中信证券-晨会-11.06.17

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џ乍˖���� ᑈ � ᳜ �� ᮹ˈ݀ৌ݀ਞᢳফ䅽䲚ಶঞܼ݊䌘ᄤ݀ৌᣕ᳝ⱘ䴦ቯ⍋ᇨ῵ ݋᳝䰤݀ৌǃ䴦ቯ⍋ᇨ⡍⾡䩶ᵓⷨࠊᓔথ᳝䰤݀ৌㄝ �� ᆊ݀ৌ㙵ᴗ˗ѸᯧᇍӋЎҎ ⇥Ꮥ ���� ғܗˈѸᯧᮍᓣЎ⦄䞥ᬊ䌁˗݀ৌৠᯊ݀ਞᇚ೼ �� Ͼ᳜ݙᢽᴎ๲ᣕᑊ䭓 ᳳᣕ᳝೼佭␃ϞᏖⱘ᥻㙵ᄤ݀ৌ⍋ᇨ⬉఼ⱘ㙵ᴗDŽ� � ফ䅽ᷛⱘЏ㽕Ў䲚ಶ῵݋ǃ⡍⾡䩶ᵓㄝ䌘ѻDŽᴀ⃵䴦ቯ⍋ᇨফ䅽ⱘᷛⱘ䌘ѻࣙ৿ �� Ͼ݀ৌˈফ䅽ড়䅵 ���� ᑈ᳿ޔ䌘ѻ㑺 ��� ғܗ �ˈ��� ᑈᬊܹ �� ғܗˈޔ߽⍺ ���� ғܗDŽ݊ЁЏ㽕Ў῵݋ǃ⡍⾡䩶ᵓㄝᆊ⬉Ϟ␌Ⳍ݇䌘ѻˈᭈԧⲜ߽㛑࡯Ϣ䴦ቯ⍋ᇨ ෎ᴀᣕᑇDŽ� � ফ䅽ӋḐড়⧚ ߽ˈ⍺㸹ٓᴵℒᕄᰒ䲚ಶᬃᣕᗕᑺDŽ݀ ৌᢳᅮⱘѸᯧᇍӋЎ ���� ғܗˈ ᇍᑨѢ ���� ᑈ 3( Ў �� סˈ�3% Ў ��� סˈϡҙ໻ᐙԢѢৠ㸠ϮӕϮ೼Ѡ㑻Ꮦഎⱘ ԄؐˈгԢѢ䴦ቯ⍋ᇨ㞾䑿ⱘԄؐ∈ᑇ˄���� ᑈ �� ס 3(ˈ��� ס 3%˅ˈ ফ䅽ӋḐড় ⧚DŽ݀ৌ乘䅵䆹䚼ߚ䌘ѻ ����� ᑈޔ߽⍺๲䭓⥛㑺 ���ˈᑊ䆒ᅮ߽⍺㸹ٓᴵℒˈ㢹 ߽⍺ϡ䖒乘ᳳ߭䲚ಶᇚᇍ䴦ቯ⍋ᇨ㸹߽ٓ⍺Ꮒ乱ˈᕄᰒ䲚ಶᇍ݀ৌⱘᬃᣕᗕᑺDŽ� � 䲚ಶᬃᣕᡓ䇎ݡ㦋ܥ⦄ˈമᅮᬍ୘⊏⧚DŽ݀ৌ᳒Ѣ � ᳜݀ਞ䲚ಶᇚ䖯ϔℹᬃᣕ䴦ቯ ⍋ᇨথሩǃ㾷އৠϮゲѝǃޣᇥ݇㘨ѸᯧDŽ㞾 � ᳜䰡Ԣ݇㘨䞛䌁䌍⥛ৢˈݡ⃵ܥ⦄ 䲚ಶ䌘ѻ⊼ܹⱘᡓ䇎ˈമᅮњᡩ䌘㗙ᇍѢ䴦ቯ⍋ᇨ㒣㧹ᣕ㓁ᬍ୘ⱘ乘ᳳDŽᴀ⃵ᬊ䌁 ৢ䴦ቯ⍋ᇨ԰Ў䲚ಶⱘ⫳ѻࠊ䗴ᑇৄ৥Ϟ␌ᆊ⬉ѻϮ䫒䖯㸠њᓊԌˈᑊ䗮䖛 � 2011ᑈ 6᳜ 17᮹ ᯳ᳳѨ Џ㽕Ꮦഎᣛ᭄ ⍼䎠% ᣛ᭄ ᬊⲬ⚍ԡ 1᮹ 5᮹ ᴀᑈ ≾⏅ 300 2917.58 -1.54 -1.2 -7 Ёᷛ 300 2451.58 -1.55 -1.2 -8 Ёᷛ 50 1995.77 -1.35 -1.0 -3 Ϟ䆕ᣛ᭄ 2664.28 -1.52 -1.4 -5 佭␃ᘦ⫳ 21953.11 -1.75 -2.9 -5 H㙵ᣛ᭄ 12161.42 -1.91 -2.5 -4 㑶ㅍ㙵 4014.23 -2.23 -2.6 -4 ᮹㒣 225 9411.28 -1.70 -0.6 -8 䘧⨐ᮃ 11961.52 0.54 -1.3 3 ᷛ᱂ 500 1267.64 0.18 -1.7 1 㒇ᮃ䖒ܟ 2623.70 -0.29 -2.3 -1 ᖋ೑ DAX 7110.20 -0.07 -0.7 3 ⊩೑ CAC 3792.31 -0.38 -2.2 0 ᆠᯊ 100 5698.81 -0.76 -2.7 -3 ⊶㔫ⱘ⍋ 1424.00 1.35 -0.3 -20 Џ㽕ଚકᳳ䋻 ⍼䎠% ᳳ䋻 ᬊⲬӋUSD 1᮹ 5᮹ ᴀᑈ 㒑㑺ᳳ⊍ 94.95 0.15 -6.9 4 㒑㑺ᳳ䞥 1529.90 0.24 -0.8 8 Ӻᬺᳳ䪰 9064.25 -0.96 0.3 -6 Ӻᬺᳳ䪱 2540.25 -1.33 -3.6 3 Ӻᬺᳳ䫠 2205.50 -1.80 -3.5 -10 ⱑ䫊⦄䋻 35.56 -0.69 -5.3 15 ⥝㉇ᳳ䋻 653.00 -1.95 -8.5 4 ໻䈚ᳳ䋻 1350.25 -1.21 -2.6 -4 ᇣ呺ᳳ䋻 708.25 -4.19 -4.9 -11 ẝ㢅ᳳ䋻 120.18 -4.47 -9.6 -17 ㊭㉇ᳳ䋻 14.01 -1.41 -6.3 -2 ⱑ㊪ᳳ䋻 24.93 3.23 3.9 -22 Џ㽕໪∛ଚક ⍼䎠% ໪∛ ᬊⲬӋ 1᮹ 5᮹ ᴀᑈ 㕢ܗᣛ᭄ 75.44 -0.21 1.7 -5 㕢ܗ-Ҏ⇥Ꮥ 6.47 -0.12 0.0 -2 㕢ܗ-᮹೚ 80.72 -0.09 0.8 -1 ⃻ܗ-㕢ܗ 1.42 -0.30 -2.5 6 㣅䬥-㕢ܗ 1.61 -0.40 -1.5 3 ೑ݙ㙵ᣛᳳ䋻 ᳳ䋻 ⍼ᐙ% ෎Ꮒ ᣕҧ ҧᏂ IF1106 -1.58 3.42 10634 -6366 IF1107 -1.59 10.42 24435 7365 IF1109 -1.61 34.42 4898 336 IF1112 -1.43 81.22 643 41 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 6᳜ 17᮹ 2 ᰼Ӯ� ⧚乎㙵ᴗ݇㋏ǃ䰡Ԣ݇㘨Ѹᯧⱘᮍᓣᦤछ㒣㧹ᬜ⥛DŽᴀ⃵ᬊ䌁ⳌᔧѢⳈ᥹䰡Ԣњ䴦ቯ⍋ᇨ㑺 ���ⱘ݇㘨䞛䌁DŽ� � ๲८Ⲝ߽∈ᑇ⬹䍙乘ᳳDŽᬊ䌁ᷛⱘᬊܹЏ㽕ᴹ⑤Ў䴦ቯ⍋ᇨ ಴ˈℸᇍ䴦ቯ⍋ᇨᬊܹ๲८ᑊϡᰒ㨫 乘˗䅵ᇚ๲८݀ৌ �������� ᑈⱘ (36�������������� ܗˈⳌᔧѢ๲८݀ৌޔ߽⍺ ��ˈᦤछޔ߽⥛ ����DŽ⬅Ѣ݀ਞ೼ܜˈᏖഎᇍℸ⃵ᬊ䌁Ꮖ᳝᠔乘ᳳˈ Ԛᴀ⃵๲८߽⍺ᐙᑺ⬹䍙乘ᳳDŽ� � 亢䰽಴㋴DŽބ⋫㸠Ϯ๲䗳ಲ㨑˗ॳᴤ᭭ӋḐϞ⍼˗ぎ䇗㡖㛑ᚴ⇥ᬓㄪ䗔ߎDŽ� � ᡩ䌘ᓎ䆂˖乘䅵䴦ቯ⍋ᇨⱘ⊏⧚ᬍ୘᥾ᮑᣕ㓁䖯㸠ˈЎ㒣㧹෎ᴀ䴶৥དᦤկ᳝࡯ᬃᩥDŽ⍋ᇨ⬉఼᮫ϟ᮹᮹乎Ϯࡵⱘথሩᇍ ⍋ᇨѻકⱘᏖഎゲѝ࡯ǃ⏴䘧ᬜ⥛੠㒣㧹ᬜ⥛ഛ᳝ᦤछ԰⫼DŽ���� ᑈ㱑ބ⋫㸠Ϯ䴶Ј๲䗳ಲ㨑ǃॳᴤ᭭ӋḐϞ⍼ㄝϡ߽಴ ㋴ Ԛˈ䴦ቯ⍋ᇨ㞾䑿ᬍ୘ҡ㛑ᬃᣕ݀ৌⲜ߽ᖿ䗳๲䭓DŽ៥Ӏ⬹ᖂϞ䇗݀ৌ ����� ᑈⱘ (36 乘⌟㟇 ��������� ˄ܗ ᇍᑨ 3(����� ס˅˄ ݀ৌ ���� ᑈ (36 Ў ���� ܗ˅ˈ Ԅؐ∈ᑇᏆ᥹䖥ग़৆ᑩ䚼ˈ㓈ᣕĀфܹāⱘᡩ䌘䆘㑻੠ ����� ܗⱘⳂᷛӋDŽ� 㢣ᅕ⬉఼˄������˅䞡໻џ乍⚍䆘˖ᅮ๲ᕄᰒֵᖗˈࡽ᥼䭓ᳳ៤䭓üüфܹ˄㓈ᣕ˅� üü䍉䲾㢍� � џ乍˖݀ ৌҞ᮹݀ਞ䴲݀ᓔথ㸠䆂Ḝ ᢳˈҹ ����� ܗӋḐ ৥ˈफҀ⍺ϰᡩ䌘᳝䰤݀ৌǃ࣫Ҁᓬ↙䌄䳊ໍ䳊㙵ᴗᡩ䌘Ёᖗ˄ ᳝ 䰤ড়ӭ˅ঞᮄढҎᇓֱ䰽㙵ӑ᳝䰤݀ৌথ㸠 ���� ғ㙵ˈࢳ䲚䌘䞥㑺 �� ғܗˈ䫕ᅮᳳ � ᑈDŽ䌘䞥⫼䗨˖����� ғܗ⫼Ѣ䖲 䫕ᑫথሩ乍Ⳃǃ����� ғܗ⫼Ѣ⠽⌕ᑇৄᓎ䆒ǃ���� ғܗ⫼Ѣֵᙃᑇৄछ㑻ˈ݊ԭ⫼Ѣ㸹ܙ⌕ࡼ䌘䞥ㄝDŽℸ⃵ᅮ๲ᮍḜᇮ 䳔㙵ϰ໻ӮϢ䆕ⲥӮᡍޚDŽ� � 䴲݀ᓔথ㸠乘Ḝ෎ᴀݙᆍDŽ� � ࢳ䲚䌘䞥乍ⳂㅔҟDŽ� � ໻㙵ϰ⑶Ӌ๲ᣕˈᕄᰒᇍ݀ৌ᳾ᴹֵᖗDŽ� � ᅮ๲ࡽ᥼ᅲԧ㔥㒰ᠽᓴϢ⏴䘧ϟ≝DŽ� � ⠽⌕ԧ㋏ᅠ୘ˈ༴෎Ā㒓ϞāĀ㒓ϟā㔥㒰ᢧሩDŽ� � 亢䰽ᦤ⼎˖ᅣ㾖㒣⌢ԢѢ乘ᳳǃ䗮㚔ᦤ催㸠Ϯᳳ䯈䌍⫼⥛ǃᠽᓴЁҎᠡϡ䎇ǃᏖഎ᮴ᑣゲѝᕅડ݀ৌᅜ⊩㒣㧹Ⲝ߽亢䰽DŽ� � Ⲝ߽乘⌟ǃԄؐঞᡩ䌘䆘㑻 ៥˖Ӏ乘䅵๲থৢˈ݀ ৌ ��������� ᑈ᨞㭘ৢ (36 ߚ߿Ў ����ǃ����ǃ���� ˄ܗ ॳ乘⌟Ў ����ǃ ����ǃ���� ܗ˅˄ ݀ৌ ���� ᑈ (36 Ў ���� ܗ˅ˈ ҹ ���� ᑈЎ෎ᳳ᳾ᴹϝᑈ &$*5 Ў ���DŽ೼໻㙵ϰ䖯ϔℹ๲ᣕˈ㸼ᯢᇍ݀ ৌ᳾ᴹথሩᔎ⚜ֵᖗⱘ㚠᱃ϟ �ˈ៥Ӏ㒻㓁ⳟད݀ৌ㞾䑿Ӭ䋼ⱘݙ䚼ㅵ⧚Ϣ᳾ᴹ៤䭓ⱘ〇عᗻˈⳟད݀ৌ⬉ᄤଚࡵⱘᑓ䯨៤ 䭓ぎ䯈DŽ㒧ড় 3( Ԅؐˈ៥Ӏ㒭ќ݀ৌⳂᷛӋ ����� ܗˈᇍᑨ ���� ᑈ 3( Ў 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17 2.5 Ёᷛ 300 179326 129622 14 2.2 Ёᷛ 50 116351 82967 12 2.0 Ёֵ㸠Ϯᣛ᭄ὖ㾜 ⷇⊍⷇࣪ 29753 24789 13 2.1 ✸⚁ 14824 10603 18 3.3 ᳝㡆䞥ሲ 12218 9509 55 5.0 ⬉࡯݅⫼ 8564 5650 32 2.4 䩶䪕 6929 4930 23 1.5 ෎⸔࣪Ꮉ 8663 6436 53 4.0 ᓎㄥ 6329 3993 17 1.9 ᓎᴤ 4633 3315 27 3.7 䕏Ꮉࠊ䗴 1882 1335 34 2.6 ᴎẄ 12803 8014 29 3.7 ⬉࡯䆒໛ 6231 4458 36 3.8 ೑䰆ݯᎹ 1679 1344 59 4.4 ≑䔺 7579 5746 17 3.1 ଚ䌌䳊ଂ 6535 5212 30 3.7 令佂ᮙ␌ 1156 787 49 3.8 ᆊ⬉ 3443 2803 22 3.5 㒎㒛᳡㺙 3055 2157 31 3.3 ए㥃 10663 8228 37 4.9 亳ક佂᭭ 9237 7303 38 7.8 ݰᵫ⠻⏨ 3690 3019 50 4.3 䫊㸠 59490 29538 9 1.6 䴲䫊䞥㵡 16293 11230 18 2.4 ᠓ഄѻ 10504 8217 19 2.5 Ѹ䗮䖤䕧 11173 8061 14 2.0 ⬉ᄤ 5574 4044 62 3.8 䗮ֵ 4051 3408 44 2.8 䅵ㅫᴎ 3164 2424 44 4.2 Ӵၦ 1691 1184 37 3.3 㓐ড় 1665 1291 43 3.5 ⊼˖PEǃPB ⱘ䅵ㅫ䞛⫼ 10 ᑈ᡹᭄᥂DŽᏖؐ Ў᳔䖥ϔϾѸᯧ᮹ⱘ᭄᥂DŽ 䌘᭭ᴹ⑤˖Ё᭄ֵ䞣࣪ᡩ䌘ߚᵤ㋏㒳 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 6᳜ 17᮹ 4 ᰼Ӯ� ϞᏖ݀ৌֵᙃᖿ᡹: 㵡䌘ࡼᗕ� � �������Ѽ䗮ܝ⬉� ∳㢣Ѽ䗮ܝ⬉㙵ӑ᳝䰤݀ৌ ���� ᑈᑺ߽⍺ߚ䜡ᮍḜᅲᮑৢˈᴀ⃵䴲݀ᓔথ㸠㙵⼼ থ㸠ᑩӋ䇗ᭈЎ ����� ܗ�㙵DŽ� � �������䞥㶇㵖� �� ᮹݀ਞ ᢳˈᇍ݀ৌ䴲݀ᓔথ㸠 $㙵㙵⼼ᮍḜ䖯㸠䇗ᭈ 䴲ˈ݀ᓔথ㸠㙵ӑ᭄䞣੠ࢳ 䲚䌘䞥ᘏ乱ഛ᳝᠔ϟ䇗ˈࢳ䲚䌘䞥ᘏ乱⬅ϡ䍙䖛 ����� ғܗ䇗ᭈЎϡ䍙䖛 ����� ғܗDŽ� � �������㢣ᅕ⬉఼� � ᳜ �� ᮹ᰮ䯈݀Ꮧ ���� ᑈ䴲݀ᓔথ㸠㙵⼼乘ḜDŽ݀ৌᴀ⃵䴲݀ᓔথ㸠㙵⼼᭄䞣Ў ���� ғ㙵ˈথ㸠ӋḐЎ ����� ܗ�㙵ˈࢳ䲚䌘䞥ᘏ乱Ў �� ғܗˈᇚ⫼Ѣ݀ৌ䖲䫕ᑫথሩ 乍Ⳃǃ⠽⌕ᑇৄᓎ䆒乍Ⳃǃֵᙃᑇৄछ㑻乍Ⳃঞ㸹ܙ⌕ࡼ䌘䞥DŽ�� 䞡㽕џ乍� � �������䴦ቯ⍋ᇨ� �� ᮹ীᓔ㨷џӮᅵ䆂䗮䖛 ফˈ䅽⍋ᇨ䲚ಶঞ݊ᄤ݀ৌᣕ᳝ⱘ䴦ቯ⍋ᇨ῵݋᳝䰤݀ৌ ㄝ �� ᆊ݀ৌ㙵ᴗˈ䆹ㄝ㙵ᴗ᳔㒜䆘ԄؐЎ ����� ғܗˈ⹂ᅮⱘᬊ䌁ӋḐЎ ���� ғܗDŽ� � �������Ϟ⍋ᓎᎹ� �� ᮹݀ਞˈ䖥᮹ˈ݀ৌЁᷛϞ⍋㱍ḹଚࡵऎḌᖗऎ˄ϔᳳ˅�� ഄഫ '�� 㸫ഞජᏖ 㓐ড়ԧഄϟ䚼ߚᎹ⿟ˈЁᷛӋЎҎ⇥Ꮥ ��� ғܗDŽ� � �������म∛㒌Ϯ� Ⳃࠡˈቅϰम∛㒌Ϯ㙵ӑ᳝䰤݀ৌܼ䌘ᄤ݀ৌ∳㢣म∛㒌Ϯ᳝䰤݀ৌᓎ䆒ⱘ �� ϛ ৼ�ᑈ催ḷࣙ㺙㒌ᵓᎹ⿟乍ⳂᏆ㒣পᕫ∳㢣ⳕথሩ੠ᬍ䴽ྨਬӮlj݇Ѣ∳㢣म∛㒌Ϯ᳝ 䰤݀ৌ催ḷࣙ㺙㒌ᵓ乍Ⳃ໛Ḝⱘ䗮ⶹNJⱘᡍ໡DŽ� � �������ቅϰ咘䞥� ቅϰ咘䞥䲚ಶᑊ䌁䴦⍋㽓䚼ⷓϮ䲚ಶ᠔ሲ⬆㑻䌘䋼ഄࢬ݀ৌৢ㒘ᓎⱘ䴦⍋ቅ䞥㽓 䚼ഄ䋼ⷓѻࢬᶹ᳝䰤݀ৌ �� ᮹ᣖ⠠DŽ䗮䖛ℸ⃵ᑊ䌁ˈቅϰ咘䞥䲚ಶ䖬পᕫњॳ㽓䚼ⷓ Ϯഄ䋼ࢬᶹ݀ৌᢹ᳝ⱘ˕ᅫ᥶ⷓᴗDŽℸВᛣੇⴔ݊㽓䚼䌘⑤ᠽᓴℹӤࡴᖿˈг䖯ϔℹ⹂ ゟњ䴦⍋ⳕЎ݊㽓䚼䌘⑤ᠽᓴᓔথ៬⬹෎ഄⱘഄԡDŽ� � �������ᅛ䗮ᅶ䔺� 䚥Ꮂᅛ䗮ᅶ䔺㙵ӑ᳝䰤݀ৌᢳᇚ᠔ᣕ᳝ⱘ݄Ꮂᅛ䗮ᅶ䔺᳝䰤݀ৌ ��ˁ㙵ᴗ䕀䅽㒭 䚥Ꮂᅛ䗮䲚ಶ᳝䰤݀ৌDŽ݀ ৌϢᅛ䗮䲚ಶ䗮䖛णଚㅒ㕆lj㙵ᴗ䕀䅽ण䆂NJ˄ ঞ㸹ܙण䆂˅ˈ ড়ৠㅒ㕆᮹ᳳ˖���� ᑈ � ᳜ �� ᮹˄㸹ܙण䆂ㅒ㕆᮹Ў �᳜ �� ᮹ DŽ˅� � �������݈㪝ᡩ䌘� ݈㪝ᡩ䌘ܼ䌘ᄤ݀ৌ៤䛑Ꮦᥦ∈᳝䰤䋷ӏ݀ৌѢ����ᑈ �᳜ ��᮹ᬊࠄ䫊ᎱᏖҎ⇥ ᬓᑰϟথⱘljЁᷛ䗮ⶹкNJˈ ḍ᥂ljЁᷛ䗮ⶹкNJˈ ᥦ∈݀ৌЎ䫊ᎱᏖ㄀݁∵∈໘⧚ॖ %27 乍ⳂЁᷛҎDŽᥦ∈݀ৌ᥂ℸϢ䫊ᎱᏖᓎ䆒ሔ㤝ㅒњlj䫊ᎱᏖ㄀݁∵∈໘⧚ॖ %27 乍Ⳃ⡍ 䆌㒣㧹ण䆂NJDŽ� � 㙵ᬍঞ䰤ଂ⌕䗮� � �������⌭∳ए㥃� ⌭∳ए㥃㙵ӑ᳝䰤݀ৌᴀ⃵ᅝᥦⱘ䰤ଂ⌕䗮㙵 ������ 㙵ᇚѢ ���� ᑈ � ᳜ �� ᮹䍋 ϞᏖ⌕䗮DŽ� � �������࣫Ҁᮙ␌� �ǃᴀ⃵䰤ଂ㙵ӑᅲ䰙ৃϞᏖ⌕䗮᭄䞣 ���������� 㙵ˈऴᘏ㙵ᴀ↨՟ ������˗��ǃ ᴀ⃵䰤ଂ㙵ӑৃϞᏖ⌕䗮᮹ᳳЎ ���� ᑈ � ᳜ �� ᮹DŽ� � �������Շ຿⾥ᡔ� �ǃᴀ⃵㔥ϟ䜡ଂ㙵ӑৃϞᏖ⌕䗮᭄䞣Ў ����� ϛ㙵˗��ǃᴀ⃵䰤ଂ㙵ӑৃϞᏖ⌕ 䗮᮹Ў ���� ᑈ � ᳜ �� ᮹DŽ�� � Ёֵ㽚Ⲫ݀ৌⲜ߽乘⌟ὖ㾜 㸠Ϯ 10PE 11ᑈ PE 12ᑈ PE 䩶䪕 21.8 14.6 11.0 ᴎẄ 26.8 15.8 11.9 ᆊ⬉ 20.2 16.3 13.2 䴲䫊䞥㵡 18.8 14.3 12.8 ≑䔺Ϯ 14.0 11.5 9.4 㒎㒛Ϯ 24.1 20.2 15.2 ᳝㡆䞥ሲ 46.8 23.8 19.1 ⬉࡯䆒໛ 28.3 19.2 15.2 ෎⸔࣪Ꮉ 41.7 16.7 11.6 ݰᵫ⠻⏨ 44.7 25.0 19.8 䴲䞥ᓎᴤ 20.4 10.7 7.8 ᓎㄥϮ 17.2 11.1 8.4 Ӵ᪁᭛࣪ 36.8 27.2 22.7 ⬉ᄤ 43.1 22.1 14.0 ᠓ഄѻ 13.9 9.6 7.1 ✸⚁ 17.6 14.3 11.4 亳ક佂᭭ 34.1 24.1 18.8 䗴㒌ॄࠋ 25.6 28.7 12.1 䫊㸠 9.0 7.6 6.5 ⬉࡯݀⫼ 22.0 18.9 15.3 ए㥃ि⫳ 34.3 23.9 19.4 ⷇⊍࣪Ꮉ 13.4 11.4 9.3 Ѹ䗮䖤䕧 13.4 12.6 12.0 䗮ֵ 41.0 27.6 16.6 ⼒Ӯ᳡ࡵ 35.4 28.5 21.7 ᡍথ䳊ଂ 28.9 20.2 15.5 䅵ㅫᴎ 37.4 24.1 18.1 ⊼˖1ˊ10PEⱘ䅵ㅫ䞛⫼ 10ᑈ᡹᭄᥂DŽ 2ˊ11ǃ12ᑈ PEⱘ䅵ㅫ䞛⫼Ёֵ䆕ࠌⷨお䚼 ߚᵤᏜᦤկⱘⲜ߽乘⌟᭄᥂DŽ 3ˊᏖؐЎ᳔䖥ϔϾѸᯧ᮹ⱘ᭄᥂DŽ᳾㗗㰥᳾ ᴹ๲থ䜡㙵ㄝবࡼDŽ 佭␃Ꮦഎὖ㾜 ㉏߿ ᘏᏖؐ ғ␃ܗ ៤Ѹ 䞥乱 ғ␃ܗ ᏖⲜ⥛ PE Ꮦޔ⥛ PB ᘦ⫳ᣛ᭄ 124545 303.7 12 1.7 H㙵ᣛ᭄ 146160 173.5 11 1.9 㸠 Ϯ ⍜䌍ક 10972 21.8 18 2.4 䞥㵡 85058 126.2 13 2.0 㗤⫼કঞ⾥ᡔ 8899 25.3 14 2.1 ⍜䌍᳡ࡵ 3128 7.1 24 3.2 ݀⫼џϮ 4344 7.2 17 2.0 㛑⑤ 50629 49.5 13 1.9 ᡩ䌘ક 13084 23.7 15 1.6 ≑䔺 4005 10.2 16 2.4 ᠓ഄѻ 7331 27.6 7 1.0 ॳᴤ᭭ 15790 35.2 16 1.9 ⬉䆃 21731 25.1 26 1.6 Ѹ䗮ঞ䖤䕧 7973 15.8 11 1.2 ए㥃 1617 5.1 18 2.0 ⊼˖PEǃPBⱘ䅵ㅫ䞛⫼ 10ᑈ᡹᭄᥂DŽ ߚᵤᏜໄᯢ Analyst Certification Џ㽕䋳䋷᪄ݭᴀⷨお᡹ਞܼ䚼៪䚼ߚݙᆍⱘⷨおߚᵤᏜ೼ℸໄᯢ˖˄ i˅ᴀⷨお᡹ਞ᠔㸼䗄ⱘӏԩ㾖⚍ഛ㊒ޚഄড᯴њϞ䗄↣ԡߚᵤ ᏜϾҎᇍᷛⱘ䆕ࠌ੠থ㸠Ҏⱘⳟ⊩˗˄ ii˅䆹ߚᵤᏜ᠔ᕫ᡹䝀ⱘӏԩ㒘៤䚼ߚ᮴䆎ᰃ೼䖛এǃ⦄೼ঞᇚᴹഛϡӮⳈ᥹៪䯈᥹ഄϢⷨお᡹ਞ ᠔㸼䗄ⱘ݋ԧᓎ䆂៪㾖⚍Ⳍ㘨㋏DŽThe analysts primarily responsible for the preparation of all or part of the research report contained herein hereby certify that: (i) the views expressed in this research report accurately reflect the personal views of each such analyst about the subject securities and issuers; and (ii) no part of the analyst’s compensation was, is, or will be directly or indirectly, related to the specific recommendations or views expressed in this research report. ϔ㠀ᗻໄᯢ ℸ᡹ਞᑊ䴲䩜ᇍ៪ᛣ೒䗕থ㒭៪Ўӏԩህ䗕থǃথᏗǃৃ ᕫࠄ៪Փ⫼ℸ᡹ਞ㗠ՓЁֵ䆕ࠌ㙵ӑ᳝䰤݀ৌঞ݊䰘ሲᴎᵘ˄ ҹϟ㒳⿄ĀЁ ֵ䆕ࠌā˅ 䖱ডᔧഄⱘ⊩ᕟ៪⊩㾘៪ৃ㟈ՓЁֵ䆕ࠌফࠊѢⳌ݇⊩ᕟ៪⊩㾘ⱘӏԩഄऎǃ೑ᆊ៪݊ᅗㅵ䕪ऎඳⱘ݀⇥៪ሙ⇥DŽ䰸䴲঺᳝ 㾘ᅮˈᴀ᡹ਞЁⱘ᠔᳝ᴤ᭭⠜ᴗഛሲЁֵ䆕ࠌDŽ᳾㒣Ёֵ䆕ࠌџܜк䴶ᥜᴗˈϡᕫҹӏԩᮍᓣׂᬍǃথ䗕៪㗙໡ࠊᴀ᡹ਞঞ݊᠔ࣙ৿ⱘ ᴤ᭭ǃݙᆍDŽ᠔᳝Ѣℸ᡹ਞЁՓ⫼ⱘଚᷛǃ᳡ࡵᷛ䆚ঞᷛ䆄ഛЎЁֵ䆕ࠌⱘଚᷛǃ᳡ࡵᷛ䆚ঞᷛ䆄DŽ ᴀ᡹ਞᰃᴎᆚⱘˈা᳝ᬊӊҎᠡ㛑Փ⫼DŽᴀ᡹ਞ᠔䕑ⱘֵᙃǃᴤ᭭៪ߚᵤᎹ݋াᦤկ㒭䯕ϟ԰খ㗗П⫼ˈϡᰃ៪ϡᑨ㹿㾚Ўߎଂǃ 䌁ф៪䅸䌁䆕ࠌ៪݊ᅗ䞥㵡Ꮉ݋ⱘ㽕㑺៪㽕㑺䙔䇋DŽЁֵ䆕ࠌгϡ಴ᬊӊҎᬊࠄᴀ᡹ਞ㗠㾚݊ЎЁֵ䆕ࠌⱘᅶ᠋DŽ ᴀ᡹ਞ᠔䕑䌘᭭ⱘᴹ⑤ঞ㾖⚍ⱘߎ໘ⱚ㹿Ёֵ䆕ࠌ䅸Ўৃ䴴ˈԚЁֵ䆕ࠌϡֱ䆕݊ޚ⹂ᗻ៪ᅠᭈᗻDŽ䰸⊩ᕟ៪㾘߭㾘ᅮᖙ乏ᡓᢙⱘ 䋷ӏ໪ˈЁֵ䆕ࠌϡᇍ಴Փ⫼ℸ᡹ਞⱘᴤ᭭㗠ᓩ㟈ⱘᤳ༅䋳ӏԩ䋷ӏDŽᬊӊҎϡᑨऩ㒃ձ䴴ℸ᡹ਞ㗠পҷϾҎⱘ⣀ゟ߸ᮁDŽᴀ᡹ਞ᠔ᣛ ⱘ䆕ࠌ៪䞥㵡Ꮉ݋ⱘӋḐǃӋؐঞᬊܹৃ䎠ৃछDŽҹᕔⱘ㸼⦄ϡᑨ԰Ў᮹ৢ㸼⦄ⱘᰒ⼎ঞᢙֱDŽᴀ᡹ਞ᠔䕑ⱘ䌘᭭ǃᛣ㾕ঞ᥼⌟ড᯴Ё ֵ䆕ࠌѢ᳔߱থᏗℸ᡹ਞ᮹ᳳᔧ᮹ⱘ߸ᮁˈৃ೼ϡথߎ䗮ⶹⱘᚙᔶϟخߎ᳈ᬍˈѺৃ಴Փ⫼ϡৠ؛䆒੠ᷛޚǃ䞛⫼ϡৠ㾖⚍੠ߚᵤᮍ⊩ 㗠ϢЁֵ䆕ࠌ݊ᅗϮࡵ䚼䮼៪ऩԡ᠔㒭ߎⱘᛣ㾕ϡৠ៪㗙ⳌডDŽᴀ᡹ਞϡᵘ៤⾕Ҏ੼䆶ᓎ䆂ˈг≵᳝㗗㰥ࠄϾ߿ᅶ᠋⡍⅞ⱘᡩ䌘Ⳃᷛǃ 䋶ࡵ⢊މ៪䳔㽕DŽᬊӊҎᑨ㗗㰥ᴀ᡹ਞЁⱘӏԩᛣ㾕៪ᓎ䆂ᰃ৺ヺড়݊⡍ᅮ⢊މDŽ Ёֵ䆕ࠌ߽⫼ֵᙃ䱨⾏๭᥻ࠊݙ䚼ϔϾ៪໮Ͼ乚ඳˈҹঞ䚼䮼䯈Пֵᙃ⌕ࡼDŽ᪄ݭᴀ᡹ਞⱘߚᵤᏜⱘ㭾䝀⬅ⷨお䚼䮼ㅵ⧚ሖ੠݀ৌ 催㑻ㅵ⧚ሖܼᴗއᅮDŽߚᵤᏜⱘ㭾䝀ϡᰃ෎ѢЁֵ䆕ࠌᡩ㸠ᬊܹ㗠ᅮˈԚᰃˈߚᵤᏜⱘ㭾䝀ৃ㛑Ϣᡩ㸠ᭈԧᬊܹ᳝݇ˈ݊Ёࣙᣀᡩ㸠ǃ 䫔ଂϢѸᯧϮࡵDŽ ೼⊩ᕟ䆌ৃⱘᚙމϟ Ёˈֵ䆕ࠌⱘϔԡ៪໮ԡ㨷џǃ催㑻㘠ਬ੠/៪ਬᎹ(ࣙᣀখϢޚ໛៪থ㸠ℸ᡹ਞⱘҎ)ৃ㛑(1)Ϣℸ᡹ਞ᠔ᦤࠄⱘ ӏԩ݀ৌᓎゟ៪ֱᣕ乒䯂ǃᡩ䌘䫊㸠៪䆕ࠌ᳡ࡵ݇㋏ (ˈ2)Ꮖ㒣৥ℸ᡹ਞ᠔ᦤࠄⱘ݀ৌᦤկњ໻䞣ⱘᓎ䆂៪ᡩ䌘᳡ࡵDŽ೼⊩ᕟ䆌ৃⱘᚙމ ϟˈЁֵ䆕ࠌⱘϔԡ៪໮ԡ㨷џǃ催㑻㘠ਬ੠/៪ਬᎹৃ㛑ᢙӏℸ᡹ਞ᠔ᦤࠄⱘ݀ৌⱘ㨷џDŽ೼⊩ᕟ䆌ৃⱘᚙމϟˈЁֵ䆕ࠌৃ㛑খϢ ៪ᡩ䌘ℸ᡹ਞ᠔ᦤࠄⱘ݀ৌⱘ䞥㵡Ѹᯧˈ৥᳝݇݀ৌᦤկ៪㦋প᳡ࡵˈঞ/៪ᣕ᳝݊䆕ࠌ៪ᳳᴗ៪䖯㸠䆕ࠌ៪ᳳᴗѸᯧDŽ 㢹Ёֵ䆕ࠌҹ໪ⱘ䞥㵡ᴎᵘথ䗕ᴀ᡹ਞˈ߭⬅䆹䞥㵡ᴎᵘ⣀㞾Ўℸথ䗕㸠Ў䋳䋷DŽ䆹ᴎᵘᅶ᠋ᑨ㘨㋏䆹ᴎᵘҹѸᯧᴀ᡹ਞЁᦤঞⱘ 䆕ࠌ៪㽕∖㦋ᙝ᳈䆺㒚ֵᙃDŽᴀ᡹ਞϡᵘ៤Ёֵ䆕ࠌ৥থ䗕ᴀ᡹ਞ䞥㵡ᴎᵘПᅶ᠋ᦤկⱘᡩ䌘ᓎ䆂ˈЁֵ䆕ࠌⱘ㨷џǃ催㑻㘠ਬ੠ਬᎹ ѺϡЎࠡ䗄䞥㵡ᴎᵘПᅶ᠋಴Փ⫼ᴀ᡹ਞ៪᡹ਞ䕑ᯢⱘݙᆍᓩ䍋ⱘⳈ᥹៪䖲ᏺᤳ༅ᡓᢙӏԩ䋷ӏDŽ Ёֵ䆕ࠌ㙵ӑ᳝䰤݀ৌঞ݊䰘ሲঞ㘨㧹݀ৌ 2011⠜ᴗ᠔᳝DŽֱ⬭ϔߛᴗ߽DŽ ḍ᥂Ё೑䆕ⲥӮḌথⱘ㒣㧹䆕ࠌϮࡵ䆌ৃˈЁֵ䆕ࠌ㙵ӑ᳝䰤݀ৌⱘ㒣㧹㣗ೈࣙᣀ䆕ࠌᡩ䌘੼䆶ϮࡵDŽ 䆘㑻䇈ᯢ 䆘㑻 䇈ᯢ фܹ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙ 20%ҹϞ˗ ๲ᣕ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙҟѢ 5%̚20%П䯈˗ ᣕ᳝ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙҟѢ-10%̚5%П䯈˗ 㙵⼼ᡩ䌘䆘㑻 पߎ ⳌᇍЁᷛ 300ᣛ᭄䎠ᐙ 10%ҹϞ˗ ᔎѢ໻Ꮦ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙ 10%ҹϞ˗ Ёᗻ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙҟѢ-10%̚10%П䯈˗ 1. ᡩ䌘ᓎ䆂ⱘ↨䕗ᷛޚ ᡩ䌘䆘㑻ߚЎ㙵⼼䆘㑻੠㸠Ϯ䆘㑻DŽ ҹ᡹ਞথᏗৢⱘ 6 Ͼ᳜ݙⱘᏖഎ㸼⦄Ў↨䕗ᷛޚˈ᡹ਞথ Ꮧ᮹ৢⱘ 6 Ͼ᳜ݙⱘ݀ৌ㙵Ӌ˄៪㸠Ϯᣛ᭄˅ⱘ⍼䎠ᐙⳌ ᇍৠᳳⱘЁֵᷛ᱂ 300ᣛ᭄ⱘ⍼䎠ᐙЎ෎ޚ˗ 2. ᡩ䌘ᓎ䆂ⱘ䆘㑻ᷛޚ ᡹ਞথᏗ᮹ৢⱘ 6Ͼ᳜ݙⱘ݀ৌ㙵Ӌ˄៪㸠Ϯᣛ᭄˅ⱘ⍼䎠 ᐙⳌᇍৠᳳⱘЁֵᷛ᱂ 300ᣛ᭄ⱘ⍼䎠ᐙ˖ 㸠Ϯᡩ䌘䆘㑻 ᔅѢ໻Ꮦ ⳌᇍЁᷛ 300ᣛ᭄䎠ᐙ 10%ҹϞ � ࣫࣫Ҁ� Ϟ⍋� ⏅ഇ� Ёֵ䆕ࠌ೑䰙᳝䰤݀ৌ� ഄഔ˖ ࣫ҀᏖᳱ䰇ऎ҂偀ḹ䏃 48োЁ ֵ䆕ࠌ໻ॺ˄100125˅ Ϟ⍋⌺ϰᮄऎϪ㑾໻䘧 1568ো Ёᓎ໻ॺ 22ὐ˄200122˅ ⏅ഇᏖ⽣⬄ऎЁᖗϝ䏃8োЁֵ 䆕ࠌ໻ॺ˄518048˅ 佭␃Ё⦃⏏㕢䘧 1োЁֵ໻ ॺ 26ὐ Foreign Broker-Dealer Disclosures for Distributing to the U.S. ህ৥㕢೑ഄऎ䗕থⷨお᡹ਞ㗠خⱘ໪೑㒣㑾ଚ-Ѹᯧଚໄᯢ This report has been produced in its entirety by CITIC Securities Limited Company (“CITIC Securities”, regulated by the China Securities Regulatory Commission. Securities Business License Number: Z20374000). This report is being distributed in the United States by CITIC Securities pursuant to Rule 15a-6(a) (2) under the U.S. Securities Exchange Act of 1934 exclusively to “major U.S. institutional investors” as defined in Rule 15a-6 and the SEC no-action letters thereunder. ᴀ᡹ਞ⬅Ёֵ䆕ࠌ㙵ӑ᳝䰤݀ৌ˄ ㅔ⿄ĀЁֵ䆕ࠌāˈফЁ೑䆕ⲥӮⲥㅵ 㒣ˈ㧹䆕ࠌϮࡵ䆌ৃ䆕㓪ো Z˖20374000˅ ࠊ԰DŽᣝ✻lj1934ᑈ㕢೑䆕ࠌѸᯧ⊩ḜNJϟⱘ 15a-6(a) (2)㾘߭ˈ೼㕢೑ᴀ᡹ਞ⬅Ёֵ䆕ࠌҙ৥ 15a-6 㾘߭ঞ݊ϟlj㕢೑䆕ࠌѸᯧྨਬӮ᮴ᓖ䆂ߑNJ᠔ᅮ НⱘĀЏ㽕㕢೑ᴎᵘᡩ䌘㗙āথ䗕DŽ