W PX D (mTospur Real Estate Consulting Co., Ltd.A5JP$5Professional SincereG9 2021uu:OB2022.0265CONTENTSOC O8 A# C%g0Z 54g*2021uC5 68xCW#g2021u u6 gbo b =CZ t bj 01020301OCPART GDP 5 gC G4G yB2021ug GDP 4.0%gg% GDPbG 18.3%o 7.9%o4.9%o 4.0%gub 8.1%o6gXoCbgubyg*GC2021uxu GDPG5D5 X d x CX L C D Adoo LGx;P6 X|oD:pFIA owgDg68%kMi& kzMmMW-DGtoU zL9&kM,goOGLg frf# u agdpX600.10.20.30.40.5020406080100120140Qkf GDP f) GDPAM2010-2021u!jx|55x( GDP5qgBK-,FIagL8C(d-x%ZoWxd-5g 10uN!jx|55( GDP; 0.4 gQ BJTVWx!jx|5b xg W*8d*d gW I 1CgdI 2.2 Cg8WZg68 W(OgdpX6-10-505101520cA sKUuFvcA2010-2021uBJTVWx!jx|5b5LQk f,sKUuFv,G y WINDkB% uC(xg4f7d-O% 10vz.okMWQ-.$%oMWk-,GJzx 50vWk&kWkock49MWk-M|6o uL hpdgL9GXLXyOC|gLyoo|hgigLC|hpdgV36&=WgLCL , ,j=p=&1 ,|f ,RX ,zV ,Mk)MAMrkY4z_i2015veMD_,9WD_,k;9G y numbeok WINDkBgKGhLA -L9p5gL102020uXg8QHN55goCngLpGgiL9p5n4gLZ2018uNLZb-30-20-100102030405060702018-022018-042018-062018-082018-102018-122019-022019-042019-062019-082019-102019-122020-022020-042020-062020-082020-102020-122021-022021-042021-062021-082021-102021-12MP :cA%-12-606122019 2020 2021 6 2019N GDPb pV%_z,&HOJuOA# -118.Aj68gLGPgC8fg 2022ugLH =4L Ifr o pfrfpGC 2021uC5- , 41.1%E , 31.0%DG , 24.8%U , 3.1%- E DG U2 24 10kPy/OGJ gGbkozuz4-P pfrfpGC 1pg,;8doopfrfooo54tU|xg1o6&!ogbFI6&x7g gpo zGG y WINDkBagC12qgC gjo|lW4gZo 12VC3dc PPIdxCjdG 10.3o 13.4g*VLoNagpXGg-HU4CgTjp%C2015-2021u PPIx PPIRMZ5-8-40481216-80-40040801201602016-032016-062016-092016-122017-032017-062017-092017-122018-032018-062018-092018-122019-032019-062019-092019-122020-032020-062020-092020-122021-032021-062021-092021-12W cA PPI:D cAgXhPPI:BW cAgXh2011-2021uVo PPIxCjd5% %-20-10010203040502015/12 2016/12 2017/12 2018/12 2019/12 2020/12 2021/12PPI:BW PPIRM:)PK PPIRM:o%2016vO PPI,z9=o PPIRM x0k 2018-2020vW,xk9 +L D_6qkxW,qzPPI:WD4_ 6knPWD_fPPIRM:WD_ 6knPWD=_fG y WINDkBCX;g*CH13CFqgC8xg8=oTdXgL;gg/,bVooXBC(d-g*CHVbC(d1%0.07%0.01%0.05%*8Oq_? 1%kkPWJu0.07%kxc 0.01%kDG 0.05%G y o Dz o ,kc Bo/xN/Co;g6U14jvCx ;gTXN1b;oX vbXgfrg6gXIgxC:WE*CopoLWg%6U6u-poTOD g8Co/o Mi g;:W *8N/uIgsPX.08PX.14vzzge , 125907.55 , 67%e , 60721.32 , 33%4x4%yyuL aey 186628.87uL a e y 60721.32uL e /e =33%kaQqG y 2020vavRk WINDkB%C0ZL416L4u Vgw gWVZng,gwg WVZng g: qj4 $?8 ag|,vO%qg C%gMiL%g CptT,* g*8C0ZgXFUL2010 2021uWo V 50.000.100.200.300.400510152025302010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021zuzvzPv :PzgP /zuh6u-po TOD g8Co/o Mi g;:WL4u C%gMiL%g CptT,*)gg9$kk v qDqU-+z2021v!vakccC 3k%DakP%k-z+9*yfMiPFOk-Pv k YzkOPXe!aBG y WINDkB0%5%10%15%20%25%30%2011-022011-072011-122012-052012-102013-032013-082014-012014-062014-112015-042015-092016-022016-072016-122017-052017-102018-032018-082019-012019-062019-112020-042020-092021-022021-072021-1254*172020up% dg M2GgFp%Rqg 2022u 1 CPIb 7.5%ga 3Xdnp%54g(X54*8dxWfg540, dp gW goCTH2020vkHOL=_k wgO! zk M2cA,kN 30%2011-2021u M2cdb4050607080901001102010-012010-052010-102011-022011-072011-122012-042012-092013-012013-062013-102014-032014-082014-122015-052015-102016-022016-072016-112017-042017-082018-012018-062018-102019-032019-072019-122020-052020-092021-022021-062021-112011-2021udt -vk6 tkvGJk,kk6 tuYkIHOqk6G y WIND*54g!Z18_ M2m,M).gJDTn_!.oOMOoMLFo SLFoPSL_*dM2O-20-100102030405060607080901001101201302001-012002-012003-012004-012005-012006-012007-012008-012009-012010-012011-012012-012013-012014-012015-012016-012017-012018-012019-012020-012021-016 M).,Qxgd.(qbxg.dg.(;jg3;_c M2dg60C$=B6_*dcycdg Z !g!P;G2001-2021ud.(6%FE,DOLLAR(-i) FE,DOLLAR(+i) i lag lead0-0.2462-0.24621-0.2221-0.25712-0.1978-0.26883-0.1728-0.27944-0.1477-0.28875-0.1218-0.29646-0.0964-0.30477-0.0690-0.31578-0.0427-0.32799-0.0186-0.3367100.0048-0.3436 uyM). E +Evk1 Z_*dycG y WIND022021uCPART2021C5520bOOzOCg 2017uy8CxpV uGg %yCFyg uWg6%7NgDD|Td;gyx4k4gbxW u|z6%5g7;gU|gag; uxgKx=tkyx-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%50.0%020004000600080001000012000140001600018000200002020-032020-042020-052020-062020-072020-082020-092020-102020-112020-122021-012021-022021-032021-042021-052021-062021-072021-082021-092021-102021-112021-12D cA,CCCFZb5c %dCF5c %dugCFTg(Q 20%WW6 30%WWg%gCo 2021uXgCFg 9 G -3.47%g 12p% 13.9%v 2021ug CF 2017uy8CGGy windocBo-30-20-1001020304050DcA, DcA,21%L(100)(50)050100(30)(10)1030502020-022020-032020-042020-052020-062020-072020-082020-092020-102020-112020-122021-012021-022021-032021-042021-052021-062021-072021-082021-092021-102021-112021-12e, ,22CFc %db5c %dGpVbc %d-11.4%-15.5%Gy windocBoxpV uGCFLLc( 94%XduxrVcpVdgpV(rVP 25%WWg 12rV4 5.2%g4G 15.5%c 11 4.3dgpVG 11.4% c 11 1.7doxpVZE%yCF02000400060008000100001200002000400060008000100001200014000160002019-12019-32019-52019-72019-92019-112020-12020-32020-52020-72020-92020-112021-12021-32021-52021-72021-92021-11 A A!_23uyg u Wg6Qu5g 2021u 1-12Z 7.77Ktkgb 7.8%g 5.38Ktkgb 27.8% o 10-128 2020ub 3.5%gwpgu8y+tgLoVo LoVVoPos?oVojVo*o:oo-PoL6NoooVooVoAy?oaoooaVoVo:oWooooozooVo,?oBVoEE?oouLogoZo2o8#oAo o#oYVo%JoR|o?yoLo?oMo(oBX-PogLoPoAvBw ( 70 )o0100020003000400050006000700080000100020003000400050006000700080009000100002019-012019-022019-032019-042019-052019-062019-072019-082019-092019-102019-112019-122020-012020-022020-032020-042020-052020-062020-072020-082020-092020-102020-112020-122021-012021-022021-032021-042021-052021-062021-072021-082021-092021-102021-112021-12 A A!_2019u u 2.95Ktk 2.30Ktk2020u u 2.26Ktk 2.13Ktk2021u u 2.20Ktk 1.24Ktk0123456782020-012020-022020-032020-042020-052020-062020-072020-082020-092020-102020-112020-122021-012021-022021-032021-042021-052021-062021-072021-082021-092021-102021-112021-12%a 8a a-0.60-0.40-0.200.000.200.400.600.801.001.2005,00010,00015,00020,00025,000fO cA,gXhzu u |z628bg| uto 2021u 7Xd|z54GXg 8 -17.61%g 10p -24.11%,11pWC -16.29%g 12p 19.45%og 7Xg%7 70zpo 12gp%7g7%g770p|zdbc %d|z54-19.45%Gy windocBou%5g u292021u 1-12g%|zZ 3649.93tkgbG 5.71%vZ 3831.4tkgbG18.2%o u vqg3pyd$|g;gogQuNFIgH=ptol-Ug 4 1.7gO5G y datalno cBohyGoAO_GmAGu2019-2021u 12F|z-402000040000600000501001502002019-12019-32019-52019-72019-92019-112020-12020-32020-52020-72020-92020-112021-12021-32021-52021-72021-92021-11e Ae A_0200004000060000800000501001502019-12019-32019-52019-72019-92019-112020-12020-32020-52020-72020-92020-112021-12021-32021-52021-72021-92021-11e Ae A_u2019-2021u 12yU|z-402000040000600000501001502002502019-12019-32019-52019-72019-92019-112020-12020-32020-52020-72020-92020-112021-12021-32021-52021-72021-92021-11e Ae A_2019-2021u 12b|z-403000060000900000501001502019-12019-32019-52019-72019-92019-112020-12020-32020-52020-72020-92020-112021-12021-32021-52021-72021-92021-11e Ae A_2019-2021u 12l-|z-4 /u uu /u /u /u2021u u 94tk 83tk2020u u 98tk 85tk2020u u 79tk 95tk2021u u 76tk 82tk2021u u 76tk 82tk2020u u 79tk 95tk2020u u 69tk 46tk2021u u 73tk 43tk050001000015000200002500005001,0001,5002,0002,5003,0003,5004,0002019-12019-22019-32019-42019-52019-62019-72019-82019-92019-102019-112019-122020-12020-22020-32020-42020-52020-62020-72020-82020-92020-102020-112020-122021-12021-22021-32021-42021-52021-62021-72021-82021-92021-102021-112021-12e Ae A_75;g u;302021u 1-12g7|zZ 20659tkgb 10.6%vZ 234.3tkgbG2.2%o u ; g M 1689tkgb 25%g 6 12oQg7-:2019-2021u 127|z-u /uG y datalno cBoa8yqoM|oGoCoo*yo|oxYo?oNozoRXoAVooVo6No2VofoxoXVg 20h2019u u2342tk2156tk2020u u2376tk2254tk2021u u1732tk1689tk0200040006000800010000120001400016000180002000002004006008001,0001,2001,4002019-12019-32019-52019-72019-92019-112020-12020-32020-52020-72020-92020-112021-12021-32021-52021-72021-92021-11e Ae A_ uU|gag;312021u 1-12g|zZb 20.9%gZb 11.1%g%7ob ug ugy86uboQggcFJLW-gU|gaCyo;oFIg4QObFUaWoUoW%x2019-2021u 12|z-u /uG y datalno cBoa8yUoLoVoVooLoSo?oVoooBVoAoooog 14h2019v!v821uA640u2020v!v921uA711u2021v!v632uA438u 2021v 8k2VXkfA_9_k-z9_ 85% ekLo?oasVoMosoKV8GbXaWU; _*/koPmoYK8d#5igm yT#k+v6UB 10%.mzkk+ 51aGg/kmkmAR 15% 50%z?2*k+Ko5m 2021v 10kc!k!yBK4!.VAyu4 y 2021v 11LkNfELz 3k4 4z 2022v 2kLUAk1!VA 20%U uxgKx=tkyx322021u 1-12g|Z4G 1.9%o|gKoMu4b3pGg uKx4bo8 ug u4 4.3%gKxpWCoQgx3pgxKu;%+tG2019-2021u 12|u /uG yBo cBo04,0008,00012,00016,0000200040006000800010000120002019/1-22019/4 2019/6 2019/82019/10 2019/122020/3 2020/5 2020/7 2020/92020/112021/1-22021/4 2021/6 2021/82021/10 2021/12Ae A_2019-2021u 12K|u /u6,0006,5007,0007,5008,000020004000600080002019/1-22019/4 2019/6 2019/82019/10 2019/122020/3 2020/5 2020/7 2020/92020/112021/1-22021/4 2021/6 2021/82021/10 2021/12Ae A_2019-2021u 12|u /u5,5006,0006,5007,0007,5008,00002000400060008000100002019/1-22019/4 2019/6 2019/82019/10 2019/122020/3 2020/5 2020/7 2020/92020/112021/1-22021/4 2021/6 2021/82021/10 2021/12Ae A_2019-2021u 12|u /u02,0004,0006,0008,00010,000020040060080010002019/1-22019/4 2019/6 2019/82019/10 2019/122020/3 2020/5 2020/7 2020/92020/112021/1-22021/4 2021/6 2021/82021/10 2021/12Ae A_2021u u5969tk2020u u7133tk2019u u6077tk2020u u5105tk2019u u4759tk2021u u4523tk2019u u4385tk2020u u4787tk2021u u4033tk2020u u756tk2019u u740tk2021u u608tk03CZPART!g0N2021u ug: 10Xg !Y o6 XDg 1254g LPRo MLFx 2020u 4d g =_t0g!G ;4 vc#g*CAgaHF; g wC;xC4 g 2022uPjC6XU10 15zgPXGGbkkPXxa0B6kBPX+930cX%?k14D!ulyo7 15zPX.P 0.512 15zPX.P 0.5kM.P 212 20z1v LPR% 5 3.8%k 5vY LPR1 17z!g MLFhqyaq10k 2.85%o 2.10%1 20z1v LPR 10 3.7% z 5vYLPR 4.6%k 5k 2020v 4Y)10 20zPXjvkkn,nPkDaPL3kDaGJkwJoggxBc6k+9DakPXyPXavg&5YJa3o12 3zc!k|GnPkj_O|oC6t46g6,i_Iqt4GoZ_g M1bC6gdCb M1bxgZFI _ WC6 /6t8|OC6iqt4GSALE M1 M2 SAVING DEBT INTERESTSALE 1.00 0.49 0.10 0.29 -0.05 -0.02 M1 0.49 1.00 0.18 0.30 0.02 -0.10 M2 0.10 0.18 1.00 0.91 0.79 0.29 SAVING 0.29 0.30 0.91 1.00 0.74 0.29 DEBT -0.05 0.02 0.79 0.74 1.00 0.22 INTEREST -0.02 -0.10 0.29 0.29 0.22 1.00 -5005010015001020302012-012012-062012-112013-042013-092014-022014-072014-122015-052015-102016-032016-082017-012017-062017-112018-042018-092019-022019-072019-122020-052020-102021-032021-08 M1cAM2cA PX.cAPX!.cA fecA% %X M14-0.25-0.2-0.15-0.1-0.0500.050.10.150.20.250.005.0010.0015.0020.0025.0030.002013-012013-052013-092014-012014-052014-092015-012015-052015-092016-012016-052016-092017-012017-052017-092018-012018-052018-092019-012019-052019-092020-012020-052020-092021-012021-052021-092022-012022-052022-092023-012023-052023-09M1:cA M1:cAg 2020vGh bp y362022up6Vg 2023u7dZtM1Eb f clvetgft 4-5ug 1/4t 12.75dg, t,o g* M1tcZ 1uWWdgTXZtgv6ELo( Z g 2021u 5 M1tGP gd6tg 2022u 64Xg2023u 7WWGycBo o WindM1cA y %2011u -2021u M1b B Z5151- $ M1t512023u 7WW gidp2022vz9y$kc4gkag&Gy windocBoGg8x:37QTgzdf%v4gXuU%Xg+tyg V-gigvU7XgV-dq4ygig4vUXg%qg8dgL-%5gO%qz4-gig,i# g xg8X2010v2011v2012v2013v2014v2015v2016v2017v2018v 2019v2020v2021v050010001500200025003000350040000 20000 40000 60000 80000 100000 120000 140000 160000 180000d fQgOhPg _ h%y _Juzk zu Lk5_kO 8 y zLekzzk5_kO5kxPulxy8ek%9%5eaeOLkP%kz9ekL%5%gkHO%54 _9 h4kO_Cyx2010-2021u 100bC5_gUA_y)*Rqh5_gUA_y)*Rqh =v5_ /Y 2010v CPI2020-2021vkP%sD 8LkGy windocBo38Gg8x:Q-Tg-#Nx%-vging-pgQ 2010-2021ug;gL8HgxDE-g0d(c c /ud E-gTX -qfx-QgLOhPg _ h201020112012201320142015201620172018201920202021010002000300040005000600070000 20000 40000 60000 80000 100000 120000 1400005_kL&kxL_420102011 2012201320142015201620172018201920202021y = -0.0103x + 5894.4R = 0.434805001000150020002500300035004000450050000 100000 200000 300000 400000 5000002010-2021u 100bC2010-2021u 100-bChy 1o A /vz yFaLkzWnkczkAkaLzcA%kzkg%oOhkaL9P%v2oA_gUA_y)*Rqh =vA_ /Y 2010v CPIA /vzAA!_gUA_y)*RqhA!_gv_hAO_,Kk9AIkFLJ)ekLO_,k R 0.43Gy windocBo8x :gNa39-QgoLOhPg _ hzyk ykyk-ut:C_-g-:Cg 8x:C gxg-:gwing-t:Cg Nagp-4B;L-g p#Ag8-WCACBG a9yk k uk tD kaqk zg$ 5_kL&5zxRkzvukz)+9z Ok5_kayLYi1ka1Y 0C 8u %kbz+zkDkV1M$%kx)aDk%V P%kOa_x,ka)kBbu%oICj40(gCf|VgfsFIgZ0FIXgbXFIb g*,bgbX bC-FIXB- 3 4HFIYFIXFpoP,v +CFIAooDLP,g6gQx,FIoDooJL 1 2lo c%7dGo cd41bu%oICjFIX1oc2oaoL3ooh4oDGJoLJy6o_5oq5oJyoP7o_mk 1 2 3 48ohkjLlho$k_|_k%85ouDog*4C|6sFIgQ COgT_-*4C|gK5v CO gLg*-6lg %l-4g#d( %l-gsnC| aC-Wc4n8dC|C| bh8l843bu 7 oQ CO g*4C|ZXbpgg(LoJdoVuaogTlgb-,gQ*bC|lgm,FC|x lbl*-v6 )A 15%g W 10v uV 3K8 h(51.8% (8%)600W( 48.2% (7%)120 150C|g 1303g 15075 - 100C|g 8575x 1003gp 6uCXu o4oXb b|tU44b b|tUbb H|tUugY b bob agY bbo bbttroqfrjbbgYFavbag6aagQTUav*oobWqDgZ?WgYub b gYub ab bYA5JP$5Professional SincerehTospur Real Estate Consulting Co., Ltd.