짮?횤좯붻틗쯹 뗚컥뷬믡풱떥캻ꆢ믹뷰맜샭릫쮾퇐뺿돉맻움톡 쇷춨좨뚨볛샭싛펦폃폫좫쇷춨랽낸움볛퇐뺿 D싛첳훷쳢샠 뛾뗈붱 췵캬룖ꆢ첷쿾폪ꆢ췵늨 맺첩뻽낲횤좯막럝폐쿞릫쮾 1-23
쒿슼 잰퇔ꆢ 막럝좫쇷춨쫇샺쪷뗄뇘좻톡퓱.............................................................................................4 1ꆢ막좨럖쇑떼훂볠맜떱뻖헾닟쪧킧...............................................................................................4 1맺폐막복돖헾닟싅쫔싅냜..........................................................................................................4 2듦솿늻뚯ꆢ탂릫쮾좫쇷춨헾닟캴쫔쿈냜..................................................................................4 3췢늢릺헾닟샻뫃뇤샻뿕..........................................................................................................4 4막횸웚믵뗈뇜쿕릤뻟컞램췆돶..................................................................................................4 5랢탐훆뛈쫐뎡뮯얬솦쪧냜..........................................................................................................4 6랢탐짪놨훆뛈뇤룯쿝죫삧뺳......................................................................................................4 2ꆢ럇쇷춨막늻쇷춨떼훂뿘막막뚫탐캪쒣쪽뇤틬...........................................................................5 1뿘막막뚫뿘훆짏쫐릫쮾룟볛죚..............................................................................................5 2맄샸쿖뷰럖뫬훷헅퓢폶??......................................................................................................5 3ꆢ막럝좫쇷춨훰붥돉캪쫐뎡릲쪶...................................................................................................5 튻ꆢ 막럝좫쇷춨랽낸쿖폐돉맻움볛.................................................................................................6 1ꆢ릫뾪헷벯맺폐막복돖랽낸뗄샺돌믘맋.......................................................................................6 2ꆢ릫뾪헷벯맺폐막복돖랽낸릤ퟷ쪧냜뗄풭틲럖컶.......................................................................6 3ꆢ좫쇷춨랽낸움볛ퟛ쫶...................................................................................................................7 뛾ꆢ 쇷춨좨뚨볛샭싛폫펦폃............................................................................................................11 1ꆢퟜ쳥랽낸뗄샭싛믹뒡ꎺ쇷춨좨뚨볛샭싛.................................................................................11 2ꆢퟜ쳥랽낸ퟱ톭뗄풭퓲.................................................................................................................11 1쿈쇷춨뫳복돖풭퓲.....................................................................................................................11 2놣뮤쇷춨막뫍럇쇷춨막막뚫늢훘풭퓲.....................................................................................11 3닺볛횵쫘뫣풭퓲.....................................................................................................................11 4쫐뎡늨뚯ퟮ킡뮯풭퓲.................................................................................................................11 5쪵쪩쫖뛎볲떥풭퓲....................................................................................................................12 6뚨볛믺훆쓑폚닙ퟝ풭퓲............................................................................................................12 3ꆢ쇷춨좨붻틗ퟜ쳥랽낸.................................................................................................................12 1믹놾쮼슷....................................................................................................................................12 2죽훖닙ퟷ닟싔............................................................................................................................12 3쫽뻝뿢뷡릹럖컶........................................................................................................................12 4ꆢ랽낸훷튪닎쫽뗄좷뚨폫움볛.....................................................................................................13 1막럝샠뇰뗄뷧뚨폫움볛............................................................................................................13 뿉쇷춨짐캴쇷춨막...................................................................................................................................14 룟맜돖막뗄럖샠.......................................................................................................................................14 뿉쇷춨췢막뗄뒦샭...............................................................................................................................14 막럝샠뇰뷧뚨뗄킡뷡...............................................................................................................................14 2뿉쇷춨막맀횵폫움볛................................................................................................................15 3럇쇷춨막맀횵폫움볛................................................................................................................15 죽ꆢ 좫쇷춨뛔쫐펯싊쮮욽펰쿬뗄움볛...........................................................................................17 1ꆢ쫐펯싊폐킧탔샭싛.....................................................................................................................17 2ꆢ랽낸쪵쪩뫳뗤탍룶막쫐펯싊쮮욽뗄뇤뮯맀볆.........................................................................17 2-23
3ꆢ랽낸쪵쪩뫳막욱벯뫏헻쳥쫐펯싊쮮욽뗄뇤뮯맀볆.................................................................18 1뗷뫍욽뻹램................................................................................................................................18 2폐킧랶캧램................................................................................................................................18 3막놾볓좨욽뻹램........................................................................................................................18 4막욱벯뫏헻쳥쫐펯싊뗄닢쯣....................................................................................................18 4ꆢ쫐펯싊쮮욽뗄맺뇰뇈뷏.............................................................................................................19 쯄ꆢ 쪵쪩좫쇷춨뛔췪짆훐맺놾쫐뎡뗄믽벫틢틥.......................................................................21 1ꆢ뫏샭엤훃죚풴.....................................................................................................................21 2ꆢ폐훺맦랶뿘막막뚫탐캪.............................................................................................................21 3ꆢ듟짺탂뗄춶펯샻쒣쪽.............................................................................................................21 4ꆢ췆뚯맺폐닺맜샭쒣쪽뗄뒴탂.................................................................................................21 1짨솢듳탍믹뷰쿲릫훚뎣쓪쿺쫛................................................................................................21 2틔맺폐막좨내쫐횵볆볛죏릺뾪럅쪽믹뷰................................................................................21 3울쟫춶틸탐엤쫛듳ퟚ막욱....................................................................................................22 4춨맽듳ퟚ붻틗쿲햽싔춶헟죃............................................................................................22 5ꆢ듙뷸훐맺믹뷰튵뿧풽쪽랢햹.....................................................................................................22 6ꆢ뷡폯.............................................................................................................................................22 춼뇭튻샀뇭.......................................................................................................................................22 닎뾼컄쿗...........................................................................................................................................23 햪튪 막좨럖쇑헢튻쫐뎡훆뛈짨볆좱쿝쫇볠맜떱뻖헾닟쪧킧ꆢ뿘막막뚫탐캪쒣쪽뇤틬뗄룹풴ꎬ늢퇏훘ퟨ낭ퟅ횤좯쫐뎡뗄뷸튻늽랢햹ꎬ쪵쿖좫쇷춨틑돉캪쫐뎡릲쪶ꆣ놾컄믘맋릫뾪헷벯맺폐막복돖랽낸뗄샺돌ꎬ럖컶쇋룃릤ퟷ쪧냜뗄풭틲ꎬ뛔쯹폐좫쇷춨랽낸ퟶ쇋쾵춳뗄움볛ꆣ 놾컄쳡돶좫쇷춨랽낸펦ퟱ톭쿈쇷춨뫳복돖ꆢ놣뮤쇷춨막뫍럇쇷춨막막뚫늢훘ꆢ닺볛횵쫘뫣ꆢ쫐뎡늨뚯ퟮ킡뮯ꆢ쪵쪩쫖뛎볲떥ꆢ뚨볛믺훆쓑폚닙ퟝ뗈6쿮풭퓲ꆣ쇷춨좨붻틗랽낸뗄믹놾쮼슷쫇틔뛀뒴탔뗄쇷춨좨뚨볛샭싛캪샭싛믹뒡ꎬ룹뻝늻춬막럝뮻닟싔볆쯣뮻쫐볛ꎬ퓙룹뻝닢쯣쫐볛ꆢ쎿막뺻닺뛔뿉쇷춨막떥뛀쇷춨좨뫍럇쇷춨막풼뚨쇷춨좨뚨볛ꎻ럇쇷춨막막뚫틔늿럖막럝쿲릫쮾쫪싲쓢쇷춨막럝뗄풼뚨쇷춨좨샻ꎬ릫쮾쿲뿉쇷춨막막뚫퓶막럝틔믘릺뿉쇷춨막뗄떥뛀쇷춨좨샻ꎬ퓚쯵막ꆢ삩막ꆢ막죽훖늻춬닟싔쿂솽훖붻틗탐캪떥뛀믲ퟩ뫏퓋폃ꆣ놾컄뒴탂탔뗘쳡돶막럝샠뇰뷧뚨뗄탂맛뗣ꎬ늢뻍늻춬좫쇷춨랽낸뛔뿉쇷춨막ꆢ럇쇷춨막뗄맀횵랽램ퟷ돶움볛ꆣ 믹폚쫐펯싊폐킧탔샭싛ꎬ놾컄쳡돶펦ퟛ뫏퓋폃뗷뫍욽뻹램ꆢ폐킧랶캧램ꆢ막놾볓좨욽뻹램룄뷸쏨쫶헻쳥쫐펯싊쮮욽ꎬ늢폃뚨솿쫖뛎럖컶좫쇷춨랽낸뛔8샠뗤탍룶막뫍막욱벯뫏헻쳥쫐펯싊쮮욽쿂붵뗄펰쿬ꎬ춨맽뛔훷튪맺볒돉럝횸쫽쫐펯싊쮮욽뇈뷏ꎬ좫쇷춨뫳짏횤180횸쫽ꆢ짮횤100횸쫽뗄쫐펯싊캪뗷뫍뻹횵19놶ꆢ쯣쫵뻹횵25놶ꎬ듳훂뷓뷼맺볊쮮욽ꎬ훐맺막쫐뷸죫뿉춶쟸폲ꆣ 내쇷춨좨붻틗랽낸쪵쪩좫쇷춨뛔췪짆훐맺놾쫐뎡폐믽벫틢틥ꎬ뿉틔뫏샭엤훃죚풴ꎬ폐훺맦랶뿘막막뚫탐캪ꎬ듟짺탂뗄춶펯샻쒣쪽ꎬ듙뷸훐맺믹뷰튵뿧풽쪽랢햹ꎬ췆뚯맺폐닺맜샭쒣쪽뗄뒴탂ꆣ놾컄뮹닎뾼맺볊맟샽쳡돶쇋맺폐막좨닺맜샭뗄뒴탂쮼슷ꎬ훮죧짨솢듳탍믹뷰쿲릫훚뎤쓪쿺쫛ꆢ틔맺폐막좨내쫐횵볆볛죏릺뾪럅쪽믹뷰ꆢ울쟫춶틸탐엤쫛듳ퟚ막욱ꆢ춨맽듳ퟚ붻틗쿲햽싔춶헟죃ꆣ 맘볼듊ꎺ좫쇷춨 쇷춨좨뚨볛샭싛 맀횵 쫐펯싊폐킧탔 3-23
잰퇔ꆢ 막럝좫쇷춨쫇샺쪷뗄뇘좻톡퓱 ퟷ캪튻룶듸폐얨뫱볆뮮뺭볃즫닊뫍샓펡뗄쫐뎡ꎬ훐맺횤좯쫐뎡ퟮ캪춻돶뗄쳘헷뻍쫇쯼붫짏쫐릫쮾뗄막좨내춶헟훷쳥뗄늻춬뮮럖캪맺폐막ꆢ램죋막ꆢ릫훚막벰췢막뗈ꎬ늢죋캪뗘럖룮쯼쏇뗄좨샻폫틥컱ꎬ떼훂퓚춬튻쫐뎡쓚춬막늻춬좨ꆢ춬막늻춬샻ꆢ춬막늻춬볛ꆣ뛠쓪뗄쫐뎡쪵볹돤럖횤쏷ꎬ쫐뎡훆뛈뗄짨볆좱쿝틑뺭돉캪볠맜떱뻖헾닟쪧킧ꆢ뿘막막뚫탐캪쒣쪽뇤틬뗄룹풴ꎬ늢퇏훘ퟨ낭ퟅ횤좯쫐뎡뗄뷸튻늽랢햹ꆣ 1ꆢ막좨럖쇑떼훂볠맜떱뻖헾닟쪧킧 1맺폐막복돖헾닟싅쫔싅냜 맺폐막복돖퓚싛횤뛠쓪늢쫔탐벸듎뻹룦쪧냜뫳훕폚놻춣횹ꎬ뇭쏷믘뇜막럝좫쇷춨컊쳢뛸떥뒿뾼싇맺폐막퓚뛾벶쫐뎡짏복돖쳗쿖쫇탐늻춨뗄ꆣ 2듦솿늻뚯ꆢ탂릫쮾좫쇷춨헾닟캴쫔쿈냜 본폚럇쇷춨막듦솿엓듳쓑틔뒦샭ꎬ폐늿럖볠맜믺릹뫍퇐뺿믺릹뗄죋쪿쳡돶듦솿늻뚯ꆢ탂릫쮾랢탐탂막뫳좫쇷춨뗄릹쿫ꆣ쿻쾢퓚쫐뎡짏튻뒫능ꎬ십짏틽웰튻욬뿖믅ꆣ평폚쫐뎡폐ퟅ솼뫃뗄볛룱뒫떼믺훆ꎬ솽샠늻춬맀볛쳥쾵뗄막욱믡뫜뿬쿻맀볛뗄닮틬ꎬ뛸헢틢캶ퟅ샏쇷춨막막뚫뗄닺뷸튻늽쯰쪧ꆣ 3췢늢릺헾닟샻뫃뇤샻뿕 2002쓪11퓂16죕췢늢릺춨횪돶첨뫳쫐뎡늢늻쿳헾닟훆뚨헟뫍늿럖퇐뺿죋풱뗄풤웚뾴헇쓇퇹ꎬ뛸쫇톡퓱쇋쿂뗸ꆣ룹뻝B막쫐뎡뗄쿖탐맦퓲ꎬ췢램죋막퓚튻뚨쳵볾쿂뿉틔뺭횤볠믡뫋ힼ퓚B막쫐뎡쇷춨ꆣ럇쇷춨막쿲췢죃뫳죧맻뿉틔뇤룼캪췢램죋막뻍뻟놸쇋퓚B막쫐뎡짏쫐쇷춨뗄쳵볾ꆣ쫐뎡떣폇럇쇷춨막컊쳢폐뿉쓜퓚B막쫐뎡뷢뻶ꎬ쇷춨막막뚫펦쿲럇쇷춨막막뚫쫕좡쇷춨좨샻탐쪹뷰뗄틾몬좨틦뻍폐뿉쓜놻냾뛡믲쿷복ꆣ헽틲캪죧듋ꎬ퓚쿖폐헾닟뮷뺳쿂ꎬ췢늢릺럇떫늻쫇샻뫃랴뛸뇤돉쇋샻뿕틲쯘ꆣ 4막횸웚믵뗈뇜쿕릤뻟컞램췆돶 볠맜떱뻖뫍붻틗쯹퓧뻍퓚퇐뺿막횸웚믵뗄췆돶ꎬ좻뛸쎿듎쫐뎡뒫컅붫췆돶막횸웚믵쪱뚼믡룸쫐뎡듸살쿂뗸뚯쓜ꆣ뺿웤풭틲ꎬ퓚좫쇷춨컊쳢뷢뻶잰뺰튣튣컞웚뗄쿖ힴ쿂ꎬ막횸웚믵횻쓜돉캪쫐뎡떥뇟쿂뗸뗄훺췆웷ꆣ막횸웚믵쯤좻룸믺릹춶헟쳡릩쇋뇜쿕릤뻟ꎬ떫뛔폚듳뛠쫽늻뻟놸닎폫막횸웚믵붻틗뗄쳵볾뗄훐킡춶헟뛸퇔ꎬ퓚떥뇟쿂뗸뗄풤웚쿂죏뿷쇋뷡튲탭쫇튻룶ퟮ뫃뗄톡퓱ꆣ 5랢탐훆뛈쫐뎡뮯얬솦쪧냜 볠맜떱뻖퓚폫맺볊뷓맬뗄믹뗷쿂ꎬ1998쓪뾪쪼쪵탐랢탐쫐펯싊평랢탐죋폫훷돐쿺짌킭짌좷뚨뗄룄룯뻙듫ꎬ쫗듎랢탐쫐펯싊평풭살만뚨뗄15놶훰붥짏짽떽20폠놶ꎬ2000쓪좫쏦럅뾪쫐펯싊폫쫐뎡뷓맬뫳랢탐쫐펯싊룼짽떽30-40놶ꎬퟮ샫웗뗄쫇퓚쫔폃짏췸뺺볛믺훆쫗듎랢탐쏶뚫뗧솦쪱쫐펯싊뺹듯떽88놶ꆣ샛볆뺺볛믺훆놾살쫇맺볊춨탐뗄볛룱랢쿖쫖뛎ꎬ떫쫇퓚얤쟺뗄쫐뎡믺훆쿂웤ퟷ폃폫볠맜떱뻖뗄놾틢듳쿠뺶춥ꆣ 쯹탒듓2001쓪쿂냫쓪뾪쪼횤볠믡쪵탐쇋횻ퟶ늻쮵뗄뒰뿚좰떼헾닟ꎬ쫗듎랢탐쫐펯싊늻뎬맽20놶ꆣ쯤좻헢튻헾닟늻럻뫏횤좯램뫍쯹캽맺볊맟샽ꎬ떫좴쫇럻뫏횤좯쫐뎡훐맺쳘즫뗄헽좷뻶뚨ꎬ폐킧뗘훆횹쇋럇쇷춨막막뚫뿘훆쿂뗄짏쫐릫쮾뛱틢좦잮ꆣ 6랢탐짪놨훆뛈뇤룯쿝죫삧뺳 훐맺횤좯쫐뎡듓돵붨틔살ꎬ랢탐짪놨훆뛈샺뺭볆뮮뺭볃쒣쪽쿂뗄뛮뛈훆ꆢ쿞놨볒쫽훆ꎬ횱떽1998쓪틔뫳캪럻뫏쫐뎡뺭볃랢햹쟷쫆뗄뫋ힼ훆ꆣ떫볆뮮쿞훆튻좡쿻ꎬ듳솿뗄웳튵펿쿲짏쫐뗄뗀슷ꎬ횤볠믡뫜뿬뻍돶첨쇋쓢랢탐릫쮾뢨떼튻쓪뗄훆뛈ꎬ폐킧뗘퇓뮺쇋웳튵톰쟳짏쫐뗄뷸뛈ꎬ뿍맛짏튲웰떽쇋쳡룟쓢랢탐릫쮾훊솿뗄킧맻ꆣ좻뛸뷸죫2001쓪쯦ퟅ듳엺릫쮾뢨떼떽웚뫍퓙죚헾닟뗄럅뾪ꎬ듳솿뗄죚쿮쒿탨튪짪놨ꆣ횤볠믡폖돶첨쇋랢탐짪놨춨뗀훆헢튻쏷쿔듸폐볆뮮뺭볃샓펡뗄헾닟ꎬ듓짪놨뮷뷚뿘훆웳튵뿊쟳뗍돉놾듳맦쒣좦잮뗄폻췻ꆣ헢튻헾닟컞틉룸횤좯릫쮾뗄펪짺뮷뺳듸살쇋뢺쏦펰쿬ꎬ떫좴쫇럻뫏쪵볊쟩뿶뗄폐킧헾닟ꆣ 4-23
2ꆢ럇쇷춨막늻쇷춨떼훂뿘막막뚫탐캪쒣쪽뇤틬 평폚럇쇷춨막늻쇷춨ꎬ쇷춨막막볛늨뚯폫뿘막막뚫ퟔ짭닺볛횵췪좫컞맘ꎬ틲듋뿘막막뚫퓚펰쿬릫쮾맜샭닣뻶닟쪱늻쫇틔캬뮤쇷춨막막뚫샻틦캪솢ퟣ뗣ꎬ웤탐캪쒣쪽랢짺뇤틬ꆣ 1뿘막막뚫뿘훆짏쫐릫쮾룟볛죚 쯦ퟅ막욱쫐뎡닆뢻킧펦뗄춹쿖ꆢ죚릦쓜뗄퓶잿ꎬ횤좯쫐뎡캪맺웳럾컱ꎬ짵훁쫇캪맺웳뷢삧럾컱돉쇋횤좯쫐뎡뗄훷믹뗷ꆣ퓚1994-1999쓪웚볤ꎬ럇쇷춨막막뚫춶욱횧돖평쇷춨막막뚫돶잮닎폫엤막ꎬ뛸ퟔ벺좴쳃뛸믊횮럅웺엤막좨ꎬ짵훁뮹튪쿲쇷춨막막뚫쫕좡쎿막1-2쎫잮뗄쯹캽엤막좨죃럑ꆣ평폚횤좯쫐뎡듦퓚돽좨믺훆ꎬ쇷춨막막뚫죧맻늻닎폫엤막첯놡돉놾ꎬ닺붫놻뚯쯵쮮ꎬ틲듋엤막럇늻쫇좨샻랴뛸돉쇋틥컱ꆣ 2000쓪쯦ퟅ볠맜떱뻖뛔퓙죚헾닟뗄럅쯉뫍쫐뎡돖탸쿲뫃ꎬ듳솿릫쮾쿠볌췆돶쇋룟볛퓙죚랽낸ꆣ죚돉릦뫳쎿막뺻닺믡쿔훸쳡룟ꎬ뛸럇쇷춨막막뚫죃막럝쫇틔쎿막뺻닺캪뚨볛믹ힼ뗄ꎬ헢틢캶ퟅ럇쇷춨막막뚫컞탫뢶돶죎뫎듺볛뻍뿉틔믱뗃뛮췢샻틦ꆣ 2맄샸쿖뷰럖뫬훷헅퓢폶?? 틔췹훐맺짏쫐릫쮾뛠쫽쟣쿲폚뛠좦잮짙럖쿖뷰ꎬ2002쓪돵볠맜믺릹쳡돶쇋맄샸짏쫐릫쮾뛠럖뫬뗄훷헅뫳ꎬ쫐뎡훐돶쿖틔폃폑죭볾캪듺뇭뗄늿럖릫쮾듳뇈샽쿖뷰럖뫬뗄쿖쿳ꆣ듓맺볊맟샽살뾴ꎬ막쾢싊룟좷쪵쫇볛횵탍짏쫐릫쮾펦폐뗄솼뫃뇭쿖ꎬ펦룃쮵볠맜믺릹뗄헾닟떼쿲늢쎻폐듭ꎬ컊쳢퓚폚헾닟돶첨퓚럇쇷춨막막뚫탐캪얤쟺뗄쫐뎡뮷뺳훐ꆣ폃폑죭볾뗄럇쇷춨막막뚫튻뻙믱뗃풼4500췲쿖뷰ꎬ햼짏쫐잰럇쇷춨막막뚫뗄막좨닺볛횵뗄50ꎥ잿ꎬ뛸쇷춨막막뚫횻믱뗃쇋늻떽2000췲뗄쿖뷰ꎬ폫9틚풪뗄풭쪼춶돉놾쿠뇈폐죧놭쮮뎵킽ꎬ룼싛퓚뾪엌100풪뷓엌뗄쇷춨막막뚫쇋ꆣ 3ꆢ막럝좫쇷춨훰붥돉캪쫐뎡릲쪶 펦룃쮵ꎬ볠맜떱뻖뛔막좨럖쇑컊쳢뗄퇏훘탔쫇퓧폐죏쪶뗄ꆣ뷏퓧뗄싛쫶쫇퓚1994쓪10퓂27죕횤볠믡횤볠랢[1994]161뫅맘폚냤랢ꆶ짏쫐릫쮾냬샭엤막짪쟫뫍탅쾢엻슶뗄뻟쳥맦뚨ꆷ뗄춨횪ꎺꆰ쒿잰평맺볒펵폐뫍램죋돖폐뗄짏쫐릫쮾막럝벰웤퓶솿퓝쪱짐캴짏쫐쇷춨ꎬ헢쫇퓚막럝훆쫔뗣뫍막욱쫐뎡쫔퇩뗄맽돌훐탎돉뗄ꆢ퓚ꆶ릫쮾램ꆷ냤늼늢짺킧횮잰틅쇴쿂살뗄쳘쫢컊쳢ꆣ헢튻컊쳢펦떱퓚짧믡훷틥쫐뎡뺭볃쳥훆뗄붨솢폫췪짆맽돌훐ꎬ쯦ퟅ막럝훆쫔뗣뫍막욱쫐뎡쫔퇩뗄췆뷸ꎬ뷡뫏맺폐닺맜샭쳥훆뗄룄룯폫췪짆ꎬ틔벰웤쯼랽쏦뗄엤쳗룄뷸뷸돌ꎬ훰늽뗘볓틔뷢뻶ꆣ쒿잰ꎬ짐늻뻟놸좫쏦뷢뻶헢튻컊쳢뗄뿍맛쳵볾ꆣ폐맘헢튻쿲쳢뗄쫔뗣뫍쫔퇩ꎬ뇘탫퓚춳튻쇬떼쿂ꎬ폐ퟩ횯ꆢ폐늽훨뗘뷸탐ꆣꆱ 2002쓪10퓂22죕ꎬ훐맺횤볠믡뢱훷쾯쪷쏀싗퓚짏몣APEC럥믡쪱퓸뇭쪾ꎬ훐맺짏쫐릫쮾쇷춨막폫램죋막럖룮쫇샺쪷틅쇴컊쳢ꎬ폐맘늿쏅헽퓚퇐뺿램죋막뗄뮯컊쳢ꎬퟮ훕쒿뇪쫇쯹폐짏쫐릫쮾막럝췪좫뿉쇷춨ꆣ늻맽쯽잿뗷ꎬ쒿잰헢튻뷸돌쎻폐죎뫎쪱볤뿲볜ꆣ 떫쫇ꎬ쯦ퟅ컒맺볓죫WTOꎬ캴살뗄훐맺놾쫐뎡뇘붫쫇튻룶좫쟲뮯뗄쫐뎡ꎬ춶헟폺쟥컺뗘쇋뷢헢룶쫐뎡뗄맦퓲폫쫀뷧룷맺뚼뷓쫜뗄뇪ힼ횮쿂퓋ퟷ뗄쫐뎡횮볤뗄닮틬ꎬ뻍폺쓜쳥믡떽막럝좫쇷춨뗄뷴웈탔ꆣ쇭튻랽쏦ꎬ떱뺭볃랢햹떽튻뚨뷗뛎ꎬ맺췢춶믹뷰붫돉캪컼쫕췢뗄훷튪쟾뗀횮튻ꆣ훐맺쫐뎡튪뻟놸듳맦쒣컼쫕맺췢춶믹뷰뗄쓜솦ꎬ뻍뇘탫쪹맺쓚뗄램싉ꆢ램맦ꆢ쫐뎡퓋ퟷ폫좫쟲돉쫬놾쫐뎡뷓맬틔쳡릩룼뛠뗄춶닺욷뫍욷훖ꆣ퓚헢훖놳뺰쿂ꎬ막럝뗄좫쇷춨쪵볊틑뺭돉캪쫐뎡뗄릲쪶ꆣ 2002쓪11퓂9죕죽듳횤좯놨춷냦놨뗀ꎺꆰ훐맺횤볠믡떳캯죏헦ퟩ횯쫕뾴떳뗄쪮쇹듳뾪쒻쪽뗄탂컅ꎬ듳볒웕뇩죏캪ꎬ붭ퟜ쫩볇뗄놨룦캪뷢뻶횤좯쫐뎡뗄튻킩룹놾탔컊쳢횸쏷쇋랽쿲ꎬ쪹컒쏇뛔폚횤좯쫐뎡뗄캴살랢햹룼볓돤싺탅탄ꆣꆱ훚쯹훜횪ꎬ훐맺횤좯쫐뎡뗄룹놾탔컊쳢횮튻뻍쫇막럝좫쇷춨컊쳢ꎬ폟싛풤웚뷢뻶좫쇷춨컊쳢붫폐뿉쓜쳡짏틩쫂죕돌ꆣ 2002쿂냫쓪틔살ꎬ볠맜떱뻖튻횱쾣췻쓜펪퓬튻룶뿭쯉뗄뮷뺳ꎬ뛔좫쇷춨컊쳢닉좡쇋룩훃뒦샭뗄뛔닟ꆣ돏좻ꎬퟷ돶헢퇹듳훇믛듳폂웸뗄뻶뛏뮹탨튪릫훚뗄폟싛톹솦뫍퓋ퟷ랽낸뗄뷸튻늽돉쫬ꆣ폐본폚듋ꎬ뇊헟퓚믘맋쿖폐좫쇷춨랽낸돉맻뗄믹뒡짏ꎬ쳡돶쇋쇷춨좨뚨볛샭싛뫍쇷춨좨붻틗랽낸릩볠맜떱뻖뻶닟닎뾼뫍짧믡릫훚쳖싛ꆣ 5-23
튻ꆢ 막럝좫쇷춨랽낸쿖폐돉맻움볛 1ꆢ릫뾪헷벯맺폐막복돖랽낸뗄샺돌믘맋 ퟔ2001쓪6퓂14죕맺컱풺돶첨맺폐막복돖냬램쪵쪩틔살ꎬ횻폐17볒웳튵춨맽탂랢믲퓶랢복돖늿럖맺폐막ꎬ돯벯짧놣믹뷰틚풪ꎬ뛸듺볛쫇막횸솬뗸쯄돉ꎬ쫐횵헴랢5400뛠틚풪ꎬ쿂냫쓪폫잰튻쓪쫐뎡돯맦쒣춬뇈복짙1397틚풪ꆣ2001쓪10퓂22죕ꎬ웈폚쫐뎡룷랽톹솦ꎬ횤볠믡뛔쪵쪩뷶쯄룶퓂뗄맺폐막복돖춻좻뷐춣ꆣ탻늼퓝춣복돖떱쳬ꎬ듳엌잿뺢랴떯ꆣ퓝춣듫쪩뇭쏷헾뢮뗄뻀듭믺훆웴뚯ꆣ 2001쓪11퓂13죕ꎬ훐맺횤볠믡맦뮮랢햹캯풱믡퓚횤볠믡뮥솪췸햾릫뾪쿲짧믡룷뷧헷벯맺폐막복돖랽낸ꆣ뷘훁2001쓪12퓂3죕ꎬ쿈뫳쫕벯떽룷샠붨틩4137볾ꆣ헢쫇뗚튻듎뛔튻쿮폫짧믡릫훚폐훘듳샻틦맘쾵뗄헾닟퓚돶첨잰뷸탐맣랺뗄벯쮼맣틦릫뾪톯ꎬ뇈잰벸듎맺폐막복돖랽낸퓍쓰맽돌뗄뫚쿤닙ퟷ쿠뇈컞틉쫇훘듳뗄샺쪷뷸늽ꆣ 뛔폚쯹헷벯떽뗄듳솿붨틩ꎬ훐맺횤볠믡맦뮮캯믡춬냋룶횤좯퇐뺿믺릹뷸탐쇋돵늽뗄믣ퟜ뫍헻샭ꎬ붫짧믡룷뷧쯹쳡뗄룷샠붨틩돵늽맩쓉캪웟듳샠랽낸ꎬ벴엤쫛샠랽낸ꆢ막좨뗷헻샠랽낸(냼삨믘릺/쯵막/삩막뗈)ꆢ뾪뇙뗚뛾쫐뎡샠랽낸ꆢ풤짨캴살쇷춨좨샠랽낸ꆢ좨횤샠랽낸ꆢ믹뷰샠랽낸벰웤쯻샠랽낸(냼삨듦솿랢쫛ꆢ막햮뮻벰럖엺뮮늦뗈)뗈웟룶샠뇰뗈ꎬ늢뷸탐쇋돵늽뗄움틩ꎬ훷튪쫇뛔룷샠랽낸뿉쓜닺짺뗄펰쿬벰웤뿉탐탔뷸탐쇋뚨탔럖컶뫍뚨솿돵늽닢쯣ꎬ춬쪱뛔룷샠랽낸쳡돶쇋쿠펦뗄룄뷸뫍엤쳗듫쪩ꆣ 2001쓪12퓂18죕ꎬ훐맺횤볠믡맦뮮캯퓚횤볠믡췸햾릫늼쇋돵늽뗄믣ퟜ뷡맻ꎬ쳡돶뛔맺폐막복돖컊쳢틑돵늽탎돉쯄뗣릲쪶ꎺ튻쫇웕뇩쾣췻맺폐막복돖펦쳥쿖짧믡릫욽뗄풭퓲ꎬ볦맋떱쫂룷랽샻틦ꎬ헹좡뛠랽릲펮ꆣ뛾쫇뻸듳뛠쫽붨틩뫍랽낸뚼뛔맺폐막복돖뗄쒿뗄폨틔뿏뚨ꎬ죏캪맺폐막복돖튪쳥쿖폐샻폚횤좯쫐뎡뗄뎤풶랢햹뫍놣돖컈뚨뗄풭퓲ꎬퟮ듳쿞뛈뗘복킡뛔횤좯쫐뎡볛룱늨뚯뗄펰쿬ꎬ룸횤좯쫐뎡튻룶컈뚨뗄랢햹뿕볤ꆣ헢뛔붨솢짧믡놣헏쳥쾵ꆢ쪵쪩맺폐뺭볃뗄햽싔탔룄ퟩ붫웰떽믽벫뗄ퟷ폃ꎬ캪훐맺횤좯쫐뎡뗄랢햹뗬뚨볡쪵뗄믹뒡ꆣ죽쫇웕뇩쾣췻쪵쿖탂짏쫐릫쮾막럝좫늿쇷춨ꎬ쿻돽얤쟺ꎬ듓뛸늻퓙삩듳쿖폐럇쇷춨막뗄듦솿ꎬ늻퓙퓶볓탂뗄ꆰ샺쪷틅쇴컊쳢ꆱꆣ쯄쫇튪헽쫓떱잰틲맺폐막ꆢ램죋막늻쓜쇷춨뛸탎돉뗄쇷춨막볛룱ꎬ뛔춶헟뗄쯰쪧룸폨뫏샭뗄뛈솿뫍쫊떱뗄늹뎥ꆣ 2002쓪1퓂26죕췭ꎬ횤볠믡맦뮮캯릫늼쇋맺폐막복돖뷗뛎탔돉맻ꎬ훷튪쫇닉폃헛죃엤쫛랽낸ꎬ뻍쫇맺폐막복돖늿럖쿲좫쳥춶헟릫뾪뺺볛랢쫛ꎬ퓚좫쇷춨뗄풤웚쿂뺺볛닺짺좫쇷춨막욱뗄볛룱ꎬ럇쇷춨막막뚫틔막럝쿲풭쇷춨막막뚫늹뎥닮볛ꆣ2002쓪1퓂28죕ꎬ막쫐뾪엌듳뗸ꎬ솽쫐막횸뗸럹뻹뎬맽6%ꎬ떱죕뗸춣막욱뎬맽200횻ꆣ2002쓪1퓂31죕ꎬ죽듳횤좯놨춬쪱뾯뗇ꆶ퓶잿뛔횤좯쫐뎡컈뚨랢햹뗄탅탄ꆷ뗄컄헂ꎬ춸슶횤볠믡잰튻죕헙뾪믡틩잿뗷뗄막쫐쫗쿈튪컈뚨랢햹늢돤럖놣뮤춶헟샻틦뗄맛뗣ꎬ탻늼쇋ꆰ뷗뛎탔돉맻ꆱ쪵훊짏틑놻럏웺ꆣ떱죕짏횤ퟛ횸듳헇%ꎬ짮횤돉횸헇럹룟듯%ꎬ쫐뎡죋웸훨짽ꎬ솽쫐헇춣룶막듯떽245횻ꆣ떫듋뫳쫐뎡폖뾪쪼쏠쏠쿂뗸ꆣ2002쓪6퓂24죕맺컱풺ퟷ돶쇋춣횹횴탐맺폐막복돖냬램뗄맦뚨ꆣ 2ꆢ릫뾪헷벯맺폐막복돖랽낸릤ퟷ쪧냜뗄풭틲럖컶 컒쏇럖컶ꎬ릫뾪헷벯맺폐막복돖랽낸릤ퟷ쪧냜뗄훷튪풭틲퓚폚ꎺ 쫗쿈ퟷ캪뷗뛎탔돉맻췆돶뗄헛죃엤쫛랽낸듦퓚훚뛠뗄좱쿝ꎺ ꎨ튻ꎩ춨맽뺺볛랢쿖좫쇷춨볛룱뗄랽쪽쪹춶헟쏦쇙쟴춽삧뺳컊쳢ꆣ벴떥룶춶헟캪쇋릺죫뗍폚엤쫛잰쫐볛뗄막럝ꎬ믡뺺헹탔뗘놨돶룟폚웤쯻춶헟뗄놨볛ꎬ퓬돉쪵볊닺짺뗄볛룱풶룟폚럇쇷춨막막뚫좷뚨뗄뗗볛ꆣ떫엤쫛늿럖막럝짏쫐뫳평폚릩룸솿퓶볓폖웈쪹볛룱쿂뗸ꎬ풭쇷춨막막뚫뗄뿷쯰뷸튻늽볓뻧ꆣ ꎨ뛾ꎩ쎻폐뾼싇럇쇷춨막퓚뺺볛엤쫛뫳쯹폠막럝폐뿉쓜늻ퟣ틔쏖늹쇷춨막막뚫뗄쯰쪧ꎬ퓬돉쇷춨막막뚫쪵훊뿷쯰ꎻ믲쏖늹쇷춨막막뚫쯰쪧뫳풭럇쇷춨막막뚫쪵볊닺뇤쿖횵뗍폚쒿잰뗄뺻닺뿉뇤쿖횵ꎬ퓬돉맺폐닺쇷쪧ꆣ ꎨ죽ꎩ듳솿짏쫐릫쮾췆돶럇쇷춨막헛볛엤쫛탨튪듳솿뷰릩룸ꎬ떼훂막쫐뷰릩탨쿔6-23
훸쪧뫢ꎬ막볛믡볌탸톡퓱쿲쿂춻웆ꆣ ꎨ쯄ꎩ엤쫛헾닟늻쫇튻떶쟐ꎬ럇쇷춨막막뚫뿉틔ퟔ평톡퓱쪱뗣ꆣ쎻폐뾼싇늿럖엤쫛릫쮾뗄쫐펯싊쮮욽쿂붵룹뻝뇈볛킧펦믡틽웰짐캴엤쫛릫쮾막볛룺쯦쿂뗸ꆣ ꎨ컥ꎩ뚨볛맽돌쒣뫽룅쓮첫뛠ꎬ뻟놸뫜뛠죋캪틲쯘ꎬ죧뺺볛ꆢ닮볛ꆢ늹뎥뗈뗈ꎬ믹놾짏뚼쫇죋캪뿉틔닙ퟝ뗄ꆣ 웤듎ꎬ맺컱풺룷탐헾늿쏅췆뚯맺폐막복돖헢쿮릤ퟷ뗄놾틢늻쫇튪뷢뻶맘뫵릫훚샻틦뗄좫쇷춨컊쳢ꎬ뛸쫇튪뷢뻶맺폐막복돖뗄닙ퟷ컊쳢ꎬ퓚헢퇹뗄횸떼쮼쿫쿂웤뇘좻톡퓱뫏뫵웤샻틦ퟮ듳뮯뗄랽낸ꎬ뛸쎻폐ퟛ뫏룷룶랽낸뗄뎤뒦ꎬ췆돶뛔쫐뎡돥믷ퟮ킡뗄랽낸ꆣ 뺡맜맺폐막복돖냬램ퟮ훕틔쪧냜룦훕ꎬ떫컒쏇죔좻튪뿍맛뗘움볛릫뾪헷벯맺폐막복돖랽낸릤ퟷ쯹좡뗃뗄돉맻ꆣ웟샠랽낸틑뺭믹놾냼죝쇋좫쇷춨릤ퟷ뗄탭뛠훘튪듫쪩뫍쮼슷ꎬ헢킩듫쪩뫍쮼슷뇘붫캪뷱뫳돶첨뗄좫쇷춨랽낸쯹닉쓉ꆣ 3ꆢ좫쇷춨랽낸움볛ퟛ쫶 퓚헢샯컒쏇쪹폃좫쇷춨뛸늻횻쫇맺폐막복돖ퟷ캪랽낸뗄쒿뇪ꎬ쫇평폚막럝좫쇷춨쫇맺폐막복돖뗄잰쳡ꆣ쎻폐좫쇷춨잰쳡쿂뗄맺폐막복돖랽낸뚼쫇붨솢퓚쇷춨막늻뛏쿲쿂훘탂랢쿖볛룱뗄믹뒡짏뗄ꎬ뮻퇔횮뻍쫇붨솢퓚춶헟돖탸쯰쪧뗄믹뒡짏ꆣ 룹뻝뷗뛎탔돉맻놨룦ꎬ짧믡룷뷧쯹쳡뗄룷샠붨틩돵늽맩쓉캪웟듳샠랽낸ꎬ벴엤쫛샠랽낸ꆢ막좨뗷헻샠랽낸(냼삨믘릺/쯵막/삩막뗈)ꆢ뾪뇙뗚뛾쫐뎡샠랽낸ꆢ풤짨캴살쇷춨좨샠랽낸ꆢ좨횤샠랽낸ꆢ믹뷰샠랽낸벰웤쯻샠랽낸(냼삨듦솿랢쫛ꆢ막햮뮻벰럖엺뮮늦뗈)뗈웟룶샠뇰ꆣ컒쏇죏캪ꎺ뾪뇙뗚뛾쫐뎡샠랽낸ꆢ풤짨캴살쇷춨좨샠랽낸늢늻놻움틩믺릹죏춬ꎻ엤쫛샠랽낸ꆢ막좨뗷헻샠랽낸쫇죏춬싊ퟮ룟뗄훷튪랽낸ꎻ좨횤ꆢ믹뷰ꆢ듦솿랢쫛ꆢ막햮뮻벰럖엺뮮늦뗈뚼쫇쪵쿖좫쇷춨뫳맺폐막복돖뗄훘튪릤뻟뫍쫖뛎ꎬ떫늻뻟놸ퟷ캪훷쳥랽낸뗄쳵볾ꆣ본폚짏컄뗄럖컶뫍쪵볹뗄볬퇩ꎬ엤쫛샠랽낸틑뺭놻쫐뎡뫍맜샭닣럱뻶ꆣ캪쫐뎡맣랺뷓쫜뗄랽낸횻쓜쫇막좨뗷헻샠랽낸ꎬ컊쳢쫇죧뫎헒떽럇쇷춨막막뚫뫍쇷춨막막뚫뗄샻틦욽뫢뗣ꎬ헢쫇뇊헟짨볆랽낸뗄돶랢뗣ꆣ 쿂쏦컒쏇뛔퓚릫훚쎽쳥훐뷏쫜맘힢뗄랽낸ퟶ뛳튪뗄움쫶ꎬ듓헢킩랽낸뗄뗃쪧ꎬ뇊헟뿉틔ퟜ뷡뺭퇩뷌통ꎬ쳡돶ퟮ듳뿉쓜쟷샻뇗몦뗄랽낸ꆣ뛔잰7룶랽낸뗄움볛살ퟔ폚뷗뛎탔돉맻놨룦ꎬ뛔뷗뛎탔돉맻뫍웤쯻췸짏뒫능뗄좫쇷춨랽낸뗄움볛평뇊헟쳡릩ꆣ 7-23
뇭룱 1 좫쇷춨랽낸움볛튻샀뇭 탲뫅 랽낸 튪뗣 랽낸쾸럖샠 뚨볛 뷢뻶뗄컊쳢 캴뷢뻶뗄컊쳢 1 엤쫛샠랽낸믹놾쮼슷쫇짏쫐릫쮾럇쇷춨막1늿럖맺폐막엤쫛ꎬ쪣폠뗄맺폐막틀뻉늻1훷맛뚨볛ꎺ틔뺻닺엤쫛ꆢퟛ뫏뺻1뷢뻶쇷춨탔컊쳢ꎨ돽뗚튻쾸샠랽1뛔쇷춨막막뚫뫍쫐뎡뗄뷰톹솦ꎻ 횮튻 막뚫붫웤돖폐뗄막럝내헕튻뚨뻟놸쇷춨탔ꆣ 닺뫍웤쯻횸뇪좷뚨ꆢ뺻닺쿲짏뢡낸ꎩꎻ 2쓑틔좷뚨쇷춨막늹뎥ힼ좷뷰뛮ꎻ 뗄뇈샽뫍볛룱죃ꎨ믲폅쿈2늿럖맺폐막엤쫛ꎬ쪣폠뗄맺폐막믱뗃쇷뚯튻뚨뇈샽ꆢ쫐뎡볛헛볛ꆢ내튻뚨놶2짧놣돯ꎻ 3듳늿럖랽낸컞램뛔쇷춨막늹뎥ꎻ 죃ꎩ룸쇷춨막막뚫ꆣ죃뫳ꎬ놻춨탔ꆣ 쫽쫐펯싊엤쫛ꎻ 3폐쿈샽틗폚닙ퟷꎻ 4훷맛뚨볛랽쪽뗄좱뗣쫇웤뇪ힼ쓑죃뗄막럝돉캪쇷춨막ꆣ 3좫늿맺폐막엤쫛ꆣ 2쫐뎡뮯뚨볛ꎺ뺺볛 4쫇뛔샏쇷춨막뗄늹뎥ꎻ 틔좷뚨믲쓑틔뗃떽룷랽죏춬ꆣ 1 엤쫛샠랽낸쿲풭폐쇷춨막막뚫엤쫛쫇횸복튻ꆢ늿럖쇷춨복돖 --- 풭폐쇷춨막막뚫짏쫐뎡뮯뚨볛ꎺ뺺볛1훰늽믲튻듎탔뷢뻶맺폐막뗄복돖뺺볛뗗볛뗄좷뚨뫍좫쇷춨막볛뗄탎횮뛾 돖훷쳥붫복돖뗄막럝좫늿쿲풭췸샛믽뺺볛ꎫ엤쫛ꎬ캴복돖늿럖죔늻쓜쇷뫍럇쇷춨막뗄쇷춨컊쳢ꎻ 돉붨솢퓚닎폫룷랽샭탔풤웚뫍횤좯쿲풭폐쇷춨폐쇷춨막막뚫틔튻뚨뗄볛룱내춨 2폐킧룄짆막놾뷡릹뫍훎샭뷡릹ꎻ쫐뎡컈뚨퓋탐뗄믹뒡횮짏ꎬ죝틗돶막막뚫엤쫛뇈샽죃뗄탐캪ꆣ 뛾ꆢ좫늿쇷춨복돖엤쫛랽낸 ---- 풭폐쇷3돤쪵짧놣믹뷰 쿖쫐뎡닙ퟝ믲뺺볛늻돤럖ꎬ쓑틔탎랽낸 춨막막뚫짏췸샛믽뺺볛ꎫ엤쫛ꎻ캴복돖늿4럻뫏쫐뎡컈뚨풭퓲 돉릫욽볛룱ꎬ떼훂퓋ퟷ쪧냜 럖ퟔ뚯뮯캪쇷춨막 2 믹뷰샠랽낸 1맺폐막내튻뚨볛룱뫍좨훘힢죫2ꆢ맺폐막복돖쇷춨믹뷰샠탍 쿖폐믹뷰랽낸쳡돶붫맺폐막내헕쇷1복돖폫쇷춨럖뾪ꎬ듯떽뺡뿬복돖쒿1맺폐막쫐볛쇷춨뛔쫐뎡돥믷듳ꎻ 맺폐막복돖쇷춨믹뷰ꎻ ꎨ1ꎩ럢뇕쪽믹뷰 춨쫐볛헛볛ꆢ믲헟내헕돖막돉놾헛뇪ꎬ폖복쟡쫐뎡돥믷ꎻ 2쫐뎡좱랦ETFs퓋ퟷ뗄뇜쿕릤뻟ꎻ 2믹뷰떥캻릫뾪랢탐늢짏쫐쇷 ꎨ2ꎩ붻틗쯹싲싴믹뷰ꎨETFsꎬ죧펯뢻볛ꆢ믲헟내헕막쫽폫쫐볛볓좨뗈뮮맩2틽죫퓶솿뷰닎폫맺폐막복돖ꎬ쳡3쓑틔짨볆늹뎥쇷춨막막뚫뗄룄뷸춨ꎬ췪돉맺폐막복돖ꎻ 믹뷰ꎩꎬ뾪럅쪽폫럢뇕쪽쿠뷡뫏ꆣ 믹뷰 릩탂춶릤뻟 랽낸ꎻ 3믹뷰맜샭죋룹뻝쫐뎡ힴ뿶훰늽3붵뗍쇋춶헟닎폫맺폐막복돖뗄4맺폐막복돖뗄뚨볛좱랦돤럖뗄틀싴돶맺폐막ꎬ쪵쿖맺폐막럖웚럖럇쾵춳탔럧쿕 뻝ꆣ 엺쇷춨ꆣ 4튵믺릹맜샭 3 풤짨캴살쇷릫룦좷뚨캴살뗄럇쇷춨막쇷춨 쪵볊볓볛럹뛈퓚ퟮ뗍볓볛럹뛈(죧1맺폐막쇷춨맦퓲춳튻ꆢ쏷좷ꎻ2맺1틔맽좥볛룱좷뚨볓볛럹뛈ꆢ뷸뛸좷춨좨랽낸 뗗볛볆쯣죕ꎬ믹ힼ죕쫕엌볛볓짏50%)폫막볛샺쪷닮럹횮훐좡웤듳ꆣ막폐막횻퓚튻뚨볛룱횮짏랽뿉쇷춨ꎬ뚨맺폐막쇷춨뗗볛늻뫏샭ꎻ 볓볛럹뛈캪쇷춨뗗볛ꎬ럇쇷춨막볛샺쪷닮럹쫇50훜ퟮ룟볛폫믹ힼ죕뇜쏢놻볺싴ꎻ3럇쇷춨막캪쇷춨막2ퟮ뗍볓볛럹뛈50ꎥ폐죋캪틲쯘ꎬ횻폐퓚뗗볛횮짏랽뿉쇷춨ꎻ 쫕엌볛뗄닮 뫍쪵볊쇷춨럖뾪ꎻ4틖훆쫐뎡닙ퟝꎻ좱랦뿆톧탔ꎻ 5벤샸듳막뚫쳡룟벨킧ꎬ쳡짽맺폐막3죧맻막볛뎤웚뗍쏔듯늻떽뗗볛ꎬ맺볛횵ꆣ 폐막컞램쇷춨ꆣ 4 좨횤ퟩ뫏복캧죆맺폐막복돖볛룱ꆢ뷰살풴틔좨횤캪훷ꎬ뷡뫏엤쫛ꆢ듦솿랢탐뫍믹뷰 1샻폃뷰죚릤돌ꎬ폅뮯벼쫵닎쫽ꎬ놣1랽낸횻톡퓱믹놾쏦컈뚨ꆢ맺막뇈샽돖맺폐막닙틔벰뛔샏쇷춨막막뚫늹뎥뗈죽뗈탎쪽ꎬ 횤돯ퟮ듳뮯ꎻ 듳벰샏쇷춨막막뚫돉놾폫쫐볛볛닮ퟷ랽낸 룶뫋탄컊쳢ꎬ퓚뚨볛쫐뎡뮯ꆢ뻹2쫐뎡닎폫랽컞쏷쿔쳗샻믺믡ꎻ 늻듳뗄릫쮾쫔뗣ꎬ늻뷢뻶쿂뗸풤웚뫢쫐뎡룷랽샻틦뗄풭퓲쿂ꎬ뛔짏3폃좨횤뚯첬쏖늹쇷춨막막뚫쯰쪧ꎻ컊쳢뫍좫늿쇷춨컊쳢 쫐릫쮾뗄맺폐막뷸탐럖엺럖뷗4쫐뎡돥믷뷏킡ꎻ 뛎쇷춨복돖ꆣ 5ퟛ뫏좨횤ꆢ엤쫛ꆢ듦솿랢탐뫍믹뷰랽낸쯹뎤ꎬ뿉닙ퟷ탔잿ꆣ 5 막좨뗷헻샠쿖폐럇쇷춨막내뇈샽뫏늢막럝엉짺랽낸훷튪벯훐퓚쯵막뫳죧뫎복돖랽럇쇷춨막쎿막맀횵ꎺ 1맺폐막폐킧복돖ꎬ짧놣돯ꎬ쫐뎡1쯵막뇈샽쫇헹틩맘볼ꎬ맀횵풤웚늻랽낸횮튻 뫳ꎬ쪹럇쇷춨막뫏늢뫳쎿막맀횵쏦ꎺ 1듳뛠쫽붨틩틔뺻닺캪믹뒡늢닎뾼욽컈ꎬ캬뮤닎폫룷랽샻틦쿠뛔뻹뫢ꎻ춬ꎬ폐킩럇쇷춨막막뚫붫쯵막틽짪쯵막 폫쇷춨막볛룱튻훂ꎬ좻뫳복돖ꆣ1쯵막뫳평햽싔춶믹뷰돖폐ꎬ믹뷰룹뻝킧틦횸뇪뺭쫊떱뗷헻ꎻ2틔H막/B막2랽낸탨볲쏷ꎬ뻟폐닙ퟷ탔ꆢ틗횴탐ꎬ캪맺폐닺쇷쪧ꎬ늢뛔A막볛룱뫏쯵막뇈샽좡뻶폚럇쇷춨막뗄쎿쫐뎡복돖ꎻ /N막/맺췢춬탐튵쫐펯싊캪믹뒡늢뺭틗움맀킧맻ꎬ복짙닙ퟝꎻ 샭탔훊틉ꎬ뫜쓑춳튻킭뗷ꎻ 막맀횵폫쇷춨막뗄쎿막쫐볛ꆣ 3쯵막뫳짏쫐릫쮾믘릺ꎻ 뗷헻ꎻ3샺쪷뮹풭램ꎬ벴맺폐막쎿막3뿉쫊폃폚뷢뻶듦솿쇷춨뫍탂짏쫐2뛔럇쇷춨뇈샽듳뗄릫쮾늻쫊폃ꎻ 4쯵막뫳뺳췢랢쫛ꆣ 춶죫ퟜ돉놾늢뺭펮샻뗷헻ꎻ4킭틩릫쮾뗄탂퓶듦솿쇷춨컊쳢ꎬ쫇튻듎3쯵막뇭뻶돌탲뫍램맦틀뻝ꆢ웤쯻램죃볛ꎻ5내랢탐볛쯵막ꎬ탨뺭쿖뷰럖탔뷢뻶랽낸ꆣ 죋막쫊폃탔컊쳢폐듽뷢뻶ꎻ 뫬뗷헻ꎻ6쳹쿖쿖뷰쇷램ꆣ 4췢쇷춨막죴늻춬뇈쯵막퓲좨틦뇈샽ퟔ뚯삩듳ꆣ 8-23
탲뫅 랽낸 튪뗣 랽낸쾸럖샠 뚨볛 뷢뻶뗄컊쳢 캴뷢뻶뗄컊쳢 5 막좨뗷헻샠쿖폐쇷춨막내뇈샽쯍막뫳ꎬ쪹럇엉짺랽낸훷튪벯훐퓚쯍막뫳죧뫎복돖랽쯍막뇈샽좡뻶폚럇쇷춨막쎿막맀횵폫쯵막랽낸샗춬1-3폫쯵막랽낸샗춬ꎻ 랽낸횮튻 쇷춨막쎿막맀횵폫쇷춨막볛룱쏦ꎺ폫쯵막뫳복돖랽낸샗춬ꆣ 폫쇷춨막쫐볛ꎬ맀횵폫쯵막랽낸샗4췢쇷춨막죴춬뇈쯍막퓲쿭쫜뛮삩막 튻훂ꎬ좻뫳럇쇷춨막복돖 춬ꆣ 췢샻틦ꆣ 5 막좨뗷헻샠쿲쳘뚨막뚫뚨쿲믘릺럇쇷춨막ꎬ1내믘릺횧뢶랽쪽뿉럖캪쿖뷰믘릺ꆢ햮좯볒/뺫펢/뛀솢닆컱맋컊훷맛뚨볛ꎺ퓝쪱믘뇜쇋럇쇷춨막쇷춨컊쳢ꎻ쫇1헹틩뇭쿖퓚믘릺볛죧뫎좷뚨ꎻ 랽낸횮튻 ퟜ막놾쯵복뿉쳡룟쎿막쫕틦뫍믘릺ꎨ막햮ꎩ탎쪽ꎻ 맀횵폫쯵막랽낸샗춬ꆣ 맺폐막믲웤쯻럇쇷춨막훰늽복돖뗄2늻뷢뻶쇷춨컊쳢ꎻ 믘릺 붵뗍쫐펯싊쮮욽ꎬ퓶잿막욱춶2내믘릺뛔쿳뿉럖캪믘릺맺폐막ꆢ램죋막ꆢ튻훖춾뺶ꆣ 2쫊폃폚펯샻ꆢ뷏듳쿖뷰폠뛮뫍쿖뷰볛횵ꆣ 췢막죽훖탎쪽ꆣ 쇷솿뗄릫쮾ꎬ떱쿖뷰늻ퟣ쪱탫랢햮ꆣ 5 막좨뗷헻샠짏쫐릫쮾쿲맺볒막뚫뚨쿲믘릺 뚨쿲믘릺맺볒막틔뺻닺횵캪믹뒡ꎬ1뛔릫쮾뗈뛮뗄쿖뷰쇷죫뫍쇷돶놣쇷춨막삩듳믡뛔쫐뎡닺짺뢺쏦펰랽낸횮뛾 맺볒막뫍뚨쿲랢탐쇷춨막ꎬ춨맽뚨쿲퓶랢A막틔쫐뎡뚨볛캪믹뒡ꎻ평횤헽뎣뺭펪ꎻ2쫦뮺튻막뛀듳ꎻ 쿬ꎻ뛸쯵막킧펦믡룄짆짏쫐릫쮾뗄막욱탔훊뗄뮻쪵쿖맺폐막뗄폚믘릺뫍퓶랢맽돌닉좡늻춬뗄뚨볛3퓶랢볛룱뫍쫐뎡볛룱듦퓚볛룱닮ꎬ닆컱횸뇪ꎬ쿠펦닺짺헽쏦펰쿬ꆣ춨쇷춨ꎻ 쒣쪽ꎬ틲듋믡닺짺튻뚨뗄볛룱닮ꎬ뛸쪵쿖맺폐닺놣횵퓶횵ꎻ 맽좷뚨뫏샭뗄뮻막뇈샽ꎬ쪹뛔쫐뎡 헢훖볛룱닮붫닺짺쯵막킧펦ꎨ폫횱뷓4맺볒막뚫뿉뇤쿖뷰닢쯣뷶듎폚뗄헽ꆢ뢺펰쿬쿠뮥뗖쿻ꎬ듓뛸냑뛔쯵막뗄램싉믹뒡늻춬ꎩꎻ 듦솿랢탐랽낸ꎻ 뛾벶쫐뎡뗄돥믷붵뗍떽ퟮ킡쮮욽ꎻ 5뚨쿲믘릺ꆢ퓶랢컞램싉헏낭 쫐펯싊붵뗍럧쿕쫍럅ꎻ 6 뗚뛾쫐뎡복붫맺폐막ꆢ램죋막퓚A막쫐뎡틔뗚뛾쫐뎡뗄돶슷ꎺ튻쫇풤쿈짨뚨죴룉쓪뫳 복짙뛔A막쫐뎡뗄돥믷ꎬ맦랶짏쫐죴풤쿈맦뚨뗚뛾쫐뎡죴룉쓪뫳폫A돖맺폐막랽췢뗄붻틗뎡쯹뷸탐붻틗늢복돖ꆣퟔ좻폫A막쫐뎡뫏늢ꎬ믲룹뻝럇쇷춨뇈샽릫쮾막럝뎡췢킭틩죃탐캪ꎬ붨솢막뫏늢ꎬ볛룱닮틬풤웚쿂믡돶쿖쳗낸 붨틩닉좡뗄쫐뎡탎쪽훷튪냼삨좷뚨뫏늢쪱볤뇭ꆣ뛾쫇쿠믺뻶닟폫A막쫐듳ퟚ붻틗쫐뎡틔싺ퟣ믺릹춶헟뗄샻ꎬ쫐뎡볓쯙쟷춬ꎬ쪧좥짨솢틢틥ꎻ쏅붻틗뗄C막쫐뎡ꆢ뒴튵냥쫐뎡뫏늢ꆣ 탨튪ꎬ퓋폃뗚뛾쫐뎡살뷢뻶맺폐막죴뗚뛾쫐뎡뎤웚퓋탐믡붵뗍쇷뚯탔 뎡ꆢ풭폐뗄NET뫍STAQ쫐뎡ꆢ뻟쳥쪵쪩랽낸폐ꎺ 복돖ꎬ틔벰맺폐막폫램죋막뗄짏쫐짧믡풴퇏훘샋럑ꎬ컞늹뎥믺훆ꎬ킭틩죃ꆢ뎡췢붻틗쫐뎡ꎨ죽냥1붨솢붻틗쏅쫐뎡ꎬ2샻폃뒴튵냥복돖맺쇷춨컊쳢ꆣ 볓뻧쫐뎡럖룮떼훂룼뛠쓚쒻붻틗ꎬ쫐뎡ꆢ쯄냥쫐뎡ꎩꆢBꆢH막쫐뎡폐막ꎬ3퓚B막쫐뎡복돖맺폐막ꎬ4퓚쿣룛퓬돉볠맜돉놾맽룟ꎬ컞킧볠맜떼훂뗈ꆣ H막쫐뎡복돖맺폐막 쫐뎡뇀삣ꎬퟮ훕맺폐닺쇷쪧ꆣ 7 웤쯻샠랽낸 냼삨듦솿랢쫛ꆢ막햮뮻벰럖엺뮮늦뗈 횻쫇엤쳗랽낸 8 뷗뛎탔돉맻 1릫뾪뺺볛탎돉좫쇷춨막볛 럇쇷춨막막뚫뛔쇷춨막막뚫뗍볛엤쫛믲컞쫐뎡퓚좫쇷춨뗄풤웚쿂뺺볛닺짺좫1닙ퟷ볲쏷ꎬ틗샭뷢ꎻ2럻뫏쿖탐램뺺볛뗗볛뗄좷뚨뫍좫쇷춨막볛뗄탎헛죃엤쫛랽2볛닮쯰쪧뫏샭늹뎥 뎥쯍막ꆢ퓹쯍엤쫛죏막좨횤늹뎥볛닮쯰쪧ꎻ쇷춨쟩뿶쿂뗄막욱볛룱ꎬ풤볆뗍폚쿖맦ꎬ폐뺭퇩뿉뷨본ꎻ3랽낸뿉폃폚웤돉붨솢퓚닎폫룷랽샭탔풤웚뫍횤좯낸 3퓙죚폫럇쇷춨막쇷춨뷡뫏 탐쫐볛 쯻럇쇷춨막ꎻ4쇷춨막막뚫췪좫늹쫐뎡컈뚨퓋탐뗄믹뒡횮짏ꎬ죝틗돶4럇쇷춨막막뚫좷뚨뺺볛뗗볛 뎥ꎻ5붻틗돉놾뗍ꎬ늻퓶춶욷훖ꎬ쿖쫐뎡닙ퟝ믲뺺볛늻돤럖ꎬ쓑틔탎5짨훃쯸뚨웚늢훰늽쇷춨 늻붨탂쾵춳 돉릫욽볛룱ꎬ떼훂퓋ퟷ쪧냜 9 삩막랽낸-내랢탐쪱럇쇷춨막쎿막돶뛮 1뮻쫐볛=쫐볛/삩막싊ꎻ 믘뇜쇋쯵막떼훂맺폐닺쇷쪧뗄헹삩막뫳뮻쫐볛폐뿉쓜죔룟폚럇쇷헅컀탇 폫뿉쇷춨막쎿막돶뷰뛮뗄뇈2삩막싊=쇷춨막랢탐볛폫럇쇷춨막싛 춨막쎿막뺻닺ꎬ럇쇷춨막막뚫믱샽닰쾸뿉쇷춨막ꆣ 뗄헛막볛뗄뇈샽 뗃훆뛈볛닮ꎬ죔좻떼훂쫐볛듳뗸 9 쯵막랽낸-내랢탐쪱럇쇷춨막쎿막돶뛮 1뮻쫐볛 = 쫐볛/쯵막싊ꎻ 좫쇷춨룅쓮뗄훘튪맄뒵헟ꎻ 닰쾸믹쫽-랢웰죋뺻닺헛막볛쫇헅컀탇폫뿉쇷춨막쎿막돶뷰뛮뗄뇈2쯵막싊=쇷춨막랢탐볛폫럇쇷춨막쪹쇷춨막폫맺폐막춬막춬좨ꎬ쏦쿲뺲첬횸뇪ꎬ캴뾼싇웳튵펯뿷틲쯘ꎻ 20020116 샽뛔럇쇷춨막쯵막ꆣ 뗄헛막볛뗄뇈샽 샺쪷ꎬ쟥쯣샺쪷헋쒿ꎬ캪쇷춨막막쯵막뫳럇쇷춨막풭횵헛쯣뗄돖막돉뚫ힷ쳖쯰쪧ꎻ 놾죔뿉쓜풶뗍폚쫐볛ꎬ럇쇷춨막막죃뇤쫽돉캪뚨쫽ꎬ닙ퟷ틗탐ꎻ 뚫믱뗃훆뛈볛닮ꎬ죔떼훂쫐볛듳뗸 10 쯵막랽낸-춬짏 1뮻쫐볛 = 쫐볛/쯵막싊ꎻ 돐죏웤퓚랢탐췪돉뫳쯹탎돉뺻닺죴랢탐볛킡폚쎿막뺻닺ꎬ럇떫늻헔뒫늩2쯵막싊=랢탐볛/쎿막뺻닺쿖횵 횵뗄뫏샭탔 쯵막뮹튪삩막쇷춨ꎬ떼쿲믄쏽 20020303 11 쯵막랽낸-춬짏쯵막뇈샽=250죕뻹볛/쎿막뺻횵 쫔춼뷢뻶쯵막뇈샽맽듳떼훂럇쇷춨뫏샭쫐펯싊뫍쯵막뇈샽룟뗍쿞훆죋벪쟬닅2쯵막뇈샽=(250죕뻹볛/EPS)/뫏샭막막뚫막좨뇈샽쿂붵맽듳컊쳢ꎻ뇜캪좷뚨ꎬ틗틽웰헹싛 20020304 쫐펯싊(15놶) 쏢쯵막뇈샽킡폚1쪱늻쯵랴삩ꎻ2503쯵막뇈샽톡뷏뗍헟ꎬ킡폚1뗄뿉늻죕뻹볛쳥쿖돖막돉놾 쯵막ꎻퟮ듳늻뎬맽5 9-23
탲뫅 랽낸 튪뗣 랽낸쾸럖샠 뚨볛 뷢뻶뗄컊쳢 캴뷢뻶뗄컊쳢 12 쯵막랽낸-좷뚨럇쇷춨막뺻닺ꆪ좨쫽뗄 1뮻쫐볛=ퟮ뷼튻쓪쎿막뺻닺쳡돶쇋쯵막늹뎥뗄룅쓮 ꎻ 뚭쫂믡뿉틔춨맽톡퓱뻶틩죕웚뛸닙몫횾맺뚨볛풭퓲ꎻ룷릫쮾ퟔ탐좷뚨늻춬ꇁ(1ꎫ뷼죽쓪뺻닺쫕틦싊뻹횵)ꎻퟝ90죕쫕엌볛뻹횵살펰쿬쯵막싊ꎻ 20020118 뗄복돖랽낸ꎻ쪵탐쇷춨막막뚫죏2쯵막싊=뚭쫂믡뻶틩릫늼잰90룶붻뮻쫐볛폫쎿막뺻닺틑뺭폐욫춬싊훆뛈ꎻ 틗죕욽뻹쫕엌볛/뮻쫐볛ꎻ 닮ꎻ 13 쯵막랽낸-춬짏 1뮻쫐볛 = 잰죽쓪쎿막뺻닺뻹횵 잰죽쓪뺻닺쫕틦싊뻹횵폐뿉쓜ꆶ좫쇷춨뗄*쫕틦쾵쫽ꎻ 틲늿럖쓪뛈뿷쯰뛸풶킡폚뺻닺쫕햽싔틢틥ꆷ2쯵막싊=짏쓪쫕엌볛뻹횵/뮻쫐틦싊쿖횵ꎬ뮯볛킡폚쎿막뺻닺200211 볛ꎻ 떼훂럇쇷춨막막뚫늻춬틢뮻막럝 쫕틦쾵쫽 = 잰죽쓪뺻닺쫕틦싊뻹횵/짏쓪쯹폐막욱뺻닺쫕틦싊뻹횵14 쪵볊돶뗷1뺲첬쳵볾쿂뗷헻막좨뷡릹ꎬ벴럇쇷춨막돶뛮= 돵쪼럇쇷춨막*헛막쾵럇쇷춨막맀횵=쫐뎡볛룱훐쫠*뗷헻뇜쏢췢쇷춨막뇈샽뇤뚯컊쳢 닺쏦횵뗷헻쾵쫽죋캪좷뚨ꎬ틗쫜헻막좨뇈샽내룷샠막뚫쪵볊돶뛮볆쯣룷쫽*닺쏦횵뗷헻쾵쫽ꎻ 잰쇷춨막쫽*럇쇷춨막믹놾막럝떥캻닙ퟝꎬ컞뿉닙ퟷ탔ꎻ캴뾼싇럇쇷춨랽낸-솢쏱랽막럝햼ퟜ막놾뇈샽ꎻ 쇷춨막돶뛮=샺듎죚랢탐볛솿돋믽횮ퟜ솿/(뗷헻잰럇쇷춨막쫽*쇷춨막믹막막뚫닎폫죚ꎻ캴뾼싇뿧쓪뛈돶20021113 2폃닺쏦횵맀횵럇쇷춨막ꎻ 뫍ꎻ 놾막럝떥캻ퟜ솿)ꎻ 쪱볤볛횵ꎻ럇쇷춨막퓙럖샠펦컞3폃쫐뎡볛룱훐쫠랴펳쇷춨막욽믹놾막럝떥캻ퟜ솿=럇쇷춨막돶뛮+쇷춨2럇쇷춨막쯵막싊=뗷헻잰ퟜ막쫽*럇뇘튪ꎻ돽좨볛횻쫇샭싛닎뾼횵ꎬ쫗뻹춶돉놾ꎬ볆쯣훜웚틔1997막돶뛮ꎻ 쇷춨막믹놾막럝떥캻ퟜ솿/뗷헻잰럇죕뾪엌볛쫇붻틗닺짺뗄ꆣ 쓪1퓂-막좨뇤룼뗇볇죕 뗷헻잰ퟜ막쫽=뗷헻뫳ퟜ막쫽ꎨ늻몬췢쇷쇷춨막쫽/믹놾막럝떥캻ퟜ솿ꎻ 춨막ꎩ 3뗷헻잰ퟜ막쫽=뗷헻뫳ퟜ막쫽ꎻ 15 뛾뇈튻만뚨맺폐막3000틚닉좡쯵막ꆢ죃1훐엌막2000틚맺폐막틔2뇈1쯵막ꎻ 쎿횻막욱쫐뺻싊ꆢ쫐펯싊ꆢ럇쇷춨뇈샽쯵막랽뫍뮮늦캪훷뗄ퟛ뫏랽낸ꎻ 2룟볛킡엌막500틚맺폐막틔뺻닺횵쿲막뇈뻹늻춬ꎬ춳튻뛾뇈튻쯵막쓑뛈낸-200210 짧믡램죋막400틚막펦쏷좷솽쓪쇷춨막막뚫죃ꎬ쳗쿖1250틚풪ꎻ 뫜듳ꎬ뿉탐탔킡ꎻ램죋막횱뷓쇷춨뫳뾪쪼짏쫐쇷춨ꎻ 3뗍볛듳엌막500틚막횱뷓뮮늦짧놣믹뷰ꎬ쿔쪧릫욽ꎻ맺폐막죽훖랽램럖샠뷧쫐횵3500틚풪ꎻ 쿞쓑뚨ꎻ냫쫽막욱쫐펯싊죔룟웳ꎻ 16 쇷춨좨붻틗1틔쇷춨좨뚨볛샭싛캪믹뒡ꎬ룹쫪싲풼뚨쇷춨좨닟싔ꎺ럇쇷춨막막뚫틔막1뮻쫐볛=ퟮ뷼튻웚쎿막뺻닺ꎻ 복짙뿉닙ퟝ틲쯘ꎻ쏷좷쇋막럝뇤뚯췢쇷춨막뇈샽ퟔ뚯삩듳ꎻ쫐볛폫랽낸-쯵막뻝막럝뮻닟싔볆쯣뮻쫐볛ꎻ 럝쿲릫쮾쫪싲쓢쇷춨막럝뗄풼뚨쇷춨좨2쯵막싊=250죕쫕엌볛뻹횵/뮻쫐틀뻝 췢쇷춨막죔폐닮틬컞램늢맬ꎻ 닟싔 샻ꎬ쿠떱폚럇뿉쇷춨막쯵막 볛ꎻ 16 쇷춨좨붻틗2룹뻝쫐볛ꆢ쎿막뺻닺뛔뿉쇷믘릺떥뛀쇷춨좨닟싔ꎺ릫쮾쿲뿉쇷춨막막1뮻쫐볛=250죕쫕엌볛뻹횵ꎻ 뇜쏢췢쇷춨막뇈샽ퟔ뚯삩듳ꎻ복삩막뗄릫믽뷰살풴컊쳢ꎻ뮻뫳쎿랽낸-삩막춨막떥뛀쇷춨좨뫍럇쇷춨막풼뚫퓶막럝틔믘릺뿉쇷춨막뗄떥뛀쇷춨좨2삩막싊=250죕쫕엌볛뻹횵/뮻쫐짙뿉닙ퟝ틲쯘ꎻ쏷좷쇋막럝뇤뚯틀막뺻닺폐뿉쓜뗍폚쏦횵뛸뒥랢ST닟싔 뚨쇷춨좨뚨볛ꎻ 샻ꎬ쿠떱폚뿉쇷춨막삩막 볛ꎻ 뻝 돽없믺훆ꎻ 16 쇷춨좨붻틗3럇쇷춨막막뚫틔늿럖막럝쿲짏쫪싲/믘릺쇷춨좨닟싔ꎺ럇쇷춨막막뚫틔막1뮻쫐볛=(250죕쫕엌볛뻹횵*뿉쇷쏷좷쇋내샠뇰막럝닺볛횵쫘뫣풭 랽낸-막쫐릫쮾쫪싲쓢쇷춨막럝뗄풼뚨럝쿲짏쫐릫쮾쫪싲쓢쇷춨막럝뗄풼뚨쇷춨춨막+ퟮ뷼튻웚쎿막뺻닺*럇쇷춨퓲뮻막럝ꎻ복짙뿉닙ퟝ틲쯘ꎻ 쏷닟싔쇷춨좨샻ꎬ짏쫐릫쮾쿲뿉쇷춨막좨샻ꎬ릫쮾쿲뿉쇷춨막막뚫퓶막럝틔믘막)/탂뿉쇷춨막ꎻ 좷쇋막럝뇤뚯틀뻝ꎻ뷢뻶삩막뗄릫-200211 막뚫퓶막럝틔믘릺뿉쇷춨막릺뿉쇷춨막뗄떥뛀쇷춨좨샻ꎬ쿠떱폚늿럖2럇쇷춨막막뚫죃뇈샽=1-쎿막뺻믽뷰살풴컊쳢ꎻ 뇜쏢췢쇷춨막뇈뗄떥뛀쇷춨좨샻ꎬ솽훖붻틗탐캪럇쇷춨막죃뿉쇷춨막막뚫 닺/뮻쫐볛ꎻ 샽ퟔ뚯삩듳컊쳢 떥뛀믲ퟩ뫏퓋폃 3뿉쇷춨막막뚫쫜죃뇈샽=250죕쫕엌볛뻹횵/뮻쫐볛ꎻ 10-23
뛾ꆢ 쇷춨좨뚨볛샭싛폫펦폃 1ꆢퟜ쳥랽낸뗄샭싛믹뒡ꎺ쇷춨좨뚨볛샭싛 퓚훐맺횤좯쫐뎡ꎬ햼ퟜ막놾듳풼70%뗄릫뾪랢탐잰듦솿막럝쫇쎻폐풼뚨쇷춨좨샻뗄ꎬ릫뾪랢탐뗄짧믡릫훚막뻟폐떥뛀쇷춨좨샻ꎬ헢쫇훐맺막쫐막욱쫐펯싊쮮욽룟폚맺볊훷튪막쫐뗄룹놾풭틲ꆣ쪮쓪잰훐맺막쫐뗄짨볆헟쫇믹폚떱쪱뗄헾훎뺭볃뮷뺳뫍뿍맛죏쪶뗄쿞훆ퟷ돶쇋듦솿막럝늻쇷춨뗄훘듳훆뛈낲업ꎬ틲듋ꎬ뿍맛뗄쮵늻쓜폃쪮쓪뫳뗄죏쪶살움볛떱쪱뗄뻶닟헽좷폫럱ꆣ 쯦ퟅ훐맺죫쫀뫍폫맺볊뷓맬돌뛈볓듳ꎬ헢튻훷튪훆뛈낲업틑뺭늻쓜퓙쫊펦훐맺횤좯쫐뎡랢햹뗄튪쟳ꆣ룄뇤헢튻룹놾탔뗄훆뛈낲업ꎬ탨튪훐맺헾뢮벰웤횤좯볠맜떱뻖듓놣뮤쿖폐좫쳥춶헟ꎨ냼삨쇷춨막뫍럇쇷춨막막뚫ꎩ샻틦뗄룹놾솢뎡돶랢ꎬ훆뚨컈췗ꆢ뫏램뗄닙ퟷ랽낸ꎬ췆돶췪헻뗄램맦ꆢ엤쳗헾닟ꎬ퓚쿖폐쳥훆뿲볜쓚틔뺡뿉쓜킡뗄뇤룯돉놾쪵쿖쒿뇪ꆣ 뿉쇷춨막쿭폐떥뛀쇷춨좨샻쫇훐맺헾뢮뫍랢탐짧믡릫훚막뗄짏쫐릫쮾뛔룷샠뇰뿉쇷춨막막뚫ퟷ돶뗄돐억ꎬ럇쇷춨막막뚫튪믱뗃쇷춨좨샻뇘탫쿲짏쫐릫쮾쫪싲풼뚨쇷춨좨샻ꎬ춬퇹짏쫐릫쮾튲뇘탫쿲뿉쇷춨막막뚫믘릺떥뛀쇷춨좨샻ꆣ헢튻돐억뗄뫏풼퓘쳥뻍쫇훐맺횤볠믡룹뻝쓢짏쫐릫쮾짪쟫쯹ퟷ돶뗄뫋ힼ랢탐짏쫐엺ힼ컄볾뫍짏쫐릫쮾쿲짧믡릫훚릫늼뗄헐막쮵쏷컄볾ꆣ쓢짏쫐릫쮾룷랢웰죋막뚫춬틢릫쮾쳡돶랢탐짏쫐짪쟫뻍쫇뇭쪾랢웰죋막뚫럅웺쇋쿲짏쫐릫쮾튪쟳막럝짏쫐쇷춨뗄좨샻ꎬ늢춬틢쓢짏쫐릫쮾뷓쫜훐맺헾뢮뛔랢웰죋막럝늻짏쫐쇷춨뗄풼쫸ꆣ 릫쮾램뗚튻냙쯄쪮웟쳵맦뚨랢웰죋막럝ퟔ릫쮾돉솢횮죕웰죽쓪뫳뿉틔죃ꎬ떫뗚튻냙컥쪮죽쳵맦뚨막럝짏쫐붻틗탫뺭맺컱풺믲헟맺컱풺쫚좨횤좯맜샭늿쏅엺ힼꎬ뛔늻럻뫏놾램맦뚨쳵볾뗄늻폨엺ힼꆣ훐맺헾뢮뛔랢웰죋막럝퓝늻짏쫐쇷춨뗄헾닟릹돉쇋뛔짧믡릫훚뗄릫뾪돐억ꆣ틲듋늻듦퓚샭싛뷧헹싛뗄쯹캽럇쇷춨막막뚫쿲뿉쇷춨막막뚫늹뎥쫇럱뫏샭뗄컊쳢ꎬ랢웰죋막럝튪믱뗃쇷춨좨샻횻쓜닉좡쫐뎡붻틗탐캪ꆣ훁폚늹뎥뛠짙뫏샭ꎬ죧뫎뚨솿럖컶ꎬ쫇좫쇷춨랽낸쫇럱뿉탐뗄뫢솿뇪ힼꆣ 뛔뿉쇷춨막떥뛀쇷춨좨샻뫍럇쇷춨막풼뚨쇷춨좨샻뷸탐볛횵솿뮯ꎬ캪ퟜ쳥랽낸훐막럝뮻뗄뚨볛쳡릩쇋샭싛믹뒡ꆣ 2ꆢퟜ쳥랽낸ퟱ톭뗄풭퓲 룹뻝쇷춨좨뚨볛샭싛훆뚨뗄좫쇷춨ퟜ쳥랽낸ꎬ탨ퟱ톭틔쿂풭퓲ꎺ 1쿈쇷춨뫳복돖풭퓲 퓚랢웰죋막럝쪵쿖쇷춨횮잰ꎬ죎뫎맺폐막복돖랽낸뚼컞램쪵쿖뛔쇷춨막막뚫폐킧늹뎥뗄쒿뇪ꎬ헢쫇샺듎맺폐막복돖랽낸퓢떽쪧냜뗄룹놾풭틲ꆣ놾랽낸쿈뷢뻶쇷춨컊쳢ꎬ좻뫳퓙짨볆럇쇷춨막복돖막럝뗄뻟쳥듫쪩ꆣ 2놣뮤쇷춨막뫍럇쇷춨막막뚫늢훘풭퓲 틠벴릫욽풭퓲ꎬ춶헟릺싲짏쫐릫쮾쿖폐룷샠뇰막럝뗄춶쫕틦풤웚펦ퟱ쫘릫욽풭퓲ꎬ맦퓲훆뚨헟늻펦쳡릩평폚훆뛈좱쿝뛸퓬돉뗄늻릫욽뗄쳗샻믺믡ꆣ 3닺볛횵쫘뫣풭퓲 짨볆ퟜ쳥랽낸뗄잰쳡쫇막럝뮻잰뫳룷샠뇰막럝막뚫뗄닺볛횵놣돖늻뇤ꆣ럇쇷춨막럝짏쫐쇷춨뛔펦뗄쇷춨쫐횵펦뗈폚럇쇷춨막럝퓚럇쇷춨ힴ첬쿂뿉뇤쿖뗄닺볛횵ꎬ풭쇷춨막럝뛔펦뗄쇷춨쫐횵튲훁짙펦캬돖늻뇤ꆣ 4쫐뎡늨뚯ퟮ킡뮯풭퓲 컞죝훃틉뗄ꎬ횤좯쫐뎡훘듳훆뛈낲업뗄뇤룼뿏뚨믡뛔쫐뎡닺짺돥믷ꆣ죧뫎복짙쫐뎡늨뚯ꎬ쫇맡뒩좫쇷춨헾닟퓍쓰퇐뺿ꆢ릫뾪싛횤뫍훆뚩횴탐좫맽돌뗄훷튪뾼싇틲쯘ꆣ놾랽낸늻펦11-23
떼훂쫐뎡떥뇟쿂뗸믲짏퇯ꎬ뛸쫇퓚뫏샭믖뢴탔짏헇뫳평쫐뎡쓚퓚맦싉뻶뚨늨뚯랽쿲ꆣ좫쇷춨짦벰떽첫뛠뗄샻틦훷쳥ꎬ틲듋좫쇷춨랽낸뗄싛횤맽돌뇘탫쫇춸쏷뗄ꎬ듓훆뛈짏좷놣컞램틲쓚쒻쿻쾢믱뗃놩샻ꆣ 5쪵쪩쫖뛎볲떥풭퓲 놾랽낸퓋폃뗄막럝퓋ퟷ쫖뛎펦룃쫇쫐뎡뎣볻뗄볲떥뗄쫖뛎ꎬ뫳탸폃떽뗄뷰죚릤뻟튲펦룃쫇쿖탐돉쫬뗄ꎬ뿉틔랽뇣뗘쪵탐ꆣ놾랽낸뗄죽훖닟싔듓닙ퟷ닣쏦뾴쿠떱폚뚨쿲쯵막뫍뚨쿲삩막ꎬ틑뺭퓚횤볠믡뷗뛎탔돉맻싛횤훐쫜떽맣랺죏뿉ꆣ놾랽낸뫳탸뿉쓜믡폃떽뾪럅쪽짧놣춶믹뷰뫍쇷춨좨죏막좨횤뗈뷰죚릤뻟ꎬ튲쫇틑뺭뗃떽돤럖퇐뺿뗄뷰죚릤뻟ꆣ 6뚨볛믺훆쓑폚닙ퟝ풭퓲 볛룱훆뚨펦뺡뿉쓜복짙쫜닙ퟝ뗄뿉쓜탔ꆣ캪쇋믱뗃뛔ퟔ벺폐샻뗄뮻쫐볛ꎬ룷샻틦훷쳥뻹믡ퟷ돶펰쿬쇷춨막쫐뎡볛룱뗄얬솦ꎬ틲듋놾랽낸훐짦벰뗄닎쫽펦ퟮ듳쿞뛈쪹폃틑뺭릫늼뗄탅쾢ꆣ 3ꆢ쇷춨좨붻틗ퟜ쳥랽낸 1믹놾쮼슷 틔50훜뻹횵ꎨ뚨틥캪닢쯣쫐볛ꎩퟷ캪뿉쇷춨막뗄욽뻹돉놾맀횵ꎬ틔ퟮ뷼튻웚쎿막뺻닺ퟷ캪럇쇷춨막뗄맀횵ꆣ룹뻝쇷춨좨뚨볛샭싛ꎬ내헕톡뚨뗄닙ퟷ닟싔볆쯣돶막럝뮻뗄뮻쫐볛ꎬ퓙폃닢쯣쫐볛ꆢ쎿막뺻닺좷뚨뿉쇷춨막떥뛀쇷춨좨샻뫍럇쇷춨막풼뚨쇷춨좨샻뗄쎿막볛룱ꎬ웤훐ꎺ뿉쇷춨막떥뛀쇷춨좨샻쎿막볛룱=닢쯣쫐볛ꆪ뮻쫐볛ꎬ럇쇷춨막풼뚨쇷춨좨샻쎿막볛룱=뮻쫐볛ꆪ쎿막뺻닺ꆣ 럇쇷춨막막뚫틔늿럖막럝쿲짏쫐릫쮾쫪싲튻뚨쇷춨뇈샽쓢쇷춨막럝뗄풼뚨쇷춨좨샻ꎬ짏쫐릫쮾틔튻뚨퓶뇈샽쿲뿉쇷춨막막뚫퓶막럝틔믘릺뿉쇷춨막뗄떥뛀쇷춨좨샻ꎬ솽훖붻틗탐캪떥뛀믲ퟩ뫏퓋폃ꆣ 믱뗃풼뚨쇷춨좨샻뗄풭럇쇷춨막룹뻝쯸뚨웚볆뮮럖쓪뛈짏쫐쇷춨ꆣ 췪돉좫쇷춨뫳ꎬ맺폐닺맜샭늿쏅닉폃뛠훖뒴탂쒣쪽컈늽뾪햹맺폐막복돖릤ퟷꆣ 2죽훖닙ퟷ닟싔 퓚헢튻ퟜ랽낸뗄뿲볜쿂ꎬ컒쏇쳡돶죽훖닟싔ꎬ살쪵쿖막럝뮻ꆣ 닟싔튻ꎺ럇쇷춨막막뚫쫪싲풼뚨쇷춨좨ꎬ쿠떱폚쯵막랽낸ꆣ풭뿉쇷춨막막뚫돖막놣돖늻뇤ꎬ룷샠뇰막뚫쯹돖닺뗄볛횵놣돖늻뇤ꎬ뮻쫐볛캪닢쯣쫐볛ꆣ내닢쯣쫐볛볆쯣돶럇쇷춨막뗄쓢쇷춨뇈샽ꎬ럇쇷춨막막뚫폃늿럖막럝쿲짏쫐릫쮾쫪싲룃쓢쇷춨뇈샽막럝뗄풼뚨쇷춨좨샻ꆣ 닟싔뛾ꎺ짏쫐릫쮾믘릺떥뛀쇷춨좨ꎬ쿠떱폚삩막랽낸ꆣ풭럇쇷춨막막뚫돖막놣돖늻뇤ꎬ룷샠뇰막뚫쯹돖닺뗄볛횵놣돖늻뇤ꎬ뮻쫐볛캪풭쎿막뺻닺ꆣ내닢쯣쫐볛돽좨캪풭쎿막뺻닺뛸볆쯣돶뿉쇷춨막뗄퓶뇈샽ꎬ짏쫐릫쮾폃릫믽뷰틔룃퓶뇈샽퓶막럝뗄랽쪽쿲뿉쇷춨막막뚫믘릺뿉쇷춨막뗄떥뛀쇷춨좨샻ꆣ늿럖릫믽뷰늻ퟣ틔믘릺뿉쇷춨막떥뛀쇷춨좨샻뗄릫쮾탨튪내쳘뚨뇈샽쯵막ꎬ좷놣막럝뮻뫳쎿막뺻닺죔룟폚쏦횵ꆣ 닟싔죽ꎺ럇쇷춨막막뚫쫪싲폫짏쫐릫쮾믘릺쇷춨좨ퟩ뫏붻틗ꎬ쿠떱폚막랽낸ꆣퟜ막놾놣돖늻뇤ꎬ룷샠뇰막뚫쯹돖닺뗄볛횵놣돖늻뇤ꎬ내닢쯣쫐볛뫍쎿막뺻닺볆쯣돶뮻쫐볛ꆣ럇쇷춨막막뚫틔늿럖막럝쿲짏쫐릫쮾쫪싲튻뚨쇷춨뇈샽쓢쇷춨막럝뗄풼뚨쇷춨좨샻ꎬ짏쫐릫쮾틔튻뚨퓶뇈샽쿲뿉쇷춨막막뚫퓶막럝틔믘릺뿉쇷춨막뗄떥뛀쇷춨좨샻ꆣ 3쫽뻝뿢뷡릹럖컶 캪쇋닢쯣랽낸뛔쯹폐룶막뗄쫊폃탔ꎬ컒쏇붨솢쇋틔쿂뷡릹뗄쫽뻝뿢ꎺ 뚨틥ꎺ닢쯣쫐볛=PM0ꎬ쎿막뺻닺=EP0ꎬ쫐펯싊0=PE0ꎬ ퟜ막놾0=QT0ꎬ뿉쇷춨막0=QL0ꎬ럇쇷춨막0=QN0ꎬ뿉쇷춨췢막0=QF0, 뿉쇷춨쫐횵0=VL0=PM0*QL0ꎬ럇쇷춨쫐횵0=VN0=EP0*QN0ꎻ 12-23
뚨틥ꎺ닉폃닟싔i쪱ꎬ뮻쫐볛i= PMi, 쎿막뺻닺i= EPiꎬ쫐펯싊i=PEiꎬퟜ막놾i= QTiꎬ 풭뿉쇷춨막막뚫쯹돖뿉쇷춨막럝i= QLiꎬ풭럇쇷춨막막뚫쯹돖뿉쇷춨막럝i= QNiꎬ 풭뿉쇷춨막막뚫탂퓶막럝i= dQLiꎬ풭럇쇷춨막막뚫복짙막럝i= dQNiꎬ(i=1,2,3)ꎻ 늻춬닟싔쿂ꎬ풭뿉쇷춨막막뚫쯹돖쇷춨쫐횵i=VLi= PMi*QLiꎬ풭럇쇷춨막막뚫쯹돖쇷춨쫐횵i=VNi= PMi*QNiꎻ 룹뻝닺볛횵쫘뫣풭퓲ꎬVL0 =VLi, VN0 =VNi(i=1,2,3)ꎬ 평듋컒쏇뗃돶놾랽낸뗄믹뒡릫쪽ꎺ 풭뿉쇷춨막막뚫쯹돖쇷춨쫐횵i+풭럇쇷춨막막뚫쯹돖쇷춨쫐횵i=뿉쇷춨쫐횵0+럇쇷춨쫐횵0=VLi+VNi= PMi*QLi+PMi*QNi==VL0+VN0=PM0*QL0+EP0*QN0(i=1,2,3) 룹뻝믹뒡릫쪽ꎬ췆퇝돶짏쫶죽훖닟싔쿂룷훷튪닆컱쫽뻝뗄볆쯣릫쪽ꎬ쇐뇭죧쿂ꎺ 뇭룱 2 막럝뮻닟싔닆컱쫽뻝볆쯣릫쪽뇭 닟싔i= 쫐볛PM 쎿막뺻ퟜ막놾풭뿉쇷풭럇쇷풭뿉쇷춨풭럇쇷춨풭뿉쇷춨풭럇쇷춨닺EP QT 춨막막춨막막막막뚫쯹막막뚫쯹막막뚫탂막막뚫복뚫돖막뚫돖막돖쇷춨쫐돖쇷춨쫐퓶막럝dVL짙막럝QL QN 횵VL 횵VN dQN PM0 EP0 QT0=QL0+QL0 QN0 VL0=PM0*QLVN0=EP0*QN0 0쿖ힴ0 QN0+QF00 0 PM1=PM0 EP1=EP0*QT1=QL1+QL1=VL0/QN1=VN0VL1=VL0 VN1=VN0 dQL1=0 dQN1=QN0*(쯵막QT0/QT1 QN1+QF0PM0 /PM0 1-EP0/PM0)닟싔1 PM2=EP0 EP2=EP0*QT2=QL2+QL2=VL0/QN2=VN0VL2=VL0 VN2=VN0 dQL2=QL0 dQN2=0 삩막QT0/QT2 QN2+QF0EP0 /EP0 *(PM0/PM2-1)닟싔2 PM3=(VL0+VN0EP3=EP0 QT3=QT0QL3=VL0/QN3=VN0VL3=VL0 VN3=VN0 dQL3=QL0 dQN3=QN0*(막)/QL0+QN0) PM3 /PM3 *(PM0/PM3-1)1-EP0/PM3)닟싔3 샽죧ꎬ닢쯣쫐볛ꆢ쎿막뺻닺럖뇰캪6ꆢ2풪ꎬ뿉쇷춨막100막ꎬ럇쇷춨막300막ꎬ퓲죽훖뮻닟싔쿂쇷춨좨샻쎿막볛룱볆쯣죧쿂ꎺ 뇭룱 3 막럝뮻닟싔쪾랶닢쯣뇭 뿉쇷춨막떥럇쇷춨막풼풭뿉쇷춨막풭럇쇷춨막닟싔i=뮻쫐쎿막뺻ퟜ막놾뛀쇷춨좨샻뚨쇷춨좨샻막뚫돖막QL 막뚫돖막QN볛PM 닺EPQT 쎿막볛룱 쎿막볛룱 2 400 쿖ힴ0 6 100 300 4 200 쯵막닟싔1 6 0 4 100 100 600 삩막닟싔2 2 4 0 300 300 2 400 막닟싔3 3 3 1 200 200 쫐펯싊PE=쫐볛*ퟜ막놾/쓪뺻샻죳=PM*QT/쓪뺻샻죳 PE0*쓪뺻샻죳=PM0*QL0+PM0*QN0+PM0*QF0 룹뻝닺볛횵쫘뫣풭퓲ꎬPMi*QLi=PM0*QL0ꎬPMi*QNi=EP0*QN0 췆떼ꎺPEi*쓪뺻샻죳= PMi*QLi+PMi*QNi+PMi*QF0 =PM0*QL0+EP0*QN0+PMi*QF0 쫐펯싊쿂붵뛮∆PEi=[ꎨPM0-EP0ꎩ*QN0+ꎨPM0-PMiꎩ*QF0]/ 쓪뺻샻죳 쫐펯싊쿂붵럹뛈=∆PEi/PE0=∆PEi/ꎨPM0*QT0ꎩ=[ꎨ1-EP0/PM0ꎩ*QN0+ꎨ1-PMi/PM0ꎩ*QF0]/QT0 = [ꎨ1—쎿막뺻닺/닢쯣쫐볛ꎩ*럇쇷춨막+ꎨ1—뮻쫐볛/닢쯣쫐볛ꎩ*췢막]/ퟜ막놾ꆣ떱QF0=0벴컞뿉쇷춨췢막쪱ꎬ죽훖닟싔닙ퟷ뫳쫐펯싊쿂붵럹뛈쿠춬ꆣ평폚PM0>=EP0벴닢쯣쫐볛튻냣늻뗍폚쎿막뺻닺ꎬ틲듋죽훖닟싔뻹쓜쪵쿖쫐펯싊폐킧쿂붵ꆣ 4ꆢ랽낸훷튪닎쫽뗄좷뚨폫움볛 1막럝샠뇰뗄뷧뚨폫움볛 틑쇷춨막쳘횸틑퓚맺쓚A막쫐뎡탐쪹풼뚨쇷춨좨샻뗄짧믡릫훚막ꎬ뿉쇷춨짐캴쇷춨막횸폐풼뚨쇷춨좨샻뗄짐캴퓚맺쓚A막쫐뎡쇷춨뗄룷샠뇰막럝ꎬ뿉쇷춨막춨횸퓚맺쓚A막쫐뎡폐쇷춨좨샻뗄룷샠뇰막럝ꎬ뿉쇷춨췢막냼삨퓚뺳쓚췢췢뇒쫐뎡폐쇷춨좨샻뗄HꆢB막ꎻ 13-23
캴쇷춨막쫇짐캴쇷춨뗄룷샠뇰막럝ꎬ럇쇷춨막쫇횸룹뻝퓝늻쇷춨헾닟맦뚨쎻폐풼뚨쇷춨좨샻뗄룷샠뇰막럝ꆣ룹뻝맺볒쿖폐램싉ꆢ램맦맦뚨뫍훐맺횤볠믡뫋ힼ릫쮾쫗듎릫뾪랢탐막욱뗄뫋ힼ컄볾훐쏷좷릫뾪랢탐막욱잰막뚫쯹돖랢웰죋막ꎨ늻냼삨횰릤막ꎩ퓝늻짏쫐쇷춨ꎬ짏쫶랢웰죋막냼삨맺폐막ꎨ맺볒막ꆢ맺폐램죋막ꎩꆢ쓚램죋막ꎨ랢웰램죋막ꆢ쒼벯램죋막ꎩꆢ췢램죋막ꆢퟔ좻죋막ꆣ 뿉쇷춨짐캴쇷춨막 평폚짏쫐릫쮾쿖폐뗄훆뛈낲업뫍킭틩풼뚨ꎬ늿럖샠뇰막럝쫴폚뿉쇷춨떫짐캴쇷춨뗄막럝ꆣ쿖탐훆뛈맦뚨ꎺ릫뾪랢탐쪱폫짧믡릫훚춬볛엤쫛뗄막럝ꎬ퓚랢탐뷻쫛웚뫳뿉틔짏쫐쇷춨ꎻ릫쮾뗄쓚늿횰릤막ퟔ릫뾪랢탐횮죕웰ꎬ웚싺죽쓪뫳뿉틔짏쫐쇷춨ꎻ룟맜죋풱돖폐뗄럇랢웰죋막늿럖퓚샫죎6룶퓂뫳닅뿉틔짏쫐쇷춨ꎻ뿉햮퓚풼뚨웚쿞뫳뮻뗄막럝뿉틔짏쫐쇷춨ꆣ 짏쫶샠뇰막럝짐캴쇷춨뗄풭틲폫맺폐막ꎨ맺볒막ꆢ맺폐램죋막ꎩꆢ램죋막ꎨ몬랢웰램죋막ꆢ쒼벯램죋막ꆢ췢램죋막ꎩꆢퟔ좻죋막늻쓜쇷춨뗄풭틲늻춬ꎬ틲듋늻쓜볆죫럇쇷춨막ꎬ뛸펦볆죫뿉쇷춨막ꎬ쿭폐폫틑쇷춨막쿠춬뗄풼뚨쇷춨좨샻ꆣ 룹뻝춬막춬볛춬좨뗄뗄믹놾풭퓲ꎬ럇쇷춨막막뚫틔폫짧믡릫훚쿠춬볛룱죏릺뗄막럝펦맩샠폚뿉쇷춨막럝ꎬ쿭폐풼뚨쇷춨좨샻ꆣ헢샠막럝냼삨짏쫐릫쮾퓙죚쪱틔릫뾪랢탐볛쿲릫쮾뿘막막뚫뚨쿲엤쫛뗄맺폐램죋막ꎨ샽죧뮪쓜맺볊ꆢ탂룖랫ꎩ뫍룷짏쫐릫쮾샺쓪틔릫뾪랢탐볛쿲럇쇷춨막막뚫엤막쯹퓶볓뗄막럝ꆣ 뿉햮쓢막뗄ퟮ훕막솿쫇늻좷뚨뗄ꎬ틲듋횻탨튪뛔막볛룹뻝탂쫐볛내뇈샽돽좨뒦샭벴뿉ꎬ늻퓚뮻쯣훐좷뚨쫽솿ꆣ 룟맜돖막뗄럖샠 뚭쫂ꆢ볠쫂ꆢ룟맜죋풱ퟷ캪랢웰죋돖폐ퟔ좻죋막뗄샽ퟓ풽살풽뛠ꆣ샽죧슡욽룟뿆붫풬슡욽뗄탕쏻좨헛막250췲막ꎬ늢췆볶풬슡욽캪쏻폾뚭쫂ꎬ3쓪쯸뚨웚뫜뿬붫싺ꎬ풬슡욽듇횰뫳헢늿럖ퟔ좻죋막쓜럱뻍듋짏쫐쇷춨쓘ꎿ폐죋죏캪ퟔ좻죋돖폐뗄랢웰죋막늻춬폚램죋막ꎬ3쓪뫳쫇럱뿉틔짏쫐쇷춨ꎬ램싉짏쎻폐쏷컄맦뚨ꆣ쪵볊짏횤볠믡퓚뫋ힼ짏쫐춨횪훐뛔짏쫐릫쮾뗄풼뚨듓살뛔랢웰죋막냼삨ퟔ좻죋막뚼쫇튻쫓춬죊뗄ꎬ틲듋ퟔ좻죋막쫇쎻폐풼뚨쇷춨좨샻ꎬ벴쪹죎웚뷡쫸뫍쯸뚨웚싺죔좻횻쓜죃떫늻쓜쇷춨ꆣ떫튻늿럖뗄룟맜돖막살풴폚쓚늿횰릤막뫍퓚뛾벶쫐뎡릺죫뗄뿉쇷춨막ꆢ믲내폫짧믡릫훚쿠춬볛룱죏릺뗄엤쫛막럝ꎬ헢킩럇랢웰죋막럝쫇뻟폐풼뚨쇷춨좨샻뗄ꎬ횻늻맽룟맜퓚죎웚볤뒦폚쯸뚨ힴ첬ꎬ틲듋탨튪폫룟맜죋풱돖폐뗄랢웰죋ퟔ좻죋막쟸뇰뛔듽ꆣ 뿉쇷춨췢막뗄뒦샭 퓚막럝뮻맽돌훐ꎬ돶폚복짙짦벰쏦ꆢ쳡룟ퟜ쳥랽낸뿉닙ퟷ탔뗄뾼싇ꎬ뿉쇷춨췢막캴닎폫막럝뮻ꆣ평폚QFII훆뛈뗄췆돶ꎬ뫏룱췢맺춶헟틑뺭뿉틔춶맺쓚A막쫐뎡ꎬ쟒B막쫐뎡늢캴쓜폐킧뗄돯듫췢ꎬB막쫐뎡틑뺭믹놾즥쪧쇋쫐뎡짨볆헟떱돵릹쿫뗄훷튪릦쓜ꆣ틲듋ꎬB막쫐뎡펦ퟷ캪샺쪷틅쇴컊쳢살뒦샭ꎬ퓚맺쓚막쫐쫐펯싊쮮욽폐킧쿂붵뫳ꎬ펦낲업B막뮻캪A막ꎬ뎹뗗맘뇕B막쫐뎡ꆣ죴뿉쇷춨막닉폃삩막닟싔믘쫛떥뛀쇷춨좨샻ꎬ퓲뮻쫐볛뷓뷼B막쫐볛ꎬ뿉틔횱뷓늢맬ꎻ죴럇쇷춨막닉폃쯵막닟싔믱뗃풼뚨쇷춨좨샻ꎬ퓲뮻쫐볛뷓뷼A막쫐볛ꎬ퓲B막튲펦내튻뚨뗄쯵막뇈샽쯵막틔믱뗃퓚A막쫐뎡쇷춨뗄좨샻ꆣB막퓚쯵막A막뫳샭싛짏횻쫇햼짏쫐릫쮾막좨뇈샽폐쯹쿂붵ꎬ떫닺볛횵쿠뛔늻뇤ꎬ뛔폚B막막뚫뛸퇔쫇뿉틔뷓쫜뗄뷢뻶랽낸ꆣ 막럝샠뇰뷧뚨뗄킡뷡 룹뻝짏쫶럖컶ꎬ막럝샠뇰뿉틔ퟶ틔쿂쏨쫶ꎺ ퟜ막놾=뿉쇷춨막+럇쇷춨막+뿉쇷춨췢막 뿉쇷춨짐캴쇷춨막=엤쫛막+쓚늿횰릤막+럇랢웰죋룟맜막+(뿉햮쓢막) 뿉쇷춨막=틑쇷춨막+뿉쇷춨짐캴쇷춨막 럇쇷춨막=캴쇷춨막-엤쫛막-쓚늿횰릤막-럇랢웰죋룟맜막 14-23
2뿉쇷춨막맀횵폫움볛 뇈뷏막좨뗷헻샠랽낸뛔뿉쇷춨막뗄맀횵ꎬ뛠쫽좫쇷춨랽낸톡퓱쇋내샺쪷돉놾쫐볛살뇜쏢볛룱닙ퟝꆣ뇊헟쳡돶내2002쓪쓪쒩250죕틆뚯욽뻹볛ퟷ캪닢쯣쫐볛살랴펳2002쓪춶헟욽뻹돉놾ꎬ룃쫽횵퓚랽낸쳖싛뫍쪵쪩웚볤쓑틔캪룷샻틦훷쳥닙ퟝꆣ춬쪱컒쏇힢틢떽짏횤ퟛ횸뫍짮횤ퟛ횸뗄250죕뫍125죕틆뚯욽뻹쿟퓚2002쓪12퓂돵뻹퓚1600뗣뫍470뗣욽뮺뗘퓋탐ꎬ쪵볊짏듓2002쓪5퓂틔살125죕틆뚯욽뻹쿟뻍틑뺭퓚1600뗣뫍470뗣짏쿂욽컈퓋탐ꎬ뛸250죕틆뚯욽뻹쿟퓲듓1800뗣뫍530뗣훰늽쿲쿂퓋탐횱훁폫125죕뻹쿟붺ퟅꎬ틲듋컒쏇뿉틔맀볆퓚1600뗣튻쿟쫇2002쓪춶헟뗄욽뻹돖막돉놾쮮욽ꆣ 춼뇭 1 횸쫽돉놾춼 횸쫽돉놾춼 횸쫽뗣2400 짏횤ퟛ뫏횸쫽2300짏ퟛ250죕MA 짏ퟛ125죕MA22002100 2000 1900 18001700 1600 15001400 1300 1200 죕웚 뿉틔췆쯣ꎬ놾랽낸좷뚨뗄닢쯣쫐볛룟폚짏횤ퟛ횸1400뗣뫍짮횤ퟛ횸400뗣쪱뗄룶막쫐볛듳풼15-17%ꎬ랽낸뗄헢튻짨볆낲업폐훺폚퓚좫쇷춨랽낸퇐뺿싛횤뫍훆뚨쪵쪩웚볤쫐뎡믡폐뫏샭뗄믖뢴탔짏헇ꎬ춬쪱폖늻훁폚떼훂놬랢탔짏헇ꆣ 퓚뎤듯튻쓪냫뗄쿂뗸훐ꎬ뻸듳뛠쫽놻웈뗄ꆰ뎤웚ꆱ춶헟뒦폚퇏훘뿷쯰뗄뒦뺳ꆣ늻쓜횸췻쒳룶랽낸쓜쪹횸쫽믘떽샺쪷룟캻ꎬ떫쫇튪쟳랽낸쓜폐쿞뛈뗘쳥쿖춶헟욽뻹돉놾쫇뫏샭뗄ꆣ늻춬뗄춶헟뷸죫막쫐뗄쪱볤늻춬ꎬ춶헟뗄돉놾쫇늻춬뗄ꎬ춶헟뿷퓚막쫐뗄잮늻뿉쓜췪좫뻹뫢뗘뗃떽ꆰ늹뎥ꆱꆣ 랽낸훐뗄볛룱훆뚨닟싔펦ퟱ톭복짙쫜닙ퟝ뿉쓜탔뗄풭퓲ꆣ죧맻뿉쇷춨막맀횵뗄쫐볛믹ힼ죕퓊탭짏쫐릫쮾ퟔ탐좷뚨ꎬ짵훁볠맜떱뻖춳튻횸뚨쒳룶캴살뗄죕웚ꎬ뚼믡쪹룷샻틦훷쳥ퟶ돶닙ퟝ막볛짏쿂퓋뚯뗄퓋ퟷ낲업ꎬ헢퇹뛔막볛펰쿬쓜솦뷏죵뗄샠뇰막뚫살붲뿉쓜폐쪧릫퓊ꆣ헢뻍튪쟳컒쏇닉폃튻떶쟐뗄헾닟ꎬ톡퓱튻룶샺쪷돉놾볛ퟷ캪뿉쇷춨막맀횵뗄틀뻝ꆣ 3럇쇷춨막맀횵폫움볛 평폚럇쇷춨막쿖탐뗄붻틗볛룱쫇틔쎿막뺻닺캪믹뒡뗄ꎬ럇쇷춨막막뚫뗄닺볛횵쫇튻룶쿠뛔만뚨뗄쫽횵ꆣ죧맻막럝뮻뫳풭럇쇷춨막막뚫돖폐뗄뿉쇷춨막쫐횵룟폚풭살뗄럇쇷춨막닺볛횵ꎬ퓲풭럇쇷춨막막뚫솢벴엗쫛쳗쿖쫇쫕틦ퟮ듳뮯뗄톡퓱ꎻ죴막럝뮻뫳풭럇쇷춨막막뚫돖폐뗄뿉쇷춨막쫐횵풤볆뗍폚풭살뗄럇쇷춨막닺볛횵ꎬ퓲럇쇷춨막막뚫퓚좫쇷춨랽낸싛횤웚볤뻍믡톡퓱솢벴킭틩죃럇쇷춨막ꎬ럱퓲믡퓢쫜훆뛈쯰쪧ꆣ 퓚쇷춨좨붻틗랽낸늻춬닟싔뛔붵뗍쫐펯싊킧맻뗄럖컶훐뿉틔횤쏷ꎬ퓚컞췢쇷춨막뗄쟩뿶쿂쯵막ꆢ삩막뫍막죽훖닙ퟷ닟싔뛔붵뗍쫐펯싊뗄쪵볊킧맻뚼쫇튻퇹뗄ꎬ틲듋컒쏇훷튪뇈뷏막좨뗷헻샠-쯵막랽낸뗄뚨볛쒣쪽ꎬ럖컶뛔럇쇷춨막맀횵뗄닮틬ꎺ 뇭룱 4 쯵막랽낸뚨볛쒣쪽뇈뷏뇭 15-23 2001쓪6퓂30죕2001쓪7퓂30죕2001쓪8퓂30죕2001쓪9퓂30죕2001쓪10퓂30죕2001쓪11퓂30죕2001쓪12퓂30죕2002쓪1퓂30죕2002쓪2퓂28죕2002쓪3퓂30죕2002쓪4퓂30죕2002쓪5퓂30죕2002쓪6퓂30죕2002쓪7퓂30죕2002쓪8퓂30죕2002쓪9퓂30죕2002쓪10퓂30죕2002쓪11퓂30죕2002쓪12퓂30죕
랽낸 뚨볛쒣쪽 쯵막싊릫쪽 탲뫅 9쯵막랽낸-1럇쇷춨막맀횵=럇쇷춨막헛막볛=PI/EPI 헅컀탇 2쯵막싊=쇷춨막랢탐볛폫럇쇷춨막헛막볛뗄뇈샽 10쯵막랽낸-1럇쇷춨막맀횵=ퟮ뷼튻웚쎿막뺻닺ꎻ=PI/EP0 헔뒫늩 2쯵막싊=쇷춨막랢탐볛/ퟮ뷼튻웚쎿막뺻닺 11쯵막랽낸-1럇쇷춨막맀횵=ퟮ뷼튻쓪쎿막뺻닺=Min[PM0/EP0,(PM 0/EPS)/15],(1<,<5)벪쟬닅 2쯵막싊=250죕뻹볛/min(ퟮ뷼튻쓪쎿막뺻횵,쎿막쫕틦*뫏샭쫐펯싊15놶) 3쯵막뇈샽톡뷏뗍헟ꎬ킡폚1뗄뿉늻쯵막ꎻ늻뎬맽5 12쯵막랽낸-1럇쇷춨막맀횵=ퟮ뷼튻쓪쎿막뺻닺ꇁ(1ꎫ뷼죽쓪뺻닺쫕틦싊뻹횵)ꎻ =EP0*ꎨ1+ROE3ꎩ 몫횾맺 2쯵막싊=뚭쫂믡뻶틩릫늼잰90룶붻틗죕욽뻹쫕엌볛/뮻쫐볛ꎻ 13쯵막랽낸-1럇쇷춨막맀횵=잰죽쓪쎿막뺻닺뻹횵 *쫕틦쾵쫽ꎻ =EP03*ROE3/ ROE쫐ꆶ틢틥ꆷ 2쯵막싊=짏튻쓪쫕엌볛뻹횵/럇쇷춨막맀횵ꎻ 뎡 쫕틦쾵쫽=잰죽쓪뺻닺쫕틦싊뻹횵/짏튻쓪쫐뎡뺻닺쫕틦싊뻹횵 14돶뗷헻1럇쇷춨막맀횵=쫐뎡볛룱훐쫠*뗷헻잰쇷춨막쫽*럇쇷춨막믹놾막럝떥캻ퟜ 막좨뇈샽솿/(뗷헻잰럇쇷춨막쫽*쇷춨막믹놾막럝떥캻ퟜ솿)ꎻ 랽낸-솢쏱 2럇쇷춨막쯵막싊=뗷헻잰ퟜ막쫽*럇쇷춨막믹놾막럝떥캻ퟜ솿/뗷헻잰럇쇷춨막쫽/믹놾막럝떥캻ퟜ솿ꎻ3뗷헻잰ퟜ막쫽=뗷헻뫳ퟜ막쫽ꎻ 쇷춨좨붻=PM0/EP0 1럇쇷춨막맀횵=ퟮ뷼튻웚쎿막뺻닺ꎻ 16틗랽낸 2쯵막싊=250죕쫕엌볛뻹횵/뮻쫐볛ꎻ 컒쏇힢틢떽랽낸12뫍11럇쇷춨막맀횵폃쇋ퟮ뷼튻쓪쎿막뺻닺ꎬ랽낸13폃쇋잰죽쓪쎿막뺻닺뻹횵ꎬ랽낸12뫍13럖뇰폃쇋뗷헻쾵쫽ꎬ쒿뗄쫇쳥쿖럇쇷춨막폅훊폅볛뗄뺫짱ꆣ 뇊헟퓚쇷춨좨붻틗랽낸뗄럇쇷춨막맀횵훐ꎬ톡폃쇋ퟮ뷼튻웚쎿막뺻닺ꎬ쟒쎻폐퓋폃킧틦뗷헻쾵쫽ꎬ웤풭틲쫇ꎺ좷뚨럇쇷춨막뗄뫏샭맀횵뗄쒿뇪퓚폚뇜쏢춶헟퓚막럝뇤뮻맽돌톰뗃쳗샻믺믡ꆣ폐쳵볾뗄믺릹춶헟볈뿉틔내쎿막뺻닺킭틩쫜죃럇쇷춨막ꎬ튲뿉틔내쿖탐쫐볛릺싲뿉쇷춨막ꆣ쫂쪵짏ꎬ폐튻늿럖믺릹춶헟틑뺭퓚뾪햹헢퇹뗄퓋ퟷꆣ죧맻훆뛈짨볆뗄좱쿝떼훂믺릹춶헟뿉틔춨맽엗쫛뿉쇷춨막늢킭틩쫜죃럇쇷춨막살믱뗃훆뛈샻죳ꎬ쓇쎴헢퇹뗄훆뛈낲업뻍쫇늻돉릦뗄ꎬ튲쫇쯰몦쇷춨막막뚫뗄ꆣ틲듋럇쇷춨막맀횵횻쓜내럇쇷춨막뗄쿖탐붻틗볛룱벴ퟮ뷼튻웚쎿막뺻닺살좷뚨ꎬ컒쏇죏캪컞탫퓋폃킧틦뗷헻쾵쫽ꆣ 평폚짏쫐릫쮾튵벨늨뚯늢늻컈뚨ꎬ볈췹튵벨늢늻쓜놣횤웳튵캴살펯샻쮮욽ꆣ샽죧뷼쓪짏쫐뗄릫쮾평폚랢탐잰뺻닺쫕틦싊폐뿉쓜룟듯30%ꎬ짏쫐뫳쓜캬돖퓚8-10%ꎬ죧맻닉폃킧틦뗷헻쾵쫽뻍믡룟맀럇쇷춨막뗄쪵볊붻틗볛횵ꆣ춬퇹죧맻폃킧틦뗷헻쾵쫽ꎬ돶쿖틔잰쓪뛈뿷쯰뗄릫쮾뻍폐뿉쓜평폚샺쪷컊쳢뛸퓚볆쯣훐쪹럇쇷춨막내뗍폚쪵볊붻틗볛횵살뚨볛ꆣ틲듋ꎬ킧틦뗷헻쾵쫽늢늻쓜퓚쿖퓚뗄럇쇷춨막붻틗볛횵맀볆훐웰떽ퟷ폃ꎬ퓚럇쇷춨막막좨킭틩죃훐뫜짙폃떽뾼싇킧틦틲쯘뗄뗷헻쫖뛎ꆣ 랽낸14뗄ퟷ헟늻춬틢내쎿막뺻닺뛔럇쇷춨막맀횵ꎬ뛸쫇쳡돶내돶쪱닺쏦횵맀횵ꆣ룹뻝뛔쿂컄ꆶ쇷춨좨붻틗랽낸뛔룶막쫐펯싊펰쿬ꆷ훐쳡릩뗄뗤탍룶막낸샽닢쯣럖컶ꎬ랽낸14뛔럇쇷춨막맀횵폫쎿막뺻닺닮틬뇈뷏죧쿂ꎺ 뇭룱 5 돶뗷헻랽낸럇쇷춨막맀횵닮틬닢쯣뇭 룶막낸샽 럇쇷춨뿉쇷춨볙뚨닢쯣쎿막뺻럇쇷춨막맀횵닮막(췲) 막(췲) 쫐볛(풪) 닺(풪) 맀횵(풪) 틬뇈횵 1킡엌훐볛막 83% 2킡엌룟볛막폃폑 7500 19% 3훐엌뗍볛막 200% 4훐엌훐볛막15000 153% 5룟쇷춨뇈막 111% 6듳엌뗍볛막100000 157% 7듳엌뿷쯰막 300% 8뎬듳엌막훐쪯뮯 6712194 63% 죧맻내랽낸14쪵쪩좫쇷춨ꎬ퓲훐쪯뮯뫍폃폑죭볾럇쇷춨막막뚫뗄닺볛횵럖뇰믡쯵쮮37%뫍81%ꎬ뿉쓜믡떼훂뿘막막뚫뗄잿쇒랴뛔ꎻ뛸낸샽3뫍6훐릫쮾럇쇷춨막막뚫뗄닺볛횵좴욾뿕퓶볓쇋100%뫍57%ꎬ뿉쓜믡떼훂룃룶막쫐볛듳럹쿂뗸ꆣ 16-23
죽ꆢ 좫쇷춨뛔쫐펯싊쮮욽펰쿬뗄움볛 1ꆢ쫐펯싊폐킧탔샭싛 쫐펯싊ퟷ캪ퟮ뒫춳뗄샠뇈맀볛쒣탍ꎬ늻쓜튻훂폐킧뗘폃폚움볛쯹폐웳튵ꎬ샽죧뛔뿷쯰ꆢ쇣펯샻ꆢ캢샻릫쮾늢컞움볛ퟷ폃ꆣ퓚헊쏦샻죳캪헽뗄잰쳡쿂ꎬ릫쮾막욱쫐펯싊쫽횵늨뚯랶캧뻞듳ꎬ듓벸놶떽짏잧놶ꆣ쫐펯싊쫽횵횻쫇튻룶컞솿룙쫽ퟖꎬ놾짭늢쎻폐뺭볃뫍춶틢틥ꆣ떥뒿틔쫐펯싊살맀횵늢늻뿉뾿ꎬ뛔늻춬돉뎤뷗뛎짏쫐릫쮾뛸퇔ꎬ쫐펯싊쫊폃탔듳늻쿠춬ꆣ 룟돉뎤뷗뛎뗄릫쮾평폚뺭펪샺쪷뛌ꎬ탅쾢뫍움볛늻돤럖ꎬ캴살뺭펪늻좷뚨돌뛈룟ꎬ막욱볛룱폫떱잰샻죳늢늻돉쿔훸뫍뇈뷏컈뚨뗄쿠맘맘쾵ꎬ쫐펯싊쫽횵룟뛈늻컈뚨ꆣ듋쪱뗄룟쫐펯싊늢늻뇭쪾막욱볛룱퇏훘놳샫릫쮾쓚퓚볛횵ꎬ횻쫇뇭쪾쪵쿖릫쮾쓚퓚볛횵뗄럧쿕뷏룟ꆣ춶룟돉뎤뷗뛎뗄릫쮾뻍쫇춶폚잱퓚ꆢ늻좷뚨뗄퓶뎤믺믡ꎬ냼삨춶믺믡믱좡뫍붫춶믺믡뮯캪쿖쪵펯샻뗄횴탐쓜솦솽랽쏦뗄늻좷뚨ꆣ 돉쫬랢햹뷗뛎뗄릫쮾평폚뺭펪뫍쫜떽막욱쫐뎡움볛뗄샺쪷뎤ꎬ캴살뺭펪뗄컈뚨탔튲뇈뷏룟ꎬ탅쾢엻슶돤럖ꎬ막욱볛룱폫떱잰쫕틦쿠맘돌뛈룟ꎬ뇈샽맘쾵컈뚨ꎬ쫐펯싊늨뚯럹뛈뗍ꎬ쫊뫏닉폃쫐펯싊램움볛ꆣ맺볊훷튪쫐뎡튻냣뚼틔돉쫬릫쮾릹돉횸쫽돉럝막ꎬ돉럝횸쫽ퟜ쳥쫐펯싊뗄샺쪷뺭퇩쫽횵뇤뮯랶캧뿉틔폃폚움볛막욱쫐뎡볛룱쮮욽쫇럱퇏훘놳샫쓚퓚볛횵ꎬퟷ캪막욱쫐뎡캣믺뗄풤뺯탅뫅ꎬ떫쪵볹훐죔좻쓑틔좷뚨막욱쫐뎡맽뛈춶믺뗄쫐펯싊쫽횵뷧쿞ꆣ 쮥췋뫍탍뷗뛎뗄릫쮾폐쪱믡랢짺헊쏦캢샻뗄쟩뿶ꎬ쫐펯싊쫽횵틬뎣룟랴펳쇋춶헟뛔릫쮾탍뫳캴살퓶뎤믺믡뗄풤웚ꆣ듋쪱쫐펯싊쪧좥쇋움볛뗄쳵볾ꎬ쓑틔에뛏막욱룟맀믲뗍맀ꆣ퓚맄샸닺훘ퟩ뗄훐맺쫐뎡ꎬ쮥췋뫍탍뷗뛎뗄릫쮾믱뗃훘짺뗄믺믡룼듳폚맺볊훷튪막쫐ꎬ틲듋돶쿖쫽냙ꆢ잧놶쫐펯싊막욱뗄믺믡튲듳뗃뛠ꆣ 2ꆢ랽낸쪵쪩뫳뗤탍룶막쫐펯싊쮮욽뗄뇤뮯맀볆 뿉틔횤쏷쫐펯싊쿂붵뛮=[ꎨ닢쯣쫐볛ꆪ쎿막뺻닺ꎩ*럇쇷춨막+ꎨ닢쯣쫐볛ꆪ뮻쫐볛ꎩ*췢막]/쓪뺻샻죳ꎬ떱컞뿉쇷춨췢막쪱ꎬ죽훖닟싔닙ퟷ뫳쫐펯싊쿂붵럹뛈쿠춬ꆣ 캪쇋쪵횤볬퇩쇷춨좨붻틗랽낸뗄폐킧탔ꎬ컒쏇톡좡8룶뗤탍룶막낸샽ퟷ쫽뻝퇩횤ꆣ퇩횤닉폃쇷춨좨붻틗랽낸뗄막닟싔ꎬ벴막잰뫳ퟜ막놾늻뇤ꎺ 뇭룱 6 뗤탍룶막낸샽막럝뮻닢쯣뇭 럇쇷춨막막뚫탲뫅 룶막낸샽 럇쇷춨뿉쇷춨ퟜ막놾쎿막뺻뺻샻죳쎿막쫕풭돖막뇈샽막(췲) 막(췲) (췲) 닺(풪) (췲) 틦(풪) 1 킡엌훐볛막 9000 3000 12000 4500 75% 2 킡엌룟볛막폃폑 7500 2500 10000 7040 75% 3 훐엌뗍볛막 10000 5000 15000 1500 67% 4 훐엌훐볛막 15000 5000 20000 4125 75% 5 룟쇷춨뇈막 7500 12500 20000 4000 38% 6 듳엌뗍볛막 100000 20000 120000 20000 83% 7 듳엌뿷쯰막 20000 10000 30000 -1000 67% 8 뎬듳엌막훐쪯뮯 6712194 280000 77% 럇쇷춨막막뿉쇷춨막막럇쇷춨막막뚫탲뫅 볙뚨닢쯣쫐볛닢쯣쫐막뫳막뫳쫐펯싊뚫죃뇈샽뚫쫜죃뇈샽탂돖막뇈샽펯싊 쫐볛 쫐펯싊 붵럹 1 20 53 21 53% 159% 61% 35% 2 50 71 29 48% 144% 59% 39% 3 8 80 40 50% 100% 50% 33% 4 14 68 26 53% 160% 62% 35% 5 10 50 37 59% 36% 26% 15% 6 8 48 18 35% 173% 63% 55% 7 6 -180 -70 79% 157% 61% 14% 8 3 19 11 3% 73% 42% 75% 17-23
3ꆢ랽낸쪵쪩뫳막욱벯뫏헻쳥쫐펯싊쮮욽뗄뇤뮯맀볆 캪쇋폐킧뗘쏨쫶막욱벯뫏뗄쫐펯싊쮮욽ꎬ컒쏇붨틩쪹폃틔쿂랽램룄뷸쫐펯싊욽뻹횵뗄맀볆ꎺ 1뗷뫍욽뻹램 늻짙릫쮾쓪뛈횮볤뺻샻죳폐뿉쓜랢짺뷏듳뗄뇤뮯ꎬ떱릫쮾평뺻샻죳컈뚨뇤뮯춻좻캪캢샻쪱ꎬ쪵볊쫐펯싊뻍믡평쫽쪮놶뇤캪쫽냙놶ꎻ춬퇹떱릫쮾평캢샻믲뿷쯰캪헽뎣펯샻쮮욽ꎬ쪵볊쫐펯싊뻍믡평쫽잧놶믲뢺횵뇤캪쫽쪮놶ꆣ퓚쏨쫶튻룶막욱벯뫏뗄쫐펯싊쮮욽쪱펦뺡솿죵뮯쒳떥룶막욱쫽냙ꆢ잧놶쫐펯싊뗄쫽횵뛔헻쳥뻹횵뗄펰쿬ꎬ뛸뗷뫍뻹횵뿉틔폐킧쪵쿖헢튻쒿뇪ꎬ뗷뫍욽뻹횵뇈쯣쫵욽뻹횵룼쓜뇭헷막욱벯뫏뗄쫐펯싊쮮욽ꆣ 2폐킧랶캧램 캪쇋쿻돽뻞뛮쫽횵뛔쫐펯싊뻹횵뗄룉죅ꎬ컒쏇퓚쏨쫶늻춬막욱벯뫏뗄쫐펯싊쮮욽쪱ꎬ뿉틔틀뻝짨뚨뗄폐킧쫐펯싊짏쿞살좷뚨춳볆욽뻹횵뗃랶캧ꆣ샽죧쿂컄틔70놶ꆢ100놶뫍컞쟮듳ퟷ캪폐킧쫐펯싊짏쿞ꎬ뛔훐맺막욱ퟜ쳥뫍짏횤180ꆢ짮횤100횸쫽돉럝막럖뇰뷸탐닢쯣ꆣ 3막놾볓좨욽뻹램 평폚룷쿮훷튪횸쫽뻹쫇틔막놾캪좨훘뛸닺짺뗄ꎬ틲듋뿉틔뛔막욱벯뫏뗄쫐펯싊틔막놾볓좨랽쪽닢쯣쯣쫵욽뻹횵뫍뗷뫍욽뻹횵ꎬ뛔횸쫽늨뚯뗄쓢뫍탔룼룟ꆣ 4막욱벯뫏헻쳥쫐펯싊뗄닢쯣 틔믹ힼ죕2002쓪9퓂25죕ꎨ짏횤ퟛ횸1598뗣ꎩ뗄붻틗쫽뻝캪믹뒡ꎬ룹뻝쇷춨좨붻틗랽낸뿉틔닢뚨좫쇷춨잰뫳뗄쫐펯싊쮮욽뇤뮯쟩뿶ꎬ뾼달뛔쿳럖뇰쫇훐맺막쫐좫쳥막욱벯뫏ꆢ짏횤180ꆢ짮횤100횸쫽돉럝막벯뫏ꆣ ퟛ뫏퓋폃폐킧랶캧램뫍막놾볓좨욽뻹램ꆢ뗷뫍욽뻹램ꎬ뿉닢쯣헻쳥쫐펯싊ꎺ 뇭룱 7 막욱벯뫏쫐펯싊닢쯣뇭 막놾볓좨막놾볓좨막럝뮻잰랶캧 쟸볤볒쫽쟸볤뇈샽ퟜ볒쫽뗷뫍뻹횵쯣쫵뻹횵뇪ힼ닮욫뛈 럥뛈 뗷뫍뻹횵쯣쫵뻹횵쫐뎡ퟜ쳥 0<,<70582 51% 쫐뎡ퟜ쳥 0<,<100738 65% <,<ꇞ쫐뎡ퟜ쳥 1018 90% 짏횤180 0<,<70131 73% 짏횤180 0<,<100150 83% <,<ꇞ짏횤180 179 99% 짮횤100 0<,<7065 65% 짮횤100 0<,<10074 74% <,<ꇞ짮횤100 87 87% 막놾볓좨막놾볓좨막럝뮻뫳랶캧 쟸볤볒쫽쟸볤뇈샽ퟜ볒쫽뗷뫍뻹횵쯣쫵뻹횵뇪ힼ닮욫뛈 럥뛈 뗷뫍뻹횵쯣쫵뻹횵쫐뎡ퟜ쳥 0<,<70582 51% 쫐뎡ퟜ쳥 0<,<100738 65% <,<ꇞ쫐뎡ퟜ쳥 1018 90% 짏횤180 0<,<70131 73% 짏횤180 0<,<100150 83% <,<ꇞ짏횤180 179 99% 짮횤100 0<,<7065 65% 짮횤100 0<,<10074 74% <,<ꇞ짮횤100 87 87% 내헕쇷춨좨붻틗랽낸쪵쪩좫쇷춨뫳ꎬ짏횤180횸쫽ꆢ짮횤100횸쫽뗄ퟜ쳥쫐펯싊쮮욽듳풼평뗷뫍뻹횵35놶ꆢ쯣쫵뻹횵42놶럖뇰쿂뗷훁뗷뫍뻹횵19놶ꆢ쯣쫵뻹횵25놶ꆣ 죽룶막욱벯뫏뗄룶막쫐펯싊럖늼쟺쿟럻뫏럇헽첬럖늼ꎬ퓚막럝뮻뫳뻹쿔훸뗘쿲ퟳ닠18-23
욫틆ꎬ뻹횵폐킧쿂붵ꎬ쟺쿟뗄욫뛈퓶듳ꆣ 쟸볤볒쫽뇈샽18%짏횤180믹ힼ죕쟸볤볒쫽뇈샽16%짏횤180뮻뫳쟸볤볒쫽뇈샽14%짮횤100믹ힼ죕쟸볤볒쫽뇈샽12%짮횤100뮻뫳쟸볤볒쫽뇈샽10%8%6%4%2%0%쫐펯싊쟸볤 춼뇭 2 돉럝막횸쫽쫐펯싊럖늼뇤뮯뛔헕춼 4ꆢ쫐펯싊쮮욽뗄맺뇰뇈뷏 룟쫐펯싊뗄컊쳢튻횱삧죅ퟅ훐맺막쫐뗄룷랽닎폫헟ꎬ폐죋튻횱틲듋뛸탻돆ꆰ훐맺쫐뎡엝쒭뺪죋ꆱꎬ떫뇊헟뗄퇐뺿뷡맻뇭쏷ꎬ뷼벸쓪훐맺막쫐쫐펯싊튻횱놻늻릫욽뗘뫍뺳췢쫐뎡쫐펯싊뷸탐ퟅ뇈뷏ꆣ뾼달좫쟲훷튪놾쫐뎡죧룛ꆢ죕ꆢ탂ꆢ쏀ꆢ펢ꆢ램ꆢ뗂뗈뛠쫽닉폃돉럝횸쫽ꎬ횻폐볓쓃듳ꆢ첨췥ꆢ몫맺뗈듎튪쫐뎡뫍NASDAQ닉폃ퟛ뫏횸쫽ꆣ퓚훐맺퓋탐샺쪷뷏뎤뗄횸쫽뚼쫇ퟛ뫏횸쫽ꎬ닉퇹랶캧냼삨쇋헻룶쫐뎡ꆣ듓헢룶뷇뛈붲ꎬ쓃랴펳헻룶쫐뎡뗄ퟛ뫏횸쫽뫍뺳췢랴펳짏쫐릫쮾뺫펢뗄돉럝막횸쿠뇈ꎬ쫇늻뫏샭뗄ꆣ 쏀맺ퟮ훘튪뗄횸쫽쫇뗀쟭쮹30훖릤튵횸쫽ꆣ뗀쟭쮹30훖릤튵횸쫽쫇톡퓱쇋퓚쏀맺얦풼횤좯붻틗쯹짏쫐뗄28볒릫쮾뫍퓚NASDAQ짏쫐뗄2볒릫쮾뫏볆30볒퓚쏀맺ퟮ폐춶볛횵ꆢퟮ폐쪵솦뗄짏쫐릫쮾캪퇹놾볆쯣ꎬ듓뛸닺짺뗄횸쫽ꆣ춬퇹ꎬ뗀쟭쮹30훖릤튵횸쫽튲늻뿉쓜췪좫랴펳쏀맺헻룶쫐뎡13000폠볒막욱뗄ퟜ쳥쫐펯싊쮮욽ꆣ 쿣룛뫣짺횸쫽횻톡좡쇋33룶쿣룛막쫐훐ퟮ폅탣뗄릫쮾ퟶ퇹놾ꎬ늢늻쓜ힼ좷랴펳쿣룛훷냥쫐뎡뗄ힴ뿶ꆣ쿣룛훷냥폐813볒짏쫐릫쮾ꎬ웤훐폐뇈샽룟듯40%뗄뿷쯰막ꎬ틲듋ꎬ늻쓜폃헢33룶뺫펢릫쮾ퟩ돉뗄쿣룛뫣짺돉럝횸쫽뫍맺쓚막쫐ퟛ뫏횸쫽뷸탐뇈뷏ꎬ횻폐쿣룛쫐뎡뫍듳슽쫐뎡뗄좫쳥믲헟솽헟뗄돉럝막닅뻟폐뿉뇈탔ꆣ 캪쇋뿍맛뇈뷏훐맺폫훷튪막쫐쫐펯싊쮮욽뗄닮틬ꎬ놾컄훷튪뻍틔쿂8룶돉럝횸쫽뫍짏횤180횸쫽ꆢ짮횤100횸쫽뷸탐좫쏦뇈뷏ꆣ틔2003쓪2퓂25죕붻틗쫽뻝캪샽ꎺ 뇭룱 8 좫쟲훷튪쫐뎡돉럝횸쫽튻샀뇭 쿣룛뫣짺죕뺭255 탂볓웂몣쾿뗀쟭쮹30훖뇪ힼ웕뛻싗뛘뷰죚쪱냍샨CAC 램삼뿋톇짏횤180짮횤100좫쟲훷튪쫐뎡 횸쫽 횸쫽 쪱놨횸쫽 릤튵횸쫽 500횸쫽놨100횸쫽40횸쫽 DAX횸쫽 횸쫽 횸쫽 돉럝횸쫽 TICKERHSINKYSTIINDUSPXUKXCACDAXSSE180SI100떱죕횸쫽914883601287785883336602757254628031110쫐횵뫏볆(냙췲쏀풪33607413200378762524548467574258138229464628136453518725062453쫐횵뻹횵(냙췲쏀풪101845867194781828151491368616157121511040625돉럝막볒쫽3322545305001014030180100PE>0볒쫽33146372539583312617587컞킧PE볒쫽079851051894513뿷쯰뇈샽 0%35%18%17%21%18%23%13%3%13%캪쇋뷸튻늽뇈뷏훐맺폫맺볊막쫐퓚룷닺튵볤쫐펯싊쮮욽뗄닮틬ꎬ쿂뇭쇐쪾쇋룷횸쫽훐19-23 <=0101520253035404550556065707580859095100105110115120125130135140145150200250300>300
쫐펯싊캪헽횵뗄돉럝막럖늼퓚10룶닺튵좺뗄볒쫽ꎺ 뇭룱 9 돉럝횸쫽닺튵럖늼볒쫽튻샀뇭 닺튵좺峖?쫽 HSI NKY STI INDUSPX UKX CAC DAX SSE180SI100뫏볆믹뒡닄쇏0150117613271787춨톶 4 3 3226420 8557훜웚쿻럑욷 333546010753510172럇훜웚쿻럑욷 0 29 45852565 3113203ퟛ뫏 7040021010428쓜풴1 3 0117310 5536뷰죚 1013123782156145167릤튵4 43 8650754 3118176벼쫵 1213351217558릫폃3 5 0027412 7554횸쫽돉럝막좫쳥 33 225 45305001014030 1801001284뇭룱 10 닺튵좺벰횸쫽돉럝막좫쳥뗄쫐펯싊쯣쫵욽뻹횵닢쯣뇭 닺튵좺峖?쫽 HSI NKY STI INDU SPX UKX CAC DAX SSE180SI100믹뒡닄쇏09204025161621158105춨톶 14 541420423618 0 7555훜웚쿻럑욷 35210121718211095776럇훜웚쿻럑욷0 59921391636 15 4669ퟛ뫏 1502600111846013471쓜풴11 34020331614 0 4726뷰죚 373023181847172554149릤튵80 1601422371710 10 4541벼쫵 19291035851825504354릫폃13 170013136 9 2935횸쫽돉럝막좫쳥 30 1211822332575 18 7170뇭룱 11 닺튵좺벰횸쫽돉럝막좫쳥뗄쫐펯싊뗷뫍욽뻹횵닢쯣뇭 닺튵좺峖?쫽 HSI NKY STI INDU SPX UKX CAC DAX SSE180SI100믹뒡닄쇏035040201116162831춨톶 13 491217212512 0 4134훜웚쿻럑욷 293010151415883531럇훜웚쿻럑욷0 31816181422 15 3533ퟛ뫏 140170011184603652쓜풴11 26020231614 0 3323뷰죚 18191316131412113747릤튵11 37121819148 10 3729벼쫵 19281035291822504145릫폃12 160010136 8 2530횸쫽돉럝막좫쳥 15 301215161411 11 3432볬퇩좫쇷춨랽낸쫇럱폐킧틔벰랽낸쪵쪩췪돉뫳에뛏훐맺막쫐춶볛횵죔좻틀삵폚쫐펯싊쮮욽뗄맀볆ꆣ튻떩뷢뻶쇋막좨럖쇑헢튻훐맺막쫐벲ꎬ돽쇋훐맺쫇룟쯙랢햹뗄탂탋맺볒헢튻믹놾틲쯘틔췢ꎬ훐맺막쫐쫐펯싊쮮욽쎻폐샭평볌탸폫맺볊막쫐폐뫜듳닮뇰ꆣ ퟝ맛짏쫶싛횤ꎬ뿉틔뗃돶에뛏ꎬ퓋폃쇷춨좨뚨볛샭싛쪵쪩좫쇷춨뿉틔폐킧붵뗍맺쓚A막쫐뎡뗄쫐펯싊쮮욽,짏횤180횸쫽ꆢ짮횤100횸쫽뗄쫐펯싊붵캪뗷뫍뻹횵19놶ꆢ쯣쫵뻹횵25놶ꎬ듳훂뷓뷼맺볊쮮욽ꎬ훐맺막쫐틑뷸죫뿉춶쟸폲ꆣ 20-23
쯄ꆢ 쪵쪩좫쇷춨뛔췪짆훐맺놾쫐뎡뗄믽벫틢틥 1ꆢ뫏샭엤훃죚풴 쫐뎡쫐펯싊믘맩맺볊뫏샭쮮욽ꎬ뿉틔럖쇷늿럖맺쓚웳튵떽뺳췢쫐뎡죚ꎬ뿉틔폐킧뛴횹뎬듳탍몣췢짏쫐웳튵믘맺쓚쫐뎡벯뗄죈쟩ꎬ듓뛸뮺뷢듳솿릫쮾헹쟀맺쓚죚풴뗄뺽뿶ꆣ평폚죚킧싊뗄폐킧붵뗍ꎬ춨맽싲뿇뿬쯙믱뗃죚룱뗄ퟶ램붫쫜떽틖훆ꆣ뿕뿇릫쮾컼틽솦붫붵뗍ꎬ뷸뛸췋돶쫐뎡ꎬ좷놣폐쿞죚풴쿲폅훊웳튵쟣킱ꆣ 랢탐쫐펯싊ퟔ평뮯튲붫쮮떽쟾돉ꎬ컞탨퓙평횤볠믡튻떶쟐쿞뚨20놶ꎬ듳탍릫쮾뗄랢탐쫐펯싊뿉쓜10놶뻍쯣룟쇋ꎬ떫킡탍릫쮾20놶틔짏튲쫇뿉틔캪쫐뎡뷓쫜뗄ꆣ 2ꆢ폐훺맦랶뿘막막뚫탐캪 좫쇷춨랽낸쪵쪩뫳ꎬ듳늿럖릫쮾풭럇쇷춨막막뚫돖막뇈샽평70%쿂붵떽듳풼35%ꎬ헢뛔훆풼늿럖뿘막막뚫뗄튻막뛀듳탐캪폐쪵훊탔ퟷ폃ꆣ죧맻짏쫐릫쮾퓚뿘막막뚫뗄훷떼쿂볌탸듳뇈샽죚ꎬ뿘막막뚫뻍폐뿉쓜쏦쇙쪧좥뿘훆좨뗄캣쿕ꆣ릫훚막럝뇈샽뗄짏짽믡퓊탭믺릹춶헟돖폐룼듳럝뛮뗄막럝ꎬ듓뛸퓶잿뛔짏쫐릫쮾맦랶퓋ퟷ뗄볠뚽솦솿ꆣ 평폚뿘막막뚫돖폐뗄막럝늻퓙쫇폫쫐뎡막볛늨뚯컞맘뗄럇쇷춨막ꎬ웈쪹뿘막막뚫뇘탫횧돖짏쫐릫쮾쳡짽웳튵킧틦ꎬ틔캬돖웳튵쫐뎡볛횵ꆣ죧맻짏쫐릫쮾뺭펪쪧컳퓬돉튵벨뮬웂ꎬ뿘막막뚫폫릫훚막뚫튻퇹믡평폚막볛쿂뗸뛸퓢쫜닺쯰쪧ꆣ평폚엤막쪱뿘막막뚫돖막뗄막볛춬퇹믡놻돽좨ꎬ쿖퓚뿘막막뚫춶욱횻죃릫훚막뚫돶잮엤막뗄쿖쿳붫믡쿻쪧ꆣ 3ꆢ듟짺탂뗄춶펯샻쒣쪽 뻉뗄펯샻쒣쪽훰붥믡퓢쳔청ꆣ평폚킡엌막뗄뚨틥붫평3000췲퓶볓떽1틚막ꎬ틔췹볒췪좫뿘엌튻룶막욱뫳ퟔ평삭짽믱샻뗄쒣쪽붫죕틦쓑틔ퟠ킧ꆣ늿럖믺릹틔뷏킡듺볛쫕릺럇쇷춨막믱뗃릫쮾뿘막좨뷸뛸닙ퟝ막볛믱샻뗄쫖램춬퇹튲틲춶죫닺돶뇈쿂붵뛸맽쪱ꆣ 폫듋춬쪱ꎬ폫맺볊맟샽뷓맬뗄탂펯샻쒣쪽슽탸돉쫬ꆣ쯦ퟅ뿉쇷춨맺폐막좨닺붻평튵닺맜샭믺릹맜샭ꎬ퓚튵믺릹뗄톹솦쿂ꎬ힢훘막쾢믘놨뗄춶샭쓮붫펰쿬짏쫐릫쮾탐캪ꎬ튻엺뿉뎤웚춶뗄삶돯막붫돉캪훷솦춶뛔쿳ꆣ 훐맺횤좯쫐뎡늢릺쒣쪽붫랢짺룹놾뇤뮯ꎬ탂펯샻쒣쪽펦퓋뛸짺ꆣ늢릺튵컱늻퓙쫇쒿잰뒿톯닟뮮탍뗄튵컱ꎬ뛸쫇틔뛾벶쫐뎡퓋ퟷ캪훷뗄뷰탍튵컱ꆣ쫐뎡붫돶쿖늢릺럖닰탐캪ꎬ평폚짏쫐릫쮾뗄막럝좫늿뿉틔쇷춨ꎬ쫕릺볦늢뗄죈쏅뛔쿳늻퓙쫇뿕뿇릫쮾ꎬ룟닺뗍킧틦뗄릫쮾믡돉캪탂뗄릺늢쒿뇪ꎻ튵늢릺믺릹퓚쫕릺뫳뿉틔춨맽럖닰돶쫛닺쳡룟짏쫐릫쮾뗄펯샻쯘훊ꎬ쳡짽쫐뎡볛횵살믱샻ꆣ쫐뎡붫돶쿖쫐횵늢릺탐캪ꎬ훐맺잿쫆짏쫐릫쮾뿉틔폃쫐횵늢릺랽쪽뿬쯙컼쫕럇짏쫐릫쮾짵훁쫇웤쯻짏쫐릫쮾ꎬ쪵쿖폅쫆웳튵뗄쳸풾쪽퓶뎤ꆣ 4ꆢ췆뚯맺폐닺맜샭쒣쪽뗄뒴탂 맺폐막복돖ퟮ돵뗄쒿뇪쫇늹돤짧놣믹뷰ꎬ맺폐막럝뮻캪뿉쇷춨막뫳ꎬ룷벶맺폐닺맜샭늿쏅뿉틔횱뷓틔막욱탎쪽쿲짧놣믹뷰힢죫닺ꎬ뛸늢럇뇘탫복돖막욱틔쿖뷰탎쪽힢ꆣ돖폐뻞듳맦쒣맺폐막좨닺뗄짧놣믹뷰뫍룷벶맺폐닺맜샭늿쏅ꎬ뿉틔닉폃틔쿂쒣쪽살쪵쿖맺폐닺뗄맜샭뫍놣횵퓶횵ꎺ 1짨솢듳탍믹뷰쿲릫훚뎣쓪쿺쫛 짧놣믹뷰톡퓱늿럖듳탍ퟛ뫏웳튵탍폅훊릫쮾뗄맺폐막좨ퟩ돉듳탍닺냼ꎬ짨솢샠쯆펯뢻믹뷰뗄듳탍믹뷰ꎬ춨맽헐뇪붻룸튻엺믹뷰맜샭죋럖뇰맜샭ꆣ좻뫳평짌튵틸탐ꆢ춶틸탐쿲짧믡릫훚춨맽쇣쫛췸싧뎣쓪쿺쫛믹뷰떥캻ꆣ평폚듳탍ퟛ뫏웳튵탍릫쮾춶믘놨뷏컈뚨ꎬ룃샠탍믹뷰럧쿕킡ꎬ폐쿖뷰럖뫬뗄놣헏ꎬ쫊뫏럧쿕돐쫜쓜솦뷏닮뗄믲놣쫘탍뗄춶헟죏릺ꆣ 2틔맺폐막좨내쫐횵볆볛죏릺뾪럅쪽믹뷰 룷벶맺폐닺맜샭늿쏅뫍짧놣믹뷰틔맺폐막좨내쫐횵볆볛죏릺뾪럅쪽믹뷰ꎬ짧놣믹뷰룹뻝샺쓪뗄짧놣뷰퓋폃볆뮮폐맦싉뗘쫪믘믹뷰떥캻ꆣ뾪럅쪽믹뷰맜샭죋뇘탫돖폐닺닅쓜볆쳡맜샭럑ꎬ틲듋늻뿉쓜튻듎탔쳗쿖샫뎡ꎬ퓚맜샭닺웚볤붫폐톡퓱뗘싲죫믲싴돶막욱ꆣ헢21-23
훖폐뮺돥믺쓜뗄맺폐막복돖믺훆뇈맺폐막튻듎탔엤쫛뛔쫐뎡뷰릩룸뗄돥믷튪킡뗃뛠ꆣ 3울쟫춶틸탐엤쫛듳ퟚ막욱 듳ퟚ막욱늻첫뿉쓜횱뷓퓚쫐뎡짏솬탸엗쫛ꎬ뷼쓪쫐뎡뎣볻뗄막쳸쮮쪵볊짏뻍쫇듳ퟚ막욱헒늻떽붻틗뛔쫖뛸틽랢쇷뚯탔럧쿕ꎬ떼훂막볛듳럹쿂뗸ꆣ내맺볊맟샽ꎬ듳ퟚ막욱돖폐죋캪쇋톸쯙뇤쿖쯹돖뗄막럝ꎬ탨튪울쟫춶틸탐캪웤낲업엤쫛ꆣ엤쫛뗄볛룱튻냣믡폐튻뚨헛뿛ꎬ뛸헛뿛룟뗍쫇틀뻝쫐뎡릩탨쟩뿶뛸뻶뚨뗄ꆣ 4춨맽듳ퟚ붻틗쿲햽싔춶헟죃 룼뎣볻뗄쟩탎쿂ꎬ듳ퟚ막욱뗄붻틗죔좻쫇쿲햽싔춶헟킭틩죃ꆣ뛸헢훖킭틩죃폫쿖퓚뗄킭틩죃늻춬횮뒦퓚폚늻쫇틔쎿막뺻닺캪맀횵믹뒡ꎬ뛸쫇룹뻝쫐볛짏쿂뢡뚯튻뚨럹뛈살뚨볛ꆣ탂뗄햽싔춶헟튻냣뚼탨튪돐억돖폐웚ꎬ헢퇹듳ퟚ붻틗폐훺폚쳡룟돖막뗄컈뚨탔ꎬ복뗍뛔쫐뎡뗄돥믷ꆣ 5ꆢ듙뷸훐맺믹뷰튵뿧풽쪽랢햹 맺폐막좨닺맜샭뗄뻞듳탨쟳캪훐맺믹뷰튵뿧풽쪽랢햹쳡릩쇋웵믺ꆣ늿럖맺폐막좨뮮맩룷벶맺폐닺맜샭늿쏅뫍짧놣믹뷰뫳ꎬ평폚맺폐막좨늻퓙쫇폫쫐뎡볛횵컞맘뗄닺ꎬ맺폐막좨돖폐죋ퟔ좻탨튪폐튵닺맜샭믺릹쳡릩닺놣횵퓶횵뗄럾컱ꆣ 믹뷰맜샭죋뿉틔폃훖샠맣랺뗄맺폐막좨내웳튵맦쒣뫍쳘헷럖샠ퟩ뫏늻춬뗄춶욷훖ꎬ뿉틔릹붨듳탍ퟛ뫏웳튵탍믹뷰ꎨLarge Blendꎩꆢ듳탍돉뎤탍믹뷰ꎨLarge Growthꎩꆢ듳탍볛횵탍믹뷰ꎨLarge Valueꎩꆢ훐탍ퟛ뫏웳튵탍믹뷰ꎨMidꎭcap Blendꎩꆢ훐탍돉뎤탍믹뷰ꎨMidꎭcap Growthꎩꆢ훐탍볛횵탍믹뷰ꎨMidꎭcap Valueꎩꆢ킡탍ퟛ뫏웳튵탍믹뷰ꎨSmall Blendꎩꆢ킡탍돉뎤탍믹뷰ꎨSmall Growthꎩꆢ킡탍볛횵탍믹뷰ꎨSmall Valueꎩ뗈쯹폐늻춬샠탍뗄믹뷰ꆣ믹뷰맜샭죋뿉틔캪럧쿕돐쫜쓜솦뷏닮ꆢ놣쫘탍뗄춶헟쳡릩춶믘놨뷏컈뚨ꆢ럧쿕킡뗄ퟛ뫏웳튵탍믹뷰ꎬ캪럧쿕돐쫜쓜솦뷏뫃ꆢힷ쟳룟쫕틦뗄춶헟쳡릩볛횵탍믹뷰ꎬ캪ힷ쟳룟럧쿕ꆢ룟쫕죫뗄춶헟쳡릩돉뎤탍믹뷰ꎬ돤럖싺ퟣ늻춬샠뇰춶헟뗄탨쟳ꆣ 쯦ퟅ믹뷰캪훷뗄믺릹춶헟닺맦쒣톸쯙엲헍ꎬ듳솿맺볊춨탐뗄뷰죚릤뻟폐췻틽죫훐맺ꎬ샽죧막횸웚믵ꆢ듳탍막욱뗄싲죫싴돶웚좨ꆢ죏막좨횤ꆣ 6ꆢ뷡폯 뇊헟늩닉훚볒횮뎤ꎬ틀뻝쇷춨좨뚨볛샭싛ꎬ쳡돶쇋틢춼뷢뻶훐맺횤좯쫐뎡훆뛈짨볆좱쿝뗄랽낸ꆣ쳡릩헾닟붨틩쫇뛔뷢뻶랽낸뗄믹놾튪쟳ꎬ떫놾랽낸늻믡믹폚쒱쟳룄뇤쿖탐횤좯쫐뎡뗄훎샭쒣쪽ꎬ뛸쫇쾣췻퓚쿖폐맜샭쳥훆쿂톰헒뷢뻶컊쳢뗄랽램ꎬ훁폚횤좯쫐뎡랢햹뗄훖훖헾닟퓲쇴듽횤좯볠맜떱뻖살훰늽췆뷸ꆣ 춼뇭튻샀뇭 뇭룱 1 좫쇷춨랽낸움볛튻샀뇭.......................................................................................8 뇭룱 2 막럝뮻닟싔닆컱쫽뻝볆쯣릫쪽뇭.................................................................13 뇭룱 3 막럝뮻닟싔쪾랶닢쯣뇭.................................................................................13 뇭룱 4 쯵막랽낸뚨볛쒣쪽뇈뷏뇭.................................................................................15 뇭룱 5 돶뗷헻랽낸럇쇷춨막맀횵닮틬닢쯣뇭.........................................................16 뇭룱 6 뗤탍룶막낸샽막럝뮻닢쯣뇭.........................................................................17 뇭룱 7 막욱벯뫏쫐펯싊닢쯣뇭.....................................................................................18 뇭룱 8 좫쟲훷튪쫐뎡돉럝횸쫽튻샀뇭.........................................................................19 뇭룱 9 돉럝횸쫽닺튵럖늼볒쫽튻샀뇭.........................................................................20 뇭룱 10 닺튵좺벰횸쫽돉럝막좫쳥뗄쫐펯싊쯣쫵욽뻹횵닢쯣뇭.................................20 뇭룱 11 닺튵좺벰횸쫽돉럝막좫쳥뗄쫐펯싊뗷뫍욽뻹횵닢쯣뇭.................................20 춼뇭 1 횸쫽돉놾춼.........................................................................................................15 춼뇭 2 돉럝막횸쫽쫐펯싊럖늼뇤뮯뛔헕춼.................................................................19 22-23
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