<section data-mpa-md-root="t" data-mpa-md-template="1"><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memgd6cmo0y" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ©æ ¹å£«ä¸¹å©å ³äºåå©æ±½è½¦æ§è¡ï¼0175.HKï¼çç 究æ¥åæ»ç»ï¼2025å¹´8æ15æ¥ï¼</span></span></strong></span></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memgd6cnyoe" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ ¸å¿è§ç¹ä¸è¯çº§</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">è¯çº§</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼éç³âå¢æâï¼Overweightï¼ï¼ç®æ ä»·ä»21港å ä¸è°è³24港å ï¼æ½å¨æ¶¨å¹ 约26%ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¾æ®</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼åºäº2025å¹´ä¸åå¹´æ°è½¦åå¸ãæµ·å¤å¸åºå¢é¿é¢æåçå©æ¹åï¼è°æ´äºçå©é¢æµåä¼°å¼æ¨¡åã</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memgd6cr12uq" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å ³é®ä¸å¡å¨æä¸è´¢å¡é¢æµ</span></span></strong></span></span></section><ol style="list-style-type: decimal;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="ordered-list" data-mpa-md-action-id="memgd6cs1cu7" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">2025å¹´æ°è½¦åå¸è®¡å</span></span></strong></span></span></section></li></ol><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ°è½¦å</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼2025å¹´å°æ¨åº4款æ°è½¦ï¼æ¯æå ¨å¹´300ä¸è¾ééç®æ ï¼ </span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">é¶æ²³M9</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼8æ23æ¥å¼å¯é¢å®ï¼é«ç«¯SUVï¼ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 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data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">é¢å 10 EM-P</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ææ··ï¼ï¼9æä¸å¸ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ææ°ª9X</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼é¢è®¡ä¸å£åº¦æ«åå¸ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å¸åºåå</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼æ°è½¦åï¼å¦é¶æ²³A7ï¼ä¸å¸ä¸å¨è®¢åè¶ 3ä¸è¾ï¼æ¨å¨åçé«ç«¯åä¸åä»·ï¼ASPï¼æåã</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memgd6cz9ug" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">2. æµ·å¤å¸åºå¢é¿</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸å年表ç°</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼åä¸æ¬§å¸åºæç´¯ï¼æµ·å¤ééåæ¯ä¸æ»8%è³1.8ä¸è¾ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸åå¹´ç®æ </span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼é¢è®¡åæ¯å¢é¿30%ï¼å ¨å¹´æµ·å¤ééè¾¾4.2ä¸è¾ï¼åæ¯+5%ï¼ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">éç¹å¸åº</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ </span></span></span></span></section></li></ul><ul style="list-style-type: circle;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">3ä¸ªæ ¸å¿åºå</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ä¸æ¬§ãäºæ´²çï¼ï¼ç®æ 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data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼é¶æ²³ESãæé 7ãææ°ªTXçå°è¿å ¥æ´å¤æµ·å¤å¸åºã</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memgd6d99cq" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">3. çå©è½åæå</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å车åå©æ¶¦</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼é¢è®¡2025å¹´ä¸åå¹´è¾¾5,200-5,500å ï¼ä¸å年为4,700å ï¼ï¼éå«ä¸åå¹´åå©æ¶¦83亿-88亿å ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">驱å¨å ç´ </span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ 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leaf="">ä¾åºé¾åå</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼èåéè´èç100-200å /车ã</span></span></span></span></section></li><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">产åç»æä¼å</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼é«ç«¯è½¦åï¼å¦é¶æ²³M9ãææ°ª9Xï¼è´¡ç®100-200å /车å©æ¶¦ã</span></span></span></span></section></li><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ææ°ªä¸å¡</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼2025å¹´äºå£åº¦é¦æ¬¡å®ç°GAAPè¥ä¸å©æ¶¦2.85亿å ï¼å ¨å¹´æ ¸å¿çå©ç®æ ç»´æ150亿å ï¼ä¸åå¹´66亿å ï¼ã</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memgd6dhhdy" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">è´¢å¡é¢æµä¸ä¼°å¼è°æ´</span></span></strong></span></span></section><ol style="list-style-type: decimal;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="ordered-list" data-mpa-md-action-id="memgd6di12x0" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">çå©é¢æµä¸è°</span></span></strong></span></span></section></li></ol><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">2025-2027å¹´EPS</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ä¸è°1%-4%ï¼2025å¹´åå©æ¶¦é¢æµä¸è°4%è³71.6亿å ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ééé¢æ</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼2025-2027å¹´ééé¢æµä¸è°10%-13%ï¼åæ 300ä¸è¾å¹´ç®æ ã </span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¯å©ç</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼2026-2027å¹´å°å¹ ä¸è°0.4-0.7个ç¾åç¹ï¼å ä¸ç«¯è½¦åå æ¯æåï¼ï¼ä½è¿è¥æ æåææ°ªæ´åå°æµæ¶å½±åã </span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memgd6dl174y" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">2. ä¼°å¼æ¹æ³</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">DCF模å</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼éç¨11.2%çå æå¹³åèµæ¬ææ¬ï¼WACCï¼å3%çæ°¸ç»å¢é¿çï¼é«äºä¼ ç»è½¦ä¼ç2%ï¼ï¼åæ æ°è½æºåæµ·å¤å¸åºçå¢é¿æ½åã </span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç®æ ä»·æ¨å¯¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼åºäºçå©é¢æµä¸è°åä¼°å¼æ»å¨è³2026å¹´ï¼ç®æ ä»·æåè³24港å ï¼å¯¹åº2026å¹´10-11åPEï¼ä¸è¿å»ä¸¤å¹´åå¼ä¸è´ï¼ã </span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memgd6dn1dcd" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">é£é©ä¸æºä¼</span></span></strong></span></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memgd6dp1ggw" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è¡æºä¼</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¿çåºæ¿</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼è¥ä¸å½å»¶é¿è´è½¦è¡¥è´´æ¿çã </span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">产å溢价</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼é¶æ²³ãé¢å çé«ç«¯åçæç»æä»·è½åã </span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æµ·å¤æ©å¼ </span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼æ°å ´å¸åºï¼å¦ä¸ä¸ãæç¾ï¼è¶ é¢æå¢é¿ã</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memgd6dt14vm" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è¡é£é©</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å½å ç«äº</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ä»·æ ¼æå å§æéæ±ç²è½¯ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æµ·å¤é»å</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼è´¸æä¿æ¤ï¼å¦æ¬§çå ³ç¨ï¼æå°ç¼æ¿æ²»é£é©ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ææ°ªç§æå延è¿</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼é¢è®¡2025å¹´åå£åº¦å®æï¼è¥è¿å±ä¸é¡ºæå½±åæ´åæçã</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memgd6dx21ln" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">è¡ä¸ä¸å ¬å¸å®ä½</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å¸åºä»½é¢</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼åå©å¨ä¸å½ä¹ç¨è½¦å¸åºç份é¢ä»2023å¹´ç8%æåè³2025å¹´ç12%ï¼æ°è½æºè½¦åå¨10ä¸-20ä¸å ä»·æ ¼åºé´çå¸å çæ¾èå¢é¿ã </span></span></span></span></section></li></ul><p><span leaf=""><br /></span></p><section data-mpa-md-key="common" style="margin-bottom: 16px;margin-left: 8px;margin-right:8px;margin-top: 16px;"><section nodeleaf="" style="height: auto;width: auto;max-height: none;max-width: none;min-height: auto;min-width: auto;"><img data-imgfileid="100043779" data-ratio="0.40313111545988256" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlgPOc7s6TPs5ZZVj5UlPHCsDIgFjV3BWt3aL3ssaeUTmwdWl47HvrOHeLJGQdeZcibITNS55FfNnA/640?wx_fmt=png&from=appmsg" data-type="png" data-w="511" height="1" style="height: auto;width: auto;max-height: none;max-width: none;min-height: auto;min-width: auto;" width="1" /></section></section><p><span leaf=""><br /></span></p><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åä¸å¯¹æ¯</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ä¼°å¼ä½äºæ¯äºè¿ªï¼1211.HKï¼ä½é«äºé¿å汽车ï¼2333.HKï¼ï¼åæ å ¶æ°è½æºè½¬ååå ¨çåå¸å±ä¼å¿ã</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memgd6dz1whm" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">éå½ï¼å ³é®æ°æ®è¡¨</span></span></strong></span></span></section><table style="min-width: 125px;"><tbody><tr style=""><th style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">ææ </span></span></strong></span></span></p></th><th style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">2024</span></span></strong></span></span></p></th><th style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">2025E</span></span></strong></span></span></p></th><th style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">2026E</span></span></strong></span></span></p></th><th style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">2027E</span></span></strong></span></span></p></th></tr><tr style=""><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">ééï¼ä¸è¾ï¼</span></span></strong></span></span></p></td><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">166.9</span></span></span></span></p></td><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">230.8</span></span></span></span></p></td><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">246.7</span></span></span></span></p></td><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">260.3</span></span></span></span></p></td></tr><tr style=""><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">è¥æ¶ï¼äº¿å ï¼</span></span></strong></span></span></p></td><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">1,669</span></span></span></span></p></td><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">3,079</span></span></span></span></p></td><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">3,452</span></span></span></span></p></td><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">3,732</span></span></span></span></p></td></tr><tr style=""><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">åå©æ¶¦ï¼äº¿å ï¼</span></span></strong></span></span></p></td><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">170</span></span></span></span></p></td><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">176ï¼+4%ï¼</span></span></span></span></p></td><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">218ï¼+1%ï¼</span></span></span></span></p></td><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">249ï¼+2%ï¼</span></span></span></span></p></td></tr><tr style=""><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">æ¯å©ç</span></span></strong></span></span></p></td><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">16.3%</span></span></span></span></p></td><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">16.4%</span></span></span></span></p></td><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">16.5%</span></span></span></span></p></td><td style=" max-width: 170.8px;min-width: 170.8px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">16.6%</span></span></span></span></p></td></tr></tbody></table><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memgd6e0n95" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç»è®º</span></span></strong></span></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memgd6e01ayt" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ©æ ¹å£«ä¸¹å©ç好åå©æ±½è½¦éè¿æ°è½¦å¨æãæµ·å¤æ©å¼ åææ¬ä¼åå®ç°çå©å¢é¿ï¼ç®æ ä»·24港å 对åº26%ä¸è¡ç©ºé´ï¼å»ºè®®é¿ææèµè å ³æ³¨å ¶æ°è½æºè½¬ååå ¨çåæç¥çæç»å ç°ã</span></span></span></span></section><section><span leaf=""><br /></span></section></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>