能源、基礎材料行業追“宗”系列：銅鋁下游需求強勁玻璃淡季不淡-20210531（21頁）.pdf

《能源、基礎材料行業追“宗”系列：銅鋁下游需求強勁玻璃淡季不淡-20210531（21頁）.pdf》由會員分享，可在線閱讀，更多相關《能源、基礎材料行業追“宗”系列：銅鋁下游需求強勁玻璃淡季不淡-20210531（21頁）.pdf（21頁珍藏版）》請在三個皮匠報告上搜索。

1、LME+0.2%10258/ -4.4%18800/-9.3%96.2 澶畻鍟嗗搧鏉垮潡浠鋒牸鍜屽簱瀛樺弻鍛瑙?. 4 澶畻鍟嗗搧鏉垮潡浠鋒牸鍜屽簱瀛樺弻鍛瑙?. 6 澶畻鍟嗗搧鏉垮潡楂橀鏁版嵁姒傝 . 8 鐓偔 . 8 鏈夎壊 . 11 閽搧 . 14 姘存償 . 15 鍥捐 1錛氬瀹楀晢鍝佷環鏍兼瑙?. 4 鍥捐 2錛氬瀹楀晢鍝佸簱瀛樻瑙?. 4 鍥捐 3錛氭澘鍧楄偂浠瘋鐜板洖欏?. 5 鍥捐 4錛氬悇鏉垮潡榪囧幓涓懆鑲環琛幇鏈濂界殑 5 鏀釜鑲?. 5 鍥捐 5錛氬悇鏉垮潡榪囧幓涓懆鑲環琛幇鏈宸殑 5 鏀釜鑲?. 6 鍥捐 6錛氬浐瀹氳祫浜姇璧勶紙FAI錛夊閫燂紙鏈堝害绱鍚屾瘮錛?. 6

2、 鍥捐 7錛氬熀寤烘姇璧勫閫燂紙鏈堝害绱鍚屾瘮錛?. 6 鍥捐 8錛氬埗閫犱笟鎶曡祫澧為燂紙鏈堝害绱鍚屾瘮錛?. 7 鍥捐 9錛氭埧鍦頒駭鎶曡祫澧為燂紙鏈堝害绱鍚屾瘮錛?. 7 鍥捐 10錛氬湴浜柊寮宸潰縐閫燂紙鏈堝害绱鍚屾瘮錛?. 7 鍥捐 11錛氬湴浜宸潰縐佷綇瀹呯宸潰縐閫燂紙鏈堝害绱鍚屾瘮錛?. 7 鍥捐 12錛氱鐨囧矝鐓偔搴撳瓨 . 8 鍥捐 13錛氱鐨囧矝鐓環 . 8 鍥捐 14錛氱鐨囧矝璋冨害鏁版嵁 . 8 鍥捐 15錛氶噸鐐圭數鍘傛棩鍧囪楃叅閲?. 8 鍥捐 16錛氬叏紺句細鐓偔搴撳瓨 . 8 鍥捐 17錛氶噸鐐圭數鍘傜叅鐐簱瀛?. 8 鍥捐 18錛氬師鐓綋鏈堜駭閲?. 9 鍥捐

3、 19錛氬師鐓湀搴瘡璁駭閲?. 9 鍥捐 20錛氬北瑗挎煶鏋楀湴鍖虹劍鐓環鏍艱蛋鍔垮浘 . 9 鍥捐 21錛氭湀搴叅鐐繘鍙噺 . 10 鍥捐 22錛氱叅鐐澘鍧楀彲姣斿叕鍙鎬及鍊艱 . 10 鍥捐 23錛歀ME 閾滀環鍙婂簱瀛?. 11 鍥捐 24錛氬浗鍐呴摐浠峰強搴撳瓨 . 11 鍥捐 25錛歀ME 閾濅環鍙婂簱瀛?. 11 鍥捐 26錛氬浗鍐呴摑浠峰強搴撳瓨 . 11 鍥捐 27錛氫笂嫻烽攲搴撳瓨 . 12 鍥捐 28錛氶晙閿屾澘浜噺 . 12 鍥捐 29錛氭礂琛満浜噺 . 12 鍥捐 30錛氱璋冧駭閲?. 12 鍥捐 31錛氱數緗戝緩璁炬姇璧?. 12 qRpMtNuNnMrRqPnOtM

4、mQoPaQ9R8OtRqQnPrQjMnNmRkPmPmN8OtRnOvPnQuMxNnRpQ 鍥捐 32: 鏈夎壊鏉垮潡鍙瘮鍏徃浼板艱 . 13 鍥捐 33錛氱矖閽駭閲忓強鏈堝害鍚屾瘮 . 14 鍥捐 34錛氶挗鏉愬嚭鍙噺鍙婃湀搴悓姣?. 14 鍥捐 35錛氫笂嫻峰競鍦洪挗鏉愪環鏍艱蛋鍔?. 14 鍥捐 36錛氶挗鏉愮浼氬簱瀛?. 14 鍥捐 37錛氬叏鍥?163 瀹墮挗鍘傞珮鐐夊紑宸巼 . 14 鍥捐 38錛氬垎閽潗鍝佺妯嫙鍚瘺鍒秼鍔?. 14 鍥捐 39: 閽搧鏉垮潡鍙瘮鍏徃浼板艱 . 15 鍥捐 40錛氭按娉駭閲忓強鏈堝害鍚屾瘮 . 15 鍥捐 41錛氬叏鍥芥按娉鉤鍧囧嚭璐巼鍙樺寲

5、. 15 鍥捐 42錛氭按娉環鏍艱蛋鍔垮浘 . 16 鍥捐 43錛氬叏鍥介噸鐐瑰煄甯傛按娉拰鐔熸枡搴撳姣旇蛋鍔?. 16 鍥捐 44錛氬叏鍥介噸鐐瑰煄甯傜（鏈哄紑宸巼璧板娍 . 16 鍥捐 45錛氬惃姘存償鐓偔浠鋒牸宸?. 17 鍥捐 46: 姘存償鏉垮潡鍙瘮鍏徃浼板艱 . 18 鍥捐 47: 鐜葷拑鏉垮潡鍙瘮鍏徃浼板艱 . 18 鍥捐 48: 娑堣垂寤烘潗鏉垮潡鍙瘮鍏徃浼板艱 . 19 鍥捐 49: 閫犵焊鏉垮潡鍙瘮鍏徃浼板艱 . 19 浠鋒牸浠鋒牸鍗曚綅鍗曚綅褰撳墠浠鋒牸褰撳墠浠鋒牸鍙屽懆鍙樺姩鍙屽懆鍙樺姩1涓湀鍙樺姩1涓湀鍙樺姩3涓湀鍙樺姩3涓湀鍙樺姩YTD鍙樺姩YTD鍙樺姩YTD鍧囧糦

6、TD鍧囧糦TD鍧囦環鍚屾瘮YTD鍧囦環鍚屾瘮 LME閾滅編鍏?鍚?0,2580.2%4.4%13.0%32.1%8,95664.1% 鍥藉唴閾滃厓/鍚?3,470-2.1%2.3%7.2%26.7%65,75848.7% LME閿岀編鍏?鍚?,0604.2%4.6%9.6%11.2%2,82737.4% 鍥藉唴閿屽厓/鍚?3,5004.2%5.4%6.3%8.4%21,95627.6% LME閾濈編鍏?鍚?,4830.8%3.6%15.2%25.4%2,21336.1% 鍥藉唴閾濆厓/鍚?8,800-4.4%-0.2%8.9%19.7%17,14331.1% Comex榛勯噾緹庡厓/鐩庡徃1,

7、9053.5%7.7%9.9%0.0%1,8028.3% 鍥藉唴榛勯噾鍏?鍏?912.3%5.3%5.0%-1.3%3793.4% 鍥藉唴閽撮噾灞炲厓/鍏枻3300.0%2.2%-13.2%22.2%33429.3% 鍥藉唴紕抽吀閿傚厓/鍏枻81-1.2%-1.2%5.2%67.0%7493.3% CRB閲戝睘鎸囨暟1,1430.7%2.5%10.7%26.6%1,04650.4% 铻虹汗閽厓/鍚?,900-13.9%-4.1%5.6%9.1%4,81334.0% 鐑澗鍏?鍚?,480-12.3%-2.3%12.5%19.1%5,15742.3% 鍐瘋澗鍏?鍚?,170-13.2%0.8%5.

8、8%2.8%5,98037.6% 鍏浗姘存償(P.O 42.5)鍏?鍚?650.2%0.5%6.9%2.3%4500.9% 縐殗宀?500鍔姏鐓厓/鍚?45-11.0%4.8%48.0%5.6%75340.5% 鏌蟲灄4鍙風劍鐓厓/鍚?,9809.4%20.0%26.1%29.4%1,56710.1% 搴撳瓨搴撳瓨鍗曚綅鍗曚綅褰撳墠搴撳瓨褰撳墠搴撳瓨鍙屽懆鍙樺姩鍙屽懆鍙樺姩1涓湀鍙樺姩1涓湀鍙樺姩 3涓湀鍙樺姩3涓湀鍙樺姩 LME閾滀竾鍚?2.21.0% -14.8%60.6% 鍥藉唴閾滀竾鍚?3.83.1%6.1%3.1% LME閿屼竾鍚?8.4 -1.0% -2.6%5.4% 鍥藉唴閿屼竾

9、鍚?4.7 -13.5% -13.6% -35.8% LME閾濅竾鍚?71.8 -2.5% -6.4%29.6% 鍥藉唴閾濅竾鍚?6.2 -9.3% -13.7% -11.1% 铻虹汗閽竾鍚?47.7-11.7%-24.2%-38.8% 鐑澗涓囧惃251.90.2%1.4%-18.9% 鍐瘋澗涓囧惃117.74.7%1.1%-2.9% 鍏浗姘存償搴撳姣?/ppt55.24.86.4-7.6 縐殗宀涚叅鐐竾鍚?86.0-0.8%9.7%-19.0% 鏉垮潡鏀剁洏浠鋒澘鍧楁敹鐩樹環浠爜浠爜YTDYTD榪囧幓3涓湀鍙樺姩榪囧幓3涓湀鍙樺姩榪囧幓1涓湀鍙樺姩榪囧幓1涓湀鍙樺姩榪囧幓2鍛彉鍔繃鍘?鍛彉鍔

10、?娌繁300000300.SH2.1%-0.3%3.9%4.1% 鐓偔801021.SI14%17%1.3%-1.9% 姘存償801711.SI-3.0%-5.8%-0.4%-2.1% 閽搧801040.SI25%15%-2.9%-4.0% 鏈夎壊801050.SI15%3.7%7.0%3.9% 鏉垮潡鍜屼釜鑲澘鍧楀拰涓偂浠爜浠爜YTDYTD榪囧幓3涓湀鍙樺姩榪囧幓3涓湀鍙樺姩榪囧幓1涓湀鍙樺姩榪囧幓1涓湀鍙樺姩榪囧幓2鍛彉鍔繃鍘?鍛彉鍔?鐓偔鐓偔 鍏拌姳縐戝垱-A60012325%40%20%6.0% 涓叅鑳芥簮-H1898.hk109%53%17%4.9% 騫崇叅鑲喚-A60166620%

11、39%8.7%3.0% 棣栭挗璧勬簮-H0639.hk15%6.6%5.0%2.0% 涓浗紲炲崕-A60108811%12%2.2%-0.2% 姘存償姘存償 嫻瘋灪姘存償-H0914.HK-1.1%-3.8%2.0%3.6% 涓浗寤烘潗-H3323.HK17%-7.7%-4.1%3.0% 涓婂嘲姘存償00067210%0.7%11%2.9% 鍗庢鼎姘存償鎺偂-H1313.HK-1.1%-7.3%1.0%1.2% 閲戦殔鑲喚-H2009.HK6.1%-1.1%0.7%0.1% 閽搧閽搧 鏂瑰鐗歸挗60050732%28%0.4%1.7% 涓俊鐗歸挗00070813%-12%-10%1.4% 闉嶉

12、挗鑲喚-H 0347.HK 62%41%-4.8%0.2% 闉嶉挗鑲喚-A00089844%35%-10%-2.5% 瀹濋挗鑲喚-A60001932%4.5%-11%-3.3% 鏈夎壊鏈夎壊 椴佷赴鑲喚-A00237945%33%42%23% 璐電爺閾備笟-A60045922%40%25%22% 璧攱閿備笟-H1772.hk12%4.5%5.9%20% 濞佸崕鑲喚-A00224021%37%14%17% 璧攱閿備笟-A00246017%20%20%16% 鏉垮潡鍜屼釜鑲澘鍧楀拰涓偂浠爜浠爜YTDYTD榪囧幓3涓湀鍙樺姩榪囧幓3涓湀鍙樺姩榪囧幓1涓湀鍙樺姩榪囧幓1涓湀鍙樺姩榪囧幓2鍛彉鍔繃鍘?鍛

13、彉鍔?鐓偔鐓偔 涓叅鑳芥簮-A60189862%45%-0.4%-7.5% 姘告嘲鑳芥簮-A60015721%19%-6.4%-4.1% 瀹濇嘲闅?A601011-4.7%0.2%-1.0%-3.8% 浼婃嘲鐓偔-H3948.hk0.4%4.7%3.3%-3.4% 寮婊偂浠?A60099728%7.6%-1.2%-3.2% 姘存償姘存償 鍗庢柊姘存償-A6008017.1%-1.3%-2.3%-4.7% 涓囧勾闈?007892.3%1.2%2.3%-4.4% 閲戦殔闆嗗洟-A601992-6.7%-3.1%0.0%-2.8% 紲佽繛灞?A600720-2.1%-9.3%-0.2%-2.1% 浜

14、氭床姘存償-H0743.HK4.4%1.1%-7.4%-2.1% 閽搧閽搧 瀹夐槼閽搧60056931%42%2.5%-16% 椹挗鑲喚-A60080841%36%-4.6%-12% 鏌抽挗鑲喚60100329%12%-8.6%-11% 鍗楅挗鑲喚60028226%16%-8.1%-10% 娌抽挗鑲喚-A00070912%14%-3.8%-9.1% 鏈夎壊鏈夎壊 绔犳簮閽笟-A002378 88%69%7.0%-11% 浜旂熆璧勬簮-H1208.hk40%-3.5%-2.3%-7.6% 鎬悆璧勬簮-A60138823%16%-2.6%-5.9% 浜氬縐戞妧-A002540-6.9%2.1%-0

15、.4%-5.7% 閲戦捈鑲喚-A601958-1.6%-2.1%1.5%-3.5% -60 -40 -20 0 20 40 60 80 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 鎴垮眿鏂板紑宸潰縐? 绱鍚屾瘮 % 0 100 200 300 400 500 600 700 800 900 1, 000 2016/052017/052018/052019/052020/052021/05 涓囧惃 縐殗宀涚叅鐐簱瀛? 300 400 500 600 700 800 900 1, 000 1, 100 2016/052017/052018/0

16、52019/052020/052021/05 灞辮浼樻販 5500(澶崱/鍗冨厠)澶悓浼樻販 5800(澶崱/鍗冨厠) 鍏?鍚? 0 20 40 60 80 100 120 140 0 10 20 30 40 50 60 70 80 90 2016/052017/052018/052019/052020/052021/05 娓彛鍚炲悙閲忥紙宸醬錛夐敋鍦扮叅鐐埞鑸訛紙鍙寵醬錛? 涓囧惃鑹? 0 100 200 300 400 500 600 2015/102016/102017/102018/102019/102020/10 閲嶇偣鐢靛巶鑰楃叅閲忥紙涓囧惃錛? 涓囧惃 0 5, 000 10,

17、000 15, 000 20, 000 25, 000 30, 000 35, 000 40, 000 2016/032017/032018/032019/032020/032021/03 鍏浼氱叅鐐簱瀛橀噺(涓囧惃) 5 10 15 20 25 30 35 40 45 50 20 30 40 50 60 70 80 90 100 110 2015/102016/102017/102018/102019/102020/10 閲嶇偣鐢靛巶鐓偔搴撳瓨錛堝乏杞達級搴撳瓨鍙敤澶暟錛堝彸杞達級 鐧句竾鍚? -20% -15% -10% -5% 0% 5% 10% 15% 0 5, 000 10, 000

18、 15, 000 20, 000 25, 000 30, 000 35, 000 40, 000 2016/042017/042018/042019/042020/042021/04 鍘熺叅褰撴湀浜噺錛堝乏杞達級鍚屾瘮錛堝彸杞達級 涓囧惃 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 0 50, 000 100, 000 150, 000 200, 000 250, 000 300, 000 350, 000 400, 000 450, 000 2016/042017/042018/042019/042020/042021/04 鍘熺叅鏈堝害绱浜噺錛堝乏杞達級

19、绱鍚屾瘮錛堝彸杞達級 涓囧惃 0 200 400 600 800 1, 000 1, 200 1, 400 1, 600 1, 800 2, 000 2, 200 2016/052017/052018/052019/052020/052021/05 鏌蟲灄4鍙風劍鐓煶鏋?鍙風劍鐓? 鍏?鍚? -60% -40% -20% 0% 20% 40% 60% 80% 0 5, 000 10, 000 15, 000 20, 000 25, 000 30, 000 35, 000 2016/042017/042018/042019/042020/042021/04 褰撴湀榪涘彛錛氱叅鍙婅鐓紙宸醬錛夋湀搴

20、瘡璁繘鍙細鐓強瑜愮叅錛堝乏杞達級绱鍚屾瘮錛堝彸杞達級 涓囧惃 鑲環(RMB)鑲環(RMB)甯傚煎競鍊?2021/5/282021/5/28(RMB mn)(RMB mn)2019A2019A2020A2020A2021E2021E2019A2019A2020A2020A2021E2021E2019A2019A2020A2020A2021E2021E2019A2019A2020A2020A2021E2021E 鐒叅鍏徃鐒叅鍏徃 瑗垮北鐓數000983 6.6927,4060.420.480.7616.014.08.74.990.005.421.3n.a.1.2 騫崇叅鑲喚6016667.1216

21、,7230.490.590.8714.512.18.25.890.006.921.2n.a.1.0 寮婊偂浠?009977.3411,6540.720.681.2110.110.86.17.130.008.171.0n.a.0.9 娼炲畨鐜兘60169910.2230,5720.800.651.4212.915.87.28.340.009.721.2n.a.1.1 鍐涓兘婧?00937 3.9914,0990.260.220.3015.617.913.55.790.005.440.7n.a.0.7 涓婃搗鑳芥簮6005089.456,8300.790.921.2811.910.27.413.6

22、50.0015.250.7n.a.0.6 鐩樻睙鑲喚6003956.8311,3040.660.520.7510.413.19.14.440.004.621.5n.a.1.5 鏃犵儫鐓叕鍙告棤鐑熺叅鍏徃 鍏拌姳縐戝垱6001237.198,2140.580.331.0112.421.97.19.190.0010.030.8n.a.0.7 紲炵伀鑲喚00093311.5025,6620.600.161.2919.171.68.93.490.004.203.3n.a.2.7 闃蟲硥鐓笟6003485.8113,9730.710.630.798.29.37.46.890.0010.480.8n.a.

23、0.6 鍔姏鐓叕鍙稿姩鍔涚叅鍏徃 涓浗紲炲崕*601088璺戣耽琛屼笟19.93376,2992.181.972.129.210.19.417.7118.1318.481.11.11.1 涓叅鑳芥簮*601898璺戣耽琛屼笟7.2382,0840.420.450.7517.016.29.77.337.618.221.01.00.9 鍏栧窞鐓笟*600188涓?3.3455,1372.041.461.856.59.17.215.3611.1111.960.91.21.1 闄曡鐓笟*601225璺戣耽琛屼笟11.83118,3001.161.491.2710.27.99.35.897.027.52

24、2.01.71.6 澶悓鐓笟6010016.9811,6820.540.000.9713.0n.a.7.23.830.005.321.8n.a.1.3 鎭掓簮鐓數6009716.027,2240.940.000.776.4n.a.7.87.270.008.130.8n.a.0.7 闇插鐓笟00212810.4820,1381.280.001.528.2n.a.6.98.400.0010.381.2n.a.1.0 鍥芥姇鏂伴泦6019183.809,8440.220.000.3517.1n.a.10.92.350.003.001.6n.a.1.3 灞辯叅鍥介檯6005466.5112,9060.

25、590.001.1511.0n.a.5.63.250.005.662.0n.a.1.2 娉細鏍囨敞*鐨勫叕鍙鎬負涓噾鍏徃棰勬祴錛屽叾浣欎負甯傚満涓鑷撮鏈? 鑲環(HKD)鑲環(HKD)甯傚煎競鍊?2021/5/282021/5/28(HK$ mn)(HK$ mn)2019A2019A2020A2020A2021E2021E2019A2019A2020A2020A2021E2021E2019A2019A2020A2020A2021E2021E2019A2019A2020A2020A2021E2021E 涓浗紲炲崕*1088.HK璺戣耽琛屼笟17.14457,3342.101.802.107.38

26、.67.017.9218.3318.620.90.80.8 涓叅鑳芥簮*1898.HK璺戣耽琛屼笟4.7199,7610.470.400.849.010.54.87.327.598.300.60.60.5 鍏栧窞鐓笟*1171.HK涓?.8967,0111.931.301.764.66.94.811.1111.8812.830.80.70.7 浼婃嘲鐓偔*3948.HK涓?.3617,4411.16-0.200.614.1n.a.7.610.7310.1610.540.40.50.5 棣栭挗璧勬簮* (HK$)0639.HK璺戣耽琛屼笟2.0910,5580.230.210.289.39.87

27、.53.103.133.250.70.70.6 娉細鏍囨敞*鐨勫叕鍙鎬負涓噾鍏徃棰勬祴錛屽叾浣欎負甯傚満涓鑷撮鏈? EPS(RMB)EPS(RMB)P/E(x)P/E(x)BPS(RMB)BPS(RMB)P/B(x)P/B(x) EPS(RMB)EPS(RMB)P/E(x)P/E(x)BPS(RMB)BPS(RMB)P/B(x)P/B(x) 浠爜浠爜H鑲叅鐐叕鍙窰鑲叅鐐叕鍙歌瘎綰瘎綰? A鑲叅鐐叕鍙窤鑲叅鐐叕鍙歌瘎綰瘎綰唬鐮佷唬鐮? 0 50 100 150 200 250 300 350 400 3, 000 4, 000 5, 000 6, 000 7, 000 8, 000 9, 000

28、 10, 000 11, 000 2016/052017/052018/052019/052020/052021/05 緹庡厓/鍚? LM E閾滃簱瀛橈紙鍙寵醬錛塋M E閾滀環錛堝乏杞達級 鍗冨惃 0 50 100 150 200 250 300 350 400 450 20, 000 30, 000 40, 000 50, 000 60, 000 70, 000 80, 000 2016/052017/052018/052019/052020/052021/05 鍏?鍚? 涓婃搗閾滃簱瀛橈紙鍙寵醬錛変笂嫻烽摐浠鳳紙宸醬錛? 鍗冨惃 0 500 1, 000 1, 500 2, 000 2,

29、500 3, 000 1, 000 1, 200 1, 400 1, 600 1, 800 2, 000 2, 200 2, 400 2, 600 2, 800 2016/052017/052018/052019/052020/052021/05 緹庡厓/鍚? LM E閾濆簱瀛橈紙鍙寵醬錛塋M E閾濅環錛堝乏杞達級 鍗冨惃 0 200 400 600 800 1, 000 1, 200 9, 000 11, 000 13, 000 15, 000 17, 000 19, 000 21, 000 2016/052017/052018/052019/052020/052021/05 鍏?鍚? 涓婃

30、搗閾濆簱瀛橈紙鍙寵醬錛変笂嫻烽摑浠鳳紙宸醬錛? 鍗冨惃 0 5 10 15 20 25 30 35 40 2016/052017/052018/052019/052020/052021/05 涓囧惃 涓婃搗閿屽簱瀛? -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 0 500 1, 000 1, 500 2, 000 2, 500 2016-032017-032018-032019-032020-032021-03 鍏浗閲嶇偣浼佷笟闀閿屾澘浜噺錛堜竾鍚級鍏浗閲嶇偣浼佷笟闀閿屾澘閿閲忥紙涓囧惃錛? 浜噺绱澧為熼攢閲忕瘡璁閫? -25% -5% 15% 35% 55

31、% 75% 0 1, 000 2, 000 3, 000 4, 000 5, 000 6, 000 7, 000 8, 000 9, 000 2016-042017-042018-042019-042020-042021-04 褰撴湀媧楄。鏈轟駭閲忥紙鍗冨彴錛夌瘡璁悓姣? -45% -30% -15% 0% 15% 30% 45% 60% 75% 0 5, 000 10, 000 15, 000 20, 000 25, 000 30, 000 2016-042017-042018-042019-042020-042021-04 褰撴湀絀鴻皟浜噺錛堝崈鍙幫級绱鍚屾瘮 -60% -40% -20% 0% 20% 40% 60% 80% 0 1, 000 2, 000 3, 000 4, 000 5, 000 6, 000 2015/042016/042017/042018/042019/042020/042021/04 鐢電綉鍩烘湰寤鴻鎶曡祫绱瀹屾垚棰濈瘡璁悓姣旓紙鍙寵醬錛? 浜垮厓 飩? 飩? 飩? 飩? 飩? 飩?