轻工制造行业周报：铜版纸提价基本落实，3月有望续涨-130304.ppt

3,2013,2,25,2013,3,3,3,2013 ,3,4,300 2.78% /,2.33% / 12.94%,5.50% vs,8.19%,2.36%,3.27%,0.79%,0.60%,17.78%,13.33%,12.97%,12.87%,10.78% 2030,s1010510120064,100-200,/ 60,3,100,100 /,/,3,2030,/,30.0%,5.02,2013,1 41.0%,41, /,11,eps 12e,13e,14e,11,12e,pe,13e,14e,pb,5.67 10.66 27.27 17.60 8.42 24.15 5.20 9.13 6.71 10.22 27.41,0.50 0.45 0.63 0.51 0.40 0.59 0.21 0.55 0.18 0.42 1.03,0.20 0.55 0.76 0.73 0.35 0.57 0.30 0.64 0.20 0.54 1.31,0.50 0.65 1.00 1.00 0.42 0.80 0.41 0.75 0.24 0.69 1.62,0.57 0.83 1.23 1.29 0.52 1.07 - 0.99 0.31 0.85 1.99,11 24 43 35 21 41 25 17 37 24 27,28 19 36 24 24 42 17 14 34 19 21,11 16 27 18 20 30 13 12 28 15 17,10 13 22 14 16 23 - 9 22 12 14,1.44 2.48 3.95 3.25 2.92 2.39 2.01 1.46 2.28 2.20 2.83,6.94 11.74 - 19.30 - 18.40 7.39 12.80 5.52 - -,2013,3,1,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,2013,2,25,2013,3,3, 1 1 1 .15 .19 23,umpaper,2007-2012 ytd,. 7,2007-2012 ytd, 7,umpaper,2007-2012 ytd,. 7,2007-2012 ytd, 7,umpaper,2007-2012ytd 8,2007-2012 ytd, 8,umpaper,2007-2012ytd, 8,2007-2012 ytd, 8,2007-2012ytd 2008-2012ytd 2008-2012 ytd,. 8 . 8 9,2008-2012 ytd 2001-2012ytd 2001-2012ytd,.10 10 11,2007-2012ytd 2007-2012 ytd 2007-2012ytd,. 11 11 . 11, 11 . 11 12 12 .12 .12 13 13,2007-2012ytd,13,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,2013,2,25,2013,3,3,27,fai,2003-2012 ytd,.14,2007-2012 ytd 2007-2012 ytd,15 15,2007-2012 ytd 2007-2012 ytd,15 15,.15 .15,2007-2012 ytd 2007-2012 ytd,16 16,2007-2012 ytd 2007-2012 ytd,17 17,2007-2012 ytd 2007-2012ytd,18 .18,2007-2012 ytd 2007-2012 ytd,18 18,2007-2012 ytd 2007-2012ytd,19 .19,2007-2012 ytd 2007-2012 ytd,19 19,.20 .20 .20 .20,2007-2012 ytd 2007-2012 ytd,21 21,2007-2012 ytd 2007-2012 ytd,22 22,2007-2012 ytd 2007-2012 ytd,23 23,2007-2012 ytd 2007-2012 ytd,23 23,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,2013,2,25,2013,3,3, 6 9 .13 14 14 16 16 17 17 .18 18 .20 .21 .22 .23 .24,2013,2,25,2013,3,3,2012,-,2012,2012,-,2,27,1,20,-,a4,8,8,2013,-,10,8,-,10, b,b,b,b,(b,),2012,2,26 2012,“,” “,2012 80%,”,3,2030,3,100,/,100,/,2013-3-1,resolute,3,nbhk,sbhk,30,820,nbsk,900,sbsk,860,mercer,3,710,30,1,/,/,/,2,2013,2,25,2013,3,3,3600-3700,1250-1280,1120,5400,100g,upm6400,5600-5650,1800,1620,1800,250g,1220,5200-5300 1120,5300-5400,5000,1210-1250 1080-1150,157g,170g 140g,4100-4150 4050-4100,200g 170/200g 5800,4000-4050 4000-4050 5400,5200-5300 2013-2-28,5000,5050-5100,7000,5250-5300 3700,40,a,1180,b,1140,c,1110,970,canfor,3,30,720,20,860,4,30,930,a,1300,1330,1390,1440,3,30,930,30,890,710,3,30,930,140g,4150,3950,175g,3850,140g,4050,170g,3950,200g,3850,3#,173-175,8#190-192,11#,220,2,a2,2013,2,25,2013,3,3,3#212-213,8#212,11#,204-207,5200-5300 5300-5400,5800,250g 100g,157g,5350-5400,5300 5700,250g,5500-5600,5300,5600-5700,5350-5400,5700,100g,upm6600-6700,157g,5400,5900-6000,163-165 ukocc,205-208 a9 8020 190,2,13000,3000,1,2013-2-27,23.6% .2,1,63.5,10.8%,1180,1800,1700,1600-1650,23.6%,15.2,1,63.5,10.8%,3,690,/,10,700,/,1/3,4-5 12000,1290,1380,3,1,1550,100,/ 1450,5300-5400,100g,5700,5500,120gn 157g,3700 q 1440,3500 t 1500,3450 110gb 5300 1500,3300-3350 5400 1500,3,2,/,2013,2,25,2013,3,3,3300-3400,250g,3900,3600,90g,3100-3200,80g,3200-3300,70g,3400-3500,4850-4900,4750,4780,a,1180,b,1140,c,1080,970,5600-5700,15000,100g,250g,5500-5600 5400-5500 4850,2013-2-26,157g,6000,5400,fibria mercer,3,3,20,3,820 820 20,860,/ 860,870 720,3,1,720 870,50,1250,20,1120,4700,4800,c,d,c,70,1310,d,60,1200,3#,213,8#212,11#202,70-100g,250g,5800,5300-5400,5100-5200 5600-5700,5700,5100,5500-5600 2,3#,173-175,8#190-192,9#225,11#,220,250g,5400-5500,5300-5400,5500,5400-5500,110g,2950,2850,2950,2900-2950,100g,23#5900-6000 100g,5800,55g,5300-5400,4,2013,2,25,2013,3,3,5400-5500 5400-5650,60-80g,157g,5600,6000,5700 5800-5900,a2,165-168,ukocc205,a9,8020,190-195,4700-4800 2013-2-25,3,20,/,820,/,870,/,720,/,3,30,820,20,660,1,345.4,353.6,4,36,bsk,3,32,bhk,5,41,pppc,20 10,1,8,12,1,5%,1035337,45%,5851,3231,30,1650,30,a,1220-1250,b,1110-1190,c,1070,5200,5000,3,1,2700,110g,3100,2950,a,1300,b,1250,c,1210,d,1150,126g,3900,120g,3450,3200,3100,2,3,100,/,250g 250g,4000-4100 5700,3850,3650 6400,3450 5300,5,1,2013,2,25,2013,3,3,a,1120,b,1070,c,1030,d,980,3,3,1,100,/,upm,3,100-200,/,100,/,0.73%,1.48% 50/,200 / 0.13%,60,100 3,100 1,/,3,50,/,1,1.01%,1.01%,/,2013/02/27,11,11,upm,21#,6367 6583 6317 5375 5367 5800 5800,0 0 0 0 0 0 0,0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%,0 0 50 0 0 0 0,0.00% 0.00% 0.80% 0.00% 0.00% 0.00% 0.00%,-125 -125 -350 -458 -233 -283 0,-1.93% -1.86% -5.25% -7.86% -4.17% -4.66% 0.00%,-733 -492 -8 -642 -600 -733 0,-10.33% -6.95% -0.13% -10.66% -10.06% -11.22% 0.00%,-125 -125 -350 -458 -233 -283 0,-1.93% -1.86% -5.25% -7.86% -4.17% -4.66% 0.00%,0.00%,0.11%,-3.67%,-7.05%,-3.67%,5583 5333 5658 5550 5267 5783 5417 4800 4842,50 33 75 83 83 33 0 0 0,0.90% 0.63% 1.34% 1.52% 1.61% 0.58% 0.00% 0.00% 0.00%,117 67 108 83 117 117 0 100 0,2.13% 1.27% 1.95% 1.52% 2.27% 2.06% 0.00% 2.13% 0.00%,33 0 -183 8 42 -200 -308 -342 25,0.60% 0.00% -3.14% 0.15% 0.80% -3.34% -5.39% -6.65% 0.52%,-933 -975 -1158 -1083 -1017 -1150 -1117 -1042 -1158,-14.32% -15.46% -16.99% -16.33% -16.18% -16.59% -17.09% -17.83% -19.31%,33 0 -183 8 42 -200 -308 -342 25,0.60% 0.00% -3.14% 0.15% 0.80% -3.34% -5.39% -6.65% 0.52%,0.73%,1.48%,-1.83%,-16.68%,-1.83%,7317 6258 5417 6550 5367 5483,0 25 92 0 58 150,0.00% 0.40% 1.72% 0.00% 1.10% 2.81%,0 25 92 0 58 150,0.00% 0.40% 1.72% 0.00% 1.10% 2.81%,-350 -50 -508 58 -558 -508,-4.57% -0.79% -8.58% 0.90% -9.42% -8.48%,-367 -858 -1375 -708 -1308 -1483,-4.77% -12.06% -20.25% -9.76% -19.60% -21.29%,-350 -50 -433 58 -458 -533,-4.57% -0.79% -7.41% 0.90% -7.87% -8.86%,1.01%,1.01%,-5.16%,-14.62%,-4.77%,5308 3650 3800 5417 3950,0 0 0 0 0,0.00% 0.00% 0.00% 0.00% 0.00%,0 0 0 0 0,0.00% 0.00% 0.00% 0.00% 0.00%,-358 -592 -492 0 -592,-6.32% -13.95% -11.46% 0.00% -13.03%,-358 -1125 -1025 0 -783,-6.32% -23.56% -21.24% 0.00% -16.55%,-258 -592 -492 0 -592,-4.64% -13.95% -11.46% 0.00% -13.03%,6,ja,apn/0,r/7,ju07,ol/0,ct7,ja/07,apn/0,r/8,ju08,ol/0,ct8,ja/08,apn/0,r9,ju/09,ol/0,ct9,ja/09,apn/1,r/0,ju10,ol/1,ct0,ja/10,apn/1,r/1,ju11,ol/1,ct1,ja/11,apn/1,r/2,ju12,ol/1,c2,jat/12,n/,13,ja,apn/0,7,jr/07,oul/0,ct/7,ja0,apn/07,r8,j/08,oul/0,ct/8,ja0,apn/08,9,jr/0,oul/09,ct/9,ja0,apn/19,0,jr/1,oul/10,ct/0,ja1,apn/10,1,jr/11,oul/1,ct/1,ja1,apn/11,r2,j/12,oul/1,jact/12,n/2,13,au,g,n/07,ov,fe/07,b,m/08,a,auy/0,g8,n/08,ov,fe/08,b,m/09,a,auy/0,g9,n/09,ov,fe/09,b,m/10,a,auy/1,g0,n/10,ov,fe/10,b,m/11,a,auy/1,g1,n/11,ov,fe/11,b,m/12,a,auy/1,g2,n/12,ov,fe/12,b/,13,c,m/08,ar,ju/09,n,se/09,p,de/09,c,m/09,ar,ju/10,n,se/10,p/,de10,c,m/10,ar,ju/11,n,se/11,p/,de11,c,m/11,ar,ju/12,n,se/12,p,de/12,c/,12,de,/,/,/,2013,2,25,2013,3,3,2013/02/27,11,11,4750 4633,0 0,0.00% 0.00%,0 0,0.00% 0.00%,-417 -250,-8.06% -5.12%,-700 -667,-12.84% -12.58%,-242 -150,-4.84% -3.14%,0.00%,0.00%,-8.28%,-13.30%,-7.29%,5150,0,0.00%,-50,-0.96%,-325,-5.94%,175,3.52%,-150,-2.83%,a b c,3283 3142 3058,0 0 0,0.00% 0.00% 0.00%,0 0 0,0.00% 0.00% 0.00%,-167 -158 -167,-4.83% -4.80% -5.17%,-317 -358 -317,-8.80% -10.24% -9.38%,-117 -158 -167,-3.43% -4.80% -5.17%,a,3383,0,0.00%,0.00%,0.00%,-4.93%,-9.47%,-4.47%,3883 3733 3550,0 0 0,0.00% 0.00% 0.00%,0 0 0,0.00% 0.00% 0.00%,-342 -342 -300,-8.09% -8.38% -7.79%,-467 -467 -450,-10.73% -11.11% -11.25%,-342 -342 -325,-8.09% -8.38% -8.39%,/ / /,3758 3542 3442,0 0 0,0.00% 0.00% 0.00%,0 0 0,0.00% 0.00% 0.00%,-942 -958 -858,-20.04% -21.30% -19.96%,0 0 0,0 0 0,-942 -958 -858,-20.04% -21.30% -19.96%,1,0.00% umpaper,0.00%,-14.26% 2,-11.03% 2007-2012 ytd,-14.36%,2007-2012 ytd,/t,120.00 110.00 100.00 90.00 80.00,9000 8500 8000 7500 7000 6500 6000 5500 5000 4500,upm,21#,3,umpaper,4,2007-2012 ytd,2007-2012 ytd 130.00 120.00 110.00 100.00 90.00 80.00 70.00,8500 8000 7500 7000 6500 6000 5500 5000 4500,/t 7,au,nog/0,7,fev/0,mab/07,auy/08,nog/08,8,fev/0,mab/08,auy/09,nog/09,9,fev/0,mab/19,auy/10,nog/10,0,fev/1,mab/10,auy/11,nog/11,1,fev/1,mab/11,auy/12,nog/12,2,fev/12,b/1,3,ja,apn/0,r7,j/07,oul/0,ct/7,ja0,apn/07,8,jr/08,oul/0,jact/08,apn/08,9,jr/09,oul/0,ct/9,ja0,apn/19,0,jr/10,oul/1,ct/0,ja1,apn/10,1,jr/11,oul/1,jact/11,apn/11,2,jr/12,oul/1,ct/2,ja12,n/,13,ja,apn/0,r7,ju/07,ol/07,ct,ja/07,apn/0,r8,ju/08,ol/08,ct,ja/08,apn/0,r9,ju/09,ol/0,ct9,ja/09,apn/1,r0,ju/10,ol/1,ct0,ja/10,apn/1,r1,ju/11,ol/1,ct1,ja/11,apn/1,r2,ju/12,ol/1,ct2,ja/12,n/,13,j,man/0,maar/09,9,jy/0,seul/09,p/9,no0,jv/09,man/19,maar/10,0,jy/1,seul/10,nop/10,jav/10,man/10,mar/11,1,jy/1,seul/11,p/1,no1,jav/11,mn/11,maar/12,2,jy/,seul/112,nop/12,jav/12,n/12,3,au,nog/0,7,fev/07,mb/0,ay8,au/0,8,nog/08,fev/08,mb/0,a9,auy/0,9,nog/0,9,fev/09,mb/1,a0,auy/1,0,nog/1,0,fev/10,mab/1,1,auy/1,1,nog/1,1,fev/11,mb/1,a,auy/12,2,nog/12,fev/12,b/1,3,au,g,n/0,ov7,fe/07,mb/0,a8,auy/0,g8,n/0,ov8,fe/08,mb/0,a9,auy/0,g9,n/0,ov9,fe/0,9,mb/1,a0,auy/1,g0,n/1,ov0,fe/10,mb/1,a1,auy/1,g1,n/1,ov1,fe/11,mb/1,a2,auy/1,g2,n/1,ov2,fe/12,b/,13,9,2013,5,2,25,2013 umpaper,3,3,6,2007-2012 ytd,2007-2012ytd 130.00 120.00 110.00 100.00 90.00 80.00 70.00,9000 8500 8000 7500 7000 6500 6000 5500 5000 4500 4000,/t,7 2007-2012ytd,umpaper,8,2007-2012 ytd,/t,90.00,80.00 70.00 60.00 50.00,6500 6000 5500 5000 4500 4000 3500 3000 2500,2007-2012ytd,/t,10,2008-2012ytd,/t,7000 6500 6000 5500 5000 4500 4000,4200 4000 3800 3600 3400 3200 3000 2800 2600 2400 2200 2000 1800 1600,a,b,c,a,8,de,fec/0,apb/08,jr/09,auun/09,og/09,dect/09,fec/09,apb/19,jr/10,auun/10,og/10,dect/10,fec/10,apb/10,jr/11,auun/11,og/11,dect/11,fec/11,apb/11,jr/12,auun/12,og/12,dect/12,fec/12,b/12,3,/,2013,2,25,2013,3,3,11,2008-2012 ytd,/t,5500 5000 4500 4000 3500 3000 2500 2000,/ /,/ /,/ /,2009,3,20%,2009,3,8,2012,2010 3,6%,2%7% 8% 14%,6% 1.6%,2% 10%,09,3,10,20% 3,09,3 3,2030 1.31%,8 10.51%,1%,0.66% 0.40% 0.59%,0.50% 0.23% -0.40%,2,2013/,800,/,11,7300,11,/,/,02/27,5150 5150 4942 5092 5300 5117 5150 4858,125 125 92 92 0 0 0 83,2.49% 2.49% 1.89% 1.83% 0.00% 0.00% 0.00% 1.75%,567 567 392 550 592 500 475 233,12.36% 12.36% 8.61% 12.11% 12.57% 10.83% 10.16% 5.05%,-1675 -1675 -833 -1758 -1625 -1733 -1700 -1092,-24.54% -24.54% -14.43% -25.67% -23.47% -25.30% -24.82% -18.35%,-192 -192 -433 -283 -425 -400 -425 -754,-3.59% -3.59% -8.06% -5.27% -7.42% -7.25% -7.62% -13.44%,50 50 142 42 -200 -108 -75 308,0.98% 0.98% 2.95% 0.83% -3.64% -2.07% -1.44% 6.78%,1.31%,10.51%,-22.64%,-7.03%,0.67%,3#,1083,32,3.08%,11,1.01%,-344,-24.08%,-145,-11.83%,-221,-16.93%,9,de,fec/08,apb/0,jr/09,auun/09,og/09,dect/09,9,fec/09,apb/1,r/10,j,auun/10,og/10,dect/10,0,fec/10,apb/1,r/11,j,auun/11,og/11,dect/11,1,fec/11,apb/1,jr/12,auun/12,og/12,dect/12,2,fec/12,b/1,3,ja,n,j/0,jaul/011,n,j/0,jaul/022,n,j/0,jaul/033,jn/0,jaul/044,jn/0,jaul/055,n,j/0,jaul/06,n6,j/0,jaul/07,n7,j/0,jaul/088,jn/0,jaul/099,jn/1,jaul/100,n,j/1,jaul/11,n1,j/1,jaul/12,n/12,3,2013,2,25,2013,3,3,2013/ 02/27,11,11,6# 8# 9# 10# 11# 12# 13#a 37#,1404 1189 1386 1323 1364 1731 1510 1401,-2 4 -2 -2 26 -3 -3 -2,-0.17% 0.35% -0.17% -0.17% 1.92% -0.17% -0.17% -0.17%,2 8 2 2 17 2 2 2,0.14% 0.66% 0.14% 0.14% 1.29% 0.14% 0.14% 0.14%,-36 -380 -415 -444 -371 -102 -588 -911,-2.51% -24.20% -23.04% -25.13% -21.37% -5.58% -28.01% -39.41%,196 -128 -82 -128 -87 297 -197 -323,16.20% -9.74% -5.61% -8.79% -6.00% 20.74% -11.53% -18.72%,-20 -115 -241 -208 -146 -25 -290 -146,-1.42% -8.82% -14.82% -13.61% -9.67% -1.42% -16.12% -9.46%,0.66%,0.50%,-26.46%,-10.32%,-12.77%,a2 softmixed uk occ a5 8020 a5 9010 a9 7030 a9 8020 b2 a2 softmixed,1018 1270 1249 1249 1199 1199 1386 1037,11 7 -2 -2 -2 -2 -2 8,1.06% 0.56% -0.17% -0.17% -0.17% -0.17% -0.17% 0.73%,8 11 2 2 2 2 2 -8,0.75% 0.88% 0.14% 0.14% 0.14% 0.14% 0.14% -0.76%,-350 -272 -255 -271 -304 -328 -250 -331,-25.56% -17.66% -16.94% -17.84% -20.25% -21.46% -15.27% -24.19%,-115 4 54 13 -23 -57 -31 -124,-10.16% 0.31% 4.50% 1.04% -1.91% -4.58% -2.20% -10.67%,-135 -173 -290 -350 -358 -106 -162 -166,-11.68% -11.99% -18.82% -21.87% -23.01% -8.10% -10.47% -13.84%,0.40%,0.23%,-20.83%,-5.46%,-11.21%,3# 8# 11#,1320 1317 1252,4 -9 26,0.30% -0.64% 2.11%,8 -26 2,0.61% -1.95% 0.14%,-259 -341 -344,-16.40% -20.58% -21.56%,-4 -89 -39,-0.33% -6.35% -3.00%,-167 -246 -245,-11.25% -15.75% -16.39%,12,0.59%,-0.40% 2008-2012 ytd,-19.51% 13,-3.23%,-14.47% 2001-2012ytd,/t,(nbsk),(bhkp),/t,8500 8000 7500 7000 6500 6000 5500 5000 4500 4000 3500 3000,900 800 700 600 500 400 300,10,au,nog/07,v,fe/07,mab/0,8,auy/08,nog/08,fev/08,mab/09,auy/09,nog/09,v,fe/09,mab/1,0,auy/10,nog/10,fev/10,mab/11,auy/11,nog/11,fev/11,mab/12,auy/12,nog/12,fev/12,b/1,3,ju,den/02,juc/02,den/03,juc/03,den/04,juc/04,den/05,juc/05,den/06,juc/06,den/07,juc/07,den/08,juc/08,den/09,juc/09,den/10,juc/10,den/11,juc/11,den/12,c/1,2,au,nog/07,fev/07,mab/0,8,auy/0,8,nog/08,fev/08,b/0,ma,9,auy/0,9,nog/09,v/0,fe9,mab/1,0,auy/1,nog/10,0,fev/10,mab/11,y/1,au,1,nog/11,fev/11,b/1,ma,2,auy/1,2,nog/12,v/1,fe2,b/1,3,au,nog/07,fev/07,mab/08,auy/08,nog/08,fev/08,mab/0,9,auy/09,nog/09,fev/09,mab/10,auy/10,nog/10,fev/10,mab/1,1,auy/11,nog/11,fev/11,mab/12,auy/12,nog/12,fev/12,b/1,3,),2013,14,2,25,2013,3,3 2001-2012ytd,15,2007-2012ytd,$/t,/t,(nbsk),3#,8#,9#,10#,11#,13#a,37#,2800,1100 1000 900 800 700 600 500 400 300,foex,2400 2000 1600 1200 800 400,foex,16,2007-2012 ytd,/t,17,2007-2012ytd,/t,a2 softmixed(,uk occ,a9(8020),3#,8#,11#,2400 2000,b2,a2 softmixed(,),2400 2000,1600 1600 1200,1200 800 400,800 400,2012,1.14,4.65%,11,0.65,2012,1704,4.91%,11,0.09,18,(%),19,%,/ / / / / / /,wind,50 40 30 20 10 0 -10 -20,/ / / / / /,wind,50 40 30 20 10 0 -10 -20 -30 -40,11,2013,2,25 2013,2013 1,3,3,26,42.8%,3.31,50.1%,20,(%),21,(%),usd mn,450 400 350 300 250 200 150 100 50 0,wind,80 60 40 20 0 -20 -40 -60,4500 4000 3500 3000 2500 2000 1500 1000 500 0,wind,80 60 40 20 0 -20 -40 -60,2013,1,136,16.3%,9.09,18%,22,(%),23,(%),usd mn,1800 1600 1400 1200 1000 800 600 400 200 0,wind,50 40 30 20 10 0 -10 -20 -30,14000 12000 10000 8000 6000 4000 2000 0,wind,100 80 60 40 20 0 -20 -40 -60,2013,1,41,30.0%,5.02,41.0% 12,fe,jub/07,on/0,c7,fet/07,jub/08,on/0,c8,fet/08,jub/09,on/09,fect/0,9,jub/10,on/10,c,fet/10,jub/11,on/11,c,fet/11,jub/12,on/12,ct/,12,ja,nn/1,o3,sev/1,p/2,ju12,ml/1,a2,my/12,a,jar/12,nn/1,o2,sev/1,p/1,ju11,ml/1,a1,my/11,a,jar/11,nn/1,o1,sev/1,p/0,ju10,ml/1,a0,my/10,a,jar/10,nn/1,o0,sev/0,p/9,ju09,ml/0,a9,my/09,a,jar/09,nn/0,o9,sev/0,p/8,ju08,ml/0,a8,my/08,a,jar/08,nn/0,o8,sev/0,p/7,ju07,ml/0,a7,my/07,a,jar/07,n/,07,fe,b,ju/07,on/07,c,fet/07,b,ju/08,on/08,ct/,fe08,b,ju/09,on/09,c,fet/0,b9,ju/10,on/10,c,fet/10,jub/11,on/11,c,fet/11,jub/12,on/12,ct/,12,1,1,7,8,3,2013,2,25,2013,3,3,24,(%),25,(%),usd mn,500 450 400 350 300 250 200 150 100 50 0,wind,100 80 60 40 20 0 -20 -40 -60,6000 5000 4000 3000 2000 1000 0,wind,80 60 40 20 0 -20 -40,2009,3,cad brl inr,13.57% 11.74%,12.59%,2009,3,09,26,3,2007-2012ytd,3%,2010 2011,30.00%,usd/cny,cad/cny,brl/cny,inr/cny,eur/cny,20.00% 10.00% 0.00% -10.00% -20.00% -30.00% -40.00%,bloomberg,2007,1,1,3,usd/cny,cad/cny,brl/cny,inr/cny,eur/cny,2007,-20.38%,-9.73%,-14.10%,-25.56%,-21.07%,2007 2008 2009,2007 11,11,7,-4.77% -16.39% -9.06% -9.10%,20.79% -25.45% -9.46% 13.57%,16.89% -26.51% -28.30% 11.74%,-5.60% -21.14% -14.48% 12.59%,5.75% -25.37% -23.55% -5.47%,bloomberg,2007,1,1,2012,fai,2221,15.52%,11,1.8,11,31.10%,15.58,13,fe,apb/0,jur/03,aun/3,0,og/03,dct/03,ec3,fe/0,apb/03,jur/04,aun/04,og/04,dct/04,e,fec/04,apb/04,jur/05,aun/05,og/05,dct/05,e,fec/05,apb/05,jur/06,aun/06,og/06,dct/06,e,fec/06,apb/06,jur/07,aun/7,0,og/07,dct/07,e,fec/07,apb/07,jur/08,aun/8,0,og/08,dct/08,e,fec/08,apb/08,jur/09,aun/09,og/09,dct/09,e,fec/09,apb/19,jur/10,aun/10,og/10,dct/10,e,fec/10,apb/10,jur/11,aun/11,og/11,dct/11,e,fec/11,apb/11,jur/12,aun/2,1,og/12,dct/12,ec2,/1,2,2013,2,25,2013,3,3,27,fai,2003-2012 ytd,rmb mn,(%),/ / / / / /,wind,60 50 40 30 20 10 0 -10 -20,2012 12.78%,6888 0.18,11,11 0.49,3.18%,2.59%,7.75%,5.32%,0.49,10,11 4.82,0.20,343,4,2011 12 671,412 584,363 2,726 14,361 11,975 17,912 36,213 12.96% 7.26%,2012 2 98,335 17.07% 86,947 360 2,341 2,701 3,019 2,906 -19.12% 11.58% 8.20%,2012 3 161,209 16.35% 141,798 608 3,645 4,170 4,612 5,572 -14.86% 12.04% 7.71%,2012 4 219,122 14.01% 192,328 784 4,933 5,632 6,161 8,209 -10.08% 12.23% 7.63%,2012 5 277,199 10.41% 243,449 977 6,156 7,245 7,723 10,583 -11.33% 12.18% 7.62%,2012 6 336,593 8.01% 295,447 1,193 7,310 8,831 9,308 13,187 -14.69% 12.22% 7.56%,2012 7 391,768 6.15% 344,427 1,478 8,578 10,160 10,931 15,062 -16.48% 12.08% 7.57%,2012 8 449,649 5.53% 395,606 1,780 9,852 11,564 12,611 17,386 -15.61% 12.02% 7.57%,2012 9 509,225 4.96% 448,057 2,015 11,209 12,914 14,307 19,799 -15.58% 12.01% 7.55%,2012 10 569,048 4.41% 500,447 2,295 12,508 14,240 16,008 22,642 -14.17% 12.06% 7.51%,2012 11 627,737 3.18% 550,605 2,564 13,886 15,614 17,921 27,044 -10.14% 12.29% 7.55%,2012 12 688,806 2.59% 600,771 2,929 15,599 17,200 20,595 34,286 -5.32% 12.78% 7.75%,wind 5,2011 12 63,023 52,398 374 1,769 1,071 2,415 6,115 16.86% 8.34%,2012 2 98,335 17.07% 86,947 360 2,341 2,701 3,019 2,906 -19.12% 11.58% 8.20%,2012 3 62,874 15.25% 54,851 248 1,304 1,469 1,593 2,666 -9.68% 12.76% 6.94%,2012 4 57,913 7.97% 50,530 177 1,288 1,462 1,549 2,637 2.04% 12.75% 7.42%,2012 5 58,077 -1.34% 51,121 193 1,223 1,613 1,562 2,374 -15.41% 11.98% 7.57%,2012 6 59,394 -1.94% 51,998 216 1,154 1,586 1,585 2,604 -26.06% 12.45% 7.28%,2012 7 55,175 -3.98% 48,980 285 1,268 1,329 1,622 1,875 -27.24% 11.23% 7.65%,2012 8 57,881 1.55% 51,179 301 1,274 1,404 1,680 2,324 -9.54% 11.58% 7.53%,2012 9 59,576 0.87% 52,451 235 1,357 1,350 1,696 2,412 -15.32% 11.96% 7.39%,2012 10 59,823 -0.03% 52,390 280 1,299 1,326 1,701 2,844 -2.85% 12.42% 7.23%,2012 11 58,689 -7.43% 50,158 269 1,378 1,374 1,912 4,402 18.40% 14.53% 7.95%,2012 12 61,069 -3.10% 50,165 366 1,713 1,586 2,674 7,242 18.42% 17.86% 9.78%,wind 14,2013,2,25,2013,3,3,28 800,000,2007-2012 ytd,rmb mn 40%,29,2007-2012 ytd,rmb mn,700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 30,wind,35% 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% 2007-2012 ytd,40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 31,win