证券

4 You are not bound to deliver securities belonging to me/us bearing serial numbers identical with those transferred to me/us so long as the securities delivered are of the same class, nominal amount and rank pari

贵司不须交回本人的证券，其编号须与转让予本人的证券编号相符，只要该等证券是同类型，而值相等及其权益与原本转让予本人的证券相同，当然除了受其间资本重组另有规定外。

It is on the basis of an analysis of the financing behavior that the author draw a conclusion: the optimal financing strategy is determinedby the tangency point of quantity indifference curve of financing and cost indifference curve of financing, furthermore which means to equal to for random two kinds of the marginal financing cost of financing product.

我国证券市场供求的统计范围应该主要界定为证券的一级市场，供给的统计口径应按照新的融资方式分类标难来确定。在对我国证券市场1987—1999年的实际总供求按新的口径范围计算和分析后表明：我国证券市场的平衡是一种管制性的动态平衡，在供给机制与需求机制不对称的同时，需求大于供给。

This is also important to security company. Studying on the profit-making model is very important to its tomorrow operation and development.

同理，证券公司的盈利模式也在证券公司的经营和发展模式中占据了重要地位，研究证券公司的盈利模式对证券公司将来的经营和发展具有至关重要的作用。

Huatai Securities is the China Securities Regulatory Commission regulatory agencies of the first disclosure of customer transactions has not appropriated funds settlement, net capital of securities companies meet the requirements of the assessment by the China Securities Co., Ltd. integrity in accordance with international standards evaluation, credit ratings for Huatai Securities AA grade.

华泰证券是中国证监会机构监管部首次披露的没有挪用客户交易结算资金、净资本符合要求的证券公司之一，经中国诚信证券评估有限公司按国际评级标准测评，华泰证券信用等级为AA+级。

Security analyst is the professional market researcher.

伴随着各国的证券市场的不断完善，证券分析师这一行业也随之产生和发展起来，证券分析师是专业的市场研究人员，相对于其他的投资者而言，要求具有良好的专业素质，能够很好的了解和分析市场，并且要具备良好的职业道德规范，而证券分析师一般会要求通过考试，并且具有统一的组织进行监督和管理。

SSE trading information display, the day before to buy 5 seats are Biaohan style of death squads, Everbright Securities Ningbo to the liberation of South Total 26,797,200 yuan in the first place, followed by the letter of the country there are nine self-composed Road Shenzhen Securities, CITIC Securities News Road, Shenzhen, CITIC gold-chemical Yiwu Road, Guangzhou Guoxin Securities Dongfeng Road, and sold for the Top 5 are the seats in the body.

上证所交易信息显示，前一天买5个席位，是行刑队Biaohan作风，光大证券宁波南共2679.72万头解放人民币举行，由国家信后有9泰然路深圳证券，中信证券新闻路，中信金深圳，义乌市化工路，国信证券广州东风路，及出售的前5个席位中身体。

To June 30, 2008, CITIC Securities, Haitong Securities, the yuan securities, securities of the Yangtze's self-constituted business assets, bond investment accounted more than 60%.

6月30日，中信证券，海通证券，宏源证券，长江的自我证券组成的企业资产，债券投资占60％以上。

In present stage, performing management audit in our countrys security companies is suit for the demand of business transformation and internal audit transformation in open competitive environment. Along with the continuously extension in capital scale and business scope, the security companies in our country has more and more complicative organization structure and business system. Based on internal control and risk management, management audit can promote validly security companies implementing internal entrust management responsibility, can be advantageous to realize the capital extending and the value increasing.

现阶段我国证券公司开展管理审计是适应开放式竞争环境、业务转型和内部审计转型的需要，随着我国证券公司资本规模和业务范围的不断扩大，组织结构和业务体系日益复杂，基于内部控制和风险管理基础上的管理审计能有效促进证券公司内部受托管理责任的履行，有利于证券公司实现资本扩张和企业价值增值。

Guangdong Foretech Investment Consultants Co. Ltd （the qualified number: ZX0025）, was founded in August, 1995, is the one of the first security investment consultatory institutions that authenticated by Chinese Securities Regulatory Commission. Also, Foretech is the first company that was authorized to provide security investment consultatory services by adopting the quality control system-- ISO9001, and it is the only company approved by international professional identification in China so far. Foretech had been awarded "the national demonstrative company for quality, service and faith " in 2005,"the recognized database brand" in 2006,"AAA-class service quality corporation in the investment consultatory services industry" in 2006 and 2007,"the demonstrative company for customer service" in 2006 and 2007,"the prominent company for social responsibility" in 2006 and 2007, as well as "The top 100 good faith corportion in Guangzhou" in 2008, notably, this honor has been rewarded Foretech for 5 years consecutivly.

广东科德投资顾问有限公司成立于1995年8月，是首批经过中国证监会认证的证券投资咨询机构（资格证号：ZX0025）和国内首家通过ISO9001质量管理体系认证的具有证券投资咨询资格的公司，也是迄今为止国内唯一通过国际专业认证的证券咨询公司，并在2005年获得了&全国质量、服务、诚信示范单位&、2006年&中国名优数据库知名商标&、2006年&中国名优数据库优秀企业&、 2006年-2007年&全国证券投资咨询行业质量服务信誉AAA级单位&、&2006-2007年中国广州客户服务优质示范单位&、&2006-2007年广东省社会责任杰出贡献单位&、2008年&连续五年中国广州最具诚信度百强企业&等称誉。

After a study on Chinese financial practice, we find that though Chinese banking system has high cost and low efficiency, one side, Chinese security market has very low efficiency to overcome asymmetric information and has many unsolved problems in short term that brings very high additional cost, so security market is not a good system to substitute the Chinese banking system and must develop after these problems are solved, on the other hand, the cost of Chinese banking system is mainly exogenously produced, the experiences of western commercial banking practice and the joint-stock reform in some Chinese banks have proved that the efficiency of Chinese banking system can be improved. So one of our conclusions is that China should emphases on the reform and development of the banking system.

一方面，本文通过对中国证券市场的进一步分析，发现中国证券市场制度设计上存在严重不合理，短期内仍然缺乏合适的生存环境，这也导致其过去十多年的超常规发展中不仅具有低的效率，而且形成了许多短期内难以克服的缺陷，这充分表明证券市场不应成为我国金融体系短期内的重点方向，证券市场未来的进一步发展必须以这些问题和缺陷的解决为前提；另一方面，进一步的分析表明，我国银行业目前的巨大成本主要为外生，同时，对西方发达国家银行业发展和我国银行股份制改革的经验总结表明，只要在一定的条件下，银行业的效率完全可以有效提高，因而，中短期内我国应重点对银行业进行改革和发展，尤其是要加快银行业的股份制改革进程。

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。