投资咨询业务资格证监许可[2011年]1444号 䴶≸ど$$໔ӝ䠅ߩᇐԭṲ 㜗䙴ҁF3088707Z001964㚊㌱^:ᶞ3㓥F03108891 㺂ኋᵑ 04ᒪЫ⢟⋯¾ffi®ཝᾸ⦽h½ыᢢ,Q½1½,人䇗cᒪ¾ᮦ䘆㺂॰䰪:Ἃ⋯[600,9400]ݹ/ਫ਼;䉼⋯[7000,10000]ݹ/ਫ਼;㨒⋯[700,1000]ݹ/ਫ਼˚ ѱ㾷‰u 1.4ᒪἋ⋯ב㔏人ᵕڅ㍝,ØGཝ䉼ӝ䠅ࡑ᯦儎4)䉼⋯ӝ ࠰໔M,ᙱ։4ᒪcƒ⋯¾ב㔏ൽãڅᶴ˚ളпཝ⋯¾䘑¤ݻR,=4ᒪ1:ᓜള⋯¾בᓊ人ᵕfiᶴ˚ .»¾d䈰╊3,人䇗»¾d䈰ᖧଃсἋ⋯4ᒪ1ঀᒪᡌ➠ࠅӝ;㗄ཝ䉼ѦӝᾸ⦽ཝ,a䴶ᤷ3“⌞ཟ¿ौ˚ 3.4ᒪcƒ⋯¾ള䴶ƒ€ª,᮪։伕)䴶ƒڅᕧ,a1 ⢟Ḫ⋯䴶ƒ໔Mᡌ᧞€⋯¾᮪։䴶ƒ໔M˚ ㆌ⮛᧞½ “⌞Ἃ⋯ࠅӝ:ਖA㗄ཝ䉼ཟ¿⛈֒,⋯¾ڐD0Ր˚ ™䲟¼⽰ 1.㔅3㺦䘶™䲟ᖧଃ⋯¾䴶ƒ˚ -Ƚ2023ᒪ㺂®亴 ᵕ䍝ⴎA᮪։ᶛⵁ,03ᒪԛᶛпཝ⋯¾ⴎAo⧦h䴽㦗ыс䐂߃1⏞ᴶы߃䴽㦗Ⲻ䘆㺂䏁¾˚ޭ։ᶛⵁcᒪ⋯¾䘆㺂ѱ㾷࠼DѠffi½˚ ㅢ-ffi½:1–ᴾԳ⋯¾o⧦䴽㦗䏁¾,㨒⋯‡⧦fiڅᕧ˚⋯¾൞ ↚ffi½‡⧦fiど¿,ᐸ൰㕰҅ཝⲺ¿᱉‰u¾Q,ᐸ൰⸑Aቐу᱄ᱴ, ⋯¾ffi®ᙱ։o⧦॰䰪䘆㺂˚ ㅢӂffi½:3–ᴾ⋯¾᮪։с䐂䏁¾,ᐸ൰ѱ㾷പ㔋⎭ཌⲺ䬬㺂ধ0Ƚ㗄ള䍝ᐷ᭵ㆌሲkⲺ㔅3㺦䘶人ᵕԛR㗄ཝ䉼ѦӝᑜᶛⲺള䘑¤໔AሲkⴎA䘑ޛс䐂㺂˚ ㅢпffi½:6–8ᴾ⋯¾o1㺂䏁¾,ޣᴾἋ⋯Ⲻӝ䠅໔AуR人ᵕ,ы3㗄䉼ഖ»¾d䈰ⲺQ“㗄䉼ӝ॰ཟ¿ᒨᰧ,ਖAUGDA䎻人ᵕཝ‰с䈹㗄䉼gЫA〥,⋯¾ⴎAཝ‰1㺂˚?ᴾ߃⅗ഖ㗄䉼ӝ॰Ⲻཟ¿⛄✣ᒨ ᰧ,ཟ¿ƒ0ԛRঋӝ⛈֒ȽളⲺ⑥¤Ỷƒ᭵ㆌ䈹᮪ሲk½⑥K䘕,ԛRK㢸༽䍝䴶ƒㅿഖ㍖ᖧଃс,⋯¾ⴎA᮪։1⏞˚ ㅢffi½:9–11ᴾⴎA߃⅗䘑ޛ䴽㦗څᕧ㺂,-SAἋ⋯༺†໔ӝ:,1䴶ƒ‡⧦;֩,ӝ“Ἃ⋯ᓉ™ᤷ3㍥ᓉ,ᢉুἋ⋯ffi®˚ਜ -SA㗄䉼ӝ䠅䙆⑆᱄№,ࠅӝ‰ᓜуR人ᵕ,↚ཌ,Aᤵཝ㔕䇗ቶޢᐹⲺ3ᒪA㨒㊳ӝ䠅人Ыࠅ‰ҕք†ᐸ൰人ᵕ,⋯¾ะᵢo⧦॰䰪څᕧ䘆㺂˚ ഴ1:Ἃ⋯¾ᮦᒪh¾ 䍺ᯏᶛⓆ:Wind,Q½ᵕ䍝½䍺䈘ᙱ䜞 ഴ:䉼⋯¾ᮦᒪh¾ ഴ3:㨒⋯¾ᮦᒪh¾ 䍺ᯏᶛⓆ:Wind,Q½ᵕ䍝½䍺䈘ᙱ䜞 ӂȽ⋯¾cƒב㔏®ቶ .1Ἃ⋯ԃDcƒ⋯¾בᓊѱ),人ᵕ4ᒪἋ⋯ב㔏څ㍝Ԅཝѱ㾷⋯¾ӝ䠅ᶛⵁ,Ἃ⋯¢“D3%,ཝ⋯¾᮪։¢“76%, cƒ⋯¾בᓊԃԛἋ⋯Dѱ㾷⋯¾,ഖ↚Ἃ⋯Ⲻӝ䠅€ᱥᖧଃ⋯¾ Ⲻ䖹D“䭤Ⲻഖ㍖˚ Ἃ⋯ӝ䠅3ᒪ人䇗D8097ਫ਼,໔‰D117ਫ਼,¾Qদd人䇗໔ӝ787ਫ਼,傢ᶛGӐ人䇗ࠅӝ㓜107ਫ਼˚㲳301ᒪ½03ᒪⲺᒪᓜgਾ໔M⦽D.4%,aᱥ®Q019ᒪᴶ儎ӝ䠅D䎭⛯䇗㇍,gਾ໔M⦽D1.%,䘒“009–019ᒪ.%Ⲻgਾ໔M⦽քᖾD˚ഖ↚ԄMઞᵕᶛⵁ,ⴤࢃἋ⋯䘑ޛҼ໔M҅)ffi½,04ᒪἋ⋯ӝ䠅人䇗ਠ㜳ᇔ ⧦½‰໔M,ב㔏᮪։څ㍝˚ ഴ4:cƒѱ㾷⋯¾ӝ䠅ഴ5:⋯¾ӝ䠅¢“ Ἃ⋯,80,91,3% 䍺ᯏᶛⓆ:⋯ь⮂,Q½ᵕ䍝½䍺䈘ᙱ䜞 ԄἋ⋯Ⲻਥ᭬ࢨA〥ᶛⵁ,Ἃṇᡆ⟕᭬ࢨA〥㔝3ᤷ3໔M‰ᓜ䲃քⲺ䏁¾,ᡆ⟕᭬ࢨA〥人䇗ਠ໔A1.%,㓜377ޢ亭˚¾Qদd᭬ ࢨA〥ਠ໔MҼ1.6%˚Ԅ4ᒪᶛⵁ,ഖѱӝളⲺਥᤷ3“ኋࡏ,ѠgЫޢਮ᭴㕉ðኋgЫA〥˚傢ᶛGӐള$᭵ㆌ㾷ƒR⮏ἤ᷍,ਥðኋA〥ᴿ䲆,↚ཌ᯦㘷ؾҕ䖹D㕉ម,ഖ↚Ἃ⋯Ⲻ᮪։ਥ᭬ࢨA〥໔M㕉ម˚1A䲚᭬ࢨA〥໔M㕉មཌ,Ἃṇṇ喺㘷ौA〥A࢝ҕᱥⴤࢃAѪⲺ“䭤䰤从,⧦ffi½傢ᶛGӐ㓜30%=36%ⲺἋṇ™൞㘷ौ䰤从,দᓜdGӐ㓜4%=31%ⲺἋṇ™൞㘷ौ䰤从,䘏➠Րᖧଃ½ы3cƒⲺἋ⋯᮪։ᤷ3ב㔏߫˚ ഴ6:Ἃ⋯gЫA〥໔M߫ ഴ7:cƒἋ⋯ӝ䠅໔M߫ 䍺ᯏᶛⓆ:⋯ь⮂,Q½ᵕ䍝½䍺䈘ᙱ䜞 ഴ8:傢ᶛGӐ∑Ἃ⋯ӝ䠅(67ਫ਼3ഴ9:cƒἋ⋯ӝ䠅໔M(67ਫ਼3 䍺ᯏᶛⓆ:⋯ь⮂,Q½ᵕ䍝½䍺䈘ᙱ䜞 ԄἋ⋯ঋӝᮦᦤᶛⵁ,3ᒪcƒঋӝᒬᵠ࠰⧦1ƒ,ԃRᤷ3.6ਫ਼/ޢ亭,¾Q傢ᶛGӐἋ⋯ঋӝ人䇗൞3.9ਫ਼/ޢ亭,দdঋӝRᤷ3.3ਫ਼/ޢ亭,ะᵢ㔪ᤷу˚Ԅ↚ᮦᦤᶛⵁ,cƒἋ⋯ঋӝ൞䗽V10ᒪf൞ԛᒪൽ0.9%Ⲻ‰ᓜс䲃,¾Qԛ傢ᶛGӐ߫ᴶDћØ,ᒪൽ䲃‰䗴1.8%,1দd䗴1.0%Ⲻ䲃‰˚人䇗04ᒪঋӝс䲃䏁¾➠ԃᤷ3,ѱ㾷ഖԃ൞†ἋṇⲺṇ喺㘷ौ䰤从,⸣ᵕṇ喺㘷ौ䰤从䳴ԛ½ߩ,ঋӝс䲃Ⲻ䏁¾䳴ԛK˚ ഴ10:Ἃ⋯ঋӝौ 䍺ᯏᶛⓆ:⋯ь⮂,Q½ᵕ䍝½䍺䈘ᙱ䜞 .ØGཝ䉼ӝ䠅ࡑ᯦儎,㗄䉼ӝ䠅уR人ᵕ,㗄4)cƒཝ䉼໔ӝԄUGDA11ᴾᣛᶛⵁ,03/4ᒪᓜcƒཝ䉼ӝ䠅人ᵕ䎻4ӵਫ਼, 䖹1ᒪᓜ1⏞8.10%,㗄ളh™䜞㔏࠰人䇗03/4ᒪᓜཝ䉼ӝ䠅¼ƒ, 㗄ള3/4ᒪᓜཝ䉼ӝ䠅Ѧ᭬人ᵕะᵢグ,ഖ↚໔ӝѱ㾷䶖ØGཝ䉼Ⲻ ӝ䠅໔M,ታ㇗ⴤࢃཟ¿ԃ™у⺤¿½,aØGⲺѦӝ人ᵕᖾ䳴“1ṯᵢ ½䖢,ഖ↚人䇗൞㗄ཝ‰໔ӝⲺ߫с,cƒཝ䉼ӝ䠅人ᵕᱴ㪍໔A˚ ‡1:USDAཝ䉼ב䴶ᒩ㇠cƒ:ཝ䉼(67ਫ਼3 017/18 018/19 019/0 00/1 01/ 0/3 0CT03/4 N0V03/4 ᵕDᓉ™ 9.6 98.7 114.10 94.73 100.0 98.67 101.89 100.31 ӝ䠅 341.6 361.06 339.89 368.44 3.69 370.4 399.0 400.4 䘑¤ 13.00 14.10 164.97 16.49 14.41 16.0 16.7 16.7 ু῞⎾䍯 94.90 97.86 31.48 31.43 314.69 313.31 38.49 39.47 ളᙱ⎾䍯 338.3 343.4 38.40 363.76 363.8 364.87 383.8 383.68 ࠰¤ 13.07 148.4 16.06 164.86 14.18 168.37 168.4 168.9 ᵕ$ᓉ™ 98.81 113.04 9.48 100.0 9.38 101.04 11.6 114.1 ᓉ™⎾䍯“ 9.0% 3.91% 6.64% 7.0% .41% 7.69% 30.17% 㗄ള:ཝ䉼(67ਫ਼3 017/18 018/19 019/0 00/1 01/ 0/3 0CT03/4 N0V03/4 ᵕDᓉ™ 8.1 11.9 4.74 14.8 6.99 7.47 7.30 7.30 ӝ䠅 10.07 10. 96.67 114.7 11.3 116.38 111.70 11.39 䘑¤ 0.9 0.38 0.4 0.4 0.43 0.4 0.8 0.8 ু῞⎾䍯 .93 6.94 8.91 8.6 9.98 60.4 6.60 6.60 ളᙱ⎾䍯 8.87 60.40 61.8 60.91 6.78 63.69 66.08 66.06 ࠰¤ 8.07 47.68 4.70 61.67 8.7 4.84 47.76 47.76 ᵕ$ᓉ™ 11.9 4.74 14.8 6.99 7.4 .86 .98 6.68 ᓉ™⎾䍯“ 0.% 40.96% 3.09% 11.48% 11.87% 9.0% 9.0% 10.11% Qള:ཝ䉼(67ਫ਼3 017/18 018/19 019/0 00/1 01/ 0/3 0CT03/4 N0V03/4 ᵕDᓉ™ 0.1 3.06 19.46 4.61 31.16 30.3 36.80 33.79 ӝ䠅 1.8 1.97 18.10 19.60 16.40 0.8 0.0 0.0 䘑¤ 94.10 8.4 98.3 99.76 90.00 98.00 100.00 100.00 ু῞⎾䍯 90.00 8.00 91.0 93.00 87.00 91.00 97.00 98.00 ളᙱ⎾䍯 106.30 10.00 109.0 11.74 106.7 11.70 10.00 10.0 ࠰¤ 0.13 0.1 0.09 0.07 0.10 0.10 0.10 0.10 ᵕ$ᓉ™ 3.06 19.46 6.80 31.16 30.74 3.80 37.0 33.69 ᓉ™⎾䍯“ 1.69% 19.08% 4.4% 7.64% 8.80% 31.77% 31.00% 7.96% 䱵ṯᔭ:ཝ䉼(67ਫ਼3 017/18 018/19 019/0 00/1 01/ 0/3 0CT03/4 N0V03/4 ᵕDᓉ™ 7.00 3.73 8.89 6.6 .06 3.90 17.0 17.1 ӝ䠅 37.80 .30 48.80 46.0 44.00 7.00 48.00 48.00 䘑¤ 4.70 6.41 4.88 4.8 3.8 8.30 .70 .70 ু῞⎾䍯 36.93 40.7 38.77 40.16 39.7 31.0 34.0 34.0 ളᙱ⎾䍯 43.63 47.4 4.9 47.41 46.96 37.7 41.7 41.7 ࠰¤ .13 9.10 10.00 .0 .80 3.30 4.60 4.60 ᵕ$ᓉ™ 3.73 8.89 6.6 .06 3.1 18.1 4.8 4.6 ᓉ™⎾䍯“ 4.39% 60.89% 8.04% .86% 49.30% 48.08% 9.% 8.83% ØG:ཝ䉼(67ਫ਼3 017/18 018/19 019/0 00/1 01/ 0/3 0CT03/4 N0V03/4 ᵕDᓉ™ 33.1 3.70 3.47 0.4 9.40 7.60 31.4 33.44 ӝ䠅 1.00 119.70 18.0 139.0 17.00 1.00 163.00 163.00 䘑¤ 0.18 0.14 0. 1.0 0. 0.0 0.4 0.4 ু῞⎾䍯 44.1 4.3 46.74 46.68 1.00 3. .7 .7 ളᙱ⎾䍯 46.1 4.18 49.39 49.88 4. 7.00 9.70 9.70 ࠰¤ 76.14 74.9 9.14 81.6 79. 93.00 97.0 97.0 ᵕ$ᓉ™ 3.74 3.77 0.00 9.40 3.16 33.10 37.70 39.69 ᓉ™⎾䍯“ 70.39% 7.3% 40.49% 8.94% 4.69% 8.07% 63.1% 66.48% 䍺ᯏᶛⓆ:UGDA,Q½ᵕ䍝½䍺䈘ᙱ䜞 Ԅ㗄ളӝ॰ᶛⵁ,ffi᭬ࢨуᯣ᧞䘑,㗄䉼ӝ䠅߫ะᵢ⺤¿,㲳3 ↚⅗ᣛ㗄䉼ঋӝᴿᡶ1䈹,Ԅ49.6Sg=49.9,a6ᴾⲺgЫA〥䎻人ᵕс䈹fi㗄䉼ӝ䠅ⲺᖧଃAཝ,ᒬAਖAуཟ¿fiঋӝⲺᤷ3ᢦ€,ⴤࢃ㗄䉼ᙱӝ䠅人䇗D41ӵ㫨ᕅd,䖹1ᒪᓜࠅቇ4%,䳴ԛ¼בcƒཝ䉼ӝ䠅໔M˚ 㗄SA,UGDA11ᴾ人䇗03/4ᒪᓜØGཝ䉼gЫA〥人䇗D4307ޢ亭(1.118ӵ㤧ӟ3,gЫA〥ੂ“໔M.%˚᯦:ØGཝ䉼ӝ䠅൞ 1ᒪᓜ1.6ӵਫ਼Ⲻ儎ӝะ1߃1⏞3.8%,䗴½1.63ӵਫ਼˚ਖA3344 7ਫ਼ⲺᵕDᓉ™,03/4ØGཝ䉼ᙱב㔏䎻1.96ӵਫ਼˚ØGཝ䉼ב㔏 ᤷ3໔M,LDC人ᵕ04/ØGཝ䉼ӝ䠅➠䗴½™Ø᯦儎,=1.6–1.7ӵਫ਼˚䱵ṯᔭSA,⭧†1ᒪᓜཝ‰ࠅӝ43%,ӻᴿ007ਫ਼ӝ䠅,UGDA10ᴾ人䇗᯦:䱵ṯᔭཝ䉼ӝ䠅➠ཝᾸ⦽SgfᑮᒪԳ0ᒩ,䗴½48007ਫ਼,䖹1ᒪᓜཝ‰໔ӝ9%˚LDC人䇗4/ᒪ䱵ṯᔭӝ䠅¼†4700–0007ਫ਼,“3໔A00–30007ਫ਼˚൞㗄ളཝ䉼໔䠅уR人ᵕⲺ߫с,㗄ᡆcƒཝ䉼ב㔏໔Mѱ)‡˚ ഴ11:ØGཝ䉼ӝ䠅(ƒਫ਼3ഴ12:䱵ṯᔭཝ䉼ӝ䠅(ƒਫ਼3 䍺ᯏᶛⓆ:LDC,Q½ᵕ䍝½䍺䈘ᙱ䜞 .3A㨒㊳ঌু᱄ᱴ,࠰¤䘑ᓜ㕉ម Aᤵཝ㨒㊳SA,Aᤵཝh™䜞11ᴾ㔪ᤷ03/4ᒪᓜAᤵཝ⋯㨒 ㊳人䇗ב䴶ᮦᦤу,¾Qӝ䠅17377ਫ਼