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1
Babson Capital
House 1992 1996 1996 1997 1997 2000 1997 2001
1975 (BA) 1999 (MBA) 1990 1998 (LGT Asset Management Asia Ltd.) 1998 (INVESCO) (LGT Asset
Mangement)
1995 9
1972 HKSA ACCA CPA CMA 1972-1977 [KPMG]
1982 1987
C1yde
Co. 1993
2
8
Mr. Dean Chisholm London School of Economic (Institute of Chartered Accountants in England and Wales) (PwC) Hong Kong
Securities Industry Group Omgeo Hong Kong Advisory Board
1989 1992
3
9 2003 10 2005 5
1989 1992 2003 6 2005 5
2005
9 2006 2
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5
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2 9 1997 2000 7 2003 3
3 9 2005
3
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9
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3
4
5
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9
10
11
12
13
14
15
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2
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4
5
6
7
8
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16
17 15
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19
20
21
22
23
24
25
26
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4
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3
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2
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4
5
6
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8
9
10
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15
5
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1983 10 31
1998 24
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2006 27 1500 47000
2006 11,241 37 283 10277 643
1912 1949 37
1994 1994 1995 2000 2001 10
2002 7
2004 7 14 2008 17
2003 2004 8 26
2006 6 1 754.27 H 2006 7 5 A
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2004 8 2003 3
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2004 8 2002 9 2004 8 1994 7 2002 9 1988 1994 7 1952 5 1977 1999
2006 8 2004 8 2003 11 1997 4 2003
11 1964 4 1987 2005
2005 10 2005 5 2005 10 2004 4 2005 5 2002 7 2004
4 1999 6 2002 719
1997 9 1999 6 1995 11 1997 9 1991 5 1995 11 1987 10 1991 5 1982 8 1987 9 1978 2 1982 7 1955 5 1978
2007 3 100 300 180 2020 49
1998 2005 3 23
90 21 10
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2004 8 13 2007 2 27 2004 8 10 2007 2 27
1
2
3 27
4 3
1
2
3
T T+2
4
T+5 T 7
5 T T+1
1 1,000 50 1,000
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3
4
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2
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1
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0
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1 75 25
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2007 4 13 2007 4 11
1
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2
=
=
=
10,000 0.4%, 1.1489
= 10,000 1.1489 = 11,489 29
= 11,489 0.4% = 45.96
= 11,489-45.96 = 11,443.04
T+1 T+2
T+1
3
1
10%
2
1
2
10
3
3 20
( )
1 30
1
2
3
4
5
6
2
1
2
3
1
1 1
31
3
1
2
3
T T+2
4
T+1
1 1,000 1,000
1,000
2
3 1.00
4 1.00
1
= /1.00
2
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32
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1
2003 12 5
3
1
2
3
4 3
1
2
3 33
T T+2
4
5 T T+1
1 3
2
M
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100 M<200 1.0%
200 M<500 0.6%
M 500 500 /
0
0
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34
A B, :
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:B B
A A
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T+1
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1
2
3
35
1
1 1
3
1
2
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4
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1
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37
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BBB+ AA+
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40
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5
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6
7
3 6
1
2
3
4
5
6 41
7
8
9
10
1
2
3
4
1
1
2
3 397
4 AAA
5
2
1 10%
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3 180
4
5 20% 20% 5
6 397 397 20%
7 397
8 42
2007 3 31
( )
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1,635,903,223.59 20.88%
337,383,639.83 4.31%
0.00 0.00%
0.00 0.00
18,870,394.84 0.24%
7,833,938,998.12 100.00%
( )
( )
A
0.00 0.00%
B
30,684,325352,312,603.23 4.57%
C
125,632,0611,807,060,918.20 23.46%
C 0
2,718,832206,977,463.43 2.69%
C 1
0.00 0.00%
C 2
0.00 0.00%
C 3
7,228,562109,368,143.06 1.42%
C 4
11,074,399122,057,798.45 1.58%
C 5
0.00 0.00%
C 6
85,486,0911,100,074,944.77 14.28%
C 7
16,998,495219,733,270.23 2.85%
C 8
2,125,682 48,849,298.26 0.63%
C99
0.00 0.00%
D 28,350,157381,240,252.58 4.95%
E
0.00 0.00%
F
13,165,925209,408,703.93 2.72%43
G
42,159,877424,420,538.30 5.51%
H
4,457,556138,269,107.70 1.79%
I
129,835,0652,208,163,062.54 28.66%
J
10,989,257176,865,373.63 2.30%
K
1,327,606 16,409,210.16 0.21%
L
898,049 26,932,489.51 0.35%
M
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394,322,3365,841,781,739.86 75.83%
( )
600000
15,584,810 416,426,123.20 5.41%
600036
22,787,575 396,048,053.50 5.14%
601318
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600900
24,961,827 325,502,224.08 4.23%
601628
8,216,902 289,481,457.46 3.76%
600016
22,479,906 279,650,030.64 3.63%
601398
47,999,914 263,519,527.86 3.42%
600028
25,105,516 249,297,773.88 3.24%
000898
15,701,597 228,772,268.29 2.97%
600030
4,855,001 208,910,693.03 2.71%
( )
0.00 0.00%
0.00 0.00%
0.00 0.00%
1,621,537,223.59 21.05%
14,366,000.00 0.19%
1,635,903,223.59 21.24%
( )
44
06 14 4,300,000 429,732,740.00 5.58%
07 03 3,000,000 298,007,843.48 3.87%
06 08 1,500,000 150,052,890.00 1.95%
06 06 1,350,000 133,191,423.48 1.73%
06 27 1,300,000 128,347,709.40 1.67%
( )
( )
1
2
( )
1
2
3
( )
653,743.01
18,216,651.83
18,870,394.84
4
45
( )
223,068,824.17 95.82%
0.00 0.00%
0.00 0.00%
2,616,257.50 1.13%
0.00 0.00%
7,106,375.01 3.05%
232,791,456.68 100.00%
( )
( )
1
0.00 0.00%
0.00 0.00%
2
0.00 0.00%
0.00 0.00%
1
2
( )
1
134
152
113
180
2
46
% % 1 30 11.91% 0.00%
2 30 ( ) 60 0.00% 0.00%
3 60 ( ) 90 12.78% 0.00%
397 8.49% 0.00%
4 90 ( ) 180 55.11% 0.00%
5 180 ( ) 397 ( ) 17.64% 0.00%
97.44% 0.00%
( )
1
( ) (%)
1
0.00 0.00%
2
39,659,649.98 17.12%
39,659,649.98 17.12%
3
183,409,174.19 79.19%
4
0.00 0.00%
223,068,824.17 96.31%
397 19,657,470.78 8.49%
2
( )
(%)
1 06 68 600,000 59,267,989.41 25.59%
2 06 51 300,000 29,763,285.34 12.85%
3 06 24 250,000 24,967,875.02 10.78%
4 06 05 200,000 20,002,179.20 8.64%
5 06 60 200,000 19,795,554.16 8.55%
6 05 07 200,000 19,657,470.78 8.49%
7 06 82 110,000 10,821,984.20 4.67%
8 05 31 100,000 10,030,613.90 4.33%
9 06 37 100,000 9,952,460.49 4.30%47
10 06 53 100,000 9,915,244.02 4.28%
( )
0.25%( )-0.5% 0
0.1857%
0.0904%
0.1393%
( )
1 1.00
2 397 397 20%
3
4
( )
1
358,881.10
2
6,747,493.91
7,106,375.01
48
( )
849,672,329.65 66.82%
259,853,771.36 20.43%
103,293,919.75 8.12%
0.00 0.00%
47,798,340.03 3.76
11,039,339.37 0.87%
1,271,657,700.16 100.00%
( )
A
632,755 18,211,649.00 1.46%
B
1,746,830 39,139,864.10 3.13%
C
17,181,986 378,794,788.66 30.34%
C 0
1,920,000 114,837,000.00 9.20%
C 1
0.00 0.00%
C 2
0.00 0.00%
C 3
0.00 0.00%
C 4
1,600,000 26,474,000.00 2.12%
C 5
0.00 0.00%
C 6
9,100,000 149,826,000.00 12.00%
C 7
1,650,000 33,441,000.00 2.68%
C 8
2,911,986 54,216,788.66 4.34%
C 99
0.00 0.00%
D
0.00 0.00%
E
0.00 0.00%
F
1,173,071 13,888,669.28 1.11%
G
450,000 19,755,000.00 1.58%
H
2,819,200 111,252,952.00 8.91%
I
11,451,000 215,140,550.00 17.23%
J
3,244,107 53,335,856.61 4.27%
K
36,000 153,000.00 0.01%
L
0.00 0.00% 49
M
0.00 0.00%
38,734,949 849,672,329.65 68.05%
( )
600519
820,000 77,490,000.00 6.21%
600016
5,100,000 63,444,000.00 5.08%
600036
3,500,000 60,830,000.00 4.87%
600000
2,000,000 53,440,000.00 4.28%
600694
1,310,000 48,339,000.00 3.87%
000825
2,500,000 46,725,000.00 3.74%
002024
700,000 44,800,000.00 3.59%
600456
1,000,000 41,000,000.00 3.28%
000002
1,900,000 31,521,000.00 2.52%
600022
2,700,000 30,969,000.00 2.48%
( )
0.00 0.00%
0.00 0.00%
0.00 0.00%
259,853,771.36 20.81%
0.00 0.00%
259,853,771.36 20.81%
( )
06 05 2,550,000 254,820,271.36 20.41%
05 07 50,000 5,033,500.00 0.40%
( )
50
( )
1
2
( )
1
2
3
941,722.73
3,609,729.90
6,487,886.74
11,039,339.37
4
2007 3 31
1
1
2
3
4
1 - 3 2 - 451
2003 10 24 12 31
6.75% 0.62% 4.62% 0.97% 2.13% -0.35%
2004 7.63% 0.95% -12.93% 1.07% 20.56% -0.12%
2005 3.32% 0.93% -5.27% 1.12% 8.59% -0.19%
2006 130.58% 1.19% 92.74% 1.07% 37.84% 0.12%
2007 1 1 -2007
3 31
16.82% 2.04% 19.10% 1.90% -2.28% 0.14%
2003 10 24 -2007 3 31 219.76% 1.11% 98.12% 1.16% 121.64% -0.05%
2
2003 10 24 2007 3 31
-50.00%
0.00%
50.00%
100.00%
150.00%
200.00%
250.00%
2003 10 24 2004 8 24 2005 6 24 2006 4 24 2007 2 24
70% 80% 20% 30% 2003 10 24 2004 1 23 52
1
1
2
3
4
1 - 3 2 - 4 2003 10 24 2003
12 31
0.51% 0.02% 1.71% 0.34% -1.20% -0.32%
2004 01 01 2004
12 31
1.35% 0.20% -2.42% 0.35% 3.77% -0.15%
2005 01 01 2005
07 14
2.51% 0.11% 8.03% 0.21% -5.52% -0.10%
2003 10 24 2005
07 14
4.42% 0.17% 7.23% 0.31% -2.81% -0.14%
2
2003 10 24 2005 7 14
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
2003 10 24 2004 4 24 2004 10 24 2005 4 24
0% 20% 80% 100% 2005 7 7 2005[121] 2005 7 14 53
1
1
2
3
4
1 -
3
2 - 4 2005 7 15
-12 31
0.8862% 0.0033% 0.8384% 0.0000% 0.0478% 0.0033%
2006 1.8290% 0.0029% 1.8798% 0.0003% -0.0508% 0.0026%
2007 1 1 -2007 3 31
0.5062% 0.0006% 0.5054% 0.0002% 0.0008% 0.0004%
2005 7 15
-2007 3 31
3.2514% 0.0029% 3.2236% 0.0003% 0.0278% 0.0026%
2
2005 7 15 2007 3 31
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
2005 7 15 2006 1 15 2006 7 15 2007 1 15
1 2005
7 7 2005[121] 2005 7 14
2 54
55
1
1
2
3
4
1 -
3
2 -
4
2003 10 24 12 31
3.89% 0.35% 0.75% 0.01% 3.14% 0.34%
2004 6.85% 0.68% 4.03% 0.01% 2.82% 0.67%
2005 0.31% 0.62% 4.29% 0.02% -3.98% 0.60%
2006 120.70% 1.16% 4.30% 0.01% 116.40% 1.15%
2007 1 1
-2007 3
31
13.51% 2.03% 1.09% 0.02% 12.42% 2.01%
2003 10 24 -2007
3 31
178.95% 0.97% 15.26% 0.01% 163.69% 0.96%
2
2003 10 24 2007 3 31
-50.00%
0.00%
50.00%
100.00%
150.00%
200.00%
250.00%
2003 10 24 2004 8 24 2005 6 24 2006 4 24 2007 2 24
20% 80% 20% 80%56
2003 10 24 2004 1 23
1
2
3
4
5
6
7
8
9
57
1
2
1
2
3
4
5
6
7
858
9
0.5%
1
2
1
2
359
4
5
6
7
3
1
2
3
4
5 0.5%
1
2
3
60
1
1
2
3
4
2
3 “ ” 0.25% 0.5%
4
5
0.5%
1
61
2
1
2
3
4
5
6
3
1
2
3
4
5 0.5% 62
1
2
3
4
5
1
2
3
4
5 3 4
6
7
1
2
163
0.01
2
3
4 T
5
6
7
1
2
= /
10000
[ Ri/7 365 /10000 ] 100%
Ri
i
i=1,2 7
3
1
1 64
2
3
4
5
6
7
8
1/n n =
2
1
H=E
H
E
1.5%
1.5%
2
H E
H
E
65
0.25%
0.25%
3
4 1 3 8
3
4
1
1
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1.5%
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100 M 200
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200 M 500
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M 50
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1.2%
100 M 200
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M
2
66
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2
1
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0
1
0.4 %
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2
0
1 365 2 730
2
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3 75 25
3
M
M<50 1.5%
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100 M<200 1.0%
200 M<500 0.6%
M 500 500 /
0
0
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1
2
3
4
5
6
7
8
1
0.33%
H=E
H
E
2
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H E
H
E
3
68
H E
H
E
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4
5 4 8
1
2 1 1 12 31 3
3
4
5
6
7
1
269
3 5
3
1
70
1
2
3
4
5
6
7 ;
8
9
10
11
12
13
14 71
15
16
17
18
19
20
21
22
23
24
25
26
(www.invescogreatwall.com)
72
1
2
3
4
5
85%
73
1
2
3
4
5
6
7
1
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