20111216-中信证券-汽车行业：中信汽车车闻天下(第40期)

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˖� 䱣ⴔ䖥ᳳܼ೑໻㣗ೈߎ⦄㔩㾕䳒䴒໽⇨ˈぎ⇨䋼䞣䯂乬ݡ⃵㹿᥼ࠄњ亢ষ⌾ᇪˈ㗠ĀPM2.5ā䖭ϾϧϮ ৡ䆡г㹿৘໻ၦԧ੠Ҏ⇥㕸ӫᣕ㓁⛁䆂DŽᴀᳳǍ䔺䯏໽ϟǎ៥Ӏᇚ৥໻ᆊҟ㒡 PM2.5ⱘ෎ᴀⶹ䆚ǃॅᆇǃᴹ ⑤ǃẔ⌟ǃ≑䔺ሒ⇨ᇍ݊ⱘᕅડҹঞ PM2.5 ⱘ䰆ᡸ᠟↉ㄝݙᆍˈᏠᳯᇍ㹿 PM2.5 ࣙೈⱘ᳟টӀⱘᡩ䌘੠⫳ ⌏᳝᠔ᐂࡽDŽ 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˄㄀ 40ᳳ˅ üüPM2.5ϧ乬 2011ᑈ 12᳜ 16᮹ 䆕ࠌⷨお᡹ਞg㸠Ϯⷨおg≑䔺㸠Ϯ Ёֵ≑䔺噝䔺䯏໽ϟ˄㄀ 40ᳳ˅ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ ⳂⳂᔩ ҔМᰃ PM2.5 ......................................................................................................................................................1 PM2.5ⱘॅᆇ ......................................................................................................................................................1 PM2.5ⱘᴹ⑤ ......................................................................................................................................................2 PM2.5ⱘẔ⌟ ......................................................................................................................................................3 ೑ݙ໪ぎ⇨䋼䞣ᷛޚᇍ↨ ..................................................................................................................................3 ≑䔺ሒ⇨ᰃ PM2.5ⱘЏ㽕ᴹ⑤Пϔ .................................................................................................................4 ぎ⇨ޔ࣪ᡔᴃ੠䰆ᡸ䆒໛ ..................................................................................................................................7 ໮ሖޔ࣪ᡔᴃ ..............................................................................................................................................8 ⾏ᄤޔ࣪ᡔᴃ ..............................................................................................................................................8 ϾҎ䰆ᡸ䆒໛Пϔüü㣅೑ RESPRO健຿ষ㔽......................................................................................8 ϾҎ䰆ᡸ䆒໛ПѠüü3M9322ϧϮ䰆ᇬষ㔽 ........................................................................................9 ᦦ೒Ⳃᔩ ೒ 1˖৘㉏乫㉦⠽ሎᇌᇍ↨................................................................................................................................1 ೒ 2˖ϡৠ PM2.5⌧ᑺᇍҎԧॅᆇⱘᇍ↨ .......................................................................................................2 ೒ 3˖࣫Ҁ㕢೑໻Փ佚ぎ⇨䋼䞣᪁᡹................................................................................................................3 ೒ 4˖2001-2006ᑈܼ⧗ぎ⇨䋼䞣೒ .................................................................................................................3 ೒ 5˖⌭∳ⳕ 2009ᑈ৘⾡㉏ൟ≑䔺乫㉦⠽˄PM˅ᥦᬒ಴ᄤ ........................................................................5 ೒ 6˖ᵁᎲഄऎ 2009ᑈ৘⾡㉏ൟ≑䔺乫㉦⠽˄PM˅ᥦᬒ䕚 ........................................................................5 ೒ 7˖कϔѨᳳ䯈៥೑∂⇻࣪⠽ᥦᬒᵘ៤........................................................................................................6 ೒ 8˖2010ᑈ৘㉏≑䔺ᥦᬒ䞣ऴ↨...................................................................................................................6 ೒ 9˖2010ᑈ৘㉏≑䔺∂⇻࣪⠽ᥦᬒ䞣...........................................................................................................6 ೒ 10˖㕢೑ࡴᎲ䕏ൟ䕑ᅶ䕑䞡䔺㸠偊䖛⿟ѻ⫳ PM2.5ⱘᵘ៤ .....................................................................7 ೒ 11˖HEPA⼎ᛣ೒...........................................................................................................................................8 ೒ 12˖㣅೑ RESPRO健຿ষ㔽 ........................................................................................................................9 ೒ 13˖3M9322ϧϮ䰆ᇬষ㔽 ...........................................................................................................................9 㸼ḐⳂᔩ 㸼 1˖Ё㕢ぎ⇨䋼䞣ᷛޚᇍ↨............................................................................................................................4 㸼 2˖೑ᷛ ESC˄〇ᗕᕾ⦃˅੠ ELR˄䋳㥋⚳ᑺ䆩偠˅䆩偠䰤ؐ ...............................................................5 Ёֵ≑䔺噝䔺䯏໽ϟ˄㄀ 40ᳳ˅ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 12᳜ 16᮹ 1 ҔҔМᰃ PM2.5 PM㣅᭛ܼ⿄Ў particulatematter˄ 乫㉦⠽ DŽ˅⾥ᄺᆊ⫼ĀPMxāᴹ 㸼⼎↣ゟᮍ㉇ぎ⇨Ё䖭⾡乫㉦ⱘ৿䞣ˈ 䖭Ͼؐ䍞催ˈህҷ㸼ぎ⇨∵ᶧ䍞Ϲ䞡DŽ PM2.5ᰃᣛ໻⇨ЁⳈᕘᇣѢ៪ㄝѢ 2.5ᖂ㉇ⱘ乫㉦⠽ˈг⿄Ўৃܹ㚎乫㉦⠽DŽᅗⱘⳈᕘ䖬ϡࠄҎⱘ༈থ ϱ㉫㒚ⱘ 1/20DŽ㱑✊ PM2.5 াᰃഄ⧗໻⇨៤ߚЁ৿䞣ᕜᇥⱘ㒘ߚˈԚᅗᇍぎ⇨䋼䞣੠㛑㾕ᑺㄝ᳝䞡㽕ⱘᕅ ડDŽ PM2.5 Ϣ PM10 ↨ؐ᮹ব࣪Ϣ⇨䈵ᴵӊ᮹ব࣪ǃҎӀ᮹ᐌ⫳⌏дᛃᆚߛⳌ݇DŽ≭ᇬ໽⇨੠Ѹ䗮䖤䕧催 ዄᳳᡀ䍋ഄ䴶㉫乫㉦⠽Ӯᇐ㟈 PM2.5೼ PM10Ёⱘ↨՟ϟ䰡 㗠ˈ≑䔺ֱ᳝䞣ⱘ๲䭓ǃހᄷপᱪҹঞ໣ᄷܝ࣪ ᄺডᑨ߭Ӯᓩ䍋 PM2.5ⱘ↨՟छ催DŽ ࣫Ҁ PM2.5ऴ PM10ⱘ↨՟໻㑺Ў 60%-80%ˈಯᄷЁ໣ᄷ PM2.5⌧ᑺ᳔Ԣˈހǃ᯹ϸᄷ⌧ᑺ䕗催DŽ Џ㽕ॳ಴ᰃ໣ᄷ亢䕗໻ˈ∵ᶧ⠽ᠽᬷ䕗ᖿ˗ހᄷ䞛ᱪ➗✸䕗໮ˈ᯹ᄷ䕗Ўᑆ➹ǃ≭ᇬ䕗໻DŽSO42-ǃNO3- ੠ NH4+Ў࣫Ҁഄऎ PM2.5ЁЏ㽕⾏ᄤDŽ ೒ 1˖৘㉏乫㉦⠽ሎᇌᇍ↨ 䌘᭭ᴹ⑤˖Google೒⠛ˈЁֵ䆕ࠌⷨお䚼 PM2.5ⱘॅᆇ Ϣ䕗㉫ⱘ໻⇨乫㉦⠽Ⳍ↨ˈPM2.5㉦ᕘᇣˈᆠ৿໻䞣ⱘ᳝↦ǃ᳝ᆇ⠽䋼Ϩ೼໻⇨Ёⱘذ⬭ᯊ䯈䭓ǃ䕧䗕 䎱⾏䖰ˈ಴㗠ᇍҎԧعᒋ੠໻⇨⦃๗䋼䞣ⱘᕅડ᳈໻DŽϔ㠀㗠㿔ˈⳈᕘ䍙䖛 10 ᖂ㉇ⱘ乫㉦⠽ˈӮ㹿ᣵ೼唏 ᄤⱘ໪䴶˗Ⳉᕘ೼ 2.5ᖂ㉇㟇 10ᖂ㉇П䯈ⱘ乫㉦⠽˄PM10˅߭ৃҹ䖯ܹ੐਌䘧ˈԚ䱣ⴔ৤⯄ǃᠧ஋ౣ㹿䚼 Ёֵ≑䔺g䔺䯏໽ϟ˄㄀ 40ᳳ˅ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 12᳜ 16᮹ 2 ߚᥦߎԧ໪˗㗠Ⳉᕘ೼ 2.5ᖂ㉇ҹϟⱘ乫㉦⠽˄PM2.5˅ˈ ैӮ乎߽䗮䖛ϟ੐਌䘧ˈ䖯ܹ㚎⊵ПЁˈᑊৃ䗮䖛 ⇨㸔Ѹᤶ䖯ܹࠄҎԧ㸔ㅵDŽPM2.5䰸њᴀ䑿ᇍҎԧ੐਌㋏㒳݋᳝Ⳉ᥹ⱘࠎ▔ǃ㟈ᬣ԰⫼໪ˈᅗ䖬ৃ㛑԰Ўᨎ ᏺ㒚㦠ᖂ⫳⠽ǃ⮙↦੠㟈Ⱐ⠽ⱘ䕑ԧ։ܹҎԧ㚎䚼ˈϹ䞡ॅᆇҎԧعᒋDŽ ೒ 2˖ϡৠ PM2.5⌧ᑺᇍҎԧॅᆇⱘᇍ↨ 䌘᭭ᴹ⑤˖S.A.,Lugano;SaintBBlasiusˈЁֵ䆕ࠌⷨお䚼⊼˖Ϟ䴶ⱘ㒧ᵰᴹ㞾 S.A.,Lugano;SaintBBlasius ᄺ 䰶䖯㸠ⱘϔ乍ᅲ偠DŽҪӀ߽⫼ሎᇌᇣѢ 0.3ᖂ㉇˄ሲѢ PM2.5˅ⱘ乫㉦⠽Ўᷛሎˈ⌟䆩ϡৠ⌧ᑺ乫㉦⠽ᇍ Ҏԧ᠔䗴៤ⱘॅᆇDŽ PM2.5ⱘⱘᴹ⑤ ϔ㠀㗠㿔ˈ㉦ᕘ 2.5ᖂ㉇㟇 10ᖂ㉇ⱘ㉫乫㉦⠽Џ㽕ᴹ㞾䘧䏃ᡀᇬㄝ˄PM10˅˗ 2.5ᖂ㉇ҹϟⱘ㒚乫㉦⠽ ˄PM2.5˅߭Џ㽕ᴹ㞾࣪⷇➗᭭ⱘ➗⚻ǃ᣹থᗻ᳝ᴎ⠽ㄝDŽⳌ↨ PM10ˈPM2.5 ݋᳝ঠ䞡ሲᗻˈे೼ PM2.5 ⱘᵘ៤Ёˈ㑺 50%Ўᡀᇬǃ⚳ᇬǃ㉝ᇬㄝϔ⃵∵ᶧ⠽ˈ঺໪ 50%ЎѠ⃵∵ᶧ⠽ˈབ∂⇻࣪⠽ǃѠ⇻࣪⸿੠᣹ থᗻ᳝ᴎ⠽ㄝ೼ぎ⇨ПЁথ⫳࣪ᄺ԰⫼ᔶ៤ⱘ乫㉦⠽DŽ ᇍѢ PM2.5Ёⱘϔ⃵∵ᶧ⠽ˈЏ㽕ᴹ㞾Ѣ➗✸ǃ≑䔺ሒ⇨ᥦᬒ੠ᡀᇬDŽ 㗠ᇍѢ PM2.5ЁⱘѠ⃵∵ᶧ⠽ˈᣝ✻䋵⤂⥛Ң໻ࠄᇣᥦ߫ձ⃵ᰃ˖ � Ѡ⇻࣪⸿ˈЏ㽕ᴹ⑤㞾⬉ॖ੠Ꮉॖ➗✸ѻ⫳ˈ䗮䖛ϔ㋏߫ডᑨৢˈ㛑ᔶ៤⸿䝌Ⲥ⇨⒊㛊ˈ䖭ᰃ៥೑ ໻⇨Ё PM2.5ⱘ䞡㽕៤ߚDŽ � ∂⇻࣪⠽ˈЏ㽕ᴹ㞾⬉ॖ੠≑䔺˄ᇸ݊ᰃ᷈⊍䔺˅ˈ 㛑ᔶ៤ܝ࣪ᄺ⚳䳒੠⸱䝌Ⲥ⇨⒊㛊ˈ⸱䝌Ⲥ⇨ ⒊㛊ᰃ៥೑ PM2.5ⱘ㄀ѠϾЏ㽕៤ߚˈ԰⫼੠⸿䝌Ⲥ⇨⒊㛊ϔḋDŽ � ≭ᇬ⇨⒊㛊ˈ⬅≭ᇬᲈᏺᴹˈ೼࣫ᮍ䚼ߚഄऎˈ᳒ᰃ PM2.5 ⱘϔϾ䞡㽕ᴹ⑤ˈԚ䖥޴ᑈ⌧ᑺ᳝᠔ ϟ䰡DŽ � ᓎㄥᎹഄᡀᇬˈᴹ㞾Ꮉഄϡ㾘㣗ᮑᎹ੠㻌ೳˈ೼ PM2.5ⱘ㒘៤Ё໻㑺ऴ 5%໮⚍DŽ � ݊Ҫˈབ⍋Ⲥ⇨⒊㛊ㄝDŽ 㒧ড়Ѡ㗙ˈѻ⫳ PM2.5ⱘЏ㽕⑤༈ᰃ➗✸˄᮹ᐌথ⬉+ᎹϮ⫳ѻ˅੠≑䔺Փ⫼ㄝ䖛⿟DŽ㗠ᇍѢ࣫ҀㄝᎹ Ϯ䕗ᇥϨᴎࡼ䔺ֱ᳝䞣䕗໻ⱘජᏖˈ݊ PM2.5߭Џ㽕ᴹ㞾Ѣ≑䔺Փ⫼DŽ Ёֵ≑䔺g䔺䯏໽ϟ˄㄀ 40ᳳ˅ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 12᳜ 16᮹ 3 PM2.5ⱘⱘẔ⌟ PM2.5 ⱘᷛޚˈᰃ⬅㕢೑೼ 1997 ᑈᦤߎⱘˈЏ㽕ᰃЎњ᳈᳝ᬜഄⲥ⌟䱣ⴔᎹϮ࣪᮹Ⲟথ䖒㗠ߎ⦄ⱘǃ ೼ᮻᷛޚЁ㹿ᗑ⬹ⱘᇍҎԧ᳝ᆇⱘ㒚ᇣ乫㉦⠽DŽPM2.5ⳂࠡᏆ㒣៤ЎϔϾ䞡㽕ⱘ⌟᥻ぎ⇨∵ᶧ⿟ᑺⱘᣛ᭄DŽ ࠄ 2010ᑈᑩЎℶˈ䰸㕢೑ǃ᮹ᴀ੠⃻ⲳϔѯ೑ᆊᇚ PM2.5㒇ܹ೑ᷛᑊ䖯㸠ᔎࠊᗻ䰤ࠊ໪ˈϪ⬠Ϟ໻䚼 ߚ೑ᆊ䛑䖬᳾ᓔሩᇍ PM2.5ⱘⲥ⌟ˈϔ㠀ҙᇍ PM10䖯㸠ⲥ⌟DŽЁ೑Ⳃࠡгাᇍ PM10䖯㸠Ẕ⌟DŽ ೒ 3˖࣫Ҁ㕢೑໻Փ佚ぎ⇨䋼䞣᪁᡹ 䌘᭭ᴹ⑤˖Google೒⠛ˈЁֵ䆕ࠌⷨお䚼 㕢೑೑ᆊ㟾ぎ㟾໽ሔ˄NASA˅2010 ᑈ 9 ᳜݀Ꮧњϔᓴܼ⧗ぎ⇨䋼䞣ഄ೒ˈϧ䮼ሩ⼎Ϫ⬠৘ഄ PM2.5 ⱘᆚᑺDŽ䆹ഄ೒ᰃḍ᥂ NASA ⱘϸৄि᯳ⲥ⌟Ҿⱘⲥ⌟㒧ᵰˈ㒬ࠊњϔᓴᰒ⼎ߎ 2001 ᑈ㟇 2006 ᑈ PM2.5 ᑇഛؐⱘഄ೒DŽ೼䖭ᓴ೒Ϟ㑶㡆˄े PM2.5⌧ᑺ᳔催˅ߎ⦄њ೼࣫䴲ǃЁѮ੠Ё೑˄࣫䴲੠ЁѮЏ㽕ᰃ⬅Ѣ ݊≭⓴ഄ䉠ᇐ㟈ˈ㗠Ё೑Џ㽕ᰃ⦃๗∵ᶧ᠔㟈 DŽ˅Ё೑ⱘढ࣫ǃढϰ੠ढЁⱘ PM2.5 ᣛ᭄᥹䖥↣ゟᮍ㉇ 80 ᖂܟˈ⫮㟇䍙䖛њᩦજᢝ≭⓴DŽ ೒ 4˖2001-2006ᑈܼ⧗ぎ⇨䋼䞣೒ 䌘᭭ᴹ⑤˖Google೒⠛ˈЁֵ䆕ࠌⷨお䚼 ೑ݙ໪ぎ⇨䋼䞣ᷛޚᇍ↨ ⳂࠡˈЁ೑ⱘぎ⇨∵ᶧᣛ᭄˄API˅ⲥ⌟ᣛᷛࣙᣀѠ⇻࣪⸿ǃѠ⇻࣪∂ǃৃ਌ܹ乫㉦⠽˄PM10 DŽ˅PM10 Ⳉᕘ䕗໻ˈ䗮ᐌᚙމϟ≝䰡䗳ᑺ䴲ᐌᖿˈгህᰃ䇈ˈা᳝೼⇨䈵ᴵӊᕜϡདϨ໻䞣∵ᶧ⠽ᣕ㓁ϡᮁ䖯ܹぎ⇨ ⱘᴵӊϟˈぎ⇨䋼䞣ᠡӮ䖒ࠄ᠔䇧ⱘĀ䕏ᑺ∵ᶧāDŽ㗠 PM2.5ԧ⿃↨ PM10㽕ᇣⱘ໮ˈ䖭㉏㒚乫㉦⠽ᇍܝⱘ Ёֵ≑䔺g䔺䯏໽ϟ˄㄀ 40ᳳ˅ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 12᳜ 16᮹ 4 ᬷᇘ԰⫼↨䕗ᔎˈ೼ϡ߽ⱘ⇨䈵ᴵӊϟ᳈ᆍᯧᇐ㟈♄䴒ᔶ៤DŽгህᰃ䇈ˈ೼೼ⳂࠡЁ೑ぎ⇨䋼䞣ⲥ⌟Ёˈे֓ PM2.5೼ぎ⇨Ёᆚᑺᕜ໻ˈぎ⇨䋼䞣ⱘẔ⌟㒧ᵰҡ᳝ৃ㛑䖒ࠄ㡃དⱘᷛޚDŽ ೼៥೑Ⳃࠡᅲ㸠ⱘ 1996ᑈ⠜ⱘlj⦃๗ぎ⇨䋼䞣ᷛޚNJЁ PˈM10㹿ܹ߫᥻ࠊᷛޚˈԚ᳾ᇚ PM2.5ܹ߫DŽ ೼ 2011 ᑈᑈ߱ⱘlj⦃๗ぎ⇨䋼䞣ᷛޚNJׂ䅶⠜ᕕ∖݀ᓔᛣ㾕ˈPM2.5 ৃ਌ܹ乫㉦⠽ᇮ᳾ܹ߫ᮄᷛޚˈԚᓔ ྟ԰Ў৘ഄᣛᷛⱘখ㗗ؐDŽҢ 2011ᑈ 11᳜ 1᮹ᓔྟˈ⦃ֱ䚼থᏗⱘlj⦃๗ぎ⇨ PM10੠ PM2.5ⱘ⌟ᅮ䞡䞣 ⊩NJᓔྟᅲᮑˈ佪⃵ᇍ PM2.5ⱘ⌟ᅮ䖯㸠њ㾘㣗DŽ 2011ᑈ 12᳜ 5᮹ ljˈ⦃๗ぎ⇨䋼䞣ᷛޚNJ˄ Ѡ⃵ᕕ∖ᛣ㾕〓˅ᕕ∖݀ӫᛣ㾕៾ℶDŽ䆹ᛣ㾕〓ᦤߎˈ೼෎ ᴀⲥ᥻乍ⳂЁ๲䆒 PM2.5ᑈഛǃ᮹ഛ⌧ᑺ䰤ؐ੠㟁⇻ 8ᇣᯊ⌧ᑺ䰤ؐ ᮄˈᷛޚᢳѢ 2016ᑈܼ䴶ᅲᮑDŽ೼೼ljᷛ ޚNJᕕ∖ᛣ㾕〓ЁˈPM2.5ⱘᑈ੠ 24ᇣᯊᑇഛ⌧ᑺ䰤ؐߚ߿ᅮЎ 0.035↿ܟ/ゟᮍ㉇੠ 0.075↿ܟ/ゟᮍ㉇ˈ ϢϪ⬠ि⫳㒘㒛˄ WHO 䖛˅⏵ᳳ㄀ 1䰊↉ⳂᷛؐⳌৠDŽ⦃ֱ䚼⾥ᡔᷛޚৌ䋳䋷Ҏҟ㒡 ljˈ⦃๗ぎ⇨䋼䞣ᷛޚNJ ˄Ѡ⃵ᕕ∖ᛣ㾕〓˅Џ㽕᳝ϝϾᮍ䴶さ⸈˖ϔᰃ䇗ᭈ⦃๗ぎ⇨䋼䞣ࡳ㛑ऎߚ㉏ᮍḜˈᇚ⦄㸠ᷛޚЁⱘϝ㉏ऎ ᑊܹѠ㉏ऎ Ѡ˗ᰃᅠ୘∵ᶧ⠽乍Ⳃ੠ⲥ⌟㾘㣗 ࣙˈᣀ೼෎ᴀⲥ᥻乍ⳂЁ๲䆒 PM2.5ᑈഛǃ᮹ഛ⌧ᑺ䰤ؐ੠㟁 ⇻ 8 ᇣᯊ⌧ᑺ䰤ؐˈᬊ㋻ PM10 ੠ NO2⌧ᑺ䰤ؐㄝ˗ϝᰃᦤ催᭄᥂㒳䅵᳝ᬜᗻ㽕∖üü䖭ᰃ៥೑佪⃵ࠊᅮ PM2.5ⱘ೑ᆊ⦃๗䋼䞣ᷛޚDŽ ᣝ✻䆹ᷛޚࡴܹ PM2.5ৢˈⳂࠡЁ೑ぎ⇨䋼䞣䖒ᷛⱘජᏖᇚҢ⦄೼ⱘ 80%ϟ䰡ࠄ 20%ˈ䖭гህᰃ⦃ֱ 䚼䖳䖳᳾㛑ϟᅮއᖗᇚ PM2.5 㒇ܹぎ⇨䋼䞣ⲥ⌟ԧ㋏ⱘॳ಴ˈৠᯊˈഄᮍࠊ䗴Ϯᇍ PM2.5 ⱘय़࡯гᰃ䰏ℶ ݊݀ᏗⱘϔϾ䞡㽕࡯䞣DŽ ঺໪ˈҀ⋹ݔǃ䭓ϝ㾦ǃ⦴ϝ㾦ϝ໻ഄऎঞбϾජᏖ㕸˄䖑ᅕЁ䚼ජᏖ㕸ǃቅϰञቯǃ℺∝ঞ਼݊䖍ǃ 䭓᷾╁ǃ៤⏱ǃ⍋ኵ㽓ኌǃ䰩㽓݇Ёǃቅ㽓Ё࣫䚼੠Р剕᳼唤ජᏖ㕸˅ৃ㛑Ӯ㹿ᔎࠊ㽕∖ܜ㸠ⲥ⌟ᑊ݀Ꮧ PM2.5ⱘ᭄᥂ˈ໻⇨∵ᶧ㘨䰆㘨᥻ⱘĀकѠѨāϧ乍㾘ߦг᳝ৃ㛑೼ᯢᑈᑈ߱㦋೑ࡵ䰶䗮䖛DŽ 㗠៾ℶⳂࠡˈ㕢ǃ᮹ǃ⃻ㄝ೑䛑Ꮖᇚ PM2.5㒇ܹ೑ᷛᑊ䖯㸠ᔎࠊᗻ䰤ࠊˈϢℸৠᯊˈϡᇥথሩЁ೑ᆊⱘ ໻ජᏖབ๼㽓હජ੠ᮄᖋ䞠ㄝˈгᮽᏆᓔሩњ PM2.5ⱘ乥ᆚⲥ⌟੠থᏗDŽ ᇍ↨থ䖒೑ᆊⱘᷛޚˈे֓ᰃ 2016 ᑈ䍋ᅲ㸠ⱘᮄᷛޚˈ៥೑г䖬ᄬ೼ⴔ䕗໻ⱘᏂ䎱˖ҹϪ⬠㄀ϔ≑䔺 ໻೑㕢೑Ў՟ˈ݊೼ 1997 ᑈ乕Ꮧњ PM2.5 ⱘぎ⇨䋼䞣ᷛޚЎᑈഛؐЎ 0.015 ↿ܟ/ゟᮍ㉇ˈ᮹ഛؐЎ 0.065 ↿ܟ/ゟᮍ㉇ 2˗006ᑈˈ㕢೑Џࡼᇚ PM2.5ⱘ᮹ഛؐᷛޚ⬅ 0.065↿ܟ/ゟᮍ㉇䇗ᭈЎ 0.035↿ܟ/ゟᮍ㉇ˈᑈ ᷛޚҡЎॳᴹⱘ 0.015ᖂܟ/ゟᮍ㉇ˈϹḐ⿟ᑺ䍙䖛Ё೑ⱘϸסDŽ 㸼 1˖Ё㕢ぎ⇨䋼䞣ᷛޚᇍ↨ Ё೑ 㕢೑ ⦄㸠ᷛޚ 2016ᑈᷛޚ˄↿ܟ/ゟᮍ㉇˅ 1997ᑈᷛޚ˄↿ܟ/ゟᮍ㉇˅ 2006ᑈᷛޚ˄↿ܟ/ゟᮍ㉇˅ PM2.5ᑈഛؐ ᮴ 0.035 0.015 0.015 PM2.5᮹ഛؐ ᮴ 0.075 0.065 0.035 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼 ≑䔺ሒ⇨ᰃ PM2.5ⱘЏ㽕ᴹ⑤Пϔ PM2.5ⱘᵘ៤Ёϔञᴹ㞾⚳ᇬǃ㉝ᇬˈ঺ϔञᴹ㞾݊Ҫ∵ᶧ⠽ˈⳂⳂࠡᴎࡼ䔺ᥦᬒⱘ∂⇻࣪ড়⠽ǃ᣹থᗻ ᳝ᴎ⠽੠ৃ਌ܹ乫㉦⠽ˈ೼ජᏖЁᖗऎ᠔᳝∵ᶧ⑤Ёⱘ䋵⤂↨՟Ꮖߚ߿䖒ࠄ 66%ǃ90%੠ 26%DŽᇍѢ⚳ᇬǃ ㉝ᇬᔶ៤ⱘ PM2.5ˈ≑䔺ሒ⇨ᰃ᳔䞡㽕ⱘĀ䋵⤂㗙āПϔDŽ⌭∳ⳕ䘧䏃䖤䕧ㅵ⧚ሔⱘⷨおᰒ⼎˖໻ᥦ䞣ǃ᷈ ⊍থࡼᴎՓ⫼⥛䕗催ⱘ໻ൟ䕑ᅶ≑䔺ǃЁ䞡ൟ䕑䋻≑䔺乫㉦⠽ⱘᥦᬒ಴ᄤ᳔໻˗᥂Ԅㅫˈ2009 ᑈᵁᎲഄऎ ৘㉏≑䔺乫㉦⠽ᥦᬒᘏ䞣䖒ࠄ 0.35ϛৼˈ݊Ё䕑䋻≑䔺ᰃ乫㉦⠽ᥦᬒⱘЏԧDŽ Ёֵ≑䔺g䔺䯏໽ϟ˄㄀ 40ᳳ˅ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 12᳜ 16᮹ 5 ೒ 5˖⌭∳ⳕ 2009ᑈ৘⾡㉏ൟ≑䔺乫㉦⠽˄PM˅ᥦᬒ಴ᄤ ˄g/km˅ 0.5 0.2 0.6 0.9 0 0.2 0.4 0.6 0.8 1 ᖂ ൟ 䕑 ᅶ ᇣ ൟ 䕑 ᅶ Ё ൟ 䕑 ᅶ ໻ ൟ 䕑 ᅶ ᖂ ൟ 䕑 䋻 䕏 ൟ 䕑 䋻 Ё ൟ 䕑 䋻 䞡 ൟ 䕑 䋻 䌘᭭ᴹ⑤˖䘧䏃䖤䕧ㅵ⧚ሔlj≑䔺ሒ⇨ᥦᬒ䞣ⱘ䅵ㅫᮍ⊩NJˈ Ёֵ䆕ࠌⷨお䚼 ೒ 6˖ᵁᎲഄऎ 2009ᑈ৘⾡㉏ൟ≑䔺乫㉦⠽˄PM˅ᥦᬒ䕚 ˄ϛৼ˅ 0.04 0.12 0.12 0.06 0 0.04 0.08 0.12 0.16 ᖂ ൟ 䕑 ᅶ ᇣ ൟ 䕑 ᅶ Ё ൟ 䕑 ᅶ ໻ ൟ 䕑 ᅶ ᖂ ൟ 䕑 䋻 䕏 ൟ 䕑 䋻 Ё ൟ 䕑 䋻 䞡 ൟ 䕑 䋻 䌘᭭ᴹ⑤˖䘧䏃䖤䕧ㅵ⧚ሔlj≑䔺ሒ⇨ᥦᬒ䞣ⱘ䅵ㅫᮍ⊩NJˈ Ёֵ䆕ࠌⷨお䚼 㗠ᦤ催ᴎࡼ䔺ⱘᥦᬒᷛޚˈᰃޣᇥ乫㉦⠽ᥦᬒ᳔Ў᳝ᬜ᠟↉ПϔDŽ2004 ᑈ 7 ᳜ 1 ᮹ˈܼ೑㣗ೈݙᓔྟ ᅲᮑ೑ IIᥦᬒᷛޚ˗2005ᑈ 12᳜ 30᮹ˈ࣫Ҁᅲᮑ೑ IIIᥦᬒᷛޚˈПࠡᏆϞᏖᑊ䗮䖛೑ IIIᷛޚⱘ䔺ൟৃ ᓊ䖳 1ᑈᅝ㺙 OBDDŽ2006ᑈ 12᳜ 1᮹ˈ࣫Ҁ⽕ℶ೼Ҁ䫔ଂ᳾ᅝ㺙 OBDⱘᮄ䔺DŽ2007ᑈ 7᳜ 1᮹ˈܼ೑㣗 ೈݙᓔྟᅲᮑЬ⫼䔺೑ IIIᥦᬒᷛޚDŽ2008ᑈ 1᳜ 1᮹ˈ೑ IV➗⊍೼࣫ҀϞᏖ˗2008ᑈ 7᳜ 1᮹ˈ䞡ൟଚ ⫼䔺೑ IIIᥦᬒ⊩㾘ᅲᮑ˗2011ᑈ 7᳜ 1᮹Ь⫼䔺೑ IVᥦᬒᷛޚܼ䴶ᅲᮑˈ㗠䞡ൟଚ⫼䔺೑ IVᥦᬒᷛޚг ᳝ᳯѢ 2013ᑈᅲᮑDŽ 㸼 2˖೑ᷛ ESC˄〇ᗕᕾ⦃˅੠ ELR˄䋳㥋⚳ᑺ䆩偠˅䆩偠䰤ؐ 䰊↉ ϔ⇻࣪⺇˄CO˅g/kWh ⺇⇶࣪ড়⠽˄HC˅ g/kWh ∂⇻࣪⠽˄NOx˅ g/kWh 乫㉦⠽˄PM˅ g/kWh ⚳ᑺ m-1 III 2.1 0.66 5.0 0.10 0.8 IV 1.5 0.46 3.5 0.02 0.5 č 1.5 0.46 2.0 0.02 0.5 EEV 1.5 0.25 2.0 0.02 0.15 䌘᭭ᴹ⑤ lj˖䔺⫼य़➗ᓣǃ⇨ԧ➗᭭⚍➗ᓣথࡼᴎϢ≑䔺ᥦ⇨∵ᶧ⠽ᥦᬒ䰤ؐঞ⌟䞣ᮍ⊩˄Ё೑ IIIǃIVǃč䰊↉ NJ˅ˈ Ёֵ䆕ࠌⷨお䚼 Ⳍ↨೑ IIIᷛޚˈ೑ IVЁᇍ乫㉦⠽˄PM˅ⱘ㽕∖⬅ॳܜⱘ 0.10g/kWhᦤ催ࠄ 0.02g/kWhˈҙЎॳܜⱘѨ ߚПϔˈᥦᬒᷛޚ໻໻ᦤ催ˈᇚⳈ᥹᳝ᬜޣԢ≑䔺ᥦᬒࠄ໻⇨Ёⱘ乫㉦⠽˄PM DŽ˅ҹϞ䗄ᵁᎲⱘⷨおЎ՟ˈ ؛䆒ॳܜⱘଚ⫼䔺ܼ䚼Ў೑ IIIᷛޚˈᷛޚᦤ催ࠄ೑ IVৢˈ䖭䚼ߚֱ᳝䞣ህৃҹᅲ⦄ᑈޣᇥ乫㉦⠽˄PM˅ ᥦᬒ 0.28ϛৼˈⳌᔧѢޣᇥᵁᎲЁᖗජऎⱘৃ਌ܹ乫㉦⠽ᥦᬒ䖒 20.8%ˈᇚ໻໻䰡Ԣ PM2.5ⱘ৿䞣DŽ Ёֵ≑䔺g䔺䯏໽ϟ˄㄀ 40ᳳ˅ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 12᳜ 16᮹ 6 ᇍѢ݊Ҫ∵ᶧ⠽ᔶ៤ⱘ PM2.5ˈ∂⇻࣪⠽ᰃ㄀Ѡ໻Ā䋵⤂㗙āˈ 2010ᑈ≑䔺ሒ⇨Ё∂⇻࣪⠽ⱘᥦᬒ䞣催 䖒 530ϛৼˈ㑺ऴᔧᑈܼ೑∂⇻࣪⠽ᥦᬒᘏ䞣ⱘ 23.3%DŽकϔѨᳳ䯈ˈ≑䔺∂⇻࣪⠽ᥦᬒ䞣ऴ↨䖒ࠄ 30%ˈ ᰃ䰸⬉ॖҹ໪㄀Ѡ໻ⱘᥦᬒ⑤ˈ䖭гህՓᕫ≑䔺ሒ⇨៤Ўњ PM2.5᳔䞡㽕ⱘ䯈᥹Ā䋵⤂㗙āПϔDŽ ೒ 7˖कϔѨᳳ䯈៥೑∂⇻࣪⠽ᥦᬒᵘ៤ 30% 38% 32% ≑䔺 ☿⬉ॖ ݊Ҫ 䌘᭭ᴹ⑤˖⦃ֱ䚼ˈЁֵ䆕ࠌⷨお䚼 Ңऴ↨Ϟᴹⳟˈ᷈⊍䔺ᰃ∂⇻࣪⠽ⱘᥦᬒЏԧˈ㑺ऴ݁៤Ꮊে˄㗗㰥ࠄ᷈⊍䔺੠≑⊍䔺ֱ᳝䞣ⱘᏂ䎱ˈ ᷈⊍䔺∂⇻࣪⠽ⱘऩԡᥦᬒ䞣ᇚ䖰䖰催Ѣ≑⊍䔺˅˗ Ң㒱ᇍ䞣Ϟᴹⳟˈ䞡व੠໻ᅶㄝՓ⫼䞡ൟ᷈⊍ᴎⱘ≑䔺 ᰃ∂⇻࣪⠽Џ㽕ᥦᬒ⑤ 2ˈ010ⱘᥦᬒ䞣ߚ߿䖒ࠄ 209.2ϛৼ˄ ऴ↨ 39.5% ੠˅ 127ϛৼ˄ ऴ↨ 24.0% DŽ˅಴ℸˈ ᥻ࠊ≑䔺˄⡍߿ᰃ᷈⊍䔺ǃ໻ൟ䕑䋻䕑ᅶ䔺˅ሒ⇨Ё∂⇻࣪⠽ⱘᥦᬒ䞣ˈᇚ᳝ᬜഄ䰡Ԣ៥೑∂⇻࣪⠽ⱘᥦᬒ ∈ᑇˈҢ㗠ᅲ䋼ᗻഄᬍ୘ぎ⇨䋼䞣ˈ䰡Ԣ PM2.5ؐDŽ ೒ 8˖2010ᑈ৘㉏≑䔺ᥦᬒ䞣ऴ↨ 85.5% 71.9% 38.6% 12.9% 26.5% 59.6% 1.6% 1.6% 1.8% 0% 20% 40% 60% 80% 100% ϔ⇻࣪⺇ ⺇⇶࣪ড়⠽ ∂⇻࣪⠽ ≑⊍䔺 ᷈⊍䔺 ➗⇨䔺 䌘᭭ᴹ⑤˖⦃ֱ䚼lj2010ᑈᴎࡼ䔺∵ᶧ䰆⊏ᑈ᡹NJˈ Ёֵ䆕ࠌⷨお䚼 ೒ 9˖2010ᑈ৘㉏≑䔺∂⇻࣪⠽ᥦᬒ䞣 ˄ϛৼ˅ 6.5 42.6 26.4 127.0 3.0 21.6 93.5 209.2 0 50 100 150 200 250 ᖂ ൟ 䕑 ᅶ ᇣ ൟ 䕑 ᅶ Ё ൟ 䕑 ᅶ ໻ ൟ 䕑 ᅶ ᖂ ൟ 䕑 䋻 䕏 ൟ 䕑 䋻 Ё ൟ 䕑 䋻 䞡 ൟ 䕑 䋻 䌘᭭ᴹ⑤˖⦃ֱ䚼lj201ᑈᴎࡼ䔺∵ᶧ䰆⊏ᑈ᡹NJˈ Ёֵ䆕ࠌⷨお䚼 Ёֵ≑䔺g䔺䯏໽ϟ˄㄀ 40ᳳ˅ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 12᳜ 16᮹ 7 㗠ᦤ催ᴎࡼ䔺ⱘᥦᬒᷛޚˈৠḋᰃ∂⇻࣪⠽ᥦᬒ᳔Ў᳝ᬜ᠟↉ПϔDŽᇍ↨೑ III ੠೑ IV ᷛޚ˄㸼 2˅ˈ ∂⇻࣪⠽ⱘ䰤ؐᷛޚҢ 5.0g/kWh ᦤ催ࠄ 3.5g/kWhˈᥦᬒϟ䰡њ 30%DŽ؛䆒 2010 ᑈ᠔᳝໻ൟᅶ䔺੠Ёǃ䞡 ൟ䋻䔺ഛ⒵䎇೑ IIIᷛޚˈ䙷МᇚᇚᥦᬒᷛޚҢ೑ IIIᦤ催ࠄ೑ IVৢˈҙ䖭䚼ߚֱ᳝䞣↣ᑈेৃޣᇥ∂⇻࣪⠽ ᥦᬒ 128.9ϛৼˈⳌᔧѢ 2010ᑈ≑䔺∂⇻࣪⠽ᥦᬒᘏ䞣ⱘ 24.3%੠ܼ೑∂⇻࣪⠽ᥦᬒᘏ䞣ⱘ 5.7%ˈᇚᇍᬍ ୘ぎ⇨䋼䞣ǃ䰡Ԣ PM2.5ؐѻ⫳⿃ᵕᕅડDŽ ಴ℸˈ݀ӫᇍぎ⇨䋼䞣䯂乬ⱘᣕ㓁݇⊼ˈᇚ᳝࡯֗䖯≑䔺ᥦᬒ੠⦃ֱ⊩㾘ⱘࡴ䗳᥼䖯ˈ䗮䖛ޣᇥ乫㉦⠽ ᴹⳈ᥹䰡Ԣ੠ޣᇥ∂⇻࣪⠽ⱘᥦᬒᴹ䯈᥹䰡Ԣ PM2.5 ؐDŽ㗠೼ଚ⫼䔺೑ IV ᥦᬒᷛޚৃ㛑Ѣ 2013 ᑈᅲᮑˈ Ϩ᳾ᴹᥦᬒᷛޚ䖬ᇚϡᮁᦤ催ⱘ໻䍟࢓ϟˈЁЁⷁᳳ੠䭓ᳳ䛑ᇚ߽ད࿕ᄮ催⾥˄000581.SZ˅ㄝⳌ݇ϞᏖӕϮDŽ 䰸њ≑䔺ሒ⇨ҹ໪ˈ≑䔺ᴀ䑿㸠偊䖛⿟Ёⱘ݊Ҫ಴㋴гӮѻ⫳໻䞣 PM2.5ˈ㕢೑ࡴᎲ California Air Resources Boarⱘⷨお㸼ᯢˈ2009ᑈࡴᎲ䕏ൟ䕑ᅶ䕑䞡䔺೼㸠偊䖛⿟Ёѻ⫳ⱘ PM2.5ᘏ䅵Ў 0.05g/㣅䞠ˈ݊ Ёሒ⇨ᥦᬒⳈ᥹ѻ⫳ⱘ PM2.5Ў 0.015g/㣅䞠ˈ䕂㚢੠ࠍ䔺ᤳ㗫ѻ⫳ PM2.5ⱘЎ 0.007g/㣅䞠ˈ㗠ᡀᇬѻ⫳ⱘ PM2.5߭催䖒 0.028g/㣅䞠DŽ㱑㱑✊䕏ൟ䕑ᅶǃ䕑䞡䔺Џ㽕ᰃ≑⊍䔺ˈ݊ᴀ䑿ሒ⇨Ё䕗Ԣⱘ PM2.5Ⳉ᥹ᥦᬒᇐ 㟈њ䕂㚢ࠍ䔺ᤳ㗫੠ᡀᇬ᠔ѻ⫳ⱘ PM2.5 ऴ↨䖛催ˈԚѠ㗙ҡᮻᰃϡᆍᗑ㾚ⱘ䞡㽕ᥦᬒ⑤ˈ䖭ৃ㛑ᰃ࣫Ҁ ㄝජऎݙ෎ᴀ᮴ᎹϮˈϨ᷈⊍䔺ऴ↨гϡ催ⱘජᏖ PM2.5ሙ催ϡϟⱘॳ಴DŽ ೒ 10˖㕢೑ࡴᎲ䕏ൟ䕑ᅶ䕑䞡䔺㸠偊䖛⿟ѻ⫳ PM2.5ⱘᵘ៤ 0.015g/㣅 䞠ˈ30% 0.007g/㣅 䞠ˈ14% 0.028g/㣅 䞠ˈ56% ሒ⇨ᥦᬒ 䕂㚢੠ࠍ䔺ᤳ㗫 ᡀᇬ 䌘᭭ᴹ⑤˖CaliforniaAirResourcesBoardˈЁֵ䆕ࠌⷨお䚼 ぎ⇨ޔ࣪ᡔᴃ੠䰆ᡸ䆒໛ ぎ⇨ޔ࣪ᡔᴃⱘߎ⦄ᰃԈ䱣ⴔぎ⇨∵ᶧⱘߎ⦄㗠ߎ⦄ⱘDŽ⦄䰊↉Ҏ㉏ⱘぎ⇨ޔ࣪ᡔᴃЏ㽕䩜ᇍⱘᰃĀᅸ ݙぎ⇨ޔ࣪āˈ े䩜ᇍ᳝䰤ⱘぎ䯈䖯㸠ぎ⇨䋼䞣ⱘӬ࣪DŽ 㗠ᅸݙ∵ᶧ⠽ⱘߚᏗ੠ᅸ໪∵ᶧ⠽ⱘߚᏗ⬹᳝ϡৠ 䰸ˈњࠡ䴶ᦤࠄⱘ PM2.5 Ҏˈ㉏ҷ䇶ѻ⠽՟བ⸿࣪⇶ǃ ⇼੠Ѡ⇻࣪⺇ǃ⬉ᄤ䆒໛ѻ⫳ⱘ㟁⇻ҹঞᆊࡵ⌏ࡼѻ⫳ⱘ᣹থᗻ࣪ᄺ⠽ˈҹঞ৘⾡⮙↦ǃ㒚㦠ǃᇬ㵼ᵘ៤њ ᅸݙぎ⇨∵ᶧⱘЏ㽕ᴹ⑤DŽℸ໪ᅸݙⱘ∵ᶧϔ㠀Ӯֱᣕ೼ϔϾⳌᇍ〇ᅮⱘ⿟ᑺˈԚ䱣ⴔᯊ䯈ⱘ⌕䗱ˈ∵ᶧ⠽ ⱘ⌧ᑺгӮѻ⫳㌃⿃ˈॅᆇᗻ㗠䗤ℹ๲໻DŽ ಴ℸˈ⦄೼ᏖഎϞⱘЏ⌕ぎ⇨ޔ࣪䆒໛䛑Ӯ䞛⫼໮⾡ᡔᴃ᠟↉ᴹᦤ催ぎ⇨䋼䞣DŽ↨䕗ᐌ㾕ⱘ᳝˖໮ሖ䖛 Ⓒޔ࣪ᡔᴃǃ㟁⇻ޔ࣪ᡔᴃǃ⾏ᄤޔ࣪ᡔᴃǃ䴭⬉䰸ᇬᡔᴃǃܝ㾺ၦޔ࣪ᡔᴃㄝㄝDŽ Ёֵ≑䔺g䔺䯏໽ϟ˄㄀ 40ᳳ˅ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 12᳜ 16᮹ 8 ໮໮ሖޔ࣪ᡔᴃ ໮ሖޔ࣪ᡔᴃህᰃ䅽∵⌞ⱘぎ⇨䗮䖛⡍⅞䖛Ⓒ఼ ߽ˈ⫼໮ᄨ⢊ⱘ䖛Ⓒ఼ᤩᤝ乫㉦⠽ⱘᮍᓣᴹᤩ㦋ぎ⇨Ё ⱘ∵ᶧ⠽DŽ 催ᬜぎ⇨ᖂ㉦˄HEPA˅䖛Ⓒ఼ᰃⳂࠡ㹿ᑓ⊯Փ⫼ⱘϔ⾡໮ሖޔ࣪ᡔᴃDŽHEPA ೼㄀Ѡ⃵Ϫ⬠໻៬ᳳ䯈 ᳔߱㹿ᓔথ⫼ᴹ䖛ⒸḌডᑨේ䆒ᮑᥦߎⱘᑳ⇨Ёⱘᬒᇘᗻ乫㉦⠽DŽ⬅Ѣ݋᳝䴲ᐌ催ⱘ䖛Ⓒᬜ⥛ˈHEPA催ᬜ 䖛Ⓒ఼Ң䙷ᯊ䍋೼ᎹϮǃए⭫ǃݯџㄝ⋕ޔᅸЁህᏆ㒣៤Ўϔ⾡䞡㽕ⱘᡔᴃDŽ ೒ 11˖HEPA⼎ᛣ೒ 䌘᭭ᴹ⑤˖Google೒⠛ˈЁֵ䆕ࠌⷨお䚼 HEPA 催ᬜ䖛Ⓒ఼ⱘ䖛Ⓒҟ䋼⬅㒚ᖂ⦏⩗㑸㓈ࠊ៤ˈ݊८ᑺ੠䋼ഄϢ਌๼㒌䴲ᐌⳌԐDŽHEPA 催ᬜ䖛Ⓒ ఼ϔ৥㹿䅸Ўᇍ᠔᳝ 0.3ᖂ㉇੠᳈໻ⱘ㉦ᄤˈ݊ ᳔Ԣ乫㉦এ䰸⥛催䖒 99.97%DŽḍ᥂㕢೑㚎㛣णӮⱘᷛޚ㽕∖ˈ ⿄ᕫϞᰃĀⳳℷāⱘ HEPA催ᬜ䖛Ⓒ఼ˈᖙ乏Փこ䗣䖛Ⓒၦҟⱘ㉦ᄤ↨՟ϡᕫ催ѢϛߚПϝDŽ ⾏ᄤޔ࣪ᡔᴃ 䗮䖛⬉⾏఼ᇚᇚᏺ᳝ℷ⬉㥋˄៪䋳⬉㥋˅ⱘ⾏ᄤথᬷࠄぎ⇨ЁDŽ䖭ѯℷ/䋳⾏ᄤৃҹ䰘ⴔѢぎ⇨Ёⱘ乫 ㉦⠽ˈҢ㗠Փ݊ᏺ᳝ℷ⬉㥋˄៪䋳⬉㥋˅ˈ 䖯㗠Փᕫ乫㉦⠽Ӯ䰘ⴔࠄ䰘䖥བ๭ຕ៪ᆊ݋ⱘ㸼䴶Ϟˈ៪ᕐℸ䰘 ⴔথ⫳≝⿃⦄䈵䖯㗠Ңぎ⇨Ё㜅⾏DŽ ⬉⾏ޔ࣪ᡔᴃⱘ㔎⚍ᰃ˖乫㉦⠽ᅲ䰙Ϟᑊ᳾⿏䰸ˈাᰃ䰘ⴔѢ䰘䖥ⱘ㸼䴶ϞˈҎ㉏ⱘ㚎䚼гৃ㛑៤Ўᏺ ⬉乫㉦⠽ⱘ䰘ⴔ㸼䴶DŽᰒ✊ˈ䖭Ӯᓩ䍋Ϲ䞡ⱘⷁᳳ੠䭓ᳳعᒋ䯂乬DŽ݊⃵ˈ⬅Ѣ乫㉦⠽Ϟⱘ⬉㥋Ӯ䱣ⴔᯊ䯈 ⱘ᥼⿏㗠ϻ༅ˈՓᕫぎ⇨Ёⱘ乫㉦⠽Ӯݡ⃵ⓖ⍂Ѣぎ⇨ЁDŽ᳔ৢ⬉⾏఼᮴⊩䖛Ⓒ⇨ԧ੠⇨ੇˈ㗠Ϩ䆌໮⬉⾏ ఼ᴀ䑿гӮѻ⫳᳝ᆇⱘࡃѻકüü㟁⇻DŽ ϾҎ䰆ᡸ䆒໛Пϔüü㣅೑ RESPRO健຿ষ㔽 㗠ᇍѢ䳔㽕㒣ᐌ໪ߎⱘҎ຿ᴹ䇈ˈぎ⇨ޔ఼࣪ᰒ✊ϡ㛑⒵䎇᠋໪⌏ࡼⱘ䳔㽕ˈ಴ℸ䌁фষ㔽ᓣⱘ䰆ᡸ䴶 ݋ᰃ᳔᮴༜ⱘ䗝ᢽDŽᇍѢ催ッҎ㕸ᴹ䇈ˈ㣅೑ RESPRO 健຿ষ㔽ᰃϡ䫭ⱘ䗝ᢽDŽ䆹ѻકᰃ㣅೑㚎Ⱐ෎䞥Ӯ ᥼㤤ѻકˈ䞛⫼ HEPA-TYPEⒸᴤˈ݋᳝䰸ᇬ䰸ᓖੇⱘࡳᬜˈৃҹ᳝ᬜ䖛Ⓒ PM100-P10 ⱘ乫㉦ˈᇍ 0.3­m ⱘ乫㉦⠽г݋໛ϔᅮⱘ䖛Ⓒ㛑࡯ˈᭈԧ䖒ࠄњ⃻⌆ FFP1㑻߿ⱘ䰆ᡸᷛޚDŽ䖭Ͼѻકⱘ㔎⚍ᰃӋḐ䖛催ˈг ϡ໾ᆍᯧфࠄDŽ Ёֵ≑䔺g䔺䯏໽ϟ˄㄀ 40ᳳ˅ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 12᳜ 16᮹ 9 ೒ 12˖㣅೑ RESPRO健຿ষ㔽 䌘᭭ᴹ⑤˖Google೒⠛ˈЁֵ䆕ࠌⷨお䚼 ϾϾҎ䰆ᡸ䆒໛ПѠüü3M9322ϧϮ䰆ᇬষ㔽 3M9322 䰆ᇬষ㔽ᢹ᳝ 2 Ͼ㾘ḐˈЏ㽕ᰃ݋᳝ϡৠㄝ㑻ⱘ䰆ᡸᷛޚDŽ᳔催ッⱘ FFP3 㑻݋᳝ 99%ⱘ䖛Ⓒ ᬜ⥛ˈଂӋ 30ܗᎺেˈ᱂䗮ⱘ FFP2㑻䖛Ⓒᬜ⥛ 94%ᎺেˈଂӋ 20ܗᎺেDŽ 䖭ℒষ㔽ᴀᴹᰃЎ䙷ѯᎹ԰೼ᓎㄥǃ⷇ⷓǃ㒎㒛ǃᠧ⺼ǃѨ䞥䫌䗴ǃࠊ㥃ǃ⬉ᄤǃࠊ㥃ㄝ⡍⅞㸠ϮⱘᎹ Ҏޚ໛ⱘˈ೼Ⳃࠡぎ⇨∵ᶧϹ䞡ⱘ໻㚠᱃ϟˈѺৃ㹿⫼ᴹ䚼ߚ䰆ᡸ PM2.5DŽ ೒ 13˖3M9322ϧϮ䰆ᇬষ㔽 䌘᭭ᴹ⑤˖Google೒⠛ˈЁֵ䆕ࠌⷨお䚼 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 48ো Ёֵ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೑ഄऎথ䗕ⷨ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