銆€銆€鐩＄姝愬偟鍗辨(j墨)鎰堟紨鎰堢儓锛屾竻娼旇兘婧愯偂绁ㄥ児(ji脿)鏍煎嚭鐝�(xi脿n)鏆磋穼锛�2011骞寸涓夊搴﹂ⅷ(f膿ng)闆诲牬(ch菐ng)鍜屽お闄借兘闆荤珯鐨勬姇璩囧嵒閫嗗嫝(sh矛)鍙嶅綀銆傛牴鎿�(j霉)褰崥鏂拌兘婧愯病(c谩i)缍�(j墨ng)锛圔NEF锛夌殑鏈€鏂版瑠(qu谩n)濞佹暩(sh霉)鎿�(j霉)锛屼粖骞寸涓夊搴�锛岄ⅷ(f膿ng)鍔涚櫦(f膩)闆诲牬(ch菐ng)鍜屽お闄借兘闆荤珯绛夊彲鍐嶇敓鑳芥簮闋�(xi脿ng)鐩殑璩囩敘(ch菐n)铻嶈硣澧為暦(zh菐ng)鑷�418鍎勭編鍏�銆傚悓鏅�(sh铆)锛岃┎闋�(l菒ng)鍩熺殑骞惰臣娲诲嫊(d貌ng)涔熼潪?锛涢挻S銆傜浉姣斾箣涓�锛岄ⅷ(f膿ng)闅�(xi菐n)鎶曡硣銆佺鍕熻偂娆�(qu谩n)鍜屽叕鍏卞競鍫�(ch菐ng)鐨勬姇璩囧墖姣旇純娓呮贰銆�

銆€銆€瑷�(sh猫)鍌欏児(ji脿)鏍间笅璺屽付鍕�(d貌ng)鎶曡硣

銆€銆€绗笁瀛ｅ害鏈€鎼剁溂鐨勮硣鐢�(ch菐n)铻嶈硣椤嶇暥(d膩ng)灞捣涓婇ⅷ(f膿ng)鍔涚櫦(f膩)闆伙紝鍖楁捣涓夊€�(g猫)澶у瀷鐨勬捣涓婇ⅷ(f膿ng)闆婚爡(xi脿ng)鐩附瑁濇(j墨)瀹归噺瓒呴亷1GW锛屾姇璩囩附椤嶇偤63鍎勭編鍏�銆傚湪缇庡湅锛屽お闄借兘鍏変紡鐧�(f膩)闆汇€佸お闄借兘鐔辩櫦(f膩)闆诲拰鐢熺墿璩�(zh矛)鐕冩枡鐧�(f膩)闆婚爡(xi脿ng)鐩篃鏈夎純澶х殑铻嶈硣锛涘嵃搴﹀凹瑗夸簽鐨勫湴?z茅)宕娋顜€闈＄害闉嶈噣楠辨き琚婎増骞存嚠宸稬(f膿ng)闆婚爡(xi脿ng)鐩瀺璩囨暩(sh霉)椤嶄篃涓嶅皬銆�

銆€銆€鐣�(d膩ng)瀛ｅ寘鎷硣鐢�(ch菐n)铻嶈硣鍜屼締鑷叕鍏卞競鍫�(ch菐ng)銆侀ⅷ(f膿ng)闅�(xi菐n)璩囨湰鍜岀鍕熻偂娆�(qu谩n)鍩洪噾鐨勬竻娼旇兘婧愭柊澧炴姇璩囬仈(d谩)鍒�454鍎勭編鍏冿紝姣旂浜屽搴︾挵(hu谩n)姣斿闀�(zh菐ng)9%锛屽悓姣�2010骞寸涓夊搴﹀闀�(zh菐ng)浜�16%銆傝€屾鍓嶅柈瀛ｅ害铻嶈硣椤嶇殑鏈€楂樺搴︾偤2010骞寸鍥涘搴�锛岄仈(d谩)鍒�515鍎勭編鍏冦€傛牴鎿�(j霉)褰崥鏂拌兘婧愯病(c谩i)缍�(j墨ng)鐨勭当(t菕ng)瑷�(j矛)锛�2010骞村叏鐞冨湪娓呮綌鑳芥簮闋�(l菒ng)鍩熺殑绺芥姇璩囬仈(d谩)鍒板壍(chu脿ng)绱€(j矛)閷勭殑2430鍎勭編鍏�銆�

銆€銆€2011骞寸涓夊搴�锛屾竻娼旇兘婧愰牁(l菒ng)鍩熺殑骞惰臣娲诲嫊(d貌ng)閲戦鍓�(chu脿ng)涓嬫柊绱€(j矛)閷勶紝鍖呮嫭浼佹キ(y猫)鍜岄爡(xi脿ng)鐩殑鏀惰臣銆佸啀铻嶈硣绺借▓(j矛)閬�(d谩)鍒�259鍎勭編鍏冿紝鐠�(hu谩n)姣斾簩瀛ｅ害澧為暦(zh菐ng)31%锛屾瘮2010骞寸涓夊搴﹀闀�(zh菐ng)浜�59%銆傛鍓嶇殑鏈€楂樼磤(j矛)閷勫嚭鐝�(xi脿n)鍦�2010骞寸鍥涘搴�銆�

銆€銆€褰崥鏂拌兘婧愯病(c谩i)缍�(j墨ng)棣栧腑鍩�(zh铆)琛屽畼M(f猫i)ichael Liebreich琛ㄧず锛岄ⅷ(f膿ng)鍔涙甫杓(j墨)銆佸お闄借兘鍏変紡鏉跨瓑娓呮綌鑳芥簮瑷�(sh猫)鍌欑殑鍍�(ji脿)鏍煎湪閬庡幓涓夊勾宸茬稉(j墨ng)缍�(j墨ng)姝蜂簡涓嶅皨甯哥殑鏆磋穼锛岄€欏付鍕�(d貌ng)浜嗗畨瑁濈巼鍜岃硣鐢�(ch菐n)鎶曡硣姘村钩鐨勬彁楂�銆�

銆€銆€鑲℃瑠(qu谩n)铻嶈硣涓嶇郸鍔�

銆€銆€鐩＄浠ヨ硣鐢�(ch菐n)铻嶈硣鐐轰富鐨勬柊澧炴姇璩囩附椤嶄娇寰楃涓夊搴︽竻娼旇兘婧愭姇璩囧嚭鐝�(xi脿n)鏄庨’澧為暦(zh菐ng)锛屼絾棰�(f膿ng)闅�(xi菐n)鎶曡硣銆佺鍕熻偂娆�(qu谩n)鍜屽叕鍏卞競鍫�(ch菐ng)鐨勬姇璩囦粛鐒舵瘮杓冩竻娣�銆傚皥娉ㄤ簬娓呮綌鑳芥簮鍏徃鎶曡硣鐨刅C/PE璩囬噾鍦ㄤ粖骞寸涓夊搴︾偤22鍎勭編鍏�锛岃純绗簩瀛ｅ害涓嬮檷浜�27%銆�

銆€銆€鍏枊甯傚牬(ch菐ng)涓婏紝娓呮綌鑳芥簮鍏徃鍍呯嵅寰椾簡14鍎勭編鍏冪殑鎶曡硣锛屾瘮鍓嶄竴鍊�(g猫)瀛ｅ害涓嬮檷浜�62%锛屾瘮鍘诲勾鍚屾湡涓嬮檷71%銆傚湪鍕�(d貌ng)钑╃殑閲戣瀺甯傚牬(ch菐ng)涓紝娓呮綌鑳芥簮鍏徃寰堥洠閫�(j矛n)琛孖PO鎴栧啀铻嶈硣銆傝€屼腑鍦嬪お闄借兘鍏徃浜亱(y霉n)閫氬湪涓婃捣IPO铻嶅緱3.95鍎勭編鍏�?ji菐ng)t鏄皯鏁�(sh霉)鎴愬姛鐨勬渚嬩箣涓€銆�

銆€銆€鏍规摎(j霉)Wilder Hill鏂拌兘婧愬叏鐞冨壍(chu脿ng)鏂版寚鏁�(sh霉)锛屾湰瀛ｅ害鍏�(n猫i)娓呮綌鑳芥簮鍏徃鑲″児(ji脿)涓嬭穼35%銆�10鏈�4鏃ワ紝鐢�95鍙叏鐞冩竻娼旇兘婧愯偂绲勬垚鐨凬EX鎸囨暩(sh霉)鍓�(chu脿ng)涓�2003骞翠互渚嗙殑鏈€浣庨粸(di菐n)锛岄仩(yu菐n)閬�(yu菐n)浣庝簬妯�(bi膩o)鏅�500鎸囨暩(sh霉)绛夌殑琛ㄧ従(xi脿n)銆�

銆€銆€Michael Liebreich瑾�(r猫n)鐐�锛岀敱浜庝粛鐒舵矑鏈夎冻澶犵殑闇€姹備締娑堝寲鏄庨’鐨勭敘(ch菐n)鑳介亷鍓�锛屽児(ji脿)鏍煎拰鍒╂饯(r霉n)浠嶉潰鑷ㄥ鍔�锛屽埗閫犲晢鐨勮偂鍍�(ji脿)涔熻鎷栫疮銆侭NEF鍩轰簬瀵�(sh铆)闅涘悎鍚屾暩(sh霉)鎿�(j霉)鐨勫垎鏋愰’绀�锛屽厜浼忕祫浠剁殑骞冲潎鍍�(ji脿)鏍艰嚜2010骞寸瀛ｄ互渚嗕笅闄嶄簡涓夊垎涔嬩竴锛屾瘮2008骞翠腑鏈熶笅闄嶄簡70锛�锛涜€岄ⅷ(f膿ng)鍔涙甫杓(j墨)鐨勫児(ji脿)鏍艰嚜2009骞翠互渚嗗凡缍�(j墨ng)涓嬮檷20锛�銆�