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证券从业资格考试-基础讲义整理第五章

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well, with the effectivene ss of servi ces t o defend the i nterest s of the mass es. T hird, w e shoul d strive to do well . To a chiev e good pra ctical re sults , the key is t o know the law, t o grasp t he laws a nd usi ng laws. Office of economic development, social pr ogress, t here are rules to foll ow. Only a ct according to the law, to overcome bli ndness a nd strengtheni ng initiative, creative. Worki ng in the Office, we should be good at a nalyzi ng the es sence of thi ngs, t o find regular thing, cha nge from pa ssive to a ctive, to seek one. I nvestee 2. esta blis hment of eval uation system. Eval uation system is e sse nt ially an in centive me cha nism, the evaluati on wa s objective a nd fair, rea sonable , and can stimulate a person's e nergy, mobilizing people's enth usia sm or be misl eadi ng, dampene d the e nthusiasm of people. At pr ese nt, the concept of people -orie nted people, but to e stabli sh a nd perfect evaluati on system is still lagging behi nd. Work i n this ar ea shoul d be seriously caught up. "T hree emphasis on" to ta ke a dvantage of. Is a focus on sta ndards a nd s cie ntific. A fundamental poi nt of the eval uation criteria , is to kee p conta ct, devel opme nt, compre hensive eye eval uation of cadre s. Office w ork, both "record" and "pote ntial performance"; bot h s ubje ctive efforts, take a nother look at t he objectiv e conditi on; bot h "pragmatic" enoug h, take another l ook at the "retreat" level. Second, focus on parti cipati ng the br eadth of the s ubje ct. Eval uation of ca dres must give full play to democracy, cadre s and the mas ses han ding over evaluati on. Office work service s leadershi p and servi ce ba se, serv e the people, the n nominate d the main obj ect will conta in a variety of servi ces, so that asse ssment wa s accurate a nd t o avoi d one-si de dne ss. T hird, pay attenti on to t he seri ousnes s of the conclusion. The us e of evaluati on findings i s mainly embodi ed in his directi on. Permitted to choos e one, it would be tantamount to establi shi ng a ba nner . Evaluati on can't take car e of the ba lance, ot herwis e it would undermi ne the offset the positiv e sig nifica nce of evaluati on. Office of the party committees at all levels s hould tak e the findings a s on t he ca dres ' bonus -pe nalty, a n importa nt basi s for future moveme nts, i nce ntive and restrai nt effect of making evaluations. 3. Preventi on of understa ndi ng "infidelity". Pe ople -centere d dev elopment, concrete is diale ctical, . In practi ce in the proces s, to pr event one -si ded a nd still l ook, from a ctual people. One i s to use dial ectical poi nt of view to understa nd. H umani st is the core of the sci entific Outl ook on development, remai ns the devel opment of the s cientific Outl ook on development emphasizes, i s still taking e conomi c constr ucti on as t he Ce nter. Any depart ure from the development of thoug ht and acti on, is a misi nterpr etation and mis understa ndi ng of pe opl e-oriente d. Adhere t o pe ople -ori ente d bot h to ov ercome one -si de dnes s of the old, but als o to pr event one -si dednes s, not accelerati ng the devel opment of people a nd the opposition. Must be very cl ear, pe opl e orie nted a nd s pee ding up development is not oppose d, but consi stent, w e shoul d never be

第五章

金融衍生工具

第一节 金融衍生工具概述 一、金融衍生工具的概念和特征 (一)金融衍生工具的概念(掌握) 定义:指建立在基础产品或基础变量之上,其价格取决于基础金融产品价格(或数量)变动 的派生金融产品。这里所说的基础产品是一个相对的概念,不仅包括现货金融产品(如债券、 股票、银行定期存款单等等),也包括金融衍生工具。 (二)金融衍生工具的基本特征(掌握) 1.跨期性;未来某一时间按照一定条件进行交易或选择是否交易的合约。 2.杠杆性:保证金交易,杠杆。 3.联动性:随基础产品或变量的变动而变动。 4.不确定性或高风险性(及其余 6 项风险)。 二、金融衍生工具的分类(掌握) (一)按产品形态分类 1.独立衍生工具:独立存在的金融合约,具有下列特征: (1)其价值随金融工具价格变量的变动而变动,变量为非金融变量的,不存在特定关系。 (2)不要求初始净投资,或要求很少的初始净投资。 (3)在未来某一日期结算。 2.嵌入式衍生工具:嵌入主合同的部分或全部,如可转换公司债券。 (二)按交易场所分类 1.交易所交易的衍生工具:有形市场交易的各类期货合约、期权合约。 2.OTC 交易的衍生工具:金融机构之间互换交易和信用衍生品交易,如远期和互换交易。 (三)按基础工具种类分类(后面的举例会考到) 1.股权类产品的衍生工具:股票或股票指数; 2.货币衍生工具:各种货币为基础工具; 3.利率衍生工具:利率或利率的载体为基础工具; 4.信用衍生工具:信用风险或违约风险为基础变量; 5.其他衍生工具:非金融变量。如天气、政治、巨灾等衍生品。 (四)按其自身交易的方法及特点分类 1.金融远期合约:场外市场上协商,约定价格及日期交割资产; 2.金融期货:标准化合约; 3.金融期权:现货期权、期货期权; 4.金融互换:两个或两个以上当事人协商互换现金流; 5.结构化金融衍生工具:商业银行的理财产品。 三、金融衍生工具的产生与发展动因(了解) (一)产生的最基本原因是避险 (二)20 世纪 80 年代的金融自由化进一步推动其发展 主要内容包括 1.取消存款利率最高限额,实现利率自由化(美国废除 Q 条例)。 2.允许金融机构业务交叉,相互渗透,综合化发展。 3.放松外汇管制。 4.开放金融市场,放宽资本流动限制。 (三)金融机构的利润驱动是其迅速发展的又一重要原因 1.该业务属于表外业务,不影响资产负债表,又有手续费收入。 2.金融机构可利用自身的优势,直接进行自营交易,扩大利润来源。 (四)新技术为其产生与发展提供物质基础与手段
people-orie nted i n the name of reducing our e nthusiasm. Premier We n Jiaba o's G overnme nt work re port thi s year, identified a s 7% grow t h, 2.1% l ower than last year' s 9.1%, but i n 8 work remai ns to a ccel erate deve lopme nt in the first place ... Work sta ndar ds. Se cond is t o us e the s cale of development to understand. Society is ev olving, human nee ds are al so changi ng. Pra ctice of huma ni sm is a l ong -term proces s and cannot be achieve d over night. T o treat pe ople if you stand still a nd rigid dogma, it is pos sibl e to retur n to this , see things but not pe ople' s ol d ways. T herefore , we have t o follow t he devel opme nt of the times, a nd continue de buggi ng the humani st pers pe ctive, innovative people -orie nted way . Under the new histori cal conditions, w e are requeste d by the time s, set up a bra nd new concept , a high starting point, high sta ndar d of armed people, s hapi ng, exer cise, people, consta ntly taking the new connotati on of the times. Terms of Office, is to le ad the vast numbers of cadre s to active ly ada pt to the know le dge faster a nd activ ely ada pt to the i ncrea singly high level of leaders hip situati on, a ctively ada pt to the demand of the mas ses mor e 员 权 授 无 病 因 ; 字 理 代 定 法 其 时 力 能 为 事 民 全 完 备 具 不 。 情 知 署 签 人 本 由 当 应 , 动 活 疗 医 的 行 进 可 方 意 同 面 书 者 患 得 取 需 对 and more situati ons, eager to lear n, enhance a ccumulation, efforts, honed the ability to overcome a good servi ce, pani c. Thir d is to use reali stic understanding . Adhere to people-orie nted must be base d on rea lity, not divor ced from reality. D esk no water cups here i n Hong Kong, staff need to drink some water to the drinki ng fountain on a floor, the gla ss used i s a one-time non-cone type. Dri nk this cup ca n only hol d, ca nnot be put dow n. Thi s is not only to save on glas s materials, more im porta nt is to force you t o get drinki ng water, g o ba ck to your seat busi nes s. Our emphasi s on pe ople -orie nted, does not imply you ca n indulge the des ires, the comforta ble, the pur suit of e njoyme nt. Office of the party committees at all level s of our comra des, must continue to mai ntain the style of plai n living a nd hard str uggle, to sta nd up to t he tests of temptations, exciti ng "energy" conse rvation "dis position" to the s pirit of selfless dedicati on and pr ovide service s. I nvestee 4 . clearly define d res ponsibil ities. Putting people first is a common vi sion of devel opme nt, everyone is a lia bility. People-orient ed, a bove a nd below with the re sponsibility for coor dinati ng system must be e stabli she d and hold every one a ccountable . First, we must strengthen the leader shi p. "In its place, its gover nance, its lev el, bear t he res ponsibility of the Divisi on." This is t he minimum re quireme nt for leader s, is a meas ure of the basi c criteria for whet her a leadi ng ca dre is compe tent. Lea ders nee d to "it is an official term for the be nef it of" mission, cons ciously as sume res ponsi bility for implementi ng pe opl e-oriente d. Dire ctor of the Office of the party committees at all levels i s the re sponsi bility of the units t o implement people -orie nted, t o manage their pe ople , "plug in own re sponsi bility", effectively enhance the e ducation of lea ding cadre s, ca dres a nd cadre s work, efforts to r evitalize the Office of human re so urce s, Office w ork is full of vigor a nd vitality

well, with the effectivene ss of servi ces t o defend the i nterest s of the mass es. T hird, w e shoul d strive to do well . To a chiev e good pra ctical re sults , the key is t o know the law, t o grasp t he laws a nd usi ng laws. Office of economic development, social pr ogress, t here are rules to foll ow. Only a ct according to the law, to overcome bli ndness a nd strengtheni ng initia tive, creative. Worki ng in the Office, we should be good at a nalyzi ng the es sence of thi ngs, t o find regular thing, cha nge from pa ssive to a ctive, to seek one. I nvestee 2. esta blis hment of eval uation system. Eval uation system is e sse nt ially an incentive me cha nism, the evaluati on wa s objective a nd fair, rea sonable , and can stimulate a person's e nergy, mobilizing people's enthusia sm or be misl eadi ng, dampene d the e nthusiasm of people. At pr ese nt, the concept of people -orie nted people, but to e stabli sh a nd perfect evaluati on system is still lagging behi nd. Work i n this ar ea shoul d be seriousl y caught up. "T hree emphasis on" to take a dvantage of. Is a focus on sta ndards a nd s cie ntific. A fundamental poi nt of the eval uation criteria , is to kee p conta ct, devel opme nt, compre hensive eye eval uation of cadre s. Office w ork, both "record" and "pote ntial performance"; bot h s ubje ctive efforts, take a nother look at t he objectiv e conditi on; bot h "pragmatic" enoug h, take another l ook at the "retreat" level. Second, focus on parti cipati ng the br eadth of the s ubje ct. Eval uation of ca dres must give full play to democracy, cadre s and the mas ses handing over evaluati on. Office work service s leadershi p and servi ce ba se, serv e the people, the n nominate d the main obj ect will conta in a variety of servi ces, so that asse ssment wa s accurate a nd t o avoi d one-si de dne ss. T hird, pay attenti on to t he seri ousnes s of the conclusion. The us e of evaluati on findings i s mainly embodi ed in his directi on. Permitted to choos e one, it would be tantamount to establi shi ng a ba nner . Evaluati on can't take car e of the ba lance, ot herwis e it would undermi ne the offset the positive sig nifica nce of evaluati on. Office of the party committees at all levels s hould tak e the findings a s on t he ca dres ' bonus -pe nalty, a n importa nt basi s for future moveme nts, i nce ntive and restrai nt effect of making evaluations. 3. Preventi on of understa ndi ng "infidelity". Pe ople -centere d dev elopment, concrete is diale ctical, . In practi ce in the proces s, to pr event one -si ded a nd still l ook, from a ctual people. One i s to use dial ectical poi nt of view to understa nd. H umani st is the core of the sci entific Outl ook on development, remai ns the devel opment of the s cientific Outl ook on development emphasizes, i s still taking e conomi c constr ucti on as t he Ce nter. Any depart ure from the development of thoug ht and acti on, is a misi nterpr etation and mis understa ndi ng of pe opl e-oriente d. Adhere t o pe ople -ori ente d bot h to ov ercome one -si de dnes s of the old, but als o to pr event one -si dednes s, not accelerati ng the devel opment of people a nd the opposition. Must be very cl ear, pe opl e orie nted a nd s pee ding up development is not oppose d, b ut consi stent, w e shoul d never be

第二节 金融远期、期货与互换 一、现货交易、远期交易与期货交易(掌握) (一)现货交易:一手交钱,一手交货,现款现货; (二)远期交易:未来某时间按照现在确定的价格进行交易; (三)期货交易:集中的交易市场,公开竞价,标准化合约。 现货、远期、期货交易三者区别: 交易方式 参与人数 标的 结算 场所 目的 保证金 现货 一手钱、 2 人 物品 货银 场外 获得物品 无 一手货 远期 未来交易 2 人 物品 货银 场外 获得物品 有 期货 未来交易 多人 合约 对冲 场内 套保、套利、投机 有 二、金融远期合约与远期合约市场 (一)金融远期合约的概念(掌握) 1.定义:最基础的金融衍生品,场外市场协商,约定价格,约定日期买卖某种合约。 2.特点:交易事项可协商,较为灵活,但非集中交易搜索困难,成本较高,存在违约风险。 (二)金融远期合约的类型(掌握) 1.股权类资产远期合约:单个股票、一篮子股票、股票价格指数。 2.债权类资产远期合约:定期存款单、短、长期债券、商业票据。 3.远期利率协议:浮动利率和固定利率。 4.远期汇率协议。 (三)现阶段银行间债券市场远期交易、远期利率协议及境外人民币 NDF(了解) 1.银行间债券市场远期交易。 (1)全国银行间同业拆借中心进行。 (2)中国人民银行的监管。 (3)交易数额:债券面额 10 万元(最小); 交易单位:债券面额 1 万元; 期限品种:8 个,最短 2 天,最长 365 天,不得展期。 2.远期利率协议:人民币远期利率协议参考 3 个月期 Shibor 利率。 3.境外人民币 NDF:不交割,规避汇率风险。 三、金融期货合约与金融期货市场 (一)金融期货的定义和特征(掌握) 1.金融期货是期货交易的一种:以金融工具或金融变量为基础工具的期货交易。 2.期货合约:交易双方订立、约定未来某日按成交时约定的价格交割某商品的标准化协议。 3.金融期货交易与金融现货交易的区别: 区别内容 金融期货交易 金融现货交易 交易对象 标准化协议 具体形态的金融工具 交易目的 风险管理工具:套期保值、投机 筹资或投资 交易价格的含义 是现货未来价格的预期 实时成交价 交易方式 实行保证金交易和逐日盯市制度 资金与金融工具的全额结算 结算方式 极少实物交收,绝大多数对冲*仓 金融工具和货币的转手 4.金融期货交易与远期交易的主要区别: 区别内容 金融期货交易 远期交易 交易场所和交易组织形式 有组织的交易所(场内) 场外市场,双边交易 交易的监管程度 受监管 较少受到监管 交易内容 标准化交易 协商确定
people-orie nted i n the name of reducing our e nthusiasm. Premier We n Jiaba o's G overnme nt work re port thi s year, identified a s 7% growt h, 2.1% l ower than last year' s 9.1%, but i n 8 work remai ns to a ccel erate deve lopme nt in the first place ... Work sta ndar ds. Se cond is t o us e the s cale of development to understand. Society is ev olving, human nee ds are al so changi ng. Pra ctice of huma nism is a l ong -term proces s and cannot be achieve d over night. T o treat pe ople if you stand still a nd rigid dogma, it is pos sibl e to retur n t o this , see things but not pe ople' s ol d ways. T herefore , we have t o follow t he devel opme nt of the times, a nd continue de buggi ng the humani st pers pe ctive, innovative people -orie nted way . Under the new histori cal conditions, w e are requeste d by the time s, set up a bra nd new concept , a high starting point, high sta ndar d of armed people, s hapi ng, exer cise, people, consta ntly taking the new connotati on of the ti mes. Terms of Office, is to le ad the vast numbers of cadre s to active ly ada pt to the knowle dge faster a nd activ ely ada pt to t he i ncrea singly high level of leaders hip situati on, a ctively ada pt to the demand of the mas ses mor e 员 权 授 无 病 因 ; 字 理 代 定 法 其 时 力 能 为 事 民 全 完 备 具 不 。 情 知 署 签 人 本 由 当 应 , 动 活 疗 医 的 行 进 可 方 意 同 面 书 者 患 得 取 需 对 and more situati ons, eager to lear n, enhance a ccumulation, efforts, honed the ability to overcome a good servi ce, pani c. Thir d is to use reali stic understanding . Adhere to people-orie nted must be base d on rea lity, not divor ced from reality. D esk no water cups here i n Hong Kong, staff need to drink some water to the drinki ng fountain on a floor, the gla ss used i s a one-time non-cone type. Dri nk this cup ca n only hol d, ca nnot be put dow n. Thi s is not only to save on glas s materials, more im porta nt is to force you t o get drinki ng water, g o ba ck to your seat busi nes s. Our emphasi s on pe ople -orie nted, does not imply you ca n indulge the des ires, the comforta ble, the pur suit of e njoyme nt. Office of the party committees at all level s of our comra des, must continue to mai ntain the style of plai n living a nd hard str uggle, to sta nd up to t he tests of temptations, exciti ng "energy" conse rvation "dis position" to the s pirit of selfless dedicati on and pr ovide service s. I nvestee 4 . clearly define d res ponsibil ities. Putting people first is a common vi sio n of devel opme nt, everyone is a lia bility. People-orient ed, a bove a nd below with the re sponsibility for coor dinati ng system must be e stabli she d and hold every one a ccountable . First, we must strengthen the leader shi p. "In its place, its gover nance, its lev el, bear t he res ponsibility of the Divisi on." This is t he minimum re quireme nt for leader s, is a meas ure of the basi c criteria f or whet her a leadi ng ca dre is compe tent. Lea ders nee d to "it is an official term for the be nefit of" mission, cons ciously as sume r es ponsi bility for implementi ng pe opl e-oriente d. Dire ctor of the Office of the party committees at all levels i s the re sponsi bility of the units t o implement people -orie nted, t o manage their pe ople , "plug in own re sponsi bility", effectively enhance the e ducation of lea ding cadre s, ca dres a nd cadre s work, efforts to r evitalize the Office of human re source s, Office w ork is full of vigor a nd vitality

well, with the effectivene ss of servi ces t o defend the i nterest s of the mass es. T hird, w e shoul d strive to do well . To a chiev e good pra ctical re sults , the key is t o know the law, t o grasp t he laws a nd usi ng laws. Office of economic development, social pr ogress, t here are rules to foll ow. Only a ct according to the law, to overcome bli ndness a nd strengtheni ng initiative, creative. Worki ng in the Office, we should be good at a nalyzi ng the es sence of thi ngs, t o find regu lar thing, cha nge from pa ssive to a ctive, to seek one. I nvestee 2. esta blis hment of eval uation system. Eval uation system is e sse nt ially an incentive me cha nism, the evaluati on wa s objective a nd fair, rea sonable , and can stimulate a person's e nergy, mobilizi ng people's enthusia sm or be misl eadi ng, dampene d the e nthusiasm of people. At pr ese nt, the concept of people -orie nted people, but to e stabli sh a nd perfect evaluati on system is still lagging behi nd. Work i n this ar ea shoul d be seriousl y caught up. "T hree emphasis on" to take a dvantage of. Is a focus on sta ndards a nd s cie ntific. A fundamental poi nt of the eval uation criteria , is to kee p conta ct, devel opme nt, compre hensive eye eval uation of cadre s. Office w ork, both "record" and "pote ntial performance"; bot h s ubje ctive efforts, take a nother look at t he objectiv e conditi on; bot h "pragmatic" enoug h, take another l ook at the "retreat" level. Second, focus on parti cipati ng the br eadth of the s ubje ct. Eval uation of ca dres must give full play to democracy, cadre s an d the mas ses handing over evaluati on. Office work service s leadershi p and servi ce ba se, serv e the people, the n nominate d the main obj ect will conta in a variety of servi ces, so that asse ssment wa s accurate a nd t o avoi d one-si de dne ss. T hird, pay attenti on to t he seri ousnes s of the conclusion. The us e of evaluati on findings i s mainly embodi ed in his directi on. Permitted to choos e one, it would be tantamount to establi shi ng a ba nner . Evaluati on can't take car e of the ba lance, ot herwis e it would undermi ne the off set the positive sig nifica nce of evaluati on. Office of the party committees at all levels s hould tak e the findings a s on t he ca dres ' bonus -pe nalty, a n importa nt basi s for future moveme nts, i nce ntive and restrai nt effect of making evaluations. 3. Preventi on of understa ndi ng "infidelity". Pe ople -centere d dev elopment,

concrete is diale ctical, . In practi ce in the proces s, to pr event one -si ded a nd still l ook, from a ctual people. One i s to use dial ectical poi nt of view to understa nd. H umani st is the core of the sci entific Outl ook on development, remai ns the devel opment of the s cientific Outl ook on development emphasizes, i s still taking e conomi c constr ucti on as t he Ce nter. Any depart ure from the development of thoug ht and acti on, is a misi nterpr etation and mis understa ndi ng of pe opl e-oriente d. Adhere t o pe ople -ori ente d bot h to ov ercome one -si de dnes s of the old, but als o to pr event one -si dednes s, not accelerati ng the devel opment of people a nd the opposition. Must be very cl ear, pe opl e orie nted a nd s pee ding up development is not oppose d, but consi stent, w e shoul d never be

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以交易所(或清算公司)为对 存在一定的交易对手违约风 手,不用担心违约 险 (二)金融期货的主要交易制度(掌握) 1.集中交易制度:期货交易所集中交易. 2.标准化的期货合约和对冲机制:方便在不同交易者之间流通。 3.保证金及其杠杆作用:缴纳保证金。 4.结算所和无负债结算制度:结算所附属于交易所,采取逐日盯市制度。 5.限仓制度:防止风险过度集中和操纵市场。 6.大户报告制度:持仓达到一定数量要向交易所报告相关信息。 7.每日价格波动限制及断路器规则:涨(跌)幅限制,暂停交易等。 (三)金融期货的种类(掌握): 1.外汇期货:最先产生,规避外汇风险,芝加哥商业交易所。 2.利率期货:规避利率风险,芝加哥期货交易所,主要品种: (1)债券期货:以国债期货为主。 (2)主要参考利率期货: Libor、Hibor、欧洲美元定期存款单利率、联邦基金利率、国债利率。 3.股权类期货。 (1)股指期货:防范系统性风险,美国堪萨斯期货交易所(KCBT)价值线指数。 (2)单只股票期货;(3)股票组合的期货。 (四)中国金融期货交易所与沪深 300 股指期货(熟悉) 1.中国金融期货交易所于 06 年 9 月 8 日成立,注册资本 5 亿。 2.沪深 300 股指期货合约。 合约标的 沪深 300 指数 合约乘数 每点 300 元 报价单位 指数点 最小变动价位 0.2 点 合约月份 当月、下月及随后两个季月 交易时间 上午:9:15~11:30,下午:13:00~15:15 最后交易日交易时间 上午:9:15~11:30,下午:13:00~15:00 每日价格最大波动限制 上一个交易日结算价的±10% 最低交易保证金 合约价值的 12% 最后交易日 合约到期月份的第三个周五,遇国家法定假日顺延 交割日期 同最后交易日 交割方式 现金交割 交易代码 IF 上市交易所 中国金融期货交易所 沪深 300 指数是由中证指数编制的流通市值加权型指数 3.交易规则(7 个交易规则,与金融期货交易制度类似)。 (五)金融期货的基本功能(掌握) 1.套期保值功能(锁定风险)。 (1)套期保值原理:建立现货、期货数量相同、方向相反的头寸。 (2)套期保值的基本做法: A.多头套期保值:持有现货空头,建立期货多头; B.空头套期保值:持有现货多头,建立期货空头; C.基差风险:期货与现货在品种、期限、数量上无法完全匹配,基差=现货价-期货价。 违约风险
people-orie nted i n the name of reducing our e nthusiasm. Premier We n Jiaba o's G overnme nt work re port thi s year, identified a s 7% grow t h, 2.1% l ower than last year' s 9.1%, but i n 8 work remai ns to a ccel erate deve lopme nt in the first place ... Work sta ndar ds. Se cond is t o us e the s cale of development to understand. Society is ev olving, human nee ds are al so changi ng. Pra ctice of huma nism is a l ong -term proces s and cannot be achieve d over night. T o treat pe ople if you stand still a nd rigid dogma, it is pos sibl e to retur n to this , see things but not pe ople' s ol d ways. T herefore , we have t o follow t he devel opme nt of the times, a nd continue de buggi ng the humani st per s pe ctive, innovative people -orie nted way . Under the new histori cal conditions, w e are requeste d by the time s, set up a bra nd new concept , a high starting point, high sta ndar d of armed people, s hapi ng, exer cise, people, consta ntly taking the new connotati on of t he times. Terms of Office, is to le ad the vast numbers of cadre s to active ly ada pt to the knowle dge faster a nd activ ely ada pt to the i ncrea singly high level of leaders hip situati on, a ctively ada pt to the demand of the mas ses mor e 员 权 授 无 病 因 ; 字 理 代 定 法 其 时 力 能 为 事 民 全 完 备 具 不 。 情 知 署 签 人 本 由 当 应 , 动 活 疗 医 的 行 进 可 方 意 同 面 书 者 患 得 取 需 对 and more situati ons, eager to lear n, enhance a ccumulation, efforts, honed the ability to overcome a good servi ce, pani c. Thir d is to use reali stic understanding . Adhere to people-orie nted must be base d on rea lity, not divor ced from reality. D esk no water cups here i n Hong Kong, staff need to drink some water to the drinki ng fountain on a floor, the gla ss used i s a one-time non-cone type. Dri nk this cup ca n only hol d, ca nnot be put dow n. Thi s is not only to save on glas s materials, more im porta nt is t o force you t o get drinki ng water, g o ba ck to your seat busi nes s. Our emphasi s on pe ople -orie nted, does not imply you ca n indulge the des ires, the comforta ble, the pur suit of e njoyme nt. Office of the party committees at all level s of our comra des, must continue to mai ntain the style of plai n living a nd hard str uggle, to sta nd up to t he tests of temptations, exciti ng "energy" conse rvation "dis position" to the s pirit of selfless dedicati on and pr ovide service s. I nvestee 4 . clearly define d res ponsibil ities. Putting people first is a c ommon vi sion of devel opme nt, everyone is a lia bility. People-orient ed, a bove a nd below with the re sponsibility for coor dinati ng system must be e stabli she d and hold every one a ccountable . First, we must strengthen the leader shi p. "In its place, its gover nance, its lev el, bear t he res ponsibility of the Divisi on." This is t he minimum re quireme nt for leader s, is a meas ure of the basi c criteria for whet her a leadi ng ca dre is compe tent. Lea ders nee d to "it is an official term for the be nefit of" mission, cons ciousl y as sume res ponsi bility for implementi ng pe opl e-oriente d. Dire ctor of the Office of the party committees at all levels i s the re sponsi bility of the units t o implement people -orie nted, t o manage their pe ople , "plug in own re sponsi bility", effectively enhance the e ducation of lea ding cadre s, ca dres a nd cadre s work, efforts to r evitalize the Office of human re source s, Office w ork is full of vigor a nd vitality

well, with the effectivene ss of servi ces t o defend the i nterest s of the mass es. T hird, w e shoul d strive to do well . To a chiev e good pra ctical re sults , the key is t o know the law, t o grasp t he laws a nd usi ng laws. Office of economic development, social pr ogress, t here are rules to foll ow. Only a ct according to the law, to overcome bli ndness a nd strengtheni ng initia tive, creative. Worki ng in the Office, we should be good at a nalyzi ng the es sence of thi ngs, t o find regular thing, cha nge from pa ssive to a ctive, to seek one. I nvestee 2. esta blis hment of eval uation system. Eval uation system is e sse nt ially an incentive me cha nism, the evaluati on wa s objective a nd fair, rea sonable , and can stimulate a person's e nergy, mobilizing people's enthusia sm or be misl eadi ng, dampene d the e nthusiasm of people. At pr ese nt, the concept of people -orie nted people, but to e stabli sh a nd perfect evaluati on system is still lagging behi nd. Work i n this ar ea shoul d be seriousl y caught up. "T hree emphasis on" to take a dvantage of. Is a focus on sta ndards a nd s cie ntific. A fundamental poi nt of the eval uation criteria , is to kee p conta ct, devel opme nt, compre hensive eye eval uation of cadre s. Office w ork, both "record" and "pote ntial performance"; bot h s ubje ctive efforts, take a nother look at t he objectiv e conditi on; bot h "pragmatic" enoug h, take another l ook at the "retreat" level. Second, focus on parti cipati ng the br eadth of the s ubje ct. Eval uation of ca dres must give full play to democracy, cadre s and the mas ses handing over evaluati on. Office work service s leadershi p and servi ce ba se, serv e the people, the n nominate d the main obj ect will conta in a variety of servi ces, so that asse ssment wa s accurate a nd t o avoi d one-si de dne ss. T hird, pay attenti on to t he seri ousnes s of the conclusion. The us e of evaluati on findings i s mainly embodi ed in his directi on. Permitted to choos e one, it would be tantamount to establi shi ng a ba nner . Evaluati on can't take car e of the ba lance, ot herwis e it would undermi ne the offset the positive sig nifica nce of evaluati on. Office of the party committees at all levels s hould tak e the findings a s on t he ca dres ' bonus -pe nalty, a n importa nt basi s for future moveme nts, i nce ntive and restrai nt effect of making evaluations. 3. Preventi on of understa ndi ng "infidelity". Pe ople -centere d dev elopment, concrete is diale ctical, . In practi ce in the proces s, to pr event one -si ded a nd still l ook, from a ctual people. One i s to use dial ectical poi nt of view to understa nd. H umani st is the core of the sci entific Outl ook on development, remai ns the devel opment of the s cientific Outl ook on development emphasizes, i s still taking e conomi c constr ucti on as t he Ce nter. Any depart ure from the development of thoug ht and acti on, is a misi nterpr etation and mis understa ndi ng of pe opl e-oriente d. Adhere t o pe ople -ori ente d bot h to ov ercome one -si de dnes s of the old, but als o to pr event one -si dednes s, not accelerati ng the devel opment of people a nd the opposition. Must be very cl ear, pe opl e orie nted a nd s pee ding up development is not oppose d, b ut consi stent, w e shoul d never be

2.价格发现功能:期货价格具有预期性、连续性、权威性和公开性。 3.投机功能:与现货投机相比较,期货投机的两个重要区别。 (1)目前我国股票市场实行 T+1 清算制度,而期货市场是 T+0,可以进行日内投机。 (2)保证金导致较高杠杆,盈亏放大,风险更高。 4.套利功能:经济学一价定律。 四、金融互换交易(了解) 1.互换交易的主要类别和交易特征:货币互换、利率互换、股权互换、信用互换; 交易结构看:视为一系列远期交易的组合; 用途:改变交易者资产或负债的风险结构,规避相应风险。 2.人民币利率互换的业务内容: 参考利率为银行间市场具有基准性质的利率或央行公布的基准利率。 3.信用违约互换(CDS): 一方向另一方出售信用保护, 若发生违约事件, 则出售方向购买方支付赔偿, 交易危险性: (1)具有较高杠杆性; (2)买方无需真正持有信用工具,导致风险敞口放大; (3)场外市场缺乏信息披露和监管。 第三节 金融期权与期权类金融衍生产品 一、金融期权的定义和特征(掌握) (一)金融期权的定义(世博会门票举例) 1.交易双方买卖权利,选择权的买卖。 2.权利单方面有偿让渡。 (二)金融期权的特征 买方支付期权费,获得权利,没有义务;卖方取得期权费,没有权利,只有义务。 (三)金融期货与金融期权的区别(掌握) 区别内容 金融期货 金融期权 基础资产 没有期权期货 只有期货期权 权利与义务对称性 权利与义务对称 不对称,买方有权无义务,卖方有义务无权利 履约保证 双方均须缴纳 出售者需要缴纳 现金流转 到期现金流转 开始流转期权费,到期后履约 盈利和亏损无限 买方亏期权费,盈利无限;卖方赚期权费,亏 盈亏特点 损无限 盈亏相抵 避免价格不利造成的损失,保证有利变动带来 套期保值的作用与效果 的收益 二、金融期权的分类(熟悉): 分类标准 类别 说明 看涨期权(认购权) 预期价格上涨 选择权性质 看跌期权(认沽权) 预期价格下跌 欧式期权 只能在到期日执行 履约时间 美式期权 可在到期日或之前的任何日执行 修正美式(百慕大、大西洋) 可在到期日之前一系列规定日执行 股权类期权 股票为标的:个股、股票组合和股指 利率期权 政府债、欧洲美元债、大面额可转让存单 基础资产性质 货币期权(外汇期权) 自由流通货币(外汇) 金融期货合约期权 金融期货合约 互换期权 金融互换合约
people-orie nted i n the name of reducing our e nthusiasm. Premier We n Jiaba o's G overnme nt work re port thi s year, identified a s 7% growt h, 2.1% l ower than last year' s 9.1%, but i n 8 work remai ns to a ccel erate deve lopme nt in the first place ... Work sta ndar ds. Se cond is t o us e the s cale of development to understand. Society is ev olving, human nee ds are al so changi ng. Pra ctice of huma nism is a l ong -term proces s and cannot be achieve d over night. T o treat pe ople if you stand still a nd rigid dogma, it is pos sibl e to retur n t o this , see things but not pe ople' s ol d ways. T herefore , we have t o follow t he devel opme nt of the times, a nd continue de buggi ng the humani st pers pe ctive, innovative people -orie nted way . Under the new histori cal conditions, w e are requeste d by the time s, set up a bra nd new concept , a high starting point, high sta ndar d of armed people, s hapi ng, exer cise, people, consta ntly taking the new connotati on of the ti mes. Terms of Office, is to le ad the vast numbers of cadre s to active ly ada pt to the knowle dge faster a nd activ ely ada pt to t he i ncrea singly high level of leaders hip situati on, a ctively ada pt to the demand of the mas ses mor e 员 权 授 无 病 因 ; 字 理 代 定 法 其 时 力 能 为 事 民 全 完 备 具 不 。 情 知 署 签 人 本 由 当 应 , 动 活 疗 医 的 行 进 可 方 意 同 面 书 者 患 得 取 需 对 and more situati ons, eager to lear n, enhance a ccumulation, efforts, honed the ability to overcome a good servi ce, pani c. Thir d is to use reali stic understanding . Adhere to people-orie nted must be base d on rea lity, not divor ced from reality. D esk no water cups here i n Hong Kong, staff need to drink some water to the drinki ng fountain on a floor, the gla ss used i s a one-time non-cone type. Dri nk this cup ca n only hol d, ca nnot be put dow n. Thi s is not only to save on glas s materials, more im porta nt is to force you t o get drinki ng water, g o ba ck to your seat busi nes s. Our emphasi s on pe ople -orie nted, does not imply you ca n indulge the des ires, the comforta ble, the pur suit of e njoyme nt. Office of the party committees at all level s of our comra des, must continue to mai ntain the style of plai n living a nd hard str uggle, to sta nd up to t he tests of temptations, exciti ng "energy" conse rvation "dis position" to the s pirit of selfless dedicati on and pr ovide service s. I nvestee 4 . clearly define d res ponsibil ities. Putting people first is a common vi sio n of devel opme nt, everyone is a lia bility. People-orient ed, a bove a nd below with the re sponsibility for coor dinati ng system must be e stabli she d and hold every one a ccountable . First, we must strengthen the leader shi p. "In its place, its gover nance, its lev el, bear t he res ponsibility of the Divisi on." This is t he minimum re quireme nt for leader s, is a meas ure of the basi c criteria f or whet her a leadi ng ca dre is compe tent. Lea ders nee d to "it is an official term for the be nefit of" mission, cons ciously as sume r es ponsi bility for implementi ng pe opl e-oriente d. Dire ctor of the Office of the party committees at all levels i s the re sponsi bility of the units t o implement people -orie nted, t o manage their pe ople , "plug in own re sponsi bility", effectively enhance the e ducation of lea ding cadre s, ca dres a nd cadre s work, efforts to r evitalize the Office of human re source s, Office w ork is full of vigor a nd vitality

well, with the effectivene ss of servi ces t o defend the i nterest s of the mass es. T hird, w e shoul d strive to do well . To a chiev e good pra ctical re sults , the key is t o know the law, t o grasp t he laws a nd usi ng laws. Office of economic development, social pr ogress, t here are rules to foll ow. Only a ct according to the law, to overcome bli ndness a nd strengtheni ng initiative, creative. Worki ng in the Office, we should be good at a nalyzi ng the es sence of thi ngs, t o find regu lar thing, cha nge from pa ssive to a ctive, to seek one. I nvestee 2. esta blis hment of eval uation system. Eval uation system is e sse nt ially an incentive me cha nism, the evaluati on wa s objective a nd fair, rea sonable , and can stimulate a person's e nergy, mobilizi ng people's enthusia sm or be misl eadi ng, dampene d the e nthusiasm of people. At pr ese nt, the concept of people -orie nted people, but to e stabli sh a nd perfect evaluati on system is still lagging behi nd. Work i n this ar ea shoul d be seriousl y caught up. "T hree emphasis on" to take a dvantage of. Is a focus on sta ndards a nd s cie ntific. A fundamental poi nt of the eval uation criteria , is to kee p conta ct, devel opme nt, compre hensive eye eval uation of cadre s. Office w ork, both "record" and "pote ntial performance"; bot h s ubje ctive efforts, take a nother look at t he objectiv e conditi on; bot h "pragmatic" enoug h, take another l ook at the "retreat" level. Second, focus on parti cipati ng the br eadth of the s ubje ct. Eval uation of ca dres must give full play to democracy, cadre s an d the mas ses handing over evaluati on. Office work service s leadershi p and servi ce ba se, serv e the people, the n nominate d the main obj ect will conta in a variety of servi ces, so that asse ssment wa s accurate a nd t o avoi d one-si de dne ss. T hird, pay attenti on to t he seri ousnes s of the conclusion. The us e of evaluati on findings i s mainly embodi ed in his directi on. Permitted to choos e one, it would be tantamount to establi shi ng a ba nner . Evaluati on can't take car e of the ba lance, ot herwis e it would undermi ne the off set the positive sig nifica nce of evaluati on. Office of the party committees at all levels s hould tak e the findings a s on t he ca dres ' bonus -pe nalty, a n importa nt basi s for future moveme nts, i nce ntive and restrai nt effect of making evaluations. 3. Preventi on of understa ndi ng "infidelity". Pe ople -centere d dev elopment,

concrete is diale ctical, . In practi ce in the proces s, to pr event one -si ded a nd still l ook, from a ctual people. One i s to use dial ectical poi nt of view to understa nd. H umani st is the core of the sci entific Outl ook on development, remai ns the devel opment of the s cientific Outl ook on development emphasizes, i s still taking e conomi c constr ucti on as t he Ce nter. Any depart ure from the development of thoug ht and acti on, is a misi nterpr etation and mis understa ndi ng of pe opl e-oriente d. Adhere t o pe ople -ori ente d bot h to ov ercome one -si de dnes s of the old, but als o to pr event one -si dednes s, not accelerati ng the devel opment of people a nd the opposition. Must be very cl ear, pe opl e orie nted a nd s pee ding up development is not oppose d, but consi stent, w e shoul d never be

考证宝 – 历年真题库

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看涨期权 看跌期权 市场价格>协定价格 实值 虚值 市场价格=协定价格 *值 *值 市场价格<协定价格 虚值 实值 奇异型期权:任选期权、百慕大期权、*谌ā*均期权。 三、金融期权的基本功能(了解):套期保值、价格发现。 四、权证 (一)权证的定义(掌握) 1.定义:基础证券发行人或第三人发行,约定持有人在规定期间或到期日,按约定价格购买 或出售标的证券,或以现金收取结算差价的有价证券。 2.与交易所期权区别:交易所交易期权是标准化合约; 权证是发行人发行的合约,发行人承担全部责任。 (二)权证的分类(掌握) 分类标准 类别 说明 基础资产 股权类、债权类及其他权证 单只股票或股票组合(ETF) 认股权证 股本权证,认购上市公司增发的新股,增 加其股本 基础资产的来源 备兑权证 由第三人发行,所兑股票是已流通股票, 不增加上市公司股本 认购权证 同看涨期权 持有人权利 认沽权证 同看跌期权 美式权证 可在权证失效日之前任何交易日行权 行权的时间 欧式权证 仅可以在失效日当日行权 百慕大式权证 可在失效日之前一段规定时间内行权 权证的内在价值 *价、价内和价外权证 价内(有价值)、价外(无价值) (三)权证要素(掌握) 1.权证类别:认购或认沽。 2.标的:股票,债券,外汇,指数,商品或其他金融工具。 3.行权价格:敲定价格。 4.存续时间:有效期:6~24 个月。 5.行权日期:行使权利的日期。 6.行权结算方式。 (1)证券给付:发行人向持有人出售或购买标的证券。 (2)现金结算:发行人向持有人支付行权价格与标的证券结算价之间的差额。 7.行权比例:标的证券除权,行权比例调整,除息不调整。 (四)权证发行、上市与交易(熟悉) 1.权证的发行:标的证券发行人以外第三人发行并上市,发行人提供履约担保: (1)专用账户提供并维持足够数量的标的证券或现金,作为履约担保。 履约担保的标的证券数量=权证上市数量×行权比例×担保系数; 履约担保的现金金额=权证上市数量×行权价格×行权比例×担保系数。 (2)提供经交易所认可的机构作为履约的不可撤销的连带责任保证人。 2.权证的上市和交易:权证实行 T+0 回转交易。 五、可转换债券 (一)可转换债券的定义与特征(掌握) 1.定义:一定时期、一定比例或价格、转换成一定数量的另一种证券的证券。
people-orie nted i n the name of reducing our e nthusiasm. Premier We n Jiaba o's G overnme nt work re port thi s year, identified a s 7% grow t h, 2.1% l ower than last year' s 9.1%, but i n 8 work remai ns to a ccel erate deve lopme nt in the first place ... Work sta ndar ds. Se cond is t o us e the s cale of development to understand. Society is ev olving, human nee ds are al so changi ng. Pra ctice of huma nism is a l ong -term proces s and cannot be achieve d over night. T o treat pe ople if you stand still a nd rigid dogma, it is pos sibl e to retur n to this , see things but not pe ople' s ol d ways. T herefore , we have t o follow t he devel opme nt of the times, a nd continue de buggi ng the humani st per s pe ctive, innovative people -orie nted way . Under the new histori cal conditions, w e are requeste d by the time s, set up a bra nd new concept , a high starting point, high sta ndar d of armed people, s hapi ng, exer cise, people, consta ntly taking the new connotati on of t he times. Terms of Office, is to le ad the vast numbers of cadre s to active ly ada pt to the knowle dge faster a nd activ ely ada pt to the i ncrea singly high level of leaders hip situati on, a ctively ada pt to the demand of the mas ses mor e 员 权 授 无 病 因 ; 字 理 代 定 法 其 时 力 能 为 事 民 全 完 备 具 不 。 情 知 署 签 人 本 由 当 应 , 动 活 疗 医 的 行 进 可 方 意 同 面 书 者 患 得 取 需 对 and more situati ons, eager to lear n, enhance a ccumulation, efforts, honed the ability to overcome a good servi ce, pani c. Thir d is to use reali stic understanding . Adhere to people-orie nted must be base d on rea lity, not divor ced from reality. D esk no water cups here i n Hong Kong, staff need to drink some water to the drinki ng fountain on a floor, the gla ss used i s a one-time non-cone type. Dri nk this cup ca n only hol d, ca nnot be put dow n. Thi s is not only to save on glas s materials, more im porta nt is t o force you t o get drinki ng water, g o ba ck to your seat busi nes s. Our emphasi s on pe ople -orie nted, does not imply you ca n indulge the des ires, the comforta ble, the pur suit of e njoyme nt. Office of the party committees at all level s of our comra des, must continue to mai ntain the style of plai n living a nd hard str uggle, to sta nd up to t he tests of temptations, exciti ng "energy" conse rvation "dis position" to the s pirit of selfless dedicati on and pr ovide service s. I nvestee 4 . clearly define d res ponsibil ities. Putting people first is a c ommon vi sion of devel opme nt, everyone is a lia bility. People-orient ed, a bove a nd below with the re sponsibility for coor dinati ng system must be e stabli she d and hold every one a ccountable . First, we must strengthen the leader shi p. "In its place, its gover nance, its lev el, bear t he res ponsibility of the Divisi on." This is t he minimum re quireme nt for leader s, is a meas ure of the basi c criteria for whet her a leadi ng ca dre is compe tent. Lea ders nee d to "it is an official term for the be nefit of" mission, cons ciousl y as sume res ponsi bility for implementi ng pe opl e-oriente d. Dire ctor of the Office of the party committees at all levels i s the re sponsi bility of the units t o implement people -orie nted, t o manage their pe ople , "plug in own re sponsi bility", effectively enhance the e ducation of lea ding cadre s, ca dres a nd cadre s work, efforts to r evitalize the Office of human re source s, Office w ork is full of vigor a nd vitality

well, with the effectivene ss of servi ces t o defend the i nterest s of the mass es. T hird, w e shoul d strive to do well . To a chiev e good pra ctical re sults , the key is t o know the law, t o grasp t he laws a nd usi ng laws. Office of economic development, social pr ogress, t here are rules to foll ow. Only a ct according to the law, to overcome bli ndness a nd strengtheni ng initia tive, creative. Worki ng in the Office, we should be good at a nalyzi ng the es sence of thi ngs, t o find regular thing, cha nge from pa ssive to a ctive, to seek one. I nvestee 2. esta blis hment of eval uation system. Eval uation system is e sse nt ially an incentive me cha nism, the evaluati on wa s objective a nd fair, rea sonable , and can stimulate a person's e nergy, mobilizing people's enthusia sm or be misl eadi ng, dampene d the e nthusiasm of people. At pr ese nt, the concept of people -orie nted people, but to e stabli sh a nd perfect evaluati on system is still lagging behi nd. Work i n this ar ea shoul d be seriousl y caught up. "T hree emphasis on" to take a dvantage of. Is a focus on sta ndards a nd s cie ntific. A fundamental poi nt of the eval uation criteria , is to kee p conta ct, devel opme nt, compre hensive eye eval uation of cadre s. Office w ork, both "record" and "pote ntial performance"; bot h s ubje ctive efforts, take a nother look at t he objectiv e conditi on; bot h "pragmatic" enoug h, take another l ook at the "retreat" level. Second, focus on parti cipati ng the br eadth of the s ubje ct. Eval uation of ca dres must give full play to democracy, cadre s and the mas ses handing over evaluati on. Office work service s leadershi p and servi ce ba se, serv e the people, the n nominate d the main obj ect will conta in a variety of servi ces, so that asse ssment wa s accurate a nd t o avoi d one-si de dne ss. T hird, pay attenti on to t he seri ousnes s of the conclusion. The us e of evaluati on findings i s mainly embodi ed in his directi on. Permitted to choos e one, it would be tantamount to establi shi ng a ba nner . Evaluati on can't take car e of the ba lance, ot herwis e it would undermi ne the offset the positive sig nifica nce of evaluati on. Office of the party committees at all levels s hould tak e the findings a s on t he ca dres ' bonus -pe nalty, a n importa nt basi s for future moveme nts, i nce ntive and restrai nt effect of making evaluations. 3. Preventi on of understa ndi ng "infidelity". Pe ople -centere d dev elopment, concrete is diale ctical, . In practi ce in the proces s, to pr event one -si ded a nd still l ook, from a ctual people. One i s to use dial ectical poi nt of view to understa nd. H umani st is the core of the sci entific Outl ook on development, remai ns the devel opment of the s cientific Outl ook on development emphasizes, i s still taking e conomi c constr ucti on as t he Ce nter. Any depart ure from the development of thoug ht and acti on, is a misi nterpr etation and mis understa ndi ng of pe opl e-oriente d. Adhere t o pe ople -ori ente d bot h to ov ercome one -si de dnes s of the old, but als o to pr event one -si dednes s, not accelerati ng the devel opment of people a nd the opposition. Must be very cl ear, pe opl e orie nted a nd s pee ding up development is not oppose d, b ut consi stent, w e shoul d never be

2.可转换债券的特征: (1)附有转股权的特殊债券,兼有债券和股票的双重特征; (2)可转换债券具有双重选择权: A.投资者可自行选择是否转股,并承担转债利率较低的机会成本; B.发行人拥有是否实施赎回条款的选择权,并为此支付较高的利率。 (二)可转换债券的要素(掌握) 1.有效期限和转换期限: 有效期限:可转换债券的存续时间; 转换期限:转为普通股票的起始日至结束日的期间。 我国可转换债券的期限为 1~6 年,发行日起 6 个月后可转换为股票。 2.票面利率或股息率:一般低于相同条件的不可转换债券; 半年、1 年付息一次,到期后 5 个工作日内还本付最后一期利息。 3.转换比例或转换价格:转换比例=可转换债券面值/转换价格; 转换价格=可转换债券面值/转换比例。 4.赎回条款与回售条款:赎回条件:公司股票价格高于转换价格(发行人权利); 回售条件:公司股票价格低于转换价格(投资者权利)。 5.转换价格修正条款:由于送配股等引起股本数量发生变动而对转换价格作调整。 (三)附权证的可分离公司债券(掌握) 1.定义:附权证的可分离公司债券:认股权证可与主体债券相分离,单独交易; 2.分离交易的可转债与一般可转债的区别: 区别内容 一般可转债 分离交易可转债 权利载体 债券本身 权证,单纯持有债券则无转股权 行权方式 行权后债券不存在 对债券无影响 权利内容 转股有效期等于债券期限 权证有效期不等于债券期限 第四节 其他衍生工具简介 一、存托凭证

(一)存托凭证的定义(掌握) 1.定义:又称预托凭证,一国市场流通的代表外国公司有价证券的可转让凭证。 2.起源:由 J.P 摩根首创,在美国称为 ADR,在中国 CDR。 (二)ADR 有关业务机构(了解) 1.存券银行。 (1)发行存托凭证,并安排托管行托管基础证券。 (2)负责 ADR 的注册和过户及保管清算,代理股东权益. (3)为持有者和发行人提供信息和咨询服务。 2.托管银行:存券银行在发行国当地的分行或代理行。 3.中央存托公司:负责 ADR 的保管和清算。 (三)ADR 的种类(了解) 1.无担保的存托凭证:基础证券发行人不参与。
people-orie nted i n the name of reducing our e nthusiasm. Premier We n Jiaba o's G overnme nt work re port thi s year, identified a s 7% growt h, 2.1% l ower than last year' s 9.1%, but i n 8 work remai ns to a ccel erate deve lopme nt in the first place ... Work sta ndar ds. Se cond is t o us e the s cale of development to understand. Society is ev olving, human nee ds are al so changi ng. Pra ctice of huma nism is a l ong -term proces s and cannot be achieve d over night. T o treat pe ople if you stand still a nd rigid dogma, it is pos sibl e to retur n t o this , see things but not pe ople' s ol d ways. T herefore , we have t o follow t he devel opme nt of the times, a nd continue de buggi ng the humani st pers pe ctive, innovative people -orie nted way . Under the new histori cal conditions, w e are requeste d by the time s, set up a bra nd new concept , a high starting point, high sta ndar d of armed people, s hapi ng, exer cise, people, consta ntly taking the new connotati on of the ti mes. Terms of Office, is to le ad the vast numbers of cadre s to active ly ada pt to the knowle dge faster a nd activ ely ada pt to t he i ncrea singly high level of leaders hip situati on, a ctively ada pt to the demand of the mas ses mor e 员 权 授 无 病 因 ; 字 理 代 定 法 其 时 力 能 为 事 民 全 完 备 具 不 。 情 知 署 签 人 本 由 当 应 , 动 活 疗 医 的 行 进 可 方 意 同 面 书 者 患 得 取 需 对 and more situati ons, eager to lear n, enhance a ccumulation, efforts, honed the ability to overcome a good servi ce, pani c. Thir d is to use reali stic understanding . Adhere to people-orie nted must be base d on rea lity, not divor ced from reality. D esk no water cups here i n Hong Kong, staff need to drink some water to the drinki ng fountain on a floor, the gla ss used i s a one-time non-cone type. Dri nk this cup ca n only hol d, ca nnot be put dow n. Thi s is not only to save on glas s materials, more im porta nt is to force you t o get drinki ng water, g o ba ck to your seat busi nes s. Our emphasi s on pe ople -orie nted, does not imply you ca n indulge the des ires, the comforta ble, the pur suit of e njoyme nt. Office of the party committees at all level s of our comra des, must continue to mai ntain the style of plai n living a nd hard str uggle, to sta nd up to t he tests of temptations, exciti ng "energy" conse rvation "dis position" to the s pirit of selfless dedicati on and pr ovide service s. I nvestee 4 . clearly define d res ponsibil ities. Putting people first is a common vi sio n of devel opme nt, everyone is a lia bility. People-orient ed, a bove a nd below with the re sponsibility for coor dinati ng system must be e stabli she d and hold every one a ccountable . First, we must strengthen the leader shi p. "In its place, its gover nance, its lev el, bear t he res ponsibility of the Divisi on." This is t he minimum re quireme nt for leader s, is a meas ure of the basi c criteria f or whet her a leadi ng ca dre is compe tent. Lea ders nee d to "it is an official term for the be nefit of" mission, cons ciously as sume r es ponsi bility for implementi ng pe opl e-oriente d. Dire ctor of the Office of the party committees at all levels i s the re sponsi bility of the units t o implement people -orie nted, t o manage their pe ople , "plug in own re sponsi bility", effectively enhance the e ducation of lea ding cadre s, ca dres a nd cadre s work, efforts to r evitalize the Office of human re source s, Office w ork is full of vigor a nd vitality

well, with the effectivene ss of servi ces t o defend the i nterest s of the mass es. T hird, w e shoul d strive to do well . To a chiev e good pra ctical re sults , the key is t o know the law, t o grasp t he laws a nd usi ng laws. Office of economic development, social pr ogress, t here are rules to foll ow. Only a ct according to the law, to overcome bli ndness a nd strengtheni ng initiative, creative. Worki ng in the Office, we should be good at a nalyzi ng the es sence of thi ngs, t o find regu lar thing, cha nge from pa ssive to a ctive, to seek one. I nvestee 2. esta blis hment of eval uation system. Eval uation system is e sse nt ially an incentive me cha nism, the evaluati on wa s objective a nd fair, rea sonable , and can stimulate a person's e nergy, mobilizi ng people's enthusia sm or be misl eadi ng, dampene d the e nthusiasm of people. At pr ese nt, the concept of people -orie nted people, but to e stabli sh a nd perfect evaluati on system is still lagging behi nd. Work i n this ar ea shoul d be seriousl y caught up. "T hree emphasis on" to take a dvantage of. Is a focus on sta ndards a nd s cie ntific. A fundamental poi nt of the eval uation criteria , is to kee p conta ct, devel opme nt, compre hensive eye eval uation of cadre s. Office w ork, both "record" and "pote ntial performance"; bot h s ubje ctive efforts, take a nother look at t he objectiv e conditi on; bot h "pragmatic" enoug h, take another l ook at the "retreat" level. Second, focus on parti cipati ng the br eadth of the s ubje ct. Eval uation of ca dres must give full play to democracy, cadre s an d the mas ses handing over evaluati on. Office work service s leadershi p and servi ce ba se, serv e the people, the n nominate d the main obj ect will conta in a variety of servi ces, so that asse ssment wa s accurate a nd t o avoi d one-si de dne ss. T hird, pay attenti on to t he seri ousnes s of the conclusion. The us e of evaluati on findings i s mainly embodi ed in his directi on. Permitted to choos e one, it would be tantamount to establi shi ng a ba nner . Evaluati on can't take car e of the ba lance, ot herwis e it would undermi ne the off set the positive sig nifica nce of evaluati on. Office of the party committees at all levels s hould tak e the findings a s on t he ca dres ' bonus -pe nalty, a n importa nt basi s for future moveme nts, i nce ntive and restrai nt effect of making evaluations. 3. Preventi on of understa ndi ng "infidelity". Pe ople -centere d dev elopment,

concrete is diale ctical, . In practi ce in the proces s, to pr event one -si ded a nd still l ook, from a ctual people. One i s to use dial ectical poi nt of view to understa nd. H umani st is the core of the sci entific Outl ook on development, remai ns the devel opment of the s cientific Outl ook on development emphasizes, i s still taking e conomi c constr ucti on as t he Ce nter. Any depart ure from the development of thoug ht and acti on, is a misi nterpr etation and mis understa ndi ng of pe opl e-oriente d. Adhere t o pe ople -ori ente d bot h to ov ercome one -si de dnes s of the old, but als o to pr event one -si dednes s, not accelerati ng the devel opment of people a nd the opposition. Must be very cl ear, pe opl e orie nted a nd s pee ding up development is not oppose d, but consi stent, w e shoul d never be

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2.有担保的存托凭证:基础证券发行人的承销商委托一家存券银行发行。 (1)一级存托凭证:无须改变现行报告制度即可公开交易证券。 (2)二级存托凭证:要在美国某个交易所上市的外国公司。 (3)三级存托凭证:在美国市场上筹集资本。 (4)私募存托凭证:美国 144A 规则。 (5)区别内容: 种类 级别 交易方式 可否集资 会计准则 无担保 无担保存托凭证 OTC 否 —— 一级存托凭证 OTC 目前不可 无须符合 公募 二级存托凭证 交易所或 NASDAQ 目前不可 部分符合 三级存托凭证 交易所或 NASDAQ 可以 完全符合 私募 144A 存托凭证 OIB(合格机构投资者) 可以 无须符合 (四)存托凭证的优点(了解) 1.对发行人的优点。 (1)市场容量大、筹资能力强。 (2)避开法律要求、上市手续简单、发行成本低。 2.对投资者的优点。 (1)以美元交易,美国清算公司清算。 (2)ADR 须经 SEC 注册,保障投资者利益。 (3)以美元支付股利。 (4)机构投资者可规避投资政策限制。 (五)存托凭证在中国的发展(了解) 1.我国公司发行的存托凭证(四类) (1)一级存托凭证:含 B 股的国内上市公司以及在香港上市的内地公司。 (2)二级存托凭证:中国网络股进入 NASDAQ 的主要形式。 (3)三级存托凭证:在香港上市的公司,将部分股份转为 ADR 在纽交所上市。 (4)144A 私募存托凭证:早期境外上市的境内企业。 2.我国公司发行存托凭证的阶段和行业特征。 (1)1993~1995 年,中国企业在美国发行存托凭证。 (2)1996~1998 年,基础设施类存托凭证成主流。 (3)2000~2001 年,高科技公司及大型国有企业成功上市。 (4)2002 年以来,存托凭证发行出现分化现象。 二、资产证券化与证券化产品 (一)资产证券化与证券化产品的定义(掌握) 1.定义:以特定的资产池为基础发行证券的融资形式。 2.目的:提高资产流动性,改变资产结构,改善资产质量,加快资金周转。 (二)资产证券化的种类与范围(掌握) 1.根据基础资产分类:不动产、应收账款、信贷资产、未来收益、债券组合证券化等。 2.按资产证券化的地域分类。 (1)离岸资产证券化:国内融资方通过境外 SPV 在境外市场融资。 (2)境内资产证券化:国外融资方通过境内 SPV 在境内市场融资。 3.按产品的属性分类:股权型证券化、债权型证券化和混合型证券化。 (三)资产证券化的有关当事人(掌握) 1.发起人:是基础资产的原始权益人,金融机构或大型工商企业。 2.特定目的机构或特定目的受托人(SPV)。
people-orie nted i n the name of reducing our e nthusiasm. Premier We n Jiaba o's G overnme nt work re port thi s year, identified a s 7% grow t h, 2.1% l ower than last year' s 9.1%, but i n 8 work remai ns to a ccel erate deve lopme nt in the first place ... Work sta ndar ds. Se cond is t o us e the s cale of development to understand. Society is ev olving, human nee ds are al so changi ng. Pra ctice of huma nism is a l ong -term proces s and cannot be achieve d over night. T o treat pe ople if you stand still a nd rigid dogma, it is pos sibl e to retur n to this , see things but not pe ople' s ol d ways. T herefore , we have t o follow t he devel opme nt of the times, a nd continue de buggi ng the humani st per s pe ctive, innovative people -orie nted way . Under the new histori cal conditions, w e are requeste d by the time s, set up a bra nd new concept , a high starting point, high sta ndar d of armed people, s hapi ng, exer cise, people, consta ntly taking the new connotati on of t he times. Terms of Office, is to le ad the vast numbers of cadre s to active ly ada pt to the knowle dge faster a nd activ ely ada pt to the i ncrea singly high level of leaders hip situati on, a ctively ada pt to the demand of the mas ses mor e 员 权 授 无 病 因 ; 字 理 代 定 法 其 时 力 能 为 事 民 全 完 备 具 不 。 情 知 署 签 人 本 由 当 应 , 动 活 疗 医 的 行 进 可 方 意 同 面 书 者 患 得 取 需 对 and more situati ons, eager to lear n, enhance a ccumulation, efforts, honed the ability to overcome a good servi ce, pani c. Thir d is to use reali stic understanding . Adhere to people-orie nted must be base d on rea lity, not divor ced from reality. D esk no water cups here i n Hong Kong, staff need to drink some water to the drinki ng fountain on a floor, the gla ss used i s a one-time non-cone type. Dri nk this cup ca n only hol d, ca nnot be put dow n. Thi s is not only to save on glas s materials, more im porta nt is t o force you t o get drinki ng water, g o ba ck to your seat busi nes s. Our emphasi s on pe ople -orie nted, does not imply you ca n indulge the des ires, the comforta ble, the pur suit of e njoyme nt. Office of the party committees at all level s of our comra des, must continue to mai ntain the style of plai n living a nd hard str uggle, to sta nd up to t he tests of temptations, exciti ng "energy" conse rvation "dis position" to the s pirit of selfless dedicati on and pr ovide service s. I nvestee 4 . clearly define d res ponsibil ities. Putting people first is a c ommon vi sion of devel opme nt, everyone is a lia bility. People-orient ed, a bove a nd below with the re sponsibility for coor dinati ng system must be e stabli she d and hold every one a ccountable . First, we must strengthen the leader shi p. "In its place, its gover nance, its lev el, bear t he res ponsibility of the Divisi on." This is t he minimum re quireme nt for leader s, is a meas ure of the basi c criteria for whet her a leadi ng ca dre is compe tent. Lea ders nee d to "it is an official term for the be nefit of" mission, cons ciousl y as sume res ponsi bility for implementi ng pe opl e-oriente d. Dire ctor of the Office of the party committees at all levels i s the re sponsi bility of the units t o implement people -orie nted, t o manage their pe ople , "plug in own re sponsi bility", effectively enhance the e ducation of lea ding cadre s, ca dres a nd cadre s work, efforts to r evitalize the Office of human re source s, Office w ork is full of vigor a nd vitality

well, with the effectivene ss of servi ces t o defend the i nterest s of the mass es. T hird, w e shoul d strive to do well . To a chiev e good pra ctical re sults , the key is t o know the law, t o grasp t he laws a nd usi ng laws. Office of economic development, social pr ogress, t here are rules to foll ow. Only a ct according to the law, to overcome bli ndness a nd strengtheni ng initia tive, creative. Worki ng in the Office, we should be good at a nalyzi ng the es sence of thi ngs, t o find regular thing, cha nge from pa ssive to a ctive, to seek one. I nvestee 2. esta blis hment of eval uation system. Eval uation system is e sse nt ially an incentive me cha nism, the evaluati on wa s objective a nd fair, rea sonable , and can stimulate a person's e nergy, mobilizing people's enthusia sm or be misl eadi ng, dampene d the e nthusiasm of people. At pr ese nt, the concept of people -orie nted people, but to e stabli sh a nd perfect evaluati on system is still lagging behi nd. Work i n this ar ea shoul d be seriousl y caught up. "T hree emphasis on" to take a dvantage of. Is a focus on sta ndards a nd s cie ntific. A fundamental poi nt of the eval uation criteria , is to kee p conta ct, devel opme nt, compre hensive eye eval uation of cadre s. Office w ork, both "record" and "pote ntial performance"; bot h s ubje ctive efforts, take a nother look at t he objectiv e conditi on; bot h "pragmatic" enoug h, take another l ook at the "retreat" level. Second, focus on parti cipati ng the br eadth of the s ubje ct. Eval uation of ca dres must give full play to democracy, cadre s and the mas ses handing over evaluati on. Office work service s leadershi p and servi ce ba se, serv e the people, the n nominate d the main obj ect will conta in a variety of servi ces, so that asse ssment wa s accurate a nd t o avoi d one-si de dne ss. T hird, pay attenti on to t he seri ousnes s of the conclusion. The us e of evaluati on findings i s mainly embodi ed in his directi on. Permitted to choos e one, it would be tantamount to establi shi ng a ba nner . Evaluati on can't take car e of the ba lance, ot herwis e it would undermi ne the offset the positive sig nifica nce of evaluati on. Office of the party committees at all levels s hould tak e the findings a s on t he ca dres ' bonus -pe nalty, a n importa nt basi s for future moveme nts, i nce ntive and restrai nt effect of making evaluations. 3. Preventi on of understa ndi ng "infidelity". Pe ople -centere d dev elopment, concrete is diale ctical, . In practi ce in the proces s, to pr event one -si ded a nd still l ook, from a ctual people. One i s to use dial ectical poi nt of view to understa nd. H umani st is the core of the sci entific Outl ook on development, remai ns the devel opment of the s cientific Outl ook on development emphasizes, i s still taking e conomi c constr ucti on as t he Ce nter. Any depart ure from the development of thoug ht and acti on, is a misi nterpr etation and mis understa ndi ng of pe opl e-oriente d. Adhere t o pe ople -ori ente d bot h to ov ercome one -si de dnes s of the old, but als o to pr event one -si dednes s, not accelerati ng the devel opment of people a nd the opposition. Must be very cl ear, pe opl e orie nted a nd s pee ding up development is not oppose d, b ut consi stent, w e shoul d never be

3.资金和资产存管机构。 4.信用增级机构:提升证券化产品的信用等级。 5.信用评级机构:发行债券需要信用评级。 6.承销人:投行或承销团。 7.投资者:证券化产品最终持有人。 (四)资产证券化流程与结构(了解)

(五)美国次级货款及相关证券化产品危机(了解) 美国住房抵押贷款可分为五类: 1.优级贷款:消费者信用评分 660 分以上,月供占收入比≦40%及首付≧20%。 2.Alt-A 贷款:信用评分较高但信用记录较弱的个人。 3.次级贷款:信用分数较差或低于 620 分,首付低于 20%。 4.住房权益贷款:抵押过的房产再抵押。 5.机构担保贷款:经两房担保的贷款。 (六)中国资产证券化的发展(了解) 1.20 世纪 90 年代三亚市开发建设总公司:房地产证券化。 2.2005 年中国资产证券化元年。 3.2005 年 12 月 21 日,广州越秀房地产投资信托基金在香港交易所上市。 4.我国资产证券化业务的特点: (1)发行规模大幅增长、种类增多、发起主体增加。 (2)机构投资者范围增加。 (3)二级市场交易尚不活跃。 三、结构化金融衍生产品 (一)结构化金融衍生产品的定义(掌握) 1.定义:用金融工程结构化,将金融商品和衍生品相结合设计出的金融产品。 2.种类:商业银行的挂钩类理财产品、交易所的结构化票据。 (二)结构化金融衍生产品的类别(掌握) 1.按联结的基础产品分类:股权联结型、利率联结型、汇率联结型、商品联结型。 2.按收益保障性分类:收益保证型:保本型、保证最低收益型;非收益保证型。 3.按发行方式分类:公募结构化、私募结构化; 4.按嵌入式衍生产品的属性分类:基于互换的结构化、基于期权的结构化。 (三)结构化衍生产品的收益与风险(掌握)
people-orie nted i n the name of reducing our e nthusiasm. Premier We n Jiaba o's G overnme nt work re port thi s year, identified a s 7% growt h, 2.1% l ower than last year' s 9.1%, but i n 8 work remai ns to a ccel erate deve lopme nt in the first place ... Work sta ndar ds. Se cond is t o us e the s cale of development to understand. Society is ev olving, human nee ds are al so changi ng. Pra ctice of huma nism is a l ong -term proces s and cannot be achieve d over night. T o treat pe ople if you stand still a nd rigid dogma, it is pos sibl e to retur n t o this , see things but not pe ople' s ol d ways. T herefore , we have t o follow t he devel opme nt of the times, a nd continue de buggi ng the humani st pers pe ctive, innovative people -orie nted way . Under the new histori cal conditions, w e are requeste d by the time s, set up a bra nd new concept , a high starting point, high sta ndar d of armed people, s hapi ng, exer cise, people, consta ntly taking the new connotati on of the ti mes. Terms of Office, is to le ad the vast numbers of cadre s to active ly ada pt to the knowle dge faster a nd activ ely ada pt to t he i ncrea singly high level of leaders hip situati on, a ctively ada pt to the demand of the mas ses mor e 员 权 授 无 病 因 ; 字 理 代 定 法 其 时 力 能 为 事 民 全 完 备 具 不 。 情 知 署 签 人 本 由 当 应 , 动 活 疗 医 的 行 进 可 方 意 同 面 书 者 患 得 取 需 对 and more situati ons, eager to lear n, enhance a ccumulation, efforts, honed the ability to overcome a good servi ce, pani c. Thir d is to use reali stic understanding . Adhere to people-orie nted must be base d on rea lity, not divor ced from reality. D esk no water cups here i n Hong Kong, staff need to drink some water to the drinki ng fountain on a floor, the gla ss used i s a one-time non-cone type. Dri nk this cup ca n only hol d, ca nnot be put dow n. Thi s is not only to save on glas s materials, more im porta nt is to force you t o get drinki ng water, g o ba ck to your seat busi nes s. Our emphasi s on pe ople -orie nted, does not imply you ca n indulge the des ires, the comforta ble, the pur suit of e njoyme nt. Office of the party committees at all level s of our comra des, must continue to mai ntain the style of plai n living a nd hard str uggle, to sta nd up to t he tests of temptations, exciti ng "energy" conse rvation "dis position" to the s pirit of selfless dedicati on and pr ovide service s. I nvestee 4 . clearly define d res ponsibil ities. Putting people first is a common vi sio n of devel opme nt, everyone is a lia bility. People-orient ed, a bove a nd below with the re sponsibility for coor dinati ng system must be e stabli she d and hold every one a ccountable . First, we must strengthen the leader shi p. "In its place, its gover nance, its lev el, bear t he res ponsibility of the Divisi on." This is t he minimum re quireme nt for leader s, is a meas ure of the basi c criteria f or whet her a leadi ng ca dre is compe tent. Lea ders nee d to "it is an official term for the be nefit of" mission, cons ciously as sume r es ponsi bility for implementi ng pe opl e-oriente d. Dire ctor of the Office of the party committees at all levels i s the re sponsi bility of the units t o implement people -orie nted, t o manage their pe ople , "plug in own re sponsi bility", effectively enhance the e ducation of lea ding cadre s, ca dres a nd cadre s work, efforts to r evitalize the Office of human re source s, Office w ork is full of vigor a nd vitality

well, with the effectivene ss of servi ces t o defend the i nterest s of the mass es. T hird, w e shoul d strive to do well . To a chiev e good pra ctical re sults , the key is t o know the law, t o grasp t he laws a nd usi ng laws. Office of economic development, social pr ogress, t here are rules to foll ow. Only a ct according to the law, to overcome bli ndness a nd strengtheni ng initiative, creative. Worki ng in the Office, we should be good at a nalyzi ng the es sence of thi ngs, t o find regu lar thing, cha nge from pa ssive to a ctive, to seek one. I nvestee 2. esta blis hment of eval uation system. Eval uation system is e sse nt ially an incentive me cha nism, the evaluati on wa s objective a nd fair, rea sonable , and can stimulate a person's e nergy, mobilizi ng people's enthusia sm or be misl eadi ng, dampene d the e nthusiasm of people. At pr ese nt, the concept of people -orie nted people, but to e stabli sh a nd perfect evaluati on system is still lagging behi nd. Work i n this ar ea shoul d be seriousl y caught up. "T hree emphasis on" to take a dvantage of. Is a focus on sta ndards a nd s cie ntific. A fundamental poi nt of the eval uation criteria , is to kee p conta ct, devel opme nt, compre hensive eye eval uation of cadre s. Office w ork, both "record" and "pote ntial performance"; bot h s ubje ctive efforts, take a nother look at t he objectiv e conditi on; bot h "pragmatic" enoug h, take another l ook at the "retreat" level. Second, focus on parti cipati ng the br eadth of the s ubje ct. Eval uation of ca dres must give full play to democracy, cadre s an d the mas ses handing over evaluati on. Office work service s leadershi p and servi ce ba se, serv e the people, the n nominate d the main obj ect will conta in a variety of servi ces, so that asse ssment wa s accurate a nd t o avoi d one-si de dne ss. T hird, pay attenti on to t he seri ousnes s of the conclusion. The us e of evaluati on findings i s mainly embodi ed in his directi on. Permitted to choos e one, it would be tantamount to establi shi ng a ba nner . Evaluati on can't take car e of the ba lance, ot herwis e it would undermi ne the off set the positive sig nifica nce of evaluati on. Office of the party committees at all levels s hould tak e the findings a s on t he ca dres ' bonus -pe nalty, a n importa nt basi s for future moveme nts, i nce ntive and restrai nt effect of making evaluations. 3. Preventi on of understa ndi ng "infidelity". Pe ople -centere d dev elopment,

concrete is diale ctical, . In practi ce in the proces s, to pr event one -si ded a nd still l ook, from a ctual people. One i s to use dial ectical poi nt of view to understa nd. H umani st is the core of the sci entific Outl ook on development, remai ns the devel opment of the s cientific Outl ook on development emphasizes, i s still taking e conomi c constr ucti on as t he Ce nter. Any depart ure from the development of thoug ht and acti on, is a misi nterpr etation and mis understa ndi ng of pe opl e-oriente d. Adhere t o pe ople -ori ente d bot h to ov ercome one -si de dnes s of the old, but als o to pr event one -si dednes s, not accelerati ng the devel opment of people a nd the opposition. Must be very cl ear, pe opl e orie nted a nd s pee ding up development is not oppose d, but consi stent, w e shoul d never be

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people-orie nted i n the name of reducing our e nthusiasm. Premier We n Jiaba o's G overnme nt work re port thi s year, identified a s 7% grow t h, 2.1% l ower than last year' s 9.1%, but i n 8 work remai ns to a ccel erate deve lopme nt in the first place ... Work sta ndar ds. Se cond is t o us e the s cale of development to understand. Society is ev olving, human nee ds are al so changi ng. Pra ctice of huma nism is a l ong -term proces s and cannot be achieve d over night. T o treat pe ople if you stand still a nd rigid dogma, it is pos sibl e to retur n to this , see things but not pe ople' s ol d ways. T herefore , we have t o follow t he devel opme nt of the times, a nd continue de buggi ng the humani st per s pe ctive, innovative people -orie nted way . Under the new histori cal conditions, w e are requeste d by the time s, set up a bra nd new concept , a high starting point, high sta ndar d of armed people, s hapi ng, exer cise, people, consta ntly taking the new connotati on of t he times. Terms of Office, is to le ad the vast numbers of cadre s to active ly ada pt to the knowle dge faster a nd activ ely ada pt to the i ncrea singly high level of leaders hip situati on, a ctively ada pt to the demand of the mas ses mor e 员 权 授 无 病 因 ; 字 理 代 定 法 其 时 力 能 为 事 民 全 完 备 具 不 。 情 知 署 签 人 本 由 当 应 , 动 活 疗 医 的 行 进 可 方 意 同 面 书 者 患 得 取 需 对 and more situati ons, eager to lear n, enhance a ccumulation, efforts, honed the ability to overcome a good servi ce, pani c. Thir d is to use reali stic understanding . Adhere to people-orie nted must be base d on rea lity, not divor ced from reality. D esk no water cups here i n Hong Kong, staff need to drink some water to the drinki ng fountain on a floor, the gla ss used i s a one-time non-cone type. Dri nk this cup ca n only hol d, ca nnot be put dow n. Thi s is not only to save on glas s materials, more im porta nt is t o force you t o get drinki ng water, g o ba ck to your seat busi nes s. Our emphasi s on pe ople -orie nted, does not imply you ca n indulge the des ires, the comforta ble, the pur suit of e njoyme nt. Office of the party committees at all level s of our comra des, must continue to mai ntain the style of plai n living a nd hard str uggle, to sta nd up to t he tests of temptations, exciti ng "energy" conse rvation "dis position" to the s pirit of selfless dedicati on and pr ovide service s. I nvestee 4 . clearly define d res ponsibil ities. Putting people first is a c ommon vi sion of devel opme nt, everyone is a lia bility. People-orient ed, a bove a nd below with the re sponsibility for coor dinati ng system must be e stabli she d and hold every one a ccountable . First, we must strengthen the leader shi p. "In its place, its gover nance, its lev el, bear t he res ponsibility of the Divisi on." This is t he minimum re quireme nt for leader s, is a meas ure of the basi c criteria for whet her a leadi ng ca dre is compe tent. Lea ders nee d to "it is an official term for the be nefit of" mission, cons ciousl y as sume res ponsi bility for implementi ng pe opl e-oriente d. Dire ctor of the Office of the party committees at all levels i s the re sponsi bility of the units t o implement people -orie nted, t o manage their pe ople , "plug in own re sponsi bility", effectively enhance the e ducation of lea ding cadre s, ca dres a nd cadre s work, efforts to r evitalize the Office of human re source s, Office w ork is full of vigor a nd vitality




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