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һ1   
    ͶͶ֤ȯʵ      
    ƾȨ ֹ     
    ɭֽȡűʷԶʱһڴӦ      
    ɭѡϴ֡ԿζΪ֣һʱ䣬šҵӡȫְ׫д飬ĿΪ˰ѰʵսۻͶʷλݺѧ     
    ϸͶ֤ȯʵ֮󣬱ΪԸɴǱСѧ֤ȯдɵߣʮľʵʵɣԶ      
    ͶʴɶĲɷֺ޿ɵġȻĲġۻͶʾȴɴഫ˽Բʮ͵ѸD. Defoe 16601731󿭣C. Mackay 18141889͸׶ķB. Graham, 18941976ԣǻԻǸͶʣοѧϰǰ˾ۻ֪ʶʽʤĲɻȱžûͣ¸ûвͶͶʹʵ仰˵Ҫڹն񣬾ܵƾŬжͶرǽʵۣǱزٵĹΣ      
    ͶӦơ׽ɼ۵桪ƺͲ׽гЧʵгУ˾ݺͶܹһʱڹɼϷӳˣڽȫĹвɻȱʮҪ      
    ֵ˶ǣ߱ȼֱֿģ󣬵Ϊʦ     
    ɭڸ۴ʷӢʴηԱʱʷ̬ȹ۲쾭зչĻΪ͸ӡһ˵棬Ͷ˿ڴĽˣǳӺ磬ȴμɭֳУоýǶȵĺ۷λػؾ΢ۣϱΪж֮λǰΪ֮λжȻ⣬ջѧʣҲ͸׶Ϥ      
    ɭֶ۹УԼйڵأʶ̣ٵӣΪ۹ҵ£˿Զѻ֤ȯġۡгԳ˿Ľͣƽѧޱظ߶ߣ߶Ͷ֮ʵǲڻ¡      
    äĿĹС׷лͶʣרҵҵ࣬ӦⱾʵϵΪбսġ                
һ2   
    ʵõĻ̳̣Ͷ     
                                  ͨ      
    һҹġͶ֤ȯʵһ飬35ǰ1ǰ飬ͶϾͻٽܶѧˡ鵱ʱδ     
    ۵һ֤ȯʦⱾ൱һ֤ȯԱűض¡ηɡԻܹʣHK0902600011Ϊǳʵһƪܺõо档ΪЩоͷָڽѾΪרҵʿϤ߾Ͳһһˡ     
    ΪĺͶһسڻرо۹1977-199720ɡǧİϤĻعɡʵҵºЩù˾ͨӯʮٱɼʮ97ߺõĵ²ȣˡгרECONOMIC FRANCHISE京г辭Ӫߵľר     
    عɵгרǸӢ֧֣Ϊ۵УھǹǻۺͲ첻ʱгţегרھ㱾أ͸ز̵ùϵ֮˽˹ϵ²гרǹģ󡢳ɱͣгʢ֮ԭϳɱ     
    ɴ˿νгרͨνľ֮ͬгģºԳԽĹ˾ֵóڳСȻͶ˱ע˾гרǷרûг۵ص˾۵ƺе磬97¢ϣҵ     
    ķܣѰгרйҵеĹɷҵ˷һЩָ磺     
    ҪϺӵСгרҪ󣬲Ʒ߷޿ȡģ     
    гظԵģ޼ģ     
    ޿ɱ⣬롰ĹȾ     
    ҵǰȽȶܾѭӰȽ΢     
    ˾Ӫҵھ     
    ɶʽرʲ˫λROE10%     
    ޳˴󲿷ֹڵҵõҵǵѶд򿪷ţúսڣƣʯͣսԼֵ·ɵгר޳Զǰ     
    ЩȻǼʼǣԱдʱ϶עгƣõĶȻȥ굽ߵıȽǿİ顣Ȼһʱ俴ʱйʯͣӯǷġ     
    Ͷ֤ȯʵ½۹еķչ̣ɶҲǿرWARRANT֣˸˿۵ǽɢҪ롣ڽйƳȨ֤ףһο塣     
        ֮ĳƼ˹ɣԷί˵ʷУһҹ棨HOUSE RULEǾմҵƱ½䡣һӻңøڶ׶ΣƼ˹ʱ·ᣬǡԴԺ߱ûдְţֻͷ˾ұת     
    Ǻǣڵȯ̷Աֶٰ֮Ҳֻܸ̬йء     
    һ£űֹ˵ɭ300ծ1ڣΪծȯĴ02һӵķծȯƳƻں½ʵʩ               
һ3   
    Ѱǧ     
    ۡ     
    ȨǰÿԷӡϧΪȻָŮ˹󾫲ࡣͶ·ϣһֵóڳеĹƱɱ˵棨Peter Lynch׻Magellan Fundּɰͬ٭ϧȷɢر񡱰ͷء     
    ֤ȯԱɭͬ󾫲۵׫дͶ֤ȯʵμѡֵóڳеǧɷݡ     
    ƣǧУֲСɭУǧ಻Уѧ֡ǧɷ7ҪΪɷݵҵڸӵоרeconomic franchiseжڴ˲׸Ϊ۾øѹ뱱ݣʼٵǧݴδʮ֮ڣ19641990֮ձ19681997֮ۡ     
    Ϊ۳ɹ£ݴݣˣ߲䷳ȥ20ںָ11ֻɷݣӵеľרָľרδܷɱϵרӪȨΪгܵӪ̼ɻơӵоרĹ˾׬ȡϷ񣬱߼ϸߣڹơ     
    Уɭֻѡʯ͡šաС·ҵĹɷݼԷ·ҵԭ⣬ǰ6ҵܾרҵȾ⣨commodity businessйأعͬƷβӱةtֻܶˣУǧ˾ƺֻڴ6ҵСӵоרҵмǧɭصķķжϹءòʱȽϲͬ˾ֵȣ6ҵɷݷСݡһΣù«     
    ߷6ҵķһΣ߶ڵҵķշδӡֱĴй㲻ھӪҵŴ̰¼Ͷ߷Ĳ¡еĽУ³Ŷ̨ԭ򣬴źڲܲ㲻޹ϵԸ׳нǹɶӵеϢԶϹ٣δܿڲڣδȻ     
    ܵ˵Ͷ֤ȯʵһʵΪ֤ȯä񣬹ɲзй˾ӡܸʵУŵ˶˳֮꣬ѻСƣŮϣ԰ݣʱ֮ɼᡣ               
һ4   
    ׻ǻ     
    ɭ۵һ֤ȯʦⱾͶ֤ȯʵ൱һ֤ȯԱűضȫĺĽǾȴǺԵġ     
    ҿҵĹһĪչʱⱾ֪Ƶ麣ͷˣ70ӢĹĸС񽫴Ͷе¾ߵʵʩͶռƽ񻯡ȻͶʵռƽȴһ̶ϵĶСƱͶԣνдǻ۲ơʹ֤ȯԱΪͶеƽ鹤ߣ     
    ˻רҵԵĶǣĭıƣ2000ĭƣһʰСյһˮ     
    һеһйжôƣ     
    дⱾʹ֤ȯٴעػСҲܹԼѧڱǣűߣǳعעйڵؾã˵δ30꽫йеĻƽ¡ͺ1964-1990ձ1968-1997ۣвϧƪ۹ȥαƵԭ򣬾ϣܼ֪񣬰δĻƽ£˷̰Ϳ־壬ͶͶ¸;     
    ķܣѰгרйҵеĹɷҵ˷һЩָ磺     
    ҪϺӵСгרҪ󣬲Ʒ߷޿ȡģ     
    гظԵģ޼ģ     
    ޿ɱ⣬롰ĹȾ     
    ҵǰȽȶܾѭӰȽ΢     
    ˾Ӫҵھ     
    ɶʽرʲ˫λROE10%     
һ5   
    رժ¼ͶӦе̬     
    һҪͶΪĲ ǿͶΪ½ѪǮͶһ⣬ضҪ˼ǣǧҪƱͶʣΪĲĹߡͶʹƱǽʽһ룬ϲʡһȴ֮֡     
    ϧʱֵ ʼͶʵʱϵıܺСһҪϧССļѼˣûСҲûĸĹˡǱѪĴһʴΪУ˷Ƕδʱ䡣ʱֵͶŵĵһͬ12,000ԪıͶʱֻ10꣬6%ر㣬10ۻϢֻ9,490Ԫ൱ڱ79%ͬıͬĻرͶʵʱ30꣬ۻϢﵽ56,921Ԫ൱ڱ374%ϧСС㸶ˮͶʱԽԽ̣޷ʱֵۻƸ     
    ӻر رʵĲ࣬һγʱֱԽԽ6%Ļر12%رȽϣ߱һʽ۽㣬40Ͷʣͬ10Ԫʼ12%Ļر6%ر9ܻȡ18%Ļر40ۻ10ԪϢﵽ7,500Ԫ6%Ļر߳73 6%ĻرǺ׻õģծȯһ18%ĻرէѴﵽʵಢǲܡ1977199720䣬йɼ۵긴ʽʴﵽ21%߳18%Ҫ󣬵Ȼ1997ɼѷŻˡα40궼18%Ļرأ20󣬵㷢µġǧѾ˻ˣҪѰһֻǧ20ꡣгרĹ˾Ҫпٵľϣ͸˾ӯſֹ֧ɼ۵ĳ ѡչѸٵľãѡһгרĹ˾ΪͶʶ19771997һλƽ£1997󣬸ٵľйڵؼ֡ˣ1997ӦйڵѰгרĹ˾ΪıѰ߻ر ׷رʱҪԹ˾ĹɼۻرΪĿ꣬Ҫרע˾Ĵһҹ˾Ĵܹ12%긴ϢԶ˵˾Ĺɼ۱ضԱÿ12%      
    ģҪ72 72ռرķ72ĿֳԻرʣóıǽһҪʱ䡣㽫ȡ1%Ϣʱ򣬽72ԣҪ7212%Ļر㣬ıֻ裶ɱƣ18%Ļرֻ裴ʱɽΪͶߣǲӦͶʻرĿ궨̫ͣӦ12%Ϊͱ׼ͨ40Ĺʱ䣨2565꣩Ͷܹ12%ĸʽ۽40󱾽ӻرǵһע93һע10Ԫ㣬40󣬱ӻرﵽ930Ԫο21     
    壩Сɼ󣬰 ÿֻܴ1,000Ԫ1Ĵ12,000Ԫܽ12,000ԪĴͶ12%رġǧϣߣ40ܹͶ48Ԫı𣬱ӻرܶﵽ1,031ԪҲͶ뱾21㹻㰲ꡣ㷽񻰣Ӻľġ40УҪǲҪƣͬҪѰ12%رġǧҪõľûϣǧſɱ磬ǾûõĹ˾Ҳά12%긴Ϣ1990ձõġǧֻԭ̤ȡýչ1997ҲͬʱйڵһïܵĴԭáǧ۳ҡ     
һ   
    رժ¼ͶӦе̬ȾͶ     
    ֹ     
    ɭֽȡűʷԶʱһڴӦ     
    ɭѡϴ֡ԿζΪ֣һʱ䣬šҵӡȫְ׫д飬ĿΪ˰ѰʵսۻͶʷλݺѧϸ֮󣬱ΪԸɴǱСѧ֤ȯдɵߣʮľʵʵɣԶ     
    ͶʴɶĲɷֺ޿ɵġȻĲġۻͶʾȴɴഫ˽Բʮ͵ѸD. Defoe 16601731󿭣C. Mackay 18141889͸׶ķB. Graham, 18941976ԣǻԻǸͶʣοѧϰǰ˾ۻ֪ʶʽʤĲɻȱžûͣ¸ûвͶͶʹʵ仰˵Ҫڹն񣬾ܵƾŬжͶرǽʵۣǱزٵĹΣ     
    ͶӦơ׽ɼ۵桪ƺͲ׽гЧʵгУ˾ݺͶܹһʱڹɼϷӳˣڽȫĹвɻȱʮҪ     
    ֵ˶ǣ߱ȼֱֿģ󣬵Ϊʦɭڸ۴ʷӢʴηԱʱʷ̬ȹ۲쾭зչĻΪ͸ӡһ˵棬Ͷ˿ڴĽˣǳӺ磬ȴμɭֳУоýǶȵĺ۷λػؾ΢ۣϱΪж֮λǰΪ֮λжȻ⣬ջѧʣҲ͸׶Ϥ     
    ɭֶ۹УԼйڵأʶ̣ٵӣΪ۹ҵ£˿Զѻ֤ȯġۡгԳ˿Ľͣƽѧޱظ߶ߣ߶Ͷ֮ʵǲڻ¡     
    äĿĹС׷лͶʣרҵҵ࣬ӦⱾʵϵΪбսġ     
    һ        
    һҪͶΪĲ ǿͶΪ½ѪǮͶһ⣬ضҪ˼ǣǧҪƱͶʣΪĲĹߡͶʹƱǽʽһ룬ϲʡһȴ֮֡     
    ϧʱֵ ʼͶʵʱϵıܺСһҪϧССļѼˣûСҲûĸĹˡǱѪĴһʴΪУ˷Ƕδʱ䡣ʱֵͶŵĵһͬ12,000ԪıͶʱֻ10꣬6%ر㣬10ۻϢֻ9,490Ԫ൱ڱ79%ͬıͬĻرͶʵʱ30꣬ۻϢﵽ56,921Ԫ൱ڱ374%ϧСС㸶ˮͶʱԽԽ̣޷ʱֵۻƸ     
    ӻر رʵĲ࣬һγʱֱԽԽ6%Ļر12%رȽϣ߱һʽ۽㣬40Ͷʣͬ10Ԫʼ12%Ļر6%ر9ܻȡ18%Ļر40ۻ10ԪϢﵽ7,500Ԫ6%Ļر߳73 6%ĻرǺ׻õģծȯһ18%ĻرէѴﵽʵಢǲܡ1977199720䣬йɼ۵긴ʽʴﵽ21%߳18%Ҫ󣬵Ȼ1997ɼѷŻˡα40궼18%Ļرأ20󣬵㷢µġǧѾ˻ˣҪѰһֻǧ20ꡣгרĹ˾Ҫпٵľϣ͸˾ӯſֹ֧ɼ۵ĳ ѡչѸٵľãѡһгרĹ˾ΪͶʶ19771997һλƽ£1997󣬸ٵľйڵؼ֡ˣ1997ӦйڵѰгרĹ˾ΪıѰ߻ر ׷رʱҪԹ˾ĹɼۻرΪĿ꣬Ҫרע˾Ĵһҹ˾Ĵܹ12%긴ϢԶ˵˾Ĺɼ۱ضԱÿ12%      
    ģҪ72 72ռرķ72ĿֳԻرʣóıǽһҪʱ䡣㽫ȡ1%Ϣʱ򣬽72ԣҪ7212%Ļر㣬ıֻ裶ɱƣ18%Ļرֻ裴ʱɽΪͶߣǲӦͶʻرĿ궨̫ͣӦ12%Ϊͱ׼ͨ40Ĺʱ䣨2565꣩Ͷܹ12%ĸʽ۽40󱾽ӻرǵһע93һע10Ԫ㣬40󣬱ӻرﵽ930Ԫο21     
    壩Сɼ󣬰 ÿֻܴ1,000Ԫ1Ĵ12,000Ԫܽ12,000ԪĴͶ12%رġǧϣߣ40ܹͶ48Ԫı𣬱ӻرܶﵽ1,031ԪҲͶ뱾21㹻㰲ꡣ㷽񻰣Ӻľġ40УҪǲҪƣͬҪѰ12%رġǧҪõľûϣǧſɱ磬ǾûõĹ˾Ҳά12%긴Ϣ1990ձõġǧֻԭ̤ȡýչ1997ҲͬʱйڵһïܵĴԭáǧ۳ҡ     
һǰԣ1   
    Fundamental Analysisı˸׶ķBenjamin Graham1928ױǴѧ֤ȯ1934꣬£David DoddдһΪ֤ȯSecurity Analysis飬ûһй˾ġڼֵIntrinsic ValueΪͶ׼ѧն٣John TempletonͷأWarren BuffettͶϵĳɾ;     
    1969߳۹С1972ƸӢάߴ֤ȯ˾۷УΪְѵTrainee֤ȯԱеĹƱлʱۼͶʻΪṩͶʹʷ񼰸۹ɵϢ     
    »ҪͶźܶԴģˡҡͨڳɱһšʮṩϢһȱٵרҵ׼񡣵ڰʮԺ󣬻ȴʽ΢ԭ£     
    һͶռƽ񻯣ʮĩڣӢصٴִж̨ΪȵʱӢľΣСͶʱǰܵӢĸＰС1980ͳְ˹Ludwig von MisesҮˣFriedrich A. HayekΪӦѧɸ˵ɣչϵɷӣ¢ϣǽɰ󣬴ȼ˰ҵӶС񽫴ͶУ˸˾ûҵ֧мʡ˰401ݼƻڹͶʻý˰ҵҲʹµľҵᡣͶռĶСǲעػ򼱹׷Ǯȳӵŷ1984ͨзԭȫӵеĹпС˽лܶģķжڰʮУٶȵȻ׷Ӣ     
    ʮ˼ռԷģȫͶʷתü¶ԳͶʡʱķʳ䣺дǻ۲ơʮչƱռԡ     
    1986ļҽϲʱϽͬʱӢҵΪBig BangĴĸĸصڷϳ̶Ӷƶȣ͹˾ٲԺϻ˻ʽ޹˾ӪͬʱڻչЩӢ֤ọ̇Եлչάߴ֤ȯ˾ʿչPhilip & DrewSecurity PacificչʱӢľHoare GovettһķչͶпȫ򻯷չӾڵľӶ𲻶µͳĻʦҪıǳͶʵƽԣĶעضڵķչÿϣͻƵܣӶ롣     
    ģڽҵȫ򻯷չ£ͶпԴУIPOչϲЩҵĹʷ൱ɹۣȴͳľҵ񣬸߳ʮϰٱڽЩҵУͶ֤ȯԱרҵƽеҵһͶʴڽЩƷߣЩԱΪͶеƽ鹤ߣȱ˱רҵĶԡ     
һǰԣ2   
    ӻרҵԣڴ2000ĭơԱøĳƽ繫˾֤ЩͶʵ˽ڣ̫ߵĹֵûõӯ֧֣һʰһˮ     
    2000֤ࣨSECʵΣ߶ͶУ֤ȯԱͶҵּңԱ֤ȯԱΪͶʹʵĶԡԱҪϽͻĸͶҲҪڹͬʱӢǿ˼ܣ׶ؽ¹й˾Ϣ¶ȼܹ2000תƵӢ֤ࣨFSAϽ     
    ȥ20Ͷƽ񻯵չ2000ĭ֮󣬿˵ǳ䶨ʱͷرȫΪΰͶʼңȻ˲δκĽ߾ͶʳɹдʵϰͷؾǻͽǸ׶ķѧĳͶʳɹأȷĻҳֵóԶе⣬ǿͶʵ⣬һ򵥵ĹƱš     
    ӦҪͶռʵͶмңǽĴɷʽ𡣾ŷ޺Զó״ʽһҴһȥġԣʽǶԾģͶмҶԣ׬Ǯ᣻С򻨶ңռߡֻлܼͶʵķաΪĹƱͶʡͨŻ⹫˾Чʡ״ӪȡͨͶҰı䡰ϲʡ̬׵ƱͶʾ͵ͬù˾⡣Ͷռƽ񻯣ƱĻΪռʶʹǿԱԼͶʣѪ޹飬ʱΪᱣϵһ     
    дĿϣ֤ȯܹٴעػϣСܹԼȥͷصĻҪ΢ֻ˹̹ѧĻʵÿרҵ֤ȯԱáϣⱾܹרҵ֤ȯƽ񻯡ռʹû֤ȯصרҵѵҲаأͶʷա     
    ϣй֪ʶ͸йڵص13Դ1978ĸ￪ڵؾ÷չһǧ19901991Ϻڹʽ1993󼰺￪ʼУձ۹ķչ飬йδ֤ȯгķչǰһƬֹ۵ġδ30йзչĻƽ£ͺ19641990ձ19681997ۣԱĺ벿۹ȥĭƵԭϣܼ֪񣬰δĻƽ£˷̰־壬ͶͶ¸;й֤ȯгķչйòศɵãüҵܽˮƽ     
    дҫ֧֡űļߣºšƴ֡ò±ȱ߿Ҫ죬Ըѧʴϣ͸κܹ˽⵽šҫ˵Ǳݺյҵӣϣǰ;ޡ               
ڶгר׹˾ǰ1   
    ͶʹƱȻҪѡһǰĹ˾ӴŷʿǶй˾ǰйʶۺ˵ǰй˾Ϊࣺ     
    һȾ⣨Commodity Business     
    ӵгõר⣨Economic Franchise     
    Ⱦ⣨Commodity BusinessǴһŴڻûרϵҵָƷ⡣ⶨԴƷԡʱϴ󲿷ƷѾйϵı׼ǸЩʱ׼ģйձĲ֣Ǹݹʱ׼304316ͬһǩƷҲ̵ͬľֻڼǮ棬Լ۸ľὫ߼ѹ     
    ֻ˾ӵгõר⣨Economic FranchiseЩ˾ı߼Profit Marginбϣ˾÷ҵ񣬹гλƾЧ棬յԱ֤ɼҲ˽ڽ     
    Franchise롰ӪȨͺΪһ˵ӪȨĺ壬ܶͷֵľӪߣҪһͶʽ͹˾ֵװޡԱİšʳƷʵĹȶ͹˾ȫ渺߻Ӫֻɴӷֵзֺ죬޷֤ͬһڣûһͷֵ֣ƷܵʳƷľֵľӪûרϵģרȨ͹˾ӵмơ     
    ӵƷƣͬӵгר磺ߵľרϤģ۵ơлŰ͡ǰ͡°ܾ֡͡ͷȶзϵרȨרгûгרֿӪĻ1998𡣸ɵҲΪؿ㣬޷ﵽ֧ƽ⡣۵Ƶ2003ҲΪ۵ûֵˡ     
    ǿг辭ӪߵľרĹ涨زϤͶʣӵеλɳ׵ıͭʱ㳡ؽ֣λãҵ뱣ȶܵв⡣лúûĹ涨רϣӵȼгһռʡ˵ˣܵͽϹװʯΪüҽܣסլɵļ٣ܵúгҲŻ²һӣ΢ĹģѴﵽܸߵľЧ棬ɱʹ¾߾ͼȴ⣬Ǵ˾ſӵгרΪձʹõWD-40󻬼һλʥǸ磬ֻаٶԱĹ˾ġù˾ֻƷأӪ˳ɱͣƷۼ۱ˣЩͻΪͼм뾺ˣWD-40˾ÿرʮֿɹۡ     
    רĲƷг󣬲ſԱȶԣгΪּרƷضΪɶμѡͶʹƱ£     
    һشӺ۽ǶȿǣǷɽ׶εĸڣǵնٳɹ֮Ͷڷչоϵ˹ƱгEmerging Market     
    ˾ǷӵгľרǰͷصרͶʳɾĿõģѡ˾棬ͷصĹȽϵն񡣵նٵĽǷɢͶʣͷաͷóѡӵгרĹ˾Ȼ鳳ڳУ     
    ûо˾Ĺҵرֽδǰ缰ڼֵͶʹƱʱǽϡڼֵΪͣͶʱİܹɼ۶ڲӰ졣ѶɭPaul Samuelsonоɼջᷴӳ˾ʵʼֵڶԹɼۻгͶԳ߽֡ڵڶƪгר˾1977ĳƣҼӲ幫˾ÿɴԶϸĹ۲죬ɼ۵ĳǷӳ˾ӯοͼ3ɼÿɴϵ     
    ͶһĹѪǮͶһй˾ͬԼӪһ⣬бϲʡͶʹпɰ֮ѡȨͨ˽⹫˾ҵǵͶʾ㷢ù˾егרе˵ļ󣬻͹۾Ӫı䣬Ͷ߿гʵ˹ɡԱֱӾӪߴܶࡣ     
    ڱƪĵһΪӣȷеı뾭Ĺϵڶڽ̸ָ𣬴ӹлͶƾָ               
ڶгר׹˾ǰ2   
    չоеĹϵ     
    ƱͶҪȡúõĻرһҪȿôó˥ˣҰͨǺռģǰձ1989䣬̶ڵλǻ15ꣻ۾1997󣬹ȥ74ĹֵָиǷƮҡ1998ĽΣƱԼ2000ĭֻǴݵķ⣬ڹȥ7ֻмĹ˾ĳҵӱ     
    ôɽ׶Σνչоãй˾ӯߣ°빦ӯϿܵñȾûҪ죬õǵڶսձ÷չ졣սڼ䣬ձΪֻ֧أձƷӶЭձսľûʱձʹ̶ʣԲԪҹһΪ270Բ1ԪձĹʼɱ˵ö࣬ձĹҵƷܻӭ     
    ڳڴ£ձľ÷չǳѸ١ձƷڶʮʮֻģŷĴãձҵͣʮձĲƷҵ硢졢֯ƷױƷֻ죬Ѿﵽһˮƽټϼ۸ԱˣձʮɨȫΪĸ̡ڹ촬̶һֱάֵʮڲŽʱ䣬ձƱַǳɫվָ1955374㣬19891229յ38,916㣬35ܹ104     
    ձ⣬ʱСۡ¼¼̨壩ľ൱ˡձһĸҲɹҵڴʮͶרҵնᳫͶڷչйҵĹƱν˹ƱгСľøոս빤ҵ̨Ĺвδţۼ¼¹йģϸСʮŷʽìͷָձг     
    չоôɽ׶Σ˾ಽ˾Ĵջڹ˾ĹɼϷӳ߾ǸͶָ½ָ۾ñӡ֤ȿ۹ȥɵɫ     
    1ʵ۱ֵʽʣͨͺ     
     19621969			    8.9%	            Ĵ֧زҵ     
     19701979			    8.9%		         Σҵʱ     
     19801989			    7.3%		         ҵƣҵ̧ͷ     
     19901999			    3.9%		         زĭ     
     20002003			    4.0%		         ĭ     
    19621969꣬ÿʵʾܹά8.9%ʱľɹҵҵݸɫڼܵĳ1965мἰ1967ıһȳصشزҵ񣬵û赲õķչʱ˵ȫҵûʧҵ⣬Իȹ̡     
    ʮʮ䣬ܵĳǰδģп19721973̶֣1974ˮʽף19731,775½1974150㡣1974ʯΣʹֵҲҪϡϣкܶ಻أܶë1976ȥ˰ﵱȡ۵Ĺҵȹ̣ټϵزҵҵչĸʵʾÿԿά8.9%ʮʮĸʱǵس֣йʱҲɹҵġ     
    1978йĸ￪֮ʮͶʷǹҵƣùڵ͹ɹҵתзչҵͬʱھ⣬ִ˴۾ҵ19821985з糱۵мܽ죬ȫĹмͶУձУڰʮ۴չȭţʱǽҵչʢṩ˴нľҵᣬʶԪķҵ˹ҵƵӰ졣أ±ڰʮʵƽ7.3%ĸˮƽ     
ڶгר׹˾ǰ3   
    ʮ˵һڣҵΪûвʧҵΪͬһʱ۽ҵչѸ٣нְҵ񳱣һĽܶࡣн˷ҵߵʱװʳ弰OKҵ̳֣ԭڹͶתͶҵ˵ķҵɴӹҵͷųͶ     
    ʮΪ̵󣬸߿Ƽҵû۳֣͹ܼĹҵѾơҵռֵ½ڷҵͣΪڵزĭƣѸٳۡƵҵ˹󣬾Ƶ귿շѾﵽ缶ĸˮƽʧȥáϵʣΪ˽ҵͶʻ»ȣ˸ͨͣʵʽΪ˱ֵӿزͶزĭ1997걬ƣ1998ˡʮֻ3.9%ѡ˵Ǻҵʱⲻ١     
    2000ྭĭʹʵʱֵ10.2%2000굽2003꣬ʵʾܹά4%ǿ2000ĭ͡2004ϣֵмCEPA£һƿɴﵽ7.5%     
    2ֵָ˾Ƚ     
                 1964                1977            1997                 2003     
    ָ              100                 429           13,375              10,291     
     (ÿƽ)     
    ָ           N/A                 37             872                  686     
     (ÿƽ)(Ԫ)	     
    ֵ	 118.53             727.24         13,445.46         12,349.44     
     (ͨ)(ڸԪ)     
    3ÿƽʱȽϱֵָ˾     
    	   19641977          19781997         19982003       19642003     
    ָ       19.4%                 21.5%              -1.4%             17.3%     
    ָ     NIL                 17.9%               2.6%             14.4%     
                                                                   19772003꣩      
    ֵ  15.5%                15.9%              -1.4%             13.1%     
    ͨͣ     
    *ע㷽ÿƽָӯ䶯ӻ٣ۻɡϣӳʵÿÿյָÿƽָһÿƽָȽϣߵĲٽЩۻÿһ׶εƽʡʽȽϷɽÿһ׶ÿĲڣµڣӳͶڹеʵ档һļƷͬһ˻սָȽϣмʱϵĸʽʣ߻һشƫÿһ׶йÿı䶯úߵļƷ1964197713ָÿ긴ʽֻ11.9%ÿƽ19.4%иܴĲ𡣱߼ûָܹ͵룬ܹߵƽǱȽϺϺʵġ               
ڶгר׹˾ǰ4   
    2гֵָÿƽָ˾һȽϡ319642003Ϊĸ׶ΣÿƽȽϡóĽ£     
    һ19642003ָ꣬ÿƽָ˾ȱֵߣ     
    1964ָʱ100㣬20007߷ʱ18,125㣬ָܹ180     
    19771997۹еĻƽ£ָÿƽ21.5%20ʱ31.2     
    ģ19972003걾ֵָͬµÿƽµ1.4%     
    壩Ժָɷݹɼ㣬˾Խֵ     
    1999곤ͻƳۺʲֱ¼ʷԴﵽ593Ԫ1,173Ԫ1999ָɷݹɴ89%1999Ĵ19972003䣬ָɷݹɵĴƽÿ2.6%     
    ߣָ벻١ΪɷݹɣǵҵҪйڵء˾ᡢͻơ˼ݡе硢۵ơлúȣͶʺҵ񡣱ԤδָɷݹɵĴ뱾ֵѽڡ     
    ͼ1ָ뱾ֵȽ     
    ͼ2ָ빫˾Ƚ     
    ͼ1ͼ2ָ1964200410µı֣ͼ1Ӳ۱ֵͼ2Ӳ˺ָɷݹɴı֡ͼ1ͼ2˵˺ָı빫˾䶯ֵϢϢءͼõĽǶ԰ٷֱΪ׼֮1,0002,000Ϊ100%2,0004,000Ϊ100%4,0008,000Ҳ100%ƣöָÿһʱʵͬʱöȷʵӳ     
    ָ     
    ҵһչеľãֻҪֱͶڸõĴָϣԽ徭еָIndex FundһֺܺõĹߡϧǣۺָָӯ𣬹Ʊţ2800ֱ2000ų֣ѹ˾õĸڡ     
    йʱΪǷչйңйƱ𣬵ûһейָƳԹָΪָĹָHS H-SHARE ETFƱţ2828ΪͶߣպийָ֡     
    ȻָҪɷݹɵı䶯Թһ㶼ȽϰοӯϢָɷݹϢȽϣͻ˾շΰˡ     
    ΪʡνĹѣһѡֱͶָɷݹɡԺָ33ֻɷΪ˵ͶҪɷݹɵıأ̿൱ӵġΪ򵥵ͶڱĳɷݹɡԺָ33ֻɷݹΪ11ֵֻй˾ǵıѴﵽ78.48%˵ַӳָıֵ֣Ĺ˾ƶռıָоءԱָ߽𣬵ָܣԼһָ𣬷ܼ򵥣ںָ޹˾վwww.hsi.com.hkغָɷݹɵıأȻĿͶʽؼ±     
    4ƾָ𣨱ظ2004910ռ㣩     
    ָɷݹ                 ֵָ%               ͶʽԪ     
                            33.55                     427,497     
                             4.89                      62,309     
                             3.75                      47,783     
    еع                         2.62                      33,384     
    лú                         1.97                      25,102     
    ۵                         1.82                      23,191     
    ͻ                             6.51                      82,951     
    к                           3.62                      46,126     
    ƶ                          11.38                     145,005     
    ʵ                             3.91                      49,822     
    º                           4.46                      56,830     
                                78.48                   1,000,000     
ڶгר׹˾ǰ5   
    ߵļ㷽ףȽĿеĽΪ100Ԫܱ78.48%ȻÿֻƱıأԵóÿֻɷݹɵͶʽ     
    ûʱ쾫ָ𣬻ǿֻͶͨ𣬶ָڣԿ϶Ͷʻرָ͡ΪʲôأͶʷҪͶʱҪշɢDiversification֮ÿ𣬲۴СԽ5%ʲͶڵһ˾ģʽΪɣһˡһͶ20ҹ˾ܵĹ˾мֵ5%Ĺޣͱúܱԭռϵ5%м۸ٶȽ19ֻƱö࣬غܿ5%8%ı֣ķֻܹõĻУ5%һЩܲĹƱУշ൱Ϊ˽׳ɱ⣬ҪɸĹѣͨ޷ӮָġָIndex FundǳУͶ߶һֲķӳ               
ڶӵרġǧ˾1   
    19771997ۣ33ָֻɷݹУֻ8ֻɼǳԽָģһԱ֮ͶܹӮָֻ8/33ͻ˰ͷصĳɾͣͶġʤϣǲ֣ѡǧͶҪָɫöࡣ     
    棨Peter Lynchȫ׻Magellon FundΪɢͶϣ׻һȳ1,400й˾ĹƱֽŦԼй˾ĿҲ2,800ң˹ҵ3,500ҡȻ׻ıջӮָر棬ͷصͶᲢۡ     
    ۵Ĺָָ33ֻɷݹɣָ޹˾ѡɷݹɷݣ׼򣺵һǸй˾ֵãڶҪ˾Ҫнǵˣֵͨ½󣬳ɷݹɱעĹ˾ǰϵΪǨƵ¼УȫӺָɷݹ޳     
    ʱٹעṫ˾ܵ۹˾ޣHʽУδܱѡָڡʯͺʯǶǳкʹ󣬵ں۳Ĺ˾νܹΪָɷݹɣǰȻģϴȴָֻɷݹУǸеķֱʱָĹɷݹɣעĹ˾Ҫҵйڵء     
    ѡУָΪɷݹй˾һͬＶλһ̭ǿľ൱̵ġ1984ܹ44й˾Ӻָɷݹб޳ȡɷݹɵı䶯ӳ㽭еʷϸ˵ҵʢ˥߽ڵʮƪϸָɷݹɵı䶯     
    ع˺ָɷݹɵı䶯12ֻǧ˾1977ƾҵӴֵУҹҵе硢۵ơлúѶӯƣУҵزºۺҵͻơ̫šŲּ·ᡣ12ֻǧ˾ܹӦ۵ľ÷չ۾ɽ׶ܹʱҵ񣬴Եгרڲ֮ءмۼ棬н˱֡5г12ҹ˾ɼۡʵ6гÿĸʽʡ197712ҹ˾ÿɴϸڸ¼ĴAο     
    51977ꡰǧ˾ÿɴɼʵʱ䶯     
    				                   03/01/1977			            07/08/1997     
    		          19771997	   07/08/1997	   19982003	    14/07/2004     
                  ˾   ÿɴ	ɼ(%)  ˾  ÿɴ   ɼ۱䶯(%)     
    	          (%)    (%)	            䶯(%)    䶯(%)     
    ָ	               2,251	3,630	               -21.00	      -29.06     
            6,830      3,314    4,394        60.58      22.00          27.00     
            6,020      6,039    9,709         1.88       2.88          -5.07     
    ʵ           20,367     16,552   24,835       -44.24     -44.60         -41.56     
    ºز     13,782      6,563   18,631       -53.50     -53.80         -39.95     
    ̫            3,510      2,811    3,340       -26.30     -24.50         -29.86     
              2,345      1,683    3,781        61.60      51.20         -32.38     
    ·          5,797        991    3,330     -97.50     -97.53         -51.90     
    ͻ            6,603      6,532 18,523        17.20      15.49         -29.94     
    лú       11,916      6,545   11,056        33.60      42.30          25.44     
    еع        3,162      3,233    3,440        33.10      51.90          14.59     
    ۵        2,290      2,078    2,704        28.60      21.80           3.18     
    Ѷӯ        6,436      1,972    4,797         Nil         Nil         -94.40     
    ²        572        344    1,633       168.00     165.00         180.00     
    *1984711ա199787     
ڶӵרġǧ˾2   
    ӱ5У19771997꣬ʵҵĹɼﵽ24,835%ǰé仰˵1977ʱֵ10ԪĳʵҵƱ199787գ20ûת֣ƱֵӦ2,500Ԫʹڰĩ۵ƣرҲɹۡ19771997꣬۵ƵĹɼ2,704%20ʱ䣬10ԪͶʣﵽ280Ԫͬںָ3,630%451㣨197713գ16,820㣨199787գ     
    1997Եķˮ룬Щǧ˾ɼ۵ı֣˾޴ı仯βˣ⵱Ȼ뾭ô򻷾йءһЩ˾гרɥʧˣ磺ѶӯƵĹɼ۱µ94.4%ز˾ĭƣɼ۶µֻмù˾ֽϼѡָ16,820㣨199787գ½11,932㣨2004714գµ29%     
    61977ꡰǧ˾ÿɴɼ۱䶯긴ʽ     
    				                   03/01/1977			            07/08/1997     
    		          19771997	   07/08/1997	   19982003	    14/07/2004     
                  ˾   ÿɴ	ɼ(%)  ˾  ÿɴ   ɼ۱䶯(%)     
    	          (%)    (%)	            䶯(%)    䶯(%)     
    ָ	          17.10     	19.83	              -3.91	        -4.79     
           23.61  19.30         20.96         8.20     3.37          3.45     
           22.84  22.86         25.77         0.31     0.48         -0.74     
    ʵ           30.48  29.14         31.78        -9.28    -9.39         -7.39     
    ºز     27.97  23.36         29.91       -11.98   -12.07         -7.03     
    ̫           19.64  18.36         19.35        -4.96    -4.57         -4.94     
             17.33  15.49         20.07         8.33     7.13         -5.44     
    ·         21.61  12.69         19.33       -45.84   -46.03         -9.93     
    ͻ           23.40  23.33       29.87         2.68     2.43         -4.96     
    лú       27.05  23.34         26.58         4.95     6.05          3.29     
    еع       19.04  19.16         19.52         4.88     7.22          1.96     
    ۵       17.20  16.65         18.14         4.28     3.35          0.45     
    Ѷӯ       23.24  16.37         21.48          Nil      Nil        -33.72     
    ²     15.78  12.16         24.53        17.82     17.67        15.84     
    *1984711ա199787     
    רûг     
    ȥ۾üٷչӪʿ޻ᡣ12ֻǧ˾Уе缰۵ƵܵļܼϣرʲͶһ׼2008רͽרھѸӱ7еǰ꣨19681972꣩꣨19992003꣩βʱĵһȽϣԵóһۣ1968굽1972꣬յĺĵ긴ʽʴﵽ12.4%ͬʱڣʵֵͨڣ긴ʽֻ8.2%ĵǱֵ1.5˵ʱľɹҵԺĵֵÿ졣ʱйڵس֡     
    7ۺĵ뱾ֵƽȽ     
                   19681972      19731987      19881998      19992003     
                       5            15           11            5     
    ۺĵƽ        12.4%            9.0%           5.2%            2.2%     
         
    ͨͱ         8.2%             8.3%          4.2%            3.9%     
    ֵƽ               
ڶӵרġǧ˾3   
    199920035ڣ۵ĺĵ긴ʽֻ2.2%ֵΪ3.94%ʵʾȺĵ߳80%˵һ쾭õĺĵǻ𲽷Żġ     
    ۵ƵĹɼ۱ֿԲο561977199720䣬۵Ƽе綼Ϻָķѷɫ۵ƵĴֻ2,290%ʽֻ17.2%۵Ƶĵزչ󲿷ڰʮʮȫɣͶδдģ룬û۵ڵأڱ۵𽥼ӦŻ19982003䣬۵ƴĸʽʸ4.28%ĵ˸2003֡ȻееͶʼز棬䴿19982003Ż긴ʽֻ4.88%20012003ڼ䣬ַ΢     
    ۵˾ϵרϣгܵв֢ǣ30ĸ󣬵˾Ȼרϣȴʧȥǿг֤˵רҪгϣſ湫˾ڵרҩһҹ˾ɹҪܷгнԼרνгרEconomic FranchiseԱҵ˾ķרегרһȽϡ               
ڶֻегר1   
    1865140ʷ۾óɳϢϢءʮʮ۾ɣ۵ĴгóռԵƣгռʳ70%     
    1965۷мᣬĺУҲҪֲ֧ŶɹΣᳱӵУԸԪֽҳֶȱСһѷشȡֳڼСʱӢоģ涨ÿÿֻȡ100ԪӢ˴ӢֳһԪֳͨĻʹӢӢУԻеġ1977дֻ6.14Ԫ1997425.5Ԫܹ6,830%ʽʴﵽ23.6%ͬںеĴ1.53Ԫ93.63Ԫﵽ6,020%ʽʴﵽ22.8%1977ἰÿ괿ÿɾӯɲο¼A     
    ʮʮ۽ĵλʱ󲿷ϾصĽڻл´ṩֱоûбгǰδս     
    ķӦɰʮʼʻ1980չӢͶAnthony GibbsӢıгͬ꣬йУMarine Midland51%ĹȨ1986ӢҵشĸBig Bangչ׶صľղ𱦣James Capel1987깺¹ɷݣͬ꣬йӢУMidland Bank plc14.9%ĹȨ1992Ӣжչˡ1997꣬뵱ʱBanco Bamerindus do BrasilĲʲ1999ŦԼĹУRepublic New York CorporationSafra Republic Holdings2000꣬뷨ͶCCF2002꣬īGrupo Financiero Bital S.A.2003꣬148ԪHousehold International Inc.HIйڵط棬Ͷʣӱ⣬20015ԪϺ8%Ȩ20026Ԫƽ10%Ȩͬ2,000Ԫ븣50%Ȩ200418Ԫ뽻ͨ20%ĹȨֻǽϴڵչСĲܾ¼     
    ڶչУ1992չӢм2003HIǣʽӴԻ1992꼰2003궼Է¹ɵֳչġ¹ɵֳǻгרĳɰۻڣгͬɼϵ֧֣ſԳɹġڴ¹ɳг֮£ػᵼ»йɼ۴µ͵չ޷ɡͨ¹ڣͿ԰ʱڻֲΣȫչȻעʽ𼰹ŤתǬΣĻתΪӯǻеĳɹ֮Ի1997󱣳ȶҲгר½HIӷ˵񻰵İء     
    HIһҸŴ˾ҵزңÿҵ޵ѺߴƷͥƷڸշӵ൱磨г1,300ңڼôӢҵ񡣵һĴȲĴУʽԴҪͬҵв루н룩ھûʱ˴ĴʵȻ١2000ɱƺ󣬼911¼ת˽ʽĳɱˡнHIķˣֻʽʡѭγɣ½ʽɱǣʹ½ΪάHIԴҪ½ϣɸ⣬ǻʸࡣ޷ŤתƲ֮;HIĶ¾Ҳ׵ίͶдΪѰҺ飬вԮ֣Ը䵹նٸ֣⣬ϤHIҪʲŤתͬʱҪʲԶչ߱ҵһĸӰ졣Ͷ׼ƣͺͷ˱һͷܱϲоڻҵϳʽʣ⣬ƴгȻHI451,300ҷУɹչHIڱ޽һõ硣     
    չǣñƴŤתHIĶѭҵѭ20033£148ԪHI÷¹֧ģԲ趯ñʽԻͬҵԪȻתHIʽɱ϶HIԼñˣԵյͼӰЧӦͬHIľӪɱ͡оHIĻʣĲ20026»лʲռƽܴΪ0.4%200212Ϊ0.3%20036չHI1.1%ֻǷӳ200336չHIӰ죻2003121.39%2004ϰΪ0.96%ʵϣȻ2004ϰΪHIĲʲ½ֻǷӳ˻ۼ̫ҵõĽչĻʷ233ԪԻز8ʾչHIǾκλʣն϶ѭ     
ڶֻегר2   
    8еĻʲ     
    Ԫ          2003ϰ           2003°             2004ϰ     
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    ܲ             2,374                   3,719                      2,803     
    *ʻز     
    Ա߹ƣ2003꼰2004ȣΪHIĻ80Ԫټչ۵148ԪHIͶʴﵽ228Ԫչ÷¹֧ɻб֧ʽӴչеĸ̫ˡִһпԳеģҵȫԷչҵ㹻ΪHIĲΪHIĲû2003꼰2004ȵĴֵˡΪĲ൱㹻۷棬زеĸ2004ϰ223ԪĻز2004ϰ괿Կ¼48%     
    огɼ֧֣ҵΪܣӦҪŤתHIǬĲ2005HIԴHIԽһԵѭԴߣٺĴˡ     
    ԻչHIһ˴кܴģΪչHIֵ3չ148Ԫ㣬100Ԫչʲûʲֵ֧ġͨΪʲĴۣѻÿɾֵϵͣʵûг֡չʲÿ궼п۳ֿ̯һΪʲ2001ʲ̯ﵽ8Ԫ2002ﵽ8.6Ԫ2003չHI15.9Ԫ     
    ܹм۷µĹƱԻбĹɶʽмۣ125.5Ԫÿۣ0.50Ԫ߳ܶ࣬м۷¹ɣ۱ͶɶʽĴʣ˹ɶʽ𡣽ʱգӪҪĹɶʽ𣬲ܼŴҵ񡣸1989ĹЭ飬бʱɶʽڵһʱTier OneһʱܹԸŴҵ񣻵ڶʱTier Twoָͨеծȯһ͵ڶʱбϵġ仰˵вܵծ⣬Ҫͬʱһʱ⡣вܷ¹ɣɶʽϢ棬ܵĹޣ޷     
    ڴչУȻвٳֿ𣬵ǻܾһʱתΪӯɹӲϹгԻģףײǻۣǲ첻ɰʮʼչĶǽҵᲢûвҵ첻ּײżгҲΪ֪תΪӯʱʮжַͶʣ纽ҵ̩ͻƵȡʮʮЩͶʽеҵŲ첻ּ     
    егר˲첻ּܹ᳹ãɹŤתչ˾ơ⣬Ϸ¹ɣڲԴչڲԴ¹˾ҵ뷨򵥣ʵһЧġҵҲֲٲӣʮChemical BankManufacturer HanoverϲΪµChemical BankֱͨչʣֻдͨУǰͨJP MorganϲΪĦͨʵǣеϣǵĺϲֻǽصϳصйرգӶʡɱгδϲ󡣷չHIгռʷ棬϶ȡһ൱ҪĻڡ     
ڶֻегר3   
    ؿ¼֮A12ҡǧ˾УΨһܹ1997ġ1997еΪ425.5ڸԪ2003683.25ڸԪ60.5%Щ͸չĳɹȻдƱÿ̯19972003ÿ22%ÿ5.36Ԫ6.54ԪûеӾ֤˱ߵľ飬ѡ˾ҪѡгרĹ˾ǵרϵĹ˾ҪûκרĹ˾     
    Ӣ׼򣬰̯ϵʲ2005пܲùʻƶȡʱչҵ񽫰¹ֵһΡֽϵ͹ֵʱֵȽչֵͣὫҪΪImpairmentƲĹֵַֽҵֵ򾭼ûĺûִӴʲҵĹֵȻµѹ»ƶȿܻҶ¾ֵľߡ޷дչط޷¹ɣɶʽޡгӳĴչʹܴ죬شչʱɼ˴䣬ջ޷¹ҵµĻƶȣܴгרͶ߲ƶȵЩ΢ı䡣     
    ͼ3ǻ1977ɼ۵ıֲӲÿɴͼпɼɼԤڴӳ     
    ͼ31977ꡪ2004ɼۼ     
    ͼ41977ɼÿɴ     
ڶֺ   
    ֺηһȽϣûгרأ     
    Ҫ׷ݵʮĴҵ񣬵ʱҪǵز̣ʱĴزºزز¡ȡϯƺ⣬ºϯʤ׻¡ĳ֣ԣͮʶ΢ʱں֧ǷչԽԨԴգЩ˾ĽӰˣȻеĹϵڷչزĿʱܿɷһʱףЩ˾ǲۺʣʹҪкܶŲ룬ȡⷽĽɫˣѾõгרɫ     
    ¥ҼݰңǰǺегר1997ǰеĳɼԻͣ󲿷ֵĴЩҵ񣬺еǾӪɱˣ󲿷ַжҵڰʮʮܹԾݰṩŻŵزĭƣѳʷⷽľרѷⲻˡ     
    1997еǾٲά裬1997еѴﵽ93.63ڸԪŵزĭƣ199867.88ڸԪ2001101.14ڸԪ20022003궼ˣ99.695.4ڸԪҵԲο¼ĴA     
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    Ĺƺɹгרºָ˾۹28ָֻϼؼ磺ָ󡢺͹ɡ͹ɼС͹ɵȷָ˱㣬ɹƳָȻδԾǰ;ȴ޿ھ޶гӴֻҪ򣬷иƻ𣬽ؿɴɹ۵Ļر֪ʵǿƶ꣬رȴǿ⣬ܹɹذָƹǿĲ棬֮޷Ƶġָʢж꣬ӳһͶ߲ıָ֣ΪͶָƱض۳֡     
    󣬱ҪѶߣͶѡ˾ʱҪر⣬ù˾гרǷ歵ҵ˥ʧҪϸ³ç¡     
ڶֵѶӯƵרʧ   
    йݰҵľר޼ա෴һҹ˾רɫ±ȡˣǽĵѶӯƣյ۵Ѷù˾רһǹʳ;绰רר2006ꣻ1998һʽרЭ飬쿪ʼ۵Ѷʧȥ˹ʳ;绰ר2000꣬ڶרع࿪ߣԽĵѶӯƣ˵ȫûгľר˺󣬾ӪҵĿãֿɼ1997µ94.4%     
    лúгר     
    רһлúľרгϡúĲƷȸɾַ㣬ܴﵽйνˮƽԼй˳еıƷûУʯ֣Էʱܵʯװʯѣ޷úгġȥزչѸʱסլҵɣҵú˾Ӧ˿ϻ½δ¥ֻú˾ڱصŻ֮ؾר䲻ʧȥЧս½     
    лú걨͸¶˾δҪչǶ෽йش͵ĹܵҵչúĵƤֲĸ˾ĵزĿúܹɹйڵصгǹ۵ľ飬רлйڵгйһչоãδгӴ󣬲йгͶҪһγʱȡġ     
    ͼ5лú19772004ɼÿɴ     
    ºزгר     
    12ҡǧ˾Уֻºزʵҵҵز˾֮ľӪַͬ߶ܹʮʮŵزӴչҵ񣬴Ӷȡ󡣵زڰʮ֣ʱʵ50ߵؼߣСģز˾޷ͶأزܻݣºزĴ19771.02ڸԪ1997141.6ڸԪﵽ13,783%ʽΪ27.9%2003ĵزͳʱº¼65ڸԪ     
    ºزľӪַ˵ǽزĿˮҵɱ˵ķչĿֻҪëгܽܣͻۣ෴ɱĿʴۡǴͳйνĻתˮҵףºزǿڻȡ󣬵תʱڻĵز˾ӲƲĶΣºزˮҵľӪʽгн𾭼ר     
    ⣬͸չ½ũأչ߳վҵºزǿǷչģԷԱʽסլλӴ̳֮ͣáԾǽסլתͶ̳̳ͣͣ룬ɳԶľ롣2004ȣºزӽ50ڸԪԷ̳̻ԸܹºľרǷչԷסլӪ̳Զ档     
    ʮʮºܹάһı߼¥ر񣬹ͽִ͸߼۵ƤĳɱЩ߼أھƲֵȻܹʱ¼ַºʮʮӯá۵Ļƶӹ죬ز˾ÿҪΪؼҵרҵֵعˣ۸ı䶯ʼʲծзӳ˾͸ȣֵӳ˾ʲֵͶ߲οڵزڣ׼ºزǾģΪӴҵ۸ɶʽӣ֮¸ծɶʽıµ״ӽ෴أڵزµڣ»ƶȴܴӰ졣2005۵Ļƶȣһ׼룬ʱͶҵعʱı䶯ȫʷӳͬҵ۸ֱӰ칫˾     
    ºĹ㵱ȻףزĻƽʱ޷ڳзɢͶʣ磺Űͨ͡ȣЩȣֻС׼ס˿ϻ½£۵زָܷջƽأһʡǣ˵˾ºزӵشȥ꣬ºɹԲؼ۷ʽش²δչ仰سɱֻչ̱ˡ     
ڶֳʵҵгר   
    ܿܿڶָɷݹУԳʵҵĴΪͻ19778,600Ԫ1997176ڸԪﵽ20,367%ʽʴﵽ30.5%ɼ۱ָڹ֮ڡ     
    ʵԭһϻ쳧ϯγ϶ϤҵһŹȾҵCommodity Businessڷ˵һͰ󣬾ͼзչزҵ񡣳ʵľӪַºزִͬĲ͸չӵӴصĹ˾Ժ׵ʽչԷʮʮؼ۲ǣ¥۸вʵģʽ׬ǮЧ     
    ʵޣñ˵ĵƤչ1976곤ʵͼпȨµĻҴϲΪյĺͻƣȻչֵСɶȨ棬Ϊȫʸ˾ٽ䴬ҵǨ£ϤķչҴλں|أΪĻһ԰۵棬еĴؽɽģ⣬Ļؽɾ¥ڱǵĻֱɺ͸ġ͸µ۵ƣ糧ǨѾǵ糧طչɽĳл԰ƹ˾ѼÚ۵ƹ˾ľɵ糧ƹ˾Ϳغϲչɽĺ뵺棬ƹ˾ڹͿǽɳʵչΪ۳ǣվϸǵĻ㾰԰˾һӡ     
    ͼ6µ19772004ɼÿɴ     
    ͼ7ʵ19772004ɼÿɴ     
    ½緽棬ˮΧҲǺܶصӡˮΧҵȨһƲĴ󱦵زУҵȨɻƣΪǣ̸̫ʱ޷ӦؼۼáʵʱԵͼˮΧҵȨչɽļκɽׯ     
    ʵһչӪ˾ķʽӪ롣ֲƼչƤʽǳʵгרʵĲȨ50%Ӫ˾ĸծ㲻ڳʵĸծϳ֡һӴĵزչĿ漰ʽܴ󣬶ʱܳ10꣬ڷչڣδ¥棬Ϣ֧᲻Off Balance Sheet Financingʣʵ⽫ԴڵһҵϡӪʽչزͣزչŴĿʽProject BasedǮӪ˾ĵƤ¥Ѻţ뷢չĹ˾е     
    Off Balance Sheet FinancingǻרδκͻܲǰǳʵĲ¡Ӫ˾ʽչزֵգծ಻ڹ˾ʲծϳ֡     
    һʵĻԻҵ͸չ˵ءԳʵľר˾˵ĵƤչסլֱƤˡʱףԺʽչԽԽ١γԶģ׵زƽ޷ά֣۷չҵʽתͶҵúͻƷչߵ绰۷չӢŷ޵ߵ绰2Gչ3G۵ĻͷͷϺͷӢĻͷСҩɽƷ꣬ʱΪ˾ΪŷĽƷꡣԳʵľר۵ĵزתƵչΪгר͸ȫӳѽгר               
ڶֺͻƵгר   
    ںͼеó⣬ûоרóľǹġͻɹĵطǷչ¹˾أ̸ʵĵزչԣ˵ǽرֽͶоרҵͷ֪ѶҵңҿƼ٣ʺͻͶ3GǷȷأҪڸ߿ƼҵȡרڿƼȣȥͻ۷չ2Gֻܹɹ֣ܶΪ2Gƶ绰쵼ߣȷչ3GҲϣȻռר     
    ͻ۵ĻͷչҲǳžר֣ϸСģСͷչͷۡ¢Ϻֵʧʴˣ۵Ľ衣ͷķչΪȡר     
    ۷棬ճӴİټѳУҲᵽ־רľӪַʱټѵĹģƷ֣ʵ߲ˡ㡢⣬Ӫ߹ģҪ󣬰ټѵľӪַҪ¢ϣͨе߲ˡⶼҪ     
    ľӪѧδͶĿ֮ǰѿγͶʡͻͶӢƶ绰OrangeڿĺͻƴSimon MurrayҲҪ̨κɫۣ1999꽫ҵ۸¹˾MannesmannȡMannesmannĹȨӢƶѶ˾VodafoneչMannesmannͻMannesmannĹƱVodafoneƱһĳȿȡǧڸԪΪʲôMannesmannԸOrangeأMannesmannаٶʷԸҵң¹ƶ绰񣬹ģС񣬲ױ̲MannesmannĹһӢOrangeҵһ̷ҩPoision PillļıΪMannesmannǮ׬ױ̲OrangeOrangeĿ״ͺϲMannesmannϣԼױ̲ϧԸΥVodafoneȴõʱ֮ƫ߹ɼչʵϧӡƱչ˵MannesmannΪͻ񻰡     
    һרOff Balance Sheet Financing෴ӳںͻͶĿ۵ͷ߷3GͶʣҲӪ˾ӪʱKPNձNTT Docomoͬŷ޷չ3Gҵ񡣺NTTKPN˳󣬺ͻƱΪȫͶߣӪ˾ȫӵеĸ˾ͻҪͶʣŴںͻƵĿϳ֣ͶʧܵĻҸ˾ᱻ̣ԼעͻŸпĸ˾ͻ׷֡     
    ʣȳѷⲻ٣OrangeʵݡѰŵģҲǺͻƵľרͻƽйڵP&Gչҵ۸ԷP&Gĳۺд˾緶ͻ׬ȡһʺϸķP&G⣬ѱͣйг۶٣ܹ׵ͻǼ£ΪӪ˾Ӫҵ޷P&Gĸ˾ĿгֵģʱP&GйҵȫӵУ۶ܹ˾Ŀзӳʾķȡ     
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ڶ̫ŵгר   
    ̫Ҳǹϵ꣬۾ɵĽ׶Σ̫Ŷΰʱڶδսǰ̫ҪӪͻҵһ˶Ϥ̴ѡ̴ѡǰ̫Ŀͻй̲ĿͻʮЩҵսʽ΢Զɢװ˴ȡÿִѡɻʱ̫й˾ǰֻ̫Ŵ룬ר޴촬Ĺ˾ҵ޷ձ¼¾ʽ΢ʮ۵زʱ̫в𽫴·չĿӿĴأǨ£÷չɽ̫ųǡ׬ȡͶҵҵǹ̩գڵõʽ֧֣̩ڰʮܹµĿҵܶ͵Ĳ747̷ɻ磬ΪһҿԵĺչ˾     
    ҵͶʷ棬ӵ̫Ź㳡ӿ̫ãһһǣЩ̫õزʱ۷չҵȡʽͶʶɵġڵصԽһܹ־רгбһλ     
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    ͼ8ͻ19772004ɼÿɴ     
ڶ־Ų֡·гר   
    ·ǰ¡ʣWorld International1980¡չ֣1986չ·ᣬƻľ˾ʲ飬¡ƻ·ʲΪ·ᣬֵĿȨڻ·ϡ˵·Ǿͻ̸ֵ֡ľרȽϼ򵥣ҪͶҵҪǽ㶫һĻ˽Ϊд¥̳ƵꡢƵʽסլµ糵˾ؽֵĳҵչɽʱ㳡     
    ҵһרֻҪ̻ܹ׬ǮΪҵľͿɼ⡣ףҵרάϵϣҪҪõĵص㣬ټרҵĹַǡ򵥵ıȽǣվֶصɳڣоôصⶫоﺣ۳ǡ߲о뼰ʱԶԺ۳ܹ֮꣬ⶫſȸⶫɶറɵģиĹ˾Ϊ̳۵ƷصԾ෴أ۳Ǳ첻д¥оƵοͣоƵʽסլסͣҵֻһдĹΪ̳һ޿ɿܵջ󣬽гר     
    ͬһҵȨĹԽͬһҵĲƷеͬһ¥ص㣬ʿиѡ񼰱Ƚϣγɲܲһε㡣۳ܹһۡƣ·ЬִƷ˽ͬƷͬһ¥棬̵ľޣɴչᡣģʽʱ㳡ҲᵽҪƷͬһ㹺̳ڻвͬĹ˾໨ĲƷ˲Ʒȫ˷󣬻ּ̩ϻ㣬ȫӼʽͬһ¥չڼⶫҲʳҲҲԺ¡µҵ޷ŲȽϵġͬͭ壬ʳʱ㳡Ԩ֮ҵľר˵صҪ⣬ιҪء     
    ŲӵִͷԱоרҵ޷ͻʻҲûȡ档ԾŲֵͷҵ޷ӱ۵ľ     
    Ųֹҵ൱ʮŲַչʱ㳡Times SquareؽģGatewayԸծۻڽУϢ֧Եʱ֧ӵɱĿϡ19941995깫˾δӰ죬1995ŲֵĴﵽ35ڸԪʱ㳡ɺ󣬴Ϣ޷ʱ֧Ҫп۳19961997괿µʱŲֵĴߴﵽ300ڸԪϢ൱ء1997д¥̳붼µгҵĲ㲻ԵֳϢ̸ˡ1998괿ֻ19ڸԪ1999ؽɣԸϢ֧19ڸԪƲԼĳڣͬʱزеµزչĿĲﵽ15ڸԪ˾ֿΪӦȼü֮Ųֽ߿ƵֲУ30ڸԪķǾ룬Ƹ42ڸԪ20002002꣬ǻ2325ڸԪ֮䡣2003Ϊ30ڸԪ⼸ļծ2003Ųֵĸծѻ100ڸԪϢ½Ϣ֧ȼ٣Կʼɫ2004ŲֵҵճڣУ˾Ƶҵҵ񡣵ԶԣŲֵľרʼվۣ޷ȫ򻯡     
    ͼ919972004ɼÿɴ     
ڶֵ²гר1   
    Ҫἰǵ²1997²4.37ڸԪ200311.7ڸԪﵽ168%12ֻǧҪࡣ²רֻһаٶʷľɿƼľרӺζأݱ˽⣬ĹȷʵӪ֮Ҳܼ򵥡ǱǽͳɱǱָչгЩνӪֿ֮ɵõۣͨκ˶ġ     
    ²ľרгĳаٶʷĲƷǵУҪճ·屻㷺Ӧá·ͨ磬ʩֱƶܸˣҪﵽĿģҪһ΢һٲֻȡĦͲô򵥡ֽ΢ƴŵƶ̡ķŤаٶʷֻóƶʮѧϰʻĳóƶķ̣ŤʱҪŪͷ󺹡ʮʮΪתƤ϶ͱãתʱѹͨѹֱתʮŮʿǶɵؼݳˡ¸ķ̣ͨ΢еʽĲ     
    ʱƶǰĲƷ;㷺г󣬶²ʱϵڶ΢̡ѽƣ͹⣬Զͳɱгռʲߣ²ÿ궼ļ۸Ϊг󣬾ЧԿۡۼ۵ͣЧʸߣģҪ⼸µͼҼ뾺     
    ˣг²ľרԭϼǮҪ²ԭϳɱռۼ۵ĺܴ󲿷ֻ֣Ҫͭ߼Ǯһҹʧֿȥ²ӯ棬Ҫԭԭϼ۸ļ䴭     
    ΪͶʱӦ²أǼʼǡ     
    ۺǧ˾ľרʵİͷؼͶ۲ıϡΪ̫̫ϲ˿Ͷ˿̣ͷͶʵļеƬɿڿ֣гר²ƣɿڿҲаٶʷ²ƷгйӡȵĿŶ󡣼еƬҲǣֻҪˣƬ۾б֤²ҲһֻҪ·壬΢г     
    ۺ˵1997۾üеķˮ룬19771997۾ɵĸʱڣǹеĻƽ¡12ֻǧ˾Ĺɼ۱Ըʽ㣬ֵͬںָӮֵ12ֻǧĹɼָȽϣ19771997ֻУΪѷɫ̫š·ᡢе缰۵ơ     
    ֵԴ1997ﵽ13,440ڸԪĸ߷շת»200312,340ڸԪ徭»8%⣷ʱڣֵУֵˣ˾Ĵأ     
    19972003꣬12ֻǧֻУҹ˾нģȫˣѶӯƸֿ     
    ҴĹ˾УУǹùɣлúл۵ơŲпɹ۵ۺҵУŲ⣬ͻȲ     
    з棬ֻܳƽȴ60%Ҫָ˾׬Ǯÿɴ19972003꣬д425ڸԪ683ڸԪΪ60%ÿɴ㣬ֻ22%ڼз˺ܶ¹Ʊںչά     
    дⱾĹУҫʱۻûǰ;أȻĳЩгר۵ĽڵλԲı䣬ֱһɶһֻҪһδɶһй͹˽л£һҪ۵ĹƱгHʽУģĹУΪͶṩҪԴƱ͡мҡʦƵȶܻݡ⣬۽Ҳӵһ־רλǸ۽Ӫرɹ۲еڶ֤ȯгֻҪδţлΪһ밶ġʱ۵Ҵ72ڣ䲻Ϊ࣬ĿѸУοͽҴѡҴ԰۳Ϊ밶ģΪһֵֵͶʵĻǿҡҵĻоͿйṩҴ۵Ľҵ     
    ⣬۵Ĺλһרۣͬһ̷ۼʿ۰ٶķμðƻĳЧ     
ڶֵ²гר2   
    ۵ҽƷһžר2003SARSһۺĸƣҽԱרҵˮƽ֤ﵽˮƽۻѰҵSARSĹ״ԴɼϸԣйܻͬҽֻҪǵ˽ӪҽϵͳӪзĻ̻Ǵڵġ     
    CEPA۵ڣרʹ۲Ʒй۵ʳƷʱ֤һйг϶̻ޡƣۿպʳƷӹطרϽʳƷʼܼȫνͳɱܽ⣬ۿܷչΪߵʳƷӹġ۵ĲƷٲԵǮȡгҪõʳܻƣ԰ȫĹˮ׼Ϊ㡣Щ󡢵ͳɱƷͷϲɿSees CandyƷGodiva״йν±ļܻӭĲƷҪ̼ҶԽˡ     
    زҵǵڣרѿʼʵʩҵߣҵΪ壬ڸ´ۣ硣˾ٴ棬ȸиΪ´Ҫ칤ص㣬Ӿҵʦʦмҵȴóռޡ۵ĵزҵȻгרڽҵҵе֧£ʵд¥լ̳Ȼһ󡣲οӢ׶أг7˿ڣҵԽڷҵΪȻ׶صĽг۴öࡣ׶ĵҵҵд¥⣬кլΪʱ乤ĽҵԱṩϢӵĵطҵʳҵҵĴҵԱǲӦĺլİģǻѡƫԶ˵ĽͬŦԼٳ֡Ҳ·ߣլС͵λڼ۸Ĳ඼᲻     
    ׶ؼŦԼķչΪΪģҪרϽϣṩרҵʿڻơɡڷ棬ṩҵ۵רϴѧչһҪߣܰ۳Ϊһ󶼻ᡣ     
    ˳һᣬŵĶҵҪרõϴǮģκ˴ֽ룬뿪ʱٽ뻻ĳбƱһʽɹԴ֮԰Ŷҵպ󽫼չ     
    ΰŶ÷Ϊڵ밶ġһ۳Ϊܰ´ۣǣʱ۵ķ۽ӵĶյĻ׬ȡҪɸ17%˰˰ƣű밶ġֻҪκ۹˾ڰ´ڵƸԱ˾ɽĶļϵĴڰŽܻȻйӹɰ֧ɱﱾ죬ԭԴƳƷ䣬Ϊڰȡ۵ĳ̲ɽ˰಻˰ʱкܶ۹˾ⷽߣ԰ŵľҵ˵õƣ١               
־øй   
    йľ־ׯڡʶйһᵽ19781998䣬йʴﵽ9.6%1998ֵﵽ39,836Ԫ19982002ʣƽΪ7.58%2003Ϊ9.1%2004ϰٴγ9%19982020꣬йľܹά6%㣬ʱйĹֵ׷ֵ㣬˾ֵ     
    ޽ڵķʱйڣڱȽϲƵģϵƶȡ֪ʶȨӪ˵ȡⷽ߱ȽֹۣȻ˵ƣȥ10йںܶ෽涼гĽҽƼʧҵգ涼ȡһȻܵĹĹˮƽ˾͸Ȳ㡢ʱ̰ۺթƭ¼عۣøʮʮγҵթƭ̰ۣ۵ҵˮƽ㣬걨Ŀƶ͸ȱʱĹҪһء1974ӢʵĺͼĿ˵һͿֲ⣬ɻнӹܣаѺͼǵĿȨʵҵΪĺͻơеڲһֱгϵһգֱʮʽ     
    ʵʱĸĸ൱׵ĿʼF2001ꡰʱҪ衰ʱǿƹĸй𲽿гȫйгྺδȫ֮ǰ֪һҪŬĸ͸еʽٴ͵Ĺڹη棬ҵ͸ȷ棬Ѿˡ     
    ڶۺＰHУֻг͹󣬲ܹŦԼ׶ؼͬʱУӢ۵ĻƶȼܣƷ͸ܴĸơһЩҵк͡ʯ͡ʯƶͨй١йաƽաܹʡƷ硢úҵоʡۼСиҵܹʺʹƷ磬ںAʽйڵСŵĿģҪϽƶȣЩƹμ͸ȡйеʱû¶ĸ˾ܹƾֵĵ飬һЩͶԴΪɣϣЩ͹㣬ʱҪ߾ѧϰгõ·չйHɼڹAͬʱУǿȡķAгʽӹ졣     
    йɫгŵģԲгɲ֮ļܣ»Ȼв˾ڹη⣬¹˾ƲͨѶWorldcomȻEnron¼Щ˾͸ӵġϷĽ鱨˾ʣܵߣֻΣٹɶһѪѸˮԽۼˮƽ۹˾Ȼһɫġɵش˵һܡյشвٹ˾Ĺڹ˾£Ȼ֧ȡн»Сɶʽʴˣ߻ڵƪѡʱϸ˵     
    ȻвֹĹģѽ500ҹ˾ǹн۵ͺܶࡣŹ׷棬йķʽЧģ۵ġ¼۵йִȷȡжһעᡢеĹ˾ִ¼ϣУ֤۵ļƶ©     
    2004ġ¼¶ˣʯͶ³˴ְɼйƻ𽥽ʵϣ;ըĴطܣ³Ĵְ˸еڹηŬơ˲͸⣬ҵҪðٷְٰȫκδʧԶ˵ͶʿԹġ               
ֺߵ   
    ͬ޽ڵ˵й13˿ôģΪгڣڡһǿǣйһߣռơ     
    ɾʮϺڳйг÷չŵĲġй滮ġطϸģҵУҵܶصĹҵ½СԺµҵ180δУУйССмũҵԴڸĸﵱС     
    Ϊġй滮Ŀߣ쵼˵ԶõѶгķչΪ˵۵ƶ绰ҵʮĩ۵绰˾롣ʼʱģʽ׳ơˮֻչʮڣӪƳPCSĵֻֻܴܽգҪϴʹã߶ܻӭʮ2GٷչʱõGSMCDMAʽʱУƶ绰Ӫ̣ͻƸڽƳ3GֻڿƼļٷչУͻͶPCSĵֻҪƲʣⲻܻӭ⡣ӪеCDMA񣬿ͻս٣ûоЧ棬ر̭     
    йĵѶгĸйɵģ봿гõķաƶ绰гչĺôǿԿƼķչйƶ绰𲽱ʹGSMCDMAʼ㵽ȶƽ̨δĿƼƽ̨˷ԴоǡϰʱйٳٲϷչ3G֮٣׶Σ2GշڹĻ䣬й13˿УֻУӪ̣ƶͨͨͨеţʵֻƶͨҡڿ쵼£޶Ⱦ۸µӳԶǶ޶ȵľӪ̿ͼ㹻ʽͶʡһ棬쵼ϣֻ·ѣܹ½ø˿ʹַ񡣴ӾӪߵйƶ绰гʱҿ죬շѳ½Ȼһͼ⡣ٳٲչ3GһҪƼһҪЩӪۻʽ𣬵ȵʱʱžͶʲôƼ棬3G4G߷չ죬ôйгһȶ߿Ƽƽ̨     
    2007ȫ濪ŵѶгʱͶйѶгȻܵƣֻ׼йƶ绰Ӫ̹Ȩ49%쵼˵ȻǵҰȫг¢ϡӪܹȨ㹻ľֵľȻЩ۲ұʾйзչ3GƼҲǿǾܿйԹҰȫвΪҪս豸Ѷг޿ɺǡΪ쵼ԶģŹУܶࡰιҵҵѾȫ濪ţҵҪսгܵر𱣻     
    ĵѶгڵʯͿȨɣҹ˾ͳʯ͡кͼʯֻ⣳ҹ˾̲¢йʯгʯ͵ȻǾϵҪսƷ     
    óЭ飬ټƲг𲽿ˡֻʵıչ˾ԺʽֱڴƹƷ200412½ʵʩȫԿţȻںʽȨɳ51%йļ죬Χʧйҵ񡣴йʵʩǿԵգʱʿ޷롣һдʩ˾йģıչ˾йټйգܹǵгר     
ִĸгͶйƱ   
    СƽǺԶģ쵼£й1978꿪ʼĸ￪š1985Ϻʼй󡰷˹ɡƱתã0ver-the-counter1990Ϻʽ1991ڹˡСƽܼӢжܹɹظĸӢ󣬲ɹؽ͸˽лй˹ƱгɫгáзչУϺAɣֻ׼Bɣ     
    йABгнӽ1,300й˾ֵԱСйAгĿǰδмῪšȻQFIIͶ߹йAгĹƱԾ̶ȲߣͶߵҪĿģQFIIתΪңֵAгĴ͹ĿȽ٣ɽӵһЩй⣬ģϴҵHɻʽˣ29ͬʱڹڼСAɹɼ۵ͬHɼﰺƽӯʴﵽ30Ƚϸ۹ʱ19ָ14,000㣩߳࣬20041124յмۼ㣬29ͬʱڹڼгеҵAɼ۸۹ɼ۸ƽ߳44.1%ԱʱῼAг     
    BгǿͶߵġʱϺBг50ҵУڣ¹гҵĿԶǵĳɽǳϡ衣һֻͶԾĹƱճɽֻǧԪͶϡģֻԪûгɽ󲿷ֳɽƽһԪԣΪͶг಻ῼǡΪӣһҴģĹʯ͡ƶȣճɽڸԪƣͶߣѡгΪͶйҵ塣     
    HɻʽеĹ˾130ңҳɽԾܹ⣬͵ĹУţУۼŦԼС     
ֺＰHеľ   
    19821985Ӣ̸ʱ۵زƮҡΪļƣĵزе԰һţ10ڸԪйۣУʱƤҪͶĵһƱ۵ҵʹּȶ۵֡ţеʼߣ۵ĺڰʮйЯͬʽ´ʱĸӢԺֱϽó׵λӢϯĵܵܡۺУӢ۵ʹһҪͶǰĵһƱڶù쵼гõ˵ȻΪפ۵ʱγϱӢЭ飬ĳл԰λţ֤۵زġγл԰סլλʱʵϵµй˾ʳУл԰չ̣ɼۼγǣʳеĻϢȻûֱӲʳеĹƱӢرˡ֮󣬱͸йͶʹ˾ϯʣίǽʽͶʣٶͶһƱǽ´͸ǣ̩ʽУΪ̩չ˴еҵ     
    ʮҵоڶ˳Խ㡢׸֡ЩطҲ͸УٲǴҪＯʽͶʡ1993Ҫ۵ĹƱгܹԹעĹ˾УΪHɣעĹ˾ֱУơʩ͸ˡ     
    1993꣬һҹൺơHʽУ嶯һʱΪƷƵơƵʱܻӭൺơ⣬Ϻʯˡͼֵȡ     
    һ˳19961997ꡣʱеĹУءʵ໯֡Ʒ硢ܹʡաϷաͭڸ١㽭ƶӽ2000ʱ͵Ĺʯͨ͡ʯҲ½С               
ɸѡǧı׼   
    ɸѡǧı׼µָѡСгרйҵ     
    һйɹҵʱ̣ձʮʮһپӪӪ̻     
    ҪϺӵСгרҪЩ˾ķƷ޿ȡģ     
    гЩ񼰲ƷظԵģ޼ģ     
    ģȻ޿ɱ⣬롰ʽĹȾ     
    壩˾ҵǰȽȶܾѭӰȽ΢     
    ˾ӪҵҪȾ죻     
    ߣɶʽرʲ˫λ֡     
    ϣȥ30˾ľ飬ÿҵĶؾӪŹͶʿͶʾʱһ˼·ݣ㶫˵Ů¼޴ɣСʱ˸ӵУ㵥130HɼҲкܶ಻ͬҵֻСгר⣬󲿷ҵڹȾ⣨Commodity Business               
ṤҵǹȾ⣨1   
    󲿷һˣֱӻӲʮʮ۵ṤҵչͶʽԹҵɵۣȽбСʱҲǱɥĸ׾ӪһҼͥʽСͲ㣬ɺڣȫҲҪܶԱѧؼҺҪæ¹ҵʽתԶһ⡣ΪҪʽԭϼͶʻ֧Աн𣬵ȴֻƳƷɺ󣬲յ֯ҵɴռ˳ɱ߳ɣʣµΪ֧ͻԱнάޣĿơһ˳Ļëʿֻ10%ʵëȴԶ10%Ϊ֯УҪ׼϶ԭϣԱʱ֮裬֯Ужɴֻ֣֯һЩաͬʱ֯ɺνˮ10%ëʣʵϰ˺ܶʣĴֻֽ56%10%ëҪ֧еϢͻķڸԹ㶫оֻװסҵҾֽת⡣     
    1967꣬ӢֵֵķѰëһɨ塣ӢӢ̣̣Ҫ֧100%İ𣬲ſ͸п״۶ӢĿģҪʽٶȼó׳֡ӢûＯʽ£ͣ벼⼰ƷΪһӪߣĸ׵ʱܵѹܴΪİҡҾÿ֧ԭҲҪֲ֧ͣлӹܣΨһķһ3ƣΪ1ƣֻ9ʱ5ʱٲ24СʱѲʱһЩϷнѿ಻ԡ     
    ĸһҪдӢ֧100%𣬷Ӣܹ״۹ƷΪӢ֧İϢȫ۳ҳеߵʱڴѧҵ󣬹ʱæһЩ鹤ĸԼǷоʱ߾ͳ䵱Ա100%İ𡢣µϢ֧͵4%ëʾ͵ô10%ٿ۳4%ֻʣ6%ˡΪʱΪ8Сʱɱǣ˵6%ëҲˣȻӢѱֵˣǮûмӷҪֻпӪ̵Ŀദ׵ģʹҲҪӪΪҪڸͣᱻнӹܣֻܡԡϣܶɹѹءάһ࣬ĸױɣԾ̵˵֯ҵǡģ޷ĸûǿƱ߼̳С޷Ĳҵ     
    ʱĸףȻ޷⣬ΪλҪӪʮꡣĸ˵ʱѧҵˣѧйƸáĸײӢģĳ̶Ҳޣְ൱ףֻͷûз⡣ĵĺôǲ߶ǿ±ĸ׵ӷӳ˺ܶҵǹȾſ͵ҵʺûרҵ֪ʶͨˣ˲ʱֹȾҲͳΪġ⡣ʱĸĲѾ޷׷ϳˣҪ׷ϳлʩⲻһСĿҪɵĻһҪһʴծʮһʿȽ֯Ҫ5Ԫ൱һǧӢߵסլλҪ20̨֯Ҫ100Ԫ⻹δ׵ʩڡ20̨֯ĹģֻǺСȡЧ档ߴСʱľ⵽ʲôǡģ޷ߵʱ⵽ΪУֻҪһеӢ֧ڰÿɶȡ12%ϢǡרҲСҵ޷ġԱߵһͶ۹ƱС     
    ߴʮͶ֤ȯĹӴҵǺܶʱӵ⣬СβƷ⡣ԭϼ۸ǣὫëѹúԣԭռɱ70%۸10%ĳɱ7%ëӦ7%ڶгľڹҵûʲôרԣκʽмɲ룬гļ۸֮ɹĵ²΢ҲҪۡҵĵѴ豸ĸ£Re-ToolingҪЧʣҪƷ׷ʱҪͶŸʽԺܶ೧Ҷе󣬵ծҲΪܶ»ʩǺܰģҪá     
    ӷ֯ҵѣҲӵͥҵɫӻӻӳܣڰ׵ܣʩǲɫܵģҪ׷ϳ豸Ҫ¼һܹ17Ӣӻܣȴͬʱ33Ӣܡ׷33ӢʱȽѾɹPlasmaӻˣʱPlasmaĿƼδȶѾҺӻLCDʮʱӵкڰ׵Ѻ㣻ʮӵ17ӢʵѺݳޣڰʮ׷33ӢĲʵ磻ʮPlasma߲׷²ƷҪͶʸ»ףʸծͷһ׬ǮΪƼÿ죬ֲ̫뾺     
ṤҵǹȾ⣨2   
    һЩϡΡ̱Ӳͬװ乤Ͷʷñ͵öˡֻһˣˮҵʽװ䣬Ʒǣ졢ӻCDDVDȣҵҲͬ⣬ΪΡ̣ܵг۸ĳйȥӣѩļǮǲ½ͼʱ˻ʱʵȥţʱڵĲʵ缰ͥ󣬼Ǯ۱˵öࡣΨһܹ׬ǮķҪгйгԱʽ׬ȡ󡣵Ϊ̣Ҫսգ۸Ĳ˰뷴ʩ     
    ֻȿĹܳΪ缶̣²ԣԪҵǰ΢˶Ьģ缶ʱһǻ൱ѵġԭϵǼۣ²ʱӯ档ԣԪ2004ϰӪҵΪ12.58Ԫ2003ϰ12.42Ԫֻ1.3%1.52Ԫ1.58ԪҲǺСԣԪĲǽзɢͶʣ˶װЬҵ񡣵ɢͶʺӦӣֻأĿԴɣ     
    㶫йı估յ̣޸֮ˡ2004ϰ꣬㶫Ӫҵﵽ50ԪΪ1.58ڣֻ3.16%ǿƼҲһģӴĵ̣ĴǷ2004ϰ꣬ǿƼӪҵΪ49Ԫֻ1.3Ԫֻ2.65%     
    9ҵ˾һ     
          㶫     ǿƼ      è        ²          ԣԪҵ     
    	     RMBM      RMBM     RMBM         HK$M         US$M     
    1995	   283                        141              339     
    1996       440                        165              275               99     
    1997	   561                      336            437              158     
    1998	   593            462       497            627              171     
    1999	   628            340          10              819              195     
    2000     688          280         179             1,056             210     
    2001    1,491       136       247             1,134             213     
    2002	    84             57          99               864             223     
    2003	   191            178         102             1,170             308               
͸ҵսأ1   
    ͸ҵʵҲǹȾҵCommodity BusinessܵСѭӰ졣ѭҪƣԸҵΪʮˡʮʱӢǹҵߣȽʮͺڵʮУΪ̡ʮʮʮձĸ̡ĸй֮Ϊѭһѷչתչоãһתӡأǲųԡ     
    ĹҵҲѭڵʼŷޡʮͳģ֡ʱΪҵг100̣ͬʱ֡1929ÿﵽ500죬ֻʣ£Ҵ̣ȫǧձҵһȺɨȫг죬йҲ100ң2004ȫƿ240ƽÿ̳2.4һ꣬һЧʵҵйֻһ𲽽׶ΣڶʮͳһԿ϶ǣйв̣ջᱻ̭չϲйģЧʵķչʱйȽϴģ̣̺뱾ڹ2000ʱʮϺгֱڣVolkeswagonͨGeneral Motors뱦BMWһڡToyotaµϣAudiձʮղNissan£Peugeot븣أFordľSuzukiʱйгÿӽ500ϣʱ240ȡڳߵƷÿλ߶ԸܱҪս     
    һδһʱһ᲻ϼۣ־Ϊó涨й2006ȿгʱڹ˰25%׼ռйг֮һ     
    йٵĵڶսԭϼ۸ǡҪϲϡʯּ͡۸ֱӳ     
    սй̵ĹģδЧδˮƽ     
    ģĸս豸£Re-Toolingáκ¿ʽĳͣκϵĸı䣬ѹģߣStamping MouldҪ£ڲĸĽҪµװ乤ߣ൱ġƼ棬ڻʡԴĴǰ£ҪϸƣҪͶʽȥ豸ƼĽʵ緢չ٣ಽ     
    壩սƷʵı֤ÿһгһԲͬḶֻ́ҪĳһƷʳֲβлṹΣʱҪգ     
    ս۵ϢϢءʼݳƷܶʱҪڸġں۵£սŴյͼӰ֮ЧʱʱСйһ۴Ȼг󣬼ۿԴЧ޷ߣսͼ֣Сѭѭڹ̭£ֻʣҴ͵̡     
    10ɵĴһ     
    			    	        	                       
     				   HK$M		        RMBM 	        RMBM     
    1993  		         263  			                          482     
    1994  		       149  			                      522     
    1995  		        233  		                          178     
    1996  		        570  			                      426     
    1997  		           32  					                  525     
    1998  		           24  			        308  		       444      
    1999		           38 			        645  		       452     
    2000  		          453 			        959  		       513     
    2001  		          724  			        900  		       263     
    2002  		         1,092  			    651  		       147     
    2003  		         1,687  			    936  		       158               
͸ҵսأ2   
    ȥ10˾ҵ۵ϢϢء⣳ҹ˾Уϳɹǿ뱾ȥĲͨӲΪͳɱķ20049пҵȻ9.24ڸԪ200337.1%ɼȴ˵йҵټ۸ѡǲմҵġ     
    ҵǰĴѭ⣬СѭܾӰ졣ۡݽ̷½йʱﵽȫܲ30%ʱǸĽڹ飬ĸ۸ӰԶж˶ԺְУΪֲŻϮ䲹ߣֻзͨȲװ׳һ;һʱװ׳Ӧ֮һArmour HoldingsӦҪ󣬽ÿ30450ÿҪ1,500ְֺ塣ţ⼱̼˾һѷ䶩´ְ촬йĵأһʱ޷ıĶȱҪȵ2006꣬Ŵﵽƽ⣬ʱ۸Ż䡣     
    ҵܾѭӰرԣ½ڱҵóüٶݡ11ʾ1993֣ﵽ17.5Ԫµ19981.68ԪĿ𲽻2003ų1993ˮƽﵽ26.6Ԫ20052006ѭĶ㡣19932004꣬ٵѭ12ꡣּظֵ벻ѭĹ켣Ǻܷġ     
    11ҵһ     
    		           		             ظ 		            
    		            RMBM	           RMBM	          RMBM     
    1993		          1,758     
    1994  		            749     
    1995		             43     
    1996		             81			          169			   636     
    1997		             62			          214			   494     
    1998		            -168			       44			   174     
    1999		              13			      -50			   295     
    2000		             100			       199			   491     
    2001		             152			       207			   367     
    2002		             308			       286			   598     
    2003		            2,659			       977		      1,433     
    ҵѭɫ½ڽϳʱǱȽ϶ݣΪƷǱԱ׼Ʒ۸Ҳгھøճڣ޿ܴӼ۵ģӷ̫гŽڸֻھùʱּܳ۸ǣӶȡǾһȣֻƳ۵أ۸ٻ䡣ҵǲ׾ӪģҲǲֵóͶʵģֻʺרҵͶ÷ѭʽ׽ڵĸߵ͵㡣               
ֻҵͶʴ󣬻ر   
    ͶʻǣӴʽ𣬶ʱܽһһһͶʾ˽ʩʱҵǴھùȵѭ߷ڣƷֹӦ󼰼۸ʱʹΪͼͶ³һͬʱľʩֻͬʱͶƷֹ󣬼۸µʱֹֻͣ˽³֮ҵ̣ظһѭһƷҲǸԱ׼ġùȶƷ۸ǵӲܳ־ãزƷļ۸̫ߣػڲƷľʼǡΡƷΧͼ۵ĲԭϳɱļǮƷܷӼۣӺأҵʢ˥ͲƷ۸ġ     
    12һҵֻᷢҵѭԺǿˣķ֯Ʒԭϣܵ֯гѭӰġΪһҡΡƷĹ˾ԭܵʯͼ۸Ӱ졣۳ɱƷ۸񲨶ܴڹȥ11ѳ󡣾ʯеǿϺʯ1998꼰2001꣬δȵĵˡ͵ҪƷɻȼͣȥ11ҵԱȽȶڶѭ໯8м¼У1998꼰2001δȵˡ     
    ҵںܱλãֻʺרҵͶ÷ѭ׽ߵ͵㣬ΪڵͶʣҪܡɽʽĿ飬ֵÿǡ     
    12ҵһ     
    		       Ϻʯ	         	      	     ໯     
    		            RMBM         RMBM         RMBM       RMBM      
    1993		            791		          595		        241     
    1994		         1,494		          978		        413     
    1995		         2,127		       1,213		        522     
    1996		         1,008		          216		        592		      494     
    1997		            726		            44		        608		      686     
    1998		            237		         -175		        521		      116     
    1999		            606		          772		        600		      346     
    2000		            857		          840		        421		      348     
    2001		            116		          171		        464		        30     
    2002		            916		          144		        974		      210     
    2003		         1,402		          259		     1,088		      634               
ԭҵ۸Ի   
    ԭϵҵúͭˮ༰ȣѾȫ濪ŵҵھܾңԭҵֱܵг۸Ӱ죬˵ȫûСгרЩϳй⣬ҲͬƷ۸Ǿڹгԭϵ½ʱر𳤵ġͭΪ1973ͭļǮ£30󣬵ʼѭϻƽµڻҪͭӦõȻȻƽ㷺öࡣйӦ˽ĵ糧õˮܡҾӵ߾ҪͭԭϡǴӣͭĹӦ൱ģѭ൱ߡʱձйӡȵľϵڣ˵ǵһγֹյļ󣬵˶ͭ󣬲ܴͭԤڵͭ۵Ϸǡ޼޵̣ͶʿµͭµĲʱŵгԸͭ۽ά2005Ż䡣     
    йúһֱȱ乩ӦҪ⡣ʱйúﵽȫܲ31%󲿷缰֣ܽ⣬ȫӦ㹻ˮ෽棬Ҳˮ۸ڣˮȾҵڻɣʱѳΪˮĽڹйӴռȫ40%ͬʱȫˣˮ۸ھУԻпǣǺ۵ػĿزִ˥ˡεĺ۵أȡ޵ͼȾԵˮ̣Զ˵ȶгһѷ³ֹ     
    ൱Ӵ󣬽ʱգ;˽ҵ⣬ҵҪԭϣյ豸յ칫ҼסլĿյ豸ĵ¼ѹվϴҲκ۵صĴѹ쵼ϣȡ޵ͼ̣ϣܹЧ棬ﵽгԶľ˵ĲƷҵϢϢأҵˣҲỬ䡣     
    ۺ˵ԭϲڡгרԾУܻиϳļ۸ڡԭˣʯͣУҪôʯͣȡȶԴʯͼ۸֮󽫴ѷչҵľʯͼ۸һ˰ֱ߿ڴͽƸߺܶƳƷļ۸߲ܣʯͲƷҵУռźҪλã˸⣬Ҫúܶʯ͸ƷͬʱҲƶ߶Ըͼ۲ܣͬʱۼ޷䣬߻Ό³ϵ徭óֵ˻Ͳǰԭϼ۸ʱӦ䡣     
    ԣԭҵͭպݡúҵȽϣʾúҵѭԲ̫ǿúҪǳڼṩ糧֮ãԴµĵ糧Ͷгһֱά֣2003úۼҪڸλһʱ2006Ż䡣     
    13ԭҵһ     
               ͭ           պ         úҵ                 
                  RMBM        RMBM          RMBM           RMBM     
    1996                            140               739     
    1997             401            170               845     
    1998              10            150               817     
    1999              23             59                825     
    2000             109            114                748              2,523     
    2001             312            207                 971             1,588     
    2002             170            268               1,222             1,402     
    2003             505            743               1,387             3,552     
ҵ̶ɱߣ1   
    ڶУĿǺռ˹˾ҲǱڳԱʱȽӴҵ1974꣬жսȫʯͶȱʿ˺ӶжʯҪƵ޺ŷޣʱһ£ͻȻֵļǮ¼ԱƵʱʹ˾ܲаջ򴬹˾ƵĴӡ·ἰ⺽ҵ˾вٹģСĴ˾ʹǵʱ羭˥Ψһһ֦ҵΪеķԱΪҵһҵһΣλ;ۣ۵й˾άߴﵱలЩ˾档ߣһ20Сӣλ50Ļƽ麽˹ɣǸЦѵһȴá     
    λת˵ǵĻаٶʷһַļҹ棨House RuleڹȥľӪУӲմЩҵĹƱκκ½䡣ʱһӻңʵǰ˼ľ鼰ǻۡһӻ߲Ķ־׶ܹ˾ķԱѧϰҵţҵķգǲ˳Ͷʵġ     
    19751976䣬۹пʼգڹ׶ΣͶ߳ۻ·ᣬĴͶʱ̫󣬵ˮĴֻͶʱܼµ·ἯŻʽȱʱ߼Ż·ҪＯʽִ֧ڴ⼰µʱսʱ䣬һӢʾмλݸӵķԱƼ·ᣬΪʱ·СΪ֮һĻ·ܻ׷ֻ̬ǼˣɣȱԻصķ£·Ȼɼʣɼߴ׶ؿͻϤλݸӳһǸţΪôƽ·¿ͻʧǸΪʱ߼෴׶һЩʼʶķԱԴ֮߱ûдְţֻͷ˾ұתʱķԱȷǺרҵأϮָԶλݸΪǸ     
    乫˾Ĺ̶ӪɱǳԺչ˾Ϊ̩Чʵģÿ̷ɻؿLoad Factorܴﵽ65%Ļʴﵽ65%ϣܵܶƣƱ۵ͷȲλؿͷֲȡ2003ϰ꣬۲SARS̩ؿµ˾ֻдۼͳƱά־ӪȻʱؿﵽ64.4%̩Գ12ڸԪĿǼƱ۴ĸӰ졣Լ㣬ڼ۷ȴҪ72.8%ſ֧ƽ⡣     
    ҲһȻܶѾԶе̶ɱʮְ󡣵ֻĳۿĳɱ֧ͷλķáǺ½յ䶼зգԱշʮְжһҪжˮĴֻͶʱҪɽսշѣʱ޷Ͷ     
    乫˾ĵڶսҪͣ񹤳һ24Сʱɽͳɱֻ8Сʱɱʮָ߰ԴӼӵıʮֽգȥεıţֱ̩ɼԱ°Ϣͣһ̿ʵʱɼɻۣɼһԱӰг̡һʽҪܶϣ֧ʮӴģΪԱ⣬лϵƷ֧ʮְġ     
    ֻҲҪͣͣġڴֻӴ󣬿ʱҪͣڰȫͣλãҪ֧λѣͣ䣬Ҫ֧ıշѣҪԱܼ֣άִֻֻûĻʱҪάһγʱġһҡáִά޳ɱҪϢܿѡϱԹ⣬µĻԴֻƵҪ󲻶ߣÿҴӦ30һĴֻƼЧʷ棬иõľɴֻڵͳʱܿ챻̭ڲ𴬳ʱյĿƼ´ʱ䣬ֻ¹Ӧܺܿгѹ˺˵ڡ֪ɻά޷ðÿΰ䣬Ӵʱ𵴣͸ȫÿһڣջۣײƣͣ⣬ɻ֮󣬱ҪȫXԡ     
ҵ̶ɱߣ2   
    ҵزͬ1997꣬кฺܶʲֻ֣Ҫ߼йб㲻¥಻賤ڸӴά޷ãֻǸСĲüöѡԵزһصҵٹȥĸʲʱصƿˡ     
    ҵӵгרȫļ۸һҪˡʼѸٵķԹ̩δս½ȨĿţOpen Skyۺչ˾ľйڵؼ۶Ὺգۺչ˾뾺۵ĵ庽ȨѾţйڵպҲ档ȨĿŻᵼ¸ྺ۸»ɱµռɱ20%ȼΪʯͼ۸ڿɼѴ䡣ĺҵͶʽڸΪ۸޷ﵽ֧ƽ⣬ܶ๫˾ʱƲ     
    ʮ·ἰպͶʺҵ񡣵ʮʮὫϹȨ½ۡԴʮĺ˸߳󣬺ҵշת£ʮڰ֪ȾϴֻĿ̶½չ֣Ͷʺˣɽ˾⣬ڰʮҪв顣·Ĵڰʮ༸Ҫ̣Ȼҵ֧֣ǿάȥ·ĹȨǱչˡ     
    ҵУ߾ñȽбϵĻڣṩй˾ͷľӪ̡ϵͳ̵ȣЩбȽϹ̶롣14ݣԶ̫ƽֵ̾Ĵ֣кչȶöֻ࣬Ǵ⾭ӪҵںչɣϺ̩Ĵȷұ仯ٶ֮ʮ־ˡרҵͶߣҲҪ볡     
    14ҵһ     
              Ϸ   ̩    ̾    Զ̫ƽ     кչ     
              RMBM    RMBM    HK$M   HK$M    US$M     RMBM     
    1995        634                    2,978                                 38     
    1996        591          727       3,809                               -158     
    1997        635        1,143       1,694        313        123          -75     
    1998       -481         -544        -542        786        129           11     
    1999        151           82        2,191       705        134           127     
    2000        176          502        5,005       878        143           282     
    2001        542          340         657        800        154           325     
    2002         86           576        3,983       883        155          591     
    2003       -950          -358        1,303     1,466        154         1,024               
ֽгר   
    ۺҵҵβԽͶʡ㶫ʡµȥ⣬ΪתԺĹϵ̩ıҲǿ⣬̩ҵҲǳԭίͶڸ̩Ⱥҵ˺ҵѭӰ¡ҵϺʵҵصҵҲ¡ҪԭۺҵɢͶʣûרעгľרǵĳֻǳＯʽͶھӪϣǾӪߣͶʹУʱˣ޷Ͷŵгרҵ̩ԽйĵѶҵ񣬵ģޣ޷ȡгרǱµĹ˾ñĹϵչڱҵ񣬵ڵķչϣһҪ뿪УƱ㵴Ȼ޴档ʵҲͬʵ2004ϰ괿9.3ڸԪ6ڸԪԳ۸еоʣƲ룬ʵϾҵ񷴶ֵˡ     
    ҵǹԺµĹȻоӪƶ绰ҵ񣬵ڹȴ޷ȡô;ӪȨ֯ҵĿ𣬿ܵĽʣͶ̫㷺׳⡣ۺҵæڷɢͶʣ˷Լĳ޷гרϡǧҪ               
йķҵ   
    νҵۡƵꡢزչȡزչһŵԵרҵͶʡ˵ȻʮϤ۵ĵزչҪݣйڵطչزȴҪԺܴѡȥ20꣬в۹˾Ͷʵز׬ǮȴǾ޽СΪƲ⣬Ӫйزѣǡش𲫡˼йغܶ࣬ԷչĻ̫࣬Ӧ¥޷Ȳչ̺ѻȡ۹˾йгľרйչ̣ڹȥ10꣬ȴɹǷչ˱̹԰´ȣ׬˵Ǯ     
    15ۺҵһ     
         ̩      Խ       Ͷ      ҵ      ع    Ϻʵҵ     
             HK$M    HK$M   HK$M   HK$M      HK$M     (HK$M)     
    1990  		135     
    1991  		323     
    1992 	   1,040  	    219  	  160         15     
    1993  	   1,887  	    304 	  331  	      105     
    1994  	   2,570  	    352       437  	      185     
    1995  	   3,073  	    415       578  	      285     
    1996  	   6,860  	    438 	  604  	      597  	                   360     
    1997  	   7,376  	    319  	   750        1,560 	    811  	  1,016     
    1998  	   2,808  	    100  	-2,012        1,268  	    475  	  1,154     
    1999  	   2,966  	    19  	-2,393        1,443  	    485  	  1,011     
    2000  	    3,430  	     54  	 -1,356      1,657  	    516       1,135     
    2001  	    2,110  	     40  	   286       1,205  	    578  	  1,203     
    2002  	    3,902    	-989       281       1,403  	    410  	  1,126     
    2003  	    1,305  	     301      1,107      1,455  	    453       1,259     
    йĸ￪ţͶʾƵֻ꣬30ľӪȨҪƵ꽻͸ƵĻر룬ƵͶʻرر𳤣Ҫһʱ佨ܻÿͻ֧֡30ľӪȨ㹻вٵľƵ꾭ӪطӪһγʱ󣬾ûлԿ׬ȡǼ۵󣬽ƵؽԻȡģʽڹвͨӪ߲ӵصҵȨƵһܼҵҪ÷ÿһҪ1.5˸ԹʳɱߡסƫͣյҲͣ˵ģõķᷢһùζҵһƵĹ̶ɱǺܸߵġ     
    йҵ糬гȣǳгȫţʲ룬ʱԷļָģ󣬼ʹ۵İټҲԤйĳгңйӪĳҵų΢ھҾ£Զǰδ֪֮۹˾ڹг߳ƣֹƽڰȨϲ㣬йӪۣҪԴ漰Ϯ     
    ҵʳҵľӪʲôأҵǹģ󲢲ˡƷƵľӪ̣Ȼ޷⡣ƹ˾LVMHLousis Vuitton Moet HennessyѾǼ˲֣ơƷװִȣͬʤӼ뾺ԣƷƲгרӪҪ޵ľһ濴ҵ̵룬ȴȶöˡҵӪҵҹķȤͶʳҵԿͶϣֻҪλúã᲻               
ֹ·гר   
    ɹշѸٹ·λ֮䣬мͨ裬ԹõľӪʽйר޷άֵġӪȨһֻ30꣬30Ҫѹ·ظͶЩ·ɣһҪ30ĻرǷ߹ͶѡĻرأڡ     
    㽭Ϊӣٹ·ˣøϺݼͨһᱣȶЭ׼ÿӼһΡܷӼӺܶأ1999볡ûǣֻ³̷ɣһ4.5һ2002껦ûмӼۣΪʱйͨͨ¼ӼǾԻӰģʹʹѵĹͶʹ·ɣҪصӰ죬շѹؿη粨ܷйӼۣʱԸΥͨӻ񰲻ʡָ2005꣱½ɳշѣͬµϣ·ҵԲͣ˽µĸٹ·˾ƫԶ㣬޷ȡúرչٵĵյصĹϵطϵ     
    УҸٹ·ҵȶö࣬гרЧ档Զĳ׶ϱҲʧҪδʣྭӪݵ棬Ƿ㹻ͶʱַֽDiscounted Cash FlowرǷɹѡͶʸأ߽Ժʮƪϸ     
    16·ҵһ     
    	           ͨ	        ڸ	       	      㽭     
           		       RMBM	         RMBM	        RMBM	    RMBM     
    1995		           60		         62		                           26     
    1996		           91		         75		            4		       100     
    1997		          140		         212		        335		       285     
    1998		          165		         307		        566		       404     
    1999		          206		         338		        631		       548     
    2000		          227		         363		        688		       636     
    2001		          270		         421		        841		       761     
    2002		          309		         320		        854		       890     
    2003		          349		         899		      1,006		     1,009               
ֵѶҵǰ   
    ˺ܶƪ̡һλŮʿѡɾĿǰΪֹᷢˡȡˡࡣˡгרҵࡣõѶһӣڱƪΣἰߵƣ˵ййɵؿŵѶҵĿǰΪֹ޷йѶгԺµĻ̩ΪгȫǰЧʡֵֽ֧ĹӪ̣йֿĶԾֶԾۡŷ޶ˡԹ쵼൱ǵѡйɵؿŵѶҵԾĺǵѶɵгר     
    ۺͻΪӣ۵ƶ绰г⣬ضƶ绰㼣Ͷʸ߿Ƽ3GԺͻƲͶйҪǧܵŷأҪŷ޶ǧڸԪͶʲľӪȨҪͶʼԪ磿2004껹Ҫе120ڸԪֻĿ𣬸ֵǣͻ˿ϻҲͶʣ˿ϻձءԤ100Ҳˣ۵ĺˣӴڵʧΪκͻƾƫƫйأɾ޷ȡÿȨѶսҵͶʾ49%˵˹Ժ༸ҹרעչйѶг     
    йгӴ13˿ڣҾóӣԵѶгǱܴ󡣵ѶǸ߿ƼƷ豸۾ʶܸߡˣ˾ֽӴգѶӪ̲ͶʼϼۣͶ߾ͼټ뾺ͶйѶҵʱһгרδܻܿȥΪ޷뾺     
    ӱ17ԲҵѶ˾ҵҵȶöࡣУƶ൱롣ԺڵڰƪȽƶͨЧʡΪѶҵ۾ʸߣԹ˾ѹ͡йѶΪ2004ϰ깫˾˰ǰﵽ184ڣͬڵ۾ɱߣﵽ232.5ڡѶҵһڵƣʲôƽ̨ߵظʹǿֻӣ١ҵɿڿָ㣬˻ѪǸߣ˿ϻɿڿֵ·Իб͵һաѶֻ֮ãһΪҪ     
    йĳ;绰ãȫģŲϼۣᱻ̼Ǳ൱˵ġƼϵͻƣƵ񣬽VOIP泤;绰     
    17Ѷҵһ     
    	            йƶ		   йͨ		      й     
    		            RMBM		  RMBM		       RMBM     
    1996		          4,509     
    1997		          4,955     
    1998		          6,900     
    1999		          4,797			      839     
    2000		         18,027			     3,234     
    2001		         28,015			     4,457     
    2002		         32,742			     4,566			   9,773     
    2003		         35,556			     4,217			  24,686               
ֵҵ֮רڡú   
    ĿǰһѿŵҵʵϣǹҵսҵΪ˱֤ӦϣĹ涨ú۲׼ȾɺԼ8%һԴ֤úɿ˵糧ͬʱ糧಻Ӧţӵѣȶ糧Ȼڡι˾ľ޷úǼ۵ѹת޸ߡһҪʵúſԴʱľ֡     
    һȫŵĵгԹδΪгȫŵģ֮о糧֮оϣон۸½ߵ档ʵϣӰȻ¼ԿһЩͶг۵ĻƣһԴԼɵ糧֮תΣŵϣߴͶ踶ۡ2002֣ˮ޷ά֣Ҫвͣ磬Ͷм˴ת۵ȡܵѴ֮ࡣ糧ͼû㹻ֽ硣ǰһδͣ磬һ˵ĵ£ϾĵӦ̱˺ü죬ʧش󣬱911ֲϮ¼¡     
    Ժ򿪷żƻǽ̺͵糧ּңϣ2005Ϊϱ磻ΪϷΪ㶫ϡϡݵȣɹԺϽµģͷ̣ơܡ硢йй磵ţͶ硣ǰѾУй·ݣΪ·йδɣδʱ     
    쵼Ŀǣ⣵󷢵缯ż˽Ӫķ̣ЧʵͶṩЧʼ˵Ĺ硣Իͨ㣬һתһﵽƽ⣬ղȱӦһʮǰͶʵĵ糧ȻԲμӹƻڹģСЧʽϵͣɱϸߣܷɹھ֮¹ʱȡأδ֪֮δԺ׼˽ĵ糧Ҫɽ33%˰ʣ󷢵缯ֻɽ17%     
    ʱ⣵󷢵缯ţȫչӦΪȫ濪Ŵľ׼ӹҵơ硢ܼȣǶȫй滮ŵĹ˼ﵽ糧ܾĿġ     
    ʱйľ÷չ۵ʮԹҵ쵼йʱĺĵÿӦñֵ߳50%ǵֵ9%ʱ򣬵ǿ1415%ġǹԺµ糧ʱʮֽģйͶʵ֡20ʡȱԵȴʮģúǣ۵۸Ȼ޷ȫǳɱΪʩӣЧͬʱ۶ˮǴߡֻҪȱάֶ꣨רҹƿάֵ2007꣩δ꣬Ҵ󷢵糧׳ԼʵӴֽµͶʣ˳Զľơǵķչظ۵ƼлʮʱͶʡܼûӭĳ     
    18Уҷ繫˾൱ȶгԵлܼƱֳɫΪǳԽµ糧⣬Դĸ˾糧ʵʱͶҲйĳԶչƻ羭Ӫߵķ糧̣׷ּҡʹģСչܶʱƲӡ⼱ֱ׷չˮ硣     
    18ҵһ     
    		       Ʒ                   ܹ                   
                       RMBM	                  RMBM	            RMBM     
    1995		          829     
    1996		          920		                1,331     
    1997		        1,143		                1,662     
    1998		        1,216		                1,839		             919     
    1999		        1,250		                1,868		           1,155     
    2000		        1,375		                2,516		           1,339     
    2001		        1,438		                3,451		           1,380     
    2002		        1,405		                3,921		           1,182     
    2003		        1,812		                5,430		           1,029     
ʯ͵սԼֵ   
    ʯһֱйսҵʱһʮбҪʯͿΪʯ͡кͼʯǰΪȻǾܵҵıϣкйذ̽ʯͣӵ̵ĺȨͬ½ϵʯͼʯ     
    õĹܵͶʣʻ񡣸óЩĿҪšʵȻ̣Ҫܸ߻رɹ˼趼ּۻۡҺʯ͵ֽ㡣Ȼ̸ûнʯͻǲͶܵʱѳɹŷʯ͹˾̰޷йʵ֡     
    ͬʱʯ򲻶֣̲˽ʯͻֱԺݣܹ͵طʡҲǻԵɺϣʮ궼û˽ͳڻǣͶµͳڻͼҪһԪʯԵʺ˽ͻ͸ʯԭϣƳƷ     
    ⣳͹˾רֻҪҽ˰˽˽˰󲿷ֵأ˽ӵСԿʱҪɹйʱĿ˵һѷĻʷϣʮĩʮͳʯʱ˷գRockefellorı׼ʯͣStandard Oilһ¢гչΪȻ󱻹ֲɶС͹˾     
    ܿϧйȻʯԴḻ⣳ҹ˾޷ƵĲƸʯ͹˾ҵǸ߶ѭԵġʯ͵ıֺȶΪҪǴ¡ΡʯͿ̽ҵԽС俪ʯ͵ĳɱǣ͹˾˵ģʹԾתʱпɹʯʯͻıؽϴҵȽϲѭԽǿкǴεȻʯͷչ̣Ȼ밶ĿɳɱϸߣӢıﻹˣԲƷһȶͷҵԷĸ˾кΪ     
    ʯҵѭԺǿ⣴ҵҵв׵ı֡ΪйʯͲƷûг2004ͼ۲ӽ50ԪһͰҿԤʯ͡ʯк͵ӯܻˮǴߣֽһչຣġ߽ڵƪϸʯ͹ɵġڼֵ     
    19ʯҵһ     
    		        ʯ		       ʯ		     к		   ͷ     
    	               RMBM           RMBM           RMBM   	RMBM     
    1998		       15,300     
    1999		       27,001		        4,672		       4,111     
    2000		       55,231		      19,004		      10,300     
    2001		       46,808		      16,025		       7,957	      273     
    2002		       46,910		      16,080		       9,232	      354     
    2003		       69,614		      21,593		      11,536		  467               
ֹгר   
    й뱣ҵҲйɵؿŵġʱУұչ˾ոۼУǷֱй١йռƽգֻǸոУûڴгǹҵз棬йģԴĸ֮УΪڲԶ     
    йڷҵȻ㣬ԶŷĳɹӣйٷչеľáڷҵУмյǰΪֹۡймչ˾й˹㷺磬ṩֻҪײܹгãЧʵδӣӦûԸԵгר     
    ߶йҵķչǰǷǳֹ۵ģ£     
    һйƽʱȽѷչңȻƫͣټյ͸ʼͶƫͣž÷չķһɹۡһкܶʿδͶгչռޣǰǾġδйֵлά6%긴ʽʡͬʱҵ͸ʣ긴ʽ7%ƽҵı𣬿δԿٵ13%     
    ḣĸĸҽơʧҵݵȣ̼ڶԱյ     
    йչ˾ѽȫ缰ܹЧƳɱﵽЧ档200412£йгȫ濪ţʹ˾ֻ׼ԺʽУȨɳ51%йʵʩǿԵգʱʿ޷롣Զ˵ǻӾģ޿ڶʱڽͬ磬ɱΪ߰     
    ģйϾͶʣQDIIߣչ˾лǵͶ档     
    Ժ߽ڵھƪټƲҵйУĩУδϣʻὫڵƪΪӣϣ߿ЩߣЩеģУǵĹ㣬Ƿ㹻ЧʣԹǵгר               
ͶӦе̬ȣ1   
    һҪͶΪĲ     
    ǿͶΪ½ѪǮͶһ⣬ضҪ˼ǣǧҪƱͶʣΪĲĹߡͶʹƱǽʽһ룬ϲʡһȴ֮֡     
    ϧʱֵ     
    ʼͶʵʱϵıܺСһҪϧССļѼˣûСҲûĸĹˡǱѪĴһʴΪУ˷Ƕδʱ䡣ʱֵͶŵĵһӱ20ԼʱֵҪԣͬ12,000ԪıͶʱֻ10꣬6%ر㣬10ۻϢֻ9,490Ԫ൱ڱ79%ͬıͬĻرͶʵʱ30꣬ۻϢﵽ56,921Ԫ൱ڱ374%ϧСС㸶ˮͶʱԽԽ̣޷ʱֵۻƸ     
    20ʱֵҪ     
           رϢ       Ͷʱ       𣫻ر            ر     
    Ԫ     %         ꣩         Ԫ               %     
    12,000	       6		     30		       68,921	              374     
    12,000	       6		     20		       38,485	              121     
    12,000	       6		     10		       21,490	               79                
    21رʸߵ͵Ҫ     
    		           6%		         12%		       18%		      24%     
    ʼ	        100,000            100,000            100,000	     100,000     
    5		            133,823            176,234	          228,776	     293,163     
    10		        179,085	           310,585	          523,384	     859,443     
    15		        239,656            547,357	        1,197,375	   2,519,563     
    20		        320,714            964,629	        2,739,303	   7,386,415     
    25		        429,187	         1,700,006	        6,266,863	  21,654,199     
    30		        574,349          2,995,992	       14,337,064	  63,481,993     
    35		        768,609          5,279,962	       32,799,729	 186,105,403     
    40		      1,028,572          9,305,097	       75,037,834  	 545,591,262               
ͶӦе̬ȣ2   
    ӻر     
    رʵĲ࣬һγʱֱԽԽ6%Ļر12%رȽϣ߱һʽ۽㣬40Ͷʣͬ10Ԫʼ12%Ļر6%ر921˵˲ͬرʵĲ𣬾ͬڵĸʽõı𼰻رܶܻȡ18%Ļر40ۻ10ԪϢﵽ7,500Ԫ6%Ļر߳73     
    6%ĻرǺ׻õģծȯһ18%ĻرէѴﵽʵಢǲܡ1977199720䣬йɼ۵긴ʽʴﵽ21%߳18%Ҫ󣬵Ȼ1997ɼѷŻˡα40궼18%Ļرأ20󣬵㷢µġǧѾ˻ˣҪѰһֻǧ20ꡣгרĹ˾Ҫпٵľϣ͸˾ӯſֹ֧ɼ۵ĳ     
    ѡչѸٵľãѡһгרĹ˾ΪͶʶ19771997һλƽ£1997󣬸ٵľйڵؼ֡ˣ1997ӦйڵѰгרĹ˾ΪıѰ߻ر     
    ׷رʱҪԹ˾ĹɼۻرΪĿ꣬Ҫרע˾Ĵһҹ˾Ĵܹ12%긴ϢԶ˵˾Ĺɼ۱ضԱÿ12%     
    ģҪ72     
    72ռرķ72ĿֳԻرʣóıǽһҪʱ䡣㽫ȡ1%Ϣʱ򣬽72ԣҪ7212%Ļر㣬ıֻ裶ɱƣ18%Ļرֻ裴ʱɽΪͶߣǲӦͶʻرĿ궨̫ͣӦ12%Ϊͱ׼ͨ40Ĺʱ䣨2565꣩Ͷܹ12%ĸʽ۽40󱾽ӻرǵһע93һע10Ԫ㣬40󣬱ӻرﵽ930Ԫο21     
    壩Сɼ󣬰     
    ÿֻܴ1,000Ԫ1Ĵ12,000Ԫܽ12,000ԪĴͶ12%رġǧϣߣ40ܹͶ48Ԫı𣬱ӻرܶﵽ1,031ԪҲͶ뱾21㹻㰲ꡣ㷽񻰣Ӻľġ40УҪǲҪƣͬҪѰ12%رġǧҪõľûϣǧſɱ磬ǾûõĹ˾Ҳά12%긴Ϣ1990ձõġǧֻԭ̤ȡýչ1997ҲͬʱйڵһïܵĴԭáǧ۳ҡ               
Ͷʮ   
    һ߼Ҫ̰ͼӬͷС     
    䱻񳱵ĺҪԵĿܣ泱Ͷʡĭز񳱵ȶǺӣ2000ɣ1997ز߷ʱס㶼ʹࡣŶҵɼǻӡ     
    Ҫ̰Կ־ͶʾдʱȺڵۣһᵼ־塣ʱҪ˷־壬ȡ롰ǧ     
    ģ¹ɡͷشӲ¹ɣĳɹҪ֮һͶʾǰ˾ҵ     
    壩ܿߣͰͷأͬΪҪȡߡߵľӪߣеӥʱ޿̿СԺڵʮһƪӷӥζȡϵļ     
    ԻʿԻѧϰԼӦĹʧ򣬲ȷķ     
    ߣҪݷɢͶʡ硰ǧࡣݷɢͶʣϵͶʻرõġǧܣֻѾ㹻     
    ˣҪɡƥ漣ӭͷϣ˾ɼ۱󣬱һԭҪϸӷҪм˵̬     
    ţܿ˵ġ񡱡ӹչϲľУ߷ܶࡰǱճӯչ۵Ѷõӡ1973õչţ̣õعɼûظˮƽ     
    ʮСо̬ͶһĹǡϲʡĶĲʱҲ̬ͬΪһС˾ܹ˳չĻСֵ̣Ĺ˾죬Ǵġ     
    ϣÿҵᾭɽ׶Σһҵʱй˾ɽ׶ε棬ͬҵС˾ھӪ벻ĳ⣬Ǳȴ˾˾ֽ㣬Ͷʵʱ򣬹ģȽϴȡЧ棬Ͽ죻С͹˾ʽĳ⣬磺ڲܡĳšƷƵĽԵѻȴ˾Ϊࡣϸϸʳ̬ǾҪġ˵ʮҵѣϵ¡ͶʣԳɹתչŲ֣Ϊ˾㹻Ĺģõе֧֡һҴ˾ͼУ1974ֲѣڹģ̫۲ģҵգɻнӹܣ󽫿ȨΪĺͻơͬʱй½ԺԲйƲһֵĻӰ̫Զ᲻ܳеϺزŷũҵǿ֮Ĺ˾ʱ˼Ҳ˴ţʧֻ֪СͶߡ20041020գ޻ձ͸¶ͶϽڵͼ۹ɡ2003湺180SafeScript Pharmacies Inc.൱ڸù˾8%Ȩ200410£֤ù˾ǰϣΪӪҵɼ۵ȻӦµֲֻ¹ϵţС˾޷׳ɳҪء               
ѡ˾Ҫ   
    һԹǡרҲʳой˾ĹСʮˡڴ˲ֻۣ걨йй˾۽нꡣн빫˾Ƚϣ˽ĺÿʼй˾Ķ¾ֳԱش˵һЩʷƾãƿɳµģڹ˾£ȻȡӴн꼰۽ڴ˱оҹ˾·չʩ˾ڴҹ˾޽κͶʡ     
    ·չ1998731𣬹ɶԭеʽ172Ԫµ2003731գɶʽָ3.74Ԫڹɶʽһʧ175Ԫͬڶµн꣬Ȼάÿ2,000ԪϣֽȡǧһꡣߵĺӦй˾ΪȵΪͶߣӦΪأ     
    ʩ˾нʷʱ¾ִ󲿷ֳԱʼϵĺˡ˾ȥ궼ִ𣬹ɶʽ1999ꣲ28յ18.7Ԫ½2004228յ9.2Ԫȥ꣬µнÿȻά2,000ԪϡЩ֧ȡнгеϵĴأ     
    һ˷ҪзΪ䡱Ϊɶ䡣õ缯ţ˾㼸ÿһҵ⣬ӵزƵꡢӰʿС֡Ӹ߿ƼѶܵйȥҵǾʧġԼ徭ӪĹ˾˵Ĺײ㣬ǷͬʱиҵǸʡЩ˾ǾҪܿġ     
    вٺõĹ㡣ϯγÿ۽ֻ1ԪõĹ˾ҪõĹԱõ쵼ӡܷؽƸרΪ˾׬ǮһõָꡣõĶ¾Ҫ֪ܣӦΪԼȡн»ҪԱõԵн꣬Ϊ˾סõǻУ˾Ķ¾9λִж£2003н2,000Ԫͬ꣬5λǶ¼רҵʿ5λʿнﵽ6,000Ԫ3,000Ԫн꣬3,000Ԫ콱ͣڶ¾֡Щ˵Ļ켰ͣǿ϶ǶԻĹסĶ¾֣ϧؽͶԹ˾й׵Ա     
    õĹ˾㣬һעعɶȨ棬˾ᰴҵϢɶҲһָꡣ⣬˾ʽûг·޷ȡԤڻرʱЩʽع˾ĹƱҲֵġʽͶʣϵͻر𡣻عɷݾǻɶΪˣÿɴӣг۸õ֧֣кϢгع˾ĹƱı棬еع1997عɷݹ167ڸԪɶϢ290ڸԪӳŶԹɶĳŵ     
    ⹫˾гרǷᱻݶȥƷгǷŻ     
    ˾Ʒۼ۵ƣǷܹӳг     
    ģù45ҵϸҵչɹ     
    壩Уùȥ45ҵ˰ϢǰEBIT߼ëʣProfit MarginsɶʽرʣROE˾ʲرʣROAǷиơ     
    ˾ֽCash Flowδ˾ʱԿ֧CapexǷ㹻ҲҪ˾帺ծɶʽıʣDebt/Equity Ratio     
    ߣ˾ͶʷܷȡһĻر     
    ˣ˾Ƿӡ¹ɣ̯ÿ     
    ţøֱ˾ͬҵ˾һȽϡ     
ַ˾Ĺߣ1   
    Ѽϣ     
    ϿԵַwww.hkex.com.hkȡ˾ҵ桢걨ļȡΣкܶĶ壬Եַwww.investopedia.comѰһҪַǺָ޹˾www.hsi.comַ൱ã˺ָÿֻɷָıأҲҵָӯʼϢʣָݡ㲻ϲüԴӴͼݻͼݵĲο飬Ѱҹ˾ϡȤΪһרҵԱ񱨸ķҪѰҽ̿ЭһõǣThe Analysis and Use of Financial StatementsGerald WhiteһȡCFAĽ̿飬һͶ߻ɬһЩȻⲻǱض飬ֻǵϣʱҪ     
    ÷˾걨     
    һӯʣPE Ratioȷ;     
    ӯһ󵼵ıʣȷ÷ǽӯʵתӯмۣóһӯرǿҪӯرʣӯʣӯ20ӯرΪ/ 205%Ļرһ5%Ļرֱ볤ծȯرһȽϣΪ20ܵ󵼡     
    ӯʵȷ÷һҹ˾мǷˣȷʹ÷ǽӯʳԹ˾ӯʣóϵȽϡA˾ӯ20˾ӯΪ20%óϵΪ1B˾ӯΪ15ӯΪ10%ϵΪ1.5֮ȻA˾ӯʽϸߣΪнϸߵʣԷB˾ˡǣPE/Growth÷     
    ߼ʣProfit Marginһ൱õָ     
    ѡɹбõָꡣëʻ㡣۶۳Ӫɱóܶܶ۶ȽϱëʡǽɶӦռ۶Ƚϡʰܶ಻ͬأҹ˾ͬһҵڸծ豸۾ʷ治ͬ䴿ʽͬëֻǱȽëǱȽϹ˾׬Ǯëڹҵ๫˾ҵƷѾﵽˮƽǩëȽϣԿ˾̵ľЧ档ëʵã൱оԡ     
    ʶͶ߸ʵãӳ˹˾ĽɱҲӳ豸ĸ¼۾ɣӳ˰ʵȸأʴˣëȫöࡣõķǽͬ͹˾ΪһȽϣ22Ǽӡ     
    22ѶɵĴʱȽ     
    Ѷҵ   2003ϰ   2004    2003   2004   2003     2004     
               Ӫҵ      Ӫҵ    괿    괿              
    	       RMBM 	RMBM     RMBM    RMBM      
    ƶ      76,657       86,420       17,469      18,828      23%         22%     
    е      74,068       80,217       13,058      14,708      18%         18%     
    ͨ       31,967     39,372       2,385        2,809         7%       7%     
    ҵ    182,692    206,009      32,912       36,345        18%    17.6%               
ַ˾Ĺߣ2   
    ӱ22۲죳йѶ˾ĴʣԿͨĴ͵ģ2003꼰2004ϰ궼7%ֻƶ֮һľӣͨӪ˷Ƿأ۾ɡϢ֧ǷѶҵأԿʼôʱȽͬһҵĹ˾ǵľԡԺڵڰƪ߷Ѷʱӽ͡     
    ëʻʱҪرµ     
    1.  ϺʵҵΪӣ2004ϰ꣬䴿89%9.3ڸԪд󲿷оʱ䲿ֹɷõ󡣷ҵֵˣҪЩǾԵĿ޳ܹ㴿ʡ     
    2.  ҵҲЩر翥걨еӪҵ࣬ûаձڹ۶Ӫ˾50%ĹȨӦռӯEquity Accounting롣Ҫ㴿ʵĻҪЩʱ걨ĸעУҳӪ˾Ӫҵ     
    3.  ܶƷҵҵ˻򺽿ҵǵĴʲԺܴƷҵĴƷ۸񲨶Ӱ죬ʯͼ۸䶯͹˾ĴӰ졣ҵĹ̶ɱ൱ߣ澳ʱ׳ֿ˳ʱ䴿ͻȻǷȱȶĹ˾ʧȥָá     
    ر     
    ˾Ļر׵ķǿɶʽرʣReturn On EquityʲرʣReturn On Assetɶʽرʣǽ˾Թɶʽʲرʼ㷽жһǽԹ˾ʲڶǽϢ֧ٳʲ߳ΪϢǰʲرʣPre-interest ReturnϢǰرҪĳЩʱͶرҵ緢ҵΪرʵĲԴӰ죬ϢǰرܿľӪ״     
    ģҵĻرָ     
    мҵòͬıҵǻûܴBad Debt/Total Advancesҵͬһʣ⳥ܱClaims/Total PremiumsһҪָ꣬ǳɱCost/Income Ratioڴ˲ˣΪԺڷҵʱʵʼá     
    壩˾״Ƚָ     
    ծɶʽʣDebt/ Equity Ratioг̸ծԹɶʽ⻹оӪֽOperating Cash Flow۾ɼ̯ȻȥϢֽ֧ʱ֧ʣCash Flow/Capex Ratio     
    ʲֵָ     
    ʲֵNet Book ValueʺڽڷҵزҵԴɷʯ͡úȡָƱʱмһȽϡڷʯ͹ɼйʱҳʲֵķ     
    ߣչ۵ָ꣨EV/EBITDA     
    ҵֵEnterprise Value˰Ϣ۾ɼ̯ǰEBITDAҵֵĶ壬ǹ˾ֵϸծȹɣȥֵֽֽͶʡԱϲָ꣬˾ǷֵͶʡָͶмңչʱĹֵEVϵչۡչ빫˾ëֽEBITDAһȽϣΪڶڻرëڶڵչۡʵϱ߶Դ˱кܴĻɡ2000µͶһݿEBITDAָĲɿԡΪкܶҵʯҵ߿Ƽҵȣ۾ɼ̯ǷǳӴģҪʽͶµĿƼµĿֽ̽ɶͶʵ롣ʯ͵Ŀ̽Ǻ޽俪֧ǱȻģ۾ɲΪ˾׬Ǯһ֡ƼͶ͵ƣͶδзĽ     
    Ժܹʱ2004չҷ糧չǷָʺӦȶҵ緢磬ʩԽϳά1520ϣ˰Ϣ۾ɼ̯ǰ루ëܹڶʱڵչ۵Ļ糧µʱޱͶ     
ַ˾Ĺߣ3   
    ˣַֽ     
    ַֽDiscounted Cash FlowͶõĹ֮һһزչĿʱɣΨһķҪ¥ҪĽѡϢ֧Ϊɱ֮һȻʱû۶ȥЩɱҪ֧˰ʣֳΪʱļֵһزĿʱɣ۳ɱϢ֧˰ؼ۵ֽΪ1Ԫ5%ʼ㣬⣵1Ԫʱ7,835Ԫ㷽൱򵥣1ԪԱ23е5%5ϵ0.783526ҵҲַֽԶͶʵʱ     
    23ֽϵһ     
    ݣ    4%        5%         6%        7%         8%         9%         10%     
         
    1     0.961538   0.952381   0.943396   0.934579   0.925926   0.917431   0.909091     
    2     0.924556   0.907029   0.889996   0.873439   0.857339   0.84168    0.826446     
    3     0.888996   0.863838   0.839619   0.816298   0.793832   0.772183   0.751315     
    4     0.854804   0.822702   0.792094   0.762895   0.73503    0.708425   0.683013     
    5     0.821927   0.783526   0.747258   0.712986   0.680583   0.649931   0.620921     
    6     0.790315   0.746215   0.704961   0.666342   0.63017    0.596267   0.564474     
    7     0.759918   0.710681   0.665057   0.62275    0.58349    0.547034   0.513158     
    8     0.73069    0.676839   0.627412   0.582009   0.540269   0.501866   0.466507     
    9     0.702587   0.644609   0.591898   0.543934   0.500249   0.460428   0.424098     
    10    0.675564   0.613913   0.558395   0.508349   0.463193   0.422411   0.385543     
    11    0.649581   0.584679   0.526788   0.475093   0.428883   0.387533   0.350494     
    12    0.624597   0.556837   0.496969   0.444012   0.397114   0.355535   0.318631     
    13    0.600574   0.530321   0.468839   0.414964   0.367698   0.326179   0.289664     
    14    0.577475   0.505068   0.442301   0.387817   0.340461   0.299246   0.263331     
    15    0.555265   0.481017   0.417265   0.362446   0.315242   0.274538   0.239392     
    16    0.533908   0.458112   0.393646   0.338735   0.29189    0.25187    0.217629     
    17    0.513373   0.436297   0.371364   0.316574   0.270269   0.231073   0.197845     
    18    0.493628   0.415521   0.350344   0.295864   0.250249   0.211994   0.179859     
    19    0.474642   0.395734   0.330513   0.276508   0.231712   0.19449    0.163508     
    20    0.456387   0.376889   0.311805   0.258419   0.214548   0.178431   0.148644     
    21    0.438834   0.358942   0.294155   0.241513   0.198656   0.163698   0.135131     
    22    0.421955   0.34185    0.277505   0.225713   0.183941   0.150182   0.122846     
    23    0.405726   0.325571   0.261797   0.210947   0.170315   0.137781   0.111678     
    24    0.390121   0.310068   0.246979   0.197147   0.157699   0.126405   0.101526     
    25    0.375117   0.295303   0.232999   0.184249   0.146018   0.115968   0.092296     
    26    0.360689   0.281241   0.21981    0.172195   0.135202   0.106393   0.083905     
    27    0.346817   0.267848   0.207368   0.16093    0.125187   0.097608   0.076278     
    28    0.333477   0.255094   0.19563    0.150402   0.115914   0.089548   0.069343     
    29    0.320651   0.242946   0.184557   0.140563   0.107328   0.082155   0.063039     
    30    0.308319   0.231377   0.17411    0.131367   0.099377   0.075371   0.057309               
Ĳηҵ   
    עͶʹʣݡѡܹΪӣΪ⹫˾ԣѧ֡ԸúۼɱǵѹͬʱĹӦ޷гԵ۵ĹƣǷȱ͸ȣ˾ȴزչµװʩڲƷġι˾Ҫú磬Ĺƣʹ޷ú۵ת޵ϡ²ӵгרǴܵԭǼ۵ĳЩⶼֵ˽ͷġǿڴƽ黪ܣͶʹƱܶգ߻ԼǻۣжּǷʱǸа˸С     
    ܹʵĲ     
    һ⹫˾гרǷᱻȥƷгǷŻ     
    ˾Ʒۼ۵ƣǷܹӳг     
    ǹ硣     
    ģϸ45ҵУ˰ϢǰEBIT߼ëʣProfit MarginsɶʽرʣROE˾ʲرʣROAǷиơ     
    壩˾ֽCash FlowǷ㹻Ӧδ˾ʱԿ֧CapexҲҪ˾帺ծɶʽıʣDebt/Equity Ratio     
    ˾ͶʷܷȡһĻر     
    ߣ˾Ƿӡ¹ɣ̯ÿ     
    ˣøֱ˾ͬҵ˾һȽϡ     
    ܹгר     
    ʱ糧Independent Power PlantйȻĳרһ۵۸ܵĹƣһʱгδȫţδֻ𲽽пţʹܵĳ̶ȵıϺŻݡܹгר     
    һйгӴйʱľʮһȾ߳50%ֵ9%ĵﵽ14%Զ˵δ20йĵȻܹڹĻʩԱ֤Զĸ߻ر     
    ܵ˰17%һҵ˰33%ͳӽһ룻Ϊ˽糧ļƻǻùԺ׼ģ˰Żݡǽƣȡ     
    Ͷ·糧ĻرȻ൱룬ƽߴ15%Իĸ˾չĵ糧ΪEV/EBITDAıԼǣ֮糧ֽڣڵֳչۣչ糧ĸծһ糧1520㣬µ914꣬˵ޱ2003껪ܹɶʽرʴﵽ16.9%2004꽫Ϊ䡣     
ĲֵѵĻ   
    һͶʵĽǶȿҪ˽йԵĹƷܹй˵1997ʱĹƷƣԹ̶ʲĻرΪ׼رΪ̶ʲ14%̶ʲֻڹɶʽʲԽĹ̶ʲرΪ7%Ƶı׶ǣ糧᲻Ƴɱ豸ͨӵȡϸߵĻرЧʡ޿κεѾ۳֡     
    ҷչ͸ĸίԱıƶȡʱ糧رǸҵĵ糧ƽɱǸɱ㣬ĿҪ糧ͳɱЧ档ԭ£糧ĵܵĹƣݵصĹ嶨     
    ΪȷйеȱԺ20041£Ѿӵ22.5%ֲúɱѹ20046йϵ0.6%ҳ֡˫ơļǮȶⷢļǮΪߡΪίΪ磬ǶľЧ棬ɱǽϵ͵ġίΪ˱糧ڳ磬άޣ˹涨ĵֻۣۼ۵7080%ϣ糧ҪΪ룬άޡ20048£гúۼú̲еúʱǩĹúԼίúҪкԼֻվɼۼӼ8%ԺЩʩΪƽ棬Է̻ܶԣ2004ϰ꣬úռӪɱ62%ѵǲ㹻úĳɱѹӷװȡϸߵľЧ档     
    200412½еȫú̿飬ƶúơܹʵ糧ı߼󣬱Իñ֤ʱܱι˾Ŀ޷úĻƣз糧ı߼󣬽ѹú۵ĳ־糧ͼ糧û㹻ʽչչµװʩձض󡢸صȱŹҷչĸίԱᣬӦԶԤδԣɡúĻơ     
    ģйȱ֪£ܾܹʱĵӦװ19972003꣬ܵװ19.89%긴ʽ䡣ͬʱܹöֽḺծ19992003ܹ꣬100Ԫĸծ2004˱Ͷ豸װ⣬45.75Ԫĸ˾չҵ糧άװԸʽ19.7%18,832ߣ20041020Ԫĸ˾չĴˮ糧ڣӿڣú󷢵糧648ߵˮ磬Ĵ˽У2005껪ܵװ3,230ߡװӣʹܹȡ룬ǿֽӦͶĶ⸺ծǣծӣϢ֧Ӧʵ룬϶Ӱ졣Զ˵ܵĹģ᲻ͣﵽõľЧ档ҵĿģպгȫ濪ŵʱйĵ糧ܹȫɾԵͳɱ͵ÿ߼Сܹ˵ľͶǮ̡һЩС͵Ķ糧ûڼǮ뻪ܾᱻ̭رЩûлù׼ķ糧Ը˰ʡ;Чš               
Ĳֹˣ1   
    йҵйģģϢҲ൱1998ÿϢ0.04Ԫ2003ﵽÿ0.25Ԫ긴ʽʴﵽ44.2%2004ͣɡ1998깫˾ÿɴ0.165Ԫ20030.45Ԫ긴ʽﵽ22.2%     
    ܶ¾10λ£ЩִйΪǵнԼΪ170Ԫȥ꣬¾иܴĸĸ24нһʾ2003ִжнֻ40Ԫִжµн꣬130Ԫִ֮жµĿˣ¾ֵ񣬱Լ칫˾Ϊ⣬λнǶְԱн꣬ﵽ250ԪÿλƽнԼ50Ԫʾ¾Ը÷ĴƸüй鼰ܸɵʿ˾ûṩϹȨƻ趭¡һ׬ʮԪҵĹ˾¾н˵΢ʹ߼н꣬ʮֺġ     
    ڸ涼ֵüȣ˾ϳɳ豸糧ûɶɳＯʽΣ˾ĸ˾չʲʱ㶼ֳӦеĶԣܹίιʣĸ˾Ժļ۸ʲû˾Сɶ档˾1998HʽУ1999ڹڷAɣûз¹ɡֻ͸ɻծȯһͨ¡չ糧ĹУ¾ֲûķ˾Ʊ̯ɶ档Ժ󣬱߻ͻ2004ĸ˾չ糧ӷ     
    24ܶ¾ּ߼Աн     
    RMBM            1997      1998      1999      2000     2001     2002     2003     
    ִж         1.9       0.9       1.1       1.1     1.7       1.7      0.4     
    ִж									                 1.1      1.3     
    ߼   		     	                                              2.5     
    нλ     
    ܹ      5,000     5,538     5,650     5,650    5,693    6,000    6,019     
         
    ս     
    һú     
    ͬͷص˵Ͷһҹ˾һҵͷشͶ¹ɣЩ˾û㹻Ĺҵɹܹ1997УУʱ䣬ϸ˽˺ҵı߼󣬲ο25     
    25ȽϻܡƼĴ     
    ҵ   2003ϰ  2004ϰ  2003    2004  2003   2004     
               Ӫҵ     Ӫҵ    괿    괿  괿  괿     
               RMBM    RMBM    RMBM     RMBM          
            4,502        6,041       784         1,113        17%       18%     
            4,096        4,767       670           659        16%       14%     
           10,514       12,964      2,285        2,481        22%       19%     
    ҵ   19,112       23,772      3,739        4,252        20%       18%     
Ĳֹˣ2   
    ӪҵƣܽϴƼڹģ϶öࣻӴʽǶܹ2004ϰ2003ͬµ3ٷֵ㣬Ϊúɱӡúúݣ2004ϰÿúƽֻۼۣspot marketȺԼΪߣ223.6Ԫ2003ϰƽֻۼ166.27Ԫ߳34.4%Ի2004ϰúĳֻ¼8.6%ԶԶ׷Ӫҵ23.3%2004ú۵Ƚ2003ͬ66.5%ﵽÿ276.9Ԫúǻܵ㡣ܸ2004ҵ½17.7%13.28ԪͬӪҵȴ35%ɱȴ54%ӳúĽʴϰ19%½15.8%     
    ܹȥֻ̫гúӦú۵ûúǩڵĹӦԼû÷նԳ壬ûǰɢͶˮӿڷ硣     
    ɱƣ޷úѹ2004°Ⱥ6ú̿ǩСڹӦԼ񻪡Ȫͤйú̿ڹ˾ɽúżɽǵȡһԼܷ֤ܿŻݼǮȫúδ֪֮     
    ǿúĹΪߺЭ˾3.95Ԫ16Ҹɢװ200410»ĸ˾20ԪĴˮ糧ڣӿڣú󷢵糧һĴʩ͵úĳɱ     
    Ϊ2004ǻӵʱ̣йú̲񣬵úӦ㣬ڽͨʩ㡣صú̲൱Ӵ2003úú̻ӡǵĳɹۣޡϷǼױǶӳڡţ2006úۿܻ䣬ʱܵĳɱѹӦɻ磻     
    ʵӰ     
    2004ܴ꣬䣬װծ˿ܴ290ԪϢ֧ӦӣֱӴܵĴһ壬ÿϢ֧Ҫ⸶2.9Ԫ֮£ϵѹܱúᡣ2004ܹ꣬ĵú120Ԫú10%ܱҪ֧12Ԫ     
    20062007ֵܳ     
    19931994йùȣֶȱ·糧Ͷʣ19981999ȫֵ󣬵½ˡԻ1999Ĵ1998ֻ1.5%ܹӵװľЧ棬     
    26ʾ1999ĵ۴ﵽ380ǧʱ199835.7%ӪҵֻǱ199829.8%6%ӳʱ۵۸µˡ1.5%֤澳ʱгɹӦ䷽     
    2004껪ܴװĵ糧ҲܻʩƵ2006йֹֻ󣬵1998꼰1999ľ飬ʱܻװñķӦ2006ֵܳ澳ú2006ִ䣬ܵĲɱԤϿӦͣӹľ     
Ĳûرʷҵ1   
    ӱ26Կܹ19972003꣬ڴÿɴÿϢ긴ʽʷֱﵽ21.818.244.3     
    26ܹҵ     
                     1997   1998    1999   2000   2001    2002    2003    1997-2003     
                                                                        ʽ     
    ӪҵRMBM   6,739  8,083  10,488  12,553  157,91  18,474   23,388   23.05%     
                    19.9%    29.8%   19.7%   25.8%   17.0%    26.6%      -     
    ۵ǧߣ   220    280      380     440     560     710      910    26.70%     
                    27.3%    35.7%   15.8%   27.3%   26.8%    28.2%      -     
    װߣ 5,300  6,700   8,700   10,813  10,813  14,363   15,736  19.89%     
                    26.4%    29.9%   24.3%    0.0%   32.8%     9.6%      -     
    EBITRMBM       1,868  2,683   2,979    3,909   5,014   5,578    7,073  24.80%     
                    43.6%    11.0%   31.2%   28.3%   11.2%    26.8%      -     
    RMBM       1,662  1,839   1,868    2,516   3,450   3,921    5,430   21.81%     
                   10.65%    1.58%   34.69%  37.12%  13.65%   38.49%     
    ÿɴRMB  0.165  0.165   0.165    0.225    0.305  0.325     0.45   18.20%     
                    0.00%   0.00%    36.36%   35.56%  6.56%   38.46%     
    ÿϢRMB     -    0.04    0.04     0.11     0.15   0.17     0.25   44.27%     
                       -     0.00%   175.00%  36.36%  13.33%   47.06%     
    27гܵĻرһеƽɶʽرʣƽʲرʮãνƽɶʽرʣǽ괿յƽɶʽƽʲرʵļ㷽ƣֻǽɶʽʲ㡣Կ1999꿪ʼرʶгɫı֡ƽɶʽر19999.1%200316.9%ƽʲرͬ4.7%10.6%     
    仰˵˾Ϣ󣬱ʽͶʱЩʲĻر궼ơ֤˹˾Ͷʲûг֤ȥľȷġ2004ú۸϶رһ֤ú۶ԻܵҪԡ     
    27ܻرһ     
                         1998     1999     2000      2001       2002        2003     
    ɶʽ(RMBM)      19,904    21,772   23,779   28,293     30,416      33,955     
    ʲ(RMBM)        38,141    40,582   42,466   47,292     48,461      53,609     
    ƽɶʽر   10.4%     9.1%    11.0%     13.3%     13.3%       16.9%     
    ƽʲر        5.0%     4.7%     6.1%      7.7%      8.2%       10.6%     
    EVEBITDA     
    չ糧     
    200471ջ45.75Ԫչµʲ1ӱ巢糧40%Ȩ棻2ɽ糧100%Ȩ棻3糧55%Ȩ棻4諷糧60%Ȩ棻5Ӫڷ糧100%Ȩ档չɺ󣬹˾Ȩ淢װ3,096ߡ     
    28չ糧Ĵծ     
    RMBM            2003괿      Ӧռ     2003긺ծ     Ӧռծ     
    40%             701              280            4,632           1,852     
                                                                 Ӫ˾ʣ     
    	                                                           ڸծʣ     
    ɽ100%           61               61            1,608           1,608     
    55%              78               43              770             423     
    60%              76               46            2,819           1,691     
    Ӫ100%             91               91            1,879           1,879     
                   1,007              521           11,708           5,601     
Ĳûرʷҵ2   
    Ӫ˾ʽʣ䱾ĸծ46.3Ԫڻܹĸծϳ֡ɽ諼ӪڵȨܸծ56Ԫڻ2004ʲծϳ֣ټչ۵45.75Ԫ߹ƣܸܵծ2003ĩ180Ԫ2004ĩ290Ԫ2004껪ܹɶʽ356ԪծɶʽDebt/Equity RatioԼΪ81%ˮƽ൱ģδΣսߡչ糧74.5Ԫծͬ40%ȨӦռծµ糧ֽϢĸ˾ޡʵչÿҵ糧ֽ֮ʮֳԣܹӦϢ֧Ӫ˳ɱ⣬ı     
    չǮǷ     
    һչ45.75ԪӦռΪ5.21Ԫο28رʴﵽ11.4%һ൱Ļرӯʼ㣨45.75/5.21Ϊ8.8ӯʱейʻҪˡ     
    չ45.75ԪӦռծ74.53Ԫͬ40%ȨӦռծչ۴ﵽ120.28ԪǮ3,096װǾԱ˵ġ½糧600߼㣬ҪɱԼΪ2530ԪεչԼΪ23Ԫ600߼㣩˽µ糧ȽϣԱˣ½糧ʱ3꣬չԽʡʱ䡣     
    ͵ĺΪӣһҵֵ˰Ϣ۾ɼ̯ǰEV/EBITDAķչ40%Ȩ棬Լ16.54Ԫ֮ļֵ100%㣩Ϊ41.35Ԫҵֵ41.35ԪϺĸծ46.32Ԫȥֽ1.67Ԫ86Ԫ2003꺪ĳ˰Ϣ۾ɼ̯ǰΪ14.1Ԫ֮EV/EBITDA86Ԫ14.1Ԫ6.1Ǻ糧EBITDAڣȫֳչۣҵֵ     
    ģݱ292003꺪ֽӦʱ֧Ϣ֧⣬9.65Ԫʣֽծ20036.74Ԫծ帺ծ46.32Ԫ㣬屾ֽ5ڱɻиծ     
    29糧2003ֽ     
    		           RMBM				                    2003     
    	    ˰Ϣ۾ɼ̯ǰ		 	         1,410	     
    	    Ϣ֧					                       294     
    	    ʱͶ				 	                       150     
    	    ˰						                         1     
    	    ֽ					                       965     
    	    ծ					                       674     
    	    ʣϢֽ				                   291     
Ĳֻֽķ   
    о˾Ĳ״Ҫǿ˾ծǷ㹻ֽ֧ʱԿ֧ڹ˾걨У߿Կ˾ÿ궼ҳȥһȹ˾ֽ룯һ걨ı﷽ʽ꾡ͶʻֽǣܶڵֽͶʼʲЩͶʣܶʱڸʱͶʡڱ30رʱͶһο30     
    ⣬һ㹫˾ĲֽҲ൱ӵģܶʱ˾ծͬʱҲ᳥ծγĿ߽֮Ϊ򳥻óһڱС߻Ϣ¹Ҳʹ߲ҡ     
    1998񣬹˾¹ɣܹ38ԪһСĿ˾˰ǰ۾ɣ2003һ㣬Ѿﵽ108.81ԪԸ65.95ԪʱԿ֧߳65%ծ棬19992003꣬˾ÿ궼гծܹ110ԪԸծԹɶʽʣ199891.6%һֱ½200352.7%2004꣬˾չ½糧֧150ԪԤܸծȻﵽ290Ԫծɶʽ81%Ȼ¹ĵ糧ֽ㹻Ϣ𣬲ӵĸծӰ컪δ     
    30ֽ     
    RMBM              1998       1999         2000       2001      2002       2003     
    ˰ǰ        2,209      2,253        2,927      4,237     5,058     6,764     
    ۾              1,526      2,392        2,654      3,261     3,533     4,117     
    Ӫֽ  2,228        362           62     -1,579    -1,512    -1,348     
    Ӫֽ      5,963      5,007        5,643      5,919     7,079     9,533     
    ¹          1,122                              2,770     
    ֽ        7,085      5,007        5,643      8,689     7,079     9,533     
    Ϣ                 0        -452         -509     -1,266    -1,939    -2,197     
    ʱԿ֧       -6,457     -2,274         -352     -2,871    -4,625    -6,595     
    ծ񣨳  585      1,612         -322     -2,673    -5,385      -984     
    ֧           -508       -360       -4,965     -1,693     5,699     1,370     
    ֽ       -6,380     -4,698       -6,148     -8,503    -6,250    -8,406     
                    705        309         -505        186       829     1,127         
    ڳֽ𾻶      1,479      2,184        2,493      1,988     2,174     3,003     
    ĩֽ𾻶      2,184      2,493        1,988      2,174     3,003     4,130     
    ծ             18,237     18,810       18,687     18,513    17,134    18,499     
    ծԹɶʽ91.60%    86.40%       78.60%     64.30%    54.70%    52.70%     
Ĳֹ˾ġڼֵ   
    20041028գܹмΪ5.95ԪּǷֵͶʣǾҪأȣʱܵѹΪӪɱǣú۲ǩúԼɷȡŻݼۣϢ֧ӣ˾ܷ͸װȡЧ棬ɱǵѹδ֪֮ΣΪú۵ܵĹɼɸ߷䣬ǷݷӳͶߵǣ2004껪ܵҵֵܳˡװծӣδܵϢܷάָˮƽ     
    31㻪ܡڼֵ     
    2003   2004   2005  2006   2007  2008   2009   2010   2011   2012   2013     
       5,430  5,190  5,968  5,968  6,564 7,549  9,059  11,324 14,722 16,194 17,489     
    RMBM     
     38%  -4.4%    15%    0%    10%   15%    20%    25%    30%    10%    8%     
    ÿɴ0.45  0.43   0.495  0.495 0.545  0.626  0.752  0.939 1.221  1.343  1.451     
    RMB     
    ÿϢ0.25  0.22   0.248  0.248 0.272  0.313  0.376  0.470 0.611  0.672 0.725     
    RMB     
    ӣ5%        0.952  0.907 0.864  0.823  0.784  0.746  0.711 0.677 0.645     
    ÿϢ         
    0.25  0.22    0.236  0.225 0.235  0.258  0.294  0.350  0.434 0.455 0.468     
    RMB     
    й120.55ڹ     
    ҪͶʻ֮ǰһҪ⣳ʣƻܵġڼֵʱеļһҪЩءȥĻܲδĻܡأԶĹӦǿܲӴֽõʩһͶͿԲֽ롣ֽӣδ˾ծҲάֺˮƽϢܱȲ2003ڹȥģÿɹϢ긴ʽΪ44.3%عƣδ10꣬Ϣ긴ʽӦά11%ÿɵĴδ10ҲӦά12%ο31Ǽ㡰ڼֵķʽǽδܿܵϢۻȻ10һļǮۻܵĹƱ     
    ܹԴɲͬһҵ˾ӪǱȽȶġȱߵļƷҪԤδ10껪ܵ31ʾߵļ2004껪ܴᵹ4.4%ÿϢӦ͡2005иգ15%2006ȫгֹܳ˻ܿܳ2007꽫һѭĿʼһֱ2013ꡣ߹ƻܵĴʽʣδ10Դﵽ12%ӦǱصġ³лܹ10ֱ꣬2013ʱмҪ嶨أ߹Ƶ2013껪ܹÿ1.451Ԫ10ӯʼ㣬201314.51Ԫۺϸ۱13.69Ԫ10ӯҪȥǲ̫ѵģΪصģǸ۵ʱû£ԿԸ߾10ӯʡҪ۳ͨأҪ۸ӣ105%Ϊ0.64462013ĳۼ14.51ԪֳΪյ9.35Ԫۺϸ۱8.82ԪͬʱҪδ10յĹϢϱԼƳ10ۻܹϢΪ3.174Ԫ9.35Ԫ3.174ԪõڼֵΪ12.52Ԫۺϸ۱11.82Ԫ20041028м۵5.95Ԫڼֵм۸߳99%     
    Ȼڼֵֻһۼֵм۱Ƚϡڼֵãӳгǡ˰Żܷ񱣳֣߻᲻ı䣻ܹɼѹǹúɱǣһͶ߿ܵģչ糧ĸծϢ֧ӣܵʯͼ۸ļ񴥷һԵľ˥ˣйӰйճͣͣȶгһ۵ָ20062007꣬йпֵܳļú۳糧ĳɱǣ߼ή糧ȱװѭйִȱ磬ͣ١ԱŹҷչ͸ĸίԱһ⣬һСúȱĳ֡     
Ĳηѡй   
    һƪʱѾѭ˸Եҵз߲ظӦĲ裬ֻÿһͬҵŽзصѡͬһҵеıߡ׷裬߿ظơ     
    йҪи     
    һֵBook Value     
    Loans Growth     
    ɶʽرROE     
    ģܴBad Debt, Provisions/Total Advances     
    壩ɱCost/Income Ratio     
    ֵҪ     
    ֵĶǽɶʽܹóÿֵڽڷҵУֵͨչһҽڷ˾ָꡣһԣڷҵĹ̶ʲȽ٣ʱ¹ֵֵ൱ӽʲƲʺѾȷʵؼ¼ʲծϡеĴֽͶʣһ㶼мعģֵѾӳһеʲһչУչһǻḶչģֵܹչرʷƾõĽڻΪʲǼֵƵġ磺2003չHousehold International Inc.HIʱ148ԪHIʲֻ48Ԫ仰˵100ԪչHIʲ硣ǶҪͶһеĹƱҪֵмۺֵһȽϡΪֵչHIǰ֮2003ÿֵ52.71ԪʲôǻƱĺǮӦ     
    йģδУԱã˵32гСмйȥֵı仯еֵڹȥµΪҵֵ̯ĴҲûĴвм֤ȯмӦˮǴߡǹȥ꣬Ϊ˱´ˣֻг۲м֤ȯΪ䴢㲻ǰ     
    32ÿֵ     
    Ԫ               2000          2001            2002                2003     
               38.35         38.33          43.12               52.71     
               24.02         23.58          22.54               20.73     
               10.81         11.73          12.99               13.70     
    2000꣭2003ֵ37%27%Իҹʼ͵ĴܵñȵжǸأܵ˰ܹм۷¹ɣͶԹɴϢнչʱҲ¹Ϊۡмۣ125.5Ԫ¹ɣ߳עɱֵ0.5Ԫۣܶ࣬ǲеĴУ˹˾Ĵɶʽ𡣸1989BasleЭ飬еĴҪɱıɶʽ𱻶ΪһʱTier One Capitalܶ෽ĽǸݵһʱĳĴСǸݴ嶨磺ز򰴽ҴΪʱջصĴֻùɶʽĽϵͱŴزҡóʼҵ͸֧ĴȽջصĴߵöࡣ⣬Ĵ֤ծȯΪڶʱTier TwoڶʱȻȵһʱĴõͣڶʱгеġҲһЩûлڵԶծȯӵڶʱܹйƱչӵһʱӹɶʽ𼰴˰ʵչԹɶʽϢϢصġ     
ĲֱȽϴ   
    ڴҵչ棬33ʾԶǡƲ2003չHI50.1%200214.1%ж޷ͨ¹ɽչǻвϣкеĿȨ̯Ӻ۽Ƕ˻۵һţרҵ񡣺չйҵҪڲʽ֧û¹ɣչģܵޣδĴ棬ܵɶʽģƣ޷¼ôȵֻõҵŵزеգʲع̶ӹɶʽ     
    33д     
                       2000           2001            2002             2003     
               14.3%          6.5%            14.1%           50.1%     
                9.7%          1.8%             0.7%            1.9%     
               24.3%            4%             1.8%           -3.0%       
    ɶʽر     
    йʱ߻ҪɶʽرϢ⣬ÿӯֽܷȡͬĻرΪɶ׬ȡ󡣱34ʾеĹɶʽرʣ     
    34йɶʽر     
                      2000           2001           2002           2003     
              15.8%         10.6%           12.4%          13.0%     
              23.4%         22.2%           22.5%          23.0%     
              12.2%          9.9%            7.2%           9.9%     
    34ʾĹɶʽرߵģⲢΪĴֻǹɶʽڹȥ궼µͣرȻˡǵĻرΪǵͲǰ2001еĹɶʽرʴµΪҪΪްֵ͢Ľڷ籩ȵĴʲ갢͢һ겻ޣ͢Ĳﵽ9Ԫռܲ46%Ӱ2001괿֡     
    35гɱ     
                      2000           2001          2002          2003     
              55.3%         56.4%          56.2%         51.3%     
              24.4%         26.3%          25.4%         25.4%     
                42%           55%            50%           47%               
Ĳֳɱ1   
    ΪҵһеľӪɱҪǹԱн꼰𣬽ɱȽϣɵóеľӪЧʡ35˵ľӪɱ˵ģ󲿷ֵķжҵ֧٣ϲҪάֿ磬ɱϱˡէ֮£еĳɱߵģҪһҿУŷ޵ԱнԽϸߣϸɱлؽӢ۵ĲֺڷǨͳɱйӡȡ֮£ǵľӪɱߣӳЧƫͣһ۹˾ô٣̫     
    Ƚϴ     
    3636A˵ʵĻ̯ۻĴʲǵıֶȻʤǻŴĿ2003ΪԣӳHIϵĴ     
    36еĻ̯     
              2000           2001            2002           2003     
             0.32%          0.66%           0.375%         1.152%     
             0.09%          0.19%            0.25%         0.345%     
              0.6%           0.4%             0.7%          0.45%     
    36Aۻʲ     
              2000           2001            2002           2003     
             2.75%          2.58%            2.52%         2.52%     
             2.01%          1.98%            1.28%         1.10%     
             1.80%          1.72%            1.54%         1.48%     
    ۺģʣ۲һµģÿڡڿƳɱɶʽرȣʾƣӳĻԣҵչȫ򻯡лʲǻ2001İ͢¼2003չHIȫ·޿ɱġегרڵһƪϸ׸     
    ߻ʣ3ֵHIʲѽӽ100ԪǻҪΪչʲƲʣʵϣе൱أǷΪʲ̯磺2001ʲ̯ﵽ8Ԫ2002ﵽ8.6Ԫ2003չHI15.9Ԫ     
Ĳֳɱ2   
    ʱӢ׼2005пܲùʻƶȡʱչҵ񽫰¹ֵһΡֽϵ͹ֵʱֵȽչֵͣὫҪΪImpairmentƲĹֵַֽҵֵ򾭼ûĺûִӴʲҵĹֵȻµѹ»ƶȿܻҶ¾ֵľߡ޷дչطŻ޷¹ɣɶʽޡгӳĴչʹܴ죬شչʱɼ˴䣬ջ޷¹ҵµĻƶȣܴгרͶ߲ƶȵЩ΢ı䡣2005»ƶ£пԽҵֵع۲С꣬ñΪҵֵ̯ǡ۵زеڸڣƶδĴ     
    йɱȽϼ򵥣رǴСԻΪ˾걨ڱ棬ὫЩϸгֻҪԸϸĶټԱʼǣһ⡣     
    ˽Щ⣬Ͷ뵣ĿĿɿԡмƶǺϽģеÿĿദɶ뻳κеĿӢУҲصļܣԻеĿرϸ걨ĺȿ绰ҳȸ¡ҵһҪãΪʲߣʲ߾ܹ¹ɽչӹɶʽ𣬶֮ӣӶһѭʷƾõĴڻǶԼصĴͳʿСʿŴУǵĴͳ˽зʲǵǿͶʢĦʿֵȣר¹СծȯмΪԵĻУʱգδܹɫͶҵ봫ͳйء     
    йеĹδܹȫгôӴ󣬾Ϊгõʶȥڼƻ֮£ֻϹҾ÷չĳԱûжչӦе̼չйеĹ㣬ҪעѪ׷ȫ򻯡гĴ     
    йеǵӴ磬δйĴһӣҾһܶһҪõĹ㣬ܰЩϣкǵĹӦĸơ               
Ĳηѡʯ͹ɣ1   
    ʯҪԴһᱻľԷʯ͹ɣҪ⹫˾ʯʹֵķ䡰ڼֵҪɶʽĸ߻ر󵼣2003꣬кͼʯ͵Ļرʣֱﵽ24.7%19.5%     
    к͵ġڼֵ     
    һԪҵʯ͹˾кͣӣкУԽ൱ϸļܡ׼򣬵69Ź桰ʯͺȻ¶Ҫ󣬹˾ÿ궼ʯͼȻ¹ֵ߿걨Уҳ˾ʯͼȻһ׵ķǽȻӢߵļ㷽ʯ͵ȷͰȼ㡣     
    37к2001ꡪ2003ĴΪѿδ̽     
    Ͱ           ѿ              δ̽                   
    2001                709                       1,111                   1,820     
    2002                795                       1,221                   2,016     
    2003                914                       1,214                   2,128     
    ʯҵаٶʷȥвթ¼ʯ͹˾鱨̼ɼۣлʱļ൱ϸÿʯ͹˾Ҫѿδ̽ĴعһΡǼЩδ10Ҫꡣδ10ͼۣԹֵյмοģϱأʯͼȻԣټ迪ɳɱ䡣财ԡʵּֽۡᰴ10%ʣתΪʱֵֽ     
    кΪ2001ĴǸ17ԪмһͰο2002Ϊ28Ԫ2003Ϊ30Ԫ2003걨е108ҳѾг20012003ĹֵֽĹֵгο롣2003Ϊδ10ۻֽδǰﵽ4,524ԪԼ546ԪԴ21.28Ͱ㣬ÿͰ͵ġʵֻּۡ25.66Ԫʵּۣ200330ԪĲοмۣ14.3%ã˾ǵ͵ʱ׼в࣬Իһصġʵֵּۡ2003Ĺֵûмʱͼ55ԪһͰͶ߲2003ֵΪ˾ġڼֵȷַοг۸¹ֵӶҳ˾ġڼֵ     
    ع£50ԪһͰмΪοۣ14.3%üۼ㣬ÿͰ43.35Ԫġʵּۡ¼кʹĹֵڱ38Բͬͼۣ˵Ϊк¹ֵΨһı䶯δֽδӦ֧˰δĿɳɱҵü䡣2004ĹֵΪ߼費ͬͼ£óͬı׼ֵֽ֣ο۷ֱΪ50Ԫ45Ԫ40Ԫ35ԪʵּΪ43.35Ԫ38.56Ԫ34.28Ԫ30Ԫ     
    һֽعк͵Ĵֵͬͼ۵óͬĹֵ38ʾ2,360.74Ԫ1,407.48ԪڶڻҪ㹫˾ʲñ39ķعкʲġڼֵ               
Ĳηѡʯ͹ɣ2   
    38кʹֵ     
    RMBM             2001   2002   2003   2004ع 2004 ع 2004 ع 2004 ع                                  (50/43.35  (45/38.56  (40/34.28  (35/30     
     Ԫ)      Ԫ)       Ԫ)     Ԫ)     
    δֽ   261,339  426,268  452,465  763,820  679,421   604,008   528,595     
    δҵ   -74,404 -112,044 -124,386 -124,386 -124,386   -124,86  -124,386     
    δɱ   -38,640  -50,080  -57,031  -57,031  -57,031   -57,031   -57,031     
    δ˰     -39,097  -78,059  -75,471 -161,908 -138,446  -117,480   -96,515     
    δֽ 109,196  186,083  195,576  420,495  359,558   305,111   250,663     
    10%      -58,114  -85,942  -85,776 -184,421 -157,486  -133,791  -109,915     
    ׼ֵ  51,082  100,141  109,799  236,074  202,072   171,320   140,748     
     (Discounted Future     
    Net Cash Flow)      
    39кʲع     
    RMBM                    2003    2004 ع   2004 ع    2004 ع    2004ع     
    ׼ֵ        109,799    236,074     202,072      171,320      140,748     
    洢ɱ     42,298     42,298      42,298       42,298       42,298     
                       67,501    193,776     159,774      129,022       98,450     
    ӣɶʽ           46,736     46,736      46,736       46,736       46,736     
    عкڼֵ  114,239    240,512     206,510      175,750      145,186     
    ѷй()     41,070     41,070      41,070       41,070       41,070     
    عÿ     2.78Ԫ5.85Ԫ5.03Ԫ4.27Ԫ3.54Ԫ     
    ʲֵ           ۱2.62Ԫ  ۱5.52Ԫ  ۱4.74Ԫ  ۱4.04Ԫ  ۱3.33Ԫ                
    50ԪһͰʯ͵Ĳοۼ43.35Ԫʵּۼ㣬߶кÿɵĹֵﵽ5.85Ԫ۱5.52ԪΪԴɣкͱġڼֵǻͼ۲ģͶⷽҪӱЩʱмһҪȡڼֵͣáܱع20%ǮԵаȫϣSafety MarginҪǹͼۣʱµ20%20041021գк͵м4.125ԪʾרҵͶΪδͼۣÿͰ40Ԫǻк͵ʵͼۣԼΪÿͰ35Ԫ               
Ĳʯ͵ġڼֵ1   
    ֮£ʯ͵ľӪΧȽΪӣ˾ԭ⣬л͡ۼȻܵҵҪġڼֵҪñ׼عʯͼȻ41һ㡣     
    40ʯ2001ꡪ2003ĴΪѿδ̽     
    Ͱ              ѿ      δ̽                  
    2001                 11,466              5,510                 16,976     
    2002                 11,185              6,221                 17,406     
    2003                 11,114              6,650                 17,764     
    41ʯʹֵ     
    RMBM                    2002                   2003               2004ع     
    	                                                            50/34Ԫ     
    δֽ          2,710,152              2,991,193          5,000,921     
    δҵ           -745,866               -765,111             -765,111     
    δɱ            -73,344                -88,556              -88,556     
    δ˰             -562,289               -635,169           -1,231,734     
    δֽ        1,328,653              1,502,357            2,915,520     
    10%              -713,267               -807,037           -1,566,217     
    ׼ֵ          615,786                695,320            1,349,303     
     (Discounted Future Net Cash Flow)     
    *ʯ2003걨׼ֵǷǳصġ2003ĩ30ԪһͰĲοۼ㣬ʯǲ20.33ԪһͰʵֵּۣ30ԪĲοۣʴﵽ32%Ȼ˾أΪѾϻ½ʯֽϵ͡     
    50ԪһͰο۸32%34ԪʵּۣΪعʯʹ41ó׼عֵ13,493Ԫ     
    ڶǽ׼عֵȥֵ2,179.7Ԫþ11,313.3Ԫţعʯ͵ҵǲοеĻҵֵ˰ϢǰMarket Capitalization/EBITƽʯĳϢ˰ǰEBITֵ42г     
    42ʯҵʲع     
    RMBM        ʯͳ˰     ֵ˰     ҵֵ       ֵ            
                Ϣǰ     Ϣ          
                2003     
    ʯͼ                                      1,349,303        217,968   1,131,335     
    Ȼ     
    ҵ       5,035         10.8X             54,378     
    ҵ       1,041         14.6X             15,199        215,721    -126,924     
    Ȼܵ     1,922         10.0X             19,220     
    ҵ     
    ع                                                               1,004,411     
    ɶʽ   	                                                             356,613     
    عֵ   			                                                   1,361,024     
    ѷй 				                                                175,824M     
    ÿعֵ                                                           7.74     
    				                                                      Ԫ7.3     
Ĳʯ͵ġڼֵ2   
    һֵ˰ϢǰMarket Capitalization/EBITıʯ͡Ȼܵҵֵ͵ƽǸݼֻ2003ݣõ10.8ҵǸݱ໯Ϻʯ2003ݣó14.6ȻܵгûкָãԱ10㣬ǸȻ19.22Ԫĳ˰ϢǰֵΪ192.2ԪǼȱصļ㷽ʯͶĹܵ20022004꣬Ͷʽܶﵽ439.43Ԫѳعֵ192.2Ԫܶࡣعʯҵʱһܴĸֵﵽ1,269.24ԪȻкܶԱֻʲֵ㣬ȻԼȽϱصͶʶӴĿǰƣûعŹܵȻӣδܻⷽʱҪֵˡ     
    20041021ʯ͵мΪ4.125ԪعġڼֵΪ7.3Ԫм۸߳77԰ͷ2003ʯΪͶʡ               
ĲηѡѶ   
    Ѷɵġڼֵѣҵһ˾׬ǮʲҪǰı߷ʱõĲ裬ȹδ10ĴϢƶ10Ժм۳ƶƱȡĳۿ5%ۺϳΪļֵټδ10ۻȡĹϢͬ5%ʼ㣩ƶġڼֵļ㷽ܹݼ򵥣δƼչؼڣΪ¿ƼܿȡɿƼԾɵĿƼͶҪӹֵп۳ƶýһᷢչȫԵ3GͨѶ磬ƽʱҪ1,000ԪϡĸӪܰʱ2Gƽ̨ȡֽٿһƼƽ̨     
    ƶѶҵй     
    һѶҵйӴг˿13ڼ㣬ֻҴƶ绰Ӫ̣ƶͨ20046£߿ͻϹ2.88ڣй13˿ڣ͸ֻ22ȽѷչõΪ͡ƶ绰ͻ700򣬱˿ڻҪࡣƶͨгרͬ޶ȵľǮǿŵģȴСĬɷ֣£ӪҵٶȣȹֵҪöࣻ     
    ƼȴйɵĹƣʱͣ2G׶Σʱ3GʱⷽдԺҵǶȶۣԽٶչ3Gҵ񣬶ԵѶ̷һɾչ3GƼΪһ棬þӪܹ2Gƽ̨׬ȡ㹻ֽչ3GֻչƼķպͳɱ     
    һԣѶйչʱ踶շáع2000ʱ5ҵѶһ220Ӣ3,168ڸԪͶӢ3GҵľӪȨպͻв룬ƽÿҵѶ̻44Ӣ634ڸԪȡաӵյľӪȨרϣӢ˿5,000㣬5ҵѶͬʱչ3Gҵľǹݼҡ֮£չһ13˿ڵг踶ӴշѣѾһԵơʱƣйһ3G磬Ҫ1,000ԪǶƶ˵Ŀֻǵÿֽ2ֻ֮ٿͻƣ3GշãŷѻǧڸԪγ͸¶ͻƵ3Gҵ񣬿2005֧ƽ⡣ֹ۵ĹƣͻƵ3Gҵδÿṩ100ڸԪ10ۻ1,000ڣδ㹻ջյķãʱµĿƼֻȡ3Gˡ     
    ģóЭ飬йѶҵ2007ȫ濪šʱ̵ͶʣԾںʽֹȨܳ49%ԾĲ飬ܲй֡     
ĲƶͨϿٶշѣ1   
    ǰĵƪı22ѶԵѶɵĴʣӪҵȽϣͨĴֻ7ƶ22ƫ󣬾ˣ     
    ȴȽͨƶĹģЧʣ43гҹ˾ͻٶȡͨ2004ϰ61,100¿ͻƽÿϿĿΪ180򻧣ƶͬͻΪ1,940򻧣ƽÿϿﵽ320򻧡     
    43ͨƶӪ     
    ͨ                        ƶ     
                            200312  20046     200312  20046     
    ͻ ()           91.5        102.5           166.1        185.5     
    GSMÿƽÿշ          57           52             102          93     
     (APRUң)     
    CDMAÿƽÿշ        128           91              -            -     
     (APRUң)     
    ͬʱοGSMAPRUƶֻṩGSMƽÿÿշ93Ԫͨ52Ԫ߳78.85%ʲôƶͬģʽķշԶͨͬʱȴ¼øߵʵʿͻ2003׵ĿͻĿΪͬÿϿ1.9%     
    GSMAPRUͨƶ2004ϰ궼½9%ʵͨAPRU½ȣͬCDMAڣԶֹCDMAAPRU½29%     
    ߹ԭ     
    һƶʷϳΪƣ     
    ƶĿͻǸĿͻ     
    ƶзչGSMͨʣڲյĶʶܵͣʺϸʿ     
    ģȥ꣬ͨ˫δܴЧȻĸ˾е˷չCDMAʽ𣬿Թ̶üûѵľͨCDMAͼֻÿԼ200ԪֽչGSM磬Ӳ㡣Ͷʽֻƶ֮һͨGSM޷ƶͥ񡣴ݿԿͨϣżǮֻɵһЩĿͻ     
ĲƶͨϿٶշѣ2   
    44ȽͨƶӪ˳ɱЧ     
    		             ͨ       Ӫҵ      ƶ  	   Ӫҵ     
       		            RMBM 				       RMBM     
                        
    GSMҵ             40,304        59.6%            131,693            81.5%     
    CDMAҵ            16,623        24.6%               -                0.0%     
    1            7,121        10.5%             27,345             16.9%               
    Ʒۣ2        3,596          5.3%             2,464              1.5%     
                  67,644        100.00%           161,502           100.00%     
    ֧     
    CDMAã3   3,515         5.2%                -                0.0%     
    ߷ã3         806          1.2%              4,914              3.0%     
    Ӳ             5,920         8.8%             12,868              8.0%     
    ۾ɣ4           15,975        23.6%             36,611             22.7%     
    ʲ̯4         410          0.6%              1,850               1.1%     
    ˹֧             4,575         6.8%              7,700               4.8%     
    ֧5       26,172        38.7%             41,302              25.6%     
    ʣ5            1,749         2.6%              2,006               1.2%     
    ҵۿ           663         1.0%                -                 0.0%     
    ɱ6        1,763         2.6%              1,292               0.8%     
    ˰                 1,888         2.8%             17,412               10.8%     
    ֧              63,436        93.8%            125,955               78.0%     
    Ӫ              4,208                         35,547       
    ɶ             9                              9     
                      4,217        6.23%            35,556                22.02%     
    ÿ              0.336                           1.810     
    עѴҹ˾ͬһĿȽϣ˾뼰֧ԼĶ壬ʱһҪȲο˾ĸעÿϸСݷֱ濪磺     
    1ƶԿͻķҲΪӪҵͨĶѶ;绰Ӫҵ     
    2ƶֻ۾ӪҵʣǷھӪĶ룬ԱҪֻ۰ȥΪӪҵֱͨӱȽϣ     
    3߽ͨõCDMA缰ߵķ÷ֿɺCDMAӪ˳ɱ     
    4ͨ۾ǰʲֿ̯߽֮ƶʲ̯ǷӪ󣬱߽֮ΪӪϵ֧ͨһֱӱȽϣ     
    5֧ͨǰƹáüֻɱҲ˻ʣ߽еĻʷֿƶһȽϡ     
    6ɱǽ֧룬Ϊһ֡     
Ĳͨɱƶ   
    һ۾     
    ͨӪ磬CDMA磬Ǹݿͻĸ˾õģͨ200335.15Ԫĸ˾磨ο44ƶû֧۾ɷ棬߶ҪΪǵGSM۾ɣߵ۾Ƚ϶൱ӽԼΪ23%ǣһǶͨ2003۾159.75Ԫȶ䱾GSMϼ474.25Ԫ۾ռߴ33.7%ʾͨвѶصʩҪ۾ɣǴѶ;绰Ӫҵޡ     
    һ㷽ǽü۾ɵķӣͨCDMAá߷ü۾ӵõ202.96Ԫ640.48ԪƲƷۣʴﵽ31.7%ƶ߷ü۾Ϊ415.25Ԫ1,590.38ԪƲƷۣΪ26.11%֮άһķɱǽάĳɱ˵ö࣬5.5ٷֵ㡣     
    ˹֧     
    ο44ͨ˹֧Ӫҵȴﵽ6.8%Ƚƶرʣ߳2ٷֵ㣻ֽⷽһ֤ά磬˹ɱϣҪάһ簺ӪЧԽϵ͡     
    ƹ     
    ܻͨƹCDMAֻͨŻݲŽϸߵӶ2003꣬ͨãƹ㼰֧ﵽ261.72ԪռӪҵ38.7%ƶͬȷ֧Ϊ413.02ԪռӪҵ25.6%ƶĹģϴƹ㼰Ŀ֧ЧҪͨ߳ܶࡣ     
    ģ     
    һȤ֣ǱȽ϶֮ĻʣͨĻռӪҵ2.6%ƶΪ1.2%˵ΪCDMAֻŻݣͨһͻ̰ͼֻŻݣ빫˾ǩºԼʣֻŻݵĸӰ졣     
    ۺķͨ2003忪֧ﵽ634.36ԪռӪҵ93.8%ƶֻ֧ܿӪҵ78%ƶĴǽϸߵģﵽ22.02%ͨĴֻ6.23%ߵЧѾһĿȻƶĹɶʽرʴﵽ17.9%               
Ĳֽ븺ծ   
    ģʽ£ƶܹгȡ߻رֽ2003Ĵ۾ɵֽﵽ740ԪƶȥϢֻ75Ԫ˾665ԪֽͶʣԱ߼ƶ㹻ʽӦδչȫ3G硣˳ԶƣƶȻӮͨгרһĿȻ2003ףƶĴֽߴ563.4ԪڸծΪ423.9Ԫʽʮֳԣ     
    ͨ棬2003괿۾ɵֽ206ԪֽԼΪ101.3ԪծϹΪ471.87Ԫ֮£ߵƶĲʵͨҪǿöࡣ     
    ͼ10Ƚƶͨ2003               
Ĳηѡչ   
    йٱг     
    ȥ10꣬ٱյıѸ٣1994162Ԫ20033,011Ԫ긴ʽʳ40%ǰֹۣԹΪ¼أ     
    һžÿٷչȲƣôΪ˼δţͼӰķͶ     
    ĸݼҽƵᱣϣΪ˵ıδѣ     
    йԴڷչеĳڽ׶Σٱҵ͸ƫͣ2003ٱֻռֵ2.6%ݱƾѧսڵо200257գйչ˾ɱĿһʵ¼й103ÿѣźؾһ˳ձϻǰй򺽿Ᵽյģ42ˣұƫͣƽֻ20Ԫ     
    ģйվӪ̵ļܹϽӪ̵ͶȿĿҪȷվӪ̵⳥ͶʹߵҪ൱ߣƱͶʱСQDIIںʸͶʻƣܹʵյľӪ߿ԽʲͶʵۼгȡϸ߻ر     
    壩ѷչľϵԣᣬΪδţŷ޹ҵٱѸռֵ10%۵ıѱӽ7%ֻҪйóչٱг϶棬Ǿټ͸ʵ־ӪδҵչǾģ     
    2005йгһ⿪ţȻֻܹԺʽӪйȨ߿ɴ51%ʱڣ޷йдУһĴ磬ʱվȵľӪߣɵľв               
ĲٱղƷ   
    վھӪ˵ڸĿֻҪֻռϼС⳥ǿԴͳмģԷչ˵ķգܹʹӪ档ԵķգΪϵͻرĿһúӻѵ⣬ܸߴˣǣ⳥ƣߣӪҪͶʽȡǮϵľֱ߼󡣵Ȼȡ֮ڣҪӴ磬֧ڶĴˣ¾ӪɱƷϳ޷Ӵ۶鷴Ϊصĸ     
    ʮڣйһȹȣϢʱͳԵıдԵģڼȫյȣǸݡϢرౣһȷǳܻӭԶ20Ͷ߿ȡرĹ⣬ȡرڼͶзԵձϡϢԣоӪ̶ҪΪࡰϢرⱾ     
    1999꣬йʻ䣬ӪҪΪϢرıⱾ趨2.5%߶Ϣ֤ʣʩͳڼȫղƷʧȴ1999Ӫ̻ƹ㡰ֺرı桰Ϣرıֺ족Ļرٲǹ̶ģӺӪ̽ͶõĻرߵͶ70%ֺͶʿΪдϢԣֺƷܻӭΪٷֺı฽нգҽƱգ     
    2004йƳΡĶڲƷͶʿѡ񹩿ꡢ10꣬Ͷ߿ȡرѹĿͶϵķֺɷݣȡյıϡӪʱ׬ȡѵͶ棬ͶδգԾӪ˵йٵڱ棬ΡڲƷܸͶʿӭ20046ռ˾±44.6%ʹ˾ϰı314Ԫ2003ϰ43%ͬڣƽܱ½9.1%323Ԫ     
Ĳּٹ˾ڼֵ   
    һٹ˾걨ͨ˾ġڼֵEmbedded Value㷽ǽʲȥиծ׼ټϱļֵչ˾ġڼֵƱļֵʿģ˾͸ڲľʦÿһűʱļֵδļֵδļֵ͸δֽΪʱֵϸݿԲοййĸ¼3ļг裬10%ʼ㣬2003630յġڼֵƽΪ527ԪÿΪ2.63Ԫ     
    ΪͶߣ˷ʱȥٹ˾ġڼֵһͶʳ߶ȣǽ˾ɼ빫ġڼֵһȽϡͨ˾Ĺɼһȡڼֵߣ߳ٲأмǷӳгչ˾ĿЩ²Ʒܻӭ̶ȡûشֻ⣬տ˾޴⳥     
    ֤ȯԱԣڹġڼֵ֮ϣѶ²ƷĹֵµıһΪչ˾ĺмۡйݣδܹӳʵѡٱչʱͶԡڼֵΪ飬ҪҵչǰмгıȽϣΪгľӪͬ𾭼õķչٶ಻ͬ͸Ҳһ˾졣ѡٱչɣӦͬһгͬ๫˾ȫ档չ˾ͬǽڷҵмֵͨ߳ơ2004630գйٵֵÿΪ2.36Ԫ               
ĲֱȽйƽ   
    ۣйչ˾й١йռƽ20032004УûɹоֻԸǵйƽյй൱꾡ٱռҵ̲ͬĿгֽƽյйҵȽϣͬʱƽյĲйҵȽϡ     
    һйǰѾ1999ǰġϢرȫתƸĸ˾ΪЩ47гߵ׼йֻ֧ⷽ294Ԫƽյ404Ԫٵö࣬δһӣƽҪǩġϢرֱΪֹ     
    45гйټƽ2003ıԴƽոգֻռܱѵ77.7%Ƚйͬ84.4%Ϊ͡գռƽܱѵ15.6%йٵ0.9%Ը߳ࡣԵ⼰ռƽܱѵ6.7%Զйٵ14.7%Ϊ͡ǰռȫԵⱣգڻرϸߵĿ45ıȽϣָƽյҵرйٵ͡     
    45Ƚйټƽյı     
    2003      йٱ         %        ƽձ        %     
    		        RMBM                          RMBM     
             58,541             84.4           42,743          77.7     
                    588              0.9            8,619            15.6     
    ⼰       10,205             14.7            3,680             6.7     
    ܱ       69,334            100.0           55,042           100.0     
    *ѽƽͨг۵ıյռ㡣     
    46ȽйټƽյӪЧʣй2003Ĵﵽ65.5ˣƽմ3.6ҹ˾ҵӪҵ߾Щеݣδܷӳʵйǰ䡰ϢرٱȫתƸĸ˾Ŀ޴ӻϤĿƣ2003йٹӪҵƫܹͣȫԱЧʡйٵּйģ˵ӪҵãӦƽո߳Աƣʵϱ46г2003йٵķã63.36Ԫƽյ40.07ԪֻǸ߳58%     
    46ȽйټƽӪ     
    	                   й2003	       ƽ2003     
    Ŀ	               4,000                      70     
    ۵Ŀ		           8,200		           3,600     
    ֱԱ           	      10,000		           8,000     
    	             655,000		         180,000     
    СʾַĿ	  78,000	    	      12,000     
    ӪҵRMBM		      60,442		          59,958     
    ӪҵãRMBM	   6,326		           4,007               
Ĳƽճɱϸ   
    ο47й2003֧ܿﵽ519Ԫƽյ10%ƽյ֧ʵϸڹ577ԪóɱӵݶƲƽյ֧ﵽ641.63Ԫ7%֮ûƽӦǳֿġǡóɱӵݶĿﵽ64.53Ԫͨڻȡʱ򣬴˻ȡһʿɹ۵ӶЩѸ˵Ӷ𣬱ΪȡĳɱҪ̵֧ʣ̯ƽ200364.53Ԫġóɱӵݶ롣֧577Ԫ     
    ƽյġóɱӵݶʣչʱʲʮֽӽҪ̯2003ƽյġӵݱóɱ̯ﵽ36.06ԪΪйûһóɱӵݶĽأΪ2003йֻСӵݱóɱ̯50.23ԪпйٵĻƶȱȽϱأ˵Ӷڸȫκα     
    ƽȡٱʱǾԻģʮַӶر⣬ƽյġӶ֧óɱﵽ50.74ԪйĿ6.17֤ǰƽͶԵա     
    Ƚҹ˾ġ׼Ӷƽ֧ⷽﵽ404.17ԪȽйٵ294.33Ԫ37%ʾƽյղƷдϢرıأԸйٳء     
    47Ƚйټƽշ     
    2003	              й    Ӫҵ	 ƽ     Ӫҵ     
                              RMBM   		         RMBM     
    	     
    ׬	               50,807	      84.1%		  53,806         89.7%     
    ֱӶ                    0		   0.0%		     370	     0.62%     
    	                1,992	       3.3%	           0	     0.00%     
    Ͷ뼰              7,643        12.65%	       5,782         9.64%     
    	                   60,442       100.00%	      59,958	   100.00%     
    óɱӶ  	      -              0         6,453         10.8%     
    ӱóɱ̯	  5,023      -8.31%      3,606      -6.01%     
    ˱ڸ8,700     -14.39%      9,838     -16.41%     
    ׼Ӷ     29,433     -48.70%     40,417     -67.41%     
    ֧׼      1,207      -2.00%        988      -1.65%     
    Ӷ֧óɱ      822      -1.36%      5,074      -8.46%     
    Ӫҵ            6,326     -10.47%      4,007      -6.68%     
    Ϣ֧                    367      -0.61%        205      -0.34%     
    ձϻ                 85      -0.14%         28      -0.05%     
    ֧                   51,963     -85.97%     57,710     -96.25%     
    Ӫҵ                    8,479                      2,248     
    ˰                      2,582                        298     
    ɶȨ                   40                          0     
                            5,857         9.69%        1,950         3.25%     
    ߵĽм     
    һƽջȡĳɱƫߣйٻñɱϵͣȽ϶ߵ֧ܿӪҵCost/Income Ratioƽմﵽ96.25%йΪ86%     
    ٱշ棬йٽܸգౣӶǽٵģԳɱΪˡ෴ƽյġϢرռ൱أ˳ɱϸߣƽͶա     
    ֧Ӷ٣йٱֽͶʣͶռ12.65%ԵƽյͶ룬ֻռ9.64%     
    ģйڷչձȽϳɹ˴˶Ӵ󣬸ӵȫԵķ硣     
    壩200412йȫ濪űг̼룬ȫԵľйٵӰȽ΢ʿĹƣһұչ˾ÿܹѵϸĴĿޣҪѵ㹻ָйгҪ10ʱŽһ硣˵ǷҵҪͨһԱſɽ磬Ҫڶڽгȡе棬̸ס     
ĲйռƽյЧ   
    ҵǷԵġӪǸԽԽ⡱⳥ǿɴͳּӵйʽĳӲ򡰵աͳУûпͬһʱ䷢⡣ԣ˵ķѳеաǣ⳥Աȹһıѱˡ10ÿÿı200ԪһҪ2,000Ԫѡ£㵹Լеÿʡ2,000Ԫ仰˵ʡı㹻㲻ϸǲյšѡչɣҪǵгռʣԽӯԽȶڶſǾҵ200412ȫ濪ţδ̾Ӫĵա϶йǾģֻҪ治ܾԴĵգй˵ͼġ     
    Ե⣬Ȼشչ˾ӯ911¼ٴͱչ˾ֿ𡣱գѴ˼⣬ۣ񣬳ֻ·ߣ30δдҪΪ911¼ѣĴͱչ˾Ѿɹؽȫ򻯵гרΪ˲911شʧȻȫطӱѣߺѡأΪ     
    48ȽйռƽյϸıȽϣǿԵóǵӪЧʡйյľ룬ƽղĿ86.66Ӫҵ4.53ԶԣйյӪ˳ɱϵͣƽյĲҵǸ߳ɱƽյ֧ĿУ֡óɱӶ10.3ԪĽʣƽյĲգึٵӶ𣬶в֧ǵ룬պ̯     
    Ӫҵ룬ƽյġӱóɱ̯ռ16%ﵽ9.9ԪйԼΪ6%Ϊ24.8Ԫ֧棬ƽսΪռţ֧ռ60.2%йﵽ70.3%ƽյͶϸߣռ4.9%ݹйչģȽϴЧϸߣɱ͡     
    48Ƚйռƽյ     
                          й       Ӫҵ     ƽ      Ӫҵ     
    	                  RMBM                        RMBM     
         
    ëбѼ 54,968 	       132.90%          8,091  	      129.98%     
    ֳ  	         11,116        -26.88% 	      2,819	       45.29%     
    δ׼Ӷ	  3,443         -8.32%	        229        -3.68%     
    ׬             40,409        	97.70%          5,043          81.01%     
    ֱӶ         	  -              0.00%      	  877          14.09%     
    Ͷ뼰           690  		     1.67%            305           4.90%     
    Ͷ                 260             0.63%             -            0.00%     
                    41,359        	100.00%          6,225        100.00%     
    óɱӶ        -              0.00%           1,030         16.55%     
    ӱóɱ̯2,479         -5.99%           993      -15.95%     
    ֧             29,063        -70.27%         3,746      -60.18%     
    Ӫҵ	      6,903        -16.69%         1,525      -24.50%     
    Ӷ֧                  -  	         0.00%  	     602       -9.67%     
    ձϻ            468         -1.13%  	      56       -0.90%     
    Ϣ֧                158         -0.38% 	          15       -0.24%     
    ֧               39,071        -94.47%         5,907      -94.89%     
    Ӫҵ  		        2,288  		                       318     
    ˰  	            837  	                     222     
      	                1,451            3.51%              96         1.54%               
岿η·ҵ   
    ߶Թ·ԭ£     
    һйڵĸٹ·ֻ30ľӪȨ·ӹܣκ⳥žӪȨʱֵʧ·ɵĹɼںʱΣӪȨһʱ֮󣩣ۣͨԹ·޷ΪۻƸġǧһӣʱɼ۳ڲ񣬾Ϣߴ10壻     
    ٹ·ҪշʵϵѣӰ죬Ҫֳѹľ㽭Ϊļһ׼Ӽۻƣÿ3ϵһΣݹȥľӪʷӼ۵Ľйģкܴ࣬1999ʱû볡ãֻǾ2³̷΢ÿ44.5ɡ2002շѶûе     
    ޿ɱ⣬շѸٹ·ҪɽѹƶƫԶٹ·ƷۣǸٹ·ؿأշѰ󣬱Ϊ谭ƶľ÷չԻΪ·Уշվ·12շվͨշվҪ154ԪسһҪ308ԪմţԺԺƳһ·ƹؿĿշѣյĿҪŽһ̶ڣɷɶдָշҪҹٸЭӷѡȻʵЩ´ʩԹ˾ɺشĴѨ磬δ£йƵġڼֵͽȻͨӻ񰲻ʡָ2005꣱½ɳշͬµ     
    ģϹ·ɿԲ˽µĸٹ·ȡᱻӹܵľɹ·侭ӪȨ۹ۣʵϳɹӲ࣬Ҫѡַ˽µĸٹ·أپ÷չĵǼǣѾòڽɵĸٹ·½·ֻƧ㣬ͶȻ޷ȡúرһ棬յϵطӡҵԸѡշѵĹм˽ӲС·ܾշѸٹ·ͨǵأ     
    壩Ҫ׼ȷƹ·ɵġڼֵѵġھӪȨƣ10Ժм۳ϵĹ·ɣֵʱ㣬·¾ӪڵֽϢۺϳΪڼֵӪȨڳԹֵʱǣ̫裬޷ӳʵ               
岿ּ㽭ġڼֵ   
    ΪеһЩҪ裺     
    һҪ㽭ġڼֵǿԹƹ˾δշӽȣ۳֧ʱԿ֧ȻʣֽÿֽɶϢۺΪֵԹ˾ܷйԵõ˾ġڼֵ     
    Ҫ·25ľӪڣ˼2029깫˾ֹӪˣѹ·ʲ˹ɶʱֻܻʣֽ𣬲ʲļֵ     
    澭õ·ɣ߱ΪߣԹƵ2029δ͡ݹ˾йԤ⣬Ǿϵģ2003ƽΪ42,949ٹ·깤2029ƽ187,861     
    ģ˾ʱй·̣Ӧδ󣬹ƽ2007깤ʱгʱ4ߣ20042007꣬˾ʱͶʹԼΪ50.52ԪԤƴ2013껹壻     
    壩˾۾Ҫڸٹ·ϣЩ̶ʲ۾ɣ˰ƿʹޣֱ߷̯     
    20002003꣬˾Ϣʽ57.1%64.6%˼δ25ϢΪ60%     
    ߣΪ5%30곤ծȯϢ     
    ˣͨͿܿأշѹ߶ɥʧļ裬2005ϵ1024꾭Ӫڣѽάֲ䡣ȻһȽϱصĹơ     
    ϼ裬߹㽭ġڼֵΪ11.06ԪԼΪ10.43Ԫ20041021գ㽭мΪ5.05Ԫڼֵм۸߳107%               
岿ߵ   
    Ͱͷضߣֵ̬Ⱦ൱ΪӦȡޡΪߵĻرȻܸߣͬߵ˾¡Ͷ߾Ҫʱʧڲƽׯң̣ƱͶʲᲢۣͶʹƱԣõĹԴƸһй˾׬ǮϢɶˣɶŹɼ۵Ϊ㡣ǣȴƱм۹ҹܷ׬Ǯԣгǣߡ     
       ָ     
    ٸ˵ʱһźָڻҪİǣԪСͶָڻ׳ָʱܶʱԵͶ̬ȥգгĲָϺָۻãЩۻããȡϵġС     
    󻧵ʵꭣ׬ȡˮ򡰵ˮӣǣʽϴд100ɵӯ2800漰ʽԼ1,320Ԫͬһʱֿ׿20ָ100ԪѾȫˡܹ׬ȡĿָʮʮۣͬһʱҲ׬ȡӯϢ20ָ50ۼ㣬ɻ5ԪһµĻرΪ0.35%رΪ4.2%δӯϢӽ2%ν󻧺ܶʱǽڻͶУʽӴ󣬳ɱˣˮɣǽꭻ     
    ָʮʮʱͬꭡ׿ճɷݹдֵĹƱͬʱָ׬ȡۡҪֻ׿ղѣĹƱл򾭼УIչMarginsл򾭼бȨеĹƱ׿գ׬ȡáĹƱֻǷжûнǮϣ౻йܵĹƱǲġдȴ뾡취ûйܷΪգ˵˿ͬȨйܵĹƱǡͬпɽйܵĹƱ׿աʵлڻʱ̶ڴϵġС     
    ָɽԾδƽֺԼ10ţ漰𳬹50ڸԪԸܸ13㣬ֵֻߴ650ڸԪÿչеĳɽҪˣÿµ׽ǰֽϴ󲨶ָռٵ㡣2004820գָΪ12,376󣶸죬ָָʱ12,877㣬ܹ501㡣Ȼ׿ָĻڣڣÿָҪ25,050Ԫ2004꣹·ָʱָּٵĴǰģ죬ָΧзƽ˾µµ330㡣ٽǰеĴָġò֡򡰵֡йء               
岿ϹϹϹ֤   
    10ҷ̣ͶУƹһߣǱϹ֤ڵ̨»ֻϣ̶ϧյСͶñϹ֤ȥͶͶеı⣬˵ǺϷӪĶҵȡСϵĴ     
    ȣСͶߵġо̬ǺԼΪ㡱ġһСͶ߾ϣٵıǮȡĻرϲʡ̬еĹƱȻȽͶʣһ˵ӡǡ󡱣̫ıϹϹ֤ƽΪиܸ˱ʵĹߣúٵıǮ͸ܸЧӦĹɼʱϹ֤ϿԱȻĹɼøࡢ졣ܸ˺첨ǷСͶߵ̬㡣磺СͶãԪ۱һݻϹ֤128Ԫȡһɻᣬɼ۵ĳɱ132Ԫм128ԪСͶ߸ֻ3%ȴΪһõΣĹɼһԪȶ첨ϣСͶͬʱ㽣Ϲ֤ǮҲһԪеϹ֤Ļرɴﵽ25%һ棬ֻǳлɣԳɱ128Ԫ㣬ɼһԪĻرֻ0.8%ǣԸΥڷ̴ھġׯҡλСͶ߻ȡĻ룬޷ʵֵġ̵Ӱ첨Ϲ֤мۣ޷ɼۡԺʵ˵     
    ΣÿһϹ֤еڵʱޡǡʱֵʹɼ۲䣬Ϲ֤ļ۸ʱȥµΪ̵ĴͶУ÷µͨȡӪĳ߶ǼҷⲢ⡣ǣЩͶвֻӪĳԲСͶߡԶġȡϵġС     
岿Ͷıȡ   
    һлᱸϹϹ֤Ϊڣ¡ʱᱸϹϹ֤Ļɼۡۼܸ˱ʶͶж磺޵Ϲ֤6%УһĻرʱ12%ֻҪͶͬĿĻйƱԳգϹ֤ȡر12%ϳлƱȡ34ϢʣͶеëɸߴ1516%ȥʽɱ⣬رȻ10%     
    ȻڣУĹɼۼϹϹ֤ɷֽСͶߵȻѪ޹飬ͶȻ԰ȻÿһͶжзչ򡣵תʱǻᷢСƱصĸϢƱݡEquity-Linked Note͸˽мһƹʣЩϢELNԻΪƿʼתʱмۿ130ԪͶзеELNϹۣܶ125ԪͶ߹ELNδһʱ䣨һ»£м۵125ԪеͶбʹЭϵĻƱת۸ELNĳߡڼƱмδµ125ԪELNĳֻȡν6%Ϣʼ㣬ڼһµϢֻ0.5%Ҳ˵Ͷ0.5%ķ˱գꭵĹƱֹʴ̣125ԪֹʴᣬͶɱֹʴĿϲʧתʱͶֻǸıշѶѡͶͨƱȨOptionsɢϳֻķա     
    ָ跢̼ɶȣоϹ֤ͨǿԴ0100%ֲ֤ͬĳ߶ܹƱߣСͶǷƽأʱй˾ĹƱͨҪֲ25%κһй˾5%ĹƱҪ볬35%ҪȫչϹ֤ȴЩơˣʱͨӹӦʹϹ֤м۴»Ȼֿڵλ룬лȡ޴ڹ棬СͶԶ·磬Ӯ١     
    ģ̸ֱӲϹ֤ͬͬʱУ׬ȡֻۣͨǮڱϿǡСͶٻվ˽̵ⷢɶӰϹ֤ļ۸Ӱ첨ı䶯һʵ֤СͶͶУ̣Զһƽ󲿷ֲСͶǿ볡               
岿ֻᷨͱϹϹ֤1   
    4498ʵ     
    ѡᷨͱϹϹ֤4498Ϊ뷢нϹֻ֤ʱűϹ֤Ϲ֤ܵýƽ飬ɽǻԾǡʱȲϹ֤4498ͬʱɡ⡱򡰼ڡΪϸѧоϹ֤кļ۸䶯ɵļ۸Ƚϣο49ɿλʵΪ̣ͬʱǸ¼еķ̶ͬһͶϹ֤ʧСͶߣܻԡƽΪɣظ֤Բͬĳ߶ߣ̴     
    ᷨͱϹϹ֤     
    4498£     
    ʱޣ2005330     
    ɱÿʮϹ֤ɶһһɻ     
       128Ԫֽ     
    49ϸгɵмۡɽͻᷨͱϹϹ֤4498мۡɽۼЧܸ˱ʣԡűʼʱ2004920շͱϹ֤еգ114գǰ31졣Ǽֵ÷ص㣺     
    һڼ䣬ɵļ۸Ȳϣδ͹123Ԫм۴920յ123.50Ԫ114յ129.50Ԫﵽ4.9%ֵģʱ䣬ͱϹ֤4498Ǵӡ⡱ɡڡġ     
    ͬڣͱϹ֤4498м۱ַ۸еյ0.43Ԫշתµ1025յ0.315Ԫﵽ26.7%ɳĴ£ͱϹ֤м۴1025յĵλ0.315Ԫ114յ0.41ԪȻм۵͡920114գм۴0.43Ԫµ0.41Ԫ4.7%ͬڻɵļ۸4.9%ؼ㣬ߵĻر9.6%     
    49ȽϻᷨͱϹϹ֤ (4498) ɵı     
                   ָ  ᷨͱ  ᷨͱ    Чܸ     
                м   ɽ         Ϲ֤    Ϲ֤   (%)          
    2004        (HK$)      ()              м(HK$) ɽ()         (X)     
    0920	123.50	   936	    13,221	   0.430	   1,940	 7.13    11.92     
    0921	123.50	 1,309	    13,304	   0.435      12,150     7.17    10.58     
    0922  123.00     683      13,272     0.415      10,077     7.44    10.73     
    0923	124.00	 1,260  	13,280	   0.415	   3,030	 6.57	 11.20     
    0924  123.50	 1,192      13,066	   0.390       5,494     6.80    11.46     
    0927  123.50	 2,039      13,021     0.395       5,283     6.84    11.37     
    0928  123.00	   912  	12,950	   0.375       5,388     7.11    11.56     
    0930  124.00   1,346      13,120	   0.385       2,484     6.33    11.88     
    1004  125.50   2,725      13,359	   0.395      13,887     5.14    12.56     
    1005  125.00     513      13,331     0.380       4,839     5.44    12.83     
    1006  125.00	   654      13,271	   0.370       8,012     5.36    12.90     
    1007  	125.50	   404      13,321     0.365       7,012     4.90    13.39     
    1008  125.50	 1,305      13,241     0.370         416     4.94    13.23     
    1011  126.00	   735      13,305     0.370       9,400     4.52    13.59     
    1012  	125.50	   976  	13,251	   0.370  	   5,424     4.94    13.23     
    1013  	125.50	 1,279      13,171     0.360      10,259     4.86    13.54     
    1014  124.50	 1,143      13,035     0.350       8,391     5.62    13.13     
    1015  	124.50	   618  	13,059	   0.355  	   2,017     5.66    14.70     
    1018  	125.00	   742  	13,034	   0.345       2,936     5.16    15.55     
    1019  	126.00	   854      13,154     0.350      12,369     4.37    16.52     
    1020  125.50  	   855  	12,999     0.345      10,560     4.74    16.11     
    1021  125.50  	   982  	13,015     0.335  	   2,576     4.66    16.52     
    1025 	124.50   2,311      12,818     0.315      10,274     5.34    16.18     
    1026  124.50     757      12,852     0.325      12,109     5.42    15.77     
    1027  124.50	 1,053     12,838      0.320      15,376     5.38    15.97     
    1028  126.00   1,569      13,113     0.340      12,500     4.29    16.92     
    1029  	126.00   1,508      13,054     0.330      17,576     4.21    17.38     
    1101  126.50  	   869      13,094     0.345       8,582     3.91    17.38     
    1102  128.00	 1,886  	13,308     0.400      18,807     3.13    17.18     
    1103  	128.50   2,194      13,397     0.400      16,582     2.72    18.06     
    1104  	129.50   2,203      13,369     0.410      10,944     2.01    19.76               
岿ֻᷨͱϹϹ֤2   
    ֤еϹ֤ȡԷε̬ȣ봦ͨ¹ɵ̬ȽȻͬƱϹ֤޴ڣֲͬĳ߶ȲǷȷأʵ˰˼⣡ͨ¹УǹϹۣҪɺſУϹ㣬ҪѺȡСǣ֤ȴδоۻ򹫿ϹϹ֤0%ͨУ׼Ϲ֤к͸гɻ֡ķ׬ȡ߻ر     
    ñ49104յıջɵıǿ1.50Ԫ125.50Ԫ1.2%ɽ2,725ɡϣӵиܸ˱Ϲ֤ӦӴ󣻵ʵϣЧĸܸ˲ûзãҲǷɵǿƣɻ֡鵱շ̵֤ʵο50գͱϹ֤4498ĳɽﵽ13,887ݣм0.395Ԫֻһɡз7,189ݣͬǮ0.395Ԫ5,559ݣ׳ơмɻľǡɷ1,630Ϲ֤гȥյġɻϹ֤4498гͨ1,668ݣռ׼12.4%˵920103գϹ֤4498ϵͨ΢ģ0.31,668ݼȥ104յ1,630ݣ̵ġɻжӹӦСͶ߼˵ǿɼ۸ϣδϹ֤ʵ֤104Ϲ֤4498мµ141025յ0.315Ԫ     
    ǧͨ󣬷г1013գɼ۱ƽȣάǰм125.50ԪǸյϹ֤4498ȴдɽﵽ10,259ݡ¼ʾڵλ0.35Ԫ5,175Ϲ֤ͬڽϸ߼Ǯ0.3554,831ݣ׬ȡĲ241,580Ԫ     
    1029գɵмΪ126ԪͬյϹ֤4498ɽӴ󣬴ﵽ17,576ݡ¼շ0.338Ԫ9,114ݣͬԽϸ߼0.344Ԫ7,848ݣ׬ȡĲ470,880Ԫ     
    114գɵĹɼ۱ǿʱ1.0Ԫ129.50Ԫɽ2,203ɡͬʱϹ֤4498мֻǽһɣмΪ0.41ԪҪǣɼ128ԪϹ֤4498ѾǡڡӦпɹܸ˱ʲȴûзЧãΪ̵ĲŤ˲̵¼ʾշڸ߼λ0.427Ԫ4,210ݣԽϵͼ0.414Ԫ4,098ݣм׬ȡ531,596Ԫշ࣬ͨӹӦѼǮѹͺԽϵͼ۸ع󡱻򡰿ϸǷɷ̲ٿأ     
    ֤˵õгΪʵϿ͸ԴӦӰϹ֤м۵䣬лϹ֤СͶߣ׬ǮãڰŶĳ롰ϸģRandomΪơ۵Ϲ֤гɷ̲ٿأǷƽأ     
    鷢̵¼Եַwww.hkex.com.hkͶߣInvestorҳȻй˾ϢѰListed Company Information Searchҳѡ񵵰Search by Document TypeеϢࣨInformation Tableѡڱɡ     
    ģڡɻ֡ĹУżڵͼͬһԽϸ߼룬ּСͶߵġ硱ۿǽϹ֤ʿʵҪɻ̲ſֻĻƱꭣ׬ȡϢ118ɷڶϢÿ0.13Ԫÿ1.014Ԫ̲гѴܸߵˮƽ50гɽӣ̲ƽռܳɽ90%ϣȫм۲     
    50ᷨͱϹϹ֤4498֮¼     
                              Ϲ֤ܳ    ռ     
    2004      ()     ()      ()     ()    %     
    0922    4,937        4,900          9,837         10,077        97.6     
    1004    7,189        5,559         12,748         13,887        91.7     
    1011    4,320        4,309          8,629          9,400        91.7     
    1013    4,831        5,175         10,006         10,259        97.5     
    1020    5,096        5,427         10,523         10,560        99.6     
    1029    7,848        9,114         16,962         17,576        96.5     
    1102    8,857        7,254         16,111         18,807        85.7     
    1103    7,296        5,927         13,223         16,582        79.7     
    1104    4,210        4,089          8,299         10,944        75.8     
                                                                     ƽ90.6               
岿ֱߵĽ   
    ع˴920114յ31죬ڣκһ뷨Ϲ֤4498ģҪⱾֻ1025111յģ룬ſɻԣ31죬ɹֻ19.3%Ϲ֤гڵͨΪɣҪ룬˵ǲܽܵġϹ֤̣ܶԡʱֵǲݺӵġ20049202005331գϹ֤4498ֻ193ʱ٣ֻ130졣ǰε31ռ塰ʱֵ23.8%Ͷ뷨Ϲ֤4498󾭵ˣʱֵʧ˽ӽķ֮һˡԹףԴڼܷ֤Ӧ˫ر׼ֲͬĳ߶ȣͬʱܹƱϹ֤ƽĴӦϹ֤δǰ׼ķк󣬷̲ٴ¸Ϲ֤ȫ볡ʾƽ⡰ƽδҷ֮ǰСͶ߲մϹ֤               
岿ֹƱʱгԴ1   
    ʱԷֱڷչõʽԴͬڼƻУͶʵʽɹ͸еĴȡãȻͶʧܣмҳегУÿͶʵʽͨϹʽѷ̯ˡҪĿͬʱʱлӯп˵ʧԱˡгõͶʻʿѡпҲĸԸġпѡṩʵĽɫԿ͹۵ÿڴ˼Ǻ󣬲ųеա     
    ڵĺϹɾӪʽԴˮ˹˹ˣΪȫŷɫľӪߣɯʿ˹Ϊ̨ǣõĻƶԴ˹йʱϼ˿ǶжҪóƷ˹ŷ޼жŦվǶó׵Ľ㣬ˣҵʢһʱ۹дڵʱжϼ˿֮·Աֳͨ衣ǣʮͣŷؽ̵İ˹۹1453깥ݾ˹̹˶۹ǧͳΡ˹۹˵յϼ˿֮·ϼ˿۸ŷ޹Ѱµͨ     
    ײѰϳӡȣʺľ֧£طޣٴʱĿѧ٤ԣGalileoΪԲģȥӡȣأǲԶӣط޺Уǡӡڵִӡȣµ֮·ڴͨˡʱף˹ĵλı䣬ɥʧóŦվĵλ     
    ·УסżձһµĺóͨΪҴӴƸŷҵЧʱԶǷǳģ۸ñʱ̫մʮʱӢ켰װһԶ̽մһʼԱҪ6.8Ӣ     
    ӴĽȿĻҼ⣬иԳеɹĺȴܹλӵĳڣ۹ʱŷ޵ҪóߡˣӵԽĵʱӵеó׵һֱڣ¹صŷ޻ĸۿڡ     
    û㹻ĲӣǱϹɷֱӡȹ˾1612ӡȹ˾ӡȹ˾Ҫ޾ӪóףʱŦԼΪأӡȹ˾ó֮·Ǽһɹӡӡǣʱצֳۣأ̨壬ͳ̨һγʱ䣬ֱ֣ɹߡ     
    ʱĶӡȹ˾ӵԼľӣоԵսȨҴֻƷ˽ó״     
    ĳɹӢ˵̰Ӣ1623ҲԺʽӢӡȹ˾ʷÿκ̼㣬ÿҴǸʣֻܳɹ׬ǮȫغԷֺ죨ҲʷأһԶó״ʣÿһɵı60Ӣɹغ130ӢãɶӸ߷л117%     
    ҪӵӢָǵĺʾӪʷȺ˸磻1553һλSebastian CabotǮ˾򱱺ӡȣһȥأ߽ˣκ̣ڣʱ˹˹˽ó׹ϵ     
    ӢĶӡȹ˾չѸ٣ӡȽó򶫷չйó׹ϵٷӢѻƬսӢʹ˾·ֵ1689ļ¼ʾӢ15Ϲɹ˾Hudson BayʷƾãӻRoyal Africa CompanyǵĹƱҪ͸һЩмȥٳɣҵγɣ15ҹ˾ġƱ޷棬ҪծȯΪ     
岿ֹƱʱгԴ2   
    ʱӢ穣Ҫծա1691꣬ӢǷ310Ӣ为ծ1694꣬ӢӢУBank of EnglandҪǳＯ120ӢѣӢȷйƱٽＯʽԴʽӢ     
    1708꣬Ӣӡȹ˾ۻٲƸӢĴߴ320ӢӢĲƳಢûиƣۻծֻ1750꣬ۻծѴ7800ӢˣծȯתƵܣΪƱ͵ҪԴڵʱδʽĽǵĽ׵طǿһͬҵںķչΪʹ˾Ŀ࣬Ҳûн׵صԽͷΪһᣬ޻չֳأҲ͸ʽӪ     
    51ӢۻծĿ     
    		    			          ۻծĿ     
    		    1691				          310     
    		    1694				          430     
    		    1708				          750     
    		    1750				        7,800     
    		    1770		        	   13,100     
    		    1790	                   24,400     
    		    1815		               74,500     
    轻Paris Bourse1724꣬ϹƱʼ棻İķ˹صAmsterdam Bourse1784ꣻ׶ؽ1801ꡣ׶ؽĳöлİԭ1789ڼ䣬غɨŷޣǮ˶ȥӢѣӸӿӴʽٳ׶ؽĳ     
    ķѳǣPhiladelphia1790ʱѳĽģصҪ˿ŷ޵ͽQuakersͽнڼ嵭ܸߣշѳʱۻĵطսʱЩͽ˺ܶǮʢٽѡʱŦԼٵҪӪߣԺӡȹ˾ʽҪŷޣҪڱʡŦԼĺҵ١ֱս󣬿ʼ˽˺ӡʳˮϵͳʱҪбʣŴ̼˹ƱŦԼδǰƱծתãŷгһ㣬ڽͷɵġһֱά1817ŦԼʱԹģƣǷѳǻŦԼֻǡгѡʱ죬ŦԼȫĴˡ     
    ϵ˵ڽҵԹծΪԺʹ˾ĹƱʮͣӢйҵʱڣ󲿷ֵҵԺϻʽӪչʮͣͶ·ʱӢĺʹ˾Ŵӣ˺ӿ˾·˾ȣ˵ʱ֮ʮͣƱײʼԾ     
岿ӢʱΣ   
    ڶսӢľÿ¡սӢҿϴ£̧ͷʵи壬ü˰ٸƶʱϢ˰ʾߴ97%˾˰Ҳ70%ϣûԸͶʣ˾׷Ʋʧҵú·Ƚϴⶼɹҽӹܡǹ˹˹˾Ҳ⡣ʱù˾Ҫչ747ɻ棬Ŀ˰޷û㹻ʽУ1974Ʋ־û£б÷ʽˡ     
    棬1929дʷǰĴ˥ˣʱ˹ͳÿ˹ۣͶʻϳλֹóƱƽ𣬲ľչ1929󣬹һֱŲֱսһţг֣˥˶ʮֱ꣡1954ָָܻ꣬1929300λٴ3001964900㡣     
    ʮԽսִ֧Ƴ࣬Ӵó׳֡ʱ֮óԻƽģ涨ÿʿƽɶһ35Ԫ1971꣬û㹻Ļƽ֧ó࣬óײûƽ㡣ƽԪʽּҡ     
    ƽԪѹˡһ͡ǾνĸͨʡʧҵʡʼʡÿξҪôƳ̼á1974ʯΣΪأʼûա1964ָ߼900ֱ19821,000㡣18ֻǷ䣬ֻ򾭼ʵǳⲻΡ     
    19641982ÿνٲά裬ն٣John TempletonԽսʱгձͶʣͬʱӢʮʼͶʡձǵʱг侭չ˺ܶʽ     
    վָ195537419891229յ38,916ߵΪսᡣձѸ٣ҪǷӳáձù̶ʣ270Բ1Ԫ侭ɳڴġʮʮʱӢͬʱپñʷᣬձƷ촬֯ƷͥƷȣѴѷչɨȫ     
    Ӣάߴ֤ȯУVickers da CostaʮѿʼӢŷʽͶձСʱ׶ûֱǰɻҪ;վ۵ȡ۹д1969꿪ʼˣԵʻᣬ·ķʦʼ۵ľñ֡ǷΪչеձһҲɳڴã۵ķ֯¡ߡӱӲƷٷϻȲƷĳǰéҵвչٱ۶ȼ٣⡣ձǷչоõġͷ硱̨ۡ塢¼±ΪСУ̨вδ⿪ţ¼¹ֵϸСöࡣ     
    άߴΪ۵ġ˹Ʊгзչռ䡣1971´ƸԱ1972ƸάߴΪְѵķԱͬʱһӢмλݸӣW. I. Carr´Ϊ۹д               
岿Ͷռƽ񻯣1   
    ʮжִʱӢľѲҪؽоøĸ˹Ludwig von MisesҮˣFriedrich A. HayekȾá뿭˹۸պ෴šСгС˼ԤֻƶִܷУг˼Ҫ¢ϣ˰ʣͶʣӶҵֱΪ֥Ӹѧɡ     
    жȽһҵиĸĸصȫ淢չʱгеʽй˾ĹƱ񣬹ԳΪߡڹ˾Ҫɶ񣩸𣬶¾ֱ㲻򹤻òֹؼнӢú˷չʱúҪԴӰ޴󣻵ж˲δòָĸ˻ˡӡĳƺš     
    ʮٽЩҵЩƲΪ־ҵʶչҵ˽лг죬Чʡĸӣټϱʯ͵ĲŤתӢĲƳ⡣˳±ܹ˰ʣ̼˽ͶʡˣӢľڰʮ㿪ʼաʱգӢֲŷгӢûŷԪҹӢ˵ǽ˽лʼ档ڰʮڣ޶зеķ½С˵˽лӢʮꡣ     
    ƶӢеʽԴڣͶռص㣬ǹСͶʡˣ1986ӢгһΪBig BangĴĸҪǷϳ̶ӶƶȣӾӶˣСԻƱг     
    ⣬вþе˽˻ϻ˾Ӫʽ޹˾ģչĸǰ׶طչΪʽģչӢ֤ȯмڻ磺1986껨չάߴʿչPhilip & DrewSecurity PacificչʱӢľHoare GovettͬʱӢչսͿչӢDe ZoteЧչղ𱦣James Capelڸĸҵشı仯е֧֣пԾӪܶҵ񣬰Ϊˣ͹˾мߡ     
    Ӣĳɹӣй쵼˶ԹƱгʶӢĳɹӿйĸĸ￪ţùƱгģʽĸ1985ϺС˹ɡƱġ̨׽ס1990꼰1991꣬Ϻڹзֱʽ     
    棬ͳ1980ְ̲֥Ӹѧۣһ͡мӢ˽лɹӣӦѧĿ֧˰ʣͨͣ¢ϣǽɰ󣬹ͶʣͶʴҵⷽͻӣͨ绰˾AT&Tһҹ˾Ϊ߸ԵĹ˾ԭAT&T¢ϵ;绰ɡ߽áӪྺԾͼӰãһΪ߸ܹҲְλ⣬˾以ྺշѣø绰˸󣬴̼ҵͶ豸     
    бףAT&Tʧȥר󣬱ӯˣծȯԭġAAAµ𡱡     
    5219771996Ӣ˽лһ     
                 ˾					           ˽л     
           ӢʯBritish Petroleum					    1977     
           Ӣ칤ҵBritish Aerospace					1981     
           󶫵籨Cable & Wireless						    1981     
           ĸAmersham International 				1982     
           ӢϸAssociated British Ports				1983     
           ҵʯEnterprise Oil						    1984     
           Jaguar							        1984     
           ӢѶBritish Telecom						    1984     
           ӢúBritish Gas							    1986     
           ӢBritish Airways						    1987     
           ˹˹Rolls-Royce							    1987     
           ӢܾBritish Airports Authority			    1987     
           ӢBritish Steel						    1988     
           Ӣʳˮ˾Water Companies					    1989     
           繫˾Electricity Distributors				1990     
           Ӣ糧Electricity Generators					1991     
           ո糧Scottish Generators					1991     
           ¸ۿForth Ports Authority					1992     
           North Ireland Electricity		    1993     
           Ӣ·Rail Track							    1996     
           ӢԴBritish Energy						    1996     
           AEAƼAEA Technology						    1996     
岿Ͷռƽ񻯣2   
    ڹҵһǿգOpen Sky Policyչ˾ڹ֮жԵȺȨԼĺչ˾ܻݣҵ½Ȩֱӹຽչ˾ʺߵľԭֻзPan AMTWA¢Ͼ档     
    ʱѲٴˣ¹˾աϺաշ׷׳֣ྺûͣȫȡ庽Ȩʲôǵ庽Ȩأ˵ϺմӾɽɽ۷ȣֻͣϿٷȣ庽ȨϺգͺϿͣŷȣˡиѡˣӪ֮ľӾˡ     
    ԣСгĹӦѧԾõӰģӾҵ᣻ڰʮܹҵܹ͸СĴСĴҵͶҵṩҵᡣ     
    ṩ401˰ݷʽСͶʣ˰ģӯԲϹ档սһ壨Baby Boomersڰʮ̤꣬׬ǮǿǿⷽɹǮУ㹫˾гʡ     
    ˹ˣNational Association of Securities Dealers Automatic Quotation  NASDAQ1971ֻ꣬һӱϵͳרṩûй˾Ʊ۸Щûй˾ą̇̄׽סover-the-counterʱЩĹ൱ϸ񣻾Ͳ԰Щûй˾ĹɷݣƽСͶߡʱ˹ˡѱһͳļԽԽԸ߿ƼΪҵõӱʽ˽۹Ʊʡǡ˹ˡɱϵͳɹƱггɹ΢˼ơȡ߿Ƽҵڼһʱ䣬Ƽ˾Ҳ൱ܻӭҲв๫˾͸˹׳ɳ     
    һ棬ӦС档1929껪ִ籩֤ᣨSEC1933꣬һ֤ϯǹеĴͶԼɪ򡤿ϣJoseph Kennedyʱ˹ͳԼɪίΣܵ˹ȤɵؽͣǡԵƵIt takes a thief to catch a thief.֤Ȩر󣬺ִܶߵġ     
    ӢķչͬʼշһʿɼҼܡӢĻϢֱBig Bangʱδ»ӢԲУTribunalʽĻϢŵЧ̰ƵӸ޷ıģΪ棬ʹķƲãԸԷ     
    ʹϽļ£Ҳ޷թ׵ʮиܸչLeveraged Buy OutһLBOԷծʽչһӵӯӴֽĹ˾չʲֽծչĹ˾ҵ񼰲״δ룬䷢еծȯΪծȯչù˾չ߱ծˡծȯϢһ10%ϡծһ͸ͶɣͶ߿ծȯƽչˣ̶Ĵ̽չĿصϢܶϤȻЩͶұܴ߻ˣҲ˵ծȯһܹ֣һĿ깫˾δչǰù˾ĹƱù˾չɼ     
    ʱһλְDrexelͶмMichael MilkenרŷࡰծȯͨһͶIvan BoeskyȡĻϢ뽫չĹ˾ĹƱMichaelIvanгʿ֧֣ܳɹطСծȯһĻ쾹5.5Ԫ198611£Ivan֤вˣMichael౻ռ࣬6ԪDrexelԴƲˣ³Ϊ1987껷ֵԶ     
    Ա¼ܣͻ֮Ӣֻɣ˲ʱᷢԱ㴮ıƽƱ顣ӢʶҪ߶й˾ļܼ͸ȣСͶġˣĭ2000꣬Ӣ֤ࣨFSAȡ׶ؽϢ¶ȼܽɫڹȥԸӢĸĸûٹ̵ļȵײ㡣ǵķ£ֻЭճֻȡ̶Ӷƶȡ     
    Ͷƽ񻯷棬ļҲñӢϽÿһݶи¹淶˵й˾Ҫһȴڡ󣬾ͲſС񡣴⣬˹ˡΪ߷г涨еĹ˾ֻͶߣСܵ𺦡     
    ۷棬ȵײ谭ĸĽȣҵ壬ûдҵ巨С2000ɱƣȻʧ4ԪĲƸһСܵ𺦣ȴûСʹ     
    ܽ˵Ͷռƽ񻯣˵Ƕʮʱɹɱ䡣ṩ˾ҵЧ棬ͶʡʮӢľøգΪҶȫĸˣνն¼壬ɶ˹ңºϲŷȫĸ壬ʵоøĸԭʵĹҲ׷ת͡     
岿۾ɫ   
    1949йźнӽ100ӿۣ˿ڼӽ150ˡ1951굽1961꣬42ǷӴ½ӿۡ1961ۼǿ߾в˷Ƿ͵ۡ1961197850˷Ƿ͵ۡ1978ȡֵߣκйܹԽи۱߽磬ܻ۾ȨЩ񼰷ǷṩԴԴ͹Ϊеķƶزķչ     
    ʮڷزԾԼ׵λûзֲ¥гرСһҰ˿һŴĹ£ɽľʱסУ1953ʯβʼ˽ݣ˽¥г¥ԷֲֵλԼνǵ¥תáҵȨԵλñ١     
    ʮڣ˽˵زչҵ񡣷չ̿չ¥ϲؽлȡ֪İ˻ӢǵʱһǳԾĵزչ̡Щչʽ֧֣ʮڣմ㶫ʼһԪ첾Уڣ̶תЩչ̡ʮڣزһȳȣС񳱡1965мἰ1967ıزеת     
    1969꣬ɳϲǾƵƤͶãĻָʮڣزչٳΪҵĳʵºز¡綼ʱУʺƤʮĵزչѾһµĽ׶Σپڲ¥ؽչҵ¥·Ƿչסլߗ쵼⳱ʮ˽ߗʯ͹˾Ϳؽõؽţ̹˾ؽΪø԰ִߗ½֡ͼҴϲ󣬽£ٽ|ƤչɽĻһ԰̫ŽӿĴƤ̫ųǣ۵ưᵽѾ󣬱ǵƤ㷢չΪл԰·˽ƽͨûĵطҲɽԷ     
    ʮʮķչҲǳ򣻵ʮ˵ز񳱡زΪдӿ룬ݹӦ󣬶ڹҵ£ǲΪƻǲ¥ҵгķչǵزԴزչ̵ճ˷չסլ⣬෢չ¥ֲҡ     
岿ֳڹҵ   
    սǰ۵ľó׼תΪ1949йź󣬴˲żǮۡʮսʱйʵʩˣҪıƣϵʱд͹ܹ˳תͷչҵṤҵ֯¡ϻγϵһͰԴӱߡ뵼ٷҵ̷չ     
    ǰϺķ֮֯Ӣ˴ԤϺӪս穣ۡźϺۣ֯ھɽһɴɴϺɴɴϷɴȣڵ޻ĳɴɴ߲֯ȾӡɴƳƷں⣬Ϊ˴ҵᡣģϺˣ¹ģСķ֯¹ҵ     
    1953꣬ʯβ֣˽ݣڹݳΪľݾǨ߲ߡˮ繩ӦĹݡԴޣҪѱһľݾΪһľ÷չϹҵչ滮Ĺҵӿ塢Ҽţɵز̷̼չҵ¥ϴʩڽ˽ݣṩͶ     
    һֱʮ1978йĸ￪ţʼֳ̣ΪȡͳɱЧ棬תƵǣʱδΪĸı1982꣬Ӣ̸ڼ䣬Ļ̻̣ܶ೧ұøӼԶ߿ƼͶʣҪȡ͹Դ߻ر˳һ潫񵽼ôͰޡһ潫۰ᵽ齭ǣʮǳչͬʱˣΪʼûֻԭ򣬾ǳҵļ̬ʹȻʩƺɱˣֻƳƷԸͶڸ߿Ƽֻϡίʵ۲ǷȱƼ뵼弰·壬졣ʱ㹻ĻԹչ˵Ķӣƫƫʧƽᡣ     
    ۹ҵռֵѾܵˣҵռͶ˿ڲٷ֮ʮ󲿷ֹڰʮתҵͶҵ˵Ӣ̸мҵתƣӿ˷ҵķչҵۡʳĦּȡ               
岿ֽҵ֮ҵ   
    ҵʷƾáӢͳ£һ̲һֱҲвο͹ۡҵʮʮռһ൱ıأʱԼƣ˰ġáʮԽսʱ۶ȼ٣ػװ۵ṤҵƷʮʮ磬ɹ۶ЩͶԾƵҪϸߣǼƵ½ɣʮĻϣ٣ʮͰʮľãµǼƵ꣬ļƵ˽Сתƣй£ҵһ£˴ͶǼƵ꣬ӭϹο裬ԤڽиǼƵɡ     
    ҵ֮ҵ     
    ۽ҵķչʷƾãɿս100䣬óΪ̲ҵóϢϢءڵ͹˾ӪѻƬó⣬оӪҵ1847ǵһӢۿҵ1864һӢ֯ŷʽӪҪǸһƽг1918꣬1933гǵ1952ſʼתΪʽӪڴ֮ǰֻһš     
    1948зҪȡաʮ۹ҵãڸУ򳧼ṩóʷ1960ʱ81У35ӵտ㣬ǵʱֻ35ʽУΪ´ʽӪ     
    ʮڻлȡֵ֧زչй㶫ʼһԪ첾дγɺܶ໪УȽزչͶأΪβǿܡ1964ͨ޶зҵʽͨеĴҪ죬ٲǮ´µزͶʡⷨһ𵴣ܶû·м̳֣19651·ݣȳּᣬ2·ݹ㶫ּᣬչУ˳ȾУ󲿷ֿԹȨУϣƽϢ¼ҵأȻӰᳱûͣᡢּᡣʱĸӢǿ쵼ÿÿֻȡ100ԪͬʱӢӢԷ۱ҲӦʱӢ档ͬʱ´ָҪʱʹӢֻţ¼ƽϢ     
    ʮʮѾΪģ˱صĻУӢʡʡʼŷж׷´Ӫҵ1981123Умڹ1,301ң1,178ҷСʮΪԾʱձǿձΪʽڹ´밶ṩнĴǩ۱ЩģBooking CenterôЩɣʹ߲ۣձвؽɸ۵˰ͬʱҪɽձ˰ձеĺ룬ʮ˵ҵչĸ߷ڡԴ1990ձĵزĭƺгֺܶ໵ʣʽɿʣ޷Ϊʽṩߣգʵ밶ķ۳     
    ʮҲʮֻԾг¼¸󣬵˾ʮȴǰˣ¼²ϧõ˰ʣ¼½     
    1982꣬ųֲ⣬ǣز˾̵գټϵʱӢ̸УĻ̻̣æڽԪתΪҡ˾Dollar Creditĵգ˺¡У1983ᱻӹܣ糱ºУºеĹȨתˡ1984ǿеļܣӢԱۣЭƶȡμķ糱1985꣬СλԶӹܡ19821985Ĵϴеļܻ죬еҵ̤ϹӴƽȷչ1990꣬УBICC뱾۵ļ޹أҪԭǸеس⣬һָĽģõļܻ˵ڰʮ     
岿ֽҵ֮˾   
    1969۹пʼƱг˾ΪͻṩƱҷЩ˾зܡʮչѸ٣1976꣬䲼·ܲ˾1981꣬۹350Ҳ˾Խܴ96Ǹеġ     
    ʮ˾Dollar Credit67%ʲԼ6ڸԪһJohn MaoƵĹ˾John MaoЩܶԪ֧ƱöһʱȡϢЩڸǩԪ֧ƱҪŦԼеж֡Ԫ֧Ʊ͵ʱзֱģֻ12Сʱ֧ƱҪһڶʱ䡣John MaoܸԪһΪԪԪ֧Ʊ֧һڶʱ䣬ԪȡϢһںøԪתΪԪõ㽫Ԫ㵽ŦԼлڣӦԪ֧ƱĶ֣ޱвϢŻ198110ʱߵ20%۵вϢʱ1020%֮䡣6ڸԪϢһڣ15%㣬ÿڿȡ168ԪϢJohn Mao߷ʱ֧Ʊܶﵽ217Ԫ1982Ʊ⣬John MaoڵգҲˡ1985꣬жӲ˾գս˾ļܡԴԺ󣬲˾󲿷ֲ     
岿ֽҵ֮Ͷ   
    ʮʮͶҵչϲ¹˾УIPOӢ¢ϣصԴиӢͶ޸ƣRothschild⣨Baring̼뾺ṩطҵΧ䵽Ʊͼ1986꣬ӢBig BangĸĸͶ˺ܴı仯ӢʵͶУ½ŷлͶչϲʱͶҵŷ¢ϡ֡ĦʿʢŷʵʿСʿŴһʿټ־еȡЩŷлͶҪҵѷǾۣ۵ĹУйҵУIPOHʽ⣬Эҵ׶С     
    ʮ۵ĻҵҲӢΪʮ˾Ŀ񣬼ӡʱת䣬ʮչעظ˵ĲƸإһͣƹʸΪµȳռ               
岿۹зչʷ   
    ۵ĹƱ׷1860꣬Ӣ۳ʹ˾Ʊת˽˽ʽ͸м˴ϡ1891꣬۾Эʽ1914ЭΪ۽ڵ󲿷ѩֱֽߴɣͼ以ͨϢԴѡ۸ٵȣȻ󾭼ͻȥͶߣǮУǢ̸ʱĽɽ࣬ҪӢʹ˾ᡢõءŲ֡۵ơú糵̫Ŵ롢Ҵ뼰ֵȡ     
    1949йźϺ־תƵۣ˲żʽй˾·ǨƵУ۹ƱгһȻԾǰҪ⼯ڳ򣬽źͶйó׼ɴѪ޹飻ҺãвͶʣõؼŲֵȡϢ1961ͿعУ90ɣÿ16ԪʱϹ56м31.25Ԫ1965۷м糱͹ɼ۵мֻۣ12Ԫ1967꣬۷۽ͣΣÿΪ10졣ѹϾĪӦԣͣûзֱΪֻû룬ܴκγɽҪ󾭼ڹҳʱҪ۾ҸЩнֵ١ն֡֡ʮйƱֻʮֻĿֻмʮˣɽʮϡ衣     
    ʮ۹Ʊʼռ196912Զ1971ꣻ1972ꡣ˺ܶԱĲ롣     
    1969߿ʼͶʹƱʼʱűֵ̬۱ӢҹӢڲϱֵۿʼָͨ͡1967꣬ܶפĻȺӿۣѶϢʾ۶йдڼֵص㱣ѽ£߿˻ڣʱԼΪ1ԪҪ򾭼͵䵥ЩԼʲͻȻſ͸ͽ     
    ͵ӶԼΪ0.751%ȴзӶ196912Զ󣬾ĿЩͻö࣬Ӷ𣬶ṩIչMargins񣬿ųɰҡ1969ز1967걩иչʽ1969ոͶüɳϲǾƵƤ̼زеСָģбΪֵĲƷڼ¥ѣΪ˱ֵʽӿС     
    19691973꣬۵Ĺп񳱣ʹӢ۹С1971άߴＰλݸȵۣΪ֤ȯʮӢʾۣ߷ʱʮ֮ڡڰʮ˺ܴ仯Ӣҵ1986꾭˴ĸΪBig BangչӢмڻ԰ʮڣʮзеӢʾУ½ӢŷʵлͶ̲һչ󣬾ʮص֤ȯгŷĴмͶ¢ϣؾĿɡĻᡱ߷ʱĽǧ½ʱ400ɽռɳ90%½30%               
岿1973۹ĭ   
    ʮ۹ҵʱڡ19621973꣬۵ıֵGDPƲͨͺÿ9.4%ʽ1962ıֵΪ86ڸԪ1973410ڸԪͨڣʮ۹л뾭÷չ˽ڣҵɾ;֪ȫķ֯¡ӱߡٷϻȵĳҵʢСá֮ơҵãʧҵʼӽ㡣19647³ĺָΪ100㣬1965з糱1966йĻ1967۷ָµ1967͵58㡣     
    ۾ûãߣΧг죺1967Ӣֵ۱ҺӢҹӢֵۿʼ1971ڹ֧ϷϳԻƽƶȣ̼ʮԽս̼ƷʮĩʮڣƷͭ޻ǼۡʼȸߣֵͨͣСҪѴͶʡ     
    1969سɹ󣬴ʹʽƱнڽָ19691071973ꣳߵ1,775㡣19711973ڼкܶ¹УʵزºزȡһԪƱϹкɼ2030ʱ̬زɣزǰȻȴ֡ʱҵǵزɣ1929ĺչɡ     
    1973۹ĭ1929ķ档1969У12ԶСͶ߿͸ųɌIչMarginsʮһ1973Ĺĭʱû֤֤ȯмܿɣIչMarginsʽҲнǮУԹƱңٽͻعʱڣִ޲ߣԿ϶ûд1929ĭȡѵСõع˾չţ̹˾õع˾ΪƸԼɼۣÿһõؾɹͣõ¹ɣ¹ɼǮʷ߷67Ԫӯʴﵽ230ʱգõصĹɼδظˮƽ߽ڵʮƪϸõչţ̡̹չģʽ2000ĭʱٳ֣ӯƹɼûдֵ֧£̧110Ԫгֵ¹չ۵ѶչѶӯһ겻񣬵2004104յ5.2Ԫ     
    19733£ָ 1,775гкϺ͹˾ļٹƱٷֶΣͶ߲ƳɱۣɼۼIչֳMargins Callָ1973շתµ197412͵150㡣               
岿1987   
    1987ֹ֣۹ܲ1986Ļϲʽкָڻɹ1984Ӣǩʿʼӿۣ۹ɡ1984ĩָ1,000㣬Ƴ1986ףָ2,000㡣1987۹м10ʱָ3,968㡣ͬ19191929ָ     
    ⣬ָڻֻӰܴ󡣻صĭӣڻǿӰֻ۸ͶʺָڻиܸõģΪһڻֻһԪԺָ2,000㣬ܸ˱ʴﵽ10ָļܹڿɣȻָ٣ָûӦߣԸܸ˱ʲкܶСͶΪָÌIչMarginsƱļ򵥷ָָڸܸ˰£ָرʱ߳ܶ౶ʱÿָ50Ԫ10500Ԫ1,000Ϊ5ԪãԪͶһڻָ1,000㣬׬ȡԪߵĻرɢμӡ     
    ָڳ֡ˮPremium۳ָ100㡣£˺ܶͶҴꭣ׿ָͬʱüָʵɷݹԳ壬Ӷ׬ȡ100ۡźԼ׬500Ԫ10ž5,000Ԫ1,000ž50Ԫ     
    ָڻͶңѳдʵƱϣƸڻָϵĹƱ߸޹˾ָ޹˾ָμΪȨתʱԽûʲ޹˾̣븺Ρпϣָ׬ȡ߸ΪɹۡʱļδƣûͻԺָԵʱͶءпʼʱһֽϾͶұ׳еָָӹٵġˮPremiumѸٱɹٵġˮDiscountȴ˳ֻꭵͶҡ֡ɡָֻıΪָֻҪʮ౶ֻƱһѩЧӦֻгܲ˹ѹɼǼ»Ժָڶ̶ڣ3,9681,876㣬ܹµ52%     
    1983ʵϵʣҪϢ19872·ݵ5%Żʣ9·ݵ7.5%Ż󣬼ָꭣָȵָöࡣ     
    ½ѵָҪϸܡļҪ1998ų֣1997ָ©ͱʶԳ׿ո۹ɣȡԪٴ۸ԪֱӳԪۡ1998У־һȽϢƸ300壬δЧټϣָһоָгдָҪܾ͸¶˵ݡ               
岿2000ĭ   
    2000ĭǾ벢̫ԶԴӦȻ¡Ϊ˴ҵŷͬҵҪùƱгʣͶ˸ЩͶƽ񻯡ͶмΪнˣӦøϴ󲿷ΣǾȫûӯװúãмʣõº֤ڻ뻯ʵѽڡƽվĹ˾УӯأǸж˴ǸӪҵվû֧ƽ⣬Щ˾˵ûӯֵ֧ġ˻˾⣬ԵѶƱ̧٣ԵѶɷݣṩӲ̻ƶ绰Ӫ̣ǰֹۡͨHʱӯʣPrice/Earnings Ratioߴ300º֤ƶ绰ҵң±߼󲻶ϱѹ¾ӪԹ     
    2000ʱƶ绰ɼ۱׷ӪƫߵĹɼۣ͸¹Ʊչ֣ϣɶг¢ϡԴ¹гһʱ޷ɼµƶ绰ĿƼչһǧ2G¢Ϻܿ챻3GȡƼչٶ֮죬κ¢ϳԻҪ졣     
    2000ĭ漰̫ߡǵӵĽĿԸ͸Ӵýȡ棬ɹֵ֧ûӣ̴ˡ     
    ۵ĭأߺ۾ʧ˷򡣶ÿ궼һʲôۡҩ۵ȵȡ֤ȯгҪϣǳ˴ҵ壬ҵûйҵûӯֻ֧֣иĹ˾мʣСͶߵѪ˵ķմҵʽ     
    ĭʲôѵأؿ1857·ҵͶʣʮͶʮĺҵҵ2000ҵÿҵʺܲأ޼ԱʮͬͷصĿӲй˾2003΢ɷݣ֤ȷģ΢ĭƺȻ׳ɷֽ     
    ͶǰʷĽѵδܡ֪񡱣Ͷĭʷϲݼơ֪1635񳱡1717귨ĭĶֹԱʷġͶסŽʷĵ߲ϸ¼Ӣ1720Ϻĭ1857·Σ1929껪ִɲο٣John Steele GordonThe Great Game               
岿۵شչս   
    йźۣн200Ϊӹ͹κο׬ǮĲƷڹҵ˾ҵͬʱ200ʳסϵ󡣽ͨ䷽棺а͡Ű͡СּСҵѶУ۵ơл۵绰˾Ͷʩһµڶ1962꣬۵˿ͻ300ˡ1982꣬˿ѳ600ˡ     
    ԶˣϤ˿ӵѹӴ̻ǰʱͶгר⣬Ϊṩ㵱ʱ󡣴ýҵ̨ĺݱֽ1967ĵӹ㲥޹˾ɹ˵ıҪγϡϻõһͰĵزҵչӵӴصй˾չ˽סլԷٰѴӷչز׬ľ޴ƸͶʻͷѶҵЩгרķз棬ͺѿ˳70%ĸԪסլݵķڸѳΪǵרʮʮδչսʾʱһЩԶ˶ţȡгר⣬ͬʱԵصҵó⡣     
    ͼչҴ     
    1967걩й̬ȷά۵״ֱ1997ֹ̽˵˵һǿҵѶϢԶˣۻӢͳ1997꣬ǶϷŵͶʡպͼϯʿColonel Clagueű۵ĵز٣ջᣬŹƱгƣ˾ɼ۵ڱʲֵʱ̣չҴ뼰֣ͼչҲ빫˾ӵеĴء               
岿õչţ̹˾   
    1961꣬У90¹ɣռɱ25%ÿɷм16Ԫеһ31.25Ԫﵽ95%1967걩ڼ䣬йɼ۵мۣͶ۵زȱģۻظ1949Ϻİ汾1969ͶüɳϲǾƵĵƤϵ۵ĲŻָͼǵĺ󳾣չй˾ϵܹ񰮴ľõع˾õӵлĹҵɽĺլõع˾мۣӳͶ߶Եز˾ġõع˾ɼ۱ֱͻϲǵƤɹõصһʱ䲿չоƵ꣬оƵӵнĻƵҵȨչ׶á     
    ţõֲһشչţ̹˾ڱٷչʮޣҪչҵۣõع˾Ҫءյţ̹˾ʲӵһλڱֵأţեȡţ̣رǽø԰     
    ţ̹˾۵һҾӪгĻݿĹ˾ӵвٳгҵţ̹˾ྭӪʳҵϼӪ     
    õĲϣչĻƵ󣬿չţ̹˾һɷչţ̹˾ĵƤΪҵۣһԲ뾭Ӫгļõع˾лĴߵʳṩȫʷδչǰҹ˾Ĺɼ۶4550ԪչϢţ̹˾ϯսֹɷݣѹɼƸߡţ̹˾ɼһʮԪ200Ԫõع˾Ĺɼڽ޷߹ţ̹˾õع˾ΪչҪƸ߱Ĺɼۡ˵͹ɣÿһõ5¹ɣһõعɼ300Ԫʷ߼۵67Ԫճʱ67Ԫ߼ֻάһζʱ䣬Ǳţ̹˾ɼ۸߳࣬󲿷ţ̹˾ɶԸչţ̹Ʊȡõطе¹ɡõع˾ɹչţ̹˾ùİ¹չţ̹˾ֽչġ     
    ⳡչսʧأΪţ̹˾ĹƱȥȡõصĹƱʱʮ죬ڳõصĹɼ۴ʷλʱţ̹ɶ޷ȡõعƱۣõصĹɶһ壬ֻһɾɹɣ5¹Ҫʮյֻ֮ܳһĳ¹ɵʱõعɼѴ䣬һʰܿ67Ԫµ12Ԫˮƽ͹ɺɼۼ㣬õعɼ7Ԫ67Ԫٵ12Ԫ67Ԫʱõصӯʸߴ230õصĹǿ˸ӯչţ̹˾ǷǳɹģгõصľרźǣʱգõصĹɼȻδܻص1973ĸλ     
    1972ĩ1973õţ̵Ĵս۹п񳱵ҪӺͼչҴ롢õչţ̣ԿʱԶˣΪ۵زǰֹۣºķչ֤ǵ۹19671997꣬زȻӵгרҵ     
    õչţ̺гҥָõػչּ֡õصϯеĴ࣬ҹ˾ûпԹȨ˵гһȺСһȽֵĹɼƸ800ԪǮҪȵ1980꣬չʱٶȳ֡ʵõʱţ̹˾ҵ񣬶Ϊģ͵Ϯɹ               
岿ֳʵҵչͼ   
    չʲۺĹ˾ʮȳ1974꣬ͼгֲ⣬˻Ҵ뼰⣬ͼлչ˺ܶûеҵӡǵóҵ񣬳ִģʣͼǷӴծ񱻻нӹˣ1975꣬ĺͼйȨת¡     
    1976лѰҵңγ˺ͼеĹȨʵչͼеĿľǿŻҴ뼰ֵء1979꣬ͼҴϲΪĺͼǻҡչֵȨڰʮչЩ˾أΪľ¥͸ġһ԰ġ     
    չ     
    1980γʳζͼչ֣͸Ӣάߴ֤ȯУгֹƱŲֹɼǽڽϵг๺Ų֣ΪսھֵĹɼ٣γ֪޷չɹԽԼ10%ĹȨһιתգչŲ֣ǾŲֹɼۻ䣻࿴۵زеǰãҵǰǳһϵĴֻĿһ棬չֵĿȨ     
    ջû֧£1980ꣶһͻϮʽг105Ԫ벻50%ľֹȨ105ԪһʮļǮյչ50%ȨչߣȫչġͻϮһһϣͼҲûӦջ¡ʣյ콢չϢҪ󾭼ʹ绰ȷϳ۹ͻϮķʽԵ绰ɵģڶ̶һչ     
    õձʵչ     
    1980꣬ʵ˳չսٴչõءϵʧȥŲֺʹ˼ʹĳʵչõأǺľʽгӳõعȨ40%ͬʱõг͵ĹȨ40%Էбչõ͵ķԼ1981꣬õȺչ۵Ƽ۵绰˾ĿȨ1982꣬ø߼47ԪͶý׹㳡һڵķչȨһչȻõصĸծӣϣγ֪ѶˡϧԸΥ1982Ӣ̸пʼСƽ1997ջȨõڸʼ尾£198110Żʴﵽ20%ϽгӢ̸άֵ1984꣬ϢĸõصĲ״ϼӽ1983꣬ԪܵвϢ߾3040%֮䣬֮áõڵͳʱƽϵĵ绰˾ȨӢ󶫵籨֣ཫϵ۵ƹ˾ȨԵͼͻơϵ۵ʱγϴɾЭ飬γϱ֤5ڲչõءϵǶʱԴϢعȨͲлعȨͲԿţ̹˾õؼĻ     
    չ·     
    ʮĺ˵ͳ·ᴭó׼زҵ񣬵Ŷеٲά衣1985꣬·ϯɺֳֹȨʱ¼°ϣƴ󣬴ֽչ·ᡣּչս֣ܶɹչ·ᡣ     
    չ·ᣬԭǿл·µĵزҵ磬ɽвٵܶסլɹչͭؽֵ糵Ƥ󣬺ɾŲַչɽʱ㳡     
    ʮʮ⼸չսӡ֤˵ƤزǵյгרŻ񡣹ùŰ͡ú۵Ƽ绰˾ҲܵŴѣΪӵгרʮºزŰͣչСּлú˳С˵ûȤչûרҵҵҵóҵ               
岿ָֺɷݹɲɣʷ   
    Ӹ¼Bǿ19841986ڼ䣬ָɷݹԭ4Ҵ˾̱޳ӳʱҵѡ֪ڶ쵼£Ҫծ飬ûӢεܶɹѹءҵϣ198620Ÿչˣ޷طΪָɷݹɡһ棬Զ̫ƽֵ̾ȷ׷ױѡУνһʤˡ¡ԭǰ´˵й˾պҵǰ¡ʽչ˾ֺ֣չ·ᡣƻľ¡ӾŲϽӹ·ʲΪ·ᣬŲֵĿȨɻ·С     
    ʮڣõطֲţ̹ʼĻƵꡣ1987ҹ˾ɹָɷݹɡ1994꣬ϵľα仯ۣ¼С19941995ϵģй˾ͿعɡͲԡţ̹ʡĻƵ꼰õع˾ӳɷݹб޳     
    ýҵӯƽڳھʮ19941995궫ҵϻ籨ѡָ19971998ҵĵˣұҵӳɷݹб޳ǰ㣵⾰ӹ㲥޹˾1985ָά19꣬2004ű޳Ǵýеıߡ     
    ʮڣʼΪ۳˾У̩1992ԵһҺݼָ1994Ͷʼ룻1997껪ҵ롣ȳڣϺʵҵ1998룻ƶͬ룻2000뼯ţ2001ͨкͣ2002ۣ2003Զƽ2004ּ̾ΪڶĺУھʮڳֲ⣬1999걻޳2004ʵ౻޳ˡ     
    ʮز׳˲ٵز˾Ժ¡زźͺͺչ19941996ָزĻԻӸ1997ˣȥвٵز˾ٱ޳2002ϣ¡ţ2003źͼ硣عЩɷݹɵת䣬ǿԿһҵʱ˾Ϊ׬Ǯֵ׳Աлᱻѡмɷݹɣһı䣬Ӫѵʱͱ̭     
    ʱָɷݹЩҵѾˡ˵زû䣬ƵҵýûгɷݹɵĴˣӳЩҵѡҵɵĿˣ²롢ԣԪʢк͵أ󲿷λ⡣Ե²Ϊر1994²Ϊɷݹɣ1997걻޳1999ٴμ룬ֱڡɺֵ÷     
    ²ľӪ۾ûйϵҪҵΪ΢ڸгȫ硣۾Ĺ֡ز񳱼ĭȣӰ춼󣬷Χõĺûž⹫˾ǰ²ٴαɷݹڣõҵ֧֡ҹ˾΢﷽棬ǳɱƻƷǴﵽ缶ġձMabuchiģԴڵ²⣬ϼûˡǵ²гר     
    Ŀ     
        1.  Ͷס	      			          ʷ£ֹ     
        2.  жżʰ					                ֹ     
        3.  ʶй					                ׯ     
        4.  Buffettology				                    Mary Buffett & David Clark     
        5.  Chinese Stockmarkets			                Su Dongwei     
        6.  Common Stocks & Uncommon Profits	             Philip A. Fisher     
        7.  Crisis and Change			                     Robert Fell     
        8.  How to be a Value Investor		                 Lisa Holton     
        9.  One Up On Wall Street			                 Peter Lynch     
        10. Security Analysis			                     Benjamin Graham     
        11. The Great Game			                         John Steele Gordon     
        12. The Intelligent Investor			              Benjamin Graham     
        13. The London Stock Exchange		                  Ronald C. Michie     
        14. The Super Analysts			                      Andrew Leeming     
        15. Value Growth Investing		                      Glen Arnold     
        16. Value Investing				                  Bruce Greenwald & Judd Kahn     
        17. Warren Buffett Way			                  Robert G. Hagstrom Jr.                   
  
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