1
2009 12 31
2
§1
1.1
2010 3
30
2009 1 1 12 31
1.2
§1
................................................................................................................................................. 2
1.1 ...................................................................................................................................................... 2
1.2 .............................................................................................................................................................. 2
§2
............................................................................................................................................................. 4
2.1 .............................................................................................................................................. 4
2.2 .............................................................................................................................................. 4
2.3 .......................................................................................................................... 5
2.4 .............................................................................................................................................. 6
2.5 .............................................................................................................................................. 6
§3 ............................................................................................... 6
3.1 .......................................................................................................................... 6
3.2 .............................................................................................................................................. 7
3.3 ................................................................................................................ 10
§4 ......................................................................................................................................................... 10
4.1 .................................................................................................................... 10
4.2 ............................................................................ 11
4.3 ........................................................................................ 11
4.4 ........................................................................ 12
4.5 ........................................................................ 12
4.6 ......................................................................................... 13
4.7 ..................................................................................... 13
3
........................................................................................ 13
§5 ......................................................................................................................................................... 14
5.1 ............................................................................................ 14
5.2 ......................... 14
5.3 ............................................ 14
§6 ............................................................................................................................................................. 14
.................................................................................................................................... 14
............................................................................................................................... 14
§7 ..................................................................................................................................................... 15
7.1 ................................................................................................................................................. 15
7.2 ........................................................................................................................................................ 16
7.3 ............................................................................................................ 17
7.4 .................................................................................................................................................... 20
§8
................................................................................................................................................... 34
8.1 ............................................................................................................................ 34
8.2 .................................................................................................................................... 35
8.3 .................................................................................................................... 35
8.4 .................................................................................................... 36
8.5 ............................................ 36
8.6 “ ” “ ” ...................................................................... 36
8.7 ............................. 37
8.8 .................................................................................................................................... 37
§9 ......................................................................................................................................... 37
9.1 ................................................................................................ 37
9.2 ........................................................................ 38
§10 ....................................................................................................................................... 38
§11 ................................................................................................................................................... 38
11.1 ...................................................................................................................... 38
11.2 ....................................................... 38
11.3 .......................................................................... 39
11.4 .............................................................................................................................. 39
11.5 .................................................................................................. 39
11.6 .................................................................. 39
11.7 .............................................................................................. 39
11.8 0.5% ............................................................................................................. 39
11.9 .......................................................................................................................................... 39
§12
................................................................................................................. 40
§13
................................................................................................................................................. 41
4
§2
2.1
370010
370010
2005 4 13
4,887,096,906.81
A B
370010 370010
264,681,237.16 4,622,415,669.65
2.2
( Money-supply
Expectations Effect) (Fisher Effect) (Flow of Funds) 5
/ /
2.3
021-38794999 010-67595003
6
peter.zhu@jpmf-sitico.
com
yindong@ccb.cn
400-889-4888
021-38794888
010-67595096
021-68881170 010-66275853
99 20
25
99 20
1 1
200120 100033
2.4
www.51fund.com
2.5
202
2 11
99 20
§3
3.1
2009 2008 2007 3.1.1
A B A B A B
4,233,456.91 48,408,161.37 18,521,337.00 169,411,606.08 19,658,019.03 94,519,338.37
4,233,456.91 48,408,161.37 18,521,337.00 169,411,606.08 19,658,019.03 94,519,338.37
0.7748% 1.0174% 2.6698% 2.9159% 3.3267% 3.5741% 7
2009 2008 2007 3.1.2
A B A B A B
264,681,237.16 4,622,415,669.65 658,893,075.19 5,439,251,423.02 557,299,674.84 4,542,785,658.70
1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
2009 2008 2007 3.1.3
A B A B A B
9.2055% 10.4479% 8.3660% 9.3356% 5.5481% 6.2379%
“ ”
3.2
3.2.1
A
0.1889% 0.0210% 0.3403% 0.0000% -0.1514%0.0210%
B
0.2498% 0.0281% 0.3403% 0.0000% -0.0905%0.0281%
A
0.3557% 0.0160% 0.6805% 0.0000% -0.3248%0.0160%
B
0.4775% 0.0216% 0.6805% 0.0000% -0.2030%0.0216%
A
0.7748% 0.0302% 1.3500% 0.0000% -0.5752%0.0302%
B
1.0174% 0.0321% 1.3500% 0.0000% -0.3326%0.0321%
A
6.9071% 0.1184% 6.2205% 0.0023% 0.6866%0.1161%
B
7.6786% 0.1192% 6.2205% 0.0023% 1.4581%0.1169%
A
9.2055% 0.1036% 9.1230% 0.0019% 0.0825%0.1017%
B
10.4479% 0.1043% 9.1230% 0.0019% 1.3249%0.1024% 8
2005 4 13
3.2.2
2005 4 13 2009 12 31
1 A
2 B
9
2005
07 13
2005 04 13 2005 04 13 2009 12
31
3.2.3
2005 4 13 2005 4 13 2009 12 31
10
3.3
A
2009 4,279,283.10 176,927.84 -222,754.03 4,233,456.91 2008 16,656,634.30 1,830,963.63 33,739.07 18,521,337.00 2007 16,117,185.00 3,458,326.43 82,507.60 19,658,019.03 37,053,102.40 5,466,217.90 -106,507.36 42,412,812.94
B
2009 45,977,107.16 3,988,046.50 -1,556,992.29 48,408,161.37 2008 153,850,874.27 15,043,255.90 517,475.91 169,411,606.08 2007 86,920,120.10 6,037,503.37 1,561,714.90 94,519,338.37 286,748,101.53 25,068,805.77 522,198.52 312,339,105.82
§4
4.1
4.1.1
2004 5 12 2007 10 8 “ ” 2.5 2009 12 2004 9 15 1,669,305,034.88 2005 4 13 991,360,522.73 2005 10 11 767,620,088.15 2006 04 26 6,435,738,977.50 2006 09 20 5,480,692,618.04 2007 04 13 9,884,799,607.98
2007 10 22 29,572,160,439.53 2008 5 21 1,423,318,139.20 2009 1 21 826,057,598.05 2009 6 24 1,801,237,418.78 A 423,047,194.30 B 1,378,190,224.48
11
4.1.2
2008-11-29 -
7
2003 2007 2007 6 2008 6 2009 6
2009-9-17 -
15
2009 5
1.
2.
4.2
4.3
,
2009 12
4. 4
2009 “ ” 4 GDP 6.2% 10.7% 8.7% CPI 2 9 11
2009 2008 6 IPO 7 1 6 1.76% 7 1.0% 7 2.27% 1.56% 1 1.1% 2.05% 100
-- AAA 75 120 3
2009 75
2009 12 31 B A 1.176% 0.934%
B A 1.0174% 0.7748%
4.5
2010 09 1-2
13
2009 2010 2010
4.6
1
2
3
4
5
,
4.7
25 , , 2009 A 4,233,456.91 ,B 48,408,161.37
14
§5
5.1
5.2
A 4,233,456.91 B 48,408,161.37
5.3
§6
(2010) (1) (2) (3)
15
2009 12 31 2009
·
§7
7.1
2009 12 31
2009 12 31
2008 12 31
7.4.7.1
243,283,716.51
1,820,743.94
46,129,523.81
27,585,000.00
--
7.4.7.2
1,719,829,065.75
4,660,136,855.21
-
-
-
-
1,719,829,065.75
4,660,136,855.21 16
--
7.4.7.3 - -
7.4.7.4
3,001,600,000.00
1,109,900,000.00
-298,887,385.00
7.4.7.5
20,408,230.19
--
--
--
7.4.7.6 - -
2009 12 31
2008 12 31
--
--
7.4.7.3 - -
--
-
199,255.09
7.4.7.7 54,824.22
-
-
-
7.4.7.8
--
7.4.7.9 4,887,096,906.81 6,098,144,498.21
7.4.7.10 - -
4,887,096,906.81 6,098,144,498.21
5,031,250,536.26 6,106,577,794.18
2009 12 31 A B 1.000 4,887,096,906.81 A 264,681,237.16 B 4,622,415,669.65
7.2
17
2009 1 1 2009 12 31
2009 1 1 2009 12 31
2008 1 1 2008
12 31
76,893,885.43 219,047,270.30
1.
76,139,938.66 209,228,721.62
7.4.7.11 3,932,586.04
54,899,357.08 173,512,707.71
- -
17,307,995.54 30,486,974.22
- -
2. “-”
753,946.77 9,768,548.68
7.4.7.12 - -
- -
7.4.7.13 753,946.77
- -
7.4.7.14 - -
7.4.7.15 - -
3. “-”
7.4.7.16 - -
4. “ ”
- -
5. “-” 7.4.7.17 - 50,000.00
24,252,267.15 31,114,327.22
1
21,677,884.59
2
6,569,056.01
3
2,351,409.35
4 7.4.7.18 - -
5
- -
- -
6 7.4.7.19 “-”
- -
“-”
7.3
2009 1 1 2009 12 31
2009 1 1 2009 12 31
18
6,098,144,498.21 - 6,098,144,498.21
- 52,641,618.28 52,641,618.28
“-”
-1,211,047,591.40 - -1,211,047,591.40
1. 28,297,244,678.50 - 28,297,244,678.50
2. -29,508,292,269.90 - -29,508,292,269.90
“-”
- -52,641,618.28 -52,641,618.28
4,887,096,906.81 - 4,887,096,906.81
2008 1 1 2008 12 31
5,100,085,333.54 - 5,100,085,333.54
- 187,932,943.08 187,932,943.08
“-”
998,059,164.67 - 998,059,164.67
1. 44,392,537,889.97 - 44,392,537,889.97
2. -43,394,478,725.30 - -43,394,478,725.30
“-”
- -187,932,943.08 -187,932,943.08
6,098,144,498.21 - 6,098,144,498.21
7.1 7.4
19
20
7.4
7.4.1
( “ ”) ( “ ”) [2005] 15 ( ) 991,196,238.02 (2005) 38 2005 4 13 991,360,522.73 164,284.71
A B A 5,000,000 B B 500,000 A
397 2008 6 1 6
2010 3 30
7.4.2
2006 2 15 38
( “ ”) [2010]5 XBRL 3
< > 2007 5 15 7.4.4
7.4.3
2009 2009 12
31 2009
7.4.4
7.4.4.1
1 1 12 31
7.4.4.2
21
7.4.4.3
(1)
(2)
7.4.4.4
7.4.4.5
0.25%
(1)
22
(2)
(3)
7.4.4.6
7.4.4.7
1.00 A B
7.4.4.8
7.4.4.9 /( )
7.4.4.10
7.4.4.11
1.00
7.4.4.12
23
(1) (2) (3)
7.4.4.13
7.4.5
7.4.5.1
7.4.5.2
7.4.5.3
7.4.6
[2002]128 [2004]78 [2008]1
(1)
(2)
(3) 20%
7.4.7
7.4.7.1
2009 12 31
2008 12 31
243,283,716.51 1,820,743.94 24
--
--
243,283,716.51 1,820,743.94
7.4.7.2
1
2 /
7.4.7.3 /
7.4.7.4
7.4.7.4.1
2009 12 31
3,001,600,000.00 -
--
3,001,600,000.00 -
2008 12 31
1,109,900,000.00 -
--
1,109,900,000.00 -
7.4.7.4.2
25
7.4.7.5
2009 12 31
2008 12 31
37,025.74 90,124.32
--
--
17,759.83 13,378.78
20,189,973.05 8,080,004.58
163,471.57 64,302.35
--
--
20,408,230.19 8,247,810.03
7.4.7.6
7.4.7.7
2009 12 31
2008 12 31
20,764.72 20,764.72
4,250.00 34,059.50
25,014.72 54,824.22
7.4.7.8
2009 12 31
2008 12 31
110000.00 110,000.00
240000.00 -
4500.00 4,500.00
354,500.00 114,500.00
7.4.7.9
2009 1 1 2009 12 31
A
( )
658,893,075.19658,893,075.19
26
12,414,488,686.6812,414,488,686.68
( - ) -12,808,700,524.71 -12,808,700,524.71
264,681,237.16264,681,237.16
2009 1 1 2009 12 31
B
( )
5,439,251,423.025,439,251,423.02
15,882,755,991.8215,882,755,991.82
( - ) -16,699,591,745.19 -16,699,591,745.19
4,622,415,669.654,622,415,669.65
7.4.7.10
A
- - -
4,233,456.91 - 4,233,456.91
- - -
- - -
- - -
-4,233,456.91 - -4,233,456.91
- - -
B
- - -
48,408,161.37 - 48,408,161.37
- - -
- - -
- - -
-48,408,161.37 - -48,408,161.37
- - -
7.4.7.11
27
7.4.7.12
7.4.7.13
2009 1 1 2009 12 31
2008 1 1 2008 12 31 1,447,961,581.98 5,440,020,801.54
1,447,207,635.21 5,428,438,210.34
- 1,814,042.52
753,946.77 9,768,548.68
7.4.7.14
7.4.7.15
7.4.7.16
7.4.7.17
2009 1 1
2009 12 31
2008 1 1
2008 12 31
- 50,000.00
-50,000.00
7.4.7.18
7.4.7.19
28
2009 1 1
2009 12 31
2008 1 1
2008 12 31
110,000.00 110,000.00
240,000.00 240,000.00
100,000.00 100,000.00
18,000.00 18,000.00
16,727.76 47,977.27
484,727.76 515,977.27
7.4.8
7.4.8.1
7.4.8.2
2010
1 2010/01/25 2009/12/25-2010/01/24
2 2010/02/25 2010/01/25-2010/02/24
3 2010/03/25 2010/02/25-2010/03/24
7.4.9
29
J.P. Morgan 8CS Investments (GP) Limited
(2009 10 27 J.P .Morgan Asset
Management Real Estate Advisers Limited)
7.4.10
7.4.10.1
7.4.10.2
7.4.10.2.1
2009 1 1 2009 12 31
2008 1 1 2008 12 31
16,870,938.15 21,677,884.59
201,080.56 227,462.41
:
0.33%
X 0.33% /
7.4.10.2.2
2009 1 1 2009
12 31
2008 1 1 2008
12 31
5,112,405.76 6,569,056.01
: 0.10%
X 0.10% /
7.4.10.2.3
2009 1 1 2009 12 31
A B
720,542.81 433,083.27 1,153,626.08
30
427,212.39 3,772.84 430,985.23
1,147,755.20436,856.111,584,611.31
2008 1 1 2008 12 31
A B
904,794.67 551,494.98 1,456,289.65
635,745.35 7,121.92 642,867.27
1,540,540.02558,616.90 2,099,156.92
A B 0.25% 0.01%
X /
7.4.10.3 ( )
2009 1 1 2009 12 31
199,963,619.67 - - - - -
2008 1 1 2008 12 31
1,245,168,592.62 - - - - -
7.4.10.4
7.4.10.5
2009 1 1 2009 12 31
2008 1 1 2008 12 31
243,283,716.51 2,048,903.29 1,820,743.94 4,462,946.11
:
7.4.10.6
7.4.10.7
31
7.4.11
A 4,279,283.10 176,927.84 -222,754.03 4,233,456.91 -
B 45,977,107.16 3,988,046.50 -1,556,992.29 48,408,161.37 -
50,256,390.26 4,164,974.34 -1,779,746.32 52,641,618.28 -
: 52,641,618.28 47,400,029.56 4,164,974.34 1,076,614.38
7.4.12 2009 12 31
7.4.13
7.4.13.1
“ ”
32
7.4.13.2
2009 12 31 1.84% (2008 12 31 )
7.4.13.3
( ) 10% 10% 120 40%
( )
7.4.13.4
7.4.13.4.1
33
7.4.13.4.1.1
2009 12 31 3 3 1 1 5 5
243,283,716.51
-
- 243,283,716.51
46,129,523.81 - 46,129,523.81
821,810,735.09 898,018,330.66 - 1,719,829,065.75
3,001,600,000.00 - 3,001,600,000.00
20,408,230.19 20,408,230.19
4,112,823,975.41 898,018,330.66 20,408,230.19 5,031,250,536.26
139,898,945.39 139,898,945.39-
1,175,917.95 1,175,917.95
1,173,395.75 1,173,395.75
355,574.46 355,574.46
93,666.80 93,666.80
25,014.72 25,014.72
1,076,614.38 1,076,614.38
354,500.00 354,500.00
144,153,629.45 144,153,629.45
4,112,823,975.41 898,018,330.66 -123,745,399.26 4,887,096,906.81
2008 12 31 3 3 1 1 5 5
1,820,743.94 - - 1,820,743.94
27,585,000.00 - - 27,585,000.00
3,526,087,732.951,134,049,122.26 - 4,660,136,855.21
1,109,900,000.00 - - 1,109,900,000.00
- 298,887,385.00 298,887,385.00
- 8,247,810.03 8,247,810.03
4,665,393,476.89 1,134,049,122.26 307,135,195.03 6,106,577,794.18
- - -
34
- 2,356,467.68 2,356,467.68
- 2,188,658.45 2,188,658.45
- 663,229.83 663,229.83
- 199,255.09 199,255.09
- 54,824.22 54,824.22
- 2,856,360.70 2,856,360.70
- 114,500.00 114,500.00
- 8,433,295.97 8,433,295.97
4,665,393,476.891,134,049,122.26 298,701,899.06 6,098,144,498.21
7.4.13.4.1.2
220
7.4.13.4.2
7.4.13.4.3
7.4.14
§8
8.1
%
1
1,719,829,065.7534.18
1,719,829,065.7534.18
35
--
2
3,001,600,000.00 59.66
--
3
289,413,240.32 5.75
4
20,408,230.190.41
5
5,031,250,536.26100.00
8.2
-
-
- -
- -
20%
20%
8.3
8.3.1
60
66
40
180
180
8.3.2
% % 1 30 68.78 2.86
397
- -
2 30 ( )—60 9.84 -
397
- -
3 60 ( )—90 5.54 -
397
- -
4 90 ( )—180 2.06 -
397 - -
36
5 180 ( )—397 16.32 -
397
- -
102.54 2.86
8.4
1
--
2
607,600,384.99 12.43
3
1,022,219,210.94 20.92
1,022,219,210.94 20.92
4
90,009,469.82 1.84
5
--
6
--
7
1,719,829,065.75 35.19
8 397
--
8.5
( )
1 0701016 07 16 2,000,000 200,624,824.39 4.11
2 070413 0713 1,800,000180,397,413.99 3.69
3 090218 0918 1,700,000169,951,747.98 3.48
4 090223 0923 1,700,000169,901,941.51 3.48
5 0901036 09 36 1,400,000 138,428,473.22 2.83
6 070222 0722 1,100,000110,286,281.67 2.26
7 050413 0513 1,000,000100,571,583.12 2.06
8 080201 0801 1,000,000100,402,255.08 2.05
9 0901040 09 40 1,000,000 98,777,371.67 2.02
10 0981024 09CP01 900,000 90,009,469.82 1.84
8.6 “ ” “ ”
0.25( )-0.5% 4
0.2811%
-0.0567%
0.0385%
37
8.7
8.8
8.8.1
8.8.2 397 397 20%
8.8.3
8.8.4
1
-
2
-
3
20,408,230.19
4
-
5
-
6
-
7
-
8
20,408,230.19
8.8.5
§9
9.1
( )
38
( )
A
5,427 49,771.19 17,266,456.40 0.35% 247,414,780.76 5.06% 2009 12 31
B
55 84,043,921.27 4,581,609,652.38 93.75% 40,806,017.27 0.83%
5,482 891,480.65 4,598,876,108.78 94.10% 288,220,798.03 5.90%
9.2
§10
A B
2005 4 13
577,965,478.90
413,395,043.83
658,893,075.19 5,439,251,423.02
12,414,488,686.68 15,882,755,991.82
12,808,700,524.71 16,699,591,745.19
- -
264,681,237.16 4,622,415,669.65
§11
11.1
11.2
2009 2 28
2009 5 20
2009 10 31
39
11.3
11.4
11.5
110,000 5
11.6
11.7
1 127,171,300,000.00 100% 100,000.00 100%
11.8 0.5%
0.5%
11.9
1.
2009
2009 1 19
2.
2009 2 6
40
3.
2009 2 28
4.
2009
2009 3 28
5.
2009 4 9
6.
2009 4 28 7.
2009 5 20
8.
2009 5 22
9.
2009 9 17
10.
2009 9 24
11.
2009 10 31
12.
2009 12 29
§12
41
§13
1.
2.
3.
4.
5.
6.
www.51fund.com