动力电池暗战：龙头争霸下的投资密码——摩根大通最新覆盖解析

发布于 2025-08-21

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inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;">æ ¸å¿äºä»¶ï¼ç ç©¶è¦çæç§»äº¤</h3><p style="margin-top: 16px;margin-bottom: 0rem;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-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;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;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;">æ©æ ¹å¤§éå®£å¸å°ä¸¤å®¶ä¸å½çµæ± ææä¼ä¸ï¼<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;vertical-align: baseline;">CNGR-Aä¸<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;vertical-align: baseline;">GEM-Aï¼çç ç©¶è¦çç§»äº¤è³äºæ´²è½æºä¸åå·¥é¦å¸åæå¸<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;vertical-align: baseline;">Parsley Ongå¢éãè¯çº§ãç®æ ä»·åè´¢å¡é¢æµç»´æä¸åï¼<ul style="margin-top: 16px;margin-right: 0px;margin-bottom: 16px;margin-left: 0px !important;padding: 0px;border: 0px;font-style: 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normal;font-variant-numeric: inherit;font-variant-east-asian: 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;vertical-align: baseline;list-style: decimal;text-align: left;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 10px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 4px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: inherit;font-variant-caps: inherit;font-variant-numeric: tabular-nums;font-variant-east-asian: inherit;font-weight: 600;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: var(--hy-font-family);vertical-align: baseline; text-align: right;color: var(--yb_text_markdown, #000);min-width: 13px;font-feature-settings: "tnum"; ">1.<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: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><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;vertical-align: baseline;">éæ±æ¾ç¼ï¼çµå¨è½¦å¢éé¶æ®µæ§è§é¡¶</li><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 0px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 4px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: inherit;font-variant-caps: inherit;font-variant-numeric: tabular-nums;font-variant-east-asian: inherit;font-weight: inherit;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: var(--hy-font-family);vertical-align: baseline; text-align: right;color: var(--yb_text_markdown, #000);min-width: 13px;font-feature-settings: "tnum"; ">2.<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: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><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;vertical-align: baseline;">äº§è½è¿å©ï¼åé©±ä½ä»·æ ¼æç»æ¿å<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: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><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;vertical-align: baseline;">è°è½æ§å¶ææ¬ãç»å®å¤§å®¢æ·ï¼è°å°±è½èåºï¼</li></ol><hr style="margin: 32px 0px;border-width: 1px 0px 0px;border-right-style: initial;border-bottom-style: initial;border-left-style: initial;border-right-color: initial;border-bottom-color: initial;border-left-color: initial;border-image: initial;border-top-style: solid;border-top-color: rgb(240, 240, 240);background: none rgb(255, 255, 255);color: rgb(0, 0, 0);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-size: 16px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" /><h4 style="margin: 16px 0px 0rem;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-weight: 600;font-stretch: inherit;font-size: 16px;line-height: 1.7;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;vertical-align: baseline;color: var(--yb-md-h-color);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;background-color: rgb(255, 255, 255);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;vertical-align: baseline;">é¾å¤´å¯¹æ¯ï¼CNGR vs GEM æ ¸å¿å·®å¼</h4><table style="margin: 0px;padding: 0px;border: none;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: 14px;line-height: inherit;font-family: inherit;vertical-align: baseline;border-collapse: collapse;border-spacing: 0px;min-width: 100%;width: max-content;max-width: max-content;table-layout: auto;"><thead><tr style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;"><th style="margin: 0px;padding: 10px 12px 10px 0px;border-top: none;border-right: none;border-bottom: 2px solid rgb(240, 240, 240);border-left: none;border-image: initial;font-weight: bold;vertical-align: middle;color: var(--yb-md-th-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: 14px;line-height: 1.7;font-family: var(--hy-font-family);vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><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;vertical-align: baseline;">ææ </th><th style="margin: 0px;padding: 10px 12px 10px 0px;border-top: none;border-right: none;border-bottom: 2px solid rgb(240, 240, 240);border-left: none;border-image: initial;font-weight: bold;vertical-align: middle;color: var(--yb-md-th-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: 14px;line-height: 1.7;font-family: var(--hy-font-family);vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;">CNGR-Aï¼å¢æï¼</th><th style="margin: 0px;padding: 10px 12px 10px 0px;border-top: none;border-right: none;border-bottom: 2px solid rgb(240, 240, 240);border-left: none;border-image: initial;font-weight: bold;vertical-align: middle;color: var(--yb-md-th-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: 14px;line-height: 1.7;font-family: var(--hy-font-family);vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;">GEM-Aï¼åæï¼</th></tr></thead><tbody><tr style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;"><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: 1px solid rgb(240, 240, 240);border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><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;vertical-align: baseline;">æ ¸å¿ç«äºå</td><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: 1px solid rgb(240, 240, 240);border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;">å¨çæå¤§åé©±ä½ä¾åºåï¼å¸å ç23%ï¼</td><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: 1px solid rgb(240, 240, 240);border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;">ä¸å¡åæ£ï¼åé©±ä½+åæ¶+éå¶ç¼ï¼</td></tr><tr style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;"><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: 1px solid rgb(240, 240, 240);border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><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;vertical-align: baseline;">ææ¯è·¯çº¿</td><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: 1px solid rgb(240, 240, 240);border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;">é«éä¸åï¼å æ¯>60%ï¼</td><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: 1px solid rgb(240, 240, 240);border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;">ä¸ä½éä¸ºä¸»</td></tr><tr style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;"><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: 1px solid rgb(240, 240, 240);border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><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;vertical-align: baseline;">å®¢æ·ç»å®</td><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: 1px solid rgb(240, 240, 240);border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><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;vertical-align: baseline;">ç¹æ¯æãLGåå¦</td><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: 1px solid rgb(240, 240, 240);border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;">ECOPRO BM</td></tr><tr style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;"><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: 1px solid rgb(240, 240, 240);border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><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;vertical-align: baseline;">ææ¬æ§å¶</td><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: 1px solid rgb(240, 240, 240);border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;">å°å°¼éç¿èªä¾ï¼30%èªç»çï¼</td><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: 1px solid rgb(240, 240, 240);border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;">ä¾èµåèµä¼ä¼´ï¼éå±±çï¼</td></tr><tr style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;"><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: none;border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><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;vertical-align: baseline;">çå©é¢æµ</td><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: none;border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;">2025å¹´åå©å¢é<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;vertical-align: baseline;">58%</td><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: none;border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;">2025å¹´åå©å¢é<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;vertical-align: baseline;">42%</td></tr></tbody></table><hr style="margin: 32px 0px;border-width: 1px 0px 0px;border-right-style: initial;border-bottom-style: initial;border-left-style: initial;border-right-color: initial;border-bottom-color: initial;border-left-color: initial;border-image: initial;border-top-style: solid;border-top-color: rgb(240, 240, 240);background: none rgb(255, 255, 255);color: rgb(0, 0, 0);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-size: 16px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" /><h4 style="margin: 16px 0px 0rem;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-weight: 600;font-stretch: inherit;font-size: 16px;line-height: 1.7;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;vertical-align: baseline;color: var(--yb-md-h-color);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;background-color: rgb(255, 255, 255);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;vertical-align: baseline;">ä¸ºä»ä¹çå¥½CNGRï¼ä¸å¤§æ¤åæ²³</h4><ol style="margin-top: 16px;margin-right: 0px;margin-bottom: 16px;margin-left: 0px !important;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-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;vertical-align: baseline;list-style: decimal;text-align: left;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 10px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 4px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: inherit;font-variant-caps: inherit;font-variant-numeric: tabular-nums;font-variant-east-asian: inherit;font-weight: 600;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: var(--hy-font-family);vertical-align: baseline; text-align: right;color: var(--yb_text_markdown, #000);min-width: 13px;font-feature-settings: "tnum"; ">1.<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: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><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;vertical-align: baseline;">é«ç«¯å®¢æ·å£åï¼æ·±åº¦ç»å®ç¹æ¯æé«éçµæ± ä¾åºé¾</li><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 10px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 4px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: inherit;font-variant-caps: inherit;font-variant-numeric: tabular-nums;font-variant-east-asian: inherit;font-weight: 600;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: var(--hy-font-family);vertical-align: baseline; text-align: right;color: var(--yb_text_markdown, #000);min-width: 13px;font-feature-settings: "tnum"; ">2.<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: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><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;vertical-align: baseline;">å°å°¼éç¿å¸å±ï¼èªå»ºå¶ç¼åéä½åæææ¬ï¼2025å¹´éèªç»çåè³30%ï¼</li><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 0px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 4px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: inherit;font-variant-caps: inherit;font-variant-numeric: tabular-nums;font-variant-east-asian: inherit;font-weight: 600;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: var(--hy-font-family);vertical-align: baseline; text-align: right;color: var(--yb_text_markdown, #000);min-width: 13px;font-feature-settings: "tnum"; ">3.<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: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><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;vertical-align: baseline;">è¡ä¸æ´çåçèï¼ä¸å°ååéåºå éï¼é¾å¤´ä»½é¢æå</li></ol><blockquote style="margin: 16px 0px;padding: 0px 0px 0px 12px;border-top: 0px;border-right: 0px;border-bottom: 0px;border-left: solid var(--yb-md-blockquote-border-color) 4px;border-image: initial;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: 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;vertical-align: baseline;quotes: none;color: var(--yb-md-blockquote-color);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><p style="margin-top: 16px;margin-bottom: 0rem;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;">ð <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;vertical-align: baseline;">å³é®æ°æ®ï¼<ul style="margin-top: 16px;margin-right: 0px;margin-bottom: 16px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;list-style: disc;text-align: left;" class="list-paddingleft-1"><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 10px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 8px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: var(--hy-font-family);vertical-align: baseline; text-align: right;color: var(--yb_text_markdown, #000); ">â¢<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: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;">2025å¹´ç®æ ä»·éå«<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;vertical-align: baseline;">49%ä¸æ¶¨ç©ºé´ï¼ç°ä»·34.2åâç®æ 45åï¼</li><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 0px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 8px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: var(--hy-font-family);vertical-align: baseline; text-align: right;color: var(--yb_text_markdown, #000); ">â¢<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: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;">ä¼°å¼ä»<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;vertical-align: baseline;">12ååç»PEï¼ä½äºåå²åå¼ï¼</li></ul></blockquote><hr style="margin: 32px 0px;border-width: 1px 0px 0px;border-right-style: initial;border-bottom-style: initial;border-left-style: initial;border-right-color: initial;border-bottom-color: initial;border-left-color: initial;border-image: initial;border-top-style: solid;border-top-color: rgb(240, 240, 240);background: none rgb(255, 255, 255);color: rgb(0, 0, 0);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-size: 16px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" /><h4 style="margin: 16px 0px 0rem;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-weight: 600;font-stretch: inherit;font-size: 16px;line-height: 1.7;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;vertical-align: baseline;color: var(--yb-md-h-color);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;background-color: rgb(255, 255, 255);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;vertical-align: baseline;">çæ·¡GEMçä¸å¤§éå¿§</h4><ol style="margin-top: 16px;margin-right: 0px;margin-bottom: 16px;margin-left: 0px !important;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-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;vertical-align: baseline;list-style: decimal;text-align: left;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 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inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><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;vertical-align: baseline;">çå©æç´¯ï¼çµæ± åæ¶ä¸å¡æç»äºæ</li><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 10px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 4px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: inherit;font-variant-caps: inherit;font-variant-numeric: tabular-nums;font-variant-east-asian: inherit;font-weight: 600;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: 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inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;">ä¼°å¼éæ¯ï¼å½åè¡ä»·å¯¹åº<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;vertical-align: baseline;">21ååç»PEï¼é«äºè¡ä¸åå¼</li></ol><blockquote style="margin: 16px 0px;padding: 0px 0px 0px 12px;border-top: 0px;border-right: 0px;border-bottom: 0px;border-left: solid var(--yb-md-blockquote-border-color) 4px;border-image: initial;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: 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", 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0px;background-color: rgb(255, 255, 255);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;vertical-align: baseline;">æèµé£é©æç¤ºï¼å³é®åéï¼</h4><ul style="margin-top: 16px;margin-right: 0px;margin-bottom: 16px;margin-left: 0px !important;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-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;vertical-align: baseline;list-style: disc;text-align: 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middle;color: var(--yb-md-th-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: 14px;line-height: 1.7;font-family: var(--hy-font-family);vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><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;vertical-align: baseline;">çç¥</th><th style="margin: 0px;padding: 10px 12px 10px 0px;border-top: none;border-right: none;border-bottom: 2px solid rgb(240, 240, 240);border-left: none;border-image: initial;font-weight: bold;vertical-align: middle;color: var(--yb-md-th-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: 14px;line-height: 1.7;font-family: var(--hy-font-family);vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><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;vertical-align: baseline;">ç®æ æ¶é´</th></tr></thead><tbody><tr style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;"><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: 1px solid rgb(240, 240, 240);border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;">CNGR-A</td><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: 1px solid rgb(240, 240, 240);border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;">é¢ä½å¸å±</td><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: 1px solid rgb(240, 240, 240);border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;">2025å¹´12æ</td></tr><tr style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;"><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: none;border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;">GEM-A</td><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: none;border-left: none;border-image: initial;font: var(--yb-font-body-medium);vertical-align: middle;color: var(--yb-md-text-color);text-align: left;max-width: 448px;white-space: normal;box-sizing: border-box;"><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: 14px;line-height: 1.7;font-family: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;">åå¼¹åä»</td><td style="margin: 0px;padding: 10px 12px 10px 0px;border-top: 0px;border-right: none;border-bottom: none;border-left: none;border-image: initial;font: 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