建筑工程行业

12 58 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 12᳜ 15᮹ ⷨお᡹ਞg㸠ϮⷨおgᓎㄥᎹ⿟㸠Ϯ ᓎㄥᎹ⿟㸠Ϯ 2011ᑈᡩ䌘ㄪ⬹ 㺙佄㸠Ϯ᱃⇨ᓊ㓁ˈ݇⊼ϧϮ� Ꮉ⿟੠ᱎ㛑ᓎㄥӬ䋼݀ৌ� ᔎѢ໻Ꮦ˄㓈ᣕ˅� ᡩ䌘㽕⚍ Ёֵ䆕ࠌⷨお䚼 � ™ 䪕䏃݀䏃෎ᓎᡩ䌘䕗ᖿ๲䭓ᇚֱᣕ㸠Ϯ᱃⇨ᑺDŽ㱑✊ܼ೑೎ᅮ䌘ѻᡩ䌘๲ 䗳ϡᮁϟ䰡ˈԚҹ䪕䏃݀䏃Ўҷ㸼ⱘ෎ᓎᡩ䌘ҡ✊ֱᣕᖿ䗳๲䭓ˈ៥Ӏ乘 䅵 2010ᑈܼ೑䪕䏃෎ᓎᡩ䌘ৃ䖒ࠄ 7000ғܗˈ᳾ᴹѨᑈҡᇚֱᣕ೼ 7000 ғܗᎺে∈ᑇ 2˗010ᑈ݀䏃೎ᅮ䌘ѻᡩ䌘ᇚ䍙 10000ғܗ 2ˈ011ᑈ乘䅵г ᇚ䖒ࠄ 10000 ғܗDŽජᏖ䔼䘧Ѹ䗮乚ඳᇚᰃ᳾ᴹ෎ᓎ乚ඳⱘ᳔໻๲䭓⚍ˈ ᣝ䅵ߦ 2015ᑈࠡᇚᮄᓎഄ䪕䕏䔼䍙䖛 2000݀䞠ˈᘏᡩ䌘䍙䖛 8000ғܗDŽ ™ 2011ᑈ㺙佄㸠Ϯ᳝ᳯݡ䍙乘ᳳDŽ乘䅵ҹ䜦ᑫ੠䔺キЎҷ㸼ⱘ݀݅㺙佄Ꮦഎ೼ ᳾ᴹϸᑈᇚ䖢ᴹϮࡵ催ዄˈ㗠ԣᅙ㺙佄Ꮦഎᇚৃ䭓ᳳⳟདDŽ៥Ӏ䅸ЎᇍѢ啭 ༈ϞᏖ݀ৌˈԣᅙ㺙佄䳔∖ৃ㾚Ў᮴䰤˄ᮄ䖥Ѯॺㄝϝᆊ݀ৌߚ߿㦋ᘦ໻ഄ ѻ↣ᑈ 30ғܗҹϞড়԰乱˅ˈ 㗠乍Ⳃⱘ໻ൟ࣪߭ᇚ᳝ᬜᠽ໻݀ৌᅲ䰙ѻ㛑DŽ ⳂࠡಯᆊϞᏖ݀ৌ䯈ᔶ៤㡃ᗻゲড়݇㋏ᇚ᳝ࡽѢᦤ催㸠Ϯ䲚Ёᑺˈ៥Ӏ䅸Ў 㙵ᴗ▔ࢅܙߚⱘಯᆊ㺙佄ϞᏖ݀ৌ 2011ᑈϮ㒽ᵕ᳝ৃ㛑ݡ䍙乘ᳳDŽ ™ ϧϮᎹ⿟݇⊼݋᳝ᡔᴃ੠Ꮦഎさ⸈┰࡯ⱘӬ䋼݀ৌDŽ࣪ᄺᎹ⿟䎳䱣࣪ᄺᎹ 㡎䏃㒓ⓨব㗠݋᳝䴽ᮄᗻˈᡔᴃさ⸈ᇚᓩ乚䳔∖ᓊሩDŽ∈⊹Ꮉ⿟ᇚৃ䞡⚍ ݇⊼ॄᑺㄝᮄ݈⍋໪Ꮦഎⱘ䳔∖⟚থ๲䭓DŽ៥Ӏ䅸Ў೼Ⳍ݇ᡔᴃ੠ᏖഎϞ ݋᳝ϡᮁপᕫさ⸈┰࡯ⱘӬ䋼ϧϮᎹ⿟݀ৌؐᕫ䭓ᳳ݇⊼DŽ ™ ᓎㄥᱎ㛑╂⌕⍠ࡼˈᓎㄥ㡖㛑ᮍ݈᳾㡒DŽᓎㄥᱎ㛑Ꮉ⿟ǃᓎㄥ㡖㛑᳡ࡵ㸠 Ϯ᳾ᴹϝᑈ໡ড়๲䗳乘䅵ᇚ䍙 30%˗ড়ৠ㛑⑤ㅵ⧚԰Ўᓎㄥ㡖㛑᳡ࡵᮄ῵ ᓣˈ᳾ᴹᇚ䖢䎼䍞ᓣ๲䭓ˈⳌ݇ϞᏖ݀ৌᇚҢЁܙߚফⲞDŽ ™ 亢䰽಴㋴˖ᡩ䌘ϟ䰡ǃॳᴤ᭭ӋḐǃ∛⥛ǃᑨᬊ䋺ℒǃ⍋໪㒣㧹ㄝ亢䰽DŽ ™ ᡩ䌘ㄪ⬹˖2011 ᑈ䞡⚍݇⊼Ϯ㒽᳝ৃ㛑ݡ䍙乘ᳳⱘĀ㺙佄ಯᵄāǃᡔᴃ੠ Ꮦഎϡᮁさ⸈ⱘӬ䋼ϧϮᎹ⿟݀ৌҹঞᱎ㛑ᓎㄥӬ䋼݀ৌDŽ2011ᑈᓎ䆂䞡 ⚍݇⊼Ϯ㒽ᵕ᳝ৃ㛑ݡ䍙乘ᳳⱘĀ㺙佄ಯᵄāüüѮॺ㙵ӑǃ䞥㶇㵖ǃᑓ ⬄㙵ӑ੠⋾⍯㙵ӑDŽℸ໪䖬ᓎ䆂䞡⚍݇⊼ᡔᴃ੠Ꮦഎϡᮁপᕫさ⸈ⱘӬ䋼 ϧϮᎹ⿟݀ৌЁᴤ೑䰙ǃЁ೑࣪ᄺ੠ϝ㓈Ꮉ⿟˗݇⊼㸠Ϯࠡ䗨ܝᯢǃⳂࠡ থሩ䖙䗳ⱘᓎㄥᱎ㛑㡖㛑Ӭ䋼݀ৌüü⋄䈾⾥ᡔǃ䖒ᅲᱎ㛑੠䌯Ўᱎ㛑DŽ 䞡⚍݀ৌԄؐ↨䕗ঞᡩ䌘䆘㑻 EPS˄ܗ˅ PE ㅔ ⿄ 㙵Ӌ˄ܗ˅ 09 10E 11E 09 10E 11E PB 䆘㑻 Ё೑ᓎㄥ 3.43 0.19 0.30 0.40 18 11 9 1.4 фܹ Ё೑䪕ᓎ 6.83 0.53 0.40 0.94 13 17 7 1.6 фܹ Ё೑Ё䪕 4.29 0.32 0.43 0.56 13 10 8 1.5 фܹ Ё೑Ёފ 3.94 0.22 0.25 0.32 18 16 12 1.8 фܹ Ёᴤ೑䰙 33.59 0.98 1.65 2.47 34 20 14 9.4 фܹ Ё೑࣪ᄺ 5.52 0.20 0.30 0.40 28 18 14 2.3 фܹ ϝ㓈Ꮉ⿟ 74.13 0.56 0.78 1.20 132 95 62 7.2 фܹ 䞥㶇㵖 63.78 0.62 1.30 2.20 102 49 29 21.7 фܹ Ѯॺ㙵ӑ 86.62 0.63 1.38 2.61 138 63 33 8.1 фܹ ᑓ⬄㙵ӑ 86.88 0.63 1.36 2.28 137 64 38 5.8 фܹ ⋾⍯㙵ӑ 41.37 0.46 0.73 1.12 90 57 37 5.9 ๲ᣕ ㊒Ꮉ䩶ᵘ 14.77 0.49 0.65 0.84 30 23 18 3.9 фܹ ϰᮍುᵫ 105.78 0.56 1.98 3.64 189 53 29 13.9 фܹ ẩ὜ುᵫ 85.27 0.40 0.96 1.63 211 89 52 10.5 фܹ 䌘᭭ᴹ⑤˖Ё᭄ֵ䞣࣪ᡩ䌘ߚᵤ㋏㒳 ⊼˖㙵ӋЎ 2010ᑈ 12᳜ 3᮹ᬊⲬӋˈPBЎ᳔ᮄᄷ᡹ؐӋ ᴼ⍯� ⬉䆱˖021-68766932 䚂ӊ˖yangtao@citics.com ᠻϮ䆕к㓪ো˖S1010210030004 ┬ᓎᑇ� ⬉䆱˖021-68766893 䚂ӊ˖pjp@citics.com ᠻϮ䆕к㓪ো˖S1010207110123 Ⳍᇍᣛ᭄㸼⦄� -40 -30 -20 -10 0 10 20 30 100104 100311 100518 100722 100927 101130 Ёᷛ300 ᓎㄥϮ H㙵ᣛ᭄ 䌘᭭ᴹ⑤˖Ё᭄ֵ䞣࣪ᡩ䌘ߚᵤ㋏㒳 㸠Ϯ㸼ᕕᣛᷛ�� 㸠Ϯ㸼ᕕᣛᷛ ᣛᷛ䍄৥ 㸠Ϯ᱃⇨䍟࢓ ĺ 㸠Ϯ߽⍺๲䭓⥛ ĺ 㸠ϮԄؐ∈ᑇ 22˄PE˅ 㸠Ϯᡩ䌘䆘㑻 ᔎѢ໻Ꮦ Ⳍ݇ⷨお� 1ljˊᓎㄥᎹ⿟㸠Ϯ 2010ᑈ 10᳜䎳䏾᡹ਞ̣ 䞡⚍᥼㤤Ϯ㒽ስ䍙乘ᳳⱘĀ㺙佄ಯᵄāNJ ................................................ 2010-10-26 2ljˊᓎㄥᎹ⿟㸠Ϯ 2010ᑈ 9᳜䎳䏾᡹ਞ̣ മᣕ㙵ᴗ▔ࢅᗱ䏃 ⳟˈདѮॺㄝ㸠Ϯ啭 ༈NJ ....................................... 2010-09-28 3ljˊᓎㄥᎹ⿟㸠Ϯ 2010ᑈ 8᳜䎳䏾᡹ਞ̣ 㙵ᴗ▔ࢅܙߚⱘᓎㄥ៤䭓㙵ৃᣕ㓁㸼 ⦄NJ ....................................... 2010-08-25 ᓎㄥᎹ⿟㸠Ϯ 2011ᑈᡩ䌘ㄪ⬹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ Ⳃ ᔩ ᡩ䌘㘮⛺ ...................................................................................................................................................................... 1 2011ᑈ㒻㓁݇⊼Ϯ㒽᳝ᳯݡ䍙乘ᳳⱘĀ㺙佄ಯᵄā...................................................................................... 1 䞡⚍݇⊼ᡔᴃ੠Ꮦഎϡᮁপᕫさ⸈ⱘϧϮᎹ⿟݀ৌ ...................................................................................... 1 ݇⊼㸠Ϯ⦃ֱ㡖㛑ᬓㄪϟᱎ㛑ᓎㄥᵓഫⳌ݇Ӭ䋼Ͼ㙵 .................................................................................. 1 㸠Ϯ᱃⇨ಲ乒Ϣሩᳯ˖催᱃⇨ᑺᇚᓊ㓁 .................................................................................................................. 2 ᠓ഄѻᓔথ਼䕀⥛ᦤ催ᇚᏺࡼ᠓ሟᓎㄥᎹ⿟䳔∖ .......................................................................................... 3 ෎ᓎᡩ䌘㒻㓁ֱᣕ䕗ᖿ๲䭓ᇚ偅ࡼ෎ᓎᓎㄥ乚ඳ᱃⇨催ԡᓊ㓁................................................................... 4 ϧϮᎹ⿟ᡩ䌘᱃⇨ᑺϡᮁᦤछ .......................................................................................................................... 7 ⍋໪㒣⌢໡㢣֗䖯ᮄㅒ䅶ऩᚙމϡᮁད䕀 .................................................................................................... 10 ϧ乬ϔ˖催ᏖⲜ⥛佪থϞᏖӬ䋼݀ৌऴ᥂ܜথӬ࢓ ............................................................................................ 11 ߽⫼䍙ࢳ䌘䞥䖯㸠ԢӋᬊ䌁 ............................................................................................................................ 11 ϞᏖৢક⠠੠䌘䞥ᅲ࡯໻ᐙᦤछ .................................................................................................................... 12 催ㅵ㙵ᴗ▔ࢅᬜ࡯๲ᔎ .................................................................................................................................... 12 ϧ乬Ѡ˖2011ᑈ㺙佄㸠Ϯ᳝ᳯݡ䍙乘ᳳ................................................................................................................ 13 䔺キǃ䜦ᑫ㺙佄ᇚ䖢ᴹ䳔∖催ዄ .................................................................................................................... 13 ԣᅙ㊒㺙ׂ催᱃⇨ᇚϡᮁᓊ㓁 ........................................................................................................................ 14 ԣᅙ㺙ׂऩԧ乍Ⳃ㾘῵ᦤ催ৃᠽ໻݀ৌᅲ䰙ѻ㛑 ........................................................................................ 14 ϞᏖ݀ৌ㡃ᗻゲড়݇㋏᳝߽Ѣᦤ催㸠Ϯ䲚Ёᑺ ............................................................................................ 15 㙵ᴗ▔ࢅ▔থ݀ৌಶ䯳خ໻݀ৌᏖؐ ............................................................................................................ 15 䍙ࢳ䌘䞥ⱘՓ⫼ؐᕫ݇⊼ ................................................................................................................................ 15 ϧ乬ϝ˖ᡔᴃ䴽ᮄᓩ乚㸠Ϯ䳔∖ˈϧϮᎹ⿟݀ৌさ亲⣯䖯 ................................................................................ 16 ࣪ᄺᎹ⿟˖ᡔᴃ䴽ᮄᓩ乚㸠Ϯ䳔∖ ................................................................................................................ 16 ∈⊹Ꮉ⿟˖ॄᑺㄝ⍋໪Ꮦഎ䳔∖ᑓ䯨ˈϾ㙵㸼⦄䖬᳝ᕙ䅶ऩ⹂䅸............................................................. 17 ϧ乬ಯ˖ᓎㄥᱎ㛑╂⌕≍⍠ˈᓎㄥ㡖㛑ᮍ݈᳾㡒 ................................................................................................ 19 䏏䑿೑ᆊ៬⬹ᗻᮄ݈ѻϮП߫ ........................................................................................................................ 19 ᓎㄥᱎ㛑˖╂⌕≍⍠ˈ࢓ϡৃᣵ .................................................................................................................... 19 ᓎㄥ㡖㛑˖ᮍ݈᳾㡒ˈ៪䖢咘䞥कᑈ ............................................................................................................ 19 ড়ৠ㛑⑤ㅵ⧚˖ᇚ䖢⟚থᓣ๲䭓 .................................................................................................................... 20 ᓎㄥᱎ㛑Ꮉ⿟ঞ㡖㛑㸠ϮᏖഎ㾘῵⌟ㅫ ........................................................................................................ 21 ݇⊼ᓎㄥᱎ㛑㡖㛑Ӭ䋼݀ৌ ............................................................................................................................ 22 亢䰽಴㋴ .................................................................................................................................................................... 22 㒣⌢໡㢣ৢࠎ▔ᡩ䌘ᬓㄪᔅ࣪ ........................................................................................................................ 22 ⍋໪Ꮦഎ㒣㧹亢䰽 ............................................................................................................................................ 22 ໮ܗ࣪㒣㧹亢䰽 ................................................................................................................................................ 22 ॳᴤ᭭ӋḐ໻ᐙ⊶ࡼ亢䰽 ................................................................................................................................ 22 ∛⥛໻ᐙ⊶ࡼ亢䰽 ............................................................................................................................................ 23 ᑨᬊ䋺ℒണ䋺亢䰽 ............................................................................................................................................ 23 ᅝܼ⫳ѻঞ䋼䞣ㅵ⧚亢䰽 ................................................................................................................................ 23 ᓎㄥᎹ⿟㸠Ϯ 2011ᑈᡩ䌘ㄪ⬹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 㸠Ϯᡩ䌘ㄪ⬹ ............................................................................................................................................................ 23 2011ᑈ㒻㓁݇⊼Ϯ㒽᳝ᳯݡ䍙乘ᳳⱘĀ㺙佄ಯᵄā.................................................................................... 23 䞡⚍݇⊼ᡔᴃ੠Ꮦഎϡᮁপᕫさ⸈ⱘϧϮᎹ⿟݀ৌ .................................................................................... 23 ݇⊼㸠Ϯ⦃ֱ㡖㛑ᬓㄪϟᱎ㛑ᓎㄥᵓഫⳌ݇Ӭ䋼Ͼ㙵 ................................................................................ 23 䞡⚍݀ৌ䎳䏾䆘䗄 .................................................................................................................................................... 24 䞡⚍݀ৌⲜ߽乘⌟ǃԄؐঞ䆘㑻 .................................................................................................................... 24 䞡⚍݀ৌ䎳䏾䆘䗄 ............................................................................................................................................ 25 ᦦ೒Ⳃᔩ ೒ 1˖Ё೑೎ᅮ䌘ѻᡩ䌘᳜ᑺৠ↨㌃䅵๲䗳............................................................................................................ 2 ೒ 2˖Ё೑ᓎㄥϮӕϮ᱃⇨ᣛ᭄ঞӕϮᆊֵᖗᣛ᭄................................................................................................ 2 ೒ 3˖Ё೑ᓎㄥϮᘏѻؐঞ๲䗳................................................................................................................................ 2 ೒ 4˖Ё೑ᓎㄥϮӕϮ߽⍺ᘏ乱ঞ๲䗳.................................................................................................................... 2 ೒ 5˖Ё೑M1ǃM2᳜᳿᭄ৠ↨๲䗳 ...................................................................................................................... 2 ೒ 6˖Ё೑ᮄ๲ᓎㄥϮ䌋ℒǃ෎ᓎ䌋ℒߚ㉏ऴ↨.................................................................................................... 2 ೒ 7˖ϰǃЁǃ㽓䚼೎ᅮ䌘ѻᮑᎹ乍Ⳃ᭄䞣ৠ↨๲䗳............................................................................................ 3 ೒ 8˖ϰǃЁǃ㽓䚼೎ᅮ䌘ѻᮄᓔᎹ乍Ⳃ᭄䞣ৠ↨๲䗳 ........................................................................................ 3 ೒ 9˖ϰǃЁǃ㽓䚼ᮑᎹ乍Ⳃ䅵ߦᡩ䌘ৠ↨๲䗳.................................................................................................... 3 ೒ 10˖ϰǃЁǃ㽓䚼ᮄᓔᎹ乍Ⳃ䅵ߦᡩ䌘ৠ↨๲䗳.............................................................................................. 3 ೒ 11˖Ё᮹䶽ජᏖ࣪䖯⿟੠乘⌟.............................................................................................................................. 4 ೒ 12˖Ё೑᠓ഄѻϮ᳜ᑺᡩ䌘ᘏ乱ঞ๲䗳.............................................................................................................. 4 ೒ 13˖Ё೑᠓ሟᮄᓔᎹ䴶⿃ৠ↨᳜ᑺ㌃䅵๲䗳...................................................................................................... 4 ೒ 14˖Ё೑᠓ሟᮑᎹ䴶⿃ঞৠ↨๲䗳...................................................................................................................... 4 ೒ 15˖2008ᑈϪ⬠Џ㽕೑ᆊ䪕䏃㔥ᆚᑺ................................................................................................................. 4 ೒ 16˖2008ᑈϪ⬠Џ㽕೑ᆊҎഛ䪕䏃䌘⑤............................................................................................................. 4 ೒ 17˖2007ᑈϪ⬠Џ㽕೑ᆊ݀䏃㔥ᆚᑺ................................................................................................................. 5 ೒ 18˖2007ᑈϪ⬠Џ㽕೑ᆊҎഛ݀䏃䌘⑤............................................................................................................. 5 ೒ 19˖Ё೑ग़ᑈ䪕䏃෎ᓎᡩ䌘乱ǃ๲䗳ঞ乘⌟...................................................................................................... 5 ೒ 20˖2008ᑈҹᴹЁ೑᳜ᑺ䪕䏃෎ᓎᡩ䌘乱ঞ๲䗳............................................................................................. 5 ೒ 21˖䪕䏃෎ᓎकѨᡩ䌘乱ঞकϔѨǃकѠѨ乘⌟ᡩ䌘乱 .................................................................................. 6 ೒ 22˖Ё೑ग़ᑈ݀䏃೎ᅮ䌘ѻᡩ䌘乱ঞ๲䗳.......................................................................................................... 6 ೒ 23˖Ё೑݀䏃೎ᅮ䌘ѻᡩ䌘᳜ᑺᡩ䌘乱ঞ๲䗳.................................................................................................. 6 ೒ 24˖Ё೑ग़ᑈ∈⊹೎ᅮ䌘ѻᡩ䌘ঞ๲䗳.............................................................................................................. 7 ೒ 25˖Ё೑᳜ᑺ∈⊹೎ᅮ䌘ѻᡩ䌘ঞ๲䗳.............................................................................................................. 7 ೒ 26˖Ϫ⬠˄䰸Ё೑˅∈⊹ᮄ๲ѻ㛑䳔∖ঞ乘⌟.................................................................................................. 8 ೒ 27˖Ё೑䩶䪕ފ䞥㸠Ϯ೎ᅮ䌘ѻᡩ䌘ᰒ㨫ಲछ.................................................................................................. 8 ೒ 28˖Ё೑᳝㡆ފ䞥㸠Ϯ೎ᅮ䌘ѻᡩ䌘ᰒ㨫ಲछ.................................................................................................. 8 ೒ 29˖ग़ᑈ⷇࣪ǃ⚐⛺ঞḌ➗᭭ࡴᎹ೎ᅮ䌘ѻᡩ䌘ঞ๲䗳 .................................................................................. 9 ᓎㄥᎹ⿟㸠Ϯ 2011ᑈᡩ䌘ㄪ⬹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ ೒ 30˖⷇࣪ǃ⚐⛺ঞḌ➗᭭ࡴᎹϮ᳜ᑺᡩ䌘๲䗳 ................................................................................................... 9 ೒ 31˖ग़ᑈ࣪ᎹϮ೎ᅮ䌘ѻᡩ䌘乱ঞ๲䗳.............................................................................................................. 9 ೒ 32˖࣪ᎹϮ᳜ᑺᡩ䌘๲䗳 ..................................................................................................................................... 9 ೒ 33˖Ё೑Ϣ᮹ǃ㕢䩶㒧ᵘᑨ⫼ᚙމ↨䕗............................................................................................................ 10 ೒ 34˖Ё೑䩶㒧ᵘ⫼䩶䞣ঞऴ㉫䩶ѻ䞣↨䞡乘⌟................................................................................................ 10 ೒ 35˖Ё೑ग़ᑈᇍ໪ᡓࣙᎹ⿟ᅠ៤㧹Ϯ乱ঞ๲䗳................................................................................................ 10 ೒ 36˖Ё೑ग़ᑈᇍ໪ᡓࣙᎹ⿟ᮄㅒড়ৠ乱ঞ๲䗳................................................................................................ 10 ೒ 37˖ᇍ໪ᡓࣙᎹ⿟᳜ᑺᅠ៤㧹Ϯ乱ঞ㌃䅵๲䗳................................................................................................ 10 ೒ 38˖ᇍ໪ᡓࣙᎹ⿟᳜ᑺᮄㅒড়ৠ乱ঞ㌃䅵๲䗳................................................................................................ 10 ೒ 39˖催ᏖⲜ⥛佪থϞᏖⱘӬ䋼݀ৌऴ᥂ܜথӬ࢓............................................................................................ 11 ೒ 40˖䖥ϔᑈᴹ佪থϞᏖⱘᓎㄥ݀ৌথ㸠ᏖⲜ⥛˄᨞㭘˅ ................................................................................ 12 ೒ 41˖៥೑ग़ᑈಯǃѨ᯳㑻䜦ᑫ᭄........................................................................................................................ 13 ೒ 42˖៥೑ग़ᑈѨ᯳㑻䜦ᑫᮄᓔϮ᭄.................................................................................................................... 13 ೒ 43˖Џ㽕ජᏖҞᑈ 6᳜ҹᴹ೼ଂὐⲬ㊒㺙ׂԣᅙ䴶⿃ऴ↨ ............................................................................ 14 ೒ 44˖㒣⌢๲䭓Ϣᡔᴃ䴽ᮄঠ䕂偅ࡼ࣪ᄺᎹ⿟㸠Ϯ䳔∖ .................................................................................... 16 ೒ 45˖೑䰙ᏗӺ⡍ॳ⊍ӋḐ䍄࢓............................................................................................................................ 17 ೒ 46˖ॄᑺग़ᑈ∈⊹ѻ䞣Ϣ䩶䪕ѻ䞣↨................................................................................................................ 18 ೒ 47˖ॄᑺग़ᑈ∈⊹ѻ䞣Ϣ๲䗳............................................................................................................................ 18 ೒ 48˖Ё೑㡖㛑᳡ࡵѻϮᘏѻؐǃ๲䗳ঞ乘⌟.................................................................................................... 20 ೒ 49˖Ё೑ড়ৠ㛑⑤ㅵ⧚ᡩ䌘乱ǃ๲䗳ঞ乘⌟.................................................................................................... 20 ೒ 50˖ֱᅜ؛䆒ϟᓎㄥᱎ㛑Ꮉ⿟Ꮦഎ㾘῵⌟ㅫ.................................................................................................... 21 ೒ 51˖Ёᗻ؛䆒ϟᓎㄥᱎ㛑Ꮉ⿟Ꮦഎ㾘῵⌟ㅫ.................................................................................................... 21 ೒ 52˖Ф㾖؛䆒ϟᓎㄥᱎ㛑Ꮉ⿟Ꮦഎ㾘῵⌟ㅫ.................................................................................................... 21 㸼ḐⳂᔩ 㸼 1˖ग़ᑈ᠓ഄѻᓔথᡩ䌘ঞᓎᅝᡩ䌘ᚙމঞ乘⌟................................................................................................ 3 㸼 2˖2009ᑈЁ೑䪕䏃㧹䖤䞠⿟⢊މ....................................................................................................................... 5 㸼 3˖Ё೑ජᏖ䔼䘧Ѹ䗮Ꮖᓎǃ೼ᓎঞ䅵ߦᓎ䆒ᚙމ............................................................................................ 6 㸼 4˖෎ᓎᡩ䌘Ёᗻ乘ᳳϟᇍ৘෎ᓎᓎㄥ䳔∖˄े᳝ᳯᔶ៤ᓎㄥϮᬊܹ੠๲ࡴؐ䚼ߚ˅⌟ㅫ ........................ 7 㸼 5˖Ё೑ग़ᑈ⷇⊍࣪Ꮉǃ⚐⛺ঞḌ➗᭭ࡴᎹ೎ᅮ䌘ѻᡩ䌘ঞᓎᅝᡩ䌘乘⌟ .................................................... 8 㸼 6˖Ё೑ग़ᑈ࣪ᄺॳ᭭ঞ࣪ᄺࠊકࠊ䗴Ϯ೎ᅮ䌘ѻᡩ䌘ঞᓎᅝᡩ䌘乘⌟ ........................................................ 9 㸼 7˖Ё೑ᓎㄥӕϮϢ໪೑ᓎㄥӕϮӬࡷ࢓↨䕗.................................................................................................. 11 㸼 8˖䖥ϔᑈᴹ佪থϞᏖⱘᓎㄥ݀ৌ䍙ࢳ䌘䞥ᚙމ.............................................................................................. 11 㸼 9˖ϰᮍುᵫϞᏖৢ᥹ऩ㛑࡯໻ᐙᦤछ.............................................................................................................. 12 㸼 10˖೑䰙ࠡक໻䜦ᑫ೼ढᠽᓴ䅵ߦঞⳌ݇䖯ሩᚙމ........................................................................................ 13 㸼 11˖៥೑ᓎㄥ㺙佄㸠Ϯথሩᚙމ੠乘⌟............................................................................................................ 14 㸼 12˖ԣᅙ乍Ⳃऩԧ乍Ⳃ㾘῵ᠽ໻ᯊҎഛѻؐᇚ໻ᐙᦤछ ................................................................................ 14 㸼 13˖ಯᆊ㺙佄㸠ϮϞᏖ݀ৌⳌѦᄺдǃѦЎ֗䖯............................................................................................ 15 ᓎㄥᎹ⿟㸠Ϯ 2011ᑈᡩ䌘ㄪ⬹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 㸼 14˖ಯᆊ㺙佄㸠ϮϞᏖ݀ৌ催ㅵ㙵ᴗ▔ࢅᚙމ................................................................................................ 15 㸼 15˖㾘ߦЁ៪Ꮖ㦋ᕫⳕ/೑ᆊথᬍྨᡍޚ/໛Ḝⱘ✸ࠊ໽✊⇨˄SNG˅乍Ⳃ .................................................. 16 㸼 16˖ᇍ䚼ߚ೑ᆊঞܼ⧗᳾ᴹ޴ᑈᮄ๲∈⊹ѻ㛑䳔∖ⱘ⌟ㅫ ............................................................................ 18 㸼 17˖ҞᑈҹᴹЁᴤ೑䰙݀ਞড়ৠ߫㸼................................................................................................................ 18 㸼 18˖㡖㛑⦃ֱǃᮄϔҷֵᙃᡔᴃ᳾ᴹ䞡⚍থሩᮍ৥........................................................................................ 19 㸼 19 lj˖䗮ⶹNJӬᚴᬓㄪᇍ㡖㛑᳡ࡵ݀ৌⲜ߽∈ᑇᕅડ⌟ㅫ .............................................................................. 20 㸼 20˖ᓎㄥ㡖㛑ᬍ䗴Ꮦഎ㾘῵⌟ㅫ........................................................................................................................ 21 㸼 21˖ᓎㄥᱎ㛑Џ㽕ϞᏖ݀ৌᇍ↨ߚᵤ................................................................................................................ 22 㸼 22˖䞡⚍ᓎㄥᎹ⿟ϞᏖ݀ৌⲜ߽乘⌟ǃԄؐঞ䆘㑻........................................................................................ 24 㸼 23˖䞡⚍ᓎㄥᎹ⿟ϞᏖ݀ৌⳂᷛӋঞ 2010ᑈߚᄷᑺⲜ߽乘⌟ ...................................................................... 24 㸼 24˖ܼ⧗Џ㽕ᓎㄥ㉏ϞᏖ݀ৌԄؐᚙމ............................................................................................................ 25 㸼 25˖Ѯॺ㙵ӑⲜ߽乘⌟ঞԄؐ............................................................................................................................ 26 㸼 26˖䞥㶇㵖Ⲝ߽乘⌟ঞԄؐ................................................................................................................................ 26 㸼 27˖ᑓ⬄㙵ӑⲜ߽乘⌟ঞԄؐ............................................................................................................................ 27 㸼 28˖Ё೑࣪ᄺⲜ߽乘⌟ঞԄؐ............................................................................................................................ 28 㸼 29˖ϝ㓈Ꮉ⿟Ⲝ߽乘⌟ঞԄؐ............................................................................................................................ 29 㸼 30˖Ёᴤ೑䰙Ⲝ߽乘⌟ঞԄؐ............................................................................................................................ 30 ᓎㄥᎹ⿟㸠Ϯ 2011ᑈᡩ䌘ㄪ⬹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 12᳜ 15᮹ 1 ᡩ䌘㘮⛺ 2011ᑈ㒻㓁݇⊼Ϯ㒽᳝ᳯݡ䍙乘ᳳⱘĀ㺙佄ಯᵄā ᳾ᴹ޴ᑈ៥Ӏᔎ⚜ⳟད೼⍜䌍छ㑻ǃජᏖ࣪䖯⿟᥼ࡼϟ催䗳๲䭓ⱘ㺙佄㺙ׂ㸠ϮDŽҹ䜦ᑫ੠䔺キЎҷ㸼 ⱘ݀݅㺙佄Ꮦഎ೼᳾ᴹϸᑈ乘䅵ᇚ䖢ᴹϮࡵ催ዄˈ㗠ԣᅙ㺙佄Ꮦഎৃ䭓ᳳⳟདDŽ៥Ӏ䅸ЎᇍѢ啭༈ϞᏖ݀ৌ 㗠㿔ˈԣᅙ㺙佄䳔∖ৃ㾚Ў᮴䰤˄ᮄ䖥Ѯॺㄝϝᆊ݀ৌߚ߿Ϣᘦ໻ㅒ䅶lj៬⬹ড়԰ण䆂NJˈ ↣ᑈ㟇ᇥ 30ғܗ ԣᅙ㺙ׂড়԰乱˅ˈ 㗠乍Ⳃⱘ໻ൟ࣪߭ᇚ᳝ᬜᠽ໻݀ৌᅲ䰙ѻ㛑DŽⳂࠡಯᆊϞᏖ݀ৌ䯈ᔶ៤㡃ᗻゲড়݇㋏ᇚ ᳝ࡽѢᦤ催㸠Ϯ䲚Ёᑺˈ᳝߽Ѣ啭༈݀ৌᠽ໻乚ܜӬ࢓DŽ݋᳝䕗དಶ䯳▔ࢅᴎࠊⱘ㺙佄㉏ϞᏖ݀ৌ݋໛Ϯ㒽 ๲䭓ᣕ㓁䍙乘ᳳⱘ㛑࡯ˈ೼䖛এⱘϔ↉ᯊ䯈䞠ᅗӀⱘϮ㒽㸼⦄Ꮖ㒣ড໡偠䆕њ䖭⾡㾖⚍DŽ៥Ӏ䅸Ўಯᆊ㺙佄 ϞᏖ݀ৌ 2011ᑈϮ㒽ᵕ᳝ৃ㛑ݡ䍙乘ᳳDŽ䞡⚍᥼㤤Ѯॺ㙵ӑ˄6᳜ 8᮹䎳䏾᡹ਞ ǃ˅䞥㶇㵖˄6᳜ 9᮹䎳䏾 ᡹ਞ ǃ˅ᑓ⬄㙵ӑ˄10᳜ 8᮹ᡩ䌘Ӌؐߚᵤ᡹ਞ ǃ˅⋾⍯㙵ӑDŽ 䞡⚍݇⊼ᡔᴃ੠Ꮦഎϡᮁপᕫさ⸈ⱘϧϮᎹ⿟݀ৌ ៥Ӏ䅸Ў೼Ⳍ݇ᡔᴃ੠ᏖഎϞ݋᳝ϡᮁপᕫさ⸈┰࡯ⱘӬ䋼ϧϮᎹ⿟݀ৌؐᕫ䭓ᳳ݇⊼DŽ ೼࣪ᄺᎹ⿟乚ඳˈ䱣ⴔॳᴤ᭭ӋḐঞ࣪ᎹѻકӋḐবࡼ੠ᮄᴤ᭭ⱘথᯢˈϡᮁӮ᳝৘⾡߯ᮄ䳔∖⍠⦄ˈ ಴ℸ݊䳔∖݋᳝ᣕ㓁ᗻ੠䭓ᳳᗻˈ䱣ⴔ㒣⌢ϡᮁ໡㢣ˈ࣪Ꮉᡩ䌘ᇸ݊ᰃ㊒㒚࣪Ꮉᡩ䌘᳝ϡᮁ๲䭓䍟࢓DŽ᳝㛑 ࡯೼㒚ߚ乚ඳপᕫᡔᴃ੠Ꮦഎさ⸈ⱘ݀ৌؐᕫ䭓ᳳᡩ䌘ˈ䞡⚍᥼㤤Ё೑࣪ᄺǃϝ㓈Ꮉ⿟੠ϰढ⾥ᡔDŽ ೼∈⊹Ꮉ⿟乚ඳˈ៥Ӏᇸ݊ⳟདॄᑺㄝᮄ݈Ꮦഎ೑ᆊ䳔∖೼᳾ᴹ޴ᑈⱘ⟚থ๲䭓ˈᓎ䆂݇⊼Ⳍ݇Ꮦഎⱘ 䅶ऩ䖯ᑺˈ䞡⚍᥼㤤Ёᴤ೑䰙DŽ ݇⊼㸠Ϯ⦃ֱ㡖㛑ᬓㄪϟᱎ㛑ᓎㄥᵓഫⳌ݇Ӭ䋼Ͼ㙵 ᓎㄥᱎ㛑Ꮉ⿟ǃᓎㄥ㡖㛑᳡ࡵ䏏䑿೑ᆊ᳾ᴹकᑈ䞡⚍෍㚆থሩⱘ៬⬹ᗻᮄ݈ѻϮП߫ˈ᳾ᴹϝᑈ໡ড়๲ 䗳乘䅵ᇚ䍙 30%˗ড়ৠ㛑⑤ㅵ⧚԰Ўᓎㄥ㡖㛑᳡ࡵᮄ῵ᓣˈ乘䅵᳾ᴹᇚ䖢⟚থᓣ๲䭓DŽ䞡⚍݇⊼ᓎㄥᱎ㛑㡖 㛑ϔԧ࣪থሩⱘ䖒ᅲᱎ㛑ˈ䔼䘧Ѹ䗮ǃ䪕䏃ᱎ㛑᳝ゲѝӬ࢓ⱘ䌯Ўᱎ㛑ˈҹঞ㸠Ϯ啭༈݀ৌ⋄䈾⾥ᡔDŽ ᓎㄥᎹ⿟㸠Ϯ 2011ᑈᡩ䌘ㄪ⬹ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 12᳜ 15᮹ 2 㸠Ϯ᱃⇨ಲ乒Ϣሩᳯ˖催᱃⇨ᑺᇚᓊ㓁 㒣䖛ಯϛғᡩ䌘催ዄПৢˈҞᑈ 1̚10᳜ܼ⼒Ӯ㌃䅵ᅠ៤೎ᅮ䌘ѻᡩ䌘 187556ғܗˈৠ↨๲䭓 24.4%ˈ ๲䗳ԢѢএᑈৠᳳ 8.7Ͼⱒߚ⚍ˈ໘Ѣ䖥ϝᑈᴹⱘԢԡDŽ ೒ 1˖Ё೑೎ᅮ䌘ѻᡩ䌘᳜ᑺৠ↨㌃䅵๲䗳 ˄ऩԡ˖%˅ 20 24