<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°ä¸æ¿ççç¹</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´åï¼æ´é³å¸æ¿å°äº§å¸åºå¨æ¿çåºæ¿ä¸åç°ç»ææ§å¤èã</span></font><font face="Calibri"><span leaf="">1-3</span></font><font face="å®ä½"><span leaf="">æ</span></font><font face="Calibri"><span leaf="">TOP10</span></font><font face="å®ä½"><span leaf="">æ¿ä¼éå®éé¢è¾¾</span></font><font face="Calibri"><span leaf="">13.99</span></font><font face="å®ä½"><span leaf="">亿å ï¼éå®é¢ç§¯</span></font><font face="Calibri"><span leaf="">16.37</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼ä¸æéå¢ï¼</span></font><font face="Calibri"><span leaf="">3.32</span></font><font face="å®ä½"><span leaf="">亿å ï¼ã浩德å°äº§ï¼</span></font><font face="Calibri"><span leaf="">1.82</span></font><font face="å®ä½"><span leaf="">亿å ï¼å碧æ¡åï¼</span></font><font face="Calibri"><span leaf="">1.53</span></font><font face="å®ä½"><span leaf="">亿å ï¼ä½ååä¸ã</span></font><font face="Calibri"><span leaf="">4</span></font><font face="å®ä½"><span leaf="">æå¸åºå»¶ç»ä¿®å¤æå¿ï¼ä½åæ¯ä»åå¨å·®è·ï¼</span></font><font face="Calibri"><span leaf="">1-4</span></font><font face="å®ä½"><span leaf="">æ</span></font><font face="Calibri"><span leaf="">TOP10</span></font><font face="å®ä½"><span leaf="">ä¼ä¸éå®éé¢å计</span></font><font face="Calibri"><span leaf="">24.38</span></font><font face="å®ä½"><span leaf="">亿å ï¼å»ºä¸éå¢ä»¥</span></font><font face="Calibri"><span leaf="">6.18</span></font><font face="å®ä½"><span leaf="">亿å é¢è·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¿çæ¹é¢ï¼</span>æ´é³å¸éè¿</span></font><font face="å®ä½"><span leaf="">â</span></font><font face="Calibri"><span leaf="">20%</span></font><font face="å®ä½"><span leaf="">å¥ç¨è¡¥è´´ââå ¬ç§¯éæ¯ä»é¦ä»ââ以è´ä»£å»ºå®ç½®âçæ¿çç»åæ³åºæ¿éæ±ã</span></font><font face="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">å¹´è¿ä¸æ¥æ·±åâåä¸ææ¹é âï¼å®æ½âæ¿ç¥¨å®ç½®</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">èªä¸»è´ä¹°</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">ç»ç»å¢è´â模å¼ï¼ç´¯è®¡æ¶ååéååæ¿çº¦</span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼è¡¥å å¢ééæ±ãæ¤å¤ï¼âæ æ°å®å®¶èâçä¿éæ´»å¨ç»å</span></font><font face="Calibri"><span leaf="">VR</span></font><font face="å®ä½"><span leaf="">çæ¿ææ¯ï¼æåè´æ¿ä½éªã</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;">åºåæ¹é¢ï¼</span>æªè³</span></font><font face="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">å¹´</span></font><font face="Calibri"><span leaf="">4</span></font><font face="å®ä½"><span leaf="">æï¼ååä½å® åé约</span></font><font face="Calibri"><span leaf="">286.87</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼å»åå¨æ</span></font><font face="Calibri"><span leaf="">14.28</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´åæ缩ç</span></font><font face="Calibri"><span leaf="">3</span></font><font face="å®ä½"><span leaf="">个æï¼ä½ä»éè¦æåºåæ§è¿å©é£é©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;">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;">åºç¡ç¹å¾ï¼</span>è´æ¿ä¸»å为</span></font><font face="Calibri"><span leaf="">25-45</span></font><font face="å®ä½"><span leaf="">å²ç¾¤ä½ï¼å æ¯</span></font><font face="Calibri"><span leaf="">70%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼èä¸ä»¥ä¼ä¸èåï¼</span></font><font face="Calibri"><span leaf="">35%</span></font><font face="å®ä½"><span leaf="">ï¼ã个ä½å·¥åæ·ï¼</span></font><font face="Calibri"><span leaf="">25%</span></font><font face="å®ä½"><span leaf="">ï¼ãå ¬å¡åï¼</span></font><font face="Calibri"><span leaf="">20%</span></font><font face="å®ä½"><span leaf="">ï¼ä¸ºä¸»ã家åºææ¶å ¥éä¸å¨</span></font><font face="Calibri"><span leaf="">5001-10000</span></font><font face="å®ä½"><span leaf="">å ï¼</span></font><font face="Calibri"><span leaf="">45%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼</span></font><font face="Calibri"><span leaf="">3000</span></font><font face="å®ä½"><span leaf="">å 以ä¸ä½æ¶å ¥äººç¾¤å æ¯ä¸è¶³</span></font><font face="Calibri"><span leaf="">5%</span></font><font face="å®ä½"><span leaf="">ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">è¡ä¸ºå好ï¼</span>é¦æ¬¡ç½®ä¸å æ¯</span></font><font face="Calibri"><span leaf="">60%</span></font><font face="å®ä½"><span leaf="">ï¼æ¹ååéæ±</span></font><font face="Calibri"><span leaf="">30%</span></font><font face="å®ä½"><span leaf="">ï¼æèµéæ±</span></font><font face="Calibri"><span leaf="">10%</span></font><font face="å®ä½"><span leaf="">ãé¢ç§¯éæ©ä»¥</span></font><font face="Calibri"><span leaf="">100-120</span></font><font face="å®ä½"><span leaf="">ã¡åæ¹æ·å为主ï¼å æ¯</span></font><font face="Calibri"><span leaf="">42%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼</span></font><font face="Calibri"><span leaf="">120-140</span></font><font face="å®ä½"><span leaf="">ã¡æ¹ååå æ¯</span></font><font face="Calibri"><span leaf="">21%</span></font><font face="å®ä½"><span leaf="">ãè´æ¿å³çä¸ï¼å°æ®µï¼</span></font><font face="Calibri"><span leaf="">35%</span></font><font face="å®ä½"><span leaf="">ï¼ãé å¥ï¼</span></font><font face="Calibri"><span leaf="">30%</span></font><font face="å®ä½"><span leaf="">ï¼ãåçï¼</span></font><font face="Calibri"><span leaf="">20%</span></font><font face="å®ä½"><span leaf="">ï¼ä¸ºæ ¸å¿èéå ç´ ï¼æºè½å®é²ãç²¾è£ äº¤ä»æ为æ°å ´å ³æ³¨ç¹ã</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;">æ´é¾åºï¼</span>æ交åä»·</span></font><font face="Calibri"><span leaf="">9140</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="">0.42%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼ä¾æè¡æ¿ä¸å¿å°ä½åå°é</span></font><font face="Calibri"><span leaf="">1</span></font><font face="å®ä½"><span leaf="">å·çº¿ä¼å¿ï¼æ为æ¹ååéæ±èéå°ï¼ä¸æ·ä¹é½åç项ç®ä»¥é«å质产åé¢è·å¸åºã</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;">ä¼æ»¨åºï¼</span>æ交åä»·</span></font><font face="Calibri"><span leaf="">8458</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¯å</span></font><font face="Calibri"><span leaf="">0.31%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼åçäºé«éç«æ©å»ºå产ä¸å¯¼å ¥ï¼å»åå¨æ缩çè³</span></font><font face="Calibri"><span leaf="">12</span></font><font face="å®ä½"><span leaf="">个æï¼æ£ååï¼</span></font><font face="Calibri"><span leaf="">1.44</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼å常绿·æ溪宸é¢ï¼</span></font><font face="Calibri"><span leaf="">1.10</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼ä¸ºçé代表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;">涧西åºï¼</span>åä»·</span></font><font face="Calibri"><span leaf="">6869</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="">2.01%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼å·¥ä¸ç¨å°æ交活è·ä½ä½å® å»åç¼æ ¢ï¼åºåååéä¸å¨èååºã</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;">çæ²³åºï¼</span>åä»·</span></font><font face="Calibri"><span leaf="">9685</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¯æå¹³ï¼ï¼ä¾æåå²æåèµæºå¸å¼ææ å°äº§æèµï¼ä½åä¸é å¥ä¸è¶³å¶çº¦å»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;">æ¿åä»·å¼ï¼</span>ä¼æ»¨åºåå交éæ¢çº½åæ°å ´äº§ä¸è§åæ为</span></font><font face="å®ä½"><span leaf="">âä»·å¼é«å°âï¼æ´é¾åºç»´ææ ¸å¿å± ä½åºå°ä½ï¼è¥¿å·¥åºåä¸åéé£é©éå ³æ³¨ã</span></font></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 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Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ´é¾åºï¼</span></span></font><font face="Calibri"><span leaf="">11050</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¡ï¼ç²¾è£ 项ç®æº¢ä»·</span></font><font face="Calibri"><span leaf="">15%-20%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼</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;">ä¼æ»¨åºï¼</span></span></font><font face="Calibri"><span leaf="">7050</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«éæ¦å¿µæå¨ä¸æ¶¨</span></font><font face="Calibri"><span leaf="">0.68%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼</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;">çæ²³åºï¼</span></span></font><font face="Calibri"><span leaf="">9685</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¡ï¼ææ 项ç®æ¯æä»·æ ¼ï¼ï¼</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;">èååºï¼</span></span></font><font face="Calibri"><span leaf="">11150</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¡ï¼å¦åºæ¿ä»·æ ¼åæºï¼ã</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±ä¸çé项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;">æ¿ä¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">TOP10</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ï¼</span>建ä¸ï¼</span></font><font face="Calibri"><span leaf="">6.18</span></font><font face="å®ä½"><span leaf="">亿å ï¼ãä¸æï¼</span></font><font face="Calibri"><span leaf="">5.99</span></font><font face="å®ä½"><span leaf="">亿å ï¼ã绿é½ï¼</span></font><font face="Calibri"><span leaf="">4.21</span></font><font face="å®ä½"><span leaf="">亿å ï¼å æ®å¸åºä»½é¢</span></font><font face="Calibri"><span leaf="">65%</span></font><font face="å®ä½"><span leaf="">ã头é¨ä¼ä¸éè¿â产åå级</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">ç²¾åè¥éâå·©åºä¼å¿ï¼å¦ä¸æ·ä¹é½åï¼</span></font><font face="Calibri"><span leaf="">4.31</span></font><font face="å®ä½"><span leaf="">亿å ï¼ä»¥ç§æä½å® æ¦å¿µå¸å¼æ¹å客群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;">çé项ç®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;">æ£ååï¼ä¼æ»¨åºï¼ï¼</span></span></font><font face="Calibri"><span leaf="">1.44</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ééï¼ä¾æé«éç«åä½å¯åº¦è§åï¼ä¸»æ</span></font><font face="Calibri"><span leaf="">120-140</span></font><font face="å®ä½"><span leaf="">ã¡æ¹åæ·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;">常绿</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">·æ溪宸é¢ï¼æ´é¾åºï¼ï¼</span></span></font><font face="Calibri"><span leaf="">1.10</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ééï¼ä»¥âå ¨é¾ç¤¾åº</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">æºè½ç©ä¸âå·®å¼åç«äºï¼</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 ¼æ¶¦ååºï¼è¥¿å·¥åºï¼ï¼</span></span></font><font face="Calibri"><span leaf="">1.01</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ééï¼éè¿âå¦åº</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">å°éâåéå®ä½å®ç°é«å»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><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¸æç 究é¢ï¼</span>å¸åºä¿®å¤ä¾èµæ¿çæç»ååï¼å»ºè®®æ©å¤§</span></font><font face="å®ä½"><span leaf="">âç½ååâ项ç®èèµæ¯æï¼æ¨å¨åéåå°çæ´»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 èçï¼</span>æ ¸å¿åºæè·æ§å¸æ¾ï¼éåºéè¦æä»·æ ¼ä¸è¡é£é©ï¼å»ºè®®æ¿ä¼ä¼å产å线åºå¯¹ååï¼</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°æ¹æ¿åºï¼</span></span></font><font face="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">年计åç¹å»ºä¿éæ§ç§èµä½æ¿</span></font><font face="Calibri"><span leaf="">3500</span></font><font face="å®ä½"><span leaf="">å¥ï¼éè¿â以æ§æ¢æ°âæ¿æ´»ç½®æ¢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;">ä¸ã客æ·éæ±çç¹ä¸é£é©é¢è¦</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=""><span textstyle="" style="font-weight: bold;">æ·åï¼</span>å ¨æ设计ãå¨éååºï¼å ³æ³¨åº¦</span></font><font face="Calibri"><span leaf="">62%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼</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 å¥ï¼</span>æè²ï¼</span></font><font face="Calibri"><span leaf="">45%</span></font><font face="å®ä½"><span leaf="">ï¼ãå»çï¼</span></font><font face="Calibri"><span leaf="">30%</span></font><font face="å®ä½"><span leaf="">ï¼ãåä¸ï¼</span></font><font face="Calibri"><span leaf="">25%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼</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©ä¸ï¼</span></span></font><font face="Calibri"><span leaf="">24</span></font><font face="å®ä½"><span leaf="">å°æ¶ååºãè£ ä¿®æå¡ï¼éæ±ç¼ºå£</span></font><font face="Calibri"><span leaf="">40%</span></font><font face="å®ä½"><span leaf="">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 style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-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.æ½å¨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=""><span textstyle="" style="font-weight: bold;">ä¿¡è´·é£é©ï¼</span>å± æ°æ æçåè³</span></font><font face="Calibri"><span leaf="">65%</span></font><font face="å®ä½"><span leaf="">ï¼é¨ååé客群è¿æ¬¾è½åæ¿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;">åºåååï¼</span>çæ²³åºãé«æ°åºå»åå¨æè¶ </span></font><font face="Calibri"><span leaf="">20</span></font><font face="å®ä½"><span leaf="">个æï¼éè¦æä»·æ ¼è¸©è¸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¿çæ§è¡ï¼</span>é¨ååºå¿è´¢æ¿è¡¥è´´å°ä½å»¶è¿ï¼å½±åè´æ¿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-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">å «ã建议ä¸æªæ¥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;">1.çæ建议ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å¹´ï¼ï¼</span></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¿ä¼ï¼</span>èç¦</span></font><font face="å®ä½"><span leaf="">âé«åè´¨</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">ä½æ»ä»·â产åï¼å¼ºå线ä¸è¥éåè¿ä¹¡ç½®ä¸èç¹ï¼</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¿åºï¼</span>å å¿«</span></font><font face="å®ä½"><span leaf="">âæ¿ç¥¨âå æ¢æçï¼æ¢ç´¢è·¨åºåå®ç½®åä½ã</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.ä¸é¿æå±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;">æºéï¼</span>å¼åé«éé车ï¼</span></font><font face="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">å¹´åºï¼æååå¸æ¢çº½å°ä½ï¼é¢è®¡æå¨ä¼æ»¨åºæ¿ä»·ä¸æ¶¨</span></font><font face="Calibri"><span leaf="">10%-15%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;">ææï¼</span>人å£å¢é¿æ¾ç¼ï¼å¹´å</span></font><font face="Calibri"><span leaf="">0.8%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼ééè¿äº§ä¸å级ï¼å¦æºè½å¶é ãææ ï¼å¹è²æ°å¢éæ±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;">è¶å¿ï¼</span></span></font><font face="Calibri"><span leaf="">TOD</span></font><font face="å®ä½"><span leaf="">模å¼ï¼å°éä¸çå¼åï¼åâç©ä¸</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">çæ´»æå¡âå°æ为ç«äºç¦ç¹ã</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 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