中国期货2010_04－金锄头文库

资源描述

《中国期货2010_04》由会员分享，可在线阅读，更多相关《中国期货2010_04（84页珍藏版）》请在金锄头文库上搜索。

1、?中国期货2010第四期 10.11.indd 110-10-12 下午12:09? ? ? ? ? ? ? ? ? ? ? ? ? ? !? ? #$ ? ? ? ? ?中国期货2010第四期 10.11.indd 210-10-12 下午12:09? ? ?!#$%&()*+,-.!/?0123456378692:;? A BC ?DEF3G6!/GH?12IJKLMNOPQ? R?ST?0UZ ?!KabcHTd!/?012=efg hi+12=?j?klZDmnopqrstEu786?vwxHNyz9?6|?09?9:=?HT? ?09?%6|?378?: ?!/?78pqrstEu?

2、Z!“Tef?fi ?abT?fl?+0?w?Z?K? ”T?!/?S/!?6?S?%? ?T?!/?2rs?;?l?ZD? ?S/?u?PN?!/?5?5?i?Z? ?!/?IJ?CTrs? hW?rs?fiih?4?!tz;?Z?!tzPN?Q?U!/?2rs?T?Z ? ? ? ?!/? ?iGI?G?T?!/w? ?d?g A ?u?!/02?PQ? R?!?D? ?T? A ? ?D?!/?+?R?-?Z? !? #?!?$5?5 ?%?&?()*?+, !/?-?./?CmZ? ? ? ? ? ?中国期货2010第四期 10.11.indd 110-10-12 下午12:10? ?

3、 ? ? ? ? ? 0?1? ? ? ? ? 234? ? ? 567? ? ? 8?9? ? ? ? ? :?;? ? ? ? ? ? AB?CDE? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?中国期货2010第四期 10.11.indd 210-10-12 下午12:10? ? ? ? FGH(?I? ?!? ? ? ? FGH(?J?K? ? ? FGH(?J?K?#$%&? ? LMN?(? ? ? ? ?)*? ? OPQ?RST?+,?-.? ? ? U?V?/01? ?

4、? ? JWX? ? ? YZ? ? ?中国期货2010第四期 10.11.indd 310-10-12 下午12:10? ? ? ?23 4? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? !#?$%?&?()*+?,-?./01?23?%456?789:?;6?A?B8?C?DE? FG ? HI?(?JKLM?NO?PQRSTUV?7?WXY*Z?/? _aQR ? ? ? ?8bcdST?Vef?VgQR?=hij5kQRlmSTUV?7n?o3pqrst?/ ? _aQR%uobc?vwxy?z?|efUV?7?QR?hiefUV?7?vw?j? ? ?I?j?d?

5、7?8?M?% ? u“R?i?uo?fifl?4?.?#?l?M j”?M?7l?u?u? ? ?I?QR?M?6STUV?7?lefh?ef?1?o?|?8?P?ef?6_?l?M?STUV?7?efh?ef?1?o?|?中国期货2010第四期 10.11.indd 410-10-12 下午12:10? ?234? ? ? ? ? ?f?z? ?u?7fifl? ?7? ? ? ?R8 ?k?! ? ? ?g? ?u?7fifl? ?7? ? ? ? ? ?k?! ? ?k?! ? ? ? ? ? ? ?m&QR?V? ? ?z&QR?ef?ef?f?9? ?)?&QRefUV?7? ?e

6、fQRSTUV?7?V?|?&QRSTUV?7?QRSTUV?7?ef?j&QR?f?ef? ? ? ? ?7MD? !v? ?z?7?#?$%D?&()*?+?,-?./?t?0?|?7?#?1D&? !v?$?2? !v? ? ? ? ? ?3!? ? ?uR?7? ? ? ? ?-?45?7?G?6?7R8?7?G?2?6?9:R;?7?G?68?hi?R?gA? ? B? C?DEF? ? B? ?EF? ? B? ? B? ? ? ? ?-?GmH?IJ?7?G?6?K ?Y?u?LM?7?GM?N?u?7M?O#? ? ?u?7M?P?v? ? ?7?M?fQ?R? ?S?|?u?

7、7M?T|?U?3VWH?IJ?7?G?2?6?fQ?)LMX?O?$?7M?7?M?MfQ? ? ? ?IY?7?6efZM?S?v? o5? ?0xyl ?v/3?z_Q&?_?z?Mo?ab8?hil?7?6efZM?_?Q&|?cM?d?efi?g?vg?h?(i?jy?7?6?k?7efZM?l?mnT7?7?o?pqr?s?*?7ftu?v?w7u“R?xy ?mn?dz?|?M?g?9t?7?7fifl?g?0?/D? ? ? ?bB?8?7?6?M?fQ?O?#M5?)*? ? M?s?kH?#M5? ? fQ?YMob8%?k?5?k?#M5 ? fQ? ? ?u?7M?Mo

8、?3?(“fifl?Bx?M?$? ? ? ? ?M?6_?Bx? ? ? ? B?)*”5?6?(fifl? ? ?7fi?”Ru?2/J7 ? ? ? ?01?8?f?t?M?uo?6d? ?)UV?7?d?w?6?6?hif?9?中国期货2010第四期 10.11.indd 510-10-12 下午12:10? ? ? ?23 5? ? ? ? ? ? ? ? ? ? ? ?u?7? ? ?C 8V|?fifl?! ? ?fiflSTd ? ?yy?#$%?a?fifl?0h? ? ?l/?Fu?R),? ? ? ?,?;?vu?M?vu? ? B?M?Tu“?F?#?R?M? ?# ?

9、R?m?M?R?8mef?45k?m?fifl? ? ? ? ? ? ?#?&?R?d?REF?R?7?X?0EF?#?& d? 8?b?(ef?&?ef?Qm ? ?Q?Q?R?7? ? ? ? ?u?g?k?b8 ? ?A?W?8?fl?(? ?Fu?f?#?&?m ? ? ? ? bfl?F?/%?N?a?d?p?fifl?l?m?t?)? ? ? ?1? !#? ?6/?M?1?%X? !# ?,-/?i?k? ? ? ? ? ?“? ? ? ? ?dN?m?RL?v?#? ?T #? 4?j? ?!?l ? ? #L? #? ?T|?$6? ? ?%&?(?C?)?#?C*?+, #

10、?%? ? ? ?uSs-?.?/?0d?12u?34?R?v?V?Rv/?|%?R5?F6?Mu?E3%? ? ? ? ?u?7? ? ?#? ?7m ? ? ? ?m89:?s?$?9?;?+?%,?A?Bumm?8CDRfifl?E?中国期货2010第四期 10.11.indd 610-10-12 下午12:10? ?2/? ? ? ? ? ?!#$%&()*?+,-.?/01?23456)78/9? ?:;?A?BCDDEFGH I ?JKA?LM?N?OPQRSTUVWXYZB29? ? ? ?:;_Eab I ?cdefe ?ghijOklm?no?pqrstJ? ?uv?wxyz

11、/|?jO?Sg?o?pq?m?jOkl9? ? ?2? ? ? ? ?cdefe ?O23S?rstJ?,-?x/?$?5?/?Z?x?/?a5?O/c?KtD?9? ?xy?D?I ?cdefe rstJ?xD“?/23?/5fiflW?xD23?*?O?o?pq?9? ?JK?D? ? ?d ?c?wrs”defe ?U?wtJ?!?A=x8?xm?/$?8?R?Oz?9? ?=?D? ? ?f? c?O?tJM?=DJ?2)?O?/?/234?9? ?Dfl?*? I ?dd ?DJ? fe ?P!?5?23?O/?P?9中国期货2010第四期 10.11.indd 710-10-12

12、下午12:10? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?%&?()*+,-./0?123中国期货2010第四期 10.11.indd 810-10-12 下午12:10? ? ? ? ? ? ?R?-FGY?u?7fifl?=HW4?i?h?IJ?K4?R?LM4Nj? ?RMO?PQ)H? ?L? 8?j?7fifl?RST?u?7fifl?KO4?U?)H?7?6kV?|?S? ?W? !?LX?L?M?8?7fiflYZj?u?7?6fR ?!? B?7?6f? ? ?6UV?7fi8?7?68R?7?fiflr?#M5?+_z?#M5gA?a?=%?l#M

13、5?#?%?7?6 ?4?b 5k?#M5?c?%?7?6?l#M5?de? fgh6?7fifl?ij?k?%l?u?m*?+?u?7Rn?x?u?7M?j?7?b ?o4i?ijp|fiflv?Qq ?7?6?VR?S?v? ? ?7?6kV?|?S? ?W? !?7?6?R?r?d?M?O?se?=2T?7fifl?L?a?j?7?6&?DtTuj?fifl?8?%2TUV?7?fi?u?7fifl?OR?7)H?l!?64v?#?7?7?6?7?6?v?4?#M5?7|?7?6#M5 ?$%?7?6M?Fw?3fifl? ?u?%?7?6?iv?)?7#M5?%?7?6?x?T#M5?

14、#?j2?=?8#M5?yz?zM?|ylvwv?k?b?l?6?xg9?b?=%?d?)#M5Dt?#?5T?65?)?#?_?fl?x?1?j5k#M5?5?4?1?V?6Yuj?65?#M5?44z#M5o5?%?7?6?#?3?!?#$%&)i?7?66b.?5? ?o5?E?l#M5?M?on?d?m?5l#M5?c?fl? ?s?O?/X?$6$)ififl?(#M5+#M5?6?44o?E?do?E?l?E?“I8?E?ds?O?“8s?Oi?m_)?d*?6l#M5?#?#M5?l?5+?a?M?V?l#M5?#?8?#M5?8?_)(#M5?5,-?#M5?“?0d“?(?5

15、,-?中国期货2010第四期 10.11.indd 910-10-12 下午12:10? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?fid?6l#M5?n?_)g#M5fl?#?44?w?7?6?()*+?,-.?/0?1?2?0?3?4?5678#M5?%mM?6?v?ij?l#M5_C?#?M?8?v?)?T1?8?,-?6?N&O?”?v?#M5?L?6?_?#M5?4C?6?l#M5?#? ?l#M5?8?d?#9:;?A?3?B?xgz%?7?6 ?i?%?%?#M5?fl?g?0?c?M?”vw?R?R?%#M5?Q&?7?!?CDEFG?4?H?8?6o5?5?R

16、?a?d?R?6_?k?mM?5C?v?p5?m?M?5?5?p?_?M?5?0?5?5?MNOP?i?fl?fl?E?3?44?wz?w?7)? m57kz? ? ?0?7?64?M?_?n?R?+STUVWXY?=Z?C?#M5?c?b?pGd?中国期货2010第四期 10.11.indd 1010-10-12 下午12:10? ? ? ? ? ?ch?d?vw?R?R?”?7?D_C? ?mM?”?8?#?4? ?xg?o5?|? ?Z_#M5?%l?6o5?5?l?62?+#M5?#M5?l#M5?5?5?CfR?l?5?|?dl?5?#M5?ififl?l#M5M?on?#?!?Za

17、#M5?”?r? _)? ?D? ? ?o5?,-?R?l#M5?j1v1?8?j?#?!?vT?1?8? 6_?-C?8?va(?6b.?,-?Z0b#M5?|?|?,-?t),-?/X(#M5?5,-?|?,-?o?&#M5?Q&?1v1?8?d?_?“ ?t),-?o?&#M5?Oy6_?j1?8?#M5?%,-?va2?R?c%d#M5?S?#M5mx?s?#M5mc?|?#M5?l?#M5?5l?%?7?6 ?#?5?S?%?7?6o5n?tL?%?7?6 ?#?N&?K4? ?M?I?#d%?M?w?&?#M5?cZ?*?8?7?6?|?Zj ?中国期货2010第四期 10.11.

18、indd 1110-10-12 下午12:1045?678? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?中国期货2010第四期 10.11.indd 1210-10-12 下午12:10? ? ? ? ? ?2TUV?7?7?M?A?R?L?7fifl?L!?j?=?M?L3?)#LX=4?hi?7?6$% ?R?O?&R?(?C(?)l?7?M?A?zsd?G*?O?hk8?EFG*?O?G*?O?5k?EFG*?O?8?O+|g?7?6?l?G*?O?,?7?6-T?u?/(?!?t?_ “?.?/? ? ?2T ? ?UV?7fi?l?68?7?6?M? ?O

19、?U ? M?O?FHz?|?0? ? M?&R?7?6?8?M?_?*? ?va12?G*?O? ?lm?6T?7?6?8 ?u?6T?7?6f?H?6?&R?7?6$va12G*?O?12?8G*?O0?F#M3?6l ? ?O?8&R?O45#M3?6R ?7?6?6?45#M3?)? ?68?7?6?M? ?M?O?X5k?O?7?6T?6f?k?m?b?OT53?9?uB7?z?|?8?hi?7?t?%l?7?GM?lmd?9 ?f? ?-? ?7?#?R?M?Hi:?;g?V?zsl?h?FV?,?F#?=#M5?4?R?#M5? ?EF?#?F_?#Oc?l?5?4?%?F=?6

20、?%?353?N?uj?j?7?6?|3?3?v?l.jy?7?6 ?3? ?4?6% ?4?F?=him*?5l#M5?F?#tH?4z?|?7?6? “?ABC?i&?=?D?E?LX?F?#M5?fR?6#M5G?R?n?#M5H?O?$l?7?6#M5?F?|4?4?MR?9:;中国期货2010第四期 10.11.indd 1310-10-12 下午12:10? ? ? ? ? ? ? ? ? ? ? ? ? ?7?6?l?,I?H?4?6Yh?X ?Jd?,I?8?#M?O?2c?DE?&R?6g?XK?&R?O?ch? ?Llmv?,I?C?u?MZ?M?dC?O?M?_?*?h?

21、Z*?h?lm?3?,I?C?N?M?dC?O?M?_?*?h?N?*?SS?4?*UV?/v?6?*?W*?m?*?M,M?X?,I?Y?,I$?Y?O ?M?_?*? ?m?h ?C?M? &? ?=%?hi?7?6lm?,IX?4? 4?9?bY?d?,IX?h? ?7?6?C?d?,I?O?M?_?*?C?M?j?3?N?7?P?|? ?7?G?|?4? ?R?z;?F?7?6 ?gAZ?OfR?Y?$0 ?R?F?A0?j?hm !?=2T?7?6 ?gA?OfR/X?$0 ?R?F?Ajj?H?%*?Q?H?$?7?M?UV?7?c?l?7?6?F?4?hGATc?h?6ab?dF

22、g?g?N?m?M?.R?M?33iO%?9?e? ?3 .?/? K?7ef?QR?P?v? ?f ? K?|?7?6?|?.R?45?7ef?QR?M?33iO%?6?c”? ? ? ? ?hi?7?6?M#?)45k?7?63?m?gs?p?7?6k?u? i?t?0d3?hi”?FG?uB3?u3? .?/? KxW?7j?7?3?iv? ?Xv?| ? ?7j?7?3?53?8?7? j?k? ?7?,%l?3?#?m#?0?3k?l?3? ?lm?%?n?7?op?7fiflQI?Y? “Q?|?4q? j?k?&?_?3?9?=?7?EF/X?M?#?$?#? ?M?#?#?%l

23、?3?N?R?/v?8?d?Y?ch?I?1rE?O)?5?j?M#?3?j?M?zs?l3Q?=?F=?#?)?$%35k?中国期货2010第四期 10.11.indd 1410-10-12 下午12:10? ? ?0?=2T?u?7?M?“I?Rfifl?sfifl?*?k?7fifl?Z?*u?mu? 8?7?Mh?uj?&?7?M8uB?Zj?3? 8?h?u?7?M?i#g?M ?3?H4B?L?6 ?3?7?Ml?u?3? ?C?n?2?tkuD?T?u?7?M?v?fifl?%?6?u?7fifl-uBr?t?w?7?M3?9?&T?Y?R?6?xy38?k!?_?|?7?M?3

24、?hi”?z?7?M?_?3?9_?$l?N?7?6?v? ?7?6?6? ?STUV?7?6?O?7?M?6?6? ?f8?#+_/D?h?7?6?7?/D?M?z? ?UM?7T?7?fiflf?E?h?o?fiflf?M?LX? ?6T?7?6?8 ?7?u?6T?7?6f?H?%8ef?7?+_/? ? ? ? ?UV?7fi?6?5k?7?6d?M?O?8#M?O?0?6?,I?8#M?F?C?7?6?O%?0?6,I?M?Ob8#M?O?l?M? ?#M?O?b?F533Q_|3? 8|T?53?9?8?UV?7?M?zs?5?,?”5?uB3?7?6?0?6?M?,I?C?3#M

25、?O%?7?6?6?45|3?9?M?LX|?N? ? ? ? ? ?”5?uB3?m?MG*_&R?3iO%”?e?3? K?x?|?M?T?#?G*_&R?6o?5k?M?33iO%?5k?O%?%?Mf?C?M?T?v?#fQ?u?l?/_C?H?H?pQu?s?b?OR? ? ?F?lm?7fifl?4?9?i?7?7?%Vm?7?6? ?f?a?7?6 ?Qm?vwj?O2?3?b?7?8?7?6?Q?7?G?u?0?|?4|?&R?hi?7fifl? ?u?/DjA?)?*?j5k?7?6? ?L?G*?O? ? ?0C&R?&?ABCDEF?G?HIJKLMN?O?BP中国期货2

26、010第四期 10.11.indd 1510-10-12 下午12:10? ? ? ? ? ? ? ? ? ? ? ? ? ?R? ?3.?/? Kx?|?7?6j5k&R?3iO%?jj?7?6?3? ?7?6?M?8 ? ?45?M?3 ?d?3iO%?&R?53,?F?o4?M?3 ? ?fi?M?33? ? 6?zs?5%?,?”5?uB3?7?6&R?3i? O%?8?7?6?LZ8?3? ? ? ? ? ? ? ? ? ? ?7?8?7?6?Q?7?G?u?0?|?4|?&R?l?3?N?m?u?3v?_? !j? ?$45?3?i?| ?N?,I$5?3? ? ?3?O? ? ?

27、2% ? ? ? 6?2%? ?*?C?8$53?l$53? ? ? ?5k?3v?|?F$53?$53?o ? ? ? ?5k?t ?lm?7fifl? ?u?/D?)?*?&R?)5k8?fifl? ?*?0? “?C%?YDZ?Z?%va? “?3v?|?,I$?8N?,I53?C “?M &? ?3?)?3? ?8?p?M?uB3?m#M?&R?O?3?9?e?u3? K?|?#M?&Rl?M &?N?,I? ?l&R?M &?3 ?lN?,I5k?O% “45?#M3R_?3v?|?F?3?N?hi#M?M? “?&R?M &?|8 ?7?_k?M &$X?m#M?M &?zs?5?

28、 “?,?”5?uB3?v?|?,?7?6?3?7?6?&R?O% ? ?M &?3v?|?FN?,I5k$45?3?ef? j?k)?N?7?7?EF;R?t4j?| ? ?(?/?3?M?(n/?3?M?/?(?/ef?3?M?(?3?M?n/?(?3?M?(n/ef?3?M?i|#8 ?n/ef?n/?7?/?8?3?53?$)?&j?45?3?M?k?7?6?7?y?M?7j?&?N?0?%?3?53?ef? j?k#?7?6c?Gu?H?45?3?9?|?7?6?8R?M$%#M353?i?7?7?*3?5b8?3?M?=$T?k7|=l$3?U?M4? ?$?M?b8?%6$X?3

29、?M?$6uBv?8?$?8? ?k?7?6?0?%C?8?k?i?7?%H8EF?c?k#?7?6?6?%?EF? ?%? ?%?)? ?%?7?6l#M5?Z?j?g?7?6?#M5?%?F?M?_*?k?5?l,?g?&l?5?H=?H&/X?5?5?3?l#M5?H?ST?()UV,-PWXYZO? ? ? !?#$%&?()*?+,-./0?123?(456?7,/89:?;?+,/8&?14A?/8BC?DE?3?1FG?HIJ7,?KLMN?OP? QRS TKLU?%VWX?Y7,KL?Z4A?W_?ab6c-defg0?hi3jk?lm?no,L?pqrW?KLst?uvh?

30、+?lwxyz?|l/?w?6中国期货2010第四期 10.11.indd 1710-10-12 下午12:10? ? ? ? ? ? ? ? ? ? ? ? ? ?%?8?7?6?5?dH?#M5?E?5?H? ? ? &?p?4?R?$c%?4?Z?$X% ?4?c?t?$%?t?2T?7?6M?4?7?6?#M5?4|?L?f? #)? f&?F?%d?7?6?5?,?,?f&%?m?F?6?VR?Q&?,?&f?,?,?C?f?,?l?7?6? #)? f?,?F?lf?mcVR.?|?m?Rf?UM,?8 ?QR,?8 ? ?=l?flHz?,?|?m%?K?Vf?)?.k?C?Rf

31、?=?&$c? ?,?,?jj2Z?6?f&g?va-?6?VR? “?k?V?Vg?j?%?d?fR?u?ef?ef?7?6dfR?Vef?8?6Y?5?&?fR?8?p?7?6?Vef?8?Vf?,?$n? 6o?l?f&?,?ij?hi?lm?7?M?9?l?7?6?|?_?v?|?zxy?v?7?6lf?*?F?中国期货2010第四期 10.11.indd 1810-10-12 下午12:10? ? ?6KOfN? &?M?Z?%va2G*?O?&?8?7?6l?fi?O?H?4?R?2T?M!?.?7?6?M?m?&?78?78?0?3jA? ? ?u?p?7?6?0?jA?)?8?

32、7?6Yd5?)&? &?7?6?*&2fD?gsIg?7?6?0?*)?63?lC?N?*HO?3?#M3_?3*?fi$ ?45#M3R?3?9?m?7?M?Q?O? ?3 ? Kx?|?l?MG*_&R?3iO%”?T?v?#fQ?u?l?/_C?H?H?pQu?s?b?OR? ? ?F? ?7?6?3?l?7?6?#? j-?Hz6|?i?Y?7?6?GM?(?hiuB8?pM?z#M?&Rl?M &?N?,I? ?l&R?M &?3 ?lN?,I5k?O% “45?#M3R_?3v?|?F?3?N?hi#M?6lST?7fifl.?qr?zs?T?”5=?)?l ? K?R?44?”

33、5%?;R?-? 8 ? K?R?Ljy?&8?M?t?7?M?7M?b|8?Y?C?7?b%?z?6va6?7?6?=8?c?b|8?Y?_?7?|?9?hi? ?7?p?7?7fiflij?c?6?24)_/?*?7?fiflQ?R?.?jy?C?|?4|?s?f?”5$?)l?7?b?A?T/?6V? ?/?7?M?u?7?6Tu“?7?6?7?w“?*/?u“?7?6?GH?fl?QR?Z“?c7?7?6m?uo?7?6?c?7?GM?R?7?GM?2TUV?fi?uo?7M?T?a?M?d4*?7?68Z?*u?m ?uofifl?M?&4|?j?zTf?t%j?8?wT)l?7?M

34、_?t_?;R? ?中国期货2010第四期 10.11.indd 1910-10-12 下午12:10? ? ? ? ? ? ? ? ? ? ? ? ? ?0?_?!2T?7fifl? j?k?l?m=?gA?T j?k?3?9&?5?7?M?7?3?9?M?B$?N8? ?m?9?T?8?7ef?Z?u?4%?7?3?c?|?7fifl?3?M?4% j?k?l?m=?%R?m=LM?uB3?m ? ? ? ? ? ? ? ? uB3?m?34q53?7?3?9?e? ?u3? K? ?z j?k?3$?kgA?kEF?F ?w?3?M?m=LM?U?7j?7fifl?)lL?(LM?w?5

35、k?g?3?M?5k?g?3?M?)2Mc3?LM?H?M,2?c3?L?w?M)?$)?7?R?m=L?w?=?R?m=LMw?=? ?Lz?w?R(LM?0dw?=_6.?3?%?g?M?4q?|?uB3? ? ? ? ?Q?3?M?|?u3? K? ?X?|m? ? ? ? ?!?t?j?| ? 4q53?M?M7?M?=?i?jy?M75k?_?M?/$(3?,?3?M#=? ? ?#=?l$?M$?3?b?bE?8?b?i?0h?1O?3?c3?4q53?,?#=?)?l$?M? ?b?i?R$?l$?M?3?l?/?#=?3?abc?d?efg?hiBHjkl-中国期货2010第四

36、期 10.11.indd 2010-10-12 下午12:10? ? ?Me=? ? ?e=?l?/?M?/?M?/?e=?M?)l?|?9? ? ? ? ?uB3?Y?uB3?m?Q?3?M?|?oe?u3? K? ?lg?M?o?|?=l?7fiflg?M?Hz?|?l?7fifl?3?%LM?3? uB3?xyz?|? uB3?|?l?*/3?l?”?4?g3?5?7fifl?g?M)?u3? K?u3? Kxy?LM/?#=? ?”?a? ?7fiflg?M?B$?9?4%LM?g?M?B$?hi?m=?#?n?/lm=7?w?40EF0?M?m=中国期货2010第四期 10.11.i

37、ndd 2110-10-12 下午12:10? ? ? ? ? ? ? ? ? ? ? ? ? ?tY?m=L?/c?X?m=LM)?E?w? ?w?%?c?w?3?M?m=#?m=L?/?k)?_m=w?v?m=?)(?m=p?w?3?M?&?v?LM/?LM?)?m=L?cY*?wCL?X?m=LM?w?M?km?5kw?3?M?R?w?M?)?v|?)?!?9%lm=?t ?9? ?m=?t?7?d!?9?- ?M?c%l?)?fR &?-?)l?$?T?7fifl?3?9?b8?l?9?V?9%l3?”? ?9%l?7?kEF?R?3?3)l?9?!?4%xuB3?”?Ig?T3?5?

39、9?T?l?uB3?zs*/u3?d?3?9_T/40(uB3?#?l?u?%?7M?l?Me?7e?3?”?.?M?7?MEF?3?e?&(3?7e?7M?h?l?kEF?3?M?:?k?+?ef?k?3?M?e?7?l?3?M|?3?e? ?中国期货2010第四期 10.11.indd 2210-10-12 下午12:10? ? ?0?m?/2TUV?7?ufi? M?$?TR?7?7?623m ? FG ? HI?$?=?7?7?6?j?$X?UV?7?i?7?6?8R?v%?_?UV?7?84?a?R?7?6 ?*?O?QR?b ?jR?UV?7M?Y?7?6?4?Qq?%?84?G?

40、EFu?6hiR?( ?cu?UV?7?jAef?mT?UMef?z?6 ?$?6a?7?6?(C? ?u?U ?0?1?234?0?5?26?M? M?%UV?7?7?6?#LX_?O8?Od?2TR?7?pG?8?7?6?uj?8?&? 8?6?!_?=%?7?6?(?6?0 ?M?,I?)?/.?4?3? &?l ? M? ?-? 4|?(?lC?6?2Z3? &?hi ? M?_no()p?() ? ?VHBVqr?84?_?3?5$l?Ig?iOc?ej?|?35?ie?6?UV?7?u?m?R? M?Tf?8?u?M?#?8?hi?”3?57?l?7?6? ? M?CO%?0?6,

41、I?8#M?F45#M3?|?N?7?6? ? M?G*?O?F45#M3R_?C?45k?8 ? ,I?0?6?R?6l?X5k ? ?O&?45#M3R_?$?7?6?6lX5k ? ,I?45#M3R_?9?l?9?b8?6?l ? M?9O?6C?5?*?O%C?0?C?=?*?8#M?L53?OWEM?6C?5?*?O%?WE?0?C?=?*?*?*?WE_M?0?C?a?WE?M?WE*?8#M?P53?dz#k&?C?=?6C?5?*?O%C?0?C?=?k&?8#M?;?7?R?nM?6n?2%?O?8#M?u?-?”?3?5?|?C?=?%?l? ? j?u?-?”?3?5?

42、|?C中国期货2010第四期 10.11.indd 2310-10-12 下午12:10? ? ? ? ? ? ? ? ? ? ? ? ? ?5?M?&l ? M?i?v?M?V?TCM?j?v?%?XM?&?C?6?7?6? ?M?)l?4ch? ?6? ? M?%=? ?8?C?8?#jy?Q&C%?uB?”?5?|?.?|R?j? .? ?M?Qq?7?6?|( ?4jK?Z?u?G?7?T?!?ef?_l ?e?l?7?6?6?M?)l?4?M?ch ?l?4 ?u?/k? ?CM?k?%C ? ?c%C5k?X?#M3?84?|3?%l?b?f?$3?8#?O?b?3? ?Tl$?O

43、|$X%#M3?3Qq? ? M?#?7?6? ?G*?3d45k?8,I*?0?6C ?0?%?8?%?/?84?M?i)l?4u?l?4?/$X% ? ?u?i ?U?6?7?6? ?7?6%?C?G?fQ?V?mzM?M?&?&%4?uB?”?5b|?f?Y?/?u?l?O?3dC?45k?0?6? ?8?4?Ok?$Cl? ?u?se?3?4_? u?il ?u?M?#?WE?M?/Ha?_?b8 ? M?T?#M3P?j?oj?|?mM?WEM?zM?&$?7?6?O?O% ? *?8#M45#M3R_?6Rl? ? ,Iv45#M3R_?fiyuB?3?H|? ?53?43v?N?

44、3 .?/? Kx?|?o? ? ?M?T?#?G*_&R?6Y?|?F?6o?5k? ?O%? ?5k?O%?M ?M?)?5*?OO%?R?l&g?Y?F? ?M?)?5*?OO%?R? ? ?F?C?M ?T?v?#fQ?u?l?/_C?H?H?pQu?s?b?OR? ? ?F?N?u“ ? M?7?6(?6?0? ? ,I*?Y&R?%iE?u?3v?k?iD$#M3;)?m3v?6|?&R? &R4|?9?6? ? u? ? ?6|8?4ch?k? ? ?)? ? ? ? ?中国期货2010第四期 10.11.indd 2410-10-12 下午12:10? ? ?ab4|?jy?)

45、?*?6?7?6?OY?o*?Ok?,I?l?6? ? ,I%64|?mxy?|?&R?7%4?w?44;?9?l?”?5?,?,?3 ? Q? Q ?#M3_? ? ?lD?k?lm&R3iO%?6?3? ? Q?-?j?Z?hi?3?”?Y?3?/v?k? M?hi3?”?Y?6#M3?M?3?53?9?63?$hi3?”?Y? M?6?3?9?;?x?|jy?/?M?38 ?#M3_?) ? M?k?G*?O8 ? Q?|? ? ?k?6?k?,?8 ?YD?3?.R?C? &? ?#M3_?7G*?O?M?3 7 G*?O ? #M3_? ?0? ? G* ? ?中国期货2010第四期

46、 10.11.indd 2510-10-12 下午12:10? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?3?2Z?3 ?7?Q?5knUjyY?lm5knU?6?lm?T?/nU?63k?/X?0 ? G*?k4q6pU?8k?X/v?C?U?/?5j?fnU?fi?=%Qmhi?7?6Q&8?2?6?N?6v?toj?| ?2?6Y?U? 4?f?k? ?6?f&)?U?hY? 4?f?b4?f?iU?|?f?k?f?hYb4?f?%?iU?4?|?i?Y?63k?0/X? ? M?3?%?4n?jyY?4n?Y?8fi?V?_3%63k?0/X?4n?/?fnU?6?RQ

47、&/v?S?64?fnU? ?4n?/?fnU?6?S?5knU?=%?#?L?7?6%6i?iU?|k?$?6?k?”?Tk?#?vw?6?C?U?5?1?vw?|8i?8?63?i?k?7?6)?k?”?-k?”?#?6_C?vw?|?0L?#?0? “?hi? ? M?7?64q? ?k?M?/?6?i?U? ?k”?6|%6ab?jy? ? ? ? ? M ? ? 8 * u ? ? 7 M ? ? ? ? 7 &R? ?414?%? 2880%02?1?V?u?7?G?6?M?E? ? ? ?A?A.? ? va?j? ?Oj*?u?7M?2T?uR?7? ? M?-.d?D?8?4

48、4?R?7?uB?”3?5$l ? M?_?3?9?6k?3v?n?,?M?3?中国期货2010第四期 10.11.indd 2610-10-12 下午12:10? ? ?0?stnuv?7?G?6? ? ? ? ?3!?”5 ? W?R? ?6YA?R? ? ?R?R?|?lm?7M? ?%?hi?7?6 ?7?6?h_?FV?6YA?V? ?hi?V?l&R?O?&R?h?|?2TUV?7fi?M?Z?&?_)?l?&R?DEF?EF&R?Hz?|?5k?7?6zs?d?&R?DEF?EF&R5O&R?O?F?8?lm?5?h?M?_?*? ?zslC?*?VZz?| ? lm?7?6?G

49、*?;?5?%0O?O?h?F?%?M?_?*?=?*?h?F$z?|? ? lm?7?6?Y?#M5?fRS?hi?6%=?o5S?h?F?60O?$?$0?h?F?zs?4?|8? ?o5S?h?F0?01r ? lmyy?f?6?O?f? ?R?O?+|f?!?w?*? ?zszf?kV?4?6% ?4?F?=him*?5l#M5?F?#tH?4z?|?7?6? “?ABC?i&?=?D?E?LX?F?#M5?fR?6#M5G?R?n?#M5H?O?5k?7?6zs ?l?l?7?6#M5?F?|4?4?MR?wxyz?()?|PW?uh?no-?+?/8MNF?-?st?+wx?4?q

50、?6中国期货2010第四期 10.11.indd 2710-10-12 下午12:10? ? ? ? ? ? ? ? ? ? ? ? ? ?7?6?l?,I?H?4?6Yh?X ?Jd?,I?8?#M?O?2c?DE?&R?6g?XK? ?&R?O? ch?Lflkv?3?,I?lmv?,I?C?u?MZ?M?dC?O?M?_?*?h?Z*?h?lm?3?,I?C?N?M?dC?O?M?_?*?h?N?*?SS?4?*UV?/v?6?*?W*?m?*?M,M?X?,I?Y?,I$?Y?O?M?_?*?m?h?C?M? &? ?7?6hilm?,I?%?4?4/D%lm?R?|%?R?8?C?l

51、m?7?,I?z?84/D%lm?3v?|?7?6?3?6?m3?Td?,I6&R?XO?4/D?lm?3?jA?m?3?&?7?68C6,M*?X?05k?,I?=%?hi?7?6lm?,IX?4fl 4?9?bY?d?,IX?h?7?6? ? C?d?,I?O?M?_?*?C?M?j?3?N?7?P?|? ?7?G?|?4? ?R?z;?F?7?6 ?gAZ?OR?Y?$0 ?R?F?A0?j?hm !?=2T?7?6 ?gA?OR/X?$0 ?R?F?Ajj?H?%*?Q?H?$?7?M?UV?7?Z?lm ?I?6?uRn?xj?C?5?7?6EFj? ?z;DE? ?z;?F?B?7

52、?6zs ?l?”5?5?“?t?|?z?7?6?6;?F$0 ?R?8?6?lm?7?6?!? ?_?EFj?R?jAj?f8?zsm?V ?R?;?0O ?R?=?F?)l6?9?6Yzs ?bY?b?7?6?c?lm?7?M?GM?=4?eu?C?R?M?4|?7#M?jA?M?&?zs?_Y?m*/?b?7?6?c?k?l?7?6? ?F? fR?y?Me?yy? ?)9j? ?3?c?,?#?M?B?El?7?6?/D?V?7?6?M?C?zs? ?M?m*/?&l?MZu?u?M?M? ?X?M?w?5?DE?M?/D?hi?7?M?m?R?|se?2?M?a?9?z?M?8?j5

53、k?7?6zs?u?7M?&? ?M#?B?MZu?6d?4b?m?7?6?中国期货2010第四期 10.11.indd 2810-10-12 下午12:10? ? ?0?_?4%?7?#?3?F?uB3?u3?.?/? KxW?7j?7?3?iv?| ? ?7j?7?3?53?8?7? j?k? ?7?,%l?iHUV?-?X?7,%?7,?P?w6?P? 7,u? ?P“6mv?fi?fl?qW?&%?/8MNyBCTF?Py”?P?fi?fl?T?7,?+?J6?u?,L?+wxy?4?q?6?3?#?m#?3k?l?3? ?lm?%?n?7?op?7fiflQI?Y? “Q?|?4q?

54、 j?k?&?_?3?9?=?7?)?fiEF/X?M?#?$?#? ?M?#?#?%l?3? ? ? ? ? ? _0?abcde?_0 fghiT ? ?jkl?b ? m?nB b?o_?pm ? qZ-Cbrst9upm ? q v3wfbrxyz ?!tz; |!Z?G?6?fR ? Q?0m ? ? ? ?7?6 Q ? ?n? ? ! ? ? ? ? ? ?中国期货2010第四期 10.11.indd 2910-10-12 下午12:10? ? ? ? ? ? ? ? ? ? ? ? ? ?!?7Q8 ? ?X?M?Om ? ? ? ?n? ? !?7? ? ? !?76 ?l3

55、? ?#?A? ?n?n?6?M?)?7?&l?3?M?j? ? _0?ab#P?_0 fghiT ? ?j?b? mnB -Cbrst9upm ? q v3wfb?rx? ?!tz; |!Z?G?6?fR ? Q?0m ? ? ? ?7?6 Q ? ?O ? ! ? ? ? ? ? ?!?7Q8 ? ?X?Mn?m ? ? ? ?O? ? !?7?m# ? ? ? ? !?76 ?l3? ?YD?l?3_?l?3?F?#?#? ?n?n? ?n?n?6?M?#?Y?lm?3?j?M?M?5?M?n?/ “?O?n?T?EFf? ?n?/$5?3T “?5?4?#?5?5?3?3?1O?5?3

57、? ?R?vi?u?7fifl?$?v?tz?mse?l?M?M?9?”5 ? ? ?W?M?7M?P?|? ? W?M?7M?o?|? ?l6?8h?flo?7?M?6I4? ?lmlf?&T?%?b?R? &?A8Qq?T?M?F_?1?/D?9?2T?u?RTu“?R? ? ?”5W?M?R ? K?YA? ? ?l?b?A?jy_?1?9?j?,?u?Q&Tu“?R?R?z?jy?u?M?M?lm?M?8fi?hi?u?t7?9O_?RY?M?G|?R|A?M?6_?)?M?va?5?b?55k?o)?$)d?o?5k?O)?5?f?|?|?)_?VM?/v?H?4?%?FR?M?Z?

58、9?o%?M?bT?1?M?&?4?(?gfifl?&?&?%?M?(?%?Rl?jb|?d?|?)?Q?|R?=lm?M)?&lm?eff?6?0?%*+kz?M?g?aj?bY%M?b ?J?6?M?lm4qe?M?hi? ?R?pmA? ?8,-,?,?F?*?M?X? ?,?5V?h.?)&?7?fiflYfl?L?6?”?m?o?&l?M?/v?6?6?%b|XcM?i?0?Fd?5va?O)?5?,?中国期货2010第四期 10.11.indd 3110-10-12 下午12:10? ? ? ? ? ? ? ? ? ? ? ? ? ?4%8?7?33?9?l3Q?=?F)?#?)?

59、$%35k? !?l3?l3EF?3?/v?$%V?7?#?7ef6l3,?l?#?EF)$%ol?335k?7ef?m#?pm#?c?X?7?33?EF)?k?X?k)?7ef?7fifl?Q?Z?33?m?7?#?2Z?7efQ?/0?&i?uhi?7fifll3?/X?%l? ?D?A?%j?)?lm “?H?$)l?jy?6ab?A?$fifl?R?R1%?$)?8?A?Qq?7fifl?i?$fifl?jy ?Jfifl?ch%? ?L?2?)?T?/?n/ ?PQ?zs6?7fifl?floQ?8?Q?U6?7fifl?flom?7?EF?k?kmQ?8?l?fifl?F?|?;g

60、?f?T?%lmM?M?8?b?_)?$?|?2?Ig?_)b? ?%?v?t?z?/v?2T?uR?)l “?j?%?|Zz?;g?V?z4jK?tR?RZ?V?*DE?M?l?g?# ?-?o%$z?o5?i?n?ij?y?M34?Re?M?$ ?M?75M?5o5T?n?7?6o5n?tV?6vwv? ?uhi?7?M?tij?=?t?3?ab?M?g?%?6?ab?1?/D?4%?t;?4?u?7?6?thi? ?v? ?M?R?_?7?G?6?7M?P?|? ?lm ?v? ? ?M?R?%?R?%?l?7M? ?7?G?6?7M?P?|?F?l?=?$?7M?7?6?t?44?%?

61、tM?F?9?4%m$0 ?R?F?9?N?|?7?6|?4? ?R?z;?F?7?6 ?gAZ?OR?Y?$0 ?R?F?A0?j?hm !?=2T ?gA?4?t?%UV?7?ef?j?$0 ?R?F?Ajj?H?%*?Q?H?.?=*jA? &?F/X?3?$?7?M?KL?O?PWHI?0? ? ?p?w?O?0?”&?u?k?gX6?-?yd?k?gX?cg?+,?/8&?=?+,?F?p?rW?+,?+%y)*6?+,/8&?-?st?u?=?)*?1F?l?p?6中国期货2010第四期 10.11.indd 3310-10-12 下午12:10? ? ? ? ? ? ? ? ?

62、? ? ? ? ?lm ?I?6?uRn?xj?C?5?f?7?6EFj? ?z;DE?zs?F?;?F$0 ?R?$0 ?R?hY? ?Vz;?h? ? $0 ?R?v?$0 ?R?%m j?k?3?M?9? ?7?7?EF;R?| ? ?7?6 ? j?k)?(?/?3?M?(n/?3?M?/?(?/ef?3?M?(?3?M?n/?,?)?g?y?j3?A?j?7?6?A?hT3v?zs?/?eft?B?7?3/D?R6?4?g?3M?|#?%m?45#M3?3?9?7?6? “M?G*?O45#M3?0?N?*)?3v?|? ? 6?N?*?7?6HOH4#M3?fi?3?9?U?4?3

63、?OQg45?#M3?8)*3v?|?7?6?HO?3)?HO?#M3?8O%ch?b8#M3?&$?8O%ch?7?#?M?%?7?#?fifl?oA?jfifl?*?hi3v?|?5&R?8N?,I45?3?3?7?M?4?t?-?7?M?zs%?|?v?u?4?v?l?%?7?fQ*?8?!?U?ef?F?8?K?G?H.?7?6?5?4?Q?H?4K?#M5?=?H?#M5c?H?y?fi?y?j? &?j?7?6?# &?2T?7?M?m? ? ? ? ? ?中国期货2010第四期 10.11.indd 3410-10-12 下午12:10? ? ?6?#M5.?)j?L?Z?* ?

64、l#M5?n#M5?#?z?4? ?#M5?t?zs4%z#M5?Fv?ab?4?i?Y? ? %?7?6?gz? ?F?+,g?yy?5?#M5?F?l#M5?O?*?z;?F?fiy?6? &?ab?%?7?6f&?s?9?7?6hi6f&8?x?,?4q%?e?1%4?s?,?DEf&?4?)_?g?)d?2T?7fifl?L?a?j?7fifl? ?A? ?R?.?!?l?7?6f&?&$X?8?l?7?6?f&?,? ?sn?zs?|?4?f&s?v?_)?r%?A%?7?/D?9?2T?7fifl?|?z?M?g?9?5?”5W?M?R ? K? ?8?M ?7?P?|? ? ?7

66、?se?7?a?M?L?a?j?7?6?#M5?a?M?S_?fF?F?A?j?7?M?&DtTl?F?(?I?7?M?gzG?HI?%?1?Gfi?6 ?1v?4%z?7?M?|?1?t?l?7?6?1?)?&?t?t?t?t? ?1?o?1QX?4?1? ?_)?z?v?_)?M?# ? %N? “?Ig?E?l?7?6kV?)lhi?f&?VRij?“? ?VR?sn?中国期货2010第四期 10.11.indd 3510-10-12 下午12:10? ? ? ? ? ? ? ? ? ? ? ? ? ? ?I?l?3Jc?8? ?/?P?m?lmJc?1?8?4v?K*”s?4?Jc?M

67、?5?4)?e?6P?Jc ?R?C?v?0h?lC?lH?7?H?7efLM?jK? ? ? ?NO?2T?7fifl?H?*fl?7efgA?!? ? ? ? ?H?*flef?g? ? Q?R?L? ? ?T%?!? ?H?7MyDtTfifl?&Pef?u?Qr? ?IRS?Tfl?7?6b.?UV?7?6)lb.?7?9?!?44?wb.?7?hiTfl? B?6?|?“?6O#?Q?t? ?5?B. ? G?7? B?6E?6 “?|?b.?t? ?j?NWQ?#?Mla?X ? ?I?YZS?Hrk?X?fifl?B8X? ?fl?j? :?M?k?j?_fifl?7fifl?0

68、$)i?Y,?aE?M?Mf?Mla6_?pG?#?T?|? ? ? ? ?7fiflu?jK?b7cd?fA?e?fY3?T?e?g?!hi?S?Y?efl?jM?eMk?T?ejM?5?UV?$Z?*?7fifl?u?fljM?9?9O?|? ? ? ? ? ?7?:?9?s?Tfl?7?#?kb#M?0?#M?_?6Y? ? 4%p?Dn?Qq?#?# ? %?Q?ef)?t ? ?%TH ?8?DlG*l?!? ?%?eO? ?a?lef?u?A?N?M?j?YE?M?flmG?)ln?yoZ?M?jK?N?c?r? Se?rp?qz? ? ? ? ?lj? .?7?j?7?-?rn?

69、yo?M?X? ?7?-vl?7?M?8?I? ? j?j?*fl#M5?#M?X ? ?YNO?&?Xlj?b?6m?7?6#M5?8?l?_s?m?7#M?u?j?*flm?7?6#M5PG?S? ?i ?UV?7?fi ? ? ? ? ?A? ? Q?pmA8 ? Q? ?A?Gi ? ?7?6? ?A ? Q?pm ? Q?E?i ? j?7?6?pmAR?pmA?6? ?&?i?B?7?6?lmC? ? G6? ? ?B?EF?fifl?l? ? ? ?l7?7?YZS?R?YZS?7M?j?7?R?7ef?,-?t?u?B? ?S?,-?B$?R?7?R?-?Rfifl?6_?;?

70、k?中国期货2010第四期 10.11.indd 3610-10-12 下午12:10? ? ? ? ? ? ?u?7?45g?2?vw ? ? ? ?d?7fiflz?9O?7u?LX?u?7?R?76_?hi?u?fiQTu?VfiflQ?7fifl?7fifl|xz?ME?,?/D?9:fi?7?M?#?j? ? ?e?9:?s?T?j?,-?,-? ? eM?!? g?!?O?9:fi?9:fi”?9:fiR6_?u?7M?.j?0y?l?M?wb?t?fi?flz?zfi.?x?m? eeOS?8?fi.?x?#?Cz?44?u?T|?fi.?x8?z?C?+?Yv0?s?#?j?7

71、?- ? ? ? ?e?T?|?7?)l)*n?yo?M? ? ?B?7?M? ? ?aST?7?-h?l?M?M?%j?N?Q?fiflu?#?_o?f4?8?44?7?#?#?8?w?7?#?A?z?Mxg? ?I7*fl?7M?w?L?l?MxgzX?l7fi?7?M?b?6_j?7?7?u5?r?7?7?7? ? B?7?6?3? ?I?“?5?”5?3?m?Rfifl? ?z?u?Rfifl?i_?2? ? ?M?,?R? ? ?p?R?MST?7fifl? ? z7?R?7?7?,? ? ? ? ?e?8?jF?t?T|l?7?6? !?j?F?C?V?V?8 ? Q ? V?V?

72、8 ? Q ? V?4V?8 ? Q?r?Oy?d?O2 ? ?r?Oy-?d?8d? Tfl?7?#?#M?9?s?44?m?7?#?#M?7?lTfl?7?6?7#M5?#M? ?c?#?7?bT?#M?_?UV?fifl#M?g6_?#M? “? ? ? ?lo?7?7?7?u?7ef?w?u?7fi?pmA?a?w?Mf&?Rf&lST?7p?t?:?7Q?|T?8?M?6?8?b.?7d?Tfl?7?6v?6o5n?H? ?b?:?8?I?Tfl?7?6b.?X?Tfl?2_?2b.?_?5? ?S?H?_?7?5E?iseXW? !?kV?|?y?中国期货2010第四期 10.11

73、.indd 3710-10-12 下午12:10? ? ? ?! ? ? ?0? ? ? ?UV?7fi6?6?QR8H?efmG?STUV?7?fQ?Q?ef?:?STUV?7?v&?)?d?2T?QR? :? ?ef?Ofi?7fifl?efE?d?I?*?Ig?&dP?ef)H? ?uo4?7?6?eflmUV?7?$?#?hi?mI?ST?se?wx?Sz? !#$%&(?)*中国期货2010第四期 10.11.indd 3810-10-12 下午12:10? ?! ? ?UV?7lm?ef?%?8?ef?C?g?R?_),?f? &?0j?Cef?3?84?Oj?ef23lUV?7?

74、L?=STqr?B?7?6M?5?CT?efa?QR? :? ?lmUV?7?.&?=?STtkqr?i?mQR?lmjQR?L?QR?Z?7fifl?($? :? lUV?7?&8?=Bmm :? STUV?7?|7?v?:?cgd? ? ? ? ? ? ?6STUV?7?V?T?efQRSTUV?7?V? ?l?V?UV?7?L.?Q?C?6?#?5V?_? ? &UV?7 ? ?f&?UV?76UV?7?F ? ?f?M?R?24)_?p?OUV?7?f? ?p?n?UV?7?p?5V?fi? ?PQR?&?8?Q?kXQR?2?V?p?O?7?T?fif?QRf? ? ?XQR?kXV

75、gQR ? ?l? ?kXVgQR ?2?V?p?O?7?T?fif?QRf? ?lm?Q?Z? ?I?l?STUV?7?Q?%?hi?|?LQ&?6ab?-?M? ?4?5?lUV?7?VSTVg? ?UV?7lfifl?-?D?N?fifl?a?,?lm?UV?7?_%?8?#LX?I?ST$X%Y?R?t?34?j?c?0?fifl? ?S? ?ST?V?#5k?fR?L?j?j?g?hPQ ? ?Q?Lj4?& ? Q?%? ?5k?hi?|#?#? ?6lSTUV?7%j?p?=I?STfR?j?)i?6?c?t#?|#? ?5?6#?D? ? bY?6O?DE?&t?t? ? C?

76、%()*?,:?s? ? (?R?:?R?N?v?fQ?lm?#M?f?M?ST4?l?%?&7?j?o?B?E?6?f?5STUV?7ef?=lm?j5k?f?5STUV?7?34?f?M?&?T|(f?/D?$?f?M?”?z?;?R 8?S?UV?7?j? ? ?T?7?6pQ?9wz?L?%?lm? ?z?|?efUV?7?R?efUV?7?“?|?efUV?7?$?efUV?7 ? ?idUV?7efh?Oc-e ?0?|?/X?$#? ?/?efUV?7?j#t?ST?#t?lm?f?M?|(f?lmC?l?M?3&?l? ? ?e?u5?r?6f?5$8? ?UV?7?c0? 8

77、uobBf?M?S?V?i?j?g?|(f?M?&?mgdgs?74j?f?M?|(f?M?4/D?Tm ?84/Dlm?ef?z?l?中国期货2010第四期 10.11.indd 3910-10-12 下午12:10? ? ? ?! ? ? ?5k?lmSTUV?7M?UV?7?QRef?$?x?R?r?f?&QR?ST? VgQR?/D?=?ufifl?z%uofifl?g?QRSTUV?7.?4?#?hi?QR?6?UV?7M?x?T?(Ofi?.se?&?j?la?fR?QR?l?on?tT|#?3z?3?ZQR?6?_?F?QR|Ofi?9?fiflSTm/_?c?m?$X? :?

78、?6?Bo?7?6?UV?7?lm?QR?|?m :? ?6 ? ?|?V?y?Y?“?%?STv7?v?:?STUV?7?34fl0?k?7?6?hi?7?6T :? ?O?Sse?j?x&?9?!?T?c?5?$?6?hi :? fi?mj?7?6?z?Z?j?7?6?T :? ? ?(? “? ? ?U:? 8.rST?V?T?F?7?6? ?h?.?B :? ?6,? ?7?7?fl?7aw?hB:? ?i?uo?B? ?G?i?7?6?#?:? l?7?6?f&?L?E?M?L?n?t?6_?j?;?0$?j?la?/D?9?|?:? lSTUV?7?A? ?4B?7?6?01?hi

79、?6?T4B :? ?i;D?R? ?la?/D?uo?j?j?7?6?&?C?6?D?$_.T?c”?$?6?ThB :? ? ?lm :? ?v?u?Y=Vf?7?hi?S?hi :? ST?V?$_?mCR?9?:? fR?k?:? ?%f?=uo?7fiflR?c?z?oj? ?fR?T?tD?T?v&% :? Dt? ?=?:? ?% ? ?EFr? u? ?4?7?6?-?X?:? lm?v?C ? ?Y=Vf%? ?la%?6?)?f?hi :? ?% ?& v?To?7?M?v?T?)?:? ?7?4?Tuo?Vfifl?a&%)?f?8T?4?9?:? d?e(?7?6?Vf

80、?7?6?.?3?flo? :? Vf?seUV?7?|?.?=pmA?b?QR?*P?:? ?O?j?Vfifl?t?9t? ?m?7?luo?R?&?ST?V0?4| ?d?C?ST?8C?fi?中国期货2010第四期 10.11.indd 4110-10-12 下午12:10? ? 2 !# ? ? $ ? ? ? ? ? ? ? ? ? ? ?0?中国期货2010第四期 10.11.indd 4210-10-12 下午12:10? ? 2!#?$ ? ?lm?”?M?7?t?%?4e?6=?6f? ? 8?u ?(9? ?4|?7?6?4?! j?C?l?Z?l?K?&c?”?4?j?

81、A?$%?6?p? ? ?7?6?,?)?fi?6O!2?7?6O!?%?&?6?%4? ?”?lm? uo?7fifl?j?9?)?7fifl?,?m?7?6?#&B$?7fiflO?P?w? ?3?$?O?7?M?r?0? 8?7M?”?*?u?7M?9?d?bKO?(?se?CzsY?S?MU?66 ? Q?)?#?S?R?7?G?6? 0?bZG8?S?M?7?G?6? ?Dl?fi4? ?2?”0HA?)Q?)? ? ?%?f)?M?7$?Y?|?”?A8?7?6?4?j?7?U?RM*?h?3?Gt6? ? ?t?!?Gt4?#?L?fM6?h? ?Y?5?SA8?M? ?t?7?

82、6?#?”?%hci:?L?T? 8? ?bY?L?7?6?Y?O+,)H? ?6?MoY?C?+?j? ?Ddg?6+,?x?G? 8l?6?L j?5? ?IUV?7?U?M?xR?z?5?x?X0Q&?R?l?DEF?u?_%?!rC?b!?z? ?”? ?%?t?j?=?6|?!? ?C ?N8?r?r?%?6?t?9t? ? ? ? ? ? ? ? ? ?中国期货2010第四期 10.11.indd 4310-10-12 下午12:10? ? 2 !# ? ? $ ? ? ? ? ? ? ? ? ? ?A?Tfiflf?f?*?%?u?l!?4?fiflg?e?pl? ?”?p?%

83、? ?!?#?l?$ ?lf?l?&?v?lm?x?”?F6?it?M?7?m?M/?)?S?4?u?Y?7?6?hR?hR? ? ?v?”?M?_?t* ?u4|?F6eG?7?6?#M/XL? ? ?L? ?p?#?%?44?wM?uo?-?u“?76?eGt?%t?t?6Vp?Mf?5?x?=?A?Mn?eGt?i?$?M?f?54? ?G*%?M4?x?6?%?u+,?6?d 8f&Rj?6?.?%/n)?Y?C?p? ?”?M$%4?D?7?6?8?7M?u?)?Y?fi?6?*?+,? ?M? ?M?f?d ? ?Cv?7?I?84G ? ?$?M?(?”A?Z? ?C?”?_?%

84、?)?*N?fifl?T?C?m?_?/X?j?j?O?44.N? ?”? ? A?S?$?0?%/97r?6? ?c?A?&?4?4?jA9?S$H?9? ?$%?A?4_?/X 8?”T?Qq?C?&?”B?l?&e?l?.?h?4/D?)?)?i? &? ?%6?4?j?M?%6?F6 ? ?M?%6?1?M?a?_?.%?iz? ?F6?j?Rzfi?R?.%?Rfifl.,?4lM?b?S?u“?7?M?c?h?c?(?4Y?_?$k? ?”?t?7?C C?C&?=?p4vHI?84B?mju?7?6?OZ?p? ?u? ? ? ?中国期货2010第四期 10.11.indd 44

85、10-10-12 下午12:10? ? 2!#?$ ? ?&?.?4?O ? ?7OM?”?(?!?” ? ?$j? ?j?M? ?rjj?j?M?”?Bd?Ofi?j?M? ? ?”Yx=+Sfl?6?2?5g? ?7?um*?(?”Y?)uo4B?8?.b ?)2?=?$%?9:4B?R?)uo&H?mm?.H?$?fi?O?7?M?2h?”?2?g?f?r?7?6? l?k,OM?”?m?#r?r?.%C?f?$X%?3?z?z?x?$%?f&?,?hi?M?g?6?3Q&?V?)?.t?27)?n?&t?x?3?|?I?F%?”?Y?Y?z?.4?vs?”h?6?.S?6?7G? ?-

86、?DS?Y ? ?H?4?&h?H?=%?Y? ? ?”?lm4q?,?$%?MHI?!? ?0?z?c?b?4|?%?!?MH?P?h? ?$%#?G?M?5?Y? ?$?#M5?&.%)?M?%? ?”?c?4?#M5?$?y%?&%?y?3zl%? ?”?%?4jB? ?6?L?ij?|?fi?j ?yf i?S?“?U?a?”?p?) n?2?|?,m/?j? ?5%M?=?r?4?h?43$0? ?6?3?zl%? ?中国期货2010第四期 10.11.indd 4510-10-12 下午12:10? ? 2 !# ? ? $ ? ? ? ? ? ? ? ? ? ?”?l?M%? ?

87、#VR?!%?% ? ?!% ?% ? ?!% ?Z&?M?fi?!?t?.9A(?”&1V?z?7M?%”5?&?%?B?*/?%4?M?M?lm?f&?”?)?. ?$?Z?6_n?bt?”?xg?9?lm4?%7?)?$?%7 ?-?6?6?f8 ?lm4?(?S?$?Q*?%?%7?=?”%?jBA?8?c%_?6?l?e?,n?5”?xO?”.?“?”&?7?M?|?9?4?#?”P_?C ? 8&?zz?6?ifl_?,?”?c%=x?*?w?+?r?,?B?-?9?”?_*8?_?I ?x?8?F7?j?M?8a?j?%7?a?0 R#?a?%?4?9?l?”-j?%?rj? ?

88、75Pr?:j? ?&?6?;?a?”b8?%F6g?/vf?M?_?/D?4%_?_? ? %fO.p?_? ?O?%?_?/X?l?j?_?9?t? ?”?C ?j?%?N?68中国期货2010第四期 10.11.indd 4610-10-12 下午12:10? ? 2!#?$ ? ?7?*?=%A?$?B3?7?”%C?u“”?j?/D?L#?.%?A?o? ?D?4E?y?%?”?%?d?e?/D?4?i? ?9?)?”&%?F?G?E?M? ?lu?“J?LMef?7?9O?IgtQ?i?Tx?J?l?uu?M“J?t?_? ? ?ef?u?7fifl?6_?KrUV?7?:?C?

89、?ef?u?7fifl?%?u?7fifl4O?sef“?S?I?45?D?7fiflef?L ?KrUV?7? ? ?I)?8UV?7ef?e7&?o)uoUV?7?:?M?”?xNj?u?UV?9?;? ? ?7fifl?Ex?8L9?Y?M?7?3?R ?u?7M?7? ? cL9? ? Q?%?Mo?RL9?7?6f4?C?L9?O?|?fi?n?h ?gx? ?”?O?S? ?FG?Y?y#?yl? ?hi%n?-?7?j?7j?-78a?a?H ?j?M?%u“gj?M?)&%?”?f4?p?u?3%4P|?=?”0Hb8?4?B$?Q?%?”?44? ?.%R?E?=%?_#?0

90、?%/? $?%/?U(?/(p?lmBSTOM?j?”&? ?b?6?d?r?TTj?4/D?U9?_?V? ?84/D&?“BS?W?b8?X+?)?$+?X“B?)?$“B?4xc.?b8TB?,?)?%4?q?XB?,?)?.?,r?lm,?”?$?Cmi?hR? ?0d,?A&?$&?)Hk?;?A$?6%? ?”?)?,?j?=?,?Y?$Ljy%? ?,AZ?.?p?&?,?4?A?ch?0dd?. 8?=6?7M?FR?l? ?)_?2?”?+|*+? p?*? ?6i?VR?6*ak?S?x?5?M?5+?*?”?%?=%$?”%?4Y?”?6?6?M?Mr?“?%_G 9?

91、 ?)?% ?)?Td? ? ? ?中国期货2010第四期 10.11.indd 4710-10-12 下午12:10? ? 2 !# ? ? $ ? ? ? ? ? ? ? ? ? ?0?M?7?84Ba?7?6?UV?7)H3?p?!?8?7M ? ?7?”lm?V)H?.?0?.dM?7* 4?6?C?z?lmC?7?6?G?X&$?6?V)H?9?T?”?;? ? ?” ? ?j?B$% ? ?t?|?tl?7?6?j?”?4?#M5?.?4b?DT ? ?jc?od4?V?x?A?6?#M?_?_?e?7?7f?|fg?7?6?6 ?t?p?=%?zs? ? ?t?74?v?7?6%

92、6?78?8 ? ?t?mvh*fl?vh*flcR?7H?7? B?#M5?fi? ? |?l ? B?7#M5?M?”?6?t?4Y? ? ?” ?n?gu?/D?7?6?n? ?u?/D%?6?)3?hi?%?7?UV?7?4e)?z?=?6?4_%?4?UV?7 ?j5k%?7 ?%? ? ?” ? ?v?4fi?m?6?v&m?6B?i?I ?gQ ?6f&R$ ? ?Q?#&? Q?rx?0?jk&?STC?&?M&l?U?m ? Q?()a中国期货2010第四期 10.11.indd 4810-10-12 下午12:11? ? 2!#?$ ? ?y?n?%u5?r?7?7?fi4

93、|?j?6?%?ou5?r?7%?%?M%?jo?tB?6H?7?6?6?7?6?4|?6|?%?%?xp?%4?5?3?7?6%g?&FS?=%|?n?SS?4|%m?6?|?l?7?6?i?x!?0H?j?-?h?7?M?eGtZj?L?j?y?j?&$ ? ?z?)?M?jj?6i?#M5?$? ?MfQ?&?m?z?)?4?3?9$?6?h? ? ?” ?=?|?9?4?S?$%?%?4?Ax?v?M ?fifl?j?Mq_?Qq?M?B$?M?5?7?M?3?M.?H?Qqe?%u?j?M?%?ExO$?|?M?%?&l?M?$? ? ?6?K?M?.?D?p?iD?7?6?4?fi

94、?S(?0d_Gp?M*K:?z?7?M?M*?=%?)45k?6&rm?#?g?&?O&?j?6?0h?K?mm?v? ? ? ? ?” ?h? %Auo?l?7?6?hB?h?i?mBmB? ?rr? m? ?j?!zsM?jB?6?4?+_?z?%?p?6?#M+_? ? B?$%?6 ? ?Mu?z?&?C?)3?6?u?7?&?M&?g?0?Cm? ?” ?Z?e*?=?TQ ? ? f ?L? ?6?*6?6?(6/?ZS?L?0?j?i?6? ?L?0!/?i?IZTQN?E6!/?0?x?!/0?x A ?L“d? ?fifl?Pgh A ?L“?G6?L“?:)* ? f5d

95、?L“”f_0ag A d?g A ?0?js?u?js?u?I A S?!/0l6?L“!/06?L“E?6?L“0?l6?L“?(6?6?3?6?A?y?mn6?L“?Z?中国期货2010第四期 10.11.indd 4910-10-12 下午12:11? ?# $% &? ? ? ? ? ? % ? ? ?0?%l gOj?DE?7efk?_?%l?7fifl?4|)?o?4|?l?7?-?4jK gOj?DE?k?i? ?%?Vxz?j?2T?Vn?i?tOj&?w?)&V?j?_?w?U_?&?7efk?R%?4?ID?“S-p?Ofifl?中国期货2010第四期 10.11.ind

96、d 5010-10-12 下午12:11? ?#$%&? ? ? %?7fifl?k?8?&?%?w?7?/(?9t?#t&?6k?d?_?6?T2?4fi?7fifl?k?#.%li?E?5kb ?i?%?l?7fifl?-?m?Q&D?C?mV?u?g?E%li?l?7fifl?gs?a?7efk?k?#$%4?#?lfifl?b?b?#?mA?b?vA?vAc?%?wg?Yg?_?x?j? ?1 g?V? g?i:?_?&? gOj?d?Oj? ?a?iV(?hi?m?7efk?/X?9?5?V?h?9?%?4?k?)3&?7?k?8?/X?1%?yi?eO ? ?3?E?9?%l4q9

97、?N?i?/X?6;k8?V?&va?e?6_?$?X?e?7fifl?k?8?1%l?a?8i?0?1?a?84?a?E?9?/X? ?|gA?X?QYz?-? ?u(fifl?MjgAT?j? ?E ?fifl?MjQdYz? ? ?%4?7?k?8a?e?#?6?e?%l?ab ?C?a?- ? ?%i?84?a? ?%E? ?i?a?4?x?gA? ?$%6?x?8|?i?aj3?E?e2l?ab ?a.?c?c?=?.c?4?6? “c? c&l?gA? ?QYz? ?kAf8?c? ? ?jc?c? ?c?UE?c? ?!? ? jc?UE?c?QYz? ? ?c?U? - T ?

98、 ?i?.?E?c?gA? ? ?b ?e?i?&ljc?i?yji?&lc?i?yi?fi?e?X?6?8 ? ? .% ? ! .% ?6? ! .% ?e?X?6?e?c?ji?jjc?i?jc?c?i?Hvaj?c?jca3?E?lmfl4VOj?|?RlXVOj?4?l?&?|?fl4VOj?6|?RlXVOj?4?l?&?6|?e?&?6?m4?66|Oj8i?jy? ?j?ul?j?Q?j- ? - u?%j?u ?E ? - uj?AIg?l?j?Q?j-?e?7?k?f?6? ?%8?7fifl?DE? gl?f?&lTY&lj?j%?e?T?7?k?l?6?e?_?m?%?

99、c?|?E?e6?E?m?c?|?6?c?jc?Fj|Y?|?6?c?jc?Fj?|?E&$?3?3*?fF?5?%VN?4VOj&l?_?XVOj?4q?E?7k?l?7fifl?b%4?a9g?a?#?k?)%?-?7?Ig?i?06?8fg?X?i?5?i?%l?iO ?be?k?Oj?6?Oj?E?5?6?%4?T?9?/(?3?D?i?X?C?E?4_?7?中国期货2010第四期 10.11.indd 5110-10-12 下午12:11? ?# $% &? ? ? ? ? ? % ? ? ?k?tk?7?k?)DEk?4q?b#?k?6?K ? ; Cl?C?C?s?_?d?Z.?

100、6?K ?E ? ; C?4?d?Z?K?5?f?6?7?D?k?m-?7?D?i?gA?4#t?3?3?9?I?iT?i?5T?5?j?5?i?%CE?jy?bY?5?i?|%? ? 6R? ?5$?%?C?5?i?%? ?=Efl? ?&?%?N?- u?2?- u?uT ? ! ?uH&?j?C?f?$? ? ?!?u?.?2?4E?5?6?5?t?z?i?lE?pt?ptm ? ?RX?%?5D? ?ptm ? =jm ? ?RX?%?5? ? ?5?c?5?i?lE?pt? ?pt? ? ?%3?p?)3?7fifl?k?0?1?mC?4?4?fifl?7efk?%?5?/v?7?)

101、?$%A?jm ? ?pt?5?i?8?jy?6?E?8?L?%?5?)?ix?9?e?8V?h?5?E)?9?z?8k?b%?Oj?4qOj?4q?w?Oj?-?l?”?D?a9g?a?7?k?_?z?g?Ek?z?.?k?5?s?iO :?E?5?%k?EiOj?7? ?V?%N?Vl?5k?a1?C?&?&$%6?Oj?a8i?Oj?C?E?$%V?AV?V?V?3?i?b?Z?h?H?l?j?fi?V?$?/?A8?wV?7?k?V?SS?V?k?Es?(j?V?Hji?jyY?3?6i?E?&%V?Tx?/X?j?f?7k?V?/vk?7fifl?)?$L?V?i?jyY?E? ?%

102、8V?N?%?Oj?_?3?2?Ojf?y?_?&?_?4?V?#?aV?j?V?L?j?%1?E$?%?8?V?)?c%?T?e?&?N&%?6V?li?E?N?)0?k?i? ?Y?E?CE?/#t?TmmV?j?V?L?e?O j#t?#t?7k?FV?:?)$%A?fifl z?j?/?j?V?j?bl?V?k?6?4?/D(84?/D?m?k?_?L?E?R?4.f*?1$? ?%?9?r*?lMj?Yj? ? ? ?um*?Mj?7j? E?%?r*?!?%6?8i?#%z?4?g?Qqf?84?/v?&?1?lm|?T?C?/vZ?3T?valC?u?E?)3?10?N?_?%l

103、8m gF6?O :?06?_?R8V?4|?k?e?fk?g?E?C?%?84?eE?/XT?9?56_V?/X?3?C?/X%?84?e?4?Z?e?lm?i?jy?Z?/D?4?i?:?E3?/?%j?c?7fifl?e?Ig?|?dT?fifl?-?7fifl?$?T?T?%4?/?d?D?3?&?5T?94fi?E?+|?%k?C?4?/v?2?k?e4?O ?$?H?l?7fifl?_?4?lXO ?E?3N?l$j?|4?E?d?%?$?=1lm?7?Q?j?7?k? ?8?L?Cd?Q&?R?tk?2?/Xc%e?e?E?%Vh?lm?7k?%?7fifl?k?0dC?m ?%

104、?Mo?aS?s?S?u?7fifl?7fifl4|? ?E?STi?STtm?=Tu?u?7fifl?R?_?7fifl?t?9t.uj?fl?6u?MZ?6? * ?a8?uH?_?ufl?7fifl?7?fifl? ?|?5?LX?0(T?fl?Cfl?D8 ? ?*88?_T?C? ?D?m?a_?aj?Xfl?m?8? Q?X? ? ?_?)?fl&?al?6?C?F?/v?wfl#?V_u?7?6?u?mfl)? * ?u?6?k?2) ?)lm? ?_)l?*?|?/?/4q%Yzs ?pQ?7?4?v?5pQ?$zs ?F?O4|gA?z?%?F?7fifln?l?7?M?a&

105、?v?u?7fiflc?74?B?4?=V?Yz?M?Dtu?fiflk?a?u?|#?uo?7?6u? ?G?uo?7fiflj?z?7fiflu?ij?6Z?*u?muo?789:?;? ? (? ? ? ? ? ? ? ? ? ?中国期货2010第四期 10.11.indd 5410-10-12 下午12:11?jB?fi?=?z?z?M?Q*?43?|?z?6?zH?u?A?dTjBk?fl%fi?#?7?fl?Dj? ? ?45k%?45k%?4?%?#?fl ? ?*?a?j? ? %_?8 ?%9?B?j?#?fi?L?fl? ? ?fl? ? ?4?6?fl? ? Q :?fi

106、?cfl?:? ?8?fi?|l4?6?_4?/?8flu?fl?MZ?6?8 ? ?_?/&4? (? ?/? ? ?j%?fifl?n?K)?8 ? j%? ? ?Y?)?n?K$%l?Z?6?/?l?7?M?jM?t?$hi?l ? ?k?7? ?l ?_ ?8l ? 7?k?j?&?/? ?:H?M?fl?_h?PkfP.%?_?9?B?j?45k?8j?j?8u?#?fi?L?fl?M?Z?e?fl?M?“?“?“?vw“?6_?“?T|.%l?O?T|?=?#t?lm?M?Z?B?zs?6?l4?/D.!?=fl?T|?r?T|?)?!?n?C?Y4H&?*?#?fi?fl?6&e

107、O?/D?J?%?M?jfl?yM?8?=?6?4?v?%V?M?$?f8?H?#?4|1)H?34?*Z?e? ? ?!? ? ?(? ? ? ? ? ?Na?+”中国期货2010第四期 10.11.indd 5510-10-12 下午12:11? ? (?$?$? ? u ?$Xe?l;?%?#fl)?l?9t?g,?.?=?fiflQ0?4?7$%?fi?fifl? ?T|IZ?4?4?d?ij?8?IZ=?fl? ;?8?8? ?y)?n?K?%?64?H?/?4j?n?K/?)?j?V?n?K)?dy?d?n?X-?jB?n=?“?fifl?M?a?Y4?fifl?4?T?zs%?7

108、?G?m?X8?u?G?O?%?7?&R?Z*?+?d?X? ?u?_)?u?$%?Ijfifl?dy?d?y$%?n?K?u?&C?V?Zu?1fl ?D?lM5?MM?6_?I?X?|?W? ?f8?4?d?e$%I?d?l:?M?A?jB?fi?=?jB?y? ?中国期货2010第四期 10.11.indd 5710-10-12 下午12:11? ? (?$?$?|?%C? ?&?n=?K? ? ? ? H4? ? j?k?9?lml?k?Q?|?6? ?|?k)? “?kA? ? ?6?9?k*_.%?F?fl?i?kR?$?fifl=?n?4?zs?7?Xl?j4?8?-?l?jM?

109、H?7?M?zs ?F?7? ?/? j? ? ?:)? ?zs ?O?z?X?8?%4? ?fR?&%? ?zs?%?n?Q%6?_?a?%6 ?)n=?K?)? Q0?4|? ?j?/.%? T6cfifl?a?-?0?%?4?n=?K)?$?5?7M?%?kh?l?7?zs ?4?)?ljA?7?中国期货2010第四期 10.11.indd 5810-10-12 下午12:11? ?(?$?$?;?u&?.%?jfifl$?%?fi?%?uj?7fifl? ?(? j?7fifl4|?$?4?ef?l?uy?Q?m?Q?l%?_fifl? _?Q? ? ?zsl ? ?j?G?O?8%?

110、/D?4?%&R?4?%Z*?4?$%V?y?j?%?4?*?)$?*1 ?|?IT ?j?6m ?e?1C?G?y?6?Z?)?F?8?G?G?)?4?j?R?Z?R?F%?O?6?G?4?zs?1fifl?fi?A?)?)?%?fifl?=c4?)%1 ?|?zs?4?h?k?V ?G?%C?lfifl?c?C ?k?C?Z?)?%? ? kC?e? ?% ? =?u?7fifl? ?f?j?=?=?U? ? ? ?z?%?h?G?中国期货2010第四期 10.11.indd 5910-10-12 下午12:11? ?) *? ? ? ? ? ? ?0?u”? ? ?7Q?Q=? ?lm?

111、7?M?7_?&%?5?%4?efj?Z%?3?X?a?764v?a67?L?=i?5j?)? * *_?7?vR? ?X?y?u?7efj?/ * ?XE?O?d?LX?E?4?efj?YA87?=?Rfifl?QR?/vRYA87?vR?7?vRC ?=?”?%se?_?Z?R?)Q(?Zit?_)?O?7?pm?#?)Q?t?_)m ? )Q(YzZit?_)z?pm?#?)Q?t?_)m?/v?7vR?=? “?d?_lm2?7?.%?f?)3?67?7?vR?#?j?50?%?efj?/ * ?/v?%?X/v?01?lw?_?LX?bY?x?LX?7vR”?_?Z?R?9O?_?4

112、Y?/v&?=?= “?/v?lT?/ * ?lfifl&?9be?%z?Q? g?w?7?4_?%?5?6?7?vR%4?j?%|?2?4?j?YT?%l?|?4_?/ * ?6?%?O?k?9O&?k?V?L?l?%N?C?w?%dQ?_? 4jvC?vC%(?R8w?/v$?=0Hz?&?fi?Q?_?%?a?=Q?_?0H?a? ?7?vR?l?|? “%?fi? ? w?%4?aL?se?_?#?Yz?%4?aL?se?_?#?lm2?4?w?IX?中国期货2010第四期 10.11.indd 6010-10-12 下午12:11? ?)*? ? ?3%?a?_?#?6R$?%w?D

113、2?4?Yz?3%?a?_?#?6R$?%Yz?%fiflQ? g?w?7?vR?3%z?fi4?Q?wf?/ * ? ?R?z?Rfifl%?4|?w?ef?6?w?wz?j?0?!?ef?|M?7?vR?701?84?% ? 4?K?ef “%4?j?g?#?$X?j?g?_?z4?LX?LX?6k8?5k ? Ofi?W?z6_?Ofi%V?mz?/v?7vR”=d?_?Z?R? Ofi%?z?LX?45k?fl?%?5k?_1j5kef?D?efj?H?LX?Ofi$%?5?W?%V?Y?m?|?/v?R%V?#?Y?m?/X?7vR?|4?Q?W?6_?/X?k?F&?lm?QZ?Z

114、?D?mgs?z?$?z%V?g?l?LX?vz?j? vg?L?6?d8?5?%VfR?k?&%?A?fR?%?j?x5k? ?7?vR?l?6_/X?y?ef?7?V?8?j#t%H?Q? “U?%?F6?/v?H?&?m?j?g?LX&%?7ef?4?xs?|?7?vR?-?U?%?fi?/ * ?/v?7?M?%?j?%?v|?7vR?x?-?Q?R?D?/ * ?E?/v?M?-?2?/X.?%P?P?Q?)?7vR?fi?$?v?M?)?YA8?5C?8?5C?Yz? “?/ * ?&?i&?ef?)fifl?Z?K?7?vR?se?=%?!)?=?/ * ?/X?!? ?h?Z

115、8Rfifl?eGefB?/ * ?&?_G?ef?FG|?&%3?4?fifl?w?j?g?LX?|?x?4?7?vR?7.?/ * ?fi? $? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?&?&?&?&?&?&?&?中国期货2010第四期 10.11.indd 6110-10-12 下午12:11? ?+ ,2 -.? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?84?Mju? ?94v%?uuT?_?9?uo?7fifl?T?z?7fifl?6?M?fifl?|?#?6?Q?hgM?E?u“!?M?Mg?7fiflu?dLX? ?7g?lm?9?T

116、_?u?7fifl?.? ? ? ?u?uB?C%u?3?7fiflu?M?W? ?z6_?!v?k?T?E?z?d8?u?7fifl?u? ?G?53?6?6Y?/D? ? ?4%u”?T?M?7?u”vE?X?d?fifl?5OuM5?”7? 6M5_C?uBM?7M?Mfiflu?F6M?d?b.?8?k?ij?7?d?%u?7?*? ?7fifl?Z9?u?m?7fifl?%u?7?fl?C?5?/?7?fifl?&d?o?KO?vw? MZ ?6 ? ?7?6?LX?1?9d?P?LX?fl?g?a?R?g?6d?T?E |?5?i?d*T?i?Q=?9?fi?7fifld8Q=M?

117、| !?4?r%?M?xQYz?“f?M?d?”2?d?7fifl?T?T?O?9? ? ? ? ? ? ?uM?4j_%6BS8=?k?L?*D?A?6?vaTgAs?hk?pQQ=?V?Q?p?_O?)? &?u? &d(?A?MvaT?p?1?Y?8T6?9?4?fd?v$%db?3?84?i?fifl?&%8”?/X$%W?n?U?i4LX?Qq?O?n?8?T?M?fg? ? ?n ?6 ? ?7?6?LX?XLXY?4/D?n?Y?M?6vaT8g?npQQ=?6? &?84/D?n?b?g#t?fiflA?y?6?5k?R?Z?*?6?Q=? ?8?b?i?%?|?M?n?中国期

118、货2010第四期 10.11.indd 6310-10-12 下午12:11? ?+ ,2 -.? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?=%?7fifl_uo?R?6L?4?C?X?b?&?6?MQR?6?6YKLX l?7fifl? ? ? ? ? ?lm?uW?n?m34se?L?n?8?b?va?O?7fifl?/?Z?=%?6d? ?n ? ?7?6?LX?84?!?/(?w?n? ?cj?6va?O?7fifl?j?t*i_? ? ?23$hi?u?y?7?=%? ?n ?LX$%?n”?(?z?n/?4?z?4qY?z?Q8?l?Q?%?Q?n?rx?

119、7Q?m?Q?R?n?d?n(?7fifl?)?n?R?=%fl?7fifl?Z? ? ?7Qm?Q?nR?U?6?n?Y? MQR?6 ?7fifl?LX?fi?6d?7fiflTf?i?6hi|?QR?/vdQRn?lMQR?6?QR?fifl?/v|Q?0dQ?D?V? i?QR?l”V?fd4CD”lfifl?)MQR?6?QRLX?|?(k? ?6 ?7fifl?LX?d?6?8?b?6?|4=?D(?Q?=$z?z?AR?Q8?4?)fiflQ?6?4e)?o?8?mX?)?6N?A?aD?o?XLX? !#?Q?|?*?k?6?k?8?MQ?|?4?Z?6?6#?1?*?)8?S

120、?*?l?6?hiM?A?v?*fll*/”?*?4|?*flRl*/”?”?4|?C?l?0?6(?Q?fifl?6?6?dfifl?44kLDM?%&?)*GH? ? ? ? ? ? ? ?DNOP?Q?)*GH? ? ? ? ? ? ? ? ? ?中国期货2010第四期 10.11.indd 6410-10-12 下午12:11? ?+,2-.? ? ?C?4?d/XUST?7fifl?7fiflu?%4?fi?#?_?M?n?”?R?7fifl?s?fifl?i?8k?7fifl?M?W?4?|?,?,m/?ij?z%4?”?#?l?_$4 ? ?iy?M?T?D?6?6Y?/D? ?

121、 4%z?7?D?&?dv_+,?X?Q?lA ? %z?/?lA?l?M?7?6_?H? ?7?6?8?a?7fiflT?M?M?n?4?u?MT?#?3T?“Ihi=4?#LX?8?M?Zu?f?u?dl?w?7fiflu?3?2T?u?7fifl?4?4?t?$fifl?$X?4|,?4%?k?t/D?$?44?k &?Z?m?fl_Mfl?*?8?k?)?k?ST?7? ? %lm?Y?Z?hi”?MST?7fifl?7fifl? ? ?%?j?t?%?abfifl?uB?vw?|?fR?OR?ef?e?d?MDtfRn?B$?v?O?7fifl?V?vd?/5?8:?M?$XTC?5

122、?,4?v?*?/Dl?M?8?p?:|?M?T?a?O?T?7fifl438T?9?u?“Ihi”?6voH?fifl?)”?jl?7e?t?m?(?7?ST?7fifl?T? ? ?8?MST?7fifl?0Tzk?zsl?”5?uM?M5M?Mg?v?”?44b?7?6l?n?n?7?l? Zu?6?l?7fifl?be#t?ST?7fifl0?5?)”?lC?M?o?3?hi?6?&$X?LXT? ?6 ?7fifl?LX !?#?mu?l?45?RT*?”o?uMo?k$?”5?M5T?_?6? ?Qk?,4? ?6(789:?6(;?中国期货2010第四期 10.11.indd 6

123、510-10-12 下午12:11? ?+ ,2 -.? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?%?7fifl?f4?=? ? ?4jK ?/?fl?4?&?6? M6lm?;?&xSu?Euo?z?Qq?|?oxT?|?0k?uo?9?zs?uo?G?l?6|?&xl?|?% ? ?46|?, ?4?V?l?%?M?E?|?f?6?,6E?A?%8C?E?4?|?-?%C?fi?MDt?T?f?z?V|j?%?$&l?7?#?6_C?c? ?l?j?$?8?X|?0?;?%?fi?l?/X?4?X|?Qq?&x?44l?7?6| ? ?|R?|?m?|h?|?i?

124、E?l?M?8?|?i?& ? u?M? ?fi?6?U?lX?Mk?R? ? ?M?F5_?5 ?7?7? ?Mo5?5?il?M?|?h?|R?&xS?uo?R6_ ? ?l?|R?06?8?R?|4?8?|R?XR?d8?i?4?|?S?j?6?Qq?N?|?h?44?|?uo?:?,?/(?D?gA?)?R?4?5&d?R?8l?|R?;k?3?d?h?R?8?|R?4|?z?35?m?Qm6?&xl?|R?% ?X?|R?44;g ?4?l?7?)?|?U?7?k? ? ?|? l?A?p? ? ?7?RQSTU?VWXYZ?)*?中国期货2010第四期 10.11.indd 661

127、e?#?j?H?fiflI?1?#t$?4_?M? “?% ? ?M?6?Q?/D?h?Mh?Q?e?0h?XT?|R?i?=&dCl?d?-?6k?C%?d?ab? )?$?/vd?d?,?i?M?k?4_?0?M?5_?U?5?5?if?k?zlQ?e?R?hRT?R?4?Y?9?u?M?Dt?B$?6Yh?/D ?l?7fifl?Zbe?b?n?dl?M?7fifl? uj?4/D?M?CST? ?84/D7?M&?Z?7fifl?l?7fiflp?&?L?st?v?|?lm?M?flo? ?7?4|?=%lmu?M%6%?|R?|?L?hm*?|R?4?l?MST?V?8?lmu?M?

128、d?%?%4|?R? ? ?d?R?&?44? ?e?j?b ? efE? ? ?$?MST ?Q?j?d? ?Q? ? ?E? ?m?Q?R?t? &?pm?j?_a?bca?dea?f_a?gha?中国期货2010第四期 10.11.indd 6810-10-12 下午12:11? ?+,2-.? ? ?$? ? ?z?!?t?m?Q?l?k?Q?m4?I?w?-?m?7Q(?7Q?l?d?&?D-? ? ? ?km?kG?k?x?Q?9 ?k &jj?ST j?k? ?M?L?%?b?%?7?$XT?7?E? ? ?7?ij? ?M? ?|fR? ? l?7?vwvw?R?3?t?b?R

129、?V?x?7?#?m?lm?V?M?_Tflf?$6?Z8?%?|? ?lb|?8?7?MZd*?R? g?R?44;g?)l?7?M?|;R?M?E?uo?z lm?MZ?*?7fifl?6Yh?/D?u“?7fifl?b?=?u?4/Dn?l?7fifl?b?84/D4?u?M?fi?6?7fifl?u?/?g?l?7fifl?n?m?u?7fifl?Ml?7fifl?l?R?3?u?u?44?h?R?7?Z%uj?fl?8ab?u?M? ?7fifl?$?r?L?4?C%$?R?7?L?4?84/D?C?&%?M?F?/?T?7?#?b?6?M? &?w?d? ?MZ?g?u$%?#?f

130、iflab?M?fig?hi?u?MST?Dt?fR?zs4/D%?8?Zu?p?M?8?MA?|?ij?Mz3?j?|?Q?ij?M?#?84/D4k?R?l?M?fu?l?M?R?p?l?O?M?M?hijy?p? ?6(789:?P?6(;?中国期货2010第四期 10.11.indd 6910-10-12 下午12:11? ?+ ,2 -.? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?0?R?6?lF6mu?Rfifl?j-?fifl?8?Rfifl?b 5k?z?f?fifl?T!?Q?0?L?-?fifl?p?s?Ig?g?f?fifl? ? ?m?9?7?

131、A?Y ?A?w ? ?A8 ? ?T ? Q&p?(w ? ?Z?-?)5k? ?.lg?=?3p ? ?! ? 3? ? ?R?4”m?fifl?fifl?t?z?fifl?Ig?6?fifl?Q?mfiflf?!?V?V?kg? V?AjY?z? ? ?;V?3?j? ? ?R?V?AZ6? ? ?R? ?A? ?&UM?UV?;?o?R?AR?A?l ? ? ? Y? ? ?&8?R?C?o?V?AR?A?Rl? ? ? ? ! ? ?ijklmnop)*?Fq? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? (? ?中国期货2010第四期 10.11.indd

132、7010-10-12 下午12:11? ?+,2-.? ? ? ? ? 6?6?uB8H?fifl4vpT?!?3?R?Fl?fifl?|? ?g?*fl?AR?A?l? ? ? Y ? ?z?7?Yz ?M?Yz? ? ?(?Yz ? ? ?5? ?(& ?A?%3?B?(&?24C?p?!?T?uB?l?6?u?e?t8H?fifluB? ? ?!? 8?)H?fifl|?A?A?it?7_?D?2E?%C? ?tu?A#? ?)?#?7?7?#F?kK?A?t?7?7?A? ?fb?i? ?*fl ?!?A?R?A?l ? ? ? jw ? ? ?D?!?Q?g? ?84/D?2T?f?

133、!?m*flfifl?&?a?j?u?;)&?H? ;2%C0?UV? ? ?A? ?fifl?A? ?o? ? ?AjY?z?R?f?8?R!?h? ?fifl?mu”?mj?l?6?fifl!?RY?y?6k86Yh? ?R?1?u“R?ij?Ts?uBlRfifl%RL?d?muR?)?u“R?/D?,?u“R?lu“Rfifl?d?)iF6mu?u“b?T,?”?fifl?M?vd?fifll?j?hlmhi?u?fifl%fl?fifl?Cu“-TC?G?A?u?m?!?a?M?fifl!?6UV?7fi8?g?a?E?UV?7?UV?7f?$4?C?Vg?7?6_u?;?7_? ?

134、8.?Qq?ij?44?R?fifl?9tT?t?_G?7fifl?8$mVfiflST?i?C%?ef?_G9?7?7fifl?kDE?7fifl?g_? ? _G?7fifl?ij? ? M? ? d?j?4?u?Vg?7?ij?a?u?7?!?h?2T?4ig?R?g?#?a?9?d?j?F6m*.?6ST?fifl?u$p?fiflr?”?R?fifl?l?k?ST?!?l?k4/D?%? ?tT?R?Y?3?kLX?puo?7?6_GSTu“Rfifl?Ljy?C4au“fifl?R?C?7?GM?8&u?M?o?j?7?M?%?Mg?u? ?84/D? ?f_GSUuo?7?6?)

135、?kse?Qef?O?u?7fifl?f?MR? 8uo?)k?4qefSTuo?7?z4?|?!?fifl?u?fifl?u“!?,?m?j?%?,?L?T?6_”Tfifl?j?,?L?T?j?pL?4Tn?tT?$?K?V?L?%?7fifl?r4?9?tL?L?%?7fiflL?xb 5k?L?T?ufifl?se?$?N?u?!?L? ? ?)L?i:?CV?n?Do?0 8?fifl%f8?Qq?e?j5kY.?6?*?3?R? z?fifl?0?Q?fifl?)?”$?a?6?N&h?%?%?fifl?8”?Li?jy?H?Mb?)?d?fiflE?X?u?0?6?8$l?g?!

136、?TQr?6?hiuo? 4?x!?0?STu“!?7?6?中国期货2010第四期 10.11.indd 7310-10-12 下午12:11? ?/ 01? & ? ? ? ? ? ?0?u”?gT?h?%?O ?I6?fiflRW?u?Sf?Os?I?u?l? ?9?e?4O?Z?X? ?u?”?Q,?&?!?,E?4s?t?)?_? ?e?2%tD$?nP?%?d?h?v?y|O ?xf p|Ufi?f?Vfifl?j/(?l?g_% ? ?Rfifl?e? ?)i?6?!?R?9? ?%uBf?C#?BS?M5?”d$9? ?u?k?/u?u?i?$?dlu ?”? ?u”?%&? ?

137、 ?,E?T?(?k?%?,n?E?T?I8jOy?H?“? u?8mBSf? R?8mR?Mf?T ? FG ? H?&?4)?C?m?lmf?QjtYz?(gD?Mf?M8?Z?f? ?jg?(?g?#?7?”?l*?Mef?d?&%?|? ?&?z?”?O?)?j?8?0?=?+,-?”?%8”?H?Mf?va 8ef?7?.g?L?&f?6? ?!9 jtY?”? ?H?O ? ? ?u?$?”?v?g?i?7? T)?&? 3? ”?8?4?(?l?t?9?$%?)i?UuBf?kX?g?L?”?M?BS?u5%?jQq=?H?ZS?!/?l6?IJ? ? ?!/w?”IJ?6EC?

138、u!/IJ?Z中国期货2010第四期 10.11.indd 7410-10-12 下午12:11? ?/01? & ? ?!9 ? ?BS r*?M?” ef?u5 ? 6?u8H?uB?efk?f8?7?”?”?M”?b?/?u? ? ?!?Ph?u?!?l?9?lm?fl7?”?4?mu?|?*/)Z?0?”?”?Rfifl?f?01?eX2?uB%?fi?j?Y444O?3?”4? i?tfl?_?7?”?uBp?lg?1?j?w?l?%?Mf?l?#?6uBM?=uBf?4qc?jB ? ?C4?a?4?7?g?UuB7?0?M”? 4?CE?SS%5?E?m ? FG ? H?5?b

139、8?fl ?4/D?65hR?8?2?g? ?fl5l? ? 6w? ? 84/D?flm u5?fi?/u?57l?istz?“ ? 7?8?9?7?ij?8m/uGm5?,w?/u?;? m u?7?|:?a?;?%?Gm”?k?5hR?C?d%?j? ?&%hi& 9?# ?flC?tuvo?wx?y?z|? ? ?中国期货2010第四期 10.11.indd 7510-10-12 下午12:11? ?/ 01? & ? ? ? ? ? ?uB?F?/X?C?m6?n?K,?#?!?Qq?l?u?%?.%u?=?(?e?Cl?u?%?f?5?Ig?8uo?E?,?Q,?u“?;“?,E?

140、r?Ufi?j?4?D“?&%l?e?j?5?%&?ZZ%?m?=%?Rfifl?i?2m i?A?|?*?hi?|?%?fifl2%?e?%?B? ?%?e? ?&Ufi?j?o?f?VQd? ? ?%?B? ?)i?g?%nPC?D(?E?# ?K?FG?fifl?3?DH?U?lmRfiflT?4?%be?4?%?f?be?%R?Qq?f?g?i?8lfifl?DId$?2?Rfifl?R?t%?z?f?”?Jlfifl?“?)?)?SS?TR?KL?bY?4YRfifl?M?H?x%R? “Rfifl&C|?N?|?N$%?C?fiflQ?xfifl?E?u“Rfifl?F6?#?6?

142、12Ufi3Z?-2?b8?2T?44k?; ?%fR?F?%?(R?lm?5?m?01?eX2?uT?0|?op?C?5?fR?fR|O?fifl?w?U%?1?Y?=%?fifln? “_T4flZj?Oy?INd fRFG?a?0?|u?&?Td?94?x?fi?;x?ef?$?Ti? ?b?I? ? Rzl?%?SE? Bfi&? ? B?_Q?2?3?s?=mG?U?g?z?;!?e?mu?Kc?c?dd? ? ? ?=?j?=?48?=?48?m?b8?01?9?c%?Cl?fl?-?g?C?eX2tt?*?WELf?j?eX2? ?=% ? ?*?%&ZhdeX2O9t?lm?E

143、?!?eX2?M?&FG6f?alg?BS?r*Tqr?Mef?eX2”m ? d?C?uB?*?=Qq!efz?i?C?t?u_?n?M?w?C? ? ?MZ%?flb?)”?9i?68_?eX2uB?C?t?Mw?L ? ?jkleX2 -? ?x?-?C?&%?eX2?R?9?Rij?|?/u?vu?u?.?C?eX2?Mij 8?Rj?&?SE?_QC?% ? ?% ?$? B?% ? B?_Q?C? ? B%eX2?l?j?Yl?b8?4/D?&?F?%z=? ?t?MY?e?l i?# ? 84/D?gj/(p|R|?N?Ufi?Q,?&?59?x?h?9%eX2Yl0?mn?|?

144、C?RST?x?fi?Rfifl?e?u?中国期货2010第四期 10.11.indd 7710-10-12 下午12:11? ?/ 01? & ? ? ? ? ? ?0?Io?-?I?l?j?! ?j-?C%? Y?6?$?$?p?qrfi?a?g?jDt2?!?$g?-?Q?j?s?g? ? ?_?D?hiu ?(? ?7Q? ?6? ?(? jQ&? ?C?&? ? 6?0h?u“?Q?uo?Q&12?a?Q?uo5?)?&?juB?g,n?5?n?j? 8?4?t?9? ?u?v-H?%? ?uwfiqr?Ifi?x?j?!?j?s?N?9?$u“?%Y?6?ty?z?F6?u?RF6

145、?A? ?jufi? j2?fifl?C2?a? ?)?Q?eH5 ? ?fi?LXu?fl?j?t?|?!?2?&d 83?F6? t?j?|?A8 ? Q ?d?4t2Z ?8?F6j?uj?fi?uj?“b?_?j?m?!?)?I?|lC?A&?4|?x?u“:Q?$?u?I6?e*fl?z?Z?O ? ?e*fl?uc?c? 8?fl?ul)*?j?A?j?-? ? ?eo?fiD? ? ?N?C? ? ?N?:?O?6?uj?qrfi?C%!S|?|? ? f?0,B?fi?lK0ZM.o,1E!/? ?fi;? ?PQZ? ? f?d?!/?g? Q?( ?Z中国期货2010第四期

146、 10.11.indd 7810-10-12 下午12:11? ?/01? & ?*?j?k?j?-?j?A?DtT?#t?2?u?i2?2? ? Q ?t? ? |?A?8 ? Q ?2Z ? ?/qrfi?H*fl?+”?x?flj_?j?!?8?7“b?fl?ecY?j?c?A&?-?0hlm?u?i?j?&?F?j?)?!?u:2?j?u“?uofifl:?fi?Y?uo:Q?.?j?%:Q?u?:Q?m5?=% ? ? 9? k? ? ?a? ?uB?C?2Tu“?44?O?Q?j?fifllm5?52?IZ?Ju?6)lfiflZg?#? r?l?Q?_?:?6_j?g?Q?8?u

147、B?“%g?x?j?vi”?,n?C?& ?|?8?3v? ? ? ?uB?“Y?m?fifl?fiflx?e? ?e*/mx?”? ?l?|?fifl?Q?8?b?5?l?fifl?Q?4?_?Q?8 ? ?fifl?MY?Z?c?.fifl$?8 ? ? &?# &Hz?Ig?jt?M?Q?8 ?1?ffiflQ?8 ?a78?(a|? fifl?Ma?8?l1v1?8?K?!*”?6? Q6Y?0?O2?|?8?3v? ? ? ? uB?“? ?mfiflQ?)?Q1v?8?|? ? ?YA? ? ?%?u”5m?!?xy?|?#lfifl$?Q?Z?c?f“?H?1v?0?1v? ?

148、6Y? ?H1v? ? Q6 ? Q6Y? ?f?M?9?l?”?v?M#M?A?S?,-?3v? ? ? ?uB?“?+?m?Q?:?t)?”?9?e? ?Q?”?W:?TQe?8?e?m*?uB?/?t)”?|?Q?”?M?fR$?j?t?Qv? ? ?:|?j? ? ?uB?t)?”?|?K?x?x?,?t? ? ?o?1v1?8?uB?b?/?*”j?”?Y?Q? ? ?nP?,?=? ? ? ?6?X?”?,n”?j*?O?Cd?&fifl?52?n?j?*”:?中国期货2010第四期 10.11.indd 7910-10-12 下午12:11? ?/ 01? & ? ? ? ? ?

149、 ?l?Q?8%?=%?8%?%?%$X?8?8?$%b? :Q?T?3$|?hi:Q?%? ? 4?%u“?Q?Y?O?Q?84?%uo:2?%uoEf?j?$X?/DT?bY?f?6u“?Q?luo?:Q?j?-?%8h?u:?A?C%?6?lm?uF*D2Z6_?a?uo:?A?abuo ? ?A?j?!?0h?&%tb?ujA?_? ? ? ? ?M5?g? ? ? ? u j ? ? ? Q ?! ? ? ? Q ?j ? ?C?j? ? Q ?! ? ? ? ? Q ?j ? ?_? ? Q ?j ? ?&?u?o?fifll?5?w?D?wu“?Q?WO?Q?$|?uo?2Zu“

150、t?_?/D?UN/P?uo:?uo:?b?%2Zlt?9?Z?%uB?:r?h?lm?|?6_zR*?9?u?*?A?z?Y?5g?hi?u?|?D? ? Q/N?A ? ?C?F*?|?8?hi?u? ? ?F*D?C?|?AR?u?|?A?kf4?%?|?8*?0h ?u?|?F*? ? ?Q? ? Q?u?F*? ? ? 2Z ? Q?hF*?Dd_G6 ? ?t2Z?:?!?uB|b?*?6F?$?$?|?d?|?DZ?)?*?F?*?8?uB?g?l?p?_G?jl?o?t? ?fiYuj?|?Ufi?fi,n?Y?fR?4?6?_?I?:Dt2?$8?:?”?lwuoEf/D$X

151、?),n?”?*”Ef?$X?v?hi”?fR?O?_ef?6_uB?p?ch?f?l?:2?Yuo:Q?uo5?)?&?uo?Y?z? uBI?|? ? ?5?/?“?n?j”?9?8?O?/D?U%4?uo?2Zlt?0?uofR?|(?6?fifl?Q? ? ?中国期货2010第四期 10.11.indd 8010-10-12 下午12:11?&?&?&?&?&?&?&?&?&?&?&?&?&?&? ? ? ? ? ? ?&?&?&?&?&?&?&?&?&?&?&? ? ? ? ? ? ?&?&?&?&?&?&?&?&? ? ? ? ? ? ?&?&?&?&?&?&?&?&?&?&? ? ? ? ? ? ?&?&?&?&?&?&?&?&?&?&?&? ? ? ? ? ? ?中国期货2010第四期 10.11.indd 8110-10-12 下午12:11? ? ? ? ? ?中国期货2010第四期 10.11.indd 8210-10-12 下午12:11

展开阅读全文

中国期货2010_04

最新文档