ä¸?¿¡è¯??¸ï?稳å??¿ä?ä¼°å?¼ï???好建ç­?å¤??½ä?ä»·å?¼é??ä¼?/p>

?????»å¹´åº?以æ?¥ï?è¯???ä¼?å¤?次æ????å¤??½ä???ä¸??¹ä¼°??ï¼???ä»??为å?¶å?建ç?å¤??½ä??¢å??¡æ??ç±»è??èµ????½å?·æ????è¦???ä¹?ï¼????ä¸?步为?¨å¹´?ºå»º??????ä¾??????å¢???èµ???ï¼??©å??ç»?æµ?稳å?¥å??¿ã????å®??°ä»·?¼é??估主è¦???两æ?¡è·¯å¾?ï¼?1ï¼??©å??°ä??¡æ?????°å??¿æ??å¸þ=?¥ä»·?¼é??ä¼°ï?2ï¼??¹å????º«ç»??¥è´¨??ï¼?????ROE???¹å???°é??æµ?ç­?ï¼??©å??ä¼°å?¼ä¿®å¤???????å·²æ???¨å??å¤????è¿?ç¬???¡è·¯å¾?å®??°ä»·?¼é??ä¼°ï???大å??°å»ºç­?å¤??½ä???主è?ä¾?èµ?ç¬???¡è·¯å¾?ï¼?å½????½è?å§????¸å??????½ä??¹é?©æ?¹å??æ­£ä?此形???±æ????????¨å?¨è?类央?½ä?å®??°ä¼°?¼ä¿®å¤?????ä»?»´??建ç?è¡?ä¸???强大äº?å¸???è¯?级ã??

????????ä¸??¹ä¼°??对建ç­?å¤??½ä????³ç??ä»?ä¹?ï¼?

?????»å¹´11??以æ?¥ï?è¯???ä¼?å¤?次æ????å¤??½ä?ä¸??½ç?¹è?²ç??ä¼°å?¼ä?ç³»ï???ä»??为ï?å¤??½ä??½æ???å¤?ä¸??ä¸?ï¼?ä¸?è¿???ä¸??¹ä¼°??对建ç­?å¤??½ä??¢å??¡æ??ç±»è??èµ????½å?·æ????è¦???ä¹?ï¼???为ä??¿ç?å±??¢ç??ï¼?建ç?å¤??½ä??¨è??»æ?°å¹´è¦?å®??°è?¡æ????èµ???¸´ä¸¤é??çºþ=??ï¼?1ï¼?è¯???ä¼?对æ??¿ä?ä¸???èµ??????¶ï?2ï¼??½è?å§?å¯?Bä½?äº?1??ä¸?å¾?è¿?è¡??¡æ????èµ??????¶ã??

????ä»????????µæ?¥ç??ï¼?è¯???ä¼?å·²ä??»å¹´11??åº??¨é?¢æ?¾å?æ¶??¿ä?ä¸??¡æ????èµ????½ï?ä½?äº?1??PB??ä¼°å?¼æ??为å?¶çº¦?¶è?è¡??¡æ????èµ???????çºþ=????2021å¹´ä?å¸?建ç?å¤??½ä???计è?¥æ?¶å??建ç?ä¸??»äº§?¼æ?ä¾?è¾?5ï¼?å·þ@?³ï?è¿?ä¸?æ­¥æ?????¥ç??ï¼?ä¸?å¸?建ç?å¤??½ä?ä¸?B???´å????ä¼?ä¸??¥æ?¶å??æ¯??¥è?????ï¼???æ­¤é??è¿???ä¸??¹ä¼°???¢å??¶è?¡æ????èµ????½ï???¸º?ºå»º??èµ???????ä¾????èµ????¥æ???

?????¥å???PBä½?äº?1.25????ä¸?å¸?å¤??½ä?å®??°ä¼°?¼ä¿®å¤?ï¼?ä»????¢å??¡æ????èµ????½ï???ä»??ç®???计å????°æ??????èµ?è§?模达??189亿å??ï¼?ä½?为è????????°å????¨å?ºå»º??èµ?è§?模达??.1ä¸?亿å??ï¼???2022å¹´å?ºå»º??èµ??»é?æ¯???5ï¼?å·þ@?³ï???¸º?¨å¹´?ºå»º??èµ?å¸þ=?¥å???èµ???å¢???ï¼??þ@??????°ä?å¸?建ç?å¤??½ä???è¿??¡æ????èµ???ä½?èµ?产è??ºç????ï¼????ä¸?æ­¥æ???¨æ????èµ???è¿?è¡?项ç??????èµ?ï¼???ä»??计å?¶å?????¸¦?¥ç??èµ???å¢??????´å¤§??

??????建ç?å¤????½ä?å¦?ä½?å®??°ä»·?¼é??ä¼°ï?

????????主è???两æ?¡è·¯å¾?ï¼?1ï¼??©å??°ä??¡æ?????°å??¿æ??å¸þ=?¥ä»·?¼é??ä¼°ï?2ï¼??¹å????º«ç»??¥è´¨??ï¼?????ROE???¹å???°é??æµ?ç­?ï¼??©å??ä¼°å?¼ä¿®å¤???

????对ä?ç¬???¡è·¯å¾?ï¼???ä»????°ä¸­?½ç?µå»º??ä¸??½å??å­þ>??¨è½¬??è¿?ç¨?ä¸??ä¼°å?¼å??°å¿«??ä¿??ï¼?????ç«?ç«¿è?å½±ï???对ä?没æ??ç¡???è½????¹å???????°ä??¡ä????¸å?è¾?å°???建ç?å¤??½ä?ï¼???ä»??为å?¶ä¼°?¼ä¿®å¤???主è?ä¾?èµ?ç¬???¡è·¯å¾?ï¼?ä»?DDM?¡ç¥¨?¡å?©å?价模???ºå??ï¼? P=EPS*d/ï¼?r-gï¼?ï¼??¨å???B=ROE*d/ï¼?r-gï¼? ï¼?ï¼??¹å??ç»??¥è´¨??ï¼?????????ROE???¹å???°é??æµ?è¿?????é«???红ç??ï¼?dï¼?????ç¡???¿é???ï¼?gï¼?å°??©å??ä¼°å?¼æ????????å½????½è????¸ã???½ä??¹é?©ç???¹å??æ­£ä?此形???±æ????????¨å?¨è?类央?½ä?å®??°ä¼°?¼ä¿®å¤???

?????·ä???è¨?ï¼?è¿??»å»ºç­?å¤??½ä?PBä¼°å?¼ä?è¡???????????ºå?ROEä¸?????æ¯??¡ç???©å??¿ç??ä¸?è¡?????忧ï???2023å¹´å?½è????¸æ???ºâ??ä¸??©ä????????¸æ????ä½?ç³»ï??¨å??èµ?产æ?¶ç????ï¼?ROEï¼??¿æ?¢å???©æ¶¦????ï¼??¨è?¥ä??°é??æ¯????¿æ?¢è?¥ä??¶å?¥å?©æ¶¦??ï¼?å¼?导ä?ä¸??´å??注é?????¥äº§?ºæ??????ç»??¥æ´»?¨ç?°é??æµ?ï¼?è¿?ä¸????¸å??????????????©å??建ç?å¤??½ä?ROEå®??°æ????ï¼????¶å?¨ç??¥ç?°é??æµ??¹å????ï¼???红ç??äºþ=????å¾??°æ??????

????æ­¤å?ï¼?è¿?å¹´å?½ä??¹é?©å?¨è?¡æ??æ¿??±æ?¹é?¢æ??ç»?????ï¼?å¤?家建ç­?å¤??å·²å??å¸??¡æ??æ¿??±æ?¹æ?ï¼?为æ???¥ä?绩å??¿å??å®?ä¸???ï¼???ç»???OEä¸?è¡?+??红ç??????+æ¯??¡ç???©å??¿ç??稳å??????ï¼?????å®??°å»ºç­?å¤??½ä?PBä¼°å?¼ä¿®å¤???

??????对æ??æµ·å?建ç?é¾?头ï??½å??å¤??½ä?ä¼°å?¼å?·å?ä¿???ºç???

????ä»?æµ·å?建ç?é¾?头å?è·µç?éª??¥ç??ï¼??½å?¶æ??¡ç???©å??¿ç??ï¼?gï¼?è¾????ä¸?ROEæ°´å¹³?´ä?è¾??½å??å¤??½ä?并æ?????¾ä??¿ï?ä½??¶ç?°é??æµ????µå????红ç??ï¼?dï¼??¸å?çª??ºï?为æ?大é?¨å??é¾?头ä?ä¸?PBä¼°å?¼å??ç»´æ??????以ä?ï¼?æ³??½ä?????å¾·å?½è±ªèµ???å¤??å¹?B???³è?è¿?2????ä»??ºæ???¢è?åºþA??è¨?ï¼??½å??建ç?å¤??½ä???OE????????红ç??ï¼?dï¼???é«???æ¯??¡ç???©å??¿ç??ï¼?gï¼?稳å????µä?ï¼?ä¼°å?¼å?·å?ä¿???ºç???

??????é£??©å??ç´?ï¼?

?????ºå»º??èµ?å¢???ä¸???é¢???ï¼??¡æ??ç±»è??èµ??¿ç??¶ç´§ï¼??¨å??ä¼?ä¸??°ä??¡æ??å±?è¿?åºþ????é¢???ï¼?å®?è§????????导è?´è?ä¸???款æ?ä¾?ä¸???ï¼???????ä»·æ?¼ä?涨侵??ä¼?ä¸????©ï?大é???è´þ@???¼æ??失è?????

????????èµ?ç­??¥ï?稳å??¿ä?ä¼°å?¼ï???好建ç­?å¤??½ä?ä»·å?¼é??ä¼°ã??

????æ¨???对æ??¥ç??ï¼?建ç?å¤??½ä?ä¸?绩稳?¥å??¿ï?ä¼°å?¼å?äº????²å??¨å?ºé?´ï??·å???ç½??§ä»·æ¯???ç»´æ??建ç?è¡?ä¸???强大äº?å¸???è¯?级ã??

?¨é?¨è?è®