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2013,3,4 s1010510120047 s1010512080008,2010,1 20%,(,),1,(,),( ),2013,630,2013 2013,2013,70%,5 470,2010,4,2011,1,1,1 14 12 10 8 6 4 2 0,-22011 6,2011 9,2011 12,2012 3,2012 6,2012 9,2012 12,-4 2 70% 70% 2,2008-12,2009-04,2009-08,2009-12,2010-04,2010-08,2010-12,2011-04,2011-08,2011-12,2012-04,2012-08,2012-12,201301,200801,200806,200811,200904,200909,201002,201007,201012,201105,201110,201203,201208,2 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00,wind,2012,%,3 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0,wind 90%,5%,2012,85,6.22%,6.55% 9,2012,1.1 25%,2009-2011 2012 2013,2013 10.5,25%,20%,5,15% 7.64/12.54/13.59 15% 2013,15% 0.46 32.9% 10.5,2012 22,1-12,300 60% 2013,wind 3.47,11.96,2010 3,0801,0803,0805,0807,0809,0811,0901,0903,0905,0907,0909,0911,1001,1003,1005,1007,1009,1011,1101,1103,1105,1107,1109,1111,1201,1203,1205,1207,1209,1211,1301,4 3,000 2,500 2,000 1,500 1,000 500 0 5,40,wind,2012,70 60 50 40 30 20 10 0,35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 4,70% 20% 3 1 20% 2013 1999,(,1999278,),2006,5,1q07,2q07,3q07,4q07,1q08,2q08,3q08,4q08,1q09,2q09,3q09,4q09,1q10,2q10,3q10,4q10,1q11,2q11,3q11,4q11,1q12,2q12,3q12,4 20% 20%,-,-,-,10% 1%-3%,6,7,s1,50,%,%,d0,p,pe,s0,40 30 20,10 0 qt qe,1.,20%,2. 6,3. . 4.,5,/,2012,2011,2010,2009,2008,1.43 0.94 1.27 0.68 0.64 0.77 0.60 0.66 0.54 0.61 0.30,1.90 1.09 0.96 0.95 1.08 0.99 0.71 0.54 0.45 0.42 0.27 0.41,3.08 1.57 1.13 1.34 1.37 1.15 0.93 0.73 0.44 0.54 0.49 0.61,2.25 1.61 1.23 0.98 1.07 0.89 0.83 0.57 0.44 0.67 0.37,0.97 0.75 0.61 0.82 0.88 0.76 0.69 0.46 0.56,1.93 1.19 1.04 0.99 0.98 0.97 0.78 0.69 0.50 0.49 0.48 0.45,0.43,0.43,0.25,0.34,0.58,0.39,0.39 0.32 0.28,0.31 0.40 0.42,0.38 0.35 0.29,0.40 0.25,0.39 0.22,0.38 0.36 0.29,0.29,0.29,0.16,0.20,0.40,0.26,0.22,0.27,0.30,0.16,0.24,0.22,0.23,0.23,0.30,0.20,0.23,0.13,0.15,0.14,1 6 90 144 7,7,2,1,2011 2011 2011 2011 2011 2011 2011 2010 2011 2011 2011 2011 2011 2011 2011 2011 2011 2010 2011 2011 2011 2011 2011 2011,2 1 2 3 2 2 1 9 2 2 4 3 1 2 2 3 1 10 2 2 1 2 3 2,17 31 18 28 20 20 30 30 19 19 15 1 28 18 19 1 25 10 20 28 6 21 4 24,2,1,2,1,5,1,1 2,1,2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011,2 2 2 2 2 2 3 3 2 3 2,12 24 15 11 25 25 5 1 22 10 21,2011 2011 2011 2011 2011 2011,5 3 3 3 3 3,1 3 14 3 18 23,144,8,2010 2011 2011 8 /,11 8 9,24 28 12,1,/,2,20%,5%,1 1,3,3 5,5,5,3,3 1,2 5,20%,130%,20%,10%,5% 120% 3 2013 9,9,2005 2006 2007 2008 2009 2010 2011 2012 2013e,19.8% 23.0% 30.4% 21.0% 25.1% 26.2% 27.9% 16.3% 19.5%,45.1% 11.5% 25.1% -14.7% 43.6% 10.6% 4.4% 1.8% 11.0%,16.7% 6.3% 14.8% -1.7% 23.2% 7.5% 6.5% 8.1% 5.0%,69.4% 18.5% 43.5% -16.1% 76.9% 18.9% 11.1% 10.0% 16.6%,wind 10,-,analyst certification i ii the analysts primarily responsible for the preparation of all or part of the research report contained herein hereby certify that: (i) the views expressed in this research report accurately reflect the personal views of each such analyst about the subject securities and issuers; and (ii) no part of the analysts compensation was, is, or will be directly or indirectly, related to the specific recommendations or views expressed in this research report. “ ”,/,(,),(1),(2) / / 2013 1,300,20%,6,300,5%,20%,2,6 300,6 300,300 300 300 300 300,-10% 5% 10% 10% -10% 10% 10%,48,1568,8,1,100125,22,200122,518048,26,foreign broker-dealer disclosures for distributing to the u.s. this report has been produced in its entirety by citic securities limited company (“citic securities”, regulated by the china securities regulatory commission. securities business license number: z20374000). this report is being distributed in the united states by citic securities pursuant to rule 15a-6(a) (2) under the u.

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