2021骞�寤ｆ澅璨＄稉(j墨ng)澶у(xu茅)纰╁＋鐮旂┒鐢�鎷涚敓鑰冭│鑰冪爺澶х侗

 銆婇噾铻嶅(xu茅)缍滃悎銆�

銆婇噾铻嶅(xu茅)缍滃悎銆嬭€冭│澶х侗姒傝堪锛�

閲戣瀺瀛�(xu茅)鍜屽叕鍙歌病鍕�(w霉)鐩搁棞(gu膩n)鐨勫熀鏈蹇点€佸熀鏈悊璜�銆傝€冨療瀛�(xu茅)鐢熷皪閲戣瀺瀛�(xu茅)鍜屽叕鍙歌病鍕�(w霉)鐨勫熀鏈煡璀樼殑鎺屾彙鍜岄亱(y霉n)鐢ㄨ兘鍔�锛涙敞閲嶅皪瀛�(xu茅)鐢熺煡璀樼祼(ji茅)妲�(g貌u)鍜岄亱(y霉n)鐢ㄧ煡璀樼殑鑰冨療锛岃€冨療瀛�(xu茅)鐢熺稖鍚堥亱(y霉n)鐢ㄩ噾铻嶅(xu茅)銆佸叕鍙歌病鍕�(w霉)绛夊(xu茅)绉戠煡璀�锛岃В姹洪噾铻嶃€佸叕鍙歌病鍕�(w霉)绛夊闅涘晱椤岀殑鑳藉姏銆�

绗竴閮ㄥ垎 銆婇噾铻嶅(xu茅)銆�

涓€銆佺附璜�

1.璨ㄥ梗

璨ㄥ梗鐨勫畾缇�锛岃波骞ｇ殑鑱疯兘锛岃波骞ｇ殑椤炲瀷锛岃波骞ｅ埗搴�锛岃波骞ｇ殑搴﹂噺鑸囪波骞ｅ堡娆＄殑鍔冨垎銆佽波骞ｈ垏婧�(zh菙n)璨ㄥ梗銆�

2.閲戣瀺绯荤当(t菕ng)

璩囬噾鐩堜綑鑰呰垏璩囬噾鐭己鑰�锛岃硣閲戠泩浣欒€呰垏鐭己鑰呯洿鎺ョ殑鑱�(li谩n)绯绘(j墨)鍒�锛岄噾铻嶉珨绯荤殑鍔熻兘锛岄噾铻嶅伐鍏�锛岄噾铻嶇郴绲�(t菕ng)涓殑淇℃伅涓嶅皪绋�銆�

3.璨ㄥ梗鐨勬檪闁撳児鍊�

璨ㄥ梗鐨勬檪闁撳児鍊煎強鍏惰▓閲�锛屽京(f霉)鍒╄垏绲傚€肩殑瑷堢畻锛岀従(xi脿n)鍊艰垏骞撮噾鐝�(xi脿n)鍊硷紝骞撮噾鐝�(xi脿n)鍊艰垏绲傚€肩殑绲�(ji茅)鍚�锛岄€氳波鑶ㄨ劰銆佸埄鎭▍鐨勫奖闊�銆�

4.璩囨簮鐨勬檪闁撻厤缃�:鍎茶搫鑸囨秷璨�(f猫i)鐨勯伕鎿�

鍎茶搫鐨勬€ц唱(zh矛)鍙婂叾褰㈠紡锛屽劜钃勭殑鍕曟(j墨)锛屽劜钃勮垏娑堣不(f猫i)鐨勯伕鎿囷紝鐢熷懡鍛ㄦ湡鍎茶搫瑷堝妰銆�

5.璩囬噾鐩堜綑鑰呯殑璩囩敘(ch菐n)閬告搰鑸囬ⅷ(f膿ng)闅鐞�

璩囩敘(ch菐n)鐨勯鍒ュ強鍏跺悇鑷殑灞€�锛岃硣鐢�(ch菐n)閬告搰鐨勬焙瀹氬洜绱�锛岃硣鐢�(ch菐n)棰�(f膿ng)闅強鍏剁鐞�銆�

6.璩囬噾鐭己鑰呯殑铻嶈硣閬告搰

鍏�(n猫i)婧愯瀺璩囪垏澶栨簮铻嶈硣锛屽婧愯瀺璩�锛屼紒妤�(y猫)铻嶈硣绲�(ji茅)妲�(g貌u)锛屾斂搴滆瀺璩�銆�

浜�銆佹(j墨)妲�(g貌u)鑸囧競鍫�

7.閲戣瀺绯荤当(t菕ng)涓殑閲戣瀺姗�(j墨)妲�(g貌u)

鍟嗘キ(y猫)閵€琛岋紝鏀跨瓥鎬ч妧琛岋紝淇濋毆鍏徃锛岃瓑鍒歌垏鏈熻波甯傚牬锛屽叾浠栭噾铻嶆(j墨)妲�(g貌u)锛屾斂绛栬垏鐩�(ji膩n)绠￠噾铻嶆(j墨)妲�(g貌u)銆�

8.鍟嗘キ(y猫)閵€琛屾キ(y猫)鍕�(w霉)鑸囩鐞�

鍟嗘キ(y猫)閵€琛屾キ(y猫)鍕�(w霉)锛岃硣鐢�(ch菐n)鑸囪矤(f霉)鍌电鐞�锛屾祦鍕曟€х鐞嗭紝淇＄敤棰�(f膿ng)闅鐞�锛屽埄鐜囬ⅷ(f膿ng)闅鐞嗭紝璩囩敘(ch菐n)璀夊埜鍖栬垏閵€琛岄ⅷ(f膿ng)闅鐞�銆�

9.闀锋湡璩囨湰甯傚牬

闀锋湡璩囨湰甯傚牬瀹氱京锛岄暦鏈熻硣鏈競鍫村伐鍏风殑鐧�(f膩)琛岃垏浜ゆ槗锛岃硣鏈競鍫村偟鍒稿児鍊艰⿻浼�锛岃偂绁ㄥ児鍊艰⿻浼�锛屽競鍫存湁鏁堟€ц垏甯傚牬鐨勯亷搴﹀弽鎳�(y墨ng)銆�

10.鐭湡璨ㄥ梗甯傚牬

鍚屾キ(y猫)鎷嗗€熷競鍫�锛岀エ鎿�(j霉)甯傚牬锛岀煭鏈熷偟鍒歌垏鍌靛埜鍥炶臣甯傚牬锛岃波骞ｅ競鍫村熀閲�銆�

11.澶栧尟甯傚牬

澶栧尟鑸囧尟鐜�锛屽鍖氦鏄�锛屽尟鐜囬ⅷ(f膿ng)闅強鍏剁鐞�銆�

12.閲戣瀺琛嶇敓鍝佸競鍫�

閬�(yu菐n)鏈熶氦鏄�锛屾湡璨紝鏈熸瑠(qu谩n)锛屼簰鎻涖€�

涓�銆侀噾铻嶈(di脿o)鎺�

13.璨ㄥ梗渚涚郸

鍩虹(ch菙)璨ㄥ梗鑸囧熀绀�(ch菙)璨ㄥ梗鏂圭▼寮忥紝閵€琛岄珨绯绘淳鐢熷瓨娆剧殑鍓�(chu脿ng)閫�锛岃波骞ｄ箻鏁�(sh霉)锛屾焙瀹氳波骞ｄ箻鏁�(sh霉)鍊煎洜瀛愮殑鑳屽悗鍥犵礌锛岃波骞ｄ緵绲︾殑鍏�(n猫i)鐢熸€ц垏澶栫敓鎬с€�

14.璨ㄥ梗闇€姹�

鍙ゅ吀璨ㄥ梗鏁�(sh霉)閲忚珫锛屽嚤鎭╂柉鐨勮波骞ｉ渶姹傜悊璜栵紝鍑辨仼鏂富缇╁皪鍑辨仼鏂波骞ｉ渶姹傜悊璜栫殑鐧�(f膩)灞�锛岀従(xi脿n)浠ｈ波骞ｆ暩(sh霉)閲忚珫锛岄枊鏀剧稉(j墨ng)婵�(j矛)涓殑璨ㄥ梗闇€姹�銆佽波骞ｆ浛浠ｈ垏璩囩敘(ch菐n)鏇夸唬锛岃波骞ｆ祦閫氶€熷害鑸囪波骞ｇ殑杩峰け銆�

15.鍒╃巼姘村钩鑸囧埄鐜囩祼(ji茅)妲�(g貌u)

鍒╃巼绺芥按骞崇殑姹哄畾锛屽埄鐜囩殑棰�(f膿ng)闅祼(ji茅)妲�(g貌u)锛屽埄鐜囨湡闄愮祼(ji茅)妲�(g貌u)銆�

16.鐗╁児姘村钩:閫氳波鑶ㄨ劰鑸囬€氳波绶婄府

鐗╁児绺芥按骞冲強鍏惰　閲�锛岀墿鍍规按骞虫尝鍕曠殑缍�(j墨ng)婵�(j矛)褰遍熆锛岀墿鍍规按骞宠垏灏辨キ(y猫)锛岃彶鍒╂櫘鏂洸绶�锛岀墿鍍规按骞虫尝鍕曠殑鍘熷洜锛岀墿鍍圭┅(w臎n)瀹氭斂绛�銆�

17.鍖巼鐨勬焙瀹氳垏鍖巼鍒跺害

鍖巼娉㈠嫊鐨勭稉(j墨ng)婵�(j矛)褰遍熆锛屽尟鐜囩殑姹哄畾锛屽尟鐜囧埗搴�锛屾渶鍎�(y艒u)璨ㄥ梗鍗€(q奴)銆�

18.鍦嬮殯鏀舵敮

鍦嬮殯鏀舵敮鑸囧湅闅涙敹鏀钩琛¤〃锛屽湅闅涙敹鏀け琛�锛屽湅闅涙敹鏀け琛＄殑瑾�(di脿o)鏁达紝鍖巼鍦ㄥ湅闅涙敹鏀(di脿o)绡€(ji茅)涓殑浣滅敤锛屽収(n猫i)澶栧潎琛＄殑娌栫獊鑸囨斂绛栨惌閰嶃€�

19.鍦嬫皯鏀跺叆鑸囩敘(ch菐n)鍑虹殑姹哄畾:IS-LM妯″瀷锛岀附鐢�(ch菐n)鍑虹殑姹哄畾锛屽晢鍝佸競鍫寸殑鍧囪　锛歀S鏇茬窔锛岃波骞ｅ競鍫寸殑鍧囪　锛歀M鏇茬窔锛屽潎琛″湅姘戞敹鍏ョ殑姹哄畾鑸囪嚜鍕曡(di脿o)鏁存(j墨)鍒�锛孖S-LM妯″瀷涓殑璨℃斂鏀跨瓥鑸囪波骞ｆ斂绛栥€�

20.涓ぎ閵€琛岃波骞ｆ斂绛栨搷浣�

璨ㄥ梗鏀跨瓥鐨勭祩妤电洰妯�(bi膩o)锛岃波骞ｆ斂绛栨搷浣滃伐鍏凤紝璨ㄥ梗鏀跨瓥鐨勬墜娈佃畩閲忚垏涓粙鐩(bi膩o)锛岃波骞ｆ斂绛栧偝灏�(d菐o)姗�(j墨)鍒�锛岃波骞ｆ斂绛栨晥鏋�锛岃波骞ｆ斂绛栧摬瀛�(xu茅)銆�

鍥�銆侀噾铻嶇櫦(f膩)灞曡垏绌�(w臎n)瀹�

21.閲戣瀺鐧�(f膩)灞曡垏閲戣瀺绲�(ji茅)妲�(g貌u)

閲戣瀺鐧�(f膩)灞曪紝閲戣瀺鐧�(f膩)灞曚腑鐨勯噾铻嶇浉闂�(gu膩n)姣旂巼锛岄噾铻嶇櫦(f膩)灞曠殑璺緫锛岀従(xi脿n)浠ｉ噾铻嶇祼(ji茅)妲�(g貌u)锛岄噾铻嶇櫦(f膩)灞曚腑鐨勯噾铻嶅叏鐞冨寲銆�

22.閲戣瀺娣卞寲鑸囬噾铻嶈嚜鐢辨瘮

鐧�(f膩)灞曚腑鍦嬪閲戣瀺鍒跺害鐨勭壒寰佸強閲戣瀺鎶戝埗锛岃波骞ｈ垏璩囨湰鐨勪簰瑁�(b菙)鎬с€佸劜钃勮垏澧為暦鐨勮壇鎬у惊鐠�(hu谩n)锛岄噾铻嶈嚜鐢卞寲銆�

23.閲戣瀺鍗辨(j墨)

閲戣瀺鍗辨(j墨)瀹氱京锛岄噾铻嶈剢寮辨€ц垏閲戣瀺娉℃搏锛岄噾铻嶉儴绌�(w臎n)瀹氭ā鍨嬭垏閲戣瀺鍗辨(j墨)鐨勫舰鎴愰亷绋�锛岃波骞ｅ嵄姗�(j墨)鐞嗚珫锛岄噾铻嶅嵄姗�(j墨)鐨勯槻鑼�銆�

24.閲戣瀺鐩�(ji膩n)绠�

閲戣瀺鐩�(ji膩n)绠＄殑蹇呰鎬э紝閵€琛屾キ(y猫)鐨勭洠(ji膩n)绠�锛岃硣鏈競鍫寸殑鐩�(ji膩n)绠�锛屼繚闅洠(ji膩n)绠�锛岄噾铻嶇洠(ji膩n)绠￠珨鍒�

绗簩閮ㄥ垎 銆婂叕鍙搁噾铻嶃€�

1.鍏徃璨″嫏(w霉)姒傝堪

鍏徃璨″嫏(w霉)鐨勫畾缇�锛屼紒妤�(y猫)鐨勭祫绻斿舰寮�锛岃病鍕�(w霉)绠＄悊鐩(bi膩o)銆�

2.璨″嫏(w霉)鍫辫〃鍒嗘瀽

鏈冭▓鍫辫〃锛岃病鍕�(w霉)姣旂巼鍒嗘瀽锛屾潨閭︽亽绛夊紡銆�

3.闀锋湡璨″嫏(w霉)瑕�(gu墨)鍔�

璨″嫏(w霉)瑷堝妰妯″瀷锛岄姺鍞櫨鍒嗘瘮娉�锛屽閮ㄧ睂璩囪垏澧為暦銆�

4.鏈締鐝�(xi脿n)閲戞祦閲忎及鍍�

鐝�(xi脿n)閲戞祦銆佹姌鐝�(xi脿n)鑸囧京(f霉)鍒�锛屽偟鍒哥殑浼板€硷紝鑲＄エ鐨勪及鍊�銆�

5.璩囨湰闋�(y霉)绠�

鎶曡硣姹虹瓥鏂规硶锛屽閲忕従(xi脿n)閲戞祦锛屽噲鐝�(xi脿n)鍊奸亱(y霉n)鐢�锛屾晱鎰熸€у垎鏋�銆佹儏澧冨垎鏋愯垏淇濇湰榛炲垎鏋�銆�

6.棰�(f膿ng)闅垏鏀剁泭

棰�(f膿ng)闅垏鏀剁泭鐨勫害閲�锛屽潎鍊兼柟宸ā鍨嬶紝绯荤当(t菕ng)鎬чⅷ(f膿ng)闅垏闈炵郴绲�(t菕ng)鎬чⅷ(f膿ng)闅�銆�

7.璩囩敘(ch菐n)瀹氬児鐞嗚珫

璩囨湰璩囩敘(ch菐n)瀹氬児妯″瀷锛圕APM锛�锛屽鍒╁畾鍍规ā鍨嬶紙APT锛�锛孋APM鑸嘇PT鐨勬瘮杓�銆�

8.璩囨湰鎴愭湰

璨濆锛埼诧級鐨勪及瑷堬紝鍔犳瑠(qu谩n)骞冲潎璩囨湰鎴愭湰锛圵ACC锛�锛屽叕鍙歌硣鏈垚鏈垏闋呯洰璩囨湰鎴愭湰銆�

9.鏈夋晥甯傚牬鍋囪

鏈夋晥璩囨湰甯傚牬鐨勬蹇�锛屾湁鏁堣硣鏈競鍫寸殑褰㈠紡锛屾湁鏁堝競鍫磋垏鍏徃璨″嫏(w霉)銆�

10.璩囨湰绲�(ji茅)妲�(g貌u)鑸囧叕鍙稿児鍊�

鍌靛嫏(w霉)铻嶈硣鑸囪偂娆�(qu谩n)铻嶈硣锛岃病鍕�(w霉)鏉犳】鏁堟噳(y墨ng)锛孧M 瀹氱悊銆�

11.鏉犳】浼佹キ(y猫)鍍瑰€艰⿻浼�

瑾�(di脿o)鏁村噲鐝�(xi脿n)鍊兼硶锛圓PV锛夛紝娆�(qu谩n)鐩婄従(xi脿n)閲戞祦娉曪紙FTE锛�锛屽姞娆�(qu谩n)骞冲潎璩囨湰鎴愭湰娉曪紙WACC锛夛紝涓夌ó鏂规硶鐨勬噳(y墨ng)鐢ㄨ垏姣旇純銆�

12.鑲″埄鑸囪偂鍒╂斂绛�

鐝�(xi脿n)閲戣偂鍒╄垏鑲″埄娲剧櫦(f膩)锛岃偂鍒╂斂绛栬垏鎶曡硣姹虹瓥锛屽亸鎰涗綆鑲″埄銆侀珮鑲″埄鐨勭従(xi脿n)瀵﹀洜绱�銆�