(1) 2021 A
(2)
(3) 2022
2022 H
1 46
2022 2 28 1 30 2 8
H H
116 121
H
8 H
183 17 1712–1716
2022 2 9
...................................................................... ii
................................................................. 1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116
2022 H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119
–i–
A 1.00 A
A 2022 2 28 2022 A
2021
A H
2022 2 28 2022
7,615 A
– ii –
H 1.00
H 2022 2 28 2022 H
2021 A
A
2022 2 4
– iii –
2018
7,700 A
85 A
A A
1998 9
571
– iv –
72
%
–v–
8
8
(1) 2021 A
(2)
(3) 2022
2022 H
2021 12 24
(1) 2021 A (2)
H
–1–
1. A
A
A
I.
148
[2020]178
II.
(i)
B
–2–
(ii)
262
12
12
III.
(i)
A
–3–
(ii)
7,700
770,068.12 1% 7,615
98.90% 0.99% 85 1.10%
0.01%
1%
10%
(iii)
7,700,681,186 (i)
2021 12 31 (ii)
2021 12 31
% %
2.055% 3,664,749,615 47.59 3,664,749,615 47.12
1,718,328,550 22.31 1,718,328,550 22.09
–4–
2021 12 31
% %
2,317,603,021 30.10 2,317,603,021 29.80
– – 77,000,000 1.00%
0.17%
7,700,681,186 100 7,777,681,186 100
IV.
(i)
72
(ii)
60
60
–5–
(a)
(b)
(c)
(d)
60
(iii)
24
–6–
(iv)
24 33%
36
36 33%
48
48 34%
60
(v)
–7–
(a)
25%
(b)
20%
(c)
6 6
(d)
V.
–8–
VI.
(i)
(a)
(1)
(2)
(3)
(4)
(5) 36
(6)
(7)
(b)
(1)
(2)
–9–
(3)
(4)
(5) 12
(6) 12
(7) 12
(8)
(9)
(10)
(ii)
(a)
(1)
(2)
– 10 –
(3)
(4)
(5) 36
(6)
(7)
(b)
(1)
(2)
(3)
(4)
– 11 –
(5) 12
(6) 12
(7) 12
(8)
(9)
(10)
(1)–(4)
– 12 –
(c)
(1)
2022 22%
75 2022
7% 75
2022
EVA EVA
2020 2.5
2023 24%
75 2023
7% 75
2023
EVA EVA
2020 3.5
– 13 –
2024 28%
75 2024
10% 75
2024
EVA EVA
2020 6
1. 2.
= EBITDA EBITDA=
+ + 3.
– 14 –
(2)
SW
21
603878.SH 000717.SZ
600581.SH 000761.SZ
600010.SH 600307.SH
600231.SH 601003.SH
601005.SH 000709.SZ
600569.SH 600282.SH
600022.SH 600782.SH
600126.SH 002110.SZ
000932.SZ 000778.SZ
000898.SZ 000959.SZ
600019.SH
– 15 –
(3)
(d)
2021 A
AAA AA A B C
1.0 0.8 0
– 16 –
(iii)
( ) EVA
– 17 –
VII.
(i)
Q Q0 1 n
Q0 n
Q
Q Q0 P1 1 n P1 P2 n
Q0 P1 P2
n
Q
Q Q0 n
Q0 n
n Q
– 18 –
(ii)
P P0 1 n
P0 n
P
( )
P P0 P1 P2 n [P1 1 n]
P0 P1 P2
n
P
P P0 n
P0 n P
P P0–V
P0 V P
P 1
– 19 –
(iii)
VIII.
(i)
(1)
(2)
(3)
(4)
(5) 36
– 20 –
(6)
(7)
(ii)
1.
2.
(iii)
(iv)
1.
(1)
(2)
– 21 –
2.
3.
4.
5.
(1)
(2)
(3)
– 22 –
(4)
(5)
(6)
(7)
6.
(v)
– 23 –
IX.
(i)
1.
Q Q0 1 n
Q0 n
Q
2.
Q Q0 P1 1 n P1 P2 n
Q0 P1
P2 n
Q
3.
Q Q0 n
Q0 n 1
n Q
– 24 –
4.
(ii)
1.
P P0 (1 n)
P P0 n
2.
P P0 P1 P2 n [P1 (1 n)]
P1 P2 n
3.
P P0 n
P P0 n
1 n
– 25 –
4.
(iii)
2.
(I)
7,700
770,068.12 1% 7,615 98.90%
0.99% 85 1.10%
0.01%
1%
10%
– 26 –
7,700
10% 10%
海
(II)
262
1 85 1.10% 0.01%
2 60 0.78% 0.01%
3 60 0.78% 0.01%
4 60 0.78% 0.01%
5 60 0.78% 0.01%
6 85 1.10% 0.01%
7 60 0.78% 0.01%
8 60 0.78% 0.01%
9 45 0.58% 0.01%
10 45 0.58% 0.01%
11 45 0.58% 0.01%
12 45 0.58% 0.01%
13 28 0.36% 0.004%
14 28 0.36% 0.004%
– 27 –
15 28 0.36% 0.004%
16 39 0.51% 0.01%
17 28 0.36% 0.004%
18 28 0.36% 0.004%
19 28 0.36% 0.004%
20 28 0.36% 0.004%
21 28 0.36% 0.004%
22 28 0.36% 0.004%
23 39 0.51% 0.01%
24 28 0.36% 0.004%
25 39 0.51% 0.01%
26 33 0.43% 0.004%
27 28 0.36% 0.004%
28 39 0.51% 0.01%
29 33 0.43% 0.004%
30 28 0.36% 0.004%
31 39 0.51% 0.01%
32 39 0.51% 0.01%
33 28 0.36% 0.004%
34 28 0.36% 0.004%
35 39 0.51% 0.01%
36 28 0.36% 0.004%
37 28 0.36% 0.004%
38 39 0.51% 0.01%
39 28 0.36% 0.004%
40 28 0.36% 0.004%
41 28 0.36% 0.004%
42 39 0.51% 0.01%
43 28 0.36% 0.004%
44 28 0.36% 0.004%
45 28 0.36% 0.004%
46 28 0.36% 0.004%
– 28 –
47 28 0.36% 0.004%
48 28 0.36% 0.004%
49 28 0.36% 0.004%
50 39 0.51% 0.01%
51 39 0.51% 0.01%
52 28 0.36% 0.004%
53 28 0.36% 0.004%
54 28 0.36% 0.004%
55 28 0.36% 0.004%
56 39 0.51% 0.01%
57 28 0.36% 0.004%
58 28 0.36% 0.004%
59 28 0.36% 0.004%
60 39 0.51% 0.01%
61 39 0.51% 0.01%
62 28 0.36% 0.004%
63 28 0.36% 0.004%
64 28 0.36% 0.004%
65 28 0.36% 0.004%
66 28 0.36% 0.004%
67 39 0.51% 0.01%
68 28 0.36% 0.004%
69 28 0.36% 0.004%
70 39 0.51% 0.01%
71 39 0.51% 0.01%
72 28 0.36% 0.004%
73 28 0.36% 0.004%
74 28 0.36% 0.004%
75 39 0.51% 0.01%
76 28 0.36% 0.004%
77 28 0.36% 0.004%
78 39 0.51% 0.01%
– 29 –
79 28 0.36% 0.004%
80 28 0.36% 0.004%
81 28 0.36% 0.004%
82 39 0.51% 0.01%
83 28 0.36% 0.004%
84 28 0.36% 0.004%
85 28 0.36% 0.004%
86 39 0.51% 0.01%
87 39 0.51% 0.01%
88 28 0.36% 0.004%
89 28 0.36% 0.004%
90 28 0.36% 0.004%
91 28 0.36% 0.004%
92 39 0.51% 0.01%
93 28 0.36% 0.004%
94 28 0.36% 0.004%
95 28 0.36% 0.004%
96 28 0.36% 0.004%
97 28 0.36% 0.004%
98 39 0.51% 0.01%
99 28 0.36% 0.004%
100 28 0.36% 0.004%
101 28 0.36% 0.004%
102 28 0.36% 0.004%
103 39 0.51% 0.01%
104 28 0.36% 0.004%
105 28 0.36% 0.004%
106 28 0.36% 0.004%
107 39 0.51% 0.01%
108 28 0.36% 0.004%
109 28 0.36% 0.004%
110 28 0.36% 0.004%
– 30 –
111 28 0.36% 0.004%
112 28 0.36% 0.004%
113 39 0.51% 0.01%
114 28 0.36% 0.004%
115 28 0.36% 0.004%
116 28 0.36% 0.004%
117 28 0.36% 0.004%
118 39 0.51% 0.01%
119 33 0.43% 0.004%
120 28 0.36% 0.004%
121 28 0.36% 0.004%
122 39 0.51% 0.01%
123 28 0.36% 0.004%
124 28 0.36% 0.004%
125 28 0.36% 0.004%
126 28 0.36% 0.004%
127 28 0.36% 0.004%
128 39 0.51% 0.01%
129 28 0.36% 0.004%
130 28 0.36% 0.004%
131 28 0.36% 0.004%
132 39 0.51% 0.01%
133 39 0.51% 0.01%
134 39 0.51% 0.01%
135 28 0.36% 0.004%
136 28 0.36% 0.004%
137 28 0.36% 0.004%
138 28 0.36% 0.004%
139 28 0.36% 0.004%
140 28 0.36% 0.004%
141 28 0.36% 0.004%
142 28 0.36% 0.004%
– 31 –
143 28 0.36% 0.004%
144 20 0.26% 0.003%
145 28 0.36% 0.004%
146 39 0.51% 0.01%
147 39 0.51% 0.01%
148 39 0.51% 0.01%
149 28 0.36% 0.004%
150 28 0.36% 0.004%
151 28 0.36% 0.004%
152 28 0.36% 0.004%
153 28 0.36% 0.004%
154 28 0.36% 0.004%
155 28 0.36% 0.004%
156 28 0.36% 0.004%
157 28 0.36% 0.004%
158 28 0.36% 0.004%
159 28 0.36% 0.004%
160 39 0.51% 0.01%
161 28 0.36% 0.004%
162 28 0.36% 0.004%
163 28 0.36% 0.004%
164 39 0.51% 0.01%
165 28 0.36% 0.004%
166 28 0.36% 0.004%
167 39 0.51% 0.01%
168 28 0.36% 0.004%
169 28 0.36% 0.004%
170 28 0.36% 0.004%
171 28 0.36% 0.004%
172 39 0.51% 0.01%
173 39 0.51% 0.01%
174 28 0.36% 0.004%
– 32 –
175 22 0.29% 0.003%
176 22 0.29% 0.003%
177 22 0.29% 0.003%
178 22 0.29% 0.003%
179 22 0.29% 0.003%
180 22 0.29% 0.003%
181 22 0.29% 0.003%
182 22 0.29% 0.003%
183 22 0.29% 0.003%
184 22 0.29% 0.003%
185 22 0.29% 0.003%
186 22 0.29% 0.003%
187 22 0.29% 0.003%
188 22 0.29% 0.003%
189 22 0.29% 0.003%
190 22 0.29% 0.003%
191 22 0.29% 0.003%
192 22 0.29% 0.003%
193 22 0.29% 0.003%
194 22 0.29% 0.003%
195 22 0.29% 0.003%
196 22 0.29% 0.003%
197 22 0.29% 0.003%
198 22 0.29% 0.003%
199 22 0.29% 0.003%
200 22 0.29% 0.003%
201 22 0.29% 0.003%
202 22 0.29% 0.003%
203 22 0.29% 0.003%
204 22 0.29% 0.003%
205 22 0.29% 0.003%
206 22 0.29% 0.003%
– 33 –
207 22 0.29% 0.003%
208 22 0.29% 0.003%
209 22 0.29% 0.003%
210 22 0.29% 0.003%
211 22 0.29% 0.003%
212 22 0.29% 0.003%
213 22 0.29% 0.003%
214 22 0.29% 0.003%
215 22 0.29% 0.003%
216 22 0.29% 0.003%
217 22 0.29% 0.003%
218 22 0.29% 0.003%
219 22 0.29% 0.003%
220 22 0.29% 0.003%
221 22 0.29% 0.003%
222 22 0.29% 0.003%
223 22 0.29% 0.003%
224 22 0.29% 0.003%
225 22 0.29% 0.003%
226 22 0.29% 0.003%
227 22 0.29% 0.003%
228 22 0.29% 0.003%
229 22 0.29% 0.003%
230 22 0.29% 0.003%
231 22 0.29% 0.003%
232 22 0.29% 0.003%
233 22 0.29% 0.003%
234 22 0.29% 0.003%
235 22 0.29% 0.003%
236 22 0.29% 0.003%
237 22 0.29% 0.003%
238 22 0.29% 0.003%
– 34 –
239 22 0.29% 0.003%
240 22 0.29% 0.003%
241 22 0.29% 0.003%
242 22 0.29% 0.003%
243 22 0.29% 0.003%
244 22 0.29% 0.003%
245 22 0.29% 0.003%
246 22 0.29% 0.003%
247 20 0.26% 0.003%
248 20 0.26% 0.003%
249 20 0.26% 0.003%
250 20 0.26% 0.003%
251 20 0.26% 0.003%
252 20 0.26% 0.003%
253 20 0.26% 0.003%
254 20 0.26% 0.003%
255 20 0.26% 0.003%
256 20 0.26% 0.003%
257 20 0.26% 0.003%
258 20 0.26% 0.003%
259 20 0.26% 0.003%
260 20 0.26% 0.003%
261 20 0.26% 0.003%
262 20 0.26% 0.003%
85 1.10% 0.01%
* 7,693 99.91% 1.00%
* 77,000,000
– 35 –
1
5%
2
85 1.10% 0.011%
60 0.78% 0.008%
60 0.78% 0.008%
60 0.78% 0.008%
60 0.78% 0.008%
45 0.58% 0.006%
33 0.43% 0.004%
39 0.51% 0.005%
28 0.36% 0.004%
28 0.36% 0.004%
39 0.51% 0.005%
39 0.51% 0.005%
28 0.36% 0.004%
28 0.36% 0.004%
28 0.36% 0.004%
39 0.51% 0.005%
28 0.36% 0.004%
39 0.51% 0.005%
– 36 –
39 0.51% 0.005%
28 0.36% 0.004%
39 0.51% 0.005%
28 0.36% 0.004%
28 0.36% 0.004%
39 0.51% 0.005%
39 0.51% 0.005%
39 0.51% 0.005%
28 0.36% 0.004%
28 0.36% 0.004%
28 0.36% 0.004%
20 0.26% 0.003%
39 0.51% 0.005%
39 0.51% 0.005%
22 0.29% 0.003%
22 0.29% 0.003%
1,271 16.51% 0.17%
1. A II.
(ii)
12
– 37 –
(III)
60
60
(a)
(b)
(c)
(d)
60
– 38 –
(IV)
2.29
2.29
A 60%
(i) A
(ii) 20 A
60%
[2020]178 26(1)
60% 2021
9 30 33,925,257,164
4.41
– 39 –
A H
10
5
2/3
5%
– 40 –
3.
2021
(1)
1 7,700 A
2
3
4
5
6
– 41 –
7
8
(2)
(3)
4.
– 42 –
5.
1. A I.
6.
2021 12 24
7.
17
36-37 A
14A
– 43 –
A
14A
A
8.
A
47
A
– 44 –
9.
H
H
H
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
– 45 –
10. H
2022 2 28 1 30 2
8 H
H
H
24
183 17 1712–1716
11.
H
2022 2 9
– 46 –
2022 2 9
A
48 64
(i)
(ii)
H
2022 2 9
– 47 –
29
20
2022 2 9
A
2022 2 9
14A
(i)
(ii)
– 48 –
2020 6 8
(a)
(b)
13.84
1.
H A
– 49 –
2021 2021 941
1,121 1,075 2020 1.62% 9.90% 11.05% 2021
569
46 51.9% 471.7%
2021
2020 2021 6 30
929 321
2021
2.
2020
2020
2021 12 24 A
– 50 –
A
148
[2020]178
262 34
18 8
A (i)
24 (ii) 36
A 24
横跨
– 51 –
A
(i) (ii)
A (iii)
3.
A 2021 12 24
A
A
13
13
(i) A (ii) (iii) (iv) (v)
(vi)
– 52 –
A
A A A A A
2021 11 25 600587 50% 24 33% 72 0.020% 0.030% 1.48%
– 53 –
36 33%
48 34%
2021 11 25 600479 50% 24 40% 72 0.050% 0.050% 3.00%
36 30%
48 30%
2021 11 26 ( ) 600905 50% 24 33% 72 0.001% 0.002% 0.21%
36 33%
48 34%
2021 11 30 600278 50% 24 33% 72 0.000% 0.023% 2.02%
36 33%
48 34%
A
A A A A A
2021 12 1 600713 50% 24 33% 72 0.025% 0.035% 1.92%
36 33%
48 34%
– 54 –
2021 12 1 600188 50% 24 33% 60 0.003% 0.004% 1.29%
36 33%
48 34%
2021 12 6 605111 50% 12 50% 60 0.010% 0.050% 1.00%
24 50%
2021 12 9 600406 50% 36 25% 96 0.001% 0.001% 0.72%
48 25%
60 25%
72 25%
2021 12 14 600131 50% 24 25% 72 0.008% 0.008% 0.70%
36 25%
48 25%
60 25%
A
A A A A A
2021 12 17 600400 55% 12 20% 48 0.004% 0.087% 0.53%
24 30%
36 50%
– 55 –
2021 12 21 600970 50% 24 33% 72 0.010% 0.020% 2.68%
36 33%
48 34%
2021 12 21 601600 50% 24 40% 72 0.001% 0.002% 0.83%
36 30%
48 30%
2021 12 23 600426 55% 24 33% 72 0.005% 0.014% 0.63%
36 33%
48 34%
2021 12 24 323 60% 24 33% 72 0.003% 0.011% 1.00%
36 33%
48 34%
(www.sse.com.cn)
A
A A
A
50% 0.000% 0.21% 20% 25% 25% 48
– 56 –
55% 0.087% 3.00% 50% 50% 50% 96
1.31%
1.00%
60% 0.003% 1.00% 33% 33% 34% 72
0.011%
(i) A
A
(i) (ii)
(iii) (iv)
A
76,150,000 12,710,000
A
1.00% A
1.31% 1.00%
A (i)
A 0.26% 1.10% (ii)
0.003% 0.011%
A (i) A
16.5% (ii) 0.165%
A 0.000%
0.087% A
0.011%
– 57 –
(i) A
(ii) A
(iii)
A
A
(ii)
( [2020]178 )
(i) (ii) (a) A
50% (b) A
20 60 120 50%
2.29
2.29
A 60%
(i) A
(ii) A 20
– 58 –
60% 26(1)
60% 2021 10 26 2021
2021 9 30 4.41
20 60 120
20
A
20
A 2.29
50%
(i) A A
(ii) A A
20 60 120
60% 40%
– 59 –
(i) (ii)
(iii)
(iv)
(iii)
A 24
24
24 36 33%
36
48 33%
48
60 34%
A
A
– 60 –
(iv)
(i)
25% (ii)
(iii)
6 6
(iv)
– 61 –
(v)
(vi)
(i)
(ii) (iii)
(iv)
(v)
H
– 62 –
4.
12,710,000 A
18.8 A
1.48 2022 3 2022 2023 2024 2025
2026 12 31 5.1
6.8 4.4 2.1 0.4 2020
1,983
3.8 2020 0.2%
12,710,000 A A
2.29 29,105,900
5.
A
0.165%
– 63 –
(i)
(ii)
H
1 6
– 64 –
2021
1.
[2020]178
2.
3.
4. 7,700
770,068.12 1% 7,615 98.90%
0.99% 85 1.10% 0.01%
1%
5. A 2.29
6.
– 65 –
2021
7. 262
8.
72
9. 24 36
36
33% 33% 34%
10.
2022 22% 75
2022
7% 75 2022
EVA EVA
2020 2.5
2023 24% 75
2023
7% 75 2023
EVA EVA
2020 3.5
– 66 –
2021
2024 28% 75
2024
10% 75 2024
EVA EVA
2020 6
1. 2. =
EBITDA EBITDA= + + 3.
11.
12. 5%
13.
14. 60
60
60
15.
– 67 –
2021
2021 A
72
– 68 –
2021
– 69 –
2021
126
[2020]178
– 70 –
2021
1.
2.
3.
– 71 –
2021
.
1.
2.
3.
B
.
262
– 72 –
2021
12
12
.
1. 10
2. 6
3.
5
– 73 –
2021
.
A
.
7,700
770,068.12 1% 7,615 98.90%
0.99% 85 1.10% 0.01%
1%
10%
85 1.10% 0.01%
60 0.78% 0.01%
60 0.78% 0.01%
60 0.78% 0.01%
60 0.78% 0.01%
33 0.43% 0.004%
– 74 –
2021
256 7,257 94.25% 0.94%
262 7,615 98.90% 0.99%
85 1.10% 0.01%
7,700 100.00% 1.00%
(1)
5%
(2)
– 75 –
2021
.
72
.
A H
A H
60
60
1.
2.
3.
– 76 –
2021
4.
60
.
24
.
24 33%
36
36 33%
48
48 34%
60
– 77 –
2021
.
1.
25%
2.
20%
3. 6
6
4.
– 78 –
2021
.
2.29
2.29
.
60%
1. 1
2. 20
– 79 –
2021
.
1.
(1)
(2)
(3)
(4)
(5) 36
(6)
(7)
– 80 –
2021
2.
(1)
(2)
(3)
(4)
(5) 12
(6) 12
(7) 12
(8)
(9)
(10)
– 81 –
2021
.
1.
(1)
(2)
(3)
(4)
(5) 36
(6)
(7)
– 82 –
2021
2.
(1)
(2)
(3)
(4)
(5) 12
(6) 12
(7) 12
(8)
(9)
(10)
– 83 –
2021
(1)–(4)
3.
(1)
2022 22%
75 2022
7%
75 2022 EVA
EVA 2020 2.5
2023 24%
75 2023
7%
75 2023 EVA
EVA 2020 3.5
– 84 –
2021
2024 28%
75 2024
1,620 2024
10%
75 2024
EVA EVA 2020
6
1. 2.
= EBITDA EBITDA= + +
3.
(2)
SW
21
603878.SH 000717.SZ
600581.SH 000761.SZ
600010.SH 600307.SH
600231.SH 601003.SH
601005.SH 000709.SZ
600569.SH 600282.SH
600022.SH 600782.SH
600126.SH 002110.SZ
000932.SZ 000778.SZ
000898.SZ 000959.SZ
600019.SH
– 85 –
2021
(3)
4.
2021 A
AAA AA A B C
1.0 0.8 0
– 86 –
2021
.
EVA
– 87 –
2021
.
1.
Q Q0 1 n
Q0 n
Q
2.
Q Q0 P1 1 n P1 P2 n
Q0 P1 P2
n Q
– 88 –
2021
3.
Q Q0 n
Q0 n 1 n
Q
.
1.
P P0 1 n
P0 n
P
2.
P P0 P1 P2 n [P1 1 n]
P0 P1 P2 n
P
– 89 –
2021
3.
P P0 n
P0 n P
4.
P P0-V
P0 V P
P 1
5.
.
– 90 –
2021
.
11
1.
2.
3.
.
– 91 –
2021
.
2022 3 7,615 11,273.59
2022 2023 2024 2025 2026
3,043.87 4,058,49 2,663.39 1,268.28 239.56
– 92 –
2021
.
A H
10
5
2/3
5%
– 93 –
2021
.
60
60
3
60
– 94 –
2021
.
– 95 –
2021
.
– 96 –
2021
.
– 97 –
2021
.
1.
2.
3.
4.
5. 36
6.
7.
– 98 –
2021
.
1.
2.
.
.
1.
1
2
2.
– 99 –
2021
3.
4.
5.
(1)
(2)
(3)
(4)
(5)
– 100 –
2021
(6)
(7)
6.
.
– 101 –
2021
.
1.
Q Q0 1 n
Q0 n
Q
– 102 –
2021
2.
Q Q0 P1 1 n P1 P2 n
Q0 P1 P2
n Q
3.
Q Q0 n
Q0 n n
Q
4.
.
1.
P P0 1 n
P P0 n
– 103 –
2021
2.
P P0 P1 P2 n [P1 1 n]
P1 P2 n
3.
P P0 n
P P0 n
n
4.
.
– 104 –
2021
2021 12
– 105 –
2021
2021 A
2021 A
(1)
(2)
(3)
(4)
1.
2.
3.
– 106 –
2021
1.
2022 22%
75 2022
7%
75 2022 EVA
EVA 2020
2.5
– 107 –
2021
2023 24%
75 2023
7%
75 2023 EVA
EVA 2020
3.5
2024 28%
75 2024
10%
75 2024
EVA EVA 2020
6
1. 2.
= EBITDA EBITDA = + +
3.
– 108 –
2021
2.
SW
21
603878.SH 000717.SZ
600581.SH 000761.SZ
600010.SH 600307.SH
600231.SH 601003.SH
601005.SH 000709.SZ
600569.SH 600282.SH
600022.SH 600782.SH
600126.SH 002110.SZ
000932.SZ 000778.SZ
000898.SZ 000959.SZ
600019.SH
3.
– 109 –
2021
1.
AAA AA A B C
1.0 0.8 0
2.
1.
2.
3.
– 110 –
2021
1.
2.
3.
1.
2.
2021 12
– 111 –
1.
2.
XV 7 8
352
XV 2 3
3.
2020 12 31
– 112 –
4.
5.
6.
7.
2020 12 31
8.
– 113 –
(i) 2020 12 31
(ii)
9.
10.
(i) 8
(ii) H
183 17 1712-1716
(iii)
(iv)
– 114 –
11.
14 (http://www.hkexnews.hk)
(www.magang.com.hk)
(i) 47
(ii)
(iii) 48 64
– 115 –
2022
2022
2022 2 28 1 30
8 2022
1. 2021 A
2. 2021 A
3.
4.
– 116 –
2022
http://www.sse.com.cn
http://www.hkexnews.hk
2022 1 11
.
2022 1 28 H
H A
.
1. H
2022 2 8
2.
– 117 –
2022
.
1.
2.
24
. H 2022 1 29 2 28 H
H 2022 1 28 4 30
H 183
17 1712-1716 A
.
. 8
243003
86-555-2888158
86-555-2887284
– 118 –
2022 H
2022 H
2022 2 28 2:00
2022 2022 A
8 2022 H
H
H
1. 2021 A
2. 2021 A
3.
4.
– 119 –
2022 H
H http://www.sse.com.cn
http://www.hkexnews.hk
2022 1 11
. H
2022 1 28 H
H H A
. H
1. H H
2022 2 8
H
2.
H
– 120 –
2022 H
.
1. H
H
2.
H 24
. H 2022 1 29 2 28 H
H H 2022 1 28 4 30
H
183 17 1712-1716 A
. H
. 8
243003
86-555-2888158
86-555-2887284
– 121 –