<section data-tool="mdniceç¼è¾å¨" data-website="https://www.mdnice.com" style="margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 10px;padding-right: 10px;background-attachment: scroll;background-clip: border-box;background-color: rgba(0, 0, 0, 0);background-image: none;background-origin: padding-box;background-position-x: left;background-position-y: top;background-repeat: no-repeat;background-size: auto;width: auto;font-family: Optima, 'Microsoft YaHei', PingFangSC-regular, serif;font-size: 16px;color: rgb(0, 0, 0);line-height: 1.5em;word-spacing: 0em;letter-spacing: 0em;word-break: break-word;overflow-wrap: break-word;text-align: left;" data-pm-slice="0 0 []"><h1 data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin: 0px;padding: 8px 0px;"><span><span leaf="">对äºä»ä¸è¾¾çµå½±æ´åèæ¥çåæçµå½±ï¼002739.SZï¼ï¼å¸åºä¸ç´äºè®ºä¸ä¼ï¼æ人说å®æ¢ä¸»ä¹åæ¿å°åæ+è ¾è®¯çIPççï¼æ¯é¢çº¿æ¿åå°æçå å®¹æ¸ éä¸ä½åé»é©¬ï¼ä¹æ人说影è§è¡ä¸å¤§çç²è½¯ï¼éèµäº§é¢çº¿æ¬è´¨è¿æ¯å票æ¿æµéçæ§çæï¼æè°ååé½æ¯è®²ç»æ£æ·å¬çæ äºã</span></span></h1><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">è¿ä»½åºäºV-Equityå ¨æ¯éåå®ä»·æ¨¡åçç©¿éç å¤æ¥åï¼ä»è´¢å¡è´¨éãåä¸æ¨¡å¼ãé£é©ååãä¼°å¼å®ä»·å¤ä¸ªç»´åº¦ç»åºäºä¸æ§å®¢è§çç»è®ºï¼æ们æ´çæ ¸å¿é»è¾å¦ä¸ï¼ä¸æ¹ååæ¥åæ ¸å¿è§ç¹ï¼ä¾æ®éæèµè åèï¼</span></p><hr style="margin-top: 10px;margin-bottom: 10px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px;border-top-style: solid;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-width: 1px;border-bottom-width: 3px;border-left-width: 3px;border-right-width: 3px;border-top-color: rgb(0, 0, 0);border-bottom-color: rgba(0, 0, 0, 0.4);border-left-color: rgba(0, 0, 0, 0.4);border-right-color: rgba(0, 0, 0, 0.4);border-top-left-radius: 0px;border-top-right-radius: 0px;border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;background-attachment: scroll;background-clip: border-box;background-color: rgba(0, 0, 0, 0);background-image: none;background-origin: padding-box;background-position-x: left;background-position-y: top;background-repeat: no-repeat;background-size: auto;width: auto;height: 1px;" /><h2 data-tool="mdniceç¼è¾å¨" style=" margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;align-items: unset;background-attachment: scroll;background-clip: border-box;background-color: transparent;background-image: none;background-origin: padding-box;background-position-x: 0%;background-position-y: 0%;background-repeat: no-repeat;background-size: auto;border-top-style: none;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-width: 1px;border-bottom-width: 1px;border-left-width: 1px;border-right-width: 1px;border-top-color: rgb(0, 0, 0);border-bottom-color: rgb(0, 0, 0);border-left-color: rgb(0, 0, 0);border-right-color: rgb(0, 0, 0);border-top-left-radius: 0px;border-top-right-radius: 0px;border-bottom-left-radius: 0px;border-bottom-right-radius: 0px;box-shadow: none;display: flex;flex-direction: unset;float: unset;height: auto;justify-content: center;line-height: 1.5em;overflow-x: unset;overflow-y: unset;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px; text-align: left;text-shadow: none;transform: none;width: auto;-webkit-box-reflect: unset; "><span style=" font-size: 20px;color: rgb(255, 255, 255);background-color: rgb(130, 127, 196);line-height: 1.5em;letter-spacing: 0em;padding-top: 10px;padding-bottom: 10px;padding-left: 10px;padding-right: 10px;align-items: center;background-attachment: scroll;background-clip: border-box;background-image: none;background-origin: padding-box;background-position-x: 0%;background-position-y: 0%;background-repeat: no-repeat;background-size: auto;border-top-style: none;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-width: 1px;border-bottom-width: 1px;border-left-width: 1px;border-right-width: 1px;border-top-color: rgb(0, 0, 0);border-bottom-color: rgb(0, 0, 0);border-left-color: rgb(0, 0, 0);border-right-color: rgb(0, 0, 0);border-top-left-radius: 30px;border-top-right-radius: 30px;border-bottom-left-radius: 30px;border-bottom-right-radius: 30px;box-shadow: none;display: flex;font-weight: bold;flex-direction: unset;float: unset;height: auto;justify-content: center;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;overflow-x: unset;overflow-y: unset; text-align: left;text-indent: 0em;text-shadow: none;transform: none;width: auto;-webkit-box-reflect: unset; "><span leaf="">ä¸ãæ ¸å¿ç»è®ºå è¡ï¼çæä¸ç»©æ¿åä¸æ¹é¿æä¼°å¼åºé¨å¤¯å®</span></span></h2><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">æ¥å以2026å¹´7æ16æ¥ä¸ºå»ºæ¨¡åºåæ¥ï¼å½æ¥åæçµå½±æ¶ç价为10.32å ï¼å¯¹åº2025年追溯è°æ´åçæ£éPE约为70åãç»çµå¼æ³èµæçTOPSIS模åæµç®ï¼åæçµå½±å¨âå 容+æ¸ éâå轮驱å¨ä¸çâçæ³é¾ä¸»âè´´è¿åº¦å¾åï¼ç»äºå®è¿é«äºä¼ ç»éèµäº§é¢çº¿çç¨ç¼ºæ§æº¢ä»·ç©ºé´ã</span></p><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">å½åå¸åºå¯¹åæçµå½±çæ ¸å¿é¢æå·®ï¼å¨äºè¿åº¦æ¾å¤§äº2026å¹´ä¸å£åº¦çµå½±å¸åºå¤§çè °æ©ççæå²å»ââä¸å£åº¦è¡ä¸ç¥¨æ¿åæ¯å¤§å¹ ä¸æ»å¸¦å¨åæå½æ¯åå©æ¶¦åæ¯è·³æ°´ï¼å¸åºå æ¤ç»è¯¥è¡æä¸äºâä¸ç»©é·âçæ ç¾ï¼ä½å´å¿½ç¥äºå ¬å¸èµäº§è´åºè¡¨ç«¯å·²ç»å®æçâè¯æ§åºæ¸ âï¼ä¸å£åº¦å ¬å¸ç»è¥æ§ç°éæµä»ç¶åæµå ¥1.94亿å ï¼æ¤å累积çæ¯å ¬å¸æªåé å©æ¶¦åå²å 袱ï¼ä¹å¨åæå ¥ä¸»ä¹åéè¿å 容ååæ£å¨å éä¿®å¤ã</span></p><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">æ´ä½æ¥çï¼çæåæçµå½±é¢ä¸´çµå½±ä¾ç»ä¾§èå²å¼ææ¡£çååï¼ä½æ¯æ§å¶æåæ´å®æãè½»èµäº§æ¨¡å¼è½¬åå·²ç»éæ¥å¤¯å®äºä¸é¿æçä¼°å¼åºé¨ï¼å½åè¡ä»·çé¢æ并ä¸ç®é«ã</span></p><h2 data-tool="mdniceç¼è¾å¨" style=" margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;align-items: unset;background-attachment: scroll;background-clip: border-box;background-color: transparent;background-image: none;background-origin: padding-box;background-position-x: 0%;background-position-y: 0%;background-repeat: no-repeat;background-size: auto;border-top-style: none;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-width: 1px;border-bottom-width: 1px;border-left-width: 1px;border-right-width: 1px;border-top-color: rgb(0, 0, 0);border-bottom-color: rgb(0, 0, 0);border-left-color: rgb(0, 0, 0);border-right-color: rgb(0, 0, 0);border-top-left-radius: 0px;border-top-right-radius: 0px;border-bottom-left-radius: 0px;border-bottom-right-radius: 0px;box-shadow: none;display: flex;flex-direction: unset;float: unset;height: auto;justify-content: center;line-height: 1.5em;overflow-x: unset;overflow-y: unset;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px; text-align: left;text-shadow: none;transform: none;width: auto;-webkit-box-reflect: unset; "><span style=" font-size: 20px;color: rgb(255, 255, 255);background-color: rgb(130, 127, 196);line-height: 1.5em;letter-spacing: 0em;padding-top: 10px;padding-bottom: 10px;padding-left: 10px;padding-right: 10px;align-items: center;background-attachment: scroll;background-clip: border-box;background-image: none;background-origin: padding-box;background-position-x: 0%;background-position-y: 0%;background-repeat: no-repeat;background-size: auto;border-top-style: none;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-width: 1px;border-bottom-width: 1px;border-left-width: 1px;border-right-width: 1px;border-top-color: rgb(0, 0, 0);border-bottom-color: rgb(0, 0, 0);border-left-color: rgb(0, 0, 0);border-right-color: rgb(0, 0, 0);border-top-left-radius: 30px;border-top-right-radius: 30px;border-bottom-left-radius: 30px;border-bottom-right-radius: 30px;box-shadow: none;display: flex;font-weight: bold;flex-direction: unset;float: unset;height: auto;justify-content: center;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;overflow-x: unset;overflow-y: unset; text-align: left;text-indent: 0em;text-shadow: none;transform: none;width: auto;-webkit-box-reflect: unset; "><span leaf="">äºãè´¢å¡è´¨éç©¿éï¼çä½æ¸ æ¾åº¦æé«ï¼å·²ç»å®æâè½»è£ ä¸éµâå¼å¤¯å®</span></span></h2><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">å¾å¤æèµè çå½±è§å ¬å¸çè´¢æ¥ï¼ææ å¿çå°±æ¯âå©æ¶¦æºæ°´âãâèµäº§èé·âï¼æ¥åä»æ³è¯ä¼è®¡çè§åº¦å¯¹åæçµå½±çè´¢å¡è´¨éåäºéè¿°ææ¥ï¼</span></p><h3 data-tool="mdniceç¼è¾å¨" style="margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px;display: block;"><span style="font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;text-align: left;font-weight: bold;display: block;"><span leaf="">1.çå®æ ¸å¿å©æ¶¦éè¿°ï¼å¯¹éç»å¸¸æ§æçä¾èµå°å¹ ä¸åï¼ä½æ´ä½ç¬¦åé¢æ</span></span></h3><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">åæ¥ååé¤äºææéç»å¸¸æ§æçãæ¿åºè¡¥å©ä»¥åç åèµæ¬åçæ°´åï¼å¯¹2025å¹´å ¨å¹´å2026å¹´ä¸å£åº¦çå½æ¯åå©æ¶¦åäºéè¿°ï¼</span></p><ul style="list-style-type: disc;margin-top: 8px;margin-bottom: 8px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 25px;padding-right: 0px;color: rgb(0, 0, 0);" class="list-paddingleft-1"><li><section style="margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;font-weight: normal;"><span leaf="">2025å¹´å ¬å¸æ«é²å½æ¯åå©æ¶¦5.14亿å ï¼æ£é¤2.03亿å éç»å¸¸æ§æçåï¼éè¿°åçå®æ ¸å¿å©æ¶¦ä¸º3.11亿å ï¼åæ£éåå½æ¯åå©æ¶¦é«åº¦ä¸è´ï¼</span></section></li><li><section style="margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;font-weight: normal;"><span leaf="">2026å¹´ä¸å£åº¦æ«é²å½æ¯åå©æ¶¦8691.5ä¸å ï¼æ£é¤2606ä¸å éç»å¸¸æ§æçåï¼çå®æ ¸å¿å©æ¶¦ä¸º6085.4ä¸å ã</span></section></li></ul><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">ç å¤ç»ææ¾ç¤ºï¼2026å¹´ä¸å£åº¦åæçµå½±ççå®çä½çåçææä¸éï¼å¯¹æ¿åºè¡¥å©åçè´¢å ¬å ä»·å¼åå¨çä¾èµåº¦å°å¹ ä¸åï¼æ´ä½ä¸åå¨å¤§å¹ å离çå©æ¶¦é åé®é¢ã</span></p><h3 data-tool="mdniceç¼è¾å¨" style="margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px;display: block;"><span style="font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;text-align: left;font-weight: bold;display: block;"><span leaf="">2. 第åå£åº¦âäºæâä¸æ¯åäºï¼å±äºä¸»å¨å¤¯å®èµäº§è´åºè¡¨ççä½ç®¡ç</span></span></h3><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">2025年第åå£åº¦åæçµå½±å®ç°è¥ä¸æ¶å ¥28.6亿å ï¼ä½å½æ¯åå©æ¶¦äºæ1.94亿å ï¼æ£éåäºææ´æ¯è¾¾å°3亿å ï¼å¯¹æ¯åæ7.19亿å çç»è¥æ§åæµå ¥ï¼æ¥åå¤æè¿æ¯å ¸åçâKitchen Sinkingï¼è½»è£ ä¸éµï¼âå¼çä½ç®¡çï¼æ¬è´¨æ¯æ¢ä¸»ä¹å主å¨åºæ¸ åå²å 袱ï¼ä¸æ¯ç»è¥æ¶åï¼ ç¬¬ä¸ï¼å ¬å¸éæ©å¨ç¬¬åå£åº¦éä¸ç¡®è®¤åºå®èµäº§ååèªåå¼ï¼ä¸æ¬¡æ§æèµäº§è´åºè¡¨ä¸çæ½å¨é£é©éæ¾å¹²åï¼ç¸å½äºç»åç»çä¸ç»©å¢é¿æ«æ¸ äºéç¢ï¼ 第äºï¼2026å¹´ä¸å£åº¦é延æå¾ç¨è´åºåæ¯å¤§å¹ ä¸éè³20.49ä¸å ï¼ä¸»è¦æ¯å 为ä¸ç§åæèµæ¹ææçæ³æ ¸ç®ï¼è½¬åºäºåè®¡å ¥å ¶ä»ç»¼åæ¶ççé延æå¾ç¨ï¼è¿ä¸æ¥ç´æ¥éå®äºæ¤åèµäº§è´åºè¡¨ç«¯æ½å¨ç计ç¨é£é©ï¼ç¸å½äºæåå²éççâæé·âææäºã</span></p><h3 data-tool="mdniceç¼è¾å¨" style="margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px;display: block;"><span style="font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;text-align: left;font-weight: bold;display: block;"><span leaf="">3.çä½æ¸ æ¾åº¦éªè¯ï¼ç°éæµè´¨éè¿å¥½äºä¼è®¡å©æ¶¦ï¼å ä¹æ²¡æåè´¦é£é©</span></span></h3><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">æ¥åå¼å ¥åºè®¡å©æ¶¦çè¡¡éåå©æ¶¦çå«ééï¼æµç®ç»ææ¾ç¤º2025å¹´ã2026å¹´ä¸å£åº¦ï¼å¹´åå¤çï¼çåºè®¡å©æ¶¦çæç»ä¸ºè´ï¼è¿è¯´æå ¬å¸çç°éæµè´¨éæ¾èä¼äºè´¦é¢ä¼è®¡å©æ¶¦ï¼èåæ¯é¢çº¿è¡ä¸çåä¸æ¨¡å¼ä¼å¿ï¼å½±é¢è¿è¥æ¬èº«å°±æ¯é¢æ¶æ¬¾çä¼åå¡æ¨¡å¼ï¼ç¥¨å¡é½æ¯å³æ¶ç»ç®ï¼å ä¹ä¸åå¨åºæ¶è´¦æ¬¾å账失æ§çé®é¢ï¼æ´ä½çä½æ¸ æ¾åº¦å¨å ¨è¡ä¸é½å±äºåé«çæ°´å¹³ã</span></p><h2 data-tool="mdniceç¼è¾å¨" style=" margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;align-items: unset;background-attachment: scroll;background-clip: border-box;background-color: transparent;background-image: none;background-origin: padding-box;background-position-x: 0%;background-position-y: 0%;background-repeat: no-repeat;background-size: auto;border-top-style: none;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-width: 1px;border-bottom-width: 1px;border-left-width: 1px;border-right-width: 1px;border-top-color: rgb(0, 0, 0);border-bottom-color: rgb(0, 0, 0);border-left-color: rgb(0, 0, 0);border-right-color: rgb(0, 0, 0);border-top-left-radius: 0px;border-top-right-radius: 0px;border-bottom-left-radius: 0px;border-bottom-right-radius: 0px;box-shadow: none;display: flex;flex-direction: unset;float: unset;height: auto;justify-content: center;line-height: 1.5em;overflow-x: unset;overflow-y: unset;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px; text-align: left;text-shadow: none;transform: none;width: auto;-webkit-box-reflect: unset; "><span style=" font-size: 20px;color: rgb(255, 255, 255);background-color: rgb(130, 127, 196);line-height: 1.5em;letter-spacing: 0em;padding-top: 10px;padding-bottom: 10px;padding-left: 10px;padding-right: 10px;align-items: center;background-attachment: scroll;background-clip: border-box;background-image: none;background-origin: padding-box;background-position-x: 0%;background-position-y: 0%;background-repeat: no-repeat;background-size: auto;border-top-style: none;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-width: 1px;border-bottom-width: 1px;border-left-width: 1px;border-right-width: 1px;border-top-color: rgb(0, 0, 0);border-bottom-color: rgb(0, 0, 0);border-left-color: rgb(0, 0, 0);border-right-color: rgb(0, 0, 0);border-top-left-radius: 30px;border-top-right-radius: 30px;border-bottom-left-radius: 30px;border-bottom-right-radius: 30px;box-shadow: none;display: flex;font-weight: bold;flex-direction: unset;float: unset;height: auto;justify-content: center;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;overflow-x: unset;overflow-y: unset; text-align: left;text-indent: 0em;text-shadow: none;transform: none;width: auto;-webkit-box-reflect: unset; "><span leaf="">ä¸ãåä¸æ¨¡å¼è·è¿ï¼ä»âéèµäº§é¢çº¿âå°âå 容+æ¸ éååâï¼ç¬¬äºæ²çº¿æ£å¨æå</span></span></h2><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">è´¢å¡è´¨éåªè½è¯´æ没æé·ï¼çæ£çä¼°å¼å¢é¿ç¹æ¥èªåä¸æ¨¡å¼çååãåæ¥å对åæçµå½±çä»·å¼åé è½ååæ°åä¸çæåäºæ解ï¼</span></p><h3 data-tool="mdniceç¼è¾å¨" style="margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px;display: block;"><span style="font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;text-align: left;font-weight: bold;display: block;"><span leaf="">1. å½åä»å¨ä»·å¼èæï¼ç æ ¹æ¯ä¼ ç»éèµäº§é¢çº¿çææ§å 袱</span></span></h3><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">æ¥åæµç®2025å¹´åæçµå½±çæå ¥èµæ¬åæ¥çï¼ROICï¼ï¼å¨è®¾å®åçåºå¡ææ¬ãè¡æèµæ¬ææ¬åï¼è®¡ç®å¾å°å æå¹³åèµæ¬ææ¬ï¼WACCï¼ï¼ç»ææ¾ç¤ºROICä½äºWACCï¼å ¬å¸2025å¹´ä»ç¶å¤äºä»·å¼èæç¶æã</span></p><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">èæç´¯èµæ¬åæ¥ççæ ¸å¿åå ï¼å°±æ¯ä¼ ç»éèµäº§é¢çº¿çé«é¢ææ§æéï¼æªè³2026å¹´ä¸å£åº¦ï¼åæçµå½±åºå®èµäº§13.95亿å ï¼ä½¿ç¨æèµäº§æ´æ¯é«è¾¾50.42亿å ï¼æ¯å¹´ææ§æé就达å°15-18亿å ï¼åºå®ææ¬æé«ï¼èªç¶ä¼æä½æ´ä½çèµæ¬åæ¥çï¼è¿æ¯ææ线ä¸é¢çº¿é½è¦é¢å¯¹çèé®é¢ã</span></p><h3 data-tool="mdniceç¼è¾å¨" style="margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px;display: block;"><span style="font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;text-align: left;font-weight: bold;display: block;"><span leaf="">2.æ§å¶æåæ´åï¼âå 容+æ¸ éâååçæ°çæå·²ç»æ好æ¡æ¶</span></span></h3><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">å¨æ§å¶æå®å ¨ç§»äº¤è³ä¸å½åæï¼00136.HKï¼å®æ§äººæ¯å©æä¹åï¼åæçµå½±çåä¸æ¨¡å¼æ£å¨ä»âéèµäº§æ¸ éâåâè½»èµäº§å 容ååâè·è¿ï¼æ´ä¸ªçæé¾çéå¡é»è¾éå¸¸æ¸ æ°ï¼ ä¸æ¸¸ä¾æä¸å½åæåè ¾è®¯çæµ·éIPå¨å¤ï¼å¯ä»¥ç¨æä½çææ¬ç»åæçµå½±æ³¨å ¥å½±è§é¡¹ç®ï¼ç®åå·²ç»å¨å¤äºãé£é©°äººç3ããå¯æ1994ãç主æ§é¡¹ç®ï¼æ¿å°IPä¹åï¼ä¸æ¹é¢èµ°âç¬å®¶çº¿ä¸åè¡+溢价æçâè½å°å°å ¨å½è¶ è¿700家ç´è¥å½±åï¼å¦ä¸æ¹é¢èµ°âæ¼å¥½çâçå§ç½èå¨æ¨¡å¼å¯¹æ¥ç±ä¼è ¾çç½æå¹³å°ï¼æç»ä¸ç®¡æ¯çº¿ä¸é¢çº¿è¿æ¯çº¿ä¸èå¨ï¼é½å¯ä»¥å¼æµå°é«æ¯å©çé票ä¸å¡ââä¹å°±æ¯å½±é¢çé¤é¥®ãæ½®ç©è¡çåï¼è¿é¨åä¸å¡çæ¯å©çè¿é«äºç¥¨æ¿åè´¦ï¼å好å¯ä»¥å¯¹å²ç¥¨æ¿å¤§çæ³¢å¨çé£é©ã</span></p><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">2026å¹´ä¸å£åº¦å·²ç»å¯å¨äºç¬¬ä¸ä¸ªå½±å§èå¨é¡¹ç®ãé»å¤åç½ãï¼å¨åæçç´è¥å½±åå线ä¸é¦æ ï¼æ¬è´¨å°±æ¯æé线ä¸æµéå线ä¸å½±é¢çç©ç空é´ï¼æµè¯é票ä¸å¡çå¢é¿ç©ºé´ï¼ç®åå·²ç»è·éäºåæ¥æ¨¡åï¼åç»åªè¦å 容ä¾ç»è·ä¸ï¼å°±è½æç»æ¾å¤§ååæåºã</span></p><h2 data-tool="mdniceç¼è¾å¨" style=" margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;align-items: unset;background-attachment: scroll;background-clip: border-box;background-color: transparent;background-image: none;background-origin: padding-box;background-position-x: 0%;background-position-y: 0%;background-repeat: no-repeat;background-size: auto;border-top-style: none;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-width: 1px;border-bottom-width: 1px;border-left-width: 1px;border-right-width: 1px;border-top-color: rgb(0, 0, 0);border-bottom-color: rgb(0, 0, 0);border-left-color: rgb(0, 0, 0);border-right-color: rgb(0, 0, 0);border-top-left-radius: 0px;border-top-right-radius: 0px;border-bottom-left-radius: 0px;border-bottom-right-radius: 0px;box-shadow: none;display: flex;flex-direction: unset;float: unset;height: auto;justify-content: center;line-height: 1.5em;overflow-x: unset;overflow-y: unset;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px; text-align: left;text-shadow: none;transform: none;width: auto;-webkit-box-reflect: unset; "><span style=" font-size: 20px;color: rgb(255, 255, 255);background-color: rgb(130, 127, 196);line-height: 1.5em;letter-spacing: 0em;padding-top: 10px;padding-bottom: 10px;padding-left: 10px;padding-right: 10px;align-items: center;background-attachment: scroll;background-clip: border-box;background-image: none;background-origin: padding-box;background-position-x: 0%;background-position-y: 0%;background-repeat: no-repeat;background-size: auto;border-top-style: none;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-width: 1px;border-bottom-width: 1px;border-left-width: 1px;border-right-width: 1px;border-top-color: rgb(0, 0, 0);border-bottom-color: rgb(0, 0, 0);border-left-color: rgb(0, 0, 0);border-right-color: rgb(0, 0, 0);border-top-left-radius: 30px;border-top-right-radius: 30px;border-bottom-left-radius: 30px;border-bottom-right-radius: 30px;box-shadow: none;display: flex;font-weight: bold;flex-direction: unset;float: unset;height: auto;justify-content: center;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;overflow-x: unset;overflow-y: unset; text-align: left;text-indent: 0em;text-shadow: none;transform: none;width: auto;-webkit-box-reflect: unset; "><span leaf="">åãæéååæµè¯ï¼ä¸å票æ¿æ æ¯ä¸ï¼ä¸ç»©å¼¹æ§åè¡ä»·è¾¹çå¨åªéï¼</span></span></h2><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">为äºå¼æ¸ æ¥æ端æ åµä¸åæçµå½±çä¸ç»©åè¡ä»·åºçº¿ï¼æ¥ååäºä¸¤ç§ä¸åçååæµè¯ï¼ç»æ®éæèµè ååºäºæ¸ æ°çé£é©æ¶çè¾¹çï¼</span></p><h3 data-tool="mdniceç¼è¾å¨" style="margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px;display: block;"><span style="font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;text-align: left;font-weight: bold;display: block;"><span leaf="">1.票æ¿æ æ¯ååæµè¯ï¼ä¸ç§åºæ¯ä¸çåå©æ¶¦é¢ææç¡®</span></span></h3><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">æ¥åå设2026å¹´å ¨å½æ»ç¥¨æ¿ä¸ç§ä¸åçååæ æ¯ï¼åå«æµç®å ¨å¹´åå©æ¶¦ï¼</span></p><ul style="list-style-type: disc;margin-top: 8px;margin-bottom: 8px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 25px;padding-right: 0px;color: rgb(0, 0, 0);" class="list-paddingleft-1"><li><section style="margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;font-weight: normal;"><strong style="color: rgb(0, 0, 0);font-weight: bold;background-attachment: scroll;background-clip: border-box;background-color: rgba(0, 0, 0, 0);background-image: none;background-origin: padding-box;background-position-x: left;background-position-y: top;background-repeat: no-repeat;background-size: auto;width: auto;height: auto;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px;border-top-style: none;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-width: 3px;border-bottom-width: 3px;border-left-width: 3px;border-right-width: 3px;border-top-color: rgba(0, 0, 0, 0.4);border-bottom-color: rgba(0, 0, 0, 0.4);border-left-color: rgba(0, 0, 0, 0.4);border-right-color: rgba(0, 0, 0, 0.4);border-top-left-radius: 0px;border-top-right-radius: 0px;border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;"><span leaf="">ä¹è§æ æ¯</span></strong><span leaf="">ï¼å¤§çåæ¯å转ï¼æ°çä¾ç»éæ¾è¶ é¢æï¼å ¨å¹´é¢ä¼°åå©æ¶¦ä¸ºå¯¹åºä¼°å¼æ°´å¹³çåçåºé´å©æ¶¦ï¼å¯¹åºä¸ç»©è½å¤æ¯æå½åä¼°å¼è¿ä¸æ¥ä¸ç§»ï¼</span></section></li><li><section style="margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;font-weight: normal;"><strong style="color: rgb(0, 0, 0);font-weight: bold;background-attachment: scroll;background-clip: border-box;background-color: rgba(0, 0, 0, 0);background-image: none;background-origin: padding-box;background-position-x: left;background-position-y: top;background-repeat: no-repeat;background-size: auto;width: auto;height: auto;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px;border-top-style: none;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-width: 3px;border-bottom-width: 3px;border-left-width: 3px;border-right-width: 3px;border-top-color: rgba(0, 0, 0, 0.4);border-bottom-color: rgba(0, 0, 0, 0.4);border-left-color: rgba(0, 0, 0, 0.4);border-right-color: rgba(0, 0, 0, 0.4);border-top-left-radius: 0px;border-top-right-radius: 0px;border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;"><span leaf="">ä¸æ§æ æ¯</span></strong><span leaf="">ï¼ä¼è´¨å 容ä¾ç»ä»ç¶ææ¡£ï¼å¤§çåæ¯ç»´æå½åçä½è¿·ç¶æï¼å ¨å¹´é¢ä¼°åå©æ¶¦å¯ä»¥è¦çåºå®ææ§ï¼ä»ç¶è½å¤ä¿æçå©ï¼ä¸ä¼åºç°å¤§å¹ äºæï¼</span></section></li><li><section style="margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;font-weight: normal;"><strong style="color: rgb(0, 0, 0);font-weight: bold;background-attachment: scroll;background-clip: border-box;background-color: rgba(0, 0, 0, 0);background-image: none;background-origin: padding-box;background-position-x: left;background-position-y: top;background-repeat: no-repeat;background-size: auto;width: auto;height: auto;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px;border-top-style: none;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-width: 3px;border-bottom-width: 3px;border-left-width: 3px;border-right-width: 3px;border-top-color: rgba(0, 0, 0, 0.4);border-bottom-color: rgba(0, 0, 0, 0.4);border-left-color: rgba(0, 0, 0, 0.4);border-right-color: rgba(0, 0, 0, 0.4);border-top-left-radius: 0px;border-top-right-radius: 0px;border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;"><span leaf="">æ²è§æ æ¯</span></strong><span leaf="">ï¼å± æ°æ¶è´¹ææ¿æç»ä½è¿·ï¼å¤§çåæ¯å¤§å¹ ä¸æ»ï¼é£ä¹ååºå®ææ§æéçæ ææåºå½±åï¼å ¬å¸å°æ¥è¿çäºå¹³è¡¡ç¹ï¼å ¨å¹´å¯è½åºç°å°å¹ äºæï¼ä½ä¹ä¸ä¼è§¦åéå¸çº§å«çé£é©ã</span></section></li></ul><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">æ´ä½æ¥çï¼å³ä½¿æ¯ææ²è§çæ æ¯ï¼å ¬å¸å 为ç°éæµå¨å¤å 足ï¼ä¹ä¸åå¨æµå¨æ§é£é©ï¼åªæ¯çæä¸ç»©æ¿åï¼ä¸ä¼å¨æä¸é¿æçä¼°å¼åºç¡ã</span></p><h3 data-tool="mdniceç¼è¾å¨" style="margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px;display: block;"><span style="font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;text-align: left;font-weight: bold;display: block;"><span leaf="">2.èç¹å¡æ´è¡ä»·æ¨¡æï¼ç»åºæªæ¥6个ææ¸ æ°çè¡ä»·åºé´</span></span></h3><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">æ¥ååºäºåæçµå½±è¿å»120个交ææ¥çå¹´ååå²æ³¢å¨çåæ¼ç§»çï¼åäº1ä¸æ¬¡ä»·æ ¼è·¯å¾ä»¿çï¼æç»å¾å°95%置信度ä¸æªæ¥6个æçè¡ä»·åºé´ï¼95%置信åºé´çä¸æ²¿ä¹å°±æ¯é»åä½å¨åç溢价åºé´ï¼50%æ¦ççå ¬å ä»·æ ¼ä¸æ¢å¯¹åºå½åä¼°å¼çåçæ°´å¹³ï¼5%置信åºé´çä¸æ²¿ä¹å°±æ¯æ端æ¯æä½ï¼æ¥è¿å ¬å¸çéç½®ææ¬ï¼ä¸è·ç©ºé´é常æéã</span></p><h2 data-tool="mdniceç¼è¾å¨" style=" margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;align-items: unset;background-attachment: scroll;background-clip: border-box;background-color: transparent;background-image: none;background-origin: padding-box;background-position-x: 0%;background-position-y: 0%;background-repeat: no-repeat;background-size: auto;border-top-style: none;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-width: 1px;border-bottom-width: 1px;border-left-width: 1px;border-right-width: 1px;border-top-color: rgb(0, 0, 0);border-bottom-color: rgb(0, 0, 0);border-left-color: rgb(0, 0, 0);border-right-color: rgb(0, 0, 0);border-top-left-radius: 0px;border-top-right-radius: 0px;border-bottom-left-radius: 0px;border-bottom-right-radius: 0px;box-shadow: none;display: flex;flex-direction: unset;float: unset;height: auto;justify-content: center;line-height: 1.5em;overflow-x: unset;overflow-y: unset;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px; text-align: left;text-shadow: none;transform: none;width: auto;-webkit-box-reflect: unset; "><span style=" font-size: 20px;color: rgb(255, 255, 255);background-color: rgb(130, 127, 196);line-height: 1.5em;letter-spacing: 0em;padding-top: 10px;padding-bottom: 10px;padding-left: 10px;padding-right: 10px;align-items: center;background-attachment: scroll;background-clip: border-box;background-image: none;background-origin: padding-box;background-position-x: 0%;background-position-y: 0%;background-repeat: no-repeat;background-size: auto;border-top-style: none;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-width: 1px;border-bottom-width: 1px;border-left-width: 1px;border-right-width: 1px;border-top-color: rgb(0, 0, 0);border-bottom-color: rgb(0, 0, 0);border-left-color: rgb(0, 0, 0);border-right-color: rgb(0, 0, 0);border-top-left-radius: 30px;border-top-right-radius: 30px;border-bottom-left-radius: 30px;border-bottom-right-radius: 30px;box-shadow: none;display: flex;font-weight: bold;flex-direction: unset;float: unset;height: auto;justify-content: center;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;overflow-x: unset;overflow-y: unset; text-align: left;text-indent: 0em;text-shadow: none;transform: none;width: auto;-webkit-box-reflect: unset; "><span leaf="">äºãå¾®è§èµéé¢ï¼å½åä½ç½®èµéå ±è¯åé²å¾¡ï¼ä¸åå¨çæçä»é£é©</span></span></h2><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">é¤äºåºæ¬é¢ï¼æ¥åä¹ä»å¸åºå¾®è§ç»æè§åº¦åæäºå½åçèµéåå¼ç¶æï¼</span></p><h3 data-tool="mdniceç¼è¾å¨" style="margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px;display: block;"><span style="font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;text-align: left;font-weight: bold;display: block;"><span leaf="">1.ä¼°å¼ç¶æ转移ï¼å½åä½ç½®åä¸å®å ¨è¾¹é å¾å¼º</span></span></h3><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">æ¥åæç §PEåä½æä¼°å¼åæä¸ä¸ªç¶æï¼PEä½äº35åä¸ºè¶ è·ä½ä¼°S1ï¼35-75å为åçéè¡S2ï¼é«äº75å为æ 绪é«ä¼°S3ãæµç®æªæ¥6个æçç¶æ转移æ¦çååç°ï¼å½ååæçµå½±æ¶ç价对åºPEæ¥è¿70åï¼å¤äºåçéè¡S2ç¶æï¼ä»S2åè¶ è·ä½ä¼°S1转移çæ¦çè¿ä½äºåé«ä¼°è½¬ç§»çæ¦çï¼è¯´æå½å10.32å çè¡ä»·åä¸å®å ¨è¾¹é å¾å¼ºï¼èµéå¨å½åä½ç½®å·²ç»å½¢æäºè¾å¼ºçé²å¾¡æ§å ±è¯ï¼èµéåºéçæ¦çå¾ä½ã</span></p><h3 data-tool="mdniceç¼è¾å¨" style="margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px;display: block;"><span style="font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;text-align: left;font-weight: bold;display: block;"><span leaf="">2.èµéåå¼è·¯å¾ï¼å½åå¤äºåªä¸ä¸ªåå¼ç¯èï¼</span></span></h3><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">åæçµå½±è¿ä¸è½®çèµéåå¼éµå¾ªæ¸ æ°çåäºä¼ 导é¾æ¡ï¼æå¼å§æ¯âåææ´å+IPæ³¨å ¥âçæ°åäºåºæ¥ï¼éååæ¹åæå¸éç»è°é«å¯¹å 容ååç溢价é¢æï¼æ¥çéåå¤å¤´å åææå°âè½»èµäº§åâçé»è¾å¼å§è¿åºä¹°å ¥ï¼ååèµéå两èèµéè·è¿ï¼éåçè¡ä»·æé«ä¹åï¼éåè¶å¿çè·å©æ´¾åï¼æåæ£æ·è·çæ¥èæ¡£ãæææ¡£ç票æ¿èå²è¿åºæ¥çãä»å½åçæ¶é´èç¹æ¥çï¼ç»åäºä¸å£åº¦ç¥¨æ¿ä¸è·çè°æ´ä¹åï¼å½åè¡ä»·å·²ç»åå°äºè°æ´åçä½ä½ï¼è·ç¦»åæçèå²é«ç¹å·²ç»æä¸å®çå®å ¨è¾¹é ã</span></p><h3 data-tool="mdniceç¼è¾å¨" style="margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px;display: block;"><span style="font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;text-align: left;font-weight: bold;display: block;"><span leaf="">3.æ æé£é©ææ¥ï¼è´¨æ¼çéä¸ï¼ä¸åå¨çæ踩è¸é£é©</span></span></h3><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">æªè³2026å¹´ä¸å£åº¦ï¼ç¬¬ä¸å¤§è¡ä¸å京åææèµè´¨æ¼æè¡å å ¶æ»æè¡çæ¯ä¾éä¸ï¼å æ»è¡æ¬çæ¯ä¾ä¹ä¸é«ï¼è´¨æ¼çå¤äºåçåºé´ï¼åæ¶è¿å»ä¸¤ä¸ªå£åº¦ä¸¤èèµéé½æ¯åå¿è¿ç¶æï¼å½å该è¡çæ æZ-Scoreå¤äºå®å ¨åºé´ï¼çæä¸åå¨è´¨æ¼çä»å¼åæ åºè¸©è¸çé£é©ï¼èµéé¢æ´ä½å稳å®ã</span></p><h2 data-tool="mdniceç¼è¾å¨" style=" margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;align-items: unset;background-attachment: scroll;background-clip: border-box;background-color: transparent;background-image: none;background-origin: padding-box;background-position-x: 0%;background-position-y: 0%;background-repeat: no-repeat;background-size: auto;border-top-style: none;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-width: 1px;border-bottom-width: 1px;border-left-width: 1px;border-right-width: 1px;border-top-color: rgb(0, 0, 0);border-bottom-color: rgb(0, 0, 0);border-left-color: rgb(0, 0, 0);border-right-color: rgb(0, 0, 0);border-top-left-radius: 0px;border-top-right-radius: 0px;border-bottom-left-radius: 0px;border-bottom-right-radius: 0px;box-shadow: none;display: flex;flex-direction: unset;float: unset;height: auto;justify-content: center;line-height: 1.5em;overflow-x: unset;overflow-y: unset;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px; text-align: left;text-shadow: none;transform: none;width: auto;-webkit-box-reflect: unset; "><span style=" font-size: 20px;color: rgb(255, 255, 255);background-color: rgb(130, 127, 196);line-height: 1.5em;letter-spacing: 0em;padding-top: 10px;padding-bottom: 10px;padding-left: 10px;padding-right: 10px;align-items: center;background-attachment: scroll;background-clip: border-box;background-image: none;background-origin: padding-box;background-position-x: 0%;background-position-y: 0%;background-repeat: no-repeat;background-size: auto;border-top-style: none;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-width: 1px;border-bottom-width: 1px;border-left-width: 1px;border-right-width: 1px;border-top-color: rgb(0, 0, 0);border-bottom-color: rgb(0, 0, 0);border-left-color: rgb(0, 0, 0);border-right-color: rgb(0, 0, 0);border-top-left-radius: 30px;border-top-right-radius: 30px;border-bottom-left-radius: 30px;border-bottom-right-radius: 30px;box-shadow: none;display: flex;font-weight: bold;flex-direction: unset;float: unset;height: auto;justify-content: center;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;overflow-x: unset;overflow-y: unset; text-align: left;text-indent: 0em;text-shadow: none;transform: none;width: auto;-webkit-box-reflect: unset; "><span leaf="">å ãå¤ç»´å®ä»·æ解ï¼å½å10.32å çè¡ä»·ï¼åé¨åè´¡ç®å°åºæ¯å¤å°ï¼ä½ä¼°äºåï¼</span></span></h2><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">æ¥åä»å¤ä¸ªç»´åº¦ç»åæçµå½±åäºå®ä»·ï¼è¿ç¨æºå¨å¦ä¹ çSHAPæ¹æ³å¯¹å½åè¡ä»·åäºè¾¹é è´¡ç®æ解ï¼ç»æéå¸¸æ¸ æ°ï¼</span></p><h3 data-tool="mdniceç¼è¾å¨" style="margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px;display: block;"><span style="font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;text-align: left;font-weight: bold;display: block;"><span leaf="">1.ä¸ç»©åç»ï¼äºä¸å£åº¦ç¯æ¯å°å¤§å¹ æ¹å</span></span></h3><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">æ¥åç»åå½åçå½±çå¨å¤å¤æï¼ä¸å£åº¦å 为ãé£é©°äººç3ãçé«åºæ°ï¼å ä¸æ´ä½å¤§çæ¿åï¼ä¸ç»©å¤äºä½ä½ï¼äºå£åº¦äºä¸æ¡£ä¸»æ§å½±çãå¯æ1994ãä¸æ ï¼ä¸å£åº¦æææ¡£è¿æãæ¾æ¹æµ·æãã转念è±å¼ãéç»ä¸æ ï¼äºä¸å£åº¦è¥æ¶ååå©æ¶¦é½ä¼ç¯æ¯ä¸å£åº¦å¤§å¹ æ¹åï¼ä¸ç»©çæç¹å ¶å®å·²ç»å¨äºå£åº¦æ¾ç°ã</span></p><h3 data-tool="mdniceç¼è¾å¨" style="margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px;display: block;"><span style="font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;text-align: left;font-weight: bold;display: block;"><span leaf="">2.ååDCFéªè¯ï¼å½åè¡ä»·éå«å¢é¿é¢æææ¾åä½</span></span></h3><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">æ¥åç¨ååDCF模åæµç®ï¼å½å217.9亿å æ»å¸å¼éå«çèªç±ç°éæµæ°¸ç»å¢é¿çåªæä¸å°2%ï¼å¯¹äºä¸ä¸ªæ¥æå ¨å½æ大ç´è¥é¢çº¿ä»½é¢ãèé åæå 容大ççç¨ç¼ºé¾å¤´æ¥è¯´ï¼è¿ä¸ªå¢é¿é¢æå·²ç»è¢«ææ¾ä½ä¼°ï¼åªè¦åç»ååæåºè½å°ï¼å°±ä¼å¸¦æ¥ä¼°å¼çåä¸ä¿®å¤ã</span></p><h3 data-tool="mdniceç¼è¾å¨" style="margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px;display: block;"><span style="font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;text-align: left;font-weight: bold;display: block;"><span leaf="">3.å¤ç»´åº¦ç»¼åå®ä»·ï¼å ¬å ä¼°å¼ä¸º11.22å </span></span></h3><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">æ¥åç»åä¸ç§ä¸»æµä¼°å¼æ¹æ³ï¼ç»ä¸åæ¹æ³èµæåå¾å°ç»¼åå ¬å è¡ä»·ï¼</span></p><ul style="list-style-type: disc;margin-top: 8px;margin-bottom: 8px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 25px;padding-right: 0px;color: rgb(0, 0, 0);" class="list-paddingleft-1"><li><section style="margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;font-weight: normal;"><span leaf="">ååDCFæ³å¯¹åºè¡ä»·12.15å ï¼</span></section></li><li><section style="margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;font-weight: normal;"><span leaf="">éç½®ææ¬æ³ï¼é¢çº¿èµäº§æ¸ ç®ä»·å¼+åç溢价ï¼å¯¹åºè¡ä»·8.80å ï¼</span></section></li><li><section style="margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;font-weight: normal;"><span leaf="">è¡ä¸å¯æ¯PEæ³ï¼2026å¹´å¨ææ£éPE25åï¼å¯¹åºè¡ä»·11.50å ï¼</span></section></li><li><section style="margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;font-weight: normal;"><span leaf="">å æä¹åå¾å°ç»¼åå ¬å ä¼°å¼ä¸º11.22å ï¼å¯¹æ¯å½å10.32å çæ¶çä»·ï¼åå¨å¤§çº¦8%çä¼°å¼ä¿®å¤ç©ºé´ï¼å¦æååæåºè¶ é¢æï¼ç©ºé´ä¼æ´å¤§ã</span></section></li></ul><h3 data-tool="mdniceç¼è¾å¨" style="margin-top: 30px;margin-bottom: 15px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px;display: block;"><span style="font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;text-align: left;font-weight: bold;display: block;"><span leaf="">4.SHAPå½å æ解ï¼10.32å çè¡ä»·ï¼18.4%æ¥èªå 容åå溢价</span></span></h3><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">æ¥åç¨SHAPæ¹æ³å¯¹å½å10.32å çè¡ä»·åè¾¹é è´¡ç®æ解ï¼åé¨åçè´¡ç®å¦ä¸ï¼</span></p><ul style="list-style-type: disc;margin-top: 8px;margin-bottom: 8px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 25px;padding-right: 0px;color: rgb(0, 0, 0);" class="list-paddingleft-1"><li><section style="margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;font-weight: normal;"><span leaf="">åºç¡éç½®åèµäº§ä»·å¼è´¡ç®4.5å ï¼å æ¯43.6%ï¼æ¯è¡ä»·çåè±ç³ï¼</span></section></li><li><section style="margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;font-weight: normal;"><span leaf="">é«ç°éæµå«ééççå©è´¨éè´¡ç®2.1å ï¼å æ¯20.3%ï¼</span></section></li><li><section style="margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;font-weight: normal;"><span leaf="">å 容+æ¸ éåå溢价贡ç®1.9å ï¼å æ¯18.4%ï¼æ¯å½åè¡ä»·æ主è¦çå¼¹æ§æ¥æºï¼</span></section></li><li><section style="margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;font-weight: normal;"><span leaf="">澳洲é¢çº¿Hoytsæäºè´¡ç®æº¢ä»·0.8å ï¼å æ¯7.8%ï¼</span></section></li><li><section style="margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;font-weight: normal;"><span leaf="">å¸åºåæ¿åæ 绪æä»·1.02å ï¼å æ¯9.9%ï¼</span></section></li><li><section style="margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;font-weight: normal;"><span leaf="">å æ»ä¹åå好对åºå½å10.32å çè¡ä»·ã</span></section></li></ul><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">è¿ä¸ªæ解ä¹ç¹åºäºæ ¸å¿é£é©ï¼å 容+æ¸ éçåå溢价贡ç®äºæ¥è¿ä¸¤æçè¡ä»·ï¼å¦æåç»ååè½å°ææä¸åé¢æï¼è¿é¨å溢价ä¼é¢ä¸´å¿«éæ¶ç¼©çé£é©ï¼æèµè éè¦å¯åè·è¸ªé¡¹ç®è½å°æ åµã</span></p><hr style="margin-top: 10px;margin-bottom: 10px;margin-left: 0px;margin-right: 0px;padding-top: 0px;padding-bottom: 0px;padding-left: 0px;padding-right: 0px;border-top-style: solid;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-width: 1px;border-bottom-width: 3px;border-left-width: 3px;border-right-width: 3px;border-top-color: rgb(0, 0, 0);border-bottom-color: rgba(0, 0, 0, 0.4);border-left-color: rgba(0, 0, 0, 0.4);border-right-color: rgba(0, 0, 0, 0.4);border-top-left-radius: 0px;border-top-right-radius: 0px;border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;background-attachment: scroll;background-clip: border-box;background-color: rgba(0, 0, 0, 0);background-image: none;background-origin: padding-box;background-position-x: left;background-position-y: top;background-repeat: no-repeat;background-size: auto;width: auto;height: 1px;" /><p data-tool="mdniceç¼è¾å¨" style="color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: 0em;text-align: left;text-indent: 0em;margin-top: 0px;margin-bottom: 0px;margin-left: 0px;margin-right: 0px;padding-top: 8px;padding-bottom: 8px;padding-left: 0px;padding-right: 0px;"><span leaf="">æ´ä½æ¥çï¼åæçµå½±å½åçç¶æå°±æ¯ï¼åå²å 袱已ç»åºæ¸ ï¼æ°çåä¸æ¨¡å¼æ¡æ¶å·²ç»æ好ï¼çæä¸ç»©åè¡ä¸å¤§çå½±åæ¿åï¼ä½æ¯ä¸é¿æä¼°å¼åºé¨å·²ç»å¤¯å®ï¼å½åè¡ä»·å¯¹åºé¢æåä½ï¼åå¨ä¼°å¼ä¿®å¤ç©ºé´ï¼æ ¸å¿åéå°±æ¯å 容ååæåºè½å¦é¡ºå©è½å°ï¼éåè½æ¿åæ³¢å¨ãæ¿æè·è¸ªé¡¹ç®è¿å±çæèµè å¸å±ã</span></p></section><section><span leaf=""><br /></span></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>