1、 / 2020-2022 1000 201852 GDP PPP PPP PPP PPP PPP PPP PPP PPP EPS PE 2019A 2020E 2021E 2019A 2020E 2021E 44.22 0.80 1.12 1.60 55.28 39.48 27.64 6.35 0.36 0.44 0.51 17.64 14.43 12.45 7.37 0.24 0.38 0.57 30.70 19.39 12.93 -10% -6% -2% 2% 6% 2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2020/1 2020/2 202

2、0/3 2020/4 2020/5 2020/6 % 1M 3M 12M 6.38% 10.21% 5.52% -1.85% -3.97% -2.23% 378 26553 18199 32.70 1.87 13154 557 % 54.21 1N 2020-06-22 2020-05-18 TIC 2020-02-26 S0550516090002 02120363255 S0550518070002 02120363255 2020-06-30 2 / 31 1. 4 1.1. . 4 1.2. 5 2. . 6 2.1. . 6 2.2.PPP . 7 3.PPP . 9 3.1.PPP

3、4 . 10 3.1.1. 10 3.1.2. 10 3.1.3. 11 3.2.6 . 12 3.2.1. 12 3.2.2. 12 3.2.3. 13 3.3.“”+“A+B”1. 14 3.3.1. 14 3.3.2. 14 3.3.3. 15 3.4.PPP1. 16 3.4.1. 16 3.4.2. 16 3.4.3. 17 3.5.PPP. 18 3.5.1. 18 3.5.2. 18 3.5.3. 20 3.6.PPP2 . 20 3.6.1. 20 3.6.2. 21 3.6.3. 23 4. . 26 5. . 28 6. . 28 3 / 31 1 . 4 2 . 4 3

4、. 5 4 . 5 54PPP . 10 64PPP .11 74 . 12 86PPP . 13 91PPP . 15 10PPPBOT . 19 11 . 19 122. 21 132 . 22 142. 23 1“52”“81” . 5 2. 6 3 . 8 4 . 27 4 / 31 1. 1.1. 20101430177 885 36181.52188 1.5 4-5 20196730 969 2020-2022 1000 1 2 20193008 400 801.34775.60501.00431.48 11.91%11.52% 7.44%6.41% 2019 77.07%3.79

5、% 6.03%0.86% 5 / 31 3 4 1.2. 2018 2018525252 81 GDP 52GDP 20186 3 1.97% 812018 52 GDP 15281 52 81 300 100 3000 1000 300 300 0.7 3 3 6 / 31 2. 2.1. 1401863 2 10% 6:4 75% 2/3 40.5% 1/32/3 PPP 7 / 31 2.2. PPP PPP (Public-Private Partnership) PPPPPP PPPPPP PPP 2030 2014 60PPP PPPPPP PPPPPP () PPP PPP PP

6、P PPP PPP ()PPP PPPPPP 201930% PPP 8 / 31 20 3-46-7 PPP 3 82 6.51 74.52 11.45 103 5.50 37.16 6.76 131 28.85 236.44 8.20 172 27.60 200.14 7.25 183 14.39 146.56 10.18 192 45.60 284.25 6.23 271 22.20 148.13 6.67 301 24.78 191.12 7.71 2 9.1 51.31 5.64 3 3 8.39 2.80 4 4 20.13 5.03 51 19.5 153.82 7.89 6 2

7、9.7 195.49 6.58 71 22.5 155.83 6.93 1 28.2 126.4 4.48 22 15.5 122.18 7.88 32 22.6 151.54 6.71 4 69.6 362.56 5.21 61 44.5 364.64 8.19 9 / 31 PPP PPP PPP PPPPPP 2012 40 ( )PPP 4PPPPPP PPP PPP PPP PPP6 6 3. PPP PPP PPPPPP 10 / 31 3.1. 3.1.1. 4 28.2244 9928 100 4PPP 2011 4 PPP 4PPP 3.1.2. 4AB

8、A 10770% B 4630%PPP 2:49:49 54PPP 4A 11 / 31 4AB 30B A 64PPP 3.1.3. 4PPP PPP 4PPP 4PPP PPP 4 70% 4 4 80% 10% 50%10%60%4 12 / 31 PPP 74 3.2. 3.2.1. 6PPP 37.2230 3 630 3051%49% 3.2.2. 6PPP+ 800m 6 6 6 6 6 13 / 31 6 6 86PPP 3.2.3. 6PPP+ PPP + PPP , 6PPP 4 6 PPP 14 / 31 8006 6 3.3. 3.3.1. 1ABA B 4831200

9、73 201211 221A137.9 B 82.9PPP 25 1 1 3.3.2. 1A+BA B PPP 125 1 AB 15 / 31 91PPP 61PPP 1 PPP 1 3.3.3. 1 1 1SMRT 1975926 1990 2000 / 16 / 31 AB PPP 1A BA B 3.4. 3.4.1. 1 52015-20201 134.1 1 21.9718.423.250.3 192156 24144 1PPP177.7PPP 146.8PPP73.4PPP 50%PPP30525 1PPP 49%51%PPP PPP PPP 3.4.2. 1ABA BPPP P

10、PP1 PPP PPP1 17 / 31 1A+BA 30.9 B146.8 PPPBBOT PPPB73.4PPP 50%36.049%37.451% PPP 1 201521PPP 3.4.3. PPPPPP 1PPP PPPPPP 201681 20162 PPP1PPP 20162 PPP PPPA+B A PPPB 1PPP AB PPPPPP PPPAB 1 1PPP 18 / 31 AB50% 4951A B 3.5. 3.5.1. 49 8.3715 20151214.7 PPP 3.5.2. PPPBOT 19 / 31 10PPPBOT 25%

11、 127.22% 127.22%1.67 45.56% 11 20 / 31 25322 3.5.3. PPP PPP PPP PPP PPP 3.6. 3.6.1. 2PPP PPP2015 11112020 19.35 164 2120A 21 / 31 162.98.42 122 PPP PPPPPP PPP PPPPPP 3.6.2. 2BOT 35530 162.9 22 / 31 40%65 49%32 51% 132 PPP 23 / 31 142 3.6.3. 2 PPP 41416 4380% 10%50%10%65% 2 3.7. 3.7.1. 24 / 31 1 30.1

12、67 2212.58225 2.830.751.401 112 281682PPP 2PPP49.01 2 2PPP 3 43.87 60% 37.52%5%2% 14.44%1.04% 40% 3.7.2. 2AB A BPPP PPP2AB 2PPP 2B2 A2 A B A27 225 25 / 31 152PPP 2PPP49.1 43.87 40.912.570.39 30% 70%2PPP + 2PPP 2 26 / 31 3.7.3. PPP GAP ROS PPP 4. PPP 2019 30%PPP PPPPPP PPP PPP 2019 2020 10 27 / 31 25

13、%-55% PPP PPP PPPPPP 4 2018-2023 2983.48 45% 2015-2021 2122.8 40% 2015-2020 1794.33 40% 2018-2023 455.70 40% 2018-2022 1344.5 50% 2017-2022 1426.36 30% 2019-2024 1469.07 40% 2019-2024 1318.32 40% 1202.2 40% 28 / 31 2015-2020 2013-2021 388.73 40% 5 6 2012-2018 610.38 30% 30% 183.11 2016-2021 338.1 25

14、% 2015-2020 338.81 50% 98 71.4 5. 6. 1 . PPP. . 2019 2 . . . 2010 3 . . . 2018 4 . PPP. . 2019 5 . . . 2004 29 / 31 6 . . . 2014 7 . . . 2009 8 . 6. 9 . . . 2017 30 / 31 / 201010 20164 “” R3AB AAABS “” 615% 65%15% 6-5%5% 65%15% 615% 6 6 6 31 / 31 6666 130119 28D 100033 729 200127 100622A 518038 1221

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