2010-08-11

SAC :S1000209100220
+755-82492392 xiejiang@lhzq.com

10
576.50%719.76%833.08%831.46% 300
194.84% 300 257.32%

65% 67%

70%
50% 67%

37%
39% 300 5 7
IR 1
IR 1.09 1.23

300 300
07 6000 15000
300 2900
9000


................................................................................................ 3
........................................................................................................................ 3
...........................................................................................3
..................................................................................................4
..............................................................................................6
..................................................................................................7
........................................................................................................................ 8

1 ....................................................................................................... 3
2 ............................................................................................................... 4
3 ....................................................................................................... 4
4 ....................................................................................................... 5
5 ................................................................................................ 5
6 ................................................................................................ 6
7Sigma ...................................................................................... 6
8IR............................................................................................. 7
9 ....................................................................................................... 7
10 vs 300 ............................................................... 8

2010-8-11

 GARP

10
2005 2010 8 6
300 300

10

2010-8-11


576.50%719.76%833.08%831.46% 300 194.84%
300 257.32%
2
300%
250%
200%
150%

300

100%
50%
0%
2005

2006

2007

2008

2009

2010

-50%
-100%

300
3
180%

160%
140%
120%
100%
80%
60%
40%
20%
0%
-20%

2005

2006

2007

2008

2009

2010

-40%

10 1
F

300

2010-8-11

 2 3
F

51.47%
61.76%64.71%
67.65%
4

80%
70%
60%
50%

40%
30%
20%
10%
0%

47.73%
65.91%72.73%68.18%
5

80%
70%
60%
50%
40%
30%

20%
10%
0%

58.33%
54.17%50.00%66.67%
50%

300
300
3
300
300

2010-8-11

70%
60%
50%

40%
30%
20%
10%
0%

65% 67%
70%
50%

37% 39% 300 5 7

7Sigma
(Sigma)
41%
39%
37%
35%
33%
31%

300

29%
27%
25%

IR

2010-8-11

 0.881.091.201.23 IR 1 IR
1.09 1.23
8IR
(IR)
1.4
1.2
1

0.8
0.6
0.4
0.2
0

300 300 07 6000

15000 300 2900
6000 9000
9
16000

300

14000
12000
10000
8000
6000
4000
2000

2010-8-11

20105

20101

20099

20095

20091

20089

20085

20081

20079

20075

20071

20069

20065

20061

20059

20055

20051

 300

300
300
10 vs 300
4.0

3.5
3.0
2.5
2.0

20107

20105

20103

20101

20099

200911

20097

20095

20093

20091

20089

200811

20087

20085

20083

20081

20079

200711

20077

20075

20073

20071

20069

200611

20067

20065

20063

20061

20059

200511

20057

20055

20053

1.0

20051

1.5

10
576.50%719.76%833.08%831.46% 300
194.84% 300 257.32%

65% 67%
70% 50%
67%
37%
39% 300 5 7
IR 1
IR 1.09 1.23

2010-8-11

 300 300 07
6000 15000
300 2900 9000

2010-8-11

300

20%

10%-20%

10%

10%-20%

20%

2010

4011 25

68 45

518048

200120

86 755 8249 3932

86 21 5010 6028

86 755 8249 2062

86 21 6849 8501

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lzrd@lhzq.com