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5、lkfik“+M7.5%t8“$Mo$:1-3flokfik“+M3.8%2018161412108642070000060000050000040000030000020000010000002014-012014-072015-012015-072016-012016-072017-012017-072018-01 ; (y)fl(%)16141210864202500002000001500001000005000002014-012014-072015-012015-072016-012016-072017-012017-072018-01fi ; (y)fl(%)8%fiW:wind
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7、012016-072017-012017-072018-01 fi (y) fifl(%)8%fiL:wind.)“ 8%fiL:wind.)“ 8%fiL:wind.)“ 8%fiL:wind.)“ 403020100-10-203000250020001500100050002015-012015-072016-012016-072017-012017-072018-01 fi (y) fifl(%)302520151050500004000030000200001000002014-012014-072015-012015-072016-012016-072017-012017-0720
8、18-01 fi (y) fifl(%)4035302520151050800007000060000500004000030000200001000002014-012014-072015-012015-072016-012016-072017-012017-072018-01(:1-3fl4UC%X“+M13.4% fi (y)fifl(%),Bfl2.1 XfiX:BX+ f+$FflB40353025201510501200010000800060004000200002014-012014-072015-012015-072016-012016-072017-012017-07201
9、8-01(:1-3fl0%X“+M10.1% fi (y)fifl1-3flBXC#)P“+M13.0%,Z1-2fl+$3.1pct,.0%.4UC%1-3flX“z+M+18.9%/-5.1%/+10.1%/+13.4%,+Z1-2fl+z$0.2/8.5/2.8/2.2pct;B+$9fl18#XDI$WePPP$“,XK4fflflDIC-8.5%P,40Z,7!PbGo bfi#B+Rfl12-13%o(:1-3flX“+M18.9%(:1-3flX“+M-5.4%“-”S, U8%fi,2018#3fl,fififi f=I3Xfi139.60K,fl“-”EK$fififi f=
10、IX72.9K,“8+33%,Bfifi fi f=IX46.3%,NX80.8Ko2018#:0,fi“-”EK52K$=#Rfi36.1K,“#M22.4%,B3X14.2%o :fififi f=IXfifi“:fififi fXfi“8%fiF:wind.)“ 8%fiF:wind.)“ 6040200-20-40-603000250020001500100050002014-012014-072015-012015-072016-012016-072017-012017-072018-01 fi : y fifl:%6040200-20-4005001000150020002014-
11、012014-072015-012015-072016-012016-072017-012017-072018-01%fl fi : y%fl fifl:%2.1 RfiR:BR#,=fl f#$AflB :“-”$=IX“48%fiF:wind.)“ 8%fiF:wind.)“ 200%150%100%50%0%-50%-100%3503002502001501005002015-32015-62015-92015-122016-32016-62016-92016-122017-032017-062017-092017-122018-03 :18#3flfl“-”EK$fififi f=IX
12、 ( $ )fl7060504030201002015-42015-72015-102016-12016-42016-72016-102017-012017-042017-072017-102018-01 fl(%)8%fiD:wind.)“ !:1-3flfl:fG“$M1.5%8%fiD:wind.)“ 8%fiD:wind.)“ 6050403020100-10-20-300500001000001500002000002014-012014-072015-012015-072016-012016-072017-012017-072018-01806040200-20-402500002
13、000001500001000005000002014-012014-072015-012015-072016-012016-072017-012017-072018-01 fi (fl )fifl(%)fi (fl )fifl(%)50403020100100000080000060000040000020000002014-012014-072015-012015-072016-012016-072017-012017-072018-01 fi (fl ) fifl(%)403020100-10-201200001000008000060000400002000002014-012014-
14、072015-012015-072016-012016-072017-012017-072018-018%fiD:wind.)“ !:1-3flflHfG“$10.1% fi (y)fifl(%)2.1 RfiR:BR$,9fl f$?flB1-3flfl“fifl“R“$M10.4%,$ S1-2fl0.5pct;G.9flfG.HfG.:fGz“$M+3.6%/+9.7%/-10.1%/+1.5%,$ S1-2fl$ z$M-0.5/+6.8/+2.0/0.0pct;18# yW ,3 fl9flf$17.8%,yaflf8%!,19flf$ $?flBo18#4 flBPMIfi60.6
15、%,S3fl0.1pct,K ,fiSNyaflfBPffiDefi0,B K3,o!:1-3flflG“$M3.6%!:1-3flfl9flfG“$M9.7%8%fi:wind.)“.Kefi:1Pflsy“e,M$nGc,fih5fl8610#Kfi3.69%,115.0Kbp,3fl83.84%K$15Kbp,11#fi3.15%,3 fl83.42%$27Kbp,“K$; fi18# eVfl!Wz#,fiKDg,$fi1ffiho2P?),$C)M1K6z8,rfl6%MLFffi9000K, Lffi4000K,fi$)W$3fl M2L hh;14flyf fi“$,Sfl/i
16、$K,1fl9p1KS/19#6flKMs2020#, ye “U!3eK,_1!4MLMK?oyfiPPP $z.ffiDM,B 84 lfi,)aPPPffiDe $fiKD,17flPPP)oF:fih5fl86,10# Kfi3.69%2.2 e:M fiK D,?)$KD$3fl ;& 1.12K,;- D 12.8%fl2flfi ;8& 1.33K, D K2fl11.2%s8%fi.:wind.)“ 8%fi.:wind.)“ 30252015105060000050000040000030000020000010000002014-012014-072015-012015-0
17、72016-012016-072017-012017-072018-01 :M1K8.5%s7.1%M1 $ :yM1 $fl:%252015105005000001000000150000020000002014-012014-072015-012015-072016-012016-072017-012017-072018-01 :M2K8.8%s8.2%M2 $ :yM2 $fl:%8%fi.:wind.)“ 8%fi.:wind.)“ 05101520350003000025000200001500010000500002014-012014-072015-012015-072016-0
18、12016-072017-012017-072018-01161412108642040000350003000025000200001500010000500002016-012016-042016-072016-102017-012017-042017-072017-102018-0110.5%;M2K8.8%s8.2%,M1K8.5%s7.1%,8%C*:8 !35o :3fl ;& 1.12K,;- D 12.8%fl2flfi :8& 1.33K, DK2fl11.2%s8.2% flfi $f $ (y) flfi fl(%)z fi $ (y)z fi fl fl(%)2.2 0
19、e8:M40E B7fiK , $K 8$2.3 4N:QK+$6,fi IG:$fiN+M:BSz2016#fl2017#K+fi“:BSz2016#fl2017# fi“G+8%fiH:wind.)“ G+fi20.6%,X16#G+fi14.0%,X17#$NS,17#BQK+fi9.9%,X16#“3.9pct,“9.4pcto18Q1QK+14.6%,X17#9.3pct;5.1pct,KOfiX_+ozS,fl/f/ /flB/BK“z+e51.4%/11.4%/10.4%/9.4%/9.1%,z“+e23.8%/17.9%/11.3%/12.0%/26.5%o,fl3K+$,?G
20、+$,SU fi16#G+MK8X_ofleflBG+$6$fi,!KG+$o7.0%34.7%5.7%9.9%7.7%9.4%10.4%51.4%9.1%11.4%-10%0%10%6.0%20%30%40%50%60% %fl$%-0. 3%2016201711.2%0.9%80.0%10.1%3.0%20.6%12.7%12.0% 11.3%26.5%17.9%90%80%70%60%50%40%30%20%10%0% %8%fiH:wind.)“ 23.8%fl$% 201620172.3 4:K*$,fi oNG?$fi*Mfi S,17#BSKYh,fi !/4d*Mo8$Bfi,
21、8$17 #EZfi “*M21.1%,16#EZfi “*M23.2%,17#*d16#*$2.1pct,GK3fidp*o$S,fl8417#fi *d,”fiSflfi K“e5.01;fSfiBe4KY,fi *M,8417#fi *20%;fifi *d, 84fi K“5fi1.36,M4$e Sm$)G?$fifi3*M;BflflB417#fi /4W*M,fi K“fl2.1,fi SoNo:!fi,Bfifi / 4d*M,fi K“dp,$)G?4$fi*Mo$:S&Qn 2017 2018Q1 fi 4 3 (K)2017 3 (K) 3 (K)2018Q1 2017
22、(K)fi 601668.SH$&22249.05383.05383.024.3%10541.12.11601390.SH$15568.63123.43123.421.3%6899.42.26601186.SH$15083.12798.62798.67.0%6809.82.21601800.SH$ 9000.21793.21793.220.5%4828.01.86601618.SH$ 6049.01729.01729.037.0%2440.02.48601669.SH$4067.91509.71509.73.7%2660.91.53601117.SH$ 950.8254.8254.85.3%5
23、85.71.62600068.SHffi2260.5798.5798.515.7%1068.12.12 fi75229.117390.217390.218.6%35833.12.10 #: $K$Dfi1;,CkE:#fiB #2$:B= /$,17#145fi 2 M3S9$:flPPP.! f.fi flfiB3478843.1 flPPP:PPPn%fi3fi,ffiDfi8ffi180016001400120010008006004002000050100150200250fifi 9y3$0/( # fi +fl+ fifi !%fi+fifi)fififi# $ # fi fi f
24、i 7 y fi fi % fi #8%fi_:K.)“%KhyU:17#fiPPP8nYflfi3Mq,flT17#11fl “nKDe w$flCPPPP G?qffiDfi% C2017)92.Pqfl3flC&fiPPPffiDfip%ofih2018 #3fl$, G?qCfi|%fiffiD1160K,fi8w1.2Ko“S,|fiffiD8&u TRb.Gfi.$#,fi|fiffiDF850.0%;|fiffiDw&u TGfi.Rb.$#,fi|fiffiDw37.1%opS,|fiffiD8&u TKf.zx.fl“,fi|fiffiDF851.9%o|fiffiDw&u
25、Tzx.Kf.fl“,fi|fiffiDw67.6%ozxp|fiffiD) !,)K|fiffiD? wy27Ko2: 2017#12fl-2018#3fl$|M%fiffiD8ew“8z$H.fl& ( ).fl 2(y)3.1 flPPP:PPPM%fi3fi,ffiDfi8ffifl,“KflHfiMGMffiD,2018#2flgGMffiD396K,(S7571Ko 3fl “ GMffiD3#ffiD42K.S758Ko3fl$GMffiD(! “83.5%,“110.2K6z8oGM ffiDffie “U,K$fiPPPffiD)GMeflfl)o$:Dfi ffi $( 2
26、018/3/31)$ $ k k ( )( )( )( )(K)( )(K)(%)201427930822714227141002015792206441624861162486110020161174516351311933513119331002018122639603967571230559658.1 fi34711148551093250799272310483.5 : , $K$1200100080060040020002017-122018-018%fi:KX.)“ 2018-022018-03 :ffiGMffiD8)CKPS)CKP ;fi fl 300002500020000
27、1500010000500002017-122018-012018-022018-03 ;fi fl 3.1 flPPP:PPP%fi3fi,ffiDfi8ffi8%fi:8%.)“=8000700060005000400030002000100002016-012016-022016-032016-042016-052016-062016-072016-082016-092016-102016-112016-122017-012017-022017-032017-042017-052017-062017-072017-082017-092017-102017-112017-122018-01
28、2018-022018-032018-04%8%fl8%,18#1-4fl fiPPPffiD12482.5K,“XM23%og17#11flK M“ fi”fi,PPPKfi,fl$M48coDKfiPPP%fie/ZfiK ,$fiPPPffiDbe,PPPffi r“o4fl276K“$ “etKpe&$flCPPPPffiD% C54I YP,fifl173KPPPffiDza,ffi6700K,RSgs.u ffiDKfffiD,flfiPPPffiDet%o#fiPPP&fi3 fi$V,PPP&fi,ffie “&fiofl$,fiS.fi.Gfi$“YfiPPPffiDK%,
29、fl“KfiPPPffi,hWuo#fi1$;PPPffiDe“SKpRKpK),-K92IY,1fi!“PPP ffiDu;1K5q,0fibPPPfiflfi$)ffiDfiS,3flofia$e“,fl#x$,)tPPP”$o8“flPPPM)t,XMR”4,fiSfl.ffifi$oR:16#1flfiPPPflq$fl (y)3.2 !?f:.lffifi3h,Ke6:.lffi$r4S$“6:lffi!?f,:p“;$L “8%fis:wind.)“#8%fis:wind.)“#d!?fq$,Slffi1qffi, fid18#.lffi$cfi ,S:1P8dQ2fi.lo:;
30、2Pdfi“KmO,fi.l fi1U;3PMd,flfl“Kfi3ffi,fl),1fiffi.lffi!$c1qolffi1d,$r!f$flfiKy,!x,fiRS;No$r4fiG!?fK,lffifl!?fxfio60%50%40%30%20%10%0%-10%-20%-30%-40%-50%02040608010012014010Q110Q311Q111Q312Q112Q313Q113Q314Q114Q315Q115Q316Q116Q317Q117Q3$ ( y/ )fly $“fi fl (%)3.2 !Ef:,qffifi3h,Ke8:x!f(h fflR88:b:x!fffi
31、D8%fiv:$x!f.)“8%fiv:.)“fi,10#fi,Kfi4x!fMqfi%K,KfioKK,15# 4x!f“ox!ffXja,ffiD(h fflfifl,9A,#Kffiox!fffiDuK6.KfiCN0%KfiPfl4Gfipu8,16.17#g11Kx!fffiD,K1u4x!fGfi,x!fffiDfi+$go16#s12KffiDQfi3921K,x!ff KAo!EfS,8“qffi1t,b:x!fffiDfi,;e8!Bf4,!EoAffi1 ?(K)2018C- $:! $-fiyffifi$ !flfl 3:ffi1 180 /=Fffi10222017.
32、fi$G 60 /+)ffi2112017$fifi1E( )$G 60 /+)ffi11682017 71$G 100 / fi*Affi16320162J;0&fi$*$*flAffi2016=; 400 / 3A$/Affi fi + fi$ffi20167& E$G+)ffi2016$.*S ffi0&fi$Affi239593161290239259 fi % , fi , $! fi$% % $ fi 2016 fi*$Gk 200 / 3A$/Affi2932016 1 $G 40 K56/ fi5)ffi2833.3 fi#:Kfl+z),#0n)16#fiafi1.89K,“
33、EM13.9%,fi17#fi1afi2.16K,“EM14.3%,E2016#ofi#1fiu,1!4w,”4,o4“d1,1”n,18CK11#14.5i8P16#13.2i,4wf#,fi$fi”4,KN4M,1$qoB1“.6”,2020#jflf#30%,R#,fl4$,“SKYCMq)“#”“SK,#,)#3ofifl“Kfi$,#NfiK“roA:fi1afi6#gEM11.4A:fi#118#8P8%fi|:%ind.)“/8%fi|:%ind.)“/30%25%20%15%10%5%0%-5%00.511.522.5200220032004200520062007200820
34、0920102011201220132014201520162017Efi (fly) 14.514.214.11413.513.212.51313.51414.515201120122013201420152016; 3.3 fi :fl+), *o)6ffi)$e“ZM !fi,$6ffififi Kfi9:C1P34, e 8 fl, hO,$fi“; C2P$fiBfi“,)KfifiB“, oC3PfiQ“fia9s,“fi$ 3; C4P!e,fiflKUfiA,flOfiUfi)K;C5P“K”fi , $rM4$“oK: fi2020#!UfijCO5.8KVS,f i K17
35、40KoM4$f i K=8M4$31 ),fi2020#M4$ KO1635Ko$fi *o),B“fi$CM,R*sC,o3.4 fiB:“S1$ffi,l yDfi9 fiB fl UfiB “,flGf.L.oTSfl.yg_S%hhoKaS, #fl2012#Kv.BvM)2020# B EBB “30%o2017 #,Bvfl“) “u6” fiB lS ,)“u6”Lye fiB “DN e54uoSM,2020#,fiB EBB “q15%1,8fi “q20%1ozfi“8fi.fi.8fi”ub“$8“g11$” fi,s2020#fiB EBB“zq20%/15%/10%
36、o2025#,fiB E BB “q30%1o3.4 fiBifi9:“S1$ffi,:2020#KekK,2025#x%K,2020# fiB jB B “15%1,2025#30%ox% fi$fifljflfE 7 ffi-io fi2020#fiB KN6982K,2025#N14389KofiB K),B“KfidKfifi)fiS”fiofifi“:fi:fiKfieKfidKfiflofih17#$,4CNjKfi.hfi!fizz)75 $flffi ,)Zfi26.37K,D1JCK23.1Kofi$17#4)Kfi12.33K,RKfidK“C74%ofi:fief”,Kf
37、lKfidK; fifi:fiB,fi.fl.lfZfi4u !;f:+”,“J4fio$:*fi&! $ flE+ (K *fi + *fi+ (K *fi fifi) ( *fifi (K *fifi 201515.451%0.152500386.25-201616.693%0.5024501226.72217.60%201717.876%1.0724002573.28109.77%2018E18.769%1.6923503968.4854.22%2019E19.7012%2.3623005437.6637.02%2020E20.6915%3.1022506981.7828.40%2021E21.3118%3.8422008437.7220.85
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