<p><span><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">ä¸ãæ´ä½å¸åºè¡¨ç°</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf="">1-4</span></font><font face="å®ä½"><span leaf="">æè´µé³æ¥¼å¸åç°</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">éä»·è¶ç¨³ãåºååå</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">ç¹å¾ï¼ä¸»ååºç½ç¾æ»éé¢è¾¾</span></font><font face="Calibri"><span leaf="">89.96</span></font><font face="å®ä½"><span leaf="">亿å ï¼æ交é¢ç§¯</span></font><font face="Calibri"><span leaf="">93.43</span></font><font face="å®ä½"><span leaf="">ä¸æ¹ï¼å¥æ°</span></font><font face="Calibri"><span leaf="">8,685</span></font><font face="å®ä½"><span leaf="">å¥ï¼åä»·</span></font><font face="Calibri"><span leaf="">9,628</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><font face="Calibri"><span leaf="">3</span></font><font face="å®ä½"><span leaf="">æå¸åºè¶ é¢æå¤èï¼ä½å® ééç¯æ¯å¢é¿</span></font><font face="Calibri"><span leaf="">74%</span></font><font face="å®ä½"><span leaf="">ï¼å£æ«èç¹æ§éæ±éæ¾å å æ¿çå©å¥½é©±å¨æææ¾èãä½</span></font><font face="Calibri"><span leaf="">4</span></font><font face="å®ä½"><span leaf="">æååæ¿ç½ç¾é¢ç§¯ç¯æ¯ä¸éè¶ </span></font><font face="Calibri"><span leaf="">30%</span></font><font face="å®ä½"><span leaf="">ï¼åç°</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">æ°æ¿ä»·ç¨³é缩ãäºææ¿éä»·åé</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">æå¿ï¼æ ¸å¿åºä¸éåºå·®å¼å 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="">æ¿ç端æ¨åºé¦ä»æ¯ä¾éè³</span></font><font face="Calibri"><span leaf="">15%</span></font><font face="å®ä½"><span leaf="">ãå ¬ç§¯é贷款é¢åº¦æè³</span></font><font face="Calibri"><span leaf="">120</span></font><font face="å®ä½"><span leaf="">ä¸ãå¥ç¨è¿æ¶è´¹å¸çç»åæ³ï¼ä½è´æ¿è 对éå©ççæ ¸å¿æ¿çä»ææ´é«æå¾ ï¼è´ä¹°åéæ¾ä¸è¶³ã</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="">客群以æ¬å°åéï¼</span></font><font face="Calibri"><span leaf="">60-120</span></font><font face="å®ä½"><span leaf="">ä¸å æ»ä»·æ®µï¼åæ¹ååï¼</span></font><font face="Calibri"><span leaf="">140-200</span></font><font face="å®ä½"><span leaf="">ä¸å ï¼ä¸ºä¸»ï¼å æ¯è¶ </span></font><font face="Calibri"><span leaf="">50%</span></font><font face="å®ä½"><span leaf="">ï¼å°å·è´æ¿è å </span></font><font face="Calibri"><span leaf="">30%</span></font><font face="å®ä½"><span leaf="">ï¼çå¤æ å± å®¢ç¾¤å </span></font><font face="Calibri"><span leaf="">18%</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="">å¹´é¾ç»æå¹´è½»åï¼</span></font><font face="Calibri"><span leaf="">25-40</span></font><font face="å®ä½"><span leaf="">å²å æ¯</span></font><font face="Calibri"><span leaf="">65%</span></font><font face="å®ä½"><span leaf="">ï¼</span></font><font face="Calibri"><span leaf="">30</span></font><font face="å®ä½"><span leaf="">å²ä»¥ä¸éå¹´è´æ¿æ¯ä¾åæ¯æå</span></font><font face="Calibri"><span leaf="">3.83</span></font><font face="å®ä½"><span leaf="">个ç¾åç¹ã</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.è¡ä¸ºå好ï¼</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf="">产åéæ©èç¦</span></font><font face="Calibri"><span leaf="">80-140</span></font><font face="å®ä½"><span leaf="">ã¡é«å±ï¼å æ¯</span></font><font face="Calibri"><span leaf="">92%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼æ´æ¿ãå«å¢ éæ±éä¸äºè§å±±æ¹æ ¸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;">å³çä¸è¦ç´ ï¼</span>å°æ®µï¼è§å±±æ¹</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">åææ ¸å¿åºï¼ãç°æ¿</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">åç°æ¿ï¼</span></font><font face="Calibri"><span leaf="">70%</span></font><font face="å®ä½"><span leaf="">è´æ¿è å ³æ³¨ï¼ãæè²èµæºï¼å¦åä¸å¸è大å¦éå±é¡¹ç®ï¼ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">ä¸ãåºåå¸åºå¯¹æ¯</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">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;">è§å±±æ¹åºï¼</span>éä»·åå ï¼</span></font><font face="Calibri"><span leaf="">3</span></font><font face="å®ä½"><span leaf="">ææ交</span></font><font face="Calibri"><span leaf="">9.87</span></font><font face="å®ä½"><span leaf="">ä¸æ¹ï¼åä»·</span></font><font face="Calibri"><span leaf="">10,981</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 ¨å¸</span></font><font face="Calibri"><span leaf="">30.2%</span></font><font face="å®ä½"><span leaf="">份é¢ãä¸éé å±±æ¹ãæ´æµ¦Â·è§å±±çç</span></font><font face="Calibri"><span leaf="">12</span></font><font face="å®ä½"><span leaf="">个项ç®å ¥å´</span></font><font face="Calibri"><span leaf="">TOP20</span></font><font face="å®ä½"><span leaf="">ï¼æ¹åéæ±å æ¯</span></font><font face="Calibri"><span leaf="">35%</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;">åæåºï¼</span>åä»·</span></font><font face="Calibri"><span leaf="">8,744</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¦é¢Â·è´µå·ä¹å æ¯æåéå¸åºï¼å æ¯</span></font><font face="Calibri"><span leaf="">70%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼å润ä¸è±¡å带å¨åä¸é å¥å级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;">ç½äºåºï¼</span>åä»·</span></font><font face="Calibri"><span leaf="">9,823</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»ºåéèååè´¡ç®åºå</span></font><font face="Calibri"><span leaf="">50%</span></font><font face="å®ä½"><span leaf="">ééï¼ä½å¯äº§ååæ¹å客群éçã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">åé¾ç»æµåºï¼</span>åä»·</span></font><font face="Calibri"><span leaf="">8,387</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¤©ç·åæåºä»¥</span></font><font face="Calibri"><span leaf="">2.61</span></font><font face="å®ä½"><span leaf="">ä¸æ¹ä½åè¿ééå ï¼ä½æ»ä»·æ å± éæ±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»·å¼ï¼</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¿æ¿åï¼</span>è§å±±ä¸ï¼ä¸éé å±±æ¹ï¼ãéèååï¼å»ºåï¼ä¾æ交é</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">åä¸èµæºæº¢ä»·è½åé¢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;">æ½åæ¿åï¼</span>é¾æ´å ¡ï¼åé¾ï¼åä½å¯çæä½å® åæ¿çå¾ææå¢éç¦ç¹ï¼ä¸é©¬çåºååºå»ºå¶çº¦çæç度æéã</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´ä½åä»·ä¿æ</span></font><font face="Calibri"><span leaf="">9,500-10,000</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¡åºé´æ³¢å¨ï¼ä½åºåååæ¾èï¼</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf="">è§å±±æ¹ï¼</span></font><font face="Calibri"><span leaf="">10,981</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¡ï¼ï¼ç½äºï¼</span></font><font face="Calibri"><span leaf="">9,823</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¡ï¼ï¼åæï¼</span></font><font face="Calibri"><span leaf="">8,744</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¡ï¼ï¼åé¾ï¼</span></font><font face="Calibri"><span leaf="">8,387</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="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf="">é«ç«¯é¡¹ç®æå¨</span></font><font face="Calibri"><span leaf="">TOP20</span></font><font face="å®ä½"><span leaf="">åä»·ä¸æµ®</span></font><font face="Calibri"><span leaf="">11.7%</span></font><font face="å®ä½"><span leaf="">ï¼å¦æ´æµ¦Â·è§å±±çæ交价</span></font><font face="Calibri"><span leaf="">10,655</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¡ï¼èå¤å´æ¿åé¨å项ç®è·ç ´</span></font><font face="Calibri"><span leaf="">4,000</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="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">äºãç«äºæ ¼å±åæ</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¿ä¼æ¢¯éï¼</span>央ä¼</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">å½ä¼å æ¯</span></font><font face="Calibri"><span leaf="">52.07%</span></font><font face="å®ä½"><span leaf="">ï¼ä¸éç½®ä¸ï¼</span></font><font face="Calibri"><span leaf="">7.38</span></font><font face="å®ä½"><span leaf="">亿å ï¼ãé¾æ¹ï¼</span></font><font face="Calibri"><span leaf="">6.32</span></font><font face="å®ä½"><span leaf="">亿å ï¼ãä¸å½é建ï¼</span></font><font face="Calibri"><span leaf="">5.71</span></font><font face="å®ä½"><span leaf="">亿å ï¼ä½ååä¸ï¼</span></font><font face="Calibri"><span leaf="">TOP10</span></font><font face="å®ä½"><span leaf="">éä¸åº¦åæ¯å¾®å¢</span></font><font face="Calibri"><span leaf="">0.21</span></font><font face="å®ä½"><span leaf="">个ç¾åç¹ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">产åçç¥ï¼</span>头é¨æ¿ä¼èç¦æ ¸å¿åºå·®å¼å产åï¼å¦ä¸éé å±±æ¹ç</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">æ ¸å¿å°æ®µ</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">æè²</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">模å¼ï¼ï¼ä¸å°æ¿ä¼éè¿ææ ççç¹è²é¡¹ç®çªå´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¸åºä»½é¢ï¼</span></span></font><font face="Calibri"><span leaf="">TOP20</span></font><font face="å®ä½"><span leaf="">项ç®è´¡ç®</span></font><font face="Calibri"><span leaf="">59.1%</span></font><font face="å®ä½"><span leaf="">æ交é¢ï¼å»ºåéèååãæ´æµ¦Â·è§å±±çãä¸éé å±±æ¹å æ½åä¸ï¼åçæéç ´äº¿æ常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;">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;">ä¸éé å±±æ¹ï¼</span>以</span></font><font face="Calibri"><span leaf="">4.08</span></font><font face="å®ä½"><span leaf="">亿å èèéå ï¼ä¸»æ</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">æ ¸å¿å°æ®µ</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">åä¸å¸èéå±å¦æ ¡</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">ï¼</span></font><font face="Calibri"><span leaf="">37688</span></font><font face="å®ä½"><span leaf="">ã¡æ交é¢ç§¯ã</span></font><font face="Calibri"><span leaf="">311</span></font><font face="å®ä½"><span leaf="">å¥éééªè¯æ¹åéæ±é§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;">æ´æµ¦Â·è§å±±çï¼</span>é«ç«¯æ¹åæ æï¼å®æ¯å±ç¤º</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">äºå¤§æå¡ä½ç³»ï¼åæéå®é¢çªç ´</span></font><font face="Calibri"><span leaf="">1.05</span></font><font face="å®ä½"><span leaf="">亿å ï¼</span></font><font face="Calibri"><span leaf="">21913</span></font><font face="å®ä½"><span leaf="">ã¡ééé¢è·è§å±±æ¹ã</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¢Â·è´µå·ä¹å ï¼</span>åæåºæ§ä»·æ¯ä¹çï¼å°é</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">åä¸é å¥é©±å¨ï¼</span></font><font face="Calibri"><span leaf="">3</span></font><font face="å®ä½"><span leaf="">æåææ交</span></font><font face="Calibri"><span leaf="">188</span></font><font face="å®ä½"><span leaf="">å¥ï¼</span></font><font face="Calibri"><span leaf="">60-120</span></font><font face="å®ä½"><span leaf="">ä¸å æ»ä»·æ®µå æ¯è¶ </span></font><font face="Calibri"><span leaf="">70%</span></font><font face="å®ä½"><span leaf="">ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #3daad6;font-weight: bold;text-decoration: underline;">ä¸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;">éè ¾æºæï¼</span></span></font><font face="Calibri"><span leaf="">3</span></font><font face="å®ä½"><span leaf="">æå²é«å</span></font><font face="Calibri"><span leaf="">4</span></font><font face="å®ä½"><span leaf="">æè¿å ¥æ·¡å£åè°ï¼å ¨å¹´</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">ä½å¼é«èµ°</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">è¶å¿æç¡®ï¼æ¿çåºæ¿ï¼å¦å¥ç¨è¡¥è´´ï¼ä»æ¯å ³é®åéã</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£åå°äº§ï¼</span>å¸åºååå å§ï¼è§å±±æ¹</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ç½äºæ ¸å¿åºæé£é©è½å强ï¼è±æºªçè¿ééè¦æ</span></font><font face="Calibri"><span leaf="">19</span></font><font face="å®ä½"><span leaf="">个æå»åå¨æååã</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;">ä½å»ºé¨æºåºï¼</span>è´µé³éå å¿«ä¸é©¬çæ¿ååºå»ºè½å°ï¼ä¼åé¢å®èµéç管ï¼é²èä¸å°æ¿ä¼äº¤ä»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;">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;">1.æ ¸å¿éæ±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="">ç°æ¿</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">åç°æ¿å æ¯</span></font><font face="Calibri"><span leaf="">70%</span></font><font face="å®ä½"><span leaf="">ï¼æè²é å¥éæ±è¾¾</span></font><font face="Calibri"><span leaf="">50%</span></font><font face="å®ä½"><span leaf="">ï¼ä½é¦ä»æ¿çå ³æ³¨åº¦</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 style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-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="">年轻客群å好å°é沿线å°ä¸æ¿ï¼</span></font><font face="Calibri"><span leaf="">60-100</span></font><font face="å®ä½"><span leaf="">ä¸å ï¼ï¼æ¹å群ä½è¿½æ±</span></font><font face="Calibri"><span leaf="">120</span></font><font face="å®ä½"><span leaf="">ã¡ä»¥ä¸æºè½ç»¿è²ä½å® 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.主è¦çç¹ï¼</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="">åºåé å¥æ»åï¼å¦ä¸é©¬è·¯ç½ï¼ãä»·æ ¼ä¿¡æ¯ä¸éæãä¸å°æ¿ä¼äº¤ä»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 style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-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="">äºææ¿å¸åºæµå¨æ§å·®ï¼æ ¸å¿åºæ¬¡æ°æ¿ä¸èæ§å°åºä»·æ ¼ååå å§ï¼é¨ååºåå»åå¨æè¶ </span></font><font face="Calibri"><span leaf="">28</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;">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 ¨çååæ¿å¾ å®é¢ç§¯</span></font><font face="Calibri"><span leaf="">1,823</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼éä½å® ç±»å æ¯</span></font><font face="Calibri"><span leaf="">41%</span></font><font face="å®ä½"><span leaf="">ï¼åæåºå»åå¨æè¾¾</span></font><font face="Calibri"><span leaf="">45</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>å¸åºåæé«åº¦ä¾èµä¿¡è´·å®½æ¾ï¼è¥ç»æµå¤èä¹åææ¿çéåºï¼ä»·æ ¼æ³¢å¨é£é©å 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;">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;">æ¿ä¼ç«¯ï¼</span>èç¦æ ¸å¿åºå·®å¼å产åï¼åº·å »</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ç§æä½å® ï¼ï¼å©ç¨</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">ç½åå</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">èèµæ¿çéä½èµéææ¬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¿åºç«¯ï¼</span>å éåå¸æ´æ°ï¼</span></font><font face="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">年计åæå ¥</span></font><font face="Calibri"><span leaf="">460</span></font><font face="å®ä½"><span leaf="">亿å ï¼ãå®åæ¿ç¥¨å®ç½®æºå¶ï¼å¼ºå</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">人æ¿å°é±</span></font><font face="Calibri"><span leaf="">"</span></font><font face="å®ä½"><span leaf="">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-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;">2025Q2-Q4</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="">æ¿ç红å©ï¼å ¬ç§¯éæ°æ¿</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">以æ§æ¢æ°ï¼æ¯æééï¼åä»·ç»´æ</span></font><font face="Calibri"><span leaf="">9,500-10,000</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¡åºé´ï¼è§å±±æ¹</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">åé¾ä¸ºå¢é¿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="">é¢è®¡æ ¸å¿åºäºææ¿æµå¨æ§æåï¼å¸¦å¨æ°æ¿å¸åºç»ææ§è°æ´ï¼å¤å´æ¿åä»·æ ¼æåè°</span></font><font face="Calibri"><span leaf="">10%-15%</span></font><font face="å®ä½"><span leaf="">ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">2.ä¸é¿æï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2026-2030</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="">åå¸è½çº§æåï¼äººå£åæµå ¥</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">产ä¸å级ï¼é©±å¨å¸åºæ©å®¹ï¼æºæ §ç¤¾åº</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">绿è²å»ºçæç«äºå ³é®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="">轨é交éç½ç»ï¼</span></font><font face="Calibri"><span leaf="">S2</span></font><font face="å®ä½"><span leaf="">å·çº¿</span></font><font face="Calibri"><span leaf="">/3</span></font><font face="å®ä½"><span leaf="">å·çº¿å»¶ä¼¸ï¼éå¡æ¿åä»·å¼ï¼å¤§æ°æ®äº§ä¸å¸¦ï¼è´µå®æ°åºï¼å¬ç</span></font><font face="Calibri"><span leaf="">144</span></font><font face="å®ä½"><span leaf="">ã¡ä»¥ä¸æ¹åæ·åéæ±</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="">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: 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