1、 021-68761690 S1010510120059 021-68761700 S1010510120016 0755-23835392 S1010511040003 2012 7 13.1% 12.2% 0.6 0.1pct 18.4% 1.8pct 1-7 14.2% 11.3% 1-6 0.2 0.1pct 17% 1-6 0.1pct 7 2012 7 18.4% 3 1-7 17% 1-6 7 7 50 7.04% 14.7 5.5pct 7 1. 2011 7 2. 1 2011 4 -2012 7 50 7.04% 18.4% 0% 5% 10% 15% 20% 25%
2、 30% 35% 4 5 6 7 8 9 10 11 12 1-2 3 4 5 6 7 50 Wind 2011 2012 7 2012-07-27 7 7 2012 8 10 2012 7 2012 7 2012 8 10 1 7 2012 7 RPI 3.1% 1.3% 6 0.1pct 7 50 7 7.04% 5% 2% 2 2008-201207 RPI 3.1% 1.3% -4 -2 0 2 4 6 8 0801 0803 0805 0807 0809 0811 0901 0903 0905 0907 0909 0911 1001 1003 1005 1007 1009 1011
3、1101 1103 1105 1107 1109 1111 1201 1203 1205 1207 % Wind 2012 14.6% 19.6% 2012 19% 2011 5 3 6 50 -3% 4% -5% 4% 13% 5.8% 6.3% 14% 6% 1% -4% 5% -3% -10% -5% 0% 5% 10% 15% 4 5 6 7 8 9 10 11 1-2 3 4 5 6 4 6 50 24% 11% 3% 4% 6% 23% 21% 27% 7% 9% 21%21% 15% 0% 5% 10% 15% 20% 25% 30% 4 5 6 7 8 9 10 11 1-2
4、3 4 5 6 2012 7 2012 8 10 2 5 2004-2012Q2 19.6% 14.6% 0% 5% 10% 15% 20% 25% 30% 2007Q1 2007Q2 2007Q3 2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 Wind 2012 3 2013 3.6 30% ES 2012 5 17%-18% 8 2012 2012/13/14 ESP 0.
5、28/0.37/0.46 6 2012 40% 1. 2. 8 2013 15% 2013 20% 25% 2011 2012/2013 PE 22/17 2012/13/14 EPS 1.13/1.49/1.92 2013 25%+ 20% 2013 7 30% 7 1. 2012 2. 2012 2012 2012 7 2012 8 10 3 1 2012 7 2012-07-27 2 2012 2012-06-27 3 2012 5 2012-05-21 4 2012 4 2012-04-27 5 2012 3 2012-03-26 6 2012 2 2012-02-23 7 2012
6、1 2012-01-19 8 2012 2011-12-07 Analyst Certification i ii The 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 abou
7、t 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 this research report. / ( ) (1) (2) / / 2012 300 20% 300 5% 20% 300 -10% 5% 300 10% 300 10% 300 -10% 10% 1. 6
8、6 300 2. 6 300 300 10% 48 100125 1568 22 200122 8 518048 1 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 Regulatory Commission. Securities Bu
9、siness License Number: Z20374000). This report is being distributed in the United States by CITIC Securities pursuant to Rule 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
