20230602_国海证券_新能源行业革命下的大宗商品系列证券研究报告：御“风”而行风电发展下的大宗商品_42页.pdf
2023 06 02 S03505221100044 1M 3M 12M-4.7%-14.2%-14.4%300-5.7%-6.7%-7.2%*2023-05-21*2023-05-08 002110 2022 2023Q1*2023-05-05 601003 2022 2023Q1*2023-05-05 2022 2023-2026 74/81/83/89GW 11/17/20/24GW 2022-2026 47.6%2023-2026 123/137/148/168GW 23/28/36/46GW 2023-2026 CAGR 46.9%1 2022-2026 1756 1212 7%2 3 2022-2026 99 2025 4.6%3“”2022-2026 72 2025 7.0%4 2022-2026 56 2023 9.8%5 2022-2026 2.5 1 2022 2022 LCOE IRR-0.1593-0.1073-0.0552-0.00310.04900.1011钢铁 沪深300 2 1.5 1.1.5 1.2.8 1.3 2023.16 1.4.18 2.22 2.1.22 2.2.25 2.3“”.26 2.4.28 2.5.29 3.32 3.1.32 3.2 LCOE IRR.33 3.3.38 4.40 0YCXzQnQmPmNoQsRtOrOqRbRdN9PmOqQmOsRjMoOtNjMmMmO8OoPrMMYnPsPNZtPtR 3 1.5 2 2008-2011.6 3 2012 17%.7 4 2015 1 1.7 5 2017.7 6 2022.8 7 2012-2025.9 8“”GW.9 9 2022/kWh.12 10 2022/kWh MW.12 11 2016-2022 GW.13 12 VRE.15 13 20.16 14 2014-2023.16 15 GW.17 16 2022-2026 GW.17 17 MW.19 18 2022-2031.19 20 MW.20 21 MW.20 22 2021-2026 MW.21 23 2021-2031 MW.21 24.22 25 2018.25 26 2018.25 27.30 28.30 29.30 30 2020.01-2023.05.32 31 2020.01-2023.05.32 32%.33 33/.33 34.33 35.33 36.34 37 4.0 MW.34 38 2022.38 1“”GW.10 2 2022.11 3.11 4.13 5 2021-2023 1-3.14 6 GW.18 4 7 2022-2026 GW.22 8.23 9.24 10.26 11.27 12.27 13.28 14.29 15 E S.30 16.31 17/-LCOE.35 18/-LCOE.36 19 IRR.37 20 0.4335/kWh IRR.39 5 1 1.1 1 1986-2002 1986 1 CWEA GWEC 2 2003-2010 112.1%2003-50%0%50%100%150%200%050001000015000200002500030000350002000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 6 2003 10 kW 56.3 kW 2010 1893 kW 44.7GW 112.1%2010 1.5-2.0MW 3MW 2 2008-2011 CWEA WIND 3 2011-2012 1 2 2011 100 MW 193,500 MW 12 2011 LVRT Low Voltage Ride Through 3 0%20%40%60%80%100%2008 2009 2010 2011 1.0MW 1.0-1.5MW 1.5-2.0MW 2.0-2.5MW 2.5-3.0MW 3.0 MW 7 3 2012 17%WIND 4 2013-2015 2013-2015 38.3%2012 2013 2014 2015+2013-2015 2015 3075 kW 145.4GW 5 2016-2017 2015 2016-2017 2017 4 2015 1 1 5 2017 2019 WIND 6 2018-2020 17%0%2%4%6%8%10%12%14%16%18%0501001502002503003504002011 2012 2013 2014 2015%0.20.30.40.50.60.72009 2011 2013 2015 2017 2019 2015 0%2%4%6%8%10%12%14%16%18%01000200030004000500060007000800090002015 2016 2017 2018 2019 2020 2021 2022 h%8 2018 2019 2020 7167 kW 281.53GW 7 2021-2022 2021 2021 47.57GW 33.6%2021 30.67GW 16.90GW 4.5 2022 37.63GW 21.0%1.2 1.2.1 1+N 2022 2022 37 2023 1-5 15 6 2022 REITs 9 2022 4“”2022 12 2021 2030 455GW“”“”200GW 255GW“”2022 1 5“”“”2022 6 9“”“50%”353.9GW 2021-2025 47.6/37.6/73.1/93.9/101.8 GW 2023-2025 2017-2022 6.5%2025 10.43 kWh 2023-2025 2200 2023-2025 2-2.5%7 2012-2025 8 GW WIND 2022 12“”2022 12 23“”31 305GW 51.2/24.8/20.3/20.0GW 0200004000060000800001000001200002012 2014 2016 2018 2020 2022 2024E 0102030405060内蒙古甘肃河北广东广西吉林新疆江苏陕西山东山西黑龙江河南辽宁云南青海四川湖南湖北贵州浙江福建安徽宁夏海南重庆江西上海天津北京西藏“十四五”风电规划新增装机(GW)10 2022 6 9“”“”“”2022 12 203GW 3“”43.3GW 50GW“”33GW 1 GW 3.75 2022-2035 800W 13 35 2021 33.02 0.3+4.5 5000 50 43.3 7.5 12.3 202.67 2022 12 300-1000/kW 11 2 2022 2022 2023 2024 2025-2026 1500/kW 1000/kW 500/kW-2022“”()800/kW 500/kW 300/kW-2023 2022 0.03/kWh 0.015/kWh-(2022 11 24)-500/kW 500/kW 500/kW CWEA 1.2.2 2019 2021 2021 3 MW/kW IRR%IRR%LCOE/kWh 50 6520.99 9.33%18.02%0.3453 100 6102.77 10.10%21.24%0.3277 200 5917.07 10.19%19.80%0.3167 300 5847.18 10.45%20.67%0.3114 400 5807.03 10.60%21.15%0.3085 MW MW/kW IRR%IRR%LCOE/kWh 2 50 100 6449 9.28%18.24%0.3451 2.2 45 99 6375 9.45%18.85%0.3414 2.3 43 99 6279 9.67%19.66%0.3366 2.5 40 100 6221 9.82%20.19%0.3336 3 33 99 6073 10.18%21.54%0.3262 4 25 100 5767 10.97%24.63%0.3108 4.5 22 99 5517 11.68%27.49%0.2983 2021 12 2021 50MW 400MW IRR 9.33%10.60%LCOE 0.3277/0.3085/2.0MW 4.5MW IRR 9%LCOE 0.0468/2022 12“/”1871.7/2256.6/kW 16.5%/11.8%12 3649.0/kW 18.5%“”2022 Q4 2023 4“/”1705.4/2084.2/kW 12.1%/7.5%2023 9 2022/kWh 10 2022/kWh MW 1.2.3 2022 2022 2022 98.5GW 81.9%83.8GW 63.1%14.7GW 4.3 2022 2-3 10001200140016001800200022002400260028001 2 3 4 5 6 7 8 9 10 11 12 01000200030004000500060001 2 3 4 5 6 7 8 9 10 11 12 MW 13 11 2016-2022 GW 1 IRR 2023 2 2050 3 20-34 2025 5.2 15.4%-26.2%4(m)4(400W/m)3(300W/m)2(200W/m)50 8 20 29 70 10 26 36 100 15 34 40 2050 1.2.4 2019 3%4%2022 96.8%95%90%92.7%92.9%28.327.233.565.231.154.298.501020304050607080901001102016 2017 2018 2019 2020 2021 2022 14 93.8%2023 1-3 5 2021-2023 1-3/2023 1-3 2022 2021 3.2%3.2%3.1%7.2%4.4%4.6%10.5%7.1%8.9%*9.3%10.0%2.4%3.8%4.8%2.9%3.6%1.8%1.7%2.4%4.2%2.3%3.7%6.2%4.1%4.4%7.3%10.7%1.3%4.6%7.3%*1 80%60%70%2 IEA Getting Wind and Sun onto the Grid VRE 3%VRE VRE 3%-15%VRE VRE 15%-25%VRE 25%-50%VRE 100%15 12 VRE Getting Wind and Sun onto the Grid:A Manual for Policy Makers IEA 2035 2025 18%2021 13.7%2030 2030 25%2021 10-20%2h 2023 1()16 13 20 1.3 2023 2022 37.63 GW 45GW 21.0%2022 14 2014-2023 WIND 2023 2022 2022 6262 5012-10%-5%0%5%10%15%20%01000200030004000500060002014 2015 2016 2017 2018 2019 2020 2021 2022 2023E%17 2.0%2022 2023-2024 2023 1 2023 5200 3.7%2023 2023“”“”305GW 2021-2022 86GW 2023-2025 70GW 2021-2022+2022 2023 2022 98.5GW 2021 2023 2023 2023 73.5GW 2023 1-4 14.2GW 48.2%2023-2026 11/17/20/24GW 2022-2026 47.6%2023-2026 73.5/80.6/83.3/89.4GW 2022-2026 24.2%62.5/63.6/63.3/65.4GW 2022-2026 19.0%15 GW 16 2022-2026 GW CWEA 0204060801001202016 2017 2018 2019 2020 2021 2022 2023E风电招标 新增装机(乐观)新增装机(保守)新增装机(中性)01020304050607080901002021A 2022A 2023E 2024E 2025E 2026E 18 1.4 1.4.1 2022 Statistics and the outlook for 2023-2027 2022 19.1GW 16.7GW 2.5GW 2022 254.8GW 224.5GW 30.3GW 6 GW 2027 2030 2035 2040 2045 2050 60 300 50 30 40 70 22.2 12.9 5.7 18 40 10.9 30 5 30 3 30 40 70 65 150 GWEC 2022 2022 4 2030 40GW 50GW 5GW 2022 5 2030 65GW 2050 150GW“”8 30 8“”2030 19.6GW 7 19 17 MW 18 2022-2031 GWEC GWEC GWEC Global Offshore Wind Report 2022 10 140.8GW 26.7%/14.6%/10.2%/13.1%/7.3%2022-2024 2025 2025-2030 29.1%1.4.2 2021 134GW 42MW 2021 11 2050 2035 100%GWEC 2022-2026 42GW 19 2022 6 GWEC 0500010000150002000025000300002021A 2023E 2025E 2027E 2029E 2031E,26.7%,14.6%,10.2%,13.1%,7.3%,2.5%,7.5%,4.4%,2.2%,11.5%140.8GW1.2GW(2030)9GW(2035)8GW(2040)7.5GW(2035)5.6GW(2027)5.2GW(2034)5GW(2030)3GW(2030)3GW(2030)2GW(2030)49.5GW 20 GWEC Global Wind Workforce Outlook 42MW 30MW Block Island 12MW Dominion Virginia 2021 8.4GW 2022 2 2030 2050 30GW 110GW 8 2022 30%9 2035 15GW 70%4.5/GWEC Global Offshore Wind Report 2022 2022 6 10 2040 49.5GW GWEC 2023-2031 31.5GW 3.5GW 20 MW 21 MW GWEC GWEC 1.4.3 GWEC Global Wind Report 2022 Global Wind Workforce Outlook 2021-2026 29.5GW 4.9GW 11.4%/3.3%/17.2%/68.2%2022 1.6GW 2022 1.8GW 2022 COP26 2030 500GW 50%2022 11 4.1GW VIII PDP8 2030 21.5GW GWEC 2022-2031 37.7GW 0500010000150002021A 2022A 2023E 2024E 2025E 2026E 010002000300040005000 21 1 MNRE 2030 140GW 30GW 2022-2026 2 PDP8 2030 7GW 2050 87GW 2021 99 GWEC 2023-2026 1.9GW 3 2020 9 2030 10GW 2040 30-45GW 4 2020 2050 520 2030 12GW 2023 3 142MW 22 2021-2026 MW 23 2021-2031 MW GWEC GWEC 1.4.4 2022-2026 20.9%GWEC 2022-2026 123/137/148/168GW 20.9%99/109/112/122GW 23/28/36/46GW 2022-2026 46.9%010002000300040005000600070002021A 2022A 2023E 2024E 2025E 2026E 88812591539156232642750390046705250642071000400080002021A2022A2023E2024E2025E2026E2027E2028E2029E2030E2031E 22 7 2022-2026 GW 2021A 2022E 2023E 2024E 2025E 2026E CAGR 73 69 99 109 112 122 15.4%21 10 23 28 36 46 46.9%94 79 123 137 148 168 20.9%GWEC CAGR 2022-2026 2 2022 A 44%-80%24 iFinD 2.1 23 2022 80%44%-66%5%26%D E 69%8/()/S Mysteel 24 ASI 2022 GW 12.4 8.6 0.6 3.2 GW 19.0 13.1 1.0 4.9 GW 1%2%2022-2026 655GW 8781 2022-2026 CAGR 21.4%1756/1212/88/457 2022-2026 364GW 4874 2022-2026 CAGR 24.5%975/673/49/253 9 2021A 2022E 2023E 2024E 2025E 2026E-GW/GW 12.4 12.4 12.3 12.2 12.0 11.9-/GW 8.6 8.6 8.5 8.4 8.3 8.2-/GW 0.6 0.6 0.6 0.6 0.6 0.6-/GW 3.2 3.2 3.2 3.2 3.1 3.1-GW/GW 19.0 19.0 18.6 18.2 17.9 17.5-/GW 13.1 13.1 12.8 12.6 12.3 12.1-/GW 1.0 1.0 0.9 0.9 0.9 0.9-/GW 4.9 4.9 4.8 4.7 4.6 4.6 GW 73 69 99 109 112 122 GW 21 10 23 28 36 46 1300 1040 1658 1834 1989 2260-897 718 1144 1266 1372 1559-65 52 83 92 99 113-338 270 431 477 517 588 GW 31 33 62 64 63 65 GW 17 5 11 17 20 24 701 500 972 1083 1119 1200-484 345 670 747 772 828-35 25 49 54 56 60-182 130 253 282 291 312 GWEC CWEA Mysteel CCN ASI 2020-2022 10 2022 6000 7 25 2.2 1 2 3 Wood Mackenzie 2018 9639/3213/1377/1071/GW GW 1.53 3456/378/1026/486 GW 0.54 25 2018 26 2018 Wood Mackenzie Wood Mackenzie 2022-2026 655GW 495 99 2022-2026 27.1%2022-2026 218 46.9%44 2022-2026 364GW 273 55 29.9%,21%,33%,26%,4%,9%,7%,7%,48%,10%,6%,19%,9%,1%26 3 2021 1400 2023 1.8 2025 4.6%10 2021A 2022E 2023E 2024E 2025E 2026E/GW 0.54 0.54 0.54 0.54 0.54 0.54/GW 0.35 0.35 0.35 0.35 0.35 0.35/GW 1.53 1.53 1.53 1.53 1.53 1.53/GW 0.96 0.96 0.96 0.96 0.96 0.96 GW 73 69 99 109 112 122 GW 21 10 23 28 36 46 71 52 90 101 115 136-20 9 23 27 34 44 GW 31 33 62 64 63 65 GW 17 5 11 17 20 24 42 25 51 60 65 72-16 5 11 16 19 23 GWEC CWEA Wood Mackenzie 2.3 4 Q345F/Q345E/Q345D/Q345C 2.5MW 1139m2 275g/m2 2.5MW 626.3kg 250.5/GW/27/220 m 280 m 180 m 22 0 m 11 C4/60 220 70%-96%110 30%-80%50 70%-80%/60 180 70%-96%120 70%-80%C5/60 280 70%-96%160 30%-80%60 70%-80%/80 220 70%-96%140 80%2010 2022 6 0 m 12 2021A 2022E 2023E 2024E 2025E 2026E/GW 5500 5500 5500 5500 5500 5500 GW 94 79 123 137 148 168 51 43 68 75 81 92 GW 48 38 73 81 83 89 26 21 40 44 46 49 GWEC CWEA Raw materials demand for wind and solar PV technologies in the transition towards a decarbonised energy system(Joint Research Centre,2020)28 Joint Research Centre GW 5500 2022-2026 360 72 2022-2026 20.9%2022-2026 200 40 2022-2026 24.2%2022 650 2023 3 2025 7.0%2.4/13/MPa/mm 3.3773 10-4 4.6906 10-9 1 107 15 27%3.3657 10-4 4.6745 10-9 1 107 15 2022 29 1GW 6000 700 1 65%1 50%1GW 4250 2022-2026 655GW 278 56 2022-2026 364GW 155 31 24.2%14 2021A 2022E 2023E 2024E 2025E 2026E/GW 0.43 0.43 0.43 0.43 0.43 0.43 GW 94 79 123 137 148 168 40 33 52 58 63 71 GW 48 38 73 81 83 89 20 16 31 34 35 38 GWEC CWEA 2021 155 2023 9.8 2021 290 2021 2.5 0.2 2022/01 28%45 30 15 E S/Mpa/Gpa/(g cm-3)/%E 3400 75 2.54 34 S 4020 83 2.54 5.3 2015 27 28 2022/01 X E S E S 83GPa E 10.7%18.2%2.54g cm-3 29,36%,28%,12%,11%,5%,4%,4%(SiO)(AiO)(CaO)(Na O)31 2020 GW 1 Wind Energy 350 2-4MW 3-10 6.2%0.001 0.466 CWEA 20 20 GW 10 GW 1 16 2021A 2022E 2023E 2024E 2025E 2026E/GW 1 1 1 1 1 1-/GW 0.001 0.001 0.001 0.001 0.001 0.001-/GW 1 1 1 1 1 1 GW 94 79 123 137 148 168 GW 837 916 1039 1176 1324 1492 1.63 1.37 2.14 2.39 2.58 2.93 0.13 0.14 0.16 0.16 0.22 0.29 1.76 1.51 2.30 2.55 2.81 3.22 GW 48 38 73 81 83 89 GW 329 367 440 521 604 693 0.83 0.66 1.28 1.41 1.45 1.56 0.002 0.002 0.003 0.005 0.010 0.024 0.83 0.66 1.28 1.41 1.46 1.58 GWEC CWEA Failure rate,repair time and unscheduled O&M cost analysis of offshore wind turbines.James Carroll et al.,2016 E E 0.1%-2%Na2O E 1%Na2O 1GW 100 Na2O 98%174 2022-2026 12.4 2.5 2022-2026 6.4 1.3 2022 2800 32 3 3.1 2020“”2021 2022“”2021 2023 5 26-0.3570-0.1255 2021 2022Q3 2022Q3 30 2020.01-2023.05 31 2020.01-2023.05 WIND WIND 2021 2 6475/40.6%2022 5 2022 12 4391/15.5%50010001500200025003000300035004000450050005500600065002020/01 2020/07 2021/01 2021/07 2022/01 2022/07 2023/01(/50010001500200025003000350030000350004000045000500005500060000650007000075000800002020/01 2020/07 2021/01 2021/07 2022/01 2022/07 2023/01(/)33 32%33/WIND WIND 3.2 LCOE IRR 2020 44.6%34 35 2020 2021/11/69%44%-80%10152025302020Q1 2020Q3 2021Q1 2021Q3 2022Q1 2022Q3 4000450050005500600065002020-02 2020-09 2021-04 2021-11 2022-06 2023-01:,44.6%,18.2%,12.9%,8.8%,5.6%,5.1%,1.9%,1.7%,1.2%26.30%22.20%12.91%5.01%3.59%3.44%2.80%2.66%1.91%1.37%1.35%1.32%1.25%34 LCOE IRR LCOE IRR 1.6 1 20 100MW 20 5MW 2300 23000 kW h 5MW 2.0MW 5.0MW 2021 3.1MW 5.6MW 4.0 MW 2020 11%40%3MW 2020 62%2021 20%36 37 4.0 MW CWEA CWEA 2.30%4.5%7%15 3.2022 1906.1/kW 2022 4.2022 5.13%50%10%25%6.20%100%01234562011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0%20%40%60%80%100%2018 2019 2020 20211.5-1.9MW 2-3MW 3-3.9MW 4-5.9MW 6MW 35 7.0.3742/kWh 1500 0.3090/kWh JRC 2020 2020 13000 1100 350 550 2022 54%/11%/6%/3%17/-LCOE LCOE-50%-40%-30%-20%-10%0%10%20%30%40%50%80%-50%0.2328 0.2382 0.2436 0.2490 0.2545 0.2599 0.2653 0.2707 0.2761 0.2815 0.2870 0.3032-40%0.2339 0.2393 0.2447 0.2501 0.2556 0.2610 0.2664 0.2718 0.2772 0.2826 0.2881 0.3043-30%0.2350 0.2404 0.2458 0.2512 0.2567 0.2621 0.2675 0.2729 0.2783 0.2837 0.2892 0.3054-20%0.2361 0.2415 0.2469 0.2523 0.2578 0.2632 0.2686 0.2740 0.2794 0.2848 0.2903 0.3065-10%0.2372 0.2426 0.2480 0.2534 0.2588 0.2643 0.2697 0.2751 0.2805 0.2859 0.2913 0.3076 0%0.2383 0.2437 0.2491 0.2545 0.2599 0.2654 0.2708 0.2762 0.2816 0.2870 0.2924 0.3087 10%0.2388 0.2442 0.2497 0.2551 0.2605 0.2659 0.2713 0.2767 0.2822 0.2876 0.293 0.3092 20%0.2394 0.2448 0.2502 0.2556 0.2610 0.2665 0.2719 0.2773 0.2827 0.2881 0.2935 0.3098 30%0.2405 0.2459 0.2513 0.2567 0.2621 0.2676 0.2730 0.2784 0.2838 0.2892 0.2946 0.3109 40%0.2416 0.2470 0.2524 0.2578 0.2632 0.2687 0.2741 0.2795 0.2849 0.2903 0.2957 0.3120 50%0.2438 0.2492 0.2546 0.2600 0.2654 0.2708 0.2763 0.2817 0.2871 0.2925 0.2979 0.3142 80%0.2470 0.2525 0.2579 0.2633 0.2687 0.2741 0.2795 0.2850 0.2904 0.2958 0.3012 0.3175 WIND 2020 Raw materials demand for wind and solar PV technologies in the transition towards a decarbonised energy system JRC 2020 2022 8977.6/67503.2/0%10%LCOE 2.1%LCOE 10%LCOE 0.23%2022 80.6%4.0 50%LCOE LCOE 0.2599 10%LCOE 5 3%6%/36/10%LCOE 0.25%/0.11%16.9 7.8,18/-LCOE LCOE-50%-40%-30%-20%-10%0%10%20%30%40%50%100%-50%0.2608 0.2610 0.2613 0.2616 0.2619 0.2621 0.2624 0.2627 0.2630 0.2632 0.2635 0.2638-40%0.2614 0.2617 0.2620 0.2622 0.2625 0.2628 0.2631 0.2633 0.2636 0.2639 0.2642 0.2644-30%0.2621 0.2623 0.2626 0.2629 0.2632 0.2634 0.2637 0.2640 0.2643 0.2645 0.2648 0.2651-20%0.2627 0.2630 0.2632 0.2635 0.2638 0.2641 0.2643 0.2646 0.2649 0.2652 0.2655 0.2657-10%0.2633 0.2636 0.2639 0.2642 0.2644 0.2647 0.2650 0.2653 0.2655 0.2658 0.2661 0.2664 0%0.2640 0.2643 0.2645 0.2648 0.2651 0.2654 0.2656 0.2659 0.2662 0.2665 0.2667 0.2670 10%0.2646 0.2649 0.2652 0.2655 0.2657 0.2660 0.2663 0.2666 0.2668 0.2671 0.2674 0.2677 20%0.2653 0.2655 0.2658 0.2661 0.2664 0.2666 0.2669 0.2672 0.2675 0.2677 0.2680 0.2683 30%0.2659 0.2662 0.2665 0.2667 0.2670 0.2673 0.2676 0.2678 0.2681 0.2684 0.2687 0.2689 40%0.2666 0.2668 0.2671 0.2674 0.2677 0.2679 0.2682 0.2685 0.2688 0.2690 0.2693 0.2696 50%0.2672 0.2675 0.2678 0.2680 0.2683 0.2686 0.2689 0.2691 0.2694 0.2697 0.2700 0.2702 100%0.2704 0.2707 0.2710 0.2712 0.2715 0.2718 0.2721 0.2723 0.2726 0.2729 0.2732 0.2734 WIND 2020 Raw materials demand for wind and solar PV technologies in the transition towards a decarbonised energy system JRC 2020 2022 25206.7/5394.5/0%IRR 6 100MW 7.27%6%IRR 22 36.9%2023 5 26 7687.2/64210.0/IRR 7.65%8.10%37 19 IRR IRR-40%-30%-20%-10%-5%0%5%10%20%30%40%-40%9.30%8.84%8.40%7.98%7.78%7.58%7.39%7.20%6.84%6.49%6.16%-30%9.21%8.75%8.31%7.90%7.70%7.50%7.31%7.13%6.77%6.42%6.09%-20%9.11%8.66%8.23%7.82%7.62%7.43%7.24%7.05%6.70%6.36%6.03%-10%9.02%8.57%8.14%7.74%7.54%7.35%7.16%6.98%6.63%6.29%5.97%-5%8.97%8.52%8.10%7.69%7.50%7.31%7.12%6.94%6.59%6.26%5.93%0%8.92%8.48%8.06%7.65%7.46%7.27%7.09%6.91%6.56%6.22%5.90%5%8.88%8.44%8.02%7.62%7.42%7.23%7.05%6.87%6.52%6.19%5.87%10%8.83%8.39%7.97%7.58%7.38%7.20%7.01%6.83%6.49%6.16%5.84%20%8.74%8.31%7.89%7
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