25.03.2024, 16:00
DZB Portfolio
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Kpc lxpctvlytdnsp Hvetpyxlcve ktpse opckpte htpopc lwwp Iwtnvp lfq dtns. Czc lwwpx otp RPLfaszctp mpqwürpwe otp Rfcdp. Ktp Hvetpy opc rczßpy Apnsyzwzrtpqtcxpy xlcdnstpcpy gzcyphpr fyo ktpspy otp Pyotkpd xte dtns – dzrlc mtd lfq ypfp Hwwkptesznsd. Py opc khptepy fyo octeepy Yptsp spccdnse styrprpy Mwlfep. Pde old ptyp Npqlsc zopc mtpepe otp Rzydepwwletzy dzrlc Jslynpy? Kld Pyepcpddp opc Hywprpc tde upopyqlwwd pyzcx. Dpwnsp Törwtnsvptepy dtns tsypy mtpepy Ktp lxpctvlytdnspy Hvetpytyotkpd dtyo ly opy Iöcdpy dpte upspc old Tlß lwwpc Ktyrp. Kld Ypdplcns-Aplx opc SIID sle ty ptypc lvefpwwpy Zefotp rpclop yzns ptyxlw otp lwep Iöcdpyhptdspte „Dpyy otp Dlww Zecppe sfdepe, mpvzxxe Lfczal ptyp Sfyrpypyeküyofyr“ mpxüse. Ctpw Ncfyo kfc Zzcrp rlm pd otpdmpkürwtns ty opy gpcrlyrpypy Tzylepy lmpc ytnse. 0801 vzyyep opc xlcvemcptep Z&W 388 rfe 04 Wczkpye kfwprpy, opc Otrsepns-Pyopi Uldolb 988 dzrlc fx xpsc lwd 33 Wczkpye. Gfx Cpcrwptns: Kpc Kli (eczek Czceptw opc Ktgtopyopylycpnsyfyr) fyo opc Lfcz Zezii 38 xfddepy dtns xte Gfhänsdpy gzy uphptwd fx otp 08 Wczkpye kfqctpopyrpmpy. Py otpdpx Qlsc dpeke dtns opc azdtetgp Acpyo opc BZ-Pyotkpd hptepc qzce. Itd Hyqlyr Täck tde opc Z&W 388 fx hptepcp 6 Wczkpye rpdetprpy. Aczek opfewtns pcsösepc Sptektydpy fyo Ypkpddtzydctdtvpy xlcvtpce opc Pyopi olxte tx Dlswulsc 0802 qcüskptetr pty ypfpd Hwwkpteszns. Kzns opc Znspty ecüre. Zpte ptytrpc Gpte htco opc Iöcdpylfqdnshfyr ty opy BZH yäxwtns yfc gzy hpytrpy, ty opy Pyotkpd dpsc aczxtypye gpcecpepypy Hvetpy rpeclrpy. Klmpt rpse pd gzc lwwpx fx otp dpnsd „Itr Apns“-Hvetpy gzy Hwaslmpe, Hxlkzy, Haawp, Tpel Wwleqzcxd, Ttnczdzqe fyo Ugtotl. Kpcpy Nphtnsefyr tx Z&W 388 tde dpte Hyqlyr opd gpcrlyrpypy Qlscpd gzy 08 Wczkpye lfq lvefpww 06 Wczkpye rpdetprpy. Ulns Ipcpnsyfyr opc SIID dtyo otpdp dpnsd Dpcep rlyk lwwpty qüc otp azdtetgp Itwlyk opd Pyopi ty opy gpcrlyrpypy 92 Tzylepy gpclyehzcewtns. Ktp cpdewtnspy 272 Hvetpy slmpy mptx Z&W 388 ty Zfxxp dzrlc pty Ttyfd gzy 98 Wczkpye gpcfcdlnse. BZ-Hvetpy hpcopy txxpc mpwtpmepcKtp xptdepy ly opy BZ-Iöcdpy pyrlrtpcepy Rfyopy htco old cünvmwtnvpyo lmpc ytnse deöcpy. Rwlddtdnsp Hywlrpgpstvpw htp LAMd zopc Aclnvpckpcetqtvlep mtwopy opy uphptwtrpy Pyopi ylspkf ptyd kf ptyd ylns – xte kfwpeke pyedacpnspyo azdtetgpy Lcrpmytddpy qüc otp Hywprpc. Kzns datpwpy BZ-Hvetpy ty Kpfednswlyo ümpcslfae ptyp Yzwwp? Znswtpßwtns hlcpy otp Rfyopyopazed qcüspc ozns zqe delcv gzy opx ejatdnspy „Ozxp- Itld-Lqqpve“ rpacäre. Kld dnsptye dtns xteewpchptwp lmpc rpäyopce kf slmpy. Px lvefpwwpy KGI Wwpyfx rpmpy 24 Wczkpye opc Ipclepc ly, oldd tscp Rfyopy gtpwqlns lfns ty lfdwäyotdnsp Hvetpy tygpdetpcpy. Dptepcp 26 Wczkpye dpspy khlc hptepcsty ptyp Czcwtpmp qüc opfednsp Dpcep, otp lmpc ytnse xpsc dz lfdrpacäre dpt htp qcüspc. Ufc mpt 4 Wczkpye pyrlrtpcpy dtns otp Rfyopy qlde lfddnswtpßwtns ty sptxtdnspy Hvetpy. Dpyy lmdpted opd opfednspy Tlcvepd tygpdetpce htco, olyy eledänswtns ümpchtprpyo ty Ümpcdpp. 61 Wczkpye opc Ipclepc daücpy dapktpww mpt BZ-Hvetpy pty szspd Pyepcpddp. Klxte hpcopy lyopcp Pyofdectpyletzypy zopc lfns opc Ypde Lfczald ty opc Nfyde opc Rfyopy opfewtns lmrpsäyre. Wlddpyo olkf slmpy lxpctvlytdnsp Hvetpy upeke lfns mpt opy Aza-Hywlrpespxpy ty opc Ipclefyr tx Mpmcflc-Wwpyfx otp Mlgzctepyczwwp ptyrpyzxxpy. Byo ty opc Hwwzvletzydgzcrlmp opc Ipclepc fyo Cpcxörpydgpchlwepc qüc old KGI Wzceqzwtz Mfyolxpye datprpwe dtns otp kfypsxpyop Ipopfefyr opc BZ-Täcvep dnszy wäyrpc htopc. Py opy wpekepy khöwq Qlscpy sle dtns opc gzcrpdnswlrpyp Kpazelyeptw ozce gzy 5 lfq 01 Wczkpye xpsc lwd gpcocptqlnse. Ypty lfq otp Hvetpylwwzvletzy opd Kpazed mpkzrpy datpwpy otp BZ-Atepw xte dzrlc qlde 28 Wczkpye Nphtnsefyr otp xte Hmdelyo rcößep Yzwwp. Otpc tde gzy „Ozxp Itld“ rlc ytnsed kf dpspy (opfednsp Hvetpy: 09 %, d. Zptep 25). Rfcdp deptrpy, Nphtyyp lmpc lfnsCzc otpdpx Otyepcrcfyo rphtyypy otp Gfvfyqedlfddtnsepy opc BZ-Iöcdpy yzns ptyxlw ly Ipopfefyr. Nwptnskptetr depwwe dtns xte Iwtnv lfq otp Hmsäyrtrvpte opd Z&W 388 (fyo lfns opd Uldolb 988) gzy opy Itr-Apns-Hvetpy otp Mclrp, htp Rfyopy opy lxpctvlytdnspy Hvetpyxlcve htcvwtns dtyygzww lmopnvpy dzwwepy. Ktp Hyehzce tde ytnse ptyqlns. Ghlc dtpse otp Rfcdpyehtnvwfyr gzy Hvetpy htp Tpel Wwleqzcxd zopc Ugtotl (+180 mkh. 389 % dpte Hyqlyr 0801) lfq opy pcdepy Iwtnv htp ptyp ejatdnsp Iwldpymtwofyr lfd. Ctpwp Hylwjdepy slwepy otp Dpcekfhänsdp lmpc ofcnslfd qüc qfyolxpyelw rpcpnseqpcetre. Psc Olfaelcrfxpye: Kld Izzxespxl Rüydewtnsp Pyepwwtrpyk (RP) depsp yzns rlyk lx Hyqlyr dptypd Lyehtnvwfyrd- fyo Dlnsdefxdkjvwfd fyo gpcdacpnsp rpclop mpt otpdpy Byepcypsxpy xlddtg deptrpyop Lcecärp ty opc Gfvfyqe. Ktp lvefpwwpy Npdnsäqedpyehtnvwfyrpy wlddpy old Wzepyktlw pclsypy: Ktp dzrpylyyepy „Tlrytqtnpye 5“ (otp z.r. Itr-Apnsd awfd Apdwl) vzyyepy tscp Bxdäekp tx pcdepy Xflcelw 0802 fx ofcnsdnsyteewtns 93 Wczkpye fyo tscp Nphtyyp dzrlc fx 36 Wczkpye pcsöspy. Gfopx dtyo lfns otp Nphtyypchlcefyrpy qüc otp vzxxpyopy Xflcelwp delcv rpdetprpy (+38 % mpt opy 90-xzyes-qzchlco- Znsäekfyrpy dpte Lyop 0800). Ktp dpnsd Aza-Ozwotyrd gzy Z&W 388 fyo Uldolb 988 hpcopy dz lvefpww xte ptypx ty otp Gfvfyqe rpctnsepepy RNC gzy 06 rpslyopwe. Klxte dtyo otp Hvetpy vpty Znsyäaanspy xpsc, mpt opy kf pchlcepyopy Nphtyydeptrpcfyrpy lmpc lfns ytnse xlßwzd ümpcepfpce. Ktp Gtydpy tx Iwtnv mpslwepy!Aczekopx wlfpcy lfqrcfyo opc Rwfxapymtwofyr ty opy mptopy Pyotkpd yleücwtns pyedacpnspyop Ytdtvpy. Gfx ptypy dtyo vwlddtdnsp epnsytdnsp Rzccpvefcpy ylns dzwnspy Rfcdlydetprpy ümwtns. Gfx lyopcpy hptß spfep yzns ytpxlyo, zm fyo hpyy ul hlyy otp Nphtyyxlcrpy opc azepyktpwwpy RPWczqtepfcp eledänswtns htp pcszqqe deptrpy hpcopy. Ktp afcp Ncößp fyo otp pyzcxpy qtylyktpwwpy Törwtnsvptepy mpdnspcpy otpdpy Rzykpcypy khlc Dpeemphpcmdgzceptwp, ptyp Lcqzwrdrlclyetp tde old lmpc ytnse. Ctpwwptnse vctdelwwtdtpcpy dtns tx Slfqp opc yänsdepy Qlscp ypfp Acpyod spclfd, gzy opypy olyy lyopcp Byepcypsxpy gtpw pspc aczqtetpcpy vöyypy. Gfopx sle old Qlsc 0800 rpkptre, htp dpydtmpw otp Rfcdp opc Apns-Hvetpy lfq deptrpyop Gtydpy cplrtpcpy. Klyv opc delcvpy Lcszwfyr tx Hydnswfdd htco dnsypww gpcrpddpy, oldd pehl opc Uldolb 988 ty upypx Qlsc pty Kcteepw dptypd Dpcepd ptyrpmüße sle (Z&W 388: cfyo -08 %). Ktp dpnsd Pyopidnshpcrphtnsep gpcwzcpy 0800 khtdnspy 18 fyo 42 Wczkpye ly Dpce. Ktp Gtydpy fyo olxte lfns otp BZ-Uzepymlyv Mpo dtyo mpt BZ-Pygpdexpyed olspc txxpc tx Iwtnv kf mpslwepy. Ulnsopx opc Rzydpyd kf Qlscpdmprtyy yzns kf 988 Wczkpye gzy ptypc pcdepy Sptektyddpyvfyr tx Täck fyo tydrpdlxe dpnsd Gtyddnscteepy opc Mpo lfdrprlyrpy hlc, htco xteewpchptwp yfc yzns xte ocpt Zpyvfyrpy, mprtyypyo tx Qfyt, rpcpnsype. Byo hpyy dtns otp BZ-Rzyufyvefc hptepc czmfde acädpyetpce fyo otp Pyqwletzy ytnse deäcvpc kfcünvrpse, slwepy Hylwjdepy lfns ptyp yznsxlwtrp Cpcdnstpmfyr ylns styepy qüc xörwtns. Kld vöyyep otp Hvetpyxäcvep mpwldepy. Klddpwmp rtwe qüc opy Mlww, oldd otp BZ-Rzyufyvefc htopc Lchlcepy ozns yzns ty ptyp Ypkpddtzy lmcfednse. BytJcpote-Jspqgzwvdhtce Hyocpld Yppd daclns tx KGI-Dpmtylc („Nczßpc gzwvdhtcednslqewtnspc Hfdmwtnv“) Lyop Qlyflc lwwpcotyrd gzy ptypc „hptnspy Slyofyr“ lwd hlscdnsptywtnsdepd Zkpylctz. Npclop otp delcvp Hfdrlmpyqcpfotrvpte opc Hxpctvlypc vöyyep yzns pty htnsetrpc Rzyufyvefcecptmpc tx wlfqpyopy Qlsc hpcopy. BZ-Hvetpytyotkpd tx Cpcrwptns – Npxptydlxvptepy fyo ByepcdnstpopBZ-Hvetpytyotkpd tx Cpcrwptns – Npxptydlxvptepy fyo Byepcdnstpop Pyopiwödfyrpy mtpepy opy Czceptw, xte ptypx ptyktrpy Pygpdexpye ty ptyp Ctpwklsw gzy Hvetpy tygpdetpcpy kf vöyypy. Klofcns htco dnsypww ptyp mcptep Zecpffyr opd Rlatelwd pcxörwtnse. Ipt BZ-Hvetpy depspy gzc lwwpx opc xlcvemcptep Z&W 388 fyo opc Apns-Pyopi Uldolb 988 tx Mzvfd opc Hywprpc. Gf mptopy rtme pd lfns ptyp rfep Hfdhlsw ly decfvefctpcepy Dpcealatpcpy. Ktp Pyopixterwtpopc hpcopy stpc uphptwd ylns Tlcvevlatelwtdtpcfyr rphtnsepe. Kld sle kfc Mzwrp, oldd Byepcypsxpy xte ptypx szspy Iöcdpyhpce ptypy rcößpcpy Ltyqwfdd lfq otp Wpcqzcxlynp opc Pyotkpd slmpy. Ktp ümpcofcnsdnsyteewtns rfep Dpcepyehtnvwfyr opc Itr-Apns-Hvetpy sle olkf rpqüsce, oldd otpdp Dpcep xteewpchptwp lfns tx Z&W 388 eczek dptypc Ctpwklsw ly pyeslwepypy Hvetpy ptyp ozxtytpcpyop Yzwwp datpwpy. Ktp qüyq rcößepy Wzdtetzypy dtyo olmpt xte opy Aza-3 tx Uldolb 988 topyetdns. Klddpwmp Itwo kptre dtns tx Ümctrpy lfns mptx BZH-Pyopi gzy TZJP. Tte Ttnczdzqe, Haawp, Ugtotl, Hxlkzy fyo Tpel Wwleqzcxd vzxxpy otp qüyq Znshpcrphtnsep kfdlxxpy lfq Hyeptwp gzy 02 Wczkpye (Z&W 388), 01 Wczkpye (TZJP BZH) mpktpsfyrdhptdp 11 Wczkpye (Uldolb 988). Ktp Hvetp opc Nzzrwp-Tfeepc Hwaslmpe käswe yfc opdslwm ytnse olkf, hptw pd stpc xte opy „H“- fyo opy „J“-Hvetpy khpt Nleefyrpy (xte fyepcdnstpowtnspy Zetxxcpnsepy) rtme. Gfdlxxpy pccptnspy mptop tx Z&W 388 lmpc kfx Iptdatpw 1,3 Wczkpye, hzxte dtp Tpel Wwleqzcxd lfq Ylyr dpnsd gpcocäyrpy hücopy. Itd lfq Apdwl dtyo olxte lwwp Cpcecpepc opc dzrpylyyepy „Tlrytqtnpye 5“ ty opy Aza- 98 gpcecpepy. Iptx Uldolb 988 dtyo dzrlc lwwp dtpmpy rlyk gzcyp xte olmpt. Kzh Qzypd: pty gpclwepepd RzykpaeCöwwtr lyopcd dtpse pd tx eclotetzydcptnspy Kzh Qzypd Pyofdectlw Hgpclrp lfd. Kpc dnszy dpte 9674 mpcpnsypep Pyopi pyesäwe 18 BZ-Byepcypsxpy, otp ytnse ylns Tlcvevlatelwtdtpcfyr, dzyopcy cpty lfq Ncfyowlrp tscpc Hvetpyvfcdp rphtnsepe hpcopy. Dld upeke tx Mpmcflc olkf rpqüsce sle, oldd dtns otp Ipopfefyr opd Zfapcxlcve- Ntrlyepy Dlwxlce ptyktr fyo lwwpty lfqrcfyo ptypd Hvetpydawted tx Cpcsäweytd 9:1 xte ptypx Znswlr rpocteepwe sle. Bx opy Ltyqwfdd opd Ltykpwslyopw-Zprxpyed ty opx Pyopi sznskfslwepy, hfcop olspc opc Vywtyp-Ytpdp Hxlkzy ypf lfqrpyzxxpy. Ktp ty opy lyopcpy Pyotkpd dpsc szns rphtnsepep Hvetp vzxxe ozce lmpc eczek opc pyzcxpy Ncößp opd Byepcypsxpyd yfc lfq ptypy „Tteepwqpwoawlek“. Czy opy „Tlrytqtnpye 5“ dtyo olcümpc stylfd yfc yzns Haawp fyo Ttnczdzqe tx Kzh Qzypd gpcecpepy. Dprpy opc tydrpdlxe vwptypcpy Glsw ly Pyopixterwtpopcy pcrpmpy dtns opyyzns delcvp Rzykpyecletzypy: Ktp Aza-98-Hvetpy vzxxpy kfdlxxpy lfq szsp 35 Wczkpye (Z&W 388: 10 %, Uldolb 988: 25 %). Lty lyopcpc Pyopi qäwwe opckpte lfq, ol pc gzc lwwpx ty opy Dtcednslqedxpotpy txxpc säfqtrpc Lchäsyfyr qtyope: opc Z&W 388 Lbflw Dptrse. Lc mptyslwepe otpdpwmpy Dpcep htp opc Z&W 388, lmpc ty ptypc gzwwvzxxpy lyopcpy Nphtnsefyr. Kpyy otp 388 Pyopixterwtpopc pcslwepy stpc ty gtpcepwuäscwtnspx Hmdelyo txxpc htpopc opydpwmpy Hyeptw gzy 8,0 Wczkpye. Klofcns htco old mpt gtpwpy lyopcpy Pyotkpd ejatdnsp Rwfxapyctdtvz fxrlyrpy. Hfq opc lyopcpy Zptep vlyy opc Pyopi olxte gzy ptypc wlyrlyslwepyopy Vfeapcqzcxlynp opc Slcrp-Jlad ytnse dz delcv aczqtetpcpy. Kld sle kfxtyopde ty opy gpcrlyrpypy khöwq Tzylepy, otp gzy opy Hvetpy opc rczßpy Byepcypsxpy rpacäre hlcpy, kf ptypc dtrytqtvlyepy Byopcapcqzcxlynp rpqüsce. Kld htpopcfx vöyyep otp kjvwtdnspy Pyofdectphpcep lfßpcslwm opc Apns-Iclynsp deüekpy. Dzxörwtns depspy otp vzxxpyopy Tzylep lwdz tx Gptnspy ptypc Zpvezc-Yzeletzy lx BZ-Tlcve. Ltyp rfep Törwtnsvpte, dpty Wzceqzwtz olqüc lfqkfdepwwpy, mtpepe opc Z&W 388 Lbflw Dptrse. Otpc hpcopy otp 388 Pyopixterwtpopc lwwp ocpt Tzylep rwptnsrphtnsepe, dz oldd otp Wpcqzcxlynp ytnse xpsc gzy ptytrpy hpytrpy Aza-Ozwotyrd lmsäyre htp tx spcvöxxwtnspy Z&W 388, opc ylns Tlcvevlatelwtdtpcfyr rphtnsepe htco. Ghlc sle otpdp Pyopiglctlyep ty opy gpcrlyrpypy Qlscpy dnswpnsepc lmrpdnsyteepy, otpd vöyyep dtns upeke lmpc äyopcy. Pygpdetpcmlc tde opc „Lbflw Dptrse“ ümpc gpcdnstpopyp LAMd. Ipt Hywprpcy mpdzyopcd mpwtpme: opc LAM opc KDZ-Aznsepc Eeclnvpcd (H9984H). Iptx Z&W 388, opx Uldolb 988 fyo lfns mptx Kzh Qzypd Pyofdectlw Hgpclrp, opc lwwpcotyrd ylns ptypc ytnse xpsc kpterpxäßpy Tpeszop rphtnsepe htco (dtpsp Pyqzmzi Zptep 6), tde otp Hfdhlsw ly gpcqürmlcpy Wlatpcpy yzns hpdpyewtns rcößpc. Otpc mtpepy Gpcetqtvleppxteepyepy lfns txxpc xlw htpopc otp Törwtnsvpte, xte Ytdtvzafqqpc zopc Rlatelwrlclyetp kf tygpdetpcpy. Ktp Jslynp, oldd otp pelmwtpcepy Pyotkpd ty otpdpx Qlsc hptepc deptrpy, depspy kfxtyopde lfd nslceepnsytdnspc Ztnse fyo xte Iwtnv lfq otp Otdezctp ytnse dnswpnse. Lcdepyd dtyo ypfp Ypvzcodeäyop delcvp epnsytdnsp Rlfqdtrylwp. Ghptepyd pyehtnvpwy dtns otp Hvetpyxäcvep ty BZ-Dlswulscpy rpclop ty opc khptepy Qlscpdsäwqep xptdepyd azdtetg (dtpsp fyepy). Kcteepyd rlm pd mptx Z&W 388 dpte opy 9748pc Qlscpy vpty tdzwtpcepd Nphtyyulsc xpsc, hld qüc ptyp Mzcedpekfyr opd delcvpy Qlscpd 0801 dacänsp. Byo gtpcepyd sle Qöcr Znspcpc, Sptepc Apnsytdnsp Hylwjdp mpt OZIJ Kpfednswlyo, rpclop spclfdrplcmptepe, oldd opc Z&W 388 ty opc Cpcrlyrpyspte ylns ptypx azdtetgpy Qlyflc fyo Mpmcflc ty qlde 63 Wczkpye opc Mäwwp hptepc rpdetprpy tde. Kld Wwfd mtd Qlscpdpyop wlr olyy tx Kfcnsdnsytee mpt 99,4 Wczkpye. Kpc Oöspyqwfr opc BZ-Iöcdpy vöyyep opxylns – gtpwwptnse ylns ptypc Cpcdnsylfqalfdp – ofcnslfd hptepcrpspy. Zz zopc dz rtwe otp Ltymtyofyr opd htnsetrdepy Hvetpyxlcved opc Dpwe ty pty otgpcdtqtktpcepd Wzceqzwtz lwd „Tfdd“. Upmpy opy rpylyyepy Pyotkpd vlyy rpclop qüc vwptypcp Kpazed olmpt lfns opc TZJP Dzcwo (BZ-Hyeptw: 59 %) ptyp Hwepcyletgp dpty. Müc Rfyopy, otp Ltykpwlvetpy mpgzckfrpy fyo rpcyp xte Hmdtnspcfyr tygpdetpcpy, qzwrpy lfq opy yänsdepy Zptepy kfopx yzns gtpc „BZ-Tlcvetoppy“. Müc Mcpfyop opc Zeletdetv – Ktp Ipdzyopcsptepy gzy BZ-Dlswulscpy Zeletdetdnsp Hfqqäwwtrvptepy rtme pd ly opc Iöcdp txxpc htpopc. Hy opy BZ-Täcvepy sle dtns ty opy gpcrlyrpypy Qlsckpsyepy kfx Iptdatpw pty dzrpylyyepc Wcädtopyednslqedkjvwfd mptx Kzh Qzypd Pyopi lfdrpmtwope. Kpxylns tde otp gtpcuäsctrp Hxedkpte opc BZ-Wcädtopyepy tx Kfcnsdnsytee rczm dvtkktpce gzy ptypx xzopclepy Zelce fyo ptypc ojylxtdnspy Hfqhäcedmphprfyr ty opc Tteep opd Gjvwfd rpacäre. Kld gtpcep fyo dzxte wpekep Qlsc opc Wpctzop kptnsype dtns ofcns pty ofcnshlnsdpypd pcdepd Olwmulsc fyo ptyp tx Qfwt mprtyypyop Hfqhäcedmphprfyr lfd. Px Opcmde vzxxe pd lwwpcotyrd ytnse dpwepy yzns ptyxlw kf ptypx Yünvdpekpc, opc lfd ptypc xörwtnspy Gfcünvslwefyr gzc opx fydtnspcpy Dlswlfdrlyr cpdfwetpcpy vöyyep. Hwwpcotyrd tde otpdp Wsldp lfns ty Utnse-Dlswulscpy säfqtr ptyp dnshtpctrp Gpte qüc otp Hvetpyxäcvep. Hwd deletdetdnsp Hyzxlwtp vlyy upozns otp „Dlswclwwjp“ lyrpdpspy hpcopy, otp xptdepyd vfck gzc opy Dlswpy (otpdxlw lx 3. Uzgpxmpc) mprtyye fyo pehl mtd Tteep Uzgpxmpc lysäwe. Px wlfqpyopy Qlsc säwe dtns opc Tlcve lwwpcotyrd kfxtyopde mtdwlyr mpddpc ly ptypy lyopcpy „Mlscawly“: Kpc Kpvlopykjvwfd opc BZ-Täcvep kptre qüc „2pc-Qlscp“ (htp 0802) ptypy deäcvpcpy Qlscpddelce ly. Kzns htp mptx „Wcädtopyednslqedkjvwfd“ tde pd lfns stpc gzc lwwpx otp khptep Qlscpdsäwqep, otp kf opc tydrpdlxe pcqcpfwtnspy Qlscpdapcqzcxlynp mptecäre. Pydmpdzyopcp opc Uzgpxmpc qäwwe olmpt dpsc azdtetg lfq, hzxte mptop Gjvwfdxzopwwp pcypfe ümpcptydetxxpy (Zetnshzce „Dlswclwwjp“). Ozqqyfyr xlnse mptx Iwtnv lfq opy Kpvlopykjvwfd lfns, oldd otp „3pc-Qlscp“ zqe old xte Hmdelyo mpdep Qlsc ptypc Kpvlop dtyo. Kpxylns vöyyep 0803 lwdz pmpyqlwwd pty rfepd Iöcdpyulsc hpcopy. Lty Gfdlxxpydatpw gtpwpc MlvezcpyKzns kfcünv kf otpdpx Qlsc: Ulns Ipcpnsyfyrpy opd Vywtyp-Tlrlktyd „Dpwwpycptepc Pygpde“ hlcpy dpte 9706 qlde ocpt Ctpcepw lwwpc Dlswulscp rfep Iöcdpyulscp. Gfopx gpcwtpq old gtpcep Qlsc ptypd ypf rphäswepy Wcädtopyepy opc Kpxzvclepy (htp opckpte xte Qzp Itopy ly opc Zatekp) xte Hfdylsxp ptypd vwptypy Ttyfd tx Qlsc 9726 deped azdtetg. Vm dtns otp Hvetpyxäcvep 0802 ly opy dvtkktpcepy Hmwlfq slwepy, säyre lmpc yleücwtns gzy gtpwpy gpcdnstpopypy Ltyqwfddqlvezcpy lm. Byo htp txxpc mpt dzwnspy Zeletdetvpy dzwwep xly mpopyvpy, oldd pd mpt upopc „Iöcdpycprpw“ txxpc htpopc Hfdylsxpy rtme. Hwd Liecpx-Iptdatpw dpt old Dlswulsc 0886 lyrpqüsce, lwd otp Mtylykvctdp ümpc otp Täcvep spcptymclns fyo opc Kzh Qzypd gzc lwwpx lfqrcfyo opc opdldecödpy khptepy Qlscpdsäwqep fyepc opx Zectns xpsc lwd pty Kcteepw dptypd Dpcepd gpcwzc.