2021年證券行業通道業務轉型分析報告（16頁）.pdf

1、2021 騫存繁搴涓氬垎鏋愮爺絀舵姤鍛? 姝枃鐩綍姝枃鐩綍 涓銆佷竴銆?甯傚満涓庢斂絳栧叡鎸紝閫氶亾涓氬姟鎷夊姩鏀跺叆澧為暱甯傚満涓庢斂絳栧叡鎸紝閫氶亾涓氬姟鎷夊姩鏀跺叆澧為暱 .4 1.1 甯傚満涓庢斂絳栧叡鎸紝鎶曡瀺璧勭儹鎯呴珮娑?. 4 1.2 鍚勯涓氬姟鍏潰寮鑺憋紝鍏呭垎璁彁鍑忓煎帇瀹炲噣璧勪駭 . 4 1.3 琛厖璧勯噾鎴愮儹娼紝ROE 涓庢潬鏉嗛綈鍗?. 7 浜屻佷簩銆?璐瘜綆悊杞瀷鍒濊鎴愭晥錛屾斂絳栨帹鍔姇琛屼笟鍔揩閫熸墿瀹硅儲瀵岀鐞嗚漿鍨嬪垵瑙佹垚鏁堬紝鏀跨瓥鎺姩鎶曡涓氬姟蹇熸墿瀹?.9 2.1 鍩洪噾浠攢鐏儹錛岃儲瀵岀鐞嗚漿鍨嬪垵瑙佹垚鏁?. 9 2.2 鑲潈铻嶈祫瑙勬澶箙涓

2、婃定錛屾姇琛屾敮鎸佸疄浣撶粡嫻庤兘鍔涙彁鍗?. 12 2.3 璧勭涓氬姟鍘婚氶亾錛屼富鍔鐞嗚兘鍔涙彁鍗?. 14 2.4 鍦哄琛嶇敓鍝佷笟鍔揩閫熷彂灞?. 15 涓夈佷笁銆?鎶曡祫寤鴻鎶曡祫寤鴻 .16 qRqOtOnOmQqRmRsOpPtNmR9PdN9PmOpPpNrQkPpPnRlOnMzQaQmMxOxNpPqMxNoMrN 鍥捐鍥捐鐩綍鐩綍 鍥捐 1 涓婅瘉緇兼寚銆佹勃娣?300銆佸垱涓氭澘娑穼騫?. 4 鍥捐 2 鏈堝害鏃潎鑲熀鎴愪氦棰濇彁鍗?. 4 鍥捐 3 涓瀺浣欓鏀楂?. 4 鍥捐 4 IPO 鍕熼泦璧勯噾銆佸鏁板弻澧?. 4 鍥捐 5 鍏涓氳惀鏀躲佸噣鍒鼎紼沖仴澧為暱 .

3、 5 鍥捐 6 鍏涓氬噣鍒鼎鐜囨姮鍗?. 5 鍥捐 7 28 瀹朵笂甯傚埜鍟嗘敹鍏粨鏋勫彉鍖?. 5 鍥捐 8 28 瀹跺埜鍟嗗垎涓氬姟澧為燂紙浜垮厓錛?. 5 鍥捐 9 28 瀹朵笂甯傚埜鍟嗚惀涓氭敹鍏儏鍐碉紙浜垮厓錛?. 6 鍥捐 10 28 瀹朵笂甯傚埜鍟嗗綊姣嶅噣鍒鼎鎯呭喌錛堜嚎鍏冿級 . 6 鍥捐 11 鍓嶅崄澶埜鍟嗚惀鏀跺強鍑鍒眹鎬伙紙浠綊姣嶅噣鍒鼎鎺掑簭錛屼嚎鍏冿級 . 6 鍥捐 12 28 瀹朵笂甯傚埜鍟嗚鎻愪俊鐢噺鍊兼崯澶辨儏鍐碉紙浜垮厓錛?. 7 鍥捐 13 2020 騫?A 鑲笂甯傚埜鍟嗚偂鏉冭瀺璧勬眹鎬昏錛堜嚎鍏冿級 . 7 鍥捐 14 鏉犳潌鐜囨彁鍗?. 8 鍥捐 1

4、5 ROE 鎻愬崌 . 8 鍥捐 16 28 瀹朵笂甯傚埜鍟嗘潬鏉嗙巼鎯呭喌錛堝嶏級 . 9 鍥捐 17 28 瀹朵笂甯傚埜鍟?ROE 鎯呭喌 . 9 鍥捐 18 28 瀹朵笂甯傚埜鍟嗕唬鐞嗕拱鍗栬瘉鍒鎬笟鍔噣鏀跺叆錛堝惈甯綅縐熻祦錛夋儏鍐碉紙浜垮厓錛?. 10 鍥捐 19 琛屼笟浣噾鐜囧歡緇笅婊?. 10 鍥捐 20 鑲鍙婃販鍚堝瀷鍩洪噾瑙勬澶錛堜竾浜垮厓錛?. 10 鍥捐 21 28 瀹朵笂甯傚埜鍟嗕唬閿閲戣瀺浜搧涓氬姟鍑鏀跺叆鎯呭喌錛堜嚎鍏冿級 . 11 鍥捐 22 鍏涓氫劍閲戝垎浠撳墠 15 鍚嶏紙浜垮厓錛?. 11 鍥捐 23 鍒稿晢 APP鏈堟椿鐢埛瑙勬鍓?15 鍚嶏紙涓囦漢錛?.

5、 12 鍥捐 24 28 瀹朵笂甯傚埜鍟嗘姇琛屼笟鍔噣鏀跺叆鎯呭喌錛堜嚎鍏冿級. 12 鍥捐 25 IPO 鍕熼泦璧勯噾瑙勬澶 . 13 鍥捐 26 鎶曡涓氬姟闆嗕腑搴彁鍗?. 13 鍥捐 27 2020 騫磋瘉鍒歌涓氳偂鏉冩壙閿鍓?10 鍚嶆竻鍗?. 13 鍥捐 28 2020 騫磋瘉鍒歌涓氬哄埜鎵塊攢鍓?10 鍚嶆竻鍗?. 14 鍥捐 29 鍒稿晢鍙楁墭綆悊璧勯噾鏈噾瑙勬 . 14 鍥捐 30 鍒稿晢鍙婂叾縐佸嫙瀛愮鐞嗙鍕熷熀閲戣妯紙涓囦嚎鍏冿級 . 14 鍥捐 31 28 瀹朵笂甯傚埜鍟嗚祫綆笟鍔噣鏀跺叆鎯呭喌錛堜嚎鍏冿級. 15 鍥捐 32 浜掓崲浜槗鐏儹錛堜嚎鍏冿級 . 15 鍥捐

6、33 鏈熸潈浜槗鐏儹錛堜嚎鍏冿級 . 15 鍥捐 34 鏂板鍚嶄箟鏈噾闆嗕腑搴笅闄嶏紙%錛?. 16 鍥捐 35 瀛樼畫鍚嶄箟鏈噾鎺掑悕錛?020.11錛屼嚎鍏冿級 . 16 涓銆佷竴銆? 甯傚満涓庡競鍦轟笌鏀跨瓥鏀跨瓥鍏辨尟錛岄氶亾涓氬姟鎷夊姩鏀跺叆澧為暱鍏辨尟錛岄氶亾涓氬姟鎷夊姩鏀跺叆澧為暱 1.1 甯傚満涓庡競鍦轟笌鏀跨瓥鏀跨瓥鍏辨尟錛屽叡鎸紝鎶曡瀺璧勬姇铻嶈祫鐑儏楂樻定鐑儏楂樻定 甯傚満鍏堟姂鍚庢壃錛屼氦鏄撶儹鎯呴珮娑傚競鍦哄厛鎶戝悗鎵紝浜槗鐑儏楂樻定銆?020騫村垵錛岀柅鎯呭甯傚満椋庨櫓鍋忓褰垚杈冨鍐插嚮錛岃偂鎸囦笉鏂笅鎸紝鍚? 鍙楀叏鐞冩祦鍔鏉俱佷腑鍥界粡嫻庣巼鍏堣秴棰勬湡淇甯姩錛

7、岃法澧冭祫閲戝騫呮秾鍏紝鍖昏嵂絳夋澘鍧楀騫呬笂娑甫鍔? 鑲寚浜?7鏈堣搗澶箙鍙嶅脊錛屽艦鎴愮粨鏋勬墰甯傘傚叏騫翠笂璇佺患鎸囨定 13.87%錛屾勃娣?300涓婃定 27.21%錛屽垱涓? 鏉挎寚涓婃定 64.96%銆備氦鏄撶儹鎯呭彈琛屾儏鐐圭噧錛屽叏騫存棩鍧囪偂鍩烘垚浜杈?9072浜垮厓錛圷oY+62.02%錛?錛屼袱铻? 浣欓杈?1.62 涓囦嚎鍏冿紙YoY+58.85%錛?錛屽叾涓瀺鍒鎬綑棰?1369.73 浜垮厓錛圷oY+897.04%錛?銆? 璧勬湰甯傚満鏀歸潻娣卞叆鎺繘錛?鑲潈铻嶈祫瑙勬楂樺銆傝祫鏈競鍦烘敼闈繁鍏帹榪涳紝 鑲潈铻嶈祫瑙勬楂樺銆?2020騫達紝 鍐嶈瀺璧勬柊瑙勩?鍒涗笟

8、鏉挎敞鍐屽埗璇曠偣絳夊厛鍚庤惤鍦幫紝 浼佷笟铻嶈祫鏁堢巼澶箙澧為暱銆傚叏騫村叏甯傚満 IPO銆佸啀铻嶈祫瑙勬鍒嗗埆杈懼埌 4699.63 浜垮厓錛圷oY+85.51%錛?銆? 7315.02 浜垮厓錛圷oY+74.69%錛?銆? 鍥捐鍥捐1 涓婅瘉緇兼寚銆佹勃娣變笂璇佺患鎸囥佹勃娣?300銆佸垱涓氭澘銆佸垱涓氭澘娑穼騫呮定璺屽箙 鍥捐鍥捐2 鏈堝害鏃潎鑲熀鎴愪氦棰濇湀搴棩鍧囪偂鍩烘垚浜鎻愬崌鎻愬崌 璧勬枡鏉簮錛歐IND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 璧勬枡鏉簮錛歐IND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 鍥捐鍥捐3 涓瀺浣欓鏀涓瀺浣欓鏀楂橀珮 鍥捐鍥捐4 IPO 鍕熼泦璧勯噾銆佸鏁板弻澧炲嫙闆嗚祫閲戙佸鏁板弻

9、澧? 璧勬枡鏉簮錛歐IND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 璧勬枡鏉簮錛歐IND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 1.2 鍚勯鍚勯涓氬姟涓氬姟鍏潰寮鑺卞叏闈紑鑺憋紝錛屽厖鍒嗗厖鍒嗚鎻愬噺鍊艱鎻愬噺鍊煎帇瀹炲噣璧勪駭鍘嬪疄鍑璧勪駭 钀敹銆佸噣鍒姝闀匡紝钀敹銆佸噣鍒姝闀匡紝涓氬姟鍏潰寮鑺變笟鍔叏闈紑鑺便傘?錛夋牴鎹瘉鍒鎬笟鍗忎細鎶湶鍙緞錛?020 騫村叏琛屼笟瀹炵幇钀笟鏀跺叆 4484.79 浜垮厓錛圷oY+24.41%錛?錛屽疄鐜板噣鍒鼎 1575.34浜垮厓錛圷oY+27.98%錛?錛屽噣鍒鼎鐜囧崌鑷?35.13% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 20-012

10、0-0320-0520-0720-0920-11 涓婅瘉緇兼寚娌繁300鍒涗笟鏉挎寚 -100% -50% 0% 50% 100% 150% 200% 250% 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18-01 18-07 19-01 19-07 20-01 20-07 21-01 鑲熀鏃潎鎴愪氦棰濓紙浜垮厓錛夎偂鍩烘棩鍧囨垚浜鍚屾瘮錛堝彸錛? -100% 0% 100% 200% 300% 400% 500% 0 5,000 10,000 15,000 20,000 25,000 13-0414-0815-1217-041

11、8-0819-12 涓瀺浣欓錛堜嚎鍏冿級鍚屾瘮錛堝彸錛? 2533.42 4699.63 238 453 0 50 100 150 200 250 300 350 400 450 500 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 201520162017201820192020 鍕熼泦璧勯噾(浜垮厓)鎵塊攢瀹舵暟錛堝錛屽彸錛? 錛圷oY+0.98pct錛?銆?錛夎涓氭敹鍏粨鏋勭暐鏈夎皟鏁淬備竴銆佷簩綰競鍦虹伀鐖嗕笅錛屾姇琛屼笟鍔噣鏀跺叆1澶箙澧為暱鑷? 672.11 浜垮厓 錛圷oY+39.26%錛?錛?鍗犳瘮鎻愬崌

12、鑷?14.99% 錛圷oY+1.60pct錛?錛?緇忕邯涓氬姟鍑鏀跺叆2鎻愬崌鑷?1295.48 浜垮厓錛圷oY+64.48%錛?錛屽崰姣旀彁鍗囪嚦 28.89%錛圷oY+7.04pct錛?銆傚幓閫氶亾鑳屾櫙涓嬶紝璧勭涓氬姟瀹炵幇鍑鏀跺叆 299.60 浜垮厓錛圷oY+8.88%錛?錛屽崰姣旂暐闄嶈嚦 6.88%錛圷oY-0.95pct錛?銆傛姇琛屼笟鍔強緇忕邯涓氬姟琛幇浼樺紓鏄? 鎷夊姩琛屼笟钀敹銆佸噣鍒姝闀跨殑涓昏鍘熷洜銆? 鍥捐鍥捐5 鍏涓氳惀鏀躲佸噣鍒鼎紼沖仴澧為暱鍏涓氳惀鏀躲佸噣鍒鼎紼沖仴澧為暱 鍥捐鍥捐6 鍏涓氬噣鍒鼎鐜囨姮鍗囧叏琛屼笟鍑鍒鼎鐜囨姮鍗? 璧勬枡鏉簮錛氫腑璇佸崗錛屽鉤

13、瀹夎瘉鍒哥爺絀舵墍 璧勬枡鏉簮錛氫腑璇佸崗錛屽鉤瀹夎瘉鍒哥爺絀舵墍 涓婂競鍒稿晢鍚勪笟鍔敹鍏閫熶紭浜庤涓氬鉤鍧囥備笂甯傚埜鍟嗗悇涓氬姟鏀跺叆澧為熶紭浜庤涓氬鉤鍧囥?錛夋埅鑷?4 鏈?15 鏃紝鍏辮 28 瀹朵笂甯傚埜鍟嗘姭闇插勾鎶紝鍚堣 瀹炵幇钀笟鏀跺叆 4538.57浜垮厓錛圷oY+29.38%錛?錛屽噣鍒鼎 1038.57浜垮厓錛圷oY+36.35%錛?銆?錛夊悇欏逛笟鍔? 澧為熶紭浜庤涓氬鉤鍧囥備笂甯傚埜鍟嗙粡綰佹姇琛屻佸埄鎭佽祫綆佽嚜钀簲欏逛笟鍔垎鍒疄鐜板噣鏀跺叆 899.34浜垮厓 錛圷oY+56.55%錛?銆?96.08 浜垮厓錛圷oY+42.62%錛?銆?51.53 浜垮厓錛圷o

14、Y+23.08%錛?銆?52.74 浜垮厓 錛圷oY+27.74%錛?銆?1283.41浜垮厓 錛圷oY+17.57%錛?錛?鍗犺惀涓氭敹鍏瘮閲嶅垎鍒負 19.82% 錛圷oY+3.44pct錛?銆? 10.93%錛圷oY+1.01pct錛?銆?.95%錛圷oY-0.51pct錛?銆?.77%錛圷oY-0.10pct錛?銆?3.26%錛圷oY-1.01pct錛?銆? 鍥捐鍥捐7 28 瀹朵笂甯傚埜鍟嗘敹鍏粨鏋勫彉鍖栧涓婂競鍒稿晢鏀跺叆緇撴瀯鍙樺寲 鍥捐鍥捐8 28 瀹跺埜鍟嗗垎涓氬姟澧為熷鍒稿晢鍒嗕笟鍔閫燂紙浜垮厓錛夛紙浜垮厓錛? 璧勬枡鏉簮錛歐IND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 璧勬枡鏉簮錛歐I

15、ND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 涓俊璇佸埜棰嗗厛鍦頒綅紼沖浐錛屽厜澶瘉鍒稿綊姣嶅噣鍒鼎緲諱笁鍊嶄腑淇瘉鍒擱鍏堝湴浣嶇鍥猴紝鍏夊璇佸埜褰掓瘝鍑鍒鼎緲諱笁鍊嶃傘?錛夎惀涓氭敹鍏柟闈紝涓俊璇佸埜棰嗗厛鍦頒綅紼沖浐錛? 鍏勾瀹炵幇钀笟鏀跺叆 543.83 浜垮厓錛圷oY+26.06%錛?錛岄鍏堢浜屾闃熷箙搴緝澶傛搗閫氳瘉鍒搞佸浗娉板悰瀹夈? 鍗庢嘲璇佸埜銆佺敵涓囧畯婧愩佸箍鍙戣瘉鍒稿垎鍒疄鐜拌惀涓氭敹鍏?382.20 浜垮厓錛圷oY+11.01%錛?銆?52.00 浜垮厓 1 鎶曡涓氬姟鍑鏀跺叆鍙緞涓猴細鎵塊攢淇濊崘鍑鏀跺叆+璐姟欏鵑棶鍑鏀跺叆 2 緇忕邯涓氬姟鍑鏀跺叆鍙緞涓猴細浠悊涔板崠璇佸埜涓氬姟鍑

16、鏀跺叆錛堝惈甯綅錛?浠攢閲戣瀺浜搧鍑鏀跺叆 1230.95 1575.34 37.64% 36.29% 25.02% 34.15% 35.13% 20% 22% 24% 26% 28% 30% 32% 34% 36% 38% 40% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 20162017201820192020 钀笟鏀跺叆錛堜嚎鍏冿級鍑鍒鼎錛堜嚎鍏冿級 鍑鍒鼎鐜囷紙鍙籌級 37.64% 36.29% 25.02% 34.15% 35.13% 20% 22% 24% 26% 28% 30% 32% 34% 36%

17、38% 40% 20162017201820192020 鍑鍒鼎鐜? 31.12% 28.28% 16.38% 19.82% 9.92% 10.93% 10.46% 9.95% 7.87% 7.77% 24.26%23.26% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 20192020 鑷惀緇忕邯鎶曡鍒伅璧勭鍏跺畠 17.57% 56.55% 42.62% 23.08% 27.74%27.86% 0% 10% 20% 30% 40% 50% 60% 0 200 400 600 800 1,000 1,200 1,400 1,600 鑷惀緇忕邯鎶曡鍒

18、伅璧勭鍏跺畠 20192020鍚屾瘮錛堝彸錛? 錛圷oY+17.53%錛?銆?14.45 浜垮厓錛圷oY+26.47%錛?銆?94.09 浜垮厓錛圷oY+19.58%錛夊強 291.53 浜垮厓 錛圷oY+27.81%錛?錛屽潎瓚呰繃 250浜垮厓錛屽浜庝笂甯傚埜鍟嗕紭鍔挎按騫籌紝褰垚絎簩姊槦銆?錛夊綊姣嶅噣鍒鼎鏂歸潰錛? 涓俊璇佸埜瀹炵幇褰掓瘝鍑鍒鼎 149.02 浜垮厓錛圷oY+21.86%錛?錛屽悓鏍烽鍏堜紭鍔胯緝澶傜浜屾闃熶負錛屽浗娉板悰 瀹夈佹搗閫氳瘉鍒搞佸崕娉拌瘉鍒稿強騫垮彂璇佸埜錛屽垎鍒疄鐜板綊姣嶅噣鍒鼎 111.22 浜垮厓錛圷oY+28.77%錛?銆?08.75 浜垮厓錛圷o

19、Y+14.20%錛?銆?08.22浜垮厓錛圷oY+20.23%錛夊強 100.38浜垮厓錛圷oY+33.15%錛?錛屽綊姣嶅噣鍒鼎 鍧囪秴 100 浜垮厓錛岀敵涓囧畯婧愯瘉鍒稿疄鐜板綊姣嶅噣鍒鼎 77.66 浜垮厓錛?5.41%錛?錛屾帀鍑虹浜屾闃熻鍒椼傛澶栵紝 2020 騫村厜澶瘉鍒稿疄鐜板綊姣嶅噣鍒鼎 23.34 浜垮厓錛圷oY+310.97%錛?錛屽閫熸渶楂樸? 鍥捐鍥捐9 28 瀹朵笂甯傚埜鍟嗚惀涓氭敹鍏儏鍐碉紙浜垮厓錛夊涓婂競鍒稿晢钀笟鏀跺叆鎯呭喌錛堜嚎鍏冿級 璧勬枡鏉簮錛歐IND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 鍥捐鍥捐10 28 瀹朵笂甯傚埜鍟嗗綊姣嶅噣鍒鼎鎯呭喌錛堜嚎鍏冿級瀹朵笂甯傚埜

20、鍟嗗綊姣嶅噣鍒鼎鎯呭喌錛堜嚎鍏冿級 璧勬枡鏉簮錛歐IND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 鍥捐鍥捐11 鍓嶅崄澶埜鍟嗚惀鏀跺強鍑鍒眹鎬伙紙浠墠鍗佸鍒稿晢钀敹鍙婂噣鍒眹鎬伙紙浠綊姣嶅綊姣嶅噣鍒鼎鍑鍒鼎鎺掑簭鎺掑簭錛屼嚎鍏冿紝浜垮厓錛夛級 璇佸埜鍏徃璇佸埜鍏徃 钀笟鏀跺叆钀笟鏀跺叆 钀敹澧為熻惀鏀跺閫? 褰掓瘝鍑鍒鼎褰掓瘝鍑鍒鼎 褰掓瘝鍑鍒鼎澧為熷綊姣嶅噣鍒鼎澧為? 涓俊璇佸埜 543.83 26.06% 149.02 21.86% 鍥芥嘲鍚涘畨 352.00 17.53% 111.22 28.77% 嫻烽氳瘉鍒?382.20 11.01% 108.75 14.20% -50% 0% 50% 100% 1

21、50% 200% 0 100 200 300 400 500 600 涓俊璇佸埜 嫻烽氳瘉鍒? 鍥芥嘲鍚涘畨 鍗庢嘲璇佸埜 鐢充竾瀹忔簮 騫垮彂璇佸埜 鎷涘晢璇佸埜 涓浗閾舵渤 涓噾鍏徃 涓俊寤烘姇 涓滄柟璇佸埜 鍥戒俊璇佸埜 鍏翠笟璇佸埜 鍏夊璇佸埜 嫻欏晢璇佸埜 闀垮煄璇佸埜 涓滃寳璇佸埜 鍥介噾璇佸埜 綰璇佸埜 鍗庤璇佸埜 鍥藉厓璇佸埜 鍥芥搗璇佸埜 鍗庡畨璇佸埜 涓摱璇佸埜 絎竴鍒涗笟 涓師璇佸埜 鍥借仈璇佸埜 鍗庢灄璇佸埜 钀笟鏀跺叆鍚屾瘮澧為燂紙鍙籌級 0% 50% 100% 150% 200% 250% 300% 350% 0 20 40 60 80 100 120 140 16

22、0 涓俊璇佸埜 鍥芥嘲鍚涘畨 嫻烽氳瘉鍒? 鍗庢嘲璇佸埜 騫垮彂璇佸埜 涓俊寤烘姇 鎷涘晢璇佸埜 鐢充竾瀹忔簮 涓浗閾舵渤 涓噾鍏徃 鍥戒俊璇佸埜 鍏翠笟璇佸埜 涓滄柟璇佸埜 鍏夊璇佸埜 鍗庤璇佸埜 鍥介噾璇佸埜 嫻欏晢璇佸埜 闀垮煄璇佸埜 綰璇佸埜 鍥藉厓璇佸埜 涓滃寳璇佸埜 鍗庡畨璇佸埜 涓摱璇佸埜 絎竴鍒涗笟 鍗庢灄璇佸埜 鍥芥搗璇佸埜 鍥借仈璇佸埜 涓師璇佸埜 褰掓瘝鍑鍒鼎鍚屾瘮澧為燂紙鍙籌級 鍗庢嘲璇佸埜 314.45 26.47% 108.22 20.23% 騫垮彂璇佸埜 291.53 27.81% 100.38 33.15% 涓俊寤烘姇 233.51 70.53% 95.09 7

23、2.85% 鎷涘晢璇佸埜 242.78 29.77% 94.92 30.34% 鐢充竾瀹忔簮 294.09 19.58% 77.66 35.41% 涓浗閾舵渤 237.49 39.37% 72.44 38.54% 涓噾鍏徃 236.60 50.17% 72.07 70.04% 涓婂競鍒稿晢騫沖潎涓婂競鍒稿晢騫沖潎 162.09 36.70% 46.73 53.74% 璧勬枡鏉簮錛歐IND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 澶撮儴澶撮儴鍒稿晢鍒稿晢澶箙澶箙璁彁淇敤鍑忓艱鎻愪俊鐢噺鍊兼崯澶辨崯澶便?020 騫村疄浣撶粡嫻庡彈鍒扮柅鎯呰礋闈獎鍝嶏紝涓哄簲瀵硅偂紲川鎶間笟鍔闄紝 鍘嬪疄鍑璧勪駭錛?8瀹朵笂甯傚埜

24、鍟嗚鎻愪俊鐢噺鍊兼崯澶卞悎璁?276.43浜垮厓錛圷oY+75.11%錛?銆傚叾涓紝21瀹跺埜鍟? 璁彁鎬婚杈?2019騫存湁鎵澧炲姞錛屽閮埜鍟嗚鎻愪俊鐢噺鍊兼崯澶卞閲忔洿澶紝瀵瑰噣鍒鼎澧為熷艦鎴愪鏡铓銆備粎鍥? 娉板悰瀹夈佸浗淇瘉鍒搞佸叴涓氳瘉鍒搞佸厜澶瘉鍒搞佸崕瀹夎瘉鍒搞佺涓鍒涗笟鍙婁腑鍘熻瘉鍒歌鎻愭婚杈?2019騫存湁鎵 涓嬮檷銆備腑淇瘉鍒稿叡璁彁 65.81 浜垮厓錛圷oY+247.89%錛?錛岃鎻愭婚鏈楂橈紱涓噾鍏徃鍏辮鎻?8.13 浜垮厓 錛圷oY+509.53%錛?錛屽閮埜鍟嗕腑澧炲姞騫呭害鏈澶? 鍥捐鍥捐12 28 瀹朵笂甯傚埜鍟嗚鎻愪俊鐢噺鍊兼崯澶辨儏鍐碉紙浜垮厓錛夊涓婂競鍒

25、稿晢璁彁淇敤鍑忓兼崯澶辨儏鍐碉紙浜垮厓錛? 璧勬枡鏉簮錛歐IND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 1.3 琛厖璧勯噾鎴愮儹娼紝琛厖璧勯噾鎴愮儹娼紝ROE 涓庢潬鏉嗛綈鍗囦笌鏉犳潌榻愬崌 鍒稿晢澶氭笭閬撹鍏呰祫鍒稿晢澶氭笭閬撹鍏呰祫鏈湰閲戦噾銆傘?020騫達紝璇佸埜琛屼笟鍔犲铻嶈祫鍔涘害鏀寔閲嶈祫浜笟鍔彂灞曪紝鍏朵腑錛孉鑲笂甯傚埜 鍟嗛氳繃 IPO銆佸啀铻嶈祫絳夎偂鏉冭瀺璧勬柟寮忓叡璁畬鎴愯鍏呰祫鏈噾 1570.28 浜垮厓錛屼負 2019 騫寸殑 27.38 鍊嶏紱 鍏涓氬彂琛屽叕鍙稿鴻妯?8439.33 浜垮厓錛岃緝 2019 騫磋繎涔庣炕鐣? 鍥捐鍥捐13 2020 騫村勾 A 鑲笂甯傚埜鍟嗚偂鏉

26、冭瀺璧勬眹鎬昏錛堜嚎鍏冿級鑲笂甯傚埜鍟嗚偂鏉冭瀺璧勬眹鎬昏錛堜嚎鍏冿級 鍙戣鏃湡鍙戣鏃湡 璇佸埜綆縐拌瘉鍒哥畝縐? 鍕熻祫瑙勬鍕熻祫瑙勬 鍙戣鏃湡鍙戣鏃湡 璇佸埜綆縐拌瘉鍒哥畝縐? 鍕熻祫瑙勬鍕熻祫瑙勬 IPO 2020-02-23 涓摱璇佸埜 15.21 2020-07-21 鍥借仈璇佸埜 20.22 2020-05-20 涓嘲璇佸埜 30.52 20202020- -1010- -2020 涓噾鍏徃涓噾鍏徃 131.98131.98 瀹氬 20202020- -0101- -1010 涓俊璇佸埜涓俊璇佸埜 134.60134.60 20202020- -0707- -1717 鍥戒俊璇佸埜

27、鍥戒俊璇佸埜 150.00150.00 -20 -10 0 10 20 30 40 50 -10 0 10 20 30 40 50 60 70 涓俊璇佸埜 嫻烽氳瘉鍒? 涓滄柟璇佸埜 涓俊寤烘姇 鍥芥嘲鍚涘畨 鍗庢嘲璇佸埜 鍥戒俊璇佸埜 涓噾鍏徃 鍏夊璇佸埜 騫垮彂璇佸埜 鐢充竾瀹忔簮 鍏翠笟璇佸埜 鍥芥搗璇佸埜 涓浗閾舵渤 鍥藉厓璇佸埜 涓師璇佸埜 涓滃寳璇佸埜 絎竴鍒涗笟 涓摱璇佸埜 嫻欏晢璇佸埜 綰璇佸埜 鎷涘晢璇佸埜 鍗庡畨璇佸埜 鍥介噾璇佸埜 闀垮煄璇佸埜 鍗庤璇佸埜 鍥借仈璇佸埜 鍗庢灄璇佸埜 20192020 杈?019騫村鍑忥紙鍙籌級 2020-07-01 絎竴鍒涗笟 43.0

28、0 20202020- -0707- -1717 嫻烽氳瘉鍒告搗閫氳瘉鍒? 200.00200.00 2020-07-13 瑗垮崡璇佸埜 49.00 2020-10-15 鍗椾含璇佸埜 43.75 2020-07-16 涓師璇佸埜 36.45 2020-12-08 涓俊寤烘姇 38.84 2020-07-17 婀樿儲鑲喚 10.00 2020-12-16 瑗塊儴璇佸埜 75.00 閰嶈偂 2020-01-03 鍥芥搗璇佸埜 39.94 2020-06-16 灞辮璇佸埜 38.05 2020-03-10 澶璇佸埜 53.49 20202020- -0707- -0909 鎷涘晢璇佸埜鎷涘晢璇佸埜

29、 127.04127.04 2020-03-12 涓滃惔璇佸埜 59.88 2020-10-13 鍥藉厓璇佸埜 54.31 鍙漿鍊? 2020-01-13 涓滄柟璐瘜 73.00 2020-07-24 鍥芥姇璧勬湰 80.00 2020-03-12 鍗庡畨璇佸埜 28.00 2020-12-10 璐氳瘉鍒?38.00 璧勬枡鏉簮錛歐IND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 娉細1.瀹氬鏈寘鍚箻璐偂浠?020騫?鏈堜互鍙戣鑲喚鏂瑰紡璐拱婀樿儲璇佸埜99.7273%鑲喚浜嬪疁錛?.鍔犵矖鍙婃坊鍔犱笅鍒掔嚎欏圭洰鍕熼泦璧勯噾瓚?00浜垮厓錛?. 鏈粺璁笉鍚妗? 澶埜鍟嗗鍒稿晢鏉犳潌鐜囨潬鏉嗙巼鎻愬崌騫呭害鏇村

30、錛屽垎鍖栨樉钁椼傛彁鍗囧箙搴洿澶紝鍒嗗寲鏄捐憲銆傚彈鐩婁簬璧勬湰涓粙涓氬姟鍔犻熷彂灞曪紝2020 璇佸埜琛屼笟鏉犳潌鐜?鎻? 鍗囪嚦 3.05鍊嶏紙YoY+0.16鍊嶏級 錛?016騫翠互鏉嬈噸鍥?3鍊嶄互涓婏紱28瀹朵笂甯傚埜鍟嗕腑錛屼腑閲戝叕鍙告潬鏉嗙巼 杈?6.23 鍊嶏紙YoY+0.37 鍊嶏級 錛岄鍏堢浜屽悕涓俊璇佸埜 1.81 鍊嶏紝浼樺娍鏄捐憲錛涘鍒稿晢浣撶幇鍑烘洿寮虹殑璧勯噾浣? 鐢鐞嗚兘鍔涳紝鏉犳潌鐜囩殑鎻愬崌騫呭害澶簬涓皬鍒稿晢錛岃涓氭潬鏉嗘按騫沖垎鍖栧姞鍓? 鍥捐鍥捐14 鏉犳潌鐜囨彁鍗囨潬鏉嗙巼鎻愬崌 鍥捐鍥捐15 ROE鎻愬崌鎻愬崌 璧勬枡鏉簮錛氫腑璇佸崗錛屽鉤瀹夎瘉

31、鍒哥爺絀舵墍 璧勬枡鏉簮錛氫腑璇佸崗錛屽鉤瀹夎瘉鍒哥爺絀舵墍 ROE鏅亶鎻愬崌錛屼腑淇緩鎶曠淮鎸佺涓鏅亶鎻愬崌錛屼腑淇緩鎶曠淮鎸佺涓銆?020騫達紝鍏涓?ROE杈?7.28%錛圷oY+0.98pct錛?錛?8瀹朵笂甯? 鍒稿晢涓紝涓俊寤烘姇 ROE 杈?15.30%錛圷oY+4.73pct錛?錛屼綅鍒楃涓錛屽叴涓氳瘉鍒?ROE 涓?11.09% 錛圷oY+5.83pct錛?錛屾彁鍗囧箙搴渶澶? 3 鏉犳潌鐜?錛堟湡鍒濇湡鏈昏祫浜潎鍊?鏈熷垵鏈熸湯浠悊涔板崠璇佸埜嬈懼潎鍊鹼級/錛堟湡鍒濇湡鏈噣璧勪駭鍧囧鹼級 錛屼笅鍚? 7.26 8.90 2.02 2.31 2.82 2.70 2.78 2.8

32、9 3.05 2.5 2.6 2.7 2.8 2.9 3.0 3.1 0 1 2 3 4 5 6 7 8 9 10 20162017201820192020 鎬昏祫浜紙涓囦嚎鍏冿級鍑璧勪駭錛堜竾浜垮厓錛?鏉犳潌鐜囷紙鍊嶏紝鍙籌級 7.99% 6.48% 3.56% 6.30% 7.28% 3% 4% 5% 6% 7% 8% 9% 20162017201820192020 ROE ROE 鍥捐鍥捐16 28 瀹朵笂甯傚埜鍟嗘潬鏉嗙巼鎯呭喌錛堝嶏級瀹朵笂甯傚埜鍟嗘潬鏉嗙巼鎯呭喌錛堝嶏級 璧勬枡鏉簮錛歐IND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 鍥捐鍥捐17 28 瀹朵笂甯傚埜鍟嗗涓婂競鍒稿晢 ROE鎯呭喌鎯呭

33、喌 璧勬枡鏉簮錛歐IND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 浜屻佷簩銆? 璐瘜綆悊杞瀷鍒濊鎴愭晥璐瘜綆悊杞瀷鍒濊鎴愭晥錛岋紝鏀跨瓥鎺姩鏀跨瓥鎺姩鎶曡涓氬姟鎶曡涓氬姟蹇熸墿瀹瑰揩閫熸墿瀹? 2.1 鍩洪噾浠攢鐏儹錛岃儲瀵岀鐞嗚漿鍨嬪垵瑙佹垚鏁堝熀閲戜唬閿鐏儹錛岃儲瀵岀鐞嗚漿鍨嬪垵瑙佹垚鏁? 灞呮皯閰嶇疆閲戣瀺璧勪駭鐑儏澧為暱錛屽眳姘戦厤緗噾铻嶈祫浜儹鎯呭闀匡紝緇忕邯涓氬姟緇忕邯涓氬姟楂樺銆傞珮澧炪?錛夊眳姘戠倰鑲儹鎯呴珮娑紝甯姩浠悊涔板崠璇佸埜涓氬姟鏀跺叆澧? 闀匡紝闆嗕腑搴熀鏈瀹氥傛埅鑷?2020騫存湯錛屾垜鍥借嚜鐒朵漢鎶曡祫鑰呮暟閲忓鑷?1.77浜夸漢錛圷oY+11.29%錛?錛屽叏 琛屼笟瀹炵幇浠悊

34、涔板崠璇佸埜涓氬姟鍑鏀跺叆錛堝惈甯綅縐熻祦錛?161.10 浜垮厓錛圷oY+47.42%錛?錛屽閫熻緝楂樸備劍閲? 鐜囬檷鑷?0.26鈥幫紝寤剁畫涓嬫粦鎬佸娍銆?錛夊叕鍕熷熀閲戣禋閽辨晥搴斾笅鏉冪泭綾誨熀閲戝騫呮墿瀹癸紝浠攢閲戣瀺浜搧鍙婁劍閲? 鍒嗕粨鏀跺叆澶箙鎻愬崌銆?鎴嚦 2020騫存湯錛?鑲鍙婃販鍚堝瀷鍩洪噾鍑鍊艱妯鑷?.79涓囦嚎鍏?錛圷oY+109.55%錛?銆? -80% -60% -40% -20% 0% 20% 40% 60% 80% 100% 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 涓噾鍏徃 涓俊璇佸埜 涓俊寤烘姇 鍗庢嘲璇佸埜 鐢充竾

35、瀹忔簮 嫻烽氳瘉鍒? 涓滄柟璇佸埜 鍥芥嘲鍚涘畨 鎷涘晢璇佸埜 涓浗閾舵渤 嫻欏晢璇佸埜 鍏翠笟璇佸埜 騫垮彂璇佸埜 鍥芥搗璇佸埜 涓滃寳璇佸埜 涓師璇佸埜 鍏夊璇佸埜 鍥戒俊璇佸埜 鍥借仈璇佸埜 鍗庡畨璇佸埜 闀垮煄璇佸埜 綰璇佸埜 絎竴鍒涗笟 鍗庤璇佸埜 涓摱璇佸埜 鍗庢灄璇佸埜 鍥藉厓璇佸埜 鍥介噾璇佸埜 20192020鍙樺姩騫呭害錛堝彸錛? -1% 0% 1% 2% 3% 4% 5% 6% 7% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 涓俊寤烘姇 鍗庢灄璇佸埜 涓噾鍏徃 鍏翠笟璇佸埜 騫垮彂璇佸埜 綰璇佸埜 鎷涘晢璇佸埜 鍥戒俊璇佸埜 涓浗閾舵渤 嫻欏晢

36、璇佸埜 鍗庤璇佸埜 鍗庡畨璇佸埜 鐢充竾瀹忔簮 涓俊璇佸埜 鍥介噾璇佸埜 鍗庢嘲璇佸埜 闀垮煄璇佸埜 涓滃寳璇佸埜 鍥芥嘲鍚涘畨 嫻烽氳瘉鍒? 絎竴鍒涗笟 涓摱璇佸埜 鍥借仈璇佸埜 鍥藉厓璇佸埜 涓滄柟璇佸埜 鍏夊璇佸埜 鍥芥搗璇佸埜 涓師璇佸埜 20192020 鍙樺姩騫呭害錛堝彸錛? 鍙楀熀閲戣妯闀垮甫鍔獎鍝嶏紝鍏涓氬疄鐜板熀閲戝垎浠撲劍閲?133.88 浜垮厓錛圷oY+81.73%錛?錛屼唬閿閲戣瀺浜搧 鍑鏀跺叆 134.38 浜垮厓錛圷oY+148.76%錛?錛屾敹鍏騫呮彁鍗囥? 鍥捐鍥捐18 28 瀹朵笂甯傚埜鍟嗕唬鐞嗕拱鍗栬瘉鍒鎬笟鍔噣鏀跺叆錛堝惈甯綅縐熻祦錛夋儏鍐碉紙浜垮厓錛夊涓

37、婂競鍒稿晢浠悊涔板崠璇佸埜涓氬姟鍑鏀跺叆錛堝惈甯綅縐熻祦錛夋儏鍐碉紙浜垮厓錛? 璧勬枡鏉簮錛氬叕鍙稿叕鍛婏紝騫沖畨璇佸埜鐮旂鎵 娉細1.鍚氦鏄撳崟鍏冨腑浣嶇璧佸噣鏀跺叆錛屼笉鍚唬閿閲戣瀺浜搧涓氬姟鍑鏀跺叆錛?.騫垮彂璇佸埜鈥滆瘉鍒哥粡綰笟鍔墜緇垂鍙婁劍閲戞敮鍑衡滃叏閮姌綆楄嚦鈥濅唬鐞嗕拱鍗栬瘉鍒?涓氬姟鎵嬬畫璐瑰強浣噾鏀嚭鈥滀腑錛屽彲鑳介犳垚浠悊涔板崠璇佸埜涓氬姟鍑鏀跺叆錛堝惈甯綅縐熻祦錛夊皬騫呬綆浼幫紝璇樊涓嶈秴榪?00涓囧厓 鍥捐鍥捐19 琛屼笟浣噾鐜囧歡緇笅婊戣涓氫劍閲戠巼寤剁畫涓嬫粦 鍥捐鍥捐20 鑲鍙婃販鍚堝瀷鍩洪噾瑙勬澶錛堜竾浜垮厓錛夎偂紲強娣峰悎鍨嬪熀閲戣妯澧烇紙涓囦嚎鍏冿級 璧

38、勬枡鏉簮錛氫腑璇佸崗銆乄IND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 璧勬枡鏉簮錛歐IND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 涓俊璇佸埜浼樺娍鏄捐憲涓俊璇佸埜浼樺娍鏄捐憲銆傘?錛変唬鐞嗕拱鍗栬瘉鍒革紙鍚腑浣嶇璧侊級涓氬姟鍑鏀跺叆錛氫腑淇瘉鍒稿疄鐜?88.28 浜垮厓 錛圷oY+40.41%錛?錛屼負 28瀹朵笂甯傚埜鍟嗕腑鏈楂樸?錛変唬閿閲戣瀺浜搧涓氬姟鍑鏀跺叆錛氫腑淇瘉鍒稿疄鐜?19.65浜? 鍏冿紙YoY+144.55%錛?錛屼綅鍒?28瀹朵笂甯傚埜鍟嗙涓錛屼腑淇瘉鍒搞佸浗淇瘉鍒搞佸箍鍙戣瘉鍒搞佹嫑鍟嗚瘉鍒哥瓑澶瀷 鍒稿晢鍧囧疄鐜拌緝澶闀褲? 0% 50% 100% 150% 200% 250% 0 10 20

39、30 40 50 60 70 80 90 100 涓俊璇佸埜 鍥芥嘲鍚涘畨 涓浗閾舵渤 鎷涘晢璇佸埜 騫垮彂璇佸埜 鍗庢嘲璇佸埜 鍥戒俊璇佸埜 鐢充竾瀹忔簮 嫻烽氳瘉鍒? 涓俊寤烘姇 涓噾鍏徃 鍏夊璇佸埜 鍏翠笟璇佸埜 涓滄柟璇佸埜 鍗庤璇佸埜 鍥介噾璇佸埜 嫻欏晢璇佸埜 鍥借仈璇佸埜 涓滃寳璇佸埜 鍥藉厓璇佸埜 鍗庡畨璇佸埜 闀垮煄璇佸埜 涓摱璇佸埜 涓師璇佸埜 鍥芥搗璇佸埜 鍗庢灄璇佸埜 絎竴鍒涗笟 綰璇佸埜 20192020鍚屾瘮澧為燂紙鍙籌級 0.029% 0.026% 0.00% 0.01% 0.02% 0.03% 0.04% 0.05% 0.06% 0.07% 0.08% 0.09

40、% 2012 2013 2014 2015 2016 2017 2018 2019 2020 鍏涓氫劍閲戠巼 3.24 6.79 0 1 2 3 4 5 6 7 8 20192020 鑲鍨嬪強娣峰悎鍨嬪熀閲戝噣鍊煎悎璁? +109.55% 鍥捐鍥捐21 28 瀹朵笂甯傚埜鍟嗕唬閿閲戣瀺浜搧涓氬姟鍑鏀跺叆瀹朵笂甯傚埜鍟嗕唬閿閲戣瀺浜搧涓氬姟鍑鏀跺叆鎯呭喌鎯呭喌錛堜嚎鍏冿級錛堜嚎鍏冿級 璧勬枡鏉簮錛氬叕鍙稿叕鍛婏紝騫沖畨璇佸埜鐮旂鎵 娉細騫垮彂璇佸埜鈥滆瘉鍒哥粡綰笟鍔墜緇垂鍙婁劍閲戞敮鍑衡滃叏閮姌綆楄嚦鈥濅唬鐞嗕拱鍗栬瘉鍒鎬笟鍔墜緇垂鍙婁劍閲戞敮鍑衡滀腑錛屽彲鑳介犳垚浠攢閲戣瀺浜搧涓氬姟鍑鏀跺叆灝

41、?騫呴珮浼幫紝璇樊涓嶈秴榪?00涓囧厓 鍥捐鍥捐22 鍏涓氫劍閲戝垎浠撳墠鍏涓氫劍閲戝垎浠撳墠 15鍚嶏紙浜垮厓錛夊悕錛堜嚎鍏冿級 璧勬枡鏉簮錛歐IND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 鍒稿晢鍒稿晢 APP 鏈堟椿鐢埛鏁版湀媧葷敤鎴鋒暟澶箙澶箙澧為暱錛屽闀匡紝緇忕邯涓氬姟閫愭笎杞瀷涓烘祦閲忓叆鍙粡綰笟鍔愭笎杞瀷涓烘祦閲忓叆鍙?020 騫達紝鐤儏鍌寲涓嬩氦鏄撳鉤鍙扮嚎 涓婂寲榪涚鍔犻燂紝鍙犲姞灞呮皯寮鎴風儹鎯呴珮娑紝騫存湯鍚勫埜鍟嗘湀媧葷敤鎴鋒暟鏅亶楂樺錛?錛夎妯柟闈紝 鈥滀笢鏂硅儲 瀵屸濇湀媧葷敤鎴鋒暟杈?1395.98涓囦漢錛圷oY+76.20%錛?錛屼負鍚勭被鍒稿晢 APP涓殑鏈楂樺鹼紱鍗庢嘲璇佸

42、埜鏃椾笅鈥滄定 涔愯儲浠橀氣濇湀媧葷敤鎴鋒暟杈?574.65涓囦漢錛圷oY+98.75%錛?錛屼負浼犵粺鍒稿晢涓渶楂樺箋?錛夊閫熸柟闈紝鐢充竾 瀹忔簮鏃椾笅鈥滅敵涓囧畯婧愯瘉鍒糕濇湀媧葷敤鎴瘋妯揪 108.44 涓囦漢錛圷oY+518.95%錛?錛岃繘姝熷害鏈蹇? -200% -100% 0% 100% 200% 300% 400% 500% 600% 0 5 10 15 20 25 涓俊璇佸埜 涓噾鍏徃 鍥戒俊璇佸埜 騫垮彂璇佸埜 鎷涘晢璇佸埜 涓俊寤烘姇 鍗庢嘲璇佸埜 鍏翠笟璇佸埜 鍥芥嘲鍚涘畨 涓浗閾舵渤 涓滄柟璇佸埜 鍏夊璇佸埜 嫻欏晢璇佸埜 鐢充竾瀹忔簮 鍥介噾璇佸埜 嫻烽氳瘉鍒?

43、涓摱璇佸埜 闀垮煄璇佸埜 涓師璇佸埜 涓滃寳璇佸埜 鍥藉厓璇佸埜 鍥芥搗璇佸埜 鍥借仈璇佸埜 鍗庤璇佸埜 絎竴鍒涗笟 鍗庡畨璇佸埜 鍗庢灄璇佸埜 綰璇佸埜 20192020鍚屾瘮澧為?鍙? 0% 20% 40% 60% 80% 100% 120% 140% 0 2 4 6 8 10 12 涓俊璇佸埜 闀挎睙璇佸埜 涓俊寤烘姇 騫垮彂璇佸埜 鎷涘晢璇佸埜 涓嘲璇佸埜 鍥芥嘲鍚涘畨 鍏翠笟璇佸埜 嫻烽氳瘉鍒? 鍗庢嘲璇佸埜 涓滄柟璇佸埜 鍏夊璇佸埜 鏂規璇佸埜 鍥戒俊璇佸埜 澶璇佸埜 鍒嗕粨浣噾鍚屾瘮(鍙? 鍥捐鍥捐23 鍒稿晢鍒稿晢 APP鏈堟椿鐢埛鏈堟椿鐢埛瑙勬瑙勬鍓嶅墠 15鍚嶅悕錛堜竾浜猴

44、級錛堜竾浜猴級 璧勬枡鏉簮錛歐IND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 2.2 鑲潈铻嶈祫瑙勬鑲潈铻嶈祫瑙勬澶箙涓婃定錛屽騫呬笂娑紝鎶曡鏀寔瀹炰綋緇忔祹鑳藉姏鎻愬崌鎶曡鏀寔瀹炰綋緇忔祹鑳藉姏鎻愬崌 璧勬湰甯傚満鏀歸潻璧勬湰甯傚満鏀歸潻鎺繘銆佸競鍦轟氦鏄撶儹鎯呴珮娑帹榪涖佸競鍦轟氦鏄撶儹鎯呴珮娑紝錛岃偂鏉冭偂鏉冭瀺璧勮妯瀺璧勮妯騫呬笂娑騫呬笂娑紝鎶曡涓氬姟鏀跺叆楂樺錛屾姇琛屼笟鍔敹鍏珮澧炪傘?020騫達紝鍐? 铻嶈祫鏂拌鍙婂垱涓氭澘娉唽鍒惰瘯鐐瑰厛鍚庤惤鍦幫紝鑲潈铻嶈祫鏁堢巼鏄捐憲鎻愬崌錛屽彔鍔犲競鍦鴻鎯呯伀鐑紝瀹炰綋緇忔祹铻? 璧勭儹鎯呴珮娑?錛夎偂鏉冭瀺璧勮妯騫呮墿寮犮?020 騫達紝鍏競鍦?IPO銆

45、佸啀铻嶈祫瑙勬鍒嗗埆杈懼埌 4699.63 浜? 鍏冿紙YoY+85.51%錛?銆?475.74浜垮厓錛圷oY+69.46%錛?銆?錛夊哄埜铻嶈祫瑙勬紼蟲鎵紶銆?020騫達紝鍏涓? 鍊哄埜鎵塊攢瑙勬 10.11涓囦嚎鍏冿紙YoY+32.64%錛?銆傚叾涓紝 鍏徃鍊烘壙閿瑙勬 3.37涓囦嚎鍏冿紙YoY+32.85%錛?銆? 浼佷笟鍊烘壙閿瑙勬 3926.39 浜垮厓錛圷oY+9.10%錛?錛屽闀跨瀹氾紱鍦版柟鏀垮簻鍊烘壙閿瑙勬杈?1.07 涓囦嚎鍏? 錛圷oY+135.94%錛?錛屽閫熷悇鍒哥涓渶楂樸?020 騫達紝鍏涓氬疄鐜版姇琛屼笟鍔噣鏀跺叆 672.11 浜垮厓 錛圷oY+39.26%錛

46、?銆? 鍥捐鍥捐24 28 瀹朵笂甯傚埜鍟嗘姇琛屼笟鍔噣鏀跺叆鎯呭喌錛堜嚎鍏冿級瀹朵笂甯傚埜鍟嗘姇琛屼笟鍔噣鏀跺叆鎯呭喌錛堜嚎鍏冿級 璧勬枡鏉簮錛歐IND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 0% 100% 200% 300% 400% 500% 600% 0 200 400 600 800 1,000 1,200 1,400 1,600 涓滄柟璐瘜 娑箰璐瘜閫? 騫沖畨璇佸埜 閲戝闃? 鍥芥嘲鍚涘畨鍚涘紭 涓俊璇佸埜 騫垮彂鏄撴窐閲? 涓浗閾舵渤璇佸埜 鏅鴻繙涓鎴烽? e嫻烽氳儲 灝忔柟 铚昏湏鐐歸噾 鐢充竾瀹忔簮璇佸埜 闀挎睙e鍙? 瀹変俊鎵嬫満璇佸埜 Dec-19Dec-20 鍚屾瘮澧為燂紙%錛屽彸

47、錛? -100% -50% 0% 50% 100% 150% 200% 250% 0 10 20 30 40 50 60 70 80 涓俊璇佸埜 涓噾鍏徃 涓俊寤烘姇 嫻烽氳瘉鍒? 鍥芥嘲鍚涘畨 鍗庢嘲璇佸埜 鎷涘晢璇佸埜 鍏夊璇佸埜 鍥戒俊璇佸埜 鍥介噾璇佸埜 涓滄柟璇佸埜 鐢充竾瀹忔簮 鍏翠笟璇佸埜 嫻欏晢璇佸埜 涓浗閾舵渤 騫垮彂璇佸埜 鍥藉厓璇佸埜 闀垮煄璇佸埜 絎竴鍒涗笟 鍗庤璇佸埜 鍥芥搗璇佸埜 涓摱璇佸埜 涓滃寳璇佸埜 鍥借仈璇佸埜 涓師璇佸埜 綰璇佸埜 鍗庡畨璇佸埜 鍗庢灄璇佸埜 20192020鍚屾瘮澧為燂紙鍙籌級 鍥捐鍥捐25 IPO 鍕熼泦璧勯噾瑙勬澶鍕熼泦璧勯噾瑙勬澶

48、鍥捐鍥捐26 鎶曡涓氬姟闆嗕腑搴彁鍗囨姇琛屼笟鍔泦涓害鎻愬崌 璧勬枡鏉簮錛歐IND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 璧勬枡鏉簮錛歐IND錛屽鉤瀹夎瘉鍒哥爺絀舵墍 澶撮儴澶撮儴鎶曡鎶曡棰嗗厛鍦頒綅紼沖浐棰嗗厛鍦頒綅紼沖浐銆?錛?020騫?28瀹朵笂甯傚埜鍟嗕腑錛屼腑淇瘉鍒搞佷腑閲戝叕鍙搞佷腑淇緩鎶曞強嫻烽氳瘉鍒? 鍒嗗埆瀹炵幇鎶曡涓氬姟鍑鏀跺叆 68.82 浜垮厓錛圷oY+54.11%錛?銆?9.56 浜垮厓錛圷oY+40.22%錛?銆?8.75 浜垮厓 錛圷oY+58.95%錛夊強 49.39浜垮厓錛圷oY+42.87%錛?錛屽搧鐗屼紭鍔跨鍥猴紝棰嗗厛浼樺娍鏇翠負鏄捐憲銆?錛夎涓氶泦涓? 搴彁鍗囷細鎶

49、曡涓氬姟鏀跺叆 CR4銆丆R6 鍗犲叏琛屼笟姣旈噸鎻愬崌鑷?35.16%錛圷oY+2.31pct錛?銆?6.14% 錛圷oY+3.89pct錛?錛岄泦涓害鎶崌銆?錛夊彈鐩婁簬璧勬湰甯傚満鏀歸潻錛屼互鍥介噾璇佸埜銆佹禉鍟嗚瘉鍒鎬負浠鐨勪腑鍨嬪埜鍟? 鎶曡涓氬姟鍩轟簬鍖哄煙浼樺娍榪涗竴姝彂鍔涖?鍏朵腑錛?嫻欏晢璇佸埜瀹炵幇鎶曡涓氬姟鍑鏀跺叆 10.26浜垮厓 錛圷oY+227.29%錛?錛? 榪涙鏈蹇? 鍥捐鍥捐27 2020 騫磋瘉鍒歌涓氬勾璇佸埜琛屼笟鑲潈鎵塊攢鑲潈鎵塊攢鍓嶅墠 10鍚嶅悕娓呭崟娓呭崟(浜垮厓浜垮厓) 鎬昏 棣栧彂 澧炲彂(涓? 鎵? 澧炲彂(璐? 鍔【闂? 閰嶈偂 浼樺厛鑲?

50、鍙漿鍊?鍙氦鎹? 涓俊璇佸埜 3,167.40 444.94 864.39 1,051.87 219.35 83.00 393.68 110.18 涓俊寤烘姇 2,343.34 836.57 692.36 446.52 41.98 0.00 295.94 29.97 涓噾鍏徃 1,440.41 488.98 538.64 279.30 0.00 0.00 126.90 6.60 鍗庢嘲璇佸埜 1,416.13 240.26 543.90 459.27 14.66 7.00 143.53 7.50 鍥芥嘲鍚涘畨 954.07 216.86 223.04 168.54 19.97 20.00 22