<p style="margin-top: 16px;"></p><p style="margin-top: 16px;"><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="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-weight: bold;">å¸åºè¡¨ç°</span></span><span leaf=""><span textstyle="" style="font-weight: bold;">ï¼</span>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="">æï¼éå·æ¿å°äº§å¸åºåç°âæ¿çæåºãåºåååãåè´¨å级âçæå¿ãä¸å£åº¦ååæ¿éå®å¤æ¡é¢ç§¯è¾¾</span></font><font face="Calibri"><span leaf="">165</span></font><font face="å®ä½"><span leaf="">ä¸å¹³æ¹ç±³ï¼åæ¯å¢é¿</span></font><font face="Calibri"><span leaf="">5.7%</span></font><font face="å®ä½"><span leaf="">ï¼æ£é¤æ¿åºåè´å ç´ åå®é å¢é¿</span></font><font face="Calibri"><span leaf="">2.15%</span></font><font face="å®ä½"><span leaf="">ãæ°æ¿æ交åä»·</span></font><font face="Calibri"><span leaf="">10861</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¯ä¸é</span></font><font face="Calibri"><span leaf="">2.37%</span></font><font face="å®ä½"><span leaf="">ï¼äºææ¿æ交åä»·</span></font><font face="Calibri"><span leaf="">8969</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¯ä¸é</span></font><font face="Calibri"><span leaf="">6.71%</span></font><font face="å®ä½"><span leaf="">ï¼ä½æ ¸å¿åºåä»·æ ¼ä¿æ稳å®ã</span></font><font face="Calibri"><span leaf="">4</span></font><font face="å®ä½"><span leaf="">æå¸åºå»¶ç»åæï¼ä¸»ååºæ°çå¦å润润åºäºæãæåæ屿å¢ç项ç®å¼çå³å®ç½ï¼å¸¦å¨éå®éé¢</span></font><font face="Calibri"><span leaf="">TOP20</span></font><font face="å®ä½"><span leaf="">æ¿ä¼å计éå®é¢è¾¾</span></font><font face="Calibri"><span leaf="">168.01</span></font><font face="å®ä½"><span leaf="">亿å ï¼åæ¯å¢é¿</span></font><font face="Calibri"><span leaf="">10%</span></font><font face="å®ä½"><span leaf="">ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¿çå±é¢ï¼</span>éå·å¸å»¶ç»</span></font><font face="Calibri"><span leaf="">2024</span></font><font face="å®ä½"><span leaf="">å¹´è´æ¿è¡¥è´´ãéé¦ä»ï¼é¦å¥</span></font><font face="Calibri"><span leaf="">15%</span></font><font face="å®ä½"><span leaf="">ï¼ãéå©çï¼åè´·</span></font><font face="Calibri"><span leaf="">3%</span></font><font face="å®ä½"><span leaf="">ï¼ãå ¬ç§¯é贷款é¢åº¦æåè³</span></font><font face="Calibri"><span leaf="">130</span></font><font face="å®ä½"><span leaf="">ä¸å çæ¿çï¼å å â以æ§æ¢æ°âå ¨å¹´ç®æ </span></font><font face="Calibri"><span leaf="">1</span></font><font face="å®ä½"><span leaf="">ä¸å¥ï¼å½æå¹³å°æ¶è´</span></font><font face="Calibri"><span leaf="">5000</span></font><font face="å®ä½"><span leaf="">å¥ï¼ï¼å éåºåå»åãæ¿ç¥¨å®ç½®æ¿çæ·±åï¼èªç©ºæ¸¯åºéè¿æ¿ç¥¨æäº¤è¶ </span></font><font face="Calibri"><span leaf="">2730</span></font><font face="å®ä½"><span leaf="">å¥ï¼å¸¦å¨æ°æ¿éå®é¢è¶ </span></font><font face="Calibri"><span leaf="">40</span></font><font face="å®ä½"><span leaf="">亿å ãæ¤å¤ï¼ä¿éæ§ä½æ¿ä½ç³»å®åï¼äººæå ¬å¯æ°å¢æè¿</span></font><font face="Calibri"><span leaf="">21</span></font><font face="å®ä½"><span leaf="">个项ç®çº¦</span></font><font face="Calibri"><span leaf="">2</span></font><font face="å®ä½"><span leaf="">ä¸å¥ï¼è¦çéæ°´ãéä¸çæ ¸å¿åºã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><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="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><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="">30-45</span></font><font face="å®ä½"><span leaf="">å²å®¶åºï¼å æ¯è¶ </span></font><font face="Calibri"><span leaf="">60%</span></font><font face="å®ä½"><span leaf="">ï¼å®¶åºå¹´æ¶å ¥éä¸å¨</span></font><font face="Calibri"><span leaf="">15-25</span></font><font face="å®ä½"><span leaf="">ä¸å åºé´ãæ¹ååéæ±å æ¯æåè³</span></font><font face="Calibri"><span leaf="">45%</span></font><font face="å®ä½"><span leaf="">ï¼é¦æ¬¡ç½®ä¸å æ¯</span></font><font face="Calibri"><span leaf="">35%</span></font><font face="å®ä½"><span leaf="">ï¼æèµå®¢éè³</span></font><font face="Calibri"><span leaf="">15%</span></font><font face="å®ä½"><span leaf="">ãæ°å°±ä¸éå¹´ï¼</span></font><font face="Calibri"><span leaf="">25-35</span></font><font face="å®ä½"><span leaf="">å²ï¼å人æå ¬å¯æ¿çå¸å¼ï¼å æ¯çº¦</span></font><font face="Calibri"><span leaf="">20%</span></font><font face="å®ä½"><span leaf="">ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">è¡ä¸ºå好ï¼</span></span></font><font face="Calibri"><span leaf="">120</span></font><font face="å®ä½"><span leaf="">ã¡ä»¥ä¸æ·åå»åé度åæ¯æå</span></font><font face="Calibri"><span leaf="">18%</span></font><font face="å®ä½"><span leaf="">ï¼é«ç«¯æ¹åï¼â¥</span></font><font face="Calibri"><span leaf="">20000</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 æ¯è¾¾</span></font><font face="Calibri"><span leaf="">47%</span></font><font face="å®ä½"><span leaf="">ï¼å好ä½å¯æ´æ¿ã第å代ä½å® ï¼æº¢ä»·çè¶ å¨è¾¹</span></font><font face="Calibri"><span leaf="">20%</span></font><font face="å®ä½"><span leaf="">ï¼ãåéå®¢ç¾¤å ³æ³¨âå¾æ¿çè¶ </span></font><font face="Calibri"><span leaf="">100%</span></font><font face="å®ä½"><span leaf="">â项ç®ï¼å¦æåæ屿å¢ååé«å®ç¨é¢ç§¯å®ç°</span></font><font face="Calibri"><span leaf="">6</span></font><font face="å®ä½"><span leaf="">å¼</span></font><font face="Calibri"><span leaf="">6</span></font><font face="å®ä½"><span leaf="">ç½ãæè²èµæºï¼å¦çå®éªä¸å¦ï¼ãå°ééè¾¾æ§ï¼</span></font><font face="Calibri"><span leaf="">4</span></font><font face="å®ä½"><span leaf="">å·çº¿ã</span></font><font face="Calibri"><span leaf="">8</span></font><font face="å®ä½"><span leaf="">å·çº¿ï¼ä¸ºå³çæ ¸å¿å ç´ ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><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="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">1.ååºå表ç°ï¼</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">éä¸æ°åºï¼</span>æ°æ¿åä»·</span></font><font face="Calibri"><span leaf="">26800</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¡ï¼åé¾æ¹é«ç«¯é¡¹ç®</span></font><font face="Calibri"><span leaf="">37000</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¡ï¼ï¼äºææ¿æè·æ§å¼ºï¼ä¾æéèå²ãé«éä¸ç«äº§ä¸éèï¼å»åå¨æ</span></font><font face="Calibri"><span leaf="">12</span></font><font face="å®ä½"><span leaf="">个æã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">éæ°´åºï¼</span>æ¹ååéæ±ä¸»å¯¼ï¼ç¾çæè²æ¸¯æ¹¾ãéæ豫å豫åç项ç®åæéå®é¢ç ´äº¿ï¼æ°æ¿åä»·</span></font><font face="Calibri"><span leaf="">19600</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¡ï¼äºææ¿</span></font><font face="Calibri"><span leaf="">10564</span></font><font face="å®ä½"><span leaf="">å </span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">è¿éåºåï¼</span>ä¸çãæ°éåºåå»åå¨æè¶ </span></font><font face="Calibri"><span leaf="">30</span></font><font face="å®ä½"><span leaf="">个æï¼åä»·</span></font><font face="Calibri"><span leaf="">7000-8500</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¡ï¼ä¾èµâ以价æ¢éâçç¥ï¼ä½é å¥æ»å导è´å»åæ¿åã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">2.æ¿åä»·å¼åæï¼</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ ¸å¿æ¿åï¼</span>åé¾æ¹ãé«éä¸ç«åå产ä¸ååä¸é å¥ï¼ä¸è±¡åãå±±å§ä¼ååºï¼ï¼æ¿ä»·æ¶¨å¹ é¢<span textstyle="" style="font-weight: normal;">æ</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: normal;">5%-8%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: normal;">ã</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ½åæ¿åï¼</span>é«æ°åºï¼æ¯äºè¿ªäº§ä¸åï¼ãèªç©ºæ¸¯åºï¼æºè½ç»ç«¯äº§ä¸ï¼å¸å¼å¹´è½»åéï¼ä½é å¥è½å°ç¼æ ¢ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">é£é©æ¿åï¼</span>ä¸è¡åºãç»å°å¸å 人å£å¤æµï¼ä»·æ ¼åæ¯è·å¹ è¶ </span></font><font face="Calibri"><span leaf="">12%</span></font><font face="å®ä½"><span leaf="">ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><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="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf="">æ°æ¿å价稳ä¸æåï¼ä¸»ååº</span></font><font face="Calibri"><span leaf="">1-4</span></font><font face="å®ä½"><span leaf="">æåä»·</span></font><font face="Calibri"><span leaf="">14300</span></font><font face="å®ä½"><span leaf="">å </span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡ï¼ç¯æ¯ä¸æ¶¨</span></font><font face="Calibri"><span leaf="">10.75%</span></font><font face="å®ä½"><span leaf="">ï¼éä¸æ°åºé¢æ¶¨ï¼</span></font><font face="Calibri"><span leaf="">30771</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¡ï¼ãäºææ¿å¸åºâ以价æ¢éâç¹å¾ææ¾ï¼æçéè¶ </span></font><font face="Calibri"><span leaf="">13</span></font><font face="å®ä½"><span leaf="">ä¸å¥ï¼</span></font><font face="Calibri"><span leaf="">60%</span></font><font face="å®ä½"><span leaf="">为èæ§å°åºï¼ï¼é¨åä¸ä¸»éä»·</span></font><font face="Calibri"><span leaf="">5-10%</span></font><font face="å®ä½"><span leaf="">å éç½®æ¢ï¼ä½å¦åºæ¿ä»·æ ¼åæºï¼åä»·</span></font><font face="Calibri"><span leaf="">22287</span></font><font face="å®ä½"><span leaf="">å </span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><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="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf="">头é¨æ¿ä¼å¸åºä»½é¢éä¸ï¼æåèå£ï¼</span></font><font face="Calibri"><span leaf="">13.88</span></font><font face="å®ä½"><span leaf="">亿å ï¼ãæ£åéå¢ï¼</span></font><font face="Calibri"><span leaf="">11.59</span></font><font face="å®ä½"><span leaf="">亿å ï¼ãä¸ç§ï¼</span></font><font face="Calibri"><span leaf="">9.78</span></font><font face="å®ä½"><span leaf="">亿å ï¼ä½åéå®éé¢åä¸ãæ¬åå½ä¼å¦éå·å°éãååéå¢ååèµæºä¼å¿å´èµ·ï¼æ£åéå¢å¨è´§å¸åå®ç½®å©åä¸éå®é¢ç§¯åæ¯å¢</span></font><font face="Calibri"><span leaf="">65%</span></font><font face="å®ä½"><span leaf="">ã产åç«äºè½¬åâ质价æ¯âï¼ç°æ¿éå®å æ¯</span></font><font face="Calibri"><span leaf="">65%</span></font><font face="å®ä½"><span leaf="">ï¼åé¼æ¿ä¼å¼ºåå·¥ç¨ç®¡æ§ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><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="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æåæ屿å¢ï¼</span>å ¨å¹´éå®é¢è¶ </span></font><font face="Calibri"><span leaf="">10</span></font><font face="å®ä½"><span leaf="">亿å ï¼</span></font><font face="Calibri"><span leaf="">98</span></font><font face="å®ä½"><span leaf="">ã¡æ·åå¾æ¿ç</span></font><font face="Calibri"><span leaf="">110%</span></font><font face="å®ä½"><span leaf="">ï¼ä¾ææ¿ç¥¨æ¿çå®ç°æ¸ çã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">éæ豫å豫åï¼</span>ä¸å£åº¦éå ï¼ä¸»æ</span></font><font face="Calibri"><span leaf="">120-140</span></font><font face="å®ä½"><span leaf="">ã¡æ¹åæ·åï¼æè²èµæºå æï¼åæéå®é¢</span></font><font face="Calibri"><span leaf="">1.85</span></font><font face="å®ä½"><span leaf="">亿å ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å润润åºäºæï¼</span>é«ç«¯æ¹åæ æï¼</span></font><font face="Calibri"><span leaf="">139-205</span></font><font face="å®ä½"><span leaf="">ã¡æ·ååä»·</span></font><font face="Calibri"><span leaf="">2.5</span></font><font face="å®ä½"><span leaf="">ä¸</span></font><font face="Calibri"><span leaf="">-3.1</span></font><font face="å®ä½"><span leaf="">ä¸å </span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡ï¼é¦å¼</span></font><font face="Calibri"><span leaf="">3</span></font><font face="å®ä½"><span leaf="">å°æ¶å®ç½ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">ä¸ãä¸å®¶ä¸æºæè§ç¹</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ä¸æç 究é¢ï¼</span>æ¿çè¾¹é æåºéåï¼æªæ¥éå ³æ³¨ç»ææ§æºä¼ï¼å»ºè®®æ¿ä¼è½¬åç§éåæ¥çé«äº</span></font><font face="Calibri"><span leaf="">3%</span></font><font face="å®ä½"><span leaf="">çç§èµé¡¹ç®ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ä½å»ºé¨ï¼</span>强è°â好æ¿åâæ åï¼æ¨å¨ç»¿è²å»ºçï¼äºæ级以ä¸ï¼ãæºæ §ç¤¾åºæ®åï¼åé¼è¡ä¸å级ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">纬æ¿ç 究é¢ï¼</span>éå·æ¿ä»·å®åºææ°</span></font><font face="Calibri"><span leaf="">72.54</span></font><font face="å®ä½"><span leaf="">ï¼åºå</span></font><font face="Calibri"><span leaf="">2023</span></font><font face="å®ä½"><span leaf="">å¹´ï¼ï¼åæ¯è·å¹ </span></font><font face="Calibri"><span leaf="">10.95%</span></font><font face="å®ä½"><span leaf="">ï¼çææ延ç»âé´è·âï¼ä¸é¿æéæ¿ç强ååºæ¿ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><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="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ ¸å¿éæ±ï¼</span>æ¹å客群追æ±ä½å¯ç¤¾åºãæºè½å®¶å± ï¼è¦çç</span></font><font face="Calibri"><span leaf="">60%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼åé客群å好å°é沿线ãä½æ»ä»·ï¼ï¼</span></font><font face="Calibri"><span leaf="">15000</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¡ï¼ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">主è¦çç¹ï¼</span>è¿é项ç®å»çãåä¸é å¥æ»åï¼éåçæ¿ä¼äº¤ä»å»¶æé£é©ï¼</span></font><font face="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">å¹´å¾ äº¤ä»</span></font><font face="Calibri"><span leaf="">8779</span></font><font face="å®ä½"><span leaf="">å¥ï¼ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><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="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">1.é£é©æ示ï¼</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf="">è¿éåºåååï¼èªç©ºæ¸¯åºå»åå¨æ</span></font><font face="Calibri"><span leaf="">31</span></font><font face="å®ä½"><span leaf="">个æï¼ï¼</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">éèé£é©ï¼</span>æ¿ä¼èèµææ¬ä¸åï¼ä¿äº¤æ¥¼èµéç管ååã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">2.建议ï¼</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¿ä¼ç«¯ï¼</span>èç¦æ ¸å¿åºæ¹å产åï¼å¼ºåç°æ¿éå®ä¿¡ç¨è书ï¼</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¿ç端ï¼</span><span textstyle="" style="font-weight: normal;">å éå°é</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: normal;">6-8</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: normal;">å·çº¿å»ºè®¾ï¼å®åéåºæè²é å¥ï¼</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">è´æ¿è ï¼</span>ä¼å éæ©</span></font><font face="å®ä½"><span leaf="">âæ¿ç¥¨éç¨â项ç®ï¼è§é¿è¿éé«åºåæ¿åã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><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="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">çæï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2025Q2-Q3</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ï¼ï¼</span>æ¿ç红å©æç»éæ¾ï¼äºå£åº¦éå®ç¯æ¯å¢é¿</span></font><font face="Calibri"><span leaf="">10-15%</span></font><font face="å®ä½"><span leaf="">ï¼ä¸»ååºåä»·æçªç ´</span></font><font face="Calibri"><span leaf="">1.5</span></font><font face="å®ä½"><span leaf="">ä¸å </span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡ï¼éä¸æ°åºé«ç«¯é¡¹ç®ææ</span></font><font face="Calibri"><span leaf="">3.5</span></font><font face="å®ä½"><span leaf="">ä¸å </span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><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;">2025-2030</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ï¼ï¼</span>åå¸æ´æ°ä¸</span></font><font face="Calibri"><span leaf="">TOD</span></font><font face="å®ä½"><span leaf="">å¼åï¼å¦å°é</span></font><font face="Calibri"><span leaf="">19</span></font><font face="å®ä½"><span leaf="">å·çº¿ï¼æå¢é¿ç¹ï¼äº§ä¸é©±å¨ï¼è¶ èåå ¨çæ»é¨ãæ¯äºè¿ªåºå°ï¼æ°å¢å°±ä¸è¶ </span></font><font face="Calibri"><span leaf="">10</span></font><font face="å®ä½"><span leaf="">ä¸ï¼å¸¦å¨ä½æ¿éæ±å¢é¿</span></font><font face="Calibri"><span leaf="">20%</span></font><font face="å®ä½"><span leaf="">ã</span></font></span></p><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span><p></p><p style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf="">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="font-family: å®ä½;font-size: 10.5pt;"><span style="font-family: å®ä½;"></span></span></section><section style="margin-top: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><span style="font-family: å®ä½;"></span></span></section><section style="margin-bottom: 24px;margin-top: 16px;"><span style="background-color: rgb(255, 255, 255);font-family: å®ä½;font-size: 14px;letter-spacing: 0.476px;"></span></section><section style="text-align: center;margin-top: 16px;margin-bottom: 0px;"><span style="background-color: rgb(255, 255, 255);color: rgb(127, 127, 127);font-family: PingFangTC-Light;font-size: 12px;letter-spacing: 0.544px;caret-color: red;"><span leaf="">*</span></span><span style="background-color: rgb(255, 255, 255);font-family: å®ä½;font-size: 14px;letter-spacing: 0.476px;"></span></section><section data-role="outer" label="Powered by 135editor.com" style="-webkit-tap-highlight-color: transparent;margin-bottom: 0px;outline: 0px;font-family: "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);"><section data-role="outer" label="Powered by 135editor.com" style="-webkit-tap-highlight-color: transparent;outline: 0px;"><section 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