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1、,wwwww1,130,120,3,1101002,2012P/E=6.6,PB,2013,2,18,1,ROE,2,010-,S1010510120023,2012,010-60838047,3,1,2 CPI,3,S1010510120057,010-,S1010510120042中国价值投资网 最多、最好用研究报告服务商,1,010-,2,2013,S1010512090006,2013,8%90807060,300,11-12-12-12-12-12-12-12-12-12-12-12-13-12 01 03 04 05 06 07 08 09 10 11 12 01,3,DDM,15
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3、价值投资网 最多、最好用研究报告服务商 8,2013,.8,.9.9.中国价值投资网 最多、最好用研究报告服务商,1 2013,.3,12 20123,200812PB,-2012,.1.1.2,4 2013,2,-4,.3,5 20126,.7.8,中国价值投资网 最多、最好用研究报告服务商中国价值投资网 最多、最好用研究报告服务商,0.07,0.12,0.12,0.14,0.12,0.35,0.05,2.14,1.01 0.92 1.34 1.41 0.94 1.64,wwwww4,0.40,0.45,0.48,0.45,0.44,0.05,0.11,0.28,0.32,0.33,0.02
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8、.0,1.0,40%,8%,1.2,4 2013,2,-4,80%,16%16%15%14%12%12%12%11%11%10%10%10%10%8%8%20%,2,2006,11,2007,8,2009,6,1-2,5,34,H,A,2,20132013,PE,PB,6.6X/1.14X3,1,4,1 2013160%140%1.4120%100%60%2013 2013E-PB中国价值投资网 最多、最好用研究报告服务商0%,20132013201320132013201320132013,23-43-433444,2012220133,2,QFII,wind中国价值投资网 最多、最好用研究
9、报告服务商13,wwwww7,2,1,ROE,RE2,2012,2009,RQFII中国价值投资网 最多、最好用研究报告服务商20121,2,CPI,3,20121,2,SLO,3中国价值投资网 最多、最好用研究报告服务商QE32013,CPI,3,4,1,463,1,2,2012,6,1 CPICPI,2012,11,3,中国价值投资网 最多、最好用研究报告服务商23中国价值投资网 最多、最好用研究报告服务商35,3,2013,2,3,1,2,2013,中国价值投资网 最多、最好用研究报告服务商,1,1,2,32013,wwwww9,2013,8%,1,中国价值投资网 最多、最好用研究报告服
10、务商1220126,1,12%81%,25%,11%25%,12%,5 2012,10.9%11.8%10.9%9.1%12.0%11.7%11.9%11.7%16.1%13.6%12.1%14.2%13.6%16.8%18.6%13.9%,55.2%25.2%50.1%-11.2%16.3%-19.1%21.3%81.4%37.2%16.9%19.3%6.4%167.9%17.3%20.9%49.4%,12.2%8.6%12.1%8.0%12.1%5.5%12.3%25.3%22.7%16.2%23.3%16.3%17.7%16.9%18.0%30.2%,2013中国价值投资网 最多、最好用
11、研究报告服务商,1,1,1,3%,14%,2中国价值投资网 最多、最好用研究报告服务商27,2013,1%,wwwww11,2012 2012,10%,2013,10%,11.5%,10.0%,7.6%,33%,0.40%,126,8.5%,14.0%,10.3%,13.0%13.2%33%0.60%106 13.5%,11.1%,15.7%,3,0.98%,3BP,300,中国价值投资网 最多、最好用研究报告服务商0.47%2013,2013,2013,8%,2012,7.8%,2013,6,9.6%,2013,8%-10%,10%-20%,2013E,8.8%5.5%9.3%7.9%9.3
12、%,6.0%6.0%8.0%5.0%5.0%,7.9%5.2%10.1%3.3%7.2%,25%26%35%30%23%,0.40%0.30%0.58%0.35%0.45%,652542466408173,6.3%5.1%7.2%6.2%9.0%,8.2%8.1%11.0%8.3%10.1%,中国价值投资网10.9%最多、最好用研究报告服务商,11.2%19.6%20.1%9.6%9.4%,18.0%12.0%15.0%12.0%20.0%15.0%7.9%,10.9%11.7%11.2%17.5%13.3%9.0%8.2%,32%28%44%17%30%33%29%,0.40%0.35%0.
13、60%0.40%0.55%0.40%0.43%,8975294011.611.42,960,12.0%9.2%23.6%17.6%11.8%10.2%7.8%,12.2%9.0%11.1%16.0%14.8%11.5%9.6%,8,中国价值投资网 最多、最好用研究报告服务商,wwwww12,中国价值投资网 最多、最好用研究报告服务商,9,2013,300,300,10%,48,-,“,”,Analyst CertificationiiiThe analysts primarily responsible for the preparation of all or part of the res
14、earch 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 analysts compensation was,is,or will be directly or indirectly,related to the spe
15、cific recommendations or views expressed in thisresearch report.,601169,1%,“”中国价值投资网 最多、最好用研究报告服务商,/,(,),(1),(2)wwwww13/1,300,20%,6,300,5%,20%,2,6300,6,300300300300,-10%5%10%10%-10%10%,中国价值投资网 最多、最好用研究报告服务商,1568,8,1,100125,22,200122,518048,26,Foreign Broker-Dealer Disclosures for Distributing to the
16、 U.S.This report has been produced in its entirety by CITIC Securities Limited Company(“CITIC Securities”,regulated by the China Securities RegulatoryCommission.Securities Business License Number:Z20374000).This report is being distributed in the United States by CITIC Securities pursuant toRule 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.,Z20374000,1934“,”,15a-6(a)(2),15a-6,
