1 .00
3 30 / 5,000 / 1,000 5,000
1 2N
( ) ,
.........................................................................................................................................1-1
.........................................................................................................................................2-1
.................................................................................................................................3-1
.....................................................................................................3-1
.............................................................................................3-1
.................................................................................................................................4-1
.....................................................................................................................4-1
.....................................................................................................................4-1
.....................................................................................................................4-1
.........................................................................................................5-1
.....................................................................................................5-1
.................................................................................................5-1
.................................................................................................5-2
.................................................................................5-2
.................................................................................................................6-1
.........................................................................................................................6-1
.........................................................................................................................6-1
.........................................................................................................................6-1
.........................................................................................................................6-1
.........................................................................................................................6-1
.....................................................................................................6-2
.....................................................................................................6-2
.....................................................................................................6-2
.....................................................................................................................................7-1 .............................................................................................................7-1
.........................................................................7-1
.................................................................7-1
.............................................................................................8-1
.............................................................................................................8-1
.........................................................................................8-1
.....................................................................8-1
.....................................................................................8-1
..............................................................................8-2
......................................................................8-2
..............................................8-3
..........................................................8-4
..........................................................8-4
..................................................................................8-5
..........................................................8-6
..............................................................................8-6
.............................................................................................9-1
.........................................................................................................9-1
.....................................................................................................................9-2
.................................................................................................................................9-2
...........................................................................................................................10-1
...............................................................................................................................11-1
...........................................................................................................11-1
.......................................................................................................................11-1
...............................................................................................................11-2
...........................................................................................11-4
.......................................................................................................11-6 ...............................................................................................12-1
...........................................................................................................12-1
...................................................................................................12-1
.......................................................................................................12-2
.......................................................................................12-2
...................................................................................12-4
...............................................................................................................................13-1
...........................................................................................................13-1
.......................................................................................................13-1
...............................................................................13-3
....................................................13-4
.......................................................................................................13-5
...........................................................................................................................14-1
...........................................................................................14-1
...........................................................................................................14-1
...........................................................................................................................15-1
.......................................................................................................................15-1
...................................................................................15-1
.......................................................................................................................15-1
.......................................................................................................................15-1
.......................................................................................................................15-1
...................................................................................................15-2
...............................................................................................................15-3
.......................................................................................................................15-4
....................................................15-4
...................................................................................................................15-4
...............................................................................................................................16-1 ...............................................................................................16-1
...............................................................................16-2
...............................................................................................16-3
.......................................................................................................................16-3
...................................................................................................................17-1
...........................................................................................................17-1
...............................................................................................17-2
.......................................................................................................................17-2
...................................................................................................................17-2
...............................................................................................................................18-1
...............................................................................................................18-1
...............................................................................................................18-1
...........................................................................................................18-1
...............................................................................................18-1
.......................................................................................................................19-1
.......................................................................................................................19-1
...........................................................................................................................19-1
.......................................................................................................................19-1
.......................................................................................................................19-2
.......................................................................................................................19-2
...........................................................................................................19-2
...........................................................................................................19-4
...........................................................................................................19-4
...................................................................................................................20-1
...........................................................................................................20-1
...................................................................................................................20-1
.......................................................................................................20-1 ...............................................................................................................20-1
.......................................................................................20-2
...........................................................................................................21-1
...............................................................................................................21-1
...........................................................................................................21-1
...........................................................................................................22-1
.......................................................................................22-1
...........................................................................................22-1
.......................................................................................22-1
.......................................................................................................22-1
.......................................................................................................22-1
...............................................................................................................23-1
.......................................................................................................................23-1
.......................................................................................................................23-1
.......................................................................................................................23-1
.......................................................................................................................23-1
.......................................................................................................................23-1
.......................................................................................................................23-1
...............................................................................................................24-1
.......................................................................................24-1
...........................................................................................................14-1
...............................................................................................................24-2
.......................................................................................................24-2
...................................................................................................................24-2
.......................................................................................24-2
...........................................................................................................25-1
...................................................................................................................25-1 ...............................................................................................................25-1
...............................................................................................................25-1
.......................................................................................................................25-2
...................................................................................................25-2
...........................................................................................................25-2
...............................................................................................25-2
...............................................................................................26-1
............................26-1
...........................................................................................26-1
...............................................................................................................26-2
.......................................................................................................................26-2
...........................................................................................27-1
...........................................................................................................................28-11-1
/2-1
,
1997 11 14
2000 10 8 ( )
2-2
18
2 100
3
/ :
T
T+n T n T
302-3
30
2-4
3-1
2003 12 5 [2003]1354-1
360 38 021 58881111
021 58406138
021 68604666
360 38 021 58881111
021 58406138
021 68604666
55 010 66106912
010 66106904
5-1
1 1 360 2 021 68863400
021 68863223
2 23 106 010 66219999
010 66214060
3 021 68604666
www.huaan.com.cn
2 55 010 66107911
010 66107914
95588
5-2
360 38 021 58881111
021 58406138
021 68604666
:
528 21 021 68818100
021 68816880
568 200120 333 12 200021 Kent Watson
(021)63863388
(021)63863300
6-1
3 2003 12 14 2004 1 12 2003 12 14 2003 12
286-2
/ 0.01 / 0.01 = + 1 1.00 2 0.01 3 4 1 3.6 =10,000 1.00+3.6 1.00=10,003.6 10,000 10,003.6 1 2 5,000 1,000
3 4 7-1
2 100 30 20 100 20 5,000 60 100 60 5,0008-1
1 2 1 30 3 2 9:30-11:30 1:00-3:00 3 3 1 2 38-2
4 5 3 1 2 T T+1 T 2 3 T T T+1 1 1,000 5,0008-3
2 1,000 1,000 3 3 4 0.01 5 0.01 6 1.00 1 / 1.00 T 10,000 100 1,000 1 2 3
A 10,000 1,000,000 10,000,000
=D/1.00 10,000.00 1,000,000.00 10,000,000.00
2 1.00 T 10,022.30 =10,022.30 1.00 = 10,022.30 3 X Y, Y=[(X*a-X*a*b)*(1-c)]/d
X Y8-4
a X 1 b X c d Y 1 T+1 T+2 T+1 T+1 T+2
3 1 1 2 3 4 5 6 (1) (5) 28-5
1 2 3 4 5 3 20 3 4 5 1 10% 2 1 2 8-6
10 3 3 20 4
38-7
9-1
( )9-2
10-1
11-1
1 1998 6 4 2 360 38 3 4 1.5 4 2 2003 9 30 180
20 30 5 5 33.28 15.77 0.9681 0.9976 0.7948 0.8831 0.939 0.956
2.1351 1.4626 0.7948 0.9531 0.979 1.006
/ 1998 0.042
1999 0.32
2000 0.575
2001 0.23
1999 0.035
2000 0.32
2001 0.11
2001 0.07
2002 0.022
2003 0.018
2003 0.050
500003 500009 184709 500013 040001 04000211-2
1 111-3
Perspective Investment Advisory Inc. Alliance Capital Management Corporation 1998
811-4
30 80% 2 34 6 1997 9 1998 12
1999 1 1999 5 1999 6 3
4 13 2 8 4 10 1 1 2 311-5
4 5 6 7 8 9 10 2 1 2 3 4 5 6 7 8 9 1011-6
11 12 13 14 15 15 16 17 18 19 20 21 22 23 1 2 1 211-7
3 4 5 6 7 8 9 10 11 3 1 2 3 4 5 6 7 8 9 10
4 5 111-8
2 3 412-1
1 2 3 4
5
1 2 3 4 12-2
5 6 1 2 3 112-3
2 3 1 1 2 3 2 312-4
4 1 2 5 1 213-1
55 100032
010-66106912
1710.24 1 1 2 3 4 5 2 (1) (2) (3) (4) (5) 13-2
(6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) 15 (17) (18) (19) (20) (21) 13-3
(22) (23) (24) 1 2 3 1 2 3 4 5 613-4
4 5 1 2 3 4 6 1
2)
3)
4)
13-5
1 1 2 3 50% 4 2 1
2
3
4
5 514-1
1 1 2 3 4 5 6 7 8 2 1 2 3 4 5 614-2
1 10% 10% 1 2 3 4 5 6 7 8 1 2 3 4 5 6 2 1 2 3 10% 10% 3 1 1514-3
2 4 1 30% 30% 2 30% 30%14-4
10 15% 15% 15% 15% 5 1 10% 10%14-5
10 5 5 5 10% 10% 20% 20% 2 7 50% 50%14-6
6 1 2 50% 50% 50% 50% 3 4 5 7 1 214-7
( ) 8 515-1
397
115-2
2 N
1
2
3
15-3
4
5
6 1
2
3
4
4515-4
1 (1) 80 (2) 1 10 (3) 2 (1) (2) (3) (4) (5) (6) 1 2
16-1
( ) 1 2 3 4 5 616-2
7 8 1 216-3
1 2 3 417-1
1 0.33% H
E 0.33%
H E 2
0.10% H
E 0.10
H E 3 0.25 H
E
0.25
H E 417-2
5 6 7 8 9 4 918-1
1 2 3 4 5 6 7 8 1 218-2
19-1
1.00
1 1 2 3 2 0.5%19-2
3 4
0.5%
1
219-3
1 2 3 4 5 6 7 3 1 219-4
3 4 5 0.5% 1 2 1 2 3 220-1
1 0.01 2. 3 4 T 5 620-2
=[ / ]*10000
0.00001
∑
=
=[
7
1
10000]*100%
/ ) 365 * ) 7 / ((
i
i
R %
Ri i ,21-1
1 2 1 1 12 31 3 3 4 5 6 7 1 2 3 522-1
15 20
www.huaan.com.cn 021 6860466623-1
24-1
1 90 2 60 1 2 3 4 30 5 6 7 8 9 10 11 12 1324-2
14 15 15 15 www.huaan.com.cn25-1
1 60 100 60 5000 2 3 4 5 6 1 30 2 3 1 225-2
3 4 5 1526-1
1 3 2 3 4 5 1 2 3 4 5 6 726-2
30%27-1
28-1
-1
1997 11 14 2000 10 8 ( ) 1 1 2 2-2
1 2 3 4 5 1 2 3-3
1 2 3 15 4 5 6 ( ) , ,
1 1 2 3 2 3-4
1 2 3 4 5 1 2 3-5
1 1 60 100 60 5000 2 3 4 5 6 2
2 003 12 8