20111202-中信证券-汽车行业：汽车·车闻天下(第38期)校车专题

䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ � Ёֵ䆕ࠌⷨお䚼�≑䔺㸠Ϯⷨお㒘���������������� ᴢ᯹⊶� ⬉䆱˖010-60838203 䚂ӊ˖lcb@citics.com ᠻϮ䆕к㓪ো˖S1010510120010 䆌㣅म� ⬉䆱˖010-60838704 䚂ӊ˖xuyb@citics.com ᠻϮ䆕к㓪ো˖S1010510120041 㘨㋏Ҏ˖催ጽ� ⬉䆱˖010-60838822 䚂ӊ˖gs@citics.com 㘨㋏Ҏ˖䰜֞᭠� ⬉䆱˖010-60836703 䚂ӊ˖chenjb@citics.com � � � ᴀᳳᓩ㿔˖� ⫬㙗᷵䔺џӊݡ⃵ড᯴ߎ᷵䔺䳔∖ⱘᖙ㽕ᗻϢ䖿ߛᗻˈ⼒Ӯ㟚䆎ⱘ݇⊼ৃ㛑᥼ࡼⳌ݇⊩㾘䕗ᖿߎৄDŽᴀ ᳳˈ៥Ӏᇚಲ乒䖥ᳳⱘ᷵䔺џᬙঞⳌ݇ᬓᑰ䚼䮼ⱘডᑨˈ೑ݙ᷵䔺Ꮦഎ⦄⢊ˈҹঞ㕢೑ǃ᮹ᴀㄝ೑ᆊⱘ᷵䔺 㒣偠ˈᏠᳯ㛑ᇍᙼߚᵤ乘⌟᳾ᴹ೑ݙ᷵䔺䳔∖ᦤկখ㗗DŽ བ᳝⭥䯂⃶䖢Ѹ⌕DŽབᵰᙼᇍ៥ӀⱘᷣⳂ᳝⡍߿ⱘᳳᳯ៪㗙㽕∖ˈ⃶䖢ᦤߎᛣ㾕੠ᓎ䆂DŽ 䌘᭭ᴹ⑤˖Google೒⠛ˈЁֵ䆕ࠌⷨお䚼 Ёֵ≑䔺g䔺䯏໽ϟ˄㄀ 38ᳳ˅ üü᷵䔺ϧ乬 2011ᑈ 12᳜ 2᮹ 䆕ࠌⷨお᡹ਞg㸠Ϯⷨおg≑䔺㸠Ϯ Ёֵ≑䔺噝䔺䯏໽ϟ˄㄀ 38ᳳ˅ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ ⳂⳂ ᔩ ᴀᳳᓩ㿔˖ .................................................................................................................................................................. 1 ᷵䔺џӊಲ乒 .............................................................................................................................................................. 1 ೑໪᷵䔺㒣偠 .............................................................................................................................................................. 2 㕢೑ⱘ᷵䔺Ꮦഎ .......................................................................................................................................................... 2 㕢೑ЎҔМᢹ᳝䕗໻ⱘ᷵䔺Ꮦഎ............................................................................................................................... 2 㕢೑᷵䔺ⱘ⫳ѻӕϮ .................................................................................................................................................. 3 ᮹ᴀⱘ᷵䔺Ꮦഎ .......................................................................................................................................................... 4 ᮹ᴀ᷵䔺ㅵ⧚῵ᓣ ...................................................................................................................................................... 5 ೑ݙ᷵䔺Ꮦഎ⦄⢊ ...................................................................................................................................................... 6 䳔∖䕗໮ ϧϮ᷵䔺ऴ↨䕗Ԣ .................................................................................................................................... 6 ⳂࠡϾԧ᥹䗕ЎЏ㽕ᮍᓣ ᅝܼ᮴⊩ֱ䱰................................................................................................................. 6 ⦄᳝ⱘ⊩ᕟ⊩㾘 .......................................................................................................................................................... 6 ᳾ᴹৃ㛑ⱘ䞛䌁੠䖤㧹῵ᓣ ...................................................................................................................................... 7 ᦦ೒Ⳃᔩ ೒ 1˖᷵䔺џӊᯊ䯈੠Ⳍ݇݀ৌ㙵Ӌ㸼⦄ ............................................................................................................... 1 ೒ 2˖1912ᑈⱘ᷵䔺 .................................................................................................................................................. 2 ೒ 3˖ᔧࠡ㕢೑Փ⫼ⱘ᷵䔺 ....................................................................................................................................... 2 ೒ 4˖Blue Bird݀ৌⱘ᷵䔺䈅㋏˄Type AǃType CǃType D˅ ............................................................................ 3 ೒ 5˖᮹ᴀ৘ᑈ啘↉ᄺ⫳Ҏ᭄ ................................................................................................................................... 5 ೒ 6˖᮹ᴀᑐܓು᷵䔺 ............................................................................................................................................... 5 ೒ 7˖᮹ᴀЁᄺ᷵䔺 ................................................................................................................................................... 5 㸼ḐⳂᔩ 㸼 1˖䖥ᑈᴹ᷵䔺џᬙಲ乒˄ϡᅠܼ㒳䅵˅ ............................................................................................................ 1 Ёֵ≑䔺噝䔺䯏໽ϟ˄㄀ 38ᳳ˅ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 12᳜ 2᮹ 1 ᷵᷵䔺џӊಲ乒 ⬅Ѣ᷵䔺ᅝܼᷛޚԢϟǃ䍙䕑ǃㅵ⧚⏋хǃ偒偊Ҏਬᅝܼᛣ䆚㭘ᔅㄝॳ಴ ៥ˈ೑᷵䔺џᬙথ⫳乥⥛䕗催DŽ 㸼 1˖䖥ᑈᴹ᷵䔺џᬙಲ乒˄ϡᅠܼ㒳䅵˅ ᯊ䯈 ഄ⚍ џӊ 2004ᑈ 6᳜ 18᮹ ঢ়ᵫⳕ䭓᯹Ꮦ ϔ䕚⒵䕑 43ৡᄺ⫳ⱘ⧁䔺ջ㗏ˈᇐ㟈 30ԭৡᄺ⫳ϡৠ⿟ᑺফӸDŽ 2007ᑈ 1᳜ 4᮹ ␪फⳕ⼕䰇ও ܿᅱ䬛ФՇᑐܓುϔ䕚᷵䔺ഴܹ໻∳∈ᑧᓩ∈⏴ˈᔧഎ䗴៤ 7 Ҏ⅏ѵǃ1 Ҏ༅䏾ˈ݊Ё᳝ 6 ৡЎ೼᷵ህ䇏ᑐܓDŽ 2009ᑈ 6᳜ 4᮹ 䞡ᑚϛᎲǃ⩻ቅ ᔧ᮹ˈϛᎲǃ⩻ቅഛߎ⦄᷵䔺㗏ሹџᬙˈᇐ㟈 2ৡᄺ⫳⅏ѵˈ20໮ৡᄺ⫳ফӸDŽ 2009ᑈ 9᳜ 19᮹ ᅝᖑⳕ㡰␪Ꮦ ϔ䕚䋻䔺Ϣϔ䕚ᑐܓು᥹䗕ᇣൟ䴶ࣙ䔺Ⳍᩲˈ䔺ݙ 20ৡᑐܓফӸԣ䰶ˈ݊Ё 3ৡᑐܓӸ࢓䕗䞡ˈ঺᳝2ৡԣ䖯䞡⮛ⲥᡸᅸDŽ 2011ᑈ 2᳜ 19᮹ 㽓ᅝᏖ催䱉ও ϔ䕚䍙䕑ᑐܓು咥᷵䔺Ϣϔ䕚༛⨲䕓䔺থ⫳Ѹ䗮џᬙ 䗴ˈ៤䔺ݙ 14ৡܓスЁ 2ৡ೼䗕ࠄ㽓ᅝᏖ૤䛑ए䰶ৢᡶᬥ᮴ᬜ⅏ѵˈ2ৡ䞡Ӹˈ10ৡ䕏ӸDŽ 2011ᑈ 3᳜ 24᮹ ࣫Ҁ䮼༈≳ 㝒啭ᑐܓು಴᷵䔺䍙䕑থ⫳䔺⽌ᇐ㟈 1ᑐܓϻ⫳DŽ 2011ᑈ 9᳜ 13᮹ ␪࣫ⳕ㤚ᎲᏖ ㋿㤚㢅ᑐܓುথ⫳ᚼ࠻˖2 ৡϞᄺᑐܓ㹿䘫ᖬ᷵䔺ݙϔ໽ˈⳈ㟇ᔧ᮹ϟजᬒᄺᯊᠡ㹿Ҏথ⦄ˈ᳔ৢϡᑌ䑿ѵDŽ 2011ᑈ 11᳜ 17᮹ ⫬㙗ⳕᑚ䰇Ꮦ ϔ䕚໻㗏᭫䋻䔺Ϣϔ䕚὚ᵫᄤ䬛ᑐܓುⱘ᥹䗕᷵䔺˄Ḍ䕑 9Ҏǃᅲ䕑 64Ҏ˅䖢䴶Ⳍᩲˈᔧഎ䗴៤ 5Ҏ ⅏ѵˈ݊Ё᷵䔺ৌᴎ 1ৡˈᑐܓುᄺ⫳ 4ৡDŽ៾㟇 17᮹ᰮˈџᬙᏆ䗴៤ 21Ҏ䘛䲒˄݊Ёᑐܓ 19Ҏ˅ˈ 43ҎফӸDŽ 2001ᑈ 11᳜ 26᮹ 䖑ᅕ޸ජᅱቅ䬛 ᅱቅ䬛Ёᖗᇣᄺϔ䕚᷵䔺থ⫳џᬙˈ᷵䔺೼㸠䖯䏃Ϟথ⫳ջ㗏ˈ᷵䔺೼⒥㸠䗨ЁᩲࠄњϸỉᷥৢذϟDŽџᬙথ⫳ᯊˈ䔺Ϟ᳝ 20ԭৡᄺ⫳ˈ10ԭৡᄺ⫳ϡৠ⿟ᑺফࠄ䕏ӸDŽ 2011ᑈ 11᳜ 29᮹ ⊇फⳕ◂䰇ও ϔᑐܓು᷵䔺থ⫳⺄ᩲџᬙˈ㒣Ḍᅲˈᔧᯊ᷵䔺Ϟ䕑᳝ᑐܓುᄺ⫳ 15Ҏˈⲥᡸ㗕Ꮬ 1Ҏˈџᬙ䗴៤䞡Ӹ 4Ҏˈ䕏ᖂӸ 6ҎDŽ 䌘᭭ᴹ⑤˖ᮄढ㔥ㄝၦԧˈЁֵ䆕ࠌⷨお䚼 䖥ᳳ᷵䔺џᬙ乥থˈ⼒Ӯ݇⊼ᑺᰒ㨫ᦤछDŽ9᳜ 26᮹ˈቅ㽓᷵䔺џᬙˈ7ৡ߱Ё⫳⅏ѵ˗11᳜ 16᮹ˈ ⫬㙗᷵䔺џᬙ 1ˈ9ৡᑐス䘛䲒 1˗1᳜ 26᮹ˈ䖑ᅕ᷵䔺џᬙ 3ˈ5ৡᄽᄤফӸDŽ݊Ёˈ⫬㙗᷵䔺џᬙ⅏ѵҎ᭄ ᳔໮ˈ⼒Ӯᕅડ᳔໻ˈгᓩথњ⼒ӮᇍѢܓスϞϟᄺѸ䗮ᅝܼ䯂乬ⱘ催ᑺ݇⊼ˈৠᯊгᓩথњᡩ䌘㗙ᇍ᷵䔺 Ꮦഎⱘ乘ᳳˈᰒ㨫ᕅડњᅛ䗮ᅶ䔺ㄝⳌ݇ϞᏖ݀ৌ㙵ӋDŽ ೒ 1˖᷵䔺џӊᯊ䯈੠Ⳍ݇݀ৌ㙵Ӌ㸼⦄ -200% 0% 200% 400% 600% 800% 1000% 20 04 ᑈ 6᳜ 1᮹ 20 04 ᑈ 9᳜ 1᮹ 20 04 ᑈ 12 ᳜ 1᮹ 20 05 ᑈ 3᳜ 1᮹ 20 05 ᑈ 6᳜ 1᮹ 20 05 ᑈ 9᳜ 1᮹ 20 05 ᑈ 12 ᳜ 1᮹ 20 06 ᑈ 3᳜ 1᮹ 20 06 ᑈ 6᳜ 1᮹ 20 06 ᑈ 9᳜ 1᮹ 20 06 ᑈ 12 ᳜ 1᮹ 20 07 ᑈ 3᳜ 1᮹ 20 07 ᑈ 6᳜ 1᮹ 20 07 ᑈ 9᳜ 1᮹ 20 07 ᑈ 12 ᳜ 1᮹ 20 08 ᑈ 3᳜ 1᮹ 20 08 ᑈ 6᳜ 1᮹ 20 08 ᑈ 9᳜ 1᮹ 20 08 ᑈ 12 ᳜ 1᮹ 20 09 ᑈ 3᳜ 1᮹ 20 09 ᑈ 6᳜ 1᮹ 20 09 ᑈ 9᳜ 1᮹ 20 09 ᑈ 12 ᳜ 1᮹ 20 10 ᑈ 3᳜ 1᮹ 20 10 ᑈ 6᳜ 1᮹ 20 10 ᑈ 9᳜ 1᮹ 20 10 ᑈ 12 ᳜ 1᮹ 20 11 ᑈ 3᳜ 1᮹ 20 11 ᑈ 6᳜ 1᮹ 20 11 ᑈ 9᳜ 1᮹ ᅛ䗮ᅶ䔺 Ё䗮ᅶ䔺 Ѯ᯳ᅶ䔺 Ϟ䆕㓐ড়ᣛ᭄ 1 2 3 4 5 6 7 8 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼 ⊼˖1üঢ়ᵫ䭓᯹᷵䔺џᬙˈ2ü␪फ⼕䰇᷵䔺џᬙˈ3ü䞡ᑚϛᎲǃ⩻ቅ᷵䔺џᬙˈ4üᅝᖑ㡰␪᷵䔺џᬙˈ5ü 㽓ᅝ催䱉᷵䔺џᬙˈ6ü࣫Ҁ䮼༈≳᷵䔺џᬙˈ7ü␪࣫㤚Ꮂǃቅ㽓᷵䔺џᬙˈ8ü⫬㙗ᑚ䰇ǃ䖑ᅕ޸ජǃ⊇फ◂䰇᷵䔺џᬙ Ёֵ≑䔺g䔺䯏໽ϟ˄㄀ 38ᳳ˅ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 12᳜ 2᮹ 2 11᳜ 16᮹ˈ⫬㙗ℷᅕওᇣम຿ᑐܓು 9ᑻ᷵䔺䕑 64Ҏˈ䗚㸠ৢᩲϞ䞡ൟव䔺ˈࣙᣀৌᴎǃ㗕Ꮬ੠ᄽᄤ ݅ 21Ҏ⅏ѵDŽ⬅Ѣ⼒Ӯ㟚䆎ᕅડ࡯ᦤछˈ⫬㙗᷵䔺џᬙথ⫳ৢˈ೑ࡵ䰶ঞ݊ҪⳌ݇䚼䮼Ⳍ㒻خߎ㸼ᗕ˖ � џᬙথ⫳ৢ ೑ˈࡵ䰶乚ᇐৠᖫ催ᑺ䞡㾚ᑊخߎ䞡㽕ᡍ⼎ 㽕ˈ∖Ⳍ݇䚼䮼ܼ࡯ҹ䍈خདӸਬᬥ⊏੠୘ ৢ໘⧚Ꮉ԰ˈ䅸ⳳᶹᯢџᬙॳ಴ˈձ⊩ձ㾘Ϲ㙗໘⧚Ⳍ݇䋷ӏҎਬDŽձ᥂᳝݇㾘ᅮˈ೑ࡵ䰶ᅝྨӮ Ꮖᇍ䖭䍋џᬙᶹ໘ᅲ㸠ᣖ⠠ⴷࡲˈᶹ໘㒧ᵰᇚঞᯊ৥⼒Ӯ݀ᏗDŽ � 11᳜ 27᮹ˈ೑ࡵ䰶ᘏ⧚⏽ᆊᅱ೼㄀Ѩ⃵ܼ೑ཛཇܓスᎹ԰Ӯ䆂Ϟᦤߎˈ㽕೼ϔϾ᳜ݙࠊ䅶ߎ᷵䔺 ᅝܼᴵ՟ˈᡞ᷵䔺ᅝܼ䯂乬ⳳℷ㒇ܹ⊩ࠊⱘ䔼䘧DŽ � 11᳜ 29᮹ˈ೑ࡵ䰶⊩ࠊࡲী䲚ᬭ㚆䚼ǃ݀ᅝ䚼ㄝ໮ϾⳌ݇䚼ྨⱘ䋳䋷Ҏˈ䩜ᇍlj᷵䔺ᅝܼᴵ՟NJ ᓔӮᕕ∖ᛣ㾕DŽ � 11᳜ 29᮹ˈ೑ࡵ䰶ᅝྨӮࡲ݀ᅸ䗮᡹њ⫬㙗ⳕℷᅕওᇐ㟈 21⅏ 43ӸⱘĀ1116ā᷵䔺џᬙˈ㽕∖ ৘ഄ৘Ⳍ݇䚼䮼๲ࡴ᷵䔺䌁㕂㒣䌍ⱘᡩܹ࡯ᑺˈܼ䴶ᓔሩЁᇣᄺ੠ᑐܓು᷵䔺ᅝܼ䱤ᙷ໻ᥦᶹDŽ � 11᳜ 30᮹ˈ݀ᅝ䚼㸼⼎ˈᇚӮ䌟ќ᷵䔺䎳݀Ѹ䔺ৠㄝ䏃ᴗDŽ ೑೑໪᷵䔺㒣偠 Ϫ⬠Џ㽕೑ᆊЁˈ㕢೑ⱘ᷵䔺᭄䞣᳔໮ˈ⊩ᕟ᳔ᅠ୘˗݊Ҫথ䖒೑ᆊབᖋ೑ㄝ໮䞛⫼݀݅Ѹ䗮ᅲ⦄᷵䔺 ⱘ䖤㧹ᬜᵰ˗Џ㽕থሩЁ೑ᆊ᷵䔺↨՟䕗ԢDŽ 㕢೑ⱘ᷵䔺Ꮦഎ� 㕢೑ᢹ᳝ⳂࠡϪ⬠Ϟ᳔໻ⱘ᷵䔺ᏖഎDŽ㕢೑ᢹ᳝໻㑺 48 ϛৄ᷵䔺ˈᑇഛ↣໽᳝ 2600 ϛᄺ⫳˄ⳌᔧѢ 1-12ᑈ㑻ᄺ⫳ᘏ᭄ⱘ 53% Ь˅ത᷵䔺ᕔ䖨ˈᑇഛ↣䕚䔺䖤䗕 54ৡᄺ⫳DŽ↣ᑈ᷵䔺ⱘ䖤䗕䞣䖒ࠄ 100ғҎ⃵ˈ ↣ᑈⱘ㸠偊ᘏ䞠⿟㑺Ў 44ғ㣅䞠DŽ↣ᑈ㕢೑᷵䔺ⱘ䫔䞣㑺Ў 4ϛ䕚DŽ ೒ 2˖1912ᑈⱘ᷵䔺 䌘᭭ᴹ⑤˖Wikipedia ೒ 3˖ᔧࠡ㕢೑Փ⫼ⱘ᷵䔺 䌘᭭ᴹ⑤˖Wikipedia 㕢೑ЎҔМᢹ᳝䕗໻ⱘ᷵䔺Ꮦഎ� ៥Ӏ䅸Ўˈ㕢೑᷵䔺㾘῵䕗໻ǃϨ䖤㧹៤ࡳⱘ݇䬂೼Ѣϝ⚍˖ � ϔᰃ㕢೑᳝ԧ㋏ᅠᭈⱘ᷵䔺Ⳍ݇⊩ᕟǃᅝܼᷛޚ੠⊩㾘DŽ Ёֵ≑䔺g䔺䯏໽ϟ˄㄀ 38ᳳ˅ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 12᳜ 2᮹ 3 � 㕢೑᷵䔺П᠔ҹ㛑៤Ўϔ⾡ࠊᑺˈЏ㽕⑤ѢϸϾ䞡㽕ⱘ⊩ᕟࠊᑺ෎⸔˖㄀ϔᰃ 12ᑈ෎⸔Нࡵ ᬭ㚆⊩Ḝˈ㄀ѠᰃЬത᷵䔺݋᳝ᔎࠊᗻDŽ � 㕢೑ᬭ㚆ϧᆊ᥼ࡼњ᷵䔺Ⳍ݇ᷛޚⱘᓎゟ˗ܼ೑ᄺ᷵䖤䕧णӮ˄NSTA˅೼㕢೑᷵䔺থሩⱘ䖛 ⿟Ё㓈ᡸњ㸠Ϯⱘ߽Ⲟˈᑊ᥼ࡼњ㸠ϮⱘথሩDŽ � 㕢೑ᇍ᷵䔺ⱘ⫳ѻ᳝ϹḐⱘ㽕∖ˈࣙᣀᭈ䔺੠䳊䚼ӊⱘ⫳ѻ˗ � 㕢೑᳝᷵䔺偒偊ਬᠻ✻ࠊᑺˈᇍ᷵䔺偒偊ਬ᳝᳈催ⱘᅝܼ偒偊ᡔ㛑㽕∖˗ � 㕢೑᳝ϧ䔺ϧ⫼ࠊᑺˈ㾘ᅮ᷵䔺ѿ᳔᳝催Ӭܜㄝ㑻DŽ ℷᰃ㕢೑೼᷵䔺⫳ѻǃ᷵䔺ৌᴎǃ᷵䔺䖤㧹ϝᮍ䴶ⱘϹḐࠊᑺˈᠡ៤ህњ㕢೑᷵䔺ғ㣅䞠џᬙ 0.01 ⃵ⱘ༛䗍ˈ䖰ԢѢ☿䔺ǃ亲ᴎ੠⾕ᆊ䔺˄ߚ߿Ў 0.04ǃ0.06੠ 0.96⃵/ғ㣅䞠 DŽ˅ � ѠѠᰃ㕢೑ᬓᑰ䌘䞥ⱘ໻࡯ᬃᣕDŽ � ೼㕢೑ ᬓˈᑰ᳔ᜓᛣᡩ䌘ⱘህᰃᬭ㚆 ᄺˈ⫳ܼ䚼ܡ䌍Ьത᷵䔺 ᷵ˈ䔺䌍⫼⬅㘨䙺ᬓᑰ੠Ꮂᬓᑰ ⱘᬭ㚆ϧ乍㒣䌍ᬃᣕDŽ � 㕢೑ϸ㑻ᬓᑰ↣ᑈ᷵䔺䌍⫼ᬃߎᘏ乱䍙䖛 135ғ㕢ܗˈ݊Ё㘨䙺ᬓᑰᬃߎ䍙䖛 60ғ㕢ܗDŽ � 㕢೑ϸ㑻ᬓᑰᑇഛЎ↣Ͼᄺ⫳Ьത᷵䔺ᬃҬ 520㕢ܗ Ўˈ⅟䱰ܓスᬃҬⱘ䌍⫼߭䖒ࠄ↣Ҏ↣ᑈ 2400㕢ܗDŽ � ϝᰃ೼ϹḐ⊩ᕟࠊᑺϟϧϮ੠៤❳ⱘ᷵䔺䖤㧹ԧ㋏DŽ � 㕢೑᷵䔺䖤䕧᳡ࡵᏖഎᰃ೼ᬓᑰЎ᷵䔺䖤䕧᳡ࡵᦤկ㸹䌈ⱘࠡᦤϟ ⬅ˈϧϮ᷵䔺݀ৌ䗮䖛Ꮦഎ ࣪᠟↉㦋প᷵䔺㒓䏃㒣㧹ᴗⱘଚϮ῵ᓣDŽ䖭⾡῵ᓣϟ ᷵ˈ䔺䖤㸠ⱘᅝܼᗻ᳈催 䋷ˈӏߦߚ⏙᱄DŽ 㕢೑᷵䔺ⱘ⫳ѻӕϮ� 㕢೑Џ㽕᳝ 8ᆊ᷵䔺⫳ѻӕϮDŽ݊Ё 3ᆊЏ㽕⫳ѻᇣൟ᷵䔺ˈࣙᣀ Collins IndustriesǃGirardin੠ Trans Tech˗1ᆊЏ㽕⫳ѻ໻ൟ᷵䔺ˈЎ Lion Bus˗݊Ҫ 4ᆊ݀ৌ Blue Bird CorporationǃIC BusǃStarcraft Bus੠ Thomas Built Busesৠᯊ⫳ѻᇣൟ੠໻ൟⱘ᷵䔺DŽ ໻䚼ߚᚙމϟ᷵䔺݀ৌҢ݊Ҫᭈ䔺݀ৌ䞛䌁ᑩⲬˈ㞾Ꮕᅠ៤Ϟ㺙⫳ѻDŽᇥ᭄ӕϮ˄ᇸ݊ᰃᇍѢ D ൟ໻ ൟ᷵䔺˅гӮৠᯊ䞛䌁ᑩⲬ੠䔺䑿ˈ㞾Ꮕ䖯㸠᷵䔺ᅝܼ࣪ᬍ㺙DŽ ೒ 4˖Blue Bird݀ৌⱘ᷵䔺䈅㋏˄Type AǃType CǃType D˅ 䌘᭭ᴹ⑤˖Blue Bird Corporation Ёֵ≑䔺g䔺䯏໽ϟ˄㄀ 38ᳳ˅ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 12᳜ 2᮹ 4 ᮹᮹ᴀⱘ᷵䔺Ꮦഎ� ᮹ᴀජᏖЁᇣᄺ⫳㒱໻໮᭄ህ䖥ܹᄺˈϞϟᄺϔ㠀䴴ℹ㸠៪߽⫼݀݅≑䔺ǃഄ䪕ㄝජᏖѸ䗮Ꮉ݋DŽԚ೼ أ䖰ഄऎˈ⬅ѢҎষ⿔ᇥǃᄺ᷵⾏ᆊ䕗䖰ϨѸ䗮ϡ֓ㄝॳ಴ˈЁᇣᄺ⫳Ϟϟᄺ᳝ϔᅮೄ䲒DŽЎℸˈ᮹ᴀϡᇥ أ䖰ഄऎⱘഄᮍᬭ㚆ྨਬӮЎᔧഄЁᇣᄺ⫳ᓎゟњ᷵䔺ࠊᑺDŽ乕Ꮧᑊᅲᮑ᷵䔺ㅵ⧚䖤㸠㾘߭ˈᇍ᷵䔺ᅲ㸠Ϲ Ḑⱘ㾘㣗࣪ㅵ⧚ˈᑊᯢ⹂᷵䔺ㅵ⧚㗙ǃৌᴎǃᄺ᷵ǃЬ䔺ᄺ⫳ㄝⳌ݇ᮍ䴶ⱘ䋷ӏ੠НࡵDŽ Ң᮹ᴀܼ೑ⱘ㾦ᑺᴹⳟˈ᷵䔺ⱘ㒣㧹ᮍᓣЏ㽕᳝ᄺ᷵䖤㧹ൟǃഄᮍᬓᑰ䖤㧹ൟǃϧ⫼Ꮘ຿ྨᠬൟǃϧ⫼ Ꮘ຿ࣙ䔺ൟ੠ᯊ↉ࣙ䔺ൟㄝѨ⾡DŽ 1. ᄺ᷵䖤㧹ൟህᰃ⬅ᄺ᷵㞾Ꮕ䌁ф䔺䕚ᑊ㘬⫼ৌᴎ䖤㧹DŽ݊Ё݀ゟᄺ᷵䌁䔺ᯊ䰸њৃҹ㦋ᕫ᭛䚼 ⾥ᄺⳕ˄ⳌᔧѢ៥೑ⱘᬭ㚆䚼˅ⱘ㸹䌈໪ˈ䖬Ӯᕫࠄഄᮍ䋶ᬓҹঞᔽ⼼ᬊܹⱘᬃᣕDŽ㗠⾕ゟᄺ ᷵䌁䔺ᯊгৃҹᕫࠄ䚼ߚ೑ᆊ㸹䌈ˈ᮹ᐌ䖤㸠䌍⫼߭Џ㽕ᴹ⑤Ѣᄺ⫳ⱘЬ䔺䌍៪ᄺ᷵㞾Ꮕⱘ乘 ㅫDŽ᮹ᴀᑐܓುⱘ᷵䔺໻໮䞛⫼ᄺ᷵䖤㧹ⱘᮍᓣDŽ 2. ഄᮍᬓᑰ䖤㧹ൟᰃᣛ೼ϔѯҎষ⿔ᇥⱘഄऎˈഄᮍᬓᑰ䌁ф䔺䕚ᑊ㘬⫼ৌᴎ៪㗙Ⳉ᥹䅽Ꮉ԰Ҏ ਬᢙӏৌᴎⱘᮍᓣ䖤㧹DŽഄᮍᬓᑰ೼䌁ф᷵䔺ᯊˈ᭛䚼⾥ᄺⳕᇚᡓᢙ໻䚼ߚ䌍⫼DŽ⬅Ѣأ䖰ഄ ऎⱘᄺ⫳Ϟᄺ⹂ᅲᄬ೼ϡ֓ˈ಴ℸ䖭⾡᷵䔺ⱘ䖤㸠䌍⫼гЏ㽕䴴Ё༂៪ഄᮍᬓᑰⱘ䋶ᬓ㸹䌈㗠 ϡ䳔㽕Փ⫼㗙ᡓᢙDŽḍ᥂᮹ᴀljأۏഄऎᬭ㚆ᤃ݈⊩NJˈ ೑ᆊ䋶ᬓ೼⡍ᅮᚙމϟ㒭ќϔᅮ㸹ࡽˈ ेབᵰヺড়೑ᆊ㾘ᅮⱘأ䖰ഄऎᄺ᷵ⱘ䅸ᅮᷛޚˈ೼䳔㽕䌁ф᷵䔺ᯊˈ೑ᑧ䋳䋷ᡓᢙ䌁䔺᠔䳔 㒣䌍ⱘ 1/2DŽ 3. ϧ⫼Ꮘ຿ྨᠬൟᰃᣛ⬅ᄺ᷵៪ഄᮍᬓᑰ䋳䋷䌁ф᷵䔺ˈ✊ৢྨᠬ㒭ϧϮⱘ⇥䯈Ϯ㗙䋳䋷䖤㸠ⱘ ᮍᓣDŽ⬅ѢℸВৃҹⳕএᄺ᷵៪ഄᮍᬓᑰⱘ䚼ߚ䖤㸠៤ᴀˈⳂࠡ೼᮹ᴀ೑ݙ᮹⏤᱂ঞDŽ 4. ϧ⫼Ꮘ຿ࣙ䔺ൟᰃᣛᄺ᷵Ⳉ᥹৥໻Ꮘ݀ৌࣙϔ䕚᷵䔺ᑊ೼䔺ԧϞॄϞ䆹᷵ⱘৡ⿄ˈ᷵䔺ⱘ䌁ф ੠䖤㸠ܼ䚼⬅໻Ꮘ݀ৌ䋳䋷ˈ᷵ᮍা䳔ᦤߎ䖤㸠䏃㒓ेৃDŽϡ䖛ˈབᵰ໻Ꮘ݀ৌ䖤㸠䖭ϔ᷵䔺 ߎ⦄ѣᤳˈ᷵ᮍ៪ഄᮍᬓᑰᖙ乏ќҹ㸹ٓDŽ 5. ᯊ↉ࣙ䔺ൟᰃᣛᄺ᷵೼↣໽Ϟϟᄺⱘᯊ䯈↉৥໻Ꮘ݀ৌࣙϔ䕚᱂䗮Ꮘ຿԰Ў᷵䔺Փ⫼ˈ䖭⾡≵ ᳝ॄϞᄺ᷵ৡ⿄ⱘᏈ຿Ꮖ㒣ㅫϡϞϹḐᛣНϞⱘ᷵䔺DŽ ೼᮹ᴀᕜ໮ഄᮍˈᄺ⫳ৃҹܡ䌍ᨁЬ᷵䔺ˈԚг᳝䚼ߚഄऎߎѢ៤ᴀҹঞ䋶ᬓय़࡯ㄝ㗗㰥ˈ㾘ᅮЬത᷵ 䔺Ҭ䌍DŽҬ䌍ᮍᓣ㉏ԐѢЬത݀݅≑䔺ˈ⦄䞥䌁⼼៪㗙ᦤࠡ䌁ф᳜⼼៪Ь䔺ࠌDŽ ೼᮹ᴀˈⳂࠡ㑺᳝ 5000 䕚Ꮊেⱘϧ⫼᷵䔺Ў 13 ϛЁᇣᄺҹঞᑐܓುᄺ⫳ᦤկ᥹䗕᳡ࡵˈगҎֱ᳝䞣 㑺Ў 38䕚DŽ Ёֵ≑䔺g䔺䯏໽ϟ˄㄀ 38ᳳ˅ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 12᳜ 2᮹ 5 ೒ 5˖᮹ᴀ৘ᑈ啘↉ᄺ⫳Ҏ᭄ ˄ϛҎ˅ 541 547 593 604 500 520 540 560 580 600 620 0-4ቕ 4-9ቕ 10-14ቕ 15-19ቕ 䌘᭭ᴹ⑤˖CEICˈЁֵ䆕ࠌⷨお䚼 ᮹ᴀ᷵䔺ㅵ⧚῵ᓣ� ᮹ᴀ৘ഄᮍᬓᑰ䗮䖛ࠊᅮ᷵䔺䖤㸠㾘߭ˈᇍ᷵䔺ᅲ㸠ϹḐⱘ㾘㣗࣪ㅵ⧚ˈ⡍߿ᰃ⊼ᛣᯢ⹂ഄᮍᬓᑰǃ᷵ 䔺ৌᴎǃЬ䔺ᄺ⫳ㄝ৘ᮍ䋷ӏˈҹℸ๲ᔎⳌ݇Ҏਬⱘᅝܼ੠䋷ӏᛣ䆚DŽ ҹቅᔶওϝᎱ⬎Ў՟ˈᔧഄᬭ㚆ྨਬӮࠊᅮњ᷵䔺䖤㸠㾘߭ˈ㾘ᅮϝᎱ⬎ⱘ᷵䔺⬅ᬭ㚆䭓˄ⳌᔧѢᬭ㚆 ྨਬӮЏӏ˅ᢙӏ䖤㸠ㅵ⧚Ҏˈ䋳䋷ᥠㅵϢ᷵䔺䖤㸠Ⳍ݇ⱘџࡵDŽ 䆹㾘߭䖬㾘ᅮњ᷵䔺ৌᴎⱘ䋷ӏ੠Нࡵ ݋ˈԧݙᆍࣙᣀ 䙉˖ᅜֱ᳝݇䱰䘧䏃Ѹ䗮ᅝܼ੠䔺䕚ᅝܼⱘ⊩㾘ˈ ࡾ࡯䙓ܡথ⫳Ѹ䗮џᬙ˗㟇ᇥ೼ᓔ䔺ࠡ 30 ߚ䩳ᣝ✻Ā㸠偊ࠡẔᶹᅲᮑ㸼āⱘ㾘ᅮџ乍Ẕᶹ䔺䕚⢊މ˗䔺䕚 བᵰ೼䖤㸠䖛⿟Ёথ⫳ᬙ䱰៪ߎ⦄䯂乬ˈᑨ䞛পᖙ㽕㓈ׂ᥾ᮑᑊঞᯊ৥䖤㸠ㅵ⧚Ҏ∛᡹˗↣⃵᷵䔺ᅠ៤ߎ䔺 ӏࡵৢˈ㽕⹂䅸䔺䕚≵᳝ᓖᐌˈ䖯㸠⏙ᠿˈᇚ䔺ᄬᬒࠄᣛᅮԡ㕂ˈᑊ฿ݭདĀ䖤㸠Ϯࡵ᮹ᖫāˈ 䖤㸠䆄ᔩᖙ 乏೼↣਼ϔѸ㒭᷵䔺ㅵ⧚Ҏेᬭ㚆䭓DŽ 㗠ቯḍওѥफᏖࠊᅮⱘ᷵䔺䖤㸠㾘ˈ߭㾘ᅮњᏖᬓᑰᇍЬ䔺ҎⱘⳌ݇䋷ӏˈᑊᇍЬ䔺Ҏᑨ䙉ᅜⱘ⊼ᛣџ 乍ঞ᷵䔺䗴៤䋷ӏᤳᆇᯊⱘ䌨ٓџᅰㄝˈ԰њ↨䕗䆺㒚ⱘ㾘ᅮ˖Ўֱ䆕᷵䔺ᅝܼ䖤㸠ˈЬ䔺Ҏϡ㽕䴴䖥偒偊 ᐁ៪Ϣৌᴎ䇜ュˈϡ㽕ᨎᏺॅ䰽ક៪䖛໮⠽કˈϡ㽕㒭݊ҪЬ䔺Ҏᏺᴹ咏⚺˗བᵰ⬅ѢЬ䔺Ҏ䋷ӏ䗴៤᷵䔺 ᤳ↕ˈ䋷ӏҎ䳔ᣝᏖ䭓ᣛ⼎ᇚ䔺ׂ໡ॳ⢊ˈབϡ㛑ׂ໡ॳ⢊ˈ߭㽕ᣝ✻Ꮦ䭓䅸ᅮⱘ䞥乱䌨ٓᤳ༅DŽ᷵䔺䖤㸠 Ё㢹ᇍЬ䔺Ҏ䗴៤ᤳᆇˈ݊䋷ӏ೼ѥफᏖⱘˈᏖᬓᑰ㽕ᣝ✻⊩ᕟ㾘ᅮ㒭ќ䌨ٓ˗䖭ϔ䋷ӏҢЬ䔺ҎᓔྟЬത ᷵䔺ㅫ䍋ˈࠄ݊ϟ䔺ЎℶDŽ ೒ 6˖᮹ᴀᑐܓು᷵䔺 䌘᭭ᴹ⑤˖ⱒᑺ೒⠛ˈЁֵ䆕ࠌⷨお䚼 ೒ 7˖᮹ᴀЁᄺ᷵䔺 䌘᭭ᴹ⑤˖ⱒᑺ೒⠛ˈЁֵ䆕ࠌⷨお䚼 Ёֵ≑䔺g䔺䯏໽ϟ˄㄀ 38ᳳ˅ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 12᳜ 2᮹ 6 ೑೑ݙ᷵䔺Ꮦഎ⦄⢊ 䳔∖䕗໮�ϧϮ᷵䔺ऴ↨䕗Ԣ� ៥೑Ⳃࠡ᷵䔺䳔∖䕗໮ˈԚヺড়ᅝܼᷛޚⱘϧϮ᷵䔺᭄䞣ऴ↨䕗ԢDŽḍ᥂ᬭ㚆䚼ⱘ㒳䅵ˈⳂܼࠡ೑Ёᇣ ᄺ᳝᷵݅೼᷵ᄺ⫳ 1.8ғҎˈ᳝᥹䗕Ёᇣᄺ⫳Ϟϟᄺ䔺䕚 28.5ϛ䕚ˈᑇഛ↣ 6200ৡᄺ⫳ᢹ᳝ϔ䕚ϧϮ᷵䔺DŽ ݊Ёˈヺড়ᷛޚⱘ᷵䔺 2.9ϛ䕚ˈҙऴ 10.3%DŽ ⳂࠡϾԧ᥹䗕ЎЏ㽕ᮍᓣ�ᅝܼ᮴⊩ֱ䱰� ᣝ✻䖤㧹ЏԧⱘϡৠˈⳂࠡ៥೑ⱘ᷵䔺䖤㧹῵ᓣЏ㽕ৃߚЎϝ⾡˖ᄺ᷵䖤㧹ǃ㄀ϝᮍ⾳䌕੠Ͼԧ᥹䗕DŽ � ᄺ᷵䖤㧹˖䳔㽕ᄺ᷵䗮䖛㞾᳝䌘䞥៪㗙㵡䌘䌁㕂᷵䔺ˈᑊϨᓎゟ㞾Ꮕⱘ᷵䔺䖤㧹ԧ㋏ˈ䋷ӏ⬅᷵ᮍ ᡓᢙDŽ䖭⾡ᮍᓣⱘӬ⚍ᰃ⍝ঞখϢᮍᇥ 䋷ˈӏ⏙᱄ 㔎˗⚍ᰃ᷵ᮍϔ㠀㔎ᇥ䔺䕚ㅵ⧚㒣偠੠Ҏਬټ໛ˈ 䌘䞥य़࡯䕗໻ˈϨߎ⦄џᬙ䳔㽕ᡓᢙ䋷ӏDŽⳂࠡ䞛⫼䆹ᮍᓣⱘᄺ᷵ᑊϡ໮ˈЏ㽕Ў⾕ゟᄺ᷵Ў਌ᓩ ⫳⑤㗠䞛⫼DŽ � ㄀ϝᮍ⾳䌕˖ᄺ᷵䗮䖛Ϣϧ䮼ⱘᅶ䖤݀ৌㅒ䅶᷵䔺⾳䌕ড়ৠˈ⬅ᅶ䖤݀ৌᦤկ䔺䕚੠ৌᴎˈᄺ᷵া ৥㒣㧹ᴎᵘᅮᳳᬃҬϔᅮⱘ⾳䔺䌍⫼DŽӬ⚍ 䗮˖䖛⾳䌕῵ᓣৃҹЎᄺ᷵㾷އ䌘䞥੠䖤㧹㒣偠㔎Уⱘ 䯂乬ˈ㗠Ϩ԰ЎϧϮⱘ䖤㧹ᮍˈᅶ䖤݀ৌ೼㸠䔺ᅝܼϞ᳈ֱ᳝䱰DŽ㔎⚍˖៤ᴀϞ⍼ˈ᷵䔺䖤㧹݀ৌ ߽⍺ϡ催ˈᮄ䌘ᴀҟܹ⿃ᵕᗻϡ催DŽℸ໪ˈ⍝ঞখϢᮍ䕗໮ˈᄺ᷵ϡᜓᡓᢙ䋷ӏˈ⿃ᵕᗻ᳝䰤DŽⳂ ࠡϔѯ݀ゟᄺ᷵䞛⫼䆹⾡ᮍᓣDŽ � Ͼԧ᥹䗕˖೼ϔѯ⃴থ䖒ഄऎ੠ݰᴥˈᇸ݊ᰃⳌᇍഄᑓҎ⿔ⱘЁ㽓䚼ഄऎˈ⬅Ѣᬓᑰ/݀ゟᄺ᷵䋶 ࡯᳝䰤 Ңˈ㗠ߎ⦄њ᥹䗕ᄽᄤϞϟᄺⱘϾԧ䖤䕧᠋DŽϾԧ῵ᓣⱘߎ⦄ড᯴ߎᏖഎᇍ᷵䔺ⱘᑲ໻䳔∖ˈ ೼ϔᅮ⿟ᑺϞ㾷އњᄽᄤϞϟᄺⱘ䳔∖ˈԚ⬅Ѣ㔎У᳝ᬜⱘㅵ⧚ˈҹঞᇍ៤ᴀⱘ᥻ࠊˈᕜ໮ഄऎϾ ԧ᠋ᅠܼϡ݋໛䖤㧹䌘䋼ˈ䖤䕧Ꮉ݋ㅔ䰟ˈᅝܼᗻकߚंУDŽⳂࠡˈ៥೑໮᭄⃴থ䖒ഄऎ੠ݰᴥᄬ ೼໻䞣Ͼԧ᥹䗕ᚙމDŽ ⦄᳝ⱘ⊩ᕟ⊩㾘� ៥೑⦄᳝ⱘ᷵䔺Ⳍ݇⊩㾘Ўljϧ⫼ᇣᄺ⫳᷵䔺ᅝܼᡔᴃᴵӊNJDŽϧ⫼ᇣᄺ⫳᷵䔺ᰃ䆒䅵੠ࠊ䗴Ϟϧ䮼䖤 䗕ϡᇥѢ 10 Ҏⱘᇣᄺ⫳᷵䔺ˈϨᑨ᳝㒳ϔᷛ⠠DŽ೼ℸПࠡˈЁ೑ᑊ≵᳝ᇣᄺ⫳᷵䔺ᅝܼᷛޚˈ䗮ᐌ⬅䗖⫼ Ѣ៤Ҏⱘᅶ䔺Ⳉ᥹᥹䗕ᇣᄺ⫳៪㗙ㅔऩᬍ䗴ৢ៤ЎĀ᷵䔺āDŽ ljϧ⫼ᇣᄺ⫳᷵䔺ᅝܼᡔᴃᴵӊNJⱘ᳝݇㾘ᅮ˖Ў⹂ֱᇣᄺ⫳ⱘᅝܼˈϧ⫼᷵䔺ᷛޚ㽕∖↣Ͼᇣᄺ⫳ᑻ ԡᖙ乏ᅝ㺙ᅝܼᏺˈབᵰ䔺Ϟ㺙᳝㛑ᓔਃ↣Ͼᑻԡᅝܼᏺⱘ䲚Ё᥻ࠊ㺙㕂ˈ݊᪡㒉ӊᑨ೼偒偊ਬৃ᪡᥻㣗ೈ ݙˈᑊϨ䆹㺙㕂೼ӏԩᚙމϟഛϡᕅડ↣Ͼᅝܼᏺⱘℷᐌ᪡԰ࡳ㛑DŽᷛޚ䖬㽕∖↣䕚᷵䔺Ϟ㟇ᇥᑨᅝ㺙ϔϾ ✻ㅵҎਬᑻԡˈᔧᑻԡ᭄䍙䖛 40 Ͼᯊˈᑨ㟇ᇥᅝ㺙ϸϾ✻ㅵҎਬᑻԡDŽϧ⫼ᇣᄺ⫳᷵䔺䖬ᖙ乏ᅝ㺙≑䔺㸠 偊䆄ᔩҾˈ䆹㺙㕂֫⿄Ā≑䔺咥ࣷᄤāˈ ৃᇍ䔺䕚㸠偊䗳ᑺǃᯊ䯈ǃ䞠⿟ҹঞ᳝݇䔺䕚㸠偊ⱘ݊Ҫ⢊ᗕֵᙃ 䖯㸠䆄ᔩǃᄬټˈᑊৃҹ䗮䖛᥹ষᅲ⦄᭄᥂䕧ߎDŽℸ໪ˈᷛޚ䖬ᇍ᷵䔺ᑻộǃߎষㄝ㒭ߎ݋ԧ㽕∖ˈ䆹ᷛޚ 2010ᑈ 7᳜ 1᮹䍋ᮑ㸠DŽ Ёֵ≑䔺g䔺䯏໽ϟ˄㄀ 38ᳳ˅ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 12᳜ 2᮹ 7 ᳾᳾ᴹৃ㛑ⱘ䞛䌁੠䖤㧹῵ᓣ� ᬭ㚆ԧ㋏ᬍ䴽ᇐ㟈ݰᴥᬭ㚆䌘⑤᮹Ⲟ䲚Ё࣪ˈᄺ᷵⾏ᆊⱘ䎱⾏䍞ᴹ䍞䖰ˈⳂࠡ೼೑ݙˈϡҙഄऎϢഄऎ П䯈ᬭ㚆䌘⑤ϡഛ㸵ˈህ䖲ৠϔϾජᏖݙгᄬ೼ⴔϹ䞡ⱘϡഛ㸵ሔ䴶ˈ಴ℸᢽ᷵⦄䈵᱂䘡ˈ᥹䗕ᄽᄤϞϟᄺ ៤ЎජᏖᆊᒁⱘ໻䯂乬DŽ㗠ݰᴥೳഄᑓ䯨ˈᄺ᷵䕗ᇥˈᏜ䌘࡯䞣гᄬ೼Ϲ䞡ⱘϡഛ㸵ˈᄺ᷵⾏ᆊ䕗䖰ⱘ⦄䈵 䴲ᐌ᱂䘡DŽ 㒧ড়থ䖒೑ᆊⱘ㒣偠ˈ៥Ӏ䅸Ў೼ᬓㄪⱘ偅ࡼϟˈҎষᆚᑺ䕗ԢⱘЁ㽓䚼ഄऎঞϰ䚼ഄऎⱘϝಯ㒓ජᏖ ੠䚼ߚݰᴥഄऎ᷵䔺ֱ᳝䞣᳝ᳯ䕗ᖿ๲䭓DŽ ೼ᬓㄪ᥼ࡼϟˈ᷵䔺ⱘ䞛䌁੠䖤㧹῵ᓣᇚৃ㛑ҹЁ༂䋶ᬓ+ഄᮍ䋶ᬓ䌁фˈ㄀ϝᮍ䖤㧹῵ᓣЎЏDŽҹᖋ ⏙Ў՟ˈ݊ϧ⫼᷵䔺ഛ⬅ᬓᑰ䋶ᬓߎ䌘䞛䌁ˈ⬅݀Ѹ݀ৌ䚼ߚҎਬϧϮ䖤㧹DŽ ߚߚᵤᏜໄᯢ Analyst Certification Џ㽕䋳䋷᪄ݭᴀⷨお᡹ਞܼ䚼៪䚼ߚݙᆍⱘⷨおߚᵤᏜ೼ℸໄᯢ˖˄ i˅ᴀⷨお᡹ਞ᠔㸼䗄ⱘӏԩ㾖⚍ഛ㊒ޚഄড᯴њϞ䗄↣ԡߚᵤ ᏜϾҎᇍᷛⱘ䆕ࠌ੠থ㸠Ҏⱘⳟ⊩˗˄ ii˅䆹ߚᵤᏜ᠔ᕫ᡹䝀ⱘӏԩ㒘៤䚼ߚ᮴䆎ᰃ೼䖛এǃ⦄೼ঞᇚᴹഛϡӮⳈ᥹៪䯈᥹ഄϢⷨお᡹ਞ ᠔㸼䗄ⱘ݋ԧᓎ䆂៪㾖⚍Ⳍ㘨㋏DŽThe analysts primarily responsible for the preparation of all or part of the research report contained herein hereby certify that: (i) the views expressed in this research report accurately reflect the personal views of each such analyst about the subject securities and issuers; and (ii) no part of the analyst’s compensation was, is, or will be directly or indirectly, related to the specific recommendations or views expressed in this research report. ϔ㠀ᗻໄᯢ ℸ᡹ਞᑊ䴲䩜ᇍ៪ᛣ೒䗕থ㒭៪Ўӏԩህ䗕থǃথᏗǃৃ ᕫࠄ៪Փ⫼ℸ᡹ਞ㗠ՓЁֵ䆕ࠌ㙵ӑ᳝䰤݀ৌঞ݊䰘ሲᴎᵘ˄ ҹϟ㒳⿄ĀЁ ֵ䆕ࠌā˅ 䖱ডᔧഄⱘ⊩ᕟ៪⊩㾘៪ৃ㟈ՓЁֵ䆕ࠌফࠊѢⳌ݇⊩ᕟ៪⊩㾘ⱘӏԩഄऎǃ೑ᆊ៪݊ᅗㅵ䕪ऎඳⱘ݀⇥៪ሙ⇥DŽ䰸䴲঺᳝ 㾘ᅮˈᴀ᡹ਞЁⱘ᠔᳝ᴤ᭭⠜ᴗഛሲЁֵ䆕ࠌDŽ᳾㒣Ёֵ䆕ࠌџܜк䴶ᥜᴗˈϡᕫҹӏԩᮍᓣׂᬍǃথ䗕៪㗙໡ࠊᴀ᡹ਞঞ݊᠔ࣙ৿ⱘ ᴤ᭭ǃݙᆍDŽ᠔᳝Ѣℸ᡹ਞЁՓ⫼ⱘଚᷛǃ᳡ࡵᷛ䆚ঞᷛ䆄ഛЎЁֵ䆕ࠌⱘଚᷛǃ᳡ࡵᷛ䆚ঞᷛ䆄DŽ ᴀ᡹ਞᰃᴎᆚⱘˈা᳝ᬊӊҎᠡ㛑Փ⫼DŽᴀ᡹ਞ᠔䕑ⱘֵᙃǃᴤ᭭៪ߚᵤᎹ݋াᦤկ㒭䯕ϟ԰খ㗗П⫼ˈϡᰃ៪ϡᑨ㹿㾚Ўߎଂǃ 䌁ф៪䅸䌁䆕ࠌ៪݊ᅗ䞥㵡Ꮉ݋ⱘ㽕㑺៪㽕㑺䙔䇋DŽЁֵ䆕ࠌгϡ಴ᬊӊҎᬊࠄᴀ᡹ਞ㗠㾚݊ЎЁֵ䆕ࠌⱘᅶ᠋DŽ ᴀ᡹ਞ᠔䕑䌘᭭ⱘᴹ⑤ঞ㾖⚍ⱘߎ໘ⱚ㹿Ёֵ䆕ࠌ䅸Ўৃ䴴ˈԚЁֵ䆕ࠌϡֱ䆕݊ޚ⹂ᗻ៪ᅠᭈᗻDŽ䰸⊩ᕟ៪㾘߭㾘ᅮᖙ乏ᡓᢙⱘ 䋷ӏ໪ˈЁֵ䆕ࠌϡᇍ಴Փ⫼ℸ᡹ਞⱘᴤ᭭㗠ᓩ㟈ⱘᤳ༅䋳ӏԩ䋷ӏDŽᬊӊҎϡᑨऩ㒃ձ䴴ℸ᡹ਞ㗠পҷϾҎⱘ⣀ゟ߸ᮁDŽᴀ᡹ਞ᠔ᣛ ⱘ䆕ࠌ៪䞥㵡Ꮉ݋ⱘӋḐǃӋؐঞᬊܹৃ䎠ৃछDŽҹᕔⱘ㸼⦄ϡᑨ԰Ў᮹ৢ㸼⦄ⱘᰒ⼎ঞᢙֱDŽᴀ᡹ਞ᠔䕑ⱘ䌘᭭ǃᛣ㾕ঞ᥼⌟ড᯴Ё ֵ䆕ࠌѢ᳔߱থᏗℸ᡹ਞ᮹ᳳᔧ᮹ⱘ߸ᮁˈৃ೼ϡথߎ䗮ⶹⱘᚙᔶϟخߎ᳈ᬍˈѺৃ಴Փ⫼ϡৠ؛䆒੠ᷛޚǃ䞛⫼ϡৠ㾖⚍੠ߚᵤᮍ⊩ 㗠ϢЁֵ䆕ࠌ݊ᅗϮࡵ䚼䮼៪ऩԡ᠔㒭ߎⱘᛣ㾕ϡৠ៪㗙ⳌডDŽᴀ᡹ਞϡᵘ៤⾕Ҏ੼䆶ᓎ䆂ˈг≵᳝㗗㰥ࠄϾ߿ᅶ᠋⡍⅞ⱘᡩ䌘Ⳃᷛǃ 䋶ࡵ⢊މ៪䳔㽕DŽᬊӊҎᑨ㗗㰥ᴀ᡹ਞЁⱘӏԩᛣ㾕៪ᓎ䆂ᰃ৺ヺড়݊⡍ᅮ⢊މDŽ Ёֵ䆕ࠌ߽⫼ֵᙃ䱨⾏๭᥻ࠊݙ䚼ϔϾ៪໮Ͼ乚ඳˈҹঞ䚼䮼䯈Пֵᙃ⌕ࡼDŽ᪄ݭᴀ᡹ਞⱘߚᵤᏜⱘ㭾䝀⬅ⷨお䚼䮼ㅵ⧚ሖ੠݀ৌ 催㑻ㅵ⧚ሖܼᴗއᅮDŽߚᵤᏜⱘ㭾䝀ϡᰃ෎ѢЁֵ䆕ࠌᡩ㸠ᬊܹ㗠ᅮˈԚᰃˈߚᵤᏜⱘ㭾䝀ৃ㛑Ϣᡩ㸠ᭈԧᬊܹ᳝݇ˈ݊Ёࣙᣀᡩ㸠ǃ 䫔ଂϢѸᯧϮࡵDŽ ೼⊩ᕟ䆌ৃⱘᚙމϟ Ёˈֵ䆕ࠌⱘϔԡ៪໮ԡ㨷џǃ催㑻㘠ਬ੠/៪ਬᎹ(ࣙᣀখϢޚ໛៪থ㸠ℸ᡹ਞⱘҎ)ৃ㛑(1)Ϣℸ᡹ਞ᠔ᦤࠄⱘ ӏԩ݀ৌᓎゟ៪ֱᣕ乒䯂ǃᡩ䌘䫊㸠៪䆕ࠌ᳡ࡵ݇㋏ (ˈ2)Ꮖ㒣৥ℸ᡹ਞ᠔ᦤࠄⱘ݀ৌᦤկњ໻䞣ⱘᓎ䆂៪ᡩ䌘᳡ࡵDŽ೼⊩ᕟ䆌ৃⱘᚙމ ϟˈЁֵ䆕ࠌⱘϔԡ៪໮ԡ㨷џǃ催㑻㘠ਬ੠/៪ਬᎹৃ㛑ᢙӏℸ᡹ਞ᠔ᦤࠄⱘ݀ৌⱘ㨷џDŽ೼⊩ᕟ䆌ৃⱘᚙމϟˈЁֵ䆕ࠌৃ㛑খϢ ៪ᡩ䌘ℸ᡹ਞ᠔ᦤࠄⱘ݀ৌⱘ䞥㵡Ѹᯧˈ৥᳝݇݀ৌᦤկ៪㦋প᳡ࡵˈঞ/៪ᣕ᳝݊䆕ࠌ៪ᳳᴗ៪䖯㸠䆕ࠌ៪ᳳᴗѸᯧDŽ 㢹Ёֵ䆕ࠌҹ໪ⱘ䞥㵡ᴎᵘথ䗕ᴀ᡹ਞˈ߭⬅䆹䞥㵡ᴎᵘ⣀㞾Ўℸথ䗕㸠Ў䋳䋷DŽ䆹ᴎᵘᅶ᠋ᑨ㘨㋏䆹ᴎᵘҹѸᯧᴀ᡹ਞЁᦤঞⱘ 䆕ࠌ៪㽕∖㦋ᙝ᳈䆺㒚ֵᙃDŽᴀ᡹ਞϡᵘ៤Ёֵ䆕ࠌ৥থ䗕ᴀ᡹ਞ䞥㵡ᴎᵘПᅶ᠋ᦤկⱘᡩ䌘ᓎ䆂ˈЁֵ䆕ࠌⱘ㨷џǃ催㑻㘠ਬ੠ਬᎹ ѺϡЎࠡ䗄䞥㵡ᴎᵘПᅶ᠋಴Փ⫼ᴀ᡹ਞ៪᡹ਞ䕑ᯢⱘݙᆍᓩ䍋ⱘⳈ᥹៪䖲ᏺᤳ༅ᡓᢙӏԩ䋷ӏDŽ Ёֵ䆕ࠌ㙵ӑ᳝䰤݀ৌঞ݊䰘ሲঞ㘨㧹݀ৌ 2011⠜ᴗ᠔᳝DŽֱ⬭ϔߛᴗ߽DŽ ḍ᥂Ё೑䆕ⲥӮḌথⱘ㒣㧹䆕ࠌϮࡵ䆌ৃˈЁֵ䆕ࠌ㙵ӑ᳝䰤݀ৌⱘ㒣㧹㣗ೈࣙᣀ䆕ࠌᡩ䌘੼䆶ϮࡵDŽ 䆘㑻䇈ᯢ 䆘㑻 䇈ᯢ фܹ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙ 20%ҹϞ˗ ๲ᣕ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙҟѢ 5%̚20%П䯈˗ ᣕ᳝ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙҟѢ-10%̚5%П䯈˗ 㙵⼼ᡩ䌘䆘㑻 पߎ ⳌᇍЁᷛ 300ᣛ᭄䎠ᐙ 10%ҹϞ˗ ᔎѢ໻Ꮦ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙ 10%ҹϞ˗ Ёᗻ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙҟѢ-10%̚10%П䯈˗ 1. ᡩ䌘ᓎ䆂ⱘ↨䕗ᷛޚ ᡩ䌘䆘㑻ߚЎ㙵⼼䆘㑻੠㸠Ϯ䆘㑻DŽ ҹ᡹ਞথᏗৢⱘ 6 Ͼ᳜ݙⱘᏖഎ㸼⦄Ў↨䕗ᷛޚˈ᡹ਞথ Ꮧ᮹ৢⱘ 6 Ͼ᳜ݙⱘ݀ৌ㙵Ӌ˄៪㸠Ϯᣛ᭄˅ⱘ⍼䎠ᐙⳌ ᇍৠᳳⱘЁֵᷛ᱂ 300ᣛ᭄ⱘ⍼䎠ᐙЎ෎ޚ˗ 2. ᡩ䌘ᓎ䆂ⱘ䆘㑻ᷛޚ ᡹ਞথᏗ᮹ৢⱘ 6Ͼ᳜ݙⱘ݀ৌ㙵Ӌ˄៪㸠Ϯᣛ᭄˅ⱘ⍼䎠 ᐙⳌᇍৠᳳⱘЁֵᷛ᱂ 300ᣛ᭄ⱘ⍼䎠ᐙ˖ 㸠Ϯᡩ䌘䆘㑻 ᔅѢ໻Ꮦ ⳌᇍЁᷛ 300ᣛ᭄䎠ᐙ 10%ҹϞ � ࣫࣫Ҁ� Ϟ⍋� ⏅ഇ� Ёֵ䆕ࠌ೑䰙᳝䰤݀ৌ� ഄഔ˖ ࣫ҀᏖᳱ䰇ऎ҂偀ḹ䏃 48োЁ ֵ䆕ࠌ໻ॺ˄100125˅ Ϟ⍋⌺ϰᮄऎϪ㑾໻䘧 1568ো Ёᓎ໻ॺ 22ὐ˄200122˅ ⏅ഇᏖ⽣⬄ऎЁᖗϝ䏃8োЁֵ 䆕ࠌ໻ॺ˄518048˅ 佭␃Ё⦃⏏㕢䘧 1োЁֵ໻ ॺ 26ὐ Foreign Broker-Dealer Disclosures for Distributing to the U.S. ህ৥㕢೑ഄऎ䗕থⷨお᡹ਞ㗠خⱘ໪೑㒣㑾ଚ-Ѹᯧଚໄᯢ This report has been produced in its entirety by CITIC Securities Limited Company (“CITIC Securities”, regulated by the China Securities Regulatory Commission. Securities Business License Number: Z20374000). This report is being distributed in the United States by CITIC Securities pursuant to Rule 15a-6(a) (2) under the U.S. Securities Exchange Act of 1934 exclusively to “major U.S. institutional investors” as defined in Rule 15a-6 and the SEC no-action letters thereunder. ᴀ᡹ਞ⬅Ёֵ䆕ࠌ㙵ӑ᳝䰤݀ৌ˄ ㅔ⿄ĀЁֵ䆕ࠌāˈফЁ೑䆕ⲥӮⲥㅵ 㒣ˈ㧹䆕ࠌϮࡵ䆌ৃ䆕㓪ো Z˖20374000˅ ࠊ԰DŽᣝ✻lj1934ᑈ㕢೑䆕ࠌѸᯧ⊩ḜNJϟⱘ 15a-6(a) (2)㾘߭ˈ೼㕢೑ᴀ᡹ਞ⬅Ёֵ䆕ࠌҙ৥ 15a-6 㾘߭ঞ݊ϟlj㕢೑䆕ࠌѸᯧྨਬӮ᮴ᓖ䆂ߑNJ᠔ᅮ НⱘĀЏ㽕㕢೑ᴎᵘᡩ䌘㗙āথ䗕DŽ