1、 /2019 1-2519-5%-10%5%-8%23 3018100191718 A EPS PE 2017A 2018E 2019E 2017A 2018E 2019E A 28.31 2.54 3.17 4.01 11.15 8.93 7.06 9.84 1.32 1.76 2.17 7.45 5.59 4.53 8.87 0.16 0.59 1.08 55.44 15.03 8.21 12.22 1.52 2.09 2.57 8.04 5.85 4.75 30.81 3.91 5.09 6.31 7.88 6.05 4.88 EPS PE 2019E 2020E 2021E 2019E
2、 2020E 2021E 6.32 1.14 1.68 2.25 5.5 3.8 2.8 9.64 2.17 2.58 3.00 4.4 3.7 3.2 8.82 1.12 1.92 2.52 7.9 4.6 3.5 31.25 5.09 6.31 8.24 6.1 5 3.9 -20%-11%-2%7%16%25%2018/62018/72018/82018/92018/102018/112018/122019/12019/22019/32019/42019/5%1M 3M 12M 2.52%-7.64%0.97%-3.25%-9.21%-5.80%163 24924 21117 10.33
3、 1.77 22993 2044%79.18 2019-06-04 2018 2019-04-29 2018-11-30 S0550511020011 S0550117090050 S0550118070032 /2019-06-27 2/49 1.7 1.1.7 1.2.8 1.3.11 1.4.13 1.5.17 1.6.19 2.22 2.1.22 2.2.23 2.3.25 2.4.26 2.5.30 3.33 3.1.33 3.2.34 3.3.36 4.36 4.1.36 4.2.37 4.3.38 4.4.39 5.41 5.1.41 5.2.42 5.3.43 5.3.1.44
4、 5.3.2.45 5.3.3.46 5.3.4.47 3/49 1A.7 2.8 3.8 430.8 5.8 6.9 7.9 8.9 9.9 10.10 11.10 12.10 13/.10 14.11 15.11 16.11 17.11 18.12 19.12 20.13 21.13 22.13 23.13 24ROE.13 25ROE.13 261020100.14 271020100.14 282018.14 292018.14 30.15 3130.15 32.15 33.15 34.16 35.16 36.17 3720191-5.18 38.18 39/.18 40.19 41.
5、19 42.19 4/49 43.19 44.20 45.20 46.20 47.20 48.22 49.22 50.22 51.22 52.23 53.23 542010.23 55.24 56.24 57.24 58.24 59.24 60.24 61.25 62.25 63.25 64.26 65.26 66.26 67.26 68.26 692005.27 70.27 71.27 72.28 73.28 7430.28 75.28 76.28 77.28 78.29 79.29 802010.29 81.30 82.30 8370.30 84.31 85.31 86.31 87.31
6、5/49 88.31 892010.32 90.33 91.33 92.37 93.37 94.37 95.38 96.38 97.38 98.38 99.38 100.39 101.39 102.39 103.39 104.41 105.41 106.41 1072019Q1.42 108.42 109PEA.42 110PBA.42 6/49 1A.7 2.10 3.12 4.16 5.20 65.21 75.21 8.32 9.33 10.34 1120191-6/.34 12.39 132019.40 142019Q110.41 7/49 1.+X 1A A +X A 1.1.2019
7、6144113.78201943.20%10%417.65%1A Wind 20196213114554.7201824%59%53153%A 8/49 19%2 3 430 5 20152015 1.2.20181972325.71%175029.65%1617 51%1%3%20%9/49 6 7 Wind Wind 8 9 Wind Wind 2018190720162017532265%1020A3364222017293704+XA74100 10/49 10 11 Wind Wind 20182344836.69%17629420181.19/1.361.59 12 13/Wind
8、 Wind /1.5 2 +()/1182.31 132.68%2.18 1101.20 60.91%2.75 509.95 62.33%1.65 762.76 77.99%1.85 232.54 188.00%1.76 60.41 124.95%0.48 Wind 11/49 1.3.2016201720185605.3437.94%+X51%20%9%17%3%51.51%47.11%201828.42%8.87%172.520.2720182016 14 15 Wind Wind 16 17 Wind Wind 48%18%201617 12/49 201813.44%14.78%18
9、19 Wind Wind 3 ()601155.SH 104.91 74.02%19.38%601098.SH 21.93 263.90%5.47%000656.SZ 38.86 93.85%9.42%600675.SH 25.92 606.82%13.44%600657.SH 21.51 112.70%11.47%600173.SH 5.77 82.33%20.38%Wind 20187.47%20170.25 6.91%9.04%9.46%13/49 20 21 Wind Wind 22 23 Wind Wind ROE201817.47%ROE19.77%ROE 24ROE 25ROE
10、Wind Wind 1.4.14/49 2018TOP10066.70%43.71%TOP10TOP2026.90%37.50%19.08%25.74%261020100 271020100 20182017TOP20TOP30TOP5043.20%45.86%43.90%TOP10TOP30TOP10TOP2050%282018 292018 201933530154413.59%4 1-55.551.6%20%15/49 30 3130 20182551623.41%,1294020.81%557729.12%189833.10%20182018 2018 32 33 Wind Wind
11、16/49 34 35 Wind Wind 4 2018 601155.SH 2204.3 74.3%000961.SZ 1520.5 57.9%600466.SH 1041.7 51.2%000656.SZ 1291.1 89.5%20191-5TOP30243200.49%1.32pct199323.85%2.03pct 5top4-15 9TOP30 20191-5 20191-5 1 2921.6-12.66%2183.5-4.31%2 2291.9-10.21%2201.7-9.30%3 2145-10.33%1608.8-3.92%4 1674 8.42%1349.1 23.07%
12、5 1548.7 6.59%1119 3.71%6 1176.9 9.52%1114.9 8.07%7 1167.4 27.32%1148.2 34.03%8 780.7 17.22%651.6 25.14%9 743 24.87%622 21.56%10 681 -10.41%588.6 10.62%11 588 20.17%400.6 16.96%12 582.8 42.08%577.4 53.52%13 576.3 16.40%465 2.09%17/49 14 575.9 14.49%363.6 36.38%15 574.1 9.94%458.3 0.53%16 557.1 13.95
13、%378.2-10.42%17 553.1-5.49%207.1 6.37%18 530.2-6.65%376-4.06%19 510.9-2.69%524 37.10%20 490.2-30.07%468-32.56%20 458.4-6.22%442.2 1.80%22 445.2-11.37%366.1-17.90%23 387.1-21.32%323.8-26.02%24 356.6-20.26%291.8-5.26%25 352.3 33.75%255.8-0.08%26 351.2-14.59%340.5-9.35%27 346.2 13.32%302.9 41.61%28 320
14、.8-5.09%175.3 17.97%29 317.4 11.37%317.6 17.46%30 316.2-0.63%310.5 0.58%24320.2-0.49%19932.1 3.85%1.5.20182019515 36 1/TOP100 2/18/49 3720191-5 20184495725.24%20172015 2176748%11684487227.32%35.08%201818111.5711.42%201732.03%38 39/Wind Wind 19/49 40 41 Wind Wind 1.6.20191257542018Q1406118.72%120%105
15、%2019180%145%116%110%110%-15%-38%-35%+24%-24%+X 2019Q12019Q111212018Q121%296+X 42 43 Wind Wind 20/49 44 45 Wind Wind 2018201934500200201820182019 46 47 Wind Wind 2018 5 2017 2018 4.80%4.85%0.05%5.32%5.40%0.08%4.56%4.83%0.27%7.08%7.94%0.86%7.19%7.54%0.35%5.94%5.87%-0.07%21/49+X 5.98%6.42%0.44%5.25%5%
16、-6.5%-0.25%-1.25%4.67%4.76%0.09%5.2%6.1%0.9%6.24%6.81%0.57%8.09%8.18%0.09%Wind 65 19SCP002 -AAA 35.00 0.2590D 2.8%305 20187303.55%19SCP001 -AAA 15.00 0.33120D 2.98%10.54.5 20187253.74%19SCP001 -AAA 30.00 0.74270D 3.20%921 2018355.30%19SCP002 -AA+1.00 0.73268D 3.38%20178144.50%19SCP002 -AA+7.00 0.712
17、60D 3.39%()2018 20187304.27%Wind 75 INTELLECT AIM 1.875%CB2020 -11HKD 0.99 1.88%INTELLECT AIM MANAGEMENT LIMITED 3.75%N2024 -AAA 3USD 5.50 3.75%-POLY REAL ESTATE 3.875%B2024-BBB+Baa2 BBB 5USD 5.00 3.88%POLY REAL ESTATE FINANCE LTD()4.125%N2029 -AAA 5USD 10.00 4.13%-22/49 4.2%N2024 -6USD 5.26 4.20%()
18、Wind 2.2.1.20191-54607511.2%1-40.73378016.3%0.573.3%20191-5315705.16%1-40.36pct 252279714963714969.7%9.2%18.5%7.1%-1.1%+0.5%+0.1%-3.5%20195100.8540.07 48 49 wind wind 50 51 wind wind 23/49 542010 wind 2.2.20191-57978410.5%1-42.65912511.4%2.45198244.02%411.48 2670712.4%2.11883510.9%3.420191-57452868.
19、8%1-4 1-5 52 53 wind wind 24/49 55 56 57 58 59 60 25/49 2.3.20191-5517033.2%1-40.6226935.6%1-42.1 511514.869692.783675.77/19.62%443.745697.964265.454729.375.50%21.74%26.42%410.81pct2.15pct4.61pct7.20%48.79%1.30pct5.05pct 23 61 62 63 26/49 64 65 66 67 Wind wind 2.4.20191-5555181.6%1-41.3134335.51%6.7
20、7pct 68 27/49 11912.22305.58714.04-3.92%-11.42%-24.96%517736.1%1-4259403.71/4471/692005 51544.4313.59%47.78pct 1-56702.2310.44%1-40.91pct 70 71 Wind Wind 28/49 72 73 Wind 7430 75 Wind Wind 30 55092844529.10%4132227 76 77 wind wind 29/49 78 79 wind wind 80 2010 wind 20191-5220955.5%1-41.2277884.6%1.4
21、154120.1%2.3108726.2%4.2157883.8%1-41131710.8%122228.1%3.917952.3%1 30/49 81 82 wind wind 7011.3%0.1pct4.7%12.1%11.3%0.2 7.7%0.2pct0.3%8.1%8.2%0.5pct 8370 Wind 2.5.20191-5666897.6%1-41.3107625.5%1-41.8202764.1%1-41.22239511.3%1-43.81025110.8%1.6 31/49 84 85 86 87 88 32/49 892010 6 8 27 2+1 4.98%2019
22、-05-21 20 3+2 4.39%2019-05-22 5 3 4.15%2019-05-22 20 2+2 7.50%2019-05-23 5 2+2 4.05%2019-05-23 10 3+2 4.29%2019-05-23 10.00 3+N 5.78%2019-05-27 34.60 3+2 4.37%2019-05-27 5.00 270D 3.76%2019-05-29 1.70 2+2+1 7.80%2019-05-29 2.00 3 7.50%2019-05-30 8.00 2+1 8.50%2019-05-30 -2+2 8.10%2019-05-31 20 3+2 6
23、.50%2019-06-03 10 2+1 7.00%2019-06-05 31.5 3+2 4.35%2019-06-05 8 3 4.30%2019-06-05 -2+1-2019-06-06 5.00 5 6.80%2019-06-10 5.20 1 4.78%2019-06-12 -3 6.80%2019-06-14 Wind 201820195 33/49 5.42%20185.74%46bp7bp 90 91 wind 3.3.1.4192019“”“”20181012 20172“”“”9 2017/12 2018/4 2018/7 2018/10-2018/12-2019/4
24、34/49 10 2019/4 2019/5 2019/5 23 2019/6 3.2.2019“”1120191-6/2019.01 2019.01 201842220:00 2019.01 130%20%30%50%2019.02 2019.02 2019.03 300300.91.25 2019.03 2019.03 201920193%2019.04“”4%2019.05 35/49 2019.06 2019.06()112()5(5)1 1220191-5 2019.01 1354045404550;2 2019.02 2019 2019.02 2019.02 21431119010
25、0 2019.03 3 2019.03 20191120231231 2019.05 10%90120 2019.05 6010%90120 36/49 2019.05 60%12 2019.05 15 2019.05“”3.3.218 20192018 1 20181 2 3 4.4.1.“”“”2019119.0218418.940.08 37/49 201911.3623.41%92 93 Wind Wind 94 Wind 4.2.201912.801842.690.1126.58%17.72%18.34%13.42%14.18%14.75%216042.91%75%25%72.58%
26、201916.40%38/49 95 96 Wind Wind 97 98 Wind Wind 99 Wind 4.3.39/49“”100 101 Wind Wind 2018201955.42%1.10395.74%46bp7bp10.8%102 103 wind 4.4.517201923“”12 “”40/49 “”+“”“”132019 2019225 2019418 2019517“”/+20181620192018119182 41/49 104 105 wind wind 106 Wind 5.5.1.20182019+0.36%A 142019Q110 (%)()1 310
27、8.04%-16964 2 A 388 4.47%-9350 3 104 4.67%-3510 4 110 7.26%117 42/49 5 132 3.56%-3590 6 99 6.75%15848 7 124 5.07%2194 8 128 3.21%4753 9 34 1.94%-973 10 54 4.32%851 wind 1072019Q1 108 Wind Wind 5.2.20162017201819Q14614SW10.14201881.38 109PEA 110PBA wind wind “”1“”“”2 2016-2018 43/49 2019 3 4 2018104%
28、95%16.84%20182019 5.3.44/49 5.3.1.201877%7j715“”“”“”201920192019Q1 1825.25%20192021EPS5.096.318.24PE6.153.9 45/49 5.3.2.201930925%25029%84.74.827%198.49/6253.8%486 20184944486 202132019202020212017560%1060%1408%20182018202020181466181101420182019 202020191-4462.829%430056%201920202021EPS1.121.922.52
29、PE7.94.63.5 46/49 5.3.3.201966.64.7%7.830.2%2018563.6845.64%75.6531.31%20181015.649.5%1.03/201780%815175670%2019954.31201855.92112010%76177%3613320184502017202017123.75%87.86%96.542019611.431672.51 20180.4526%423.9%1.72019860 20192021EPS2.172.583.00PE4.43.73.2 47/49 5.3.4.2019156.773.4%564.31%201830
30、8.2125.53%22.2462.91%201885547%629287.520.91%2097341107%85%1253%18509.952.08 2018851496157%/1.43100/10670/,2018102.7%9.8pct26.1%27.3%1.621.747.54%201735bp 2018604006063201813.9943.95%2.8949.15%617 20192021EPS1.141.682.25PE5.53.82.8 48/49 2017 2018 “”R3ABAAABS “”615%65%15%6-5%5%65%15%615%6 6 6 49/49
31、http:/400-600-0686 6666 130119 28D 100033 729 200127 1224D 518000 021-20361121 13564972909 021-20361229 17717370432 021-20361258 18221628116 021-20361267 13956071185 chen_ 021-20361258 13120758587 L 021-20361121 18516562656 021-20361112 18801903156 010-58034553 18515018255 010-58034557 18501954588 010-58034555 13701194494 010-58034563 18501944669 010-58034565 18601018177 010-58034561 18600646766 0755-33975865 18938029743 liu_ 0755-33975865 15989508876 0755-33975865 13662669201 0755-33975865 18682251183 0755-33975865 18516772531 扫码关注：金融干货精选获取更多干货资料