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4周金涛-长波、工业化与中国的未来

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4周金涛-长波、工业化与中国的未来 长波、工业化与中国的未来 2010年5月 周金涛 * * 这是一个富有希望的选择期,也是一个极其危险的过渡阶段。 --罗斯托 * 主要观点 一、长波与中国的工业化 长波衰退的最剧烈阶段已经结束,全球经济进入弱势均衡阶段,此时,中国开始工业化的走向成熟期,这是目前经济增长和结构调整的基本背景。 二、浓缩的中国周期与大拐点 中国的库存周期被流动性浓缩,而美国的库存周期在2010年二季度到达高点,全球的经济救赎到达...

4周金涛-长波、工业化与中国的未来
长波、工业化与中国的未来 2010年5月 周金涛 * * 这是一个富有希望的选择期,也是一个极其危险的过渡阶段。 --罗斯托 * 主要观点 一、长波与中国的工业化 长波衰退的最剧烈阶段已经结束,全球经济进入弱势均衡阶段,此时,中国开始工业化的走向成熟期,这是目前经济增长和结构调整的基本背景。 二、浓缩的中国周期与大拐点 中国的库存周期被流动性浓缩,而美国的库存周期在2010年二季度到达高点,全球的经济救赎到达了结时刻,这是周期的大拐点。 三、大拐点之后的经济景象 大拐点之后首先是二次去库存,并解决刺激的后遗症,随后进入无趋势的过渡期,其核心是需求不足与流动性过剩博弈的过程。 四、中国经济的未来 在工业化走向成熟的框架下,中国经济面临提前刘易斯拐点和过度刺激的扰动,模式的转换尚处于探索期,布局式投资不代 关于同志近三年现实表现材料材料类招标技术评分表图表与交易pdf视力表打印pdf用图表说话 pdf 一种必然。 * 目 录 一、长波衰退与中国工业化走向成熟 二、浓缩的中国周期与大拐点 三、大拐点之后的经济景象 * 理论体系及研究之路 图:中国和日本的起飞在长波中的位置 资料来源:木船久雄,《经济的长期波动与能源》,中信建投 罗斯托的工业化进程理论是研究中国工业化问题的基本框架,这是一套社会发展理论。 工业化理论无可避免的要研究长波,因为没有国家的工业化不受长波约束。 ◆日本在长波繁荣顶点步入起飞萧条,长波衰退的高峰期工业化已经完成。 ◆中国在衰退期转折。 * ◆ 本轮长波繁荣期的顶点在2005年 ◆ 世界性通胀演绎的过程是衰退的核心。 表:雅各布.范杜因的长波周期划分 资料来源:雅各布.范杜因,《创新随时间的波动》;第四波以后的 分析 定性数据统计分析pdf销售业绩分析模板建筑结构震害分析销售进度分析表京东商城竞争战略分析 见《技术进步与经济波动》,陈漓高等 世界经济的长期波动 ◆ 我们处于长波衰退的哪个阶段? * 繁荣 衰退 萧条 回升 标志创新技术 第一波 1782-1802 1815-1825 1825-1836 1838-1845 纺织机、蒸汽机 第二波 1845-1866 1866-1873 1873-1883 1883-1892 钢铁、铁路 第三波 1892-1913 1920-1929 1929-1937 1937-1948 电气、化学、汽车 第四波 1948-1966 1966-1973 1973-1982 1982-1991 汽车、计算机 第五波 1991-2005或2007 2005-? (2015) ? ? 信息技术、生物 2008年到2009年的经济大幅波动是世界经济50年的异常点。 衰退剧烈期的惯常形态是崩溃式下跌及随后的修复式反弹。 经济出现V字反弹之后,进入弱势均衡状态,未来三年内全球经济平淡无奇。 图:第四波长波衰退剧烈期的日本通胀与实际GDP 资料来源:Bloomberg, 中信建投 长波衰退的最剧烈阶段已经度过 最低点 * Chart1 0.1395322815 0.1020450619 0.0470588235 0.1498762946 0.064994807 0.0467836257 0.103133205 0.0601407894 0.0541871921 0.1336197362 0.0510416438 0.0662650602 0.1072924849 0.0736874107 0.1011235955 0.1789205086 0.0896314692 0.094972067 0.1880824686 0.0928329191 0.0280373832 0.1374447982 0.0633514314 0.0282485876 0.0820869051 0.0686987018 -0.0306122449 0.0378407132 0.0610919368 -0.0204081633 0.0444205034 0.0597852206 0.0181818182 0.0904083862 0.0774336718 0.043956044 0.1130202785 0.0795544673 0.0578947368 0.1371926972 0.118864558 0.046875 0.1662546248 0.0954195964 0.0401785714 0.144245897 0.1528357724 0.0894736842 0.2404015282 0.1176584762 0.0746268657 0.1939201318 0.0994916762 0.0845771144 0.1870413146 0.1513918043 0.0515021459 0.2320929761 0.1086424402 0.0821256039 0.1844701816 0.130327016 0.0787037037 0.2168026972 0.113888245 0.0779816514 0.1961180354 0.1218745781 0.0857142857 0.2275663992 0.1031039973 0.0848214286 0.1931654296 0.0953538837 0.0600858369 0.1644272327 0.0879605055 0.0340425532 0.1278264003 0.0619148092 0.0112781955 0.0723195361 0.0620787326 0.0164609054 0.0803959361 0.0783033369 0.044534413 0.1249012366 0.0965762415 0.0699588477 0.1672578046 0.1111864042 0.0706319703 0.1988059861 0.131015022 0.0728744939 0.2065752644 0.1252581415 0.0620155039 0.1939342214 0.1101050908 0.0576923077 0.1694732314 0.0865376461 0.0486111111 0.1434154403 0.0614997016 0.0716981132 0.1348455395 0.0494409696 0.0583941606 0.1094389701 0.0569124049 0.0618181818 0.1193963471 0.0600773501 0.0298013245 0.0923614773 0.079657894 0.0387323944 0.1214916418 0.1080671914 0.0482758621 0.1624256251 0.1098596188 0.0582191781 0.1693407936 0.1147258323 0.0643086817 0.1929465403 0.1144286507 0.0677966102 0.1835107804 0.101324123 0.0427631579 0.1482352754 0.1124598266 0.0485436893 0.1635610237 0.1117618703 0.0604229607 0.1875157683 0.1088896311 0.0571428571 0.1719073831 0.1166874174 0.0630914827 0.1847215261 0.1036946033 0.0586419753 0.1687627069 0.1444579934 0.0512820513 0.2098835289 0.1276154053 0.036036036 0.168820844 0.1221590264 0.056379822 0.1815571118 0.123602383 0.0583090379 0.1850197341 0.1045260399 0.0514905149 0.1613178598 0.1284479886 0.0695652174 0.2064135176 0.109813799 0.0702247191 0.1836930677 0.1129077175 0.0633608815 0.1853957877 0.0676535561 0.074742268 0.1456432337 0.0453516881 0.0677506775 0.1195918725 0.0494855071 0.0603674541 0.108969355 0.0345395923 0.0544041451 0.0925539839 0.0473373122 0.0383693046 0.085426236 0.0716975253 0.0431472081 0.1191461701 0.0745319361 0.0544554455 0.1279105723 0.0842571155 0.0540540541 0.1479905212 0.1014989529 0.0669745958 0.1769154737 0.1024240368 0.0900243309 0.2003172752 0.0919537278 0.117370892 0.2183009828 0.0722512987 0.1305361305 0.2103684575 0.0588643622 0.1645021645 0.2318380549 -0.0106094814 0.1919642857 0.1789728769 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0.0871940782 0.026665187 0.065773447 0.095572921 0.0304016557 0.0651340996 0.0958289971 0.0321123431 0.04400978 0.0761244259 0.0358525315 0.0315917376 0.0694526114 0.0291775569 0.0274285714 0.0586118223 0.0245461745 0.0239808154 0.0483387763 0.0339207401 0.0245901639 0.058076262 0.0305802716 0.0200235571 0.0505782903 0.0340527057 0.0066740823 0.0423416442 0.0266698061 0.0163934426 0.0436002847 0.0176559795 0.0171428571 0.0333744114 0.0259745333 0.0138568129 0.0419472675 0.023462582 0.0209944751 0.0465347692 0.0336034334 0.0241935484 0.0574878455 0.0454247234 0.0280898876 0.0720036113 0.0381561766 0.0261958998 0.0638607402 0.0387679194 0.0292207792 0.0712297077 0.0407358832 0.0236220472 0.0647461405 0.0399481121 0.0262295082 0.0660572202 0.0413507821 0.0221975583 0.0643649775 0.051733039 0.0126182965 0.0687252774 0.0291476911 0.0208791209 0.0483324707 0.0311300199 0.0223642173 0.0536300762 0.0313909894 0.0184581976 0.0501799078 0.0259593372 0.0093457944 0.0383952723 0.039946657 0.0096878364 0.0479736804 0.0310646672 -0.003125 0.026411657 0.0408901644 -0.0010660981 0.0403057706 0.0518677391 0 0.052798741 0.0632432396 0.0042643923 0.0675608109 0.0643837172 0.0062695925 0.0704425856 0.0679300662 0.0064034152 0.0741857274 0.0552370791 0.0092592593 0.066922894 0.0535283126 0.008492569 0.06190336 0.042607605 0.020768432 0.0642965764 0.0447361373 0.0233297985 0.069765292 0.0504410494 0.0265035678 0.0789108134 0.0379917204 0.0284210526 0.066764461 0.0638365494 0.024415056 0.0892943723 0.0529826059 0.0196891192 0.0736277817 0.0512820697 0.0208540219 0.071736311 0.0564768872 0.0276356192 0.0850842808 0.0402722346 0.0248262165 0.0649175168 0.0314111563 0.0254065041 0.0592034557 0.0254567711 0.0291828794 0.0565869956 0.0218537555 0.0209163347 0.0428360712 0.0116329316 0.0251937985 0.0356510164 0.0064582919 0.0168483647 0.0237516834 0.0013005811 0.0094517958 0.0107991412 -0.0047289773 0.0097560976 0.0060068895 0.0033080968 0.0028355388 0.0053037916 0.0077786939 0.0068226121 0.0151315388 0.0052483839 0.0046816479 0.0108528287 0.0028228857 0.0077294686 0.0103952332 0.0053319593 0.0075400566 0.011422628 0.0104557294 -0.0009680542 0.009447478 0.0092280033 -0.0055917987 0.0038567487 0.0019937771 -0.0076701822 -0.0057083775 0.0133373674 -0.009354537 0.0026808679 0.0144464725 -0.0048449612 0.0096307477 0.025493044 -0.0037488285 0.0229777731 0.0632577406 -0.0106280193 0.052181753 0.0487984287 -0.0075542965 0.0398890685 0.0439353045 -0.0165530672 0.0258831138 0.0516091229 -0.0225776105 0.0293583663 0.0376170863 -0.005859375 0.0306659663 0.0120113143 0.0019029496 0.0140856869 0.01784875 0.0049504951 0.0222635334 -0.0048976744 0.010587103 0.0050293149 -0.0286529748 0.010805501 -0.0177432714 -0.0107329263 0.0009496676 -0.0104131897 -0.0318286626 -0.0009852217 -0.0316621957 -0.0305726782 0.000952381 -0.0290044706 -0.0041400745 -0.0068027211 -0.0103569061 0.0074185558 -0.0056925996 0.0005385204 0.0095635008 -0.0069033531 0.002031623 -0.0019421942 -0.0142721218 -0.0159513216 0.0073283711 -0.0176125245 -0.0103869069 0.00730649 -0.018129771 -0.0111626597 0.0042089145 -0.0178748759 -0.0130292778 0.0166849811 -0.0193050193 -0.0034405112 0.0068690138 -0.0109561753 名义GDP 实际GDP 缩减指数同比 美国年度季度 Current-Dollar and "Real" Gross Domestic Product 8/28/08 资料来源:CEIC Annual Quarterly (Seasonally adjusted annual rates) GDP in billions of current dollars GDP in billions of chained 2000 dollars GDP in billions of current dollars GDP in billions of chained 2000 dollars 1929 103.6 865.2 1947q1 237.2 1,570.5 1930 91.2 790.7 1947q2 240.5 1,568.7 1931 76.5 739.9 1947q3 244.6 1,568.0 1932 58.7 643.7 1947q4 254.4 1,590.9 1933 56.4 635.5 1948q1 260.4 1,616.1 1934 66.0 704.2 1948q2 267.3 1,644.6 1935 73.3 766.9 1948q3 273.9 1,654.1 1936 83.8 866.6 1948q4 275.2 1,658.0 1937 91.9 911.1 1949q1 270.0 1,633.2 1938 86.1 879.7 1949q2 266.2 1,628.4 1939 92.2 950.7 1949q3 267.7 1,646.7 1940 101.4 1,034.1 1949q4 265.2 1,629.9 1941 126.7 1,211.1 1950q1 275.2 1,696.8 1942 161.9 1,435.4 1950q2 284.6 1,747.3 1943 198.6 1,670.9 1950q3 302.0 1,815.8 1944 219.8 1,806.5 1950q4 313.4 1,848.9 1945 223.1 1,786.3 1951q1 329.0 1,871.3 1946 222.3 1,589.4 1951q2 336.7 1,903.1 1947 244.2 1,574.5 1951q3 343.6 1,941.1 1948 269.2 1,643.2 1951q4 348.0 1,944.4 1949 267.3 1,634.6 1952q1 351.3 1,964.7 1950 293.8 1,777.3 1952q2 352.2 1,966.0 1951 339.3 1,915.0 1952q3 358.5 1,978.8 1952 358.3 1,988.3 1952q4 371.4 2,043.8 1953 379.4 2,079.5 1953q1 378.4 2,082.3 1954 380.4 2,065.4 1953q2 382.0 2,098.1 1955 414.8 2,212.8 1953q3 381.1 2,085.4 1956 437.5 2,255.8 1953q4 375.9 2,052.5 1957 461.1 2,301.1 1954q1 375.3 2,042.4 1958 467.2 2,279.2 1954q2 376.0 2,044.3 1959 506.6 2,441.3 1954q3 380.8 2,066.9 1960 526.4 2,501.8 1954q4 389.5 2,107.8 1961 544.7 2,560.0 1955q1 402.6 2,168.5 1962 585.6 2,715.2 1955q2 410.9 2,204.0 1963 617.7 2,834.0 1955q3 419.5 2,233.4 1964 663.6 2,998.6 1955q4 426.0 2,245.3 1965 719.1 3,191.1 1956q1 428.3 2,234.8 1966 787.8 3,399.1 1956q2 434.2 2,252.5 1967 832.6 3,484.6 1956q3 439.3 2,249.8 1968 910.0 3,652.7 1956q4 448.1 2,286.5 1969 984.6 3,765.4 1957q1 457.2 2,300.3 1970 1,038.5 3,771.9 1957q2 459.2 2,294.6 1971 1,127.1 3,898.6 1957q3 466.4 2,317.0 1972 1,238.3 4,105.0 1957q4 461.5 2,292.5 1973 1,382.7 4,341.5 1958q1 454.0 2,230.2 1974 1,500.0 4,319.6 1958q2 458.1 2,243.4 1975 1,638.3 4,311.2 1958q3 471.7 2,295.2 1976 1,825.3 4,540.9 1958q4 485.0 2,348.0 1977 2,030.9 4,750.5 1959q1 495.4 2,392.9 1978 2,294.7 5,015.0 1959q2 508.4 2,455.8 1979 2,563.3 5,173.4 1959q3 509.3 2,453.9 1980 2,789.5 5,161.7 1959q4 513.2 2,462.6 1981 3,128.4 5,291.7 1960q1 526.9 2,517.4 1982 3,255.0 5,189.3 1960q2 526.1 2,504.8 1983 3,536.7 5,423.8 1960q3 528.9 2,508.7 1984 3,933.2 5,813.6 1960q4 523.6 2,476.2 1985 4,220.3 6,053.7 1961q1 527.9 2,491.2 1986 4,462.8 6,263.6 1961q2 539.0 2,538.0 1987 4,739.5 6,475.1 1961q3 549.4 2,579.1 1988 5,103.8 6,742.7 1961q4 562.5 2,631.8 1989 5,484.4 6,981.4 1962q1 576.0 2,679.1 1990 5,803.1 7,112.5 1962q2 583.2 2,708.4 1991 5,995.9 7,100.5 1962q3 590.0 2,733.3 1992 6,337.7 7,336.6 1962q4 593.3 2,740.0 1993 6,657.4 7,532.7 1963q1 602.4 2,775.9 1994 7,072.2 7,835.5 1963q2 611.2 2,810.6 1995 7,397.7 8,031.7 1963q3 623.9 2,863.5 1996 7,816.9 8,328.9 1963q4 633.5 2,885.8 1997 8,304.3 8,703.5 1964q1 649.6 2,950.5 1998 8,747.0 9,066.9 1964q2 658.8 2,984.8 1999 9,268.4 9,470.3 1964q3 670.5 3,025.5 2000 9,817.0 9,817.0 1964q4 675.6 3,033.6 2001 10,128.0 9,890.7 1965q1 695.7 3,108.2 2002 10,469.6 10,048.8 1965q2 708.1 3,150.2 2003 10,960.8 10,301.0 1965q3 725.2 3,214.1 2004 11,685.9 10,675.8 1965q4 747.5 3,291.8 2005 12,421.9 10,989.5 1966q1 770.8 3,372.3 2006 13,178.4 11,294.8 1966q2 779.9 3,384.0 2007 13,807.5 11,523.9 1966q3 793.4 3,406.3 1966q4 807.1 3,433.7 1967q1 817.9 3,464.1 1967q2 822.5 3,464.3 1967q3 837.1 3,491.8 1967q4 852.8 3,518.2 1968q1 879.9 3,590.7 1968q2 904.2 3,651.6 1968q3 919.4 3,676.5 1968q4 936.3 3,692.0 1969q1 961.0 3,750.2 1969q2 976.3 3,760.9 1969q3 996.5 3,784.2 1969q4 1,004.6 3,766.3 1970q1 1,017.3 3,760.0 1970q2 1,033.2 3,767.1 1970q3 1,050.7 3,800.5 1970q4 1,052.9 3,759.8 1971q1 1,098.3 3,864.1 1971q2 1,119.1 3,885.9 1971q3 1,139.3 3,916.7 1971q4 1,151.7 3,927.9 1972q1 1,190.6 3,997.7 1972q2 1,225.9 4,092.1 1972q3 1,249.7 4,131.1 1972q4 1,287.0 4,198.7 1973q1 1,335.5 4,305.3 1973q2 1,371.9 4,355.1 1973q3 1,391.2 4,331.9 1973q4 1,432.3 4,373.3 1974q1 1,447.0 4,335.4 1974q2 1,485.3 4,347.9 1974q3 1,514.2 4,305.8 1974q4 1,553.4 4,288.9 1975q1 1,570.0 4,237.6 1975q2 1,605.6 4,268.6 1975q3 1,663.1 4,340.9 1975q4 1,714.6 4,397.8 1976q1 1,772.6 4,496.8 1976q2 1,804.9 4,530.3 1976q3 1,838.3 4,552.0 1976q4 1,885.3 4,584.6 1977q1 1,939.3 4,640.0 1977q2 2,006.0 4,731.1 1977q3 2,066.8 4,815.8 1977q4 2,111.6 4,815.3 1978q1 2,150.0 4,830.8 1978q2 2,275.6 5,021.2 1978q3 2,336.2 5,070.7 1978q4 2,417.0 5,137.4 1979q1 2,464.4 5,147.4 1979q2 2,527.6 5,152.3 1979q3 2,600.7 5,189.4 1979q4 2,660.5 5,204.7 1980q1 2,725.3 5,221.3 1980q2 2,729.3 5,115.9 1980q3 2,786.6 5,107.4 1980q4 2,916.9 5,202.1 1981q1 3,052.7 5,307.5 1981q2 3,085.9 5,266.1 1981q3 3,178.7 5,329.8 1981q4 3,196.4 5,263.4 1982q1 3,186.8 5,177.1 1982q2 3,242.7 5,204.9 1982q3 3,276.2 5,185.2 1982q4 3,314.4 5,189.8 1983q1 3,382.9 5,253.8 1983q2 3,484.1 5,372.3 1983q3 3,589.3 5,478.4 1983q4 3,690.4 5,590.5 1984q1 3,809.6 5,699.8 1984q2 3,908.6 5,797.9 1984q3 3,978.2 5,854.3 1984q4 4,036.3 5,902.4 1985q1 4,119.5 5,956.9 1985q2 4,178.4 6,007.8 1985q3 4,261.3 6,101.7 1985q4 4,321.8 6,148.6 1986q1 4,385.6 6,207.4 1986q2 4,425.7 6,232.0 1986q3 4,493.9 6,291.7 1986q4 4,546.1 6,323.4 1987q1 4,613.8 6,365.0 1987q2 4,690.0 6,435.0 1987q3 4,767.8 6,493.4 1987q4 4,886.3 6,606.8 1988q1 4,951.9 6,639.1 1988q2 5,062.8 6,723.5 1988q3 5,146.6 6,759.4 1988q4 5,253.7 6,848.6 1989q1 5,367.1 6,918.1 1989q2 5,454.1 6,963.5 1989q3 5,531.9 7,013.1 1989q4 5,584.3 7,030.9 1990q1 5,716.4 7,112.1 1990q2 5,797.7 7,130.3 1990q3 5,849.4 7,130.8 1990q4 5,848.8 7,076.9 1991q1 5,888.0 7,040.8 1991q2 5,964.3 7,086.5 1991q3 6,035.6 7,120.7 1991q4 6,095.8 7,154.1 1992q1 6,196.1 7,228.2 1992q2 6,290.1 7,297.9 1992q3 6,380.5 7,369.5 1992q4 6,484.3 7,450.7 1993q1 6,542.7 7,459.7 1993q2 6,612.1 7,497.5 1993q3 6,674.6 7,536.0 1993q4 6,800.2 7,637.4 1994q1 6,911.0 7,715.1 1994q2 7,030.6 7,815.7 1994q3 7,115.1 7,859.5 1994q4 7,232.2 7,951.6 1995q1 7,298.3 7,973.7 1995q2 7,337.7 7,988.0 1995q3 7,432.1 8,053.1 1995q4 7,522.5 8,112.0 1996q1 7,624.1 8,169.2 1996q2 7,776.6 8,303.1 1996q3 7,866.2 8,372.7 1996q4 8,000.4 8,470.6 1997q1 8,113.8 8,536.1 1997q2 8,250.4 8,665.8 1997q3 8,381.9 8,773.7 1997q4 8,471.2 8,838.4 1998q1 8,586.7 8,936.2 1998q2 8,657.9 8,995.3 1998q3 8,789.5 9,098.9 1998q4 8,953.8 9,237.1 1999q1 9,066.6 9,315.5 1999q2 9,174.1 9,392.6 1999q3 9,313.5 9,502.2 1999q4 9,519.5 9,671.1 2000q1 9,629.4 9,695.6 2000q2 9,822.8 9,847.9 2000q3 9,862.1 9,836.6 2000q4 9,953.6 9,887.7 2001q1 10,021.5 9,875.6 2001q2 10,128.9 9,905.9 2001q3 10,135.1 9,871.1 2001q4 10,226.3 9,910.0 2002q1 10,333.3 9,977.3 2002q2 10,426.6 10,031.6 2002q3 10,527.4 10,090.7 2002q4 10,591.1 10,095.8 2003q1 10,705.6 10,126.0 2003q2 10,831.8 10,212.7 2003q3 11,086.1 10,398.7 2003q4 11,219.5 10,467.0 2004q1 11,405.5 10,543.6 2004q2 11,610.3 10,634.2 2004q3 11,779.4 10,728.7 2004q4 11,948.5 10,796.4 2005q1 12,155.4 10,875.8 2005q2 12,297.5 10,946.1 2005q3 12,538.2 11,050.0 2005q4 12,696.4 11,086.1 2006q1 12,959.6 11,217.3 2006q2 13,134.1 11,291.7 2006q3 13,249.6 11,314.1 2006q4 13,370.1 11,356.4 2007q1 13,510.9 11,357.8 2007q2 13,737.5 11,491.4 2007q3 13,950.6 11,625.7 2007q4 14,031.2 11,620.7 2008q1 14,150.8 11,646.0 2008q2 14,312.5 11,740.3 美国季度 美国实际GDP 美国名义GDP 美国平减指数 9/30/50 1815.8 302 16.6 12/31/50 1848.9 313.4 17 名义GDP 实际GDP 缩减指数同比 3/31/51 1871.3 329 17.6 6/30/51 13.8% 6.9% 6.6% 6/30/51 1903.1 336.7 17.7 9/30/51 11.0% 5.2% 5.3% 9/30/51 1941.1 343.6 17.7 12/31/51 6.8% 5.0% 1.7% 12/31/51 1944.4 348 17.9 3/31/52 4.6% 3.3% 1.1% 3/31/52 1964.7 351.3 17.9 6/30/52 4.3% 1.9% 2.3% 6/30/52 1966 352.2 17.9 9/30/52 6.7% 5.1% 1.7% 9/30/52 1978.8 358.5 18.1 12/31/52 7.7% 6.0% 1.7% 12/31/52 2043.8 371.4 18.2 3/31/53 8.5% 6.7% 1.7% 3/31/53 2082.3 378.4 18.2 6/30/53 6.3% 5.4% 1.1% 6/30/53 2098.1 382 18.2 9/30/53 1.2% 0.4% 0.5% 9/30/53 2085.4 381.1 18.3 12/31/53 -0.8% -1.9% 1.1% 12/31/53 2052.5 375.9 18.3 3/31/54 -1.6% -2.6% 1.1% 3/31/54 2042.4 375.3 18.4 6/30/54 -0.1% -0.9% 0.5% 6/30/54 2044.3 376 18.4 9/30/54 3.6% 2.7% 1.1% 9/30/54 2066.9 380.8 18.4 12/31/54 7.3% 6.2% 1.1% 12/31/54 2107.8 389.5 18.5 3/31/55 9.3% 7.8% 1.1% 3/31/55 2168.5 402.6 18.6 6/30/55 10.2% 8.1% 2.2% 6/30/55 2204 410.9 18.6 9/30/55 9.4% 6.5% 2.7% 9/30/55 2233.4 419.5 18.8 12/31/55 6.4% 3.1% 3.2% 12/31/55 2245.3 426 19 3/31/56 5.7% 2.2% 3.8% 3/31/56 2234.8 428.3 19.2 6/30/56 4.7% 0.7% 3.7% 6/30/56 2252.5 434.2 19.3 9/30/56 5.2% 1.8% 3.2% 9/30/56 2249.8 439.3 19.5 12/31/56 6.7% 2.9% 3.6% 12/31/56 2286.5 448.1 19.6 3/31/57 5.8% 1.9% 3.6% 3/31/57 2300.3 457.2 19.9 6/30/57 6.2% 3.0% 3.1% 6/30/57 2294.6 459.2 20 9/30/57 3.0% 0.3% 2.6% 9/30/57 2317 466.4 20.1 12/31/57 -0.7% -3.0% 2.5% 12/31/57 2292.5 461.5 20.1 3/31/58 -0.2% -2.2% 2.0% 3/31/58 2230.2 454 20.4 6/30/58 1.1% -0.9% 2.5% 6/30/58 2243.4 458.1 20.4 9/30/58 5.1% 2.4% 3.0% 9/30/58 2295.2 471.7 20.6 12/31/58 9.1% 7.3% 1.5% 12/31/58 2348 485 20.7 3/31/59 11.0% 9.5% 1.5% 3/31/59 2392.9 495.4 20.7 6/30/59 8.0% 6.9% 1.0% 6/30/59 2455.8 508.4 20.7 9/30/59 5.8% 4.9% 0.5% 9/30/59 2453.9 509.3 20.8 12/31/59 6.4% 5.2% 1.0% 12/31/59 2462.6 513.2 20.8 3/31/60 3.5% 2.0% 1.4% 3/31/60 2517.4 526.9 20.9 6/30/60 3.8% 2.2% 1.4% 6/30/60 2504.8 526.1 21 9/30/60 2.0% 0.6% 1.4% 9/30/60 2508.7 528.9 21.1 12/31/60 0.2% -1.0% 1.4% 12/31/60 2476.2 523.6 21.1 3/31/61 2.5% 1.3% 1.0% 3/31/61 2491.2 527.9 21.2 6/30/61 3.9% 2.8% 0.9% 6/30/61 2538 539 21.2 9/30/61 7.4% 6.3% 1.4% 9/30/61 2579.1 549.4 21.3 12/31/61 9.1% 7.5% 1.4% 12/31/61 2631.8 562.5 21.4 3/31/62 8.2% 6.7% 1.4% 3/31/62 2679.1 576 21.5 6/30/62 7.4% 6.0% 1.4% 6/30/62 2708.4 583.2 21.5 9/30/62 5.5% 4.1% 1.4% 9/30/62 2733.3 590 21.6 12/31/62 4.6% 3.6% 0.9% 12/31/62 2740 593.3 21.7 3/31/63 4.8% 3.8% 0.9% 3/31/63 2775.9 602.4 21.7 6/30/63 5.7% 4.8% 0.9% 6/30/63 2810.6 611.2 21.7 9/30/63 6.8% 5.3% 1.4% 9/30/63 2863.5 623.9 21.8 12/31/63 7.8% 6.3% 1.4% 12/31/63 2885.8 633.5 22 3/31/64 7.8% 6.2% 1.8% 3/31/64 2950.5 649.6 22 6/30/64 7.5% 5.7% 1.8% 6/30/64 2984.8 658.8 22.1 9/30/64 6.6% 5.1% 1.4% 9/30/64 3025.5 670.5 22.2 12/31/64 7.1% 5.3% 1.8% 12/31/64 3033.6 675.6 22.3 3/31/65 7.5% 5.5% 1.8% 3/31/65 3108.2 695.7 22.4 6/30/65 8.2% 6.2% 1.8% 6/30/65 3150.2 708.1 22.5 9/30/65 10.6% 8.5% 1.8% 9/30/65 3214.1 725.2 22.6 12/31/65 10.8% 8.5% 2.2% 12/31/65 3291.8 747.5 22.7 3/31/66 10.1% 7.4% 2.2% 3/31/66 3372.3 770.8 22.9 6/30/66 9.4% 6.0% 3.1% 6/30/66 3384 779.9 23 9/30/66 8.0% 4.3% 3.5% 9/30/66 3406.3 793.4 23.3 12/31/66 6.1% 2.7% 3.1% 12/31/66 3433.7 807.1 23.5 3/31/67 5.5% 2.4% 3.0% 3/31/67 3464.1 817.9 23.6 6/30/67 5.5% 2.5% 3.0% 6/30/67 3464.3 822.5 23.7 9/30/67 5.7% 2.5% 3.0% 9/30/67 3491.8 837.1 24 12/31/67 7.6% 3.7% 3.8% 12/31/67 3518.2 852.8 24.2 3/31/68 9.9% 5.4% 4.6% 3/31/68 3590.7 879.9 24.5 6/30/68 9.8% 5.3% 4.2% 6/30/68 3651.6 904.2 24.8 9/30/68 9.8% 4.9% 5.0% 9/30/68 3676.5 919.4 25 12/31/68 9.2% 4.4% 4.5% 12/31/68 3692 936.3 25.4 3/31/69 8.0% 3.0% 4.8% 3/31/69 3750.2 961 25.6 6/30/69 8.4% 2.9% 5.2% 6/30/69 3760.9 976.3 26 9/30/69 7.3% 2.0% 5.1% 9/30/69 3784.2 996.5 26.3 12/31/69 5.9% 0.3% 5.9% 12/31/69 3766.3 1004.6 26.7 3/31/70 5.8% 0.2% 5.4% 3/31/70 3760 1017.3 27.1 6/30/70 5.4% 0.4% 4.9% 6/30/70 3767.1 1033.2 27.4 9/30/70 4.8% -0.2% 4.9% 9/30/70 3800.5 1050.7 27.6 12/31/70 8.0% 2.8% 4.8% 12/31/70 3759.8 1052.9 28 3/31/71 8.3% 3.2% 5.1% 3/31/71 3864.1 1098.3 28.4 6/30/71 8.4% 3.1% 5.4% 6/30/71 3885.9 1119.1 28.8 9/30/71 9.4% 4.5% 4.6% 9/30/71 3916.7 1139.3 29.1 12/31/71 8.4% 3.5% 4.9% 12/31/71 3927.9 1151.7 29.3 3/31/72 9.5% 5.3% 4.2% 3/31/72 3997.7 1190.6 29.8 6/30/72 9.7% 5.5% 4.1% 6/30/72 4092.1 1225.9 30 9/30/72 11.7% 6.9% 4.8% 9/30/72 4131.1 1249.7 30.3 12/31/72 12.2% 7.7% 4.0% 12/31/72 4198.7 1287 30.7 3/31/73 11.9% 6.4% 5.0% 3/31/73 4305.3 1335.5 31 6/30/73 11.3% 4.9% 5.9% 6/30/73 4355.1 1371.9 31.5 9/30/73 11.3% 4.2% 6.8% 9/30/73 4331.9 1391.2 32.1 12/31/73 8.3% 0.7% 7.7% 12/31/73 4373.3 1432.3 32.8 3/31/74 8.3% -0.2% 8.6% 3/31/74 4335.4 1447 33.4 6/30/74 8.8% -0.6% 9.7% 6/30/74 4347.9 1485.3 34.2 9/30/74 8.5% -1.9% 10.4% 9/30/74 4305.8 1514.2 35.2 12/31/74 8.5% -2.3% 11.1% 12/31/74 4288.9 1553.4 36.2 3/31/75 8.1% -1.8% 9.9% 3/31/75 4237.6 1570 37.1 6/30/75 9.8% 0.8% 8.8% 6/30/75 4268.6 1605.6 37.6 9/30/75 10.4% 2.5% 7.7% 9/30/75 4340.9 1663.1 38.3 12/31/75 12.9% 6.1% 6.2% 12/31/75 4397.8 1714.6 39 3/31/76 12.4% 6.1% 5.9% 3/31/76 4496.8 1772.6 39.4 6/30/76 10.5% 4.9% 5.5% 6/30/76 4530.3 1804.9 39.8 9/30/76 10.0% 4.2% 5.4% 9/30/76 4552 1838.3 40.4 12/31/76 9.4% 3.2% 6.1% 12/31/76 4584.6 1885.3 41.1 3/31/77 11.1% 4.4% 6.5% 3/31/77 4640 1939.3 41.8 6/30/77 12.4% 5.8% 6.2% 6/30/77 4731.1 2006 42.4 9/30/77 12.0% 5.0% 6.8% 9/30/77 4815.8 2066.8 42.9 12/31/77 10.9% 4.1% 6.5% 12/31/77 4815.3 2111.6 43.9 3/31/78 13.4% 6.1% 6.8% 3/31/78 4830.8 2150 44.5 6/30/78 13.0% 5.3% 7.5% 6/30/78 5021.2 2275.6 45.3 9/30/78 14.5% 6.7% 7.1% 9/30/78 5070.7 2336.2 46.1 12/31/78 14.6% 6.6% 7.6% 12/31/78 5137.4 2417 47 3/31/79 11.1% 2.6% 8.4% 3/31/79 5147.4 2464.4 47.9 6/30/79 11.3% 2.3% 8.7% 6/30/79 5152.3 2527.6 49.1 9/30/79 10.1% 1.3% 8.7% 9/30/79 5189.4 2600.7 50.1 12/31/79 10.6% 1.4% 9.0% 12/31/79 5204.7 2660.5 51.1 3/31/80 8.0% -0.7% 8.6% 3/31/80 5221.3 2725.3 52.2 6/30/80 7.1% -1.6% 9.0% 6/30/80 5115.9 2729.3 53.3 9/30/80 9.6% -0.0% 9.8% 9/30/80 5107.4 2786.6 54.6 12/31/80 12.0% 1.7% 10.2% 12/31/80 5202.1 2916.9 56.1 3/31/81 13.1% 2.9% 9.9% 3/31/81 5307.5 3052.7 57.5 6/30/81 14.1% 4.4% 9.2% 6/30/81 5266.1 3085.9 58.6 9/30/81 9.6% 1.2% 8.2% 9/30/81 5329.8 3178.7 59.6 12/31/81 4.4% -2.5% 7.1% 12/31/81 5263.4 3196.4 60.7 3/31/82 5.1% -1.2% 6.3% 3/31/82 5177.1 3186.8 61.6 6/30/82 3.1% -2.7% 6.0% 6/30/82 5204.9 3242.7 62.3 9/30/82 3.7% -1.4% 5.3% 9/30/82 5185.2 3276.2 63.2 12/31/82 6.2% 1.5% 4.5% 12/31/82 5189.8 3314.4 63.9 3/31/83 7.4% 3.2% 4.2% 3/31/83 5253.8 3382.9 64.4 6/30/83 9.6% 5.7% 3.6% 6/30/83 5372.3 3484.1 64.9 9/30/83 11.3% 7.7% 3.3% 9/30/83 5478.4 3589.3 65.5 12/31/83 12.6% 8.5% 3.7% 12/31/83 5590.5 3690.4 66 3/31/84 12.2% 7.9% 3.9% 3/31/84 5699.8 3809.6 66.8 6/30/84 10.8% 6.9% 3.8% 6/30/84 5797.9 3908.6 67.4 9/30/84 9.4% 5.6% 3.6% 9/30/84 5854.3 3978.2 68 12/31/84 8.1% 4.5% 3.6% 12/31/84 5902.4 4036.3 68.4 3/31/85 6.9% 3.6% 3.3% 3/31/85 5956.9 4119.5 69.2 6/30/85 7.1% 4.2% 2.6% 6/30/85 6007.8 4178.4 69.6 9/30/85 7.1% 4.2% 2.8% 9/30/85 6101.7 4261.3 69.8 12/31/85 6.5% 4.2% 2.2% 12/31/85 6148.6 4321.8 70.3 3/31/86 5.9% 3.7% 2.0% 3/31/86 6207.4 4385.6 70.7 6/30/86 5.5% 3.1% 2.3% 6/30/86 6232 4425.7 71 9/30/86 5.2% 2.8% 2.3% 9/30/86 6291.7 4493.9 71.4 12/31/86 5.2% 2.5% 2.5% 12/31/86 6323.4 4546.1 71.9 3/31/87 6.0% 3.3% 2.7% 3/31/87 6365 4613.8 72.5 6/30/87 6.1% 3.2% 2.8% 6/30/87 6435 4690 72.9 9/30/87 7.5% 4.5% 2.9% 9/30/87 6493.4 4767.8 73.4 12/31/87 7.3% 4.3% 2.9% 12/31/87 6606.8 4886.3 74 3/31/88 7.9% 4.5% 3.3% 3/31/88 6639.1 4951.9 74.6 6/30/88 7.9% 4.1% 3.7% 6/30/88 6723.5 5062.8 75.3 9/30/88 7.5% 3.7% 3.6% 9/30/88 6759.4 5146.6 76.1 12/31/88 8.4% 4.2% 4.0% 12/31/88 6848.6 5253.7 76.7 3/31/89 7.7% 3.6% 4.0% 3/31/89 6918.1 5367.1 77.6 6/30/89 7.5% 3.8% 3.7% 6/30/89 6963.5 5454.1 78.3 9/30/89 6.3% 2.7% 3.5% 9/30/89 7013.1 5531.9 78.9 12/31/89 6.5% 2.8% 3.6% 12/31/89 7030.9 5584.3 79.4 3/31/90 6.3% 2.4% 3.8% 3/31/90 7112.1 5716.4 80.4 6/30/90 5.7% 1.7% 3.9% 6/30/90 7130.3 5797.7 81.3 9/30/90 4.7% 0.7% 4.0% 9/30/90 7130.8 5849.4 82 12/31/90 3.0% -1.0% 4.0% 12/31/90 7076.9 5848.8 82.6 3/31/91 2.9% -0.6% 3.6% 3/31/91 7040.8 5888 83.6 6/30/91 3.2% -0.1% 3.4% 6/30/91 7086.5 5964.3 84.2 9/30/91 4.2% 1.1% 3.1% 9/30/91 7120.7 6035.6 84.8 12/31/91 5.2% 2.7% 2.5% 12/31/91 7154.1 6095.8 85.2 3/31/92 5.5% 3.0% 2.4% 3/31/92 7228.2 6196.1 85.7 6/30/92 5.7% 3.5% 2.1% 6/30/92 7297.9 6290.1 86.2 9/30/92 6.4% 4.1% 2.1% 9/30/92 7369.5 6380.5 86.6 12/31/92 5.6% 3.2% 2.3% 12/31/92 7450.7 6484.3 87 3/31/93 5.1% 2.7% 2.3% 3/31/93 7459.7 6542.7 87.7 6/30/93 4.6% 2.3% 2.3% 6/30/93 7497.5 6612.1 88.2 9/30/93 4.9% 2.5% 2.3% 9/30/93 7536 6674.6 88.6 12/31/93 5.6% 3.4% 2.2% 12/31/93 7637.4 6800.2 89 3/31/94 6.3% 4.2% 2.0% 3/31/94 7715.1 6911 89.6 6/30/94 6.6% 4.3% 2.1% 6/30/94 7815.7 7030.6 90 9/30/94 6.4% 4.1% 2.2% 9/30/94 7859.5 7115.1 90.5 12/31/94 5.6% 3.4% 2.1% 12/31/94 7951.6 7232.2 91 3/31/95 4.4% 2.2% 2.1% 3/31/95 7973.7 7298.3 91.5 6/30/95 4.5% 2.5% 2.0% 6/30/95 7988 7337.7 91.9 9/30/95 4.0% 2.0% 1.9% 9/30/95 8053.1 7432.1 92.3 12/31/95 4.5% 2.5% 2.0% 12/31/95 8112 7522.5 92.7 3/31/96 6.0% 3.9% 2.0% 3/31/96 8169.2 7624.1 93.3 6/30/96 5.8% 4.0% 1.8% 6/30/96 8303.1 7776.6 93.7 9/30/96 6.4% 4.4% 1.9% 9/30/96 8372.7 7866.2 94 12/31/96 6.4% 4.5% 1.9% 12/31/96 8470.6 8000.4 94.5 3/31/97 6.1% 4.4% 1.6% 3/31/97 8536.1 8113.8 95.1 6/30/97 6.6% 4.8% 1.6% 6/30/97 8665.8 8250.4 95.2 9/30/97 5.9% 4.3% 1.4% 9/30/97 8773.7 8381.9 95.5 12/31/97 5.8% 4.7% 1.1% 12/31/97 8838.4 8471.2 95.8 3/31/98 4.9% 3.8% 1.1% 3/31/98 8936.2 8586.7 96.1 6/30/98 4.9% 3.7% 1.2% 6/30/98 8995.3 8657.9 96.2 9/30/98 5.7% 4.5% 1.1% 9/30/98 9098.9 8789.5 96.6 12/31/98 5.6% 4.2% 1.2% 12/31/98 9237.1 8953.8 96.9 3/31/99 6.0% 4.4% 1.6% 3/31/99 9315.5 9066.6 97.3 6/30/99 6.0% 4.4% 1.4% 6/30/99 9392.6 9174.1 97.7 9/30/99 6.3% 4.7% 1.5% 9/30/99 9502.2 9313.5 98 12/31/99 6.2% 4.1% 2.1% 12/31/99 9671.1 9519.5 98.4 3/31/00 7.1% 4.8% 2.0% 3/31/00 9695.6 9629.4 99.3 6/30/00 5.9% 3.5% 2.3% 6/30/00 9847.9 9822.8 99.7 9/30/00 4.6% 2.2% 2.3% 9/30/00 9836.6 9862.1 100.3 12/31/00 4.1% 1.9% 2.2% 12/31/00 9887.7 9953.6 100.7 3/31/01 3.1% 0.6% 2.5% 3/31/01 9875.6 10021.5 101.5 6/30/01 2.8% 0.4% 2.4% 6/30/01 9905.9 10128.9 102.2 9/30/01 2.7% 0.2% 2.5% 9/30/01 9871.1 10135.1 102.7 12/31/01 3.1% 1.0% 2.1% 12/31/01 9910 10226.3 103.2 3/31/02 2.9% 1.3% 1.7% 3/31/02 9977.3 10333.3 103.6 6/30/02 3.9% 2.2% 1.6% 6/30/02 10031.6 10426.6 103.9 9/30/02 3.6% 1.9% 1.6% 9/30/02 10090.7 10527.4 104.3 12/31/02 3.6% 1.5% 2.0% 12/31/02 10095.8 10591.1 104.9 3/31/03 3.9% 1.8% 2.1% 3/31/03 10126 10705.6 105.7 6/30/03 5.3% 3.1% 2.2% 6/30/03 10212.7 10831.8 106.1 9/30/03 5.9% 3.7% 2.2% 9/30/03 10398.7 11086.1 106.6 12/31/03 6.5% 4.1% 2.4% 12/31/03 10467 11219.5 107.2 3/31/04 7.2% 4.1% 2.9% 3/31/04 10543.6 11405.5 108.2 6/30/04 6.3% 3.2% 3.0% 6/30/04 10634.2 11610.3 109.2 9/30/04 6.5% 3.1% 3.3% 9/30/04 10728.7 11779.4 109.8 12/31/04 6.6% 3.2% 3.3% 12/31/04 10796.4 11948.5 110.7 3/31/05 5.9% 2.9% 2.8% 3/31/05 10875.8 12155.4 111.8 6/30/05 6.4% 3.0% 3.4% 6/30/05 10946.1 12297.5 112.3 9/30/05 6.3% 2.7% 3.4% 9/30/05 11050 12538.2 113.5 12/31/05 6.6% 3.1% 3.3% 12/31/05 11086.1 12696.4 114.5 3/31/06 6.8% 3.2% 3.6% 3/31/06 11217.3 12959.6 115.5 6/30/06 5.7% 2.4% 3.2% 6/30/06 11291.7 13134.1 116.3 9/30/06 5.3% 2.4% 2.8% 9/30/06 11314.1 13249.6 117.1 12/31/06 4.3% 1.3% 3.0% 12/31/06 11356.4 13370.1 117.7 3/31/07 4.6% 1.8% 2.8% 3/31/07 11357.8 13510.9 119 6/30/07 5.3% 2.8% 2.5% 6/30/07 11491.4 13737.5 119.5 9/30/07 4.9% 2.3% 2.5% 9/30/07 11625.7 13950.6 120 12/31/07 4.7% 2.5% 2.1% 12/31/07 11620.7 14031.2 120.7 3/31/08 4.1% 2.1% 2.0% 3/31/08 11646 14150.8 121.5 6/30/08 6/30/08 11727.4 14294.5 121.9 美国季度 名义GDP 实际GDP 缩减指数同比 日本年度 资料来源:日本统计局; 单位:十亿日元; GDP为支出法核算 名义GDP 实际gdp(1990年不变价) 平减指数(定基:1990) 1955 8,369.5 47,075.0 17.8 1956 9,422.2 50,602.7 18.6 1957 10,858.3 54,557.8 19.9 1958 11,538.3 57,946.9 19.9 1959 13,190.3 63,402.7 20.8 1960 16,009.7 71,683.1 22.3 1961 19,336.5 80,179.8 24.1 1962 21,942.7 87,072.6 25.2 1963 25,113.2 94,724.0 26.5 1964 29,541.3 105,319.5 28.0 1965 32,866.0 111,294.3 29.5 1966 38,170.0 122,700.2 31.1 1967 44,730.5 136,300.2 32.8 1968 52,974.9 152,532.1 34.7 1969 62,228.9 170,764.5 36.4 1970 73,344.9 188,323.1 38.9 1971 80,701.3 196,588.9 41.1 1972 92,394.4 213,129.0 43.4 1973 112,498.1 230,248.8 48.9 1974 134,243.8 227,427.7 59.0 1975 148,327.1 234,458.7 63.3 1976 166,573.3 243,778.5 68.3 1977 185,622.0 254,481.2 72.9 1978 204,404.1 267,897.5 76.3 1979 221,546.6 282,588.9 78.4 1980 240,175.9 290,551.1 82.7 1981 257,962.9 299,762.6 86.1 1982 270,600.7 308,927.2 87.6 1983 281,767.1 316,100.7 89.1 1984 300,543.0 328,483.5 91.5 1985 320,418.7 342,950.3 93.4 1986 335,457.2 352,879.9 95.1 1987 349,759.6 367,555.7 95.2 1988 373,973.2 390,325.3 95.8 1989 399,998.3 409,183.5 97.8 1990 430,039.8 429,985.5 100.0 1991 458,299.1 446,315.1 102.7 1992 471,020.7 450,876.5 104.5 1993 475,381.1 452,281.5 105.1 1994 479,260.1 455,197.3 105.3 1995 483,220.2 461,893.5 104.6 1996 500,309.7 485,219.0 103.1 1997 509,645.3 492,954.2 103.4 1998 498,499.3 480,586.8 103.7 Sheet1 时间 名义GDP 实际GDP 缩减指数同比 Mar-56 0.1395322815 0.1020450619 0.0470588235 Jun-56 0.1498762946 0.064994807 0.0467836257 Sep-56 0.103133205 0.0601407894 0.0541871921 Dec-56 0.1336197362 0.0510416438 0.0662650602 Mar-57 0.1072924849 0.0736874107 0.1011235955 Jun-57 0.1789205086 0.0896314692 0.094972067 Sep-57 0.1880824686 0.0928329191 0.0280373832 Dec-57 0.1374447982 0.0633514314 0.0282485876 Mar-58 0.0820869051 0.0686987018 -0.0306122449 Jun-58 0.0378407132 0.0610919368 -0.0204081633 Sep-58 0.0444205034 0.0597852206 0.0181818182 Dec-58 0.0904083862 0.0774336718 0.043956044 Mar-59 0.1130202785 0.0795544673 0.0578947368 Jun-59 0.1371926972 0.118864558 0.046875 Sep-59 0.1662546248 0.0954195964 0.0401785714 Dec-59 0.144245897 0.1528357724 0.0894736842 Mar-60 0.2404015282 0.1176584762 0.0746268657 Jun-60 0.1939201318 0.0994916762 0.0845771144 Sep-60 0.1870413146 0.1513918043 0.0515021459 Dec-60 0.2320929761 0.1086424402 0.0821256039 Mar-61 0.1844701816 0.130327016 0.0787037037 Jun-61 0.2168026972 0.113888245 0.0779816514 Sep-61 0.1961180354 0.1218745781 0.0857142857 Dec-61 0.2275663992 0.1031039973 0.0848214286 Mar-62 0.1931654296 0.0953538837 0.0600858369 Jun-62 0.1644272327 0.0879605055 0.0340425532 Sep-62 0.1278264003 0.0619148092 0.0112781955 Dec-62 0.0723195361 0.0620787326 0.0164609054 Mar-63 0.0803959361 0.0783033369 0.044534413 Jun-63 0.1249012366 0.0965762415 0.0699588477 Sep-63 0.1672578046 0.1111864042 0.0706319703 Dec-63 0.1988059861 0.131015022 0.0728744939 Mar-64 0.2065752644 0.1252581415 0.0620155039 Jun-64 0.1939342214 0.1101050908 0.0576923077 Sep-64 0.1694732314 0.0865376461 0.0486111111 Dec-64 0.1434154403 0.0614997016 0.0716981132 Mar-65 0.1348455395 0.0494409696 0.0583941606 Jun-65 0.1094389701 0.0569124049 0.0618181818 Sep-65 0.1193963471 0.0600773501 0.0298013245 Dec-65 0.0923614773 0.079657894 0.0387323944 Mar-66 0.1214916418 0.1080671914 0.0482758621 Jun-66 0.1624256251 0.1098596188 0.0582191781 Sep-66 0.1693407936 0.1147258323 0.0643086817 Dec-66 0.1929465403 0.1144286507 0.0677966102 Mar-67 0.1835107804 0.101324123 0.0427631579 Jun-67 0.1482352754 0.1124598266 0.0485436893 Sep-67 0.1635610237 0.1117618703 0.0604229607 Dec-67 0.1875157683 0.1088896311 0.0571428571 Mar-68 0.1719073831 0.1166874174 0.0630914827 Jun-68 0.1847215261 0.1036946033 0.0586419753 Sep-68 0.1687627069 0.1444579934 0.0512820513 Dec-68 0.2098835289 0.1276154053 0.036036036 Mar-69 0.168820844 0.1221590264 0.056379822 Jun-69 0.1815571118 0.123602383 0.0583090379 Sep-69 0.1850197341 0.1045260399 0.0514905149 Dec-69 0.1613178598 0.1284479886 0.0695652174 Mar-70 0.2064135176 0.109813799 0.0702247191 Jun-70 0.1836930677 0.1129077175 0.0633608815 Sep-70 0.1853957877 0.0676535561 0.074742268 Dec-70 0.1456432337 0.0453516881 0.0677506775 Mar-71 0.1195918725 0.0494855071 0.0603674541 Jun-71 0.108969355 0.0345395923 0.0544041451 Sep-71 0.0925539839 0.0473373122 0.0383693046 Dec-71 0.085426236 0.0716975253 0.0431472081 Mar-72 0.1191461701 0.0745319361 0.0544554455 Jun-72 0.1279105723 0.0842571155 0.0540540541 Sep-72 0.1479905212 0.1014989529 0.0669745958 Dec-72 0.1769154737 0.1024240368 0.0900243309 Mar-73 0.2003172752 0.0919537278 0.117370892 Jun-73 0.2183009828 0.0722512987 0.1305361305 Sep-73 0.2103684575 0.0588643622 0.1645021645 Dec-73 0.2318380549 -0.0106094814 0.1919642857 Mar-74 0.1789728769 -0.0125140592 0.218487395 Jun-74 0.2050604195 -0.0027858456 0.2164948454 Sep-74 0.2146929485 -0.0203007203 0.2026022305 Dec-74 0.1759861087 0.0158873817 0.1292134831 Mar-75 0.1509085629 0.0310150733 0.0793103448 Jun-75 0.1116505739 0.0295739565 0.0525423729 Sep-75 0.0860192907 0.0460733956 0.0401854714 Dec-75 0.0880924438 0.0535584251 0.0663349917 Mar-76 0.1227420412 0.0367647468 0.0846645367 Jun-76 0.1236107355 0.0395107281 0.0885668277 Sep-76 0.1320336665 0.029917591 0.0802377415 Dec-76 0.1163889891 0.0436018407 0.0824261275 Mar-77 0.1261712779 0.0447740498 0.0662739323 Jun-77 0.1134129258 0.0373118414 0.0650887574 Sep-77 0.1040440435 0.050133345 0.060522696 Dec-77 0.1161219776 0.0470701906 0.0545977012 Mar-78 0.1027497479 0.0498589464 0.0483425414 Jun-78 0.1006030298 0.0562363668 0.0472222222 Sep-78 0.1053508391 0.0571388758 0.0350194553 Dec-78 0.0978550729 0.0530550826 0.0354223433 Mar-79 0.0869773559 0.0619736422 0.0263504611 Jun-79 0.0904421009 0.0564105574 0.0238726791 Sep-79 0.0789631035 0.045909122 0.0288220551 Dec-79 0.0746898144 0.0420406651 0.0302631579 Mar-80 0.0755306158 0.0243321157 0.0500641849 Jun-80 0.0780352762 0.0202275983 0.0660621762 Sep-80 0.0871940782 0.026665187 0.065773447 Dec-80 0.095572921 0.0304016557 0.0651340996 Mar-81 0.0958289971 0.0321123431 0.04400978 Jun-81 0.0761244259 0.0358525315 0.0315917376 Sep-81 0.0694526114 0.0291775569 0.0274285714 Dec-81 0.0586118223 0.0245461745 0.0239808154 Mar-82 0.0483387763 0.0339207401 0.0245901639 Jun-82 0.058076262 0.0305802716 0.0200235571 Sep-82 0.0505782903 0.0340527057 0.0066740823 Dec-82 0.0423416442 0.0266698061 0.0163934426 Mar-83 0.0436002847 0.0176559795 0.0171428571 Jun-83 0.0333744114 0.0259745333 0.0138568129 Sep-83 0.0419472675 0.023462582 0.0209944751 Dec-83 0.0465347692 0.0336034334 0.0241935484 Mar-84 0.0574878455 0.0454247234 0.0280898876 Jun-84 0.0720036113 0.0381561766 0.0261958998 Sep-84 0.0638607402 0.0387679194 0.0292207792 Dec-84 0.0712297077 0.0407358832 0.0236220472 Mar-85 0.0647461405 0.0399481121 0.0262295082 Jun-85 0.0660572202 0.0413507821 0.0221975583 Sep-85 0.0643649775 0.051733039 0.0126182965 Dec-85 0.0687252774 0.0291476911 0.0208791209 Mar-86 0.0483324707 0.0311300199 0.0223642173 Jun-86 0.0536300762 0.0313909894 0.0184581976 Sep-86 0.0501799078 0.0259593372 0.0093457944 Dec-86 0.0383952723 0.039946657 0.0096878364 Mar-87 0.0479736804 0.0310646672 -0.003125 Jun-87 0.026411657 0.0408901644 -0.0010660981 Sep-87 0.0403057706 0.0518677391 0 Dec-87 0.052798741 0.0632432396 0.0042643923 Mar-88 0.0675608109 0.0643837172 0.0062695925 Jun-88 0.0704425856 0.0679300662 0.0064034152 Sep-88 0.0741857274 0.0552370791 0.0092592593 Dec-88 0.066922894 0.0535283126 0.008492569 Mar-89 0.06190336 0.042607605 0.020768432 Jun-89 0.0642965764 0.0447361373 0.0233297985 Sep-89 0.069765292 0.0504410494 0.0265035678 Dec-89 0.0789108134 0.0379917204 0.0284210526 Mar-90 0.066764461 0.0638365494 0.024415056 Jun-90 0.0892943723 0.0529826059 0.0196891192 Sep-90 0.0736277817 0.0512820697 0.0208540219 Dec-90 0.071736311 0.0564768872 0.0276356192 Mar-91 0.0850842808 0.0402722346 0.0248262165 Jun-91 0.0649175168 0.0314111563 0.0254065041 Sep-91 0.0592034557 0.0254567711 0.0291828794 Dec-91 0.0565869956 0.0218537555 0.0209163347 Mar-92 0.0428360712 0.0116329316 0.0251937985 Jun-92 0.0356510164 0.0064582919 0.0168483647 Sep-92 0.0237516834 0.0013005811 0.0094517958 Dec-92 0.0107991412 -0.0047289773 0.0097560976 Mar-93 0.0060068895 0.0033080968 0.0028355388 Jun-93 0.0053037916 0.0077786939 0.0068226121 Sep-93 0.0151315388 0.0052483839 0.0046816479 Dec-93 0.0108528287 0.0028228857 0.0077294686 Mar-94 0.0103952332 0.0053319593 0.0075400566 Jun-94 0.011422628 0.0104557294 -0.0009680542 Sep-94 0.009447478 0.0092280033 -0.0055917987 Dec-94 0.0038567487 0.0019937771 -0.0076701822 Mar-95 -0.0057083775 0.0133373674 -0.009354537 Jun-95 0.0026808679 0.0144464725 -0.0048449612 Sep-95 0.0096307477 0.025493044 -0.0037488285 Dec-95 0.0229777731 0.0632577406 -0.0106280193 Mar-96 0.052181753 0.0487984287 -0.0075542965 Jun-96 0.0398890685 0.0439353045 -0.0165530672 Sep-96 0.0258831138 0.0516091229 -0.0225776105 Dec-96 0.0293583663 0.0376170863 -0.005859375 Mar-97 0.0306659663 0.0120113143 0.0019029496 Jun-97 0.0140856869 0.01784875 0.0049504951 Sep-97 0.0222635334 -0.0048976744 0.010587103 Dec-97 0.0050293149 -0.0286529748 0.010805501 Mar-98 -0.0177432714 -0.0107329263 0.0009496676 Jun-98 -0.0104131897 -0.0318286626 -0.0009852217 Sep-98 -0.0316621957 -0.0305726782 0.000952381 Dec-98 -0.0290044706 -0.0041400745 -0.0068027211 Mar-99 -0.0103569061 0.0074185558 -0.0056925996 Jun-99 0.0005385204 0.0095635008 -0.0069033531 Sep-99 0.002031623 -0.0019421942 -0.0142721218 Dec-99 -0.0159513216 0.0073283711 -0.0176125245 Mar-00 -0.0103869069 0.00730649 -0.018129771 Jun-00 -0.0111626597 0.0042089145 -0.0178748759 Sep-00 -0.0130292778 0.0166849811 -0.0193050193 Dec-00 -0.0034405112 0.0068690138 -0.0109561753 Mar-01 Sheet1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 名义GDP 实际GDP 缩减指数同比 日本季度 资料来源:CEIC;单位:10亿 名义GDP 实际GDP(1990年不变价) GDP平减指数 Mar-55 8,043.30 45,666.10 17 Jun-55 8,043.30 47,563.80 17.1 Sep-55 8,569.50 48,313.30 20.3 Dec-55 8,589.30 50,117.90 16.6 时间 名义GDP 实际GDP 缩减指数同比 Mar-56 9,165.60 50,326.10 17.8 Mar-56 14.0% 10.2% 4.7% Jun-56 9,248.80 50,655.20 17.9 Jun-56 15.0% 6.5% 4.7% Sep-56 9,453.30 51,218.90 21.4 Sep-56 10.3% 6.0% 5.4% Dec-56 9,737.00 52,676.00 17.7 Dec-56 13.4% 5.1% 6.6% Mar-57 10,149.00 54,034.50 19.6 Mar-57 10.7% 7.4% 10.1% Jun-57 10,903.60 55,195.50 19.6 Jun-57 17.9% 9.0% 9.5% Sep-57 11,231.30 55,973.70 22 Sep-57 18.8% 9.3% 2.8% Dec-57 11,075.30 56,013.10 18.2 Dec-57 13.7% 6.3% 2.8% Mar-58 10,982.10 57,746.60 19 Mar-58 8.2% 6.9% -3.1% Jun-58 11,316.20 58,567.50 19.2 Jun-58 3.8% 6.1% -2.0% Sep-58 11,730.20 59,320.10 22.4 Sep-58 4.4% 6.0% 1.8% Dec-58 12,076.60 60,350.40 19 Dec-58 9.0% 7.7% 4.4% Mar-59 12,223.30 62,340.60 20.1 Mar-59 11.3% 8.0% 5.8% Jun-59 12,868.70 65,529.10 20.1 Jun-59 13.7% 11.9% 4.7% Sep-59 13,680.40 64,980.40 23.3 Sep-59 16.6% 9.5% 4.0% Dec-59 13,818.60 69,574.10 20.7 Dec-59 14.4% 15.3% 8.9% Mar-60 15,161.80 69,675.50 21.6 Mar-60 24.0% 11.8% 7.5% Jun-60 15,364.20 72,048.70 21.8 Jun-60 19.4% 9.9% 8.5% Sep-60 16,239.20 74,817.90 24.5 Sep-60 18.7% 15.1% 5.2% Dec-60 17,025.80 77,132.80 22.4 Dec-60 23.2% 10.9% 8.2% Mar-61 17,958.70 78,756.10 23.3 Mar-61 18.4% 13.0% 7.9% Jun-61 18,695.20 80,254.20 23.5 Jun-61 21.7% 11.4% 7.8% Sep-61 19,424.00 83,936.30 26.6 Sep-61 19.6% 12.2% 8.6% Dec-61 20,900.30 85,085.50 24.3 Dec-61 22.8% 10.3% 8.5% Mar-62 21,427.70 86,265.80 24.7 Mar-62 19.3% 9.5% 6.0% Jun-62 21,769.20 87,313.40 24.3 Jun-62 16.4% 8.8% 3.4% Sep-62 21,906.90 89,133.20 26.9 Sep-62 12.8% 6.2% 1.1% Dec-62 22,411.80 90,367.50 24.7 Dec-62 7.2% 6.2% 1.6% Mar-63 23,150.40 93,020.70 25.8 Mar-63 8.0% 7.8% 4.5% Jun-63 24,488.20 95,745.80 26 Jun-63 12.5% 9.7% 7.0% Sep-63 25,571.00 99,043.60 28.8 Sep-63 16.7% 11.1% 7.1% Dec-63 26,867.40 102,207.00 26.5 Dec-63 19.9% 13.1% 7.3% Mar-64 27,932.70 104,672.30 27.4 Mar-64 20.7% 12.5% 6.2% Jun-64 29,237.30 106,287.90 27.5 Jun-64 19.4% 11.0% 5.8% Sep-64 29,904.60 107,614.60 30.2 Sep-64 16.9% 8.7% 4.9% Dec-64 30,720.60 108,492.70 28.4 Dec-64 14.3% 6.1% 7.2% Mar-65 31,699.30 109,847.40 29 Mar-65 13.5% 4.9% 5.8% Jun-65 32,437.00 112,337.00 29.2 Jun-65 10.9% 5.7% 6.2% Sep-65 33,475.10 114,079.80 31.1 Sep-65 11.9% 6.0% 3.0% Dec-65 33,558.00 117,135.00 29.5 Dec-65 9.2% 8.0% 3.9% Mar-66 35,550.50 121,718.30 30.4 Mar-66 12.1% 10.8% 4.8% Jun-66 37,705.60 124,678.30 30.9 Jun-66 16.2% 11.0% 5.8% Sep-66 39,143.80 127,167.70 33.1 Sep-66 16.9% 11.5% 6.4% Dec-66 40,032.90 130,538.60 31.5 Dec-66 19.3% 11.4% 6.8% Mar-67 42,074.40 134,051.30 31.7 Mar-67 18.4% 10.1% 4.3% Jun-67 43,294.90 138,699.60 32.4 Jun-67 14.8% 11.2% 4.9% Sep-67 45,546.20 141,380.20 35.1 Sep-67 16.4% 11.2% 6.0% Dec-67 47,539.70 144,752.90 33.3 Dec-67 18.8% 10.9% 5.7% Mar-68 49,307.30 149,693.40 33.7 Mar-68 17.2% 11.7% 6.3% Jun-68 51,292.40 153,082.00 34.3 Jun-68 18.5% 10.4% 5.9% Sep-68 53,232.70 161,803.70 36.9 Sep-68 16.9% 14.4% 5.1% Dec-68 57,517.50 163,225.60 34.5 Dec-68 21.0% 12.8% 3.6% Mar-69 57,631.40 167,979.80 35.6 Mar-69 16.9% 12.2% 5.6% Jun-69 60,604.90 172,003.30 36.3 Jun-69 18.2% 12.4% 5.8% Sep-69 63,081.80 178,716.40 38.8 Sep-69 18.5% 10.5% 5.1% Dec-69 66,796.10 184,191.60 36.9 Dec-69 16.1% 12.8% 7.0% Mar-70 69,527.30 186,426.30 38.1 Mar-70 20.6% 11.0% 7.0% Jun-70 71,737.60 191,423.80 38.6 Jun-70 18.4% 11.3% 6.3% Sep-70 74,776.90 190,807.20 41.7 Sep-70 18.5% 6.8% 7.5% Dec-70 76,524.50 192,545.00 39.4 Dec-70 14.6% 4.5% 6.8% Mar-71 77,842.20 195,651.70 40.4 Mar-71 12.0% 4.9% 6.0% Jun-71 79,554.80 198,035.50 40.7 Jun-71 10.9% 3.5% 5.4% Sep-71 81,697.80 199,839.50 43.3 Sep-71 9.3% 4.7% 3.8% Dec-71 83,061.70 206,350.00 41.1 Dec-71 8.5% 7.2% 4.3% Mar-72 87,116.80 210,234.00 42.6 Mar-72 11.9% 7.5% 5.4% Jun-72 89,730.70 214,721.40 42.9 Jun-72 12.8% 8.4% 5.4% Sep-72 93,788.30 220,123.00 46.2 Sep-72 14.8% 10.1% 6.7% Dec-72 97,756.60 227,485.20 44.8 Dec-72 17.7% 10.2% 9.0% Mar-73 104,567.80 229,565.80 47.6 Mar-73 20.0% 9.2% 11.7% Jun-73 109,319.00 230,235.30 48.5 Jun-73 21.8% 7.2% 13.1% Sep-73 113,518.40 233,080.40 53.8 Sep-73 21.0% 5.9% 16.5% Dec-73 120,420.30 225,071.70 53.4 Dec-73 23.2% -1.1% 19.2% Mar-74 123,282.60 226,693.00 58 Mar-74 17.9% -1.3% 21.8% Jun-74 131,736.00 229,593.90 59 Jun-74 20.5% -0.3% 21.6% Sep-74 137,890.00 228,348.70 64.7 Sep-74 21.5% -2.0% 20.3% Dec-74 141,612.60 228,647.50 60.3 Dec-74 17.6% 1.6% 12.9% Mar-75 141,887.00 233,723.90 62.6 Mar-75 15.1% 3.1% 7.9% Jun-75 146,444.40 236,383.90 62.1 Jun-75 11.2% 3.0% 5.3% Sep-75 149,751.20 238,869.50 67.3 Sep-75 8.6% 4.6% 4.0% Dec-75 154,087.60 240,893.50 64.3 Dec-75 8.8% 5.4% 6.6% Mar-76 159,302.50 242,316.70 67.9 Mar-76 12.3% 3.7% 8.5% Jun-76 164,546.50 245,723.60 67.6 Jun-76 12.4% 4.0% 8.9% Sep-76 169,523.40 246,015.90 72.7 Sep-76 13.2% 3.0% 8.0% Dec-76 172,021.70 251,396.90 69.6 Dec-76 11.6% 4.4% 8.2% Mar-77 179,401.90 253,166.20 72.4 Mar-77 12.6% 4.5% 6.6% Jun-77 183,208.20 254,892.00 72 Jun-77 11.3% 3.7% 6.5% Sep-77 187,161.30 258,349.50 77.1 Sep-77 10.4% 5.0% 6.1% Dec-77 191,997.20 263,230.20 73.4 Dec-77 11.6% 4.7% 5.5% Mar-78 197,835.40 265,788.80 75.9 Mar-78 10.3% 5.0% 4.8% Jun-78 201,639.50 269,226.20 75.4 Jun-78 10.1% 5.6% 4.7% Sep-78 206,878.90 273,111.30 79.8 Sep-78 10.5% 5.7% 3.5% Dec-78 210,785.10 277,195.90 76 Dec-78 9.8% 5.3% 3.5% Mar-79 215,042.60 282,260.70 77.9 Mar-79 8.7% 6.2% 2.6% Jun-79 219,876.20 284,413.40 77.2 Jun-79 9.0% 5.6% 2.4% Sep-79 223,214.70 285,649.60 82.1 Sep-79 7.9% 4.6% 2.9% Dec-79 226,528.60 288,849.40 78.3 Dec-79 7.5% 4.2% 3.0% Mar-80 231,284.90 289,128.70 81.8 Mar-80 7.6% 2.4% 5.0% Jun-80 237,034.30 290,166.40 82.3 Jun-80 7.8% 2.0% 6.6% Sep-80 242,677.70 293,266.50 87.5 Sep-80 8.7% 2.7% 6.6% Dec-80 248,178.60 297,630.90 83.4 Dec-80 9.6% 3.0% 6.5% Mar-81 253,448.70 298,413.30 85.4 Mar-81 9.6% 3.2% 4.4% Jun-81 255,078.40 300,569.60 84.9 Jun-81 7.6% 3.6% 3.2% Sep-81 259,532.30 301,823.30 89.9 Sep-81 6.9% 2.9% 2.7% Dec-81 262,724.80 304,936.60 85.4 Dec-81 5.9% 2.5% 2.4% Mar-82 265,700.10 308,535.70 87.5 Mar-82 4.8% 3.4% 2.5% Jun-82 269,892.40 309,761.10 86.6 Jun-82 5.8% 3.1% 2.0% Sep-82 272,659.00 312,101.20 90.5 Sep-82 5.1% 3.4% 0.7% Dec-82 273,849.00 313,069.20 86.8 Dec-82 4.2% 2.7% 1.6% Mar-83 277,284.70 313,983.20 89 Mar-83 4.4% 1.8% 1.7% Jun-83 278,899.90 317,807.00 87.8 Jun-83 3.3% 2.6% 1.4% Sep-83 284,096.30 319,423.90 92.4 Sep-83 4.2% 2.3% 2.1% Dec-83 286,592.50 323,589.40 88.9 Dec-83 4.7% 3.4% 2.4% Mar-84 293,225.20 328,245.80 91.5 Mar-84 5.7% 4.5% 2.8% Jun-84 298,981.70 329,933.30 90.1 Jun-84 7.2% 3.8% 2.6% Sep-84 302,238.90 331,807.30 95.1 Sep-84 6.4% 3.9% 2.9% Dec-84 307,006.40 336,771.10 91 Dec-84 7.1% 4.1% 2.4% Mar-85 312,210.40 341,358.60 93.9 Mar-85 6.5% 4.0% 2.6% Jun-85 318,731.60 343,576.30 92.1 Jun-85 6.6% 4.1% 2.2% Sep-85 321,692.50 348,972.70 96.3 Sep-85 6.4% 5.2% 1.3% Dec-85 328,105.50 346,587.20 92.9 Dec-85 6.9% 2.9% 2.1% Mar-86 327,300.30 351,985.10 96 Mar-86 4.8% 3.1% 2.2% Jun-86 335,825.20 354,361.50 93.8 Jun-86 5.4% 3.1% 1.8% Sep-86 337,835.00 358,031.80 97.2 Sep-86 5.0% 2.6% 0.9% Dec-86 340,703.20 360,432.20 93.8 Dec-86 3.8% 4.0% 1.0% Mar-87 343,002.10 362,919.40 95.7 Mar-87 4.8% 3.1% -0.3% Jun-87 344,694.90 368,851.40 93.7 Jun-87 2.6% 4.1% -0.1% Sep-87 351,451.70 376,602.10 97.2 Sep-87 4.0% 5.2% 0.0% Dec-87 358,691.90 383,227.10 94.2 Dec-87 5.3% 6.3% 0.4% Mar-88 366,175.60 386,285.50 96.3 Mar-88 6.8% 6.4% 0.6% Jun-88 368,976.10 393,907.50 94.3 Jun-88 7.0% 6.8% 0.6% Sep-88 377,524.40 397,404.50 98.1 Sep-88 7.4% 5.5% 0.9% Dec-88 382,696.60 403,740.60 95 Dec-88 6.7% 5.4% 0.8% Mar-89 388,843.10 402,744.20 98.3 Mar-89 6.2% 4.3% 2.1% Jun-89 392,700.00 411,529.40 96.5 Jun-89 6.4% 4.5% 2.3% Sep-89 403,862.50 417,450.00 100.7 Sep-89 7.0% 5.0% 2.7% Dec-89 412,895.50 419,079.40 97.7 Dec-89 7.9% 3.8% 2.8% Mar-90 414,804.00 428,454.00 100.7 Mar-90 6.7% 6.4% 2.4% Jun-90 427,765.90 433,333.30 98.4 Jun-90 8.9% 5.3% 2.0% Sep-90 433,598.00 438,857.70 102.8 Sep-90 7.4% 5.1% 2.1% Dec-90 442,515.10 442,747.70 100.4 Dec-90 7.2% 5.6% 2.8% Mar-91 450,097.30 445,708.80 103.2 Mar-91 8.5% 4.0% 2.5% Jun-91 455,535.40 446,944.80 100.9 Jun-91 6.5% 3.1% 2.5% Sep-91 459,268.50 450,029.60 105.8 Sep-91 5.9% 2.5% 2.9% Dec-91 467,555.70 452,423.40 102.5 Dec-91 5.7% 2.2% 2.1% Mar-92 469,377.70 450,893.70 105.8 Mar-92 4.3% 1.2% 2.5% Jun-92 471,775.70 449,831.30 102.6 Jun-92 3.6% 0.6% 1.7% Sep-92 470,176.90 450,614.90 106.8 Sep-92 2.4% 0.1% 0.9% Dec-92 472,604.90 450,283.90 103.5 Dec-92 1.1% -0.5% 1.0% Mar-93 472,197.20 452,385.30 106.1 Mar-93 0.6% 0.3% 0.3% Jun-93 474,277.90 453,330.40 103.3 Jun-93 0.5% 0.8% 0.7% Sep-93 477,291.40 452,979.90 107.3 Sep-93 1.5% 0.5% 0.5% Dec-93 477,734.00 451,555.00 104.3 Dec-93 1.1% 0.3% 0.8% Mar-94 477,105.80 454,797.40 106.9 Mar-94 1.0% 0.5% 0.8% Jun-94 479,695.40 458,070.30 103.2 Jun-94 1.1% 1.0% -0.1% Sep-94 481,800.60 457,160.00 106.7 Sep-94 0.9% 0.9% -0.6% Dec-94 479,576.50 452,455.30 103.5 Dec-94 0.4% 0.2% -0.8% Mar-95 474,382.30 460,863.20 105.9 Mar-95 -0.6% 1.3% -0.9% Jun-95 480,981.40 464,687.80 102.7 Jun-95 0.3% 1.4% -0.5% Sep-95 486,440.70 468,814.40 106.3 Sep-95 1.0% 2.5% -0.4% Dec-95 490,596.10 481,076.60 102.4 Dec-95 2.3% 6.3% -1.1% Mar-96 499,136.40 483,352.60 105.1 Mar-96 5.2% 4.9% -0.8% Jun-96 500,167.30 485,104.00 101 Jun-96 4.0% 4.4% -1.7% Sep-96 499,031.30 493,009.50 103.9 Sep-96 2.6% 5.2% -2.3% Dec-96 504,999.20 499,173.30 101.8 Dec-96 2.9% 3.8% -0.6% Mar-97 514,442.90 489,158.30 105.3 Mar-97 3.1% 1.2% 0.2% Jun-97 507,212.50 493,762.50 101.5 Jun-97 1.4% 1.8% 0.5% Sep-97 510,141.50 490,594.90 105 Sep-97 2.2% -0.5% 1.1% Dec-97 507,539.00 484,870.50 102.9 Dec-97 0.5% -2.9% 1.1% Mar-98 505,315.00 483,908.20 105.4 Mar-98 -1.8% -1.1% 0.1% Jun-98 501,930.80 478,046.70 101.4 Jun-98 -1.0% -3.2% -0.1% Sep-98 493,989.30 475,596.10 105.1 Sep-98 -3.2% -3.1% 0.1% Dec-98 492,818.10 482,863.10 102.2 Dec-98 -2.9% -0.4% -0.7% Mar-99 500,081.50 487,498.10 104.8 Mar-99 -1.0% 0.7% -0.6% Jun-99 502,201.10 482,618.50 100.7 Jun-99 0.1% 1.0% -0.7% Sep-99 494,992.90 474,672.40 103.6 Sep-99 0.2% -0.2% -1.4% Dec-99 484,957.00 486,401.70 100.4 Dec-99 -1.6% 0.7% -1.8% Mar-00 494,887.20 491,060.00 102.9 Mar-00 -1.0% 0.7% -1.8% Jun-00 496,595.20 484,649.80 98.9 Jun-00 -1.1% 0.4% -1.8% Sep-00 488,543.50 482,592.30 101.6 Sep-00 -1.3% 1.7% -1.9% Dec-00 483,288.50 489,742.80 99.3 Dec-00 -0.3% 0.7% -1.1% Mar-01 493,035.30 Mar-01 日本季度 &A Page &P 名义GDP 实际GDP 缩减指数同比 名义GDP 实际GDP 缩减指数同比 长波大顶与大底的判断依据 资源价格的上涨和金融体系崩溃是大顶的前奏。 通胀的异常推高是大顶的最终催化因素。 通胀的崩溃式下跌及流动性释放催动库存周期反弹。 图:美国增长与通胀之间的演化 * 资料来源:Bloomberg, 中信建投 经济同样出现实际GDP的V字型反弹,随后经济增长中枢下降。 股市同样出现半年左右的中级反弹,随后归于平淡。 同样出现货币政策与财政政策的刺激,但中国的力度是史无前例的。 图:1973-1976年日本的GDP、流动性与股市 图:2007-2009年中国的GDP、流动性与股市 * 资料来源:Bloomberg, 中信建投 长波衰退期中日的相似性 —一个示例 Chart1 1987.14 10.28234791 17.2903279 2713.74 4.389158845 30.09360625 5207.94 8.413547255 22.21664647 4306.8 8.032599975 19.5952775 3817.22 -1.225239828 11.91143342 4358.6 3.091531946 10.9617327 4990.85 3.975028438 12.70057655 4865.6 4.39033795 7.597853285 6001.85 5.272020094 11.71558904 6569.47 5.483963083 5.444983438 日经指数(右) 日本GDP增长(1990年价格) 日本M1同比增长(季节调整) 同比% Sheet1 日经指数(右) 日本GDP增长(1990年价格) 日本M1同比增长(季节调整) 1968 1,714.89 11.9 16.6 1969 2,358.96 12.0 20.7 1970 1,987.14 10.3 17.3 1971 2,713.74 4.4 30.1 1972 5,207.94 8.4 22.2 1973 4,306.80 8.0 19.6 1974 3,817.22 (1.2) 11.9 1975 4,358.60 3.1 11.0 1976 4,990.85 4.0 12.7 1977 4,865.60 4.4 7.6 1978 6,001.85 5.3 11.7 1979 6,569.47 5.5 5.4 1980 7,116.38 2.8 -2.0 1981 7,681.84 3.2 10.1 1982 8,016.67 3.1 5.6 1983 9,893.82 2.3 -0.8 1984 11,542.60 3.9 7.4 Sheet1 &A Page &P 日经指数(右) 日本GDP增长(1990年价格) 日本M1同比增长(季节调整) 同比% Sheet2 Sheet3 Chart1 10.4 11.78 1161 11.4 12.7 1298.295 12.6 13.9 1672.21 11.4 15.7 1752.42 11 17.48 2675.47 13 19.8 3183.98 13.8 20.92 3820.7 13.4 22.07 5552.301 11.8 21.01 5261.563 10.6 18.25 3472.713 10.1 14.19 2736.103 9 9.43 2293.784 6.8 9.06 1820.805 6.1 17.04 2373.213 7.9 24.79 2959.362 8.9 29.51 2779.426 10.4 34.63 3262.6 GDP M1 上证综指 同比增长% 增长流动性股指 日经指数(右) 日本GDP增长(1990年价格) 日本M1同比增长(季节调整) 1968 1,714.89 11.9 16.6 1969 2,358.96 12.0 20.7 1970 1,987.14 10.3 17.3 1971 2,713.74 4.4 30.1 1972 5,207.94 8.4 22.2 1973 4,306.80 8.0 19.6 1974 3,817.22 (1.2) 11.9 1975 4,358.60 3.1 11.0 1976 4,990.85 4.0 12.7 1977 4,865.60 4.4 7.6 1978 6,001.85 5.3 11.7 1979 6,569.47 5.5 5.4 1980 7,116.38 2.8 -2.0 1981 7,681.84 3.2 10.1 1982 8,016.67 3.1 5.6 1983 9,893.82 2.3 -0.8 1984 11,542.60 3.9 7.4 Wind资讯 指标名称 GDP:同比 M1 频率 年 月 2004/10 90,782.48 2004/11 92,387.13 2004/12 10.10 95,970.82 2005/01 97,079.03 2005/02 92,814.95 2005/03 94,743.19 2005/04 94,593.72 2005/05 95,802.01 2005/06 98,601.25 2005/07 97,674.10 2005/08 99,377.70 2005/09 100,964.00 2005/10 101,751.98 2005/11 104,125.78 GDP M1 上证综指 2005/12 10.40 107,278.76 11.78 2005 10.4 11.78 2006/01 107,250.68 10.48 2006 11.6 17.48 2006/02 104,357.08 12.44 2007 13 21.02 2006/03 106,737.08 12.66 2008 9.6 8.98 2006/04 106,389.11 12.47 2009 8.6 34.12 2006/05 109,219.22 14.01 2006/06 112,342.36 13.94 2006/07 112,653.04 15.34 2006/08 114,845.67 15.56 2006/09 116,814.10 15.70 2006/10 118,359.96 16.32 2006/11 121,644.95 16.83 2006/12 11.60 126,028.05 17.48 2007/01 128,484.06 19.80 2007/02 126,258.08 20.99 2007/03 127,881.31 19.81 2007/04 127,678.33 20.01 2007/05 130,275.80 19.28 2007/06 135,847.40 20.92 2007/07 136,237.43 20.94 2007/08 140,993.21 22.77 2007/09 142,591.57 22.07 2007/10 2296/01 22.21 2007/11 2305/03 21.67 2007/12 13 2317/07 21.02 2008/01 2324/01 20.54 2008/02 2311/03 18.95 2008/03 2313/01 17.97 2008/04 2315/04 18.81 2008/05 2319/11 17.71 2008/06 2323/11 13.97 2008/07 2324/05 13.77 2008/08 2329/07 11.27 2008/09 2326/06 9.23 2008/10 2330/05 8.67 2008/11 2332/02 6.63 2008/12 9.6 2355/01 8.98 2009/01 2352/05 6.68 2009/02 2354/11 10.64 2009/03 2383/05 17.02 2009/04 2387/12 17.48 2009/05 2398/05 18.70 2009/06 2428/10 24.75 2009/07 2436/04 26.39 2009/08 2448/08 27.73 2009/09 2452/04 29.51 2009/10 2468/03 32.03 2009/11 2481/10 34.64 Wind资讯 指标名称 GDP:当季同比 M1:同比 频率 季 月 1986/12 26.70 1987/12 16.90 1988/12 21.00 1989/12 6.60 1990/12 19.20 1991/12 24.20 1992/03 13.60 1992/06 13.00 1992/09 13.30 1992/12 16.90 35.90 1993/03 15.10 1993/06 14.50 1993/09 13.30 1993/12 13.10 38.80 1994/03 12.90 1994/06 11.90 1994/09 12.40 1994/12 15.20 26.20 1995/03 12.00 1995/06 10.00 1995/09 9.80 1995/12 11.80 16.80 1996/01 11.40 1996/02 16.60 1996/03 10.90 13.80 1996/04 13.70 1996/05 14.50 1996/06 9.70 15.00 1996/07 15.20 1996/08 15.10 1996/09 9.40 17.30 1996/10 17.10 1996/11 17.10 1996/12 10.00 18.90 1997/01 22.20 1997/02 16.00 1997/03 10.40 18.90 1997/04 18.70 1997/05 18.30 1997/06 10.00 20.60 1997/07 18.40 1997/08 17.20 1997/09 8.40 17.30 1997/10 15.80 1997/11 14.90 1997/12 8.40 16.50 1998/01 14.60 1998/02 12.40 1998/03 7.60 11.80 1998/04 11.20 1998/05 10.80 1998/06 6.80 8.70 1998/07 10.50 1998/08 10.90 1998/09 8.10 13.20 1998/10 13.50 1998/11 13.70 1998/12 8.70 11.90 1999/01 9.60 1999/02 16.00 1999/03 9.10 14.90 1999/04 14.10 1999/05 13.30 1999/06 7.50 14.90 1999/07 13.50 1999/08 14.40 1999/09 7.70 14.80 1999/10 15.10 1999/11 15.90 1999/12 6.10 17.70 2000/01 19.40 2000/02 15.30 2000/03 9.00 18.70 2000/04 21.70 2000/05 22.30 2000/06 8.80 23.70 2000/07 22.60 2000/08 21.90 2000/09 8.90 20.80 2000/10 18.20 2000/11 17.10 2000/12 6.90 16.00 2001/01 16.80 2001/02 16.40 2001/03 8.50 17.40 2001/04 15.00 2001/05 14.90 2001/06 7.70 14.90 2001/07 11.90 2001/08 14.20 2001/09 7.80 12.30 2001/10 12.30 2001/11 11.40 2001/12 9.2 1900/01 2002/01 1900/01 2002/02 1900/01 2002/03 8.9 1900/01 2002/04 1900/01 2002/05 1900/01 2002/06 8.9 1900/01 2002/07 1900/01 2002/08 1900/01 2002/09 9.8 1900/01 2002/10 1900/01 2002/11 1900/01 2002/12 8.8 1900/01 2003/01 1900/01 2003/02 1900/01 2003/03 10.8 1900/01 2003/04 1900/01 2003/05 1900/01 2003/06 8.6 1900/01 2003/07 1900/01 2003/08 1900/01 2003/09 10.9 18.51 2003/10 19.62 2003/11 18.86 2003/12 9.7 18.7 2004/01 15.7 2004/02 19.8 2004/03 10.4 20.1 2004/04 20 2004/05 18.6 2004/06 11.4 16.2 2004/07 15 2004/08 15.14 2004/09 9.7 13.7 2004/10 12.57 2004/11 13.8 2004/12 8.9 13.6 2005/01 15.32 2005/02 10.6 2005/03 10.5 9.9 2005/04 10 2005/05 10.4 2005/06 10.5 11.25 2005/07 11 2005/08 11.5 2005/09 10.2 11.64 GDP M1 上证综指 2005/10 12.08 Dec-05 10.4 11.78 1,161.00 2005/11 12.7 Mar-06 11.4 12.7 1,298.30 2005/12 10.4 11.78 Jun-06 12.6 13.9 1672.21 2006/01 10.63 Sep-06 11.4 15.7 1752.42 2006/02 12.4 Dec-06 11 17.48 2675.47 2006/03 11.4 12.7 Mar-07 13 19.8 3183.98 2006/04 12.5 Jun-07 13.8 20.92 3820.7 2006/05 14.01 Sep-07 13.4 22.07 5552.301 2006/06 12.6 13.9 Dec-07 11.8 21.01 5261.563 2006/07 15.3 Mar-08 10.6 18.25 3,472.71 2006/08 15.6 Jun-08 10.1 14.19 2,736.10 2006/09 11.4 15.7 Sep-08 9 9.43 2,293.78 2006/10 16.3 Dec-08 6.8 9.06 1,820.81 2006/11 16.8 Mar-09 6.1 17.04 2,373.21 2006/12 11 17.48 Jun-09 7.9 24.79 2,959.36 2007/01 20.21 Sep-09 8.9 29.51 2,779.43 2007/02 21 Dec-09 10.4 34.63 3,262.60 2007/03 13 19.8 2007/04 20 2007/05 19.28 2007/06 13.8 20.92 2007/07 20.9 2007/08 22.8 2007/09 13.4 22.07 2007/10 22.21 2007/11 21.67 2007/12 11.8 21.01 2008/01 20.72 2008/02 19.2 2008/03 10.6 18.25 2008/04 19.05 2008/05 17.93 2008/06 10.1 14.19 2008/07 13.96 2008/08 11.48 2008/09 9 9.43 2008/10 8.85 2008/11 6.8 2008/12 6.8 9.06 2009/01 6.68 2009/02 10.87 2009/03 6.1 17.04 2009/04 17.48 2009/05 18.69 2009/06 7.9 24.79 2009/07 26.37 2009/08 27.72 2009/09 8.9 29.51 2009/10 32.03 2009/11 34.63 增长流动性股指 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 &A Page &P 日经指数(右) 日本GDP增长(1990年价格) 日本M1同比增长(季节调整) 同比% 上证综指 Wind资讯 指标名称 上证综合指数 频率 日 2004/12/31 1,266.50 2005/01/04 1,242.77 2005/01/05 1,251.94 2005/01/06 1,239.43 2005/01/07 1,244.75 2005/01/10 1,252.40 2005/01/11 1,257.46 2005/01/12 1,256.92 2005/01/13 1,256.31 2005/01/14 1,245.62 2005/01/17 1,216.65 2005/01/18 1,225.45 2005/01/19 1,218.11 2005/01/20 1,204.39 2005/01/21 1,234.48 2005/01/24 1,255.78 2005/01/25 1,254.23 2005/01/26 1,241.96 2005/01/27 1,225.89 2005/01/28 1,213.67 2005/01/31 1,191.82 2005/02/01 1,188.93 2005/02/02 1,252.50 2005/02/03 1,242.31 2005/02/04 1,269.00 2005/02/16 1,278.88 2005/02/17 1,276.13 2005/02/18 1,258.97 2005/02/21 1,284.48 2005/02/22 1,309.28 2005/02/23 1,309.48 2005/02/24 1,309.95 2005/02/25 1,312.45 2005/02/28 1,306.00 2005/03/01 1,303.41 2005/03/02 1,287.45 2005/03/03 1,294.34 2005/03/04 1,287.71 2005/03/07 1,293.74 2005/03/08 1,318.27 2005/03/09 1,316.79 2005/03/10 1,286.23 2005/03/11 1,289.94 2005/03/14 1,293.50 2005/03/15 1,269.14 2005/03/16 1,255.59 2005/03/17 1,243.48 2005/03/18 1,227.40 2005/03/21 1,231.05 2005/03/22 1,206.92 2005/03/23 1,201.65 2005/03/24 1,208.19 2005/03/25 1,205.63 2005/03/28 1,200.11 2005/03/29 1,195.02 2005/03/30 1,172.57 2005/03/31 1,181.24 2005/04/01 1,223.57 2005/04/04 1,202.97 2005/04/05 1,191.75 2005/04/06 1,214.87 2005/04/07 1,225.49 2005/04/08 1,248.52 2005/04/11 1,240.97 2005/04/12 1,219.51 2005/04/13 1,248.20 2005/04/14 1,234.33 2005/04/15 1,216.96 2005/04/18 1,197.74 2005/04/19 1,199.90 2005/04/20 1,184.19 2005/04/21 1,172.56 2005/04/22 1,169.19 2005/04/25 1,157.97 2005/04/26 1,165.34 2005/04/27 1,148.76 2005/04/28 1,169.12 2005/04/29 1,159.15 2005/05/09 1,130.84 2005/05/10 1,135.56 2005/05/11 1,124.27 2005/05/12 1,103.99 2005/05/13 1,107.63 2005/05/16 1,095.47 2005/05/17 1,099.64 2005/05/18 1,102.97 2005/05/19 1,103.48 2005/05/20 1,099.27 2005/05/23 1,070.84 2005/05/24 1,073.85 2005/05/25 1,072.14 2005/05/26 1,058.87 2005/05/27 1,051.95 2005/05/30 1,060.16 2005/05/31 1,060.74 2005/06/01 1,039.19 2005/06/02 1,016.06 2005/06/03 1,013.64 2005/06/06 1,034.38 2005/06/07 1,030.94 2005/06/08 1,115.58 2005/06/09 1,131.05 2005/06/10 1,108.29 2005/06/13 1,106.29 2005/06/14 1,093.46 2005/06/15 1,072.84 2005/06/16 1,086.01 2005/06/17 1,085.61 2005/06/20 1,115.62 2005/06/21 1,101.49 2005/06/22 1,102.03 2005/06/23 1,093.70 2005/06/24 1,101.88 2005/06/27 1,124.64 2005/06/28 1,108.59 2005/06/29 1,104.99 2005/06/30 1,080.94 2005/07/01 1,055.59 2005/07/04 1,047.28 2005/07/05 1,039.04 2005/07/06 1,033.55 2005/07/07 1,038.60 2005/07/08 1,017.98 2005/07/11 1,011.50 2005/07/12 1,046.16 2005/07/13 1,037.39 2005/07/14 1,040.42 2005/07/15 1,026.12 2005/07/18 1,012.10 2005/07/19 1,014.36 2005/07/20 1,021.05 2005/07/21 1,020.63 2005/07/22 1,046.32 2005/07/25 1,045.40 2005/07/26 1,072.81 2005/07/27 1,089.91 2005/07/28 1,086.55 2005/07/29 1,083.03 2005/08/01 1,088.95 2005/08/02 1,104.04 2005/08/03 1,107.70 2005/08/04 1,102.59 2005/08/05 1,128.74 2005/08/08 1,138.88 2005/08/09 1,152.53 2005/08/10 1,165.03 2005/08/11 1,183.58 2005/08/12 1,167.92 2005/08/15 1,187.01 2005/08/16 1,177.28 2005/08/17 1,192.83 2005/08/18 1,148.04 2005/08/19 1,150.18 2005/08/22 1,158.60 2005/08/23 1,149.96 2005/08/24 1,167.14 2005/08/25 1,172.48 2005/08/26 1,171.86 2005/08/29 1,154.43 2005/08/30 1,146.39 2005/08/31 1,162.80 2005/09/01 1,184.93 2005/09/02 1,188.85 2005/09/05 1,196.22 2005/09/06 1,173.32 2005/09/07 1,194.31 2005/09/08 1,194.41 2005/09/09 1,189.63 2005/09/12 1,188.21 2005/09/13 1,207.16 2005/09/14 1,217.26 2005/09/15 1,217.28 2005/09/16 1,212.95 2005/09/19 1,220.63 2005/09/20 1,212.62 2005/09/21 1,187.99 2005/09/22 1,159.96 2005/09/23 1,151.98 2005/09/26 1,155.04 2005/09/27 1,133.24 2005/09/28 1,131.77 2005/09/29 1,155.49 2005/09/30 1,155.61 2005/10/10 1,138.95 2005/10/11 1,157.19 2005/10/12 1,161.85 2005/10/13 1,152.61 2005/10/14 1,139.55 2005/10/17 1,131.38 2005/10/18 1,141.20 2005/10/19 1,134.61 2005/10/20 1,135.95 2005/10/21 1,141.32 2005/10/24 1,141.17 2005/10/25 1,121.92 2005/10/26 1,097.16 2005/10/27 1,097.78 2005/10/28 1,080.87 2005/10/31 1,092.82 2005/11/01 1,089.95 2005/11/02 1,104.79 2005/11/03 1,095.27 2005/11/04 1,100.05 2005/11/07 1,100.65 2005/11/08 1,110.15 2005/11/09 1,108.15 2005/11/10 1,088.30 2005/11/11 1,090.20 2005/11/14 1,088.65 2005/11/15 1,087.51 2005/11/16 1,095.89 2005/11/17 1,095.31 2005/11/18 1,117.00 2005/11/21 1,119.94 2005/11/22 1,098.66 2005/11/23 1,105.75 2005/11/24 1,113.37 2005/11/25 1,114.92 2005/11/28 1,110.82 2005/11/29 1,096.99 2005/11/30 1,099.26 2005/12/01 1,098.75 2005/12/02 1,094.29 2005/12/05 1,079.20 2005/12/06 1,087.79 2005/12/07 1,099.62 2005/12/08 1,098.32 2005/12/09 1,113.48 2005/12/12 1,116.37 2005/12/13 1,117.85 2005/12/14 1,125.39 2005/12/15 1,123.56 2005/12/16 1,127.51 2005/12/19 1,131.75 2005/12/20 1,136.34 2005/12/21 1,130.76 2005/12/22 1,135.24 2005/12/23 1,144.87 2005/12/26 1,156.82 2005/12/27 1,154.29 2005/12/28 1,157.03 2005/12/29 1,169.86 2005/12/30 1,161.06 2006/01/04 1,180.96 2006/01/05 1,197.27 2006/01/06 1,209.42 2006/01/09 1,215.67 2006/01/10 1,220.62 2006/01/11 1,211.05 2006/01/12 1,226.70 2006/01/13 1,221.46 2006/01/16 1,202.87 2006/01/17 1,208.44 2006/01/18 1,233.35 2006/01/19 1,251.58 2006/01/20 1,255.31 2006/01/23 1,255.77 2006/01/24 1,252.06 2006/01/25 1,258.05 2006/02/06 1,287.63 2006/02/07 1,282.10 2006/02/08 1,290.06 2006/02/09 1,269.45 2006/02/10 1,282.66 2006/02/13 1,279.64 2006/02/14 1,286.33 2006/02/15 1,299.17 2006/02/16 1,270.63 2006/02/17 1,267.41 2006/02/20 1,267.54 2006/02/21 1,288.42 2006/02/22 1,284.23 2006/02/23 1,288.85 2006/02/24 1,296.87 2006/02/27 1,297.19 2006/02/28 1,299.03 2006/03/01 1,306.59 2006/03/02 1,285.67 2006/03/03 1,293.30 2006/03/06 1,288.96 2006/03/07 1,259.92 2006/03/08 1,250.38 2006/03/09 1,245.17 2006/03/10 1,245.65 2006/03/13 1,259.67 2006/03/14 1,259.04 2006/03/15 1,274.81 2006/03/16 1,274.19 2006/03/17 1,269.46 2006/03/20 1,288.42 2006/03/21 1,290.40 2006/03/22 1,296.71 2006/03/23 1,302.46 2006/03/24 1,294.70 2006/03/27 1,295.92 2006/03/28 1,298.79 2006/03/29 1,305.57 2006/03/30 1,294.72 2006/03/31 1,298.30 1,180.96 2006/04/03 1,319.47 1,298.30 2006/04/04 1,329.80 2006/04/05 1,340.16 2006/04/06 1,339.74 2006/04/07 1,342.97 2006/04/10 1,359.08 2006/04/11 1,362.23 2006/04/12 1,360.13 2006/04/13 1,332.33 2006/04/14 1,359.54 2006/04/17 1,378.61 2006/04/18 1,385.11 2006/04/19 1,396.70 2006/04/20 1,385.90 2006/04/21 1,416.79 2006/04/24 1,409.79 2006/04/25 1,399.77 2006/04/26 1,417.48 2006/04/27 1,416.73 2006/04/28 1,440.22 2006/05/08 1,497.10 2006/05/09 1,531.16 2006/05/10 1,545.69 2006/05/11 1,537.38 2006/05/12 1,602.83 2006/05/15 1,664.09 2006/05/16 1,613.25 2006/05/17 1,625.15 2006/05/18 1,617.28 2006/05/19 1,659.55 2006/05/22 1,657.69 2006/05/23 1,604.55 2006/05/24 1,590.92 2006/05/25 1,591.43 2006/05/26 1,613.89 2006/05/29 1,648.54 2006/05/30 1,657.29 2006/05/31 1,641.30 2006/06/01 1,684.20 2006/06/02 1,669.40 2006/06/05 1,684.62 2006/06/06 1,679.13 2006/06/07 1,589.55 2006/06/08 1,591.49 2006/06/09 1,551.38 2006/06/12 1,552.80 2006/06/13 1,548.50 2006/06/14 1,531.33 2006/06/15 1,533.98 2006/06/16 1,574.47 2006/06/19 1,586.29 2006/06/20 1,592.33 2006/06/21 1,598.12 2006/06/22 1,596.07 2006/06/23 1,605.71 2006/06/26 1,633.45 2006/06/27 1,639.55 2006/06/28 1,639.29 2006/06/29 1,671.62 1,180.96 2006/06/30 1,672.21 1,298.30 2006/07/03 1,697.28 1672.21 2006/07/04 1,681.55 2006/07/05 1,718.56 2006/07/06 1,741.47 2006/07/07 1,730.19 2006/07/10 1,734.33 2006/07/11 1,745.81 2006/07/12 1,740.00 2006/07/13 1,655.77 2006/07/14 1,665.21 2006/07/17 1,682.89 2006/07/18 1,684.25 2006/07/19 1,645.16 2006/07/20 1,655.12 2006/07/21 1,665.33 2006/07/24 1,665.94 2006/07/25 1,685.46 2006/07/26 1,686.65 2006/07/27 1,675.17 2006/07/28 1,662.03 2006/07/31 1,612.73 2006/08/01 1,600.61 2006/08/02 1,600.87 2006/08/03 1,601.06 2006/08/04 1,570.15 2006/08/07 1,547.44 2006/08/08 1,580.58 2006/08/09 1,578.57 2006/08/10 1,606.07 2006/08/11 1,605.93 2006/08/14 1,570.74 2006/08/15 1,595.66 2006/08/16 1,616.41 2006/08/17 1,603.33 2006/08/18 1,598.02 2006/08/21 1,601.15 2006/08/22 1,613.36 2006/08/23 1,612.40 2006/08/24 1,623.02 2006/08/25 1,623.03 2006/08/28 1,650.44 2006/08/29 1,651.02 2006/08/30 1,655.20 2006/08/31 1,658.64 2006/09/01 1,636.69 2006/09/04 1,657.52 2006/09/05 1,664.08 2006/09/06 1,672.12 2006/09/07 1,661.19 2006/09/08 1,667.98 2006/09/11 1,674.97 2006/09/12 1,695.86 2006/09/13 1,689.39 2006/09/14 1,689.69 2006/09/15 1,721.05 2006/09/18 1,732.99 2006/09/19 1,735.24 2006/09/20 1,732.45 2006/09/21 1,740.90 2006/09/22 1,725.36 2006/09/25 1,722.37 2006/09/26 1,712.64 2006/09/27 1,725.04 2006/09/28 1,736.96 1,180.96 2006/09/29 1,752.42 1,298.30 2006/10/09 1,785.39 1672.21 2006/10/10 1,784.86 1752.42 2006/10/11 1,790.10 2006/10/12 1,778.18 2006/10/13 1,784.66 2006/10/16 1,771.30 2006/10/17 1,763.90 2006/10/18 1,787.19 2006/10/19 1,792.25 2006/10/20 1,790.36 2006/10/23 1,759.39 2006/10/24 1,805.18 2006/10/25 1,806.65 2006/10/26 1,810.65 2006/10/27 1,807.18 2006/10/30 1,809.66 2006/10/31 1,837.99 2006/11/01 1,855.71 2006/11/02 1,851.31 2006/11/03 1,866.36 2006/11/06 1,886.31 2006/11/07 1,889.53 2006/11/08 1,866.82 2006/11/09 1,896.48 2006/11/10 1,883.35 2006/11/13 1,863.77 2006/11/14 1,888.24 2006/11/15 1,922.94 2006/11/16 1,941.55 2006/11/17 1,971.79 2006/11/20 2,017.28 2006/11/21 2,037.55 2006/11/22 2,041.36 2006/11/23 2,062.36 2006/11/24 2,050.81 2006/11/27 2,047.28 2006/11/28 2,038.72 2006/11/29 2,054.09 2006/11/30 2,099.29 2006/12/01 2,102.05 2006/12/04 2,161.65 2006/12/05 2,173.29 2006/12/06 2,156.60 2006/12/07 2,156.75 2006/12/08 2,093.64 2006/12/11 2,180.50 2006/12/12 2,218.95 2006/12/13 2,223.46 2006/12/14 2,249.11 2006/12/15 2,273.91 2006/12/18 2,332.43 2006/12/19 2,364.18 2006/12/20 2,373.21 2006/12/21 2,342.94 2006/12/22 2,343.67 2006/12/25 2,435.76 2006/12/26 2,479.73 2006/12/27 2,536.39 2006/12/28 2,567.59 1,161.00 2006/12/29 2,675.47 1,298.30 2007/01/04 2,715.72 1672.21 2007/01/05 2,641.33 1752.42 2007/01/08 2,707.20 2675.47 2007/01/09 2,807.80 2007/01/10 2,825.58 2007/01/11 2,770.11 2007/01/12 2,668.11 2007/01/15 2,794.70 2007/01/16 2,821.02 2007/01/17 2,778.90 2007/01/18 2,756.98 2007/01/19 2,832.21 2007/01/22 2,933.19 2007/01/23 2,949.14 2007/01/24 2,975.13 2007/01/25 2,857.37 2007/01/26 2,882.56 2007/01/29 2,945.26 2007/01/30 2,930.56 2007/01/31 2,786.34 2007/02/01 2,785.43 2007/02/02 2,673.21 2007/02/05 2,612.54 2007/02/06 2,675.70 2007/02/07 2,716.18 2007/02/08 2,737.73 2007/02/09 2,730.39 2007/02/12 2,807.17 2007/02/13 2,831.87 2007/02/14 2,905.09 2007/02/15 2,993.01 2007/02/16 2,998.47 2007/02/26 3,040.60 2007/02/27 2,771.79 2007/02/28 2,881.07 2007/03/01 2,797.19 2007/03/02 2,831.53 2007/03/05 2,785.31 2007/03/06 2,840.18 2007/03/07 2,896.59 2007/03/08 2,928.02 2007/03/09 2,937.91 2007/03/12 2,954.91 2007/03/13 2,964.79 2007/03/14 2,906.33 2007/03/15 2,951.70 2007/03/16 2,930.48 2007/03/19 3,014.44 2007/03/20 3,032.20 2007/03/21 3,057.38 2007/03/22 3,071.23 2007/03/23 3,074.29 2007/03/26 3,122.81 2007/03/27 3,138.83 2007/03/28 3,173.02 1,180.96 2007/03/29 3,197.54 1,298.30 2007/03/30 3,183.98 1672.21 2007/04/02 3,252.60 1752.42 2007/04/03 3,291.30 2675.47 2007/04/04 3,291.54 3183.98 2007/04/05 3,319.14 2007/04/06 3,323.59 2007/04/09 3,398.95 2007/04/10 3,444.29 2007/04/11 3,495.22 2007/04/12 3,531.03 2007/04/13 3,518.27 2007/04/16 3,596.44 2007/04/17 3,611.87 2007/04/18 3,612.40 2007/04/19 3,449.02 2007/04/20 3,584.20 2007/04/23 3,710.89 2007/04/24 3,720.53 2007/04/25 3,743.96 2007/04/26 3,783.06 2007/04/27 3,759.87 2007/04/30 3,841.27 2007/05/08 3,950.01 2007/05/09 4,013.09 2007/05/10 4,049.70 2007/05/11 4,021.68 2007/05/14 4,046.39 2007/05/15 3,899.18 2007/05/16 3,986.04 2007/05/17 4,048.29 2007/05/18 4,030.26 2007/05/21 4,072.23 2007/05/22 4,110.38 2007/05/23 4,173.71 2007/05/24 4,151.13 2007/05/25 4,179.78 2007/05/28 4,272.11 2007/05/29 4,334.92 2007/05/30 4,053.09 2007/05/31 4,109.65 2007/06/01 4,000.74 2007/06/04 3,670.40 2007/06/05 3,767.10 2007/06/06 3,776.32 2007/06/07 3,890.80 2007/06/08 3,913.14 2007/06/11 3,995.68 2007/06/12 4,072.14 2007/06/13 4,176.48 2007/06/14 4,115.21 2007/06/15 4,132.87 2007/06/18 4,253.35 2007/06/19 4,269.52 2007/06/20 4,181.32 2007/06/21 4,230.82 2007/06/22 4,091.45 2007/06/25 3,941.08 2007/06/26 3,973.37 2007/06/27 4,078.60 2007/06/28 3,914.20 2005.12 1,161.00 2007/06/29 3,820.70 2006.3 1,298.30 2007/07/02 3,836.29 2006.6 1672.21 2007/07/03 3,899.72 2006.9 1752.42 2007/07/04 3,816.17 2006.12 2675.47 2007/07/05 3,615.87 2007.3 3183.98 2007/07/06 3,781.35 2007.6 3820.7 2007/07/09 3,883.22 2007/07/10 3,853.02 2007/07/11 3,865.72 2007/07/12 3,915.99 2007/07/13 3,914.40 2007/07/16 3,821.92 2007/07/17 3,896.19 2007/07/18 3,930.06 2007/07/19 3,912.94 2007/07/20 4,058.85 2007/07/23 4,213.36 2007/07/24 4,210.33 2007/07/25 4,323.97 2007/07/26 4,346.46 2007/07/27 4,345.36 2007/07/30 4,440.77 2007/07/31 4,471.03 2007/08/01 4,300.56 2007/08/02 4,407.73 2007/08/03 4,560.77 2007/08/06 4,628.11 2007/08/07 4,651.23 2007/08/08 4,663.16 2007/08/09 4,754.10 2007/08/10 4,749.37 2007/08/13 4,820.06 2007/08/14 4,872.79 2007/08/15 4,869.88 2007/08/16 4,765.45 2007/08/17 4,656.57 2007/08/20 4,904.86 2007/08/21 4,955.21 2007/08/22 4,980.08 2007/08/23 5,032.49 2007/08/24 5,107.67 2007/08/27 5,150.12 2007/08/28 5,194.69 2007/08/29 5,109.43 2007/08/30 5,167.88 2007/08/31 5,218.83 2007/09/03 5,321.06 2007/09/04 5,294.05 2007/09/05 5,310.72 2007/09/06 5,393.66 2007/09/07 5,277.18 2007/09/10 5,355.29 2007/09/11 5,113.97 2007/09/12 5,172.63 2007/09/13 5,273.59 2007/09/14 5,312.18 2007/09/17 5,421.39 2007/09/18 5,425.21 2007/09/19 5,395.27 2007/09/20 5,470.07 2007/09/21 5,454.67 2007/09/24 5,485.01 2007/09/25 5,425.88 2007/09/26 5,338.52 2007/09/27 5,409.40 2007/09/28 5,552.30 2007/10/08 5,692.76 2007/10/09 5,715.89 2007/10/10 5,771.46 2007/10/11 5,913.23 2007/10/12 5,903.26 2005.12 1,161.00 2007/10/15 6,030.09 2006.3 1,298.30 2007/10/16 6,092.06 2006.6 1672.21 2007/10/17 6,036.28 2006.9 1752.42 2007/10/18 5,825.28 2006.12 2675.47 2007/10/19 5,818.05 2007.3 3183.98 2007/10/22 5,667.33 2007.6 3820.7 2007/10/23 5,773.39 2007.9 5552.301 2007/10/24 5,843.11 2007.12 5261.563 2007/10/25 5,562.39 2008.3 2007/10/26 5,589.63 2008.6 2007/10/29 5,748.00 2008.9 2007/10/30 5,897.19 2008.12 2007/10/31 5,954.77 2009.3 2007/11/01 5,914.29 2009.6 2007/11/02 5,777.81 2009.9 2007/11/05 5,634.45 2009.12 2007/11/06 5,536.57 2007/11/07 5,601.78 2007/11/08 5,330.02 2007/11/09 5,315.54 2007/11/12 5,187.74 2007/11/13 5,158.12 2007/11/14 5,412.69 2007/11/15 5,365.27 2007/11/16 5,316.27 2007/11/19 5,269.82 2007/11/20 5,293.70 2007/11/21 5,214.23 2007/11/22 4,984.16 2007/11/23 5,032.13 2007/11/26 4,958.85 2007/11/27 4,861.11 2007/11/28 4,803.39 2007/11/29 5,003.33 2007/11/30 4,871.78 2007/12/03 4,868.61 2007/12/04 4,915.89 2007/12/05 5,042.65 2007/12/06 5,035.07 2007/12/07 5,091.76 2007/12/10 5,161.92 2007/12/11 5,175.08 2007/12/12 5,095.54 2007/12/13 4,958.04 2007/12/14 5,007.91 2007/12/17 4,876.76 2007/12/18 4,836.17 2007/12/19 4,941.78 2007/12/20 5,043.54 2007/12/21 5,101.78 2007/12/24 5,234.26 2007/12/25 5,201.18 2007/12/26 5,233.35 2007/12/27 5,308.89 2007/12/28 5,261.56 2008/01/02 5,272.81 2008/01/03 5,319.86 2008/01/04 5,361.57 2008/01/07 5,393.34 2008/01/08 5,386.53 2008/01/09 5,435.81 2008/01/10 5,456.54 2008/01/11 5,484.68 2008/01/14 5,497.90 2008/01/15 5,443.79 2008/01/16 5,290.61 2008/01/17 5,151.63 2008/01/18 5,180.51 2008/01/21 4,914.44 2008/01/22 4,559.75 2008/01/23 4,703.05 2008/01/24 4,717.73 2008/01/25 4,761.69 2008/01/28 4,419.29 2008/01/29 4,457.94 2008/01/30 4,417.85 2008/01/31 4,383.39 2008/02/01 4,320.77 2008/02/04 4,672.17 2008/02/05 4,599.70 2008/02/13 4,490.72 2008/02/14 4,552.32 2008/02/15 4,497.13 2008/02/18 4,568.15 2008/02/19 4,664.30 2008/02/20 4,567.03 2008/02/21 4,527.18 2008/02/22 4,370.29 2008/02/25 4,192.53 2008/02/26 4,238.18 2008/02/27 4,334.05 2008/02/28 4,299.51 2008/02/29 4,348.54 2008/03/03 4,438.27 2008/03/04 4,335.45 2008/03/05 4,292.65 2008/03/06 4,360.99 2008/03/07 4,300.52 2008/03/10 4,146.30 2008/03/11 4,165.88 2008/03/12 4,070.12 2008/03/13 3,971.26 2008/03/14 3,962.67 2008/03/17 3,820.05 2008/03/18 3,668.90 2008/03/19 3,761.61 2008/03/20 3,804.05 2008/03/21 3,796.58 2008/03/24 3,626.19 2008/03/25 3,629.62 2005.12 1,161.00 2008/03/26 3,606.86 2006.3 1,298.30 2008/03/27 3,411.49 2006.6 1672.21 2008/03/28 3,580.15 2006.9 1752.42 2008/03/31 3,472.71 2006.12 2675.47 2008/04/01 3,329.16 2007.3 3183.98 2008/04/02 3,347.88 2007.6 3820.7 2008/04/03 3,446.24 2007.9 5552.301 2008/04/07 3,599.62 2007.12 5261.563 2008/04/08 3,612.54 2008.3 3,472.71 2008/04/09 3,413.91 2008.6 2,736.10 2008/04/10 3,471.74 2008.9 2,293.78 2008/04/11 3,492.89 2008.12 1,820.81 2008/04/14 3,296.67 2009.3 2008/04/15 3,348.35 2009.6 2008/04/16 3,291.60 2009.9 2008/04/17 3,222.74 2009.12 2008/04/18 3,094.67 2008/04/21 3,116.98 2008/04/22 3,147.79 2008/04/23 3,278.33 2008/04/24 3,583.03 2008/04/25 3,557.75 2008/04/28 3,474.72 2008/04/29 3,523.41 2008/04/30 3,693.11 2008/05/05 3,761.01 2008/05/06 3,733.50 2008/05/07 3,579.15 2008/05/08 3,656.84 2008/05/09 3,613.49 2008/05/12 3,626.98 2008/05/13 3,560.24 2008/05/14 3,657.43 2008/05/15 3,637.32 2008/05/16 3,624.23 2008/05/19 3,604.76 2008/05/20 3,443.16 2008/05/21 3,544.19 2008/05/22 3,485.63 2008/05/23 3,473.09 2008/05/26 3,364.54 2008/05/27 3,375.41 2008/05/28 3,459.03 2008/05/29 3,401.44 2008/05/30 3,433.35 2008/06/02 3,459.04 2008/06/03 3,436.40 2008/06/04 3,369.91 2008/06/05 3,351.65 2008/06/06 3,329.67 2008/06/10 3,072.33 2008/06/11 3,024.24 2008/06/12 2,957.53 2008/06/13 2,868.80 2008/06/16 2,874.10 2008/06/17 2,794.75 2008/06/18 2,941.12 2008/06/19 2,748.87 2008/06/20 2,831.74 2008/06/23 2,760.42 2008/06/24 2,803.02 2008/06/25 2,905.01 2008/06/26 2,901.85 2008/06/27 2,748.43 2008/06/30 2,736.10 2008/07/01 2,651.61 2008/07/02 2,651.73 2008/07/03 2,703.53 2008/07/04 2,669.89 2008/07/07 2,792.40 2008/07/08 2,814.95 2008/07/09 2,920.55 2008/07/10 2,875.45 2008/07/11 2,856.63 2008/07/14 2,878.26 2008/07/15 2,779.45 2008/07/16 2,705.87 2008/07/17 2,684.78 2008/07/18 2,778.37 2008/07/21 2,861.42 2008/07/22 2,846.12 2008/07/23 2,837.85 2008/07/24 2,910.29 2008/07/25 2,865.10 2008/07/28 2,903.01 2008/07/29 2,850.31 2008/07/30 2,836.67 2008/07/31 2,775.72 2008/08/01 2,801.82 2008/08/04 2,741.74 2008/08/05 2,690.75 2008/08/06 2,719.37 2008/08/07 2,727.58 2008/08/08 2,605.72 2008/08/11 2,470.07 2008/08/12 2,457.20 2008/08/13 2,446.30 2008/08/14 2,437.08 2008/08/15 2,450.61 2008/08/18 2,319.87 2008/08/19 2,344.47 2008/08/20 2,523.28 2008/08/21 2,431.72 2008/08/22 2,405.23 2008/08/25 2,413.37 2008/08/26 2,350.08 2008/08/27 2,342.15 2008/08/28 2,350.14 2008/08/29 2,397.37 2008/09/01 2,325.14 2008/09/02 2,304.89 2008/09/03 2,276.67 2008/09/04 2,277.41 2008/09/05 2,202.45 2008/09/08 2,143.42 2008/09/09 2,145.78 2008/09/10 2,150.76 2008/09/11 2,078.98 2008/09/12 2,079.67 2008/09/16 1,986.64 2008/09/17 1,929.05 2008/09/18 1,895.84 2008/09/19 2,075.09 2008/09/22 2,236.41 2008/09/23 2,201.51 2008/09/24 2,216.81 2008/09/25 2,297.50 2008/09/26 2,293.78 2008/10/06 2,173.74 2008/10/07 2,157.84 2008/10/08 2,092.22 2008/10/09 2,074.58 2008/10/10 2,000.57 2008/10/13 2,073.57 2008/10/14 2,017.32 2008/10/15 1,994.67 2008/10/16 1,909.94 2008/10/17 1,930.65 2008/10/20 1,974.01 2008/10/21 1,958.53 2008/10/22 1,895.82 2008/10/23 1,875.56 2008/10/24 1,839.62 2008/10/27 1,723.35 2008/10/28 1,771.82 2008/10/29 1,719.81 2008/10/30 1,763.61 2008/10/31 1,728.79 2008/11/03 1,719.77 2008/11/04 1,706.70 2008/11/05 1,760.61 2008/11/06 1,717.72 2008/11/07 1,747.71 2008/11/10 1,874.80 2008/11/11 1,843.61 2008/11/12 1,859.11 2008/11/13 1,927.61 2008/11/14 1,986.44 2008/11/17 2,030.49 2008/11/18 1,902.43 2008/11/19 2,017.47 2008/11/20 1,983.76 2008/11/21 1,969.39 2008/11/24 1,897.06 2008/11/25 1,888.72 2008/11/26 1,897.88 2008/11/27 1,917.86 2008/11/28 1,871.16 2008/12/01 1,894.62 2008/12/02 1,889.64 2008/12/03 1,965.41 2008/12/04 2,001.50 2008/12/05 2,018.66 2008/12/08 2,090.77 2008/12/09 2,037.74 2008/12/10 2,079.12 2008/12/11 2,031.68 2008/12/12 1,954.22 2008/12/15 1,964.37 2008/12/16 1,975.01 2008/12/17 1,976.82 2008/12/18 2,015.69 2008/12/19 2,018.46 2008/12/22 1,987.76 2008/12/23 1,897.23 2008/12/24 1,863.80 2008/12/25 1,852.42 2008/12/26 1,851.52 2008/12/29 1,850.48 2008/12/30 1,832.91 2008/12/31 1,820.81 2009/01/05 1,880.72 2009/01/06 1,937.15 2009/01/07 1,924.01 2009/01/08 1,878.18 2009/01/09 1,904.86 2009/01/12 1,900.35 2009/01/13 1,863.37 2009/01/14 1,928.87 2009/01/15 1,920.21 2009/01/16 1,954.44 2009/01/19 1,986.67 2009/01/20 1,994.11 2009/01/21 1,985.02 2009/01/22 2,004.95 2009/01/23 1,990.66 2009/02/02 2,011.68 2009/02/03 2,060.81 2009/02/04 2,107.75 2009/02/05 2,098.02 2009/02/06 2,181.24 2009/02/09 2,224.71 2009/02/10 2,265.16 2009/02/11 2,260.82 2009/02/12 2,248.09 2009/02/13 2,320.79 2009/02/16 2,389.39 2009/02/17 2,319.44 2009/02/18 2,209.86 2009/02/19 2,227.13 2009/02/20 2,261.48 2009/02/23 2,305.78 2009/02/24 2,200.65 2009/02/25 2,206.57 2009/02/26 2,121.25 2009/02/27 2,082.85 2009/03/02 2,093.45 2009/03/03 2,071.43 2009/03/04 2,198.11 2009/03/05 2,221.08 2009/03/06 2,193.01 2009/03/09 2,118.75 2009/03/10 2,158.57 2009/03/11 2,139.03 2009/03/12 2,133.88 2009/03/13 2,128.85 2009/03/16 2,153.29 2005.12 1,161.00 2009/03/17 2,218.33 2006.3 1,298.30 2009/03/18 2,223.73 2006.6 1672.21 2009/03/19 2,265.76 2006.9 1752.42 2009/03/20 2,281.09 2006.12 2675.47 2009/03/23 2,325.48 2007.3 3183.98 2009/03/24 2,338.42 2007.6 3820.7 2009/03/25 2,291.56 2007.9 5552.301 2009/03/26 2,361.70 2007.12 5261.563 2009/03/27 2,374.44 2008.3 3,472.71 2009/03/30 2,358.04 2008.6 2,736.10 2009/03/31 2,373.21 2008.9 2,293.78 2009/04/01 2,408.02 2008.12 1,820.81 2009/04/02 2,425.29 2009.3 2,373.21 2009/04/03 2,419.78 2009.6 2,959.36 2009/04/07 2,439.18 2009.9 2,779.43 2009/04/08 2,347.39 2009.12 3,262.60 2009/04/09 2,379.88 2009/04/10 2,444.23 2009/04/13 2,513.70 2009/04/14 2,527.18 2009/04/15 2,536.06 2009/04/16 2,534.13 2009/04/17 2,503.94 2009/04/20 2,557.46 2009/04/21 2,535.83 2009/04/22 2,461.35 2009/04/23 2,463.95 2009/04/24 2,448.60 2009/04/27 2,405.35 2009/04/28 2,401.44 2009/04/29 2,468.19 2009/04/30 2,477.57 2009/05/04 2,559.91 2009/05/05 2,567.34 2009/05/06 2,592.52 2009/05/07 2,597.45 2009/05/08 2,625.65 2009/05/11 2,579.75 2009/05/12 2,618.17 2009/05/13 2,663.77 2009/05/14 2,639.89 2009/05/15 2,645.26 2009/05/18 2,652.78 2009/05/19 2,676.68 2009/05/20 2,651.41 2009/05/21 2,610.62 2009/05/22 2,597.60 2009/05/25 2,610.01 2009/05/26 2,588.58 2009/05/27 2,632.93 2009/06/01 2,721.28 2009/06/02 2,724.30 2009/06/03 2,778.59 2009/06/04 2,767.24 2009/06/05 2,753.89 2009/06/08 2,768.34 2009/06/09 2,787.89 2009/06/10 2,816.25 2009/06/11 2,797.32 2009/06/12 2,743.76 2009/06/15 2,789.55 2009/06/16 2,776.02 2009/06/17 2,810.12 2009/06/18 2,853.90 2009/06/19 2,880.49 2009/06/22 2,896.30 2009/06/23 2,892.70 2009/06/24 2,922.30 2009/06/25 2,925.05 2009/06/26 2,928.21 2009/06/29 2,975.31 2009/06/30 2,959.36 2009/07/01 3,008.15 2009/07/02 3,060.25 2009/07/03 3,088.37 2009/07/06 3,124.67 2009/07/07 3,089.45 2009/07/08 3,080.77 2009/07/09 3,123.04 2009/07/10 3,113.93 2009/07/13 3,080.56 2009/07/14 3,145.16 2009/07/15 3,188.55 2009/07/16 3,183.74 2009/07/17 3,189.74 2009/07/20 3,266.92 2009/07/21 3,213.21 2009/07/22 3,296.62 2009/07/23 3,328.49 2009/07/24 3,372.60 2009/07/27 3,435.21 2009/07/28 3,438.37 2009/07/29 3,266.43 2009/07/30 3,321.56 2009/07/31 3,412.06 2009/08/03 3,462.59 2009/08/04 3,471.44 2009/08/05 3,428.50 2009/08/06 3,356.33 2009/08/07 3,260.69 2009/08/10 3,249.76 2009/08/11 3,264.73 2009/08/12 3,112.72 2009/08/13 3,140.56 2009/08/14 3,046.97 2009/08/17 2,870.63 2009/08/18 2,910.88 2009/08/19 2,785.58 2009/08/20 2,911.58 2009/08/21 2,960.77 2009/08/24 2,993.43 2009/08/25 2,915.80 2009/08/26 2,967.60 2009/08/27 2,946.40 2009/08/28 2,860.69 2009/08/31 2,667.75 2009/09/01 2,683.72 2009/09/02 2,714.97 2009/09/03 2,845.02 2009/09/04 2,861.61 2009/09/07 2,881.12 2009/09/08 2,930.48 2009/09/09 2,946.26 2009/09/10 2,924.88 2009/09/11 2,989.79 2009/09/14 3,026.74 2009/09/15 3,033.73 2009/09/16 2,999.71 2009/09/17 3,060.26 2009/09/18 2,962.67 2009/09/21 2,967.01 2009/09/22 2,897.55 2009/09/23 2,842.72 2009/09/24 2,853.55 2009/09/25 2,838.84 2009/09/28 2,763.53 2009/09/29 2,754.54 2009/09/30 2,779.43 2009/10/09 2,911.72 2009/10/12 2,894.48 2009/10/13 2,936.19 2009/10/14 2,970.53 2009/10/15 2,979.79 2009/10/16 2,976.63 2009/10/19 3,038.27 2009/10/20 3,084.45 2009/10/21 3,070.59 2009/10/22 3,051.41 2009/10/23 3,107.85 2009/10/26 3,109.57 2009/10/27 3,021.46 2009/10/28 3,031.33 2009/10/29 2,960.47 2009/10/30 2,995.85 2009/11/02 3,076.65 2009/11/03 3,114.23 2009/11/04 3,128.54 2009/11/05 3,155.05 2009/11/06 3,164.04 2009/11/09 3,175.59 2009/11/10 3,178.61 2009/11/11 3,175.19 2009/11/12 3,172.95 2009/11/13 3,187.65 2009/11/16 3,275.05 2009/11/17 3,282.89 2009/11/18 3,303.23 2009/11/19 3,320.61 2009/11/20 3,308.35 2009/11/23 3,338.66 2009/11/24 3,223.53 2009/11/25 3,290.17 2009/11/26 3,170.98 2009/11/27 3,096.27 2009/11/30 3,195.30 2009/12/01 3,235.36 2009/12/02 3,269.75 2009/12/03 3,264.63 2009/12/04 3,317.04 2009/12/07 3,331.90 2009/12/08 3,296.66 2009/12/09 3,239.57 2009/12/10 3,254.26 2009/12/11 3,247.32 2009/12/14 3,302.90 2009/12/15 3,274.46 2009/12/16 3,255.21 2009/12/17 3,179.08 2009/12/18 3,113.89 2009/12/21 3,122.97 2009/12/22 3,050.52 2009/12/23 3,073.78 2009/12/24 3,153.41 2009/12/25 3,141.35 2009/12/28 3,188.79 2009/12/29 3,211.76 2009/12/30 3,262.60 40178 3277.139 40182 3243.76 40183 3282.179 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 Sheet3 Sheet4 Wind资讯 指标名称 农村居民人均现金收入:实际累计同比 城镇居民人均可支配收入:实际累计同比 房屋销售价格指数:商品房 频率 季 季 月 农村居民实际可支配收入 城市居民实际可支配收入 商品房销售价格指数 2004/12 5.30 7.70 110.30 2004/12 5.30 7.70 110.30 2005/03 11.90 8.60 109.60 2005/03 11.90 8.60 109.60 2005/06 12.50 9.50 108.10 2005/06 12.50 9.50 108.10 2005/07 106.70 2005/09 11.50 9.80 105.50 2005/08 106.20 2006/03 11.50 10.80 105.00 2005/09 11.50 9.80 105.50 2006/06 11.90 10.20 106.30 2005/10 106.90 2006/09 11.40 10.00 105.70 2005/11 107.30 2006/12 10.40 105.90 2005/12 9.60 106.10 2007/03 12.10 16.60 105.60 2006/01 105.80 2007/06 13.30 14.20 106.90 2006/02 105.80 2007/09 14.80 13.20 109.40 2006/03 11.50 10.80 105.00 2007/12 12.20 110.40 2006/04 105.70 2008/03 9.10 3.40 110.60 2006/05 105.70 2008/06 10.30 6.30 108.50 2006/06 11.90 10.20 106.30 2008/07 107.40 2006/07 106.20 2008/08 105.80 2006/08 106.00 2008/09 11.00 7.50 103.80 2006/09 11.40 10.00 105.70 2008/10 101.80 2006/10 105.70 2008/11 100.30 2006/11 105.30 2008/12 8.40 99.52 2006/12 10.40 105.90 2009/01 98.90 2007/01 105.70 2009/02 98.50 2007/02 105.60 2009/03 8.60 11.20 98.30 2007/03 12.10 16.60 105.60 2009/04 98.50 2007/04 105.20 2009/05 98.90 2007/05 106.30 2009/06 8.10 11.20 99.50 2007/06 13.30 14.20 106.90 2009/07 100.40 2007/07 107.70 2009/08 101.60 2007/08 108.40 2009/09 9.20 10.50 102.60 2007/09 14.80 13.20 109.40 2009/10 103.70 2007/10 109.80 2009/11 105.80 2007/11 110.90 2007/12 12.20 110.40 2008/01 111.20 2008/02 110.80 2008/03 9.10 3.40 110.60 2008/04 110.10 2008/05 109.50 2008/06 10.30 6.30 108.50 2008/07 107.40 2008/08 105.80 2008/09 11.00 7.50 103.80 2008/10 101.80 2008/11 100.30 2008/12 8.40 99.52 2009/01 98.90 2009/02 98.50 2009/03 8.60 11.20 98.30 2009/04 98.50 2009/05 98.90 2009/06 8.10 11.20 99.50 2009/07 100.40 2009/08 101.60 2009/09 9.20 10.50 102.60 2009/10 103.70 2009/11 105.80 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 长波对工业化的约束 长波衰退的本质就是一个总需求的下降,对后期依赖外需的工业化国家影响最大。 长波衰退同时是一个资源约束的轮回问题,其框架包含着对增长的硬约束,及其约束的解决。 对追赶国而言,衰退是对创新和升级的促进,但是,这往往会发生在工业化的危险阶段。 表:长波萧条期的工业化国家 * 资料来源:Bloomberg, 中信建投 长波萧条 当时的工业化国家 当时的经济表现 1873-1883 美国 1873-1879内战后的第二次萧条 法国 1873-1896的经济停滞,经济转型的困难 1973-1982 日本 石油危机的冲击后,经济增长中枢回落到6% 韩国 重化工业宣言开始 中国工业化的经典性 遵循了起飞准备、起飞的基本阶段特征。 具有起飞阶段的三个要素条件,即固定汇率,集权政治和贫富分化。 具有典型的起飞主导产业,以及重化工业相关行业的发展。 具有完备的工业体系,在起飞中进行了以铁路为代表的工程学和装备的技术积累。 遵循了城市化加速、市场扩张以及交通发展的需求扩张规律。 * 中国步入工业化转折期的特征 ◆ 实体经济领域 依靠固定资产投资拉动的经济增长遭遇资源制约 城市化率处于40-50%,城市化结构变动 起飞的主导产业的最高速增长阶段可能终结 外需问题对工业国并非具有普遍意义,但对中国相对重要 ◆ 社会领域 民族主义倾向的抬头,是起飞完成的标志,也是进入转型期的危险之一 贫富分化是起飞的必然成果,但是却开始显现出负面作用 民众的财富要求和福利要求提高,社会分配问题对经济的约束作用开始显现 对原有模式的转型论出现 ◆ 是一个新的富有希望的选择期,也是一个带有危险性的时期 * 工业化走向成熟的五大特征 投资主导模式依然有效,但开始向基于内需的增长转变。 大型化是走向成熟阶段的首先选择,是资本的选择也是提升效率的选择。 多样化的重点在中游,大量的中小企业在转型后成长为中坚企业。 政策对未来的增长具有关键作用,基于分配制度改革的政策最为关键。 原有增长核心区的大都市化与落后区域的增长加速。 图: 1955-1975年日本人口向大城市集中 表:美国的第一次并购浪潮 * 资料来源:Bloomberg, 中信建投 时间 1955年 1960年 1965年 1970年 1975年 人口总数 (千人) 89276 93419 98275 104665 111940 三大都市圈人口(千人) 32434 36599 42100 47329 52156 三大都市圈人口占总人口比重 36.3 39.2 42.8 45.2 46.6 被吞并企业数 被吞并资本数(百万美元) 1897 69 120 1898 303 651 1899 1208 2263 1900 340 442 1901 423 2053 1902 379 911 1903 142 293 1904 79 110 1905 226 243 小结:2015年之前的中国工业化 ◆ 2007年开始,中国步入工业化起飞萧条期,起飞萧条期是起飞与走向成熟 的过渡期。 ◆ 2009年初经历的实际GDP的最低点,是在2013或者2015年长波萧条之前 的最低点。 ◆ 在2015年之前,我们的增长仍可持续,并将出现前面描述的走向成熟阶段 的产业和城市化特征。 ◆ 2015年以后,由于转型期与长波萧条重合,中国的经济增长不确定性将大 大增加。 ◆ 目前仍无法肯定的回答全球化对工业化进程的作用,但是,一般在长波步 入萧条之后,全球化逆流可能出现,这对中国经济过度对外依赖的特征将 带来巨大的转型压力。 * 目 录 一、长波衰退与中国工业化走向成熟 二、浓缩的中国周期与大拐点 三、大拐点之后的经济景象 * * 存货周期演进特征 典型的库存周期呈现出三阶段两峰的特征,即刚需释放-库存回补-二次去库存三个阶段。 从库存第一峰到第二峰,产业链遵循从必需消费品-半投资半消费品-投资品链条的传导。 V字的初始动力来源于政策刺激和刚性需求的释放,此时经济达到弱势均衡。 外需的恢复及新的民间自主投资的形成是经济复苏后半期的关键。 图:日本1975年经济V字分解 日本库存周期反弹的三个阶段 资料来源: 中信建投 * 遵循“房地产—机械—钢铁”的库存周期复苏路径 。 复苏路径最终端钢铁产能高峰意味着产业链传导终结,唯有外需产业链没有完成。 图:中国09年以来的产业链复苏路径 中国在2009年三季度已经出现库存周期的顶峰 资料来源:中信建投 -50 -40 -30 -20 -10 0 10 20 30 40 50 60 70 80 90 100 Feb- 07 Apr- 07 Jun- 07 Aug- 07 Oct- 07 Dec- 07 Feb- 08 Apr- 08 Jun- 08 Aug- 08 Oct- 08 Dec- 08 Feb- 09 Apr- 09 Jun- 09 Aug- 09 单月商品房新开工面积 单月商品房销售面积 Chart1 277.0648904 -32.24434576 311.7761913 -21.47232809 330.8964497 -3.511368655 352.9783364 7.721390747 373.165363 19.94390299 332.1132881 24.84828901 325.9311782 22.50095683 378.1945659 23.66648778 380.0386222 26.45446643 383.0997509 31.63452208 383.3630499 33.79070096 395.8030104 25.67375312 414.7173998 36.38611687 479.7138439 62.89146303 503.2134273 84.57875263 516.4665461 99.89339619 525.8055518 104.8833874 530.7702361 112.3350634 532.0332006 117.8780032 541.6331423 122.6913426 545.6911357 117.670563 540.7053423 121.9742353 501.1799532 115.6645433 529.5783302 153.7165854 561.6643912 155.2292264 578.2547702 165.2979754 584.0503036 164.9705352 578.6133228 166.6091404 563.7762138 164.3302477 565.2871633 156.8753106 551.2229559 149.999742 529.2152382 143.1883106 487.502539 134.4453501 365.0347528 48.18270049 383.842565 83.90381906 412.1210858 98.82926233 442.4095994 119.4880827 464.9726864 131.499596 477.6808885 141.0040665 492.2955679 147.2819675 497.392795 148.7283977 508.4166985 152.1511731 507.919415 152.7137861 500.6779714 160.4970222 640.5906406 211.6033597 650.9434462 228.7419821 651.3355089 242.9436572 647.3813829 247.9177631 650.9041113 253.6157956 669.8746383 257.1545253 668.956386 266.3836558 671.0782272 272.1389403 675.65055 273.4780188 660.4773998 269.7932986 677.0541298 267.0983332 815.5581276 415.2953558 855.3787998 436.8127842 865.3621841 450.7741364 815.388522 410.8987687 771.0229821 378.0367939 748.9911679 363.993962 745.1707052 358.4988042 743.5117718 360.2176553 750.1285838 366.7893935 751.7219522 371.1949908 732.341914 367.2299512 773.8196769 384.5414763 792.423251 418.5726866 807.1561573 420.1241095 777.9829136 413.6236548 750.9028185 397.3937865 722.9470593 377.2420476 693.5222449 354.897805 670.2120332 338.0259905 642.2758661 318.3447806 624.8003229 302.7745608 595.3200659 293.6762647 386.6122072 83.71226846 422.2175857 130.1957481 469.5885793 175.5755676 522.2310061 218.7367482 566.9014376 264.9974332 583.0324717 278.4406818 593.8129357 289.357747 613.3615076 300.3654481 613.5474538 302.3855138 619.6255555 306.0458433 626.2457037 318.9195176 629.7700467 313.0117488 725.9698375 394.2281991 751.6585675 388.4410471 751.7320119 386.6621062 755.35446 328.0237037 833.8427664 449.233641 960.9864907 465.2056555 785.6165529 318.6002822 368.9147312 -9.422567966 364.5025388 12.16436424 吨钢毛利 吨钢利润 封面&目录 钢铁行业基础数据库 数据截止日期及更新频率 行业动态、投资评级与重点公司盈利预测 主要钢材品种毛利 行业盈利情况 国内钢材价格 期现分析 原料价格 国际钢铁价格 国内钢铁产量 国际钢铁产量 钢材进出口 铁矿石、焦炭产量及进口量 钢材社会库存 铁矿石港口库存 钢铁固定资产投资 家电汽车产量 主要下游 重要声明 分析师介绍 刘元瑞: 长江证券钢铁行业分析师,华中科技大学财务金融硕士。重点覆盖的公司包括:武钢股份、宝钢股份、鞍钢股份、唐钢股份、南钢股份、大冶特钢、马钢股份、西宁特钢等。 办公电话: 021-68751767 电子邮件: liuyr@cjsc.com.cn hustricky@hotmail.com 行业动态、投资评级与重点公司盈利预测 行业盈利情况 国内钢材价格 原料价格 国际钢铁价格 国内钢铁产量 国际钢铁产量 钢材进出口 钢铁固定资产投资 重要声明 铁矿石港口库存 主要下游 铁矿石、焦炭产量及进口量 家电汽车产量 钢材社会库存 liuyr@cjsc.com.cn hustricky@hotmail.com 主要钢材品种毛利 期现分析 行业动态、投资评级与重点公司盈利预测 行业评级:中性 行业最新动态 行业重点公司最新盈利预测 长江行业 公司代码 公司简称 本期投资评级 上期投资评级 报表日股价 总股本(万股) 流通股本(万股) 最近提供 报告 软件系统测试报告下载sgs报告如何下载关于路面塌陷情况报告535n,sgs报告怎么下载竣工报告下载 日期 备注 08A 09E 10E 09E 10E 08A 09E 10E 钢铁 600005 武钢股份 谨慎推荐 谨慎推荐 8.45 783800 313520 0.66 0.34 0.46 0.34 0.46 12.80 24.85 18.37 2009/04/20 取向硅钢盈利稳定将明显抵御周期向下 钢铁 600019 宝钢股份 谨慎推荐 谨慎推荐 7.44 1751200 561106 0.37 0.17 0.36 0.17 0.26 20.11 43.76 20.67 2009/04/29 良好产品结构使得公司周期性较弱 钢铁 000898 鞍钢股份 谨慎推荐 谨慎推荐 13.76 723481 236711 0.41 0.22 0.60 0.22 0.38 33.56 62.55 22.93 2009/04/28 业绩释放期在2009年鲅鱼圈项目达产 钢铁 000709 唐钢股份 中性 中性 7.24 362608 176918 0.48 0.36 0.51 0.22 0.34 15.08 20.11 14.20 2008/10/30 产品结构能充分受益行业景气,但也将放大行业周期 钢铁 600282 南钢股份 谨慎推荐 谨慎推荐 6.35 168480 80352 0.18 0.11 0.19 0.11 0.19 35.28 57.73 33.42 2009/04/23 铁水加工费成为制约公司业绩大幅增长的主要因素 钢铁 000708 大冶特钢 中性 中性 9.31 44941 18589 0.45 0.56 0.68 0.23 0.32 20.69 16.63 13.69 2009/03/24 产品结构调整将带来业绩持续改善 钢铁 600001 邯郸钢铁 中性 中性 5.49 281646 249598 0.21 0.11 0.23 0.11 0.23 26.14 49.91 23.87 2009/04/30 关注河北钢铁集团整合情况 钢铁 600808 马钢股份 中性 中性 4.77 675855 292799 0.09 0.06 0.20 0.06 0.12 53.00 79.50 23.85 2009/04/29 新区将成为板材精品基地 主要钢材品种毛利 行业盈利情况 日期 累计企业单位数 累计亏损企业单位数 亏损面 累计亏损企业亏损总额(万元) 累计应收帐款净额(万元) 累计应收帐款净额比去年同期增长(%) 累计产成品(万元) 累计产成品比去年同期增长(%) 累计流动资产平均余额(万元) 累计流动资产平均余额比去年同期增长(%) 累计固定资产净值平均余额(万元) 累计固定资产净值平均余额比去年同期增长(%) 累计资产总计(万元) 累计资产总计比去年同期增长(%) 累计负债合计(万元) 累计负债合计比去年同期增长(%) 资产负债比 累计产品销售收入(万元) 累计产品销售收入比去年同期增长(%) 累计产品销售成本(万元) 毛利率 累计产品销售成本比去年同期增长(%) 累计产品销售费用(万元) 累计产品销售费用比去年同期增长(%) 销售费用率 累计产品销售税金及附加(万元) 累计产品销售税金及附加比去年同期增长(%) 累计财务费用(万元) 累计财务费用比去年同期增长(%) 财务费用率 累计管理费用(万元) 累计管理费用比去年同期增长(%) 管理费用率 累计利润总额(万元) 累计利润总额比去年同期增减(万元) 利润率 累计全部从业人员平均人数 累计全部从业人员平均人数比去年同期增长(%) 累计税金总额(万元) 累计税金总额比去年同期增长(%) 资本保值增值率(%) 资产负债率(%) 产值利税率(%) 资金利润率(%) 流动资产周转次数 成本费用利润率(%) 人均销售率(元) 产成品资金占用率(%) 粗钢产量(累计) 吨钢毛利 吨钢利润 Feb/99 2,618.00 893.00 34.11% 139,976.90 7,278,499.20 1.37 3,077,393.80 2.85 27,443,443.20 2.94 32,059,635.70 10.56 76,535,689.70 5.46 43,881,101.50 6.95 57.33% 4,632,785.20 2.00 4,110,553.90 11.27% 3.41 55,077.20 4.08 1.19% 24,228.70 -7.69 204,775.40 -2.28 4.42% 319,378.70 0.68 6.89% -60,776.40 -38,898.00 -1.31% 2,683,160.00 -3.67 260,932.60 13.78 105.46 57.33 -1.31 -0.10 0.17 -1.46 17,266.15 11.21 1884.87 277.06 -32.24 Mar/99 2,784.00 1,055.00 37.90% 190,210.50 7,735,615.70 2.83 3,415,804.70 2.99 29,058,857.90 3.28 34,507,905.90 13.47 81,094,971.60 6.21 46,119,805.10 6.75 56.87% 8,062,935.30 3.32 7,153,247.20 11.28% 4.66 102,149.30 8.73 1.27% 50,427.90 11.99 329,607.30 -11.02 4.09% 520,441.50 -3.29 6.45% -62,651.10 -30,927.10 -0.78% 2,783,974.00 -4.27 453,040.70 17.13 106.21 56.87 -0.78 -0.10 0.28 -0.86 28,961.96 11.75 2917.76 311.78 -21.47 Apr/99 2,947.00 1,109.00 37.63% 232,206.60 7,929,702.60 0.46 3,578,983.10 5.21 29,647,845.30 6.20 34,540,096.00 12.29 82,486,110.80 6.02 47,692,637.00 7.83 57.82% 11,599,119.60 2.57 10,310,304.40 11.11% 3.65 159,686.00 19.60 1.38% 70,747.50 12.51 463,669.10 -6.09 4.00% 722,115.00 -2.62 6.23% -13,676.50 6,881.70 -0.12% 2,791,885.00 -4.68 636,396.10 15.10 106.02 57.82 -0.12 -0.02 0.39 -0.13 41,545.84 12.07 3894.92 330.90 -3.51 May/99 2,969.00 1,118.00 37.66% 264,794.10 7,894,713.70 0.45 3,593,472.30 3.36 29,881,305.90 3.53 34,860,024.60 12.93 82,855,572.40 5.25 47,958,048.50 7.82 57.88% 15,141,591.70 3.63 13,406,480.80 11.46% 4.08 197,851.60 15.17 1.31% 93,071.10 12.05 592,163.80 -6.20 3.91% 918,102.90 -2.31 6.06% 37,955.50 11,651.00 0.25% 2,796,661.00 -5.21 863,884.20 17.76 105.25 57.88 0.25 0.06 0.51 0.28 54,141.68 12.03 4915.63 352.98 7.72 Jun/99 2,992.00 1,085.00 36.26% 273,944.50 7,921,729.20 -0.28 3,509,522.10 1.28 30,057,674.70 3.19 35,224,380.60 13.26 82,995,943.00 4.25 48,152,399.60 7.01 58.02% 18,814,556.10 3.40 16,603,383.40 11.75% 3.75 241,001.50 9.79 1.28% 116,260.90 12.27 716,344.20 -6.72 3.81% 1,117,984.00 -1.26 5.94% 118,176.60 31,017.20 0.63% 2,844,164.00 -3.60 1,063,424.20 19.42 104.25 58.02 0.63 0.18 0.63 0.70 66,151.45 11.68 5925.45 373.17 19.94 Jul/99 3,023.00 1,109.00 36.69% 300,464.40 7,885,469.70 0.37 3,555,905.70 0.36 30,092,243.10 2.77 35,393,794.80 13.42 83,529,458.40 4.68 48,424,749.20 6.76 57.97% 21,895,684.20 3.32 19,588,353.70 10.54% 4.46 293,393.00 13.69 1.34% 138,011.40 13.91 831,460.80 -6.02 3.80% 1,323,737.10 0.60 6.05% 172,631.50 65,072.10 0.79% 2,793,983.00 -4.93 1,247,151.70 17.93 104.68 57.97 0.79 0.26 0.73 0.87 78,367.28 11.82 6947.42 332.11 24.85 Aug/99 2,997.00 1,100.00 36.70% 373,423.80 7,862,058.10 -1.18 3,557,326.30 -1.29 30,147,576.40 2.79 35,932,760.60 14.44 83,721,560.90 4.84 48,704,544.90 7.01 58.17% 25,063,950.60 3.89 22,458,085.20 10.40% 5.16 337,239.10 14.57 1.35% 160,009.80 17.08 948,477.30 -5.40 3.78% 1,507,084.10 1.27 6.01% 179,898.30 64,459.90 0.72% 2,783,351.00 -4.61 1,451,548.70 22.43 104.84 58.17 0.72 0.27 0.83 0.79 90,049.55 11.80 7995.14 325.93 22.50 Sep/99 3,001.00 1,120.00 37.32% 411,232.00 7,859,774.00 -1.03 3,548,893.30 -2.11 30,219,382.50 3.09 35,870,082.70 13.56 84,021,439.40 4.48 48,959,447.00 5.98 58.27% 28,631,500.00 5.36 25,206,509.50 11.96% 4.95 384,512.10 15.00 1.34% 180,111.70 15.40 1,057,158.80 -7.02 3.69% 1,712,157.80 2.83 5.98% 214,327.50 69,477.90 0.75% 2,776,678.00 -4.40 1,629,727.80 19.34 104.48 58.27 0.75 0.32 0.95 0.84 103,114.22 11.74 9056.16 378.19 23.67 Oct/99 2,997.00 1,100.00 36.70% 451,390.00 7,975,678.30 0.61 3,564,059.70 -2.58 30,331,593.60 2.51 36,030,793.70 11.49 84,624,973.90 4.72 49,226,038.40 6.28 58.17% 31,925,077.40 4.41 28,068,817.90 12.08% 3.97 428,949.60 14.16 1.34% 200,540.60 13.90 1,159,665.40 -6.89 3.63% 1,913,621.90 3.74 5.99% 268,434.00 60,614.30 0.84% 2,792,841.00 -3.76 1,838,252.70 18.44 104.72 58.17 0.84 0.40 1.05 0.94 114,310.40 11.75 10147.02 380.04 26.45 Nov/99 2,989.00 1,070.00 35.80% 479,085.50 8,018,128.00 0.64 3,495,337.30 -0.71 30,519,484.70 3.14 36,204,324.70 13.42 85,400,263.30 4.68 49,429,255.50 5.25 57.88% 35,691,019.30 4.77 31,387,820.70 12.06% 4.35 492,725.10 15.17 1.38% 223,814.40 12.43 1,271,088.90 -7.13 3.56% 2,119,404.60 5.95 5.94% 355,337.30 128,160.30 1.00% 2,788,735.00 -3.85 2,033,319.80 17.07 104.68 57.88 1.00 0.53 1.17 1.11 127,982.83 11.45 11232.58 383.10 31.63 Dec/99 3,021.00 972.00 32.17% 520,873.90 8,092,424.80 2.24 3,233,233.60 -1.99 30,614,421.40 4.20 36,447,476.40 11.21 85,373,341.20 4.98 49,978,946.30 6.66 58.54% 39,416,539.40 5.15 34,665,233.60 12.05% 4.68 563,651.80 13.13 1.43% 253,990.70 12.81 1,435,239.20 -5.63 3.64% 2,363,039.00 5.14 6.00% 418,793.50 208,464.20 1.06% 2,772,115.00 -4.02 2,215,851.00 16.53 104.98 58.54 1.06 0.62 1.29 1.19 142,189.41 10.56 12393.75 383.36 33.79 Feb/00 2,825.00 860.00 30.44% 99,981.30 7,725,632.30 3.43 3,276,284.10 -3.76 29,501,403.90 2.80 39,005,547.70 16.99 84,224,671.70 5.95 50,085,162.20 7.98 59.47% 5,890,687.20 16.46 5,108,924.80 13.27% 13.53 90,164.90 43.41 1.53% 35,610.30 16.71 228,886.50 8.09 3.89% 400,532.10 19.96 6.80% 50,709.00 93,764.40 0.86% 2,667,042.00 -3.18 333,892.50 12.89 105.95 59.47 0.86 0.07 0.20 0.98 22,086.97 11.11 1975.13 395.80 25.67 Mar/00 2,862.00 949.00 33.16% 149,347.20 8,103,403.10 1.04 3,335,641.60 -5.78 30,531,032.20 3.38 40,367,785.50 18.13 86,490,641.10 5.61 51,736,139.20 7.49 59.82% 9,688,073.50 13.96 8,450,892.70 12.77% 12.24 153,319.70 44.71 1.58% 57,423.50 17.27 367,227.70 11.51 3.79% 621,043.10 16.73 6.41% 108,546.70 145,686.50 1.12% 2,748,732.00 -2.27 567,115.20 23.96 105.61 59.82 1.12 0.15 0.32 1.26 35,245.61 10.93 2983.19 414.72 36.39 Apr/00 2,878.00 923.00 32.07% 163,759.10 7,988,028.50 1.44 3,202,812.50 -10.12 30,990,736.00 3.34 40,355,742.30 16.58 88,226,475.20 6.52 52,449,711.20 7.76 59.45% 14,085,045.20 17.70 12,164,721.90 13.63% 14.32 217,007.80 40.72 1.54% 85,732.90 17.62 494,518.40 6.55 3.51% 860,500.70 19.60 6.11% 251,758.30 236,117.70 1.79% 2,745,336.00 -4.41 823,563.60 25.92 106.52 59.45 1.79 0.35 0.45 2.03 51,305.36 10.33 4003.06 479.71 62.89 May/00 2,873.00 903.00 31.43% 175,288.30 7,601,864.80 -2.24 3,061,788.10 -12.55 31,009,128.80 4.25 39,984,329.30 14.89 87,361,467.00 5.86 53,117,746.70 9.48 60.80% 18,327,307.80 20.67 15,773,177.60 13.94% 17.24 291,086.10 44.27 1.59% 109,784.00 25.72 621,269.00 4.01 3.39% 1,121,192.30 21.72 6.12% 429,291.30 366,397.60 2.34% 2,733,265.00 -3.34 1,108,887.80 30.78 105.86 60.80 2.34 0.60 0.59 2.67 67,052.80 9.87 5075.64 503.21 84.58 Jun/00 2,905.00 888.00 30.57% 187,847.10 7,531,010.60 -3.83 3,119,776.40 -9.35 31,250,857.50 4.35 39,848,649.70 13.44 87,001,714.60 5.20 52,544,687.20 7.82 60.40% 22,600,955.00 19.64 19,441,223.00 13.98% 16.37 366,417.70 49.63 1.62% 138,577.60 27.81 756,256.70 5.59 3.35% 1,419,467.60 26.65 6.28% 611,145.80 475,652.60 2.70% 2,673,409.00 -3.80 1,351,765.10 28.12 105.20 60.40 2.70 0.86 0.72 3.09 84,539.83 9.98 6117.98 516.47 99.89 Jul/00 2,924.00 878.00 30.03% 202,551.90 7,434,561.40 -4.67 3,141,000.50 -11.64 31,303,178.70 4.12 40,050,825.30 13.34 87,428,495.20 4.81 52,560,215.40 6.64 60.12% 26,871,683.70 20.62 23,095,853.00 14.05% 17.20 433,620.10 46.92 1.61% 158,653.60 33.88 876,730.90 5.26 3.26% 1,759,880.30 32.55 6.55% 753,171.80 559,631.40 2.80% 2,686,196.00 -4.13 1,601,320.80 30.88 104.81 60.12 2.80 1.06 0.86 3.20 100,036.20 10.03 7181.04 525.81 104.88 Aug/00 2,933.00 886.00 30.21% 223,089.20 7,418,725.50 -5.32 3,067,020.60 -13.10 31,380,752.50 3.99 39,843,272.00 10.82 87,759,136.40 4.90 52,749,250.60 6.34 60.11% 31,096,720.20 21.04 26,722,860.30 14.07% 17.60 502,512.20 46.90 1.62% 190,104.50 30.22 999,275.30 4.29 3.21% 2,050,940.70 34.11 6.60% 925,707.20 724,234.50 2.98% 2,683,120.00 -4.36 1,860,638.00 29.62 104.90 60.11 2.98 1.30 0.99 3.40 115,897.61 9.77 8240.59 530.77 112.34 Sep/00 2,931.00 889.00 30.33% 232,585.20 7,294,485.90 -7.40 3,067,902.70 -14.29 31,970,292.30 5.44 40,044,946.30 11.76 88,337,938.70 5.09 52,957,378.50 6.31 59.95% 35,428,621.20 21.84 30,489,129.20 13.94% 18.64 558,181.90 42.81 1.58% 222,039.40 34.73 1,114,286.90 4.36 3.15% 2,347,581.30 35.64 6.63% 1,094,400.60 845,448.60 3.09% 2,694,204.00 -3.09 2,106,310.80 30.52 105.09 59.95 3.09 1.52 1.11 3.52 131,499.40 9.60 9284.18 532.03 117.88 Oct/00 2,953.00 886.00 30.00% 248,716.60 7,214,012.10 -8.84 3,073,626.40 -12.97 32,025,051.50 4.79 40,105,364.20 11.57 88,304,316.00 3.90 52,583,157.70 4.58 59.55% 39,914,816.10 22.13 34,300,198.20 14.07% 18.66 627,599.80 45.05 1.57% 240,026.60 29.08 1,213,962.20 3.66 3.04% 2,635,786.50 36.06 6.60% 1,271,829.50 957,824.60 3.19% 2,679,821.00 -4.13 2,345,985.70 28.68 103.90 59.55 3.19 1.76 1.25 3.64 148,945.83 9.60 10366.09 541.63 122.69 Nov/00 2,952.00 819.00 27.74% 252,868.20 7,099,561.20 -10.23 3,146,791.50 -9.21 31,717,305.70 4.14 40,088,757.50 10.72 88,877,640.60 4.43 52,555,211.40 4.27 59.13% 44,352,415.40 22.27 38,065,447.80 14.18% 18.86 713,107.60 41.28 1.61% 265,720.80 28.34 1,307,705.30 1.60 2.95% 3,006,195.80 38.47 6.78% 1,355,695.50 985,060.10 3.06% 2,683,864.00 -4.10 2,575,857.20 27.23 104.43 59.13 3.06 1.89 1.40 3.50 165,255.82 9.92 11521.11 545.69 117.67 Dec/00 2,983.00 728.00 24.40% 257,893.40 7,017,609.50 -9.74 3,084,808.90 -4.00 31,890,817.20 5.14 40,301,114.20 9.20 90,338,743.10 6.14 51,176,589.00 1.32 56.65% 48,801,594.80 20.62 41,921,870.90 14.10% 17.41 806,962.90 34.78 1.65% 317,056.80 25.75 1,282,338.40 -11.08 2.63% 3,364,843.20 34.78 6.89% 1,551,952.60 1,125,185.50 3.18% 2,677,759.00 -3.64 2,848,070.90 27.70 106.14 56.65 3.18 2.15 1.53 3.63 182,247.90 9.67 12723.61 540.71 121.97 Feb/01 2,839.00 794.00 27.97% 54,960.90 6,502,730.70 -14.52 2,989,587.80 -6.91 30,673,397.20 5.90 39,900,265.50 2.35 89,095,968.00 6.91 48,055,765.70 -1.48 53.94% 7,470,089.50 26.37 6,400,070.30 14.32% 24.10 116,023.00 17.87 1.55% 82,927.00 55.74 196,851.20 -13.13 2.64% 504,694.10 27.55 6.76% 246,943.80 187,658.50 3.31% 2,489,971.00 -3.12 484,035.40 28.07 106.91 53.94 3.31 0.35 0.24 3.79 30,000.71 9.75 2135.00 501.18 115.66 Mar/01 2,889.00 825.00 28.56% 74,005.40 6,440,929.30 -16.06 3,020,491.90 -8.23 32,538,576.80 9.85 40,899,561.20 3.17 89,319,058.80 5.72 47,297,994.40 -4.77 52.95% 12,039,892.60 25.12 10,304,856.30 14.41% 22.48 170,116.80 13.31 1.41% 133,213.00 49.76 306,797.90 -12.99 2.55% 787,825.60 28.88 6.54% 503,615.50 378,989.70 4.18% 2,470,084.00 -4.70 797,664.00 33.38 105.72 52.95 4.18 0.69 0.37 4.81 48,742.85 9.28 3276.26 529.58 153.72 Apr/01 2,904.00 788.00 27.13% 90,328.90 6,402,459.60 -15.31 2,923,105.90 -4.82 33,152,259.10 10.81 41,164,614.80 4.83 89,910,542.50 4.84 47,130,227.60 -5.85 52.42% 16,724,355.70 22.46 14,280,711.20 14.61% 20.11 257,213.00 21.50 1.54% 102,119.90 21.99 406,362.30 -15.22 2.43% 1,060,863.20 24.45 6.34% 675,358.90 411,698.40 4.04% 2,494,769.00 -4.40 994,797.50 20.17 104.84 52.42 4.04 0.91 0.50 4.65 67,037.69 8.82 4350.72 561.66 155.23 May/01 2,924.00 784.00 26.81% 109,204.00 6,472,287.50 -12.51 2,952,780.60 -0.50 33,229,913.80 10.42 41,125,208.70 5.12 90,675,672.10 6.30 48,251,604.90 -5.88 53.21% 21,516,600.10 19.17 18,340,593.60 14.76% 17.57 335,315.40 14.78 1.56% 130,039.10 15.87 515,586.90 -15.29 2.40% 1,372,836.60 22.01 6.38% 907,882.60 452,849.80 4.22% 2,497,262.00 -3.71 1,262,451.90 13.12 106.30 53.21 4.22 1.22 1.55 4.41 86,160.76 8.89 5492.40 578.25 165.30 Jun/01 2,953.00 787.00 26.65% 122,695.40 6,506,258.10 -8.19 3,032,726.90 2.28 33,385,671.40 10.88 41,166,703.30 4.86 90,688,718.20 6.88 47,823,380.00 -5.59 52.73% 26,256,608.40 17.49 22,356,641.70 14.85% 16.44 411,261.60 11.59 1.57% 159,920.00 12.81 617,907.50 -16.02 2.35% 1,698,512.10 19.29 6.47% 1,101,582.50 473,315.80 4.20% 2,493,142.00 -3.75 1,530,008.70 13.58 106.88 52.73 4.20 1.48 1.57 4.39 105,315.33 9.08 6677.45 584.05 164.97 Jul/01 2,971.00 801.00 26.96% 145,462.90 6,390,474.50 -9.44 3,087,298.20 4.71 33,684,211.90 11.56 41,163,510.50 5.11 90,932,697.30 6.87 47,823,245.50 -5.67 52.59% 30,973,044.50 17.34 26,418,669.10 14.70% 16.54 484,393.80 12.88 1.56% 188,155.00 13.08 702,953.00 -17.81 2.27% 2,009,841.20 16.35 6.49% 1,311,412.20 551,932.70 4.23% 2,493,350.00 -3.87 1,781,982.00 11.51 106.87 52.59 4.23 1.75 1.58 4.43 124,222.61 9.17 7871.19 578.61 166.61 Aug/01 2,987.00 826.00 27.65% 160,872.20 6,374,371.70 -9.61 3,122,891.20 7.04 33,559,688.60 10.33 40,983,718.80 4.62 91,505,078.00 6.74 47,559,068.80 -6.90 51.97% 36,522,976.60 19.89 31,405,952.00 14.01% 20.29 621,232.90 25.92 1.70% 216,541.90 12.54 775,874.70 -19.91 2.12% 2,295,083.40 13.36 6.28% 1,491,517.20 557,015.10 4.08% 2,488,549.00 -4.26 2,038,850.00 10.97 106.74 51.97 4.08 2.00 1.63 4.25 146,764.14 9.31 9076.34 563.78 164.33 Sep/01 3,023.00 850.00 28.12% 175,855.80 6,373,389.40 -8.90 3,132,980.40 8.71 34,112,495.40 10.08 40,747,486.30 4.35 92,488,928.70 7.23 47,804,298.20 -6.82 51.69% 40,681,277.10 16.07 34,833,980.60 14.37% 15.87 706,868.00 27.23 1.74% 242,676.90 10.91 884,575.30 -18.39 2.17% 2,583,551.70 10.77 6.35% 1,622,708.80 511,858.00 3.99% 2,493,826.00 -4.08 2,293,193.10 9.23 107.23 51.69 3.99 2.17 1.59 4.16 163,127.97 9.18 10343.94 565.29 156.88 Oct/01 3,072.00 854.00 27.80% 195,924.20 6,339,421.40 -9.60 3,291,070.70 11.23 34,062,176.80 9.59 41,172,846.40 4.94 92,945,387.50 7.25 47,972,457.90 -5.75 51.61% 45,307,479.10 14.85 38,897,737.30 14.15% 15.02 705,806.00 13.23 1.56% 269,163.60 10.78 986,750.00 -15.82 2.18% 2,854,134.50 9.05 6.30% 1,744,230.00 453,030.30 3.85% 2,496,032.00 -4.06 2,510,623.70 7.20 107.25 51.61 3.85 2.32 1.60 4.01 181,518.02 9.66 11628.22 551.22 150.00 Nov/01 3,102.00 822.00 26.50% 205,352.40 6,362,067.70 -8.13 3,264,185.90 8.27 34,105,493.90 10.49 41,009,375.10 4.60 92,979,248.90 6.94 48,106,310.40 -4.96 51.74% 49,733,288.70 13.59 42,836,566.30 13.87% 14.32 772,668.80 9.25 1.55% 291,781.50 7.85 1,068,854.00 -15.51 2.15% 3,124,955.70 5.48 6.28% 1,866,027.20 474,071.30 3.75% 2,488,222.00 -4.34 2,712,887.10 5.79 106.94 51.74 3.75 2.48 1.59 3.90 199,874.80 9.57 13031.98 529.22 143.19 Dec/01 3,155.00 754.00 23.90% 295,891.10 6,116,499.80 -9.20 3,169,402.80 7.46 34,055,027.70 10.10 40,028,234.60 -0.03 97,698,511.30 10.43 49,763,749.30 -0.30 50.94% 55,430,300.20 14.91 48,038,084.70 13.34% 16.66 907,173.10 15.56 1.64% 334,425.70 9.19 1,097,391.90 -9.94 1.98% 3,385,606.20 1.20 6.11% 2,038,654.00 464,111.50 3.68% 2,506,803.00 -3.54 2,999,833.80 7.86 110.43 50.94 3.68 2.75 1.63 3.82 221,119.49 9.31 15163.44 487.50 134.45 Feb/02 3,084.00 845.00 27.40% 105,551.10 6,074,278.10 -3.61 3,190,870.90 8.88 33,267,866.00 12.13 41,716,885.20 5.01 96,359,501.80 11.09 49,163,278.10 8.07 51.02% 8,182,193.60 10.30 7,204,294.70 11.95% 13.71 114,495.80 4.20 1.40% 52,012.00 8.35 179,525.50 -10.03 2.19% 509,474.60 3.53 6.23% 129,077.60 -120,871.60 1.58% 2,391,309.00 -1.14 517,279.50 10.67 111.09 51.02 1.58 0.17 1.48 1.61 34,216.38 9.59 2678.92 365.03 48.18 Mar/02 3,119.00 906.00 29.05% 102,966.60 5,829,329.60 -3.13 3,574,897.20 8.35 32,319,803.50 7.18 41,299,099.60 13.46 88,430,374.90 11.43 48,536,809.60 13.03 54.89% 13,102,630.40 11.92 11,517,230.10 12.10% 15.38 197,518.90 10.49 1.51% 80,843.40 11.41 283,550.20 0.18 2.16% 734,851.20 1.48 5.61% 346,551.30 -112,357.30 2.64% 2,381,273.00 -0.56 807,991.30 12.77 111.43 54.89 2.64 0.47 1.62 2.72 55,023.64 11.06 4130.34 383.84 83.90 Apr/02 3,136.00 906.00 28.89% 126,402.70 5,912,239.50 -3.79 3,628,180.80 10.92 33,038,033.80 6.97 41,513,593.30 14.50 89,631,661.50 10.21 49,590,723.90 11.28 55.33% 18,387,149.00 11.27 16,094,383.40 12.47% 16.71 277,975.60 8.59 1.51% 111,568.60 11.97 392,266.60 1.45 2.13% 1,006,290.60 0.96 5.47% 549,819.80 -146,568.30 2.99% 2,386,946.00 -1.08 1,097,989.70 14.20 110.21 55.33 2.99 0.74 1.67 3.09 77,032.11 10.98 5563.33 412.12 98.83 May/02 3,152.00 864.00 27.41% 138,693.00 6,060,249.60 -3.98 3,467,094.80 4.39 33,358,066.10 6.63 41,964,151.90 13.84 90,499,461.90 9.57 50,176,048.10 10.93 55.44% 23,999,349.60 13.85 20,894,550.00 12.94% 16.49 366,822.10 2.78 1.53% 148,226.90 16.01 501,864.70 1.59 2.09% 1,308,737.20 1.35 5.45% 838,559.00 -98,966.60 3.49% 2,391,811.00 -1.18 1,428,494.70 16.80 109.57 55.44 3.49 1.11 1.73 3.63 100,339.66 10.39 7017.93 442.41 119.49 Jun/02 3,176.00 845.00 26.61% 148,683.20 6,027,819.90 -4.63 3,508,356.10 4.50 33,392,947.70 6.53 41,912,421.40 13.96 90,720,579.80 9.60 50,038,389.30 10.63 55.16% 29,501,003.60 14.28 25,547,299.00 13.40% 16.26 439,424.60 2.11 1.49% 180,029.10 15.88 643,206.90 10.43 2.18% 1,595,960.20 -0.91 5.41% 1,118,152.90 -28,344.00 3.79% 2,382,327.00 -1.44 1,733,661.40 17.63 109.60 55.16 3.79 1.48 1.77 3.96 123,832.72 10.51 8503.09 464.97 131.50 Jul/02 3,185.00 854.00 26.81% 167,205.70 6,061,082.90 -3.63 3,376,611.00 1.72 33,518,162.20 6.50 41,819,572.90 13.78 90,859,695.40 9.78 49,875,983.50 11.26 54.89% 35,175,305.60 15.48 30,388,489.30 13.61% 16.97 515,953.60 3.33 1.47% 212,727.20 14.66 752,999.30 13.06 2.14% 1,900,991.80 -0.48 5.40% 1,412,994.70 70,037.70 4.02% 2,383,996.00 -2.28 2,018,596.40 17.78 109.78 54.89 4.02 1.88 1.80 4.21 147,547.67 10.07 10020.95 477.68 141.00 Aug/02 3,197.00 850.00 26.59% 182,175.50 5,910,982.50 -5.93 3,265,993.50 4.20 33,838,894.10 5.98 41,832,876.00 8.41 91,882,869.90 5.30 50,891,979.70 5.18 55.39% 40,495,778.60 14.54 34,803,783.40 14.06% 15.36 613,483.20 7.89 1.51% 245,970.40 14.74 861,260.40 10.63 2.13% 2,238,193.10 3.12 5.53% 1,702,896.20 172,507.80 4.21% 2,372,747.00 -2.43 2,343,040.80 17.74 105.30 55.39 4.21 2.25 1.80 4.42 170,670.44 9.65 11562.15 492.30 147.28 Sep/02 3,205.00 853.00 26.61% 197,890.10 5,825,261.60 -6.39 3,192,238.20 -0.34 34,039,382.00 5.55 41,791,333.50 10.22 92,540,999.60 5.19 51,264,645.30 6.27 55.40% 46,241,567.50 15.88 39,733,540.90 14.07% 15.90 692,718.10 7.90 1.50% 278,764.20 16.99 962,188.40 8.73 2.08% 2,590,448.50 7.19 5.60% 1,946,004.00 296,694.80 4.21% 2,377,489.00 -2.39 2,659,894.00 21.45 105.19 55.40 4.21 2.57 1.81 4.42 194,497.50 9.38 13084.28 497.39 148.73 Oct/02 3,218.00 826.00 25.67% 216,178.90 5,766,166.30 -7.17 3,190,496.90 -2.30 34,269,439.70 6.21 41,901,780.30 10.18 93,544,705.10 6.21 51,815,991.00 6.47 55.39% 52,106,531.30 17.15 44,656,899.70 14.30% 16.85 795,758.90 10.93 1.53% 317,423.40 19.87 1,063,734.60 8.39 2.04% 2,985,353.60 11.95 5.73% 2,229,411.80 436,467.40 4.28% 2,377,786.00 -2.50 3,014,990.40 24.13 106.21 55.39 4.28 2.93 1.82 4.50 219,138.86 9.31 14652.61 508.42 152.15 Nov/02 3,227.00 778.00 24.11% 224,605.80 5,780,574.90 -8.33 3,240,255.00 -1.33 34,751,249.10 6.95 41,618,481.90 8.78 95,284,263.30 7.86 53,202,020.40 8.53 55.84% 57,906,754.20 18.19 49,586,419.60 14.37% 17.21 889,332.30 11.90 1.54% 347,730.80 21.53 1,162,480.70 10.60 2.01% 3,320,566.60 12.42 5.73% 2,501,636.60 595,461.90 4.32% 2,386,558.00 -2.54 3,301,410.80 25.66 107.86 55.84 4.32 3.28 1.82 4.55 242,637.11 9.32 16381.21 507.92 152.71 Dec/02 3,268.00 708.00 21.66% 246,110.60 5,631,105.50 -5.72 3,075,975.80 -1.07 34,403,910.10 8.16 41,995,594.80 7.04 95,834,572.50 9.24 53,227,973.40 10.71 55.54% 64,323,616.40 18.95 55,192,947.50 14.19% 18.17 1,016,640.80 13.00 1.58% 388,216.70 18.65 1,261,194.50 16.58 1.96% 3,637,037.50 11.93 5.65% 2,926,921.60 836,422.10 4.55% 2,398,930.00 -2.59 3,671,221.30 25.43 109.24 55.54 4.55 3.83 1.87 4.79 268,134.61 8.94 18236.61 500.68 160.50 Feb/03 3,551.00 803.00 22.61% 51,631.60 5,616,117.50 -7.67 3,330,741.70 2.46 37,007,436.20 14.73 44,418,702.20 3.55 99,610,178.20 11.68 55,345,730.70 13.83 55.56% 11,805,034.90 40.43 9,807,583.60 16.92% 31.85 165,045.40 39.68 1.40% 74,719.40 38.06 236,215.80 27.43 2.00% 716,296.40 38.39 6.07% 659,808.90 484,112.40 5.59% 2,417,462.00 -0.98 779,838.60 46.87 111.68 55.56 5.59 0.81 1.91 6.04 48,832.35 9.00 3118.14 640.59 211.60 Mar/03 3,634.00 873.00 24.02% 73,389.40 5,594,345.20 -6.33 3,587,958.80 8.69 37,485,721.60 15.89 44,619,923.70 4.74 100,379,998.90 13.05 56,835,137.30 17.17 56.62% 18,882,693.10 42.11 15,736,735.50 16.66% 34.79 251,913.70 40.68 1.33% 117,024.20 41.05 359,519.50 24.44 1.90% 1,153,818.80 52.47 6.11% 1,105,491.70 767,816.60 5.85% 2,405,258.00 -0.30 1,208,656.40 44.80 113.05 56.62 5.85 1.35 2.01 6.32 78,505.89 9.57 4832.92 650.94 228.74 Apr/03 3,637.00 835.00 22.96% 87,922.90 5,638,374.80 -2.44 3,807,411.30 18.30 38,159,669.80 17.20 44,455,319.00 7.74 101,241,510.50 13.97 57,507,905.70 17.37 56.80% 26,305,071.70 41.67 22,023,745.70 16.28% 34.37 372,306.50 37.26 1.42% 159,449.10 41.83 475,705.40 20.84 1.81% 1,684,820.60 65.66 6.40% 1,596,905.10 1,045,139.70 6.07% 2,410,787.00 0.43 1,595,275.90 45.81 113.97 56.80 6.07 1.93 2.07 6.50 109,114.04 9.98 6573.15 651.34 242.94 May/03 3,655.00 792.00 21.67% 102,758.40 5,651,576.20 -5.83 3,787,770.50 21.73 38,760,191.80 18.34 44,638,363.20 8.18 103,421,369.20 15.91 58,811,531.10 19.10 56.87% 34,311,257.70 42.09 28,837,279.10 15.95% 37.43 489,115.10 40.28 1.43% 202,684.50 39.48 603,226.60 21.20 1.76% 2,073,670.90 57.16 6.04% 2,096,286.00 1,265,202.20 6.11% 2,434,877.00 1.20 2,047,553.00 42.61 115.91 56.87 6.11 2.51 2.12 6.55 140,915.77 9.77 8455.57 647.38 247.92 Jun/03 3,726.00 754.00 20.24% 129,394.40 5,664,983.80 -5.10 3,748,319.90 15.73 39,857,822.90 20.65 45,058,006.90 8.45 105,019,360.80 16.96 59,517,775.10 19.64 56.67% 42,979,040.60 44.36 36,265,114.40 15.62% 40.46 595,716.60 32.38 1.39% 246,442.30 38.49 722,694.70 11.52 1.68% 2,471,419.80 52.32 5.75% 2,615,988.60 1,490,726.10 6.09% 2,441,559.00 1.82 2,505,322.30 42.45 113.63 56.67 11.86 6.03 2.16 6.53 176,031.14 9.40 10314.77 650.90 253.62 Jul/03 3,730.00 746.00 20.00% 136,827.50 5,685,662.20 -5.41 3,773,350.30 16.75 40,242,718.20 21.87 45,502,365.50 9.07 107,120,336.50 18.60 61,344,431.20 23.62 57.27% 51,824,492.50 47.27 43,682,012.20 15.71% 44.01 693,642.10 30.33 1.34% 292,891.80 41.67 844,941.70 12.83 1.63% 2,910,960.60 52.54 5.62% 3,125,772.40 1,720,358.90 6.03% 2,443,159.00 1.81 2,957,966.10 47.02 112.48 57.27 6.03 12.16 2.21 6.49 363,635.72 16.07 12155.23 669.87 257.15 Aug/03 3,743.00 741.00 19.80% 158,203.50 5,714,504.70 -3.75 3,863,259.00 15.60 40,925,682.00 22.78 45,417,435.60 8.65 108,133,365.10 18.68 61,991,552.00 23.32 57.33% 60,384,196.60 48.16 50,991,433.50 15.56% 45.49 800,297.90 28.97 1.33% 340,343.10 42.34 962,713.80 12.03 1.59% 3,428,542.60 53.05 5.68% 3,740,271.60 2,031,702.80 6.19% 2,448,244.00 2.05 3,420,885.30 46.74 112.97 57.33 6.19 12.44 2.21 6.66 369,964.33 14.16 14040.92 668.96 266.38 Sep/03 3,792.00 752.00 19.83% 166,513.30 5,681,266.40 -2.48 3,942,941.10 21.52 41,724,681.70 24.05 45,645,770.20 10.17 110,886,883.50 20.50 63,503,460.30 25.40 57.27% 69,190,444.70 48.42 58,481,036.10 15.48% 46.22 896,258.80 26.88 1.30% 386,528.70 42.63 1,092,343.10 13.75 1.58% 3,824,557.80 47.15 5.53% 4,342,932.00 2,376,437.80 6.28% 2,460,335.00 2.44 3,898,622.60 46.16 114.51 57.27 6.28 12.57 2.21 6.75 374,964.90 12.60 15958.51 671.08 272.14 Oct/03 3,809.00 753.00 19.77% 193,363.00 5,638,145.90 -2.23 4,024,662.50 22.58 42,726,386.10 26.43 46,059,335.30 10.55 113,212,686.70 21.75 64,860,134.10 26.28 57.29% 78,764,267.30 50.30 66,629,819.90 15.41% 49.15 1,019,242.00 26.58 1.29% 438,199.20 43.23 1,220,263.30 15.16 1.55% 4,381,441.60 48.18 5.56% 4,911,569.50 2,671,425.80 6.24% 2,465,513.00 3.05 4,406,820.80 46.48 116.15 57.29 6.24 12.59 2.21 6.71 383,356.81 11.30 17959.65 675.65 273.48 Nov/03 3,834.00 700.00 18.26% 212,015.50 5,593,245.30 -4.34 4,154,156.20 21.58 43,655,237.10 26.63 46,337,329.70 11.51 115,160,103.80 21.59 66,003,170.60 24.98 57.31% 88,693,807.20 52.17 75,471,247.80 14.91% 51.18 1,112,327.30 24.61 1.25% 481,432.60 43.75 1,337,642.60 15.84 1.51% 4,839,519.60 46.19 5.46% 5,401,180.90 2,889,251.80 6.09% 2,480,502.00 3.08 4,873,795.70 46.92 117.33 57.31 6.09 12.45 2.22 6.53 390,069.75 10.38 20019.70 660.48 269.79 Dec/03 3,910.00 629.00 16.09% 254,293.80 5,564,562.40 0.12 4,113,733.20 26.67 44,479,703.70 30.29 46,978,428.20 9.41 117,816,574.70 22.89 67,377,422.30 26.81 57.19% 99,871,105.10 53.44 84,817,754.40 15.07% 52.19 1,271,143.20 19.78 1.27% 546,016.20 45.30 1,488,572.90 19.26 1.49% 5,358,584.30 41.88 5.37% 5,938,557.50 2,971,615.10 5.95% 2,513,091.00 3.36 5,515,145.70 49.50 118.02 57.19 5.95 12.52 2.25 6.39 397,403.46 9.25 22233.60 677.05 267.10 Feb/04 4,413.00 767.00 17.38% 55,879.80 5,053,571.60 -8.14 5,084,708.80 49.70 50,103,944.40 34.42 50,717,124.40 14.60 124,127,424.90 24.84 71,305,116.30 28.72 57.45% 21,380,915.90 76.32 18,195,924.90 14.90% 80.15 200,720.60 21.36 0.94% 119,190.50 55.01 290,860.40 20.10 1.36% 932,012.90 23.18 4.36% 1,621,848.80 890,069.20 7.59% 2,517,027.00 6.26 1,217,301.10 52.21 119.95 57.45 7.59 16.88 2.56 8.27 509,670.72 60.89 3905.29 815.56 415.30 Mar/04 4,477.00 770.00 17.20% 77,964.20 5,538,253.60 -1.95 5,849,169.90 61.46 53,289,711.20 39.03 51,370,829.10 14.56 129,254,623.60 27.45 75,107,807.70 31.11 58.11% 34,361,174.10 77.31 29,103,460.00 15.30% 79.55 324,123.30 17.26 0.94% 177,120.20 48.58 458,578.20 25.45 1.33% 1,495,403.30 24.85 4.35% 2,684,935.30 1,550,086.90 7.81% 2,539,563.00 5.22 1,804,226.50 52.09 122.69 58.11 13.08 10.26 2.58 8.56 541,213.97 10.98 6146.65 855.38 436.81 Apr/04 4,484.00 765.00 17.06% 102,287.20 5,649,993.60 -0.34 6,322,881.30 63.72 54,958,102.90 40.58 51,986,491.50 15.79 131,889,770.20 27.68 77,575,743.80 31.87 58.82% 47,164,792.10 76.61 40,145,302.90 14.88% 77.35 460,299.70 21.52 0.98% 229,319.40 43.97 617,927.20 28.09 1.31% 2,048,170.20 20.15 4.34% 3,656,508.50 2,056,296.20 7.75% 2,521,628.00 5.29 2,370,151.30 46.75 122.14 58.82 12.79 10.26 2.57 8.45 561,123.12 11.50 8111.62 865.36 450.77 May/04 4,515.00 865.00 19.16% 162,758.00 5,741,243.10 -1.26 6,726,346.10 72.43 55,561,181.90 40.86 52,458,348.90 16.82 133,247,990.30 27.01 78,580,605.00 31.90 58.97% 58,672,673.30 67.36 50,200,248.40 14.44% 70.12 601,863.90 26.58 1.03% 270,562.30 34.37 771,340.70 26.89 1.31% 2,513,512.10 20.09 4.28% 4,269,509.40 2,161,337.40 7.28% 2,521,812.00 4.60 2,786,706.00 34.36 120.59 58.97 11.96 7.91 2.53 7.89 558,385.86 12.11 10390.66 815.39 410.90 Jun/04 4,617.00 987.00 21.38% 230,716.10 5,907,339.40 5.34 6,483,649.40 74.19 55,821,937.40 39.67 53,524,920.90 17.87 133,900,112.00 25.97 78,847,958.70 30.63 58.89% 71,543,536.80 63.89 61,925,102.20 13.44% 68.68 734,425.60 21.88 1.03% 317,547.10 28.41 892,099.40 21.80 1.25% 2,933,212.20 16.34 4.10% 4,715,971.20 2,101,065.80 6.59% 2,549,354.00 5.86 3,242,558.80 28.35 119.84 58.89 11.19 8.63 2.56 7.09 561,267.97 11.61 12474.90 771.02 378.04 Jul/04 4,645.00 1,036.00 22.30% 281,496.10 5,933,471.40 5.38 6,219,604.20 61.44 56,864,086.40 39.20 52,984,597.20 15.98 136,099,568.80 25.83 80,319,720.40 30.07 59.02% 83,889,164.60 60.80 72,898,692.90 13.10% 65.79 861,961.30 24.28 1.03% 367,013.90 25.40 1,025,911.20 20.43 1.22% 3,377,109.30 12.83 4.03% 5,341,138.20 2,220,317.60 6.37% 2,550,954.00 5.97 3,730,585.20 25.03 120.19 59.02 10.91 4.86 2.53 6.83 563,749.86 10.94 14673.70 748.99 363.99 Aug/04 4,663.00 1,019.00 21.85% 333,148.80 5,742,482.60 -0.28 6,310,874.70 61.08 57,397,680.90 38.10 53,185,019.30 15.98 137,225,193.60 25.11 81,722,356.90 30.30 59.55% 96,993,997.40 59.15 84,319,061.00 13.07% 63.97 1,041,844.50 26.01 1.07% 431,495.70 26.70 1,199,550.20 22.50 1.24% 3,875,355.10 11.55 4.00% 6,097,863.90 2,330,522.40 6.29% 2,551,777.00 5.30 4,383,347.10 26.54 118.17 59.55 10.87 5.51 2.53 6.74 570,155.61 11.00 17009.44 745.17 358.50 Sep/04 4,736.00 1,020.00 21.54% 346,551.10 5,865,701.60 3.50 6,436,518.50 61.88 57,931,629.40 36.47 52,968,251.10 14.77 140,015,940.40 24.78 83,102,274.90 29.13 59.35% 111,293,348.10 58.92 96,857,992.70 12.97% 63.51 1,218,158.80 32.11 1.09% 495,866.10 27.59 1,332,525.50 21.12 1.20% 4,378,047.40 12.39 3.93% 6,993,661.80 2,653,026.70 6.28% 2,569,971.00 5.54 5,026,565.90 27.31 118.92 59.35 10.89 6.31 2.56 6.74 577,403.91 11.11 19415.10 743.51 360.22 Oct/04 4,758.00 1,007.00 21.16% 326,848.60 6,247,544.00 11.72 6,542,861.70 58.52 59,257,298.40 36.81 53,269,137.90 14.54 142,427,355.70 24.08 84,422,596.40 28.46 59.27% 126,387,196.80 58.43 109,951,129.40 13.00% 62.73 1,366,886.50 32.61 1.08% 562,433.60 27.41 1,482,019.40 20.46 1.17% 4,920,948.20 12.94 3.89% 8,036,722.40 3,116,830.80 6.36% 2,582,851.00 5.48 5,744,583.90 28.88 118.21 59.27 11.05 7.14 2.13 6.83 489,332.12 11.04 21911.00 750.13 366.79 Nov/04 4,847.00 982.00 20.26% 315,601.10 6,430,084.70 12.05 6,904,243.50 60.84 59,919,162.80 35.32 53,765,630.90 15.03 144,800,538.90 24.08 85,763,405.10 28.95 59.23% 142,195,715.10 58.00 123,756,494.30 12.97% 62.03 1,494,012.30 32.84 1.05% 624,095.80 28.09 1,644,493.10 21.90 1.16% 5,435,961.30 13.95 3.82% 9,105,157.00 3,628,385.00 6.40% 2,597,309.00 5.38 6,332,564.70 27.48 117.63 59.23 11.01 8.01 2.37 6.88 547,473.23 11.52 24529.31 751.72 371.19 Dec/04 4,947.00 949.00 19.18% 312,321.60 6,103,820.10 12.66 6,821,457.10 52.47 60,403,153.50 34.61 54,302,416.40 13.25 147,980,184.90 23.80 87,657,105.90 27.84 59.24% 159,071,272.10 56.44 138,352,521.10 13.02% 60.47 1,655,832.30 28.54 1.04% 700,317.60 28.61 1,835,607.80 24.02 1.15% 5,993,277.90 9.74 3.77% 10,389,335.60 4,282,975.60 6.53% 2,613,917.00 5.13 7,007,621.10 26.29 118.37 59.24 11.12 9.06 2.63 7.03 608,555.18 11.29 28291.09 732.34 367.23 Feb/05 5,441.00 1,400.00 25.73% 142,715.80 6,106,512.80 22.16 7,500,621.30 41.59 68,669,981.10 33.95 58,890,917.20 17.00 157,993,719.10 26.28 95,009,558.80 30.84 60.14% 28,486,303.50 33.06 24,610,233.00 13.61% 35.92 291,301.20 43.24 1.02% 130,035.40 7.49 331,156.30 10.48 1.16% 988,538.00 -1.95 3.47% 1,926,172.10 262,309.30 6.76% 2,655,558.00 5.98 1,305,995.50 4.73 119.99 60.14 10.81 1.51 0.41 7.35 107,270.50 10.92 5009.01 773.82 384.54 Mar/05 5,932.00 1,550.00 26.13% 181,552.10 6,465,553.70 17.97 8,168,669.80 36.55 72,140,599.30 31.91 60,826,619.10 18.20 164,109,255.10 25.26 99,294,375.50 29.29 60.51% 47,821,265.80 36.08 41,657,322.30 12.89% 40.35 454,624.90 40.94 0.95% 207,305.50 16.87 551,251.50 18.76 1.15% 1,599,609.40 2.77 3.34% 3,255,909.50 505,914.80 6.81% 2,703,887.00 5.29 2,152,193.90 15.75 119.56 60.51 11.28 2.45 0.66 7.36 176,861.18 11.32 7778.60 792.42 418.57 Apr/05 6,019.00 1,557.00 25.87% 234,418.70 6,885,867.00 17.68 8,617,760.90 31.57 74,498,566.90 32.90 61,468,305.10 17.63 171,846,705.40 28.12 104,418,425.10 31.64 60.76% 65,997,631.30 37.53 57,446,723.90 12.96% 40.97 645,319.70 39.80 0.98% 281,880.50 22.40 718,670.70 16.32 1.09% 2,231,275.00 6.57 3.38% 4,450,740.20 716,937.20 6.74% 2,722,321.00 5.32 2,848,489.40 20.34 123.04 60.76 11.01 3.27 0.89 7.29 242,431.48 11.57 10593.87 807.16 420.12 May/05 6,120.00 1,635.00 26.72% 306,453.10 7,237,154.80 21.94 9,262,013.50 32.92 75,595,622.10 33.09 62,418,122.40 19.18 176,370,899.50 30.66 107,469,817.10 33.63 60.93% 84,193,234.90 41.41 73,600,624.10 12.58% 44.02 812,000.40 36.04 0.96% 352,279.50 28.98 904,480.30 17.64 1.07% 2,787,871.20 11.78 3.31% 5,631,684.60 1,293,552.80 6.69% 2,741,914.00 5.35 3,611,848.70 31.08 126.27 60.93 10.84 4.08 1.11 7.21 307,060.09 12.25 13615.48 777.98 413.62 Jun/05 6,231.00 1,721.00 27.62% 425,537.10 7,405,952.50 19.65 9,736,710.50 47.87 76,944,316.60 33.75 63,110,220.50 17.07 179,032,218.80 30.84 109,423,495.00 34.45 61.12% 103,140,843.70 41.44 90,761,182.00 12.00% 43.58 1,022,446.40 36.20 0.99% 417,500.80 29.64 1,094,824.80 21.54 1.06% 3,345,617.80 13.49 3.24% 6,551,581.00 1,736,395.00 6.35% 2,775,958.00 5.15 4,225,495.20 30.55 125.54 61.12 10.35 4.68 1.34 6.81 371,550.45 12.65 16486.37 750.90 397.39 Jul/05 6,272.00 1,786.00 28.48% 519,762.00 7,398,161.60 18.07 9,380,764.10 43.28 77,664,027.30 33.51 64,239,080.40 20.79 179,916,762.00 29.56 110,668,987.80 32.16 61.51% 121,466,454.30 41.60 107,459,152.60 11.53% 44.03 1,194,650.40 36.15 0.98% 487,914.00 29.93 1,238,834.30 19.65 1.02% 3,847,410.50 12.57 3.17% 7,309,170.30 1,883,856.60 6.02% 2,775,042.00 4.87 4,935,926.60 31.03 125.60 61.51 10.10 5.15 1.56 6.43 437,710.33 12.08 19375.28 722.95 377.24 Aug/05 6,307.00 1,770.00 28.06% 591,602.70 7,647,501.90 22.77 9,409,856.70 40.28 77,769,746.80 32.43 63,585,224.70 18.26 182,244,787.60 29.23 111,302,031.30 32.76 61.07% 138,890,116.90 40.38 123,296,303.90 11.23% 43.17 1,368,251.50 33.28 0.99% 565,060.20 28.36 1,404,183.10 17.96 1.01% 4,330,663.20 10.40 3.12% 7,979,859.40 1,752,835.50 5.75% 2,783,119.00 4.75 5,681,518.50 28.25 124.06 61.07 9.85 5.65 1.79 6.12 499,044.84 12.10 22484.95 693.52 354.90 Sep/05 6,383.00 1,809.00 28.34% 714,536.40 7,813,832.20 23.47 9,632,089.30 42.21 78,841,020.50 31.25 64,173,052.40 19.27 185,208,672.70 29.29 113,270,824.70 32.58 61.16% 157,680,371.60 38.54 140,570,830.20 10.85% 41.79 1,562,354.80 30.41 0.99% 658,572.60 30.35 1,593,599.30 19.20 1.01% 4,884,142.50 10.33 3.10% 8,629,313.40 1,467,841.20 5.47% 2,791,419.00 4.58 6,351,231.00 25.56 124.43 61.16 9.54 6.03 2.00 5.81 564,875.33 12.22 25528.55 670.21 338.03 Oct/05 6,399.00 1,800.00 28.13% 819,147.30 8,347,870.70 23.08 10,297,240.30 49.04 80,198,297.50 31.37 64,832,284.60 20.06 187,299,596.80 28.25 114,302,756.50 31.69 61.03% 175,587,481.10 35.65 157,167,471.70 10.49% 39.40 1,778,234.50 30.83 1.01% 725,881.60 27.36 1,767,625.50 17.35 1.01% 5,368,704.20 7.71 3.06% 9,129,899.10 918,280.70 5.20% 2,799,151.00 4.21 6,980,158.90 19.46 123.21 61.03 9.21 6.30 2.19 5.50 627,288.35 12.84 28679.28 642.28 318.34 Nov/05 6,447.00 1,738.00 26.96% 879,623.50 8,530,563.40 21.56 10,119,945.40 36.27 80,511,935.10 30.33 65,470,671.80 21.07 189,152,398.50 27.42 115,873,486.30 31.16 61.26% 193,267,257.30 32.98 173,420,300.10 10.27% 36.96 1,976,643.00 29.57 1.02% 775,180.00 22.54 1,937,842.00 16.29 1.00% 5,752,119.50 4.97 2.98% 9,617,718.70 363,083.90 4.98% 2,797,861.00 4.06 7,529,676.50 17.73 121.94 61.26 8.87 6.59 2.40 5.25 690,767.90 12.57 31765.28 624.80 302.77 Dec/05 6,604.00 1,671.00 25.30% 997,668.20 8,679,961.90 32.48 9,407,011.60 38.18 78,896,137.70 28.50 66,532,591.60 18.29 190,795,390.50 25.45 115,900,068.00 27.71 60.75% 213,494,252.40 29.57 192,465,178.30 9.85% 34.20 2,176,204.40 27.18 1.02% 882,799.30 15.55 2,112,261.10 15.02 0.99% 6,159,828.40 -0.07 2.89% 10,373,814.50 -474,913.70 4.86% 2,811,320.00 3.63 8,350,617.80 16.55 122.12 60.75 8.84 7.13 2.71 5.11 759,409.29 11.92 35323.98 595.32 293.68 Feb/06 6,578.00 1,915.00 29.11% 335,253.90 8,250,498.50 28.24 9,813,247.50 26.45 78,088,134.40 12.97 74,927,052.50 26.94 193,621,886.00 21.49 117,221,304.20 22.73 60.54% 30,625,467.60 5.18 28,320,157.00 7.53% 13.15 299,527.30 5.93 0.98% 159,406.50 17.33 387,016.40 20.32 1.26% 868,393.70 -14.50 2.84% 499,163.70 -1,462,611.20 1.63% 2,766,601.00 4.24 1,217,022.30 -8.47 119.64 60.54 5.45 0.33 0.39 1.67 110,697.09 12.57 5962.85 386.61 83.71 Mar/06 6,639.00 1,909.00 28.75% 421,932.00 8,065,696.20 23.78 9,471,115.70 17.70 82,366,111.00 14.69 74,702,347.50 24.51 196,204,012.20 19.19 119,321,167.90 20.09 60.81% 50,595,117.00 5.44 46,702,697.30 7.69% 11.91 524,344.60 13.84 1.04% 221,079.50 8.87 616,056.70 18.29 1.22% 1,276,544.50 -17.31 2.52% 1,200,273.30 -2,068,671.20 2.37% 2,802,859.00 4.30 1,979,783.80 -8.08 117.82 60.81 6.26 0.76 0.61 2.44 180,512.53 11.50 9218.99 422.22 130.20 Apr/06 6,688.00 1,826.00 27.30% 442,931.30 8,175,414.20 19.14 9,558,462.40 9.65 84,022,422.90 12.85 75,338,985.60 20.66 200,743,577.30 16.74 123,309,500.50 18.71 61.43% 70,684,326.90 7.14 64,756,212.50 8.39% 12.89 721,095.70 14.92 1.02% 313,466.70 13.57 836,619.20 17.79 1.18% 1,809,099.90 -19.15 2.56% 2,216,476.50 -2,292,662.00 3.14% 2,798,946.00 3.50 2,831,028.60 -0.35 113.74 61.43 7.16 1.39 0.84 3.25 252,539.09 11.38 12624.06 469.59 175.58 May/06 6,722.00 1,805.00 26.85% 445,969.00 9,088,868.60 24.99 9,613,321.10 -0.31 85,364,534.80 12.02 76,209,382.90 19.10 205,046,864.30 16.12 126,610,227.20 17.91 61.75% 92,683,269.30 9.55 84,187,359.40 9.17% 13.94 959,025.00 20.44 1.03% 409,225.30 5.12 1,075,861.80 18.94 1.16% 2,404,363.80 -14.10 2.59% 3,558,516.60 -2,124,604.40 3.84% 2,844,202.00 3.84 3,862,343.70 5.75 113.34 61.75 8.04 2.20 1.09 4.02 325,867.39 11.26 16268.49 522.23 218.74 Jun/06 6,795.00 1,752.00 25.78% 435,236.70 9,468,122.00 26.77 9,820,299.70 0.30 87,127,316.50 13.06 77,711,545.60 22.07 208,769,869.30 16.42 129,361,768.30 18.60 61.96% 117,811,414.50 14.10 106,503,454.20 9.60% 17.37 1,224,631.90 23.25 1.04% 517,783.60 14.04 1,296,589.20 19.54 1.10% 3,032,196.00 -9.18 2.57% 5,285,893.20 -1,326,515.40 4.49% 2,864,180.00 3.25 4,899,502.80 13.80 113.03 61.96 8.71 3.21 1.35 4.72 411,326.85 11.27 19946.96 566.90 265.00 Jul/06 6,825.00 1,716.00 25.14% 478,417.00 9,833,339.50 31.75 10,455,904.60 11.09 88,237,159.60 12.69 79,310,893.30 23.38 212,361,310.20 16.99 131,588,987.30 18.10 61.96% 139,271,521.70 14.92 125,509,827.30 9.88% 16.96 1,486,799.30 27.46 1.07% 598,011.40 10.88 1,580,713.10 29.93 1.13% 3,613,761.50 -5.94 2.59% 6,572,216.40 -816,650.50 4.72% 2,887,417.00 3.80 5,694,191.10 13.05 115.23 61.96 8.81 3.92 1.58 4.97 482,339.48 11.85 23603.65 583.03 278.44 Aug/06 6,853.00 1,736.00 25.33% 528,119.60 10,172,540.70 31.03 10,617,197.80 13.08 89,865,091.80 13.87 78,844,278.90 22.61 215,928,009.00 17.66 133,578,148.40 19.32 61.86% 162,007,446.20 15.21 145,825,669.60 9.99% 16.74 1,693,706.60 27.29 1.05% 709,413.10 14.14 1,839,936.60 31.13 1.14% 4,188,351.50 -3.14 2.59% 7,885,180.90 -198,250.30 4.87% 2,952,432.00 5.57 6,552,379.20 13.04 115.06 61.86 8.96 4.67 1.80 5.14 548,725.41 11.81 27250.63 593.81 289.36 Sep/06 6,889.00 1,740.00 25.26% 575,124.80 10,157,192.10 28.78 10,617,755.10 10.37 91,101,344.00 14.43 80,140,798.20 24.12 219,654,309.40 17.80 136,457,308.40 20.04 62.12% 185,232,193.00 16.44 166,313,805.60 10.21% 17.32 1,956,354.90 28.56 1.06% 811,502.70 13.31 2,074,284.80 30.18 1.12% 4,757,755.30 -2.85 2.57% 9,264,405.80 515,601.20 5.00% 2,914,559.00 3.03 7,428,653.70 15.68 114.29 62.12 9.10 5.41 2.03 5.29 635,541.06 11.65 30843.78 613.36 300.37 Oct/06 6,924.00 1,710.00 24.70% 589,506.00 10,729,199.30 27.46 11,076,551.30 9.00 91,431,840.30 13.75 80,826,522.80 24.05 221,712,170.30 17.43 137,240,488.00 19.14 61.90% 208,602,787.30 17.77 187,365,449.60 10.18% 18.15 2,215,036.90 28.48 1.06% 894,271.40 17.23 2,329,543.20 31.81 1.12% 5,357,743.20 -0.18 2.57% 10,466,775.20 1,244,668.70 5.02% 2,910,643.00 3.32 8,261,732.50 16.59 114.74 61.90 9.06 6.08 2.28 5.31 716,689.70 12.11 34614.01 613.55 302.39 Nov/06 6,908.00 1,661.00 24.04% 621,197.60 11,070,494.10 28.55 11,474,606.60 14.76 92,040,040.00 12.80 81,524,589.90 22.74 223,564,325.30 17.13 138,059,399.40 19.27 61.75% 230,762,367.40 18.63 207,121,266.90 10.24% 18.74 2,515,973.10 30.09 1.09% 1,000,131.70 19.36 2,601,020.20 34.65 1.13% 5,994,462.30 4.26 2.60% 11,676,827.20 1,960,539.30 5.06% 2,909,685.00 3.63 9,066,925.40 18.47 113.84 61.75 9.00 6.73 2.51 5.35 793,083.68 12.47 38153.85 619.63 306.05 Dec/06 6,959.00 1,550.00 22.27% 627,553.60 10,429,750.40 19.96 10,733,900.70 15.10 93,041,036.50 16.82 83,968,354.60 23.13 227,994,710.60 18.82 139,578,757.10 19.58 61.22% 257,289,826.80 19.70 230,820,907.10 10.29% 19.39 2,809,286.40 32.02 1.09% 1,141,439.00 15.41 2,929,887.60 39.50 1.14% 6,740,782.60 7.62 2.62% 13,479,461.90 3,160,352.30 5.24% 2,933,933.00 3.82 10,204,377.20 19.91 117.65 61.22 9.29 7.62 2.77 5.54 876,945.13 11.54 42266.03 626.25 318.92 Feb/07 6,891.00 1,645.00 23.87% 167,871.70 9,698,566.60 20.18 11,688,847.40 18.81 100,060,879.50 21.29 90,681,813.70 22.34 236,585,813.10 21.59 145,818,306.80 22.14 61.63% 44,177,502.70 45.63 39,501,195.60 10.59% 40.67 503,502.50 54.81 1.14% 212,454.10 45.07 548,072.00 43.16 1.24% 1,082,369.20 23.31 2.45% 2,324,243.70 1,822,558.00 5.26% 2,888,716.00 5.52 1,862,014.60 48.80 120.71 61.63 0.00 1.22 0.44 5.58 152,931.28 11.68 7425.42 629.77 313.01 May/07 7,074.00 1,443.00 20.40% 265,390.20 11,173,503.10 23.03 12,726,408.80 31.30 106,325,182.30 25.54 92,559,144.20 22.34 252,124,659.60 23.33 156,142,374.70 23.47 61.93% 129,205,197.70 41.54 115,003,746.70 10.99% 38.46 1,444,916.20 51.22 1.12% 589,112.30 47.56 1,547,265.20 43.73 1.20% 3,115,595.30 28.84 2.41% 7,711,907.80 4,203,018.70 5.97% 2,944,968.00 4.99 5,268,739.10 37.24 123.09 61.93 0.00 3.88 1.22 6.37 438,732.09 11.97 19562.04 725.97 394.23 Aug/07 7,181.00 1,369.00 19.06% 382,466.10 11,535,422.30 14.67 13,480,148.20 27.50 113,080,742.30 27.94 94,848,403.30 20.22 267,391,191.80 24.13 166,414,374.30 24.65 62.24% 220,570,318.60 38.00 196,477,752.30 10.92% 36.73 2,410,267.70 41.77 1.09% 1,043,667.80 53.24 2,586,894.70 41.71 1.17% 5,521,095.60 30.44 2.50% 12,450,522.20 4,614,318.80 5.64% 2,981,492.00 4.46 8,920,003.90 37.94 123.28 62.24 0.00 5.99 1.95 6.01 739,798.46 11.92 32052.54 751.66 388.44 Nov/07 7,373.00 1,241.00 16.83% 489,610.20 12,371,270.30 15.68 14,955,338.60 29.94 118,350,709.90 29.62 100,311,788.10 22.51 288,149,541.70 28.08 177,870,975.00 28.24 61.73% 316,049,408.30 37.70 282,384,458.30 10.65% 37.02 3,442,187.10 33.89 1.09% 1,567,137.50 56.82 3,755,787.40 44.05 1.19% 7,782,807.10 27.97 2.46% 17,315,958.70 5,550,660.50 5.48% 3,112,074.00 7.62 12,794,036.70 42.48 127.81 61.73 0.00 7.92 2.67 5.82 1,015,558.78 12.64 44783.18 751.73 386.66 Feb/08 7,033.00 1,555.00 22.11% 320,168.30 12,842,796.30 37.73 14,971,144.10 33.57 132,334,300.20 34.62 0.00 0.00 300,662,705.50 29.54 186,463,003.20 32.45 62.02% 60,166,199.30 38.67 54,165,089.40 9.97% 40.04 621,156.90 17.82 1.03% 295,370.10 35.47 817,998.00 50.91 1.36% 1,523,314.20 43.16 2.53% 2,606,069.60 283,032.50 4.33% 3,016,740.00 7.69 2,347,299.60 26.11 125.05 62.02 0.00 11.82 2.73 4.56 1,196,646.70 11.31 7944.76 755.35 328.02 May/08 7,151.00 1,260.00 17.62% 359,533.50 13,789,559.30 25.04 17,909,049.90 46.50 144,796,290.40 38.90 0.00 0.00 332,216,888.00 33.63 210,884,195.00 36.79 63.48% 183,603,676.20 43.99 165,583,266.70 9.81% 46.32 1,993,738.90 18.25 1.09% 911,250.00 61.98 2,310,538.80 51.23 1.26% 4,445,695.20 43.65 2.42% 9,708,514.00 1,980,915.90 5.29% 3,004,902.00 4.54 7,020,198.20 34.66 128.48 63.48 0.00 6.70 1.27 5.57 611,013.86 12.37 21611.28 833.84 449.23 Aug/08 7,249.00 1,296.00 17.88% 574,538.60 15,951,426.80 41.25 21,974,422.00 69.49 151,743,280.80 36.72 0.00 0.00 351,528,674.60 33.38 223,093,712.20 35.69 63.46% 318,166,357.00 45.58 284,426,890.10 10.60% 46.03 3,414,355.30 24.12 1.07% 1,576,826.30 54.39 3,787,079.60 47.68 1.19% 7,368,498.80 34.67 2.32% 16,332,998.40 3,910,483.00 5.13% 3,074,133.00 5.72 11,475,266.90 30.51 129.55 63.46 0.00 10.76 2.10 5.46 1,034,979.15 14.48 35109.20 960.99 465.21 Nov/08 7,392.00 1,737.00 23.50% 1,870,742.10 15,857,625.30 31.13 20,805,461.70 42.92 150,621,235.50 29.55 0.00 0.00 353,392,744.10 23.61 226,411,873.40 28.89 64.07% 420,803,024.60 34.50 384,431,971.40 8.64% 37.44 4,588,022.00 19.40 1.09% 2,139,929.50 42.55 5,280,358.50 41.34 1.25% 9,592,980.00 24.38 2.28% 14,749,979.20 -2,342,433.70 3.51% 3,065,754.00 3.97 14,091,353.80 12.10 115.19 64.07 0.00 9.79 2.79 3.65 1,372,592.27 13.81 46296.19 785.62 318.60 Feb/09 7,410.00 2,367.00 31.94% 1,275,048.20 12,913,541.50 0.71 17,480,121.90 20.08 147,862,157.00 12.82 0.00 0.00 351,731,181.40 17.95 223,637,229.00 21.84 63.58% 52,772,272.20 -11.86 49,761,382.00 5.71% -7.65 553,692.50 -20.38 1.05% 192,968.20 -33.16 793,890.40 -5.35 1.50% 1,417,770.00 -6.16 2.69% -76,902.10 -2,628,622.60 -0.15% 2,928,019.00 2.18 0.00 0.00 111.73 63.58 0.00 -0.05 0.36 -0.15 180,232.00 11.82 8161.48 368.91 -9.42 May/09 7,561.00 2,541.00 33.61% 2,966,347.50 14,174,486.40 3.61 16,606,397.80 -6.77 149,917,173.00 3.32 0.00 0.00 364,260,129.30 10.41 234,013,914.30 12.15 64.24% 149,889,134.00 -17.43 141,972,474.20 5.28% -13.29 1,406,799.80 -22.66 0.94% 481,570.60 -44.87 1,982,301.00 -13.09 1.32% 3,834,880.00 -11.31 2.56% 264,198.80 -9,265,965.80 0.18% 2,990,211.00 1.27 0.00 0.00 107.41 64.24 0.00 0.00 2.40 0.18 501,266.08 11.08 21719.08 364.50 12.16 行业盈利情况 亏损面 国内钢材价格 &A Page &P 毛利率 利润率 期现分析 吨钢毛利 吨钢利润 原料价格 螺纹钢25mm 线材25mm 热轧3mm 冷轧1mm 中厚板20mm 出口价格(美元/吨) 综合指数 长材指数 板材指数 长材和板材指数 日期 北京 上海 武汉 全国均价 北京 上海 武汉 全国均价 北京 上海 武汉 全国均价 北京 上海 武汉 全国均价 北京 上海 武汉 全国均价 时间 螺纹 线材 热轧 冷轧 时间 本周 上周 周环比 上月度 与上月比 去年同期 同比 时间 本周 上周 周环比 上月度 与上月比 去年同期 同比 时间 本周 上周 周环比 上月度 与上月比 去年同期 同比 时间 长材指数 板材指数 3/Jan/03 2300 2410 2520 2436 2340 2520 2650 2471 3250 3350 3450 3312 4700 4750 4660 4713 3280 3430 3260 3235 9/Jun/06 425 445 580 630 1/Jan/98 100 100 0.00% 100 0.00% 107 -6.50% 19980101 105 106 -0.90% 106 -0.90% 112 -6.20% 19980101 94 93 1.10% 93 1.10% 100 -6.00% 19980101 105 94 6/Jan/03 2340 2420 2520 2445 2370 2520 2650 2477 3250 3350 3450 3312 4800 4750 4660 4758 3280 3430 3280 3239 16/Jun/06 425 455 580 650 1/Feb/98 98 100 -2.00% 100 -2.00% 107 -8.40% 19980201 103 105 -1.90% 105 -1.90% 112 -8.00% 19980201 91 94 -3.20% 94 -3.20% 100 -9.00% 19980201 103 91 7/Jan/03 2340 2420 2520 2449 2370 2520 2650 2477 3250 3350 3520 3332 4700 4750 4660 4713 3280 3430 3350 3245 23/Jun/06 425 455 580 680 1/Mar/98 98 98 0.00% 98 0.00% 107 -8.40% 19980301 103 103 0.00% 103 0.00% 111 -7.20% 19980301 91 91 0.00% 91 0.00% 102 -10.80% 19980301 103 91 8/Jan/03 2340 2420 2450 2448 2370 2520 2580 2475 3250 3350 3520 3332 4800 4750 4660 4758 3280 3430 3320 3261 30/Jun/06 430 458 580 680 1/Apr/98 96 98 -2.00% 98 -2.00% 106 -9.40% 19980401 100 103 -2.90% 103 -2.90% 110 -9.10% 19980401 88 91 -3.30% 91 -3.30% 100 -12.00% 19980401 100 88 9/Jan/03 2380 2420 2450 2452 2380 2520 2580 2475 3400 3350 3520 3355 4800 4800 4720 4788 3280 3460 3320 3268 7/Jul/06 425 455 580 680 1/May/98 95 96 -1.00% 96 -1.00% 106 -10.40% 19980501 100 100 0.00% 100 0.00% 110 -9.10% 19980501 88 88 0.00% 88 0.00% 100 -12.00% 19980501 100 88 10/Jan/03 2380 2420 2450 2452 2380 2520 2580 2475 3400 3350 3520 3391 4800 4820 4720 4790 3280 3460 3320 3268 14/Jul/06 420 430 570 650 1/Jun/98 94 95 -1.10% 95 -1.10% 104 -9.60% 19980601 98 100 -2.00% 100 -2.00% 110 -10.90% 19980601 87 88 -1.10% 88 -1.10% 98 -11.20% 19980601 98 87 13/Jan/03 2400 2450 2450 2463 2450 2520 2580 2495 3400 3500 3520 3409 4800 4820 4720 4795 3350 3430 3320 3294 21/Jul/06 410 420 530 630 1/Jul/98 92 94 -2.10% 94 -2.10% 103 -10.70% 19980701 97 98 -1.00% 98 -1.00% 108 -10.20% 19980701 86 87 -1.10% 87 -1.10% 97 -11.30% 19980701 97 86 14/Jan/03 2400 2470 2450 2465 2450 2520 2580 2495 3400 3500 3600 3424 4800 4820 4750 4818 3350 3430 3320 3303 28/Jul/06 395 400 495 600 1/Aug/98 91 92 -1.10% 92 -1.10% 102 -10.80% 19980801 96 97 -1.00% 97 -1.00% 107 -10.30% 19980801 85 86 -1.20% 86 -1.20% 96 -11.50% 19980801 96 85 15/Jan/03 2420 2480 2450 2467 2450 2540 2580 2500 3400 3500 3600 3428 4800 4900 4750 4835 3350 3420 3400 3325 4/Aug/06 380 395 475 580 1/Sep/98 91 91 0.00% 91 0.00% 102 -10.80% 19980901 96 96 0.00% 96 0.00% 107 -10.30% 19980901 84 85 -1.20% 85 -1.20% 94 -10.60% 19980901 96 84 16/Jan/03 2450 2480 2500 2475 2480 2540 2580 2503 3400 3500 3600 3428 4800 4900 4750 4844 3350 3420 3400 3330 11/Aug/06 385 395 480 570 1/Oct/98 91 91 0.00% 91 0.00% 101 -9.90% 19981001 96 96 0.00% 96 0.00% 106 -9.40% 19981001 83 84 -1.20% 84 -1.20% 94 -11.70% 19981001 96 83 17/Jan/03 2450 2500 2500 2481 2480 2540 2580 2505 3400 3500 3600 3450 4800 4900 4750 4860 3400 3420 3400 3348 25/Aug/06 390 400 485 575 1/Nov/98 91 91 0.00% 91 0.00% 101 -9.90% 19981101 96 96 0.00% 96 0.00% 106 -9.40% 19981101 83 83 0.00% 83 0.00% 94 -11.70% 19981101 96 83 20/Jan/03 2500 2520 2500 2497 2520 2540 2580 2517 3400 3500 3700 3459 4800 4900 4750 4869 3400 3520 3400 3387 1/Sep/06 400 410 485 580 1/Dec/98 89 91 -2.20% 91 -2.20% 100 -11.00% 19981201 94 96 -2.10% 96 -2.10% 106 -11.30% 19981201 82 83 -1.20% 83 -1.20% 93 -11.80% 19981201 94 82 21/Jan/03 2500 2520 2500 2502 2520 2540 2600 2530 3400 3500 3700 3466 4800 4900 4910 4900 3400 3520 3500 3396 8/Sep/06 390 400 485 580 1/Jan/99 89 89 0.00% 89 0.00% 100 -11.00% 19990101 93 94 -1.10% 94 -1.10% 105 -11.40% 19990101 85 82 3.70% 82 3.70% 94 -9.60% 19990101 93 85 22/Jan/03 2500 2530 2500 2514 2520 2560 2600 2538 3400 3500 3700 3459 4900 4900 4910 4909 3500 3520 3500 3432 15/Sep/06 390 400 485 580 1/Feb/99 90 89 1.10% 89 1.10% 98 -8.20% 19990201 93 93 0.00% 93 0.00% 103 -9.70% 19990201 85 85 0.00% 85 0.00% 91 -6.60% 19990201 93 85 23/Jan/03 2560 2550 2540 2535 2550 2560 2600 2549 3400 3500 3700 3466 4900 4900 4910 4918 3500 3520 3500 3436 22/Sep/06 410 415 475 570 1/Mar/99 89 90 -1.10% 90 -1.10% 98 -9.20% 19990301 92 93 -1.10% 93 -1.10% 103 -10.70% 19990301 84 85 -1.20% 85 -1.20% 91 -7.70% 19990301 92 84 24/Jan/03 2560 2570 2540 2540 2550 2560 2600 2549 3450 3500 3700 3496 4900 4900 4910 4947 3500 3520 3500 3439 29/Sep/06 400 410 485 580 1/Apr/99 88 89 -1.10% 89 -1.10% 96 -8.30% 19990401 92 92 0.00% 92 0.00% 100 -8.00% 19990401 84 84 0.00% 84 0.00% 88 -4.50% 19990401 92 84 27/Jan/03 2560 2590 2540 2546 2580 2560 2600 2555 3450 3500 3700 3496 4900 4900 4910 4947 3500 3530 3550 3454 13/Oct/06 390 405 485 570 1/May/99 89 88 1.10% 88 1.10% 95 -6.30% 19990501 92 92 0.00% 92 0.00% 100 -8.00% 19990501 85 84 1.20% 84 1.20% 88 -3.40% 19990501 92 85 28/Jan/03 2560 2590 2610 2553 2580 2560 2600 2555 3450 3500 3700 3496 4900 4900 4910 4947 3500 3530 3550 3456 20/Oct/06 395 405 485 570 1/Jun/99 89 89 0.00% 89 0.00% 94 -5.30% 19990601 91 92 -1.10% 92 -1.10% 98 -7.10% 19990601 85 85 0.00% 85 0.00% 87 -2.30% 19990601 91 85 29/Jan/03 2560 2590 2610 2553 2580 2560 2600 2555 3450 3500 3700 3496 4900 4900 4910 4947 3500 3530 3550 3456 27/Oct/06 395 410 480 570 1/Jul/99 88 89 -1.10% 89 -1.10% 92 -4.30% 19990701 90 91 -1.10% 91 -1.10% 97 -7.20% 19990701 86 85 1.20% 85 1.20% 86 0.00% 19990701 90 86 10/Feb/03 2610 2620 2610 2605 2620 2600 2640 2606 3480 3550 3800 3531 4980 4980 4910 4989 3550 3600 3580 3522 3/Nov/06 405 415 485 580 1/Aug/99 87 88 -1.10% 88 -1.10% 91 -4.40% 19990801 88 90 -2.20% 90 -2.20% 96 -8.30% 19990801 85 86 -1.20% 86 -1.20% 85 0.00% 19990801 88 85 11/Feb/03 2610 2620 2610 2615 2620 2600 2640 2606 3480 3550 3800 3529 4980 4980 4910 5000 3550 3600 3580 3526 10/Nov/06 405 415 480 580 1/Sep/99 87 87 0.00% 87 0.00% 91 -4.40% 19990901 88 88 0.00% 88 0.00% 96 -8.30% 19990901 86 85 1.20% 85 1.20% 84 2.40% 19990901 88 86 12/Feb/03 2610 2620 2710 2627 2620 2640 2650 2621 3480 3550 3800 3529 4980 4980 4910 5000 3550 3650 3580 3538 17/Nov/06 400 410 480 580 1/Oct/99 86 87 -1.10% 87 -1.10% 91 -5.50% 19991001 87 88 -1.10% 88 -1.10% 96 -9.40% 19991001 84 86 -2.30% 86 -2.30% 83 1.20% 19991001 87 84 13/Feb/03 2610 2620 2710 2638 2620 2640 2650 2638 3480 3550 3800 3529 5000 4980 4910 5002 3550 3650 3580 3565 24/Nov/06 400 410 485 585 1/Nov/99 87 86 1.20% 86 1.20% 91 -4.40% 19991101 87 87 0.00% 87 0.00% 96 -9.40% 19991101 88 84 4.80% 84 4.80% 83 6.00% 19991101 87 88 14/Feb/03 2610 2620 2710 2638 2680 2640 2650 2648 3480 3550 3800 3529 5000 4980 4910 5002 3730 3650 3680 3614 1/Dec/06 410 415 490 590 1/Dec/99 87 87 0.00% 87 0.00% 89 -2.20% 19991201 87 87 0.00% 87 0.00% 94 -7.40% 19991201 87 88 -1.10% 88 -1.10% 82 6.10% 19991201 87 87 17/Feb/03 2680 2620 2710 2663 2680 2640 2650 2659 3480 3550 3800 3529 5000 4980 4910 5002 3750 3650 3680 3627 8/Dec/06 410 415 490 590 20000107 0 0 ? 87 -100.00% 89 -100.00% 20000107 0 0 ? 87 -100.00% 93 -100.00% 20000107 0 0 ? 87 -100.00% 85 -100.00% 20000107 0 0 18/Feb/03 2680 2590 2710 2663 2680 2620 2660 2660 3480 3550 3800 3531 5000 4980 4910 5002 3750 3650 3680 3643 15/Dec/06 410 415 490 590 20000114 0 0 ? 87 -100.00% 89 -100.00% 20000114 0 0 ? 87 -100.00% 93 -100.00% 20000114 0 0 ? 87 -100.00% 85 -100.00% 20000114 0 0 19/Feb/03 2680 2590 2710 2677 2680 2620 2660 2662 3480 3550 3800 3529 5000 4980 4910 5002 3750 3650 3700 3645 22/Dec/06 410 415 475 570 20000121 0 0 ? 87 -100.00% 89 -100.00% 20000121 0 0 ? 87 -100.00% 93 -100.00% 20000121 0 0 ? 87 -100.00% 85 -100.00% 20000121 0 0 20/Feb/03 2680 2590 2710 2680 2680 2620 2660 2665 3480 3550 3800 3529 5000 4980 4910 5017 3750 3650 3700 3663 5/Jan/07 410 415 485 580 20000128 88 0 87 1.10% 90 -2.20% 20000128 85 0 ∞% 87 -2.30% 93 -8.60% 20000128 90 0 ∞% 87 3.40% 85 5.90% 20000128 85 90 21/Feb/03 2680 2650 2710 2698 2680 2630 2660 2675 3480 3550 3800 3531 5000 4980 4910 5027 3750 3650 3700 3663 12/Jan/07 415 420 485 580 20000204 0 88 -100.00% 88 -100.00% 90 -100.00% 20000204 0 85 -100.00% 85 -100.00% 93 -100.00% 20000204 0 90 -100.00% 90 -100.00% 85 -100.00% 20000204 0 0 24/Feb/03 2680 2630 2710 2689 2680 2630 2660 2672 3480 3550 3800 3536 5000 4980 4960 5039 3750 3650 3700 3663 19/Jan/07 415 420 490 585 20000211 0 0 ? 88 -100.00% 90 -100.00% 20000211 0 0 ? 85 -100.00% 93 -100.00% 20000211 0 0 ? 90 -100.00% 85 -100.00% 20000211 0 0 25/Feb/03 2680 2590 2710 2685 2680 2720 2670 2686 3480 3520 3800 3539 5000 4980 4960 5039 3750 3650 3800 3679 26/Jan/07 420 425 490 585 20000218 0 0 ? 88 -100.00% 90 -100.00% 20000218 0 0 ? 85 -100.00% 93 -100.00% 20000218 0 0 ? 90 -100.00% 85 -100.00% 20000218 0 0 26/Feb/03 2710 2590 2700 2685 2710 2720 2650 2691 3480 3520 3800 3553 5000 4980 4960 5048 3750 3650 3800 3697 2/Feb/07 430 435 495 595 20000225 88 0 88 0.00% 90 -2.20% 20000225 86 0 ∞% 85 1.20% 93 -7.50% 20000225 92 0 ∞% 90 2.20% 85 8.20% 20000225 86 92 27/Feb/03 2710 2590 2700 2685 2710 2720 2650 2691 3450 3500 3800 3552 5000 4980 4960 5048 3750 3650 3800 3697 9/Feb/07 435 440 500 595 20000303 0 88 -100.00% 88 -100.00% 89 -100.00% 20000303 0 86 -100.00% 86 -100.00% 92 -100.00% 20000303 0 92 -100.00% 92 -100.00% 84 -100.00% 20000303 0 0 28/Feb/03 2710 2590 2700 2685 2710 2720 2650 2693 3450 3500 3800 3550 5000 4980 5010 5053 3750 3650 3800 3697 16/Feb/07 435 440 500 595 20000310 0 0 ? 88 -100.00% 89 -100.00% 20000310 0 0 ? 86 -100.00% 92 -100.00% 20000310 0 0 ? 92 -100.00% 84 -100.00% 20000310 0 0 3/Mar/03 2710 2590 2700 2680 2710 2720 2680 2688 3450 3500 3800 3550 5000 4980 5010 5053 3750 3640 3800 3703 2/Mar/07 435 440 520 600 20000317 0 0 ? 88 -100.00% 89 -100.00% 20000317 0 0 ? 86 -100.00% 92 -100.00% 20000317 0 0 ? 92 -100.00% 84 -100.00% 20000317 0 0 4/Mar/03 2710 2590 2590 2670 2710 2720 2680 2688 3450 3500 3800 3545 5000 4950 5010 5041 3750 3640 3800 3700 9/Mar/07 435 440 520 600 20000324 106 0 88 20.50% 89 19.10% 20000324 86 0 ∞% 86 0.00% 92 -6.50% 20000324 98 0 ∞% 92 6.50% 84 16.70% 20000324 86 98 5/Mar/03 2710 2590 2590 2670 2710 2720 2680 2688 3450 3500 3800 3538 5000 4950 5010 5036 3750 3640 3780 3698 16/Mar/07 440 445 530 610 20000331 0 106 -100.00% 106 -100.00% 88 -100.00% 20000331 0 86 -100.00% 86 -100.00% 92 -100.00% 20000331 0 98 -100.00% 98 -100.00% 84 -100.00% 20000331 0 0 6/Mar/03 2710 2590 2590 2670 2710 2720 2680 2688 3450 3460 3800 3530 5050 4920 5010 5034 3670 3620 3780 3689 23/Mar/07 440 445 530 610 20000407 0 0 ? 106 -100.00% 88 -100.00% 20000407 0 0 ? 86 -100.00% 92 -100.00% 20000407 0 0 ? 98 -100.00% 84 -100.00% 20000407 0 0 7/Mar/03 2710 2590 2590 2670 2710 2720 2680 2688 3450 3460 3800 3530 5050 4920 5010 5034 3670 3620 3780 3689 30/Mar/07 445 450 530 610 20000414 0 0 ? 106 -100.00% 88 -100.00% 20000414 0 0 ? 86 -100.00% 92 -100.00% 20000414 0 0 ? 98 -100.00% 84 -100.00% 20000414 0 0 10/Mar/03 2710 2590 2590 2670 2710 2720 2680 2686 3450 3400 3770 3508 5050 4920 5010 5034 3670 3620 3780 3687 6/Apr/07 455 460 530 610 20000421 0 0 ? 106 -100.00% 88 -100.00% 20000421 0 0 ? 86 -100.00% 92 -100.00% 20000421 0 0 ? 98 -100.00% 84 -100.00% 20000421 0 0 11/Mar/03 2710 2590 2590 2670 2710 2720 2680 2686 3400 3400 3750 3481 5050 4920 5010 5034 3670 3620 3780 3678 13/Apr/07 465 470 540 620 20000428 103 0 106 -2.80% 89 15.70% 20000428 113 0 ∞% 86 31.40% 92 22.80% 20000428 100 0 ∞% 98 2.00% 85 17.60% 20000428 113 100 12/Mar/03 2710 2590 2690 2679 2710 2720 2680 2685 3400 3350 3750 3471 5050 4920 5010 5034 3670 3620 3780 3664 20/Apr/07 470 480 540 620 20000505 0 103 -100.00% 103 -100.00% 89 -100.00% 20000505 0 113 -100.00% 113 -100.00% 92 -100.00% 20000505 0 100 -100.00% 100 -100.00% 85 -100.00% 20000505 0 0 13/Mar/03 2680 2590 2690 2675 2690 2680 2680 2671 3400 3350 3700 3466 5050 4880 5010 5030 3670 3540 3750 3654 27/Apr/07 510 500 560 620 20000512 0 0 ? 103 -100.00% 89 -100.00% 20000512 0 0 ? 113 -100.00% 92 -100.00% 20000512 0 0 ? 100 -100.00% 85 -100.00% 20000512 0 0 14/Mar/03 2680 2580 2690 2667 2690 2680 2680 2665 3400 3350 3700 3466 5050 4880 5010 5027 3670 3540 3700 3641 11/May/07 510 500 560 620 20000519 0 0 ? 103 -100.00% 89 -100.00% 20000519 0 0 ? 113 -100.00% 92 -100.00% 20000519 0 0 ? 100 -100.00% 85 -100.00% 20000519 0 0 17/Mar/03 2680 2570 2690 2658 2690 2680 2680 2663 3400 3350 3700 3466 5050 4880 5010 5027 3640 3540 3700 3638 18/May/07 500 495 570 620 20000526 101 0 103 -1.90% 89 13.50% 20000526 106 0 ∞% 113 -6.20% 92 15.20% 20000526 101 0 ∞% 100 1.00% 85 18.80% 20000526 106 101 18/Mar/03 2680 2550 2580 2646 2690 2680 2680 2661 3400 3250 3700 3450 5050 4850 4960 5005 3640 3540 3700 3638 25/May/07 510 505 570 620 20000602 0 101 -100.00% 101 -100.00% 89 -100.00% 20000602 0 106 -100.00% 106 -100.00% 91 -100.00% 20000602 0 101 -100.00% 101 -100.00% 85 -100.00% 20000602 0 0 19/Mar/03 2680 2550 2580 2646 2690 2660 2680 2656 3400 3250 3700 3435 5000 4850 4960 4975 3640 3540 3700 3638 1/Jun/07 520 525 580 630 20000609 0 0 ? 101 -100.00% 89 -100.00% 20000609 0 0 ? 106 -100.00% 91 -100.00% 20000609 0 0 ? 101 -100.00% 85 -100.00% 20000609 0 0 20/Mar/03 2680 2550 2580 2648 2660 2660 2680 2649 3320 3250 3680 3411 5000 4850 4960 4975 3640 3520 3700 3636 8/Jun/07 520 525 580 630 20000616 0 0 ? 101 -100.00% 89 -100.00% 20000616 0 0 ? 106 -100.00% 91 -100.00% 20000616 0 0 ? 101 -100.00% 85 -100.00% 20000616 0 0 21/Mar/03 2680 2550 2580 2651 2660 2660 2680 2649 3320 3250 3680 3411 5000 4850 4960 4964 3640 3520 3680 3635 15/Jun/07 520 525 580 630 20000623 100 0 101 -1.00% 89 12.40% 20000623 100 0 ∞% 106 -5.70% 91 9.90% 20000623 100 0 ∞% 101 -1.00% 85 17.60% 20000623 100 100 24/Mar/03 2660 2550 2580 2649 2640 2660 2680 2653 3320 3250 3650 3404 5000 4680 4940 4937 3640 3520 3680 3635 22/Jun/07 515 520 560 620 20000630 0 100 -100.00% 100 -100.00% 88 -100.00% 20000630 0 100 -100.00% 100 -100.00% 90 -100.00% 20000630 0 100 -100.00% 100 -100.00% 86 -100.00% 20000630 0 0 25/Mar/03 2660 2540 2580 2647 2620 2660 2680 2655 3300 3250 3650 3380 5000 4680 4900 4925 3640 3510 3680 3631 29/Jun/07 525 530 550 600 20000707 0 0 ? 100 -100.00% 88 -100.00% 20000707 0 0 ? 100 -100.00% 90 -100.00% 20000707 0 0 ? 100 -100.00% 86 -100.00% 20000707 0 0 26/Mar/03 2660 2540 2580 2645 2620 2640 2680 2654 3300 3250 3600 3373 5000 4680 4900 4922 3640 3490 3680 3627 6/Jul/07 520 520 550 630 20000714 0 0 ? 100 -100.00% 88 -100.00% 20000714 0 0 ? 100 -100.00% 90 -100.00% 20000714 0 0 ? 100 -100.00% 86 -100.00% 20000714 0 0 27/Mar/03 2660 2530 2580 2645 2660 2640 2680 2657 3300 3250 3600 3373 5000 4680 4900 4903 3640 3490 3650 3625 13/Jul/07 510 510 540 600 20000721 0 0 ? 100 -100.00% 88 -100.00% 20000721 0 0 ? 100 -100.00% 90 -100.00% 20000721 0 0 ? 100 -100.00% 86 -100.00% 20000721 0 0 28/Mar/03 2660 2520 2580 2666 2660 2640 2670 2653 3320 3250 3600 3382 4900 4680 4860 4879 3640 3490 3650 3625 20/Jul/07 510 510 540 600 20000728 100 0 100 0.00% 87 14.90% 20000728 100 0 ∞% 100 0.00% 88 13.60% 20000728 100 0 ∞% 100 0.00% 85 17.60% 20000728 100 100 31/Mar/03 2660 2520 2580 2666 2600 2640 2670 2674 3300 3250 3550 3353 4900 4680 4860 4879 3640 3460 3650 3611 27/Jul/07 510 510 525 595 20000804 100 100 0.00% 100 0.00% 87 14.90% 20000804 100 100 0.00% 100 0.00% 88 13.60% 20000804 100 100 0.00% 100 0.00% 85 17.60% 20000804 100 100 1/Apr/03 2660 2520 2580 2666 2600 2640 2670 2674 3300 3150 3550 3314 4900 4580 4820 4850 3640 3460 3650 3610 3/Aug/07 505 510 515 585 20000811 100 100 0.00% 100 0.00% 87 14.90% 20000811 100 100 0.00% 100 0.00% 88 13.60% 20000811 100 100 0.00% 100 0.00% 85 17.60% 20000811 100 100 2/Apr/03 2660 2520 2580 2666 2600 2640 2670 2674 3300 3000 3500 3275 4850 4530 4780 4816 3640 3440 3650 3605 10/Aug/07 505 510 525 590 20000818 100 100 0.00% 100 0.00% 87 14.90% 20000818 100 100 0.00% 100 0.00% 88 13.60% 20000818 100 100 0.00% 100 0.00% 85 17.60% 20000818 100 100 3/Apr/03 2660 2500 2580 2665 2600 2640 2670 2669 3300 3000 3500 3255 4850 4530 4780 4807 3640 3440 3650 3595 17/Aug/07 505 510 525 590 20000825 100 100 0.00% 100 0.00% 87 14.90% 20000825 100 100 0.00% 100 0.00% 88 13.60% 20000825 100 100 0.00% 100 0.00% 85 17.60% 20000825 100 100 4/Apr/03 2660 2490 2580 2665 2600 2640 2670 2671 3200 3000 3480 3217 4850 4530 4780 4816 3640 3390 3650 3603 24/Aug/07 545 540 525 590 20000901 100 100 0.00% 100 0.00% 87 14.90% 20000901 100 100 0.00% 100 0.00% 88 13.60% 20000901 100 100 0.00% 100 0.00% 86 16.30% 20000901 100 100 7/Apr/03 2660 2490 2580 2665 2600 2640 2670 2671 3200 3000 3480 3213 4850 4530 4780 4807 3640 3390 3650 3603 31/Aug/07 540 545 550 610 20000908 100 100 0.00% 100 0.00% 87 14.90% 20000908 100 100 0.00% 100 0.00% 88 13.60% 20000908 100 100 0.00% 100 0.00% 86 16.30% 20000908 100 100 8/Apr/03 2660 2480 2580 2659 2600 2640 2670 2671 3200 3000 3480 3217 4850 4460 4780 4801 3640 3390 3650 3603 7/Sep/07 545 555 555 630 20000915 100 100 0.00% 100 0.00% 87 14.90% 20000915 100 100 0.00% 100 0.00% 88 13.60% 20000915 101 100 1.00% 100 1.00% 86 17.40% 20000915 100 101 9/Apr/03 2660 2480 2580 2656 2600 2640 2670 2666 3200 3000 3480 3213 4850 4460 4750 4794 3640 3390 3650 3603 14/Sep/07 550 560 560 630 20000922 100 100 0.00% 100 0.00% 87 14.90% 20000922 100 100 0.00% 100 0.00% 88 13.60% 20000922 101 101 0.00% 100 1.00% 86 17.40% 20000922 100 101 10/Apr/03 2660 2480 2580 2655 2600 2640 2670 2665 3100 2970 3480 3171 4850 4380 4750 4768 3640 3390 3620 3600 21/Sep/07 550 560 555 610 20000929 100 100 0.00% 100 0.00% 86 16.30% 20000929 99 100 -1.00% 100 -1.00% 87 13.80% 20000929 101 101 0.00% 100 1.00% 84 20.20% 20000929 99 101 11/Apr/03 2660 2480 2580 2655 2600 2640 2670 2665 3100 2970 3480 3160 4800 4380 4730 4721 3640 3390 3620 3600 28/Sep/07 570 570 575 640 20001006 100 100 0.00% 100 0.00% 86 16.30% 20001006 99 99 0.00% 99 0.00% 87 13.80% 20001006 101 101 0.00% 101 0.00% 84 20.20% 20001006 99 101 14/Apr/03 2660 2500 2580 2636 2600 2640 2670 2646 3100 2970 3480 3155 4800 4380 4730 4721 3640 3380 3600 3596 12/Oct/07 585 590 580 640 20001013 100 100 0.00% 100 0.00% 86 16.30% 20001013 99 99 0.00% 99 0.00% 87 13.80% 20001013 101 101 0.00% 101 0.00% 84 20.20% 20001013 99 101 15/Apr/03 2660 2500 2580 2636 2600 2640 2670 2646 3100 2970 3480 3155 4750 4280 4680 4671 3600 3380 3600 3587 19/Oct/07 580 585 590 640 20001020 100 100 0.00% 100 0.00% 86 16.30% 20001020 99 99 0.00% 99 0.00% 87 13.80% 20001020 101 101 0.00% 101 0.00% 84 20.20% 20001020 99 101 16/Apr/03 2660 2500 2580 2635 2600 2640 2670 2651 2950 2970 3480 3045 4750 4280 4680 4671 3600 3380 3600 3583 26/Oct/07 570 575 595 645 20001027 100 100 0.00% 100 0.00% 86 16.30% 20001027 98 99 -1.00% 99 -1.00% 87 12.60% 20001027 101 101 0.00% 101 0.00% 84 20.20% 20001027 98 101 17/Apr/03 2660 2510 2580 2636 2600 2640 2670 2651 2950 2850 3400 3021 4750 4280 4680 4671 3600 3380 3580 3578 2/Nov/07 560 565 585 635 20001103 99 100 -1.00% 100 -1.00% 87 13.80% 20001103 98 98 0.00% 98 0.00% 87 12.60% 20001103 100 101 -1.00% 101 -1.00% 88 13.60% 20001103 98 100 18/Apr/03 2660 2510 2580 2634 2600 2640 2670 2646 2950 2850 3400 3021 4680 4180 4630 4622 3600 3380 3580 3578 9/Nov/07 560 565 585 635 20001110 99 99 0.00% 100 -1.00% 87 13.80% 20001110 97 98 -1.00% 98 -1.00% 87 11.50% 20001110 100 100 0.00% 101 -1.00% 88 13.60% 20001110 97 100 21/Apr/03 2670 2530 2580 2634 2600 2640 2670 2644 2950 2850 3400 3021 4680 4180 4630 4615 3600 3370 3560 3575 16/Nov/07 580 585 585 635 20001117 98 99 -1.00% 100 -2.00% 87 12.60% 20001117 97 97 0.00% 98 -1.00% 87 11.50% 20001117 100 100 0.00% 101 -1.00% 88 13.60% 20001117 97 100 22/Apr/03 2670 2530 2580 2634 2600 2640 2670 2644 2950 2850 3400 3021 4680 4180 4630 4622 3600 3370 3560 3575 23/Nov/07 570 575 580 630 20001124 98 98 0.00% 100 -2.00% 87 12.60% 20001124 96 97 -1.00% 98 -2.00% 87 10.30% 20001124 100 100 0.00% 101 -1.00% 88 13.60% 20001124 96 100 23/Apr/03 2670 2530 2580 2625 2600 2640 2670 2637 2850 2850 3350 2962 4680 4180 4630 4615 3600 3370 3560 3556 30/Nov/07 575 580 590 635 20001201 98 98 0.00% 98 0.00% 87 12.60% 20001201 96 96 0.00% 96 0.00% 87 10.30% 20001201 100 100 0.00% 100 0.00% 87 14.90% 20001201 96 100 24/Apr/03 2670 2530 2580 2625 2600 2640 2670 2637 2850 2850 3350 2950 4600 4100 4450 4527 3600 3370 3560 3554 7/Dec/07 590 595 615 650 20001208 97 98 -1.00% 98 -1.00% 87 11.50% 20001208 96 96 0.00% 96 0.00% 87 10.30% 20001208 99 100 -1.00% 100 -1.00% 87 13.80% 20001208 96 99 25/Apr/03 2670 2530 2580 2625 2600 2640 2640 2636 2850 2850 3350 2962 4600 4100 4400 4514 3600 3370 3560 3554 14/Dec/07 600 605 610 650 20001215 97 97 0.00% 98 -1.00% 87 11.50% 20001215 95 96 -1.00% 96 -1.00% 87 9.20% 20001215 99 99 0.00% 100 -1.00% 87 13.80% 20001215 95 99 28/Apr/03 2670 2540 2580 2625 2600 2640 2640 2633 2850 2850 3350 2950 4600 4100 4400 4514 3600 3370 3530 3551 21/Dec/07 595 600 615 650 20001222 97 97 0.00% 98 -1.00% 87 11.50% 20001222 94 95 -1.10% 96 -2.10% 87 8.00% 20001222 99 99 0.00% 100 -1.00% 87 13.80% 20001222 94 99 29/Apr/03 2670 2540 2580 2625 2600 2640 2640 2633 2850 2850 3350 2945 4600 4100 4300 4505 3600 3370 3500 3539 28/Dec/07 665 660 635 670 20001229 97 97 0.00% 98 -1.00% 0 20001229 94 94 0.00% 96 -2.10% 0 ∞% 20001229 99 99 0.00% 100 -1.00% 0 ∞% 20001229 94 99 30/Apr/03 2670 2540 2580 2625 2600 2640 2640 2635 2850 2850 3350 2931 4600 4100 4250 4455 3600 3370 3500 3539 4/Jan/08 675 680 650 680 20010105 95 97 -2.10% 97 -2.10% 0 20010105 94 94 0.00% 94 0.00% 0 ∞% 20010105 97 99 -2.00% 99 -2.00% 0 ∞% 20010105 94 97 6/May/03 2670 2570 2580 2633 2620 2660 2640 2642 2800 2850 3350 2897 4500 4150 4150 4377 3600 3370 3500 3539 11/Jan/08 675 680 685 710 20010112 94 95 -1.10% 97 -3.10% 0 20010112 94 94 0.00% 94 0.00% 0 ∞% 20010112 96 97 -1.00% 99 -3.00% 0 ∞% 20010112 94 96 7/May/03 2670 2600 2580 2637 2620 2680 2640 2644 2800 2850 3390 2899 4500 4150 4100 4373 3600 3390 3550 3545 18/Jan/08 705 695 710 740 20010119 94 94 0.00% 97 -3.10% 0 20010119 94 94 0.00% 94 0.00% 0 ∞% 20010119 96 96 0.00% 99 -3.00% 0 ∞% 20010119 94 96 8/May/03 2670 2620 2580 2642 2620 2680 2640 2645 2800 2850 3390 2899 4500 4150 4100 4366 3600 3390 3520 3543 25/Jan/08 700 695 695 740 20010126 94 94 0.00% 97 -3.10% 0 20010126 94 94 0.00% 94 0.00% 0 ∞% 20010126 96 96 0.00% 99 -3.00% 0 ∞% 20010126 94 96 9/May/03 2670 2620 2580 2644 2620 2680 2640 2647 2800 2850 3390 2885 4500 4150 4100 4339 3600 3390 3520 3543 1/Feb/08 700 695 695 740 20010202 95 94 1.10% 94 1.10% 0 20010202 95 94 1.10% 94 1.10% 0 ∞% 20010202 96 96 0.00% 96 0.00% 0 ∞% 20010202 95 96 12/May/03 2670 2650 2580 2655 2620 2700 2640 2662 2800 2850 3390 2890 4350 4150 4100 4325 3600 3390 3520 3545 15/Feb/08 735 730 745 800 20010209 95 95 0.00% 94 1.10% 0 20010209 95 95 0.00% 94 1.10% 0 ∞% 20010209 96 96 0.00% 96 0.00% 0 ∞% 20010209 95 96 13/May/03 2670 2680 2580 2663 2620 2700 2640 2662 2800 2850 3390 2890 4350 4150 4070 4275 3600 3420 3520 3548 22/Feb/08 760 750 750 800 20010216 95 95 0.00% 94 1.10% 0 20010216 96 95 1.10% 94 2.10% 0 ∞% 20010216 95 96 -1.00% 96 -1.00% 0 ∞% 20010216 96 95 14/May/03 2670 2680 2670 2673 2620 2700 2680 2665 2800 2850 3390 2885 4350 4150 4070 4275 3600 3420 3520 3548 29/Feb/08 770 760 770 820 20010223 96 95 1.10% 94 2.10% 88 9.10% 20010223 98 96 2.10% 94 4.30% 86 14.00% 20010223 95 95 0.00% 96 -1.00% 92 3.30% 20010223 98 95 15/May/03 2670 2680 2670 2679 2620 2700 2680 2670 2800 2850 3390 2885 4350 4150 4070 4275 3600 3420 3520 3548 7/Mar/08 770 760 780 830 20010302 96 96 0.00% 96 0.00% 0 20010302 98 98 0.00% 98 0.00% 0 ∞% 20010302 95 95 0.00% 95 0.00% 0 ∞% 20010302 98 95 16/May/03 2670 2680 2670 2681 2620 2700 2680 2671 2800 2850 3390 2885 4350 4150 4020 4245 3600 3420 3520 3548 14/Mar/08 800 805 830 880 20010309 96 96 0.00% 96 0.00% 0 20010309 98 98 0.00% 98 0.00% 0 ∞% 20010309 95 95 0.00% 95 0.00% 0 ∞% 20010309 98 95 19/May/03 2670 2700 2670 2690 2620 2700 2680 2674 2800 2850 3390 2885 4350 4150 4020 4236 3600 3420 3500 3546 21/Mar/08 820 825 860 950 20010316 96 96 0.00% 96 0.00% 0 20010316 99 98 1.00% 98 1.00% 0 ∞% 20010316 95 95 0.00% 95 0.00% 0 ∞% 20010316 99 95 20/May/03 2670 2700 2670 2693 2620 2700 2680 2679 2800 2850 3460 2892 4350 4150 4020 4232 3540 3420 3500 3541 28/Mar/08 820 825 860 960 20010323 96 96 0.00% 96 0.00% 106 -9.40% 20010323 99 99 0.00% 98 1.00% 86 15.10% 20010323 95 95 0.00% 95 0.00% 98 -3.10% 20010323 99 95 21/May/03 2670 2700 2670 2699 2620 2700 2680 2682 2800 2850 3460 2892 4350 4150 4020 4232 3540 3420 3500 3553 4/Apr/08 820 825 860 960 20010330 97 96 1.00% 96 1.00% 0 20010330 100 99 1.00% 98 2.00% 0 ∞% 20010330 94 95 -1.10% 95 -1.10% 0 ∞% 20010330 100 94 22/May/03 2670 2700 2670 2706 2620 2700 2680 2689 2800 2850 3460 2892 4350 4150 4020 4239 3540 3420 3500 3553 11/Apr/08 850 855 890 980 20010406 96 97 -1.00% 97 -1.00% 0 20010406 100 100 0.00% 100 0.00% 0 ∞% 20010406 94 94 0.00% 94 0.00% 0 ∞% 20010406 100 94 23/May/03 2670 2690 2670 2705 2620 2700 2680 2689 2800 2850 3460 2892 4350 4150 4020 4232 3540 3420 3500 3553 18/Apr/08 855 865 900 1050 20010413 96 96 0.00% 97 -1.00% 0 20010413 100 100 0.00% 100 0.00% 0 ∞% 20010413 94 94 0.00% 94 0.00% 0 ∞% 20010413 100 94 26/May/03 2700 2700 2670 2718 2640 2730 2680 2698 2800 2850 3460 2903 4350 4150 4020 4227 3540 3450 3530 3558 25/Apr/08 910 920 905 1050 20010420 96 96 0.00% 97 -1.00% 0 20010420 100 100 0.00% 100 0.00% 0 ∞% 20010420 94 94 0.00% 94 0.00% 0 ∞% 20010420 100 94 27/May/03 2700 2700 2670 2718 2640 2730 2680 2698 2800 2850 3460 2903 4350 4150 4020 4227 3540 3450 3530 3558 2/May/08 910 920 905 1050 20010427 96 96 0.00% 97 -1.00% 0 20010427 99 100 -1.00% 100 -1.00% 0 ∞% 20010427 94 94 0.00% 94 0.00% 0 ∞% 20010427 99 94 28/May/03 2700 2710 2670 2723 2640 2750 2680 2705 2800 2850 3450 2900 4350 4150 4000 4216 3540 3460 3530 3561 9/May/08 970 980 950 1070 20010504 96 96 0.00% 96 0.00% 0 20010504 99 99 0.00% 99 0.00% 0 ∞% 20010504 94 94 0.00% 94 0.00% 0 ∞% 20010504 99 94 29/May/03 2700 2710 2710 2732 2640 2750 2680 2715 2800 2850 3400 2898 4350 4070 4000 4200 3540 3460 3530 3558 16/May/08 975 985 960 1070 20010511 96 96 0.00% 96 0.00% 0 20010511 98 99 -1.00% 99 -1.00% 0 ∞% 20010511 94 94 0.00% 94 0.00% 0 ∞% 20010511 98 94 30/May/03 2700 2710 2710 2732 2640 2750 2720 2718 2800 2850 3400 2901 4350 4070 4000 4200 3540 3460 3530 3558 23/May/08 970 980 970 1070 20010518 95 96 -1.00% 96 -1.00% 0 20010518 98 98 0.00% 99 -1.00% 0 ∞% 20010518 93 94 -1.10% 94 -1.10% 0 ∞% 20010518 98 93 2/Jun/03 2740 2710 2710 2744 2670 2760 2720 2726 2800 2850 3400 2901 4350 4070 4000 4195 3540 3460 3550 3565 30/May/08 975 985 980 1080 20010525 95 95 0.00% 96 -1.00% 101 -5.90% 20010525 98 98 0.00% 99 -1.00% 106 -7.50% 20010525 93 93 0.00% 94 -1.10% 101 -7.90% 20010525 98 93 3/Jun/03 2740 2710 2710 2749 2680 2760 2720 2731 2800 2850 3400 2901 4300 4070 4000 4182 3540 3490 3550 3567 6/Jun/08 995 1005 1000 1100 20010601 94 95 -1.10% 95 -1.10% 0 20010601 97 98 -1.00% 98 -1.00% 0 ∞% 20010601 93 93 0.00% 93 0.00% 0 ∞% 20010601 97 93 4/Jun/03 2760 2710 2710 2757 2680 2760 2720 2731 2850 2850 3400 2915 4300 4050 4000 4175 3540 3490 3550 3567 13/Jun/08 1020 1050 1100 1200 20010608 94 94 0.00% 95 -1.10% 0 20010608 96 97 -1.00% 98 -2.00% 0 ∞% 20010608 93 93 0.00% 93 0.00% 0 ∞% 20010608 96 93 5/Jun/03 2760 2720 2710 2766 2680 2760 2750 2743 2850 2850 3400 2915 4300 4050 4000 4166 3540 3490 3550 3567 20/Jun/08 1000 1010 1100 1300 20010615 94 94 0.00% 95 -1.10% 0 20010615 96 96 0.00% 98 -2.00% 0 ∞% 20010615 92 93 -1.10% 93 -1.10% 0 ∞% 20010615 96 92 6/Jun/03 2780 2730 2750 2777 2680 2760 2760 2746 2850 2850 3400 2918 4250 4050 3930 4142 3540 3520 3550 3577 27/Jun/08 1020 1050 1120 1350 20010622 93 94 -1.10% 95 -2.10% 100 -7.00% 20010622 95 96 -1.00% 98 -3.10% 100 -5.00% 20010622 92 92 0.00% 93 -1.10% 100 -8.00% 20010622 95 92 9/Jun/03 2780 2750 2750 2781 2720 2770 2760 2755 2850 2850 3400 2918 4200 4050 3930 4142 3540 3520 3550 3577 4/Jul/08 1050 1070 1020 1150 20010629 93 93 0.00% 95 -2.10% 0 20010629 94 95 -1.10% 98 -4.10% 0 ∞% 20010629 92 92 0.00% 93 -1.10% 0 ∞% 20010629 94 92 10/Jun/03 2780 2780 2750 2784 2720 2770 2760 2757 2850 2850 3400 2922 4200 4050 3930 4133 3600 3540 3550 3585 11/Jul/08 1100 1120 1025 1200 20010706 92 93 -1.10% 93 -1.10% 0 20010706 94 9
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