2004
2005 3 30
2005 3 25
...........................................................................................................................1
...........................................................2
...............................................................................................................4
...............................................................................................................7
...........................................................................................................................7
...................................................................................................................8
.................................................................................................................20
.............................................................................25
.................................................................................................................25
.................................................................................................................25
.............................................................................................................26
375010
2004 9 15
1,395,526,344.76
1
2
3
4
99 20
99 20
1
27
200120
8621-38794888
8621-68881170
alan.wang@jpmf-sitico.com
www.51fund.com
202 11
2004 12 31
1
-21,517,160.52
2
-0.0136
3
-19,055,160.05
4
-0.0137
5
1,384,566,944.78
6
0.9921
2
27
7
-1.3633%
8
-0.7900%
9
-0.7900%
2004 9 15
1
-0.83% 0.0042 -6.54% 0.0087 5.71% -0.0045
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-0.79% 0.0038 -0.75% 0.0105 -0.04% -0.0067
1 2004 9 15
2 =70%× A600 +25%× +5%×
2
2004 9 15 2004 9 15 2004 3
27
12 31
3
2004 9 15 2004 9 15 2004 12 31
10
2004
2004 9 15
[2004]56
1973 2
4
27
2004
1963 9
2001 9 2003 3 ( ) 2003 3 2003 12
2004 13.7 9.5% 3.9% M2 25.3 14.6% , 30
2004 9 15 / /
GDP 5
27
3-4%
2005
A 05
, C
1. 2. 3.
1
2
3
4
5
,
6
27
2 00 5 3 25
(2005) 418
( )2004 12 31 2004 9 15 ( ) 2004 12
31
7
27
2004 12 31 2004 9 15 ( )
2004 12 31
2005 1 28
2004 12 31
2004 12 31
120,754,322.17
500,000.00
5
1,959,524.84
49,250.00
738,405,324.57
730,919,071.24
350,381,597.16
349,333,723.30
226,100,000.00
6
277,801.20
1,438,427,819.94
49,752,499.91
2,069.38
1,858,492.04
309,748.68
7
1,088,065.15
8
27
8
750,000.00
9
100,000.00
53,860,875.16
10 1,395,526,344.76
11 8,095,760.07
-19,055,160.05
1,384,566,944.78
(2004 0.9921 )
1,438,427,819.94
2004 9 15 ( ) 2004 12 31
2004 9 15
( ) 2004
12 31
12
-19,589,448.27
13
77,740.54
1,010,489.15
3,376,223.87
1,286,111.43
14
634,621.57
-13,204,261.71
6,948,984.43
1,158,164.06
1,529.00
15
204,221.32
82,198.80
100,000.00
8,312,898.81
-21,517,160.52
9
27
11
8,534,127.19
-12,983,033.33
-21,517,160.52
-347,999.21
2,809,999.68
-19,055,160.05
2004 9 15 ( ) 2004 12 31
2004 9 15
( ) 2004
12 31
1,669,305,034.88
-21,517,160.52
8,534,127.19
-12,983,033.33
64,093,620.57
0.00
-335,848,677.34
-271,755,056.77
0.00
1,384,566,944.78
10
27
2004 9 15 ( ) 2004 12 31
2004 9 15
( ) 2004
12 31
-21,517,160.52
0.00
2,462,000.47
-19,055,160.05
0.00
-19,055,160.05
1
( ) ( ) [2004] 83 1,668,842,672.60 (2004) 169 2004 9 15 1,669,305,034.88
30 80% 20 50% 0 20% 80%
6
2004 12 31
11
27
2
(a)
(b)
(c)
(d)
(e)
/( )
12
27
(f)
/( )
/( ) /( )
(g)
2004 9 15 2005 12 31
(h)
13
27
(i)
1.5%
0.25%
(j)
1.00
(k) /( )
/( ) /( ) /( )
/( ) /( ) /( )
(l)
/( ) /( )
(m)
90%
3
[2002]128 [2004]78
14
27
(a)
(b) 2004 1 1
(c) 2004 1 1 20%
(d) 0.2%
4
(a)
( )
( )
( )
( )
(b)
2004 9 15 ( )
2004 12 31
187,154,032.77 13.35% 44,553,832.87 23.95% 148,872.04
13.68%
(c)
1.5% 15
27
X 1.5% /
6,948,984.43
(d)
0.25%
X 0.25% /
1,158,164.06
(e)
2004 12 31 120,754,322.17 3,376,223.87
(f)
2004 12 31
110,015,750.00 109,146,625.58
20,000,000.0019,842,000.00
130,015,750.00 128,988,625.58
5
2004 12 31
1,714,712.44
147,616.97
97,195.43
1,959,524.84
6
2004 12 31 277,801.20
16
27
7
2004 12 31
259,958.71
177,028.80
167,981.27
162,280.77
148,872.04
92,791.64
79,151.92
1,088,065.15
8
2004 12 31 750,000
9
2004 12 31 100,000
10
(a) 1,668,842,672.601,668,842,672.60
(a) 462,362.28 462,362.28
1,669,305,034.881,669,305,034.88
(b) 64,427,733.4064,427,733.40
(b) 338,206,423.52 338,206,423.52
2004 12 31 1,395,526,344.76 1,395,526,344.76
(a) 2004 8 9 2004 9 10 1,668,842,672.60 462,362.28 462,362.28
(b) 2004 9 15
( ) 2004 9 23 2004
9 24 2004 11 1
17
27
11
/( )(a)
/( )
8,534,127.19 - 8,534,127.19
- 13,886.3813,886.38
- 452,253.50452,253.50
2004 12 31
8,534,127.19 -438,367.12 8,095,760.07
(a)
2004 12 31
7,486,253.33
1,047,873.86
8,534,127.19
12
2004 9 15
( ) 2004
12 31
356,184,788.51
297,492.01
375,476,744.77
-19,589,448.27
13
2004 9 15
( ) 2004
12 31
11,721,840.57
17,828.38
11,626,271.65
77,740.54
18
27
14
2004 9 15
( ) 2004
12 31
(a) 419,814.20
152,824.84
51,444.88
3,295.25
7,242.40
634,621.57
(a) 25% 75%
15
2004 9 15
( ) 2004
12 31
100,000.00
82,198.80
16,657.56
4,434.96
900.00
30.00
204,221.32
16
2000 5 18
[2002]54 2002 5 20 19
27
2004 12 31
2004/12/22 2004/12/31 2005/03/31 8.75 9.18 2,842,090 24,868,287.50 26,090,386.20
2004 12 31 1,384,566,944.78
0.9921 0.9921
1
738,405,324.57 51.33%
2
350,381,597.16 24.36%
3
120,754,322.17 8.39%
4
228,886,576.04 15.92%
1,438,427,819.94 100.00%
2004 12 31
%
1 A
0.00 0%
2 B
19,298,502.65 1.39%
3 C
325,293,563.82 23.49%
C0
0.00 0.00%
C1
40,827,368.40 2.95%
C2
0.00 0.00%
C3
30,318,566.45 2.19%
C4 110,771,297.62 8.00%
C5
1,480,575.50 0.11%
C6
26,060,537.00 1.88%
20
27
C7
111,970,753.85 8.09%
C8
3,864,465.00 0.28%
C99
0.00 0.00%
4 D 0.00 0.00%
5 E
0.00 0.00%
6 F
240,072,954.82 17.34%
7 G
14,234,906.80 1.03%
8 H
28,019,183.86 2.02%
9 I
0.00 0.00%
10 J
111,413,612.62 8.05%
11 K
72,600.00 0.01%
12 L
0.00 0.00%
13 M
0.00 0.00%
738,405,324.57 53.33%
2004 12 31
1 000402
10,784,576 108,492,834.56 7.84%
2 600029
17,583,404 93,719,543.32 6.77%
3 600089
5,970,643 72,543,312.45 5.24%
4 600033
8,954,873 66,086,962.74 4.77%
5 000731
5,505,630 59,295,635.10 4.28%
6 600026
3,888,614 35,736,362.66 2.58%
7 600320
2,842,090 26,090,386.20 1.88%
8 600096
2,362,392 24,757,868.16 1.79%
9 000779
2,817,755 22,570,217.55 1.63%
10 600694
1,838,488 19,543,127.44 1.41%
11 000488
1,711,696 18,349,381.12 1.33%
12 600177
3,464,355 18,257,150.85 1.32%
13 600009
1,190,800 18,123,976.00 1.31%
14 000039
807,100 18,006,401.00 1.30%
15 600426
1,202,231 15,616,980.69 1.13%
16 600489
1,908,600 13,646,490.00 0.99%
17 600115
3,077,232 13,632,137.76 0.98%
18 000063
500,000 13,345,000.00 0.96%
19 600550
2,130,520 13,337,055.20 0.96%
20 600308
983,639 11,715,140.49 0.85%
21 600423
1,097,340 7,867,927.80 0.57%
22 600591
1,069,000 7,194,370.00 0.52%
23 002024
146,840 6,784,008.00 0.49%
21
27
24 600660
884,000 5,940,480.00 0.43%
25 000983
380,095 5,652,012.65 0.41%
26 600521
203,500 3,864,465.00 0.28%
27 600012
604,156 3,739,725.64 0.27%
28 000002
555,281 2,920,778.06 0.21%
29 600352
260,000 1,960,400.00 0.14%
30 000759
329,834 1,692,048.42 0.12%
31 002025
80,950 1,480,575.50 0.11%
32 600367
202,303 1,272,485.87 0.09%
33 600019
206,151 1,236,906.00 0.09%
34 000022
39,110 925,733.70 0.07%
35 600020
123,700 914,143.00 0.07%
36 600271
33,940 889,906.80 0.06%
37 000012
100,200 876,750.00 0.06%
38 600966
23,116 254,044.84 0.02%
39 600258
11,000 72,600.00 0.01%
1 2% 2% 20
(%)
1 000402
123,792,450.21 8.94%
2 600029
85,536,820.54 6.18%
3 600089
65,263,358.42 4.71%
4 600033
64,539,085.00 4.66%
5 000731
64,011,409.49 4.62%
6 600028
51,971,871.50 3.75%
7 000002
45,826,655.99 3.31%
8 600019
41,239,691.78 2.98%
9 600026
40,771,615.31 2.94%
10 600020
29,278,792.23 2.11%
11 000039
28,934,276.28 2.09%
12 000726
26,524,751.02 1.92%
13 600320
24,868,287.50 1.80%
14 600096
24,113,710.33 1.74%
15 600000
23,954,422.01 1.73%
16 000779
22,048,274.10 1.59%
17 600177
20,922,345.62 1.51%
18 600694
20,513,487.88 1.48%
19 600115
19,460,171.92 1.41%
22
27
20 000488
18,716,644.97 1.35%
(%)
1 600028
48,171,994.52 3.48%
2 000002
39,293,652.05 2.84%
3 600019
35,280,977.74 2.55%
4 600020
27,674,001.07 2.00%
5 000726
23,566,884.33 1.70%
6 600000
22,715,800.04 1.64%
7 000402
18,535,633.91 1.34%
8 600900
17,209,248.00 1.24%
9 000651
14,909,204.56 1.08%
10 000898
12,212,528.87 0.88%
11 600795
10,734,766.34 0.78%
12 600011
9,763,811.97 0.71%
13 000983
9,164,725.25 0.66%
14 000039
8,924,931.03 0.64%
15 000659
8,622,824.56 0.62%
16 000792
7,878,446.03 0.57%
17 600115
5,552,295.24 0.40%
18 600863
5,441,367.18 0.39%
19 000900
4,951,238.75 0.36%
20 600123
4,663,627.30 0.34%
2004 9 15 ( ) 2004 12 31
1,106,395,816.01
-19,589,448.27
2004 12 31
( ) (%)
1
167,919,700.00 12.13%
23
27
2
40,000,000.00 2.89%
3
53,312,897.16 3.85%
4
89,149,000.00 6.44%
350,381,597.16 25.31%
2004 12 31
(%)
1 04 78
49,685,000.00 3.59%
2 02 14 48,280,000.00 3.49%
3 04 1
39,072,000.00 2.82%
4 21 15
31,214,700.00 2.25%
5
30,048,000.00 2.17%
1
2
3 2004 12 31
1
500,000.00
2
1,959,524.84
3
49,250.00
4
226,100,000.00
5
277,801.20
228,886,576.04
4 2004 12 31
(%)
1 100117
3,585,374.40 0.26%
24
27
2004 12 31
%
%
20,770 67,189.52 868,385,480.03 62.23% 527,140,864.73 37.77%
1,669,305,034.88
2004 9 15 ( )
2004 12 31
1,669,305,034.88
64,427,733.40
338,206,423.52
1,395,526,344.76
25
27
2004 9 17
2004 12 31
223,754,532.27 15.96% 61,974,631.91 33.31% 1,490,900,000 38.02% 167,981.27 15.44%
207,384,653.99 14.80%
162,280.77 14.91%
341,991,634.61 24.40% 74,400,017.47 40.00% 2,014,300,000 51.37% 259,958.71 23.89%
226,233,410.20 16.14%
177,028.80 16.27%
187,154,032.77 13.35% 44,553,832.87 23.95% 416,100,000 10.61% 148,872.04 13.68%
96,586,495.77 6.89% 5,100,528.22 2.74%
79,151.92 7.28%
118,583,445.24 8.46%
92,791.64 8.53%
1,401,688,204.85 100.00% 186,029,010.47 100.00% 3,921,300,000 100.00% 1,088,065.15 100.00%
1
2004-9-21
2
2004-10-27
3
2004-11-25
1.
2.
3.
4.
5.
26
27
6.
2 00 5 3 30
27
27
