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1、A,A,2013,1,14,2280,300,010-60838226,1.63%,1.49%,0.86%,2.40%,3.72%,CPI,S10105101200040755-S1010510120038021-S1010512050004,20010-S1010511090003,IPO,2012,IPO,010-S1010512060002,IPO,IPO,010-,1.A,20121210,.2012-12-10,2012,2.,A,2013,.2012-12-12,3.A4.A,20121217.2012-12-1720121224,.2012-12-24,5.A,2013,1,1.
2、2012-12-31,6.A,20130107,.2013-01-07,IPO,1,3,4,5,6,8,9,10,11,12,15,17,18,19,22,23,24,A.1.2.5.6.8.15,1/7-1/11,.1,2 A,1/7-1/111/7-1/11,.1.1.1,1/7-1/11,.2,1/7-1/11,.2,7 2012,12,CPI,.2,.2.3.3.5.5,131416,10500,10,.6.6.6.6,.7.7.7,2021,ETF,2012,.7.8.8.8.8,25,1/7-1/11,.9,30,32,34,36,3,4,A,26,1/7-1/11,.9,27,1
3、/7-1/11,.9,28,1/7-1/11,.9,29,A,.10.11,31 11,.11.11,3335,12,300,.11.12.12,.13,3738,AH,H,.13.13,39,0.5,5,.14,1,2013,1,13,.3,2 2013,.4.14.16,01/07,01/08,01/09,01/10,01/11,0.4%,0.4%,-0.8%,-1.6%,A2280300,1.63%,1.49%2.40%3.72%,0.86%,A,12,4,300,20%,17%,21%,25%CPI,PPI,IPO,A,12,CPI,12300,1/7-1/11,24.0%,A,1/7
4、-1/11,3.72%,2290,2280227022602250,3.0%2.0%1.0%,2.40%,2240223022202210,MM/DD,0.0%-1.0%-2.0%,-1.63%,-1.49%,-0.86%,300,Wind,Wind,3,44.0%,1/7-1/11,210,0.7,1.6,3.0%2.0%,1.1%,2.9%,-1-2,-1.2,-0.7,-0.1,-1.0,0.0,0.0-0.7,0.0,1.0%0.0%,0.5%,-3,-2.0,-2.3,-1.0%,-0.6%,-0.3%-0.8%,-0.6%,-4-5,-4.0,-2.0%,-1.5%,-6,-5.5
5、 1Y,3Y,5Y,7Y,10Y,15Y,20Y,Wind,8,2013,Wind,1,11/01,11/03,11/05,11/07,11/09,11/11,12/01,12/03,12/05,12/07,12/09,12/11,2012,12,A,V,19,1%,5,Wind,1/7-1/11,6,Wind,1/7-1/11,012,4543,1.61,11,5500,12,1,11,2.5%,CPI11,0.5%,2.3%,12,CPI,7,2012,12,CPI,%,8,2500,1.18,0.28,0.42,2000,1500,0.08,1000500,0.14,0.50,0500,
6、YY/MM,0,CEIC,1,2,3,CEIC,2,2004,2005,2006,2007,2008,2009,2010,2011,07/08,08/02,08/08,09/02,09/08,10/02,10/08,11/02,11/08,12/02,12/08,2012,A,1,2013,1,13,2012/9,2012/10,2012/11,2012/12,2012/12,GDP,%,7.4,7.8,1 1810:00 am,%,9.214.220.5275,9.614.520.7321,10.114.920.7196,316,10.215.120.7200,1 1810:00 am1 1
7、810:00 am1 1810:00 am,%,9.82.4,11.62.3,2.90.0,14.16.0,5.03.5,CPIPPIM1M2,%,1.9-3.67.314.86232,1.7-2.86.114.15052,2.0-2.25.513.95229,2.5-1.96.513.84543,2.3-1.85.914.05500,BloombergCPI2013,8.5,M2,13%,12,PMI,PMIGDP,12013,187.8%,2012,504030,9,%YY/MM,1060504030,%,20,20100,CEIC,1001020,Wind,3,-,-,A2013,2,2
8、0132013,40.7%,2013,1.3,39.80%,2012,7711,3000,2013,1112,10000,1112,39%,4170700,1200,1500,4000,3035%35%,2012,3000,6000,8500,2013,30%,35%,35%,20%,22.5%,2,35%,20%,41%,20%18.50%,20132013,3000,1.1,1328260,4300,20%1.47,90001500,4300,18%,2013,6000,1.1,),14%,2013,14%,861,2012861,8615139,66987.8,141.1%6403,20
9、13,9%,2013,291,2012,26,1378,6%,-,3.16%,220,450,2.7,201240,870,3100,-,20132013,4.2,950,100,318,119,9602013,2012,11,3,2013,4,10Q1,10Q2,10Q3,10Q4,11Q1,11Q2,11Q3,11Q4,12Q1,12Q2,12Q3,2004,2005,2006,2007,2008,2009,2010,2011,2012,A,11,12,9000800070006000500040003000200010000,44,341 426,698 894,3026 2867,35
10、07,8384,3500300025002000150010005000,YY/QQ,Wind,12,24,2013,0.75%,20,1010,11.5%,10,5,A,13,10,%,14,10,%,CEIC,CEIC,1,11,20,15,CEIC,%,16,500CEIC,3IPO,2.9%,7,2,12,12,2.5%,4.6%,6,201201,201202,201203,201204,201205,201206,201207,201208,201209,201210,201211,201212,201301,1201,1202,1203,1204,1205,1206,1207,1
11、208,1209,1210,1211,1212,1301,1,0,A,17,18,80006000400020000-2000-4000-6000,11-11-11-11-12-12-12-12-13-,1098765432,%,:1:7:14,mm-dd,01 04 07 10 01 04 07 10 01,01-04 03-04,05-04,07-04,09-04,11-04,01-04,Wind,300,Wind,2012,180ETF,ETF,20,300,19,20,2012,3002001000100,(,)2500240023002200210020001900,50040030
12、02001000,IPO,200,Wind,1800,Wind,ETF12,19%,1,12%,7,2009-01,2009-04,2009-07,2009-10,2010-01,2010-04,2010-07,2010-10,2011-01,2011-04,2011-07,2011-10,2012-01,2012-04,2012-07,2012-10,2013-01,/,A,21,ETF,22,50403020100-10-20-30-40-5001-13,ETF04-13,07-13,mm-dd10-13,25002400230022002100200019001800,60%50%40%
13、30%20%10%0%,35003000250020001500,23,Wind,24,Wind,8,/,3500,A-,5,76543,300025002000,234567,%,3500300025002000,2 150009-01 09-09 10-05 11-01 11-09 12-05 13-01Wind,89 150009-01 09-09 10-05 11-01 11-09 12-05 13-01Wind,1,8,IPO,1,IPOIPO-3,IPO,4,-5,IPO,IPO,29,14,15,9%8,6.79%6.72%,-1.54%,-1.94%,A,2510%8%6%4%
14、2%0%,1/7-1/11,265.0%4.0%3.0%2.0%1.0%0.0%,0.25%,1/7-1/114.07%2.20%,-2%-4%-6%-8%,Wind,-1.0%-2.0%-3.0%-4.0%,-0.39%-1.61%-3.34%Wind,-1.31%-1.83%,A,272.5%2.0%1.5%1.0%0.5%0.0%,1/7-1/11,2812%11.21%0.82%10%6%4%,8%6.45%,1/7-1/11,-0.5%-1.0%-1.5%-2.0%-2.5%-3.0%,Wind,2%0%-2%-4%,Wind,-2.06%-2.21%-2.44%,A,/,/,/,2
15、0122010,2012,20072007,2009,2010200620082007,2011200720092008,20112008,20109,200501,200503,200505,200507,200509,200511,200601,200603,200605,200607,200609,200611,200701,200703,200705,200707,200709,200711,200801,200803,200805,200807,200809,200811,200901,200903,200905,200907,200909,200911,201001,201003,
16、201005,201007,201009,201011,201101,201103,201105,201107,201109,201111,201201,201203,201205,201207,201209,201211,201301,200501,200503,200505,200507,200509,200511,200601,200603,200605,200607,200609,200611,200701,200703,200705,200707,200709,200711,200801,200803,200805,200807,200809,200811,200901,200903
17、,200905,200907,200909,200911,201001,201003,201005,201007,201009,201011,201101,201103,201105,201107,201109,201111,201201,201203,201205,201207,201209,201211,201301,A,291.21.110.90.80.70.60.50.41.41.31.21.110.90.80.70.60.50.4,A,Wind,A,2007,7000600050004000300020001000070006000500040003000200010000,2009
18、,CPI,PPI,2010,/,A,12,/,7%,2012,1120%,9%300,A,1003,201242%11,2011,105,A11,2012,32%10,A,30,%,31 11,%,15.35,1.3,14.56,9.52,31.43,25.52,16.25,23.81,3.69 8.97 1.5Wind,12.86,7.629.52 1.94.76Wind,11.43,20122012CCIndex328 CCIndex527 CCIndex229,2012,12,80,160,/,5%,32,Wind,33,12,12,7105,16.36%,115583,6.7%,35.
19、19%1,12,201212,1-12,145,+6.0%,156,+8.6%,1,30%11,A,1-2,30%,1,10%,12,3.8,2012,3,25%30%,36%1212,2012,18,12,134Wind,13%,BPI,BCI BDI,BPI,2012,3543.532.521.510.50,2.59,300,15.1%2013,2007,2.96,Wind,2007,TTMPE,12,A3620121222-201212283000020000100000-10000-20000-30000-40000-50000-60000Wind,H,AH,97.85A,96.68,
20、H,37,AH,38,H,21.81.61.41.210.80.60.40.20,Wind,A/H,1,1.210.80.60.40.20,Wind,A/H,13,A,39,0.5,5,2011,21,26,3435,4246,2010,21,272728,33,44,2009,12131314,1616,0,20,40,60,0,20,40,60,0,10,20,Wind112013,1,22,PM2.5,33,2.5,PM10,PM2.5,PM2.53201320132013,2013,2 3,2012,20132013,2,1800,2013201314,A2013,1,31,2013,
21、2013201320132013,7,5%,/,2013201320132013201320132013,123,22,3.15,2013,20132013220122013,20132013,1 21 2,28%,Wind,2013,Android,2013,CPI,PPI,15,A14,2013,1,14,20132013,11,1817,260,GDP,Wind16,-,“,”,Analyst CertificationiiiThe analysts primarily responsible for the preparation of all or part of the resea
22、rch report contained herein hereby certify that:(i)the views expressed in this research report accurately reflect the personal views of each such analyst about the subject securities and issuers;and(ii)no part of the analysts compensation was,is,or will be directly or indirectly,related to the speci
23、fic recommendations or views expressed in thisresearch report.“”,/,(,),(1),(2)/20131,300,20%,6,300,5%,20%,2,6300,6300,300300300300300,-10%5%10%10%-10%10%10%,48,1568,8,1,100125,22,200122,518048,26,Foreign Broker-Dealer Disclosures for Distributing to the U.S.This report has been produced in its entir
24、ety by CITIC Securities Limited Company(“CITIC Securities”,regulated by the China Securities RegulatoryCommission.Securities Business License Number:Z20374000).This report is being distributed in the United States by CITIC Securities pursuant toRule 15a-6(a)(2)under the U.S.Securities Exchange Act of 1934 exclusively to“major U.S.institutional investors”as defined in Rule 15a-6 and the SEC,no-action letters thereunder.,Z20374000,1934“,”,15a-6(a)(2),15a-6,
