????:1?????spa?????:??????????

2?????

3?????QQ

4???????

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??

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