2008 2
“ ” 2005 4 25 [2005]68 2005 6 30
2008 12 30 2008 9 30
2008 6 30
i
...................................................................................................................................1
...................................................................................................................................1
.......................................................................................................................4
.....................................................................................................................10
.................................................................................................................14
.....................................................................................................................36
.............................................................................................................37
.....................................................................................37
.....................................................................................................................50
.....................................................................................................................60
.................................................................................................................60
.........................................................................................................61
.....................................................................................................63
.....................................................................................................65
.....................................................................................................66
.........................................................................................................66
.....................................................................................................................70
.....................................................................................................72
.................................................................................................74
.........................................................................................84
.....................................................................................89
.....................................................................................................91
.................................................................................93
.................................................................................................................93
1
“ ” “ ” “ ” “ ” “ ”
/
2
2003 10 28 2004 6 1
2004 6 25 2004 7 1
2004 6 29 2004 7 1
1998 12 29
3
/ /
T
T+n T T n n
4
A
33 B 3
1998 4 9
400-818-6666
010-88066511
13800
100%
100%
1
5
2
2004 7 2008 1 23 2005 6 30
2007 2007 4 18 2009 1 1 2007 9 10 2009 1 1 2009 1 1
CFA 2003 LOF 2007
9 27 2009 1 1 2009 1 1
3
6
LOF
4
1
2
3
4
5
6
7
8
9
10
11
12
1
2
3
7
1
2
3
4
5
6
7
8
4
1
2
3
4
5
5
1
2
3
1
8
1 3
2
3
2
3
1
9
2
3
4
5
10
4
5
6
1
2
3
1
( )
25
1 1
2004 09 17
[1998]12
010-67595003
“ ”
11
1954 1996 “ ” 2004 9 ( 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
12
2
3
2008 12 31 7 ( 3 ) 88 180ETF ETF 2026
13
89
1
2
3
1
“ —— ”
2
1
14
2
3
4
1
A
33 B 3
400-818-6666
010-88066511
2
1
55
55
95588
010-66107914
www.icbc.com.cn
2
69
69
15
95599
010-85109219
www.abchina.com
3
1
1
010-66596688
010-66593777
www.boc.cn
95566
4
25
1 1
95533
010-66275654
www.ccb.com
5
188
188
021-58781234
021-58408842
www.bankcomm.com
16
95559
6
7088
7088
0755-83198888
0755-83195049 0755-82090817
www.cmbchina.com
95555
7
8 C
8 C
010-65541405
010-65541281
http://bank.ecitic.com
95558
8
500
12
021-61618888
021-63602431
www.spdb.com.cn
95528
9
5047
17
5047
0755-82088888
0755-82080714
www.sdb.com.cn
95501
10
154
168
021-52629999
021-62569070
www.cib.com.cn
95561
11
6
6
95595
010-68560661
www.cebbank.com
12
4
4
95568
010-58560794
18
www.cmbc.com.cn
13
131
131
11185
010-66415194
www.psbc.com
14
17
17
010-66223251
010-66223314
www.bankofbeijing.com.cn
010-96169
15
22
22
010-85238423
010-85238680
www.hxb.com.cn
95577
16
19 B
19
5 B 4
010-66045522
010-66045500
www.txsec.com www.txjijin.com
010-66045678
17
618
168
021-38676666
021-38670666
www.gtja.com
021-962588 400-888-8666
18
66 4
188
400-888-8108
010-65182261
www.csc108.com
19
1012
1010 9
0755-82130833
0755-82133302
20
www.guosen.com.cn
800-810-8868
20
38-45
A 40
0755-82943666
0755-82943636
www.newone.com.cn
400-888-8111 95565
21
26 2611
183 36 38 41 42
020-87555888
020-87557985
www.gf.com.cn
020-87555888-875
22
6
6
010-84588266
010-84865560
www.ecitic.com
21
23
35 C
35 C
800-820-1868
010-66568536
www.chinastock.com.cn
24
98
689 10
021-23219000
021-63410456
www.htsec.com
021-962503 400-888-8001
25
5047 10 24 25
5047 10 24 25
0755-82492000
0755-82492962
www.lhzq.com
400-888-8555 0755-25125666
26
171
171
22
021-54033888
021-54030294
www.sw2000.com.cn
021-962505
27
99
166 22
021-68419974
021-68419867
www.xyzq.com.cn
021-68419393 1098
28
8
8
021-63219781
021-51062920
www.95579.com
400-888-8999 027-85808318
29
4018 35 28 A02
4018 35 28 A02
0755-82558305
0755-82558355
23
www.axzq.com.cn
400-800-1001
30
2 22-25
2 22-25
023-63786397
023-63786312
www.swsc.com.cn
31
11 A
11 A
0571-85783715
0571-85783771
www.96598.com.cn
0571-96598
32
63 12
958 5
021-68634518
021-68865680
www.xcsc.com
400-888-1551
33
18 36-37
24
18 36-37
020-37865026
020-37865008
www.wlzq.com.cn
400-888-8133
34
179
179
0551-2207938
0551-2634400-1171
www.gyzq.com.cn
400-888-8777 96888
35
29
3
022-28451861 13388022259 022-28451650 13702028181
022-28451892
www.ewww.com.cn
400-651-5988
36
90
90
025-84457777-893
25
025-84579879
www.htsc.com.cn
400-888-8168 025-84579897
37
69
69
0351-8686703
0351-8686619
www.i618.com.cn
400-666-1618
38
29 15 1507-1510
28
0532-85022026
0532-85022026
www.zxwt.com.cn
0532-96577
39
28
26
0512-65581136
0512-65588021
www.dwzq.com.cn
26
0512-96288 0512-65588066
40
318 2 22 -29
318 2 22 -29
021-63325888
021-63326173
www.dfzq.com.cn
95503
41
2 22-24
2 22-24
13857135668
0571-87782011
www.foundersc.com
95571
42
6008 14 16 17
6008 14 16 17
0755-83516289
0755-83516199
www.cc168.com.cn
0755-33680000 400-666-6888
43
1508
27
1508
021-68816000
021-68815009
www.ebscn.com
10108998
44
69
69
020-87322668
020-87325036
www.gzs.com.cn
020-961303
45
1138
1138
0431-85096709
0431-85096795
www.nesc.cn
0431-96688 0431-85096733
46
8
8
025-83364032
28
025-83364032
www.njzq.com.cn
47
336
336
021-51539888
021-65217206
www.962518.com
021-962518
48
15
15
010-68084591
010-68084986
www.xsdzq.cn
49
13
8
0351-4167056
0351-4192803
www.dtsbc.com.cn
50
168
29
8 6 7
0510-82831662
0510-82831589
www.glsc.com.cn
400-888-5288 0510-82588168
51
0755-82450826
0755-82433794
www.pa18.com
400-886-6338
52
46
46
0771-5539262
0771-5539033
www.ghzq.com.cn
400-888-8100 96100
53
1 30
1 30
0769-22119426
30
0769-22119423
www.dgzq.com.cn
0769-961130 0769-22380828
54
38
15 11
0371-65585670
0371-65585670
www.ccnew.com www.zyzq.cn
0371-967218
55
4028 26 11 12
3 9
010-84183389
010-64482090
www.guodu.com
400-818-8118
56
59 18 19
989 17
021-50586660
021-50586660-8880
www.longone.com.cn
31
0519-8166222 0379-64912266
57
200 39
200 39
021-68604866
021-50372474
www.bocichina.com.cn
58
111
111
021-68405273
021-68405181
www.cnht.com.cn
0471-4961259
59
15
15 10-13
0791-6285337
0791-6288690
www.gsstock.com
60
239
239
32
028-86126218
028-86155733
www.hx168.com.cn
400-888-8818
61
128
128
0531-81283728
0531-81283735
www.qlzq.com.cn
0531-82084184
62
7088 40-42
7088 40-42
0755-83199511
0755-83199545
www.csco.com.cn
63
12 B 25
12 B 25
0755-25832494
0755-25831718
33
www.fcsc.cn
0755-25832523
64
36 4
4001 17
0755-83025666
0755-83025625
www.jyzq.cn
400-888-8228
65
291
291
0791-6768763
0791-6789414
www.scstock.com
0791-6770351
66
96 202-203
178 5
0755-82707853
0755-82707850
www.chinalions.com
67
34
510 9
500 26
021-68761616
021-68767981
www.tebon.com.cn
400-888-8128
68
232 16-17
232 16-17
029-87406172
029-87406387
www.westsecu.com.cn
029-87419999
69
88
88
025-84784765
025-84784830
www.thope.com
70
308
308
0931-4890619
35
0931-4890118
www.hlzqgs.com
0931-4980618 0931-4890100
71
111
111
0571-87925129
0571-87925129
www.ctsec.com
0571-96336
72
48-50
48-50
0755-82026521
0755-82026539
www.cjis.cn
400-600-8008
A
33 B 3
400-818-6666
36
010-88066511
19 B
19 B
010-66575888
010-65232181
1 16
1 16
010-58153000
010-85188298
2005 4 25 [2005]68
1.00
2005 5 9 2005 6 10
770,195,182.55 11,432
37
2005 6 30
20
1
1
33 B 1 100032
010-88087226/27/28
010-88087225
2
11 100081
010-68458998/68458698/68458718
010-68458598
3
39 SOHO B 0104 100022
010-58693528/16/26
010-58693508
4
38
29 B 100027
010-64185181/82/83
010-64185180
5
9 (100190)
010-82523197/98/99
010-82523196
6
4 100062
010-67146300/400
010-67133146
7
2-4 100097
010-88892832/33/35
010-88892830
8
35 (100089)
010-68460370/0639/0796
010-68460232
9
103 A 100101
010-84871036/37/38/39
010-84871035
10
122 F-36 100102
010-64743055/2505/0335/5375
010-64746885
11
115 200135
021-68547366/7586/7566
39
021-68547277
12
108 (518026)
0755-82033033/88264716/88264710
0755-82031949
13
569 510630
020-38460001/1058/1152
020-38461077
14
www.ChinaAMC.com
2
“ ” “ ”
9:30~11:30 1:00~3:00
2005 8 1 2005 10 10
1 “ ”
40
2
3 3
1 1,000.00
2 1,000 1,000
3 3
1
2
T T+1 T+2 T T+1
T T+2
3
3
7
41
1
1
2
100 1.5%
100 100 -500 1.2%
500 500 -1000 0.8%
1000 1000 500
3
1 1.8%
1 2 1.5%
2 3 1.2%
3 4 1.0%
4 8 0.5%
8 0
2 0.5% 25%
3
( )
1
42
= / 1+
=
= /T
= /T
T 1.200 1,000 100 500
1 2 3
A 1,000.001,000,000.005,000,000.00
B 1.5% 1.2% 0.8%
(C=A/ 1 B ) 985.22 988,142.29 4,960,317.46
(D=AC) 14.78 11,857.71 39,682.54
(=C/1.200) 821.02 823,451.91 4,133,597.88
T 1.200 1000
4
A 10,000,000.00
B -
C=A×B 500.00
D=A-C 9,999,500.00
=D/1.200 8,332,916.67
T 1.200 1,000 100 500
1000
1 2 3 4
A 1,000.001,000,000.005,000,000.0010,000,000.00
43
=A/1.200 833.33833,333.334,166,666.678,333,333.33
2
/ /
×T
×
= -
×T
×
× × / 1
= - -
1.00
×T
×
× × / 1
= - -
T 10,000 1.250 / /
=10,000.00×1.250=12,500.00
=12,500.00×0.5%=62.50
=12,500.00-62.50=12,437.50
10,000 1.025 1.080 1.140
1 2 3
A 10,00010,00010,000
44
B 1.0001.0001.000
C 1.025 1.080 1.140
D=A×C 10,250.0010,800.0011,400.00
E=D×0.5% 51.2554.0057.00
F 1.2%0.9%0.7%
G=A×B×F/ 1+F 118.58 89.20 69.51
=D-E-G 10,080.1710,656.8011,273.49
1.200 10,000 1.230 1.300 1.360
1 2 3
A 10,00010,00010,000
B 1.200 1.200 1.200
C 1.230 1.300 1.360
D=A×C 12,300.0013,000.0013,600.00
E=D×0.5% 61.5065.0068.00
F 1.8%1.5%1.2%
G=A×B×F/ 1+F 212.18 177.34 142.29
=D-E-G 12,026.3212,757.6613,389.71
3 T T+1
1
2
3
4
45
5
1
2
3
4
20
1
+ 10
2
1
2 10%
46
3
2 20
1 1
2 1 1
3 2
1
2
1
2
3
47
4 T+1
5 1,000 1,000
6
7
3
3
1
2
3
4
5
6
4
1
48
2
3
I II I II
II I II II 0
1000 500 1000 1,000 1000 A B 500 1000 A B 1,000
I II I II
II I 0 A B 5
C
C
C
C
= 0
C 1000
C =500 - 0
C
49
=1,000 - 0
C
C
= / +
C
1 2
2 20
3
4
50
1
2
3
1
20% 95% 0 80% 1 5%
51
GDP CPI A A
2
3
i 3 2
ii
iii
i
4 4 1
1
P/B
P/E
/
P/E
FY3
/ EBIT
P/C
52
P/B 4 3 4
ii
a
GDP 1000
b
1
53
3
i
ii
54
iii
iiii
4
1
2
3
4
5
55
6
150
= 150 ×60% ×40%
1
2
3
4
5
6
7
8
56
1 10%
2 10%
3
4 1 5%
5
6
7 0.5
8 3
9 10
10 ( ) 10%
11 10%
12 10%
13 20%
14 BBB 3
1 2 8 9 11 13 10 3 7 8 9
3
57
1
2
2008 10 17
2008 9 30 ,
1
(%)
1
12,576,326,004.15 56.21
12,576,326,004.15 56.21
2
7,014,169,004.79 31.35
7,014,169,004.79 31.35
--
3
2,381,600.00 0.01
4
--
--
5
2,657,799,850.88 11.88
6
122,181,411.60 0.55
7
22,372,857,871.42 100.00
2
(%)
A
34,365,603.34 0.15
B
1,385,199,881.51 6.24
C
3,998,959,230.76 18.02
C0
780,679,839.02 3.52
C1
55,387,859.44 0.25
C2
- -
C3
342,010,221.97 1.54
C4
642,653,675.41 2.89
C5
34,826,736.85 0.16
58
C6
413,696,218.50 1.86
C7
799,124,479.72 3.60
C8
918,102,666.79 4.14
C99
12,477,533.06 0.06
D
24,346,194.11 0.11
E
402,528,755.96 1.81
F
425,815,547.74 1.92
G
1,745,844,487.11 7.86
H
1,168,224,586.09 5.26
I
2,470,565,037.37 11.13
J
563,069,342.51 2.54
K
174,918,058.75 0.79
L
121,540,076.00 0.55
M
60,949,202.90 0.27
12,576,326,004.15 56.65
3
(%)
1 600036
43,538,559 767,149,409.58 3.46
2 002024
39,954,654 695,210,979.60 3.13
3 600050
121,112,823 662,487,141.81 2.98
4 000063
19,842,465 592,496,004.90 2.67
5 601398
127,812,354 555,983,739.90 2.50
6 000568
21,192,172 550,996,472.00 2.48
7 601088
18,549,119 508,060,369.41 2.29
8 600000
27,000,000 421,740,000.00 1.90
9 601318
11,766,523 391,472,220.21 1.76
10 600583
21,021,517 331,719,538.26 1.49
4
(%)
1
442,841,781.00 1.99
2
4,378,530,000.00 19.72
3
1,377,260,000.00 6.20
1,377,260,000.00 6.20
4
646,156,840.40 2.91
5
140,364,000.00 0.63
6
29,016,383.39 0.13
7
--
8
7,014,169,004.79 31.60
5
(%)
59
1 0801095 08 95 10,000,000 961,600,000.00 4.33
2 0801023 08 23 6,000,000 607,380,000.00 2.74
3 080214 08 14 5,400,000 574,560,000.00 2.59
4 080303 08 03 5,000,000 502,550,000.00 2.26
5 0801016 08 16 5,000,000 481,050,000.00 2.17
6
7
(%)
1 580021 CWB1 289,940 1,298,931.20 0.01
2 580022 CWB1 410,880 1,082,668.80 0.00
3 - - - - -
4 - - - - -
5 - - - - -
8
1
2
3
1
10,553,643.40
2
8,824,487.68
3
3,859,350.39
4
96,450,711.16
5
2,493,218.97
6
-
7
-
8
122,181,411.60
4
( ) (%)
1 125709
12,629,023.75 0.06
2 125572
3,029,930.40 0.01
3 110598
2,782,014.00 0.01
4 125960
2,106,594.94 0.01
5
(%)
1 002024
87,000,000.00 0.39
60
6
2005 6 30
2005 12 31
0.50 0.30 3.26 0.77 -2.76 -0.47
2006 1 1
2006 12 31
117.83% 1.26% 51.26% 0.88% 66.57% 0.38%
2007 1 1
2007 12 31
169.42% 1.96% 101.50% 1.61% 67.92% 0.35%
2008 1 1 2008 6 30
-25.35% 1.99% -27.92% 2.04% 2.57% -0.05%
1
2
61
3
4
1
1
2
3 (1) (2) (1) (2)
4
2
1
2 ( )
3
4
62
5
6
7 (1) (6) (1) (6)
8
3
1
2 (1) (1)
3
4
5 1 2 3 1 2 3
6
63
1 0.001
2 0.25% 0.5%
3
4
1
2
3
1 (3) (7) (2)
2
64
1
2
3
4
1
2
3
4
5 4 3 60%
6
7
5
1
2
65
1
1
2
3
4
5
6
2
1
1.5%
H E×1.5%÷
H
E
5
2
0.25%
H=E×0.25%÷
H
E
5
3
4 1 3 6
66
3
1 “ ” “( ) ” “( ) ”
2
1 1 1 12 31
2
3
4
5
1
2 5
3
67
6 45
15
68
1
2
3
69
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
70
21
22
23
24
25
26
1
1
2
3
71
1
2
3
1
2
3
2
3
4
IT
72
5
1
2
1
2
3
1
73
1
2
2
1
2
3
4
5
6
1
3
4
1
2
3
4
1 2 3
5
5
6
74
15
“
2.
1
2
3
4
5
6
7
8
9
10
11
12
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4
75
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10
11
12
13
14
15
16
17
18
19
20
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22
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76
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6
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10
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12
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77
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2008 10 11
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2008 11 22
2008 12 2
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2008 12 18
2008 12 20
2008 12 20
