ConfidentialandProtectedbyCopyrightLaws劥❡ㅷ⥂㺙䎇「ⵌ晜勉岁⥂䫡 侨㶶絑崸Ⰼ兞涯淼⛼Ꜿ遤餒㺢盗椚眜每日免费获取报告 1、每日微信群内分享7+最新重磅报告； 2、每日分享当日华尔街日报、金融时报； 3、每周分享经济学人 4、行研报告均为公开版，权利归原作者 所有，起点财经仅分发做内部学习。 扫一扫二维码 关注公号 回复：研究报告 加入“起点财经”微信群。。 2慨〄猰䪮♸⴯倝崞⸂➃㖲〳佅ꂁ佐Ⰶ㟞⸈餒㺢盗椚倝傞➿䒓゗Ⰼ字鵳Ⰶ椚餒傞➿ꥥ满➃㖲〳佅ꂁ佐Ⰶ涸㟞⸈餒㺢盗椚湡叻㹐纈鵳♧姿的㣐կ餴盗倝錞〄䋒た椚餒❡ㅷ錞垷剎♧䏞ⴀ梡♴徾鶺韌ꥥ满遤⚌倝錞衅㖑ぐ㹻Ꜿ遤鸑鵂䲀⸓椚餒⚌⸉鲮㘗鷶幯饥ⴀ꣊꫁劍կ㖈椚餒錞垷♶倗的㣐⻊涸ず傞넞ⲙ⧩❡ㅷ涸⽑嫱⛲㖈䲿넞椚餒⚌⸉錞薴⻊鲮㘗佪卓僈儑䧮㕂㾀字⚡➃餒㺢絕匬姻鷶姿㢴⯋⻊㛇ꆄㄤ肅牰涸⽑嫱䭯絯䲿⼮㹐䨪㼆餴❡ꂁ縨ㄤ⚁⚌䫏곥涸꨽宠♸傈⥡㟞կ 侨䰘勻彂㕂㹻絡雦㽷僒錜ⴔ區侮椚 25974282283073332189351287.36.55.82.18.1 0123456789 0500010000150002000025000300003500040000 20172018201920202021Ⰼ㕂㾀字➃㖲〳佅ꂁ佐Ⰶ⿺Ⱖ㟞Ɤ鸟䏞Ⰼ㕂㾀字➃㖲〳佅ꂁ佐Ⰶ⯋嫱♳䎃㹊꣢㟞Ɤ% 侨䰘勻彂Ꜿ遤⚌椚餒涬雵䩯盗⚥䗱瘝僒錜ⴔ區侮椚 36%37%38%38%36%19%21%23%26%32%42%38%34%30%26%3%4%5%6%6% 0%10%20%30%40%50%60%70%80%90%100% 20172018201920202021Ꜿ遤椚餒ծⰖ⹫㛇ꆄծ⥌䩯ծ⥂ꤗ餴盗錞垷馋⸷Ꜿ遤椚餒Ⱆ⹫㛇ꆄ⥌䩯⥂ꤗ餴盗3慨〄猰䪮♸⴯倝崞⸂餒㺢盗椚䋑㖞旘〄䒭㟞ꟋꜾ遤⽑䰘餒㺢盗椚䋑㖞⚺銳㖑⡙㖈꨽宠♸⣘䎾旘〄䒭㟞Ɤ涸䞔ⲃ♴餒㺢盗椚䋑㖞鵓勻랕ꆄ〄㾝劍կ劼匬⛓ꢂ涸畊✰呔㽷鵳♧姿⳼儑Ꜿ遤⳪⦶緸挿銻渷꬗刿䎛ծ넞ⲙ⧩㹐䨪鳅㢴涸⠏⸷⽑䰘餒㺢盗椚䋑㖞ꅾ銳㖑⡙կꥥ满Ⱖ➭劼匬♶倗⟄⴯倝剪⸉垷䒭⿬♸ⵌ餒㺢盗椚畊✰呔㽷务套㉁ㄤ㛇ꆄꝈ㈒劼匬ッ梡♳⼮馋⸷䋑㖞䫟㣫䧶傈幯慨捘կ姼㢪✽翫緸⟱⚌⳪⦶崨ꆀ⠏⸷䫟⽑⠛絡劼匬䋑㖞⟧괄կ 侨䰘勻彂⚥㕂霆ⵚ䫏餴㛇ꆄ⚌⼸⠔僒錜ⴔ區侮椚䱗ぜ劼匬ぜ獦肅牰+幊ざⰖ⹫㛇ꆄ⥂剣錞垷➉⯋ꬋ餗䋏䋑㖞Ⱆ⹫㛇ꆄ⥂剣錞垷➉⯋1䬸㉁Ꜿ遤肅⟧剣ꣳⰖ぀679875962赦赥匆䊜㛇ꆄꝈ㈒剣ꣳⰖ぀6142119713♳嵳㣔㣔㛇ꆄꝈ㈒剣ꣳⰖ぀463961754⚥㕂䊨㉁Ꜿ遤肅⟧剣ꣳⰖ぀458551405⚥㕂䒊霃Ꜿ遤肅⟧剣ꣳⰖ぀343739266⚥㕂Ꜿ遤肅⟧剣ꣳⰖ぀280243967❜鸑Ꜿ遤肅⟧剣ꣳⰖ぀240726348⚥㕂ⱚ⚌Ꜿ遤肅⟧剣ꣳⰖ぀190719729⚥㕂字欰Ꜿ遤肅⟧剣ꣳⰖ぀1434149310♳嵳嵙⚎〄㾝Ꜿ遤肅⟧剣ꣳⰖ぀142714642022Q1㛇ꆄꝈ㈒劼匬Ⱆ⹫㛇ꆄꝈ㈒⥂剣錞垷 侨䰘勻彂⚥㕂霆ⵚ䫏餴㛇ꆄ⚌⼸⠔僒錜ⴔ區侮椚 198610.4373148.18521492.66551375.59514515.28522251.8589873.35678661.12 020000400006000080000100000120000140000160000180000 0100000200000300000400000500000600000700000800000 20142015201620172018201920202021餴❡盗椚⚌⸉䚪⡤㶸ꆀ❡ㅷ錞垷➉⯋❡ㅷ侨ꆀ〫4慨〄猰䪮♸⴯倝崞⸂餒㺢盗椚鲮㘗䧭Ꜿ遤Ⱒ岤倰ぢ㛇ꆄծ椚餒➿Ꝉ䌄⸓ꬋ䜂佐Ⰶ㟞ꟋꜾ遤⳪⦶緸挿銻渷꬗刿䎛ծ넞ⲙ⧩㹐䨪鳅㢴涸⠏⸷⽑䰘餒㺢䋑㖞ꅾ銳㖑⡙կꥥ满餴盗倝錞涸衅㖑Ꜿ遤紹紹䋒㽷椚餒㶩Ⱆ぀㢴㹻Ꜿ遤㼜餒㺢盗椚烁用⚹鲮㘗倰ぢ㛇ꆄծ椚餒➿Ꝉ掚䌄⸓ꬋ䜂佐Ⰶ㟞Ɤկ䰘Ꜿ遤⚌椚餒涬雵䩯盗务䗱➢椚餒❡ㅷ㶸絯錞垷勻溏椚餒Ⱆ぀⚹ꅾ銳劼匬碫㘗椚餒䋑㖞䊺ッ梡ⴀ⟄椚餒Ⱆ぀⚹⚺ծꜾ遤劼匬⚹鳇涸呔㽷կ 侨䰘勻彂♳䋑Ꜿ遤餒䫣僒錜ⴔ區侮椚 2520.821419.281804.172188.261076.97493.86.90%25.70%20.59%21.60%15.97%50.44%0.00%10.00%20.00%30.00%40.00%50.00%60.00% 050010001500200025003000 䊨㉁Ꜿ遤ⱚ⚌Ꜿ遤务㕂Ꜿ遤䒊霃Ꜿ遤❜鸑Ꜿ遤齱⪰Ꜿ遤2021䎃㕂剣遤ꬋⵄ䜂佐Ⰶꬋⵄ䜂佐Ⰶ➉ず嫱㟞Ɤ 290030 18215 51721 36158 11175 171937 824 12.14%-69.49%-35.19%-11.16%2.52%157.72%7.93%-100%-50%0%50%100%150%200% 050000100000150000200000250000300000350000 Ⰼ䋑㖞䚪ꆀ㣐㘗Ꜿ遤肅⟧ⵖꜾ遤㙹㉁遤ⱚ勠ꆄ輑劼匬椚餒Ⱆ぀Ⱖ➭劼匬2021䎃㶸絯椚餒❡ㅷ錞垷⿺ず嫱」⻊㶸絯❡ㅷ錞垷➉⯋㶸絯錞垷ず嫱 侨䰘勻彂Ꜿ遤⚌椚餒涬雵䩯盗⚥䗱僒錜ⴔ區侮椚 5慨〄猰䪮♸⴯倝崞⸂Ꜿ遤椚餒⚌⸉鲮㘗珘姿䲀鵳餴盗⚌⸉Ⰼ꬗㔐䔱劥彂2018䎃4剢շⰢ✵錞薴ꆄ輑劼匬餴❡盗椚⚌⸉涸䭷㼋䠑錛ո姻䒭ⴀ〵餴盗곭㚖佖ꬠ䎸䍋䬘䒓կ餴盗倝錞⢪ꆄ輑盗椚鿈꡶䭯絯䲀⸓ず碫餴盗❡ㅷ絡♧叻ⲥ餴盗⚌⸉Ⰼ꬗㔐䔱劥彂կ䰘Ꜿ遤⚌椚餒涬雵䩯盗务䗱Ꜿ遤劼匬涸椚餒⚌⸉䭽撑港盗㼋ぢ剣䎸䲀鵳Ꜿ遤椚餒❡ㅷ絕匬♶倗⠏⻊䫏餴餴❡叻ⲥ⻊玐䏞䲿⼮椚餒❡ㅷ䅺㤛䫏餴鷶姿Ⲹ㼱կ 侨䰘勻彂Ꜿ遤⚌椚餒涬雵䩯盗⚥䗱僒錜ⴔ區侮椚1.825.173.621.120.08612116150 17020406080100120140160 0123456 㣐㘗Ꜿ遤肅⟧ⵖꜾ遤㙹㉁遤ⱚ勠ꆄ輑劼匬㢪餴Ꜿ遤椚餒䋑㖞Ꜿ遤劼匬侨ꆀ⿺⡮괄⡮괄♰➉⯋侨ꆀ㹻 劼匬碫㘗䋑㖞⟧괄⽑嫱ず嫱」⻊涰ⴔ挿㣐㘗Ꜿ遤15.41%-15.7%肅⟧ⵖꜾ遤43.78%2.20㙹㉁遤30.65%9.44ⱚ勠ꆄ輑劼匬9.48%3.80㢪餴Ꜿ遤0.68%0.26椚餒䋑㖞Ꜿ遤劼匬䋑㖞⟧괄⽑嫱⿺ず嫱」⻊ 6慨〄猰䪮♸⴯倝崞⸂Ꜿ遤椚餒Ⰼ꬗ⲙ⧩⻊椚餒㶩Ⱆ぀䋒㽷⸈鸟荛2021䎃劣餴盗鵂庋劍佐㸽Ꜿ遤劼匬椚餒⚌⸉鲮㘗珘姿䲀鵳Ꜿ遤椚餒鵳ⰆⰌ꬗ⲙ⧩⻊꣌媯կ㣐㘗Ꜿ遤ㄤ肅⟧ⵖꜾ遤紹紹霃用Ꜿ遤椚餒㶩Ⱆ぀䔲⵸椚餒Ⱆ぀䊺䧭⚹餴盗곭㚖ꅾ銳涸倝欰⸂ꆀ椚餒Ⱆ぀㖈佟瘻䲀⸓♴䘯鸟〄㾝կ 侨䰘勻彂♳䋑Ꜿ遤餒䫣僒錜ⴔ區侮椚 2780021883202181823217100122461067733223271306716781219050001000015000200002500030000 䬸Ꜿ椚餒䒊⥌椚餒䊨Ꜿ椚餒ⱚꜾ椚餒务Ꜿ椚餒❜Ꜿ椚餒⯕㣐椚餒㸌Ꜿ椚餒⽂Ꜿ椚餒匆Ꜿ椚餒ꫬꜾ椚餒庂ⱚ㉁椚餒2021䎃鿈ⴔ椚餒㶩Ⱆ぀椚餒❡ㅷ盗椚錞垷椚餒❡ㅷ盗椚錞垷➉⯋Ⱆ぀ぜ獦䒓⚌傞ꢂⰖ぀ぜ獦䒓⚌傞ꢂ䒊⥌椚餒2019.5蔼Ꜿ椚餒2020.8䊨Ꜿ椚餒2019.5䎂㸝椚餒2020.8❜Ꜿ椚餒2019.6⼶㢙椚餒2020.9务Ꜿ椚餒2019.7ꫬꜾ椚餒2020.9ⱚꜾ椚餒2019.7宨⼶椚餒2020.9⯕㣐椚餒2019.9餍蜟䗞䒊⥌椚餒2021.5䬸Ꜿ椚餒2019.11䎛Ꜿ椚餒2021.12务齱椚餒2019.12嵙Ꜿ椚餒2022.1ⰣꜾ椚餒2019.12♳Ꜿ椚餒2022.3匆Ꜿ椚餒2019.12倶縄䗞❜Ꜿ椚餒2022.3㸌Ꜿ椚餒2019.12字欰椚餒兽劢䒓⚌䗩Ꜿ椚餒2020.4庒Ꜿ椚餒兽劢䒓⚌庂ⱚ㉁椚餒2020.6䛎⚪椚餒兽劢䒓⚌⥌Ꜿ椚餒2020.7넞渿䊨Ꜿ椚餒兽劢䒓⚌⽂Ꜿ椚餒2020.8 䊺蜦䪠皂䒊涸椚餒㶩Ⱆ぀ぜ⽀ 侨䰘勻彂Ꜿ⥂港⠔僒錜ⴔ區侮椚7慨〄猰䪮♸⴯倝崞⸂椚餒㶩Ⱆ぀珘⨴〄㾝❡ㅷ錞垷䎂珘㟞Ɤ䒓佞䒭❡ㅷծ㔿㹁佐渤碫❡ㅷ➠⽑⚺崨䰘Ꜿ遤⚌椚餒涬雵䩯盗务䗱䫪ꪪ涸侨䰘2020䎃椚餒Ⱆ぀椚餒❡ㅷ㶸絯ꆄ괄6.67♰➉⯋⽑Ⰼ䋑㖞嫱⢾鴪25.79%2021䎃椚餒❡ㅷ㶸絯ꆄ괄17.19♰➉⯋㶸絯ꆄ괄ず嫱㟞Ɤ157.72%կ➢❡ㅷ䫏餴䚍餘勻溏椚餒Ⱆ぀㔿㹁佐渤碫❡ㅷ錞垷⽑嫱92.62%➢❡ㅷ鵘⡲垷䒭勻溏䒓佞䒭❡ㅷ⽑嫱81.09%կ䒓佞䒭❡ㅷծ㔿㹁佐渤碫❡ㅷ➠⚹⚺銳❡ㅷ碫㘗կ 侨䰘勻彂Ꜿ遤⚌椚餒涬雵䩯盗⚥䗱僒錜ⴔ區侮椚椚餒Ⱆ぀❡ㅷ㶸絯䞔ⲃ⽀⡙♰➉⯋ 䒓佞䒭❡ㅷ, 81.09%㼓꡻䒭❡ㅷ, 18.91%䒓佞䒭❡ㅷ㼓꡻䒭❡ㅷ㔿㹁佐渤碫, 92.62%幊ざ碫, 7.21%勉渤碫, 0.17%㉁ㅷ⿺ꆄ輑遥欰ㅷ碫, 0%㔿㹁佐渤碫幊ざ碫勉渤碫㉁ㅷ⿺ꆄ輑遥欰ㅷ碫䭽䫏餴䚍餘 䭽鵘⡲垷䒭