????:1???????:??????

2????????400??

3?????

4???????200??????

5??????????

?????? ?:?????????

“?????????????????????????,????,???????????????????,????????????”13????????????,???

2017???????????,????????????(002352.SZ)????????????,????????????????????330????????????????????????????????,?????????????:?(09699.HK)???(02191.HK)???????????????????(00636.HK)?

??,?????????????,????????????????6???????????????????28???,???,??2024??????6??28???

???????????,?????“A+H”?????,??,??A?????20%,?????????????,????“????????”?

????????,????????????????????????300????????????????????????????,?????????????????????????????????,???????????????2018~2023?????,????????????????????347???????1182????,?????????48%??????????53%?

????,?????????A?????????2021????????2??121???,??35.69??,?????????????????,??????????????,?,?????????????

??????????????

?????????????,????????????????????????????????????,????????,?,?,?????????ESG(??????????????????)???,

?????????,??????,????????????,??6.255?????????????????

????1823?(????????6????3??????????)???????????????????48.95??????,?????????6.25??????????,??????206?????????????????

????8??,??????????????????????,?????????,??????,???

??2?????,??,????????????,???

“???????????,?????”?????2023?????????????8????17??,????????????????????????,??,?????????,?????????

????????????8???6??????,?????????????????“??????????”?

????,????????2023?????8?,?????????????47???????????/?????,???????35.69??????/??????,??20%?A?????????????????2021??5000???????1719???

?,?????????????????????????,????,?????????

??Wind??,???2?????????????,??????????,????15%?2024???????3??????,????6???????????,???????IPO??????Choice??,??????????????6????30??????????????????,????????25?,?106.49???

?,???????????????????????????6????,????????,10??????????????????2023????5?,????????????????????????8???,?????????“??????????”??????

??

???????,??

??????,2017???????????????,??????????????????,?330???

2017??8?????????????????,????35.69?2.27???????????,?80??;2021??,??????????????????57.18??????????????????????3.50????????,????????????200??????;2019????1????????????,?,??????????????58??????????????

???????????????????,?7????,??338??

??,?????????????????????,2019???2021?????????0.0???

?????????????,??3??«?????????????2023????????»????,?????2023?,??29.65?????,?????200.72????,?0.0???

??,????????????????????????????????????2017??????????????80??????????????;2019??????????????58??,????2021?,??????????????????,?200??,???????????????????????

????,?????????????????????????????,????????????????????88.5????????????56.2?????30.05????????????????

????,???????????,“?”???????????,2018??????,??????DHL???????????,?????????????55??????????????,????????????DHL?????DHL??100%??;2021???????,????????????????146?????,??????????

????????????,??????,2018??????2023???????????,????????????????????????????347????????????1182?????????,??????????48%???53%?2024????????,??????????2249.40??,??????1229.15??,?54.64%,???

???????????????????,??????,??,?????????339???????????????,???418??????

?????????????

????????,?3??,???????????????????????,?????

??“???”???????,???????????????2017?????3??????60??/??????,?,????????,?????2021???2?121.07????

??,????????,??????????,????????“?????????”?????????,?????????2??????????????????,???

???????????????????????????????2021????????11?,????????57.18?????????????/???????????????3.5????????Choice??????,???????????????22??,??6??????????????,??????,???????????????????????

???????????????????,???????2021????????????????~2023???????,??21.7%?16.03%?????????????29.75%??????6????28?????????,????????35.69?????

????????????????“????”?2022???5?????????,????40???,??????????2022???????12?????,??????,??????

??????????????????(??“??”)?,????????,?????????????????5876.18?,??33.6????

?????????,?????????5844.32???,??????????,????????????????????????????13??????????

????????????????????,2017?3??60?????????,??35.69??,???

???????

??,???

????????????????,???????,????2023????,????????,????????????

???,??????????????????,2013?,???????61.6%?????2022?????,????2.1%?

??????,????????,?????????????????,2021?2023?????,??????????????????????2072??????????????????2675?????2584?,????34.55%?29.11%?-3.39%,??????

???????????????????,???2021??????2023???????????????,??????????12.37%?12.49%?12.82%,?????1.89%?2.62%?3.06%????2017??,??20.07%???6.68%?

???????,2019????,??????????,????,????????

??????,????????????2015????,??«??????»??????????:“??????,????????,?????????,???????”

?,?????????,????????????????????????????????????,???,?????

??,2018???????,?(????????????????)?81.1%,2023?????54.5%?2018????????,??????????2.8%,2023??23.2%?

????,?“??????????”?

???????,????,???????????????????????????????,??????2022???1.6%?????????2023?????6%,2023??????????2.3??????,?369%,?3.27??????,?????????299.7%?????2024??????,????3?31????????2024?,????,??????????????500???????2024??????????????????,?????????????990.2???????28%,???????????

?,???4????????????????30?????,??,??,??????????????????2024??????111.70?101.25??;?2024???????????????96.9??93.2?????????

????,??,?????????“???????”? ????????????:??