1、1,2013,3,4,010-60838155,3.07%,300,2.78%,3.05%,,S1010510120051,5.05% 6.45% 6.37% 4.37% 6.43%3D,6.54%,1.64%,010-60838593,1.13% 1.29% -1.41%2.85%,1.40%,3.59%,S1010510120036,1 2013,1,8704,23%,548,163319%,30% 2 2013351,021-,17% 3,+,4,1,S1010513020001,520%,6,3,1,2,0755-S1010512080011,3D,EPS,PE,11,12E,13E,
2、14E,11,12E,13E,14E,9.3611.7812.204.75,1.051.131.640.29,1.020.831.100.32,1.160.971.300.38,1.321.141.520.45,8.910.47.416.4,9.214.211.114.8,8.112.19.412.5,7.110.38.010.6,1.2.,.2012-02-25.2012-02-18,4.7639.5511.6411.10,0.281.030.520.35,0.291.050.460.39,0.351.580.610.52,0.422.210.790.69,17.038.422.431.7,
3、16.437.725.328.5,13.625.019.121.3,11.317.914.716.1,3.4.,.2012-02-04,2013,3,1,.2012-01-28,5.2012-01-216.2012-01-14,II,II,II,3.07%,300,2.78%,3.05%,3D,5.05% 6.45% 6.37% 4.37% 6.43%,6.54%,1.64% 1.13% 1.29% -1.41%,1.40%,1,3.59%,2.85%,3384.457203.54,3392.127232.97,3488.387461.95,3.07%3.59%,300,IIIIIIIII,7
4、203.543306.113757.661979.794779.842296.621307.582080.171656.821637.993462.393792.102330.636214.842887.981398.521398.521374.741374.749364.542596.604599.50838.76,7232.973309.733770.191974.754780.222299.771309.022080.121663.951640.543461.583800.442338.176221.582886.111408.251408.251378.721378.729399.45
5、2607.154603.70838.88,7461.953424.223819.432036.155021.402376.561391.892212.731675.501659.123613.833800.532297.876301.803073.571490.031490.031419.721419.729650.142668.844706.83884.89,3.59%3.57%1.64%2.85%5.05%3.48%6.45%6.37%1.13%1.29%4.37%0.22%-1.41%1.40%6.43%6.54%6.54%3.27%3.27%3.05%2.78%2.33%5.50%,W
6、ind2,300276.SZ600806.SH000890.SZ300165.SZ300024.SZ,13.705.453.9213.6131.66,13.705.443.8314.0631.25,18.386.984.6816.2936.69,18.016.544.6816.2236.26,31.46%20.00%19.39%19.18%14.53%,126.08%37.56%12.57%67.24%21.05%,34.78146.5447.7158.2662.66,5.879.352.078.8321.84,Wind1,3,601313.SH300307.SZ002520.SZ300278
7、.SZ002509.SZ,13.078.4113.5812.8017.03,12.037.7512.4611.8615.25,13.658.5113.5914.1517.79,12.678.1513.0812.2716.10,-3.06%-3.09%-3.68%-4.14%-5.46%,21.99%11.17%11.97%33.39%33.30%,34.4513.636.4414.4925.16,4.391.110.841.874.14,Wind4,CAT US Equity6301 JP Equity7003 JP Equtiy1101 HK EquityBBD US Equity,USDJ
8、PYJPYHKDUSD,91.362,323.00181.001.414.10,91.542350.00169.001.434.04,-0.20%-1.15%7.10%-1.40%1.49%,H,1766 HK EquityBA US EquityLMT US Equity2357 HK Equity,HKDUSDUSDHKD,6.3277.2888.173.51,6.2276.6688.123.55,1.61%0.81%0.06%-1.13%,Bloomberg3D5,EPS,PE,11,12E,13E,14E,11,12E,13E,14E,9.3611.7812.204.754.7639.
9、5511.6411.108.8812.7916.029.8413.33,1.051.131.640.290.281.030.520.350.750.450.441.171.39,1.020.831.100.320.291.050.460.390.770.360.440.360.81,1.160.971.300.380.351.580.610.520.930.540.580.561.11,1.321.141.520.450.422.210.790.691.100.700.690.761.32,8.910.47.416.417.038.422.431.711.828.436.48.49.6,9.2
10、14.211.114.816.437.725.328.511.535.536.427.316.5,8.112.19.412.513.625.019.121.39.523.727.617.612.0,7.110.38.010.611.317.914.716.18.118.323.212.910.1,Wind,2013,3,1,2,6,11EPS,12EPS,13EPS,11P/E,12P/E,13P/E,CAT US Equity6301 JP Equity7003 JP Equtiy1101 HK EquityBBD US Equity,USDJPYJPYHKDCAD,91.362323.00
11、181.001.414.10,7.40155.7716.290.300.48,9.72173.4721.590.310.46,11.52206.5611.650.310.55,12.314.911.14.78.5,9.413.48.44.58.9,7.911.215.54.57.5,H,1766 HK EquityBA US EquityLMT US Equity2357 HK Equity,HKDUSDUSDHKD,6.3277.2888.173.51,0.404.817.850.10,0.404.617.890.13,0.475.688.430.16,15.816.111.235.1,15
12、.816.811.227.0,13.413.610.521.9,Bloomberg,2013,3,1,2013,15%,2012,10%,2013,LNG,12,2011,5-1013,2013,2012,6702.74,2011,11.2%,2013103,GDP2013,2013,1300,650015%,1.03%,52002013,15%20%2012,2012,3,35%,12,7.7%,2013,201220123D,12,2013,20%,20123D,12,3D,3D,4,+,5,1,3,1,3,7,1,3D,2012,1,2013,8704,8704,23%,1,1633,2
13、3%,30%,1,1,548,54819%,19%17%,1,351,http:/ 2012,2013,6,2013-2016,44150.35,27700.19,11656.73,1397.24,EPS-0.05,-0.03,-0.01,-0.001,2012-2014,EPS,1.02/1.16/1.32,1.15/1.31/1.5012.18,9.19201310.5,PE,2012/2013/2014,PE,9.0/7.9/6.9,0001571-2012,6011000001573339HK300257,201301072013011420130121201301287,-,“,”,
14、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 subject securities and issuer
15、s; 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%,2,6300,6300,300300300300300,-10% 5%10%10%-10% 10%10%,48,1568,8,1,100125,22,200122,
16、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 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,
