<p data-pm-slice="0 0 []"><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¸ãæ´ä½å¸åºè¡¨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="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">1.æ交éä»·èµ°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;">ååæ¿æ交ï¼</span></span></font><font face="Calibri"><span leaf="">1-5</span></font><font face="å®ä½"><span leaf="">æä¸å¿ååºååæ¿æ交é¢ç§¯</span></font><font face="Calibri"><span leaf="">307.2</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼åæ¯å¾®éï¼</span></font><font face="Calibri"><span leaf="">2024</span></font><font face="å®ä½"><span leaf="">å¹´åæ</span></font><font face="Calibri"><span leaf="">334.3</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼ï¼ä½ååä½å® æ交</span></font><font face="Calibri"><span leaf="">196.7</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼åæ¯å¢é¿</span></font><font face="Calibri"><span leaf="">9.7%</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"></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">5</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æåæåå¼¹ï¼</span></span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">æååä½å® æ交</span></font><font face="Calibri"><span leaf="">45.3</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼ç¯æ¯å¢é¿</span></font><font face="Calibri"><span leaf="">24.8%</span></font><font face="å®ä½"><span leaf="">ï¼åä»·</span></font><font face="Calibri"><span leaf="">14567</span></font><font face="å®ä½"><span leaf="">å </span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡ï¼ç¯æ¯ç»ææ§ä¸æ¶¨ï¼å ä¸é«ç«¯äº§åå æ¯æåï¼ã</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¿æ´»è·åº¦ï¼</span></span></font><font face="Calibri"><span leaf="">1-5</span></font><font face="å®ä½"><span leaf="">æäºææ¿æ交å æ¯è¾¾</span></font><font face="Calibri"><span leaf="">71%</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="">ææäº¤è¶ </span></font><font face="Calibri"><span leaf="">110</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼æ°æ¿ä» </span></font><font face="Calibri"><span leaf="">40</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼ï¼æ ¸å¿åºæ¿æºæè·æ§å¢å¼ºã</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.ä¾åºç»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="">æ¿ä¼æ¨çèå¥æ¾ç¼ï¼</span></font><font face="Calibri"><span leaf="">1-5</span></font><font face="å®ä½"><span leaf="">æååä½å® ä¾åº</span></font><font face="Calibri"><span leaf="">141.3</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼å ååæ¿æ»é</span></font><font face="Calibri"><span leaf="">48.9%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼æ°æ¨é¡¹ç®èç¦ç¬¬å代ä½å® 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;">äºãæ¿çä¸çç¹äºä»¶</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¿æ¿ç</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">åæ¶éå®ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å¹´</span></span></font><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;">æï¼ï¼</span>ä¸å¿ååºåæ¶ä¸¤å¹´éå®éå¶ï¼éæ¾åéæ¿æºæµå¨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.âæ¸å æ¡âæ°æ¿ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">5</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">30</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¥ï¼ï¼</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¢è´è¡¥è´´ï¼</span>ä¸å¹´å </span></font><font face="å®ä½"><span leaf="">âåæ§ä¹°æ°â补贴æ°æ¿æ»ä»·</span></font><font face="Calibri"><span leaf="">1%</span></font><font face="å®ä½"><span leaf="">ï¼è´ä¹°</span></font><font face="Calibri"><span leaf="">140</span></font><font face="å®ä½"><span leaf="">ã¡ä»¥ä¸è¡¥è´´</span></font><font face="Calibri"><span leaf="">0.5%</span></font><font face="å®ä½"><span leaf="">ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">åè´·æ¯æ</span>ï¼é¦ä»æ¯ä¾ç»ä¸éè³</span></font><font face="Calibri"><span leaf="">15%</span></font><font face="å®ä½"><span leaf="">ï¼é¦å¥å©ç</span></font><font face="Calibri"><span leaf="">3.2%</span></font><font face="å®ä½"><span leaf="">ï¼</span></font><font face="Calibri"><span leaf="">LPR-40BP</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;">å ¬ç§¯éä¼åï¼</span>åè½¬å ¬ç´è½¬è½å°ï¼çµæ´»å°±ä¸äººåç¼´å满</span></font><font face="Calibri"><span leaf="">6</span></font><font face="å®ä½"><span leaf="">个æå¯è´·æ¬¾ã</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¿äº§ç¨è°æ´ï¼</span>åæ¶å¸å¤äººåè´ä¹°æ®éä½å® å¾ç¨ï¼éä½å¤å°è´æ¿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;">3.çç¹äºä»¶</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;">åæå温ï¼</span>è§é³æ¡¥é¿å®ä¸å·¥åå°åï¼æ¥¼é¢ä»·</span></font><font face="Calibri"><span leaf="">13923</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¡ï¼ãæ°çåå°åï¼æº¢ä»·</span></font><font face="Calibri"><span leaf="">39%</span></font><font face="å®ä½"><span leaf="">ï¼å·æ°çºªå½ï¼</span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">æå润以</span></font><font face="Calibri"><span leaf="">13519</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¡ç«å¾éå¼å¤§éå°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;">项ç®çéï¼</span>é¾æ¹å¾¡æ¹å¢é¦å¼æ½é</span></font><font face="Calibri"><span leaf="">6.2</span></font><font face="å®ä½"><span leaf="">亿å ï¼è¿</span></font><font face="Calibri"><span leaf="">4</span></font><font face="å®ä½"><span leaf="">å¹´é¦ä¸ªè¶ </span></font><font face="Calibri"><span leaf="">6</span></font><font face="å®ä½"><span leaf="">亿å¼ç项ç®ï¼ï¼å宸ã西派åçé«ç«¯çæç»å»åã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">ä¸</span></span></font><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;">ã</span></span></font><font face="Calibri"><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;">1-5</span></span></font><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;">æåææ åµ</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.è§æ¨¡ä¸ä»·æ ¼ï¼</span></span></font><font face="Calibri"><span leaf="">1-5</span></font><font face="å®ä½"><span leaf="">æåå°æ交建é¢çº¦</span></font><font face="Calibri"><span leaf="">1547</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼æ¥¼é¢åä»·</span></font><font face="Calibri"><span leaf="">2310</span></font><font face="å®ä½"><span leaf="">å </span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡ï¼åæ¯ä¸æ¶¨</span></font><font face="Calibri"><span leaf="">10.3%</span></font><font face="å®ä½"><span leaf="">ï¼æº¢ä»·çååï¼ä¼è´¨å°åç«äºæ¿çã</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.åºåååï¼</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¿åºé«çï¼</span>æ±ååºãæ¸ååºæ¥¼é¢ä»·é¢è·ï¼å¦è§é³æ¡¥ãéå¼å¤§éå°åç ´</span></font><font face="Calibri"><span leaf="">1.3</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¡ï¼ï¼</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">产ä¸æ°åºæ´»è·ï¼</span>ç§å¦åãé¾å ´å°åå产ä¸å¯¼å ¥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;">ä¼ä¸çç¥ï¼</span>å½ä¼æ¿å°å æ¯</span></font><font face="Calibri"><span leaf="">70%</span></font><font face="å®ä½"><span leaf="">ï¼å¦å润ãæåï¼ï¼æ°ä¼åå½ï¼æµ·ææ±½åä¸å¿è¿æ¿</span></font><font face="Calibri"><span leaf="">6</span></font><font face="å®ä½"><span leaf="">å®å°ï¼æé </span></font><font face="Calibri"><span leaf="">68</span></font><font face="å®ä½"><span leaf="">ä¸ã¡å¤§çï¼ã</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·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><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-weight: bold;">1.åºç¡ç¹å¾</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><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-weight: bold;">å¹´é¾ä¸æ¶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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ï¼</span></span></font><font face="Calibri"><span leaf="">25-35</span></font><font face="å®ä½"><span leaf="">å²é¦ç½®å®¢ç¾¤å </span></font><font face="Calibri"><span leaf="">45%</span></font><font face="å®ä½"><span leaf="">ï¼</span></font><font face="Calibri"><span leaf="">35-45</span></font><font face="å®ä½"><span leaf="">å²æ¹å客群å </span></font><font face="Calibri"><span leaf="">35%</span></font><font face="å®ä½"><span leaf="">ï¼å®¶åºå¹´æ¶å ¥</span></font><font face="Calibri"><span leaf="">20-40</span></font><font face="å®ä½"><span leaf="">ä¸ä¸äº§å æ¯è¶ </span></font><font face="Calibri"><span leaf="">60%</span></font><font face="å®ä½"><span leaf="">ï¼å好æ»ä»·</span></font><font face="Calibri"><span leaf="">200-350</span></font><font face="å®ä½"><span leaf="">ä¸æ¿æºã</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°åæ¥æºï¼</span>æ¬å°å®¢ç¾¤å æ¯</span></font><font face="Calibri"><span leaf="">70%-100%</span></font><font face="å®ä½"><span leaf="">ï¼å¦äºç¶çéãä¿äº¿å¾¡æ±ä¸´é£ï¼ï¼å¤å°è´æ¿è å æ¿çæ¾å®½å æ¯åè³</span></font><font face="Calibri"><span leaf="">22%</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.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;">å³çå ç´ ï¼</span>æè²é å¥ï¼ä¸é¾ç å¦åºï¼ä¸ºé¦è¦èéï¼ç²¾è£ 交ä»å好度</span></font><font face="Calibri"><span leaf="">55%</span></font><font face="å®ä½"><span leaf="">ï¼</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">çæ¿æ¹å¼ï¼</span></span></font><font face="Calibri"><span leaf="">70%</span></font><font face="å®ä½"><span leaf="">客æ·ä½¿ç¨</span></font><font face="Calibri"><span leaf="">VR</span></font><font face="å®ä½"><span leaf="">çæ¿ï¼ä½æç»å³çä¾èµå®å°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><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;">äºãåºåå¸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><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-weight: bold;">1.åºåç±»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;"><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">代表æ¿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;"><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;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">表ç°ç¹ç¹</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 ¸å¿åº</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;"><font face="å®ä½"><span leaf="">æ±åå´ãæ¸ä¸</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;"><font face="å®ä½"><span leaf="">æ°æ¿åä»·</span></font><font face="Calibri"><span leaf="">2.8</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¡ï¼å»åå¨æä» </span></font><font face="Calibri"><span leaf="">8</span></font><font face="å®ä½"><span leaf="">个æï¼äºææ¿é«ä»·æ交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="">æå±åº</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;"><font face="å®ä½"><span leaf="">两æ±æ°åºãç§å¦å</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;"><font face="å®ä½"><span leaf="">æ交éåæ¯æ¶¨</span></font><font face="Calibri"><span leaf="">12%</span></font><font face="å®ä½"><span leaf="">ï¼ç§å¦åï¼ï¼åä»·</span></font><font face="Calibri"><span leaf="">1.6-1.8</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¡ï¼äº§ä¸äººå£å¯¼å ¥æ¯æéæ±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="">è¿é</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;"><font face="å®ä½"><span leaf="">ä¸å¤®å ¬åãè¡å®¶</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;"><font face="å®ä½"><span leaf="">ä¾åºè¿å©è´ä»·æ ¼ç¯æ¯è·</span></font><font face="Calibri"><span leaf="">3%</span></font><font face="å®ä½"><span leaf="">ï¼é¨å项ç®ä»¥âé车ä½ââä½é¦ä»âä¿éã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">2.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;">é«ä»·å¼æ¿åï¼</span>æ±åå´ãç §æ¯å±±ï¼ç¨ç¼ºèµæº</span></font><font face="Calibri"><span leaf="">+</span></font><font face="å®ä½"><span leaf="">æçé å¥ï¼ï¼</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ½åæ¿åï¼</span>西永ï¼éæçµè·¯äº§ä¸ï¼ãé¾å ´ï¼æ°è½æºæ±½è½¦ï¼ï¼ä¸é¿æå¢å¼æç¡®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;">å ãå¸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=""><span textstyle="" style="font-weight: bold;">æ°æ¿ï¼</span>主åä¹åºåä»·åæ¯æ¶¨</span></font><font face="Calibri"><span leaf="">2.3%</span></font><font face="å®ä½"><span leaf="">è³</span></font><font face="Calibri"><span leaf="">1.65</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¡ï¼æ¸åæ¶¨å¹ æé«ï¼</span></font><font face="Calibri"><span leaf="">3.1%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼å·´åæå¹³ï¼</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>æçä»·æ¢è·ååï¼å¦åºæ¿æ¶¨å¹ è¾¾</span></font><font face="Calibri"><span leaf="">5%</span></font><font face="å®ä½"><span leaf="">ï¼å¦æ¸ä¸äººæ°å°å¦å¨è¾¹ï¼ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ç»ææ§ä¸æ¶¨ä¸»å ï¼</span>ä¸é«ç«¯é¡¹ç®æ交å æ¯æåï¼æå¨æ´ä½åä»·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;">ä¸ãç«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;">头é¨æ¿ä¼ï¼</span>é¾æ¹ãé¦æ¸¯ç½®å°ãä¸ç§å æ®é«ç«¯å¸åº</span></font><font face="Calibri"><span leaf="">70%</span></font><font face="å®ä½"><span leaf="">份é¢ï¼é¦æ¸¯ç½®å°ä»¥</span></font><font face="Calibri"><span leaf="">26.58</span></font><font face="å®ä½"><span leaf="">亿éå®é¢å± ä¸å¿ååºæ¦é¦ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¬åæ¿ä¼ï¼</span>æµ·æ大éåºéå®é¢</span></font><font face="Calibri"><span leaf="">30.50</span></font><font face="å®ä½"><span leaf="">亿ï¼</span></font><font face="Calibri"><span leaf="">40.42</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼å± é¦ï¼é¦æ³°ãéç§èç¦è¿éé«å¨è½¬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¶å¿ï¼</span>ä¸å°æ¿ä¼å ééåºï¼è¡æ转让æ¡ä¾åæ¯å¢</span></font><font face="Calibri"><span leaf="">20%</span></font><font face="å®ä½"><span leaf="">ï¼è¡ä¸éä¸åº¦æåã</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;">å «ãä¸å®¶ä¸æºæè§ç¹</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">éåºæ¿å°äº§ä¸åä¼ï¼</span>ä¸åå¹´è¿å ¥âé稳价稳âé¶æ®µï¼æ¿çéç¹è½¬ååéæ¿çæ´»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´å¾·æ¢è¡ï¼</span>产ä¸æ°åä¸</span></font><font face="Calibri"><span leaf="">TOD</span></font><font face="å®ä½"><span leaf="">å¼åæ¯åå°å¸åºæ¹åï¼æ¿ä¼é强å产åèåè¿è¥è½åã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ä¸æç 究é¢ï¼</span>æ¿çåºæ¿ä¸æ¹åéæ±éæ¾ï¼ä½åºåååä»åï¼å»åå¨æ</span></font><font face="Calibri"><span leaf="">16</span></font><font face="å®ä½"><span leaf="">个æï¼ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span><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;">ä¹ã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;">éæ±å级ï¼</span>å代ä½å® ï¼ç«ä½ç»¿åãå ¨é¾å好ï¼ãæºæ §ç©ä¸ã社åºå»çææ¹åæ é ï¼</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ ¸å¿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="">ææ¿äº¤ä»è´¨éçº çº·ï¼é¨å项ç®åå·¥é£é©ï¼ï¼</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf="">æè²èµæºä¸åè¡¡ï¼éæ ¸å¿åºé å¥èå¼±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;">åãé£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="">åºåååå å§ï¼è¿éåºåååæ¾èï¼ï¼</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¿ä¼åºå¡é£é©ä¼ 导è³é¡¹ç®åå·¥ï¼å¦é¨åä¸å°æ¿ä¼è¡æ转让ï¼ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">2.建议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¿ä¼ï¼</span>èç¦æ ¸å¿åºé«åè´¨ç°æ¿è¯ç¹ï¼å¼ºå绿è²å»ºçä¸æºæ §ç¤¾åºï¼</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¿è ï¼</span>ä¼éå½ä¼</span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">头é¨æ°ä¼é¡¹ç®ï¼å ³æ³¨å¼ååèµéé¾å®å ¨ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">åä¸ãæªæ¥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-Q3</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="">â红äºæâæ¿ç红å©å»¶ç»ï¼æ交éå°å¹ ååï¼ä½ä»·æ ¼æ¶¨å¹ åå¶äºåºåååï¼</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;">2025-2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ï¼ï¼</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf="">ææ¸ååç»æµå驱å¨å西åå±ï¼ç§å¦åãé«æ°åºï¼ï¼ç§èµä½æ¿ä¸ä¿éæ¿ä¾åºå¢å ï¼</span></font><font face="å®ä½"><span leaf="">âç§è´å¹¶ä¸¾âæ·±åã</span></font></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="">ï¼æ¬æ¥åæ°æ®åæ¥èªå 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