2006 03 292006 03 24 2005 4 13 2005 4 13 2005 12 31
......................................................................................................... 4
.................................................................................................. 4
..................................................................................................... 5
..................................................................................................... 5
.......................................................................................... 6
.................................................................................................. 6
2005 4 13 2005 12 31 ............................ 6
..................................................................................................... 7
.......................................................................................... 8
............................................................................ 9
......................................................................... 9
.......................................................................................... 9
........................................................................................ 10
2005 12 31
.......................................................................... 24
.............................................................................. 24
.......................................................................... 25
................................................................................. 25
“ ” “ ” ................................. 26
........................................................................................ 27
A A B B A 370010A B 370010B 2005 4 13 A 71,720,202.94 B 243,951,186.13
1 2 Money-supply Expectations Effect Fisher
Effect Flow of Funds3 6 4
99 20 200120 8621-38794888 8621-68881170 alan.wang@jpmf-sitico.com
25 100032 8610-67597420 8610-66212639
8610-66212571
yindong@ccb.cn
www.51fund.com 99 20
202 11 99 20 2005 4 13 2005 12 31 2005-04-13 2005-12-31
A 1,233,381.41
1 B 1,869,840.49
A 0.0063
2 B 0.0085
3 A 0.00
B 0.00
A 0.00
4 B 0.00
A 71,720,202.94
5 B 243,951,186.13
A 1.0000
6 B 1.0000
A 0.63%
7 B 0.85%
A 0.6628%
8 B 0.8377%
A 0.6628%
9 B 0.8377%
1 A
0.2787% 0.0356% 0.4174% 0 -0.1387% 0.0356%
3 B
0.3396% 0.0431% 0.4174% 0 -0.0778% 0.0431%
A
0.4872% 0.0270% 0.8348% 0 -0.3476% 0.0270%
6 B
0.6096% 0.0324% 0.8348% 0 -0.2252% 0.0324%
A
0.6628% 0.0251% 1.1932% 0 -0.5304% 0.0251%
B
0.8377% 0.0307% 1.1932% 0 -0.3555% 0.0307%
2005 4 13
22005 4 13 2005 4 13 2005 12 31 3
2005 4 13 2005 4 13 2005 12 31
10 A
0.066
2005 B
0.083 2005 4 13
2004 5 12 1.5 2005 2004 9 15 1,669,305,034.88 2005 4 13 991,360,522.73 2005 10 11 767,620,088.15 1974 4 3 1993
2000 2004 2006 2 13 1975 8
1 2005
2005 20051998 -- AAA AAA
2 2006
2006 2005 CPI CPI
2006 2005
2006
2006
1
2 3
4
5
,
(2006) 201
2005 12 31 2005 4 13 ( ) 2005 12 31
2005 12 31 2005 4 13 ( ) 2005 12 31
·
2006 2 28
2005 4 13 2005 12 31
2005 12 31 5(a) 4,263,928.07
9,371,471.01
0.00
45,017,300.00
0.00
5(b) 37,341.97
30,834,686.10
0.00
0.00
0.00
39,256,259.06
39,256,259.06
0.00
0.00
5(c) 206,000,000.00
5(d) 2,305.67
0.00
334,783,291.88
0.00
18,605,000.00
0.00
94,735.52
28,707.72
18,086.54
5(e) 22,054.11
0.00
85,089.33
0.00
5(f) 13,500.00
0.00
0.00
5(g) 244,729.59
0.00
19,111,902.81
5(h) 315,671,389.07
71,720,202.94
243,951,186.13
0.00
0.00
315,671,389.07
334,783,291.88
2005 4 13 ( ) 2005 12 31
2005 4 13
( )
2005
12 31
0.00
5(j)
244,755.97
0.00
1,509,090.12
339,152.50
0.00
3,175,169.27
0.00
5,268,167.86
992,054.65
300,622.64
0.00
0.00
5(l)
374,171.58
5(m)
498,097.09
0.00
198,229.59
42,000.00
2,164,945.96
3,103,221.90
0.00
3,103,221.90
2005 4 13 ( ) 2005 12 31
2005 4 13
( )
2005
12 31
991,360,522.73
3,103,221.90
0.00
3,103,221.90
1,065,061,811.10
2,659,539.46
(1,740,750,944.76)
(675,689,133.66)
(3,103,221.90)
315,671,389.07
2005 4 13 ( ) 2005 12 31
3,103,221.90
0.00
0.00
3,103,221.90
5(n)
(3,103,221.90)
0.00
2005 4 13 ( ) 2005 12 31
1
( ) ( ) [2005] 15 2005 3 28 2005 4 8 991,196,238.02 164,284.71 164,284.71 (2005) 38 2005
4 13 991,360,522.73
397
2
3
(a)
1 1 12 31 2005 4 13 ( ) 2005 12 31
(b)
(c)
(d)
0.25%
(e)
(f)
(g)
(g)
0.33%
0.1%
A B 0.25% 0.01%
(h)
1.00
(i)
1.00
(j)
(k)
(l)
4
[2002]128
[2004]78
(a)
(b)
2004 1 1
(c)
20%
5
(a)
2005 12 31
4,263,928.07
0.00
4,263,928.07
(b)
2005 12 31
26,529.27
6,173.78
4,638.92
37,341.97
(c)
2005 12 31
(d)
2005 12 31
947.27
1,358.40
2,305.67
(e)
2005 12 31
(f)
2005 12 31
(g)
2005 12 31
198,229.59
42,000.00
4,500.00
244,729.59
(h)
A B
(a) 577,851,238.02 577,851,238.02 413,345,000.00 413,345,000.00
(a) 114,240.88 114,240.88 50,043.83 50,043.83
577,965,478.90 577,965,478.90 413,395,043.83 413,395,043.83
(b) 595,021,818.95 595,021,818.95 470,039,992.15 470,039,992.15
1,051,784.37 1,051,784.37 1,607,755.09 1,607,755.09
(b) (1,101,267,094.91) (1,101,267,094.91) (639,483,849.85) (639,483,849.85)
2005 12 31
71,720,202.94 71,720,202.94 243,951,186.13 243,951,186.13
1)
2005 3 28 2005 4 8 991,196,238.02
164,284.71 164,284.71
2)
2005 4 13 ( ) 2005 4 20 2005 4 21
(i)
(j)
2005 4 13
( ) 2005
12 31
840,872,469.64
(581,657.21)
(840,046,056.46)
244,755.97
(k)
(l)
2005 4 13
( ) 2005 12 31
A
358,447.33
B
15,724.25
374,171.58
(m)
2005 4 13
( ) 2005
12 31
198,229.59
162,310.04
72,054.11
42,000.00
12,000.00
11,103.35
400.00
498,097.09
(n)
2005 4 13
( ) 2005
12 31
A 1,233,381.41
B 1,869,840.49
3,103,221.90 3,103,221.90 2,659,539.46
( 10) 358,593.11 85,089.33
(o)
1)
( )
( )
( )
( )
2)
0.33% X 0.33%
/
992,054.65
3)
0.1%
X 0.1% /
300,622.64
4)
A B 0.25% 0.01%
X /
2005 4 13
( ) 2005
12 31
A
315,405.25
5,435.64
B
304.15
14,527.22
335,672.26
5)
2005 12 31 4,263,928.07 220,793.20
6)
2005 4 13
( ) 2005
12 31
9,723,000.00
29,457,000.00
9,716,000.00
0.00
7)
8)
2005 8 12 16 67 33 51 49
9)
(p)
2006 1 25 2005 12 26 2006 1 24 1.00
2006 2 27 2006 1 25 2006 2 26 1.00
2005 12 31
39,256,259.06 11.73%
206,000,000.00 61.53%
0.00 0.00%
13,635,399.08 4.07%
75,891,633.74 22.67%
334,783,291.88 100.00%
0.00 0.00% 0.00 0.00%
0.00 0.00% 0.00 0.00%
20%
1 51
76
2
2 1 30 83.84% 0.00%
2 30 60 0.00% 0.00%
3 60 90 0.00% 0.00%
4 90 180 0.00% 0.00%
5 180 397 12.44% 0.00%
96.28% 0.00%
1 1 0.00 0.00%
0.00
0.00%
2
0.00 0.00%
3 39,256,259.06 12.44%4 0.00 0.00%
5 0.00 0.00%
39,256,259.06 12.44%
0.00 0.00%
2 1 05 124 400,000
39,256,259.06 12.44%
2 3 4 5 6 7 8 9 10
0.25 -0.5 0
0.1623% -0.0092%
0.0594%
1
0.5%
2 397 397 04 17 20%
3 4 5 6 2005 12 31 1 0.00
2 45,017,300.00
3 37,341.97
4 30,834,686.10
5 0.00
6 2,305.67
7 0.00
75,891,633.74 A 1,680 42,690.60 7,786,622.10 10.86% 63,933,580.84 89.14%
B 6 40,658,531.02 233,620,443.85 95.77% 10,330,742.28 4.23%
2005 4 13 991,360,522.73
A
577,965,478.90
B
413,395,043.83
A
593,970,034.58
B
468,432,237.06
A
1,051,784.37
B
1,607,755.09
A
1,101,267,094.91
B
639,483,849.85
A 71,720,202.94
B 243,951,186.13
1 22005 10 31 , 2006 3 14
3 4 5 25 3,103,221.90 6 7 8 1 1 10,112,100,000.00 100% 72,054.11 100%
1 10,112,100,000.00 100% 72,054.11 100%
9 1) 2005 4 18 2005 4 21 2) 2005 4 28 “ ”
3) 2005 5 31 4) 2005 6 17
5) 2005 8 12 16 51 49
6) 2005 9 29 " " 7) 2005 10 11 8) 2005 12 2 9) 2005 12 29 " " 10) 2005 3 16 200511) 2005 3 25 2005
12) 2005 6 17 19.9
13) 2005 7 1 “ ” “ ”
14) 2005 10 27
1 2 3 4 5 6 www.51fund.com 2006 03 27
