<p data-pm-slice="0 0 []"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">è¿æ¯æ©æ ¹å£«ä¸¹å©ï¼Morgan Stanleyï¼ 2025å¹´8æ12æ¥ç 究æ¥åãä¸å½çµååå¡ - 2025年第äºå£åº¦ä¸ç»©å±æãç详ç»å 容æ»ç»ï¼</span></span></span></span></p><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ ¸å¿ä¸»é¢ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> æ¥åèç¦äºå³å°å°æ¥çä¸å½ä¸»è¦çµåå ¬å¸2025年第äºå£åº¦ï¼2Q25ï¼è´¢æ¥å£ï¼åæå¸åºé¢æãå ³é®å ³æ³¨ç¹ä»¥å对åå ¬å¸ä¸ç»©ååæ¯çå ·ä½é¢æµã</span></span></span></span></p><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">主è¦ç»è®ºä¸é¢æï¼</span></span></strong></span></span></p><ol class="list-paddingleft-1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ´ä½é¢æä¸å¸åºç¦ç¹ï¼</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">é¿éå·´å·´ï¼BABA.Nï¼ã京ä¸ï¼JD.Oï¼ãç¾å¢ï¼3690.HKï¼çå ¬å¸å¨é£åé éï¼FDï¼åå³æ¶é¶å®ï¼QCï¼ä¸å¡ä¸ç</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å·¨é¢æèµé¢è®¡å°æç´¯å ¶2Q25å©æ¶¦ç</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ãå¸åºå¯¹æ¤å·²ææ®éé¢æã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æèµè çæ ¸å¿å ³æ³¨ç¹</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å°è½¬åè¿äºå ¬å¸å¯¹</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">2025年第ä¸å£åº¦ï¼3Q25ï¼å¨FD/QCé¢åæèµé¢åº¦çæ´æ°æå¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ã管çå±å¯¹æèµè§æ¨¡åæ¶é´è¡¨ç表æå°æ¯å ³é®å¬ååï¼å¯è½å¯¼è´å¸åºå¯¹3Q25çå©é¢æçä¸è°æä¸è°ï¼æ½å¨çå©ä¸è¡/ä¸è¡é£é©ï¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">é¿éå·´å·´äºä¸å¡è¢«ç好</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼é¢è®¡å ¶äºæ¶å ¥å¨F1Qï¼é¿é巴巴财年第ä¸å£åº¦ï¼é常对åºèªç¶å¹´4-6æï¼å³2Q25ï¼å°å éå¢é¿è³</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åæ¯+22%</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ãæ¥å强è°è¿åºä½ä¸ºç§¯æå¬ååï¼æ¯æé¿éå·´å·´ä½ä¸ºâä¸å½æä½³AIèµè½è âçå®ä½ã</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å ³é®å ¬å¸ä¸ç»©é¢æµ (2Q25)ï¼</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">äº¬ä¸ (JD.O)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ul><ul style="list-style-type: circle;" class="list-paddingleft-1"><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">éGAAPåå©æ¶¦ (Non-GAAP Net Profit)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> å¾å¯è½ä½äºå¸åºé¢æï¼Very likely downside surpriseï¼ã</span></span></span></span></section></li><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åå ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> å¨é£åé éåå³æ¶é¶å®ä¸å¡ä¸çæèµã</span></span></span></span></section></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¼å¤å¤ (PDD.O)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ul><ul style="list-style-type: circle;" class="list-paddingleft-1"><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¶å ¥å¢é¿ (Revenue growth)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> 符åé¢æï¼In-lineï¼ã</span></span></span></span></section></li><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">éGAAPåå©æ¶¦ (Non-GAAP Net Profit)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> 符åé¢æï¼In-lineï¼ï¼ä½å¯è½é¢ä¸´å°å¹ ä¸è°é£é©ï¼Modest revision lowerï¼ã</span></span></span></span></section></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å¯åä¼ (VIPS.N)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ul><ul style="list-style-type: circle;" class="list-paddingleft-1"><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¶å ¥å¢é¿ (Revenue growth)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> 符åé¢æï¼In-lineï¼ã</span></span></span></span></section></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç¾å¢ (3690.HK)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ul><ul style="list-style-type: circle;" class="list-paddingleft-1"><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ ¸å¿æ¬å°åä¸è¿è¥å©æ¶¦ (Core Local Commerce OP)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> ææå¯è½ä½äºå¸åºé¢æï¼Very likely downside surpriseï¼ï¼æå³çæ´ä½çå©æ¶¦ï¼Meaning lowerï¼ã</span></span></span></span></section></li></ul><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><em><span data-slate-string="true"><span leaf="">注ï¼æ¥åæåºè¿äºé¢æµå¯¹å¸åºå ±è¯EPSï¼æ¯è¡æ¶çï¼çå½±åæ¯é对æªæ¥12个æçã</span></span></em></span></span></section><ol class="list-paddingleft-1" start="3"><li><span data-marker="3."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¼°å¼æ¹æ³ä¸é£é©åæï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> æ¥å对ç¾å¢ãé¿éå·´å·´ã京ä¸ãæ¼å¤å¤åå¯åä¼äºå®¶å ¬å¸åå«è¿è¡äºè¯¦ç»çä¼°å¼åé£é©åæï¼åéç¨</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">è´´ç°ç°éæµï¼DCFï¼æ¨¡å</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ä½ä¸ºåºç¡ä¼°å¼æ¹æ³ã</span></span></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç¾å¢ (3690.HK)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ul><ul style="list-style-type: circle;" class="list-paddingleft-1"><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åºç¡å设ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> WACC 12%ï¼ æ°¸ç»å¢é¿ç 3%ã</span></span></span></span></section></li><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è¡é£é©ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> å¤åå¸åºä»½é¢ä¸åä¼´éå©æ¶¦çæ¹åï¼åæ·ARPUï¼æ¯ç¨æ·å¹³åæ¶å ¥ï¼è¿ä¸æ¥è´§å¸åï¼æ°ä¸å¡æèµè§æã</span></span></span></span></section></li><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è¡é£é©ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> å¤ååå³æ¶é¶å®ç«äºå å§ï¼äºæä¸èµäº§éçæ°ä¸å¡åæ¯ä¸ææï¼å®è§ç»æµå¼±äºé¢æï¼ååæç管ã</span></span></span></span></section></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">é¿éå·´å·´ (BABA.N)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ul><ul style="list-style-type: circle;" class="list-paddingleft-1"><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åºç¡å设ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> WACC 11%ï¼ æ°¸ç»å¢é¿ç 3%ã</span></span></span></span></section></li><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è¡é£é©ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> æ ¸å¿çµåè´§å¸åè½åæå驱å¨çå©å¢é¿è¶ é¢æï¼ä¼ä¸æ°ååå éæ¨å¨äºæ¶å ¥éæ°å éå¢é¿ï¼å¼ºå²çAIéæ±é©±å¨äºæ¶å ¥ã</span></span></span></span></section></li><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è¡é£é©ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> ç«äºå å§ï¼åæèµææ¬é«äºé¢æï¼åç«æ å¤èç¼æ ¢å¯¼è´æ¶è´¹ç²è½¯ï¼ä¼ä¸æ°ååæ¥ä¼æ¾ç¼ï¼ç管ï¼äºèç½å¹³å°é¢ä¸´é¢å¤å®¡æ¥ï¼ã</span></span></span></span></section></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">äº¬ä¸ (JD.O)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ul><ul style="list-style-type: circle;" class="list-paddingleft-1"><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åºç¡å设ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> WACC 13%ï¼ æ°¸ç»å¢é¿ç 3%ã</span></span></span></span></section></li><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è¡é£é©ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> è¿è¥æ æ带æ¥å©æ¶¦çæ©å¼ å¿«äºé¢æï¼å¿«æ¶åçµåå家çµå¢é¿å¿«äºé¢æï¼æåæ¸éä½çº¿åå¸é©±å¨ç¨æ·å¢é¿ã</span></span></span></span></section></li><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è¡é£é©ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> è¥éæ¯åºæ¯é¢ææ´æ¿è¿ï¼æ¶è´¹æ 绪å¤èæ ¢äºé¢æï¼çµåé¢åéçæ§ç«äºå¯è½åå½ã</span></span></span></span></section></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¼å¤å¤ (PDD.O)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ul><ul style="list-style-type: circle;" class="list-paddingleft-1"><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åºç¡å设ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> WACC 14%ï¼ æ°¸ç»å¢é¿ç 3%ã</span></span></span></span></section></li><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è¡é£é©ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> ç¨æ·å¢é¿å¿«äºé¢æï¼åå³å°å°æ¥çæ¶è´¹é级æ¨å¨ï¼ï¼Temuå¢é¿å¿«äºé¢æä¸åä½ç»æµæçä¼äºé¢æï¼ç«äºç¼å导è´è¿è¥æ¯åºéä½ã</span></span></span></span></section></li><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è¡é£é©ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> ç«äºå å§æå¶å©æ¶¦çæ¹åï¼è¡¥è´´å¸¸æå导è´ç¨æ·åä¸åº¦ä¸éï¼Temuå¢é¿æ ¢äºé¢æåæµ·å¤ç管é£é©ã</span></span></span></span></section></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å¯åä¼ (VIPS.N)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ul><ul style="list-style-type: circle;" class="list-paddingleft-1"><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åºç¡å设ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> WACC 14.0%ï¼ æ°¸ç»å¢é¿ç 3%ï¼ å¯¹åç°éåºç¨20%çææ£ã</span></span></span></span></section></li><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è¡é£é©ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> ç¨æ·å¢é¿è¶ é¢æï¼ææ£æè£ é¶å®å¸åºç¨³æ¥å¤èï¼æ¶è´¹æ 绪åæè£ éæ±æ¹åï¼æè£ å ¬å¸å»åºåéæ±å¢å ã</span></span></span></span></section></li><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è¡é£é©ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> æ´»è·å®¢æ·å¢é¿æ¾ç¼ï¼æ¯åºå¢å é»ç¢å©æ¶¦çæ©å¼ 轨迹ï¼ç«äºå å§æ¤åå©æ¶¦çï¼å¢é¿åéå¼åä¼°å¼ä¸è°ã</span></span></span></span></section></li></ul><ol class="list-paddingleft-1" start="4"><li><span data-marker="4."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">è¡ç¥¨è¯çº§ä¸åå²ï¼</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ¥åå å«è¯¦ç»çè¡ç¥¨è¯çº§ï¼Overweight/O, Equal-weight/E, Underweight/Uï¼åä»·æ ¼ç®æ åå²å¾è¡¨ï¼å±ç¤ºäºåæå¸å¯¹ç¸å ³å ¬å¸è§ç¹çæ¼åã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å ³é®å ¬å¸å½åè¯çº§ (æªè³æ¥åæ¥æéè¿)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ul><ul style="list-style-type: circle;" class="list-paddingleft-1"><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">é¿éå·´å·´ (BABA.N)ï¼ </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">Overweight (O)</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> (èª 2025å¹´2æ24æ¥)</span></span></span></span></section></li><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">äº¬ä¸ (JD.O)ï¼ </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">Equal-weight (E)</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> (èª 2021å¹´8æ4æ¥)</span></span></span></span></section></li><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ç¾å¢ (3690.HK)ï¼ </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">Overweight (O)</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> (èª 2024å¹´8æ29æ¥)</span></span></span></span></section></li><li><section><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span 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data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">è¡ä¸è§ç¹ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> æªæç¡®ç»åºæ´ä½è¡ä¸è§ç¹ï¼Attractive/In-Line/Cautiousï¼ï¼ä½è¦ççå ¬å¸ä¸âå¢æâ(O)å æ¯ç¸å¯¹è¾é«ã</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="5"><li><span data-marker="5."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">éè¦æ«é²ä¸åè§ä¿¡æ¯ï¼</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ¥åå å«å¤§éæ ååçæ³å¾ãåè§åå©çå²çªæ«é²ä¿¡æ¯ï¼è¿æ¯æè¡ç 究æ¥åçæ åç»æé¨åã主è¦å 容å æ¬ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span 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