?????|?й?????

??????????????? ?????????????

10??26??????????????????????????????????????????????????????????????????????????????????????????????й??????????????????????????????????????????????δ?????????????????????????м???????????????????????

??????????????????21????? ????????????? ????????????Ч

?й???????10??26??????????????????????????????????????????????????绰????????????????????????????????????????????????????????????г???????????????????????Ч???????????????????????Ч??????21??????????????????????г?????????????г??????????γ??????Ч???????????????????????????2022???????????????羳????????????????????

?????????? ???ó??????????

???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

???????

??????????????????? 21??????????????????

???????????????????????????????????????????绰????????????????????(?????????????)???漰???????????21?????????????

?????????????? ???????й???????????????

10????????A???г???????????????80???????????????????????????????????????????????????淢????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

?????????? ?????????????????

??????6??7??????????????????????????????6?????????8?????????????Ч???????????????????????8??????????????????????????????10??????????????????????????????????????????????Э?μ???????????????????????????

????????????????????????? ??????????????????????

10??24???????????????????????????????1600???????2200???????????????????????????????????????????600?????????????????????????????????????????110.39??????????????????????????????????????????

?????

???????????????????????????????????

10??26??????????????????????????????????????????????涨(??????????)??(????????涨??)????????涨????????????????????????????????????????????????????????????????????????????????

??????????128?A?? ?????й??г????????

??????????????й?????????????????????(???)??????????????????????(QFII)???????????190?A??????????????????????У?????????????????(300012)??33???????????????????????????(300015)???????(300347)?????????????????????????????????????????????????????(300059)?????????????????????20??????

????????????????1200?? ????????????

10??26??????????????????????У????????????????????7.17?????????????????????????1000??????

???????????г?????? ?????????????

10??26???????????????????????????????????????????绰??????????????????????????????????????????????????г????????????????Ч?????????????????????????????????????????????????????????????????????????????????????

?????

?????????е????????????????? ????????????????????????

?????????????10??26???????????12???????е?????A?????У???????????????????????????????(002173)??е????????У?7???????2022???????????????????56.11?????6????????????????????4??????????????????50%??????????????δ????????????????????????????????????????????????????????????????е???????У????к?????????????CT????????豸???????????????????е???????δ???г??????????????

??????REITs????????????????? ??????????????????????

10??25???????????????REITs???????????????????????????????????????????????????????????REITs?????????????????????????????????????????????????????????г??????????????????ξ??????????????????????????????????

??????????????????????????????? ??????????????????????????

?????????????????????????????????????????????????????????????????????????Ч?????????????????????????????????????????

????????????

1?????????Ч???????????????????????·?????????????????????????????????????????????29.0??????????????10.9%???????????????2.1??????????????5.7%???????1?·???8?·????0.7?????????????????1.6??????????????4.7%???????1?·???8?·????1??????

2????????10??26????????????????2022?????????????????н?????????????13794???????ж?9471??????????????12.9%??12.6%?????У??н????????????????7824???????ж?5503??????????????12.6%??9.7%??

3???????????????????????????????????????????????г????????????????????????????????????????????????????9.59??????????????4%?????У????????????????8.24??????????????6.1%?????????????????????????25.7%??????????????2.1??????????????????????????????????????????????????????г????????????????????????????????????λ??????????????????в???????????????????????????????????????????(000061)??????????????????

4??10??26?????????????????????7.1825?????????????????1260??

5??10??26??????shibor??1.7750%??????1.20??????7??shibor??1.9950%??????11.90??????3????shibor??1.7340%??????1.00??????

6??????????????????10??26????????????????7758.33???????????????????18.64?????????????????6776.83???????????????????21.19????????к??14535.16???????????????????39.83?????

????????????

1??IDC???·???????й???????????г???2022???????????????????2022??????й???????????г??????????165.8???????????IaaS?г????????27.3%??PaaS?г?????????45.4%?????????????IaaS?г?????????????????????????????AWS???????34.5%??11.6%??11.0%??10.3%??8.1%??????IaaS+PaaS?г?????????????????????????????????AWS????????33.5%??11.1%??10.7%??9.4%??9.0%??

2????IDC???????????2021??????????2022???????????й???????г???????????400????????????????????18%?????У?С???????г????λ???й???????г??????

3??????????????????????????????????????????????????????????????????????????????????????????5G????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????11971????????????8.2%????????????????????????????????????21.7%?????????????????

???????????????????????????????????????????????????????????????????????С??????????????????????????????????????????????74763????????????9.8%????????1??8?·?????????????????????????7930????????????2.7%???????1??8?·????0.9??????

4???????????????2022??8????????г??????????1897.9????????????21.9%?????У?5G???1426.8????????????19.3%?????????????????75.2%??

5?????????????????10??17-23??????ó??г?????37.0????????????1%??????????????0%??????????????16%?????ó?????48.8?????????????23%??????????????33%??????????????4%??10??1-23??????ó??г?????106.3???????????????3%??????????????6%????????ó?????????118.8????????????????12%??????????????8%??

6?????????2022??1-9????????????2780??????????????8.4%?????к????916????????????н??????????3245??????????????40.1%?????к????1541??????????????9????????????????10256???????????????11.0%?????к????4317????????????????????????89.1%??1-9????????????????????????????????????????????????????45.9%??53.6%??48.0%???????????????42.6%??48.3%??41.3%????λ???????????

2022????????????????????10????????ж??68.1%????2021???????1.2????????н???????10????????ж??67.9%????2021???????1.4???????????????10????????ж??67.2%????2021???????2.3??????

7?????????????2020??10?????????????????????????????????е????????????????????????????????????????????????????????????е????????1.4????????????????0.35????????????????????????????????????????????о?????????2022??11??1????????????????е??????????

???????????

1?????????(01876)????????????9?????ù??????????????9.25???(????????)?????????8.7%???????????????????????8.78??????????0.69%?????????????????6.64???????????????53.13????????????????4.3%??????27.06?????????????0.6%????????50.9%??????????252?????????????????????????????????3???????????13.79%???????????????????????3.03???????????13.9%??

2????ú???(601898)(01898)???????????????????193.28???(??????????)??????????62.1%????????1.46??????????????1753.45???????????4.6%????????????????59.51?????????????38.2%????????573.06???????12.4%??

3????????(000063)(00763)????2022????????????????????327.41??????????????????????????6.46%???????????22.54????????????27.05%?????????????0.48???2022???????????????????925.59????????????10.42%???????????68.2????????????16.52%?????????????1.44???

4????????(01658)???????棬2022?????????????й??????????????738.49??????????????????????????14.48%???????????????????0.73????????????????2571.93????????????7.82%??????9??30??????????13.52??????????????????7.43%??

5?????????(603259)(02359)?????????2022???????????????????й????????????73.78??????????????????????????107.12%?????????????2.52????????????????283.95????????????71.87%???????δ??????????????????????2022??????????????????68-72%??????70-72%??

6???????(600600)???(00168)???????棬???2022??????????????????????????????291.1???(??????????)?????????8.73%???????????й????????????42.67????????????18.17%?????????????3.149???2022???????????ù??????????????727.9??????????????2.8%?????У????????????????????395.3??????????????4.5%???и??????????????249.8??????????????8.2%??

7?????????(601991)(00991)???????棬???2022????????????????????????????????316.52???(??????????)?????????27.84%???????????й????????????6.36???????????60.78%????????????0.0509???2022???????????????????872.49????????????15.86%???????????й????????????7.64????????????418.54%????????????0.0148???

8??????????(01958)???????棬2022?????????????????????1418.77??????????????????????????14.53%????????????????????????32.15????????????20.43%??

9??????????(601068)(02068)???????棬????????????????????????????161.01???(??????????)?????????0.9%???????????й????????????8279.64????????????1832.59%?????????????0.02???

10????????(600547)(01787)???????????????????????398.28???(??????????)?????????124.9%???????????й????????????6.93????????????????????????13.37????????????????0.1???

11???ú??(601717)(00564)???????棬????????????????237.73???(??????????)?????????8.18%???????????й????????????19.62????????????24.4%?????????????1.125????????????????????????????ú???????????????????????????ú???????????????????ú????????????????????

12?????????(01858)???????棬2022???????????????????7.6??????????????????????????5.79%???????????й????????????2.1????????????2.71%?????????????0.55????????з?????1.05??????????????13.82%?????????61.11%????????????????????????????????????з???????????з???????????????????????????????????????????г??????????????档

13???й??????(01816)???????棬???2022???????????????????????й??????????????87.9???(??????????)?????????0.55%?????????????0.1741???????????584.15???????????1.22%????????????????????????????????1-9?????????????????????????????????1428.37????????????????????4.17%???????????????????1137.80????????????????????7.13%??

?塢?б?????

1????????б???????????(00005)????????????????????(PBT)?65???????????????/????????13%/8%?????????????????????????????(NII)?????????????????????????????????????????????????????(TNAV)??????????????????????2022??9?????????????????2023????NII?????????????

??????????????????????????????β????????????????????????????????????????Ewen Stevenson????2022???????????GBM????????????й?Georges Elhedery???Ρ???????????????????????????????????????????????????????77???????????????????????

2????????б???????????(00288)????2022?????????????????????10%??????????????????????????11%??????????25%?????????????????????й??????????????????????????????????棬????????????????λ????????????600???/?????????????????????????????????3.4%???????????????45.8%???????????????13%/6.5%?????????7.6???????????????????????

?????????????й???????棬????????????2.16???????????????4%???????????????2400???????????????????????????????216???????????25%?????????????????32.9???????????31.5%????????????????????????????????????? 0.7%????????????? ???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????λ?????????????????????????????????????????????С??

????????????????棬???????????????????2.06????????????????12%????λ?????655???/????????????????????????????????°????????????????????????????????и?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????1700??????????????????????????????????????????????????????????λ?????????????????????????????????????????????????????????????????

3????????(601066)???б???????Я??(09961)2022-2023????????????209.62?????335.77?????Non-GAAP??????????8.73?????52.28?????????????????4.17%??15.57%???ο???????????????Expedia??Booking??è???????????????Я????????λ???2023???????????????????????Я??2023??25????????????????224.59????????????????衰??????????

???б???????????????????????????????????????????Я?????????????η?????????????????????????????????????????Я??Ч???????????????????????????????????1????????????У???????????????2??????????????????3????????????????????????????????????????4??????????????????+X?????????????????????5??????????????????????????????Ρ?????Ρ???????ε????????????????????????????????????????????????????Я?????????????????????????????????????????????????????????????????????????????ì????????????????????????????????????????????????????????????Я???????????????????Я?????OTA?????????????????????????????????????λ?????????????????????????????????????????????

??????????????

???????У?????????????????????0.78%?????????1.68%??????????2.52%?????鷽?棬CRO???????????????????簲?????????????????????С?ú?????????????????????

????????????????????????????1.00%??15317???????????0.72%??5217??????????????2.48%??2956??

??????????????????????????????65.18?????????(??)??????38.07?????????(??)??????27.12??????????????????48.22????????????????8.13????????????????40.09?????

?????????г??????????????????????(00700)?????????(03690)???????(002594)???(01211)???г??????????????λ???г???????????????18.61???11.61???5.72??????????(02269)??????????(00175)?????????(00291)???г??????????????λ???г???????????????2.13???1.54???8906????

??????IPO??

1????????(02291)?????й???????????2245.5????????????????????224.6??????????????2020.9?????????15%?????????????????????29.15-31.45????????1000???????31766.97??????н????????????????ù????????11??8????????С?

2??????????(02367)10??25?????й????????????????????10??26??18?20????ù?????I???0.3?????????????????????0.63???????????δ???????У????????0.21???????????????0.024???????????????0.022?????????ù?????11??4????????С?

3????????10??26????????羳??????????Ｏ???????????????????????????????????????????????????

4????????10??26???????????????????????????-B??????????????????飬???????????н????????????????ù??????2??23????????????塣

???????????

???????У?????????????????????31839.11????2.37??????0.01%???????10970.99????228.12??????2.04%???????3830.60????28.51??????0.74%??

?????У??????????????????????100??????7056?????0.61%??42?????DAX??????13195??????1.09%??142??????CAC40??????6276??????0.41%??25???????????MIB??????22389??????0.45%??99????????IBEX35??????7870??????0.97%??75??