1-2-1
①
2018 3 9,434,642.54
865,387.16 2015 2016 2017
1.5 2018 8 16
[2018]1337
250
2015 2016 2017
2015 2017 2018 1-3
2018 2017
2017
《 2016 2017 2016
2017
1-2-2
AAA
AAA
》
/ ①
》 ①
“
①
①
》
》 》
》
1-2-3
2015 2016 2017 2018 3
0.26 0.31 0.31 0.37 0.22 0.26 0.26 0.31
2015 2016 2017 2018 3
19,547,996.24 24,468,302.97
24,507,948.18 24,297,885.17 72.98%
73.90% 74.23% 74.31%
“
2015 2016 2017 2018 3
20,378,986.56 27,256,867.19
28,649,006.03 28,824,545.80
。 ①
2015 2016
2017 2018 3 542,273.20
804,600.91 738,541.15 831,151.76
17.01% 16.54% 15.22% 14.94%
①
①
2015 2016 2017 2018 3
1,439,961.12 1,715,763.82 2,183,666.71
2,137,309.73 45.16% 35.26% 44.99%
38.42%
1-2-4
2018 5 3 “2017 ”
24
343
50
220
2018 2018 1-6
824.05 27.85 15.36%
168.56% 2018 6 3,815.83
938.25 0.76% 1.76%
2018 “ 2018
”
1-2-5
.................................................................................................................................................... 1
.................................................................................................................................... 2
.............................................................................................................................. 8
............................................................................................ 8
................................................................................................ 8
.......................................................................................... 11
............................................................................................................ 16
.......................................................................................... 16
.......................................................................... 16
...................................................................................... 18
...................................................................................................... 20
................................................................................................................ 22
...................................................................................................... 22
.................................................................................. 22
.............................................................................................. 25
.................................................................................. 25
.............................................................. 26
.............................................................. 31
.................................................................................. 32
.................................................................................................................... 35
2018 ............................................................................. 38
.................................................................................................................... 40
.......................................................................................... 40
.................................................................................. 40
.......................................... 41
.................................................................................................. 41
...................................................................... 42
............................................................................................................................ 43
1-2-6
.................................................................................................................. 43
.................................................................................................................. 43
1-2-7
2018 5 3 2017
》 24
2018 6 29
2018 8 16 [2018]1337
250
2018
250 250
50 50
5
10
“18 02” “143797” “18
03” “143798”
1-2-8
100
① ①
1
2
3
QFII RQFII 4
1. 1 2000 2. 1
1000 3. 2
. 5 20
500 3 50 2
2
1
6
1-2-9
① 》
》
①
（ （ ①
》
。
2018 9 7
2018 9 10
1
2019 2023 9 10
1
2019 2028 9 10
1
。
2023 9 10 1
2028 9 10 1
。 。
。 。
1-2-
10
。
AAA AAA
AAA
AAA
；
” 6
1-2-
11
” 6
010-63226598
010-63226888
1
66 4
” 2 B E 2
010-85130422
010-65608445
2
38-45
” 9 7
010-60840880
010-57601990
1-2-
12
5 20
5 20
010-85606888
010-85606999
1
2015 2016
2017
1 8
010-85087038
010-85085111
38 508
2 PICC 12
010-85172818
010-85171273
38-45
1-2-
13
” 9 7
010-60840880
010-57601990
。
5
010-84429105
010-84429101
528
）
528
021-68808888
021-68804868
1-2-
14
166
166
3
021-38874800
021-58754185
1-2-
15
AAA
AAA
AAA
AAA
①
①
①
①
1
1-2-
16
1
2
3 ①
。
2
1 ② ①
①
2 2016
①
①
①
①
1-2-
17
》
①
2007 7 16 ① AAA
2013 3 7 ① AAA-
2013 6 26 ① AAA-
2014 4 21
AAA
。 AAA-
AAA
2-1
2018-05-07 AAA
2018-05-07 AAA
2018-04-23 AAA
2017-10-24 AAA
2017-09-14 AAA
2017-06-20 AAA
2017-05-18 AAA
2017-04-27 AAA
2017-01-25 AAA
2016-09-26 AAA
2016-08-01 AAA
2016-06-23 AAA
2016-06-08 AAA
2016-05-31 AAA
2016-05-17 AAA
2016-04-28 AAA
2016-02-18 AAA
1-2-
18
2015-07-22 AAA
2015-05-18 AAA
2015-04-23 AAA
2015-04-20 AAA
2015-03-02 AAA
2014-07-09 AAA
2014-05-08 AAA
2014-04-21 AAA
2014-04-16 AAA
2014-04-14 AAA
2013-10-23 AAA
2013-06-28 AAA
2013-06-26 AAA-
2013-05-13 AAA
2013-03-07 AAA-
2012-11-05 AAA
2012-08-17 AAA
2012-06-29 AAA
2012-06-22 AAA
2012-01-11 AAA
2011-07-21 AAA
2011-07-07 AAA
2011-05-30 AAA
2010-12-15 AAA
2010-10-15 AAA
2010-05-25 AAA
2010-03-16 AAA
2010-02-21 AAA
2009-09-04 AAA
2009-08-27 AAA
2009-05-11 AAA
2009-04-10 AAA
2008-12-08 AAA
2008-06-11 AAA
2008-05-06 AAA
2008-04-29 AAA
2008-04-28 AAA
2008-04-22 AAA
2007-12-20 AAA
2007-10-08 AAA
2007-07-16 AAA
2006-06-21 BBB -
2006-05-17 BBB -
1-2-
19
2005-05-25 BBB+ -
2017
3,646.43
2,418.79 66.33%
2-2
%
“
18 SCP010 2018-08-24 20.00 0.2466 2.80
18 PPN001 2018-07-26 25.00 3 4.68
18 MTN002 2018-07-11 20.00 3 4.41
18 SCP009 2018-06-01 40.00 0.4932 4.05
18 SCP007 2018-05-18 20.00 0.4932 3.98
18 SCP006 2018-05-02 40.00 0.411 4.08
18 MTN001 2018-05-02 30.00 3 4.80
18 SCP005 2018-05-02 25.00 0.4932 4.25
18 01 2018-04-04 15.00 3 4.90
18 SCP004 2018-03-23 40.00 0.4932 4.45
17 01 2017-11-06 23.00 3 4.99
17 Y2 2017-09-25 25.00 5 5.17
17 Y1 2017-09-25 25.00 3 5.05
17 PPN001 2017-07-18 5.00 3 4.75
17 MTN001 2017-07-12 50.00 5 4.69
16 02 2016-06-13 12.00 10 3.98
16 01 2016-06-13 30.00 5 3.48
14 MTN001 2014-07-14 40.00 5 5.30
485.00
1-2-
20
/
/
250 250
（ 330 2018 3
36.93%
1-2-
21
Huaneng Power International,Inc.
15,200,383,440
15,200,383,440
600011.SH 0902.HK
HNP.N
1994 6 30
” 6
” 6
： 100031
010-63226640
010-63226888
91110000625905205U
http://www.hpi.com.cn/
。
。
1-2-
22
2018 3
① 75% ①
25% ① 100%
3-1
100%
25% 75%
10.23%
33.33%
1 100%
25% 25%
2 10.23%
3.11% 0.49%
2018 3
3-1 2018 3
%
33.33 -
26.20 -
10.23 -
1-2-
23
3.47 -
3.11 -
2.74 -
2.72 -
2.45 -
2.38 -
1.98 150,750,000
88.61 -- -- --
1
1985 6 8 4.5
。
2018 3
1988 8 2002 12
200
2016
1.6
500
2016 217
2017 10,396.07 2,195.92
2017 2,607.50 68.98 2018
3 10,428.66 2,210.36 2018 1-3
677.77 19.19
1-2-
24
2018 3
2
2018 3
2018 3
①
3-2
1-2-
25
2017
3-2 2017
“
1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
1-2-
26
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53 ”
54
55
1-2-
27
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
1-2-
28
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
2
113
114
115
116
3
117
118
119
4
120
121
122
123 ”
124
125
126
127
128
129
130
131
132
133
134
135
136
137
1-2-
29
138
5
139
140
141
1
①
2 25%
①
3 10%
①
4
①
5 21%
①
2017
3-3 2017
%
50% 1,200,000,000
2
50% 1,596,000,000
50%3 10,000
50%4 35,000,000
1
49% 1,469,800,000
25.02% 3,964,491,597
1
20% 5,000,000,000
1
40% 1,975,000,000
1
50% 3,000,000,000
30% 4,831,460,000
1
1-2-
30
2 70%
50%
3 80%
50%
4 80%
50%
3-4
2017 2017
1955.08 2008.08.27 0 -
1962.10 2008.08.27 0 -
1965.02 2017.06.13 0 -
1968.08 2014.09.18 0 2.38
1968.09 2012.02.21 0 -
1963.11 2017.06.13 0 -
1963.05 2017.06.13 0 -
1974.10 2014.09.18 0 7.37
1950.09 2016.06.23 0 7.37
1951.08 2017.06.13 0 3.69
1955.09 2017.06.13 0 3.69
1957.02 2017.06.13 0 3.69
2018 6
3-5
2017 2017
1-2-
31
1967.08 2014.09.18 0 -
1975.09 2014.09.18 0 2.38
1964.02 2011.05.17 0 -
1966.06 2006.01.18 0 2.38
1966.03 2016.04.26 0 72.73
1972.11 2016.04.26 0 72.23
3-6
2017
2017
1966.01 2018.07.31 0 - -
1962.09 2012.10.23 0 79.44
1961.10 2018.02.26 0 79.44
1960.05 2012.10.23 0 79.44
1961.09 2012.10.23 0 79.44
2015.03.13
1962.06 0 79.15
， 2018.06.01
1966.07 2016.01.20 0 79.14
1965.08 2017.05.22 0 72.78
“
2015 2016 2017 2018 1-3
12,890,487.25 13,815,029.62 15,245,944.40
4,325,563.46
1-2-
32
3-7
%
2017 2016 ( ) 2015
14,923,163.15 97.88 13,617,064.06 98.57 12,816,581.40 99.43
322,781.24 2.12 197,965.56 1.43 73,905.85 0.57
15,245,944.40 100.00 13,815,029.62 100.00 12,890,487.25 100.00
2015 2016 2017 9,152,126.38
10,807,519.52 13,520,927.18 2017
25.11% ② 2017
225.92 / 34.39%
244.63 194.65
23.76
3-8
%
2017 2016 2015
13,326,664.74 98.56 10,674,883.93 98.77 9,117,875.94 99.63
194,262.44 1.44 132,635.59 1.23 34,250.44 0.37
13,520,927.18 100.00 10,807,519.52 100.00 9,152,126.38 100.00
2015 2016 2017 3,738,360.87
3,007,510.10 1,725,017.22 29.00% 21.77%
11.31% 2015 2016 2017
3,698,705.46 2,942,180.13 1,596,498.41 28.86%
21.61% 10.70%
3-9
%
2017 2016 ( ) 2015
1,596,498.41 10.70 2,942,180.13 21.61 3,698,705.46 28.86
128,518.80 39.82 65,329.97 33.00 39,655.41 53.66
1,725,017.22 11.31 3,007,510.10 21.77 3,738,360.87 29.00
2015 2016 2017
12,784,940.81 13,584,641.37 14,892,544.17
1-2-
33
99.75% 99.76% 99.79% 99%
3-10
%
2017 2016 ( ) 2015
14,892,544.17 99.79 13,584,641.37 99.76 12,784,940.81 99.75
23,235.95 0.16 23,734.68 0.17 21,168.48 0.17
7,383.03 0.05 8,688.02 0.06 10,472.11 0.08
14,923,163.15 100.00 13,617,064.06 100.00 12,816,581.40 100.00
2017
13,925,706.82 997,456.33 9.21% 15.14%
3-11 2017
%
13,925,706.82 12,320,860.06 1,604,846.76 11.52
997,456.33 1,005,804.67 -8,348.34 -0.84
1-2-
34
2015
2016 2017 2016 2017
2018
2017
2017
《 2016 2017
2016
①
4-1
2018 3 /1-3 2016 /
2017 / 2015 /
38,259,188.34 37,869,372.91 37,975,939.61 29,972,972.26
1,599,978.88 936,482.35 1,021,418.47 753,781.26
28,824,545.80 28,649,006.03 27,256,867.19 20,378,986.56
9,434,642.54 9,220,366.88 10,719,072.42 9,593,985.70
4,325,563.46 15,245,944.40 13,815,029.62 12,890,487.25
172,793.57 214,657.20 1,327,467.13 1,754,967.71
936,153.74 2,919,736.26 3,781,416.69 4,236,270.70
-395,014.69 -3,406,040.51 -2,344,022.97 -3,379,806.03
129,147.72 401,317.99 -1,502,265.55 -1,414,065.87
4-2
%
2018 3 2016 /
2017 / 2015 /
/1-3
0.37 0.31 0.31 0.26
1-2-
35
2018 3 2016 /
2017 / 2015 /
/1-3
0.31 0.26 0.26 0.22
75.34 75.65 71.77 67.99
2.00 7.82 8.76 8.60
4.77 17.52 16.05 14.26
1.85 1.32 2.85 3.59
EBITDA 96.98 326.13 448.16 456.40
EBITDA 3.71 3.19 4.82 5.24
1.85 2.15 13.07 18.83
0.45 0.57 3.91 5.84
1 = /
2 = - /
3 = / ×100%
4 = /
5 = /
6 = + 。 / 。 +
。
7 EBITDA= + + + +
+ 。
8 EBITDA = + + +
+ + 。 / 。 +
9 = / ×100%
10 = / ×100%
2015 2016 2017 2018 3
29,972,972.26 37,975,939.61 37,869,372.91
38,259,188.34 20,378,986.56 27,256,867.19
28,649,006.03 28,824,545.80 9,593,985.70
10,719,072.42 9,220,366.88 9,434,642.54
67.99% 71.77% 75.65% 75.34%
2015 2016 2017 2018 1-3
12,890,487.25 13,815,029.62 15,245,944.40 4,325,563.46
1,754,967.71 1,327,467.13 214,657.20
1-2-
36
172,793.57 2015 2016 2017 EBITDA 456.40
448.16 326.13 ① 2015
2016 2017 2018 3 753,781.26
1,021,418.47 936,482.35 1,599,978.88
。、
2015 2016 2017 2018 1-3
4,236,270.70 3,781,416.69 2,919,736.26
936,153.74 -
3,379,806.03 -2,344,022.97 -3,406,040.51 -395,014.69
。
1-2-
37
2018
2018 2018
5-1 2018
2018 6 /1-6 2017 /1-6
38,158,294.58 37,869,372.91
1,626,451.28 936,482.35
28,775,757.26 28,649,006.03
9,382,537.32 9,220,366.88
8,240,491.86 7,143,368.87
278,536.93 103,715.99
1,511,553.04 1,430,201.51
-610,412.31 -2,258,096.44
-209,451.30 1,026,878.47
5-2 2018
%
2018 6 /1-6
0.40
0.33
75.41
3.85
8.76
1.64
EBITDA 183.11
EBITDA 3.41
2.99
0.73
1 = /
2 = - /
3 = / ×100%
4 = /
5 = /
6 = + 。 / 。 +
。
7 EBITDA= + + 。
1-2-
38
8 EBITDA =EBIDTA/ 。
9 = / ×100%
10 = / ×100%
1-2-
39
250
250
50 50
/
/ “
1 2018 2018.09.19 40
2 2018 2018.09.29 40
3 2018.10.16 14
4 2018.10.20 1.5
5 2018 2018.10.29 25
6 2018.11.13 12
7 2018 2018.11.14 20
8 2018.11.21 5
9 2018.11.27 10
10 2018 2018.11.28 40
11 2018.12.07 2
12 2018.12.11 3
13 2018.12.21 1
14 2018.12.21 1
15 2018.12.22 14
228.5
1-2-
40
。 ①
》
①
。
①
①
1-2-
41
①
。
①
。 》
1-2-
42
①
，
2015-2017 2018
2018
2018
” 6
010-63226598
010-63226888
http://www.hpi.com.cn/
1-2-
43
” 2 B 2
010-85130422
010-65608445
http://www.csc108.com/
” 9 7
010-60840880
010-60840886
http://www.newone.com.cn/
1-2-
44