1、 2022.1.3 20218632021 滮 2018廨2021 51.5 滮 漰 2022.1.3 mNqOmOqOnRvNmOtQuNuMyR9PdN9PpNnNnPpNjMnNmNlOrRsO9PpPuNuOsOyRvPsPyR 2022.1.3 . 1 . 1 . 2 . 3 . 4 . 4 63 . 4 . 5 2021 . 8 . 10 . 10 . 12 廨 . 14 . 14 . 15 . 18 滮 . 19 . 21 . 21 . 22 . 23 . 23 . 23 . 24 . 25 . 26 . 26 vs vs . 27 . 28 . 29 . 29 . 30 202

2、2.1.3 1 . 1 2 . 1 3 . 3 4 . 3 5 . 4 6 . 10 7 . 10 8 . 11 9 . 11 10. 11 11 . 12 12 . 12 13. 13 14. 13 15 . 14 16 . 15 17 . 15 18巽 . 15 19. 16 20. 16 21114 . 16 22114 . 16 23 . 17 24 . 17 25 . 17 26 . 17 27 . 18 28 . 18 29. 18 30. 18 312021 11 . 19 321N . 22 33 . 22 34 . 23 35 . 24 36 . 25 372020 . 25

3、 38 . 26 39 . 26 40 . 27 41 . 27 42. 27 2022.1.3 43 . 28 1. 2 2麣. 2 3 . 3 4壩 . 5 5 . 6 6 . 7 7滮 . 8 8 . 8 9 . 9 10 . 9 11 . 10 12 . 12 13 . 13 14 . 19 15 . 19 16 . 20 17 . 21 18 . 21 19İ . 29 20 . 29 21 . 30 2022.1.3 1 2021 1 2 Wind Wind 020,00040,00060,00080,000100,000120,000140,000160,000180,00020

4、0,0002015 2016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E - 5,000 10,000 15,000 20,000 25,000 30,000 2022.1.3 2 20 1 桢佨 滮滮 淶 淶 滮 滮涨涨 滮涨涨 滮 2麣 佨 滮 滮 淶 衢 滮淶İ涨滮滮 滮裻 涨飬 涨飬 涨飬 2022.1.3 3 漰顣 麣 3 滮 滮 治 滮滮棬廨滮 Analogical City滮 3 4 2022.1.3 4 裬+ 5 2021 63 2021811 壩 跽 涨 202

5、2.1.3 5 4壩 涨 20% 2 50% 5% 滮滮滮淶忪 跽档滮廯 湦塢蹫 飬衣跽廯衣 863 廨 2 2022.1.3 6 50% 5 91 滮 1022 821 (2021-2025) 滮塢跢衢 127 跽 99 1215 滮 1118 滮 1020壩 11 20 1飺10 119 80 漰漰 2 3 2022.1.3 7 2020飬 12 罨档漰 6 20207 棬 113.74 159.21 漰 7 2020 1173000 20213 48 20215 33齭硣飬494% 2021531 溦 33 5 18 5 2021615 飬 20211024 壩 2021128 罨档漰

6、20211212 12122020 飬衱 20211212 飬 10赳洦赳桢 2022.1.3 8 2021 2021 12 14 63 2021 滮 7滮 嵥 1 2 3 1 2 8 1幫 2硢估 3 1 2 3 1涨 2棨 2022.1.3 9 棨 1 2 3+ 涨鼯 + 9 涨 1 1 2 鼯 鼯 磬佨 10 塢 2022.1.3 10 塣衢淶 11 豸为 20181 屨 6 7 滮 2022.1.3 11 2018 7 3000 20 2020 塱滮 10 8 9 滮 2022.1.3 12 11 12 CBC CBC 磬İ絼 12 1510 0% 10% 20% 30% 40% 50

7、%30% 20% 40% 60% 80% 2022.1.3 13 13 14 廨 13 2021 12 2021 12 2021 12 2021 12 2021 11 2021 11 2021 11 2021 11 2021 11 2021 11 塢 2021 11 2021 10 2021 10 2021 10 50 2021 9 2021 9 2021 9 佻 2021 9 孺 2021 9 塢 2021 9 2022.1.3 14 2021 9 2021 8 塢 2021 8 2021 8 2021 3 43罨 2020 11 2020 7 2020 6 廨 15 磬 2022.1.3

8、15 16 17 档磬顣 18巽 滮 2022.1.3 16 12.6漰88漰3746İ2.2漰 6漰296 7 PPP ROT 3.7 齨 SPV 衢桢裬 19 20 仯114仯 21114 22114 2022.1.3 17 湦 50% İ 23 24 漰壬 2018 滮 25 26 漰 2022.1.3 18 27 28 29 30 2021 8 塱 2000 21.9 2022.1.3 19 14 漰 2000 21.9 3864.2 31.1 2000 10.8 3459.1 33.9 32.7 7323.3 65 CDC 2019-2020 5.910882021 5.3漰9002

9、0211-11 54,729 31202111 Wind 2021 7 20192021 5 1.5 1 滮 2019 2021 8 2,450 15 2017 2019 + 2019 2020 40%004000500060007000 11 2022.1.3 20 90% 2020 2020 10 2020 4657616718820 2020 2020 2021 4100%90% 70%30% 滮 16 + 2021121 + 飬 2021225 滮 滮嵥 202110 赥蹤滮 2019439 滮 2021120 費52% 2021121 塱滮 2022.1.3 2

10、1 REITsABS 2021275 磬3500 5磬 PPPİ齨 17 2020 7 飬59 1750 2021 4 120 202111 10 539225 202112 10 202112 55 滮 3 26 20212022档REITs 汨 18 2021/12/24 2021/12/15 2021/12/24 2021/12/10 2021/12/7 2021/11/26 2021/11/26 2022.1.3 22 2021/11/26 2021/10/29 2020PPP 2021/9/21 缯 2021/9/2 2021/7/31 壬 321N 33 2022.1.3 23 棬

11、 34 İ绪 漰 2022.1.3 24 35 乫 漰 2022.1.3 25 36 372020 档 棬 綯1996 EV1 綯 塢顣治裬 飬顣05000250030003500 2022.1.3 26 2018 38 39 1 棬棬汾档 2 2022.1.3 27 40 vs vs 塣 41裨 42 Wind 050 2011 2012 2013 2014 2015 2016 2017 205303540451978 2009 2019 2022.1.3 28 壬 嶨 43 2022.1.3 29 塱2塱200021.9塱8

12、000 1600 19İ / / 2021 1.40 17 6,336 47.36 2.21 295.63 19 23.00 766 170,400 1,533.60 1.35 149.97 紨2021 14.00 50 30,889 278.00 4.53 503.60 2021 20.89 366 158,337 1,422.95 1.32 146.81 2.05 210.53 60%廪2019 CO2 CO2 38% 22% 20 282 16 kgCO2/ 4.6CO2 228 23 kgCO2/ 5.2CO2 152 36 kgCO2/ 5.5CO2 134 48 kgCO2/ 6.5CO2 , ,. 2010400 档滮 50% 2022.1.3 30 21 豸 LED 廯 廯硢 齨 İ裬CCER档