2019–2021
1 50 51 52
53 78
H
2020 4 9
..................................................................... ii
................................................................ 1
1 ........................................................... 2
2 ......................................... 2
3 ............................ 11
4 2019–2021 .................................... 25
5 .................................................... 26
6 ............................................ 40
7 .............................................. 45
8 .............................................. 47
9 ......................................... 47
10 ........................................................ 49
........................................................ 51
.......................................................... 53
...................................... 79
..................................... 110
........... 111
........................................ 114
......................................................... 116
–i–
2020 5 29 2019
A
A A
A 2020 5 29
22 B
A
1,327,371.60
75
577,371.60
– ii –
H A
2019 3 22
H 1.00
H H
H 2020 5 29
22 B
H
– iii –
2020 4 3
51%
30%
51%
51% 30%
2020 3 27
– iv –
571
2020 3 27
2020 3 27
2019 5 31
–v–
22
2019–2021
–1–
2020 3 27
2020 3 27
2020 3 27 2019-2021
2019 8 23 2020 3 27
2020 3 27
8
69.45%
52.72%
57.76%
–2–
88.16%
100%
2020 3 27
1,327,371.60 75
50 125
60%
2020 3 27
2020 3 27
–3–
884,914.40
1,327,371.60 75 577,371.60
50 125
(%) (%)
– – 7,500,000,000.00 60.00%
4,071,428,571.43 81.43 4,071,428,571.43 32.57
357,142,857.14 7.14 357,142,857.14 2.86
357,142,857.14 7.14 357,142,857.14 2.86
214,285,714.29 4.29 214,285,714.29 1.71
5,000,000,000 100.00 12,500,000,000 100.00
–4–
1,327,371.60
2019 5 31
–5–
1.
2.
3.
1 2 3
–6–
2000 11 27 50
18 2 7 201 202
100%
81.43%
7.14% 7.14% 4.29%
12
2019 1242
2019 5 31
761,636.12 884,914.40
123,278.29 16.19%
–7–
14.61
14.62
–8–
2018
2019
2018 2018 95,823.10 9,031.56 2,706.03 1,264.07 947.45
2019 2019 118,251.18 8,182.59 3,130.60 1,443.39 1,077.50
[2017]146
–9–
1.
2.
3.
– 10 –
2019 3 22
69.45%
14A
14.29
5% 25%
14
2020 3 27
– 11 –
2020 3 27
(1)
(2)
(3)
(4)
(5)
(6)
– 12 –
(7)
(8)
(9)
(10)
(11)
(12)
2020 12 31
(1)
(i)
(ii)
– 13 –
(2)
(i)
(ii)
– 14 –
(1)
(2)
(3)
(4)
– 15 –
(1)
(2)
(3)
(4)
(5)
(6)
(7)
– 16 –
(8)
(9)
(10)
(11)
(12)
(i)
– 17 –
(ii)
(iii)
50%
(iv)
(v)
(vi)
(13)
(14)
– 18 –
2020 12 31
2017 12 31 2018 12 31 2019 12 31
(1)
2017 2018 2019
12 31 12 31 12 31
60,423.9 81,875.1 104,902.7
(2)
2020
12 31
20,500
– 19 –
(1)
2017 2018 2019
12 31 12 31 12 31
1.8 2.3 1.3
(2)
2020
12 31
200
(a)
(b)
– 20 –
(c)
(d) 2019 12 31 514.81
2020
205
(e)
(f)
2018 12 31 2017 12
31
– 21 –
2020
2
14.07 0.1%
14A.90
2020 12 31
2017 2018 2019
12 31 12 31 12 31
14,198.0 19,984.0 25,177.7
– 22 –
2020
12 31
100,000
– 23 –
69.45%
14A
14
14.07
5% 25%
14A
– 24 –
2019–2021
[2012]37 3 ––
[2013]43
2019–2021
35%
2019–2021
2019–2021
2019–2021
50%
2019–2021
2019–2021
– 25 –
2019–2021
2020 3 27 9 0 0
2019–2021
2019–2021
2019–2021
2019 8 23
2019 8 23 2020
3 27
A H
.
– 26 –
.
.
.
– 27 –
.
.
.
– 28 –
.
– 29 –
.
.
.
– 30 –
.
.
– 31 –
.
.
– 32 –
.
.
– 33 –
.
.
.
7 1 1
– 34 –
.
– 35 –
.
5%
– 36 –
5%
– 37 –
.
.
.
– 38 –
.
A A H H
– 39 –
2020 3 27
45
– 40 –
45 50
20
20
– 41 –
– 42 –
– 43 –
– 44 –
2020 3 27
1.
2.
3.
1.
2.
3.
– 45 –
– 46 –
2020 3 27
2020 5 29
22 B
(1)
(2)
(3) 2019-2021
– 47 –
(4)
(5)
(6)
(7)
2020 5 29
22 B A A
2020 5 29
22 B H H
A H
13,812,709,196
69.45%
H
H
H H
– 48 –
A H A
H
– 49 –
51 52 53 78
2020 4 9
– 50 –
53 78
– 51 –
2020 4 9
– 52 –
189
29 30
(1)
(2)
2020 12 31
2020
4 9
– 53 –
2020 3 27
13,812,709,196
69.45%
14.29
14A.06 5%
25%
2020 3 27
60%
69.45% 2020 12
31 14A.06 5%
25% 14A
14A
– 54 –
(i)
(ii)
(iii)
13.84
2020 3 27
– 55 –
1.
A.
(i)
(ii)
69.45%
– 56 –
(iii)
100%
2020 3 27
1,327,371.60 75
577,371.60
50 125
60%
[2017]146
– 57 –
2015 6
1 2
2019 12 31
417.7
1,099.2 38.00%
65%
– 58 –
2019 12 31
13.76% 2020 20%
40%
B.
––
C.
2019 5 31
8,849.1440
13.80(2)(b) (1)(d)
– 59 –
20
1
2
2019 5 31
761,636.12 2019 5 31
884,914.40
– 60 –
2019 6 1 2023 12 31
2019 5 31
= +
+
2018 4
– 61 –
Wind 2011
2015 2.64% 2016 2019
2.16%
10.40%
(i)
3.28% (ii) 7.24%
(iii) 0.847
A (iv)
1.00%
– 62 –
(i) (ii)
D.
2019 5 31 8,849,144
13,273,716
22,122,860
60%
13,273,716
– 63 –
E.
2019 5 31
– 64 –
F.
–
2019 12 31 13.76%
2020 20%
100% 40% 60%
– 65 –
2.
A.
2019 3 22
2019 3 22 2019 5 10
(1)
(2)
(3)
– 66 –
2018
55,986
2019 12 31
2011 2030
2018 2019 12 31
2018 12 31 5,772 27.72% 2019 12 31
4,172 2018 12 31 46,765 21.00%
2019 12 31 36,943 2018 12 31
6,823 49.29% 2019 12 31 3,460
2018 12 31 59,360
24.91% 2019 12 31 44,575
2006 12 29
[2006]96
– 67 –
1
2 3
B.
2020 12 31
(i)
(ii)
(iii)
(iv)
(v)
(vi)
– 68 –
(vii)
(viii)
(ix)
(x)
(xi)
(xii)
(1)
(i)
(ii)
– 69 –
(2)
(i)
(ii)
– 70 –
(i)
(ii)
2017 2018 2019
2017 2018 2019
1
2
– 71 –
(iii)
(i) (ii) (iii)
(iv)
2017 2018 2019
– 72 –
(1)
(2)
(3)
C.
(i) 2019 12 31
(ii) 2020 12 31
12 31
2017 2018 2019
60,423.9 81,875.1 104,902.7
1.8 2.3 1.3
– 73 –
12 31
2020
20,500
200
2020 12 31
(1) (2)
(3)
(4)
(5) (6)
– 74 –
(i) 2019 12 31
60,423.9 81,875.1
104,902.7 294.75% 399.39%
511.72%
1 2
(ii) 2019 12 31
49.01% 2019
1
2 3 2019
300 4 2019 5
(386.HK) (857.HK)
(1919.HK) (883.HK)
2019 2019 2019
132.64% 72.91% 62.39% 69.78%
2020 2020
2019 12 31
49.01% 2019
– 75 –
(iii) 2019 12 31
1.8 2.3 1.3
14A.55 14A.59
(a)
(i)
(ii)
(iii)
(b)
10
(i)
(ii)
– 76 –
(iii)
(iv)
(c)
(b)
(d)
(i)
(ii)
– 77 –
2020 4 9
6 20
– 78 –
(2019) 1242
– 79 –
. .
.
.
.
.
.
.
.
.
.
.
.
.
– 80 –
.
.
.
.
.
.
.
– 81 –
2019 5 31
10,431,298.00
9,669,661.88 761,636.12
– 82 –
884,914.40
123,278.29 16.19%
– 83 –
2019 5 31
.
1.
18 2 7 201
202
500,000
– 84 –
1 81.43% 407,142.85
2 7.14% 35,714.29
3 7.14% 35,714.29
4 4.29% 21,428.57
100.00% 500,000.00
– 85 –
2.
2016/12/31 2017/12/31 2018/12/31 2019/5/31
527,758.45 484,060.02 628,499.49 456,588.13
1,704,617.26 4,104,788.31 4,986,152.47 6,886,025.72
– 150,000.00 295,633.17 –
2,988,111.27 2,947,781.72 3,396,873.53 2,915,352.24
– 10,000 109,703.63 10,163.78
– – 145,099.20 145,648.50
498.59 427.31 356.98 323.13
– – 174.99 83.74
82.41 259.38 1,770.40 1,612.20
12,685.96 15,753.89 17,395.34 15,104.27
256,725.26 18,600.55 651.10 396.30
5,495,481.61 7,736,880.38 9,582,310.29 10,431,298.00
4,660,269.93 6,890,254.01 8,674,111.74 9,511,203.45
943.09 961.14 994.49 985.81
4,798.38 4,716.46 2,242.05 1,694.95
28,662.88 31,228.74 – 153,359.72
0.60 169.80 25.43 25.43
44,636.16 862.43 1,780.14 2,392.52
4,739,311.05 6,928,192.58 8,679,153.85 9,669,661.88
– 86 –
2016/12/31 2017/12/31 2018/12/31 2019/5/31
500,000.00 500,000.00 500,000.00 500,000.00
1,619.19 1,619.19 1,619.19 1,619.19
– 352.50 76.28 625.58
55,045.47 63,759.06 73,233.55 73,233.55
75,483.46 109,887.16 135,656.57 135,656.57
124,022.44 133,069.88 192,570.86 50,501.24
756,170.56 808,687.80 903,156.44 761,636.12
5,495,481.61 7,736,880.38 9,582,310.29 10,431,298.00
2016 2017 2018 2019 1–5
199,907.12 216,992.64 266,796.51 92,441.86
993.96 906.76 860.40 200.60
– 2,140.42 1,181.84 –
5,065.12 3,026.85 1,776.85 444.21
2.41 206.78 -209.20 –
– 42.00 210.84 –
– – -13.92 0.12
117,377.51 134,153.68 270,603.32 93,086.79
– 87 –
2016 2017 2018 2019 1–5
88,468.84 89,032.24 122,294.85 41,250.72
122.26 129.55 133.24 72.73
2,652.55 1,206.04 956.48 308.57
4,866.75 5,178.16 6,731.33 1,391.22
4,549.39 11,978.35 14,080.60 17,288.75
12,068.69 18,362.54 144,196.50 25,734.48
104,093.99 115,793.56 126,406.82 67,352.31
26,380.36 28,657.69 31,661.96 16,851.07
77,713.63 87,135.87 94,744.87 50,501.24
2018
3.
– 88 –
.
.
10,431,298.00
9,669,661.88
761,636.12
– 89 –
1.
(1)
3
1998 2000
1,572.60
1,612.00
1 2 1 3
42.98
1
(2000)11206
00981
– 90 –
2 2007
1753
3
6751
(2)
9
468
2.
16
– 91 –
3.
6,499,004.96
4.
.
.
2019 5 31
.
1. 2019 5 17
– 92 –
1. 2016 7 2
2. 2013 12 28
3. 86
4. 2007 3 16
5. 2008 10 28
6. 378 588
7. 91
8. [1992]36
9. 12
10. [2006]274
11. [2009]941
– 93 –
12. [2013]64
13. 32
14. [2006]306
15. 47
16. – 33
– 76
17. 65
18. [2016]36
1. [2017]43
2. [2017]30
3. [2018]36
4. [2018]35
5. [2017]33
– 94 –
6. [2018]37
7. [2017]35
8. [2018]38
9. [2017]37
10. [2017]38
11. [2017]39
12. [2017]43
13. [2017]46
14. [2017]47
15. [2017]48
1.
2.
3.
4.
– 95 –
1.
2.
3.
1.
2.
3.
.
–
– 96 –
(D+E)
= +
– 97 –
P:
F i: i
F n:
r: CAPM
n:
i: i
g:
= + +
=
(CAPM)
r f:
MRP:
:
r c:
– 98 –
1.
2.
3.
4.
P/E P/B P/S
– 99 –
(P/B)
5.
.
2019 6 27 2019 7 25
2019 6 27
1.
2.
3.
– 100 –
(1)
(2)
2019 6 28 2019 7 5
1.
(1)
– 101 –
(2)
(3)
(4)
(5)
– 102 –
2.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
– 103 –
.
1.
2.
3.
4.
– 104 –
5.
6.
1.
2.
3.
4.
.
10,431,298.00
9,669,661.88 761,636.12
884,914.40 123,278.29
16.19%
– 105 –
10,431,298.00
9,669,661.88 761,636.12
851,680.69 90,044.58
11.82%
884,914.40
851,680.69 33,233.71 3.90%
884,914.40
– 106 –
.
1
(2000)11206
00981
2 2007
1753
3
6751
– 107 –
.
– 108 –
.
2019 7 25
– 109 –
1.
2.
3.
4.
5.
6.
1.
2.
3.
4.
– 110 –
14.61
1
– 111 –
14.62(2)
3000
– 112 –
14.62(2)
2020 3 27
– 113 –
1
29
22
100011
2020 3 27
2020 3 27
1,327,371.60
750,000
2019 7 25
14.61
2020 3 27
– 114 –
14.62(3)
– 115 –
1.
2.
2.1
XV (i)
XV 7 8 (ii)
352 (iii)
2.2 2019 12 31
3.
XV
2 3
10%
– 116 –
H A
H H H A
A A
% %
1 A 13,812,709,196 83.76 69.45
2 BlackRock, Inc. H 230,414,404 6.78 1.16
3 Citigroup Inc. H 213,989,820 6.29 1.08
23,369,635 0.68 0.18
188,536,473 5.54 0.95
(1) BlackRock, Inc. H 175,000 H
(2) Citigroup Inc. 213,989,820 H 25,453,347 H
188,536,473 H Citigroup
Inc. 23,369,635 H
H
a. 1,925,552 H 1,250,000 H
b. 1,517,403 H 1,517,403 H
c. 130,000 H
– 117 –
4.
4.1
4.2
4.3
4.4 2019 12 31
– 118 –
5.
6.
2019 12 31
7.
– 119 –
8.
8.1
8.2
2019-03
2017-11
2018-06
2018-06
2017-11
2017-11
XV 2 3
– 120 –
8.3
9.
9.1
9.2
9.3
9.4
9.5
9.6
9.7
9.8
9.9 4.1
9.10
– 121 –
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