A股市场策略周报政策黑云压城

䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ � Ёֵ䆕ࠌⷨお䚼�ㄪ⬹㒘� Ѣݯ� ⬉䆱˖010-84588205 䚂ӊ˖yujun@citics.com ᠻϮ䆕к㓪ো˖S1010200010021 ߬ৃ� ⬉䆱˖010-84588091 䚂ӊ˖lk@citics.com ᠻϮ䆕к㓪ো S˖1010208120164 䚸ዄ� ⬉䆱˖010-84588032 䚂ӊ˖xif@citics.com ᠻϮ䆕к㓪ো˖S1010209060187 䰜ढ㡃� ⬉䆱˖010-84588072 䚂ӊ˖chl@citics.com ᠻϮ䆕к㓪ো˖S1010208120163 㘨㋏Ҏ˖߬⋹� ⬉䆱˖010-84588438 䚂ӊ˖liujin@citics.com 㘨㋏Ҏ˖⥟䶻� ⬉䆱˖010-84588434 䚂ӊ˖wangr@citics.com 㭯֞� ⬉䆱˖021-68761845 䚂ӊ˖xuejun@citics.com ᠻϮ䆕к㓪ো˖S1010209080199 � ᨬ㽕˖� � Ꮦഎᘏԧ߸ᮁ˖ᘏԧⳟˈ᠓ഄѻᬓㄪ䇗᥻ⱘᚆ㾖乘ᳳⷁᳳݙ䲒ҹ⍜䰸ˈ㗠ҹ⾥ᡔǃԢ⺇ǃ㡖㛑ǃ⍜䌍ㄝ 乚ඳЎЏⱘᮄ݈ѻϮᇚߎ⦄ሔ䚼ߚ࣪ˈফᬓㄪ߽ぎय़ࠊⱘ਼ᳳ㙵੠᮴Ϯ㒽ᬃᩥⱘ乬ᴤ㙵ҡᇚ೼ⷁᳳ㒻㓁 ᢪ㌃໻Ⲭˈ乘䅵Ϟ䆕㓐ᣛҡᇚ㓈ᣕᔅ࢓ᭈ⧚ᗕ࢓DŽޚ໛䞥⥛ⱘݡ⃵ᦤ催ǃೈ㒩Āकো᭛ӊā᳈໮ഄᮍᬓ ᑰ㒚߭ⱘߎৄ੠⍋໪Ꮦഎⷁᳳ䇗ᭈ亢䰽ᇍᏖഎᇚ᳝䕗໻ⱘय़ࠊ԰⫼ˈᏖഎҡᇚ೼Ԣԡ䖤㸠DŽ � �ᄷ᡹ᬊᅿ๲䭓ࡼ࡯෾ᖻ ḍ˖᥂WIND㒳䅵 Ҟˈᑈϔᄷᑺ㌃䅵ᅲ⦄ޔ߽⍺ 3434.5ғܗ ৠˈ↨໻ᐙ๲䭓 63%˗ ࠨ䰸ϡৃ↨಴㋴ˈϔᄷᑺޔ߽⍺ⱘ⦃↨๲ᐙг䖒 23.22%DŽԚᰃ៥Ӏ䅸Ўˈ䖭⾡þ㾺ᑩডᔍÿൟⱘ๲䭓ࡼ ࡯᳾ᴹ෾ᖻˈ䙁䘛њᬓㄪᠧय़ⱘ᠓ഄѻ㸠Ϯⱘ䇗ᭈ᳾ᴹৃ㛑㫧ᓊࠄ䩶䪕ǃ∈⊹ǃ䫊㸠ǃ᳝㡆䞥ሲㄝӴ㒳 㸠ϮDŽ2010ᑈϟञᑈˈA㙵ϞᏖ݀ৌϮ㒽ⱘ催䗳ডᔍ࢓༈ᇚ䍟Ѣ㓧੠DŽ � Ꮦഎৃ㛑৥Ā໪ᓊᓣā๲䭓ᮍ৥ᇏ∖⛁⚍˖Ң㒣⌢਼ᳳ㾦ᑺⳟˈ೼ⳂࠡⱘѻϮ㒧ᵘϟˈݙ⫳ᗻⱘϮ㒽๲ 䭓Ꮖ㒣ߎ⦄⫊乜DŽ㗠Ң݋ԧⱘ᪡԰ᯊᴎϞ߸ᮁˈ㙵ӋԢԡᕬᕞᳳᕔᕔᰃᑊ䌁䞡㒘џӊⱘ催থ䰊↉ˈ಴Ў Ꮦഎ䇗ᭈ䌘ѻӋḐԄؐ∈ᑇ䕗Ԣˈ㸠ϮӬ࢓ӕϮᑊ䌁䞡㒘ᔅ࢓ӕϮⱘݙ೼ࡼ࡯䕗ᔎDŽ೼Ꮦഎᔅ࢓ⱘᚙމ ϟˈ⬅Ѣᷛⱘ݀ৌⱘ㙵Ӌ⏤䍟ড়⧚ˈᑊ䌁੠䞡㒘ⱘᴎӮϡᮁϞछDŽ೼㒻㓁ⳟད⍋㽓ᵓഫ੠ᮄ⭚ᵓഫⱘ෎ ⸔Ϟˈ៥Ӏᦤ⼎ᡩ䌘㗙䞡⚍݇⊼༂ӕ䞡㒘䖛⿟Ёᡩ䌘ᴎӮDŽ � ⍋໪Ꮦഎⷁᳳ亢䰽䳔㾘䙓˖ܼ⧗䌘䞥䙓䰽䳔∖೼᳾ᴹৃ㛑䖯ϔℹ๲ࡴˈ⬅Ѣ೼⃻ܗ䆒ゟᯊা䆒ゟњ⃻⌆ Ё༂䫊㸠ˈ㗠ऎݙ৘೑≵᳝㒳ϔ৘೑ⱘ䇒⿢ᴗ߽੠ᬓᑰ䋳؎ⱘ㒳ϔㅵ⧚ˈ䖭ህЎ⃻ܗԧࠊݙⱘ؎ࡵ䯂乬 ඟϟњӣヨDŽ㗠೼Ꮰ㜞Пৢˈ៥Ӏᦤ䝦ᡩ䌘㗙⊼ᛣϟϔϾߎ⦄䯂乬ⱘ⃻ܗऎ೑ᆊৃ㛑ᰃ㽓⧁⠭DŽ೼᳾ᴹ ϔ↉ᯊ䯈ݙˈ⃻ܗऎϾ߿೑ᆊৃ㛑ձ✊ᄬ೼ⴔ䯂乬ˈ⬅ℸ䱤㮣ⱘ亢䰽䳔㾘䙓DŽ � 䜡㕂ᓎ䆂˖ᴀ਼݇⊼ⱘ㸠Ϯ䜡㕂㒓㋶ᰃ೼ᅣ㾖਼ᳳϡ⹂ᅮᗻ๲໻੠⾥ᡔᵓഫԄؐ䖛催㚠᱃ϟˈᇏᡒ⊯⍜ 䌍乚ඳݙ⫳ᓣϮ㒽๲䭓⹂ᅮǃԄؐড়⧚ⱘᡩ䌘ᴎӮˈҹঞ݇⊼᠓ഄѻᲈ䎠㸠ᚙϟⱘ䫭ᴔક⾡੠༂ӕᭈড় ᏺᴹ໪ᓊᓣϮ㒽๲䭓ⱘ㸠ϮᴎӮˈЏ㽕᥼㤤ݰϮǃଚϮǃᮄൟᓎᴤǃ㡖㛑䆒໛ᵓഫDŽ ᬓㄪ咥ѥय़ජˈᏖഎԢԡ䖤㸠� 2010ᑈ 5᳜ 3᮹ ⷨお᡹ਞgA㙵ㄪ⬹gᅮᳳ᡹ਞ A㙵Ꮦഎㄪ⬹਼᡹ A㙵Ꮦഎㄪ⬹਼᡹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ ⳂⳂ ᔩ ϔǃᬓㄪ咥ѥय़ජˈᏖഎԢԡ䖤㸠 .......................................................................................................................... 1 1ǃ1ᄷ᡹ᬊᅿ 催๲䭓ৢ㒻ࡼ࡯ϡ䎇................................................................................................................ 1 2ǃᏖഎৃ㛑৥Ā໪ᓊᓣā๲䭓ᮍ৥ᇏ∖⛁⚍................................................................................................. 2 3ǃᬓㄪಲ乒Ϣሩᳯüüᬓㄪ乘ᳳҡᇚय़ࠊᏖഎ............................................................................................. 2 4ǃⷁᳳ䳔㾘䙓⍋໪Ꮦഎ亢䰽 ............................................................................................................................ 3 5ǃ㸠Ϯ᳔ᮄ㾖⚍ঞᡩ䌘㒘ড়ᓎ䆂 .................................................................................................................... 4 Ѡǃ⍋໪Ꮦഎ ............................................................................................................................................................ 11 ᦦ೒Ⳃᔩ ೒ 1˖2010ᑈ 1ᄷ᡹Џ㽕䋶ࡵᣛᷛ๲䭓ᚙމ........................................................................................................... 1 ೒ 2˖ᔧࠡ A㙵㸠ϮᏖؐऴ↨ϢԄؐᚙމ............................................................................................................... 2 ೒ 3˖৘ᵓഫҞᑈҹᴹⱘԄؐব࣪䍟࢓.................................................................................................................... 2 ೒ 4˖ᡩ䌘㗙䳔݇⊼㽓⧁⠭؎ࡵ䯂乬........................................................................................................................ 4 ೒ 5˖ᖋ೑ᬓᑰ؎ࡵऴ gdpⱘ↨䞡............................................................................................................................ 4 ೒ 6˖⊩೑ᬓᑰ؎ࡵऴ gdpⱘ↨䞡............................................................................................................................ 4 ೒ 7˖ऩ਼Ꮦഎ৘㸠Ϯ⍼䎠ᐙ ................................................................................................................................... 5 ೒ 8˖Ёֵᡩ䌘㒘ড়Ϣ≾⏅ 300ᣛ᭄........................................................................................................................ 9 ೒ 9˖ܼ⧗䌘䞥Ѯ⌆Ꮦഎ⌕৥(਼᭄᥂ˈ៾ℶࠄ 2010ᑈ 4᳜ 28᮹) ................................................................... 12 㸼ḐⳂᔩ 㸼 1˖DDM῵ൟЏ㽕؛䆒ҹঞᇍ 2010ᑈᏖⲜ⥛乘⌟㒧ᵰ.................................................................................... 1 㸼 2˖䖥ᳳЏ㽕ᬓㄪ⛺⚍ ........................................................................................................................................... 3 㸼 3˖ᇍৢ㓁ৃ㛑ߎৄഄѻᬓㄪⱘ⣰ᛇ.................................................................................................................... 3 㸼 4˖㒚ߚ㸠ϮԄؐ੠㸠Ϯ᱃⇨߸ᮁ........................................................................................................................ 6 㸼 5˖Ёֵ㽚Ⲫ㒚ߚ㸠ϮᏖഎϔ㟈乘ᳳⲜ߽乘⌟䇗ᭈᚙމ .................................................................................... 7 㸼 6˖Ёֵ᥼㤤㒘ড় ................................................................................................................................................... 9 㸼 7˖Ёֵ᥼㤤៤䭓㙵㒘ড়ঞ݊㙵Ӌ㸼⦄.............................................................................................................. 10 㸼 8˖㕢೑㒣⌢ᣛᷛ䎳䏾 ......................................................................................................................................... 11 㸼 9˖ϟ਼݀Ꮧ䞡⚍᭄᥂ ......................................................................................................................................... 12 A㙵Ꮦഎㄪ⬹਼᡹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 5᳜ 3᮹ 1 ϔϔǃᬓㄪ咥ѥय़ජˈᏖഎԢԡ䖤㸠 1ǃ1ᄷ᡹ᬊᅿ 催๲䭓ৢ㒻ࡼ࡯ϡ䎇 ៾ℶࠄ 2010ᑈ 4᳜ 30᮹ˈA㙵ϞᏖ݀ৌ 2010ᑈϔᄷ᡹᡿䴆ᅠ↩DŽ≾⏅ϸᏖ 1815ᆊϞᏖ݀ৌⱘ 2009 ᑈᑈ᡹੠ 2010ᑈϔᄷ᡹ܼ䚼҂Ⳍˈḍ᥂WIND䌘䆃㒳䅵ˈ2009ᑈ㌃䅵ᅲ⦄ޔ߽⍺ 10640.1ϛғܗˈৠ↨๲ 䭓њ 27.3%DŽҞᑈϔᄷᑺ㌃䅵ᅲ⦄ޔ߽⍺ 3434.5ғܗˈৠ↨໻ᐙ๲䭓 63%˗ࠨ䰸ϡৃ↨಴㋴ˈϔᄷᑺޔ߽⍺ ⱘ⦃↨๲ᐙгⳌᔧৃ㾖ˈ䖒 23.22%DŽ ೒ 1˖2010ᑈ 1ᄷ᡹Џ㽕䋶ࡵᣛᷛ๲䭓ᚙމ ˄%˅ 27.30% 63.00% 23.22% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 09ᑈޔ߽⍺ৠ↨ 10ᑈ1ᄷᑺޔ߽⍺ৠ↨ 10ᑈ1ᄷᑺޔ߽⍺⦃↨ 䌘᭭ᴹ⑤˖Wind Ёֵ䆕ࠌⷨお䚼 ሑㅵᭈԧҞᑈϔᄷᑺᭈԧޔ߽⍺⦃↨ᅲ⦄๲䭓 23%ˈ Ԛᰃ៥Ӏ䅸Ўˈ䖭⾡þ㾺ᑩডᔍÿൟⱘ๲䭓᳾ᴹ ࡼ࡯෾ᖻˈ䙁䘛њᬓㄪᠧय़ⱘ᠓ഄѻ㸠Ϯⱘ䇗ᭈ᳾ᴹৃ㛑㫧ᓊࠄ䩶䪕ǃ∈⊹ǃ䫊㸠ǃ᳝㡆䞥ሲㄝӴ㒳㸠ϮDŽ 2010ᑈϟञᑈˈA㙵ϞᏖ݀ৌϮ㒽ⱘ催䗳ডᔍ࢓༈ᇚ䍟Ѣ㓧੠DŽ ᘏԧϞⳟˈᏖഎⲜ߽乘⌟ⱘব࣪ᭈԧϞҡ݋᳝ᯢᰒⱘ㒧ᵘᗻ⡍ᕕˈ਼ᳳ㙵೼䳔∖ᯎᄷᴹЈⱘᴵӊϟˈⲜ ߽乘⌟ҡ᳾ߎ⦄ܼ䴶㋏㒳ⱘϞ䇗ˈ䇈ᯢᏖഎⱘᢙᖻᚙ㒾ձ✊⌧䞡DŽҢⲜ߽乘⌟䇗ᭈᚙމⳟˈᴀ਼ 2010 ᑈⲜ ߽乘⌟䇗छᐙᑺ᳔໻ⱘᰃ⠽⌕ǃ䪱ǃ䪙䫠ǃ㟾ぎ䖤䕧ǃ咥㡆ᆊ⬉ǃ⡍䩶ㄝˈ䇗䰡ᐙᑺ᳔໻ⱘᰃᵓᴤঞ݊Ҫ䩶 䪕ǃ∈⬉ǃ㟾䖤ǃ݊Ҫ᳝㡆䞥ሲㄝ㸠ϮDŽ 䖥ᳳᕅડᏖഎ᳔݇䬂ⱘ಴㋴ҡᰃ᠓ഄѻ੠ֵ䌋ᆚ䲚ᬓㄪᓩথᡩ䌘㗙ᇍӴ㒳๲䭓ᮍᓣⱘᢙᖻˈ਼ ᳿䇗ᭈᄬ ℒޚ໛䞥ϔᮍ䴶⹂䅸њᬓㄪᇍ⌕ࡼᗻ㋻㓽ⱘ䍟࢓DŽ៥Ӏ߸ᮁ೼䗮㚔੠ֱ䱰ᗻԣ᠓䖭ϸ໻಴㋴≵᳝ᅠܼᰒ⦄ߎ ᯢ⹂ֵোПࠡˈᏖഎ䍟࢓ϡӮ᳝ᯢᰒ䕀বˈ亢Ḑ䕀ᤶৃ㛑᳈໮ҹⳌᇍᔶᓣ䕀বߎ⦄ˈे໻Ⲭ㙵ǃ਼ᳳક䍄࢓ Ⳍᇍ䍟〇ˈᇣⲬ㙵ǃ䴲਼ᳳકǃ៤䭓㙵ⱘԄؐЁᵶӮ᳝᠔ϟ⿏DŽ ḍ᥂Ёᖗㄪ⬹ DDM῵ൟԄㅫ㒧ᵰˈ≾⏅ 300ᣛ᭄ 2010ᑈⱘড়⧚ PEᑨᔧ೼ 15.96ˈϞ䰤Ў 22.58DŽ 㸼 1˖DDM῵ൟЏ㽕؛䆒ҹঞᇍ 2010ᑈᏖⲜ⥛乘⌟㒧ᵰ ؛䆒 ؛䆒๲䗳 ᮴亢䰽ᬊⲞ⥛ 3% 2010ᑈ乘⌟߽⍺๲䗳 32.2%˄Ꮦഎᑇഛ˅ 亢䰽⑶Ӌ 7% 2011ᑈ乘⌟߽⍺๲䗳 19.4%˄Ꮦഎᑇഛ˅ ড়䅵㙵ᴗ៤ᴀ 10% 〇ᅮ๲䭓䰊↉ 12%˄5ᑈ˅ ߚ㑶↨՟ 33% ๲䗳ϟ䰡䰊↉ ↣ᑈ๲䗳ޣᇥ 0.26%˄30ᑈ˅ ∌㓁๲䭓䰊↉ 4.2% Ԅ䅵 PE˄2010˅ 15.96˄Ϟ䰤 22.58˅ ᔧࠡᏖഎᑇഛ乘⌟ PE 14.96 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼ˈӋḐ᭄᥂ഛ䞛⫼ 2010-4-30ᬊⲬӋDŽ A㙵Ꮦഎㄪ⬹਼᡹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 5᳜ 3᮹ 2 ҢԄؐϞⳟˈ㱑✊䖥ᳳԢԄؐⱘ਼ᳳᗻ㸠Ϯ㒣ग़њϔᅮ⿟ᑺⱘ㙵ӋডᔍˈԚ㸠ϮԄؐⱘϸ㑻ߚ࣪Ḑሔᑊ ᳾ߎ⦄ᯢᰒব࣪ˈ䫊㸠ǃ✸⚁ǃ䩶䪕ǃഄѻǃ∈⊹ǃ⦏⩗ㄝ਼ᳳᗻ㸠ϮⱘԄؐձ✊໘ѢᏖഎԄؐԧ㋏ⱘᑩሖˈ 㗠೼㒣ग़ϔᅮᐙᑺⱘ䇗ᭈৢˈ⬉ᄤܗ఼ӊǃ䅵ㅫᴎǃӴၦǃ令佂ᮙ␌ҹঞݰϮㄝ催Ԅؐᵓഫⱘ 2010 ᑈࡼᗕ PEձ✊㓈ᣕ೼ 30סҹϞˈձ✊ᄬ೼䕗໻ⱘԄؐय़࡯DŽ 2ǃǃᏖഎৃ㛑৥Ā໪ᓊᓣā๲䭓ᮍ৥ᇏ∖⛁⚍ ៥Ӏ䅸Ў᳾ᴹᏖഎᇚ㽕ᇏ∖Ā໪ᓊᓣā๲䭓ⱘᡩ䌘ᷛⱘᮍ৥䳔∖Ā⛁⚍āDŽ಴ЎҢ㒣⌢਼ᳳ㾦ᑺⳟˈ೼ ⳂࠡⱘѻϮ㒧ᵘϟˈݙ⫳ᗻⱘϮ㒽๲䭓Ꮖ㒣ߎ⦄⫊乜ˈ㗠೼Ң݋ԧⱘ᪡԰ᯊᴎϞ߸ᮁˈ㙵ӋԢԡᕬᕞᳳᕔᕔ гᰃᑊ䌁䞡㒘џӊⱘ催থ䰊↉ˈ಴ЎᏖഎ䇗ᭈ䌘ѻӋḐԄؐ∈ᑇ䕗Ԣˈ㸠ϮӬ࢓ӕϮᑊ䌁䞡㒘ᔅ࢓ӕϮⱘݙ ೼ࡼ࡯䕗ᔎˈᬊ䌁ᮍгৃҹ䗮䖛ᬊ䌁ᓊԌѻϮ䫒ǃᦤ催Ꮦഎऴ᳝⥛ˈҹᳳ೼ϟϔϾ㒣⌢催ዄᯊ㦋ᕫ᳈໻ⱘᬊ Ⲟˈ಴ℸˈ᮴䆎ᰃ㙵Ӌ೼Ԣԡᕬᕞǃ䖬ᰃ㸠Ϯ໘Ѣ਼ᳳԢ⚍ˈഛЎҞᑈⱘᑊ䌁䞡㒘ඟϟњӣヨDŽ໪ᓊᓣϮ㒽 ๲䭓ᇚއᅮϮ㒽ব࣪ⱘᛇ䈵ぎ䯈ˈ䖭ᰃއᅮ㙵Ӌⱘぎ䯈䘏䕥DŽ ೒ 2˖ᔧࠡ A㙵㸠ϮᏖؐऴ↨ϢԄؐᚙމ 13 17 21 29 26 21 19 32 22 32 28 17 29 44 31 97 36 23 36 31 31 37 46 0 䞥 㵡 䞛 ᥬ ࣪ Ꮉ ᴎ Ẅ 䆒 ໛ Ѹ 䗮 䖤 䕧 ᠓ ഄ ѻ ᓎ ㄥ ᓎ ᴤ ᳝ 㡆 䞥 ሲ Ѹ 䖤 䆒 ໛ ए 㥃 ⫳ ⠽ ݀ ⫼ џ Ϯ 䩶 䪕 亳 ક 佂 ᭭ ֵ ᙃ ᳡ ࡵ ଚ Ϯ 䌌 ᯧ ⬉ ᄤ ֵ ᙃ 䆒 ໛ ᆊ ⫼ ⬉ ఼ 㒎 㒛 ᳡ 㺙 ݰ ᵫ ⠻ ⏨ 䕏 Ꮉ ࠊ 䗴 㓐 ড় 令 佂 ᮙ ␌ 20 40 60 80 100 120 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 2010PE ᘏᏖؐऴ↨ˁ˄ে˅ 䌘᭭ᴹ⑤˖wind Ёֵ䆕ࠌⷨお䚼 ೒ 3˖৘ᵓഫҞᑈҹᴹⱘԄؐব࣪䍟࢓ � �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� � �� �� �� �� � �� �� �� �� � �� �� �� �� �� �� �� �� � �� �� �� �� � �� �� �� �� �� �� �� �� � �� �� �� �� � �� �� �� �� � �� �� �� �� �� �� �� �� � ߯Ϯᵓ ЁᇣӕϮᵓ ܼ䚼$㙵 3ǃᬓㄪಲ乒Ϣሩᳯüüᬓㄪ乘ᳳҡᇚय़ࠊᏖഎ ഄѻᬓㄪࡴᖿ㒚࣪DŽ㒻೑ࡵ䰶থᏗ᠓ഄѻ䇗᥻Āकো᭛ӊāПৢ ৘ˈഄᓔྟࡴ㋻ⷨおࠊᅮഄѻ䇗᥻㒚߭ˈ Ꮖ㒣݀Ꮧⱘ䴦ቯ੠࣫Ҁ㗠㿔ˈᬓㄪⱘ㨑ᅲ䛑䕗೑ᆊᷛޚ᳈ЎϹḐDŽ䴦ቯ佪ܜ݀Ꮧ㒚߭ˈ䞡⚍߽⫼⿢ᬊᎹ݋䇗 㡖ഄѻᓔথଚ߽⍺∈ᑇˈԚ䩜ᇍᓔথӕϮⱘ⿢ᬊ䇗㡖԰⫼᳝䰤DŽ࣫ҀϢĀѨϔāᳳ䯈݀Ꮧᮄᬓݙᆍˈ೼䳔∖ 䇗᥻ᮍ䴶↨Āकো᭛ӊāⱘ㽕∖᳈ЎϹḐˈᯢ⹂᱖ذ㄀ϝ༫᠓ˈᑊ᱖ᅮ㒳ϔ䌁᠓ᆊᒁ೼ᴀᏖা㛑ᮄ䌁ϔ༫ଚ ક᠓DŽৠḋ᠓ӋϞ⍼䖛ᖿⱘϞ⍋੠⏅ഇᏖᬓᑰгѢĀѨϔāࠡীᓔӮ䆂䅼䆎ഄѻᮄᬓˈ乘䅵䖥᮹ेᇚ݀Ꮧˈ Ң࣫ҀⱘḜ՟ᴹⳟˈ⏅≾ϸഄⱘᮄᬓгᇚϹѢĀकো᭛ӊāᷛޚDŽ 䋻Ꮥᬓㄪݡᑺߎ᠟DŽϞᳳ਼᡹Ё៥Ӏᯢ⹂ᦤߎˈࡴᙃ乘ᳳ᱖㓧ˈ༂㸠᳈ؒ৥Ѣ䖥ᳳࡼ⫼ᄬℒޚ໛䞥⥛੠ ࡴ໻݀ᓔᏖഎ᪡԰࡯ᑺDŽЏ㽕ॳ಴೼Ѣ˖䗮㚔ᑊ᳾䍙乘ᳳˈ䌘ѻӋḐ೼㸠ᬓᬓㄪⱘᑆ乘ϟߎ⦄ಲ㨑ᗕ࢓ˈࡴ ᙃ乘ᳳ᱖㓧˗⬅Ѣ䰤ࠊᬒ䌋ㄝ಴㋴ˈ䫊㸠䯈Ꮦഎ䌘䞥䴲ᐌܙ≯ˈҢ 3ᑈᳳ༂⼼থ㸠߽⥛ϟ䰡ϔϾ෎⚍ेৃⳟ ߎˈℸᯊ᳈䳔㽕༂㸠ࡴ໻䌘䞥ಲㄐ࡯ᑺDŽ಴ℸ៥Ӏ䅸Ўˈℸ⃵䇗催ᄬℒޚ໛䞥⥛ᇍ䫊㸠ҹঞ㙵Ꮦⱘᅲ䋼ᕅડ ᳝䰤ˈЏ㽕ᰃಲᬊᔧࠡ䫊㸠䯈Ꮦഎܙ㺩ⱘ⌕ࡼᗻDŽ A㙵Ꮦഎㄪ⬹਼᡹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 5᳜ 3᮹ 3 㸼 2˖䖥ᳳЏ㽕ᬓㄪ⛺⚍ ЏЏ㽕ᬓㄪݙᆍ ߎৄ䚼䮼 ᬓㄪߚ㉏ ߎৄᯊ䯈 䴦ቯᏖᬓᑰথᏗlj݇Ѣ֗䖯᠓ഄѻᏖഎᑇ〇عᒋথሩ䖯ϔℹࡴᖿԣ᠓ᓎ䆒ⱘᛣ㾕NJˈ ϹḐᠻ㸠೑ࡵ䰶㽕∖ⱘֵ䌋ᬓㄪ˖೼⿢ᬊᮍ䴶ˈ䴦ቯ㽕∖ᇍ᠓ഄѻӕϮᓔথⱘϔ㠀 ଚક᠓ⱘ䅵⿢↯߽⥛⬅⦄㸠ⱘ 15%䇗㟇 20%˗ᇍ᠓ഄѻӕϮᓔথⱘ䴲᱂䗮ԣᅙ(৿߿ ๙)੠䴲ԣᅙⱘೳഄ๲ؐ⿢乘ᕕ⥛⬅⦄㸠ⱘ 1%䇗㟇 2%DŽৠᯊ๲ࡴೳഄկᑨˈ⡍߿ᰃ ֱ䱰ᗻԣᅙⱘೳഄկᑨDŽ 䴦ቯᏖᬓᑰ ᠓ഄѻ 4-23 䚼ߚᬓㄪݙᆍབϟ˖᱖ذᇍ䌁ф㄀ϝ༫ঞҹϞԣ᠓ˈҹঞϡ㛑ᦤկ 1 ᑈҹϞᴀᏖ㒇 ⿢䆕ᯢ៪⼒Ӯֱ䰽㔈㒇䆕ᯢⱘ䴲ᴀᏖሙ⇥থᬒ䌋ℒ˗᱖ᅮৠϔ䌁᠓ᆊᒁা㛑೼ᴀᏖ ᮄ䌁фϔ༫ଚકԣ᠓˗Ҟᑈᬓㄪᗻԣ᠓੠Ёᇣ༫ൟ᱂䗮ଚકԣ᠓⫼ഄϡԢѢԣ᠓ᓎ 䆒⫼ഄկᑨᘏ䞣ⱘ 70%ˈ݊Ёᬓㄪᗻԣ᠓ᓎ䆒⫼ഄऴܼᏖԣ᠓կഄ 50%ҹϞ˗ϾҎ ଂ᠓೼䅵ᕕ⿢ℒᯊˈ㒇⿢Ҏϡ㛑ᦤկॳ䌁᠓ӋℒⳌ݇߁䆕੠݊Ҫᅠᭈޚ⹂⿢䌍߁䆕 ⱘˈ⿢ࡵ䚼䮼ৃ䗮䖛ԣ᠓ජеᓎ䆒䚼䮼ᶹ䆶Ⳍֵ݇ᙃ䌘᭭ˈ៪㗙ᣝ✻Ⳍ݇⊩ᕟ⊩㾘 㾘ᅮ⹂ᅮᕕᬊᮍᓣ੠ᑨᕕ⿢ℒDŽ ࣫ҀᏖᬓᑰ ᠓ഄѻ 4-30 27 ᮹ীᓔњὐᏖᮄᬓݙ䚼ⷨ䅼Ӯˈ෎ᴀᭆᅮᅲᮑ㒚߭DŽ乘䅵⏅ഇৃ㛑ᇍᴀഄᆊᒁ㾘 ᅮ䰤䌁ϸ༫ԣ᠓ˈᬓㄪ࡯ᑺৃ㛑Ⳍᇍ೑ᆊᷛޚ᳈ЎϹḐDŽ ⏅ഇᏖᬓᑰ ᠓ഄѻ 乘䅵䖥ᳳ݀Ꮧ Ϟ⍋䖥ᳳীᓔϧᆊᑻ䇜ˈ䆎䆕ഄѻᮄᬓ㒚߭DŽ Ϟ⍋Ꮦᬓᑰ ᠓ഄѻ 乘䅵䖥ᳳ݀Ꮧ ߬ᯢᒋ೼䫊ⲥӮ㋏㒳߯ܜѝӬ⌏ࡼ⬉㾚⬉䆱Ӯ䆂Ϟ㸼⼎,䫊㸠ϮᑨϹᅜ亢䰽ᑩ㒓,᳝ ᬜㅵ᥻䫊㸠Ϯさߎ亢䰽,ᇸ݊ᡞᭈ⊏ഄᮍᬓᑰ㵡䌘ᑇৄ䌋ℒ੠᠓ഄѻᏖഎㄝ԰Ў݇⊼ 䞡⚍,⹂ֱ䫊㸠Ϯ੠㒣⌢ᑇ〇ᅝܼ䖤㸠DŽ ߬ᯢᒋ ֵ䌋ᬓㄪ 4-27 ೑ࡵ䰶ᐌࡵӮ䆂䚼㕆㡖㛑ޣᥦܿ乍᥾ᮑˈ㽕∖Ҟᑈᅠ៤ĀकϔѨā㾘ߦᡓ䇎ⱘޣᥦ ⳂᷛDŽ ೑ࡵ䰶ᐌࡵӮ䆂 㡖㛑ޣᥦ 4-28 Ң 2010ᑈ 5᳜ 10᮹䍋 Ϟˈ䇗ᄬℒ㉏䞥㵡ᴎᵘҎ⇥Ꮥᄬℒޚ໛䞥⥛ 0.5Ͼⱒߚ⚍ ˈݰ ᴥֵ⫼⼒ǃᴥ䬛䫊㸠᱖ϡϞ䇗DŽ Ҏ⇥䫊㸠 䋻Ꮥᬓㄪ 5-2 䖬ᄬ೼ߎৄৢ㓁䇗᥻ᬓㄪⱘৃ㛑DŽDŽᬓㄪৃ㛑Ӯ㋻ⳃഄѻⱘ䫔䞣੠ӋḐ䍄࢓ˈϔᮺߎ⦄ࠡᳳᬓㄪ᮴ᬜ៪ ᬜᵰ⫮ᖂˈ䛑ৃ㛑㒻㓁ߎৄᬓㄪDŽ៥Ӏϡོᇍ᳾ᴹҡৃ㛑ߎৄⱘഄѻ䇗᥻ᬓㄪخϔ⣰ᛇ˖ 㸼 3˖ᇍৢ㓁ৃ㛑ߎৄഄѻᬓㄪⱘ⣰ᛇ ᬓㄪټ໛ ⣰ᛇЏ㽕ݙᆍ ᠓ഄѻ⿢ 䱣ᯊৃ㛑ᅷᏗ೼䚼ߚ໻ජᏖᓔྟ䆩⚍᠓ഄѻ⿢ˈ䆹⿢⾡䕗⠽Ϯ⿢᳈݋⊩ᕟ᪡԰ᗻˈᰃ⠽Ϯ⿢ⱘ䖛⏵᠟↉ ⠽Ϯ⿢ ҡᄬ᪡԰䲒ᑺˈⷁᳳ䲒ҹⳳℷ᥼ߎˈԚৃ䗮䖛ࡴ䗳ⷨお੠᥼㸠ᇍᏖഎᖗ⧚䗴៤ᘤᜠ ࡴᙃ ḍ᥂Ёֵᅣ㾖߸ᮁˈҢ 4᳜ӑᓔྟࡴᙃにষᏆ㒣ᠧᓔˈ䱣ᯊࡴᙃгᇚᇍഄѻㄝᡩ䌘ક㸠Ϯᵘ៤߽ぎ ⿢ᬊᅵᶹ 䗮䖛⿢ᬊǃᅵ䅵䚼䮼ᇍഄѻӕϮⳈ᥹䖯㸠⿢ᬊᅵᶹˈৃ㛑ᇍഄѻ㸠Ϯᏺᴹ䋳䴶ᚙ㒾 ᇣѻᴗ᠓ ᇚⳂࠡᏖഎᏆ㒣ᄬ೼ⱘᇣѻᴗ᠓Āড়⧚࣪āˈ ᇚҢկ㒭䴶ᇍᏖഎᏺᴹϹ䞡ކߏˈԚ⍝ঞ䴶䕗໡ᴖ ೳഄՓ⫼ ϹᶹഄѻӕϮೳഄՓ⫼ˈ⬅Ё༂ሖ䴶ᇍഄѻӕϮⱘೳഄՓ⫼䖯㸠ড়㾘ᅵᶹˈᬊಲ䍙䰤ᄬ䞣ೳഄˈࠎ▔ᓔথӕϮࡴ䗳ᓔথ ֱ䱰ᮄԣ᠓ ϹḐ䆆ֱ䱰ᗻԣ᠓ᓎ䆒㒇ܹഄᮍᬓᑰ㗗Ḍԧ㋏ˈᑊ䗮䖛㸹䌈੠⿢ᬊ᠟↉ᦤ催ӕϮখϢֱ䱰ᗻԣ᠓ᓎ䆒ⱘ⿃ᵕᗻDŽ 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼 4ǃⷁᳳ䳔㾘䙓⍋໪Ꮦഎ亢䰽 ܼ⧗䌘䞥䙓䰽䳔∖೼᳾ᴹৃ㛑䖯ϔℹ๲ࡴˈ⬅Ѣ⃻ܗऎ೼៤ゟП߱ህᄬ೼ⴔࠊᑺ㔎䱋ˈ᳾ᴹϔ↉ᯊ䯈 ݙ⃻ܗऎ೼Ꮰ㜞ॅᴎৢৃ㛑ձ✊ᇚ↨䕗ࡼ㤵DŽ⃻ܗऎᴀ䑿ⱘᴎࠊᄬ೼ܜ໽㔎䱋DŽᅠᭈⱘ䋻Ꮥԧࠊᑨৠᯊ䆒ゟ Ё༂䫊㸠੠䋶ᬓ䚼,༂㸠೼ॅᴎᯊ㛑ᦤկ⌕ࡼᗻ,䋶ᬓ䚼䋳䋷㒳ϔ㾷އٓҬ㛑࡯ⱘ䯂乬DŽ 㗠೼⃻ܗ䆒ゟⱘᯊ׭ˈैা䆒ゟњ⃻⌆Ё༂䫊㸠ˈ㗠ऎݙ৘೑ै≵᳝㒳ϔ৘೑ⱘ䇒⿢ᴗ߽੠ᬓᑰ䋳؎ⱘ 㒳ϔㅵ⧚ˈ䖭ህЎ⃻ܗԧࠊݙⱘ؎ࡵ䯂乬ඟϟњӣヨˈгᰃ⃻ܗԧࠊⱘܜ໽ࠊᑺ㔎䱋DŽ㗠೼Ꮰ㜞Пৢˈ៥Ӏ ᦤ䝦ᡩ䌘㗙⊼ᛣϟϔϾߎ⦄䯂乬ⱘ⃻ܗऎ೑ᆊৃ㛑ᰃ㽓⧁⠭DŽ A㙵Ꮦഎㄪ⬹਼᡹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 5᳜ 3᮹ 4 ೒ 4˖ᡩ䌘㗙䳔݇⊼㽓⧁⠭؎ࡵ䯂乬 -14 -12 -10 -8 -6 -4 -2 0 2 4 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 㽓⧁⠭؎ࡵऴGDP↨⥛(%) 䌘᭭ᴹ⑤˖IMF Ёֵ䆕ࠌⷨお䚼 2009ᑈḍ᥂ IMF߱ℹ㒳䅵 㽓ˈ⧁⠭؎ࡵऴ GDPⱘ↨⥛Ꮖ㒣䖒ࠄ-12.3 %DŽ㗠⬅Ѣ⃻ܗऎⱘࠊᑺ䆒䅵㔎䱋ˈ 㽓⧁⠭᳾ᴹⱘ䋶ᬓᬊܹձ✊ҸҎᢙᖻDŽ⬅Ѣ⃻ܗऎᅲᮑⱘ㒳ϔⱘ䋻Ꮥᬓㄪˈ᠔ҹ㽓⧁⠭ϡ㛑໳䞛প䋻Ꮥ䌀ؐ ֗䖯ߎষⱘᮍᓣˈ៪㗙ᰃ᭄䞣ൟᆑᵒⱘ䋻Ꮥᬓㄪᴹࠎ▔㒣⌢๲䭓ˈ㗠া㛑ձ䴴䋶ᬓᬓㄪᴹࠎ▔ᴀ೑ⱘ㒣⌢๲ 䭓ˈ䖭জᖙ✊ᇐ㟈њᬓᑰⱘ؎ࡵϡᮁ๲䭓ˈ؎ࡵϡᮁ๲ࡴᇐ㟈ᬓᑰֵ⫼ϟ䰡ˈ䖯ϔℹᇐ㟈ሙ⇥ֵᖗϟ䰡⍜䌍 䰡Ԣˈ⬅ℸ䱋ܹϔϾᙊᗻⱘᕾ⦃DŽ䙷Мˈ೼᳾ᴹϔ↉ᯊ䯈ݙˈ៥Ӏᦤ⼎ᡩ䌘㗙⊼ᛣ೼Ꮰ㜞ॅᴎৢˈ⃻ܗऎϾ ߿೑ᆊৃ㛑ձ✊ᄬ೼ⴔ䯂乬ˈ⬅ℸ䱤㮣ⱘ亢䰽䳔䞡⚍݇⊼DŽ ೒ 5˖ᖋ೑ᬓᑰ؎ࡵऴ gdpⱘ↨䞡 ˄%˅ 1.3 -2.8 -3.7 -4.0 -3.8 -3.3 -1.5 -0.5 -0.1 -4.2 -5 -4 -3 -2 -1 0 1 2 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Germany ೒ 6˖⊩೑ᬓᑰ؎ࡵऴ gdpⱘ↨䞡 ˄%˅ -1.5 -1.5 -3.1 -4.1 -3.6 -2.9 -2.3 -2.7 -3.4 -7.0 -8 -7 -6 -5 -4 -3 -2 -1 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 France 5ǃ㸠Ϯ᳔ᮄ㾖⚍ঞᡩ䌘㒘ড়ᓎ䆂 5.1ᡩ䌘䘏䕥 Ϟ਼᠔᳝ᵓഫ䛑ߎ⦄ϡৠ⿟ᑺϟ䎠ˈ݊Ё䎠ᐙ᳔໻ⱘᰃ㒎㒛᳡㺙ǃ䕏Ꮉࠊ䗴ǃ㓐ড়੠⬉ᄤܗ఼ӊᵓഫˈ ऩ਼ߚ߿ϟ䎠 9.92%ǃ9.87%ǃ9.77%੠ 9.31%ˈ㗠䎠ᐙⳌᇍ䕗ᇣⱘᰃ䞥㵡᳡ࡵǃ䞛ᥬǃ䩶䪕੠᠓ഄѻˈऩ਼ ߚ߿ϟ䎠 0.46%ǃ1.85%ǃ1.96%੠ 3.32%DŽҢᵓഫ亢ḐϞⳟˈϞ਼Ꮦഎᯢᰒԧ⦄ߎϸϾ⡍ᕕ˖ϔᰃ≵᳝ᯢᰒ ⱘ乚䎠ᵓഫˈ໮ҹϾ㙵䇗ᭈЎЏˈѠᰃᵓഫϟ䎠Ң਼ᳳકᠽᬷࠄ䴲਼ᳳકˈࠡᳳ䎠ᐙ䕗໻ⱘ਼ᳳકᏆ㒣᳝᠔ ℶ䎠ˈ䎠ᐙᯢᰒᇣѢ䴲਼ᳳᵓഫDŽ䖭⾡⡍ᕕ㚠ৢড᯴ⱘᏖഎᖗᗕᰃҢֵ䌋੠ഄѻᬓㄪᏺᴹⱘ਼ᳳક䇗ᭈᢙᖻ Ꮖ㒣ᓊԌࠄܼᏖഎˈℸࠡ⍼ᐙ䖛催ǃ㦋߽Ⲭ䕗䞡ǃᏖഎ᱂䘡ⳟདⱘᵓഫߎ⦄↨䕗ᯢᰒⱘᴔ䎠DŽ䖭⾡亢Ḑড᯴ ೼Ͼ㙵ϞৃҹⳟࠄˈܼᏖഎ᠔᳝Ͼ㙵෎ᴀ೼Ϟ਼䛑ᰃϟ䎠ⱘˈ䍙䖛 10%䎠ᐙⱘϾ㙵䍙䖛 800 াˈ㗠䎠ᐙࠡ 100াϾ㙵ⱘ䎠ᐙ⫮㟇䍙䖛 18%ˈᏖഎخぎࡼ࡯䴲ᐌᰒ㨫DŽ A㙵Ꮦഎㄪ⬹਼᡹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 5᳜ 3᮹ 5 䖥ᳳᕅડᏖഎ᳔݇䬂ⱘ಴㋴ҡᰃ᠓ഄѻ੠ֵ䌋ᆚ䲚ᬓㄪᓩথᡩ䌘㗙ᇍӴ㒳๲䭓ᮍᓣⱘᢙᖻˈ਼ ᳿䇗ᭈᄬ ℒޚ໛䞥ϔᮍ䴶⹂䅸њᬓㄪᇍ⌕ࡼᗻ㋻㓽ⱘ䍟࢓ˈ঺ϔᮍ䴶г㓧੠њᇍࡴᙃⱘᢙᖻDŽ៥Ӏ߸ᮁ೼䗮㚔੠ֱ䱰 ᗻԣ᠓䖭ϸ໻಴㋴≵᳝ᅠܼᰒ⦄ߎᯢ⹂ֵোПࠡˈᏖഎ䍟࢓ϡӮ᳝ᯢᰒ䕀বˈ亢Ḑ䕀ᤶৃ㛑᳈໮ҹⳌᇍᔶᓣ 䕀বߎ⦄ˈे໻Ⲭ㙵ǃ਼ᳳક䍄࢓Ⳍᇍ䍟〇ˈᇣⲬ㙵ǃ䴲਼ᳳકǃ៤䭓㙵ⱘԄؐЁᵶӮ᳝᠔ϟ⿏DŽҢ䜡㕂ᗱ 䏃Ϟⳟˈ៥Ӏᓎ䆂݇⊼ϝᴵЏ㒓˖ϔᰃҡമᣕؒ৥ѢҢϢᅣ㾖਼ᳳ݇㘨ᑺ䕗ᇣⱘ⊯⍜䌍乚ඳ੠ᬓㄪᣕ㓁ࠎ▔ ⱘ㡖㛑ޣᥦ乚ඳˈ䞡⚍݇⊼Ѡϝ㒓Ԅؐড়⧚ǃϮ㒽๲䭓⹂ᅮᗻ䕗໻ⱘ៤䭓ᗻϾ㙵˗Ѡᰃᇏᡒ᠓ഄѻᲈ䎠㸠ᚙ ϟⱘ䫭ᴔક⾡ˈ݊ 䘏䕥Џ㽕ԧ⦄೼ᮄൟᓎᴤǃଚϮ䳊ଂǃᆊ⬉ǃᴎẄㄝ乚ඳ㹿ᏖഎᔧخഄѻⳌ݇ક⾡㹿䫭ᴔˈ 㗠ᅲ䰙ϞҢ݀ৌ៪㗙㒚ߚ乚ඳⳟ݊ϮࡵϢഄѻ݇㘨ᑺᑊϡӮᕜ催 ㄀˗ϝᰃ䱣ⴔᏖഎᇍݙ⫳ᗻϮ㒽๲䭓ⱘᣕ㓁 ♦԰䰡⏽ 䞡ˈ⚍݇⊼໪ᓊᓣ๲䭓ᏺᴹⱘᴎӮ ⡍ˈ߿ᰃ༂ӕ䞡㒘䖯ሩࡴᖿᏺᴹⱘᴎӮˈ݇ ⊼ᓎㄥᓎᴤǃḌᎹϮǃ 㟾໽㟾ぎǃ఼݉㺙໛ǃ⬉࡯ঞ⬉㔥ǃ࣪Ꮉǃ⬉ᄤঞ⬉䆃ㄝ 7໻ᵓഫⱘ䞡㒘ᴎӮDŽ ᴀ਼݇⊼ⱘ㸠Ϯ䜡㕂㒓㋶ᰃ೼ᅣ㾖਼ᳳϡ⹂ᅮᗻ๲໻੠⾥ᡔᵓഫԄؐ䖛催㚠᱃ϟ ᇏˈᡒ⊯⍜䌍乚ඳݙ⫳ ᓣϮ㒽๲䭓⹂ᅮǃԄؐড়⧚ⱘᡩ䌘ᴎӮˈҹঞ݇⊼᠓ഄѻᲈ䎠㸠ᚙϟⱘ䫭ᴔક⾡੠༂ӕᭈড়ᏺᴹ໪ᓊᓣϮ㒽 ๲䭓ⱘ㸠ϮᴎӮˈЏ㽕᥼㤤ݰϮǃଚϮǃᮄൟᓎᴤǃ㡖㛑䆒໛ᵓഫˈ䞡⚍᥼㤤Ͼ㙵䱚ᑇ催⾥ǃ⨲⋄⾥ᡔǃ㢣 ᅕ⬉఼ǃⳒᅝ⦃๗ǃЁ೑೑㟾ǃᮍ໻䲚ಶǃ∳फ催㑸ǃ䭓ජᓔথǃЁ೑࣫䔺ǃ⚳ৄϛढǃড়ᆊ䌘⑤ǃᅣ೒催 ⾥DŽ ೒ 7˖ऩ਼Ꮦഎ৘㸠Ϯ⍼䎠ᐙ ˄%˅ ��� ��� �� �� �� �� � 㒎 㒛 ᳡ 㺙 䕏 Ꮉ ࠊ 䗴 㓐 ড় ⬉ ᄤ ܗ ఼ ӊ 令 佂 ᮙ ␌ ݰ ᵫ ⠻ ⏨ ᙃֵ 䆒 ໛ 亳 ક 佂᭭ ᆊ ⫼ ⬉ ఼ ᴎ Ẅ 䆒 ໛ ᙃֵ ᳡ ࡵ ଚ Ϯ 䌌 ᯧ ए 㥃 ⫳ ⠽ 㡆᳝ 䞥 ሲ ࣪ Ꮉ ⫼݀ џ Ϯ ᓎ ㄥ ᓎ ᴤ Ѹ 䗮 䖤 䕧 Ѹ 䖤 䆒 ໛ ᠓ ഄ ѻ 咥 㡆 䞥 ሲ 䞛 ᥬ 䞥 㵡 ᳡ ࡵ ៤ӑऎ䯈⍼䎠ᐙ�ᘏᏖؐࡴᴗᑇഛ� ᭄᥂ᴹ⑤˖WindˈЁֵ䆕ࠌⷨお䚼 5.2 㸠ϮԄؐϢ᱃⇨ Ϟ਼⍼ᐙ乚ܜⱘ㸠ϮЏ㽕ࣙᣀֱ䰽ǃ䩶䪕ǃ䫊㸠ǃ✸⚁ǃഄѻǃ⷇⊍࣪ᎹㄝᵓഫˈᭈԧϞⳟˈ਼ᳳᗻ㸠 Ϯⱘ㸼⦄᳝᠔䕀ᔎˈԚϞ䗄⍼ᐙ෎ᴀ೼ࠡञ਼㦋ᕫˈ໮਼᭄ᳳ㙵೼ৢञ਼ഛߎ⦄ᯢᰒ䇗ᭈˈডᔍⱘᣕ㓁ᗻձ ✊ؐᕫᗔ⭥DŽᘏԧϞⳟˈ೼ࡴᙃ乘ᳳϡᮁᔎ࣪ⱘ㚠᱃ϟˈԄؐӬ࢓Ⳍᇍᯢᰒⱘ䫊㸠੠䴲䫊㸠䞥㵡㉏Ͼ㙵ⱘ㸼 ⦄ᓔྟ䍄ᔎˈ៥Ӏ䅸Ў೼ৢᳳᏖഎ䍄࢓ᄬ೼ϡ⹂ᅮᗻⱘᚙމϟˈ䞥㵡㉏Ͼ㙵ৃ㛑݋᳝ϔᅮⱘ䰆ᕵᗻˈؐᕫ㒻 㓁݇⊼DŽ ҢԄؐϞⳟˈ㱑✊䖥ᳳԢԄؐⱘ਼ᳳᗻ㸠Ϯ㒣ग़њϔᅮ⿟ᑺⱘ㙵ӋডᔍˈԚ㸠ϮԄؐⱘϸ㑻ߚ࣪Ḑሔᑊ ᳾ߎ⦄ᯢᰒব࣪ˈ䫊㸠ǃ✸⚁ǃ䩶䪕ǃഄѻǃ∈⊹ǃ⦏⩗ㄝ਼ᳳᗻ㸠ϮⱘԄؐձ✊໘ѢᏖഎԄؐԧ㋏ⱘᑩሖˈ 㗠೼㒣ग़ϔᅮᐙᑺⱘ䇗ᭈৢˈ⬉ᄤܗ఼ӊǃ䅵ㅫᴎǃӴၦǃ令佂ᮙ␌ҹঞݰϮㄝ催Ԅؐᵓഫⱘ 2010 ᑈࡼᗕ PEձ✊㓈ᣕ೼ 30סҹϞˈձ✊ᄬ೼䕗໻ⱘԄؐय़࡯DŽ 㓐ড়㙵Ӌ੠Ԅؐϸᮍ䴶⡍ᕕˈ៥Ӏ㓈ᣕࠡᳳ㾖⚍ˈ䅸Ў೼ϸӮৢᬓㄪ㋻㓽ᢙᖻ䞡ᮄ䍄ᔎⱘ㚠᱃ϟˈ਼ᳳ 㙵ܼ䴶ডᔍձ✊Ӯᄬ೼䕗໻य़࡯ˈ㗠催ԄؐⱘЏ乬ᡩ䌘ᵓഫгᄬ೼ϔᅮⱘ䇗ᭈぎ䯈ˈ಴ℸᓎ䆂䞡⚍݇⊼䙷ѯ Ϯ㒽⹂ᅮǃԄؐӬ࢓ᯢᰒǃࠡᳳ䇗ᭈܙߚˈϨৃ㛑ফⲞѢ᳾ᴹࡴᙃ਼ᳳⱘ㸠ϮঞϾ㙵DŽ A㙵Ꮦഎㄪ⬹਼᡹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 5᳜ 3᮹ 6 㸼 4˖㒚ߚ㸠ϮԄؐ੠㸠Ϯ᱃⇨߸ᮁ 㸠㸠Ϯߚ㉏ ᴀ਼⍼䎠ᐙ 09ᑈޔ߽⍺ ๲䗳 10ᑈޔ߽⍺ ๲䗳 09PE 10PE ᡩ䌘䇈ᯢ ֱ䰽 2.52% 257.97% 20.47% 31.05 25.77 ফⲞ䗮㚔乘ᳳ੠ࡴᙃ਼ᳳ ᵓᴤ 1.66% -50.95% 302.65% 55.04 13.67 䩶Ӌӕ〇ಲछˈᑧᄬय़࡯⢍ᄬ 㙵ӑࠊ੠ජଚ㸠 1.26% 6.07% 25.42% 16.99 13.55 ফⲞᙃᏂಲछˈ㙵Ӌᔍᗻད ⛺⚁ 0.94% -13.95% 34.98% 23.51 17.42 ӋḐӕ〇ಲछˈ៤ᴀय़࡯ࡴ໻ 䭓ᴤ 0.91% 32.87% 254.46% 43.72 12.34 䳔∖ᯎᄷ䗤ℹᴹЈˈᑧᄬय़࡯⢍ᄬ ഄѻ 0.78% 43.14% 44.13% 21.46 14.89 ⷁᳳҡ᳝ᬓㄪय़࡯ˈ䫔䞣᳝㒻㓁䇗ᭈぎ䯈 ⷇⊍࣪Ꮉ 0.68% 10.17% 25.91% 21.33 16.94 Ⲝ߽๲䭓ϡঞ乘ᳳˈ݇⊼⊍Ӌব࣪ ✸⚁ 0.61% -9.37% 28.89% 22.59 17.53 ফⲞ✸ӋϞ⍼੠䞣ⱘ๲䭓 䆕ࠌ 0.36% 51.08% 4.77% 29.40 28.07 㙵ᣛᳳ䋻੠㵡䌘㵡ࠌߌᰒ໻ࠌଚᡩ䌘ᴎӮ ೑᳝໻䫊㸠 0.14% 17.00% 21.88% 12.70 10.42 Ԅؐ∈ᑇԢˈϮ㒽〇ᅮ 䗴㒌 0.08% 18.30% 38.83% 29.35 21.14 ↯߽⥛Ϟछ᥹䖥乊䚼ˈ᳾ᴹ݇⊼ѻ㛑ᠽᓴ ∈⊹ -0.04% 58.13% 34.83% 19.72 14.62 ফⲞ䳔∖ᘶ໡੠ᓎᴤϟе 咘䞥 -0.16% 24.81% 63.69% 40.03 24.45 䙓䰽䳔∖ϟ䰡䗤ℹ䕀৥䰆䗮㚔䳔∖Ϟछ 㠍㠊ࠊ䗴 -0.37% -20.10% 31.18% 14.56 11.10 㸠Ϯ๲䭓ᬒ㓧ˈԚ೼᠟䅶ऩ佅⒵ 䍙Ꮦ -0.41% 9.94% 31.17% 42.55 32.44 䗮㚔乘ᳳ੠⍜䌍๲䭓ᇍ㸠Ϯᔶ៤߽ད ⦏⩗ -0.45% 153.99% 69.20% 29.00 17.14 ফⲞᓎᴤϟеˈ㸠Ϯ᱃⇨䕗催 ⊍⬄᳡ࡵ -0.83% 16.09% 20.90% 20.91 17.29 Ϣ⊍Ӌ䍄࢓Ⳍ݇ᑺ催 ݊Ҫ䩶䪕㉏ -0.86% 6.60% 24.10% 21.83 17.59 ফⲞ䩶Ӌӕ〇ಲछ੠㸠Ϯ⦃๗ᬍ୘ ᇣᆊ⬉Ϣ✻ᯢ -1.03% 27.29% 25.35% 23.54 18.78 Ⲝ߽ಲछˈফⲞ⍜䌍๲䭓 䕧ব⬉ -1.09% 38.59% 35.95% 34.51 25.39 ᡩ䌘᥼ࡼ㸠Ϯ᱃⇨ˈゲѝय़࡯ࡴ໻ 䪱 -1.24% -241.95% -546.00% -142.53 31.96 ফⲞ䳔∖໡㢣ˈѻ㛑य़࡯໻ Ꮉ⿟ᴎẄ -1.28% 67.82% 39.26% 23.17 16.64 ᡩ䌘᥼ࡼ䫔ଂಲछˈԄؐ䕗Ԣ ᓎㄥ -1.29% 112.20% 34.89% 19.88 14.74 ᡩ䌘᥼ࡼ㸠Ϯ᱃⇨ᓊ㓁ˈ㙵Ӌ䇗ᭈܙߚ ݊Ҫ䜦㉏佂᭭ -1.40% 38.82% 33.00% 35.99 27.06 ফⲞ⍜䌍๲䭓ˈϮ㒽๲䭓ᯢ⹂ ⬉ֵ䖤㧹 -1.53% -82.20% 7.43% 38.79 36.10 ᮄ๲⫼᠋䗤ℹಲछˈ3Gᬜᑨ䗤ℹᰒ⦄ ෎⸔࣪ᄺॳ᭭ࠊ䗴Ϯ -1.55% -42.63% 71.79% 37.76 21.98 ӋḐ᳝ᳯ䗤ℹӕ〇ಲछˈ݇⊼䞡⚍݀ৌ 亳કঞчϮ -1.56% -268.02% 22.46% 37.41 30.55 䳔∖໡㢣੠ߎষᘶ໡᥼ࡼ㸠Ϯ᱃⇨ಲछ 䪙䫠㸠Ϯ -1.83% 28.83% 129.15% 63.78 27.83 ফⲞ໻ᅫଚકӋḐডᔍ 䖲䫕 -1.95% 45.58% 43.98% 29.94 20.80 ফⲞᡩ䌘๲䭓੠䩶Ӌಲछ ⬉ᄤܗ఼ӊ -2.08% 42.59% 24.17% 36.11 29.08 Ԅؐ䕗催ˈ㸠Ϯ᱃⇨ৃ㛑䙁䘛ⷁᳳ䇗ᭈ 䪕䏃䆒໛ -2.10% 11.73% 57.79% 39.15 24.81 䪕䏃ᡩ䌘᥼ࡼ㸠Ϯᣕ㓁催᱃⇨ ݀䏃 -2.14% 14.48% 15.83% 19.76 17.06 䰆ᕵ⡍ᕕᔎˈফⲞऎඳ乬ᴤ ⦃ֱঞ݀⫼ -2.18% 17.12% 24.17% 52.45 42.24 ফⲞᬓᑰᦤӋˈ䞡㒘乬ᴤЄᆠ 㟾ぎ䖤䕧 -2.28% -119.52% 50.54% 48.82 32.43 ⊼䌘੠䞡㒘乬ᴤЄᆠˈফⲞछؐ乘ᳳ Ӵၦ -2.29% 54.67% 26.22% 50.06 39.66 ফⲞϝ㔥ড়ϔⱘᬓㄪࠎ▔ ݊Ҫ䞥ሲ -2.33% -65.43% 199.01% 91.03 30.45 ӋḐডᔍ᥼ࡼⲜ߽㛑࡯ಲछ ∈⬉ -2.38% 129.42% 59.01% 38.82 24.42 Ⲝ߽〇ᅮˈ݇⊼䌘ѻ⊼ܹ 䪕䏃 -2.48% -2.80% 29.02% 20.52 15.90 䪕䏃෎ᓎ᳝ᳯᣕ㓁催๲䭓 㒎㒛᳡㺙 -2.48% 38.12% -6.07% 23.13 24.62 ফⲞߎষ䗤ℹ໡㢣ˈݙ䫔〇ᅮ๲䭓 ⾡ỡঞݏⅪ -2.50% 14.98% 61.54% 53.81 33.31 ফⲞݰϮᡊᣕᬓㄪ 䪰 -2.60% 2747.06% 62.30% 43.59 26.86 䳔∖ᘶ໡䖛⿟ЁⱘӋḐডᔍ᥼ࡼⲜ߽㛑࡯ᦤछ ᴎഎ -2.62% 19.27% 29.70% 30.90 23.82 Ϯࡵ䞣๲䭓੠ᬊ䌍߮ᗻ᥼ࡼ↯߽⥛ᦤछ ☿⬉ -2.62% -289.71% -17.31% 24.04 29.07 ⫼⬉䞣ಲछˈԚ✸Ӌय़࡯๲໻ 䞡ൟᴎẄ -2.66% -0.12% 13.42% 26.44 23.31 ⳌᇍԄؐӬ࢓ᰒ⦄ˈ݇⊼䞡⚍݀ৌ ⱑ䜦 -2.69% 37.66% 41.84% 31.94 22.52 ⳌᇍԄؐ∈ᑇ䕗ԢˈϮ㒽⹂ᅮ ⱒ䋻 -2.70% 21.26% 38.60% 36.59 26.40 ⍜䌍๲䭓ᇚ᥼ࡼ㸠ϮⲜ߽〇ᅮ๲䭓 但᭭ঞ⭿㢫 -2.74% 55.00% 32.96% 34.48 25.94 ফⲞᬓㄪ᥼ࡼ੠џӊ偅ࡼ ⱑ㡆ᆊ⬉ -2.87% 54.61% 21.31% 22.65 18.67 ๲䭓ᯢ⹂ˈϮ㒽ৃ㛑䍙乘ᳳ ᴎᑞ -2.87% 22.54% 8.77% 28.13 25.86 ফⲞᬓᑰᡊᣕ੠ᡩ䌘᥼ࡼ 令佂ᮙ␌ -3.02% 23.56% 24.18% 47.70 38.41 乬ᴤЄᆠˈԚԄؐأ催 ⡍䩶 -3.12% 62.27% 202.36% 55.13 18.23 ফⲞ䩶䪕ӋḐӕ〇ಲछ ए㥃 -3.31% 29.39% 30.88% 36.55 27.92 ݇⊼ᬓㄪ߽དˈԄؐⳌᇍ䕗催 ᮄ㛑⑤ -3.32% 87.51% 40.76% 31.85 22.63 ᬓㄪᔎ࡯᥼ࡼˈফⲞ㒣⌢䕀ൟ A㙵Ꮦഎㄪ⬹਼᡹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 5᳜ 3᮹ 7 㸠㸠Ϯߚ㉏ ᴀ਼⍼䎠ᐙ 09ᑈޔ߽⍺ ๲䗳 10ᑈޔ߽⍺ ๲䗳 09PE 10PE ᡩ䌘䇈ᯢ 㟾䖤 -3.39% -147.01% -180.75% -29.58 36.64 BDIডᔍڀ⫳㸠Ϯᡩ䌘ᴎӮ ݰѻકࡴᎹ -4.01% 38.70% 91.18% 56.68 29.65 ফⲞ䗮㚔乘ᳳ੠ᬓㄪᡊᣕ ࣪ᄺ㙹᭭ࠊ䗴Ϯ -4.07% 74.90% 30.14% 21.84 16.78 䫔ଂ᳝ᳯᬒ䞣ˈফⲞݰѻકӋḐϞ⍼ 䗮ֵ䆒໛ࠊ䗴 -4.09% 51.81% 33.31% 34.57 25.93 㓈ᣕ㸠Ϯ๲䭓催ዄ 䅵ㅫᴎ䕃⹀ӊ -4.24% 13.90% 37.90% 41.83 30.34 㸠Ϯ᱃⇨䱣㒣⌢໡㢣㗠䗤ℹಲछˈ ᵫϮঞࡴᎹ -4.29% 30.66% 32.53% 26.48 19.98 ফⲞݰѻકӋḐϞ⍼੠ᬓㄪᬃᣕ 咥㡆ᆊ⬉ -4.49% 36.41% 65.62% 52.54 31.72 ফⲞᆊ⬉ϟе੠ҹᮻᤶᮄˈϞ␌䴶ᵓ⫊乜㓧㾷 ଚ⫼䔺 -4.49% 53.17% 39.78% 23.38 16.72 ᡩ䌘ಲछࠎ▔䫔ଂಲᱪ ≑䔺䳊䚼ӊ -4.59% 180.38% 24.31% 17.58 14.15 ≑䔺䫔䞣ᣕ㓁催๲䭓᥼ࡼ㸠Ϯ໡㢣 ␃ষ -5.21% -15.25% 24.62% 29.66 23.80 ߎষᘶ໡䖛⿟ᏺᴹѸᯧᗻᴎӮ ݊Ҫ䗮⫼ᴎẄ -5.25% 11.31% 23.08% 32.42 26.34 䳔∖໡㢣᥼ࡼ㸠Ϯ᱃⇨ಲछ ⠽⌕ -5.57% 42.39% 12.89% 36.30 32.15 㒣⌢໡㢣᥼ࡼ㸠Ϯথሩˈ䌘ѻ䞡Ԅ乬ᴤ Ь⫼䔺 -5.70% 302.30% 53.66% 22.04 14.34 䫔䞣๲䭓ᣕ㓁䍙ߎ乘ᳳˈԄؐ䕗Ԣ 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼 5.3 ᏖഎⲜ߽乘⌟䇗ᭈ ҢⲜ߽乘⌟䇗ᭈᚙމⳟˈᴀ਼ 2010 ᑈⲜ߽乘⌟䇗छᐙᑺ᳔໻ⱘᰃ⠽⌕ǃ䪱ǃ䪙䫠ǃ㟾ぎ䖤䕧ǃ咥㡆ᆊ ⬉ǃ⡍䩶ㄝˈ䇗䰡ᐙᑺ᳔໻ⱘᰃᵓᴤঞ݊Ҫ䩶䪕ǃ∈⬉ǃ㟾䖤ǃ݊Ҫ᳝㡆䞥ሲㄝ㸠ϮDŽؐᕫ݇⊼ⱘᰃˈ㟾ぎ ੠ᆊ⬉ᵓഫ䖥ᳳ䖲㓁ԡሙⲜ߽乘⌟Ϟ䇗ὰࠡ߫ˈ䇈ᯢ೼ᇣᯎᄷेᇚᴹЈ੠⊼䌘乘ᳳϡᮁᅲ⦄ⱘ㚠᱃ϟˈ㟾ぎ ᵓഫৃ㛑㒻㓁ᄬ೼ϔᅮⱘᡩ䌘ᴎӮ˗㗠ᆊ⬉㸠Ϯⱘ䫔ଂ߭ਜ⦄Ā⎵ᄷϡ⎵āⱘḐሔˈ㗗㰥ࠄ䆹㸠Ϯ䕗ԢⱘԄ ؐ∈ᑇˈ៥Ӏ䅸Ў݊ᄬ೼䕗Ўᯢᰒⱘᡩ䌘ᴎӮDŽ঺໪ˈϢϞ਼ⱘ㾖⌟㒧ᵰⳌϔ㟈ˈ਼ᳳᗻ㸠ϮⱘⲜ߽乘⌟Ϟ 䇗ձ✊ਜ⦄ߎ㒧ᵘߚ࣪ⱘሔ䴶ˈ䇈ᯢܼ䴶ф਼ܹᳳ㙵ⱘᯊᴎৃ㛑ҡ᳾ᴹЈDŽ↨བ䩶䪕㉏㸠ϮˈϢϞ਼㉏Ԑˈ 㱑✊⡍䩶ᄤᵓഫⲜ߽乘⌟ҡ೼Ϟ䇗ˈԚᵓᴤ੠݊Ҫ䩶䪕㉏ᄤᵓഫⱘৠᳳⲜ߽乘⌟ैԡሙⲜ߽乘⌟ϟ䇗ὰࠡ ߫˗䪱੠䪙䫠㸠ϮⱘⲜ߽乘⌟ᴀ਼ߎ⦄Ϟ䇗ˈԚ݊Ҫ䞥ሲⱘⲜ߽乘⌟ैৠᳳߎ⦄ϟ䇗˗㗠㟾䖤㙵Ⲝ߽乘⌟೼ Ϟ਼ߎ⦄ᯢᰒϞ䇗ৢˈ䖭਼জᓔྟߎ⦄ϟ䇗˗∈⬉㸠ϮⲜ߽乘⌟߭㒻㓁೼ᯅ♒੠ᶃ∈ᄷ㡖ᕅડϟߎ⦄ϟ䇗DŽ ᘏԧϞⳟˈᏖഎⲜ߽乘⌟ⱘব࣪ᭈԧϞҡ݋᳝ᯢᰒⱘ㒧ᵘᗻ⡍ᕕˈ਼ᳳ㙵೼䳔∖ᯎᄷᴹЈⱘᴵӊϟˈⲜ ߽乘⌟ҡ᳾ߎ⦄ܼ䴶㋏㒳ⱘϞ䇗ˈ䇈ᯢᏖഎⱘᢙᖻᚙ㒾ձ✊⌧䞡DŽ೼ℸ㑺ᴳϟˈᏖഎᕜ䲒ߎ⦄ऩ䖍ⱘϞ⍼៪ ϟ䎠㸠ᚙˈ᳈໮ⱘᑨᡞᦵ㒧ᵘᗻⱘᡩ䌘ᴎӮDŽ៥Ӏ䅸Ўᆊ⬉ǃ㟾ぎǃ⠽⌕ㄝফⲞѢ䳔∖๲䭓ˈϨ䖥ᳳⲜ߽乘 ⌟Ϟ䇗ਜ⦄ߎ䕗ᔎᣕ㓁ᗻⱘ㸠Ϯᑨ䆹ؐᕫ䞡⚍݇⊼DŽ 㸼 5˖Ёֵ㽚Ⲫ㒚ߚ㸠ϮᏖഎϔ㟈乘ᳳⲜ߽乘⌟䇗ᭈᚙމ 09ᑈϔ㟈乘ᳳޔ߽⍺๲䭓⥛ 10ᑈϔ㟈乘ᳳޔ߽⍺๲䭓⥛ 㸠Ϯߚ㉏ 䖥 3᳜Ϟ䇗 䖥 1᳜Ϟ䇗 䖥 1਼Ϟ䇗 䖥 3᳜Ϟ䇗 䖥 1᳜Ϟ䇗 䖥 1਼Ϟ䇗 ⠽⌕ 5.93% 0.31% 3.31% 15.50% 12.94% 17.19% 䪱 16.92% -0.36% 11.73% 9.27% 24.61% 7.39% 䪙䫠㸠Ϯ 4.20% 2.62% 1.99% 11.52% 0.93% 7.16% 㟾ぎ䖤䕧 5.02% 3.08% 2.29% 27.48% 4.14% 5.53% ݊Ҫ䗮⫼ᴎẄ -2.37% -0.26% -0.28% 1.97% 4.60% 3.88% 咥㡆ᆊ⬉ 1.69% 1.29% 0.70% 9.74% -5.86% 3.76% ⡍䩶 -5.10% -11.38% 3.29% 31.60% 12.36% 3.49% ☿⬉ -3.37% -0.30% -0.62% -18.86% -5.38% 3.49% 㠍㠊ࠊ䗴 -6.58% -4.22% 1.88% -13.04% -9.23% 3.40% ֱ䰽 12.20% 3.11% 3.58% 4.86% 0.82% 3.11% ෎⸔࣪ᄺॳ᭭ࠊ䗴Ϯ -4.33% -2.68% -0.44% 5.63% 0.43% 2.66% Ь⫼䔺 1.12% -0.11% 0.51% 6.47% 2.56% 2.64% ⦃ֱঞ݀⫼ 5.90% -1.26% -1.20% 25.15% 0.10% 2.48% ࣪ᄺ㙹᭭ࠊ䗴Ϯ -39.20% -0.12% 0.03% -13.37% 0.97% 1.79% ݰѻકࡴᎹ -16.14% 4.74% 4.22% -5.90% 10.06% 1.68% ⛺⚁ -4.14% -1.96% -1.36% 6.24% 2.15% 1.62% 䖲䫕 8.02% 1.96% 0.17% 13.57% 3.55% 1.60% A㙵Ꮦഎㄪ⬹਼᡹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 5᳜ 3᮹ 8 09ᑈᑈϔ㟈乘ᳳޔ߽⍺๲䭓⥛ 10ᑈϔ㟈乘ᳳޔ߽⍺๲䭓⥛ 㸠Ϯߚ㉏ 䖥 3᳜Ϟ䇗 䖥 1᳜Ϟ䇗 䖥 1਼Ϟ䇗 䖥 3᳜Ϟ䇗 䖥 1᳜Ϟ䇗 䖥 1਼Ϟ䇗 Ӵၦ 0.13% 0.85% 0.79% 1.23% 3.09% 1.48% ଚ⫼䔺 2.55% -0.16% -0.44% 15.75% 3.07% 1.43% ⱑ㡆ᆊ⬉ 2.17% -0.21% 1.67% 2.07% -1.78% 1.18% ഄѻ 1.59% -0.15% 0.55% 3.66% 1.62% 1.02% ᵫϮঞࡴᎹ -3.07% 2.19% -0.04% 5.62% 1.87% 1.00% ⷇⊍࣪Ꮉ -9.98% 0.36% 0.19% -1.44% 0.34% 0.92% ∈⊹ 2.23% 2.26% 0.75% 3.37% 1.51% 0.88% ݊Ҫ䜦㉏佂᭭ 0.36% 0.52% 0.13% 7.16% 1.41% 0.88% ᴎᑞ -0.93% -1.33% 0.03% -0.85% 0.37% 0.82% ⦏⩗ 0.35% 1.23% -0.97% 4.05% 3.56% 0.76% ≑䔺䳊䚼ӊ 3.34% -0.34% 0.06% 8.93% 3.80% 0.54% 亳કঞчϮ -1.14% 0.94% 1.81% 2.69% 0.42% 0.53% 䕧ব⬉ 46.94% -0.95% -0.44% 42.26% -2.99% 0.48% ೑᳝໻䫊㸠 -0.23% -0.43% 0.22% -0.43% -2.00% 0.45% 令佂ᮙ␌ -0.75% -1.23% -0.40% 0.30% -2.34% 0.43% 䭓ᴤ -9.42% 8.10% 0.83% -5.42% -0.30% 0.37% 㙵ӑࠊ੠ජଚ㸠 0.97% -0.48% -0.37% 1.28% -0.52% 0.30% ⊍⬄᳡ࡵ -5.70% -4.55% -2.68% -6.08% -2.85% 0.30% ✸⚁ -0.29% -0.23% 0.28% 4.69% 1.43% 0.23% 但᭭ঞ⭿㢫 -11.57% -4.13% -1.05% -6.36% -2.08% 0.15% 䅵ㅫᴎ䕃⹀ӊ 3.33% -0.79% -0.64% 2.09% -1.03% 0.13% 䍙Ꮦ 27.25% -3.70% 0.15% 27.58% -3.08% 0.05% ⱑ䜦 0.80% -0.56% -0.24% 6.44% -0.49% 0.03% ⱒ䋻 -0.07% 0.30% 0.17% 3.98% -0.95% -0.02% ݀䏃 -1.49% -1.39% -1.26% 3.83% 0.48% -0.16% ᮄ㛑⑤ 5.82% 4.15% -0.48% 5.53% 4.04% -0.17% Ꮉ⿟ᴎẄ 1.52% 1.04% -0.86% 7.14% 1.08% -0.30% ए㥃 4.53% -0.06% -1.00% 6.71% 0.54% -0.37% ⾡ỡঞݏⅪ -0.22% 0.08% 1.45% 10.54% 5.81% -0.39% ⬉ᄤܗ఼ӊ 11.34% 10.72% -0.60% 3.91% 0.66% -0.51% 䆕ࠌ 0.80% -0.89% 0.02% 5.56% -0.41% -0.52% ᴎഎ -0.23% -0.63% -0.69% 1.99% 0.77% -0.77% 咘䞥 -4.29% 1.03% -0.33% -3.00% -2.49% -0.89% ␃ষ -5.84% -3.77% -1.31% -2.78% -1.60% -1.06% ⬉ֵ䖤㧹 -5.41% 3.73% 0.94% -7.85% 3.80% -1.12% 䗮ֵ䆒໛ࠊ䗴 -2.21% -2.68% -2.49% 3.57% -0.89% -1.17% 䪰 -0.36% -0.64% 0.08% 4.47% 2.24% -1.27% 㒎㒛᳡㺙 7.86% -3.78% -1.75% 2.38% 1.38% -1.32% ᇣᆊ⬉Ϣ✻ᯢ -7.00% -6.72% -2.24% -5.39% -5.97% -1.39% 䪕䏃 -1.47% -1.31% -1.15% -6.64% -5.84% -1.47% 䗴㒌 15.16% 5.88% 0.88% 2.22% -0.80% -1.48% 䞡ൟᴎẄ 32.35% 2.61% -0.67% 38.42% 1.06% -1.88% 䪕䏃䆒໛ 65.13% -1.38% -1.11% 72.66% 1.29% -2.09% ᓎㄥ -2.35% -1.14% -1.73% -2.93% -2.95% -2.45% ᵓᴤ -25.89% -15.92% -17.11% -3.47% -0.95% -3.08% 㟾䖤 5.93% 5.24% 3.09% 17.28% 2.63% -3.51% ݊Ҫ䞥ሲ -10.92% -1.34% -1.34% -6.12% -5.27% -4.33% ∈⬉ -22.37% -8.79% -5.65% -20.38% -14.84% -7.40% ݊Ҫ䩶䪕㉏ -14.98% -16.24% -3.92% -19.79% -23.85% -9.63% 䌘᭭ᴹ⑤˖ᳱ䰇∌㓁ˈЁֵ䆕ࠌⷨお䚼 A㙵Ꮦഎㄪ⬹਼᡹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 5᳜ 3᮹ 9 5.4 ᡩᡩ䌘㒘ড়䎳䏾 Ϟ਼Ёֵᡩ䌘㒘ড়ϟ䎠 1.24%˄ ≾⏅ 300ᣛ᭄ϟ䎠 0.89%˅ˈ2009ᑈ 1᳜ 9ো㒘ড়ᵘᓎҹᴹ㌃䅵Ϟ⍼ 132% ˄≾⏅ 300 ᣛ᭄Ϟ⍼ 74.4% DŽ˅ᴀऎ䯈㸼⦄䕗དⱘϾ㙵ᰃ˖㤷ⲯথሩǃ೷ݰথሩǃЁ೑ᑇᅝ˗㸼⦄䕗ᏂⱘϾ 㙵ᰃ˖໽䷇᥻㙵ǃϔ≑䕓䔺ǃᙺ䖒ᡩ䌘DŽ 㸼 6˖Ёֵ᥼㤤㒘ড় EPS PE 㸠Ϯ 㙵⼼ҷⷕ 㙵⼼ৡ⿄ 㙵Ӌ 09E 10E 09E 10E ᴗ䞡 ॳᴤ᭭ 600123 ݄㢅⾥߯ 38.170 2.29 3.22 17 12 3% 600547 ቅϰ咘䞥 68