<p><span><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">ä¸ãæ´ä½å¸åºè¡¨ç°</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;">1.æ交éä¸ä»·æ ¼èµ°å¿</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="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="">æä½å±±æ¿å°äº§å¸åºåç°âå æåæ¬âç¹å¾ã</span></font><font face="Calibri"><span leaf="">1-2</span></font><font face="å®ä½"><span leaf="">æåæ¥èåæå½±åï¼æ°æ¿æ交éç»´æä½ä½ï¼</span></font><font face="Calibri"><span leaf="">1</span></font><font face="å®ä½"><span leaf="">ææ交é¢ç§¯</span></font><font face="Calibri"><span leaf="">27.8</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼åæ¯é</span></font><font face="Calibri"><span leaf="">10.4%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼</span></font><font face="Calibri"><span leaf="">2</span></font><font face="å®ä½"><span leaf="">æè¿ä¸æ¥ä¸æ»è³</span></font><font face="Calibri"><span leaf="">22.51</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ã</span></font><font face="Calibri"><span leaf="">3</span></font><font face="å®ä½"><span leaf="">æä¸åå¨å¸åºåæï¼ååä½å® æ交é¢ç§¯ç¯æ¯å¢é¿</span></font><font face="Calibri"><span leaf="">73.4%</span></font><font face="å®ä½"><span leaf="">ï¼ä½</span></font><font face="Calibri"><span leaf="">4</span></font><font face="å®ä½"><span leaf="">æåæ¸ æåæå½±åï¼å¨åº¦æ交éç¯æ¯ä¸é</span></font><font face="Calibri"><span leaf="">8%-10%</span></font><font face="å®ä½"><span leaf="">ãæªè³</span></font><font face="Calibri"><span leaf="">4</span></font><font face="å®ä½"><span leaf="">æ</span></font><font face="Calibri"><span leaf="">27</span></font><font face="å®ä½"><span leaf="">æ¥ï¼ä½å±±</span></font><font face="Calibri"><span leaf="">1-4</span></font><font face="å®ä½"><span leaf="">æååä½å® æ交é¢ç§¯</span></font><font face="Calibri"><span leaf="">81.5</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼å ¨å£å¾éå®éé¢</span></font><font face="Calibri"><span leaf="">142.9</span></font><font face="å®ä½"><span leaf="">亿å ãä»·æ ¼æ¹é¢ï¼å ¨å¸æ°å»ºä½å® å价约</span></font><font face="Calibri"><span leaf="">15528</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¡ï¼æ ¸å¿åºï¼åç¯æ¹ã大è¯ï¼é«ç«¯é¡¹ç®åä»·çªç ´</span></font><font face="Calibri"><span leaf="">6</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¡ï¼èä¸æ°´ãé«æåä»·ä¸è¶³</span></font><font face="Calibri"><span leaf="">9000</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¡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.ä¾éç¹å¾</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="">æ¹ååéæ±ä¸»å¯¼å¸åºï¼</span></font><font face="Calibri"><span leaf="">140</span></font><font face="å®ä½"><span leaf="">ã¡ä»¥ä¸æ·åæ交å æ¯æåè³</span></font><font face="Calibri"><span leaf="">22%</span></font><font face="å®ä½"><span leaf="">ï¼æ»ä»·</span></font><font face="Calibri"><span leaf="">200</span></font><font face="å®ä½"><span leaf="">ä¸ä»¥å æ¿æºå </span></font><font face="Calibri"><span leaf="">70%</span></font><font face="å®ä½"><span leaf="">ãäºææ¿å¸åºæ´»è·åº¦æ¾èé«äºæ°æ¿ï¼</span></font><font face="Calibri"><span leaf="">1-4</span></font><font face="å®ä½"><span leaf="">ææ交é¢ç§¯å æ¯è¾¾</span></font><font face="Calibri"><span leaf="">55.3%</span></font><font face="å®ä½"><span leaf="">ï¼</span></font><font face="Calibri"><span leaf="">120</span></font><font face="å®ä½"><span leaf="">ã¡ä»¥ä¸æ·åå æ¯æç»æ©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;">3.æ¿çä¸çç¹äºä»¶</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;">æ¿çæ¯æï¼</span>ä½å±±è½å°âåè½¬å ¬âæ°æ¿ï¼é¦å¥çº¯åè´·å¯è½¬å ¬ç§¯é贷款ï¼ï¼é¦å¥æ¿è´·å©çç»´æ</span></font><font face="Calibri"><span leaf="">3.0%</span></font><font face="å®ä½"><span leaf="">åå²ä½ä½ï¼éæ·ç±è´æ¿è åå¤æ¡ååå¯æåéå®å¦ä½ï¼</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;">产ååæ°ï¼</span>ä½å»ºé¨ãä½å® 项ç®è§èã</span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">æ</span></font><font face="Calibri"><span leaf="">1</span></font><font face="å®ä½"><span leaf="">æ¥å®æ½ï¼æ¨å¨ç¬¬å代ä½å® ï¼å±é«â¥</span></font><font face="Calibri"><span leaf="">3</span></font><font face="å®ä½"><span leaf="">ç±³ã</span></font><font face="Calibri"><span leaf="">4</span></font><font face="å®ä½"><span leaf="">å±ä»¥ä¸é çµæ¢¯ï¼æ®åï¼å润顺德æ¾çç项ç®æ为æ æï¼</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;">åºåè§åï¼</span>âç¯è¥¿æ±</span></font><font face="Calibri"><span leaf="">-</span></font><font face="å®ä½"><span leaf="">åæ±é«è´¨éåå±å è¡åºâå¯å¨ï¼ä¸¹ç¶ãé¾æ±ç</span></font><font face="Calibri"><span leaf="">6</span></font><font face="å®ä½"><span leaf="">éè¡è·éç¹æ¯æï¼æ²¿æ±å°åç¨ç¼ºæ§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><span><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">äºã客æ·ç»ååæ</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;">1.åºç¡ç¹å¾</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;">å°ååå¸ï¼</span>æ¬å°æ·ç±è´æ¿è å æ¯</span></font><font face="Calibri"><span leaf="">65%</span></font><font face="å®ä½"><span leaf="">ï¼å¹¿å·å¤æº¢å®¢ç¾¤å </span></font><font face="Calibri"><span leaf="">24.6%</span></font><font face="å®ä½"><span leaf="">ï¼ä¸´å¹¿æ¿å为主ï¼ï¼çå å¡å·¥äººåå </span></font><font face="Calibri"><span leaf="">10.4%</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;">å¹´é¾ä¸æ¯ä»è½åï¼</span>æ¹åå客æ·ä»¥</span></font><font face="Calibri"><span leaf="">35-50</span></font><font face="å®ä½"><span leaf="">å²å¤å©å®¶åºä¸ºä¸»ï¼å¹´æ¶å ¥â¥</span></font><font face="Calibri"><span leaf="">30</span></font><font face="å®ä½"><span leaf="">ä¸ï¼ï¼é¦ä»æ¯ä¾è¶ </span></font><font face="Calibri"><span leaf="">40%</span></font><font face="å®ä½"><span leaf="">ï¼åé客æ·éä¸äº</span></font><font face="Calibri"><span leaf="">25-35</span></font><font face="å®ä½"><span leaf="">å²ï¼å¹´æ¶å ¥</span></font><font face="Calibri"><span leaf="">10-20</span></font><font face="å®ä½"><span leaf="">ä¸ï¼ï¼ä¾èµè´·æ¬¾ä¸å好å°æ·åã</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.è¡ä¸ºå好</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;">产åéæ©ï¼</span>æ ¸å¿åºå®¢æ·ä¼å éæ©å½ä¼å¼å项ç®ï¼å¦ä¿å©ç¯æ¹å¤©çºï¼ï¼å ³æ³¨ååééãæºè½å®¶å± ï¼æ°é£ç³»ç»ãå®é²ï¼åæè²èµæºï¼è¿é客æ·å¾åå°é沿线ï¼å¦ä½å±±</span></font><font face="Calibri"><span leaf="">2</span></font><font face="å®ä½"><span leaf="">å·çº¿ï¼æä»·æ ¼æ´¼å°ï¼ç®å±±ã容æ¡ï¼ï¼å¯¹âé¦ä»åæââå·¥æµæ¿âææï¼</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;">å³çå¨æï¼</span>å¹³åçæ¿å¨æ</span></font><font face="Calibri"><span leaf="">3-6</span></font><font face="å®ä½"><span leaf="">个æï¼çº¿ä¸ç´æçæ¿æ¸éçè¾¾</span></font><font face="Calibri"><span leaf="">70%</span></font><font face="å®ä½"><span leaf="">ï¼ä¿å©ãä¸ç§éè¿ç´æå¼æµè½¬åçè¶ </span></font><font face="Calibri"><span leaf="">15%</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><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">ä¸ãåºåå¸åºå¯¹æ¯</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;">1.ååºå表ç°</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;">åæµ·åºï¼</span>æ交éé¢</span></font><font face="Calibri"><span leaf="">49.19</span></font><font face="å®ä½"><span leaf="">亿å å± é¦ï¼å¤§æ²¥æ¿å建åç¯æ¹ç¼¦äºåçå¸é</span></font><font face="Calibri"><span leaf="">5.1</span></font><font face="å®ä½"><span leaf="">亿ï¼æ¡ååç¯æ¹çåºè±ªå® åä»·</span></font><font face="Calibri"><span leaf="">4.5</span></font><font face="å®ä½"><span leaf="">ä¸</span></font><font face="Calibri"><span leaf="">-6</span></font><font face="å®ä½"><span leaf="">ä¸</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡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;">顺德åºï¼</span>åé主导ï¼å¤§è¯å侨åå¤©é¹ å ¡äºæ以</span></font><font face="Calibri"><span leaf="">1.94</span></font><font face="å®ä½"><span leaf="">ä¸ã¡æ交é¢ç§¯å¤ºéå ï¼åæ»ä¾ææºå¨äººäº§ä¸å¸å¼ä¼ä¸ä¸»è´æ¿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;">ç¦ ååºï¼</span>ç¥åºæ¿åä¸å»ºæå¾·åç½ç¾</span></font><font face="Calibri"><span leaf="">160</span></font><font face="å®ä½"><span leaf="">å¥å± é¦ï¼å¼ æ§ãååºä»¥âæ°è§æ·å</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">ä½æ»ä»·âçç¥æ¢å åéå¸åºï¼</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¸æ°´</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">/</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">é«æï¼</span>åºåå»åå¨æè¶ </span></font><font face="Calibri"><span leaf="">20</span></font><font face="å®ä½"><span leaf="">个æï¼ä¸æ°´ä¿å©å¾¡æ±ååä»·ä½è³</span></font><font face="Calibri"><span leaf="">8200</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¡ï¼é«æç¾çé¹æ¹æ£®æ度ååºæ交</span></font><font face="Calibri"><span leaf="">108</span></font><font face="å®ä½"><span leaf="">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;">2.æ¿åä»·å¼åæ</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;">æ ¸å¿æ¿åï¼</span>åç¯æ¹ï¼éèï¼ã绿å²æ¹ï¼çæï¼ã大è¯ï¼è¡æ¿ï¼ä¾é紧平衡ï¼æ¹åå产å溢价æ¾èï¼</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;">æ½åæ¿åï¼</span>å¥æ§ï¼æ±æ¯</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">广ä½ç§åï¼ãåæ»ï¼æºå¨äººè°·ï¼ãç®å±±ï¼ç¬¬å代ä½å® è¯ç¹ï¼ä¾æ产ä¸å级æå¨éæ±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><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">åãå¸åºä»·æ ¼èµ°å¿åæ</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="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-weight: bold;">æ°æ¿ä»·æ ¼ï¼</span></span><span leaf="">æ ¸å¿åºä»·æ ¼ä¼ç¨³ï¼ç¦ åç¥åºæ¿ååä»·</span></font><font face="Calibri"><span leaf="">22252</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¡ï¼åæµ·åç¯æ¹é¨å项ç®å¤æ¡ä»·çªç ´</span></font><font face="Calibri"><span leaf="">10</span></font><font face="å®ä½"><span leaf="">ä¸</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡ï¼å¤å´åºå以价æ¢éï¼ä¸æ°´æ°ååä»·ä½è³</span></font><font face="Calibri"><span leaf="">7000</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¡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="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-weight: bold;">äºææ¿ä»·æ ¼ï¼</span></span><span leaf="">å ¨å¸åä»·</span></font><font face="Calibri"><span leaf="">9742</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¡ï¼ç¯æ¯é</span></font><font face="Calibri"><span leaf="">1.31%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼ä½æ ¸å¿åºæ¬¡æ°æ¿æè·æ§å¼ºï¼å¦ç¥åºæ¿å次æ°æ¿åä»·ç»´æ</span></font><font face="Calibri"><span leaf="">1.6</span></font><font face="å®ä½"><span leaf="">ä¸</span></font><font face="Calibri"><span leaf="">-1.8</span></font><font face="å®ä½"><span leaf="">ä¸</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡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><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">äºãç«äºæ ¼å±åæ</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;">æ¿ä¼ç«äºï¼</span>ä¿å©åå以</span></font><font face="Calibri"><span leaf="">27.4</span></font><font face="å®ä½"><span leaf="">亿å éå®é¢é¢è·ï¼å¸å ç</span></font><font face="Calibri"><span leaf="">28%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼ç¾çç½®ä¸ï¼</span></font><font face="Calibri"><span leaf="">9.3</span></font><font face="å®ä½"><span leaf="">亿ï¼ãå侨åï¼</span></font><font face="Calibri"><span leaf="">7.3</span></font><font face="å®ä½"><span leaf="">亿ï¼ååäºä¸ä½ï¼</span></font><font face="Calibri"><span leaf="">TOP10</span></font><font face="å®ä½"><span leaf="">æ¿ä¼éå®é¢å æ¯è¾¾</span></font><font face="Calibri"><span leaf="">48%</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;">产åçç¥ï¼</span>å½ä¼ä¸»æ¨é«ç«¯æ¹å产åï¼å¦ç¬¬å代ä½å® ãæºæ §ç¤¾åºï¼ï¼æ°ä¼ä»¥âéç»´å®ä»·âæ¢å å¸åºä»½é¢ï¼å¦ä¹æ±æºæ壹å·åä»·ä½è³</span></font><font face="Calibri"><span leaf="">1.2</span></font><font face="å®ä½"><span leaf="">ä¸</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡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><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">å ãçé项ç®åæ</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;">建åç¯æ¹ç¼¦äºï¼å海大沥ï¼ï¼</span>å®ä½</span></font><font face="Calibri"><span leaf="">243</span></font><font face="å®ä½"><span leaf="">ã¡å¤§å¹³å±ï¼æ»ä»·</span></font><font face="Calibri"><span leaf="">1300</span></font><font face="å®ä½"><span leaf="">ä¸</span></font><font face="Calibri"><span leaf="">-1500</span></font><font face="å®ä½"><span leaf="">ä¸ï¼å¸å¼å¹¿ä½ä¼ä¸å®¶ï¼</span></font><font face="Calibri"><span leaf="">Q1</span></font><font face="å®ä½"><span leaf="">éå®é¢</span></font><font face="Calibri"><span leaf="">6.79</span></font><font face="å®ä½"><span leaf="">亿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;">å润置å°é¡ºå¾·æ¾çï¼é¡ºå¾·å¤§è¯ï¼ï¼</span>容积ç</span></font><font face="Calibri"><span leaf="">1.5</span></font><font face="å®ä½"><span leaf="">ï¼åºé¢é¢ç§¯è¾¾</span></font><font face="Calibri"><span leaf="">50</span></font><font face="å®ä½"><span leaf="">ã¡ï¼æ交éé¢</span></font><font face="Calibri"><span leaf="">4.92</span></font><font face="å®ä½"><span leaf="">亿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;">ä¸å»ºæå¾·åï¼ç¦ åç¥åºï¼ï¼</span></span></font><font face="Calibri"><span leaf="">140-180</span></font><font face="å®ä½"><span leaf="">ã¡æ·åï¼ä¾æå°é</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">ååä¼å¿ï¼</span></font><font face="Calibri"><span leaf="">Q1</span></font><font face="å®ä½"><span leaf="">ç½ç¾</span></font><font face="Calibri"><span leaf="">161</span></font><font face="å®ä½"><span leaf="">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><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">ä¸ãä¸å®¶ä¸æºæè§ç¹</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;">ä¸æç 究é¢ï¼</span>ä½å±±äººå£çº¢å©ï¼å¸¸ä½äººå£</span></font><font face="Calibri"><span leaf="">961</span></font><font face="å®ä½"><span leaf="">ä¸ï¼åæ¹åéæ±éæ¾æ¯æå¸åºï¼ä½éè¦æéæ ¸å¿åºåºåååï¼å»åå¨æè¶ </span></font><font face="Calibri"><span leaf="">18</span></font><font face="å®ä½"><span leaf="">个æï¼ï¼</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 èç广ä½å¢éï¼</span>å¸åºåæéä¸äºå¤´é¨æ¿ä¼ï¼è °é¨æ¿ä¼ä¸ç»©åæ¯ä¸æ»</span></font><font face="Calibri"><span leaf="">3%-9%</span></font><font face="å®ä½"><span leaf="">ï¼éå å¿«åéå»åï¼</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;">ä½å±±å¸æ¿åï¼</span>æ¿çæåºéåé µæï¼äºå£åº¦æ交æç¯æ¯å¢</span></font><font face="Calibri"><span leaf="">15%</span></font><font face="å®ä½"><span leaf="">ï¼ç°æ¿éå®å æ¯åè³</span></font><font face="Calibri"><span leaf="">27%</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><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">å «ã客æ·éæ±ä¸çç¹</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;">æ ¸å¿éæ±ï¼</span>æ¹åå客æ·è¿½æ±æè²èµæºï¼å¦ç¯æ¹å°å¦ï¼ãåå±æº¢ä»·åç°æ¿äº¤ä»ï¼åé客æ·èç¦æ»ä»·é¨æ§ï¼</span></font><font face="Calibri"><span leaf="">80-150</span></font><font face="å®ä½"><span leaf="">ä¸ï¼åå°é</span></font><font face="Calibri"><span leaf="">1</span></font><font face="å®ä½"><span leaf="">å ¬éå 项ç®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;">主è¦çç¹ï¼</span>ææ¿äº¤ä»é£é©ï¼</span></font><font face="Calibri"><span leaf="">2024</span></font><font face="å®ä½"><span leaf="">å¹´é¨å项ç®å»¶æï¼ãè¿éé å¥æ»åï¼é«æ西æ±æ°åæè²å»çä¸è¶³ï¼ã</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><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">ä¹ãé£é©ä¸å»ºè®®</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;">1.é£é©æ示</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;">åºåååï¼</span>éæ ¸å¿åºå»åå¨æè¶ </span></font><font face="Calibri"><span leaf="">20</span></font><font face="å®ä½"><span leaf="">个æï¼è¥é å¥æ»åæå¼åä»·æ ¼åè°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;">æ¿çä¾èµï¼</span>æ¿è´·å©çä¸è°ç©ºé´æéï¼è¥å¹¿å·æ¾å®½éè´æå å§å®¢ç¾¤å¤æµã</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.çç¥å»ºè®®</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;">æ¿ä¼ç«¯ï¼</span>æ ¸å¿åºå¢å </span></font><font face="Calibri"><span leaf="">140</span></font><font face="å®ä½"><span leaf="">ã¡</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">é«ç«¯äº§åï¼è¿éèç¦</span></font><font face="Calibri"><span leaf="">80-100</span></font><font face="å®ä½"><span leaf="">ã¡åéæ·åï¼</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;">æ¿åºç«¯ï¼</span>å å¿«æ ¸å¿åºåå°ä¾åºï¼å¦å¥æ§æ±æ¯å°åï¼ï¼å®åè¿éå ¬å ±æå¡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;">客æ·ç«¯ï¼</span>ä¼å éæ©å½ä¼ç°æ¿é¡¹ç®ï¼è¿ééè¯ä¼°é¿æå± ä½ä»·å¼ã</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: #3daad6;font-weight: bold;text-decoration: underline;">åãæªæ¥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;">2025Q2-Q3</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ï¼ï¼</span>æ¿ç宽æ¾ï¼å ¬ç§¯éæ°æ¿ï¼åäºä¸ä¿é驱å¨æ交ç¯æ¯å¢</span></font><font face="Calibri"><span leaf="">10%-15%</span></font><font face="å®ä½"><span leaf="">ï¼åæµ·èºæ¯ä¸å¿ã顺德æºå¨äººè°·è§åè½å°æåæ¿åä»·å¼ã</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></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»ææ§ååï¼</span>æ ¸å¿åºæ¿ä»·å¹´åæ¶¨å¹ </span></font><font face="Calibri"><span leaf="">3%-5%</span></font><font face="å®ä½"><span leaf="">ï¼è¿é以价æ¢éè¶å¿å»¶ç»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;">产ä¸èåï¼</span>æºè½å¶é ï¼åæ»ï¼ãææ ï¼é¡ºå¾·å侨åï¼ä¸ä½å® 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0.476px;"></span></section><section style="text-align: center;margin-top: 16px;margin-bottom: 0px;"><span style="background-color: rgb(255, 255, 255);color: rgb(127, 127, 127);font-family: PingFangTC-Light;font-size: 12px;letter-spacing: 0.544px;caret-color: red;"><span leaf="">*</span></span><span style="background-color: rgb(255, 255, 255);font-family: å®ä½;font-size: 14px;letter-spacing: 0.476px;"></span></section><section data-role="outer" label="Powered by 135editor.com" style="-webkit-tap-highlight-color: transparent;margin-bottom: 0px;outline: 0px;font-family: "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);"><section data-role="outer" label="Powered by 135editor.com" style="-webkit-tap-highlight-color: transparent;outline: 0px;"><section data-role="paragraph" style="-webkit-tap-highlight-color: 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