资源描述
SAC S0850515040002 2024 6 15 2024 2 1.1.1 2023 2024Q1 1.2+1.3 1.4 2.1 2 3 XVCXzQnQtQnMtNnOnQsNpO8ObP8OmOmMtRmQeRnNtNeRqRqPaQmMzRMYnOwOxNmPrM3 Wind 2024 2024 6 13 A 300-5.3%+2.8%5.0%6 13+7.8%+2.5%+18.2%-0.2%+5.6%2024 1.2024-15%-10%-5%0%5%10%15%20%25%30%2023-12 2024-01 2024-02 2024-03 2024-04 2024-05-20%-15%-10%-5%0%5%10%15%20%2023-12 2024-01 2024-02 2024-03 2024-04 2024-05 A 300 4 2024-9.3%-4.3%+1.1%-28.6%-23.5%Q1+8.7%46.6%-10.5%2023 24Q1 1.1 24Q1 9.2%2022 2023 2023Q1 2024Q1 666.8 461.8-30.7%227.7 206.4-9.3%1110.1 856.7-22.8%383.5 367.1-4.3%373.8 272.6-27.1%116.3 117.6 1.1%215.0 87.1-59.5%69.2 49.4-28.6%253.7 227.7-10.2%117.2 89.6-23.5%2619.4 1905.9-27.2%913.9 830.2-9.2%D448KpRKCCpEg8x6bMHgRZDzSda0ryHb0G1WUCrSdD69ildF795zfUmOUE4PreTi 1.1.1 24Q1 24Q1 24Q1 24Q1+4.7%-4.8%+25.4%+23.0%-4.9%2019-2024Q1 71478 47476 8443 4139 13054 74825 45212 10585 5093 12417 4.7%-4.8%25.4%23.0%-4.9%-50%-30%-10%10%30%50%70%90%01000020000300004000050000600007000080000 2023Q1 2024Q1%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%2019 2020 2021 2022 2023 2024Q1 5 1.1.1 2023 66%63%54%50%65%58%57%59%58%61%63%8%9%10%12%13%15%18%20%21%22%21%22%23%31%34%18%22%22%17%16%14%14%0%10%20%30%40%50%60%70%80%90%100%2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 38.6%39.4%36.4%29.3%21.5%14.7%12.9%10.4%24.8%20.8%19.5%16.7%17.0%15.9%15.6%19.2%13.7%16.6%17.6%19.5%19.6%20.4%22.3%27.2%11.8%13.9%15.8%17.5%19.3%20.7%20.9%18.2%3.4%1.7%2.7%9.1%13.7%19.9%20.4%18.3%0%10%20%30%40%50%60%70%80%90%100%2016 2017 2018 2019 2020 2021 2022 2023 6 2022 2023 24Q1 NBV 1.1.2 NBV 2023 NBV 369311 110 30 37+2.4%+7.8%+19.1%+24.8%+37.3%NBV 24Q1 NBV+26.3%+20.7%+51%+81.6%+30.7%NBV NBV margin 2007-2024Q1 NBV-80%-60%-40%-20%0%20%40%60%80%100%13702 12258 7614 5688 12890 21.1%86.2%28.6%13.9%20.7%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%020004000600080001000012000140001600023Q1 23Q2 23Q3 23Q4 24Q1NBV%7 1.1.2 NBV margin 2023 NBV Margin 2023 NBV margin17.5%18.7%13.3%6.7%7.1%-2.0pct-5.4pct+1.7pct+1.2pct+1.4pct 24Q1 NBV margin+6.5pct 22.8%NBV NBV margin 38900 36.8%29.1%-2.9 pct 32169 40.3%32.0%-4.3 pct 3643 77.7%20.1%+0.9 pct 3087-10.7%20.5%-2.4 pct 362-4.7%1.1%-0.1 pct 39262 36.2%23.7%-0.4 pct 17.5%43.7%47.9%18.7%13.3%47.9%6.7%11.4%7.1%0.0%10.0%20.0%30.0%40.0%50.0%60.0%8 1.1.3 24Q1 2022-2023 2023 23 24Q1 2023+12.6%+27.9%+32.3%+9.8%+19.9%+39.4%+36.9%+170.2%+60.5%+53.7%24Q1-21.8%-63.7%-26.5%12.6%27.9%32.3%9.8%19.9%39.4%36.9%170.2%60.5%53.7%0%20%40%60%80%100%120%140%160%180%54%52%65%72%35%39%29%29%34%33%15%19%8%10%40%40%65%65%61%61%31%28%27%19%25%21%6%5%5%6%0%10%20%30%40%50%60%70%80%90%100%2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 9 1.1.3 1+3 1+3 2023 2023 10 20 30%2024 5 9 3 2010 3 3 2014 3 2024 10 1.1.3 2022-2023 2014-2023 2023-13.6%3.4 34.7 19.9 15.5 8.9-5.1%-22.0%-17.4%-21.3%-8.8%24Q1 62.2-1.9%-6.0%33.3-4.0%74.3 97.9 149.5 157.8 143.9 161.3 137.8 82.0 66.8 63.4 62.2 63.6 87.0 111.1 138.6 141.7 116.7 102.4 60.0 44.5 34.7 33.3 34.4 48.2 65.3 87.4 84.7 79.0 74.9 52.5 24.1 19.9 17.5 25.9 32.8 34.8 37.0 50.7 60.6 38.9 19.7 15.5 14.2 18.9 25.6 24.6 39.1 41.4 18.6 9.7 8.9 0501001502002503003504004505002014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Q1 11 1.1.3+2023+28.6%NBV+89.5%+26.6%+94.4%2024Q1+17.7%NBV+56.4%+33.7%+14.1%2023 2020 2021 2022 2023 2023 NBV/40688 39031 47639 90285 89.5%/5793 5758 7051 9813 39.2%/4629 4651 5390 7402 37.3%-34376 43503 26.6%-4136 6051 46.3%2617 2725 3237 6294 94.4%12 1.1.4 24Q1 2024+3.8%+2.8%+8.6%Q1+1.9%+3.5%+2.2%Q1+5.0%+1.3%+13.8%2023-2024Q1 2023Q1 2024Q1 2023Q1 2024Q1 pct)67933 69240 1.9%40.5%39.8%-0.7 53506 56813 6.2%31.9%32.7%0.7 19351 19964 3.2%11.5%11.5%-0.1 11449 11603 1.3%6.8%6.7%-0.2 5519 6142 11.3%3.3%3.5%0.2 1885 1741-7.6%1.1%1.0%-0.1 1400 1532 9.4%0.8%0.9%0.0 6598 6942 5.2%3.9%4.0%0.1 167641 173977 3.8%100.0%100.0%-13 10.2%7.0%4.1%1.7%3.8%5.4%4.6%-4.6%0.3%2.8%16.8%11.5%6.5%9.9%8.6%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%23Q1 23Q2 23Q3 23Q4 24Q1 2022-2024 97.9%99.6%98.0%+2.2pct+0.9pct-0.4pct 2024 14 1.1.4 24Q1 96.6%96.7%99.6%95.7%98.7%98.4%97.90%99.60%98.00%93.0%94.0%95.0%96.0%97.0%98.0%99.0%100.0%2022Q1 2023Q1 2024Q1 2023 2023 45.4%+4.5pct 51.6%58.1%51.7%50.4%43.6%+3.1pct+3.5pct+8.7pct+8.8pct+2.2pct+5.3pct 2023 1.1.5 2023+2022 2023 Wind 15 12.9%10.0%8.7%7.0%12.8%8.8%21.2%20.9%11.1%7.7%48.5%51.6%54.6%58.1%43.0%51.7%41.6%50.4%41.4%43.6%15.6%14.2%13.9%12.3%25.5%22.3%10.1%6.0%15.0%15.1%11.4%11.2%11.2%11.5%12.0%11.1%14.6%14.3%13.7%11.4%11.6%12.9%11.6%11.1%6.7%6.1%12.5%8.4%18.8%22.2%0%20%40%60%80%100%2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%2014/022014/082015/022015/082016/022016/082017/022017/082018/022018/082019/022019/082020/022020/082021/022021/082022/022022/082023/022023/08 FVTPL FVOCI FVOCI FVTPL FVOCI FVOCI 2022 2288 573 1715-25.1%74.9%-2023H1 2825 931 1894-33.0%67.0%-2023 2921 1170 1751-7.5%40.1%59.9%-7.1 pct 2022 1822 0.1 1822-0.0%100.0%-2023H1 1896 1629 267-85.9%14.1%-2023 1885 1613 271 1.5%85.6%14.4%+0.3 pct 2022 822 82 740-9.9%90.1%-2023H1 987 929 58-94.2%5.8%-2023 1062 1009 54-7.2%95.0%5.0%-0.8 pct 2022 556 44 512-8.0%92.0%-2023H1 472 325 148-68.8%31.2%-2023 455 295 160 8.6%64.8%35.2%+4.0 pct 16 2022 FVOCI AFS 2023+2022 4327 1453-8.5%2.9%11.4%-2023H1 4359 1662 4.2%8.0%3.1%11.1%-0.3 pct 2023 4302 2068 10.2%7.6%3.6%11.2%-0.2 pct 2022 2288 2559-5.3%5.9%11.2%-2023H1 2825 2811 16.3%6.1%6.1%12.2%+1.0 pct 2023 2921 2515 12.1%6.2%5.3%11.5%+0.3 pct 2022 1821 613-9.0%3.0%12.0%-2023H1 1896 608 2.9%9.0%2.9%11.8%-0.2 pct 2023 1885 624 3.1%8.4%2.8%11.1%-0.9 pct 2022 822 871-7.1%7.5%14.6%-2023H1 987 890 10.9%7.8%7.1%14.9%+0.3 pct 2023 1062 846 12.7%7.9%6.3%14.3%-0.3 pct 2022 556 1203-4.3%9.4%13.7%-2023H1 472 1135-8.6%3.4%8.2%11.6%-2.0 pct 2023 455 1174-7.4%3.2%8.2%11.4%-2.3 pct 2023 1.1.5 2023+3.6%3.2%3.1%2.82%3.20%3.00%0.0%1.0%2.0%3.0%4.0%2023Q1 2024Q13.8%4.2%4.0%3.4%4.5%2.7%3.0%2.6%1.8%3.3%3.2%3.6%2.7%1.8%3.4%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%5.0%2024Q1-0.3pct-0.7pct+1.0pct FVOCI 2016-2023 2023 2023 2024Q1 2023 1.1.5 24Q1 17 2024Q1 2024Q1 4.2%5.6%5.2%3.23%5.20%4.60%0.0%1.0%2.0%3.0%4.0%5.0%6.0%2023Q1 2024Q1 1.2.1 18 +5 10+23 69 2023 1.5 3.9 2023 2023 2023 NBV+1.2.2 19 +13 30 2022 1 2024 3 54 10 2024 3 573 1.2.3+20 13 4+21 2021 2022 2023 6 1.2.4 21 wind 1.3.1 2024 5 31 2.28%10%22 2.02.53.03.54.04.55.05.56.02004200520062007200820092010201120122013201420152016201720182019202020212022202320241.3.1 NBV 2021 NBV NBV2023 50bps NBV-24.2%-36.3%-86.0%-73%10%NBV 29%50bps NBV 2020-50bps 2015-100bps-25bps 2023 10%2021 NBV 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023-6.5%-6.6%-6.3%-7.1%-9.1%-17.1%-14.2%-15.1%-16.3%-16.9%-18.8%-23.6%-29.2%-6.2%-6.5%-6.5%-9.8%-11.1%-9.5%-9.7%-9.3%-10.3%-8.6%-10.4%-11.9%-24.2%-11.7%-10.6%-10.4%-11.1%-12.6%-14.1%-11.4%-13.0%-13.6%-12.0%-22.6%-15.2%-36.3%-17.1%-16.4%-16.5%-22.5%-24.9%-15.6%-13.5%-11.4%-14.0%-18.2%-24.8%-48.5%-86.0%-22.5%-36.3%-46.5%-54.0%-39.5%-10.2%-33.1%-36.4%-56.2%-53.9%-73.3%23 73.8%47.0%36.6%17.7%12.5%9.8%4.6%12.6%8.4%2.4%8.5%10.8%13.5%12.5%23.8%16.4%15.9%9.8%12.2%15.3%5.1%5.5%17.7%22.5%23.0%31.5%23.0%27.8%23.2%13.6%7.7%14.7%12.3%21.2%35.4%33.3%33.8%37.8%1.5%3.9%13.6%14.4%8.0%13.5%10.1%8.8%5.6%12.6%35.2%20.6%19.0%14.0%13.1%7.6%6.4%13.6%25.2%0%10%20%30%40%50%60%70%80%90%100%1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 wind ACLI 1.3.2/21 1987 12%1999 38%24 1976-1992 5.00%-6.25%1993 4.75%1994-1995 3.75%1996-1998 2.75%1999-2000 2.00%2001-2012 1.50%2013-2016 1.00%2017 0.25%0%5%10%15%20%25%30%35%40%45%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%10.0%ACLI LIAJ 1.3.2 1998-2022 52.2%82.3%200817.4%2022 29.0%40%60%50%1980 10%2021 31%25 0%10%20%30%40%50%60%70%80%90%100%1998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022 0%10%20%30%40%50%60%70%80%90%100%1917192519351945195519651975198119831985198719891991199319951997199920012003200520072009201120132015201720192021 5.67%5.67%5.22%4.77%4.77%3.78%2.25%2.25%1.98%3.00%1.50%8.80%6.50%6.50%6.50%5.00%5.00%5.00%2.50%2.50%3.50%3.00%0%1%2%3%4%5%6%7%8%9%10%1997.10.23 1997.12.1 1998.3.25 1998.7.1 1998.10.1 1998.12.7 1999.6.10 1999.6.11 2002.2.21 2013.8.5 2023.8.1 ACLI wind 1.3.3 1996-1999 1999 6 2.5%2016 3.5%3.0%2019/4.025%3.5%2023 7 31 3.0%2.5%2%26 wind 1.3.3 3 3.3%3.1%27 2.93.43.94.44.95.4(2021)A(2020)2017 2019 1.3.3/VFA NBV 2019 35.1%NBV 24.9%28 9%18%2%11%+50BP 1.3.4 A H H 29 2024 Q1 0.14%2023 0.19pct 2024 Q1 0.45x PEV 20230.04pct 2024 Q1 294 417 5572 5303-0.08pct-0.01pct 2024 Q1 0.01%0.08%0.04%0.001%0.01%1.4 wind 30-1.00 2.00 3.00 4.00 5.00 6.00-1.00 2.00 3.00 4.00 5.00 6.00 7.002007M122008M62008M122009M62009M122010M62010M122011M62011M122012M62012M122013M62013M122014M62014M122015M62015M122016M62016M122017M62017M122018M62018M122019M32019M62019M92019M122020M32020M62020M92020M122021M32021M62021M92021M122022M32022M62022M92022M122023M32023M62023M92023M122024M3%A PEV(持仓：0.14%估值：0.45xPEV 1 2024 NBV 2 5 31 2.28%2024 5 31 0.36-0.67 2024E P/EV 1.4 wind PEV 31 0.01.02.03.04.05.06.07.08.09.0 H 1 2 3 WIND 2024 6 13 32 1.4 EV 1YrVNB A 2022 2023 2024E 2025E 2022 2023 2024E 2025E-A 41.30 78.18 76.34 81.58 87.52 1.58 1.71 1.83 2.04-A 30.55 43.54 44.60 48.78 53.36 1.27 1.30 1.47 1.65-A 31.07 81.93 80.30 86.40 92.93 0.78 0.97 1.11 1.23-A 28.11 54.01 55.04 60.68 66.87 0.96 1.14 1.33 1.46-A 5.11 6.41 6.92 7.68 8.62 0.08 0.15 0.21 0.23 P/EV VNBX A 2022 2023 2024E 2025E 2022 2023 2024E 2025E-A 41.30 0.53 0.54 0.51 0.47-23.31-20.53-21.97-22.69-A 30.55 0.70 0.68 0.63 0.57-10.19-10.77-12.36-13.86-A 31.07 0.38 0.39 0.36 0.33-65.48-50.79-49.63-50.45-A 28.11 0.52 0.51 0.46 0.42-27.07-23.63-24.43-26.60-A 5.11 0.80 0.74 0.67 0.59-15.47-12.33-12.37-15.54 EPS BVPS A 2022 2023 2024E 2025E 2022 2023 2024E 2025E-A 41.30 4.60 4.70 5.06 5.68 47.15 49.37 51.89 55.84-A 30.55 1.14 0.75 0.81 0.92 15.43 16.28 16.99 17.78-A 31.07 3.15 2.79 3.10 3.47 32.98 33.68 32.40 31.05-A 28.11 2.56 2.83 3.04 3.64 23.75 25.94 27.74 29.92-A 5.11 0.55 0.51 0.54 0.68 5.01 5.48 5.79 6.18 P/E P/B A 2022 2023 2024E 2025E 2022 2023 2024E 2025E-A 41.30 8.98 8.78 8.16 7.27 0.88 0.84 0.80 0.74-A 30.55 26.91 40.90 37.81 33.32 1.98 1.88 1.80 1.72-A 31.07 9.87 11.13 10.01 8.96 0.94 0.92 0.96 1.00-A 28.11 10.99 9.92 9.24 7.72 1.18 1.08 1.01 0.94-A 5.11 9.26 9.92 9.40 7.50 1.02 0.93 0.88 0.83 1.2.2.1 2024 2.2 2.3+2.4 33 WIND 2024/6/13 2024 2024 6 13 2024 9.42%300+2.77%+1.81%25%1%6%13%45%30%15%2.1 2024 34-15.00%-10.00%-5.00%0.00%5.00%10.00%300-50.00%-40.00%-30.00%-20.00%-10.00%0.00%10.00%20.00%30.00%40.00%50.00%WIND 2024Q1 51 23%2024 51 1146 10%9%36%2%32%319 23%51+39%+37%-88%-87%74%+86%41%2.1 2024Q1 35 2024Q1ROE 2023Q1 ROE 2024Q1 杠杆率（倍）2023Q1 杠 杆率（倍）13755-10%4959-8%1.88%2.07%4.52 4.44 7983-14%2489-18%1.55%2.01%4.80 4.98 7214-17%1631-27%1.30%2.36%4.50 5.05 6105-32%2291-29%1.37%1.86%3.96 4.22 5680-1%1388-31%1.37%2.09%5.25 5.46 4949-24%1538-29%1.16%1.87%4.50 4.29 4762-44%911-63%0.56%1.47%3.69 3.96 4299-10%2157-5%1.87%2.09%4.41 4.16 4294-36%1228-50%1.31%3.15%4.16 4.40 3882-21%447-8%1.64%1.85%4.45 4.88 3874-38%1239-45%0.00%2.50%4.98 5.64 3611-19%886-38%1.11%1.87%3.23 3.23 3362-19%1229-31%1.12%1.87%3.65 3.13 3195-14%350-60%0.66%1.75%4.11 4.42 2539-29%331-71%0.82%3.15%3.53 3.52 2456-13%1954-4%2.69%3.07%2.54 2.30 2377-43%328-60%0.56%1.57%3.45 3.34 2225-1%456-22%0.00%1.51%3.57 3.59 2204-20%682-29%1.01%1.57%2.73 2.98 1985 12%784 41%1.72%1.28%4.26 3.69 1595-12%196-45%0.70%1.32%3.00 3.01 1483-24%367-39%1.12%1.90%2.55 2.78 1410-21%456-8%1.31%1.49%3.45 3.18 1404-9%463-11%1.33%1.56%3.22 3.12 1332-38%402-47%1.17%2.50%3.02 3.71.114643-10%31887-23%0.78%1.62%3.35 3.46 2.1.1 WIND 2024/5/31 2023 2024 2024 2024 5 31 9886 2023 9625+2.7%2023 16509 7.5%15265 36 05000100001500020000250002014/1/32015/1/32016/1/32017/1/32018/1/32019/1/32020/1/32021/1/32022/1/32023/1/32024/1/3 1876 1079 2180 2242 1716 1285 1948 3011 10381 5185 4580 3689 5200 8921 10227 10030 9625 9886 020004000600080001000012000200720082009201020112012201320142015201620172018201920202021202220232024M1-5 2024 1-5 IPO 2024 1-5 38 IPO 2023 1-5 72%272 83%6 66 78%89%2024 1-5 906 73%22 214 71%2.1.2 IPO 2023 IPO 2023 WIND 2024/5/31 37 0100200300400500600010002000300040005000600070002012201320142015201620172018201920202021202220232023M1-52024M1-5 020004000600080001000012000140001600018000 2024 5.98 7.3%2.69 3.6%2.1.3 38-30%-20%-10%0%10%20%30%40%50%60%0200004000060000800001000001200001400001600002014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Q1 2024 1-5 300 4.34%A 3.04%2023300 1.89%A 1.46%2024 1-5 2023 2023 11383 2022 23%2024 1-5 4849+20%2.1.4 WIND 2024/5/31 39 300 A 2023-11.38%-19.41%-3.70%-5.19%1.66%2023 1-5-1.89%-6.53%3.73%1.46%0.59%2024 1-5 4.34%-4.56%3.76%-3.04%1.51%-100%-50%0%50%100%150%05000100001500020000250003000035000()2024 4 12 2004 2014 1 2004 1 2 2014 5 2.2 40 2004.1.31 2014.5.8 2024.4.12 1 1 1 2 2 2 3 3 3 4 4 4 5 5 5 6 6 6 7 7 7 8 8 8 9 9 9 1+N 1 N 6 2024 3 15 4 19 1+N 1+N 2.2.1 41 2.3+42/2019 11 2020 7 2023 10 2023 11 2024 3 2024 4 2024 4 50%NYSE 2017 57%1 1997 2 3 E-Trade 1 2000 2007 401(k)2011 OXPS 2 2010 Windward 2020 Motif 3 2020 TD Ameritrade USAA 2.3.1 43 1969 Brooks,Harvey&Co.1988(MSCI)1997 Dean Wtter Reynold 1999 A B Asesores 2006 FrontPolnt Partners LP.2012 Smith Barney solium 2020 E.Trade 2000 2007 401(k)Company 2010 Windward Windhaven 2011 optionsXpress Holdings,Inc Compliance11 2012 ThomasPartners,Inc 2020 Wasmer Schroeder&Company,LLC TDAmeritrade Motif USAA 8 3 1 4 2020 1 2 3 2.3.1 44/2014 7“”2014 8 2015 1 ROE 2019 6 2019 7“”2020 1 2023 3 2023 12 wind 2003-2022 2.3.1 45 2023/IPO 200.67/23.68 6/24 5.6%/0.7%2023 871 30 599 20 1 20%2 3 2023 1455 339 1794 21 19 2.3.1 2023 2023 wind 46 0%10%20%30%40%50%60%70%80%90%100%0%10%20%30%40%50%60%70%80%90%100%,2.3.2 47 1976 70 500 80 90 2.3.2 1999-2022 48 2024 2.4 2024+13%/2024E+2%/+13%/+24%12%4%7%10%10%2022 2023 2024E 2024E 2024E 10030 9625 10000 11000 12000-11%-4%4%14%25%166 166 166 174 182-20%0%0%5%10%1331 984 964 1105 1257-14%-26%-2%12%28%315 172 149 146 156 270 292 260 295 330 701 543 480 519 588 0%-23%-12%-4%8%880 532 550 568 585-9%-40%3%7%10%286 225 214 247 281-10%10%-5%10%25%738 1217 1217 1339 1461-50%50%0%10%20%3950 4059 3525 3878 4271 1423 1378 1410 1551 1709-36%-3%2%13%24%49 2024Q1 2024 0.46%2023 0.23 0.15 0.32%2023 0.22 0.05 0.14%2023 0.01 0.21 0.29%2023 0.20 0.05 2.4 wind 50-1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00-0.50 1.00 1.50 2.00 2.50 3.00 3.502007M62007M122008M62008M122009M62009M122010M62010M122011M62011M122012M62012M122013M62013M122014M62014M122015M62015M122016M62016M122017M62017M122018M62018M122019M32019M62019M92019M122020M32020M62020M92020M122021M32021M62021M92021M122022M32022M62022M92022M122023M32023M62023M92023M122024M3%P/B(持仓：0.46%估值：1.19xP/B 2024 6 13 2024E P/B 1.12 x H WIND 2024/6/13 2.4 P/B 51 0.002.004.006.008.0010.0012.0014.0016.0018.002004-12-312005-07-292006-02-282006-09-292007-04-302007-11-302008-06-302009-01-232009-08-312010-03-312010-10-292011-05-312011-12-302012-07-312013-02-282013-09-302014-04-302014-11-282015-06-302016-01-292016-08-312017-03-312017-10-312018-05-312018-12-282019-07-312020-02-282020-09-302021-04-302021-11-302022-06-302023-01-312023-08-31202
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