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

2??????????

3????????

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???????

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