1、,2013,1,2013,1,22,12,1,2012,12,1.58,1.2,2011,12,4534,010-60838601,S1010510120023,12,2,28%,2008,010-S1010512090006,1,2013,1,8000-10000,2013,010-S1010510120057,1,2013,1.5-2,5000-10000,010-S1010510120042,1%,9.6%,13012011010090807060,300,11- 12- 12- 12- 12- 12- 12- 12- 12- 12- 12- 12- 13-12 01 03 04 05
2、06 07 08 09 10 11 12 01,4.98%,2012,12,3,30%,PB,2013,1.2,201115%2012P/E=6.5,EPS,PE,PB,11,12E,13E,14E,11,12E,13E,14E,12E,9.24,1.20,1.19,1.38,1.51,7.6,7.8,6.7,6.1,1.2,10,10.4018.04,1.471.32,1.833.23,2.033.18,2.333.56,6.27.4,5.75.6,5.15.7,4.55.1,1.11.3,11.520,1,2012,11,2013,1,21,2,2012,12,. 2012-11-26,.
3、 2012-12-20,12,1,2013,10%,2013,1,. 1. 1. 2. 3. 3. 4. 5. 5. 6. 7. 8. 9. 9. 9. 9,1,2,3,4,5,6,7,8,9,10,11,12,13,2,3,4,8,9,2013,1,. 1. 1. 2. 2. 2. 2. 3. 3. 3. 3. 4. 4. 9,1 2012,12,-2013,1,. 5,. 6. 6. 6,5 201367,1,120132013,. 7. 8. 8,.10.10,11-01,11-05,11-09,12-01,12-05,12-09,2013,1,12,1.58,2012,12,1.2,2
4、011,12,4534,12,2012,12,4534,11,696,2011,12,2802,6000,2012,8.2,11,8.2-8.5,115000,9,19%-2010-2011,12,-1772013,25%2120%,1910,1000050000,-2012,80%40%0%-40%,1,3,5,7,9,11,WIND,WIND,12,1257,900,475,804,32%861217,1300,12,42%,10/11,857,1661,1,35%/43%,5000-6000,121,12,1,10,11,12,1,2,3,4,5,6,7,8,9,1,2,3,4,5,6,
5、7,8,9,10,11,12,314,129,2013,1,3,1500,12,15,4,200%150%100%50%0%-50%,(,2,)5,0004,5004,0003,5003,0002,5002,0001,5001,0005000,3201600,103,143,228,143,175,-2010-2011-2012170145,111,139,09-02,10-02,11-02,12-02,12,1.58,0.15,M2,5,13.8%,1.19,1.01,2011,6,1580,1.11,40,00030,00020,00010,000,29,53316,094,12,220,
6、-2010-2011-201228,64016,5165,043,15,7824,738,40,00030,00020,00010,0000-10,000,0-10,000,-8,064 -4,656,-5,073,-2,773,-20,000-30,0002011,1,7,2012,1,7,122011,2011,2013,2,2013,1,7,-2011,-2012,8,50000(5000)(10000)(15000),1,4,7,10,200,000180,000160,000140,000120,000100,00080,00060,00040,00020,000-,/11-0111
7、-0411-0711-1012-0112-0412-0712-10,80%70%60%50%40%30%20%10%0%,6,10-11,12,12,134612,2012,NDF,1245689,9,10,6000500040003000200010000-1000-2000,134610-01 10-07 11-01 11-07 12-01 12-07,500040003000200010000(1000),256023361 3,2591 28161134-4 -1955 7,-2011-2012 4528458525625655419 11,12,1.63,035,0.5,2012,1
8、2,28%,2008,471920123,1,2013,1,11,12,100%90%80%70%60%50%40%30%20%10%0%,1.00.80.60.40.20.0,11M12-29%579%211% 77%,12M1242% 37%,-61% 14%,11N,12N 11M1212M12,1212,1,IPO,3,4,2013,2013,1,1,2700,2012,12,1,11-12,1257,1,23,13%,2013,8.5,12,CPI,2013,1126000148000-10000,30-35%,1200-1500,4,1,2013,1,1.5-2,5000-1000
9、0,1,2012,12,-2013,112,2013,ROE8.5,PB,1.3,3412341234,201320132013,23 250.6-0.8%,70%561,2,600,0.2%,600,3452013,10%,2013,2.45%-2.5%,2012,10-15BP,2013,2012,6 7,2013,2013,5-10BP,2013,2013,2.47%,20129.4%,2.61%,5,2013,1,22009,BP,2013H1,2009216BP,201356BP,7.2%10.6%7.5%10.4%,3.65.33.75.2,8.4%8.2%3.5%3.6%,4.7
10、4.61.92.0,8.39.95.77.2,58727052,15191813,7.3%10.1%,3.65.0,53105,1427,3.1%7.8%7.2%4.5%,1.53.93.62.2,3.0%5.9%9.5%6.9%,1.73.35.33.9,3.27.28.96.1,47558847,12142312,9.1%,4.6,60,16,4.9%3.5%6.0%,2.41.83.0,2.3%10.8%14.9%,1.36.18.4,3.87.811.3,594966,151317,2012H,2012,3,201320133,2012H,2013,5%29%0%2%9%-20%0%,
11、49%68%-7%57%61%16%34%,65%26%-21%78%50%81%46%,14%36%-1%7%23%-14%5%,10%15%5%10%25%15%12%,20132013,1.2% 2012,0.95%,20124,2012,0.47%,0.40%,0.45%,0.50%,0.55%,0.60%,0200400,249%255%261%,253%259%265%,257%263%270%,262%268%275%,266%272%279%,6,2013,1,0.40%,0.45%,0.50%,0.55%,0.60%,600800,267%274%,272%279%,277%
12、285%,282%290%,287%295%,2012,15%,0.96% 2013,13%,70%,1.1%,2012,10%,289%,1,4.4%,1%,9,5.4%,3A,9,2,1,8%-10%,3.3%,1,2.4%,90BP,2005,59BP,1,5%20%,5-10BP,2-4,201325BP,2013,1,1,5-10BP2-4,5,2013,1,1,3,3-12,2013,1,1,25BP,2013,BP,37%29%55%47%,61%69%45%50%,50%51%53%42%,-7.8-7.0-10.6-8.0,46%53%,76%44%32%68%64%21%1
13、3%,23%55%66%88%29%34%78%80%,38%33%38%38%32%48%38%42%,-11.4-6.7-5.7-3.6-9.4-10.9-4.3-3.4,20130.51,2,2013/2014,3,7,2013,1,20132012,6,2013,2013,7.8%,8.8%5.5%9.3%7.9%9.3%11.5%10.9%11.1%15.7%11.2%10.3%19.6%20.1%9.6%9.4%,6.0%6.0%8.0%5.0%5.0%10.0%13.0%18.0%12.0%15.0%12.0%12.0%20.0%15.0%7.9%,7.9%5.2%10.1%3.
14、3%7.2%7.6%13.2%10.9%11.7%11.2%9.0%17.5%13.3%9.0%8.2%,25%26%35%30%23%33%33%32%28%44%39%17%30%33%29%,0.40%0.30%0.58%0.35%0.45%0.40%0.60%0.40%0.35%0.60%0.50%0.40%0.55%0.40%0.43%,652542466408173126106897529384011.611.42,960,6.3%5.1%7.2%6.2%9.0%8.5%13.5%12.0%9.2%23.6%7.7%17.6%11.8%10.2%7.8%,2013,2013,9.6
15、%,8%-10%,10%-20%,7,2013,2012Q32.57%2.75%2.76%2.13%2.48%2.99%3.15%2.49%2.71%2.59%2.44%2.34%2.52%3.04%2.61%,2012Q30.87%1.00%1.34%0.93%0.87%0.59%0.72%0.58%0.70%0.85%0.80%0.57%0.78%0.75%0.91%,2012Q30.40%0.40%0.71%0.27%0.51%0.40%0.67%0.42%0.45%0.57%0.45%0.66%0.78%0.49%0.47%,2013E2.45%2.56%2.64%2.07%2.32%
16、2.73%2.88%2.30%2.47%2.42%2.20%2.27%2.29%2.71%2.47%,2013E0.95%1.10%1.40%1.00%0.96%0.65%0.80%0.70%0.75%0.90%0.90%0.63%0.85%0.90%0.99%,2013E0.45%0.45%0.68%0.30%0.50%0.45%0.75%0.40%0.45%0.62%0.48%0.60%0.65%0.50%0.49%,2013E8.2%8.1%11.0%8.3%10.1%10.3%14.0%12.2%9.0%11.1%12.1%16.0%14.8%11.5%9.6%,8,2013,1,4.
17、98%,29,16,300,1,3,2,30,2012,10,13,2013,1,21,40%,30%20%,23%,15%,10%,8%,5%,5%,3%,3%,3%,1%,1%,0%,-10%,-1%,-1%,-1%,300Wind20121,8%,4%2,11%,-3%,3,9,(,),(,),(,),(,),(,),(,),(,),2013,1,1,2,4,2012,3,2013,8,1.2,PB,2013,PB,1,11,EPS12E,13E,14E,11,PE12E,13E,14E,PB,12E,9.2410.4018.04,1.201.471.32,1.191.833.23,1.
18、382.033.18,1.512.333.56,7.66.27.4,7.85.75.6,6.75.15.7,6.14.55.1,1.21.11.3,1011.520,9,2013,1,21,2011PE,2012EPE,2013EPE,2014EPE,2011PB,2012EPB,2013EPB,2014EPB,A,H,H,2013E PB,(,),-,7.76.77.98.7,6.56.16.37.6,6.15.66.26.7,5.55.25.65.9,1.421.341.451.45,1.211.161.211.26,1.051.031.051.10,0.920.910.910.96,6%
19、5%4%,1.151.141.15,7.16.87.36.3,6.36.26.05.7,5.85.85.45.3,5.35.44.94.9,1.571.431.421.14,1.311.241.221.02,1.141.091.080.91,0.990.970.960.81,14%16%18%3%,1.291.261.280.94,(,),6.18.08.67.6,6.56.56.75.6,5.96.95.95.7,5.46.35.25.1,1.131.731.861.7,1.031.431.511.3,0.921.231.261.1,0.831.081.061.0,3%10%-6%,0.95
20、1.431.18,7.16.88.2,5.75.36.7,5.14.96.1,4.54.35.4,1.301.291.17,1.091.091.03,0.930.920.91,0.790.780.81,(,),9.87.78.79.6,8.37.87.27.8,9.16.76.37.0,8.26.15.56.1,1.381.371.301.67,1.191.181.171.42,1.061.041.031.22,0.950.930.891.06,2011,2012E,2013E,2014E,2011,2012E,2013E,2014E,1,21,H,EPS,EPS,EPS,EPS,BVPS,B
21、VPS,BVPS,BVPS,0.590.680.380.470.821.621.052.361.460.451.322.011.201.091.13,0.670.740.460.520.771.991.343.231.830.581.602.381.191.311.39,0.730.800.510.560.851.861.533.182.030.631.782.171.381.501.55,0.790.860.560.600.932.031.743.562.330.711.982.411.511.731.78,2.683.241.952.594.417.424.8510.767.982.389
22、.2114.316.747.296.49,3.203.742.272.904.869.015.9513.649.522.8210.4916.597.848.087.63,3.694.252.573.245.4110.457.1415.9411.193.3411.8718.608.889.248.84,4.224.782.903.665.9811.928.5018.7113.113.9213.3220.699.9410.6210.17,4.204.622.782.964.9913.579.0118.0410.403.0710.7819.709.249.4810.81,4.785.363.293.
23、045.1514.958.46,10,-,“,”,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 the personal views of each such analyst about the subj
24、ect 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.,601169,1%,“”,/,(,),(1),(2)/20131,300,20%,6,300,5%,20%,2,6300,6300,300300300300300,-10% 5%10%10%-10%
25、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. Securities Business License Numbe
26、r: 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,
