证券

The main reason why American mutual fund is so advanced is that there is the concerted mechanism environment for mutual fund, such as the mature financial market, sufficient investment capital supply, well-developed system of laws and so on. Adopting the specific exponents of Shanghai and Shenzhen Security Market, fund exponent yields, all weekly yields of mutual fund in specific periods, etc., the positive analysis of the coordination of Chinese mutual fund and Security Market demonstrates that this coordination is not ideal generally. On condition that the market characteristic of mutual fund is made clear, mutual fund can develop conceitedly and healthily by developing security market, increasing market efficiency, providing more fund, improving fund management, standardizing relative system of privately offered funds and so on, and optimizing the market environment to develop mutual fund.

美国开放式基金之所以发达，主要原因在于开放式基金具有协调发展的制度环境，如成熟的金融市场、充足的投资资金供给、完善的法律体系等；采用沪、深证券市场特定指数与基金指数收益率，及特定时期内所有开放式基金的周收益率等指标，对我国开放式基金与证券市场的协调性的实证分析发现，二者协调性程度总体上不理想；在明确开放式基金发展的市场过程性质的前提下，通过促进证券市场的成熟、提高市场效率、完善法律、拓宽基金资金供应渠道、完善基金治理结构、规范私募基金发展等配套措施，优化开放式基金发展的市场环境，才能不断促进开放式基金的协调、健康发展。

In Chapter ONE, the paper raises the five main function of modem security market, introduces the four developing stages of our country s security market; from five aspects he describer the present situation of China s security market development, and the problem which is still existing in our country...

第一：提出了现代证券市场的5种主要功能，划分了我国证券市场发展的4个阶段，并且从5个方面叙述了中国证券市场发展的现状和存在的问题。

In Chapter ONE, the paper raises the five mainfunction of modem security market, introduces the four developing stages of our country"s security market; from five aspects he describer the present situation of China"s security market development, and the problem which is still existing in our countrys security market.

第一：提出了现代证券市场的5种主要功能，划分了我国证券市场发展的4个阶段，并且从5个方面叙述了中国证券市场发展的现状和存在的问题。

According to the document, a securities company may only open one "small client trading and clearing capital dormant account" and one "client trading and clearing capital trading suspension account" in the bank signing the third-party deposit agreement.

中国证监会下发了《指导证券公司客户交易结算资金第三方存管内部工作指引（第3号）---与账户规范衔接》，要求一个证券公司只能在签订第三方存管协议的银行开立一个"客户交易结算资金小额休眠账户"和一个"客户交易结算资金中止交易账户"，分别用于汇总存放证券公司休眠资金账户对应的资金余额和不合格资金账户对应的资金余额。

Ex-dividend Date Typically two days prior to the record date, the stock price is reduced in the market by the amount of the dividend to be paid.

防守型证券被认为比一般证券更稳定的证券，即使在动荡的市场上仍能获得稳定的股息。

Participation in the Stock Exchange issued a notice measurement firms, the explicit reference to various types of financing margin trading and securities transfer, the customer credit account with the Securities and pin No.

在交易所发出通知参加测试的企业，明确提及融资保证金交易和证券转让各类客户的信用账户与证券及引脚号与有关保证金融资，清算资金交易的利益保证金交易结算，市场和关闭后数据接口测试，证券保证金融资机构，例如实时功能测试，6个测试的内容。

China's securities market, especially its securities company as its main body, has developed immaturely.

我国的证券市场是一个发育不够成熟的市场，尤其表现在作为证券市场主体的证券公司的不成熟性方面。

There are two reasons for such a relation: one of reasons is the stimulating from getting benefit of investment is higher than from interest on deposit. The another one is that the interest rate adjusting down means loosen the supply of money. Just because of the large short wander capital flowing into stock market led the index number going up.

这中间可以观察到的原因主要有两个：证券投资的收益率高于银行存款利率是吸引投资者进行证券投资的因素之一；第二利率的调低也意味着银根的放松，通过游资释放的刺激，使大量的资金进入证券市场，从而形成一轮新的上升行情。

Then based on the practical test technique of EMT, it checks up whether Chinese securities market is at weak-form-market phase by analyzing that whether the price is random whether the yield can be forecasted by the characters of company, whether the information lingeringly or overly reacts and whether the technical analysis is efficient.

接着根据证券市场效率理论的实证检验方法，通过价格是否随机性、是否可用公司特征来预测收益率、信息是否存在延迟与过度反应、技术分析是否有效等检验方法对我国证券市场是否处于弱式有效阶段进行实证检验，结果表明我国的证券市场尚未达到弱式有效，依然处于低效率之中。

If you want to change the choice of language and means of receipt of all future corporate communications, please complete and sign the Change Request Form printed at the reverse side of this letter and send it to the Company's H Share Registrar, c/o Computershare Hong Kong Investor Services Limited (the "Hong Kong Share Registrar"), using the mailing label and need not to affix a stamp when returning. Otherwise, please affix an appropriate stamp and send to the Hong Kong Share Registrar, the address is 17M Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong.

阁下欲更改今後所有公司通讯之语言版本及收取方式，请填妥及签署在本函背面的更改指示回条，并使用随附之邮寄标签及毋须贴上邮票如在香港投寄；否则，请贴上适当的邮票，寄回H股证券登记处，香港中央证券登记有限公司「香港证券登记处」，地址为香港湾仔皇后大道东183号合和中心17M楼。

This one mode pays close attention to network credence foundation of the businessman very much.

这一模式非常关注商人的网络信用基础。

Cell morphology of bacterial ghost of Pasteurella multocida was observed by scanning electron microscopy and inactivation ratio was estimated by CFU analysi.

扫描电镜观察多杀性巴氏杆菌细菌幽灵和菌落形成单位评价遗传灭活率。