2004
2005 3 30
.............................................................................................................1
.............................................................................................................1
.........................2
.............................................................................................3
.............................................................................................8
.............................................................................................................8
...................................................................................................9
.................................................................................................18
............23
.................................................................................................24
.........................................................................................24
2004
1
25
, ,
, 2005 3 25 ,
,
,
( )
500017
( ) 2000 8 15
500,000,000
15
2001 12 19
( )
( )
7088 32
518040
(0755)83183388
(0755)83199588
lihw@dcfund.com
( )
2004
2
25
23
100
100036
(010)68435588
(010)68424181
lifangfei@abchina.com
( )
http://www.dcfund.com.cn
( )
202 11
021 61238888
( )
166 36
(021)68870587
( )
( )
1 2
3 -2.80% 0.0160
6 3.30% 0.0205
1 -1.59% 0.0204
2004 2003 2002 1
8,943,494.1218,307,753.87 -26,556,924.29
2
0.01790.0366 -0.0531
3
-86,319,428.49-95,262,922.61 -138,332,690.51
4
-0.1726 -0.1905 -0.2767
5
427,357,700.70434,246,810.58 361,667,309.49
6
0.85470.8685 0.7233
7 (%) 2.04 4.63 -7.22
8 (%) -1.59 20.07 -6.95
9 (%) -21.76 -20.50 -33.79
2004
3
25
3 9.96% 0.0212
5 -22.30% 0.0241
-21.76% 0.0222
( )
-0.4
-0.3
-0.2
-0.1
0
0.1
2000 8 15 2002 3 15 2003 10 15
( )
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
2002 2003 2004
( )
1
2004
4
25
[1999]10 1999 4 12 1 25% 2004 12 31 5 4
2
8
1 2004
1
1783 30 1266 15.3
2004 14.6 10 37.4 53.5 8.4
2004
5
25
2
13.63 9.5 54
2 2005
1
2005
2005 8 GDP 2005
2004
6
25
04 2005
2
4 2005 2001
2004 2005
2002 A
2005 2005
3
2005 04
2005
2004
7
25
2005
1 2004
2
3 2004
4 2004 BARRA VaR
5
2004
8
25
— — 2004 1 1 2004 12 31
2005 3 25
(2005) 407
( ) 2004 12 31 2004
2004
9
25
2004 12 31 2004
2005 2 22
( )
1 2004 12 31 ( )
2004 12 31 2003 12 31
16(e)
21,824,093.16
7,423,566.55
250,000.00
-
1,344,381.43
8,061,508.99
5
1,680,943.90
1,090,941.85
6
2,982,097.54
2,982,097.54
294,052,401.82
327,989,002.69
279,972,733.97
296,301,738.31
110,042,330.72
91,244,725.80
110,444,869.38
93,422,256.99
432,176,248.57
438,791,843.42
541,917.01
532,459.94
90,319.53
88,743.33
7
507,780.30
503,918.54
2004
10
25
8
3,518,531.03
3,251,031.03
9
160,000.00
168,880.00
4,818,547.87
4,545,032.84
10
500,000,000.00
500,000,000.00
11
13,677,129.19
29,509,733.19
(86,319,428.49)
(95,262,922.61)
427,357,700.70
434,246,810.58
(2004 0.8547 )
(2003 0.8685 )
432,176,248.57
438,791,843.42
2 2004 ( )
2004 2003
12
16,659,496.71
19,461,852.36
/( ) 13
(5,190,196.95)
648,419.95
2,615,097.71
2,581,891.97
16(e)
550,078.64
687,602.86
2,611,243.27
2,533,317.12
14
69,185.28
83,707.87
17,314,904.66
25,996,792.13
16(c)
(6,593,645.01)
(5,932,371.60)
16(d)
(1,099,027.14)
(988,771.95)
(235,737.73)
(312,914.27)
15
(443,000.66)
(454,980.44)
(60,000.00)
(60,000.00)
(300,000.00)
(300,000.00)
(60,000.00)
(60,000.00)
(8,371,410.54)
(7,689,038.26)
8,943,494.12
18,307,753.87
2004
11
25
/( ) 11
(15,832,604.00)
54,271,747.22
(6,889,109.88)
72,579,501.09
8,943,494.12
18,307,753.87
(95,262,922.61)
(113,570,676.48)
(86,319,428.49)
(95,262,922.61)
-
-
(86,319,428.49)
(95,262,922.61)
3 2004 ( )
2004 2003
434,246,810.58
361,667,309.49
8,943,494.12
18,307,753.87
/( )
(15,832,604.00)
54,271,747.22
(6,889,109.88)
72,579,501.09
-
-
427,357,700.70
434,246,810.58
( )
1
( ) ( ) ( ) [2000]21 [2000]6 [2000]32
2004
12
25
2000 6 19 2000 8 11 2000 6 22 2000 8 15 1992 4 1
2002 3 30 ( ) 372,874,343
[2001]27 ( ) [2001]202 2001 12 19
2002 3 8 372,874,343 500,000,000 5 2007 3 30 2002 3 25
( ) A
2
3
(a)
1 1 12 31
(b)
(c)
(d)
2004
13
25
/( )
(e)
/( )
/( ) /( )
(f)
(g)
1.50% 20%
0.25%
(h)
1.00
(i)
2004
14
25
90%
4
[1998]55 [2004]78
(a)
(b) 2004 1 1 (2003
)
(c) 2004 1 1 (2003 ) 20%
(d) 0.2%
5
2004 12 31 2003 12 31 1,658,535.16 1,085,900.65
22,408.74 5,041.20
1,680,943.901,090,941.85
6
2004 12 31 2003 12 31(a) 2,895,040.562,895,040.56
(b) 87,056.98 87,056.98
2,982,097.542,982,097.54
(a) 2000 6 22 2004 12 31 2,856,131.41 38,909.15 (2003 )
(b) 2004 (2003 )
7
2004
15
25
2004 12 31 2003 12 31 185,807.74 11,817.22
158,386.02 -
65,348.44 -
61,003.86 59,035.37
37,234.24 66,700.14
- 366,365.81
507,780.30 503,918.54
8
2004 12 31 2003 12 31 (6(a)) 2,895,040.56 2,895,040.56
250,000.00 -
235,358.58 235,358.58
(6(b)) 87,056.98 87,056.98
51,074.91 33,574.91
3,518,531.03 3,251,031.03
9
2004 12 31 2003 12 31 100,000.00 100,000.00
60,000.00 60,000.00
- 8,880.00
160,000.00 168,880.00
10
2004 12 31 2003 12 31
-
5,000,000.005,000,000.005,000,000.00 5,000,000.00
-
5,428,035.005,428,035.005,428,035.00 5,428,035.00
489,571,965.00489,571,965.00489,571,965.00 489,571,965.00
500,000,000.00500,000,000.00500,000,000.00500,000,000.00
( ) 1% 1% 0.5% 0.5%
2004
16
25
11
/( )
/( )
2003 12 31 31,687,264.38 (2,177,531.19) 29,509,733.19
(17,607,596.53) 1,774,992.53 (15,832,604.00)
2004 12 31 14,079,667.85 (402,538.66) 13,677,129.19
12
2004 2003
1,093,269,668.44 774,870,787.21
(913,866.23) (648,309.40)
(1,075,696,305.50) (754,760,625.45)
16,659,496.71 19,461,852.36
13 /( )
2004 2003
140,115,110.04 153,191,447.84
(1,870,549.76) (651,839.20)
(143,434,757.23) (151,891,188.69)
(5,190,196.95) 648,419.95
14
2004 2003
41,727.02 46,284.33
27,458.26 5,664.88
- 31,758.66
69,185.28 83,707.87
15
2004 2003
300,000.00 300,000.00
60,000.00 60,000.00
60,000.00 60,000.00
2,531.93 2,700.19
20,468.73 32,280.25
443,000.66 454,980.44
16
(a)
2004
17
25
( )
( )
(b)
555,997,761.39 26.27%79,807,962.20 27.53%452,364.98 26.66%
515,422,656.78 24.35%10,550,125.12 3.64%403,327.07 23.77%
2003
223,718,824.56 13.68%33,725,657.90 18.58%181,850.07 13.88%
336,485,046.23 20.57% 5,604,897.80 3.09%263,303.93 20.10%
(c)
1.50% X 1.50% /
6,593,645.01 (2003 5,932,371.60 )
(d)
0.25%
X 0.25% /
1,099,027.14 (2003 988,771.95
)
(e)
2004 12 31 21,824,093.16 (2003 7,423,566.55 ) 550,078.64 (2003 597,189.11 )
(f)
2004
18
25
2004 2003
59,000,000.00 80,000,000.00
23,732.88 42,060.27
17
2000 5 18
[2002]54 2002 5 20
2004 12 31
2004/12/22 2004/12/31 2005/03/31 8.75 9.21 623,780 5,458,075.00 5,745,013.80
( )
( ) (%)
294,052,401.82 68.04
110,042,330.72 25.46
21,824,093.16 5.05
6,257,422.87 1.45
432,176,248.57 100.00
( )
(%)
A
0.00 0.00
B
40,260,592.27 9.42
C
115,702,833.76 27.07
C0
22,869,839.91 5.35
C1
0.00 0.00
C2
0.00 0.00
C3
0.00 0.00
2004
19
25
C4
5,695,983.66 1.33
C5
0.00 0.00
C6
13,748,112.00 3.22
C7
24,114,060.19 5.64
C8
47,526,633.99 11.12
C99
1,748,204.01 0.41
D 34,865,378.00 8.16
E
0.00 0.00
F
59,843,223.67 14.00
G
0.00 0.00
H
22,563,485.78 5.28
I
0.00 0.00
J
13,815,395.94 3.23
K
7,001,492.40 1.65
L
0.00 0.00
M
0.00 0.00
294,052,401.82 68.81
( )
( )
( )
% 1 600900
3,100,000 27,249,000.00 6.38
2 000022
664,980 15,646,979.40 3.66
3 600085
674,397 14,196,056.85 3.32
4 000538
822,897 12,672,613.80 2.97
5 600971
505,430 12,332,492.00 2.89
6 600029
2,346,105 12,246,668.10 2.87
7 600012
1,913,877 11,885,176.17 2.78
8 000423
1,446,150 11,800,584.00 2.76
9 600018
760,000 11,544,400.00 2.70
10 000402
1,074,058 10,665,395.94 2.50
11 600188
794,345 9,857,821.45 2.31
12 600600
986,984 9,524,395.60 2.23
13 600415
304,390 9,128,656.10 2.14
14 600594
382,113 8,857,379.34 2.07
15 002024
190,200 8,806,260.00 2.06
16 000089
1,000,000 8,520,000.00 1.99
17 600011
1,054,900 7,616,378.00 1.78
18 600508
599,961 7,559,508.60 1.77
19 600573
1,010,153 7,343,812.31 1.72
20 000069
1,023,610 7,001,492.40 1.64
21 600348
500,000 6,765,000.00 1.58
2004
20
25
22 600320
623,780 5,745,013.80 1.34
23 600135
743,601 5,695,983.66 1.33
24 000898
1,000,000 5,620,000.00 1.32
25 000651
499,943 4,959,434.56 1.16
26 600153
838,509 4,628,569.68 1.08
27 600019
700,000 4,221,000.00 0.99
28 000729
319,600 3,809,632.00 0.89
29 600104
699,990 3,380,951.70 0.79
30 000002
600,000 3,150,000.00 0.74
31 600089
250,000 3,045,000.00 0.71
32 600489
399,948 2,875,626.12 0.67
33 000550
515,612 2,686,338.52 0.63
34 000930
400,000 2,192,000.00 0.51
35 000527
300,126 2,166,909.72 0.51
36 600237
279,949 2,130,411.89 0.50
37 600005
500,000 2,045,000.00 0.48
38 600585
228,200 1,862,112.00 0.44
39 600210
489,693 1,748,204.01 0.40
40 600547
69,835 870,144.10 0.20
( )
1 2%
( )
(%)
600029
54,639,903.53
12.58
000550
48,729,479.00
11.22
600050
46,523,441.13
10.71
600019
32,059,640.04
7.38
600900
28,998,081.46
6.68
600012
28,656,015.55
6.60
600085
26,469,614.08
6.10
600028
25,993,370.24
5.99
600135
24,992,929.24
5.76
000069
23,924,532.84
5.51
000100
TCL
21,339,123.14
4.91
000999
20,167,198.91
4.64
600036
19,186,412.31
4.42
600597
17,925,424.37
4.13
000402
17,130,180.01
3.94
000002
17,075,354.00
3.93
000527
16,880,163.72
3.89
000031
16,415,503.12
3.78
600971
16,372,028.40
3.77
2004
21
25
600415
15,662,670.04
3.61
600005
14,936,993.66
3.44
600104
14,929,550.47
3.44
002024
14,275,886.49
3.29
600296
14,156,718.40
3.26
600210
14,002,073.32
3.22
600688
13,861,079.87
3.19
600663
13,485,230.82
3.11
600011
12,983,088.31
2.99
600188
12,742,763.36
2.93
002023
12,127,176.02
2.79
600002
11,833,093.49
2.72
000538
11,593,401.07
2.67
000930
11,497,388.34
2.65
600717
11,442,775.07
2.64
000423
11,362,896.09
2.62
000089
11,063,987.48
2.55
600018
11,001,054.41
2.53
600594
10,394,711.60
2.39
000070
10,319,113.50
2.38
600595
9,919,201.49
2.28
600812
9,876,244.88
2.27
600600
9,486,578.72
2.18
600348
9,208,940.09
2.12
000898
9,028,444.98
2.08
2 2%
( )
(%)
600050
52,498,042.14
12.09
600036
49,001,317.49
11.28
000550
47,032,743.14
10.83
600029
42,084,170.31
9.69
000800
35,292,128.60
8.13
600688
32,822,082.08
7.56
000039
32,705,957.49
7.53
000002
31,939,983.13
7.36
600597
30,414,468.04
7.00
600210
27,846,738.93
6.41
600019
27,017,986.95
6.22
600028
25,988,747.83
5.98
600104
24,084,168.44
5.55
2004
22
25
600795
23,827,903.66
5.49
000858
21,999,569.77
5.07
000100
TCL
21,493,677.79
4.95
600012
19,284,256.05
4.44
000927
19,240,972.38
4.43
600900
20,291,466.08
4.67
000031
17,088,637.66
3.94
600085
16,704,470.43
3.85
000069
16,671,537.64
3.84
600135
16,430,821.02
3.78
000999
15,776,053.23
3.63
000527
15,345,295.36
3.53
600005
13,859,000.99
3.19
600362
12,804,549.01
2.95
002023
12,798,460.72
2.95
600717
12,493,318.26
2.88
600011
12,443,862.39
2.87
600663
12,362,933.27
2.85
002024
12,154,434.08
2.80
600415
11,969,700.63
2.76
000088
11,696,448.96
2.69
600812
11,243,259.45
2.59
600296
11,159,246.00
2.57
600002
10,752,698.67
2.48
000608
10,740,747.73
2.47
000070
10,511,982.59
2.42
002025
9,526,981.81
2.19
600595
8,973,207.39
2.07
3 1,059,367,301.16 1,093,269,668.44
( )
( ) % 89,777,200.00 21.01
0.00 0.00
0.00 0.00
20,265,130.72 4.74
110,042,330.72 25.75
2004
23
25
( )
(%)
04(1) 57,631,200.00 13.49
02 11 19,926,000.00 4.66
19,743,730.72 4.62
04(5) 12,220,000.00 2.86
521,400.00 0.12
( )
1
2
3
( )
250,000.00
1,344,381.43
1,680,943.90
2,982,097.54
6,257,422.87
4
%
125069
19,743,730.72 4.62
100726
521,400.00 0.12
( )
37,565 13,310.26
( )
%
168,932,293 33.79
331,067,707 66.21
( )
( )
(%)
2004
24
25
1
36,076,500 7.22
2
33,801,950 6.76
3
26,652,473 5.33
4 CITIGROUP GLOBAL MARKETS LIMITED 10,801,826 2.16
5
7,999,995 1.60
6
7,928,035 1.59
7
7,000,000 1.40
8
3,627,272 0.73
9 UBS LIMITED 3,540,022 0.71
10
3,000,000 0.60
1
2
3 60,000.00 3
4
5 2004 10 18
6
1 :
(%)
(%)
1
1 340,413,925.15 16.08 266,377.86 15.70
2
1 515,422,656.78 24.35 403,327.07 23.77
3
1 365,371,761.39 17.26 297,996.39 17.56
4
1 96,592,245.33 4.56 78,474.16 4.61
5
1 243,048,239.74 11.48 198,546.05 11.70
6
1 555,997,761.39 26.27 452,364.98 26.66
2,116,846,589.78 100.001,697,086.51 100.00
2 , :
2004
25
25
(%) (%)
1
1 21,875,094.60 7.55 0.00 0.00
2
1 10,550,125.12 3.64 0.00 0.00
3
1 100,002,049.35 34.4960,100,000.00 14.84
4
1 72,730,548.60 25.09 0.00 0.00
5
1 4,932,904.00 1.7070,000,000.00 17.28
6
1 79,807,962.20 27.53275,000,000.00 67.88
289,898,683.87 100.00405,100,000.00 100.00
3
1 1
1
4
<1998>29
( )
1
2
3
4
5
( )
http://www.dcfund.com.cn
2005 3 30
