2018




       28       10

       100032
          2018




                                                                        2019        063-1




                                         “        ”
     “   ”                                                                   2018
                 “                                ” “      ”


                      “                      ”

                                                                   “                 ”
                                “                      ”
                                                             “                ”
                           “                           ”


”




                                     1
1




2



3



4




5



6




    2
        1 2018          2       9
<                                    2018                             >
                        <                        2018
                    >                                            2018




        2 2018          2       9
                            2018                                 “
               ”



        3   2018        3       5       2018
    <                                  2018                               >
                            <                      2018
                        >                                 2018



        4   2018        3       15
        2018
                                      2018



        5   2018        3       15
        2018


                                             3
                                  2018



    6    2018            5    9
2018     5      11                                      2018
                                             2018-029
             10,206               10,206

    7    2019         2      20
  2018



    8    2019         2      20
  2018




    1 2019           4       17


                                                               2018



    2    2019         4      17




                                         4
                                                          “
      “A/B+/B/C”(        )
          ” “


                                                 ”

                      (        )                          2018
                      “                    ”                    ”   ”

“1

      1               2018           2019        2020
             (M)                            ”                                     (A)



      2
           ”



      3                            (M)   2016
                                         2018                  2019         2020         ”




                                                      5
                                                                         2019              2020
               ”                    2018        2016
                                                                        2016              2016
                     M                          60%                         100%              150%

      ......

    2



                           A                 B+                  B                 C                  D

                          100%              100%               90%              60%               0%

                                            ”                                                    =
                     ×




                                                               2016
                                                            61,526,368.74          2018


108,983,244.71                                          77.13%         2018

                                                                     2018
8                                           B
90%            10%




           8                   B                                                2018      5       9
                      16.86      /




                                                        6
 2018           5      21                   2017                                                  2017
                                  2018      5      31                                2017
                                      2018-031          2018       6        22                    2017
                                                2018-033
4,000                            0.391926                                             23,000,000
                       0.22536




 1

 P      P0 /       1   n

               P                                                       P0
 n



 2
 P      P0-V

               P0                                                      V                      P
                                                               P                 1

 2019           4      17


                                                11.95




                                                    7
     8               B                     2018        5       9
               127,000
                                        30%                    8
                                 =127,000*30%*90%                  34,290
             =127,000*30%*10%           3,810

 2018    5     21                   2017                                        2017
                          2018      5      31                           2017
                              2018-031          2018       6       22           2017
                                        2018-033
4,000                    0.391926




 1
 Q Q0× 1 n

 2019    4     17


                                    5,303

                                                                            B




                                            8
B




    9