<p><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: rgb(61, 170, 214);font-weight: bold;text-decoration: underline;">ä¸ãæ´ä½å¸åºè¡¨ç°</span></span></font><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><p><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;"><font face="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">å¹´</span></font><font face="Calibri"><span leaf="">1-4</span></font><font face="å®ä½"><span leaf="">æï¼èå·æ¿å°äº§å¸åºåç°</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">稳ä¸æè¿</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">çæå¿ãæ°æ¿æ交é¢ç§¯çº¦</span></font><font face="Calibri"><span leaf="">158</span></font><font face="å®ä½"><span leaf="">ä¸å¹³æ¹ç±³ï¼åæ¯</span></font><font face="Calibri"><span leaf="">2024</span></font><font face="å®ä½"><span leaf="">å¹´åæå¾®å¢</span></font><font face="Calibri"><span leaf="">3.2%</span></font><font face="å®ä½"><span leaf="">ï¼äºææ¿å¸åºæ交å¥æ°è¾¾</span></font><font face="Calibri"><span leaf="">1.8</span></font><font face="å®ä½"><span leaf="">ä¸å¥ï¼åæ¯å¢é¿</span></font><font face="Calibri"><span leaf="">5.6%</span></font><font face="å®ä½"><span leaf="">ãåé¿ä¸è§ä¸ä½åæ¿çæ¨å¨ï¼èå·å·¥ä¸ç¨å°æ交é¢ç§¯åæ¯ä¸æ¶¨</span></font><font face="Calibri"><span leaf="">12%</span></font><font face="å®ä½"><span leaf="">ï¼äº§ä¸å°äº§ç度æåãå¸åºååæç»å å§ï¼æ ¸å¿åºæ¹åå项ç®å»åçè¾¾</span></font><font face="Calibri"><span leaf="">65%</span></font><font face="å®ä½"><span leaf="">ï¼èè¿éåé项ç®å»åçä¸è¶³</span></font><font face="Calibri"><span leaf="">40%</span></font><font face="å®ä½"><span leaf="">ãåå°å¸åºæ¹é¢ï¼</span></font><font face="Calibri"><span leaf="">1-4</span></font><font face="å®ä½"><span leaf="">æç»è¥æ§ç¨å°æ交æ»éé¢è¾¾</span></font><font face="Calibri"><span leaf="">285</span></font><font face="å®ä½"><span leaf="">亿å ï¼æº¢ä»·çåå¼ç»´æå¨</span></font><font face="Calibri"><span leaf="">5.8%</span></font><font face="å®ä½"><span leaf="">ï¼å½å¤®ä¼æ¿å°å æ¯æåè³</span></font><font face="Calibri"><span leaf="">73%</span></font><font face="å®ä½"><span leaf="">ã</span></font></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><p><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: rgb(61, 170, 214);font-weight: bold;text-decoration: underline;">äºãæ¿çä¸çç¹äºä»¶</span></span></font><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><p><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;"><font face="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">å¹´èå·å»¶ç»</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">ç²¾åè°æ§</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">æ¿çæ¡æ¶ï¼éç¹å®æ½ï¼</span></font></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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">人æè´æ¿è¡¥è´´æ°æ¿ï¼</span>对æ°åç»æµãçç©å»è¯çéç¹äº§ä¸äººæï¼è´æ¿è¡¥è´´é¢åº¦æåè³æé«</span></font><font face="Calibri"><span leaf="">150</span></font><font face="å®ä½"><span leaf="">ä¸å ï¼</span></font></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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">åæ¹ç§è¯ç¹æ©å®¹ï¼</span>å§èåºãé«æ°åºæ°å¢</span></font><font face="Calibri"><span leaf="">3</span></font><font face="å®ä½"><span leaf="">å¤åå转ç§èµä½æ¿é¡¹ç®ï¼é¢è®¡æä¾</span></font><font face="Calibri"><span leaf="">2300</span></font><font face="å®ä½"><span leaf="">å¥ä¿éæ§ç§èµä½æ¿ï¼</span></font></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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æºè½å»ºé è¯ç¹ï¼</span>å ¨å¸è£ é å¼å»ºçæ¯ä¾æåè³</span></font><font face="Calibri"><span leaf="">45%</span></font><font face="å®ä½"><span leaf="">ï¼å´æ±å¤ªæ¹æ°åå¯å¨é¶ç¢³å»ºç示èåºå»ºè®¾ï¼</span></font></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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å ¬ç§¯éæ¿çä¼åï¼</span>äºå©å®¶åºå ¬ç§¯é贷款é¢åº¦ä¸éæé«è³</span></font><font face="Calibri"><span leaf="">120</span></font><font face="å®ä½"><span leaf="">ä¸å ï¼æ¯ææ¹åéæ±ã</span></font></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><p><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;"><font face="å®ä½"><span leaf="">çç¹äºä»¶æ¹é¢ï¼èå·ä¸ç«æ¢çº½</span></font><font face="Calibri"><span leaf="">4</span></font><font face="å®ä½"><span leaf="">ææ£å¼å¨å·¥ï¼é¢è®¡</span></font><font face="Calibri"><span leaf="">2027</span></font><font face="å®ä½"><span leaf="">年建æåå°å®ç°æ²ªè轨交æ ç¼è¡æ¥ï¼</span></font><font face="Calibri"><span leaf="">3</span></font><font face="å®ä½"><span leaf="">æå·¥ä¸ååºè·æ¹å»ºè®¾å½å®¶çç©è¯ææ¯åæ°ä¸å¿ï¼å¸¦å¨å¨è¾¹äº§åèå项ç®ç度æåã</span></font></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><p><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: rgb(61, 170, 214);font-weight: bold;text-decoration: underline;">ä¸ã客æ·ç»ååæ</span></span></font><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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">åºç¡ç¹å¾ï¼</span>è´æ¿ä¸»å为</span></font><font face="Calibri"><span leaf="">30-45</span></font><font face="å®ä½"><span leaf="">å²ç¾¤ä½ï¼å æ¯</span></font><font face="Calibri"><span leaf="">62%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼å ¶ä¸ç§æä»ä¸è å æ¯</span></font><font face="Calibri"><span leaf="">28%</span></font><font face="å®ä½"><span leaf="">ï¼å«å导ä½ãçç©å»è¯çè¡ä¸ï¼ï¼ç§è¥ä¼ä¸ä¸»å æ¯</span></font><font face="Calibri"><span leaf="">19%</span></font><font face="å®ä½"><span leaf="">ãæ°èå·äººè´æ¿å æ¯è¾¾</span></font><font face="Calibri"><span leaf="">57%</span></font><font face="å®ä½"><span leaf="">ï¼è¾</span></font><font face="Calibri"><span leaf="">2024</span></font><font face="å®ä½"><span leaf="">å¹´æå</span></font><font face="Calibri"><span leaf="">6</span></font><font face="å®ä½"><span leaf="">个ç¾åç¹ã家åºå¹´æ¶å ¥</span></font><font face="Calibri"><span leaf="">50-80</span></font><font face="å®ä½"><span leaf="">ä¸å æ¹åå客æ·å æ¯æåè³</span></font><font face="Calibri"><span leaf="">41%</span></font><font face="å®ä½"><span leaf="">ã</span></font></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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">è¡ä¸ºå好ï¼</span>客æ·å³çå¨æ延é¿è³å¹³å</span></font><font face="Calibri"><span leaf="">4.2</span></font><font face="å®ä½"><span leaf="">个æï¼</span></font><font face="Calibri"><span leaf="">2024</span></font><font face="å®ä½"><span leaf="">年为</span></font><font face="Calibri"><span leaf="">3.5</span></font><font face="å®ä½"><span leaf="">个æï¼ï¼çº¿ä¸</span></font><font face="Calibri"><span leaf="">VR</span></font><font face="å®ä½"><span leaf="">çæ¿ä½¿ç¨çè¾¾</span></font><font face="Calibri"><span leaf="">78%</span></font><font face="å®ä½"><span leaf="">ãæè²é å¥ï¼</span></font><font face="Calibri"><span leaf="">89%</span></font><font face="å®ä½"><span leaf="">ï¼ãå°éå¯è¾¾æ§ï¼</span></font><font face="Calibri"><span leaf="">82%</span></font><font face="å®ä½"><span leaf="">ï¼ãæºæ §ç¤¾åºï¼</span></font><font face="Calibri"><span leaf="">76%</span></font><font face="å®ä½"><span leaf="">ï¼æä¸ºæ ¸å¿å ³æ³¨ç¹ãæ¹åå客æ·ä¸ï¼è¶ </span></font><font face="Calibri"><span leaf="">60%</span></font><font face="å®ä½"><span leaf="">è¦æ±é ç½®ç¬ç«å®¶æ¿é´åéèå设æ½ã</span></font></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><p><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: rgb(61, 170, 214);font-weight: bold;text-decoration: underline;">åãåºåå¸åºå¯¹æ¯</span></span></font><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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å·¥ä¸ååºï¼</span>æ ¸å¿åºå¨å®é¡¹ç®åä»·ç»´æ</span></font><font face="Calibri"><span leaf="">5.8-6.5</span></font><font face="å®ä½"><span leaf="">ä¸å </span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡ï¼ç¬å¢ æ¹é«æåºæ°æ¨ç§æä½å® å»åçè¾¾</span></font><font face="Calibri"><span leaf="">82%</span></font><font face="å®ä½"><span leaf="">ãçç©å»è¯äº§ä¸åå¨è¾¹ç§èµéæ±æ¿å¢ï¼é¿ç§å ¬å¯å ¥ä½çè¶ </span></font><font face="Calibri"><span leaf="">95%</span></font><font face="å®ä½"><span leaf="">ã</span></font></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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å§èåºï¼</span>å¤åä¿æ¤æ¿çä¸ï¼å¹³æ±æ°å</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">éé«éå¯</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">项ç®ç¨ç¼ºæ§å¸æ¾ï¼æåé¢è½ç±»äº§å溢价达</span></font><font face="Calibri"><span leaf="">25%</span></font><font face="å®ä½"><span leaf="">ãèåæ¹é éæ¾çå¾®åå°åï¼</span></font><font face="Calibri"><span leaf="">3-5</span></font><font face="å®ä½"><span leaf="">亩ï¼åæ¬åå¼ååéçã</span></font></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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">é«æ°åºï¼</span>太æ¹ç§å¦åæ¿åä¾æå京大å¦èå·æ ¡åºï¼</span></font><font face="Calibri"><span leaf="">80-100</span></font><font face="å®ä½"><span leaf="">ã¡äººæå ¬å¯æåå»å</span></font><font face="Calibri"><span leaf="">120</span></font><font face="å®ä½"><span leaf="">å¥ãç§æåæ°åç»æµä¼ä¸éè带å¨èä½å¹³è¡¡å项ç®èµ°ä¿ã</span></font></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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å´æ±åºï¼</span>é¿ä¸è§ç¤ºèåºæ¿ç红å©æç»éæ¾ï¼æ±¾æ¹é«æ°åºäº§åèå项ç®å»åå éï¼ä½è¿ä¸æ¿ååºåå»åå¨æä»è¾¾</span></font><font face="Calibri"><span leaf="">18</span></font><font face="å®ä½"><span leaf="">个æã</span></font></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><p><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: rgb(61, 170, 214);font-weight: bold;text-decoration: underline;">äºãå¸åºä»·æ ¼èµ°å¿</span></span></font><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><p><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;"><font face="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">å¹´</span></font><font face="Calibri"><span leaf="">1-4</span></font><font face="å®ä½"><span leaf="">æï¼å ¨å¸æ°æ¿å¤æ¡å价为</span></font><font face="Calibri"><span leaf="">28,500</span></font><font face="å®ä½"><span leaf="">å </span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡ï¼åæ¯ä¸æ¶¨</span></font><font face="Calibri"><span leaf="">2.3%</span></font><font face="å®ä½"><span leaf="">ï¼ç¯æ¯</span></font><font face="Calibri"><span leaf="">2024</span></font><font face="å®ä½"><span leaf="">å¹´åå£åº¦æå¹³ãå·¥ä¸ååºæ¹ä¸æ¿åé¢æ¶¨ï¼åæ¯</span></font><font face="Calibri"><span leaf="">+4.8%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼ç¸ååºé«éæ°ååä¾åºå¢å å½±åä»·æ ¼å¾®é</span></font><font face="Calibri"><span leaf="">0.6%</span></font><font face="å®ä½"><span leaf="">ãäºææ¿æçä»·åºç°ç»ææ§è°æ´ï¼å¦åºæ¿æº¢ä»·æ¶çªè³</span></font><font face="Calibri"><span leaf="">12%</span></font><font face="å®ä½"><span leaf="">ï¼</span></font><font face="Calibri"><span leaf="">2024</span></font><font face="å®ä½"><span leaf="">年为</span></font><font face="Calibri"><span leaf="">18%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼æ¬¡æ°åè´¨å°åºä»·æ ¼åæºã</span></font></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><p><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: rgb(61, 170, 214);font-weight: bold;text-decoration: underline;">å ãç«äºæ ¼å±</span></span></font><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><p><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;"><font face="å®ä½"><span leaf="">å¸åºéä¸åº¦æç»æåï¼</span></font><font face="Calibri"><span leaf="">TOP10</span></font><font face="å®ä½"><span leaf="">æ¿ä¼å¸å çè¾¾</span></font><font face="Calibri"><span leaf="">58%</span></font><font face="å®ä½"><span leaf="">ï¼</span></font><font face="Calibri"><span leaf="">2024</span></font><font face="å®ä½"><span leaf="">年为</span></font><font face="Calibri"><span leaf="">53%</span></font><font face="å®ä½"><span leaf="">ï¼ãæ¬åæ¿ä¼èé«æ°éå¢ãä¸æ°ç½®å°åå产ä¸é å¥ä¼å¿ï¼å¨äº§åèå项ç®é¢åå æ®ä¸»å¯¼å°ä½ãå¤æ¥æ¿ä¼ä¸ï¼å润置å°ãæåèå£éè¿</span></font><font face="Calibri"><span leaf="">TOD</span></font><font face="å®ä½"><span leaf="">模å¼æ·±åå¸å±ï¼</span></font><font face="Calibri"><span leaf="">4</span></font><font face="å®ä½"><span leaf="">æè½åçèå·ä¸ç«ç»¼åä½é¡¹ç®æ»æèµè¾¾</span></font><font face="Calibri"><span leaf="">85</span></font><font face="å®ä½"><span leaf="">亿å ãä¸ä»æ¸ éæ¹é¢ï¼è´å£³ç³»å¸åºä»½é¢ç¨³å®å¨</span></font><font face="Calibri"><span leaf="">62%</span></font><font face="å®ä½"><span leaf="">ï¼ä½æ¬åå¹³å°</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">èæ¿é</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">ä¾ææ¿å¡æ°æ®æ¥å ¥ï¼å¸å çæåè³</span></font><font face="Calibri"><span leaf="">18%</span></font><font face="å®ä½"><span leaf="">ã</span></font></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><p><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: rgb(61, 170, 214);font-weight: bold;text-decoration: underline;">ä¸ãçé项ç®è§£æ</span></span></font><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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">é鸡æ¹å£¹å·é¢ï¼å·¥ä¸ååºï¼ï¼</span></span></font><font face="Calibri"><span leaf="">240-350</span></font><font face="å®ä½"><span leaf="">ã¡å¤§å¹³å±ï¼ä¾æé鸡æ¹æ¯è§èµæºä¸å¨è¾¹åä¸é å¥ï¼</span></font><font face="Calibri"><span leaf="">4</span></font><font face="å®ä½"><span leaf="">æåæå»å</span></font><font face="Calibri"><span leaf="">42</span></font><font face="å®ä½"><span leaf="">å¥ï¼</span></font></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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">太æ¹æªæ¥åï¼å´ä¸åºï¼ï¼</span></span></font><font face="Calibri"><span leaf="">95-125</span></font><font face="å®ä½"><span leaf="">ã¡æºè½å®¶å± å ¨è£ æ·åï¼æ¯é»èå·æ¹¾æ°åéèåï¼æåå»å</span></font><font face="Calibri"><span leaf="">150</span></font><font face="å®ä½"><span leaf="">å¥ï¼é¦ç½®å®¢æ·å æ¯</span></font><font face="Calibri"><span leaf="">76%</span></font><font face="å®ä½"><span leaf="">ï¼</span></font></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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å¹³æ±é éï¼å§èåºï¼ï¼</span>èåèå¼åæç</span></font><font face="Calibri"><span leaf="">85-140</span></font><font face="å®ä½"><span leaf="">ã¡åæ°äº§åï¼æåå°æ å æä¸å¼çå³ç½ï¼</span></font></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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ç§æåäºçï¼é«æ°åºï¼ï¼</span>é 建å大éå±ä¸å°å¦çç§æä½å® ï¼è®¤ç¹æ¯è¾¾</span></font><font face="Calibri"><span leaf="">3:1</span></font><font face="å®ä½"><span leaf="">ã</span></font></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><p><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: rgb(61, 170, 214);font-weight: bold;text-decoration: underline;">å «ãä¸å®¶è§ç¹</span></span></font><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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">èå·å¤§å¦åå¸åå±ç 究é¢æåºï¼</span></span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">产ä¸å级带æ¥ç人å£ç»æååï¼è¦æ±æ¿ä¼ä»</span></font><font face="Calibri"><span leaf="">'</span></font><font face="å®ä½"><span leaf="">空é´å»ºé </span></font><font face="Calibri"><span leaf="">'</span></font><font face="å®ä½"><span leaf="">转å</span></font><font face="Calibri"><span leaf="">'</span></font><font face="å®ä½"><span leaf="">åºæ¯è¿è¥</span></font><font face="Calibri"><span leaf="">'"</span></font><font face="å®ä½"><span leaf="">ï¼</span></font></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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">仲éèè¡åæå¸è®¤ä¸ºï¼</span></span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">轨é交é</span></font><font face="Calibri"><span leaf="">S1</span></font><font face="å®ä½"><span leaf="">å·çº¿ï¼è¿æ¥æå±±ï¼ãéèåç¬é«é建设å°éå¡åå¸ç©ºé´æ 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leaf="">ã</span></font></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><p><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: rgb(61, 170, 214);font-weight: bold;text-decoration: underline;">ä¹ã客æ·éæ±ä¸çç¹</span></span></font><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><p><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;"><font face="å®ä½"><span leaf="">æ°å ´éæ±å æ¬ï¼æ°å家åºç®¡çç³»ç»ï¼</span></font><font face="Calibri"><span leaf="">89%</span></font><font face="å®ä½"><span leaf="">å ³æ³¨åº¦ï¼ã社åºå ±äº«åå ¬ç©ºé´ï¼</span></font><font face="Calibri"><span leaf="">63%</span></font><font face="å®ä½"><span leaf="">ï¼ãéèåæ¹é æå¡ï¼</span></font><font face="Calibri"><span leaf="">57%</span></font><font face="å®ä½"><span leaf="">ï¼ãçç¹éä¸è¡¨ç°å¨ï¼ç²¾è£ 交ä»æ å模ç³ï¼æè¯å æ¯</span></font><font face="Calibri"><span leaf="">31%</span></font><font face="å®ä½"><span leaf="">ï¼ã车ä½é æ¯ä¸è¶³ï¼</span></font><font face="Calibri"><span leaf="">27%</span></font><font face="å®ä½"><span leaf="">ï¼ãå¦åºåçä¸ç¡®å®æ§ï¼</span></font><font face="Calibri"><span leaf="">19%</span></font><font face="å®ä½"><span leaf="">ï¼ãæ¹åå客æ·å¯¹ç©ä¸æå¡ååºé度ä¸æ»¡çè¾¾</span></font><font face="Calibri"><span leaf="">43%</span></font><font face="å®ä½"><span leaf="">ã</span></font></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><p><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: rgb(61, 170, 214);font-weight: bold;text-decoration: underline;">åãé£é©ä¸å»ºè®®</span></span></font><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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">1.é£é©æ示ï¼</span></span></font></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><p><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;"><font face="å®ä½"><span leaf="">产ä¸äººå£å¯¼å ¥ä¸åé¢æå¯è½å å§å¤å´æ¿ååºåååï¼</span></font></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><p><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;"><font face="å®ä½"><span leaf="">ç§èµä½æ¿ä¾åºæ¾éæ对ä½æ»ä»·ååæ¿å½¢ææ¿ä»£æåºï¼</span></font></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><p><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;"><font face="å®ä½"><span leaf="">åå°åºè®©æ¡ä»¶ä¸é 建è¦æ±æé«å缩å©æ¶¦ç©ºé´ã</span></font></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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">2.åå±å»ºè®®ï¼</span></span></font></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><p><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;"><font face="å®ä½"><span leaf="">æ·±è</span></font><font face="Calibri"><span leaf="">"15</span></font><font face="å®ä½"><span leaf="">åéçæ´»å</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">è§åï¼å¼ºå社åºåä¸ä¸å ¬å ±æå¡é å¥ï¼</span></font></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><p><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;"><font face="å®ä½"><span leaf="">æ¢ç´¢</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">å®å¶åå¼å</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">å ¨çå½å¨ææå¡</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">模å¼ï¼</span></font></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><p><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;"><font face="å®ä½"><span leaf="">å 强é¿ä¸è§å®¢ç¾¤å¯¼æµï¼å°¤å ¶æ¯ä¸æµ·å¤æº¢ç产ä¸äººæã</span></font></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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 24px;color: rgb(61, 170, 214);font-weight: bold;text-decoration: underline;">åä¸ãæªæ¥å±æ</span></span></font></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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">çæï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å¹´ï¼ï¼</span>é¢è®¡å ¨å¹´æ°æ¿æ交å°ä¿æ</span></font><font face="Calibri"><span leaf="">3-5%</span></font><font face="å®ä½"><span leaf="">温åå¢é¿ï¼ä»·æ ¼æ³¢å¨å¹ 度æ§å¶å¨Â±</span></font><font face="Calibri"><span leaf="">3%</span></font><font face="å®ä½"><span leaf="">以å ãå·¥ä¸ååºæ¹ä¸ãé«æ°åºç§æåãå´æ±å¤ªæ¹æ°åä»æ¯ä»·å¼é«å°ã</span></font></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><p><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ä¸é¿æï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2025-2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ï¼ï¼</span>éçèå·ä¸ç«æ¢çº½ãéèåç¬é«éçåºå»ºè½å°ï¼åå¸åå±è½´åä¸å延伸è¶å¿ææ¾ãæ°ååªçåå¸è¯ç¹æ¨è¿å°å¬çæºæ §ç¤¾åºæ°æ åï¼ç»¿è²å»ºçæ¯ä¾ææå¨</span></font><font face="Calibri"><span leaf="">2026</span></font><font face="å®ä½"><span leaf="">å¹´çªç ´</span></font><font face="Calibri"><span leaf="">60%</span></font><font face="å®ä½"><span leaf="">ãç§èµä½æ¿</span></font><font face="Calibri"><span leaf="">REITs</span></font><font 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