2008 12 14 [2008] 1395
1
.....................................................................................................3
.....................................................................................................4
.........................................................................................8
.......................................................................................16
...................................................................................19
.......................................................................................29
...............................................................................31
.......................................................32
.......................................................................................39
.......................................................................................50
...........................................................................51
...........................................................................57
...........................................................................58
.......................................................................60
...........................................................................61
.......................................................................................65
...............................68
...................................................................71
...........................................................87
.........................................................101
.................................................103
.................................................................................103
2
3
1
2
3
4
5
6
7
8
9 2003 10 28 2004 6 1
10 2004 6 25 7 1
11 2004 6 8 7 1
12 2004 6 29 7 1
13
14 /
15
16
4
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32 5
3
33
34
35 T
36 T+n T n T
37
38
39
40
41
42
43
44
45
46 10%
47
48
49 6
50
51 52
53
54
7
2003 9 30
368
500 20
021-58368998
1.5
[2003]100 2003 9 30 2008 1 2 [2008]6 AEGON
International N.V 51% 49%
2008 7 7 [2008]888 1.2 1.5 LOF 5
1
8
1962
1960
1963
1958 Paul Revere
Mar van Weede 1965
Imaad Zuberi 1973 1963
1964
1954
9
1959
1974 KPMG Prudential SunLife Everbright
1975
1959
2
1976 CFA
1971
3
3
LOF
1
10
2
3
4
5
6
7
8
9
10
11
12
1
2
3
1
2
3
4
5
6
7
8
11
4
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
5
1
2
3
4
1
1
2
12
3
4
5
2
1
2
3
4
5
3
1
2
3
4
5
6
13
4
1
2
3
14
5
1
2
3
4
5
6
7
6
15
154
154
1988 7 20
50
021-62677777-212017
021-62159217
1988 50 20
2008 6 9169.64 438.82 65.44
2008 7 1000 124 2007 21 147 2007 113
36 30
100%
2005 4 26 [2005]74 2008 9 30 9 -- (LOF) LOF 16
348
1
2
3
4
5
6
7 “ ”
8 17
1
2
3
4
5
6
18
1
500 20
400-678-0099 021 38824536
021 58368886 58368919
021 58368915 58368869
https://trade.xyfunds.com.cn
400-678-0099 021 38824536
2
1
154
25
021 52629999
95561
http://www.cib.com.cn
2
25
1 1
95533
19
http://www.ccb.com
3
55
55
95588
010 66107914
http://www.icbc.com.cn
4
1
95566
http://www.boc.cn
5
188
188
021 58781234
021 58408842
95559
http:// www.bankcomm.com
6
7088
0755 83198888
0755 83195049
20
95555
http://www.cmbchina.com
7
131
131
11185
010 66415194
http://www.psbc.com
8
6
010 68098778
010 68560661
95595
http://www.cebbank.com
9
8 C
010 65541405
010 65541281
95558
http://bank.ecitic.com
10
500
12
21
021 61618888
021 63602431
95528
http://www.spdb.com.cn
11
294
96528 962528
021 63586215
http://www.nbcb.com.cn
12
168
168
021 962888
021 68476111
021 68475888
http://www.bankofshanghai.com
1
99
021 68419393-1259
021 68419867
http:// www.xyzq.com.cn
22
2
618
021 38676666
021 38670666
4008888666
http://www.gtja.com.cn
3
66 4
4008888108
010 65182261
http://www.csc108.com
4
90
025 84457777-950 248
025 84579897
http://www.htsc.com.cn
5
8
021 63219781
021 51062920
4008-888-999 027 85808318
http://www.95579.com
23
6
98
021 23219000
4008888001 962503
http://www.htsec.com
7
A 38 45
0755 82943666
0755 82943636
95565 4008888111
http://www.newone.com.cn
8
35 C
010 66568047
4008-888-888
http://www.chinastock.com.cn
9
183 43
961133
020 87555305
http://www.gf.com.cn
10
24
69
400-666-1618
0351 8686703
0351 8686619
http://www.i618.com.cn
11
318 2 22 -29
021 63325888
021 63326173
021 962506 40088-88506
http://www.dfzq.com.cn
12
588 26
021 68761616
021 68767981
4008888128
http://www.tebon.com.cn
13
200 39
4006208888
021 50372474
http://www.bocichina.com.cn
25
14
46
0755 83713692
0755 83716751
4008888100 96100
http://www.ghzq.com.cn
15
1508
021 50818887-281
021 68815009
4008888788
http://www.ebscn.com
16
179
95578
0551 2207965
http://www.gyzq.com.cn
17
63 12
021 68634518
021 68865680
021 68634518-8631
400-888-1551
26
http://www.xcsc.com
18
171
021 54033888
021 54035333
021 962505
http://www.sw2000.com.cn
19
5047 10 24 25
0755 82492000
0755 82492962
400-8888-555 0755 25125666
http://www.lhzq.com
20
291
0791 6768763
0791 6789414
0791 6768763
http://www.scstock.com
21
29
022 28451861
022 28451892
27
4006515988
http://www.bhzq.com
368
500 20
021-58368998
021-58368858
256 14
021-51150298
021-51150398
989
021-24052000
021-54075507
28
2008 12 14 [2008] 1395
3
2
1 1.00
2 1.00
3
M
M 50 1.0%
50 M 200 0.8%
29
200 M 500 0.5%
M 500 1000
4
= / 1+
/
1
2
1
2
3
4
1
2 1,000 500 1,000 30
10 1
3
3 2 2 200 10 10
1
2 30 31
200 5,000 20
1
2
3
3 32
1 1,000 500 1,000 10 1
2 500
500
3 3
1
2
3
4 15:00
33
1
2
T T+1 T T+2
3
T 7
1
1
M
M 50 1.5%
50 M 200 1.0%
200 M 500 0.6%
M 500 1000
2
2
34
25%
N
N 1 0.5%
1 N 2 0.25%
N 2 0
3 2
1
= / 1
/T
2
T
-
3
T =T
/ T
4
T T 1
4 35
2
5 2
T 1 T 2
T 1
3
1
2
3
4
5
6
36
1
2
3
4
5
20
1
10%
2
1
2 10% 37
3 2 20
3
3
1
2 1 1
3 1 2 2 1
4 2 2 1 2 1
38
39
30%-80% 0%-65% 5% 80%
1
“ ”
2
1
Organic Growth
Nonorganic Growth
40
2
“ ” A ST *ST
“ ”
Sales CE/OE GAR/GSales
CE/Equity CFFO/Asset CFFO/CE
MA FX
4 Keys
EVA
41
Sales CE/OE
Core Earnings (Operating Earnings) CE/OE
GAR/GSales / AR/Sales
CE/Equity ROE CE/Equtiy
/ CFFO/Asset CFFO/CE CFFO/CE
MA FX
42
MA/ EV
4 4 Keys
43
OGASP Organic Growth at a Stupid Price
EV A
EV A EV A EV A
3
1
2
3
44
4
5
6
7
“ ”
8
45
9
4
1
1
2
3
4
5
6
2
1
46
2
3
4
5
6
7
8
47
300 50% 45% 5%
300 A 300 A
30-80% 0-65% 5%
3
1
1
2
3
4
5
6 48
7
8
2
1 30%-80% 0%-65% 5% 80%
2 10%
3 10%
4 3 10
5 BBB BBB 10% 10% 10% 20% 3
6 1
7 40%
8 49
9
3
6 10
6
1
2
3
4
50
1
51
1
2
1
2
3
4
3 1 2 1 2
4
2
1
2
3
4 52
5
6 1 5 1 5
7
3
1
2 1 1
3
4
5
53
1 0.0001 5
2
4 4
1
2
1 54
2
3
4
5
6
7
3
1
2
3 55
4
4
1
2 0.25% 0.5%
3
4
5
1
2
3
4
1 3 6 2 56
2
1
2
3
4
1
2
3 6 50%
4 3
57
5
6
7
8
1
2
1
2
3
4
5
6
7
8 58
9
1
1.5%
H E
H E
3
2
0.25%
H E
H E
3
3
59
2
1
2 1 1 12 31
3
4
5
6
7
1 60
2
3
1
2
3
4
5
6
61
3 6 45 15 6 1
3
3
1
2
3 62
1 90
2 60
3 15
4 2
5
2
1
2
3
4
5
6
63
7
8
9 50%
10 30%
11
12
13
14
15
16
17 0.5%
18
19
20
21
22
23
24
25
26
64
65
66
67
1
2
1
1
2
3
4
5
6
7 68
8
9
10
1
2
3
4
5
6
2 2
1
2 6
3 6
4
1
1
2
69
3
2
1
2
3
4
5
6
7
8
9
10
3
4
1
2
3
4
1 3
5
5
6
15
70
368
500 20
200122
2003 9 30
[2003]100
1.5
154
1988 7 20
[2005]74
50
71
1
2
3
4
5
6
7
8
9
10
11
12
13
14
72
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
73
18
19
20
21
22
23
24
25
26
27
1
2
3
4
5
6
7
74
8
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
75
18
19
20
21
22
23
24
1
2
3
4
5
6
7
8
9
1
2
3
4
76
5
6
7
1 10% 10%
1
2
3
4
5
6
7
8
9
10
2
1
2
77
3
4
5
6
1
2 10 60
3 10% 10 60 10% 10 60
4 10% 10% 30
5
1 78
30
1
2
3
4
5
6
7
8
9
10
2
3
1
1
2
3
4 79
2
1
1 50% 50%
2
2
1 2
2 /
3
4 50%
5
1
1
80
2 10%
3
4 10% 6
5 30 30
2
1
81
50%
2
30 2
3
1
2
1
50% 2
2
3
4
5
6 82
1
1
2
3
2
3
1 5 1 -
8 9 10
83
2
3 2
1
1
2
3
4
5
6
7
8
9
10
1
2
3
4
5
84
6
2 2
1
2 6
3 6
4
1
1
2
3
2
1
2
3
4
85
5
6
7
8
9
10
3
4
1
2
3
4
1 3
5
5
6
15
86
368
2003 9 30
2003 100
1.5
154
1988 7 20
[2005]74
87
50
( )
1
1
2
3
2
2
2
88
1
2
30%-80% 0%-65% 5% 80%
1 30%-80% 0%-65% 5% 80%
2 10%
3 10%
4 3 10
5 BBB BBB 10% 10% 10% 20% 89
3
6 1
7 40%
8
9
3
3
1
90
2
1
2
3
4
5
6
7
8
3
4
91
1
2
1
2
3
92
( )
( ) 93
1
2
3
4
5
6
7 94
8
9
1 5 10 2
2
2
1 95
2
3
4
1
2
1 96
2
1
2
3
1 97
2
98
10
15
1
2
3
4
99
1
1 30
2
3
2
1
2
3
4
5
6
7
8
9
6
3
4
1
2
3
4
100
1 2 3
5
1 2
2 5
3
6
15
20
E-MAIL
101
https://trade.xyfunds.com.cn
1
400-678-0099 021-38824536
021-58368868
2
http://www.xyfunds.com.cn
service@xyfunds.com.cn
102
2009 2 20 103
