<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></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">å¹´å</span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">个æï¼æ é¡ååæ¿æ交é¢ç§¯åæ¯æ¶ç¼©</span></font><font face="Calibri"><span leaf="">18.7%</span></font><font face="å®ä½"><span leaf="">ï¼å¸åºä»å¤æ·±åº¦è°æ´æãä¸æç 究é¢çæµæ¾ç¤ºï¼</span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">æåææ交ç¯æ¯åå</span></font><font face="Calibri"><span leaf="">12.3%</span></font><font face="å®ä½"><span leaf="">ï¼ä½åæ¯ä»ä¸é</span></font><font face="Calibri"><span leaf="">9.6%</span></font><font face="å®ä½"><span leaf="">ï¼åæå度ä¸è¶³ãæ交ç»æåç°æ¾èç¹å¾ï¼ä¸»åé¢ç§¯æ®µ</span></font><font face="Calibri"><span leaf="">110-120</span></font><font face="å®ä½"><span leaf="">ã¡æ·åå æ¯è¾¾</span></font><font face="Calibri"><span leaf="">11.79%</span></font><font face="å®ä½"><span leaf="">ï¼æ»ä»·</span></font><font face="Calibri"><span leaf="">200-300</span></font><font face="å®ä½"><span leaf="">ä¸å 产åæ交å æ¯è¶ åæï¼åæ æ¹ååéæ±æ为å¸åºåè±ç³ãåºåæ¹é¢ï¼å ¨å¸çä¹å»åå¨æ延é¿è³</span></font><font face="Calibri"><span leaf="">16.8</span></font><font face="å®ä½"><span leaf="">个æï¼å ¶ä¸æ å±±åºãé¡ä¸æ°ååºåååæ为çªåºã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span><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;">æ¿çå±é¢ï¼</span>ä¸å¤®å®è°</span></font><font face="å®ä½"><span leaf="">â稳å¸åºãé²é£é©âåç®æ ï¼æ é¡è½å°ä¸å¤§ä¸¾æªï¼</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å ¬ç§¯éæ¿çæ¾å®½ï¼</span>é¦å¥æ¿è´·æ¬¾å©çéè³</span></font><font face="Calibri"><span leaf="">3.1%</span></font><font face="å®ä½"><span leaf="">ï¼è´·æ¬¾é¢åº¦ä¸éæé«è³</span></font><font face="Calibri"><span leaf="">80</span></font><font face="å®ä½"><span leaf="">ä¸å 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¿ç¥¨å®ç½®è¯ç¹ï¼</span>æ¢æºªåºæ§æ¹é¡¹ç®æ¨è¡æ¿ç¥¨è¡¥å¿ï¼å·²åæ¾</span></font><font face="Calibri"><span leaf="">127</span></font><font face="å®ä½"><span leaf="">å¼ æ¿ç¥¨å¸¦å¨å»å</span></font><font face="Calibri"><span leaf="">3.2</span></font><font face="å®ä½"><span leaf="">ä¸ã¡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;">éè´ä¼åï¼</span>éæ·ç±å®¶åºç¤¾ä¿è¦æ±ä»</span></font><font face="Calibri"><span leaf="">2</span></font><font face="å®ä½"><span leaf="">年缩åè³</span></font><font face="Calibri"><span leaf="">6</span></font><font face="å®ä½"><span leaf="">个æã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">çç¹äºä»¶ï¼</span>ç»å¼åºæ»æèµ</span></font><font face="Calibri"><span leaf="">45</span></font><font face="å®ä½"><span leaf="">亿å çåé£éåä¸ç»¼åä½</span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">æå¼ä¸ï¼åæ¥å®¢æµéçªç ´</span></font><font face="Calibri"><span leaf="">10</span></font><font face="å®ä½"><span leaf="">ä¸äººæ¬¡ï¼æ»¨æ¹åºå¯å¨</span></font><font face="Calibri"><span leaf="">28</span></font><font face="å®ä½"><span leaf="">个èæ§å°åºæ¹é å·¥ç¨ï¼æ åå± æ°</span></font><font face="Calibri"><span leaf="">1.2</span></font><font face="å®ä½"><span leaf="">ä¸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><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¸ãåæå¸åºåæ</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="">2025</span></font><font face="å®ä½"><span leaf="">å¹´</span></font><font face="Calibri"><span leaf="">1-5</span></font><font face="å®ä½"><span leaf="">ææ é¡å¸ï¼å«æ±é´ãå®å ´ï¼ä» æ交ä½å® ç¨å°</span></font><font face="Calibri"><span leaf="">8</span></font><font face="å®ä½"><span leaf="">å®ï¼æ»é¢ç§¯</span></font><font face="Calibri"><span leaf="">58.48</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼åæ¯åå°</span></font><font face="Calibri"><span leaf="">42.3%</span></font><font face="å®ä½"><span leaf="">ãåå°å¸åºåç°ä¸å¤§è¶å¿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;">å½ä¼æåºå¸¸æåï¼</span>å°æ¹åæå ¬å¸æå¾</span></font><font face="Calibri"><span leaf="">6</span></font><font face="å®ä½"><span leaf="">å®å°åï¼å æ¯</span></font><font face="Calibri"><span leaf="">75%</span></font><font face="å®ä½"><span leaf="">ï¼æ°ä¼ä» é¾æ¹ãä¸ç§åç«å¾</span></font><font face="Calibri"><span leaf="">1</span></font><font face="å®ä½"><span leaf="">å®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¿å°åä»·å¼å¸æ¾ï¼</span>æ¢æºªåºä¸å±±è·¯å°å楼é¢ä»·è¾¾</span></font><font face="Calibri"><span leaf="">1.85</span></font><font face="å®ä½"><span leaf="">ä¸å </span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡ï¼æº¢ä»·ç</span></font><font face="Calibri"><span leaf="">8.7%</span></font><font face="å®ä½"><span leaf="">ï¼è¿é«äºéåºåºä»·æ交å°åï¼</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;">ååç¨å°éå·ï¼</span>æ交ç</span></font><font face="Calibri"><span leaf="">3</span></font><font face="å®ä½"><span leaf="">å®ååç¨å°åä½äºæ°å´åºäº§ä¸åï¼å¹³å溢价ç为é¶ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span><font face="å®ä½"><span leaf="" style="font-family: å®ä½;font-size: 10.5pt;"><span textstyle="" style="font-size: 24px;color: #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 style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-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;">åºç¡ç¹å¾ï¼</span></span></font><font face="Calibri"><span leaf="">25-40</span></font><font face="å®ä½"><span leaf="">å²å®¢ç¾¤å æ¯</span></font><font face="Calibri"><span leaf="">67.3%</span></font><font face="å®ä½"><span leaf="">ï¼å ¶ä¸æ°å¸æ°ï¼éæ é¡ç±ï¼è´æ¿å æ¯åè³</span></font><font face="Calibri"><span leaf="">39%</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¸å 群ä½ä¸ºè´æ¿ä¸»åï¼è´·æ¬¾è´æ¿æ¯ä¾è¾¾</span></font><font face="Calibri"><span leaf="">81.4%</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¡ä¸ºå好ï¼</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">产åéæ©ï¼</span>ä¸æ¿æ·åæ交å æ¯</span></font><font face="Calibri"><span leaf="">71.5%</span></font><font face="å®ä½"><span leaf="">ï¼å¸¦è£ 修交ä»é¡¹ç®å»åé度è¾æ¯å¯å¿«</span></font><font face="Calibri"><span leaf="">40%</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;">å³çé»è¾ï¼</span>æè²é å¥ï¼å°¤å ¶æ¯ç示èå¦åºï¼ä¸ºé¦è¦èéå ç´ ï¼ç»å¼åºå¦åºæ¿æº¢ä»·çè¾¾</span></font><font face="Calibri"><span leaf="">25%</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;">ä¿¡æ¯æ¸ éï¼</span>线ä¸</span></font><font face="Calibri"><span leaf="">VR</span></font><font face="å®ä½"><span leaf="">çæ¿ä½¿ç¨çæåè³</span></font><font face="Calibri"><span leaf="">63%</span></font><font face="å®ä½"><span leaf="">ï¼ä½æç»ç¾çº¦ä»ä¾èµçº¿ä¸å®ä½æ ·æ¿é´ä½éªã</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 style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-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»å¼åºé¢è·å ¨å¸ï¼åä»·</span></font><font face="Calibri"><span leaf="">2.82</span></font><font face="å®ä½"><span leaf="">ä¸å </span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡ï¼ä¾æ太æ¹æ°å</span></font><font face="Calibri"><span leaf="">CBD</span></font><font face="å®ä½"><span leaf="">è§ååä¼è´¨å¦åºèµæºï¼å»åå¨æä» </span></font><font face="Calibri"><span leaf="">10.3</span></font><font face="å®ä½"><span leaf="">个æãåé£éåä¸ç»¼åä½å¼ä¸åï¼å¨è¾¹é¡¹ç®æå访客éå¢é¿</span></font><font face="Calibri"><span leaf="">35%</span></font><font face="å®ä½"><span leaf="">ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf="">æ¢æºªåºä½ä¸ºèåæ ¸å¿ï¼åä»·</span></font><font face="Calibri"><span leaf="">1.92</span></font><font face="å®ä½"><span leaf="">ä¸å </span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡ä¿æ平稳ï¼æ§æ¹éæ¾çç½®æ¢éæ±æ¯ææ交éï¼ä½é¨å</span></font><font face="Calibri"><span leaf="">90</span></font><font face="å®ä½"><span leaf="">年代èæ§ç¤¾åºä»·æ ¼é´è·ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf="">é¡ä¸æ°åé¢ä¸´ä¸¥å³»ææï¼é«éæ¢çº½æ¦å¿µç度æ¶éåï¼åä»·è·è³</span></font><font face="Calibri"><span leaf="">1.65</span></font><font face="å®ä½"><span leaf="">ä¸å </span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡ï¼åºåå»åå¨æè¾¾</span></font><font face="Calibri"><span leaf="">22</span></font><font face="å®ä½"><span leaf="">个æï¼é å¥ä¸è¶³å¶çº¦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="">æ å±±åºæä¸ºä»·æ ¼æ´¼å°ï¼åä»·</span></font><font face="Calibri"><span leaf="">1.38</span></font><font face="å®ä½"><span leaf="">ä¸å </span></font><font face="Calibri"><span leaf="">/</span></font><font face="å®ä½"><span leaf="">ã¡å¸å¼åéå¤æº¢ï¼ä½å·¥ä¸åºç¯å¢ææ§å¯¼è´å®¢æ·ææ§è¾å¼ºã</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="">æ°æ¿åä»·åç°</span></font><font face="å®ä½"><span leaf="">âæ ¸å¿æè·ãå¤å´æ¿åâçååæ ¼å±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="">主ååºï¼æ¢æºªã滨æ¹ï¼åä»·åæ¯å¾®è·</span></font><font face="Calibri"><span leaf="">2.1%</span></font><font face="å®ä½"><span leaf="">ï¼ç»å¼åºéå¿ä¸æ¶¨</span></font><font face="Calibri"><span leaf="">1.3%</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="">è¿éæ¿åæ®éä¸è·ï¼æ å±±çç¥è¡éæ项ç®éä»·</span></font><font face="Calibri"><span leaf="">12%</span></font><font face="å®ä½"><span leaf="">ä¿éï¼</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf="">äºææ¿å¸åºæ´ä½ä¸è¡ï¼å¤ªæ¹è¥¿å¤§é</span></font><font face="Calibri"><span leaf="">1886</span></font><font face="å®ä½"><span leaf="">å·å°åºåæ¯ä¸è·</span></font><font face="Calibri"><span leaf="">23.86%</span></font><font face="å®ä½"><span leaf="">ï¼é¨åæ¿é¾è¶ </span></font><font face="Calibri"><span leaf="">20</span></font><font face="å®ä½"><span leaf="">å¹´çè社åºåºç°âæä»·æ å¸âã</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±</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¿ä¼æ¢¯ééæææ¾ï¼</span>ä¸ç§ä»¥</span></font><font face="Calibri"><span leaf="">24.3</span></font><font face="å®ä½"><span leaf="">亿å éå®é¢å± é¦ï¼å»ºåãèåååäºä¸ä½ãå½ä¼èæ¯æ¿ä¼å¸åºä»½é¢æ©å¤§è³</span></font><font face="Calibri"><span leaf="">52%</span></font><font face="å®ä½"><span leaf="">ï¼æ°ä¼ä¸ä» é¾æ¹ä¾é 天è¡ç»¼åä½é¡¹ç®ä¿æç«äºåã产ååè´¨å严éï¼çº¦å «æ项ç®ä¸»æ</span></font><font face="Calibri"><span leaf="">110-125</span></font><font face="å®ä½"><span leaf="">ã¡ä¸æ¿ï¼å¯¼è´éæ ¸å¿åºé¡¹ç®å»åçä¸è¶³</span></font><font face="Calibri"><span leaf="">40%</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;">å «ã客æ·éæ±ä¸çç¹</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">1.æ ¸å¿éæ±ï¼</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ç¡®å®æ§ä¿éï¼</span>ç°æ¿ååç°æ¿æ交å æ¯åè³</span></font><font face="Calibri"><span leaf="">48%</span></font><font face="å®ä½"><span leaf="">ï¼è´æ¿è ææ¥ææ¿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;">æè²èµæºå ç°ï¼</span>带çé¡ä¸ã天ä¸å®éªå¦æ ¡å¦ä½ç项ç®å¼çå»åçè¾¾</span></font><font face="Calibri"><span leaf="">85%</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;">社åºåè´¨å级ï¼</span>人车åæµãæºè½å®é²ç³»ç»æ为åºç¡é ç½®ã</span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf="">2.主è¦çç¹ï¼</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项ç®å ¬äº¤çº¿è·¯ç¼ºå¤±ï¼æ å±±é±æ¡¥çåºå± æ°éå¤æ¶é´è¶ </span></font><font face="Calibri"><span leaf="">1</span></font><font face="å®ä½"><span leaf="">å°æ¶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="">é¨å项ç®ç²¾è£ ä¿®æ åèé«ï¼å¼åè´¨éç»´æï¼</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="">éå¦åºèç ´å°æµå¨æ§æ¯ç«ï¼æçå年以ä¸æªæ交å æ¯</span></font><font face="Calibri"><span leaf="">62%</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;">ä¹ãé£é©ä¸å»ºè®®</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">1.é£é©é¢è¦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="">åå°è´¢æ¿ä¾èµçå å§ï¼åææåºæ¿å°è´éæ§åºå¡é£é©ç´¯ç§¯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="">æ å±±ãé¡ä¸åºåå»åå¨æè¶ </span></font><font face="Calibri"><span leaf="">20</span></font><font face="å®ä½"><span leaf="">个æï¼åå¨ä»·æ ¼è¸©è¸éæ£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="">æ°è¥æ¿ä¼èèµææ¬ä»è¶ </span></font><font face="Calibri"><span leaf="">8%</span></font><font face="å®ä½"><span leaf="">ï¼èµéé¾æç»æ¿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;">2.ç ´å±å»ºè®®ï¼</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¿åºç«¯ï¼</span>å å¿«å°é</span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">å·çº¿æ²¿çº¿åå°å¼åï¼å®åæ¾æ¾æ»¨æ¹åºéè´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;">ä¼ä¸ç«¯ï¼</span>éç¨</span></font><font face="å®ä½"><span leaf="">âå°å°åå¿«å¨è½¬â模å¼ï¼èç¦ä¸»å</span></font><font face="Calibri"><span leaf="">80-100</span></font><font face="å®ä½"><span leaf="">ã¡ç´§åä¸æ¿äº§åï¼</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å端ï¼</span>ç»å®å¤®ä¼ç©ä¸æå信任度ï¼å®è¡</span></font><font face="å®ä½"><span leaf="">â交æ¿å³äº¤è¯âä¿éæºå¶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;">åãæªæ¥å±æ</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">1.çæï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ä¸åå¹´ï¼ï¼</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf="">æ¿ç宽æ¾æåºå°å¨ä¸å£åº¦æ¾ç°ï¼æ ¸å¿åºæ¿ä»·ä¼ç¨³ååï¼ä½å ¨å¹´æ交æ»éé¢è®¡åæ¯ä¸æ»</span></font><font face="Calibri"><span leaf="">15%</span></font><font face="å®ä½"><span leaf="">ãåæå¸åºä»ä»¥å½ä¼æåºä¸ºä¸»ï¼æ°ä¼ä» éæ©æ§åä¸æ ¸å¿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=""><span textstyle="" style="font-weight: bold;">2.ä¸é¿æï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2026-2030</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ï¼ï¼</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf="">人å£å¢é¿æ¾ç¼å¶çº¦éæ±ï¼å¹´åæ°æ¿æ交ééè³</span></font><font face="Calibri"><span leaf="">300</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ä»¥ä¸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="Calibri"><span leaf="">TOD</span></font><font face="å®ä½"><span leaf="">å¼å模å¼æ为çªç 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center;margin-bottom: 0px;margin-top: 16px;" nodeleaf=""><img class="rich_pages wxw-img js_insertlocalimg" data-imgfileid="100036047" data-ratio="0.4595300261096606" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlXfAQF3A26suo6p9w00eMZoyV7m9VamRjB8Rn2faCKibWCNNaATXll7jepE6jOCfgicm6dsIZH13Zg/640?wx_fmt=png&from=appmsg" data-type="png" data-w="383"></section><section style="text-align: center;margin-bottom: 0px;margin-top: 16px;"><span style="font-size: 12px;"><span leaf=""> DeepSeek 深度èåå°äº§å®æ课</span></span></section><section style="text-align: center;margin-bottom: 0px;margin-top: 16px;"><span style="font-size: 17px;letter-spacing: 0.034em;"><span leaf=""> </span></span><span leaf=""> <img class="rich_pages wxw-img" data-imgfileid="100036054" data-ratio="0.9777777777777777" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlXfAQF3A26suo6p9w00eMZA6slk3reAoDIyH2bXdmuAQicGJGalicdZIUSDHib8E95LVrZXCic3z5DZA/640?wx_fmt=png&from=appmsg" 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