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Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú...

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2008 6 MBA 3 7 2006 2007 010-84588226 [email protected] 2005-2007 90.13% 30 08 09 20% 08 3% 30 10% 10%-15% 10% 10%-15% CPI 1 0.18 CPI 0.06 -50 0 50 100 070604 070827 071120 080218 080514 300 H ………2008 5 19 5 ……………..2008 5 6 …………………..2008 4 7 …………………2008 2 19 1 2008 1 .31 ……………………..2008 1 9 2008 ….2007 12 8
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Page 1: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

2008 6

MBA 3 72006 2007

010-84588226 [email protected]

� 2005-200790.13%

30

� 08 09 20%08

3%30

� 10% 10%-15%

10%

10%-15%

� CPI

10.18 CPI 0.06

-50

0

50

100

0706

04

0708

27

0711

20

0802

18

0805

14

300 H

………2008 5 19

5

……………..2008 5 6

…………………..2008 4 7

…………………2008 2 19

1

2008 1 .31

……………………..2008 1 9

2008

….2007 12 8

Page 2: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

2008 6

·························································································································································· 1

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10%······························································································································29

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CPI ·········································································································································38

1 ............................................................................................................................1 2 ............................................................................................................................................................1 3 ............................................................................................................................................................1 4 ............................................................................................................................................................2 5 ............................................................................................................................................................2 6 36 ...........................................................................................2 7 2003—2008 ...................................................................................................................................3 8 2003—2008 ...................................................................................................................................3 9 2003—2008 ...................................................................................................................................3 10 2003—2008 .................................................................................................................................3 11 2003—2008 .................................................................................................................................4 12 2003—2008 .................................................................................................................................4

Page 3: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

2008 6

13 ..........................................................................................................................................4 14 ..................................................................................................................................4 15 ......................................................................................................................................5 16 ......................................................................................................................................5 17 ..................................................................................................................5 18 ..................................................................................................................5 19 2000-2007 ................................................................................................................6 20 2006 .............................................................................................................................................6 21 ..........................................................................................................................7 22 ..........................................................................................................................7 23 ..............................................................................................................................................7 24 ..................................................................................................................................................................8 25 ..........................................................................................................................................................8 26 ......................................................................................................................................................8 27 1961/62 ........................................................................................................9 28 2001/02 ............................................................................................................9 29 ..................................................................................................................................9 30 ..................................................................................................................................................9 31 ....................................................................................................................................10 32 ....................................................................................................................................11 33 ................................................................................................................................11 34 ............................................................................................................................................12 35 ........................................................................................................................................................12 36 ............................................................................................................................................12 37 ............................................................................................................................................12 38 ........................................................................................................................................13 39 ............................................................................................................................13 40 ................................................................................................................................................13 41 ............................................................................................................................................13 42 ....................................................................................................................................................14 43 ....................................................................................................................................14 44 ............................................................................................................................15 45 ................................................................................................................................................15 46 ............................................................................................................................................16 47 ........................................................................................................................................16 48 ................................................................................................................16 49 ................................................................................................................................................17 50 ........................................................................................................................................17 51 ................................................................................................................................18 52 ................................................................................................................................18 53 ................................................................................................................................................20 54 DAP ..............................................................................................................................................20 55 2004-2006 ..................................................................................................................20 56 1983-2007 ......................................................................................................................21 57 1983-2007 ..................................................................................................................21 58 ........................................................................................................................................22 59 ................................................................................................................................23 60 ............................................................................................................................24 61 ............................................................................................................................................24 62 ........................................................................................................................24 63 ............................................................................................................................................24

Page 4: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

2008 6

64 ............................................................................................................................................24 65 ........................................................................................................................................25 66 ........................................................................................................................................................26 67 ............................................................................................................................26 68 ....................................................................................................................27 69 ................................................................................................................27 70 ........................................................................................................................................27 71 ............................................................................................................................28 72 ....................................................................................................................................29 73 ................................................................................................................................................30 74 ........................................................................................................................................................30 75 ....................................................................................................................................31 76 ............................................................................................................................................31 77 ........................................................................................................................................31 78 ....................................................................................................................................................32 79 MAP .................................................................................................................................................32 80 ....................................................................................................................................................32 81 DAP ..................................................................................................................................................32 82 ................................................................................................................................................32 83 ................................................................................................................................................32 84 ............................................................................................................................................33 85 / ...............................................................................................................33 86 ........................................................................................................................................34 87 ................................................................................................................................................34 88 ............................................................................................................................34 89 ................................................................................................................................34 90 ................................................................................................................................35 91 ................................................................................................................................................35 92 ............................................................................................................................35 93 ............................................................................................................................36 94 ........................................................................................................................36 95 ........................................................................................................................................37 96 ............................................................................................................................................................37 97 ........................................................................................................................................39 98 CPI ........................................................................................................................................39 99 CPI .................................................................................................................................39 100 CPI ..........................................................................................................................................39

Page 5: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

2008 6

1 ....................................................................................................................5 2 ........................................................................................................................6 3 ..................................................................................................................................................10 4 2004 .................................................................................................................11 5 ......................................................................................................................................15 6 ..................................................................................................................................................18 7 ......................................................................................................................................................19 8 ......................................................................................................................................19 9 ......................................................................................................................21 10 ................................................................................................................................23 11 ................................................................................................................................................25 12 ....................................................................................................................................29 13 CPI .........................................................................................................................................38

Page 6: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

1 2008 6

2006 92008

2008 4 218.254% 11.2%

1

2302008

2007

Dairy

Oils and Fats

Sugar

Meat

2007/08

Cereals

20062005

200

170

140

110 110

150

200

250

300

350

J F JM A A S O N DM J A M OJ J N J F M AA S

1998-2000 1998-2000

FAO

2008 417.6% 371 / 2006

120.8%

2008 4 2250.2 / 19.2% 06 139.8%

2 /

0

100

200

300

400

500

600

2003

01

2003

07

2004

01

2004

07

2005

01

2005

07

2006

01

2006

07

2007

01

2007

07

2008

01

2

USDA

3 /

0

50

100

150

200

250

300

2003

0120

0304

2003

0720

0310

2004

0120

0404

2004

0720

0410

2005

0120

0504

2005

0720

0510

2006

0120

0604

2006

0720

0610

2007

0120

0704

2007

0720

0710

2008

0120

0804

2

USDA

2008 24 465 /

4.7% 2006 9 189 / 146%

Page 7: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

2 2008 6

20085

150% 962.6 /

4 /

0

100

200

300

400

500

600

2003

0120

0305

2003

09

2004

0120

0405

2004

0920

0501

2005

0520

0509

2006

01

2006

0520

0609

2007

0120

0705

2007

0920

0801

2008

05

1

USDA

5 /

0

200

400

600

800

1000

1200

2003

0120

0305

2003

0920

0401

2004

0520

0409

2005

0120

0505

2005

0920

0601

2006

0520

0609

2007

0120

0705

2007

0920

0801

2008

05

B

USDA

2008 5 36

6 36

FAO

20062008 4

168.9 2000 100 5% 0635.6% 07

10.26% 9.26 8.95%22.62% 9.04%

2006 2008 41607 / 2006 13.8%

2008 4 1611.16 / 200636.9%

Page 8: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

3 2008 6

7 2003 2008 /

800900

10001100120013001400150016001700

200301 200310 200407 200504 200601 200610 200707 200804

3

8 2003 2008 /

800

1000

1200

1400

1600

1800

200301 200310 200407 200504 200601 200610 200707 200804

20062008 4 2550.17 /

20.8% 21.6% 2008 4 2723.42 /2927.5 / 2635.83 / 2006

2.5% 5.5% 4.3% 6.5%

9 2003 2008 /

1000

1500

2000

2500

3000

200301 200310 200407 200504 200601 200610 200707 200804

10 2003 2008 /

1000

1500

2000

2500

3000

3500

200301 200310 200407 200504 200601 200610 200707 200804

2006

2008 4 4781.61 / 2006 93.4%6.5%

2008 4 2006 5244 / 13596.3/159%

Page 9: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

4 2008 6

11 2003 2008 /

1000

2000

3000

4000

5000

6000

200301 200310 200407 200504 200601 200610 200707 200804

3

12 2003 2008 /

4000

6000

8000

10000

12000

14000

16000

200301 200310 200407 200504 200601 200610 200707 200804

21

13

20

15

10

50

02000 2001 2002 2003 2004 2005 2006 2007

International Energy Agency FO Licht

14

43%

15%

32%

3%1% 6%U.S.

European Union

Brazil

China

India

Other countries

FO Licht

Page 10: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

5 2008 6

2006 9 2007 821.5 20%

2010 75 40101

32

15

0

1,000

2,000

3,000

4,000

5,000

01-0

2

02-0

3

0 3-0

4

04-0

5

05-0

6

06-0

7

07-0

8e

08-0

9e

0%

10%

20%

30%

40%

50%

International Energy Agency FO Licht

16

0

100

200

300

400

2006

01

2006

04

2006

07

2006

10

2007

01

2007

04

2007

07

International Energy Agency FO Licht

2005-200790%

1 %

2005 4830 10,595 15,425

2006 30490 -14,081 16,409

2007 32890 10,958 43,848

68210 7472 75682

90.13% 9.87%

USDA

17

-40%

-20%

0%

20%

40%

60%

80%

100%

2001 2002 2003 2004 2005 2006 2007

USDA FO Licht

18

-20000

-10000

0

10000

20000

30000

40000

2001 2002 2003 2004 2005 2006 2007

USDA FO Licht

Page 11: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

6 2008 6

19 2000-2007 /

160

150

140

130

120

110

100

actual biofuel growth 2000-2007 continuation of 1990-2000 biofuel growth

2000 2001 2002 2003 2004 2005 2006 2007

IFPRI

2000 48 2007 1602006

0.3%

08 09

20 2006

Fossil fuels

Nuclear

Traditional biomass

Large hydropower

Hot water/heating

Power generation

Biofuels

0.3%

0.3%

3%

13%

3%1%1%

Renewables 2007

2 2007

4966.5 64.1 30% 5%

6498.7 444.5 2015 150 2022360

608.4 1731.9 2010 5.75%2020 10%

422.7 29.9 5 10%

264.2 25.4 5% 2%

105.7 12 2008 10% 2012 5%

USDA, FO Licht

Page 12: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

7 2008 6

2009 50%5000 35%

21 Million gallons

Brazil China CanadaEU USA

30,000

20,000

25,000

15,000

10,000

5,000

02004 2006 2008 2010 2012 2014 2016

USDA

22 Million gallons

Canada Ukraine & Russia ArgentinaBrazil USA EU

3,0003,5004,000

2,0002,500

1,5001,000

5000

2004 2006 2008 2010 2012 2014 2016

USDA

2008

2007 2010 6% 201514%

23

Price ratios January 2000=100300

250

200

150

100

50

0

2000 2001 2002 2003 2004 2005

Oil-to-corn

Oil-to-sugar

2006 2007

USDA

Page 13: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

8 2008 6

24

Percent

1210

86420

Wor

ld

Dev

elop

ed

Dev

elop

ing

Chi

na

Indi

a

Uni

ted

Stat

es1975-90 1990-2000 2000-07

USDA

25

Percent

0

1

2

3

4

Wor

ld

Dev

elop

ed

Dev

elop

ing

Mid

dle

East

Afr

ica

Latin

Am

eric

a

USA

1975-90 1990-2000 2000-07

USDA

26

35001961-63 1971-73 1981-83 1991-93 2001-03

30002500200015001000

5000

FAO

Page 14: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

9 2008 6

27 1961/62

60 6

9 4 3 3 2 13

1961-1963

FAO

28 2001/02

52

2001-2003

2 6

6 5 7 3 10

FAO

29

3,000otherMeatVegetable oilspulsesSugar

other cerealsRoots and tubers

wheat

Rice

20301997-19991964-1966

2,500

2,000

Die

tary

ene

rgy

supp

hyK

cal/p

erso

n pe

r day

1,500

1,000

500

0

FAO

2.6 6.5 7

30

Feed-to-meat conversion rates

Class of aninal

Pounds of feed needed toproduce 1 pound of meat

Chicken

Pork

Beef

2.6

6.5

7.0

USDA

Page 15: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

10 2008 6

1961

31

101600140012001000

800600400200

061 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05

2402101801501209060300

FAO

3 %

1979-1981 1989-1991 1999-2001 2003 2004 1979-1981 1989-1991 1999-2001 2003 2004

286488 390171 420308 376123 413166 18.21 20.49 20.16 18.03 18.20

301133 292217 334614 348897 389066 19.14 15.35 16.05 16.73 17.14

138182 195478 238012 233406 232360 8.78 10.27 11.42 11.19 10.23

- 67190 65562 76231 - - 3.22 3.14 3.36

46078 57683 63426 54940 70534 2.93 3.03 3.04 2.63 3.11

33605 51258 60484 63024 65314 2.14 2.69 2.90 3.02 2.88

30805 37702 50148 67453 63812 1.96 1.98 2.41 3.23 2.81

42727 52917 49502 50174 52684 2.72 2.78 2.37 2.41 2.32

32044 37910 46473 39426 51097 2.04 1.99 2.23 1.89 2.25

20983 27987 37960 40876 41044 1.33 1.47 1.82 1.96 1.81

24579 19988 36569 33961 34212 1.56 1.05 1.75 1.63 1.51

1573227 1903961 2084615 2085774 2270360

FAO

7080

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11 2008 6

32

10 , ,

%%

200180160140120100

80604020

062 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04

70635649423528211470

FAO

33

1014

12

10

8

6

4

2

062 64 66 68 70 70 70 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04

FAO

2008

4 2004

265242 2931852 343151 1275244 5155555 0 27 12917 197 90222 50.65

345673 832797 472422 1875285 3618607 455 324301 238089 112117 834224 27.84

11099 1431563 82372 660409 2208889 41 57 1377 3 6753 22.02

6610 745120 184952 617765 2025147 0 7413 1039 49269 71591 19.54

214262 340243 72293 1269318 2004347 532 44815 380698 47786 615489 13.89

4872 298350 29192 1026463 1381789 0 0 0 0 1719 13.80

0 475 0 25 2865 1629 155704 1478077 322056 2000731 (19.98)

Page 17: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

12 2008 6

1995 10340 537 202953 235554 2 139814 2696248 7 2848087 (26.13)

21 4547 3433 133 12857 31781 1193805 73940 1365480 2697348 (26.84)

7164 253426 151938 2981 437082 254870 60508 1771 2688815 3334114 (28.97)

85 332 44541 39 46493 957696 4453 28354 3089044 4203101 (41.57)

3639 195743 310423 48942 654221 800251 1456646 77205 2553108 5179563 (45.25)

FAO

34

12

10

8

6

4

2

01990 1995 2000 2005

Million metric tonsRestof world

EU,FSU,&OE1

latin America3

N.Africa&M.East

Other Asia2

China

India

USDA

35

35

30

25

20

15

10

5

01990 1995 2000 2005

Million metric tons

Other

EU,FSU,&OE1

Indonesia

latin America2

Sub-Saharan Afrlca

N.Africa&M.East

Other Asia

USDA

20

20003 90 1

36

Figure 1:Total Greenhouse Gas Emissions by Region

DevelopingCountriesDeveloped

Countries

Emis

sion

sTg

CO

2 eq

uiva

lent 35

35

25

2000 2005 2010 2015 2020 2025 2030Tg CO2=Teragrams Carbon Dioxide

20

15

10

5

0

Oxfam

37

26%

19%

17%

14%

13%

8% 3%

Oxfam

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13 2008 6

1850 13 1995 2007 12100 1.1-6.4

38

Year

constant CO2

1900

4

4

2

1

0Glo

bal S

urfa

ce W

arm

ing

C

variability between modelshigh growth A2moderate growth A1B

low growth B2

emissionscenarios

2000 2100

Oxfam

39

500

400

300

200

100

0

-100

-2001800 1850 1900 1950

Year

Instrumental record Projectionsof the futre

Estimatesof the past

2000 2050 2100

Sea

leve

l cha

nge

mm

Oxfam

40

0

100

200

300

400

500

600

20 80 2005

Oxfam

41

0

50

100

150

200

250

300

1980 2006

Oxfam

2004

0.53 -5

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14 2008 6

8090

20062%

42

14.013.813.613.413.213.012.812.612.4

1961

1964

1967

1970

1973

1976

1979

1982

1985

1988

1991

1994

1997

2000

2003

2006

43

FAO

Page 20: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

15 2008 6

5

1961-76 1977-91 1992-2005 1961-2005

3.5 1.8 1.3 2.2

3.9 2.8 1.5 2.8

2.9 4.8 4.2 4.0

3.1 5.0 4.9 4.4

3.4 2.3 0.8 2.2

3.1 3.5 1.2 2.6

0.8 1.5 0.9 1.1

0.5 1.0 1.4 1.0

1.3 0.5 1.5 1.1

3.0 1.6 2.2 2.3

1.8 3.2 4.7 3.2

1.9 4.4 6.1 4.1

3.0 3.4 3.6 3.4

4.6 7.0 6.0 5.9

3.5 3.0 2.6 3.0

4.3 5.3 4.8 4.8

1.6 1.4 1.2 1.4

2.7 3.3 3.8 3.2

FAO

30

2007/2008 20.58

44

450

500

550

600

650

700

1964

/196

519

67/1

968

1970

/197

119

73/1

974

1976

/197

719

79/1

980

1982

/198

319

85/1

986

1988

/198

919

91/1

992

1994

/199

519

97/1

998

2000

/200

120

03/2

004

2006

/200

7

0

500

1000

1500

2000

2500

45

0

500

1,000

1,500

2,000

2,500

1964

/196

5

1968

/196

9

1972

/197

3

1976

/197

7

1980

/198

1

1984

/198

5

1988

/198

9

1992

/199

3

1996

/199

7

2000

/200

1

2004

/200

5

-6%-4%-2%0%2%4%6%8%

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16 2008 6

46

0100000200000300000400000500000600000700000

1964

/196

519

67/1

968

1970

/197

119

73/1

974

1976

/197

719

79/1

980

1982

/198

319

85/1

986

1988

/198

919

91/1

992

1994

/199

519

97/1

998

2000

/200

120

03/2

004

2006

/200

7

0%5%10%15%20%25%30%35%40%

( )

47

020406080

100120140160

1965

/196

619

67/1

968

1969

/197

019

71/1

972

1973

/197

419

75/1

976

1977

/197

819

79/1

980

1981

/198

219

83/1

984

1985

/198

619

87/1

988

1989

/199

019

91/1

992

1993

/199

419

95/1

996

1997

/199

819

99/2

000

2001

/200

220

03/2

004

2005

/200

6

2.4.2

1999 98%286% 547%

48

Index January 1992=100Oil All commodities Food commodities

600550500450400350300250200

1992 1994 1996 1998 2000Monthly

2002 2004 2006 2008

150100

500

USDA

Page 22: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

17 2008 6

49

1991-1992 =100200

150

100

50

0

1962

1964

1966

1968

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

USDA

2002

50

Index values 2000=100130

120

110

100

1970 1975 1980 1985 1990 1995 2000 2005

90

80

70

60

USDA

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18 2008 6

51

$ billion

Emerging Asia excluding China

China

Japan OPECRussia

1,6001,6001,2001,000

800

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

600400200

0

USDA

52

6

28.5 3 10% 1

37.5 1.9 20%

10.05 0.2043

21 1.41

7.5 0.334

3.75 0.4

19.3 4.8 12% 1

18 13

Page 24: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

19 2008 6

7 % 2006 2007E 2008F 08 07

2 013.3 2 111.9 2 191.9 3.8

255.5 261.9 251.8 -3.9

2 064.8 2 127.2 2 176.0 2.3

994 1 006.6 1 002.1 1.5

741.4 756.8 760.3 0.5

329.3 363.8 393.5 8.2

427.2 408.8 421.3 3.1

20.69 19.22 19.36 0.74

FAO

FAO 2008 21.923.8% 8.7% 7.796

07/08 2.208 6%08 09

8 % 2006 2007E 2008F 08 07

429.1 435.2 445.3 2.3

31 28.9 29.8 3.2

426.7 437.1 444.9 1.8

371.9 378.6 384.2 1.5

105.5 105 105.8 0.8

24.72 24.02 23.78 -1.0

2006 2007E 2008F 08 07

596.7 605.1 658 8.7

113.1 110 110.5 0.4

620.6 618.1 634.8 2.7

442.3 445.5 452.8 1.7

113 109.2 117.8 7.8

65.3 63.4 64.1 1.1

159.5 144.5 167.6 16

25.70 23.38 26.40 12.93

2006 2007E 2008F 08 07

987.5 1 071.6 1088.6 1.6

111.3 123 111.5 -9.4

1017.5 1072 1096.3 2.3

179.8 182.6 185.1 1.4

616.3 635.9 630.4 -0.9

221.3 253.5 280.9 10.8

162.2 159.4 148 -7.1

15.94 14.87 13.50 -9.21

FAO

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20 2008 6

Celeres08/09 40%

53

0

100

200

300

400

500

600

700

9801

0998

0709

9901

0999

0709

0001

0900

0709

0101

0901

0709

0201

0902

0709

0301

0903

0709

0401

0904

0709

0501

0905

0709

0601

0906

0709

0701

0907

0709

0801

09

54 DAP

0

200

400

600

800

1000

1200

1400

9801

0998

0709

9901

0999

0709

0001

0900

0709

0101

0901

0709

0201

0902

0709

0301

0903

0709

0401

0904

0709

0501

0905

0709

0601

0906

0709

0701

0907

0709

0801

09

20% 20102007

7% 22%

20071/6

55 2004-2006

0%

10%

20%

30%

40%

50%

60%

70%

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21 2008 6

56 1983-2007

0

500

1000

1500

2000

2500

3000

3500

1983 1986 1989 1992 1995 1998 2001 2004 20070%10%20%30%40%50%60%70%80%

57 1983-2007

-1000-500

0500

10001500200025003000

1983

1986

1989

1992

1995

1998

2001

2004

2007

-2%-1%0%1%2%3%4%5%6%

9

2/3 2/3

30%

20%

60%

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22 2008 6

58

2003 2007 36%

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23 2008 6

10 % 2003 2004 2005 2006 2007 2006 2003

640 682 733 826 29.1

773 801 836 936 21.1

819 820 887 1018 24.4

1363 1412 1436 1565 14.8

888 923 974 1096 23.4

702 699 767 840 19.7

07 03

781 802 855 953 1060 35.7

59 /

0

5

10

15

20

25

30

35

40

1999 2000 2001 2002 2003 2004 2005 2006 2007

-

3-5

-

2008 30.6%2006

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24 2008 6

60

80

90

100

110

120

130

140

150

160

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 1Q08

1997 100

61

0

100

200

300

400

500

1978

1985

1988

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

62

0

50

100

150

200

250

1978

1985

1988

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

63

050

100150200250300350

1978

1985

1988

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

64

0

100

200

300

400

500

600

1978

1985

1988

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

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25 2008 6

80 90

12 3

2004

65

1979-1992 1992-2003 2003 2004 2005 2006 2007 2008

12

11 %

2004 116 28.5 1 145.5 11.41 2005 132 38.7 3 173.7 13.22 2006 142 41.5 6 120 309.5 23.31 2007 151 51 20 276 498 37.31 2008 151 104 63 638 956 71.98 08 07 0.00% 103.92% 215.00% 131.16% 91.97% 92.93%

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26 2008 6

WTO 8.5%900

66

2006 2.57

67

3

2.5

2

1.5

1

0.5

01990 1994 1998 2002 2006

2.57

Page 32: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

27 2008 6

68

-1000

100200300400500600700

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

1992

1991

1990

1988

1985

2005

69

0

200

400

600

800

1000

1200

1985

1988

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

70

0

5000

10000

15000

20000

25000

1983

1987

1991

1995

1999

2003

-10%

0%

10%

20%

30%

40%

50%%

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28 2008 6

197920%

1984 40731988-1989 13.2% 26.7% 1990

1994 50%1996 42% 1998 5213

2003 200430%

71

300003200034000360003800040000420004400046000

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

01020304050607080

/

WTO

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29 2008 6

72

10%

10%

12 %

2005/06 2006/07 2007/08E 2008/09F

417409 432512 440500 440800

2426 1115 1130 1100

419835 433627 441630 441900

244100 240000 239000 240000

113300 113100 116300 121100

35900 40350 42500 45500

12100 11930 12000 12000

15100 12900 12650 13200

420500 418280 422450 431800

5700 8316 5100 3900

426199 426596 427550 435700

-6364 7031 14080 6200

111309 118340 132420 138620

26.47 28.29 31.35 32.10

FAO

Page 35: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

30 2008 6

73

08

74

........

2008

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31 2008 6

75

720007400076000780008000082000840008600088000

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

050100150200250300350400

76

3800

4000

4200

4400

4600

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

050100150200250300350400

77

3000031000320003300034000350003600037000380003900040000

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

050100150200250300350400

200750%

2008 1 415% 30%

Page 37: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

32 2008 6

78 /

1500

1600

1700

1800

1900

2000

2100

2200

2006

01

2006

03

2006

05

2006

07

2006

09

2006

11

2007

01

2007

03

2007

05

2007

07

2007

09

2007

11

2008

01

2008

03

79 MAP

1500

2000

2500

3000

3500

4000

2007

06

2007

07

2007

08

2007

09

2007

10

2007

11

2007

12

2008

01

2008

02

2008

03

2008

04

80 /

1500

2000

2500

3000

3500

4000

2004

12

2005

03

2005

06

2005

09

2005

12

2006

03

2006

06

2006

09

2006

12

2007

03

2007

06

2007

09

2007

12

2008

03

81 DAP

2000

2500

3000

3500

4000

4500

2006

01

2006

03

2006

05

2006

07

2006

09

2006

12

2007

01

2007

03

May

-20

2007

07

2007

09

2007

12

2008

01

2008

03

4 5 0722% 07 26%

34 /40 /

82

0%

5%

10%

15%

20%

25%

30%

83

0%

5%

10%

15%

20%

25%

30%

35%

10%-15% 200960-80 /

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33 2008 6

2006 13.0756

84

50%45%40%35%30%25%20%15%10%

1952

1962

1970

1979

1982

1985

1988

1991

1994

1997

2000

2003

2006

43.90%

85 /

1957

1981

1983

1985

1990

1993

1995

1997

1999

2001

2003

2005

50454035302520151050

42.53

25.54

/ /

2005 9

Page 39: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

34 2008 6

86

y = -10.629x 2 + 956.65x + 30481R2 = 0.9065

30000

35000

40000

45000

50000

1983 1986 1989 1992 1995 1998 2001 2004 2007

87

13000

12800

12600

12400

12200

12000

118001999 2000 2001 2002 2003 2004 2005 2006

88

80000820008400086000880009000092000940009600098000

100000

1983 1986 1989 1992 1995 1998 2001 2004 2007

89

48%

35%

14%

5% -2%

MOA

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35 2008 6

90 /

0

1

2

3

4

5

6

MOA

91

y=-1.0606x2+83.485x+3586.1

R2=0.9105

3500

4000

4500

5000

5500

1983

1986

1989

1992

1995

1998

2001

2004

2007

92

-10%

0%

10%

20%

30%

40%

50%

60%

1998 2007

Page 41: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

36 2008 6

93

0%

20%

40%

60%

80%

100%

120%

1964/1965 1972/1973 1980/1981 1988/1989 1996/1997 2004/2005

USDA

201530%70%

550 / 40%

10%800

94

USDA

Page 42: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

37 2008 6

50% 36%10%

95

0%10%20%30%40%50%60%70%80%90%

100%

2001 2002 2003 2004 2005 2006 2007

80% 34%29% 1% 0.187%

1% 0.187%

96

70 ~8278 60

2007

Page 43: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

38 2008 6

1.75 / 2006 13%464.05 2006 15.2%

2006 910 2008

4 12.21% 14.6% 13.7%

30%3 5

90 60

1%0.17%

CPI

CPI 2003 102000

2003 4.31 19902004

2004 4.726.2 2004

3.9 CPI 3.3

2005 4.842005

CPI 2005 1.424.8

2005 2.9 7 CPI0.9 2.4

2005 CPI

2006 42006 2.7 2005 1.3

2007 CPI

2008 4 CPI 12 8.5% CPI22.1% 7.4% CPI

86.6 CPI

13 CPI

CPI

1 0.9 0.877

0.9 1 0.947

CPI 0.877 0.947 1

Page 44: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

39 2008 6

97

y = 0.5327x + 49.04

R2

= 0.8096

100

110

120

130

140

150

100 120 140 160

98 CPI

R2 = 0.7697

100

105

110

115

120

125

130

100 120 140 160 180

CPIy = 0.3496x + 67.056

CPICPI

CPI

99 CPI

80

100

120

140

160

180

1994

01

1995

03

1996

05

1997

07

1998

09

1999

11

2001

01

2002

03

2003

05

2004

07

2005

09

2006

11

2008

01CPI

Wind

100 CPI

1614

1970 1980 1990 2000 2007

1210

86400

FoodCPIOverallCPI

porc

xxxx

xxxx

18.7% CPI 10.52%1% CPI 0.06%

Page 45: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

40 2008 6

CPICPI 0.4

2005 2006 2007 2008 CPI 33.6 33.2 32.832.74% CPI

Page 46: Ñ!9 9P¬2 Ë Êcimg3.163.com/finance/celue/2008/06/13/014.pdfAË u KÙAÏ!7 [ â,X !B÷ 5! F¼ Ú Ñ!9 9P¬2 Ë Ê · çNl y g çNl-è0J 2 N³ Ë çNl-è0J 2008 H6 Ü iC ?U& Ú d

41 2008 6

2008

300 20%

300 5% 20%

300 -10% 5%

300 10%

300 10%

300 -10% 10%

1.

66

300

2.

6300

300 10%

: 6 (100004) 528

21 2001207088

A 518040 1

28 (010)84588720 (021)68818898 (0755) 83196279 (852) 2237 6409

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