»ù½ð¹ÜÀíÈË£ºÐËÈ«»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾
»ù½ðÍйÜÈË£ºÖйú¹¤ÉÌÒøÐйɷÝÓÐÏÞ¹«Ë¾
ËͳöÈÕÆÚ£º2017 Äê 3 Ô 31 ÈÕ
ÐËÈ«ÂÌɫͶ×Ê»ìºÏÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©2016 ÄêÄê¶È±¨¸æ
µÚ 2 Ò³ ¹² 70 Ò³
¡ì1 ÖØÒªÌáʾ¼°Ä¿Â¼
1.1 ÖØÒªÌáʾ
»ù½ð¹ÜÀíÈ˵ĶÊ»ᡢ¶Ê±£Ö¤±¾±¨¸æËùÔØ×ÊÁϲ»´æÔÚÐé¼Ù¼ÇÔØ¡¢Îóµ¼ÐÔ³ÂÊö»òÖØ´óÒÅ©£¬
²¢¶ÔÆäÄÚÈݵÄÕæʵÐÔ¡¢×¼È·ÐÔºÍÍêÕûÐԳе£¸ö±ð¼°Á¬´øµÄ·¨ÂÉÔðÈΡ£±¾Äê¶È±¨¸æÒѾÈý·ÖÖ®¶þÒÔ
É϶ÀÁ¢¶ÊÂÇ©×ÖͬÒ⣬²¢Óɶʳ¤Ç©·¢¡£
»ù½ðÍйÜÈËÖйú¹¤ÉÌÒøÐйɷÝÓÐÏÞ¹«Ë¾¸ù¾Ý±¾»ù½ðºÏͬ¹æ¶¨£¬ÓÚ 2017 Äê 3 Ô 30 ÈÕ¸´ºËÁ˱¾
±¨¸æÖеIJÆÎñÖ¸±ê¡¢¾»Öµ±íÏÖ¡¢ÀûÈó·ÖÅäÇé¿ö¡¢²ÆÎñ»á¼Æ±¨¸æ¡¢Í¶×Ê×éºÏ±¨¸æµÈÄÚÈÝ£¬±£Ö¤¸´ºË
ÄÚÈݲ»´æÔÚÐé¼Ù¼ÇÔØ¡¢Îóµ¼ÐÔ³ÂÊö»òÕßÖØ´óÒÅ©¡£
»ù½ð¹ÜÀíÈ˳ÐŵÒÔ³ÏʵÐÅÓá¢ÇÚÃ㾡ÔðµÄÔÔò¹ÜÀíºÍÔËÓûù½ð×ʲú£¬µ«²»±£Ö¤»ù½ðÒ»¶¨Ó¯Àû¡£
»ù½ðµÄ¹ýÍùÒµ¼¨²¢²»´ú±íÆäδÀ´±íÏÖ¡£Í¶×ÊÓзçÏÕ£¬Í¶×ÊÕßÔÚ×÷³öͶ×ʾö²ßÇ°Ó¦×ÐϸÔĶÁ±¾
»ù½ðµÄÕÐļ˵Ã÷Êé¼°Æä¸üС£
±¾±¨¸æÆÚ×Ô 2016Äê 01Ô 01ÈÕÆðÖÁ 12Ô 31ÈÕÖ¹¡£
1.2 Ŀ¼
¡ì1 ÖØÒªÌáʾ¼°Ä¿Â¼ ................................................................................................................................... 2
1.1 ÖØÒªÌáʾ ...................................................................................................................................... 2
1.2 Ŀ¼ .............................................................................................................................................. 2
¡ì2 »ù½ð¼ò½é ............................................................................................................................................... 4
2.1 »ù½ð»ù±¾Çé¿ö .............................................................................................................................. 4
2.2 »ù½ð²úƷ˵Ã÷ .............................................................................................................................. 4
2.3 »ù½ð¹ÜÀíÈ˺ͻù½ðÍйÜÈË .......................................................................................................... 5
2.4 ÐÅÏ¢Åû¶·½Ê½ .............................................................................................................................. 5
2.5 ÆäËûÏà¹Ø×ÊÁÏ .............................................................................................................................. 6
¡ì3 Ö÷Òª²ÆÎñÖ¸±ê¡¢»ù½ð¾»Öµ±íÏÖ¼°ÀûÈó·ÖÅäÇé¿ö ............................................................................. 6
3.1 Ö÷Òª»á¼ÆÊý¾ÝºÍ²ÆÎñÖ¸±ê .......................................................................................................... 6
3.2 »ù½ð¾»Öµ±íÏÖ .............................................................................................................................. 7
3.3 ÆäËûÖ¸±ê ...................................................................................................................................... 9
3.4 ¹ýÈ¥ÈýÄê»ù½ðµÄÀûÈó·ÖÅäÇé¿ö .................................................................................................. 9
¡ì4 ¹ÜÀíÈ˱¨¸æ ......................................................................................................................................... 10
4.1 »ù½ð¹ÜÀíÈ˼°»ù½ð¾ÀíÇé¿ö .................................................................................................... 10
4.2 ¹ÜÀíÈ˶Ա¨¸æÆÚÄÚ±¾»ù½ðÔË×÷×ñ¹æÊØÐÅÇé¿öµÄ˵Ã÷ ............................................................ 11
4.3 ¹ÜÀíÈ˶Ա¨¸æÆÚÄÚ¹«Æ½½»Ò×Çé¿öµÄרÏî˵Ã÷ ........................................................................ 11
4.4 ¹ÜÀíÈ˶Ա¨¸æÆÚÄÚ»ù½ðµÄͶ×ʲßÂÔºÍÒµ¼¨±íÏÖµÄ˵Ã÷ ........................................................ 12
4.5 ¹ÜÀíÈ˶Ժê¹Û¾¼Ã¡¢Ö¤È¯Êг¡¼°ÐÐÒµ×ßÊƵļòÒªÕ¹Íû ........................................................ 12
4.6 ¹ÜÀíÈËÄÚ²¿Óйر¾»ù½ðµÄ¼à²ì»üºË¹¤×÷Çé¿ö ........................................................................ 12
4.7 ¹ÜÀíÈ˶Ա¨¸æÆÚÄÚ»ù½ð¹ÀÖµ³ÌÐòµÈÊÂÏîµÄ˵Ã÷ .................................................................... 13
4.8 ¹ÜÀíÈ˶Ա¨¸æÆÚÄÚ»ù½ðÀûÈó·ÖÅäÇé¿öµÄ˵Ã÷ ........................................................................ 13
ÐËÈ«ÂÌɫͶ×Ê»ìºÏÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©2016 ÄêÄê¶È±¨¸æ
µÚ 3 Ò³ ¹² 70 Ò³
4.9 ±¨¸æÆÚÄÚ¹ÜÀíÈ˶Ա¾»ù½ð³ÖÓÐÈËÊý»ò»ù½ð×ʲú¾»ÖµÔ¤¾¯ÇéÐεÄ˵Ã÷ ................................ 14
¡ì5 ÍйÜÈ˱¨¸æ ......................................................................................................................................... 14
5.1 ±¨¸æÆÚÄÚ±¾»ù½ðÍйÜÈË×ñ¹æÊØÐÅÇé¿öÉùÃ÷ ............................................................................ 14
5.2 ÍйÜÈ˶Ա¨¸æÆÚÄÚ±¾»ù½ðͶ×ÊÔË×÷×ñ¹æÊØÐÅ¡¢¾»Öµ¼ÆËã¡¢ÀûÈó·ÖÅäµÈÇé¿öµÄ˵Ã÷ ........ 14
5.3 ÍйÜÈ˶Ա¾Äê¶È±¨¸æÖвÆÎñÐÅÏ¢µÈÄÚÈݵÄÕæʵ¡¢×¼È·ºÍÍêÕû·¢±íÒâ¼û ............................ 14
¡ì6 Éó¼Æ±¨¸æ ............................................................................................................................................. 14
6.1 Éó¼Æ±¨¸æ»ù±¾ÐÅÏ¢ .................................................................................................................... 14
6.2 Éó¼Æ±¨¸æµÄ»ù±¾ÄÚÈÝ ................................................................................................................ 15
¡ì7 Äê¶È²ÆÎñ±¨±í ..................................................................................................................................... 16
7.1 ×ʲú¸ºÕ®±í ................................................................................................................................ 16
7.2 ÀûÈó±í ........................................................................................................................................ 18
7.3 ËùÓÐÕßȨÒ棨»ù½ð¾»Öµ£©±ä¶¯±í ............................................................................................ 19
7.4 ±¨±í¸½×¢ .................................................................................................................................... 21
¡ì8 Ͷ×Ê×éºÏ±¨¸æ ..................................................................................................................................... 50
8.1 ÆÚÄ©»ù½ð×ʲú×éºÏÇé¿ö ............................................................................................................ 50
8.2 ÆÚÄ©°´ÐÐÒµ·ÖÀàµÄ¹ÉƱͶ×Ê×éºÏ ............................................................................................ 51
8.3 ÆÚÄ©°´¹«ÔʼÛÖµÕ¼»ù½ð×ʲú¾»Öµ±ÈÀý´óСÅÅÐòµÄËùÓйÉƱͶ×ÊÃ÷ϸ ................................ 52
8.4 ±¨¸æÆÚÄÚ¹ÉƱͶ×Ê×éºÏµÄÖØ´ó±ä¶¯ ........................................................................................ 54
8.5 ÆÚÄ©°´Õ®È¯Æ·ÖÖ·ÖÀàµÄծȯͶ×Ê×éºÏ .................................................................................... 56
8.6 ÆÚÄ©°´¹«ÔʼÛÖµÕ¼»ù½ð×ʲú¾»Öµ±ÈÀý´óСÅÅÐòµÄÇ°ÎåÃûծȯͶ×ÊÃ÷ϸ ............................ 57
8.7 ÆÚÄ©°´¹«ÔʼÛÖµÕ¼»ù½ð×ʲú¾»Öµ±ÈÀý´óСÅÅÐòµÄËùÓÐ×ʲúÖ§³Ö֤ȯͶ×ÊÃ÷ϸ ................ 57
8.8 ±¨¸æÆÚÄ©°´¹«ÔʼÛÖµÕ¼»ù½ð×ʲú¾»Öµ±ÈÀý´óСÅÅÐòµÄÇ°ÎåÃû¹ó½ðÊôͶ×ÊÃ÷ϸ ................ 57
8.9 ÆÚÄ©°´¹«ÔʼÛÖµÕ¼»ù½ð×ʲú¾»Öµ±ÈÀý´óСÅÅÐòµÄÇ°ÎåÃûȨ֤Ͷ×ÊÃ÷ϸ ............................ 57
8.10 ±¨¸æÆÚÄ©±¾»ù½ðͶ×ʵĹÉÖ¸ÆÚ»õ½»Ò×Çé¿ö˵Ã÷ .................................................................. 57
8.11 ±¨¸æÆÚÄ©±¾»ù½ðͶ×ʵĹúÕ®ÆÚ»õ½»Ò×Çé¿ö˵Ã÷ .................................................................. 57
8.12 Ͷ×Ê×éºÏ±¨¸æ¸½×¢ .................................................................................................................. 58
¡ì9 »ù½ð·Ý¶î³ÖÓÐÈËÐÅÏ¢ ......................................................................................................................... 59
9.1 ÆÚÄ©»ù½ð·Ý¶î³ÖÓÐÈË»§Êý¼°³ÖÓÐÈ˽ṹ ................................................................................ 59
9.2 ÆÚÄ©ÉÏÊлù½ðÇ°Ê®Ãû³ÖÓÐÈË .................................................................................................... 59
9.3 ÆÚÄ©»ù½ð¹ÜÀíÈ˵ĴÓÒµÈËÔ±³ÖÓб¾»ù½ðµÄÇé¿ö .................................................................... 59
9.4 ÆÚÄ©»ù½ð¹ÜÀíÈ˵ĴÓÒµÈËÔ±³ÖÓб¾¿ª·Åʽ»ù½ð·Ý¶î×ÜÁ¿Çø¼äµÄÇé¿ö ................................ 60
¡ì10 ¿ª·Åʽ»ù½ð·Ý¶î±ä¶¯ ....................................................................................................................... 60
¡ì11 ÖØ´óʼþ½Òʾ ................................................................................................................................... 60
11.1 »ù½ð·Ý¶î³ÖÓÐÈË´ó»á¾öÒé ...................................................................................................... 60
11.2 »ù½ð¹ÜÀíÈË¡¢»ù½ðÍйÜÈ˵ÄרÃÅ»ù½ðÍйܲ¿ÃŵÄÖØ´óÈËʱ䶯 ...................................... 60
11.3 Éæ¼°»ù½ð¹ÜÀíÈË¡¢»ù½ð²Æ²ú¡¢»ù½ðÍйÜÒµÎñµÄËßËÏ .......................................................... 61
11.4 »ù½ðͶ×ʲßÂԵĸıä .............................................................................................................. 61
11.5 Ϊ»ù½ð½øÐÐÉó¼ÆµÄ»á¼ÆʦÊÂÎñËùÇé¿ö .................................................................................. 61
11.6 ¹ÜÀíÈË¡¢ÍйÜÈ˼°Æä¸ß¼¶¹ÜÀíÈËÔ±ÊÜ»ü²é»ò´¦·£µÈÇé¿ö .................................................. 61
11.7 »ù½ð×âÓÃ֤ȯ¹«Ë¾½»Ò×µ¥ÔªµÄÓйØÇé¿ö .............................................................................. 61
11.8 ÆäËûÖØ´óʼþ .......................................................................................................................... 62
¡ì12 Ó°ÏìͶ×ÊÕß¾ö²ßµÄÆäËûÖØÒªÐÅÏ¢ ................................................................................................... 70
¡ì13 ±¸²éÎļþĿ¼ ................................................................................................................................... 70
13.1 ±¸²éÎļþĿ¼ .......................................................................................................................... 70
ÐËÈ«ÂÌɫͶ×Ê»ìºÏÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©2016 ÄêÄê¶È±¨¸æ
µÚ 4 Ò³ ¹² 70 Ò³
13.2 ´æ·ÅµØµã .................................................................................................................................. 70
13.3 ²éÔÄ·½Ê½ .................................................................................................................................. 70
¡ì2 »ù½ð¼ò½é
2.1 »ù½ð»ù±¾Çé¿ö
»ù½ðÃû³Æ ÐËÈ«ÂÌɫͶ×Ê»ìºÏÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©
»ù½ð¼ò³Æ ÐËÈ«ÂÌɫͶ×Ê»ìºÏ£¨LOF£©
³¡ÄÚ¼ò³Æ ÐËÈ«ÂÌÉ«
»ù½ðÖ÷´úÂë 163409
Ç°¶Ë½»Ò×´úÂë 163409
ºó¶Ë½»Ò×´úÂë 163410
»ù½ðÔË×÷·½Ê½ ÉÏÊÐÆõÔ¼ÐÍ¿ª·Åʽ£¨LOF£©
»ù½ðºÏͬÉúЧÈÕ 2011Äê 5Ô 6ÈÕ
»ù½ð¹ÜÀíÈË ÐËÈ«»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾
»ù½ðÍйÜÈË Öйú¹¤ÉÌÒøÐйɷÝÓÐÏÞ¹«Ë¾
±¨¸æÆÚÄ©»ù½ð·Ý¶î×ܶî 441,506,185.95 ·Ý
»ù½ðºÏͬ´æÐøÆÚ ²»¶¨ÆÚ
»ù½ð·Ý¶îÉÏÊеÄ֤ȯ½»Ò×Ëù ÉîÛÚ֤ȯ½»Ò×Ëù
ÉÏÊÐÈÕÆÚ 2011Äê 7ÔÂ 7ÈÕ
2.2 »ù½ð²úƷ˵Ã÷
Ͷ×ÊÄ¿±ê ±¾»ù½ðͨ¹ýÍÚ¾òÂÌÉ«¿Æ¼¼²úÒµ»ò¹«Ë¾£¬ÒÔ¼°ÆäËû²úÒµ
Öлý¼«ÂÄÐл·¾³ÔðÈι«Ë¾µÄͶ×Ê»ú»á£¬Á¦ÕùʵÏÖµ±ÆÚ
Ͷ×ÊÊÕÒæÓ볤ÆÚ×ʱ¾ÔöÖµ¡£
Ͷ×ʲßÂÔ ±¾»ù½ðÔÚ´óÀà×ʲúÅäÖÃÉÏ£¬²ÉÈ¡¶¨ÐÔÓ붨Á¿Ñо¿Ïà½á
ºÏ£¬ÔÚ¹ÉƱÓëծȯµÈ×ʲúÀà±ðÖ®¼ä½øÐÐ×ʲúÅäÖá£ÔÚ
ºê¹ÛÓë΢¹Û²ãÃæ¶Ô¸÷Àà×ʲúµÄ¼ÛÖµÔö³¤ÄÜÁ¦Õ¹¿ª×ÛºÏ
ÐËÈ«ÂÌɫͶ×Ê»ìºÏÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©2016 ÄêÄê¶È±¨¸æ
µÚ 5 Ò³ ¹² 70 Ò³
ÆÀ¹À£¬¶¯Ì¬ÓÅ»¯×ʲúÅäÖá£ÔÚÔËÓá°ÂÌɫͶ×Êɸѡ²ß
ÂÔ¡±µÄ»ù´¡ÉÏ£¬²ÉÓû·¾³Òò×ÓÓ빫˾²ÆÎñµÈ»ù±¾ÃæÒò
×ÓÏà½áºÏ£¬½øÐÐ×ÛºÏÆÀ¹Àɸѡ£¬¶ÔÄÇЩ±íÏÖÏà¶ÔÍ»³ö
µÄ¹«Ë¾ÓèÒÔÓÅÏÈ¿¼ÂÇ¡£
Òµ¼¨±È½Ï»ù×¼ 80%¡Á»¦Éî 300Ö¸Êý£«20%¡ÁÖÐÖ¤¹úÕ®Ö¸Êý
·çÏÕÊÕÒæÌØÕ÷ ±¾»ù½ðÊÇ»ìºÏÐÍ֤ȯͶ×Ê»ù½ð£¬ÆäÔ¤ÆÚÊÕÒæºÍÔ¤ÆÚ·ç
ÏÕˮƽ¸ßÓÚծȯÐÍ»ù½ð²úÆ·ºÍ»õ±ÒÊг¡»ù½ð£¬µÍÓÚ¹É
ƱÐÍ»ù½ð£¬ÊôÓÚÖиßÔ¤ÆÚ·çÏÕ¡¢ÖиßÔ¤ÆÚÊÕÒæµÄ»ù½ð
²úÆ·¡£
2.3 »ù½ð¹ÜÀíÈ˺ͻù½ðÍйÜÈË
ÏîÄ¿ »ù½ð¹ÜÀíÈË »ù½ðÍйÜÈË
Ãû³Æ ÐËÈ«»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾ Öйú¹¤ÉÌÒøÐйɷÝÓÐÏÞ¹«Ë¾
ÐÅÏ¢Åû¶¸ºÔðÈË
ÐÕÃû ·ëÏþÁ« ºéÔ¨
ÁªÏµµç»° 021-20398888 010-66105799
µç×ÓÓÊÏä fengxl@xqfunds.com custody@icbc.com.cn
¿Í»§·þÎñµç»° 4006780099£¬021-38824536 95588
´«Õæ 021-20398858 010-66105798
×¢²áµØÖ· ÉϺ£ÊлÆÆÖÇø½ðÁ궫·368
ºÅ
±±¾©ÊÐÎ÷³ÇÇø¸´ÐËÃÅÄÚ´ó½Ö 55
ºÅ
°ì¹«µØÖ· ÉϺ£ÊÐÆÖ¶«ÐÂÇø·¼µé·
1155ºÅ¼ÎÀï³Ç°ì¹«Â¥ 28Â¥
±±¾©ÊÐÎ÷³ÇÇø¸´ÐËÃÅÄÚ´ó½Ö 55
ºÅ
ÓÊÕþ±àÂë 200122 100140
·¨¶¨´ú±íÈË ×¯Ô°·¼ Ò×»áÂú
2.4 ÐÅÏ¢Åû¶·½Ê½
±¾»ù½ðÑ¡¶¨µÄÐÅÏ¢Åû¶±¨Ö½Ãû³Æ Öйú֤ȯ±¨¡¢ÉϺ£Ö¤È¯±¨¡¢Ö¤È¯Ê±±¨
µÇÔØ»ù½ðÄê¶È±¨¸æÕýÎĵĹÜÀíÈË»¥ÁªÍøÍø http://www.xqfunds.com
ÐËÈ«ÂÌɫͶ×Ê»ìºÏÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©2016 ÄêÄê¶È±¨¸æ
µÚ 6 Ò³ ¹² 70 Ò³
Ö·
»ù½ðÄê¶È±¨¸æ±¸Öõص㠻ù½ð¹ÜÀíÈË¡¢»ù½ðÍйÜÈ˵İ칫³¡Ëù
2.5 ÆäËûÏà¹Ø×ÊÁÏ
ÏîÄ¿ Ãû³Æ °ì¹«µØÖ·
»á¼ÆʦÊÂÎñËù µÂÇÚ»ªÓÀ»á¼ÆʦÊÂÎñËù£¨ÌØÊâÆÕͨ
ºÏ»ï£©
ÉϺ£ÊÐÑÓ°²¶«Â· 222ºÅ 30Â¥
×¢²áµÇ¼Ç»ú¹¹ Öйú֤ȯµÇ¼Ç½áËãÓÐÏÞÔðÈι«Ë¾ ±±¾©ÊÐÎ÷³ÇÇø̫ƽÇÅ´ó½Ö 17ºÅ
¡ì3 Ö÷Òª²ÆÎñÖ¸±ê¡¢»ù½ð¾»Öµ±íÏÖ¼°ÀûÈó·ÖÅäÇé¿ö
3.1 Ö÷Òª»á¼ÆÊý¾ÝºÍ²ÆÎñÖ¸±ê
½ð¶îµ¥Î»£ºÈËÃñ±ÒÔª
3.1.1 ÆÚ¼äÊý¾ÝºÍÖ¸±ê 2016Äê 2015Äê 2014Äê
±¾ÆÚÒÑʵÏÖÊÕÒæ 132,109,848.16 1,195,544,476.49 610,059,530.12
±¾ÆÚÀûÈó -114,774,866.89 865,492,111.40 951,994,794.34
¼ÓȨƽ¾ù»ù½ð·Ý¶î±¾ÆÚÀûÈó -0.1543 0.9020 0.6168
±¾ÆÚ¼ÓȨƽ¾ù¾»ÖµÀûÈóÂÊ -10.39% 41.65% 41.76%
±¾ÆÚ»ù½ð·Ý¶î¾»ÖµÔö³¤ÂÊ -9.61% 28.26% 44.03%
3.1.2 ÆÚÄ©Êý¾ÝºÍÖ¸±ê 2016ÄêÄ© 2015ÄêÄ© 2014ÄêÄ©
ÆÚÄ©¿É¹©·ÖÅäÀûÈó 235,738,239.96 520,952,320.71 987,725,979.52
ÆÚÄ©¿É¹©·ÖÅä»ù½ð·Ý¶îÀûÈó 0.5339 0.6968 0.5633
ÆÚÄ©»ù½ð×ʲú¾»Öµ 677,244,425.91 1,268,534,360.79 3,320,292,691.03
ÆÚÄ©»ù½ð·Ý¶î¾»Öµ 1.534 1.697 1.894
3.1.3 ÀÛ¼ÆÆÚÄ©Ö¸±ê 2016ÄêÄ© 2015ÄêÄ© 2014ÄêÄ©
»ù½ð·Ý¶îÀۼƾ»ÖµÔö³¤ÂÊ 119.59% 142.92% 89.40%
×¢£º1¡¢ÉÏÊö²ÆÎñÖ¸±ê²ÉÓõļÆË㹫ʽ£¬Ïê¼ûÖйú֤ȯ¼à¶½¹ÜÀíίԱ»á·¢²¼µÄ¡¶Ö¤È¯Í¶×Ê»ù½ðÐÅÏ¢
ÐËÈ«ÂÌɫͶ×Ê»ìºÏÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©2016 ÄêÄê¶È±¨¸æ
µÚ 7 Ò³ ¹² 70 Ò³
Åû¶±à±¨¹æÔòµÚ 1 ºÅ<Ö÷Òª²ÆÎñÖ¸±êµÄ¼ÆËã¼°Åû¶>¡·¡¢¡¶Ö¤È¯Í¶×Ê»ù½ð»á¼ÆºËËãÒµÎñÖ¸Òý¡·µÈÏà¹Ø
·¨¹æ¡£
2¡¢±¾ÆÚÒÑʵÏÖÊÕÒæÖ¸»ù½ð±¾ÆÚÀûÏ¢ÊÕÈ롢Ͷ×ÊÊÕÒæ¡¢ÆäËûÊÕÈ루²»º¬¹«ÔʼÛÖµ±ä¶¯ÊÕÒ棩¿Û
³ýÏà¹Ø·ÑÓúóµÄÓà¶î£¬±¾ÆÚÀûÈóΪ±¾ÆÚÒÑʵÏÖÊÕÒæ¼ÓÉϱ¾ÆÚ¹«ÔʼÛÖµ±ä¶¯ÊÕÒæ¡£ÆÚÄ©¿É¹©·ÖÅäÀû
Èó²ÉÓÃÆÚÄ©×ʲú¸ºÕ®±íÖÐδ·ÖÅäÀûÈóÓëδ·ÖÅäÀûÈóÖÐÒÑʵÏÖ²¿·ÖµÄÊëµÍÊý¡£
3¡¢ÉÏÊö»ù½ðÒµ¼¨Ö¸±ê²»°üÀ¨³ÖÓÐÈËÈϹº»ò½»Ò×»ù½ðµÄ¸÷Ïî·ÑÓã¨ÀýÈ磺¿ª·Åʽ»ù½ðµÄÉ깺Êê
»Ø·Ñ¡¢ºìÀûÔÙͶ×Ê·Ñ¡¢»ù½ðת»»·ÑµÈ£©£¬¼ÆÈë·ÑÓúóʵ¼ÊÊÕÒæˮƽҪµÍÓÚËùÁÐÊý×Ö¡£
3.2 »ù½ð¾»Öµ±íÏÖ
3.2.1 »ù½ð·Ý¶î¾»ÖµÔö³¤Âʼ°ÆäÓëͬÆÚÒµ¼¨±È½Ï»ù×¼ÊÕÒæÂʵıȽÏ
½×¶Î
·Ý¶î¾»Öµ
Ôö³¤ÂÊ¢Ù
·Ý¶î¾»Öµ
Ôö³¤Âʱê
×¼²î¢Ú
Òµ¼¨±È½Ï
»ù×¼ÊÕÒæ
ÂÊ¢Û
Òµ¼¨±È½Ï»ù
×¼ÊÕÒæÂʱê
×¼²î¢Ü
¢Ù£¢Û ¢Ú£¢Ü
¹ýÈ¥Èý¸öÔ -2.23% 0.74% 1.08% 0.58% -3.31% 0.16%
¹ýÈ¥Áù¸öÔ 2.06% 0.78% 4.13% 0.61% -2.07% 0.17%
¹ýÈ¥Ò»Äê -9.61% 1.67% -8.32% 1.12% -1.29% 0.55%
¹ýÈ¥ÈýÄê 66.99% 1.97% 40.67% 1.43% 26.32% 0.54%
¹ýÈ¥ÎåÄê 143.72% 1.71% 40.84% 1.30% 102.88% 0.41%
×Ô»ù½ðºÏͬ
ÉúЧÆðÖÁ½ñ
119.59% 1.63% 13.31% 1.27% 106.28% 0.36%
×¢£º±¾»ù½ðÒµ¼¨±È½Ï»ù׼Ϊ£º80%¡Á»¦Éî 300 Ö¸Êý£«20%¡ÁÖÐÖ¤¹úÕ®Ö¸Êý£¬ÔÚÒµ¼¨±È½Ï»ù×¼µÄÑ¡È¡
ÉÏÖ÷Òª»ùÓÚÈçÏ¿¼ÂÇ£º»¦Éî 300 Ö¸ÊýºÍÖÐÖ¤¹úÕ®Ö¸Êý¾ßÓнÏÇ¿µÄ´ú±íÐÔ¡£»¦Éî 300 Ö¸ÊýÑ¡ÔñÖйú
A ¹ÉÊг¡ÊÐÖµ¹æÄ£×î´ó¡¢Á÷¶¯ÐÔÇ¿ºÍ»ù±¾ÒòËØÁ¼ºÃµÄ 300 ¼ÒÉÏÊй«Ë¾×÷ΪÑù±¾¹É£¬³ä·Ö·´Ó³ÁË A
¹ÉÊг¡µÄÐÐÒµ´ú±íÐÔ£¬ÃèÊöÁË»¦Éî A ¹ÉÊг¡µÄ×ÜÌåÇ÷ÊÆ£¬ÊÇÄ¿Ç°Êг¡ÉϽÏÓÐÓ°ÏìÁ¦µÄ¹ÉƱͶ×ÊÒµ
¼¨±È½Ï»ù×¼¡£ÖÐÖ¤¹úÕ®Ö¸Êý·´Ó³Á˽»Ò×Ëù¹úÕ®ÕûÌå×ßÊÆ£¬ÊÇÄ¿Ç°Êг¡ÉϽÏÓÐÓ°ÏìÁ¦µÄծȯͶ×ÊÒµ
¼¨±È½Ï»ù×¼¡£
±¾»ù½ðµÄÒµ¼¨»ù×¼Ö¸Êý°´ÕÕ¹¹½¨¹«Ê½Ã¿½»Ò×ÈÕ½øÐмÆË㣬°´ÏÂÁй«Ê½¼ÆË㣺
Return t =80%¡Á(»¦Éî 300 Ö¸Êý t / »¦Éî 300 Ö¸Êý t-1 -1)+20£¥¡Á(ÖÐÖ¤¹úÕ®Ö¸Êý t / ÖÐÖ¤¹ú
Õ®Ö¸Êý t-1 -1)
ÐËÈ«ÂÌɫͶ×Ê»ìºÏÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©2016 ÄêÄê¶È±¨¸æ
µÚ 8 Ò³ ¹² 70 Ò³
Benchmark t =£¨1+Return t£©¡Á£¨1+Benchmark t-1£©-1
ÆäÖУ¬t =1£¬2£¬3£¬¡T£¬T±íʾʱ¼ä½ØÖÁÈÕ¡£
3.2.2 ×Ô»ù½ðºÏͬÉúЧÒÔÀ´»ù½ð·Ý¶îÀۼƾ»ÖµÔö³¤Âʱ䶯¼°ÆäÓëͬÆÚÒµ¼¨±È½Ï»ù×¼ÊÕ
ÒæÂʱ䶯µÄ±È½Ï
×¢£º1¡¢¾»Öµ±íÏÖËùÈ¡Êý¾Ý½ØÖÁµ½ 2016Äê 12Ô 31ÈÕ¡£
2¡¢°´ÕÕ¡¶ÐËÈ«ÂÌɫͶ×Ê»ìºÏÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©»ù½ðºÏͬ¡·µÄ¹æ¶¨£¬±¾»ù½ð½¨²ÖÆÚΪ 2011
Äê 5Ô 6ÈÕÖÁ 2011Äê 8Ô 5ÈÕ¡£½¨²ÖÆÚ½áÊøʱ±¾»ù½ð¸÷Ïî×ʲúÅäÖñÈÀý·ûºÏ±¾»ù½ðºÏͬ¹æ¶¨µÄ±È
ÀýÏÞÖƼ°Í¶×Ê×éºÏµÄ±ÈÀý·¶Î§¡£
ÐËÈ«ÂÌɫͶ×Ê»ìºÏÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©2016 ÄêÄê¶È±¨¸æ
µÚ 9 Ò³ ¹² 70 Ò³
3.2.3 ¹ýÈ¥ÎåÄê»ù½ðÿÄê¾»ÖµÔö³¤Âʼ°ÆäÓëͬÆÚÒµ¼¨±È½Ï»ù×¼ÊÕÒæÂʵıȽÏ
3.3 ÆäËûÖ¸±ê
ÎÞ¡£
3.4 ¹ýÈ¥ÈýÄê»ù½ðµÄÀûÈó·ÖÅäÇé¿ö
µ¥Î»£ºÈËÃñ±ÒÔª
Äê
¶È
ÿ10·Ý»ù½ð·Ý
¶î·ÖºìÊý
ÏÖ½ðÐÎʽ·¢·Å×ܶî
ÔÙͶ×ÊÐÎʽ·¢
·Å×ܶî
Äê¶ÈÀûÈó·ÖÅäºÏ¼Æ ±¸×¢
2016 - - - -
2015 6.800 2,148,286,065.85 83,644,459.66 2,231,930,525.51
2014 - - - -
ºÏ
¼Æ
6.800 2,148,286,065.85 83,644,459.66 2,231,930,525.51
ÐËÈ«ÂÌɫͶ×Ê»ìºÏÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©2016 ÄêÄê¶È±¨¸æ
µÚ 10 Ò³ ¹² 70 Ò³
¡ì4 ¹ÜÀíÈ˱¨¸æ
4.1 »ù½ð¹ÜÀíÈ˼°»ù½ð¾ÀíÇé¿ö
4.1.1 »ù½ð¹ÜÀíÈ˼°Æä¹ÜÀí»ù½ðµÄ¾Ñé
ÐËÈ«»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾£¨³ÉÁ¢Ê±ÃûΪ¡°ÐËÒµ»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¡±£¬ÒÔϼò³Æ¡°¹«Ë¾¡±£©¾Ö¤¼à
»ù½ð×Ö[2003]100 ºÅÎÄÅú×¼ÓÚ 2003Äê 9Ô 30ÈÕ³ÉÁ¢¡£2008Äê 1Ô£¬ÖйúÖ¤¼à»áÅú¸´£¨Ö¤¼àÐí¿É
[2008]6 ºÅ£©£¬Í¬ÒâÈ«ÇòÈËÊÙ±£ÏÕ¹ú¼Ê¹«Ë¾£¨AEGON International B.V£©ÊÜÈù«Ë¾¹ÉȨ²¢³ÉΪ¹«
˾¹É¶«¡£2008Äê 4Ô 9ÈÕ£¬¹«Ë¾Íê³É¹ÉȨתÈᢱä¸ü×¢²á×ʱ¾µÈÏà¹ØÊÖÐøºó£¬¹«Ë¾×¢²á×ʱ¾ÓÉ 9800
ÍòÔª±ä¸üΪÈËÃñ±Ò 1.2 ÒÚÔª£¬ÆäÖÐÐËҵ֤ȯ¹É·ÝÓÐÏÞ¹«Ë¾µÄ³ö×ÊÕ¼×¢²á×ʱ¾µÄ 51%£¬È«ÇòÈËÊÙ±£
ÏÕ¹ú¼Ê¹«Ë¾µÄ³ö×ÊÕ¼×¢²á×ʱ¾µÄ 49%¡£2008Äê 7Ô£¬¾ÖйúÖ¤¼à»áÅú×¼£¨Ö¤¼àÐí¿É[2008]888ºÅ£©£¬
¹«Ë¾ÓÚ 2008 Äê 8 Ô 25 ÈÕÍê³É±ä¸ü¹«Ë¾Ãû³Æ¡¢×¢²á×ʱ¾µÈÏà¹ØÊÖÐøºó£¬¹«Ë¾Ãû³Æ±ä¸üΪ¡°ÐËҵȫ
Çò»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¡±£¬×¢²á×ʱ¾Ôö¼ÓΪ 1.5ÒÚÔªÈËÃñ±Ò£¬ÆäÖÐÁ½¹É¶«³ö×ʱÈÀý²»±ä¡£2016Äê 12
Ô 28ÈÕ£¬Òò¹«Ë¾·¢Õ¹ÐèÒª£¬¹«Ë¾Ãû³Æ±ä¸üΪ¡°ÐËÈ«»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¡±¡£
½ØÖ¹ 2016Äê 12Ô 31 ÈÕ£¬¹«Ë¾ÆìϹÜÀí×ÅÊ®°ËÖ»»ù½ð£¬·Ö±ðΪÐËÈ«¿Éתծ»ìºÏÐÍ֤ȯͶ×Ê»ù
½ð¡¢ÐËÈ«Ç÷ÊÆͶ×Ê»ìºÏÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©¡¢ÐËÈ«»õ±ÒÊг¡Ö¤È¯Í¶×Ê»ù½ð¡¢ÐËÈ«È«ÇòÊÓÒ°¹ÉƱ
ÐÍ֤ȯͶ×Ê»ù½ð¡¢ÐËÈ«Éç»áÔðÈλìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢ÐËÈ«ÓлúÔö³¤Áé»îÅäÖûìºÏÐÍ֤ȯͶ×Ê»ù
½ð¡¢ÐËÈ«ÅÍÎÈÔöÀûծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢ÐËÈ«ºÏÈó·Ö¼¶»ìºÏÐÍ֤ȯͶ×Ê»ù½ð¡¢ÐËÈ«»¦Éî 300 Ö¸Êý
ÔöÇ¿ÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©¡¢ÐËÈ«ÂÌɫͶ×Ê»ìºÏÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©¡¢ÐËÈ«±£±¾»ìºÏÐÍ֤ȯͶ
×Ê»ù½ð¡¢ÐËÈ«Çá×ʲúͶ×Ê»ìºÏÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©¡¢ÐËÈ«ÉÌҵģʽÓÅÑ¡»ìºÏÐÍ֤ȯͶ×Ê»ù½ð
£¨LOF£©¡¢ÐËÈ«ÌíÀû±¦»õ±ÒÊг¡»ù½ð¡¢ÐËÈ«ÐÂÊÓÒ°Áé»îÅäÖö¨ÆÚ¿ª·Å»ìºÏÐÍ·¢Æðʽ֤ȯͶ×Ê»ù½ð¡¢
ÐËÈ«ÎÈÒæծȯÐÍ֤ȯͶ×Ê»ù½ð¡¢ÐËÈ«ÌìÌíÒæ»õ±ÒÊг¡»ù½ð¡¢ÐËÈ«ÎÈ̩ծȯÐÍ֤ȯͶ×Ê»ù½ð¡£
4.1.2 »ù½ð¾Àí£¨»ò»ù½ð¾ÀíС×飩¼°»ù½ð¾ÀíÖúÀí¼ò½é
ÐÕÃû Ö°Îñ
Èα¾»ù½ðµÄ»ù½ð¾Àí£¨ÖúÀí£©ÆÚÏÞ Ö¤È¯´ÓÒµÄê
ÏÞ
˵Ã÷
ÈÎÖ°ÈÕÆÚ ÀëÈÎÈÕÆÚ
ÑîÔÀ±ó
±¾»ù½ð»ù
½ð¾Àí
2014Äê 12ÔÂ
8ÈÕ
- 10Äê
¹¤É̹ÜÀí˶ʿ£¬ÀúÈÎÕÐ
ÉÌÒøÐÐ×ÜÐÐÓªÒµ²¿¡¢¹«
˾ÒøÐв¿£¬ÐËÈ«»ù½ð¹Ü
ÐËÈ«ÂÌɫͶ×Ê»ìºÏÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©2016 ÄêÄê¶È±¨¸æ
µÚ 11 Ò³ ¹² 70 Ò³
ÀíÓÐÏÞ¹«Ë¾ÐÐÒµÑо¿
Ô±¡¢ÐËÈ«Ç÷ÊÆͶ×Ê»ìºÏ
ÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©
»ù½ð¾ÀíÖúÀí¡¢ÐËÈ«Ç÷
ÊÆͶ×Ê»ìºÏÐÍ֤ȯͶ×Ê
»ù½ð£¨LOF£©»ù½ð¾Àí¡£
×¢£º1¡¢Ö°ÎñÖ¸½ØÖ¹±¨¸æÆÚÄ©µÄÖ°Îñ£¨±¨¸æÆÚÄ©ÈÔÔÚÈεģ©»òÀëÈÎÇ°µÄÖ°Îñ£¨±¨¸æÆÚÄÚÀëÈεģ©¡£
2¡¢ÈÎÖ°ÈÕÆÚÖ¸»ù½ðºÏͬÉúЧ֮ÈÕ£¨»ù½ð³ÉÁ¢Ê±¼´µ£Èλù½ð¾Àí£©»ò¹«Ë¾×÷³öƸÈξö¶¨Ö®ÈÕ£¨»ù
½ð³ÉÁ¢ºóµ£Èλù½ð¾Àí£©£»ÀëÈÎÈÕÆÚÖ¸¹«Ë¾×÷³ö½âƸ¾ö¶¨Ö®ÈÕ¡£
3¡¢¡°Ö¤È¯´ÓÒµÄêÏÞ¡±°´Æä´ÓÊÂ֤ȯͶ×Ê¡¢Ñо¿µÈÒµÎñµÄÄêÏÞ¼ÆËã¡£
4.2 ¹ÜÀíÈ˶Ա¨¸æÆÚÄÚ±¾»ù½ðÔË×÷×ñ¹æÊØÐÅÇé¿öµÄ˵Ã÷
±¾±¨¸æÆÚÄÚ£¬±¾»ù½ð¹ÜÀíÈËÑϸñ×ñÑÁË¡¶Ö¤È¯Í¶×Ê»ù½ð·¨¡·¼°Æä¸÷ÏîʵʩϸÔò¡¢¡¶ÐËÈ«ÂÌɫͶ
×Ê»ìºÏÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©»ù½ðºÏͬ¡·ºÍÆäËûÏà¹Ø·¨ÂÉ·¨¹æµÄ¹æ¶¨£¬±¾×ųÏʵÐÅÓá¢ÇÚÃ㾡Ôð¡¢
È¡ÐÅÓÚÊг¡¡¢È¡ÐÅÓÚÉç»áµÄÔÔò¹ÜÀíºÍÔËÓûù½ð×ʲú£¬Îª»ù½ð·Ý¶î³ÖÓÐÈËıÇó×î´óÀûÒæ¡£±¾±¨¸æ
ÆÚÄÚ£¬»ù½ðͶ×ʹÜÀí·ûºÏÓйط¨¹æºÍ»ù½ðºÏͬµÄ¹æ¶¨£¬ÎÞÎ¥·¨Î¥¹æ¡¢Î´ÂÄÐлù½ðºÏͬ³Ðŵ»òËðº¦
»ù½ð·Ý¶î³ÖÓÐÈËÀûÒæµÄÐÐΪ¡£
4.3 ¹ÜÀíÈ˶Ա¨¸æÆÚÄÚ¹«Æ½½»Ò×Çé¿öµÄרÏî˵Ã÷
4.3.1 ¹«Æ½½»Ò×ÖƶȺͿØÖÆ·½·¨
±¾»ù½ð¹ÜÀíÈËÖƶ¨ÁË¡¶ÐËÈ«»ù½ð¹ÜÀíÓÐÏÞ¹«Ë¾¹«Æ½½»Ò×Öƶȡ·£¬²¢½«²»Ê±½øÐÐÐÞ¶©¡£±¾»ù½ð¹Ü
ÀíÈËÖ÷Òª´ÓÑо¿µÄ¹«Æ½¡¢¾ö²ßµÄ¹«Æ½¡¢½»Ò׵Ĺ«Æ½¡¢¹«Æ½½»Ò׵ļà¿ØÆÀ¹À¡¢¹«Æ½½»Ò׵ı¨¸æºÍÐÅ
Ï¢Åû¶µÈ·½Ãæ¶Ô¹«Æ½½»Ò×ÐÐΪ½øÐй淶£¬´Ó¶ø´ïµ½±£Ö¤±¾»ù½ð¹ÜÀíÈ˹ÜÀíµÄ²»Í¬Í¶×Ê×éºÏµÃµ½¹«
ƽ¶Ô´ý¡¢±£»¤Í¶×ÊÕߺϷ¨È¨ÒæµÄÄ¿µÄ¡£
4.3.2 ¹«Æ½½»Ò×ÖƶȵÄÖ´ÐÐÇé¿ö
±¾±¨¸æÆÚÄÚ£¬±¾»ù½ð¹ÜÀíÈËÑϸñ°´ÕÕ¡¶Ö¤È¯Í¶×Ê»ù½ð·¨¡·¡¢¡¶Ö¤È¯Í¶×Ê»ù½ð¹ÜÀí¹«Ë¾¹«Æ½½»Ò×
ÖƶÈÖ¸µ¼Òâ¼û¡·¼°¹«Ë¾Ïà¹ØÖƶȵȹ涨£¬´ÓͶ×ÊÊÚȨ¡¢Ñо¿·ÖÎö¡¢Í¶×ʾö²ß¡¢½»Ò×Ö´ÐС¢Òµ¼¨ÆÀ
¹ÀµÈ»·½ÚÑϸñ°Ñ¹Ø£¬È·±£¸÷Ͷ×Ê×éºÏÖ®¼äµÃµ½¹«Æ½¶Ô´ý£¬±£»¤Í¶×ÊÕߵĺϷ¨È¨Òæ¡£
ÐËÈ«ÂÌɫͶ×Ê»ìºÏÐÍ֤ȯͶ×Ê»ù½ð£¨LOF£©2016 ÄêÄê¶È±¨¸æ
µÚ 12 Ò³ ¹² 70 Ò³
4.3.3 Òì³£½»Ò×ÐÐΪµÄרÏî˵Ã÷
±¾±¨¸æÆÚÄÚ£¬Î´·¢ÏÖ¿ÉÄܵ¼Ö²»¹«Æ½½»Ò׺ÍÀûÒæÊäË͵ÄÒì³£½»Ò×Çé¿ö¡£
4.4 ¹ÜÀíÈ˶Ա¨¸æÆÚÄÚ»ù½ðµÄͶ×ʲßÂÔºÍÒµ¼¨±íÏÖµÄ˵Ã÷
4.4.1 ±¨¸æÆÚÄÚ»ù½ðͶ×ʲßÂÔºÍÔË×÷·ÖÎö
2016Äê»Ø¹ËÏÂÀ´ÆäʵÊǸö½á¹¹ÐÔµÄÐÐÇé¡£ËäÈ»´´Òµ°å¡¢ÖÐС°åÕûÌå±íÏÖÇ·¼Ñ£¬µ«²»ÉÙÎȶ¨³É
³¤µÄ¼ÛÖµÀ¶³ï¹ÉÈ´´´ÁË 2015 Äê¹ÉÔÖÒÔºóµÄиߡ£ÏàÐÎ֮ϣ¬²»ÉÙ´´Òµ°åºÍÖÐС°åµÄÉÏÊй«Ë¾Òµ¼¨
²¢Ã»ÓÐÕ¹ÏÖ³öÈç֮ǰ³ÐŵµÄ³É³¤¡£ÔÚµø·ùÒѾºÜ´óµÄ±³¾°Ï£¬´ó¹É¶«·´¶ø¼Ó´óÁ˼õ³ÖµÄÁ¦¶È£¬Õâ
½øÒ»²½´ò»÷ÁËÊг¡µÄ·çÏÕÆ«ºÃ¡£×ÔÈ¥ÄêÏ°ëÄêÒÔÀ´£¬ÉÏ¡¢ÖÐÓÎÐÐÒµ±íÏÖÍ»³ö£¬×ÜÌå¶øÑÔ£¬»ùÓÚ¶Ô
ÖÐÆÚºê¹Û¾¼ÃµÄÅжϣ¬ÂÌÉ«»ù½ðûÓвÎÓëÕâÒ»ÂÖÆ«ÖÜÆÚÐԵij´×÷¡£ÎÒÃÇÁ¢×ãÓÚÖг¤ÆÚµÄÐÐÒµÅäÖÃ
·½Ïò£¬×¢ÖعÀÖµºÍ³É³¤ÐÔµÄÓÐЧ½áºÏ¡£»ùÓÚÕâÖÖÅжϣ¬ÎÒÃǶÔÓÚһЩҵ¼¨²»´ïÔ¤ÆÚ£¬ÐÐҵǰ¾°²»
Ã÷ÀʵĹ«Ë¾£¬×öÁËÒ»¶¨³Ì¶ÈµÄµ÷Õû¡£¶ÔÓÚδÀ´µÄͶ×ʱêµÄ£¬ÎÒÃÇ»áÔÚ¸ü¼ÓÑϽ÷µÄÅжϼÙÉèÇ°ÌáÏ£¬
¸ü¼Ó×¢ÖØ°²È«±ß¼ÊµÄͶ×Ê·½·¨¡£
4.4.2 ±¨¸æÆÚÄÚ»ù½ðµÄÒµ¼¨±íÏÖ
±¾±¨¸æÆÚÄÚ£¬±¾»ù½ð·Ý¶î¾»ÖµÔö³¤ÂÊ-9.61%£¬Í¬ÆÚÒµ¼¨±È½Ï»ù×¼ÊÕÒæÂÊ-8.32%¡£
4.5 ¹ÜÀíÈ˶Ժê¹Û¾¼Ã¡¢Ö¤È¯Êг¡¼°ÐÐÒµ×ßÊƵļòÒªÕ¹Íû
ÔÚ¼à¹Ü²ã¼Ó´óÁ˶Կç½ç²¢¹ºÖØ×éµÄ¼à¹ÜÁ¦¶È£¬²»¹ÄÀøº£ÍâÖиŹɵÄÌ×Àûʽ»Ø¹é£¬Õû¶ÙÊг¡µÄ
һЩ³´×÷ÐÐΪºÍÏà¹Ø»ú¹¹£¬³«µ¼¹ÉÊÐÒªÖ§³ÖʵÌ徼õĴ󱳾°Ï£¬ÎÒÃÇÅжϣ¬Î´À´ A ¹ÉµÄ×ʱ¾ÊÐ
³¡½«»á³ÊÏÖÖð²½Ïò³ÉÊìÊг¡µÄ¹ÀÖµ·½·¨ºÍÀíÄî½Ó¹ìµÄÇ÷ÊÆ¡£
4.6 ¹ÜÀíÈËÄÚ²¿Óйر¾»ù½ðµÄ¼à²ì»üºË¹¤×÷Çé¿ö
±¾»ù½ð¹ÜÀíÈËͨ¹ýÒÔϹ¤×÷µÄ¿ªÕ¹£¬ÓÐÁ¦µØ±£Ö¤Á˱¾»ù½ðÕûÌåÔË×÷µÄºÏ·¨ºÏ¹æ£¬´Ó¶ø×î´ó³Ì
¶ÈµØ±£»¤ÁË»ù½ð·Ý¶î³ÖÓÐÈ˺ÍÆäËûÏà¹Øµ±ÊÂÈ˵ĺϷ¨È¨Ò棺
1¡¢ÊµÊ±·çÏÕ¼à¿Ø£ºÍ¨¹ý·ç¿Øϵͳ¶Ô±¾»ù½ðµÄÔË×÷½øÐÐʵʱ¼à¿Ø£¬Ã¿ÈÕ׫д¼à¿ØÈÕÖ¾£¬ÔÚ´Ë»ù
´¡ÉÏÿÖÜ׫дÐÅÏ¢Öܱ¨£¬¶Ô±¾»ù½ð×ñÊØ·ç¿ØÖ¸±êµÄÇé¿ö½øÐлã×Ü¡¢·ÖÎöºÍÌáʾ¡£
2¡¢¼Óǿʺ