<p data-pm-slice="0 0 []"><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-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: #7c8b09;font-weight: bold;text-decoration: underline;">ä¸ãå¸åºæ´ä½è¡¨ç°</span></span></font><font face="å®ä½"></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=""><span textstyle="" style="font-weight: bold;">1. </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æäº¤éä¸è¶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=""><span textstyle="" style="font-weight: bold;">æ°æ¿ï¼</span></span></font><font face="Calibri"><span leaf="">1-5</span></font><font face="å®ä½"><span leaf="">æç´¯è®¡ç½ç¾é忝䏿¶¨</span></font><font face="Calibri"><span leaf="">22.14%</span></font><font face="å®ä½"><span leaf="">ï¼</span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">æåæç½ç¾</span></font><font face="Calibri"><span leaf="">3045</span></font><font face="å®ä½"><span leaf="">å¥ï¼ç¯æ¯é</span></font><font face="Calibri"><span leaf="">7%</span></font><font face="å®ä½"><span leaf="">ï¼åæ¯å¢</span></font><font face="Calibri"><span leaf="">13%</span></font><font face="å®ä½"><span leaf="">ï¼ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">äºææ¿ï¼</span></span></font><font face="Calibri"><span leaf="">1-5</span></font><font face="å®ä½"><span leaf="">æç´¯è®¡ç½ç¾é</span></font><font face="Calibri"><span leaf="">7.2</span></font><font face="å®ä½"><span leaf="">ä¸å¥ï¼</span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">æç½ç¾</span></font><font face="Calibri"><span leaf="">14277</span></font><font face="å®ä½"><span leaf="">å¥ï¼ç¯æ¯é</span></font><font face="Calibri"><span leaf="">8.3%</span></font><font face="å®ä½"><span leaf="">ï¼åæ¯æ¶¨</span></font><font face="Calibri"><span leaf="">6.7%</span></font><font face="å®ä½"><span leaf="">ï¼ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ç¹å¾ï¼</span></span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">æéæ¯åæ¥åæäº¤éæ¿å¢</span></font><font face="Calibri"><span leaf="">58.26%</span></font><font face="å®ä½"><span leaf="">ï¼æ¿çåºæ¿æææ¾èï¼å¸åºåâå æåæ¬âï¼èåå¨åæäº¤é«äº</span></font><font face="Calibri"><span leaf="">4</span></font><font face="å®ä½"><span leaf="">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=""><span textstyle="" style="font-weight: bold;">2. </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ä»·æ ¼èµ°å¿æ·±åº¦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;"><span style="mso-tab-count:1;"></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><table style="border-collapse:collapse;border:none;mso-border-left-alt:0.5000pt solid windowtext;mso-border-top-alt:0.5000pt solid windowtext;mso-border-right-alt:0.5000pt solid windowtext;mso-border-bottom-alt:0.5000pt solid windowtext;mso-border-insideh:0.5000pt solid windowtext;mso-border-insidev:0.5000pt solid windowtext;mso-padding-alt:0.0000pt 5.4000pt 0.0000pt 5.4000pt;"><tbody><tr style="height:28.3500pt;"><td data-colwidth="93" width="93" valign="center" style="padding: 0pt 5.4pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:center;"><span style="font-family:å®ä½;mso-ascii-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±»å</span></font></span><span style="font-family:å®ä½;mso-ascii-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></td><td data-colwidth="475" width="475" valign="center" style="padding: 0pt 5.4pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:center;"><span style="font-family:å®ä½;mso-ascii-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="">表ç°</span></font></span><span style="font-family:å®ä½;mso-ascii-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></td></tr><tr><td data-colwidth="93" width="93" valign="center" style="padding: 0pt 5.4pt;border-left: 1pt solid windowtext;border-right: 1pt solid windowtext;border-top: none;border-bottom: 1pt solid windowtext;"><p style="text-align:center;"><span style="font-family:å®ä½;mso-ascii-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 ¼</span></font></span><span style="font-family:å®ä½;mso-ascii-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></td><td data-colwidth="475" width="475" valign="center" style="padding: 0pt 5.4pt;border-left: 1pt solid windowtext;border-right: 1pt solid windowtext;border-top: none;border-bottom: 1pt solid windowtext;"><p style="text-align:justify;text-justify:inter-ideograph;"><span style="font-family:å®ä½;mso-ascii-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="">5</span></font><font face="å®ä½"><span leaf="">æåä»·</span></font><font face="Calibri"><span leaf="">58,403</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¯æ¶¨</span></font><font face="Calibri"><span leaf="">5%</span></font><font face="å®ä½"><span leaf="">ï¼ç¯æ¯é</span></font><font face="Calibri"><span leaf="">10%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼ä¸»å æµ·æ·é«ç«¯é¡¹ç®éä¸ç¾çº¦è¿å³°ï¼æ ¸å¿åºè¥¿ååæ¯æ¶¨</span></font><font face="Calibri"><span leaf="">7.4%</span></font><font face="å®ä½"><span leaf="">ï¼</span></font><font face="Calibri"><span leaf="">15.36</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¡ï¼ï¼è¿éæ¿å±±åæ¯è·</span></font><font face="Calibri"><span leaf="">10%</span></font><font face="å®ä½"><span leaf="">ï¼</span></font><font face="Calibri"><span leaf="">3.37</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¡ï¼ã</span></font></span><span style="font-family:å®ä½;mso-ascii-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></td></tr><tr><td data-colwidth="93" width="93" valign="center" style="padding: 0pt 5.4pt;border-left: 1pt solid windowtext;border-right: 1pt solid windowtext;border-top: none;border-bottom: 1pt solid windowtext;"><p style="text-align:center;"><span style="font-family:å®ä½;mso-ascii-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¿ä»·æ ¼</span></font></span><span style="font-family:å®ä½;mso-ascii-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></td><td data-colwidth="475" width="475" valign="center" style="padding: 0pt 5.4pt;border-left: 1pt solid windowtext;border-right: 1pt solid windowtext;border-top: none;border-bottom: 1pt solid windowtext;"><p style="text-align:justify;text-justify:inter-ideograph;"><span style="font-family:å®ä½;mso-ascii-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="">5</span></font><font face="å®ä½"><span leaf="">ææçåä»·ç¯æ¯é</span></font><font face="Calibri"><span leaf="">0.3%</span></font><font face="å®ä½"><span leaf="">ï¼åæ¯è·</span></font><font face="Calibri"><span leaf="">11.64%</span></font><font face="å®ä½"><span leaf="">ï¼è®®ä»·ç©ºé´æ©å¤§</span></font><font face="Calibri"><span leaf="">0.68</span></font><font face="å®ä½"><span leaf="">个ç¾åç¹è³å¹´å æå¤§ï¼â以价æ¢éâ主导å¸åºãæ ¸å¿å¦åºæ¿åå¹´å价涨</span></font><font face="Calibri"><span leaf="">1.5</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¡ï¼ä½âèç ´å°âè·å¹ æ¾è</span></font></span><span style="font-family:å®ä½;mso-ascii-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="">ã</span></font></span><span style="font-family:å®ä½;mso-ascii-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></td></tr></tbody></table><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=""><span textstyle="" style="font-weight: bold;">3. </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¿ä¼è¡¨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="">TOP20</span></font><font face="å®ä½"><span leaf="">æ¿ä¼éå®é¢</span></font><font face="Calibri"><span leaf="">1306.8</span></font><font face="å®ä½"><span leaf="">亿å ï¼ä¸æµ·ãåæ¶¦ãä¿å©å¸åºä»½é¢è¶ </span></font><font face="Calibri"><span leaf="">35%</span></font><font face="å®ä½"><span leaf="">ï¼åå°å¸åºç度ååï¼æµ·æ·æ æå°å溢价ç</span></font><font face="Calibri"><span leaf="">11.95%</span></font><font face="å®ä½"><span leaf="">ï¼æ¥¼é¢ä»·</span></font><font face="Calibri"><span leaf="">10.23</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¡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-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">äºãæ¿çç¯å¢ä¸éèæ¯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.éè´ä¼å</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="">é京ç±äºç¯å 社ä¿è¦æ±</span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">å¹´â</span></font><font face="Calibri"><span leaf="">3</span></font><font face="å®ä½"><span leaf="">å¹´ï¼äºç¯å¤â</span></font><font face="Calibri"><span leaf="">2</span></font><font face="å®ä½"><span leaf="">å¹´ï¼é«å±æ¬¡äººæç¤¾ä¿æ»¡</span></font><font face="Calibri"><span leaf="">1</span></font><font face="å®ä½"><span leaf="">å¹´å¯è´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="">å¤å女家åºäºå¥æ¿äº«é¦å¥æ¿çï¼å ¬ç§¯éé¢åº¦ä¸æµ®</span></font><font face="Calibri"><span leaf="">40</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;">2.éèæ¾ç»</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="">é¦ä»æ¯ä¾ï¼é¦å¥</span></font><font face="Calibri"><span leaf="">15%</span></font><font face="å®ä½"><span leaf="">ãäºå¥äºç¯å </span></font><font face="Calibri"><span leaf="">35%/</span></font><font face="å®ä½"><span leaf="">äºç¯å¤</span></font><font face="Calibri"><span leaf="">30%</span></font><font face="å®ä½"><span leaf="">ï¼é¦å¥æ¿è´·å©ç</span></font><font face="Calibri"><span leaf="">3.05%</span></font><font face="å®ä½"><span leaf="">ï¼åå²ä½ä½ï¼ã</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 ¬ç§¯éæ°æ¿ï¼ä½é¢å¯ç¾çº¦åæåç¨äºé¦ä»ï¼æ¿æ´»æ¹åéæ±ï¼å æ¯åè³</span></font><font face="Calibri"><span leaf="">55%</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><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">ä¸ãä¾éå ³ç³»ä¸åºååå</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=""><span textstyle="" style="font-weight: bold;">1. </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ä¾éç»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><table style="border-collapse:collapse;border:none;mso-border-left-alt:0.5000pt solid windowtext;mso-border-top-alt:0.5000pt solid windowtext;mso-border-right-alt:0.5000pt solid windowtext;mso-border-bottom-alt:0.5000pt solid windowtext;mso-border-insideh:0.5000pt solid windowtext;mso-border-insidev:0.5000pt solid windowtext;mso-padding-alt:0.0000pt 5.4000pt 0.0000pt 5.4000pt;"><tbody><tr style="height:28.3500pt;"><td data-colwidth="112" width="112" valign="center" style="padding: 0pt 5.4pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:center;"><span style="font-family:å®ä½;mso-ascii-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="">ææ </span></font></span><span style="font-family:å®ä½;mso-ascii-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></td><td data-colwidth="456" width="456" valign="center" style="padding: 0pt 5.4pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:center;"><span style="font-family:å®ä½;mso-ascii-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="">表ç°</span></font></span><span style="font-family:å®ä½;mso-ascii-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></td></tr><tr style="height:28.3500pt;"><td data-colwidth="112" width="112" valign="center" style="padding: 0pt 5.4pt;border-left: 1pt solid windowtext;border-right: 1pt solid windowtext;border-top: none;border-bottom: 1pt solid windowtext;"><p style="text-align:center;"><span style="font-family:å®ä½;mso-ascii-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="">ä¾åº</span></font></span><span style="font-family:å®ä½;mso-ascii-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></td><td data-colwidth="456" width="456" valign="center" style="padding: 0pt 5.4pt;border-left: 1pt solid windowtext;border-right: 1pt solid windowtext;border-top: none;border-bottom: 1pt solid windowtext;"><p style="text-align: left;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf="">1-4</span></font><font face="å®ä½"><span leaf="">æä½å® æ°å¼å·¥é¢ç§¯</span></font><font face="Calibri"><span leaf="">375.3</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼</span></font><font face="Calibri"><span leaf="">+20%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼ä½æ°æ¿ä¸å¸é忝é</span></font><font face="Calibri"><span leaf="">66.48%</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></td></tr><tr style="height:28.3500pt;"><td data-colwidth="112" width="112" valign="center" style="padding: 0pt 5.4pt;border-left: 1pt solid windowtext;border-right: 1pt solid windowtext;border-top: none;border-bottom: 1pt solid windowtext;"><p style="text-align:center;"><span style="font-family:å®ä½;mso-ascii-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="">éæ±ç»æ</span></font></span><span style="font-family:å®ä½;mso-ascii-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></td><td data-colwidth="456" width="456" valign="center" style="padding: 0pt 5.4pt;border-left: 1pt solid windowtext;border-right: 1pt solid windowtext;border-top: none;border-bottom: 1pt solid windowtext;"><p style="text-align: left;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf="">90</span></font><font face="å®ä½"><span leaf="">ã¡ä»¥å åéå æ¯</span></font><font face="Calibri"><span leaf="">21.1%</span></font><font face="å®ä½"><span leaf="">ï¼</span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">æâ</span></font><font face="Calibri"><span leaf="">5%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼æ¹ååï¼</span></font><font face="Calibri"><span leaf="">90-200</span></font><font face="å®ä½"><span leaf="">ã¡ï¼å 主导ï¼</span></font><font face="Calibri"><span leaf="">74.7%</span></font><font face="å®ä½"><span leaf="">ï¼ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p></td></tr><tr style="height:28.3500pt;"><td data-colwidth="112" width="112" valign="center" style="padding: 0pt 5.4pt;border-left: 1pt solid windowtext;border-right: 1pt solid windowtext;border-top: none;border-bottom: 1pt solid windowtext;"><p style="text-align:center;"><span style="font-family:å®ä½;mso-ascii-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="">åºååå</span></font></span><span style="font-family:å®ä½;mso-ascii-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></td><td data-colwidth="456" width="456" valign="center" style="padding: 0pt 5.4pt;border-left: 1pt solid windowtext;border-right: 1pt solid windowtext;border-top: none;border-bottom: 1pt solid windowtext;"><p style="text-align: left;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf="">è¿éå»åå¨æè¶ </span></font><font face="Calibri"><span leaf="">20</span></font><font face="å®ä½"><span leaf="">个æï¼æ¿å±±ã顺ä¹ï¼ï¼æ ¸å¿åºé«ç«¯é¡¹ç®ç¼©è³</span></font><font face="Calibri"><span leaf="">6</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></td></tr></tbody></table><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=""><span textstyle="" style="font-weight: bold;">2. </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">åºåååç¹å¾</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¿åºï¼ä¸åã西åãæµ·æ·ï¼ï¼</span>å¦åºæ¿æº¢ä»·æ¯æä»·æ ¼ï¼æµ·æ·ä¸æ³ä¹¦é¢åä»·</span></font><font face="Calibri"><span leaf="">14.08</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¡ï¼ï¼å»åå¿«ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">è¿éï¼æé³ã丰å°ï¼ï¼</span>亦åºç»å¼åºä¾æäº§ä¸å¤æº¢ï¼éæçµè·¯</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">çç©å»è¯ï¼ï¼å»å卿</span></font><font face="Calibri"><span leaf="">6</span></font><font face="å®ä½"><span leaf="">个æï¼é¨åæ¿åå ç«äºéä»·</span></font><font face="Calibri"><span leaf="">5-8%</span></font><font face="å®ä½"><span leaf="">ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">è¿éï¼æ¿å±±ãå¯äºï¼ï¼</span>åºåé«ä¼</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">æ äº§ä¸æ¯æï¼æ¿å±±å价忝è·</span></font><font face="Calibri"><span leaf="">10%</span></font><font face="å®ä½"><span leaf="">ï¼æ¨âé¦ä»åæâä¿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><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">åã客æ·ç¹å¾ä¸è¡ä¸ºå好</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¡ç»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="Calibri"><span leaf="">30-45</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="">35-40</span></font><font face="å®ä½"><span leaf="">岿¹åéæ±è¶ </span></font><font face="Calibri"><span leaf="">40%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼ç§æ</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">éèä»ä¸è å </span></font><font face="Calibri"><span leaf="">55%</span></font><font face="å®ä½"><span leaf="">ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¯ä»è½åï¼</span>主ååºæ¿å</span></font><font face="Calibri"><span leaf="">600</span></font><font face="å®ä½"><span leaf="">ä¸</span></font><font face="Calibri"><span leaf="">-1000</span></font><font face="å®ä½"><span leaf="">ä¸ï¼è¿é</span></font><font face="Calibri"><span leaf="">300</span></font><font face="å®ä½"><span leaf="">ä¸</span></font><font face="Calibri"><span leaf="">-500</span></font><font face="å®ä½"><span leaf="">ä¸ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">2.å³çå好</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;">产åéæ±ï¼</span>ä¸å± 室为主ï¼</span></font><font face="Calibri"><span leaf="">50%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼ç²¾è£ ã绿è²ç§æä½å® åéçï¼å¦æµ·æ·åå£éå°åï¼ã</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¿å ç´ ï¼</span>交éä¾¿å©æ§ï¼å°é</span></font><font face="Calibri"><span leaf="">1</span></font><font face="å®ä½"><span leaf="">å ¬éå ï¼ï¼æè²èµæºï¼å¦åºæ¿æº¢ä»·</span></font><font face="Calibri"><span leaf="">15%-20%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼ç¤¾åºé 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;">ä¿¡æ¯æ¸ éï¼</span>线ä¸å¹³å°ï¼è´å£³ãå®å± 客ï¼ä½¿ç¨çè¶ </span></font><font face="Calibri"><span leaf="">80%</span></font><font face="å®ä½"><span leaf="">ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">äºãæºæä¸ä¸å®¶è§ç¹</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">1. </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">çæé¢å¤ï¼</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;">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;">䏿ç ç©¶é¢ï¼</span>æ¿ç宽æ¾å»¶ç»ï¼æ ¸å¿å叿¿ä»·ååå å§ï¼æ ¸å¿åºå¾®æ¶¨</span></font><font face="Calibri"><span leaf="">1%-2%</span></font><font face="å®ä½"><span leaf="">ï¼è¿éæåè·</span></font><font face="Calibri"><span leaf="">3%-5%</span></font><font face="å®ä½"><span leaf="">ï¼ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">éº¦ç°æ¿äº§ï¼</span>äºææ¿â以价æ¢éâæç»ï¼ä¸ä¸»ä»·æ ¼è®©æ¥å¢å¤§ï¼å¸¦çéç¯æ¯ä¸éåæ è§ææ ç»ªåæ¸©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京é¾å®¶ï¼</span>æ¹åå®¢ç¾¤âæ ¢å ¥å¸âä¸åéâé§æ§âå¹¶åï¼æµ·æ·ä»·æ ¼æ³¢å¨å±æ£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="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2. </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ä¸é¿æè¶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=""><span textstyle="" style="font-weight: bold;">ä¹è§æ´¾ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">S&P Global</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ï¼ï¼</span>æ¿çæ¯æä¸ï¼æ°æ¿ä»·æ ¼æäº</span></font><font face="Calibri"><span leaf="">2025H2</span></font><font face="å®ä½"><span leaf="">触åºååï¼ä¸çº¿åå¸è¡¨ç°ä¼äºå ¨å½ã</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°¨æ æ´¾ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">IMF</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ï¼ï¼</span>ç»æµå¢éæ¾ç¼æå²å»è¿éå¸åºï¼æ¿ä¼æµå¨æ§é£é©ï¼</span></font><font face="Calibri"><span leaf="">Q2</span></font><font face="å®ä½"><span leaf="">åºå¸å°æè¶ </span></font><font face="Calibri"><span leaf="">300</span></font><font face="å®ä½"><span leaf="">亿å ï¼éè¦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=""><span textstyle="" style="font-weight: bold;">3. </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">è´æ¿çç¥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><table style="border-collapse:collapse;border:none;mso-border-left-alt:0.5000pt solid windowtext;mso-border-top-alt:0.5000pt solid windowtext;mso-border-right-alt:0.5000pt solid windowtext;mso-border-bottom-alt:0.5000pt solid windowtext;mso-border-insideh:0.5000pt solid windowtext;mso-border-insidev:0.5000pt solid windowtext;mso-padding-alt:0.0000pt 5.4000pt 0.0000pt 5.4000pt;"><tbody><tr style="height:28.3500pt;"><td data-colwidth="85" width="85" valign="center" style="padding: 0pt 5.4pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:center;"><span style="font-family:å®ä½;mso-ascii-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="">群ä½</span></font></span><span style="font-family:å®ä½;mso-ascii-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></td><td data-colwidth="483" width="483" valign="center" style="padding: 0pt 5.4pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:center;"><span style="font-family:å®ä½;mso-ascii-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="">çç¥</span></font></span><span style="font-family:å®ä½;mso-ascii-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></td></tr><tr style="height:28.3500pt;"><td data-colwidth="85" width="85" valign="center" style="padding: 0pt 5.4pt;border-left: 1pt solid windowtext;border-right: 1pt solid windowtext;border-top: none;border-bottom: 1pt solid windowtext;"><p style="text-align:center;"><span style="font-family:å®ä½;mso-ascii-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</span></font></span><span style="font-family:å®ä½;mso-ascii-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></td><td data-colwidth="483" width="483" valign="center" style="padding: 0pt 5.4pt;border-left: 1pt solid windowtext;border-right: 1pt solid windowtext;border-top: none;border-bottom: 1pt solid windowtext;"><p style="text-align:center;"><span style="font-family:å®ä½;mso-ascii-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="">ä¼éå°éæ²¿çº¿ä½æ»ä»·æ¿æºï¼æå¹³åé¾è§ãå¤§å ´ä¹ååºï¼ï¼è§é¿è¿éã</span></font></span><span style="font-family:å®ä½;mso-ascii-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></td></tr><tr style="height:28.3500pt;"><td data-colwidth="85" width="85" valign="center" style="padding: 0pt 5.4pt;border-left: 1pt solid windowtext;border-right: 1pt solid windowtext;border-top: none;border-bottom: 1pt solid windowtext;"><p style="text-align:center;"><span style="font-family:å®ä½;mso-ascii-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="">æ¹å</span></font></span><span style="font-family:å®ä½;mso-ascii-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></td><td data-colwidth="483" width="483" valign="center" style="padding: 0pt 5.4pt;border-left: 1pt solid windowtext;border-right: 1pt solid windowtext;border-top: none;border-bottom: 1pt solid windowtext;"><p style="text-align:center;"><span style="font-family:å®ä½;mso-ascii-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 ³æ³¨æ ¸å¿åº</span></font><font face="å®ä½"><span leaf="">âå好社åºâï¼å°æ®µ</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">åè´¨</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">æå¡ï¼ï¼å¦æµ·æ·åå£éå°åã</span></font></span><span style="font-family:å®ä½;mso-ascii-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></td></tr><tr style="height:28.3500pt;"><td data-colwidth="85" width="85" valign="center" style="padding: 0pt 5.4pt;border-left: 1pt solid windowtext;border-right: 1pt solid windowtext;border-top: none;border-bottom: 1pt solid windowtext;"><p style="text-align:center;"><span style="font-family:å®ä½;mso-ascii-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="">æèµ</span></font></span><span style="font-family:å®ä½;mso-ascii-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></td><td data-colwidth="483" width="483" valign="center" style="padding: 0pt 5.4pt;border-left: 1pt solid windowtext;border-right: 1pt solid windowtext;border-top: none;border-bottom: 1pt solid windowtext;"><p style="text-align:center;"><span style="font-family:å®ä½;mso-ascii-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¿éæ ¸å¿åºï¼æµå¨æ§å·®ï¼ï¼å¦åºæ¿è¦ææ¿çæ¶ç´§é£é©ã</span></font></span><span style="font-family:å®ä½;mso-ascii-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></td></tr></tbody></table><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: #7c8b09;font-weight: bold;text-decoration: underline;">å ãæªæ¥å±æä¸é£é©è¦ç¤º</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.æºé</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;">åå¸å¤ä¸å¿æ·±åï¼</span>亦åºç»å¼åºãååä¸´ç©ºç»æµåºäº§ä¸å¤æº¢å¸¦å¨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;">æ¿çæåºï¼</span>æ¿è´·å©çä½ä½</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">å䏿æ¹é å éï¼æ¯æå¸åºé§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.é£é©</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¿ä¼æµå¨æ§ï¼</span>ä¸åæ¿ä¼åºå¸éä¸å°æï¼</span></font><font face="Calibri"><span leaf="">Q2</span></font><font face="å®ä½"><span leaf="">è¶ </span></font><font face="Calibri"><span leaf="">300</span></font><font face="å®ä½"><span leaf="">亿å ï¼ï¼äº¤ä»é£é©ä¸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;">åºåååï¼</span>è¿éæ 产ä¸åºåºåååæç»ï¼æ¿å±±å»å卿</span></font><font face="Calibri"><span leaf="">20</span></font><font face="å®ä½"><span leaf="">个æ</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">ï¼ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¿çä¸ç¡®å®æ§ï¼</span>å¦åºæ¿çæ¶ç´§æå²å»æ ¸å¿åºæ¿ä»·é¢æã</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: 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