证券公司

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。

Pursuant to and in accordance with Section 80 of the Act,the Directors shall be generally authorized to exercise for each prescribed period all the powers of the Company to allot relevant securities,provided that such authority shall be limited to the allotment during such period of relevant securities up to an aggregate nominal amount equal to the prescribed amount.

（1）按照和根据《公司法》第80条规定，董事会有权在各规定期间行使本公司的全部权力以分配相关的证券，此种权力应限制在此种期间就相关证券的分配，证券票面总值应与规定数额相同。

Dealings in the securities of the Company may be settled through the CCASS operated by HKSCC and you should consult your stockb roker or other licensed securities dealer or other registered dealer in securities, bank manager , solicitor , professional accou ntant or otherprofessional adviser for details of the settlement arrangements and how such arrangements may af fect your rights and interests.

本公司证券之买卖可透过由香港结算管理之中央结算系统进行交收，而阁下应就该等交收安排之详情及该等安排可能对阁下之权利及权益构成之影响谘询阁下之股票经纪或其他持牌证券交易商或其他注册证券交易商、银行经理、律师、专业会计师或其他专业顾问。

At the basis of this, the article discusses the theory basis and valuefunction of information disclosure system, and advances following points: the springhead ofinformation disclosure system rests with the inter of the security market and the characteristicof the security information; the basic value function of information disclosure system is tomake the security market open, justice and equity.

在此基础上，文章论述了信息披露制度的理论基础和价值功能，提出了以下观点：一是信息披露制度的根源在于证券市场风险的内生性和证券信息的特性本身；二是信息披露制度的基本价值功能是使证券市场的运作公开、公平和公正。第二章探讨和分析了我国上市公司信息披露的现状和原因。

By giving examples such as public-listed companies unwillingness or untruthfulness to carry out their information releasing obligations, inappropriate behavior of market agency, disfigurement existing in the process of lawmaking and executing laws, the paper has taken advantage of the well-known principles of economics to analyze the presentproblems plaguing our security market in our country, the results shows that there exists a great deal of incomplete information and asymmetric information at the security market, which can lead to moral hazard problem and adverse selection ,and both are the main causes that hinder the normal function of information disclosure mechanism, affect the market efficiency and allocation of financial resources. In addition, institutional objection at the security market is a crucial factor in arising the-above-said problems.

文章通过举例深入分析了当前我国证券市场存在的诸多问题，如上市公司不主动与非真实履行披露义务、中介机构行为失当、立法执法存在缺陷等，运用经济学一般原理剖析引起问题的深层次原因，指出证券市场存在大量不对称信息，容易导致市场道德风险和逆向选择，是阻碍信息披露机制发挥正常作用、影响市场效率的提升和资源的配置的主要根源；另外，我国证券市场存在的制度性缺陷也是引起上述问题的重要缘由。

Tapping his 20-year industry experience and leadership with electronic trading systems, Greifeld has led a significant enhancement of NASDAQ's trading offerings. In March 2004, he oversaw the launch of NASDAQ's market center—a newly integrated system capable of trading of NASDAQ, NYSE, AMEX-listed securities and exchange traded funds on a single electronic platform. Most recently, in May 2004, Greifeld led NASDAQ's decision to acquire BRUT ECN from SunGard Data Systems.

格雷费尔德利用自己20年来积累的行业经验和在电子交易系统的领导才能，使纳斯达克的交易产品数量有了显著增加。2004年3月，他发起创立了纳斯达克市场中心，使在纳斯达克、纽约证券交易所、美国证券交易所上市的证券和交易所交易基金都能在同一个电子交易平台上进行交易。2004年5月，格雷费尔德领导下的纳斯达克决定收购SunGard数据系统公司旗下的BRUT ECN。

The latter calls for the plenitudinous reflection of the given securities information in course of fluctuation of stock prices, which comprises conduction, use and feedback of securities information.

证券信息传导机制的有效性就是上市公司披露的证券信息能否充分地在股票价格的波动中得到反映，一般包括证券信息传递、信息运用和信息反馈三个阶段。

Our securities or securities collateral pursuant to a securities borrowing and lending agreement, repledge our

向持牌人或注册人提供授权书，容许其按照某份证券借贷协议书使用本公司的证券或证券抵押

In Hubei Province, to combat illegal securities activities of co-ordination group held in the province yesterday to combat illegal securities activities in the work of the seminar, the China Securities Regulatory Commission regulation of non-listed public companies, deputy director of the Department of冯鹤said that the Hubei Province, to combat illegal securities activities Coordination Group member units must be clear division of labor and close coordination to promote the Hubei Province to fight against the joint mechanism for the effective functioning of law enforcement.

在湖北省打击非法证券活动协调小组昨日召开的全省打击非法证券活动工作研讨会上，中国证监会非上市公众公司监管部副主任冯鹤年指出，湖北省打击非法证券活动协调小组各成员单位要明确分工，密切配合，推动湖北省打非联合执法机制的有效运转。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。