1、 / 2012BBBA 8A IPO2019 +195.72%94.67% 1672020618 54119 1358 1.30% 20191.11+77.80% 4 70% 20199.10+54.94% 2020Q1+29.10% 2019+15.49% 43.50+28.51%12.9920201-5 +48.36%+49.96% 54 1920 2020-20220.540.620.702 PB614.78 2018A 2019A 2020E 2021E 2022E 3,766 4,350 5,527 6,676 7,790 (+/-)% -14.22% 15.49% 27.07% 2

2、0.78% 16.69% 1,010 1,299 1,633 1,862 2,120 (+/-)% -15.89% 28.51% 25.78% 13.99% 13.87% 0.33 0.43 0.54 0.62 0.70 21.43 21.66 19.96 17.51 15.38 1.11 1.36 1.46 1.35 1.24 (%) 5.18% 6.27% 7.31% 7.69% 8.05% () 3,024 3,024 3,024 3,024 3,024 2020/6/4 6 14.78 10.78 12 7.4011.87 32,603 3,024 A 3,024 B/H 0/0 64

3、 -12% -4% 4% 12% 20% 28% 2019/62019/92019/122020/3 % 1M 3M 12M 11% 0% 20% 9% 3% 9% -20200413 -20200601 -20200511 -20200429 S0550520020001 600109 / 2020-06-08 2 / 45 .2766.7677.90 27.07%20.78%16.69%16.3318.62 21.2025.78%13.99%13.87% 0.540.620.7020206410.78PE 19.9617.5115.38PB10

4、 20202PB614.78 1.2. 3. 4. 5. 1954116.6% 20205 20102012 20175.19%201924.77% 120201-51457.59 47.51%1.67% 22019 T+0 32020 4IPO 3 / 45 1.2.3.4. 1. 2019 2019-2020 2019 2. 30 1990-2008 1990121997-2005 20081 500,121,062 2008-2013A IPO200825 201272010 2012 BBBA 20147 100%FOF FOF 2015 2019 20201-

5、5IPO 19 3.2020 500 200ROA 4 / 45 2019 201843.50 15.49%12.9928.51% 2020 20201-523.0048.36% 57.7249.96% 4 2020 4. 1 1.30% 42 201913.12 17.81%15.51% 35,507.141.31%1.22% 25.50%3,419.3224.79% 1.1177.80%3 + 201966 12019 8.831.5525.77%39.87% 201969 195.72%561.9320166 94.67%198 38.792IPO 201916 7202066IPO 1

6、812319 532020 2020 29.1% 201913.52%1629.44% 1-5IPO 3.992020 5 / 45 12015 144.902019 -12.562020 22.9210%2 201910.88RQFII 0.65 1 22019 9.1054.94% 20202.82 29.10% 120193 11 201949.33%88.57 0.848.6920197.71 32.93%2 20193 0.66201993 73 20062009 2014 20162019 202020191.16 26.17% 1 2020 Wind 2020 3.50%2 20

7、072008 1. . 9 1.1. . 9 1.2. . 11 2. . 14 2.1. 30 . 14 2.1.1. 1990-2008 . 14 2.1.2. A2008-2013 . 15 2.1.3. 2013- . 16 2.2. . 17 2.2.1. + . 17 2.2.2. . 18 2.3. . 19 3. . 20 3.1. 2020 . 20 3.1.1. 2020. 20 3.1.2. . 22 3.1.3. . 23 3.2. . 24 3.2.1. . 24 3.2.2. . 25 3.2.3. . 26 3.3. . 28 3.3.1. . 28 3.3.2.

8、 . 31 3.4. . 33 3.4.1. 2020 . 33 3.4.2. . 34 3.4.3. . 36 3.4.4. . 37 3.5. . 38 3.5.1. . 38 3.5.2. “” . 39 4. . 40 4.1. . 40 4.2. . 41 5. . 42 7 / 45 1: . 9 2. 9 3A . 10 4A . 10 5 . 10 6 . 10 7.11 8 .11 9 .11 10 . 12 11 . 12 12 . 12 13 . 12 14A . 13 15 . 13 161990-2008 . 14 172008-2012IPO . 15 182009

9、-2012 . 15 192008-2013 . 15 202013-2019 . 17 212013- . 17 22 . 18 235 . 21 245Q1 . 21 25 . 22 26 . 22 2720201-5 . 22 2820201-5. 22 29 . 23 30ROAROE% . 23 31 . 23 32% . 23 33 . 24 34 . 25 35 . 25 36 . 25 37 . 25 38 . 26 39 . 26 40 . 26 41 . 26 8 / 45 42 . 27 43 . 27 44 . 29 45 . 29 46 . 29 47 . 29 48

10、 . 30 49 . 31 50 . 31 51 . 31 52 . 32 53 . 32 54 . 34 55 . 34 56 . 34 57 . 35 58% . 35 592. 35 60% . 35 61 . 36 62% . 36 63PB-Band . 42 12020. 18 22019 . 19 3 . 20 42018. 27 52018. 28 6. 30 72019 . 32 8 . 33 9. 39 10 . 41 9 / 45 1. 1.1. 2018 “” “” 230 201812020Q1 16.6412.66%22019 136.622018100.5735.

11、85%2020Q1 53.0476.10%32019A 201820188.1212.57 89.65126.882020Q14.38 16.00%49.8746.94%4 201920.85% 201814.52%2020Q1 27.68% 1: 2 Wind 10 / 45 3A 4A Wind Wind 2015Q116.05 2016Q328. 2018 1902010-2018 14.80% .10% 25.95%10002018 197611 2540.98% .85% 2019 5 6 “” “” 11 / 4

12、5 7 8 9 1.2. 2019 20202 33 20197 11 2020 2015 12 / 45 12019133 3604.8320155751.55 1230.9584.77%201934.15% 2018201542.56% 22019 20192019115.81%463.66 52.65%20191221.60 201520152,690.96 20161052. .46%3 %2018 5%13% 201427%201934%2017 2017-2019 10 11 12 13 Win

13、d 13 / 45 14A 15 Wind 60%2019201872.99%12 2020 2015-2018A 62%53% 201840%7% 2015-20195 201914.46% 201960.27% 2020 “” “ ” 14 / 45 2. 1990122019 66624 20142 201512AAA AA 2.1. 30 2.1.1. 1990-2008 1995 19991.8() () + 1990121000 05 200511 20071 () 51.76%20071211 1.1948.24% 200785.24

14、 15.247.3220081 500,121,062 Wind 161990-2008 15 / 45 2.1.2. A2008-2013 20086 20095 1,000,242,124 IPO IPO2009-2012 20082520127IPO 20080.53%20124.34%2010 2012 178200974.51% 172008-2012IPO 182009-2012 Wind Wind 201216 7 20131 201211 293,829,5781,294,071,7022012BBB A2013AA20162017A 20138 192008-2013 16 / 45 2.1.3. 2013- 2013102014 2015 FOF 201320142 7x2410 10101,294,071,7022,588,143,404 2014125248,715,906 2,836,859,310201551.875 3,024,359,310 2015 20166 20162016 20153 2019 2019 1 201332 2019666 24 A2019501.51 2013 201943.515.49% 12.98