2015.2
1
SMBC SBI TT TT 2
2005228 20141230 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 5 16,000 1 052 0512 0610 078 086 094 12201412 3
20141230 3.0 2.5 20141230 201412101 2.0 1.5 1.0 20141230 2 2 2 8 102 1012 1110 128 136 144 0.5 0 4
8% 7% 6% 5% 4% 3% 2% 1% 0% 201412 6.9 3.6 2.5 1.1 4.6 30 25 20 15 10 5 0 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 200412201412 15 15 5
201412 6.0% 0.9% 0.8% 0.8% 1.5% 4.5% 1.9% 1.9% 2.1% 2.2% 0.6% 8.0% 39.0% 0.7% 0.9% 2.2% 2.7% 5.3% 5.7% 7.9% 4.4% PGSF- 6
19802035 10kwh 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 1980 1990 2000 2010 2020 2030 198020102011201220132035 EIAIEA 7
8
201412 2.5 2.0 2.0 1.5 1.0 0.5 0 0.027% 0.08 1,000154420141215 9
2007810020078201212 220 200 180 160 140 120 100 80 60 40 078 088 098 108 118 128 201212100201212201412 180 170 160 150 140 130 120 110 100 90 80 1212 134 138 1312 144 148 1412 15 10
2005 2201412MSCINet 11
12
2013116 20141211 13
14
MSCIMSCISP500TOPIX MSCIJPEMBI JPGBI-EM FTSE/NAREIT MSCIMSCI MSCIMSCI 15
16
17
SMBC SBI TT TT 1 370 24 21 15 32 6 2251 44 53 61 65 10 20 140 121 128 75 134 142 1977 148 134 20 165 2336 181 195 8 8 43 633 2 1 3 1 7 16 117 14 10 6 46 8 1 1 11 3 5 2 7 45 3 8 578 47 39 37 7 15 6 49 3 10 5 5 2 7 48 3 1 5 6 34 11 649 22 38 12 12 6 41 36 18