[HK]广发证券(01776):海外监管公告 - 广发证券股份有限公司2025年面向专业投资者公开发行短期公司债券(第七期)信用评级报告
或完整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 GF SECURITIES CO., LTD. 廣發証券股份有限公司 (於中華人民共和國註冊成立的股份有限公司) (股份代號:1776) 海外監管公告 本公告乃根據香聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定,廣發証券股份有限公司(「本公司」)在深圳證券交易所網站( http://www.szse.cn )刊發的《廣發証券股份有限公司2025年面向專業投資公開發行短期公司債券(第七期)信用評級報告》。茲載列如下,僅供參閱。 承董事會命 廣發証券股份有限公司 林傳輝 董事長 中國,廣州 2025年7月31日 於本公告日期,本公司董事會成員括執行董事林傳輝先生、秦力先生、孫曉燕女士及肖雪生先生;非執行董事李秀林先生、尚書志先生及郭敬誼先生;獨立非執行董事梁碩玲女士、黎文靖先生、張闖先生及王大樹先生。 ???? z ?????????????????????о??????????н????????????????? ????↓?????? z ???????????????↓?????????????????????????????????? ?????????????????????????????????????????????????? ??н?????? z ??????亩?????????????????????????????????????↓???? z ?????????????????????????????????????????????????? ??????????й???亴???? z ???????????????????????????????????н?????????????? ??????????????????????н???????????????????????? z ?????н??????????????????????????????н????????????? ????????????й?????????????? z ???????????????????????????亩????????亩????????????? ?н??????????????????????????????????????→???? z ?????????????????н?????????????ъ?????????????????? ???????????н??????? ??????? z ????????????????????????????????????????? z ????????????????????仾????????????????????????≤???? ?亩???????????????????????????????????????亩?????????????????????????????????????????????????????????? ????????????????????????????????????????? AAA/っ?????????????? 2025???уъ??????? ?亯?????? A-1 ????????г??????????н????? 50??????????????? 192 ????????а???????????????????亪???? ????? ????????????????????????????????? ???????????????????????????л??ā????ā?ā??ā ?ā???ā?ㄎ?????????????????????ъ?亶? ?、??????????????????↓??????????? ???? ??≤????????????????????ъㄎ???????? っ????а????ъ????仾??????儈??????ъ??? ???????傼???????????????????????? ????????????????????≤???? 12~18????? ?っ?? ???? ??????к????н??? ??????л?????????????????┿???????? ??????????л?????н????????????????? ↙? ??亩?????????????ъ?????ㄎ???????ъ??ケ? ?ъ???喀???亩??ъ?????????????????? ?а?????亩???????????????ъ?亶??、????? ????ъ亶??????????????????? ??? ????????ъ????????????????????ъ????????ㄎ? ???????????????⌒???????っ????а??? ???ъ????????????????仾???≤???????????儈?? ???ъ??????????傼???(010)66428877 ???(010)66426100 } ?????? 2024 2025.3/2025.1-3 ???? 2022 2023 ??????? 6,172.56 6,821.82 7,587.45 8,146.16 ?ь?????? 1,247.93 1,406.76 1,530.85 1,557.05 ??????? 798.47 931.66 958.60 969.45 ?ъ?????? 251.32 233.00 271.99 72.40 ??????? 88.98 78.63 105.45 29.70 130.40 27.35 ?????仍???? 85.88 84.65 ????????%? 7.55 5.92 7.18 -- ?ъ????%? 54.95 59.59 54.38 48.78} ?????δ2024???εε ?????????? ??? ??????? 仾???? ???? ??????? ???? ????? ?%?? ?%?? ???? 7,587.45 958.60 105.45 7.18 276.22 7,211.60 874.12 103.90 8.24 239.03 ???? ???? 5,664.18 746.75 72.36 7.09 209.25 ??ā????ā?ā??????????ā???ā????ā?ā????????????ā??? ?????????????????????? } ????????? ???????????????????ь?????й??ь???ь?ъ??????????л??ā???ьā????????? ????????????? 1991?????ь???????ā????ā??????ъ ??2010? 2???????????????????????????????к??? ????? 2015? 4??俉?????????????ā俉????ā?к???? 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GDP???? 5.2%?к???? GDP?????? 5.3%?????亴??????ъ??? ???儈????ъ???????亴??丗?????????????????л━??? ь?????????????????????ā????āо??丗???л?ъ???????????????????????????丗?о▌??っ????????а??? ?????????っ????傮?????ā??ā???仍???л??у亩?????? ??っ??????????????????????????????????????? ??????????????????????????????、???亶?????ケ?? ???オ?????、???????????ъ?????????傡?????↓???? й????а?ā???ā??????а????????ㄟ????亶???????仈? ??????????????≤?????????й????????????????? ??????????????у亩?????????????а???????????а ?????????????????????????????????????????? ?オ??????????????????????、?????????っ????? ???к????????亴? 2025?й???? GDP???? 4.8%?????????? っ???????????????????????????????????????? ?????ā???ā????????????????????? https://www.ccxi.com.cn/coreditResearch/detail/11981?type=1 ???? ???????θ2024?????????????????θ???????↙??????????? ????1+N?????????θ???????????????χ??????????????? ????????θ????ф???????????у????????????????????? ??ㄔ???╊??????? 2024??????а?????????л?????????????к????к??? ??????????????????っ???????????っ??????????? ?????ъ???儈?ъ????????????????н?????????オ??亴 ?????????????????????????ъ??????а????????? ??????????????????????????????????а?????ъ? ???????а???????2024????ъ???????????ъ???????? ????????ъ????ъ????ъ??????н???????????ъ???? ?л??????????????????????????ケ????????????? ????仾????????儈????????? AI???????↓????????ъ
????????????????? ?????? ????????ъ?ā儈?????儈???к??ā????????????????? ?????2024?????ъ??????????????2024???????ъ???? ????????ъ???????? ????????????????????????????????』????????? ?????????2024???????ъ????????????????ъ????? ??л????儈≤???????ъ???????? ???????ъ???????????ъ?????儈???????????????? ????????ъ?ā儈?????儈???к??ā????????к?л?????? ????????????????????????????儈????????????? ????????????????л?????????????л???????亮??? о?????儈?а????ā?н??н??н?ъā?????????? 2024???? ????????????? 2,600????к????? 22%???????ъ?????? ??? 4,600?????亮?????ъ???а????????2024?????????? ?? 23.95з????????????? 28.98%???ъ???????а??????学???к?????????????仍???学????仍??????学???а?????仍???? ????????????????? ????ъ????????л????????????????ъ??ф???????? ?????????俉???????????????????????????????? ?????????????????????2024? 10????????????? 1.5? ??????? 2024?????????????? 20.50???2024?????????? ???ъ????ъ?????????????仍???仍????????ъ?っ???? ??????????仍 2.12%??к????? 0.60????????仍???仍 2.08%?? к????? 0.51??????????????????????????????俉?? ????????л??ā?????俉??ā??????????????俉??????? ???к?????????????????????????????????????? ???ъ??2024??????????????ъ??????????????????? ?俉??????????亱?? 2024????????????????/???????? ā??????????ā?2024?????????ъ?? 19.93?????? 3.70??? ????ъ???????????????????????????????ъ???っ? ???2024????????ā??????ā????????????ъ???????? 2024?????????ъ????仍?к???????????? 5.56%?????ъ?? ?????????????к????к??2024?????????????????? 1 ???????л???? 2024?????????ъ??????????? 2,983.03? ???к??????????????????仍 1.45???ок???????????? 2024?????????ъ??????仍? 2.57????????ъ??仍???? 23.49%? ???к??????????????学ъ??仾???? ????ъ????2024???っ???????ъ????????????亩????? ???????????ъ?????????? 2024????????????????? ?????ъ??仍? 94.55????к??????????????ъ????????? ?к????к???????л????2024??????????????????л?? ?? 2024?????????????????????? 497.42????к??????? ?????????????仍 5.84????к???????????????????????? ??????????????』?????』??????』???????仾?????? ??о????? 2024???』?????仍? 0.14??? ?????? ?????????ъ?っ????2024?????ъ????????????ъ???? ????????????????????▌??????ъ??????????傼? ??????ъ?????????ъ??????ъ????亮?ъ??2020? 7???ь ???????????↓??????????? 6????н????????ъ???? ? 12???????儈????????????????????????ъ?????? ??ъ?↓っ????2024???????ъ????????ъ??????????к?? ?????????????????о???????????????????????? 俆???????ъ?亶?????????????????оуъ??????????ъ ???、??????????????????ㄎ???????????????а??? ?????????ъ?????а??????????????ъ??????仾???? ???????????????????ъ?????????????????ā???ā ???2024??????????????? 8??????????仍 86.66?????俆? ????????? 3??????仍 8.05???????????? 5??????仍 78.61 ??? ????????????ъ仾????к???????????????????????? っ????????2024?????????? 665?????? 59.86%?????仍 2,963.22 ????儈?????ъ???????????????儈?????2024??????? ??、????? 110?????仍 344.79?????????????????? 18??? ??仍 56.31???????????? 5?????仍 11.19??????????ъ???? ?? 60?????????仍 110.22???? ?? 5??????????ъ?????????????? 2022 2023 2024 ????? 17 17 8 ?????? ????仍 184.07 163.67 86.66?????????????????????????????????2024??????? ???ъ?????????????亩?о??亮?亩? 5???????仍 133.57??? ?й?ъ?????? 2024????????????????????? 44????āу? ??ā?ъ???? 84.09%? ??????????ъ?亶???????????????????????俉????? ???л??ā????俉?ā?????ъ??2024?????? 14???????亩??? ??? 12??? 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RQFII?? ????????????????????????????????????QDLP??? ???????????????2024???????儈???????????????? ?????儈?????????????а???уъ??????≤???? 2024??? ??????????????? 14,655.07???? 2023???? 19.93%???????? 2 ???????? 8,403.56????ъ???й?2024?????????ъ?? 72.60??? ??? 20.00???????????2024??????у??ъ???????俆????? ?ā????ㄐā????????????н????????????????о????? っ???????????????????????????? 2024?????????? ??????? 20,536.08???? 2023???? 22.43%???????????????? 3 14,309.81????ъ???а?2024??????????ъ?? 121.09?????? 39.00 ??? ??????ъ???????????????????????????ъ??2024?? ???????????????????????ъ????ъ??? 2024??????? ????????? 170??????????????????????????????俉 ????????л?????????????ъ???????俉????????学?? ?? 4????????????儈ㄟ???TMT??????????亶??????亩?? 2 ??????????WIND?2024 ????????俉??????????к??2024?????????ъ?? 1.66??? ??? 0.29??? ?????????? ???????????????????⌒????????ъ????????????? ????????2024?A??????????っ?????????????????? ????????ъ??????????????ъ???????????ъ?????????ウ???????????????????⌒??????????ъ???? 2024 ?????????????????仍????????????????л?? ???????????ъ?????????????????????????????? ????????????????????????ъ?????????????????? ???????????????????????????????????学????? ??????????????????????????????????????ъ??? ?????????????????????????????????????????? ????????????????ъ???????仾??2024???????????? ???????????????????????????????????ъ???? 2024 ???????学???????????????к?? ?7?????????????????????%? 2022 2023 2024 ?仍 ?? ?仍 ?? ?仍 ?? ?? 1,887.10 61.78 2,083.44 56.89 2,147.49 57.51 ???? 630.68 20.65 665.65 18.18 567.74 15.21 ????????? 350.74 11.48 528.41 14.43 525.30 14.07 ?????? 26.42 0.87 50.34 1.37 38.79 1.04 ???? 11.33 0.37 40.56 1.11 67.97 1.82 ???????? 20.88 0.68 25.72 0.70 16.60 0.44 ?? 127.47 4.17 268.18 7.32 370.00 9.91 ?? 3,054.63 100.00 3,662.30 100.00 3,733.91 100.00 ????????俉??????????к??2024?????????ъ?? 1.66??? ??? 0.29??? ?????????? ???????????????????⌒????????ъ????????????? ????????2024?A??????????っ?????????????????? ????????ъ??????????????ъ???????????ъ?????????ウ???????????????????⌒??????????ъ???? 2024 ?????????????????仍????????????????л?? ???????????ъ?????????????????????????????? ????????????????????????ъ?????????????????? ???????????????????????????????????学????? ??????????????????????????????????????ъ??? ?????????????????????????????????????????? ????????????????ъ???????仾??2024???????????? ???????????????????????????????????ъ???? 2024 ???????学???????????????к?? ?7?????????????????????%? 2022 2023 2024 ?仍 ?? ?仍 ?? ?仍 ?? ?? 1,887.10 61.78 2,083.44 56.89 2,147.49 57.51 ???? 630.68 20.65 665.65 18.18 567.74 15.21 ????????? 350.74 11.48 528.41 14.43 525.30 14.07 ?????? 26.42 0.87 50.34 1.37 38.79 1.04 ???? 11.33 0.37 40.56 1.11 67.97 1.82 ???????? 20.88 0.68 25.72 0.70 16.60 0.44 ?? 127.47 4.17 268.18 7.32 370.00 9.91 ?? 3,054.63 100.00 3,662.30 100.00 3,733.91 100.00 4 ??????????????????????????????????????????????????????????????????????????????????????????????????????? ??????????????????ъ?а????????????????уъ??? н????????????????????????????????????????? ????学??????????????????????????????仾?????? ??????ъ?????????а????к??????? 800??????? ETF? ??????????????? 300??????? 1000???????????? 43?? й??ъ???????2024?????????????????????????? 84,691 ????????? 9,007.44??????????????????????-??-?ъā?????? ???????ъ?????学????????????????????ъ??????? ??????ъ??????????????????????????????????? ??????????????学???????2024?????????????????? ????????????????????????????????уъ???????? ???????????仾????????????ъ?っ?????? 2024?????? ????? 3,775???????????????? 4,367???? Wind???????? ??????????ъ? 5? ?学??ъ???????????????????????????学??ъ?????? ???ъ????2021? 8???????????????? 30??????2024???? ???????、??AI+??????????????????亶???? 2024????? ??????亩? 323??2024???????ъ??-8.57??????-6.98??? ???伄? ???????θ2024??????????????θ??????????θ2025?ж?????? ?????????????????????????????????????????????ж? ??θ??????????????? ???????ど??? 2024???????к???????????к??????????????ъ???ъ ????????????≤??????2025?а???????≤???????? ????????????????????????????????????2024??л ???????????????????????к??????????к???к??? ???л??????????????ъ????ъ????????????к????? ???2024??????ъ????????? ??ъ????????????????????????????а?2024?????? ???????????ъ??????????к????2024?????ъ??????? ???????????ъ????????????ъ????????????ъ???? ????????????????????????ъ???????ъ?????????????????????????????????????2024??????????? ?????????????????ъ???????傡???????????????? ????ъ????????ъ??????ъ??????к?????ъ???????? ?? 8???????ъ?????????з??%? 2022 2023 2024 2025.1-3 ?仍 ?? ?仍 ?? ?仍 ?? ?仍 ?? ????????? 16,363.19 65.11 14,512.34 62.29 14,710.45 54.08 4,047.05 55.90 ?????ъ??? 6,386.85 25.41 5,810.15 24.94 6,649.89 24.45 2,045.46 28.25 ???? ????ъ? 610.37 2.43 566.32 2.43 778.25 2.86 154.19 2.13 ?????? ????ъ? 8,153.26 32.44 7,355.86 31.57 6,464.12 23.77 1,691.64 23.36 ?????? ????ъ? 785.89 3.13 371.79 1.60 421.11 1.55 -- -- ?????? ????????? 2,200.33 8.76 4,289.64 18.41 8,542.58 31.41 2,512.44 34.70 ??????? ????? 4,101.11 16.32 3,136.02 13.46 2,348.45 8.63 531.51 7.34 ???? (47.04) (0.19) (10.18) (0.04) 68.63 0.25 (38.47) (0.53)?? 2,514.43 10.00 1,371.71 5.89 1,528.68 5.62 187.70 2.59 ?ъ???? 25,132.01 100.00 23,299.53 100.00 27,198.79 100.00 7,240.22 100.00 ??ъ??? (1,059.76) (354.63) (818.71) (136.05) ?????ъ?? 24,072.26 22,944.90 26,380.08 7,104.17 ??[1]2025?а??????ъ??????????ъ?????[2]???????????????亩???о??????????????????????? ??ъ????????????亩ъ????????????????????ъ???? ????????儈?2024???ъ??????к???к?????ъ????????? ???ъ????к???л?????????????????????????й??? ?????亴??????2024????????? 0.65???????????????? ???????????к????2024??????????????к?? ?к????????2024????ъ???????????????????????? ?????????????????????仍??????????????仍???? ??????????2024???????????????????????к????? ????????っ??????????ъ???っ????っ????? 2025?а??????ъ???????? 46.29%????????????????????? 9???????????????????%? 2025.1-3 2022 2023 2024 ?????ъ?? 240.72 229.45 263.80 71.04 ъ????? (138.09) (138.85) (147.92) (35.32) ?ъ?? 104.48 87.95 114.68 35.52 ??? 88.98 78.63 105.45 29.70 ?????? (3.10) 6.02 24.96 (2.35) ?????仍 85.88 84.65 130.40 27.35 48.78 ?ъ??? 54.95 59.59 54.38 -- ??????? 2.00 1.53 1.86 -- ??????? 7.55 5.92 7.18 -- ???仍???? 14.77 23.15 12.29 ????????????????? 伄?????????????? ?亩仾????儈??????ф?????????≤????????ъ???о??≤? ???????????? ???????????仾???????????????仾?????????????? ??仾???????????????????а???????儈??????????? ?? ?? 2025? 3?????????? 76.06?????????????っ???????? ????????????????????????儈≤???? 2025? 3??????? ???????????к???????????/??????к????л??仾??? ??к????л???????????/????к????л????≤???к?? ??????????????? 2024????????????亩????????仍? 26.90????к????л? 3.40%????????????????? 5.84???』?? ?????? 5.71??????????? 4.72??????????? 4.03???к??? ??????????亴??????????????仍? 23.31??? ?? 10??????仾??????????????????%? 亩? 亴??? ?? 2022 2023 2024 2025.3 ??? -- -- 798.47 931.66 958.60 969.45 ??? -- -- 1,047.97 1,202.46 1,315.24 1,334.48?????学???????/??? ?400 ?500 311.13 294.25 296.51 358.73 ??2024??????????????????????[2024]13??????仾?????????????????????亩仾?????????????仾??????????????? ????????????????? ???? ???????к???????????а????EBITDA?????????????? ???????н????????????????????? 5 ????????????????н???????????????????????? ????????????????????????????? 2024?????????? ???? 3,655.19????к???? 10.04%???????? 19.32%??к??к? 0.14????????????????а????????? 2024???????????? 266.00 ????к???? 41.22?????????????? 2025? 3??????????? 4,192.40????к???? 14.70%? ???????????????????っ?????????????????????н ????????????????? ??????????? EBITDA???????仍??????2024?????仍???? ?л??? EBITDA????к????? EBITDA?????????????2024??? EBITDA????????к???к?????/EBITDA?к???л????????л ??2024????????????к??????????????????????仍? ???? ?? 11???????????? 2023 2024 2025.3/2025.1-3 ?? 2022 ?????(%) 73.98 74.43 73.76 75.92 ???????????? 500.22 (89.19) 99.71 (136.89) -- EBITDA???? 193.61 195.04 225.34 -- EBITDA??????(X) 2.37 1.98 2.33 -- ???/EBITDA(X) 15.59 17.03 16.22 ??EBITDA??????????????? ????????????????? ???亯亯???????????ь??????????? 2024? 12? 13???????????? ??????????????????????? 12???????????仍???? 950,202.89??2024? 12? 20???????????????л??ā????ā??? ?????????????????????????????????????????? ????????????????????????????????儈????????? ??????????仈???????ǒ2020ǔ5?????????? 50??к?? 50?? ????????????????????????????????????????仍? ?н??????????????????????????????????к????? ???? 2024???????л??????????????????????????? ?????????? 1,161???????о???????????????? 89???? ???仍???? 110.42??????????? 1,072???????仍???? 41.33? ??????????к???????亩???????? 0.11?????? ???????? 2023? 4? 17????????????????????? 0382023005 ?????????????????????л??ā????ā?2018?????????? ?ъ????????????????????????????????????????? ???????????????????2023? 7? 17???????????????? ??????????ǒ2023ǔ40????????????????????↓??????? ???ъ??? 94.34з????? 94.34з?????????????? 783.02з???? ? 50з????2023? 9? 22????????????к??亩??????????? ???亯 ?????? ???????θ???????θ??ж????????????????????? ????????????? 2025? 3????????????????仍? 317.45??? ?к??л? 19.90%???????????????仍? 4.91%??к??л? 1.88??? ??????仾?????к???? 2025? 3????????????к????л??6 ???? ??????????????????????ж??????? ?? 2025? 3???????????????ь??а???????????а????? ??????а???????? A?? H????????????? 20.11%?17.97%? 10.57%????????ь? ???ь???? 1957??????????咯??? 1981????ь????1996? 10? 28???????????к?????ь??????????????????????ъ ?????????????仇????侞????????????????伏??伏??? ?????亶??????ā??+??+???ā??傡????????? 2024????? ?ь???? 330.02????????? 292.82???2024????ъ?? 26.11????? ? 15.19??? ????? 1991? 3????????????????????к?? 1993? 6???? ????? 1996? 8??к????????к??????ъ????????????? ?????????????????????ā???????ъо????ā??傡??? ??????ъ??っ?????? 2024??????????? 478.38????????? 323.83???2024????ъ?? 112.89?????? 6.64???2025? 3? 1?????? ???????????????????ь????????????????????ь? ????????????????並?儈??????????????????????? ?????????????2025? 3? 4?????????????????????? ????????????????????????? 2025? 2? 28?????а???? ь????????????????????????????????????????? ??????????????н????????? 3%? A?????????????? к??亩?????????っ?????????? ??????? 1998????????????к?????? 2024????????ла? ?????? 11???? 16?а????????????????????≤?????? ????????ъ????ā??о??ā??????????≤??????????й ???ъ????????????????????????????????????ㄎ????? ????? ?к??????????????????????????? AAA??????っ??? ?ā?????????? 2025???уъ???????????????г??ā??? ??? A-1? ??жφ?????????????????????δ?? 2025?? 3? ?ε ?ь??? ????(%) 俉?????????????? 22.36 ???ь?ъ???????? 16.47 ?????????? 16.44 ?????ъ???????? 9.03 俉????????? 3.26 ???????????? 3.00 ????????????ˉ???????????????????????? 0.66 ????????????ˉ?????? 300?????????????? 0.64 ????????????ˉ???????????????????????? 0.54 ????????????ˉ????? 300????????????????? 0.45 ?? 72.85 ???? 2025? 3??????ь?ъ??????????а?????????????????а??????????ъ????? ?????а???????? A?? H????????????? 20.11%?17.97%?10.57%?????????? ???φ?????????????????????δ????ε ??????????з?? 2022 2023 2024 2025.3/2025.1-3 ?????????? 156,856.72 153,325.60 204,583.87 187,644.57 ??????????????? 25,851.53 28,839.22 39,630.67 31,745.36 ???????? 18,940.29 19,720.90 20,565.24 20,236.84 ??????? 157,800.51 216,074.35 242,824.24 297,288.47 ???? 354.13 129.71 35.65 72.37??? 301,881.09 332,183.64 365,518.60 419,239.73 ??? 492,463.44 541,505.97 605,659.73 658,911.08 ?ь?? 124,792.84 140,675.71 153,085.38 155,705.38 ?????????? 79,847.25 93,165.50 95,860.23 96,944.56 ????????? 16,363.19 14,512.34 14,710.45 4,047.05 ?????ъ???? 6,386.85 5,810.15 6,649.89 2,045.46 ????ъ???? 610.37 566.32 778.25 154.19 6,464.12 1,691.64 ????ъ???? 8,153.26 7,355.86 ????ъ???? 785.89 371.79 421.11 -- ????? 4,101.11 3,136.02 2,348.45 531.51 ????????????? 2,200.33 4,289.64 8,542.58 2,512.44 ?ъ?? 25,132.01 23,299.53 27,198.79 7,240.22 ъ????? (13,809.46) (13,885.24) (14,791.69) (3,531.73) ?ъ?? 10,447.73 8,794.80 11,467.79 3,551.68 ??? 8,898.00 7,862.92 10,544.67 2,970.39 ?????仍 8,587.86 8,464.82 13,040.39 2,735.05 EBITDA 19,360.52 19,504.17 22,534.44 -- ???? 2022 2023 2024 2025.3/2025.1-3 ????????? ???????(%) 2.00 1.53 1.86 -- ???????(%) 7.55 5.92 7.18 -- 54.38 48.78 ?ъ???(%) 54.95 59.59 ???????????????? 仾????(%) 186.58 233.36 276.22 258.89 ?????(%) 13.04 12.03 13.29 12.31 ??????(%) 213.79 222.43 183.17 168.97 ?っ????(%) 147.26 129.57 153.18 159.93 ???/???(%) 76.19 77.48 72.88 72.65 ???/??(%) 24.29 24.99 25.06 22.16 ???/??(%) 31.88 32.25 34.38 30.51 ????学???????/???(%) 47.87 31.10 31.55 34.75 ?????学???????/???(%) 311.13 294.25 296.51 358.73??пφ??????????? ??? ???? ? 仾???? ???/?亩仾??????? ? ? ????? ?????/??????仍 ? ? ? ? ?????? ???????/?? 30??????? ? ? ?っ???? ??っ???/??っ??? ?????ъ?? ?ъ??-??ъ??? ??????? ???/[(??????-??????????+к?????-к?????????)/2]? ????+????+????????+???????+а??????????+а? ???? ? ????????? ? ???? а??к???????+а??к??????? ??? ????+????+????????+????+???????+???? ????? 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