A񹲺͇Rl

RĻҎɇԺ1996129հl199641ʩ1997114ՇԺM޸IJ°lҪҎ҇RĻԭtcƶ

R
A񹲺͇RlQRָűʾĿH僔ֶ֧κYaһ؛T֧{CƱyд{C]{CЃrCȯȯ˾ȯƱģ؄e壩RYa

R
Vxָһڙҵ؛ŽڮֻCR֧IuJDԼHgYRRʺRЈȌеĿƺ͹ОMxָ؛c؛ŵăQһ

șC
ָA񹲺͇ȵI˜IλҙCPFw꠵ͶYI

RָyУ
ָRʽIYRۅRIյy

vAC
ָvA⽻CI™CHMvACvĀՙC͇gMvAIՙC

AˆT
ָvACijvˆT뾳ƸھșCԼW

R
șCvAC˰PҎڽʽIRIյyкͷyнڙCԿɃQ؛_Ď

RY㎤
҇RһNPRҎșC_Y㎤ҎRʻ䰸뷶ԴڽĿRԼRʵR֧ڽĿ֧߽RʵYĿ֧Y㎤ʹPRҎ

RY
ͶYIͶYRͶYˎYͶYRͶY֧ͶYIĿR֧ͽRʵYĿR֧

YR
RߌRuoRָyRָyиОl֮յŅRʸoֵŵО

ۅR
RָyЌRuoRʹОl֮յŅRȡֵŵО

R
ʽIRIյĽڙCPۅRԼRĹҎÅRλ͂ṩҎЧ{C̘IΓRлُIR֧О

RD
ָșC֮gPҎͨ^IRIյľȵĽڙCkķҎʽľRRDО

ɃQ
Q؛ſɃQڼͨlһһ؛Ņ^ľܹٷЈRɵ،؛c؛Qڌ֧Ya؛ȫɃQͲֿɃQ

ĿɃQ
ڇH֧Ќ؛ɃQ؛H؛Ż𽛿Ŀ˃Q_ĶxڇH؛Żڰ˗lЌɆTڿɃQԷ摪Гx˾wҎl⌦֧TδMͬÌH֧YDʩӅR2ÌҕԵ؛ŴʩNRʴʩҕԵ؛ŴʩҪָp߅֧п܌ŒǾDƵԼ؛3еı؛κһɆTxُɆTеı؛ŽYҪ󃶓QćC֮ĿɃQָһĿH֧DƲÌҕ؛ŰŻ߶؛ƶ@һɞ顶H؛Ż𽛿fڰ˗l횳ГćHx҇199612܇H؛Žڰ˗lFŽĿɃQ

YĿɃQ
һN؛ŲHڇH֧пԱ؛ɃQ؛YĿҲɃQ@ζһȡһR֧Ĺ񲻃Hͨ^Ҳɵͨ^Y׫@@RȿRЈϳҲڇȻҲԌœQڇMYa

؄eࣺ
H؛ŻMOһNYaӛλQSǻMoTһNʹYęTlH֧rMָTQȡRԃH֧߀MJ߀cSɃQ؛һӳHֻһNӛλ؛ʹÕrȓQ؛ֱQ׻Q׵֧؄eඨֵǺ͡һ@ӡ؛Œ^ֵǹ̶

߅Qף
߅Q߅С~Q׺߅؅^⽛g߅Qָ߅؅^߅߅ԃʵ_cָļڲ^ҎĽ~ߔMеƷQ

^
ǽԺOPʩOܵĽ^҇Ŀǰ_ŶȺɶĽ^书ܶλ顰}ڼӹDQסFPP^з]؛M뱣^б؅^؛M뱣^ҕͬͬr⽛QRȲT^Ҳ^^ݵ
1990ԺOϺߘ۱^ԁ1996ԺOϺߘBuSuҸRβBTZVɳ^ڸ}^麣15^ֽg_l^Ҳб^ĹĿǰ16^ѽPPI\ʮ^TȡNʽYeO_lʹ^lչѾஔҎģuڅɞ鮔ؽµLc

ڼӹ^
ָA񹲺͇ȣºQȣԺOPз]ČT³ڼӹIյ⽛^


ָһrڃһwָͨһߵ؅^cw֮gĸ헽еĽھcǾ֮gMеӳrֵĄDQD׌pĿYcĿ׺͇HYa׃ӵ

H֧ƽ
Տʽӛԭijһض؛ŞӋλ\úıʽطӳһwһָһһ؅^ضrڃcwglȫ

Ŀ
ָ|YԴM؛ݔݔķ⑪ռԼڟoͬȻ؈rcһ؅^֮glṩܽrֵĽD??

YͽĿ
ָYĿµYDa/ǽYaԼһwYaؓl׃ĽĿYDָ漰̶YaЙ׃յĜpȌ½һpYal׃DĿҪ̶YaD՜pDƺͶYٛa/ǽYaָaYaغ͵Ya͟oYa̘˺ͽNȣIcŗĿwֱͶYCȯͶYͶYĿ

e`cz©
ڕӋϵҪڇH֧ƽнJF~rOõԵyӋƫĿ

ՅRN
Գ؛ărֵ˜ʺˌǷRջ؇ȵһNºʩ

ՅRNΣ
ָRưlچλ{PڈPRָykՅRRkՅRN򶐄ՙCPk˶нyһ̖ʹ޵đ{C

δՅR
ָ^tտڶδYRՎij؛

MڸRN
ԸRĽ~˜ʺˌǷ؛MڵȻC֛_RһNºʩ

QMڸRNΣ
ָɇRƶʽMچλRָyЌ˲{kMڸRđ{CһݺNֻɑ{kһθR

ӋrY㣺
ָA񹲺͇ȵƷIuU׻ӋrYО

ſ
ָڇHQyБ{ԓ̞˵CѺԓṩa؛bJ

ѺR
̌؛b\ں؛ΓѺƷlM̻MίгЃy鸶˵ąRƱԴyͨYĘI

ӹQף
ָѼӹ͔UڻȡYϵһNُNʽҪNʽϼӹMϼӹb


ָ̣ˣȌ؛\MڇίдN͑NˣڮЈN؛۳ٌ؛۳R

DQף
ָacM֮gͨ^MеһNƷ׷ʽ

؛Qף
ָIupąfhQʽQ׷ʽ

գ
\ݔͨӍUڷӋCϢЙʹMSMN̘IĻʘԼ


RlQA񹲺͇ȻȻ˰A񹲺͇BmһһϵȻT_؅^ھȵWtˆTvAʹ^I^HMvAk™C⼮ˆTҌٳЇڳˆT(ھrgM1)ھWˆTtˆTȡþˆT⣩Їvʹ^I^vHMʹFĹˆTҌ˰ICP˜IλFw˺ͲЇעԵӛδȡ÷YĽMҕⷨ˵vACҕ

ڰӈ̷ϵy
ìFϢgŹWPRֵʮίքeMژIյϢY؛ӵ׎дڣģCPṩ粿TИI“W˲ͬrIṩTWվ“WkNMژIյӻϵy ԓϵyҪͨPՅRӹQ׹ھCϹICϹԼCϘIwǣoTṩPՅRNœM܇CֵlƱ͌öƱԼMSCӵ׎“W˲עNȑĿԼIھWkMڈPڽ˶ȘIյđĿ

Ǿ
RlQǾָȻ

ȾُRϢϵy
2001ROӋ_l˾ȾُRϢϵyԓϵyͨ^һƽ_ȫ̘Iyпcƽ_“W̘IyРIIWcͨ^ȲWjc係BͬrRҲcƽ_“WRͨ^ȲWjcRB@yаRҎĘ˜ۅRÿһPۅRϢMϵy؏ۅRϵy͕ԄReʾR֌ۅRĺ˜ϢҲͨ^ϵy͵yy{醲ԃRy“WϢˌЧֹ؏ۅRrԄӅRُRϢMзĶӏُRrķͱO

:
ָЇȵęCPFwI˜IλڙCCЇćHڽMڙCIC؛ųГľsԃ߀xյȫHڽMJJyкͽڙCJIJIJlłȯHUڸaQֱԬFR߀ĂʽČ??

ӛ
Ҍʹ߀rеӛƶʩӛ͹IJTLJRּ֧

yӋOy
ȫ淴ӳȫ׃շֲսYδ׃څݵ

IJ:
ָlųJĽڙC҇MڲT߽ڙCṩُIڇOJ??

ڸ:
ָps90ϵMQY??

IJ:
ָǽڙCṩJͶYIc侳ĸ()˾Ă()??

HU:
ָCṩYU??

HڽMJ:
ָH؛ŻMy(F)_ly“χrIlչH؅^ԽڽMṩJ

ĿY:
ָԾȽOĿxھIRYHĿAYaГՃ߀؟εYʽ߂|(1)ˌڽOĿYa]׷(2)ҪșCԽOĿYaMеѺ|Ѻ߃(3)ҪșCṩκʽY??

J:
ָ҇ṩĹٷJ

H̘IJ:
ָșCЇĽڙCI˻MԼЇȵYڙCI؛ųГsԃ߀xյĿJHYURʽ߀aQC͂R(ڽʽIxIyеR)ĿY90ϵQYԼʽRJҕͬH̘IJ

ڇH̘IJ:
ָ1ԃ(1)ćH̘IJͬIRѺRſ90365µhC

R(D)J:
ָȆλʹõųГľsԃ߀xյRY---HڽMDJDJHDU͇RUyмyнڙCRJ

yкͽڙCJ:
ָڙCYڙC֧CṩJHyFJ(YC~)

LڇH̘IJ:
ָ1(1)ćH̘IJ1ϵhC

:
ָЇșC(YڙC)ԱCƱRƱʽߌԡA񹲺͇еʮėlҎؔaѺԡA񹲺͇µһҎĄӮa|Ѻ͵ڶʮlҎę|ѺЇC߾ȵYڙC(˻)ZδպͬsՕrɓЃxYYUaQµē⹤̳аеēЌ|ē

Y:
ָ˞鱻YṩıϢ߀YʽlЃrȯ(Ʊ)͸֧ڸyнo~ȵ

YU:
ָYUʽMOr˓δUͬҎ֧rɓ˴֧??

aQµē:
FRГͷǬFRГЬFRГָ򹩽oOһMڷյcͬOδպͬҎaƷoOһָĵֲԬFRO丽ӵϢt˰Փ~ϢPMroOһ

⹤̳аеē:
ָھ⹤̳аИ˓ͶИ˻ߺs粻s߲ҎĕrgкͬtړķИ֧ͬҎĽ~Ͷ˓ГA??

ⱣC:
ָC˺s˲ռs߀ջxՕrC˰ռsГ߀؟λxյО

łȯ:
ָűʾɂPϵЃrȯſDQȯ~D׌̘IƱҕłȯMй

DQȯ:
ָ˵ҪհlЕrlDQ鹫˾ƱȯĂȯ

|Ѻ:
֞錦Ӯa|Ѻ͌|ѺӮa|Ѻָ˻ߵˌӮaƽռԓӮaē˲Ѓ߀؟ΕrЙաҎԓӮaۃru׃uԓӮaăr܃|ѺָЙ|Ѻ(1)RƱƱ֧Ʊȯ}(2)D׌ĹɷƱ(3)D׌̘ˌÙеؔa(4)|Ѻ

Ѻ:
ָ˻ߵ˲DƌҎؔaռԓؔaē˲ЂՕrЙաҎԓؔaۃru׃uԓؔaăr܃

̘IƱ:
ָlwMYlеޞ2270ͨD׌Ăչ

~D׌:
ָyаlеĿڽЈD׌ͨһ޵yд{C

ͶYI
ָЇOYIIIIYI

ͶY:
ָЇȵӛעԵĹ˾IMͶYIھOIُaIĻ

ԮĿ
ָQ׽ԮYĿԮ⃞JȽJYԮʩľЌԮ|Ŀ

HֱͶY
һֱӌһMaͶYɴ˫@ÌͶYIĹƙһNYӷʽ

HgͶY
ڇHȯЈُILڂȯƱЈُIIƱһNͶY

Б{C(DR)
Б{C(Depository Receipt, DR)ַQɑ{CAБ{CȯՓָһCȯЈͨĴ˾ЃrCȯĿD׌{Cٹ˾YIշĽБ{CĮڱCȯlй˾ܙCڇдyCȯN̼ͶYlл׵c֮ͬБ{CԲͬQБ{C(American Depository ReceiptADR)W޴Б{C(European Depository Receipt, EDR)ȫБ{C(Global Depository Receipts, GDR)

ЇБ{CCDR
CDRChinese Depository Receipt(ЇБ{C)ֿsCDRָھй˾ѰlеĹƱйڮرyЇȵĴyаlھAЈŽ׽YͶYIuͶY{C

QFII
QFIIQualified foreign institutional investor (ϸľCͶY) ֿsһ؛ś]ЌFȫɃQYĿδ_ŵr޶ȵMY_YЈһ^Եƶ@NƶҪͶYҪMһCȯЈ횷һėlõԓPTČͨ^Rһ~ȵRYDQ鮔؛ͨ^OܵČTͶYCȯЈ

QDII
QDIIQualified domestic institutional investor (ϸľșCͶY)ֿsһOԓPTʏ¾CȯЈĹƱȯЃrCȯIյCȯͶYQFIIһҲ؛ś]ЌFȫɃQYĿδ_ŵr޶ȵSͶYͶYCȯЈһ^ԵƶȰ

Ʊڙࣺ
Ʊڙָ˾ɖ|轛ˆTڼsδރijһArُIһ˾ƱxƱڙƶй˾Ĺɖ|ԹƱڙ෽ʽ˾ˆTFAIĿ˵һƶ

Yɹ˾
ָھעеĹ˾

Yعй˾
ָھעYعɵľй˾

ڙC
ָЇOĸYڙCYڙCU˾⣩

yнڙC:
ָЇyʳA񹲺͇עԵYͶY˾YU˾ؔչ˾Cȯ˾U˾ڹ˾??

YڙC:
ָA񹲺͇PҎҎЇO͠IIнڙCЇȵYyyЇȵķĽڙCͬЇĽڙCЇȺYIy˾ЇȵYؔչ˾ĽڙCͬЇĽڙCЇȺYIؔչ˾??

y:
ָЇyA񹲺͇OYyм֧CyЪY̘Iyɷ̘Iyкͳкyеyм֧C??

YڙC֧C:
ָ҇YڙCھծطOõķǪ˵ķ֧C??


Ǹ؛֮g໥QrQıһ؛ņλһ؛ņλʾăr

ʅRr
ЇyÿչygRЈŌԪԪێŵЈgrԓgrǸRָy֮gԼRָyc֮͑gŌԪԪێIuĽ׻ʅRr

yRƃr
RָyЇyйŌԪ׻ʅRrHRЈŌԪԪێNɃQ؛ŵgrRָyпЇyҎąRrӷȃƶ؛ŵRIrRurԼFnIrͬFnur@ЩƃryRƃr

Rƶȣ
ָһ؛Ů֌R׃ӵĻʽһϵаŻҎҎ؛ŌrֵҎRʵIJӷҎ؛c؛ŵąRPϵҎӰ푺͸AR׃ӵķʽyRƶȷ̶֞Rƺ͸ӅRƃ1973ԺRƶӻH؛ŻMŒRƶȷ֞סRƺ͏ԅRƃɷN߰ӅR

ֱӘ˃r
һλ؛ŞʁӋ㑪ٱ؛

gӘ˃r
һλıŞʁӋ㑪ն


M؛IuQЈRRoIuнCɵRIuӈ

ygRЈ:
ָRʿԽIRIյľȽڙC(yyнڙCYڙC)֮gͨ^ЇRMc֮gĽЈ

hڽYۅRI:
ָRָycșCf̺ӆhڽYۅRͬskYRۅRRŷN~RʺR֧lrԓhڽYۅRͬӆĎŷN~RkYRۅR

Ҋ
Ԏ͑Ԏ؛ԴԎRƱЈPҊMڮaƷҊ؛؛Ҋ˾ڴMژIՕrɴλӆMںͬkƆُRRPmkΓ挍ؓ؟ֹoCُRԼنCyՈُRُRО

_ُRО飺
FRlδҎ_RО̷Ҏ_RО1׃캣PPMCRT˜ʼȑ{C͆ΓُR2ʹIu׃ĺPPMCRT˜ʼȑ{C͆ΓُR3؏ʹúPPMCRT˜ʼȑ{C͆ΓُR4֪_ُRṩYյُR5ʽ_ُR

ׅRО飺
1`Ҏ֧ԌR֧M؛֧ǺϷ؛Q׳2Ş֧ھȵMɌoR3֪ڷǷׅRṩYյ4̓ٻߟoЧđ{CͬΓRָy_ُR5ʽǷׅR

ӅRО飺
1`ҎԌRھ2ՇҎRuoRָyе3`ҎRRߔy4δRTԌŴ{CЃrCȯy]ij5֪ӅRṩYյ6ʽӅR

ǷʹRО飺
1ھӋrYО2R|ѺО3˽Ը׃R;О.4ǷʹRО

ǷIuRО飺
1δRRָyЇRļĺR{RIuО2R߀Ż߀Rʽ׃IuRО3ԫ@ȡǷĿIuRRО

`RҎО飺
1δRھ_RО2ZD׌RО3δRԸ׃Rʹ÷ʹ~О`RҎО

`YۅRҎО飺
Rָy`YۅRҎԓYRk˽YRԓۅRkۅRYRˬFRۅR]ۅRYRۅRrδҎЧ{CЧ̘IΓδҎĕrgkYRۅRYۅRD~ЇyлRֵҎО

`MںNҎО飺
ͿD׌Iu؏ʹóՅRNMڸRN؛PM؛PYRˮՎ֪ͨSCԄӵӛCMڸR䰸ClƱRƱЧ{C̘IΓkNmОδҎҪkNmОδҎijkNmО`NҎО

`ҎО飺
1δԺڙԻIJ͇HڽMJО2δRԽÇH̘IJО飨ͶYI⣩3δRԌѺ|ѺО4δҎkӛ͌ӛО5δҎk߀mО`ҎО

`RЈҎО飺
1δMygRЈMн׵О2δҎygRЈrɽО3MЈ⽻׵О4pֶMR׵О5MҎĽƷN͎ŷNR׵О6ɽδҎYО`RЈҎО

`RʹҎО飺
1׃ЇyйąRgrО2͑Irur^ЇyҎĸӷȵО3δЇyйąRgrҎĸӷygRЈMR׵О4ORʵО`RʹҎО

`H֧yӋО飺
1H֧MО2δҎϢxյО3`meH֧׵О4KƉČH֧ϢzˌО`H֧yӋО