ΪʲôȯԴô

ΪʲôȯԴô

ȯԴĴọ̇ȯʶ

Ӷ15.6%

ʱۣܾ
Ŀ ˵
ƱӶ ֮1 Ӷ
5.6% ʡǮ׬Ż
Ȩ 1.8һ 1.6ijɱ

ֻҪֽƣ׬ܸǾӶ

ѯӣʡǮ

QQ135-5384-956
΢źŻɨάӺѯ


ɨһɨ΢ѯ

µĸӶ

     2011100ʽ𣬼Ͽȯϼ150200ʲףÿؽ׶ƽ200 Ӷǧ1ÿ칱Ӷ2000Ԫһ250գ һӶ50,250Ӷﻹû8.35%ĸʣӶһ򱾽˵̫
     ּ鲻ãԭȯ̵ӶãͬʱȯҲûз񣬸ûʾʸ߷ͷϸ룬ȯ˸ߵӶֵǮ
     ԲѰҵҸӶ𳬵͵ȯңʡǮϾ׬ǮףʡԼġ


оϢƼռ磬ϢοͶзգҪ

֤ȯɷ޹˾,ҵгܱ(20176):н̿عɸ۹


    Ͷʾ۽:ڴн̿عɸ۹Сн̿عΪȵĴߵȽ,˾3ѧУ,ֱΪƼѧԺ㶫ѧԺͰƼʦѧԺ,2017УѴ7.53ˡ˾Ӫҵ,ֱΪ8.2Ԫ8.5Ԫ8.6Ԫ,Ϊ3.1Ԫ3.5Ԫ4.1Ԫ(ƼʦѧԺ),ӯǿн̿عעʵܵ,߱ҵľҵ,2016깫˾ѧУijξҵƽΪ94.5%,Զȫξҵ(77.9%)δ˾ƻУ,ѧ;չĿ,˫ѧλ;ƶУܽӹ,չзչDZĸУȡ
    ҵơͽ׻عˡ(1):Ŀǰ鹲242ҹ˾,²ͻ30Һ201,תðЭתð31Һ200,11ҡ(2):(20171204-1208)ƽ˾(3):а8ֻƱ,ǷΪ(+7%),ɽΪķ(85Ԫ)Эתð7ҹ˾,ǷΪ֥(+226%),ɽΪŽ(7960Ԫ)²4ֻƱ,9ֻƱǡ(4):2ҹ˾Ԥ,޹˾ɶ
    Aɡɺ͸۹ɽ˾׻عˡ(1)A:18ҹ˾7ҹ˾,ǷǰֱΪҵǿɷ,ǷֱΪ+9%+7%+5%ǰΪڹɷݡɷɷݡɷ,ֱΪ-5%-5%-5%(2):10ҹ˾7ҹ˾,ǷǰΪ˼ѧӢԶ̽¶,ǷֱΪ+11%+9%+7%(3)۹:10ҹ˾3ҹ˾,ǷǰΪйϢƼͨعɡҶ,ǷֱΪ+2%+1%+1%
    ֵ:Aɺ岿ҵֵѾӽײ20171208,Aص㹫˾2017/2018PEΪ42X/31Xص㹫˾2017/2018PEΪ24X/18Xص㹫˾FY2017/FY2018PEΪ58X/40XΪAɺ岿ֽ˾ĹֵѾ,߱ϸߵİȫ߼ʡ
    Ҫ档(1)˹(300192.SZ):2017ȹй˾ɶԼ540-1620Ԫ,ͬ½Լ55%-85%(2);ѧ(831930.OC):˾е3743ɻڹɷݹƱ10Ԫת踣׿Ͷ,ùɷռڹɷܹɱ15.00%(3)ƽ(839149.OC):ǩ5957Ԫĺͬ,ڽѧ豸ɹĿ(4)ķ(831601.OC):˾֣нǩ1357ԪĹ豸ɹĺͬ(5)(6068.HK):˾2017ʵ9.79Ԫ,ͬ39.73%;2.00Ԫ,ͬ29.69%
    Ͷʽ顣ǽעϸֲҵ/ƹ˾(1)Aɽ:ĻǡԪɷݡɷݡԴɷݡ˹¡ڹɷ;(2):ʽ¶¡ڽµƼŵ;(3):δ¶ڿƼʵ֡;(4)۹:Ҷ¸߽̼š

֤ȯ,ɫҵ:Դܻδ עС


    ܹ۵:
    1ǿԴܻ:ﮰǷ5.9%,ӷҵҵǷǰ,212/26ձġصסǿǰԴڵĵײǰ,ⲨǷֻ޸ǰڹȱ۵ԤڡӸٵĽں,ܼԤڵĿԻδгϵõܼ֡۸¸,ᶨáٹעͷ˾ĹƱԼǷٵĶ߹˾,гΪҵص,ǽᶨ顣ͷҵӷҵҵ๫˾Żšص塢ҵԴǿ,IJڹ,
    2עǼ:⡢۸,windڱ۷ֱﵽ1705Ԫ/ֶȺ10350Ԫ/,ͬǷֱ63%42%,Ƿֱ24%17%,ع˾֡ҵƽɱṹ֧ۼͻ,עɷݡҵ5G,˶,ͬʱƻԷͣ,,עҵۺпࡢƽп硣3Ӱû:ΰ׹ùʿܽܲɷͦǿԪóսǿӲ,óս,ٶСصǿڹƲ,ǰڸµǻᡣĿǰڹھõ֮,Ϊڹʹ趨۵ͭп,й̫þóִ»,Ʋ,Ȼ,ɽע:Ͻҵͭҵйҵۺпࡢ塣
    ۸仯:
    Ԫָػ90,۸µԪָػ90,ӦµCOMEXƽ𡢰ֱµ0.88%2.02%
    Сص,ǦпԼܻͦǵ,LMEǦпֱ1.75%0.48%,ۻص1.85%,Ʒֵ󡣻۸ԪָǿƺóսǵֻصԤͭп۸Ϊ
    ܼ۴,ǡܼ4.8%ﵽ65.5Ԫ/֡⡢۸,۴ﵽ1705Ԫ/ֶ,۹10350Ԫ/,ŷޱ1200Ԫ/,ͬǷֱ63%42%,Ƿֱ24%17%,Ʒֱ仯﮼۴ﵽ16.8Ԫ/ָλ
    Сص,ϡ۱仯Сص1.35%,0.84%,Ʒֱ仯ϺõϡƷֹϵܵõ,۸
    ʾ:Էաȫ򾭼ôԤ;ͭпԤ;Դ󲻼Ԥ,ԭϷԤڴ۸

ΪʲôȯԴô

й֤ȯ,ԭҩҵ(000153)ӹ˾ԣ²⹲ʹ˾



    ֤й֤ȯѶԭҩҵ12乫棬Ϊַ˫ʽͼƣƽ¼IJҵ̣չ˾ҽҩҵʽչĿ˾ȫӹ˾̩ҩԣ²ϾѺЭ̲ǩ𡶺ʾӪҵͬ˫ԼڰʡлĭӿҵͶҵʹ˾ݶΪﻯ޹˾ʹ˾ӪΧǣԭҩѧм弰زƷзۡʹ˾ʵжӪ㡣
    ζͶʴڵҪΪռδгա˾ͶĿԹ˾δ״;ӪɹݲشӰ죬Ͷʲɹס

̩֤ȯ,гԴҵܱ(201835):SKڳݽ趯ع


    ܾ۽:
    ,SKInnovation,ڳݽس,ùԤÿ7.5GWhĵ,ɹ150,000綯ʹáݹ֮,ù˾ƻ享ɽ(Seosan)سIJ4.7GWh,¡(Komarom)سIJ7.5GWh(3·Ѷ),2022꽨һ20GWhĶϵͳ
    Դгع˺͹ֵ:
    Դָ(884076.WI)0.27%,䴴ҵָ(VS+0.83%),仦300(VS+2.69%)2018824,Aص㹫˾17/18PEΪ43/22;۹ص㹫˾17/18PEΪ11/9
    Aɡɺ͸۹Դ˾׻ع:
    (1)AԴҵ73ҹ˾43ҹ˾,ǷǰΪɷ(+18.38%)к(+13.81%)(+7.32%);29ҹ˾µ,ǰΪص(-12.25%)Դ(-10.54%)˳(-7.81%)(2):˹(+5.67%)(3)۹:(+9.09%)缯Źɷ(+0.13%)̩̹Դ(-1.25%)ܶ(-0.53%)
    Ҫ:
    (1)ʱ(300750.SZ):2018ϰʵӪҵ93.59Ԫ,ͬ48.69%;ĸ۷Ǿ6.97Ԫ,ͬ36.55%
    (2)µ(832491.OC):2018ϰӪҵ1.39Ԫ,ͬ14.79%,ĸ۷Ǿ1391.92Ԫ,ͬ109.18%
    Ͷʽ:
    չ,(1)ʵǿһͷ:ʱ(300750.SZ)̩(603659.SH)ɼɼɷ(600884.SH,ӹ˾ɼɼԴ)¹ɷ(002812.SZ)(835185.OC);(2)溣⳵ı:귢ɷ(600885.SH)ǿ(002050.SZ)ɷ(603305.SH)жɷ(000887.SZ)Դ(839247.OC)ȡ(3)ҵ:ռ(601689.SH)(002920.SZ)ʤ(600699.SH)¡Ƽ(603197.SH)ȡ
    :߷աгӾ硣

ԭ֤ȯΪʲôȯԴô

й֤ȯ,ɽú(600546)عɹɶ漰




    ֤й֤ȯѶ Ԫɽúʹ棬422գ˾յعɹɶɽúתġɽʡɽúι˾պϲɽú̿ڼ޹˾ʵʩй˵ļعɹɶ齫漰޳תպϲķʽɽúι˾Թ˾عɹɶɽúŽ顣
    οعɹɶһΪвȨ޳תɽʡʱͶӪ޹˾еɽú100%Ȩ޳תúšתɽúųΪúȫӹ˾˾عɹɶΪɽúţʵʿΪɽʡίúųΪ˾ӿعɹɶúŽͨɽúųй˾60.43%ĹɷݡúŶɽúպϲ˾عɹɶ仯ɽúűΪúš

ԭ֤ȯΪʲôȯԴô

֤ȯ,ͨҵ:չɷڼ עԤڲ޸


    ϸ,ָ֤1.57%,˰1.77%,ҵָµ0.93%Ӱǵֻ,(9.75%)Ӱ·(6.03%)ٹ·(4.49%)(2.81%)ۿ(2.03%),µӰк(-1.94%)(-3.19%)(-14.56%)
    ͶҪ
    ұֵͼ߸߷ͷ,úչȷ727,ҶԪмΪ6.7942,ǰһܻµ0.4%ǰߵķֻ,ӾұֵԤ,۲쵽кܾȺ̬άһںˮƽĻȶ,һµƹǿ,7.0Ҫؿ,Ԥдʻͨӵȷʽ,ԼʱҵĽһֵ,ԪծصĽͼ˾ױȴʩʹԼ,гءϰ,ԵνšƵӰ,ۼ35.1%,71.2Ԫ/Ͱ,ֵ,ѹƺչɱ֡ȼ͸ӷѶͼ۳ɱ,Һ˾λͳɱ½Ԥ,2018Q1͵λɱ½Լ1%7Ѯ,󺽹ں3%-4%,ϰԻ,һ,úչȷ
    Ŧҵֵ͹,ֽҵȡ2018ڻʱ̷,ͬ10.6%,лٷŻҵֵڱ׶,Ϊҵ¶,ROE;һֱͨϺĿǰT2վ¥˰ЭǩѾǩ,Ԥ2019Ϻ˰ҵΪ17.0ڡͶȫΪ,Ԥҵ,׸ķǺ롣ڻʻս,ҲڹÿռĹ,ҵӯΪ¢ʲ,ֽ,սԼֵȻ,ȶ̬ơ
    :Բͨ߼ʸ,˳Բͨ56ҵپ߳ҵƽˮƽ,гݶԲ̵ͨĹϵ˳,ɱŻ,2016-2017תѻȹ,,ӯͷڼ˳ҵٱ߼,ҵ2·ݿʼҵƽˮƽ,6,˳ҵ3.23ڼ,ͬ28.69%˳ҵҵ֮нϺõЭͬ,λۺϹӦ̵·šҵҵȫӦҵ,õ嶨Ȩ·չ˰׷,Ϻڼװ˼ָSCFIΪ863.59,ǰһ8.8%,ͬµ6.7%625,ŷίԱϯݿ˸ó,25˫ͬ˰Ŭ,ͬʱŷ˽ڸ󶹺Ȼ˰Ĵ̼Ͷʵ,ȴԽά,ȫ帴̬¼һ֦ı,Ӵƽ,촬Ͷ,˰׷,ӭ3޸ڡ
    Ͷʽ
    ұֵͼ߸߷ͷ,úչȷ;Ŧҵֵ͹,ֽҵȽ;ͨ߼ʸ,˳;Ӵƽ,˰׷صƼ:й,,ڻ,˳ع,Բͨٵݡ
    ʾ
    Ԥڡ߲Ԥڡҵ۸ս¼

ETFͶETFͶETFͶ۹ͨ۹ͨ۹ͨѸѸѸ5000ȯ5.45000ȯ5.45000ȯ5.4ƱƱƱܵܵܵ100Ѷ100Ѷ100Ѷȯȯȯ15ô15ô15ô1ԪѶ1ԪѶ1ԪѶȯȯҵȯȯҵȯȯҵ900ȯ5.6900ȯ5.6900ȯ5.6ƱӶ5ԪƱӶ5ԪƱӶ5Ԫ400ȯ5.6400ȯ5.6400ȯ5.6ǧ3ӶͶǧ3ӶͶǧ3ӶͶȯҵ񵽵ʲôȯҵ񵽵ʲôȯҵ񵽵ʲô4000ȯ5.44000ȯ5.44000ȯ5.4ʧʧʧϿϿϿ800ȯ5.6800ȯ5.6800ȯ5.6ƴƴƴǧӶͶǧӶͶǧӶͶɢڵȯɢڵȯɢڵȯ5.995.995.99˻ƽ˻ƽ˻ƽҪǮҪǮҪǮ600ȯ5.6600ȯ5.6600ȯ5.61򳴹һ1򳴹һ1򳴹һδɽǷϢδɽǷϢδɽǷϢ̫̫̫ETFӶETFӶETFӶ1򳴹һ1򳴹һ1򳴹һȯȯȯȯȯȯ777ȯԴôȯԴôȯԴôɢȯôôɢȯôôɢȯôôȯϢϢȯϢϢȯϢϢȡԪôȡԪôȡԪô1000ȯ5.41000ȯ5.41000ȯ5.4ΪʲôûȯΪʲôûȯΪʲôûȯȯʶȯʶȯʶ300ȯ5.6300ȯ5.6300ȯ5.6500Ͷ500Ͷ500Ͷ70Ͷ70Ͷ70ͶϿӶǶϿӶǶϿӶǶ

ƽ֤ȯ,(300146)& ƲƷϴٷչ




    ժҪʳƷҵȺ˾Ѷӣгģ10ռ䡣ҵֱͷ߲ӵзḻͲƷ־飬˾ҩ&γơ˾ӵе׷ۺͽ֪ƷͨзȺƷݶӡںƣͨƲƷϣ˾δ3Ӫ30%;25%ĸ
    Ⱥ&˾Ѷ˫ҵģ102018ҹִʳƷгģ1,600Ԫ04-18긴9.3%˿仯˿ǽ˾ҽ֧IJӣȺ˾ˮƽӡҵδά10%긴٣շˮƽԶгģ10
    ˾Ϊҵֱͷ߲&Ʒ־ḻ2002뱣ʳƷҵѳΪҵзֱͷ2008-2018Ӫ긴45.3%ĸ긴25.6%˾߲ҵй20꣬ͲƷ־ḻ˹˾Ʒṹ仯ʱͨʱ׼ȷĵƶ˾չ
    ҩ&˫ͷƣΪҵ¸ҩϵĸǹ˾2012ǰٳɳ򡣹˾뾭&ҩն˱úϵͨȵıʳƷ֤鴢ͷλҵҩȡƣ˾2016չվȵһݶӣͨƷƻսԲгݶ
    +зƲƷϣƷӴٹ˾չƲƷϣ׼ϸ򲼾ֲƷ˾ͨԴȺ׷ۺ͡ࡱռʲƷԴԴΪ˾ṩ档˾Ʒݶӣ2018չLSGгĿǰ˾ծʽϵֽ͡㣬ɼչСĺƷƣͨзƷݶӣ㡣
    ӦƷ&ܱ仯˾25%ϵӪ&١Уմͳҩ&˵ϵͷƣڲƷϲƲƷ֣ռϸгڼܹ淶£Ϊͷҵжȵ˾δ3Ӫ30%;25%ĸԤ2019-2021깫˾Ӫ58.977.697.4Ԫ35.3%31.9%25.5%ĸ13.016.420.2Ԫ30.0%25.5%23.5%ӦEPS0.891.111.38ԪPE241916״θǸ衰ǿƼ
    ʾ1ʳƷȫ¹ʷգ߶Դ˽ΪУʳƷȫ¼ԲƷ۲Ӱ졣2ԭϹӦգʳƷԭϵҪϸߣ˾ijһҪԭϹӦ⣬Թ˾IJӰ졣3LSGҵδԤڣչLSG۽ϸߣϴLSGҵδԤڴֵķա4ҵ߷գʳƷܼܽ϶࣬߰䲼ִȱ仯Ԥ⣬ܶҵķչӰ졣

̩,ҵƼ(002674)2016걨:ҵԤ ռʡë


    ҵгԤڣά""ߡ߼ۿŻͷ˾ռëʣϵ2017-19EPS0.49/0.67/0.88Ԫԭֵ0.43/0.59ԪάĿ21.6ԪӦ201832.2PE
    Ӫƽɱ½ͻ¾ӡӪ/ĸֱΪ25.66(+8.81%)/0.63ڣ+374.58%Q4Ӫ/ĸֱΪ8.43ڣ+21.6%/0.3ڣ+135.52%ҪϵH2¡˾гʱŻ㶫+30.4%/-18.14%ʵӪƽҪϵɱ½߼ۿ桢ʧټͬڻ¡
    ëʱ߼ʸƣӦաŻ1ë9.2%(+0.93pct)Q4ë9.46%+2.32pctҪϵԭƤ۸λȣ߼ۿ¡2/Ϊ0.40%(+0.04pct)/ 4.85%(-0.37pct)ʧ٣ʽΪ0.72%(-1.93pct)½3ȥ׿гЧ35%ƷṹŻؿӣӦ½19%ٲɹʹӪֽ619%410ɷ1.5Ԫ
    ռʡëԤQ11161.45SF(+20%)滷빩ĸռ2߼ۿëʡ3ԤƼӴԸ߼ƤװøгĿȡ4Ԥ17Q1800%-1400%695.05-1158.41Ԫ
    ʾԭϼ۸ʲԡ

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