<p data-pm-slice="0 0 []" style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">1.å¸åºæ´ä½è¡¨ç°</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><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="">æï¼å¦é¨æ¿å°äº§å¸åºåç°åºæ¾èçåºåååä¸æ¸©åå¤èæå¿ãååä½å® ï¼ä¸å«ä¿éæ§ä½æ¿ï¼æ交é¢ç§¯è¾¾</span></font><font face="Calibri"><span leaf="">66.5</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼åæ¯å¢é¿</span></font><font face="Calibri"><span leaf="">29.6%</span></font><font face="å®ä½"><span leaf="">ï¼æ交å¥æ°</span></font><font face="Calibri"><span leaf="">6021</span></font><font face="å®ä½"><span leaf="">å¥ï¼åæ¯å¢é¿</span></font><font face="Calibri"><span leaf="">20.0%5</span></font><font face="å®ä½"><span leaf="">ãè¿ä¸å¢é¿ä¸»è¦å¾çäºæ¿çåºæ¿å积åéæ±çéæ¾ï¼ä½ä¸ååºå表ç°å·®å¼å·¨å¤§ãåæ度çï¼</span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">æå¸åºåæå¿å¤´å°¤ä¸ºææ¾ï¼åææ交é¢ç§¯</span></font><font face="Calibri"><span leaf="">14.31</span></font><font face="å®ä½"><span leaf="">ä¸ã¡ï¼åæ¯å¢é¿</span></font><font face="Calibri"><span leaf="">44.55%</span></font><font face="å®ä½"><span leaf="">ï¼æ交å¥æ°</span></font><font face="Calibri"><span leaf="">1273</span></font><font face="å®ä½"><span leaf="">å¥ï¼åæ¯å¢é¿</span></font><font face="Calibri"><span leaf="">29.24%</span></font><font face="å®ä½"><span leaf="">ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf="">ä»ä¾éç»æçï¼å¸åºåç°åºä»¥ä¸ç¹å¾ï¼</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ä¾åºç«¯ï¼</span>å¼ååæ¨çèå¥ä¿æè°¨æ ï¼</span></font><font face="Calibri"><span leaf="">1-5</span></font><font face="å®ä½"><span leaf="">ææ°æ¹ä¸å¸é¢ç§¯åæ¯å°å¹ ä¸éï¼éä¾æ¯ç»´æå¨</span></font><font face="Calibri"><span leaf="">0.8-1.2</span></font><font face="å®ä½"><span leaf="">çåè¡¡åºé´ãå²å ææåºå åå°ç¨ç¼ºï¼æ°å¢ä¾åºæç»ç´§å¼ ï¼èå²å¤å´åºåå¦éç¾ãç¿å®çå°ä¾åºç¸å¯¹å 足ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">åºåå»åï¼</span>å ¨å¸ååä½å® åºåå»åå¨æ约为</span></font><font face="Calibri"><span leaf="">18</span></font><font face="å®ä½"><span leaf="">个æï¼ä½åºåååææ¾ãå²å¤æ°å ´æ¿åå¦ç¿å®åé¨æ°åãåå®ç¯ä¸æµ·åçåºåå»åååè¾å¤§ï¼åºåå»åå¨æè¶ è¿</span></font><font face="Calibri"><span leaf="">24</span></font><font face="å®ä½"><span leaf="">个æï¼èå²å æ ¸å¿åºåä¼è´¨å¦åºæ¿ååºåå»åå¨ææ®éçäº</span></font><font face="Calibri"><span leaf="">12</span></font><font face="å®ä½"><span leaf="">个æã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">产åç»æï¼</span>æ交主åé¢ç§¯æ®µéä¸å¨</span></font><font face="Calibri"><span leaf="">90-144</span></font><font face="å®ä½"><span leaf="">ã¡çåéåæ¹å产åï¼å æ»æ交éç</span></font><font face="Calibri"><span leaf="">65%</span></font><font face="å®ä½"><span leaf="">以ä¸ï¼</span></font><font face="Calibri"><span leaf="">144</span></font><font face="å®ä½"><span leaf="">ã¡ä»¥ä¸å¤§æ·åå æ¯çº¦</span></font><font face="Calibri"><span leaf="">20%</span></font><font face="å®ä½"><span leaf="">ï¼ä¸»è¦éä¸äºå²å é«ç«¯é¡¹ç®ã</span></font></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">2.æ¿çä¸çç¹äºä»¶</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">è½æ·æ¿çé大è°æ´</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">å¹´</span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">æ</span></font><font face="Calibri"><span leaf="">30</span></font><font face="å®ä½"><span leaf="">æ¥ï¼å¦é¨å¸å ¬å®å±åå¸ãå ³äºå®åä¼åè½æ·æ¡ä»¶çéç¥ï¼å¾æ±æè§ç¨¿ï¼ãï¼å®£å¸å ¨é¢æ¾å®½å²å¤è½æ·æ¡ä»¶ï¼éæ¥æ¾å®½å²å è½æ·éå¶ãè¿ä¸æ¿çè°æ´æ¯å¦é¨è¿å¹´æ¥æå¤§å¹ åº¦çæ·ç±å¶åº¦æ¹é©ï¼</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å²å¤è½æ·ï¼</span>åæ³ç¨³å®å°±ä¸ä¸å± ä½ç»è®°æ»¡åå¹´ï¼å¹¶å¨å²å¤ååºï¼éç¾ã海沧ãåå®ãç¿å®ï¼è¿ç»ç¼´çº³ç¤¾ä¿æåæ³ç¨³å®å± ä½æ»¡åå¹´å³å¯è½æ·ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å²å è½æ·ï¼</span>æ¡ä»¶ç±åå ç</span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">å¹´å¤§å¹ éä½è³</span></font><font face="Calibri"><span leaf="">2</span></font><font face="å®ä½"><span leaf="">å¹´ï¼è¦æ±å¨æå¸åæ³ç¨³å®å°±ä¸ä¸å± ä½ç»è®°æ»¡ä¸¤å¹´ï¼å¹¶å¨ææåºææ¹éåºè¿ç»ç¼´çº³ç¤¾ä¼ä¿é©æ»¡ä¸¤å¹´ãåæ³ç¨³å®å± ä½æ»¡ä¸¤å¹´ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">é å¥æªæ½ï¼</span>å ¨é¢æ¾å¼ç¤¾åºå ¬å ±æ·è®¾ç«æ¡ä»¶åè½æ·èå´ï¼å®è¡ä»¥ç»å¸¸å± ä½å°ç»è®°æ·å£å¶åº¦ï¼é å¶åæªæå¹´å女å¯ä¸å¹¶éè¿ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf="">æ¤é¡¹æ¿çé¢è®¡å°éæ¾å¤§éè´æ¿èµæ ¼ï¼å°¤å ¶æå©äºå²å¤åéå¸åºã</span></font><font face="Calibri"><span leaf="">2024</span></font><font face="å®ä½"><span leaf="">å¹´æ«å¦é¨å¸¸ä½äººå£å·²è¾¾</span></font><font face="Calibri"><span leaf="">535</span></font><font face="å®ä½"><span leaf="">ä¸äººï¼äººå£å¢é</span></font><font face="Calibri"><span leaf="">2.3</span></font><font face="å®ä½"><span leaf="">ä¸äººï¼å¢é¿ç</span></font><font face="Calibri"><span leaf="">0.43%</span></font><font face="å®ä½"><span leaf="">ï¼ä½å± å ¨çä¹é¦ï¼æ°æ¿å®æ½å人å£å¸å¼åææè¿ä¸æ¥å¢å¼ºã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ç»æµåºæ¿ä¸æ¶è´¹æ¿ç</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">å¹´åï¼å¦é¨å¸æ¿åºåºå°ãå ³äºå®ç°</span></font><font face="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">å¹´ä¸å£åº¦ç»æµç¤¾ä¼åå±è¯å¥½å¼å±çè¥å¹²æªæ½ãï¼å´ç»ä¸ä¸ªæ¹é¢æ¨åº</span></font><font face="Calibri"><span leaf="">23</span></font><font face="å®ä½"><span leaf="">æ¡æªæ½ï¼</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ä¿æ¶è´¹ï¼</span>å®æ</span></font><font face="Calibri"><span leaf="">1000</span></font><font face="å®ä½"><span leaf="">ä¸å 对个人æ¶è´¹è è´ä¹°ä¹ç¨è½¦æ°è½¦äºä»¥å档补贴ï¼ä¸æ±½è½¦ä»¥æ§æ¢æ°è¡¥è´´æ¿çå å ï¼ä¸¾åä¿æ¶è´¹æ´»å¨</span></font><font face="Calibri"><span leaf="">100</span></font><font face="å®ä½"><span leaf="">åºä»¥ä¸ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¿å°äº§æ¯æï¼</span>éæ¶åæ¾è´æ¿æ¶è´¹å¸ï¼ç»§ç»æ¨å¨æ¿äº§å±éä¼ï¼å å¿«ååæ¿éå®ï¼è½å®æ¿å°äº§èèµåè°</span></font><font face="å®ä½"><span leaf="">âç½ååâæ©å´å¢è´¨è¦æ±ï¼è¿ä¸æ¥ä¼åå®åæ¿ç¥¨å¶åº¦ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ä¼ä¸æ¶æï¼</span>å®åæ¯æå°å¾®ä¼ä¸èèµåè°å·¥ä½æºå¶ï¼åäºå®ç°å¯¹æ£å¸¸ç»è¥å°å¾®ä¼ä¸èµ°è®¿å ¨è¦çï¼å ååæ¥æ¿åºæ§èèµæ ä¿ä½ç¨ï¼åäºä¸å£åº¦æ«æ¿åºæ§èèµæ ä¿æºæèèµæ ä¿å¨ä¿ä½é¢è¾¾</span></font><font face="Calibri"><span leaf="">100</span></font><font face="å®ä½"><span leaf="">亿å 以ä¸ã</span></font></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">3.åå°å¸åºåæ</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">3.</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">1</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><span leaf=""><span textstyle="" style="font-weight: bold;"> </span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">åå°æ交æ åµ</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf="">2024-2025</span></font><font face="å®ä½"><span leaf="">å¹´å¦é¨åæå¸åºåç°é缩价稳ãçæ§åå½çç¹å¾ï¼</span></font></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">溢价水平ï¼</span>é¤å°åç¥ å°å溢价</span></font><font face="Calibri"><span leaf="">41%</span></font><font face="å®ä½"><span leaf="">å¤ï¼å ¶ä½å°åå以åºä»·æ交ï¼åæ åºæ¿ä¼å¨æ¿å°æ¶æ´å è°¨æ åçæ§ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><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="">æï¼å¦é¨åå°å¸åºå»¶ç»äºçæ§æå¿ï¼å²å å°åä»åæ¿ä¼éçï¼ä½ç«ä»·æ¿çç¨åº¦è¾åå å¹´ææ¾é温ï¼æ¿ä¼æ´å 注éå°åççå©è½ååå»åé£é©ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">4. 客æ·ç»ååæ</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">4.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">客æ·åºç¡ç¹å¾</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf="">2025</span></font><font face="å®ä½"><span leaf="">å¹´å¦é¨æ¿å°äº§å¸åºå®¢æ·ç»æåç°ä»¥ä¸ç¹å¾ï¼</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ·ç±ææï¼</span>æ¬å°éæ±ç¨³æ¥éæ¾ï¼æ°è½æ·äººå£æ为éè¦å¢éãææåºä½ä¸ºå¦é¨æ¬å°æ·ç±æ¯ä¾æé«çåºåï¼è½æ·æ¯ä¾é«è¾¾</span></font><font face="Calibri"><span leaf="">91.4%</span></font><font face="å®ä½"><span leaf="">ï¼è¿é«äºæ¹éåºç</span></font><font face="Calibri"><span leaf="">43.7%</span></font><font face="å®ä½"><span leaf="">ãè½æ·æ°æ¿å®æ½åï¼é¢è®¡å°å¸å¼æ´å¤å¹´è½»äººæè½æ·å²å¤ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å¹´é¾ç»æï¼</span></span></font><font face="Calibri"><span leaf="">25-35</span></font><font face="å®ä½"><span leaf="">å²å¹´è½»å®¢ç¾¤å æ¯æåï¼ä¸»è¦éä¸äºå²å¤åé项ç®ï¼</span></font><font face="Calibri"><span leaf="">35-45</span></font><font face="å®ä½"><span leaf="">å²æ¹åå客群åæ´å ³æ³¨å²å æ ¸å¿åºåä¼è´¨å¦åºæ¿ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¯ä»è½åï¼</span>å²å¤ä¸»åæ»ä»·æ®µéä¸å¨</span></font><font face="Calibri"><span leaf="">200-400</span></font><font face="å®ä½"><span leaf="">ä¸å ï¼å²å 主åæ»ä»·æ®µå¨</span></font><font face="Calibri"><span leaf="">600</span></font><font face="å®ä½"><span leaf="">ä¸å 以ä¸ãäºææ¿ä¹°å®¶å¯¹ä»·æ ¼ææ度æ´é«ï¼è®®ä»·ç©ºé´æ®éå¨</span></font><font face="Calibri"><span leaf="">10%</span></font><font face="å®ä½"><span leaf="">以å ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">4.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">è¡ä¸ºå好</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">产åéæ©ï¼</span>å²å¤å®¢æ·å好</span></font><font face="Calibri"><span leaf="">90-120</span></font><font face="å®ä½"><span leaf="">ã¡ä¸æ¿ï¼å²å 客æ·å¾å</span></font><font face="Calibri"><span leaf="">144</span></font><font face="å®ä½"><span leaf="">ã¡ä»¥ä¸å¤§å¹³å±æå«å¢ ãæ¯è§èµæºæ为é«ç«¯é¡¹ç®éè¦æº¢ä»·ç¹ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å³çå ç´ ï¼</span>å¦åºä»æ¯æ ¸å¿å ³æ³¨ç¹ï¼ææåºå éä¸äºå¦é¨ä¸åãå®å°ç顶级å¦åºï¼æ¿ä»·æè·æ§æ强</span></font><font face="Calibri"><span leaf="">1</span></font><font face="å®ä½"><span leaf="">ãåæ¶ï¼ç¤¾åºåè´¨ãç©ä¸ç®¡ççéä»·æ ¼å ç´ å½±ååä¸åã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ°ååè¶å¿ï¼</span>线ä¸çæ¿ã</span></font><font face="Calibri"><span leaf="">VR</span></font><font face="å®ä½"><span leaf="">å®æ¯çææ¯åºç¨æ®åï¼ä½å¤§å®äº¤æä»é线ä¸ä½éªã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">5.åºåå¸åºå¯¹æ¯</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">5.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ååºå表ç°</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf="">å¦é¨æ¿å°äº§å¸åºåç°ææ¾çå²å å²å¤äºå æ ¼å±ï¼ååºå表ç°å·®å¼æ¾èï¼</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ææåºï¼</span>ä½ä¸ºå¦é¨ä¼ ç»æ ¸å¿åºï¼</span></font><font face="Calibri"><span leaf="">1-5</span></font><font face="å®ä½"><span leaf="">æååä½å® æ交åä»·åæ¯ä¸æ¶¨</span></font><font face="Calibri"><span leaf="">20.0%</span></font><font face="å®ä½"><span leaf="">ï¼æ¯å ¨å¸å¯ä¸å®ç°ä¸¤ä½æ°å¢é¿çåºåãä½åä¾åºéå¶ï¼æ交é¢ç§¯åæ¯ä¸é</span></font><font face="Calibri"><span leaf="">51.1%5</span></font><font face="å®ä½"><span leaf="">ãäºææ¿å¸åºè¡¨ç°å¼ºå²ï¼åä»·åååä¸å æ®</span></font><font face="Calibri"><span leaf="">8</span></font><font face="å®ä½"><span leaf="">å¸ï¼æé«æ交åä»·è¾¾</span></font><font face="Calibri"><span leaf="">7.72</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¡ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¹éåºï¼</span>æ交é¢ç§¯åæ¯å¢é¿</span></font><font face="Calibri"><span leaf="">60.1%5</span></font><font face="å®ä½"><span leaf="">ï¼å¢éä½å± å²å é¦ä½ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">éç¾åºï¼</span>表ç°æ为亮ç¼ï¼æ交é¢ç§¯åæ¯å¢é¿</span></font><font face="Calibri"><span leaf="">478.8%5</span></font><font face="å®ä½"><span leaf="">ï¼æ为å²å¤æ交主åã</span></font><font face="Calibri"><span leaf="">IOI</span></font><font face="å®ä½"><span leaf="">æ£æ¦åå²çæ¯è§å¤§å¹³å±ä»¥</span></font><font face="Calibri"><span leaf="">4.4</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¡æ为æ¬æå²å¤æé«åä»·ãéç¾åºäººå£é¦æ¬¡çªç ´</span></font><font face="Calibri"><span leaf="">110</span></font><font face="å®ä½"><span leaf="">ä¸å¤§å ³ï¼äººå£åºæ°æ¯æäºä½æ¿éæ±ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">海沧åºï¼</span>æ交é¢ç§¯åæ¯å¢é¿</span></font><font face="Calibri"><span leaf="">52.9%</span></font><font face="å®ä½"><span leaf="">ï¼æ交åä»·åæ¯å¾®æ¶¨</span></font><font face="Calibri"><span leaf="">0.8%5</span></font><font face="å®ä½"><span leaf="">ã海沧æåè±ååçæ°å ´åå带å¨äºåºåç度ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">åå®åºä¸ç¿å®åºï¼</span>表ç°ç¸å¯¹ç²è½¯ï¼æ交é¢ç§¯åæ¯åå«ä¸é</span></font><font face="Calibri"><span leaf="">20.5%</span></font><font face="å®ä½"><span leaf="">å</span></font><font face="Calibri"><span leaf="">24.7%</span></font><font face="å®ä½"><span leaf="">ï¼æ交åä»·åæ¯åå«ä¸è·</span></font><font face="Calibri"><span leaf="">27.2%</span></font><font face="å®ä½"><span leaf="">å</span></font><font face="Calibri"><span leaf="">22.4%</span></font><font face="å®ä½"><span leaf="">ãå»åºåååè¾å¤§ï¼ä»·æ ¼ç«äºæ¿çã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">5.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¿åä»·å¼åæ</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å²å æ ¸å¿æ¿åï¼ææ</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">-</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¹éï¼ï¼</span>æ¥æ顶级å¦åºãåå¡é å¥åç¨ç¼ºèµæºï¼æ¿ä»·æè·æ§å¼ºãææåºä½ä¸ºå¦é¨âåºåä¸å¥âï¼éä¸äºååå¡ãç½é¹æ´²ãç¼çæ¹ãä¸å±±è¡çå°æ ï¼ä»·å¼è®¤å¯åº¦é«ãæ¹éåºäºç¼æ¹¾æ¿åååä¼è´¨æµ·æ¯èµæºååå¸çé¢ï¼æ为é«ç«¯æ¹åçç¹ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å²å¤æ ¸å¿æ¿åï¼éç¾æ°åã海沧湾ï¼ï¼</span>éç¾æ°ååçäºææåºè§åå</span></font><font face="Calibri"><span leaf="">IOI</span></font><font face="å®ä½"><span leaf="">çåä¸ç»¼åä½ï¼æ为å²å¤ä»·å¼é«å°ã海沧湾ä¾æ港å£ç»æµåçæ´»é å¥æçï¼ä»·æ ¼ç¸å¯¹åæºã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ°å ´åå±æ¿åï¼ç¿å®åé¨æ°åãåå®ç¯ä¸æµ·åï¼ï¼</span>ä¾åºé大ï¼ä»·æ ¼ç«äºæ¿çï¼</span></font><font face="Calibri"><span leaf="">2</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¡ä»¥ä¸æ交ç楼çå æ¯é«ï¼æ¯å¯¹å¹´è½»åé群ä½æå好çæ¿åãä½é å¥æç度ä¸è¶³ï¼å»åå¨æé¿ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ç¹æ®ä»·å¼æ¿åï¼</span>æè²èµæºéä¸æ¿åï¼å¦ææå¦åºæ¿ï¼ãç¨ç¼ºæ¯è§æ¿åï¼å¦ç¯å²è·¯æµ·æ¯æ¿ï¼å产ä¸èéæ¿åï¼å¦è½¯ä»¶åä¸æå¨è¾¹ï¼å ·æç¬ç¹çä»·å¼æ¯æç¹ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">6. å¸åºä»·æ ¼èµ°å¿åæ</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><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="">æå¦é¨æ¿ä»·æ´ä½åç°æ°æ¿ä¼ç¨³ãäºææ¿æ·±åº¦è°æ´çååæ ¼å±ï¼</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ°æ¿å¸åºï¼</span>å ¨å¸æ°å»ºä½å® åä»·</span></font><font face="Calibri"><span leaf="">29220</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¡ï¼</span></font><font face="Calibri"><span leaf="">1-5</span></font><font face="å®ä½"><span leaf="">æ累计微涨</span></font><font face="Calibri"><span leaf="">0.20%5</span></font><font face="å®ä½"><span leaf="">ã</span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">æåæä»·æ ¼åæ¯ä¸è·</span></font><font face="Calibri"><span leaf="">0.38%</span></font><font face="å®ä½"><span leaf="">ï¼ä½ç¯æ¯å·²åºç°ä¼ç¨³è¿¹è±¡ãååºçï¼ææåºé¢æ¶¨ï¼åæ¯</span></font><font face="Calibri"><span leaf="">+20.0%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼èéç¾ãåå®ãç¿å®è·å¹ æ¾èï¼åæ¯</span></font><font face="Calibri"><span leaf="">-22.4%</span></font><font face="å®ä½"><span leaf="">è³</span></font><font face="Calibri"><span leaf="">-42.2%</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><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">äºææ¿å¸åºï¼</span>è°æ´å¹ 度æ´å¤§ï¼</span></font><font face="Calibri"><span leaf="">1-5</span></font><font face="å®ä½"><span leaf="">æä»·æ ¼ç´¯è®¡ä¸è·</span></font><font face="Calibri"><span leaf="">5.20%</span></font><font face="å®ä½"><span leaf="">ã</span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">æäºæä½å® åä»·</span></font><font face="Calibri"><span leaf="">45058</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¸è·</span></font><font face="Calibri"><span leaf="">12.36%</span></font><font face="å®ä½"><span leaf="">ï¼è·å¹ è¾å»å¹´åææ©å¤§</span></font><font face="Calibri"><span leaf="">6.54</span></font><font face="å®ä½"><span leaf="">个ç¾åç¹ãå²å å¤ä»·å·®ææ¾ï¼ææåºäºææ¿åä»·æ®éå¨</span></font><font face="Calibri"><span leaf="">4</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¡ä»¥ä¸ï¼èå²å¤ä» æ个å«æ¯è§ãå¦åºåºç±»æèçå°æ®µè½ç»´æ</span></font><font face="Calibri"><span leaf="">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¡ä»¥ä¸ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ä»·æ ¼ååæºå¶ï¼</span>å¦é¨æ¥¼å¸åå¨</span></font><font face="å®ä½"><span leaf="">âå¿ç §ä¸å®£çéè§é¾âï¼å²å ä»·å¼è®¤å¯åº¦é«äºå²å¤ãä½å¸åºè°æ´æä¹åºç°äºæ°ååââèªä½å±æ§å¼ºçæ¿æºæè·æ§ä¼äºæèµå±æ§å¼ºçæ¿æºï¼æè°âèªå·±ä¹°ç</span></font><font face="Calibri"><span leaf="">></span></font><font face="å®ä½"><span leaf="">éèªå·±ä¹°çâãä»·æ ¼è°æ´å¹ 度æ¹é¢ï¼å²å ä¸äºææ¿ä»·ä½è°æ´å¹ 度ææ¾ï¼å ¨å¸</span></font><font face="Calibri"><span leaf="">4</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¡æ</span></font><font face="Calibri"><span leaf="">400</span></font><font face="å®ä½"><span leaf="">ä¸ä»¥ä¸çæ¯ä¾å¤§å¹ åå°ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">7. ç«äºæ ¼å±åæ</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">7.</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">1</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><span leaf=""><span textstyle="" style="font-weight: bold;">项ç®éå®è¡¨ç°</span></span></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><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="">æå¦é¨ä½å® 项ç®éå®éé¢</span></font><font face="Calibri"><span leaf="">TOP10</span></font><font face="å®ä½"><span leaf="">ä¸ï¼å»ºåãå½è´¸ã象屿æä¸é¡¹ç®å æ®ä¸»å¯¼å°ä½ï¼</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">é«ç«¯é¡¹ç®ï¼</span>å²å ææãæ¹é项ç®ååç¨ç¼ºå°æ®µå产ååå æ®æ¦åååï¼å¦å»ºå书é¦äºç¼ç项ç®ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">çéåéçï¼</span>å¤ä½äºéç¾ã海沧çå²å¤æ ¸å¿åºï¼åå交é便å©ãé å¥å®ååä»·æ ¼ä¼å¿ï¼åä»·</span></font><font face="Calibri"><span leaf="">2.5</span></font><font face="å®ä½"><span leaf="">ä¸</span></font><font face="Calibri"><span leaf="">-3.5</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¡ï¼èµ¢å¾å¸åºã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">è¥éçç¥ï¼</span>å¼ååæ®ééå</span></font><font face="å®ä½"><span leaf="">âä½å¼é«èµ°âçç¥ï¼æ°çå ¥å¸å®ä»·çæ§ï¼ä¼æ æªæ½å¤æ ·ãæ¥èæé´ï¼é¨å项ç®ç»åâ以æ§æ¢æ°âæ¿çï¼å¨å®¶çµãå®¶å± é å¥ä¸æ¨åºä¼æ ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><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;">8.客æ·éæ±ä¸çç¹</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">8.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ ¸å¿éæ±ç¹å¾</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">èªä½ä¸»å¯¼ï¼</span>å¸åºå·²ç±æèµä¸»å¯¼åèªä½ä¸»å¯¼è½¬åï¼</span></font><font face="å®ä½"><span leaf="">âå± è æå ¶å±âæ为主æµè´æ¿ç念</span></font><font face="Calibri"><span leaf="">7</span></font><font face="å®ä½"><span leaf="">ãé¦æ¬¡ç½®ä¸è å æ¯æåï¼ä¸»è¦å ³æ³¨æ»ä»·å¯æ§ãåè½å®ç¨çä¸å°æ·åã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¹åå级ï¼</span>äºè家åºåå质追æ±è æ¨å¨æ¹åéæ±ï¼å好å²å æ ¸å¿åºæå²å¤ä¼è´¨æ¿åç大æ·å产åï¼æ³¨é社åºç¯å¢ãç©ä¸æå¡åçæ´»é å¥</span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å¦åºè¯æ±ï¼</span>ä¼è´¨æè²èµæºä»æ¯è´æ¿å³ççå ³é®å ç´ ï¼</span></font><font face="å®ä½"><span leaf="">âæææ å¼±æ ¡âçè§å¿µæ·±å ¥äººå¿ï¼å¦åºæ¿ä»·æ ¼æè·æ§å¼ºã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">8.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å¸åºçç¹åæ</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¯ä»è½åä¸è¶³ï¼</span>尽管æ¿ä»·ææåè°ï¼ä½å²å åä»·ä»æ¯å ¨å¸å¹³åå·¥èµæ°´å¹³ç</span></font><font face="Calibri"><span leaf="">10</span></font><font face="å®ä½"><span leaf="">å以ä¸ï¼æ®éå·¥èªé¶å±è´æ¿åå巨大ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">交æ¿åè´¨æ 忧ï¼</span>é¨å项ç®ä¸ºæ§å¶ææ¬éä½é ç½®ï¼å¼åä¸ä¸»ç»´æãè´æ¿è 对å¼åååçä¿¡èªå产åè´¨éçå ³æ³¨åº¦æ¾èæé«ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">èµäº§è´¬å¼ç¦èï¼</span>äºææ¿ä»·æ ¼æç»ä¸è·ï¼åæ¯</span></font><font face="Calibri"><span leaf="">-12.36%</span></font><font face="å®ä½"><span leaf="">ï¼ï¼é¨åæ©æè´æ¿è é¢ä¸´è´èµäº§é£é©ãæåææåºï¼å¦é¨äºææ¿ä»·æ ¼è¾é«å³°ææé«è·å»</span></font><font face="Calibri"><span leaf="">46%</span></font><font face="å®ä½"><span leaf="">ï¼ä¸å°çåºä»·æ ¼éå</span></font><font face="Calibri"><span leaf="">5</span></font><font face="å®ä½"><span leaf="">å¹´åã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">åºåé å¥è½å·®ï¼</span>å²å¤æ°å ´æ¿åæè²ãå»çãåä¸é å¥æ»åï¼ç活便å©åº¦ä¸è¶³ï¼å½±åå± ä½ä½éªåæ¿äº§ä»·å¼æåã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">9. é£é©ä¸å»ºè®®</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">9.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å¸åºé£é©æ示</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ä»·æ ¼ä¸è¡é£é©ï¼</span>äºææ¿ä»·æ ¼æç»æ·±åº¦è°æ´å¯è½ä¼ 导è³æ°æ¿å¸åºï¼å½¢æè´åé¦å¾ªç¯ãé¨åå²å¤åºåå¦ç¿å®ãåå®åºåé«ä¼ï¼å»åå¨æè¶ è¿</span></font><font face="Calibri"><span leaf="">24</span></font><font face="å®ä½"><span leaf="">个æï¼åå¨ä»·æ ¼è¿ä¸æ¥ä¸è¡ååã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ä¼ä¸æµå¨æ§é£é©ï¼</span>ä¸å°æ¿ä¼èèµæ¸ éåéï¼éå®å款åå大ï¼å¯è½å¼åèµéé¾æè£é£é©ãé¨å项ç®åå¨åå·¥ã延æ交ä»éæ£ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ç»æµè½¬åéµçï¼</span>å¦é¨çµåä¿¡æ¯å¶é ä¸ä¸æ»ï¼å¤èµæ¤ç¦»ï¼å°±ä¸å²ä½åå°ï¼å¯è½åå¼±å± æ°è´æ¿è½åãæ¿å°äº§è¿åº¦ä¾èµå¯¼è´äº§ä¸ç©ºå¿åé®é¢å°æªæ ¹æ¬è§£å³ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¿çæåºéåï¼</span>è½æ·æ¾å®½è½éæ¾éæ±ï¼ä½å®é 转åçåæ¶å ¥é¢æåæ¿ä»·èµ°å¿å½±åï¼æ¿çåºæ¿ææå¯è½éåã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">9.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">åå±å»ºè®®</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">对å¼ååï¼</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">产åéä½ç«äºï¼</span>å²å 主æé«ç«¯æ¹åå产åï¼æ³¨éå质溢价ï¼å²å¤èç¦ç´§åå®ç¨æ·åï¼æ§å¶æ»ä»·ï¼</span></font><font face="Calibri"><span leaf="">200</span></font><font face="å®ä½"><span leaf="">ä¸</span></font><font face="Calibri"><span leaf="">-350</span></font><font face="å®ä½"><span leaf="">ä¸å ï¼ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">交æ¿åè´¨ä¿éï¼</span>强åæ½å·¥ç®¡æ§ï¼æ¨å¹¿ç°æ¿æåç°æ¿éå®æ¨¡å¼ï¼æ¶é¤è´æ¿è 顾èã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ç²¾åè¥éçç¥ï¼</span>é对ä¸å客群å¶å®å·®å¼åçç¥ï¼å¦é¦ç½®å®¢ç¾¤å ³æ³¨ä½é¦ä»ãæä¾è½åï¼æ¹å客群强è°åè´¨æååçæ´»åºæ¯ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">对è´æ¿è ï¼</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">åé客æ·ï¼</span>å¯å ³æ³¨å²å¤ä»·æ ¼æ´¼å°ï¼å¦éç¾ã海沧çé å¥ç¸å¯¹æççæ¿åï¼éæ©å°é沿线æä¼è´¨å¦åºè¾å°åº</span></font><font face="Calibri"><span leaf="">1</span></font><font face="å®ä½"><span leaf="">ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¹å客æ·ï¼</span>ä¼å èèå²å æ ¸å¿åºæå²å¤ç¨ç¼ºæ¯è§èµæºé¡¹ç®ï¼æ³¨éé¿æä»·å¼èéçææ³¢å¨ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æèµå®¢æ·ï¼</span>éè¦æåºåé«ååºåï¼é¿å ç²ç®æåºãå¯æ©æ¯åè¨è¦ç¤ºï¼</span></font><font face="å®ä½"><span leaf="">âå¸åºå¯ä»¥æ¯ä½ é¢æçç¯ççæ¶é´æ´é¿âã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">对æ¿åºé¨é¨ï¼</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å®åå ¬å ±é å¥ï¼</span>å å¿«å²å¤å¦æ ¡ãå»é¢ã交éçåºç¡è®¾æ½å»ºè®¾ï¼ç¼©çä¸å²å çå·®è·ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ä¼ååå°ä¾åºï¼</span>æ ¹æ®åºååºåæ åµå¨æè°æ´ä¾å°èå¥ï¼é¿å è¿åº¦ææ¾å å§å¸åºå¤±è¡¡ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">åå±äº§ä¸ç»æµï¼</span>æ¨å¨äº§ä¸ç»æä¼åå级ï¼åé æ´å¤é«è´¨éå°±ä¸å²ä½ï¼å¤¯å®è´æ¿è½ååºç¡ã<span textstyle="" style="font-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">10.æªæ¥å±æ</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">10.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">çæè¶å¿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´ä¸åå¹´ï¼</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">éå价稳ï¼</span>å¨è½æ·æ°æ¿åè´æ¿æ¶è´¹å¸çæ¿çåºæ¿ä¸ï¼å¸åºæ交éææ延ç»ååæå¿ï¼å°¤å ¶å²å¤åéå¸åºåçææ¾ãä½ä»·æ ¼é¢è®¡æ´ä½ä¼ç¨³ï¼ä¸ååºå继ç»ååã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">æ¿åè½®å¨ï¼</span>å²å æ ¸å¿åºï¼ææå¦åºæ¿ãæ¹éäºç¼æ¹¾ï¼ä»·æ ¼çå ä¼ç¨³ååï¼å²å¤æ ¸å¿åºï¼éç¾æ°åã海沧湾ï¼æ交活è·ä½ä»·æ ¼å¹³ç¨³ï¼æ°å ´æ¿åï¼ç¿å®ãåå®ï¼ä»ä»¥ä»·æ¢éã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ä¼ä¸æ ¼å±ï¼</span>å½å¤®ä¼åä¼è´¨æ°ä¼å¸åºä»½é¢è¿ä¸æ¥æåï¼é®é¢æ¿ä¼å éåºæ¸ ã建åãå½è´¸çæ¬åé¾å¤´æç»å¼é¢å¸åºã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">10.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">ä¸é¿æè¶å¿ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2026-2028</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å¹´ï¼</span></span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">å¸åºç»æéå¡ï¼</span>æ¿å°äº§åå½å± ä½å±æ§ï¼æèµå±æ§æ·¡åã产ååå代éèå±æ§æä¸ºæ ¸å¿ç«äºåï¼é«åè´¨ã绿è²ä½ç¢³ãæºæ §ç¤¾åºæ为主æµè¶å¿ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">åºåä»·å¼éæï¼</span>éçè·¨å²åå±æç¥æ¨è¿ï¼å²å å¤å·®è·éæ¥ç¼©å°ã轨é交éç½ç»å®åå°éå¡åºåä»·å¼æ ¼å±ï¼</span></font><font face="Calibri"><span leaf="">TOD</span></font><font face="å®ä½"><span leaf="">模å¼ï¼ä»¥å ¬å ±äº¤é为导åçå¼åï¼é¡¹ç®ä»·å¼å¸æ¾ã</span></font></span><span style="font-family: å®ä½;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 16px;margin-bottom: 16px;"><span style="font-family: å®ä½;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-weight: bold;">产ä¸ä¸äººå£æ¯æï¼</span>å¦é¨äº§ä¸è½¬åå级ææå°æ为æ¿å°äº§å¸åºé¿æåå±çå³å®æ§å ç´ 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