<p><span style="font-size: 24px;text-decoration: underline;"><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="text-decoration: underline;font-size: 24px;font-family: é»ä½;"></span></strong></span></p><p><span style="font-family: Calibri;font-size: 24px;text-decoration: underline;">ä¸ãå¸åºæ¦åµ</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><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></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;">1.æ´ä½å¸åºè¡¨ç°</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></strong></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><section style="margin-bottom: 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;"></span><span style="font-family:å®ä½;">éä»·èµ°å¿ï¼</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;"><span style="font-family:å®ä½;"></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;">1-2</span><span style="font-family:å®ä½;">æèå·å¸åºï¼å«å´æ±ï¼ååä½å® æ交é¢ç§¯</span><span style="font-family:Calibri;">26.97</span><span style="font-family:å®ä½;">ä¸ã¡ï¼éå®éé¢</span><span style="font-family:Calibri;">76.56</span><span style="font-family:å®ä½;">亿å ï¼å¥åæ»ä»·</span><span style="font-family:Calibri;">512</span><span style="font-family:å®ä½;">ä¸å ï¼æ¹ååä½æ¿å æ¯è¶ </span><span style="font-family:Calibri;">60%</span><span style="font-family:å®ä½;">ãæ¥èåå¸åºæ´»è·åº¦æ¾èååï¼</span><span style="font-family:Calibri;">2</span><span style="font-family:å®ä½;">ææ°æ¿æ交éç¯æ¯å¢é¿</span><span style="font-family:Calibri;">6.5%</span><span style="font-family:å®ä½;">ï¼äºææ¿æ交</span><span style="font-family:Calibri;">3214</span><span style="font-family:å®ä½;">å¥ï¼åæ¯å¢å¹ è¾¾</span><span style="font-family:Calibri;">36%</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></section></li><li><section style="margin-bottom: 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 style="font-family:Calibri;"></span><strong><span style="font-family:å®ä½;">ä»·æ ¼ååï¼</span></strong><span style="font-family:å®ä½;">æ ¸å¿åºï¼å¦å·¥ä¸ååºï¼æ¿ä»·åæºï¼</span><span style="font-family:Calibri;">2</span><span style="font-family:å®ä½;">ææ交åä»·è¾¾</span><span style="font-family:Calibri;">73566</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¸æ¶¨</span><span style="font-family:Calibri;">44%</span><span style="font-family:å®ä½;">ï¼è¿éåºåï¼å¦å´æ±ãç¸åï¼ä»·æ ¼ç¯æ¯ä¸è·çº¦</span><span style="font-family:Calibri;">29.5%</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></section></li></ul><section style="margin-bottom: 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 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;"><span style="font-family:å®ä½;">2.æ¿çä¸çç¹äºä»¶</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></strong></section><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><section style="margin-bottom: 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;"></span><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;">èå·å ¨é¢åæ¶éè´ãé¦ä»æ¯ä¾éè³</span><span style="font-family:Calibri;">15%</span><span style="font-family:å®ä½;">ãæ¿è´·å©çæä½</span><span style="font-family:Calibri;">3.0%</span><span style="font-family:å®ä½;">ï¼å å å¥ç¨è¡¥è´´å人æè´æ¿è¡¥è´´ï¼æé«</span><span style="font-family:Calibri;">25</span><span style="font-family:å®ä½;">ä¸å 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></section></li><li><section style="margin-bottom: 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 style="font-family:Calibri;"></span><strong><span style="font-family:å®ä½;">åå°å¸åºï¼</span></strong><span style="font-family:å®ä½;">ååºæå¡å°å溢价</span><span style="font-family:Calibri;">21.6%</span><span style="font-family:å®ä½;">ï¼ç»¿å以</span><span style="font-family:Calibri;">14.29</span><span style="font-family:å®ä½;">亿å ç«å¾ï¼æ¿ä¼æ¿å°ä¿¡å¿ååã央è¡éæ¾éæ¯é¢æï¼è¿ä¸æ¥éä½è´æ¿ææ¬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></section></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:Calibri;"></span></span><span style="font-family: Calibri;font-size: 24px;text-decoration: underline;">äºã客æ·ç»ååæ</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;"><span style="font-family:Calibri;"></span></span><span style="font-family: Calibri;font-size: 24px;text-decoration: underline;"><o:p></o:p></span></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 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;"><span style="font-family:å®ä½;">1.åºç¡ç¹å¾</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></strong></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><section style="margin-bottom: 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;"></span><span style="font-family:å®ä½;">å¹´é¾ä¸å®¶åºç»æï¼</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;">æ¹åå客æ·ä»¥</span><span style="font-family:Calibri;">35-50</span><span style="font-family:å®ä½;">å²ä¸ºä¸»ï¼å¤ä¸ºæ ¸å¿åºé«åå¼äººç¾¤ï¼å®¶åºå¹´æ¶å ¥</span><span style="font-family:Calibri;">80</span><span style="font-family:å®ä½;">ä¸</span><span style="font-family:Calibri;">+</span><span style="font-family:å®ä½;">ï¼ï¼åé客æ·éä¸å¨</span><span style="font-family:Calibri;">25-40</span><span style="font-family:å®ä½;">å²ï¼å¤ä¸ºæ°èå·äººæé¦ç½®å®¶åºã</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></li><li><section style="margin-bottom: 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:å®ä½;">åºååå¸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¤å°è´æ¿è å æ¯æåè³</span><span style="font-family:Calibri;">35%</span><span style="font-family:å®ä½;">ï¼ä¸»è¦å人ææ¿çå¸å¼ã</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></li></ul><section style="margin-bottom: 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 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;"><span style="font-family:å®ä½;">2.è¡ä¸ºå好</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></strong></section><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><section style="margin-bottom: 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;"></span><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;">æ¹åå客æ·å好</span><span style="font-family:Calibri;">140</span><span style="font-family:å®ä½;">ã¡ä»¥ä¸å¤§å¹³å±æä½å¯å«å¢ ï¼å¦ç»¿åç«ç°åï¼ï¼åé客æ·å¾å</span><span style="font-family:Calibri;">90-120</span><span style="font-family:å®ä½;">ã¡é«æ§ä»·æ¯æ·åï¼å¦ç¸åé»æ¡¥æ¿åï¼ã</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></li><li><section style="margin-bottom: 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 style="font-family:Calibri;"></span><strong><span style="font-family:å®ä½;">å³çå ç´ ï¼</span></strong><span style="font-family:å®ä½;">æ ¸å¿åºå®¢æ·å ³æ³¨å°æ®µç¨ç¼ºæ§ï¼å¦æ¹æ¯ãå¦åºï¼ï¼å¤å´å®¢æ·æ´çéä»·æ ¼ææ£å交é便å©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></section></li></ul><section style="margin-bottom: 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 style="font-family:Calibri;"></span></span><span style="font-family: Calibri;font-size: 24px;text-decoration: underline;">ä¸ãåºåå¸åºå¯¹æ¯</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;"><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><section style="margin-bottom: 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 style="font-family:Calibri;"></span><strong><span style="font-family:å®ä½;">1.ååºå表ç°</span></strong><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><section style="margin-bottom: 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 style="font-family:Calibri;"></span><strong><span style="font-family:å®ä½;">å·¥ä¸ååºï¼</span></strong><span style="font-family:å®ä½;">æ交éé¢å æ¯è¶ </span><span style="font-family:Calibri;">40%</span><span style="font-family:å®ä½;">ï¼é«ç«¯æ¹å主导ï¼å¥åæ»ä»·è¶ </span><span style="font-family:Calibri;">700</span><span style="font-family:å®ä½;">ä¸å ï¼æ¹è¥¿ã奥ä½æ¿åè±ªå® é¡¹ç®å»åçè¶ </span><span style="font-family:Calibri;">90%</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></section></li><li><section style="margin-bottom: 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 style="font-family:Calibri;"></span><strong><span style="font-family:å®ä½;">é«æ°åºï¼</span></strong><span style="font-family:å®ä½;">ç®å±±æ¿åæ交éé¢åæ¯å¢</span><span style="font-family:Calibri;">26.4%</span><span style="font-family:å®ä½;">ï¼ç§æåãé«éæ°ååè§åå©å¥½å¸¦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></section></li><li><section style="margin-bottom: 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 style="font-family:Calibri;"></span><strong><span style="font-family:å®ä½;">å´æ±åºï¼</span></strong><span style="font-family:å®ä½;">太æ¹æ°åæ¹åçï¼å¦ä¸¹æ«äºåºï¼çéï¼è¿ä¸æ¿å以</span><span style="font-family:Calibri;">1.5</span><span style="font-family:å®ä½;">ä¸</span><span style="font-family:Calibri;">/</span><span style="font-family:å®ä½;">ã¡ä½ä»·åéç为主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></section></li></ul><section style="margin-bottom: 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 style="font-family:Calibri;"></span><strong><span style="font-family:å®ä½;">2.æ¿åä»·å¼åæ</span></strong><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><section style="margin-bottom: 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 style="font-family:Calibri;"></span><strong><span style="font-family:å®ä½;">é«ä»·å¼æ¿åï¼</span></strong><span style="font-family:å®ä½;">ååºåæ¹ãç®å±±æ ¸å¿åºãå§èæ¤åæ²³å ï¼ç¨ç¼ºèµæºï¼å¦åºãæ¹æ¯ï¼æ¯æä»·æ ¼æè·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></section></li><li><section style="margin-bottom: 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 style="font-family:Calibri;"></span><strong><span style="font-family:å®ä½;">æ½åæ¿åï¼</span></strong><span style="font-family:å®ä½;">ç¸åé«éæ°åï¼æ¿çå¾æï¼ãå´ä¸å¤ªæ¹æ°åï¼äº§ä¸å¯¼å ¥ï¼ï¼ä¸é¿ææè¿ä»·å¼æåã</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></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:Calibri;"></span></span><span style="font-family: Calibri;font-size: 24px;text-decoration: underline;">åãç«äºæ ¼å±</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;"><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></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><section style="margin-bottom: 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 style="font-family:Calibri;"></span><strong><span style="font-family:å®ä½;">头é¨æ¿ä¼ä¸»å¯¼ï¼</span></strong><span style="font-family:å®ä½;">æ°é¸¿åºï¼</span><span style="font-family:Calibri;">16.1</span><span style="font-family:å®ä½;">亿å éå®é¢ï¼ã绿åä¸å½ãä¿å©åå±å æ®æçæ¦åä¸ï¼æ¬åä¼ä¸æ¼æ¹ç½®å°ï¼</span><span style="font-family:Calibri;">1.9</span><span style="font-family:å®ä½;">ä¸ã¡éå®é¢ç§¯ï¼è¡¨ç°äº®ç¼ã</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></li><li><section style="margin-bottom: 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 style="font-family:Calibri;"></span><strong><span style="font-family:å®ä½;">产åååï¼</span></strong><span style="font-family:å®ä½;">é«ç«¯å¸åºï¼æ»ä»·</span><span style="font-family:Calibri;">1000</span><span style="font-family:å®ä½;">ä¸</span><span style="font-family:Calibri;">+</span><span style="font-family:å®ä½;">ï¼å»åçè¶ </span><span style="font-family:Calibri;">80%</span><span style="font-family:å®ä½;">ï¼åéçæ®ééä»·</span><span style="font-family:Calibri;">5-10%</span><span style="font-family:å®ä½;">ä¿éã</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></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:Calibri;"></span></span><span style="font-family: Calibri;font-size: 24px;text-decoration: underline;">äºã客æ·éæ±ä¸çç¹</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;"><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></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 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;"><span style="font-family:å®ä½;">1.æ ¸å¿éæ±</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></strong></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><section style="margin-bottom: 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;"></span><span style="font-family:å®ä½;">æ¹åå客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;"><span style="font-family:å®ä½;">追æ±æ ¸å¿å°æ®µãä½å¯äº§ååé«ç«¯ç©ä¸ï¼å¯¹ä¼æãåæçé å¥è¦æ±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></section></li><li><section style="margin-bottom: 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 style="font-family:Calibri;"></span><strong><span style="font-family:å®ä½;">åé客æ·ï¼</span></strong><span style="font-family:å®ä½;">ä¼å èèç°æ¿æåç°æ¿ï¼è§é¿çå°¾é£é©ï¼æ³¨éå°éååä¸é 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></section></li></ul><section style="margin-bottom: 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 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;"><span style="font-family:å®ä½;">2.主è¦çç¹</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></strong></section><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><section style="margin-bottom: 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;"></span><span style="font-family:å®ä½;">ä»·æ ¼ææ度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¤å´åºååºåé«ä¼ï¼éä»·é¢ææå¶è´æ¿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></section></li><li><section style="margin-bottom: 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 style="font-family:Calibri;"></span><strong><span style="font-family:å®ä½;">ä¿¡æ¯ä¸å¯¹ç§°ï¼</span></strong><span style="font-family:å®ä½;">é¨å项ç®å®£ä¼ ä¸å®é 交ä»å质差å¼å¤§ï¼å®¢æ·ä¿¡ä»»åº¦ä¸éã</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></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:Calibri;"></span></span><span style="font-family: Calibri;font-size: 24px;text-decoration: underline;">å ãé£é©ä¸å»ºè®®</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;"><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></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 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;"><span style="font-family:å®ä½;">1.é£é©æ示</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></strong></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><section style="margin-bottom: 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;"></span><span style="font-family:å®ä½;">æ¿çæ³¢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¥</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;"><span style="font-family:å®ä½;">æ¿å°äº§ç¨è¯ç¹æ©å¤§æå©çåè°ï¼å¯è½å²å»å¸åºä¿¡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></section></li><li><section style="margin-bottom: 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 style="font-family:Calibri;"></span><strong><span style="font-family:å®ä½;">ä¾åºè¿å©ï¼</span></strong><span style="font-family:å®ä½;">è¿éæ°åºï¼å¦å´æ±è¿ä¸ï¼åºåå»åå¨æè¶ </span><span style="font-family:Calibri;">24</span><span style="font-family:å®ä½;">个æï¼åå¨ä»·æ ¼ä¸è¡ååã</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></li></ul><section style="margin-bottom: 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 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;"><span style="font-family:å®ä½;">2.çç¥å»ºè®®</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></strong></section><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><section style="margin-bottom: 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;"></span><span style="font-family:å®ä½;">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;">èç¦æ ¸å¿åºç¨ç¼ºå°åï¼ä¼å产ååï¼å¦å代ä½å® ãç§æç³»ç»ï¼ï¼å¤å´åºå以ç°æ¿éå®ä¸ºä¸»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></section></li><li><section style="margin-bottom: 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 style="font-family:Calibri;"></span><strong><span style="font-family:å®ä½;">è´æ¿è ï¼</span></strong><span style="font-family:å®ä½;">æ¹åå客æ·ä¼å å¸å±ååºãç®å±±ï¼åé客æ·å¯å ³æ³¨ç¸åé»æ¡¥ãå´ä¸çªç´çæ¿çå¾ææ¿åã</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></li></ul><section style="margin-bottom: 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 style="font-family:Calibri;"></span></span><span style="font-family: Calibri;font-size: 24px;text-decoration: underline;">ä¸ãæªæ¥å±æ</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;"><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><section style="margin-bottom: 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 style="font-family:Calibri;"></span><strong><span style="font-family:å®ä½;">çæï¼</span><span style="font-family:Calibri;">2025Q2</span><span style="font-family:å®ä½;">ï¼</span><span style="font-family:Calibri;"></span><span style="font-family:å®ä½;">ï¼</span></strong><span style="font-family:Calibri;">3</span><span style="font-family:å®ä½;">æ</span><span style="font-family:Calibri;">â</span><span style="font-family:å®ä½;">å°é³æ¥</span><span style="font-family:Calibri;">â</span><span style="font-family:å®ä½;">å¯æï¼æ ¸å¿åºæ¿ä»·æ微涨</span><span style="font-family:Calibri;">3-5%</span><span style="font-family:å®ä½;">ï¼æ¿ççªå£æï¼éæ¯ã补贴ï¼ä¸ºæä½³è´æ¿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></section></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¸é¿æï¼</span><span style="font-family:Calibri;">2026-2030</span><span style="font-family:å®ä½;">ï¼</span><span style="font-family:Calibri;"></span><span style="font-family:å®ä½;">ï¼</span></strong><span style="font-family:å®ä½;">å·¥ä¸ååºãç§æåç产ä¸éèåºå¹´åæ¶¨å¹ æè¾¾</span><span style="font-family:Calibri;">5-8%</span><span style="font-family:å®ä½;">ï¼éæ ¸å¿åºä¾èµè§åå ç°ï¼å¸åºååå 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></ul><p style="margin-top: 24px;line-height: 1.6em;margin-bottom: 24px;"><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;"><span style="font-family:å®ä½;"></span></span></p><p><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>