67.76%
[2014] 350
67.76%
...................................................................................1
.........................................................................................................2
.....................................................................................4
...............................4
......................................................................................... 11
.....................................................................12
.........................................................................13
.....................................................................................13
.........................................................................................14
.........................................................................................17
.............................................................29
.........................................................................................31
.........................................................................................32
.............................................................................35
.............................................................37
.................................................................................38
.............................................................................................40
67.76%
1
67.76%
67.76%
[2014] 350
67.76%
2014 3 31
2
67.76%
2014 3 31
2014 3
31 17555.96
43068.28 25512.32
145.32%
67.76% 29183.07
2014 3 31 2015 3 30
3
67.76%
67.76%
[2014] 350
:
:
67.76%
2014 3 31
4
67.76%
6
510700000059847
1994 12 26
259
510700000047992
1991 11 28
5
67.76%
259
510000000080272 6-5
2000 7 31
“
”
765
6
67.76%
510109000057444
2006 2 28
3,000.00
2,850.00 95%
90.00 3%
60.00
2% 2006 2 22
2006 004 2008 9 20
[2008]91 2008 6 30
7
67.76%
3,000.00 3,410.84
3,000.00 3,000.00
2,638.65 5,638.65
5,488.65 97.34% 90.00
1.60% 60.00 1.06%
2008 12 25 2008 022
2011 2 26 2010 12 31
2011 3 17
2011 15 2011 3 20
2010 12 31
XYZH/2010CDA3023-2 2010 12 31
63,176,697.89
56,386,500 1:1 56,386,500
6,790,197.89
2011 8 26 2011 56
2011 8 22
8,000,000.00
XYZH/2011CDA3022
2011 11 4 2011
2011 11 22
8
67.76%
2,613,500
2 2,613,500.00
2,613,500.00
67,000,000.00
2012 4 1 150,000.00
30,000.00 30,000.00
30,000.00 20,000.00
20,000.00 20,000.00
100,000.00 80,000.00 20,000.00
2012 6 27 100,000.00
2012 7 27 2012 4
2012 8 14
2012 42
14,000,000
1 4.2
14,000,000.00 44,800,000.00
81,000,000.00
2013 4 23 80,000.00
50,000.00 30,000.00
2013 5 7 60,000.00
80,000.00
150,000.00 50,000.00
100,000.00
9
67.76%
2013 12 18
50,000.00 15,000.00
15,000.00 15,000.00
15,000.00 20,000.00 30,000.00
10,000.00
2014 3 24 ( 51340119790514****
100,000.00 20,000.00
( 51290319770124**** 40,000.00
20,000.00 20,000.00
30,000.00 20,000.00
( 51290319770124**** 10,000.00
30,000.00
8,100.00
1 54,886,500.00 67.76%
2 900,000.00 1.11%
3 600,000.00 0.74%
4 2,613,500.00 3.23%
5 52 8,000,000.00 9.88%
6 5,000,000.00 6.17%
7 4,500,000.00 5.56%
8 500,000.00 0.62%
9 1,800,000.00 2.22%
10 1,500,000.00 1.85%
11 700,000.00 0.86%
81,000,000.00 100.00%
2
2014 3 31
10
67.76%
315,385,226.59 139,825,615.71
175,559,610.88 36,595,946.29
5,132,190.48
2012 12 31 2013 12 31 2014 3 31
253,718,251.20 336,939,453.18 315,385,226.59
90,124,528.92 166,512,032.78 139,825,615.71
163,593,722.28 170,427,420.40 175,559,610.88
2012 2013 2014 1-3
106,829,191.42 152,315,814.88 36,595,946.29
14,513,878.72 18,990,546.73 5,824,441.94
11,823,648.52 17,363,698.12 5,132,190.48
2014 4 18
2014 5 5
11
67.76%
67.76%
315,385,226.59
139,825,615.71 175,559,610.88
233,265,996.70 82,119,229.89
130,395,615.71 9,430,000.00
7,844.28
24.87%
1 765
A
2
3
2006
765 A
12
67.76%
RFID
2014 3 31
13
67.76%
2014 4
18
1 2013 12 28
2 91 1991
3
12 2005 8 25
4
[2006]274
5 2004 8 28
6 3
2003 12 31
7 378 2003
5 27
8
2006 306 2006 12 31
9 2005 10 27
14
67.76%
10 2010 4 29
11 11 < >
2013 64
12
1 2004 20
2 2004 20
3 [2011]230
4 [2007]189
5 [2007]189
6 [2007]189
7 [2008]217
8 [2008]217
9 [2007]189
10 [2011]227
11 2012 248
12 [2011]230
13
[2003]18
14
[2011]230 2011 12 30
15 1 38 [2006]3
16 33
15
67.76%
17 [2006]18
18 (GB/T50291-1999)
1
2
3
4
1 [2002]394
2
3 2013
2011.11
4 2008 170
5
6
7
8
9
10
11
1 2011 2012 2013
16
67.76%
2 wind
3
17
67.76%
1
1
2
0
18
67.76%
100%
0
1 1.5% 1 2
5% 2 3
15% 3
50%
3
4
19
67.76%
= 1- -
- - 1- r
a
b
c
d. = ;
e. ;
f. r
20
67.76%
r 0 50%
100%
2
1
21
67.76%
=
2 -
22
67.76%
=A/R [1-1/(1+R)N]
A ( = - )
= (1- )
= + + +
R
N ( )
3 -
=
A
= + +
= + 10%+
B
23
67.76%
=
A
1 / 100%
B
= + 100%
=
2 -
24
67.76%
n
Ri
P K
i 1 (1 r ) i
P
Ri i
K
n
i
r
3
3
25
67.76%
1
DCF
2
2014 3 31
26
67.76%
DCF
3
1
E B D 1
E
B
B P Ci 2
P
n
Ri Ri 1
P 3
i 1 (1 r ) i r (1 r ) i
Ri i
r
n
Ci C 1 C 2 4
C1
C2
D
2
27
67.76%
R= + + - 5
= + 6
3
WACC r
r rd wd re we 7
Wd
D
wd 8
(E D)
We
E
we 9
(E D)
re CAPM
re
re rf e (rm rf ) 10
rf
rm
D
e u (1 (1 t ) ) 11
E
28
67.76%
u
t
12
D
(1 (1 t) i
Ei
t 34% K 66% x 13
K K=1
Cov( R X ; R P )
x 14
P
Cov( R X , RP ) :
Di Ei
1 2014 4
2 2014
4
2014 4 20 4 30
29
67.76%
1
2
3
4
5
6
7
8
2014 5 1 2014 5 9
30
67.76%
1
2
3
1
2
3
31
67.76%
1
2
3
4
5
6
7
8
9
2014 3 31
31,538.52 53,621.66
22,083.14 70.02 %
32
67.76%
13,982.56 13,181.01
801.55 5.73%
17,555.96 40,440.65
22,884.69 130.35%
2014 3 31
B C D=C-B E=D/B×100%
1 23,326.60 23,462.50 135.90 0.58
2 8,211.92 30,159.16 21,947.24 267.26
3 - - -
4 - - -
5 - - -
6 2,000.00 17,665.40 15,665.40 783.27
7 - - -
8 5,968.86 11,774.73 5,805.87 97.27
12 - - -
13 - - -
14 - - -
15 - - -
16 - - -
17 127.32 603.28 475.96 373.83
22 115.74 115.74 0.00 0.00
23 - - -
24 31,538.52 53,621.66 22,083.14 70.02
25 13,039.56 13,039.56 - -
26 943.00 141.45 -801.55 -85.00
27 13,982.56 13,181.01 -801.55 -5.73
28 17,555.96 40,440.65 22,884.69 130.35
33
67.76%
22,884.69
1 103.81
2 15,665.40
3 5,782.28
4 475.96
DCF
2014 3 31
2014 3 31 17,555.96
43,068.28 25,512.32 145.32%
1
43,068.28
40440.65 2627.63
6.50%
34
67.76%
1
2
2
43,068.28
67.76% 29183.07
1
765 2948770
0513 -027
35
67.76%
2
765 2851482
DB1300000139054
1
2 2008 4
2012 6
2012
2013 2014 1-3 15%
2014 -2017 15% 2018 25%
2
36
67.76%
3
4
5
6
1
2
3
37
67.76%
2014 3 31 2015 3 30
38
67.76%
1
2
3
4
5
6
7
8
9
40