...........................................................................................................................................1
...........................................................................................................................................1
...............................................................................................................................5
.............................................................................................................................13
.........................................................................................................................18
.............................................................................................28
.............................................................................................28
.............................................................................................................................36
.............................................................................................................................48
.............................................................................................................................49
.................................................................................................................50
.............................................................................................................57
.............................................................................................................58
.............................................................................................................60
.................................................................................................................60
.............................................................................................................................65
.....................................................................68
.........................................................................................................70
.................................................................................................93
...............................................................................................104
.......................................................................................................105
...................................................................................105
.......................................................................................................................105
1
2
3
4
5
1.
Coopers & Lybrand
4
PECC
1985
6
6
Clive Brown
JF ( )
MBA
MBA
7
2.
3.
4.
JF
8
2007 10
2011 7
9
1
2
3
4
5
6
7
8
10
11
12
股东会
董事会
风险管理委员会
督察长 经营管理层
监察稽核部
风险评估联席会议
风险管理部
13
2009 1 15
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
60%-95%
0-40% 0-3%
36
5%
80
1.
2
1
37
2
3
4
2
38
1
3
(P/E) (P/B) (PEG)
/ (EV/EBITDA)
(DDM) FCFF,FCFE
3
39
1
2
3
4 /
4
5
,
40
300 80%+ 20%
300
300 A
60%-95%
80% 20%
300 80%+
20%
41
1
2
3
4
5
42
43
44
%
1 204,200,868.05 77.15
204,200,868.05 77.15
2 - -
- -
- -
3 - -
4 - -
- -
5 51,833,971.93 19.58
6 8,637,755.52 3.26
7 264,672,595.50 100.00
A 258,100.00 0.10
B 6,289,920.00 2.40
C 148,138,976.78 56.42
C0 4,503,548.00 1.72
C1 - -
C2 - -
C3 - -
45
C4 - -
C5 42,171,804.00 16.06
C6 771,747.74 0.29
C7 61,573,706.01 23.45
C8 39,118,171.03 14.90
C99 - -
D - -
E - -
F - -
G 30,971,929.50 11.80
H 357,685.68 0.14
I - -
J 10,500,667.77 4.00
K 7,683,588.32 2.93
L - -
M - -
204,200,868.05 77.77
( )
1 002236 304,325 15,094,520.00 5.75
2 000423 329,940 14,170,923.00 5.40
46
3 600406 439,889 13,724,536.80 5.23
4 600518 1,199,854 13,462,361.88 5.13
5 000581 309,980 11,125,182.20 4.24
6 002241 369,962 8,879,088.00 3.38
7 002038 269,921 8,866,904.85 3.38
8 002430 354,801 7,951,090.41 3.03
9 002179 449,949 7,379,163.60 2.81
10 002065 325,615 7,183,066.90 2.74
1 500,000.00
47
2 8,115,890.36
3 -
4 11,936.68
5 9,928.48
6 -
7 -
8 -
9 8,637,755.52
- -
2011/10/01-2011/12/31 -6.88% 0.92% -7.05% 1.12% 0.17% -0.20%
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
60%-95%
0-40% 0-3%
5%
80
87
88
89
90
91
92
93
60%-95%
94
0-40% 0-3%
5% 80
95
96
97
98
99
100
101
102
103
104
105
106
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