?????ㄥ?涓寸簿宸ワ?300432.SZ锛?浜х嚎涓??宀???A2-W
锛????涓??????ユ??涓?涓????卞害??杞?????ㄦ?哄?ㄤ汉
??绗??璐㈢?璁拌??娉ㄦ???锛?A2-W??????ц??ㄦ???涓???剁??澶圭? 锛??藉?甯??╁?剁簿???版?胯捣?????ㄥ?歌揣?虹???╂??绠??褰????板????绱у????╂??绠辨?
锛?A2-W?╃?ㄨ??繁????澶光???? ??寮?浜?绠卞???涓?杈锛?濂借???繁???????藉????舵??浣??╂??绠辩??涓や晶 ??

?????╂??绠辩?????炬?ユ?????烘?у??涓?纭??? 锛?浜哄伐?ㄦ???杩?绋?涓???互???楠???涓???璇???杩?琛??ゆ?
锛?瀵逛??哄?ㄤ汉??瑷?锛?杩?涓?杩?绋???娑???澶????????ヤ??崇?绯荤?
??

?????哄?ㄤ汉渚???婵????疯揪
??瑙?瑙?浼????????淮??浼????ㄧ?璁惧?杩?琛?澶?妯℃????????ㄥ??板?虹???杩?琛??ㄩ?⑩??????
???? 锛??哄?ㄤ汉澶ц????瑕?璇????浣???姝???瑙?搴 ???搁?婚?磋?绛????锛?杩?琛??稿??崇??ц? ???ㄦ????
锛??哄?ㄤ汉????璇????╂??绠辩??绉?绫锛??ㄦ??璋??存????涓?? 锛?瑙??????璺??
锛?骞跺?涓???绫诲?????╂??绠卞??纭???绫诲???剧疆?版??瀹?浣?缃
??

????褰?璁拌????杩????跺??锛?A2-W绔??冲??浣?浜????????ㄤ?????杩????轰?瀹??ㄨ???? 锛???瀵?涓寸簿宸ワ?300432.SZ锛?宸ョ??ㄤ富浠婚????В??璇
锛?宸ュ?????涓???ㄨ?澶?涓?纭????绱?锛?姣?濡?绌挎??堕?寸??宸ヤ?浜哄????姝ｅ?ㄤ?涓?????杞︾? ??

????涓?纭??? 锛???2-W?ㄦ?蹇甸?璇??舵???瑕???复????澶ф????涔?涓?
??

????璁稿??????????姝ｈ蛋杩?宸ュ?????藉??????ㄥ???????浜х嚎涓
锛?澶????????ф?′欢???藉共?版?哄?ㄤ汉??瑙?瑙?璇????瀹?浣? ???ㄥ??????板???宸ュ??涓锛?浜х嚎?ㄥ?寸???哄?ㄨ?澶?涔?璁镐?浜х???电?骞叉? 锛?褰卞???哄?ㄤ汉??淇″?蜂?杈?
锛?瀵艰?存??浠ゅ欢杩?????璇
??

?????哄???哄?ㄤ汉???ㄤ??￠?ㄦ?昏????????锛??ㄦ?哄?ㄤ汉杩???涔??? 锛??哄???㈤??宸茬??ㄥ?楠?瀹や腑灏???????杞?欢?舵????绠?娉??规??借???浜???浣?濡????宠?姝ｅ?涓?宀?锛?杩???瑙ｅ?崇?娉?涓?纭?欢??娣卞害?﹀?????
锛?骞剁‘淇?绯荤???绮惧害涓?瀹??ㄦ?锛?杩?瀵瑰?㈤????宸ョ????藉?????轰??撮?瑕?姹? ??

????????????涓??剧背 锛?琛?涓??拌??插?虹??/p>

???????ㄨ?缁?绠?娉??
锛???浠??ㄤ?95%宸﹀?崇??浠跨???版?锛?5%宸﹀?崇???板?虹???烘?版??? ????????? 锛?灏界?澶ч????浠跨???版????楂?浜??㈤?????ㄧ讲????
锛?浣???瀹?宸ュ????澶??????浠?浼?甯︽?ユ????锛???缁????板?烘?版????缁????绠?娉? 锛????借?A2-W搴?瀵瑰??绉?绐????跺?
??

????浠?瀹?楠?瀹ゅ?板伐??
锛?璐?璐ｆ?哄?ㄤ汉瀹??伴?ㄧ讲????????????涓??剧背
?????拌??叉??ㄥ?虹???

????浠?骞???锛?瀵?涓寸簿宸ワ?300432.SZ锛???甯?????瀹ｅ????镐??哄???哄?ㄤ汉绛??稿?虫?圭?缃蹭???浜哄舰?哄?ㄤ汉搴??ㄩ」????璧???浣???璁??? 锛????瑰?卞????璧?璁剧???璧????稿??戒汉褰㈡?哄?ㄤ汉椤圭? ??瀹????鸿?芥????ㄨ??????璇???
??澶╃?兼?ユ?版???剧ず
锛?褰???瀵?涓寸簿宸ワ?300432.SZ锛?
???哄???瑰??涓哄????鸿?借?′???

?????????哄?ㄤ汉杩??锛??颁?杞????烘?版????????? ??绗??璐㈢?璁拌??浜?瑙ｅ? 锛??ㄨ?涓???2-W?ㄧ讲??杩?绋?褰?涓锛??ㄦ?哄???哄?ㄤ汉??渚???澶фā??涓?????哄骇涔?涓?
锛?瀹????鸿?藉??ㄧ讲缁?楠???妯″??????锛???寤哄????ㄧ??灏?妯″??妯℃? 锛?骞堕??杩??ㄤ???宸ュ??????澶?璋?璇?涓?寰??
锛????????哄?ㄤ汉?ㄥ??????涓???????绛????纰版??妫?娴?涓????х?娉?????搴
??

????????灏?妯″???伴????澧??锛??哄?ㄤ汉????瀛????戒?浼?瓒??ヨ???缁?????璋???瀛???? 锛?灏辨??伐绋??㈤??灏?????绠 ?????
????? ??绛??稿??ㄤ?妯″????
锛?褰㈡???????璋??ㄧ???????藉?????? ???变?姣??′骇绾跨??甯?灞???璺?嚎????????涓??稿??锛??哄?ㄤ汉杩??ユ?板?烘???堕??瑕??规???????? 锛?璋??磋矾寰?瑙???涓??ㄤ????
????杩??藉??妯″??????瑙ｄ???缁?
锛??哄?ㄤ汉?ㄩ?㈠?涓???宸ュ?? ??涓???宸ュ??跺?峰??撮???????搴??у??澶??ㄦ???

????宸ョ??????涓???纰???杩?绋? ??涓?浣??板?虹???哄??宸ョ?甯???璇?璁拌??锛?灏卞?ㄧ?存???濮???涓?澶╂??涓?????? 锛??㈤?????扮?垫??垮?虹?颁?寮?甯歌??
??灏界?璇ョ被????藉???杩??哄?ㄥ?浣??ュ揩??瑙ｅ?
锛?浣??㈤??杩????冲?浠?澶存???锛?浠ョ‘淇?浣?涓?绋冲????

?????????????版???涓??灏???浠惰交寰??姘? 锛????藉??存?ｇ????? ??
??浠???璇?璁拌??锛??ㄤ慨澶??????
锛?宸ョ?甯???璁╂?哄?ㄤ汉???????杩?琛??冲???ㄤ??规?ラ?璇??剁ǔ瀹??????宸ョ??????抽???ㄤ?澶???缁???锛???浠??椤绘??娓?妤?姣?涓?娆″?跺????????????????娼??ㄩ??
?? ??

????瀹????鸿?界???ｄ??挎??瀹??板??璇?璁拌?? 锛??界?剁?涓??规?哄?ㄤ汉?藉?伴?ㄧ讲??瑕?涓??板??涓???
锛?浣?濡???涓?娆″?颁??镐技??宸ュ?????涓锛??ㄧ讲??搴︿?璁稿??互缂╃???充??ㄧ???充?涓???????杩????充???????镐技绋?搴 锛?濡???涓?涓?瀹跺伐????涓?涓?瀹跺伐????80%?????????搴
锛??ｆ??浠?????瑕???瀵瑰?╀?20%???ㄥ??杩?琛??版?????? ??
??

?????哄???哄?璧?????锛?宸ュ????绠?????处

????灏界?娌℃?????插?蜂????藉?颁环? 锛???????璁拌??琛ㄧず
锛?褰???涓???2-W?藉?扮????濂?浠锋?煎?ㄥ????涓?宸﹀?锛???瑙?妯¤?澶 锛?姣??颁环?煎氨浼?瓒?渚垮???
??澶?浣?涓???浜哄＋??璇?璁拌??
锛?涓??版?哄?ㄤ汉?藉?扮??浠锋?煎??0涓???-80涓???宸﹀???

????瀵?涓寸簿宸ワ?300432.SZ锛????诲伐绋?甯?????????璁拌??瑙ｉ??锛??哄?ㄤ汉?藉?扮???????浠?浠??ヨ?????璐??????浠锋? ?????哄?ㄤ汉??韩??浠锋?煎???充?瀹?????缃
???ц?藉????璐??妯
?? ????????璇 锛??哄?ㄤ汉涓??﹁???锛?骞朵?????涔版?ュ?崇?????浜虹??
??
锛?杩???瑕???缁??拌??ョ淮?ゆ?????姣?濡????版????汉????璋?搴 ???靛??娑???
??缁翠慨??淇??昏垂? ?????板?ㄦ?哄?ㄤ汉杩?缁村?浣?涔???瑕??存????????宸ヤ汉锛??ㄥぇ?归???藉?板?? 锛??????浣?
????

?????规????????浼拌?
锛??ㄥ??????ㄧ讲?烘??腑锛?涓??版?哄?ㄤ汉??互浠ｆ?跨害0.7??浜哄伐?冲?ㄥ己搴﹁?楂???宀?浣???濡???宸ュ?????ㄤ袱?????充??????跺害 锛??稿?浜?涓??版?哄?ㄤ汉???ㄥ?ㄥぉ??杩?琛?涓??夸唬??绾?.4??- 2??宸ヤ汉 ??

?????哄?ㄤ汉涓??ㄨ?椋?涓?浼??
锛????? ????缂??ョ? ??
???告?涔?涓?锛?浜哄伐?充娇??疆? 锛?涔???瀹?????楗??浼?????堕?存?
锛????哄?ㄤ汉??杩????颁汉?????瑰?煎???绠锛??藉?纭??浜х嚎杩?缁???存???琛???????????? 锛????ユ?杈????崇???舵???
锛?涓?浣?宸ヤ?浜哄????互??杩?绾夸?骞冲?版?ョ??у??版?哄?ㄤ汉 ????缁甸?虫???扮???ㄥ伐????樊涓?澶????浜烘?骞村?????锛?濡??????ヤ?涓??哄?ㄤ汉?藉?绋冲?瑕???2涓?伐浣?宸﹀? 锛????????堕?昏?浼?姣?杈?娓??????

?????煎?涓??????锛?瀹????鸿?界?????ㄤ汉澹???绗??璐㈢?璁拌?????
锛?璇ュ???镐??︿?瀹舵?哄????璧?浼?涓??靛???鸿?界??涓??′氦娴?姣?杈?瀵???
???哄???哄?ㄤ汉??涓?浜??靛???鸿?界??澶╀娇杞???璧?锛??靛???鸿?戒?娉ㄤ??哄?ㄤ汉????浣?妯″?????靛阀??????????杩???璁告???崇?? 锛??????哄???哄?ㄤ汉??杩???璧?绛?璺????寤鸿捣浜??疯韩?鸿?界????
锛??舵???浜у??????涓??藉?版?????峰??村己??????????涓?绯荤??????藉?? ??

?????ㄦ?村??藉?板?烘??腑?峰???村???涓?璁㈠??锛???璁稿凡缁???涓轰??哄???哄?ㄤ汉褰?????涓昏?????涔?涓?
????????? 锛?褰?????瓒充汉褰㈡?哄?ㄤ汉A2??杞?????ㄦ?哄?ㄤ汉A2-W?芥???哄????浜ц?妯℃?杈?绋冲???浜у????

????7??8?ユ???
锛??规???甯????镐?绾??版??锛?688585.SH锛????插????锛??哄???哄?ㄤ汉????杩?涓??稿??㈤???卞???鸿?璁剧??????″钩?扳???哄????宀
?? 锛?浠ュ??璁?浆璁??ㄥ??瑕?绾︽?惰喘???瑰?
锛???璁℃?夸??冲?63.62%???′唤锛??峰?璇ュ???哥??瀹????у?舵?? ??姝ょ????浣?涔?璁╂?哄???哄?ㄤ汉?垮?颁?绉????跨?????ュ?哄???
??

?????ㄦ?涔??? 锛??哄??杩???璧?杩??板???澶? ??棣?褰㈢???
????瑙??哄?ㄤ汉???靛???鸿?界????板??哄?ㄤ汉浜т??惧???
锛?骞跺??瀵?涓寸簿宸ワ?300432.SZ锛? ??????绉???锛?300433.SZ锛????ч??甸┍(600580.SH)绛??堕?ㄤ欢????灞?寮???浣???

??????涓?绾у??哄??浜?绾у??虹???ㄤ?锛????ュ???藉?ㄨ???晶 锛??ｇ‘瀹???浜????峰０澶
???ㄧ?瑰??? ?? ?? 涓??虫???╄??缃?浜т????????涔﹂?胯?甯???璇?绗??璐㈢?璁拌??锛???杩??℃????璧?绛??瑰?寤虹?????????缁??崇郴?翠负绱у?
锛?浣???缁?浠?瑕???褰?浜у????韩锛???姝ｈ?藉?板??涓????藉?板?????ヤ骇?烘?涓?
??瀵逛??哄???哄?ㄤ汉??瑷? 锛?璧????灞???????娈
锛?浜у?????逛骇涓???????????

????姣?绔?锛???姝ｅ?冲?璧???楂?搴︾?? 锛?涓???及?兼?板?
锛??????哄?ㄤ汉?藉?︾ǔ绋崇?涓?宸ュ?????伴? ??