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1、12M1-2,12M3,12M4,12M5,12M6,12M7,12M8,12M9,12M10,12M11,12M12,13M1-2,13M3,13M4,13M5,13M6,13M7,13M8,13M9,13M10,13M11,13M12,2,2013,3,6,021-S1010510120066,3200 300%,021-S1010510120063200 300%4 5%,021-S10105120300045,500,200,300%,BJ,17.05%,6.55%,16%,5,1,12Q1,13Q1,0.07,0.13 0.17,80 140%,0.030.020.060.02-0.
2、03,0.100.060.180.140.25,0.130.070.230.170.30,230 330%200 250%200 280%600 750%930 1100%,Wind,1,12,13,2,12,13,1,/,/,12%10%8%6%4%2%0%,8006004002000,12Q1,13Q1,0%-5%-10%-15%-20%-25%,5,500,5,500,BJ,Sep-11,Nov-11,Jan-11,Sep-12,Nov-12,Jul-11,Jan-12,Jul-12,May-11,Mar-11,Jul-07,Jul-08,Jul-09,Jul-10,Jul-11,Jan
3、-07,Jan-08,Jan-09,Jan-10,Jan-11,Jan-12,Jul-12,Jan-13,May-12,Mar-12,Jan-13,3,2008,5,7.27.06.86.66.46.26.0Wind2,2,26,4,800,5,/,20,30,700,42013,620,/,2013,650,/,4,07,13,/,5,07,13,BJ,/,1,1001,000900800700,250200150,BJ,/),1.21.00.8,600,0.6,500400300200,100500,Jan-Aug-Feb-Sep-Apr-Nov-Jun-Jan-Aug-Mar-Oct-0
4、7 07 08 08 09 09 10 11 11 12 12Wind,0.40.2-,1,2012-1-6,2012-2-6,2012-3-6,2012-4-6,2012-5-6,2012-6-6,2012-7-6,2012-8-6,2012-9-6,2012-10-6,2013-1-6,1-2,10,11,12,3,4,5,6,7,8,9,2012-11-6,2012-12-6,2013-2-6,6,11,13,7,12,13,1,000800,150%100%,5040,600400,50%,302010,2000,0%-50%,0,Jan-11,Jul-11,Jan-12,Jul-12
5、,Jan-13,8,08,12,9,09,13,20%,20082011,20092012,2010,1,000,200920112013,20102012,15%,10%5%0%-5%-10%,800600,-15%-20%,400,1,2,3,4,5,6,2,A,2013,2%,2%,2%,25bp,13EPS E,13EPS,13EPS,13EPS,13EPS,13P/,12Q,E,3P/B,4.614.407.186.804.156.42,0.500.370.600.600.310.45,0.090.070.100.100.050.08,17.8%18.6%16.5%16.9%15.3
6、%16.9%,0.060.050.070.070.030.04,12.6%12.2%11.2%10.8%9.4%9.4%,0.040.030.030.040.020.03,7.0%7.1%5.5%6.1%5.8%7.7%,0.020.020.010.020.010.02,3.3%4.2%1.9%2.6%4.7%5.6%,91212111314,1.51.81.41.81.42.0,AA,6.302.8212.626.235.924.9410.618.157.53,0.600.331.420.510.500.510.550.900.65,0.080.030.120.060.040.040.060
7、.080.06,13.4%10.2%8.8%11.6%8.5%8.8%10.6%9.0%8.6%,0.050.020.080.030.030.030.020.040.02,8.4%6.1%5.8%5.3%5.3%5.2%4.4%4.3%3.6%,0.030.000.040.020.020.020.020.040.03,5.2%1.3%3.1%4.3%3.4%3.8%4.4%4.2%4.9%,0.010.010.020.010.030.010.010.010.02,2.0%3.1%1.1%1.2%5.3%1.1%2.1%1.4%2.6%,109912121019912,1.71.62.01.11
8、.72.43.22.12.0,13.908.973.617.17Wind,0.920.540.200.64,2013,3,5,0.070.030.010.01,8.0%5.6%3.4%1.3%,15171811,1.62.12.51.6,2,6.6%,5,58.8%,56.4%,zz,2013,200 300%,z,3,H,A-H,/,EPS,/,EPS,0.133.391.701.5755.26,0.070.020.050.080.33,1.6510.289.2810.7182.80,0.810.060.250.530.50,10,2%,2013,11,A-H,1.00.80.60.40.2
9、0.0,13EPS,2%,12%10%8%6%4%2%0%,0713M2140%110%80%57.9%50%14.0%20%,68.7%66.4%,13M1144.7%3 146.5%55.9%42.7%,-10%,Wind,-0.9%,4,A,11A,EPS12E,13E,14E,11A,12E,P/E,13E,14E,12Q3PB,11AROE,2.827.178.974.945.927.537.186.808.15,0.240.470.210.100.070.330.020.090.37,0.320.630.270.260.280.500.360.410.88,0.330.640.54
10、0.510.500.650.600.600.90,0.360.660.860.510.730.740.690.630.95,11.915.443.150.280.322.8288.175.422.0,8.911.333.818.721.014.920.216.49.2,8.611.216.69.711.811.612.011.49.1,7.910.810.49.78.110.210.410.98.6,1.61.62.12.41.72.01.41.82.1,13.3%11.3%5.6%5.2%2.6%13.9%0.4%2.5%9.6%,AA,6.304.6112.6210.614.156.426
11、.80,0.130.220.210.470.140.360.21,0.400.410.770.350.300.350.36,0.600.501.420.550.310.450.55,0.650.580.940.560.380.480.65,48.521.361.222.528.917.828.9,15.811.316.530.413.918.216.4,10.59.28.919.413.414.411.4,9.88.013.419.010.913.310.4,1.71.52.03.21.42.01.8,3.6%7.9%3.8%14.4%5.1%11.9%5.6%,Wind,2013,3,5,3
12、,5,H,12E,EPS13E,14E,12E,P/E13E,14E,12Q3P/B,8.543.503.62,0.460.190.30,0.600.370.31,0.630.400.38,14.814.89.7,11.37.69.4,10.87.07.7,1.81.11.0,Wind,2013,3,5,2011-3-23,2011-4-252011-5-32011-5-162011-5-31,2011-12-12011-12-19,2011-11-232012-6-8,2012-6-252012-10-242013-2-14,-,“,”,Analyst CertificationiiiThe
13、 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 anal
14、ysts compensation was,is,or will be directly or indirectly,related to the specific recommendations or views expressed in thisresearch report.,600863,1%,“”,/,(,),(1),(2)/20131,300,20%,6,300,5%,20%,2,6300,6300,300300300300300,-10%5%10%10%-10%10%10%,48,1568,8,1,100125,22,200122,518048,26,Foreign Broker
15、-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.Securities Business License Number:Z20374000).This report is being distributed in the United States by CITIC Securities pursuant to Rule15a-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,
