1999 2000 2001 2002

2003

********************

2003

2003

2003

********************

( 1-1)

1-1

2003




91 95 96 2000

1998
99 2000
98

********************

2003
0AMV











51%























?



?

********************

2003

1996 95

2003 2003

********************

2003

********************

QFII

********************

********************

2001



1995










1996



96 2001


98



2001
120

********************

10%


QFII

2003

2004 2005 2006




2003


2004 2005 2003 2000
1999

2003



QFII


! !

********************

10

2003
A

2003 2003
2003



2003
K

2003
2001



2001



2003




!

********************

11

20-30%

2004 2005


QFII
QFII
QFII

********************

12

2003
2004 2005

********************

13

A







K

( 2-1)

2-1
2003 10 13




1.22% ( 2-2)


( 2-3)

********************

14

2-2

2-3

36.8% ( 2-4)



( 2-5)

********************

15

2-4

2-5


K

********************

16

********************

17

VCD












2003

3-1


10% 10%




50%
10%

********************

18

30% 10% 10%

20%

3-1



3-2

3-2
10 8 80 20
5
15 10 20
15
20 5 100 10 8 80 180

********************

19

13 13.8
5

20

3-3

3-4
3-3
34

********************

20

13 5

3-4

10%

10%

3-5

3-5

30% 20%

20%

K

3-6

********************

21

3-6


3-7

3-7
K

********************

22

3-8

3-8


3-9

3-9






3-10
2003

********************

23

3-10




3-11

3-11
34
34
3-12
30%

********************

24

( 3-13)

3-12

( 3-13)
2003 4 24

20%
10%

3-14

3-15

********************

25

3-14

3-15

5% 8%

********************

26

3-16

3-16





2003




5 13 34

5 13 34
,
,
,
,

********************

27

3-17

3-17
2003 9 8







3% 3%






10%



3%,

********************

28

3%


10%




10%





11 15 11 13
15 16

3-18

********************

29

3-18





15%





K K


0AMV

13 34

3%

13 34

********************

30

********************

31

CYF



10% 10%
10%

37
37 36 37 38 40
37
37 37
37 38
40 37
C
4-1



K

********************

32

4-1







4-2

4-2

********************

33

K





4-3

4-3


4-4

4-4

********************

34

4-5

4-5
11 9

4-5

********************

35

K
K

4-6

********************

36

CYW
K
K
K K

K 4-6 K
K

4-7

4-8
4-7
K K

********************

37

4-8


4-9

4-9
K
2002 6 24


4-10

4-10
K

********************

38

K
30 60

K

4-11

4-11

4-12

********************

39

4-12
K
K

( 4-13)

4-13

********************

40

( 4-13) KDJ
KDJ 9 9
KDJ
100% 100 0

KDJ 0 100 4-14

0 100

4-14

K K
KDJ K D K D KDJ

9
9 9
KDJ
9 9
13 20 KDJ
KDJ KDJ
60 200 KDJ KDJ
9

KDJ
KDJ

KDJ CYS
4-15
5 13 34

********************

41

4-15

CYS S CYS5 CYS13 CYS34

5 10% CYS 5
27% CYS 27
CYS5

4-16

4-16 CYS CYS

CYS 0 CYS 0
K CYS 0 0
0 CYS


CYC
4-17

********************

42

4-17

2000 1 2000 2001 7
2003 11




KDJ
CYS

30%

K
CYF
CYF
F float CYF
4-18
2003 CYF5 5 13 34
5 34

CYF

********************

43

4-18
CYF
0AMV

4-19 K
2003

4-20
K
K
K

********************

44

4-19

4-20

********************

45

5-1

********************

46

5-1


8% 15% 5-2

5-2

5-3

5-3

********************

47

5-4

5-4
C




5-5

5-5

********************

48

5-6
5-6



5-7

5-7

5-8

0.24%


5-9

********************

49

5-8

5-9
5-10

********************

50

5-10

5-11
5-11

20% 5-12

********************

51

5-12







5-13

5-13

********************

52

30

5-14
2003 11

CYC

********************

53

5-14 K

5-14

5-15

********************

54

5-15

2003 11 2003
11

A

A A

2003







5-16

5-16



5-17

********************

55

5-17
2003 11

5-18

5-18

********************

56

10%








2003











5-19

5-19
2003 11
8%

********************

57

8%

2001




50% 40 30 20 10




5-20




2003

********************

58

5-20














10%

********************

59

********************

60

2003

2003 11 1200
1100

6-1

********************

61

CYS
K
6-1

2001 8
K

K
5
13 34


2001
6-2
2003

6-2



2003


6-3


10%
10% 20%
20%

********************

62

6-3
CYS
CYS 10% 21% 10% CYS -9.1%
-17.4% 21%
17.4%
21%
17.4% 20% 17.4%
17.4% 17.4 10%
17.4% CYS

6-4
CYS CYS 0 10 10 21 21
CYS -9.1 0 -17.4 -9.1 -17.4
17.4 5%
5% 5% 5%

********************

63

K 6-4


CYS CYS -17.4
CYS -17.4
17.4

6-5
0413 A

6-5

6-6
2002 11 20

K
A

********************

64

6-6
CYS 2003 10 21 CYS -19
9 8 8
8
2003


2003


,

2003


A

11
BB

CYS
-17.4



-17.4



15% 15%

34 13 5

********************

65

6-7

6-7

6-8
170
170 100
100 100
170 -170

170 5%

********************

66

-170 2003 1 2
6-8
-237.79 -176.14
-180 -170
170
6-9

6-9
2003 1 11 K 12 1

1
6-10
ST 00682

ST

6-10
6-11

********************

67

6-11

-100 -170

CYS
-17.4 -100

6-12
CYS 10

********************

68

6-12

2003 4 15






K
K


6-13

6-13



6-14
2003 4 15
CYES

CYE CYES 5 5

15
2003 4 2003 4

********************

69

6-14

6-15

********************

70

CYS
-17.4 -100
















6-16
20% 30% 50%

6-16

CYS-17.4 -17.4
10%
10% 10% 10%
-17.4 10% 10%
-17.4
6-17
1996 70% 96 4.76%
97 48% 98 50% 99 61%
2000 66% 3.12%
2001 26.75% 2002 36.38 ,2003 11 23.41

********************

71

6.87%
6-18

6-17

6-18
96 99 2000
97 98
01 02 03

********************

72

2003
A






2003











2003
2003 2003

6-19

6-19
K 2003 1
2003 1
3
10% 2003
2003 3 4 2003 11

********************

73

1300
28%
28%

2003 1

2003

********************

74

7-1

7-1




K
7-2
K
10%

********************

75

7-2
ST

7-3

7-3
2003

********************

76
















7-4
K

7-4





7-5

10%
2003 11 11 7-6
9



20%

********************

77

7-5

7-6
7-7 2003 11 12

********************

78

7-7




K


CYS

7-8

7-8
2003 11 11 CYS

********************

79


ST
CYS 20%

CYS



CYS




7-9

7-9
2003 11 11 20%











7-10




10% 10%

********************

80

7-10

7-11

********************

81




2003 11
7-11
K


7-12

7-12
K

51 11

********************

82




7-13

7-13

7-14

********************

83








7-14




CYS









1999 2000
2003




2003 11 11 12
2003 11 19 19








( 7-15)
CYS ST ST

CYES
CYES



15
CYES CYES

********************

84

7-15
0.05
10%
10% 2003
20
11 19
7-16

7-16
2003 11 19
20% 19
11 12
CYE CYE
CYES CYS CYES

********************

85

10% 20%

1995
10%



1995
K
K

K
W W
W W W

ST 5% 13
21

********************

86










2000

7-17
7-17 96



0AMV

********************

87

8-1

8-1 2003
2002 12 31

********************

88

8-2

8-2
2004 8 K

********************

89

8-3

8-3
3 ST 600793 2003 8

?




10%
10%
10% QFII
20% 80%

2003

40%

********************

90

8-4

8-4
5 13 34

2003 7


8-5

********************

91

8-5



20% 20

CYS

20%
CYS -22








5%
10%
10%

20%
8-6

10%

********************

92

8-7

8-6

8-7







2003
(
8-8)

********************

93

8-8
2003 3

2
3


2003 3









34
K


34 34








8-9

********************

94

8-9
2003

8-9 2002 10 2002 12


2003 4

2002 10




8-10

8-10

********************

95

5% 5%

8-11
CYF
CYF
CYF
0AMV
CYF
CYF

********************

96

8-11
2003 8 K

CYF13


2003

30%

********************

97

,
60%





2003 11 8-12
K

8-12
8-13 CYF

2004

********************

98

8-13

********************

99

A
QFII






2003

2003 2004 2005

1998 1998 98

99 2000 2001 2002
99 2000

QFII 2003
2001
A

********************

100

2001

9-1

********************

101

9-1

9-2

9-2

********************

102

9-3

********************

103

9-3



9-3









2004 2005





2004 2005







9-4

9-4

********************

104

10%







9-5

9-5
2002 6 24
2002

9-6


9-7

10%
9-8

********************

105

9-6

9-7


2002 6 19 9-9


1998

********************

106

9-8

9-9







9-10
2002 7 26
6.24 K

********************

107

9-10
K 2002 11 12

9-11


2002 11 12

9-11

2003 1 13 9-12 K

9-13

********************

108

30%






9-14

9-12

9-13



10% 10%
9-15

********************

109

9-14

9-15


10% 10% 10%
10% 10%


K 10%
K K 10%

2003 1 13

********************

110

2003 3 14

9-16

9-16










2003 3 14
3 14



9-17





10%
10%
20%


99.54% 2.15%
9-18
90 3

********************

111

9-17

9-18
90% 3% 90 3


90
3



9-19
3 27

2003 3 27

********************

112

9-19

********************

113

2001 12

K
K K
K
K
KDG

( 10-1)

10-1
1

********************

114

3 4
10-2

10-2
10
20
10
20
10-3

10-3

10-4

********************

115

10-4

10


30
20











10

20



K

********************

116

10-5

10-5
2003 3 19

58.63 60

60





60

10-6

3 19 2003 6.8
6.8 20.7
6.8

60
10-7

********************

117

10-6

10-7












1 1 2003 3

********************

118

10-8

10-8

10-9

10-9

********************

119

21
21

58
10-10

10-10


58 58
58

10-11
2003
70
75.76

89.53

90
90



10-12

********************

120

10-11

10-12




10-13
10-14


45.34
35.34


45.34

********************

121

10-13

10-14

10-15
K 2003 4 7 2002

********************

122

10-16

10-15

10-16
20


16

********************

123

10-17

10-17




10-18

10-18




?

10-19

10-20

********************

124

10-19

10-20
K 2003 4 7
90 3



0.73



10

********************

125

10-21

10-21
5 13 5
13 5 13 13 34 34



5

10-22

10-22
90 3
CYF

********************

126

CYF13

10-23

10-23
600019 2003 4 4 CYF13 10.48
CYF 10.48
80

70
10

CYF13
10-24

10-24

********************

127

CYF13 25 25

21
10 10 16

90 3

? 2003
12 4 10-25

10-25

********************

128

10-26

10-26

20

21

90 3

10-27

77

********************

129

10-27



10-28

10-28

********************

130

********************

131

2001

11-1

11-2
62%



11-3
2003 4 7
10%


11-4

********************

132

11-1

11-2

11-3

********************

133

11-4


CYF

11-5

11-5


11-6

********************

134

11-6

11-7

11-7
2001 9 9

********************

135

2002 1 22 11-8

11-8







K
K
11-9

11-9

********************

136

2003 3
2001 2002 2003 3

11-10
2002 10 18

11-10







11-11

********************

137

11-11

1998 1998



,
2003 2 28 11-12

11-12
, K
10%
11-13



2003 4 7 11-14

********************

138

11-13

11-14

10%
10%




2003 4 7 11-15

********************

139

11-16

11-15

11-16

17

11-18

5 13 34 0 5 5 13 13
11-19
34 0
0
0 0

word CYS00

********************

140

11-17

11-18

11-19

********************

141

5 13 34
55 11-20

11-20
55
11-21 55

11-21
55 55
K 11-22
11-23


K K

55

********************

142

79 79 79
79

25

11-22

11-23

********************

143

11-24

11-24

11-25

11-25

11-26
11-27

********************

144

11-26

11-27


11-28

2003 4 25

11-29

A QFII

10 20 20

********************

145

15 20 10
15
10 15 10 20

11-28

11-29




10 10 15 20
15

********************

146

15 15

11-30

11-30

11-31
600019 2003 12 5

********************

147

11-31


20% 20

11-32

11-32

********************

148

00063 11-33

11-33

11-34

********************

149

K
QFII

11-34










11-35

11-35
2003








11-36

********************

150

36

11-37

11-37
2003

********************

151

11-38
11-38
CYC13

********************

152

********************

153

12-1

12-1
2003 3 26 1
12-2

12-2

********************

154

12-3

12-3

12-4

12-4

K

********************

155

12-5

12-5






12-6
2003 3 26 26



www.cctv.com.cn

********************

156

12-6



2003

3 26


12-7
000550 000868 000800
000927ST 000957 600006 600066 600609
600104 600166 600178 600760 ST 600213 600418
600565 600625


3 26

********************

157

CYS
12-8

12-7

12-8
CYS
ST


ST
CYS
CYS

K

********************

158

CYS
12-9

12-9
2003 3 26 3 25 3 25
3 26 3 26 3 25

90
3



12-10

********************

159

12-10

12-11
12-11








12-12

********************

160

12-13

12-12

12-13

********************

161

12-14

12-14
CYS
K

12-15

12-15

2001
12-16

********************

162

12-16
12-17

12-17



12-18 K


12-19


12-20

12-21

********************

163

12-18

12-19

12-20

********************

164

12-21

12-22
12-22
12-23

12-24
12-25
2

********************

165

12-23

12-24

12-25

********************

166

12-26

12-26

12-27
256 12-27

********************

167

12-28
28

12-29

12-29

12-30
31

90 3 12-32 12-33

********************

168

12-30

12-31

12-32

********************

169

12-33
90 90 90 3



( 12-34)

12-34

12-35






2003 3 25 ST
12-36

********************

170

12-35

12-36
ST

10

2003 11 18 12-37

********************

171

12-37

12-38
38
1


1
2 2
3


10%

********************

172

3

2003 11 18

12-39

12-39

12-40

********************

173

12-40

12-41
41

********************

174

12-42
6 24 42
12-43

12-43

12-44

12-44




12-45
12-46

********************

175

12-45

12-46

1300



12-47

********************

176

12-47

********************

177

13-1

13-1


2003 3 25 13-2

3 27
3 31 13-3
4 2 13-4

********************

178

13-2

13-3

13-4

********************

179

4 2
ST

13-5
13-5 ST
4 7 13-6

13-6

ST 4 8 13-7
80%

4 9 13-8

K K

13-9

********************

180

13-7

13-8
13-10
K
K K



ST 2003
13-11

********************

181

13-9

13-10

13-11

********************

182

13-12


CYEM
CYEM 0 CYEM
CYEM

13-12
CYF34 CYF


34

CYEM CYF34



CYEM=1 CYF34=2 1 2

********************

183

CYEM CYF34
13-13

13-13
CYEM
CYF34




13-14

13-14

********************

184

13-15

13-15

13-16

13-16

********************

185

13-17

13-17

13-18

13-18

13-19

********************

186

13-19






13-20

13-20

********************

187

600050

********************

188

600888 600444


39 69
0439 0469 0539 0569
OK
2002 2 27 13-21

13-21

13-22


2002 2 27
2002

********************

189

2003 2003 4 8 13-22


















13-23

13-23





CYEM
CYF34
2003 3

********************

190

13-24

13-24
2003 11 10

13-25

********************

191

11 10 13-25
38% 48%, 14%
50%


50%
2003 11 10
2003

2003 13-26

13-26





CYEM CYEM CYEM






13-27
CYEM
1.48
1.48%

********************

192

13-28

13-27

13-28

13-29

CYF34
34 55.8
55% ,

********************

193

13-30

13-29

13-30




2004 2005

2004

********************

194

2003 11 10
13-31

13-31



13-32

13-32
11 10


11 4

********************

195

13-33

13-33
11 4 38% 39% 23% K







11 4
13-34

13-34

********************

196

38
13-35

13-35

13-36

13-36




2003

********************

197

2003 ?

2003
2004 2004


2003


A


5 3 3
A
5



2003


2003

QFII

14.48 3.6%
2%


2003 9 5 8.34% 2002
4 1 7.23%
11

3.6%

3.6% 20% 3.6%
3.6%

50 50
100

********************

198

5 6




K


90 3

2003 12




( 14-1)

14-1

********************

199

( 14-2)

14-2
0
100 200 2000
-100 -170 -200

********************

200

14-3
( 14-3)
0 100

14-4
14-4 100% 100
170% 1.7



100 -100 100 -100
100 -100
70% 100 -100 -170 -170 170
90%

********************

201

14-5

14-5
-170 170



14-6

14-6
-170 5% -170
-170 -170 -100 -100
170
100 100 170


14-7
-100 14-8 100 -100

100 170
100 170
170
170

********************

202

14-7

14-8

14-9
14-9

********************

203

14-10







2004 14-11

14-10

14-11

14-12

********************

204

14-12
( 14-13)

100
100 -100

14-13
100 -100


170
170 90% 170
170

90% 10%


( 14-14)

********************

205

14-14

14-15
2004
2004
2004 2003

170 100


( 14-15)


( 14-16) -100

********************

206

14-16
( 14-17) -100 100



170

14-17
170

2004
50 100
( 14-18)

********************

207

14-18

4 4
( 14-19) 1
100 -100 100

14-19

********************

208

0 100 100 200 ( 14-20)

14-20







( 14-21)

14-21
( 14-22) 2003 1 2 2003

********************

209

2003 4 30 ( 14-23)


2003 2003 12 12 ( 14-24)

14-22

14-23

( 14-25)


400

********************

210

14-24

14-25

14-26

14-26

********************

211

14-27
( 14-27)

14-28
( 14-28)

( 14-29)
2003

2004

********************

212

2004

14-29

********************

213

60%

GDP

********************

214

2003

15-1

15-1

15-2

********************

215

1996 15-2 1996

15-3

15-4
15-3 1995

********************

216

3

90%
5%
15-4
5%
















20%





95% 15-5

15-5

********************

217

15-6
1996 12 13

15-6



1996 12 13







15-7

15-7

********************

218

1997
15-8

15-8
1997 5 1997

15-9

15-9

15 15
1996 1997 15
15


15-10
1997

********************

219

15-10

1997
1998 15-11

15-11


15-12
1998 98 2003 2003
K
K

15-13

********************

220

15-12

15-13
1998 8

15-14








2003
2003

********************

221

15-14


2003


1500 1600

15-15

********************

222

1999 15-15
1999
2003
1999 5


1999 5 99 5
15-16
7 1

15-16

15-17
1999

********************

223

15-17
2000 1999
15-18
2000 8

15-18

15-19

15-19


15-20
2001 7

2001

********************

224

2001



2001

2003
15-21
12

15-20

15-21

********************

225

2004 2003
2004 2003
2004



2004

2004 2005
95% 5%








0AMV

0AMV
15-22

15-22
K 0AMV K

********************

226

0AMV

0AMV
15-23

15-23
0AMV

0AMV 0AMV
0AMV

15-24
0AMV 0AMV
0AMV

********************

227

19 5 19 15-24
10% 12
40%
0AMV 0AMV
K K

15-25

15-25

15-26

********************

228

2000 1 4
2000
K
15-26






0AMV
15-27

15-27

15-28

********************

229

2002 6 24 K
2002
6 24



2002 6 24
2001

K
0AMV
15-28
2003 11 6 1300






2003 12

15-29
0AMV

15-29


0AMV
0AMV

********************

230

8% 97
0AMV

0AMV

0AMV
15-30

15-30
0AMV 3



20%

********************

231

********************

232

16-1

********************

233

16-1

16-2

16-2

16-3

********************

234

16-3



2%
















16-4

16-4


16-5

********************

235

16-5



16-6

16-6

2000 2003
16-7

7.4% 1% 2% 2
8% 7.4%
2%

********************

236

16-8

16-7

16-8
0.3% 20%
20%



CYS CYM
16-9

2003
2003
16-10

********************

237

16-9

16-10
2000

16-11

9.5% 10%

********************

238

16-11

2%
2002

16-12

********************

239

16-12

16-13

16-13

********************

240

10%
20%



50%

20% 50%

0AMV 0AMV

2003
ST



2003

********************

241

2004







2004












16-14

16-14



16-15

********************

242

16-15

16-16

16-16

********************

243

16-17

16-17















16-18

********************

244

16-19

16-18

16-19







16-20

********************

245

16-20
2002 6 24

6.24
6.24

2003

2003

********************

246

********************

247