<p data-pm-slice="0 0 []"></p><section><span leaf=""><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">ä¸ãæ´ä½å¸åºè¡¨ç°</span></span></section><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><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="">æï¼è¥¿å®æ¿å°äº§å¸åºåç°</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">é缩价稳</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">ç¹å¾ãæ°å»ºååä½å® æ交é¢ç§¯ç´¯è®¡çº¦</span></font><font face="Calibri"><span leaf="">134.8</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼åæ¯ä¸é约</span></font><font face="Calibri"><span leaf="">9.4%</span></font><font face="å®ä½"><span leaf="">ï¼å ¶ä¸</span></font><font face="Calibri"><span leaf="">1</span></font><font face="å®ä½"><span leaf="">ææ交</span></font><font face="Calibri"><span leaf="">55.5</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼</span></font><font face="Calibri"><span leaf="">2-4</span></font><font face="å®ä½"><span leaf="">æåæ¥èåæåæ¿çæ¶åæå½±åï¼å¨åæ交éç»´æå¨</span></font><font face="Calibri"><span leaf="">12-19</span></font><font face="å®ä½"><span leaf="">ä¸ã¡åºé´ãä»·æ ¼æ¹é¢ï¼</span></font><font face="Calibri"><span leaf="">1</span></font><font face="å®ä½"><span leaf="">ææ°å»ºä½å® åä»·</span></font><font face="Calibri"><span leaf="">12979</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¯ä¸æ¶¨</span></font><font face="Calibri"><span leaf="">0.32%</span></font><font face="å®ä½"><span leaf="">ï¼ä½</span></font><font face="Calibri"><span leaf="">3</span></font><font face="å®ä½"><span leaf="">æååºåååå½±åï¼ä»·æ ¼ææ°ç¯æ¯å¾®é</span></font><font face="Calibri"><span leaf="">0.2%</span></font><font face="å®ä½"><span leaf="">ãåºåå»åå¨æä»</span></font><font face="Calibri"><span leaf="">2024</span></font><font face="å®ä½"><span leaf="">å¹´åºç</span></font><font face="Calibri"><span leaf="">9.7</span></font><font face="å®ä½"><span leaf="">个æä¸åè³çº¦</span></font><font face="Calibri"><span leaf="">11.3</span></font><font face="å®ä½"><span leaf="">个æï¼æ ¸å¿åºåä¸è¿éååæ¾èã</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;">äºãæ¿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;">éè´å ¨é¢è§£é¤ï¼</span></span></font><font face="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">å¹´</span></font><font face="Calibri"><span leaf="">1</span></font><font face="å®ä½"><span leaf="">æèµ·åæ¶è´æ¿èµæ ¼å®¡æ ¸ï¼ååä½æ¿åå¾ãä¸å¨äº§æè¯ä¹¦ãå³å¯äº¤æï¼é¦ä»æ¯ä¾éè³</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 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;">éèæ¿çä¼åï¼</span>å ¬ç§¯é贷款é¢åº¦æåè³åç¼´åèå·¥</span></font><font face="Calibri"><span leaf="">80</span></font><font face="å®ä½"><span leaf="">ä¸å ï¼åèå·¥</span></font><font face="Calibri"><span leaf="">100</span></font><font face="å®ä½"><span leaf="">ä¸å ï¼</span></font><font face="Calibri"><span leaf="">LPR</span></font><font face="å®ä½"><span leaf="">å©çä¸æ¢è³</span></font><font face="Calibri"><span leaf="">3.75%</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;">åå¸æ´æ°å éï¼</span>å¯å¨çæ¡¥ãæªå¤®çåºå</span></font><font face="Calibri"><span leaf="">20</span></font><font face="å®ä½"><span leaf="">个èæ§å°åºæ¹é 项ç®ï¼æ°å¢ä¿éæ§ç§èµä½æ¿</span></font><font face="Calibri"><span leaf="">1.2</span></font><font face="å®ä½"><span leaf="">ä¸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;">çç¹äºä»¶ï¼</span>æµçå½é 港è·æ¹å½å®¶ç©æµæ¢çº½ï¼å¸¦å¨åºåå¼åç度ï¼é«æ°åº</span></font><font face="Calibri"><span leaf="">GX3-35-33</span></font><font face="å®ä½"><span leaf="">å°å以</span></font><font face="Calibri"><span leaf="">14.26%</span></font><font face="å®ä½"><span leaf="">溢价çæ交ï¼å·æ°çåºæ¥¼é¢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><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¸ã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;">åºç¡ç¹å¾ï¼</span></span></font><font face="Calibri"><span leaf="">26-35</span></font><font face="å®ä½"><span leaf="">å²ç¾¤ä½å æ¯</span></font><font face="Calibri"><span leaf="">42%</span></font><font face="å®ä½"><span leaf="">ï¼é¦æ¬¡ç½®ä¸å æ¯</span></font><font face="Calibri"><span leaf="">67%</span></font><font face="å®ä½"><span leaf="">ï¼å®¶åºå¹´æ¶å ¥</span></font><font face="Calibri"><span leaf="">15-30</span></font><font face="å®ä½"><span leaf="">ä¸å 为主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;">è¡ä¸ºå好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=""><span textstyle="" style="font-weight: bold;">è´æ¿å¨æºï¼</span>å©æ¿éæ±ï¼</span></font><font face="Calibri"><span leaf="">38%</span></font><font face="å®ä½"><span leaf="">ï¼ãå¦åºæ¹åï¼</span></font><font face="Calibri"><span leaf="">29%</span></font><font face="å®ä½"><span leaf="">ï¼ãèµäº§é ç½®ï¼</span></font><font face="Calibri"><span leaf="">21%</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;">产åéæ±ï¼</span>å好</span></font><font face="Calibri"><span leaf="">90-120</span></font><font face="å®ä½"><span leaf="">ã¡ä¸æ¿ï¼</span></font><font face="Calibri"><span leaf="">53%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼å ³æ³¨æºè½å®¶å± ç³»ç»ï¼</span></font><font face="Calibri"><span leaf="">62%</span></font><font face="å®ä½"><span leaf="">ï¼ã社åºç»¿åçï¼</span></font><font face="Calibri"><span leaf="">45%</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;">å³çè·¯å¾ï¼</span>线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="">ï¼ä½æç»å³çä»ä¾èµå®å°èå¯ï¼</span></font><font face="Calibri"><span leaf="">91%</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><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;">åãåºåå¸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;">é«æ°åºï¼</span>软ä¸</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">软西æ¿åæ交åä»·çªç ´</span></font><font face="Calibri"><span leaf="">2.3</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§æ路沿线项ç®å»åå¨æä» </span></font><font face="Calibri"><span leaf="">5.2</span></font><font face="å®ä½"><span leaf="">个æï¼æè²èµæºæº¢ä»·æ¾èã</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;">æ²æ±æ°åºï¼</span></span></font><font face="Calibri"><span leaf="">CCBD</span></font><font face="å®ä½"><span leaf="">æ¿åä¾æç¨ç¼ºææ èµæºï¼å¤§å¹³å±äº§ååä»·</span></font><font face="Calibri"><span leaf="">3.5</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¡ï¼ä½åºåå»åå¨æ延é¿è³</span></font><font face="Calibri"><span leaf="">14</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><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;">æµçå½é 港ï¼</span>åç</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">åè·¨</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">æç¥ï¼ä½å® æ交éåæ¯å¢é¿</span></font><font face="Calibri"><span leaf="">23%</span></font><font face="å®ä½"><span leaf="">ï¼ä½ä»·æ ¼æ¶¨å¹ ä» </span></font><font face="Calibri"><span leaf="">3.8%</span></font><font face="å®ä½"><span leaf="">ï¼åç°</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">以éæ¢ä»·</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">ç¹å¾ã</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;">西å¸æ°åºï¼</span>è½æºéè´¸åºåºåå»åå¨æè¾¾</span></font><font face="Calibri"><span leaf="">19</span></font><font face="å®ä½"><span leaf="">个æï¼é¨å项ç®å¯å¨</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">å·¥æµæ¿</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">ä¿éï¼ä»·æ ¼åè°è³</span></font><font face="Calibri"><span leaf="">1.1</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¡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;">äºãä»·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=""><span textstyle="" style="font-weight: bold;">æ度波å¨ï¼</span></span></font><font face="Calibri"><span leaf="">1</span></font><font face="å®ä½"><span leaf="">æç¯æ¯ä¸æ¶¨</span></font><font face="Calibri"><span leaf="">0.32%</span></font><font face="å®ä½"><span leaf="">ï¼</span></font><font face="Calibri"><span leaf="">3</span></font><font face="å®ä½"><span leaf="">æç¯æ¯ä¸é</span></font><font face="Calibri"><span leaf="">0.2%</span></font><font face="å®ä½"><span leaf="">ï¼ä»·æ ¼é§æ§ä¸»è¦æ¥èªæ ¸å¿åºæ¹å项ç®æ¯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><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></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="">é«æ°ä¸æåæ¯ä¸æ¶¨</span></font><font face="Calibri"><span leaf="">5.7%</span></font><font face="å®ä½"><span leaf="">ï¼ç§æ人æå¯¼å ¥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="">åä¸çººç»åæ¿ååæ¯ä¸è·</span></font><font face="Calibri"><span leaf="">8.2%</span></font><font face="å®ä½"><span leaf="">ï¼äº§ä¸ç©ºå¿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;">åæç°è±¡ï¼</span>软件æ°åäºæ次æ°æ¿æçä»·è¾æ°æ¿é«</span></font><font face="Calibri"><span leaf="">12-15%</span></font><font face="å®ä½"><span leaf="">ï¼å¬çæèµæ§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;">å ãç«äºæ ¼å±</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¸åºéä¸åº¦ï¼</span></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="">82.4%</span></font><font face="å®ä½"><span leaf="">ï¼ä¿å©ï¼</span></font><font face="Calibri"><span leaf="">32.8</span></font><font face="å®ä½"><span leaf="">亿ï¼ã绿åï¼</span></font><font face="Calibri"><span leaf="">28.6</span></font><font face="å®ä½"><span leaf="">亿ï¼ãä¸é建ï¼</span></font><font face="Calibri"><span leaf="">24.3</span></font><font face="å®ä½"><span leaf="">亿ï¼å½¢æ第ä¸æ¢¯éã</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></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;">头é¨æ¿ä¼ï¼</span>èç¦ç¬¬å代ä½å® ï¼å¦ç»¿åæµ·æ£ ä¸ç« ï¼ï¼é 置空ä¸åºé¢åæºè½åç³»ç»</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¬åæ¿ä¼ï¼</span>æ天置ä¸æ¨åº</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">å®å¶åå°å°åå¼å</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">ï¼æå°å¼ååå 缩è³</span></font><font face="Calibri"><span leaf="">8</span></font><font face="å®ä½"><span leaf="">亩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;">åå°å¨å¤ï¼</span>ä¸å£åº¦æ交ä½å® ç¨å°</span></font><font face="Calibri"><span leaf="">14</span></font><font face="å®ä½"><span leaf="">å®ï¼æ¸¯å¡åºå æ¯</span></font><font face="Calibri"><span leaf="">38.4%</span></font><font face="å®ä½"><span leaf="">ï¼å¹³å溢价ç</span></font><font face="Calibri"><span leaf="">7.2%</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¸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;">ä¿å©å¤©çºï¼</span>é«æ°</span></font><font face="Calibri"><span leaf="">CID</span></font><font face="å®ä½"><span leaf="">æ¿åï¼</span></font><font face="Calibri"><span leaf="">143-210</span></font><font face="å®ä½"><span leaf="">ã¡ç§æä½å® ï¼æåå»å</span></font><font face="Calibri"><span leaf="">65</span></font><font face="å®ä½"><span leaf="">å¥ï¼å®¢æ·ä¸ç§æä»ä¸è å æ¯</span></font><font face="Calibri"><span leaf="">47%</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润ä¸å润åºï¼</span>æµççæåºå é¢äº§åï¼</span></font><font face="Calibri"><span leaf="">270</span></font><font face="å®ä½"><span leaf="">ã¡æ·åå æ¯è¾¾</span></font><font face="Calibri"><span leaf="">38%</span></font><font face="å®ä½"><span leaf="">ï¼ä¾æä¸ååæ¯è§æº¢ä»·</span></font><font face="Calibri"><span leaf="">25%</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;">é¾æ¹ç çå°ï¼</span>åä¸å¹¸ç¦æ带æ¿åï¼ä¸»å</span></font><font face="Calibri"><span leaf="">89-125</span></font><font face="å®ä½"><span leaf="">ã¡ç²¾è£ å°é«ï¼é¦å¼å»åç</span></font><font face="Calibri"><span leaf="">82%</span></font><font face="å®ä½"><span leaf="">ï¼å°é</span></font><font face="Calibri"><span leaf="">8</span></font><font face="å®ä½"><span leaf="">å·çº¿å¼æµæ¾èã</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 «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¸æé¢ï¼</span>é¢è®¡</span></font><font face="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">年西å®æ¿ä»·æ ¸å¿åºæ¶¨å¹ </span></font><font face="Calibri"><span leaf="">3-5%</span></font><font face="å®ä½"><span leaf="">ï¼è¿éæå¹³ï¼è¿éæåè°</span></font><font face="Calibri"><span leaf="">5-8%</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 èçï¼</span>æ¹ååéæ±å æ¯çªç ´</span></font><font face="Calibri"><span leaf="">40%</span></font><font face="å®ä½"><span leaf="">ï¼ä½éè¦æ</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">伪æ¹å</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">产åï¼ä» é¢ç§¯å¢å¤§ï¼çå¸åºææ§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;">西é¨ä¿¡æï¼</span>å»ºè®®å ³æ³¨æ¸¯å¡åº</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">奥ä½ä¸å¿</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">ä¸æ¬§çå</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">åæ ¸é©±å¨ç产åèå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><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;">ä¹ã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;">1.æ ¸å¿è¯æ±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="">交ä»åæ¶çï¼</span></font><font face="Calibri"><span leaf="">92%</span></font><font face="å®ä½"><span leaf="">å ³æ³¨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="">æè²èµæºè½å°ï¼</span></font><font face="Calibri"><span leaf="">78%</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="">ç©ä¸æå¡è´¨éï¼</span></font><font face="Calibri"><span leaf="">65%</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 data-pm-slice="0 0 []"><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"></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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">2.主è¦çç¹ï¼</span></span></font></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: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;">交ä»é£é©</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ï¼</span>è¿é项ç®å»¶æ交ä»ç</span></font><font face="Calibri"><span leaf="">12%</span></font><font face="å®ä½"><span leaf="">ï¼è´æ¿è å¾åç°æ¿æå½ä¼å¼åã</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 ¼ä¸éæï¼</span>é¨å项ç®å¤æ¡ä»·ä¸å®é æ交价差达</span></font><font face="Calibri"><span leaf="">8%</span></font><font face="å®ä½"><span leaf="">ï¼å¼åä¿¡ä»»å±æº</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;">åãé£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.主è¦é£é©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="">è¿éåºåå»åå¨æè¶ </span></font><font face="Calibri"><span leaf="">18</span></font><font face="å®ä½"><span leaf="">个æ</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="">ä¸å°æ¿ä¼åºå¸è¿çº¦çåè³</span></font><font face="Calibri"><span leaf="">7.3%</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¿çè¾¹é æåºéåï¼è´æ¿è¡¥è´´åºæ¿ææåå¼±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.åºå¯¹å»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="">å 快港å¡åº</span></font><font face="Calibri"><span leaf="">TOD</span></font><font face="å®ä½"><span leaf="">项ç®å¼åï¼æ¿æ¥ä¸»åå¤æº¢éæ±</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="">建ç«</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">é¢å®èµé</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">交ä»ä¿é©</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">åç管æºå¶</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="">å¼å¯¼æ¿ä¼åä¸ä¿éæ¿ä»£å»ºï¼æ¢åæ ¸å¿åºåå°ææ 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-size: 24px;color: #3daad6;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;">ä¸åå¹´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="">é¢è®¡</span></font><font face="Calibri"><span leaf="">LPR</span></font><font face="å®ä½"><span leaf="">åé</span></font><font face="Calibri"><span leaf="">10-15BP</span></font><font face="å®ä½"><span leaf="">ï¼åºæ¿ç½®æ¢éæ±</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="">港å¡åºãé«æ°ä¸æå°éä¸ä¾åºçº¦</span></font><font face="Calibri"><span leaf="">6500</span></font><font face="å®ä½"><span leaf="">å¥ä½å® 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></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°é</span></font><font face="Calibri"><span leaf="">16</span></font><font face="å®ä½"><span leaf="">å·çº¿äºæã</span></font><font face="Calibri"><span leaf="">12</span></font><font face="å®ä½"><span leaf="">å·çº¿å»ºè®¾å¸¦å¨è¥¿å¸ä¸ä½å</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="">硬ç§æ产ä¸å¯¼å ¥ï¼å åãå导ä½ï¼å¬ç</span></font><font face="Calibri"><span leaf="">200</span></font><font face="å®ä½"><span leaf="">ä¸ã¡äº§ä¸ç¤¾åºä½æ¿éæ±</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="">é¢è®¡</span></font><font face="Calibri"><span leaf="">2026</span></font><font face="å®ä½"><span leaf="">å¹´æ¹åå产åæ交å æ¯çªç ´</span></font><font face="Calibri"><span leaf="">50%</span></font><font face="å®ä½"><span leaf="">ï¼ç»¿è²å»ºç认è¯é¡¹ç®è¾¾</span></font><font face="Calibri"><span leaf="">35%</span></font></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf="">ï¼æ³¨ï¼æ¬æ¥åæ°æ®åæ¥èªå ¬å¼ç»è®¡åè¡ä¸è°ç ï¼åæç»è®ºä» ä¾åèï¼</span></font></span></p><section style="margin-top: 16px;"><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></section><section style="margin-top: 16px;"><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></section><section style="margin-bottom: 24px;margin-top: 16px;"><span style="background-color: rgb(255, 255, 255);font-family: å®ä½;font-size: 14px;letter-spacing: 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, 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data-ratio="0.4595300261096606" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlXfAQF3A26suo6p9w00eMZoyV7m9VamRjB8Rn2faCKibWCNNaATXll7jepE6jOCfgicm6dsIZH13Zg/640?wx_fmt=png&from=appmsg" data-type="png" data-w="383" /></section><section style="text-align: center;margin-bottom: 0px;margin-top: 16px;"><span style="font-size: 12px;"><span leaf=""> DeepSeek 深度èåå°äº§å®æ课</span></span></section><section style="text-align: center;margin-bottom: 0px;margin-top: 16px;"><span style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span leaf=""> </span></span><span leaf=""> <img data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlXfAQF3A26suo6p9w00eMZA6slk3reAoDIyH2bXdmuAQicGJGalicdZIUSDHib8E95LVrZXCic3z5DZA/640?wx_fmt=png&from=appmsg" class="rich_pages wxw-img" data-ratio="0.9777777777777777" data-s="300,640" data-type="png" data-w="135" style="text-align: center;font-size: var(--articleFontsize);letter-spacing: 0.034em;" data-imgfileid="100036054" /> 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data-src="https://mmbiz.qpic.cn/sz_mmbiz_jpg/VXjHib6YROwlXfAQF3A26suo6p9w00eMZiaqkp43RyDGDbI8AlaicupWn33G6adtQibTgrOxS4vbrDzLBEOZ1L8ulg/640?wx_fmt=jpeg&from=appmsg" data-type="jpeg" data-w="647" style="letter-spacing: 0.578px;text-align: center;width: 578px;height: 251px;" /></section><section style="margin-bottom: 24px;margin-top: 16px;"><section style="display: none;margin-bottom: 16px;"><span leaf=""><br /></span></section></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>