[2020] 2638
.........................................................................................................1
.........................................................................................................3
...........................................................................................5
........................................................................................5
..........................................................................................12
......................................................................13
..........................................................................................16
......................................................................................16
..........................................................................................17
..........................................................................................22
..............................................................43
..........................................................................................44
..........................................................................................46
..............................................................................52
..............................................................60
..................................................................................61
.....................................................................................63
[2020] 2638
2020 6 30
2020 06
30
1,764,078.66
1,774,105.95 10,027.29 0.57%
46,538.36
2,888.36 43,650.00
46,538.36
2020 6 30 2021 6 29
[2020] 2638
2020 6 30
( )
117
256,279.32
2000 04 14
2000 04 14
91450200715187622B
196
1,800,000
2005 12 26
2005 12 26
9145000078213554XP
1
1
2005 12
62.51 65.06
1 650,600.00 51.00%
2 625,100.00 49.00%
1,275,700.00 100.00%
2
A 2008 12
2008 9
468.37 374.696
80% 93.674
20% 2008 12
1 3.746.960.00 80.00%
2 936,740.00 20.00%
4,683,700.00 100.00%
B 2015 11
2015 8 31
800,000
2015 11
1 800,000.00 100.00%
800,000.00 100.00%
C 2018 4
2018 2 ,
2018 4 23
800,000 206,200
1 206,200.00 100.00%
206,200.00 100.00%
D 2018 6
2018 6
[2018]352
E 2018 7
2018 7 19
1,093,800
1,300,000
1 1,093,800.00 84.14%
2 206,200.00 15.86%
1,300,000.00 100.00%
F 2019 10
2019 10 8 10 24
2019
2019
10 30
1 1,093,800.00 60.77%
2 500,000.00 27.78%
3 206,200.00 11.46%
1,800,000.00 100.00%
1,800,000.00 1,769,111.64
2
1
1,769,111.64
1 1,090,911.64 61.66%
2 472,000.00 26.68%
3 206,200.00 11.66%
1,769,111.64 100.00%
2
1,800,000.00
1 1,093,800.00 60.77%
2 500,000.00 27.78%
3 206,200.00 11.45%
1,800,000.00 100%
3
2020 06 30 3,384,578.89
1,620,500.23 1,764,078.66
17.08 1,766.94 3
2017 2018 2019 2020 1-6
1,009,688.32 1,119,924.50 2,780,614.54 3,384,578.89
690,295.37 823,970.08 1,258,869.38 1,620,500.23
319,392.95 295,954.42 1,521,745.16 1,764,078.66
2017 2018 2019 2020 1-6
- 32.53 39.02 17.08
- -3,389.53 -618.33 1,166.94
- -3,389.53 -618.33 1,766.94
-3,209.27 -10,573.22 -83,002.24 67,235.31
-8,194.03 -27,408.81 -891,386.38 -570,190.57
7,000.00 77,386.42 946,190.44 604,891.44
-4,403.31 39,404.38 -28,198.18 101,936.18
( ) ( ) ( ) ( )
[2018]2-00306 [2020]0012963 [2020]0012963 [2020]0012963
2018 3 20 2020 9 21 2020 9 21 2020 9 21
4
5
1
%
1 2019-10 50 20% 2,000,000.00 1,994,186.57
2,000,000.00 1,994,186.57
1
( )
1,000
2019 09 05
2019 09 05 2069 09 04
91450600MA5P235A1E
2
1,000
%
1 480.00 48.00%
2 200.00 20.00%
3 200.00 20.00%
4 70.00 7.00%
5 50.00 5.00%
1,000.00 100.00%
3
2020 06 30 17,982,602.86
8,011,669.98 9,970,932.88 2020
1-6 0 -29,381.24 -29,381.24
2020-032
3,384,578.89 1,620,500.23 1,764,078.66
528,127.06 2,856,451.84
541,040.23 1,079,460.00
[2020]0012963
2,727,589.91
80.59%
1
2
2015 2020
3
18 2013
2019
73 2005
2020 SY6483F3
3
1
2500t/h
300t 40t-30m
2 73
LZW6449DEY LZ6455XQ16AD
ZK6122HQB5Y LZW6461DWY
SGM6517 GL8 FV7321ATG
SCT6702TRB53LEX
CC6462RM03A DFL6451VAL1
3 3
4 - -
1 141
13,201,170,108.21
10,877,588,664.72
2030
2,323,581,443.49
2 - 259
9,075,260,300.27
1 -
9
m2
1 2010 0221 1550mm 136,017.66
2 2010 0222 1550mm 554,495.27
3 2015 0348 311,550.53
A
4 2015 0349 279,515.92
B
5 2015 0393 B 528,502.79
A
6 2015 0394 177,976.08
7 2015 0395 450t 412,001.72
8 2010 0335 39,999.97
9 3,087,405.70
5,527,465.64
2 -
4
( )
1 2015A45060200060 905.5816
2019
2 / 2.7559
0016019
3 9.1467
4 2015A45060200077 429.0117
5 0.28
6 2015A45060200080 30.3073
1,377.08
3 2020 6 30
2020 6 30
[2020]0012963
2020 6 30
1
2020-032
2
1 46
2016
7 2 2016 12 1
2 2018 10 26
3 2019 12 28
4
1999 3 15
5 2007 3 16
6 2009 5 1
7
12 2005 8 25
8 2019 3 2
9
32
10
[2006]274
11
[2001]102
12
[2017]37
13 [2018]32
14
2019 39
15 538
16
50
17 ( 61 )
18
[2009]941 2009 9 11
19 [2013]64
20 [2010]71
21 2019 8 26
22 2019 8 26
23
1 [2017]43
2 [2017]30
3 — [2018]35
4 — [2018]36
5 — [2018]38
6 — [2017]33
7 — [2017]38
8 — ( [2017]39 );
9 — [2017]37
10 — [2018]37
11 [2017]42
12 [2017]47
13 [2017]48
14 [2017]46
15 —
[2017]35
16 [2019]35
17
1
2
3
4
1
2
3
( [2016]100 )
4 2008 170
5
691 2017 11 19
6 (2013)
7 (2015)
8 (2018)
9
2012 1508
10 2020 6
11
2018 15
12 2013 10
13
2018 15
14 [2003]110
15 ( 2017 7 )
16 (
2016 5 )
17 2019
18
( 2019 12 )
19
20
21
22
23
24 2018 3 20
2018 2-00306 2017
( ) 2020 9 21
[2020]0012963
2018-2019 2020 1-6
25
26
27
28
1 2011
2 GB-T50291-2015
3 GB-T18508-2014
4 Wind
5 — 33
6 — [2006]18
7 2019
8 [ ]Damodanran [ ]
9 3 [ ]Copeland
T.
10
“ ”
1
1
“ ”
2
3
0
100%
0 1
3% 1 2
10% 2 3
30% 3 4 50%
4 5 80% 5
100%
4
5
2
1
2
( )
( )
= /( + )×100%
= ×
( )
A
2016 17 )
(2013) (2015)
(2018) 2020
6 “ ”
B
( )
[2016]504
C
=( + )× ×
×50%
D
( )
= /( + ) 100%
E
= ×
= ×
A
a
2008 170
2009 1 1
538
50
2016 36
2019 39
= + +
+ +
Ⅰ
2020
= /1.13
Ⅱ
= ×
= /1.09
Ⅲ
= ×
= /1.09
Ⅴ
Ⅳ
2019 15
LPR “ 2019 8 20
20
” 2020 6 22
LPR “2020 6 22
LPR 1 LPR 3.85% 5 LPR
4.65% LPR LPR ”
2020 6 30 LPR
2.5 1 5 LPR 4.25%
=[ + +
+ ]× × /2
b
= + +
Ⅰ
= /1.13
Ⅱ
10% “ ”
÷(1+13%)×10%
Ⅲ
c
= /1.13
B
a
N
N / ×100%
b
2013 5 1
2012 12
1 ×100%
1 ×100%
Min
Min +a
a:
c
= 1- ÷ ×100%
=[ ÷ + ]×100%
C
= ×
3
-
A
a
Ⅰ
2016 17 )
(2013)
(2015)
(2018) 2020 6
“ ” “ ”
JTS/T 116—2019 JTS/T
276-1—2019 2020 6
“ ” “ ”
Ⅱ
A 2030
4.04% 3.84%
= ×
B
Ⅲ
2020 6 22
=( - )× ×
/2
b
c
= ×
B -
=( - )× × /2
a
b
c
-
-
A 2030 B C
D
A B D C
A 2030
2030 2013 2017
=
/1.13
= × ×1.13
= ×
4.04% 3.84%
= ×
4
2030
3.08
2030
N
N / ×100%
= ×
( )= /1.13+
+
= × ×1.13
= ×
= ×
= ×
=[ + ]× ×LPR
÷2
N / ×100%
B
2015 1 2020 6
=
/1.13
LPR
= /1.13+
= × ×1.13
= ×
=[ + ]×
×LPR ÷2
C
D
4
-
A
V = VB×A×B×C×D
V- ;
VB- ;
A- / ;
B- /
;
C- / ;
D- / ;
B
×K1×(1+∑K)×K2×K3×K4×K5±K6
K1──
K2──
∑K──
K3—
K4—
K5—
K6—
-
32 “
”
5
3
1
DCF
2
1
2
3
3
1
E B D
E
D
B
B P I C
P
n
Ri Rn 1
P
i 1 (1 r ) i r (1 r ) n
Ri i
r
n
I
C
C C1 C 2
C1
C2
2
R= + + - 5
3
WACC r
r rd wd re we
Wd
D
wd
(E D)
We
E
we
(E D)
rd
re CAPM
re
re rf e (rm rf )
rf
rm
e
u
t
u
Di
1 (1 t)
Ei
t
t 34% K 66% x
K K=1
x
Di Ei
1
2
2020 7 22 2020 8 31
1
2
3
4
5
6
7
8
1
2
3
1
2
3
4
5
6
7
8
9
10
11
12
2020
06 30
3,384,578.89 3,391,206.18
6,627.29 0.20%
1,620,500.23 1,617,100.23
3,400.00 0.21%
1,764,078.66 1,774,105.95
10,027.29 0.57%
2020 06 30
B C D=C-B E=D/B×100%
1 528,127.06 528,145.24 18.18 0.00
2 2,856,451.84 2,863,060.94 6,609.10 0.23
3 368,194.00 382,189.12 13,995.11 3.80
4 2,359,395.90 2,291,581.02 -67,814.88 -2.87
5 128,062.51 189,091.38 61,028.87 47.66
6 600.00 - -600.00 -100.00
7 3,384,578.89 3,391,206.18 6,627.29 0.20
8 541,040.23 541,040.23 - -
9 1,079,460.00 1,076,060.00 -3,400.00 -0.31
10 1,620,500.23 1,617,100.23 -3,400.00 -0.21
11 1,764,078.66 1,774,105.95 10,027.29 0.57
DCF
2020 06 30
1,764,078.66 1,770,723.28
6,644.62 0.38%
1
1,770,723.28
1,774,105.95
3,382.67 0.19%
1
2
2
1,774,105.95
3
1,774,105.95 10,027.29
0.57%
1 2,357,491,958.15 181,841.78
0.01%
2 139,951,111.59
3.80%
1 3,899,557,586.61
3,474,622,575.15 3,915,418,400.00
3,647,003,031.00
15,860,813.39 0.41%
172,380,455.85 4.96%
38,948,172.14 24.68%
211,328,627.99 6.37% A
B
2 14.75%
15.64%
16.64% 17.14%
13.74% 28.02%
30.59%
14,969.00
3 22,915,810,232.86
678,148,785.26 2.87%
1 13,201,170,108.21
11,980,045,822.32 1,221,124,285.89
9.25% 2030 2017
2030 4
2 - 9,075,260,300.27
- 9,618,235,800.90
542,975,500.63 5.98% -
4 1,890,913,800.00
610,288,698.63 47.66%
1 917,724,791.87
1,096,033,100.00 178,308,308.13
19.43% A
B
2 362,900,309.50
794,880,700.00 431,980,390.50 119.04%
2018 15
2015
5 6,000,000.00
2020
0
6 6,000,000.00
34,000,000.00 85.00%
40,000,000.00
1
1
2020 6 30
196
4 “
”
21,461.00
1 2013/09 m2 21,461.00
1-1 1 2013/09 m2 20,366.00
1-2 2013/09 m2 1,047.00
1-3 2013/09 m2 48.00
21,461.00
2
2020 6 30
7
24,977.53 “
”
1 2015/08 m2 2,113.00
2 2 2017/07 m2 7,108.60
3 2016/07 m2 14,700.00
3-1 1 2016/07 m2 7,350.00
3-2 2 2016/07 m2 7,350.00
4 102# 2020/04 m2 642.88
5 102# 2020/04 m2 19.80
6 201# 2016/03 m2 177.60
7 210# 211# 4# 2019/08 m2 215.65
24,977.53
2
2020 6 30
10
SGM6512 GL8
1 AE8806 2005-11 395,111.00 -
SY6483F3
2 P05679 2007-08 260,512.00 -
SGM6517
3 AY3088 2007-07 410,307.00 -
GL8
SCT6491
4 AW8591 2008-07 510,170.00 -
SCT6490
5 P05251 2007-09 562,273.00 -
FV7321ATG
6 AWG008 2008-09 711,742.00 -
FV7321ATG
7 AWG009 2008-09 711,742.00 -
JTFSX23P586
8 A81122 2008-09 540,564.00 -
9 A77667 2008-10 549,682.00 -
SCT6702TRB53LEX
10 A77610 SCT6702TRB53LEX 2008-10 549,682.00 -
10
3
2020 6 30
1
3,087,405.70
1 3,087,405.70
3,087,405.70
1
2018 14
2020 9 2
“ [2018] 14 ”
“ 2019 01 258 ”
“ [2018] 14 ”
2
2020 0602 1953
340529.86
3
2019 9
2019 72 384 2020 7
1 3
1 ZL201922237388.8 2020-07-28 2019-12-13
2 ZL201921911419.7 2020-09-01 2019-11-7
3 ZL201921912562.8 2020-09-01 2019-11-7
2
2017 0006234
0006235
“ ”
2020 09 21
3
46,538.36
2,888.36 43,650.00
46,538.36
4
1
2
3
4
5
6
7
8
9
1
2
3
2020 6 30 2021 6 29