请 务必阅读 正文之 后的信 息披露 和重要声 明 industryId investSuggestion(investSuggestionChange 2022E 2023E 0.30 0.41 0.67 0.80 0.80 0.95 1.38 1.78 0.86 1.13 relatedReport 2023-02-09 2023-02-05 2022-12-05 AMG 2022-08-02 ETF 2022-06-22 2022-06-09 emailAuthor S0190521060001 S0190521060002 assAuthor summary 2021 46,650 68%2016-2021 175%2016-2021 11,829 57,717 37.3%11.2 2012 2020 2016 B C 1 2012 2 2016 3 2019 2020 96.7%67.7%2010 200-350 60%40%title createTime1 2023 2 14 请 务必阅读 正文之 后的信 息披露 和重要声 明-2-1.-5-1.1.-5-1.2.-6-2.-9-2.1.-9-2.2.-9-2.3.-12-2.4.-12-2.5.-13-2.6.-15-2.7.-17-3.-22-3.1.-22-3.2.-24-3.3.-27-3.4.-29-3.5.-31-3.6.-32-3.7.-34-4.-40-1.-5-2.-5-3 3.5-4.0%.-6-4.-6-5.-6-6.-8-7 2017.-8-8 2018 2022.-9-9 2018 2019.-9-10.-10-11.-10-12.-12-13.-12-14.-12-15.-12-16.-13-17 AAA.-13-18.-14-19.-15-20 2016-2017 2020.-15-21.-18-22.-19-XVEVwPqNmPnMpRpMsPqPmN6McM8OtRoOsQtQiNqQoMjMrQsP9PpPvMuOsRsNMYrMtN 请 务必阅读 正文之 后的信 息披露 和重要声 明-3-23 AAA.-19-24 2020.-20-25 2020.-20-26 2021.-21-27 2021.-21-28 1.-23-29 R2 3-4%.-23-30.-24-31 12 16 19-20.-24-32.-25-33.-26-34 2016 208.-26-35.-27-36 2019 2020.-27-37.-27-38.-27-39.-28-40.-30-41 2016.-31-42 96.67%.-31-43.-32-44 3 6 12.-33-45.-36-46 2018.-37-47 2019 AAA.-38-48 2020.-39-49 2021 2022 AAA.-40-1 70%-80%.-7-2.-7-3.-7-4.-8-5 B.-8-6.-10-7.-14-8.-15-9 2022H 90.-16-10 2022H.-16-11.-17-12 2020.-20-13.-20-14.-22-15 5.-23-16.-23-17.-23-18 2012 1-11.-25-19.-29-请 务必阅读 正文之 后的信 息披露 和重要声 明-4-20.-29-21.-30-22.-32-23 22Q3.-33-24.-34-25.-35-26 2018.-36-27 2019 AAA.-37-28 2020.-38-29 2022.-40-请 务必阅读 正文之 后的信 息披露 和重要声 明-5-1 1.1 2021 46,650 68%10,694 5,031 2016-2021 175%34%28%2016-2021 2,628 8,386 26.1%11,829 57,717 37.3%11.2 1 2 Wind Wind 2016-2021 4.1%4.4%3.5%010,00020,00030,00040,00050,00060,00070,00080,0002016A 2017A 2018A 2019A 2020A 2021A()()010,00020,00030,00040,00050,00060,00070,0002016A 2017A 2018A 2019A 2020A 2021A 请 务必阅读 正文之 后的信 息披露 和重要声 明-6-3 3.5-4.0%4 Wind 2021 1.2/+2015-2021 70-80%5-50%0%50%100%150%200%250%2010-01-292010-07-292011-01-292011-07-292012-01-292012-07-292013-01-292013-07-292014-01-292014-07-292015-01-292015-07-292016-01-292016-07-292017-01-292017-07-292018-01-292018-07-292019-01-292019-07-292020-01-292020-07-292021-01-292021-07-292022-01-292022-07-29 53.94%24.83%5.60%2.85%3.76%6.88%010,00020,00030,00040,00050,00060,00070,00080,00090,000100,0002021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 请 务必阅读 正文之 后的信 息披露 和重要声 明-7-1 70%-80%2015A 2016A 2017A 2018A 2019A 2020A 2021A 23.2%17.0%14.7%12.2%11.7%9.4%7.7%4.5%1.5%1.1%1.6%1.7%1.0%1.4%1.7%1.1%1.2%1.9%3.3%5.2%13.1%0.2%0.0%0.0%0.0%0.1%0.1%0.2%70.4%80.4%82.9%84.4%83.2%84.4%77.6%2022Q3 1,790 1,689 2 1790 8081 20.62%1689 4381 19.46%672 5173 7.74%643 1856 7.41%590 4162 6.80%2022Q3 3 2016A 3,455 9 605 6 2017A 3,921 8 659 5 2018A 3,833 12 1,129 4 2019A 3,793 13 1,428 3 2020A 5,044 12 1,636 5 2021A 7,441 12 2,672 3 2022Q3 8,036 11 3,582 3 Wind 2015 2022 11 1.29%请 务必阅读 正文之 后的信 息披露 和重要声 明-8-1 4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 3,182 4,010 5,144 5,707 5,829 6,769 7,159 11.7%13.6%15.2%13.9%13.9%14.3%13.8%Wind 6 7 2017 Wind，Wind B 30%B ToB 5 B 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 324 427 865 1,289 1,639 1,759 1,869 574 660 942 1,368 1,536 1,617 1,723 233 328 569 1,026 1,184 1,232 1,554 1.20%1.50%2.60%3.10%3.90%3.70%3.60%1.290123456782013-05-302013-10-182014-03-062014-07-232014-12-092015-05-012015-09-172016-02-032016-06-212016-11-072017-03-262017-08-122017-12-292018-05-172018-10-042019-02-202019-07-092019-11-252020-04-122020-08-292021-01-152021-06-032021-10-202022-03-082022-07-317:%0246805001,0001,5002,0002,5003,0003,5002017 2018 2019 2020 2021 请 务必阅读 正文之 后的信 息披露 和重要声 明-9-2.10%2.20%2.80%3.30%3.70%3.40%3.30%0.90%1.10%1.50%2.50%2.80%2.60%3.00%Wind 2 2.1 1 2 3 2017-2022 108 8,361 77 2018 2021 2022 1,461 1,813 3,375 563 174 212 8 2018 2022 9 2018 2019 Wind Wind 2.2 2018 2021 2018 2021 05010015020025030001,0002,0003,0004,0005,0006,0007,0008,0009,0002017H 2017A 2018H 2018A 2019H 2019A 2020H 2020A 2021H 2021A 2022H 01020304050600100200300400500600 请 务必阅读 正文之 后的信 息披露 和重要声 明-10-10 11 Wind Wind 2017 9 2018 7 6 2017 9 50%80%5 10 50%60 120 5 30%AA+5.41%4.70%3.33%3.54%1.67%3.14%3.40%0%1%2%3%4%5%6%2016H 2016A 2017H 2017A 2018H 2018A 2019H 2019A 2020H 2020A 2021H 2021A 2022H 30003500400045005000550060001.01.52.02.53.03.54.04.52016-01-042016-04-052016-07-012016-09-272016-12-272017-03-292017-06-282017-09-202017-12-202018-03-222018-06-212018-09-132018-12-142019-03-192019-06-182019-09-102019-12-112020-03-132020-06-112020-09-072020-12-082021-03-102021-06-082021-09-012021-12-032022-03-072022-06-072022-08-30:1:10 300%请 务必阅读 正文之 后的信 息披露 和重要声 明-11-10%200 20%2018 7 80%90 80%20%2018 2018 2018 6 6 2021 2022 57%68%请 务必阅读 正文之 后的信 息披露 和重要声 明-12-12 13 Wind Wind 2.3 2022 4,386 3,815 53.48%46.52%50-60%2019-2022 1,251 1,125 4,386 3,815 3.5 3.4 2020 2021 14 15 Wind Wind 2.4 01234562015-12-312016-03-282016-06-202016-09-062016-12-022017-02-282017-05-222017-08-102017-11-032018-01-232018-04-202018-07-122018-10-082018-12-252019-03-222019-06-172019-09-032019-11-282020-02-252020-05-192020-08-072020-11-032021-01-212021-04-192021-07-122021-09-302021-12-242022-03-222022-06-16%209%600%57%68%-100%0%100%200%300%400%500%600%700%2016H 2016A 2017H 2017A 2018H 2018A 2019H 2019A 2020H 2020A 2021H 2021A 2022H-100%0%100%200%300%400%500%600%700%05001,0001,5002,0002,5003,0003,5004,0004,5005,0002017H2017A2018H2018A2019H2019A2020H2020A2021H2021A2022H()0%20%40%60%80%100%2017H2017A2018H2018A2019H2019A2020H2020A2021H2021A2022H 请 务必阅读 正文之 后的信 息披露 和重要声 明-13-2022 40%25%21%2017 2022 2018 5%AAA AA+AA 2018 AA+80%2018 AAA 95%2018 AAA 75%16 17 AAA Wind Wind 2.5 2016-1-1 7 86.7%30 90.1%1.3%2 0.3%0204060801002017H 2017A 2018H 2018A 2019H 2019A 2020H 2020A 2021H 2021A 2022H 40%0%43%5%7%19%54%11%4%25%40%21%74%80%4%7%40%95%79%74%69%76%81%79%77%0%20%40%60%80%100%2017H 2017A 2018H 2018A 2019H 2019A 2020H 2020A 2021H 2021A 2022HAA AA+AAA 请 务必阅读 正文之 后的信 息披露 和重要声 明-14-18 Wind 7 2016.1-2016.10 2016.11-2017.12 2018.1-2019.1 2019.2-2019.10 2019.11-2020.4 2020.5-2020.11 2020.12-2021.9 2021.10-2022.08 2.27%2.12%5.09%3.10%5.45%-0.30%3.57%3.19%-0.30%-1.23%-0.14%-0.04%-0.05%-0.76%-0.16%-0.05%18 41 13 3 8 69 4 8 28 128 10 6 6 100 20 8 Wind 2016 12 2020 5-7 2016 9 2016 8-9 14 28 12 2.02.53.03.54.04.52016-01-042016-03-142016-05-202016-07-272016-10-082016-12-122017-02-202017-04-272017-07-052017-09-082017-11-202018-01-232018-04-032018-06-112018-08-162018-10-262018-12-302019-03-112019-05-172019-07-242019-09-292019-12-092020-02-202020-04-272020-07-062020-09-092020-11-192021-01-262021-04-072021-06-152021-08-192021-10-292022-01-052022-03-162022-05-242022-07-29:10%请 务必阅读 正文之 后的信 息披露 和重要声 明-15-2020 5 19 20 2016-2017 2020 Wind Wind 2.6 2 270 1 2022 90 2 A C 8 2019A 2020A 2021A 2022H 1.6 45.8 210.4 269.3 34.5 30.3 155.9 254.0-77.1 88.3 242.0 18.3 69.4 127.7 231.3 18.1 38.6 128.6 225.8 8.3 25.5 72.8 221.7 249.5 132.5 144.0 210.6 99.5 81.5 132.3 201.7-5%0%5%10%15%20%25%2016-01-042016-04-122016-07-152016-10-252017-01-252017-05-082017-08-092017-11-152018-02-222018-05-302018-08-302018-12-072019-03-192019-06-252019-09-252020-01-022020-04-132020-07-202020-10-272021-01-272021-05-112021-08-112021-11-192022-02-282022-06-07 12345672016-01-042016-04-072016-07-082016-10-122017-01-102017-04-142017-07-172017-10-192018-01-182018-04-242018-07-252018-10-292019-01-282019-05-052019-08-022019-11-062020-02-122020-05-142020-08-132020-11-172021-02-202021-05-242021-08-232021-11-252022-03-012022-06-012022-08-31DR007 R007%请 务必阅读 正文之 后的信 息披露 和重要声 明-16-19.8 15.6 22.5 31.0 Wind 9 2022H 90 22 22 22 22 158.0 3.78%-0.0180%0.2639%153.7 3.00%-0.0187%0.2103%148.9 3.21%-0.1164%0.3889%109.9 3.54%-0.1164%0.5521%103.5 2.82%-0.0272%0.2363%98.1 2.87%-0.0975%0.3806%97.3 2.98%-0.0375%0.2768%91.2 3.59%-0.1301%0.4898%13.8 3.17%-0.1336%0.4355%Wind 10 2022H 1=7=30 C 171.92 0.00%0.30%0.10%1.50%0.00%0.00%0.10%0.50%A 97.38=100=500,1000 0.30%0.10%1.50%0.00%0.00%0.00%0.80%C 45.27 0.00%0.30%0.10%1.50%0.10%0.00%0.10%0.60%A 208.72=50=200=500 1000 0.30%0.10%1.50%0.10%0.00%0.00%0.80%C 157.51 0.00%0.27%0.08%1.50%0.00%0.00%0.10%0.45%A 76.44=100=200=500 1000 0.27%0.08%1.50%0.00%0.00%0.00%0.65%1 30 请 务必阅读 正文之 后的信 息披露 和重要声 明-17-C 11.61 0.00%0.30%0.10%1.50%0.10%0.00%0.40%0.90%A 218.84 100,0.4%;=100=500,1000 0.30%0.10%1.50%0.10%0.00%0.00%0.90%C 1.91 0.00%0.30%0.10%1.50%0.10%0.00%0.40%0.90%A 223.90=100=500,1000 0.30%0.10%1.50%0.10%0.00%0.00%0.80%Wind 2.7 2019 10 3.126 2022 9 A C 250 300 2021 270.5 105.9 150 2020 11 2019 2020 2020 2021 2021 2022%4.72 6.03 3.75 3.13 3.00 3.54 3.87 3.34 1.91 3.20 3.56 3.17 10/88 3/122 7/142 103/165 127/180 62/217%-0.02-0.13-0.09-0.07-0.01-0.03-0.08-0.71-0.60-0.22-0.09-0.13%114.32 128.42 130.74 110.17 121.11 127.42 116.58 117.84 116.55 115.38 115.77 114.35 0.59 0.41 0.16 0.21 0.69 0.47 0.98 0.97 0.84 0.81 0.90 0.81 1.59 12.42 31.79 270.51-105.91 58.89 Wind 请 务必阅读 正文之 后的信 息披露 和重要声 明-18-21 Wind C C 2020 C 32 2021 282 2019 2020 20202021 2022H C 162 A 2022 102 2022 0%2%4%6%8%10%12%14%2019-10-162019-11-182019-12-192020-01-212020-03-022020-04-022020-05-082020-06-092020-07-132020-08-132020-09-152020-10-222020-11-242020-12-252021-01-282021-03-052021-04-082021-05-122021-06-152021-07-162021-08-182021-09-182021-10-272021-11-292021-12-302022-02-072022-03-102022-04-132022-05-172022-06-202022-07-212022-08-232022-09-26 请 务必阅读 正文之 后的信 息披露 和重要声 明-19-22 Wind 2020 6.03%AAA 34.61%2020 34%23 AAA Wind 9 21 282 4 4 26 178 2 5 92 162 10 050100150200250300 A C 2019A 2020H 2020A 2021H 2021A 2022H37.77 34.61 14.18 11.54 29.41 23.86 05101520253035402019A 2020H 2020A 2021H 2021A 2022HAAA(%)%请 务必阅读 正文之 后的信 息披露 和重要声 明-20-24 2020 25 2020 Wind Wind 12 2020 2020 2020 2020 2020 72.84%80.31%91.44%91.73%1.08%0.73%2.75%2.06%26.08%18.96%5.82%6.21%22.34%15.50%-Wind 2020 2019 0.59 2020 0.41 2020 0.16 13 2020H:%:%20 SCP001 3.56 AAA 0.48 1.98 20 29 3.55-0.23 1.81 85.13%-1.62%7.53%8.96%-10%0%10%20%30%40%50%60%70%80%90%1.48%63.12%1.43%33.97%请 务必阅读 正文之 后的信 息披露 和重要声 明-21-19 07 3.00-0.33 2.56 10 24 3.00-0.16 2.7 20 SCP012 2.98 AAA 0.65 2.7 Wind 20192020 2021 2021 270.5 2021 105 165 2022 59 2021 26 2021 27 2021 Wind Wind 2018 2019 2019 2020 37.77 34.61 14.18 11.54 29.41 23.86 05101520253035402019A 2020H 2020A 2021H 2021A 2022HAAA(%)%131 104 110 117 0204060801001201402020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2%请 务必阅读 正文之 后的信 息披露 和重要声 明-22-2021 30 30 60 90 2022 14 2018A 2019H 2019A 2020H 2020A 2021H 2021A 2022H 2018-09-03 7.60 5.78 108.32 92.91 72.07 152.39 108.53 133.80 2018-11-22 15.85 16.16 16.05 16.35 15.99 16.27 5.40 39.85 2019-01-21-8.70 3.16 1.70 4.98 52.93 88.19 104.15 2019-10-15-1.59 14.01 45.80 316.31 210.40 269.29 30 2021-06-16-0.28 4.88 51.63 90 2021-08-18-1.98 17.31 30 2021-09-15-10.84 10.92 60 2021-11-30-0.38 1.13 2022-03-10-2.01 2022-07-27-Wind 3 3.1 3-4%C 3-4%C 请 务必阅读 正文之 后的信 息披露 和重要声 明-23-28 1 29 R2 3-4%Wind 2022 100%C 0 1 15 5 2017A 2018A 2019A 2020A 2021A 2022H 59.98 60.45 480.22 479.32 476.37 479.8-2.20 420.43 417.40 434.37 422.3 410.55 329.94 339.14 329.22 337.96 334.0 2.04 2.17 8.52 88.0 210.1 301.2 240.18 246.07 240.63 240.7 248.1 244.9 Wind 16 2019H 2019A 2020H 2020A 2021H 2021A 2022H 2 2 2 227 226 226 222 98.45 217.75 217.75 1.92 1.93 1.93 1.96 196.91 435.51 435.51 435.51 435.51 435.51 435.51 100%100%100%100%100%100%100%0%0%0%0%0%0%0%Wind 17 2019H 2019A 2020H 2020A 2021H 2021A 2022H 2 2 2 53 238 226 221 71.88 192.11 189.61 7.16 1.59 1.68 1.72 5.00%0.94%12.61%10.12%1.56%2.15%5.94%4.33%2.84%4.13%2.88%0%2%4%6%8%10%12%14%2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022Q3 请 务必阅读 正文之 后的信 息披露 和重要声 明-24-143.77 384.22 379.22 379.22 379.22 379.22 379.22 100%100%100%100%100%100%100%0%0%0%0%0%0%0%Wind 3.2 2022 6 46,325 1,544 60%2012-2022 687 46,325 67 2012 2016 2019 2020 676 5,732 7,090 3,657 765 1,836 5,012 5,771 30 31 12 16 19-20 Wind Wind 2012 2011-2012 2011 2011 9 2012 11 687 2012 2013 2012 40%60%02004006008001,0001,2001,4001,6001,80005,00010,00015,00020,00025,00030,00035,00040,00045,00050,0002010A2011A2012A2013A2014A2015A2016A2017H2017A2018H2018A2019H2019A2020H2020A2021H2021A2022H 05010015020025001,0002,0003,0004,0005,0006,0007,00020102011201220132014201520162017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 请 务必阅读 正文之 后的信 息披露 和重要声 明-25-32 Wind 18 2012 1-11 2012 1-11 4.51%-1.00%6.58%-1.34%4.06%-2.85%-6.74%-15.36%Wind 2015-2016 2015 2016 1,836 2016 97%2.02.53.03.54.04.55.02,0002,5003,0003,5004,0004,5005,0005,5006,0002010-01-042010-06-102010-11-162011-04-222011-09-262012-03-052012-08-072013-01-112013-06-202013-11-252014-05-042014-10-092015-03-132015-08-172016-01-222016-06-302016-12-052017-05-112017-10-172018-03-202018-08-222019-01-242019-07-032019-12-062020-05-182020-10-222021-03-292021-08-312022-02-092022-07-14 300:10%请 务必阅读 正文之 后的信 息披露 和重要声 明-26-33 34 2016 208 Wind Wind 2019 2018 7 2019 2020 1 2 200%140%3 4 2 2020 0.30%0.15%2019 2020 2“”2022 2022 0.10%2022 2.02.53.03.54.04.55.02,0002,5003,0003,5004,0004,5005,0005,5006,0002010-01-042010-06-102010-11-162011-04-222011-09-262012-03-052012-08-072013-01-112013-06-202013-11-252014-05-042014-10-092015-03-132015-08-172016-01-222016-06-302016-12-052017-05-112017-10-172018-03-202018-08-222019-01-242019-07-032019-12-062020-05-182020-10-222021-03-292021-08-312022-02-092022-07-14 300:10%5 559503208 请 务必阅读 正文之 后的信 息披露 和重要声 明-27-35 36 2019 2020 Wind Wind 2019 2019 2020 2020 3.3 2022 67.7%48.6%14.4%8.2%2.6%1.6%52.8%2013 2022 37 38 Wind Wind 2015-2016 2015-2016 AA 2.02.53.03.54.04.55.02,0002,5003,0003,5004,0004,5005,0005,5006,0002010-01-042010-06-132010-11-242011-05-062011-10-172012-03-262012-08-312013-02-162013-07-242014-01-022014-06-162014-11-242015-05-062015-10-162016-03-252016-09-012017-02-142017-07-242017-12-302018-06-112018-11-202019-04-282019-10-102020-03-202020-08-272021-02-052021-07-202021-12-282022-06-10 300:10%4,055 5,283 958 489 01,0002,0003,0004,0005,0006,0007,0002019 2020 01020304050607080901002013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022H 15.91%10.27%63.96%6.05%10.56%16.63%17.35%30.64%15.47%2.53%14.42%8.24%67.70%0%20%40%60%80%100%2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022HAAA AA+AA AA-请 务必阅读 正文之 后的信 息披露 和重要声 明-28-2016 2016 39 Wind 2018 0123456782013-01-042013-04-232013-08-082013-11-272014-03-182014-07-042014-10-232015-02-062015-05-292015-09-152016-01-052016-04-252016-08-102016-11-292017-03-172017-07-052017-10-242018-02-052018-05-282018-09-112018-12-292019-04-182019-08-052019-11-222020-03-162020-07-022020-10-212021-02-042021-05-272021-09-102021-12-302022-04-212022-08-08(AAA):3(AA+):3(AA):3:3%15-16 请 务必阅读 正文之 后的信 息披露 和重要声 明-29-19 0 0 0 0 0 0 0 0 3%0 0 0 3%0 0 0 0 0 6%25%0 25%6%25%6%12.5%6%25%6%25%6%25%3.4 80%2010-1-1 90 83.6%96.2%2010 2.5%200-350 20 2010.1-2010.6 2010.7-2010.11 2010.12-2011.9 2011.10-2012.7 2012.8-2013.11 2013.12-2016.10 2016.11-2017.12 2018.1-2019.1 2019.2-2019.10 2019.11-2020.4 2020.5-2020.11 2020.12-2021.9 2021.10-2022.11 4.28%2.07%-1.34%10.03%1.71%8.61%0.14%6.16%3.20%8.63%-1.62%4.53%2.64%请 务必阅读 正文之 后的信 息披露 和重要声 明-30-0.71%-2.07%-3.86%-0.47%-2.46%-1.49%-2.61%-0.39%-0.37%-0.20%-1.73%-0.28%-0.66%5 37 132 16 176 10 43 14 28 8 69 14 18 34 167 71 1 163 24 308 38 11 9 191 26-Wind 1 2011 7 2 201