/ 2011 12 2 20 20% 11 30 PE 31 2011 32% 2012 13% 17% 7% -3% -14% -24% -34% -44% 10-12-2 11-3-1 11-5-29 11-8-26 11-11-23 : S0550511010003 TEL: (8621)6336 7000-254 FAX: (8621)6337 3209 Email: liulin@nesc.cn : 45 20 : 200002
1. 2011...3 2....5 2.1.... 5 2.2.... 6 2.3.... 6 2.4... 8 2.5. 20%... 9 3....10 3.1... 10 3.2... 11 3.3... 12 4....13 4.1. 31... 13 4.2.... 14 4.3. 2011 32%... 15 5....16 5.1.... 16 5.1.1.... 16 5.1.2.... 17 5.1.3.... 18 5.2.... 20 5.3... 21 5.4.... 23 5.5.... 24 5.6.... 25 6....26 7....26 2
2010 12 5 2011 GMP 2011 2011 2009 2010 11 30 19.65% 300 19.40% 1 300 WIND 3
2 2011 11 30 WIND ST 165.88% 63.9% 3 20 11 30 WIND 4
60 10% 65 7% 2000 65 8811 6.96%60 1.3 10.2% 2010 65 11,883 8.87% 2009 40 60 15.76% 2.1 20 1000 60 20 4 65 14,000 10.00 65 12,000 10,000 8,000 6,000 4,000 2,000 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 65% 0 0.00 WIND 1 60 3.2 65 66% 1217 4.5 2.1 OTC 2 10 60 1 1 1 5
3 1.9 1990 65.4 2009 1289 20 19 2015 5000 1.6 1.6 9000 2000 160 75 150 40 20 23 45.9% 60% 2010 2009 20 1990 4.99/10 2009 6.89/10 5 2009 2000 4.47% 2009 6.18% 2000 6
709.52 2009 4685.6 10 5.6 6 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 7 6 5 4 3 2 1 0 1990 747.4 2009 17204.8 20 22 GDP 20 4% 5.13% GDP 10% 16% 6%8% GDP 4000 GDP 5% 7 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 6 5 4 3 2 1 0 7
2009 1 12.8 90% 8.34 96% 2 20092011 3318 8500 2011 120 200 75%70% 70% 3 5 20 25% 3 90% 40 15% 25% 8 5.2 5 4.8 4.6 4.4 4.2 4 3.8 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% -2.00% -4.00% 8 13.9 8.8% 8 9332.9 4.2% % 8
9 1,400.0 10.00% 1,200.0 1,000.0 800.0 600.0 400.0 200.0 0.0 8.00% 6.00% 4.00% 2.00% 0.00% -2.00% -4.00% -6.00% 30% 2 45.71% 10 22.28% 21.07% 19.42% 20% 10% WIND 9
1999 30 2025 141 GDP 20% 30% 13000 1988 4%6% 80% 20 0.9 NECs 4 2 1/2 2/3 11 Bloomberg 10
70% 30 225 225 1983 1 4 8021.4 1989 12 29 38915.87 2011 11 22 8347.19 1983 1 4 225 3.85 28 1983 1 4 455.71 2007 2 16 2353.31 2011 11 22 1147.65 1983 1 4 4.16 1.52 2008 100 122 109 116 142 252 2 GDP 17% 5000 1/3 3000 MEDICAREMEDICAID 1989 9 11 347.66 2007 7 11 1549.37 2011 11 21 1192.98 1989 9 1 3.46 2.43 1989 9 11 63.77 2000 12 28 496.83 2011 11 21 308.63 1989 9 1 6.79 3.84 11
Blomberg 3.3. 2090 28197 510 12 20 12
2 3 4 WIND 2011 26.8 6 WIND WIND 2011 11 30 2011 31 WIND 2011 11 30 30 13
13 2011 WIND 14 2011 WIND 11 30 300 TTM 10.86 TTM 33.41 207.64% 14
15 300 WIND PEG 5 PEG 01 0.50.9 PE A 3~4 20%25% 2011 32% 2012 13% 15
9 165.43 28.07% C 4.44 31.90% 28.48% 7.19 19.27% 14.21% 1.01 4.59%6-APA 1.8 6.84% 8.75 20.64% 4.51 17.23% 2011 162011 9 % % 1 4.23 138513.82-23.08 2 2.67 87527.45 20.64 3 1.38 45142.29 17.23 4 1.36 44452.76 0.58 5 1.05 34412.9-45.92 6 1.01 32963.76-4.51 7 0.91 29930.84 55.68 8 0.77 25236.94 66.72 9 0.32 10373.95 35.23 10 0.29 9663.59 51.62 11 0.27 8864.19 19.78 12 0.24 7868.22-89.68 13 0.12 3984.98-79.43 16
VA VE 2011 11 30 VA VE 122.5 / 112.5 / 10 30%VC 6 36 / 11 34 / 17VA/VC/VE WIND B 2011 11 30 VB1VB2 VB12 VB6 190 /142.5 /170 / 300 / 18 B WIND 17
8 VK3 150 / 132.5 / 2 5 170 /11 160 / 10 58 / 19VK3 WIND 7-ACA 930 / 11 455 / 207-ACA WIND 18
21 WIND 11 515 / 11 1160 / 22 WIND 19
23 WIND 2011 2015 2011 2012 6 72% 70%5 1200 220 180 24 2010 107.33 7 79.00 4 50.26 20
- 94.56 7 / 68.08 60.53 20 56.91 6 21.04 20 20.60 26.00 20 42.00 40 41.48 4-37.00 19.28 49.87 23.00 17.49 19.00 35.00 20.54 SFDAIMS SFDA 10 26 6 94 21
2008 550 100 WIND 2005 149.18 614.58 9 570.46 2005 7.67 46.26 9 42.11 55% 25 WIND 26 22
200 15% 2005 2009 812 2010 1000 957 23% 2002 2009 6 21.1% 27 66 CMFF2011 42% 14% 1 2 3 360 2176 23
3 2010 10 SFDA 2011 11 15 2011 3 4 5 2010 12 2011 11 89% 92% A 15 24
28 A 600763 300015 600993 002030 300244 600196 000919 63% 00999 600518 002038 002004 600594 600829 000661 000516 1 2 2015 13 20 85% 60% 2/3 2010 37.7% 34.5% 3 2010 7556 1445 9.29% 2019 25
40188 20% 10766 25% 4 5 29 2011H 2010 2009 2008 6.86% 5.54% 5.41% 5.97% 6.76% 8.57% 7.31% 7.13% 5.23% 5.19% 4.87% 5.13% 5.91% 6.02% 5.56% 6.16% 4.63% 8.19% 8.31% 8.71% 5.64% 6.20% 5.94% 5.53% 6.69% 6.56% 6.54% 7.85% 8.29% 8.58% 8.86% WIND 1) 2) 26
: 6 12 6 12 6 12 : 6 12 15% 6 12 5 15% 6 12 ±5% 6 12 5% 27