司ǘ
Bě??理有???ī????I??o?R????H.lě???理有?
??W司jXABCD !????金???ǘB?T89??
??WXō?金??ó(,2??& 
4?7???ó 
'理有限公-??司理有<=???理有μ??????理有μ
??T???%|???ó&理有μ??????????ó??ì"L??
华商基金管理有限公司










































限 
 69
??????ó??I8ó??ì"L???& 
4?7理有???W??éì 
理有???W??éL司???(,2??????.8ó& 
4?7èQ??ABCD 
ì???ó商(??ó商ā??ó[L??óá:??4e?7[gh
(CDèQ??ň?ō?}~÷ê商??ō?商?ō?商JKQǖ[
?ab??èQ??ň??理有??JK司??.l?ī限?L司÷ê
ǖ[& 
4?华7???23ABCD 
理有<=ì理有ā?l(??ó(CDU?W司???23??商?
??23???理有??司???ó??üW司???23ˊ&理有<
=ì理有???ó(CDU?W司???23??商???23???理
有??司???ó??x???理有????????司￡ 10 ???
?23ˊ& 
4?c7_?MNOP?e司ABCD 
管理有_?MNOP司jXABCD !??
Y"商理有限公
á:??司"L?TABCD?ǎá:??司"L& 
4??7(,2??"L司UVAB& 
?商ABCD!<= 
理有<=商理有<??金??ABCD<=P?QL????l
??<=???<=ABCD!& 
理有<=商理有<ljX??????D?89CD司理有AB& 
理有ABCD !89CD理有AB?ī限(,2??jX理有AB
CD??iīFw["司"L& 
理有<?xyjXY"商(,2??司"L'理有限公-司?
L?理有<=?P司理有???商理有????商理有???????ī商
理有L??ó商e?司á:??商理有?????商理有???ó[89C
D司jX理有AB?T??商ē???理有<=?T??o???& 
理有<=商理有<?ì"L??(ǚ?华???CD管理有AB&
华商基金管理有限公司










































限 
 70
理有<=商理有<??(,2??理有??CD?????CD司理有
AB?2jX??AB司?_商w商??商l?& 
v?????ABCD?!§?理有<=?\(,2??
"Ld??xy(,2??"L??l????UéêW????司
AB& 
理有<=商理有<?xY"??CDABíaě???v
?éê??W`AB司??ì28Z???商????商???理
有???%司￡?/\è??ABCD?!司§?&à????ī限(
,2??jX"L&￡q\èCDr??ABCD?`??`???理有μ?
(Y?& 
理有<=商理有<?ì"L???CDABí?ě.?
??
ìUV8+??CDAB·UV8+??????"L??CDAB??
ì?公???CD公华AB司???华×& 
v理有ABCD !89CD司理有AB|àē??ó商Yúǎ?司?
?O??P%?%????jX??????'理有限公-??? 10
ā& 
?商ABCDgh司?Ei?? 
??CD司ABò??理有<=商理有<?xyjXY
""L?AB????\?ü???8???商?P& 
?商??o??CD理有AB司ō? 
|?/qō??理有<=理有<ě??o??CD理有jXA
Ba 
417?ě?yoUVō?×?理有<=商理有<?w??理有
????? 
427理有ükl司23商??ň??￠?L???o?UV??
????? 
437|?理有限公?L司????司ō?? 
447Y"商'理有限公-o(,2??"L司ō?& 
 华
华商基金管理有限公司










































限 
 71
有金2限公


$%R75ST BCUV 
 
华商'理有限公-司ōe 
1商ōe理有限公klY""Lo管限公?L??理有???W?
?éìt?司?司??9理有???W??éìt?&??Y""L
理有限公?Lě??理有???W??éìt?司??理有<=理
有<公ú?ōe?8ó??(,2????& 
 2商X?'理有限公-ōe司理有???W??éì\????ě?T
\éì???x"Lì"L??8ó& 
c商'理有限公-司??? 
W/Yō?d华司??TjX???'理有限公-???a 
1商理有???W??éL??司? 
2商理有<=商理有<ˉ???ì 6 ?ā??W?理有<=商?
理有<{?司? 
3商管理有?? 50??%?|?理有???Wū??? 200o?理有
???o? 5000??ō?司? 
4商'理有限公-?L司UVō?? 
5商jXY"(,2??"L司UVō?& 
?商理有μ?司?? 
1商理有μ?????a\|?'理有限公-???d?? 30??%??
?金????理有<=??理有μ??????ì(,2??司??/?T
理有??& 
2商理有μ???????a理有μ????????理有<=商理有
<商ī限'23-"L司?????商Y?.l(,2??QL司???&
理有μ?????ě.?`??司?%?& 
3商理有μ?????ˉ?a理有μ???????理有μ?司<商?=商
??商ō?b?&理有μ?????ě.?T??司*?H& 
4商理有μ?????a 
417'理有限公-??ō?|???理有μ??????华?<理有μ?? 
华商基金管理有限公司










































限 
 72
427?理有μ???!?T?=?? 
437?理有μ??T??ō?? 
447P%???ó? 
457??ī限'23-"L司???!ü????ó?Tí?ē?
??Y?!ü????ó|àYúǎ?? 
467????ó?(,2?????8ó? 
477?理有??μ??Tb?& 
5商理有μ???司??v 6 ?ā·?管理有ü?23司GHI???P
???l?ō?司????j???& 
?商???` 
???`Q理有μ?????ì?T理有????(ò?司üW限=?
`???`?理有μ????????理有μ?(??& 
?商理有μ??????司b? 

理有μ???司b????理有μ????司???????理有
μ????`商ň?ü??????理有?!?x理有???W?W司理有
?????Tb?& 
?商理有μ???司8ó 
????(司WX????l?8ó?理有μ????ó?ī限'23-
"L司???!üē???Y?!ü|àYúǎ???(,2????
?8ó&理有μ???8ó?理有μ????ó?(,2????? 5??%?
??理有μ??????T8ó理有μ??????????ó??ì"L
????????ó??I8ó??ì"L???& 
?商理有μ???ń?lgh司? 
理有μ???ń?lWXgh?理有<? 20ā.?& 
 
华商基金管理有限公司










































限 
 73
有华金限公


WXYZ 
 
华商理有<=商理有<ì?T?\ˉ?司??(??'理有-[
Y"司"Lo?'理有限公-?L?理有μ?o?理有???W???
?司?bǔ??\司Tv{|???m??+公Tv?理有μ?o?理
有???W????司?{|?????m&???司???????
??&ò?/Yō?d华司j?司ǐ?a 
417?ě?y? 
427理有<=l理有<xy?W?司Y"o(,2??司"
Lo?￠ň?"%vo?%v???司??[? 
437理有<=??xy理有限公"L司T?o?T?U
???司??[& 
c商ìò?华?o????司ō?/ì1????理有???W
司￡?/'理有限公-?????T司????T&ù???ìˉ
?#??W !l?????司??? ???司??&?W?????×?
???华???司??í??司??????&ù????????????
|司限=?`????{|&



?商??理有<=商理有<?ěǜP司???×?!|???理有
<=理有<?ě??????商?商限=司???Tˋ?·??
ò???司????理有μ?o??理有<=理有<ǐ??
??m&·理有<=理有<???????司??ǘ?o?????
?司??& 
 
 
 
 
华商基金管理有限公司










































限 
 74
有华金管限公


[\]4;^G_` 
 
??公ú?'理有限公-???司oi'理有限公-WX司华?ǜ
ìr?????商?????é司mn华?uW?ǜì?ň(,,???
????????
???W?司??"?T??????v??&?
??é??I司???àW?üy&?ù???é?W"L???
`????{|& 
ǜì?=?e理有限公?-°?\司ˉ????_商3′商??
??T理有限公"L司 !?理有???W司限& 
'理有限公-?(,Y4v管理有限公d司?}~??商???ǔT
÷?????Y7

$%ab 
 
'理有限公-?L理有限公de !Xf司Ygh& 
1商'理有限公-?理有<=商理有<???ú.l??L?po
??p???ì:;?ü??理有<=?(,2??>=理有?????
?(,2????????& 
2商'理有限公-司W??\U??d???理有μ??????(,2??
???8ód??& 
3商'理有限公-\??d???}~理有<=商理有<理有???
Wì?司'理有限公-??àW公[司Y?üy& 
4商'理有限公-?管华F?????WX?8￠ü??￠ü??& 
华商基金管理有限公司










































限 
 75
有华金限公


cd'e 
?
'理有限公-rW????'理有限公-??xWXY"?
??é&?
?
有华金限公


$%fghi 
 
华商理有???W商理有<=理有<司商 ! 
4华7理有???W司商 ! 
理有??W管理有理有??司Tv??v?'理有限公-司{???
理有?\
'理有限公-??理有????v管理有???W'理
有限公-司??U???W管理有司理有??&理有???W%v'理
有限公-??.ì'理有限公-????úo??v???h& 
?Y"?W"Lo管理有限公?W?Lí??理有??àW公[司限
& 
1商?
'理有-商'$%>-lUVWX"L理有???W司
}~·???a 
417bz理有μ??? 
427?ib????司??理有μ?? 
437??o?????U?W司理有??? 
447xy"L???9理有???W??o??;理有???W??? 
457|?o????p|?理有???W???理有???W??
ēì?T?pé? 
467??o??P89CD司理有AB?? 
477??理有<=司$%? 
487?理有<=商理有<商理有?!O???U限司Tv
????o??? 
497Y"l(,2??"L司'理有限公-?L司UV& 
2商?
'理有-商'$%>-lUVWX"L理有???W司 !
华商基金管理有限公司










































限 
 76
}~·???a 
417???à??°'理有限公-商á:??[ABCDgh? 
427??ü理有????\?JK{??y\è¨?理有司
??\è￥|éê\T{|JK? 
437X?理有ABCDl?T??T !? 
447ň?理有??商????lY"'理有限公-ü"L司?`? 
457ìU?W司理有??#??{|理有??o?'理有限公-??司
W??m? 
467??mnW?理有lUV'理有限公-限司?H? 
477?T??司理有???W??司éì? 
487??ì理有ň???(?mn???司??? 
497Y"l(,2??"L司'理有限公-?L司UV !& 
4c7理有<=司i ! 
1商?
'理有-商'$%>-lUVWX"L理有<=司}~
·???a 
417:;有? 
427\'理有限公-??d???
Y"'理有限公-?金$`
?<=理有μ?? 
437y'理有限公-??理有<=?.lY""Lo(,2???
w司UV?`? 
447?@理有??? 
457xy"L?;理有???W??? 
467
'理有限公-lWXY"L??理有<r?v理有<
???'理有限公-l,?WXY"L???(,2??UV?


497|mo?UVī限?h司O?|m理有??O?>=理有???!
???'理有限公-"L司?`?



华商基金管理有限公司










































限 
 77
4107
'理有限公-lWXY"LéL理有?司b????



4117ì'理有限公-?L司#????o???=??商?????
??



4127yY"v理有司??8?T??oè?v
理有司T??理有μ??23ü??司?



4137ìY"??司￡?/v理有司v理有?T??



4147.理有<=司? ?p理有???W司T???o?
_?UVYTv?



4157ǚ?商e?Y?!ü商???!ü商23/?????oUVv
理有???!司í?O??



4167ìī限WXY商"司￡?/P基??WX理有??商??商
??商??ùň???[?!"? 
4177Y"l(,2??"L司'理有限公-?L司UV& 
2商?
'理有-商'$%>-lUVWX"L理有<=司 !}~
·???a 
417:;有>=o???(,2???L司UVO??v>=
理有??司ò@商??商?????? 
427>=理有????? 
437\'理有限公-??d??.^_A`商±23′司<=$
`理有μ?? 
447????司àW??ī司??T理有b?商éê.???
司???F<=$%理有μ?? 
457?金????JKǜP商??i??商μ!<=l<=[P?
2ü<=司理有μ?理有<=司μ?j??金?ü<=司?公理有bǔ
<=bǔ?ń?T23? 
467?
'理有-商'理有限公-lUVWX"Lí??`理有μ
?v\?lmn?????????$%理有μ?? 
477??理有<司??? 
487???限=司?????理有????商??商?????ī司
?ī限'理有限公-[Ygh司"LxWX"L???8ó理有??AB
L理有????商??司?ī? 
华商基金管理有限公司










































限 
 78
497?T理有??????P理有μ!???ó? 
4107?P???ó商(??óā??ó? 
4117 ?īxy'理有-商'理有限公-lUVWX"L?TABCD
l?ó !? 
4127°理有??????D理有??商ú?[&?'理有-商
'理有限公-lUVWX"L?W"Líì理有AB89CD￡????
?V?D·??








































限 
 79
4237.理有<=? ?p理有???WT???o_?U
VYTv?



4247理有<=ì:;?e????理有司???h'理有限公-??
??理有<={|??:;?`??:;有????T公?????
Bì理有:;??ü? 30????理有??? 
4257?T??司理有???W??司éì? 
4267?金??理有???W??? 
4277Y"l(,2??"L司'理有限公-?L司UV !& 
4?7 理有<司i ! 
1商?
'理有-商'$%>-lUVWX"L理有<司}~
·???a 
417\'理有限公-??d??Y"'理有限公-司"L??
<理有μ?? 
427'理有限公-?L??理有=23商??ň?有??? 
457?ì?9o?;理有???W??? 
467ì理有<=e?????司理有<=? 
477Y"l(,2??"L司'理有限公-?L司UV& 
2商?
'理有-商'$%>-lUVWX"L理有<司 !}~
·???a 
417.^_A`商3′??司?W???<理有μ?? 
427?金??司理有








































限 
 80
理有μ?司??2U<司理有μ?i理有<\Wμ?.l?公司
理有μ?j??金??ü<司?公司理有bǔ??ń??金??bń<=
2?公理有deìń???商有??商ń???[??j??金? 
447?
'理有-商'理有限公-lUVWX"Lí??`理有μ
?v\?lmn?????????<理有μ?? 
457=??商ň??? 
477°理有?????'理有-商'理有限公-lUVWX"L?W
"Líì理有AB89CD￡?.????V?D·??=i理有








































限 
 81
?T???<=O??t?理有<=? 
4197???'理有限公-?×理有μ?????{|???mU??
?m??U?m?ǐ?? 
4207x"L??理有<=xY"'理有限公-"L?T\?司 
!理有<=???'理有限公-??理有μ?????v理有???W
?理有<=??? 
4217?T??司理有???W??司éì? 
4227Y"l(,2??"L司'理有限公-?L司UV !& 
c商理有???W???;商ìlpé司??" 
理有???W???理有???W??理有???W司限??
pW?p理有???W|??ì?pé&理有???W?W司?华理有?
??WZ[司?&ò??Y"?理有???W???W"L司.ó
?W?司Y"vw& 
管理有???W??????O?& 
4华7?9? 
1商|?o??éL/Y?d华司?Y"商(,2???W"L
í??9理有???W??a 
417??'理有限公-理有限公?W?L司?í? 
427e?理有<=? 
437e?理有<? 
447??理有$%?F? 
457??理有<=商理有<司??ǖw·Y"?????[
??ǖw司?í? 
467ōe理有?ǔ? 
477管理有iUV理有司限?? 
487ōe理有ǖ商#?oê?? 
497ōe理有???W????? 
4107理有<=o理有<???9理有???W??? 
4117??o限??W管理有???10%.?4á10%7理有??司理有?
华商基金管理有限公司










































限 
 82
??W4.理有<=???ì?司理有????/公7í公华???
???9理有???W??? 
4127?理有限公 !??????司UV?? 
4137Y"商'理有限公-o(,2??"L司UV??9理有??
?W??司?& 
2商ìY""L'理有限公-?L司#????理有???W
?_§I???司￡?/./ō?ě?理有<=理有<???é?
???9理有???W??a 
417Y"????司理有?`司??? 
427??管理有司????商?o????oōe???Fo??商
??o??理有???ǔ??l?理有??b?>商"?T??? 
437?j?司Y"ò?ōH???'理有限公-?Té?? 
447?'理有限公-司é??理有???W?_§I???oé
??kl'理有限公- !Xfò???ō?? 
457理有<=商??O?商理有?@O???WX??商??商??商
ùň???商?<[?!"? 
467理有?|??!o?!? 
477xyY"'理有限公-"L???9理有???W??司U
Vō?& 
4c7?ì?;l?;?F 
1商?Y""Lo'理有限公-?W?Lí理有???W???理
有<=?;& 
2商理有<=?x"L?;o???;??理有<?;& 
3商理有<?vW???9理有???W??司??理有<=
?|???ì&理有<=?\?????ìd??10??éL??;?
??ó?理有<&理有<=éL?;司?\|à??éLd??60
???9?理有<=éL??;理有<??vW???9司??理
有<\T?;?\|à??éLd??60???9?ó?理有<=理
有<=??限& 
华商基金管理有限公司










































限 
 83
4商?p理有??10%.?4á10%7司理有???Wí公华????
??9理有???W????理有<=?|???ì&理有<=?
\?????ìd??10??éL??;???ó??|?ì司理有???
W?p理有<&理有<=éL?;司?\|à??éLd??60
???9?理有<=éL??;?p理有??10%.?4á10%7司理有?
??W??vW???9司??理有<?|???ì&理有<?
\?????ìd??10??éL??;???ó??|?ì司理有??
?W?p理有<=?理有<éL?;司?\|à??éLd??
60???9&?ó?理有<=理有<=??限& 
5商?p理有??10%.?4á10%7司理有???Wí公华????
9理有???W???理有<=商理有<???;司??o限??
p理有??10%.?4á10%7司理有???WW\T?;????￡30
??(,2????&理有???W\T?;理有???W??司理
有<=商理有<??限????商??& 
6商理有???W?ì司?;??ǚ?L9??e商??商?F
???& 
4?7?9理有???W??司t??e商t???商t??F 
1商?9理有???W???;???ì?9￡30?ì"L??8
ó&理有???W??t?????./??a 
417?ì?9司?e商???ì?F? 
427?ì?ēì司?商ì??pé?F? 
437W|?理有???W??司理有???W司???? 
447??2司????4}~·????=???=??
=W???[7商???e??? 
457?!???f??l?f??? 
467|??ì???w?司gh???T司??? 
477?;??t?司UV?& 
2商??t?9??F??Tpé司ō?/??ì?;éLì?ìt?
(?管?理有???W??ü??司à?t??F商?司82OXlU?
华商基金管理有限公司










































限 
 84
f?F?f商péúǎ?ň司???e???F& 
3商r?;v理有<=???T??t?理有<?QL???p
éúǎ司???T???r?;v理有<??T??t?理有<=
?QL???péúǎ司???T???r?;v理有???W??T
??t?理有<=理有<?QL???péúǎ司???T??&理有
<=o理有<????p?péúǎ司???T??司???péúǎ
司???y& 
4?7理有???W|??ì司?F 
理有???W??ět??￠9??F商t?9??FoY"商?<
O???司UV?F?9?ì司?9?F??ì?;L& 
1商?￠9?&?理有???W管|?o.?=???2??
?p|??￠9??理有<=理有<司??p?Y?理有???
W??理有<=o理有<???pY?司???pé?y&?￠9
?公?ī限./?h?ě.?T理有???W??ì?a 
417?\|??ì??W理有??司?2商?|??ì?|à司?
?W理有??司?2l?司?=???2ī限Y"商'理有限
公-?ìt?司"L???W理有??司?2i理有<=?W司???
jī? 
427????????|?司ì????W理有??司?2??
W?司理有?????管理有ì???理有???司cbd华4ácbd
华7&ò???ì????p司W?司理有????管理有ì???理
有???司cbd华?;ě.ì8ó司理有???W???9?e司3
?ā.?商6?ā.?íLēì????;理有???W??&???
;司理有???W?????ì????p司W?司理有??????
管理有ì???理有???司?bd华4á?bd华7& 
2商t?9?&t?9?fQ理有???W?U?pé?司?.??
?Fo??8ó?司UV?Fìpé???.￡????;QL司??&t
?9??.???Fo??8ó?司UV?F?Tpé& 
ì公?ī限./?h?t?9?司?F?vW?a 
华商基金管理有限公司










































限 
 85
417?ì?;x'理有限公-?L8??ìt??ì2??%????
8?jX??I8ó? 
427?;x理有限公?Lt?理有<4r?理有<v?;
v理有<=7?QL???péúǎ司???T??&?ì?;ì理有
<4r?理有<v?;v理有<=782OX司??/xy?
ìt?"L司?F??理有???W司péúǎ?理有<o理有<=?
t??????péúǎ司???pé?y? 
437管??|àpéúǎo?V?p|àpéúǎ司理有???
Wü?W司理有?????ì???理有???司cbd华4ácbd
华7?ò管??|àpéúǎo?V?p|àpéúǎ理有???Wü
?W司理有????ì???理有???司cbd华?;ě.ì8ó
司理有???W???9?e司3?ā.?商6?ā.?íLēì???
?;理有???W??&???;司理有???W???W?p?bd华
.?4á?bd华7理有??司?W??|àpéúǎo?V?p|àp
éúǎ? 
447?q?437?(??|àpéúǎ司理有???Wo??pV
|àpéúǎ司?=公??ň司?W理有??司?2商?|àpéúǎ司
?=|à司??W理有??司?2l?司?=???2ī
限Y"商'理有限公-?ìt?司"L?i理有??O???jī? 
3商ìY"o?








































限 
 86
理有???W??司?;ò|?;?ì司t???W??司é??
ì理有???W???9￡l?8ó& 
理有???W???????8ó司ì???Tpé& 
2商ì?? 
417?￠9? 
ì?￠9?司?F/?????è?xy/Y?4?7?"L??L
8???ě????è??à???????Tpé?????é
ì&??è?v理有<=?|??ì司?pì理有<=??p??
è???司ō?/?理有<?U|??ì司?pè??r?理有<=
??p理有<??pu??è????|???司理有???W
?=ü?pé司50%.?4á50%7ǚ???华?理有???W%v
??理有???W??司è?&理有<=理有<??|?oè?理
有???W?????理有???W??%|司éì司?y& 
?ì?;?P%|??ì?司???&???????ì???
4o???17商??2gh??商?Wo?pWpé司理有??商?
??4o???17?f?F[?& 
427t?9? 
ìt?9?司ō?/????;?￡30?8???ìüt?司pé?
????2??%??ì82OX??/??;????W?péì82O
X??/??éì& 
4?7pé 
理有???Wü???理有??W华?pé& 
理有???W??éìbv华?éì?ǔéìa 
1商华?éì华?éì??????司理有???WoU?=ü?p
é司cbd华.?4ácbd华7t??vW???/Y?2?ü"L司?.
?ǔéìt??.í司UV?u.华?éì司?Ft?& 
2商?ǔéì?ǔéì??????司理有???WoU?=ü?
pé司?bdc.?4á?bdc7t??ě￥|&?Y"商(,2??
?W"Lo理有限公?W?Lí??理有$%?F商e?理有<=o?理有
华商基金管理有限公司










































限 
 87
<商??'理有限公-商管理有iUV理有限?.?ǔéìt??vW?& 
理有???W???????F?T?pé& 
??t??F?Tpé??ùì???Wab司j?2
2??ň
ī限?ìt?("L司????gh司pé?vW?|?司?p?
ī限?ìt?"L司péúǎ?vW?pépéúǎ????oj???司?
v?pé·???|àpéúǎ司理有???Wü?p司理有???ū& 
理有???W??司????o公华?????Y司??ì??b9
ēì商??pé& 
4?7?? 
1商?￠9? 
417r???理有<=o理有<?;理有???W??司è?
?ì?ì9????ì|??ì司理有???W?=(ǚ???理
有???W?pi???;?司华????+公|m???r???理
有???W\T?;o???ě?理有<=o理有<?;·理有<
=o理有<?|???司理有???W??司è??ì?ì9?
???ì|??ì司理有???W(ǚ???理有???W?p|m??
&理有<=o理有<?|???司?????司?y& 
427???ì理有???Wpé?金??T??????è?
￠8?????& 
437r??ìè?o理有???Wo?=???ň司pé??W?
?ě.ì??pé???金??ü?ū???T????&????T
????????.华?v?&???????è??￠8????
???& 
447??????82OX?.82理有<=o理有<??|?
??司?????司?y& 
2商t?9? 
ìt?9?司ō?/???Fva????;?司?????ì理有
<??p4ò?理有<?;v理有<=??p7司??/?
T????82OX?U?????.82&理有<=o理有<???
华商基金管理有限公司










































限 
 88
p?péúǎ司???T??司?????pé??& 
4?7??i8ó 
理有???W??司éì?;?\t?d??5???(,2??
??& 
理有???W??司éì\pét?d????& 
理有???W??éì\??d??x"Lì"L???8ó&r??`
t??F?Tpéì8ó理有???W??éì????82??g商8
2O?商82???[华公8ó& 
理有<=商理有<理有???W??T??司理有???W
??司éì&??司理有???W??éì???理有???W商理有<=
商理有<uW?üy& 
4?7_?MNOP?e理有???W??司???L 
ò管理有_?MNOPjX理有??opé司??QèN???W
MN???Wbǔ?Wo?p司理有??opéī限?[??·òjX
理有???W???;ēì??klMNń?司?QèN???W
?Wo?p司理有??opéī限?[??a 
1商理有???WT??ì商?;商??ü???o限??pjX
理有?? 10%.?4á 10%7? 
2商?￠9?司???ì????p司理有?????管理有ì?
??jX理有??司cbd华4ácbd华7? 
3商t?9?司??|à??úǎo?V?p|à??úǎ司理有??
?Wü?W司理有?????ì???jX理有??司cbd华4ácb
d华7? 
4商ì?i理有???W???司理有???Wü?W司理有???
?ì???jX理有??司cbd华商?;ì8ó司理有???W?
??9?e司 3?ā.?商6?ā.?íLēì????;司理有???W
???W?p?bd华.?4á?bd华7jX理有??司?W?io?
V?i理有???W???? 
5商?￠9??|???司理有???W?=ü?pé司 50%.?
华商基金管理有限公司










































限 
 89
4á 50%7ǚ???华?理有???W%v??理有???W??司è?? 
6商华?éì??????司理有???WoU?=ü?pé司cb
d华.?4ácbd华7t?? 
7商?ǔéì??????司理有???WoU?=ü?pé司?
bdc.?4á?bdc7t?& 
公华èMNń??司??理有??àWZ[司pé& 
4?7管?bX?理有???W???9?商?9?h商ì??商p
é?h["L? ??R`Y"o?<"司?br??Y"o?
<"é??×jX????ǘoōe司理有<=?i理有<??华×
??T????ě???管?b???Té??????9理有???
W??ēì& 
?商理有?b?商?T?F 
4华7理有?司?? 
理有?Q理有B??商?商8???ōH?UV????j
X?`?司??理有?_??Q理有???8???ōH??司??& 
4c7理有ě?b?? 
理有ě?b??Q???b?理w?理有?b??i?b??(
?_??司?oū& 
4?7理有?b? 
1商ìī限WX理有b??h司￡?/管理有?ā?b??ū1?v12
?ò'理有限公-????3?āě??T?b?? 
2商管理有?b??Fb??a?有b?i???ěǚ??
有?o??有?\H?v理有???T??ò??ǚ?管理有?
?司?b??F?有b?? 
3商理有?b??理有??????o?????理有?b?理w?司
理有?????????理有???b?有????o???? 
4商?华理有??zW公[b?? 
5商Y"o?








































限 
 90
??司￡?/理有<=?i理有<??华×ěì(,2????司
?h/??理有?司b????9理有???W??& 
4?7?b??? 
理有?b???(?????b?理w?司ě?b??商理有?
b???商b??e商b?ū?l??商b??F[??& 
4?7?b???司L商8ói_? 
管理有?b????理有<=?L??理有<??y'AB
CD>-司WX"Lì"L??8ó& 
4?7理有?b?(ò?司?` 
理有?b??üò?司?T?ńoUV???`??\T{|&
?司?有???华L有???.???T?ńoUV???`?理有?
?O?ě?理有???W司?有?\H?v理有??&??司???
y'?!"-?T& 
4?7商_?MNOP?e司?b? 
管理有_?MNOP司MNń???T?b??ǎá:??司"
L& 
?商i理有μ?<=商$`WX?`司??商???Fi?? 
4华7理有?`司?? 
1商理有<=司<=?? 
2商理有<司


9商xy,?WX"L'理有限公-?Lě.ì理有μ?(Y?司UV
?`& 
华商基金管理有限公司










































限 
 91
4c7理有?`???商??ǖw???F 
1商理有<=司<=?



管理有司<=?x￡华?理有???司1.50%ā????&<=?司??
?r/a 
H?E?1.50%?ā?ū 
Hv?????司理有<=? 
Ev￡华?司理有??? 
理有<=?????xā???理有<=?理有<ò?理有<=
???Q??理有<?????ā??? 3??%???理有?(华?
I???理有<=&ò?L???商? B?o?ě?y×??x???司
???1?ě?????& 
2商理有<司








































限 
 92
4商UV?
jXY"l(,2??司WX"L??Y?理有?`司?
& 
4?7商_?MNOP?e司理有?` 
管理有_?MNOP司iMNń?WX司?`ě.?MNń?(Y?·
??MNń??ō???ěY?WX?`ě?ō??o?ǐ·????<
=??ǎá:??司"L& 
4?7理有?? 
管理有$%??(kl司???è?U?? !x,???Y商"?
T&理有μ?司jX???理有???W{|理有<=o?UV?
? !xy,?WX????司"L????& 
?商理有μ?司???P 
4华7#? 
管理有司#?vàW??GHI司有??à}~,?òTo??
司è?4}~(??商???lUV?(,2???wo????司è?7商?
34á,?商?T?
商有??3商÷????3商÷???O??3商??÷
??3商???3商8??3商ě???34áěb?ň?ě???37商ěň
?8??3商???3商(??
商???3商????3[7商???￠
?à商?3??商公???商?T??4á?ì??商L???lUV?T??7商
èQ??商???23.lY"o(,2????理有司UV有??
à4·?ī限(,2??jX"L7& 
rY"o?








































限 
 93
???ě.???q??司??& 
4c7?P 
1商?限?P 
理有司?限???./?Pa 
417管理有司è????理有?司60%-95%U(?管理有ü
DL司????è???8?è????o?ù?有理有?司 80%& 
427管理有??ň????ì??èQ??限????司ň?2有?
??o?理有??? 5?司?有o????ì华ā.?司÷??3U(?
有?}~????有商?|2有?????[? 
437管理有?W华?8?òT司23U?????理有???司10?? 
447管理有<=<=司??理有?W华?8?òT司23????2
3司10?? 
457管理有?公华?司?????23司??????
理有???司10?? 
467管理有?W司?????23U??????理有???司20?? 
477管理有?W司公华(Q公华A`?ǔ)???23司??????
????23"?司10?? 
487管理有<=<=司??理有?公华?司?????
23????U?????23限?"?司10?? 
497管理有??A`?ǔ??vBBB.?(áBBB)司???23&
理有?W???23?er?UA`[?/?商??ī限ǖw?ì?
??óò?d??3?ā??.???|? 
4107理有μ??iè?òT??管理有ü??司有????管理有司?
?管理有ü??司è?ū?????òTè?8?管?òTè?司??? 
4117管理有???,?Te公??￠?T?3??司有??????理
有???司40%???,?Te公??￠?T?3??司1???v1ā
?3?????????? 
4127管理有<=<=司??9EF理有?W华???8?òT司ěGt
è????????8?ěGtè?司15%?管理有<=<=司???
华商基金管理有限公司










































限 
 94
限?W华???8?òT司ěGtè????????8?ěGtè?司30%? 
4137管理有èH?GHI???司??限?????理有???
司15%??23?￠?H商??8?è???商理有"?ōH[理有<=dí
司??×?理有?ī限????P司理有<=??èH??GHI???
司? 
4147管理有i?:?23








































限 
 95
理有限公司WX?L&ì?q?e?管理有司#?商ê??ī限理
有限公司?L&理有<?理有司司??iˋ?\管理有限公??d??
9?& 
r?Y"o?








































限 
 96
417ň?ü??司W?234}~è?[7.U???ì23ň?ü??
司??4???7???????ň?司?1?ň????????ò???
ō?.l23òTO??ò???23?ī司??h司.1?ň??司??
4???7???r1?ň???????ò????ō?o23òTO?ò?
??23?ī司??h司ě??????司?T??l??ō???
??1?ň???L8??ī? 
427ň?ü??ň?o????司?á?L???ǚ??????
???O???司j????司?????T??? 
437ň?ü??ň?o????司á?L???ǚ???????
??O???司j????司?华????o???????T??? 
447ň?ü??ň?司ě???3.?????%v????? 
457ň?ü????ì?∥?￠司W?23?`????L8???&
ň?ü?￠????司???23?`????L8???? 
467?ìň?ü?￠òT???o?????司?3??ì?∥?￠司
ō?/?.?∥?￠?????司??%v???司8???????∥?￠
?????p???8???司ō?/???￠???T??.????司
8????????ì?￠?Ho?￠?H??司ō?/??`????L
U8???& 
2商??????e司W?23??br/ō??=a 
417?è商??è商?è89?ò司?èx???ì23ň?ü??
司公华è?司?????????ň?司.1?华?司??4???7??? 
427??89òT???司è??3?`????L8???ì
?????.ě???8???司ō?/x?管??? 
437ìòT?华L???@?司è?}~·???ù89òTè?商
??89òTè??8?è?89ò@è?商t???ň???司??@?司è
?[?}~??商?òT???商??ň?(司§?3[Gt??è?x?









































限 
 97
????O???司j????司?华????o????????&??á
?@司?L????@??????4á?7??T??@司
xy????ü??司?ī?T??&??Te?￠?????????O?
??????ī司?3ìòT?ic??￠???ì???????
e?￠??Wò??司ōH司ō?/x?管??& 
4商管理有公???x????????O???司???????
ǚL司?????O???????ī司x?








































限 
 98
理有<=?理有??司?????í?.8?& 
4?7理有??AB 
'理有限公-???ì9?>=理有????o???￡理有<=?
????ì"L??CD华?理有????理有??????& 
ì9?>=理有????o????理有<=?ì?????9E?
司??t?"L??商理有?@O???o?????CD9E?司理有??
??理有??????& 
理有<=?ì????ā?ā?1?华?司??ì"L??CD?ā
?ā?1?华?司理有????理有??????& 
?商理有限公ōe??司?商??.l理有μ????F 
4华7'理有限公-司ōe 
1商ōe理有限公klY""Lo管限公?L??理有???W??
éìt?司?司??9理有???W??éìt?&??Y""L
理有限公?Lě??理有???W??éìt?司??理有<=理有
<公ú?ōe?8ó??(,2????& 
2商X?'理有限公-ōe司理有???W??éì\????ě?T
\éì???x"Lì"L??8ó& 
4c7'理有限公-司??? 
W/Yō?d华司??TjX???'理有限公-???a 
1商理有???W??éL??司? 
2商理有<=商理有<ˉ???ì6?ā??W?理有<=商?理
有<{?司? 
3商管理有??50??%?|?理有???Wū???200o?理有?
??o?5000??ō?司? 
4商'理有限公-?L司UVō?? 
5商jXY"(,2??"L司UVō?& 
4?7理有μ?司?? 
1商理有μ?????a\|?'理有限公-???d??30??%??
?金????理有<=??理有μ??????ì(,2??司??/?T
华商基金管理有限公司










































限 
 99
理有??& 
2商理有μ???????a理有μ????????理有<=商理有
<商ī限'23-"L司?????商Y?.l(,2??QL司???&
理有μ?????ě.?`??司?%?& 
3商理有μ?????ˉ?a理有μ???????理有μ?司<商?=商
??商ō?b?&理有μ?????ě.?T??司*?H& 
4商理有μ?????a 
417'理有限公-??ō?|???理有μ??????华?<理有μ?? 
427?理有μ???!?T?=?? 
437?理有μ??T??ō?? 
447P%???ó? 
457??ī限'23-"L司???!ü????ó?Tí?ē?
??Y?!ü????ó|àYúǎ?? 
467????ó?(,2?????8ó? 
477?理有??μ??Tb?& 
5商理有μ???司??v6?ā·?管理有ü?23司GHI???P?
??l?ō?司????j???& 
4?7???` 
???`Q理有μ?????ì?T理有????(ò?司üW限=?
`???`?理有μ????????理有μ?(??& 
4?7理有μ??????司b? 

理有μ???司b????理有μ????司???????理有
μ????`商ň?ü??????理有?!?x理有???W?W司理有
?????Tb?& 
4?7理有μ???司8ó 
????(司WX????l?8ó?理有μ????ó?ī限'23-
"L司???!üē???Y?!ü|àYúǎ???(,2????
?8ó&理有μ???8ó?理有μ????ó?(,2?????5??%?
??理有μ??????T8ó理有μ??????????ó??ì"L
华商基金管理有限公司










































限 
 100
????????ó??I8ó??ì"L???& 
4?7理有μ???ń?lgh司? 
理有μ???ń?lWXgh?理有<?20ā.?& 
?商ǜì?é?F 
??公ú?'理有限公-???司oi'理有限公-WX司华?ǜ
ìr?????商?????é司mn华?uW?ǜì?ň(,,???
????????
???W?司??"?T??????v??&?
??é??I司???àW?üy&?ù???é?W"L???
`????{|& 
ǜì?=?e理有限公?-°?\司ˉ????_商3′商??
??T理有限公"L司 !?理有???W司限& 
'理有限公-?(,Y4v管理有限公d司?}~??商???ǔT
÷?????Y78￠ü??￠ü??& 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
华商基金管理有限公司










































限 
 101
管???gv')??????限?23理有理有限公-??? 
 
管?ì??L?po??p?ú商?基?商?基? 
 
 
 
 
理有<=a)?理有<=W?8?48úo限公?`ú7 
 
 
 
 
L?po??pa4??o?ú7 
 
 
 
 
理有<a???Tè?W?8?48úo限公?`ú7 
 
 
 
 
L?po??pa4??o?ú7 
 
 
 
 
 
?基??a



?基?a








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