1、 -1- 2021 12 31 2022 1佫OMO+MLF LPR2塱2022 塣3DR007 1Y NCD 4 2022 12022 21 10.8%2022 32-33 10.2-10.5%215 3NIM NIM4鳣5淿6D-SIBs 7 2022 2022 2 漰 顣8 棬棬 1档 2 3 300 Wind 飬2021 8 15 2021 8 10 2021 4 21 2021 4 8 2021 2021 3 6 -2- 7 1档 2 3 qRqOsQoQrNzRpNnOvMxPxObR9R6MpNqQpNtRlOnNrQiNmMmQ7NqQuNvPqMnQNZsPnQ -3- 1

2、. 6 1.1 . 6 1.2 . 7 1.3 . 9 1.3.1 塱 . 9 1.3.2 . 11 1.3.3 . 11 2 2022 . 12 2.1 21 10.8% . 12 2.2 . 13 2.3 NIM . 14 2.4 鳣 . 16 2.4.1 . 16 2.4.2 鳣 . 17 2.5 . 18 2.6 . 21 2.7 . 22 3 . 24 4 . 26 4.1 600036.SH . 26 4.2 000001.SZ30% . 27 4.3 601166.SH . 28 4.4 600919.SH30% . 29 4.5 600926.SH滮 . 30 4.6 6010

3、09.SH . 31 4.7 002142.SZ . 32 4.8 601128.SH . 33 5 . 34 5.1 601838.SH . 34 5.2 601577.SH . 38 5.3 601187.SH . 41 6 . 46 -4- 12020 . 6 2140bp . 9 310 . 9 42019 . 10 5 2022 . 10 62019 . 11 7 . 12 82022 . 12 920219 5 . 15 10AUM . 17 11 . 17 12仯. 18 13% . 18 14 . 18 15. 18 16% . 20 17% . 20 18 . 20 19 .

4、 20 20 . 21 21 . 21 22 . 23 232021 . 23 24 . 34 25 . 35 26 . 35 27 . 35 28仯 . 35 29ROAE . 38 30 . 38 31 . 38 32. 38 33 . 39 34仯 . 39 351H21 . 42 36/ . 42 37 . 43 38 . 44 39 . 44 -5- 1 . 8 22021 1-3Q211BP . 16 3 . 22 42021-2022 . 23 52021-2022 . 24 6 . 26 7 . 27 8 . 28 9 . 29 10 . 30 11 . 31 12 . 32

5、13 . 33 14 . 36 15 . 37 16 . 37 17 . 40 18 . 41 19 . 41 20 . 42 21 . 44 22 . 45 23 . 45 -6- 1 1.1 2020 7 30 2021 7 30 飬濼 2020 2020 9 271.2% 25 2015-2019 2020 9 164.6% 12.7 5.6 6.4 徭 12020 70 -7- 塢磬 1.2 壬 OMO+MLF 12 3 IMF 12 6 2021 12 15 0.5 5% 1.2 黹MLF 淴 1岻 2浽鷴漰 MLF 佫 OMO+MLF 棬 2000 3000 2000 -8- 1

6、2000 3000 2.25%1 5.5% 幤 60% 21 1.75%12 LPR 2000 LPR 2021 Q2-Q3 棬 LPR LPR 鷴桢 taper 棬 6.37 棬2020 4-6 10 140bp -9- 2 140bp 310 Wind2021 4 1 -12 5 Wind2021 1 4 -12 5 1.3 2020 7 2016 -2017 +2018 Q1 漴 2019 1.3.1塱 塱 GDP -10- GDP 仯0 42019 Wind 2012 0 2014 9 -2015 3 2017 9 -2018 12 2020 1 -3 2020 3 2018 忪201

7、9 0-3%0.69% 5 5 2022 Wind2021 12 -2022 12 3 PMI 2018-2019 Q4 Q1 2015 3 2020 3 2019 3 -11- 2022 塣 1.3.2 2018DR0071YNCD 2019 1Y NCD 0.006 5 62019 Wnd DR007 7 OMO 2.2% 1Y NCD 8 NCD 2.8%1Y-MLF 15bp 2019 DR007 1Y NCD 1.3.3 2018-2019 12018 2 2018 9 -2019 3 32019 3 -12 0 7 10% -12- 7 Wnd 2 2022 2.1 2110.8%

8、 2008 徭彫 1112 2022 82022 Wind 2021Q1-Q3 2021Q4 1112 2.95 2021 20.5 2022 21 2022 10.8%3322 -13- 202130-3110.5% 2020 2 2022 32-33 10.2-10.5% 2021 M2 9%2022 M2 8.9% GDP 2.2 RMBS 10 3481 9 1013 12 3 漴2022 RMBS Q2 2022 2021 Q4 塱裬2022 15 15涨棬 15 -14- 棬 2000 3000 2000 2021 MPA 9 37.8%39.7% 2022 9 18.6 27.4

9、% 15.5 2022 棬MPA2021 30% 25%棬 4.9% 2022 9 14.78 27.9% 3.79 22.8%11 8 2021-22 5000-9000 1 2.3 NIM 2022 磺棬 NIM NIM 1 EVA 1 1121 -15- 2 9 6 12bp 5.54% 929 10 2021 10 90 5.73% 5.99% 1BP尴 3 1 2淶 32021 1 2 9 2.21% 17BP 5 28BP2 3 5 5 25 BP43 BP 45BP 92021 9 5 2021 Q3 棬 -16- 22021 1-3Q21 1BP 1 Q 2 0 1 H 2 0

10、 1 - 3 Q 2 0 2020 1 Q 2 1 1 H 2 1 1 - 3 Q 2 1 % 2 . 1 0 2 . 0 9 2 . 0 9 2 . 1 0 2 . 0 7 2 . 0 6 2 . 0 7Qo Q p c t ( 0 . 1 0 ) ( 0 . 0 1 ) ( 0 . 0 0 ) 0 . 0 1 ( 0 . 0 3 ) ( 0 . 0 1 ) 0 . 0 1 % 2 . 0 4 2 . 0 3 2 . 0 3 2 . 0 5 2 . 0 3 2 . 0 2 2 . 0 3Qo Q p c t ( 0 . 0 8 ) ( 0 . 0 1 ) 0 . 0 0 0 . 0 1 (

11、0 . 0 1 ) ( 0 . 0 1 ) 0 . 0 1 % 2 . 0 9 2 . 0 8 2 . 0 9 2 . 0 7 2 . 2 0 2 . 1 6 2 . 1 5Qo Q p c t ( 0 . 0 3 ) ( 0 . 0 1 ) 0 . 0 1 ( 0 . 0 2 ) 0 . 1 3 ( 0 . 0 4 ) ( 0 . 0 1 ) % 2 . 0 0 2 . 0 0 1 . 9 9 2 . 0 0 1 . 8 9 1 . 9 0 1 . 8 9Qo Q p c t ( 0 . 0 9 ) 0 . 0 0 ( 0 . 0 1 ) 0 . 0 1 ( 0 . 1 0 ) 0 . 0

12、1 ( 0 . 0 1 ) % 2 . 4 4 2 . 4 2 2 . 4 3 2 . 4 9 2 . 2 0 2 . 2 4 2 . 2 6Qo Q p c t ( 0 . 3 7 ) ( 0 . 0 2 ) 0 . 0 1 0 . 0 6 ( 0 . 2 9 ) 0 . 0 4 0 . 0 2 Wind 2.4 鳣 2.4.1 7.0% 1H21 1.4pct 棺 AUM AUM 2015-2020 13.5% AUM 10 3Q21 AUM 31.5% 2010 16.0 -17- 10 AUM 11 Wind Wind 飬磬 2021 32.56% 28.74 飬顣 RPA AI 2.

13、4.2鳣 桢仯 2020 V2021 32.9%1H2123.2pct2022桢鳣 桢2021仯 2022 -18- 12仯 13% Wind 2021 12 2 2.5 2021 2018-2020 2.4 /2.5 /3.02 2021 2020 1bp 1.75% 3bp 2.33% 14 15 2022 鳣飬 -19- 淿 20% 0.5%EVA432 30LTV 50% LTV 30% 1.2-1.3% 淿123RMBS ab漰cdef 2020 2021 108.77 62.85% 7 14 涼忴2021 涨貿 -20- 估 3Q21 2bp 1.43%1.40% 1.82% 1b

14、p 3.59% 37 1bp3bp2bp4bp 1.42%1.37%1.18%1.25%8bp 1.06% 9bp 0.81% 8bp 0.90% 16% 17% 2022 估 1/ 2021 Q3 2017硣 18 19 Wind2017-2021 Q3 Wind 2021 棻2020 -21- 2 1%İ棬 400% 2.6 2021 9 10.67%12.12%14.80% 18bp22 bp32 bp 16.84%13.40%12.96%12.46% 57 bp5 bp6 bp32 bp 20 21 Wind 21 9 Wind 21 9 D-SIBs 10 15 涨 1 鵽 5 0.

15、25%0.5%0.75%1% 1.5% G-SIBs D-SIBs 19 1 4 飬 5 FSB 2020 G-SIBs 1.5% 2 D-SIBs 4 1 趨滮尲治 2 3Q21 -22- 3 CoreTier 13Q21 CoreTier 13Q21 CoreTier 1 CoreTier 1 3Q21 13.14% 13.03% 9.00% 4.14% 4.75% 8.31% 11.12% 10.87% 9.00% 2.12% 4.75% 7.59% 11.18% 11.22% 8.50% 2.68% 4.50% 7.46% 13.40% 13.46% 9.00% 4.40% 4.75%

16、 7.96% 10.68% 10.04% 8.25% 2.43% 4.38% 7.58% 12.31% 11.84% 8.25% 4.06% 4.38% 7.42% 9.54% 9.11% 8.25% 1.29% 4.38% 6.60% 10.00% 9.82% 8.00% 2.00% 4.25% 6.13% 8.83% 8.73% 8.00% 0.83% 4.25% 7.62% 9.35% 9.04% 8.00% 1.35% 4.25% 7.03% 8.80% 8.44% 8.00% 0.80% 4.25% 6.76% 8.56% 8.37% 7.75% 0.81% 4.13% 6.39%

17、8.99% 8.74% 7.75% 1.24% 4.13% 7.15% 8.70% 8.52% 7.75% 0.95% 4.13% 8.75% 8.57% 7.75% 1.00% 4.13% 6.43% 9.39% 9.01% 7.75% 1.64% 4.13% 5.85% 9.53% 9.50% 7.75% 1.78% 4.13% 6.53% 9.08% 8.90% 7.75% 1.33% 4.13% 6.48% 2021 飬涨 G-SIBs D-SIBs 1.5% 9.00% 4.75% TLAC G-SIBs 10 29 G-SIBs 2025 16%6%2028 18%6.75% G-

18、SIBs TLAC 3 TLAC 乤 TLAC Basel III TLAC G-SIBs TLAC G-SIBs Basel IIIG-SIBs TLAC TLAC G-SIBs 2.7 2021 37 A 4 7.7%6.8%13.6% 1.8ptc1.9pct0.6pct棬鳣棬 2Q20 3 2021113 洴 TLAC G-SIBs 4 A -23- 22 232021 2022 2022 2 漰 棬 2021 2022 10.5%10.3% 3.3% 2021 1-3Q 1.98% 4Q 2021 仯2021 1.98%1.97%1.96%2022-1BP-2BP-4BP 2021

19、1-3Q 19%17%15%2022 10%7%5%2021 2022 7.1%6.2% 4 2021-2022 2021 2022 1.98% 1.97% 1.96% 1.97% 1.95% 1.93% 4.18 4.16 4.14 4.45 4.40 4.36 5.74 5.70 5.65 6.17 6.05 5.95 8.0% 7.1% 6.2% 7.4% 6.2% 5.3% Wind 棬 2021 2022 2021 2022 -24- 5%6%2021 2022 11.4%8.1% 5 2021-2022 2021 2022 PPOP 3.88 3.85 3.81 4.20 4.11

20、 4.04 1.91 1.88 1.85 2.10 2.03 1.97 13.0% 11.4% 9.9% 10.1% 8.1% 6.4% Wind +28.5%+26.0%+24.7%+22.5%+21.0% 20%棺桰+ 2022 3 7 8 棬棬壬廷12 6 12150.51.2 7 7 NIM 棬 MPA ABS -25- 裬 1档 2 3 -26- 4 4.1 600036.SH 20%2021 13.5%15.0%22.2%-0.210.51-0.61pct Q3 NIM 2021 2.48% 0.01pct Q3 2.47% 1bpNIMQ3 3.97% Q2 1bp 25.8%/

21、+24.9%/+38.0%/+5.8%/+42.4% 2021 9 AUM 10.37 16.0% 11.70 17.1% AUM 3.27 AUM 2800 50 354.79 14.4% NIM ROE 2021-2023 EPS 4.56/5.24/5.76 PB 1.69/1.49/1.33 徭 6 2019 2020 2021E 2022E 2023E 269,703 290,482 328,280 371,662 422,031 8.5% 7.7% 13.0% 13.2% 13.6% 92,867 97,342 115,038 132,033 145,255 15.3% 4.8%

22、18.2% 14.8% 10.0% EPS 3.68 3.86 4.56 5.24 5.76 ROE 17.2% 16.0% 16.9% 17.1% 16.7% P/E 13.17 12.57 10.63 9.26 8.42 P/B 2.12 1.91 1.69 1.49 1.33 Wind 2021-12-30 -27- 4.2 000001.SZ30% 1pct 30%2021 9.1%8.8%30.1% 1H21 1.0pct0.7pct1.5pct3Q 11.2%32.5%30% 1H21 1H21 9 1036.94 800.55147.78 0.6pct 61.6% 1.9pct

23、32.6% 0.2pct 25.4%仯 2.22% 2.05% 1H21 2021 1 飬 AUM 3 9 AUM 16.3% 3.05 AUM 11.7% 1.34 1-9 20.5% 64.4 2 飬 9 8.5% 1.16 APP 14.1% 1.29 8.6% 7433.743 飬 9 14.4% 1.84 10.5% 5849.39 47.4% 1058.32 19.1% 6294.80 2021-2023 EPS 1.91/2.19/2.46 PB 1.00/0.89/0.80 7 2019 2020 2021E 2022E 2023E 137,958 153,542 170,68

24、8 189,271 208,598 18.2% 11.3% 11.2% 10. 9% 10.2% 28,195 28,928 37,110 42,531 47,758 13.6% 2.6% 28.3% 14.6% 12.3% EPS 1.45 1.49 1.91 2.19 2.46 ROE 11.4% 10.2% 11.9% 12.3% 12.3% P/E 11.58 11.28 8.80 7.67 6.83 P/B 1.20 1.11 1.00 0.89 0.80 Wind 2021-12-30 -28- 4.3 601166.SH 20%2021 8.1%7.8%23.4%-0.8-0.7

25、0.3pct 棬 11.5%11.9% 11.7% 2020 4.024.19 0.20pct 1842.53979.20 249.71965.29 655.04 475.79 Q3 970.78 1250.84 棬 9 55.3% 2020 1.9pct 6.2% 4pct 1132 Q3 1249.1 9 54.2% 2020 1.97pct 1539.98 440.81 1.78% 6bp 3.87% 8bp 2.28% 2bp 6 24.8% 10.88pct棬 26.3% 2.4pct 22.8% 20.67pct 7 Q3 7.71 22.8 12342021 20% 2021-2

26、023 EPS 3.70/4.15/4.63 PB 0.67/0.60/0.54 8 2019 2020 2021E 2022E 2023E 181,308 203,137 217,744 242,262 270,643 14.5% 12.0% 7.2% 11.3% 11.7% 65,868 66,626 76,929 86,158 96,143 8.7% 1.2% 15.5% 12.0% 11.6% EPS 3.17 3.21 3.70 4.15 4.63 ROE 14.23% 13.12% 13.73% 13.79% 13.80% P/E 6.01 5.94 5.14 4.59 4.12

27、P/B 0.82 0.75 0.67 0.60 0.54 Wind 2021-12-30 -29- 4.4 600919.SH30% 30%2021 24.7%28.6%30.5% 2.02.35.3pctQ3 41.9% Q2 14pct 30.5% 0.91pct 29.48% 7.10pct 14.97% 13.96pct 162.82 10.93 8.78% 28.1% 1.88% 1bp 1 14.0%13.8% 17.1% 0.1pct1753.21 394.99 1.20pct 54.5%2 11.0% 2.5pct 6pct 2.5pct棬+ 629.51 990.81 9 1

28、.12% 64bp+2.39% 6 2bp 295.53% 13.39pct 3.30% 6 3bp 7.19pct 104.88% +岼AUM 2021-2023 EPS 1.31/1.61/1.92 PB 0.56/0.50/0.44 9 2019 2020 2021E 2022E 2023E 44,974 52,026 62,134 72,661 84,856 27.7% 15.7% 19.4% 16.9% 16.8% 14,619 15,066 19,328 23,771 28,350 11.9% 3.1% 28.3% 23.0% 19.3% EPS 1.27 1.02 1.31 1.

29、61 1.92 ROE 13.6% 12.0% 13.3% 14.6% 15.5% P/E 4.59 5.70 4.44 3.61 3.03 P/B 0.59 0.62 0.56 0.50 0.44 Wind 2021-12-30 2019 115.45 2020 147.7 -30- 4.5 600926.SH滮 2021 20.0%19.9%26.2% 4.24.13.1pct3Q 34.5% 44.5pct 1棬1-3Q21 11.2% 157.76 2021 9 19.7%19.8%19.6%-0.4-0.30.3pct 0.4pct 42.4%2棬1-3Q21 48.0% 66.01

30、 2021 1-3Q 14.50 VS 2020 1-3Q -1.60 559.42%9 50.82 1.92 8BP 0.90%+ 1BP 1.46% 85.65 YoY+15.23% 41.58 28.99pct 559.42% 滮2021-2025 6 AUM 4.7% 4004.01 1.4%1166.84 0.21%2021 滮滮 2023 6400 2025 8000 廯 2021-2023 EPS 1.45/1.71/2.02 PB 1.09/0.98/0.88 鲼 10 2019 2020 2021E 2022E 2023E 21,409 24,806 28,853 33,32

31、6 38,404 25.5% 15.9% 16.3% 15.5% 15.2% 6,602 7,136 8,577 10,167 12,001 22.0% 8.1% 20.2% 18.5% 18.0% EPS 1.29 1.20 1.45 1.71 2.02 ROE 13.2% 12.3% 12.8% 13.7% 14.5% P/E 10.03 10.73 8.93 7.53 6.38 P/B 1.26 1.20 1.09 0.98 0.88 Wind 2021-12-30 2019 51.3 2020 59.3 -31- 4.6 601009.SH 2021 21.0%22.6%22.4% 6

32、.99.15.3pctQ3 35.7% Q2 12.51pct 24.2% Q2 2.2pct 4.4% Q2 1.4pct23.6% Q2 16.78pct 72.11 15.11 14.9% 16.7% Q20.79pct 1.89% 2bp 1075.32 19.26 731.04344.28 -53.5972.86 2021 9 2.52% 1bp 2020 2.70% 31.0% 23.26pct 32.8% 29.4% 39.09pct Q3 Q3 9 0.91%+ 2.05% 6 4bp 12 2.12% 3 2.20% 395.9% 6 1pct 3.59% 6 0.01pct

33、 ROE 2021-2023EPS1.54/1.81/2.10PB 0.82/0.73/0.65 徭 11 2019 2020 2021E 2022E 2023E 32,442 34,465 40,901 48,426 57,077 18.4% 6.2% 18.7% 18.4% 17.9% 12,453 13,101 15,460 18,141 21,052 12.5% 5.2% 18.0% 17.3% 16.0% EPS 1.47 1.31 1.54 1.81 2.10 ROE 17.2% 15.1% 15.0% 15.7% 16.2% P/E 6.08 6.82 5.78 4.93 4.2

34、4 P/B 0.98 0.92 0.82 0.73 0.65 Wind 2021-12-30 2019 84.82 2020 100.07 -32- 4.7 002142.SZ 2021 28.5%28.6%26.9% 3.3pct3.9pct5.6pct2021 - 3.9 1.5 17.8% 244.72 1棺 9 23.7%27.6% 2.3pct0.6pct 9 24.5%13.1% 2.1pct-0.1pctYoY+56.4%YoY+51.3%2.7pct 62.7%2棺 2.29% 4BP 22BP 51.8% 51.8% 144.06 1pct 37.1% 110.5% 5.9%

35、 56.39 9 0.78% 1BP 2019 0.8%+ 1.16% 2BP 5.17pct 515.3% 2021-2023 EPS 2.79/3.38/4.02 PB 2.11/1.82/1.57 12 2019 2020 2021E 2022E 2023E 35,082 41,111 50,744 61,045 72,638 21.3% 17.2% 23.4% 20.3% 19.0% 13,715 15,050 18,444 22,314 26,562 22.6% 9.7% 22.5% 21.0% 19.0% EPS 2.44 2.50 2.79 3.38 4.02 ROE 18.1%

36、 15.9% 16.6% 17.4% 17.8% P/E 15.68 15.25 13.68 11.30 9.50 P/B 2.51 2.21 2.11 1.82 1.57 Wind 2021-12-30 2019 56.28 2020 60.08 2021-2023 66.04 -33- 4.8 601128.SH 2021 12.96%12.30%19.04%5.264.443.52pct 43.9% 4.4pct 18.4% 0.74pct-19.5% 10.04pct 12.07 0.27 -1.8% 3.03% 1bpQ3 2.89% Q24bp 8bp 4.97% Q3 58.3%

37、 14.2pct Q3 29.9% 70.7% 30.83pct Q3 500% 9 0.81% 6 9bp 2016 6 8bp 0.88% 0.8% 9 521.37% 6 2021 9 3 60 2021-2023 EPS 0.79/0.90/1.01 PB 0.91/0.83/0.76 13 2019 2020 2021E 2022E 2023E 6,445 6,582 7,448 8,588 9,931 10.7% 2.1% 13.2% 15.3% 15.6% 1,785 1,803 2,174 2,461 2,780 20.1% 1.0% 20.6% 13.2% 13.0% EPS

38、 0.65 0.66 0.79 0.90 1.01 ROE 12.0% 10.3% 11.6% 11.9% 12.2% P/E 10.09 9.99 8.28 7.32 6.48 P/B 1.06 1.00 0.91 0.83 0.76 Wind 2021-12-30 -34- 5 5.1 601838.SH 2020 2021 10 滮淢衢衢 24 9 75.0%滮2021 26.0%22.2% 16 52021 ROAE 16.3% 2 2021 2.11%2.04% 2.17%帺 77.1%2Q 12.8% 1.3pct 47.6% 3 1.98% 2.28% -35- 2018-202

39、0 24.0%2021 6 21.4% 25 26 棬 2021 6 2021 6 2014 翪飬 2016 2021 9 1.06% 0.56% 16.26pct 387.41% 27 28仯 棬 棬 -36- 2021 9 8.34%9.50% 12.69%2021 4 80 5-20% 輰棬 2021 2021 9 33.1% 2021 2021 33.0%2022-2023 2021 2021-2023 33.0%27.0%25.0%2021 9 17.0% 2021 21.0%2021-2023 21.0%18.0%17.0% 棬 2021 45.3% 2021 33.0% 2022

40、-2023 15.0%20.0%棬2021 42.0% 2021 30.0%2021 2020 鳣20192020 2022-2023 20.0%20.0% 裬 2021-2023 175.25 YoY +20.0%205.23 YoY +17.1%240.55 YoY +17.2% 69.57 YoY +15.5%80.66 YoY +15.9%94.51 YoY +17.2% 14 2019A 2020A 2021E 2022E 2023E RMB 12,725 14,600 17,525 20,523 24,055 10,450 11,827 13,910 16,208 18,878 2

41、98 366 487 560 672 1,977 2,407 3,129 3,755 4,506 6,491 7,762 9,758 11,522 13,515 9,239 10,949 13,286 15,975 19,211 5,551 6,025 6,957 8,066 9,451 24.3% 22.5% 33.0% 27.0% 25.0% 8.4% 14.6% 21.0% 18.0% 17.0% 8.0% 13.2% 17.6% 16.5% 16.5% -3.2% 22.6% 33.0% 15.0% 20.0% 23.0% 21.7% 30.0% 20.0% 20.0% 9.8% 14

42、.7% 20.0% 17.1% 17.2% 8.5% 18.5% 21.3% 20.2% 20.3% 19.4% 8.5% 15.5% 15.9% 17.2% -37- NIM 1.99% 1.95% 1.96% 1.96% 1.96% 1.83% 1.77% 1.77% 1.77% 1.76% 3.95% 3.89% 3.94% 3.94% 3.97% 5.19% 5.09% 5.04% 5.00% 4.96% 2.12% 2.13% 2.17% 2.18% 2.20% 1.70% 1.94% 1.96% 1.95% 1.95% Wind ROE 3 2020 PB 0.94 1.08 20

43、21-2023 EPS 1.93/2.23/2.62 PB 0.95/0.84/0.73 衰 15 EPS PB 2020 2021E 2022E 2020 2021E 2022E 600926.SH 12.91 1.20 1.46 1.76 1.20 1.06 0.95 601577.SH 7.82 1.56 1.54 1.77 0.70 0.69 0.61 601009.SH 8.93 1.31 1.56 1.84 0.92 0.81 0.71 0.94 0.85 0.76 601838.SH 11.93 1.67 1.93 2.23 1.08 0.95 0.84 Wind 2021-12

44、-30 Wind 4 16 2019 2020 2021E 2022E 2023E 12,725 14,600 17,525 20,523 24,055 9.8% 14.7% 20.0% 17.1% 17.2% 5,551 6,025 6,957 8,066 9,451 19.4% 8.5% 15.5% 15.9% 17.2% EPS 1.54 1.67 1.93 2.23 2.62 ROE 16.6% 15.9% 16.3% 16.7% 17.2% P/E 7.76 7.15 6.19 5.34 4.56 P/B 1.21 1.08 0.95 0.84 0.73 Wind 2021-12-3

45、0 -38- 5.2 601577.SH ROE 2020 4.18 3.8% 9 2021 6 343 161 13 4 2016-2020 16.7%14.3%2018-2020 ROE 15.43% 2021 19.7%18.6% 2.4-2.5pct2021 ROE 15.13% 4 29 ROAE 30 棬 2021 9 棬 2021 6 2.41%1H21 40.7% 16 1H21 48.8% 31 32 棬 2021 6 棬 2021 6 -39- İ飬 6 41.0% 40.7% AUM 2477.06 1538.08 棺 12020 5.15 6.2 2+ 6 86% 51

46、86 3塱滮塱 1300 650 4 2021 2021 26.2% 2021 9 42.34 1.20%2.36% 2018Q3 岻; 297.9% 1.16pct 33 34仯 棬 2021 9 棬 輰棬 2021 9 14.4% 2021 16.0% 2022-2023 16.1%16.2% -40- 2021 9 4.5% 2021 6.0%2021 2022-2023 12.0%14.0% 棬 2021 26.2% 2021 20.0% 2022-2023 22.0%24.0%棬2021 67.6% 2021 49.0%2021 2020 鳣 2019-2020 12.49% 202

47、2-2023 10.0%10.0% 裬 2021-2023 206.30 YoY +14.5%234.13 YoY +13.5%264.09 YoY +12.8% 61.34YoY +14.9%69.45 YoY +13.2%78.37 YoY +12.9% 17 2019A 2020A 2021E 2022E 2023E RMB 17,017 18,022 20,630 23,413 26,409 13,200 14,961 16,300 18,535 20,880 850 797 957 1,167 1,447 2,966 2,264 3,373 3,711 4,082 10,533 11

48、,227 12,808 14,561 16,423 11,627 12,484 14,514 16,593 18,984 5,080 5,338 6,134 6,945 7,837 27.4% 21.0% 16.0% 16.1% 16.2% 13.5% 17.9% 6.0% 12.0% 14.0% 14.3% 13.3% 8.9% 13.7% 12.6% -46.2% -6.3% 20.0% 22.0% 24.0% 265.9% -23.7% 49.0% 10.0% 10.0% 22.1% 5.9% 14.5% 13.5% 12.8% 28.9% 7.4% 16.3% 14.3% 14.4%

49、13.4% 5.1% 14.9% 13.2% 12.9% NIM 2.34% 2.29% 2.16% 2.15% 2.10% 2.14% 2.08% 1.95% 1.94% 1.89% 4.65% 4.46% 4.35% 4.37% 4.34% 6.44% 6.32% 6.00% 5.98% 5.95% 2.51% 2.38% 2.39% 2.43% 2.44% 2.00% 2.16% 2.08% 2.07% 2.06% Wind -41- ROE 3 2020 PB 1.06 0.70 2021-2023 EPS 1.53/1.73/1.95 PB 0.71/0.63/0.56 衰 18 E

50、PS PB 2020 2021E 2022E 2020 2021E 2022E 600926.SH 12.91 1.20 1.46 1.76 1.20 1.06 0.95 601838.SH 11.93 1.67 2.03 2.37 1.08 0.93 0.81 601009.SH 8.93 1.31 1.56 1.84 0.92 0.81 0.71 1.06 0.93 0.83 601577.SH 7.82 1.56 1.53 1.73 0.70 0.71 0.63 Wind 2021-12-30 Wind 19 2019 2020 2021E 2022E 2023E 17,017 18,0

51、22 20,630 23,413 26,409 22.1% 5.9% 14.5% 13.5% 12.8% 5,080 5,338 6,134 6,945 7,837 13.4% 5.1% 14.9% 13.2% 12.9% EPS 1.48 1.56 1.53 1.73 1.95 ROE 15.5% 14.6% 14.9% 14.8% 14.8% P/E 5.27 5.01 5.13 4.53 4.01 P/B 0.77 0.70 0.71 0.63 0.56 Wind 2021-12-30 2019 2020 34.22 2021 40.22 5.3 601187.SH 2020 GDP 4

52、.39 3.3%GDP 7 GDP 6384.02 6.5%GDP 34 GDP 9 12020 GDP 0.3%40.6%59.1% 1996 14 缰 14缰 -42- 23 2008 2020 壬 20 2020 GDP 2020 GDP GDP (/ 2,225 34 72.4% 6,384 6.5% 12.36 226 10 7.4% 10,020 6.7% 12.09 185 10 6.0% 25,003 5.9% 7.80 147 7 4.8% 10,159 2.1% 11.57 89 5 2.9% 4,546 -4.1% 8.99 28 3 0.9% 2,619 6.8% 8.

53、32 26 3 0.9% 2,871 7.2% 10.54 23 2 0.8% 2,702 3.9% 10.87 22 3 0.7% 2,644 1.9% 8.23 21 5 0.7% 2,007 0.8% 7.49 Wind棬 31 1H21 2224.97 72.4% 8 38 1 9 2021 6 59.4%15.0% 25.6% 351H21 36/ Wind棬 棬 2021 6 -43- 2021 6 847.32 388.39 240.36 45.8% 飬 2020 6 700 11.59 33.82 Na 2020 6 11.06 2016-2020 11.6%15.4% 201

54、8-2020 ROE 11.09% 2021 3.1% 38.56 14.0pct 20.6%1 11.1% 32.12 2021 9 18.9%3.0pct 1.42% 2bp2 27.8% 3.04 3 39.3% 棬 2021 9 7.9% 19.6% 16 53.0%27.4%49.1%40.0% 37 -44- 2021 9 0.92%0.64% 1H45bp223bp 2021 9 370.23% 5.27pct 38 39 棬 棬 輰棬 2021 9 28.7% 2021-2023 29.0%28.0%26.0%2021 2021 9 21.4% 2021-

55、2023 21.3%20.0%18.0% 棬 2021 27.8% 2021 20.0% 2022-2023 12.0%14.0%棬2021 -44.3% 2021 -44.0% 2021 2019-2020 12.49%2022-2023 5.0%7.0% 裬 2021-2023 56.70 YoY +2.1%65.84 YoY +16.1%75.40 YoY +14.5% 20.92 YoY +14.8%24.17 YoY +15.5%27.55 YoY +14.0% 21 2019A 2020A 2021E 2022E 2023E RMB 4,509 5,556 5,670 6,584

56、7,540 3,383 4,612 4,932 5,782 6,650 328 327 393 440 502 -45- 798 616 345 362 388 2,766 3,716 3,385 3,946 4,533 3,147 3,888 3,795 4,440 5,123 1,711 1,823 2,092 2,417 2,755 29.8% 30.0% 29.0% 28.0% 26.0% 12.2% 13.8% 21.3% 20.0% 18.0% -18.6% 36.3% 6.9% 17.2% 15.0% 12.5% -0.1% 20.0% 12.0% 14.0% -403.5% -

57、22.8% -44.0% 5.0% 7.0% 7.7% 23.2% 2.1% 16.1% 14.5% 6.5% 23.5% -2.4% 17.0% 15.4% 21.4% 6.5% 14.8% 15.5% 14.0% NIM 1.44% 1.75% 1.61% 1.61% 1.61% 1.21% 1.51% 1.37% 1.37% 1.37% 4.00% 4.09% 3.79% 3.83% 3.89% 5.92% 5.35% 5.20% 5.15% 5.07% 2.79% 2.57% 2.43% 2.47% 2.52% 2.34% 2.38% 2.16% 2.15% 2.15% Wind 2

58、2020 PB 0.89 0.99 2021-2023 EPS 0.79/0.92/1.04 PB 0.91/0.83/0.76 衰 22 EPS PB 2020 2021E 2022E 2020 2021E 2022E 601577.SH 7.82 1.56 1.54 1.77 0.70 0.69 0.61 601838.SH 11.93 1.67 2.03 2.37 1.08 0.93 0.81 0.89 0.81 0.71 601187.SH 6.89 0.69 0.79 0.92 0.99 0.91 0.83 Wind 2021-12-30 Wind 紫 23 2019 2020 2021E 2022E 2023E 4,509 5,556 5,670 6,584 7,540 7.7% 23.2% 2.1% 16.1% 14.5% 1,711 1,823 2,092 2,417 2,755 21.4% 6.5% 14.8% 15.5% 14.0% EPS 0.72 0.69 0.79 0.92 1.04 ROE 11.8% 10.8% 10.9% 11.5% 12.0% P/E 9.57 9.98 8.69 7.52 6.60 P/B 1.07 0.99 0.91 0.83 0.76 Wind 2021-12-30 -46- 6 1棬 2 3徭