“?”??????,???330???????????

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

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

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

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