<p><strong style="font-size: 24px;letter-spacing: 0.034em;"><span style="text-decoration: underline;font-family: å®ä½;">ä¸ãå¸åºæ¦åµ</span></strong><br /></p><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;">1. <span style="font-family:å®ä½;">æ´ä½å¸åºè¡¨ç°</span><span style="font-family:Calibri;"></span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></strong></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:Calibri;"></span><span style="font-family:å®ä½;">æ交è§æ¨¡ï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;">2025<span style="font-family:å®ä½;">å¹´</span><span style="font-family:Calibri;">1</span><span style="font-family:å®ä½;">ææå·æ°æ¿æ交é¢ç§¯</span><span style="font-family:Calibri;">42.4</span><span style="font-family:å®ä½;">ä¸ã¡ï¼ç¯æ¯ä¸é</span><span style="font-family:Calibri;">57%</span><span style="font-family:å®ä½;">ï¼äºææ¿æ交</span><span style="font-family:Calibri;">6064</span><span style="font-family:å®ä½;">å¥ï¼å</span><span style="font-family:Calibri;">2017</span><span style="font-family:å®ä½;">年以æ¥æ¥èææ°é«ï¼åæ¯å¢</span><span style="font-family:Calibri;">31.5%</span><span style="font-family:å®ä½;">ã</span><span style="font-family:Calibri;">2</span><span style="font-family:å®ä½;">æåæ¥èåæå½±åï¼æ°æ¿å¸åºæ¾æ¿ç度ç¯æ¯ä¸æ¶¨</span><span style="font-family:Calibri;">65%</span><span style="font-family:å®ä½;">ï¼äºææ¿å¸¦çéåæ¯æ¿å¢</span><span style="font-family:Calibri;">56%</span><span style="font-family:å®ä½;">ï¼æ ¸å¿åºèåæ¥åæ¥è®¿éç¯æ¯æ¶¨</span><span style="font-family:Calibri;">169%</span><span style="font-family:å®ä½;">ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:Calibri;"></span><strong><span style="font-family:å®ä½;">ä»·æ ¼</span></strong></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:å®ä½;">èµ°å¿ï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;">1<span style="font-family:å®ä½;">ææ°æ¿åä»·</span><span style="font-family:Calibri;">33052</span><span style="font-family:å®ä½;">å </span><span style="font-family:Calibri;">/</span><span style="font-family:å®ä½;">ã¡ï¼ç¯æ¯ä¸é</span><span style="font-family:Calibri;">7%</span><span style="font-family:å®ä½;">ï¼äºææ¿åä»·</span><span style="font-family:Calibri;">3.01</span><span style="font-family:å®ä½;">ä¸å </span><span style="font-family:Calibri;">/</span><span style="font-family:å®ä½;">ã¡ï¼ç¯æ¯å¾®æ¶¨</span><span style="font-family:Calibri;">5%</span><span style="font-family:å®ä½;">ï¼æ ¸å¿åºæ¬¡æ°æ¿ï¼å¦äºå¥¥åï¼æ¶¨å¹ æ¾èï¼å¤å´åºåï¼ä¸´å®ãå¯é³ï¼åºåå»åå¨æè¶ </span><span style="font-family:Calibri;">20</span><span style="font-family:å®ä½;">个æã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:å®ä½;">åå°å¸åºï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;">1<span style="font-family:å®ä½;">ææ¶å® å°åå¹³å溢价ç</span><span style="font-family:Calibri;">45.3%</span><span style="font-family:å®ä½;">ï¼æ»¨æ±éå¢ä»¥</span><span style="font-family:Calibri;">61.9%</span><span style="font-family:å®ä½;">溢价çç«å¾å干西åå å°åï¼é±æ±ä¸çºªåå®çªå¿å°å楼é¢ä»·è¾¾</span><span style="font-family:Calibri;">4.7</span><span style="font-family:å®ä½;">ä¸</span><span style="font-family:Calibri;">/</span><span style="font-family:å®ä½;">ã¡ï¼ååºåæ°é«ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><section style="margin-top: 24px;"><strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:Calibri;">2. </span><span style="font-family:å®ä½;">æ¿çä¸çç¹äºä»¶</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;"></span><span style="font-family:Calibri;"></span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></section><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:å®ä½;">æ¿ç宽æ¾ï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;">æå·å ¨é¢åæ¶éè´ãéä»·ï¼é¦å¥æ¿è´·å©çéè³</span>3.45%<span style="font-family:å®ä½;">ï¼åæ²</span><span style="font-family:Calibri;">â</span><span style="font-family:å®ä½;">è´æ¿å ¥å¦</span><span style="font-family:Calibri;">â</span><span style="font-family:å®ä½;">æ¿çè¯è¡ï¼éæ·ç±è´æ¿å æ¯åè³</span><span style="font-family:Calibri;">41%</span><span style="font-family:å®ä½;">ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:å®ä½;">产ä¸èµè½ï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;">2025<span style="font-family:å®ä½;">å¹´</span><span style="font-family:Calibri;">â8+4â</span><span style="font-family:å®ä½;">ç»æµæ¿çèç¦æ°è´¨ç产åï¼æå ¥</span><span style="font-family:Calibri;">502</span><span style="font-family:å®ä½;">亿å æ¯æ</span><span style="font-family:Calibri;">AI</span><span style="font-family:å®ä½;">ã人形æºå¨äººçæªæ¥äº§ä¸ï¼æ°å¢ä½ç©ºç»æµèªçº¿</span><span style="font-family:Calibri;">100</span><span style="font-family:å®ä½;">æ¡ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:å®ä½;">çç¹äºä»¶ï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;">æ¥èå</span><span style="font-family:Calibri;">â</span><span style="font-family:å®ä½;">å å°é¾</span><span style="font-family:Calibri;">â</span><span style="font-family:å®ä½;">ç§æä¼ä¸ï¼å¦</span><span style="font-family:Calibri;">DeepSeek</span><span style="font-family:å®ä½;">ãå®æ ç§æï¼å¸¦å¨æ¹ååä½æ¿éæ±ï¼é±æ±ä¸çºªååé¨å® å°å¼åç°è±¡çº§ç«æã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><section style="margin-top: 24px;"><span style="font-size: 24px;text-decoration: underline;"><strong><span style="font-size: 24px;text-decoration: underline;font-family: å®ä½;">äºã客æ·ç»ååæ</span></strong></span><strong><span style="font-family: Calibri;font-size: 14pt;"><o:p></o:p></span></strong></section><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;">1. <span style="font-family:å®ä½;">客æ·åºç¡ç¹å¾</span><span style="font-family:Calibri;"></span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></strong></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:Calibri;"></span><span style="font-family:å®ä½;">å¹´é¾ä¸æ·ç±ï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;">主å客群为</span>31-50<span style="font-family:å®ä½;">å²ï¼å æ¯</span><span style="font-family:Calibri;">58%</span><span style="font-family:å®ä½;">ï¼ï¼éæ¬å°æ·ç±è´æ¿å æ¯</span><span style="font-family:Calibri;">41%</span><span style="font-family:å®ä½;">ï¼æ¸¯æ¾³åçå¤æèµå®¢å æ¯</span><span style="font-family:Calibri;">15%</span><span style="font-family:å®ä½;">ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:å®ä½;">æ¶å ¥å±çº§ï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;">æ ¸å¿åºï¼é±æ±æ°åãæªæ¥ç§æåï¼è´æ¿è 家åºå¹´æ¶å ¥</span>100<span style="font-family:å®ä½;">ä¸</span><span style="font-family:Calibri;">+</span><span style="font-family:å®ä½;">ï¼å好æ»ä»·</span><span style="font-family:Calibri;">600</span><span style="font-family:å®ä½;">ä¸</span><span style="font-family:Calibri;">+</span><span style="font-family:å®ä½;">è±ªå® ï¼å¤å´åºåé客群éä¸äºæ»ä»·</span><span style="font-family:Calibri;">200</span><span style="font-family:å®ä½;">ä¸ä»¥ä¸æ¿æºã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><section style="margin-top: 24px;"><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;">2. <span style="font-family:å®ä½;">è¡ä¸ºå好</span><span style="font-family:Calibri;"></span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></strong></section><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:Calibri;"></span><span style="font-family:å®ä½;">è´æ¿å¨æºï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;">æ¹åéæ±å 主导ï¼</span>60%<span style="font-family:å®ä½;">ï¼ï¼å ³æ³¨æè²é å¥ï¼å¦åæ²</span><span style="font-family:Calibri;">â</span><span style="font-family:å®ä½;">è´æ¿å ¥å¦</span><span style="font-family:Calibri;">â</span><span style="font-family:å®ä½;">æ¿çï¼ãæºè½åç©ä¸ï¼å¦ä¸ç§ç»¿è²ç¤¾åºï¼ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:å®ä½;">产åéæ©ï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;">æ ¸å¿åºå好é«ä½¿ç¨çæ·åï¼å¦</span>300-400<span style="font-family:å®ä½;">ã¡å¤§å¹³å±ï¼ï¼å¤å´åºå¾åæ§ä»·æ¯åéçï¼ä¸æ¬¡æ§ä»æ¬¾å æ¯</span><span style="font-family:Calibri;">72%</span><span style="font-family:å®ä½;">ï¼æµæ¼è´·æ¿ä»£ææè¶å¿æ¾èã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><section style="margin-top: 24px;"><span style="font-size: 24px;text-decoration: underline;"><strong><span style="font-size: 24px;text-decoration: underline;font-family: å®ä½;">ä¸ãåºåå¸åºå¯¹æ¯</span></strong></span><strong><span style="font-family: Calibri;font-size: 14pt;"><o:p></o:p></span></strong></section><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;">1. <span style="font-family:å®ä½;">ååºå表ç°</span><span style="font-family:Calibri;"></span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></strong></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:Calibri;"></span><span style="font-family:å®ä½;">æ ¸å¿åºï¼é±æ±ä¸çºªåãæªæ¥ç§æåï¼ï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;">æ°æ¿åä»·çªç ´</span>6<span style="font-family:å®ä½;">ä¸</span><span style="font-family:Calibri;">/</span><span style="font-family:å®ä½;">ã¡ï¼äºææ¿æ交å æ¯</span><span style="font-family:Calibri;">80%</span><span style="font-family:å®ä½;">ï¼äºå¥¥åç次æ°æ¿æå带çé</span><span style="font-family:Calibri;">1.4</span><span style="font-family:å®ä½;">ä¸æ¬¡ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:Calibri;"></span><span style="font-family:å®ä½;">å¤å´åºï¼ä¸´å®ãå¯é³ï¼ï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;">åºåå»åå¨æ</span>22<span style="font-family:å®ä½;">个æï¼æ³ææ¿æ°éåæ¯æ¿å¢</span><span style="font-family:Calibri;">47%</span><span style="font-family:å®ä½;">ï¼é¨å项ç®éä»·è¶ </span><span style="font-family:Calibri;">10%</span><span style="font-family:å®ä½;">ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><section style="margin-top: 24px;"><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;">2. <span style="font-family:å®ä½;">æ¿åä»·å¼åæ</span><span style="font-family:Calibri;"></span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></section><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:å®ä½;">é±æ±æ°åäºæï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;">è§åæºè½ç©è产ä¸éèåºï¼ç»¿ååå ¡ä¸å ¡é¡¹ç®å®ä½é«ç«¯æ¹åï¼é¢è®¡</span>2027<span style="font-family:å®ä½;">å¹´</span><span style="font-family:Calibri;">GDP</span><span style="font-family:å®ä½;">è´¡ç®è¶ </span><span style="font-family:Calibri;">400</span><span style="font-family:å®ä½;">亿å ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:å®ä½;">äºåï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;">ä¾æ西ç«æ¢çº½æé ç§å</span>CBD<span style="font-family:å®ä½;">ï¼</span><span style="font-family:Calibri;">12</span><span style="font-family:å®ä½;">å·çº¿å°éè´¯éæåéå¤æçï¼å¸å¼æ°åç»æµäººææµå ¥ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><section style="margin-top: 24px;"><span style="font-size: 24px;text-decoration: underline;"><strong><span style="font-size: 24px;text-decoration: underline;font-family: å®ä½;">åãç«äºæ ¼å±</span></strong></span><strong><span style="font-family: Calibri;font-size: 14pt;"><o:p></o:p></span></strong></section><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:å®ä½;">头é¨æ¿ä¼ï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;">滨æ±ã绿åãä¿å©å æ®å¸åºä»½é¢åä¸ï¼æ»¨æ±</span>1-2<span style="font-family:å®ä½;">ææçéé¢</span><span style="font-family:Calibri;">82.5</span><span style="font-family:å®ä½;">亿å ï¼éç¹å¸å±æ ¸å¿åºå°ç项ç®ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:å®ä½;">产åçç¥ï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;">æ ¸å¿åºèç¦ç§æè±ªå® ï¼å¦ä¿å©å¤©å¾¡é å¤</span>AI<span style="font-family:å®ä½;">管家ï¼ï¼å¤å´åºä¸»æ</span><span style="font-family:Calibri;">â</span><span style="font-family:å®ä½;">å·¥ä¸ä¸æ¥¼</span><span style="font-family:Calibri;">â</span><span style="font-family:å®ä½;">空é´ï¼æ°å¢</span><span style="font-family:Calibri;">250</span><span style="font-family:å®ä½;">ä¸ã¡ï¼ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><section style="margin-top: 24px;"><span style="font-size: 24px;text-decoration: underline;"><strong><span style="font-size: 24px;text-decoration: underline;font-family: å®ä½;">äºã客æ·éæ±ä¸çç¹</span></strong></span><strong><span style="font-family: Calibri;font-size: 14pt;"><o:p></o:p></span></strong></section><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;">1. <span style="font-family:å®ä½;">æ ¸å¿éæ±</span><span style="font-family:Calibri;"></span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></strong></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:Calibri;"></span><span style="font-family:å®ä½;">å± ä½åè´¨ï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;">å¥åº·ç¤¾åºãæºè½å设å¤ï¼å¦å®æ æºå¨äººå ¥æ·ï¼éæ±æ¿å¢ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:Calibri;"></span><span style="font-family:å®ä½;">èµäº§é ç½®ï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;">é«åå¼äººç¾¤åå¥½æ ¸å¿åºç¨ç¼ºèµäº§ï¼é±æ±æ°åè±ªå® æ交å æ¯æåè³</span>35%<span style="font-family:å®ä½;">ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><section style="margin-top: 24px;"><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;">2. <span style="font-family:å®ä½;">主è¦çç¹</span><span style="font-family:Calibri;"></span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></strong></section><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:Calibri;"></span><span style="font-family:å®ä½;">ä»·æ ¼ææï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;">å¤å´åºå®¢æ·æå¾ éä»·</span>10%-15%<span style="font-family:å®ä½;">ï¼å»¶ç¼å ¥å¸å³çã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:å®ä½;">æ¿çé£é©ï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;"></span><span style="font-family:Calibri;">â</span><span style="font-family:å®ä½;">è´æ¿å ¥å¦</span><span style="font-family:Calibri;">â</span><span style="font-family:å®ä½;">ç»åæªæç¡®ï¼å½±åçææ交ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><section style="margin-top: 24px;"><span style="font-size: 24px;text-decoration: underline;"><span style="font-size: 24px;text-decoration: underline;font-family: å®ä½;">å </span><strong><span style="font-size: 24px;text-decoration: underline;font-family: å®ä½;">ãé£é©ä¸å»ºè®®</span></strong></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></section><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;">1. <span style="font-family:å®ä½;">é£é©æ示</span><span style="font-family:Calibri;"></span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></strong></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><span style="font-family: Calibri;font-size: 10.5pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:å®ä½;">é«æ æé£é©ï¼</span></span></strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:å®ä½;">å± æ°æ æç</span>139%<span style="font-family:å®ä½;">ï¼é¨å家åºæä¾å æ¶å ¥æ¯è¶ </span><span style="font-family:Calibri;">60%</span><span style="font-family:å®ä½;">ï¼æ³ææ¿æ°éåæ¯å¢</span><span style="font-family:Calibri;">47%</span><span style="font-family:å®ä½;">ã</span></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p></li><li><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:Calibri;"></span><span style="font-family:å®ä½;">åºåååï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;">æ ¸å¿åºä¸å¤å´ä»·å·®æ©å¤§è³</span>3<span style="font-family:å®ä½;">åï¼è¿éåºåååæç»ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><section style="margin-top: 24px;"><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;">2. <span style="font-family:å®ä½;">建议</span><span style="font-family:Calibri;"></span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></strong></section><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:Calibri;"></span><span style="font-family:å®ä½;">æ¿ä¼çç¥ï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;">æ ¸å¿åºå¼ºåç§æèµè½ï¼å¦</span>AR<span style="font-family:å®ä½;">çæ¿ç³»ç»ï¼ï¼å¤å´åºå 大ç¹æ æ¿æºææ¾ï¼å¦ææ·ç»¿æ¹é¦åºï¼ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:Calibri;"></span><span style="font-family:å®ä½;">æ¿çä¼åï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;">å å¿«åæ²æè²é å¥è½å°ï¼æ¢ç´¢ä¸ªäººæå¾ç¨åå ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><section style="margin-top: 24px;"><span style="font-size: 24px;text-decoration: underline;"><strong><span style="font-size: 24px;text-decoration: underline;font-family: å®ä½;">ä¸ãæªæ¥å±æ</span></strong></span><strong><span style="font-family: Calibri;font-size: 14pt;"><o:p></o:p></span></strong></section><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:å®ä½;">产ä¸é©±å¨ï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;">AI<span style="font-family:å®ä½;">ãæºå¨äººç</span><span style="font-family:Calibri;">â</span><span style="font-family:å®ä½;">å å°é¾</span><span style="font-family:Calibri;">â</span><span style="font-family:å®ä½;">ä¼ä¸é¢è®¡æå¨å¹´å¢</span><span style="font-family:Calibri;">12</span><span style="font-family:å®ä½;">ä¸é«ç«¯äººææµå ¥ï¼æ¯ææ ¸å¿åºæ¿ä»·å¹´æ¶¨</span><span style="font-family:Calibri;">8%-10%</span><span style="font-family:å®ä½;">ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:å®ä½;">æ¿ç红å©ï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:Calibri;">â8+4â</span><span style="font-family:å®ä½;">ç»æµæ¿çå¬åä½ç©ºç»æµãæ°æ®è¦ç´ 产ä¸ï¼é¢è®¡</span><span style="font-family:Calibri;">2025</span><span style="font-family:å®ä½;">å¹´æ°åç»æµ</span><span style="font-family:Calibri;">GDP</span><span style="font-family:å®ä½;">å æ¯çªç ´</span><span style="font-family:Calibri;">30%</span><span style="font-family:å®ä½;">ã</span></span><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:å®ä½;">é¿æè¶å¿ï¼</span></span></strong><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;">è´æ¿é»è¾è½¬å</span><span style="font-family:Calibri;">â</span><span style="font-family:å®ä½;">ç§æ</span><span style="font-family:Calibri;">+</span><span style="font-family:å®ä½;">çæ</span><span style="font-family:Calibri;">â</span><span style="font-family:å®ä½;">ï¼äºåãé±æ±æ°åäºæçæ¿åå°æ为价å¼å¢é¿æ</span></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;">ã</span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><p><span style="mso-spacerun:'yes';font-family:Calibri;mso-fareast-font-family:å®ä½;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:å®ä½;"></span></span></p><p style="text-align: left;"><span style="font-family: å®ä½;font-size: 10.5pt;letter-spacing: 0.034em;">注ï¼</span><span style="font-family: å®ä½;font-size: 10.5pt;letter-spacing: 0.034em;">æ¬æ¥åæ°æ®åæ¥èªå ¬å¼ç»è®¡åè¡ä¸è°ç ï¼åæç»è®ºä» ä¾åèã</span><br /></p><h2 style="margin-left: 0pt;text-indent: 0pt;padding: 0pt;vertical-align: baseline;background: rgb(255, 255, 255);"><span style="font-family: å®ä½;letter-spacing: 0pt;font-size: 12pt;background: rgb(255, 255, 255);"><span style="font-family:å®ä½;"></span></span><span style="font-family: å®ä½;letter-spacing: 0pt;font-size: 12pt;background: rgb(255, 255, 255);"><o:p></o:p></span></h2><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>