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e 2010 9 13 2010 9 PMI 17 2010 7 PMI 51.2% 0.9 5-7 PMI 3 7 PMI 2009 3 7 3.1 52.7% 7 50.9% 1.2 51.2% 0.5 20% 6 4000 7 2623.1 30.8% 38.1% 5.8 22.7% 11.4 7 6 3% 5.9 0.5 7 287.3 43.4% 170.27% 2007 2 7 CPI 3.3% 6 0.4 6.8% 1.6% 3.6% 2.3% 7 PPI 4.8% 6 1.6 5.7% 2.1% 2.2% 0.2% 7 0.4% 1-7 5.8% 0.2 7 5328 1637 M2 17.6% 7 (M2) 17.6% 0.9 10.8 (M1) 22.9% 1.7 3.5 8 27 1

1 2008 2009 2008 11 2009 3 4 11 1929~1930 4 1 2 2007 9.5 2

2009 12 4 GDP 100 9 8 300 9 2580-2780 1 2 8 2007 2008 2 K 3

2 9 8 300 9 9 2580 2780 1 55% 75% 95% 20% 06 35% 80% 2010 4 3,600 12,000 CO2 3.24 4

2 2020 GDP 2005 40-45% 30% 26% 2012 340 150 48% 150% 2012 50 40 15% 40% 20% 15% 3 (1) (2) (3) (4) (1) (2) (3) (4) : 9 9 7 8 9 9 9 9 8 30-9 5 77-78% 10% 5

30% 9 9-10 824 8 : 1 2 8400 2015 2200 6200 50% 3 4 6

:(1) (2) (3) (4) 2010 2015 35.2 2015 97.7 216% 50% 2015 1700 30 50% 2015 48 75 80 50% : 1 2 2015 100 216% 3 4 5 6 7

7 30-50 e 1.1 19 8

1.2 70% 90% 30 20 130% 110006 2010 3 14 20 20 130% 103% 130% 103% 1.3 130% 130% A 130% A 11 71 11 11 ex: 9

600815,600859 1 11 110003.SH 110004.SH 110007.SH 110008.SH 110009.SH 110078.SH 113001.SH 125709.SZ 125731.SZ 125960.SZ 126630.SZ 600782 2009-2-23 8.1000 2013-8-20 600815 2010-3-1 7.4500 2014-8-28 600966 2010-3-23 10.3400 2014-9-23 600859 2010-4-26 33.5600 2015-10-19 600481 2010-11-4 21.1100 2015-5-4 2007-11-1 600078 0 10.5400 2012-5-10 601988 2010-12-2 3.8800 2016-6-2 000709 2008-6-14 9.3600 2012-12-1 000731 2010-12-2 7.3600 2015-6-2 2007-11-1 000960 4 21.3500 2012-5-13 000630 2011-2-28 15.6800 2016-7-14 Wind 3 2.1 130% 2000 A 110% 130% 1.1 110% 1.5 150% 110% 110% 150% 1.5 2000 5% 85% 130% 135% 60% 50% 2.2 3 1.35 1.40 1.45 1.50 1.55 1.60 1.65 1.70 10

1.10 17.54 19.86 23.2 26.41 27.98 30.45 30.29 32.98 1.15 12.14 13.59 17.56 19.21 20.58 23.02 23.38 26.10 1.20 9.71 12.05 16.19 17.48 19.07 22.89 26.59 29.31 1.25 7.14 10.17 13.57 15.69 17.71 21.21 25.09 27.33 1.30 4.55 6.79 9.93 12.40 14.70 17.19 21.17 22.85 Wind 0.2% 3.1 99% 0.5% 110% 130% 160% 60% 3.2 110%~130% 130% = * + * 5% 3.3 6% 60% 3.4 002428 1 2011 1 11

1 N12, X,N13 2 689.55 19.7% 8% 50% 2 50% 12

100% 50% 0% -50% -100% -150% 3 30 10000 10 4 2011 30 1.2 2011 5 2012 10-15 2013 30 80 / 100-120 / 1.8 7000-8000 EPS 0.7 30 30 35500 500 35000 15-17 / 6000 / 2010 500 16000 2011 2000 20000 2012 17500 10000 2013 3-4 3.2 6000 EPS 0.5 13N 9 N12 N13 N13 60 / N13 N13 500 N13 N13 N13 N13 N13 500 EPS 13

5 2010 2011 2012 EPS 0.80 1.11 1.43 13N 30% N13 600969 53 110 9 35 32 59.57 110 495.21 40%-50% 40% 3500-4000 2 2.26 300 300 09 5 Nm3/h 3.6 40% 09 707.13 2000 6 09 5400 2 2*20MW 2.2 / 0.375 / 7000 2100 0.1 09 0.21 09 10 8000 09 5672 0.38 0.4 13 14

11.7 (000887): 2010 12.52 112.6% 1.61 82.4% EPS 0.38 / 0.12 2010 EPS 0.2 2010 7.44 83.25% 2010 189.56% 2009 2009 30 5000 600 500 7% 5% 2009 1700 30% 10 2009 2008 10% 15% ROE 6% 15

+ MRP BRP + 40% 60% 4745 3 2010 163 2011 2010 ~2012 EPS 0.802 0.974 1.186 PE 21 17 14 30% 16

000153 162% 2010 5.25 18.8% 2168 161.74% EPS 0.08 10 3.18% 2.26 43.05% 35.28% 1.24 59.92% 9705.35 0.81 26.34% 10.42 43.21% 10.54 15.85% 0.35 10.09% 9.80 34.34% 0.57 7.55% 1 17

5% 9% 19% 43% 24% 1 8333 4550 30 5000 60% 3333 40% 30 1996 2001 1 2003 10 30% + 2 1300 2010 7 2014 12 2000 2010 7 2016 8 10 11 0.20 0.30 45 30 18

8 31 % 10014.72-4.31% -3.96% 2114.03-6.24% -6.84% 500 1049.32-4.74% -5.90% 8824-7.48% -17.59% 20536-2.35% -6.11% 100 5,225.20-0.62% -3.47% CAC 3,490.79-4.18% -11.32% DAX 5,925.22-3.62% -0.54% 2,950.33-1.25% 11.29% 8 31 % % (USD/ ) 1249 5.70% 13.77% (USD/ ) 7445 1.99% 0.54% (USD/ ) 20740-1.47% 10.03% (USD/ ) 2050-5.09% -8.69% (USD/ ) 2075 3.23% -19.42% (USD/ ) 2055-0.72% -15.78% (USD/ ) 20950 6.89% 23.78% (USD/ ) 71.1-9.94% -10.70% pazxfw@pasc.com.cn http://stock.pingan.com 19