(1)
(2)
(3)
(4)
(5) 2022 H
1 29 30
31 67
2022 12 29 1 30 8
H 155 158
H
8
H 183 17 1712-
1716
2022 12 9
..................................................................... ii
................................................................
1. ........................................................... 1
2. ................................. 2
3. ................................. 13
4. .......................................... 20
5. .......................................... 23
6. H ....................... 28
7. ........................................................ 29
............................................. 30
............................................... 31
...................................................... 68
............................................... 72
............................................... 105
.................................... 147
....................................... 149
...................................................... 150
2022 .................................... 155
2022 H ................................ 157
–i–
A 1.00 A
2022 11 15
90%
– ii –
2022 12 29
2022
2022 12 5
2022 11 15
H 1.00
H 2022 12 29 2022 H
2021 A
– iii –
2022 12 5
1998 9
– iv –
A A
571
%
–v–
8
8
(1)
(2)
(3)
(4)
(5) 2022 H
1.
2022 11 15 (1)
(2) 2022 12 5
(1) (2)
–1–
H
H
H
2.
2022 11 15
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
–2–
2022 6 30
484,314.57
606,510.07 122,195.50
25.23% 245,646.93
293,509.49 47,862.56 19.48%
1 18.20 91%
2 1.80 9%
20.00 100%
1 13.60 47.90%
2 9.49 33.43%
3 5.30 18.67%
28.40 100%
–3–
(1) = *
+
= *
+
(2) = *
+
= *
+
2022 6 30
1 15.62 32.28%
2 10.90 22.53%
3 6.09 12.58%
4 14.37 29.68%
5 1.42 2.93%
48.40 100%
–4–
9 2
50%
(1)
(2)
(3)
(4)
–5–
14.61
14.62
1.
2.
3.
4.
–6–
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
–7–
11.
12.
13.
14.
15.
14.61
2011 10
–8–
2020 2021 12 31
2020 2021
12 31 12 31
39,371.50 40,225.48
36,814.06 39,098.40
27,710.56 29,145.60
1992 10
2020 2021 12 31
2020 2021
12 31 12 31
36,354.18 63,147.97
32,067.74 42,924.48
24,153.06 32,685.92
–9–
2022 10 13 2022 6 2022
11 13
1992
29.68%
91% 4
91% 2022 6 30
– 10 –
– 11 –
91% 29.68%
14.24
91%
5% 25% 14
14
47.131%
51.75%
14A
14A
5% 14A
– 12 –
3.
2022 11 15
(i)
(ii)
2024 12 31
100
1.90
2020 2022 8
96.87 2023 2024
– 13 –
100
2020 2022 8
90.5 54.94 2023
2024
– 14 –
2.10
2020 2022 8
54.94 2023 2024 40% 50%
1
3.55% 2.30%
2.06
– 15 –
(i)
(ii)
– 16 –
(i)
(ii) 2023 2024
(iii)
– 17 –
51.75%
14A
14A
5%
14A
25% 14.06(3)
14
0.1%
5% 14A
14A
– 18 –
2022 11 15
– 19 –
4.
2022 12 5
71% 239,484,500
2022 12 5
(i)
(ii)
71%
2022 6 30
283,883,000 337,302,100
53,419,100 18.82%
71% 239,484,500
10
– 20 –
71%
2022 6 30 283,883,000
71% 37,927,570
71%
71%
– 21 –
2021 12 31 316,025,700
279,028,700 530,135,900
35,148,900
47,064,888.71 35,148,933.76
2020 12 31
50,620,793.11 37,375,502.38
47.131%
14A
14A
– 22 –
0.1% 5%
2022 12 5
5.
(1) 2021 A (2)
2021 12 24 2022 2 9 2022
3 30 2022 5 10 2021 A
2022 12 5
– 23 –
.
1. 2021 12 24
2021 A
2. 2022 3 9
3. 2022 3 10 2022 A
H 2021 A
4. 2022 3 30
2021 A
5. 2022 5 10 2021 A
7,505 260
6. 2022 12 5
– 24 –
.
2021 A
6 1,864,000
2.29
1 200,000
2 850,000
3 200,000
4 280,000
5 134,000
6 200,000
1,864,000
2.29
6 1,864,000
– 25 –
.
75,050,000 -1,864,000 73,186,000
7,700,681,186 0 7,700,681,186
7,775,731,186 -1,864,000 7,773,867,186
.
.
– 26 –
.
2021 A
.
2021 A
.
– 27 –
6. H
H 155 158
H
H
(www.hkex.com.hk) (www.magang.com.hk)
H
H
H
H
H H
– 28 –
7.
H
H
H
2022 12 9
– 29 –
2022 12 9
2 19
2
19 (i)
(ii)
(iii)
2022 12 9
– 30 –
8 11
(1) –
(2) –
2022 12
9
2022 11 15
– 31 –
47.131%
51.75%
14A
14A
91% 29.68%
14.24
91%
5%
25% 14
14
5%
14A
25% 14.06(3)
14
– 32 –
(i)
(ii)
(iii)
(iv)
(i)
2021 11 12 (ii)
13.84
– 33 –
2021 12 31 2021 2022 6
30 2022 2021 12 31
I.
2021 12 31 2021 1,823 1.70%
4,000 2021 9 15 12 9 2,097
133 6.3% 2,045
3.04%
– 34 –
2022 6 30 2022
962 2.23% 1,098
1,070 2.05% 0.47%
i.
2020 2021 12 31 2021
2022 6 30
2020 2021 2021 2022
12 31 12 31 6 30 6 30
81,614.2 113,851.2 56,863.6 56,366.9
2,867.0 7,367.9 6,253.0 1,947.0
3,081.0 7,016.3 6,283.6 1,873.3
2,578.0 5,994.0 5,037.8 1,615.8
2021 12 31
39.50%
2021 2020 12 31
2020 156.99% 127.74% 132.51% 2021
2020
– 35 –
2022 6 30
2022 0.87% 2022
7.90%
(i)2022
818 26 6
7 (ii)
97.15%
70.19% 67.93%
ii.
2021 12 31 2022 6 30
2021 12 31 2022 6 30
91,207.7 94,890.1
53,796.6 59,032.2
32,752.9 31,483.6
2022 6 30 13,499.1
30,397.6 12,661.1
7,225.3 65%
– 36 –
2022 6 30 12,150.6
9,453.1 8,387.2 6,563.2
60%
II.
i.
2011 10
(a)
2020 2021
2020 2021
12 31 12 31
393.7 402.2
368.2 391.0
277.1 291.4
17,285.3 21,831.1
13,937.2 18,425.3
3,348.1 3,405.8
2020
2.2% 5.2%
– 37 –
2021 12 31 21,831.1 2020 12
31 26.3% 938.9
2,859.0 8,388.9
5,732.5 3,071.6
2021 12 31 2020 12 31 32.2%
2021 12 31 17,433.2
925.5 99%
(b) 2022 6 30
2022 6 30
2,456.5
214.1 2022 6 30 148.9
ii.
iii.
1992 10
– 38 –
(a)
2020 2021
2020 2021
12 31 12 31
363.5 631.5
320.7 429.2
241.5 326.9
36,414.4 40,240.7
32,223.7 35,844.2
4,190.7 4,396.5
2020
73.7% 35.4%
2021 12 31 40,240.7 2020 12
31 10.5% 4,434.1
19,510.8 1,145.1
11,307.2
2021 12 31 2020 12 31 11.2%
2021 12 31 34,184.0
933.5 97%
– 39 –
(b) 2022 6 30
2022 6 30
2021 12 31 4,843.1 2022
6 30 192.0
III.
2020 10
25% 4.319%
2021 4
25%
16.14%
2022 11 15
2022 10 13 2022 6
2022 11 13
– 40 –
1992
29.68%
– 41 –
IV.
i.
2022 6 30
4,843.1457
6,065.1007
1,221.9550 25.23%
2,456.4693 2,935.0949
478.6256 19.48%
– 42 –
1 182,000 91%
2 18,000 9%
200,000 100%
1 136,035 47.90%
2 94,948 33.43%
3 53,017 18.67%
284,000 100%
(1) =
+
=
+
– 43 –
(2) =
+
=
+
2022 6 30
1 156,229.76 32.28%
2 109,043.28 22.53%
3 60,887.51 12.58%
4 143,633.90 29.68%
5 14,205.55 2.93%
484,000 100%
9 2
50%
– 44 –
(1)
(2)
(3)
(4)
ii.
2022 6 30
6,065.1007
2,935.0949
– 45 –
29.68%
6,065.1007
2,935.0949 9,000
29.68% 91%
2,670.9
(i) (ii)
(iii)
20
10
– 46 –
a)
CAPM
– 47 –
2022 7 1 2027 12
31
2023 2027 6.5% 5.87%
(i)
2022 (ii) (iii)
(iv) 2022
– 48 –
2022 12 31
2022 12 31 2022
2022 2022
2023 2027 12 31
2023 2027
(i) 2022
2022 2027
(ii)
2022 (iii)
2018 2021 8.1%
2020 20.3% 2019
6.5%
2022 12 31
2022 12 31 2022
2021
– 49 –
2023 2027 12 31
(i)
(ii)
(iii) 2022
5.87%
2023 2027 5.87%
2019 2021 29.6%
2023 2027
5.87%
– 50 –
(i) (ii) (iii)
(iv)
2022
25%
25%
– 51 –
10.66%
CAPM
10.66%
(i) (ii) (iii)
(iv)
(i)
(ii)
(iii)
(iv)
10.66%
– 52 –
b
(i)
(ii) (iii)
(i)
(ii)
(iii)
(iv) (v)
– 53 –
iii.
29.68%
29.68%
29.68%
29.68%
– 54 –
29.68%
VI.
2022 11 15
i.
2022 11 15
(i)
(ii)
2024 12 31
– 55 –
100
1.90
100
– 56 –
ii.
2020 2021 2022 7 31 2022
– 57 –
iii.
a.
2020
2021 2022
2020 2021 2022
12 31 12 31 7 31
8.4 9.7 9.0
0.084 0.081 0.089
2020 2021 2022
84 97 90
104
– 58 –
2020 2021 84.2
81.4 2022 89.0
2020 2021
2020 2021 2022
12 31 12 31 7 31
7.5 8.0 9.0
3.4 4.9 3.5
45.3% 61.2% 38.9%
2020 2021 2022
75 80 90
2020 12 31 75 2022 7 31
90
– 59 –
2023 2024
12 31 12 31
10 10
0.19 0.19
10 10
(i)
100 (ii)
1.9
100
(i)
97 95% (ii)
104
– 60 –
1.9
1.9% 1.9% (i)
7 (ii)
1.9%
1.9%
100
– 61 –
(i)
(ii)
2022 7 31
90 100
2022
2022 6 30 84 65
145 100
(i) (i i) 2022 6 30
100
iv.
– 62 –
(i) (ii)
– 63 –
(i)
(ii) 2023 2024
(iii)
– 64 –
3000
740
(a)
(b)
(c)
(d)
v.
14A.55 14A.59
(a)
(i)
(ii)
(iii)
– 65 –
(b)
(i)
(ii)
(iii)
(iv)
(c)
(b)
(d)
(a) (b)
(i)
(ii)
(iii)
– 66 –
(i)
(ii)
(i) (ii)
(i)
(ii)
(i) (ii)
2022 12 9
1 6
22
– 67 –
1.
2019 2020 2021 3 31
2019 2020 2021 3 31
2019 2020 2021 3 31
http://www.hkexnews.hk http://www.magang.com.hk
2019 2020 4 28 2019 102 347 2019
http://www.hkexnews.hk http://www.magang.com.hk
https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0428/2020042803511_c.pdf
2020 2021 4 23 2020 122 379 2020
http://www.hkexnews.hk http://www.magang.com.hk
https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0423/2021042300906_c.pdf
2021 2022 4 25 2021 121 388 2021
http://www.hkexnews.hk http://www.magang.com.hk
https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0425/2022042502369_c.pdf
– 68 –
2.
2022 10 31
16,056
22
2022 10 31
3.
4.
2022
– 69 –
– 70 –
5.
(1)
(2)
– 71 –
2022 6 30
(2022)367
2022 6 30
.
8
770068.1186
– 72 –
1993 09 01
1993 09 01
8
666628.039476
1998 09 18
1998 09 18
– 73 –
8 8
200000
2011 10 9
2011 10 9
– 74 –
1.
2011 2 28
(2011)57
2011 9 30
L0133H234050001
10 500
5.1 51%
4.9 500 49%
2011 6 30
[2011]06080
2012 2 9 [2012]1
42% 42,929.0736
2012 2 10 2012 2 14
[2012]52
91%
9%
2016 11 8 [2016]3
10
9.1 0.9
– 75 –
2017 1 10 20
20 18.2 500
91% 1.8 9%
2.
3.
182,000.00 91% 182,000.00 91%
18,000.00 9% 18,000.00 9%
200,000.00 100% 200,000.00 100%
– 76 –
4.
股東會
監事會
董事會
風 總經理
險 審
管 計
理 委 投 信
委 員 資 貸
員 會 決 審
會 副總經理 風險總監
策 批
管 管
理 理
委 委
員 員
總經理助理 會 會
資 信 計 綜 結 風
金 貸 劃 合 算 險 稽
運 業 財 管 業 管 核
營 務 務 理 務 理 部
部 部 部 部 部 部
5.
2019 12 31 2020 12 31 2021 12 31 2022 6 30
713,286,620.02 939,712,540.81 938,883,609.64 900,648,186.07
4,542,237,275.51 1,616,145,109.42 2,859,023,045.73 2,880,442,144.98
2,369,966,753.62 1,346,725,439.95 784,602,396.63 3,438,089,887.46
8,931,284,689.33 8,038,485,267.88 8,388,883,074.65 7,173,417,377.23
2,104,908,682.92 2,017,317,046.99 5,732,467,255.06 3,681,489,880.00
3,182,221,638.82 3,263,926,754.84 596,797,600.98
2,474,819,099.00 3,015,664,200.00
1,474,058.26 439,667.62 270,927.73 239,955.00
– 77 –
2019 12 31 2020 12 31 2021 12 31 2022 6 30
265,486.72
22,437,371.69 21,224,540.79 7,668,688.74 7,436,304.24
1,299,101.93 956,786.69 2,891,335.50 2,526,140.99
39,646,456.10 39,485,908.14 33,663,705.31 29,169,833.04
11,142,620.55 7,681,457.44
700.00 849,810.86 1,920.00 1,520,044.70
21,908,763,348.20 17,285,268,873.99 21,831,115,279.52 21,138,590,897.87
400,031,888.89
1,386,580,448.05 198,480,944.44 925,465,952.23 108,679,592.72
16,919,768,612.40 13,694,493,417.31 17,433,195,254.87 18,327,185,299.26
113,508.64 382,799.22 2,473,662.61 435,800.60
29,469,204.93 18,929,421.22 55,208,754.13 22,526,162.13
214,117,611.07
22,907,041.50 22,126,638.70 8,650,477.71 8,454,923.66
2,027,127.53 2,046,851.68 174,819.09 524,285.87
779,762.00 701,946.83 182,212.27 197,941.11
133,521.43
18,761,811,115.37 13,937,162,019.40 18,425,351,132.91 18,682,121,616.42
3,146,952,232.83 3,348,106,854.59 3,405,764,146.61 2,456,469,281.45
– 78 –
2019 2020 2021 2022 1-6
. 428,193,804.93 393,714,951.79 402,254,757.91 173,321,723.59
288,186,821.49 293,239,371.75 250,955,467.37 64,088,625.12
480,771,872.25 524,462,460.87 517,166,597.01 195,665,922.89
-192,585,050.76 -231,223,089.12 -266,211,129.64 -131,577,297.77
3,717,062.56 3,853,750.39 2,410,543.77 1,364,685.25
5,369,992.11 5,118,783.55 3,763,707.29 2,168,634.65
-1,652,929.55 -1,265,033.16 -1,353,163.52 -803,949.40
132,913,680.30 77,007,947.53 129,514,832.71 116,306,852.19
3,604,880.31
2,652,825.22 22,408,364.07 20,267,719.53 -10,472,430.38
723,415.36 -2,795,264.45 -893,805.47 2,033,991.41
782.50
. -67,600,808.97 -25,517,464.66 -11,274,493.44 20,885,946.19
-2,544,573.80 -2,500,782.53 -2,298,962.21 -1,018,432.76
-15,414,395.31 -13,873,567.94 -16,407,323.01 -5,467,075.03
-49,641,839.86 -9,143,114.19 7,431,791.78 27,371,453.98
. 360,592,995.96 368,197,487.13 390,980,264.47 194,207,669.78
1,800.00 3,745.46 4,855.35
-200,000.00 -56,892.99
. 360,394,795.96 368,140,594.14 390,984,009.93 194,212,525.13
-79,453,774.06 -91,034,971.68 -99,528,004.02 -45,346,660.82
. 280,941,021.90 277,105,622.46 291,456,005.91 148,865,864.31
. 470,700.58 1,942,766.23
. 280,941,021.90 277,105,622.46 291,926,706.49 150,808,630.54
– 79 –
2019 2020 2021
(2020)
60999239-A01 (2021) 60999239-A01
(2022) 60999239-A02
[2022] 0276
6.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
– 80 –
(12)
(13)
(14)
(15)
7.
2006 2 15
.
2021032
– 81 –
.
900,648,186.07
2,880,442,144.98
3,438,089,887.46
7,173,417,377.23
3,681,489,880.00
3,015,664,200.00
239,955.00
265,486.72
7,436,304.24
2,526,140.99
29,169,833.04
7,681,457.44
1,520,044.70
21,138,590,897.87
– 82 –
108,679,592.72
18,327,185,299.26
435,800.60
22,526,162.13
214,117,611.07
8,454,923.66
524,285.87
197,941.11
18,682,121,616.42
2,456,469,281.45
20000.00
68479.12
[2022] 0276
– 83 –
.
.
2022 6 30
.
2021032
– 84 –
1. 2016 7 2
2. 2018
3.
4. 2020 732
5. [1992]36
6. 2019
7. 32
8. 12
9. [2006]274
10. [2013]64
11. 47
2007 10 12
12. 378
13. [2011]59
– 85 –
14. [2011]118
15. 2006 12 28
16. [2006]96
17. [2007]22
18. [2007]54
19. [2007]81
20.
21.
1. [2017]43
2. [2017]30
3. [2018]36
4. [2018]35
5. [2017]33
– 86 –
6. [2017]35
7. [2018]37
8. [2018]38
9. [2019]35
10. [2017]42
11.
12. [2017]46
13. [2017]47
14. [2017]48
15. 1
16. 3
17. 4
18. 2018
19. 22 2017 [2017]7
20. 23 2017 [2017]8
– 87 –
21. 24 2017 [2017]9
22. 37 2017
23. 33
1.
2.
3.
1. (2016)36
2. [2018]32
3. 2019 39
4. Wind
5.
6.
7.
8.
– 88 –
1.
2.
3.
4.
5.
.
– 89 –
1.
– 90 –
n
FCFEi FCFE(n+1)
P =∑ +
i=1 (1+ ke) i (1+ ke) n
P
FCFE i i
FCFE (n+1)
Ke
2.
3.
– 91 –
4.
2027
5.
CAPM
Ke Rf [E(Rm)–Rf] a
Rf Rpm a
Rf:
E(Rm)
Rpm:
:
a:
6.
– 92 –
1.
2.
3.
– 93 –
4.
P/E P/B P/S
5.
P/B
6.
7.
P/B
.
2022 7 14
1. 2022 7
– 94 –
2.
2022 7 14 2022 8 3
1.
(1)
(2)
(3)
(4)
– 95 –
(5)
(6)
(7)
(8)
2.
(1)
(2)
(3)
(4)
(5)
– 96 –
1.
2.
3.
.
1.
– 97 –
2.
3.
4.
1.
2.
3.
– 98 –
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
– 99 –
.
293,509.49 245,646.93
47,862.56 19.48%
287,593.36 245,646.93
41,946.43 17.08%
5,916.13 2.02%
– 100 –
2022 6 30
293,509.49
.
1 8 1134.3 2022-1-1 583,354.00
803/805/807/825/827/829/831/833/835/8 2024-12-31
37/839/841/843/845/847/849/851/923/92
5
– 101 –
[2022] 0276
1.
2.
3.
4.
5.
– 102 –
6.
7.
8.
9.
10.
– 103 –
.
.
2022 10
26
– 104 –
2022 6 30
(2022)366
2022 6 30
.
1.
1859 1 9
260,000.00
– 105 –
1992 10 6
1992 10 6
– 106 –
2.
1992 06 30
1859 1 9
L0037H231000001
– 107 –
3.
(1)
999 B 11 12
1213 1217 13
2021 1 4
– 108 –
(2)
2020 12 16
999 B 11
12 1213 1217 13
L0037H242010001
4.
1992
L11312930002
2003 10 23
L0037H231000001
– 109 –
114011 10000
2005 4
[2005]77
50000
2011 8
[2011]610
110000
2011 9 6 [2011] 221
2015 9 [ 2015-002]
30000
2015 11 8 [2015]01480006
2019
2020 6 24
[2020]396
+
26 2020 8
14 [2020]6-57
– 110 –
2021 12 2022 2
2022 4 19
[2022]210
20.80% 0.31%
112,035 43.09%
2021032
28.4 2022
6 29 [2020]6-47
5.
(1) 2019 5 5
2.20%
2018 12 31
[2019]124
258,000.72 32,818.84
14.57%
– 111 –
(2) 2019 8 [2019]368
+
2019 6 30
[2019]362
283,882.90 56,971.37
25.11%
(3) 2022 1
2021 9 30
[2021]632
543,295.40 108,343.55 24.91%
6.
136,035 47.90% 136,035 47.90%
94,948 33.43% 94,948 33.43%
53,017 18.67% 53,017 18.67%
284,000 100.00% 284,000 100.00%
– 112 –
7.
股東會
監事會
風險管理委員會
董事會
審計委員會
信貸審查委員會
經理層
薪酬與考核委員會
投資審查委員會
資產負債管理委員會
綜 信 審 經 風 公 結 金 公 國
合 息 計 營 險 司 算 融 司 際
管 科 稽 財 管 金 運 市 業 業
理 技 核 務 理 融 營 場 務 務
部 部 部 部 部 部 部 部 部 部
武
漢
分
公
司
8.
2019 2020 2021 2022
12 31 12 31 12 31 6 30
1,473,490,580 1,442,107,726 2,103,591,149 1,645,365,952
4,434,192,337 9,672,425,088
699,688,869
29,156,415
15,718,996 63,802 264,600 23,498,064
2,989,196,000 9,496,874,450 1,145,063,616 3,200,634,039
11,559,243,457 18,032,406,501 19,510,756,441 24,772,593,086
824,388,318 2,821,818,717 3,509,844,724 3,384,867,948
172,642,723 7,797,312,850 5,951,496,660
87,767,253 20,947,444 19,412,580
– 113 –
2019 2020 2021 2022
12 31 12 31 12 31 6 30
42,771,646 47,128,258 43,187,104 41,216,527
7,552,560 8,495,203 9,717,200 8,299,666
41,522,829 35,807,677
19,740,103 41,933,635 40,318,667 35,745,151
68,369,066 112,517,137 118,629,171 111,586,141
16,655,091 427,852,015 1,465,339,266 871,117,100
19,659,675,810 36,414,393,341 40,240,687,398 50,473,754,546
1,016,261,347 379,274,812 225,207,808 228,364,411
423,039,985
9,526,529 62,915 260,743 24,196,853
227,048,073 1,022,318,071 933,512,886 668,206,770
15,507,507,496 30,319,297,485 34,184,040,897 44,190,241,676
24,549,063 23,525,555 27,514,893 6,478,088
32,133,003 20,380,848 35,443,648 32,466,230
39,973,555 36,095,220
2,664,717
7,918,419 7,121,836 13,087,554 24,507,120
4,871,084 451,681,925 385,169,175 417,387,751
17,252,854,998 32,223,663,445 35,844,211,159 45,630,608,836
2,406,820,812 4,190,729,895 4,396,476,239 4,843,145,710
– 114 –
2019 2020 2021 2022 1~6
. 375,696,475 363,541,765 631,479,738 315,447,113
304,481,405 319,547,146 436,306,174 243,017,279
8,747,527 5,316,684 4,285,871 1,686,916
32,637,686 26,853,121 152,601,314 53,032,797
4,317,385 1,321,543 22,478,931 1,251,145
7,445,072 -12,625,111 -8,166,970 9,118,015
6,057,849 8,235,593 6,850,656 114,832
12,009,551 14,892,789 17,123,762 7,226,130
. 10,812,502 42,933,283 202,483,429 59,844,388
6,357,389 6,165,493 9,162,830 4,438,120
95,602,651 95,306,526 142,168,543 50,991,881
-93,995,793 -63,407,908 44,692,638 1,714,467
2,848,255 4,869,172 6,459,419 2,699,919
. 364,883,973 320,608,482 428,996,309 255,602,726
68,936 248,522
. 364,883,973 320,677,419 429,244,831 255,602,726
89,299,870 79,146,790 102,385,653 63,600,108
. 275,584,103 241,530,628 326,859,178 192,002,617
2019 2020 2021 2022 6
[2020]6-112 [2021]6-16
[2021]6-27 [2022]986
– 115 –
9.
(1)
1
– 116 –
2
– 117 –
3
swift
– 118 –
(2)
1
– 119 –
2
– 120 –
10.
2006 2 15
.
2021032
– 121 –
.
1,645,365,951.59
9,672,425,087.61
699,688,869.45
23,498,063.73
3,200,634,038.89
24,772,593,085.57
9,355,777,187.68
41,216,526.55
8,299,666.10
35,807,676.76
35,745,150.91
111,586,141.33
871,117,100.17
50,473,754,546.34
– 122 –
228,364,410.97
24,196,853.34
668,206,769.53
44,190,241,676.46
6,478,087.92
32,466,230.06
36,095,219.71
2,664,717.01
24,507,120.36
417,387,751.00
45,630,608,836.36
4,843,145,709.98
368,211.78
67,286.04 1,291,883.74
– 123 –
[2022]986
.
.
2022 6 30
– 124 –
.
2021 032
1. 2016 7 2
2. 2018
3.
4. 2020 732
5. [1992]36
6. 2019
7. 32
8. 12
9. [2006]274
10. [2013]64
11. 47
2007 10 12
– 125 –
12. 378
13. [2011]59
14. [2011]118
15. 2006 12 28
16. [2006]96
17. [2007]22
18. [2007]54
19. [2007]81
20.
21.
– 126 –
1. [2017]43
2. [2017]30
3. [2018]36
4. [2018]35
5. [2017]33
6. [2017]35
7. [2018]37
8. [2018]38
9. [2019]35
10. [2017]38
11. [2017]53
12. [2017]42
13.
14. [2017]46
15. [2017]47
16. [2017]48
– 127 –
17. 1
18. 3
19. 4
20. 2018
21. 22 2017 [2017]7
22. 23 2017 [2017]8
23. 24 2017 [2017]9
24. 37 2017
25. 33
1.
2.
3.
4.
– 128 –
1. (2016)36
2. [2018]32
3. 2019 39
4. Wind
5.
6.
7.
8.
1.
2.
3.
4.
5.
– 129 –
.
– 130 –
1.
n
FCFEi FCFE(n+1)
P =∑ i +
i=1 (1+ ke) (1+ ke) n
– 131 –
P:
FCFE i i
FCFE (n+1)
Ke –
2.
3.
4.
2027
– 132 –
5.
CAPM
Ke Rf [E(Rm)–Rf] a
Rf Rpm a
Rf
E(Rm)
Rpm
:
a
6.
( )
– 133 –
1.
2.
3.
4.
P/E P/B P/S
5.
P/B
– 134 –
6.
7.
P/B
.
2022 7 12
1. 2022 7
2.
– 135 –
2022 7 12 2022 8 1
1.
(1)
(2)
(3)
(4)
– 136 –
(5)
(6)
(7)
(8)
2.
(1)
(2)
(3)
(4)
(5)
– 137 –
1.
2.
3.
.
1.
– 138 –
2.
3.
4.
1.
2.
3.
– 139 –
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
– 140 –
.
606,510.07 484,314.57
122,195.50 25.23%
606,280.94 484,314.57
121,966.36 25.18%
229.13 0.04%
– 141 –
2022 6 30
606,510.07
.
( )
1 1 6 04 2,488.77 2022-1-1 561,694.65
1 9 1 8 2022-12-31
2 2 2 201 202 525.17 2022-1-1 191,687.05
2022-12-31
3 35 2022-1-1 21,000.00
2021-12-31
4 B 11F 2,424.61 2021-11-8 190,590.40
12F1215-1216 13F1306-1311 2022-11-7
1315-1316
5 1,090 2013-2-16 115,747.10
2023-2-15
– 142 –
[2022]986
1.
2.
3. 2022 6 27 28.4
4.
– 143 –
5.
6.
7.
8.
9.
– 144 –
10.
11.
.
– 145 –
.
2022 10
26
– 146 –
2022 11 15
8
2022 10 26
2022 6 30
2022 11 15
14.61
(CICPA)
– 147 –
5101
3000
14.62(2)
– 148 –
2022 11 15
2022 10 26
14.61
8
2 12
2022 11 15
– 149 –
1.
2.
XV
15 7 8
(b) 352
850,000 A 0.0109%
600,000 A 0.0077%
XV 2 3
3.
2021 12 31
– 150 –
4.
5.
6.
7.
2021 12 31
8.
571
– 151 –
(i) 2021 12 31
(ii)
9.
(a) 2022 10 28
88,635,000 3.11% 2022
10 28
(b) 2022 7 21
348,501,500 9.88%
2022 7 21
(c) 2022 6 7
2.816 55
2022 6 7
– 152 –
(d) 2022 6 7
1.8228 28
2022 6 7
(e) 2021 11 30
51%
2021 11 30
(f) 2021 9 29
111,342,400
30% 2021 9 29
(g) 2021 9 17
661,300,000
2021 9 17
(h) 2021 8 25
104,430,100
100% 2021 8 25
– 153 –
(i) 2021 4 28
2021 4
28
10.
(i) 8
(ii) H
183 17 1712-1716
(iii)
(iv)
11.
http://www/hkexnews.hk
(www.magang.com.hk) 14
(i) 30
(ii) 8
(iii) 31 67
(iv)
(v)
– 154 –
2022
2022
2022 12 29 1:30
8 2022
1.
2.
3.
4.
2022 12 8
– 155 –
2022
.
H 2022 12 22 12 29
H H 2022 12 21 4 30
H
183 17 1712–1716 A
.
1. H
2022 12 21
2.
.
1.
2.
24
.
.
1. 8
2. 243003
3. 86-555-2888158
4. 86-555-2887284
5.
– 156 –
2022 H
2022 H
2022 12 29 1:30
2022 2022 A
8 2022 H
H
H
1.
2022 12 8
– 157 –
2022 H
. H
H 2022 12 22 12 29
H H H 2022 12 21 4 30
H
183 17 1712–1716 A
. H
1. H H
2022 12 21 H
2.
H
.
1. H
H
2.
H 24
. H
.
1. 8
2. 243003
3. 86-555-2888158
4. 86-555-2887284
5.
– 158 –