封面：

Headline: The Gateway to Success

标题：进驻佳程广场，开启成功之门

Sub: Proudly owned by [+ RREEF CCT Logo]

副标题：[+睿富房地产基金Logo]傲视同侪之作

Inside

内文

Body copy:
正文：

Gateway Plaza presents an unprecedented opportunity for multinational businesses to establish themselves in Premium Grade A commercial premises that are well located, professionally managed and designed to an excellent specification.

佳程广场位置优越、管理专业、设计匠心独运，是跨国企业进驻优质甲级商务写字楼的必然选择。

The building enjoys an enviable location in the prime Lufthansa district – a vibrant commercial hub in proximity to the Beijing Capital International Airport, the embassy district and the high-end Chaoyang residential precinct.

佳程广场坐落于燕莎商圈核心区，地理位置得天独厚。燕莎国际商务区商机处处，朝气蓬勃，紧邻北京首都国际机场、使馆区和朝阳高档住宅区。

The management standards are best-in-class, with a robust preventative maintenance policy and proactive tenant relations programme.

佳程广场按业内首屈一指的标准管理，订有全面而卓越的预防性维护政策和积极主动的租户关系方案。

The column-free design epitomises spatial efficiency and flexibility – typical floor plates span 2,300 sq m, and can be subdivided into office suites starting from 200 sq m or combined into multiple floors of duplex and triplex units.

佳程广场采用无柱式设计，把空间利用率和灵活性提升至极点。标准层面积2,300平方米，可因应需要分为多个面积由200平方米起的办公空间，也可将多层楼面改装成两层或三层的复式写字楼，充分满足各类国际企业的办公需求。

Esteemed international businesses, such as BMW and Sony, have established themselves in Gateway Plaza because they too see the business opportunities afforded by these prestigious commercial premises.

佳程广场作为国际化企业商务平台，蕴藏无限商机。宝马（BMW）和索尼（Sony）等国际知名公司亦看中这一点，相继进驻佳程广场。

“We chose to house our headquarters and main showroom here because both the building specifications and location are excellent.” – BMW

“我们之所以选择佳程广场作为公司总部和主要展览室，是因为这里的建筑标准和地理位置都非常优越。”－宝马

“It’s rare to find an international Grade A office in such a convenient location.” – Sony

“能在如此便利的位置找到这样一座国际化甲级写字楼，实属不易。”－索尼

In 2007, the main measures taken by the Bank in terms of management of operational risk are specified as follows:

（1）加强对会计业务的检查辅导工作。2007年，本行严格执行《ABCDE农村合作银行会计辅导网工作制度》，紧紧围绕“规范会计基础工作”这一中心，利用会计辅导网对十二家支行进行了会计辅导，对60家支行营业部及下辖的100个营业机构实行了现场检查初验。经初验确认，AAA支行基本达到会计基础工作规范化一级标准要求，营业部等11家支行达到会计基础工作规范化二级标准要求，其余20家支行都达到了会计基础工作三级规范化等级标准要求。全行会计人员业务素质、操作规范化水平普遍提高。

(1) The Bank reinforced the inspection and counseling of the accounting business. In 2007, the Bank strictly implemented Working Regulations for Accounting Counseling Network of ABCDE Rural Cooperative Bank, closely centered on “standardizing accounting basis work”, made full use of accounting counseling network for accounting counseling in 12 branches, and launched the preliminary examination of business divisions of 60 branches as well as 100 affiliated institutions at the scene. Upon confirmation by preliminary examination, AAA Branch reached Level I standardized requirements in standardization of accounting basis work, 11 branches (including Business Division) reached Level II standardized requirements in standardization of accounting basis work, and the remaining 20 branches reached Level III standardized requirements in standardization of accounting basis work. The professional quality and the level of operational standardization of bank-wide accounting personnel were generally raised.

（2）加强对会计业务的事后监督。2007年本行启动了BBB系统和风险预警系统的相关工作并于10月份正式上线运行。BBB会计风险影像管理系统，利用信息处理技术代替人工监督，提高监督的有效性。通过对会计业务的系统连续监督，发现了人工监督不能发现的问题，事后监督的作用和效果明显，本行对操作风险的控制能力大大加强。

(2) The Bank strengthened the subsequent supervision of the accounting business. In 2007, the Bank launched related work in BBB system and risk early-warning system, which were formally put into service in October 2007. BBB Accounting Risk Image Management System takes advantage of information processing technology to replace manual supervision so as to improve the effectiveness of supervision. Through the systematical and continuous monitoring for accounting business, hidden problems were discovered (which cannot be discovered by manual supervision), the role and effect of subsequent supervision have a definite effect, and operational risk control capacity of the Bank was greatly enhanced.

（3）加强临柜会计授权业务的管理和员工身份的管理。为进一步强化会计风险控制，本行使用柜员身份认证管理系统，员工凭指纹认证登录系统和监督授权，杜绝了员工操作口令和柜员卡保管不当而产生的风险，进一步规范了员工的操作行为，强化会计风险控制。

(3) The Bank strengthened the management for both on-the-counter authorized accounting business and employees’ identity. In order to further strengthen accounting risk control, the Bank used teller ID certification system, in which employees logged on system with the respective fingerprints and supervised authorization. In this way, the Bank avoided risks resulting from improper safekeeping of authorized employees’ operation passwords and teller cards, further regulated the employees’ operation behaviors, and strengthened accounting risk control.

专业委员会

Special Committees

为提高董事会执行股东代表大会各项决策的效率及确保监事会的有效监督，董事会和监事会分别下设了2个和1个专业委员会：

In order to enhance the implementation efficiency of Board of Directors for decisions made by Shareholders Meeting and ensure effective supervision by Supervisory Committee, two special committees have been subordinated to Board of Directors, while one special committee has been subordinated to Supervisory Committee, respectively:

1、风险管理与战略委员会：主要负责对本行的发展战略及风险管理进行研究并提出建议；

Risk Management & Strategy Committee: It is mainly responsible for studying development strategy and risk management of the Bank, and making recommendations;

2、提名与薪酬委员会：主要负责对本行股东代表、董事、监事的选择标准、程序和人选提出建议；负责制定本行董事及经理人员的考核标准并进行考核；负责制定、审查本行董事及经理人员的薪酬政策与方案。

Nomination & Remuneration Committee: It is mainly responsible for making proposals on the selection criteria, procedures and candidates to shareholders, directors, and supervisors of the Bank; developing assessment standards for directors and managers of the Bank, and carrying out assessment; developing and reviewing remuneration policies and programs for directors and managers of the Bank.

3、审计委员会：是监事会按照股东代表大会决议设立的专门工作机构，主要负责本行内、外部审计的沟通、监督和核查工作。

Audit Committee: It is a special operating organization established by Supervisory Committee in accordance with the resolution of Shareholders Meeting, which is mainly responsible for communication, monitoring and verification for internal and external audit.

Hei Longjiang

根据全面建设小康社会和振兴老工业基地的总体要求，“十一五”期间要实现以下经济社会发展的主要目标。

According to the general requirements of Comprehensive Building a Well-off Society and Revitalizing the Old Industrial Bases, the following main goals for economic and social developments will be achieved during the"11th Five-Year".

　　———经济持续快速协调健康发展。在优化结构、提高效益和降低消耗的基础上，全省生产总值年均增长10%以上，到2010年力争达到10000亿元；人均生产总值2007年比2000年翻一番，2010年力争达到3000美元。财政一般预算收入年均增长11%以上。五年固定资产投资总规模达到17000亿元，年均增长20%以上。

　　———Economy achieves a sustained, rapid, coordinated and healthy development. On the basis of optimizing structure, enhancing efficiency and reducing consumption, the province's GDP realizes an average annual growth of more than 10%, and strives to reach RMB1 Trillion by 2010; per capita GDP in 2007 doubles that in 2000, and strives to reach USD3,000 by 2010. General budget revenue of the finance has an average annual growth of more than 11%. Five-Year’s total investments in fixed assets reach RMB1.7 Trillion, an average annual increase of more than 20%.

　　———经济增长方式进一步转变。资源利用效率显著提高，单位生产总值能源消耗比“十五”期末降低20%左右，万元工业增加值用水量降低25%，农业灌溉水利用系数提高到0.5；自主创新能力增强，研究与发展经费相当于国内生产总值比例提高0.5个百分点。

　　———Economic growth mode has a further change. Utilization efficiency of resources is significantly improved, with GDP unit energy consumption down 20% than the end of the "10th Five-Year", water consumption for RMB10 Thousand of industrial added value decrease 25%, utilization factors of agricultural irrigation water up to 0.5; self-innovation abilities are strengthened, proportion of R&D expenses to GDP increase 0.5%.

　　———产业结构进一步优化。一、二、三次产业比例调整为8：54：38，现代农业初具规模，六大基地基本形成，旅游业和现代服务业进一步发展，基础设施建设得到加强，形成一批拥有自主知识产权和知名品牌、竞争力较强的优势企业，产业竞争力总体水平明显提升。

　　———Industrial structures are further optimized. The ratio among Primary Industry, Secondary Industry and Tertiary Industry is adjusted to 8:54:38, modern agriculture begins to take shape, six bases are preliminarily established, tourism and modern service industries achieve further developments, and infrastructure construction is strengthened. A group of advantage enterprises with independent intellectual property rights, well-known brands and strong competitive are formed, and the overall industrial competitiveness is improved obviously.

　　———社会全面进步，民生民计得到较大幅度改善。社会主义新农村建设取得明显成效，城镇化水平提高到56%，城乡面貌显著改善；城镇居民人均可支配收入和农村居民人均纯收入分别达到12160元和4520元，分别年均增长8%和7%；城乡就业水平提高，城镇登记失业率控制在5%，五年累计增加城镇就业300万人，“十一五”期末转移农村劳动力600万人；社会保障体系比较健全，贫困人口继续减少；公共服务体系更加健全，国民受教育年限提高到9.5年，新型农村合作医疗覆盖率达到80%；防灾减灾能力增强，安全生产和社会治安状况进一步好转。

　　———Society achieves all-round progress. Livelihood of the people has a more substantial improvement. Construction of new socialist countryside acquires remarkable results, the urbanization lever up to 56%, environments of urban and rural areas are improved significantly; per capita disposable income of urban residents and per capita net income of rural residents reach RMB12,160 and RMB4,520 respectively, an average annual increase of 8% and 7%; employments in urban and rural areas are improved, urban registered unemployment rate is retained lower than 5%, urban employments cumulatively increase 3 million people during the Five-Year, 6 million rural labor forces are transferred at the end of the"11th Five-Year"; a more complete social security system is built up, poverty population down in a further; public service systems are more robust, national education years increase to 9.5 years, coverage of new rural cooperative medical scheme up to 80%; disasters prevention and mitigation capacities are strengthened, production and society security is further improved.

　　———可持续发展能力增强。人口自然增长率控制在5‰以内，耕地保有量控制在1171万公顷，森林覆盖率提高到47%，主要污染物排放总量减少10%，资源过度消耗和生态环境恶化趋势得到遏制。

　　———Sustainable development capacities are enhanced. Natural population growth rate is controlled less than 5‰, arable land preservation quantity is maintained at 11.71 million hectares, the forest coverage rate up to 47%, total emission of major pollutants down 10%, the trends of excessive consumption of resources and deteriorating ecological environment are held back.

　　———改革开放取得新进展。所有制结构进一步优化，个体私营等非公有制经济比重提高到50%以上；行政管理、国有企业、财税、科技、教育、卫生、社会保障和城乡管理体制改革取得突破性进展；经济的外向度明显提高，进出口总额达到240亿美元，年均增长20%；累计实际利用外资争取达到100亿美元，年均增长12%。

　　———Reform and Opening Up achieve a new progress. Ownership structures are further optimized, proportion of non-public ownership economy, including individual and private economy, up to more than 50%; reform of administration management, State-owned enterprises, taxation, science and technology, education, health, social security and urban & rural management systems make breakthroughs; outward trend of the economy is significantly improved, the total import and export volumes reach USD24 Billion, an average annual growth rate of 20%; strive to realize accumulative actual utilized foreign investments reach USD10 Billion with an average annual increase of 12%.

与设立外资保险经纪公司相比，设立内资保险经纪公司在申请人资格要求、受理和初审机关、申请材料要求方面要求较低，而设立成功后可开展业务范围却较广。出于上述考虑，本报告建议采用“分步走”的方案设立的保险经纪有限公司。该方案的操作步骤为：第一步，按照设立一般保险经纪有限公司的方式设立中外合作保险经纪公司（贵司持股低于25%）；在申请设立时，贵司表面占保险经纪有限公司注册资本的比例低于25%；中方占保险经纪有限公司注册资本的比例高于75%。第二步，通过一系列合同安排和具体操作，使得贵司实际上控制保险经纪公司的股权比例高于75%；中方控制保险经纪公司的股权比例低于25%。

III. Selection of Company Nature and Percentage of Shareholding of Insurance Broker Firm

Compared with foreign-invested insurance broker firms, domestic insurance broker firms are established subject to less exacting criteria in respect of applicant qualification requirements, the authority for acceptance and preliminary examination of the application and application documents, and may engage in more extensive businesses upon establishment. Based on the considerations above, it is recommended to establish an insurance broker firm with limited liability on a step-by-step basis. First, establish a Chinese-foreign contractual insurance broker joint venture in the same manner as establishing an ordinary insurance broker firm with limited liability, in which the Company holds 25% or less shares. Upon application, it seems that the Company holds 25% or less of the registered capital of the joint venture and that the Chinese party holds 75% or above. Second, through a number of contractual arrangements and specific transactions, the Company will effectively hold more than 75% equity interests in the insurance broker firm, and the Chinese party below 25%.

六、关于投资利益保护的制度安排

VI. Institutional Arrangement for Protection of Investment Interests

贵司若选择采用“两步走”策略和信托持股或者隐名持股的投资方式，最为关键的事宜即为贵司投资利益的保护，特别是拟设立的保险经纪公司的经营管理权控制和收益分配比例。

Where the Company adopts “Two Steps” strategy and investment mode of equity interests held in trust or dormant partnership, protection of the Company’s investment interests will be the most crucial matter, in particular control of the operating and management rights of the proposed insurance broker firm and its proceeds distribution proportion.

（一）确保经营权的控制

(I) Guarantee of control of operating rights

不管采取何种投资形式和何种投资方式，贵司均应当实质控制项目公司的经营管理权，具体表现在董事会组成人员及其构成以及法定代表人和总经理选任方面。

The Company shall substantially control the operating and management rights of the project company, no matter what investment method and mode are adopted, specifically members of the board of directors and its composition as well as appointment of legal representative and general manager.

1．董事会组成以及董事会议事

1. Composition and procedure of the board of directors

根据《中华人民共和国中外合作经营企业法》第十二条及其《中华人民共和国中外合作经营企业法》第二十四条规定，建议在《合作合同》、《合作企业章程》中约定：董事会是合作企业的最高权力机构，决定合营企业的一切重大问题。贵司委派人员应当在项目公司的董事会成员中占绝大多数，建议：（1）项目公司董事会成员为7人，其中贵司委派5人，合作中方委派2人；（2）董事长为贵司委派人员，副董事长四名，其中贵司人员委派3名，合作中方委派1名。

In accordance with the requirements under Articles 12 and 24 of Law of the People’s Republic of China on Chinese-Foreign Contractual Joint Ventures, the Contractual Contract and the Joint Venture Articles of Association are proposed to provide that the board of directors, which is the top authority of the contractual joint venture, shall decide on all significant matters of the entity. The majority of the board of directors of the project company shall be appointed by the Company. It is recommended that: (1) the board of directors of the project company consists of 7 members, 5 out of which are appointed by the Company and the remaining 2 by the Chinese party; (2) The chairman and 3 vice-chairmen of the board are appointed by the Company, while the remaining one by the Chinese party.

建议在《合作合同》、《合作企业章程》中约定：必须提交董事会进行决议并应一致通过的事项包括：（1）章程的修改；（2）注册资本的增加或者减少；（3）公司解散；（4）在公司的资产上设置抵押、质押或者其他财产担保；（5）公司合并、分离和变更组织形式。除上述事项外，其他所有一切重大事宜的决定由董事会简单多数董事赞成通过。

The Contractual Contract and the Joint Venture Articles of Association are proposed to provide for the matters that shall be presented to the board of directors for discussion and unanimous approval, including: (1) amendments to the articles of association; (2) increase or decrease in the registered capital; (3) dissolution of the company; (4) creation of any charge or pledge on, or provision of other property guarantee over the company's assets; (5) merge, division of the company and change of the organizational form. Save as disclosed above, all other material matters shall be approved by simple majority voting of the board.

2．法定代表人和总经理选任

2. Appointment of legal representative and general manager

根据《中华人民共和国中外合资经营企业法实施条例》第三十一条：“董事长或者主任是合作企业的法定代表人”之规定，项目公司的法定代表人为贵司委派的董事长；总经理应亦由贵司委派的人员担任，可由董事长兼任。总经理直接向董事会负责，总经理执行董事会的各项决议，并根据这些决议组织公司日常经营管理活动。总经理有权委任和辞退属下人员并行使董事会授予的其他责任、权力和职责。

In accordance with Article 31 of Regulations for the Implementation of the Law of the People’s Republic of China on Chinese-Foreign Equity Joint Ventures - “the chairman or the director is the legal representative of the contractual joint venture”, the legal representative of the project company is the chairman appointed by the Company, and the general manager shall also be appointed by the Company or served by the chairman. The general manager is directly accountable to the board of the directors. He is responsible for implementing the resolutions of the board of directors and running the company’s daily operation and management subject to these resolutions. The general manager has the rights to appoint and dismiss the employees under his management, and performs and exercises other obligations, powers and responsibilities granted by the board of directors.

免責聲明

For ease of reference, Barclays or BGI^® may be used to refer to Barclays Global Investors, N.A.

為方便敍述，本聲明或以巴克萊或BGI®指代Barclays Global Investors, N.A.。

The Global Equity Mandate Fund and the Emerging Markets Strategic Insights Fund referred to in this proposal questionnaire is privately offered collective funds (“Fund”): prospectuses are not required and prices are not available in local publications. To obtain pricing information, please contact your local service representative.

本委任投資說明書問卷中提述之全球股票委任投資基金與新興市場策略遠見基金係私募集合基金（「基金」）：毋須刊發公開說明書，價格亦不見於當地刊物。台端如欲獲取價格資訊，請聯絡當地服務代表。

Barclays Global Investors, N.A., a national banking association operating as a limited purpose trust company, manages the separate client account (“Account”) and Fund products and services referred to in this presentation and provides fiduciary and custody services to various institutional investors. Funds and Accounts custodied with BGI are not insured by the Federal Deposit Insurance Corporation and are not guaranteed by BGI or its affiliates. BGI is an affiliate of Barclays Bank PLC.

Barclays Global Investors, N.A.係一家國家銀行協會，為有限目的之信託公司，管理本文所述之獨立客戶帳戶（「帳戶」）與基金產品及服務，並向多家機構投資人提供信託與代管服務。BGI代管之基金及帳戶不受美國聯邦存款保險公司（Federal Deposit Insurance Corporation）保險之保障，亦不獲BGI或其聯屬公司提供擔保。BGI係Barclays Bank PLC之聯屬公司。

The collective investment funds maintained by BGI, are available only to certain qualified employee benefit plans and governmental plans, and are not offered to the general public. Barclays Global Investors Canada Limited (BGICL) is an indirect subsidiary of Barclays Bank PLC. In Canada, this publication is intended for accredited investors only.

由BGI維護之集合投資基金只供部分合格員工福利計畫與政府計畫投資，不向一般公眾發售。Barclays Global Investors Canada Limited（BGICL）係Barclays Bank PLC之間接子公司。本説明書在加拿大只擬提供予合格投資人。

Past performance is not necessarily a guide to the future. Actual results may differ depending on the size of the Account, investment restrictions, when the Account is opened, and other factors. Risks associated with investing include a possible loss of principal. In addition to the normal risks associated with investing, narrowly focused investments, investments in smaller companies and investments in single countries typically exhibit higher volatility. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from difference in generally accepted accounting principle or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Bonds and bond funds generally decrease in value as interest rates rise. Risk controls and proprietary technology do not promise any level of performance or guarantee against loss of principal.

過往表現未必是未來績效之指標。實際績效視乎帳戶規模、開戶時之投資限制與其他因素不同而異。投資存在可能損失本金之風險。除投資過程中所涉及之一般風險外，投資範圍太過集中、投資於小型公司與投資於單一國家通常帶來更大波動。國際性投資還會因貨幣價值之不利波動、一般公認會計原則不同或其他國家之經濟或政治之動盪而存在損失資本之風險。面對相同因素，新興市場往往涉及更大的風險，並且波動率更高，交易量更低。債券與債券基金的價值通常隨著利率上升而下降。風險管控與專有技術並不能保證達至任何績效水準或保證免受本金損失。

The information included in this presentation has been taken from trade and other sources we consider to be reliable. We do not represent that this information is accurate and complete and should not be relied upon as such. Any opinions expressed in this presentation reflect our judgement at this date and are subject to change. No part of this presentation may be reproduced in any manner without the prior written permission of BGI.

本説明書所載資訊係摘錄自本公司認為可靠之商業與其他資訊來源。本公司並無聲明這些資訊為準確及完整，請勿依賴這些資訊。本説明書所發表之任何觀點反映本公司於本説明書刊發當日之判定，可能因時而變。未經BGI事先書面允許，不得以任何方式翻印本説明書任何內容。
None of the Index Providers nor any other party involved in or related to compiling, computing or creating the index data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof) and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall Index Providers, any of their affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the index data is permitted without Index Provider’s express written consent. The index data may only be used for your internal use and may not be used to create any financial instruments or products (including funds and derivative instruments) or any indices.

指數提供商或參與或涉及編彙、計算或創建指數數據之其他人士並無就有關數據（或使用有關數據之結果）作任何明示或暗示之保證或聲明，而該等所有人士謹此明確表示，概不保證任何有關數據就特定用途之原創性、準確性、完整性、適銷性或適用性。在不限制上文所述任何聲明之效力的情況下，指數提供商、他們任何參與或涉及編彙、計算或創建指數數據之聯屬公司或任何第三方在任何情況下概不就任何直接、間接、特別、懲罰性、附帶或任何其他損害賠償（包括利潤損失）承擔任何責任，即使已獲告知可能出現有關損害賠償亦如此。未經指數提供商之書面明確批准，不得再傳閲或傳播指數數據。指數數據僅供台端內部使用，不得用於創建任何金融工具或產品（包括基金與衍生性金融商品）或任何指數。

FOR INSTITUTIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

僅供機構使用，不得向公衆傳閲。

We are one of the four largest commercial banks in the PRC in terms of total assets with the most extensive international branch network among PRC commercial banks. According to the Banker magazine, we were the 32nd largest bank in the world based on total assets as of December 31, 2004. Our core business is commercial banking, which primarily consists of corporate banking, personal banking and treasury operations and accounted for 92.7% of our operating profit in 2005. We also conduct investment banking and insurance activities through our subsidiaries. The combination of our commercial banking, investment banking and insurance businesses has created a universal banking platform that allows us to provide integrated services to our customers. We are headquartered in Beijing with operations in the Chinese Mainland, Hong Kong and Macau and other overseas regions. Our operating profit was RMB37,416 million, RMB37,122 million and RMB53,636 million in 2003, 2004 and 2005, respectively, of which RMB13,203 million, RMB17,786 million and RMB29,676 million was derived from our domestic operations, respectively. As of December 31, 2005, our total assets were RMB4,740,048 million, of which 76.4% were derived from our domestic operations, before inter-company balance elimination.

概述

按总资产计算，本行是中国四大商业银行之一，拥有在中国商业银行之中最广泛的国际分支机构网络。根据《银行家》杂志，按截至2004 年12 月31 日止的总资产计算，本行是全球第32 大银行。本行的核心业务是商业银行业务，当中主要包括公司业务、个人银行业务及资金业务，占本行2005 年营业利润92.7% 。本行亦通过子公司从事投资银行及保险业务。本行的商业银行、投资银行及保险业务组合，建立了全方位金融业务平台，让本行能够为客户提供综合服务。本行总行设于北京，并在中国内地、香港、澳门及其它海外地区经营业务。本行的营业利润于2003 年、2004 年及2005年分别达人民币374.16亿元、人民币371.22 亿元及人民币536.36亿元，其中分别有人民币132.03 亿元、人民币177.86 亿元及人民币296.76 亿元来自本行的境内业务。截至2005 年12 月31 日止，本行的总资产为人民币47,400.48 亿元，其中未扣除抵销项目前总资产的76.4% 来自本行的境内业务。

RISK FACTORS

There are certain risks and considerations relating to an investment in our Shares. These can be categorized into: (i) risks relating to our loan portfolio; (ii) risks relating to our business; (iii) risks relating to the PRC banking industry; (iv) risks relating to the PRC; and (v) risks relating to the Global Offering. These risk factors and considerations are further described in ""Risk Factors’’ and are summarized below.

风险因素

投资本行股票存在若干相关风险和需要考虑的因素，该等风险和考虑因素可以分为：(i)与本行贷款组合有关的风险；(ii)与本行业务有关的风险；(iii)与中国银行业有关的风险；(iv)与中国有关的风险；及(v)与全球发售有关的风险。这些风险和考虑因素在下文「风险因素」一节有进一步描述，现概括介绍如下。

11/29/08 美东时间下午3:00 　周中技术评论：

Volatility of the major indexes has picked up over the last month, indicating that the rally may be coming to an end, in our view. Bond yields may be close to bottoming while crude oil prices are attempting to breakout from a 2-month base.

过去一个月主要股指的波动性回升，我们认为这意味着升势或将结束。债券孳息可能接近筑底，而原油价格正试图突破两个月底部。

Since the end of October, we have seen two very quick pullbacks in the S&P 500, as price volatility began to pickup. From mid-August until the end of October, prices were very stable as they rose in a very narrow channel. Intermediate-term market tops are many times preceded by very jagged action as supply and demand start to even out. In addition, there has been a negative momentum divergence on the daily charts, and this is often a sign that a pullback/correction is coming.

自10月末以来，随着波动开始加剧，标普500指数已有两次以极快速度回落。8月中旬至10月底，指数非常稳定，上升通道非常狭窄。随着供需开始平衡，极度波动的走势预示着中期市场顶部将至。此外，日线图技术指标一直出现负动能背驰，通常说明回落／回调即将来临。

Bond yields on the 10-year treasury are trying to bottom out near the 4.5% area, in our view. There is major, long-term trendline resistance just below the 4.5% level. In addition, treasuries are oversold on both a daily and weekly basis. We will need to see a reversal back above the 4.8% level to confirm that abottom is in.   

我们认为10年期国债孳息正试图走出4.5%一带。在4.5%水平下方存在主要及长期趋势线阻力。此外，在日线图及周线图上，国债孳息均显超卖。孳息需要回升到4.8%水平以上方可确立底部。

Crude oil has rallied back to the $62/barrel area and we believe prices are close to breaking out after drifting sideways for the last two months. There have been multiple positive divergences on the daily chart over the last two months and the weekly momentum indicators are finally starting to turn higher. A break above the $63 level would complete an intermediate-term reversal pattern, and confirm that prices have finally bottomed. 

原油价格回升至62美元╱桶区域，并且我们相信继过往两月窄幅震荡后油价即将上破。过往两月在日线图上出现多个正背驰，并且周动能指标最终开始上扬。突破63美元水平将完成中期反转形态，并且确认油价已最终触底。

06财年（1月份），Movado Group主要关注六大关键增长活动：加速ESQ在北美的增长，它在该地区的主要竞争对手是日本品牌Seiko、Citizen及Bulova；通过平衡美国优质手表业务的主导地位将Movado在中国发展成为一个主要的可行高档品牌；通过新开三间Movado精品店及扩大珠宝分类将Movado的形像在美国提升为一个终身品牌；专注于「母品牌」强大的市场的许可手表的增长（如美国及日本的Coach及欧洲的Tommy Hilfiger）；完成2004年3月收购的Ebel业务的整合，并通过新品牌投资及广告支援将Ebel重建为一个主要及盈利高档品牌；及准备在2006春天将自2005年3月获得许可的品牌Hugo Boss重新推出。
In FY 07, we look for Movado Group to continue to invest in its FY
 06 growth initiatives. We also expect the company to begin work on
 restructuring its profitable Concord business to improve brand
 positioning in what has been a challenging mid-luxury market, and
 to focus on developing its newest brand, Juicy Couture, which it
 licensed in November 2005.
07财年，我们预期Movado Group将继续投资于其06财年的增长活动。此外，我们预计公司将开始重组其具盈利能力的Concord业务，以改善其在充满挑战的中档市场中的品牌定位，及专注于开发其于2005年11月获得许可的最新品牌Juicy Couture。

 The company reports that Ebel and Concord together account for
 about 20% of its business; Movado and ESQ a combined 50%; retail
 operations 15%; and licensed brands 15%. The average gross margin
 across brands is about 60%. Ebel and Concord watches, many of which
 are made with 14 or 18 karat gold and have diamond settings,
 typically earn lower-than-average gross margins, as consumers
 assign fair values on the watches based on commodity prices. By
 comparison, Movado and ESQ watches have higher-than-average gross
 margins, as we believe the company can leverage both brands’ luxury
 status to charge premium prices on mostly steel constructed
 watches. Gross margins from direct-to-consumer sales of Movado
 watches in company-owned boutiques also exceed those of the
 wholesale business.
公司公布Ebel及Concord合占其业务的20％；Movado及ESQ合占50％；零售业务占15％；许可品牌占15％。跨品牌平均毛利率约为60％。多款Ebel及Concord手表都由14或18K金制成，并镶以钻石，通常毛利率低于平均水平，原因是消费者根据商品价格指定公平价值。通过比较，Movado及ESQ手表的毛利率高于平均水平，原因是我们相信公司可调整两品牌的奢华程度，以改变大部份钢结构手表的溢价。公司拥有的小店铺Movado直销手表的毛利率也高于批发业务。
 COMPANY OUTLOOK
 From a projected $473.3 million in FY 06, we see net sales
 advancing about 11% in FY 07, to $525.1 million, with Movado
 Group’s retail business contributing $100.0 million in net sales, a
 14% increase from a projected $87.8 million in FY 06; and its
 wholesale business $425.0 million in net sales, a 10% rise from a
 projected $385.5 million in FY 06.
公司前景
 从06财年预计的4.733亿美元，我们预计07财年销售净额增长约11％至5.251亿美元，Movado Group的零售业务在销售净额中为1.000亿美元，较06财年的预测8，780万美元增长14％；其批发业务在销售净额中为4.250亿美元，较06 财年的预测3.855亿美元上升10％。
 At retail, we look for Movado Boutique same-store sales to rise 7%
 to 8% and for the opening of three new stores, which would raise
 the company’s total to 30. Jewelry assortments, which were a key
 sales driver in FY 06, are likely to be expanded, in line with the
 company’s efforts to enhance the Movado brand’s lifestyle image.
 Our expectation is that the U.S. market for luxury watches and
 accessories will continue to show strength over the next 12 months.
我们预计Movado Boutique的同店零售额将增长7％至8％，并将新开三间店铺，这将使公司的店铺总数达到30间。珠宝分类是推动06年销售的关键，可望得到拓展，这也符合公司增强Movado品牌生活方式象征意义的努力。我们预计美国奢侈品手表及配件市场将在未来12个月内持续其强劲势头。
 In FY 07, we think sales growth in Movado, ESQ, and licensed brands
 will likely outpace that of Ebel and Concord, as Movado Group will
 cycle impressive FY 06 sales gains for Ebel, and the company plans
 to rationalize Concord’s assortments and expense structure as part
 of the brand’s restructuring. We look for increased sell-in of
 Movado watches to Federated Department Stores (FD: Hold; $69) as a
 result of Federated’s recent acquisition of May Department Stores.
 Movado is a strong seller in Federated’s Macy’s chain, which
 Federated is expanding nationwide this fall with the conversion of
 May’s former Famous-Barr, Filene’s, Foley’s, Hecht’s, Kaufmann’s,
 L.S. Ayres, Meier & Frank, Robinsons-May, Strawbridge’s, The Jones
 Store, and Marshall Field’s regional chains.
 In FY 07, we also project double-digit sales growth for ESQ
 watches, as we expect the brand to fill a void in the entry-level
 Swiss watch category. In addition, we expect solid growth in
 licensed brand sales with the company’s planned launch of a new
 moderate-priced Hugo Boss collection this spring, and a higher-end
 Juicy Couture line this fall.
我们预计07财年Movado、ESQ及授权品牌的销售增长将可能超过Ebel 及Concord，原因是Movado Group将使Ebel再现06财年强劲的销售增长,公司计画合理化Concord的分类及开支结构，做为品牌改造的一部份。我们认为Movado手表向Federated Department Stores (FD: 持有（***）;69美元)的出货目标是Federated近期收购May Department Stores的结果。Movado在Federated’s Macy’s 连锁店的销售强劲，Federated将于今秋在全国范围内进行推广，并对May以前的Famous-Barr、Filene’s、Foley’s、Hecht’s、Kaufmann’s、L.S. Ayres、Meier & Frank、Robinsons-May、Strawbridge’s、The Jones Store及Marshall Field的区域性连锁店进行改造。我们预计07财年ESQ手表的销售增长将达10％以上，原因是我们认为该品牌将填补入门级瑞士表的空白。另外，我们预计，通过公司今春推出新款价格适中的Hugo Boss系列产品，以及今秋推出较高端的Juicy Couture产品的计画，授权品牌销售将获稳固增长。
 Based on our expectations of strong sales growth in Movado Group’s
 higher-margin brands and narrowing losses on its retail business,
 we look for operating margins to widen to 10.5% in FY 07, from a
 projected 9.9% in FY 06, despite expected investments in new
 product initiatives and brand marketing and advertising support,
 and the expensing of stock options. We also anticipate increased
 sales productivity for the Movado and Coach brands due to the
 company’s exit from underperforming retail doors in FY 06.
 Excluding unusual items, we project operating EPS of $1.27 in FY 06
 and $1.43 in FY 07.
尽管我们预计在新产品推出、品牌行销、广告支持及股票期权费用方面均有投资，基于我们对Movado Group较高利润率品牌强劲的销售预测及其零售业务亏损的减少，我们预计07财年经营利润率将从06财年9.9％的预期增至10.5％。由于公司06财年退出表现不佳的零售市场，我们还预计Movado及Coach品牌的销售效率将获增长。不包括非经常专案，我们预计06 及07财年经营每股盈利分别为1.27及1.43美元。
 STANDARD & POOR’S CORE EARNINGS ANALYSIS
 Based on our proprietary Standard & Poor’s Core Earnings
 methodology, we see FY 06 S&P Core EPS of $1.17. This 8% divergence
 from our FY 06 operating EPS estimate of $1.27 reflects projected
 option expense of $0.10. Movado Group will start to expense stock
 options at the start of FY 07 under Statement of Financial
 Accounting Standards (SFAS) No. 123R. As a result, we project both
 operating and S&P Core EPS of $1.43 for FY 07.
标准普尔核心盈利分析
基于我们特有的标准普尔核心盈利分析法，我们预测06财年标普核心每股盈利1.17美元。这与我们06财年经营每股盈利预期1.27美元负背驰8%，反映出预期期权费用0.10美元。Movado Group从07财年开始将根据财务会计准则公告(SFAS)第123号计及股票期权费用。因此，我们预计07财年经营与标普核心每股盈利均为1.43美元。
CONCLUSION
 In FY 06, we think Movado Group successfully created consumer
 interest in its established Movado, Concord, Coach, and Tommy
 Hilfiger brands by delivering newness in assortments. The company
 also stayed on course, in our opinion, with ongoing investments in
 its younger ESQ, Ebel, and Hugo Boss brands, as well as in its
 retail business, which is approaching critical mass. These
 initiatives paid off, in our view, and we look for Movado Group to
 maintain its positive sales and earnings momentum in FY 07.
结论
展望06财年，我们认为Movado Group能成功地通过发布新产品推动消费者扩大对其已建立的品牌Movado、Concord、Coach及Tommy Hilfiger的兴趣。我们认为公司已经开始，不断投资其年轻派品牌ESQ、Ebel及Hugo Boss，及批发业务（已进入关键阶段）。我们相信该等措施已得到回报，预计07财年Movado Group可保持其积极的销售额与盈利走势。

   HARBIN.... Tsingtao Brewery’s rival Harbin Brewery (HB) has announced that

   its substantial shareholder HB Factory has agreed to sell 29.07% or 291.5 mln

   shares to Global Conduit Holdings Limited (GCHL) at HKD3.25 per share,

   representing a discount of 19% of the closing price on 19 March. HB’s stock

   price closed 5.2% up at HKD4 on 19 March. Global Conduit Holdings is an

   independent third party with each shareholder owning less than a 20% stake.

   It was widely speculated that China Resources Brewery (CRB) would acquire

   Harbin following last year’s sale of 29.41% in Harbin to SABMiller, which is

   CRB’s second largest shareholder. The logic for a merger is clear - a

   combined CRB/Harbin would not only make the combined CRB/Harbin the largest

   brewer in China by sales volume and production capacity, it would also create

   significant synergies as both companies count North East China as their

   largest market. Until further details are released, it is difficult to judge

   the impact on Tsingtao Brewery.However, Tsingtao’s rich valuation could be

   difficult to justify if it loses its top spot in China’s brewery market.

   Harbin is trading at 33X estimated earnings versus Tsingtao brewery’s 39X

   based on consensus data.

23/03（01:45 GMT）：青岛啤酒股份（8.750港元）：市政府出售哈啤股权。

青啤的竞争对手哈尔滨啤酒集团日前公告称，大股东国利发展已同意出售29.07%的公司股权（或2.915亿股股份）予Global Conduit Holdings Limited，每股作价3.25港元，较3月19日收市价折让19% （当日该股收升5.2%至4港元）。Global Conduit Holdings为独立第三者, 由一群投资者拥有, 每名投资者所持权益均不超过20%。继华润啤酒的第二大股东SABMiller（南非酿酒集团）去年收购哈啤29.41%股权后，市场普遍揣测华润啤酒将收购哈啤。兼并意图非常明显——经合并后的华润啤酒／哈啤不仅将成为中国最大的啤酒生产商（就销量及产能来讲），同时亦将产生巨大的协同效应，因为这两家公司均以中国东北部为其最大市场。在更多详细资料披露前，目前还难以评估其对青啤的影响。不过可以肯定的是，一旦青啤丧失其在国内啤酒市场上的霸主地位，则其高企的估值将难以为继。基于公开资料计算，哈啤及青啤的估计市盈率分别为33倍及39倍。

   Sale by the HB Factory came as no surprise as its ultimate holding firm the

   Harbin Municipal Government had earlier sold its 29.41% stake to South

   African SABMiller through Gardwell at HKD2.29 per share The deal was valued

   at USD26.52 EV/hl based on Harbin brewery’s capacity of 14 mln hl and interim

   results. It is well know in the industry that the state is preparing to

   withdraw from the brewery business in the wake of industry consolidation. The

   latest purchaser Global Conduit Limited comprises of individual parties

   holding no more than 20% stake each in the company. The surprise is that

   these buyers are independent from the major shareholders SABMiller/Gardwell.

   The new deal is valued at USD35.12 EV/hl, which is higher than what SABMiller

   paid for Harbin but lower than what Heineken Asia Pacific Brewery paid for

   Guangdong Brewery at USD69 EV/hl.

    国利发展出售哈啤股权并不为奇，因为其最终控股股东哈尔滨市政府早前就曾透过Gardwell向SABMiller出售了哈啤29.41%股权，每股作价2.29港元。该项交易的每百升估值为26.52美元（基于哈啤1400万百升的产能及中期业绩计算）。在行业整合的大趋势下，业内普遍预计该市政府将退出啤酒行业。最近的收购方Global Conduit Limited由一群投资者拥有, 每名投资者所持权益均不超过20%。令人吃惊的到是该公司竟独立于哈啤大股东SABMiller／Gardwell之外。是项交易的每百升估值为35.12美元，虽然高于SABMiller此前的出价，但却远低于Heineken Asia Pacific Brewery收购粤海啤酒的价格（每百升估值为69美元）。

   Following the deal, SABMiller will remain the largest shareholder of Harbin

   Brewery with a 29.41% stake while Global Conduit became the second largest

   with a 29.07% stake. Their shareholdings are marginally shy of the 30%

   ownership rights for a general offer trigger. The ultimate buyer and motive

   of the purchase have not been disclosed. But be it a potential move towards a

   takeover battle between SABMiller or GCHL for Harbin Brewery or a

   collaboration between the two parties, Harbin brewery’s stock price is likely

   to remain firm during the interim period. SABMiller has expanded its market

   share in China through Harbin Brewery and China Resource Brewery. It is eager

   to integrate its business further and create synergistic impact for the

   operations.

是项交易完成后，SABMiller仍为哈啤最大股东，Global Conduit则屈居第二，分别持股29.41%及29.07%。二者所持股权均稍低于30%，从而得以避免触发全面收购献议。目前，最终买家及收购动机均未披露。但假如SABMiller与Global Conduit之间爆发收购战，抑或双方开展合作，都将支援哈啤股价中线保持坚挺。透过哈啤及华润啤酒，SABMiller已大大提高了其于中国市场的份额，该公司目前则迫切希望进一步整合业务以产生出巨大的协同效应。     

   Harbin Brewery (HB) is the oldest brewery in China. Set up in 1900, it

   principally brews and distributes beer in China under the Harbin brand.

   Listed on the Hong Kong Stock Exchange in 2002, the company owns 13

   breweries, of which 10 were profitable, 2 broke even and one incurring losses

   as of end 2003. Harbin produced and sold 1.16 mln tonnes of beer in 2003, up

   27% YoY. Deriving 90% of its revenue from the mainland, the company is the

   leading beer producer in Northern China. It manages to successfully raised

   ASP of its mass-market beer in Heilongjiang area in January this year in a

   bid to counter higher material costs. Strong brand name, earning growth

   potential and existing production and sale network make Harbin Brewery an

   attractive buy despite its low dividend yield and high gearing.

   哈啤成立于1900年，是中国历史最为悠久的啤酒生产商，主要从事“哈尔滨”牌啤酒的酿造及分销业务。该集团于2002年在港交所上市，旗下拥有13家啤酒厂。截至2003年末，这13家啤酒厂中10家盈利；2家保平；1家亏损。哈啤当年产销啤酒116万吨，按年增长27%。哈啤90%的收入来自内地，是中国北方的领先啤酒生产商。在原材料成本上涨带动下，该集团今年1月份成功的在黑龙江地区提高了其平装酒的平均售价。虽然哈啤股息率较低且资本负债比率较高，但考虑到其强大的品牌优势、良好的盈利增长前景以及现有的生产、销售网络，则该股仍不失为一个不错的选择。

中国房地产业

China property sector

·  12月物业销售增长趋软。上海商品房销售面积由11月的71万平方米略增至上月近80万平方米，较11月的环比增幅42%为低。平均售价环比增长9.7%及同比上升0.7%至人民币11,892元。深圳一手房销量由11月的6,435套上升23%至12月的7,898套，环比增幅远低于11月的90%，而平均售价则环比下跌约10%。

·  Property sales growth softened in December. Shanghai’s commodity housing sales increased moderately from a GFA of 0.71m m2 in November to nearly 0.80m m2 last month compared with 42% mom growth in November. The ASP of Rmb11,892 was up 9.7% mom or 0.7% yoy. Shenzhen’s primary housing sales surged 23% from 6,435 units in November to 7,898 in December, much lower than the 90% mom recorded in November. ASP dropped by around 10% mom.

·  12月北京商品房预售出5,562套单位，环比上升2%，占包括保障性住房的总预售住宅单位的46%。预售住宅单位总数则由11月的12,479套轻微下跌2%至12月的12,180套，销售面积下跌1.6%至120万平方米。二线城市中，天津、青岛及南京物业销量亦轻微下跌，而成都、杭州、苏州、武汉及厦门的物业销量则温和上升。

·  In Beijing commodity housing accounted for 5,562 pre-sold units in December, up 2% mom, representing 46% of all pre-sold residential units, including welfare housing. In comparison, the total number of pre-sold residential units dropped a slight 2% from 12,479 in November to 12,180 in December, with corresponding GFA sales declining 1.6% to 1.2m m2. Second-tier cities Tianjin, Qingdao and Nanjing also revealed a slight drop in property sales, while Chengdu, Hangzhou, Suzhou, Wuhan and Xiamen experienced a moderate swelling of market momentum.

·  12月物业销量一般低于11月，然而，去年12月却录得环比增长。今年1月的物业成交将受政府的楼市政策及农历新年假期所影响。政府于2008年底宣布的多项刺激楼市政策于11月初的物业成交量。然而，1月最后一周的农历新年假期或会转移潜在购房者的视线。整体来说，1月的物业销量或将持续偏软。 月1日起开始执行，有助提升

·  Property sales in December are traditionally weaker than in November, however this year they witnessed a mom growth. Activity in January would be affected by both the timing of property-related government policies and the Chinese New Year holiday. As various stimulus policies announced in late 2008 took effect on 1 January; these may improve activity earlier in the month. However, the Chinese New Year holiday that falls in the last week of January this year may distract would-be buyers from property purchases. On balance, January sales may continue to soften.

·  在住房部、国家发改委、财政部及中国人民银行于1月6日合办的新闻发布会上，官方人员的发言应证了我们对关于加强楼市健康发展的意见的理解，重申保障性住房仅针对最低收入的组别、商业银行可自行厘定向物业买家提供的按揭息率，而这轮刺激楼市政策出台后，中央亦将就政策效果进行一段时间的观察。

·  During the 6 January press conference jointly held by the Ministry of Housing, National Development and Reform Commission, Ministry of Finance and People’s Bank of China, officials confirmed our understanding of Opinions Concerning Boosting Healthy Development of the Property Market by reiterating that welfare housing only targets the lowest income group, commercial banks are free to set mortgage interest rates for homebuyers, and there will be an observation period after this round of stimulus policies.