H 00317
5 14
2020 4 24 137
15 2020 3 9
24 2020 4 23 H
H
183 17M
2020 4 7
............................................................. 1
........................................................ 5
................................................ 15
...................................................... 17
.................................. 35
............................................... 71
–i–
A 1.00 A
2020 3 9
49%
H A
847,685,990
59.97%
–1–
600150
27.4214%
285,788
2020 4 24
137 15
2020
49%
2020 3 9
49%
H 1.00 H
–2–
1 6
2020 3 31
H A
49%
2019 8 14
2019 8 14
–3–
49%
[2020]
0042 2020 1 2
%
–4–
H 00317
137
15
510250
(1) 2020 3 9
(2) 2019 8 7 2019 10 4
–5–
(i) (ii)
(iii)
(iv)
2020 3 9
96,383.18
2020 3 9
(1)
(2)
(3)
96,383.18 24%
47,208.09 25%
49,175.09
2019 4 30
130,762.92
–6–
196,700.36 49%
96,383.18 65,937.44
50.43%
99.98%
(1)
51%
45 2020 12 31
(2)
2019 4 30
10
(3)
2019 4 30
(1)
–7–
(2)
(3)
(4)
(3) (4)
1998 5 12
–8–
1973 12 26
2015 1
49% 25% 26%
5
2017 2018 12 31 2019 9 30
2017 2018 2019
12 31 12 31 9 30
1,320,065,325.39 1,699,460,329.71 1,509,146,941.83
1,308,119,114.41 1,307,408,018.00 1,307,836,136.05
–9–
2017 1 1 2018 1 1 2019 1 1
2017 12 31 2018 12 31 2019 9 30
77,294,323.82 677,329,815.95 455,242,735.95
6,750,623.03 974,634.62 806,727.80
5,060,683.52 655,288.14 605,045.85
2019 4 30
2019
4 30 2020 4 29 2020 1 2
2019 4 30
2019 8 7 2019 10 4
2019 8 7
27.4214%
285,788 217,494,916
– 10 –
217,494,916
27.4214%
49%
100% 100%
51% 15%
– 11 –
2017 7
51% 2017 11
51%
25% 26%
49%
24% 25%
(1) 49%
(2)
3.23 2020 3.23
5% 25%
25% 75%
14
– 12 –
14A.07(4)
5%
14A
2020 4 24
137 15
2020 3 9
24
H H
183 17M
49%
847,685,990
59.97%
– 13 –
49%
15 16
17 34
H
2020 4 7
– 14 –
H 00317
2020 4 7
5 14 17 34
– 15 –
2020 4 7
– 16 –
99
26 2610
A.
2020 4
7
2020 3 9
2020 3 9
963,831,800 24%
472,080,900 25%
491,750,900
2019 8 7 2019 10 4
– 17 –
5% 25%
25% 75%
14.22
14
14A.07
14A
5% 14A
13.84
– 18 –
(i)
(ii)
(iii)
(iv)
(v) 2020-2022
2018 11 14 2019 5 10 2019
10 4 2019 12 9 2020 2 5
B.
– 19 –
(i)
2017 12 31 2018 12 31 (ii) 2019 12
31 (iii) 2020 2 29
(iv) (v) (vi) 2018 12 31
; vii 2019 9 30
(viii)
13.80
C.
1.
– 20 –
2019 12 31
12 31
2016 2017 2018 2019
– 18,754,776 18,019,685 15,074,500 16,480,668
– 2,577,791 2,149,512 1,431,752 1,321,234
– 384,299 240,981 907,948 1,042,288
– 900,322 1,009,382 724,840 2,011,736
– 460,032 648,830 863,595 725,662
23,077,219 22,068,390 19,002,636 21,829,003
71,224 87,797 (1,869,014) 548,320
2018 12 31 2018
2017 12 31
22,068 13.9 2018 12 31 19,003
2017 12 31
241 176.8 2018 12 31 908
100
2018 12 31 1,869
2017 12 31 88 (i)
(ii)
2019 12 31 2019
2018 12 31
19,003 13.6% 2019 12 31 21,829
– 21 –
2018 12 31 725 177.5% 2019 12 31
2,012
2019 12 31 548
2018 12 31 1,869
2.
2015 1
49% 25% 26%
5
2017 2018 12 31 2019 9 30
2017 2018 2019
12 31 12 31 9 30
1,320,065,325.39 1,699,460,329.71 1,509,146,941.83
1,308,119,114.41 1,307,408,018.00 1,307,836,136.05
– 22 –
2017 1 1 2018 1 1 2019 1 1
2017 12 31 2018 12 31 2019 9 30
77,294,323.82 677,329,815.95 455,242,735.95
6,750,623.03 974,634.62 806,727.80
5,060,683.52 655,288.14 605,045.85
2018 12 31 17.0
13.1
3.
1998 5 12
1973 12 26
4.
2017 7
51%
2017 11 51%
– 23 –
25% 26%
49%
24%
25%
2020
2020
10,262 10,234
Trading Economics http://tradingeconomics.com/commodity/
crude-oil 2018 3 24 2020 3 24
90
80
70
60
50
40
30
20
10
0
24 24 24 24 24 24 24 24 24 24 24 24
24 1
3 5 7 9 11 1 3 5 7 9 1 3
18 18 18 18 18 19 19 19 19 19 19 20 20
20 20 20 20 20 20 20 20 20 20 20 20 20
76.4 20.8
65.6 2018 10 76.4
– 24 –
16.6% 2018 12 28 45.3
2020 3 19 20.8 40.7% 72.8%
2019 8 14
2019 8 14
2018 2018 12 31
2019 9 30 655,300 605,000
317,700 230,000
(i)
(ii)
5.
2020 3 9
(1)
(2)
(3)
963,831,800
24%
472,080,900
25% 491,750,900
– 25 –
2019 4 30
49%
1,307,629,200
1,967,003,600
49% 963,831,800
659,374,400
50.43%
99.98%
(1)
51%
45 2020 12 31
(2)
2019 4 30
10
– 26 –
(3)
2019 4 30
(1)
(2)
(3)
(4)
(3) (4)
6.
– 27 –
45
51% 2020 12 31
49%
(i)
2019 4
30 1,967,003,600
49% 963,831,800
49
(i) (ii)
(iii)
(http://www.csrc.gov.cn)
– 28 –
2019 4 30 2020 4 29
(i)
(ii)
;
(iii)
– 29 –
(i) (ii) (iii)
(i)
(ii)
2019 4 30 13 20
304.72%
– 30 –
2019 4 30
1,967,003,600
(i)
(ii) (iii)
(iv)
(v)
(i) (ii)
(iii)
(iv)
(i)
(ii) (iii) 2019 4
30 1,967,003,600
– 31 –
(ii)
600150.SS
2020 3 9
2020 2018
3 9 12 31
1 2
600150.SS 26,363,389,650 20,619,246,504 1.28
601989.SS 101,815,079,931 84,206,611,517 1.21
2208.TW 10,665,963,940 5,985,554,000 1.78
1.78
1.21
1.42
1,967,003,600 1,307,408,018 1.50
3 4
– 32 –
1.
2. 2020 3 9
3.
4. 2019 9 30
1.21 1.78
1.42
1.42 1.50
(i) (ii)
(iii)
1.50
7.
323 2020 323
– 33 –
323 2020 323
D.
49%
2020 4 7
1 6
10
– 34 –
49%
2020 0042
2019 4 30
600685.SH
91440101190499390U
40
141,350.6378
– 35 –
91321012323728098Y
130,283.624390
– 36 –
1.
2015
1 29 100.00
100.00 100%
(%)
100 100
100 100
2015 8
(%)
100 100
100 100
– 37 –
2015 10
130,283.62439
(%)
130,283.62439 100
130,283.62439 100
2017 8 51%
(%)
63,838.97595 49
66,444.64844 51
130,283.62439 100
– 38 –
2017 12 51%
(%)
63,838.97595 49
32,570.90610 25
33,873.74234 26
130,283.62439 100
2017 12
2019 10 26 2019
21.46% 2019 11 8
2.
– 39 –
3.
2017 2018 2019
12 31 12 31 4 30
132,006.53 169,946.03 147,483.45
1,194.62 39,205.23 16,720.53
130,811.91 130,740.80 130,762.92
2017 2018 2019 1-4
7,729.43 67,732.98 17,374.13
675.06 97.46 27.16
506.07 65.53 22.12
25% 9% 13%
49%
– 40 –
49%
2019 183
49%
49%
1,474,834,480.08
167,205,277.54 1,307,629,202.54
2019 4 30
2019 4 30
455,013,221.39
1,019,821,258.69
1,474,834,480.08
167,205,277.54
0.00
167,205,277.54
1,307,629,202.54
– 41 –
1.
2.
3,246 300T 260T 180T
120T 32T 10T
60+60T
320T 20T
50M3
15
610
735
2000T
1 2016 2
5T 2 5
– 42 –
3.
20 43 662,756,382.14
20 160,355.17
4.
28 # 1#2#
45
– 43 –
5.
(1)
5
1 (2018) 2007/6/2 50 166,729.90
0010665
2 (2018) 2007/6/28 50 92,902.00
0010661
3 (2018) 2009/7/18 50 140,639.00
0010661
4 (2018) 2014/11/20 50 224,477.00
0010157
5 (2018) 2017/7/11 50 227,398.00
0010157
852,145.90
(2)
9 819,315.88
518,985.72
6.
2
7.
– 44 –
100,330
142,756.85 2 15
2018 1 1 2020 12 31
– 45 –
2019 4 30
1. 49%
2019 183
2.
1. 46
2. 2013 12 28
3.
2007 3 16
– 46 –
4. 2007 11 28 197
5. 538
6.
50
7. 2004 8 28
8. 2007 8 30
9. 2014 8 31
10. 91
11. 32
12. 12
13. 14
14.
[2006]274
15.
[2009]941
16. [2013]64
– 47 –
17. [2010]71
18. 2014 8 31
19.
1. [2017]43
2. [2017]30
3. [2017]46
4. [2018]36
5. [2017]33
6. [2018]35
7. [2017]47
8. [2017]48
9. [2017]42
10. [2018]38
11. [2017]39
12. [2017]38
13. [2017]37
– 48 –
14. [2018]37
1.
2.
3.
4.
5.
6.
1.
2.
3.
4.
5.
6. (2014)
7. (2014)
8.
9.
10.
11.
12.
– 49 –
13.
14.
15.
16.
17.
18.
19.
20. A
21.
1. 2011
2.
2012 12
3.
4.
5.
– 50 –
1. [2019]
1-02305
1.
2.
0%
100%
– 51 –
3.
4.
(1)
(2)
= [1+
1 ]
– 52 –
5.
2016 5 1
(1)
– 53 –
(2)
(3)
(4)
=
6.
= =
2009 1 1
538
50
[2008]170
(2009)113 2009
1 1
– 54 –
(1)
=
= 1
1)
=CIF
= CIF 1+
=
1.09 9%
= +
2)
= (1+
= 1.13 13%
=
1.09 9%
= +
– 55 –
3)
= +
= 1.13 0.13
(2)
1)
= K
=
100%
K=K1 K2 K3 K4 K5
= K1 K2 K3 K4 K5
2)
=
100%
– 56 –
3)
(3)
=
7.
– 57 –
8.
(1)
A
= + + + + +
B
(2)
9.
– 58 –
10.
11.
1.
2.
– 59 –
2019 5 5
1.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
– 60 –
(8)
2.
(1)
(2)
(3)
,
(4)
(5)
(6)
(7)
– 61 –
(8)
1.
– 62 –
2.
3.
4.
1.
2.
3.
– 63 –
4.
5.
130,762.92
196,700.36 65,937.44 50.43%
147,483.45 213,420.89
65,937.44 44.71% 16,720.53 16,720.53
– 64 –
1,967,003,568.03
2019 4 30
45,501.32 45,482.24 -19.08 -0.04
101,982.12 167,938.65 65,956.53 64.67
88,405.77 120,090.76 31,684.99 35.84
2,239.72 2,269.47 29.75 1.33
11,237.16 45,478.95 34,241.79 304.72
98.15 98.15
1.32 1.32
147,483.45 213,420.89 65,937.44 44.71
16,720.53 16,720.53
16,720.53 16,720.53
130,762.92 196,700.36 65,937.44 50.43
– 65 –
1.
45,501.32 45,482.24 19.08
2.
88,405.77 120,090.76
31,684.99
(1)
96,642.98 66,275.64
45.82%
(2)
22,130.13 23,447.78
1,317.64 5.95%
– 66 –
(3)
2,239.72 2,269.47 29.75
4.
11,237.16 45,478.95
34,241.79
(1)
45,398.07 34,212.81
(2)
80.88 28.98
– 67 –
2019 4 30 2020 4 29
1.
2.
3.
4.
(1)
(2)
(3)
– 68 –
– 69 –
2020 1
2
– 70 –
1.
2.
XV
2 3
10%
336
501,745,100 (L) A 61.08% 35.50%
345,940,890 (L) H 58.43% 24.47%
L=
XV 2 3
10%
3.
XV
XV 7 8
– 71 –
352
(a)
(b) 2018 12 31
4.
5.
1 6
(a)
– 72 –
(b)
(c) 2018 12 31
6.
7.
2018 12 31
8.
(a) 137 15
510250
(b) H H
183 17 1712-1716
(c) 53 1987 7
1997 11
(d)
– 73 –
XV
2 3
(e)
9.
15 23
(a)
(b)
(c)
(d)
(e)
(f)
– 74 –