“??????????”???,?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????????????????????

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