<p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" data-pm-slice="0 0 []"><span leaf="">尽管é¢ä¸´æ¶å ¥å¢é¿åæ»ãç°éæµéåç严峻ææï¼ä¸å½ç§»å¨ï¼0941.HKï¼ä¾ç¶äº¤åºäºä¸ä»½è®©è¡æ¯æèµè å®å¿ç䏿çå·ã</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">æ ¹æ®é«çææ°ç æ¥ï¼è¿å®¶çµä¿¡å·¨å¤´å¨2025å¹´ä¸åå¹´å®ç°æ¯è¡è¡æ¯ï¼DPSï¼</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">éå¿å¢é¿5.8%</span></strong><span leaf="">ï¼å»¶ç»äºå ¶ä½ä¸ºâé«è¡æ¯æ ¸å¿èµäº§âçæ¿è¯ºã</span></p><h3 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 20px;line-height: 1.5;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">ä¸ç»©å°ç«ä¸¤éå¤©ï¼æ¶å ¥åæ»VS婿¶¦å¢é¿</span></h3><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">2025å¹´ä¸åå¹´ï¼ä¸å½ç§»å¨çè¥æ¶åæ¯å¾®é0.5%ï¼ä½å婿¶¦å´éå¿å¢é¿6%ãçä¼¼çç¾çæ°æ®èåï¼æ¯ä¸åºè°é¾ç</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">鿬墿æ»åæ</span></strong><span leaf="">ã</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">ä¼ ç»çµä¿¡ä¸å¡å¢é¿å·²è§¦å¤©è±æ¿ï¼ç§»å¨ç¨æ·ARPUï¼æ¯ç¨æ·å¹³åæ¶å ¥ï¼åæ¯ä¸é3%ï¼äººå£çº¢å©æ¶éåæºå·è½¬ç½å¸¦æ¥çæ¿çç«äºæä¸ºä¸»è¦æ£èã</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">管çå±å¦è¨ä¸å¤§å°å¢ï¼ä¼ ç»éä¿¡æå¡éæ±é¥±åãäººå£æ»éä¸éã以å</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">æºå·è½¬ç½æ¿çå¼åçä»·æ ¼æ</span></strong><span leaf="">ã</span></p><h3 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 20px;line-height: 1.5;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">转å亮ç¹ï¼AIä¸å¡ææ°å¼æ</span></h3><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">å¨ä¼ ç»ä¸å¡æ¿åä¹é ï¼AIç¸å ³æ¶å ¥æä¸ºè´¢æ¥ä¸å°æç亮ç¹ãä¸åå¹´AIä¸å¡æ¶å ¥è¾¾âæ°å亿å âï¼è¾2024å¹´å ¨å¹´ä¸è¶³10亿å å®ç°é£è·å¼å¢é¿ã</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">ææ¯ææ åæ ·äº®ç¼ï¼GPUå©ç¨çä»ä¸å£åº¦20%é£åè³å½å55%ï¼æ¾ç¤ºAIèµæºæ£å¿«éæå ¥ä½¿ç¨ã</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">ä¸è¿é«ç乿åºï¼AIæ¶å ¥å æ»è¥æ¶æ¯ä¾ä»ä¸è¶³1%ï¼å¯¹æ´ä½ä¸ç»©è´¡ç®å°éæ¶æ¥å¹è²ã</span></p><h3 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 20px;line-height: 1.5;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">ç°éæµè¦æ¥ï¼ç»è¥ç°ééå36%</span></h3><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">æä»¤äººæ å¿§çæ¯ç°éæµç¶åµï¼ä¸åå¹´ç»è¥ç°éæµåæ¯æ´è·36%ï¼åå°476亿å ï¼èªç±ç°éæµï¼FCFï¼åæ¥ç¼©å420亿å ã</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">é®é¢æ ¸å¿å¨äºåºæ¶è´¦æ¬¾æ¿å¢ï¼è¶ è¿60天账æçåºæ¶æ¬¾å æ¯ä»2024å¹´åº58%åè³68%ï¼åå¹´å æ°å¢300äº¿å æ¬ 款ã</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">è¿æå³çä¸å½ç§»å¨æ£ä¸ºåä½ä¼ä¼´æ¿æ çå·¨é¢å«èµååã</span></p><h3 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 20px;line-height: 1.5;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">è¡æ¯åºæ°ï¼2500亿ç°éå¨å¤çåº</span></h3><p style="margin-top: 8px;margin-bottom: 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">å°½ç®¡çææ¿åï¼ä¸å½ç§»å¨ä»æå è¶³åºæ°ç»´æè¡æ¯æ¿çï¼</span></p><ul style="margin: 8px 0px 16px;padding: 0px 0px 0px 16px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: disc;text-align: left;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin: 0px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><span leaf="">è´¦é¢ç°éå¨å¤é«è¾¾2500亿å ï¼</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">ä¸é¶è´åº</span></strong></p></li><li style="margin: 4px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><span leaf="">é«ç颿µ2025-2027å¹´èªç±ç°éæµå¯å®å ¨è¦çè¡æ¯æ¯ä»</span></p></li><li style="margin: 4px 0px 0px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><span leaf="">管çå±æç¡®æ¿è¯º</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">é¿æè¡æ¯å¢é¿</span></strong><span leaf="">æç¥</span></p></li></ul><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">è¿ç§âç°éçâç¹è´¨ï¼ä½¿å ¶å¨å¢é¿æ¾ç¼æåèæä¸ºé¿é©èµéé¦éã</span></p><h3 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 20px;line-height: 1.5;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">æºæè§ç¹ï¼ç®æ ä»·ä¸è°ï¼ä½ç»´æä¹°å ¥</span></h3><p style="margin-top: 8px;margin-bottom: 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">åºäºæ¶å ¥ååï¼é«çå°ä¸å½ç§»å¨ç®æ ä»·ä»98港å ä¸è°è³93港å ï¼ä¸»è¦åæ ï¼</span></p><ul style="margin: 8px 0px 16px;padding: 0px 0px 0px 16px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: disc;text-align: left;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin: 0px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><span leaf="">2025-2027å¹´æ¶å ¥é¢æµä¸è°1.8%-2.6%</span></p></li><li style="margin: 4px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><span leaf="">å婿¶¦é¢æä¸è°3%-4%</span></p></li><li style="margin: 4px 0px 0px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><span leaf="">人æ°å¸å æ¸¯å æ±çé¢æè°æ´ï¼1.12â1.07ï¼</span></p></li></ul><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">ä½ç»´æâä¹°å ¥âè¯çº§ï¼è®¤ä¸ºå½å4åEV/EBITDAä¼°å¼å¤äº15年平忰´å¹³ï¼</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">å®å ¨è¾¹é å è¶³</span></strong><span leaf="">ã</span></p><h3 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 20px;line-height: 1.5;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">æªæ¥ä¹è·¯ï¼å¨ç¨³å¥ä¸åé©é´å¹³è¡¡</span></h3><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">对æèµè èè¨ï¼ä¸å½ç§»å¨æ£å±ç°å ¸åçâæ»å®å ¼å¤âç¹è´¨ï¼</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">å®å¿</span></strong><span leaf="">ï¼ååéåç°éå¨å¤ç»´æè¡æ¯æ¯ä»ï¼ä¸ºæèµè æä¾ç¡®å®æ§æ¶ç</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: "PingFang SC", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", Helvetica, Arial, "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", "Source Han Sans CN", sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">æ»å¿</span></strong><span leaf="">ï¼å éAIçåæ°ä¸å¡å¸å±ï¼å°½ç®¡çæè´¡ç®æéï¼ä½ä¸ºæªæ¥å¢é¿åä¸ç§å</span></p><section><span leaf=""><br /></span></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>