<p data-pm-slice="0 0 []"><span leaf=""><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">ä¸ãæ´ä½å¸åºè¡¨ç°</span></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="">æéå²ååä½å® å¸åºåç°ä¾éåéæå¿ï¼æ交éé¢çº¦</span></font><font face="Calibri"><span leaf="">237</span></font><font face="å®ä½"><span leaf="">亿å ï¼æ交é¢ç§¯</span></font><font face="Calibri"><span leaf="">165</span></font><font face="å®ä½"><span leaf="">ä¸å¹³ï¼åæ¯åå«ä¸é约</span></font><font face="Calibri"><span leaf="">12%</span></font><font face="å®ä½"><span leaf="">å</span></font><font face="Calibri"><span leaf="">10%</span></font><font face="å®ä½"><span leaf="">ã</span></font><font face="Calibri"><span leaf="">4</span></font><font face="å®ä½"><span leaf="">æåæä¾éç¯æ¯éå¹ æ©å¤§ï¼ä¾åºéä» </span></font><font face="Calibri"><span leaf="">24.2</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼é»å²åºãå³å¢¨åºä¸ºä¸»ï¼ï¼æ交é¢ç§¯</span></font><font face="Calibri"><span leaf="">36.2</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼åä»·</span></font><font face="Calibri"><span leaf="">14837</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¯å¾®æ¶¨</span></font><font face="Calibri"><span leaf="">1.1%</span></font><font face="å®ä½"><span leaf="">ï¼åæ¯é</span></font><font face="Calibri"><span leaf="">7.9%</span></font><font face="å®ä½"><span leaf="">ï¼ãå¸åºååæ¾èï¼æ ¸å¿åºä¼è´¨é¡¹ç®å»åçè¶ </span></font><font face="Calibri"><span leaf="">70%</span></font><font face="å®ä½"><span leaf="">ï¼èè¿éåºåå»åå¨ææ®éè¶ </span></font><font face="Calibri"><span leaf="">20</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¿çä¸çç¹äºä»¶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="">éå²åºå°ã</span></font><font face="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">å¹´ä½æ¿åå±è®¡åãï¼æåºæ°å¢åéä½æ¿</span></font><font face="Calibri"><span leaf="">5.77</span></font><font face="å®ä½"><span leaf="">ä¸å¥ï¼ååä½å® </span></font><font face="Calibri"><span leaf="">2</span></font><font face="å®ä½"><span leaf="">ä¸å¥ï¼ãä¿éæ§ä½æ¿</span></font><font face="Calibri"><span leaf="">2000</span></font><font face="å®ä½"><span leaf="">å¥ï¼å¹¶æ¨å¨ä½æ¿â以æ§æ¢æ°âè¯ç¹ï¼è´¢æ¿è¡¥è´´æ¯å¥</span></font><font face="Calibri"><span leaf="">3</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;">å ¬ç§¯éæ¿çå ç ï¼</span>é¦å¥å©çéè³</span></font><font face="Calibri"><span leaf="">2.85%</span></font><font face="å®ä½"><span leaf="">ï¼å¤å女家åºè´·æ¬¾é¢åº¦æåè³</span></font><font face="Calibri"><span leaf="">150</span></font><font face="å®ä½"><span leaf="">ä¸ï¼è´·æ¬¾å¹´é延é¿è³ç·æ§</span></font><font face="Calibri"><span leaf="">68</span></font><font face="å®ä½"><span leaf="">å²ã女æ§</span></font><font face="Calibri"><span leaf="">63</span></font><font face="å®ä½"><span leaf="">å²ã</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="">3-4</span></font><font face="å®ä½"><span leaf="">ææ¨åºâéå¹´ä½æä¾âéè产åï¼å 许å</span></font><font face="Calibri"><span leaf="">10</span></font><font face="å®ä½"><span leaf="">å¹´ä» è¿å©æ¯ï¼å å å¤å©å®¶åºè´æ¿è¡¥è´´ï¼äºå©</span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">ä¸ãä¸å©</span></font><font face="Calibri"><span leaf="">10</span></font><font face="å®ä½"><span leaf="">ä¸ï¼ï¼åºæ¿æ¹åéæ±éæ¾ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">äºã客æ·ç»ååæ</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">1.åºç¡ç¹å¾ï¼</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;">åé客群ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">60%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ï¼ï¼</span>以</span></font><font face="Calibri"><span leaf="">90</span></font><font face="å®ä½"><span leaf="">å为主ï¼é¢ç®</span></font><font face="Calibri"><span leaf="">150</span></font><font face="å®ä½"><span leaf="">ä¸ä»¥å ï¼å好</span></font><font face="Calibri"><span leaf="">90-110</span></font><font face="å®ä½"><span leaf="">ã¡å°é沿线å°æ·åï¼å¯¹å¦åºèµæºææã</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;">æ¹å客群ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">35%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ï¼ï¼</span></span></font><font face="Calibri"><span leaf="">35-45</span></font><font face="å®ä½"><span leaf="">å²äºè</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ä¸è家åºä¸ºä¸»ï¼éæ±éä¸å¨</span></font><font face="Calibri"><span leaf="">120-144</span></font><font face="å®ä½"><span leaf="">ã¡ä½å¯ç¤¾åºï¼å´å±±å¼ ææ²³ãæ沧ä¸ååæ¿å为çé¨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 style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-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;">æèµå®¢ç¾¤ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;"><5%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ï¼ï¼</span>èç¦æ ¸å¿åºç°æ¿åå¦åºäºææ¿ï¼å¯¹æ¿çææ度è¾é«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="">2.è¡ä¸ºå好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="">åé客æ·åä¿éåºæ¿å³çå¨æ缩çè³</span></font><font face="Calibri"><span leaf="">1-2</span></font><font face="å®ä½"><span leaf="">å¨ï¼æ¹å客æ·å¨æ延é¿è³</span></font><font face="Calibri"><span leaf="">1-3</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="Calibri"><span leaf="">70%</span></font><font face="å®ä½"><span leaf="">æ交ä¾èµçº¿ä¸å¸¦çï¼ä¸ä»å¸¦çéåæ¯å¢</span></font><font face="Calibri"><span leaf="">41%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼çº¿ä¸å¨è¯¢éå¢é¿</span></font><font face="Calibri"><span leaf="">35%</span></font><font face="å®ä½"><span leaf="">ä½è½¬åçä½ã</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 ¼ææ度åå</span>ï¼åé客群对</span></font><font face="å®ä½"><span leaf="">âç¹ä»·æ¿ç´éç¾ä¸âååºç§¯æï¼æ¹å客群æ´å ³æ³¨ç§æä½å® ãç©ä¸åè´¨ç产ååã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">ä¸ãåºåå¸åºå¯¹æ¯</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">1.ååºå表ç°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 ¸å¿åºï¼å¸å</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">/</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å´å±±</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">/</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å¸åï¼ï¼</span>å´å±±å¼ ææ²³æ¿åæ交åä»·</span></font><font face="Calibri"><span leaf="">26522</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¸å麦å²æ¿åäºææ¿æº¢ä»·çè¶ </span></font><font face="Calibri"><span leaf="">15%</span></font><font face="å®ä½"><span leaf="">ï¼å¸å浮山åå¦åºæ¿å»åå¨æ缩çè³</span></font><font face="Calibri"><span leaf="">12</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;">è¿éï¼åé³</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">/</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">西海岸ï¼ï¼</span>åé³ç½äºå±±æ¿åå å°éè§åå»åå¨æéè³</span></font><font face="Calibri"><span leaf="">9</span></font><font face="å®ä½"><span leaf="">个æï¼è¥¿æµ·å²¸åå²æ¹¾æ¿ååºåååè¾å¤§ï¼å»åå¨æ</span></font><font face="Calibri"><span leaf="">18</span></font><font face="å®ä½"><span leaf="">个æï¼ã</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¿éï¼è¶å·</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">/</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å³å¢¨ï¼ï¼</span>è¶å·ä¸å示èåºåºåå»åå¨æè¶ </span></font><font face="Calibri"><span leaf="">24</span></font><font face="å®ä½"><span leaf="">个æï¼å³å¢¨ä½ä»·çï¼åä»·</span></font><font face="Calibri"><span leaf="">1.1</span></font><font face="å®ä½"><span leaf="">ä¸</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡ï¼ä¾èµä»¥ä»·æ¢éï¼ä½äº§ä¸å¯¼å ¥æ»åé£é©çªåºã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">2.æ¿åä»·å¼åæï¼</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«ä»·å¼æ¿åï¼</span>å´å±±å¼ ææ²³ï¼ç§åèµ°å»</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">é«ç«¯æ¹åï¼ãæ沧ä¸ååï¼ä½å¯</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">å°éï¼ã西海岸åå²æ¹¾ï¼èªè´¸åº</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">å½±è§äº§ä¸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;">é£é©æ¿åï¼</span>è¶å·ä¸å示èåºï¼äº§ä¸æªè½å°ï¼ãçµå±±æ¹¾ï¼åè´¨åä¾åºè¿å©ï¼ã平度ï¼äººå£å¤æµï¼ã</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="">æ°æ¿ä»·æ ¼åç°</span></font><font face="å®ä½"><span leaf="">âæ ¸å¿åºæè·ãè¿éæ¿åâç¹å¾ï¼</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±±åº</span></font><font face="Calibri"><span leaf="">4</span></font><font face="å®ä½"><span leaf="">æåä»·</span></font><font face="Calibri"><span leaf="">44029</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¯å¾®æ¶¨</span></font><font face="Calibri"><span leaf="">0.46%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼å¸ååºäºææ¿æ¥ä»·</span></font><font face="Calibri"><span leaf="">30786</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¡ï¼æ³¢å¨å¹ 度</span></font><font face="Calibri"><span leaf="">0.24%</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="">åé³åºåä»·</span></font><font face="Calibri"><span leaf="">13838</span></font><font face="å®ä½"><span leaf="">å </span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡ï¼åæ¯é</span></font><font face="Calibri"><span leaf="">10%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼é»å²åºé¨å项ç®éä»·å¹ åº¦è¶ </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="">å ¨å¸äºææ¿åä»·</span></font><font face="Calibri"><span leaf="">15907</span></font><font face="å®ä½"><span leaf="">å </span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡ï¼åæ¯é</span></font><font face="Calibri"><span leaf="">9.2%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼éæ ¸å¿åºèæ§æ¿æºè·å¹ è¾¾</span></font><font face="Calibri"><span leaf="">30%</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;">äºãç«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;">头é¨æ¿ä¼éä¸åº¦æåï¼</span></span></font><font face="Calibri"><span leaf="">TOP20</span></font><font face="å®ä½"><span leaf="">æ¿ä¼éå®é¢åæ¯é</span></font><font face="Calibri"><span leaf="">12.5%</span></font><font face="å®ä½"><span leaf="">ï¼åä¸æ§è¡ä»¥</span></font><font face="Calibri"><span leaf="">17.3</span></font><font face="å®ä½"><span leaf="">亿å é¢è·ï¼æµ·ä¿¡å°äº§ï¼</span></font><font face="Calibri"><span leaf="">16.69</span></font><font face="å®ä½"><span leaf="">亿å ï¼ãä¸å½éèï¼</span></font><font face="Calibri"><span leaf="">12.74</span></font><font face="å®ä½"><span leaf="">亿å ï¼ååäºä¸ä½ã</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¿ä¼å´èµ·ï¼</span>天ä¸ä»åå¾ç项ç®ä»¥</span></font><font face="Calibri"><span leaf="">6.9</span></font><font face="å®ä½"><span leaf="">亿éå®é¢è·»èº«åä¸ï¼åè¾¾éå¢é¢ç§¯æ¦ç¬¬äºã</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¥ååï¼</span>é¶ä¸°Â·ççºåï¼</span></font><font face="Calibri"><span leaf="">7.1</span></font><font face="å®ä½"><span leaf="">亿ï¼ä¸»æ山海èµæº</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">ç§æä½å® ï¼æµ·ä¿¡è»æ¦ä»¥ä½æ»ä»·æ¢å åæ¹å¸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><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">å ãçé项ç®åæ</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">é«ç«¯æ¹åæ æï¼</span>é¶ä¸°Â·ççºåï¼å´å±±ï¼ä»¥</span></font><font face="Calibri"><span leaf="">7.1</span></font><font face="å®ä½"><span leaf="">亿éå®é¢ç»é¡¶ï¼å®¢ç¾¤ä¸ºé«åå¼ä¼ä¸ä¸»ï¼è¶ç§ééå樾åºï¼å¼ ææ²³ï¼</span></font><font face="Calibri"><span leaf="">3</span></font><font face="å®ä½"><span leaf="">ææäº¤è¶ </span></font><font face="Calibri"><span leaf="">3</span></font><font face="å®ä½"><span leaf="">亿ï¼ä¾æ</span></font><font face="Calibri"><span leaf="">TOD</span></font><font face="å®ä½"><span leaf="">å¼å</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">ä½å¯è§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;">åéæµéçï¼</span>çæ³åèåºï¼åé³ï¼æ交</span></font><font face="Calibri"><span leaf="">378</span></font><font face="å®ä½"><span leaf="">å¥ï¼</span></font><font face="Calibri"><span leaf="">4.9</span></font><font face="å®ä½"><span leaf="">ä¸å¹³ï¼ï¼ä¸»æå°æ·å</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">å°éä¼å¿ï¼éç¹æ»¨æ¹å½é ï¼åé³ï¼é«èµ éæ·åï¼å¾æ¿ç</span></font><font face="Calibri"><span leaf="">85%+</span></font><font face="å®ä½"><span leaf="">ï¼å¸å¼åæ¹å®¢ç¾¤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;">åºåéå ï¼</span>æ沧åºæ£®æå ¬å项ç®åéæ¿æºåç½ï¼å¸¦å¨ä¸ååæ¿åå»åå¨æ缩çè³</span></font><font face="Calibri"><span leaf="">12.7</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><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®¶åæºæè§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>éå²å¸åºååå å§ï¼æ ¸å¿åºæè·æ§å¼ºï¼è¿éé以价æ¢éï¼æ¿ç宽æ¾å°æç»è³å¸åºå¤èã</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;">éçæ°æ®ï¼</span>â以æ§æ¢æ°âæ¿çæ¿æ´»åéæ¿å¸åºï¼ä¸»ååºå»åå¨æéè³</span></font><font face="Calibri"><span leaf="">17</span></font><font face="å®ä½"><span leaf="">个æï¼ä½äº</span></font><font face="Calibri"><span leaf="">18</span></font><font face="å®ä½"><span leaf="">个æè¦æ线ï¼ï¼ä½éåºä»éè¦æåºåé£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 style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-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>é¢è®¡</span></font><font face="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">å¹´ä¸åå¹´æ ¸å¿åºæ¿ä»·æ¢è·ååï¼æ¶¨å¹ </span></font><font face="Calibri"><span leaf="">2-3%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼è¿éæ继ç»é´è·</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><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">å «ã客æ·éæ±ä¸çç¹</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ ¸å¿éæ±ï¼</span>æ¹å客群追æ±âå°æ®µ</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">产å</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">æå¡âå好æ§ï¼ç²¾è£ æ åæåè³</span></font><font face="Calibri"><span leaf="">3000</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¡ä»¥ä¸ï¼åé客群ä¾èµå ¬ç§¯éæ¿çåå¼ååä¿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;">çç¹åæï¼</span>主åæ¹åçä¾ä¸åºæ±ï¼æ沧åéä» </span></font><font face="Calibri"><span leaf="">10</span></font><font face="å®ä½"><span leaf="">个æï¼ï¼è¿éåè´¨å严éï¼éåºé¡¹ç®éä»·å¼åå质缩水æ 忧ï¼å®¢æ·å¾åéæ©å½ä¼</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">央ä¼æ¥¼çã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">ä¹ãé£é©ä¸å»ºè®®</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">1.é£é©æ示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;">åºåååï¼</span>å ¨å¸å»åå¨æ</span></font><font face="Calibri"><span leaf="">18.7</span></font><font face="å®ä½"><span leaf="">个æï¼è¶å·ãå¹³åº¦è¶ </span></font><font face="Calibri"><span leaf="">24</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¿çä¾èµï¼</span>éæ±éæ¯æ导è´ä¸åå¹´æ交ä¹åï¼å°¤å ¶ä¾èµä¿éçéåºé¡¹ç®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;">交ä»é£é©ï¼</span>è¿é项ç®å»¶æ交ä»çåæ¯ä¸å</span></font><font face="Calibri"><span leaf="">12%</span></font><font face="å®ä½"><span leaf="">ï¼å®¢æ·å好ç°æ¿æåç°æ¿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.çç¥å»ºè®®ï¼</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ä¼åä¾åºç»æï¼</span>主åå 大ä¸å°æ·åæ¹åçä¾åºï¼è¿éæ§å¶åå°åºè®©èå¥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;">强å产ååæ°ï¼</span>æ¨å¹¿ç»¿è²å»ºçï¼èè½å»ºæï¼ãæºæ §ç¤¾åºï¼ç©èç½åºç¨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;">é£é©è§é¿ï¼</span>ä¼å éæ©å½ä¼</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">央ä¼é¡¹ç®ï¼å ³æ³¨ç°æ¿åæ ¸å¿åºèµäº§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;">1.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="">æ¿ç红å©éæ¾å å </span></font><font face="å®ä½"><span leaf="">âå°é³æ¥âé¢æï¼æ ¸å¿åºæ¹åçé价稳ä¸æåï¼äºææ¿ç度延ç»ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf="">西海岸ãåé³å°é沿线åéçå»åå éï¼ä½è¿éä»é以价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;">2.ä¸é¿æï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2026-2027</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;">å¸åºååï¼</span>æ ¸å¿åºæ¿ä»·å¹´åæ¶¨å¹ </span></font><font face="Calibri"><span leaf="">2-3%</span></font><font face="å®ä½"><span leaf="">ï¼è¿éæç»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;">产ä¸é©±å¨ï¼</span>西海岸èªè´¸åºãå´å±±ç§åèµ°å»å¸¦å¨äº§åèåï¼å¸å¼é«æ¶å ¥äººç¾¤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;">模å¼è½¬åï¼</span>æ¿ä¼ä»âå¢éå¼åâ转ååéè¿è¥ï¼ç§èµååå¸æ´æ°é¡¹ç®éè¦æ§æåã</span></font></span></p><p style="margin-top: 16px;"><span style="font-family: 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