?½æ³°??å®?è¯??¸ï?å¸??ºå??¤ç?µå????µä»·å??¨ä?大è??¥è??ºï?容é???µä»·????驱å?¨ç?¤ç?µè?产价?¼é????
????导è?ï¼?
????å¸??ºå??¤ç?µå????µä»·å??¨ä?大è??¥è??ºï?容é???µä»·????驱å?¨ç?¤ç?µè?产价?¼é??????
??????èµ?è¦??¹ï?
??????èµ?建è?ï¼?ç»´æ????å¢?????è¯?级ã??å¸??ºå??¤ç?µå????µä»·å??¨ä?大è??¥è??ºï?容é???µä»·????驱å?¨ç?¤ç?µè?产价?¼é????ï¼??¨è??å????¤ç?µè?产价?¼æ????è¶?é¢????????µè?ä¸?????ï¼??½ç?µç?µå???????½å?½é???????µå?½é????大å?????µã??粤ç?µå??A???³è?½è?¡ä»½ï¼???????????æ¶þ>?µå????ä¸??½ç?µå????广å???å±???
????å¸??ºè??¥è??ºä?ï¼??½å??å·²æ???µå??è¾??©æ???¡å??ºï?????è¿?è¡?容é??è¡¥å?¿æ?ºå?¶å»ºè®¾ã???µå??è¾??©æ???¡å??ºä?容é??è¡¥å?¿æ?ºå?¶é??对ç??并é???µå??ç³»ç?????ä¸??????????主è??¨æ?¥è§£?³ç?µå??ç³»ç??????µæ´»?§é???ï¼?????????¸ºè§£å?³ç?µå??ç³»ç??¿æ????è£?åºþB????????½è?å³°æ???´é?¨å???ºå???µå??ä¿?ä¾?å½¢å?¿ä??§ä¸¥å³»ï???ä»??计â??????äº??????´æ???½é?????µå???§ç?µæ?å¢???ä¾?åº??½å??????ï¼????¥ç?¤ç?µæ?ºç?è°????½å??ä»???»¡è¶³ç?µå??平衡??为ç?°å??????è·?????¨ç?缺å?ä»·æ?ºå?¶ç¼ºä½??????½ç?µå??å¸??ºï?ä¼?ç»??????µé???µä»·??å®?ä»·æ?ºå?¶å·²??æ³?ä¿????¤ç?µæ?ºç????????©æ¶¦??ï¼?äº???容é????è£??§æ?ºå?¶ï?容é???µä»·ï¼??¥ä????¶é¡º?©å??è°??????µæ?è½?????????æµ·å?ç»?éª????½å??å®??????µï???ä»??为å???è¡¥å?¿æ?ºå?¶æ???°é?¶æ????¥æ???½ç?¤ç?µè????½å??????ä½³æ?¹å???
????å¸??ºè??¥è??ºä?ï¼?容é??è¡¥å?¿æ?ºå?¶ä?为ç?µæ?侧â??å?????å¼???????ä»??为æ???¥æ???½ç?¤ç?µå???è¡¥å?¿æ??????¶å???ä¸?游ç?¨æ?·ä?导ï?????顺æ?????导é??å¾???容é??è¡¥å?¿æ?ºå?¶å?ä¿?è¿???èµ???ä¿????µå??ç³»ç??¿æ????è£?åºþ>??ä½??¨å????????ï¼???????æµ·å??å¤????¶ä?è°????§ç?µæ?容é??è¡¥å?¿ç?éª?ï¼???ä»??计æ???¥å?½å??容é??è¡¥å?¿æ?ºå?¶å»ºè®¾å?·å?以ä??¹ç?¹ï?1ï¼??µå??ä¾???紧缺???°è´§å¸??ºå?å±?è¿?ç¨?è¾?å¿?????份æ?´æ???¨å??å¼?å±??¤ç?µå???è¡¥å?¿ï?2ï¼?ä»?è¡¥å?¿æ?????¥ç??ï¼??±ä?ä¸?????份ç?µå??å¸??ºç?¹å???ä¸?游ç?µä»·?¿å???½å??ä¸???ï¼???份é?´å???è¡¥å?¿æ????å°??????¾å·®å¼?ï¼?3ï¼?ä»?è´¹ç?¨æ?¶å???¥ç??ï¼?容é??è¡¥å?¿è´¹?¨å???ä¸?游ç?¨æ?·ä?导ï?以ä????????¤ç?µæ?ºç??????¶ç????并é??±æ?°å?å¿?è¦????¤ç?µæ?ºç???èµ???
????å¸??ºè??¥è??ºä?ï¼?ä»??³æ³¨?¤ç?µæ?ºç????¥ç??????å¹?åºþ:????ä»??为å????µä»·å¯¹ä??¤ç?µæ?ºç?????ä¹?ä¸??¨ä????©æ°´å¹³ç??????ï¼????¨ä????©ç¨³å®??§ç??ä¼???????ä»??为ï?1ï¼???ä»??ç®?????ä¸?游å??ä¸?å¸??ºå??交æ?????µå???¨æ?·å?容é??è¡¥å?¿ç?µä»·???¿å??ä¸?????.06-0.14??/???þ=?¶å?ºé?´ï?该水平ä?大é?¨å????份è?½å??¿å????»¥è¦????¤ç?µæ?ºç??ºå???????容é??è¡¥å?¿ä»·?¼ï?2ï¼??¤ç?µä?为å???¨ä?ä¸?ï¼???ä»??计å???è¡¥å?¿æ?ºå?¶å?ºå?°å????OE水平并ä?ä¼?大å?????ï¼?ä½?ROE稳å??§å??¾è??å¢?强ï?3ï¼????????²å???ç»?éª?ï¼???ç±»è?äº?OE稳å??§å?强å???¶ä?级å??ºä¼°?¼ä¸?¢æ???????¾æ??????
????é£??©å??ç´?ï¼??°è?½æ?è£??ºè?åºþ??äº?é¢???ï¼?ä¸?ç½??µä»·ä½?äº?é¢???ï¼??¤ä»·æ¶¨å?è¶?é¢???ï¼??µå??å¸??ºå???¨è?ä½?äº?é¢???ç???
????
????1. ??èµ?建è?ï¼?容é??è¡¥å?¿æ?è¡?æ¸?è¿?ï¼??¤ç?µè??¥ä»·?¼é??ä¼?/STRONG>
????å¸? ?ºå??¤ç?µå????µä»·å??¨ä?大è??¥è??ºï?容é???µä»·????驱å?¨ç?¤ç?µè?产价?¼é??????
????å¸??ºè??¥è??ºä?ï¼??½å??å·²æ???µå??è¾??©æ???¡å??ºï?????è¿?è¡?容é??è¡¥å?¿æ?ºå?¶å»ºè®¾ã???µå??è¾??©æ???¡å??ºä?容é??è¡¥å?¿æ?ºå?¶é??对ç??并é???µå??ç³»ç?????ä¸??????????主è??¨æ?¥è§£?³ç?µå??ç³»ç??????µæ´»?§é???ï¼?????????¸ºè§£å?³ç?µå??ç³»ç??¿æ????è£?åºþ@???µæ´»?§é?????
????å¸??ºè??¥è??ºä?ï¼?容é??è¡¥å?¿æ?ºå?¶ä?为ç?µæ?侧â??å?????å¼???????ä»??为æ???¥æ???½ç?¤ç?µå???è¡¥å?¿æ??????¶å???ä¸?游ç?¨æ?·ä?导ï?????顺æ?????导é??å¾???容é??è¡¥å?¿æ?ºå?¶å?ä¿?è¿???èµ???ä¿????µå??ç³»ç??¿æ????è£?åºþ>??ä½??¨å????????ï¼???
????å¸??ºè??¥è??ºä?ï¼?ä»??³æ³¨?¤ç?µæ?ºç????¥ç??????å¹?åºþ:????ä»??为å????µä»·å¯¹ä??¤ç?µæ?ºç?????ä¹?ä¸??¨ä????©æ°´å¹³ç??????ï¼????¨ä????©ç¨³å®??§ç??ä¼????????????²å???ç»?éª?ï¼??¤ç?µè?äº?OE稳å??§å?强å??äº?级å??ºä¼°?¼æ°´å¹³æ??????????
?????¨è??å????¤ç?µè?产价?¼æ????è¶?é¢????????µè?ä¸?????ï¼??½ç?µç?µå???????½å?½é???????µå?½é????大å?????µã??粤ç?µå??A???³è?½è?¡ä»½ï¼???????????æ¶þ>?µå????ä¸??½ç?µå????广å???å±???
????
????2. å¸??ºè??¥è??ºä?ï¼?å·²æ???µå??è¾??©æ???¡å??ºï?????容é??è¡¥å?¿æ?ºå??/STRONG>
????2.1.容é??è¡¥å?¿æ?ºå?¶ç?¨ä?解å?³ç?µå??ç³»ç??¿æ?????
????容é???µä»·?ºå?¶ä?è¾??©æ???¡å??ºé??对ç?µå??ç³»ç???ä¸????????对ä?容é???µä»·?ºå?¶ï?ä¸?ç§?å¸??ºå¸¸è§???认ç?¥è??ºä¸ºï¼??µå??è¾??©æ???¡å??ºä?容é???µä»·?ºå?¶æ??èµ·å?°ç??ä½??¨ç±»ä¼¼ï??¨ç????å·²ç???äº??µå??è¾??©æ???¡å??ºç?????µä?ï¼?å·²æ??????å¼?å±?容é???µä»·?ºå?¶å»ºè®¾ã??å®???ä¸?两è????对ç??并é???µå??ç³»ç?????ä¸??????容é???µä»·?ºå?¶æ??¸ºè§£å?³ç?µå??ç³»ç??¿æ????è£?åºþB???ï¼????µå??è¾??©æ???¡å??ºä¸»è¦??¨æ?¥è§£?³ç?µå??ç³»ç??????µæ´»?§é?????
????
????容é???µä»·?ºå?¶ç?¨ä?解å?³ç?µå??ç³»ç??¿æ????è£?åºþB?????碳ä¸???????ï¼?以æ?°è?½æ?ï¼??ºå???·æ?????ºæ?§ã??æ³¢å?¨æ?§ï?为主ä½????°å???µå??ç³»ç??¿å?¨æ??维度对系ç»???è£?åºþ=???ºä??´é???è¦?æ±?ï¼??µå??ç³»ç?å¿?é¡»ä?è¯??¨æ»¡è¶³æ??大ç?¨ç?µé?å³°æ?¶ç??????è£????µæ?容é??以å?对ç???äº?件并ä¿?è¯??µç?å®??¨ã??容é???µä»·?ºå?¶ç???????¨ä?ä¿???????????????è°????§ç?µæ?è£??ºé??ï¼?以ä????µå??ç³»ç??¿æ????è£?åºþ:??
?????µå??è¾??©æ???¡ç?¨ä?满足?µå??ç³»ç????¶å¹³è¡¡æ?§ä?å®??¨æ?§ã???µå??è¾??©æ???¡ä¸»è¦???¸ºäº?满足?µå??ç³»ç????¶å¹³è¡¡æ?§ä?å®??¨æ?§ã?????½å??½æ?å±????µå??è¾??©æ???¡ç?????æ³???ï¼?1ï¼??µå??è¾??©æ???¡æ????为维???µå??ç³»ç?å®??¨ç¨³å®?è¿?è¡???ä¿?è¯??µè?½è´¨????ä¿?è¿?æ¸?æ´??½æ?æ¶?纳ï??±ç?µå??ç³»ç???主ä?????ä¾?????ç±»æ???¡ï?2ï¼??µå??è¾??©æ???¡ç?类主è¦??????????平衡???¡ã??????平衡???¡å??äº???åº??¥å???¢å????¡ã??
????
????2.2.?¿æ???µå????è£?åºþB???äº?å¾??°ä»·?¼æ?ºå?¶ç??é¡?/STRONG>
????2022å¹´è?å³°æ???´é?¨å???ºå???µå??ä¿?ä¾?å½¢å?¿ä??§ä¸¥å³»ã??2022å¹´å?¨å??1ä¸???级ç?µç??¨ç?µè??·å???°é?ï¼?è¿?峰度å¤?/åºþ@?????´å?ºå???µå??ä¾???ç´§å????µæ?¶æ??????ï¼?1ï¼?2022å¹?~8??份å??ä¸?????ä¸??ºå???µå??ä¿?ä¾?å½¢å?¿ä¸¥å³»ï?å¤???份æ?¥è???å¸???åº??¨ç?µæ?¹æ?ï¼?2ï¼?2022å¹?2??äº?è´µç?å°??°ç??份ç?µå??ä¾???å½¢å?¿è?为紧å¼?ï¼?对é?¨å??é«????½ä?ä¸?å®?è¡???产ç?????
????
?????ºå???§â?????µâ????´¨?????¨ä??µå??ä¾?????æ¸?ç´§ã????ä»??为æ?????ç´??°å???2022年丰水æ???¥æ°´??????è¿?峰度å¤????´æ??ç«??温ã??12??å¯?æ½??¥è?ç?ï¼?ä»?为å?ºå???§ç?µå??ä¾???ç´§å????´æ?¥å????ï¼??¶æ??´¨?????¨ä?????ä¸?äº???以æ?¥æ???½æ?´ä??µå??ä¾???å½¢å?¿ä?宽æ?¾é??年转为å??ç´§ï?1ï¼?????ä¸?äº???以æ?¥å???§è??ºå???ï¼????µã???¸ç?µã???¨å??æ°´ç?µï?å¢????¾ç?ï¼?2ï¼????½ç?¨ç?µè??·æ³¢?¨è?大ç??ç¬??产ä?ä¸?å±?æ°???æ´»ç?¨ç?µå??æ¯???ç»?????ï¼??µå????æ±?æ³¢å?¨æ?¾å¤§??
????
??????????äº??????´æ???½é?????µå???§ç?µæ?å¢???ä¾?åº??½å?????????¹æ??¸?µè????ä¸??½ç?µå??è¡?ä¸?年度??å±??¥å??2022??é¢?æµ?ï¼???025å¹´å?¨å?½å?¨ç¤¾ä¼??¨ç?µæ??大è??·ä¸º16.3亿å???þ
????
???????¥ç???µè????½å????§£?³â??????äº????µå??ä¾???缺å?£ç??å¿?ç»?ä¹?è·???2022å¹????½å????¹å????½æ?å±????³ä?å®????½æ?绿è?²ä?碳转??ä½??¶æ?ºå?¶å???¿ç????½ç????è§??????ºï??¨ç?µå??å®??¨ä?ä¾???????ä¸?ï¼??¨å?¨ç?¤ç?µå???ºç?ä¿????§å??ç³»ç?è°????§ç?µæ?并é??è½?????ä»??µå??平衡è§?è§?ï¼??±ä??¸ç?µå???½è??ç????§ç?µæ?å·¥æ??è¾??¿ã???°å???¨è?½æ?????å¤?äº?è¾?é«?æ°´å¹³ï¼???ä»??计â??????äº??????´å???¥ç???µç?¹å?????¤ç?µæ?ºç???è°????½å??ä»?????°ç?µå??é«?å³°æ?????¶ç?µå??平衡??为ç?°å??????è·????
???????µé???µä»·???ºå?¶ä??¤ç?µä???严é??????¸?µè??ï¼?2022å¹´å??ä¸?å£åº¦?¨å?½ç?¤ç?µæ?ºç?äº????»é??¥è?950亿å??ï¼????????µè?ä¸?ä¸?å¸????¸å?æ¯????©æ¶¦ä»?66亿å??ï¼??????µè½¬?????¸ç»¿?µä??¡å?©æ¶¦ï¼?????ä»??ç®?23家ç???µå??è½???ä¸?å¸????¸å??å¸?2022å¹´ä?绩é???/å¿??¥ï?????3å¹???åº?ï¼???计å?æ¯????©æ¶¦-79.4亿å??ï¼?è¿?ç»?¸¤å¹´ä¸¥??äº???????对ç?¤ç?µä?ä¸?严é??äº????????µï?ä¸??µè??建è?建ç??´å?维度??ä¸?ç½??µä»·å½¢æ???ºå?¶ï??¨è?容é??ä¿????ºå?¶å»ºè®¾ã??
????
????ç»?æµ??§å???ï¼??¤ç?µæ??èµ????´é???????¨ç?µå??ä¾???å??¨ç¼º?£ç?????µä?ï¼??¿ç?å·²é??æ¥æ?¨å?¨ç?¤ç?µæ?¸å????????????äº?¤§åþA?½æ???究é?¢ç?计ï?2022å¹´æ?°æ?¸å???¤ç?µè??ºå???è¾¾å??5 GWï¼???021å¹´æ?¸å??è§?模ç??3????ä½??¨ç?¤ç?µæ??èµ?ç»?æµ??§å????????µä?ï¼??µå??ä¼?ä¸???èµ?ç§????§è?ä½?ï¼??????¹è?½æ?è§?å¯????? ï¼??±ä???æ·¡ç?¤ç?µå??å±???????¨å???µå??ä¼?ä¸???èµ??¤ç?µæ?ºç????¿ç?¸å?并ä?强ã??
????
?????°æ?????µé???µä»·???ºå?¶æ??æ³??¹é???¤ç?µå?ä½?è½???ï¼?äº?????容é???µä»·??æ¿??±ç?¤ç?µæ??èµ????¨ç¢³ä¸????????ï¼???ä»??为å?¨ç?¤ç?µæ?ºç?å®?ä½?ä»??ºè?·æ?ºç???è°????§æ?ºç?è½???è¿?ç¨?ä¸???¶å?©ç?¨å??¶æ?°ä???å°???????¿å????ç¡???§ä?件ï????½ä?ç»?????çº??µé???µä»·??å®?ä»·æ?ºå?¶å·²??æ³?ä¿????¤ç?µæ?ºç????????©æ¶¦??ï¼?äº???容é????è£??§æ?ºå?¶ï?容é???µä»·ï¼??¥ä????¶é¡º?©å??è°??????µæ?è½?????
????容é???µä»·?¿ç??¼ä?欲å?ºã??2022å¹??????³ä???å¿?»ºè®¾å?¨å?½ç?ä¸??µå??å¸??ºä?ç³»ç????导æ??è§??????ºå????µå??åº??¥ä?ä¾??ºå?¶ï???è¿?容é?????????¶æ?ºå?¶ç?å®??°å????ç»?æµ?è¡¥å?¿ã??2022å¹?1?????µå???°è´§å¸??ºå?ºæ???????ï¼?å¾?æ±???è§?稿ï?äºþ=???ºå???°æ???§å?½å?è¦?æ±?并ç????µå??å¸??ºå??å±????µå??å®?????è¦?ï¼??¢ç´¢å»ºç?å¸??ºå??容é??è¡¥å?¿æ?ºå?¶ã????ä»??为å?¨å???å®????µå??ä¿?ä¾??ºå?¶å???°è´§å¸??ºå»ºè®¾å???????¶é?´è???¹ï??¨å?½æ?§å????µä»·?ºå?¶æ?¿ç??ºå?°å·²???¼ä?欲å?ºã??
????2.3.容é??è¡¥å?¿æ?ºå?¶ä¸º???½å????µä»·??ä½³æ?¹å?
?????????½å?ç»?éª?ï¼??¸å?????µå??容é??è¡¥å?¿æ?ºå?¶ä¸»è¦??????ç¨?缺å?ä»·æ?ºå?¶ã??容é??å¸??ºæ?ºå?¶ã??容é???´æ?¥è¡¥?¿æ?ºå?¶ã??
????ç¨?缺å?ä»·é??è¦??¨æ?·å??µä»·??è¾?强ç???¿å???½å??ï¼?ä¸????½ç?°ç?¶ä??¹é????ç¨?缺å?ä»·æ?ºå?¶æ?????¨ç?µè?½é??å¸??ºä¸è®¾ç½®ä¸?????é«???ç¨?缺价?¼ï?ä¸??????ç«??ºå???èµ????¶æ?ºå?¶ï?ï¼????µä?ä¸???è¿??¨ä?åº?ç´§å??¶æ??????¶æ??é«??µä»·?¥å???¶æ??èµ????????±ä?ç¨?缺å?ä»·æ?ºå?¶ä??µä»·å®??¨ç?±ä????³å?ï¼????½é?????¨æ?·ä¾§?µä»·æ³¢å?¨è?大ã?????½ç?µä»·?¿ç??ºè?以稳å®?为主ï¼???ä»??为ç?缺å?ä»·æ?ºå?¶æ??¨ç???¨æ?·é??µä»·é£??©æ³¢?¨é??©ä????¨ä????½å?½æ????
????
????容é??å¸??ºå??µå??å¸??ºå??å±?ç¨?åºþA?æ±?è¾?é«?ï¼???è¦?è¾?å®??????¶åº¦?ºç???容é??å¸??ºæ?ºå?¶æ????ºç????¨è??ºå???ä½?为交??????ï¼???è¿?å¸??ºç?äº?å½¢æ??容é??è¡¥å?¿ä»·?¼ã??容é??å¸??ºæ?ºå?¶ç??ä¼??¿å?¨ä?ï¼?1ï¼?容é??å¸??ºç??????§è?½å??¿å???µé??å¸??ºä»·?¼ç????æ³¢å?¨å?容é??ä»·æ?¼ç??å½±å??ï¼?2ï¼??¿äº¤???¨æ????»¥??????导ç?µç?è¿?è¡??¿æ??容é????èµ?è§?????ä½??¶å?£å?¿å?¨ä?交æ???ºå?¶å?????è¿??¥è?æ±?é«?ï¼?ä¸???è¦?ä¸?è¾?å®??´ç???µé??å¸??ºç?¸é?????????????½ç?µå??å¸??ºæ?¹é?©ä?å¤?äº???级é?¶æ?ï¼???ä»??为ç?°é?¶æ?å°???æ³?满足建ç?容é??å¸??ºç??客è??¡ä»¶??
????
????容é??è¡¥å?¿æ?ºå?¶ç?±ç??管æ?ºæ??é¢????´æ?¥å?容é??è¿?è¡?å®?ä»·è¡¥?¿ã??容é??è¡¥å?¿æ?ºå?¶ä??????±æ?¿å????¹å??ºæ???´æ?¥å?¶å?容é??è¡¥å?¿ä»·?¼ï?????ä¾?容é?????¸å?³å???µä?ä¸????容é??è¡¥å?¿è´¹?¨ä»¥å¸??©å?¶å???¶å?ºå?????¹¶?·å???????èµ??¶ç??ï¼?容é??è¡¥å?¿è´¹?¨ä????±ç?µå???¨æ?·å??????????主è????¨è?ç§??¹å????°å?ºå?????ºå?©å??西ç????ç??½å???
????容é??è¡¥å?¿æ?ºå?¶æ?´é???¨ä????½ç?µå??å¸??ºã????ä»??为å???è¡¥å?¿æ?ºå?¶ç?¸å?äº??¶ä?两类容é??ä»·æ?¼æ?ºå?¶æ?´é???¨ä????½å?½æ??ï¼?1ï¼?容é??è¡¥å?¿æ?ºå?¶å???å®??½ç?????è¡?ï¼??¨æ???½ç?°è????µå??å¸??ºå?¶åº¦ä¸?ä¹??½å?è¿????¨å¹¿ï¼?2ï¼?容é??è¡¥å?¿ä»·?¼ç?¸å??ºå?ï¼?ä¸?ä¼?å¼?èµ·ç?¨æ?·ä¾§?µä»·??大å?æ³¢å???ä¸???管æ?ºæ????ä»??¥ä??½ä?è¯??¨æ?·ç?¨ç?µæ?????¨ç¤¾ä¼????¿æ?????´å????
????
????3.å¸??ºè??¥è??ºä?ï¼?容é??è¡¥å?¿æ?ºå?¶ä?为ç?µæ?侧â??å?????å¼???
???????????²ç?éª?ï¼?容é??è¡¥å?¿æ?ºå?¶ç????µæ?侧â??å?????å¼??????¨å??å¸??ºæ??èµ???认为ï¼??¤ç?µå???è¡¥å?¿æ?ºå?¶å?³ä½¿?ºå?°ï?ä¹????µæ?侧å?????å¼?ï¼???ç¾?æ¯??ºå?¨ç?èº????ï¼???????æ³???ä¸?游ç?µå???¨æ?·ä?导ã????ä»??为æ???¥æ???½ç?¤ç?µå???è¡¥å?¿æ?ºå?¶å??¶å???ä¸?游ç?¨æ?·ä?导ï?????顺æ?????导ç??容é??è¡¥å?¿æ?ºå?¶å?ä¿?è¿???èµ???ä¿????µå??ç³»ç??¿æ????è£?åºþ>??ä½??¨å????????ï¼???
????3.1.?¤ç?µå???è¡¥å?¿å?????¨è?ï¼?è´¹ç?¨å???ä¸?游ä?å¯?/STRONG>
????ç»????½å??å¤?容é??è¡¥å?¿æ?ºå?¶å??å±?ç»?éª?以å?????½ç?µå??å¸??ºç?°ç?¶ï??·ä???容è?è§?3.2~3.4?¨å??ï¼?ï¼???ä»??计æ???¥æ???½ç?¤ç?µå???è¡¥å?¿æ?ºå?¶æ??å°????°ä»¥ä¸??¹ç?¹ï?
?????¤ç?µå???è¡¥å?¿æ?ºå?¶å»ºè®¾æ????????ï¼?è´¹ç?¨å??ä¸?游ä?导ã??1ï¼?ä»??´ä??¥ç??ï¼???ä»??计ç?µå??ä¾???è¶?ç´§è??????¤ç?µå???è¡¥å?¿æ?ºå?¶æ?????¨å?¨å?½è???´å??å¼?å±?ï¼?2ï¼?ä»?ç»????¥ç??ï¼??µå??ä¾???紧缺???°è´§å¸??ºå?å±?è¿?ç¨?è¾?å¿?????份æ?´æ???¨å??å¼?å±??¤ç?µå???è¡¥å?¿ï?3ï¼?ä»?è´¹ç?¨æ?¶å???¥ç??ï¼?容é??è¡¥å?¿è´¹?¨å???ä¸?游ç?¨æ?·ä?导ã??
????????容é??è¡¥å?¿é??é¢????????¾å·®å¼?ï¼?????ç¡????ç»´æ???¸å?稳å????¨å???è¡¥å?¿é??é¢??¹é?????ä»??计ï?1ï¼??±ä?ä¸?????份ç?µå??å¸??ºç?¹å???ä¸?游ç?µä»·?¿å???½å??ä¸???ï¼?ä¸?????份é?´å???è¡¥å?¿æ????å°??????¾å·®å¼?ï¼?2ï¼?????容é??è¡¥å?¿æ??????æ¥ç¡®å®???ï¼?å°??¨ä¸?¿æ????ç»´æ???¸å?稳å?ï¼?以ä????????ºç??????¶ç??水平并é??±æ?°å?å¿?è¦????¤ç?µæ?ºç???èµ???
????
????ç»???????对å???è¡¥å?¿æ?ºå?¶ç??è¿???ç¨?åºþ:???µå???°è´§å¸??ºè?åºþ@??ä¸?游æ?¿å???½å??ç???ç´?ï¼???ä»??¨æ?ï¼?1ï¼?ç¬???¹ç?°è´§è¯??¹é?¨å????份ï???å·???æµ?æ±???广ä???å±±ä???ç¦?建ã????æµ·ï?ï¼?2ï¼?2023å¹´ç?µå??ä¾???ç´§å???份ï?æ²³å????æ¹???????åº???æ±?西ã??å®?å¾½ã??äº???ï¼??????¨ç?¤ç?µå???è¡¥å?¿æ?ºå?¶å»ºè®¾ä¸å±?äº?é¢???ä½?ç½???¸å?³ç??份ç?¤ç?µæ?ºç?????????????????
????3.2.æµ·å?ç»?éª?ï¼??ºå?©å???è¡¥å?¿æ?ºå?¶ä??°è´§å¸??ºå??æ¥å»ºç«?
?????ºå?©å???è¡¥å?¿æ?ºå?¶ä??µå???°è´§å¸??ºå??æ¥å»ºç«????ºå?©å???è¡¥å?¿æ?ºå?¶èµ·æ¥è??©ï?1982å¹´æ?ºå?©æ?¿å?é¢?å¸???Ley General de Servicios Eléctricos??ä»????µã??ä¼?è¾????????ä¸??¹é?¢å»ºç«?äº??¨é?¢ç???µå???°è´§å¸??ºï??¨ç?°è´§å¸??ºæ??ç«??????¶é??å¥?容é??è¡¥å?¿æ?ºå?¶ä»¥æ»¡è¶³?µå??å¸??ºå??å±???
?????ºå?©å???è¡¥å?¿æ?ºå?¶ä???顶峰?µå??ä¾?åº?????aletovic??Capacity Payments in a Cost Based Wholesale Electricity Market: The Case of Chile??ï¼?1989~2007å¹´æ?ºå?©å???è¡¥å?¿è´¹?¨å??~10ç¾???/???¦Â·æ???ºé?´ï?容é??è´¹ç?¨æ?¶å?¥çº¦???µå??å¸??ºæ?»æ?¶å?¥ç??17ï¼???容é??è¡¥å?¿æ?ºå?¶ä??ºå?©é¡¶å³°ç?µå????æ±?å¾??°ä?è¾?好ç??满足ï¼?1989~2007å¹´æ?ºå?©å???¨å???å§?ç»?è¶??ºå????顶峰è´??·ç?µå????æ±?ï¼?1989~2007å¹´æ?ºå?©å¹³?????¨å???è¶??ºé¡¶å³°è???0~40ï¼?ï¼???
????
????
????容é??è¡¥å?¿æ?ºå?¶æ???©ä??µå??ç³»ç??´ä??µä»·ä¸?è¡?ï¼??¤ç?µæ?¶å?¥å?????Galetovi?¹æ??989-2008å¹´æ?ºå?©ç?µå??å¸??ºæ?°æ???ç®?ï¼????????è¡¥å?¿ç???µå??交æ??å¸??ºç?¸è?äº???ä¸??µé??å¸??ºï?1ï¼??µå??ç³»ç?å¹´å???»æ?¶å??2亿ç???ï¼?è¾???ä¸??µé??å¸???1.3ï¼?ï¼??¶ä¸?¤ç?µæ?ºç?å¹³å??å¹´æ?¶å?¥ä???ï¼?2ï¼??µå??ç³»ç???ä½?ä»·æ?¼ä¸º0.0616ç¾???/???þ=?¶ï?è¾???ä¸??µé??å¸???18.2ï¼?ï¼?ç³»ç???ä½?????¤§å¹?ä¸???ï¼?3ï¼??µå??ç³»ç???ä½?ä»·æ?¼æ????å·?.0621ç¾???/???þ=?¶ï?è¾???ä¸??µé??å¸???66.5ï¼?ï¼??µä»·æ³¢å?¨æ?§æ???¾ä?????
????
????3.3.?½å??ç»?éª?ï¼??½æ°´???½å???¨å??æ°??µå·²å»ºç?容é??è¡¥å?¿æ?ºå??/STRONG>
????3.3.1. æ°??µå???è¡¥å?¿ç?±å??????¸»ç¡??ï¼?????é«?ä½?ä¸?ä¸?
????æ°??µå???è¡¥å?¿äº¦è¯???äº?ç»??¥å?°é?¾æ???????½ç?±ä?天ç?¶æ?èµ?æº?è¾?为å???ï¼?天ç?¶æ?ä»·æ?¼é?¿æ????é«?ï¼?æ°??µæ?ºç??±ä??????????é«??¨çº¯?µé???µä»·å¸??ºä¸ç«?äº???è¾?å¼±ã????????é£?ç??????½ä¸¤?¨å?¶ç?µä»·?¶åº¦å¯¹å¤©?¶æ????µä?ä¸????©è?½å????å½±å????ï¼????½å¤§?¨å???°å?ºç??æ°????µä?ç½??µä»·?±å???°ä»·?¼ä¸»ç®¡é?¨é?¨ç¡®å®?ï¼?并æ?¥å?½å???å±????¹é?©å???ä¼?审æ?¹ã??2012å¹´å?¨å¤©?¶æ?ä»·æ?¼å?é«?ä¸?ä¸????????ï¼?ä¸?æµ·å?é¦????¨å?ºä¸¤?¨å?¶ç?µä»·ç¼?解ç??æ°??ºç?ç»??¥å??????
????
????????容é???µä»·??¸»ç¡??ï¼???é¢?å·??è¾?大ã??????023å¹???ï¼????½å·²??ä¸?æµ·ã??æ±?????æµ?æ±?ç?å¤???å¸?å®?è¡?æ°??µå????µä»·ï¼??¨ä?å®?ç¨?åºþ??ç¼?解ä?æ°??µæ?ºç???ç»??¥å??????ä»????°å?ºç?°æ??æ°??µå????µä»·?§è????µæ?¥ç??ï¼?纵å???¥ç??容é??è¡¥å?¿é??é¢?ä¸?ç»?ç¡???????¨å?åºþA?å°?ï¼?ä½?æ¨???对æ?????份å???è¡¥å?¿é??é¢???è¾?大差å¼???
????
????3.3.2. ?½è???¸å?ç»?ä¸?项ç???¶ç????ï¼???顺æ?????导æ?ºå??/STRONG>
????2021å¹´å?????½æ?½è??ä»·æ?¼æ?¿ç?ç»???两个?¶æ?ï¼?1ï¼?2014å¹´ä????½è???µç??±ç?µç?ç»?ä¸?è¿??¥æ??ç§?èµ?è¿??¥ï?并æ???è¡????ä»·æ?¼æ?ºå?¶ï??¶ç?µä»·????º³?¥ç?µç?è´???ä»·å·®ä¸???导ï?2ï¼?2014å¹´å?½å????¹å????³ä?å®????½æ°´???½ç?µç?ä»·æ?¼å½¢???ºå?¶æ???³é????????¥ã??è§?å®??½è??å®?è¡?两é?¨å?¶ç?µä»·ï¼?ä½?对æ?½æ°´???½ç?µç?产ç????è´¹ç?¨å?ä½???导ä?????ç¡??å®?ï¼??¨ä?å®?ç¨?åºþ???¶çº¦?½è???µç???å±???
????2021å¹´æ??ç¡???½æ°´???½å????µè´¹çº³å?¥è????µä»·???¶ã??2021å¹????½å????¹å????³ä?è¿?ä¸?æ¥å????½æ°´???½ä»·?¼å½¢???ºå?¶ç????è§??????ºï?1ï¼??½æ°´???½å????两é?¨å?¶ç?µä»·ï¼??¶é??è¿?容é???µä»·???¶æ?½å??è¿?è¡?????????¶ä?????¹¶?·å??????¶ç??ï¼?ä¸?该é?¨å???µè´¹çº³å?¥è????µä»·???¶ï?2ï¼??½è???µç???è¿???é¦?次æ?¸å?临æ?¶å????µä»·ï¼??¨ç???????¥å??ï¼?èµ??????¨æ?¶ç????6.5ï¼???40å¹´å???¶æ??ï¼??¸å?æ£å?容é???µä»·ï¼?并é????级ç?µç?è¾????µä»·??管å?¨æ????æ¥è??´ã??
????
????3.4.?¨å????份å?è¯??¤ç?µå???è¡¥å?¿æ?ºå?¶ï?????ä¸?游ä?导æ????/STRONG>
?????¨ç?¤ç?µå???è¡¥å?¿æ?ºå?¶æ?¹é???å·²æ??å±±ä???äº???ç??¨å????份å?è¯?å¼?å±?ä¸???ç±»å?????¤ç?µå???è¡¥å?¿æ?ºå?¶ã??
????å±±ä?为å?¨å?½é?ä¸??????å®????¤æ?ºç?容é???µä»·????份ã??2019å¹???å±±ä???é¦?次å?å±??µå???°è´§äº¤æ??è¯?è¿?è¡?ï¼??±ä??¨è?è¿?è¡??¶æ????°å??ä¸??????????µæ?ºç??ºå???????æ³????¶ï?2020å¹???å±±ä??????¹å????³ä??µå???°è´§å¸??ºç???¤æ?ºç?è¯?è¡?容é??è¡¥å?¿ç?µä»·???³ä?项ç?????¥ã??ï¼?å¾?æ±???è§?稿ï?é¦?次æ???ºï??¨å???å¸??ºè?è¡?ä¹???ï¼???ä¸??µå???°è´§å¸??ºç?????¤å???µæ?ºç?è¯?è¡?容é??è¡¥å?¿ç?µä»·ï¼?容é??è¡¥å?¿ç?µä»·??????å®?ä¸?.0991??/???þ=?¶ã??
????
????å±±ä?????ç¡????è¡¥å?¿è´¹?¨å???¨æ?·ä¾§?¶å????2020å¹?????å±±ä????µå???°è´§å¸??ºäº¤??è§???ï¼?è¯?è¡?ï¼??????ºï?1ï¼?综å?????????µæ?ºç?ç±»å??????产年???????¨ç?¶æ??ç???ç´?ï¼? 以å???è¡¥å?¿æ?¹å?è¡¥å?¿å???µæ?ºç??ºå??????并æ??ç¡????¨å?????计ç??¹å?ï¼?2ï¼????µå???è¡¥å?¿è´¹?¨æ???§ç????å±??¹é?©å??¸å???容é??è¡¥å?¿ç?µä»·ï¼???/åºþ
????
????å¼??¥æ·±è°?å°?å³°ç³»?°ï???大å???¶æ?补贴水平??2022å¹???å±±ä??????¹å????³ä??µå???°è´§å¸??ºå???è¡¥å?¿ç?µä»·???³ä?项ç?????¥ã?????ºç??究æ?¢ç´¢?ºä?å³°è?·è´£ä»»æ???容é??è¡¥å?¿ç?µä»·?¶å???¹å???????å±±ä???äº?2022å¹???????å¼??¥å???è¡¥å?¿ç?µä»·å³°è°·ç³»æ?°ã??2022å¹?1??????å¼??¥æ·±è°?å°?å³°ç³»?°ï???大峰谷价å·????¹æ???°è?容é??è¡¥å?¿å?¶åº¦ï¼???ä»??ç®?å±±ä???ä¸???å£è??ä¸????¶æ?容é??è¡¥å?¿ç?µä»·çºþ@??.91~ 198.2??/???þ=?¶å?ºé?´ã??
????
??????æµ·å???°è´§å¸??ºç?¨æ?·æ?¶å??容é??è¡¥å?¿ç?µè´¹??2022å¹?1????æµ·ç?????¹å?????æµ·ç?µå???°è´§å¸??ºå???è¡¥å?¿å??½ç???ï¼???稿ï???è§?å®?ï¼?1ï¼?æ¯?å¹´å???è¡¥å?¿ç?µä»·?¹æ????ä¸?å¹´ç??ç³»ç?年度?»å?????????å¸??ºç?¨æ?·å¹´åºþ=?»ç?¨ç?µé??æµ?ç®?ï¼?2ï¼?对å??ä¸??µå??å¸??ºç???¨æ?·å????¨ç?µé???¶å??容é??è¡¥å?¿ç?µè´¹ï¼?3ï¼?容é??è¡¥å?¿å?象为?´æ?¥å??ä¸???æµ·ç?µå???°è´§å¸??ºç?ä»·ç?????µæ?ºç????°è?½æ??ºç????¨è?½ç?µç???
????äº???设ç????¤å???µè???容é??å¸??ºï????§ç?µæ????¨æ?·é??æ±?????è°???容é????????2022å¹?2??äº????????¹å??°å????äº????????¤å???µå??ºå???¹é?©å??½æ?¹æ?ï¼?è¯?è¡?ï¼???ï¼????ºï?1ï¼?设ç????¤å???µè???容é??å¸??ºä»¥????è¿??µå???????????ºå?¶å????¤å???µä?ä¸??????è¡?????è¡¥å?¿ï?2ï¼?è¯?è¡????¤ç?µå??ä¸?è§?模为???¼ç?¤ç?µæ?ºç?ï¼?è¤??¤å???µæ??ä¸???ä¸?ï¼?è£??ºç??40ï¼?ï¼?è°???容é??ä»·æ?¼ä¸º?ºå??ï¼?220??/???¦Â·å¹´ï¼?+æµ????±30ï¼??ºé?´å??ï¼?ï¼?3ï¼????§ç?µæ????¨æ?·ç????æ±?????è°???容é????????
????
????4.å¸??ºè??¥è??ºä?ï¼?ä»??³æ³¨?¤ç?µæ?ºç????¥ç??????å¹?åº?/STRONG>
??????èµ???对å???è¡¥å?¿è?½å?þ@¤§å¹??¹å???¤ç?µæ?ºç??¶ç????å??¨å??æ§ã??å¸??ºå??¤ç?µå???è¡¥å?¿é??é¢??½å?þ@¤§å¹??¹å???¤ç?µæ?ºç??¶ç????å??¨å??æ§ï??¨å???²è???èµ???认为ä¸?游ç?¨æ?·è?½å??¿å????容é??è¡¥å?¿ç?µä»·è¾?ä½?ï¼??¤ç?µæ?ºç?å®????½å??¿å?°ç??容é??è¡¥å?¿é??é¢?è¾?ä½?ï¼?å¯?OE?¹å??ä½??¨äº¦å¾???¶å¾®ï¼?ï¼??¨å??ä¹?è§???èµ?????认为容é??è¡¥å?¿æ?ºå?¶è?½å?大å?????????OEæ°´å¹³??
?????´å??³æ³¨ROE稳å??§æ????ä¸??¤ç?µè?产ç??ä»·å?¼é??ä¼°æ?ºä?????ä»??为å?容é??è¡¥å?¿é??é¢?è¿?åºþ??è§?/?²è???ä¸?????ï¼?ä¸??¶å?³æ³¨å®¹é??è¡¥å?¿æ?ºå?¶å??¤ç?µæ?ºç????©ç?对水平ç??????究ç???å¤?大ï?ç¡???§ä?ï¼?ï¼?ä¸?å¦??´å?³æ³¨å®¹é??è¡¥å?¿æ?ºå?¶å??¤ç?µæ?ºç????©ç¨³å®??§ç??ä¼???ä½????ç¡???§é?ï¼?????ä»??为ï?1ï¼?å¤??°ç??份ä?游è?½å??¿å??????论å???è¡¥å?¿ä?????????¤ç?µå?ºå??????2ï¼??¤ç?µä?为å???¨ä?ä¸?ï¼?容é??è¡¥å?¿æ?ºå?¶å?ºå?°å????OE水平并ä?ä¼?大å?????ï¼?ä½?ROE稳å??§å??¾è??å¢?强ï?3ï¼????????²å???ç»?éª?ï¼??¤ç?µè?äº?OE稳å??§å?强å??äº?级å??ºä¼°?¼æ°´å¹³æ??????????
????4.1.å¤??°ç??份ç??论å???è¡¥å?¿ä?????????¤ç?µå?ºå?????/STRONG>
????4.1.1. ?¤ç?µæ?ºç?????容é??è¡¥å?¿é??é¢?æµ?ç®?
?????¤ç?µå?ºå??????åº?容é??è¡¥å?¿æ?ç®?ï¼???ä»??ç®??¸å???¤ç?µæ?ºç??¨å??ä½???ä»?500??/???þ:?????§å¹´??20å¹´ã??èµ?????æ¯?ä¾?30ï¼???综å????èµ?????.5ï¼????©ç?¨å??¶æ??000???¹ç??»·å·?¸º0?????µä?ï¼??¥ä½¿?¤ç?µæ?ºç?满足0ï¼?/3.5ï¼?/4.9ï¼?/6.5ï¼???èµ?????IRR???µä?ï¼???ä½??¤ç?µå???è¡¥å?¿é??çº?06/470/500/531??/???¦Â·å¹´??
????å±±ä?容é??è¡¥å?¿é??é¢??ºæ???½å?è¦????¤ç?µå?ºå????????°è?å±±ä?容é??è¡¥å?¿ç?µä»·0.0991??/???þ=?¶ï???ä¸?????峰谷价差系æ?°ï?ï¼???ä»???设æ???¥å±±ä¸????µå??å¸??ºå»ºè®¾æ??????ï¼?1ï¼??¨ç¤¾ä¼??¨ç?µé??ä¸?0ï¼??µé????ä¸?å¸??ºå??交æ???????容é??è¡¥å?¿ç?µè´¹ï¼?2ï¼??µæ?ç«??????¤ç?µæ?ºç??????·å?容é??补贴ï¼?ä¸??¤ç?µå???¨å??????¨é?¨æ?ºç????¨å?????90ï¼????¹æ????设æ?¡ä»¶??ä»??ç®?å±±ä????¤ç?µæ?ºç????·å?容é??è¡¥å?¿é??é¢?çºþ?¸º400??/???¦Â·å¹´ï¼???ä»??为山ä¸????°è?容é??è¡¥å?¿æ?ºå?¶å?ºæ???½å?è¦????¤ç?µæ?ºç??ºå???????
????400~500??/???¦Â·å¹´??为å?????¤ç?µå???è¡¥å?¿ä???????ä»??为ç?±ä??¤ç?µæ?ºç?ä¸????æ´??µæ?ï¼??¨è?è¡?容é??è¡¥å?¿é??é¢?æµ?ç®??¶é?¾ä»¥?·å?类似?½æ°´???½ç?µç???é«?èµ????????¨æ?¶ç????ï¼?6.5ï¼?ï¼?ï¼???ä»?????å·²æ??æ°??µè¡¥?¿æ??????å±±ä????°è??¤ç?µå???è¡¥å?¿æ°´å¹³ï?é¢?计å?¨ä?????ä¸?游æ?¿å???½å???????µä?ï¼??????¤ç?µå???è¡¥å?¿é??é¢???论ä???çºþ?¸º400~500??/???¦Â·å¹´ï¼?对å?èµ?????IRR 0~4.9ï¼?ï¼?å·þ@?³ã??
????4.1.2. ä¸?游ç?µå???¨æ?·å????µä»·?¿å???½å??æµ?ç®?
??????ä»??ç®?????容é??è¡¥å?¿æ?¿å??ä¸?????.06~0.14??/???þ=?¶å?ºé?´ã???¤è?????¤ç?µæ?ºç???è¦?å¤?å°?容é??è¡¥å?¿å?ï¼??±ä??µå??ä¸?游ç?¨æ?·å??ä¹?æ¶?????????ç»?æµ?主ä?ï¼???æ¤æ??ä»????????ä¸?游ç?¨æ?·å?容é???µä»·???¿å???½å??????ä»?»¥å±±ä???容é??è¡¥å?¿ç?µä»·???µç?代ç??è´??µä»·?¼æ?ä¾?ä½?为ä?游ç?¨æ?·å???¿å??ä¸???ï¼???????对ä?容é??è¡¥å?¿ç???¿å???½å????.06~0.14??/???þ=?¶å?ºé?´ã??
????
????大é?¨å????份è?½å??¿å????»¥è¦????¤ç?µæ?ºç??ºå???????容é??è¡¥å?¿ä»·?¼ã??????å±±ä??????µï???ä»????·ç??¥ä¼°è®¡å????份ï?1ï¼??¨ç¤¾ä¼??¨ç?µé??ä¸?0ï¼??µé????ä¸?å¸??ºå??交æ???????容é??è¡¥å?¿ç?µè´¹ï¼?2ï¼??µæ?ç«??????¤ç?µæ?ºç??????·å?容é??补贴ï¼?ä¸??¤ç?µå???¨å??????¨é?¨æ?ºç????¨å?????90ï¼??????????¤ç?µæ?ºç??½å?å¾??°ç????ä½?容é??è¡¥å?¿å??80~1200??/???¦Â·å¹´?ºé?´ï??¨å?½å¤§?¨å????份è?½å??¿å??è¦????¤ç?µå?ºå???????容é??è¡¥å?¿ä»·?¼ä?????
????
????4.2.容é??è¡¥å?¿ä?????ä¸?模å?ï¼??¤ç?µç???©æ³¢?¨å¼±??
?????þ??????????³¢??????²ç?¤ç?µä?ä¸????©å¤§å¹?æ³¢å?¨ã????ä»??为è???0å¹´ç?¤ç?µè?¡ç???©å¤§å¹?æ³¢å?¨ç???¸å??????¨ä?ï¼?1ï¼???å¸??ºç??计å???µâ??ä½?ç³»ä??¤ç?µæ?¶å?¥ç??µä»·æ³¢å?¨æ?§å¼±äº???????¤ä»·æ³¢å?¨æ?§ï?导è?´è?ä¸????©æ???µå?ºæ???´ç??¤ä»·å¤§å?æ³¢å???2ï¼??¤ç???为ä????µå??ä¼?ä¸??§å?¶ç??å¤??¨ç??产è?ç´?ï¼??¤ç?µä?ä¸????½ä?为ç?¤ä»·æ³¢å?¨ç??è¢??¨æ?¥å????ï¼?3ï¼??¤ç?µä?ä¸??¾ä»¥??ç¡???????¥ç?¤ä»·????ï¼??¶æ??èµ??ºç?????å®????©æ???µå?å¾??¸æ?????å??¨æ?¾è??å·??ï¼?è¿???导è?´é?é¢????¼é?ç¹???????
????
????容é??è¡¥å?¿æ?¶å?¥è?为å?ºå?ï¼?ä¼????¤ç?µå??ä¸?模å?????ä»??为ç?¤ç?µå???è¡¥å?¿æ?ºå?¶å?ºå?°å??å°?å¼±å???¤ç?µä?ä¸?ROEæ³¢å???1ï¼??¤ç?µæ?ºç??ºå???èµ???????è¿?容é??è¡¥å?¿æ?ºå?¶æ?¶å??ï¼??µé???µä»·?¶ç??????è¦?????????????人工??????è´¢å?¡è´¹?¨ç??³å????°ç???©ï?????è¦??????§æ?????ï¼?2ï¼??????½å??å¤?容é??è¡¥å?¿æ?¿ç?å®??½ç?éª?ï¼?容é??è¡¥å?¿æ?????ºå?°å????é¢?å¾?å¾??¸å??ºå?ï¼??¤ç?µä?ä¸??¶å?¥å??????§äº¦å¤§å?????ï¼?3ï¼??¤ç?µå??è°??????µæ?è½?????ï¼??©ç?¨å??¶æ?°ä???å°?å¸þ@?¨å??ä½?è£??ºè???¤é??ä¸???ï¼??ºç????©å??¤ä»·æ³¢å?¨ç??????åºþ@?大å???ä½???
??????ä»??ºä??¸å???¤ç?µæ?ºç?ROE???????§æ?ç®?表æ??ï¼?容é??è¡¥å?¿ä»·?¼æ?ä¸?æ¶?0??/???¦Â·å¹´ï¼??¤ç?µæ?ºç?ROE????çº?.6 pptsï¼??¹ç??»·å·??å¢???0.01??/???þ=?¶ï??¤ç?µæ?ºç?ROE????çº?.7 ppts??
????
??????ä¸?模å?ä¼???ï¼??¤ç??OEç»´æ??稳å??????????µäº§ä¸??¾å?ºé?´å??ºé?´ç??ä»·æ?¼æ?ºå?¶å»ºç«?以å??容é??è¡¥å?¿ç?¸å?³æ?ºå?¶å??ç»???????æ¥è?½å?°ï???ä»??计ç?¤ç?µç???©å?äº?????ä»·æ?¼æ³¢?¨ç???????§å?¨é??æ¥å??å¼±ã????ä»??为æ???¥ç?¤ç?µæ?ºç??©æ¶¦ä¸??¢å?稳å??³å????æ°´å¹³ï¼??¾ä»¥?¢å???014~2015å¹´è?ä¸?ROEé«??¹ï?8~10ï¼???为ç?¤ç??OE????æ°´å¹³ï¼?ä½?ROEæ³¢å?¨æ?§å?大å???å¼±ï?ï¼?为è?ä¸??½æ?è½?????ä¾?????è°????½å????稳å??°é??æµ???
????4.3.ROE稳å??§å?强å???¤ç?µæ????è¿??¥ä»·?¼é??ä¼?/STRONG>
????ROEæ³¢å?¨æ?§é??ä½?å°??????¤ç?µä??¡æ?´ä?ä¼°å?¼ã??ä»?DDMä¼°å?¼æ¨¡???ºå??ï¼????¸ç???©ç¨³å®??§æ??????ï¼??³ä½¿??ä»???设å?¶å??å?ç«???红水平ç?对å?¼æ??????ï¼?ä½?å¸??ºå?DDM??æ¯?ç«???©æº¢ä»·è?æ±???ä½?å°????¨å???¸è?¡ä»·ä¸?è¡?????ä»???è¿?å¤????¶ä?ROE稳å??§æ????ï¼????¼å¹¶??????ï¼???è¡?ä¸????µå??é¾?头å???¸é?¿æ??µå?????¸å?ä¼°å?¼èµ°?¿ï?????OE稳å??§å?强å?????½å¸¦?¨è?ä¸?ï¼????¸ï?PB?¸å?ä¸?å¾???ä¼°å?¼æ??????
????
?????¿æ??µå??ROEæ³¢å?¨å??å¼±æ???¨ä¼°?¼ç³»ç»??§æ??????å¤????¿æ??µå??ROEèµ°å?¿ï???003~2021å¹?OE???¼ä¸º13.9ï¼?ï¼??´ä?并æ??è¶??¿æ?§æ?????¾å????2010å¹´å???¿æ??µå???¸å?ä¸?å¾??? PB??ROEæ³¢å?¨è??宽å????¡ã??2010å¹´å???¿æ??µå??ROEæ³¢å?¨æ?§å??å¼±æ???¨å?¶ç?¸å?ä¼°å?¼ç³»ç»??§ä?è¡?并稳å®??¨è?é«?æ°´å¹³ï¼??³ä½¿2016~2019å¹?OE?²é??????¼å???½æ???´ï??¸å?ä¼°å?¼ä?ä¿???ä¸?è¡?è¶??¿ï???
????
????å¤????¶ä?è¡?ä¸?ï¼?äºþA?½å???°è?ä¸??¸å?ä¼°å?¼é??ROE稳å??§æ??????ä¸?è¡???å¤????¶ä?ROE稳å??§æ???????³ä?ä¸?级è?ä¸??¸å?ä¼°å?¼èµ°?¿ï?äºþA?½å???°ç?¸ä¼¼è§?å¾???æ¶???油墨è¡?ä¸?2012å¹´å??ROE???¾è?稳ï?????012~2016å¹´æ???油墨è¡?ä¸??¸å?ä¼°å?¼å??è¾¹ä?è¡?ï¼?è½???è½??è¡?ä¸?2010å¹?OEè¶?稳ï??¶ç?¸å?ä¼°å?¼å???¼ä?0.78ï¼?2004~2010å¹´å???¼ï???????.25ï¼?2013å¹´è?³ä????¼ï???
????
????
????5. é£??©æ??ç¤?/STRONG>
????ï¼?1ï¼??°è?½æ?è£??ºè?åºþ??äº?é¢???ï¼??°è?½æ??????µå??è½??????¸æ?¸å??©å??¹å??ï¼??°è?½æ?è£??ºè?¥å???°æ?¿ç???å¸??ºç?????产ä????ç???ç´?å½±å??ï¼????½å??´å???¸æ???¿æ?§ä???é¢?????
????ï¼?2ï¼?ä¸?ç½??µä»·ä½?äº?é¢???ï¼??µå?????¸ç???©å?ä¸?ç½??µä»·è¾?????ï¼?ä¸?ç½??µä»·?¥å??ç»??äº?é¢???ï¼?å°??¾è??å½±å??è¡?ä¸??????¸å???µä??¡å?©æ¶¦??
????ï¼?3ï¼??¤ä»·æ¶¨å?è¶?é¢???ï¼??¤ä»·?¥æ??ç»??涨æ??ç»´æ???´é?æ°´å¹³ï¼????½å½±?????µè?ä¸??°é??æµ??????©æ???µã??
????ï¼?4ï¼??µå??å¸??ºå???¨è?ä½?äº?é¢???ï¼??µå??å¸??ºå??è¿?ç¨??¥ä?äº?é¢???ï¼??µå??è¡?ä¸?ç»??¥å?????¾ä»¥??导ï?å°?å½±å??è¡?ä¸??????¸ç???©å??å¢??¿å?¨å????
?³é?????读ï? ?¤ç?µå???
- ??å±??¨æ?°å?? 为æ?¸è??????ä¾??????????
- ?µå?ç«???????项ç??·¥ä½?ç»?ç¹å???讨ä?举è? ?????¨å?¨ç?µç?产ä?è§???????å±?
- ?°æ??订å??????交æ??大å?延é? ä¾???两æ?ºä?ä¼?ä¸????©è?½å?????¹å??
- ??è¯?ï¼???ä¸??¿æ???¢å?????è·?0.21%ï¼???åþ@?????¿å??大涨
- 人形?ºå?¨äºº????大ä??¨ä???? 产ä??¾å???¸å???³æ³¨
- ?¨å?¨å????é£??µå??å±? ä¸??¨é?¨ç?ç»?å¼?å±?????乡ä???é©??è¡??¨â??
-
