1
2
3
4
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.
17.
18.
19. 5
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32. 3
33.
34.
35.T
36.T+n T n ( T )
37.
38.
39.
40.
6
41.
42.
43.
44.
45.
46. ( ) 10%
47.
48.
49.
50.
51.
52.
53.
54.
7
1.
2.
3.
4.
5.
11.
( )
4900 49%
3000 30%
2100 21%
10,000 100%
10 2005 2 1
2006 12 15 2008 4 23
8
2008 11 5 2009 5 6 2009 12 30 2010
5 11 2010 6 29 2011 2 1 2011 7 27
EMBA
9
2004 9 2008 7
. 10
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
11
16
17
18
19
20
21
22
23
24
25
26
27
1.
2.
(1)
(2)
(3)
(4)
(5)
12
(6)
(7)
(8)
(9)
(10)
(11)
(12)
3.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
4.
(1)
(2)
(3) 13
1.
(1)
(2)
(3)
(4)
(5)
2.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
3.
14
1
2
3
4
5
4.
1
2
3
4
5
15
6
7
5.
1
2
16
1.
( )
25
1 1
2004 09 17
[1998]12
(010) 6759 5003
1954
1996 2004 9 ( 939) 2005 10 27 2006 9 11 H 2007 9 25 A A 250,010,977,486 ( 240,417,319,880 H 9,593,657,606 A )
2010 12 31 1350.31 26.39% 661.32 37.61% 1.32% 22.61% 2.49% 221.14%
1.3 17
9 (ATM)39,874 313,867
2010 100
500 13 2010 Interbrand2010 2010
QFII 12 130 2008 SAS70
2.
3.
QFII 18
2011 3 31 189 2010 2009
“ ” Domestic Top Rated “ ”
2.
3.
19
20
1
2
(1)
25
1 1
010 66275654
95533
www.ccb.com
(2)
69
69
010 85108227
010 85109219
21
95599
www.abchina.com
(3)
55 100005
55 100005
010 66107914
95588
www.icbc.com.cn
(4)
188
188
021-58781234
021-58408483
95559
www.bankcomm.com
(5)
22 100005
22 100005
010 85238670
010 85238680
95577
22
www.hxb.com..cn
(6)
7088
7088
(0755)83198888
(0755) 83195049
95555
www.cmbchina.com
(7)
8 C
010-65557013
010-65550827
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http://bank.ecitic.com
(8)
2
2
(010)57092615
(010)57092611
95568
www.cmbc.com.cn
23
(9)
294
700
0574 89068340
0574 87050024
96528 962528
www.nbcb.com.cn
(10)
1099
1099
0755-22197874
0755-22197701
40066-99999 0755-961202
www.pingan.com
(11)
1
196
0577-88990082
0577-88995217
0577-96699
www.wzbank.cn
24
(12)
25
25
0535-6691337
0535-6680900
4008-311-777
www.yantaibank.net
(13)
181 18-21
0512-65581136
0512-65588021
0512-33396288
www.dwzq.com.cn
(14)
98
689
021-23219000
021-23219100
021-95553
www.htsec.com
25
(15)
35 C
35 C
010-66568430
010-66568536
4008-888-888
www.chinastock.com.cn
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171
171
021-54033888
021-54038844
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66 4
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400-8888-108
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5 18 19 36 38 41 42
020-87555888
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1012 16-26
1012 6
0755-82130833
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63 12
198 11
021-68634518
021-68865680
400-888-1551
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8 6 7
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0510-82831662
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400 888 5288
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618
168 29
021 38676666
021 38670666
400-8888-666
www.gtja.com.
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01A 02 03 04 17A 18A 24A 25A 26A
5 17 18 24 25
26
0755 82492000
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www.lhzq.com
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36 4
4001 17
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4008-888-228
www.jyzq.com.cn
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4018 35 28 A02
1 9
0755-82825551
0755-82558305
400-800-1001
www.essence.com.cn
(26)
90
90
025-84457777-721
025-84579763
95597
29
www.htsc.com.cn
(27)
291
291
0791-6768763
0791-6789414
400-8866-567
www.avicsec.com
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80 26
80 26
0731-84403319
0731-84403439
0731-84403350
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29 15 1507-1510
222 1 20
0532-85022326
0532-85022605
0532-96577
30
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(30)
1508
1508
021-22169999
021-22169134
4008888788 10108998
www.ebscn.com
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42 101
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022-28451861
022-28451892
400-6515-988
www.bhzq.com
(32)
200 39F
200 39-40F
021 50372474
021 50372474
4006208888
www.bocichina.com
31
(33)
A 38 45
A 38 45
0755 82943666
0755 82943636
95565 400-8888-111
www.newone.com.cn
(34)
86 23
86 23
0531 68889155
0531 68889752
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www.qlzq.com.cn
(35)
111
111
0471-4913998
0471-4930707
0471-4961259
www.cnht.com.cn
32
(36)
8
8
025-83367888
025-83320066
400-828-5888
www.njzq.com.cn
(37)
23 18 19
23 18 19
0519-88157761
0519-88157761
021-52574550 0519-88166222 0379-64902266
400-888-8588
www.longone.com.cn
(38)
A 18 21
6003 A 18 21
0755-82023442
0755-82026539
400-600-8008
33
www.cjis.cn
(39)
758 23
758 20-25
021-32229888-3121
021-62878783
021-63340678
www.ajzq.com
(40)
19 701
5 B 4
010-66045608
010-66045500
010-66045678
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(41)
166 27
166 27
021-50122222
021-50122200
34
4008209898
www.cnhbstock.com
(42)
8
8 518048
0755 82400862
0755 82433794
4008816168
www.PINGAN.com
(43)
8
8
027-65799999
027-85481900
95579 4008-888-999
www.95579.com
(44)
157 7 8
157 7 10
0591-87383623
0591-87383610
35
0591 96326 0591
www.hfzq.com.cn
(45)
233
19
010-88085858
010-88085219
400-800-0562
www.hysec.com
(46)
5 10
9 1
010-63081000
010-63080978
400-800-8899
www.cindasc.com
(47)
357
166 A
0551-5161666
0551-5161600
36
0551-96518 4008096518
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(48)
336
336
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021-33303353
4008918918
www.shzq.com
(49)
69 17
69 17
020-87322668
020-87325036
020-961303
www.gzs.com.cn
(50)
2
2
0592-5161642
0592-5161140
37
0592-5163588
www.xmzq.com.cn
(51)
7088 A
48
010-60833722
010-60833739
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(52)
4028 47
4028 47-49
0755-82545707
0755-82545500
40018-40028
www.wkzq.com.cn
(53)
53
18
0755-33331188
0755-33329815
4006543218
38
www.tyzq.com.cn
39
40
41
1. 2011 8 29 2011 9 23 2. 3. 1000 4. T T+2 1. 1.2%
100 1.2% 100 200 1.0% 200 500 0.6% 500 1000
42
1. 2. / 3. 2 2
– 1,000
1,000
43
1. 3 2 2 200 10 , 10
2.
3.
1.
2. 30
3.
200 5000 20 200 20 5000
44
45
46
1 365
47
T 1.100 5,000 150 350
1,000 1 2 3 4
(A) 5,000.001,500,000.003,500,000.00 10,000,000.00
(B) 1.50% 1.20% 0.80% 1000 (C=A/(1+B)) 4926.11 1482213.44 3472222.22 9,999,000.00
(D=A-C) 73.89 17,786.56 27,777.78 1,000.00
(=C/1.100) 4478.28 1347466.76 3156565.66 9,090,000.00
T 20,000.00 0.5% 1.250
=20,000.00×1.250=25,000.00
=25,000.00×0.5%=125.00
=25,000.00-125.00=24,875.00
2 T 20,000.00 0.25% 1.550
=20,000.00×1.550=31,000.00
=31,000.00×0.25%=775.00
=31,000.00-775.00=30,225.00
3 T 48
10,000.00 0 % 1.300
=10,000.00×1.300=13,000.00
=13,000.00×0=0
=13,000.00-0=13,000.00
49
50
51
52
53
1 54
2 1
55
56
57
EG REG RG ROE EROE ROA NAV
EG w REG w RG w ROE w EROE w ROA w NAV w ×+×+×+×+ ×+×+×
EG
W
REG
W
RG
W
ROE
W
EROE
W
ROA
W
NAV
W
58
/
/
PE PB PS PCF EV EBITDA
PE w PB w PS w PCF w EV EBITDA w ×+×+×+×+ ×
PE
w
PB
w
PS
w
PCF
w
/ EVE B I T DA
w
2 3 4 1 2 59
3 4 5 60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
3. 81
1.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(1)
(2)
(3)
(4)
(5)
(6)
2. 2
82
1.
2. 6
3. 6
4.
1.
(1)
(2)
(3)
2.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
83
(9)
(10)
3.
4.
(1)
(2)
(3)
(4)
(1) (3)
5.
5
6.
15
84
1.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
85
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
86
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(1)
87
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
88
(22)
(23)
(24)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
7. 89
1.
2.
(1) 10% ( 10% ) ( )
1)
2)
3)
4)
5)
6)
7)
8)
9)
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(2)
1)
2)
3)
4)
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90
6)
3.
(1)
(2) 10 60
(3) 10% 10 60 10% 10 60
(4) 10% 10% 30
(5)
4.
(1) ( ) 30
1)
2)
3)
91
4)
5)
6) ( )
7)
8)
9)
10)
(2)
(3)
5.
(1)
1)
2)
3)
4)
(2)
1)
92
50% ( 50% )
2)
2
/ ( )
50%
6.
(1)
1)
2) 10%
3)
93
4) 10 6
5) 30 30
(2)
1)
50%
( ) ( )
2)
30 2
94
(3)
7.
(1)
(2)
1)
( ) 50% (2)
2)
( ) ( )
(3)
(4)
(5)
(6)
8.
(1)
1) 95
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3)
(2)
3
9.
(1) 5 2 1)- 8) 2 9) 10)
(2)
(3) 2
10.
1.
96
1
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4)
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6)
7)
8)
9)
1)
2)
3)
4)
5)
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2.
(1)
(2) 6
97
(3) 6
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2)
3)
(2)
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
(3)
98
(4)
1)
2)
3)
4)
1) 3)
(5)
5
6
15
99
100
101
102
103
104
105
106
107
108
109
110
111
20 30
7*24
8 / / 112
400-821-0588 021 50509666
www.scfund.com.cn
113
114
115
116
117
