VS 2011 12 5 18% 2011 1-9 10 2011 1-9 GDP 25% ++ + 10% 3% -5% -13% -21% -29% 10-12-2 11-3-1 11-5-29 11-8-26 11-11-23 : S0550511080003 TEL: (8621)6336 7000-296 FAX: (8621)6337 3209 Email: gengy@nesc.cn : 45 20 : 200002
2011 1-9 2009 2010 2011 / 10 1 Wind 2
2011 1-9 2 2011 1 9 ROE ROA ROE ROA ROE ROA 3
3 ROE 4 ROA Wind Wind 5 Wind 4
2011 10 15-18 10 25 1 5
VS 1 28 2011 6 4.85 2010 6.1% 36.2% 6
6 2007 2011 CNNIC 2003-2010 63% 2010 1500 2009 53.40% GDP 7 2010Q1 2011Q3 8 2010Q1 2011Q3 7
9 2003 2010 10 GDP 2011 100% 11 2010Q3 2011Q3 8
12 2011 Q3 B2B B2B 12 2010 Q3 2011 Q3 B2B 9
13 2011 Q3 B2B 14 2003 2013 10
2 2002 20% 2004 30% 2004 10% 2010 101.72 2009 106.65 63.9% 2 Bonafilm 3 2009 11
3 2009 402 12910 5000 4 15 2001 2010 16 12
17 4 13
1 2005-2009 6.08% GDP 5 6 14
2 7 2005 2006 2007 2008 2009 2010 1931 1938 1938 1943 1937 1939 YoY 0.47% 0.36% 0 0.26% -0.31% 0.10% 412.6 424.52 437.99 442.92 439.11 452.14 YoY 2.53% 2.89% 3.17% 1.13% -0.86% 2.97% 1613.14 1658.94 1700.76 1930.55 1969.4 2148.03 YoY 5.79% 2.84% 2.52% 13.51% 2.01% 9.07% 261.02 276.09 306.53 317.96 351.72 367.67 YoY 3.31% 5.77% 11.03% 3.73% 10.62% 4.54% 10 3 2010 18730 7.95% 8798 39.17% 47.14% 15
18 2011 ITPV IPTV 40% 19 2003 2011 IPTV 16
1 CTR 2011 14% GDP 9.5% 20 GDP CTR 21 2010 CTR 17
2 2010 210 25% IT 24.3% 16.2% 14.8% 8.3% 4.1% 2011 25% 15% 2010 7% 2011-2013 20% 21 2000 2010 250 200 150 40.00% 35.00% 30.00% 25.00% 20.00% 100 50 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 15.00% 10.00% 5.00% 0.00% % 3 2010 300 5 CAGR 50% 2011 40% 18
22 2004 2010 350.0 300.0 250.0 200.0 150.0 100.0 50.0 0.0 2004 2005 2006 2007 2008 2009 2010 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% % 23 2010Q3 2011Q3 2011 A 19
A + + + + 2000 1.16 + 550 2012 2011-2013 0.59 0.82 1.07 20
0.40 0.40 0.43 25% 19.7 50% 2006-2010 80% 50% 2011 30% 4S 4.75 3100 31.39% 15.7% 2010 4S 2011-2013 0.35 0.40 0.49 21
2001-2010 8877 14685 31.1 59.2 6.65% 400-500 2011 1000 2012-2013 3 2008-2010 2 4 10 40 84 226 100% 2010 2 2 2011 1.4 55% 2011 9 30 4.95 2011-2013 0.80 1.08 1.34 22
8 1 (%)2009VS200 8 (%)2010 VS2009 (%) 2011 1-9 VS2010 1-9 (%) 2009VS2008 (%)2010VS20 09 (%)2011 1-9 VS2010 1-9 1.45 19.57 600637.SH -32.47-9.11 2.79-35.43 199.76-14.81 000665.SZ 38.19 40.86 5.63-20.71 123.78 26.51 000917.SZ 24.58 48.29-58.61 37.94 1294.68 1656.27 600831.SH 13.87 28.66 16.84 81.33 44.82 42.67 002238.SZ 5.94 6.30 2.76 3.25 9.69 108.36 600037.SH 11.49 24.96-8.49 0.38 4.80-28.22 600832.SH 5.54 25.00-10.81 1.98 39.66-17.08 65.97 34.55 600386.SH 67.29 36.18 28.38 31.18 14.76 20.01 002400.SZ 12.98 50.16 28.64 15.66 27.15 36.08 300058.SZ 12.32 34.85 124.46 11.76 24.61 71.35 300071.SZ 27.15 31.45 82.39 21.50 30.49 10.76 11.41-2.17 600373.SH 56.47 199.64 329.36 37.95 507.72 25855.35 600551.SH 17.98 4.63 19.24 4.88 9.95 15.03 600825.SH -21.60 1.32-4.54-3.74-14.02-23.05 601999.SH 9.70 2.82 8.03 11.93 0.41-9.83 601098.SH 14.15 17.53 23.52 29.84 23.80 21.62 601801.SH 5.43 8.48 7.00 9.59 16.13 20.84 300148.SZ 43.54 62.59 21.02 42.41 52.38 11.03 600880.SH 14.00 25.99 15.51 37.17 20.76 12.21 002181.SZ -31.96 7.33 0.65-9598.03 117.85-19.64 000793.SZ -10.10 37.45 12.26-1.26 41.21 4.51 10.39 23.90 002292.SZ 30.95 52.85 40.41 55.95 28.83 15.41 300027.SZ 47.59 77.40-10.74 24.22 76.47 20.32 600088.SH 36.42-13.38 0.74 111.10-30.37 14.95 300133.SZ 58.55 69.81 11.16 45.05 73.24 44.92 22.95-7.87 300059.SZ 39.65 12.01 48.45 29.31-7.13 52.61 300052.SZ 46.59 1.17 51.90 12.13-13.65-57.53 23
300033.SZ 62.59 12.38 8.10 94.90 22.12-22.49 300104.SZ 97.99 63.49 105.66 46.99 57.63 72.99 002315.SZ 33.96 44.78 37.58 21.03 65.10 28.46 300113.SZ 136.80 68.18 23.39 72.97 44.85 43.78 601519.SH 71.88 27.44-90.03 76.89-14.36-52.88 002261.SZ 17.56 15.75 9.33 11.26 27.00-45.05 002148.SZ 13.26 37.48 3.33 2.93 34.15-76.14 002095.SZ 27.35 28.68-3.30 31.27 25.25-35.48 300051.SZ 9.95 35.90 68.50 22.90 1.14-35.17 300226.SZ 33.02 45.26 27.85 33.26 37.22 36.38 300178.SZ 12.71 37.20 7.54 13.36 53.94-11.78 Wind 9 2 ROE(%) ROA(%) 2009 2010 2011 1-9 2009 2010 2011 1-9 2009 2010 2011 1-9 5.00 9.06 12.06 5.13 6.30 6.77 16.86 16.38 17.83 600637.SH 2.95 8.55 4.19 3.25 4.73 1.85 19.06 13.32 11.52 000665.SZ 3.33 6.90 18.53 7.26 8.42 11.80 11.23 12.99 12.11 600831.SH 6.62 9.00 10.07 4.98 5.35 5.87 26.09 29.34 28.19 600832.SH 6.54 8.16 6.02 6.16 7.69 5.50 11.91 10.73 10.24 002238.SZ 6.43 6.75 10.56 6.14 5.45 7.79 18.88 18.81 20.51 600037.SH 7.53 7.11 5.67 5.34 4.42 2.81 7.82 7.45 7.93 000917.SZ 1.62 16.96 29.35 2.77 8.02 11.80 23.02 22.00 33.99 26.59 11.98 10.89 17.98 10.70 9.31 14.93 13.90 11.88 600386.SH 12.59 12.46 13.09 9.51 10.24 10.71 14.20 14.17 17.58 300058.SZ 25.39 11.15 13.88 24.74 13.21 12.93 31.59 29.40 19.59 002400.SZ 37.48 11.51 9.20 12.29 7.22 5.76 7.48 6.24 6.15 300071.SZ 30.90 12.81 7.37 25.36 12.13 7.82 6.44 5.77 4.19 4.13 11.56 9.86 8.54 9.32 7.68 17.41 18.41 16.16 601098.SH 21.73 12.24 9.96 9.01 7.62 5.82 27.36 26.68 23.68 300148.SZ 23.21 10.36 7.55 22.90 11.74 8.01 18.24 13.30 11.86 600373.SH -74.34 20.26 15.68-2.91 12.07 10.11 6.02 24.35 16.50 600551.SH 12.18 10.16 11.09 9.13 7.61 8.22 13.45 13.65 10.93 601999.SH 9.14 8.51 5.25 5.65 5.31 2.87 17.48 18.99 17.41 600825.SH 11.61 9.23 6.05 7.84 6.67 3.06 22.16 23.72 23.55 601801.SH 15.13 11.92 10.56 9.16 7.77 7.66 20.05 19.61 17.70 600880.SH 22.67 21.73 20.99 20.07 19.40 16.47 12.86 12.59 11.58 000793.SZ 7.48 9.83 9.88 10.61 13.82 13.96 19.66 17.88 17.65 002181.SZ -7.47 1.39 1.06-6.10 1.18 0.64 16.81 13.37 10.76 24
19.47 10.64 9.20 18.41 10.61 8.41 13.17 14.51 15.32 002292.SZ 14.35 10.40 9.01 14.17 9.51 7.62 18.88 17.90 22.97 300027.SZ 9.78 9.84 8.69 11.05 9.53 7.93 22.40 25.94 30.98 600088.SH 12.87 8.28 5.61 8.28 6.12 2.82 2.94 4.41 3.64 300133.SZ 40.89 14.05 13.50 40.15 17.28 15.27 8.46 9.79 3.69 28.06 14.74 7.55 23.82 12.39 6.61 37.72 40.13 38.50 002315.SZ 10.92 9.94 10.15 10.37 7.93 8.28 37.14 34.43 36.53 300033.SZ 13.47 8.70 6.09 13.43 6.93 5.35 46.74 38.09 17.12 300052.SZ 26.48 6.66 1.86 22.90 4.32 0.36 43.92 56.51 69.92 300059.SZ 30.93 7.09 6.75 27.53 4.54 4.97 33.87 36.94 31.24 002261.SZ 15.20 16.58 8.01 13.86 15.60 8.14 24.69 24.96 33.69 002148.SZ 9.30 11.64 2.35 9.34 12.06 3.20 25.89 22.16 36.63 300104.SZ 26.99 12.45 11.95 25.06 12.38 12.47 26.20 30.74 25.01 300113.SZ 74.81 12.15 8.01 64.33 12.35 6.47 45.49 54.56 44.18 002095.SZ 10.72 12.37 8.10 9.46 11.25 7.68 51.73 44.65 57.87 601519.SH 47.56 21.65 5.69 43.64 18.97 3.18 31.38 48.57 46.06 300051.SZ 38.29 11.27 4.37 32.15 10.24 4.39 42.46 55.31 56.13 300226.SZ 32.18 32.53 13.88 20.21 20.85 11.29 54.72 50.76 56.38 300178.SZ 27.93 28.54 11.00 17.39 23.64 10.10 26.18 24.03 26.39 Wind 25
: 6 12 6 12 6 12 : 6 12 15% 6 12 5 15% 6 12 ±5% 6 12 5% 26