中信证券首次覆盖报告：龙头锚定全能生态全球布局行稳致远

A

2006

9.29

/

2007

2015

H

11

270.6

“

”

/

134.6

2020

74.91

8.1

100%

2022

A+H

3.34

250

/

24.60

10

1.5

5

46.45

273

A/H

A

15.52

224

H

3.42

49

5 46.45 9.29 /

2.03

2024

2025Q3

2369

12.64% 8.52%

6.19% 217.04 10.06%

637.89

10

2025

558.15

32.7%

231.59

37.86%

+ +

32.6

27.1%

87.03

16.

2.43%

4%

56.61

42.73

16673 2024 15424 11.1%

13.43%

2017

2024 3432.43

15.3% 9089.82 7.99%

2017 10% 2024

22.25% 2017 90.21% 2024 58.93%

19

+

2024 80.31

9.61%

21.58

2.1

7.2% 2025H1 2.85

ETF

REITs7492.85

ETF

REITs

2022

2023

2024

2025E

2026E

2027E

651.09

600.68

637.89

791.52

888.15

998.12

YOY

—14.92%

—7.74%

6.19%

24.08%

12.21%

12.38%

111.69

102.23

107.13

169.04

184.94

194.39

YOY

-14.28%

—8.47%

4.79%

57.79%

9.41%

5.11%

86.54

62.94

41.59

56.95

61.87

70.37

YOY

6.10%

—27.27%

—33.92%

36.93%

8.64%

13.74%

109.4

98.49

105.06

122.72

129.9

138.79

YOY

651%

—9.97%

6.67%

16.81%

5.85%

6.84%

58.06

40.29

10.84

31.56

32.88

39.05

YOY

8.79%

—30.61%

—73.10%

191.14%

4.18%

18.77%

176.36

218.46

324.86

408.21

475.5

552.42

YOY

22.25%

23.87%

48.70%

25.66%

16.48%

16.18%

109.04

78.29

109.83

3.04

3.06

3.10

YOY

-25.74

—28.20%

40.29%

—97%

I%

1%

213.17

197.21

217.04

264.50

306.85

339.42

-7.72

—7.49%

10.06%

21.87%

16.01%

10.61%

601211.SH

ÒH

20.76

2.11

17.33

18.5

19.75

1.IO

1.20

1.12

1.05

601688.SH

UHiJÓ

23.89

18.I

19.07

22.67

26.95

1.32

1.25

1.05

0.89

600999.SH

łòíÖiiJ@

16.74

13.24

14.95

16.15

17.45

1.26

1.12

1.04

0.96

000776.SZ

22.2

15.88

19.22

20.86

22.64

1.40

1.16

1.06

0.98

002736.SZ

13.25

9.23

11.66

12.57

13.55

1.44

1.14

1.05

0.98

1.69

1.52

1.39

1.26

601211.SH

ÒH

20.76

1.46

1.53

1.68

1.85

14.22

13.57

12.36

11.22

601688.SH

UHiJÓ

23.89

1.7

1.9

2.13

2.34

14.05

12.57

11.22

10.21

600999.SH

łòíÖiiJ@

16.74

1.19

1.41

1.56

1.72

14.07

11.87

10.73

9.73

000776.SZ

@iJ@

22.2

1.26

1.76

2.01

2.21

17.62

12.61

11.04

10.05

002736.SZ

@JiJ@

13.25

0.85

1.09

1.24

1.36

15.59

12.16

10.69

9.74

21.15

17.58

15.69

14.27

@ÜİiÎJB&(JZŃ) 2024A 202.SE 2026E 2027E Ț4]I (JZJ) 2024A 202.SE 2026E 2027E

@Ü.«.ÌÍ

20,212.90

22,188.72

23,828.82

20,212.90

HF&A

637.89

Ü

5,847.39

7,050.

5,847.39

32.88

39.05

728.66

855.34

933.11

728.66

6,908.62

6,908.62

6,908.62

6,908.62

56.95

96.08

96.08

96.08

96.08

72

76.75

69.10

62.19

76.75

ÀÕfSã

324.86

408.22

475.49

552.43

33.22

33.22

33.22

33.22

3.03

3.06

3.09

H

84.48

84.48

84.48

84.48

HFAkì

352.83

481.83

40.85

40.85

40.85

40.85

300.84

373.72

428.01

498.73

İIÎËÎİÖ̆

94

00

38

94

58.40

60.84

56.28

5,436.22

6,528.49

5,436.22

HF)Ifl

285.06

359.86

406.32

443.97

fSAJ0AT

—0.88

0.42

0.09

—0.13

iTlÏÎ&îtRÖĞ

3,254.96

3,566.72

3,913.44

3,254.96

)IflÒiÎ

284.18

360.27

406.40

443.84

3,490.69

ìÅ:

58.29

86.47

89.41

93.21

%Å

65.89

76.03

87.25

65.89

&fi)Ifl

225.89

273.81

350.64

264.50

306.85

339.42

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