ওඳᏖഎӋ᳝ؐᕙ‫ݡ‬ᣪᥬ

 

݀ৌ䞡໻џ乍⚍䆘

Ё೑Ҏᇓ˄601628˅ ֱ䰽g݀ৌⷨお ᣕ᳝˄㓈ᣕ˅

2008 ᑈ 9 ᳜ 10 ᮹

ߚᵤᏜ
" 咘ढ⇥
⬉䆱˖010-84588415
䚂ӊ˖hhm@citics.com

џ乍˖
9 ᳜ 9 ᮹Ё೑Ҏᇓ೼⫬㙗ᬺ✠Вࡲ 2008 ᑈܼ⧗݀ৌᓔᬒ᮹Ӯ䆂ˈҟ㒡݀ৌⱘ‫ݰ‬ᴥᏖഎ㧹䖤㒣偠੠ㄪ⬹ˈᑊᇍ݀ৌ
᳾ᴹথሩ៬⬹ҹঞ⫬㙗ⳕᇓ䰽Ꮦഎⱘ䖤㧹ᚙ‫މ‬䖯㸠њҟ㒡DŽ

Ӯ䆂‫ݙ‬ᆍЏ㽕ߚЎϝϾ䚼ߚ˖

1ǃ 䞡⚍ҟ㒡݀ৌ⊏⧚ᚙ‫ˈމ‬
Ā㟈࡯Ѣ䙉ᕾ೑䰙᳔Շ⊏⧚ᅲ䏉ˈ᳈໮᳈དಲ᡹㙵ϰāˈ݀ৌᦤߎњϝϾĀ᳔ā
˄ᬜⲞ
᳔དǃᔶ䈵᳔Շǃಲ᡹᳔໻˅੠ϝϾĀϡā˄ϡ԰‫؛‬ǃϡ԰⾔ǃϡ䎳亢˅ⱘ㒣㧹⧚ᗉ㽕∖DŽ

2ǃ 䞡⚍ҟ㒡݀ৌ᳔䖥ⱘϮࡵㄪ⬹ˈĀ䞛প⿃ᵕ䖯পⱘㄪ⬹ˈᣕ㓁ᦤछ㒣㧹ᬜⲞāˈ݀ৌᇚᔎ࣪Āಯ⾡ᛣ䆚ā
˄থሩ
ᛣ䆚ǃᏖഎᛣ䆚ǃゲѝᛣ䆚੠ᬜⲞᛣ䆚˅ˈ䌃ᕏĀಯϾമᣕāⱘϮࡵথሩ៬⬹˄മᣕҹথሩӴ㒳ൟ੠ߚ㑶ൟѻ
કЎ䞡⚍ǃമᣕҹথሩ䭓ᳳᗻᳳ㔈ϮࡵЎЏǃമᣕҹϾҎҷ⧚ЎЏ⏴䘧ǃമᣕᅲᮑᭈԧথሩⳂᷛϢሔ䚼ゲѝ
ⳂᷛⳌ㒧ড়ⱘথሩㄪ⬹˅ˈ䖯ϔℹᯢ⹂⏴䘧㘠㛑ᅮԡˈᇍ໻ЁජᏖ੠ওඳජᏖᦤߎᏂᓖ࣪ゲѝㄪ⬹ˈᑊ⿃ᵕ䞛
পϝ໻᥾ᮑᴹᦤ催݀ৌⱘ㒣㧹ᬜⲞ˖ᦤ催Ϯࡵㅵ⧚䋼䞣ǃᦤ催ᡩ䌘ᬊⲞ∈ᑇ੠ϹḐ᥻ࠊ៤ᴀDŽ

3ǃ 䞡⚍ҟ㒡⫬㙗ߚ݀ৌϮࡵᓔሩᚙ‫ˈމ‬Ϟञᑈᅲ⦄ᘏֱ䌍 21.35 ғ‫ˈܗ‬ৠ↨๲䭓 43.8%ˈ݊Ё佪ᑈֱ䌍 11.35 ғ

‫ˈܗ‬ৠ↨๲䭓 80.9%ˈ㓁ᳳֱ䌍 8.98 ғ‫ˈܗ‬ৠ↨๲䭓 16.2%DŽৠᯊᇍᬺ✠Ꮦഎ੠咘⏴㧹䫔䚼ᚙ‫މ‬䖯㸠њҟ㒡ˈ
2008 ᑈϞञᑈᬺ✠ഄऎᘏֱ䌍ᬊܹ 5436 ϛ‫ˈܗ‬ᮄऩᳳѸֱ䌍 908 ϛ‫ˈܗ‬10 ᑈᳳҹϞֱ䌍ᬊܹ 450 ϛ‫ˈܗ‬᠔
ㅵ䕪ⱘ咘⏴㧹䫔᳡ࡵ䚼 31 ৡ㧹䫔ਬ㽚Ⲫ‫ݰ‬ᴥഄऎ 1.01 ϛҎˈ08 ᑈϞञᑈᅲ⦄ֱ䌍ᬊܹ 134 ϛ‫ˈܗ‬ᮄऩᳳѸ
56 ϛ‫ˈܗ‬㓁ᳳ 52 ϛ‫ˈܗ‬ᮄऩӊഛֱ䌍 1100 ‫ˈܗ‬ᔧഄ‫⇥ݰ‬Ҏഛᑈ㒃ᬊܹ 5285 ‫ܗ‬DŽ

೼ҟ㒡݀ৌওඳᏖഎᇸ݊ᰃ‫ݰ‬ᴥᏖഎ㒣偠ᯊˈᬺ✠Ꮦഎⱘ㒣偠೼Ѣ᳝䩜ᇍᗻഄ਌ᬊᴥᑆ䚼ǃ⇥ࡲᬭᏜǃ᭛࣪∈ᑇ
䕗催ⱘ䴦ᑈ‫ܙ‬ᅲࠄ㧹䫔䯳ӡˈ䖭гЏ㽕ᰃথ᣹䖭ѯҎਬ೼ᔧഄ㕸ӫЁⱘᕅડ࡯ᴹ䫔ଂᇓ䰽ѻકˈ䖭⾡Ꮦഎ⏫䗣ㄪ⬹ϔ
ᯊ䖬䲒ҹ㹿᳝ᬜᠧ⸈DŽ

䆘䆎˖
™ থሩওඳᏖഎϔⳈᰃЁ೑Ҏᇓⱘ៬⬹䞡⚍ˈ‫خ‬໻䆹Ꮦഎ㾘῵ҡ䳔㽕䕗䭓ⱘϔϾ෍㚆ᳳ

䖭⃵݀ৌ೼ᬺ✠Вࡲⱘܼ⧗ᓔᬒ᮹⌏ࡼˈᰃ㒻݀ৌ 2007 ᑈᑓ㽓‫ݰ‬ᴥᇓ䰽Ꮦഎᓔᬒ᮹ⱘ㄀Ѡキˈ݀ৌП᠔ҹ䗝প㒣

⌢ϡথ䖒ഄऎᴹ৥ᡩ䌘㗙ሩ⼎݀ৌⱘথሩ៬⬹ˈгϢⳂࠡ݀ৌᰃЁ㽓䚼੠‫ݰ‬ᴥഄऎᇓ䰽Ꮦഎ㒱ᇍ乚‫ⱘܜ‬ᇓ䰽ѻકկᑨ
㗙᳝݇DŽ

݀ৌ೼ওඳᏖഎ䞛পᔩ⫼ᔧഄ᳝ᕅડ࡯ⱘᴥᑆ䚼ᴹ᥼䫔ֱ݊䰽ѻકⱘㄪ⬹ˈ᳝߽Ѣ䰡Ԣ㧹䖤䌍⫼ˈᦤ催㧹䫔ᬜ⥛ˈ
ᇸ݊ᰃᆍᯧ㦋প‫ֵⱘ⇥ݰ‬ӏᛳ㗠‫ޣ‬ᇥ㧹䫔䲒ᑺˈ䖭ৠᯊᇚ๲ࡴ݊Ҫゲѝ㗙䖯ܹᔧഄᏖഎⱘ៤ᴀ੠䮼ᾯDŽ

݀ৌ೼ওඳᏖഎ੠Ё㽓䚼Ꮦഎऴ᳝乚‫ܜ‬Ꮦഎഄԡˈϔᮍ䴶Ϣ݀ৌग़ᴹᰃᔧഄᏖഎ᳔ᮽгᰃଃϔⱘᇓ䰽ѻકᦤկଚ
᳝݇ˈ঺ϔᮍ䴶гϢᔧഄᏖഎ㾘῵᳝䰤䲒ҹᆍ㒇᳈໮ゲѝ㗙᳝݇DŽ݀ৌᇍওඳᏖഎⱘ䞡㾚ˈᇸ݊ᰃᇍ‫ݰ‬ᴥᏖഎⱘ⏫䗣
Џ㽕ᰃ⑤Ѣ䏃ᕘձ䌪੠⼒Ӯ䋷ӏⱘ㗗㰥ˈԚ䖭ᇍ෍㚆䖭ϾᏖഎ੠ᷥゟક⠠ⶹৡᑺ᳝ᕜདⱘ⼎㣗ᬜᑨDŽ

ҹ⫬㙗ⳕᏖഎЎ՟ˈ2007 ᑈܼⳕ GDP2699 ғ‫ˈܗ‬ජ䬛ሙ⇥Ҏഛৃᬃ䜡ᬊܹ 9946 ‫ݰˈܗ‬ᴥҎഛᑈ㒃ᬊܹ 2294 ‫ˈܗ‬

ৠᳳϞ⍋ GDP Ў 12001 ғ‫ˈܗ‬Ҏഛ GDP8949 㕢‫ˈܗ‬ජ䬛ሙ⇥Ҏഛৃᬃ䜡ᬊܹ 23623 ‫ݰˈܗ‬ᴥৃᬃ䜡ᬊܹ 10222 ‫ܗ‬DŽ
Ҏ䑿䰽ᬊܹᥦৡࠡकⳕӑⱘӑ乱㽕↨ৢकⳕӑⱘӑ乱催ߎ 50 Ͼⱒߚ⚍ˈ᳾ᴹ 5-10 ᑈ㒣⌢থ䖒ഄऎ੠Ҏষ໻ⳕҡᇚᰃ
Ҏ䑿䰽ᏖഎⱘЏ㽕乚ഄDŽሑㅵওඳᏖഎ㾘῵ᑊϡᰃᕜ໻ˈԚѻક㒧ᵘ㽕᳈ؒ৥ѢᳳѸ੠ֱ䱰ൟѻકˈ߽⍺⥛г㽕↨থ
䖒Ꮦഎ㸼⦄㽕དˈ䖭ৃ㛑Ϣϸഄ⍜䌍㗙᠔䴶Јⱘ䞥㵡ѻક໮ᆵ੠䞥㵡⧚䋶ᛣ䆚ⱘᏂᓖ᳝݇DŽ
䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘ‫ܡ‬䋷ᴵℒ䚼ߚ
 Ё೑Ҏᇓ˄601628˅䞡໻џ乍⚍䆘

೒ 1˖⫬㙗ֱ䰽Ꮦഎҙऴܼ೑ⱘ 1%Ꮊে
1.20% 2007 Jul-08
1.00% 1.04%
1.00% 0.95% 0.94% 0.99% 0.98%
0.92%
0.89%
0.84%
0.80%
0.61%
0.60%

0.40%

0.20%

0.00%
ॳֱ䰽ֱ䌍ᬊܹ 䋶ѻֱ䰽 ᇓ䰽 ᛣ໪䰽 ‫ع‬ᒋ䰽

䌘᭭ᴹ⑤˖CIRCˈЁֵ䆕ࠌⷨお䚼

㸼 1˖ࠡक㌃䅵ӑ乱↨ৢक㌃䅵ӑ乱催ߎ 50%
 Ҏ䑿䰽ֱ䌍˄ғ‫˅ܗ‬ ऴܼ೑ӑ乱˄%˅

ᑓ ϰ 440.6 8.75%
∳ 㢣 419.5 8.33%
࣫ Ҁ 386.3 7.67%
Ϟ ⍋ 363.2 7.21%
ቅ ϰ 306.8 6.09%
⊇ फ 258.8 5.14%
⊇ ࣫ 248.1 4.92%
ಯ Ꮁ 241.9 4.80%
⌭ ∳ 228.7 4.54%
ࠡकৡড়䅵 2,893.8 57.44%
ᮄ ⭚ 70.9 1.41%
ᑓ 㽓 65.2 1.29%
‫ ݙ‬㩭 স 60.4 1.20%
ѥ फ 63.7 1.26%
⫬ 㙗 51.6 1.02%
䌉 Ꮂ 36.0 0.71%
ᅕ ໣ 16.3 0.32%
⍋ फ 13.2 0.26%
䴦 ⍋ 5.5 0.11%
㽓 㮣 0.2 0.00%
ৢकৡড়䅵 383.0 7.60%
ܼ೑ᘏ䅵 5,038.0 100.00%
䌘᭭ᴹ⑤˖CIRCˈЁֵ䆕ࠌⷨお䚼

™ 䗑∖ᬜⲞ੠㾘῵ⱘᑇ㸵ᰃ݀ৌথሩ៬⬹䳔㽕Ⳉ䴶ⱘ䯂乬ˈϟञᑈⲥㅵ⦃๗ব߽࣪Ѣ㒧ᵘӬ࣪
೼᳔ᮄⱘথሩᗱ䏃Ё݀ৌᦤߎњĀಯϾമᣕāˈгৃҹⳟߎ݀ৌ೼ᇏᡒӋؐ๲䭓੠㾘῵ᠽᓴП䯈䍄ᑇ㸵᳼ˈ䖭ϔ
⚍г㸼⦄೼݀ৌֱ䌍๲䗳Ң 2007 ᑈⱘ 10%ҹϟᦤछࠄ 2008 ᑈⱘ 50%ҹϞˈᏖഎӑ乱гҢ 40%ҹϟᦤछࠄⳂࠡⱘ 42%
П໮ˈ݀ৌᇚ䫊ֱѻક԰ЎᦤछᏖഎӑ乱੠ֱ䌍㾘῵ⱘЏ㽕᠟↉ˈϾҎᇓ䰽Ё䎌㔈ᡩ䌘ൟড়ৠϮࡵᬊܹҢ 2007 ᑈা
๲䭓 10%ᦤ催ࠄ๲䭓 120%ˈ⬅ℸᏺࡼᘏֱ䌍๲䭓њ 50%DŽ
ⳂֱࠡⲥӮгህ䫊㸠ֱ䰽ѻકⱘ䖛ᖿ๲䭓䖯㸠⦄എẔᶹˈᇍ৘ֱ䰽݀ৌሩϮ䖛⿟Ёৃ㛑ⱘ䇃ᇐ䫔ଂ㸠Ў䖯㸠ᭈ
乓ˈ䫊㸠ҷ⧚㔥⚍г㹿㒇ܹẔᶹ㣗ೈˈ䖭ᇍᭈϾֱ䰽㸠Ϯ᳾ᴹⱘ‫ع‬ᒋᣕ㓁๲䭓‫݋‬᳝⿃ᵕ԰⫼DŽ݀ৌг೼߽⫼䖭ϾᴎӮ
Ϣ䫊㸠⿃ᵕ᥹㾺ˈᏠᳯ‫׳‬ℸ㛑ᇚ䫊ֱѻકⱘ㒧ᵘ᳈໮৥ᳳѸѻક䕀⿏ˈᑊ߽⫼݀ৌⱘ䌘䞥㾘῵Ӭ࢓ǃᇍ䫊㸠ᄬℒ੠ᠬ
ㅵ䳔∖ㄝᮍ䴶㦋ᕫ䫊㸠ᮍ䴶ⱘ⿃ᵕ䜡ড়DŽ

2008 ᑈ 9 ᳜ 10 ᮹ 1
 Ё೑Ҏᇓ˄601628˅䞡໻џ乍⚍䆘

㸼 2˖䫊ֱѻક៤ЎᦤछᏖഎӑ乱Џ㽕᠟↉
 2006 1H 2007 1H 2008 1H 2007/2006 2008/2007
ϾҎᇓ䰽
佪ᑈ㐑ֱ䊏ᬊܹ 13,408 16,725 21,269 24.70% 27.20%
䑝㑇㐑ֱ䊏ᬊܹ 390 624 1,405 60.00% 125.16%
ᳳѸ佪ᑈ㐑ֱ䊏ᬊܹ 13,018 16,101 19,864 23.70% 23.40%
㑠ᳳ㐑ֱ䊏ᬊܹ 30,501 35,517 43,018 16.45% 21.12%
佪ᑈᡩ䊛ൟড়ৠὁࢭᬊܹ 37,936 41,853 90,801 10.30% 117.00%
䑝㑇ᡩ䊛ൟড়ৠὁࢭᬊܹ 36,191 39,876 87,837 10.18% 120.28%
ᳳѸ佪ᑈᡩ䊛ൟড়ৠὁࢭᬊܹ 1,745 1,977 2,964 13.30% 49.92%
㑠ᳳᡩ䊛ൟড়ৠὁࢭᬊܹ 8,117 6,116 5,686 -24.65% -7.03%
ಶԧᇓ䰽
ֱ䌍ᬊܹ 798 612 277
ᡩ䌘ൟϮࡵᬊܹ 14,946 15,735 15,548 5.3% -1.2%
‫ع‬ᒋᛣ໪䰽 5,525 5,986 6,618 8.3% 10.6%

㐑ֱ䊏ᬊܹ 50,241 58,854 71,189 17.1% 21.0%
ᡩ䊛ൟড়ৠὁࢭᬊܹ 60,999 63,704 112,035 4.4% 75.9%
Ё೑‫ֱ߭ޚ‬䌍ঞᡩ䌘ൟϮࡵᬊܹ 111,240 122,558 183,224 10.2% 49.5%

APE1 18,697 22,275 26,657 19.1% 19.7%
APE2 25,563 29,818 39,960 16.6% 34.0%
䌘᭭ᴹ⑤˖݀ৌ᡹ਞˈЁֵ䆕ࠌⷨお䚼

™ ϟञᑈֱ䌍๲䗳ৃ㛑ಲ㨑ˈ乘䅵ᮄϮࡵӋؐ๲䭓 20%Ꮊেˈ㓈ᣕĀᣕ᳝ā䆘㑻

ϟञᑈֱⲥӮᇍ䫊ֱѻકⱘ⦄എẔᶹ੠㸠Ϯᭈ乓ˈҹঞ݀ৌ೼䍙乱ᅠ៤㾘῵ᣛᷛᚙ‫މ‬ϟˈгᇚᎹ԰䞡⚍䕀৥㒧ᵘ
Ӭ࣪ˈᇚ᳝߽Ѣ߽⍺⥛ⱘᬍ୘੠ḌᖗϮࡵⱘ〇ᅮথሩDŽ

೒ 2˖Ꮦഎӑ乱䞡ಲ 40%ҹϞˈϟञᑈֱ䌍๲䗳ৃ㛑ಲ㨑
200%
ୣ൐ 180%
160%
ᄯ‫ڳ‬ఆ೐
140%
൞଼ఆ೐
 120%

100%
໭‫ܟ‬ఆ೐ 80%
 60%
40%
൜ࢢఆ೐ 20%
 0%
1᳜ 2᳜ 3᳜ 4᳜ 5᳜ 6᳜ 7᳜ 2007
൞ͬఆ೐ ᄯ‫ڳ‬ఆ೐ ᄯ‫଼̝ڳ‬ ᄯ‫ڳ‬൞ͬ ໭‫ܟ‬ఆ೐
଼̝ఆ೐

 ൜ࢢఆ೐ ൞଼ఆ೐

䌘᭭ᴹ⑤˖݀ৌ᡹ਞˈЁֵ䆕ࠌⷨお䚼

៥Ӏ乘䅵݀ৌܼᑈֱ䌍ᬊܹ๲䭓 38%ˈᮄϮࡵӋؐᇚ๲䭓 20%ˈ㓈ᣕĀᣕ᳝ā䆘㑻DŽ

ৠᯊ៥Ӏг㒭ߎњ৘ᆊ݀ৌⱘ乘⌟DŽ

2008 ᑈ 9 ᳜ 10 ᮹ 2
 Ё೑Ҏᇓ˄601628˅䞡໻џ乍⚍䆘

㸼 3˖ֱ䌍๲䗳ϢᮄϮࡵӋؐ๲䗳ⱘ↨䕗
 2006 2007 ๲䭓⥛˄%˅ 2008e ๲䭓⥛˄%˅

Ё೑໾ֱ˖亢䰽䌈⦄⥛=12%ˈ2008 ᑈ 4.5%ˈ2014 ᑈ 5.2%

APE 5,814 8,044 38.36% 11,156 38.70%

ֱ䌍ᬊܹ 37,837 50,686 33.96% 73,495 45.00%
佪ᑈֱ䌍 23,775 34,170 43.72% 50,711 48.40%
ϔᑈᮄϮࡵӋؐ 2,176 3,015 38.56% 3,704 22.90%

Ё೑Ҏᇓ˖亢䰽䌈⦄⥛=11.5%ˈᡩ䌘ᬊⲞ⥛ 5.5%

APE 43,261 47,943 10.82% 65,060 35.70%

ֱ䌍ᬊܹ 183,761 198,422 7.98% 273,822 38.00%
佪ᑈֱ䌍 112,502 120,558 7.16% 180,723 49.90%

ϔᑈᮄϮࡵӋؐ 10,482 12,047 14.90% 14,508 20.40%

Ё೑ᑇᅝ˖亢䰽䌈⦄⥛=11.5%ˈ2008 ᑈ 5%ˈ2013 ᑈ 5.5%

APE 15,558 20,479 31.63% 26,856 31.10%

ֱ䌍ᬊܹ 68,411 79,279 15.89% 101,477 28.00%
佪ᑈֱ䌍 24,727 30,728 24.27% 40,083 30.40%

ϔᑈᮄϮࡵӋؐ 5,132 7,187 40.04% 8,943 24.40%

䌘᭭ᴹ⑤˖݀ৌ᡹ਞˈЁֵ䆕ࠌⷨお䚼

㸼 4˖݀ৌ 30 ‫ס‬ᮄϮࡵӋؐ‫ס‬᭄ˈᇍᑨⳂᷛӋ 23.45 ‫ܗ‬

 ⳂᷛӋ(08) EV(07) EV(08) EV(09) NBV(07) NBV(08) NBV(09)

Ё೑ᑇᅝ 5060 20.46 19.54 22.93 0.98 1.22 1.44

Ё೑Ҏᇓ 23.45 8.94 8.15 9.55 0.43 0.51 0.59
Ё೑໾ֱ 22.8 9.71 9.21 10.69 0.39 0.48 0.56
䌘᭭ᴹ⑤˖݀ৌ᡹ਞˈЁֵ䆕ࠌⷨお䚼

2008 ᑈ 9 ᳜ 10 ᮹ 3
 Ё೑Ҏᇓ˄601628˅䞡໻џ乍⚍䆘

‫ܡ‬䋷ໄᯢ
ℸ᡹ਞᑊ䴲䩜ᇍ៪ᛣ೒䗕থ㒭៪Ўӏԩህ䗕থǃথᏗǃৃᕫࠄ៪Փ⫼ℸ᡹ਞ㗠ՓЁֵ䆕ࠌ㙵ӑ᳝䰤݀ৌঞ݊䰘ሲঞ㘨㧹݀ৌ˄ড়
⿄ĀЁֵ䆕ࠌā ˅䖱ডᔧഄⱘ⊩ᕟ៪⊩㾘៪ৃ㟈ՓЁֵ䆕ࠌফࠊѢⱘ⊩ᕟ៪⊩㾘ⱘӏԩഄऎǃ೑ᆊ៪݊ᅗㅵ䕪ऎඳⱘ݀⇥៪ሙ⇥DŽ
䰸䴲঺᳝ᰒ⼎ˈ৺߭᠔᳝ℸ᡹ਞЁⱘᴤ᭭ⱘ⠜ᴗഛሲЁֵ䆕ࠌDŽ᳾㒣Ёֵ䆕ࠌџ‫ܜ‬к䴶ᥜᴗϟˈϡᕫ᳈ᬍ៪ҹӏԩᮍᓣথ䗕ǃ໡ॄ
ℸ᡹ਞⱘᴤ᭭ǃ‫ݙ‬ᆍ៪݊໡ॄᴀќӏԩ݊ᅗҎDŽ᠔᳝Ѣℸ᡹ਞЁՓ⫼ⱘଚᷛǃ᳡ࡵᷛ䆄ঞᷛ䆄ഛЎЁֵ䆕ࠌⱘଚᷛǃ᳡ࡵᷛ䆄ঞᷛ
䆄DŽ
ℸ᡹ਞ᠔䕑ⱘ䌘᭭ǃᎹ‫݋‬ঞᴤ᭭াᦤկ㒭䯕ϟ԰ᶹ✻П⫼ˈᑊ䴲԰Ў៪㹿㾚Ўߎଂ៪䌁ф៪䅸䌁䆕ࠌ៪݊ᅗ䞥㵡⼼᥂ⱘ䙔䇋៪
৥Ҏ԰ߎ䙔䇋DŽЁֵ䆕ࠌ᳾᳝䞛প㸠ࡼҹ⹂ֱѢℸ᡹ਞЁ᠔ᣛⱘ䆕ࠌ䗖ড়Ͼ߿ⱘᡩ䌘㗙DŽℸ᡹ਞⱘ‫ݙ‬ᆍᑊϡᵘ៤ᇍӏԩҎⱘᡩ䌘ᓎ
䆂ˈ㗠Ёֵ䆕ࠌϡӮ಴᥹ᬊҎᬊࠄℸ᡹ਞ㗠㾚ҪӀЎ݊ᅶ᠋DŽ
ℸ᡹ਞ᠔䕑䌘᭭ⱘᴹ⑤ঞ㾖⚍ⱘߎ໘ⱚ㹿Ёֵ䆕ࠌ䅸Ўৃ䴴ˈԚЁֵ䆕ࠌϡ㛑ᢙֱ݊‫⹂ޚ‬ᗻ៪ᅠᭈᗻˈ㗠Ёֵ䆕ࠌϡᇍ಴Փ⫼
ℸ᡹ਞⱘᴤ᭭㗠ᓩ㟈ⱘᤳ༅㗠䋳ӏԩ䋷ӏˈ䰸䴲䆹ㄝᤳ༅಴ᯢ⹂ⱘ⊩ᕟ៪⊩㾘㗠ᓩ㟈DŽᑊϡ㛑ձ䴴ℸ᡹ਞҹপҷ㸠Փ⣀ゟ߸ᮁDŽЁ
ֵ䆕ࠌৃথߎ݊ᅗϢᴀ᡹ਞ᠔䕑䌘᭭ϡϔ㟈ঞ᳝ϡৠ㒧䆎ⱘ᡹ਞDŽᴀ᡹ਞঞ䆹ㄝ᡹ਞড᯴㓪‫ߚݭ‬ᵤਬⱘϡৠ䆒ᛇǃ㾕㾷ঞߚᵤᮍ⊩DŽ
Ў‫ˈ⭥⫳ܡ‬ᴀ᡹ਞ᠔䕑ⱘ㾖⚍ᑊϡҷ㸼Ёֵ䆕ࠌ㙵ӑ᳝䰤݀ৌˈ៪ӏԩ݊䰘ሲ៪㘨㧹݀ৌⱘゟഎDŽ
Ёֵ䆕ࠌ೼⊩ᕟ䆌ৃⱘᚙ‫މ‬ϟৃখϢ៪ᡩ䌘ℸ᡹ਞ᠔ᦤঞⱘথ㸠ଚⱘ䞥㵡Ѹᯧˈ৥䆹ㄝথ㸠ଚᦤկ᳡ࡵ៪৥ҪӀ㽕∖㒭ќ⫳
ᛣˈঞ៪ᣕ᳝݊䆕ࠌ៪䖯㸠䆕ࠌѸᯧDŽЁֵ䆕ࠌѢ⊩ᕟᆍ䆌ϟৃѢথ䗕ᴤ᭭ࠡՓ⫼Ѣℸ᡹ਞЁ᠔䕑䌘᭭៪ᛣ㾕៪ҪӀ᠔ḍ᥂ⱘⷨお
៪ߚᵤDŽЁֵ䆕ࠌѢ䖛এϝᑈѢℸ᡹ਞЁ᠔ᣛⱘӏԩ៪᠔᳝݀ৌⱘ䆕ࠌѢ݀ᓔথଂᯊৃ㛑᳒ߎӏ㒣ࡲҎ៪㘨ড়㒣ࡲҎDŽৃ㽕∖㋶প
乱໪䌘᭭DŽ
ҹᕔⱘ㸼⦄ϡᑨ԰Ў᮹ৢ㸼⦄ⱘᰒ⼎ঞᢙֱDŽℸ᡹ਞ᠔䕑ⱘ䌘᭭ǃᛣ㾕ঞ᥼⌟ড᯴Ёֵ䆕ࠌѢ᳔߱থ᡹ℸ᡹ਞ᮹ᳳᔧ᮹ⱘ߸ᮁˈ
ৃ䱣ᯊ᳈ᬍDŽѢℸ᡹ਞ᠔ᣛⱘ䆕ࠌ៪䞥㵡⼼᥂ⱘӋḐǃӋؐঞᬊܹৃ䎠ৃछDŽ
㢹ᑆᡩ䌘ৃ㛑ϡᯧবप㗠䲒ҹߎଂ៪বपˈৠḋഄ䯕ϟৃ㛑䲒ҹህ᳝݇䆹ᡩ䌘᠔䴶ᇍⱘӋḐ៪亢䰽㦋ᕫ‫ⱘ⹂ޚ‬䌘᭭DŽℸ᡹ਞЁ
᠔ᣛⱘᡩ䌘ঞ᳡ࡵৃ㛑ϡ䗖ড়䯕ϟˈ៥Ӏᓎ䆂䯕ϟབ᳝ӏԩ⭥䯂ᑨ੼䆶⣀ゟᡩ䌘乒䯂DŽℸ᡹ਞᑊϡᵘ៤ᡩ䌘ǃ⊩ᕟǃӮ䅵៪⿢ࡵᓎ
䆂៪ᢙֱӏԩᡩ䌘៪ㄪ⬹䗖ড়៪ߛড়䯕ϟϾ߿ᚙ‫މ‬DŽℸ᡹ਞᑊϡᵘ៤㒭ќ䯕ϟ⾕Ҏ੼䆶ᓎ䆂DŽ
ℸ᡹ਞᮼЎ⌒থ㒭Ёֵ䆕ࠌⱘᏖഎϧϮঞᴎᵘᡩ䌘ᅶ᠋DŽབ᥹ᬊҎ䴲Ёֵ䆕ࠌⱘᏖഎϧϮঞᴎᵘᡩ䌘ᅶ᠋ˈᑨ೼෎Ѣℸ᡹ਞ԰
ߎӏԩᡩ䌘‫އ‬ᅮ៪ህ᡹ਞ㽕∖ӏԩ㾷䞞ࠡ੼䆶⣀ゟ䋶ࡵ乒䯂DŽ
Ёֵ䆕ࠌ㙵ӑ᳝䰤݀ৌঞ݊䰘ሲঞ㘨㧹݀ৌ 2008 ⠜ᴗ᠔᳝DŽֱ⬭ϔߛᴗ߽DŽ

䆘㑻䇈ᯢ

1. ᡩ䌘ᓎ䆂ⱘ↨䕗ᷛ‫ޚ‬  䆘㑻 䇈ᯢ
ᡩ䌘䆘㑻ߚЎ㙵⼼䆘㑻੠㸠Ϯ䆘㑻DŽ фܹ ⳌᇍЁᷛ 300 ᣛ᭄⍼ᐙ 20%ҹϞ˗
ҹ᡹ਞথᏗৢⱘ 6 Ͼ᳜‫ⱘݙ‬Ꮦഎ㸼⦄Ў↨䕗ᷛ‫ˈޚ‬᡹ ๲ᣕ ⳌᇍЁᷛ 300 ᣛ᭄⍼ᐙҟѢ 5%̚20%П䯈˗
㙵⼼ᡩ䌘䆘㑻
ਞথᏗ᮹ৢⱘ 6 Ͼ᳜‫݀ⱘݙ‬ৌ㙵Ӌ˄៪㸠Ϯᣛ᭄˅ⱘ ᣕ᳝ ⳌᇍЁᷛ 300 ᣛ᭄⍼ᐙҟѢ-10%̚5%П䯈˗
⍼䎠ᐙⳌᇍৠᳳⱘЁֵᷛ᱂ 300 ᣛ᭄ⱘ⍼䎠ᐙЎ෎‫˗ޚ‬
पߎ ⳌᇍЁᷛ 300 ᣛ᭄䎠ᐙ 10%ҹϞ˗
2. ᡩ䌘ᓎ䆂ⱘ䆘㑻ᷛ‫ޚ‬ ᔎѢ໻Ꮦ ⳌᇍЁᷛ 300 ᣛ᭄⍼ᐙ 10%ҹϞ˗
᡹ਞথᏗ᮹ৢⱘ 6 Ͼ᳜‫݀ⱘݙ‬ৌ㙵Ӌ˄៪㸠Ϯᣛ᭄˅ 㸠Ϯᡩ䌘䆘㑻 Ёᗻ ⳌᇍЁᷛ 300 ᣛ᭄⍼ᐙҟѢ-10%̚10%П䯈˗
ⱘ⍼䎠ᐙⳌᇍৠᳳⱘЁֵᷛ᱂ 300 ᣛ᭄ⱘ⍼䎠ᐙ˖
ᔅѢ໻Ꮦ ⳌᇍЁᷛ 300 ᣛ᭄䎠ᐙ 10%ҹϞ˗



 ࣫Ҁ Ϟ⍋ ⏅ഇ Ёֵ䆕ࠌ೑䰙᳝䰤݀ৌ
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2008 ᑈ 9 ᳜ 10 ᮹ 4