⚥㕂騗㞯佅➰遤⚌侨㶶⻊䎃䏞⚁곿ⴔ區2021ConfidentialandProtectedbyCopyrightLaws劥❡ᄩ⥂㺙䎇「ⵌ晜勉岁⥂䫡 2021/12/162侨䰘끮⸓礵渤䧭Ɤⴔ區霹僈l騗㞯佅➰僽䭷⚙⚡䧴⿺Ⱖ⟄♳涸㕂㹻䧴㖑勹鵳遤㕂꣢館僒ծ㕂꣢䫏餴䧴Ⱖ➭絑崸崞⸓➢罜꨽⦶⸔♧㹁涸佅➰禹絡ㄤ絕皾䊨Ⱘ㹊梡㕂㹻䧴㖑勹ꢂ涸餴ꆄ鲮獴剒絊模䧭ぐ碫絑崸❜僒կl氋䞔䕧ᆄ♴Ⰼ椕絁♳絑崸䭯絯〄㾝佟瘻⚹騗㞯歏(休)瘝㢪館倝⚌䙖⥂끻䫡菔鵯⚹騗㞯佅➰遤⚌涸〄㾝䲿⣘✫葻㥩涸⪶⻊⵫կ㽴盗ⴀ㕂殆㷖ծ假康瘝C畮㖞兞「氋䞔䕧ᆄ鳅㣐告「渤✵騗㞯館僒㽍Ⱖ僽騗㞯歏(休)涸抠掚〜⸈务㼭⟱⚌ⴀ嵳瘝倝㖞兞꨽宠ꅺ佞騗㞯佅➰遤⚌䖤⟄⥂䭯珘务ぢ㥩涸〄㾝䙖⸷կ⧩䖤岤䠑涸僽侨㶶➃字䋏㖞兞⻊䎾欽倰Ⱓ劢蒔騗㞯佅➰⚹侨㶶➃字䋏确程涸ꅾ銳倰ぢկl劥䫣デ傋㖈㼆騗㞯佅➰遤⚌鵳遤Ⰼ兞䪊䲽唙椚騗㞯佅➰C+B畮䋑㖞〄㾝梡朐⿺馋⸷峯㻋Ⱙ㘗騗㞯色(休)畊鷶B畮㖞兞⴯倝㹊騨⸔⸂騗㞯佅➰色(休)霋ⵆ遤⚌劼⠔䲿巛剪⸉腊⸂կlⴔ區ⰻ㺂务涸♧䩛侨研ㄤ⥌䜂⚺銳剣♲⚡勻彂♧僽呏研㼆騗㞯歏(休)ծ务㼭㢪館⟱⚌ծ痦♲倰騗㞯佅➰色(休)涸帿䏞霄靍絕ざ僒錜㢴䎃遤⚌絑낉❜⿸낉霆䖤ⵌ涸湱Ⱒ⚌⸉侨研✳僽僒錜荈剣❡ᄩ⺫䭍僒錜尢䋕ծ僒錜倰莽ծ僒錜♰⫸鵳遤絾ざ涸ⴔ區䖤ⴀ涸⥌䜂䧴䭷叻կ♲僽勻荈遤⚌Ⱆ䒓⥌䜂ծ佟䏎侨研ㄤ痦♲倰劼匬灇瑕ⰻ㺂瘝կ騗㞯佅➰嚋䙁歲㹁ⴔ區胜兞ծⰻ㺂⿺侨䰘霹僈 2021/12/163侨䰘끮⸓礵渤䧭ꟋPART1务㕂騗㞯佅➰〄㾝梠㞯ⴔ區©僒錜ⴔ區www.analysys.cn 2021/12/164侨䰘끮⸓礵渤䧭Ɤ佟瘻梠㞯獤匧模㊤곝㽻霃雦㢴䲃䎇⚿⸔⸂騗㞯佅➰⨴䐀〄㾝l2021䎃㣛遤獤匧模㊤곝㽻霃雦帿Ⰶ䲀鵳շ騗㞯佅➰剪⸉盗椚⸅岁ոⵖ㹁䊨⡲⸈䔂➃字䋏騗㞯佅➰⡤禹⠏⻊騗㞯佅➰絕皾崨玐䲿巛騗㞯佅➰⤑ⵄ⻊宐䎂⸈䘯确程侨㶶➃字䋏㖈騗㞯佅➰곭㚖涸䎾欽կ傞ꢂ佟瘻ぜ獦佟瘻銳挿2021䎃1剢շⰢ✵鵳♧姿⠏⻊騗㞯➃字䋏佟瘻佅䭯珘㢪館珘㢪餴涸鸑濼ո㔵絗㹊⡤絑崸꨽宠䲀⸓刿넞宐䎂館僒䫏餴➃字䋏絕皾⤑ⵄ⻊ծ鵳♧姿皍⻊騗㞯➃字䋏絕皾崨玐ծ⠏⻊騗㞯➃字䋏䫏輑餴盗椚ծ⤑ⵄ⚡➃絑䌢고♴➃字䋏騗㞯佐➰ծ⤑ⵄ㞯㢪劼匬➃字䋏Ꜿ遤絕皾餖䨪⢪欽կ2021䎃3剢շ务廾➃字Ⱏㄤ㕂㕂字絑崸ㄤ爢⠔〄㾝痦宀㔋⚡❀䎃錞ⴢㄤ2035䎃鵴兞湡叻紴銳ո模㊤騗㞯餴劥崨⸓盗椚呥卹⸈䔂港盗ざ⡲䲿넞䒓佞勵⟝♴굥ꤗ꣈䱽ㄤ䎾㼆腊⸂կ⸈䔂➃字䋏騗㞯佅➰禹絡䒊霃䲀鵳ꆄ輑⚌⥌䜂⻊呍䗱䪮助㸝Ⰼ〳䱽絶䫡ꆄ輑㛇炄霃倶㸝Ⰼկ2021䎃4剢շⰢ✵ꆄ輑佅䭯嵳文Ⰼ꬗帿⻊佖ꬠ䒓佞涸䠑錛ո佅䭯㞯ⰻ獴⸓佅➰劼匬㖈㞯㢪䒓㾝⚌⸉鷶姿的㣐Ⱖ鸑鵂➃字䋏騗㞯佅➰禹絡CIPS㞯㢪⿬♸劼匬鵳遤騗㞯獴⸓佅➰涸㖑勹薴㔵կ2021䎃7剢շⰢ✵⸈䘯〄㾝㢪館倝⚌䙖倝垷䒭涸䠑錛ո帿⻊館僒㢪宨佐佅⤑ⵄ⻊霚挿佅䭯刿㢴痗ざ勵⟝涸Ꜿ遤ㄤ佅➰劼匬⣜岁ざ錞⚹㢪館倝⚌䙖倝垷䒭⟱⚌䲿⣘絕皾剪⸉կ렽⸠灇〄㸝Ⰼ⤑䰦涸騗㞯佅➰❡ᄩ佅䭯ꬋꜾ遤佅➰劼匬饥ⴀ⿡կ렽⸠㢪餴劼匬⿬♸务㕂佅➰剪⸉䋑㖞涸〄㾝♸畊✰կ2021䎃7剢շ务㕂侨㶶➃字䋏涸灇〄鵳㾝涯淼⛼ո侨㶶➃字䋏Ⱘ㢊騗㞯⢪欽涸䪮助勵⟝告䔲⵸⚺銳欽✵忘駈㕂ⰻꨪ(마)佅➰꨽銳կ2021䎃8剢շ騗㞯佅➰剪⸉盗椚⸅岁ո2021䎃3剢〄佖㨼ծ➃字Ꜿ遤ծꜾ⥂港⠔瘝28鿈꡶灇瑕ⵖ㹁✫շ⸈䘯㛆肫倝㘗嶊餩㹊倶倰呩ոկⰦ务䲿⿺ⵖ㹁〄䋒շ騗㞯佅➰剪⸉盗椚⸅岁ո模㊤騗㞯佅➰剪⸉湱Ⱒ港盗ⵖ䏞կ㣛遤姻㖈䲀⸓շ騗㞯佅➰剪⸉盗椚⸅岁ոⵖ㹁ꛏ㼆騗㞯佅➰务涸⚺銳굥ꤗ♶倗模㊤⡤ⵖ劼ⵖկ2021䎃10剢շ宀㔋❀剪⸉館僒〄㾝錞ⴢո佅䭯㕂ⰻꆄ輑劼匬䒊用⨴Ⰼ㞯㢪ⴔ佅劼匬ㄤ剪⸉緸絞⸈㣐㼆⟱⚌䒓䬪㕂꣢䋑㖞涸佅䭯⸂䏞կ렽⸠ꆄ輑劼匬⴯倝鷓ざ剪⸉館僒〄㾝暵挿涸ꆄ輑❡ᄩㄤ剪⸉䬪㺈鲽餴❡涸剪⸉館僒⟱⚌餧妴䫻餘䬃暟薴㔵կ䲀⸓➃字䋏騗㞯佅➰禹絡CIPS⸆腊巛紩模㊤⤛鵳騗㞯佅➰⤑ⵄ⻊կ2021䎃10剢շ宀㔋❀歏㶩(休)⸉〄㾝錞ⴢո㣐⸂〄㾝꬗ぢⰌ椕䋑㖞涸歏㶩(休)⸉蠒Ꝉծ佅➰ծ暟崨⿺䪮助剪⸉䕎䧭㕂꣢⻊玐䏞鳅넞涸㕂꣢歏㶩(休)⸉剪⸉⚌렽⸠ꆄ輑劼匬♸騗㞯歏(休)ꂁ㤛剪⸉⟱⚌䒓㾝ざ⡲㣐⸂佅䭯獴⸓佅➰⟱⚌饥ⴀ⿡♸騗㞯歏(休)弓ず〄㾝珘㧆䲀鵳侨㶶餗䋏灇〄确程侨㶶➃字䋏㖈歏㶩(休)⸉곭㚖涸佅䭯⡲欽կ2021䎃騗㞯佅➰❡⚌〄㾝佟瘻♧錢 2021/12/165侨䰘끮⸓礵渤䧭Ɤ❡⚌梠㞯䧮㕂㢪館遤⚌絕匬⠏⻊侨㶶⻊鲮㘗⸈鸟l䧮㕂㢪館遤⚌絑鵂Ⳝ宀䎃〄㾝梡䊺䕎䧭餗暟館僒⚹⚺剪⸉館僒⚹鳇涸✳⯋絕匬կ佖ꬠ䒓佞⟄勻䧮㕂稒稒䫋⡞Ⰼ椕侨㶶絑崸䘯鸟〄㾝劼麁⣜䩯䧮㕂⚪㺢涸䎾欽㖞兞⠏⸷慨崞侨研銳稇悶腊⸈䘯侨㶶⻊鲮㘗կ餗暟館僒剪⸉館僒剪⸉館僒侨㶶⻊餗暟館僒侨㶶⻊㼆㢪館僒絕匬•⛲獦剣䕎館僒Ⱖ欽✵❜矿涸(休)ᄩ⚺銳僽⟄㹊暟䕎䙖邍梡涸ぐ猫㹊暟䚍(休)ᄩկⰦ务餗暟館僒⺫䭍굹ᄩ⿺⚺銳⣘굹欽涸崞⸓暟ծ껏俱⿺掆碫ծ敍俱⟄㢪涸ꬋ굹欽磦韭俱ծ瀤暟敍俱ծ嶹徾屘⿺剣Ⱒ韭俱ծ⸓嗃暟屘腒⿺屘腒ծ劢⴩ぜ⻊㷖ᄩ⿺剣Ⱒ❡ᄩծ⚺銳䭽韭俱ⴔ碫涸ⵖ䧭ᄩծ纸唒⿺鵘鳕霃㢊ծ勇고ⵖᄩծ尵剣ⴔ碫涸Ⱖ➭(休)ᄩկ•2017䎃饰䧮㕂鵶絯⥂䭯餗暟館僒痦♧㣐㕂㖑⡙2020䎃㕂꣢䋑㖞口괄䲿巛荛14.7%կ•剪⸉館僒僽♧㕂涸岁➃䧴荈搬➃㖈Ⱖ㞯ⰻ䧴鵳Ⰶ➭㕂㞯ⰻぢ㢪㕂涸岁➃䧴荈搬➃䲿⣘剪⸉涸館僒遤⚹կ•Ⱖ务剪⸉⺫䭍(休)⚌剪⸉鸑⥌剪⸉䒊瘰⿺剣Ⱒ䊨玐剪⸉Ꝉ(마)剪⸉侅肫剪⸉梠㞯剪⸉ꆄ輑剪⸉⨴䐀♸爢⠔剪⸉կ•2020䎃䧮㕂剪⸉館僒珘㾀Ⰼ椕痦✳կ餻侨㶶腊•館僒ⰌꝆ勵侨㶶⻊餻腊㥵騗㞯歏(休)ծ兰䢴暟崨ծ嵳㢪➩ծFBA➩ծ兰䢴⣘䎾Ꝇ盗椚ծ兰䢴暟崨ծ騗㞯佅➰/館僒輑餴瘝ꆄ輑剪⸉絁♳⻊ծ絁♳餒玘ծ兰䢴嵳Ⱒկ•鵘欽侨㶶⻊䩛媯⴯倝剪⸉⣘絛倰䒭䲿巛❜僒佪桧կ㣐⸂〄㾝鵴玐匚毫ծ㖈絁侅肫瘝獤匧佅䭯假康ծ鵘鳕ծ䒊瘰瘝遤⚌䒓㾝侨㶶⻊佖鸣䲀⸓騗㞯剪⸉⣘꨽礵ⲥ凵ꂁկ 2021/12/166侨䰘끮⸓礵渤䧭Ɤ❡⚌梠㞯⿽䗄梠〄㾝倝呔㽷♴㢪館遤⚌㛇劥渹珘㔿l㖈䧮㕂⸈䘯匬䒊⟄㕂ⰻ㣐䗄梠⚹⚺⡤ծ㕂ⰻ㕂꣢⿽䗄梠湱✽⤛鵳涸倝〄㾝呔㽷鵯♧㣐胜兞♴㢪館遤⚌⯎ⴔ〄䮦歧鸑銳稇崨⸓涸鲿⡤⡲欽ծ⤛鵳⴯倝〄㾝涸䌄⸓⡲欽ծ翫鸑ⰻ㢪䗄梠涸咕肺⡲欽赡꬗⚰涸♶珘㹁ծ♶烁㹁䚍㔔稇⣜搬㶸㖈告Ⱖꆀ珘餘巛涸㛇劥渹尵剣佖」⚹䧮㕂絑崸Ɤ劍ぢ㥩涸〄㾝饰ⵌ✫鳅㥩涸佅税⡲欽կ•2011䎃⟄勻䧮㕂ⴀ〵✫♧禹⴩佅䭯㢪館珘㟞Ɤ涸佟瘻䲃倶⸈䘯〄㾝㢪館倝⚌䙖倝垷䒭կ鵯♧禹⴩珘㢪館佟瘻佪卓涸ꅺ佞♶➑䲿䮷✫⟱⚌⥌䗱⸔䲀㼆㢪館僒駵ⴀ⸈鸟䏞⛲⚹䩧鸣䧮㕂㼆㢪䒓佞倝⠏⸷岤Ⰶ✫䔂㣐崞⸂կ•2021䎃1-10剢Ⰼ㕂錞垷⟄♳䊨⚌㟞⸈⧩ծ爢⠔嶊餩ᄩꨪ(마)䚪괄ծ㔿㹁餴❡䫏餴瘝⚺銳絑崸䭷叻⥂䭯✫鳅䘯㟞Ɤկ䧮㕂絑崸Ɤ劍ぢ㥩涸㛇劥꬗尵剣佖」㕂ⰻ欰❡ㄤ嶊餩꨽宠珘⨴⚹㢪館㟞Ɤ䲿⣘✫䔂剣⸂佅税կ㕂ⰻ絑崸䭯絯䛪撑⚹㢪館䭯絯㟞Ɤ㤭㹁㛇炄佟瘻佪卓䭯絯儑梡Ⰼ椕絑崸ㄤ館僒剣䨾㔐军㕂꣢䋑㖞꨽宠㟞⸈•2021䎃⵸♲㷍䏞䧮㕂㼆繠㕂ծ妍湅ծꬋ崍ⴀ〡㟞鸟㖲馄鵂20%㼆䬘♨繠崍ⴀ〡㟞鸟馄鵂40%կ㕂꣢䋑㖞꨽宠涸㟞⸈㼆䧮㕂ⴀ〡勻霹僽♧㣐ⵄ㥩կ侨㶶猰䪮帿䏞餻腊㢪館⟱⚌侨㶶⻊鲮㘗•ꥥ满侨㶶⟄5Gծ➃䊨兰腊ծ㣐侨研ծ✻雦皾ծ勹㗌Ꝇ瘝⚹去邍涸侨㶶猰䪮帿䏞餻腊㢪館⟱⚌侨㶶⻊鲮㘗♶倗䲿巛館僒侨㶶⻊宐䎂կ㢪館遤⚌㛇劥渹珘㔿 2021/12/167侨䰘끮⸓礵渤䧭Ɤ❡⚌梠㞯㢪館倝⚌䙖倝垷䒭䘯鸟〄㾝l騗㞯歏(休)ծ䋑㖞ꅷ餝ծ㢪館絾ざ剪⸉⟱⚌ծ⥂玘絶⥝ծ猌䁘館僒ծ嵳㢪➩瘝㢴猫倝⚌䙖倝垷䒭䘯鸟〄㾝䧭⚹䲀⸓㢪館鲮㘗巛紩ㄤ넞餘ꆀ〄㾝涸倝⸓腊կ騗㞯歏(休)䋑㖞ꅷ餝㢪館絾ざ剪⸉⟱⚌⥂玘絶⥝宀♲❀傞劍騗㞯歏(休)絾霚勹㟞荛105⚡勹ⰻ⟱⚌䒊霃嵳㢪➩馄1800⚡騗㞯歏(休)鵳ⴀ〡錞垷鳅2015䎃㟞Ɤ9⦔կ宀♲❀傞劍䋑㖞ꅷ餝館僒倰䒭霚挿㟞荛31⚡䋑㖞ꅷ餝館僒倰䒭⤑ⵄ⻊宐䎂鵳♧姿䲿巛䋑㖞ꅷ餝館僒錞垷鳅2015䎃㟞Ɤ3⦔կ宀♲❀傞劍㢪館絾ざ剪⸉⟱⚌馄1500㹻㢪館絾ざ剪⸉⟱⚌錞薴ⰻ鿈굥ꤗ盗椚䲿巛꧋务去⸅鷍玘굥ꤗ盗䱽宐䎂կ宀♲❀傞劍⸈䊨館僒⥂玘絶⥝고湡䊺䒊䧭紨130⚡䒓㾝넞䪮助ゎꆀծ넞꣡⸈⧩ծ痗ざ梠⥂銳宠涸荈❡ⴀ〡❡ᄩ⥂玘絶⥝կ猌䁘館僒宀♲❀傞劍Ꜿ遤确程⠏⻊⚌⸉溫㹊䚍㹎呍倰䒭䭽撑㾝⚌韭太㛇✵㹐䨪⥌欽ⴔ碫⿺⚌⸉垷䒭䲿巛㹎呍佪桧կ2021䎃7剢㕂⸉ꤎ⸅Ⱆ虫皮〄շⰢ✵⸈䘯〄㾝㢪館倝⚌䙖倝垷䒭涸䠑錛ո䲿ⴀ✫㢪館倝⚌䙖倝垷䒭䭯絯⨴䐀⴯倝〄㾝涸倰ぢկ2021䎃10剢(休)⸉鿈〄䋒շ宀㔋❀㼆㢪館僒넞餘ꆀ〄㾝錞ⴢո鵳♧姿㔵絗Ⱉ猫館僒倝⚌䙖⡲ⴀ錞ⴢ㸝䱗կ僒錜ⴔ區雩⚹ꥥ满宀㔋❀劍ꢂ㛆肫㢪館倝⚌䙖倝垷䒭佟瘻涸Ⰼ꬗衅㹊⟄㢪館倝⚌䙖倝垷䒭⴯倝〄㾝⚹⸓⸂⸔⸂㼆㢪館僒〄㾝ⱄ♳倝〵꣌կ嵳㢪➩宀♲❀傞劍嵳㢪➩侨ꆀ馄1900⚡嵳㢪➩⟱⚌侮ざ㕂ⰻ㢪餴彂ぢ⣘䎾Ꝇ♳♴康䒁⠽剪⸉կ館僒倝⚌䙖館僒倝⚌䙖 2021/12/168侨䰘끮⸓礵渤䧭Ɤ❡⚌梠㞯务㕂㢪館䭯絯ぢ㥩餗暟館僒鵳ⴀ〡䚪⧩⴯倝넞l2021䎃ꥥ满㕂ⰻ絑崸䭯絯䛪撑〄㾝⿺「渤✵氋䞔䱽ⵖ鳅㥩❡腊⯎尬♶㼱㢪館雧支ぢ务㕂鲮獴䧮㕂㢪館遤⚌䭯絯ぢ㥩կ2021䎃1-11剢䧮㕂餗暟館僒鵳ⴀ〡䚪⧩⚹35.39♰➉⯋➃字䋏ず嫱㟞Ɤ22%䊺馄2020䎃32.16♰➉⯋宐䎂կⰦ务ⴀ〡19.58♰➉⯋➃字䋏ず嫱㟞Ɤ21.8%կ2017-2021䎃11剢䧮㕂餗暟館僒鵳ⴀ〡䚪⧩⿺ず嫱㟞鸟2017-2021䎃11剢䧮㕂餗暟館僒鵳〡ծⴀ〡䚪⧩⿺ず嫱㟞鸟27.8130.5031.5632.1635.3914.30%9.67%3.48%1.90%22.00%0.00%5.00%10.00%15.00%20.00%25.00%0.005.0010.0015.0020.0025.0030.0035.0040.002017䎃2018䎃2019䎃2020䎃2021䎃1-11剢鵳ⴀ〡♰➉⯋➃字䋏ず嫱㟞Ɤ%12.4814.0914.3314.2315.8115.3416.4117.2317.9319.5818.90%12.90%1.70%-0.70%22.20%10.80%6.98%5.00%4.06%21.80%-5.00%0.00%5.00%10.00%15.00%20.00%25.00%05101520252017䎃2018䎃2019䎃2020䎃2021䎃1-11剢鵳〡♰➉⯋➃字䋏ⴀ〡♰➉⯋➃字䋏鵳〡ず嫱㟞Ɤ%ⴀ〡ず嫱㟞Ɤ%www.analysys.cn©僒錜ⴔ區侨研勻彂嵳Ⱒ䚪縭·僒錜ⴔ區侮椚www.analysys.cn©僒錜ⴔ區侨研勻彂嵳Ⱒ䚪縭·僒錜ⴔ區侮椚 2021/12/169侨䰘끮⸓礵渤䧭Ɤ❡⚌梠㞯⡲⚹㼆㢪館僒〄㾝倝䒸空涸剪⸉館僒⥂䭯䘯鸟㟞Ɤl2021䎃䧮㕂⸈䘯匬䒊䒓佞㘗絑崸倝⡤ⵖ帿Ⰶ䲀鵳剪⸉館僒⴯倝〄㾝剪⸉館僒絩絯⥂䭯䘯鸟㟞Ɤ䙖⸷䧭⚹㼆㢪館僒〄㾝涸倝䒸空կ2021䎃1-10剢䧮㕂剪⸉館僒鵳ⴀ〡䚪괄4.19♰➉⯋➃字䋏ず嫱㟞Ɤ12.7%Ⱖ务剪⸉ⴀ〡1.99♰➉⯋㟞Ɤ29%鵳〡2.2♰➉⯋㟞Ɤ1.1%鵳〡㟞鸟㹊梡✫氋䞔⟄勻涸껷妃鲮姻կ2017-2021䎃10剢䧮㕂剪⸉館僒鵳ⴀ〡䚪⧩⿺ず嫱㟞鸟2017-2021䎃10剢䧮㕂剪⸉館僒鵳〡ծⴀ〡䚪⧩⿺ず嫱㟞鸟4.715.245.424.564.197.29%11.25%3.44%-15.87%12.70%-20.00%-15.00%-10.00%-5.00%0.00%5.00%10.00%15.00%0.001.002.003.004.005.006.002017䎃2018䎃2019䎃2020䎃2021䎃1-10剢鵳ⴀ〡♰➉⯋➃字䋏ず嫱㟞Ɤ%3.163.473.462.632.201.541.771.961.941.994.29%9.81%-0.29%-23.99%1.10%10.79%14.94%10.73%-1.02%29.00