[ 2005 15 ]
[2005 2 4
]
1.
2.
3.
4.
5.
6.
........................................................................................................................1
........................................................................................................................1
............................................................................................................4
..........................................................................................................11
......................................................................................................15
..........................................................................................................23
..................................................................................23
......................................................29
..........................................................................................................30
..........................................................................................................39
......................................................................................................39
..............................................................................................40
..............................................................................................42
..........................................................................................43
..........................................................................................45
..............................................................................................46
..........................................................................................................49
..........................................................................................51
......................................................................................52
..............................................................................59
..........................................................................63
..........................................................................................63
..................................................................63
......................................................................................................64
1
2
/
3
( )
3
T
4
99 20
2004 5
12
5
99 20
021 3879 4999
150,000,000
1.
6
7
2.
3.
4.
8
5.
1975 8 2005 9 2007 8
2005 4 8 2005 10 11 2005 10 12 2006 2 14
6.
1
2
3
4
5
6
7
8
9
10
11
9
12
1
9 9 , ,
, , ,
2
1
1
2
3
4
5
10
2
1
2
3
4
3
1
2
4
1
2
3
4
5
6
11
( )
25
1 1
2004 09 17
[1998]12
(010) 6759 5003
1954 1996 2004 9
12
( HK0939) 2005 10 27 2006 9 11 H 2007 9 25 A A 233,689,084,000 224,689,084,000 H 9,000,000,000 A 2008
2008 6 30 586.92 71.34% 1.72% 26.36% 0.54 6.56 0.25 0.10 70,577.06 6.96% 2.21% 0.39 117.23% 12.82
1.4 2006 12 ( ) 100 ( ) ( )
2008 500 18 2000 69 500 62 500 20 500 171 59
QFII 12 110
2008 AICPA 70 SAS70 SAS70
13
2008 6 30 7 ( 3 ) 88
180ETF ETF 71
14
1.
2.
3.
15
4.
1.
2.
16
17
18
19
20
21
22
1515 2202-2207
1515 2202-2207
021-5298 5566
021-5298 5577
1233 1604-1608
8621-61233277
23
991,196,238.02 164,284.71 7,491 991,196,238.02 164,284.71 991,360,522.73
1
24
2
7
3
7
4 3 1
1 1.00
2
3
4 3 1
5 3
10,000 1,000
1,000
10,000 10,000
1
25
2
3
T
1 T 2
1.00
1
0
=
0.01 2 3
2
0
= ×
= × +
26
1
1
2
3
4
5
6
2 1
3
1 1
1 2 1 1
2 2 1 3 1
1
1
2
3
27
4
5
6
2 2 3
1
1 10%
2
1
2 10% 1 1 1 1
28
3 , ,
3
20
1
2 T 1 T 2
3 T 1
4 3
29
1 “ ”
2 “ ”
3 “ ”
30
5
T T+1 T+3
( )
31
1
2 1 1
3 397 397
4 1 1
5 1 1
6
( Money-supply
Expectations Effect) (Fisher Effect) (Flow of Funds)
/ /
32
5)
1)
2)
3)
33
4)
5)
2008 6 1
1
1)
2)
3)
4)
5)
6)
7) 397 AAA
34
8)
9)
2
1 10%
2 30% 5%
3 40%
4
∑ ∑ ∑
× × ×
35
36
60
1
4,783,203,092.92 74.08
1,200,302,800.75 18.59
0.00 0.00
409,501,734.80 6.34
63,843,837.52 0.99
6,456,851,465.99 100.00
2
0.00 0.00 1
0.00 0.00
0.00 0.00 2
0.00 0.00
3
1
2008 1 1 2008 6 30
52
60
25
37
2
52.76 3.84
1.13 0.00
27.89 0.00
5.35 0.00
5.82 0.00
5.82 0.00
8.07 0.00
0.00 0.00
8.65 0.00
0.00 0.00
103.19 3.84
4
1
0.00 0.00
2,181,805,035.76 35.22
2,601,398,057.16 41.99
2,601,398,057.16 41.99
0.00 0.00
0.00 0.00
0.00 0.00
4,783,203,092.92 77.21
762,240,723.46 12.30
2
38
070312 07 12 4,300,000429,360,872.94 6.93
070418 07 18 4,000,000400,323,822.63 6.46
070412 07 12 4,000,000399,939,954.45 6.46
0801048 08 48 4,000,000 399,111,453.01 6.44
0701081 07 81 4,000,000398,861,201.38 6.44
0801039 08 39 3,000,000299,850,608.96 4.84
040220 04 20 2,600,000260,804,807.43 4.21
070213 07 13 2,000,000200,082,334.10 3.23
0701091 07 91 2,000,000199,005,519.17 3.21
0801016 08 16 2,000,000195,120,953.23 3.15
5
2008 1 1 2008 6 30
0.25 -0.5 0
0.0071%
-0.0620%
0.0182%
6
1
2 397 397 20%
3 4 5 6)
2008 6 30
39
1
38,906,787.17
2
24,937,050.35
63,843,837.52
7)
0.6628% 0.0251% 1.1932% 0 -0.5304%0.0251% 2005/4/13 2005/12/31 0.8377% 0.0307% 1.1932% 0 -0.3555%0.0307%
1.4773% 0.0274% 1.7093% 0.0002% -0.2320% 0.0272% 2006/1/1 2006/12/31 1.7199% 0.0313% 1.7093% 0.0002% 0.0106% 0.0311%
3.3267% 0.1387% 2.4441% 0.0017% 0.8826% 0.1370% 2007/1/1 2007/12/31 3.5741% 0.1410% 2.4441% 0.0017% 1.1300% 0.1393%
1.2827% 0.0689% 1.6245% 0.0020% -0.3418% 0.0669%
2008/1/1 2008/6/30
1.4032% 0.0747% 1.6245% 0.0020% -0.2213% 0.0727%
( )
( )
( )
( )
40
1
2
3
4
5
1
2
3
4
41
0.5% “ ” 1
5
6
1
2
3.
4
1
2 0.5%
3
4
5
42
6
1 4 5
2
43
1
1)
2)
3)
4)
5)
6)
7)
8)
2
1
0.33%
H E× ÷
H
44
E
3
2
1 0.10%
H E× ÷
H
E 1
3
3
4
1 4 7
45
3
4
1
2
5
1
2 1 1 12 31 2
3
4
5
6
7
46
1
2
3 5
, ,
1 , 3 ,
2
3
4 , 6 45 , 15
47
,
,
1 90 , ,
2 60 ,
3 15 ,
2 ,
, 2 , ,
, :
1
2
3
4
5
48
6
7
8
9 1 50%
10 1 30%
11
12
13 ,
14
15
16
17 0.5%
18
19
20
21
22
23
24
25
26
27
, , ,
49
, ,
, ,
( )
1
(1)
(2)
(3)
(4)
2
50
3
4
5
6
7
8
60
9
51
( )
1
2
1
2 6
3 6
4
1
1 30
2
3
2
1
2
3
4
52
5
6
7
3
4
1
2
3
4
1 3
5
6
7
15
53
2.
2)
54
1)
2)
3)
15)
55
18)
56
1.
57
2.
6
3.
58
4.
1)
2)
4)
59
1.
99 20
99 20
200120
2004 5
12
[2004]56
15000
2.
60
1.
1)
2) , ,
3)
2.
1)
2) , ,
3)
61
3.
1
2
3
4
5
6
1
2
62
1
2
3
4
63
1.
2.
021 3879 4888
www.51fund.com
1 2008 5 28
64
( )
( )
( )
( )
( )
( )
( )
( )
