轻工制造行业周报：铜版纸提价基本落实3月有望续涨-130304.ppt

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1、3,2013,2,25,2013,3,3,3,2013,3,4,300 2.78%/,2.33%/12.94%,5.50%VS,8.19%,2.36%,3.27%,0.79%,0.60%,17.78%,13.33%,12.97%,12.87%,10.78%2030,021-,S1010510120064,100-200,/60,3,100,100/,/,021-,3,2030,/,30.0%,5.02,2013,141.0%,41,/,11,EPS12E,13E,14E,11,12E,PE,13E,14E,PB,5.6710.6627.2717.608.4224.155.209.136.711

2、0.2227.41,0.500.450.630.510.400.590.210.550.180.421.03,0.200.550.760.730.350.570.300.640.200.541.31,0.500.651.001.000.420.800.410.750.240.691.62,0.570.831.231.290.521.07-0.990.310.851.99,1124433521412517372427,2819362424421714341921,1116271820301312281517,101322141623-9221214,1.442.483.953.252.922.3

3、92.011.462.282.202.83,6.9411.74-19.30-18.407.3912.805.52-,2013,3,1,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,2013,2,25,2013,3,3,.1.1.1.15.19.23,umpaper,2007-2012 Ytd,.7,2007-2012 Ytd,.7,umpaper,2007-2012 Ytd,.7,2007-2012 Ytd,.7,umpaper,2007-2012Ytd.8,2007-2012 Ytd,.8,umpap

4、er,2007-2012Ytd,.8,2007-2012 Ytd,.8,2007-2012Ytd2008-2012Ytd2008-2012 Ytd,.8.8.9,2008-2012 Ytd2001-2012Ytd2001-2012Ytd,.10.10.11,2007-2012Ytd2007-2012 Ytd2007-2012Ytd,.11.11.11,.11.11.12.12.12.12.13.13,2007-2012Ytd,.13,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,

5、55,56,57,2013,2,25,2013,3,3,27,FAI,2003-2012 Ytd,.14,2007-2012 Ytd2007-2012 Ytd,.15.15,2007-2012 Ytd2007-2012 Ytd,.15.15,.15.15,2007-2012 Ytd2007-2012 Ytd,.16.16,2007-2012 Ytd2007-2012 Ytd,.17.17,2007-2012 Ytd2007-2012Ytd,.18.18,2007-2012 Ytd2007-2012 Ytd,.18.18,2007-2012 Ytd2007-2012Ytd,.19.19,2007

6、-2012 Ytd2007-2012 Ytd,.19.19,.20.20.20.20,2007-2012 Ytd2007-2012 Ytd,.21.21,2007-2012 Ytd2007-2012 Ytd,.22.22,2007-2012 Ytd2007-2012 Ytd,.23.23,2007-2012 Ytd2007-2012 Ytd,.23.23,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,2013,2,25,2013,3,3,.6.9.13.14.14.16.16.17.17.18.18.20.21.22.23.24,2013,2,25,2013,3

7、,3,2012,-,2012,2012,-,2,27,1,20,-,A4,8,8,2013,-,10,8,-,10,B,B,B,B,(B,),2012,2,262012,“,”“,201280%,”,3,2030,3,100,/,100,/,2013-3-1,Resolute,3,NBHK,SBHK,30,820,NBSK,900,SBSK,860,Mercer,3,710,30,1,/,/,/,2,2013,2,25,2013,3,3,3600-3700,1250-1280,1120,5400,100g,UPM6400,5600-5650,1800,1620,1800,250g,1220,5

8、200-53001120,5300-5400,5000,1210-12501080-1150,157g,170g140g,4100-41504050-4100,200g170/200g5800,4000-40504000-40505400,5200-53002013-2-28,5000,5050-5100,7000,5250-53003700,40,A,1180,B,1140,C,1110,970,Canfor,3,30,720,20,860,4,30,930,A,1300,1330,1390,1440,3,30,930,30,890,710,3,30,930,140g,4150,3950,1

9、75g,3850,140g,4050,170g,3950,200g,3850,3#,173-175,8#190-192,11#,220,2,A2,2013,2,25,2013,3,3,3#212-213,8#212,11#,204-207,5200-53005300-5400,5800,250g100g,157g,5350-5400,53005700,250g,5500-5600,5300,5600-5700,5350-5400,5700,100g,UPM6600-6700,157g,5400,5900-6000,163-165 UKOCC,205-208 A9 8020 190,2,1300

10、0,3000,1,2013-2-27,23.6%.2,1,63.5,10.8%,1180,1800,1700,1600-1650,23.6%,15.2,1,63.5,10.8%,3,690,/,10,700,/,1/3,4-512000,1290,1380,3,1,1550,100,/1450,5300-5400,100g,5700,5500,120gN157g,3700 Q1440,3500 T1500,3450 110gB53001500,3300-335054001500,3,2,/,2013,2,25,2013,3,3,3300-3400,250g,3900,3600,90g,3100

11、-3200,80g,3200-3300,70g,3400-3500,4850-4900,4750,4780,A,1180,B,1140,C,1080,970,5600-5700,15000,100g,250g,5500-56005400-55004850,2013-2-26,157g,6000,5400,FibriaMercer,3,3,20,3,82082020,860,/860,870720,3,1,720870,50,1250,20,1120,4700,4800,C,D,C,70,1310,D,60,1200,3#,213,8#212,11#202,70-100g,250g,5800,5

12、300-5400,5100-52005600-5700,5700,5100,5500-56002,3#,173-175,8#190-192,9#225,11#,220,250g,5400-5500,5300-5400,5500,5400-5500,110g,2950,2850,2950,2900-2950,100g,23#5900-6000 100g,5800,55g,5300-5400,4,2013,2,25,2013,3,3,5400-55005400-5650,60-80g,157g,5600,6000,57005800-5900,A2,165-168,UKOCC205,A9,8020,

13、190-195,4700-48002013-2-25,3,20,/,820,/,870,/,720,/,3,30,820,20,660,1,345.4,353.6,4,36,BSK,3,32,BHK,5,41,PPPC,2010,1,8,12,1,5%,1035337,45%,5851,3231,30,1650,30,A,1220-1250,B,1110-1190,C,1070,5200,5000,3,1,2700,110g,3100,2950,A,1300,B,1250,C,1210,D,1150,126g,3900,120g,3450,3200,3100,2,3,100,/,250g250

14、g,4000-41005700,3850,36506400,34505300,5,1,2013,2,25,2013,3,3,A,1120,B,1070,C,1030,D,980,3,3,1,100,/,UPM,3,100-200,/,100,/,0.73%,1.48%50/,200/0.13%,60,1003,1001,/,3,50,/,1,1.01%,1.01%,/,2013/02/27,11,11,UPM,21#,6367658363175375536758005800,0000000,0.00%0.00%0.00%0.00%0.00%0.00%0.00%,00500000,0.00%0.

15、00%0.80%0.00%0.00%0.00%0.00%,-125-125-350-458-233-2830,-1.93%-1.86%-5.25%-7.86%-4.17%-4.66%0.00%,-733-492-8-642-600-7330,-10.33%-6.95%-0.13%-10.66%-10.06%-11.22%0.00%,-125-125-350-458-233-2830,-1.93%-1.86%-5.25%-7.86%-4.17%-4.66%0.00%,0.00%,0.11%,-3.67%,-7.05%,-3.67%,55835333565855505267578354174800

16、4842,503375838333000,0.90%0.63%1.34%1.52%1.61%0.58%0.00%0.00%0.00%,117671088311711701000,2.13%1.27%1.95%1.52%2.27%2.06%0.00%2.13%0.00%,330-183842-200-308-34225,0.60%0.00%-3.14%0.15%0.80%-3.34%-5.39%-6.65%0.52%,-933-975-1158-1083-1017-1150-1117-1042-1158,-14.32%-15.46%-16.99%-16.33%-16.18%-16.59%-17.

17、09%-17.83%-19.31%,330-183842-200-308-34225,0.60%0.00%-3.14%0.15%0.80%-3.34%-5.39%-6.65%0.52%,0.73%,1.48%,-1.83%,-16.68%,-1.83%,731762585417655053675483,02592058150,0.00%0.40%1.72%0.00%1.10%2.81%,02592058150,0.00%0.40%1.72%0.00%1.10%2.81%,-350-50-50858-558-508,-4.57%-0.79%-8.58%0.90%-9.42%-8.48%,-367

18、-858-1375-708-1308-1483,-4.77%-12.06%-20.25%-9.76%-19.60%-21.29%,-350-50-43358-458-533,-4.57%-0.79%-7.41%0.90%-7.87%-8.86%,1.01%,1.01%,-5.16%,-14.62%,-4.77%,53083650380054173950,00000,0.00%0.00%0.00%0.00%0.00%,00000,0.00%0.00%0.00%0.00%0.00%,-358-592-4920-592,-6.32%-13.95%-11.46%0.00%-13.03%,-358-11

19、25-10250-783,-6.32%-23.56%-21.24%0.00%-16.55%,-258-592-4920-592,-4.64%-13.95%-11.46%0.00%-13.03%,6,Ja,Apn/0,r/7,Ju07,Ol/0,ct7,Ja/07,Apn/0,r/8,Ju08,Ol/0,ct8,Ja/08,Apn/0,r9,Ju/09,Ol/0,ct9,Ja/09,Apn/1,r/0,Ju10,Ol/1,ct0,Ja/10,Apn/1,r/1,Ju11,Ol/1,ct1,Ja/11,Apn/1,r/2,Ju12,Ol/1,c2,Jat/12,n/,13,Ja,Apn/0,7,J

20、r/07,Oul/0,ct/7,Ja0,Apn/07,r8,J/08,Oul/0,ct/8,Ja0,Apn/08,9,Jr/0,Oul/09,ct/9,Ja0,Apn/19,0,Jr/1,Oul/10,ct/0,Ja1,Apn/10,1,Jr/11,Oul/1,ct/1,Ja1,Apn/11,r2,J/12,Oul/1,Jact/12,n/2,13,Au,g,N/07,ov,Fe/07,b,M/08,a,Auy/0,g8,N/08,ov,Fe/08,b,M/09,a,Auy/0,g9,N/09,ov,Fe/09,b,M/10,a,Auy/1,g0,N/10,ov,Fe/10,b,M/11,a,

21、Auy/1,g1,N/11,ov,Fe/11,b,M/12,a,Auy/1,g2,N/12,ov,Fe/12,b/,13,c,M/08,ar,Ju/09,n,Se/09,p,De/09,c,M/09,ar,Ju/10,n,Se/10,p/,De10,c,M/10,ar,Ju/11,n,Se/11,p/,De11,c,M/11,ar,Ju/12,n,Se/12,p,De/12,c/,12,De,/,/,/,2013,2,25,2013,3,3,2013/02/27,11,11,47504633,00,0.00%0.00%,00,0.00%0.00%,-417-250,-8.06%-5.12%,-

22、700-667,-12.84%-12.58%,-242-150,-4.84%-3.14%,0.00%,0.00%,-8.28%,-13.30%,-7.29%,5150,0,0.00%,-50,-0.96%,-325,-5.94%,175,3.52%,-150,-2.83%,ABC,328331423058,000,0.00%0.00%0.00%,000,0.00%0.00%0.00%,-167-158-167,-4.83%-4.80%-5.17%,-317-358-317,-8.80%-10.24%-9.38%,-117-158-167,-3.43%-4.80%-5.17%,A,3383,0,

23、0.00%,0.00%,0.00%,-4.93%,-9.47%,-4.47%,388337333550,000,0.00%0.00%0.00%,000,0.00%0.00%0.00%,-342-342-300,-8.09%-8.38%-7.79%,-467-467-450,-10.73%-11.11%-11.25%,-342-342-325,-8.09%-8.38%-8.39%,/,375835423442,000,0.00%0.00%0.00%,000,0.00%0.00%0.00%,-942-958-858,-20.04%-21.30%-19.96%,000,000,-942-958-85

24、8,-20.04%-21.30%-19.96%,1,0.00%umpaper,0.00%,-14.26%2,-11.03%2007-2012 Ytd,-14.36%,2007-2012 Ytd,/t,120.00110.00100.0090.0080.00,9000850080007500700065006000550050004500,UPM,21#,3,umpaper,4,2007-2012 Ytd,2007-2012 Ytd130.00120.00110.00100.0090.0080.0070.00,850080007500700065006000550050004500,/t7,Au

25、,Nog/0,7,Fev/0,Mab/07,Auy/08,Nog/08,8,Fev/0,Mab/08,Auy/09,Nog/09,9,Fev/0,Mab/19,Auy/10,Nog/10,0,Fev/1,Mab/10,Auy/11,Nog/11,1,Fev/1,Mab/11,Auy/12,Nog/12,2,Fev/12,b/1,3,Ja,Apn/0,r7,J/07,Oul/0,ct/7,Ja0,Apn/07,8,Jr/08,Oul/0,Jact/08,Apn/08,9,Jr/09,Oul/0,ct/9,Ja0,Apn/19,0,Jr/10,Oul/1,ct/0,Ja1,Apn/10,1,Jr/

26、11,Oul/1,Jact/11,Apn/11,2,Jr/12,Oul/1,ct/2,Ja12,n/,13,Ja,Apn/0,r7,Ju/07,Ol/07,ct,Ja/07,Apn/0,r8,Ju/08,Ol/08,ct,Ja/08,Apn/0,r9,Ju/09,Ol/0,ct9,Ja/09,Apn/1,r0,Ju/10,Ol/1,ct0,Ja/10,Apn/1,r1,Ju/11,Ol/1,ct1,Ja/11,Apn/1,r2,Ju/12,Ol/1,ct2,Ja/12,n/,13,J,Man/0,Maar/09,9,Jy/0,Seul/09,p/9,No0,Jv/09,Man/19,Maar/

27、10,0,Jy/1,Seul/10,Nop/10,Jav/10,Man/10,Mar/11,1,Jy/1,Seul/11,p/1,No1,Jav/11,Mn/11,Maar/12,2,Jy/,Seul/112,Nop/12,Jav/12,n/12,3,Au,Nog/0,7,Fev/07,Mb/0,ay8,Au/0,8,Nog/08,Fev/08,Mb/0,a9,Auy/0,9,Nog/0,9,Fev/09,Mb/1,a0,Auy/1,0,Nog/1,0,Fev/10,Mab/1,1,Auy/1,1,Nog/1,1,Fev/11,Mb/1,a,Auy/12,2,Nog/12,Fev/12,b/1

28、,3,Au,g,N/0,ov7,Fe/07,Mb/0,a8,Auy/0,g8,N/0,ov8,Fe/08,Mb/0,a9,Auy/0,g9,N/0,ov9,Fe/0,9,Mb/1,a0,Auy/1,g0,N/1,ov0,Fe/10,Mb/1,a1,Auy/1,g1,N/1,ov1,Fe/11,Mb/1,a2,Auy/1,g2,N/1,ov2,Fe/12,b/,13,9,2013,5,2,25,2013umpaper,3,3,6,2007-2012 Ytd,2007-2012Ytd130.00120.00110.00100.0090.0080.0070.00,900085008000750070

29、00650060005500500045004000,/t,72007-2012Ytd,umpaper,8,2007-2012 Ytd,/t,90.00,80.0070.0060.0050.00,650060005500500045004000350030002500,2007-2012Ytd,/t,10,2008-2012Ytd,/t,7000650060005500500045004000,42004000380036003400320030002800260024002200200018001600,A,B,C,A,8,De,Fec/0,Apb/08,Jr/09,Auun/09,Og/0

30、9,Dect/09,Fec/09,Apb/19,Jr/10,Auun/10,Og/10,Dect/10,Fec/10,Apb/10,Jr/11,Auun/11,Og/11,Dect/11,Fec/11,Apb/11,Jr/12,Auun/12,Og/12,Dect/12,Fec/12,b/12,3,/,2013,2,25,2013,3,3,11,2008-2012 Ytd,/t,55005000450040003500300025002000,/,/,/,2009,3,20%,2009,3,8,2012,2010 3,6%,2%7%8%14%,6%1.6%,2%10%,09,3,10,20%3

31、,09,33,20301.31%,810.51%,1%,0.66%0.40%0.59%,0.50%0.23%-0.40%,2,2013/,800,/,11,7300,11,/,/,02/27,51505150494250925300511751504858,125125929200083,2.49%2.49%1.89%1.83%0.00%0.00%0.00%1.75%,567567392550592500475233,12.36%12.36%8.61%12.11%12.57%10.83%10.16%5.05%,-1675-1675-833-1758-1625-1733-1700-1092,-2

32、4.54%-24.54%-14.43%-25.67%-23.47%-25.30%-24.82%-18.35%,-192-192-433-283-425-400-425-754,-3.59%-3.59%-8.06%-5.27%-7.42%-7.25%-7.62%-13.44%,505014242-200-108-75308,0.98%0.98%2.95%0.83%-3.64%-2.07%-1.44%6.78%,1.31%,10.51%,-22.64%,-7.03%,0.67%,3#,1083,32,3.08%,11,1.01%,-344,-24.08%,-145,-11.83%,-221,-16

33、.93%,9,De,Fec/08,Apb/0,Jr/09,Auun/09,Og/09,Dect/09,9,Fec/09,Apb/1,r/10,J,Auun/10,Og/10,Dect/10,0,Fec/10,Apb/1,r/11,J,Auun/11,Og/11,Dect/11,1,Fec/11,Apb/1,Jr/12,Auun/12,Og/12,Dect/12,2,Fec/12,b/1,3,Ja,n,J/0,Jaul/011,n,J/0,Jaul/022,n,J/0,Jaul/033,Jn/0,Jaul/044,Jn/0,Jaul/055,n,J/0,Jaul/06,n6,J/0,Jaul/0

34、7,n7,J/0,Jaul/088,Jn/0,Jaul/099,Jn/1,Jaul/100,n,J/1,Jaul/11,n1,J/1,Jaul/12,n/12,3,2013,2,25,2013,3,3,2013/02/27,11,11,6#8#9#10#11#12#13#A37#,14041189138613231364173115101401,-24-2-226-3-3-2,-0.17%0.35%-0.17%-0.17%1.92%-0.17%-0.17%-0.17%,282217222,0.14%0.66%0.14%0.14%1.29%0.14%0.14%0.14%,-36-380-415-

35、444-371-102-588-911,-2.51%-24.20%-23.04%-25.13%-21.37%-5.58%-28.01%-39.41%,196-128-82-128-87297-197-323,16.20%-9.74%-5.61%-8.79%-6.00%20.74%-11.53%-18.72%,-20-115-241-208-146-25-290-146,-1.42%-8.82%-14.82%-13.61%-9.67%-1.42%-16.12%-9.46%,0.66%,0.50%,-26.46%,-10.32%,-12.77%,A2 SoftMixedUK OCCA5 8020A

36、5 9010A9 7030A9 8020B2A2 SoftMixed,10181270124912491199119913861037,117-2-2-2-2-28,1.06%0.56%-0.17%-0.17%-0.17%-0.17%-0.17%0.73%,81122222-8,0.75%0.88%0.14%0.14%0.14%0.14%0.14%-0.76%,-350-272-255-271-304-328-250-331,-25.56%-17.66%-16.94%-17.84%-20.25%-21.46%-15.27%-24.19%,-11545413-23-57-31-124,-10.1

37、6%0.31%4.50%1.04%-1.91%-4.58%-2.20%-10.67%,-135-173-290-350-358-106-162-166,-11.68%-11.99%-18.82%-21.87%-23.01%-8.10%-10.47%-13.84%,0.40%,0.23%,-20.83%,-5.46%,-11.21%,3#8#11#,132013171252,4-926,0.30%-0.64%2.11%,8-262,0.61%-1.95%0.14%,-259-341-344,-16.40%-20.58%-21.56%,-4-89-39,-0.33%-6.35%-3.00%,-16

38、7-246-245,-11.25%-15.75%-16.39%,12,0.59%,-0.40%2008-2012 Ytd,-19.51%13,-3.23%,-14.47%2001-2012Ytd,/t,(NBSK),(BHKP),/t,850080007500700065006000550050004500400035003000,900800700600500400300,10,Au,Nog/07,v,Fe/07,Mab/0,8,Auy/08,Nog/08,Fev/08,Mab/09,Auy/09,Nog/09,v,Fe/09,Mab/1,0,Auy/10,Nog/10,Fev/10,Mab

39、/11,Auy/11,Nog/11,Fev/11,Mab/12,Auy/12,Nog/12,Fev/12,b/1,3,Ju,Den/02,Juc/02,Den/03,Juc/03,Den/04,Juc/04,Den/05,Juc/05,Den/06,Juc/06,Den/07,Juc/07,Den/08,Juc/08,Den/09,Juc/09,Den/10,Juc/10,Den/11,Juc/11,Den/12,c/1,2,Au,Nog/07,Fev/07,Mab/0,8,Auy/0,8,Nog/08,Fev/08,b/0,Ma,9,Auy/0,9,Nog/09,v/0,Fe9,Mab/1,

40、0,Auy/1,Nog/10,0,Fev/10,Mab/11,y/1,Au,1,Nog/11,Fev/11,b/1,Ma,2,Auy/1,2,Nog/12,v/1,Fe2,b/1,3,Au,Nog/07,Fev/07,Mab/08,Auy/08,Nog/08,Fev/08,Mab/0,9,Auy/09,Nog/09,Fev/09,Mab/10,Auy/10,Nog/10,Fev/10,Mab/1,1,Auy/11,Nog/11,Fev/11,Mab/12,Auy/12,Nog/12,Fev/12,b/1,3,),2013,14,2,25,2013,3,32001-2012Ytd,15,2007

41、-2012Ytd,$/t,/t,(NBSK),3#,8#,9#,10#,11#,13#A,37#,2800,11001000900800700600500400300,FOEX,2400200016001200800400,FOEX,16,2007-2012 Ytd,/t,17,2007-2012Ytd,/t,A2 SoftMixed(,UK OCC,A9(8020),3#,8#,11#,24002000,B2,A2 SoftMixed(,),24002000,160016001200,1200800400,800400,2012,1.14,4.65%,11,0.65,2012,1704,4.

42、91%,11,0.09,18,(%),19,%,/,Wind,50403020100-10-20,/,Wind,50403020100-10-20-30-40,11,2013,2,252013,20131,3,3,26,42.8%,3.31,50.1%,20,(%),21,(%),USD mn,450400350300250200150100500,Wind,806040200-20-40-60,450040003500300025002000150010005000,Wind,806040200-20-40-60,2013,1,136,16.3%,9.09,18%,22,(%),23,(%)

43、,USD mn,180016001400120010008006004002000,Wind,50403020100-10-20-30,14000120001000080006000400020000,Wind,100806040200-20-40-60,2013,1,41,30.0%,5.02,41.0%12,Fe,Jub/07,On/0,c7,Fet/07,Jub/08,On/0,c8,Fet/08,Jub/09,On/09,Fect/0,9,Jub/10,On/10,c,Fet/10,Jub/11,On/11,c,Fet/11,Jub/12,On/12,ct/,12,Ja,Nn/1,o3

44、,Sev/1,p/2,Ju12,Ml/1,a2,My/12,a,Jar/12,Nn/1,o2,Sev/1,p/1,Ju11,Ml/1,a1,My/11,a,Jar/11,Nn/1,o1,Sev/1,p/0,Ju10,Ml/1,a0,My/10,a,Jar/10,Nn/1,o0,Sev/0,p/9,Ju09,Ml/0,a9,My/09,a,Jar/09,Nn/0,o9,Sev/0,p/8,Ju08,Ml/0,a8,My/08,a,Jar/08,Nn/0,o8,Sev/0,p/7,Ju07,Ml/0,a7,My/07,a,Jar/07,n/,07,Fe,b,Ju/07,On/07,c,Fet/07

45、,b,Ju/08,On/08,ct/,Fe08,b,Ju/09,On/09,c,Fet/0,b9,Ju/10,On/10,c,Fet/10,Jub/11,On/11,c,Fet/11,Jub/12,On/12,ct/,12,1,1,7,8,3,2013,2,25,2013,3,3,24,(%),25,(%),USD mn,500450400350300250200150100500,Wind,100806040200-20-40-60,6000500040003000200010000,Wind,806040200-20-40,2009,3,CAD BRL INR,13.57%11.74%,1

46、2.59%,2009,3,09,26,3,2007-2012Ytd,3%,20102011,30.00%,USD/CNY,CAD/CNY,BRL/CNY,INR/CNY,EUR/CNY,20.00%10.00%0.00%-10.00%-20.00%-30.00%-40.00%,Bloomberg,2007,1,1,3,USD/CNY,CAD/CNY,BRL/CNY,INR/CNY,EUR/CNY,2007,-20.38%,-9.73%,-14.10%,-25.56%,-21.07%,200720082009,200711,11,7,-4.77%-16.39%-9.06%-9.10%,20.79

47、%-25.45%-9.46%13.57%,16.89%-26.51%-28.30%11.74%,-5.60%-21.14%-14.48%12.59%,5.75%-25.37%-23.55%-5.47%,Bloomberg,2007,1,1,2012,FAI,2221,15.52%,11,1.8,11,31.10%,15.58,13,Fe,Apb/0,Jur/03,Aun/3,0,Og/03,Dct/03,ec3,Fe/0,Apb/03,Jur/04,Aun/04,Og/04,Dct/04,e,Fec/04,Apb/04,Jur/05,Aun/05,Og/05,Dct/05,e,Fec/05,A

48、pb/05,Jur/06,Aun/06,Og/06,Dct/06,e,Fec/06,Apb/06,Jur/07,Aun/7,0,Og/07,Dct/07,e,Fec/07,Apb/07,Jur/08,Aun/8,0,Og/08,Dct/08,e,Fec/08,Apb/08,Jur/09,Aun/09,Og/09,Dct/09,e,Fec/09,Apb/19,Jur/10,Aun/10,Og/10,Dct/10,e,Fec/10,Apb/10,Jur/11,Aun/11,Og/11,Dct/11,e,Fec/11,Apb/11,Jur/12,Aun/2,1,Og/12,Dct/12,ec2,/1

49、,2,2013,2,25,2013,3,3,27,FAI,2003-2012 Ytd,RMB mn,(%),/,Wind,6050403020100-10-20,201212.78%,68880.18,11,110.49,3.18%,2.59%,7.75%,5.32%,0.49,10,114.82,0.20,343,4,201112671,412584,3632,72614,36111,97517,91236,21312.96%7.26%,2012298,33517.07%86,9473602,3412,7013,0192,906-19.12%11.58%8.20%,20123161,2091

50、6.35%141,7986083,6454,1704,6125,572-14.86%12.04%7.71%,20124219,12214.01%192,3287844,9335,6326,1618,209-10.08%12.23%7.63%,20125277,19910.41%243,4499776,1567,2457,72310,583-11.33%12.18%7.62%,20126336,5938.01%295,4471,1937,3108,8319,30813,187-14.69%12.22%7.56%,20127391,7686.15%344,4271,4788,57810,16010