野村证券(Nomura)--Monura_2014_numercial
金融词汇缩写
CPI Consumer Price IndexPPI Producer Price IndexJVC joint venture company 合资公司K. D. knocked down 拆散K. D. knocked down price 成交价格L. B. letter book 书信备查簿LB licensed bank 许可银行L.& D. loans and discounts 放款及贴现Li. liability 负债LI letter of interest (intent) 意向书lifo (LIFO) last in, first out 后进先出法L. I. P. (LIP) life insurance policy 人寿保险单LIRCs low interest rate currencies 低利率货币L/M list of materials 材料清单LMT local mean time 当地标准时间LRP limited recourse project 有限追索工程LRPF limited recourse project financing 有限追索工程融资i. s. lump sum 一次付款总额i. s. t. local standard time 当地标准时间LT long term 长期Ltd. limited 有限〔公司〕m million 百万M matured bond 到期的债券M&A merger & acquisition 兼并收购MA my account 本人帐户Mat. maturity 到期日Max., max maximum 最大量M. B. memorandum book 备忘录MBB mortgage-backed bonds 抵押支持的债券MBO management by objectives 目标管理M/C marginal credit 信贷限额m/c metallic currency 金属货币MCA mutual currency account 共同货币帐户MCP mixed credit program 混合信贷方案M/d months after deposit 出票后......月M. D. maturity date 到期日M. D. (M/D) memorandum of deposit 存款(放〕单M. D. malicious damage 恶意损坏mdse. merchandise 商品MEI marginal efficiency of investment 投资的边际效率mem. memorandum 备忘录MERM multilateral exchange rate model 多边汇率模型M. F. mutual funds 共同基金MF mezzanine financing 过渡融资mfg. manufacturing 制造的MFN most favoured nations 最惠国mfrs. manufacturers 制造商mg milligram 毫克M/I marine insurance 海险micro one millionth part 百万分之一min minimum 最低值、最小量MIP monthly investment plan 月度投资方案mks. marks 商标mkt. market 市场MLR minimum lending rate 最低贷款利率MLTG medium-and-long-term guarantee 中长期担保M. M. money market 货币市场MMDA money market deposit account 货币市场存款帐户MMI major market index 主要市场指数MNC multinational corporation 跨〔多〕国公司MNE multinational enterprise 跨国公司MO (M. O.) money order 汇票MOS management operating system 经营管理制度Mos. months 月MP market price 市价M/P months after payment 付款后......月MPC marginal propensity to consume 边际消费倾向Mrge.(mtg. ) mortgage 抵押MRJ materials requisition journal 领料日记帐MRO maintenance, repair and operation 维护、修理及操作MRP manufacturer's recommended price 厂商推荐价格MRP material requirement planning 原料需求方案MRP monthly report of progress 进度月报MT medium term 中期M/T mail transfer 信汇mthly monthly 每月MTI medium-term insurance 中期保险MTN medium-term note 中期票据MTU metric unit 米制单位n. net 净值N. A. net assets 净资产n. a not available 暂缺NC no charge 免费N/C net capital 净资本n. d. no date 无日期N. D. net debt 净债务n. d. non-delivery 未能到达ND next day delivery 第二天交割NDA net domestic asset 国内资产净值N.E. net earnings 净收益n. e. no effects 无效n. e. not enough 缺乏negb. negotiable 可转让的、可流通的Neg. Inst., N. I. negotiable instruments 流通票据nego. negotiate 谈判N. E. S. not elsewhere specified 未另作说明net. p. net proceeds 净收入N/F no fund 无存款NFD no fixed date 无固定日期NFS not for sale 非卖品N. G. net gain 纯收益NH not held 不追索委托N. I. net income 净收益N. I. net interest 净利息NIAT net income after tax 税后净收益NIFO next in, first out 次进先出法nil nothing 无NIM net interest margin 净息差NIT negative income tax 负所得税N. L. net loss 净损失NL no load 无佣金n. m. nautical mile 海里NM no marks 无标记N. N. no name 无签名NNP net national product 国民生产净值NO. (no.) number 编号、号数no a/c no account 无此帐户NOP net open position 净开头寸NOW a/c negotiable order of withdrawal 可转让存单帐户N/P net profit 净利NP no protest 免作拒付证书N. P. notes payable 应付票据NPC nominal protection coefficient 名义保护系数NPL non-performing loan 不良贷款NPV method net present value method 净现值法N. Q. A. net quick assets 速动资产净额NQB no qualified bidders 无合格投标人NR no rated 〔信用〕未分等级N/R no responsibility 无责任N. R. notes receivable 应收票据N. S. F. (NSF) no sufficient fund 存款缺乏NSF check no sufficient fund check 存款缺乏支票nt. wt. net weight 净重NTA net tangible assets 有形资产净值NTBs non-tariffs barriers 非关税壁垒ntl no time lost 立即NTS not to scale 不按比例NU name unknown 无名N. W. net worth 净值NWC net working capital 净流动资本NX not exceeding 不超过N. Y. net yield 净收益NZ$ New Zealand dollar 新西兰元o order 订单o. (O.) offer 发盘、报价OA open account 赊帐、往来帐o/a on account of 记入......帐户o. a. overall 全面的、综合的OAAS operational accounting and analysis system 经营会计分析制OB other budgetary 其他预算O. B. ordinary business 普通业务O. B. (O/B) order book 订货簿OB/OS index overbought/oversold index 超买超卖指数OBV on-balance volume 持平数量法o. c. over charge 收费过多OC open cover 预约保险o/d, o. d.,(O. D.) overdrawn 透支OD overdraft 透支O/d on demand 见票即付O. E. (o. e. ) omission excepted 遗漏除外O. F. ocean freight 海运费OFC open for cover 预约保险O. G. ordinary goods 中等品O. G. L. Open General License 不限额进口许可证OI original issue 原始发行OII overseas investment insurance 海外投资保险ok. all correct 全部正确o. m. s. output per manshift 每人每班产量O. P. old price 原价格O. P. open policy 不定额保险单opp opposite 对方opt. optional 可选择的ord. ordinary 普通的OS out of stock 无现货O/s outstanding 未清偿、未收回的O. T. overtime 加班OTC over-the -counter market 市场外交易市场OV A overhead variance analysis 间接费用差异分析OW offer wanted 寻购启示OWE optimum working efficiency 最正确工作效率oz ounce(s) 盎司ozws. otherwise 否那么p penny; pence; per 便士;便士;每P paid this year 该年〔红利〕已付p. pint 品托〔1/8加仑〕P.A. particular average; power of attorney 单独海损;委托书P.A. personal account; private account 个人账户、私人账户p.a., per ann. per annum 每年P&A professional and administrative 职业的和管理的P&I clause protection and indemnity clause 保障与赔偿条款P&L profit and loss 盈亏,损益P/A payment of arrival 货到付款P/C price catalog; price current 价格目录;现行价格P/E price/earning 市盈率P/H pier-to-house 从码头到仓库P/N promissory note 期票,本票P/P posted price (股票等)的牌价PAC put and call 卖出和买入期权pat. patent 专利PAYE pay as you earn 所得税预扣法PAYE pay as you enter 进入时支付PBT profit before taxation 税前利润per pro. per procurationem 〔拉丁〕由...代理PF project finance 工程融资PFD preferred stock 优先股pk peck 配克〔1/4蒲式耳〕PMO postal money order 邮政汇票P.O.C. port of call 寄航港,停靠地P.O.D. place of delivery 交货地点P.O.D. port of destination; port of discharge 目的港;卸货港P.O.R. payable on receipt 货到付款P.P. payback period 〔投资的〕回收期P.P.I. policy proof of interest 凭保证单证明的保险利益POE port of entry 报关港口POP advertising point-of-purchase advertising 购物点广告POR pay on return 收益PR payment received 付款收讫PS postscript 又及PV par value; present value 面值;现值q. quarto 四开,四开本Q. quantity 数量QB qualified buyers 合格的购置者QC quality control 质量控制QI quarterly index 季度指数qr. quarter 四分之一,一刻钟QT questioned trade 有问题交易QTIB Qualified Terminal Interest Property Trust 附带可终止权益的财产信托quad. quadruplicate 一式四份中的一份quotn. quotation 报价q.v. quod vide (which see) 参阅q.y. query 查核R option not traded 没有进行交易的期权R. response; registered; return 答复;已注册;收益r. rate; rupee; ruble 比率;卢比;卢布RAD research and development 研究和开发RAM diverse annuity mortgage 逆向年金抵押RAN revenue anticipation note 收入预期债券R&A rail and air 铁路及航空运输R&D research and development 研究与开发R&T rail and truck 铁路及卡车运输R&W rail and water 铁路及水路运输R/A refer to acceptor 洽询〔汇票〕承兑人R/D refer to drawer 〔银行〕洽询出票人RB regular budget 经常预算RCA relative comparative advantage 相比照拟优势RCMM registered competitive market maker 注册的竞争市场自营商rcvd. received 已收到r.d. running days=consecutive days 连续日RDTC registered deposit taking company 注册接受存款公司Re. subject 主题re. with reference to 关于RECEIVED B/L received for shipment bill of lading 待装云提单REER real effective exchange rate 实效汇率ref. referee; reference; refer(red) 仲裁者;裁判;参考;呈递REO real estate owned 拥有的不动产REP import replacement 进口替代REP Office representative office 代办处,代表处REPO, repu, RP Repurchase Agreement 再回购协议req. requisition 要货单,请求REVOLVER revolving letter of credit 循环信用证REWR read and write 读和写RIEs recognized investment exchanges 认可的投资交易〔所〕Rl roll 卷RLB restricted license bank 有限制牌照银行RM remittance 汇款rm room 房间RMB RENMINBI 人民币,中国货币RMS Royal Mail Steamer 皇家邮轮RMSD Royal Mail Special Delivery 皇家邮政专递RMT Rail and Maritime Transport Union 铁路海运联盟ROA return on asset 资产回报率ROC return on capital 资本收益率ROE return on equity 股本回报率ROI return on investment 投资收益ROP registered option principal 记名期权本金ro-ro roll-on/roll-off vessel 滚装船ROS return on sales 销售收益率RPB Recognized Professional Body 认可职业〔投资〕机构RPI retail price index 零售物价指数RPM resale price maintenance 零售价格维持措施〔方案〕rpt. repeat 重复RRP Reverse Repurchase Agreement 逆回购协议RSL rate sensitive liability 利率敏感性债务RSVP please reply 请回复RT Royalty Trust 特权信托RTM registered trade mark 注册商标Rto ratio 比率RTO round trip operation 往返作业RTS rate of technical substitution 技术替代率RTW right to work 工作权利RUF revolving underwriting facility 循环式包销安排RYL referring to your letter 参照你方来信RYT referring to your telex 参照你方电传S no option offered 无期权出售S split or stock divided 拆股或股息S signed 已签字s second; shilling 秒;第二;先令SA semi-annual payment 半年支付SA South Africa 南非SAA special arbitrage account 特别套作账户SAB special assessment bond 特别估价债券sae stamped addressed envelope 已贴邮票、写好地址的信封SAFE State Administration of Foreign Exchange 国家外汇管理局SAIC State Administration for Industry and Commerce 〔中国〕国家工商行政管理局SAP Statement of Auditing Procedure 【审计程序汇编】SAR Special Administrative Region 特别行政区SAS Statement of Auditing Standard 【审计准那么汇编】SASE self-addressed stamped envelope 邮资已付有回邮地址的信封SAT (China) State Administration of Taxation 〔中国〕国家税务局SATCOM satellite communication 卫星通讯SB short bill 短期国库券;短期汇票SB sales book; saving bond; savings bank 售货簿;储蓄债券;储蓄银行SBC Swiss Bank Corp. 瑞士银行公司SBIC Small Business Investment Corporation 小企业投资公司SBIP small business insurance policy 小型企业保险单SBLI Savings Bank Life Insurance 储蓄银行人寿保险SBN Standard Book Number 标准图书号SC sales contract 销售合同sc scilicet namely 即SC supplier credit 卖方信贷SCF supplier credit finance 卖方信贷融资Sch schilling 〔奥地利〕先令SCIRR special CIRR 特别商业参考利率SCL security characteristic line 证券特征线SCORE special claim on residual equity 对剩余财产净值的特别要求权SD standard deduction 标准扣除额SDB special district bond 特区债券SDBL sight draft, bill of lading attached 即期汇票,附带提货单SDH synchronous digital hierarchy 同步数字系统SDR straight discount rate 直线贴现率SDRs special drawing rights 特别提款权SE shareholders' equity 股东产权SE Stock Exchange 股票交易所SEA Single European Act 【单一欧洲法案】SEAF Stock Exchange Automatic Exchange Facility 股票交易所自动交易措施SEATO Southeast Asia Treaty Organization 东南亚公约组织sec second(ary); secretary 第二,次级;秘书sect. section 局部Sen senator 参议院Sept. September 九月SET selective employment tax 单一税率工资税sextuplicate 〔文件〕一式六份中的一份SEC special economic zone 经济特区SF sinking fund 偿债基金Sfr Swiss Frank 瑞士法郎SFS Summary Financial Statements 财务报表概要sgd. signed 已签署SHEX Sundays and holidays excepted 星期日和假日除外SHINC Sundays and holidays included 星期日和假日包括在内shpd. shipped 已装运shpg. shipping 正装运shpt. shipment 装运,船货SI Statutory Instrument; System of Units 有效立法;国际量制SIC Standard Industrial Classification 标准产业分类SIP structured insurance products 结构保险产品SITC Standard International Trade Classification 国际贸易标准分类sk sack 袋,包SKD separate knock-known 局部散件SLC standby LC 备用信用证SMA special miscellaneous account 特别杂项账户SMEs small and medium-sized enterprises 中小型企业SMI Swiss Market Index 瑞士市场指数SML security market line 证券市场线SMTP supplemental medium term policy 辅助中期保险SN stock number 股票编号Snafu Situation Normal, All Fouled Up 情况还是一样,只是都乱了SOE state-owned enterprises 国有企业SOF State Ownership Fund 国家所有权基金sola sola bill, sola draft, sola of exchange 〔拉丁〕单张汇票sov. sovereign 金镑=20先令SOYD sum of the year's digits method 年数加总折旧法spec. specification 规格;尺寸SPF spare parts financing 零部件融资SPQR small profits, quick returns 薄利多销SPS special purpose securities 特设证券Sq. square 平方;结清SRM standard repair manual 标准维修手册SRP Salary Reduction Plan 薪水折扣方案SRT Spousal Remainder Trust 配偶幸存者信托ss semis, one half 一半SS social security 社会福利ST short term 短期ST special treatment (listed stock) 特别措施〔对有问题的上市股票〕St. Dft. sight draft 即期汇票STB special tax bond 特别税债务STIP short-term insurance policy 短期保险单sub subscription; substitute 订阅,签署,捐助;代替Sun Sunday 星期日sund. sundries 杂货,杂费sup. supply 供给,供货t time; temperature 时间;温度T. ton; tare 吨;包装重量,皮重TA telegraphic address=cable address 电报挂号TA total asset 全部资产,资产TA trade acceptance 商业承兑票据TA transfer agent 过户转账代理人TAB tax anticipation bill 〔美国〕预期抵税国库券TACPF tied aid capital projects fund 援助联系的资本工程基金TAF tied aid financing 援助性融资TAL traffic and accident loss 〔保险〕交通和意外事故损失TB treasury bond, treasury bill 国库券,国库债券T.B. trial balance 试算表t.b.a. to be advised; to be agreed; to be announced; to be arranged 待通知;待同意;待宣布;待安排t.b.d. to be determined 待〔决定〕TBD policy to be declared policy 预保单,待报保险单TBV trust borrower vehicle 信托借。
日元暴跌拯救日本经济?
日的利率决议显示,日本央行继续维持利率不变。 不过值得一提的是,日经指数上周五(3月13日)收盘 位于19000点上方,为2000年以来首次。分析师预计 日经指数下个里程碑是20000点。虽然不少美国基金 经理还在怀疑日本是不是真能走出经济低谷,但越 来越多的经理已经在买日本股
票。 亚投行——中国新金融外交战略的胜利上一篇: 在岸人民币突破6.2 涨幅创近一年来最大
行在2015财年仍无法实现通胀稳定达到2%的目标。 从政治角度看,2015年4月日本将举行地方性选举, 届时安倍政府推行的成本推动型通胀政策,将遭到 来自非制造业企业、中小企业、家庭的猛烈抨击。 日本政府走在一条很窄的路上。日本央行在今年1月 初将2015-2016财年通胀预期
由此前的1.7%调降至1%,因国际原油价格大跌。分 析认为,由于油价大跌仍未完全体现在日本通胀数 据中,预计未来数月日本通缩趋势通胀将进一步恶 化,通胀率也将进一步远离日本央行制定的通胀目 标。除了消费税、就业薪资未显著增长,日本新生 人口萎缩、老龄化的问题也对消费和就业有不利
ru Kameda表示,对工厂搬回国内依然谨慎,因为日 元的疲软让进口原材料成本上升,汽车制造移居海 外的趋势仍然无法改变。日本Ashigin研究中心研究 员Ryutaro Magome评论称:“我们还未曾听说日元 的走软让大型的生产商回到这个地方。如果考虑一 下重建的成本,就
ห้องสมุดไป่ตู้
可以理解为何多数企业仍然选择国外生产线。”枥 木银行的Takao Watanabe表示,劳动市场并未归来, 这就是为何工资增长和消费支出未出现明显改善的 原因。通胀依然低迷根据最新的消费数据,日本总 务省2月27日公布的家庭(两人以上)户均消费支出数 据显示,1月份的消费支出剔
金融词典
全球储蓄过剩(GSG)HERA 住房及经济复苏法案The Foreign Correspondents’ Club of Japan 日本外国特派员协会Departments of Health and Human Services (HHS)美国卫生及公共服务部Social Security Administration (SSA)美国社会保障局ADBI Asian Development Bank InstituteAIDS acquired immunodeficiency syndromeASEAN Association of South-East Asian NationsASEAN+3 ASEAN + China, Japan and the Republic of KoreaBIMSTEC Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation CIS Commonwealth of Independent StatesCMI Chiang Mai InitiativeDAC Development Assistance Committee of the OECDEAS East Asia SummitESCAP Economic and Social Commission for Asia and the PacificFAO Food and Agriculture OrganizationFDI foreign direct investmentFTA free trade agreementGDP gross domestic productHIV human immunodeficiency virusID identityILO International Labour OrganizationIMF International Monetary FundLAC Latin America and the CaribbeanLDCs least developed countriesLLDCs landlocked developing countriesMDB multilateral development bankMDGs Millennium Development GoalsNGO non-governmental organizationODA official development assistanceOECD Organisation for Economic Cooperation and DevelopmentPPP purchasing power paritySAARC South Asian Association for Regional CooperationSIDS Small island developing statesSPC Secretariat of the Pacific CommunityTB TuberculosisUNDP United Nations Development ProgrammeUNESCO United Nations Educational, Scientific and Cultural OrganizationUNFPA United Nations Population FundUNICEF United Nations Children’s FundUNIFEM United Nations Development Fund for WomenVAT value added taxWDI World Development IndicatorsWFP World Food ProgrammeWHO World Health OrganizationWTO World Trade Organization美国铝业(AA)美国银行(BAC)全球五大风电企业之一的西班牙歌美飒(Gamesa)世界银行行长佐利克(Robert Zoellick)海峡两岸经济合作框架协议(ECFA)乔治-索罗斯(George Soros)欧洲人权法院(European Court of Human Rights)法国兴业银行(Societe Generale SA)(GLE)东京三菱日联银行(Bank of Tokyo-Mitsubishi UFJ Ltd)信用违约掉期(CDS)中海油总公司(CNOOC)渣打银行集团首席经济学家、全球研究部主管李籁思(Gerard Lyons)个人消费者金融保护局(Bureau of Consumer Financial Protection)United States Congress Senate Committee on Banking, Housing, and Urban Affairs美国参议院银行、住房和城市事务委员会FSMA2000=英国《金融服务及市场法令》Financial Service and Market Act 2000 CFD=Contract For Differece 差价合约FSA=英国金融服务管理局抵押贷款保险公司(mortgage insurer)新世纪金融公司(New Century Financial Corporation)寿险公司(life insurance companies)次级抵押贷款支持证券(RMBS)金融担保保险公司(financial guarantee insurance companies)国际财务报告标准(IFRSs)美国通用会计准则(US GAAP)公允价值(fair value)私募股权投资基金(private equity)经合组织保险和私人养老金委员会(IPPC)爱尔兰联合银行 Allied Irish Banks爱尔兰银行 Bank of Ireland PLC奥地利第一储蓄银行 Austria’s Erste Group Bank德国邮政银行 Deutsche Postbank AGWorld investment prosepects survey wips (联合国贸发会《世界投资前景调查》)IPA investment promotion agency 投资促进机构TNC Transnational company 跨国公司Promising investor-countries 最有投资价值的投资,这里的promising是有希望的、有前途、大有可为的意思Pay-as-you-go 现收现付Mobile capital流动资本Advers scenario 负面假设(场景、情形)Health care 公共卫生服务Medicaid:医疗补助(medic+aid)Medicare:医疗保险(medic+care)Social security contributions 社会保险缴款Social security tax 社会保险税Primary spending 基础支出(扣住利息支付的财政支出)Primary Fiscal Gap 基本财政缺口Public finance 公共财政(要比翻译成公共金融好)PIT personal Income Tax 个人所得税CIT Corporation Income Tax 企业所得税VAT Value Added Tas 增值税Commonwealth 联邦Commonwealth-state Relations 联邦-州关系General government spending 一般政府支出ARRA—American Recovery and Reinvestment Act(2009年美国复苏与再投资法案) 澳洲壳牌能源控股有公司(Shell Energy Holdings Australia)日本国土交通大臣前原诚司韩国文化体育观光部长官柳日本财政大臣野田佳彦(Yoshihiko Noda)纽约梅隆银行(Bank of New York Mellon)congressional budget office 美国国会办公室中国预托凭证(CDR)非银行金融机构(NBFCS)资产重组公司(ARCs)邓白氏(Dun & Bradstreet)咨询公司美国证券交易委员会(SEC)IPO(首次公开募股)摩根士丹利(MS)、摩根大通(JPM)、美国银行(BAC)和花旗集团(C)巴克莱银行(BCS)、瑞士信贷集团(CS)、德意志银行(DB)、高盛集团(GS)、加拿大皇家银行(RY)、和瑞士银行(UBS)纽约证券交易所(NYSE)美国商品期货交易委员会(CFTC)主席加里·詹斯勒(Gary Gensler)摩根士丹利(MS)、摩根大通(JPM)“多德-弗兰克法案”(Dodd-Frank Act)德国央行行长阿克塞尔-韦伯(Axel Weber)NBER(Naitonal Bureau of Economy Research)美国国家经济研究局全美独立企业联合会(National Federation of Independent Business——NFIB)本·伯南克(Ben S. Bernanke)、副主席威廉·达德利(William C. Dudley)、詹姆斯·布拉德(James Bullard)、伊丽莎白·杜克(Elizabeth A. Duke)、唐纳德·科恩(Donald L. Kohn)、桑德拉·皮亚纳托(Sandra Pianalto)、埃里克·罗森格林(Eric S. Rosengren)、丹尼尔·塔鲁洛(Daniel K. Tarullo)和凯文·瓦尔许(Kevin M. Warsh);托马斯·霍利格(Thomas M. Hoenig)“格林斯潘对策”(―Greenspan put‖,有时也称之为“伯南克对策”,―Bernanke put‖)世贸组织《政府采购协定》(GPA )地方政府实体(Sub-Central Government Entities)(直译是下级中央政府实体,也有称次中央政府实体),财政报告 call report房价波动 housing price volatility定价机制 pricing mechanism上市银行 listed bank票据产业 bill industrycash bond market 现券市场日均成交量 average daily turnover融资融券 securities borrowing and lendingAgricultural biomass industry 农村生物质能产业ASEAN Association of Southeast Asian Nation 东南亚国家联盟,简称“东盟”CDM Clean Development Mechannism 清洁发展机制CHP combined heat and power 热气联产CIAD-Center for integrated Agricultural Development 综合农业发展中心CIDA- Canadian International Development Agency 加拿大国际开发署CSPCB-Crop Straw Pricing Consultation Board 秸秆定价磋商GEF- Global Environment Facility 全球环境基金会GHG- Greenhouse Gas 全球环境基金会GTZ-German Agency for Technical Cooperation 德国技术合作公司Kfw—德国复兴开发银行LPG-Liquefied petroleum gas 液化石油气LPOG-Leading Group Office of Poverty Alleviation and Devepment国务院扶贫开发领导小组SIDA-Swedish International Development Cooperation Agency 瑞士国际开发合作署USAID-United States Agency for International Development 美国国际开发援助署EIRR=economical internal rate of return 经济内部回报率(收益率)FIRR=financial internal rate of return 财务内部回报率(收益率)O&M=operation and maintenance 运行与维护TSP= total suspended particles 总悬浮颗粒TCE= ton of coal equivalent 吨煤当量“现收现支(pay-as-you-go)”原则日本首相菅直人(Naoto Kan)“利差交易”(Carry Trade)西班牙首相何塞·刘易斯·罗德里格斯·萨帕特罗(Jose Luis Rodriguez Zapatero) 麦格理证券(Macquarie Securities)德国邮政银行(Postbank)葡萄牙商业银行(BCP)法国巴黎银行(BNP Paribas)瑞典北欧斯安银行(SEB)瑞典诺迪亚银行(NORDEA)奥地利厄斯特银行(Erste Bank)法律英语:Regulation 条例、规章Rule 规则Clause 泛指条款Section 节,也译作条Article 条 Articles 条例Provision 多指规定Stipulation 约定(而非法律规定)Part 编Chapter 章Section 节Article 条Paragraph 款Subparagraph 项Item 目中国海洋石油有限公司(CNOOC Ltd., CEO, 简称:中国海洋石油)欧洲央行(ECB)执委会成员汤普古格罗(Gertrude Tumpel-Gugerell)太平洋投资管理公司(PIMCO)比尔·格罗斯(Bill Gross)大卫·卢森博格(David Rosenberg)查德·克拉里达(Richard Clarida)所谓“就业不足率”(Under-employment Rate),是指包括更希望获得全职岗位的兼职人员以及希望工作但却放弃寻找的人员在内的失业率。
日本网上证券经纪商介绍 (Monex)
日本网络券商的发展历程2012年12月28日 2012年12月28日日本摩乃科斯证券股份有限公司( 日本摩乃科斯证券股份有限公司(Monex, Inc.) ) 北京代表处(仅供内部讨论使用) 仅供内部讨论使用)0日本网络券商的发展现状 日本网络券商的发展现状过去10多年网上开户数与交易量的变化 过去10多年网上开户数与交易量的变化 10 网上股票交易账户数突破1750万 网上交易金额在顶峰时占到了全部交易金额的32%(注)成交金额 (千亿日元) 千亿日元) 网上交易占比账户数( 账户数(万)时间时间1999年10月 30万账户 2012年3月 1757万账户从成交金额来看,目前网上交易已经占到日本个 日本个 日本 人投资者股票交易量的 成左右,而通过排名前 量的9 而通过排名前6 人投资者股票交易量的9成左右 而通过排名前6 位的专业网络券商完成的交易则占到日本个人投 位的专业网络券商 资者股票交易量的8成左右 (注) 8成左右。
1999年10月~2000年3月 2% 4.5兆日元 2005年10月~2006年3月 32% 180兆日元 2011年10月~2012年3月 20% 56兆日元(注:日本股市交易中机构投资者占比较大。
而相对占比较低的个人投资者交易中,网上交易占绝对优势。
) (仅供内部讨论使用) 仅供内部讨论使用)1证券制度的变化与网络券商的发展(以摩乃科斯证券为例) 证券制度的变化与网络券商的发展(以摩乃科斯证券为例) 络券商的发展日本证券制度的变化 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 证券行业的准入制度由审批制变为注册制。
股票交易手续费自由化。
允许金融产品募集说明书通过网上方式提交给客户。
摩乃科斯证券设立。
摩乃科斯证券在东京证券交易所Mothers市场上市。
日兴Beans证券(05年并入摩乃科斯证券)开始提供信用交易服务。
关于日本、韩国融资融券业务的考察报告
关于日本、韩国融资融券业务的考察报告(融资融券试点工作小组赴日、韩考察团)2006年7月5日至13日,以中国证券业协会代表团赴日本、韩国,就我国开展融资融券交易业务所关心的问题,与东京证券交易所、日本证券业协会、日本证券清算公司、野村证券公司、内藤证券公司、韩国金融监督委员会、韩国证券交易所、韩国证券预托院和大信证券公司进行了考察。
现将有关考察情况汇报如下:一、日本、韩国融资融券业务概况(一)融资融券业务的现状1、融资融券业务的现状日本信用交易(Margin Transaction)制度始于1951年。
引入这一制度的目的在于通过导入临时供求,来确保证券市场的交易量与流动性,促进公允价格机制等目的实现。
日本信用交易制度是在借鉴美国信用交易制度的基础上推出的。
美国的信用交易制度主要针对证券公司、银行等提供信贷的机构,而日本的信用交易制度主要面向证券金融公司,使其借贷业务更为方便。
日本现行的信用交易可分为两类:标准信用交易(Standardized Margin Transaction,日本一般称之为制度信用交易)和协议信用交易(Negotiable Margin Transaction,日本一般称之为一般信用交易)。
标准信用交易的利率、偿还期限等条款由交易所确定,对于标准信用交易所需的资金和证券,证券公司可以向证券金融公司申请转融通(Loans for MarginTransaction)。
协议信用交易的利率、偿还期限等条款由证券公司和客户自主商定,对于协议信用交易所需的资金和证券,证券公司一般不能向证券金融公司申请转融通。
韩国信用交易诞生于20世纪50年代,目前的基本制度安排与日本大体相同。
客户可以在交纳一定的保证金后通过证券公司从事信用交易,证券公司为其提供融资融券服务(Margin Loan);证券公司在可供融出的资金或证券不足时,可以向证券金融公司申请转融通(Margin Financing Loan)。
银行术语--中英文对照
ABS 资产担保证券(Asset Backed Securities的英文缩写)Accelerated depreciation 加速折旧Acceptor 承兑人;受票人;接受人Acmodation paper 融通票据;担保借据Accounts payable 应付帐款Accounts receivable 应收帐款Accredited Investors 合资格投资者;受信投资人指符合美国证券交易委员(SEC)条例,可参与一般美国非公开(私募)发行的部份机构和高净值个人投资者。
Accredit value 自然增长值Accrediting 本金增值适用于多种工具,指名义本金在工具(如上限合约、上下限合约、掉期和互换期权)的期限内连续增长。
Accrual basis 应计制;权责发生制Accrued interest 应计利息ACE 美国商品交易所Acid Test Ratio 酸性测验比率;速动比率Acquisition 收购Across the board 全面一致;全盘的Acting in concert 一致行动;合谋Active assets 活动资产;有收益资产Active capital 活动资本Actual market 现货市场Actual price 现货价Actual useful life 实际可用年期Actuary 精算师;保险统计专家ADB 亚洲开发银行(Asian Development Bank的英文缩写)ADR 美国存股证;美国预托收据;美国存托凭证(参见AmericanDepository Receipt栏目)ADS 美国存托股份(American Depository Share的英文缩写)Ad valorem 从价;按值Ad valorem stamp duty 从价印花税Adjudicator 审裁员Adjustable rate调息按揭mortgage (ARM)Admitted value 认可值Advance 垫款Affiliated pany 关联公司;联营公司After date 发票后,出票后After-hours dealing 收市后交易After-market 后市[股市] 指某只新发行股票在定价和配置后的交易市场。
NOMURA_Intro11Jan09_Azra
21 October 2010
6
Equity & Fund Derivatives
研究能力
广泛研究,细致分析, 广泛研究,细致分析,帮助客户把握每一个投资机会
我们的客户可以直接获取: 我们的客户可以直接获取:
经济研究 数量化分析 投资策略研究 主题型研究 量身定制的研究 股票/固定收益/可转债研究 地区/行业/公司分析
21 October 2010
4
Equity & Fund Derivatives
高效、 信息公布 – 高效、透明
“我们的目标是为客户提供高效及时地相关解决方案…” 我们的目标是为客户提供高效及时地相关解决方案
Altrus 网址 及彭博页面信息 Bloomberg NMDP <GO>
Байду номын сангаас
交易额
(US$ mn) 63,060 50,603 48,730 43,520 42,986 36,820 35,391 32,901 29,156 19,723
交易 排名
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Mizuho Nomura Mitsubishi UFJ Daiwa Citi Goldman Sachs HSBC Bank of Japan Deutsche Bank UBS
21 October 2010
3
Equity & Fund Derivatives
Altrus – 您结构性产品投资的全球合作伙伴
智慧,创新, 智慧,创新,承诺
资产类别广泛 通过投资结构性产品,获得投资所有资产类 别的路径 股票类 (股票和指数) 基金衍生品 多类别混合资产 房地产投资 专属指数 量化策略 波动率 多样化发行手段 多种发行工具满足客户不同需求 OTC掉期和期权 权证(Warrants) EMTN票据 证券(Certificates) 开曼群岛投资信托 UCITS III & SICAV基金平台
最新各大投行四大快消外企SHL真题题库AptitudetestNumerLogicVerb
【最新投行| 四大|外企shl 真题题库|Aptitude test|Numer|Logic|Verb 】专门针对各大投行| 四大| 外企校园招聘、社会招聘笔试,资料包含了包含了各大投行、四大、快销等外企笔试Aptitude tests 官网全套题库【10 种题型1900 道试题详细解析】以及各大外企的100 余套shl 真题题库,适用于shl 、Kenexa、Cubiks 、TalentQ 、Saville Consulting 等测试,可作为各大投行、四大会计、各快消企业、各咨询公司等外企的笔试复习资料。
具体包括但不限于汇丰、渣打、花旗、恒生、瑞士、德意志、摩根大通、美林、巴莱克、毕马威、普华永道、德勤、安永,宝洁,联合利华、安利、玛氏、箭牌、百威、飞利浦等外企公司各职位,资料说明:本资料分为三个模块:第一部分:各大外企笔试Aptitude Tests 全套题库题库包含10 种题型1900 道试题详细解析,所有题目Questions 和Solutions 全部齐全,且含有详细解析,各种题型Tests 的套数和Questions 的数量与以下描述完全一致!!!第二部分:各大外企公司招聘历往考试的shl 真题集包含100余套shl 真题,以下列有详细目录,通常各公司为同一机构出题,且往往选自同一题库,出现原题的概率极高,因此参考性极强!!!第三部分:shl 笔试资源合集(shl 解题技巧,练习题等),包含90 余套shl 解题技巧,经典题,练习题等内容四大优势:1、aptitude tests 适用于多家公司,且带详细答案解析,不断更新2、100 多套真题题库都是历往考试真题,极具参考性,原题出现概率极高3、适用范围广,适用于 shl 、Kenexa 、Cubiks 、TalentQ 、SavilleConsulting 等测试4 、题型覆盖全面:包括 Numerical 、Logical 、Verbal 、Inductive 、 Diagrammatic 、 Situational Judgement 、 In-Tray and E-Tray 、Assessment Centre 、 Critical Thinking 、Error Checking 10 种题型第一部分:各大外企笔试 Aptitude Tests 全套题库题库 -- 与官网10 种题型 第二部分:各大外企公司招聘历往考试的 shl 真题集包含 100 余套 shl 真题, 详细目录: 获取方式或者直接掏宝联系望望名:素簌簌素保持同步更新第三部分:shl 笔试资源合集(shl 解题技巧,练习题等),该部分当日五星好评评语后获赠包含90 余套shl 解题技巧,经典题,练习题等内容,详细目录:。
野村证券2010年度深度研究报告合集-翻译61-70页
2011年全球经济展望野村证券韩国︱经济展望Young Sun Kwon 双失衡随着经济增长放缓和一个庞大的经常帐盈余和高通胀的双重失衡,我们期待允许韩元升值,但仅小幅上调政策利率。
活动:我们看到继2010年国内生产总值增长明显放缓之后在2011年增长势头小幅回升。
强劲的企业盈利和家庭收入/创造就业机会之间的正反馈回路应该获得更多的牵引力。
低利率也应该支持消费和企业投资,但投资建设很可能遭受到升高的房屋库存。
除了扎实的新兴市场的需求,我们期待的G3(美国,欧元区和日本)的需求逐步改善,但韩元升值削弱一些竞争力。
在2012年,政府的经济刺激措施,提前总统选举应有助于刺激国内需求。
总而言之,我们预计国内生产总值的增长放缓,从2010年的5.9%至2011年的3.5%,再上升到2012的5%.同时,我们期待为当前帐盈余从2010年的USD35亿(3.5%)在2011年缩小到USD21亿(国内生产总值的1.8%),主要是由于石油价格上涨和走强的韩元通货膨胀:走强的韩元(我们预测2011年底实现韩元/美元升值到1020)应抵消油价上涨的成本推动型通货膨胀,但名义工资上升和住房租金增加通胀压力.我们预测消费物价通胀率,从2010年的2.9%上升至2011年的3.7%,在2012年之后回落至3.0%。
我们预计房价在2011-12年度才逐渐恢复,支持政府的政策旨在防止住房市场低迷。
政策:随着经济增长放缓和一个庞大的经常帐盈余和高通胀的双重失衡,我们希望决策者能够选择一个折中的政策组合:实施适度的财政整顿,进一步紧缩的宏观审慎措施,允许韩元升值和小幅上调政策利率。
我们期望在未来的两年中,韩国银行提高利率的三倍在第二季度和2011年第四季度和2012年第一季度的25个基点为单位,在终端率提升至3.25%风险:经济严重依赖外部:2009,出口占国内生产总值的50%;其外部债务相当于国内生产总值的48%,韩国是亚洲最大的油的净进口国之一(占国内生产总值的5.8%)。
工作报告之海通证券行业研究报告
海通证券行业研究报告【篇一:海通证券股份有限公司竞争力案例研究】海通证券股份有限公司竞争力案例研究摘要:随着经济的快速发展,我国证券公司不断完善。
目前大型券商居于主导地位,同时,国外券商也在积极开拓国际市场证券行业竞争日益激烈。
根据总资产和净资产基数等财务指标来看,海通证券连续多年行业排名第二,在国内资本市场上的影响力十分显著。
本案例通过对海通证券股份有限公司竞争力的研究,分析其存在的优势、劣势、面临的机会以及威胁等,从而提出促进国内证券行业进一步发展的对策、建议。
关键词:证券行业、海通证券、竞争力本文将通过对海通证券的基础数据进行相关分析,针对发现的问题从各方面角度对海通证券提升竞争力提出对策建议,并通过将国内证券机构和国际著名投资银行进行比较,从而对国内证券行业发展提出一些建议。
一、行业背景1. 我国证券市场现状1.1 发展趋势我国资本市场尚处于初级阶段,各方面的制度有待逐步完善,如发行制度、交易制度等。
多层次资本市场的建设,已经全面拉开,但仍处于尝试探索阶段。
2016“两会”政府工作报告明确指出要“推进股票、债券市场改革和法治化建设,促进多层次资本市场健康发展,提高直接融资比重。
”我国中小企业融资难的问题比较突出,新三板的崛起正在改善这一现状,主流二级市场潜力仍然十分大。
作为资本市场的一级服务商,证券行业将受益于资本市场的发展壮大。
2000-2014年美国及中国上市公司总市值/gdp1991-2015年我国上市公司数量1.2 发展预期回顾2008年大熊市,全年日均交易为1079亿元,约为前一年牛市的58%;2015年两市日均交易量为1.04万亿元,今年以来日均交易量为0.53万亿元,约为去年的51%。
具体到月份来看,2008年熊市大底为10月份,日均交易量为517亿元,约为熊市开启前一个自然月(2007年10月)的27%;今年3月份日均交易量为0.51万亿元,约为2015年6月日均交易量的30%,2月份的比例为28%。
Fujitsu PRIMEPOWER 安全系统用户指南说明书
Nomura Securities Chose Fujitsu's "PRIMEPOWER"To Secure The Performance and Reliability ofTheir UNIX® based Trading SystemsToday, with interest rates being kept so low, corporations and individuals alike face the task of making the best use of their assets. Securities transactions through online trading over the Internet are now gaining in popularity as a means of asset utilization accessible to everybody. As well as seeing high value in putting transactions online, securities companies are also adopting a systematic approach to business. Both measures have a direct impact on improved quality of service.Nomura Securities Co., Ltd., the largest securities company inJapan, has a better than average record of early developmentand deployment of such systems. Within their group, theNomura Research Institute, Ltd. (NRI), plays an active role intheir ability as an early adopter. In particular their pioneeringand progressive approach to the introduction of advancedsecurity transaction systems and related business is highlyregarded in this industry sector.Nomura Securities has also taken another step in securing the reliability of its system. That of effectively processing the ever-growing volume of securities transactions. To do so, the company took the traditional and standard approach of enhancing its computer hardware performance to both increase its processing power and secure higher reliability in its UNIX® environment. The server that met and was chosen for Nomura’s requirements was a PRIMEPOWER server from Fujitsu Ltd.Faster Information Transfers Cause Dynamic Price Movements;The Challenge is How to Deal with Growing WorkloadsNaohiro Sako, ManagNaohiro Sako, Manager, Equity Planning Office, Nomura Securities,(in charge of stock transaction information systems)Securities trading is a market active with eager players including manypersonal investors. A good example is Nomura's online trading service aimeddirectly at such private investors. It saw its millionth account opened on June26, 2002 and the number of accounts is still growing.Trade is becoming all the more active in the market, as securities dealing is more accessible thanks to substantial advancements in online trading services, in addition to home trading.Naohiro Sako, Manager, of the Equity Planning Office at Nomura Securities and in-charge of such equity products, commented on the trend: "Systems now hold a key position in all the aspects of securities trading whether they are online or not. As stability and processing performance of a system directly influences transactions, it is not too much to say that it is the system that is carrying out the business."In the past, computers installed at a securities company simply worked as terminals connected to a system at a stock exchange. Orders were input one by one each time they were accepted. For a time this practice competently met the needs of business. But now, stock transactions are widely pursued by an ever-increasing number of investors. Plus related information is being transferred at higher rates in proportion to the growth of Internet use. The result is larger fluctuations in prices. This in turn means that trade in the market becomes even brisker. Such a climate, is compelling securities companies to handle an ever increasing volume of transactions with ever more complicated content.Mr. Sako also said that Nomura traders are handling more cases of “split orders.” What were previously large orders are now being split into smaller volumes for separate buying during the trading day. The result has been an indispensable need for higher performance servers.System Performance is VitalMr. Sako explained the day-to-day operation: "Leveragingcomputer systems is essential not only in dealing but also in theday-to-day operations of a trader. For example, there may be aclient who requests to be informed of the status of his contracts thatday immediately after closing. With manual operation, the largevolume of contracts and the complexity of transaction content makeit virtually impossible to provide an on-time client report. The onlyway to address this issue is by reports prepared automatically bythe system for each client."Almost every service offered to clients by today's securities companies depends on systems. These include transaction status report summaries as well as a range of information services in addition to handling buy and sell orders. Mr. Sako also said, "Securities companies are requested to fulfill value-added services, such as information provision, while coping with ever more complextransactions. In each case, 'immediate action' is a must; and processing power is a key factor for stable operation of the system."If a transaction management server is unable to handling traffic, there will be a lengthy time lag from data input by the trader to the moment the deal is actually done. In the meantime, that stock might undergo a price change. In practice, an instruction on trade is issued from a system in a brokerage house to the system at the stock exchange through a network. If too many orders are generated, there will be a delay due to unprocessed data waiting in the pipeline. A reliable server in the brokerage house is necessary to avoid such potentially detrimental delays.Mr. Sako further commented: "Currently, clients can directly give sell or buy orders online. Therefore, the performance and reliability of their system is what makes securities companies reliable."Fujitsu's "PRIMEPOWER": Only Solution for Nomura Securities' Sophisticated NeedsThe system requirements Nomura Securities imposes on itself are severe, making the company upgrading its securities trading system from time to time. Mr. Sako continued, "Basically we don't make sweeping changes to programs. New functions and features are added, but the core component is inherited."Yet, there is an approach we can take to enhance the processing efficiency of version upgrades of programs. Emphasizing the measures taken by Nomura Securities, Mr. Sako further explained, "We have been tackling the issue of processing efficiency by leveraging hardware performance. In line with this policy, programs are designed to be as simple as possible. This approach means that hardware performance can be reflected in the processing speed of programs, and simple programs are more reliable."As broadband Internet connectivity is now widely offered and clients have also enhanced the transfer speeds of their own networks, traffic can increase instantly across such wideband networks. Users expect servers to have high performance to manage increased traffic. In addition, a considerably higher level of availability, such as continuous operation on a 24 x 7 real-time basis, is essential for servers providing information to overseas markets.Given these factors, Nomura Securities carried out replacementof servers in order to enhance the performance and reliability ofits system. PRIMEPOWER was chosen to bolster the stocktransaction system now being operated in Nomura Securities.The open system PRIMEPOWER server running the Solaris™Operating Environment offered high availability and unbeatableperformance. The PRIMEPOWER is configured with a numberof 64-bit CPUs and thereby can achieve the performance ofa combination of multiple servers working together.In fact, PRIMEPOWER was well known for its excellent ability as it has set world records in a variety of standard tests from some of the world’s most respected benchmarks.In terms of reliability, Fujitsu has also exhaustively applied technologies and know-how obtained through its long history of “mission critical” mainframe development. As a result, PRIMEPOWERcan achieve 99.999 percent availability by its adoption of features such as a system monitoring function, redundant configurations of CPUs and other key components, hot-swap functions and clustering technology.PRIMEPOWER Enables Flexible Operation and ManagementMr. Sako pointed out: "In many companies including mine, as computerization is pursed for handling business and information, we purchase more and more servers without realizing it. Moreover, when computer upgrading is planned, higher performance becomes a must for those servers. To answer this need, companies may try to distribute transactions, but this in turn, becomes another cause of the increase in server numbers.The greater the number of servers, the more complicated their operation and management becomes. We also see a higher chance of problems in these servers. Plus, if the servers do have problems, there is a corresponding increase in difficulty when taking the necessary steps for resolution. So, when considering the overall reliability of a system, the fewer servers the better."Nomura Securities intended to make management and operation more efficient by enhancing the processing power of their servers as well as reducing their number through introducing higher-performance machines. As a result, Fujitsu PRIMEPOWER became the machine of choice.Looking back over the system enhancement decision-making process, Mr. Sako continued: "We have had several types of server in operation, including Fujitsu's machine. But among them, Fujitsu servers were highly appraised in our evaluations of performance, reliability and actual achievement. Accordingly, on this occasion, we told Fujitsu of our requirements."In addition to performance excellence, Mr. Sako and his team highly appraised PRIMEPOWER in terms of scalability. He said: "As we cannot predict the momentum of increase in transactions, it is important to keep enough performance headroom in the server. But, in order to customarily allow for such levels of margin, we have to frequently beef up the capability of servers, in preparation for transaction increases. With PRIMEPOWER having a feature for implementing additional CPUs we can easily expand system performance to respond to such transaction increases."Nomura Securities chose the PRIMEPOWER 850, which supportsup to a 16-CPU configuration and can enhance the processing power ofthe whole system easily and at lower cost, without the need for machinereplacement, even as transactions grow.Focused on reliability and availability, the features PRIMEPOWER offersbecome obvious. Mr. Sako said: The PRIMEPOWER greatly appealed tous, because it can be easily set up in a clustered configuration. This isusually difficult due to complexities in setting. Specifically, because theclustering configuration can beimplemented by installing two or more PRIMEPOWERs, we can reduce the transaction load through distributed processing, resulting in improved reliability. It also offers a fail-over function, so that in the event of a problem, we can take the necessary measures to smoothly recover the system without halting its operation."Looking forward, Sako talked about future plans: "Nomura Securities now use PRIMEPOWER for its securities trading system. We are going to expand the scope of its application as we considerplans to integrate several servers." Indeed, a single PRIMEPOWER has the capability to integrate two or more systems into a single server while enhancing performance. PRIMEPOWER undoubtedly promises efficient investment in systems by way of operation and facilities management as well as future replacement. Therefore, it is highly expected that Nomura Securities will further advance its systems, using the support offered by PRIMEPOWER’s higher performance, flexibility, ease of expansion, and user-friendly operation and management. Overall PRIMEPOWER will surely contribute to expanding business as well as building up trust from clients of Nomura Securities.About Nomura Securities Co., Ltd.Nomura Group is a leading financial services group in Japan and has worldwide operations, providing a wide range of value-added financial services and competitive products.These include brokerage, trading, underwriting, M& A financial advisory services, merchant banking, and development and management of investment trusts and investment advisory services to diversified clients such as individuals, corporations, financial institutions, governments and governmental agencies. Nomura Group is headquartered in Tokyo and has offices in 28 countries overseas, and Nomura Securities Co., Ltd. has 128 branch offices including a head office in Japan.For more information: /。
日本野村综合研究所NRI介绍
五、长远战略 ——CSR(企业社会责任)方针
通过主业履行对社会的责任 以有的放矢的社会贡献为目标
进攻型CSR
保守型CSR
NRI风格的社会贡献
构筑与社会的信赖关系
作为日本思想库的代表,野村综 合研究所不论是历史和规模,还是国 际活动和综合能力,或者是研究实力 和影响,在日本乃至世界上都是比较 突出的。 • 其官方网站为 http://www.nri.co.jp/ •
“综合安全保障”战略:在 力所能及的条件下,扩大日本 自卫力量,加强同美国的军事 关系,增强海上供应线的保卫 力量。 这一综合安全保障战略并 不是由野村综合研究所独立完 成的。
•
(一) 在坚持日美安全条约、依靠美国 核保护的前提下,适当增强防卫力量。增加 军费,但不要超过国民生产总值的1.1 %。 (二) 建立经济安全保障体制。要维持 “ 自由贸易体制”,处理好南北关系,此 外, 还要节约能源、研制、开发替代能源和 新能源,储备粮食,作好防震防灾的准备。 (三) 运用外交努力,创造和平环境, 减轻对于日本的军事、政治威胁。
四、政策剪影
野村综合研究所的研究成果在日 本政府决策当中起到了重要作用。例
如,1977年日本政府根据野村综合研
究所的报告,提出了电视机出口的鼓 励政策,为日本外贸获得巨额收入; 又如,日本政府在上世纪80年代推行 的“综合安全保障”战略,野村综合
研究所也在其中发挥了巨大的作用。
“综合安全保障”战略
日本 野村综合研究所
一、 NRI概况 二、 NRI理念 三、 公司结构 四、 政策剪影 五、 长远战略
目录
一、NRI概况
• •
Research Institute,英文简称NRI,中文简 称野村综研),是日本一个著名的研究机构, Tank ),一般被定义为:由多学 它的前身是野村证券公司的调查部,1965年4 科专家组成的、为决策者在处理 月1日正式成立,是日本最大的管理咨询公司。 研究所被称为“典型的日本研究机构,研究内 社会、经济、科技、军事、外交 容与主要课题与美国兰德公司相似,素有日本 的兰德公司之称”。号称为日本第一个现代 等各方面问题出谋划策,提供最 “思想库”。2001年12月公司股票在东京 佳理论、策略、方法、思想等的 证券交易所第一部上市。
日经指数
CSK控股 CSK Holdings Corp. (TYO: 9737)
大日本印刷 Dai Nippon Printing Co., Ltd. (TYO: 7912)
第一三共 Daiichi Sankyo Co., Ltd. (TYO: 4568)
全日本空输 All Nippon Airways Co., Ltd. (TYO: 9202)
阿尔卑斯电器 Alps Electric Co., Ltd. (TYO: 6770)
朝日啤酒 Asahi Breweries, Ltd. (TYO: 2502)
旭硝子/朝日玻璃 Asahi Glass Co., Ltd. (TYO: 5201)
佳能 Canon Inc. (TYO: 7751)
卡西欧 Casio Computer Co., Ltd. (TYO: 6952)
千叶银行 Chiba Bank, Ltd. (TYO: 8331)
千代田 Chiyoda Corp. (TYO: 6366)
中部电力 Chubu Electric Power Co., Inc. (TYO: 9502)
[编辑本段]日经指数包括公司
2006年1月,日经225包括以下公司:
日经指数历史走势爱德万半导体测试 Advantest Corp. (TYO: 6857)
永旺株式会社 Aeon Co., Ltd. (TYO: 8267)
味之素 Ajinomoto Co., Inc. (TYO: 2802)
日经指数日经指数目录
日经指数
日经指数由来
QFII各机构简介1
1瑞士银行:瑞士银行1998年由瑞士联合银行及瑞士银行集团合并而成。
2001年年底总资产1.18万亿瑞士法郎,资产负债表外管理资产超过2.0万亿瑞士法郎。
2002年净利润35亿瑞士法郎。
瑞士联合银行是著名的金融服务企业,是世界最大的资产管理企业,最大的投资担保银行,在私人服务方面也居于领先地位,为四百多万个人和企业提供服务。
旗下由瑞银华宝、瑞银机构资产管理与瑞银瑞士私人银行三大分支机构组成,瑞银机构资产管理目前拥有的客户资产超过1万亿美元。
2000年瑞士银行收购了美国第四大证券经纪商普惠公司。
2野村证券株式会社:野村证券,英文名NOMURA SECURITIES,作为一家日本大券商,也是最早拓展中国金融和投资业务的境外机构之一。
1925年成立的野村证券现为日本第一大券商。
目前在全球28个国家和地区设有办事机构。
到2002财年结束时,野村证券管理的股票和债券资产规模达到了13.6万亿日元,公司净利润达到1680亿日元。
3摩根士丹利:摩根士丹利(Morgan Stanley,NYSE:MS),财经界俗称「大摩」,是一家成立于美国纽约的国际金融服务公司,提供包括证券、资产管理、企业合并重组和信用卡等多种金融服务,目前在全球27个国家的600多个城市设有代表处,雇员总数达5万多人。
2008年9月,更改公司注册地位为“银行控股公司”。
摩根士丹利是一家全球领先的国际性金融服务公司,业务范围涵盖投资银行、证券、投资管理以及财富管理。
公司在全球37个国家设有超过1,200家办事处,公司员工竭诚为各地企业、政府机关、事业机构和个人投资者提供服务。
摩根士丹利是最早进入中国发展的国际投资银行之一,多年来业绩卓越。
4花旗环球金融有限公司:花旗集团是当今世界资产规模最大、利润最多、全球连锁性最高、业务门类最齐全的金融服务集团。
它是由花旗公司与旅行者集团于1998年合并而成、并于同期换牌上市的。
换牌上市后,花旗集团运用增发新股集资于股市收购、或定向股权置换等方式进行大规模股权运作与扩张,并对收购的企业进行花旗式战略输出和全球化业务整合,成为美国第一家集商业银行、投资银行、保险、共同基金、证券交易等诸多金融服务业务于一身的金融集团。
英语外刊文章
An imperfect storm一场不完美的风暴Nov 13th 2009From The World in 2010 print editionBy Simon Cox, DELHIThanks partly to the monsoon, manufacturing will overtake agriculture for the first time in India一定程度上得归功于季风气候,印度的制造业总值将首次超越农业。
From the village of Vijay Pura in the Indian state of Rajasthan, the global financial crisis seems remote. The downturn is something people here read about in the newspapers, according to Dhanna Singh, a member of the Mazdoor Kisan Shakti Sangathan (MKSS), a union of activists and farmers. The villages have welcomed back migrant workers from neighbouring states, where people no longer find work twisting steel in Mumbai or polishing diamonds in Surat. But, by and large, India’s rural poor were protected from the crisis by the same things that make them poor. If you never had secure employment or many financial assets, you cannot lose them to the crisis.对于印度拉贾斯坦邦维杰.普拉村来说,全球性金融危机似乎很遥远。
野村证券分析课件
02
基本面分析
宏观经济分析
01
02
03
GDP 增长
关注国内生产总值的增长 ,以了解整体经济活动的 健康和增长情况。
通货膨胀和失业率
分析通货膨胀率和失业率 ,获得对整体经济稳定性 和健康状况的进一步理解 。
利率和货币政策
考察利率水平和央行的货 币政策,以评估未来经济 走向和潜在投资机会。
行业分析
技术分析方法。
操作演练二:投资策略回测
利用历史数据,对投资策略 进行回测,验证策略的有效 性及盈利能力。
互动交流:投资心得分享与 讨论
学员之间分享投资经验、心 得,共同讨论投资问题,提 升投资水平。
THANK YOU
03
02
介绍跨市场套利的基本原理、操作方法及适 用场景。
04
案例二:投资组合优化与风险管理
阐述投资组合理论,指导投资者如何构建 多元化投资组合以降低风险。
05
06
探讨风险管理方法,如止损、止盈等,帮 助投资者在投资过程中实现稳健收益。
操作演练与互动交流
操作演练一:模拟股票交易
在模拟交易平台上,进行股 票买卖操作,实践基本面和
价趋势及其转折点。
04
证券投资策略与风险管理
证券投资策略
多元化投资
趋势跟踪策略
通过分散投资来降低特定证券或行业风险 ,同时寻求在不同资产类别和市场中实现 回报最大化。
通过识别市场趋势,采取顺势而为的交易 策略,以期在上升趋势中获利,并在下降 趋势中减少损失。
基本面分析
技术分析
深入研究公司财务报表、市场地位、竞争 优势等因素,选择具有高增长潜力和低估 价值的公司进行投资。
趋势线的角度与斜率
sansei-technologies 日经指数
主题:sansei-technologies 日经指数内容:1. 日经指数是日本股票市场的主要股票指数,由日本经济新闻社(Nikkei Inc.)维护和管理。
日经指数对日本股票市场的走势和整体经济形势有着重要的参考价值。
2. sansei-technologies 是一家在日本股票市场上备受关注的科技公司,其股价表现一直备受市场关注。
sansei-technologies 公司的业绩和发展对日经指数的变动产生着一定的影响,关注 sansei-technologies 的股价和业绩对于理解日经指数的波动具有重要意义。
3. 日经指数的计算方式主要采用加权平均法,即选取一定数量的代表股票,对其价格进行加权平均,通过这种方式来反映日本股票市场整体的涨跌情况。
sansei-technologies 作为日本股票市场的重要成分股之一,在日经指数中扮演着重要的角色。
4. sansei-technologies 公司的商业模式和技术创新一直备受市场关注,其在科技领域的发展对于日本乃至全球科技产业的发展有着重要的示范作用。
这也使得市场对于 sansei-technologies 公司的股价变动格外关注,其股价走势不仅仅影响着日经指数的波动,更是体现了日本科技产业整体的发展态势。
5. 日本股票市场一直以来都备受全球投资者的关注,而日经指数作为其中的重要参考指标之一,其对于全球金融市场的影响也是不容小觑的。
sansei-technologies 作为日本股票市场的重要一员,其业绩与股价的表现不仅仅关乎投资者的利益,更关乎整个金融市场的稳定与发展。
结尾:在全球化的浪潮下,日本股票市场和日经指数的走势对于全球经济格局产生着重要的影响。
sansei-technologies 作为日本股票市场的重要一员,其发展和股价的变动更是备受市场和投资者的关注。
正是在这样的大背景下,我们对 sansei-technologies 和日经指数的关注才显得格外重要。
243622_野村证券-090706-中国的房地产泡沫
野村全球经济
2
2009 年 7 月 6 日
全球经济监测周报
经济数据日历
世界一览
详情请见国家和地区的数据预览
前期,野村,市场预期 周一,6 日
非制造业 ISM (6 月份) 指数 44.0, 45.0, 46.0
周二,7 日
美 国
周三,8 日
消费者信贷 (5 月份) 十亿美元 -15.7, n.a., -7.0
“大”脱钩假说已被否定。我们对 38 个国家(占世界 GDP 的 90%)的 GDP 做了预测, 预期 2009 年仅有 7 个经济体(中国、印度、越南、印尼、海湾合作委员会、埃及和波 兰)能实现正增长(详见第 2 页的“预期总结”)。我们预期新兴市场的经济增长将急剧 下滑,从 2008 年的 5.6%跌至 2009 年的 1.5%。
10 台湾前景 ........................................ 17
亚洲预测表格 .................................. 18
12 联系方式 ........................................ 19
本报告乃由野村国际(香港)编译。英文原文乃由野村国际(香港)于 2009 年 7 月 2 日刊发。 请参阅本报告最后的重要分析员保证和重要披露。
全球经济监测周报
预期总结
全球一览
实际 GDP % 年同比
消费者价格 % 年同比
政策利率 % 期末值
2008
2009
2010
2008
2009
2010
2008
2009
2010
全球
2.9
-1.2↑ 3.2↑
- 1、下载文档前请自行甄别文档内容的完整性,平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益,请联系客服反馈,我们会尽快为您处理(人工客服工作时间:9:00-18:30)。
1.Taking the US and together, what proportion of the total number of full time staff do they employ?A.56.1%B.62.4%C.65.0%D.66.3%E.69.4%2.If,next year,the costs for full time staff go up by 10%,but those for part time staff go up by 8%,what increase in the total employment cost would that represent over this year’s total?A.$4,536,000B.$8,536,000C.$10,464,000D.$12,736,000E.$14,536,000st year, the Europe region had only four-fifths of the number of full time staff it has now and only three-quarters of the number of part-time staff it has now. What was the total number of staff ,full time and part time, employed in this region last year?A.200B.208C.212D.218E.2244.Overall, what is the average cost of each full time member of staff employed across the whole company?A. $19,332B.$21,539C.$23,597D. $24,305E. None of these5.In which of the following regions do part time staff represent less than 8% of the total employed?C.EuropeD. ChinaE.Middle East6. Next year, it is planned to transfer 200 full time jobs from the US to the UK. Assuming the individual staff costs for each region remain unchanged, what cost saving would that generate?A. $602,2997. Approximately, what proportion of the total staff costs does the employment of part time staff make up?C 4.9%1.How many more major injuries are likely to occur now in a group of 1 million Construction employees compared to a group of one million Manufacturing employees?A.994 B.1006 C.1060 D.2120 E.34992. Approxiamately how many people were employed in Agriculture 5 years ago?A.251440B. 314290C. 585590D.759510E.8284503. Which sector has shown the greatest proportional improvement in safety over the last 5 years?A. AgricultureB. EnergyC. ManufacturingD.ConstructionE. Services4.As a percentage of the manufacturing rate, how much greater is the accident rate for Agriculture than Manufacturing(use today’s figure)?A. 12.1%B. 28.8%C. 34.6%D.40.4% E48.8%5.Assuming the number of people in self-employment doubles over the next 5 years, but the major injury rate only falls by 10%,how many major injuries will the self-employed be expected to have in 5 years time?A.1716B.2122C.2245D.2404E.28256. Over the next 5 years, safety in the services sector is expected to improve by only half the rate it has shown over the past 5 years. What will be the expected major injury rate, per 100,000 employees, 5 years from now?D. 51.3-(57.5-51.3)/2=48.21. A motorist commutes in the morning peak period,6km through the inner zone and 20kmthrough the outer zone. How much did their average journey increase from 1987 to 1999?A. 4 minutesB.6 minutesC. 8 minutesD.10 minutesE.12minutes2.In the evening peak period in 1991, what would be the average speed of a car making ajourney across the entire city?A.27.6kphB. 28.0kphC.28.4kphD.29.2kphE. Can not say3.In 1999, a motorist commutes in the morning peak period, 10 km through the Inner Zone and8 km through the Outer Zone. On average, how long will this take(to the nearest minute)?A.37 minutesB. 40 minutesC. 42 minutesD. 44 minutesE. None of these4.In 1995, if a driver drove to work 40 km in the morning peak period through inner zone, andhere again in the evening period, approximately what percentage of their day would be spent in the car?A.6%B.8.5%C.10%D. 12.5%E.14.5%1.Since issue, by how many more percent have shares in Firstol increased in value compared toshares in Dirtar?A.38 1/3%B. 39 1/3%C. 40 1/3%D. 41 1/3%E. 42 1/3%2.If you sold 200000 shares in Skanol, what percentage of Dirtar shares could you buy(latest)A. 1.4%B. 1.6%C.14%D.16%E. None of these3.Assuming that the number of shares has not changed, which company has seen the greatestincrease in market capitalisation(in million) since shares were issued(latest)?A.DirtarB. SkanolC.FirstoilD. BenzalE. Cannot say1.If company A’s share of contracts won stays at its 2002 level and company C’s share continuesto grow at the same rate it did from 1999 to 2002, in what year would company C win twice as many contracts as company A?A.2007B. 2008C. 2009D.2010E. 20112.If A and C joined together in 1998 and as a result had won only 75% of the contracts in 1999that they actually won as separate companies, how much money would they have lost in 1999 if 350 contracts were awarded to the industry that year and each was worth 14,300?A.190400B. 240000C. 300300D.900900E.9160003.If each of the 200 contracts in 2000 was worth 14400 and C made a 20% profit on eachcontract, how much Profit did C made in 2000?A.43400B. 54500C.58840D. 64600E.864004.If there were seven companies in 1998, what was average percentage of contracts won byeach of the four not shown on the graph?A.7%B.12.75%C. 15%D.17.5%E. Cannot say5.If there are twice as many contracts in 2003 as there were in 2002 but each is only worth 2/3of a 2002 contract, what is the minimum percentage of contracts that C will need to win to ensure its income does not go down?A.12.75%B. 13.25%C. 15.5%D.17%E. 23.25%6.Based on the pattern of results for companies A and B for 1997 to 2002, what percentage ofthe 450 contracts available in 2003 is A likely to win if B wins 36?(each contract is of equal value)?A.6%B.8%C.10%D.12%E.14%7.If company B bid for 36 of the contracts available in 2001 and won ¾ of those it bid for, howmany contracts were available in 2001?(D)8.Each contract in 1998 was worth $12,500 and company A had an income of $250,000. Howmany contracts were there in total in 1998? (250)1.Over the last 3 years, the average increase in US holdings has been 8% per annum. What wasthe value of US holdings 3 years ago?A.55.99MB.62.68MC.70.20MD.71.45ME. None of these2.For the next two years, the value of the holdings in the UK and Germany are expected to beincreased by 20% per annum but the value of the other holdings are expected to be increased by 12% per annum. What is the expected value of the fud in two years time?A.177MB.190.3MC.203.9MD.210.7ME.215.7M3.If the total Fund increase by 15% next year, but the US holdings is cut by 8% from its currentlevel, what percentage of the total fund would the US holdings represent?A.36.7%B.39.8%C. 40.9%D. 44.6%E.45.0%4.By how much do the value of the holdings in the US and Latin American exceed that of thevalue of all the other holdings combined?A. 3.24MB. 3.36MC. 6.72MD. 19.2ME.20.8M5.The fund manager plans to move 5% of the value of the US holdings into Latin America. Whatproportion of the total fund will investment in Latin America then represent?A. 7.35%B. 8.95%C. 11.63%D.13.99%E. 15%6.What was the value of Japanese holding in the Fund?A.9.2 millionB.30.24 millionC.32.80 millionD.35.28 millionE. 72.24 million7.Which of the following combinations of holdings has a value of $36.96?D. UK and Sst year UK holdings was 10% less than now, what about UK last year? (15.12 million)9.If the total value of the Fund next year reaches $192 million, but the proportion invested inJapan stays the same, by how much will the value of the non-Japanese holdings exceed the value of the Japanese holdings?A.34.6mB. 72.4mC. 106.7mD. 122.9mE. Cannot say1. A group of one thousand men, aged 23-29, each drive 10000 miles per year. How many accidents are there likely to be in this group?A. 96B.124C.960D.1810E.96002. In terms of miles driven, for which age range is the proportional difference between the number of accident for men and women the smallest?A. 30-39B.40-49C. 50-59D. 60-69E. 70&over3. In terms of accident per year, to what extent do women aged 30-39 have fewer accidents thanwomen aged 23-29?A. 15% lessB. 17% lessC. 19% lessD. 21% lessE. None of these4. In terms of miles driven, and compared to the previous age range, which age range for women shows the greatest proportional reduction in the number of accidents?A. 18B. 19-22C. 23-29D. 30 -39 E 40-495. How many more accidents in a year will a group of a thousand 18-year old men be likely to have compared with a group of a thousand 18-year old women?A.13B. 52C. 67D.126E.1995.Approximately how many miles per year does the average 50-59 women driver drive? (3,958)1. Approximately what proportion of the total white goods revenue is the Premium market segment responsible for?A. Less than 5%B. 5% to 10%C. 10% to 20%D. 20% to 30%E. 30% to 40%2. If the overall Super Premium revenue increased to $6 billion and the market share of each company was maintained, what would Maelstrom’s Super Premium revenue would be?A. 1.5BB. 1.63BC. 1.78BD. 16.3BE.17.8B3. Which of the five companies had the highest revenue across the Premium and Super Premium market segments?A.ElectroB.MaelstromC. SpringD. DeutschelE. GET4. Which of the five companies had the lowest share of the total white goods revenue?A.ElectroB.MaelstromC. SpringD. DeutschelE. Get5. What is the difference in the value of Spring’s Middle and Premium market segment revenues?A. 10MB. 100MC. 1BD.10BE. 10.42B6. Which is the largest of the market segment?A. DiscountB. MiddleC. PremiumD. Super PremiumE. More than one7. What percentage of the total Deutschel revenue was accounted for by their Premium market segment share?A. 25%B. 37.5%C. 43.75%D.47.75%E.50%8. If the overall Discount market segment revenue increased by 50% the following year and a further 20% the year after, what would the overall discount market segment revenue have increased to?A 8.2B B. 10.6B C. 11.9B D.12.6B E. 14B9. If the overall Discount revenue was to increase by 30% in the following year and GET maintained their market segment share, what is the value of GET’s share?A. 6.5 millionB. 455mC. 592mD. 650mE. 1.24 billion10. If each of the companies increased their Super Premium market segment revenues by $500 million in the next year, what percentage of the overall Super Premium market segment revenues did Spring account for?A. 25%B. 28.6%C. 30%D. 33.3%E. 36.6%1. If you sell seventeen units of M14 for every M12 you sell, what would be the total profit on M products if you sold 312 M12s?A. 224234.4B.266635.2C. 286400.4D. 288414.2E. none of these2. If increasing the sale price of the Z25 by 5 would reduces sales from 134200 a year to 117340. What would be the effect on annual Z25 profit?A. -177002B.-134200C. -16900 D+144422 E.+1770023. If the distribution costs of M14 increase by 20% and the sale price incease by 20%, what would the total increase in profit on each M14 sold?A. 10.42B.13.94C. 17.16D. 54.36E. 59.264. If the total cost of a batch of Z32a units was 4106.4, what would be the total profits of these units if they were each sold for 4 less than they normally are?A.6271.3B. 6973.8C. 7133.4D. 11008.2E.11080.25. How many units of Z32b would you need to sell to make more profit than you would by selling 13294 units of Z32a?A. 9430B. 11722C. 11844D.12101E.121811. If 23% of Bradford’s Consulting income had come to London in year 8, what would that have made London’s Consulting income?A. 186000B.219000C. 304300D.367600E. 13400002. If 30% of London’s Product Sales income had come to Bradford and 20% of the Bradford Product Sales income to London, what would Bradford’s total income have been for Y8?A.640800B.1582800C. 1838800D.1840800E.18528003. If 25% of “Other”income is profit and 45% of consulting income is profit, how much profit does London make from other and consulting?A. 84000B.153000C.204000D.240800E.2640004. If all of the Bradford’s income is transferred to London, what percentage of the total income would come from Repairs?A.13.3%B.20.6%C.22.2%D.28%E.49.6%5. Bradford introduced Mentoring Services in Y10, which earned 107000 in income but reduced consulting income to 90% of its Y8 level and training income to 84.5% of its Y8 level. If the remaining income stays the same as Y8,what was Bradford’s total income for Y10?A. 24230B. 1191480C. 1224320D. 1322480E. Cannot say6. If all of the London training had been carried out at Bradford, approximately what percentage of Bradford’s income would come from Training?A.23%B. 31%C. 46%D. 49%E.62%7. In Bradford, if total profit are $112,000 for year 8 and the profit on Repairs is 14% of Repair income, what percentage of the remaining income is profit for the remaining four areas? (5.5%)1. In which of categories was there the lowest percentage of extreme responses?A. State Health ServicesB. Public TransportC. State Education ServiceD.Police ServiceE. The environment2. If the poll was carried out on 5000 people, how many thought that public transport would be better next year?A.250B. 325C.500D.625E.None of these1. If in 2002 and 2003 Nepalese population grew in line with the average 1991-2001 rate, what would the population be in 2003?A. 21.84MB. 22.84MC.23.84MD.24.84ME. None of these2. How many people lived in rural areas in India in 2001?A.880MB. 881MC.882MD. 883ME.884M3. Assuming that India population continues to grow at the same rate, by what year will the population hit 1.25B(1250M) people?A.2006B. 2007C. 2008D. 2009E.20104. Approximately how many more people were born in India in 1991 than died?A.28400B.284000C. 2.39MD.23.9ME.28.4M5. Given that the mortality rate in urban areas of India in 2001 was 9.7 per 1000, what was the mortality rate in rural areas?A. 8.4B.8.5C. 8.6D. 8.7E. 8.81. What would the inflation rate have needed to be in 2000 for it to have accounted for the entire rise in the house price index for houses in the capital in the year 2000-2001?A. 13%B. 15%C. 17%D. 19%E. 21%2. By what percentage did house prices in the capital increase between 1998 and 1999?A.26%B. 27%C. 36%D. 41%E. 48%3. If the retail price index had risen only by the rate of inflation during 1998, what would it have been relative to the actual retail price index? ((106.1-103.7)/103.7=2.31%-2.0%=0.33%)A. 0.74 lowerB. 0.33 lowerC. 0.33 higherD. 0.74 higherE. The same1. What was the effective increase in the price of Soya beans in Y6, compared to Y5, if the CPI had been taken into account?A 8.46 per tonne B. 9.96 C. 13.92 D. 16.04 E. 17.882. Assuming Year 6 price per ton is increased year on year by 3%, how many years would it be before the price exceeds 430 per ton?A.3 yearsB. 4 yearsC. 5 yearsD.6 yearsE. 7years3. Compared to the previous year, which of the following years saw the greatest proportional increase in the price of Soya beans?A. Year 2B. Year 3C. Year 4D. Year 5E. Year 64. By how much has the Consumer Price Index risen between the start of Y1 and the end of Y6?A.11.9%B. 13.6%C. 15.4%D. 17.5% E 18.8%5. What would the price of a tonne of Soya beans be in Year 9 if it rose by 5% per annum from its Year 6 price?A.380.89B. 393.75C.413.44D. 434.11E.455.811. On average, across all three divisions, 9.95% of those taking their Grade I exams in 2001 failed. How many trainees in Division C failed?A. 0B. 1C. 2D. 3E.42. If everyone in Division A has failed at least two exams, what is the least possible number of exams that could have been taken in this Division?A.448B.475C.505D.565E.cannot say3. If Division B takes 39 of those who have the III qualification from Division A, and A are given 39 new trainees with no exams to compensate, how many more exams would A have to take to get back to their current levels of people at each grade?A. 35B. 39C. 55D. 117E.1214. All members of B took their next exam in 2002 and the percentage of trainees failing their II exam was half of what it was for that exam in 2001. How many in Division B failed II in 2002?A. 7B. 12C.13D. 16E.181. In which year were Womenswear sales at least twice that of Accessories?A. 2001B. 2002C. 2003D. 2004E. More than one year2. In 2005, overall sales are expected to increase by 20M. What will the overall retail sales figure for 2005 be?A. 70MB. 143MC.147.6MD. 163ME.418M3. If 350 people are employed in the Accessories category, what were the retail sales per employee in this category in 2002?A.4000B. 25000C. 40000D. 250000E. 4000004. What is the ration of Womenswear to Menswear in 2002?A. 1:2B. 10:7C. 7:5D. 3:2E. 2:11. In Y3 there were 486 people employed in areas other than Finance, Distribution, Matketing and Production. How many people were employed by ABC in Y3?A. 1650B. 1750C. 1850D. 1950E. None of these2. If the number of staff employed in Distribution in Y2 was the same as in in Y5, and 1900 people were employed at ABC in Y2, how many in Y5?A.1060B. 1140 DC. 1560D. 1900E. 31673. Between which two years did the number of people employed in Marketing change the most?A. Y1-Y2B. Y2- Y3C. Y3-Y4D. Y4-Y5E. Cannot say1. Shogo are producing a special pack of 250 ink pens and 250 pencils for 120 How much would you save by buying these packs if you were buying 1000 ink pens and 1000 pencils?A. 11.1%B. 15%C. 17.5%D. 20%E. 20.75%2. If you have a regular order of 700 ink pens a month from Rettel, how would your annual bill increase if you transferred this order to Shogo?A. 420B.441C. 606D. 630E. 6323. Marinski provided 1500 ink pens, 150 erasers and 100 coloured pens. How much did this cost?A. 335B. 385C. 400D. 405E. None of these1. What is the difference in the value of therevenues between International insurance in 2000 and international insurance in 2001?A. 3B decreaseB. 1B decreaseC. 1.1B increaseD. 2B increaseE.3B increase2. What is the percentage increase in the total gross revenue from 2001 to 2002?A. 0%B. 18.1%C. 20%D. 22.2%E.27.4$3. What is the difference in the value of the revenue between Life and Savings and Property and Casualty in 2002?A. 12.5BB. 16.5BC. 17.5BD. 18.9BE. 22.5B4. In 2000, what was the ration of Asset management revenue to international insurance revenue?A. 5:15B. 1:2C. 2:3D. 3:2E. 2:15. Which business segment revenue has increased by the largest monetary value from 2000 to 2002?A. Life and SavingsB. Property and CasualtyC. International InsuranceD. Asset ManagementE. Other Financial Services6. If the trend in the life and savings percentage figures were to continue for another year and the total gross revenue was to increase to 120B, what would be the value of life and savings revenue for 2003?A. 32BB. 36BC. 40BD. 42BE. cannot say7. What were the overall revenues over the three years (2000 to 2002) for Property and Casualty?A.50BB. 56BC. 57.5BD. 60BE. 70B8. What is the difference in the value of the revenues between life and savings and property and casualty in 2002A.12.5 billionB. 16.5 billionC. 17.5 billionD. 18.9 billionE. 22.5 billion1. What were the net cash earnings for international insurance for all three years?A. 104MB.135MC. 313MD. 359ME. 405M2. What was the change in new cash earnings between property and casualty in 1999 and 2001?A. 103M decreaseB. 63M decreaseC. 37M decreaseD. 37M increase3. What was the percentage in the net cash earnings for other Financial services between 1999 and 2000?A. 3.4%B. 4.8%C. 6.2%D. 7.6%E. 9%4. What were the net cash earnings for property and casualty and asset management for 2000 and 2001 together?A. 139.5MB. 1.115BC. 1.395BD. 1.525BE.None of these5. If the total shareholding was worth 18B, how much is the Treasury Stock holding worth?A. 900MB. 1.2BC. 4.5BD. 6BE. 9B6. A dividend of 2.75 per share is to paid to all shareholders. How much will they obtain in total?A. 123.75B. 123750C. 116MD. 120.75ME. 123.75M7. Rounded to the nearest 10 million, what was the total net cash earnings for 2001? (D. 2.91)8. Which of these areas did not show an increase in contribution year on year?A.Life and SavingsB. international insuranceC. asset managementD. other financial servicesE. holding companies1. In Year 3, Public Relations revenue (as a percentage of total revenue) increased by the same amount as the previous year, while total revenue increased by 20%. How much revenue did PR make In Y3?A. 1.65MB. 1.7MC. 1.75MD.1.8ME. Cannot say2. What was the increase in total revenue for the TLN Group from Y1 to Y2?A. 15%B. 20%C. 25%D. 30%E. None of these3. By how much has branding revenue increased from Year 1 to Year 2?A. 10000B. 20000C. 100000D. 200000E. Cannot say4. In Year 1, for every dollar generated by consultancy, how many dollars did advertising generated?A. 2B. 2.5C.3D. 3.5E. Cannot say5. Which division has seen the biggest percentage increase in revenue between Year 1 and Year 2?A. BrandingB. AdvertisingC. Public RelationsD. ConsultancyE. Cannot say6. As a percentage of year 1 revenue, how much as advertising revenue decrease from year 1 to year 2?A. 11%B. 12%C. 13%D. 14%E. 15%7. In Year 3 Advertising income is predicted to reach 2M. Assuming that the contributions for all divisions will maintain Y2 proportions, what is the predicted revenue?A. 6MB. 6.25BC. 6.5MD. 6.75ME. 7M1. Assuming the total market grows by 15% in Y7, what would Easymode’s revenues be in that year to match the market share they achieved in Y2?A. 97.5MB. 103.5MC. 107.3MD.118.7ME. 123.3M2. What was the percentage increase in the total US Modem Market between Y1 and Y6 inclusive?A.38%B. 58%C. 66%D.79%E. 93%3. In Y7, what will be the difference in revenues in Easymode’s competitors manage an increase of 10% but Easymode only manages an increase of 5%?A. 256.9MB. 278.4MC. 282.9MD. 372.9ME. 467.4M4. What were the total sales of Easymode’s competitors between Y1 and Y6 inclusive?A. 339MB. 514MC. 848MD. 1128ME. 1466M5. Between which two years did the increase in Easymode’s sales most closely match the increase in the total US Modem Market?A. Y1 to Y2B. Y2 to Y3C. Y3 to Y4D. Y4 to Y5E.Cannot say6. Approximately what percentage of the total US Modem Market in Y2 was attributes to Easymode?A. 23%B. 25%C. 31%D. 33%E.38%7. If the increase between Y5 and Y7 reflected the same proportional increases as those recorded between Y? and Y6, what would the Total Market be worth in Y7?A. 398MB. 499MC.509.5MD.512.8ME. None of these8. What would Easymode’s revenue have needed to be in Y6 matched to the market share they achieved in Y1?A. 91.8MB. 102.6MC. 116.2MD. 125.9ME. 158.8M1. A traveler buys AUD1000 in y1. This converted, without charge, to USD200 IN Y2 WITH THE BALANCE IN GBP. What is the size of the GBP balance?A.GBP 124.55B. GBP 137.93C.GBP 192.16D.GBP 231.07E. GBP373.792. The currency which has shown the smallest proportional change in value in relation to Sterling between Y1 and Y2 is the?A. Australian dollarB. EuroC. Hong Kong dollarD. Swiss francE. None of these3. JPY1000 in Y1 is worth how many USD in Y1?A. USD 6.33B. USD 8.33C. USD 10.13D. USD 12.83E. USD 14.334. If GBP100 were used to purchase Euros in Y1, what would be their approximate value if they were kept for a year and then changed for HKDA. HKD 937B. HKD 1038C. HKD 1667D. HKD 1847E. HKD 26265. How many more AUD could have been purchased with USD 2000 in Y2 compared to Y1?A. AUD 272B. AUD 208C. AUD 340D. AUD447E. AUD 5506. How many fewer Swiss francs would JPY10000 purchase in Y2 compared to Y1?A. CHF 38.24B. CHF 43.43C. CHF 48D. CHF 52.63E. CHF 63.297. HKD200 bought in Y1 is converted, without charge, into Malaysian ringgits. In Y2 it is then converted back into HKD. How mant HKD is that?A. HKD 194B. HKD 208C. HKD 220D. HKD 254E. HKD 2768. In swapping currency (in Y1) a traveler incurs a charge of 5% on each transaction made. The traveller first converts JPY 100000 into Malaysian ringgts. Shortly afterwards, this money is converted into AUD. How many AUD is that, taking account of charges?A.AUD 601B. AUD 1140C. AUD 1376D. AUD 1457E. Cannot say1. Sales of herbicides to the regional market represent world market: 40%2. Insecticides of regional market sales to the agriculture sector: 1.5993. How much does home sector in the regional market spend on other pesticides: 1454. The agriculture sector is responsible what fraction of all regional market expenditure on other pesticides: 2/31. Which source of fuel went down over the last 20 years: Coal2. What was the increase in the percentage of primary energy provided by natural gas over the last 20 years: 16%3. How much energy delivered than other than petroleum last year: 162.54. How much more about coal than electricity last year: 12.5 million5. Petroleum provided more energy (in million barrel of oil equivalent) last year than 20 years ago: True1. If the trend for factory 3 from year 1 to 5 continues, what would be the quality index in year7: 752. In which year did the index for all 3 fall compared with previous year: No year3. What percentage did the index in factory 2 increase from year 1 to 5: 20%4. Factory 1 index showed between year 4 & 5 the same as Year 2 & 3: False1. Which raw generated the largest profit: Iron Ore2. Total sales revenue excluding aluminum: 222.83. How much profit expressed as a percentage of sales revenue: 20%4. What proportion of total sales revenue was generated by silver: 15%5. Gold accounted for more than half of total sales revenues: True1. Increase to 150 million, what percentage: 10%2. The value of sales of building materials and garden equipment for store 2 was less than half of store 5: False3. The value of sales of household applications for store 2 was higher than store 3: True4. Total sales ratio of store 2 to store 4: 4:51. The 75+ age group shows the greatest proportional gender difference in the percentage of subscribers of all the age group listed: True2. What percentage of the female subscribers was over 54 years old: 30%3. The majority of male subscribers are less than 35 years old: False4. There were more male subscribers in the Unver 18 than female subscribers: Not possible to say1. Plant 3 accounted for total year 1: 39%2. Plant 1 produced the least units in the first quarter of year2: Not possible tosay3. How many units were produced by plant 2 in the fourth quarter of year1: 32, 0004. Plant 1 decreased in the first 3 quarters of year2 compared with the same in year1: 37.5%1. In which year were the most vehicles exported: year 32. Ration of commercial to passenger in year 5: 1:103. Percentage change in commercial in year 5 compared with year 4: 10% decrease4. What percentage of all vehicles produced in year 1 were exported: 50%1. On how many occasions did both the annual average prices of oil and gold fall compared with the previous year: 22. In percentage terms, the annual average price of oil increased more than that of gold between Year 9 and 10: False3. The ratio of gold to oil annual average prices was at its highest in Year2: True4. In which year did the annual average price of gold increase while that of oil fall: Year 61. Year 3 to 5 continues, what would be the membership of activate in year 7: 2,0002. What percentage did total membership of all four increase over the 5 years: 50%3. Which club the greatest proportional change from 3 to 4: Zone one4. River fitness and carter’s showed the same proportional increase between year 1 and 3: False1. Company B accounted for total units sold in Quarter 2: 35%2. How many units did company F sell less in Q2 to Q1: 133. How many units were sold by C in Q1: 3574. Which company accounted for the greatest market share in terms of units sold in Q1: company B1. How much higher was the total revenue for the NCG platform compared to the BGD platform from year 4 onwards: 472. By what percentage did the revenue for the XBX platform drop from Year 1 to Year 2: 70%。