<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="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">å¹´</span></font><font face="Calibri"><span leaf="">1-4</span></font><font face="å®ä½"><span leaf="">æï¼å¸¸å·æ¿å°äº§å¸åºåç°âéä»·è¶ç¨³ãååå å§âçç¹å¾ãæ®å¸¸å·å¸ç»è®¡å±å第ä¸æ¹çæµæºææ°æ®æ¾ç¤ºï¼å ¨å¸æ°å»ºååä½å® æ交é¢ç§¯çº¦</span></font><font face="Calibri"><span leaf="">85</span></font><font face="å®ä½"><span leaf="">ä¸å¹³æ¹ç±³ï¼åæ¯</span></font><font face="Calibri"><span leaf="">2024</span></font><font face="å®ä½"><span leaf="">å¹´åæå¾®é</span></font><font face="Calibri"><span leaf="">3%</span></font><font face="å®ä½"><span leaf="">ï¼ç¯æ¯</span></font><font face="Calibri"><span leaf="">2024</span></font><font face="å®ä½"><span leaf="">å¹´åå£åº¦å¢é¿</span></font><font face="Calibri"><span leaf="">12%</span></font><font face="å®ä½"><span leaf="">ï¼æ¾ç¤ºæ¥èåå¸åºéæ¥åæãä¾åºç«¯æ°å¢é¢å®æ¿æºçº¦</span></font><font face="Calibri"><span leaf="">1.1</span></font><font face="å®ä½"><span leaf="">ä¸å¥ï¼åæ¯æå¹³ï¼åºåå»åå¨æ为</span></font><font face="Calibri"><span leaf="">14</span></font><font face="å®ä½"><span leaf="">个æï¼è¾</span></font><font face="Calibri"><span leaf="">2024</span></font><font face="å®ä½"><span leaf="">å¹´æ«ç¼©ç</span></font><font face="Calibri"><span leaf="">1.2</span></font><font face="å®ä½"><span leaf="">个æï¼ä¸»ååºæ ¸å¿æ¿ååºåååè¾å°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="">æ¿çç¯å¢ä¿æ</span></font><font face="å®ä½"><span leaf="">â稳é¢æãä¿åéâåºè°ï¼å»¶ç»äº</span></font><font face="Calibri"><span leaf="">2024</span></font><font face="å®ä½"><span leaf="">å¹´åå£åº¦åºå°çä¼åå ¬ç§¯é贷款é¢åº¦æ¿çï¼é¦å¥æé«å¯è´·</span></font><font face="Calibri"><span leaf="">90</span></font><font face="å®ä½"><span leaf="">ä¸å ï¼ãæ¾å®½äººæè´æ¿è¡¥è´´èå´ç举æªã</span></font><font face="Calibri"><span leaf="">3</span></font><font face="å®ä½"><span leaf="">æï¼å¸¸å·ç»å¼åºè·æ¹ç级âåå¸æ´æ°è¯ç¹âï¼æ¨å¨åºåæ§æ¹é¡¹ç®å 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style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">åºç¡ç¹å¾ï¼</span>è´æ¿å®¢æ·ä»¥æ¬å°æ¹ååéæ±ä¸ºä¸»å¯¼ï¼å æ¯çº¦</span></font><font face="Calibri"><span leaf="">55%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼å¹´é¾éä¸å¨</span></font><font face="Calibri"><span leaf="">30-45</span></font><font face="å®ä½"><span leaf="">å²ï¼</span></font><font face="Calibri"><span leaf="">72%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼å®¶åºå¹´æ¶å ¥</span></font><font face="Calibri"><span leaf="">20</span></font><font face="å®ä½"><span leaf="">ä¸</span></font><font face="Calibri"><span leaf="">-50</span></font><font face="å®ä½"><span leaf="">ä¸å å æ¯è¶ å æãæ°å¸æ°ï¼éæ·ç±å¸¸ä½äººå£ï¼è´æ¿å æ¯æåè³</span></font><font face="Calibri"><span leaf="">28%</span></font><font face="å®ä½"><span leaf="">ï¼ä¸»è¦éä¸äºæ°ååºãæ¦è¿é«æ°åºç产ä¸èéåºã</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>ä¸æ¿æ·åæ交å æ¯è¾¾</span></font><font face="Calibri"><span leaf="">63%</span></font><font face="å®ä½"><span leaf="">ï¼</span></font><font face="Calibri"><span leaf="">120-140</span></font><font face="å®ä½"><span leaf="">å¹³æ¹ç±³ä¸ºæ¹å主æµé¢ç§¯æ®µãè¶ ä¸æ客æ·å ³æ³¨æè²èµæºé å¥ï¼å¦å¤©å®å±å°åæ ¡ãå¤å½è¯å¦æ ¡çï¼ï¼äºæ客æ·å¯¹ç¤¾åºæºè½å设æ½æåºæç¡®è¦æ±ã线ä¸çæ¿å·¥å ·ä½¿ç¨çè¾¾</span></font><font face="Calibri"><span leaf="">89%</span></font><font face="å®ä½"><span leaf="">ï¼ä½æç»å³çä»ä¾èµçº¿ä¸å®å°èå¯ï¼å¹³åçæ¿æ¬¡æ°</span></font><font face="Calibri"><span leaf="">4.6</span></font><font face="å®ä½"><span leaf="">次ï¼ã</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;">天å®åºï¼</span>æ ¸å¿å°æ®µç¨ç¼ºæ§æ¯æä»·æ ¼åæºï¼æå宫ãç¿ ç«¹æ¿ååä»·</span></font><font face="Calibri"><span leaf="">2.6</span></font><font face="å®ä½"><span leaf="">ä¸</span></font><font face="Calibri"><span leaf="">-3.2</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="">å¹³æ¹ç±³ï¼ä»¥é«ç«¯æ¹å项ç®ä¸ºä¸»ãçº¢æ¢ æ¿åå èåæ´æ°æ¨è¿ï¼</span></font><font face="Calibri"><span leaf="">100-120</span></font><font face="å®ä½"><span leaf="">å¹³æ¹ç±³å°é«å±äº§åå»åå¨æ缩çè³</span></font><font face="Calibri"><span leaf="">8</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;">æ°ååºï¼</span>é«éæ°åæ¿åä¾æå½é å»é¢ãæ»é¨ç»æµåè§åï¼</span></font><font face="Calibri"><span leaf="">120</span></font><font face="å®ä½"><span leaf="">å¹³æ¹ç±³ä»¥ä¸æ·åæ交å æ¯è¾¾</span></font><font face="Calibri"><span leaf="">48%</span></font><font face="å®ä½"><span leaf="">ï¼ä»·æ ¼åæ¯ä¸æ¶¨</span></font><font face="Calibri"><span leaf="">4.3%</span></font><font face="å®ä½"><span leaf="">ãæ¥æ±éå产ä¸äººå£å¸¦å¨ï¼åé项ç®å»åçè¶ </span></font><font face="Calibri"><span leaf="">80%</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;">æ¦è¿åºï¼</span>æ¹å¡èåæ¿ååºåè¾é«ï¼å¼ååéè¿èµ é车ä½ãç©ä¸è´¹åå å éå»åã西太æ¹æ¿åä¾æçæèµæºï¼ä½å¯æ´æ¿äº§åå常å·æ¬å°åå¨è¾¹åå¸å »è客群éçã</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楼åºï¼</span>éæ«å ¬åæ¿åä¾æå°é</span></font><font face="Calibri"><span leaf="">2</span></font><font face="å®ä½"><span leaf="">å·çº¿ï¼å°æ·åæèµå±æ§åå¼±ï¼èªä½éæ±å æ¯æåè³</span></font><font face="Calibri"><span leaf="">75%</span></font><font face="å®ä½"><span leaf="">ãé¹åºéå ç©æµäº§ä¸å级ï¼å¤æ¥å¡å·¥äººåè´æ¿å æ¯è¾¾</span></font><font face="Calibri"><span leaf="">34%</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;">åãå¸åºä»·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="å®ä½"><span leaf="">å ¨å¸æ°å»ºä½å® æ交å价为</span></font><font face="Calibri"><span leaf="">1.85</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="">å¹³æ¹ç±³ï¼åæ¯å¾®æ¶¨</span></font><font face="Calibri"><span leaf="">2.1%</span></font><font face="å®ä½"><span leaf="">ãåºåååæ¾èï¼æ°ååºååææå¨ä¸æ¶¨</span></font><font face="Calibri"><span leaf="">5.2%</span></font><font face="å®ä½"><span leaf="">ï¼å°ä»·å æ¯åè³</span></font><font face="Calibri"><span leaf="">42%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼èéå滨æ¹æ°åå ä¾åºè¿å©ï¼é¨å项ç®éä»·ä¿éï¼ææ£å¹ 度</span></font><font face="Calibri"><span leaf="">3%-5%</span></font><font face="å®ä½"><span leaf="">ï¼ãäºææ¿å¸åºæçåä»·</span></font><font face="Calibri"><span leaf="">1.62</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="">å¹³æ¹ç±³ï¼è®®ä»·ç©ºé´æ¶çªè³</span></font><font face="Calibri"><span leaf="">3.8%</span></font><font face="å®ä½"><span leaf="">ï¼å¦åºæ¿ï¼å¦åç±è·¯å°å¦å¨è¾¹ï¼ä»·æ ¼ä¿æåæºã</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="">头é¨æ¿ä¼ç«äºç½çåï¼å润ãä¿å©ãä¸ç§ä¸å®¶å¸å çå计达</span></font><font face="Calibri"><span leaf="">39%</span></font><font face="å®ä½"><span leaf="">ãæ¬åæ¿ä¼å¦æ°åæ§è¡éè¿â社åºåä¸</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">ä½å® â模å¼å¨ä¹¡éæ¿åä¿æä¼å¿ã产å设计åç°ä¸¤å¤§è¶å¿ï¼æ ¸å¿åºé¡¹ç®å¼ºåä¼æãç§å®´å çé«ç«¯é 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style="font-weight: bold;">å润置å°Â·ä¸è±¡åºï¼å¤©å®åºï¼ï¼</span></span></font><font face="Calibri"><span leaf="">4</span></font><font face="å®ä½"><span leaf="">æåçéå®é¢ç ´</span></font><font face="Calibri"><span leaf="">12</span></font><font face="å®ä½"><span leaf="">亿å ï¼ä¾ææå宫åååºä½ï¼ä¸»æ</span></font><font face="Calibri"><span leaf="">143-195</span></font><font face="å®ä½"><span leaf="">å¹³æ¹ç±³ç§æä½å® ï¼è£ æ è¾¾</span></font><font face="Calibri"><span leaf="">5000</span></font><font face="å®ä½"><span leaf="">å </span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">å¹³æ¹ç±³ï¼å®¢æ·ä¸è¶ å æ为ç§è¥ä¼ä¸ä¸»ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">é¾æ¹Â·æ¥æ±å¤©çºï¼æ°ååºï¼ï¼</span>é«éåç«</span></font><font face="Calibri"><span leaf="">800</span></font><font face="å®ä½"><span leaf="">ç±³èå´å ï¼</span></font><font face="Calibri"><span leaf="">98-128</span></font><font face="å®ä½"><span leaf="">å¹³æ¹ç±³å ¨è½æ·åå®ç°å½æå¼çå»åç</span></font><font face="Calibri"><span leaf="">92%</span></font><font face="å®ä½"><span leaf="">ï¼è´æ¿è ä¸</span></font><font face="Calibri"><span leaf="">35</span></font><font face="å®ä½"><span leaf="">å²ä»¥ä¸å æ¯è¾¾</span></font><font face="Calibri"><span leaf="">58%</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;">碧æ¡å·æ±åæ æï¼æ¦è¿åºï¼ï¼</span>以â</span></font><font face="Calibri"><span leaf="">6</span></font><font face="å®ä½"><span leaf="">ç±³æé«é³å°</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">å¯å空é´â设计å¸å¼å¹´è½»å®¶åºï¼ç²¾è£ 交ä»åä»·</span></font><font face="Calibri"><span leaf="">1.65</span></font><font face="å®ä½"><span leaf="">ä¸å ï¼ä½äºæ¿ååä»·</span></font><font face="Calibri"><span leaf="">8%</span></font><font face="å®ä½"><span leaf="">ï¼é¦æç¾çº¦è¶ </span></font><font face="Calibri"><span leaf="">200</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®¶è§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;">æ±èçæ¿å°äº§åä¼æåºï¼</span>常å·å¸åºæ£ä»</span></font><font face="å®ä½"><span leaf="">âå¢éå¼åâ转åâåéè¿è¥âï¼</span></font><font face="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">å¹´åå°åºè®©å°æ´ä¾§é </span></font><font face="Calibri"><span leaf="">TOD </span></font><font face="å®ä½"><span leaf="">综åå¼åç¨å°ãä¸æé¢åä¸åé¢è®¤ä¸ºï¼éç常å·æ°è½æºäº§ä¸ï¼çæ³æ±½è½¦ãæ¯äºè¿ªçµæ± ï¼æ©äº§ï¼äº§ä¸äººå£å¯¼å ¥ææ为ä¸åå¹´å¸åºå ³é®åéãæ¬å°éèæºæè°ç æ¾ç¤ºï¼äºå¥æ¹å客æ·è´·æ¬¾å¨è¯¢éç¯æ¯å¢å </span></font><font face="Calibri"><span leaf="">17%</span></font><font face="å®ä½"><span leaf="">ï¼åæ æ¿ç宽æ¾ææéæ¥æ¾ç°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¿è¯æ±ï¼</span></span></font><font face="å®ä½"><span leaf="">â å°é</span></font><font face="Calibri"><span leaf="">1</span></font><font face="å®ä½"><span leaf="">å ¬éå éå¤ä¾¿å©æ§ï¼</span></font><font face="Calibri"><span leaf="">67%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼â¡ä¼è´¨å ¬åæè²èµæºè¦çï¼</span></font><font face="Calibri"><span leaf="">82%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼â¢ç¤¾åºå»çãå »èé å¥å®å度ï¼</span></font><font face="Calibri"><span leaf="">53%</span></font><font face="å®ä½"><span leaf="">ï¼ã</span></font></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¦çç¹å æ¬ï¼</span>é¨åæ¿ååä¸é å¥è½å°æ»åï¼å¦é楼æ°åï¼ãç²¾è£ äº¤ä»æ åäºè®®ï¼å®¢è¯å æ¯</span></font><font face="Calibri"><span leaf="">31%</span></font><font face="å®ä½"><span leaf="">ï¼ãäºå¥æ¿å©çä»é«äºå¨è¾¹æ é¡çåå¸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;">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;">é£é©æ示ï¼</span>â åå°å¸åºè¿çå¯è½å¼åè°æ§å ç ï¼â¡ç»å¼åºãéååºåºåå»åå¨æè¶ </span></font><font face="Calibri"><span leaf="">18</span></font><font face="å®ä½"><span leaf="">个æï¼åå¨ä»·æ ¼æé£é©ï¼â¢æ¿ä¼èµéé¾åååä¸å线åå¸ä¼ 导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;">çç¥å»ºè®®ï¼</span>å¼åååºèç¦äº§ååæåï¼æ§å¶</span></font><font face="Calibri"><span leaf="">120-144</span></font><font face="å®ä½"><span leaf="">å¹³æ¹ç±³ä¸»åæ·åææ¬ï¼æ¿åºéå å¿«éç¹æ¿åå¸æ¿é å¥è½å°ï¼è´æ¿è å¯å ³æ³¨å°éä¸æè§å沿线价å¼æ´¼å°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;">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;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å¹´ä¸åå¹´ï¼ï¼</span>é¢è®¡å¸åºå°å»¶ç»æ¸©åå¤èæå¿ï¼å ¨å¹´æ交éåæ¯å¢å¹ æè¾¾</span></font><font face="Calibri"><span leaf="">5%-8%</span></font><font face="å®ä½"><span leaf="">ï¼å¤©å®ãæ°åæ ¸å¿åºæ¿ä»·åå¨</span></font><font face="Calibri"><span leaf="">3%-5%</span></font><font face="å®ä½"><span leaf="">ä¸æ¶¨ç©ºé´ï¼è¿éæ¿å以价æ¢éä»æ¯ä¸»åºè°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;">å¹´ï¼ï¼</span>éçé¿ä¸è§ç§åèµ°å»å»ºè®¾æ·±åï¼å¸¸å·âæ°è½æºä¹é½âå®ä½å°å¸å¼æ´å¤é«ç«¯äººæå®å± ï¼ä½æ¿éæ±ç»æåâåè´¨æ¹å</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">人æå®å± âå轮驱å¨è½¬åãæºæ §ç¤¾åºã绿è²å»ºçæ åå级å°å éè¡ä¸æ´çï¼å ·å¤ç»¼åè¿è¥è½åçæ¿ä¼å°å æ®æ´å¤§å¸åºä»½é¢ã</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 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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" /> </span></section><section style="text-align: center;margin-bottom: 0px;margin-top: 16px;"><span style="letter-spacing: 0.578px;font-size: 12px;"><span leaf="">DeepSeek 深度èåå ¬å¡åå®æ课</span></span></section><section style="text-align: center;margin-bottom: 0px;margin-top: 16px;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100036055" data-ratio="0.9849624060150376" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlXfAQF3A26suo6p9w00eMZgJckNT1BQkkhCEibc2ic9hp4LUfwAshhwWEUmkgRFEYxPDyzVBCYDkGw/640?wx_fmt=png&from=appmsg" data-type="png" data-w="133" style="text-align: center;font-size: var(--articleFontsize);letter-spacing: 0.034em;"></section><section style="margin-bottom: 0px;margin-top: 16px;" nodeleaf=""><img data-src="https://mmbiz.qpic.cn/sz_mmbiz_jpg/VXjHib6YROwlXfAQF3A26suo6p9w00eMZiaqkp43RyDGDbI8AlaicupWn33G6adtQibTgrOxS4vbrDzLBEOZ1L8ulg/640?wx_fmt=jpeg&from=appmsg" class="rich_pages wxw-img" data-ratio="0.43431221020092736" data-s="300,640" data-type="jpeg" data-w="647" style="letter-spacing: 0.578px;text-align: center;width: 578px;height: 251px;" data-imgfileid="100036069" /></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>