䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ
�
Ёֵ䆕ࠌⷨお䚼�
咘ढ⇥�
⬉䆱˖021-68761622
䚂ӊ˖hhm@citics.com
џ乍˖�
2᳜1᮹ˈϞ䆕ᣛ᭄ϟ䎠1.6%ˈ䆕ࠌ㙵ᣛ᭄ᑇഛϟ䎠3.85%ˈֱ䰽㙵ᣛ᭄ᑇഛϞ⍼1.55%DŽ
⚍䆘˖�
џӊ偅ࡼ˖ϹḐᠻ㸠Āϔখϔāǃ50 ғޔ䌘ᴀㄝᴵӊՓᕫ佪ᡍ䆩⚍㵡䌘㵡ࠌⱘ䌘Ḑ䰤Ѣܝǃ⍋䗮ㄝ
ᇥ᭄ࠌଚᇐ㟈ࠌଚ㙵ᵓഫⷁᳳߎ⦄ᐙϟ䎠 ᮹ˈⲞ▔⚜ⱘᏖഎゲѝ֗ՓԷ䞥∈ᑇⱘᣕ㓁ϟ䰡ᵘ៤ࠌଚϮ
㒽Ԅؐᦤछⱘ᳔䱤ᖻ˗㗠ࡴᙃ乘ᳳǃԢԄؐ˄䱤ᮄϮࡵӋؐ䭓 4-5%˅Ꮦഎডᔍ䖛Ёⱘ催
䋱ศ⡍ᗻ߭៤Ўֱ䰽㙵㸼⦄乚ܜⱘЏ㽕偅ࡼDŽ
偅ࡼ䆕ࠌֱ䰽ϮⱘḌᖗব䞣ϡϔḋ˖偅ࡼ䆕ࠌϮᬊܹⱘᰃԷ䞥⥛ˈԷ䞥⥛䍟ϟˈϡㅵᏖഎ⍼䎠˗
偅ࡼֱ䰽Ϯᬊܹⱘᰃᡩ䌘ᬊⲞ⥛˄ᬊপֱ䌍ᴀ㹿ᦤপⱘޚ䞥ᢉ⍜˅ˈ 䱣ⴔ߽⥛㙵⼼਼ᳳ㗠⊶ࡼˈ㙵
⼼ᏖഎϞ⍼ᬊⲞ⥛ᦤछˈ䖭ᇐ㟈ᔧᏖഎ໘ѢԢԡডᔍᯊˈֱ䰽㙵᳔ফⲞDŽ
1˖ࠌଚ㙵Ϣֱ䰽㙵㸼⦄ᯢᰒߚ࣪
3.0%
2.0%
0.5%
Ͳ0.4% Ͳ0.7%
Ͳ2.6%
Ͳ4.4% Ͳ4.5% Ͳ4.6% Ͳ4.9% Ͳ4.9% Ͳ5.0% Ͳ5.0%
Ͳ6.5%
Ͳ8.0%
Ͳ6.0%
Ͳ4.0%
Ͳ2.0%
0.0%
2.0%
4.0%
䀷恛ピ���
䌘᭭ᴹ⑤˖ϛᖋˈЁֵ䆕ࠌⷨお䚼
ࡴᙃ乘ᳳϢ䌍⥛ゲѝ˖ϡৠⱘᴀ䴶偅ࡼ
2010ᑈ 2᳜ 2᮹
㸠Ϯⷨおg䆕ࠌֱ䰽�
䆕ࠌֱ䰽㸠Ϯ䞡џ乍⚍䆘
䆕ࠌֱ䰽㸠Ϯ䞡џ乍⚍䆘
䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 2᳜ 2᮹ 1
2˖偅ࡼϡৠ˖Է䞥⥛ᡩ䌘ᬊⲞ⥛
0.174%
0.169%
0.133%
0.000%
0.020%
0.040%
0.060%
0.080%
0.100%
0.120%
0.140%
0.160%
0.180%
0.200%
2007 2008 2009
嫛₩⧖忈䘖
䌘᭭ᴹ⑤˖ֱⲥӮˈЁֵ䆕ࠌⷨお䚼
3.14%
2.68% 2.87%
3.60%
5.80%
12.17%
1.91%
6.41%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
2002 2003 2004 2005 2006 2007 2008 2009
忓摠扟䞷㟅䥙䘖
�⸩㦮ⷧ㷍
Է䞥⥛ϟ䰡ᑊϡ⹂ᅮᦤछӑ乱ˈԚ⹂ᅮᦤछ䌍⫼ˈ催߽⍺⥛䲒ҹ㓈ᣕ˖2009ᑈࠌଚ㧹Ϯᬊܹ 2050ғˈ
݊Ёҷфप㓁䌍ᬊܹ 1419ғˈऴ 70%ˈޔ߽⍺ 933ғˈޔ߽⍺⥛催䖒 45.5%ˈ2009ᑈֱ䰽Ϯࠡ
߽⍺ᠡ 531ғˈޔ߽⍺⥛ϡ䎇 4%˗2009ᑈԷ䞥⥛ᑇഛϟ䰡 20%ҹϞˈབ 2010ᑈԷ䞥⥛ϟ䰡 10%ᇚ
ޣᇥ㧹Ϯᬊܹ 142ғܗ˄䴭ᗕ˅ˈ ᣝ 10%߽ᙃ⥛䅵ㅫˈᇍᑨⱘ䳔㽕 1420ғ㵡䌘㾘 2ˈ010ᑈᅲ䰙ৃ㛑
㵡䌘㾘ᇚ䖰ᇣѢ䖭Ͼ᭄ˈ㵡䌘㵡ࠌ㙵ᣛᳳ䋻ⱘߎ 1-2ᑈݙৃ㛑᮴⊩ᓹ㸹Է䞥ᬊܹⱘᤳ༅DŽ
䆕ࠌϮϢֱ䰽Ϯ↨䕗ˈ߽⍺⥛㽕ᰒ㨫催ˈЎϡ䳔㽕䌘ᴀ䞥ⱘЁ䯈ϮࡵˈℸゲѝϞᇥ᳝㑺ᴳˈⲥ
ㅵሖⳂࠡᏆᴀᬒӏ䆕ࠌ݀ৌП䯈ⱘゲѝˈ2010 ᑈᮄ䆒㧹Ϯ䚼ᇚ䖒ࠄ 400 ᆊˈ2009 ᑈࡴϞ᳡ࡵ䚼छ㑻݅
ࡴ 600ᆊ㧹Ϯ䚼ˈ2009-2010ᑈ㧹Ϯ䚼↨ 2008ᑈࡴњ 30%ҹϞˈ2009ᑈ᮹ഛ៤Ѹ乱 2300ғˈ߯ग़ᮄ
催ˈ乘䅵 2010ᑈ㽕᳝᠔さ⸈䲒ᑺ䕗ˈЏ㽕ᰃ⌕ࡼᗻ⦃๗থ⫳њᕜব࣪DŽ
ҢϞᏖࠌଚⱘ᭄ᴹⳟˈϮࡵӑ乱䕗ⱘࠌଚ䛑༅এӑ乱ˈ㗠ᇣࠌଚࡴӑ乱ˈ݅ৠⱘᰃԷ䞥⥛䛑
ߎ⦄њϟ⒥ˈ2009ᑈᑇഛϟ⒥ 16%ᎺেˈབᴹᑇഛԷ䞥∈ᑇगߚПϔ䴴ᢶˈҡ᳝ 20%ҹϞⱘϟぎ䯈DŽ
ḍ㤝ḍ䇗ⷨˈⳂࠡ㧹Ϯ䚼Ўᓩᅶ᠋ᓔߎⱘԷ䞥⥛া᳝ϛߚП 5-6ˈⲜѣᑇ㸵⚍ϛߚП 3-4ˈҹᔧࠡ᮹ഛ
៤Ѹ乱㸵䞣DŽℸᴹԷ䞥⥛ϟ䇗ⱘぎ䯈ձ✊ᕜˈ䖭ᰃ䆕ࠌ݀ৌᴹ䴶Јⱘ᳔ϡ⹂ᅮᗻDŽ
㸼 1˖ֱ䰽Ϣ䆕ࠌϮ↨䕗˖ࠌଚ催߽⍺⥛ᯊҷ
� ֱ䰽Ϯ 䆕ࠌϮ
ᘏ䌘ѻ 41,000 20,300
ޔ䌘ѻ 3,905 4,839
ֱ䌍ᬊܹ(ҷфपԷ䞥ᬊܹ) 11,137 1,419
ᡩ䌘ᬊⲞ 2,142 232
㧹Ϯᬊܹ 13,279 2,050
߽⍺ᘏ乱 531 1,244
ޔ߽⍺ 424 933
݀ৌᆊ᭄ 111 106
ޔ߽⍺⥛ 3.2% 45.5%
ᴗⲞ䝀⥛ 10.9% 19.3%
ϞᏖ݀ৌᏖؐ(ғ) 13,071 6,977
ϞᏖᆊ᭄ 3 11
ᑇഛ PE(P/NBV) 15סᎺে 20סҹϞ
3˖䆕ࠌϮⱘ催߽⍺⥛
115
626
2836
1251
2050
Ͳ78
301
1902
597
1,244�
Ͳ500
0
500
1000
1500
2000
2500
3000
2005 2006 2007 2008 2009
嚴₩㟅⏴�ⅎ⏒��
Ⓒ䀵㋊欬�ⅎ⏒��
䌘᭭ᴹ⑤˖ϛᖋˈЁֵ䆕ࠌⷨお䚼
䆕ࠌֱ䰽㸠Ϯ䞡џ乍⚍䆘
䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 2᳜ 2᮹ 2
4˖Ꮦഎӑ乱ߚ࣪˖ൟࠌଚϟ䰡ˈЁᇣࠌଚϞछ
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
ᅣ⑤ ܗ 䭓∳ ϰ࣫ 㽓फ 䞥 ᑇ⋟ ଚ
2006 2007
2008 2009
䌘᭭ᴹ⑤˖ϛᖋˈЁֵ䆕ࠌⷨお䚼
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
Ёֵ ᑓথ ढ⋄ ⍋䗮 ܝ
2006 2007
2008 2009
5˖བҹगߚП 1Ўഛ㸵∈ᑇˈᴹᑇഛԷ䞥⥛ҡᇚϟ
䰡 20%ҹϞ
0.000%
0.050%
0.100%
0.150%
0.200%
0.250%
0.300%
0.350%
0.400%
2006 2007
2008 2009
䌘᭭ᴹ⑤˖ϛᖋˈЁֵ䆕ࠌⷨお䚼
Ͳ50.0%
Ͳ40.0%
Ͳ30.0%
Ͳ20.0%
Ͳ10.0%
0.0%
10.0%
���� 欓㦮♧▥
㸼 2˖䰙ᡩ㸠㵡䌘㵡ࠌ߽ᙃᬊܹϢ㧹Ϯᬊܹऴ↨
� 31-Mar-08 30-Jun-08 30-Sep-08 31-Dec-08 31-Mar-09 30-Jun-09 30-Sep-09
ޔ㧹Ϯᬊܹ 8,335 9,422 6,043 -1,578 9,425 13,761 12,372
ޔ߽ᙃᬊܹ 951 1,277 1,135 913 1,907 2,042 1,690
催ⲯ 11.4% 13.6% 18.8% NA 20.2% 14.8% 13.7%
ޔ㧹Ϯᬊܹ 7,818 6,111 18,011 -12,920 2,946 5,411 8,675
ޔ߽ᙃᬊܹ 922 133 777 896 154 -488 581
ᨽḍᮃഺ߽ 11.8% 2.2% 4.3% NA 5.2% NA 6.7%
ޔ㧹Ϯᬊܹ -4,034 3,984 5,543 -4,696 4,970 5,770 5,766
ޔ߽ᙃᬊܹ 1,679 1,236 1,422 1,655 1,899 1,143 1,654
⨲䫊䆕ࠌ NA 31.0% 25.7% NA 38.2% 19.8% 28.7%
2002 2003 2004 2005 2006 2007 ᑇഛؐ
ޔ㧹Ϯᬊܹ 18,627 20,154 22,059 26,009 33,781 11,250 131,880
ޔ߽ᙃᬊܹ 3,561 4,087 4,429 4,797 4,219 5,549 26,642
㕢ᵫ䆕ࠌ 19.1% 20.3% 20.1% 18.4% 12.5% 49.3% 20.2%
䌘᭭ᴹ⑤˖݀ৌ݀ਞˈЁֵ䆕ࠌⷨお䚼
ᡩ䌘ᓎ䆂˖䡈Ѣ䆕ࠌϮԷ䞥⥛ӑ乱ゲѝᇚ։㱔ᮄϮࡵᏺᴹⱘ᳝䰤䞣ˈ៥ӀⳟདᔧࠡԢԄؐ˄䱤
NBV 䭓ϡ䎇 5% ǃ˅ফⲞѢࡴᙃ਼ᳳ㙵⼼ᏖഎডᔍЁ催䋱ศሲᗻⱘֱ䰽㙵ˈ佪䗝Ёᑇᅝ˄ⳂᷛӋ
78ܗ˅Ёֱ˄ⳂᷛӋ 32.2ܗ˅ˈ ৠᯊৃҹ݇⊼㵡䌘㵡ࠌ佪ᡍ䆩⚍ৃ㛑ᗻ᳔ⱘܝ䆕ࠌ⍋䗮䆕
ࠌˈҹঞফⲞᑓথϞᏖⱘᬪϰ៤Ⳍ݇ᕅᄤ㙵ˈ䳔㽕ᔎ䇗ⱘᰃˈ䆕ࠌ㙵ⱘᴎӮᰃᬓㄪџӊ偅ࡼⱘ
䰊↉ᗻᴎӮDŽ
䆕ࠌֱ䰽㸠Ϯ䞡џ乍⚍䆘
䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 2᳜ 2᮹ 3
㸼 3˖ֱ䰽݀ৌᔧࠡ㙵Ӌ䱤ᮄϮࡵӋؐ䭓 4-5% 10%
� ݙ⎉Ӌؐ ᮄϮࡵӋؐ 䱤ס᭄ P/EV ⳂᷛӋ
�
㙵Ӌ(2/1)
2009E 2010E 2011E 2009E 2010E 2011E 2010E 2010E 2011E (2010ᑈ)
Ёᑇᅝ 47.85 20.8 23.3 25.6 1.52 1.9 2.28 12.9 2.05 1.87 78.02
Ёֱ 22.55 10.41 13.2 15.4 0.61 0.66 0.83 14.2 1.71 1.46 32.21
ЁҎᇓ 26.95 10.2 12.2 14.5 0.64 0.76 0.9 19.4 2.21 1.86 34.09
䌘᭭ᴹ⑤˖݀ৌ݀ਞˈЁֵ䆕ࠌⷨお䚼
⡍߿ໄᯢ˖�
ᴀᳳ㤤㙵⼼ЁҎᇓ˄ҷⷕ˖601628˅㋏Ёֵ䆕ࠌѠ㙵ϰऩԡˈḍ 2009ᑈϝᄷ䴆ֵᙃˈЁҎᇓᣕ᳝ 36646.8104ϛ
㙵Ёֵ䆕ࠌˈᣕ㙵↨՟Ў 5.58%ˈ㋏Ёֵ䆕ࠌ݇㘨ᮍ㙵ϰऩԡDŽᴀᳳⷨおਞ㋏݀ৌⷨおਬḍЁҎᇓⱘ݀ᓔֵᙃ᠔خⱘ⣀ゟ߸ᮁˈ
⡍ℸ䇈ᯢDŽ
ܡ䋷ໄᯢ�
ℸਞᑊ䴲䩜ᇍᛣ䗕থ㒭Ўӏԩህ䗕থǃথᏗǃৃᕫࠄՓ⫼ℸਞ㗠ՓЁֵ䆕ࠌ㙵ӑ᳝䰤݀ৌঞ݊䰘ሲᴎ
ᵘ˄ҹϟ㒳⿄ĀЁֵ䆕ࠌā˅ 䖱ডᔧഄⱘ⊩ᕟ⊩㾘ৃ㟈ՓЁֵ䆕ࠌফࠊѢⳌ݇⊩ᕟ⊩㾘ⱘӏԩഄऎǃᆊ݊ᅗㅵ
䕪ऎඳⱘ݀⇥ሙ⇥DŽ䰸䴲᳝㾘ᅮˈᴀਞЁⱘ᠔᳝ᴤ᭭⠜ᴗഛሲЁֵ䆕ࠌDŽ㒣Ёֵ䆕ࠌџܜк䴶ᥜᴗˈϡᕫҹӏ
ԩᮍᓣׂᬍǃথ䗕㗙ࠊᴀਞঞ݊᠔ࣙⱘᴤ᭭ǃݙᆍDŽ᠔᳝ѢℸਞЁՓ⫼ⱘଚᷛǃ᳡ࡵᷛ䆚ঞᷛ䆄ഛЎЁֵ䆕
ࠌⱘଚᷛǃ᳡ࡵᷛ䆚ঞᷛ䆄DŽ
ᴀਞᰃᴎᆚⱘˈা᳝ᬊӊҎᠡ㛑Փ⫼DŽᴀਞ᠔䕑ⱘֵᙃǃᴤ᭭ߚᵤᎹাᦤկ㒭䯕ϟখ㗗П⫼ˈϡᰃϡ
ᑨ㹿㾚Ўߎଂǃ䌁ф䅸䌁䆕ࠌ݊ᅗ䞥㵡Ꮉⱘ㽕㑺㽕㑺䙔䇋DŽЁֵ䆕ࠌгϡᬊӊҎᬊࠄᴀਞ㗠㾚݊ЎЁֵ䆕
ࠌⱘᅶ᠋DŽ
ᴀਞ᠔䕑䌘᭭ⱘᴹ⑤ঞ㾖⚍ⱘߎ໘ⱚ㹿Ёֵ䆕ࠌ䅸Ўৃ䴴ˈԚЁֵ䆕ࠌϡֱ䆕݊ޚ⹂ᗻᅠᭈᗻDŽ䰸⊩ᕟ㾘߭
㾘ᅮᖙ乏ᡓᢙⱘ䋷ӏˈЁֵ䆕ࠌϡᇍՓ⫼ℸਞⱘᴤ᭭㗠ᓩ㟈ⱘᤳ༅䋳ӏԩ䋷ӏDŽᬊӊҎϡᑨऩ㒃ձ䴴ℸਞ㗠প
ҷϾҎⱘ⣀ゟ߸ᮁDŽᴀਞ᠔ᣛⱘ䆕ࠌ䞥㵡ᎹⱘӋḐǃӋؐঞᬊܹৃ䎠ৃछDŽҹᕔⱘ㸼⦄ϡᑨЎ᮹ৢ㸼⦄ⱘᰒ⼎
ঞᢙֱDŽᴀਞ᠔䕑ⱘ䌘᭭ǃᛣ㾕ঞ⌟ডЁֵ䆕ࠌѢ᳔߱থᏗℸਞ᮹ᳳᔧ᮹ⱘ߸ᮁˈৃϡথߎ䗮ⶹⱘᚙᔶϟخ
ߎᬍˈѺৃՓ⫼ϡৠ؛䆒ᷛޚǃ䞛⫼ϡৠ㾖⚍ߚᵤᮍ⊩㗠ϢЁֵ䆕ࠌ݊ᅗϮࡵ䚼䮼ऩԡ᠔㒭ߎⱘᛣ㾕ϡৠ
㗙ⳌডDŽᴀਞϡᵘ៤⾕Ҏ䆶ᓎ䆂ˈг≵᳝㗗㰥ࠄϾ߿ᅶ᠋⡍⅞ⱘᡩ䌘Ⳃᷛǃ䋶ࡵ⢊މ䳔㽕DŽᬊӊҎᑨ㗗㰥ᴀਞ
Ёⱘӏԩᛣ㾕ᓎ䆂ᰃ৺ヺড়݊⡍ᅮ⢊މDŽ
⊩ᕟ䆌ৃⱘᚙމϟˈЁֵ䆕ࠌⱘϔԡԡ㨷џǃ催㑻㘠ਬ/ਬᎹ(ࣙᣀখϢޚথ㸠ℸਞⱘҎ)ৃ㛑(1)Ϣ
ℸਞ᠔ᦤࠄⱘӏԩ݀ৌᓎゟֱᣕ乒䯂ǃᡩ䌘䫊㸠䆕ࠌ᳡ࡵ݇㋏ˈ(2)Ꮖ㒣ℸਞ᠔ᦤࠄⱘ݀ৌᦤկњ䞣ⱘᓎ䆂
ᡩ䌘᳡ࡵDŽ⊩ᕟ䆌ৃⱘᚙމϟˈЁֵ䆕ࠌⱘϔԡԡ㨷џǃ催㑻㘠ਬ/ਬᎹৃ㛑ᢙӏℸਞ᠔ᦤࠄⱘ݀ৌⱘ㨷
џDŽ⊩ᕟ䆌ৃⱘᚙމϟˈЁֵ䆕ࠌৃ㛑খϢᡩ䌘ℸਞ᠔ᦤࠄⱘ݀ৌⱘ䞥㵡Ѹᯧˈ᳝݇݀ৌᦤկ㦋প᳡ࡵˈঞ/
ᣕ᳝݊䆕ࠌᳳᴗ䖯㸠䆕ࠌᳳᴗѸᯧDŽ
㢹Ёֵ䆕ࠌҹⱘ䞥㵡ᴎᵘথ䗕ᴀਞˈ߭⬅䆹䞥㵡ᴎᵘ⣀㞾Ўℸথ䗕㸠Ў䋳䋷DŽ䆹ᴎᵘᅶ᠋ᑨ㘨㋏䆹ᴎᵘҹѸᯧ
ᴀਞЁᦤঞⱘ䆕ࠌ㽕∖㦋ᙝ䆺㒚ֵᙃDŽᴀਞϡᵘ៤Ёֵ䆕ࠌথ䗕ᴀਞ䞥㵡ᴎᵘПᅶ᠋ᦤկⱘᡩ䌘ᓎ䆂ˈЁ
ֵ䆕ࠌⱘ㨷џǃ催㑻㘠ਬਬᎹѺϡЎࠡ䗄䞥㵡ᴎᵘПᅶ᠋Փ⫼ᴀਞਞ䕑ᯢⱘݙᆍᓩ䍋ⱘⳈ䖲ᏺᤳ༅ᡓᢙ
ӏԩ䋷ӏDŽ
Ёֵ䆕ࠌ㙵ӑ᳝䰤݀ৌঞ݊䰘ሲঞ㘨㧹݀ৌ 2010⠜ᴗ᠔᳝DŽֱ⬭ϔߛᴗ߽DŽ
䆘㑻䇈ᯢ�
� 䆘㑻 䇈ᯢ
фܹ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙ 20%ҹϞ˗
ᣕ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙҟѢ 5%̚20%П䯈˗
ᣕ᳝ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙҟѢ-10%̚5%П䯈˗
㙵⼼ᡩ䌘䆘㑻
पߎ ⳌᇍЁᷛ 300ᣛ᭄䎠ᐙ 10%ҹϞ˗
ᔎѢᏖ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙ 10%ҹϞ˗
Ёᗻ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙҟѢ-10%̚10%П䯈˗
1.� ᡩ䌘ᓎ䆂ⱘ↨䕗ᷛޚ��
ᡩ䌘䆘㑻ߚЎ㙵⼼䆘㑻㸠Ϯ䆘㑻DŽ
ҹਞথᏗৢⱘ 6 Ͼ᳜ݙⱘᏖഎ㸼⦄Ў↨䕗ᷛޚˈ
ਞথᏗ᮹ৢⱘ 6Ͼ᳜ݙⱘ݀ৌ㙵Ӌ˄ 㸠Ϯᣛ᭄˅
ⱘ⍼䎠ᐙⳌᇍৠᳳⱘЁֵᷛ᱂ 300 ᣛ᭄ⱘ⍼䎠ᐙЎ
ޚ˗
2. ᡩ䌘ᓎ䆂ⱘ䆘㑻ᷛޚ
ਞথᏗ᮹ৢⱘ 6Ͼ᳜ݙⱘ݀ৌ㙵Ӌ˄ 㸠Ϯᣛ᭄˅
ⱘ⍼䎠ᐙⳌᇍৠᳳⱘЁֵᷛ᱂ 300ᣛ᭄ⱘ⍼䎠ᐙ˖
㸠Ϯᡩ䌘䆘㑻
ᔅѢᏖ ⳌᇍЁᷛ 300ᣛ᭄䎠ᐙ 10%ҹϞ˗
� ࣫Ҁ Ϟ⍋ ⏅ഇ Ёֵ䆕ࠌ䰙᳝䰤݀ৌ
ഄഔ:
Ё࣫ҀᏖᳱ䰇ऎᮄ⑤फ䏃
6োҀජॺ(100004)
Ϟ⍋⌺ϰᮄऎϪ㑾䘧 1568
োЁᓎॺ 22ὐ˄200122˅
⏅ഇᏖ⏅फ䘧 7088 ো
ଚ䫊㸠ॺ Aሖ˄518040˅
佭␃Ё⦃⏏㕢䘧 1 োЁ
ֵॺ 26ὐ
⬉䆱˖ (010)84588720 (021)68761565� (0755)83196279 (852)22376409
Ӵⳳ˖ (010)84868307 (021)68761669� (0755)82485240 (852)21046580
᳡ࡵ⛁㒓˖ (010)84868367
Email: service@citics.com hkresearch@citics.com.hk
㔥ഔ˖ http://www.citics.com http://www.citics.com.hk
http://www.spcitic.com