证券行业2013年投资策略—分化加速，看好大型创新券商

䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ� ?????? ? ?????? ? ??? ? ? ? ? 䆕ࠌ㸠Ϯ 2013ᑈᡩ䌘ㄪ⬹ ѬӑҫᤴἻᄺݞܸیѹழ҆׸ 2012ᑈ 12᳜ 12᮹ ूܸ̆࣊ἷ፥ેἸ ᡩ䌘㽕⚍ 㸠Ϯಲ乒˖߯ᮄᬓㄪЏᇐⱘࠌଚ㙵㸠ᚙˈԚ乘ᳳܙߚDŽҞᑈࠌଚ㙵㸠ᚙড᯴њ ߯ᮄ໻Ӯҹঞ߯ᮄᬓㄪܥ⦄ⱘ乘ᳳˈᏖഎᇍ߯ᮄ乘ᳳ䴲ᐌܙߚˈԚ㞾 11 ᳜ӑ ᓔྟ㒣㑾ϮࡵᏖഎ࣪ࡴ䗳ㄝ߽ぎᰒ㨫๲ᔎˈؐᕫ݇⊼DŽ៥Ӏ䅸Ў㒃㊍䴴߯ᮄ乘 ᳳ᥼ࡼⱘ㸠ᚙ೼ 2013 ᑈ䲒ҹ䞡ⓨˈᯢᑈᏖഎӮ䞡⚍݇⊼߯ᮄᬓㄪⱘ㨑ᅲҹঞ ϡ߽߯ᮄᬓㄪᏺᴹⱘᕅડDŽ 䆕ࠌ㸠Ϯ᳾ᴹথሩⱘϝ໻䍟࢓˖˄ 1˅ܼ⠠✻ᯊҷˈ䞡ᵘଚϮ῵ᓣǃᇏᡒḌᖗゲ ѝӬ࢓DŽ˄ 2˅໻䞥㵡㚠᱃ϟˈಲᔦࠌଚᴀ⑤ˈথ᣹Ѩ໻෎⸔ࡳ㛑DŽ˄ 3˅໻ᡩ㸠ǃ ໻䌘ㅵᯊҷᴹЈDŽ 2013ᑈ䆕ࠌ㸠Ϯࠡⶏ˖ܼ⠠✻ゲѝϟˈ乘䅵 2013ᑈࠌଚᇚߎ⦄ߚ࣪˖໻ൟ߯ ᮄ㉏ࠌଚ᳈ЎফⲞ˗ᇣൟऎඳᗻࠌଚ߯ᮄϮࡵ䲒㸹Ӵ㒳Ϯࡵϟ⒥ˈࠡ᱃෾ᖻDŽ ೼᮹ഛ៤Ѹ乱 1400-1600ғܗǃԷ䞥⥛ϟ䰡 12.5-17.5%ⱘ؛䆒ϟ ៥ˈӀ乘䅵 2013 ᑈ䆕ࠌ㸠Ϯᬊܹ๲䭓 3%-11%ˈޔ߽⍺๲䭓 6-15%DŽ 亢䰽಴㋴˖㙵⼼Ꮦഎ໻ᐙϟ⒥ᇐ㟈៤Ѹ䞣ǃ㙵⼼থ㸠ǃ㞾㧹ᬊⲞ⥛໻ᐙϟ䰡ⱘ 亢䰽˗㾕䆕ᓣᓔ᠋᥼ߎՓᕫ㒣㑾Ϯࡵゲѝᰒ㨫ᙊ࣪ǃԷ䞥⥛㒻㓁ϟ䰡ⱘ亢䰽˗ 㵡䌘㵡ࠌᯢᑈϟञᑈৃ㛑ℹܹ䖛ᑺゲѝǃ߽ᙃ⥛ৃ㛑ϟ䰡ⱘ亢䰽˗߯ᮄ༅䋹ⱘ 亢䰽˗ѻક䆒䅵੠䫔ଂ䇃ᇐǃ߽Ⲟކさᏺᴹⱘⲥㅵ亢䰽DŽ 㸠Ϯᡩ䌘ㄪ⬹Ϣ䞡⚍݀ৌ᥼㤤 㗗˖㰥ࠄࠌଚ߯ᮄᰃᣕ㓁䖛⿟ҹঞ䚼ߚ໻ൟࠌଚ Ԅؐ݋໛䴲ᐌདⱘᅝܼ䖍䰙ˈ㓈ᣕ䆕ࠌ㸠ϮĀᔎѢ໻Ꮦā䆘㑻DŽ乘䅵 2013 ᑈ ᇚᰃࠌଚ㙵ࡴ䗳ߚ࣪ⱘᓔッˈҞᑈ໻ൟࠌଚ੠Ā♦ᇣ♦ᮄāᑊᄬⱘ㸠ᚙ䲒ҹ೼ ᯢᑈᓊ㓁ˈপ㗠ҷПⱘᰃϾ㙵ⱘᰒ㨫ߚ࣪DŽമᣕϸᴵЏ㒓˖ϔᰃമᅮⳟད᳔Ў ফⲞ߯ᮄϨऴ᥂߯ᮄϮࡵЏᇐഄԡⱘ໻ൟࠌଚ˗Ѡᰃ䗖ᑺ݇⊼ফ㒣㑾ϮࡵᏖഎ ࣪ᕅડᇣⱘЁᇣࠌଚDŽ㓐ড়㗗㰥Ԅؐ∈ᑇǃ߯ᮄϮࡵফⲞ⿟ᑺҹঞ㒣㑾Ϯࡵ᳾ ᴹফކߏ⿟ᑺˈ㒻㓁佪䗝߯ᮄ㉏໻ൟࠌଚ⍋䗮䆕ࠌˈ䗖ᑺ݇⊼ফ㒣㑾Ꮦഎ࣪ᕅ ડᇣⱘ݈Ϯ䆕ࠌⱘѸᯧᗻᴎӮDŽᓎ䆂ಲ䙓ফ⾏ᶰᓔ᠋ᕅડ䕗໻ǃ߯ᮄϮࡵ᥼䖯 ϡ䎇ǃϨԄؐᰒ㨫أ催ⱘऎඳᗻࠌଚDŽ 䞡⚍݀ৌⲜ߽乘⌟ǃԄؐঞᡩ䌘䆘㑻 ㅔ ⿄ 㙵Ӌ ˄ܗ˅ EPS˄ܗ˅ PE PB ˄12E˅ 䆘㑻 ⳂᷛӋ ˄ܗ˅11N 12E 13E 14E 11N 12E 13E 14E ⍋䗮䆕ࠌ 7.91 0.32 0.37 0.42 0.50 24 21 19 16 1.28 фܹ 11.12 ݈Ϯ䆕ࠌ 9.16 0.20 0.25 0.30 0.35 46 36 30 26 2.30 ๲ᣕ 11.16 䌘᭭ᴹ⑤˖Ё᭄ֵ䞣࣪ᡩ䌘ߚᵤ㋏㒳 ⊼˖㙵ӋЎ 2012ᑈ 11᳜ 30᮹ᬊⲬӋ Ёֵ䆕ࠌⷨお䚼 ┬⋾᭛ ⬉䆱˖021-68761846 䚂ӊ˖panhongwen@citics.com ᠻϮ䆕к㓪ো˖S1010511030002 Ⳍᇍᣛ᭄㸼⦄ 11 11 30 12 03 31 12 07 31 12 11 30 䆕ࠌ⋌⏅300 0.3 0.2 0.1 0.0 -0.1 -0.2 䌘᭭ᴹ⑤˖Ё᭄ֵ䞣࣪ᡩ䌘ߚᵤ㋏㒳 Ⳍ݇ⷨお 1ˊ䴲䫊㸠䞥㵡㸠Ϯϧ乬㋏߫᡹ਞПϝ—ࠌଚ ߯ᮄ໻Ӯ䎳䏾ঞ㾷䇏 ................. 2012-05-08 2ˊ䆕ࠌ㸠Ϯ 2012 ᑈϟञᑈᡩ䌘ㄪ⬹—䌘ᴀ Ꮦഎব䴽੠㸠Ϯ߯ᮄⱘঠ䞡ফⲞ㗙 .......................................................... 2012-06-27 3ˊ䴲䫊㸠䞥㵡㙵໻䎠⚍䆘—ࠌଚ㒻㓁മᅮ 䰆ᅜㄪ⬹ˈֱ䰽䕀৥䰆ᅜ ...... 2012-08-14 4ˊ䴲䫊㸠䞥㵡㸠Ϯ䎳䏾᡹ਞ—㓈〇乘ᳳϟ 䞡⚍݇⊼ࠌଚǃֱ䰽ѸᯧᗻᴎӮ .............. .......................................................... 2012-09-27 5ˊ䆕ࠌ㸠Ϯ 2012ᑈϝᄷ᡹Ϯ㒽ಲ乒—໻ൟ ࠌଚᡫ亢䰽㛑࡯ᔎˈЁᇣࠌଚߚ࣪ᯢᰒ .......................................................... 2012-11-06 6ˊ䆕ࠌ㸠Ϯϔ਼㾖⚍˄ 2012ᑈ 11᳜㄀ 1਼˅ ݇⊼㾕䆕ᓣᓔ᠋ৃ㛑ߎৄⱘᕅડ ................ .......................................................... 2012-11-12 7ˊ䆕ࠌ㸠Ϯ䞡໻џ乍⚍䆘—㸠Ϯࡴ䗳ߚ࣪ˈ ⳟད߯ᮄ㉏໻ࠌଚ ..................... 2012-11-30 8ˊ䆕ࠌ㸠Ϯϔ਼㾖⚍˄ 2012ᑈ 11᳜㄀ 4਼˅ 㸠Ϯࡴ䗳ߚ࣪ˈ݇⊼㒣㑾Ꮦഎ࣪ࡴ䗳੠᳜ ᡹亢䰽 ........................................... 2012-12-03 䆕ࠌ㸠Ϯ 2013ᑈᡩ䌘ㄪ⬹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ� ᄬै� 㸠Ϯಲ乒˖߯ᮄᬓㄪЏᇐⱘࠌଚ㙵㸠ᚙˈԚ乘ᳳܙߚ .................................................................... 1 Ꮦഎ㸼⦄˖ࠌଚᣛ᭄⍼ᐙ㄀ѠˈϾ㙵ߚ࣪ᯢᰒ .......................................................................................... 1 㒣㧹㸼⦄˖㒣㧹ᑊ᮴ᬍ୘ˈᬊܹ߽⍺ഛϟ⒥ ............................................................................................... 2 䍙乱ᬊⲞߚᵤ˖߯ᮄᬓㄪЏᇐⱘ㸠ᚙˈԚ߯ᮄ乘ᳳᏆ䴲ᐌܙߚ ......................................................... 4 ࠌଚ߯ᮄⱘⲥㅵᗱ䏃ǃЏ㽕ݙᆍঞࠡⶏ ............................................................................................. 6 ⲥㅵሖᇍࠌଚ߯ᮄⱘⲥㅵᗱ䏃˖᳔໻䰤ᑺᬃᣕ੠哧ࢅࠌଚ߯ᮄ ......................................................... 6 ߯ᮄᬓㄪⱘЏ㽕ݙᆍঞ䞡⚍ᮍ৥ ....................................................................................................................... 8 ᳾ᴹ߯ᮄᬓㄪࠡⶏ˖Ҟᑈᑈᑩঞᯢᑈৃ㛑ߎৄⱘ߯ᮄᬓㄪ ................................................................ 10 ߯ᮄᬓㄪᰃᣕ㓁䖛⿟ˈ䖥ᳳ䳔݇⊼߽ぎⱘ߯ᮄᬓㄪ ............................................................................... 10 䆕ࠌ㸠Ϯ᳾ᴹⱘϝ໻䍟࢓ ..................................................................................................................... 11 䍟࢓Пϔ˖ܼ⠠✻ᯊҷˈ䞡ᵘଚϮ῵ᓣǃᇏᡒḌᖗゲѝӬ࢓ ............................................................ 11 䍟࢓ПѠ˖໻䞥㵡㚠᱃ϟৠৄゲᡔˈಲᔦࠌଚᴀ⑤ˈথ᣹Ѩ໻෎⸔ࡳ㛑⣀⡍Ӭ࢓ ................. 12 䍟࢓Пϝ˖໻ᡩ㸠ǃ໻䌘ㅵᯊҷᴹЈ ........................................................................................................... 13 2013ᑈ䆕ࠌ㸠Ϯࠡⶏ ............................................................................................................................ 14 㒣㑾Ϯࡵ˖Ϯࡵ῵ᓣᇚথ⫳䞡໻ব࣪ˈ䞡⚍݇⊼㔥Ϟᓔ᠋ⱘᕅડ .................................................. 14 ߯ᮄϮࡵ˖໻ൟࠌଚ߁׳䌘ᴀᅲ࡯੠ܜথӬ࢓ˈᰒ㨫乚ܜ ................................................................ 17 ࠌଚᇚߎ⦄ᰒ㨫ߚ࣪ˈ乘䅵 2013ᑈޔ߽⍺๲䭓 6-15% ........................................................................ 21 亢䰽಴㋴ ................................................................................................................................................... 22 ᡩ䌘ㄪ⬹Ϣ䞡⚍݀ৌ᥼㤤 ..................................................................................................................... 23 㸠Ϯᡩ䌘ㄪ⬹ ........................................................................................................................................................... 23 䞡⚍݀ৌ᥼㤤 ........................................................................................................................................................... 24 䆕ࠌ㸠Ϯ 2013ᑈᡩ䌘ㄪ⬹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ� ଣڏᄬै ೒ 1˖2012ᑈҹᴹ৘㸠ϮᏖഎ㸼⦄ˈ䆕ࠌᣛ᭄Ϟ⍼ 10.76%ǃԡሙ㄀Ѡ .......................................... 1 ೒ 2˖2012ᑈҹᴹ䆕ࠌ㸠ϮϾ㙵㸼⦄ᇍ↨ .................................................................................................... 1 ೒ 3˖䆕ࠌ㸠Ϯ 2011ǃ2012ᑈࠡϝᄷᑺ㧹Ϯᬊܹ㒧ᵘ ............................................................................ 2 ೒ 4˖ϞᏖࠌଚ 2011ǃ2012ࠡϝᄷᑺ㧹Ϯᬊܹǃޔ߽⍺ ....................................................................... 2 ೒ 5˖2012ᑈ䆕ࠌᵓഫ䍄࢓ಲ乒˄៾㟇 11᳜ 30᮹˅˖ ࠌଚ߯ᮄЏᇐࠌଚ㙵ϝ䕂ᰒ㨫䍙䍞໻ Ⲭⱘ㸠ᚙ ....................................................................................................................................................................... 6 ೒ 6˖2012ᑈϝᄷ᳿৘䞥㵡ᄤ㸠Ϯᘏ䌘ѻᚙމ ........................................................................................... 7 ೒ 7˖2012ᑈࠡϝᄷᑺ㌃䅵⼒Ӯ㵡䌘ᘏ䞣ᵘ៤ ........................................................................................... 7 ೒ 8˖೑ݙ䆕ࠌ݀ৌଚϮ῵ᓣⱘ䞡ᵘ ............................................................................................................ 11 ೒ 9˖2011ᑈ 11᳜-2012ᑈ 11᳜ˈ㙵ᴗᡓ䫔੠؎ࠌᡓ䫔ᚙމ ......................................................... 13 ೒ 10˖ࠌଚফᠬㅵ⧚䌘䞥ᴀ䞥ঞ䲚ড়⧚䋶㾘῵ব࣪ᚙމ .................................................................... 14 ೒ 11˖ࠌଚ䌘ㅵϮࡵ㒧ᵘ .................................................................................................................................. 14 ೒ 12˖2012ᑈ 10᳜Џ㽕ࠌଚ㵡䌘㵡ࠌԭ乱 ............................................................................................. 19 ೒ 13˖ֵᠬѻક㒧ᵘ˄㑺ᅮ䌁ಲᓣˈϸᮍ᪡԰ण䆂˅ ......................................................................... 19 ೒ 14˖ֵᠬѻક㒧ᵘ˄䋼ᢐ䌁ಲᓣ˅ .......................................................................................................... 20 ೒ 15˖ֵᠬѻક㒧ᵘ˄䋼ᢐ䌁ಲᓣˈಯᮍ᪡԰ण䆂˅ ......................................................................... 20 ೒ 16˖ϞᏖࠌଚ 2012ᑈ 6᳜ 30᮹ޔ䌘ᴀᚙމ ....................................................................................... 20 䆕ࠌ㸠Ϯ 2013ᑈᡩ䌘ㄪ⬹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ� ᛫ಫᄬै 㸼 1˖ϞᏖࠌଚϝᄷ᡹㧹Ϯᬊܹᚙމ ............................................................................................................... 3 㸼 2˖ϞᏖࠌଚϝᄷ᡹ޔ߽⍺ᚙމ .................................................................................................................... 3 㸼 3˖2012ᑈҹᴹ䆕ࠌ㸠Ϯ߯ᮄᬓㄪ∛ᘏ .................................................................................................... 4 㸼 4˖䖥ᳳⲥㅵሖᇍࠌଚ߯ᮄⲥㅵⱘⳟ⊩∛ᘏ ............................................................................................ 7 㸼 5˖ࠌଚ߯ᮄ໻Ӯ 11乍߯ᮄ᥾ᮑ݋ԧ㨑ᅲᚙމ ..................................................................................... 8 㸼 6˖ᅠ୘䆕ࠌ݀ৌѨ໻෎⸔ࡳ㛑᥼䖯ᚙމ ................................................................................................. 9 㸼 7˖2012ᑈᑩ៪ 2013ᑈৃ㛑ߎৄⱘᬓㄪ᥾ᮑ ..................................................................................... 10 㸼 8˖৘䞥㵡ᄤ㸠Ϯ⦄⢊ǃᴎ䘛ǃᣥ៬ঞᇍ䆕ࠌ㸠Ϯᵘ៤ⱘゲѝঞড়԰ ..................................... 12 㸼 9˖㕢೑Է䞥㞾⬅࣪Пৢ䆕ࠌ݀ৌ㒣㑾Ϯࡵ῵ᓣⱘߚ࣪ᚙމ ........................................................ 15 㸼 10˖㾕䆕ᓣᓔ᠋ᅲᮑᇍϞᏖࠌଚᕅડ಴㋴ߚᵤ .................................................................................. 16 㸼 11˖2012ᑈǃ2014ᑈ৘ϞᏖࠌଚᏖഎӑ乱ǃԷ䞥⥛؛䆒 ............................................................. 16 㸼 12˖㗗㰥⾏ᶰᓔ᠋ᕅડˈ৘ϞᏖࠌଚ 2014ᑈ㒣㑾ϮࡵⳌ↨ 2012ᑈ๲䗳乘⌟ .................... 17 㸼 13˖ϞᏖ݀ৌ߯ᮄϮࡵ᥼䖯ᚙމ ............................................................................................................... 17 㸼 14˖ϞᏖ݀ৌ 2012ᑈݡ㵡䌘ᮍḜঞ䖯⿟ .............................................................................................. 20 㸼 15˖ℷ೼᥼䖯 IPOⱘ䆕ࠌ݀ৌᚙމ .......................................................................................................... 21 㸼 16˖2013ᑈ䆕ࠌ㸠Ϯᬊܹ乘⌟؛䆒 ......................................................................................................... 21 㸼 17˖2013ᑈ䆕ࠌ㸠Ϯᬊܹ乘⌟㒧ᵰ ......................................................................................................... 22 㸼 18˖䞡⚍݀ৌⲜ߽乘⌟ǃԄؐঞᡩ䌘䆘㑻 ............................................................................................ 23 㸼 19˖⍋䗮䆕ࠌⲜ߽乘⌟ঞԄؐ .................................................................................................................... 24 㸼 20˖݈Ϯ䆕ࠌⲜ߽乘⌟ঞԄؐ .................................................................................................................... 25 䆕ࠌ㸠Ϯ 2013ᑈᡩ䌘ㄪ⬹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ� 1 � ᛡˊڀᮏὉѹழ஋ኖ˟࠮ᄊ҆׸ᐧᛡৱἻͮᮕరЍѬ Ꮦഎ㸼⦄˖ࠌଚᣛ᭄⍼ᐙ㄀ѠˈϾ㙵ߚ࣪ᯢᰒ 2012 ᑈᑈ߱ҹᴹ䆕ࠌᣛ᭄໻ᐙϞ⍼˄+10.76%˅ˈ ⍼ᐙ೼᠔᳝ϔ㑻ᣛ᭄Ёԡሙ㄀Ѡˈᰒ㨫䎥 䌶Ϟ䆕ᣛ᭄˄-9.97%˅20.73Ͼ⚍ǃ䎥䌶≾⏅ 300˄-5.88%˅16.63Ͼ⚍DŽ ೒ 1˖2012ᑈҹᴹ৘㸠ϮᏖഎ㸼⦄ˈ䆕ࠌᣛ᭄Ϟ⍼ 10.76%ǃԡሙ㄀Ѡ ˄ऩԡ˖%˅ ᠓ ഄ ѻ 䆕 ࠌ ᓎ ㄥ ֱ 䰽 㓐 ড় ᆊ ⬉ ए 㥃 ⬉ ࡯ ঞ ݀ ⫼ џ Ϯ ᳝ 㡆 䞥 ሲ 䫊 㸠 ⬉ ᄤ ܗ ఼ ӊ 令 佂 ᮙ ␌ ≑ 䔺 ⷇ ⊍ ⷇ ࣪ ᓎ ᴤ Ѹ 䗮 䖤 䕧 亳 ક 佂 ᭭ 䩶 䪕 ෎ ⸔ ࣪ Ꮉ 䕏 Ꮉ ࠊ 䗴 ᴎ Ẅ Ӵ ၦ ݰ ᵫ ⠻ ⏨ ✸ ⚁ ଚ 䌌 䳊 ଂ 㒎 㒛 ᳡ 㺙 ೑ 䰆 ݯ Ꮉ 䅵 ㅫ ᴎ ⬉ ࡯ 䆒 ໛ 䗮 ֵ 20 10 0 -10 -20 -30 䌘᭭ᴹ⑤˖WindˈЁֵ䆕ࠌⷨお䚼 ⊼˖៾㟇 2012ᑈ 11᳜ 30᮹ ೒ 2˖2012ᑈҹᴹ䆕ࠌ㸠ϮϾ㙵㸼⦄ᇍ↨ ˄ऩԡ˖%˅ ೑ ⍋ 䆕 ࠌ ᅣ ⑤ 䆕 ࠌ ೑ 䞥 䆕 ࠌ 㽓 䚼 䆕 ࠌ ⍋ 䗮 䆕 ࠌ ᑓ থ 䆕 ࠌ ϰ ࣫ 䆕 ࠌ ೑ ܗ 䆕 ࠌ 䭓 ∳ 䆕 ࠌ Ё ֵ 䆕 ࠌ ݈ Ϯ 䆕 ࠌ ܝ ໻ 䆕 ࠌ ढ ⋄ 䆕 ࠌ ϰ ਈ 䆕 ࠌ ᮍ ℷ 䆕 ࠌ 㽓 फ 䆕 ࠌ ቅ 㽓 䆕 ࠌ ᢯ ଚ 䆕 ࠌ ໾ ᑇ ⋟ ᑈ߱ҹᴹ⍼䎠ᐙ 㸠Ϯ⍼䎠ᐙ ≾ ⏅ 30 0 80 60 40 20 0 -20 -40 䌘᭭ᴹ⑤˖Wind ⊼˖៾㟇 2012ᑈ 11᳜ 30᮹ ҢϾ㙵⍼ᐙᴹⳟˈ⍼ᐙߚ࣪䴲ᐌᯢᰒˈЏ㽕ਜ⦄ҹϟϝϾ⡍⚍˖ ˄1˅⍼ᐙሙ᳔ࠡ߫ⱘЏ㽕ᰃЁᇣൟࠌଚˈᇸ݊ᰃ᳝ᅮ๲ὖᗉⱘ೑⍋˄+65.85% ǃ˅ᅣ⑤ ˄+48.62% ǃ˅೑䞥˄+39.00%˅ˈ ᰒ㨫䎥䌶䆕ࠌᣛ᭄˗ ˄2˅ᘏԧ㗠㿔ˈ໻ൟࠌଚЁ⍋䗮ǃᑓথǃЁֵ䎥䌶䆕ࠌᣛ᭄˄+13.69%˅ˈ ݊Ё⍋䗮䆕ࠌ +19.49%ǃᑓথ䆕ࠌ+18.27%ǃЁֵ䆕ࠌ+12.65%˗Ԛܝ໻䆕ࠌ˄7.76% ǃ˅ढ⋄䆕ࠌ˄3.83% ǃ˅ ᢯ଚ䆕ࠌ˄-11.45%˅䎥䕧䆕ࠌᣛ᭄DŽҢᴎᵘ䜡㕂໻ൟࠌଚ↨䞡ᴹⳟˈ䜡㕂䕗໮ⱘ໻ൟࠌଚ㙵 гᰃ⍋䗮੠ᑓথDŽ䖭㸼ᯢҢᴎᵘ䜡㕂ⱘ㾦ᑺᴹⳟৃ㛑໻ൟࠌଚ᳈དˈ໻ൟࠌଚ㱑✊⍼ᐙᇥѢ Ёᇣࠌଚ Ԛˈࠡ㗙ᴗ䞡ऴ↨໻ ᬊˈⲞᑊϡӮ䕧ѢЁᇣࠌଚ 㗠ˈϨ⌕ࡼᗻгᰒ㨫དѢЁᇣࠌଚˈ 䖭гᰃ៥ӀϔⳈᣕ㓁മᅮ᥼㤤໻ൟࠌଚⱘЏ㽕ॳ಴DŽ ˄3˅䚼ߚ⌕䗮Ⲭᇣǃ⃵ᮄ㙵ϨԄؐ䴲ᐌ催ⱘᇣൟࠌଚ೼ 5᳜߯ᮄ໻Ӯীᓔࠡ⍼ᐙ䴲ᐌ໻˄A 㙵݌ൟⱘĀ♦ᇣ♦ᮄā⡍⚍˅ˈ Ԛ߯ᮄ໻Ӯৢ䖭㉏ࠌଚ⬅ѢӴ㒳Ϯࡵϟ⒥ᕅડ᳈໻ǃ߯ᮄϮ ࡵᏗሔ᜶ǃফⲞᇥˈϟ䎠ᐙᑺѺ䕗໻DŽ᳔Ў݌ൟⱘ՟ᄤህᰃ೑⍋੠㽓䚼ҢҞᑈᑈ߱㟇߯ᮄ໻ 䆕ࠌ㸠Ϯ 2013ᑈᡩ䌘ㄪ⬹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ� 2 � Ӯৢ᳔催ߚ߿Ϟ⍼+216.61%੠+121.38%ˈԚℸৢҢ᳔催⚍ࠄ 11᳜ 30᮹ߚ߿ϟ䎠 51.03%੠ 42.78%DŽ 䖭㸼ᯢ೼ᏖഎᇍĀࠌଚ߯ᮄ໻Ӯā䖛ᑺ⮃⢖ПᯊˈᏖഎӮ᳈أདϔѯ⌕䗮Ⲭᇣⱘ⃵ᮄ㙵ˈ㗠 ϡ໾೼ᛣ݀ৌԄؐ˗Ԛϔᮺ߯ᮄ໻Ӯ㒧ᴳǃᏖഎ䍟Ѣℷᐌᯊ׭ˈᏖഎӮ䗤⏤ಲᔦ⧚ᗻˈಲࠄ ෎ᴀ䴶ˈ䖭㉏ࠌଚ㙵⬅ѢӴ㒳Ϯࡵফᤳ᳔໻ǃ߯ᮄফⲞⳌᇍ᳔ᇣˈ䎠ᐙᕔᕔгᰃ᳔໻ⱘDŽ 㒣㧹㸼⦄˖㒣㧹ᑊ᮴ᬍ୘ˈᬊܹ߽⍺ഛϟ⒥ 2012 ᑈࠡϝᄷᑺ㒣㧹ᚙމ˖114 ᆊ䆕ࠌ݀ৌࠡϝᄷᑺᅲ⦄㧹Ϯᬊܹ 955.77 ғܗˈ݊Ёҷ⧚ фप䆕ࠌϮࡵޔᬊܹ 388.95 ғܗǃ䆕ࠌᡓ䫔Ϣֱ㤤Ϯࡵޔᬊܹ 129.35 ғܗǃ䋶ࡵ乒䯂Ϯࡵ ޔᬊܹ 16.84ғܗǃᡩ䌘੼䆶Ϯࡵޔᬊܹ 6.08ғܗǃফᠬᅶ᠋䌘ѻㅵ⧚Ϯࡵޔᬊܹ 16.81ғ ܗǃ䆕ࠌᡩ䌘ᬊⲞ˄৿݀ܕӋؐবࡼ˅214.37ғܗǃ㵡䌘㵡ࠌϮࡵޔᬊܹ 36.44ғܗ˗ࠡϝ ᄷᑺ㌃䅵ᅲ⦄ޔ߽⍺ 263.42ғܗˈ87ᆊ݀ৌᅲ⦄Ⲝ߽ˈऴ䆕ࠌ݀ৌᘏ᭄ⱘ 76%DŽ៾㟇 2012 ᑈ 9᳜ 30᮹ 1ˈ14ᆊ䆕ࠌ݀ৌᘏ䌘ѻЎ 1.56ϛғܗ ˈޔ䌘ѻЎ 6800.42ғܗ ˈޔ䌘ᴀЎ 4828.79 ғܗˈᅶ᠋Ѹᯧ㒧ㅫ䌘䞥ԭ乱 5620.52 ғܗˈᠬㅵ䆕ࠌᏖؐ 12.69 ϛғܗˈফᠬㅵ⧚䌘䞥ᴀ 䞥ᘏ乱Ў 9295.96ғܗDŽ ೒ 3 䆕˖ࠌ㸠Ϯ 2011ǃ2012ᑈࠡϝᄷᑺ㧹Ϯᬊܹ 㒧ᵘ 51% 18% 1% 4% 26% 41% 13%2% 22% 4% 18% 㒣㑾 ᡩ㸠 䌘ѻㅵ⧚ 㞾㧹 㵡䌘㵡ࠌ ݊Ҫ 2012ࠡϝᄷᑺ 2011 䌘᭭ᴹ⑤˖Ё೑䆕ࠌϮणӮˈЁֵ䆕ࠌⷨお䚼ᭈ⧚ ೒ 4˖ϞᏖࠌଚ 2011ǃ2012ࠡϝᄷᑺ㧹Ϯᬊܹǃ ޔ߽⍺ 469.2 154.89 468.24 144.64 0 100 200 300 400 500 㧹Ϯᬊܹ 1Q-3Q2011 1Q-3Q2012 ғܗ ޔ߽⍺ 䌘᭭ᴹ⑤˖݀ৌ݀ਞˈЁֵ䆕ࠌⷨお䚼 2012ᑈࠡϝᄷᑺ㒣㧹ߚᵤ˖ᬊܹ੠߽⍺ഛߎ⦄ϟ⒥ˈ෎ᴀ䴶ᑊ᮴ᬍ୘DŽ114ᆊࠌଚࠡϝᄷᑺ 㧹Ϯᬊܹৠ↨-2%ǃޔ߽⍺ৠ↨-8%ˈҢᬊܹৠ↨๲䗳ⱘᵘ៤ᴹⳟˈ㒣㑾ϟ⒥ 32%੠ᡓ䫔ϟ ⒥ 18%ᰃᬊܹϟ⒥Џ㽕ॳ಴ˈ㞾㧹+489%෎ᴀᢉ⍜㒣㑾੠੠ᡓ䫔ϟ⒥DŽ Ңᬊܹ㒧ᵘᴹⳟˈࠡϝᄷᑺˈ㒣㑾ǃᡓ䫔ǃ㞾㧹ǃ߽ᙃঞ݊Ҫऴ↨ߚ߿Ў 41%ǃ16%ǃ25%ǃ 14%੠ 4%ˈ㒣㑾ऴ↨⬅এᑈৠᳳⱘ 59%ϟ䰡㟇 41%ǃᡓ䫔⬅এᑈৠᳳ 19%䰡㟇 16%ˈ㞾㧹 ⬅এᑈৠᳳⱘ 4%๲㟇 25%ˈ݊ҪᬊܹЁ㵡䌘㵡ࠌऴ↨ 3.8%˄ᰃ䌘ㅵⱘ 2סҹϞ DŽ˅ ϝᄷᑺ᳿䆕ࠌϮޔ䌘ᴀⳌᇍᑈ߱๲ࡴ 195ғˈޔ䌘ѻⳌᇍᑈ߱๲ࡴ 498ғ˄+7.9%˅ˈ 䌘ㅵ㾘 ῵Ⳍᇍᑈ߱ⱘ 2819ғ໻ᐙ๲ࡴ 6477ғˈԚ๲䞣ᑊϡ๲ᬊˈ䌘ㅵޔᬊܹৠ↨ҙ๲䭓+6%˄⬅ এᑈৠᳳ 15.24ғ๲ࡴࠄ 16.09ғ˅ˈ ৃ㾕䌘ㅵ㾘῵๲ࡴЏ㽕ᰃ䗮䘧ϮࡵЎЏ˄䫊䆕ড়԰⼼᥂ ЎЏ DŽ˅ 䆕ࠌ㸠Ϯ 2013ᑈᡩ䌘ㄪ⬹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ� 3 � 㸼 1˖ϞᏖࠌଚϝᄷ᡹㧹Ϯᬊܹᚙމ ˄ऩԡ˖ⱒϛܗ˅ 䆕ࠌ݀ৌ 1Q2011 2Q2011 3Q2011 1Q2012 2Q2012 3Q2012 2012ࠡϝᄷ ᑺ㌃䅵 ࠡϝᄷᑺ ㌃䅵ৠ↨ ㄀ϝᄷᑺ ⦃↨ ⍋䗮䆕ࠌ 26.69 25.78 17.03 24.26 26.37 18.30 68.94 -0.80% -30.60% ᅣ⑤䆕ࠌ 8.13 7.43 3.19 9.01 9.34 6.03 24.38 30.10% -35.36% Ёֵ䆕ࠌ 34.47 40.61 19.42 23.89 33.99 23.59 81.48 -13.78% -30.59% ᑓথ䆕ࠌ 17.26 15.45 10.55 17.90 21.93 13.70 53.53 23.76% -37.50% ᢯ଚ䆕ࠌ 16.65 15.80 10.00 12.51 13.16 10.19 35.86 -15.52% -22.60% ܝ໻䆕ࠌ 13.41 13.09 8.70 9.69 11.43 7.29 28.42 -19.26% -36.20% 䭓∳䆕ࠌ 7.29 3.67 2.42 5.82 6.46 4.77 17.04 27.39% -26.15% ढ⋄䆕ࠌ 19.06 14.88 9.47 15.74 18.20 11.18 45.13 3.93% -38.58% ೑ܗ䆕ࠌ 5.90 4.46 2.80 4.31 4.13 3.12 11.56 -12.09% -24.38% 㽓䚼䆕ࠌ 4.43 2.05 2.62 2.09 2.51 2.32 6.92 -23.91% -7.31% ᮍℷ䆕ࠌ 5.78 3.88 3.33 4.94 6.11 4.41 15.45 18.94% -27.82% ݈Ϯ䆕ࠌ 7.61 6.26 4.06 6.66 7.35 5.25 19.26 7.43% -28.60% 㽓फ䆕ࠌ 5.74 2.47 -1.23 3.53 3.52 1.06 8.12 16.21% -69.80% ೑䞥䆕ࠌ 4.78 2.26 2.30 3.37 4.68 3.31 11.36 21.67% -29.28% ϰਈ䆕ࠌ 4.76 4.46 1.67 3.21 3.37 3.31 9.89 -9.24% -1.79% ೑⍋䆕ࠌ 0.28 7.22 0.96 3.51 4.37 3.11 10.99 29.95% -28.83% ϰ࣫䆕ࠌ 3.75 2.03 1.00 2.62 3.48 2.57 8.67 28.00% -25.90% ቅ㽓䆕ࠌ 2.72 2.72 2.20 2.51 2.39 2.83 7.73 1.21% 18.54% ໾ᑇ⋟ 2.64 1.92 0.95 1.18 1.92 0.40 3.50 -36.46% -79.02% 䌘᭭ᴹ⑤˖݀ৌ݀ਞ 㸼 2˖ϞᏖࠌଚϝᄷ᡹ޔ߽⍺ᚙމ ˄ऩԡ˖ⱒϛܗ˅ 䆕ࠌ݀ৌ 1Q2011 2Q2011 3Q2011 1Q2012 2Q2012 3Q2012 2012ࠡϝ ᄷᑺ㌃䅵 ࠡϝᄷᑺ ㌃䅵ৠ↨ ㄀ϝᄷ ᑺ⦃↨ ቅ㽓䆕ࠌ 0.35 0.79 0.25 0.54 0.32 0.60 1.45 4.56% 86.12% 㽓䚼䆕ࠌ 2.00 0.26 0.36 0.57 0.45 0.62 1.64 -37.32% 37.62% ϰਈ䆕ࠌ 1.02 1.23 0.05 0.61 0.74 0.93 2.28 -0.79% 25.06% ᢯ଚ䆕ࠌ 7.94 6.82 3.81 5.37 4.11 2.69 12.17 -34.46% -34.74% 䭓∳䆕ࠌ 3.33 0.82 -0.85 1.79 2.26 1.45 5.51 66.76% -35.71% ೑ܗ䆕ࠌ 2.54 1.86 0.20 1.55 1.41 0.74 3.71 -19.32% -47.70% ढ⋄䆕ࠌ 6.95 4.49 1.89 4.81 5.77 2.87 13.45 0.98% -50.21% Ёֵ䆕ࠌ 13.57 16.16 3.60 8.63 13.85 6.72 29.20 -12.39% -51.52% ᅣ⑤䆕ࠌ 3.39 2.76 0.66 2.76 3.68 1.60 8.04 18.25% -56.43% ⍋䗮䆕ࠌ 11.85 10.50 4.94 10.49 9.76 4.15 24.40 -10.56% -57.52% ᑓথ䆕ࠌ 6.66 6.77 2.17 6.51 8.18 3.42 18.11 16.14% -58.27% ݈Ϯ䆕ࠌ 2.11 1.71 0.28 1.68 1.79 0.71 4.18 1.98% -60.07% ܝ໻䆕ࠌ 5.63 5.67 2.45 3.41 4.89 1.29 9.59 -30.26% -73.52% ϰ࣫䆕ࠌ 1.05 -0.16 -1.07 0.49 0.74 0.19 1.43 674.68% -73.69% ೑䞥䆕ࠌ 1.56 0.50 0.30 0.72 1.27 0.32 2.31 -1.80% -75.08% ೑⍋䆕ࠌ -0.09 1.65 -1.23 0.65 0.84 0.10 1.59 391.82% -88.08% ᮍℷ䆕ࠌ 2.04 0.83 -0.68 1.38 2.01 0.07 3.46 57.59% -96.41% 㽓फ䆕ࠌ 2.98 0.37 -1.33 1.60 1.22 -0.80 2.02 0.32% -165.72% ໾ᑇ⋟ 0.92 0.43 -0.13 0.16 0.55 -0.63 0.08 -93.31% -214.97% 䌘᭭ᴹ⑤˖݀ৌ݀ਞ ೼㸠Ϯᭈԧ㒣㧹Ϯ㒽≵᳝ᦤछ˄ড㗠ϟ䰡˅Ϩ㙵Ꮦᣕ㓁Ԣ䗋ⱘ㚠᱃ϟˈᣝ✻ग़৆㒣偠ࠌଚ㙵 䎠ᐙ䗮ᐌгӮ䍙ߎ໻Ⲭ䎠ᐙˈԚᙄᙄⳌড 2012 ᑈࠌଚ㙵㸼⦄ᰒ㨫䍙䍞໻ⲬDŽ䖭㚠ৢᰃҔМ ॳ಴ਸ਼˛៥Ӏ䅸ЎЏ㽕偅ࡼ಴㋴ᴹ㞾ⲥㅵሖᇍ㸠Ϯⱘᬍ䴽੠߯ᮄˈ2012 ᑈᰃ߯ᮄᬓㄪЏᇐ ϟⱘࠌଚ㙵㸠ᚙDŽ 䆕ࠌ㸠Ϯ 2013ᑈᡩ䌘ㄪ⬹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ� 4 � 䍙乱ᬊⲞߚᵤ˖߯ᮄᬓㄪЏᇐⱘ㸠ᚙˈԚ߯ᮄ乘ᳳᏆ䴲ᐌܙߚ ࠌଚ߯ᮄᬓㄪঞ乘ᳳ偅ࡼ䆕ࠌ㙵ᰒ㨫䎥䌶໻Ⲭ Ⳃࠡࠌଚᬊܹ੠߽⍺ⱘЏ㽕ᴹ⑤ҡᰃӴ㒳Ϯࡵˈ⬅Ѣ 2012 ᑈ㙵Ꮦ䴲ᐌԢ䗋ˈ៤Ѹ䞣߯䖥ᑈ ᴹԢ⚍ˈIPO থ㸠㡖༣ᰒ㨫ᬒ㓧ˈ䖭ՓᕫӴ㒳ϮࡵЁⱘ㒣㑾੠ᡩ㸠Ϯࡵഛߎ⦄໻ᐙϟ⒥ˈᇐ 㟈њࠌଚᬊܹ੠߽⍺ߎ⦄䋳๲䭓DŽሑㅵⳂࠡ߯ᮄϮࡵऴᬊܹ੠߽⍺↨՟ᑊϡ催ˈԚҞᑈĀࠌ ଚ߯ᮄ໻Ӯāᥔ䍋њ䆕ࠌ㸠Ϯ߯ᮄ催╂ˈ䆕ⲥӮߎৄ߯ᮄᬓㄪ䴲ᐌᆚ䲚˄㾕ϟ㸼˅ˈ Ꮦഎᳳ ᕙࠌଚ㸠ϮⲜ߽῵ᓣߎ⦄䞡໻ব䴽DŽ 䆕ⲥӮЏᐁ䛁ᷥ⏙೼ 5 ᳜ⱘ߯ᮄ໻ӮϞᦤߎᔧࠡ៥೑䆕ࠌ݀ৌ੠䆕ࠌ㸠Ϯℷ໘Ѣग़৆Ϟ᳔ དⱘথሩᳳDŽ೼䖛এ 5ᑈⱘথሩЁˈ䆕ࠌ㸠ϮϹ䞡⒲ৢѢ䫊㸠ǃֵᠬˈᇍᅲԧ㒣⌢ⱘখϢᑺ ϡ催ˈг≵᳝ߚѿࠄᅲԧ㒣⌢ⱘ៤ᵰDŽҎ⇥Ꮥ೑䰙࣪ᰃ䞥㵡ᬍ䴽ⱘ䞡㽕ⳂᷛˈЎᅲ⦄䖭ϾⳂ ᷛˈϔᮍ䴶䳔㽕᥼䖯䌘ᴀ䋺᠋ᓔᬒˈ঺ϔᮍ䴶䳔㽕䖯㸠߽⥛੠∛⥛ᬍ䴽˗㗠䌘ᴀ䋺᠋ᓔᬒ䳔 㽕ϔϾᔎ໻ⱘ䌘ᴀᏖഎ˄Єᆠⱘ䞥㵡ѻક੠᳡ࡵ˅ᴹᬃᩥDŽ಴ℸˈⲥㅵሖߎৄᬓㄪࡴ䗳᥼䖯 䌘ᴀᏖഎᓎ䆒੠䆕ࠌ㸠Ϯⱘᬍ䴽߯ᮄˈ䗮䖛ϡᮁߎৄ߯ᮄᬓㄪ㒭ࠌଚᵒ㒥ˈ֗䖯䆕ࠌ㸠Ϯⱘ থሩ੠㐕㤷DŽ ೼ℸ㚠᱃ϟ Ꮦˈഎ᳔Ў݇⊼ࠌଚⱘ߯ᮄϮࡵঞ݊থሩࠡ᱃DŽ಴ℸ ˈࠌଚ߯ᮄϮࡵⱘĀ䲚㕸ᓣā ᥼ߎ੠催๲䭓偅ࡼ䆕ࠌ㙵ᰒ㨫䎥䌶໻ⲬDŽ2012ᑈҹᴹ䆕ࠌ㸠Ϯ߯ᮄᬓㄪ∛ᘏབϟ˖ 㸼 3˖2012ᑈҹᴹ䆕ࠌ㸠Ϯ߯ᮄᬓㄪ∛ᘏ 䞡໻џӊ ᯊ䯈 ὖ䗄 䇗ᭈ亢䰽䌘ᴀޚ ໛䅵ㅫᷛޚǃ䇗ᭈ ޔ䌘ᴀ䅵ㅫᷛޚ 2012ᑈ 4᳜ 䆕ⲥӮথᏗњlj݇Ѣׂᬍ<݇Ѣ䆕ࠌ݀ৌ亢䰽䌘ᴀޚ໛䅵ㅫᷛޚⱘ㾘ᅮ>ⱘއᅮNJˈ 䗖 ᔧ䰡Ԣњ䆕ࠌ݀ৌ㞾㧹Ϯࡵǃ䌘ѻㅵ⧚Ϯࡵǃ㒣㑾ϮࡵⳌ݇亢䰽䌘ᴀޚ໛䅵ㅫ↨՟㽕 ∖ ᇚˈ䖲㓁ϝᑈЎ A㉏ⱘ݀ৌ亢䰽䌘ᴀޚ໛䅵ㅫ↨՟ҢⳂࠡ෎ޚ↨՟ⱘ 0.6ס䰡Ԣࠄ 0.4סDŽ 2012ᑈ 11᳜ 䆕ⲥӮথᏗњ݇Ѣׂᬍlj݇Ѣ䆕ࠌ݀ৌ亢䰽䌘ᴀޚ໛䅵ㅫᷛޚⱘ㾘ᅮNJⱘއᅮˈݡ⃵ 䗖ᔧ䰡Ԣ㞾㧹ǃ䌘ㅵǃ㵡䌘㵡ࠌϮࡵⱘⳌ݇亢䰽䌘ᴀޚ໛䅵ㅫ↨՟㽕∖ˈ䰡Ԣ AǃB ㉏ࠌଚ෎ޚ䅵ㅫᷛޚˈ䖲㓁ϝᑈЎ A㉏ⱘ݀ৌ෎ޚ↨⥛䰡Ԣࠄ 0.2סDŽ 2012ᑈ 11᳜ 䆕ⲥӮথᏗlj݇Ѣ䇗ᭈ䆕ࠌ݀ৌޔ䌘ᴀ䅵ㅫᷛޚⱘ㾘ᅮNJˈ 䇗Ԣࠌଚޔ䌘ᴀ䅵ㅫᯊ໮ Ͼ乍Ⳃⱘᠷޣ↨՟DŽ ܼ೑ᗻഎ໪Ѹᯧ Ꮦഎ 2012ᑈ 4᳜ 䆕ⲥӮ㸼⼎ℷ೼ㅍᓎܼ೑ᗻഎ໪ѸᯧᏖഎ ҹ˖ᮄϝᵓᏖഎЎЏǃࠌଚ㞾ᓎᶰৄѸᯧᏖ എ˄OTC˅ᑊ㸠ǃ৘ഄ㙵ᴗѸᯧ᠔Ў䕙ⱘ໮ሖ⃵ѸᯧᏖഎDŽ 2012ᑈ 8᳜ ೑ࡵ䰶ᡍޚއᅮᠽ໻ᮄϝᵓˈ佪ᡍ䆩⚍䰸Ё݇ᴥ⾥ᡔುऎ໪ˈᠽ໻ࠄϞ⍋ᓴ∳ǃ℺∝ ϰ␪੠໽⋹Ⓖ⍋ϝ໻催ᮄऎDŽ 2012ᑈ 10᳜ 䆕ⲥӮথᏗlj䴲ϞᏖ݀ӫ݀ৌⲥⴷㅵ⧚ࡲ⊩NJˈ Ң 2013ᑈ 1᳜ 1᮹䍋ℷᓣᅲᮑˈᇚ㙵 ϰҎ᭄䍙䖛 200Ҏⱘ㙵ӑ᳝䰤݀ৌ㒇ܹ䴲ϞᏖ݀ӫ݀ৌⲥㅵԧ㋏DŽ ϞѸ᠔ 11乍ࠌଚ ѻક߯ᮄᮍḜ 2012ᑈ 4᳜ ؎ࠌ䋼ᢐᓣ᡹Ӌಲ䌁ǃ㑺ᅮ䌁ಲᓣ䆕ࠌѸᯧǃ᥼ߎ ETFᮄક⾡ǃࠌଚⱘߚ㑻䌘ѻㅵ⧚ 䅵ߦǃᳳᴗ῵ᢳѸᯧǃӬ࣪໻ᅫѸᯧǃ䕀㵡䗮ǃᵘᓎ෎䞥䫔ଂ੠᳡ࡵᑇৄǃ㙵⼼䋼ᢐ ᓣথ؎ǃⷨお໛ܥᴗ䆕ᮍḜǃ⦄䞥⧚䋶䅵ߦDŽ ⏅Ѹ᠔ 3 ໻߯ᮄ Ϯࡵᮍ৥ 2012ᑈ 4᳜ 1ǃ䋶ᆠㅵ⧚Ϯࡵˈϡሔ䰤Ѣ䌘ᴀᏖഎ˗2ǃথ᣹䌘ᴀЁҟࡳ㛑ˈ߯ᮄ㵡䌘ᮍᓣ੠ᦤկ 䋶ࡵ乒䯂᳡ࡵ˗3ǃ亢䰽ㅵ⧚᳡ࡵˈ亢䰽ᇍކঞ㒘ড়ѻકDŽ থሩᴎᵘᡩ䌘 㗙ˈ਌ᓩ䭓ᳳ䌘 䞥ܹᏖ 2012ᑈ 4᳜ ๲ࡴ QFIIᡩ䌘乱ᑺ 500ғ㕢ܗˈ๲ࡴ 500ғܗҎ⇥Ꮥ RQFIIᡩ䌘乱ᑺDŽ 2012ᑈ 11᳜ 㒣೑ࡵ䰶ᡍޚ Ёˈ೑䆕ⲥӮǃЁ೑Ҏ⇥䫊㸠ঞ೑ᆊ໪∛ㅵ⧚ሔއᅮ๲ࡴ2000ғܗRQFII ᡩ䌘乱ᑺ 㟇ˈℸ RQFII䆩⚍ᘏ乱ᑺ䖒 2700ғܗҎ⇥ᏕDŽ᳝ ݇ⲥㅵ䚼䮼ℷⴔ᠟ׂ䅶lj෎ 䞥ㅵ⧚݀ৌǃ䆕ࠌ݀ৌҎ⇥Ꮥড়Ḑ๗໪ᴎᵘᡩ䌘㗙๗ݙ䆕ࠌᡩ䌘䆩⚍ࡲ⊩NJঞ᳝݇ᅲ ᮑ㾘ᅮˈᇚ䖯ϔℹᠽ໻ᴎᵘ㣗ೈǃᬒᆑᡩ䌘↨՟䰤ࠊDŽ 2012ᑈ 7᳜ ֱⲥӮথᏗljֱ䰽䌘䞥ྨᠬᡩ䌘ㅵ⧚᱖㸠ࡲ⊩NJˈ ܕ䆌ֱ䰽䌘䞥ྨᠬ䆕ࠌ݀ৌ੠෎䞥 ݀ৌ䖯㸠ᡩ䌘ㅵ⧚˗10 ᳜ 15 ᮹ˈ৥ 26 ᆊࠌଚ䌘ㅵǃ෎䞥থߎĀৃফᠬㅵ⧚ֱ䰽䌘 䞥ᡩ䌘ㅵ⧚Ҏā⠠✻DŽ 䆕ࠌ㸠Ϯ 2013ᑈᡩ䌘ㄪ⬹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ� 5 � 䞡໻џӊ ᯊ䯈 ὖ䗄 䆕ࠌ݀ৌ߯ᮄথ ሩⷨ䅼Ӯ 2012ᑈ 5᳜ lj݇Ѣ᥼䖯䆕ࠌ݀ৌᬍ䴽ᓔᬒǃ߯ᮄথሩⱘᗱ䏃Ϣ᥾ᮑ˄ᕕ∖ᛣ㾕〓 NJ˅ᦤߎ 11乍᥾ ᮑ˖ᦤ催䆕ࠌ݀ৌ⧚䋶㉏ѻક߯ᮄ㛑࡯ˈࡴᖿᮄϮࡵᮄѻક߯ᮄ䖯⿟ˈᬒᆑϮࡵ㣗ೈ ੠ᡩ䌘ᮍᓣ䰤ࠊˈᠽ໻䆕ࠌ݀ৌҷ䫔䞥㵡ѻક㣗ೈˈᬃᣕ䎼๗Ϯࡵথሩˈ᥼ࡼ㧹Ϯ䚼 㒘㒛߯ᮄ 哧ˈࢅ䆕ࠌ݀ৌথ㸠ϞᏖ੠ᑊ䌁䞡㒘 哧ˈࢅ䆕ࠌ݀ৌ⿃ᵕখϢഎ໪Ꮦഎᓎ䆒 ੠ЁᇣᖂӕϮ⾕ࢳ؎ࠌ䆩⚍ˈᬍ䴽䆕ࠌ݀ৌ亢䰽᥻ࠊᣛᷛԧ㋏ˈ᥶㋶䭓ᬜ▔ࢅᴎࠊˈ ⿃ᵕᬍ୘䆕ࠌ݀ৌᬍ䴽ᓔᬒ߯ᮄ⦃๗DŽ ЁᇣӕϮ⾕ࢳ؎ 2012ᑈ 5᳜ ≾ǃ⏅Ѹᯧ᠔ 5᳜ 22᮹ߚ߿থᏗljϞ⍋䆕ࠌѸᯧ᠔ЁᇣӕϮ⾕ࢳ؎ࠌϮࡵ䆩⚍ࡲ⊩NJ ੠lj⏅ഇ䆕ࠌѸᯧ᠔ЁᇣӕϮ⾕ࢳ؎ࠌϮࡵ䆩⚍ࡲ⊩NJˈ ᷛᖫⴔЁᇣӕϮ⾕ࢳ؎Ϯࡵ 䆩⚍ℷᓣਃࡼDŽ 㑺ᅮᓣ䌁ಲϮࡵ 2012ᑈ 5᳜ 㒻 2011ᑈ 10᳜Ёֵǃ⍋䗮ǃ䫊⊇៤Ў㄀ϔᡍ䆩⚍Пৢˈ2012ᑈ 5᳜೑⋄৯ᅝǃ᢯ ଚǃ೑ֵϝᆊ㄀Ѡᡍ䆩⚍ࠌଚ㑺ᅮᓣ䌁ಲ䆕ࠌѸᯧϮࡵᏆѢ 5᳜ 31᮹ℷᓣϞ㒓ˈৠ ᯊᡩ䌘㗙㕸ԧᠽ໻ࠄϾҎDŽ ҷ䫔䞥㵡ѻક 2012ᑈ 8᳜ 䆕ⲥӮথᏗlj䆕ࠌ݀ৌҷ䫔䞥㵡ѻકㅵ⧚㾘ᅮ˄㤝Ḝ NJ˅DŽ 2012ᑈ 11᳜ 䆕ⲥӮথᏗlj䆕ࠌ݀ৌҷ䫔䞥㵡ѻકㅵ⧚㾘ᅮNJˈ ᷛᖫⴔ䆕ࠌ݀ৌҷ䫔໮⾡䞥㵡ѻક 䯌䮼ℷᓣᠧᓔDŽᣝ✻lj㾘ᅮNJˈ ヺড়㽕∖ⱘࠌଚ⧚䋶ѻકǃ䆕ࠌᡩ䌘෎䞥ǃଚϮ䫊㸠 ⧚䋶ѻકǃֵᠬ݀ৌֵᠬ䅵ߦǃֱ䰽ѻકㄝഛৃ⬅䆕ࠌ݀ৌҷ䫔DŽ 䕀㵡䗮 2012ᑈ 8᳜ 䆕䞥݀ৌǃ≾⏅Ѹᯧ᠔੠Ёⱏ݀ৌѢ 2012ᑈ 8᳜ 27᮹থᏗњ䕀㵡䗮ϮࡵⱘⳌ݇㒚߭ˈ 䕀㵡䗮Ϯࡵ䆩⚍ᅲ䋼ਃࡼDŽ ᡓ䫔䴲䞥㵡ӕϮ ؎ࡵ䗮䘧ᠧᓔ 2012ᑈ 9᳜ Ё೑䫊㸠䯈ᏖഎѸᯧଚणӮਃࡼ䆕ࠌ݀ৌ㉏ӮਬখϢ䴲䞥㵡ӕϮ؎ࡵ㵡䌘Ꮉ݋Џᡓ 䫔ϮࡵᏖഎ䆘ӋᎹ԰ˈ15ᆊࠌଚ᳝ᳯখϢЏᡓ䫔ϮࡵᏖഎ䆘ӋᎹ԰DŽ ⦄䞥ㅵ⧚ѻક䕀 Ўᐌ㾘ㅵ⧚ 2012ᑈ 9᳜ ⏅Ѹ᠔ӮৠЁⱏ݀ৌ㘨ড়ࠊᅮᑊথᏗњlj䆕ࠌ݀ৌ⦄䞥ㅵ⧚ѻકᮍḜ㾘㣗ᣛफNJDŽ 䌘ㅵᬍЎ໛Ḝࠊǃ ᡩ䌘㣗ೈᠽ໻ 2012ᑈ 10᳜ 䆕ⲥӮথᏗlj䆕ࠌ݀ৌᅶ᠋䌘ѻㅵ⧚Ϯࡵㅵ⧚ࡲ⊩NJlj䆕ࠌ݀ৌ䲚ড়䌘ѻㅵ⧚Ϯࡵᅲ ᮑ㒚߭NJঞlj䆕ࠌ݀ৌᅮ৥䌘ѻㅵ⧚Ϯࡵᅲᮑ㒚߭NJ˄ ㅔ⿄Āϔ⊩ϸ㾘ā˅ˈ㞾݀ᏗП ᮹䍋ᅲᮑDŽljࡲ⊩NJপ⍜䲚ড়䅵ߦ㸠ᬓᅵᡍˈᬍЎџৢ⬅䆕ࠌϮणӮ໛Ḝㅵ⧚˗䗖ᑺ ᠽ໻ᡩ䌘㣗ೈ˗ᠽ໻䌘ѻ䖤⫼ᮍᓣDŽ ෎䞥ৃ䆒ゟᄤ ݀ৌˈᠽ໻ᡩ 䌘㣗ೈ 2012ᑈ 10᳜ 䆕ⲥӮথᏗׂ䅶ৢⱘlj䆕ࠌᡩ䌘෎䞥ㅵ⧚݀ৌᄤ݀ৌㅵ⧚᱖㸠㾘ᅮNJˈ ᑊ㞾 11᳜ 1᮹ 䍋ᮑ㸠ˈᯢ⹂䆕ࠌ݀ৌ⧚䋶ѻકǃଚϮ䫊㸠⧚䋶ѻકǃֵᠬ݀ৌֵᠬ䅵ߦǃֱ䰽ѻક ㄝ䛑ᇚ㒇ܹ䆕ࠌ݀ৌҷ䫔㣗ೈDŽ 㞾㧹ᡩ䌘㣗ೈ ᠽ໻ 2012ᑈ 10᳜ 2012 ᑈ 10 ᳜ 31 ᮹ˈ䆕ⲥӮህׂᬍlj݇Ѣ䆕ࠌ݀ৌ䆕ࠌ㞾㧹Ϯࡵᡩ䌘㣗ೈঞ᳝݇џ 乍ⱘ㾘ᅮNJ݀ᓔᕕ∖ᛣ㾕DŽ 2012ᑈ 11᳜ 2012 ᑈ 11 ᳜ 18 ᮹ˈ䆕ⲥӮথᏗlj݇ѢׂᬍLJ݇Ѣ䆕ࠌ݀ৌ䆕ࠌ㞾㧹Ϯࡵᡩ䌘㣗ೈ ঞ᳝݇џ乍ⱘ㾘ᅮLjⱘއᅮNJˈ ๲ࡴ೼ܼ೑ЁᇣӕϮ㙵ӑ䕀䅽㋏㒳ᣖ⠠䕀䅽ⱘ䆕ࠌˈ ᠽ໻೼๗ݙ䫊㸠䯈ᏖഎѸᯧⱘ䆕˄ࠌ ⬅䚼ߚᠽ໻ࠄܼ䚼 ੠˅೼䞥㵡ᴎᵘᶰৄѸᯧⱘ䆕 ˄ࠌ ⬅ҙ䰤Ѣ⬅䆕ⲥӮᡍޚ៪໛Ḝথ㸠ⱘ ᠽˈ໻ࠄ⬅䞥㵡ⲥㅵ䚼䮼៪㗙݊ᥜᴗᴎᵘᡍ ޚ៪㗙໛Ḝথ㸠ⱘˈेᇚ䫊㸠⧚䋶䅵ߦǃ䲚ড়䌘䞥ֵᠬ䅵ߦㄝ㒇ܹ㞾ᡩ䌘㣗ೈ DŽ˅ ⳈᡩᬍЎ໛Ḝࠊˈ ᠽ໻Ϯࡵ㣗ೈ 2012ᑈ 11᳜ 䆕ⲥӮথᏗlj䆕ࠌ݀ৌⳈ᥹ᡩ䌘Ϯࡵ㾘㣗NJˈ ⳈᡩϮࡵ䞛প໛Ḝࠊ˗ᠽ໻њⳈᡩ݀ৌ ⱘϮࡵ㣗ೈ˄ Փ⫼㞾᳝䌘䞥៪䆒ゟⳈᡩ෎䞥 ᇍˈӕϮ䖯㸠㙵ᴗᡩ䌘៪Ϣ㙵ᴗⳌ݇ⱘ؎ ᴗᡩ䌘 ៪ˈᡩ䌘ѢϢ㙵ᴗᡩ䌘Ⳍ݇ⱘ݊Ҫᡩ䌘෎䞥 Ў˗ᅶ᠋ᦤկϢ㙵ᴗᡩ䌘Ⳍ݇ⱘᡩ 䌘乒䯂ǃᡩ䌘ㅵ⧚ǃ䋶ࡵ乒䯂᳡ࡵ˅˗ ᠽ໻њⳈᡩ෎䞥ⱘ⡍߿Ϯࡵ㣗ೈ˄Ⳉᡩᄤ݀ৌ ঞ݊ϟሲᴎᵘৃҹ䆒ゟ੠ㅵ⧚㙵ᴗᡩ䌘෎䞥ǃ߯Ϯᡩ䌘෎䞥ǃᑊ䌁෎䞥ǃ།ሖ෎䞥ㄝ Ⳉᡩ෎䞥,ҹঞҹࠡ䗄෎䞥ЎЏ㽕ᡩ䌘ᇍ䈵ⱘⳈᡩ෎䞥 DŽ˅ 䌘᭭ᴹ⑤˖䆕ⲥӮ㔥キˈ䆕ࠌϮणӮˈ䆕ࠌ᮹᡹ˈϞ⍋䆕ࠌ᡹ˈЁֵ䆕ࠌⷨお䚼ᭈ⧚ 2012ᑈࠌଚ㙵㸠ᚙಲ乒 2012ᑈࠌଚ㙵ᰒ㨫䎥䌶໻Ⲭⱘ㸠ᚙЏ㽕᳝ϝ䕂˖ ㄀ϔ䕂ᰃ 2᳜߱ࠄ 3᳜Ϟᯀᇍ߯ᮄ໻Ӯীᓔⱘ乘ᳳᇐ㟈ࠌଚ㙵ᰒ㨫䎥䌶໻ⲬDŽᔧᯊᏖഎ᳔ᮽ 䅼䆎 3᳜ᑩৃ㛑ীᓔࠌଚ߯ᮄ໻Ӯˈ೼߯ᮄ໻Ӯ乘ᳳϟˈࠌଚ㙵ᰒ㨫䎥䌶໻ⲬDŽ ㄀Ѡ䕂ᰃ 3᳜ᑩࠄ 5᳜ࠌଚ߯ᮄ໻Ӯীᓔⱘ㸠ᚙDŽ㱑✊ࠌଚ߯ᮄ໻ӮѢ 5᳜ 7-8᮹ীᓔˈԚ ⬅Ѣ߯ᮄ໻Ӯীᓔᯊ䯈ᣕ㓁᥼䖳ˈ⬅Пࠡ乘ᳳⱘ 3᳜ᑩ᥼䖳ࠄ 4᳜ӑˈ᳔ৢࠄ 5᳜ 7-8᮹ী ᓔˈ䖭ՓᕫᏖഎᇍࠌଚ㙵䖛ᑺФ㾖ˈࠌଚ㙵㸠ᚙϔⳈᣕ㓁ࠄ 5᳜ᑩDŽ 䆕ࠌ㸠Ϯ 2013ᑈᡩ䌘ㄪ⬹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ� 6 � ㄀ϝ䕂ᰃ 8 ᳜ᑩࠄ 10 ᳜Ϟᯀࠌଚ߯ᮄᬓㄪ乘ᳳࡴ䗳ҹঞᬓㄪ䗤⏤ܥ⦄ⱘ㸠ᚙDŽ6 ᳜Пৢˈ ೼ࠌଚ߯ᮄᬓㄪߎৄ䗳ᑺᯢᰒᬒ᜶ϟˈࠌଚ㙵䱣໻Ⲭϔ䍋৥ϟ䇗ᭈ˗Ԛ 8᳜ᑩᓔྟˈᏖഎ乘 ᳳ໮乍߯ᮄᬓㄪेᇚߎৄϨⲥㅵሖ໻࡯哧ࢅ੠ᬃᣕࠌଚ߯ᮄˈᏖഎ乘ᳳࠌଚĀ߯ᮄकϔᴵā ᳝ᳯ೼ᑈᑩࠡ㨑ᅲDŽ಴ℸˈ೼ࠌଚ߯ᮄᬓㄪ乘ᳳࡴ䗳ϟࠌଚ㙵জ㒣ग़ϔ䕂໻ᐙϞ⍼㸠ᚙˈҢ 8᳜ᑩࠄ 10᳜Ϟᯀˈࠌଚ㸠Ϯᣛ᳔᭄催Ϟ⍼ 19.38%DŽ ৃ㾕ˈ2012 ᑈࠌଚ㙵ⱘϝ䕂㸠ᚙড᯴њᏖഎᇍ߯ᮄ໻Ӯⱘ乘ᳳˈҹঞᇍ߽ད߯ᮄᬓㄪܥ⦄ ⱘ乘ᳳˈৃҹ䇈ᇍ߯ᮄ乘ᳳ䴲ᐌܙߚ˗Ԛ㞾 11 ᳜ӑᓔྟˈ㒣㑾ϮࡵᏖഎ࣪ࡴ䗳ㄝⳌᇍ߽ぎ ⱘ߯ᮄᬓㄪ乘ᳳᰒ㨫๲ᔎˈؐᕫ݇⊼DŽ៥Ӏ䅸Ў㒃㊍䴴߯ᮄ乘ᳳ᥼ࡼⱘ㸠ᚙ೼ 2013 ᑈ䲒ҹ 䞡ⓨˈᯢᑈᏖഎӮ䞡⚍݇⊼߯ᮄᬓㄪⱘ㨑ᅲҹঞ乘ᳳЎ߽ぎⱘ߯ᮄᬓㄪᏺᴹⱘᕅડDŽ಴ℸˈ ៥Ӏ䅸ЎҞᑈ໻ൟࠌଚ੠Ā♦ᇣ♦ᮄāᑊᄬⱘ㸠ᚙ೼ᯢᑈᇚ䲒ҹᓊ㓁ˈপ㗠ҷПⱘᰃࠌଚ㙵 ⱘࡴ䗳ߚ࣪DŽ ೒ 5˖2012ᑈ䆕ࠌᵓഫ䍄࢓ಲ乒˄៾㟇 11᳜ 30᮹˅˖ ࠌଚ߯ᮄЏᇐࠌଚ㙵ϝ䕂ᰒ㨫䍙䍞໻Ⲭⱘ㸠ᚙ -10% 0% 10% 20% 30% 40% 50% 60% Ёֵ䆕ࠌᣛ᭄⍼ᐙ ߯ᮄ໻Ӯ乘ᳳ ߯ᮄ໻Ӯ᥼䖳 䚼ߚᬓㄪܥ⦄乘ᳳ ߯ᮄᬓㄪࡴ䗳ߎৄ ≾⏅300⍼ᐙ 11 12 29 12 01 29 12 02 29 12 03 31 12 04 30 12 05 31 12 06 30 12 07 31 12 08 31 12 09 30 12 10 31 12 11 30 � 䌘᭭ᴹ⑤˖WindˈЁֵ䆕ࠌⷨお䚼 ҆׸ѹழᄊᄣኮন᡹nj˟᜶ЯࠔԣҒᅳ ⲥㅵሖᇍࠌଚ߯ᮄⱘⲥㅵᗱ䏃˖᳔໻䰤ᑺᬃᣕ੠哧ࢅࠌଚ߯ᮄ 䞥㵡ĀकѠѨā㾘ߦҢ乊ሖ䆒䅵ᬃᣕⳈ᥹㵡䌘 ᳳˈᕙࠌଚϮ೼䞥㵡ϮЁপᕫ䍙乱๲䭓 䞥㵡ĀकѠѨā㾘ߦᦤߎ˖ࠄĀकѠѨāᳳ᳿䴲䞥㵡ӕϮⳈ᥹㵡䌘ऴ⼒Ӯ㵡䌘㾘῵↨䞡ᦤ催 㟇 15%ҹϞˈ䫊㸠ǃ䆕ࠌǃֱ䰽ㄝЏ㽕䞥㵡㸠Ϯⱘ㸠Ϯ㒧ᵘ੠㒘㒛ԧ㋏᳈Ўড়⧚DŽ ៥Ӏ䅸Ўˈϔᮍ䴶ĀकѠѨā㾘ߦᯢ⹂ᦤߎ೼ᬓㄪᬃᣕᮍ䴶ᇚ㒻㓁ᰒ㨫ᦤ催Ⳉ᥹㵡䌘↨䞡ˈ ҹ䫊㸠ЎЏᇐⱘ䯈᥹㵡䌘๲䗳Ӯ᜶ѢⳈ᥹㵡䌘๲䗳ˈ㗠ᬓㄪᬃᣕⱘⳈ᥹㵡䌘๲䗳ᇚᰒ㨫ࡴ ᖿˈ໻࡯থሩⳈ᥹㵡䌘Ⳉ᥹߽ད䆕ࠌϮ˗঺ϔᮍ䴶ˈҢ䞥㵡㒧ᵘᴹⳟˈⳂࠡ䫊㸠ǃ䆕ࠌǃֱ 䰽ㄝᄤ㸠ϮথሩϹ䞡ϡᑇ㸵DŽ಴ℸˈЎՓᕫЏ㽕䞥㵡㸠Ϯⱘ㸠Ϯ㒧ᵘ੠㒘㒛ԧ㋏᳈Ўഛ㸵ˈ 䴲䫊㸠䞥㵡㸠Ϯ᳝ᳯপᕫᖿѢ䫊㸠ⱘ๲䗳ˈᇸ݊ᰃ᳔䖥޴ᑈ䗤ℹ㹿䖍㓬࣪ǃऴ↨᳔ᇣⱘ䆕ࠌ 㸠Ϯ᳝ᳯ೼䴲䫊㸠䞥㵡ᴎᵘЁপᕫ䍙乱๲䭓DŽ 䆕ࠌ㸠Ϯ 2013ᑈᡩ䌘ㄪ⬹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ� 7 � ೒ 6˖2012ᑈϝᄷ᳿৘䞥㵡ᄤ㸠Ϯᘏ䌘ѻᚙމ 128.55 6.90 6.32 1.56 0 20 40 60 80 100 120 140 䫊㸠 ֱ䰽 ֵᠬ 䆕ࠌ 2012ᑈϝᄷ᳿ᘏ䌘ѻ㾘῵˄ϛғ˅ 䌘᭭ᴹ⑤˖Ё೑䆕ࠌϮणӮˈЁֵ䆕ࠌⷨお䚼ᭈ⧚ ೒ 7˖2012ᑈࠡϝᄷᑺ㌃䅵⼒Ӯ㵡䌘ᘏ䞣ᵘ៤ 57% 5% 7% 6% 7% 13% 2% 3% ᮄ๲Ҏ⇥Ꮥ䌋ℒ ᮄ๲໪Ꮥ䌋ℒ ᮄ๲ྨᠬ䌋ℒ ᮄ๲ֵᠬ䌋ℒ ᮄ๲᳾䌈⦄䫊㸠ᡓܥ∛⼼ ӕϮ؎ࠌ㵡䌘 䴲䞥㵡ӕϮ๗ݙ㙵⼼㵡䌘 ݊Ҫ 䌘᭭ᴹ⑤˖WindˈЁֵ䆕ࠌⷨお䚼 ⲥㅵሖᇍࠌଚ߯ᮄⲥㅵᗱ䏃ᰃ᳔໻䰤ᑺᬃᣕ੠哧ࢅࠌଚ߯ᮄ ˄1˅䆕ⲥӮࡃЏᐁᑘᖗϔ 9᳜ 1᮹㸼⼎ Āˈⲥㅵᑨᔧᭀ⬣Ꮦഎǃᇞ䞡㸠ϮˈЎ߯ᮄ⌏ࡼᦤկ䗖 ᅰⱘࠊᑺḚᶊ ᬍˈ୘⫳ᗕ⦃๗ ೼ˈ㓈ᡸ⼒Ӯ߽݀݅ⲞⱘৠᯊˈЏࡼ䗖ᑨ䆕ࠌ݀ৌⱘ߯ᮄ䳔㽕āDŽ ˄2˅䆕ⲥӮߚㅵᴎᵘ䚼ⱘЏᐁࡽ⧚ᓴ㚆ݯ೼ 10 ᳜ 15 ᮹࣫Ҁᑻ䇜ӮϞᦤߎĀᇍࠌଚ߯ᮄ㸠 Ў໻ᓔᮍ֓П䮼ˈ߯ᮄᗱ䏃Ϟþᬒᕫ᳈ᓔǃᑆᕫ᳈དÿāDŽ ˄3˅䆕ⲥӮЏᐁࡽ⧚ᓴ㚆ݯ೼ 10᳜Ϟᯀቅϰ࿕⍋ীᓔⱘĀ䆕ࠌ݀ৌѨ໻෎⸔ࡳ㛑থሩϧ乬 ⷨ䅼ӮāϞᣛߎˈࠌଚⱘѨ໻෎⸔ࡳ㛑˖Ѹᯧǃᠬㅵ㒧ㅫǃᬃҬǃ㵡䌘੠ᡩ䌘ˈᖙ乏㦋ᕫᅲ 䋼ᗻさ⸈DŽ৘ᆊࠌଚ㽕ೈ㒩ⴔ䖭Ѩ໻ࡳ㛑ᡧ㋻ޚ໛߯ᮄᮍḜDŽ ᓴ㚆ݯᬺ֗