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1、20130223-20130301,2013,3,4,010-S1010510120047,010-S1010512080008,010-,38.4%2013,44%,11%,2012,10,5%,Jan,Feb,Mar,Apr,May,Jun,Jul,Sep,Oct,Nov,Dec,Jan,Feb,Mar,May,Jun,Jul,Aug,Sep,Oct,Dec,Jan,Feb,Mar,Apr,May,Jun,Aug,Sep,Oct,Nov,Dec,Jan,Mar,Apr,May,Jun,Jul,Aug,Sep,Nov,Dec,Jan,Feb,Mar,Apr,May,Jul,Aug,Sep,O
2、ct,Nov,Dec,Jan,20130223-201303011,250200,194 190,226 228,203,224,150,162 160,150 146,164,128,119 125 126,152 153,139,155,135,10050,74,31,69,4,6,3,3,5,10 13,0,1/30,2/1,2/3,2/5,2/7,2/9,2/11,2/13,2/15,2/17,2/19,2/21,2/23,2/25,2/27,Wind2350300250200150100500,20082011,11,-12,2009,2010,2011,2012,49,2013,3
3、0Wind,3,15,2011,12,31,=1,1.101.051.000.95,15,0.90,1/1 1/262012,2/20,3/16,4/10,5/5,5/30,6/24,7/19,8/13,9/7,10/2 10/27 11/21 12/16 1/10,2/4,1515Wind1,20130223-20130301470.0060.0050.0040.0030.0020.0010.00,0.0011/01/10,11/04/10,11/07/10,11/10/10,12/01/10,12/04/10,12/07/10,12/10/10,13/01/10,1,Wind,50%,02
4、16-0222,50%,0223-0301,50%,2012,2013,2012,2013,27,39237,96920,4926,55092,40311,21847,29336,33221,26828,21416,69416,7316,00717,4851,1655,7054,05428,1388,586248,8904,9361,43422,66017,33912,3743,72414,12116,4226,7982,912,32,59132,60526,7319,022100,9508,75470,32027,98726,78143,33820,41018,9526,32515,9081
5、2,5987,34714,71015,58413,938302,9524,2603,09918,37019,7539,05218,52110,81512,9294,7594,205,19.0%-14.1%30.4%37.7%9.2%-22.0%48.7%-23.0%25.9%53.6%22.3%13.3%5.3%-9.0%981.0%28.8%262.9%-44.6%62.3%21.7%-13.7%116.2%-18.9%13.9%-26.8%397.4%-23.4%-21.3%-30.0%44.4%,N.A.3939.2%1610.7%5758.6%3899.8%3077.1%2011.0%
6、1976.3%1722.7%3300.7%N.A.9175.7%3727.1%N.A.34149.3%27980.7%1586.6%1718.2%1278.8%2686.8%N.A.N.A.N.A.1292.4%N.A.N.A.7377.7%N.A.4127.3%358.6%,38,30048,89528,92610,218126,33817,66363,60131,91228,00828,49222,85919,7605,02064,2762,0945,9083,48749,67510,099352,8525,7761,98728,79612,89319,0724,75711,41630,4
7、208,2352,293,46,91965,43260,50614,735187,59223,92988,26547,70441,78237,61735,66630,14415,36935,5919,77410,03515,67423,10419,153433,8059,6653,48829,07418,86717,24016,11723,15224,1678,9944,699,22.5%33.8%109.2%44.2%48.5%35.5%38.8%49.5%49.2%32.0%56.0%52.6%206.1%-44.6%366.7%69.9%349.5%-53.5%89.6%22.9%67.
8、3%75.5%1.0%46.3%-9.6%238.8%102.8%-20.6%9.2%104.9%,44.0%100.7%126.3%63.3%85.8%173.3%25.5%70.5%56.0%-13.2%74.7%59.1%143.0%123.7%-22.4%36.6%6.6%48.2%37.4%43.2%126.9%12.5%58.3%-4.5%90.5%-13.0%114.1%86.9%89.0%11.7%,2,38.75%,40,20,20130223-20130301,0216-0222,0223-0301,2012,2013,2012,2013,8,8046104,4562,10
9、12,01223,6163,22211,1461,9851,1625,3424,30710,1506,14812,985200,767542,060,2,5405966,43912,2834,0167,7224,38423,6582,5014,0997,10210,03311,08422,13331,075255,428659,330,-71.1%-2.3%44.5%484.6%99.6%-67.3%36.1%112.3%26.0%252.9%32.9%133.0%9.2%260.0%139.3%27.2%21.6%,N.A.N.A.N.A.N.A.N.A.N.A.N.A.N.A.N.A.N.
10、A.N.A.N.A.N.A.N.A.N.A.9751.4%4024.0%,10,6641,1252,8221,4711,32810,5592,6866,2251,7911,7696,9695,8597,2155,28815,816207,232686,422,7,0662,4369,9019,7475,27411,0145,04541,8273,2234,5509,1879,89712,68619,81721,162328,293949,690,-33.7%116.6%250.9%562.8%297.1%4.3%87.8%571.9%80.0%157.2%31.8%68.9%75.8%274.
11、7%33.8%58.4%38.4%,178.2%308.8%53.8%-20.6%31.3%42.6%15.1%76.8%28.9%11.0%29.4%-1.4%14.5%-10.5%-31.9%28.5%44.0%,Wind5,1201008060,172.12%84.21%70.17%,200%150%100%,44.08%41.98%,23.57%50%,0,1201 1202 1203 1204 1205 1206 1207 1208 1209 1210 1211 1212 1301 1302Wind,0%,2,2011,12,31,=1,2013/2/220.560.760.700.
12、810.731.481.141.521.030.880.332.361.147.860.641.070.854.550.981.24,2013/2/230.740.880.460.800.771.580.820.420.960.390.130.000.423.200.390.850.691.721.111.08,2013/2/240.470.470.380.680.470.830.580.360.590.200.351.190.584.730.210.370.460.410.870.68,2013/2/250.611.050.930.950.941.921.410.911.181.190.69
13、2.041.1910.231.012.010.644.631.491.18,2013/2/260.690.921.111.181.022.131.450.861.681.110.541.711.457.221.371.600.755.481.411.31,2013/2/270.781.231.131.261.182.351.591.671.361.020.482.351.596.901.391.710.923.091.771.34,2013/2/281.031.751.271.411.342.981.991.491.490.930.493.621.497.182.082.150.894.012
14、.251.61,3,11,12,10,1,6,4,9,2,5,3,7,8,12,1,13,11,11,1,3,5,7,9,1,3,5,7,9,1,08,08,09,09,10,08,10,11,10,11,12,20130223-20130301,2013/2/221.07,2013/2/231.08,2013/2/240.46,2013/2/251.49,2013/2/261.41,2013/2/271.71,2013/2/282.15,Wind,6,34,2011,7,6,08,/,3.0,4,0003,0002,0001,000,250%200%150%100%50%,2.52.01.5
15、1.00.50.0,0,Cric,0%,Cric,3,2011,12,31,=1,Feb-120.960.980.931.010.950.980.97,Mar-120.991.040.891.030.881.001.02,Apr-121.001.000.961.030.891.001.06,May-121.030.970.901.030.950.991.03,Jun-121.010.950.851.000.901.011.02,Jul-121.000.940.900.990.841.000.99,Aug-121.030.920.890.980.841.001.01,Sep-121.090.99
16、0.981.040.891.091.08,Oct-121.061.000.971.080.851.081.04,Nov-121.050.961.161.080.851.071.06,Dec-121.030.961.221.110.821.021.04,Jan-130.960.871.161.070.781.051.01,Feb-130.920.831.061.040.731.020.97,1.00,0.94,0.90,0.91,0.94,0.93,0.93,1.05,1.08,1.11,0.981.001.070.900.940.93,0.960.991.070.990.980.90,0.97
17、0.991.081.101.030.94,0.980.991.071.060.970.90,0.990.981.251.080.940.87,1.000.971.231.160.920.86,0.991.001.231.050.830.88,1.001.031.211.150.910.90,0.991.041.170.990.870.83,1.061.041.160.990.850.86,1.061.061.150.990.830.92,1.061.031.191.030.880.86,1.041.021.180.910.840.87,1.050.88,0.890.89,0.840.93,0.
18、860.94,0.980.97,0.950.99,0.970.97,0.900.98,1.071.00,1.001.02,1.02,1.00,0.98,0.97,1.241.061.21,1.741.141.21,1.771.151.20,1.931.141.19,2.081.131.14,2.071.121.13,2.311.121.12,2.251.161.14,2.271.121.14,2.271.11,2.631.151.24,1.200.741.241.061.76,1.120.751.210.681.81,1.150.711.190.661.81,1.180.691.170.701
19、.81,1.170.671.140.661.77,1.141.141.140.641.87,1.131.241.290.661.82,1.051.181.210.641.90,1.181.171.260.681.89,1.141.211.280.641.89,1.201.161.370.802.68,1.560.93,1.59Wind4,7,7,7,7,7,7,7,7,7,7,7,7,10,11,12,1,2,3,4,5,6,7,8,9,7,7,7,7,7,7,7,7,7,7,7,11,7,11,7,7,7,7,7,7,7,7,7,7,7,7,10,11,12,1,2,3,4,5,6,7,8,
20、9,7,7,7,7,7,7,7,7,7,7,10,12,1,2,3,4,5,6,7,8,9,7,10,12,1,2,3,4,5,6,7,8,9,7,0801,0803,0805,0807,0809,0811,0901,0903,0905,0907,0909,0911,1001,1003,1005,1007,1009,1011,1101,1103,1105,1107,1109,1111,1201,1203,1205,1207,1209,1211,1301,20130223-20130301,8,40,3,0002,5002,0001,5001,00050009,Wind,10,706050403
21、020100,120,000,2011,2012,2013,30,000,2011,2012,2013,100,00080,00060,00040,00020,000011,Wind,25,00020,00015,00010,0005,000012,Wind,140,000,2011,2012,2013,80,000,2011,2012,2013,120,000100,00080,00060,00040,00020,0000,70,00060,00050,00040,00030,00020,00010,0000,Wind,Wind,Cric,5,7,7,7,7,7,7,7,7,7,7,7,7,
22、10,11,12,9,8,7,6,5,4,3,2,1,7,7,7,11,7,11,7,7,7,7,7,7,7,7,10,12,1,2,3,4,5,6,7,8,9,7,7,7,7,7,7,7,7,7,7,7,7,7,10,11,12,9,8,7,6,5,4,3,2,1,7,7,7,7,7,7,7,7,7,7,10,12,1,2,3,4,5,6,7,8,9,7,.,.,20130223-20130301,13,14,60,00050,00040,000,2011,2012,2013,40,00035,00030,00025,000,2011,2012,2013,30,00020,00010,000
23、015,Wind,20,00015,00010,0005,000016,Wind,100,00080,000,2011,2012,2013,160,000140,000120,000,2011,2012,2013,60,00040,00020,0000,Wind,100,00080,00060,00040,00020,0000,Wind,4,2,18,-2,24,A,(,),(,),(,/,),(,),(,),(,/,),12345123451,8,546943792201301919381040536872187952225914700,23357.7718246.148692.617346
24、.027332.4818902.436107.33158.562764.92156.6714194.83,42707416673948524334378351816616564144422905895489656,12345123451,53953612445231863587247449199146325127034660,3236.832889.572670.922389.462044.465968.225418.114795.894018.592820.1114067.3,600080006000750057002412589032783160004009930187,234512,22
25、53198815102663944912962,1487.774813.33043.484878.8121769.9817655.46,66042421420159183182303913621,234512,1,573043192757229627666024,12361.68540.068498.358274.9314261.14455.61,21575197713082936038515607397,6,20130223-20130301,(),(,),(/),(),(,),(,/),345123451234512345,527737316641203164703415836811365
26、265816501736111811813606711113641273803566,10093.69229.248391.7617268.616584.425613.483843.193002.962338.842310.112289.641743.381299.1428853.787779.196732.376494.445349,1912824739126378500140001350010442220008800140001319215600110008000700010500880015000,345123451234512345,37045595331088721280259181
27、22839868209231620741051978875515912111059785176192141,3531.83168.413020.269758.88577.037610.797492.646808.7127773.219957.416669.114939.914928.810171.28206.754973.344631.524050.88,9535566391261100067001286161006900132741231440603755019770172074216335607918918,5,NAV,NAV,11A,EPS12E,13E,14E,11A,PE12E,13
28、E,14E,7.13,7.63,-6.55%,0.67,0.68,0.73,0.79,10.6,10.5,9.8,9.0,A,12.0412.6328.18,11.8018.5732.42,2.03%-31.99%-13.08%,0.880.921.51,1.141.182.02,1.471.632.87,1.792.213.60,13.713.818.7,10.610.714.0,8.27.79.8,6.75.77.8,-12.40%,14.2,11.4,8.9,7.3,10.763.9512.0614.486.549.743.958.67,18.794.7913.6213.767.1913
29、.007.3615.15,-42.74%-17.54%-11.45%5.23%-9.04%-25.08%-46.33%-42.77%,1.260.230.800.820.680.580.230.73,1.210.391.091.130.910.940.290.91,1.410.311.401.490.781.460.421.02,1.930.421.461.981.141.480.521.36,8.517.215.117.79.616.817.211.9,8.910.111.112.87.210.413.69.5,7.612.78.69.78.46.79.48.5,5.69.48.37.35.
30、76.67.66.4,Wind,-23.71%-19.94%2013,3,1,14.214.2,10.410.8,9.08.9,7.17.2,7,-,“,”,Analyst CertificationiiiThe 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 t
31、he 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 specific recommendations or views expressed in thisresearch report.“”,/,(,),(1),(2)/20131,300,20%,6,300,5%,20%,2,6300,63
32、00,300300300300300,-10%5%10%10%-10%10%10%,48,1568,8,1,100125,22,200122,518048,26,Foreign Broker-Dealer Disclosures for Distributing to the U.S.This report has been produced in its entirety by CITIC Securities Limited Company(“CITIC Securities”,regulated by the China Securities RegulatoryCommission.S
33、ecurities 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,
