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537.12070/12/1
002626039
2023
A-2 /
643034.202070/12/1
002728439
2026
110kV /
75293.522070/12/1
000957139
3
4
C30-C60 HRB400/HRB500
200-300mm
58
4-2-1293-4 240cm
59
4-2-130=×
1
201939
=++-
+
60
4-2-1312015299
10.58%0.58%[2016]504
21.30%1.23%(2007)670
30.03%0.03%(2002)125
40.10%0.09%(1999)1283
52.40%2.26%(2002)10
60.03%0.03%(2002)1980
4.44%4.22%
730/2017615
20251220
=+×
××1/2
4)
61
4-2-1325)
“[2016]36”
=/1.09×9%+
/1.06×6%
2
()
=/(+)×100%
3
=×
62
4-2-1331
2025
1231
11606908437.401574818582.691484458585.001420985291.00
2---117595889.00113819087.00
1606908437.401574818582.691602054474.001534804378.00
2
4853963.400.30%
40014204.692.54%
A1 1
1
39
(2025)0026256
42104.040.00
63
4-2-1342
87272.13
20201222070121
44.92
39
440608 001009 GB02457 F00020001
3
520248
64
4-2-1354
A.+
:Ct: ;
Ch: ;
It: ;
Ih:
2024
65
4-2-1368—202512+
2022117
20193202210
2022208
202512
98.24
20248
101.01
169967420.02185264487.82
7592849.298276205.73
17734922.3919331065.41
1595104.381738663.77
831602.62906446.86
1062464.581158086.39
66
4-2-137155660.37169669.80
165137.62180000.01
924698.271007921.11
200029859.54218032546.90
=218032546.90×
=218032546.90×101.01/98.24
=212053434.00()
B.
10.58%0.58%[2016]504
21.30%1.23%(2007)670
30.03%0.03%(2002)125
40.10%0.09%(1999)1283
52.40%2.26%(2002)10
60.03%0.03%(2002)1980
4.44%4.22%
730/2017615
=42104.04×30=1263121.20
=×+
=212053434.00×4.44%+1263121.20
=9415172.00+1263121.20
=10678294.00
=×
=212053434.00×4.22%+1263121.20
67
4-2-138=8907287.08+1263121.20
=10211776.00
C.
201915LPR “ 2019 8 20
20
”20251220LPR “2025 12 20LPR 1 LPR 3.0% 5 LPR 3.5%LPR LPR ” 2025 12 31
LPR
3 1 5 LPR LPR
3.25%
=[+]×
××1/2
=(212053434.00+10678294.00)×3×3.25%×1/2
=10858172.00
D.
68
4-2-1398%
=[+]×
=(212053434.00+10678294.00)×8%
=17818538.00
E.
9%
6%
=/1.09×9%+×(
-)
=212053434.00/1.09×9%+212053434.00×4.44%-4.22%
=17975517.00
F.=+
++-
=212053434.00+10634769.00+10858172.00+17818538.00
-17975517.00
=233432921.00
502023
8142.38
69
4-2-14048
=/+×100%
=48/48+2.38×100%
=95%
=×
=233432921.00×95%
=221761275.00
--(6)
1
20248
+
1337.42 m
20248
1337.422
C30 1.2m 0.6m
×0.8m 1.0m×1.0m×0.8m
Φ14 HRB400 Φ8@150 C15
100mm
M20 1.5m 50mm
70
4-2-1411
A.
2383464.01
:Ct: ;
Ch: ;
It: ;
Ih:
2024
8—202512+
71
4-2-1422022117
20193202210
2022208
202512
95.39.
20248
101.03.
=2383464.01×
=2383464.01×101.03/95.39
=2250407.00()
B.
10.58%0.58%[2016]504
21.30%1.23%(2007)670
30.03%0.03%(2002)125
40.10%0.09%(1999)1283
52.40%2.26%(2002)10
60.03%0.03%(2002)1980
4.44%4.22%
=×
72
4-2-143=2250407.00×4.44%
=99918.00()
=×
=2250407.00×4.22%
=94967.00()
C.
3
2025112020
13.00%53.50%
33.25%
=+×
××1/2
=2250407.00+99918.00×3×3.25%÷2
=114578.00()
D.iFind
8%
=[+]×
73
4-2-144=(2250407.00+99918.00)×8%
=188026.00
E.
9%
6%
=/1.09×9%+×(
-)
=2250407.00/1.09×9%+2250407.00×4.44%-4.22%
=190764.00
F.=+
++-
=2250407.00+99918.00+114578.00+188026.00-190764.00
=2462165.00()
2
3020248
1.42
29
=/+×100%
74
4-2-145=1.42/1.42+29×100%
=95%
3
=×
=2462165.00×95%
=2339057.00()
732109067.97691139421.02
1732109067.97691139421.02
2-722361339.90683318065.99
3-1226233.88759618.00
4-8521494.197061737.03
A. 13472
B. 6 SGM6521UBA2
CC6460AZ00A
C. 971
75
4-2-1461
“”
“”
76
4-2-1472
3
4
“”
1
=×
=++++
+-
A.
2025
B.
77
4-2-148=×
C.=×
D.=×
E.
10.58%0.58%[2016]504
78
4-2-14921.30%1.23%(2007)670
30.03%0.03%(2002)125
40.10%0.09%(1999)1283
5
(2002)10
2.40%2.26%
60.03%0.03%(2002)1980
4.44%4.22%
=(+++)×
()=(+++
×
F.
202512
=++++
×××1/2
G.
(2008170)
(2016
36)(201832)2019
39
79
4-2-150N
N / ×100%
=×
2
(201636)(
201832)201939
=++-
=/1.13×13%
A.B.
80
4-2-151×10%“
”÷(1+)×10%
C.
201212
1
×100%
1×100%
Min
Min +a
a:
=×
3
=-
81
4-2-152=/1.13×13%
=[÷+]×100%
=×
1
%
1732109067.97691139421.02801652768.00753564371.009.509.03
2-722361339.90683318065.99791958139.00744852007.009.639.01
3-1226233.88759618.001203600.001023397.00-1.8534.73
4-8521494.197061737.038491029.007688967.00-0.368.88
2
82
4-2-153——(
10610)
COP1600kw/PRP1820KW
2025630
2025630
2370204.24
2295147.78
1
1600KW
3516B
SR500
@0.8pf 2000kVA
1600eKW
50Hz
1500rpm
2
83
4-2-1542678330.80
=(++++
84
4-2-155+)×
()=(+++
++×
202512
=++++
++×
××1/2
(2008170)
(2016
36)(201832)2019
39
=÷(1+13%)×13%+(+
+)÷(1+9%)×9%+-()
85
4-2-156=++++
+-
A 2678330.80
B A×
C A×
D A×
E-01 ( ) (A+B+C+D)× 4.44% 118918.00
E-02 ( ) (A+B+C+D)× 4.22% 113026.00
F (A+B+C+D+E-01)×F-01×F-02/2 136366.00
F-01 ( ) 3
F-02 1 3.25%
G ( ) A+B+C+D+E -01+F 2933614.80
H 314019.00
H-01 A/(1+ )× 13% 308126.55
H-02 (B+C+D)/(1+ )× 9% 0.00
H-03 - 5892.00
I ( ) G-H 2619595.80
3
2025630
0.50
15.00
=/(+)
=15.00/(0.50+15.00)
=97.00%
4
=××
86
4-2-157=2619595.80×1.00×97.00%
=2541008.00
——(6)
1
E3T9Q0
FA6542A
202585
202585
535785.44
501852.36
7 X X mm 5370X1928X1920
mm 3430 / mm 1666/1646
L 70 / KG 2600/3100
274 920 L 2.0
(cc) 1991
L ( ) 4
ps 211 KW 155
rpm 5500 N.m 350
95#
2
539800.00
10%
87
4-2-158÷1.13×10%47770.00
300.00
=÷(1+13%)×13%
=62101.00
=++-
=539800.0047770.00300.00-62101.00
=525769.00
3
201212
11039.0060
=1-×100%
=98.00%
15.00202585
0.41
=1×100%
=97.00%
a
88
4-2-159a
Min +a
=97.00%
4
=×
=525769.00×97.00%
=509996.00
——
37
1
HP E78523dn 5QJ81A A3
2025630
2025630
10645.13
8959.67
23/
23/
77.8kg
566cm 646cm 848cm
89
4-2-160A3 A4
2
11899.00/
=÷(1+13%)×13%=1369.00
11899.00-1369.00=10530.00()
3“”6.002025630
0.506.00
=/(+)×100%
=92.00%
4
=××
=10530.00×1.00×92.00%
=9688.00
-
- 1 A3
90
4-2-161A3 484539478.24
A3 2020 12 31
A3
A3 2025
002626143010.15
2025
A-3 /
143010.152070/12/1
002626139
1
2
3
1
2
91
4-2-1623
4
-484539478.24
484539478.24
-
- 3 PDU
11815.92
-
92
4-2-163-
-11815.92
11815.92
484551294.16
484551294.16
1
11
—1
87272.1367484191.33
60623298.65
1
202579
20250026263
93
4-2-164440608001009GB02457W00000000
87272.13
2020120220701201
1
2:(2023)0027285;32023628
A-2 4 :A-1 A-3
202579
NO.D44363315380
2
2020122
207012120251231
44.92
94
4-2-1653
A2
A1 110KV
109981.0087272.13
1.7531.69
1
2
3
4
95
4-2-1661
——
A.B.
202411
2024
A.B.
96
4-2-167C.
2
1
97
4-2-168GB/T21010-2017
20251231
20701201
44.9244.92
1.75
31.693
2025
1231(
)
344.92
98
4-2-1692
1)
A.
113°06'23°02'
“”
23.2°C
5
2020111
9498863142010
71943112304552
32.03%2.82%
99
4-2-17013
7
2010
2014
23
498.12021
12282
B.C.
100
4-2-171
D.
2025
2030
2035
2050
+
450km2 54 44
101
4-2-172500+
/3
4/11/2
301
323.06km2 24.66
1590.44km2 GDP
A.B.C.D.
102
4-2-17398%
98%
95%
95%
E.
3)
87272.13
2
“”()
103
4-2-1743
1)
2)
3)
4)
104
4-2-1755)
4
××
××
A.B.C.
105
4-2-176D.
E.F.G.H.I.J.
18740.57
2025102950
1574.16 840 /m2
122381.59
106
4-2-1772024122350
10279.92 840 /m2
C
48876.44
2024122350
4105.36 840 /m2
107
4-2-178108
4-2-179202512311
232024
1223
2025
20233
20254
20241-1.19%-1.71%3.01%-1.49%
20242-2.04%-0.26%1.80%-0.32%
20243-0.03%-0.51%0.51%-0.43%
20244-0.60%-2.43%2.27%-2.09%
202510.01%-2.26%0.98%-1.93%
20252-2.15%-0.21%-3.41%-0.52%
20253-0.18%-1.38%-0.93%-1.25%
20254-1.30%-1.15%0.25%-1.11%
109
4-2-18023
=(1+2.27%)×(1+0.98%)×(1-3.41%)×(1-0.93%)×(1+0.25%)
=0.9907
44.92
50
K 1 1/(1 r)
m
2 1 1/(1 r)n
K2——
r—— 4.7 [
1.5%
3.2]
m—— 44.92
n—— 50
0.9706
10098
110
4-2-18198
87272.13
1001318740.57
48876.44
98982122381.59
100
111
4-2-1825-16
/840.00840.00840.00
100100100100
100100100100
100100100100
100100100.94100.94
10.97060.97060.9706
100989898
100989898
100100100100
100100100100
100100100100
100100100100
100100100100
100100100100
100100100100
100100100100
100100100100
1009810098
100100100100
100100100100
100100100100
100100100100
100100100100
100100100100
112
4-2-1835-17
///
/840.00840.00840.00
1.00001.00001.0000
1.00001.00001.0000
1.00001.00001.0000
1.00000.99070.9907
0.97060.97060.9706
1.02041.02041.0204
1.02041.02041.0204
1.00001.00001.0000
1.00001.00001.0000
1.00001.00001.0000
1.00001.00001.0000
1.00001.00001.0000
1.00001.00001.0000
1.00001.00001.0000
1.00001.00001.0000
1.00001.00001.0000
1.02041.00001.0204
1.00001.00001.0000
1.00001.00001.0000
1.00001.00001.0000
1.00001.00001.0000
1.00001.00001.0000
1.00001.00001.0000
865840857
113
4-2-184(865+840+857)3
854 /m2
=×
=854×87272.13=74530400.00
3%0.05%
=74530400.003.05%=2273200.00
=76803600.00
5
(1)
2024
202411
2024
114
4-2-1852024630
1.050
/
G-01-001 1 500 G-02-006 2 346
G-01-002 1 536 G-02-007 2 334
G-01-003 1 483 G-02-008 2 388
G-01-004 1 499 G-02-009 2 399
G-01-005 1 470 G-02-010 2 387
G-01-006 1 515 G-02-011 2 359
G-01-007 1 439 G-02-012 2 391
G-01-008 1 484 G-02-013 2 358
G-01-009 1 493 G-02-014 2 392
G-01-010 1 469 G-02-015 2 328
G-01-011 1 456 G-02-016 2 372
G-01-012 1 465 G-03-001 3 315
G-01-013 1 520 G-03-002 3 304
G-01-014 1 471 G-03-003 3 303
G-02-001 2 392 G-03-004 3 293
G-02-002 2 377 G-03-005 3 305
G-02-003 2 375 G-03-006 3 300
G-02-004 2 323 G-03-007 3 277
G-02-005 2 341 G-03-008 3 284
(2)
2024
115
4-2-186202411
=1+
1+
(3)
G-01-008
484/
(4)
202512312024
2024630
20241-1.19%-1.71%3.01%-1.49%
20242-2.04%-0.26%1.80%-0.32%
20243-0.03%-0.51%0.51%-0.43%
20244-0.60%-2.43%2.27%-2.09%
202510.01%-2.26%0.98%-1.93%
20252-2.15%-0.21%-3.41%-0.52%
20253-0.18%-1.38%-0.93%-1.25%
116
4-2-18720254-1.30%-1.15%0.25%-1.11%
=(1+0.51%)×(1+2.27%)×(1+0.98%)×(1-3.41%)×(1-
0.93%)×(1+0.25%)=0.9958
(5)
G-01-008
±2% G-01-008 :
Q 33.90%
Q 26.00%
Q 15.23%
Q 14.87%
Q 10.00%
:1.;
2.
117
4-2-1885-21
%%%
G-01-001 ±2 G-01-014 ±3 G-02-013 ±3
G-01-002 ±2.5 G-02-001 ±7 G-02-014 ±2
G-01-003 ±3 G-02-002 ±5 G-02-015 ±4
G-01-004 ±3 G-02-003 ±4 G-02-016 ±2.5
G-01-005 ±4 G-02-004 ±8 G-03-001 ±5
G-01-006 ±2 G-02-005 ±2 G-03-002 ±2.5
G-01-007 ±6 G-02-006 ±3 G-03-003 ±4
G-01-008 ±2 G-02-007 ±2 G-03-004 ±4
G-01-009 ±2 G-02-008 ±3 G-03-005 ±2
G-01-010 ±2 G-02-009 ±1.5 G-03-006 ±2
G-01-011 ±2.5 G-02-010 ±3 G-03-007 ±4
G-01-012 ±2 G-02-011 ±4 G-03-008 ±5
G-01-013 ±2 G-02-012 ±4 —— ——
G-01-008
0.68%
G-01-008
0.68%
G-01-008
0
G-01-008
0
G-01-008
0
118
4-2-189G-01-008
0
0.0068
(6)
=(1+2+1)%=4%
%%%%%
310-1-3
210-1-2
MM≥100000 50000≤M 10000≤M 5000≤M
5000
1000005000010000
210-1-2
(7)
1
(8)
[1-1 (1 r)n] [1-1 (1 r)N]
r 4.7%[ ]
119
4-2-190n 44.92
N 50
0.9706
(9)
()
50
20-7025-8020-10010-5050-13030-5070-210195-640225-690
(10)
=××1+
×1+
×±
=484×0.9958×(1+0.68%)×(1+4%)×0.9706+50
=540/
=×
120
4-2-191=540×87272.13=47127000.00
3%0.05%
=47127000.003.05%=1437172.50
=48564300.00
6
2024
121
4-2-1925-25
/m2
85470%54030%759.8
87272.13
759.8/
66309400.00
3%0.05%
=66309400.003.05%=2022436.70
=68331810.00
60623298.65
68331810.007708511.3512.72%
122
4-2-193—
1
11
83
2
123
4-2-1943
1-
+++
=*/2
= ROIC
4
-0.00
61500.0061500.00
5
1)
11
83
5-26-
1 2024/11/5 CN202420628148.9
124
4-2-1952 2024/7/30 CN202322934711.3
3 2024/6/28 CN202322556779.2
4 2024/6/4 CN202322765880.9
5 2024/5/17 CN202330574574.X
6 2024/4/9 CN202321899881.6
7 2024/3/22 CN202322161759.5
8 2024/3/15 CN202322403981.1
9 2024/2/13 CN202322161781.X
10 2023/12/19 CN202330452639.3
11 2023/12/15 CN202330452635.5
2)
55000.00
20828.02
20232024
125
4-2-19658464.070.00
0.0020869.26
=+++
=79300.00
202220232024
ROIC =
*/2=544.75
=+=79844.75
2
20232024
2.29
7.71
=1-7.71/2.29+7.71=22.92%
3
1-
=79844.751-22.92%=61500.00
60623298.6568393310.007770011.35
12.82%
126
4-2-1973809191.97
3809191.97
15535015.06
15535015.06
127
4-2-198158825361.85
158825361.85
2483366.28
2483366.28
1607125.43
1607125.43
12473.47
128
4-2-19912473.47
310029.21
310029.21
11790456.65
0.00
129
4-2-200—
130
4-2-201A3 B-1
131
4-2-2021
2
3
4
132
4-2-2031
(1)
E ( )
B
D
C (2)
P
I
C ( )
(3)
Ri i ( )
r
n
(4)
C1 ( )
C2 ( )
2
R= ×(1 t)+ - (5)
133
4-2-2043
(WACC) r
(6)
Wd
(7)
We
(8)
rd
re (CAPM)
re
(9)
rf
rm
ε
βe
(10)
βu
(11)
βt ( )
(12)
134
4-2-205K K=1
βx ( )
Di Ei
5
( ) A3 B-1
5
B1-20211189
AI
36524
()
135
4-2-20639130
3121
1 110KV 2
9 1 1 110KV
1.2 6.3kW 2024
142026
0.6 6.3kW
B-1 2026 2 2028
B-1
39100114000
111
2500 45kW IT
112.5MW
2020
2024
136
4-2-207IDC AIDC
AI Agent
202320242025
A1 2471.07
A1 80.34%
A2 795.96 8000.73
A2 14.17% 59.69%
138.68
934.6410471.80
202512312
A1 2025 0.6
6.3kW A
A2 2024 0.6 6.3kW
A B
A1 1 80.34% A2
259.69%
A A
137
4-2-208** /kW/
B B
20A ** / / 25A
** / / 32A ** / /
A1 A2
C
1 A1 A2
A1 A2
A1 A2
A 2024 -2030
2031
A2031 ** /kW/
B
20315%
A1 A2
A1 A2
202620272028202920302031
kW 37800.00 37800.00 37800.00 37800.00 37800.00 37800.00
kW 34020.00 37044.00 37044.00 37044.00 37044.00 37044.00
A1
90%98%98%98%98%98%
10943.9111916.7111916.7111916.7111916.7114677.81
A2 kW 37800.00 37800.00 37800.00 37800.00 37800.00 37800.00
138
4-2-209kW 25164.16 29913.17 35547.36 37048.98 37048.98 37048.98
67%79%94%98%98%98%
12867.8517172.5622761.8324251.3524251.3526554.06
203220332034203520362037
kW 37800.00 37800.00 37800.00 37800.00 37800.00 37800.00
kW 37044.00 37044.00 37044.00 37044.00 37044.00 37044.00
A1
98%98%98%98%98%98%
14677.8114677.8114677.8114677.8114677.8114677.81
kW 37800.00 37800.00 37800.00 37800.00 37800.00 37800.00
kW 37048.98 37048.98 37048.98 37048.98 37048.98 37048.98
A2
98%98%98%98%98%98%
26554.0626554.0626554.0626554.0626554.0626554.06
20382039204020412042
kW 37800.00 37800.00 37800.00 37800.00 37800.00 37800.00
kW 37044.00 37044.00 37044.00 37044.00 37044.00 37044.00
A1
98%98%98%98%98%98%
14677.8114677.8114677.8114677.8114677.8114677.81
kW 37800.00 37800.00 37800.00 37800.00 37800.00 37800.00
kW 37048.98 37048.98 37048.98 37048.98 37048.98 37048.98
A2
98%98%98%98%98%98%
26554.0626554.0626554.0626554.0626554.0626554.06
2 A3
2025 12 31 A3
2026 4 0.6 6.3 kW
A3
A3 A 2026
A1 2029
98%
A3
A1 A3
A1 2026 -2031 **
139
4-2-210/kW/ 2032
** / kW /
A3
A3
202620272028202920302031
kW 37800.00 37800.00 37800.00 37800.00 37800.00 37800.00
kW - 22680.00 34020.00 37044.00 37044.00 37044.00
A3
-60%90%98%98%98%
-7295.9410943.9111916.7111916.7111916.71
203220332034203520362037
kW 37800.00 37800.00 37800.00 37800.00 37800.00 37800.00
kW 37044.00 37044.00 37044.00 37044.00 37044.00 37044.00
A3
98%98%98%98%98%98%
14677.8114677.8114677.8114677.8114677.8114677.81
20382039204020412042
kW 37800.00 37800.00 37800.00 37800.00 37800.00 37800.00
kW 37044.00 37044.00 37044.00 37044.00 37044.00 37044.00
A3
98%98%98%98%98%98%
14677.8114677.8114677.8114677.8114677.8114677.81
3 B-1
B-1 2026 2 2028
B-1
39100114000
111
2500 45kW IT
112.5MW
140
4-2-211()
[2026]32
20260008377
B-1
20264
B-1 3 2028 6 30
2500 45 kW
B-1
2026 4 B-1
498%
5 ** / kW / 6
5%6
** / kW /
B-1
B-1
202620272028202920302031
kW 112500.00 112500.00 112500.00 112500.00
B- kW 78750.00 90000.00 101250.00 110250.00
170%80%90%98%
42346.7096792.45108891.51118570.75
203220332034203520362037
kW 112500.00 112500.00 112500.00 112500.00 112500.00 112500.00
kW 110250.00 110250.00 110250.00 110250.00 110250.00 110250.00
B-1
98%98%98%98%98%98%
118570.75124499.29124499.29124499.29124499.29124499.29
141
4-2-21220382039204020412042
kW 112500.00 112500.00 112500.00 112500.00 112500.00 112500.00
kW 110250.00 110250.00 110250.00 110250.00 110250.00 110250.00
B-1
98%98%98%98%98%98%
124499.29124499.29124499.29124499.29124499.29124499.29
202620272028202920302031
23811.7636385.2087969.15144877.21156976.27171719.34
23811.7636385.2045622.4548084.7648084.7653148.58
--42346.7096792.45108891.51118570.75
203220332034203520362037
174480.44180408.98180408.98180408.98180408.98180408.98
55909.6955909.6955909.6955909.6955909.6955909.69
118570.75124499.29124499.29124499.29124499.29124499.29
20382039204020412042
180408.98180408.98180408.98180408.98180408.98180408.98
55909.6955909.6955909.6955909.6955909.6955909.69
124499.29124499.29124499.29124499.29124499.29124499.29
1
142
4-2-2132 B-1
B-1 2026 4
B-1
B-1
B-1
:
202620272028202920302031
23811.7636385.2087969.15144877.21156976.27171719.34
143
4-2-21436.23%44.97%49.67%50.71%51.01%53.02%
15184.9820024.4544278.0471413.6476902.9180670.31
1193.951217.831242.191267.031292.371318.22
10118.0512887.0212887.0212887.0212887.0212887.02
134.97134.97134.97134.97134.97134.97
2940.234653.816981.927602.407602.407602.40
220.46333.89397.12413.98413.98413.98
85.0885.0885.0885.0885.0885.08
100.00153.00156.06159.18162.36165.61
150.00229.50234.09238.771059.091080.27
80.00122.40124.85127.34129.89132.49
20.0030.6031.2131.8432.4733.12
77.1478.6980.2681.8683.5085.17
15119.8819926.7922354.7623029.4823883.1423938.34
376.20767.45782.80798.45
--5227.5610455.1310455.1310455.13
65.1197.6697.6697.6697.6697.66
--15483.3735390.5639814.3843353.44
258.72591.37665.29724.42
18.7937.5837.5837.58
37.5076.5078.0379.59
423.47967.921088.921185.71
65.1197.6621923.2748384.1653019.7756731.97
203220332034203520362037
174480.44180408.98180408.98180408.98180408.98180408.98
53.72%54.70%54.70%54.70%54.70%54.70%
80744.1781732.7581732.7581732.7581732.7581732.75
1344.581371.471371.471371.471371.471371.47
12887.0212887.0212887.0212887.0212887.0212887.02
134.97134.97134.97134.97134.97134.97
7602.407602.407602.407602.407602.407602.40
413.98413.98413.98413.98413.98413.98
85.0885.0885.0885.0885.0885.08
168.92172.30172.30172.30172.30172.30
1101.871123.911123.911123.911123.911123.91
135.14137.84137.84137.84137.84137.84
33.7834.4634.4634.4634.4634.46
144
4-2-21586.8888.6188.6188.6188.6188.61
23994.6324052.0624052.0624052.0624052.0624052.06
814.42830.71830.71830.71830.71830.71
10455.1310455.1310455.1310455.1310455.1310455.13
97.6697.6697.6697.6697.6697.66
43353.4443353.4443353.4443353.4443353.4443353.44
724.42724.42724.42724.42724.42724.42
37.5837.5837.5837.5837.5837.58
81.18936.77936.77936.77936.77936.77
1185.711244.991244.991244.991244.991244.99
56749.5457680.7057680.7057680.7057680.7057680.70
20382039204020412042
180408.98180408.98180408.98180408.98180408.98180408.98
54.70%54.70%54.70%54.70%54.70%54.70%
81732.7581732.7581732.7581732.7581732.7581732.75
1371.471371.471371.471371.471371.471371.47
12887.0212887.0212887.0212887.0212887.0212887.02
134.97134.97134.97134.97134.97134.97
7602.407602.407602.407602.407602.407602.40
413.98413.98413.98413.98413.98413.98
85.0885.0885.0885.0885.0885.08
172.30172.30172.30172.30172.30172.30
1123.911123.911123.911123.911123.911123.91
137.84137.84137.84137.84137.84137.84
34.4634.4634.4634.4634.4634.46
88.6188.6188.6188.6188.6188.61
24052.0624052.0624052.0624052.0624052.0624052.06
830.71830.71830.71830.71830.71830.71
10455.1310455.1310455.1310455.1310455.1310455.13
97.6697.6697.6697.6697.6697.66
43353.4443353.4443353.4443353.4443353.4443353.44
724.42724.42724.42724.42724.42724.42
37.5837.5837.5837.5837.5837.58
936.77936.77936.77936.77936.77936.77
1244.991244.991244.991244.991244.991244.99
57680.7057680.7057680.7057680.7057680.7057680.70
145
4-2-216<>
7%
5%
202620272028202920302031
23811.7636385.2087969.15144877.21156976.27171719.34
3.2%2.5%1.6%1.3%1.2%1.1%
762.84924.271379.921837.161840.791845.22
-----
-----
-----
7.1410.9226.3943.4647.0951.52
-26.1826.1826.1826.1826.1826.18
-719.47867.16867.16867.16867.16867.16
-9.9619.9319.9319.9319.9319.93
-440.17880.34880.34880.34
0.080.080.080.080.080.08
203220332034203520362037
174480.44180408.98180408.98180408.98180408.98180408.98
1.1%1.0%1.0%1.0%1.0%1.0%
1846.041847.821847.821847.821847.821847.82
---
---
---
52.3454.1254.1254.1254.1254.12
-26.1826.1826.1826.1826.1826.18
-867.16867.16867.16867.16867.16867.16
-19.9319.9319.9319.9319.9319.93
-880.34880.34880.34880.34880.34880.34
146
4-2-2170.080.080.080.080.080.08
20382039204020412042
180408.98180408.98180408.98180408.98180408.98180408.98
1.0%1.0%1.0%1.1%1.2%1.2%
1847.821847.821847.822054.832210.902210.90
---120.75211.80211.80
---51.7590.7790.77
---34.5060.5160.51
54.1254.1254.1254.1254.1254.12
-26.1826.1826.1826.1826.1826.18
-867.16867.16867.16867.16867.16867.16
-19.9319.9319.9319.9319.9319.93
-880.34880.34880.34880.34880.34880.34
0.080.080.080.080.080.08
1
202620272028202920302031
23811.7636385.2087969.15144877.21156976.27171719.34
0.2%0.1%0.1%0.0%0.0%0.0%
46.5947.5248.4749.4450.4351.43
44.7345.6246.5347.4648.4149.38
0.310.320.320.330.340.34
1.551.581.611.641.681.71
203220332034203520362037
174480.44180408.98180408.98180408.98180408.98180408.98
0.0%0.0%0.0%0.0%0.0%0.0%
147
4-2-21852.4653.5153.5153.5153.5153.51
50.3751.3851.3851.3851.3851.38
0.350.360.360.360.360.36
1.751.781.781.781.781.78
20382039204020412042
180408.98180408.98180408.98180408.98180408.98180408.98
0.0%0.0%0.0%0.0%0.0%0.0%
53.5153.5153.5153.5153.5153.51
51.3851.3851.3851.3851.3851.38
0.360.360.360.360.360.36
1.781.781.781.781.781.78
2
202620272028202920302031
23811.7636385.2087969.15144877.21156976.27171719.34
7.5%4.9%2.1%1.3%1.2%1.1%
1777.071796.211815.731835.651855.961876.68
651.46664.49677.78691.33705.16719.26
17.5717.9218.2818.6419.0219.40
37.9538.7139.4840.2741.0841.90
84.0885.7787.4889.2391.0192.83
165.99169.31172.70176.15179.67183.27
148
4-2-219820.02820.02820.02820.02820.02820.02
203220332034203520362037
174480.44180408.98180408.98180408.98180408.98180408.98
1.1%1.1%1.1%1.1%1.1%1.1%
1897.811919.371919.371919.371919.371919.37
733.65748.32748.32748.32748.32748.32
19.7920.1820.1820.1820.1820.18
42.7443.5943.5943.5943.5943.59
94.6996.5996.5996.5996.5996.59
186.93190.67190.67190.67190.67190.67
820.02820.02820.02820.02820.02820.02
20382039204020412042
180408.98180408.98180408.98180408.98180408.98180408.98
1.1%1.1%1.1%1.1%1.1%1.1%
1919.371919.371919.371919.371919.371919.37
748.32748.32748.32748.32748.32748.32
20.1820.1820.1820.1820.1820.18
43.5943.5943.5943.5943.5943.59
96.5996.5996.5996.5996.5996.59
190.67190.67190.67190.67190.67190.67
820.02820.02820.02820.02820.02820.02
3
202620272028202920302031
149
4-2-22023811.7636385.2087969.15144877.21156976.27171719.34
4.98%4.36%3.32%3.03%3.03%3.02%
1186.491587.172922.254394.974752.475181.57
230.33253.36278.70306.57337.22370.95
595.29909.632199.233621.933924.414292.98
183.06201.37221.50243.65268.02294.82
177.81222.82222.82222.82222.82222.82
203220332034203520362037
174480.44180408.98180408.98180408.98180408.98180408.98
3.02%3.01%3.01%3.01%3.01%3.01%
5263.915425.705425.705425.705425.705425.70
378.37385.93385.93385.93385.93385.93
4362.014510.224510.224510.224510.224510.22
300.72306.73306.73306.73306.73306.73
222.82222.82222.82222.82222.82222.82
20382039204020412042
180408.98180408.98180408.98180408.98180408.98180408.98
3.01%3.01%3.01%3.01%3.01%3.01%
5425.705425.705425.705425.705425.705425.70
385.93385.93385.93385.93385.93385.93
4510.224510.224510.224510.224510.224510.22
306.73306.73306.73306.73306.73306.73
222.82222.82222.82222.82222.82222.82
4
202620272028202920302031
23811.7636385.2087969.15144877.21156976.27171719.34
0.0%0.0%0.0%4.3%3.4%2.6%
---6296.895397.334497.78
---6296.895397.334497.78
150
4-2-221203220332034203520362037
174480.44180408.98180408.98180408.98180408.98180408.98
2.1%1.5%1.0%0.5%0.0%0.0%
3598.222698.671799.11899.560.000.00
3598.222698.671799.11899.560.000.00
20382039204020412042
180408.98180408.98180408.98180408.98180408.98180408.98
0.0%0.0%0.0%0.0%0.0%0.0%
0.000.000.000.000.000.00
0.000.000.000.000.000.00
151
4-2-222=+++
1
2
=-
152
4-2-223=++-
3
4
202620272028202920302031
23811.7636385.2087969.15144877.21156976.27171719.34
153
4-2-22415184.9820024.4544278.0471413.6476902.9180670.31
762.84924.271379.921837.161840.791845.22
46.5947.5248.4749.4450.4351.43
1777.071796.211815.731835.651855.961876.68
1186.491587.172922.254394.974752.475181.57
---6296.895397.334497.78
4853.7912005.5837524.7559049.4666176.3877596.35
------
------
4853.7912005.5837524.7559049.4666176.3877596.35
555.231568.005195.728203.639219.1510867.89
4298.5610437.5832329.0350845.8456957.2366728.46
11315.9514162.4919390.0524617.6124617.6124617.61
11115.8713929.8619157.4224384.9924384.9924384.99
200.08232.63232.63232.63232.63232.63
---5352.354587.733823.11
81921.1669718.31143450.0314083.797847.597608.30
3694.922851.189901.1910767.352149.053100.81
185.43185.43185.433316.445698.544507.49
78040.8166681.70133363.41---
(5071.57)1312.18(21906.05)2316.612300.482656.35
(71378.22)(43806.07)(113637.01)69048.6380615.4790217.23
203220332034203520362037
174480.44180408.98180408.98180408.98180408.98180408.98
80744.1781732.7581732.7581732.7581732.7581732.75
1846.041847.821847.821847.821847.821847.82
52.4653.5153.5153.5153.5153.51
1897.811919.371919.371919.371919.371919.37
5263.915425.705425.705425.705425.705425.70
3598.222698.671799.11899.560.000.00
81077.8286731.1587630.7188530.2689429.8289429.82
------
------
81077.8286731.1587630.7188530.2689429.8289429.82
11377.8712201.7212336.6512471.5912606.5212606.52
69699.9574529.4375294.0676058.6876823.3076823.30
24617.6124617.6124617.6124617.6124617.6124617.61
24384.9924384.9924384.9924384.9924384.9924384.99
232.63232.63232.63232.63232.63232.63
3058.492293.871529.24764.620.000.00
872.2710241.753316.445698.546846.61378.86
154
4-2-225686.841334.20----
185.438907.563316.445698.546846.61378.86
------
2808.463025.653025.653025.653025.653025.65
99312.2394224.81101150.1298768.0297619.96104087.70
20382039204020412042
180408.98180408.98180408.98180408.98180408.98180408.98
81732.7581732.7581732.7581732.7581732.7581732.75
1847.821847.821847.822054.832210.902210.90
53.5153.5153.5153.5153.5153.51
1919.371919.371919.371919.371919.371919.37
5425.705425.705425.705425.705425.705425.70
0.000.000.000.000.000.00
89429.8289429.8289429.8289222.8189066.7489066.74
------
------
89429.8289429.8289429.8289222.8189066.7489066.74
12606.5212606.5212606.5212575.4712552.0612552.06
76823.3076823.3076823.3076647.3576514.6876514.68
24617.6124617.6124617.6124617.6124617.6124617.61
24384.9924384.9924384.9924384.9924384.9924384.99
232.63232.63232.63232.63232.63232.63
0.000.000.000.000.000.00
10267.0732451.2975282.5914012.4992354.2824617.61
---17.2513.01-
10267.0732451.2975282.5913995.2492341.2724617.61
------
3025.653025.653025.651300.62--
94199.4972015.2729183.9788553.098778.0276514.68
1.
CCDC
155
4-2-226(%)
31.27
61.34
11.34
21.36
2025/12/3131.38
51.63
71.74
101.85
302.27
12——
202038
10
rf 1.85%
2.
A
rm
12——
202038
300
10
156
4-2-227A
rm=9.30%
rm rf 9.30%-1.85%=7.45%
3.
4.
250 βu
βe
5.
ε=1.10%
157
4-2-2280.20%
0.20%
0.00%
0.20%
0.00%
0.20%
0.30%
1.10%
6. rd
5 LPR
3.50%
7. WACC
202620272028202920302031
81.45%81.45%81.45%81.45%81.45%81.45%
18.55%18.55%18.55%18.55%18.55%18.55%
1.85%1.85%1.85%1.85%1.85%1.85%
9.30%9.30%9.30%9.30%9.30%9.30%
β1.31581.31581.31581.31581.31581.3158
β1.20851.20851.20851.20851.20851.2085
158
4-2-229β1.00991.00991.00991.00991.00991.0099
15%15%15%15%15%15%
β1.20551.20551.20551.20551.20551.2055
1.10%1.10%1.10%1.10%1.10%1.10%
11.93%11.93%11.93%11.93%11.93%11.93%
2.98%2.98%2.98%2.98%2.98%2.98%
10.27%10.27%10.27%10.27%10.27%10.27%
203220332034203520362037
81.45%81.45%81.45%81.45%81.45%81.45%
18.55%18.55%18.55%18.55%18.55%18.55%
1.85%1.85%1.85%1.85%1.85%1.85%
9.30%9.30%9.30%9.30%9.30%9.30%
β1.31581.31581.31581.31581.31581.3158
β1.20851.20851.20851.20851.20851.2085
β1.00991.00991.00991.00991.00991.0099
15%15%15%15%15%15%
β1.20551.20551.20551.20551.20551.2055
1.10%1.10%1.10%1.10%1.10%1.10%
11.93%11.93%11.93%11.93%11.93%11.93%
2.98%2.98%2.98%2.98%2.98%2.98%
10.27%10.27%10.27%10.27%10.27%10.27%
20382039204020412042
81.45%81.45%81.45%81.45%81.45%81.45%
18.55%18.55%18.55%18.55%18.55%18.55%
1.85%1.85%1.85%1.85%1.85%1.85%
9.30%9.30%9.30%9.30%9.30%9.30%
β1.31581.31581.31581.31581.31581.3158
β1.20851.20851.20851.20851.20851.2085
β1.00991.00991.00991.00991.00991.0099
15%15%15%15%15%15%
β1.20551.20551.20551.20551.20551.2055
1.10%1.10%1.10%1.10%1.10%1.10%
11.93%11.93%11.93%11.93%11.93%11.93%
2.98%2.98%2.98%2.98%2.98%2.98%
10.27%10.27%10.27%10.27%10.27%10.27%
3
159
4-2-230432339.88
C=212987.95
1495.541495.54
223686.64223686.64
/225182.19225182.19
14128.6614128.66
/14128.6614128.66
C1 / 211053.53 211053.53
1553.501553.50
380.92380.92
/1934.421934.42
1179.05-
/1179.05-
C2 / 755.38 1934.42
C / 211808.90 212987.95
P=432339.88
C=212987.95 I=0.00
2 B=645327.83
160
4-2-231D=0.00
E=B D=645330.00
161
4-2-23220251231
20251231
522031.91525049.99
3018.080.58%
17502.8816323.84
1179.046.74%
504529.03508726.15
4197.120.83%
20251231
A B C=B-A D=C/A×100
1238984.23238984.23--
2283047.68286065.763018.081.07
3---
4---
5226595.80228836.872241.070.99
648455.1348455.13--
76062.336839.33777.0012.82
162
4-2-233A B C=B-A D=C/A×100
81934.421934.42--
9522031.91525049.993018.080.58
1016323.8416323.84--
111179.05--1179.05-100.00
1217502.8816323.84-1179.04-6.74
13504529.03508726.154197.120.83
20251231
504529.03645330.00
140800.9727.91%
508726.15
645330.00136603.8526.85%
1.
2.
163
4-2-234AI
36524
645330.00
164
4-2-235300442.SZ
91
163434.3573
20070627
20070627
91310000662495305D
1
4-2-23639
58363.92
20200422
20200422
91440608MA54JTWU13
2
4-2-2371
2020422
10000.0010000.00
2020422“8
20202000107799”
91440608MA54JTWU13
1
%%
110000.00100.0010000.00100.00
10000.00100.0010000.00100.00
2
2023316
76560.368888.0067672.36
10000.00
18888.00
3
4-2-2382
%%
118888.0010018888.00100
18888.0010018888.00100
3
2024628
18888.00
23893.3253000.00
5005.32
3
%%
118888.0079.0518888.0079.05
25005.3220.955005.3220.95
23893.3210023893.32100
4
20241211
944.40
10000.00
14732.64
156000.00
4
4-2-2394
%%
119832.4050.1219832.4050.12
25005.3212.655005.3212.65
32455.446.212455.446.21
44722.0011.934722.0011.93
51888.804.771888.804.77
6944.402.39944.402.39
74722.0011.934722.0011.93
39570.3610039570.36100
5
2025311
17376.96
92000.008688.48
92000.008688.48
5
%%
5
4-2-240128520.8850.0828520.8850.08
25005.328.795005.328.79
32455.444.312455.444.31
44722.008.294722.008.29
51888.803.321888.803.32
6944.401.66944.401.66
74722.008.294722.008.29
81888.803.321888.803.32
9472.200.83472.200.83
10283.320.5283.320.5
111416.602.491416.602.49
121888.803.321888.803.32
131794.363.151794.363.15
14944.401.66944.401.66
56947.3210056947.32100
6
2025717
53180.20
8.7894%5005.32
6
%%
128520.8850.0828520.8850.08
25005.328.795005.328.79
32455.444.312455.444.31
44722.008.294722.008.29
6
4-2-24151888.803.321888.803.32
6944.401.66944.401.66
74722.008.294722.008.29
81888.803.321888.803.32
9472.200.83472.200.83
10283.320.5283.320.5
111416.602.491416.602.49
121888.803.321888.803.32
131794.363.151794.363.15
14944.401.66944.401.66
56947.3210056947.32100
7
2025926
1416.60
15000.00
7
%%
128520.8848.8728520.8848.87
25005.328.585005.328.58
32455.444.212455.444.21
44722.008.094722.008.09
51888.803.241888.803.24
6944.401.62944.401.62
74722.008.094722.008.09
81888.803.241888.803.24
9472.200.81472.200.81
7
4-2-24210283.320.49283.320.49
112833.204.852833.204.85
121888.803.241888.803.24
131794.363.071794.363.07
14944.401.62944.401.62
58363.9210058363.92100
20251231
522031.9117502.88
504529.03202510471.80768.29
475.81
[2026]230Z1007
8
202312312024123120251231
326889.67521172.46522031.91
240095.58216566.2717502.88
86794.09304606.19504529.03
202320242025
-934.6410471.80
898.40-1665.34768.29
691.69-1172.04475.81
9945.38-2304.54-9604.27
8
4-2-243-68036.67-120164.30-52434.31
58503.35192240.64-7417.58
B1-20211189
AI
36524
()
39130
3121
1 110KV 2
9 1 1 110KV
1.2 6.3kW 2024
142026
0.6 6.3kW
B-1 2026 2 2028
9
4-2-244B-1
39100114000
111
2500 45kW IT
112.5MW
IDC
AI
365×24
1
10
4-2-2451
8
2
2006215-
11
4-2-24633201471-
41
522031.91
17502.88504529.03238984.23
283047.6816323.83
1179.05
[2026]230Z1007
12
4-2-247522031.91275057.66
52.69%
1.
39
2.
1
2
237
16
392023-2025
A1 A2
110KV
7
16
13
4-2-2487
6 A1 A2
104595.89
1
110KV 5293.52
9
2025
A-1 /
142104.042070/12/1
002625639
2025/
216182.792070/12/1
002625739
2025/
33200.662070/12/1
002625839
2025
/
437.12070/12/1
002625939
2025
/
537.12070/12/1
002626039
2023
A-2 /
643034.202070/12/1
002728439
2026
110kV /
75293.522070/12/1
000957139
3
A. 13472
14
4-2-249B. 6 SGM6521UBA2
CC6460AZ00A
C. 971
4
A3 A3
A3 2025
002626143010.15
10
2025
A-3 /
143010.152070/12/1
002626139
3 PDU
1.—
15
4-2-2501
87272.132025
0026263
11
(m2)
2025
12020/12/25087272.13
0026263
2.—
11
83
12
1 2024/11/5 CN202420628148.9
2 2024/7/30 CN202322934711.3
3 2024/6/28 CN202322556779.2
4 2024/6/4 CN202322765880.9
5 2024/5/17 CN202330574574.X
6 2024/4/9 CN202321899881.6
7 2024/3/22 CN202322161759.5
8 2024/3/15 CN202322403981.1
9 2024/2/13 CN202322161781.X
10 2023/12/19 CN202330452639.3
11 2023/12/15 CN202330452635.5
16
4-2-25111
20251231
11
17
4-2-2521 110KV
20260009571
522031.9117502.88
504529.03238984.23
283047.6816323.831179.05
20251231
18
4-2-2531
2
1
2
13
202620272028202920302031
23811.7636385.2087969.15144877.21156976.27171719.34
15184.9820024.4544278.0471413.6476902.9180670.31
762.84924.271379.921837.161840.791845.22
46.5947.5248.4749.4450.4351.43
1777.071796.211815.731835.651855.961876.68
1186.491587.172922.254394.974752.475181.57
---6296.895397.334497.78
4853.7912005.5837524.7559049.4666176.3877596.35
------
------
4853.7912005.5837524.7559049.4666176.3877596.35
555.231568.005195.728203.639219.1510867.89
4298.5610437.5832329.0350845.8456957.2366728.46
11315.9514162.4919390.0524617.6124617.6124617.61
11115.8713929.8619157.4224384.9924384.9924384.99
200.08232.63232.63232.63232.63232.63
19
4-2-254---5352.354587.733823.11
81921.1669718.31143450.0314083.797847.597608.30
3694.922851.189901.1910767.352149.053100.81
185.43185.43185.433316.445698.544507.49
78040.8166681.70133363.41---
(5071.57)1312.18(21906.05)2316.612300.482656.35
(71378.22)(43806.07)(113637.01)69048.6380615.4790217.23
203220332034203520362037
174480.44180408.98180408.98180408.98180408.98180408.98
80744.1781732.7581732.7581732.7581732.7581732.75
1846.041847.821847.821847.821847.821847.82
52.4653.5153.5153.5153.5153.51
1897.811919.371919.371919.371919.371919.37
5263.915425.705425.705425.705425.705425.70
3598.222698.671799.11899.560.000.00
81077.8286731.1587630.7188530.2689429.8289429.82
------
------
81077.8286731.1587630.7188530.2689429.8289429.82
11377.8712201.7212336.6512471.5912606.5212606.52
69699.9574529.4375294.0676058.6876823.3076823.30
24617.6124617.6124617.6124617.6124617.6124617.61
24384.9924384.9924384.9924384.9924384.9924384.99
232.63232.63232.63232.63232.63232.63
3058.492293.871529.24764.620.000.00
872.2710241.753316.445698.546846.61378.86
686.841334.20----
185.438907.563316.445698.546846.61378.86
------
2808.463025.653025.653025.653025.653025.65
99312.2394224.81101150.1298768.0297619.96104087.70
20382039204020412042
180408.98180408.98180408.98180408.98180408.98180408.98
81732.7581732.7581732.7581732.7581732.7581732.75
1847.821847.821847.822054.832210.902210.90
53.5153.5153.5153.5153.5153.51
1919.371919.371919.371919.371919.371919.37
5425.705425.705425.705425.705425.705425.70
0.000.000.000.000.000.00
89429.8289429.8289429.8289222.8189066.7489066.74
20
4-2-255------
------
89429.8289429.8289429.8289222.8189066.7489066.74
12606.5212606.5212606.5212575.4712552.0612552.06
76823.3076823.3076823.3076647.3576514.6876514.68
24617.6124617.6124617.6124617.6124617.6124617.61
24384.9924384.9924384.9924384.9924384.9924384.99
232.63232.63232.63232.63232.63232.63
0.000.000.000.000.000.00
10267.0732451.2975282.5914012.4992354.2824617.61
---17.2513.01-
10267.0732451.2975282.5913995.2492341.2724617.61
------
3025.653025.653025.651300.62--
94199.4972015.2729183.9788553.098778.0276514.68
21
4-2-256
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